Full text of Survey of Current Business : May 1946
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
MAY 1946
SURVEY OF
CURRENT
BUSINE
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
Survey of
CURRENT
BUSINESS
VOLUME 26, No. 5
MAY
J*Statutory Functions: "The Bureau of Foreign and Domestic Commerce
I! to foster, promote, and develop the foreign and domestic commerce of
\the United States" [Law creating the Bureau Aug. 23,1912 [37 Stat. 408].]
Contents
Page
THE BUSINESS SITUATION
1
Income, Consumption, and Savings
5
THE EXPANDED MONEY SUPPLY AND ECONOMIC ACTIVITY . • •
RECENT TRENDS IN THE BUSINESS POPULATION
8
16
STATISTICAL DATA:
New or Revised Series • • • • • • • • . .
24
Monthly Business Statistics
General Index
S-l
Inside back cover
j] 1 l OIC—Contents of this publication are not copyrighted and i!
\ may be reprinted freely. Mention of source will be appreciated Jr
Published by the Department of Commerce, HENRY A. WALLACE, Secretary.—Bureau of
Foreign and Domestic Commerce, AMOS E. TAYLOR, Director. Subscription price $2 a
year; Foreign $2.75. Single copies, 20 cents. Price of the 1942 supplement, the last issue,
50 cents. Make remittances direct to the Superintendent of Documents, United States
Government Printing Office, Washington 25, D. C.
1946
The Business Situation
By Office of Business Economics
Further progress toward full reconversion was made in April despite
the retarding influence of the shutdown in the bituminous coal industry
throughout the month and the accompanying reduction in steel output. Theflowof finished goods from
reconverted manufacturing plants
was accelerated and retail sales continued to score new gains.
HE basic indicators of industrial
production and distribution (see
T
chart 1) did not reflect any extension of
the effects of the coal stoppage beyond
the steel industry during April. At present, however, the stoppage has completed
its fifth week and its effects are starting
to spread over the economy. Electric
power consumption is being curtailed in
many areas and the Office of Defense
Transportation has ordered an embargo
on all but essential freight shipments on
coal-burning railroads, and also a sharp
reduction in passenger service, effective
May 10.
Lower Steel Output in April
The output of steel ingots, which rose
sharply following the settlement of the
steel strike at the end of February, continued at a relatively high rate throughout March and up until the second week
of April, when output turned downward
because of dwindling coal supplies. Between the first and the last weeks of the
month, the steel operating rate fell from
87 per cent of capacity to 68 percent.
The number of furnaces shut down because of the lack of coal was increasing
rapidly in early May.
On a daily average basis, the output of
steel ingots in April was 7 percent below
the preceding month. This decline will
necessitate the further postponement of
delivery dates in an industry where
orders are already booked for deliveries
far into the future. It will also make it
more difficult for small firms and new
firms to obtain positions on mill order
boards.
The drop in total freight carloadings
in April was due chiefly to sharply reduced coal movements. Miscellaneous
carloadings—representing the movement of manufactured goods for the
most part—showed the usual seasonal
gain. Miscellaneous loadings in March
and April averaged only about 8 percent
below a year ago.
690098—46
Gross Product Increasing
In last month's review of the business
situation it was noted that the gross national product had begun to increase
during the first quarter of 1946, despite
the large decline in Government expenditures during that period. Developments in April gave further indication
that the moderate uptrend in the gross
national product was continuing. If the
coal strike is not prolonged, the dynamic
segments in the gross national product
will continue to outweigh the further
decline in Government spending.
The continued decline in Government
war expenditures deserves greater
Gains Recorded
While the over-all indicators of production will show a moderate decline in
April because of the reductions in coal
and steel, it is likely that the detailed
figures will reveal many industries with
larger output. On the basis of preliminary data, gains were recorded in the
automobile and machinery industries,
where the full effect of the earlier strike
settlements had not yet been felt in
March.
The most notable increase in production in April, however, occurred in construction activity, as described under
that heading.
Chart 1.—Selected Business Indicators—Weekly Production
PERCENT OF CAPACITY
00
W
MILLIONS OF SHORT TONS
20
/*vr\/V
STEEL *s
80
If
60
40
20
0
,,, ,
-
|u
MILLIONS OF CARS
BILLIONS OF KILOWATT-HOURS
.0
6
ELECTRIC POWER
- 1945 -
FREIGHT
-1946-
CARLOADiNGS
-1945-
-1946—•
0.0.4$ -294
1
Includes steel ingots and steel for castings.
Sources of data : American Iron and Steel Institute; U. S. Bureau of Mines; Edison Electric
Institute ; and Association of American Railroads.
SURVEY OF CURRENT BUSINESS
weight than is usually given it in analyses of current business trends. As
indicated in chart 2 these war expenditures did not disappear overnight. They
dropped from 85 billion dollars in the
second quarter of 1945 to 43 billion dollars in the fourth quarter and 27 billion
dollars in the first quarter of 1945. They
are continuing to decline.
At the peak of the war effort the combined Federal, State, and local Government expenditures for goods and services exceeded net Government receipts
by over 50 billion dollars per year. This
deficit spending necessitated the severe
restriction of both private capital outlays
and consumer expenditures. Added to
the business earnings and consumer income from current production it created
an inflationary pressure of demand far
in excess of the supply of goods to be
bought.
of operations following the settlement of
labor-management disputes.
The expansion in nonagricultural employment in April occurred despite the
declines in those sectors directly affected
by the coal stoppage. Since most industries have scheduled production considerably in excess of current output, further gradual increases in employment
are in prospect for some months ahead.
Chart 2.—Government Expenditures for Goods and Services
BILLIONS OF DOLLARS
12
Further Increases in Employment
Following the settlement of major industrial disputes in the steel, automobile,
and electrical industries the upward
trend in total nonagricultural employment was resumed in March and continued into April. Expanding industrial
production together with continued gains
in construction activity and trade contributed to the net addition of 1,680,000
persons engaged in nonagricultural activities between the Census survey weeks
of February 3-9 and April 7-13.
Most of the major industry groups participated in the upturn reported by Labor
Department between mid-March and
mid-April. The reported gain of 360,003
production workers was concentrated,
however, in the durable goods industries
and reflected primarily the resumption
to 1,630 million dollars, compared with
1,355 million dollars in the last quarter
of 1945 and a total of 4,700 million dollars for that year. April construction is
estimated at 710 million dollars—batter
than twice the rate of a year ago.
Residential construction is one of the
fastest moving components of total construction. The April volume of 260 million dollars represents an increase of
approximately two-thirds over the
January figure, whereas the gain for all
other construction was 28 percent in the
same period. Total residential construction for the first 4 months is estimated at about 815 million dollars.
Program for 1946
100 -
Reduction in Government Deficit
By the fourth quarter of 1945 this excess of Government expenditures over
net receipts had declined substantially
but it was still at the rate of 20 billion
dollars per year. Government spending
served to maintain a relatively high
rate of business and consumer income at
the same time that it limited the quantity of goods bought with that income.
The concentration of income tax collections in the first quarter of 1943
brought expenditures and receipts approximately in balance. On a seasonally
adjusted basis, however, the excess of
expenditures was still over 10 billion
dollars which is enough to be a major
influence affecting the total demand for
goods.
The further decline in Government
spending in recent months has been
largely offset by the rapid increase in
private capital formation and by the willingness of consumers to spend on a liberal scale. As a result, total demand in
the market place has continued eX2eptionally strong with little indication of
any lessening of the pressure during the
remainder of this year. The prospect of
increased production and elimination of
the Government deficit, however, points
to a more balanced situation for the
future.
May 1046
1
Data arc preliminary.
Source of data : U. S. Department of Commerce.
Veterans Augment Labor Force
The civilian labor force continues to
be augmented by the return of veterans
to the labor market together with the reentry of some of the women who withdrew from labor-force participation in
the months following the end of hostilities. With new entrants and re-entrants
more than offsetting withdrawals, the
total civilian labor force increased in recent months and in mid-April exceeded last August (immediately before VJ-day) by 1,600,000 persons.
Unemployment in mid-April was reported at 2 350,000—a decline of 360,000
from March and the first reversal of the
upward trend since the end of the war.
An additional 1,100,000 veterans, not yet
returned to the labor force, were expected to enter the ranks of job seekers
in the near future.
Marked Upswing in Construction
The marked upswing in construction
activity which started soon after VJ-day
continued at an accelerated pace through
the first 4 months of 1946. New construction in the first quarter (in terms of
value of work put in place) amounted
Hypothetical distributions of the dollar activity required to produce all the
houses set up in the Housing Expediter's
program, together with auxiliary accommodations, such as schools, shopping
centers, roads, and public utilities, as
well as necessary commercial and industrial building, indicate that new construction will have to proceed at the
rates of 1.7 billion, 2 billion, 2.6 billion,
and 2 5 billion dollars during the four
quarters of this year.1
Residential is to account for 560 million and 700 million dollars of the total
program for the first two quarters of the
year. Actual first-quarter performance
just about equaled this schedule and, if
activity continues at the April rate, the
implied quota for the residential segment for the second quarter will undoubtedly be exceeded.
Construction of all types other than
residential construction is also proceeding at a rate which will apparently
achieve the quotas set for the second
quarter. The critical test of whether
the program will or will not be met will
be the industry's performance in the latter half of the year. The dollar goals
set for total new construction are 25
percent higher for the third and fourth
quarters than for the second.
In terms of number of residential units
started, achievement of the Wyatt Program calls for 150,000 and 290,000 units
in the first and second quarters of this
year and an upward spurt to 400,000 and
360,000 units in the last two quarters,
Of these, 700,000 will be conventional
units, including 50,000 conversions of
existing space, and 250,000 will be units
in prefabricated structures, with the balance consisting of trailers and reassembled barracks and other temporary buildings. At the end of April, preliminary
figures available showed that starts for
both conventional types and re-use
housing were ahead of the timetable
mentioned above.
Increased Output of Materials Needed
Achievement of the above goals is dependent on increasing the output of most
kinds of building materials. Numbered
among the most essential products which
1
See Industry Report on "Construction
and Construction Materials," Department of
Commerce, April 1946, p. 4.
May 1946
are in short supply are lumber, structural
clay products, cast-iron soil pipe, and
clay sewer pipe. These products deserve
special mention because of the peculiar
and involved types of industrial difficulties which must be resolved in order to
increase their production and because of
the large scale of operations which are
the object of the all-out effort to expedite
the flow of materials.
The principal means by which the
Housing Expediter hopes to stimulate
production without unnecessary inflation of costs to veterans and consumers
are provided for in pending legislation
which cannot now be enacted before the
middle of May. Other major actions already taken to implement the program
include the issuance of Veterans Housing
Program Order No. 1, which limits nonresidential construction, and Priorities
Regulation No. 33, which makes priorities available for obtaining materials for
use in housing costing $10,000 or less, or
renting for less than $80 a month, in
which veterans will be given preference.
The National Housing Agency has also
issued General Order No. 13-1, effective
April 18, 1948, which is designed to increase the proportion of rental housing
and the proportion of lower-priced and
lower-rent units built with priority
assistance.
Prices Continue to Increase
Changes in prices have attracted more
attention in recent months because of the
further advances that have occurred and
because of the uncertainty regarding renewal of the basic price-control legislation. The implications of the expanded
money supply for future price developments are examined in a feature article
in this issue.
The official price indexes have risen
appreciably since VJ-day, particularly
since the begining of this year. The upward pressure on prices refbcts both the
heavy volume of business buying and the
increases in consumer spending as a result of backlog demands and the requirements of veterans returning to civilian
life. The liberalized policy of approving
price increases under the revised wageprice policy has been an important contributing factor.
Prices in Uncontrolled Areas
The strong tendency for prices to move
upward is particularly apparent in those
areas not subject to controls. The wholesale price of rye, for example, advanced
from $1,442 per bushel last August to
$2 359 in March—an increase of 64 percent. Cotton prices at wholesale advanced sharply—close to 20 percent—
during the same period. In the realestate field, where the pressure on prices
is particularly severe, the National Housing Administration reports an average
Nation-wide rise of 23 percent in costs of
lots for home sites and over 17 percent
in costs of lower-priced homes between
September 1945 and February 1946.
These increases, of course, are far
greater than the advances in price-controlled areas. They provide some indication of the inflation which would be in
SURVEY OF CURRENT BUSINESS
store if price ceilings were removed from
any large number of commodities while
they are still in short supply.
Approved Increases
Significant price rises have also occurred in the major fields subject to
administrative control. Under the many
pressures existing in recent months, extensive adjustments have been granted
by the OP A. In the 9 months ending
April 1, the agency approved a total of
528 industry-wide price increases which
affected a varied list of industrial and
consumer goods. These advances have
been reflected in the wholesale price indexes and, despite the influence of time
lags and seasonal factors, have also appeared in retail prices, although there
has been some absorption along the line.
The combined index of wholesale prices
compiled by the Labor Department advanced 3 percent between last August
and March of this year, compared with
less than 1.4 percent for the same period
a year ago. All major groups of commodities showed accelerated increases,
some of which are summarized in the following table:
Percentage increases
"Wholesale price
series
Farm products
1 )airy products
Cot ton goods
House furnishings
Building materials
Iron and steel
August
I December
August
1945i
194/51944! March 1940 Mareh 1940 March 1045
1.4
2.0
5. 9
2. 1
5.1
5.0
1.1.0
III
8.0 |
3.8
.3
3.5
. 1
.9
1.0
Consumers' Price Index
After showing relatively little change
in the period since mid-August, the index of consumers' prices advanced 0.5
percent between mid-February and midMarch—a sharp jump in contrast to the
small changes since the middle of last
year. The greatest increase—1.7 percent—occurred in clothing costs. The
rise of 0.4 percent in the combined food
price index includes the effects of a 5percent increase in the average price of
sugar and higher prices for fresh fruits
and vegetables and cheese, which were
partly offset by the seasonal decline in
the price of eggs.
The available price series may be particularly weak in a period such as the
present, because of changes in the composition of products available to consumers and because of additional factors
that stimulate up-trading and blackmarket operations.
Food. Exports Behind Schedule
A further development which assumed
new importance in April was the action
taken to increase the flow of foodstuffs
to the people of the world threatened
with starvation. The necessity for drastic steps was clearly evident in the picture of wheat and flour shipments during
the first 4 months of the year. In the
first quarter, wheat exports totaled
slightly less than 2.7 million long tons
against a goal of 3 million. In April,
exports dropped more sharply behind
schedule, totaling 576 thousand tons, or
less than 60 percent of the goal.
Efforts to Speed Wheat Exports
The most important of the recent actions to conserve stocks and expedite
shipments for relief purposes were aimed
at getting wheat off the farms. Early in
the month the Government announced
a plan to eliminate the financial incentive to hold wheat on the farm for use as
feed. Farmers making early deliveries
were promised payment at the price that
prevails on any date before March 31,
1947, that they wished to specify. As an
additional incentive, on April 19 a bonus
of 30 cents a bushel was offered to farmers for wheat delivered before May 25.
These offers are intended to make possible the meeting of the 6-million-ton
goal for wheat and flour exports in the
first half of this year.
To insure the fulfillment of our commitment, the Department of Agriculture
also ordered a reduction of wheat processed for the domestic market. Millers
and other wheat users are limited in
April, May, and June to 75 percent of
the amount of wheat used in the corresponding period of 1945.
Over-All Domestic Food Supplies Large
Emphasis on the relatively large flow
of foods to help meet relief requirements
may tend to distort the interpretation of
the domestic food picture. While in the
next few months per capita civilian supplies of some items, notably some cereal
products, potatoes, fats and oils, and
sugar, will be lower than before the war,
record or near-record supplies of other
goods, such as vegetables, poultry, eggs,
fresh and frozen fish, milk, and ice
cream, will be available.
For the year as a whole, it now appears
that per capita supplies of food will be
at record levels, somewhat larger than
in 1945 and about 14 percent above the
1935-39 average. With consumer demand for many food items substantially
in excess of prospective supplies, it appears probable that consumers' spending
for food will likewise be at record levels
this year, even assuming the maintenance of present food prices.
Mixed Changes in Industrial Production
As already noted, industrial activity in
April declined moderately from March
primarily as a result of the virtual stoppage of soft-coal production coupled
with its depressing effect on steel operations. Most of the durable and consumers' goods industries, however, which
for the most part had not yet felt the
impact of the coal dispute, continued to
register gains.
A prolongation of the coal strike into
all or a part of May will inevitably result
in a further drop, perhaps of substantial
proportions, in over-all industrial activity. This will be reflected particularly in lower steel operations as well as
in reduced output in those industries
which depend to a great extent on steel
SURVEY OF CURRENT BUSINESS
and coal or both as raw materials for
the fabrication of finished goods.
Recovery in March Production
The recovery in manufacturing activity in March was due in large part to the
settlement of important labor disputes.
The value of goods shipped by manufacturers in March increased by approximately 8 percent from February on a
daily average basis.
Deliveries of the durable goods industries attained a peak in the months just
prior to VE-day but declined consistently thereafter with the result that by
February of this year they were reduced
to less than one-half of the war volume.
However, these industries recorded a
substantial gain—18 percent—in March.
The most rapid rise was registered in
the iron and steel group as volume in
the preceding month was adversely affected by the shut-down in the steel
mills. Other but less important gains
occurred in the machinery and transportation equipment industries.
The value of deliveries of the nondurable goods industries was up by 5 percent
from the February level, with gains recorded by practically all of the major
industries in the group, with the exception of foods.
Consumer Goods Supplies Increasing
The gain in industrial activity reported for March resulted in an expansion in the flow of many consumer goods
into distributive markets. In many
cases, however, the flow continued considerably below prewar volume. Of 18
important consumer items listed in table
1, only 5 were above the indicated prewar shipments.
The base-period output shown in the
table represents either the peak or nearpeak prewar rate of production with the
exception of a few items for which the
appropriate base-period data are not
available. It should be pointed out that
the base period selected is not intended
to represent actual or potential postwar
demand but simply a measure of gaging
the progress of production during the
transitional period.
The data in the table illustrate the diverse trends in the flow of consumer durable goods since last October, when practically all of the restrictive production
controls were removed. For example,
vacuum cleaners and radios were the
only items to show successive monthly
gains, while shipments of refrigerators
and electric irons, to name only two of
the more important ones, were higher in
December than in any of the succeeding
months shown. This diversity was in
general due to the degree to which the
industry was affected by labor disputes
and shortages of materials and parts.
On balance, however, the general
trend of shipments has been upward,
with radios, alarm clocks, vacuum cleaners, washing machines, and electric irons
close to or approaching the base-period
output. In contrast, refrigerators, electric ranges, sewing machines, and
watches are still at a rate considerably
less than one-half of their prewar volume of shipments.
May 1946
adjustments. Under this program, CPA
issued an order effective in April designed
to increase the production of staple fabrics and to establish percentage setasides for specific end uses, including
essential items in the lower-priced lines.
The seriousness of the shortage in
men's suits is indicated in the production
figures for January and February, which
were about one-seventh below the 1939
rate of production. Output during the
first 2 months was at an annual rate of
21.6 million suits, compared with actual
production of 24.7 million in 1939, on the
basis of Census of Manufactures data. It
is expected, however, that some improvement in the monthly rate will be achieved
as a result of the recently adopted CPA
program. The demand for men's suits,
swelled by returning veterans, far exceeds the supply, and shortages are likely
to continue for many more months.
As in men's suits, the supply of women's
hosiery continues well under the prewar
level. Nylon-hosiery production in February totaled 27 million pairs and output
currently is running at the rate of 30 million pairs. No increase over the latter
figure is expected for the rest of 1946 owing to the lack of nylon yarn.
In the case of shoes, on the other hand,
the level of current production is substantially in excess of 1940. This also is
true of cigarettes.
Auto Production Gaining Slowly
Largely reflecting settlement of the
General Motors strike, assemblies of passenger cars nearly doubled in March,
reaching 90,000 units, compared with
48,000 in February. Although this represented a new postwar high, it was still
less than one-third of the base-period
production.
Output of automobile accessories, such
as tires and batteries, and of gasoline has
continued considerably above prewar
levels. The production performance of
the passenger tire industry is particularly impressive, with March volume almost one-third above 1940.
Apparel Goods in Short Supply
The shortages in men's wearing apparel have been especially acute in the
lower-priced lines. A basic difficulty apparently stems from the shortage of
staple cotton fabrics, which have not
been flowing in sufficient volume to manufacturers of the most vitally needed
civilian apparel and work clothing, partly
because of the tendency to use the scarce
materials in the production of higherpriced garments.
To alleviate this condition, the OPA
and CPA, in cooperation with representatives of the industry, adopted a production-incentive program through price
Table 1.—Shipments or Production of Selected Consumer Goods
1945
Base period
j Month- SepI ly aver- tember
SHIPMENTS
1946
October
November
December
January
40
116
60
125
99
123
171
63
90
83
27
.1
308
89
29
.2
348
11
.6
282
122
16
•8 i
308 !
122
97
62
86
March
!
Consumer durable goods j
(excl. automotive):
j
Refrigerators
I
Washing machines a n d !
ironers.
Vacuum cleaners
Electric ranges
Radios
!
Electric irons
j
Sewing machines
Alarm clocks
Jeweled watches
Bicycles
Thousands
do
1940-41
1940-41
309
158
do
do
Millions
Thousands
.do
Millions
Thousands
do
1940-41
1940-41
1940-41
1940
1941
1936-41
1940-41
1941
156
47
1. 1
380
67
1.2
Thousands
Millions. .
do
1940
1940
1940
0)
(0
0)
(0
15
(')
210
(0
.6
100
68
89
117
150
1.0
28
14
1. 1
PRODUCTION
Automotive and related
products:
Passenger automobiles..... j
Passenger car tires
I
Automotive replacement !
batteries.
'
Motor gasoline excluding
aviation.
Apparel and footwear;
Men's and youths' suits.
summer
and
winter
weight.
Women's hosiery, total
i
Silk
|
Xvlon
;
Rayon and other
Boots and shoes, other
than rubber,
j
Miscellaneous:
j
Cigarettes i
I
1
2
3
4
Million barrels.
^308
4.2
1940
]
2.6
1. 7
17
3.6
1.9
35
3.7
1.8
30
3.8
1.7
56.1
57.8
64.2
63.4
4. 7
1.8
48
4.6
59.6 ! 53.8
1939
"• 1
(0
(0
0)
(0
Million pairs
do _
do.
.do
.do.
1940
1940
1940
1940
1940
57. 5
43, 5
3. ()
11. 1
33. 7
42.0
0
4L9
37.2
45.8
(3)
5.9
39.9
42.2
41.7
0
15.0
26.7
40.0
37.4
0
18.1
19.3
34.6
47.3
0
27.3
26. 6
20.0
23.
41.2 | 43.
Billions.
1940
15. 1
27 2
32.6
26.8
17.5
j
27.5 | 25.4
Millions
1.9
90
5.4
1.7
0)
0)
(
0)
0)
0)
28.0
Not available.
Represents factory sales.
Negligible.
Represents large and small cigarettes and includes tax-paid and tax-free withdrawals for consumption.
Sources: For consumer durable goods and automobiles, Civilian Production Administration; men's suits and boots
a n d shoes. F . S. Department of Commerce; gasoline, F . S. Department of Interior: cigarettes, F . S. Treasury Department; tires, the Rubber Manufacturers Association; batteries, Association of American Battery Manufacturers, Inc.;
and hosiery, National Association of Hosiery Manufacturers.
SURVEY OF CURRENT BUSINESS
May 1040
Output of Processed Foods
The processed-food industry appears to
be one of the more important segments of
manufacturing which was little affected
by the cessation of hostilities. Likewise,
it is one of the few major industries
which, on the whole, maintained its wartime production gains. Little or no reconversion problems were involved,
except perhaps for minor changes in
packaging design and order specifications.
Although military and lend-lease purchases were drastically curtailed in the
final months of 1945, production generally continued close to the high wartime
rates. Consequently, civilian supplies of
most processed foods increased markedly
and in the aggregate are now in greater
volume than ever before. However, both
domestic demand and foreign relief requirements are very large, with the result that continued pressure will be exerted to maintain a high volume of production.
Production Continues High
Chart 3 traces the production of six
major processed foods since January 1945
with the monthly average figure for 1940
included for comparison. The monthly
data have been adjusted for seasonal
variation.
It will be seen that, with the exception
of butter and condensed and evaporated
milk, there was no appreciable decline
from the high war level of production in
the period following VJ-day. The drastic decline in federally inspected meat
production in March partly reflected the
diversion of cattle slaughterings to other
than federally inspected plants. Although the year-to-year gain in canned
fruits and vegetables appears moderate
in the chart, last year's pack represented
a new all-time high and continued the
slow but steady growth which began prior
to the war. The high level of flour production reflects the 1945 record-breaking
wheat crop. The slightly lower level in
fluid milk is due to the decline in the
number of milk cows on farms which, on
January 1, 1946, was down about 3 percent from the year before.
Chart 3.—Production of Selected Food Products, Seasonally Adjusted
BILLIONS OF POUNDS
1.8
MEATS^
(INCL. LARD)
1.4
MILLIONS OF CASES
50
CANNED FRUITS,
JUICES, a VEGE^
TABLE§ &
MILLIONS OF BARRELS
40
12
30
10
4
WHEAT
FLOUR
V
V
1940 MO. AVG.
1.2
1940 MO. AVG.
1940 MO. AV6.
20
i o I i i i i i I i i i i i I i t 1
8
i n1 i i i i i 1i i I i i I i t
MILLIONS OF POUNDS
500
CONDENSED 8
EVAPORATED MILK
BILLIONS OF POUNDS
12
1 1 1 1 I 1 1 1 1 1 1 1 1 !
MILLIONS OF POUNDS
!20
CREAMERY
BUTTER
(CASE GOODS)
-
400
80
-
-
1940 MO. AVG.
40
300
-
200
00
1940 MO. AVG.
1001 I I I I I 1 I I I I I I
J F M A M J J A S O N D J F M
1945
1946
JFMAMJJASONDJFM
1945
1946
60
y v
1 1 1 1 1 1 ! 1
1! 1 1 1 1
JFMAMJJASONDJFM
1945
1946
D. a 46-295
1
Data represent dressed weight of livestock slaughtered under Federal inspection.
- Data are for total pack : cans of all sizes are converted to the equivalent standard case of 24 No.
!'/o cans for fruits and No. 2 cans for juices and vegetables.
Sources of data : lT. S. Departments of Agriculture and Commerce : basic data were adjusted for
easonal variation by the latter agency.
A notable exception to the general
trend was butter. Although output in
the first 7 months of 1945 was down by
22 percent from 1940, the sharp drop
in the period following VJ-day reduced
the production rate for the first quarter
of 1946 to a volume 47 percent below that
of the prewar year. The diversion of
milk from butter manufacture to more
profitable dairy production following the
removal of wartime restrictions on the
sale of fluid milk and cream was the
chief reason for the post-VJ-day decline.
Income, Consumption, arid Savings
A significant development since
VJ-day has been the maintenance of
income payments at a level not far
below the wartime peaks and the
continued increase in consumer expenditures for goods and services.
The sharp rise in expenditures resulted in a rapid fall in net savings
of individuals. By the first quarter
of 1946, net savings returned to their
prewar relationship to income after
being considerably above this relationship since 1941.
March income payments to individuals,
after allowance for seasonal influences,
remained at about the February annual
rate of 156 billion dollars. This high
rate of income payments was only 3 percent below the record full-year total of
161 billion dollars for 1945 and 5 percent below the wartime peak reached in
the first quarter of 1945.
Recent Trends in Income Payments
With the settlement of major labormanagement disputes, factory pay rolls
turned sharply upward in March. Also
there was a large increase in unemployment benefits to discharged servicemen.
Continued military demobilization, however, resulted in a further reduction of
total military payments, including pay of
the armed forces, mustering-out pay-
ments, and family allowance disbursements to dependents of enlisted personnel. A drop in agricultural income, reflecting mainly a smaller volume of cash
income from crop and livestock marketings, also was an important factor offsetting the increases in other components.
The course of monthly income payments during 1945 and the first quarter
of 1946 is shown in chart 4. In addition
to changes in total income, the chart
shows changes in the major volatile
components of the total and in the significant private and Government categories.
Income payments rose to the peak
annual rate of nearly 165 billion dollars
SURVEY OF CURRENT BUSINESS
in February 1945 and then drifted downward for several months. This receding movement was accelerated in August
and September by the immediate curtailment of factory pay rolls after the
surrender of Japan. Income payments
declined 6 percent from July to September—from a rate exceeding 164 billion
dollars to a rate of almost 154 billion—
but turned upward to a slightly higher
level in the past quarter of 1945 and the
first quarter of this year.
During these two recent quarters the
dominant elements in sustaining the
flow of income to individuals included
(1) the spurt in income paid out by trade
and service establishments; (2) the
greatly expanded volume of "transfer
payments" (payments by Government to
individuals for which no services are
rendered currently, such as unemployment benefits and mustering-out payments) ; and (3) the general stability of
total factory pay rolls, after the immediate VJ-day drop, despite changes in
composition due to problems of reconversion and the dampening effects of
major work stoppages in durable goods
manufactures. The steady drop in total
pay of the armed forces resulting from
rapid demobilization was the major influence in the opposite direction.
Chart 4,—Income Payments to
Individuals
Mav 104(3
Chart 5.—Consumer Expenditures and Consumers' Price Index 1
INDEX, 1939 = 100
INDEX, 1939 = 100
200
200
175
175
CONSUMER EXPENDITURES
(GOODS AND
SERVICES)
150
150
125
125
CONSUMERS' PRICE INDEX
100
100
I
75
1939
1940
1941
1942
1943
1944
I
I
1945
I
I
I
75
1946
D. D. 46-263
1
Index for consumer expenditures is based upon current dollars ; data are annual totals for 1939-43
and quarterly totals, seasonally adjusted, at annual rate for 1944-46. Consumers' price index
(formerly cost of living index) is the monthly average for the year and quarter.
Sources of data U. S. Departments of Commerce and Labor.
BILLIONS OF DOLLARS
200
120
1
Represents pay of Federal, State, and local
government employees, pay of the armed forces
in this country and abroad, government interest
payments, and miscellaneous items.
- Major items included are social insurance
benefits, the Government's contribution to family
allowances paid to dependents of enlisted military personr. el, mustering-out payments to discharged ser ricemen, ami veterans' pensions,
eompensatio
, and readjustment allowances.
3
Major ite:ins included are net income of farm
and nonfari proprietors, rents and royalties,
and dividends and interest.
Source of data : U. S. Department of Commerce.
The essential elements of strength and
weakness, of "permanence" and instability, in the current income situation
can be noted from the foregoing summary and from analysis of the extensive
shifts in the composition of income payments since VJ-day as revealed by the
chart.
Of primary significance is that income
payments by private industry, at the
near-record annual rate of 120 billion
dollars, were as high in March as they
were last July before the end of the
Japanese war. Expansion of trade,
service, and construction offset the reduction of pay rolls in war manufactures.
Continuation of the upward movement
in manufacturing employment that began last October, but was checked by
work stoppages, is in prospect. Although
wage increases probably will be a generally less important factor in bolstering
pay rolls in months to come than they
have been since VJ-day, any further reduction in manufacturing pay rolls because of shorter hours of work and shift
of workers from higher-paying to lowerpaying industries most likely will be of
minor order.
Further basis for a favorable outlook
on the trend of income payments in private industry is found in the projected
emergency expansion of housing construction, the world-wide need and high
domestic demand for farm products, and
the probable continued growth of employment in trade and other distributive
and service industries. Barring the possible serious effects of prolongation of
the work stoppage in bituminous coal,
therefore, income payments by private
industry may be expected to rise
throughout the rest of the year.
Changes in Transfer Payments
In contrast, income payments by Government currently reflect only partial
transition to the probable level and composition that will obtain after demobilization of the armed forces has been
completed and the jobless situation has
improved and stabilized. "Transfer payments" reached a peak rate of 13 billion
dollars in January and then declined to
12 billion by March. Such payments will
continue to fall for several months as
military demobilization curtails mustering-out payments and family allowances,
and as veterans and others receiving unemployment benefits are absorbed into
the employed labor force. It is expected,
however, that declines in these types of
transfers will begin, about mid-year, to
be matched by increases in the flow of
veterans' pensions and schooling payments, so that total transfer payments
probably will level off during the rest of
the year at a rate of roughly 8 billion
dollars under present legislation. Passage of the bill now before Congress providing for retroactive payments of
terminal leave to enlisted men would
bring a substantial increase in this
amount.
Military pay, which has dominated the
movement of "other Government payments" in the chart, dropped from a
peak of 17 billion dollars in the third
quarter of 1945 to less than 8 billion in
May
March. Under present pay scales a further drop to less than half this amount
is expected by the end of this year. The
decline in Federal civilian pay rolls has
been less spectacular and will be interrupted only temporarily by pay raises
already approved for most War and Navy
Department and Post Office workers and
the pending increase for white-collar
workers.
Disposable Income Rises
Out of total income payments for the
first quarter of 156 billion dollars (seasonally adjusted at an annual rate), personal tax payments took more than 17
billion dollars. This left almost 140 billion as the annual rate of disposable income, an increase from the fourthquarter rate of 137 billion dollars and
only 1 percent lower than the first and
second quarters of 1945. In comparison
with prewar years, the present volume
of disposable income is exceedingly high,
being more than double the 1939 total,
for example. The decline in disposable
income from the first half of 1945 to the
first quarter of 1946 was much less than
the actual drop in income payments as a
result of the reduction in Federal individual income-tax rates this year.
Consumer Expenditures at Record Volume
The high level of disposable income,
augmented by special demand factors
and a large volume of accumulated savings, has resulted in record retail sales
and consumer expenditures so far this
year. Sparked by increased expenditures
for nondurable goods, total consumer
expenditures for goods and services during the first quarter of 1946 rose to a
seasonally adjusted rate of about 120
billion dollars, double that of 1939. This
rate represents a 20-percent increase
since VJ-day. Indications point to a
continued rise in expenditures during
the second quarter. Sales of retail stores
in April exceeded those of a year ago by
one-third to one-half. Part of this increase is attributable to Easter buying,
most of which occurred in April this year
in contrast to last year when it took
place in March. Nevertheless, retail
sales in April registered a substantial
rise from April of last year on a seasonally adjusted basis.
Although food, clothing, and other
nondurable goods were not in sufficient
supply to meet all consumer demands,
which were bolstered not only by the
high volume of consumer incomes but
also by the requirements of veterans returned to civilian life, the flow of these
goods to civilian markets increased
markedly in the past 6 months. However, increased supplies only in part accounted for the rise in expenditures for
nondurable goods. Further price increases, continued trading-up, and purchases made above ceiling prices were
important factors contributing to the
boost in these expenditures.
Chart 5 compares the trend of consumer expenditures with that of prices
as measured by the Bureau of Labor Statistics consumers' price index since 1939.
Price increases since VJ-day as recorded
SURVEY OF CURRENT BUSINESS
by this index have been small in total—
less than 1 percent from the second quarter of li>45 to the first quarter of 1946.
Consumer expenditures, however, increased by 20 percent. Available information on the quantity of goods flowing
to consumers does not indicate an overall increase of the amount implied by
these expenditure and price comparisons. Although it is not possible to obtain a quantitative estimate, it appears
that part of the dollar expenditure increase resulted from further trading-up
and hidden price rises.
Composition of Consumer Expenditures
Chart 6 shows the breakdown of consumer expenditures by three major
groups.
Expenditures for services,
which constituted 28 percent of total
expenditures in the first quarter of 1946,
have shown practically no change since
VJ-day. Included in these figures are expenditures of military personnel abroad
which have been declining over this period. Excluding this item, all the major
components of services showed small
continued rises since VJ-day and total
services increased b;~ xabout 4 percent
since the second quarter of 1945.
Total expenditures for durable goods
were at an annual rate of 10 billion dollars in the first quarter of 1946. The
wartime low in this category of expenditures occurred soon after producers of
these goods were converted to war production—in the second quarter of 1942—
when they were at an annual rate of 6
billion dollars. The first-quarter rate
was already above the 1941 total despite
the fact that production of many important durables, such as refrigerators,
washing machines, and automobiles, was
still far below the 1941 output.
The current high rate of expenditures
for durables as compared to prewar is due
to higher prices and to greatly increased
purchases of jawelry and automobile
parts and accessories. The 10-billiondollar rate, however, is far below the
amount that consumers wculd have purchased in relation to their current incomes had more durable goods been
available. This category of expenditures will rise rapidly in the coming
months as supplies of home appliances
and equipment and automobiles increase.
Savings of Individuals Decline Sharply
Net savings of individuals declined in
the first quarter of this year to a seasonally adjusted annual rate of 19 billion
dollars. This is a lower rate of savings
than at any time during the war and is
only half of the peak rate attained during
1944 and the first half of 1945. Nevertheless, it is still higher in dollar volume
than in any prewar year.
In relation to disposable income, firstquarter savings were in line with the experience of the 1929-40 period. This can
be seen clearly in chart 7. During this
12-year prewar period containing years
of prosperity and of depression, the chart
shows that the relationship between disposable income and savings was remarkably close. During the war period, however, inability to get goods and the
channeling of a large proportion of the
income into war bonds resulted in the
savings "hump" shown in the chart.
If the relationship2 which held for the
2
The regression for the period 1929-40 is:
Savings (billions of dollars) = -5.6 + 0.174X
disposable income (billions of dollars).
(Continued
on page 22)
Chart 6.—Consumer Expenditures, by Major Groups
BILLIONS OF DOLLARS
125
BILLIONS OF DOLLARS
125
ANNUAL TOTAL
QUARTERLY TOTAL, SEASONALLY
ADJUSTED, AT ANNUAL RATE
100
100
75
50
25
1939
1
1940
1941
1942
1943 :
Data include expenditure of military personnel abroad.
Source of data : U. S. Department of Commerce.
1944
1945
1946
DO. 46-262
SURVEY OF CURRENT BUSINESS
8
Mav 1946
The Expanded Money Supply and
Economic Activity
Bv Haskell P. Wald
A
S AN AFTERMATH of the huge deficits incurred in financing the war,
tl?c amount 01 currency, bank deposits.
L
held by i n d i ri«i -r^iilei- t o day i V m ^ \ e r <vfore .'.i ' r iovy. T h i s
accumuJjJ ;on cf '.noney no neni - m o n e y
assets \s r- fiio. -ITMI-*( u-.e i>. eresi in
reltit ion i o [hr- n\ o»: ' /P :), p r e v e n t i n g a
repeli, ic»n o!" r i» ' i:r -i v j • i: flu lion a r y
boera iti^i, iHT-iirred a i i r MI- i j - l W o r l d
W:u*. b u t i' r.r< equally i
impliond Governr""-T)i ; f c u r . j r
ed ion /or othei problem- oi the postwar '•I'Giiomy.
Somu monetary expansion was not
only inevitable during the \v;'r period,
when {.ho gross national product more
than doubled, but was in itself a wholly
desirable development which operated
in the interest of a smoothly functioning war economy. A primary responsibility of our modern monetary and banking system is to provide for the expansion
of the money supply in periods of rising
business volume and income.
It is not an indictment of the war
finance program—which has to its credit
the borrowing of over 200 billion dollars
at low and decJiniiv mles of ntoi<\si—to
say I'm 1
w / - shtip(d n\ ot'-er conside r a t i o n s in i«fid'li('a 10 decisions a^ to
t h e .T'lual m o n e t a r y rt quij erie.iK cf i h e
economy. rl hus i h c end oi ill- v.r.r found
t h e economy «n a r except io vc .ly high
l q u i d u -,vi c o n d n i o n . v - l h c u n v n e y ,
bank deposits, a n d Governji^em securities far in exce r -s c'{ vn* fo'.ic ivable
" n o r m a l " r e q u i r e m e n t - enf\°,rested by past
experience, a n d with Unie iikeU lood of
any sizable r e d u c h o n ni i\ir volume cf
t h o e assets over th^ rc.-i ,.. ure. Coupled with this ^Hiutk)'i is n sei of circumstances w h i ^ make it extremely
difficult tc apply the traditional instruments of monetary control.
Expansion of Liquid Assets
At the present time, individuals and
businesses hold about 55 cents in currency and demand deposits for every
dollar of annual gross national product.
This compares with money holdings per
dollar of gross national product of about
40 cents in 1940. By the latter year,
however, the money supply had already
been considerably expanded. In 1929,
NOTE.—Mr. Wald is a member of the Current Business Analysis Division, Office of
Business Economics.
Summary
The p u b 1 i c—individuals and
businesses—now hold about 250
billion dollars in currency, bank
deposits, and Government securities. This amount is much larger
than ever before in history, even
in relation to the high level of economic activity at present. Coupled
with the existence of heavy backlog demands—for consumer durable goods, inventories, plant and
equipment, and exports— and with
stimuli to increased spending because of other factors in the current situation, the huge accumulation of money and near-money
assets indicates a tremendous inflationary potential should the
price situation get out of hand.
Reductions in the volume of
liquid asset holding will come
about chiefly through an excess of
Federal tax collections over expenditures. At best, this will be a
slow process. This does not mean,
however, that inflationary pressures will linger on indefinitely.
Given the protection of a firm
price-control policy, the Nation's
productive capacity will rise to
meet the heavy postwar demands.
Once production and demand are
brought into balance, the expanded money supply will no longer
represent a threat to the stability
of the economy.
The present article demonstates
that it is possible for the postwar
economy to become adjusted to a
high volume of liquid assets without any sharp and disruptive boost
in prices. It suggests that the
process of adjustment may be accompanied by further downward
pressure on long-term interest
rates in the post-transition period.
for example, the comparable figure was
only slightly more than 25 cents.
These figures by no means tell the full
story. In addition to demand deposits
and currency—which now exceed 100
billion dollars—individuals and businesses have at their disposal 50 billion
dollars in the form of time or savings
deposits and close to 100 billion dollars
in Government securities (see chart 1).
All of these securities are convertible into
cash virtually on demand and without
loss, either by terms of the contract or
by virtue of the announced policy of supporting the Government bond market
in continuance of the wartime policy of
maintaining low interest rates. The
combined volume of liquid assets—currency, deposits, and Government securities—exceeds the current annual rate
of gross product by well over a third.
Traditional Controls Difficult to Apply
There is yet a third element in the
current monetary situation which has
the effect of further enhancing the volume of cash assets at the public's disposal. Under the existing circumstances
of large commercial bank holdings of
Government securities and a guaranteed
bond market, banks have virtually uncurbed access to reserve funds and,
therefore, virtually uncurbed ability to
expand bank credit and add to the volume of currency and deposits. In a
sense, the 90 billion dollars of Government securities in commercial bank portfolios today are "excess reserves."
The futility of attempting to arrest an
expansion in the money supply via the
control of bank reserves, while at the
same time the Federal Reserve banks are
committed to purchase all Government
securities offered for sale and not absorbed by private investors at guaranteed prices, illustrates the limitations on
the effectiveness of the traditional instruments of monetary control. In this
situation, changes in the money supply
will continue to be determined by the
preferences of the public for cash and
bank deposits more than by decisions of
the central banking authorities.
"Latent Inflation"
What these several factors add up to is
by no means self-evident. On the one
hand, it can be argued that the wartime
monetary expansion represents, to a considerable extent, ''latent inflation," or accumulated buying power. This will continue to be reflected in breaks in the
price line and will become much more of
a reality should price controls be relaxed
before production is sufficiently large to
May 1!M6
meet the increased spending which will
automatically be generated by these
funds.
Support for this view rests upon analyses of past relationships between business volume and money holdings, which
depict the existing money supply as being far out of line with prewar trends,
It also rests upon an appraisal of the special incentives which impelled individuals and businesses to accumulate large
liquid asset holdings during the war period and which are no longer operative
now that the war is over. In addition,
it is emphasized that the spending of
"excess" cash or deposit holdings does
not reduce the money supply, but
merely shifts funds from the purchaser
to the seller who, in turn, is a purchaser
in relation to other sellers. Thus the
funds become available for a second
round of spending and, in the absence of
effective price controls, a self-generating
inflationary spiral is initiated. Since
production cannot possibly keep pace
with demand in such a situation, prices
will continue to increase until the inevitable collapse.
Money as a Motivating Force
On the other hand, past experience,
particularly during the thirties, indicates
that the availability of money is not necessarily a motivating force in the economy. The use actually made of money
is the crucial factor. While the volume
of spending by consumers and businesses
may be influenced by the mere size of
their money holdings, it is determined to
a much greater extent by the flow of current income, expectations regarding
changes in demand and prices in the period ahead, the condition of existing
stocks of goods, changes in living standards, technological developments, and a
multiplicity of less important factors.
Once the assumption of a "normal" relationship between the quantity of money
and the volume of transactions is abandoned, it is apparent that the quantity
of money in exisence can provide no more
than an indication of the inflation potential at any given time. If there were
no price controls at present, it is obvious
that this potential would be tremendous.
The key to the actual course of prices
and production in the future, however,
will be found not in the volume of funds
available but in the motives which might
impel businesses and consumers to activate the funds in their possession.
Of necessity, there is considerable uncertainty regarding the actual effects of
the war-expanded stock of money on future developments. This article attempts
to provide a basis for narrowing the area
of uncertainty by analyzing long-term
relationships between the quantity of
money, gross national product, and interest rates, and by comparing the
changes during the recent war with the
previous experience. The analysis is focused on the role of price control in the
existing situation and on the implications of the expanded money supply for
the post-transition period.
690098—46
2
SURVEY OF CURRENT BUSINESS
9
Chart 1.—Deposits of all Banks, Currency Outside Banks, and Private
Nonbank Holdings of U. S. Government Securities
BILLIONS OF DOLLARS
100
80
U. S. GOVT. SECURITIES HELD BY
PRIVATE NONBANK
INVESTORSU*
60
40
WAR
PERIOD
^
20
CURRENCY OUTSIDE BANKS
1916 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46
J U N E
30
*-M3iR
D. O. 46-254
1
Represents interest-bearing securities, direct and fully guaranteed. Small amounts held by
State and local governments are included ; holdings of insurance companies are excluded beginning
2
3
Includes time deposits in commercial and mutual savings banks, and Postal Savings System.
Includes demand deposits, other than interbank and U. S. Government, less cash items in process
of collection.
Source of data : Board of Governors of the Federal Reserve System.
Wartime Changes in Money Supply
It is apparent from chart 1 that the
volume of money and near-money assets experienced large up-and-down
movements during the 1916-40 period,
but that these fluctuations are dwarfed
by the tremendous expansion that occurred during the recent war. In terms
of absolute magnitudes, Government
security holdings experienced the largest
growth, rising from about 14 billion dollars in the middle of 1941 to its present
total of approximately 100 billion dollars,
including almost 50 billion dollars in savings bonds. (If the holdings of commercial and savings banks and insurance
companies are counted, the total of
privately held Federal securities approaches 225 billion dollars.)
Notwithstanding this huge investment,
the public was able to accumulate almost
as large an amount in the form of deposits and currency. Thus demand deposits (other than interbank and U. S.
Government deposits) rose from 37
billion dollars at the end of June 1941 to
about 75 billion dollars this year (with
deposits in the Government's accounts
amounting to an additional 21 billion
dollars), time deposits from 28 to 50
billion dollars, and currency outside
banks from 8 to 26 billion dollars.
Relation to Federal Deficit
The aggregate magnitude of these increases is essentially a reflection of the
size of the deficits incurred in financing
the war. Had there been heavier taxation and less borrowing, business and
individual savings would have been correspondingly lower. In that event, there
would then have been a smaller accumulation of liquid assets.
Once the decisions as to war tax policy
were made, the respective increases in
currency, deposits, and security holdings
were determined largely by the needs4>
and preferences of businesses and individuals. Despite the concerted efforts of
the Government to raise as much funds
as possible from nonbanking sources,
businesses and individuals preferred to
hold a substantial portion of their current savings in the form of currency
and deposits, rather than in the form
of Government securities. As a result,
it was necessary to borrow about 95 billion dollars—almost half the total
amount of Treasury borrowings—from
commercial banks and Federal Reserve
10
banks during the years 1941-45. The increases in the currency and deposit
holdings of businesses and individuals
roughly correspond with the amount of
bank borrowings.
Definition of Money Supply
For the purpose of the following analysis, the total of currency in circulation
and demand or checking deposits will be
referred to as the "money supply." Because of their ready liquidity, time or
savings deposits and Government securities have the essential qualities of
"money," with one important exception—they are not generally accepted
media of exchange. Savings deposits
and Government securities must ordinarily be converted into currency or
demand deposits before being used for
current payments.
By defining money in the above manner, it is not intended to identify the
stock of money that would become available, or the total that would be spent,
should there be a sharp change in the
public's preferences for holding cash or
securities. Today, more than ever before, the supply of money is responsive
to changes in the preferences of individuals and businesses. Holders of
liquid assets can readily shift from Government securities to deposits and currency or they can move in the opposite
direction. The net effect is a money
supply which is extremely elastic.
Nevertheless, the distinction between
money and what may be called money
substitutes can serve a useful end. The
adequacy of a given stock of money is
generally evaluated by comparison with
the volume of transactions in goods and
services or with some similar measure.
The purpose of such a comparison is to
obtain an indication of the amount of
money that is being used for income
transactions and the amount that is being used for other purposes, such as
financial or speculative dealings, or is
being hoarded. The ultimate objective
of the comparison is to throw light upon
factors which might influence the future
course of prices and production.
The concept of adequacy of the money
supply can have little meaning other
than in relation to some measure of
transactions. As already noted, the size
of the existing stock of money is simply
the result of the combined decisions of
individuals and businesses regarding the
composition of their liquid asset holdings. Consequently, if the public's requirements for currency and deposits
are used as the standard for evaluating
the adequacy of the money supply, it
would necessarily follow that the supply
was adequate, and no more than adequate, to satisfy these requirements. In
relation to the public's requirements for
transactions purposes, however, it can
be shown that the existing supply is
much more than adequate.
SURVEY OF CURRENT BUSINESS
the form of a scatter diagram in chart 2.1
Each point in the chart represents a pair
of values for the year indicated: (1) the
annual gross national product (measured along the horizontal axis) and (2)
the quantity of money (measured along
the vertical axis) as of the middle of the
year. The money supply includes currency outside banks and demand deposits other than interbank and United
States Government deposits. (Government deposits are excluded because the
present analysis is concerned with funds
available for private spending.)
The distribution of the points in chart
2 illustrates the general similarity in
movement between the money supply
and the gross national product that originally suggested the hypothesis of the
quantity theory of money. On close examination, however, it becomes evident
1
The gross national product—which may
be defined as the market value of all goods
and services produced—is used in the above
analysis in the place of a measure of the
gross volume of transactions. There are no
satisfactory estimates of the volume of
transactions, but it is known that this volume is several times the value of the gross
national product.
May 1046
that the similarity in direction of movement is much more pronounced than the
similarity in magnitude.
It is evident from the chart that a
straight-line relation between the money
supply and gross national product would
not explain all of the variation in the
money supply between 1909 and 1940.
For reasons described below, the moneyproduct relation experienced a sizable
shift in level and in slope during the
thirties. It is apparent that the average
line of relationship shown in the chart
falls in between the years after 1930 and
the earlier period.
Transactions Requirements
If money were used exclusively for income-transactions purposes, the various
points on the chart would conform
much more closely to a readily definable
pattern. There are reasons for believing that the amount of money needed to
support a given volume of transactions
in goods and services is relatively stable,
being determined by the average interval
between the receipt of income and its
disbursement. This interval is fixed by
Chart 2.—Money Supply Related to Gross National Product
120
100 -
o
a
CO
o
60
g- 40
CO
LJ
O
20
NOTE.- PARTIAL REGRESSION LINE,
WITH INTEREST RATE AND TIME
HELD CONSTANT, WAS FITTED TO
DATA, 1909- 40.
0
I
I
I
_L
J_
40
80
120
160
200
GROSS NATIONAL PRODUCT, CALENDAR YEARS - BILLIONS OF DOLLARS
240
D.D. 46-299
Relation to Gross National Product
The relationship between the money
supply and the gross national product
over the past 38 years is illustrated in
-x Money supply represents demand deposits adjusted plus currency outside banks. Money supply
for 1946 is for March 81 ; gross national product for 1946 is a preliminary estimate for the first
half of the year (unadjusted for seasonal variation) raised to the annual rate.
Sources of basic data : Board of Governors of the Federal Reserve System and U. S. Department
of Commerce.
May 1940
the structure of the economy and by institutional factors, such as the payment
habits of businesses and consumers.
The shifts in the money-product relationship indicated by the scatter of
points in the chart are not a reflection
upon the correctness of the above view,
but are simply an indication of the wellknown fact that money is not always
used to purchase goods and services but
may be held for other purposes. The
shifts may be due to changes in the
amounts being used in financial transactions—in purchasing stocks, bonds, or
real estate. In most cases, however,
they simply reflect fluctuations in idle
balances, that is, in the volume of currency and deposits being held as savings.
Growth of Idle Balances
The higher level of money relative to
gross national product in the thirties,
already noted above, can be explained in
just this way. The large inflow of foreign capital brought with it gold imports,
which increased bank reserves and enabled the banks to more than double
their holdings of Government securities.
Much of the resulting expansion of deposits evidently fell into the hands of
businesses and individuals who were not
stimulated to invest in new plant and
equipment or to increase their spendings in other ways as a result of the increase in their balances.
Relation to Interest Rates
Among the several factors which were
associated with the growth of idle balances during the thirties, the sharp reduction in interest rates (see chart 3) is
of particular significance because of its
bearing upon the over-all economic situation. Theoretical considerations suggest that over a long-run period the
amount of money in excess of transactions requirements is likely to vary inversely with the rate of interest. The
structure of interest rates is highly sensitive to changes in liquidity preferences
(i. e., the decisions of individuals and
businesses as to the amount of their resources they will hold in the form of currency and deposits) and to changes in
the demand for borrowed funds. Therefore, it cannot be expected that the inverse relationship between money supply and interest will apply in every year
in systematic fashion. Nevertheless,
over any extended time period a sizable
growth in the quantity of money relative
to the gross national product will tend
to be reflected in increased availability
of funds for investment. Competition
for investment outlets will then result in
a lowering of interest rates, unless there
are simultaneous increases in the demand for borrowed funds which have
counterbalancing effects.
The relationship of idle balances to
changes in the interest rate may be illustrated in another manner. A decline
in the rate of interest increases the incentive for individuals and businesses to
borrow funds and at the same time reduces the incentive to sacrifice liquidity
and purchase securities. Thus, increases
in idle balances tend to be associated
with a lowering of interest rates. Such
SURVEY OF CURRENT BUSINESS
11
Chart 3,—Basic Yields of Corporate Bonds for Selected Maturities
PERCENT PER ANNUM
8
^ 5- YEAR MATURITIES
6 —
-
—
:
•
p. A
U#
30-YEAR
MATURITIES
Sr\f
V
\
^
—
-
.
P -
0
1 1 I 1 1 1 11 1 1 1 1 1 1 1 1 1
o'lO
'15
'20
-AVERAGE
'25
1i i i i i 1 1 1 1 1 1 1 1 1 1 1 1 1 1
'30
'35
'40
'45 £
FOR FIRST QUARTER OF EACH YEAR -
DO. 46-289
Source of data :"Basic Yields of Corporate Bonds, 1900-1942," by David Durand, National
Bureau of Economic Research. Data for 1943-40 are preliminary estimates by Mr. Durand and
have not been published.
balances may be thought of as supporting the lower structure of interest rates,
since they are a major factor in the
market for new or existing securities.
It is possible, of course, for idle balances to accumulate without having any
effect on interest rates, simply because
the holders of these funds have a very
high preference for liquidity and have
no desire to lend their funds at interest.
For this reason, some of the variation in
the money supply will be found to be independent of changes in the gross national product and in interest rates. In
the following analysis, this factor takes
the form of a secular trend.
Equation of Relationship
The preceding hypothesis, which attempts to explain some fundamental
relationships between the money supply,
value of goods and services produced,
and interest rates, may be expressed in
the form of an equation derived
by multiple correlation! analysis.2 It can be
2
The calculated equation is: Money supply (in billions of dollars) =13.50 + 0.291
(year -1925) -L 0.228 gross national product
(in billions of dollars)—1.92 basic bond
yields (for bonds maturing in 30 years). The
average error for the period is 4.4 percent,
with errors of 10 percent or more in 1921,
1929, and 1940. It should be noted that
while the multiple correlation is statistically
significant, this may not be true of the partial regressions on time and interest rates,
since there is a high degree of intercorrelation between these two independent variables. Consequently, an analysis based on the
partial regressions should be properly qualified.
shown that such an equation can explain variations in the money supply
during the 32-year period ending in 1940
with only a small margin of error.
A word of explanation is needed regarding the selection of an appropriate
interest-rate series for the statistical
calculations. The decision was made to
use the series entitled, "Basic Yields of
Corporate Bonds," because the standard
series on bond yields and interest rates
are influenced by various extraneous
factors, such as call dates, convertibility,
tax status, and trading activity. The
basic yield series are defined by the author as the yields of highest-grade corporate bonds free from extraneous influences. They are available by different maturities
ranging from zero to 60
years.3 Series for both 5-year and 30year maturities, shown in chart 3, were
used in the present analysis and it was
found that either series gave about as
good results in terms of the closeness of
fit between actual and calculated values.
Divergence From Past Relationships
If average relationships between
money supply, gross national product.
Interest rates, and a time trend during
the 1909-40 period are used as a standard of reference, the wartime divergence from past relationships was first
3
See "Basic Yields of Corporate Bonds,
1900-1942" by David Durand, National Bureau
of Economic Research, Technical Paper 3:
June 1942.
12
noticeable in 1940. This can be explained largely by the outbreak of war
in 1939 which had the effect of retarding the down trend in interest rates
which had been under way since 1932.
Following 1942, however, the departure from past relationships was magnified very considerably. This is quite
evident from the position of the plotted
points for the years 1943-46 in chart 2.
What has happened over the past 3
years is that the money supply continued
to expand at a very rapid pace while the
gross national product made only minor
gains after 1943, and while interest rates
declined very slowly. It was not until
early 1946—6 months after the end of
the war—that the expansion in the
money supply tapered off. The gross national product in the first half of this
year appears to be running at an annual
rate somewhat below that for 1943, yet
the volume of currency and demand deposits held by individuals and businesses
is higher by some 30 billion dollars, or by
more than 40 percent.
SURVEY OF CURRENT BUSINESS
May 11)40
Chart 4.—Basic Yields of Corporate Bonds (30-Year Maturities) Related
to Money Supply x
<
a:
Q.
LxJ
o
<r
LJJ
Q.
o
5o
Importance of Price Controls
This striking development can be explained in terms of the special factors
associated with the war economy. The
imposition of price controls, together
with rationing and priorities, undeniably had a powerful effect in holding
down increases in business and consumer
expenditures—increases which, because
of the heavy war requirements and the
tight supply situation, would have been
reflected in price advances rather than
in more production. Had there been no
such restraints, the dollar value of the
gross national product would have been
substantially higher and, while the
money supply would also have gained,
the net result would have been to bring
money and gross product more closely
in line with past relationships—at the
cost, however, of a substantial price
inflation.
Because of the wartime controls and
the disappearance of many goods from
the market, a much larger proportion of
current income was saved than would
otherwise have been the case. Individuals and business invested heavily in
Government securities but at the same
time they accumulated large balances
in the form of currency and deposits.
Some reasons for this behavior are considered in the following section in connection with the analysis of the distribution of currency and deposit holdings
among corporations,
unincorporated
businesses, and individuals.
Money Supply Related to Bond Yields
The fact that the structure of interest
rates was so little disturbed during the
war is noteworthy. While there was a
sharp increase in loanable funds over
this period, there was at the same time a
relatively larger increase in borrowing
requirements. As already noted, the
willingness of businesses and individuals
to convert their currency and deposit
holdings into Government securities fell
considerably short of the volume of
Treasury borrowing. The low interest
rates which were maintained during the
$50 BIL.
£ 2
G. N . P.
$100 BIL.
G. N. P.
$150 BIL.
G. N. P.
$200
BIL.
G. N. P
LJJ
<
a:
UJ
5
2
NOTE.- PARTIAL REGRESSION LINES
WERE CALCULATED FROM DATA, 1909-40.
a
z
o
CD
I
0
1
20
I
40
60
80
100
MONEY SUPPLY, JUNE 30 - BILLIONS OF DOLLARS
120
D. D. 46-298
Money supply represents demand deposits adjusted plus currency outside banks ; the 194G figure
is for March 81.*
Sources of basic data : National Bureau of Economic Research (see chart 3), and Board of
Governors of the Federal Reserve System.
war did not result from the interaction
significance of any partial regressions
of the usual supply and demand factors,
such as those shown in the chart, is rebut was the direct result of the manageduced because of the high intercorrelament of the money market by the
tion between money supply and gross
Treasury and Federal Reserve authoriproduct.
ties.
The fact that the relationship between
the money supply and the rate of interThe long-term relationship between
est (represented by the basic yield of
the money supply and the rate of interest
corporate bonds maturing in 30 years)
is of special interest at this time because
is heavily dependent upon the level of
of the announced policy of the Treasury
gross national product is brought out
to continue into the postwar period its
very clearly in chart 4. Each of the
low interest rate policy in the belief that
downward sloping lines in the chart repit "will make an important contribution
resents the calculated average relationto the achievement of full production in
ship between money supply and interthe economy."
est rates at a constant level of gross naChart 4 has been prepared more as an
tional product, and at a fixed point in
illustration of the basic economic forces
time. As the gross national product is
which are at work than as a presentaincreased, the lines shift to the right.
tion of the actual statistical relationship
between money, gross national product,
Sensitivity to Changes in Money Supply
and interest rates. Interest rates are
sensitive to a variety of outside influThe steepness of the slope of these
ences. Moreover, because only a relalines suggests that, at any given level of
tively small part of the variation in the
gross national product, the interest rate
money supply over the 1909-40 period is
is highly sensitive to changes in the
associated with changes in the interest
money supply. This generalization, of
rate, the percentage errors in any equacourse, refers to the average relationtion relating interest rates to money and
ship for the 1909-40 period and would
gross product can be expected to be relanot necessarily apply in particular years,
tively large. Of course, the statistical
such as 1921, 1929, or 1932, when there
SURVEY OF CURRENT BUSINESS
May 1946
were important disturbing influences.
It should also be noted that the past experience does not provide any evidence
as to whether this generalization is applicable in the range of interest rates
falling below 2V2 percent. For reasons
already described, the large increase in
the money supply during the war period
was accompanied by only a negligible decline in the rate of interest.
There is a more important reason why
it would be very risky to generalize
about changes in interest rates in the
low ranges. Theoretical considerations
suggest that the lines of relationship
shown in the chart for the indicated
levels of gross national product should
not be straight lines but, instead, declining curves which flatten out as low
rates of interest are reached. From the
income which lenders earn by purchasing securities must be deducted allowances for risk and uncertainty, income
taxes, and any investment costs that
might have been incurred. Increases in
the volume of funds available for investment cannot be expected to reduce interest rates below levels which are actually needed to compensate lenders for
these factors.
The sharp departure of the years following 1942 from the average relationship for the prior period merely mirrors
the situation already brought out in
chart 2. The explanation lies in the
special factors which prevented the gross
national product from keeping pace with
the increases in the money supply, as
well as in the factors which helped to
sustain the rate of interest.
Downward Pressure on Interest Rates
The fact that the existing relationship
between the quantity of money, gross
national product, and interest rates is
so far out of line with past experience
suggests that the trend toward lower
long-term interest rates may continue
in the post-transition period, provided
the gross national product is not inflated
by a large increase in the price level.
How soon this pressure will assert itself
is uncertain because of the existence of
speculative factors in the current situation which tend to exert a disturbing influence. How much lower long-term interest rates will fall is even more uncertain, because divergent views as to
what rate of interest is required as a
minimum compensation for the factors
mentioned above.
Distribution of Money Holdings
The preceding analysis of the money
holdings accumulated during the war
must be supplemented by the available
information regarding the distribution
of currency and deposit holdings among
different classes of holders. Distributional considerations have an important
bearing on how the holdings will be used
in the period ahead. Unfortunately,
13
little information is available concerning
the distribution of money holdings by
income classes. However, the results of
a comprehensive field survey on the distribution of ownership and probable use
of liquid assets are scheduled to be published by the Board of Governors of the
Federal Reserve System by the middle
of the year.
While all classes of holders shared in
the wartime expansion of the money
supply, it is possible to detect significant
contrasts in their relative participation.
These contrasts are illustrated in the
three panels of chart 5, which relate
movements in currency and deposit holdings to changes in gross national product.
Because the estimates of the distribution of money holdings shown in the
chart do not extend over a sufficiently
long period, it is not possible to derive
any "normal" or average peacetime relationships between money holdings and
gross product for the separate classes of
holders. The dashed lines plotted in
the chart merely represent extensions of
the 1940 money-product proportions.
In other words, if the amounts of currency and deposits held in 1940 had increased proportionately with gross national product, the points for the subsequent years would have fallen on the
dashed lines. While these lines are
useful as standards for gaging the wartime changes in money holdings, it
should be stressed that they are based
entirely on the situation as it existed in
Chart 5.—Personal and Business Holdings of Currency and Demand Deposits Related to Gross National Product
EXTENSION OF 1940 RELATIONSHIP TO GROSS NATIONAL PRODUCT
CURRENCY
BILLIONS OF DOLLARS
30
PERSONAL AND BUSINESS
HOLDINGS OF CURRENCY
25
PERSONAL HOLDINGS OF
DEMAND DEPOSITS
-
DEMAND DEPOSITS
BILLIONS OF DOLLARS
30
BUSINESS HOLDINGS OF
DEMAND DEPOSITS
-
-
^45
r -
•s
20 -
25
-
20
--
15
/
/
44
15
}
PERSONAL ^
431
/^
/J
-
F
10 -
CORPORATE
2 - 4 5
- 10
/ 1940
/I940
45
5
_
1940 .
BUSINESS^
1
0
50
100
41
k- ~
1
150
200
250
50
100
150
200
250
50
GROSS NATIONAL PRODUCT-BILLIONS OF DOLLARS
*• NONCORPORATE
- 5
"'l940
1
100
1
1
150
200
250
D.D. 46-286
1
Business holdings include holdings of corporate and noncorporate businesses other than banks, insurance companies, building and loan associations,
and nonprofit associations. Holdings of farmers and professional persons are included in "personal". The data are adjusted for the mail float and also
exclude holdings of foreign individuals and businesses, State and local governments, and government corporations. Data through 1944 are for June 30
for currency and demand deposits and for calendar years for gross national product. Data designated as 1945-1 are for June 30 for currency and demand
deposits and are an average of the second and third quarters of 1945 for gross national product. Data designated as 1945-2 are for December 31 for
currency and demand deposits and are an average of the fourth quarter of 1945 and the first quarter of 1946 for gross national product. Quarterly data
are unadjusted for seasonal variation.
Sources of basic data : Board of Governors of the Federal Reserve System and U. S. Department of Commerce
14
1940 and do not necessarily reflect a
"normal" relationship.4
Large Personal Holdings of Currency
The first panel in chart 5 indicates that
the bulk of the large currency outflow
since 1940 ended up as personal holdings.
However, the break-down shown in the
chart does not reflect a strict separation
into "personal money" and "business
money," since personal holdings include
the balances of farmers, who are important users of currency, and professional persons. The balances of other
individuals for business purposes, however, are included in business holdings.
It is also likely that currency used in
gambling and in black-market and
other illegal operations is included in the
personal rather than the business totals.
A separation of business holdings of
currency by type of holder indicates that
the holdings of corporations increased
proportionately with gross national product, so that the explanation for the increase in aggregate business holdings of
currency above the proportion which existed in 1940, as shown in the chart, lies
in the expansion of the amount of currency in the tills of unincorporated businesses.
Special Factors in Currency Demand
Several reasons can be cited to explain
why the amount of coin and paper money
in the hands of individuals has increased
so much more rapidly than the gains in
income payments or consumer spending.
Of prime importance is the fact that a
large portion of the increases in income
has gone to wage earners and farmers,
who make limited use of banking facilities, and, therefore, are accustomed to
holding large amounts of currency as
pocket money and as savings in periods
of high earnings. These same persons
are not used to purchasing securities and
may have been somewhat reluctant to
place a large proportion of their savings
in war bonds. The disruption of established banking and credit connections
because of changes in residence also had
the effect of increasing the demand for
currency.
There is no doubt that an unusually
large proportion of currency in circulation represents idle balances. To some
extent this may reflect the fact that
memories of widespread bank failures
of the early thirties are still fresh in the
minds of some people. However, there
is no real evidence of any general
"scare hoarding" of currency.
Finally, it should be noted that blackmarket dealings, gambling, tax evasion,
and similar activities have created a
special demand for currency during the
last few years.
Growth of Personal Deposits
The two remaining panels in chart 5
illustrate the wartime changes in de4
The assumption of a proportional relationship between money and gross product is
not consistent with the slope of the partial
line of regression in chart 2, which suggests
that the relationship is less than proportionate.
SURVEY OF CURRENT BUSINESS
mand deposit holdings. The largest
share of the deposit accumulations went
into personal accounts. In terms of
relative changes, however, deposits of
unincorporated businesses show the
largest gain.
In contrast, deposits held by corporations at the end of last year were only
slightly greater, relative to gross national product, than in 1940. This reflects the fact that corporations invested
a larger proportion of their current assets in Government securities than did
unincorporated businesses.
The reduction in corporate deposit
holdings during the second half of last
year was concentrated among manufacturing and mining concerns and was
partly due to heavy cash outlays relative
to income while plants were being reconverted. The deposits of other corporations, as well as those of unincorporated businesses and personal deposits,
recorded sizable gains between mid-1945
and the end of the year, even though
deposits were lower at the year-end than
a month earlier because of heavy security purchases during the Victory Loan
which ended in December.
Implications for Future
Public concern over the expansion of
currency and deposits would be eased
substantially if there were some prospect of a sizable shrinkage in the near
future. For the last 4 years the inflationary pressures inherent in the war
economy have been successfully restrained by price control. There is no
doubt that, if the basic price-control
legislation is renewed without restrictive amendments, this record of achievement could be substantially continued.
It is highly improbable that a sizable
contraction in the money supply over
the next year or two, or even over a
longer period, will be effected merely by a
change in the public's preferences for
holding cash. Moreover, it would be extremely difficult to effect a contraction
in the money supply via official action
of the banking authorities.
As already noted, the relative liquidity
of the public's asset holdings is largely
a function of private decisions. With almost 50 billion dollars of demand obligations in the form of savings bonds outstanding and with nonbank holdings of
other Government securities equally as
large and virtually as liquid because of
official support of the bond market, it is
theoretically possible to have a doubling
of the money supply merely by the public shifting from securities to cash. In
addition, the public can draw upon 50
billion dollars in time deposits. Therefore, any steps taken to reduce the
money supply directly cannot be assured
of real and lasting success unless they
operate through a reduction in the total
supply of liquid assets.
Effect of Federal Debt Retirement
Unlike the money supply, the combined volume of currency, deposits, and
Government securities is subject to determination by public policy, although
there are very definite limits on the
exercise of such policy. The chief in-
May 1946
strument of policy, of course, is debt retirement financed by budget surpluses.
If an excess of Federal tax receipts is
used to retire securities held by nonbank
investors, there is a net reduction in
security holdings, without any change
in the money supply. On the other hand,
if the excess is used to retire securities
held by commercial banks, there is a net
reduction in deposit and currency holdings. Should the banks turn around and
purchase securities from the public to
replace those retired, the money supply,
including the volume of time deposits,
would be restored but the volume of nonbank security holdings would be lower.
Thus, debt retirement financed by an
excess of tax receipts must necessarily
be reflected in a smaller aggregate
volume of liquid asset holdings, although
not necessarily in a reduction in the
money supply.
Reduction in Treasury Balance
Some progress in debt retirement—
amounting to about 6 billion dollars—
has already been made this year, and
larger reductions appear to be in the
offing. These reductions, however, will
be financed by drawing on the more than
20 billion dollars in the Treasury's cash
balance rather than by using tax receipts in excess of expenditures. Therefore, they will not accomplish the results
described above. If the Treasury's balance is used to retire nonbank holdings,
the net effect will be to convert securities into deposits or currency—money
supply will expand and security holdings
will be reduced. If bank holdings are
retired, the public's liquid assets will remain unchanged.
Until the time when Federal debt retirement is made through an excess of
tax receipts, there is small chance of any
appreciable reduction in the aggregate
liquid asset holdings of the nonbanking
public.
Revised Budget Estimates
Budget surpluses do not lie as far into
the future as the official estimates of last
January indicated. Revised budget estimates for the fiscal year 1946 were issued in April which forecasted a deficit
of 3.6 billion dollars for the first 6 months
of this calendar year. This compares
with a deficit of 10.5 billion dollars for
the same period, indicated in the January Budget Message.
The estimates for the fiscal year 1947
have not been officially revised since they
were issued in January, so that the official estimate of a deficit of 4.3 billion
dollars still stands. However, the President has stated that it is the Government's aim to balance the budget for
1947.
In view of the improved business
prospects, it would not be unreasonable
even to expect a small budget surplus in
the next fiscal year.
The conclusion seems inevitable, however, that for several years ahead the
whittling away of the public debt
through budget surpluses will make only
a small impression on the aggregate
amount of currency, deposits, and security holdings, which now total about
May 1940
SURVEY OF CURRENT BUSINESS
250 billion dollars.5 Any further reductions in tax rates would, of course,
strengthen this conclusion.
difficulties of applying the traditional instruments of monetary control at present
have already been described.
Larger Security Sales to Public
In view of these dim prospects for reducing materially the over-all volume
of liquid assets, the question arises as to
whether it would be feasible and desirable to influence the composition of the
public's asset holdings by inducing a
shift from deposits and currency into
securities. The most effective means of
accomplishing such a shift are not at all
clear, since the individuals and businesses holding large amounts of currency
and deposits do so because they have a
distinct preference for cash over securities. The public may be reluctant to
change its preferences in this regard,
despite special inducements by the authorities. Not only are patriotic appeals
likely to be less effective at present, but
in view of the changed economic situation, it is probable that holders of idle
balances will be able to think up even
stronger reasons for holding cash than
during the war.
In the final analysis, there is no assurance that the stimulus to spend can
be diminished appreciably merely by converting cash holdings into Government
securities which are only one short step
removed from cash. The attitude of an
individual toward his savings undoubtedly affects the form which his savings take.
Whether the reverse is true—that is,
whether attitudes toward savings can
be changed merely by shifting the composition of savings—is highly conjectural, particularly
when the change in
question wrould merely be a shift from
deposits or currency to Government securities.
Inflation Potential
There is no denying that, in the absence of price control, the existing situation—the greatly expanded money supply, the large holdings of near-cash assets
in the form of time deposits and Government securities, and the weakened resitance of the central banking authorities
to further credit expansion—would contain explosive possibilities from the
standpoint of its inflation potential. If
controls were released and consumers
and businesses decided to go on an inflationary spending spree, they would
have ample means at their disposal.
Their ability to spend seems well protected against the effects of a tightening
of the money market.
Even if it were assumed that spending
decisions were determined primarily by
the volume of liquid assets available, it
would not necessarily follow that the inflation peril would persist as long as the
liquid asset supply were not reduced or
brought under control in some way or
other. Rising production, of course, can
be an effective answer to increased spending, provided the increases in spending
are not of the type that occurs when
there is a general flight from money to
goods. Given the protection of a firm
and vigorously enforced price-control
policy, the Nation's productive capacity
could be expanded to meet increases in
consumer and business demands which
were assumed to be implicit in the money
supply.
Expansion of Bank Credit
A further expansion of bank credit
would, of course, have the opposite effect
of measures aimed at converting cash
balances into Government securities.
Such a credit expansion might come
about either through bank purchases of
additional Government securities or
through increases in commercial loans.
The Federal Reserve System recently
moved to discourage further bank-credit
expansion by discontinuing the preferential rate previously granted to member
banks on loans secured by short-term
Government securities. This move was
intended to curtail a particular type of
speculation in Government securities.
Proposals for a more general tightening of the availability of bank credit,
however, must by examined in terms of
their effects on the low interest rate
policy established by the Treasury. The
5
Total liquid asset holdings of individuals
and businesses at the end of 1945 are estimated by the Board of Governors of the
Federal Reserve System at approximately 225
billion dollars. This figure is lower than the
figure cited above largely because of the exclusion of holdings of nonprofit associations,
foreign businesses and individuals, and State
and local governments, and because of an
adjustment by the Federal Reserve for the
mail float between demand deposit holders.
Pressures for Increased Spending
But spending decisions are not determined by any mechanical relationship to
the liquid asset supply. The force of
money as a motivating influence on
spending decisions is seriously weakened
when the money accumulation is associated with prior, rather than current,
savings.
The inflationary danger in the present
situation is largely associated with the
existence of large backlog demands—for
consumer durable goods, inventories, industrial plant and equipment, and exports. If price controls were abandoned,
these demands could come onto the market as an addition to the usual volume of
spending generated out of current income. Demand would press even tighter
against the limitations of available resources and supplies and competition
among buyers would bid up prices.
The temper of the buying public would
also give impetus to increased spending
if there were no price controls. This
might come about simply as a temporary
reaction to the restraints imposed by the
war. It would be more likely, however,
that the increased spending would result
from widespread expectations of higher
prices—among both the business community and the consuming public—and
the irresistible urge to buy now rather
than pay more later.
The ready availability of large liquid
asset holdings would encourage the
strong pressures already present for in-
15
creased spending and would add fuel to
the fire should an inflationary spiral get
started. Yet to view the asset holdings
as the primary initiating influence would
be to exaggerate their importance. Once
sufficient goods are available to satisfy
the backlog demands, the public will not
encounter any serious difficulty in becoming inured to large currency, deposit,
and security holdings.
Price Control: An Effective Defense
In summary, the pressure for rising
prices during the postwar transition
stems from the co-existence of two sets
of conditions: (1) The swollen demands
of consumers and businesses which are
considerably in excess of the available
supplies of goods, even though these
supplies are in most cases larger than in
prewar years; and (2) the expanded supply of money and near-money assets,
which provide the public with the means
to increase their spending and which
cannot be contracted except slowly
through debt retirement financed by
budget surpluses.
It is not possible to increase output
immediately to the full extent required
in the period ahead; the economy must
be given time. In the interim, the economy must be protected by a firm
price control policy—the most effective
weapon at present for preventing inflationary price increases from choking off
the expansion in production. The
pressure on prices will be eliminated
gradually as production and demand are
brought into balance.
Because the Nation's productive potential is so great, there is no need to turn
to drastic monetary measures to contract the money supply. In this respect,
this country is in a different position
than certain foreign countries which find
it necessary to adopt extreme measures
to reduce the quantity of money available partly because of the limited ability
of their economies to increase production.
Long-Run Salutary Effects
Prom the standpoint of the posttransition period—after production and
demand are brought into balance—the
enlarged money supply may well have
salutary effects on the volume of production and employment. For example, the
liquid asset holdings may be drawn upon
in periods of unemployment or in other
emergencies. Whether such use would
be important as a sustaining influence
would depend upon the distribution of
the holdings among the lower income
groups.
The existence of large liquid savings
would make a major contribution toward
the achievement of a full-employment,
full-production economy if it raised the
general level of consumption relative to
income. Again, the distribution of the
asset holdings would provide an important clue as to the likelihood of such a
shift. Finally, if the expanded money
supply should induce further reductions
in long-term interest rates, it would have
a stimulating effect on investment expenditures and would indirectly bolster
consumption.
16
SURVEY OF CURRENT BUSINESS
May 1940
Recent Trends in the Business Population
By Donald W. Paden and Alice Nielsen
URING the past 2 years almost
three-fourths of the wartime loss in
D
number of business concerns has been
recovered. As early as the first quarter
of 1944 prospective entrepreneurs began
to show a renewed interest in business
ownership, and since that time the number of entrants has consistently exceeded
the number of discontinued businesses.
By the first of the year there were 400,000
more firms than 2 years earlier, the net
result of 695,000 new businesses and
295,000 discontinuances.
To a considerable extent, the increase
in the number of firms has been due to a
reversal of the factors which made for
the decline during the war—to the release of men from the armed forces and
the return of war workers to their home
communities and former occupations.
Of equal importance, perhaps, have been
the optimism which prevails with respect to business conditions, the gradually increasing supplies of goods,
and the desire for security on the
part of individuals, many of whom for
the first time possess sufficient savings
to acquire a business of their own. A
substantial number have also been attracted by the possibilities of quick
profits in lines of business where a large
backlog of demand promises easy sales,
as in the case of automobiles and household appliances.
New Businesses To Be Numerous
Of the roughly 700,000 persons who
entered business during the past 2 years,
some made the venture for the first time;
others returned to businesses which were
closed early in the war. In the months
ahead the number of entrants should remain high, particularly as problems of
supply become less troublesome, as new
opportunities open up, and as it becomes
easier to build, remodel, and equip new
places of business.
Chart 1 shows the recent trend in
number of firms in the business population. In spite of the rapid rise in number of concerns, it should be noted that
there were still 160,000 fewer businesses
operating at the beginning of 1946 than
during the peak year 1941. However,
the trend in the past few months has
NOTE.—Mr. Paden and Miss Nielsen are
members of the Business Structure Division,
Office of Business Economics. Much of the
preliminary statistical work for the article
was done under the direction of Genevieve
B. Wimsatt, also a member of the Business
Structure Division.
Summary
At the first of 1946 there were
400,000 more business firms in the
United States than at the end of
1943. This rapid recovery of the
greater part of the wartime loss of
560,000 firms results from the opening of 695,000 new businesses offset
by only 295,000 discontinuances.
The high rate of business turnover will undoubtedly continue.
During the past two years roughly
15 out of every 100 concerns were
either closed or transferred to new
owners. Indeed, it seems probable
that the rapid expansion of the
business population will ultimately
be checked more by a rise in the
rate of discontinuance than by a
fall in the number of entrants.
Business opportunities still remain,
however, at our present high level
of industrial activity.
The present article continues the
studies on the business population
which have appeared in the SURVEY
OF CURRENT BUSINESS during the
past two years. The Department
of Commerce in these studies has
undertaken to present current
quarterly statistics on the number
of operating business firms together
with the number of new, discontinued, and transferred businesses.
These basic statistics for the period 1944-45 are presented at the
end of the article in table 6, classified by kind of business. Table 6
also includes a summary of previously published figures together
with revised estimates of business
turn-over for some industry groups
for the period 1940-43.
continued upward. New products, shifts
in population, and the operation of the
economy at higher than prewar levels
are current factors favoring the further
expansion of the business population.
Indeed, it seems probable that the number of firms may exceed the prewar high
by as many
as from 300,000 to 500,000
1
concerns.
1
The larger figure is an estimate (for conditions of full employment) appearing in the
Twentieth Bimonthly] Report of the Smaller
War Plants Corporation, p. 3. The lower figure will be reached in 1946 if new businesses
exceed discontinuances by approximately the
same amount as in 1945.
Discontinuances at Low Level
The rise in number of firms during the
past 2 years was due as much to the low
level of discontinuances, shown in chart
2, as to the high rate of entry. Only
295,000 firms discontinued business during the 2 years 1944 and 1945. This is
less than half the prewar rate and less
than one-third of the total number that
closed their doors during 1942 and 1943.
Needless to say, it is unlikely that such
a low rate of discontinuance will persist.
The increasingly large number of new
concerns makes it almost inevitable that
over-all mortality rates should rise
within the next few years. Even in 1944,
15 percent of the firms established during
that year discontinued business within
the first 12 months of operation—a percentage which will probably rise rather
than fall as the wartime deficit in number of firms is fully recovered.
Sales of Businesses Increasing
The desire to enter business has also
led to a rise in the number of business
transfers from 280,000 in 1944 to 346,000
in 1945. These transactions are quite
apart from the figures on new and discontinued businesses and represent firms
which have been sold, reorganized, or
otherwise transferred to new owners. As
in the case of real estate, many of these
sales have undoubtedly been made at
inflated values which in the future may
be an important factor influencing the
long-run stability of these enterprises.
Although the sale and purchase of
going concerns do not influence the total
number of firms, nevertheless they are
of considerable importance in judging
the magnitude of business turn-over.
Prospective businessmen should reccgnize the fact that roughly one out of every
six or seven firms in business was either
closed or sold to a new owner during each
of the last 2 years—a period in which the
rate of discontinuance (although not the
rate of transfer) was at an abnormally
low level.
The large and continuous turn-over in
the business population noted above
characteristically takes place among the
smallest firms. This is not surprising in
view of the fact that these firms account
for an overwhelmingly large proportion
of the business population and that the
rates of entry, exit, and transfer normally vary inversely with the size of firm
as measured by number of employees.
During 1945 concerns with fewer than
four employees were responsible for 83
percent of all discontinuances, 88 per-
SURVEY OF CURRENT BUSINESS
May 1946
cent of all new firms, and 75 percent of
all transfers.
The following definitions should serve
to clarify the discussion on business
turn-over:
A new business is defined as one which
is newly organized and is not the successor of a pre-existing going concern.
A discontinued business is defined as
one which has been liquidated, i. e., one
which does not continue as a going concern under new ownership. The concept includes closures which occur for
reasons other than financial loss, as well
as business failures.
A business transfer is defined as a
change in ownership of a going concern.
It covers (1) ordinary purchase and sale
of a business including cases where the
transaction involves persons within the
same family, (2) reorganization of a
business, e. g., incorporation, admission
of a partner or dropping of a partner,
and (3) transfer of a business to a trustee, receiver, or executor.
The number of business transfers does
not affect the total number offirms,inasmuch as they represent both a purchase and a sale in which the business
continues as a going concern. The
number of new and discontinued businesses, on the other hand, represents
additions to and subtractions from the
business population and the numerical
difference between the two in any period
is equal to the net change in the total
number of firms.
It should also be made clear that the
estimates are expressed in terms of number of firms—not establishments. Since
a single firm may be composed of several establishments, the statistics presented on the number of firms are generally smaller than comparable figures
for establishments in the 1939 Census of
Business.
Number of Operating Firms
The number of firms has risen steadily
from the wartime low of 2,836,000 at the
Chart 1.—Number of Firms in
Business
MILLIONS OF FIRMS
4.0
3.0 -
2.5
1939
1940
1941
1942
1943
1944
1945
0 0 46-252
Source of data : U. S. Department of Commerce.
690098—46
3
Table 1.—Number of Operating Finns
by Major Industry Groups and Percent
Changes
N u m b e r of firms
(thousands), e n d
of year
Percent
change i
1943
1945
1941 1943
to
to
1943 1945
3, 341 2,836 3,235
- 1 5 | +14
Industry
1941
All industries
+29
Contract construction.. 241
147
189 - 3 9
Wholesale trade
144
114
142 - 2 1 1+24
— 17 + 14
Retail trade
1,591 1,318 1,504
620 - 1 3 +13
Service industries
547
631
Transportation, communication, and p u b lic utilities
188
205 I - 8
+9
Finance, insurance, and
-4
268
286
280
real estate
+7
+15
262
225
228
Manufacturing
26
24
Mining and q u a r r y i n g . .
26
+8
1
Percentages are based on unrounded figures in table 6.
Source: IT. S. Department of Commerce.
end of 1943 to within about 160,000 of
the prewar peak. The summary tabulation at the end of the article presents
estimates of changes in the number of
operating business concerns in the
United States by quarters for 1944 and
1945 with summary statistics by years
back to 1939.
Except for the negligible 1-percent rise
in mining and quarrying, all of the major
groups showed substantial increases
during the past 2 years—ranging from 7
percent in the finance-insurance-real
estate group to 29 percent in construction. The exceptional case—mining and
quarrying—was, however, an industry
which did not follow the pattern of wartime loss and recovery; the number of
mines and quarries in operation rose 8
percent in the 2 years 1942 and 1943 and
then began to level off.
In general, the gains made in 1944 and
1945 in the major industry groups are in
inverse proportion to the degree of loss
during the preceding 2 years. In table
1 the eight major industries are ranked
by the relative decline in number of
firms during the first 2 years of the war—
a ranking which, except for manufacturing, is identical with their rank by
relative increase in the next 2 years.
Manufacturing was unusual in that a
very slight loss in number of firms in the
first three quarters of 1942 was followed
by an increase in 1943 and an even more
marked increase in 1944 and 1945.
Several of the major groups, including
the transportation-communication-public utilities group, wholesale trade, and
the finance-insurance-real estate group,
are now close to or above the 1941 levels
as a result of steady increases throughout 1944 and 1945. The number of firms
in the construction industry has also
made a sharp climb and is approaching
1939 levels. The industry, however, is
still far from the 1941 and early 1942
peak.
Recovery in Retail Trade
The number of retail stores followed
the same general pattern of other industries—a prewar peak, a rapid decline to
the end of 1943, and a marked upward
17
trend through 1944 and 1945. This upward movement in the last 2 years
amounted to 14 percent and resulted in
nearly every retail group recovering at
least a substantial proportion of the earlier wartime loss. A few lines—liquor
stores, other automotive dealers, hardware and farm implements, home furnishings, and appliances and radios—
now exceed prewar peaks. General
stores constitute the only group which
continues to decline.
As can be seen from chart 3, changes
in the total number of retail firms have
not been closely related to the volume of
sales since 1939. Although the total retail population fell through 1942 and
1943, sales have risen steadily and in
1945 stood at 175 percent of the 1939
level.
The failure of the number of firms
to follow a rise in sales is particularly
marked in eating and drinking places,
apparel, shoes, other food stores (including meat and seafood), grocery stores,
and general stores. In all these lines
of business, average sales per store in
1945 were more than 200 percent of 1939
average sales; yet the number of stores
ranged from only 76 percent to 101 percent of the 1939 number.
In the case of automobile dealers, on
the other hand, total sales in 1945 as
shown in chart 3 amounted to only 46
percent of 1939 sales; yet the number of
dealers in operation was 4 percent higher.
Here the increase in number of dealers is
obviously in anticipation of future
business.
In the field of household appliances
and radios, the wartime divergence between sales and number of firms has
almost been overcome; total sales in 1945
were 111 percent of sales in 1939, and
number of firms 109 percent.
Recovery by Line of Business
For specific lines in retail trade, the
extent of the 1944-45 increase is indi-
Chart 2.—New, Discontinued, and
Transferred Businesses During
the Year, All Industries
THOUSANDS OF FIRMS
800
600
DISCONTINUED
400
200
TRANSFERRED
1940
1941
\
1942
1943
1944
1945
D.D. 46-300
Source of data: U. S. Department of Commerce.
SURVEY OF CURRENT BUSINESS
18
Chart 3.—Number of Firms and Sales for Selected Groups in Retail Trade
• FIRMS, DECEMBER 3 1 .
• S A L E S , TOTAL FOR YEAR
INDEX, 1939 = 100
INDEX, 1939 = 100
£00
ALL RETAIL TRADE
175
-
150
-
125
-
*****
_
100
t
1
!
I
1
FILLING STATIONS
EATING AND DRINKING
PLACES
150
J25
.'*•>
100
75
50
i
i
i
i
i
HOUSEHOLD APPLIANCE
AND RADIO STORES
MOTOR-VEHICLE DEALERS-^
150
125
Table 2.—Percent Change in Number of
Retail Firms 1943 to 1945, and Extent
of Wartime Decline, Subsequent Recovery, and Remaining Deficit
100
75
imbe
1943
50
IBs
n
ferime
re-
175
The rapidity with which business concerns disappear, change hands, and reappear has always been of considerable
interest to the business community.
During the war, the closing of almost a
million firms within a 2-year period,
offset by only 480,000 openings, caused
a good deal of concern, particularly
among the champions of small business—since it was here that the wartime
casualties were most numerous.
Today, however, interest has shifted
to the rising number of new enterprises
and fear is being expressed that many
may be ill-advised. As has been indicated, in some lines there are now more
firms than before the war, with no apparent slackening in the number of entrants. While it is true that a continued high rate of entry may presage
failures in the future, it should be remembered that for all industries combined, and for most industry groups, the
present number of businesses is not out
of line with prewar standards.
Indeed, numerous difficulties stand in
the way of a too-rapid rise in the number of new enterprises. Merchandise is
appearing more slowly than many had
anticipated. Skilled labor and materials remain scarce and new concerns
especially find them difficult to acquire.
Thus, despite a high level of income and
an extraordinary backlog of demand in
Dec
945
175
l
Business Turn-Over, 1944—45
um30,
75
May 1946
25
1939 *40
'41
*42
'43
'44
'45
1939 '40
'41
'42
'43
'44
'45
D.D. 46-253
1
Kind of business
Data for the number of firms exclude motorcycle, aircraft, motorboat and yacht dealers, and automotive parts and accessories dealers; data for sales include these groups.
Source of data : U. S. Department of Commerce.
cated in table 2. This table shows the
percentage increase in number of firms
over December 1943 as well as the absolute amount of the wartime decline and
subsequent recovery.
The groups with the highest percentage increases in number of firms from
1943 to 1945 (shown at the top of table 2)
are appliance and radio stores, "other
automotive" dealers, liquor stores, automobile dealers, and home furnishings.
All of these groups except automobile
dealers are now above 1941 levels. The
large groups—filling stations and eating
and drinking places—have shown a substantial increase (17 and 18 percent, respectively) , but are still a long way from
their prewar numbers, both in the absolute and on a percentage basis. If 1941
levels are considered a norm, these two
groups, along with grocery stores and
other food stores, seem to afford the bulk
of the remaining opportunities in the
retail field.
Of the five lines of business which
have passed their prewar high in terms
of number of concerns, all except liquor
stores had a lower percentage increase in
sales per store than had retail stores in
general. It seems likely, however, that
for some of these groups a heavy demand
is awaiting the supply and that, as in the
case of automobile dealers, the increase
in numbers is in anticipation of future
sales.
The Service Industries
The number of firms in the service
trades as a whole increased almost as
rapidly in the last 2 years as the number
in the retail field. Automobile repair
shops, especially, made a notable rise—
24 percent—a recovery of nearly all of
their previous loss in number. This increase is no doubt related to the increased average age of automobiles. The
number of barber and beauty shops has
risen less sharply while amusements and
motion pictures have gone up only
slightly.
ill!
fell
Total, retail
trade
Appliances and radio
Other automotive
Automobile dealers
(new and used)
Liquor
Home furnishings
and equipment
Hardware and farm
implements
Eating and drinking
places
Lumber and building material.
Filling stations
Other retail
Grocery, with and
without meats
Other food stores
Apparel and accessories
Drugs
Meat and seafood
Shoes
General merchandise.
General stores with
food
_.
a ©*O o
+14 302,800 186, 200
116, 600
+63
+34
4,700
2,800
6,300
4,800
U,600
12,000
+30
+30
10,300
1,000
9,200
4,200
1,100
i 3,200
+22
4,600
6,200
11,600
+19
4,000
6,700
i 2, 700
+18
64,100
43, 600
20,500
+17
+17
+12
+12
+9
+8
+6
+5
+3
+2
5,400
56, 300
22, 600
4.700
28, 400
18,800
700
27,900
3,800
70, 200
24,100
34, 500
8, 200
35, 700
15,900
6,700
4,200
9,200
1,800
3,600
5,600
2,900
1,400
300
800
1,100
1,300
7,800
1,500
2,800
7,200
2-400
7,600
1 Excess of firms at end of 1945 over number on Sept.
30,1941.
2 Continued decline.
Source: U. S. Department of Commerce.
SURVEY OF CURRENT BUSINESS
May 1946
were computed by dividing the number
of new, discontinued, and transferred
businesses, exclusive of concerns without employees, by the number of employing firms operating at the first of each
year.
The exclusion of the nonemploying
enterprises lowered somewhat the level
of the rates, since it is among the smallest
firms that the highest rates of turn-over
occur. The greater accuracy which was
obtained by using only that portion of
the business population for which data
were most definitive was thought to overbalance the gain in comprehensiveness
which might have been obtained by using
the whole population.
Roughly 5 percent of the total number
of firms with employees operating at the
beginning of 1944 discontinued business
during the course of the year, a rate
which was duplicated the following year.
Business mortality in these 2 years appears unusually low, particularly in light
of prewar rates which were almost double
the 1944 and 1945 over-all figures. On
the other hand, the rates of entry, especially in 1945, were close to prewar levels
and represented an addition of 7 and 10
percent, respectively, to the total number of firms in business at the first of each
year.
Table 3 is of interest chiefly because
it indicates that the rates of entry and
consumers' durable goods, it may be several years before the enthusiasm for entering business has spent its force. In
the meantime, the rate of business entry
is likely to remain relatively high.
Since 1939 well over one-third of all
business births and deaths (shown in the
summary table at the end of the article)
were in retail trade—a reflection of the
fact that this segment of the business
population accounts for a correspondingly large proportion of all business
ventures. Turn-over in other lines of
business was similarly closely related to
the size of the parent population.
New businesses in 1945 were twice as
numerous as discontinuances, resulting
in a substantial increase in the total
number of firms. As yet, the number of
new enterprises has not been materially
affected by the loan guarantee provisions
of the GI Bill of Rights. Last year little
more than 3,500 out of a total of more
than 400,000 new firms were financed
with the aid of the veteran legislation.
At the present time, however, as more
and more servicemen are returning to
their home communities, the number of
these loans is rising rapidly.
Birth and Death Rates
The rates of entry and withdrawal in
the business population for 1944 and 1945
are shown in table 3. These statistics
Chart 4.—New and Transferred Businesses, and Discontinued and Transferred Businesses as Percentages of Number of Firms Operating at
Beginning of Year 1
PERCENT DISCONTINUED AND
TRANSFERRED BUSINESSES
O
10
20
30
PERCENT NEW AND TRANSFERRED
BUSINESSES
40
30
20
10
0
INDUSTRIAL GROUP
ALL INDUSTRIES
FINANCE, INSURANCE,
AND REAL ESTATE
WHOLESALE TRADE
TRANSPORTATION,
COMMUNICATION, AND
PUBLIC UTILITIES
MINING AND QUARRYING
SERVICE INDUSTRIES
Table 3.—New Businesses, Discontinued
Businesses, and Business Transfers as
Percentages of Number of Firms
Operating at Beginning
of Year, by
Industries, 1944-45 x
Industry
CONTRACT
CONSTRUCTION
D.D. 46-296
New busi- DisconI 111 11(3tl
nesses
businesses
Business
transfers
1944 1945 1944 1945 1944 1945
Total, all industries
Mining and quarrying ...
Contract construction
Manufacturing-. .. .
Food and kindred
products Tobacco manufactures
Textile mill products.
Apparel, etc
Lumber and timber
basic products
Furniture and finished lumber products. _ ...
Paper and allied
products .
Printing, publishing, etc . . . .
Chemicals and allied products
Products of petroloum and coal
Rubber products._.
Leather and leather
productsStone, clay, and
glass products
Iron and steel and
their products
Transportation
equipment
Nonferrous metals..
Electrical machinery
Machinery (except
electrical)
Automobiles and
equipment.
Miscellaneous manufacturing . . . .
Transportation, communication, and
public utilities
Wholesale trade
Retail trade
.....
General merchandise
Food and liquor
Automotive
sories, including
ing shoes
Eating and drinking places
Filling stations
Other retail t r a d e -
RETAIL TRADE
Figures do not include firms without employees.
Source of data : U. S. Department of Commerce.
exit are quite high regardless of the kind
of business considered. For example, the
commonly held belief that manufacturing is a comparatively stable segment
of the economy is not supported by the
data on new and discontinued business.
Birth and death rates in this field are
as high as in retail trade.
Since business transfers in most cases
represent a simultaneous entry and exit
to and from business, a somewhat more
Apparel and acces-
MANUFACTURING
1
19
7.0 10.7
4.5
4.7 10.4 12.8
11.1 13.6 10.0
9.4
8.2
7.4
5.1
70
5.9
3.8 5.4
9.3 10.8
2.9
2.8
7.8
12 5 27.7
10.9 16.4
3.3
5.4
8.7
9.7
42.5 16.5
4.7 18.8 10.7 13.5
6.2 11.5
15.3 20.5
2.5
5.0
7.2 7.2
1.6
5.9 12.3 11.8
24.6 27.4 15.1 15.2 12.8 12.1
11.7 23.8
4.2
9.5
5.2
7.0
9.6 12.7
3.9
2.5
6.3
6.2
3.0
4.5
2.4
2.0
6.3
7.9
6.1
8.7
2.7
3.1
5.2
7.1
4.3
6.4
13.1 16.1
5.0
2.2
6.1 5.1 7.1
4.8 15.3 12.7
14.6 23.1
4.6
5.0
6.7 20.6
4.4
4.3
6.7 11.8
7.1 12.8
2.7
4.2
6.7
5.5 10.1
9.9 30.2
6.3
3.0
8.9
4.1
5.4 7.3
7.9 12.6
14.5 24.9
4.6
5.2
8.0
17.2 19.8
5.3
9.2 15.3 16.1
10.6 13.6
9.5
11.0
6.2 14.6
3.2
3.0
18.5 32.3
4.0
6.0 10.4 12.9
11.2 13.6
8.9
8.4
6.0
2.8
4.1
5.8 6.8 7.7
2.9 5.0 6.3
4.4 14.7 18.9
5.0 2.9
4.9 7.0
6.1 12.7
2.7
3.7
2.7
2.7 7.3 8.8
4.0 13.3 16.5
2.8 8.8 10.4
6.6
5.1
6.1 12.2
6.4
2.5
2.5
6.7 10.6
4.3 9.3
4.6 8.4
6.6
6.3
2.8
Finance, insurance,
4.9 5.1
and real estate
7.6 10.7
Service industries
5.1 5.1
Hotels, etc
Personal services.2 __ 5.5 6.6
Business services _. 12.4 16.0
Automobile repair.. 10.2 20.9
8.1 11.7
Am usements
7.7
35.4
5 6 20.7 32.0
2.7 8.4 10.2
3.2
5.1
5.4
4.2
5.2
5.3
7.8
2.9
5.2
5.7
4.4
5.1
5.8
7.6
4.6
6.8
27.2
5.2
7.0
5.0
11.3 13.3
14.3 16.8
11.2 13.4
7.7
8.4
12.6 15.6
18.3 14.7
i Includes only firms with employees.
* Miscellaneous repair included in business services.
Source: U. S. Department of Commerce.
SURVEY OF CURRENT BUSINESS
20
comprehensive picture of business turnover is obtained by adding the transfer
rates to the rates for both new and discontinued concerns. These estimates of
total turn-over for the various lines of
business are shown in chart 4 ranked for
the major industries and in general are
more in line with what is commonly believed about business mortality than the
figures on either new or discontinued
firms alone.
In manufacturing, for example, a low
transfer rate when added to a high rate
of entry and exit brings the totals below
that for retail trade. In this latter field,
concerns are apparently more frequently
sold than liquidated.
First-Year Mortality High
The typical new business is particularly susceptible to failure early in life.
Difficulties in securing trade and bank
credit, lack of experience in meeting
even the ordinary problems of business
operation, uncertainty with respect to
employees and suppliers, the absence of
an established clientele, all are particularly acute during the first year of a
firm's existence.
Even with the favorable business conditions which prevailed during 1944,
roughly 16 percent of all new businesses
with employees which opened during
that year closed within the first 12
months.2 Variations in first-year mortality rates ranged from 24 percent in
mining and quarrying to 6 percent in
wholesale trade. In retail trade, 22 percent of the firms were casualties in the
first year, with rates for manufacturing
and the service industries at 12 and 16
percent, respectively.
Needless to say, these first-year mortality rates are considerably higher than
comparable discontinuance rates in table
4 for firms of all ages. The difference
is indicative of the difficulties which new
firms encounter in their struggle for
survival.
2
Life Span of Discontinued Businesses,
Survey of Current Business, December 1945.
Table 4.—Estimated Number of New
Businesses, Discontinued Businesses,
and Business Transfers by Size of Firm,
1944-45
[In thousands]
-ii
i§
co,o
New businesses:
ly44
1.0
272.8 146.9 95. 8 18. 7.6
1945 2
421. 7 223. 6 145. 8 34.4
1.3
Discontinued businesses:
1944
143.5
57. 8 12. 4
1.2
1945 2
. . . . 151.7 65.7 60.4 13.4
3.0 1.2
Transferred businesses:
1944
3.1
282.8 94.5 120.9 38. 7 18.3
19452
346.0 110.0 149.4 51.123.4 8.6 3.3
1 Due to rounding, totals do not necessarily equal sum
of 2components.
Preliminary.
Source: U. S. Department of Commerce.
Chart 5.—Business Discontinuances, Bankruptcies, and Failures
INDEX, 1940= 100
200
A
BUSINESS
DISCONTINUANCES
150 -
\
100
50
-
\
BUSINESS >&
BANKRUPTCIES^ ^ V
COMMERCIAL
FAILURES "
I
1940
1
1941
1
1942
1943
1944
1945
0.0. 46- 297
1
Data represent voluntary and involuntary
bankruptcy cases referred during the fiscal years
ending June 30 to the U. S. District Courts.
The base period for the index is an average of
the fiscal years 1940 and 1941 ; basic data for
subsequent fiscal years also were averaged before
computing the index. The number of bankruptcies for the calendar year 1945 shown in the
chart includes an estimate by the U. S. Department of Commerce for the fiscal year ending
June 30, 1946.
Sources of data : U. S. Department of Commerce, Dun and Bradstreet, Inc., and Administrative Office of the U. S. Courts.
Turn-Over Involves Small Firms
Table 4 presents data on new, discontinued, and transferred firms for 1944
and 1945 for six size groups classified in
terms of number of paid employees.
The distributions by size are essentially
similar for new, discontinued, and transferred businesses, with the greatest
number of firms in each case in the
smallest size groups. In table 5 these
figures are shown as percentages of the
total number of firms in each of the
various size categories.
Discontinuances Not Necessarily Failures
The different trends followed by discontinuances, failures, and bankruptcies are shown in chart 5. In spite of
wartime difficulties, all categories have
fallen to extremely low levels in recent
years.
The very high rate of discontinuance
in 1941 was undoubtedly a reflection of
the large number of men inducted into
the Army and the rapid expansion of
employment in war industries. Conversely, the sharp drop in inductions in
1944 was accompanied by a decline in
business discontinuances.
Differences between the figures on
commercial failures, business bankruptcies, and business discontinuances emphasize the fact that discontinuances
are not necessarily failures. Thus, in
1945, there were approximately 150,000
discontinuances, 800 commercial failures, and 1,300 business bankruptcies.
May 1946
Obviously, the figures are not comparable; the data on commercial failures, for
example, do not include many very small
concerns. Allowing for these differences, however, it is clear that only a
small number of all closed businesses
result in known loss to creditors—the
criterion used in the failure figures.
Aside from any such technical definition of failure, a firm which does not provide the owner with a reasonable income—and hence closes—must be
counted as having fallen short of its purpose, regardless of the solvency of its
accounts. A large number of business
discontinuances undoubtedly fall in this
category.
Appendix
Data on the total number of businesses
and on the number of new, discontinued,
and transferred firms classified by line
of business are shown in table 6. The
figures for 1944 and 1945 are being published for the first time. Much of the
data for earlier years, however, has been
revised.
Increasing reliance has been placed
upon tabulations from the Bureau of
Old-Age and Survivors Insurance which
show the number of new, discontinued,
and transferred businesses subject to the
social security program. Except for the
absolute level of the figures, previously
published data on business turn-over
for the period 1940-43 were based largely
upon material furnished by State unemployment security agencies.
The present revision of the data on
business turn-over for the years 1940-43
allows for an overlap of a complete year
between the two series mentioned
above—in comparison to the one quarter
overlap which was possible at the time
the earlier material was published. The
consequent improvement in the linking
of the two series has resulted in significant changes in the level of business
births and deaths for some industries in
the period prior to 1944. The data for
retail and service trades, however, were
not sufficiently altered to warrant revision of the published figures.
Table 5.—Estimated Number of New
Businesses, Discontinued Businesses,
and Business Transfers as Percentages
of the Number of Firms Operating at
Beginning of Year, by Size of Firm,
1944-45
f
New businesses:
1944
19451
Discontinued businesses:
1944
19451
Transferred businesses:
1944
19451
9.62 14. 43 9.69 4. 95 3. 02 2. 52 1.12
14. 22 20. 2914.21 8. 96 4. 92 3.68 1. 46
5.06 6.15 5.85 3.28 2.78 2.25 1.34
5.12 5.96 5.89 3.49 3.17 2. 70,1. 35
I
9.97 9.29 12.23 10.25 7.27 6.49,3.47
11.67 9.98i 14. 56 13. 31 9. 2817. 733. 70
i Preliminary.
Source: U. S. Department of Commerce.
SURVEY OF CURRENT BUSINESS
May 1946
In general, the sources of the material,
the methods used, and the limitations of
the data which were discussed in previously published
articles remain unchanged.3 It must again be emphasized,
3
See The Business Population in Wartime
and New and Discontinued Businesses, 1940-
43, SURVEY OF CURRENT BUSINESS, May and
July 1944.
however, that the statistics on new, discontinued, and transferred businesses are
to be regarded as estimates rather than
actual enumerations. These estimates
are based upon reliable but not exhaustive sources of data. Because of technical difficulties, some of which were due
to inadequacies of basic sources and some
of which were inherent in the nature of
21
the subject itself, the results are by no
means to be accepted as definitive.
The reliability of the data is greater
for totals than for components, for annual than for quarterly figures, for later
years than for earlier, and for industrial
classifications than for size classifications.
Table 6.—Revised Estimates of Number of Operating Business Firms, New Businesses, Discontinued Businesses, and Business
Transfers, by Industries, 1939-45
[In thousands]
Mining and quarrying
Date
Manufacturing
Contract Total Food Leath- TexAH in- Total
dus- mining Metal PetroNon- con- manu- and er and tile
leum metaltries
struc- fackinand
mill
and
and
tion
lic
dred leather
coal quarprod- prodquar- mining
tur- prodmining
ucts
ucts
rying
rying
ing
ucts
Apparel,
etc.
I
Lum- Furniture
Chember
Stone, Iron
and Paper Printand
icals Rub- clay, steel
ing,
and
finNonand
and
ber
tim- ished allied puband
and ferrous
allied
prodlishber
glass
lumtheir
prodmetals
ing, prod- ucts
basic
prodber
ucts
ucts
etc.
prod- products products
ucts
ucts
NUMBER OF FIRMS
1939 (Sept. 30)
1940 (Sept. 30)
1941 (Sept. 30)
1942 (Sept. 30)
1943 (Sept. 30)
1943 (Dec. 31)
1944 (Mar. 31)
1944 (June 30)
1944 (Sept. 30)
1944 (Dec. 31)
1945 (Mar. 31) 1l
1945 (June 30)
1945 (Sept. 30) i
1945 (Dec. 31) i
3, 316. 7
3, 298. 2
3,398. 0
3,155. 7
2,860. 6
2,835.6
2,848. 7
2, 879. 9
2,923.5
2, 964. 8
3,012. 9
3, 065.6
3,134.1
3, 234.8
21.4
22.0
23.4
25.9
26.2
26.0
25.8
25.6
25.7
25.7
25.6
25.9
26.0
26.3
1940..
1941..
1942..
1943..
357.3
6.1
6.8
5.5
2.5
1944, total
Jan.-Mar. _
Apr .-June..
July-Sept..
Oct.-Dec...
272.8
55.6
66.8
76.7
73.7
2.9
1945, total i 1
Jan.-Mar. l
Apr.-June
July-Sept.11
Oct.-Dec
421.7
90.5
87.8
106.0
137.4
1940..
1941..
1942..
1943..
360.5
410.8
604.4
379.1
5.3
5.0
3. 6
2.5
1944, total
Jan.-Mar..
Apr.-June..
July-Sept..
Oct.-Dec—
143.5
42.5
35.5
33.1
32.4
1945, total i 1
Jan.-Mar. 1
Apr.-June
July-Sept.11
Oct.-Dec.
151.7
42.5
35.1
37.4
36.7
3.1
1.0
1940..
1941..
1942..
1943..
209.0
280.8
237. 5
212.4
2.7
2.7
2.4
2.1
1944, total
Jan.-Mar..
Apr.-June-.
July-Sept..
Oct.-Dec—
282.8
70.7
67.8
77.5
66.7
2.1
.6
.5
.5
.5
1945, total 1 1
Jan.-Mar. l..
Apr.-June .
July-Sept.11..
Oct.-Dec -.
346.0
96.3
84.4
83.2
82.1
2.3
.7
.7
.5
.5
21.4
22.0
23.4
25.9
26.2
26.0
25.8
25.6
25.7
25.7
25.6
25.9
26.0
26.3
202.1
218.4
243.8
220.2
158.1
147.1
147.3
150.4
153.1
155.0
159.6
166.4
176.4
189.1
214.2
215.5
225.8
224.1
228.6
227.6
230.0
232.9
236.2
239.4
244.1
249.4
255.5
262.5
53.9
71.6
55.8
20.7
27.2
31.1
29.2
18.7
52.3
54.0
56.0
54.6
53.0
52.0
52.0
52.0
52.0
52.0
52.2
52.3
52.6
52.9
28.4
26.8
27.1
27.0
26.1
25.8
26.7
27.6
28.4
29.1
30.2
31.4
32.9
34.8
6.5
6.6
7.7
7.4
7.1
7.0
7.1
7.1
7.2
7.3
7.5
7.6
7.7
7.9
40.0
40.2
40.5
38.6
41.1
41.1
41.0
41.0
41.1
41.2
41.4
41.7
41.9
42.2
33.0
33.0
36.0
36.7
40.6
41.3
41.9
42.7
43.3
44.0
44.7
45.7
47.0
48.6
1.6
1.6
1.4
1.3
1.2
1.1
1.1
1.1
1.1
1.2
1.2
1.2
1.2
1.2
5.5
5.5
6.0
5.9
7.3
7.7
7.7
7.7
7.8
7.8
8.0
8.3
8.6
9.0
10.1
10.4
5.6
5.7
6.2
6.1
5.9
5.8
6.9
6.0
6.2
6.3
6.6
7.0
7.6
8.4
.5
.1
.1
.1
.2
.2
.2
.2
.2
.8
.2
.2
.2
.2
1.6
.3
.3
.5
.5
1.6
.3
.4
.4
.4
2.5
.4
.5
.7
.9
8.1
8.0
8.8
9.2
9.0
8.9
9.0
9.1
9.2
9.4
NEW BUSINESSES
447.6
334.7
143.4
.7
1.4
.4
.3
.4
.3
1.3
.3
.3
.3
.3
21.6
4.3
5.7
5.9
5.6
24.3
5.7
5.9
6.5
6.2
1.3
.3
.3
.3
.3
.2
.1
.2
.1
3.6
.9
1.0
.8
.9
1.7
.4
.5
.4
.4
1.7
.4
.5
.4
.4
48.3
8.8
10.1
13.4
16.0
39.0
8.9
9.2
10.0
10.9
2.0
.5
.5
.5
.6
1.1
.2
.3
.3
.3
40.1
51.4
94.0
76.6
23.7
23.7
29.4
16.3
1.9
.6
.5
.4
.4
13.6
4.1
2.7
3.2
3.7
12.5
3.3
3.0
3.2
3.0
1.2
.3
.3
.3
.3
1.7
.6
.4
.4
.4
14.3
4.3
3.3
3.4
3.3
15.9
4.2
3.8
4.0
39
1.2
.3
.3
.3
.3
5.5
7.0
7.4
6.4
12.7
15.7
15.1
18.4
1.1
.3
.3
.3
.2
5.8
1.4
1.5
1.4
1.4
18.1
4.8
4.3
4.7
4.3
1.1
.4
.3
.3
.2
8.3
2.5
2.1
1.9
1.9
22.5 !
6.5 I
5.9 !
5.2
4.9
.7
DISCONTINUED
BUSINESSES
.7
4.0
1.0
1.0
1.1
6.0
1.3
1.3
1.6
1.8
8.0
2.0
2.0
2.0
2.0
1.4
.3
.3
.4
.4
4.5
1.1
1.2
1.1
1.0
1.2
.2
.3
.3
.3
1.1
.3
.2
.3
.3
2.6
.5
.6
.7
1.6
.4
.4
.4
.4
(2)
8
(2)
5.2
1.6
1.3
1.2
1.1
()
8
8
BUSINESS TRANSFERS
2.6
8
8
7
7
6
3.0
.9
.8
.8
.6
.9
.2
.2
.2
.3
.2
1.9
.5
.5
.5
.5
.5
.1
.1
.1
.1
.7
.2
.2
.2
.2
3.0
.9
.9
.6
3.2
1.1
1.3
.4
.3
.3
.3
.2
(2)
(2)
2.4
.7
.6
.6
.6
.7
.2
.2
.2
.2
1.0
.3
.3
.2
.2
I
See footnotes at end of table.
.2
•1
'.I l
SURVEY OF CURRENT BUSINESS
22
May 1946
Table 6.—-Revised Estimates of Number of Operating Business Firms, New Businesses, Discontinued Businesses, and Business
Transfers, by Industries, 1939—45—Continued
[In thousands]
1
Manufacturing—continued
Automobiles
and
equipment
Date
Transportation
equipment
Transportation,
communication, and
public utilities
MisMa- Elec- To- Products cellanchin- trical
of
pebacco
eous Total
ery
ma- manu- trole- manu(except chinfacum
facelectures and
trical) ery
coal tures
Retail trade
Wholesale
Local
trade
bus
and Other
railways
Total
retail
trade
Gen- General
era]
mer- stores
chan- with
dise 3 food*
Grocery, Meat
with
and Other
and
food
sea- stores
with food
»
out
meat?
Automobile Other ApLi- dealers auto- parel
and
quor (new mo- accesand
tive sories
used)
NUMBER OF
FIRMS
20.9
21.9
22.8
22.8
22.0
21.7
22.0
22.4
23.2
23.9
24.5
25.2
26.2
27.2
12.3
12.2
13.3
14.5
15.3
15.2
15.6
16.1
16.7
17.3
18.3
19.2
19.5
20.0
1939 (Sept. 30)—_
1940 (Sept. 30)....
1941 (Sept. 30)—.
1942 (Sept. 30)— _
1943 (Sept. 30)—.
1943 (Dec. 3 1 ) . . . .
1944 (Mar. 31)_._.
1944 (June 3 0 ) . . . .
1944 (Sept. 30)....
1944 (Dec. 3 1 ) . . . .
1945 (Mar. 31) i__
1945 (June 30) i___
1945 (Sept. 30) i__
1945 (Dec. 31) i._.
207.7
205. 2
209.2
197.2
188.0
187.9
189.2
191.0
193.2
195. 2
198.0
200.2
202.8
205.5
207.7
205.2
209.2
197.2
188.0
187.9
189.2
191.0
193.2
195.2
198.0
200.2
202.8
205. 5
144.8
143.3
146.2
134.1
114.8
114.0
116.1
118.8
122.0
125.3
129.5
133.2
137.4
141.8
1,601.4
1, 584.7
1, 620. 8
1, 480. 7
1, 329. 9
1,318.0
1, 319. 7
1, 333. 2
1,354.4
1,375.0
1,394. 3
1,417.7
1,450.1
1,504.2
17.2
17.6
8.2
7.8
107.3
118.0
71.7
34.9
36.8
36.4
37.0
35.6
33.9
33.4
33.4
33.4
33.6
33.8
33.9
33.9
34.1
34.2
37.7
3R.0
35.8
32.9
29.6
28.6
28.6
28.5
28.4
28.4
28.4
28.5
28.4
28.2
341.5
339.5
346.8
321.5
280.9
276.6
276.0
277.7
280.7
284.8
288.1
292.2
297.2
311.1
39.9
38.4
38.7
34.3
29.0
29.5
29.6
29.8
30.0
30.2
30.3
30.4
30.6
30.9
120.0
112.3
113.6
103.8
92.8
89.5
88.7
89.4
90.9
91.2
91.1
92.2
95.6
97.7
15.3
15.2
15.4
14.7
14.2
14.4
14.6
15.1
15.7
16.2
16.5
16.9
17.6
18.6
38.4
39.0
41.0
34.3
30.5
30.7
31.1
31.7
32.3
33.1
34.1
35.5
36.9
39.9
15.1
15.8
16.7
15.2
13.6
13.9
14.1
14.4
14.9
15.5
16.2
17.0
18.0
18.7
73.0
72.5
72.9
69.9
66.4
66.2
66.0
66.4
67.3
68.4
69.1
69.6
70.0
71.8
NEW BUSINESSES
29 0
36 3
36 2
14.0
1940
1941
1942
1943
1944,total
Jan.-Mar
Apr.-June
July-Sept
Oct.-Dec
.1
(2)
.2
1945, totali
Jan.-Mar.L__
Apr.-June »_.
July-Sept.i...
Oct.-Dec.i__.
.1
.2
(2)
(J)
.3
.1
.1
.1
.1
2.8
.6
.7
.8
.8
.4
.1
.1
.1
.1
.5
(2)
3.6
1.1
1.0
.7
.7
.8
.2
.2
.2
.2
.3
.1
.1
(?)
(2)
(2)
2.2
.4
.5
.7
.6
14.6
3.5
3.8
3.8
3.6
11.0
2.6
2.8
2.9
2.7
3.7
.9
1.0
.9
.9
18.8
4.3
4.6
5.0
4.9
110.2
18 3
26.7
33.2
32.0
1.1
.3
.2
.3
.3
1.5
.4
.4
.3
.4
15.4
1.7
3.5
4.7
5.5
1.6
.4
.4
.4
.4
6.2
1.2
1.6
2.3
1.1
2.3
.4
.6
.7
.6
3.6
.8
.9
.8
1.1
2.0
.3
.4
.5
.7
4.8
.8
.9
1.4
1.6
Ii
4.4
.9
1.0
1.2
1.4
17.7
4.9
3.9
4.4
4.6
11.6
3.6
2.8
2.6
2.6
6.1
1.3
1.1
1.8
2.0
25.0
6.5
5.7
6.3
6.5
184.0
33.9
35.7
46.5
67.9
1.2
.3
.2
.3
.3
1.5
.5
.4
.3
.3
33.7
5.1
5.7
6.9
16.0
1.8
.5
.4
.5
.5
10.4
.8
2.0
4.4
3.1
3.0
.4
.5
.8
1.2
8.1
1.4
1.7
1.8
3.3
3.5
.7
.9
1.1
.8
5.8
1.4
1.1
1.0
2.4
17.2
17.6
22.6
23.2
106.4
116.8
228.8
150.5
'.2
.2
DISCONTINUED
BUSINESSES
1940
1941
1942
1943
33.6
32 2
46.4
20 6
.
1944,totali
Jan.-Mar
Apr.-June
July-Sept
Oct.-Dec
1945, total i
Jan.-Mar.i
Apr.-June i__
July-Sept.i...
Oct.-Dec.i_--
!i
.2
.1
.1
.9
.2
.2
.2
.2
.2
.1
(2)
5
1
1
1
2
7.3
2.2
1.9
1.6
1.6
5.7
1.7
1.5
1.2
1.2
1.6
.5
.4
.3
.4
7.5
2.2
1.9
1.8
1.6
53.1
16.5
13.2
12.1
11.3
.8
.3
.2
.2
.2
1.7
.5
.5
.4
.3
7.1
2.4
1.7
1.7
1.4
.9
.3
.2
.2
.2
4.5
1.9
1.0
.9
.8
5
1
1
1
1
1.2
.3
.3
.3
.3
4
.1
1
1
1
2.7
1.1
.6
.5
.5
.3
.1
.1
.1
.1
1.8
.3
.3
.6
.6
.2
.3
.1
(2)
9
.1
.1
.1
.1
.1
7.5
2.2
1.7
1.8
1.9
5.6
1. 7
1.2
1.3
1.4
1.9
.5
.5
.5
.5
8.5
2.3
2.0
2.1
2.1
54.8
14.6
12.3
14.1
13.7
.8
.2
.2
.2
.2
1.6
.5
.3
.4
.4
7.4
1.8
1.6
2.0
2.0
1.1
.4
.3
.3
.3
3.8
.9
.9
1.0
1.0
6
1
1
2
2
1.3
.4
.3
.3
.3
4
1
1
1
1
2.4
.7
.7
.6
.6
8.7
10.4
8.8
8.4
69.0
80.2
86.0
99.0
1.3
.3
.3
.4
.3
4. £
1.4
1.2
1.3
l.C
1.8
.5
.5
.4
.4
5. C
1.7
1. I
1.1
2
3
BUSINESS
TRANSFERS
1940
1941
1942
1943
3.9
65
5.9
7.3
1944, total.
Jan.-Mar
Apr.-June _.
July-Sept
Oct.-Dec
1945, total i
_.
Jan.-Mar.i__.
Apr.-June *_.
July-Sept.i...
Oct.~Dec.i__-
.1
(
.1
"?
.i
.2
.1
.1
.1
2.1
.5
.5
.6
.5
.2
2.4
.8
.7
.5
.5
3
1
1
1
1
1
1
1
.1
(2)
.1
.2
.1
.1
.1
(2)
1.1
.3
.2
.3
.3
7.3
1.9
1.8
2.0
1.7
4.6
1.2
1.1
1.2
1.1
2.7
.7
.6
.7
.6
10.5
2.8
2.6
2.7
2.4
155.2
37.2
37.7
43.6
36.7
2.2
.6
.5
.6
.5
3.2
.9
.7
.7
.8
22.2
5.1
5.4
6.2
5.5
3.0
.8
.7
.8
.7
8.7
2.2
2.2
2.6
1.8
1.7
.4
.4
.5
.4
2.8
1.5
.4
.4
.4
.4
8.5
2.5
2.2
1.9
1.8
5.3
1.7
1.4
1.2
1.1
3.1
13.9
3.5
3.6
3.4
3.4
196. 7
52.3
46.9
48.6
49.0
2.4
.8
.6
.5
.5
4.2
1.2
1.0
1.0
1.0
29.2
7.2
7.0
7.4
7.5
3.5
.9
.7
.9
.9
9.9
2.7
2.3
2.4
2.5
2.9
.6
.7
.8
.8
2.9
.9
!8
.7
.7
'.6
.7
.7
.6
See footnotes at end of table.
Business Situation
(Continued from page 7)
prewar period is applied to a disposable
income of 140 billion dollars, which is the
annual rate for the first quarter of 1946,
the computed savings figure is 19 billion—or the same as the actual annual
rate for the quarter.
Possibility of Further Reduction
It must not be concluded from this
analysis that savings of individuals, having returned to the prewar line of relationship in the first quarter, will remain
on this line for the remaining quarters
of 1946. On the contrary, there are indications that savings may be cut still
more and fall below the prewar relationship.
First, it should be pointed out that the
line of relationship referred to above is
a cyclical line, not a long-term line; that
is to say, it represents experience over
the period of a business cycle. Years of
low income, such as 1933, were years of
heavy unemployment, and many individ-
SURVEY OF CURRENT BUSINESS
May 1946
23
Table 6.—Revised Estimates of Number of Operating Business Firms, New Businesses, Discontinued Businesses, and Business
Transfers, by Industries, 1939—45—Continued
[In thousands]
Retail trade—continued
Service industries
Finance,
Home
insurHard- Lumber
Eating FillApfurance
ware and
and
plinishing
and build- Other and
Shoes drink- staings ances Drugs farm
real
retail
ing
ing
and
and
estate
imple- mateplaces tions equip- radio
ments
rial
ment
Date
Total
Bar- Other Busi- Mis- Auto- Moserv- Hotels Laun- ber
perness cella- mo- tion Amuse-8
dries,
ice
and sonal servneous bile
pic- ments
indus- etc. 3 etc. 3 beauty serv- ices
3 repair repair tures 3
tries
shops ices
NUMBER OF FIRMS
1939 (Sept. 30)
1940 (Sept. 30) . .
1941 (Sept. 30)
1942 (Sept. 30)
1943 (Sept. 30)...
1943 CDec. 31)
1944 (Mar. 31)
1944 (June 30)
1944 (Sept. 30)
1944 'Dec. 31)
1945 (Mar. 31) i . .
1945 (June 30) »
1945 (Sept. 30) i
1945 (Dec. 31) i
. .
13.1
12.7
13.2
12.1
11.7
11.4
11.3
11.3
11.4
11 5
11.7
11.8
11.6
11.7
295.4
291.6
307.8
277.5
247.7
243.7
243.5
246.4
251.3
256. 2
261. 7
268. 2
276.3
287.3
226.7
230.9
227.6
197.5
171.1
171.3
172. 0
173.9
176.4
178 8
181.0
184.4
190.5
199.7
29.5
30.6
32.6
31.0
27.9
28 0
28.2
28.5
29.3
30 3
31.2
31.9
32.3
34.2
15.0
14.8
14.8
12.7
10.3
10.1
10.2
10.6
11.1
11.8
12.5
13.3
14.2
16.4
52.2
50.9
51.6
48.5
47.4
47.4
47.5
47.6
47.9
48 2
48.5
48.9
49.3
50.3
37.9
37.6
38.7
36.8
35.0
34 7
34.6
34.9
35.7
36 8
37.8
38.8
39.7
41.4
31.3
31.4
32.0
29.3
23. 9
26 6
27.0
27.6
28.0
28 0
28.1
28.5
29.6
31.3
182.7
179.1
184.6
173.1
161.0
162.0
163.5
166.1
169.7
172.0
174.3
175.8
178.1
180.8
286.4
2S3. 0
285. 0
273.2
261. 2
267.5
268.9
271.6
274.1
276 5
278.8
281.3
283.4
285.6
638.7
626.1
643.8
600.2
553. 8
547.5
551.6
556.4
564. 8
572 6
583.1
591.7
602.6
619.8
27.5
28.7
29.1
26.6
23.5
19.8
19.8
19.8
19.8
19 6
19.5
19.1
19.0
18.9
86.7
90.3
96.3
95.0
92.3
92 4
92.7
93.0
93.6
94 1
94.9
95.6
96.3
97.0
203.4
201.0
213.5
199.8
182.6
180 0
181.6
183.5
186.7
189 0
192.6
194.9
197.3
199.9
93.0
86.7
81.7
75.1
72.9
73 8
73.9
73.8
74.4
75 1
75.8
76.8
78.6
83.3
106.4
98.8
101.0
92.5
83.4
82.7
84.7
86.6
89.0
91.9
95.6
98.6
102.0
105.8
77.5
75.8
77.6
68.4
61.1
61.5
61.8
62.5
63.8
65.5
67.2
68.8
71.0
76.0
44 .2
44 .8
44 . 6
42 . 8
38 .1
37 .2
37.2
37.2
37.4
37.3
37.5
37.9
38.4
39.0
NEW BUSINESSES
1940
1941
1942....
1943
25 5 91.0
28.6 137.6
18 8 109 4
29.8
15.0
1944 total
Jan.-Mar
Apr.-June
July-Sept
Oct.-Dec
.5
.1
.1
.1
.2
30.4
4.4
7.5
9.3
9.2
13.6
2.7
3.4
3.8
3.6
3.1
.4
.6
1.1
1.1
1945, totali 1
Jan.-Mar. l
Apr.-June _
July-Sept.11
Oct.-Dec.
.7
.3
51.2
10 8
11.2
13.3
16.0
26.5
36
4.8 ^ 5.0
12
8
.9
.9
.6
1.0
2. 3
2.0
.1
.1
.2
4.7
7.6
10.6
2.1
.3
.5
.6
.8
1.8
.3
.4
.5
.5
2.9
3
.5
1.0
1.2
2.1
6
.8
.6
.1
15.1
3.0
3.9
4.7
3.4
24.2
60
6.1
6.0
6.1
56.1
12.7
13.1
15.5
14.7
3.9
1 l
1.1
.9
.8
4.8
12
1.2
1.3
1.2
15.9
36
3.7
4.8
3.8
3.3
.7
.6
1.1
1.0
8.4
2.2
1.9
2.0
2.3
6.7
1.5
1.6
1.8
1.9
8.2
1.3
1.7
2.4
2.7
.5
.1
.1
.2
.1
4.5
1.1
1.3
1.2
.9
3.3
.7
.6
.7
1.3
5.4
12
1 l
1.1
1.9
3.9
2
14.2
38
79.5
19 0
16.3
19.0
25.1
3.4
8
.8
.9
.9
18.2
55
38
4.4
4.5
10.6
14
11.3
30
8.8
2 4
15.1
2.9
5.6
1.3
2.8
24.5
76
59
5.5
5.5
5.8
16
.5
1.5
2.5
2.8
2.4
5.3
2.8
3.0
2.1
31.7
32.8
29.0
17.1
102.4
131.3
150.7
72.2
31
.9
9
2 0
.6
6
4.5
1.1
.4
23
37
2.6
4.7
1.0
.6
1.2
1.3
1.8
3.6
4.0
1.3
1.5
1.5
2.1
2.2
3.4
6.1
.6
.2
.1
.2
.2
36
1.0
9
2.3
4.2
r4
.7
.6
1.0
1.1
.9
.6
.5
1.0
.8
1
1
1
1
1.4
1.4
1.5
DISCONTINUED BUSINESSES
1940.—
1941
1942 . . .
1943
._
1944, total
Jan.-Mar
Apr.-June
July-Sept . .
Oct.-Dec
1945, totali 1
Jan.-Mar. 1 .
Apr.-June
July-Sept.11 .._
Oct.-Dec.
4
17 9
4.6
4.7
4.3
4.3
61
1.9
1.6
1.4
1.2
9
4
.2
.1
.1
.1
.3
.2
.3
.1
1
1
1
1
5
20.2
56
.9
4
5.4
1.4
.3
.1
._
.1
.2
.1
4.6
5.2
5.0
1.2
1.5
1.5
.2
.2
.2
1
1
1
1
10
.3
3
9
7
51
1.5
1 3
1.1
1.1
15 2
4.6
34
35
3.6
31 0
8.6
84
72
6.9
41
1.1
1 i
.9
.6
69
2.1
18
16
1.5
2 9
73
.7
.7
.7
1.9
.7
1.2
1.0
1.0
1.5
2.0
1.9
3
1
.2
.2
.2
2
.2
.1
11
7
6
54
15 4
32 3
42
.2
1.5
5.3
8.6
1.0
.3
.2
.3
.3
.4
2
.2
.2
.2
.2
.2
.1
.1
1.2
1.3
1.3
3.4
3.3
3.3
7.7
8.0
7.9
.9
7
8
.5
.5
.6
.6
1.0
1.3
1.0
1.1
3
1
1
1
1
4.3
1.3
1.0
1.0
1.0
1.0
.9
.8
.6
.7
.7
3.9
3.6
.9
8.6
2.0
1.9
2.3
2.5
1.1
.3
.2
.3
.2
5.8
1.6
1.5
1.6
1.2
4.3
1.4
.9
1.0
1.0
10.5
3.2
2.4
2.4
2.5
1.2
.4
.3
.3
.3
6.5
1.8
1.2
1.2
1.2
BUSINESS TRANSFERS
1940
1941
1942
1943
17 7 88 8
22.5 135. 8
16 0 96 1
49.9
20.9
..
_
._
1944, total ._
Jan.-Mar
Apr-June . . .
July-Sept
Oct.-Dec
,7
2
64.3
14 6
15.8
18.9
15.1
17.7
43
4.3
4.8
4.2
2.4
.2
.2
.2
1945, total i
Jan .-Mar. 11
Apr.-June . .
July-Sept.1
Oct.-Dec.1
.8
.3
2
.2
.2
76.9
21.3
18.0
IS. 7
19.0
29.5
62
7.0
7.9
8.5
2.6
.8
.7
.6
.5
.6
.6
.6
48
12
1.2
13
1.1
33
11
9
3
.2
3
.3
25 2
69
5.9
69
5.6
58.5
15 1
13.5
15.7
14.1
22
2.1
2.5
2.0
78
2 0
1.8
22
1.9
13 9
37
3.2
37
3.4
4.9
.7
8
.9
10.2
2 6
2.6
2 7
2.4
8.8
.1
.2
.3
1.6
.3
.3
.5
.5
5.7
17
1.3
1.4
1.4
3.9
12
.9
.9
.9
1.3
4
.3
.3
.3
12,6
36
3.2
3.0
2.8
25.0
83
6.9
5.3
4.5
68.7
19 9
16.1
16.5
16.2
9.8
28
2.5
2.4
2.1
9.5
2 6
2.0
2.5
2.5
16.9
46
4.1
4.1
4.1
5.7
16
1.3
1.4
1.5
.8
.2
14
1.1
13
1.2
1 l
.8
1.0
.9
4.3
1.5
1.0
.9
.9
.9
.9
.9
1.7
1.6
1.5
1
Preliminary.
2 Less than 50.
s With the exception of the retail and service industries, changes in the number of firms after 1943 are based upon social security data. Specific industries for retail and service
trades are also based upon these data after 1943, accounting in some cases for changes in their seasonal pattern.
Note: Due to rounding, totals do not-necessarily equal sum of components. For quarterly data on number of firms prior to Sept. 30,1943, see "The Business Population in
Wartime," Survey of Current Business, May 1944.
Source: U. S. Department of Commerce.
uals spent beyond their incomes with
consequent negative savings. It is probable that the long-term line of relationship is not as steep as the cyclical line.
A second consideration which may
lead to a reduction of savings below the
prewar relation to disposable income is
the high level of liquid assets held by individuals. The Board of Governors of
the Federal Reserve System estimates
liquid asset holdings of individuals, including unincorporated businesses, at
173 billion dollars at the end of 1945,
compared with 64 billion at the close of
1941. Liquid assets include currency,
demand deposits, time deposits, and
United States Government securities.
Individuals may choose to spend some
of these assets this year for consumer
goods and services, particularly for durables. Even if in the aggregate indi-
SURVEY OF CURRENT BUSINESS
24
viduals decide not to draw down their
liquid assets, they still may save less out
of their current incomes than prewar experience would indicate because of the
ownership of this ready cash.
Chart 7.—Net Savings of Individuals Related to Disposable Income of
Individuals
50
"Bunching" of Demand
A third consideration is the readily
observed need of consumers for many
types of goods. It is difficult to measure
this element quantitatively. Consumer
expenditures have increased sharply not
only for goods whose demand is partly
postponable, such as furniture and clothing, but also for food, gasoline, and tobacco and, in fact, for every item where
supplies have increased.
This general desire for goods stems not
only from a backlog of demand for warscarce items, but also from demands associated with high incomes and the needs
of returned veterans. Consequently,
part of the demand represents a "bunching" over a relatively short period of
time. Once a family buys a washing
machine or refrigerator, for example, it
is no longer in the market for that commodity for many years. Once a veteran
has outfitted himself completely his demand for clothing falls to a replacement
basis. This temporary nature of part of
the current and near-future demand
must be kept in mind in appraising the
trends of consumer expenditures.
New or Revised Series
Sulphur Production and Stocks: New
Series for Page S- 24 *
May 1946
NOTE. -LINE
OF REGRESSION WAS
FITTED TO DATA,
1929-40.
(B QUARTERLY TOTAL, SEASONALLY
ADJUSTED, AT ANNUAL RATE.
160
60
80
IOO
120
140
DISPOSABLE INCOME OF INDIVIDUALS-BILLIONS OF DOLLARS
D.D. 46-290
Source of data : U. S. Department of Commerce.
[Long tons]
Month
1940
1941
1942
1943
249, 709
224,909
226,430
212,577
233,014
233, 391
213, 701
240,487
243, 488
238,835
227,122
233,259
271, 951
296,135
318,526
318,185
304,053
297,019
263,141
277, 829
305,877
337, 056
297,347
309,843
291,025
287,950
294, 324
263,441
235, 510
231,086
200,802
232,723
212, 385
232,637
219, 589
188,913
208,413
218,105
199,135
192,014
202, 984
PRODUCTION
January
February
March
April
May
June___
July
August
September
October.-November
December
Total
Mo.avg
. . 2 2,732, C '3,139,253
227.674
261. 594
:
3, 460, 686 2, 538,786
211,566
288, 364
STOCKS
January
February
March
..
April
May
June
July
August,
September
October
November... December
4, 613, 937 4,745, 240 5,148, 206
4, 621, 342 4, 822,070 5,123,114
4, 693, 588 4, 820,968 3,115,214
4, 685, 752 4, 887,702 5,043, 363
4, 692,016 4,949,008 4,988,230
4, 639, 213 4, 911, 535 4,917, 885
4,603,441 4,911, 864 4,815, 220
4, 385, 410 4, 357,412 4,927, 673 4,712,125
4, 355, 396 4, 384, 912 4, 9T2,045 4,657, 486
4,541, 532 4, 583,123 4,989, 771 562,710
4, 576, 645 4, 646,428 5, 049,607 514, 859
4.622,628 4, 685,843 5,114,486 4,4462,221
Mo. avg
4, 600, 584 4,925,164 4,838,387
i Data are compiled by the U. S. Department of the Interior, Bureau of Mines, and cover total production of
crude native sulphur and producers' stocks at mines, in
transit, and in warehouses at end of month. These
monthly data replace the quarterly series for Louisiana
and Texas, which account for virtually the entire production, shown in the Survey through the July 1944 issue.
For data beginning January 1944, see p. S-22 of the March
1945
and the current issue.
3
Total for year; monthly data not available prior to
August.
«Includes small corrections not distributed by months.
WAR PERIOD
FOREIGN TRANSACTIONS
of the United States Government
An analytical and statistical account of the Government's war period international transactions and
war-end asset holdings, based upon information
collected by the Clearing Office for Foreign Transactions and Reports and now released for the first
time for public use. (Reprinted from Survey of
Current Business, March 1946.)
Copies Available Upon Request
U. S. DEPARTMENT OF COMMERCE
Bureau of Foreign and Domestic Commerce
SURVEY OF CURRENT BUSINESS
May 1946
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 the
1942 Supplement to the Survey
1945
1946
March
March
April
May
June
1946
July
August
Sep- 1 Octo- Novem- Decemtember | ber
ber
ber
January
February
' 231.7
' 227.8
226.1
' 12, 068
BUSINESS INDEXES
INCOME PAYMENTS!
Indexes, adjusted:
232.3
Total income payments
1935-39-= 100—
232.4
Salaries and wages
.
do
228.7
Total nonagricultural income
do
13, 086
Total
. mil. of doi.
Salaries and wages:
8,267
Total
do.._
3,143
C ommodity-producing industries
do
2,070
Distribution industries
do
1,463
Service industries
_ _ _.
do
1,591
Government
do
94
Public assistance and other relief
do
1,382
Dividends and interest
do
Entrepreneurial income and net rents and roy2,380
alties
mil. of dol
963
Other income payments .
»„_ do.
11,977
Total nonagricultural income .
do
244.1
269.7
239.7
13,686
242.3
267.5
238.1
13,194
241.9
265.8
237.7
12,835
244.6
266.3
241.2
14,397
243.4
265.5
240.3
13, 585
236.0
254.9
232.7
12,674
229.0
243.4
226.7
13,424
231.4
239.5
229.5
13, 531
235.7
238.5
232.2
13,075
234.1
236.1
230. 5
14, 272
233.5
231.1
229.3
13, 047
9,585
3,944
1,841
1,270
2,530
80
1,344
9,560
3,897
1,831
1,264
2,568
80
808
9,518
3,838
1,831
1,277
2,572
81
498
9,572
3,831
1,859
1,292
2,590
81
1,853
9,445
3,746
1,886
1,314
2,499
81
955
9,021
3,423
1,862
1,298
2,438
82
495
8,708
3,106
1,890
1,296
2,416
83
1,383
8,674
3,048
1,928
1,316
2,382
85
870
8,543
3,044
1,966
1,363
2,170
87
535
8,525
3,046
2,073
1,391
2,015
88
2,056
8,179
2,938
2,018
1,396
1,827
90
1,122
2,212
465
12,591
2,276
470
11,987
2,252
486
11,646
2,275
616
13,175
2,523
581
12,100
2,504
572
11,200
2,586
664
11,868
3,042
860
11,588
2,909
1,001
11,312
2,599
1,004
12, 846
2, 609
1,047
11, 719
' 2,415
'995
••10,930
114
97
127
116
93
132
117
91
137
124
87
151
121
87
147
141
144
139
144
156
135
155
181
135
184
224
154
162
171
155
139
137
140
131
135
129
'120
107
'130
145
164
131
151
169
138
148
171
130
152
167
141
148
159
139
140
142
139
139
135
142
130
122
135
134
128
139
148
152
146
144
143
144
150
170
135
'155
162
'150
1,377
1,321
1,445
1,385
1,570
1,420
1,526
1,454
1,551
1,529
1,905
1,805
1,870
1,820
1,977
1,961
2.533
2,418
2,250
2,210
1,802
1, 786
1,648
1, 534
' 1,455
' 1, 383
199
277
348
230
205
232
281
208
294
377
239
223
235
293
214
296
385
236
228
231
278
219
293
356
252
236
246
308
230
287
331
258
235
261
307
272
282
330
250
235
241
317
274
274
310
249
228
234
341
295
256
293
231
213
211
330
364
261
299
236
206
228
323
333
282
325
253
201
260
340
268
282
331
250
201
252
345
231
281
351
235
187
235
330
'208
313
380
'268
'194
'317
278
r
r
8,041
2,897
2, 021
' 1,431
r
1,692
92
525
r
r
FARM MARKETINGS AND INCOME
Farm marketings, volume:*
Indexes, unadjusted:
Total farm marketings
1936-39—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 dn]
Income from marketings*
do__
Indexes of cash income from marketings:!
Crops and livestock, combined index:
Unad j usted
1935-39—100
Adjusted
.
.
do
Crops
do
Livestock and products
_
_ . do
Dairy products
do
Meat animals
.. .
do
Poultry and eggs
do
PRODUCTION INDEXES
Industrial Production—Federal Reserve Index
211
'148
v 164
225
171
164
167
156
229
188
161
232
Unadjusted, combined lndexf
_.1935-39•• 100..
220
171
173
'150
177
249
240
223
160
i>170
245
196
234
167
Manufactures!
do
187
'164
' 136
195
184
P179
292
192
344
335
323
240
308
Durable manufactures!
do
'43
163
146
167
'102
164
P170
210
155
206
192
187
Iron and steel!
do. .
204
104
94
99
'110
95
115
113
116
'86
119
120
v\\b
121
Lumber and products!
- do
115
120
123
' 135
'140
v 144
138
124
134
'131
144
140
138
Furniture!
do
'95
98
82
112
108
81
63
80
108
P100
101
113
107
Lumber!...
. __ do.
'189
232
231
'217
*>209
431
405
'232
419
310
371
230
393
Machineryfdo
144
141
165
'151
196
139
147
248
148
267
263
219
Nonferrous metals and products!
do
202
162
135
143
'155
272
291
150
296
234
148
146
Fabricating* _ _
. do
128
150
148
148
141
140
P116
182
194
194
189
171
Smelting and refining*
do
183
166
'172
167
162
159
'163
167
165
168
161
165
166
v
175
Stone, clay, and glass productsf
.
do.
112
122
113
123
89
110
108
107
102
71
81
102
Cement
do
114
'138
122
'134
113
123
128
115
*142
119
119
115
120
Clay products*
.
.
do. .
247
242
237
242
227
235
235
227
247
225
216
221
Glass containersf
do
'197
v 199
'219
'217
535
258
252
572
405
273
676
651
610
Transportation equipmentt
do
'93
105
P99
95
142
105
120
236
231
207
188
137
Automobiles!. .
.
do. .
218
'162
172
158
154
"163
159
161
'156
172
167
158
171
173
Nondurable manufactures!..
_
do
199
211
214
175
214
201
139
147
162
188
198
148
Alcoholic beverages!
— do.
'233
239
'233
261
232
231
J>236
320
230
321
318
315
303
Chemicals!-.
......do
'383
371
378
388
368
370
P392
405
409
386
Industrial chemicals*
do
402
407
412
137
113
111
'117
107
117
122
118
122
121
126
107
Leather and products!
do
135
108
113
115
97
113
117
110
116
115
116
Leather tanning*
do
103
'118
138
123
116
120
109
114
125
109
Shoes
do
126
132
126
p Preliminary. ' Revised.
•New series. For a description of the indexes of the volume of farm marketings and figures for 1929-42, see pp. 23-32 of the April 1943 Survey; indexes since 1942 are from the
Department of Agriculture. Data for 1913-41 for the dollar figures on cash farm income are shown on p. 28 of the May 1943 Survey; revised monthly averages beginning 1940 based on
annual data are as follows (millions of dollars). Cash farm income, total including Government payments—1940, 759; 1941,979; 1942,1,335; 1943,1,668; 1944,1,753; income from marketings—1940,695; 1941,930; 1942,1,276; 1943,1,612; 1944,1,686; 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 the May 1945 Survey.
Revised data beginning 1913 for the indexes of cash income from farm marketings 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.
Digitized for 690098—46——4
FRASER
S-2
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
1946
March
May 1946
1945
March
April
May
June
July
1946
August
September
October
Novem- December
ber
January
February
BUSINESS INDEXES—Continued
PRODUCTION INDEXES—Continued
Industrial Production—Continued
Unadjusted—Continued.
M annfaetures—Continued.
Nondurable manufactures—Continued.
Manufactured food products!
1935-39-* 100..
Dairy products!
do
Meat packing
. . . do...
Processed fruits and vegetables*
Paper and products!
do. .
Paper and pulp!
do
Petroleum and coal products!
do
Coke
do
Pptroipnm rpfininpt
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!
Fuels!
Anthracite! __ .
Bituminous coal!
Crude petroleum
Metals
_
_
.
. .
_
Adjusted, combined index!
Manufactures . . . _ . _
Durable manufactures
Lumber and products
Lumber
.
Nonferrous metals
Stone, clay, and glass products
Cement
Clay products*
Glass containers
Nondurable manufactures
Alcoholic beverages. _
Chemicals
Leather and'products
Leather tanning*
_. . .
Manufactured food products
Dairy products
Meatpacking
_
Processed fruits and vegetables*
Paper and products.
Paper and pulp
Petroleum and coal products
Petroleum refining
Printing and publishing
Textiles and products
_
Tobacco products
Minerals
Metals
_
_
P139
129
v 81
p 146
p 142
129
P221
P162
147
241
152
do
. do .
do
_ _ . . do
do
. do
p 131
' 145
iy 125
do
do
do
do
do
do
..do....
. do .
do
do
>1P8
p 174
P181
.
.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
. do.
do
do
do
3 Ifg
IH 3 8
pins
P188
p 147
p 168
P233
p 155
140
PH7
146
v 141
127
P
162
161
P138
166
142
P116
135
99
141
137
272
171
287
107
236
153
150
214
149
117
145
P149
125
104
141
136
268
161
284
108
233
149
143
218
142
115
146
P178
132
97
142
137
273
168
289
106
224
150
142
221
146
128
150
* 209
139
107
142
137
269
163
285
105
222
150
144
220
144
145
157
J>212
131
174
134
130
*>267
165
151
P185
119
165
131
129
153
P155
134
242
144
138
P184
152
99
218
132
123
220
117
133
107
193
134
123
213
110
172
144
138
215
127
155
136
147
115
149
150
72
140
145
131
138
150
109
141
143
47
145
152
131
147
150
129
153
151
129
145
148
117
146
153
125
235
252
345
121
110
267
166
86
124
216
230
247
336
119
109
263
167
85
122
225
225
240
323
118
108
248
162
85
115
220
220
233
308
116
104
219
166
95
121
223
176
148
319
122
117
160
»138
146
180
141
137
272
287
105
153
123
174
144
318
122
118
160
» 143
134
170
140
136
268
284
105
149
120
173
136
319
121
115
153
*>133
132
149
141
136
273
289
105
150
128
142
111
140
111
109
118
78
83
149
95
132
135
105
111
75
80
148
88
131
131
»240
153
»120
133
165
143
139
p 156
116
151
PIOO
171
118
142
138
P174
148
144
P85
171
'87
'141
137
149
P84
182
108
134
131
p 172
154
155
92
133
130
p 166
116
114
'215
151
1?8
233
153
142
'122
215
'159
146
234
171
148
'143
91
118
192
146
142
169
117
191
141
128
215
147
173
150
157
114
205
143
125
228
149
104
143
146
102
144
152
124
137
139
114
148
138
123
125
126
120
110
133
116
134
143
112
159
141
80
126
137
94
142
139
61
'134
146
114
159
' 144
60
'134
149
121
160
p 147
49
210
222
292
110
98
196
169
93
117
240
186
194
239
107
98
165
167
173
194
98
89
139
162
168
186
91
76
144
161
106
116
235
168
173
191
96
83
148
163
169
185
'S2
72
147
164
119
124
244
160
'163
' 166
109
95
' 151
' 171
131
'144
247
'152
'154
'138
' 119
'108
141
'183
149
'144
255
173
139
318
127
119
151
* 143
141
139
142
137
269
285
106
150
139
165
193
307
109
109
147
*148
140
134
135
131
»267
157
173
265
108
98
138
156
192
239
119
112
144
»146
P148
101
131
109
143
158
216
228
116
109
150
P154
155
138
P174
156
212
230
111
114
153
p 131
155
138
134
132
p 172
161
231
235
'117
115
'154
P 116
131
142
133
130
P 166
'166
238
'232
133
126
' 159
P117
178
'139
140
136
138
110
104
109
75
75
150
87
124
132
160
97
110
218
161
97
110
243
133
226
158
113
119
235
129
138
»240
»184
154
201
230
112
107
143
» 145
129
128
143
139
*156
105
132
128
111
134
150
109
144
160
115
141
167
114
146
154
112
143
112
118
151
143
'123
'159
156
144
109
143
109
140
105
134
106
124
109
138
109
133
108
140
108
'141
95
95
99
69
66
127
84
109
127
84
85
63
53
108
71
94
117
66
63
46
37
59
40
26
9
37
23
11
8
16
59
133
141
128
142
Munitions Production
Total munitions*
1943-100
Aircraft*
H«
Ships (work done)*
do
Guns and fire control*
do
Ammunition*
do
Combat and motor vehicles*
do
Communication and electronic equipment*.. . . d o . . . .
Other equipment and supplies*
An
37
97
Manufacturers' Orders, Shipments, and
Inventories
182
190
'18fi
186
195
252
223
186
166
New orders, index, total!...
avg. month 19?o«ino
133
180
183
' 182
172
'180
177
182
179
Durable goods
_
267
351
53
171
121
160
do
174
165
' 162
191
283
177
432
119
176
181
Iron and steel and their products
176
83
do
264
292
363
459
207
403
270
239
Electrical machinery
110
178
do
(0
'191
188
153
277
170
Other machinery
345
147
112
161
147
do
151
137
'
156
154
162
170
63
146
240
207
130
144
Other durable goods
. do...
188
'196
202
192
192
197
190
191
181
193
Nondurable goods..
194
188
do
'
182
'183
197
222
269
202
268
247
210
204
Shipments,index, total!
286
281
do
199
' 166
'152
361
262
389
356
203
200
Durable goods
216
320
382
. do...
95
66
287
182
119
313
102
270
247
-A utomobiles and equipment
314
118
do
'93
' 141
191
272
194
184
262
238
198
182
Iron and steel and their products
286
288
..do....
' 172
'164
183
288
Nonferrous metals and products
157
192
310
277
232
191
167
295
..do....
160
298
Electrical machinery
496
512
305
285
505
464
397
604
288
do
236
218
Other machinery
406
422
232
254
295
440
363
410
256
do
626
572
1,779
529
2,072
1,735
1,594
1,233
796
Transportation equipment (exo. autos) . . . d o . . . .
592
2,046
'191
'176
161
232
Other durable goods..
230
178
190
214
229
230
..do....
197
199
' Revised.
v Preliminary.
i Value of orders cancelled exceeded new orders received.
•New series. Data beginning 1939 for the new series under industrial production are shown on pp. 18 and 19 of the December 1943 Survey. Indexes of munitions production have
been revised to Incorporate corrections in the basic data and weights changed to unit prices in 1945 instead of 1943, as formerly; except for this change in weighting, the description
of the indexes published on p. 24 of the February 1945 Survey is applicable to the revised data; revised monthly averages for 1940-45 are shown on p. 32 of the February 1946 Survey;
revisions in monthly data published prior to the January 1946 Survey will be published later.
!Revised series. For revisions for the indicated unadjusted indexes and all seasonally adjusted indexes shown above for the industrial production series, see table 12 on pp. 18-20
of the December 1943 issue. Seasonal adjustment factors for 8 number of industries included in the industrial production series shown in the Survey have been fixed et 100 beginning
various months from January 1939 to July 1942: date for these industries are shown only in the unadjusted series as the "adjusted" indexes are the same as the unadjusted. The
Indexes of new orders were revised In the November 1945 Survey (see note in that issue for an explanation of the revision); the indexes of shipments were revised in the February and
March 1946 issues; data beginning 1939 for both series are available on request.
SURVEY OF CURRENT BUSINESS
May 1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
S-3
1946
1945
1946
March
March
April
May
June
July
August
September
October
Novem- December
ber
January
February
BUSINESS INDEXES—Continued
MANUFACTURERS' ORDERS, SHIPMENTS,
AND INVENTORIES—Continued
Shipm en tsf—Continued.
Nondurable goods
avg. month 1939=100
Chemicals and allied products
__
do
Food and kindred products
._ do
Paper and allied products do
Products of petroleum and coal
. .
do
Rubber products.
.
do
Textile mill products
.. .
do
Other nondurable goods
do
Inventories:
Index, total
.
_ _ . do
Durable goods
do
Automobiles and equipment .
. .
do. _
Iron and steel and their products
do
Non ferrous metals and products*
do
Electrical machinery . _ _ _ - . _
Other machinery
. . do. _
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
do__._
Rubber products
.
do
Textile-mill products
_ do. _
Other nondurable goods
do
Estimated value of manufacturers' inventories*
mil. of. doL.
210
228
214
184
195
351
189
205
216
239
219
187
202
356
196
203
206
217
208
182
196
333
188
203
207
217
217
185
196
333
198
192
196
214
221
166
199
274
154
177
194
201
213
173
183
255
165
184
206
199
241
183
183
200
167
197
205
192
236
178
153
260
167
208
204
201
230
183
165
212
165
207
196
189
218
167
178
292
166
189
'195
203
••218
182
' 161
229
'178
184
'202
'213
'223
'185
154
242
'185
'200
164 8
188.9
230.8
113 7
149.9
317 3
221.0
163.9
189.5
231.1
114.1
150.0
317.3
221.1
163.1
189.2
223.0
117.5
145.5
314.8
220.1
162 7
188.7
217.4
118 8
145.4
320 1
213.7
164.1
187.3
215.0
121.2
145.6
314 0
209.5
164 3
184.9
171.4
122.5
145.9
304.3
210.1
164 6
184.7
173.2
123.3
145.6
299.1
209.2
165.6
181.7
177.9
123.0
136.3
290.4
206.1
166.5
177.4
175.3
124.0
134.1
282.3
208.7
163.9
170.7
187.5
118.4
136.3
253.2
206.4
' 165.0
' 171.8
196.4
r
116.9
' 135. 2
263.1
209.0
' 166.6
' 173.9
768.3
105.0
143.7
151 3
148.4
134.3
108.7
175.5
123.2
164.4
772.9
106.3
141.5
150 5
144.2
134.3
108.0
175.3
120.3
162.6
779.9
105.3
140.3
152 8
143.2
133.6
107.4
178.3
119.6
157.7
794.7
104.9
139.9
153 5
143.7
136.0
107 3
178.7
116.5
156.5
791.5
102.1
143.7
156.1
154.6
140.0
108.8
183.3
118.1
156.3
821.6
101.9
145.7
158.8
156.1
144.0
110.8
182.4
115.7
161.4
819.1
102.7
147.1
159.9
158.0
144.9
109.1
177.4
115.5
166.2
792.1
103.1
151.5
161.2
164.5
148.3
111.7
167.7
121.1
172.4
686.7
103.1
157.0
162.2
177.1
150.7
113.6
167.1
127.6
175.8
594.0
104.6
158.0
165.1
177.1
155.0
111.7
169.0
130.2
176.4
'
'
'
'
'
'
'
16,378
16,293
16,212
16,167
16,307
16,301
16,364
16,457
16, 554
16, 295
578.5
106. 2
159.0
164.8
169. 7
156.6
111.4
173.7
' 135. 9
'183.8
'118.9
' 139. 3
'105. 7
160. 2
166.6
166.0
160.6
112.4
179.9
' 140. 3
' 186.3
'
'
'
'
'
16, 399
' 16,559
BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESS
TURN-OVER*
(17. &. Department
of Commerce)
r
Operating businesses, total, end of quarter. . . thousands. .
L on tract construction
rin
Manufacturing
do
do .
Wholesale trade
_.
. _ . . .
do
Retail trade
Service industries
do
All other
do
New businesses, quarterly .
.
. . . do _
do . . .
Discontinued businesses, quarterly
do....
Business transfers, quarterly
3,012. 9
r 159 6
' 244 1
' 129. 5
' 1,384.3
' 683.1
'602 3
'90 5
'42.5
'86.3
INDUSTRIAL AND COMMERCIAL FAILURES
(Dun and Bradstreet)
Grand total
number
Commercial service
do
Construction
.
do. .
Manufacturing and mining
do
Retail trade.
do .
do...
Wholesale trade
Liabilities, grand total
_ _ thous. of dol
do....
Commercial service
do .
Construction . . .
. .
Manufacturing and mining
.
do...
Retail trade
do
Wholesale trade
3 880
69
175
3,067
409
160
90
g
7
26
43
6
680
54
140
464
215
107
72
5
7
26
28
6
2,208
61
102
1,771
175
99
1,552
1,562
1,662
85
5
10
26
37
7
19
28
4
3 198
134
81
2,420
615
48
72
9
9
19
30
5
3,659
82
1,135
1,665
468
309
56
5
8
21
17
5
1,166
217
186
595
133
35
64
16
5
24
17
2
1,658
424
87
780
347
20
1,659
1,631
1,817
2,072
61
P3, 234.8
v 189.1
v 262. 5
P141.8
vl, 504. 2
v 619. 8
p 517. 4
v 137.4
*36.7
x-82.1
' 3,134.1
176 4
255 5
137.4
1,450.1
602.6
512 1
' 106 0
'37.4
83.2
' 3,065. 6
r 166 4
'249 4
' 133 2
' 1,417.7
' 591 7
r £07 2
'87 8
' 35.1
'84.4
62
3
13
24
14
8
3,114
344
225
2,194
209
142
60
7
8
21
14
10
1,268
60
225
721
135
127
42
5
2
23
10
2
1,824
372
107
1,141
125
79
80
12
8
35
22
3
4,372
2,279
155
1,677
245
16
92
13
14
29
27
9
2,983
748
215
874
258
888
3,010
3,507
5,521
4,191
BUSINESS INCORPORATIONS
Newineorporations (4 states)
number..
4,774
2,861
COMMODITY PRICES
PRICES RECEIVED BY FARMERSf
U . S. Department of Agriculture:
207
206
207
197
199
205
206
204
Combined indexf
. . . 1909-14=100209
203
200
206
198
213
215
198
207
191
196
203
206
207
Crops
do
204
202
196
210
169
167
175
178
179
180
172
178
185
172
167
Food grain
_
.do
173
171
166
171
162
161
161
158
157
160
161
162
164
Feed grain and hay_.
_
...do
162
166
378
375
368
365
373
375
362
363
Tobacco
do
367
364
367
364
359
186
165
171
175
182
184
180
Cotton.__
do
183
180
163
169
172
163
233
Fruit
do
229
221
227
237
214
217
219
217
230
225
237
211
275
159
223
249
Truck crops
do
235
283
193
244
240
259
269
181
203
212
Oil-bearing crops
do
218
215
213
210
213
213
213
208
221
215
217
215
202
Livestock and products
do
203
202
205
206
203
202
206
207
204
201
203
200
214
207
202
204
206
Meat animals
do
215
203
219
217
212
215
216
211
202
Dairy products
do
192
192
197
199
202
204
203
201
394
191
195
198
168
Poultry and eggs...
..do
167
179
197
207
201
204
218
222
197
176
189
175
' Revised. * Preliminary.
*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 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 values of manufacturers' inventories
for 1938-42, see p. 7 of the June 1942 Survey and p. S-2 of the May 1943 issue. The series on operating businesses and business turn-over have been revised beginning 1940, see p p .
21-23 for data prior to 1945.
fRevised series. The indexes of shipments were revised in the February and March 1945 issues; data beginning 1939 are available on request. The indexes of prices received
by farmers are shown on a revised basis beginning in the March 1944 Survey: Data back to 1913 will be published later. Data for April 15,1946, are as follows: Total 212; crops, 220;
food grain, 185; feed grain and hay, 171; tobacco, 368; cotton, 190; fruit, 244; truck crops, 282; oil-bearing crops, 210; livestock and products, 205; meat animals, 225; dairy, 199; poultry
and eggs, 166. See note marked " • " in regard to revision of the index of inventories of "other durable goods" industries.
SURVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
1945
1946
March
May 1946
March
April
June
May
August September
July
October
Novem- Decem- Januber 1 ber ary
February
COMMODITY PRICES—Continued
j
i
COST O F LIVING
National Industrial Conference Board:%
Combined index
Clnthin<r
Food
Fnpl and licht
Hoimim?
Sundries
i
1923=100.(Jo
do
do
do
do !
105.4
94 5
110.8
96 1
91.0
115.2
105.8
94.8
111.6
96.0
91.0
115.3
i
106.2
94.9
112.7
96.2
91.0
115.5
106.9
94.7
114.8
96.3
91.0
115.5
106.9
94.6
114.9
97.3
91.0
115.3
106.6
94.6
113.9
97.5
91.0
115.4
106.2
94.6
112.9
97.4
91.0
115.3
106.3
94.9
112.8
97.4
91.0
115.4
106.7
94.9
113.9
96.9
91.0
115.5
107.1
94.9
114.9
97.1
91.0
115.7
Consumers' price index (U. S. Dept. of Labor):§
r 129. 6
129.9
129.9
129.3
128.1
128.9
129.4
129.3
127.1
128.9
129.0
126.8
Combined index
_ 1935-39=100.. 130.2
153.1
144.1
144.6
145.4
145.9
146.4
148.2
148.5
149.4
r 149. 7 ' 150. 5
148.7
143.7
Clothing
do
140.1
135.9
136.6
138.8
141.1
141.7
140.9
139.4
139.3
141.4
141.0
139.6
140.1
Food _ _
do
110.5
109.8
110.0
110.0
111.2
111.4
110.7
110.5
110.3
110.8
111.0
110.1
110.0
Fuel, electricity, and ice
do
150.2
144.5
144.9
145.4
145.8
145.6
146.0
146.8
146.9
148.3
'148.8
' 149. 7
147.6
Housefurnishings
do
1
1108. 4
i 108.3
» 108.3
i 108. 3
108.3
Bent
do
(0
(0
0)
0)
0)
0)
0)
(0
125.9
123.8
123.9
124.0
124.3
124.5
124.6
124.7
124.8
<• 125. 4
125. 6
124.6
123.6
Miscellaneous
do
RETAIL PRICES
i
U. S. Department of Commerce:
142.2
' 142. 7
143.1
143.4
142.0
143.0
143.0
139.9
142.2
142.1
142.4
141.8
139.6
All commodities, index*
1935-39=100
U. 8. Department of Labor Indexes:
107.2
108.2
106.2
108.6
98.7
106.3
108.6
98.8
98.9
106.0
106.1
106.2
99.5
Anthracite
1923-25=100
108.6
105.0
106.6
107.2
107.4
107.6
108.6
107.4
107.5
108.6
107.5
105.1
107.1
Bituminous coal
do
140.1
135.9
136.6
138.8
141.1
141.7
140.9
141.4
141.0
139.4
139.3
139.6
140.1
Food, combined index
1935-39=100
110.3
108.9
109.0
109.1
109.1
109.1
109.2
109.4
109.1
109.1
109.8
109.1
108,7
Cereals and bakery products*
do_.
137.0
133.5
133.5
133.5
133.4
133.4
133.4
136.2
136.4
133.4
133.3
136.6
135.9
Dairy products*.. .
do
183.4
173.3
182.5
192.6
183.5
177.3
180.8
172.5
' 181.1
172.3
169.5
191.8
172.5
Fruits and vegetables*
do
131.3
130.8
131.6
131.6
131.6
131.8
131.2
131.4
131,
6
131.0
131.3
131.0
130.8
Meats*
do
Falrchild's index:
113.6
113.5
113.5
113.5
113.5
113.4
113.6
113.4
113.5
113.4
113.4
113.5
113.4
Combined index
Dec. 31,1930=100
Apparel:
108.1
108.1
108.2
108.0
108.1
108.2
108.2
108.1
108.2
108.2
108.1
108.1
108.2
Infants'
__
do
105.3
105.4
105.4
105.4
105.4
105.3
105.4
105.4
105.3
105.3
105.3
105.4
105.4
Men's
__
_ do
113.7
113.5
113.5
113.5
113.5
113.7
113.8
113.8
113.9
113.9
113.8
113.8
113.7
Women's
do
115.9
115.6
115.6
115.6
115.6
115.5
115.6
115.7
115.7
115.7
115.7
115.7
115. 7
Home furnishings.
. do
112.0
112.2
112.0
112.0
112.0
112.0
111.8
112.0
112.0
112.0
111.8
112.2
112.0
Piece goods.
do
WHOLESALE PRICES
D. S. Department of Labor indexes:
107.1
107.1
v 107. 7
105.7
106.0
105.2
106.8
105.7
105.9
105.3
106.1
105.9
Combined index (889 series)
_
1926=100 v 108.9
Economic classes:
103.4
102.5
101.8
102.9
101.7
102.2
104.5
101.8
101.8
101.8
101.9
101.6
101.8
Manufactured products _
do
116.8
117.7
118.3
114.8
119.2
118.9
118. 9
118.2
117.5
116.3
115.7
116.6
Raw materials
do . . . 120.5
100.4
95.0
95.0
95.4
95.3
95.5
97.6
96.5
96.8
97.6
96.9
98.8
95.0
Semimanufactured articles
>.
do
133.4
129.0
129.9
126.9
129.9
124.3
131.5
131.1
130.8
130.4
129.0
127.2
127.3
Farm products
do
129.1
133.8
126.6
133.2
133.9
136.7
130.5
132.9
130.2
126.4
130.2
129.8
128.6
Grains
._
do
133.5
136.4
135.5
131.5
128.5
129.6
131.8
132.7
134.4
130.7
130.5
135.6
133.3
Livestock and poultry
do
v 102. 5
100.9
101.6
100.6
101.9
v 103. 4
100.5
101.3
100.9
10O.4
100.7
100.7
101.0
Commodities other than farm products
do
108.6
107.0
107.3
104.9
107.8
109.4
107.9
105.8
106.9
106.4
107.5
105.7
104.6
Foods
do
96.2
95.4
05.4
95.5
95.1
95.8
95.1
95.7
95.5
96.1
95.1
95.3
95.3
Cereal products
. _
do
116.1
110.7
110.6
115.0
110.3
113.8
113.2
115.8
110.5
110.5
110.6
110.4
110.8
Dairy products..
do...
133.1
123.4
131.4
125.7
117.5
128.7
123.8
127.5
115.9
134.7
130.3
124,3
116.3
Fruits and vegetables
.. ..
do
109.6
108.2
108.6
108.1
107.9
107.9
108.1
107.9
107.9
107.9
108.3
108.0
107.7
Meats
do
Commodities other than farm products and foods
99.4
102.2
100.5
100.8
99.8
101.3
99.3
100.2
99.9
99.2
99.6
100.1
99.7
1926-100.
117.3
119.5
124.9
118.0
117.1
120.9
120.0
118.7
117.4
117.5
117.8
117.1
118.3
Building materials
do
117.4
110.6
110.7
116.9
112.4
116.7
116.7
116.9
110.9
111.6
115.2
111.7
110.7
Brick and tile
do
99.4
99.6
100.5
102.3
99.4
101.5
99.4
100.1
99.4
101.1
99.4
99.9
99.4
Cement
do
167.6
154.4
154.9
158.5
155.0
155.2
157.8
155.5
160.1
154.9
155.1
155.3
154.3
Lumber
do
107.8
106.3
106.4
107.8
107.6
107.8
107.7
107.8
107.3
106.3
106.3
107.6
106.1
Paint and paint materials
do
94.9
95.3
96.1
95.9
94.9
96.0
96.0
95.7
94.9
95.3
95.3
95.5
95.0
Chemicals and allied productsf
do
97.0
95.8
95.8
96.1
97.1
96.1
96.4
97.1
96.7
97.0
95.9
96.1
95.8
Chemicals
do
112.1
106.8
110.2
112.3
111.5
110.7
106.8
110.2
111.7
109.5
110.2
110.3
106.8
Drugs and pharmaceuticalsf
do...
81.9
81.1
81.9
81.9
81.9
81.9
81.9
81.9
81.1
80.4
81.1
81.9
81.9
Fertilizer materials
do...
102.0
102.1
101.8
102.0
102.0
102.0
102.0
101.7
102.0
102.0
102.0
102.0
102.0
Oils and fats
do
83
7
84.8
84.1
85.1
84.9
85.0
83.5
84.8
84.2
84.6
83.9
83.4
84.3
Fuel and lighting materials
do...
58 5
69.2
65.5
68.7
61.5
59.6
66.7
68.0
59.0
60.3
Electricity
do
58.7
76.4
77.4
80.2
79.1
77.7
79.1
77.0
78.0
77.7
78.0
79.8
77.8
Gas
do
64.2
61.6
62.6
61.6
61.2
64.2
61.5
62.1
61.7
64.2
64.2
64.3
64.2
Petroleum products
do...
117.9
118.7
118.9
119.
4
119.6
119.8
117.9
118.8
118.0
118.0
118.6
118.0
117.8
Hides and leather products. _ .
do
117.0
117.6
117.6
117.6
117.6
117.6
117.0
118.1
117.8
117.3
117.6
116.4
117.6
Hides and skins
do...
101.3
101.3
103.8
103.8
104.1
103.8
103.9
104.0
101.3
101.3
101.3
103.8
101.3
Leather...
__.
do
126.3
126.3
126.9 j 127.9
126.7
128.2
126.3
126.3
128.6
126.3
126.3
126.3
126.3
Shoes
do
104.5
104.6
106.2
104.7
104.7
106.5
106.9
104.7
104.5
104.5
104.5
104.5
104.5
Housefurnishing goods
do
107.5
107.7
107.9
107.5
110.1
107.9
110.9
107.5
107.5
109.7
107.9
107.5
107.5
Furnishings
do
101.5
101.5
101.6
101.5
102.8
102.9
101.6
102.9
101.5
101.5
101.5
101.5
101.6
Furniture.._
do...
104.3
104.9
105.6
105.7
106.6
105.2
104.2
108.4
104.7
104.7
104.7
105.0
Metals and metal products
do...
104.2
98.4
99.6
101.2
103.3
100.2
101.0
98.1
99.1
99.1
107.0
99.1
99.8
Iron and steel
do
98.1
85.9
85.7
85.8
86.1
85.7
85.9
85.9
85.8
85.7
85.8
85.7
85.9
85.9
Metals, nonferrous
do..
92
A
95.0
95.1
95.0
95.1
92.4
95.0
95.0
92.6
93.4
92.4
92.6
Plumbing and heating equipment
do...
95.0
99.6
101.4
102.2
101.6
100.1
101.1
104.7
Textile products..
_
do. .
99.6
99.6
99.6
99.7
99.6
101.0
107.4
107.4
107.4
107.4
107.4
109.4
109.5
107.4
107.4
107.4
107.4
107.4
107.4
Clothing
do
119.7
121.3
125. 5
125.1
125.6
125.8
132.9
119.7
119.7
119.9
119.7
119.7
125.0
Cotton goods
do
71.5
71.5
75.2
75.5
71.5
73.5
75.3
71.5
71.5
71.5
71.5
71.5
Hosiery and underwear
do.._
71.5
30.2
30.2
30.2
30.2
30.2
Rayon
_
do
30.2
30.2
30.2
30.2
30.2
30.2
30.2
30.2
112.7
112.7
112.7
112.7
112.7
112.7
112.7
112.7
112.7
112.7
112.7
112.7
112.7
Woolen and worsted goods..
do.__
94.8
94.8
94.8
95.3
95.6
94.8
94.8
95.6
94.8
94.8
94.8
94.6
94.8
Miscellaneous
_
do
73.0
73.0
73.0
73.0
73.0
73.0
73.0
73.0
73.0
73.0
73.0
73.0
73.0
Automobile tires and tubes
do
109.0
109.3
109.3
109.3
113.7
109.0
113.7
112.0
109.0
109.3
109.0
109.3
108.0
Paper and pulp
do...
1
1
Wholesale prices, actual. (See respective commodities.
1p Preliminary, r Revised.
Rents collected semiannually for most cities in index (in March and September or June and December); indexes are held constant in cities not surveyed during quarter.
tFor revised data for 1943, see p. 20 of the April 1946 Survey.
§Formerly designated "cost of living index"; see note in April 1946 Survey.
*New series. For a description of the Department of Commerce index of retail prices of all commodities, see p. 28 of the August 1943 Survey; minor revisions have been made
in thefigurespublished prior to February 1945 Survey; revisions are shown on p. 31 of February 1946 Survey. Data beginning 1923 for the indexes of retail prices of the food subgroups are available on request; the combined index for food, which is the same as the index under cost of living above, includes other food groups not shown separately.
tRevised series. For revised data for 1941-43 for the indicated series on wholesale prices, see p. 23 of the November 1945 Survey.
May 1946
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
March
S-5
1945
March
May
April
June
July
1946
August September
October
Novem- December
ber
January
Febru
ary
COMMODITY PRICES—Continued
PURCHASING POWER OF THE DOLLAR
As measured b y Wholesale prices
Cost of living
Retail food prices
Prices received by farmerst
1935-39= 100..
do
do
do
73.8
76.8
71.3
50.9
76.4
78.9
73.6
63.7
76. 1
78. 7
73.
52. 5
i
75.9
78.1
71.9
53.2
75.9
77.5
70.8
51.6
75. 9
77. 3
70. 5
51. 6
76.1
77.3
70.9
52.1
76.5
77.6
71.6
54.1
75.9
77.6
71.7
53.5
75.3
77.3
71.3
51.9
75.1
77.0
70.6
51.4
75. 1
77. 0
70. 8
51. 6
74. 7
'77. 2
71. 5
51. 4
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY*
New construction, total
mll.ofdoL.
Private, total
do
Residential (nonfarm)
do
Nonresidential building, except farm and public
utility, total
mil. of dol. _
Industrial
do
Farm construction
do
Public u t i l i t y . . . . . . .
do....
Public construction, total.>a__fc.«*
do
Residential
_
do
Military and naval
do_
Nonresidential building, total-.
do
Industrial
do
Highway
_
.do
Allother
do....
612
509
200
324
141
26
360
164
34
398
187
45
412
203
58
428
232
68
440
245
73
420
265
82
447
289
95
468
334
117
469
368
134
••493
231
114
14
64
103
6
13
26
8
24
34
63
46
11
41
183
7
51
92
81
15
18
71
52
16
43
196
8
54
97
84
18
19
76
53
21
45
211
9
60
97
83
24
21
77
52
21
47
209
9
59
89
73
29
23
78
51
34
£2
196
7
57
77
60
29
26
87
57
30
55
195
7
56
69
49
34
29
104
67
23
56
155
3
42
45
22
36
29
122
78
15
57
158
3
42
45
20
36
32
148
88
12
57
134
2
34
36
12
31
31
173
99
6
55
101
2
18
32
10
21
191
100
8
»106
71
16
72
15
79
21
70
18
70
24
58
20
59
24
50
22
61
24
54
23
65
24
61
24
70
26
69
26
83
42
94
44
86
48
108
56
42, 573
697, 593
146, 404
551,189
9,894 11,188 12,916
328,874 395, 798 242,523
221, 448 309,004 147,626
107,426 86,794 94,897
12,751
227,298
81,717
145,581
12, 289
257, 691
108,447
149, 244
11,416
263,608
67,452
196,156
12,004 13,342 15,481
278,262 316, 571 370,087
43,346 60. 554 60,819
234,916 256,017 309,268
14,298 15, 332 16,772
330, 685 357, 501
61, 821 46, 715 56, 449
268,864 310, 786 330, 950
7,416
50,631
278, 725
3,652
4,088
25,407 20, 602
211,317 241,107
3,004
13,669
87,414
4,224
13, 744
90,479
4,089
21, 350
121, 561
4,113
22,656
143,353
4,731
32,700
181,033
5,332
5,012
35, 330 39,871
195, 626 207,671
4,700
4,648
4,450
37,656 36, 335 37,839
217,
587
220,
598
193, 589
M02
149
''525
443
'170
'91
'2
18
27
9
18
' 26
212
109
8
'53
'82
'4
'13
^23
'7
'19
'23
87
50
107
61
' 117
'85
'136
'95
••54
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R. indexes):
Total, unadjusted
1923-26-100..
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 dol._
Indexes of building construction (based on building
permits, U. S. Dept. of Labor) :f
Number of new dwelling units provided. 1936-39«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):
Total nonfarm*
number. Urban, total f
do
Privately financed, total
do
l-family dwellings—
do
2-family dwellings
do
Multifamily dwellings
do
Publicly financed, total
do
Engineering construction:
Contract awards (E. N. R.)j
thous. of dol..
34. 066
49,198
275, 241
4,650
5,331
26.943
5,555
10,753
42,745
7,436
10,237
47,206
6,184
7,716
41,779
6,277
8,385
46,273
6,895
7,613
42,711
6,140
8,587
42, 580
7,325
11,754
9,297
15,911
88,374
815
120, 230
829
38,431
1,453
43,901
2,031
71,239
1,915
40,454
1,566
52,855
1,143
44,379
35,875
768
40.908
590
478
43, 214 ' 36,126
366
26,841
276
23, 397
327
52,183
528
68,045
445
428
357
265
36,664
54,586
37,002
33,165
240
18,774
T237
20,151
262
30,828
180
14, 836
195
23, 358
415
37,687
240
27, 035
303.4
46.4
72.5
72.3
78.3
91.8
75.3
84.3
112.4
117.7
111.0
159.2
' 189.9
419.6
65.3
40.5
73.1
100.6
67.9
59.6
541
121.8
77.4
69.5
68 6
1181
83.3
78.9
57.7
159.1
96.7
89.6
83.3
147.1
99.0
84.1
88.6
159.1
109.6
91.5
176.6
152.3
137.5
142. 5
210.8
149.4
143.4
141.7
181.9
172.3
149.5
195.4
163.8
175.2
187.6
159.7
187.9
205.9
215.0
190.8
224.9
13, 200
8,039
7,967
6,350
899
718
19,300
12,511
9,502
7,034
864
1,604
3,009
18,700
12, 650
11, 222
9,517
22,300
13, 626
11,988
10,437
23,300
15,913
12,956
10,464
20,400
13,059
12,915
11, 206
1,710
2,957
1,083
144
28,700
19,256
19,256
15,494
1,241
2,521
0
42,513
30,097
25,918
21,786
1,309
2,823
4,179
47,063
32,936
28,503
24,072
1,792
1,001
1,638
29,800
19, 496
19,496
16,582
857
2,057
0
31,400
20,417
20,417
17,421
1,069
1,927
1,428
21,800
14, 619
14,619
12, 567
845
207
0
140,379
164,956
190, 614
170,984
213,960
235,155
239,436
315,709
238,009
444.1
404.2
81, 500
52, 625
49,967
41, 778
2,651
5,538
2,658
383; 98]
182,498
934
771
550
982
626
9.190
17,115
86,134
10,071
11,469
18, 572 18,423
102,079
89, 715
2,639
4,433
348, 277 248,025
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:!
1,641
1,819
2,071
2,130
Total
thous. of sq. yd..
2,906
767
1,187
4,197
2,066
2,092
1,563
1,066
1,981
209
43
242
65
Airports..,.
do....
70
25
252
58
464
248
1,030
1,123
2,901
946
1,475
1,121
1,829
Roads
..do
2,211
734
118
1,087
429
690
592
554
703
301
237
Streets and alleys
_.
do
626
708
428
418
173
397
345
743
377
1,030
p Preliminary. ' Revised. § Data for March, May, August, and November 1945 and January 1946 are for 5 weeks; other months, 4 weeks.
t Data published currently and in earlier issues of the Survey cover 4- and 5-week periods, except that December figures include awards through Dec. 31 and January figures begin
Jan. 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. 3,1943, and Feb. 3, 1945, which were included in the preceding month).
1 Revised 1942-43 data for urban dwelling units are available on request. Data for publicly financed units, shown separately beginning in this issue of the Survey, were formerly
included in the 1-family classification; they have not been reported by type of dwelling since April 1943 but have been almost entirely 1-family since that date.
*New series. For revised annual estimates of new construction for 1929-43, see p. 24 of the November 1945 Survey and for quarterly or monthly data for 1939-43, p. 21 of the
December 1945 issue; further revisions have been made in the 1944 data shown in those issues which will be published later; the revised data beginning January 1944 are joint estimates
of the U. S. Departments of Commerce and Labor (data for military and naval and public industrial construction through October 1945 were supplied by the War Production Board).
Estimates of total nonfarm dwelling units include data for urban dwelling units given above and data for rural nonfarm dwelling units which are not shown separately; monthly
estimates are now available corresponding to the quarterly estimates shown in the November 1942 to October 1945 issues of the Survey; the monthly figures beginning January 1939
and annual totals for 1920-38 will be published later.
i Revised series. The index of purchasing power of the dollar based on prices received by farmers has been shown on a revised basis beginning in the April 1944 Survey. The
indexes of building construction have been revised for 1940-43 to October 1944; revisions are available on request.
S-6
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
1946
March
May 1946
1945
March
April
May
June
July
1946
August
September
October
Novem- December
ber
January
February
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES
Aberthaw (industrial building)
1914-100..
American Appraisal Co.:
Average, 30 cities
1913~100..
Atlanta
do—.
New York
__do—.
San Francisco
do—
St. Louis
do....
Associated General Contractors (all types)
do—
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U. 8. average, 1926-29-= 100..
New York
do...
San Francisco
.
do—
St. Louis
do—.
Commercial and factory buildings:
Brick and concrete:
Atlanta
do...
New York
do...
San Francisco
do...
St. Louis
doBrick and steel:
Atlanta
do...
New York
—
do—
San Francisco
do...
St. Louis
.-doResidences:
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:
Building cost*
1913=100.
Construction (all types)
do...
Federal Home Loan Banfc Administration:
Standard 6-room frame house:t
Combined index
1935-39=100.
Materials
_-do.._
Labor
do—
258
232
294
314
298
273
288
247.0
267
273
270
241
259
227.8
267
273
270
242
259
228.8
268
274
270
243
259
229.3
269
275
271
243
259
229.4
270
276
271
244
266
230.0
271
276
272
245
268
230.0
272
279
272
245
270
231.0
276
285
275
248
275
232.5
278
287
275
248
275
238.0
282
292
280
248
278
239.0
283
293
280
249
278
241.0
131.3
172.9
153.8
152.7
122.6
155.8
143.5
144.1
122.6
155.8
144.5
144.1
122.6
155.8
145.0
146.8
123.6
156.6
145.0
147.6
123.6
156.4
145.0
147.6
123.6
157.1
145.0
147.6
124.8
157.9
145.0
149.1
124.8
159.2
145.7
149.6
125.1
159.4
145.9
149.9
127.4
169.8
146.7
150.8
130.4
169.8
149.2
150.8
129.5
173.5
154.6
155.0
122.2
157.5
145.9
146.8
122.2
157.5
146.7
146.8
122.2
157.5
147.2
149.2
123.0
158.1
147.2
149.8
123.0
157.9
147.2
149.8
123.0
158.6
147.2
149.8
124.2
159.4
147 2
150.9
124.2
160.6
147.6
151.3
124.4
160.7
147.7
151.5
127.3
170.4
148.3
152.6
128.9
170.4
151.1
152.6
130.1
169.6
154.5
152.1
123.0
154.9
147.4
144.8
123.0
154.9
148.2
144.8
123.0
154.9
147.9
145.1
123.8
155.5
147.9
145.7
123.8
155.0
147.9
145.7
123.8
155.7
147.9
145.7
124.0
156.7
147.9
148.0
124.0
158.1
148.6
148.4
124.4
158.2
148.7
148.8
127.0
167.0
149.3
149.5
128.9
167.0
150.3
149.5
141.2
175.5
155.3
159.5
131.6
159.5
145.5
150.1
131.6
159.5
146.3
150.1
131.6
159.5
146.3
153.2
132.4
160.1
146.3
153.8
132.4
160.1
146.3
153.8
132.4
161.1
[146.3
I 153.8
134.1
162.6
146.3
154.8
134.1
164.5
147.3
155.2
135.5
165.1
148.0
156.6
137.9
173.1
148.6
157.7
140.8
173.1
150.6
157.7
143.0
176.2
153.7
159.8
133.6
161.1
143.6
149.3
133.6
161.1
144.4
149.3
133.6
161.1
144.4
154.3
134.4
161.7
144.4
154.9
134.4
161.7
144.4
154.9
134.4
[ 162.3
144.4
[ 154.9
135.3
163.0
144.4
155.4
135.3
164.1
144.9
155.8
137.1
165.0
145.8
157.6
138.4
173.7
146.4
158.3
142.6
173.7
147.7
158.3
2514
238.5
306.4
238.5
307.4
239.4
309.0
239.6
309.0
239.9
309.1
240.0
309.3
240.4
309.3
240.6
309.3
240.8
313.5
242.2
316.3
243.9
319.5
141.0
137.2
148.8
136.7
133.1
143.8
136.8
133.2
143.8
136.8
133.4
143.8
137.0
133.5
143.9
137.2
133.8
144.0
137.4
133.9
144.4
138.0
134.1
145.9
138.4
134.6
146.1
139.0
135.0
147.1
139.2
135.2
147.3
139.6
135.5
147.8
232
232
248
REAL ESTATE
Fed. Hous. Admn., home mortgage Insurance:
42,377
24,103 51,070 41,839 38,703 29,236 28, 761 23,667 35,102 32, 710 32, 598 38, 722
Gross mortgages accepted for insuranee-thous. of dol.
6,603
Premium-paying mortgages (cumulative).mil. of dol.
6,216
6,262
6,174
6,372
6,302
6,436
6,401
6,499
6,538
6,468
Estimated total nonfarm mortgages recorded ($20,000
and under)*
...thous. of dol. 765, 973 433,337 455,790 487, 435 487,041 469,269 489,389 464,157 555,893 560,180 527,424 634,117
Estimated new mortgage loans by all savings and loan
associations, total
thous. of dol.. 300.163 141,481 153, 754 163,079 167,311 160,399 173,663 162, 433 196,379 198,159 187,710 216,842
Classified according to purpose:
Mortgage loans on homes:
45, 391
9.541
13,032 17,567 17,658 20,730 16,375 23,985 24,481 22,922 30,807
7,406
Construction
_
do
Home purchase
d o — 202, 995 105,307 113,684 120, 244 116,798 112,761 120, 557 113,103 135,224 135, 685 129, 557 145, 342
24,244
15,922 16,800 15,887 17,147 15, 622 17,146
16,786
18, 751 19,411 17,848 21, 372
Refinancing
do
6,198
2,559
3,364
3,351
3,971
3,958
2,951
4,487
3,803
Repairs and recondition!ag
.do
4, 857
21, 335 10,287 10, 778 10,520 12, 435 11,007 11, 259 12,189
Loans for all other purposes
do
13, 562 14,095 13,425 15,518
Loans outstanding of agencies under the Federal Home
Loan Bank Administration:
Federal Savings aud Loan Associations, estimated
2,572
mortgages outstanding^
_
mil. of dol..
2,382
2,255
2,082
2,165
Federal Home Loan Banks, outstanding advances to
153
195
52
112
member Institutions
mil. of dol..
61
132
100
87
97
174
Home Owners' Loan Corporation, balance of loans
794
1,007
985
925
1,027
945
852
outstanding
.._
..mil. of dol.
965
887
831
9.1
9.1
8.3
8.9
8.5
Foreclosures, nonfarm, index, adjustedt-1935-39=100..
9.0
8.2
10.8
7.9
10.0 34,054
37, 950 34,153
34,096 32,447 34,470 37,393
Fire losses
thous. of dol.. "53," 252
40,876
49,478
34,099
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:f
122.2
Printers' Ink, combined index
1936-39•= 100.
128.1
127.9
131.0
151.7
144.1
144.9
141.3
139.4
149.1
157.7
159.6
133.6
Farm papers
do...
142.9
145.1
158.6
173.4
185.3
170.6
180.4
192.2
201.9
177.6
173.1
143.7
Magazines
„
do
146.1
158.7
170.6
205.5
214.0
189.5
193.2
203.8
200.3
207.4
66.7
103.3
Newspapers.
do
111.0
100.0
100.3
117.7
110.7
118.4
127.2
111.5
105.3
153.0
167.7
Outdoor-.
do—
154.7
202.0
222.6
140.0
156.7
158.7
175.1
153.3
218.1
268.3
262.8
Radio
do...
315.1
283.3
279.8
289.5
301.6
317.0
321.1
268.2
273.7
135.8
143.1
165.8
168.4
183.0
Tide, combined index*
1935-39-=100.
164.5
141.6
147.2
179.8
171.8
162.9
162.5
Radio advertising:
17,318 16,648 15,015 16,343 15,217 14,762 14,521 15,317
Cost of facilities, total
thous. of dol.
16, 776 17,179 17,449
922
799
803
Automobiles and accessories
do
760
711
516
645
501
779
788
928
884
190
169
193
Clothing
do.
193
176
128
125
211
208
214
257
224
863
234
206
Electrical household equipment
do.
197
204
210
218
296
314
296
301
351
338
203
232
Financial
....do
263
261
233
229
287
327
305
308
308
4,743
4,492
4,093
4,092
Foods, food beverages, confections
do
3,933
3,934
4,513
4,502
4,420
4,312
4,473
4,079
r
Revised. JMinor revisions for January 1939-July 1942 are available on request.
*New series. For a description of the series on nonfarm mortgages recorded and data for January 1939 to September 1942 see note marked "*" on p. S-5 of the November 1942
Survey. For a brief description of the Tide index of advertising see note marked "*" on p. S-6 of the April 1946 Survey; data beginning 1936 are available on request The Engineering News Record index of building cost is computed in the same manner as the construction cost index which is described in the 1942 Supplement to the Survey, except that
skilled labor is substituted for common labor; data beginning 1913 will be shown later.
fRevised series. The index of nonfarm foreclosures has been revised for 1940 and 1941; revisions are shown on p. S-6 of the May 1943 Survey. Indexes of advertising from Printers,
Ink have been published on a revised basis beginning in the April 1944 Survey; revised data beginning 1914 will be published later. The indexes of cost of the standard 6-room frame
house are shown on a revised basis beginning in the April 1946 Survey; see note in that issue; revisions beginning 1936 will be shown later.
May 1946
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
1946
S-7
1945
March
March
April
May
June
July
August
1946
September
October
Novem- December
ber
January
Febru
ary
DOMESTIC 'TRADE—Continued
ADVERTISING—Continued
Radio ad vertMnsr—Continued.
Cost of facilities-Continued.
700
Gasoline aud oil
thous. of dol.
170
Bousefurnishings, e t c .
do
1,406
Soap, cleansers, etc
do
1,328
Smoking materials
_
_
do...
5,408
Toilet goods, medical supplies
.do—
2,001
Ail other
_
do—_
Magazine advertising:
Cost, total
do.... 31,752
1,444
Automobiles snd accessories
do
3,500
Clothing
do.._.
797
Electric household equipment
_
__.do
624
Financial
do....
4,472
Foods, food beverages, confections
-do
346
Gasoline and oil
do
1,964
Housefurnishings, e t c . do
765
Soap, cleansers, etc
__.do
657
Office furnishings and supplies.__
..do
"929
Smoking materials...
do
5,330
Toilet goods, medical supplies
do
10,922
All other
...do
4,910
Linage, total
-thous. of lines.
Newspaper advertising:
Linage, total (62 cities)
do.— 146, 539
36,097
Classified
do
110,442
Display, total
do
2,784
Automotive
do
2,365
Financial
_
do....
23,083
General
do
Retail....
d o — . 82,210
663
181
1,094
1,502
4,964
2,136
593
130
977
1, 274
4, 536
1, 982
581
173
1,090
1,489
5,008
2,056
562
162
1,059
1,363
4,859
1,774
604
148
1,147
1,296
4,639
1,877
571
148
1,185
1,235
4,495
1,839
584
164
1,192
1,259
4,747
1,976
610
149
1,347
1,337
5,462
1,994
592
166
1,306
1,273
5,318
2,076
171
1,273
1,322
5,513
2,102
650
164
1,472
1,342
5,660
1,921
620
149
1,319
1,211
4,920
1,796
25,797
2,110
2,552
778
484
388
1,144
688
442
769
4,211
8,552
4,109
26, 281
2,055
2,242
856
456
3,497
646
1,639
755
436
686
4,572
8.541
4,039
24,987
2,005
2,092
779
474
3,306
635
1,520
677
495
826
4,140
8,139
3,753
23,956
2,041
1,544
826
441
3,056
523
1,344
554
405
662
4,280
8,281
3,315
20, 335
2,005
706
576
355
3,277
481
569
407
306
660
3,736
7,257
3,528
22,028
2,124
1,732
699
408
2,822
471
806
463
347
635
3.645
7,876
4,124
28,701
2,397
2,970
886
506
3,605
561
1,630
497
639
829
4,431
9,750
4,745
31,649
2,683
3,026
1,135
622
3,962
430
1,969
520
674
1,061
5,315
10,251
5,094
30, 597
2,344
2,579
1,187
524
3,944
436
1,761
554
617
1,031
5,197
10, 423
4,804
30,446
2,456
2,125
1,136
528
4,008
339
1,680
442
637
1,104
4,930
11,050
4,037
' 21,403
1,541
' 1,616
469
488
' 3,124
233
'935
'371
326
836
' 3,507
' 7,956
4,139
' 26,404
1,415
' 2,343
783
588
3,983
307
' 1, 227
'606
486
805
4,889
8,971
4,604
116,628
26,480
90,147
2,354
1,837
20,045
65,911
114,085
26,777
87.308
2,869
1.778
21,080
61,581
117,318
27,594
89,724
2,523
1,836
20,388
64,978
107, 532 101,832 110,942 121,094
26,338 26, 629 27, 525 27,921
81,194 75, 203 83, 417 93,173
2,378
2,231
2,580
3,033
2,223
1,466
1,581
1,726
17,776 18,006 21,890
18,973
58, 524 52,826 61, 251 66.524
136,950
29,626
107,323
3.947
2,272
26,032
75,072
140, 761 130,756
28,120 26, 321
112,641 104,435
5.363
3,904
1,999
2,003
26. 022 21,304
79,253 77, 228
115,746
28,648
87,098
2,855
2,741
18,916
62, 585
121,177
29,677
91,499
2,092
2,076
21,057
66, 274
87.7
6.5
86.7
87.8
87.9
88.8
9.8
88.6
'88.4
5,559
thousands..
thous. of dol.. 135,593
7,051
188,365
6,022
152,610
5,990
161,378
5,371
147,207
6,113
199,536
6,292
5,612
180, 573 143,954
5,111
143, 366
5,571
123,104
thousands.. 15, 473
thous. of dol.. 233,141
16,503
264,121
13,846
220,527
14,925
224,455
12,954
187,773
GOODS IN WAREHOUSES
Space occupied in public-merchandise warehouses!
percent of total—
POSTAL BUSINESS
Money orders:
Domestic, issued (50 cities):
Number
Value
Domestic, paid (50 cities):
Number
Value
'91.1
90.4
90.4
5,847
196,041
4,383
171,036
5,956
214,157
13,392 13, 409 12,142 12,161
224.562 216,969 202,383 209,346
11,606
195,669
13,482 13,5R2
218,155 223,874
12,926
206, 329
CONSUMER EXPENDITURES
Estimated expenditures for goods and services:*
Total.
mil.ofdol..
Goods
do....
Services (including gifts)
do
Indexes:
Unadjusted, total.1935-3G»100__
Goods
„ do
Services (including gifts).
do
Adjusted, total
do
Goods
do
Services (including gifts)
do
27,600
19,200
8,400
24,684
16,460
8,224
25,046
16, 610
8,436
25,665
17,385
8,280
29, 495
21, 305
8,190
188.0
205.0
157.5
204.0
231.0
157.0
167.9
175.8
154.1
178.5
193.3
152.6
170.4
177.4
158.1
170.0
176.8
158.0
174.6
185.7
155.2
176. 2
187.8
155.9
200.7
227.6
153.5
188.5
207.9
154.5
RETAIL TRADE
All retail stores:!
Estimated sales, total
Durable goods stores
Automotive group
Motor vehicles
_
Parts and accessories
Building materials and hardware
Building materials
Farm implements
Hardware
Homefurnishings group
Furniture and housefurnishings
Household appliance and radio
Jewelry stores
Nondurable goods stores
Apparel group
Men'8 clothing and furnishings.
Women's apparel and accessories
Family and other apparel
Shoes
_
Drugstores
Eating and drinking places..
Food group
Grocery and combination
Other food
Filling stations
6,079
5,922
5,755
6,202
8,271
7,039
6,440
' 6,208
921
888
9(36
885
909
1,099
1,227
1,079
1,010
'960
278
258
273
286
284
321
318
336
341
'299
194
182
187
194
193
205
241
236
219
'210
85
75
85
91
91
100
112
100
102
89
352
339
342
348
348
373
351
336
415
'336
207
198
204
218
218
225
264
176
220
'204
47
48
46
40
38
41
38
36
45
'38
97
92
91
92
93
107
92
106
124
'93
211
214
198
199
205
281
242
256
327
'250
170
172
157
155
159
208
175
200
236
'186
42
42
42
43
46
73
68
55
91
64
80
78
71
73
72
109
76
87
246
'76
5,158
4,639
5,034
4,870
5,180
5,292
5,940
5,856
5,430
7,044
' 5,248
604
507
567
481
548
650
774
779
557
973
'558
148
122
109
104
109
149
205
205
125
271
121
277
251
222
264
304
353
338
268
416
'272
78
69
92
76
112
113
77
150
'77
101
90
106
79
99
108
119
87
136
'88
239
237
238
220
242
239
250
251
257
368
250
851
875
847
782
851
917
905
881
871
894
'793
1.677
1,629
1,567
1,452
1,592
1,675
1,790
1,819
1,763
1,979
' 1,720
1,268
1,192
1,250
1,099
1,217
1,266
1,373
1,341
1,390
1,511
'1,312
408
375
379
353
375
409
422
418
429
468
'408
266
254
222
253
241
264
277
279
290
'256
Preliminary. * Revised, fi See note marked " 5 " on p. S-6 of the April 1943 Survey In regard to enlargement of the reporting sample ia August 1942.
•New series. The series on consumer expenditures, originally published on a monthly basis in the October 1942 Survey (pp. 8-14)1 are now~compried quarterly only (data are
quarterly totals) and have been adjusted to accord with the annual totals shown as a component of the gross national product series; for dollar figures for 1939-40 see p 13 table 10
of the April 1944 Survey and for 1941-44, p. 8, table 6, of February 1946 issue; data in the latter table and those above arc on a revised basis; they differ from figures published in the
January 1946 Survey and earlier issues owing to the inclusion of expenditures of military personnel abroad in the total and services (dollar figures for this item are given in the footnote to the table on p. 8 of the February 1946 Survey); indexes beginn'tiR 1939, both including and excluding expenditures of military personnel abroad, are available on request.
tRevised series. For revised data (dollar figures and indexes) on sales of retail stores for January 1943 to June 1944, and earlier revisions for a number of series, see table on pp.
19 and 20 of the September 1945 Survey (corrections for p. 19: March 1944 indexes—building materials and hardware stores, 143.6; jewelry stores, 460.7; 1940 dollar figures all retail
stores—January, 3,188; February, 3,108); except as given in this table, data for 1929,1933, and 1935-42 are correct as published on pp. 7 and 11-14 of the November 1943 Survey Data
b«ginning July 1944 were revised in the September 1945 Survey.
mil. of dol..
do....
.do
do
do
do
do
.do
do
do
do
do
do
do
w ..do
do
do
do
do
do
do
do
do
do.
do.
7,192
1,118
331
228
103
409
239
48
121
296
225
71
82
6,075
736
161
361
99
116
268
899
1,922
1,473
449
297
6,322
848
259
182
77
315
179
46
90
206
163
43
68
5,474
757
159
380
102
117
239
825
1,647
1,241
406
234
5,461
822
242
171
71
324
186
48
89
197
158
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
1945
1946
March
May 1946
March
April
May
June
July
August
September
1946
October
Novem- December
ber
January
February.
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
All retail stores—Continued.
Estimated salest—Continued
Nondurable goods stores—Continued
1,041
813
905
792
1,122
846
920
1,106
1,578
General merchandise group
mil. of dol__
871
1,197
471
683
511
563
557
620
734
1,017
758
Department, Including mall order
do
566
810
General, Including general merchandise with
117
109
119
118
114
116
117
128
128
152
130
111
food
_
-_. mil. of dol_97
88
100
110
92
94
101
110
116
Other general mdse. and dry goods..
do
120
175
89
105
116
122
130
115
116
113
125
129
235
Variety
do...
104
137
643
686
677
731
662
700
667
831
752
973
764
Other retail stores
do...
770
202
217
205
212
204
212
191
244
209
Feed and farm supply
do
198
195
208
111
til
110
148
111
117
108
148
129
162
190
Fuel and ice
do__.
119
120
129
130
137
128
144
137
152
146
222
135
Liquors
do
158
209
228
234
234
220
226
231
other.
_.
do__.
285
392
244
Indexes of sales:f
174.5
181.6
185.4
180.8
186.6
183.5
217.2
197.4
209.3
253.4
198.7
Unadjusted, combined index
1935-39«= 100..
222.7
106.0
110.3
115.0
113.4
102.1
109.3
138.7
120.5
130.2
125.4
Durable goods stores
do
156.8
141.7
196.8
208.4
204.8
202.7
214.1
207.7
242.8
222.4
235.1
Nondurable goods stores
do
284.9
222.6
249.1
176.3
182.8
177.6
191.4
193.8
189.5
231.8
189.2
202.4
228.4
Adjusted, combined index
do
210.5
215.8
127.3
130.2
127.7
135.8
140.8
134.6
163.6
135.0
144.5
Index eliminating price changes
do
149.2
161.9
153.4
106.4
108.6
102.6
114.9
112.7
110.6
153.1
116.9
125.5
Durable goods stores
do.
135.1
130.5
151.2
58.0
60.9
57.6
60.8
60.7
62.7
78.7
67.0
73.5
Automotive
...do.
84.5
71.1
79.0
156.4
153.9
145.5
164.4
163.1
161.0
221.0
162.7
172.1
Building materials and hardware
do.
177.4
176.4
216. 6
146.6
155.3
141.4
164.8
158.6
144.5
236.2
163.3
178.3
Bomefurnishings
_.do.
220.6
205. 3
203.9
310.5
304.6
315.4
367.8
343.5
336.8
428.7
346.6
352.8
Jewelry
_
do t
373.1
378.3
388.6
197.8
207.0
202.1
216.3
220.2
215.2
257.4
212.8
227.5
Nondurable goods stores
do
253.6
236.6
242.1
211.7
231.6
215.2
259.7
258.8
260.5
306.7
236.7
259.2
Apparel
_
do...
277.4
247.6
279.9
192.7
200.7
196.3
197.8
203.1
197.0
229.5
198.3
209.5
Drug
do__
244.9
226.1
220.0
314.8
330.7
323.9
322.6
334.7
322.3
364.8
328.6
349.5
Eating and drinking places
do..
347.5
383.6
367.6
193.8
196.9
198.5
202.6
206.9
207.2
245.6
208.9
224.0
Food
do.,,
251.4
238.5
238.8
109.9
111.5
109.7
111.6
118.7
113.6
153.5
123.2
132.0
Filling stations
do..
135.6
140.5
161.5
165.6
178.4
169.8
190.9
198.6
180.1
232.0
176.7
188.7
General merchandise
do..
208.7
191.7
200.7
217.8
227.6
221.0
250. 4
240.4
246. 5
283.8
236.3
248.2
Other retail stores
...do..
270.9
280.9
271.3
6. 554
6,547
6, 654
6,363
6,385
6,653
6, 500
6,722
6,788
Estimated inventories, total*
mil. of dol
6,826
5,825
5,974
1,898
1,891
1,932
1,824
1,913
1,878
2,117
1,969
1,935
Durable goods stores*
-do..
1,892
1,620
1,714
4,656
4,656
4,722
4,539
4,472
4,775
4,383
4,753
4,853
Nondurable goods stores*
do..
4,934
4,205
4, 2C0
Chain stores and mail-order houses:
1,166
1,258
1,430
1,310
1,204
1,638
1,245
1,313
1,503
Sales, estimated, total*
do..
1,403
1,900
1,545
22
23
24
27
35
28
30
28
30
Automotive parts and accessories*
do
41
33
33
47
51
43
53
56
54
50
58
70
Building materials*
do
59
43
53
13
14
15
14
20
13
13
14
20
Furniture and housefurnishings*
do
15
25
21
154
174
249
191
154
146
230
175
210
Apparel group*
do
265
164
211
21
23
36
29
17
17
35
26
40
Men's wear*
do
26
41
36
84
93
136
82
96
<6
122
86
102
Women's wear*
do
133
83
101
37
44
65
45
51
42
54
49
Shoes*
do....
56
69
41
r,o
52
65
57
66
57
57
66
55
Drug*
do....
91
62
61
4}
44
60
45
45
43
43
49
44
Eating and drinking*
do
49
49
4e
345
375
48
398
371
389
365
498
385
Grocery and combination*
do
443
505
460
310
327
422
392
324
340
313
439
345
General merchandise group*
do
445
601
339
422
Department, dry goods, and general merchan175
169
187
173
237
180
196
dise*
mil. of dol.
234
176
245
324
43
42
62
39
33
84
35
Mail-order (catalog sales)*
do...
42
67
63
65
73
100
91
113
106
108
100
Variety*
do...
112
119
203
90
Indexes of sales:
167.2
179.6
161.7
169.5
163.9
211.6
162.0
Unadjusted, combined index*
1935-39=100..
177.1
1S6.7
188.0
248.7
211.1
164.8
184.0
161.8
167.7
177.3
227.2
175.5
172.8
Adjusted, combined index*
do
186.9
196.8
221.7
200.6
119.4
147.2
127.8
127.0
142.9
222.2
145.4
156.8
167.2
Automotive parts and accessories*
do
215.7
207.0
191.2
169.9
182.2
181.5
180.8
183.0
244.8
174.5
174.5
198.8
Building materials*
_
do
202.3
195.4
238.5
122.8
140.6
122.8
144.0
143.5
197.0
114.7
132.7
151.0
Furniture and housefurnishings*
do...
166.1
187.1
165.3
212.2
270.7
208.5
223.4
241.8
314.4
253.9
223.6
247.0
Apparel group*
do t
234.6
304. 5
263.0
169.4
220.7
157.0
182.0
182.3
269.9
188.8
200.0
245.3
224.4
187.9
226. 0
Men's
wear*
d
o
.
.
.
311.5
403.9
305.1
315.3
319 6
428.4
332.4
311.6
333.8
Women's wear*. _
do.
339.0
305.6
409.7
133.6
161.4
137.5
152.9
197.1
223.0
214.1
148.9
161.3
Shoes*
do.
190.8
245.0
212.1
183.2
189.4
178.1
190.9
193.2
219.2
189.9
187.3
195. 2
Drug*
_
do
206.5
228.1
211.5
188.3
188.8
176.9
194.4
195.4
205.1
193.8
185.1
192.6
Eating and drinking*
do
196.2
185.5
214.6
168.2
167.3
161.7
167.1
175.1
214.7
173.8
177.8
191.8
Grocery and combination*
do
205.0
211.7
221.1
163.0
197.5
160.7
165.1
181.3
241.5
172.6
166.4
179.7
General merchandise group*
do
194.6
179.8
222.3
Department, dry goods, and general merchan223.5
177.3
177.4
206. 9
272.6
182.7
251.1
199.2
dise*
1935-39=100.
207.2
189.0
203.5
224.8
173.2
122.3
121.8
127.8
243.4
118.3
110.9
M ail-order*
_
_ do...
119.8
128.4
149.4
127.9
222.8
164.1
170.6
161.6
170.5
193.5
162.0
164.3
155.7
169.6
Variety*
do._.
172.2
163.8
177.3
Department stores:
Accounts receivable:
'40
37
34
32
43
35
33
45
41
48
36
Instalment accounts§
1941 average«=100.
96
88
114
108
'145
Open accounts§
_
do
113
85
87
Ratio of collections to accounts receivable:
32
36
30
31
32
35
35
32
40
36
Instalment accounts§
percent40
64
66
'61
62
64
64
63
63
66
61
61
67
Open accounts§
do...
183
174
163
••213
186
239
168
209
230
179
'352
'273
Sales, unadjusted, total U. S.f
1935-39=100.
238
227
225
282
233
314
244
279
307
466
246
348
Atlantat
do...
158
156
127
187
165
197
125
176
196
Boston!
do___
323
147
225
170
165
154
178
231
200
158
197
213
Chicago!
do...
254
167
320
177
171
161
187
23'
214
165
199
224
Cleveland!
do...
338
264
167
248
228
228
228
316
'268
237
292
318
Dallasf.
do...
467
248
352
205
195
192
200
201
239
*257
'232
253
366
199
Kansas Cityf
_
do...
286
164
156
'149
' 172
'160
'207
223
' 190
'210
Minneapolisf
do...
'305
'158
'243
148
142
118
155
120
171
206
176
196
New York!.
do...
235
307
155
163
152
137
167
136
178
220
'199
208
Philadelphia!
do...
328
255
158
209
193
181
207
194
239
264
251
271
Richmond!
do._.
399
197
'319
209
192
185
198
194
234
264
233
255
St. Louisf
do...
303
365
192
218
205
211
215
210
243
254
'233
P 259
San Francisco...
do...
214
320
407
• Revised. §Minor revisions in the figures prior to November 1941 are available on request.
*New Series. Revised 1940-43 dollarfiguresand indexes for total chain store sales and furniture and house furnishings, 1942-43 indexes for all series in the general merchandise group
except mail-order, and scattered revisions in the 1942 or 1943 data for a few other series are available on p. 20 of the September 1945 Survey. Except as given on that page, data for 1929,
1933, and 1935 to March 1943 are correct as published on pp. 15 to 17 of the February 1944 Survey. Data beginning 1939 for the estimates of retail inventories will be published later;
data shown in the Survey beginning with the June 1944 issue are comparable with estimates published currently.
fRevised series. See note marked " ! " on p. S-7 for sources of data through June 1944 for sales of all retail stores. The indexes of department store sales for the United States
and the indicated districts have been revised for all years. The revised Boston index is from the Board of Governors of the Federal Reserve System. Revised data beginning 1919
or 1923 for the United States, Dallas, and Richmond are published, respectively, on p. 17 of December 1944 Survey, p. 20 of February 1944, and p. 22 of June 1944 issue (further revisions
in the 1943-44 data for Richmond and the 1942^43 data for the United States are in footnotes on p. S-8 of the March 1946 and April 1946 issues). Complete data for other districts will
be published later (see also note in April 1946 issue regarding recent revisions in the New York and St. Louis indexes).
May 1946
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
S-9
1946
1945
March
March
April
May
June
August
July
September
October
Novem- December
ber
Janu- jFebruary 1 ary
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued.
Department stores—Continued.
Sales, adjusted, total U. S.f
1935-39= 100..
2C2
334
220
274
182
234
188
243
229
193
Boston f
do
157
160
238
207
168
170
Chicagof . .
__
do
222
174
179
271
Clevelandf
do
316
264
'2f8
Dallasf
do
2.r6
••'..39
p 276
199
203
Kansas Cityf
do__
••2(1
246
' 155
'171
Minneapolis!
do
2? 2
187
156
New Yorkf
.
. .
do_
150
244
'2(»3
170
162
Philadelphia!
do
2W
Richmondf
.
_ _ _ ..do
2P4
2]0
210
2?3
286
202
213
St. Louist
do...
'252
v 291
San Francisco
do
234
219
Sales by type of credit ••
63
62
63
F9
Cash sa es . _ _ _.__.__ . «. percent of total sales.
34
37
35
Charge account sales
...
do
34
3
4
3
3
Instalment sales
do
Stocks, total U. 8., end of monthrf
Mf.0
162
170
v 1C7
Unadjusted
1935-39^100
165
v 164
Adjusted
_
. d o
'147
156
Other store", ratio of collections to accounts receivable,
instalment accounts:*
23
22
28
Furniture stores.
_
_
percent..
24
40
Household appliance stores
do
£3
36
36
33
33
30
Jewelry stores..
. . . .
. . . .
do. .
32
Mail-order and store sales:
Total sales, 2 companies
_
tbous. of dol_. 207, Of £ 158,574 126,547 129,540
52,C80
Montgomery Ward <Sr Co
do_ . . 78, 414
60.SC5
65,572
77,460
Pears, Roebuck & Co
do
75, 642
128, €01
93,0C2
Rural sales of general merchandise:
184.2
164.9
233.3
Total U. 8.. unadjusted
1929-31 = 100.. 803.4
155.4
182.4
313.2
Fast
. . . . .
. . .
....do
234.8
220.5
245.5
South
do
449.1
320.9
141.5
158.4
2fl.9
2C5.0
Middle West
..do
193.1
236. 2
SCO. 7
Far West
do
280. 3
179.7
2CC 4
265 7
Total U 8 , adjusted
do
?45 5
168. 9
348, 8
191.3
East
_
_
do .
261.5
278. 7
2fO.O
South
. do
467.4
355.4
149.4
169.6
M iddle West
do
2£5 6
231 4
224.7
214.8
Far West
do
340.6
287.0
202
277
177
184
197
268
218
' 181
169
185
2S5
220
233
218
300
183
197
220
300
243
r J84
177
198
252
237
255
200
274
166
189
189
272
214
r
178
165
175
236
225
231
200
268
167
193
187
278
217
' 191
161
175
225
2? 2
232
63
34
3
66
31
3
65
31
4
172
181
170
189
23
43
33
172
184
248
238
245
225
298
183
208
220
288
265
'203
182
202
251
240
272
216
288
188
206
211
287
225
'199
179
184
237
289
256
228
308
186
209
214
306
2€9
'212
194
206
2C2
234
269
254
339
'200
241
242
339
'301
'236
2W
22t
283
281
'300
63
33
4
63
33
4
62
34
4
64
32
4
64
32
4
61
35
4.
179
187
178
171
179
161
173
150
133
141
140
156
152
159*
24
42
31
23
48
31
23
49
30
27
52
31
27
51
35
24
48
46
25
52
32
24
'51
'30
130,515
50,003
80,513
118,135
47,158
70,977
121,455
48, 687
72,769
136,930
55,174
81,757
184,704
77,295
107,409
196,052
77,013
119,040
218, 216
83, 232
134,984
158, 852
53,007
105, 846
150,292
55, 231
95,061
159.6
U0.2
216.7
136.4
198.5
176 2
163.6
269.6
144 5
208.3
140.8
121.1
192.2
118.6
188.4
192 9
170.1
283.0
160 7
229.8
144.0
115 4
194.6
125 8
187.4
176 0
144 8
269 9
152 5
203.5
195.3
168.5
281.3
166.6
230.2
184 7
171.4
254.8
162 5
196.8
246.5
249.6
357. 3
208.7
255.1
18Q 7
193.9
241.1
164 3
212.4
275.7
279.3
396.3
230.0
317.2
211 9
216. 7
288.7
175 4
261.5
267.8
246. 0
370.2
226.0
330.1
167 5
147.7
246 5
144 9
202.2
208.7
209.3
300. 4
177.1
220.1
274 2
275. 4
379 8
231 5
299.5
227.1
218 2
348.1
195 3
222.7
280 7
266. 7
381 7
245 7
300. &
3,572
886
2, P86
3,844
3,569
834
2,735
3,744
3,584
869
2,715
3,759
3,357
811
2, 546
3,898
3,926
937
2, ?8P
4,113
3,882
947
2,935
4,196
3,813
912
2,901
4,275
4,039
967
3,072
4,258
' 3, 786
' 9P8
' 2, 818
••213
292
177
199
209
289
241
r
ieo
WHOLESALE TRADE
Service and limited function wholesalers:*
Estimated sales, total.
.mil. of dol._
Durable poods establishments
do
Nondurable poods establishments
do .
All wholesalers, estimated inventories*
do
4,080
1 071
3. Cf 9
4,375
3,638
c 11
2,727
3,923
3,374
877
2, 417
3,946
3,535
f05
2,630
3,883
4,254
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
12,034
Armed forces*
thous..
12,082
12,218
12,297
12,300
12,160
11,890
10, 640
9,180
7,850
6,170
4,380
5,210
Estimated civilian labor force (Bureau of the Census):*
Labor force, total
thous.. 55, eeo 151,660 151,930 1 52,030 i 53,140
55,220
54,350
52,900
63,110
53,440
53, 310 53,710 54, 340
Male
do...
39, 370 i 33,720 i 33. 840 i 33, 790 134,380
35,140
34,250
34,5£0
35,020
35,280
36,130 37,550 38,340
Female
_
...do...
16, 2f 0 1 17,940 i 18. OH) i 18, 240 i 18,760
20,080
18,650
18,520
19,330
18,160 ' 17,180 16,160
16, 000
Employment
do. .
52, £50 » 50,830 151,160 151,300 152,060
54, 270
61, 250
51,560
53, 520
51,730
51, 360 51,420 51,690
Male..
_
d o . . . . 37,170 i 33. 230 133,410 i 33,360 133,800
34, 660
33,320
33. 660
34,590
34,100
34, 650 35, 790 36, 200
15, 780 117,600 i 17,750 i 17,940 i 18, 260
Female
do
17,930
17.900
19,610
18,930
17, 630
16, 710 15, 630 15, 490
1 7, 750
i 7,950
17,290
Agricultural
...do
7, f?0
i 9,090
9,840
9,050
8,800
8.710
8,420
6,760
7,190
6,990
Nonftgrloultural
__.do
45, 370 i 43. 540 U3.410 1 43.350 142,970
44,430
42,450
44,470
42, 770
43,310
44,660
44,170
44, 700
1
1770.
1730
Unemployment
do
2,710
1830
1,080
950
1,650
830
1,550
1,710
2,290
1,950
2,650
Employees in nonapricultural establishments:!
Unadjusted (U. 8. Department of Labor):
r
37,679
Total
thous.. 35,929
38,062
37,797
36,984
35,321
37,549
37,273
35,231
35,639 ' 36, 314 35, 818 r 35, 241
11, 720
14,811
Manufacturing
_
_
do
15,102
15,368
14,534
14,130
13,831
12, 082
11, i)52 '11,970
•11,910 r 12. 038 r 11, 297
791
728
Mining
_
do
761
796
794
784
784
784
793
'808
718
802
'810
1,328
798
Construction
do
699
636
845
911
945
927
1,014
1,006
1,042 ' 1,132 ' 1, 251
3,932
Transportation and public utilities
do
3,792
3,802
3,788
3,830
3,858
3,860
3,831
3,825
3,871
3,896 ' 3, 896 ' 3, 905
7,C03
Trade
„
do...
6,996
7,021
7,084
7,004
6,976
7,143
6,979
7,331
7,571
' 7, 959 ' 7, 485 ' 7, .502
5,062
4,513
Financial, service, and miscellaneous
do
4,444
4,394
4,589
4,672
4,6T3
4,666
4,845
4,936
4, 6&8
4,984 ' 5, 031
5,493
Government...
do
6,006
6,003
5,996
6,953
6,943
5,575
5,937
5,769
5,701
5,473 ' 5, 447
Adjusted (Federal Reserve):
Total
do
36, 381
37, 746
38,456
37, f 63
37,465
35,161
37,231
36,888
35,029 • 35, 338 • 35, 605 ' 36,336 • 35, 804
Manufacturing
do
11,779
14,885
15, 445
15,178
14,534
12,022
14,130
13,762
11,893
11,910 • 11,851 ' 12,098 • 11, 354
Mining
do
791
732
765
796
780
798
784
780
714
798
789
'814
'812
Construction
do
1,443
782
736
691
868
883
828
858
1,085 ' 1, 230 ' 1, 375
940
984
3,992
Transportation and public utilities
...do
3,811
3,802
3,846
3,792
3,801
3,803
3,774
3,806
' 3,871
3,916 ' 3, 955 ' 3, 985
7, 742
Trade
do
7,0C4
7,056
7,214
7,039
7,121
7,117
7,215
'7,315
7,258
' 7,335 ' 7, 677 ' 7, 694
'1 Revised.
v Preliminary.
Not comparable with data beginning July 1945, see note 1 on p. S-9 of the April 1946 Survey.
*New series. For data beginning June 1943 for the series on department store credit, see p. S-9 of August 1944 Survey; data beginning 1941 will be published later. Data beginning February 1941 for the collection ratios for furniture, jewelry, and household appliance stores are on p. S-8 of the April 1942 Survey; data back to January 1940 are available on
request. Annual estimates of wholesale sales beginning 1939 are available on p. 22 of the February 1945 Survey and p. 32 of the February 1946 issue and monthly figures beginning
June 1943 are on p. S-9 of the August 1944 and later issues; for estimates of wholesalers' inventories for 1938-42, see p. 7 of the June 1942 Survey and p. S-2 of the May 1943 issue. Estimates of civilian labor force for 1940-1943 are shown on p. 23 of the February 1945 issue (see note 1 on p. S-9 of the April 1946 Survey with reference to revisions in progress). Data
for armed forces through June 1945 are from the U. S. Department of Labor and are as of the first of the month; data beginning July are from the Bureau of the Census, based on first
of the month figures projected to the end of the Census week for the Civilian labor force data; officers on terminal leave are excluded beginning September; all data are based on reports from the War and Navy Departments.
t Revised series. See note marked "f" on p. S-8 regarding revisions in the indexes of department store sales. The index of department store stocks, shown on a 1923-25 base
through the May 1944 Survey, has been recomputed on a 1935-39 base. The estimates of employers in nonagricultural establishments have been revised back to 1929: data for 1929-43
for the unadjusted series are available on p. 24 of the July 1945 Survey; revisions beginning 1939 for the adjusted series will be published later; the estimates for manufacturing have
been adjusted to data through 1942 from the Federal Security Agency and are not comparable since 1942 with the series on production workers in manufacturing industries on p. 8-10
which have been further adjusted to date through 1944.
S-10
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 194C
1945
1946
March
April
May
June
July
August
1946
September
October
November
December
January
February
EMPLOYMENT CONDITIONS AND WAGES—Continued
F M P LO Y M ENT—Continued
Estimated production workers in manufacturing industries, total (U. S. Dept. of Labor)*
thousands..
Durable goods industries
do
; L Iron and steel and their products
do
Blast furnaces, steel works, and rolling mills
thousands. _
Electrical machinery
do
Machinery, except electrical
do
Machinery and machine-shop products
do
Machine tools§
do
Automobiles
do
Transportation equipment, exc. automobiles.do
do
fc Aircraft and parts (excluding engines) §
| Aircraft engine&§
.
do
Shipbuilding and boatbuilding§
do
Nonferrous metals and products
do
Lumber and timber basic products
do
Sawmills
do
Furniture and finished lumber products
do
Furniture
-do
Stone, clay, and glass products
.
do
Nondurable goods industries
do
Textile-mill products and other fiber manufactures
thousands _.
Cotton manufactures, except small wares_._do
Silk and rayon goods
.-do
Woolen and worsted manufactures (except dyeing
and
finishing)
thousands. _
Apparel and other finished textile products...do
Men's clothing
do
Women's clotMng
.
do
Leather and leather products
...do
Boots and shoes
do
Food and kindred productsdo
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
Production workers, unadjusted index, all manufacturing (U. S. Dept. of Labor) t
1939=100.
Durable goods industries
..do
Iron and steel and their products
..do
Blast furnaces, steel works, and rolling mills
1939=100..
Electrical machinery
do
Machinery, except electrical
do
Machinery and machine-shop products
do
Machine tools§
-do
Automobiles
do
Transportation equipment, exc. automobiles.do
Aircraft and parts (excluding engines) §
do
Aircraft engines§
do__-_
Shipbuilding and boatbuilding!
..do
Nonferrous metals and products
do
Lumber and timber basic products.
do
Sawmills
do
Furniture and finished lumber products
do
Furniture
do
Stone, clay, and glass products
do
Nondurable goods industries
do
Textile-mill products and other fiber manufactures
1939=100Cotton manufactures, except small wares
do
Silk and ravon 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
T
10, 407
4,796
1,201
352
405
456
285
532
362
368
5,611
1,168
1.009
355
T626
82
354
372
494
"146
127.0
132.8
121.1
135.7
158.0
100.7
287.0
124.4
126.5
110.2
125.2
122.5
102.1
127.8
102.2
"I26." I
' 13, 601 ' 13, 356 ' 13, 090
' 8, 039
'7,854
' 7, 639
' 1, 733 ' 1, 707 ' 1, 683
• 12, 855
' 7, 382
' 1, 630
12, 459 ' 12,179
' 7,054
' 6, 779
' 1, 555 ' 1, 490
479
"726
' 1, 206
450
75
'700
' 2, 061
638
211
917
"426
••517
218
••348
153
»-322
' 5, 562
475
'715
' 1,184
441
74
'691
' 1, 964
619
204
854
'423
'510
214
'342
149
'318
' 5, 502
474
'704
' 1,162
432
73
'665
' 1, 830
575
193
784
'420
'519
217
'340
148
'316
' 5, 451
470
'691
' 1,143
424
72
'642
' 1, 681
509
173
739
'409
'523
217
'341
148
'322
' 5, 473
462
'659
' 1,105
410
69
'601
' 1, 577
473
166
691
'384
'522
215
'334
144
'317
' 5, 405
r 1, 095
424
88
' 1, 074
416
86
' 1, 065
411
86
' 1, 071
414
145
••945
201
213
'317
172
' 1, 016
257
96
136
82
••318
146
322
109
132
••698
115
'134
92
'209
96
142
'932
198
207
'314
171
' 1, 014
255
102
129
81
'312
144
319
109
131
'693
115
'134
92
'205
93
141
'917
196
200
'312
170
' 1, 007
255
99
124
80
'310
143
320
109
131
'682
114
134
92
'201
92
' 166.0
' 222. 6
' 174.8
' 163.0
' 217. 5
' 172.1
' 159.8
'211.5
' 169. 7
' 10, 529
' 5, 234
' 1, 240
' 10,450
' 5, 151
' 1, 241
' 10, 503
' 5,180
' 1, 255
' 10, 519
' 5, 097
' 1, 294
• 10, 655
' 5,194
'1,313
457
'640
' 1, 076
399
67
'556
' 1, 468
430
154
647
'378
'524
215
'330
141
'317
' 5, 400
422
'445
'913
333
60
'426
'788
157
33
445
'301
'508
208
'303
128
'310
' 5, 295
426
'467
'909
330
58
'460
'667
127
29
368
'305
'476
192
'307
131
'319
' 5, 299
432
'479
'911
325
52
'525
'573
'121
27
286
'319
'484
193
'321
136
'313
' 5, 323
446
'484
'914
325
53
'388
'536
121
22
'265
'326
'499
'197
'336
143
'320
' 5, 422
448
'476
'941
334
58
'411
'523
120
22
'252
'333
'514
'202
'348
'150
'335
' 5, 461
' 1, 051
409
85
' 1, 049
407
85
' 1, 051
407
85
' 1, 057
404
' 1, 063
399
85
'1,113
424
87
' 1,127
429
88
140
'915
196
194
'317
172
' 1, 029
255
106
128
80
'315
144
320
109
131
'«71
115
'135
93
'199
90
135
'869
188
175
'313
169
' 1, 089
250
167
127
78
'309
142
317
107
131
'643
113
'136
93
'194
88
134
'897
186
190
'313
169
' 1,102
249
180
124
'79
'311
143
322
110
133
'600
112
135
93
'191
86
136
'911
181
202
'305
165
' 1,183
251
237
127
83
'312
142
324
113
133
'496
112
••131
88
'165
72
140
'928
180
205
'313
170
' 1,116
253
168
127
86
1'321
146
336
115
139
'486
109
'131
89
'187
143
'930
177
203
'321
174
' 1,085
254
125
133
83
'326
148
347
120
143
'487
111
'139
95
'194
91
148
'938
177
'204
'330
178
' 1,078
253
107
'148
82
'335
153
355
122
146
'488
113
'140
95
'203
149
'956
181
'207
'338
182
'1,051
'254
92
'153
81
'341
157
359
122
149
'489
115
'142
96
'209
99
' 156.9
' 204. 4
' 164. 4
' 152.1
' 195. 3
' 156.8
' 148. 7
' 187. 7
' 150. 3
' 128. 5
' 144. 9
' 125.1
' 127. 6
' 142.6
' 125. 2
' 128.2
' 143.5
' 126.6
' 128.4
' 141. 2
' 130. 5
' 130.1
' 143. 8
' 132.4
123.2
122.4
122.0
121.0
' 280. 2
' 271. 6
' 266. 6
' 276.0
' 228. 3
' 216. 3
' 224.0
' 219. 9
209.6
222.3
218.2
213.7
195.2
203.8
198.4
200.9
' 173. 9
' 171.6
' 165. 3 ' 159. 4
1, 298. 4 '1, 237. 5 '1,153. 0 1, 059.1
1, 607. 0 1, 560. 4 1, 450. 4 1, 283. 6
2, 368.8 2, 288.8 2, 167. 0 1, 949. 7
1, 324. 5 1, 233. 2 1,131.6 1, 066. 8
' 185.6
' 184. 6
' 183. 4 ' 178. 4
'121.3
' 124. 5
' 123.0
' 123. 4
75.4
75.8
74.2
75.3
' 103. 9
' 104. 3
' 103. 7
' 106. 2
92.7
95.8
93.8
92.9
' 109. 6
' 109.8
' 108. 2 ' 107. 7
' 121. 4
' 119. 5
' 120.1
' 119. 0
118.8
' 254.1
' 209. 2
202.7
187.7
' 149.3
' 993. 9
1,191.7
1, 869. 5
997.9
' 167. 6
' 124. 2
74.7
' 101. 7
90.4
' 108.1
'118.0
117.6
' 246. 8
' 203. 7
197.1
181.8
' 138. 3
' 925. 2
1, 084. 4
1, 732. 9
934.7
' 165.1
' 124. 7
74.7
' 100. 5
88.6
' 108.1
'117.9
108.8
'171.5
' 172. 7
164.6
163.1
' 105.9
' 496. 5
394.5
372.2
643.3
'131.2
' 120. 8
72.1
'92.4
80.6
' 105. 7
'115.6
109.7
' 180.1
' 172.1
163.2
158.1
' 114.4
' 420. 4
319.9
331.1
531.8
' 133. 0
'113.3
66.5
'93.7
82.0
' 108. 8
'115.7
111.1
' 184. 9
' 172. 4
160.7
142.4
' 130. 5
' 361. 3
305.6
300.3
413.0
' 139. 3
'115.0
67.1
'- 97. 7
85.3
' 106. 5
' 116.2
114.9
' 186. 9
'172.9
160.5
145.6
'96.4
' 338.0
304.1
246.2
' 382. 3
' 142. 2
' 118. 6
'68.5
' 102.6
90.1
' 109.1
' 118. 4
115.3
' 183. 7
' 178. 2
164.9
158.8
' 102. 2
' 329. 5
301.3
242.5
' 363. 3
' 145. 3
' 122. 3
'70.0
101.2
'94.0
'114.3
' 119. 2
'95.7
107.1
73.5
'93.9
105.0
72.0
'93.1
103.9
71.4
'93.6
104.5
72.1
'91.8
103.3
70.5
'91.7
102.9
70.9
'91.9
102.8
70.9
'92.4
102.1
71.1
92.9
100.7
70.5
'97.3
107.0
72.7
108.3
'73.0
97.3
' 119. 7
92.1
78.3
'91.4
79.0
' 118. 9
111.3
71.2
113.1
95.2
' 118. 0
90.6
76.2
'90.4
78.2
'118.6
110.4
75.5
107.2
94.2
'116.2
89.5
73.7
'90.0
77.8
'117.9
110.4
73.4
103.3
94.1
'115.9
89.8
71.3
'91.3
78.7
' 120.4
110.4
78.8
106.0
90.5
'110.0
86.0
64.6
'90.1
77.7
' 127. 5
108.4
123.8
105.7
90.0
'113.6
85.0
70.1
'90.2
77.6
' 129.0
107.9
133.5
103.2
91.3
' 115. 3
82.5
74.4
'88.0
75.5
«• 138.4
108.8
176.3
105.0
93.5
' 117. 5
82.4
75.5
'90.3
77.7
' 130.6
109.6
124.8
105.3
95.8
'117.8
81.1
74.8
'92.5
79.6
' 127.0
110.2
192.7
110.0
'118.9
81.1
'75.1
'95.2
81.6
r 126. 2
109.8
79.8
' 122. 6
'121.0
82.6
'76.3
'97.4
'83.5
' 123.0
'110.2
68.5
' 126. 7
Revised.
§ For 1941-43 data for shipbuilding see p. 19 of December 1944 Survey; 1939-44 data for aircraft and aircraft engines are on p. 20 of the August 19,45 issue. For data for December
1941-July 1942 for machine tools, see note marked " t " on p. S-10 of the November 1943 Survey.
* New series. Data begi!n ning 1939 for the estimates of production workers for individual manufacturing industries will be shown later; data published in the Survey beginning
with the December 1942 issue, except as indicated in note marked " § " , are comparable with figures published currently. Data for 1929-43 for all manufacturing, total durable goods
and total nondurable goods industries, and the industry groups are shown on p. 22 of the December 1945 Survey; estimates beginning January 1944 for these series have been further
revised to adjust the series to Fed eral Security Agency data for 1944; revisions through February 1945 will be published later.
t Revised series. The indexes of production-worker employment and of production-worker pay rolls (pp. S-12 and S-13) have been completely revised; for 1939-41 data for the
individual industries (except as indicated in note marked "§") and 1939-40 data for the unadjusted series for all manufacturing, total durable goods and total nondurable goods industries, 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 of the March 1943 issue and for 1942-43, p.
20 of the October 1945 issue; data beginning January 1944 for the totals and the industry groups have been further revised to levels indicated by 1944 data from the Federal Security
Agency; revisions for January 1944-February 1945 for the unadjusted series and all revisions through February 1945 for the adjusted totals (p. S-ll) will be shown later.
SURVEY OF CURRENT BUSINESS
May 1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
March
S-ll
1946
1945
March
April
May
June
July
August September
October
Novem- December
ber
January
February
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT-Continued
Production workers, index, unadjusted t—Continued.
Nondurable goods industries—Continued.
87.4
Tobacco manufactures.
...1939=100..
133.3
Paper and allied products
do
Paper and pulp
do
Printing, publishing, and allied industries
do
113.5
Newspapers and periodicals§
_
.do
Printing, book and job§
_do....
Chemicals and allied products
do
171.3
Chemicals
_
do
Products of petroleum and coal
do
~137.T
Petroleum refining
.do
Rubber products
do
182.0
Rubber tires and inner tubes
do
Production workers, adjusted index, all manufacturing
127.4
(Federal Reserve)!
___.1939= 100_.
133.0
Durable goods industries!
do
123.1
Nondurable goods industries!
do
Nonmanufacturing, unadjusted (TJ. S. Dept. of Labor):
Mining:!
Auttiracite
1939-100..
91.9
Bituminous coal
do —
55.7
Metalliferous.
do
Quarrying and nonmetallic
do —
Crude petroleum and natural gasf
do
Public utilities:!
96.6
Electric light and power
_
do
126.1
Street railways and busses
do —
Telegraph
-do—
157.1
Telephone
do
Services:!
124.3
Dyeing and cleaning
_
.do
109.6
Power laundries
-do—
119.0
Year-round hotels
do
Trade:
105.9
Retail, total!
..
do
Food*
do
General merchandising!
do
106.4
Wholesale!
do
307.0
Water transportation*
do
Miscellaneous employment data:
Federal and State highways, total?
number.Construction (Federal and State)
do—
Maintenance (State)
do
Federal civilian employees:^
United States
thousands.. i 2,379
237
District of Columbia
do.
Railway employees (class I steam railways):
Total
thousands.. v 1,396
v 133.9
Indexes: Unadjusted!.-1936-39=100.
»137.3
Adjusted!
_
do...
'87.8
' 119. 7
106.3
98.2
92.1
104.8
' 242. 3
126.1
' 173. 2
176.8
' 117. 7
104.6
97.3
91.7
104.0
' 240. 5
164.9
' 126. 4
126.1
' 169. 6
172.2
'85.6
'316.9
103.8
97.5
92.1
103.9
' 236.8
164.1
' 126.8
126.5
' 166.6
169.2
'86.1
' 118. 5
104.9
97.5
92.2
103.8
' 232.8
164.8
' 127. 4
127.3
' 164. 5
166.7
'83.4
' 116. 4
103.4
96.8
90.5
103.8
' 223. 2
162.4
' 128.0
127.6
' 160. 5
162.1
'84.3
'117.0
104.1
98.3
92.6
105.4
' 208. 3
161.2
' 128.0
127.5
'158.0
159.3
'89.5
'92.2
' 117. 5 ' 120.9
103.3
105.8
98.8
102.5
94.8
97.2
105.4
110.0
' 172.1 ' 168. 5
160.5
157.0
' 123. 3 ' 123.6
120.4
121.5
' 136.5 ' 154.4
132.7
163.0
'89.2
' 122.9
107.8
105.9
101.0
112.9
' 169.1
159.0
' 131. 3
130.6
' 160.1
168.9
'87.8
' 126.3
111.4
108.1
102.7
' 115. 5
' 169. 2
' 162. 2
' 132. 3
130.6
' 168. 2
177.8
'87.0
' 128.6
113.9
109.4
103.1
117.6
' 169. 7
164.7
'134.0
131.9
' 172. 7
182.4
'87.3
' 131.0
116.3
'112.1
105.3
120.9
170.3
165.0
' 133.7
132.3
' 177.1
187.3
' 166. 5
' 222. 8
' 122.0
' 163.8
' 217.6
' 121.3
' 160. 8
'211.5
' 120.8
••157.2
' 204. 3
' 120.1
'151.7
' 195. 2
' 117.4
' 147.6
' 187. 5
' 116.1
' 127.8 ' 127. 2 ' 127. 8
' 144. 8 ' 142.6 ' 143. 3
' 114. 5 ' 115.1 '115.6
' 128.1
'141.2
'117.8
' 130. 5
' 144.1
' 119.8
' 122. 3
' 122.6
' 122.1
79.0
90.2
78.4
76.6
82.6
77.4
82.2
77.8
77.7
82.7
9.7
88.2
77.3
78.3
82.8
78.9
89.2
76.0
80.5
83.6
77.6
87.1
74.6
81.3
77.4
87.1
73.1
81.7
84.2
82.1
118.9
118.9
127.1
82.0
118.3
117.9
127.3
82.0
117.8
117.4
127.8
82.8
117.3
117.9
129.5
83.6
116.8
119.3
131.9
117.4
105.5
109.0
119.7
104.7
108.0
119.8
104.9
108.5
122.0
107.2
109.5
99.3
105.9
117.4
95.3
290.4
103.6
112.4
94.9
295.5
96.7
103.0
112.7
94.5
303.5
117,612
11,305
82, 553
123,740
15, C33
84,906
2,920
256
1,451
139.4
143.0
165.7
' 126.6
78.1
70.8
'72.2
83.9
84.9
78.2
88.2
73.2
85.0
86.7
79.0
'89.8
75.2
'83.8
88.4
79.3
'91.2
'76.4
'83.3
90.0
81.1
'92.0
'71.8
84.3
91.0
84.1
117.3
119.4
133.1
77.6
87.6
72.2
82.5
84.0
84.5
118.0
121.2
133.5
85.7
119.2
123.2
135.6
88.1
121.7
124.8
139.4
90.7
122.7
126.4
143.0
92.9
123.7
94.7
' 125.6
146.3
' 153.7
121.2
108.3
109.4
117.3
106.1
109.9
122.3
106.6
112.2
124.7
107.4
115.0
120.6
106.7
116.5
119.9
107.8
117.6
120.3
109.3
117.3
'121.5
' 109. 0
'118.7
96.2
101.0
111.2
94.4
303.0
94.9
100.0
107.9
94.9
310.0
93.8
99.9
104.7
95.8
313.4
97.6
102.0
110.4
97.0
320.5
101.2
104.6
115.9
99.4
311.0
106.2
106.5
127.4
101.8
315.1
116.0
108.0
' 152.5
104.1
315.7
'104.0
106.6
'116.5
' 104.7
314.8
' 104.2
106.8
114.3
' 105. 5
' 316. 9
131,861
19,667
88,128
144,182
24,366
95,006
144,082
24,157
94,730
153.223
28,419
99,512
151,474
30,812
95,722
151,490
30,684
94,992
145,068
24,894
93,548
139,964
16, 674
95,317
139,381
14,908
95,458
142,074
16, 277
95,596
2,915
254
2,898
253
2,915
258
2,900
256
»2,851
251
» 2,613
240
i 2,513
233
» 2,45fi
230
i 2, 411
229
i 2,406 ' i 2,402
233
236
1,448
139.2
141.4
1,455
139.8
140.4
1,482
142.5
140.6
1,480
142.2
139.2
1,476
141.9
139.0
1,439
138.3
135.0
1,424
136.9
132.4
1,435
137.9
136.6
1,428
' 136. 9
' 139.1
' 1,422
136.5
141.9
f 1, 392
* 133.8
p 137.1
LABOR CONDITIONS
Average weekly hours per worker in manufacturing:
45.4
45.0
Natl. Indus. Conf. Bd. (25 industries)
hours..
45.2
44.3
43.4
42.3
41.7
46.1
40.6
41.9
39.1
42.3
45.1
U. 8. Dept. of Labor, all manufacturing!.
do
44.1
44.6
44.0
40.7
41.4
'41.5
45.4
'41.0
41.2
40.5
41.6
46.5
45.6
45.8
Durable goods industries*
do
44.9
41.1
41.0
'41.4
46.7
'40.8
41.1
40.1
41.6
46.9
46.0
46.0
Iron and steel and their products*
..do
45.2
41.7
40.4
'42.5
47.1
42.1
40.9
39.6
42.1
Blast furnaces, steel works, and rolling
47.0
46.6
mills*
hours..
45.6
47.0
45.1
42.2
41.2
41.0
37.8
32.2
40.4
40.8
46.4
45.6
45.7
Electrical machinery*
_
do.
45.3
41.2
46.6
40.8
41.5
40.4
41.1
41.3
41.3
48.1
46.6
47.7
48.6
46.7
42.7
Machinery, except electrical*
do.
43.0
42.9
41.7
43.0
42.6
42.5
48.3
46.6
47.8
46.6
42.7
48.7
42.6
Machinery and machine-shop products*_.do
42.3
43.1
42.9
42.8
42.5
50.2
47.7
48.9
60.9
47.7
45.6
44.7
Machine tools*
..do.
43.0
44.1
43.9
44.4
44.4
45.5
43.9
43.8
42.3
33.5
46.1
36.5
34.1
Automobiles*
—do.
38.4
37.8
36.0
37.5
46.8
45.9
46.2
47.1
45.8
41.7
38.8
38.7
Transportation equipment, except autos*._do
39.1
37.4
'39.7
'40.0
46.8
46.5
46.9
45.9
40.7
47.1
38.1
40.1
Aircraft and parts (excluding engines)*.._do
40.1
39.7
40.8
40.9
45.8
45.1
44.2
47.1
43.6
37.2
36.7
42.0
Aircraft engines*
do
39.0
37.6
40.3
40.9
47.0
45.8
46.3
46.6
43.6
46.9
38.7
37.0
Shipbuilding and boatbuilding*
do
38.2
35.0
'38.3
'38.9
47.1
46.0
46.2
47.3
45.7
43.3
42.5
43.2
43.2
43.2
Nonferrcus metals and products*
do
'43.3
43.3
43.6
42.9
44.0
41.4
40.5
43.1
40.8
40.1
42.2
40.5
Lumber and timber basic products*...
do
'39.0
'38.8
44.3
43.6
44.1
44.6
43.3
40.6
42.3
42.3
42.7
42.0
Furniture and finished lumber products*.—do...
'42.5
'41.8
44.5
43.6
43.8
43.4
41.6
44.2
41.8
40.7
42.5
42.0
Stone, clay, and pl»ss products*
do...
'41.9
'40.5
43.2
42.3
43.1
43.6
42.8
40.3
41.8
40.9
41.5
41.3
Nondurable goods industries*
do...
'41.5
'41.2
Textile-mill products and other fiber manu
41.9
40.7
factures*
hours.
41.8
42.4
41.3
38.4
40.6
40.4
40.3
40.7
40.4
40.5
Apparel and other finished textile products*
37.9
36.4
37.2
hours.
39.0
36.7
36.2
33.2
36.4
36.7
36.1
36.7
36.5
42.0
40.4
Leather and leather products*
do...
42.1
42.5
41.7
40.6
39.3
40.6
40.9
39.6
'39.8
40.4
45.0
44.5
Food and kindred products*
do.,.
45.6
45.1
45.8
44.7
43.3
'45.3
44.1
44.4
45.0
44.3
42.3
Tobacco manufactures*.
do...
41.6
42.8
42.9
41.0
42.3
39.0
39.1
42.0
40.4
39.3
38.4
Paper and allied products*
do...
46.5
45.4
46.4
46.3
46.3
45.9
44.0
45.6
45.8
45.7
44.4
44.0
Printing and publishing and allied industries*
41.2
hours.
41.2
41.6
41.5
41.6
40.7
42.2
41.6
41.7
'41.1
41.5
40.8
Chemicals and allied products*
do
45.7
45.7
45.4
45.9
45.1
43.4
43.4
43.3
42.5
'42.0
42.5
41.7
Products of petroleum and coal*
__do.
48.3
47.5
47.8
47.4
47.7
46.9
44.9
42.6
44.0
'41.7
'42.9
41.4
44.2
Rubber products*
do.
45.7
45.2
45.3
45.5
41.8
43.0
41.4
40.2
40.9
'41.7
40.6
' Revised. * Preliminary. * See note marked "J".
§ Data beginning August 1942 are available in the November 1943 Survey; earlier data will be published later.
JTotal includes State engineering, supervisory and administrative employees not shown separately.
\ United States totals beginning August 1945 include approximately 53,000 clerks at third-class post offices and substitute rural carriers not reported previously; see also note in
July 1944 Survey regarding changes in the data beginning in 1943. December figures do not include excess temporary post office substitutes employed only at Christmas.
*New series. Indexes beginning 1939 for employment in retail food establishments and beginning 1940 for water transportation are shown on p. 31 of the June 1943 Survey
Data
beginning 1939 for all series on average hours will be published later; data beginning March 1944 for the aircraft engines industry and beginning March 1942 for other series are available
in previous issues of the Survey.
!Revised series. See note marked "f" on p. S-10 regarding revisions in the indexes of employment in manufacturing industries and sources of revised data. Data for 1937-43 for
the index of employment and pay rolls in the telephone industiy are on p. 20 of the May 1945 Survey and data beginning 1937 for the telegraph industry will be published later; data for
1939-41 for the other Department of Labor series on nonmanufacturing employment and pay rolls are on p. 31 of the June 1943 Survey. The index of railway employees has been
shown on a revised basis beginning in the May 1943 Survey; earlier revisions will be published later. The Department of Labor series on average weekly hours in all manufacturing industries has been shown on a revised basis beginning in the March 1943 Survey; data prior to 1942 will be published later.
S-12
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
March
May 1946
1945
1946
March
April
May
June
July
1946
August
October
September
Novem- December
ber
January
February
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS—Continued
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 nonraetallic
..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._.
Indusrria nspotes isirifces and lockouts):
Strikes beginning in month:
385
Strides-.
number.
130
Workers involved
thousands..
14,000
Man-days idle during month
do
U. S. Employment Service placement activities:
421
Non agricultural placemen tat
thousands.
Unemployment compensation (Social Security Board):
i 774
Initial claims*
thousands..
i 7,469
Continued claims©
do.
Beneflt payments:
i 1, 573
Beneficiaries, weekly average
do
1
Amount of payments
.thous. of dol___ 126,000
Veterans' unemployment allowances:*
Initial claims
thousands..
801
7,353
Continued claims
do..
1,507
Number receiving allowances, weekly average
do__
Amount of payments
thous. of dol...
Labor turn-over in manufacturing establishments:*^1
Accession rate
monthly rate per 100 employees
Separation rate, total
do..
Discharges...
---do..
Lay-offs
do..
Quits
do...
Military and miscellaneous,„_——
do..,
40.0
39.3
40.4
40.1
40.3
38.1
38.7
37.2
37.1
37.7
41.4
43.8
45.0
46.5
46.2
36.8
45.5
48.0
45.2
36.4
42.4
45.0
47.2
46.1
41.1
46.2
45.4
48.2
46.3
39.4
40.8
43.9
48.0
45.0
37.1
40.1
42.0
46.6
46.8
37.0
42.3
43.0
46.5
45.4
41.2
'32.2
44.3
47.2
44.4
35.8
44.9
43.0
46.1
43.9
39.6
'45.7
42.0
'44.2
41.0
36.4
43.3
'41.7
43.3
41.1
44.2
51.2
44.7
42.8
43.6
51.0
44.8
40.6
44.5
51.7
45.7
41.1
44.4
52.2
46.2
41.4
43.4
51.6
46.0
41.8
44.3
52.3
48.2
44.1
43.0
51.3
45.9
41.5
43.3
50.9
45.4
41.9
42.7
50.3
45.0
42.1
42.0
50.7
44.5
41.1
42.7
\4Q. 2
44.3
43.8
43.9
43.8
43.0
43.4
43.8
43.4
44.2
44.0
41.5
42.4
43.1
43.4
43.5
43.2
42.4
42.7
43.0
43.3
43.1
43.6
39.7
42.9
39.9
43.2
39.4
42.9
40.7
42.8
41.9
43.1
41.2
42.4
40.7
42.4
40.3
42.6
40.0
42.3
40.1
42.0
40.3
'41.8
430
306
1,475
425
197
775
480
328
1,850
520
322
1,700
410
225
2,210
550
460
1,350
3,675
455
560
7,800
335
405
6,100
7,500
973
926
952
1,042
1,014
825
614
601
484
380
412
117
543
153
488
87
6,185
220
618
269
810
268
1,081
1.230
1, 532
1,086
4,724
918
6,671
766
' 6, 503
739
6,564
' 1, 236
' 8, 258
98
7,044
185
14,352
231
612
17,948
50,439
1,272
106, 449
1,313
108, 555
1,319
106, 624
i 1. 625
133, 246
24
144
28
2,501
129
9,686
32
160
32
3,572
74
261
44
112
400
73
567
1,030
4,594
7,457
426
1,415
218
25, 770
2,401
5,013
260
774
123
14, C
42, 217
83,322
5.9
7.9
.7
1.7
5.1
.4
5.8
7.7
.6
1.5
5.2
.4
6.2
.3
8.6
8.6
.5
2.3
5.6
.2
8.7
7.1
.5
1.7
4.7
.2
6.9
5.9
.4
1.3
4.0
'8.5
.6
4.5
6.7
.2
£.2
6.8
.5
1.8
4.3
.2
40.0
103
7,242
21
19
142
136
28
3,139
28
2,540
4.9
4.7
326
42
203
38
3,777
100
40
405
40.1
325
1,400
19,200
695
6.8
.7
.7
5.0
.4
4.8
.4
5.0
7.0
.6
1.2
4.8
.4
'341. 7
••465.1
'333. 5
'333.3
'451.6
'328. 8
'318.7
'427.6
'318.6
'314.6
'414. 2
'308. 3
'298. 7
'387.1
'289.7
'267.3
'335. 4
'255.8
'224. 2
'246. 2
'206.9
'222.9
'243.7
'207. 3
'222.9
'241.8
'210. 4
'226.2
'240.0
'220. 5
'229.1
'242. 8
'216. 5
229.1
••528. 6
'438. 7
419.8
382.0
'325. 5
228.5
'517.8
'426. 4
409.8
370. 9
'317.5
227.1
' 500.5
'404. 7
386.4
347.6
'292. 2
222.8
'490. 0
'407. 0
386.4
353.4
'281.6
217.3
'460. 6
'384. 4
365.9
328.8
'253.1
199.2
'399. 2
'338. 4
323.6
303.9
'183. 5
175.3
'268. 5
'285. 7
266.4
260.5
'151. 2
169.4
'289.1
'284.1
268.4
254. 9
'171.8
173.6
'301.9
'283. 3
263.4
233.0
'192. 2
181.2
'308. 5
'288.7
265.4
244.5
'135. 5
171.4
'302. 6
'295. 8
272.8
262.9
'152. 2
2, 767. 9 '2,615.4 '2, 396. 0 '2, 223. 5 '2, 068. 0
3,190.3 3, 070. 7 2, 837. 0 2, 546. 2 2, 310. 4
4, 279. 7 3, 957. 0 3, 703.0 3,231.9 3, 042. 5
2, 906. 6 2,711.2 2, 433. 6 2, 327. 7 2,193.4
' 364. 0 ' 360. 0 ' 347. 3 ' 337. 9 ' 313.1
' 230.5 ' 239.7 ' 222.1
' 226. 2 '228.3
133.9
142.4
147.6
140.4
141.2
' 201. 3 ' 197. 9 ' 194. 2 ' 195. 9 ' 188. 2
165.7
173.3
173.0
181.8
177.4
' 190. 5 ' 190. 7 ' 185. 5 ' 189. 8 ' 185. 6
'
212.1
'217.3
' 212. 2
' 221.0 '217.5
' 177. 5 ' 172.9 ' 168. 3 ' 177. 3 '172.6
209.8
200.2
210.3
206.5
201.8
138.4
142.1
133.7
139.3
134.6
177.2
186.7
178.9
186.8
193.4
' 233.1 ' 219. 7 ' 204. 5 ' 207.6 ' 191. 2
156.6
164.2
151.5
174.4
167.1
131.1
109.2
125.1
157.2
143.6
' 172. 3 ' 169. 3 ' 163. 6 ' 173.1 ' 167. 8
143.2
149.0
154.1
153.6
150.4
' 194. 4 ' 194. 8 ' 193. 7 ' 202. 6 ' 212. 7
171.4
174.6
174.1
170.2
170.4
144.4
250.2
156.
142.6
150.0
162.5
175.0
177.9
178.2
167.7
' 166.0 ' 160. 8 ' 157. 2 ' 164. 5 '151.9
' 201. 9 ' 199. 8 ' 194. 5 ' 202. 0 ' 198. 0
177.5
180.7
183.8
183.4
182.0
138.9
139.6
137.8
139.4
138. 2
122.4
119.7
121.
120.2
120.7
154.4
155.1
155.6
157.2
155.5
on p. S-10. ©Small revisions in the data for January
'1,742.2
1, 854. 8
2, 375. 9
1,919.9
' 292. 2
r 219. 3
133.8
'171.5
150.4
' 179. 8
' 200. 6
' 162.1
192.9
133.9
' 844.1
624.5
469.7
1.115.9
' 223.3
' 215. 3
130.3
' 164. 0
140.8
' 175. 7
' 202. 6
' 169. 7
201.0
138.2
' 713. 5
537. 4
444.3
893.4
' 230.4
' 199. 0
117.4
' 168.8
147.1
' 183. 2
' 202.6
'171.3
198.6
143.0
' 583,5
506.6
389.7
637.9
' 243. 5
' 194. 8
114.0
' 173. 2
151.1
' 175. 9
' 204. 5
' 174. 8
199.9
142.0
' 577. 2
520.4
346.3
' 641. 2
' 250.4
' 199.4
' 114.1
' 188.1
164.3
'181.7
' 212. 7
' 188. 0
216. 2
148.8
' 563. 7
515.7
359.8
' 610. 7
' 256.1
' 207. 7
'118.2
' 192.9
169.3
' 184. 9
' 215. 7
' 190. 7
217.0
' 149. 4
200.0
178.3
184.0
167.2
175.4
' 180. 6 ' 208. 4 ' 213. 5 ' 208. 0 ' 215. 0
136.9
141.0
140.7
135.0
141.4
136.4
141.9
140.9
108.4
138.4
'159.9
' 160. 2 ' 165.0 ' 165.3 ' 179. 2
145.7
144.2
157.1
141.2
140.3
' 205. 6 ' 226. 6 ' 215. 9 ' 214.9 ' 220.4
181.4
176.8
181. 2
170.9
173.6
179.4
251.7
167.3
249.4
351.6
185.2 ' 214.9
173.1
158.2
177.6
' 149.3 ' 176.0 ' 181. 7 ' 172. 2 ' 164.1
' 211. 0 ' 219.0
' 189. 2 ' 200. 7 ' 206. 9
190.0
186.7
196.6
171.7
180.5
158. 5
150. 7
163.2
140.0
147.7
138.3
132.9
141.9
128.6
130.3
168.6
178.1 ' 184. 7
151.9
166.5
1940 to May 1944 are available on request.
206.6
' 228. 0
148.0
' 149.4
' 185. 2
' 164. 0
'215.0
' 180.1
143.6
' 217. 9
' 166. 7
' 221. 7
198.4
' 165. 7
143. 5
' 188.8
5.9
7.4
17.9
12.0
.7
10.7
PAY
Production-workers. piaV rolls, unajdusted index, all j
manufacturing (U. S. Dept. of Labor) t-.1939=100..
Durable gbods industries
do-_
Iron and steel and their products
do..
Blast furnaces, steel w o r k s , and rolling
mills
1939=100..
Electrical machinery
do
Machinery, except electrical
do
Machinery and machine-shop products
do
Machine toolst
„
do
Automobiles
do
Transportation equipment, except automobiles
193y=100__
Aircraft and parts (excluding engines) J_
do
Aircraft engines*
-do
Shipbuilding and boatbuilding-.
do
Nonferrous metals and products
do
Lumber and timber basic products
do
Sawmills
do
Furniture and finished lumber products
do
Furniture
do
Stone, clay, and glass products
do
Nondurable goods industries
do
Textile-mill products and other fiber mfrs
do
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 pulp
do...
Printing, publishing, and allied industries
do...
Newspapers and periodicals*
do...
Printing, book and job*
do-_.
begin
Mav 1943 Survey and data back to 1939 will be published later. The new series on veterans unemployment allowances relate to readjustent all
py
men's Readjustment Act of 1944- data beginning September 1944 will be shown later. Indexes of pay rolls for the printing and publishing subgroups beginning 'August 1942 are on
p S-12 of the November 1943 Survey: data back to 1939 will be published later. Data beginning 1939 for the series on initial unemployment compensation claims will be shown later
(Se
tRevisTdiseri^
placements are available in the August 1943 Survey; earlier data will be published later. For information regarding
the revised indexes of production-worker pay rolls in manufacturing industries, see note marked " t " on p. S-10.
SURVEY OF CURRENT BUSINESS
May 1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
March
S-13
1945
March
April
May
June
July
1946
August
September
October
Novem- December
ber
January
February
EMPLOYMENT CONDITIONS AND WAGES—Continued
!
PAY BOLLS—Continued
Production-worker pay rolls, mfg., unadj.f—Con ..
Nondurable goods industries—Continued.
Chemicals and allied products
19159—100
Chemicals
do
Products of petroleum and coal
do
Petroleum refining
do
do
Rubber products
do
Rubber tires and inner tubes
Nonmanufactunn^.unadjusted (TJ.S Dept. of Labor):
Mining !
Anthracite
1939=100
Bituminous coal
. _ . . . do. .
Metalliferous
do
Quarrying and nonmetallic
do
Crude petroleum and natural gasf
.
_ _ do. _
Public utilities:!
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:
..do....
Retail, total!
.
Food*
do
General merchandising!
. . .
.. d o . _
do
"Wholesale!
do
Water transportation*
' 431.0
296.7
' 224. 6
220.6
' 315. 4
301.9
' 428. 1
295.6
' 230. 3
227.2
' 315. 9
306.0
' 425. 7
295.2
' 227.8
222.6
r 299. 8
288.6
' 417. 6
298.5
' 230. 6
224.4
r 304. 3
293,8
' 397. 8
291.8
' 234. 6
227.7
' 298.7
286.8
' 357. 2
288.2
' 229.8
224.3
r 265. 7
249.7
' 292. 2
273.6
' 212. 1
203.5
r 231. 3
211.4
' 284.9
261.3
r
198.0
189.7
r 254. 2
239.8
' 281.8
260.8
' 222. 9
215.5
' 257. 8
240.2
' 283.4
267.0
' 222. 2
212.6
' 275. 5
256.7
' 285.2
276.8
' 220.9
210.6
' 290.1
272.6
286.3
275.9
224.7
217.4
292.1
271.9
149.7
204.3
130.9
142.5
132.8
135.1
154.3
131.2
151.2
131.8
14.3
204.5
128.6
150.8
132.4
145.4
227.6
128.5
158.8
136.1
142.7
190.7
121.1
161.9
135.7
148.0
188.0
114.2
155.9
139.2
149.8
199.7
116.4
159.2
138.4
170.8
r 120.5
118.4
164.3
133.6
144.5
' 212.8
117.2
163.2
' 140.0
167.1
' 222. 0
117.6
' 155. 0
'135.9
149.3
' 209. 9
116.6
' 150. 9
139.0
178. 3
222.8
95.9
157.2
142.0
116.8
175.7
170.8
162.4
117.4
174.2
169.9
163.2
117. 5
176.2
174.0
166.1
119.2
178.2
175.3
172.6
119.6
177.1
175.0
177.7
120.7
178.7
200.4
195.7
120.6
177.1
177.2
181.7
120.9
178.1
177.6
189.0
' 126. 7
179.1
177.9
200.3
129.8
184.0
178.8
203.5
133.7
181.4
138.3
187.8
205.2
230. 7
192.3
162.2
166.7
194.0
162.5
165.6
191.4
161.9
167.9
199.8
166.3
171.5
197.7
169.7
171.2
179.9
160.5
172.0
199.2
168.1
177.2
207.6
169.1
184.6
193.5
168.9
190.6
196.9
174.3
196.1
201.7
178.7
196.4
199.1
177.0
199.8
133.0
141.2
147.6
141.4
724.7
132.0
139.7
143.5
144.4
729.2
131.0
139.0
144.0
140.8
746.2
134.2
142.8
148.3
141.9
744.5
136.4
145.5
148.0
144.7
755.5
132.0
144.7
141.2
141.3
664.0
138.7
145.7
150.0
145.6
669.6
144.2
149.7
157.7
150.7
566.8
'151.9
154.9
' 172.4
155.2
582.1
' 167. 6
r
159. 5
' 209. 2
159.2
583.1
' 154. 7
159.6
' 166. 2
' 161. 2
575. 3
157.4
161.6
166.7
165.0
577.3
50.99
47.40
53.22
52.09
50.13
47.12
52.90
52.08
49.62
46.02
51.56
51.14
50.33
46.32
51.74
51.14
49.00
45.45
50.66
50.41
47.73
41.72
45.72
46.31
45.74
40.87
43.95
45.48
45.50
40.97
44.23
45.40
'
'
'
'
45.42
40. 77
43.71
45. 51
45.72
' 41. 21
' 44.08
' 46. 38
44.62
'41.14
' 43. 67
44.65
43.48
40.60
42.60
43.12
56.10
49.89
56.07
55.06
60.49
68.99
61.13
56.10
62.29
64.66
51.18
34.38
33.15
37.90
38.78
40.77
38.96
56.32
49.69
55.46
54.80
59.53
58.28
60.58
55.66
59.62
64.68
50.66
35.20
34.05
37.92
38.81
41.36
38.80
56.24
48.73
53.68
52.82
56.50
55.74
59.56
55.32
58.92
63.26
49.52
34.97
33.90
37.51
38.23
40.46
38.18
55.39
48.53
54.91
53.78
58.23
55.55
60.03
56.07
57.16
64.15
49.55
36.20
35.22
37.54
38.01
40.69
38.95
54.89
47.91
53.58
52.57
56.37
53.29
59.63
54.87
56.16
64.62
48.81
33.52
32.20
36.89
37.35
40.38
38.59
50.74
42.75
48.41
47.81
53.63
41.70
54.07
48.43
47.31
60.46
46.15
32.91
32.13
33.89
34.49
39.08
36.63
47.51
41.37
48.12
47.15
51.23
44.65
48.98
44.81
43.56
51.06
44.41
33.41
32.38
35.21
35.39
39.12
37.80
46.22
42.39
48.12
47.60
51.65
46.86
48.92
47.60
46.37
49.50
45.30
33.08
31.86
35.89
36.59
39.61
37.76
46.81
' 42.98
47.90
47.58
52.35
' 45.99
' 46. 56
46.98
' 44.91
' 45. 56
r
45. 71
' 31. 98
' 30. 69
* 35.44
36. 21
' 38. 95
37.89
47.33
' 43.58
48. 63
47.98
53.80
43.89
' 49. 18
' 48. 40
48.67
' 49. 44
' 46. 08
' 31. 78
' 30.15
r 36. 50
37.21
' 39. 33
r
38. 52
43.98
' 43. 47
' 48. 36
47.81
53.19
46.30
' 49. 20
' 48. 40
51. 33
49.82
46.13
' 32.15
' 30. 58
' 36. 09
' 36. 61
' 38.19
' 38. 75
39.59
41.49
47.71
47.91
51.74
42.46
47.66
48.73
53.06
47.47
47.28
33. 54
31.91
36.83
37.46
39.40
39.02
WAGES
Manufacturing industries, average weekly earnings:
Natl. Ind. Con. Bd. (25 industries;
dollars..
U. S. Dept. of Labor, all manufacturing! .
do
Durable goods industries
do
_ do _
Iron and steel and their products!
Blast furnaces, steelworks, and rolling
mills!.
dollars
Electrical machinery! . _
...do . .
_do
Machinery, except electrical!
Machinery and machine-shop products!-.do
Machine tools
do
Automobiles!
. do . .
Transporation 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 .
do
Sawmills
Furniture and finished lumber productst do
FurnitureJ.
do . . .
Stone, clay, and glass products!
do
do
Nondurable goods industries
Textile-mill products and other fiber
manufactures!
dollars..
Cotton manufacturers, except small wares!
dollars
Silk and rayon goods!... . _ _ . __ .
do_ _
Woolen and worsted
manufactures
(except dyeing and finishing)!___.___dollars>Apparel and other finished textile products!
dollars..
Men's clothing!
do
Women's clothing §
do
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
do
Paper and pulp
Printing, publishing, [and allied industries!
dollars
Newspapers and periodicals*.
do
do
Printing, book and job*
Chemicals and allied products!
*_do
Chemicals
do
Products of petroleum and coal!
. do
Petroleum refining
do
Rubber products!
do
j
Rubber tires and inner tubes
...do....1
r
31.07
30.81
30.38
31.67
31.50
29.60
31.01
31.25
31.65
' 32. 41
' 32. 45
33. 77
27.79
. 30.33
27.70
29.83
27.52
29.84
29.01
31.38
29.38
31.26
27.13
30.07
28.32
31.05
28.21
31.86
28.72
31.92
29.25
32.48
r
30.14
33. 83
36.95
36.52
35.38
36.93
36.39
34.59
35.84
35.60
35.71
37.64
' 38. 52
41.04
34.06
35.53
43.71
36.00
34.46
38.94
38. 51
32.28
42.92
31.80
40.35
43.60
32.66
34.72
41.37
35.73
34. C6
39.15
38. 87
32.10
42. 56
31.28
40.63
43.95
30.81
32.89
38.81
34.69
32.72
38.96
38.82
31.72
42.74
31.04
39.77
43.14
31. 26
34.38
38.15
36.12
34.74
40.01
39.37 I
32.29
45.68
32.36
40.74
44.30
30.38
33.32
36.72
35.47
34.00
39.98
40.27
32.63
45.08
30.73
40.78
44.26
28.06
30.10
33.75
33.62
32.24
38.16
39.66
30.11
41. 57
29.85
38.69
41.86
31.81
32.40
40.87
' 34. 62
32.95
39.36
39.83
32.24
45.81
33.21
40.96
44.46
32.12
32.38
41.45
34.82
32.86
39.50
40.21
32. 71
44.54
33.35
41.10
44.86
'31.16
' 31. 98
40.11
33.93
32.37
' 40. 31
41.37
' 31. 56
45. 78
32. 65
41. 23
44.81
'31.88
' 32.77
' 41. 07
35. 74
34.13
' 41. 49
41.28
33.87
' 47. 51
31.53
r
41. 46
44.67
'
'
'
'
'
33. 21
33. 88
42. 95
36. 04
34. 73
41.43
40.95
r
33. 97
' 46. 68
' 32. 43
' 41. 27
44. 23
33. 65
35.04
42.70
36.77
35.70
40. 95
41.15
33.12
43.01
32.04
41. 30
44. 34
46.61
50.15
45.18
44.78
53.78
56.65
59.43
50.62
57.29
46.52
50.60
44.97
44.77
53.83
58.06
61.26
51.93
59.75
46.63
51.09
44.65
45.26
54.03
57.24
59.80
50.09
57.32
46.93
50.53
45.18
45.24
54.23
57.72
59.89
51.45
59.20
46.62
50.64
45. CO
45.03
54.11
58.01
60.57
51.81
59.59
46.60
53.13
43.44
43.53
53.96
57.28
59.77
46.76
52.81
48.89
52.54
47.39
43.01
51.46
54.70
57.37
47.20
53.59
48.01
52.19
45.90
42.95
50.03
51.33
53.03
45.57
49.48
' 48. 83
52.26
47.25
' 42.10
49.25
r
53. 54
' 56. 21
r 44. 68
47. 78
' 49. 28
52.70
' 47. 92
' 42. 55
49.56
' 53. 05
55.42
45.48
48.54
'
'
'
'
'
'
'
'
49.61
53. 62
48.16
42.62
50.67
52.95
56. 25
45.85
48.90
29.03
' 32. 42
49. 30
52. 95
48.18
42. 57
50. 72
52. 06
54. 59
46. 71
50.29
Revised.
X Sample was changed in November 1942; data are not strictly comparable with figures prior to that month.
§ Sample was changed in July 1942; data are not strictly comparable with figures prior to that month.
* New series. Indexes of pay rolls beginning 1939 for retail food establishments and 1940 for water transportation are shown on p. 31 of the June 1943 Survey. Data beginning
1932 for the newspapers 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. See note marked " ! " on p. S-10 regarding revisions i n the indexes of pay rolls in manufacturing industries and sources of revised data and note marked " f on
p. S-ll for sources of revised data for pay rolls in nonmanufacturing industries. The indicated series on average weekly earnings and average hourly earnings (p. S-14) have been
shown on a revised basis beginning in the March 1943 Survey and data are not comparable with figures shown in earlier issues (see note marked " t " on p. S-13 of the July 1944 Survey); data prior to 1942 will be published later; there were no revisions in the data for industries that do not carry a reference to this note.
S-14
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
1946
March
May 1946
1945
March
April
May
June
TYIITT
July
1946
A I1(mo t SeptemAugust
*ber
October
ber
Janu- ! February I
1.107
1.003
1.069
r
1,093
1.162
1.053
1.137
1.123
1.191
1. 2?4
' 1. 230
1.184
1.254
' 1. 272
1.066
.830
'.804
'. 863
'. 881
'.942
.941
1.12S
1.002
1.064
1.089
1. 2?2
1.028
1.143
1.129
1.200
1.246
1.233
1.215
1.263
1.277
1.094
.836
.810
.871
.889
.967
.953
Novem- December
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAG ES—Continued
Manufacturing industries, average hourly earnings:
Natl. Ind. Con. Bd. (25 industries)
dollars..
U. S. Dept. of Labor, all manufacturingf
do
Durable goods industries!
do
Iron and steel and their productst Tr ...do
R
Blast furnaces, steel works,androllinf ""'i ''" dn
Electrical machinery!
do
rin
Machinery, except electricaif
Machinery and machine-shop prod«<^st rfn
Machine tools do
do
Automobilest. . .
Transportation equipment, except autosf..,do
Aircraft aod parts (excluding engines)..do
Aircraft engines*
do
do
Shipbuilding and boatbuilding
Nonferrous metals and products!
do
Lumber and timber basic products!
...do
Sawmills
do
Furniture and finished lumber products!..do
Furniture
^
Stone, clay, and glass products!
do
Nondurable goods industries!
do
Textile-mill products and other fiber
manufactures!
dollars., — - - - - Cotton manufactures, except small
wares!
dollars
An
Silk and rayon goods!
Woolen and worsted" manufactures
(except dyeing and
finishing)!
dollars..
Apparel and other finished textile products!
dollars
Men's clothing!
do
Women's clothing§
do
Leather and leather products!
do
Boots and shoes
do
do
Food and kindred products!
Baking
do
Canning and preserving!
do
Slaughtering and meat packing
do
do
Paper and allied products!
do
do
Paper and pulp
Printing publishing and allied Indus*1"*'1*'*" dn
Newspapers and periodicals*
do
Printing, book and job*
do
do . .
Chemicals and allied products!
Chemicals
do
Products of petroleum and coal!
do
Petroleum refining
do
Rubber products!
do
dn
Rubber tires and Inner tubes
Nonmanufacturing Industries, average hourly earnings
(U. S. Department of Labor):*
Building construction
dollars..
Mining:
Bituminous coal
Metalliferous
Quarrying and nonmetallic
Crude petroleum and natural gas
Public utilities:
Electric light and power
1.106
1.033
1.127
1.114
1.218
1.057
1.148
1.128
1.182
1.260
1.301
1.197
1.287
1.388
1.068
.810
.794
.852
.874
.931
.902
1.103
1.024
1.113
1.109
1.204
1.038
1.134
1.118
1.176
1.245
1.297
1.190
1.271
1.386
1.067
.813
.799
.835
.858
.939
.909
1.085
.987
1.072
1.089
1.171
1.014
1.119
1.103
1.152
1.224
1.264
1.176
1.188
1.319
1.044
.819
.804
.833
.850
.937
.903
.759
.763
.770
.692
.747
.705
.753
.708
.766
.869
1.111
1.038
1.130
1.112
1.214
1.061
1.150
1.126
1.191
1.268
1.300
1.196
1.293
1.385
1.072
.822
.809
.852
.872
.929
.904
1. 101
1.044
1.138
1.109
1. 199
1.068
1.152
1.133
1.187
1.280
1.2£5
1.189
1.300
1.378
1.082
.807
.790
.8c6
.881
.929
.S99
.733
. 735
.745
.654
.713
. 655
.716
.667
.732
.862
.865
.869
873
.874
.886
1.122
.848
.820
.864
.846
.788
.929
.741
.871
.899
1.121
1.275
1.058
.975
1.137
1.195
1.260
1.117
1.260
1.079
.985
1.063
1.078
1.143
1.031
1.118
1.103
1.172
1.219
1.250
1.188
1.188
1.297
1.048
.784
.762
.841
.862
.932
.909
1.088
.990
1.064
1.082
1.146
1.039
1.124
1.109
1.193
1.217
1.244
1.183
1.194
1.301
1.058
.789
.765
.844
.866
.928
.918
1.102
r.994
' 1. 066
1.091
1.155
' 1. 050
1.134
1.120
1.210
1.220
' 1. 239
1.187
1.208
' 1. 292
1.063
'.814
'.790
'.859
'. 879
'.939
'.927
.763
.773
.786
'.795
.803
.833
.698
.761
.698
.762
.713
.777
.721
.788
'.725
'.790
.753
.813
.877
.866
.882
.884
.900
'.922
.988
.875
.883
1.130
.852
.817
.895
.881
.837
.954
.793
.897
.631
1.155
1.316
1.079
.991
1.143
1.204
1.285
1.100
1.231
.864
.881
1.113
.857
.821
.908
.901
.834
.964
.807
.902
.935
1.171
1.334
1.098
.991
1.148
1.217
1.2S7
1.112
1.249
'.875
'.888
1.126
.881
.848
'.915
.904
.849
'. 951
.806
'.910
.945
1.188
1.346
1.118
1.001
1.159
1. 236
1.315
1.113
1.247
'.906
'.912
' 1.166
'. 905
'.878
'.922
.904
.851
'. 961
'.826
'.929
.972
' 1. 200
r
1.364
'1.130
'1.014
' 1.179
' 1. 249
' 1 . 330
'1.121
1.255
.922
.95(
1.17]
.909
.888
.925
.91;
.850
.941
.83;
.94(
.985
1.216
1.371
1.152
1.021
l.W.
1.279
1.369
1.12*
1.266
.862
.886
1.102
.852
.824
.869
.853
.791
.929
.740
.874
.901
1.129
1.288
1.062
.980
1.139
1.202
1.268
1.136
1.294
.847
.882
1.073
.859
.830
.874
.858
.811
.937
.747
.876
.902
1.133
1.291
1.064
.990
1.141
1.204
1.265
1.132
1.284
.839
.894
1.043
.857
.832
.877
.861
.797
.953
.757
.879
.906
1.128
1.287
1.058
.997
1.149
1.207
1.266
1.140
1.307
.829
.891
1.022
.851
.823
.874
.871
.782
.946
.749
.881
.913
1.123
1.292
1.052
.999
1.149
1.217
1.277
1.138
1.296
.846
.896
1.052
.857
.832
.882
.874
.823
.940
.765
.880
.911
1.144
1.317
1.063
1.003
1.160
1.222
1.280
1.119
1.269
.878
.897
1.119
.853
.821
.880
.874
.795
.958
.786
.893
.930
1.158
1.309
1.092
.992
1.148
1.217
1.281
1.098
1.243
r
r
1.363
1.361
1.366
1.374
1.387
1.383
1.392
1.396
1.397
1.397
1.402
1.443
1.179
1.197
1.042
.868
1.175
1.153
1.184
1.040
.874
1.191
1.039
1.256
1.038
.879
1.172
1.170
1.285
1.045
.879
1.184
1.219
1. 254
1.039
895
1.209
1.327
1.249
1.048
.885
1.187
1.345
1.261
1.055
.900
1.222
1.368
1.242
1.043
.902
1.189
1.333
1.263
1.048
.909
1.231
1.380
1.281
1.051
'.908
1.251
1.339
1. 262
' 1. 032
'.C07
'1.257
1.376
1.270
1.055
.912
1. 2SC
1.123
.947
.832
.951
1.145
.956
.833
.926
1.132
.965
.839
.926
1.136
.970
.833
.941
1.146
.979
.826
.944
1.139
.974
.901
.977
1.149
.983
.825
.959
1.127
.982
.822
.972
1.162
.981
.820
1.002
1.186
1.013
.822
1.011
1.177
' 1.007
1.19S
1.01J
1.030
1.09£
.775
.660
.769
.660
.765
.662
.773
.666
1.750
».656
1.746
1.649
1.778
1.661
1.794
1.662
1.786
1.673
i. 789
J.676
1.793
i. 675
1.79?
i.67£
.752
1.016
.763
1.031
.764
1.018
.769
1.027
.773
1.037
.773
1.013
.783
1.025
.793
1.045
.800
1.056
.796
1.058
.826
1.070
.837
1.09£
.895
1.64
.904
1.65
.909
1.65
.916
1.66
.916
1.67
.916
1.67
.917
1.67
.917
1.67
.917
1.68
.938
1.68
.953
1.70
.965
1.7C
.950
92 70
.959
.952
93 10
.948
99 00
.957
.943
.963
95.70
.940
.957
.967
95.30
.953
.75
.72
.75
.77
.80
.83
.79
.82
.81
.80
.75
.69
.7*
94
80
80
81
81
81
82
83
85
87
88
90
9S
83
65
11
73
59
7
73
59
7
74
60
74
60
7
75
60
7
75
61
7
76
61
78
62
8
79
63
8
80
63
8
81
64
9
8J
6^
1(
do . .
do
do
do
do
do
Telecranh
do
Telephone^
do
Services:
Dveing and cleaning
do
Power laundries
do
Trade:
Retail
do
Wholesaledo
Miscellaneous wage data:
Construction wage rates (E. N. R.):f
Common labor
.dol. per hr._
Skilled labor
do...
Farm wages without board (quarterly),
dol
Railway wages (average, class I)
.dol. per hr_.
Road-building wages, common labor:
do...
United States average
PUBLIC ASSISTANCE
mfl. nf dol
Total public assistance
Old-age assistance, and aid to dependent children and
the blind, total
mil. of dol..
Old-age assistance
do
General relief
. «
.. . do. . .
1.100
1.042
1.134
1.112
1.208
1.068
1.152
1.131
1.183
1. 269
1.297
1.189
1.308
1.382
1.077
.814
.800
.859
.883
.928
.903
1.101
1.044
1 139
1.107
1.195
1.070
.153
1.130
.188
.280
L.299
.190
.391
.376
L.081
.798
.780
.850
.874
.923
.896
.988
1.74
2
7
7
' Revised.
§Sample was changed in November 1942; data are not strictly comparable with figures prior to that nionth.
1 Not comparable with data prior to July 1945; comparable June 1945 figures: Dyeing and cleaning, $0,757; power laundries, $0,657.
2
Data as of June 1.
tData beginning April 1945 are not comparable with earlier data; see note for hours and earnings in telephone industry at the bottom of p. S-13 of the April 1946 Survey.
IRates as of April 1,1946: Construction—common labor, $1,004; skilled labor, $1.76.
*New series. Data on hourly earnings for 1937-43 for the telephone industry are shown on p. 20 of the May 1945 Survey (see also note marked "J" above regarding a change in the
data in April 1945) and data for the telegraph industry beginning June 1943 are on p. S-14 of the January 1945 issue. Data on hourly earnings beginning March 1942 for the other
nonmanufacturing industries and beginning August 1942 for the printing and publishing subgroups are available, respectively, in the May 1943 and November 1943 issues, and data
back to 1939 will be published later.
!See note " ! " on p. S-13.
SURVEY OF CURRENT BUSINESS
May 1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
1946
March
S-15
March
April
May
June
July
1946
August September
October
1,846
1,294
1,036
259
152
149
2
400
25
230
10
101
34
Novem- December
ber
January
February
FINANCE
BANKING
Agricultural loans outstanding of agencies supervised
by the Farm Credit Administration:
Total
mil. of dol_.
Farm mortgage loans, total.
do—
Federal land banks
do—
Land Bank Commissioner
_
do—
Loans to cooperatives, total
do—
Banks for cooperatives, incl. central b a n k . . d o —
Agr. Marketing Act revolving fund
do
Short term credit, total
do
Federal intermediate credit bankscT
do....
Production credit associations
do—
Regional agricultural credit corporations.-do....
Emergency crop loans
.
do—
Drought relief loans
_
do—
Bank debits, total (141 centers)!
do
New York City
do
Outside New York City
-..do....
Federal Reserve banks, condition, end of month:
Assets, total
do—
Reserve bank credit outstanding, total
do—
Bills discounted
„
do—
United States securities
_
do
Gold certificates reserves®.--do—
Liabilities, total
do
Deposits, total
do....
Member bank reserve balances
do
Excess reserves (estimated)
do
Federal Reserve notes in circulation
...do....
Reserve ratio
percent..
Federal Reserve weekly reporting member banks, condition, Wednesday nearest end of month:
Deposits:
Demand, adjusted
mil. of doL.
Demand, except interbank:
Individuals, partnerships, and corporations-do
States and political subdivisions
do....
United States Government..
do
Time, except interbank, total
do
Individuals, partnerships, and corporations do
States and political subdivisions._
do___.
Interbank, domeEitic..
do
Investments, total
do
U. S. Government direct obligations, total.-.do
Bills
..do....
Certificates..
...
do....
Bonds.
do
Notes
do
Obligations guaranteed by U. S. Govermnent.do
Other securities
do
Loans, total
do
Commercial, industrial, and agricultural $._ .do
To brokers and dealers Jn securities
do
Other loans for purchasing or carrying securities
mil. of dol_.
Real estate loans
>
.do
Loans to banks
_..
do
Other loans
do
Money and interest rates:1
Bank rates to customerst
New York City...
percent—
7 other northern and eastern cities
do
11 southern and western cities
do
Discount rate (N. Y. F. R. Bank) •
do....
Federal land bank loans}.
do
Federal intermediate credit bank loans
...do
Open market rates, New York City:
Prevailing rate:
Acceptances, prime, bankers', 90 days
do
Commercial paper, prime, 4-€ months.
do
Time loans, DO days (N. Y. S. E.)
do
Average rate:
Call loans, renewal (N. Y. S. E.)
_._do
U. S. Treasury bills, 3-mo
do
Average yield, U. S. Treasury Dotes, 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
1,776
1,209
1,015
194
144
138
3
423
29
252
4
1,969
1,377
1,068
309
148
145
2
445
30
257
9
112
36
74,321
33,678
40,643
135
2
454
30
267
10
112
36
89,441
41,725
47,716
105
33
79,118
35, 670
43,448
73,606
31,884
41,722
2,007
1,391
1,079
313
184
181
2
432
30
244
9
112
36
67, 259
29,413
37,846
43,889
23,630
626
22.601
18,075
43. 277
17,659
14,853
627
23,693
43.4
40,544
20,311
245
19,669
18,261
40, 544
16,174
14,160
796
22,819
48.1
41,301
21, 307
489
20,455
18, 207
41, 301
16,813
14,818
918
22, 598
46.8
42,168
22,131
875
20,954
18,112
42,168
17,247
16,296
1,038
22,885
45.7
42, 212
22,304
4G
21,792
18,055
42, 212
17,188
14,920
1,685
23,019
44.®
42,195
22,359
302
21,717
17.981
42,195
14,794
1,037
23,314
44.7
362
22, 530
17,926
42,896
17,139
15,011
920
23,864
43.7
37,116
37,347
39,147
40,378
36,367
37,533
36, SSO
2,243
14,536
9, 756
9,582
127
9,381
50, 285
46,812
785
11,944
27,034
7,049
6
3,467
15, 690
7,464
2,823
37,19S
2,077
9,221!
8,197
8,028
125
8,944
46,617
43,228
2,082
11,312
22,384
7,450
337
3,052
11,180
6,088
1,614
38,907
2, 289
6,484
8,342
8,190
108
9,157
45,860
42, 526
1,530
10, 845
22, 782
7,369
318
3,016
11,316
5,904
1,894
40,190
2,374
5,501
8,467
8,314
109
9,303
46,905
42,600
1,185
10,663
23,276
7,366
342
3,063
11,636
5,765
2,345
36, 525
1,609
14,978
8, 567
8,416
109
9,799
49,702
46, 523
1,889
10,611
24,557
9,466
20
3,159
13,836
5,918
2,727
37,626
1,904
13, 741
8,786
8,637
107
9,399
2,382
1,152
68
1,801
1,084
1,040
63
1,291
1,047
105
1,378
964
1,049
117
1,396
2,590
1,052
78
1,470
1.75
2.34
2.93
1.00
4.00
1.50
1.9D
2.73
2.91
1.00
4.00
1.60
1.00
4.00
1.60
1.00
4.00
1.60
2.20
2.55
2.80
1.00
4.00
1.60
.44
.75
1.25
.44
.75
1.25
.75
1.25
.44
.75
1.25
1.00
.375
1.00
.375
1.00
.375
1.00
.375
2,033
1,407
1,091
316
211
208
2
415
30
229
9
110
36
1,962
1,370
1,061
1,940
1,351
1,049
302
133
131
2
455
29
270
10
111
36
71,876
33,560
38,286
1,908
1,335
1,044
292
126
124
2
447
28
264
10
109
35
66,155
29,388
36,767
1,876
1,316
1,040
275
130
127
2
430
27
252
10
106
35
64, 263
28,545
35, 718
42,896
23, 207
1,772
1,226
1,022
205
154
148
3
391
28
226
4
100
33
66, 710
30,498
36, 212
34, S84
39,006
34
71,501
32, 246
39, 255
1,782
1,256
1,028
228
162
158
3
363
28
199
6
97
34
92,809
45, 035
47, 774
43,835
24,082
334
23,328
17.898
43,835
17,861
15,520
1,153
24,003
42.8
43, 889
23,987
439
23,276
17, 879
43,889
17, 525
15,723
904
24,215
42.8
44, 611
24,697
775
23,472
17,870
44,611
18, 097
16,022
1,024
24,365
42.1
45,063
25,091
249
24, 262
17,863
45, 063
18, 200
15,915
1,471
24,649
41.7
r 1,089
24,153
42.8
44,093
23,648
347
22,904
18,049
43,487
17, 559
15, 537
r
1,014
24,131
43.3
38,140
38,690
36,592
40,247
37,066
38,026
37,600
38,577
1,975
9,406
9,160
9,008
110
9, 762
48, 444
45,133
1,310
9,803
24,840
9,180
10
3,301
12,586
6,218
2,194
39,726
2,137
8,098
9,296
9,148
104
9,977
48,435
45,133
969
9,863
25,133
9,168
9
3,293
12,510
6,328
2,177
40,230
48, 749
45, 489
975
9,832
25, 729
8,953
12
3,248
13,632
6, 77S
2,481
37,674
1,949
16,660
9,447
9,304
99
11,092
52, 058
48, 664
1,761
12,130
26, 737
8,036
10
3,384
15,890
7,249
2,791
37,933
2,123
16, 227
9, 566
9,416
106
50,303
46,992
1,656
10,581
25,190
9,565
8
3,303
13,393
5,926
2,421
38,115
1,864
11,739
9,008
8,853
111
9,655
49, 705
46,360
1,463
10,196
25, 253
9,448
11
3,334
12,841
5,982
2,263
10,162
53,021
49, 648
1,742
12, 778
27,184
7,944
8
3,365
15,190
7,300
2,337
37,741
2,160
16,481
9,695
9,526
123
10,056
52,970
49, 511
1,517
12, 860
27,234
7,900
7
3,452
15,178
7,382
2,345
2,409
1,055
94
1,488
1,993
1,058
77
1,46,8
1,550
1,063
76
1,485
1,306
1,060
120
1.519
1,638
1,073
66
1,596
2,958
1,095
83
1,714
2,687
1,107
56
1,703
2,520
1,129
55
1,747
1.00
4.00
1.50
1.00
4.00
1.50
2.05
2.53
2.81
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
1.71
2.23
2.38
1.00
4.00
1.50
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
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.44
.75
1.25
1.00
.375
1.00
.375
1.00
.375
1.00
.375
'1.03
1.18
1.14
1.16
1.16
1.16
1.17
11.19
8,502
7,408
7,500
7,578
7,711
7,791
7,893
8,003
3,043
5
2,5.13
2,563
2,608
' 2,659
2,720
7
2,785
2,836
73, eeo
1,808
1,272
1,030
242
165
161
3
372
25
207
2,181
8,547
9,347
9,194
110
10,463
.375
11.17
8,078
1,770
1,236
1,022
214
161
156
3
373
29
208
5
97
33
38, 819
41,977
44, 268
23,976
294
23, 264
17,983
44, 268
17,822
15, 682
i 1.15
U.10
8,144
8,283
8,357
8,419
' 2,909
' 2,933
6
2,979
5
3,013
5
CONSUMER SHORT-TERM CREDIT
5,541
5,654
5,483
5,649
5,702
6,344
6,734 v 6, 505 v 6, 562
* 6,970
5,606
5,697
6,000
Total consumer short-term debt, end of month*.-do
1,961
1,947
1,992
v 2, 516
1,952
1,988
2,086
2,365 v 2,363 v 2,409
1,987
2,010
Instalment debt, total*
.do
2,190
723
718
P877
904
731
712
754
719
706
717
903
*876
Sale debt, total*
.
do
805
184
P235
184
184
192
196
202
227
*245
188
210
219
Automobile dealers*
do
158
*>189
162
154
145
144
»183
P187
142
156
173
198
Department stores and mail-order houses*..do
150
237
*>272
238
*274
238
235
232
235
247
262
283
Furniture stores*
_._do
*280
237
11
11
11
11
10
11
11
12
14
Household appliance stores*
do
11
48
50
47
45
44
44
74
48
49
47
Jewelry stores*
do
85
82
107
Allother*.
do....
84
84
81
92
80
> 101
r
Revised. * Preliminary. § Includes open-market paper. ^ For bond yields see p. S-19.
i For Sept. 15-Dec. 15 includes Treasury notes of Sept. 15,1948, and Treasury bonds of Dec. 15, 1950: Beginning Dec. 15, includes only the bonds of Dec. 15,1950.
c? Excludes loans to other Farm Credit Administration agencies.
X Rate on all loans; see note on item in April 1946 Survey.
® Effective June 12,1945, only gold certificates are eligible as reserves; for total reserves through May 1945, see April 1946 Survey and earlier issues.
• A rate of 0.50 became effective Oct. 30, 1942, on advances to member banks secured by Government obligations maturing or callable in 1 year or less.
•New series. Data beginning December 1940 for the series on taxable Treasury notes are available on p. S-14 of the April 1942 and later issues of the Survey. For information
regarding the series on consumer credit see note marked "*" on p. S-16.
fBank debits have been revised beginning May 1942 to include additional banks; see note in the April 1946 Survey for source of 1942 data.
S-16
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
March
May 1946
1945
April
March
May
July
June
1946
August
September
October
Novem- December
ber
January
February
FINANCE—Continued
CONSUMER SHORT-TERM CREDIT—Cont.
Consumer short-term debt, end of month—Continued.
Instalment debt—Continued.
1, 612
Cash loan debt, total*
mil. of doL.
P567
Commercial banks*
do
P 132
Credit unions
do
Industrial banks*
do
Industrial loan companies*
do
P462
Small loan companies
do
P201
Insured repair and modernization loans*.-_do
Miscellaneous lenders*
do
P 1, 972
Charge account sale debt*
do
p 1, 686
Single payment loans*
do
Service credit*
do
Consumer instalment loans made by principal lending
institutions:
p 132
Commercial banks*
do_ __.
P24
Credit unions
do
P18
Industrial banks*
do
P16
Industrial loan companies*
do
p 103
Small loan companies
do
1,221
374
120
68
61
381
130
87
1,669
1,244
741
82
22
15
14
94
1,224
377
119
68
60
381
132
87
1,506
1,288
742
1,243
388
120
69
61
384
134
87
1,488
1,348
744
1,268
400
122
70
63
389
136
88
1, 544
1,420
746
|
1
|
!
1,280
406
122
70
63
391
140
88
1,459
1,452
751
1,282
406
121
70
63
389
145
88
1,441
1,466
754
1,293
413
120
70
64
387
152
87
1,470
1,466
756
73
18
13
11
71
72
16
13
12
74
1 332
428
121
71
64
395
165
88
1 666
1 490
758
1, 385
448
124
73
67
409
174
90
1, 835
1, 556
763
20 !
16 I
14 !
89 i
1,462
471
128
76
70
445
179
93
1,981
1,616
772
p 1, 486
101
23
18
16
133
v 104
p 19
p 14
p 14
p 76
p 105
P494
p 127
p 1, 533
-° 522
p}28
P76
P 70
P446
P180
P93
1, 701
1, 659
P78
P71
P452
p 188
P94
1,692
p 1, 670
P
P782
P19
p 14
p 14
LIFE INSURANCE
X/ife Insurance Association of America:
Assets, admitted, totaltA-mil. of doL
Mortgage loans, total
do...
Farm
do
Other
do...
Real-estate holdings
do...
Policy loans and premium notes
do
Bonds and stocks held (book value), total
do
Govt. (domestic and foreign), total
do
U. S. Government
do
Public utility
do....
Railroad-..
do
Other
do...
Cash
do
Other admitted assets..
do
Premium collections, total®
thous. of dol_.
Annuities
_
do
Group
do
Industrial
do
Ordinary
...do
Institute of Life Insurance:*
Payments to policybolders and benefciaries,
total. _.
.tbous. of dol_.
Death claim payments.-.
do
Matured endowments. _
do.__.
Disability payments
_
.do
Annuity payments
.do
Dividends
.do
Surrender values, premium cotes, etc
do
iMfe Insurance Agency Management Association:
Insurance written (new paid-for insurance): t
Value, total
thous. of dol_.
Group
do
Industrial
~_
do
Ordinarv, total
...do.
New England
__
.do.
Middle Atlantic
do.
East North Central
do_
West North Central
_do.__.
South Atlantic
.
do__.
Fast South Central..
do....
West South Centraldo
Mountain
do . .
Pacific
do...
36, 882
5,148
569
4,579
632
1,500
28, 367
19,357
18,035
4,298
2, 563
2,149
383
852
391,887
44, 775
24,092
71,011
252, 009
1,816,315
113,803
355, 691
1, 356,821
35, 231 35,433
34,103 34, 308 34, 526 34,864 35,070
5,218
5,205
5,182
5,202
5,218
5,166
5,201
584
588
588
587
581
584
586
4,634
4,614
4,595
4,637
4,617
4,582
4,615
787
744
734
760
804
778
723
1,604
1,569
1,581
1,558
1,618
1,548
1, 592
25,114 25, 254 25,138 26, 242 26,367 26, 616 26, 721
16, 236 16, 021 17,140 17,212
16,141
17,287 17,372
14, 735 14,864
15,958
16,050
14, 029 15, 784 15,894
4,411
4,408
4,431
4,455
4,400
4,496
4,406
2,553
2,604
2,588
2,606
2,536
2, 632
2,593
2,054
2,143
2,286
2,096
2.006
2,221
2,118
667
533
459
437
587
514
1,031
655
778
617
704
761
762
786
378,659 306,27S" 335,614 357, 545 318,980 316,843 320,128
44,956 34,413
38, 759 49, 566 31,066 32,815
37,663
25,302 21.068
23, 075 20, 870 21,479 21, 691 18, 874
55,831
73,077
56,633
64,143
68,395
63, 852 74,147
235,324 194,159 211,024 223, 769 192,104 199, 943 200,044
35, 631
5,153
583
4,570
714
1,539
26,702
17,438
16,123
4,452
2,613
2,199
722
801
313,803
35,790
22,164
62,088
193,761
35,828
5,165
580
4,585
699
1,531
26, 733
17, 672
16, 328
4,391
2,597
2,073
893
807
324,437
33,132
17,629
64, 772
208,904
36, 257
5,163
577
4,586
678
1,523
27, 556
18, 705
17,368
4,249
2,558
2,044
526
811
440, 694
87,495
25, 250
88, 207
239,742
36, 502
5,152
574
4,578
667
1,514
28, 043
19,157
17, 837
4,255
2, 584
2,047
527
599
352,417
49,626
26, 978
68, 278
208,135
36, 660
5,138
573
4, 565
656
1,507
28, 260
19, 249
17,937
4,290
2,595
2,126
275
824
350,161
42,063
22, 943
65, 579
219, 576
244, 825 218,662 225,076 221,804 218,972 210,706
117, 584 110,659 111,152 102,026 110,390 105,123
37,823 32, 413 35, 760 33,317 32,492 31,428
7,394
7,841
7,011
7,089
7,202
7,097
16,218
14,918 14, 923 15,153
15,713
15,108
46,677 34, 528 36, 783 43, 562 34, 525 33, 997
19,982 19,128
19, 026 19, 287 18,763
17, 953
228,153 '212,755
109,531 '101,319
34, 373
40,350
6,300
8,266
15,950
15,690
31, 699
31, 934
23,114
22,382
239,748
101,343
30, 731
7. 269
14, 523
58, 906
26, 976
261, 549
120,377
40, 344
8,294
21,074
46,104
25, 356
221,902
104,642
32, 587
7,179
15, 597
38,179
23, 718
i, 292,33V 1, 228,4521,267,474
117,419 103.914 112,307
302, 754 280, 857 284, 780
872,164 843,681 870. 387
62,904 61, 567 60,841
225, 791 224, 080 227, 478
192,113 183, 795 188,167
83,453 81. 690 80, 822
90,987 89,986 89,433
35, 545 31, 440 33, 895
65. 517 59, 259 64, 694
27, 240 24,695
25,802
88,614 87,169
99, 255
1,216,264
136.264
258,971
821,029
56, 366
211,774
175,712
79, 386
90.013
36, 658
61,755
25,410
83, 955
,127,506 11,035,767
109,833 I 71,016
235, 258 224, 762
782, 415 739,989
55,114
49,846
200, 391 178,761
171, 205 160,039
75, 528 74, 355
86, 779 83, 252
30,470 29,125
58,770 60, 831
23,888 23,768
80, 270 80,012
194,468
89, 344
30,011
6,S13
14,138
34, 309
19, 853
1,001,268 1,221,831 11,179,294 1.449,014 1,350,915 1,516,833
95,179
49, 780 ! 88,416
64,534 244,760
88,981
222,083 268,599 250, 253 263,151 275. 647 ; 307,074
684, 006 864, 251 864, 507 941,103 1,025.488 1,121,243
45,735
63, 267
78, 235 i 83,573
60, 088
61, 722
166,967 228,896 228,549 235,875 288,146 | 311,753
149, 584 186, 316 186, 772 202,162 230,310 ! 247,889
68,706
94, 645
96, 091 , 100,841
82,849
83, 418
75,824
92,099
95, 808 101, 263 \ 113,212
95 216
29, 284
32, 502
33,191
37, 231
36, 008 I 41,642
53, 091
64, 013
70, 749 ! 86,870
66, 552
78, 747
22,885
25, 544
29,107 i 32,159
26,005
31,561
71,930
88,294 101,807
95, 579 ! 103,404
86, 732
MONETARY STATISTICS
Foreign exchange rates:
.298
.298
.298
.298
.298
.298
.298
.298
.298
Argentina
do!, per paper peso..
.061
.061
.061
.061
.061
.061
.061
.061
.061 !
.061
.061
.061
Brazil, official
__dol. per cruzeiro.,
.061 ;
:
.301
.301
.301
.301
.301
.301
.301
.301
.301
.301
.301
.301
British India
dol. per rupee..
.301 <
.908
.905
.907
.905
.907
.907
.908
.899
.907
.903
.907
.904
Canada, free rate§
dol. per Canadian dol.
.907
.570
.570
.570
.570
.570
.570
.570
.570
.570
.570
.570
.570
Colombia
dol. per peso..
.570
.206
.206
.206
.206
.206
.206
.206
.206 i
.206
.206
.206
.206
Mexico
do
.206
4.035
4.027
4,034
4.035
4,034
4.035
4.025
4,034
4.035
4.034
.030
4.032
United Kingdom, free rate§
._ dol. per~£_.
4,034
Gold:
20, 419 20, 374 20, 270 20,213
20,156
20,232
20, 073 20, 036
20,030
20, 152 20,088
20,065
Monetary stock, IT. S
.mil of dol. _ 20, 256
96, 026
347 -62,990 -19,009
34, 647 - 3 8 , 202 - 4 , 2 5 7 -12,529
-5,770
Net release from earmark*
thous. of doL- 19, 729 -46, 924 -53,191 -66,857
256
22, 388 86,388 -wo,795 15,871
22,143
361
261
6,742
116 !
467
2,357
20,146
Gold exports f
.
do
2, 654
2,994
4,122
2,631 20, 816 ' 3,531 13,757
31, 757
2,425
3,146
39, 399 154,186 ' 82.906
Gold imports |
do
i
13,
*• Revised.
v Preliminary.
t 36 companies having 82 percent of the total assets of all United States legal reserve companies.
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.
<8> 39 companies having 81 percent of the total life insurance outstanding in all United States legal reserve companies.
• Or increase in earmarked gold (—).
§ Data for the United Kingdom through June 1945 shown above and data back to February 1943 shown in earlier issues are the official rate; there was no free rate during this
period. The official rate for Canada has been $0,909 since first quoted in March 1940.
1 Publication of data was suspended during the war period; data for November 1941 to February 1945 will be published later.
* New series. Estimates of consumer short-term credit as originally compiled are published in the November 1942 Survey, pp. 16-20, and the general estimating procedure described
in that issue; data for various components have subsequently been revised from time to time; revisions that have not been published are indicated in the note marked "*" on p. S-15
of the April 1946 Survey. Data for industrial banks and industrial loan companies were formerly shown combined as industrial banking companies. The series on payments to policyholders and beneficiaries represents estimated total payments in the United States, including payments by Canadian companies (see also note marked "*" on p. S-16 of the April
1946 Survey).
t Revised series. All series for insurance written are estimated industry totals and, with the exception of data for ordinary insurance, are revised series not comparable with data
published in the Survey prior to the March 1946 issue (see note in that issue for the basis of the estimates). The data for ordinary insurance continue the data from the life Insurance
Sales Research Bureau which have been published regularly in the Survey; revised data for 1940-44 for industrial, group, and the total will be published later.
May 1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
SURVEY OF CURRENT BUSINESS
1946
March
S-17
1946
1945
March
April
May
June
July
August
Sep.
tember
October
Novem- December
ber
January
February
FINANCE—Continued
MONETARY STATISTICS—Continued
Gold—Continued.
Production, reported monthly, totali
thous. of doL.
Africa
do.-_
Canadaf...
do...
United StatesV—
—--do
Money supply:
Currency in circulation
mil. of doL- 27, 879
Deposits adjusted, all banks, and currency outside
banks, total*
mil. of doL. *>173,400
Deposits, adjusted, total, including T7. 6. deposits*
mil. of doL- »147, 100
v 74,800
Demand deposits, adjusted, excl. U. 8.*
do
v 50,000
Time deposits, including postal savings*...do
Sliver:
Exports A
thous. of do!. _
1,602
Imports A
.
do
.708
Price at New York
dol. perfineoz_.
Production:
Canada
thous. offineoz.
United States
do...
54,703
39,754
8,004
2,446
54,096
39,265
7,831
2,328
53,934
39,321
7,614
2,563
53,213
39,020
7,426
2,516
25,899
26,189
26, 528
26, 746
150,600
150,900
152, 600
162,785
126,400
70,900
42,100
126,400
73,600
43,000
127,800
76,000
43, 600
13,605
1.817
.448
7,793
1,383
.448
779
1,872
.448
1,200
2,789
1,254
2,873
1,198
3,153
53,373
39,600
7,357
53,560
37,477
7,411
52,953
38,603
7,404
55,937
40,083
8,034
' 54,918
' 39,000
7,726
3,836
p 4,020
28,049
28,211
2,078
3,528
2,926
27,108
27, 685
27,826
54,323
p38,110
8,391
3,832
P
28, 515
p 55. 519 p 52. 519
' 38, 959 ' 36,038
8,346
3,984
27, 917
*175,000
27,954
900
»163,500 v 163,400 v 162,800 *163,800 p168,100
P176,400
137,688 v 138,000 v 137,400 p136,600
p 141,600 »148.200 P150, 200 P150.700
69,053 v 72,100 v 74,000 v 75,400 *137,400 p 80, 500 p 75,100 p 76, 500 p 76,000
44,254 v 45,100 v 46,100 p 46,900 v 78,100 p 48, COO
48, 500 p 49,100 P 4 9 , 7 0 0
v 47,600
84
26,694
3,151
518
9,528
12,
592
4,794
20, 937
236
1,569
1,868
1,059
1,193
3,173
2,490
3,679
2,835
5,768
.448
.529 |
.448
.448
.708
.708
.708
.707
1,100
1, 655
951
2,074
1,055
2,302
963 !
2,300 |
1,036
2,780
1,096
2,654
1,153
2,031
P176,
1,205
2,153
P R O F I T S AND DIVIDENDS (QUARTERLY)
Industrial corporations (Federal Reserve): d*
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 producing and refining (45 cos.)
do
Industrial chemicals (30 cos.)
do
Other nondurable goods (80 cos.)
do
Miscellaneous services (74 cos.)__
do
Profits and dividends (152 cos.):*
Net profits.
do
Dividends:
Preferred
do
Common. _
do
Electric utilities, net income (Fed. Res.)*
do....
Railways, class I, net income (I. C. C.)
do
Telephones, net operating income (Federal Communications Commission)
mil. of dol__
492
49
38
63
i 50
31
21
45
62
48
39
45
'439
'37
35
••46
508
53
42
77
147
27
21
46
64
45
38
47
61
43
'37
'53
'479
'49
40
'58
136
'27
'26
58
••37
250
1
'224
'239
20
142
139
' 146.0
22
145
123
186.0
21
143
116
123.0
22
182
145
4 20.0
62.5
59.8
60.6
9.2
I-
PUBLIC FINANCE (FEDERAL)
V. S. war program, cash expenditures, cumulative totals
from June 1940:*
_
_
mil. of dol.. 332,432 267,320 274, 366 282, 531 290,417 297,826 304,286 309, 754 314,872 319,063 323,416 326,961 329,773
U. S. Savings bonds:*
Amount outstanding.
.do
42,160
46,508
46,741
48, 756
46,715
48,183
47,473
42,626
48,718
46,786
48, 224
43,767
45,586
889
1,295
Pales, series E, F , and O.._
do
626
514
960
625
1,184
838
622
1,254
1,540
700
2,178
Redemptions
do
464
428
634
630
565
528
533
404
427
559
531
616
403
Debt, gross, end of month®
do
276, 012 233,950 235.069 238,832 258,682 262,045 263,001 262,020 261,817 265,342 278,115 278,887 1279,214
Interest bearing:
Public issues
do
253,613 214,459 215,140 217,169 237,545 240,223 240,713 239, 111 238,862 242,140 255, 693 256,801 257,016
Special issuesf
do
19,558
21,135
17,567
20,710
20,000
20, 655
20,897
20, 518
20,577
17,923
18,592
18,812
20,033
2
2,264
Noninterest bearing..
do
» 2,492
2,421
1,264
1,923
1,431
»2,378
1,301
2,391
2,006
3,071
2,326
2,255
Obligations fully guaranteed by U. S. Gov't:
484
545
542
539
Total amount outstanding (unmatured)
do
1,119
553
527
541
1,132
1,151
409 |
515
Expenditures and receipts:
8,557
Treasury expenditures, total
do
4,602
4,891
5,445
9,433
4,656
3,510
6,611
5,950
7,968
9,275
9,641
7,354
7.324
3,417
4,224
8,246
5,124
4,244
2,550
8,156
7,837
2,702
5,365
7,139
War activitiest---do
530
684
23
45
38
296
148
34
0
236
162
0
Transfers to trust accounts}
do
335
309
646
156
628
66
84
118
172
817
139
99
647
Interest on debt
do
1,009
482
1,383
547
543
617
384
513
348
Allothert
_
...do
455
695
564
757
460
5,762
3,848
2,754
3,875
2,581
2,609
4,122
Treasury receipts, total
__.do
6,908
2,967
3,398
3,281
5,192
5,916
5,747
3,819
2,695
2,530
2,374
4,118
Receipts, net
do
3,678
6,892
2,929
3,085
2,997
5,914
5,189
42
42
33
35
32
Customs
do
36
33
36
32
33
33
30
5,583
3,451
2,527
Internal revenue, total...
do
8,684
2,340
2,383
3,948
2,921
2,849
2,746
6,431
5,384
4,847
4,838
2,755
1.743
Income taxes
do
2,790
1,593
1,524
3,366
2,027
2,167
1,665
4,757
5,818
4,208
51
Social security taxes....
_
_
do
66
58
100
310
257
306
46
337
96
Net expenditures of Government corporations and
g
-635
-395
credit agencies*...
mil. of dol..
-274
-79
-154
222
—26
51
-407 |
71
778
I
Government corporations and credit agencies:*
33, 844
34, 247
Assets, except interagency, total
mil. of dol._
33,552
31,309
5,290
5, 544
5,409
Loans receivable, total (less reserves)
do
5, 789
2,971
2,878
2,948
3,037
To aid agriculture
__-do
896
1,149
961
To aid home owners
___do
1,027
223
To aid railroads
do
281
232
243
232
To aid other industries
do
226
185
201
40
To aid banks
do
49
43
46
227
93
132
163
To aid other financial institutions
do
526
520
521
511
Foreign loans
do
706
844
All other
_
do
832
d
' Revised, P Preliminary.
Deficit. § Special issues to Government agencies and trust funds. <g> Data are on basis cf Daily Treasury Statement (unrevised).
2
i Partly estimated.
Includes prepayments on securities sold during loan drive beginning in the month but issued after the close of the month.
^ The total excludes Mexico included in the total as published through March 1942; January-May 1942 and 1943 revisions for the United States and the total, and 1941 revisions
for Canada and the total are available on request; see also note in April 1946 Survey regarding revisions for 1944.
A Publication of data suspended during the war period; data for November 1941 to February 1945 will be published later.
d" The totals for 629 companies, the miscellaneous group, and net profits of 152 companies have been revised beginning 1941, transportation equipment beginning 1942, and other
series for some quarters of 1943; revisions through the second quarter of 1944 have not been published and are available on request.
JFor 1941 revisions see p. 17 of the November 1942 Survey; debt retirements which have been comparatively small in recent years are excluded.
•New series. For data fcr 1929-40 for profits and dividends of 152 companies see p. 21, table 10, of the April 1942 Survey (see note marked "d*" above regarding 1940-44 revisions).
See note on p. S-17 of September 1944 Survey regarding the series on net income of electric utilities and data beginning third quarter of 1943, and p. S-16 of the August 1944 Survey
for a brief description of the new series on bank deposits and currency outside bank and figures beginning June 1943; earlier data for these series will be published later. Data beginning July 1940 for the series on the war program are shown on p. 29 of the June 1943 Survey; beginning July 1945 data are from the Treasury Daily Statement; earlier figrues were supplied by the War Production Board. See note in April 1946 Survey for a brief description of the series on war savings bonds and p. S-16 of the October 1942 Survey for sales beginning
May 1941; beginning December 1945, amount outstanding includes matured bonds not turned in for redemption. See p. S-18 of the November 1943 Survey for an explanation of
the data on net expenditures of Government corporations and credit agencies and figures beginning August 1942. See note marked "*" on page S-18 regarding revisions of the
series on assets and liabilities of Government corporations and credit agencies.
S-18
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
March
May 1946
3945
March
April
May
June
July
1946
August
September
October
Novem- December
ber
January
February
FINANCE—Continued
PUBLIC FINANCE (FEDERAL)—Continued
Government corporations and credit agenciesf—Con.
Assets, etc.—Continued.
Commodities supplies, and materials mil ofdol
TJ S. Government
securities „. .
do
Other secu r ities
do
Land, structures, and equipment
do
All other assets
do
Liabilities, except interajrency, total
do
Bonds, notes, and debentures:
Guaranteed by the United States
do
Other
do . .
Other liabilities
do
Privately owned interests
__
do .
U S Government interests
do
Reconstruction Finance Corporation, loans outstanding,
end of month, totaltmil. of dol_.
Banks and trust cos., incl. receivers.. ._ . . . do.
Other financial institutions
do
Railroads, including receivers. . . .
. do.
Loans to business enterprises, except to aid in national
defense
. .
mil. of dol
National defense
do
Other loans and authorizations
do
2, 960
1, 756
388
16, 734
3,682
r
7, 349
2, 507
1,679
375
20,164
3,283
' 5, 827
2,487
1,756
368
20, 816
3,411
r
6,172
2,288
1,683
325
21, 016
3, 141
r 5,880
1,150
1, 237
4,962
451
23, 510
502
1,163
4,162
459
27, 266
551
1,135
4 486
465
27 610
555
1,113
4,212
472
27, 492
1,776
223
89
172
9,713
302
182
251
9,648
299
170
240
9,638
296
127
217
9,712
292
123
214
2,105
285
118
212
2,036
280
115
203
2,012
277
113
102
1,826
275
111
202
1,847
273
106
201
1,861
268
104
198
1,827
234
100
192
1,807
229
99
171
175
689
427
33
8,294
651
33
8,260
646
31
8,325
641
30
8,417
636
36
816
637
35
767
636
40
746
633
40
755
443
144
682
442
145
707
440
145
694
461
146
703
459
SECURITIES ISSUED
Securities and Exchange Commission:t
1,180
1,452
1,305
1,522
18,203
4,372
14, 437
1,585
Estimated gross proceeds, total.
mil. ofdol
2,789
1,938
3,176
1,330
2,739
By types of security:
1,122
1,339
4,324
14,324
1,469
1,406
1,168
18,196
2,486
1,854
3,057
2,567
Bonds, notes, and debentures, total .
.do
1,256
239
682
173
72
74
85
358
280
640
Corporate
do
378
366
905
560
1
25
79
41
24
111
41
102
219
Preferred stock
_
.
do
43
108
60
74
33
35
12
25
63
6
71
Common stock
do.
85
68
C4
17
14
40
By types of issuers:
297
795
92
121
417
226
470
253
944
1,077
Corporate, total
do
643
497
440
104
171
134
136
51
96
232
60
492
228
188
Industrial
do
225
121
33
374
42
203
44
79
30
125
304
187
572
Public utility . . _ __
_ do
141
117
274
151
7
194
0
0
0
69
249
106
Rail
do
76
365
85
9
10
2
28
27
10
4
41
13
28
Other (real estate and
financial)
do
3
15
13
883
657
18,111
4,252
13,966
1,845
1,333
1,296
Non-corporate, total®
_.
do
1,294
890
1,663
888
2,679
606
803
4,210
1,261
805
18,060
1,602
13,670
1,122
845
961
1,245
2,637
XJ. S. Government
do
47
8C
42
82
83
71
State and municipal
_,
. __ do
174
50
676
42
45
49
66
New corporate security issues:
291
780
462
91
117
405
1,057
245
221
Estimated net proceeds, total
_ do
433
485
632
925
Proposed uses of proceeds:
37
99
103
111
99
20
5
48
150
New money, total
...
_ do
136
80
102
190
17
50
75
55
1
97
7
63
28
Plant and equipment
do
147
41
55
49
2C
13
27
44
3
53
19
Working capital
_
_
do
39
47
43
49
49
88
240
669
74
124
289
80
873
340
172
347
Retirement of debt and stock
do....
343
724
527
222
634
72
51
257
581
Funded debt .
. .
do
501
56
798
286
158
278
278
2
1
12
1
1
4
19
2
5
5
Other debt
do
12
14
50
16
35
41
62
19
7
56
30
Preferred stock _
_
do
13
19
12
53
138
IE
12
22
19
10
17
6
34
2
3
6
6
Other purposes
_ ..
.do
11
Proposed uses by major groups:§
10C
130
49
181
126
59
218
166
221
93
Industrial, total net proceeds
do _
480
118
223
26
51
94
3
17
89
New money
do
163
63
87
98
41
64
117
5£
38
74
30
108
15
114
50
Retirement of debt and stock
_ _ do .
157
50
306
101
52
32
565
43
371
42
200
78
30
115
301
124
184
Public utility, total net proceeds
..do
139
0
:
1
1
1
23
0
2
2
4
15
1
New money
. . . .
do
12
364
31
35
43
533
177
77
30
110
122
297
Retirement of debt and stock
do _
128
183
192
270
0
246
68
15C
7
0
84
105
0
360
75
Railroad, total net proceeds
_. ._ do
4
27
19
:
7
2
0
0
0
12
10
New money
._ _ __
do
14
18
14S
266
220
0
50
0
0
190
74
Retirement of debt and stock
do
93
0
346
57
Commercial and Financial Chronicle:
Securities issued, by type of security, total (new
capital and refunding)^..
thous. of dol.. 557,427 563. 297 757, 290 587,400 168,806 1,229,396 510,132 878.824 1,338,316 246,928 840,149 346,113 429,614
92. 074 126.093 192.013
94, 438 243, 977 200, 347 122, 291
223, 308
51, 918 248, 647 144,446 142, 242 242. 521
New capital, totalt . - do .
92. 074 126. 093 186,113
65, 36£
51,918 248, 647 144, 446 142. 242 237, 979
222, 408
93, 938 240, 744 200, 347
Domestic, totalt
do
47, 08£
68,072 100, 923 158,460
1,352 211,614 107,244 104,820 209,087
127,315
59, 776 161,061 131,170
Corporatet
do
18, 28C
0
0
0
6,020
75
745
0
15, 970
8,000
0
0
1,830
Federal agencies
do
24,002
C
27, 653
19,150
37,422
79,608
68,432
28,892
34,162
42, 566
79,123
35,203
37, 202
Municipal, State, etc
do
5,900
0
0
3,232
0
500
0
0
4,543
0
56, 92S
Foreign
.
._
do
0
900
334,119 471, 223 631,197 395,387 116,888 980, 749 365. 686 736, 582 1,095,795 152,491 596,172 145,766 307, 32C
Refunding, totalt
do
310.919 471, 223 631,197 395. 387 116,888 980, 749 365, 686 732, 082 1,069,702 128, 991 594,102 145, 766 284, 325
Domestic, totalt
-- -.do
79. 085 749,921 338, 268 705,441 988. S31
284,215 295,766 555,122 367,086
78, 049 337,010 112.954 264, 26$
Corporatet
do
25,475
19,180
46, 140
17,180
20,06(
29,900
42.440
22, 980
30,010 199,580
43, 810 254, 505
20,060
Federal agencies..
. _ ._ .
do
149,982
9,121
29, 935
9,461
38, 331
2,912
3,724
7,793
7,132
2, 587
7,359
31, 248
Municipal, State, etc
do _
0
4,500
23,00
0
26,093
0
0
0
23, 500
2,070
23, 200
0
0
Foreign
do
Domestic issues for productive uses (Moody's):
49
96
7i
146
56
87
97
145
151
42
122
132
Total
mil. ofdol..
%
34
63
71
117
22
70
90
86
82
Corporate
_
_do .
97
5(
15
33
64
17
26
42
34
28
36
61
35
Municipal, State, etc. . . .
do
Bond Buyer:
State and municipal issues:
76,16
51,985
82,422
44,031
83, 674 ' 75, 934
39, 538
55,832
45,727
66,742
40, 762
Permanent (long term) . _ .
thous. of dol._ 85, 586 178,125
93,780
39, 988
45,992
31, 747
13,842 146,379
64,913
1,970
50,925 131,086 '59,71
28,700
Temporary (short term)
do_.._ 23,909
* 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.
X See note in the April 1946 Survey regarding revisions in the data for 1944.
f Revised series. Data for Government corporations and credit agencies have been completely revised and are not comparable with figures published in the April 1946 and earlier
Issues of the Survey. The classifications are those used in the revised form of the Treasury Daily Statement beginning with the third quarter of 1944. All asset items, except the
detail under loans receivable, are on a net basis (after reserves for losses); reserves against loans are not completely segregated as to the type of loans to which they are applicable and
the detail of loans by purpose is, therefore, shown before reserves; most of the reserves are held against agricultural loans. Revised data for the last two quarters of 1944 will be published later; earlier data cannot be revised to a comparable basis. The classification of Reconstruction Finance Corporation loans was revised in the November 1943 Survey (see note
in that issue); the figures include payments unallocated, pending advices, at end of month. There have been unpublished revisions in the 1941-44 data for security issues compiled
by the Securities and Exchange Commission as indicated from time to time in notes in the Survey. Data beginning October 1944 were revised in the December 1945 issue; all revisions
In the 1941-44 data will be published later.
SURVEY OF CURRENT BUSINESS
May 194G
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
S-19
1946
1945
1946
March
March
April
May
June
July
August
September
October
Novem- December
ber
Janu- February
ary
FINANCE—Continued
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. m e m b e r s carrying
m a r g i n accounts)^
Customers' debit balances (net)
Cash on hand and in banks
Money borrowed
Customers' free credit balances
1,034
1,065
1,094
1,100
1,084
1,063
1,095
1,048
742
683
824
580
758
673
762
594
743
632
711
639
1,138
313
795
654
1,168
701
575
1,223
220
853
549
1,141
722
553
734
727
645
760
105.29
105.69
82.69
102.53
103 09
79.30
103.10
103.64
80.60
103.01
103. 54
81.23
103.45
104.00
80.73
102.97
103.46
80.07
102.49
102. 97
79.94
102.60
103. OS
80.60
103.16
103. 61
81.88
103. 28
103. 71
82.50
103.64
104. 04
82.65
104. 75
105.14
82.32
105.19
105. 59
82.11
124.5
122.7
122.9
122.3
122.1
122.3
121.7
121.6
121.9
122.0
121.9
123.8
124.5
120.1
124.5
115.9
119.9
82 7
143.4
106.5
118.1
122.9
116.5
114.8
68 9
140.7
101.6
118.2
123.1
116.5
115.0
71 9
141.6
101.7
117 9
122.1
116.5
115.0
77.5
141.3
101.7
118.1
122.2
116.7
1)5.5
81.4
141.5
102.4
117.9
122.2
116.4
115.2
804
141.6
102.5
117.2
121.7
115 5
114.4
75.6
138.8
102.2
117.1
121.4
115.6
114.4
74.5
137.0
102.0
117.7
122.0
115.7
115.3
76.6
137.7
102.4
118.3
122.5
116.0
116.6
78.9
139.0
102.6
119.0
123.1
116.2
117.5
82.1
140.1
102.7
119.7
123.9
116.3
118.9
84.9
141.6
104.6
120.0
124.4
116.1
119.6
85.4
143.4
106.0
177 485
249,721
176 998
259,930
209,766
327,148
186,322
260, 711
106,984
140, 213
101,995
143, 293
89, 387
120, 572
122, 343
172,496
137, 749
192,680
138,499
185,652
165,360
217, 071
119,650
154,582
165,095
231 927
165,137
243 584
198,182
311,891
174,869
244,585
99,878
131,470
94,819
134,911
82,146
111,792
112,871
159,869
127,551
177,107
128,617
175,083
155,270
204,041
110,162
146,310
105,018
720
104,298
95 912
8,386
206,776
585
206,191
197 883
8,308
246,476
534
245,942
235 869
10,073
263,495
514
262,981
254, 246
8,735
223,113
601
222,512
214,843
7,669
110,849
419
110,430
105, 922
4,508
118,937
1,000
117.937
113,110
4,827
109,778
517
109, 261
104,042
5,219
143,971
1,268
142,703
132, 563
10,140
163,452
742
162, 710
147, 629
15,081
141,431
745
140, 686
131,329
9,357
186,923
1,060
185,863
175, 742
10,121
129,337
605
128, 732
122, 533
6,199
138 831
136 423
2 407
146 181
144 190
1,990
112,001
109 331
2,670
114 832
112 714
2,118
111,819
109,161
2. 658
115 280
113,137
2,143
111,506
108,851
2,655
114,857
112,701
2,157
110,939
108,299
2,641
114,768
112,636
2,132
126,317
123,679
2.638
130,075
127,962
2,112
126, 593
123,956
2,637
129, 748
127,640
2,108
125.252
122,616
2,635
128,511
126, 387
2,124
124,802
122,197
2,605
128, 741
126. 608
2,133
125,055
122,494
2,561
129,156
127,044
2,113
138,085
135, 529
2, 556
143,111
140, 998
2,112
138,961
136, 550
2,411
145, 556
143, 571
1,984
139,299
136,890
2,409
146,524
144, 546
1,978
1.29
1 49
2 09
2 66
1.38
1.61
2 40
2.91
1.35
1.57
2 39
2.90
1.43
1.58
2.39
2.89
1.40
1.58
2.35
2.87
1.46
1.57
2.34
2.85
1.64
1.70
2.36
2.86
1.72
1.79
2.37
2.85
1.56
1.76
2.35
2.84
1.51
1.70
2.33
2.82
1.42
1.64
2.33
2.80
1.31
1.57
2.21
2.73
1.29
1.49
2.12
2.68
2
2
2
2
2
2
2
3
f>2
72
92
38
2.61
2.73
2 90
3.36
2.62
2.72
2.88
3.32
2.61
2.69
2.86
3.28
2.60
2.68
2.85
3.26
2.61
2.70
2 85
3.26
2.62
2.70
2.85
3.24
2.62
2.70
2.84
3.20
2.62
2.68
2.81
3.15
2.61
2.68
2.79
3.10
2.54
2.62
2.73
3.01
2.48
2.56
2.70
2.95
2 68
2 94
3.11
2.69
2 94
3.07
2.68
2.93
3.05
2.68
2.89
3.03
2.68
2.87
3.00
2.68
2 86
3.02
2.67
2.85
3.05
2.65
2.84
3.03
2.64
2.81
2.99
2.64
2.79
2.96
2.57
2.71
2.89
2.54
2.65
2.83
mil. of dol..
do
do
. . .
do
Bonds
Prices:
Average price of all listed bonds (N. Y. 8. E.) .dollars..
Domestic
__
do
Foreign
. do
Standard and Poor's Corporation:
Industrial, utilities, and rails:
High grade (15 bonds)
_dol. per $100 bond
Medium and lower erade:
Composite (50 bonds)
do
Industrials (10 bonds)
do
Public utilities (20 bonds)
do....
Railroads (20 bonds)
do
Defaulted (15 bonds)
.
do
Domestic municipals (15 bonds)f
do
U. 8. Treasury bonds (taxable)t
do...'
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
. . . thous. of dol
Face value
do
On New York Stock Exchange:
Market value
do .
Face value
.
do
Exclusive of stopped sales (N. Y. 8. E.), face
value, total
thous. of dol..
TJ. S. Government
. .
do
Other than U. 8. Government, total...do
Domestic
_.
do
Foreign
do
Value, issues listed on N. Y. 8. E.:
Face value, all issues
mil. of dol
Domestic
- ___
do
Foreign
do
Market value, all Issues
. »_ _
do
Domestic
do
Foreign
. . . .
do
Yields:
Domestic municipals:
Bond Buyer (20 rities)
percent..
Standard and Poor's Corp. (15 bonds)..
do
TJ. S. Treasury bonds, taxable t
do
Domestic corporate (Moody's).. . . . . .
do
By ratings:
Aaa
.
do
Aa
_
do
A
do
Baa
_,
do
By groups:
Industrials
do
Public utilities
.
do
Railroads
do
F
47
54
69
94
2 54
2 64
2.80
Stocks
Cash dividend payments and rates, Moody's:
Total annual payments at current rates (600 companies)
mil. of dol.. 1,908. 54 1.867.88 1,868.26 1,870.66 1,871.06 1,871.62 1,872.04 1,871.55 1,870.94 1,868.08 1,880.22 1,886.00 1,900.31
941.47
941.47
941.47
941.47
941.47
941.47
941.47
941.47
Number of shares, adjusted-.
millions
941.47
941 47
941.47
941 47- 941 47
Dividend rate per share (weighted average) (600 com2.02
1.99
2.00
1.99
1.99
1.98
panies)
dollars..
1.99
2.00
1.99
1.99
2.03
1.98
1.98
3.21
2.94
2.97
3.11
Banks (21 cos.)
_.
do
2.95
3.17
2.95
2.94
2.93
3 21
2 93
2 94
2 93
1.94
1.95
1.92
1.92
1.94
1.92
1.92
1.92
Industrials (492 cos.)
do
1.92
1.92
1.96
1.92
1 92
2.58
2.58
2.58
2.58
2.57
2.58
2.57
2.57
2.57
Insurance (21 cos.)..
do
2 58
2 57
2 57
2.57
1.81
1.80
1.80
1.80
1.79
1.80
1.80
1.80
Public utilities (30 cos.)..... .
do
1.80
1 80
1 81
1 80
1 80
2.64
2.77
2.65
2.69
2.64
2.69
Railroads (36 cos.)
_
do
2.69
2.69
2.67
2.69
2 81
2.66
2 66
Dividend payments, by industry groups:*
149.5
Total dividend payments
mil. of dol__
' 135.4
' 396. 2
' 320. 3
' 136. 5
' 708. 2
358.4
' 119.1
' 347.1
' 505.9
' 309.6
' 388. 2
65.7
Manufacturing
.
do
' 138. 2
' 418. 6
'64.7
' 246. 3
'71.9
' 138. 2
129.6
' 05. 6 ' 283. 4
' 132. 7
' 242. 2
Mining
..'
do
'4.0
' 65. 3
.6
3.2
' 1.0
'21.2
1.2
2.7
2.7
42.9
'4,5
21.1
'18.4
46.7
9.2
'7.0
'4.0
' 19.6
' 26. 5
24.0
'18.4
' 4. 5
' 26. 5
Trade
do
' 24 3
'53.3
'19.1
81.0
29.6
'28.7
'79.2
'26.3
'12.2
87.5
'37.3
Finance..
do
'47.3
' 25. 2
'4.6
12.3
'2.7
63.3
7.2
17.2
19.7
' 46 2
' 16. 4
1.9
' 16 5
' 12 2
Railroads
do
29.3
' 39. 3
'51.7
35.6
'32.0
' 36. 3
'32.0
38.5
Heat, lierht, and power
_.
do
'30.0
' 38. 4
'40.8
'32.8
p
'48.2
.2
'48.4
.2
16. 9
48.3
.1
.2
15. 1
15.1
'48.1
' 13.8
Communications-.
_ do
'2.9
6.4
24.7
'2.4
1.5
8.1
'6.0
' 11.6
2.0
'16.1
'5.6
Miscellaneous
do
' 12.3
Prices:
Average price of all listed shares (N. Y. S. E.)
92.6
98.2
93.5
82.6
89.2
93.0
86.0
Dec. 31. 1924=100....
96.9
78.8
80.0
80.6
80.7
717
74.74
74.78
72.36
68.70
71.57
62.33
65.97
Dow-Jones & Co. (65 stocks)
dol. per share..
73.01
63.03
59.89
62.19
64.24
58.62
199. 46
199. 00
192. 74
185.07
190. 22
166.16
177.96
Industrials (30 stocks)
do . 194.37
163. 96
160. 47
165.58
167. 33
157.22
40.01
39.94
38.26
35.45
38.10
33.95
Public utilities (15 stocks)....
.do....
32.39
40.38
32.96
29.09
30.85
32.46
27.89
65.12
63.67
65.58
59.61
63.06
57.11
Railroads (20 stocks)
do
62.89
58.64
55.16
53.97
56.36
60.48
51.43
138. 72
136.88
135. 05
130.72
126.33
132. 71
117.76
118. 69
136.03
New York Times (50 stocks)
do
114.76
119.10
121.16
110.43
226.00
223.
25
215.06
220.67
21S.
74
194.
66
208.
50
222. 79
189.
97
194.09
Industrials (25 stocks). _ . _ . . ,
do
194.
53
188.19
182 02
51.45
50.57
49.43
44.39
48.69
42.74
44.17
Railroads (25 stocks)
do .
44.11
45.56
49.27
47.77
41.33
38.84
' Revised.
\ Since February 1945 data a
* New series. Data for
shown above are as follows
28.5; heat, light and power
SURVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
1945
1946
March
May 1946
March
April
May
July
June
August
September
October
Novem- December
ber
January
February
FINANCE—Continued
S E C U R I T Y MARKETS—Continued
Stocks—Continued
Prices—Continued .*
Standard and Poor's Corporation:
Combined index (402 stocks).
.1935-39=100..
Industrials (354 stocks)..
do.-..
Capital goods (116 stocks)
do
Consumer's goods (191 stocks)..—
do
Public utilities (28 stocks)
do....
Railroads (20 stocks)
do....
Other issues:
Banks, N . Y. C. (19 stocks)
do....
Fire and marine insurance (18 stocks)
_do
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
tbous. of doL.
Shares sold
thousands.
On New York Stock Exchange:
Market value..
.thous. of dol_.
Shares sold
thousands..
Exclusive of odd lot and stopped sales (N. Y.
Times)
thousands..
Shares listed, N . Y . 8. 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..
141.8
144.5
130.8
159. 2
122.8
153.6
111.8
114.0
103.2
119.3
96.1
123.6
114.4
116.5
105.5
122.2
98.0
129.3
118.2
120.3
108.8
127.2
101.2
134.5
120.7
121.8
109.9
129.3
105.9
144.0
118.4
118.8
107.0
126.1
107.9
140.1
117.9
118.9
107.6
128.1
107.2
130.9
126.1
128.2
117.2
139.3
110.6
137.5
132.0
134.5
122.0
145.9
114.4
145.1
136.9
138.7
124.8
150.7
120.8
154.2
139.7
142.2
127.9
154.0
120.2
157.1
144.8
147.5
133.0
161.9
124.0
164.3
116.6
141.6
110.9
125.4
110.6
123.5
113.4
129.1
119.4 i
129.7 ;
117.0
125.7
113.0
122.2
115.0
125.9
124.6
134.2
125.2
136.5
124.3
133.9
126.1
139.2
1,420,050 1,506,964 1,002,352 943,404 1,105,307 1,589,145
58,373
70,838
49, 560
39, 700
46,334
74,975
794,433 922,584 1,290,513
1,060,085 967,147 1,195,164 1,256,140 841,308
42,373
34, 454
50,398
35,836
38, 516
28,846
32, 465
47, 709
27,492 I 28,270 32,024 41,310 19,977 21, 714 25,135 35,476
1,256,254
55,334
57,383 i
1,152,830
47,836
1,504 !
61,497
1,512
4.4
3.5
5.1 !
6.2 j
4.3
3.4
4.1
3.4
4.8
5.5
3.73
62,431
1,536
4.2
3.4 !
4.1 i
3.3
4.7 !
5.5
62,637
1,540
4.2
3.3 i
4.1 !
3.4
4.6 !
5.3
3.67
3.67
j
j
|
|
143.3
145.8
133.6
159. 5
123.7
159.8
121.3
143.8
1,796,416 1,745,468
106,471
87.068
2,373,016 1,930,314
112. 908
90, 883
1,438,500 1,410,635
54,218
48,656
1,947,730 1,574139
52, 604
71, 761
40,406
34,151
51,510
34,093
61,242
1,544
64,315
1,548
67,065
1,554
69,561
1,573
72, 730
1,577
73,765
1,592
78,468
1,614
74,165
1,620
4.3
3.4
4.1
3.4
4.5
5.6
4.1
3.4
3.9
3.4
4.5
5.7
3.9
3.4
3.8
3.3
4.3
5.3
3.8
3.1
3.7
3.1
4.2
5.2
3.7
3.2
3.6
3.2
4.0
4.8
3.7
3.3
3.6
3.1
4.1
4.8
3.5
3.4
3.4
2.9
3.8
4.5
3.7
3.6
3.0
4.0
3.69
3.72
3.75 !
3.72 !
3.65 !
3.59
3.54
3.49
192
97
210
175
127
96
104
92
127
123
108
124
173
158
206
204
174
203
103
93
84
78
17, 608
10,118
16, 830
9,027
FOREIGN TRADE
INDEXES
Exports of U. S. merchandise:
Quantity
_
Value
Unit value
Imports for consumption:
Quantity
Value
„„„_„,„,
Unit value.^...^...*.».*.**
Agricultural products, quantity:§
Exports, domestic, total:
Unadjusted
Adjusted
Total, excluding cotton:
Unadj usted
Adjusted
Imports for consumption:
Unadjusted
Adjusted
1923-25 -=100_.
do
do
212
do
do
do
231
271
117
231
264
115
261
301
115
198
227
114
201
228
113
173
192
111
135
135
100
119
118
99 |
166
164
131
115
128
112
88
130
114
88
122
106
88
125
108
87
126
111
119
103
87
123 !
108 i
87 i
113
98
87
88
1924-29=100..
do I
]
do )
do..
108
108 i
do..
..__do.
89
76
69
90 i
70
72
113
128
90 i
83 i
107
130
66
95 :
88 :
109
82 i
85 i
72
80
18,864 j
10,380 j
18,502
10,680
!
106
135
69 j
79 \
92
104
72 \
61 |
67
49
106 !
90 !
104
79
130
114
99
92 i
SHIPPING WEIGHT*
Exports, including reexports
General imports
VALUE §
mil. of l b .
do...
19,045
10,099
12,977 I 15,919
10.489 ! 10,077
18,152
11.276
15, 966
11, 094
17, 665
9,031
16, 009
10,617
17, 820
11, 544
15, 359
9,093
Exports, total, including reexports
thous. of dol__ 815,629 1,030,059 1,005,355 1,135,486 870, 282 893,150 737, 398 514, 351 455, 264 638, 937 736,139 r799, 819 '671,219
116, 340 731, 557 703.115 790, 293 532, 561 538, 818 413, 398 158, 484
74, 850 115, 250 187, 438 132,170 *• 99, 597
Lend-lease*
do
By geographic regions:
37, 796
46, 616
44, 716
29, 524
38 765
42, 473
52,175
34,189
55, 453
46, 690
25,183
42, 927
Africa
do
163,411
130, 906 104, 500
111, 282
81, 050
125, 696
103, 398 127,152
77, 563
82,907
44,077
37, 001
Asia and Oceania
do
434, 697
631,814
495, 632 396,128
631, 487 728, 267
212, 837 188,045 265,455 389,904 405 730 320,403
Europe
do
110,
052
107,
824
112,684
108,
820
87,
794
83, 535
104,817
95,
840
96,
427
103,159
95,027
99,
422
Northern North America
do
67, 328
59,949
55,949
56, 863
56, 666
72, 612
56, 778
63,132
65, 805
72 603
72, 246
70, 287
Southern North America
do
60,819
56.
998
57,126
886
83
52,
410
56.
812
47,310
52,
589
66,029
71, 511
39,808
80,
935
South America
do
Total exports by leading countries:
Europe:
46, 984
55, 503
29,096
73 368
24, 983
33, 470
40, 656
41,438
53, 672
67,926
37,991
79, 483
France
do
11
0
804
1 266
0
531
J 2,056
0
168
240
117
354
Germany
do
21, 551
15, 656
22, 364
15,199
17, 314
9,800
26, 563
30 803
34, 887
18, 871
19, 322
15, 868
Italy
do
99, 978
233, 699 245,666
341,489 131, 487 167. 570 137, 441
15,166
6,724
53 004
6,165
29, 891
Union of Soviet Socialist Republics (Russia). _do
72, 741
318,017
299,108 290, 250 179,050 195, 415 138, 322
67,872
42,394
81 676
60,013
United Kingdom
do
33, 537
North and South America:
111, 532 103, 814 106, 671
85 676
105, 321 102, 707
99,101
92, 285
82, 216
96,117
93, 797
91, 740
Canada
do
105, 699 110, 326 114, 661 104, 306
95,822 105, 545
101,144
96, 670 140, 907 127,050 154 523 132, 237
Latin American Republics, total
do
3,082
3,436
4,519
3,128
2, 372
1, .139
1,602
7,724
9 198
9,029
2, 305
5, 809
Argentina
do
19,118
18, 637
19,912
26, 870
14, 610
16, 646
23, 872
11,863
13, 762
28, 310
31 373
22, 441
Brazil
do
4,266
5,205
3,765
3,585
4,672
3,012
5,763
4,563
Chile
do....
4,201
5,149
13 452
4,946
8, 559
8.141
6,372
9,577
7,656
6,970
6,940
7,209
8 808
9,602
10, 708
Colombia*
do
17, 875
15,141
15,150
18,184
15, 356
15, 656
16, 427
15,147
16, 278
20, 967
19 312
20, 479
Cuba
do
27, 819
24, 932
31,681
24,039
23,670
24, 668
28, 038
25, 021
23,965
32, 423
31 743
31,643
Mexico
do
12, 967
11,919
12, 583
9. 391
13. 425
11. 041
8,053
13,904
9,381
16,931
18, 033
13,103
Venezuela*
- do
' Revised.
i Less than $500,000.
§ See note marked " § " on p. S-21.
* New series. Data on shipping weight of exports and imports are compiled by the U. S. Department of Commerce, Bureau of the Census; they represent gross weight of merchandise exports and imports, including weight of containers, wrappings, crates, etc. Data beginning January 1943 will be published later. See p. 32 of the February 1946 Survey
for annual totals for lend-lease exports for 1941-45; complete monthly data will be published later; all supplies procured through lend-lease procurement facilities are shown as lend-lease
exports although, since the program officially ceased to operate at the end of the wai, the recipient nations had, with few exceptions, arranged to finance them prior to the exportation
of the merchandise. Monthly data prior to February 1945 for Columbia and Venezuela will be shown later.
SURVEY OF CURRENT BUSINESS
May 1946
March
1946
1945
1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
S-21
March
April
May
June
July
August
Novem- December
ber
September
October
5,193
• (a)
1,429
2,120
6,342
3,291
7,584
9,471
344,416
19,102
3,954
13,842
9,282
12, 663
16.124
322, 419
January
February
11,412
1,044
20, 721
3,405
12, 640
8,274
12, 053
10,119
297,187
8,277
2,456
33,105
3,266
12, 678
6,135
31,328
10, 646
392, 215
24,146
4,124
7,172
3,888
24,724
14,991
317,810
FOREIGN TRADE—Continued
VALUE §-Continued
I
Total exports—Continued.
Other regions:
35, 475
50,975
31,673
39,511
Australia
thous. of doL_
0
0
0
0
British Malaya
do
6,058
6,015
7,255
5,899
China
do
11, 255
18,039
21,998
26,623
Egypt
do
62.993
79, 397
37,310
57,115
India and dependencies
do
0
102
Netherlands Indies
do
0
0
174
188
38
15
Philippine Islands
do
10, 394
12,423
10,901
Union of South Airica
do
9,089
General imports, total
do
383,714 364,791 366,124 372,130 359, 555
By geographic regions:
20, 279
28, 202
21,488
37, 927
Africa
do
53, 628
44,548
50, 377
40, 406
Asia and Oceania
do
36, 315
19,467
29, 053
38,111
Europe
do
117,446 110,976 110, 978 107,594
Northern North America
do
74,974
82, 030
65, 460
80, 402
Southern North America
do
75, 956
73, 097
70, 056
73, 827
South America
do
By leading countries:
Europe:
1, 094
1,423
1,012
408
France
do
6
49
2
3
Germany
do
429
874
23
31
Italy
do.-_.
7,381
4,134
13, 692
1,675
Union of Soviet Socialist Republics
do
12,089
6,894
9,212
7,415
United Kingdom
.
do
North and South America:
116, 547 109,134 108, 772 104, 694
Canada
do
146,184 147, 006 141,734 127,197
Latin American Republics, total
do
5, 629
11, 742
10, 789
12, 696
Argentina
do
21,690
22, 750
17,086
22, 711
Brazil
do
15,198
14, 009
10, 389
12, 338
Chile
do
8, 860
6, 567
9,545
6,601
C olombia
do
39,374
28,191
31,527
42, 004
Cuba
do
22, 730
18, 731
22, 970
21, 858
Mexico
do
8,364
6, 840
8,227
6, 541
Venezuela
do
Other regions:
9,494
9,493
10, 254
10, 555
A ustralia
do
0
0
0
British Malaya
do
0
369
40
928
44
China
do
17
2
1,634
Egypt
do
99
11, 215
India and dependencies
do
9,822
13, 617
13, 076
138
73
Netherlands Indies
do
294
94
(a)
(a)
4
Philippine Islands
do
(a)
7,496
13,135
12, 024
Union of South Africa
do
5,443
Exports of U. S. merchandise, total
do
788, 789 1,017,097 987,187 1,118,680 848, 352
By economic classes:
62, 854
88, 630
Crude materials
do
78, 606
60,190
20, 543
16, 384
19,435
Crude foodstuffs
do
29, 863
120, 396 137,459 140, 645
Manufactured foodstuffs
do
92,029
79,345
Semimanufactures
do
78, 626
72, 072
61, 643
741, 501 695, 367 789, 518 586, 211
Finished manufactures
do
By principal commodities:
182, 374
224,065 173. 730
Agricultural products, total
do
21, 328
21, 579
11,935
Cotton, unmanufactured
do
32, 638
26,953
26, 844
27, 515
24,818
Fruits, vegetables and preparations
do
16, 081
22,117
31,515
17, 509
Grains and preparations
do
14,108
32, 052
53,175
55.071
Packing house products
do
834, 722 788, 789 894,615 674,623
Nonagricultural products, total
do
88,424
71.841
56, 253
Automobiles, parts and accessories
do
62, 227
36, 030
43, 959
31,960
Chemicals and related products
do
42,186
44. 543
48, 702
Iron and steel and their products
do
36, 360
46, 756
Machinery
do
99, 788
121,810 119,433 149, 249
16,705
Agricultural
do
15.072
15, 699
15, 350
38, 335
Electrical
do
23, 618
36, 800
32, 387
22, 329
Metal working
do
12,179
17,171
18, 555
46, 028
69, 352
50,825
50, 652
Other industrial
do
Copper and manufactures
do
7,519
4,418
6,354
6,405
Petroleum and products
do
86, 337
95, 757
103,120 105,150
Imports for consumption, total
do
373, 372 365, 760 355,973 362, 080 338, 838
By economic classes:
91,596 106,581
Crude materials
do
92, 256
87,930
Crude foodstuffs
do
57, 481
55, 462
62, 596
65, 090
Manufactured foodstuffs
do
40, 086
50,965
54, 298
37, 093
74,841
Semimanufactures
do
84, 232
71, 223
77, 388
83, 091
Finished manufactures
do
82, 805
77, 543
70, 094
By principal commodities:
154, 235 157,760 147.166 126, 602
Agricultural, total
do
32,112
Coffee
do
26, 308
26,954
26, 570
Hides and skins
do
3,321
3,491
5, 259
4,726
Rubber, crude including Guayule
do
7,965
6,331
7,467
8,249
Silk, unmanufactured
do
3
217
175
86
Sugar
.
do
30, 634
14, 041
29,012
16,496
18,894
Wool and mohair, unmanufactured
do
16, 722
16, 331
17, 762
211, 525 198, 213 214, 914 212, 236
Nonagricultural, total
do
9,698
6,100
15,641
Furs and manufactures
.do
15,252
39, 893
42, 616
40, 240
49, 798
Nonferrous ores and metals, total
do
15, 599
19,446
17, 348
Copper including ore and manufactures...do
17,470
4,234
2,178
848
Tin, including ore
do
2,784
8,949
7,912
7,104
7,627
Paper base stocks
do
11, 590
Newsprint
do
12, 828
12,189
11,516
11, 265
14,066
12, 220
13, 269
Petroleum and products
do
r
38,560
0
7, 938
13, 260
57,653
0
1,803
9, 986
355, 698
1,341
8,757
359, 655
8,953
0
4,792
8,431
11, 267
0
6,460
9, 985
334, 673
29, 324
43, 646
39,159
99,344
55,125
89,100
21,105
44, 377
34, 978
96, 541
64, 204
98, 451
25,028
63,497
27, 915
77,899
53,499
86,835
29,336
45,140
47, 544
84, 269
46,021
92,106
19,058
56, 589
42, 343
76, 449
48, 397
79, 584
21,851
46,419
47, 555
73, 627
45, 323
62, 412
24,826
82,286
67,317
67, 744
51,259
98, 783
14,103
79,110
45,613
57,804
48,421
73, 069
1.037
102
511
6, 721
6, 798
2, 263
22
527
5,047
6,958
555
80
141
1,259
6,587
1,893
11
489
2,484
5,444
1,752
14
1,505
855
3,434
1, 632
10
429
1,414
11,743
1,934
3
170
18,030
10, 344
1,478
15
732
8, 597
9,298
96, 899
135,615
14,517
28,086
17, 074
9, 512
20, 655
17,542
8,990
94, 207
155, 312
19, 646
36, 034
9,393
15, 243
31,249
17, 790
7,952
75. 786
130,176
17, 055
31, 770
8,155
6,068
26, 459
16, 321
6,633
81, 717
131,876
20, 579
29, 602
11,930
8,4S8
16, 619
16, 831
7,348
74, 408
117, 364
18,634
24, 270
7, 954
10, 591
14, 562
17, 426
7,775
70,948
101, 902
16, 784
19, 607
7, 785
5,999
16, 001
18, 922
7,402
65, 349
144,054
16, 696
40, 861
8,925
12,101
18, 379
21, 322
10, 595
56, 721
116,293
9, 056
23,136
8, 246
11, 509
18, 247
17,113
8,587
9,854
14,195
0
298
465
14,402
286
9
5, 220
716, 568
9,389
0
142
526
21, 657
1
100
10,273
500,137
10, 503
297
5,318
14. 337
'262
26
5, 486
858, 792
206
1,512
12. 526
'243
17
11, 594
440, 511
10, 468
0
179
352
17,182
106
161
10, 038
612, 332
12, 773
5, 723
204
1,200
10, 386
334
473
10,418
715,176
93, 719
31, 593
123,316
64, 240
545, 924
73,
33,
86,
57,
464,
902
447
843
872
505
84, 055
54, 315
67,596
48, 928
245, 242
81, 257
65, 773
37, 632
54,466
201, 382
88, 227
62,172
84,067
70, 203
307, 663
70, 407
66, 582
140, 226
67,448
370, 512
94, 743
70, 263
177,521
73, 397
364, 575
221,166
36, 220
24,993
30, 914
29, 056
637, 626
65,925
33, 719
42, 625
94, 747
18,594
27,180
6,222
40, 377
5,235
60, 967
345, 629
164, 720
22, 569
20, 525
32, 314
20,494
551,849
65,434
33,434
35, 499
77, 277
15, 940
19, 699
4,861
34, 817
2,544
32, 548
354,983
171,429
28, 026
16, 795
53, 898
10, 039
328, 709
19, 270
29, 378
28, 328
53, 723
9,994
11, 025
5,104
25, 297
2,262
32, 227
329, 271
153.170
22. 012
12,100
67,468
4,568
287,342
16,135
27,189
25, 784
50, 557
8, 031
9,669
4,369
26,168
2,828
24,691
343, 714
205, 599
34, 082
16,947
70, 765
24,130
406, 733
24,073
38, 028
37, 948
78,175
11,070
13, 866
6,531
44, 084
3,727
28,536
312, 565
247, 577
25, 218
26, 799
69, 691
50, 716
467, 599
23, 634
35, 278
34, 446
135,405
10, 792
27, 470
28, 696
65, 503
2,753
28, 814
279, 478
309, 614 250, 844
28, 954
34, 694
30, 361
25,618
72, 652
83, 514
79, 863
41, 595
470, 885 399, 709
26, 637
23, 691
35. 676
37,919
26,582
41,931
77, 689
102,187
12, 761
10, 031
16, 532
24,054
9,638
13, 943
42, 281
51, 924
4,042
3, 655
29,642
35, 034
398,941 •306, 694
957
308
256
682
426
90.488
68, 848
40, 918
82, 798
71,931
103,149
56, 384
38, 640
72, 959
58,139
103, 098
56, 599
31, 725
86,742
65, 549
95, 791
50, 995
26, 579
80,127
59,072
88, 890
42, 443
24, 529
68,171
55, 446
157,378
75, 251
32, 551
76, 011
57, 751
108, 790
58, 558
28, 723
53, 015
57, 607
130, 213
30,177
4,517
7, 565
288
11, 235
20, 099
215,416
10,107
47, 966
23,958
4,249
11,382
13, 904
14, 473
156,232
43, 065
3,829
7,795
399
18,803
22,165
198, 751
10,757
35, 941
14,104
2,061
14, 619
13, 682
13, 629
140,912
30, 491
4,042
7,869
127
17,655
19,165
188, 359
17,-892
36, 807
14, 595
2,520
13,975
12, 539
8,174
139, 516
30,172
3,595
8,225
261
9,019
25,560
204,197
12, 655
44, 266
18, 565
4,158
19, 587
15,129
13, 694
121, 007
23.291
4, 220
8,484
156
5,644
21, 787
191.558
15, 365
32, 681
11, 253
2,421
16, 650
14, 809
17, 006
108, 799
18, 205
3,152
10, 021
196
4, 595
20, 070
170, 680
9, 599
23, 267
12,464
944
18,098
13,152
11, 708
192, 683
40, 921
4,971
14,151
1,214
11,499
29, 010
206,258
35, 004
22, 793
13, 021
1,179
16, 942
14, 997
13, 367
149, 201
29,988
3,185
24,116
1, 354
12,913
21, 794
157,493
13,992
14,224
2,857
4,352
11,691
14,930
97,
56,
30,
80,
80,
33,260
0
8,212
6,299
43, 204
(°)
Q
9,204
(a)
8,873
120
11, 461
10, 907
9,947
5,105
4,829
3, 530
1,051
405
22, 667
24, 526
40
592
945
98
12, 428
5,317
r
780, 424 '650, 553
90,081
58, 304
134,964
59, 795
307,409
11, 200
Revised. • Less than $500.
§ The publication of practically all series on foreign trade included in the 1942 Supplement but suspended during the war period is resumed in this issue. Export statistics include
lend-lease exports shown separately on p. S-20 (see note, marked " • " on that page), shipments by UNRRA and private relief agencies, and since June 1945 comparatively small shipments consigned to United States Government agencies abroad; shipments to U. S. armed forces abroad are excluded. Revised 1941-42 figures for total exports of U. S.merchandise
and total imports are shown on p. 22 of the June 1944 Survey; revised figures for 1941 and later data through February 1945 for other series will be shown later.
S-22
SURVEY OF CURRENT BUSINESS
Unle»«i ofVwrwiss* stated. fftatintics through 1941
and descriptive notes may be found in t h e
1942 Supplement to th e ourvey
March
May 1946
1946
1945
1946
March
April
May
June
July
August
September
October
Novem- December
ber
January
February
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
C o m m o d i t y a n d Passenger
Unadjusted indexes:*
Combined index, all typesf-_1935-39=100._
KN eluding local transit linesf
^°
do. .
Coninioditvt
do
Pa^sencerf
do
F\<"'luding local transit lines
By typps of transportation.
do
Air combined index
Commodity
. do
do
Intercity motor bus and truck, combi ned index
1935-39=100
do
For-hirp truck
Motor bus
do
I oca! transit
linesf
do
5
do
Oil and pa' pipe linesf
do
Railroads combined index
Commodity
_
.
do .
do
"Waterbomp (domestic), commodity!
Adjusted indexes*
do
Combined index all tvpesj
do
Fxcluding local transit linesf
Com mod ity
do
do
Fxcludinp local transit lines
do. .
By type of transportation:
do. _
Air, combined index
_ _
do
Commodity
Pa^enper
Intercity motor bus and truck, combined index
1Q35-SQ-100
227
2.32
215
2C5
353
213
202
355
229
235
217
269
370
235
242
218
291
418
225
232
2C6
288
423
218
225
197
286
422
209
214
188
272
396
202
205
179
277
395
204
207
182
273
388
194
197
168
279
404
198
' ?on
177
r 206
371
201
204
183
261
355
785
1,088
584
782
1,031
617
841
1,095
674
892
1,127
737
898
1,091
771
916
1,093
800
88b
1,031
790
8f3
1,001
822
835
904
789
775
862
718
691
770
773
648
855
234
220
278
192
279
246
228
378
50
224
208
279
1S5
275
243
22fi
378
70
225
206
288
186
267
248
229
394
84
238
211
328
186
204
255
230
444
89
235
200
352
175
254
242
216
438
89
239
21)5
350
173
251
229
202
437
87
227
201
31!
170
216
219
194
415
97
234
220
2^2
180
206
178
427
86
211
197
256
178
232
213
185
432
88
194
183
234
175
230
202
166
472
91
216
202
2G2
179
239
'200
174
'402
69
221
206
270
184
252
202
180
233
239
221
272
372
230
237
218
267
369
232
238
218
276
385
233
240
218
283
400
223
229
207
278
392
212
216
194
272
383
201
2C6
1*2
26G
381
196
119
171
2F2
406
202
206
177
283
411
196
199
172
274
400
'203
'207
' 183
'269
'381
206
210
188
265
371
796
1,088
602
774
1,031
605
829
1,095
654
863
1,127
689
876
1,091
734
880
1,093
740
851
1,031
732
879
1,001
798
860
904
831
823
802
797
'796
'691
'865
812
648
920
244
230
230
233
231
230
216
225
208
194
229
231
225
zm
104
212
210
2C9
205
189
2(4
For-hire truck _
205
191
213
do. .
183
213
227
290
296
314
298
269
321
295
282
292
Motor bus
310
289
do
230
179
189
Ihft
178
181
172
Local transit lines
183
177
177
do
170
274
271
272
229
273
224
203
do. _
262
228
2<>5
234
223
Oil and pas pipe lines...
264
254
201
212
251
251
221
' 204
239
211
204
206
Railroads
do
233
233
231
180
198
232
218
186
170
178
170
184
Commodity
.
do
415
427
394
399
442
458
396
403
do. .
408
'403
378
Passenger
_.
462
76
71
86
71
71
76
74
124
70
128
71
109
Waterborne (domestic), commodity .
do
Fx press Operations
22,516
22,952
22,879
23,595
24,826
23,831
24, 532
23,144
22,623
22,484
Operating revenue
.thous. of dol.
29,141
23,919
61
do. .
32
63
72
80
72
91
64
75
83
58
Operating Income
uo
I oca I Transit Lines
7.8115
7.8641
7.8115
7.8116
7.8116
7.8115
7. 8198
cents
7.8115
7.8198
7. 8641
7. 8641
Fares, averaee. cash rate
. . 7 8198
7 8198
Passengers earriedt
thousands 1,668,102 1.704,580 ! ,588,850 1,650,745 ! ,595,211 1,560,679 1,534.940 1.460,840 1,586,149 1,520,586 1,548,433 1.614,559 1,488,627
119,400 115,400 119,900 116,600 113,934 111,367 105,351 115,683 110,385 116,410 117, 200 105, 970
Operating revenuest
thous. of dol_
C lass I Steam Railways
Freight carloadinps (Yeri. Reserve indexes):
139
142
145
Combined index, unadjusted..
1935-39ssino
136
132
136
132
128
137
123
119
143
119
126
126
155
143
128
109
137
136
148
148
152
do
143
133
If 6
191
176
178
Coke
192
160
154
111
167
. . .
do
187
133
114
172
143
134
Forest products
133
149
134
do
108
140
140
115
121
109
135
94
147
130
Grains and grain products
.
141
158
164
124
176
do
163
152
188
158
144
147
I ivestock
do. .
189
99
183
150
111
111
109
120
126
108
135
102
97
69
68
72
75
79
68
71
67
65
Merchandise, 1. c. 1
69
74
do
71
75
215
114
263
203
2f8
35
63
249
29
Ore
do
273
24
261
36
136
162
do .
151
151
160
Miscellaneous.
136
139
148
133
136
123
123
113
145
141
140
140
133
139
128
133
do
127
118
126
127
Combined index, adjustedf- - . _ .
126
148
137
143
155
126
Coalt
136
109
148
152
do
128
133
143
166
180
193
181
167
Coket
113
190
193
155
167
. .
.do.
127
107
164
137
144
133
134
134
Forest products .
133
125
122
do
140
109
126
106
no
167
160
165
do
141
134
167
Grains and grain productst
163
152
157
146
158
153
150
124
120
129
121
140
121
115
114
123
Ilvestockt .
do
146
126
158
140
69
71
68
do
78
67
69
74
Merchandise, 1. c. 1
67
64
66
78
78
74
204
121
204
170
134
118
218
174
94
Oret
do
171
166
134
117
151
159
153
146
Miscpllaneousf
.
do_.
143
146
132
126
133
134
121
125
130
Freight carloadings (A. A. R . ) i
'4,022
3,374
3, 453
4,365
3,P82
3,151
3,378
3,240
3,207
Total cars _
___ .
thousands
4,117
2,884
2,867
3,546
828
613
855
600
604
938
505
Coal
do
635
842
688
685
740
794
76
56
70
51
TO
Coke
f6
57
59
34
43
do
50
32
174
do
164
228
Forest products
207
129
165
173
205
142
128
146
143
200
274
209
237
218
Grains and grain products
287
2?3
do....
257
248
223
209
207
253
62
69
62
100
52
79
Livestock
. . . .
72
99
65
do
106
73
96
59
'537
do
451
438
530
524
448
Merchandise, 1. c. 1
620
406
455
408
471
456
544
88
303
371
fO
228
do...
300
285
Ore
356
148
34
250
25
54
1,607
do
1,785
' 1,996
l,6C0
1,967
1,745
Miscellaneous
. . .
1,506
1,412
1,414
1,273
1,436
1 597
1,171
Freight-car surplus and shortage, daily average:
16
13
13
11
11
Car surplusf..
thousands.
16
10
8
11
20
18
23
15
6
9
Car shortage*
. . .
do.
6
19
16
4
10
9
7
7
7
8
7
Financial operations (unadjusted):
813.328 778,985 823,025 820, 390 796,120 755. 218 679.178 6f6,9Pl
661.181 613.691 640.872 579,136
Operating revenues, total
thous. of dol.
623,184 594.314 626, 427 611.110 589, 583 647.629 488,612 4f2,288 463,682 401.256 453.399 421,243
Freight
_
do_._
153.254 140,146 146,504 145.555 '161 134 137 602 114 655
133.630 129.2(2 1?8,935 152. 185 150.734
do .
Passenger
.
Operating expenses
. do...
544,810 531,689 547, f 64 541,707 549,017 647.263 621,193 626. 652 548.5f 0 963 331 4P0,059 450, 228
175.435 182. 667 149.985 121,272
168. f 33 155.391
Taxes, joint facility and eouip. rents..
do...
13.990
51,310
79. 964
71.104
15,900
91.PD5
99. 926
96.115
97. 126
86,683
61.321
do. .
99, 88f
43,994
54 439
Net railwav operating income . . .
70 848
57 805
64.649
55,558
62,931
65.755
51,152
do...
62,990
8,849
34,384 d7A 656
Net income?.
20,224
33,887
28, 589
f
Revised. <* Deficit. ^Datafor March, June, September, and December 1945 and March 1946 are for 5 weeks; other months, 4 weeks.
•New series. For data beginning 1929 for the transportation indexes, see pp. 26 and 27 of the May 1943 Survey (scattered revisions have been made in the series marked "f* as
published prior to the December 1943 Survey; revisions are available on request). Comparable data beginning January 1943 for freight-car shortages and surpluses and an explanation
of the change in the latter series are available on p. S-21 of the December 1944 Survey.
fSee note marked " • " regarding revisions in the transportation indexes and car surpluses. The indicated seasonally adjusted series for freight carloadings. as published prior to the
October 1943 Survey, have been revised beginning 1939 or 1940; all revisions are available on request. Beginning in the 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 May 1945 issue, represent estimated total revenue pasengers carried by all local transit lines; revised data beginning 1936 will be published later.
SURVEY OF CURRENT BUSINESS
May 1940
Unless otherwise stated, statistics through 1941
and descriptive notes may he found in the
1942 Supplement to the Survey
1946
March
S-23
1946
1<»45
March
April
May
June
July
August
SepOctotember • ber
Novem- December
ber
January
February
TRANSPORTATION AND COMMUNICATIONS—Continued
1 HANSrORTATlON—Contim ed
Class I S t e a m Railways—Continued
Financial operations, adjusted:f
Operating re^euues, total
FreipM..
_
Passenger
Bailw H> expenses
Net railway operating income
Net )?'o< rre.
Operating results:
Freight carried 1 rrilet
Revenue per fon-inile..
Passengers carried 1 mile
mil. of dol.
do...
do—
do
do
do
796.3
602. 8
135. 1
698.4
...mil. of tons..
cents..
millions..
68,315
.6(8
7,048
„
63.1
795.9
598. 5
140.5
704. 1
91.8
57.4
830.9
626.4
147.0
724.7
1C6.2
71.2
791.0
597.2
138.2
695. 6
95.4
61.4
704.9
514.0
136. 7
648.2
56.7
22,6
691.1
500. 8
140.7
654. 7
36 4
3.7
657. 0
453.1
149.7
619.6
37.4
3.3
668. 5
465. 0
152.2
607. 8
GO. 6
29.7
65, 286
. £f.8
6,826
68,647
.976
66, ££8
.977
8,015
64, 732
.671
8,185
60, £09
.664
8,201
56, Of 8
.628
7,567
53, If6
.689
7,863
53,462
.632
7,G£6
49,843
.867
8,572
52,076
. 940
7,454
48, 735
.935
6,079
8,665
2, 884
5,781
9,602
3,340
6,262
9,619
3, 645
5,974
8,700
3.515
5,185
8,419
3,327
5,062
7,930
3,018
4,912
7,P07
2,712
5,195
8, 205
2,303
5,602
7,262
1,869
5,363
6,003
1,545
4,458
5,844
1, 555
4,289
' 20,202
6,710
752,653
343,889
19,571
4,938
713,056
328,929
4.28
92
229
4.16
93
211
799.2
60S. 0
13H.7
703.6
95.6
61.7
628.3
423.2
158. 1
674.0
«* 56'. 0
<* 36. 0
654.6
4£9.9
143.6
566. 7
87.9
55.5
Waterway Traffic
Clearances, vessels in foreign trade:t
Total. U. S. p o r t s . .
Foreign
._
United States
_
thous. net tons.
do
do...
7,781
2,321
5,4G0
Travel
Operatirns on scheduled air lines:
18.042
17,607
19,410
16,137
Miles flown...
thous. of miles.15.Pf9
7, 973
8,304
7, 677
Express carried...
_
thou? of \h..
8,627
7,716
532,286 543,7f 5 612,912 659. 861 713.382
Passengers carried
number._
251,171 256,892 289,846 306,873 331,639
Passenger-miles
flown
.thoui. of miles.Hotels:
3.76
4.01
3.67
3.99
3.85
4.17
Average sale per occupied room __„
dollars..
90
91
95
90
89
87
Proms occupied
-.percent of total..
194
212
190
169
210
207
Restaurant sales index
avg. same mo. 1829=100.Foreign tra\ el
15,674
15,419
20.281
12,978
9,9f 2
U. P. citizens, arrivals
number.
9,837
12,401
10,992
9,652
U.S. citizens, departures
.
do...
7,803
935
1,149
689
935
Emigrants
do. _
557
3,674
3,734
3,790
3,677
Immigrants
do
3,156
16,043 ' 15.293
12.S86
7.?18
9. 275
Passports issuedd*
do. .
13.883
National parks, visitors
number. 129,260
34, 620 42,912 68,903 138.586 289. U94
Pullman Co.:
2.069,227 2,046,445 2,258,277 2,319,667 2,266,512
Revenue passenger-miles
thousands.
13,169
12,498
13,520
12, 427 12,291
Passenger revenues
...thous. of dol..
COMM UN 1CATION S
Telephone carriers:^
Operating revenues
thous. of dol..
Station r e v e n u e s . . .
do
Tolls, message
do
Operating expenses
do
Net operating income
do
Phones in service, end of m o n t h
thousands..
Telegraph and cable carriers:§
Operating revenues, total
thous. of d o l .
Telegraph carriers, total
do. .
Western T'nion Telegraph Co., revenues from
cable operations
tbous. of d o l . .
Cable carriers
do
Operating expenses
.
do
Net operating r e v e n u e s . . .
do
N e t income trans, to earned surplus
do
Radiotelegraph carriers, operating revenues
do
176,142 172,229 176,488
91.607
92,955
91,964
70. 359 66,fif0 f.9.121
112.539 111.221 113.330
19,576
20.301
20,568
24,666
24,613
24, 631
176,637
92,652
69.816
115,244
19.916
24,703
18,If3
12,881
1.879
4.065
9.993
449,111
20,888 20,103
19,783
19. 640 20,452
6.031
5, 746
5,429
5,109
6,273
769, 606 723. 247 647,518 727, 279 723,187
353, 527 328, C00 308, 736 331,056 332, 315
4.31
4.19
4.12
4.17
4.12
94
P5
92
93
88
223
204
204
205
198
14,865 17,304
11,648 13,649
2,025
1,499
4, 380
4,608
9. 056 21.416
478, 258 327,843
16,079
14.185
1.838
4,421
12.913
132,316
18, 740
17, 556
1,289
4,644
11,972
62, 090
10. 70S
78, 221
8, 667
99, 338
2,361,250 2,289,324 2,422.016 1,526.314 2.419,033
12,120 13,214
12,316
13, 217 12,855
175,677 179,424
91. 695 92. 323
69.617
72, 468
118.510
19,015
24,761
120. 667
21,058
24, 794
174,487 184, 380 181, 325 187,183 187,610
92,141 96, 700 96, 523 99.127 100.993
67,918 73,493
70, 768 73.711
72,357
114,666 128.495 125.329 138.055 130. 473
23,744
20. 518 22.3*3
53. 074 27, 902
25,184
24,834 24,G94
25, 446 25, 747
17.429
16,018
16,149
14,842
17.575
16,319
17, fill
16,035
16.694
15,419
19.224
17,947
17,033
15,897
18.359
17,099
17,366
16,197
17,667
19,191
14, 754
13, 583
1,016
1,410
12,829
2,666
1,502
1,882
904
lf 307
12.302
1,942
"£/
1,889
961
1,256
13,136
2,476
1,196
1,851
803
1.476
13,265
2.335
1,463
1,704
737
1,275
13,194
1,535
519
1,772
741
1,277
15. 371
1,879
863
1,971
708
1.137
17, 268
* t It?
* 6,066
1,952
761
l,2fO
15,166
1,419
654
2,031
750
1,169
19,187
*.?, 686
*6.8ie
1,966
961
1. 524
14,789
2,155
2, 509
2,274
507
1,171
14,877
* t, 002
d
2,44$
1, 908
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Selected inorganic chemicals, production:*
j
Ammonia, synthetic anhydrous (100% NH3)
short t o n s . . ! 44,271
Calcium arsenate [100% Ca3(AsO4)2]
thous. o f l b . J
1,478
Calcium carbide (100% CaC2)
short t o n s . . 44,460
Carbon dioxide, liquid, gas and solid (100% CO2).
thous. of lb__ 65,335
Chlorine
.short tons_. 96,439
Hydrochloric acid (100% HC1)
do
26,805
Lead arsenate
thous. of lb__
7,P01
Nitric acid (100% H N 0 3 )
short t o n s . . 30,887
Oxygen
mil. cu. f t . .
951
Phosphoric acid (50% H3PO4)
short t o n s . . 74, 774
Soda ash, ammonia-soda process (98-100% Na2 CO3)
short t o n s . . 380,489
Sodium bichromate
do
7,777
Sodium hydroxide (100% N a O H )
do
160,009
Sodium silicate, soluble silicate glass (anhydrous)*
short t o n s . . 32,184
Sodium sulfate, Glauber's salt and crude salt cake
short tons__ 43,820
Sulfuric acid (100% H 2 S O 4 ) 0
do_.._ 761,246
Alcohol, denatured:!
Consumption
thous. of wine gal
13,530
Production
do
11,894
Stocks
do
16,224
49,089
3,200
62, 753
45,581
1,568
64,610
48,244
2,493
64,805
45,072
5,157
63,134
47,431
4,582
62,480
46,787
2,227
55,090
42,685
906
45,384
38,292
1,304
47,353
45,298
1,403
44,610
45, 557
41,364
(0
41,384
952
45,192
39, 738
r 1, 139
40, 316
71, 599
107,466
37,639
8,143
37,963
1,476
53,290
80, 654
103,478
37, 597
9,737
40,053
1,401
59,568
83, 246
110,332
37,152
7,892
41, 757
1,333
58,981
84, 361
106,669
37,348
5,485
39,662
1,234
61,438
88,758
105.189
35,891
3,802
38,944
1,190
59,957
88,566
97, 659
33,839
4,723
37,088
978
57,952
79,983
89.602
30, 552
2,313
32,025
893
63,941
68,810
89,392
29,691
2,869
34,262
916
61, 500
57,923
91, 461
30,026
4,225
31,352
873
70,409
51,427
94,784
28,680
5,514
33,033
891
68,231
56,078
89,707
26,822
6,421
34, 769
716
68,452
54,169
' 84, 741
' 26, 791
7,567
*• 31,123
606
*• 69,525
380, 371
7,466
167,443
378,385
6.852
161,300
388,044
6,955
169,878
358,782
5,951
160,435
358.217
6,244
157,644
363,802
6,537
152,318
333,453
6,561
139,969
381,468
7,347
146,374
355,039 379,786
6,999
6,769
148,194 ' 153,395
37,105
36,796
43,955
43,733
32,060
34,806
24,864
27,321
28, 781
29,276
66.929
860, 403
61, 762
834,152
67,322
868,682
61,559
822, 409
62, 519
842,177
61,464
783,209
57,378
677, 596
66,410
750,084
67,047
707,865
60,022
746,183
46,861
44,859
14,579
45,020
49,287
18, 799
47,245
46,618
18,159
37,393
40,893
21,657
37,088
36, 774
21,307
32, 530
31,786
20,539
26,113
26, 555
21,031
19,012
19,261
21,257
15,473
13,060
18,844
12,753
12,313
18,396
387,012 342, 625
7,735
7,134
154,349 • 143,248
34,524
' 32,494
r 42,811 ' 40,932
743,904 ' 665,177
11,486
11,617
18,549
10,817
10,017
17,802
d
'Revised.
Deficit.
cf Includes passports to American seamen.
1 Not available for publication.
t Data relate to Continental United States; the original reports for recent years include also data for 3 companies operating outside of the United States
§ Compiled on a new basis beginning 1943; see April 1944 Survey for 1943 data and sources of 1942 data on the new and the old basis.
©Data have been shown on a revised basis beginning in the March 1945 Survey.
©For 1944 revisions see August 1945 Survey.
• Data were revised in the September 1945 Survey; see note in that issue for a description of the series.
JData continue series published in the 1942 Supplement but suspended during the war period: data for December 1941-February 1945 will be shown later.
fData have been shown on a revised basis beginning in the June 1944 Survey: revisions for January 1937-February 1943 are available upon request.
•New series compiled by the Bureau of the Census; see pp. 23 and 24 of the December 1945 Survey for data through December 1943 except for carbon dioxide sodium silicate
calcium arsenate, and lead arsenate; data beginning 1941 for these series will be shown later.
'
'
S-24
SURVEY OF CURRENT BUSINESS
Unless otherwise s t a t e d , statistics t h r o u g h 1941
a n d descriptive notes m a y be found i n t h e
1942 S u p p l e m e n t t o t h e Survey
1946
March
May 1946
1945
March
April
Mav
j June
1
July
1946
August
September
October
Novem- December
oer
Janu- 1 February i ary
28, 464
28, 016
23, 782
22,184
6,586
6,769
148, 261 134, 780
126,190 111, 493
42, 030
40, 569
69. 463
85, 621
23, 287
22, 071
24, 070
37, 965
3,023
4,080 !
29, 516 30,982
23, 514 23,823
7.461
8,448
148,738 152, 555
122, 891 123, 952
40, 320 43,131
82, 571 80,821
25, 847 28, 603
21, 393 18, 532
5,118
4,276
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS-Continued
.Alcohol, ethyl, incl. spirits and unfinished spirits: •
Production, total (net)
.
thous. of proof gal.
Ethyl alcohol
do...
Spirits and unfinished spirits 1
do
Stocks, end of month, total
_
do...
Ethyl alcohol, total
_.
do___
In industrial alcohol bonded warehouses...do...
In denaturing plants
do._.
Spirits and unfinished spirits
do
Withdrawn for denaturing
do...
Withdrawn tax-paid, ethyl alcohol
.
do
'Glycerin, refined (100% basis):*
High gravity and yellow distilled:
Consumption
thous. of l b .
Production.
do...
Stocks
do...
Chemically pure:
Consumption
..do...
Production
.do...
Stocks
do...
Other selected organic chemicals, production:
Acetic acid*
do...
Acetic anhydride*
do_._
Acetyl salicylic acid (aspirin)*
do...
Creosote oil*
thous. of gaL
Cresylic acid, refined*
thous. of lb_
Ethyl acetate (85%)*
do...
"Methanol: §
Crude (80%)
thous. of galSynthetic (100%)
do___
Phthalic anhydride*
thous. of lb.
32,396
27, 277
6,787
151, 065
121, 653
37, 570
84, 083
29, 412
22, 081
4,561
99, 964 97, 993 99, 907 87, 581
59, 779 59, 155 58, 001 49,166
44,513
42, 984 45, 615 40, 792
134,454 136, 421 146,051 159,857
105,897 109, 056 123, 542 141, 200
40, 944 34, 783 39, 088 42, 682
64, 953 74, 273 84,454 98, 518
28, 557 27, 365 22, 509 18, 657
81,883
90,661
86, 605 76,149
2,619
2,110
1,558
2,096
67, 213
50, 777
17, 739
157,814
133.508
40,830
92, 678
24, 306
68,014
3,401
75, 740
47, 275
31,122
162, 504
136, 785
42,764
94,021
25, 719
59, 233
3,103
39,925
31, 780
34,360
26, 737
7,462
6,621
161,356 153, 632
139, 585 132,015
47, 556 43, 635
92,029
88,380
21, 771 21, 617
48, 653 35, 515
4,153
3,297
6,431
5,373
19, 347
7,373
7,479 | 7,294
9,694 I 8,789 ! 8,189
34,336 I 31,894 ! 29,449
8,135
8,920
26,998
9,240
5,999
22, 564
8,799
7,323
19, 876
7,229
6,494
18,109
8,451
7,544
17, 562
6,395
5,612
15,901
5,825
5,234
15,135
6,010
5,010
15, 864
5,588
5,323
17,591
5,777
8,992
18, 634
7,470
8,249
32, 725
6,884
6, 576
30,132
7.789
8,114
27, 997
7,757
6,695
28,103
7,387
4,599
27, 634
7,834
5, 850
22, 282
7,523
7,079
22, 271
8,142
7,170
19, 067
7,143
7,750
18,346
6,109
6,391
17,596
6,336
7,636
16, 941
5,446
7, 741
19,028
26, 077
47, 675
924
16, 032
2,574
9,244
25, 646
45, 309
948
14, 265
2,730
9,793
27, 509
46, 845
925
16, 073
2,273
9,929
26, 349
46, 414
883
13,615
2,077
7,902
23, 356
43, 867
814
' 12, 892
2,375
9,456
23, 822
42, 729
815
12,118
2, 539
10,970
20,812 • 18,478 22,063
37, 789 38, 535 46, 241
1,011
966
962
13, 550 13, 747
12,198
2,133
2,573
2, 431
7,329
6,898
6,849
314
6,791
11,375
6,378
11,582
342
6,715
12, 330
313
6,012
11, 802
291
6,318
10,934
298
6,169
11, 284
243
6,112
9,567
4,736
8,066
192
148
77,847 141, 982
2,633
7,265
62,293 123, 099
4, 753
5,851
83, 985 91, 584
79, 219 84,146
47, 016 58,160
4,392
0
0
292
86, 647
3,581
66, 878
5,705
70, 738
66, 492
22,861
732
0
379
95, 257
5,847
75, 291
4,021
79, 615
68, 543
25, 777
7,538
24, 322 • 22, 983 23,143
44, 294 45, 733 38,330
986
934
910
11, 755
8,443
12,059
1,517
2,108 ' 1, 744
6,421
6,412
7,110
253
5,680
7,881
295
6,823
8,555
370
115,015
25, 709
79, 026
2, 757
65, 489
57,091
14, 556
4,444
0
552
98,148
32, 448
55, 026
362
69,447
56, 672
13, 030
4,454
3,000
264
7,237
8,703
231
6,259
6,682
FERTILIZERS
•Consumption, Southern States
thous. of short tons.. i 1, 309
Exports, total ®
long tons..
Nitrogenous <g>
do
phosphate materials ®
.do
Prepared fertilizers ®
do
Imports, total <g)
do
Nitrogenous, total <g>
do
Nitrate of soda ®
do
Phosphates <g>
...do
Potash ®
do
Price, wholesale, nitrate of soda, crude, f. o. b. cars, port
1.650
warehouses O
dol. per 100 lb__
potash deliveries
short tons— 85,314
Superphosphate (bulk):f
716, 572
Production
do
672, 289
Stocks, end of month
do
1,332
163
431
819
32, 359 46, 468 73, 299 66,197
2,951
6, 375
2,311
3, 594
18,930 36, 459 59, 212 55, 595
1,316
4,352
591
720
209, 704 124, 285 202,875 139, 392
159, 396 103, 790 185, 969 118, 304
118, 463 68, 574 142, 653 80, 068
42, 393
13,054
3,675
9,435
21
1,722
0
0
1.650
76,913
1. 650
72, 961
1. 650
53, 801
1.650
83, 465
642, 796 632, 403 657, 575 671,074
865, 469 719, 716 733, 286 803,939
0
1.650
67,444
1.650
1.650
1.650
62, 568 66,158
72,079
666,848 694,908 651,140 732, 814
836, 580 884, 061 914,147 897, 532
1.650
68,408
1.650
81,185
718,023
898, 541
656, 425
904, 994
1,136
1,365
85, 688 114,520
10, 436 28,454
65,032 74, 787
348
716
168, 072 106,801
100,919
66,493
47, 862 22.437
8,958
10.438
200
3,929
1.650
95, 769
1.650
73, 577
717, 426 •702,564
916,458 847, 772
MISCELLANEOUS
38,069
Explosives (industrial), shipments
thous. of l b .
34,865
36,117 37,023
(Qelatin: c?
3,345
3,855
3,302
3,296
Production, total*
do _ _.
2,113
2,534
1,908
2,107
Edible
do...
5,611
6,130
4,907
5,276
Stocks, total*
do...
2,523
2,760
2,136
2,304
Edible
do...
:Kosin (gum and wood):
I
Price, gum, wholesale " H " (Sav.)t bulk
5.81
6.76
5.81
5.81
dol. per 100 lb.
241, 617
Production*
drums (520 lb.) _
388, 266
Stocks*
do...
Turpentine (gum and wood):
.80
.81
Price, gum, wholesale (Savannah)f
dol. per gal.
83, 685
Production*
bbl. (52 gal.).
202, 546
Stocks*
do...
Sulfur:*
Production
long tons. 281, 490 290, 268 292, 229 319, 976
3,923,373 3,883,858 3,838,084
Stocks
do.—
OILS, FATS AND BYPRODUCTS
38,942
37, 370
37, 876
38, 205
38, 795
37, 543
34, 745
35, 935
36, 268
3, 233
2,285
5,693
2,526
2,272
1,559
5,261
2,322
2,788
2,183
4,736
2,139
2,595
2,120
6,136
2,343
3,452
2,292
4,561
2,187
3,304
2,257
4,823
2,367
3,350
2,142
5,330
2,459
3,383
2,057
5,413
2,346
3,612
2,439
5,647
2,505
5.81
376, 750
383, 979
5.81
6.52
6.76
397, 731
473,146
.76
.77
142, 078
165,326
.80
139, 046
184, 777
I
6.76 I 6.76
.80
.82
6. 76
375, 501
479,890
6.76 !
.83
121,099
150,098
.84
6.76
.84
309, 570 313, 391 346,349 341,060 348,365 323, 738 331, 843 318, 722 286, 316
3,776,738 3,698,357 3,711,311 3,682,511 3,858,728 3,916,334 4,003,917 4,060,461 4,063,286
Animal, including fish oil:
Animal fats:|
95, 487 112,173 | 117,133
Consumption, factory
thous. of lb. 115,984 136, 391 131,019 140,148 123, 734 98,309 119,747 106, 522 116, 707 111,115
Production
d o . . . 208, 385 194,041 182, 786 200,604 189,914 175,763 177,093 155, 031 164, 949 232, 665 258, 941 236, 879 291,151
Stocks, end of month
d o . . . 264,817 332,341 298,433 261, 768 230, 218 239, 521 208,952 189, 392 179, 667 200, 043 231, 504 255,195 274,512
Greases:|
60,806
55, 826 40, 203 52,016
54, 953 49, 729 43, 590 35, 557 40, 558
40, 348
50.012 60, 263 60,961
Consumption, factory
do
46, 829 44,117
41, 455 41, 005 37, 569 41,127 44, 516 45, 673 48,141
53,213
49, 360 47, 361 45,068
Production
_..do...
71,
615
66,052
72,
316
77,866
78,392
71,
094
81,
423
65,
397
91,807
73,
812
92,
733
85,
590
Stocks, end of month
do...
' Revised, i Excludes data for Mississippi which has discontinued monthly reports: March 1945 figure excluding this State 1,255,000, February 1946,1,272,000.
0 For a brief description of this series see note in April 1946 Survey. {See note marked "t" on p. S-25.
\ Includes production for beverage purposes, reported separately through October, as follows (thous. of proof gallons): Mar. 4,367; Apr., 412; May, 96; June, 112; July, 14,685;
>ug., 6,042; Sept., 4,414; Oct. 6,954. These amounts and total production shown above after October are included also in data for production of distilled spirits shown on p. S-26.
§ See note in the April 1946 Survey with regard to differences between these series and similar data published in the 1942 Supplement to the Survey.
• Data for ethyl alcohol, except stocks at denaturing plants, continue data published in the 1942 Supplement to the Survey but suspended during the war period; stocks at denaturing plants were not reported prior to 1942. The data for spirits and unfinished spirits are produced at registered distilleries and represent primarily production for industrial purposes
under the acts of January 24 and Mar. 27, 1942, but include amounts produced for beverage purposes (see note marked ^). Total production of ethyl alcohol and spirits shown above
-represents net amount after deducting unfinished spirits used in redistillation. Tax-paid withdrawals of spirits and unfinished spirits are not shown here since they are included in
total tax-paid withdrawals of distilled spirits shown on p. S-26.
c? Data for gelatin cover all known manufacturers; the series for edible gelatin continue data published in the 1942 Supplement; the totals include technical, pharmaceutical and
photographic in addition to edible gelatin; data prior to February 1945 will be shown later.
<g> Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
*New series. For a brief description of the series on glycerin, see note in November 1944 Survey. For data through December 1943 for the other indicated chemical series, see p. 24
of the December 1945 Survey. Data for production and stocks of rosin and turpentine are from the Department of Agriculture and represent total production of gum and wood
products and stocks held by producers, distributors and consumers. These series have been substituted for data formerly shown for three ports, which have declined in importance;
data beginning in 1942 will be published later. Data 1940-43 for sulphur are shown on p. 24 of this issue. See note marked "c?" regarding the new series for gelatin.
t Revised series. See note in November 1943 Survey regarding change in the turpentine price series beginning in the April 1943 Survey and superphosphate beginning September
1942.
May 194(5
SURVEY OF CURRENT BUSINESS
tjnles* otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
March
S-25
1946
1945
March I April
May
June
July
August
September
October
Novem- December
ber
January
Febru
ary
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS—Continued
Animal, including fish oil—Continued.
Fish oils:}
19, 069 25,052 24, 444 30, 549 28,114
22, 577
19, 493
22, 316
23 427
16, 072
19, 701
39, 885
Consumption, factory
thous. oflb_. 16, 224
17, 535 29, 424 40,146
37. 324 16,955
6,105
3,718
1,620
766
903
11,263
648
Production.
do
579
98, 200 115,115 128, 806 141,017 132, 246 118,149
97, 468
129,020 112,043 103,749
83, 822
73, 676 151,751
Stocks, end of month
do..Vegetable oils, total:
242
289
387
363
345
369
292
345
270
356
'365
335
376
Consumption, crude, factory
mil. oflb-_
8, 555
22, 902
10,892
9,175
3, 301
5, 405
6, 524
11,952
5, 766
23,621
3, 490
2, 625
Exports©*
thous. of lb._
5,034 37, 253
11,048 59, 347 34,730 23, 727
2, 906
22, 706
37, 235
39,136
22, 283
17, 589
Imports, totaled
do
1,198
4,895 25,413
10,076
1, 102
23,722
20,891
3,684
1,525
3,967
19,149
188
Paint oils©71
do
33, 934 13,839
3,836 13,532
6,153
13,651
1,804
19,022
3,134
35, 710
35, 169
17, 401
All other vegetable oils©51
do
233
431
374
295
407
317
257
'327
318
358
258
379
Production
mil. of lb__
Stocks, end of month:
725
724
680
695
705
740
692
780
'
669
726
807
647
Crude
do
413
391
359
463
442
447
352
427
448
535
444
498
548
Refined
do
Copra:
5,496 12,711
2,840
9,138
9,917
15, 417
8, 943
8,762
12,440
9, 393
13, 256
Consumption, factory!
short tons._ 13,921
18,330
4, 570 10, 364
1, 437
8,428
8,591
11,426
6, 576
9,415
6,520
11,941
15,965
Imports©"
do
19,934
2,083
12,712
9,093
3,483
8, 925
9,947
16, 969
10,277
6,122
12,180
8,024
Stocks, end of montM
do
Coconut or copra ofi:
Consumption, factory:!
11,649
14,814
9,170
12,919
10, 859 13, 264 12, 545 11,490
13,859
13,487
14, 243
14,074
Crude
._
thous oflb.. 12,748
S, 086
4,671
3,902
4, 357
4, 307
fi. 717
5,624
5, 323
5.127
4, 804
5. 35«
4, 179
R. 826
Refined
do...
594
217
5,
745
0
229
7,
935
4,
761
0
0
133
2,717
2,
598
Imports©"
do
Production:
16,014
3,597
11,430
7, 195 16,364
11,236
12, «47
20,123
11,938
17, 557
12,016
17,161
(0
Crude t
do...
6,251
4, 446
4,635
2, 620
4,498
5, 395
4, 689
5,515
3,371
5.603 j
5,(65
Reflned
_do-..
5, 043
3, 679
Stocks, end of month :J
Crude
d o . . . 120,045 116,708 111,749 119,025 119,359 122,819 135,258 138,510 145,896 133,713 125,169 120, 694 114,103
2,199
1,993
2,038
2,038
1,914
1,983
1,479
1, 505
2,455
2,208
1,832
2,307
Refined
_.
do...
1,882
Cottonseed:
122
115
563
443
246
550
228
462
266
137
228
285
••375
Consumption (crush)
_thous. of short tons.
109
789
52
955
328
62
34
152
22
116
r 104
133
Receipts at mills ..
.do..
468
592
206
833
1,059
944
397
220
634
283
796
stocks at mills, end of month
do...
370
482
427
Cottonseed cake end meal:
54, 442 108,887 240,449 251, 625 194. 227 203, 319 125, 542
53,513
62,968
Production
short tons.. 100, 544 171,980 122, 842 105.075
52, 258 40,069 49, 561 56, 375 52, 74 i 52. 827
98. 989
61,072
72, 266
55, 571 104, 520 104, 345
56, 001
Stocks at mills, end of month
do
Cottonseed oil, crude:
72. 524
85,031
44. 498
37, 760 37, 247 76,010 171,060 176, 006 137,976 143, 349
88, 893
Production..
_
thous. of lb. 72, 347 '118,600
55,121
65,019
95, 305
36,980 50,036 93, 325 109,820 114,477 128,166 105, 255
91, 650 r142, 994 127, 594
Stocks, end of month
do
Cottonseed oil, refined:
73,693 88, 277 74, 709 76, 748 73, 760 64, 008
84, 004
77,416 110, 273 104,163 108. 405
87.141
84, 568
Consumption, factoryt
do
23,005
18, 794
25, 824
19,816
17, 808 18,650 16, 482 15, 042
24, 486
18, 034
In oleomargarine
_
_--do . .
21.982 20,123
Price, wholesale, summer, yellow, prime (N. Y.)
.143
143
.143
.143
.143
.143
.143
.143
.143
.143
.143
.143
dol. per lb_.
.143
96.615
43,492
67,159
53,043 55,086 108. 363 150,092 119,752 112,067 109, 495
93, 608
Production
thous. of lb-. 77, 837 -125,355
404, 645 '343, 252 329, 848 310,944 295.806 275,625 234.177 207,918 232,457 305, 238 359,143 386, 322 406, 486
Stocks, end of month
do
Flaxseed:
286
646
281
123
592
248
Imports©"
thous of bu..
Duluth:
2, 566
135
2
496
285
2,901
116
175
173
40
Receipts
do
2, 417
306
232
66
1, 247
1,336
222
45
17
210
Shipments
do
0
108
2, 231
274
2,082
173
294
1,175
1,279
428
1, 274
Stocks
do
28
1,315
93
Minneapolis:
329
1,670
147
1.649
783
432
321
6,003
638
435
7, 251
362
Receipts
_
do
325
1,218
165
207
98
113
198
866
225
89
155
588
68
Shipments
do
248
5,026
386
223
109
61
5,033
Stocks ._ -do
2, 576
2,489
817
4,078
4, 594
3,355
Oil mills:!
3, 606
3, 239
1,625
1, 566
1.384
1,930
2,865
Consumption..
do
2,015
1,878
2,777
2,626
1,368
2,317
5, 546
5, 751
2,032
2,092
1,874
Stocks, end of month
do
1,682
2,041
5, 583
2,846
4,955
4,260
1,826
2, 636
3.10
3.11
3.11
3.11
3.10
Price, wholesale, No. 1 (Minneapolis)..-dol. per bu_. 3.10
3.10
3.10
3.10
3.10
3.11
3.10
3.10
3 36, 688
Production (crop estimate)
i..-thous. of bu
Linseed cake and meal:
Shipments from Minneapolis;
thous. of lb
28. 200
26,880
18, 300
30, 960
17,940
14,400 41,580 54,840 49, 920 35, 220
32, 340
36,600
29, 220
Linseed oil:
41. 190
39.218 37, 547 39,934 40,486 49,687 42,881
42,015
41,516
39,069
46, 888
44, 257
Consumption, factoryt
do
43, 054
.155
.155
. 155
.155
.155
.155
.155
. 155
.155
.155
.155
.155
Price, wholesale (N. Y.)
dol. per lb__
.155
30,904
27.531
37, 765
32, 742
38, 245 52,742 56,769 71,872
63, 438
28,214
56, 016
Productiont
thous. of lb._ 40, 622
45. 749
17, 220
20.340
16. 260
17, 040
19, 380 27,360 35,820 28,800
26, 280
26, 580
15,180
27, 720
Shipments from Minneapolis
do
24. 600
138, 748 227,143 209, 636 187,973 159.854 145,377 151,035 168,695 167,526 171,872 180, 056 173, 693 152,812
Stocks at factory, end of month
do
Soybeans:
14,040
15, 101 13,257
13,868
13. 716
9,912
13, 860
Consumption, factory|
thous. of bu _. 15, 241
12, 536 12,083
12,809
16,310
15, 319
3
Production (crop
( p estimate))
do
191, 722
32,640
Stocks, end
d off month t
h
ddo
30, 743 26,387 21,319
31, 251
46, 255
37, 249
3,547 26,778 50,834
12. 886
42, 777
39, 371
Soybean oil:
83,341
87, 351 78,617
79,916
Consumption, factory, refined!
thous. of l b . . . 88, 478
81, 680
86, 023
66,682 90,060 86,344 99,626 94. 726
90, 770
Production:!
124, 251 118,146
Crude
_
_ do . 134, 747 120, 696 118,906 133, 501 118,263 114,508 111,342 108,684
143,436 135,103
Refined
_
do
119,199 107, 657 107,369 116,742
84,644 111,576 92,048 101,132 88, 675 91,396 112, 617 121,887
Stocks, end of month:!
90,872 97, 241 120,091 102,607 104,094 86, 564 116,912 133,937 140,352 149, 410
86, 439
Crude...
do
88,875
150, 589
Refined
do
110,079
88,014 99,994 105,975 112,582 105,165 92,562 73,395
60,129
70,663
7ft, 522
71,090
95,906
Oleomargarine:
Consumption (tax-paid withdrawals) §
do
41, 477 31,383 37, 846 39,785 34,556 46,438 41, 063
50,462
46, 832
43,008
47, 644
43, 636
Price, wholesale, standard, uncolored (Chicago)
.165
.165
dol. p e r l b . .
.165
.165
.165
.165
.165
165
. 165
.165
.165
.165
. 165
Production^_thous. of lb__
54,325 48,621
54,887
55,650
44, 443
48,099
53,693 50,199 44,632 49,720 46,027
45, 503
Shortenings and compounds:
Production
do
108,434 122, 521 123,652 130, 665 105,160
98.176 128,078 115,535 137,338 121, 930 101, 867 118,797 119,343
Stocks, end of month
...do
44, 710
39. 793
44,460 46,026 42,349 45,857 39, 551 35,265 39, 725
43. 301
33,095
45, 719
43,635
.165
Vegetable price, wholesale, tierces (Chi.)..dol. per lb._
.165
.165
.165
.165
.165
165
.165
.165
.165
.165
.165
.165
r
Revised.
1
Included in total vegetable oils but not available for publication separately.
2
Not available for publication separately.
3
December 1 estimate.
! Revisions for 1941-42 for coconut or copra oil production and stocks and linseed oil production and for 1941-43 for other indicated series are available on request; revisions were
generally minor except for fish oils (1941 revisions for fish oils are in note on p. S-22 of the April 1943 Survey).
^ Data for January 1942-February 1945 will be shown later; publication of these data was temporarily discontinued in 1942.
§ For July 1941-June 1942 revisions see February 1943 Survey, p. S-23; revisions for July 1942-June 1944 are on p. 23 of November 1945 issue.
c? Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be shown later.
SURVEY OF CURRENT BUSINESS
S-26
Unless otherwise stated, statistics through 1941
and descriptive notes may he found in the
1942 Supplement to the Survey
1946
May 1946
1945
March
March
May
April
June
1946
August
July
September
October
January
Novem- December
ber
February
CHEMICALS AND ALLIED PRODUCTS—Continued
PAINT SALES
Calcimines, plastic-texture and cold-water paints:t
Calcimines
thous. of dol_.
Plastic-texture paints
do
Cold-water paints:
In dry form
do
In paste form for interior use
do
Paint, varnish, lacquer, and fillers, total
do
Classified, total
do
Industrial
do
Trade
do
Unclassified
do
122
62
95
46
115
54
170
50
87
50
101
50
199
364
59, 708
53,875
26,118
27, 756
5,834
229
237
58, 392
52, 392
25, 953
26, 439
5, 999
225
298
59, 848
53,515
26, 258
27, 258
6,333
266
361
58, 368
52,266
26, 255
26,012
6,102
246
236
52,623
47,175
24,485
22, 689
5,449
250
262
51,101
45,595
22,168
23,427
5,506
CELLULOSE PLASTIC PRODUCTS
Shipments and consumption:§
Cellulose acetate and mixed ester plastics:
Sheets, rods and tubes
thous. of lb__
Molding and extrusion materials
do
Nitrocellulose, sheets, rods, and tubes
do
879
4. 667
1,288
788
4,199
1,209
796
4,888
1,384
1,386
5,151
1,267
1,294
5,018
1,104
1,432
5, 465
1,417
78
68
91
68
83
68
243
48,020
42,862
16, 851
26,011
5,158
281
190
57, 540
51, 838
20,820
31,018
5,702
271
200
50, 298
45, 039
18, 996
26, 043
5. 259
190
187
43, 382
38,072
16,614
21, 458
5,311
r 199
T
269
• 56, 556
" 50, 415
- 19,983
" 30.432
r 6, 141
263
240
54,592
48, 918
17,641
31,277
5, 674
1,313
5, 344
1,222
1, 533
6,114
1,426
1,660
6,171
1,498
1,165
5, 395
1,289
1, 564
6, 690
1, 514
1,549
6, 025
1,435
96
87
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production, totalc?
mil. of kw.-hr.
By source:
Fuel
_
do_._.
Water power
do
By type of producer:
Privately and municipally owned utilities
do
Other producers,.
do
Sales to ultimate customers, total (Edison Electric
Institute) 1
mil. of kw.-hr..
Residential or domestic
do
Rural (distinct rural rates)...
do
Commercial and industrial:
Small light and poweM
do—
Large light and power^
do
Street and highway lighting^
do
Other public authorities^
do
Railways and railroads^
...do
Interdepartmental 1
do
Revenue from sales to ultimate customers (Edison
Electric Institute)..
tbous.ofdol.
GAS f
Manufactured and mixed gas:
Customers, total
thousandsResidential
do.
esiential
d
Residential central heating
-do
Industrial and commercial
do.
Sales to consumers, total
mil. of cu. ft..
Residential
do....
Residential central heating
do
Industrial and commercial..
do
Revenue from sales to consumers, total.-thous. of dol.
Residential
do
Residential central heating
do
Industrial and commercial
do
Natural gas:
Customers, total
thousandsResidential (incl. house heating)
do
Industrial and commercial
-do
Sales to consumers, total
mil. of cu. ft.
Residential (incl. house heating)
do
Indl., coml., and elec. generation
do
Revenue from sales to consumers, total..thous. of dol..
Residential (incl. house heating)
-do
Indl., coml., and elec. generation.
...do
17,788
19, 526
18,640
19,409
18,834
18, 954
18,625
17,008
17, 671
17,358
18,109 |
10,517
12,047
7,479
11,607
7,033
11,803
7,606
11,859
6,974
12, 252
fit 702
12,280
6,344
10,980
6,028
11,208
6,463
11,026
6, 332
11,523 i 11,292 I r 9, 967
6,586 |
7,110 I r 6, 226
1 5. 288
2, £00
16, 606
2,920
15,923
2,717
16, 579
2,830
16,145
2,688
16, 130
2, 824
15, 705
2,919
14,510
2,498
15,108
2,563
15, C94
2,264
15,698 j
2, 410 |
15,901 I 13, 900
2,501 | r 2, 294
16,877
2,889
204
16,618
2,745
247
16,641
2,672
283
16, 605
2,656
403
16, 267
2, fi03
375
16,125
2,612
478
14,890
2,693
14, f 02
2,789
380
14, 908
3,026
258
15,283 i
3,275 i
264 I
15,757 |
3,658
242 j
2,501
9,718
187
687
641
50
2,481
9,658
168
679
590
50
2,477
9,726
157
670
604
51
2,478
9,641
146
f56
574
50
2, 439
9, 456
149
640
560
45
2, 497
9,133
161
632
562
50
2,477
8,023
175
562
533
45
2,509
7,826
197
555
588
48
2,566
7,657
209
535
608
50
2,663
7,561
223
540
702
56
280, 722
275, 410
275,132
277,255
274, 311
274, 943
267,913
271.413
276, 718
284, 845
;
!
!
j
|
|
18,403 I r 16,193
2,755
7, 596
229
512
708
|
i
!
i
'
14, 920
3, 505
243
198
518
614
51
297,601 ! 288,746
i
10, 612
9,768
357
473
46,087
62,622
35,409
49, 382
129,542
76,900
22, 533
29,303
'41,133
9,147
8,473
671
201,362 1182, 264
* 234,842
2 408,092
2 232,679
2
140,562
2 89,973
10, 659
9,797
379
472
i 41, 429 1 38, 788 i 33,757
2 56,475
2 16,983
2 46,918
2
111,748
2 73,451
,
2
11,119
» 26, 586
9,179
8,516
661
174, 398 1167, 509 144,630
»135, 217
2 378,267
2164,670
2 75, 264
10,742 I
i 31, 206
395
469
» 31,982
2 53,421
2
5,191
2
37,522
2
97, 534
70,518
2 4, 287
2 22, 273
10,685 I
36,466 I 141,463
8,537
649 |
148,515 U44,254 ji 150.641
2 75, 746
350,580 i
2121,176
2 54,512
2 65,199
440
458 !
53,234 ! 51,291
48,872
2 57, 703
2 26, 952 i
2
40, 925 i
117,669 I
2 75,130
2 16,425
2 25, 464
9,482
8,761
718
1
174,743 197, 634 233,502 ; 224,17
2 156,228
2 312,220
2 171,588
2 95, 141
2 75, 707
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquor :f
Production
thous. of bbl__
Tax-paid withdrawals
do
Stocks, end of month
_.
-do
Distilled spirits:
Apparent consumption for beverage purposes!
thous. of wine gal..
Imports •
thous. of proof gaLProductlonf
thous. of tax gal_.
Tax-paid withdrawals!
do
Stocks, end of monthf
do
r
6,817
6, 303
8, 866
r
7,066
6, 353
9, 036
r
7, 462
r 6, 796
r 9, 116
14,112
14, 254
1,902
3, 578
r 1,595
r 1,301
r
8,080
8, 020
•333,123 • 328, 085
1,104
•, 340
), 262
',743
>, 043
8,104
8, 149
8, 447
7,758
7,437
8,225
8,081
7,381
8,322
6,798
6,800
7,855
6,966
6,228
8,189
7,508
6, 856
8,449
7.236
6,527
8, 710
14, 234
921
15,222
9,938
342, 761
14, 307
1,007
16,072
10,607
341, 521
18, 609
1,189
29,749
13, 643
342, 686
19, 030
1,366
25,693
12, 239
345, 580
20, 250
1,155
25, 578
9,901
357, 248
18,719
1, 194
26,715
11,556
366, 406
18,916
1,159
24, 824
10,816
375,117
Revised.
1 F o r revisions for t h e indicated series, see note at b o t t o m of p . S-23 of t h e M a y 1945 S u r v e y .
2
Original e s t i m a t e s a d j u s t e d to agree w i t h q u a r t e r l y totals based on more complete r e p o r t s .
T o t a l for q u a r t e r .
t D a t a for some i t e m s are n o t c o m p a r a b l e w i t h d a t a prior to 1945; see note for calcimines, plastics a n d cold-water p a i n t s a t b o t t o m of p . S-23 of t h e D e c e m b e r 1945 Survey.
§ D a t a for sheets, rods a n d t u b e s cover all k n o w n m a n u f a c t u r e r s a n d are comparable w i t h t h e combined figures for c o n s u m p t i o n a n d s h i p m e n t s of these p r o d u c t s shown in t h e 1942
S u p p l e m e n t . D a t a for m o l d i n g a n d extrusion materials does n o t include c o n s u m p t i o n in r e p o r t i n g c o m p a n y p l a n t s prior to J u n e 1945, b u t a m o u n t s r e p o r t e d beginning t h a t m o n t h
are c o m p a r a t i v e l y small; this series includes, beginning J u n e , d a t a for one a d d i t i o n a l c o m p a n y w h i c h accounted for 7 percent of t h e total in t h a t m o n t h a n d 4 percent for J u l y ,
cf See p . 24 of J a n u a r y 1945 S u r v e y for 1943 revisions for total electric power p r o d u c t i o n a n d J u n e 1945 S u r v e y regarding a slight change in t h e d a t a m a d e in t h a t issue.
• D a t a continue series p u b l i s h e d in t h e 1942 S u p p l e m e n t b u t s u s p e n d e d d u r i n g t h e w a r period; d a t a for October 1941-February 1945 will be p u b l i s h e d later.
t See n o t e m a r k e d "f" on p . S-25 of t h e April 1946 Survey regarding revisions in t h e d a t a on n a t u r a l a n d m a n u f a c t u r e d gas a n d t h e basis of t h e m o n t h l y estimates of gas sales.
See n o t e m a r d e d "f" o n p . S-27 regarding revisions in t h e series on alcholic beverages. P r o d u c t i o n includes high proof a n d unfinished spirits p r o d u c e d for beverage purposes a n d ,
beginning N o v e m b e r 1945, some spirits used for industrial purposes: see note m a r k e d " V o n P- S-24 for a m o u n t s of spirits a n d unfinished spirts included here a n d duplicated in d a t a
on t h a t page. A m o u n t s of e t h y l alcohol p r o d u c e d for beverage purposes t h r o u g h October 1945 are given in note m a r k e d " V on p . S-25 of t h e April 1946 S u r v e y , Stocks of high proof
FRASER
spirits a n d unfinished spirits are n o t included in the stock figures above b u t are shown on p . S-24.
1
Digitized for
SURVEY OF CURRENT BUSINESS
May 1046
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in t h e
1942 Supplement to th e Survey
1946
March
S-27
1945
March
April
June
May
July
August
September
October
Novem- December
ber
1946
Janu- February
ary
FOODSTUFFS AND TOBACCO—Continued
ALCOHOLIC BEVERAGES—Continued
Distilled spirits—Continued.
Whisky:
897
803
916
753
Imports§
thous. of proof gal__
593
566
704
845
674
700
768
960
15, 923
7,536
9,582
0
14, 974
10, 373
24,904
6,145
0
0
0
17.128
Productiont
thous. of tax gal.- 12, 856
r
5, 394
4,483
5,157
6, 655
5, 557 r 4, 548
4,477
4, 655
6, 345
4,780
4, 704
6, 053
4,280
Tax-paid withdrawalsf
do
364,539 324, 544 318, 927 313,845 »• 307, 588 326, 608 328, 063 327, 356 328, 729 330, 927 341, 235 350, 063 358, 857
Stocks, end of month f
do
Rectified spirits and wines, production, totalf
11,416
13, 909
9, 556
10,785
13,425
11,171
14, 785
12, 486
thous. of proof gaL- 13, 579 r 9, 421 r9,159 r 10, 044 T 10, 767
12,074
8,696
9,792
12, 677
' 9, 259
10,874
11,582
10, 432
Whisky
do
7, 952
r 8,163
9, 893
r 8, 045 r 8,890
Still wines:
263
303
247
246
223
168
137
153
100
134
224
274
Imports §
thous. of wine gal_.
83, 042
18, 361
4, 510
65, 885 167, 396
r 5, 866
9. 606
'7,714
4,844
4, 157
5, 306
Productiont
do
9,878
9,057
5,382
5,196
7. 785
6, 202
4,998
••8, 294 r 7, 455 r 7, 377
8,680
Tax-paid withdrawals!
do
93,003 109,492 169,007 183, 357 174, 502 163, 965
97, 563
125,620 • 118,247 110,717 102, 725
Stocks, end of monthf
do
Sparkling wines:
7
1
42
3
43
13
2
21
24
Imports§
_do
6
132
113
125
171
177
181
104
145
155
162
150
Production t
do
210
87
'
71
211
84
124
125
174
88
126
90
Tax-paid withdrawals!
do
877
1,043
865
968
1,000
1,132
1,137
1,107
896
1,179
1,190
Stocks, end of monthf
do
DAIRY PRODUCTS
Butter, creamery:
.473
Price, wholesale, 92-score (N. Y.)t
dol. per lb_.
76, 675
Production (factory) t
thous. of lb_
14,
964
Stocks, cold storage, end of monthcf-. - - _._do Cheese:
Imports§
do.. _
Price, wholesale, American Cheddars (Wisconsin)
.270
dol. per lb_
77, 395
Production, total (factory)f
thous. of lb_
53,
540
American whole milkf
do_-_
85, 544
Stocks, cold storage, end of monthcf
do.-_
73,215
American whole milk
do.-Condensed and evaporated milk:
Exports: §
Condensed
do_..
Evaporated
do_
Prices, wholesale, U. S. average:
6. 33
Condensed (sweetened)
_'
dol. percase^
Evaporated (unsweetened)
do__.
4.15
Production:
Condensed (sweetened):
Bulk goods *
thous. of lb _ 55, 076
9,965
Case goodsf
do___
Evaporated (unsweetened), case goodsf
d o . . . 234,000
Stocks, manufacturers', case goods, end of month:
4, 415
Condensed (sweetened)
thous. of lb_
59, 045
Evaporated (unsweetened)
_do_
Fluid milk:
3.29
Price, dealers', standard grade
dol. per 100 lb_
9,796
Production
mil. of lb_
2,992
Utilization in manufactured dairy productsf___do--Dried skim milk:
Exports §
thous. of lb _
Price, wholesale, for human consumption, U. S.
.145
average
dol. per lb_
Production, totalt
.thous. of lb_. 56,140
55, 250
For human consumptionf
do
21,014
Stocks, manufacturers', end of month, total
do...
20, 778
For human consumption
do__.
FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous. of bu._
Shipments, carlot
no. of carloads __
2,651
Stocks, cold storage,-end of month
thous. of bu__
3,457
Citrus fruits, carlot shipments
no. of carloads.. 19, 201
Frozen fruits, stocks, cold storage, end of month
thous. of lb_- 320, 175
Frozen vegetables, stocks, cold storage, end of month
thous. of lb_. 146, 623
Potatoes, white:
3.844
Price, wholesale (N. Y.)
dol. per 1001b__
Production (crop estimate) t
thous. of bu_.
Shipments, carlot
no. of carloads__ 30, 808
.423
109, 623
29, 833
.423
122.715
45, 139
.423
160,413
70, 375
.423
171.717
131,669
.423
155, 905
184,759
.423
133,289
206. 501
.423
100, 071
189, 888
863
542
859
728
143
606
89
.233
85, 250
65, 954
106,965
98, 766
.233
102,944
82, 401
118,432
108,675
.233
131,976
107, 722
148,271
134, 590
.233
138,617
111,813
182,831
166, 739
14, 187
31,394
20, 004
37,146
10,244
31, 246
7,889
62, 871
6 33
4.15
6. 33
4.15
6. 33
4. 15
6. 33
4.15
49,017
11,232
327, 435
61,779
14, 030
387,180
86,257
15, 925
474,336
81,613
15,527
472,640
61,769
14,632
431, 256
45, 072
13,925
360, 704
7, 951
107, 702
11,299
154,511
13,012
206. 309
11,868
210, 193
13, 987
204, 368
14,310
192, 455
r
r
r
.233
. 233
. 233
125,704 107,685
89,278
99,917
87, 596
70, 964
213, 198 229,310 227, 354
196, 335 208, 558 207, 438
10,469
70, 899
6.33
4.15
4,414
55,177
6. 33
4.15
7,294
46,873
.473
. 423
68, 834
88. 741
164, 646 108, 501
.473
66, 640
53,127
.473
69, 520
32, 135
1,533
569
1,967
.233
78,517
59,118
213, 054
193, 965
.233
60, 856
44, 774
173,736
159,284
.233
58. 085
41.697
127,011
112,896
.233
62, 880
44, 440
106,623
95, 725
1, 625
23, 988
6,313
63, 449
5, 525
83, 779
13, 626
91,591
1,054
.473
• 66,030
'19,462
489
.270
• 62, 765
• 43,865
•91,372
•81,913
7,185
103,114
6.33
4.15
6.33
4.14
6.33
4.14
34, 789
11,938
267, 044
27, 270
11,217
211,513
24,311
9,469
162,657
27, 461
8, 840
164.379
32, 301
8,800
180, 000
37, 037
8,200
181,200
11,753
172,386
7,842
131,226
7,261
89, 844
5, 357
71, 762
4,991
54, 098
5,044
46, 245
6.33
4.15
6.33
4.14
6.33
4.15
3.26
10, 000
3, 977
3.25
10, 733
4, 610
3.25
12,448
5,894
3.25
12,989
6,191
3.25
12, 301
5, 621
3.25
11,058
4,787
3.26
9, 622
3,664
3.26
9,079
3,192
3.27
8, 264
2,494
3.27
8,382
2,450
3.27
8,615
2, 570
4,620
11,973
22, 769
21,073
21,480
11,335
22, 396
10,247
18, 225
26, 684
25, 285
27,164
. 140
57, 750
56, 500
45, 938
44, 629
. 141
71,650
70, 050
59, 985
58, 706
.142
88, 900
86, 500
83, 531
81, 714
.142
88,132
85, 575
88,130
86,121
.142
71, 030
68, 900
77, 615
76, 058
.143
53, 245
51, 920
56, 745
55, 683
.140
39, 700
38,650
39, 985
38, 857
.137
31, 440
30, 770
23, 712
22,996
.139
24, 100
23, 700
12,825
12, 430
.143
33,530
33, 000
14, 042
13, 736
.144
38, 290
37, 650
12,786
12, 474
.144
40,160
39, 350
14, 551
14, 313
r 4, 683
11.573
r 3, 084
5,527
' 19, 768
r 1,996
U 684
'953
'401
599
586
14, 302 ' 11,288
* 1, 165
764
r
8,970
r 3, 085 r 11, 534
4, 585
18, 994
r 8, 929 r 14,106
5, 175
10, 963
20, 851
r 4, 376
6, 308
19, 751
T
21,780
r
64, 400
7, 922 - 4, 507
16, 155
19,948
r
16, 111 • 21, 217
r
r
'3.28
8,292
2, 489
17,013
168, 871
169,518
239, 839
288, 829
360, 230
381, 267
377, 126
375, 773
362, 314
344, 026
91,029
134,512
163,927
189, 033
204, 093
198, 545
191, 218
172,512
• 156,274
3.060
3.000
159,436
193, 786
84, 120
99, 967
77, 131
3.179
3.428
3. 592
3.780
2. 875
3. 671
26,441 ! r 15,686 ' 22, 956 - 22, 976 • 19,711 "21,350
2.445
2.431
3.000
2.744
425, 131
• 26, 018 • 29, 291 r" 23," 840 r 19, 994
26, 124 "21," 873
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and meal§
31,871
42, 572
32, 585
32, 699
38, 544
12, 170
15, 634
26, 450
4,761
thous. of bu._
5,082
6,470
Barley:
609
467
857
1,464
383
475
409
475
561
578
720
443
Exports, including malt§
do
Prices, wholsesale (Minneapolis):
1.19
1.27
1.19
1.17
1.30
1.30
1.18
1.34
No. 3, straight
dol. per bu_1.30
1.30
1.18
1.27
1.14
1.32
1.31
1.32
1.27
1.27
1.35
No. 2, malting
do
1.30
1.27
1.31
1.28
1.26
1.30
1.31
Production (crop estimate) t
thous. of bu. _
263, 961
6,879 I 5.089
15, 243
9,832
9,602
19, 931
6,358
10,814
8, 868
9,624
22, 598
Receipts, principal markets
do
11,264
7.537
17,652 I 14,624
23, 618
22, 707
16,982 I 14,479
12,998
22, 922
Stocks, commercial, domestic, end of month
do
21,858 I 20,638
11,300
16, 575
21,287
1
Dec. 1 estimate.
r
Revised. cfSee note marked "c?" on page S-29.
JSee note in June 1945 Survey for explanation of this price series. November average excludes sales at old price ceiling in effect through October.
§Data continue series published in the 1942 Supplement which were suspended during the war period; data for October 1941-February 1945 will be published later.
* Revised 1943 data are shown on p. 13 of the March 1945 Survey; see note on item in February 1945 issue regarding earlier data; 1944 revisions will be shown later.
fRevisions for consumption of distilled spirits for beverage purposes for January 1940-August 1944 are available on request. See note marked " | " on p. S-25 of the April 1946
Survey for sources of 1941-42 and July 1943-January 1944 revisions for other alcoholic beverage series. Revisions for fiscal year 1945 not shown above are as follows (units as indicated):
Fermented malt liquors: October 1944—Production, 7,597; tax-paid withdrawals, 6,765; stocks, 8,560. Still wine: Production, 1944—July, 4,420; Aug., 6,398; Sept., 41,059; Oct., 138,257;
Nov., 57,022; Dec, 21,327; 1945—Jan., 11,296; Feb., 7,172; tax-paid withdrawals, 1944—July, 6,377; Sept., 6,641; Oct., 7,592; Nov., 7,840; Dec, 7,834; 1945—Jan., 7,679; Feb., 8,323; stocks,
1944—July, 88,716; Aug., 82,776; Sept., 92,203; Oct., 144,832; Nov., 156,235; D e c , 150,274; 1945—Jan., 142,737; Feb., 134,457. Revisions for 1920 to May 1944 for the series on utilization
of fluid milk in manufactured dairy products are available on request; see note marked " | " on p. S-26 of the April 1946 Survey for sources of 1941-43 revisions for dried skim milk
production and note marked "f" on p. S-25 of that issue for sources of 1941-43 revisions for the other indicated dairy products series. Crop estimates for barley and potatoes have been
revised for 1929-41; for 1941 revisions, see February 1943 Survey, p. 25; 1929-40 data are available on request.
S-28
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement t o t h e Survey
1946
March
May 1946
1946
1945
March
April
June
May
July
August
September
November
December
292
6,841
217
9,446
624
11,002
269
• 7. 633
1.18
1.12
1.17
1.32
1.04
0)
1.31
.97
^3,018,410
1. 17
(!)
.92
18,714
28,931
October
January
February
FOODSTUFFS AND TOBACCO-Continued
GRAINS AND GRAIN PRODUCTS—Continued
Corn:
3,621
1, 768
1,918 I
2,979
810
Exports, including meal J"
thous. of bu__
1
11, 965; 11,442
11, 420
9, 941
9,849
Grinding!*, wet process
do
11,190
Prices, wholesale:
1. 15
1.15
1.16
1.18
1.18
No. 3, yellow (Chicago)
dol. per bu_.
0)
1.27
1. 23
1 20
0)
1.32
No. 3, white ( C h i c a g o ) . .
.do
0)
1.08
1.01
1.04
1.13
.99
1.13
Weighted average, 5 markets, all grades.
do
Production (crop estimate)!
-- thous. of bti..
39,036
44, 706
16, 581
39,038
29,138
31,832
Receipts, principal markets
do
Stocks, domestic, end of month:
16. 132
23, 608
20, 872
17,886
7,100
11,208
Commercial
_
do
,071,900 1,325,152
On farmsf
do
738,591
O its:
332
233
289 I
168
549
Exports, including oatmealc?
__..
do
.70
Price, wholesale, N<>. 3, white (Chicago)_dol. per t>u__
0)
0)
I1)
Production (crop estimate)!
thous. of bu_.
14,179
5,097
16,473
Receipts, principal markets
do
7,865 | 12, 269
Stocks, domestic, end of month:
I
8.597 ! 12, 381
23, 890
11,181
9,604 | 11,127
Commercial
do
401,325 426,438 I
3 209,400 |
On farmst
do
Birr:
315.332 i 170,442 498,752 1 337, 633 251,841
Exportsd 1
pockets (100 lb.)._
0I
125
0 I
0
0
Importsd"
.do
.066
. 066
.066 I
.066
.006
Hnce, wnoiesale. fie.aa. clean (N. U.;..-dol. per It)
.066
Production (crop estimate)!
. . . -thous. of bu.
California:
406,683
Receipts, domestic, rough _.
..-bags (100 1b.)_. 394, 471 632,972 i 601,900 | 649,518 j 463,410
224, 996 548,510 | 399,898 i 268,989 j 410,587 | 323.789
Shipments from mills, milled rice
do
Stocks, rough and cleaned (in terms of cleaned),
I
I
I
I
end of month
.bags (100 lb.). 272, 359 317,617
295,525 j 387,067 ! 309,154 i! 252,667
8outhern States (La., Tex., Ark., Tenn.):
240
86
237
163 !
144
101
Receipts, rough, at mills.....thous. of bbl. (162 lb.)-Shipments from mills, milled rice
1,092
324
958
thous. of pockets (100 lb.),880 |
559 i
326
Stocks, domestic, rough and cleaned (in terms of
I
i
1,768
189
1,933
cleaned), end of mo
thous. of pockets (100 lb.)1,104 I
684 j
457
R/e:
2.36
1.53
1.27
1.34 I
1.39
1.55
Price, wholesale, No. 2 (Minneapolis)
dol. per bu..
Production (crop estimate)!
thous. of b u .
476
266 |
705 !
Receipts, principal markets
do
594
1,186
639
8,089
Stocks, commercial, domestic, end of month
do
6,599 I 4.095
3, 113
10,252 | 8,975 |
Wheat:
I
Disappearance, domestict
do
280,919
272, P03 I.
5, 082
4, 761
12,170
6, 470
9,809
Exports, wheat, including flour d*
do
Wheat only of
do
1,922
1,368
2,023
4,726
7, 450
Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)
1,69
1.69
dol. per b u . . .
1.72
1.70
1.72
No. 2, Red Winter (St. Louis).
. . . d o . . . ()
1.67
1.80
1.76
(0
(0
1.58
No. 2, Hard Winter(K. C.)__
do
1.67
1.72
1.68
1.66
1.66
1.75
1.66
1.62
Weighted av., 6 mkts., all grades
do...
1.67
1.70
1.66
Production (crop est.), totalf.-.
thous. of bu_.
Spring wheat..
.do
Winter wheat
_
do
Receipts, principal markets.
do
15, 502
49,516
28,946
58,325 100,199
31,111
Stocks, end of month:
Canada (Canadian wheat)
.do
102,441 322, 966 301,005 263,984 239,037 206, 960
338, 644
562, 974
United States, domestic, totali t-do
3 280,877
34,317
99, 644
Commercial
do
77,351 I 64,818 3 67,185 132,278"
3
37, 476
130, 386
42. 124
Country mills and elevators!
...do
55, 899
Merchant mills
_
do
« 58, 463
78, 788
203, 991
On farms!
...do
3 89,405
238, 386
Wheat flour:
1,004
1,081
71)0 ;
582 ! 968
Exports cf
do
Grindings of wheatVT
_ ...
do
51,284 ! 50,627 I 54,541
53,435
52, 281
Prices, wholesale:
6. 55
6.55
6.55
6.55
Standard patents (Minneapolis) §
dol. per bbl.
6.55
6.49
6.43
6.22
Winter, straights (Kansas City)§
...do
6.49
6.39
Production (Census):%
11,251 l 11,072 ! 11,926 i 11,658
Flour
tbous.of bhl_.
11,350
Operations, percent of capacity
71.0 !
75.3 i
78 1 i 76.1
77.2
Offel
thous. of lb_.
893,834 i 886,299 ! 954,507 j 942,823 924,648
Stocks held by mills, end of month
thous. of bbl_.
3,377 !
i
! 3,068
891
6,996
304
7,609
1.18
(0
1.17
1.18
0)
1.17
14,482
22,119
3,714
4,674
3303,138
(i)
' 4, 723
7,780
690
.63
469
.68
1,719
.77
42,097
32, 784
23,028
18,308
28,651
43,555
1,290,931
48,361
45,043
109, 441
21, 674
.066
234, 917
24
.066
449, 436
0
.066
845, 680
22, 009
.066
.62
31,962
26, \
3,021
1,055
.80 j
.80
1,547,663 !
21, 762
16,158
5, 527
.81
2
46, 695
988, 435
13, 104
38, 775 ! 28, 921
856, 526 I941.488 j 815,915
7
13,234 | 8,807
.066 I . 0 6 6
.066 j
2 70, 160 !
89,180 1,028,143 1,023,332
65, 446 341,989 593,683
610,109
468,991
65, 460
55, 544
363, 538
358,408
453
2,249
4,220
4,211
1,069
1,275
2,088
2. 645
1,899
3,699
5,458
4,774
1.84
1,301
4,769
1.75
2 26, 354
896
4,544
32, 699
23, 637
341,036
31,871
24, 057
250, 267
383, 717
33,195
11, 127 ' 16, 493
1,931,180
493,561 ! 412,082
361,417 ; 357,147
428, 849
330,078 I 241,973
343
1,421
1.44
1.51
1.64
2,173
4,433
2, 358
4, 732
1,145
4, 209
15,634
11,114
373,657 !
26,450 | 32,585
26, 912
22. 184
1.71
1.68
1.60
1.64
1.69
1.71
1.62
1.65
1.73
1.78
1.68
1.70
88, 625
62,138
54,857
510 !
1.73
0)
1.678 |
3, 759 |
1.73
0)
1.69 I 1.69
1.70 i 1.71
.2 1,123,143
2 299,966
823,177
29,185
42, 048
202.718
175. 256
147,301
121,712
152,823
689. 327
102,131
108, 243
95, 35,
368,820 |
1,207
908
57, 752
i 51,885 |
6.55 I
6.55
6.55 !
6.31 |
6.42
6.22 !
1.928
52, 403
171,740
181,292
1,030,363
167,539' 170,305
181,390
128, 261
528,218
j
962 !
54,460 |
11,839
74.5
957,241
11,333 ! 12,656
80.0 | 7 9 . 5
906,106 i1,003,713
2,634
314
1,506
2, 577
1. 98 |
2. 13
480 I 404
3, 868
3, 340
31,764
18,476
38, 196
27, 733
1.74 !
0)
1.75
I 0)
1.69 |
1.72 j
1.69
1.72
26,938 j 21,457
141,796 | 122,374
72,262 '
50.011
1,663
52, 974
4. 363
59,591
5,541
59, 361
6. 55
6.36
6.55
«6. 44
6. 55
6.46
11, 473
77.8
914,928
11,598
78.5
925, 109
3,399
!
6.55
6.46
13,016
13, 064
85.3
1,038,080 11,032,900
LIVESTOCK
LivestocK slaughter (Federally inspected):
484
Calves
.thous. of animals.
904
Cattle
___do.
3, 636
Hogs.do1,978
Sheep and lambs
do
Cattle and calves:
R eceipts, principal markets
d o.. .
1,920
Shipments, feeder, to 8 corn belt States!
do...
91
Prices, wholesale:
Beef steers (Chicago)
dol. per 100 l b .
16. 26
Steers, stocker and feeder (K. C.)
do
I
Calves, vealers (Chicago)
do
I 15.66
575
1,213
3,474
1,723
477
979
3,066
1,507
522 !
1.045 i
3.375 j
1,824 i
486
482
1,060
1,050
3,382 ! 2,752
1,906
1, 742
609
1,292
2,206
1,563
666
1,358
1,922
1,658
877
1,584
2,330
2.018
783
1,408
4, 350
1,772
548
1. 118
5, 537
1, 806
440
1, 012
4, 911
1, 440
427
1.015
4, 698
2,196
2,101
••114
2,194
136
2, 104
103
2,015
114
2,207
104
2,585
203
2,791
3,816
669
2,929
404
2 073
187
1, 961
97
1,960
97
15.64
13.60
15.66
16.14
13.90
16.33
16.38
14.23
15.75
16. 58
16. 64
13. 73
13. 54
15.69 I 15.38
16.42
13.08
15.34
16.62
12.25
14.44
16.86
12.62
14.48
16.91
13.19
14.63
If .59
1? .41
14 .63
16 .49
13 . 5f>
14 .69
16. 14
14.71
14.81
I
' Revised.
« For domestic consumption only; excludes grindings for export.
i No quotation.
2 Dec. 1, estimate.
Includes old crop only; new corn not reported in stock figures until crop year begins in October and new oats and wheat until crop year begins in July.
cf Data continue series published in the 1942 Supplement which were suspended during the war period; data for October 1941-February 1945 will be published later.
t Data relate to regular flour only; in addition data for granular flour have been reported beginning 1943; see notes in previous Surveys for data through January 1946. Granular
flour data for February 1946; Wheat grindings, 423,000 bushels; production, 98,000 barrels; offal, 6,193,000 pounds.
§ Prices since M a y 1943 have been quoted for sacks of 100 pounds and have been converted to price per barrel to have figures comparable with earlier data.
^ The total includes wTheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden bins not included in the breakdown of stocks.
t Revised series. The indicated grain series have been revised as follows: All crop estimates, 1929-41: domestic disappearance of wheat and stocks of wheat in country mills and
elevators, 1934-41; corn, oat and wheat stocks on farms and total United States stocks of domestic wheat, 1926-41; see note marked " t " on p. S-26 of the April 1946 Survey for sources
of revisions for 1941; all revisions are available on request. The series for feeder shipments of cattle and calves has been revised beginning January 1941 to include data for Illinois;
revisions are shown on p . S-26 of the August 1943 Survey.
3
May 104(!
SURVEY OF CURRENT BUSINESS
tin leas otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
March
S-29
1945
March
April
May
June
July
1946
August Septem-
October
Novem- December
ber
January
February
FOODSTUFFS AND TOBACCO—Continued
LIVESTOCK—Continued
Hogs:
Receipts, principal markets
thous. of animals..
Prices:
Wholesale, average, all grades (Chicago)
dol. per 1001b__
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 Stalest
do
Price, wholesale:
Lambs, average (Chicago)
dol. per 100 l b . .
Lambs, feeder, good and choice (Omaha)
do
r
r
1, 191
1,469
r 2, 935
3, 459
3,344
2, 952
14.51
12.4
14.54
12.6
14. 75
12.5
14. 67
12.8
14. 66
13.0
2,270
354
2,811
932
3,640
1, 072
r 2, 270
315
2,100
129
14.72
12. 8
1, 663
102
14.77
12.8
2,481
154
13.81
14. 53
13.26
14.51
14.02
14.66
14.00
14.76
13. 89
14. 33
14.30
14.46
14.70
15. 50
1,198
96
1. 293
790
27
53
1,320
62
1,281
696
27
54
1,356
40
1,252
559
24
47
1,509
19
1,442
491
27
44
1,498
125
1,688
556
31
37
1,426
' 202
1. 739
687
41
39
1,368
325
1,581
772
47
38
173
1,595
-791
49
44
608,407
356
727, 399
1,173
810, 409
1,561
901, 389
1,903
746, 489
15, 221
521,900
69.602
466, 896
90, 526
543, 843
50, 214
.200
.200
617,147 601,405
275, 154 270, 834
.200
707, 488
250, 886
.200
754,398
208, 926
.200
869, 459
187,807
.200
750, 723
177,033
.200
599, 635
186,365
.200
557, 516
187, 392
.200
569, 746
164, 87\
72, 656
76,918
18,121
75,611
72, 335
14, 842
71, 547
66, 684
9,918
71,896
71,179
9,177
82, 413
86,423
13, 066
74, 598
76, 951
15,394
74,060
80, 491
17,406
530, 777
677, 425
623,138
706, 956
514,384
619,372
521,062
506, 858
473, 889
426, 044
3, 353
2, 083
«• 1,934
14.80
12.5
14.70
13.1
14.71
13.2
14.71
13.1
14. 69
12.7
14. 54
12.5
1,753
90
1,725
M07
1,737
80
•• 2, 579
97
2,419
52
2,165
100
15. 23
15.38
16.31
13.90
16.30
14.00
15.35
1,296
753
48
46
1,258
228
1, 424
614
26
39
1,023
219
1, 229
621
23
42
1,190
133
1,359
673
23
45
1,265
60
1,401
767
27
48
669, 407
979
529, 081
770
584, 341
560
569, 208
369
.202
526,166
163,640
.200
685, 274
157, 838
.200
561, 247
196, 116
.200
604,142
220, 761
89, 629
15,277
77, 692
76, 470
15, 264
70, 345
66, 942
11, 541
74, 884
77, 290
13, 870
680, 480
511,280
662, 521
423, 791
600, 377
81,260
1,967
1, 292
MEATS
Total meats (including lard):
Consumption, apparent
mil. oflb._
Exports §
do
Production (inspected slaughter)
do
Stocks, cold storage, end of month ©d"
do
E rii ble offal© . . _'
do
Miscellaneous meats and meat products©
do
Beef and veal:
Consumption, apparent
thous. of lb__
Exports§
do
Price, wholesale, beef, fresh, native steers (Chicago)
dol. per lb__
Production (inspected slaughter) „.
thous. of lb._
Stocks, cold storage, end of month©d"
do
Lamb and mutton:
Consumption, apparent
do
Production (inspected slaughter)
do
Stocks, cold storage, end of month©cf
do
Perk (including lard):
Consumption, apparent
do
Production (inspected slaughter)
do
Pork:
Exports§
do
Prices, wholesale:
Hams, smoked (Chicago)
dol. per lb_.
Fresh loins, 8-10 lb. average (New York)
do
Production (inspected slaughter)
thous. of lb...
Stocks, cold storage, end of month© d31- do _
Lard:
Consumption, apparent
do
Exports§. _
do
Price, wholesale, refined (Chicago)
dol. per l b . .
Production (inspected slaughter)
thous. of l b . .
Stocks, cold storage, pnd of montho"
do
POULTRY AND EGGS
Poultry:
Price, wholesale, live fowls (Chicago)
dol. p e r l b . .
Receipts, 5 markets
.
...thous. of l b . .
Stocks, cold storage, end of month d"1
do..
Eggs:
Dried, production*
do
Price, wholesale, fresh firsts (Chicagr•)%_ dol. per doz._
Production
millions.
_
Stocks, cold storage, end of month.-d31
Shell...
thous. of cases
Frozen .
thous. of lb. _
1,312
1, 585
11,190
12, 721
16, 559
8,222
.258
.258
.259
. 259
387, 806 332, 064
285, 216 211,004
.258
.259
390, 754
168, 028
.258
. 259
679, 582
235, 894
.258
. 259
810. 106
320, 571
.258
.259
747, 282
396,740
. 258
.259
708, 566
426,545
45,612
32, 647
.146
68, 268
58, 998
m, 397
10,662
.146
68,975
50, 914
95, 465
27, 350
.146
131, 250
59, 349
134,462
22, 862
.146
180,801
82, 826
127,002 102,417
25, 063 47, 975
.146
.146
152, 728 157, 087
83, 489 ' 90, 184
. 232
.228
.239
56, 772 r 94, 226 99, 208
157, 077 238,936 320, 745
.243
89, 018
355, 914
.255
47,157
363, 954
.253
31,034
356, 730
159
.437
2, 936
183
.429
* 3, 400
.264
.356
4,214
7,449
.331
4, 954
100,025
64, 082
13,903
11,476
.264
. 258
.258
. 264
. 258
.258
533, 909 524, 383 471, 559
397, 924 325, 503 •294,448
.258
.258
528, 725
305, 996
.258
.259
545,395
333,019
.258
.259
474, 830
344,812
.147
106, 538
81,435
14,304
100, 866
.146
100,179
49. 728
12,849
76, 733
.146
93, 622
53, 766
56, 229
41,599
. 146
108,458
64,339
80, 348
35, 953
.146
117,861
65, 899
50, 918
40, 836
. 146
105, 140
79, 285
.268
31,348
316,166
.264
20, 842
141,708
. 268
20, 435
117,755
272
\l\ 683
102, 236
. 260
. 251
.251
38, 041
20,245 I 27,688
97,211 | 103,203 114,192
15,846
.343
6, 677
' 12,906
.343
r
6, 311
9, 177
.351
' 5, 304
8, 031
.356
' 4, 593
3,823
169, 526
5, 432
231, 930
6.120
255, 936
5. 926
248. 675
18,335
.332
6, 696
3,815
153, 571
19,183
.343
6, 576
r
1,784
114,814
r
525, 288 676, 895 829, 991
485, 849 859, 844 1,058,969
62,124 102, 496
66, 010 100, 934
19,189 r 16, 533
839, 051 831,492
957,453 924, 170
71,837
24, 965
. 146
86, 506
68, 989
7, 858
.378
' 3, 940
r
4, 771
218, 010
2,674
.346
'3,397
544
.401
'3,118
1,666
r 3, 724
203, 209 182,322
r
314
155,934 '
T 272 r !, 578
111,721 117,903
MISCELLANEOUS FOOD PRODUCTS
38, 865
43, 504
42, 709
40,459 j 36,818
24, 164
29, 722
35, 369
37, 573
30, 979
Candy, sales by manufacturers.-thous. of dol__ 39, 254
36, 446
44, 204
14, 249
30,162
16, 898
22,699
14,133
32, 574
22, 690
25, 729
23, 122
24,120
Cocoa, imports§_
_ . . . - _ - . _ _ __ Jong tons
18, 448
22, 873
Coffee:
1,618
1,286
866
1,
181
1.477
1,030
1,644
889
1,
387
1,014
678
1,
643
Clearances from Brazil, total.
thous. of bags..
1, 145
1,233
718
" 973
567
715
1,380
1,244
1, 161
519
1,174
717
844
To United States
do
748
998
1,478
2, 039
1, 353
1,868
1, 803
1, 804
1,537
2, 536
1, 554
1,909
1,587
Imports!
.
do
.134
. 134
. 134
. 134
. 134
.134
. 134
.134
. 134
. 134
. 134
. 134
. 134
Price, wholesale, Santos, No. 4 (N. Y.) dol. per lb_.
2, 143
2, 558
2,276
2,352
1,928
2,251
2, 396
1,352
1, 407
1,321
1, 338
1, 976
Visible supply. United States
thous. of bags.
2,044
Fish:
12,455
10, 821
21,640
54, 254
38, 493
43, 356
33, 247
36, 356
55, 298 - 69, 323 61,113
Landings, fresh fish, 4 ports
thous. oflb._
36, 786
99, 051
Stocks, cold storage, end of month
do
40, 516
80, 523 108,999 127,055 138,434 148,286 140,208 115,398
58, 438
84. 265 39, 830 32, 509
Sugar:
Cuban stocks, raw, end of monthf
r
388
296
975
795
thous. of Span, tons .
2, 359
2, 101
2, 036
1, 793
299
United States, deliveries and supply (raw value):*
Deliveries, total
*&
short tons.. 459, 567 653, 707 589,226 619,781 578,590 514,500 540, 129 490,761 471,266 420, 708 354, 447 516, 244 '285,341
514,724 276, 715
For domestic consumption
do
414,337 60S,576 552, 100 581,350 560, 858 492, 561 513, 695 471,466 468, 755 411.491 347, 402
2,511
26,434
1,520 r 8, 626
7, 045
21,939
9, 217
19, 295
17, 732
For export
do
37,126
38,431
45, 230 * 45, 131
Production, domestic, and receipts:
Entries from off-shore areas
do
465, 834 579, 633 540, 355 476. 8(56 417, 489 441, 594 464, 037 412,128 270, 089 210,392 196, 476 182, 937 263, 345
24,771
98,526
8, 644
56, 654 420, 480 644,161 414,465
9, 549
16,161
Production, domestic cane and beet
do
15, 952
3, 946
8, 805
Stocks, raw and refined
do
1,003,8711 961,330 828,167 684,020 604, 140 542, 231 513,294 728, 489 1,167,026 1,418,532 1,794,764 1.174,614
r
Revised, f For data for December 1941-July 1942, see note in November 1943 Survey. a
X Compiled by the U. S. Department of Labor; see note in April 1944 Survey.
N o quotation.
d" Cold storage stocks of dairy products, meats, poultry and eggs include stocks owned by the 1). P. M . A., P . M . A., and other Government agencies; stocks held for the Armed
Forces stored in warehouse space not owned or operated by them, and commercial stocks; stocks held in space owned or leased by the Armed Forces are not included.
§ Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
© Data for edible ofTal are comparable with figures beginning June 1944 shown as "miscellaneous meats" through the April 1946 Survey (see note in that issue). "Miscellaneous
meats and meat products" shown above include sausage and sausage room products and canned meats and meat products which were not reported prior to June 1944. Stocks shown
under beef and veal are combined figures for beef and veal: the latter also has been reported only beginning June 1944. Data for June 1944 to February 1946 for veal and for the items
now shown as miscellaneous meats and meat products are given in notes in the August 1944 to April 1946 issues of the Survey. Stocks for the several meats include trimmings, which
were included as "miscellaneous meats" prior to June 1944.
* New series. Data for 1927-43 for dried eggs are shown on p . 20 of the March 1945 Survey. The new sugar series include raw and refined in terms of raw (see also note in the
April 1945 Survey).
t Revised series. The hog-corn ratio has been shown on a revised basis beginning in the March 1943 Survey; revisions beginning 1913 will be shown later. The series for feeder
shipments of sheep and lambs has been revised beginning 1941 to include data for Illinois; revisions are shown on p. S-27, of the August 1943 Survey.
S-30
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes m a y be found in t h e
1942 S u p p l e m e n t to the Survey
1946
March
May 1946
1946
1945
March
April
May
June
July
August
September
October
Novem- Decem- i Janu- Februber
ber | ary j axy
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS-Con.
Sugar, United States—Continued.
Exports, refined sugar §
Imports: §
Raw sugar, total
From Cuba
Refined sugar, total
From Cuba
Receipts from Hawaii and Puerto Rico:
Raw
Refined
Price, refined, granulated, New York:
Retail
Wholesale
Tea, imports §
7,003
short tons__
do
do
do
do
461,933
444.971
47,027
47,027
| 408.803
| 404,936
I 45.681
i 45,681
172, 125 I 191, 214
172,125
191,214
10,324
195
10,324 I
0
238, 394 195, 571
229,328 I 191,665
27, 400
28, 359
2(5, 880
28.125
do
do
del. per lb__
do
thous. of lb_
» . 073
.059
TOBACCO
Leaf:
Exports, incl. scrap and stems §
thous. of lb__
Imports, incl. scrap and stems §
do
Production (crop estimate)
mil. of lb__
Stocks, dealers and manufacturers, total,
end of quarter
mil. of lb__
Domestic:
C igar leaf
do
Fire-cured and dark air-cured
do
Flue-cured and light air-cured
do
Miscellaneous domestic
do
Foreign grown:
Cigar leaf
do
Cigarette tobacco
do
Manufactured products:
Consumption (tax-paid withdrawals): ^
Small cigarettes
millions.
26, 401
Large cigars
thousands. _ 480, 479
Manufactured tobacco and snuff
thous. of lb-- 18, 519
Exports, cigarettes §
thousands__
Price, wholesale (list price, composite):
Cigarettes, f. o. b., destination
dol. per 1,000.
6, 006
Production, manufactured tobacco, total__thous. of lb._
Fine-cut chewing
do
Plug
do
Scrap, chewing
do
Smoking
do
Snuff
__
...do
Twist
75
26, 360
420, 623
27, 553
582, 295
6. 006
29, 905
330
5. 416
4, 564
14, 758
4,214
624
6.006
27, 821
323
5,011
4, 268
13, 769
3, 876
574
6. 006
29, 774
329
5, 274
4, 383
15, 106
4, 076
606
6. 006
28, 529
333
5, 060
4, 311
14,820
3, 400
605
6. 006
26, 276
301
5, 019
4,094
13, 185
3, 153
523
25. 226 ' 2 3 , 637
25, 406
16. 061
31, 340
512, 727 468, 404 364, 671 468. 592 455, 024
27. 090
15, 453
20, 806
17, 776
31, 150
879. 853 1,106,903 1,002 ,748 2,660,699 1,048 ,525
6. 006
30, 049
360
5, 720
4, 271
15, 401
3, 674
623
6. 006
27, 730
338
5,198
3, 516
14, 670
3, 462
547
6. 006
31, 096
374
5, 607
3, 625
16, 849
4, 009
634
6. 006
26, 607
'391
4, 702
2, 957
14, 615
3,427
513
6. 006
16, 655
279
3, fififi
3, 069
6 953
2 953
335
6. 006
20. 521
331
4. 106
3,976
7,979
3, 706
423
6. 006
LEATHER AND PRODUCTS
HIDES AND SKINS
Livestock slaughter (see p. S-28).
Imports, total hides and skins §
thous. of l b . .
Calf and kip skins
thous. of pieces. .
Cattle hides
do
Goatskins
do
do
Sheep and lamb skins
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers
dol. per lb._
Calfskins, packers', 8 to 15 lb
..
_ do. ..
LEATHFK
Exports: §
Sole leather:
Bends, backs and sides
thous. of lb
Offal, including bolting offal
do....
do
Upper teather
Production:
Calf and kip _
__
thous. of skins,Cattle hide
.thous. of hides..
^thous. of skins _.
Goat and kid
do Sheep and lamb
Prices, wholesale:
dol. nor lb
Sole, oak bends (Boston) f
Chrome, calf, B grade, black, composite... dol. per sq. ft- Stocks of cattle hides and leather, end of month:
Total
thous of f>nuiv. hides
do
Leather, in process and finished
do__
Hides, raw
- -
986
79
62
2 ?94
. 155
.218
26, 421
2. 173
17, 730
61
84
2, 591
3, 881
13, 149
79
52
2. 148
2,491
18, 410
55
92
1 8?5
3 340
15, 522
26
25
1,010
3,677
14, 516
15
12
1 973
3 333
14, 073
24
21
1 574
3 349
15, 736
49
49
2,201
2,774
11,301
164
29
1, 656
1.912
15, 951
39
52
3 137
? 87?
10,870
52
199
1 7?3
4, 508
155
?18
155
?18
. 155
.218
. 155
.218
155
218
.155
.218
155
?,18
155
?18
. 155
.218
.155
.218
155
218
.155
218
508
1, 461
39
1, 584
255
99
1,338
412
123
1,992
?47
2 581
336
176
2, 036
3
92
1 3?4
157
91
? 741
154
163
2,864
3.062
275
6,705
79
1. 194
3, 206
1,818
296
2, 853
972
1, 898
898
2, 483
2, 150
996
2, 475
536
4' 33?
191
4, 1?4
1.000
2. 467
2. 266
4.418
1,083
2, 352
2.015
4, 012
858
2, 158
1, 745
3 651
950
2, 134
1,778
4,349
942
1, 980
1, 676
3, 973
1, 070
2, 336
1, 744
4 60?
940
2, 316
1,770
4, 381
937
2, 235
1, 659
3, 725
.440
.533
440
529
440
529
.440
.529
.440
.529
440
529
.440
.529
.440
.529
440
529
.440
. 529
.440
.529
13, 077
8,059
5,018
11 967
6 955
11 934
6 86?
11,917
6, 905
5,012
11,729
6, 761
4, 968
11 951
6 965
4 986
12, 245
7,072
5,173
12, 577
7 ??3
5, 354
13 047
7 346
5 701
13, 037
7,473
«• 5, 564
13,177
7, 849
5, 328
5,012
2, 333
5, 072
00
20
2, 297
1,968
' 1,032
1,031
r
2, 544
2. 501
r
2, 143
1,997
' 4, 351 i 4, 198
440 1
533 j
.440
.533
13 6?? i r 13, 593
8 433 I r s. 202
5,189 1 r 5, 391
LEATHER MANUFACTURES
Gloves and mittens, production, total *__-_-doz. pairs__
Dress and semi-dress, total
do
Leather
do
Leather and fabric combination
do
Fabric
do
Work total
do
Leather
do
Leather and fabric combination
do
Fabric
do_- .
r
1,979,611 1,91C ,271 1,974,796 1,979,410 1,581 ,073 1,882,571 1,913, 727 2,391 ,495 2,259,140 1,882,651 2,22" ,304
557, 657 541 143 529, 047 527,174 391 023 510, 485 576, 362 726 844 730 299 624 998 654 684
90 516 125, 541 138, 171 161 933 166, 090 144, 734 150 758
118.192 100 574 109, 355 111,854
13 85?
20, 900
1? 779 1 20,836
17 893
18, 236
21. 885
15,410
18, 584
25, 829
98 510
421 ooq
426 717
404 282
394, 420
287 7^8
364 108
1,421 954 1,369.128 1,445,749 1,452,236 11,190.050 1,372,086
144 174 130 998 143, 344 140, 549 107 970 141,620
186 068 187 620 199, 054 190. 042 157 335 188,195
1,091 71? 1,050,510 1,103,351 1,121,645 924 745 1,042,271
416 306 536 401
538 380 461,680 486 033
1,33' '.365 1,664,651 1,528,841 1,257,653 1,572.620
139, 203 183, 586 175, 568 157, 957 176 189
189 415 229 603 211 759 186 706 231 431 j
1.008,747 1,251 ,462 1,141,514 912, 990 .1,165,000
Revised. °Less t h a n 500 pieces.
1 D a t a reflect a change in the sample of reporting stores and in the method of summarizing reports; J a n u a r y 1946 figure comparable with earlier d a t a is $0,064.
Dec. 1 estimate.
fTax-paid w i t h d r a w a l s include r e q u i r e m e n t s for consumption in the United States for both civilians and military services; w i t h d r a w a l s for export and for consumption outside
the United States are tax-free.
§Data continue series published in the 1942 Supplement b u t suspended during the war period (it should be noted t h a t d a t a for sugar are shown in long tons in t h a t volume);
d a t a for October 1941-February 1945 will be published later.
tRevised series. T h e pi ice for sole oak leather is shown on a revised basis beginning in the October 1942 Survey; revisions beginning J u l y 1933 are available on request.
*New series. D a t a on "gloves and m i t t e n s are from the Bureau of the Census and cover all k n o w n manufacturers;'data beginning J a n u a r y 1943 for leather and combination leather
a n d fabric, and beginning M a y 1944 for fabric gloves and mittens will be published later. T h e series for leather gloves are not comparable with similar d a t a shown in the 1942
S u p p l e m e n t which covers only around 85 percent of the total.
2
SURVEY OF CURRENT BUSINESS
May 1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
March
S-31
1945
March
April
May
June
July
1946
August
September
October
Novem- December
ber
January
Febru
ary
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURERS—Continued
Boots and shoes:
Exports §
thous. of pairs.
Production, total %
do___
Government shoes
do—
Civilian shoes, total
do....
Athletic
do—
Dress and work shoes, incl. sandals and playshoes:
Leather, uppers, total
thous. of pairs..
Boys' and youths'
__.do.. _
Infants'..
_
do...
Misses' and children's
do__.
Men's
-._
do...
Women's
do...
Part leather and nonleather uppers
do
Slippers and moccasins for housewear
do...
All other footwear
do_.-
1,323
43,935
4,937
38,998
332
2,250
41,519
4,956
36, £63
311
1,277
43,818
5,494
38, 324
346
1,100
43,985
5,440
38,544
271
860
36, 338
4,654
31,684
178
1,149
41,633
4,432
37, 201
238
273
37. 240
1,495
35, 745
355
r
527
42,163
1,055
41,108
r
466
4,192
995
1, 326
39,998 -34,583 40,744
813
G32
471
39, 185 ' 33, 950 40, 274
452
'396
512
23, 384
1,074
2,900
3,618
5,373
10,419
9,968
5,199
115
20,522
924
2, 643
3,449
4,431
9,075
10, 648
4,963
119
20,432
961
2,442
3,721
4,292
9,017
12,190
5,224
132
19.893
985
2,386
3,681
4,184
8,657
12,929
6,184
268
17,320
998
2,042
3,062
3,824
7,394
9,372
4,608
206
19,830
1,071
2,326
3,454
4,670
8,309
10,654
6,249
230
21,411
1,206
2,234
3,274
5, 757
8,940
7,744
6,046
188
28,839
1,579
2,728
3.907
7,701
12,924
3,630
8,009
165
28, 568 - 26, 349 31,012
1,593
' 1, 421
1, 492
2,730 ' 2, 346
2, 855
3, 7C0 ' 3, 370 3, 913
7, 547 ' 6, 944 7,815
12, 939 • 12, 268 14,937
2,612 ' 2, 604
4,007
7,380 ' 4, 494 4, 607
173
' 105
136
744
LUMBER AND MANUFACTURES
I UMBER—ALL TYPES
Exports, total saw mill products §
M bd. ft
Sawed timber §
do.
Boards planks scantlings etc §
do
Imports, total sawTnill products §
do
National Lumber Manufacturers Association:!
Production total
mil bd ft
Hardwoods
_ do . .
Softwoods
*
do
Shipments, total
do ___
Hardwoods
do
Softwoods
do
Stocks, gross, end of month, total
do
Hardwoods
do
Softwoods
.
do -
29,820
4,] 93
22, 264
85, 436
26,117
1,453
20,908
74, 995
30, 851
2,274
25, 587
83,386
24,148
1,665
20,184
91,597
38,196
5, 930
29, 094
89, 128
44, 280
6,795
34, 765
100, 707
41,446
7,507
31, 095
91,293
43,590
2 772
38,922
109,730
39, 429
2,874
33,803
98,964
49, 257
3, 312
44,012
95, 432
64,795
6,405
56, 089
80, 528
52, 574
11,708
39 046
79,434
2,279
640
1,639
2,307
582
1,725
3,397
886
2,511
' 2, 463
'569
' 1,894
' 2, 627
'627
' 2 000
' 3,686
'933
' 2, 753
' 2, 437
'553
'1,884
' 2, 487
'589
' 1,898
'3,614
'886
' 2, 728
' 2, 706
'600
'2,106
' 2, 734
'630
' 2,104
' 3, 571
'852
' 2, 719
' 2, 707
'583
' 2,124
' 2, 637
'606
' 2, 031
' 3,648
'838
'2,810
' 2, 341
' 560
' 1,781
' 2, 316
'547
' 1,769
' 3, 653
'837
'2,816
' 2, 574
'634
'1,940
' 2, 494
'579
' 1,915
' 3, 705
'885
' 2, 820
'2,191
'612
' 1,579
' 2,148
'516
' 1 632
' 3, 741
'958
' 2, 783
' 2, 089
'673
' 1,416
' 1,991
'595
' 1 396
' 3, 792
' 1,018
' 2, 774
'1,891
'615
'1,276
' 1,819
'581
' 1,238
' 3, 845
' 1,040
' 2, 805
' 1, 638
'443
' 1,195
'1,688
'472
' 1,216
'3,816
'1,022
' 2, 794
'1,840
'516
' 1, 324
' 2, 081
'604
' 1,477
' 3,555
' 906
' 2, 649
' 1,887
'498
' 1,389
' 1,911
'479
' 1 432
' 3, 482
'877
' 2, 605
3, 025
6, 875
3,100
2, 725
4, 650
3,225
8,475
3,125
3,425
2,550
2,575
7,625
3,0C0
3,275
2,200
2,775
7,050
3,175
2,750
2,500
2, 775
7,200
3,325
2,975
2,775
2,900
' 7,200
2,925
2,600
3,050
2,975
6,525
2,925
3,575
2,375
2,900
6,500
2,875
2,950
2,375
3,600
7,150
3,325
2,975
2,600
2, 275
7,300
2, 525
1,950
3,125
1,150
7,050
2,425
1,200
4,350
2,875
6,700
3,050
3,075
4,250
2,625
6 725
2,850
2 675
4,300
15,971
35, 529
18,958
18,136
9, 661
22,996
45,345
16,000
16,899
3,797
16, 799
45, 462
14, 522
15, 681
2,638
14, 210
41, 487
16, 897
18,186
1,925
11.566
37, 578
15,688
15,477
2,475
10,047
33,494
14,034
14,129
2,380
12, 595
30,858
15, 500
15, 231
2,463
14,608
33,992
15,049
15,130
2,804
23, 506
38, 797
19,197
18, 494
3,507
18, 343
39,097
18,970
17, 364
5,113
12,201
37, 962
16,004
13, 336
7,781
15, 632
42,120
18, 523
11,474
14,830
17,329
37, 694
17,453
22, 892
9,391
9,965
2,751
7, 214
10, 067
1,024
9,043
8, 268
1,595
6, 673
7,687
1,175
6,512
14, 565
4, 968
9,597
14,278
5, 775
8,503
18, 807
5,829
12,978
21,545
1,254
20,291
11,313
554
10,759
26, 038
1,127
24,911
41,528
3,820
37, 708
31,375
8,242
23,133
37. 362
51. 450
33.810
44.100
33. 810
44. 100
34. 398
44.100
34. 790
44.100
34.790
44.100
34. 790
44.100
34.790
44.100
34. 790
44.100
34. 790
44.100
34.790
44.100
34. 790
14. 100
34. 790
44. 100
664
738
6, 903
1,239
5, 664
' 717
981
4,566
369
4,197
'648
965
6,717
524
6,193
'639
876
3,912
344
3,568
'633
850
7, 326
649
6, 677
'613
808
6,950
745
6, 205
' 532
695
7,684
1,391
6,293
' 577
676
6,355
1,241
5,114
'607
653
7,202
1,853
5,349
' 550
650
5,798
1,904
3,894
'472
646
9, 076
2,268
6,808
'626
696
9,093
3,228
5,865
' 555
698
FLOORING
Maple, beech, and birch:
Orders, new.. .
M bd. ft
Orders, unfilled, end of month
do
Production
.
___
. do.
Shipments
do
Stocks, end of month
_
do
Oak:
Orders, new
_______
do
Orders, unfilled, end of month
do
Production
___
.do
Shipments
do
Stocks, end of month
_ _ _ _ _ _ do
SOFTWOODS
Douglas fir:
Exports, total sawmill products §
M bd. ft
Sawed timber §.__
do
Boards, planks, scantlings, etc.§
do
Prices, wholesale:
Dimension, No. 1, common. 2 x 4— 16
dol. per M bd. f t . .
Floonne. B and better, F. G., 1 x 4, R. L
do
Southern pine:
Exports, total sawmill products §
M bd. ft
Sawed timber §
do
Boards, planks, scantlings, etc §
do
Orders, new ! _
mil. bd. ft
Orders, unfilled, end of month !
_
do
Prices, wholesale, composite:
Boards, N o . 2 common, 1" x 6" or 8" x 12'!
dol. per M bd. ft__
Flooring, B and better, F . G., 1" x 4 " x 12—14' f
dol. per M bd. r e production!
mil. bd. ft
Shipments!
do
Stocks, end of m o n t h !
do
Western pine:
Orders, n e w !
do
Orders, unfilled, end of m o n t h !
do
Price, wholesale, Ponderosa, boards, No. 3 common,
I"x8"
.
dol. per M bd. ft
Production!
mil. bd ft
Shipments! _
do
Stocks, end of m o n t h !
do
West coast woods
Orders, n e w !
. . . . . . .
do
Orders, unfillod, end of month
. . do
Production!
do
Shipments!
do
Stocks, end of month
do
46. 029
41. 144
41. 144
41. 144
41. 144
41. 428
42. 018
42. 018
42. 018
42. 018
42. 782
42. 837
43. 465
65. 091
629
624
1,071
50. 371
'675
'688
1,167
56. 371
' 644
'664
1,147
56. 371
' 712
'728
1,131
56. 371
'682
'659
1, 154
56. 371
' 614
'655
1,113
56. 371
' 660
'645
1,128
56. 371
' 555
'596
1,087
56. 494
' 629
'630
1,086
56. 494
' 600
'553
1,133
59.811
' 472
'476
1,129
60. 056
' 512
'576
1,065
61. 131
' 554
'553
1,066
383
310
505
433
449
437
'465
398
548
421
'514
440
412
351
422
360
276
305
307
302
240
294
293
298
298
299
35.77
296
373
684
34.84
'382
'447
789
34.79
'440
'458
771
34.79
' 570
'519
820
34.84
' 600
'542
877
34.75
' 570
'510
935
34.88
' 548
'517
965
35. 30
418
412
971
35.78
341
332
980
36. 46
279
310
949
36.07
'206
248
908
35.99
206
290
824
36. 16
234
297
761
527
636
532
556
375
687
1,015
615
635
417
532
971
570
538
429
618
954
566
597
381
597
951
588
578
393
431
964
392
394
409
557
685
509
531
414
672
406
413
378
288
694
261
253
370
261
723
233
217
385
377
738
368
357
400
455
703
450
460
392
423
683
449
441
398
375
' Revised.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
JSee note for boots and shoes at the bottom of p. S-23 of the July 1945 Survey regarding changes in several classifications and note marked "J" on p. 28 of that issue regarding
other revisions; revisions for January-May 1943 and January-April 1944 have not been published and will be shown later.
!Revised series. The following lumber series have been recently revised to adjust the monthly figures to 1944 totals for production compiled by the Bureau of the Census.: Data
beginning January 1944 for production, shipments, and stocks for total lumber, total hardwoods, and total softwoods and production shipments, and new orders for Southern pine
and western pine and 1944 data for production, shipments, and stocks of West Coast woods (1945 data for West Coast woods are subject to further revisions). Earlier lumber data
were previously adjusted to 1941-43 Census data and revisions have been published only in part (see note in April 1946 Survey). All unpublished revisions through February 1945
will be shown later. The Southern pine price series are shown on a revised basis beginning in the February 1946 Survey; each represents a composite of 9 individual series; the specifications given above apply to data collected beginning February 1945; earlier data were computed by linking slightly different series to the current data.
SURVEY OF CURRENT BUSINESS
S-32
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement t o the Survey
1946
1945
1946
March
May 1946
March
June
May
April
August
July
Sep.
tember
October
Novem- December
ber
January
February
LUMBER AND MANUFACTURES—Continued
SOFTWOODS—Continued
Redwood, California:
Orders, new
Orders, unfilled, end of month
Production
Shipments
Stocks, end of month
38.752
96,628
33. 234
33,712
66,105
41 523
103 245
33, 719
34,299
64, 121
30. 301
97. 581
36, 343
37,191
61.640
36,653
100,342
35,108
34, 436
60,145
38,071
107, 552
30,695
30,843
58,321
30,966
79,025
34,645
35,864
55.495
30, 599
80,235
32,773
29,581
56, 569
30, 892
81, 407
34,012
32,508
55,459
31,709
85, 572
33,442
28,019
60,335
20,572
81, 947
26,724
21, 495
76,006
20, 248
91,979
9,858
11,207
75, 231
108, 995
106,019
33, 098
128, 572
129, 418
28, 913
115, 953
116.000
28, 652
122,163
121,018
30, 103
121, 283
124,795
25,907
85. 579
81,966
28,055
113,633
112,050
29,612
89,656
91, 547
27,942
67,462
66,342
29,235
58, 237
57,862
29, 292
75,462
75, 904
27,807
107, 347
104,144
30, 637
64
54
53
51
47
55
56
56
59
62
1
38
115
70
37
4
17
87
3
16
74
46
17
4
9
70
45
13
5
21 |
64 !
60
20
7
30
64
60
18
2
17
68
61
15
1
31
84
64
22
1
36
108
M bd. ft.
do...
do...
do__.
do__
SOFTWOOD PLYWOOD
Softwood plywood:*
Production
thous. of sq. ft., W equivalent.
Shipments
do...
Stocks, end of month
_
do...
• 98,096
• 98,619
• 29, 896
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.
o !
6 i
so:
18
16 I
82
49
17
3
12
70
49
13
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade :§
Iron and steel products:
Exports (domestic), total
Scrap
Imports, total
Scrap
503,467
6,750
148, 153
4,808
short tons..
do
do
do
! 482,923 ! 538,414
I 8,792 ! 11,286
i 144,879 I 149,288
j 3,637 i 3.032
403,912 470,987 407, 225
8,448
10,266
11,502
148,460 I 156,408 119,915
2,717
6, 828
4, 383
344, 697 327, 805 487,240
9,397 i 5,480
6,397
102,163 123,435 104,116
2, 531
8,065
4,770
451,046 i 557,360 i 320,697
8,568
4,768 I 9,322
92,638 I 77.054 ! 85,795
1,607 ;
1,208 I 3,459
Iron and Steel Scrap
Consumption, total*
thous. of short tons.
Home scrap*
do...
Purchased scrap*
do...
Stocks, consumers', end of month, total*
...do...
Home scrap*
do...
Purchased scrap*._do.-Ore
Iron ore:
Lake Superior district:
Consumption by furnaces
thous. of long t o n s . .
Shipments from upper lake ports
do
Stocks, end of m o n t h , total
do
At f u r n a c e s . . . .
do
On Lake Erie docks
do.-.
Imports §
do
Manganese ore, imports (manganese c o n t e n t ^
thous. of long t o n s . .
5,476
3,078
2,398
4,084
1,406
2,678
6,021
0
27, 601
24,100
3, 501
7,082
0
17,304
14.996
2,307
56
29
5,347
2,949
2,398
4,174
1,327
2,847
5,229
2,881
2.348
4,155
1,365
2,790
6,642 j
7,282
16,429
14.469 !
1.960
40 |
49 !
4,944
2.704 |
2,240
4,120
1,312
2,808
4,686
2,608
2,078
4,044
1,278
2,766
3,989
2,169
1,820
4,225
1,354
2,871
3,995
2,228
1,767
4,144
1,319
2,825
4,331
2, 283
2,048
3,950
1,204
2,746
4,378
2, 346
2,032
3, 943
1,239
2,704
4,129
2,233
1,896
3,742
1,215
2,527
5,612
4,145
44, 706
39,891
4, 815
116
6, 099
71
39, 059
34, 660
4, 399
109
6,872
11,121
20,715
18, 584
2,131
101
6,397
10. 621
24, 847
22,419
2.429
103
6, 532
11,372
29,485
26, 677
2,808
125
5,658
10,732
34, 781
31, 533
3,248
187
5,837
10,543
39,549
35,684
3,865
118
4,491
9, 827
45,090
40,537
4, 553
199
56
46
69
51
56
51
8. 719
0
35, 342
31, 215
4 127
78
1, 748
0
33 647
29 606
4 041
75
24
Pig Iron and Iron Manufactures
Castings, gray iron:*
Shipments, total
short tons^ _
For sale
do
Unfilled orders for sale
do
Castings, malleable:^
Orders, new, for sale
do
49, 609
263, 275
Orders, unfilled for sale
.
do
Shipments, total
do
49, 839
33, 978
For sale
do
Pig iron:
Consumption*
thoos. of short tons..
Prices, wholesale:
25.63
Basic (valley furnace)
dol. per long ton _
26.32
Composite..
do . .
26. 20
Foundry, No. 2, f. o. b. Neville Island*
do
4,424
Production*
thous. of short tons..
Stocks (consumers' and suppliers'), end of month*
thous. of short tons.
857, 616 773.988 I 798.055 ! 781,935 I 689,711 682,826 i 661,738 684, 484 667, 506 611,872 I 649,430 j 507.693
537.305 ; 481.237 493,698 | 496.662 | 429,100 416,947 | 392,742 413, 591 400, 919 352,664 j 406.799 342,182
,904,419 1,844,188 1,829,754 11,810,609 11,811,659 1,629,614 1,579,146 1,559,765 1,644,706 1,669,596 11,901,187 2,006,095
67, 088
349. 935
85, 307
58,711
47, 497
346, 421
7b, 065
51,011
5,205
4.782
24.60
25 17
25.00
5,228
24.50
25. 17
25.00
4,786
1,363 I
1,291 I
34,839
328,471
79, 565
52, 789
!
i
i
|
4,249
285,210
71,992
47,510
275
905
960
506
47, 020
229,618
59, 096
37, 307
33, 698
227, 309
57.315
36, 007
3,969
4,062
3, 525
4,080
4,090 !
24. 50
25. 17
25.00
4,249
24.50
25.17
25.00
4,227
24.80
25.40
25.19
3,388
25.25
25.92
25.75
4,026
25.25 j
25.92 !
25.75 !
4,323
1,527
1,527
1.247
1.124
1,192
34, 246 1-18,642
284.017 232,136
52, 647
55,813
33. 239
35, 439
4,918
4,505 j
24.50
25. 17
25.00
5,016
24. 50 | 24.50
25.17 I
25.17
25.00 j 25.00
4,605 4,801
4,594
16,
219,
46,
28,
44,507
236, 648
51,963
35, 168
47,411
245, 878
54, 191
38. 181
31,104
247, 644
40, 156
29, 338
25. 25
25.92
25.75
2, 645
25. 25
25. 92
25.75
1,148
r
i
1,275 1,318 i
1,346 j
Steel. C r u d e a n d S e m i m a n u f a c t u r e d
Castings, steel, commercial:
Orders, new, total, net
Railway specialties-.
Production, totalj .
Railway special ties t
..shorttons.
_.do..do...
do—
203,170 I 177,707
28,746 j 37,000
166,896 | 150.281
27,268 ! 24,150
89, 790
21, 556
145, 092
24, 116
130, 152
28, 259
125,126
28 192
110, 681
37, 268
99,606
26, 622
68, 286
28, 727
96,151
28, 625
70,147 T 88,244
85,874
79,818
72 536
89,697
18,,230
7,
20, 859
, 551 r 16,215 ! 26' 644
46, 528
3
8
384
84,046
046 3 70.340 M l , 497
82, 444 3 96,868 I 89,088
26,830 3 27, 373 I « 26,676 i 3 23, 779 3 21,169 ; 3 s 274
•• Revised.
i Cancellations exceeded new orders by the amount shown above.
§Data continue series shown in the 1942 Supplement b u t suspended during the war period (it should be noted t h a t data for iron and steel are shown in long tons in that volume);
data for October 1941-February 1945 will be published later.
JData beginning October are shipments and the coverage is more than that attained previously; however, it is believed t h a t the comparability is not seriously affected.
cf Since J u r e 1944 the coverage of t h e malleable iron castings industry has been virtually complete (see note in April 1946 Survey regarding earlier d a t a ) ; total shipments include
shipments for sale not heretofore shown separately and for use by own company, an affiliate, subsidiary or parent company. N e w orders for sale has been substituted for total new
orders which has been discontinued; earlier data for this series and for unfilled orders will be shown later.
•New series. D a t a beginning September 1941 for softwood plywood are shown on p . 16 of the September 1944 Survey. For a description of the series on scrap iron and steel
1944 for shipments for sale and unfilled orders, not heretofore shown in the Survey, will be published later.
May 1946
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
1946
March
S-33
1945
March
April
May
June
July
August
1946
September
October
Novem- December
ber
January
February
METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
j
Steel, Crude and Semimanufactured—Continued j
Steel ingots and steel for castings:
I
Production
thous. of short tons, j
Percent of capacity^
Prices, wholesale:
Composite, finished sieei
dol. per lb._
8teel billets, rerolling (Pittsburgh). _.dol. per long ton.
Structural steel (Pittsburgh)
dol. per Ib__
Steel scrap (Chicago)
dol. per long ton..
Steel, Manufactured Products
Barrels and drums, steel, heavy types.®
Orders, unfilled, end of month...—__
.thousands..
Production
do
Shipments..
„
...do
Stocks, end of month
...do
Boilers, steel, new orders:%
Area
_
thous. of sq. ft..
Quantity
number..
Porcelain enameled products, shipmentst thous. of dol_.
Spring washers, shipments
do
Steel products, net shipments:©
Total
...thous. of short tons_
Merchant bars
--..do
Pipe and tube
do-_.
Plates
do
Rails
_
.._..
do
Sheets
..
do...
Strip—Cold rolled
do
Hot rolled
do
Structural shapes, heavy.
„._._.
do
Tin plate and terneplate.
do——
Wire and wire products
__, do
r
5,736
71
5,983
76
5,598
69
6,201
79
6, 059
75
.0275
36.00
.0210
18.75
.0275
36.00
.0210
18.75
.0275
36.00
.0210
18.75
.0275
36.00
.0210
18.75
. 0275
36.00
.0210
18.75
. 0275
36. 00
.0210
18. 75
. 0275
36. 00
. 0210
18.75
8,985
2,028
2,036
43
4,132
1,903
1,902
44
3,756
1,551
1, 557
38
4,012
1,694
1,693
40
4,645
1.823
1, 825
5, 353
1,810
1,821
27
5, 444
1,690
17C)
r
1,851
1,851
43
1,202
828
3,178
476
1,628
946
3,196
500
1,626
1,075
2,893
397
1,432
1,193
3,381
375
1,579
1,371
3,303
316
1,356
1,298
4,049
1,295
1.222
4.013
1, 597
1, 259
3, 355
1.606
1,381
5, 070
1,645
1,154
>• 4, 496
5,417
526
560
686
200
969
112
116
316
261
381
4,922
481
531
572
181
907
111
120
297
287
350
4,697
463
519
518
202
872
101
113
309
269
314
4,124
398
436
437
186
841
94
100
287
245
314
3,955
434
429
389
220
838
84
92
272
213
3GS
4,267
447
426
375
203
979
104
114
333
211
343
4,367
450
454
367
204
993
108
120
324
209
350
7,708
95
7,292
93
7,452
92
6,842
87
6,987
. 0301
39. no
. 0235
.0271
34.00
.0210
18.75
.0271
34.00
.0210
18.75
.0272
34.40
. 0210
18.75
. 0275
36.00
.0210
18.75
0,4 Hi
J. 422
1,417
6,917
1,945
1,944
53
6,917
1,972
1,971
7,130
2,143
2,145
51
1,048
1,319
889
3,207
495
901
836
3,146
433
6,632
532
678
736
212
984
121
127
296
288
393
5,254
509
544
628
189
917
118
121
273
285
363
\, 298
435
417
387
204
931
104
111
331
210
338
r
3, 872
50
r 1,303
'20
. 0288
37. 50
. 0223
18.75
5, 989
' 839
' 839
'20
i 4. 379
i 453
i 401
i 341
i 149
i 1.044
' 137
i 138
i 278
' 267
' 356
NONFERROUS METALS AND PRODUCTS
Aluminum:
38, 322
77, 566 106, 260
52, 942 104,515
54,947
66, 794
65,182
40, 967
38, 213
42, 444
Imports, bauxite f
long tons..
58,017
.0375
.0375
. 0375
.0375
.0375
.0375
. 0375
.0375
.0375
. 0375
.0375
Price, wholesale, scrap castings (N. Y.)_ .dol. per lb__
. 0385
. 0375
170.2
192.7
65.9
227. 8
225.8
56.8
Aluminum fabricated products, shipments* mil. of lb__
104.6
63.7
59.5
231.3
Bearing metal (white-base antifriction), consumption
4, 541
5,445
5, 544
5,185
4, 435
4,404
0, 251
4,998
4,975
5,792
and shipments, total .
_.thous. of lb__
3,968
4,760
6,016
1,046
1,187
1,293
1,493
1,282
1,303
1,335
1, 333
1,304
Consumed in own plants*
_
do
1,170
1,073
1,303
1,101
3, 495
3,218
4,510
3,696
4, 051
4,152
3,640
3, 265
4,918
3,881
4,713
2,868
3,687
Shipments*
do
. 195
.195
.195
.195
. 195
.195
.195
.195
Brass sheets, wholesale price, mill
dol. per lb_.
.195
.195
.195
.195
.195
Copper:
10,966
10,259
12,427
14,610
9,511
18. 945
10,320
6,219
10, 908
7, 301
12,513
Exports, refined and manufactures 1
short tons..
6, 338
13,560
60, 026
79,490
72. 470 114,562
82, 366
50, 860
56,469
80,819
70, 423
83,960
64, 710
Imports, total If
do
1,760
15,657
1,774
2,912
1,906
2,407
2,252
4,353
5, 392
6,919
4, 588
4, 309
For smelting, refining, and export 1
do
11,800
44,369
76, 578
70,564 112,788
76,974
48, 452
54, 217
76,018
65, 835
77, 041
60,401
For domestic consumption, total 1
do
5,782
20, 368
59,469
33, 762
21, 626
11,869
12,480
31, 882
22, 982
22, 961
27, 909
Unrefined, including scrap 1
do
31,118
6, 020
24, 001
53,319
42.816
48, 938
36, 584
41, 737
44,135
Refined 1
„. _.do
54, 081
29, 283
37, 925
53,993
.1178
.1178
.1178
.1178
. 1178
.1178
.1178
.1178
. 1178
. 1178
. 1178
Price, wholesale, electrolytic, (N. Y.)
dol. per lb.
.1178
. 1178
Production :d"
72, 271
62, 641
58,178 '41,607
68, 253
65, 586
72,855
41,042
74,469
64,091
76, 537
74, 392
69,322
Mine or smelter (inch custom intake), short tons.
74, 377
66. 062
69, 008 " 49, 923
69,127
70, 218
72,995
20, ] 39
85, 319
76, 395
75, 436
45,145
70,363
Refinery
do
86, 089
94,031
86,840
88,661
58. 51)0 218, 488 161,111 139,203
Deliveries, refined, domesticd*
_do.._
83,478 104,104 119,973 103,464 115, 601 '
70, 738
76,512
72, 799 r 74,339
80, 316
74,425
76,166
70, 249
63.841
51, 861
55, 453
Stocks, refined, end of monthcf
do
68,675
73,913
Lead:
12, 291
25,199
17,670
37, 698
22,942
28,398
31, 861
40,754
27.164
28, 644
23,011
17, 795
Imports, total, ex-mfrs. (lead content) 1
__do
31,550
31,616
31,803
31,668
32,812
33, 925
34,652
26,945
34, 841
32,978
Ore, domestic, receipts (lead content)<?
do...
31,580
Kefined:
. 0650
. 0650
. 0650
. 0650
. 0050
. 0650
. 0650
.0650
.0650
Price, wholesale, pig, desilverized(N. Y.)..dol. per lb. . 0650
.0650
.0650
.0650
41, 643
51,054
45, 399
38,626
40, 300
47, 824
32,691
48, 029
46,511
45,848
35,923
47,462
Production, total <?
..short tons_. 25. 330
40, 070
49, 795
38. 298
24, 179
34,513
33. 232
39, 991
39,077
27, 552
39, 725
42.126
From domestic ored"
do...
34,699
42,005
48, 257
44, 806
28, 702
39,658
36,597
44, 304
47, 249
44, 766
33,517
44,179
40, 585
39, 701
44,347
Shipmentsc?'--.
do.-_
45,312
51, 929
41,939
37, 452
41,145
43, 746
30,909
42, 671
40,310
33, 234
38,488
36,514
39,629
Stocks, end of monthd"
do...
Tin:
Imports: f
7, 540
4, 000
4,166
3,340
3,917
673
3. 763
811
1,151
723
5, 277
1, 578
Ore (tin content)
long tons..
0
1,450
100
94
17
1,600
0
0
1,000
0
500
0
Bars, blocks, pigs, etc
.do
. 5200
. 5200
. 5200
. 5200
. 5200
.5200
. 5200
. 5200
. 5200
. 5200
. 5200
. 5200
Price, wholesale, Straits (N. Y.)
....dol. per ib__
Zinc27, 662
31,962
50, 237
31,522
31,826
36.229
46, 908
21.052
39, 481
44,971
42. 000
32, 386
Imports, total (zinc content) 1
short tons..
312
0
735
1, 111
173
173
621
883
For smelting, refining, and export f
do
161 |
178
1,881
560
For domestic consumption: 1
14,300
13,069
28,365
38,086
20, 450
26, 607
42, 446
26, 757
38, 055
12,005
33,415
19,245
Ore (zinc content)
do
13,050
5.982
17,646
5,177
14, 683
9, 235
10,337
11,383
8,232
8,164
Blocks, pigs, etc
do
12,968
7, 791
Frfce, wholesale, prime, W estern (8t,
. 0825
.
0825
.
0825
.0825
. 0825
. 0825
. 0825
. 0825 .0825
. 0825
. 0825
.0825
Louis)
-dol. per lb_.
.0825
65, 901 '61,274
06. 162
64, 753
64, 337
Product ion d*...
short tons— 71,012
69,440
66, 607
65,830
71.7&9
68, 223
61, 600
65, 614
'54,856
58,
635
62,
324
Shipments^
do
48. 255
54,449
83, 692
66,972
54,477
51.909
94, 494
74, 356
41,881
53. 224
56, 309 - 53, 970
61,482
48.084
81,368
66,839
54.023
51,803
51, 326
94, 296
74.313
41,410
52.052
Domesticd"
do
260. 995 174.672
168. 539 171.007 i 183,137 I 197.058 213. 556 233, 275 245,665 255, 553 259, 391 266, 657 273, 075
Stocks, end of monthcf
do
r
Revised. * Total for January and February. <g> Beginning 1943 data have covered the entire industry.
§ For 1946 percent of capacity is calculated on annual capacity as of Jan. 1. 1946, of 91,890,540 tons of open-hearth, Bessemer, and electric steel ingots and steel for castings; 1945 data
are based on capacity as of Jan. 1, 1945 (95,501,580 tons).
t Based on information recently available it is estimated that data beginning 1945 represent substantially the entire industry; in prewar years the coverage was about 90 percent.
• See March 1944 Survey for comparable data for 1942; the series now covers 57 manufacturers (two formerly reporting discontinued production of bearing metal).
0 Total shipments less shipments to members of the industry for further conversion; data prior to 1944 were net production for sale.
K Data continue series published in the 1942 Supplement but suspended during the war p •riod; data for October 1941-February 1945 will be published later.
d* For data for January 1942-April 1944 for the indicated copper, lead and zinc series, see r . 24 of the June 1944 Survey.
*New series. Data for aluminum fabricated products cover total shipments of castings, foirgings, sheet, strip, plate, rods, bars, and other wrought products, exclusive of products
shipped to other manufacturers for further fabrication into other wrought products; data were coi•npiled by the War Production Board through September 1945 and by the Bureau of the
Census thereafter and cover almost the entire industry; weights for some products were gathere* j at a different stage of manufacture beginning October 1945, but it is believed that the
comparability of the totals is not seriously affected.
SURVEY OF CURRENT BUSINESS
S-34
M a A' 1J)4G
1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
IV i ay
March
June
January
July
Febru«ry
METALS AND MANUFACTURES—Continued
MACHINERY AND APPARATUS
Electric overhead cranes :§
Orders, new
thous. of del..
Orders, unfilled, end of month
do...
Shipments
do...
Foundry equipment:
New orders, net total..
1937-39=100..
New equipment
do
Repairs
.do
Heating and ventilating equipment:
Blowers and fans, new orders
thous. of doL.
Oil burners:©
Orders, new, net
_
numberOrders, unfilled, end of month
do
Shipments
do
Stocks, end of month
...do
Mechanical stokers, sales :^
Classes 1, 2, p.nd 3
do
Classes 4 and 5*
Number .
Horsepower
Unit heater group, new orders*
thous of dol.
Warm-air furnaces (forced air and gravity fow),
shipments*
number.
Machine tools, shipments*
thous. of doL.
Pumps and water systems, domestic, shipments:cf
Pitcher, other hand, and windmill pumps
units.
Water systems, including pump?
do.-_
Pumps, steam, power, centrifugal, and rotary:
Orders, new
thous. of doL
536. 6
576. 7
351.8
410
4.493
655 !
640
4.630
522
850
4, 587
569
1.331
5, 032
746
1,133
5, 622
549
1,898
7,016
411
1, 795
8,274
604.7
586.8
WV7. 8
325. 0
232. 0
653.5
404 7
347. 6
606.6
375 4
306. 7
618.2 I
411.7
386 9
499.2
532. 2
539.1
508.4
577. 2
617.2
436.9
13, 263
14, 854
59, 290
10.338
7,312
24, 201
84, 575
11.161
5,990
81, 766
151,822
14,519
6, 670
10,975
13.750
51.289
10,103
7.850
16.038
6.519 :
14, 151
54, 774
9,778
7,423
5.754 :
7.525
24,903
71, 535
12.658
6,286
8,512 |
461
457. 8
456. 8
461.5
416.6
419.4
406.8
392.8
391. 1
391.7
432.8
458.7
342. 6
12,262 I
10,338
8.531 i 10,575
547. 6
600. 8
360. 8
80.100 | 50, 895
211,799 235, 073
20,123 ! 27, 621
6.422 i 5, 435
58, 075
266, 976
26,172
5, 279
150 >103. 556 141,003
211 J 350, 206 462, 550
915 : r 30. 665 28, 659
166
'6,621
6. 558
14,352
19,493
21,434
13,746 I 14,007
14, 328
323
64.898
3.778
254 i
341
48,362 | 72,926
327
67, 827
4 199
425
105,311
446
83. 491
428
90,088
5,581
465
94, 777
400
76, 520
331 I
246
63, 380 i 59,382
526 | . _ .
248
69, 070
28.189
39, 977
25, 743
29. 494
40,170 I 39,825
32, 764
41,040
27, 540
32, 504
33,410
32, 500
34.871
27, 300
40.165
31,200
41,465
26, 084
253 i 37.733 1 39,664
276
30, 263 ' 26, 949
31.410
30,993
23. 848
29, 362
28,807
33, 730
24.570
33, 840
25,56fi
31, 364
25,088
32, 259
22. 995
32, 400
25, 470
38, 927
24,050
36, 529
600 ! 27.563
718 ! 46,094
2,489
3,284
3,237
3,177
3,220
2,258
2.171
2.975
2,482
1,925 !
2,836
2.728
1,686
• 1.243 i
1, 158
1,675
1,926
1,834
1,685
1,768
1.706
6, 343
570
2, 694
275
73,717
27, 077
24,093
37, 552
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement only),
number*._.
...
thousands^
Electrical products:t
Insulating materials, sales billed1936=100Motors and generators, new orders
do
Furnaces, electric, industrial, sales:
Unit
kilowatts..
Value
thous of dol
Laminated fiber products, shipments
do...
Motors (1-200 bp):
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
4,474
1,211
r
1,326
1.325
1.213
1,567
414
398
329
328
396
400
372
291
294
280
252
244
164
298
206
344
202
286
15.904
1.741
6.085
11,098
1,068
5,671
4,513
353
5,795
8.431
783
5,329
9,952
889
4,301
4,192
386
3,336
7,092
701
2,005
8.104
'690
2, 659
5,856
624
2,556
7, 626
613
r 3. 144
6,168
6. 639
5.515
4,777
9,842
5, 541
6. 541
4. 763
3, 528
10, 300
5,616
7, 577
4,760
5,739
10, 505
6.304
6,737
4.866
2,699
11. 757
5.320
5,992
3.710
2,801
9,001
5,224
6,012
3 621
1,315
9,364
4, 462
6,624
1,695
2,663
9,464
5,417
10, 691
1,678
1,335
11,794
5,633
7,260
1,720
1,352
13,426
6, 143
10,813
1 358
2,067
13, 589
4.407
1.428
4,094
1,284
4,237
1,322
4,147
1, 321
3,120
1,029
3,372
1,067
3,017
746
2.490
825
3,152
875
4, 093
921
4, 359
1, 265
4,222
1,104
1, 465
1, 535
3,017
1,401
1, 225
2,877
1,314
1,070
2,627
1.294
1,354
2,687
1,286
1, 511
2, 913
PAPER AND PRINTING
PULPWOOD AND WASTE PAPER
Pulpwood:*
Consumption
Receipts, total. _
Stocks, end of month
Waste paper:*
Consumption
Receipts..
Stocks
thous. of cords (128 cu. ft.)-do
do
1,525
1, 728
3,115
1,492
1, 486
2,646
412
1.200
2 415
1,518
1,461
2, 330
1,471
1. 593
2, 420
short tons. _ 617,026 611,696 | 588,142 j 612,713 597,137
635,192 639,768 | 617,795 632,093 589,702
do
do-.. 334, 654 287,089 | 313,682 | 331,740 I 824,211
1, 349
1, 580
2, 627
520,824
534,585
330,473
568,048
566,858
330,919
500,546 590,097 555.229
496,036 589,511 | 545.602
326,689 I 326,238 | 316,488
WOOD PULP
18,414
18, "20
1,095 ! 2, 906
24, 339
1,058
19,277 '•20, 353
3,461
Exports, all grades, total}
short tons__
98.247 j 88, 656 i 82. 888
Import.s, all grades, total %
-.do
86. 089 127, 603
230,024 271,856 I 232, 963 142, 069
4, 130 ! 2,758
3,877
7,817 ! 5,780
3, 758
5, 213
Bleached sulphate %
do
3, 629
6. 846
7, 685
8.410
7, 387
29. 580
31, 741
Unbleached sulphate %
do
7.071
55. 922 100, 745 I 88, 447
28,171 i 27,189
36,779 i 37, 299
30, 340
38, 672
Bleached sulphite t
do
26, 423
38, 609
,
|| 23,214
36,182
99,480
Unbleached sulphite %
do
46, 843
45, 242
31, 679
99, 529
78. 483
31,103 ! 29,985
2,023
1, 595
1,740 !
1, 699
1,740
2,170
1. 943
1.751
1,437
Soda t
do
20,354
15, 487
25,295
19, 502
15, 547
26, 948
21,011
17.445
1
16,690
Groundwood t
do
r
Revised.
§ Revisions in unfilled orders for April-July 1942 are available on request; data cover 9 companies since September 1944; earlier data back to March 1943 covered 8 companies.
© Data are based on reports of 124 manufacturers accounting for practically the entire production of oil burners; in prewar years the reporting concerns accounted for around 90
percent of the industry.
5 Data cover almost the entire industry; in prewar years the reporting concerns represented over 95 percent of the total.
• Includes unit heaters, unit ventilators, and heat transfer coils; the designation has, therefore, been corrected from "unit heaters" to "unit heater group" to avoid misinterpretation.
cf It is believed that data shown currently and also earlier data for these products are substantially complete.
t Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
* New series. The series on automotive replacement battery shipments are estimated industry totals compiled by Dun and Bradstreet; data beginning 1937 are available on
request. For 1940-41 and early 1942 data on machine tool shipments, see p. S-30 of the November 1942 Survey; data beginning August 1945 are estimated industry totals compiled by
the National Machine Tool Builders Association; earlier data were compiled by the War Production Board. The new series on shipments of warm-air furnaces is compiled by the
Bureau of the Census from reports by manufacturers accounting for almost the entire production; data beginning January 1944 will be published later. Data through August 1945
for the pulpwood series and for receipts and stocks of waste paper were compiled by the War Production Board; data beginning October 1945 for all series and earlier data for waste
paper consumption are compiled by the Bureau of the Census (waste paper consumption through September 1945 were compiled from reports to the War Production Board); September data for all series were estimated by that agency from partial reports to the War Production Board. Data cover all known producers of pulp, paper, and paper board; a small
proportion of the data is estimated.
t Revised series. The index for motors and generators includes an adjustment for cancellations reported through December 1944; data published for this index and for the index
for insulating materials, prior to the April 1945 Survey, have been revised; revisions are available on, request.
SURVEY OF CURRENT BUSINESS
Mav 1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
S-35
1946
March
1946
March
April
May
June
I July
August
September
October
Novem- December
ber
Janu- : February | ary
730, 426
65,963
285,689
117,855
64,130
35,147
118.905
8?0, 913
77. 440
317. 101
136, 793
67,011
39, 218
136.623
799, 092
71.683
300, 726
132,878
66,105
38, 408
144,913
706, 376
64, 504
246, 570
119, 761
59, 715
35, 905
143, 036
67.840
4,010
8.829
14,045
9,121
2,279
26, 209
65, 680
6,009
7. 542
13,605
9. 704
2,218
23. 024
69. 253
5. 471
8,984
14, 400
i0. 033
1.959
24, 321
71,195
3,999
8,894
17,105
9,461
1,933
26, 481
67, 020
3, 855
7,340
15,397
9,374
2, 041
25, 638
"l,570,975>l,503,923 1,369,516
ir 783, 339 '760,310 709,444
r 787, 636 '743,613 660,072
98, 648 89, 293 87, 831
,508,961
782, 844
726,117
96, 874
•1,428,745
• 720, 336
• 708, 409
94, 495
PAPER AND PRINTING—Continued
WOOD PULP—Continued
Production :f
Total, all grades
Bleached sulphate
Unbleached sulphate
Bleached sulphite
Unbleached sulphite
Soda
Ground wood
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
843,966 i 793,702
71,589 i 70,307
323, 566 306, 968
.„- ~,.~ . !28, 766
138,230
69, 748
r 74, 693
37,023
39,268
137, 995
153,153
•75,016
5, 247
10,055
12,050
' 7,417
2 748
• 35^ 358
78, 231
5,142
7,844
12, 797
7,220
2,589
39, 987
852, 365
73,592
337, 243
139,620
73, 891
40,000
139,140
86, 228
6,321
9, 009
15,411
8, 063
3,128
41,416
813,100
69, 397
326, 053
131, 380
70, 809
33, 567
134, 207
739, 080
66, C84
298,165
112,927
65, 886
33, 270
117, 648
81,588
4, 749
7,135
13, 099
8,048
3,469
42,025
78, 371
4,238
7,616
14, 527
8,742
2,146
38, 294
772, 677
69. 294
311.639
124, 205
65, 355
35, 538
123, 214
72. 421
4,534
10. 309
13, 338
8, 053
2.104
31, 358
727,224 '720,239
59, 004 | ' 63, 011
230,809 I'250, 454
127,991
136,813
58,989
64,513
35, 886
39,553
143, 333
155, 756
r
74, 295
' 6,970
' 6, 556
18, 561
10,105
2,181
r
26, 253
PAPER AND PAPER PRODUCTS
All paper and paperboard mills:*
Paper and paperboard production, total..short tons.. 1,635,996
818,314
Paper
do
817,682
Paperboard
do
106, 335
Building board
do
Paper, excl. building paper, newsprint, and paperboard
(American Paper and Pulp Association):!
Orders, new
short tons__ 675, 734
662, 882
Production
do
651, 140
Shipments
do
Fine paper:
99, 199
Orders, new
do
142, 022
Orders, unfilled, end of month
do
91,535
Production..,
do
87, 426
Shipments
*
do
53,007
Stocks, end of month
do
Printing paper:
227, 033
Orders, new
do
263,254
Orders, unfilled, end of month
do
222, 064
Production
do
212,955
Shipments
do
64, 567
Stocks, end of month
do
Wrapping paper:
245, 502
Orders, new
do
192, 777
Orders, unfilled, end of month
do
246,018
Production
do
247,194
Shipments
do
70, 326
Stocks, end of month
do
Book paper, coated:
Orders, new
percent of stand, capacity-Production
do
Shipments
do
Book paper, uncoated:
Orders, new
do
Price, wholesale, " B " grade, English finish, white,
8.00
f. o. b. mill
dol. per 100 lb__
Production
percent of stand, capacity...
Shipments
do
Newsprint:
Canada:
Production
short tons 334,127
320,351
Shipments from mills
_
._ do
129,308
Stocks, at mills, end of month
do
United States:
267,711
Consumption by publishers
do
Imports^
do
67.~00"
Price, rolls (N. Y.)-_._dol. per short ton..
Production
_
short tons.. 65, 304
67, 658
Shipments from mills
do
Stocks, end of month:
7, 252
At mills
...do
198, 122
At publishers..
„
do
55, 341
In transit to publishers
do
Paperboard (National Paperboard Association):.!
754,872
Orders, new
.>_
do
Orders, unfilled, end of month
d o . . . 549, 929
710, 987
Production
._
do
100
Percent of capacity
Waste paper, consumption aDd stocks;§
Consumption
short tons.. 412, 718
211,335
Stocks at mills, end of month
do
Paper products:
Shipping containers, corrugated and solid fiber, ship4,924
mepts*
mil. sq. ft. surface area..
Folding paper boxes, value:*
397.0
New orders
1936=100..
322.1
Shipments
do
1,516,411 1,424,254 1,513,408
720, 074
725,103
670,680
793,334
753, 574
791,308
96,212
88,437
97, 509
1,476,679 1,350,681
•702,025 |r 645, 786
'4,654 r 704, 895
96,072
94,117
1,454,218 1,409,470
711,451
690,643
742, 767
718,827
101, 763
91, 716
577,102
580,940
583,111
566, 326
540, 344
542, 892
559, 490
580, 668
572,147
566, 387
566, 214
569, 281
551,732
520,970
513,142
558, 309
580,980
580,713
552, 798 659, 293 587,104
559, 251 639,950 619,717
559, 923 628, 677 616, 249
• 553, 553
580,487
563,008
682,014
644,266
653,559
• 600,579
• 597,194
• 598,659
92, 960
174,162
88,134
89,905
41,986
80, 222
173, 656
78, 281
78, 943
41,629
79,
168,
84,
82,
43,
783
745
873
531
816
92, 031
180, 885
82,163
84, 842
42,166
76. 291
176, 477
75, 538
74, 863
44, 013
71.972
158,803
83. 471
82, 418
44, 745
71, 047 92, 405 83, 498
145,849 135, 498 140, 438
81, 464 91,916 93, 479
79, 946 86, 111 93, 017
46, 380 49, 509 55, 904
' 79, 761
132, 353
' 85, 743
' 79,314
' 60, 865
101,382
135, 896
' 92, 351
' 44, 431
' 55, 963
• 83,032
135,553
18],181
152, 923
178. 771
178,083
50, 375
166, 722
163,693
166, 537
166,199
51, 799
161, 686
160,167
176, 460
170,092
57,817
170,041
156,175
174, 398
176,610
56, 443
170,
169,
154,
152,
58,
215
262
752
125
819
179, 339
176, 948
179,770
178, 478
60, 239
185,158
195, 267
172, 037
174,664
58,676
223,472
212, 356
205, 359
202,857
61, 288
184, 014
196,654
200, 557
198, 476
62, 627
171,937
174,944
191,434
187, 420
' 64, 9C2
247, 377
247,788
219,785
221, 406
' 57, 996
202, 771
249,840
197, 739
198,438
56, 780
213,038
207,137
222,210
224, 537
65, 904
229,909
234, 255
207, 604
211, 058
65, 528
226,983
228, 340
227, 612
227, 225
62, 942
220, 428
217,150
223, 410
222, 677
61, 568
224, 378
242, 766
210,973
207, 255
68, 713
207,059
219,338
217,861
216, 830
67, 395
242. 857
209,772
242, 786
240, 026
66,090
228,184 '216,125
213.983 '207,920
233,507 '214,719
232.984 '209,993
"
72,490
231,270
192,175
232, 704
238,186
' 67, 047
218, 626
193,529
221,274
221.442
' 69,396
54.5
57.0
56.3
55.8
54.7
55.1
56.4
61.3
55.5
55.8
53.7
55.4
55.2
50.3
52.7
217,128
227, 045
227. 472
228. 503
67,955
56.1
55.6
56.2
58.1
58.1
57.1
69.2
68.1
66.9
83.3
76.4
74.9
81.9
81.2
7.30
82.5
83.0
7.30
81.8
81.8
7.30
81.2
78.3
7.30
82.4
83.0
7.30
77.2
75.8
7.30
80.4
80.3
7.30
83.5
84.3
7.30
93.8
92.0
7.30
97.2
96.1
7.30
96.4
93.5
7.58
8.00
263,776
267,163
108,281
245,429
263,754
89,956
264,464
264, 767
89,653
266, 417
258, 348
97, 722
270, 640
282,065
86. 297
287, 028 269,963
304,114 277,018
69, 211 62,156
310,975
308,090
65, 041
299,158
298,005
66,194
276,931
262, 765
80, 360
328,414
316,320
92, 454
308, 382
285,304
115,532
202, 802
214, 858
58. 00
64, 733
66,106
203,234
204, 820
61.00
59,757
58, 942
205. 797
224, 295
61.00
63,768
63,498
190,511
212,814
61.00
60, 828
56, 492
177, 905
239,974
61.00
57,081
58, 311
202, 911 213, 294 236,939
236,378 218,399 263, 457
61.00
61.00
61. 00
56, 518 56, 722 62, 267
58, 201 59, 802 60,101
236, 090
206,659
61. 00
62,602
62,186
225, 378
232, 618
61.00
61, 563
62, 551
221. 054
244, 469
67.00
67,819
66,102
223, 244
238,888
67. 00
60, 564
59,015
5,318
253,136
45, 532
6,133
243, 643
47,985
6.403
240 437
43.539
10, 739
245, 518
40, 459
9, 509
263. 277
46, 865
7, 328
246, 227
47, 556
6,340
222, 266
44, 078
8, 057
221,957
55, 206
9, 606
216,241
60, 277
714,741
549, 631
702,416
97
668,913
546,311
653,605
97
705, 924
546,211
706, 479
657,211
499, 505
683,957
655,365
507, 758
610,126
7,826
4.746
6,912
275, 338 258, 752 254, 834
47, 399 55, 215 46,882
665, 380 629,899 704,867
494. 699 492, 880 511,022
659, 672 619,388 704, 564
90
91
653,196
472, 568
664, 076
601,526
462, 446
583, 569
85
685,788
516,776
624, 862
90
641,342
533, 794
614, 867
97
426, 213
172,933
393,395
187,459
416,605
194,395
405, 773
191, 285
351,805
198,554
385, 249
204, 675
347, 495
199,353
397, 534
204,736
372, 489
193,885
3,911
4,112
4,124
3,751
4,141
4,147
4,774
4,421
4,047
4,800
4,345
273.2
288. 2
297.1
263.0
268.3
279.4
250.8
272.0
235.2
239.6
240.4
262.5
243.6
254.5
273.4
303.7
302.7
288.3
274.5
260.7
347. 7
301.3
324.8
283.1
720
574
146
653
462
191
55?
465
92
590
502
365
315
50
401
312
89
582
483
534
443
91
536
477
59
731
609
122
348
281
67
465
368
97
60.5
67.7
66.7
100.0
383,116 366, 642 412, 472
190, 810 187,185 203, 657
' 84, 438
' 84,934
' 56, 386
62.6
64.7
67.0
92.9
PRINTING
Book publication, total
New books.—
New editions
no. of editions.
do...
do...
' Revised. §
§See note in April
1946 Surveyy for basis of data.
p
JF
ii
ffor JJanuary 1
9 4 2 M h 1943,
1943 see note
t ffor paperboard at bottom of p. S-36 of July 1944 Survey.
JFor revisions
1942-March
y
^Data
continue series published
in the 1942 Supplement
but
during
O b 1941-February 1945 will be published later.
^
p
p p t
ut suspended
supen
d u n g the
t e war
ar period;
p e ; data
ta ffor October
fR
i d series.
i
R i d woodpulp
d l
d t i
f 1940-43
1 9 4 4 3 andd sulphite
l h i t stocks
t k lor aill months
th off 19
Revised
Revised
production
for
1943 are shown on p. 20 of the December 1944 Survey; revised 1942 stock figures
for all series are on pp. 30 and 31 of the June 1943 issue. The data exclude defibrated, exploded and asplund fiber; stock data are stocks of own production at mills. The paper series
from the American Paper and Pulp Association beginning in the August 1944 Survey are estimated industry totals and are not comparable with data shown in earlier issues; there
have been further small revisions in the 1943-44 data as published prior to the June 1945 issue; these revisions and earlier data will be published later.
*New sefies. The new paper series are from the Bureau of the Census and coyer production of all mills including producers of building paper and building boards; for 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, see p. 20 of the September 1944 Survey. For
data beginning June 1943 for folding paper boxes, see p. S-32 of the August 1944 Survey; earlier data will be published later. Minor revisions in the January-May 1944 figures for
folding
paper boxes and January 1943-May 1944 data for shipping containers are available on request.
SURVEY OF CURRENT BUSINESS
3-36
May 1946
1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
April
March
May
June
July
August
September
Novem- December
ber
October
January
February
PETROLEUM AND COAL PRODUCTS
COAL
j
Anthracite;
j
Exports §.
thous. of si tort tons, j
Prices, composite, chestnut:
Retail
dol. per short t o n . .
Wholesale
do
Production
thous. of short tons..
Stocks, producers' storage yards (end of mo.)._.do.-Bituminous:
Exports §
do..Industrial consumption and retail deliveries, total
I
thous. of short tons.. j
Industrial consumption, total
do
Beehive coke ovens
do
Byproduct coke ovens
do
Cement mills
do
Electric power utilities
do
Railways (class I)
do
Steel and rolling mills
do
Other industrial
do
Retail deliveries
.
do
Other consumption:
Vessels (bunker) §
do
Coal mine fuel
do
Prices, composite:
Retail (34 cities)!
dol. per short ton..
Wholesale:
Mine run
do
Prepared sizes
do
Production!
thous. of short tons..
Stocks, industrial and retail dealers, end of month,
total
..thous. of short tons.Industrial, total
_._do
Byproduct coke ovens
do
Cement mills
do
Electric power utilities
...do
Railways (class I)
do
Steel and rolling mills
do
Other industrial
do
I
Retail dealers, total
do
329
13.98
11.430
5,238
285
43, 634
35. 389
719
7, 101
503
5,110
10,396
817
10, 743
8, 245
51,693
39, 583
828
8,060
265
6, 187
11,407 i
938 |
11,760 i
12,110 |
13.88
11. 433
' 5. 094
277
N96
249
10.69
127
338
15. 26
12.469
5,492
214
13.87
11.476
2,071
219
1.921
121 !
239 i
10 36 j
13, 997
36, 198
588
7,454
281
5,910
10, 592
860
10,384
7,799
58, 526
55,381
8, 269
677
15, 705
13, 233
1,002
16,495
3,145
45,495
41,839
5,452
441
12,519
9,965
725
|
!
;
:
!
i
12.562 I
43. 793
39.84!
4. 456
416
12, 350
9. 509
695
J 2. 248
3,952
r
2, 763
2, 902
2, 929
2, 838
42, 850
35, 046
41, 733
34, 553
41, 444
33, 553
707
7,181
379
6,016
9,727
693
8,850
7,891
867
869
852
7,868
7,343
7,695
313
321
336
5,984
10, 683
5,971
10, 066
6,065
10,061
859
762
747
10, 550
8,828
9,590
7,804
8,679
7,180
176
236
10.34
' 5. 241 I 5.241 |
5.513 I r 5 . 518
52,450 I r 43,360 |
311
14.91
12.233
4,629
198
322
46,080
37, 252
192
198
5. 454
5. 709
56,800
334
13.89 ! 14. 90
11. 764
12.214
5,634
4. 915
180
174
10.50
r
10.54
5.361 ! 5. 388
5.640 i * 5.655
49,483 ! 50, 987
44.020
40,056
4,428
456
12,620
9,369
681
12, 321
187
217 j
10.55 I
47,715
43, 152
5, 128
497
13.736
9,872
703
13,011
4,563
r
336
365
404
3,681
175
218
10.57
2,898 I
3,471
39, 485
41, 054
31,547
32,124
464
311
7,130
5,617
401
434
5,315 I 5,566
9,254
9,692
673 !
798
8,310 I 9,706
7,938 I
8,930 |
44, 089
34,596
571
6,798
477
5,480
9,870
811
10, 589
9, 493
168 !
212 j
145J
169 I
10.57 |
10.58 |
5.393
r
5 . 670
47,217
5. 430
«• 5. 696
' 47, 658
49, 906
45, 024
4,753
503
14, 282
10, 222
656
14.416
4,882
51,141
45, 966
4,503
528
14,690
10,387 I
680
15,178
5,175
53,350
48,025 |
4,624 I
608 !
15,534 i
10,880 |
746
15,633
5,325 \
48,015
43,734
3,666
569
15,138
10,072
548
13,741
4,281
r
j
|
I
j
|
!
!
|
15.06
12. 389
3, 975
130
51,826 !
36,542 I
631 !
5,299 !
471
5,706
10,976 !
552 i
12,907 i
15,284 I
103
98 I
237;
202 I
r
15. 26
12, 469
4. 788
192
2,813 I
51, 679
38, 446
612
7, 333
467
5,804
11,005
921
12,304
13, 233
10.59
48,919
44, 689
4.C07
670
15, 137
10.056
602
13,617
4, 230
314
15.20
.12.454
4,982
157
2, 208 i
129
222
5. 433
5.433 !
5.433 j
5. 708
5.708
'5.708 i
r
50,
772
46, 938 | ' 39,192
!
317
359
14.93
12. 281
4, 533
132
14.93
14.92
12.281 I 12.281
4,613 i 5,273
203 I
140
3, 130
r
46, 244
'31,281
r
570
«• 3. 744
^ 441
' 4, 929
r
9, 827
'683
11.087
14,963
10. 69
10 69 |
5. 436
5. 708
46, 798
r
45, 665
42, 450
4, 804
641
14,668
8, 985
593
12, 759
3,215
5. 447
5. 709
49, 960
5.443 i
5. 709 I
54, 075
46,528 •
44,049
5. 661
5<"4
14,378
9,39:62f
13.397 i
2,479 :
r
r
51, 158
48, 047
(». 393
r
r
r
608
14,802
11. 070
r
705
14, 469
3, 111
COKE
Exports §
thous. of short tons.. I .
Price, beehive, Connellsville (furnace)
dol. per short ton..
7. 500
Production:
Beehive
_
thous. of short tons..
462
Byproduct..
Petroleum coke...
Stocks, end of month:
Byproduct plants, total
At furnace plants..
At merchant plants
Petroleum coke
..do
do
do..
do..
do..
do..
_
_
5, 000
219
7, 500
'.000 |
7.000
7.000 \
7.500
7.500 i
7.500
7.500 !
7.500
7. 500
533 !
i, 646 I
172 j
376
5.227
184
558 !
5,528 |
179 i
559 !
5,166 !
172 !
549
5,430
185
455
5,071
180
297 !
4,997 !
197
3,942
144
367
4,789
152
392 !
5,166 ;
163 |
724
514
210
150
872
598
275
148
1,102 I
1,177
658
518
162
963
481
482
159
1,002
490
512
159
927
498
429
158
i
148 I
405
3,800
161
i
1,016
810
206
677
499
178
125
|
i
!
I
633
429
204
141
926
569
357
154
674 !
428
160
!
!
I
|
r
366
2, 632
149
970
666
305 i
146 i
1. If1
934
141. 779 : 140, 130
2,536 i 1,495
6, 789
8, 302
1. 110
1. 110
138, 495 143, 368
92
91
130, 232
2, 688
7, 102
i
j
!
j
PETROLEUM AND PRODUCTS
Crude petroleum:
Consumption (runs to stills)f
Exports §
Imports§
thous. of bbl
do
__ do
1
|
143. 221
3, 057
5, 085
1. no 1 110
148,758 j 144,025
95
94
146, 285
1,766
0, 042
152 295
3, 432
6, 514
1.110
150, 985
97
149,682
155, 040
2,988 '
3, 958
6,090 |
7. 480
1.110 |
1.110
145,610 I 151, 606
152.771
3, 398
7, 387
1.110
150, 965
96
128,236 | 131.567
3,380 i
3. 936
5,673 J
7, 547
1.110
1.110
132,386
132, 597
85 j
84
138.705
3, 455
7, 577
1. 110
135, 252
92
Price (Kansas-Okla.) at wells
dol. per bbl..| 1.110
i. no
Production!
...thous. of bbl..|
132,129
Refinery operations
pot. of capacity..
94
Stocks, end of month:
j
223,988
224. 229 223,151
218,218 j 216,638 215,135
Refinablein U. S.f
-.thous. of bbl
220,319
218,916
221, 246
218, 763 223, 442 227. 220
51,904
52, 754
53,172
51,790 i 53,053
At refineries
do
52, 967
54, 469
52,
756
51, 773
51,819
55, 430
50, 276
157, 755
156,955
155, 557 151,909
149,247
At tank farms and in pipe lines
do
147, 807 150,984
154,988
151,753
157, 315
153,957
156.790
14, 519
14.329
14, 520
14, 422
14. 338
On leases!
do
14, 361
14, 485
14,407
14,866
14,475
14,833
14,530
5, 044
5, 567
5,415
5,063
4,793
4,821
4,606
Heavy in California
do
4,437
4. 610
4, 554
4, 607
4.496
1,235
1,350
1,146
1,151
1,233
1,158
1,089
1,389
1, 156
Wells completed!
number..
' 1,291
1, U 2
1,330
Refined petroleum products:
Gas and fuel oiils:
Domestic demand :§
15,654
.19, 800
18, 267
14.719 I 15,353
14, 998
14, 207
16,546
19, 102
28,626 i 29. 473
26,341
Gas oil and distillate fuel oil
thous. of bbl...
45, 053
47, 961
43, 680
43, 151 | 41,434
40, 350
35, 469
39, 332
42, 713
45, 726
40, 627
Residual fuel oil
do
4-4, 966
Consumption by type of consumer:
:, 145
1.570 I
1.377 ! 1,271
1.280 !
1,446
1,386
Eloctric power piantsf
do
1,855
1,540
2, 043
2,570 !
2. 261
' 1 , 968
8, 571 i 8. 152 ! 8,649
8.361 j
8,300
7,799
7.274
7,804 ;
Railways (class I)
do
7,625
6,953
6, 584
7.420
7, 982
8, 043
7.740
6, 694
5, 775
6, 131
5,346 |
5, 694
Vessels (bunker oil) §
do
6. 049
7,897
Exports :§
)
2. 480
2,9;
4, 002
3, 202
1,995
1, 566
Gas oil and distillate fuel oil
do
2, 456
2, 421
1, 797
2, 2 :">4
2,017 |
4,764 !
1,059
975 i
693
1, 106
416
240
Residual fuel oil...
do
363
374
267
239
317 ,
909 j
. 058
. 066 |
.066 |
.006
. 066
. 066
Price, fuel oil (Pennsylvania)
dol. per gal_.
. 061
. 058
. 058
. 058
. 058
.058 j
066 !
I
Production:
|
20.934 ! 20.443 | 21,941
22, 099
Gas oil and distillate fuel oil
thous. of bbl..
21. 740
19, 204
23. 047
19,009
19, 964
21. 176 ! 24, 390
21.891 | 41,881
39.471 | 38, 600 | 41, 569
R esidual fuel oil
do
41, 200
34, 183
34. 791
36, 452
37, 937
38,609 | 37, 940
40, 527 |
Stocks, end of month:
26, 729 ! 29,148 j 29. 511
32,440 | 36, 276
41,245
Gas oil and distillate fuel oil
do
45, 059
25,511
45, 479
44, 562
35, 778 I 28,990
35,451 | 34,418 ! 34, 333
35, 606 | 38,341 ! 42, 227
Residual fuel oil §
do
42, 822
34, 008
42, 068
41, 322
37, 158 ! 34.573
i
Motor fuel:
j
55,449 I 59, 147 ! 60, 828
60. 597
Domestic demand §
thous. of bbl
66.218 ! 70, 027
64,550
55.743
53, 581
50, 129 ! 51. 186 : 47. 889
12,311 j 12,376 | 11,585
Exports!
do......
9. 784
6.312 I 2, 779
2,300 |
2,794
4.524 :
5,332 :
4, ."52
4. 181
Prices, gasoline:
!
i
Wholesale, refinery (Okla.)
dol. per gal..!
.059 !
.059 i
.050
.059
.059
.059
.059
.059
.053
.055 ;
.060
.056
.060 !
Wholesale, timk wagon (N. Y.)
_do.._Jl
.145
.161 !
.161
.161
.161
.161
.161
.146
.149
.149 I .149
.149
.155 i
Retail, service stations, 50 cities
do...,
.141
.146 '
.146
.146
.146
.146
.146
.142
.142
.142 i
. 142
. 142
.142 I
r
Revised.
§ Data continue series published in the 1942 Supplement but suspended during the war perioi; data for October 1941-February 1945 will be published later.
^ Average for 35 cities through April 1945; the comparability of the average was not affected by the omission of data for the city dropped.
f Revised series. For source of 1939-41 revisions for bituminous coal production, see note marked " f on p. S-32 of the April 1943 Survey;ri revisions for 1942-43 are shown on p.
S-33 of the April 1945 issue. For 1941 revisions for the indicated series on petroleum products on this page and p. S-37, see notes marked " f o P- S-33 of the March and April 1943
issues (correction for crude petroleum production January 1941, 110,446), and for revised 1942 monthly averages, see note marked "f" on p. S-33 of the July 1941 issue; 1942 monthly
revisions and revisions for 1943 are available on request.
SURVEY OF CURRENT BUSINESS
May 1946
S-37
1946
1945
Unless otherwise stated, statistics through 1941
and descriptive notes m a y he found in the
1942 Supplement to the Survey
March
TIITIP
Jime
April
Julv
July
Aiiffiist
August
Sep
"
t e m b e r
Octo
"
ber
N o v e m
b e r
'
Decemb e r
January
Febru
ary
PETROLEUM AND COAL PRODUCTS—Continued
PETROLEUM AND PRODUCTS—Continued
Refined petroleum products—Continued.
M o t o r fuel—Continued.
Production, totalt
thous. o f b b l .
Straight run gasoline
...do
Cracked gasoline
do
Natural gasoline and allied productsttdo
Sales of 1. p . g. for fuel a n d chemicals
do
Transfer of cycle products
do
Used at refineries!
do. .
Retail distribution d 1 .
mil. of gal.
Stocks, gasoline, end of month:
Finished gasoline, total
thous. of b b l . .
At refineries
do
Unfinished gasoline
do
Natural gasoline
_
._
do
Kerosene:
Domestic demand §
do
Exports§
co
Price, wholesale, water white, 47°, refinery (Pennsylvania)
_ dol. per gal.
Production
thous. ofbbl.
Stocks, refinery, end of month
do...
Lubricants:
Domestic demand §
do
Ex ports §.
do
Price, wholesale, cylinder, refinery (Pennsylvania)
dol. per gal.
Production
thous. of b b l . .
Stocks, refinery, end of month
...do
Asphalt:
Imports§
short tons,.
Production
do
Stocks, refinery, end of month
do. _
Wax:
Production
thous. of lb_.
Stocks, refinery, end of month
do
Asphalt prepared roofing, shipments:!
Total
_
-thous. of squares..
Smooth-surfaced roll roofing and cap sbeet—.do
Mineral-surfaced roll roofing and cap sheet
do
Shingles, all types.
do
.070
. 160
60,077
23,600
29,307
8,569
1, 359
40
5,081
2,417
60, 604
23,141
29, 918
9,267
1,671
51
5,483
2,293
66, 873
24,7fl
34. 496
9.474
1,782
76
5,425
2,120
66, 058
23, 885
34, 504
9,871
2, 115
87
5, 317
r 2, 009
62,126
23, 234
31,067
10,122
2,217
80
5,037
r
1, 968
55, 492
20,915
27, 388
9,251
1,973
89
4,448
2,145
65,489
38,146
9,085
3,985
68,039
41, 613
8,766
3,959
78,091
47, 585
8,449
4,325
89, 360
56, 784
8, 316
4,322
94,115
63, 203
8, 279
5, 034
96, 293
63, 999
8, 543
5, 843
3, 789
540
5. 254
815
6, 775
605
7, 613
505
9, 830
423
11.176
586
.074
6,520
5,860
.074 |
7,089
7,571
5,858
8,082
.066
6,447
7,564
. 066
7,564
7,355
.066
8, 543
6,212
. 066
9, 688
4, 666
. 070
9, 506
4, 304
3, 132 !
678 |
3.261
819
3. 120
389
2, 327
453
2, 577
297
2, 532
571
2, 606
517
2, 689
1, 060
2, 275
1, 133
.160
3,567
6,770
.160
3,645
6,321
.160
3,712
6,505
.160
3,128
6,840
3,265 !
7,221 j
.160
3,485
7, 595
. 160
3,312
7,773
.160
3, 395
7, 694
. 160
3, 159
7, 966
16, 237
631,100
915,500
8, 748
18,542
790,200
681,100
835,300 j 730,700
9. 206
772, 600
592,200
23 612
662,900
524, 200
7,864
650,000
503,100
30, 040
564, 400
558, 400
376
491. 100
692, 700
70, 560
84, 840
71,120
81,200
70,280 ! 71,400
71,400 j 78,680
73,360
82, 600
54,040
58,240
84, 280
66,640
83,160
63, 840
82, 040
65, 520
80, 640
64, 960
81,480
4,040
1,428
1,076
1,537
4,189
1,307
1,111
1,771
3,816
] 092
1 043
1 681
4,170
1,194
1,145
1,831
4,076
1,112
1,186
1,778
4,665
1,269
1,350
2,045
4,347
1,147
1,299
1,901
3, 314
892
937
1,484
4, 563
1, 350
1, 226
1,987
r 4, 060
' 1, 229
'•1.073
r
1,759
72,318
29, 263
34,829
9,651
1,369
56
6,236
2,601
67, 955
25,037
34, 655
9,763
1, 414
86
6,138
2.166
65,770
24, 553
33,177
9,498
1,376
82
6,077
2,180
69,766
27,006
34, 427
9,947
1,541
73
6,114
2,303
66,968
24, 644
34, 263
9,521
1,384 i
76 I
6,065
2,336
72,505
28,457
35,696 j
9,757
1,328 !
85,654
59,616
11,793
4,644
79,653
53, 309
11,151
4.783
77,151
49, 741
11,179
4,873
74,089
46,357
12,039
4,723
74,460
74,270
47,822 I 46,346
11,122 ! 9,733
4,338 i 4,048
6, 780
460
4, 521
388
5, 459
639
4.741
556 j
4. 402
543
.074
7,056
4,215
.074
6,260
5,022
.074
6,445
5,347
.074 |
6,337 |
5,737 |
3,24'.7
547
3,265
555
3, 370
779
.160
3,589
7,423
. 160
3,716
7,307
.160
3,882
7,026
0
467,100
862,000
524, 000
909, 3C0
81,480
87,360
4,679
2,039
1,176
1,465
4,182
1.260
1,133
1,789
6,551 I
2,3C9 !
.160 I
9, t'OH
370
9, 065
665
459, 500 479, 300
786, 500 889, 600
RUBBER AND RUBBER PRODUCTS
RUBBER
N a t u r a l rubber:
Consumption^
I m p o r t s , including latex a n d Guayule§
Stocks, end of m o n t h f
1 ____"'
Synthetic rubber:*
Consumption
Exports
Production.
Stocks, end of m o n t h
Reclaimed rubber:f
Consumption
Production
Stocks, end of m o n t h
long t o n s . .
do
do
12, 808
10, 983
11,340
180," 053" 103, 319
9, 793
10,802
102, 705
10, 164
11,487
102, 478
', 698
7, 392
8, 995
11,206
10,509
9, 358
103,219 | 103,504 105, 594
5, 799
11, 164
111,385
7, 206
11,606
118,085
7 575
12, 213
117 543
8, 185
14, 045
118,715
10, 355
19, 595
133, 294
10, 131
33, 008
157, 977
59,437
4, 057
75, 846
180, 487
62, 837
3,961
83, 309
193, 663
58,627 ! 52,571
54,
7,851
11,969
10,
78, 702 j 78, 650 69,
203,018 218.539 224,
439
914
703
117
45, 479
3,839
63, 754
239, 683
58. 667
1, 621
47, 317
226, 550
56
8
48
214
227
024
634
289
56, 112
5,403
46,593
203, 454
66, 993
5,675
56, 089
177,051
63, 770
6, 430
51, 848
144, 427
18, 663
18, 804
33, 881
17, 365
17, 246
32, 439
22, 185
22, 044
31, 103
20 263
20 560
30 541
19,590
20, 632
28, 155
22, 031
24, 458
29, 099
20, 702
23, 187
30, 216
do
do
do
do
"60," 363
119,997
63, 846
2, 347
77, 298
169, 704
do
do
do
22, 101
25, 148
31, 442
22, 891
22, 042
37, 186
20, 234
20, 389
36, 216
22, 459
22, 249
35, 035
19,873
20. 187
34, 353
15,976
17, 033
34, 574
thousandsd o . _.
do. _ _
do.
do_
211
3, 342
3, 758
604
1, 503
184
2,970
2, 855
573
1,511
246
3, 363
3,184
568
1, 574
191
3. 434
3, 327
452
1, 689
190
3, 054
2.941
407
1. 799
124
3, 656
3, 332
382 !
2,072 i
94
3, 432
3, 446
346
2, 003
64
4, 700
4, 369
450
2, 352
90
4, 660
4, 436
634
2,992
93
4,818
4,297
378
3, 003
96
5, 973
5,547
576
3, 338
111
5, 801
5, 468
476
3, 487
do._ .
do...
do.
do...
200
3,422
3, 520
3, 249
150
2, 980
3, 303
2, 696
188
3,007
3,069
2, 438
113
3, 104
3,008
2 601
125
3. 050
2, 959
2.597
103
3, 240
3. 044
2,784
92
3, 061
3, 063
2,708
60
4,274
3, 924
3, 175
83
4, 245
4, 023
3, 387
99
3, 959
3,636
3, 671
88
5,296
4,286
4,048
108
4,874
4, 386
4. 418
100,311
97, 395
115, 440
73, 782
TIRES AND T U B E S
P n e u m a t i c casings:§
Exports
"_
Production
Shipments
Original e q u i p m e n t .
Stocks, end of m o n t h . . .
Inner tubes:§
Exports
Production..
Shipments
Stocks, end of month
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments
reams.. 143,919
137, 714
152,959
142,069
140,312
123,662
116,468
99,700
98,121
129, 204
PORTLAND CEMENT
Production
_
-thous. o f b b l . .
9,772
11,299
10,705 j
9. 250
11,104
7,084
9,921
9,826
9,237
9,633
8,934
48
55
31
54 !
47
50
55 i
36 !
49
50
45
45
40
Percent of capacity
10,342 !
6,112
7, 853
13,303
391
7,894 i
11,211
11,467
10,283
10,088
9,275
Shipments
thous. of b b L . 12,698
18, 634
16, 426
'
20,033
21, 588
20, 787
14,595 | 12,385 I 12, 763
653
15, 966
17,486
18, 535
19.699
Stocks, finished, end of month
do
is!
r
6,131
4,022
4, 463
4,109 i
5, 824
4,572 i
6,185 j 6,008 !
4,808
4,556
Stocks, clinker, end of month
do
5,834
5,304
5,273
r Revised, cf See note in April 1946 Survey.
SData continue series published in t h e 1942 Supplement b u t suspended during t h e war period; data for October 1941-February 1946 for exports a n d J a n u a r y 1942-February 1945
for t h e other series will be published later.
^Includes natural gasoline, cycle products, and liquefied petroleum gases at natural gasoline plants, and benzol. Sales of liquefied petroleum gases for fuel a n d for chemicals
and transfers of cycle products, shown separately above, are deducted before combining t h e data with straight r u n and cracked gasoline to obtain total motor fuel production.
^ D a t a are from t h e Civilian Production Administration a n d continue similar series from t h e R u b b e r Manufacturers Association published in t h e 1942 Supplement; t h e coverage
is complete. D a t a for November 1941-February 1945 will be published later.
• N e w series. Exports are from t h e Bureau of t h e Census; other series are compiled b y the Civilian Production Administration a n d t h e coverage is complete. D a t a prior to
M a r c h 1945 will be shown later.
fSee note m a r k e d " t " on p . S-36 regarding revisions in t h e indicated series for petroleum products. D a t a for asphalt roofing have been published on a revised basis beginning in
the April
1945 Survey; see note in t h a t issue.
SURVEY OF CURRENT BUSINESS
S-38
Unless o t h e r w i s e s t a t e d , s t a t i s t i c s t h r o u g h 1941
a n d descriptive n o t e s m a y he found in t h e
1942 S u p p l e m e n t t o t h e Survey
1946
M arch
Miiv 1046
1945
May
March ! April
July
June
1946
August
P
tcmber !
UctoDer
November
Decem! FebruJanuary
ber
STONE, CLAY. AND GLASS PRODUCTS—Continued
CLAY P R O D U C T S
Brick, unglazed:
Price, wholesale, common, composite, f. o. b. piant
dol. per thoQB..
Production*
tbous. of standard bnck__
Shipments*
.
...do
Shocks, ond of m o n t h *
do.-...
Unglazed structural tile:*
Production
short tons_ _
Shipments--do
Sto
~tocks
do
Vitrified clay sewer pipe:*
Production
do_
Shipments
do.
Stocks
do.
15. 354
157,220
166, 191
276,312
60, 568
CO, TOO
ICG, 481
."0. 774
61, f.40
219,017
15.372
149,734
171.216
248,210
I
|
|
j
15.621
191 ,489
203 ,676
191 640
15.568
211,331
228,832
174,462
16.036 j 16.881
210,210 j 250,467
211,088 | 267.775
172,832
168,800
17.051
263. 441
258,591
160,563
58 497
67 944
82 401
61, 591
72, 569
71, 351
62, 406
67. 835
69, 488 ; 73. 779
64,423 | 59.469
71,471
74. 974
53, 844
62,046 i 70. 114 ! 67,508
61,549 j 75, ?98
69,891
54,429 ; 49,399 i 46,921
53, 337 ! 56. 363 58, 504
68. 348 I 70. 649
72, K'O
100. 597 i 152,369 138,712
60, 105 ! 71,927
71. 070 ! 80, 222
127,858 i 121,270
73, 801
72, 585
119, 196
71,055 I 84.021 • 54,904
62,329 I 78.084 < 50. 173
128,470 j 137,583 • 142,258
15.406 | 15.415
159,862 183,310
188,379 197,987
218,507 203,413
57. 836 i 08, 444
62, 024
03. 400 ! 70. 232 I 67, 558
99, 744 ! 97. 820 j 91.889
50, 497
70. 543
H-8. 970
17.031
17.134
17.163
238, ft 8 r 271. r °9
216, f.'S r27i,f,()i
181,158 -179.^75
280, 903
270,^93
189,771
C L A S S PRODUCTS
Glass containers:t
Production .
„
the us. of gross
Shipments, domestic, total
do__
Narrow neck, food. _
. .-. ...
do_.
Wide mouth, food (incl. packers tumblers)
do
Beverage
do
Beer bottles
do...
Liquor end wine
do
Medicinal and toilet
do..-.
General purpose (chem., household, indus.)--do
•Dairy products
do
Fruit jars and jelly glasses
do
Stocks, end of month
do
Other glassware, machine-made:
Tumblers!
Productionthous. of doz.
Shipments
do
Stocks—
do
Table, kiicherj, and hcuseholdware, shipments t
thous. of doz_.
Plate glass, polished, production
thous. of sq. ft_.
8, 537
8,828
8,803
9,028
667
667
2,330
2,461
658
578
1,012
1,106
724
779
2,147
2,195
676
767
289 |
288
299 |
187
4,872 i 4,353 j
9,270
9,081
716
2,431
684
1. 056
782
2.013
725
302 I
372 j
4,335 ;
6, f 34
5. 31' 5
5. C08
6, 3?5
6. 091
0,012 6, 280
4, 971
4, 773
5. 159 !
5. 570 !
4. 740 !
3. 173
8, 996
711 i
832 !
694 |
298 |
690 I
933 !
835 I
084 i
671
303 !
323
985 !
8,710
8,534 |
817 |
2, 224 |
9,270
9,253 !
1,073 |
2,568
561 I
548 i
8, 603
7, 968
561
2, 533
467
504
1, 087
1,773
648
302
9,885
9, 693
871
2,998
607
719
1,123
2,109
838
337
90
3,815
8. 978
8, 668
592
2.707
505
624
1,126
2, 006
742
312
52
3,857 j
4.331
j r
8,9P5
•8.817
9, 890
9.0!-!
079
3.041
852 |
838
1.821
691 I
307
423
3, 988
891 !
1,945 |
740 I
329 !
402 i
3,806 i
8,995
8,743
1,170
2,420
450
744
865
1, 963
687
305
139
3,835
5. 338
5, 630
4, 468
5, 865
5, 884
4, 461
5. 826
5, 786
4,551
6,653
6, 45K
4. 876
6, 153 !
5,377 !
5,640
5, 682 :
5.925 !
5,281 :
5. 753
5. 516
4.882 :
2, 755 j
3,102 2, 476
8,481
8,637 | 6,081
3, 474
8, 906
2, 867
10,354
3. 103
7.335
2, 968
543
3,203 |
429 ;
4,402
4,355
399
801
1.152
2. 052
MM
1. 101
317
07
4, 294
:
6.465
6. 138
4,879
3,681
13.849
GYPSUM AND PRODUCTS
Crude gypsum:
Importscf
Production
Calcined, production
Gypsum products sold or used:
Uncalcined
Calcined:
For building uses:
Base-coat plasters
Keene's cement
All other building plasters
I,ath
Tile
Wallboard©
Industrial plasters
0,014
848, 323
539, 848
short tons__
do
do
1
78,606
900, 796
603, 491
160,944
959, 097
628, 871
do...
108, 684
2, 549
50,436
116,041
4,183
373.025
53,984
....
-do
do
do...
thous. of sq. ft_.
do
do
.short tons..
152, 961
3,293
50,182
130,990
4,690
388,094
58,249
.! 208,088
.1,087,495
.| 701,797
276,969 ;
340,697
174,497
3, 591
54,580
145, 356
4,717
374,430
52,485
204. 791
4. 596
69, 614
200, 823
5,047
365,183
35,660
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs.
Shipments
do
do
Stocks end of month
12, 976
12,613
15, £94
' 11,964
r 12, 359
13, 526
11.00]
11.269
13,123
11,984
12,194
12, 777
11,316
11,654
12, 303
9,617
9.208
12,712
11 251
r
11 3 3
12,610
10,965
10,811
12, 764
12,377
12,035
13,106
J1,389
10,658
13,838
9, 976
9, 107
14, 707
769. 209
166, 536
19 (83
. 202
830.414
193.378
61 663
.205
785, 945
295,416
12 978
.209
672. 973
309, 501
9 947
.213
739, 811
187, 851
14 .V7
213
701,000
244, 318
57 5Q5
.217
759,806
194, 616
21 792
.223
743, 450
297, 023
9 823
.225
651,784
214, 928
19 199
.228
.221
.226
.227
.226
224
.225
.231
.239
.245
247
133
461
2,176
5,154
7,384
7,734
87 027
13. 131 ! 12, 235
12 751
11 938
14. 734 [ 15,032
COTTON
Cotton (exclusive of linters):
boles.
803, £37 857, 431
Consumption
205, 461
.
do
Exports c?
-12 438
do
Importscf
dol. per lb_
. 227
.202
Prices received by farmers!
Prices, wholesale, m i d d l i n g , 1 ^ " , a\rerage, 10 markets
.218
. 268
dol. per lb_.
Production:
--2 8,813 i 11,839
Ginnirgs§
thous of running bales
Crop estimate, equivalent 500-lb. bales
thous. of bales . »" * 9,014 ' 12, 230
Stocks, domestic cotton in the United States, end of
month :t
8, 559
11, 677
Warehouses .
thous. of bales.
2 319
.
do
2,195
Mills
Cotton linters:
95
do
132
71
...
. do...
111
Production
do....
480
462
Stocks, end of month
r
811, 308^ 746, 594
293, 166 ; 250, 482
11 930
25 845
.230
224
.258
- 10,985
2,143
10,045
2,090
9,117
1,989
8.306
1,909
7,778
1, 778
8,250
1,690
9,145
1,852
10,556
2,137
10,447
2,311
127
79
441
131
66
410
119
40
351
104
39
292
84
36
278
77
74
274
85
166
333
84
171
408
86
134
451
q 900
2, 295
:
96
140
475 i
9, 348
2,305
91
88
482
l
2
Revised.
T o t a l ginnings of 1944 crop.
T o t a l ginnings of 1945 crop.
§ T o t a l g i n n i n s s t o end of m o n t h i n d i c a t e d .
d1 D a t a c o n t i n u e series p u b l i s h e d in t h e 1942 S u p p l e m e n t b u t suspended d u r i n g t h e w a r period; d a t a for October 1941-February 1945 will be p u b l i s h e d later.
© Includes l a m i n a t e d b o a r d reported as c o m p o n e n t board; this is a n e w p r o d u c t n o t produced prior to S e p t e m b e r 1942.
t F o r revised figures for cotton stocks for A u g u s t 1941-March 1942, see p . S-24 of t h e M a y 1943 S u r v e y . T h e total stocks of A m e r i c a n cotton in t h e U n i t e d States on J u l y 31,1945,
i n c l u d i n g stocks on farms a n d in transit, were 11,040,000 bales, a n d stocks of foreign cotton in t h e U n i t e d States, 124,000 bales.
t Revised series. See note m a r k e d " t " on p . S-34 of t h e J u l y 1944 S u r v e y regarding changes in t h e d a t a on glass containers a n d c o m p a r a b l e figures for 1940-42; d a t a for J a n u a r y October 1945 were compiled b y t h e W a r P r o d u c t i o n Board; s u b s e q u e n t d a t a are from t h e B u r e a u of the Census. D a t a for t u m b l e r s h a v e been revised to include d a t a for 8 companies
a n d for table, k i t c h e n , a n d household ware to include 6 companies; c o m p a r a b l e d a t a beginning J a n u a r y 1944 will be shown later. T h e farm price of cotton h a s been revised for A u g u s t
1937-July 1942; for revisions see note m a r k e d " t " on p . S-35 of t h e J u n e 1944 S u r v e y .
* N e w series. D a t a are compiled b y t h e B u r e a u of t h e Census a n d cover all k n o w n m a n u f a c t u r e r s ; d a t a beginning S e p t e m b e r 1942 for brick are shown on p . 24 of t h e F e b r u a r y
1945 issue; d a t a beginning t h a t m o n t h for other series will be published later.
May 1948
Unless otherwise stated, statistics through 1941
and descriptive notes reiay be found in the
1942 Supplement to tlie Survey
SURVEY OF CURRENT BUSINESS
S-39
1945
March
March | April
May
i June
1946
Q
I I
pn1
August j
y
July
October November
December
Febr liar y
TEXTILE PRODUCTS—Continued
COTTON MANUFACTURERS
Cotton cloth:
Cotton broad woven goods over 12 inches in width,
production, quarterly*...-.
...mil. of linear yards..
Cotton goods finished, quarterly:*
Product ion, total
do
Bleached
do
Plain dyed
do
Printed
do
Exports §
thous. of sq. yds.. !_
Im ports§
do
'
Prices, wholesale:
Mill nuirjriiis
. . c e n t s per Ib.
Denims, 28-irjeh
dol. per yd.
Print c:oth, 64 x 56cT
,
do....
Sheeting, unbleached, 4 x 4 , 56 x 56G
do
Spindle activity:
Active spindles
.thousands.
Active spindle hours, total..
mil. of hr...
Average per spindle in place
hours_
OpereMrDS- .
- . . . . percent of capacity.
Cotton yarn, wholesale prices:
Southern, 22/1, CODPS, carded, white, for kcitting(mill)t
dol. per lb.
Southern, 40s. single, carded (mill)
_ __ do .
RAYON AND MANUFACTURES
Yarn and staple fibers:
Consumption:
Yarn..
mil. of lb_.
Staple
fiber
.
dn ..
Imports§
thcus. of lb_.
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
filament
dol. per l b .
Staple fiber, viscose, 1H denier....
do
Stocks, producers', end of month:
Yarn
mil. of lh_.
staple fiber.
.
do
Rayon goods, production, quarterly:*
Broad woven goods
thous. of linear yards.
Finished, total
do
White
finished
do.. _
Plain dyed
do_._
Printed
do...
WCOL
onsuinption (scoured basis; S
Apparel class
thous. of lb_.
Carpet class.
do
Imports §
do
Prices, wholesale:
Raw, territory, 64s, 70s 80s fine, scoured\_dol. per lb
Raw, bright fleece, 56s greasy*
...
do...
Australian, 64-70s, good top making, scoured in bond
(Boston)t
dol. p e r l b . .
Stocks, scoured basis, end of mo., totalt
thous. of lb_.
Wool liner than 40s, total
do
Domestic
do
Foreign
do...
Wool 40s and below and carpet
do
WOOL MANI'FACTURES
Machinery activity (weekly average) :1
Looms:
Woolen and worsted:
Broad
thous. of active hours..
Narrow..
do
Carpet and rug: #
Broad
do
Narrow
do
Spinning spindles:
Woolen
do
Worsted
do
Worsted combs
do...
Woolen and worsted woven goods (except woven felts'*:*
Production, quarterly, total...thous. of linear yards..
Apparel fabrics
do
Men's wear
do
Women's and children's wear
do
General use and other fabrics
do
Blankets.....do
O n e r nonapparel fabrics
do
Wool yarn:
Production, total*
thous. of lb._
Knitting*
do
Weaving*
do
Carpet and other*
do
Price, wholesale, worsted yarn,1 2/32s (Boston)
dol. per lb__
r
!, 372
,731
820
595
310
59,030
7, 002
. 248
. 110
21. 10
209
092
. 114
2<i 48
2<-9
091 I
!!4
22. 159
9, 021
390
11 0. 9
121.8
.(127
20.02
.209 !
-090 |
.114 I
22,168
20. 28
209
. 090
.114
22. 029
9, 240
7. 926
399
343
H 8 . 8 102.0
22,170
8,793
370
100. 5
.111
22.189
9, 637
416 j
114.8 I
.451
.568 I
451 I
.568 I
53. 0
13. 7
48. £
13.7
53.0 |
14.3
50.6
13.4
0
48.6 j
.550
.250
. 550
.250
6.0
3.0
6.1
3.8
9. 3
2.0
3.5
. 550 I . 550
. 250 | 250
6.2
2. 7
6.2
3.0
411, 143
412,484 |
87, 503
.451
,5a«
i
22. 41
.216
,092
.117
54,844
\ Hu
39,999
64, HO
3. 4f 0
34, 683
1.190
.545
1. ilO
. 545
50,884
51,4." 6 |
3.032
2.980 j
36,865 ! 41,99'
21,912
21, 722
8,371 j 9,143
352
383
111.8 I 105.0
21,605
8,672
364
104.6
50.5
12.7
0
11.9
3
.550 !
.250
. 550
. 250
6.0
4.8
! 354,498 '
)0, 549
48,723 |
.I 263, 6FO
-| 78,808
!
21.16
.223
.099
.120
.470
. 593
i
48.920
3.010
42,50.1
:
37,788
4.332
45, 708
1.190
. 545
1. 190
.545
1.190 |
.545 S
749
.745
406, 603
332, 676
194,450
138,126
74,027
.745
. 755
53.2
15. 1
1, 000
.550 i
. 250
4.C
I
. 120
21.552 I 21, 630
7, 733 | 9, 489
399
110.7
.470 i
.592 !
470 i
592 |
.470 !
.592 !
. 550
. 250
50. 7 j
11 5
1,441 |
I
!
.550 '
.250
7.7
3.9
7.3
3. 1
52.8
14.8
0
. !
19. 49
. 223
. 099
.120
21, 6)29
8, 497
. 476>
. 592
55. 7 i r 50. 2
M 0 | r 13. 3
1,426
1,492
. 550
. 250
. 550
. 250
8.3
4. 1
9.9
4.0
I 396,47:
I 373.908
43,539
54,702
75 667
51,540
8. 600
58, 399
40,332
6. 368
50, 365
38. 388
7^436
45, 988
r 53, 995
r 10, 100
106, 654
47, 620
9, 968
78, 514
1.190
.545
1.190
.545
1.190
.545
1.035
.485
1. 035
. 485
1.025
. 480
2, 276
72
2,474
80
. 755
443, 434
359,935
208,246
151,689
83, 499
2,422
77
2,355
78
2,424
1,865
64
2,045
69
2, 050
75
46
32
43
30
37
28
44
31
32
24
49
34
82
50
116,677
96, 758
204
107,802
94,472
210
107,382
88, 743
203
113.809
93, 426
205
87.142
76.017
175
101,419
84,616
170
105,340
95,919
193
127,786
98, 500
61,420
22, 342
14, 738
27, 696
1,590
20. 61
.223
. 099
. 120
39,004
5, 828
39, 303
2,495
79
38,073
17,297
24, 287
2,095
.470 I
.592 I
69,'041
1.190
.545
137,535
111,153
55, 783
49, 031
7, 610
i
1,549
!
770
I
458
-I
321
68, 789 I 52, 756 59,618 | 60,474
3,131 I 2,533
•5. 934 | 2, 920
21.85
.223
!. 099
.120
.453
.568
5.6
4.4
390.383
. 755
362, 395
294, 065
153,046
141.019
68,330
1.900
20. 04
.209
. 090
. 114
.56S
550
250
. 995
.465
19 92
.209
.090
451
568
.2f.O
. 550
56,730 i 62,927 ! 56,999 ! 57,951
8,343
7,850
11,1(59
9,452
()' 928
22, 232
9,914
429
. 504
1,428
1,738 !__
822 i__
(117 I
. 758
483, 019
j 360, 224
.."II 211,826
148,
122, 795
.755
2,182
75
2, 183
78
r
2, 175
78
96
74
64 i
107,360
103,739
195
108.656
105,388
100,415 j 97,801
188
186
107, 963
87, 818
44, Of:3
32, 09
11,658
17,977
2,168
1
109, 462
102,327
197
120, 280
112, 510
220
122,690
105,979
44,421
4H. 588
12,970
10, 929
5,782
75, 072
14, 284
56,856
3,932
88, 855
17,460
66, 645
4,750
71, 128
13,928
53, 356
3,844
73, 352
14,436
54,848
4, 068
69, 480
14,490
51, 300
3, 690
63, 660
12, 756
46, 540
4,364
63, 504
12, 000
45, 276
6, 228
81, 600
14, 780
57,915
8,905
64, 500
11,800
45,812
6,888
62, 240
10, 864
44, 032
7,344
82, 775
14,775
57. 665
10, 335
73, 860
13,492
50, 656
9,712
1.900
1.900
1. 900
1.900
1. 900
1.900
1.900
1.900
1.900
1.900
1.900
1.900
Revised, i See note marked "cf". IData for April, July, and October 1945 and January 1946 are for 5 weeks; other months 4 wTeeks. 2 Less than 1,000 pounds.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
d"Data beginning October are for 64 x 60 cloth and continue the series for which prices through June 1943 were shown in the October 1943 Survey (this construction was discontinued during the war period); the price of 64 x 56 cloth was $0,096 for October 1945-February 1946 and $0,107 for March 1946.
©This series was substituted in the November 1943 Survey for the price of 56 x 60 sheeting, production of which was discontinued during the war period.
• D a t a through August 1945 exclude activity of carpet and rug looms operating on blankets and cotton fabrics.
tRevised series. For 1941 data for the yarn price series, see p. S-35 of the November 1942 issue. 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.
*Ncw series. For data beginning 1943 for production of cotton cloth and a brief description of the data, see p. S-35 of the August 1944 Survey; earlier data will be shown later.
The new series for cotton and rayon goods finishing, rayon broad woven goods production, and wool yarn production are from the Bureau of the Census and represent virtually complete coverage; earlier data will be shown later. Data beginning 1939 for the price of raw territory wool are shown on p. 24 of the February 1945 Survey. Data beginning 1936 for the
price series for Australian wool, which is from the Department of Agriculture, will be showTn later; prices are before payment of duty. For available data for 1937-43 for woolen and
worsted
goods production, see p . 19 of the May 1945 Survey.
S-40
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
March
Mav 1040
1945
March
April
May
June
July
1946
August
September
Novem- December
ber
October
January
Febru
ary
TEXTILE PRODUCTS—Continued
MISCELLANEOUS
PRODUCTS
5,765
F u r , sales b y dealers
t h o u s . of dol_.
P y r o x y l i n - c o a t e d textiles (cotton fabrics): §
Orders, unfilled, e n d of m o n t h
t h o u s . lin. yd_Pyroxylin spread
t h o u s . of l b _ .
S h i p m e n t s , billed
t h o u s . linear yd—
10,463
4,283
5,662
4,487
10,7M
3,880
4,950
5,685
5,263
3,992
3,787
3,210
7,699
5,778
10,2(7
4,565
5,824
10,181
4,523
5,539
10, 646
3,938
5,147
10,604
4,805
6,673
12, 670
5,505
6,119
11, SOS
6, 398
7,973
12,038
6, 686
8, 485
11,909
6, 036
6, 864
12,786
6, 754
8, 345
13,137
6,129
7, 571
15.001 ! 18,911 i 15.688 ; 5,370
124 :
129 |
174
196
14.877 I 18,782 I 15,514
5,174
4,331
238
4.093
7.956 |
430 !
7,526 |
8,604
824
7,780
9. 502
2, 962
6,540
10, 682
2, 350
8,332
16, 839
42, 225
40.900
5, 654
25, 982
16,912
1,325
34,612
53,634
53,103 I
5,437 j
30,754 j
12,606 i
531 j
30, 022
29, 542
28, 792
5, 054
11, 132
24, 557
750
2,263
2,046
8
8
2, 605
2,361
60
60
2,019 j
1,689 |
203
203
1. 771 I 1.769
75
70
4.4
4.1
37, 398
37,468
31,674 i 31,687
5, 724
5, 781
1,767
70
4.1
37,136
31, 587
5, 549
2.514 ! 2, 562
6.4 |
6.5
2, 662
6. 8
TR A NSPORTATION EQUIPMENT
MOTOR
VEHICLES
Exports, assembled, total 1
Passenger cars If
Trucks If
Pro duct ion:*
Passenger oars . .
TrucVs and truck tractors, total
Civilian, total
Heavy
Medium
Light
M i! i t a r y
RAILWAY EQUIPMEtNT
number..j.
do
!_
do
j_
[
d o — | 90, 045
do j 30, 359
do
j 39,348
2, 433
do
do
j 16,990
1,784
do
11
do
;
13,024
20, ,**;")
183
108
12,841 ; 20,457
23,549
100
23.449 j
0
0
75,057 ' 67, 579
18,339 I 18,980
3,726
3, 959
12,829
10,275
4.746 i 5,688
56,718 r 4S, 599
0
71,267 r
22,315 :
4,624 |
12.003 j
5,522 i
r
48,952 r
0
66, 456
23,131
5. 592
12,017
3,993
43, 325
3,632
2, 540
14
14
4,933
3,428
31
31
r
359
1,381
580
54,563 I 44,779 j '31.572
21,394 ! 27,532 j r30,106 I
4,843
5,398 | '6,036
12, 558
16,851 \r 17,830
5,283
6,240
9,264
33,169
17,247 | r 1,466
55, 357
54, 864
54,791
6, 278
23! 956
14,244
73
47, 965
28, 692
28. 594
4,470
9, 880
19,925
98
j
American Railway Car Institute:
j
Shipments:
I
Freight cars, total
.
number..; 2, 460
Domestic
do
Passenger cars, totali. ._
<1o j 2, 325
Domestic!
do j
1
Association of American Railroads
|
Freight cars, end of month:
I
Number owned
thousands._j 1, 755
75
Hndergoing or awaiting classified repairs.. do ... j
4. 4
Percent of total on line
..j
orders, unfilled .
cars..! 38, Vtf.Q
Equipment manufacturers
do j 29, 947
Railroad shops
do
j 8, 703
Locomotives, end of month:
j
Steam, undergoing or awaiting classified repairs
I
3, 075
number-.
Percent of total on line
!
8.0
Orders unfilled:
J
Steam locomotives, total
number._j
Equipment manufacturers
do.
25
Railroad shops
do..
412
Other locomotives, total*
do..
402
Equipment manufacturers*
do..
10
Railroad shops* ._ _
do..
Export." of locomotives, total f
do..
Steam 1
do..
O ther 1
do.
INDUSTRIAL ELKCTKIC TRUCKS AND
TK VCTOIJS
numberdo. _ -.
do —
Shibmcnts. total
Domestic ..
Exports
4,378
3,708
25
25
3,000 '
2, 550
14 !
14
1,770
52
3.0
34,162
27, 196
fi, 966
1.771
58
3 4
1,770
66
3.9
31. 640
29,387
26 026 i 24, 509
o. 614
4,878
2, 302
5.8 j
2, 361
6. 0
138 I
97 ;
125
89
36
429
427
41
426
424
2
134
102
32
445
410
35
|
i
|
i
i
!
!
402
365
37
769 | 1,773
1,7
3.8 I
65 I
27,968 I
3.9
32,058
23,429 i
4,539
6.070
I 303
5.9
161
139
;
4, 348
2,414
24
24
4,256
2,316
37
37
>. 420 !
6.2 ;
119
89
30
385
383
2
272
232
40
111
86
25
397
370
109
82
27
387
364
136
102 I
34 !
116 ;
90 j
26 j
352
324
372
246
229
17
!
!
!
!
23 I
107 J
80
27 !
405
388
17
85
63
22
322 i
313 !
129
84
45
406
389
17
40
246
239
9i
i
!
!
!
3.474 I
2, 202
484 i
484 i
2,411
1, 664
9
9
1,765
1, 760 ! 1,757 I
69
72 I
71 ;
4. 1
4.3
4.2 !
35, 172 j 36,426
36,471 I
29,334 ! 30,911 I 29,002
5, 838
5, 515
7,469
1.757
74
4.4
37, 572
30, 345
7,227
2,662 ;
6.8 I
?, 555
6.6 :
2, 834
7.3
i
92
64 i
81
57
24
373
363
10
222
156
66
104 i
403
389
14
46
29
17
'
!
:
I
I
325
319
fi
2, 155
1,674
491
491
28 I
67 I
37 I
380 I
367 I
13 I
379
369
10 !
270 !
144
122
22
110 I
160 I
2, 944
7.6
85
57
28
378
368
10
163
125
38
195 f
191 I
4!
CANADIAN STATISTICS
Physical volume of business, adjusted:
Combined indext— - 1935 39=100.
Industrial production, combined indexf.
do
Construction f
do
Electric power
do.,.
Manufacturing!
—
...do
Forestry t
do...
Mining!
do—
Distribution, combined indexf
do
Agricultural marketings, adjusted:!
Combined index
do...
Grain
do
Livestock
-do
Commodity prices:
Cost of living.
_
do
Wholesale prices._.
1926«=100_.
h ailways:
Carloadings
...thous. of cars..
Revenue freight carried 1 mile...
.mil. of tons.
Passengers carried 1 mile
mil. of passengers.
120. 1
104.9
205. 3
223.9
168.7
146.3
244.1
123.8
150.4
166.8
194.5
210.8
142.2
144.8 I
231.9
133.2 I
132.9 i
160.7 I
189.9
197.7
201.2
139.7
211.0
135. 1
130.6
173.7
193. 0
194.5
235. 4
141.8
206. 3
134. 5
114.0
189.8
195. 4
193. 9
250. 1
151.8
202.8
138.4
119.7
198.7
181. 2
188.2
258. 1
152. 9
197. 9
150. 7
98.1
166. 7
84.2 j
74.0 I
128.6
51.3
35.7
119.0
70.6 I
59.4 j
136.6 I
117.1
105. 6
166.9
100.0
82.5
176.1
163.7
168.9
140. 9
68.8
52.5
139.2
120.5 I
103.4 I
314 I
119.9
102.7
119.7 !
102.9 I
119.9
103.1
120.1
103. 3
119.9
' 104.0
119. 9
104. 6
300
5,159
569
341 !
322
5,495 : 5,298
425
498 !
272
4, 803
465
283
263
225.2
248.0
166.2
154.2
271.1
137.7
173.5
177.9
232. 2
252. 2
2(f. 2
165. 5
271.1
118.5
183.2
HO. 7
218.6
238.0
160.0
165.4
256.1
123.5
188.9
178.6
219.5
236.2
203.6
164.1
252.5
124.5
174.6
191.0
213.7
230.1
176.7
161.3
248.9
125.0
160.9
179.7
212
226
150.
154.
247
125.
156.
184
129.0
128.4
131.6
238.9
269. 3
106.8
177.5
190.8
119.8
165.0
176.4
115.6
312.7
351.1
144.4
118.7
103.0
118.7
103. 4
119.0
103.0
119.6
103. 2 j
120.3
104.0
300
5,175
497
292
5. 3f8
452
310
5, 739
492
322
5,919
622
306
5, 692
735
7
5
0
6
6
2
2
0
5,251
706 !
r
Revised.
X Data for October 1945-January 1946 include converted troop kitchens and troop sleepers.
§ Data for several additional companies are included beginning July or August; see note in the April 1940 Survey for July and August figures excluding these companies and
information regarding an earlier revision in the series.
J The export series, except data for total locomotives and other locomotives, continue data formerly published in the Survey but suspended during the war period; "other locomotives" has been revised to include internal combustion, carburetor type, Diesel-electric and Diesel in addition to electric locomotives and the total revised accordingly. The series
include railway, mining and industrial locomotives. Data through February 1945 for the revised series and for October 1941-February 1945 for other series will be published later.
*New series. See note in September 1945 Survey for a description of the series on production of trucks and tractors; data beginning 1936 will be published later. Data on passenger
car production are from the Civilian Production Administration and cover the entire industry; there was no production April 1942-June 1945. Data for unfilled orders of "other
locomotives" are for class I railroads and include electric, Diesel-electric, and Diesel; data beginning 1939 will be shown later.
fRevised series. The Canadian index of construction has been shown on a revised basis beginning in the August 1945 Survey, the mining index beginning in the April 1944 issue,
and the otner indicated indexes beginning in the December 1942 issue; see note in April 1946 Survey for the periods affected.
U S . GOVERNMENT P R I N T I N G OFFICE* t 9 4 C
INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40
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 communications
Statistics on individual industries:
Chemicals and allied products
Electric power and gas
Foodstuffs and tobacco
Leather and products
Lumber and manufactures
Metals and manufactures:
Iron and steel
Nonferrous metals and products
Machinery and apparatus
Paper and printing
.
Petroleum and coal products
Rubber and rubber products
Stone, clay, and glass products
Textile products
Transportation equipment
Canadian statistics
Page
S-l
S-3
S-3
S-5
S-6
S-9
S-l 5
S-20
S-22
S-23
S-26
S-26
S-30
S-31
S-3 2
S-33
S-34
S-35
S-36
S-3 7
S-3 7
S-38
S-40
S-40
CLASSIFICATION BY INDIVIDUAL SERIES
Pages marked S
Abrasive paper and cloth (coated)
37
Acids..._
23
Advertising.6, 7
Agricultural income, marketings
1
Agricultural wages, loans
14,15
Air mail and air-line operations
7, 23
Aircraft
___ 2,10,11,12,13,14
Alcohol, denatured, ethyl, and methyl
23, 24
Alcoholic beverages.
1, 2, 26, 27
Aluminum
33
Animal fats, greases
24, 25
Anthracite___
2,4,11,12,13,14,36
Apparel, wearing... 4, 6, 7, 8,10,11,12,13,14,38,39
Asphalt
37
Automobiles1, 2, 3, 6, 7,10,11,12,13,14,17
Banking. _
_
15
Barley
27
Bearing metal
33
Beef and veal
29
Beverages, alcoholic
1, 2, 26, 27
Bituminous coal
2,4,11,12, 13, 14,36
Boilers
_
33
Bonds, issues, prices, sales, yields
18,19
Book publication
35
Brass..
33
Brick
4,38
Brokers' loans
15,19
Building contracts awarded
5
Building costs
5,6
Building construction (see Construction).
Building materials, prices, retail trade
4 7, 8, 9
Business operating and business turn-over
3
Butter
_
27
Canadian statistics
16,17,40
Candy
_
_
29
Capital flotations
18
For productive uses
18
Carloadings
_
_..
„_
22
Cattle and calves
28
Cellulose plastic products
26
Cement
1,2,4,37
Cereal and bakery products
4
Chain-store sales
8
Cheese
_
_
27
Chemicals
1,2,3,4,10,11,13,14,17,23,24
Cigars and cigarettes
30
Civil-service employees
11
Clay products (see also Stone, clay, etc.)
1, 2,38
Clothing
4, 6, 7, 8, 10,11, 12,13,14,38
Coal
_ 2,4,11,12,13,14, 36
Coffee...
29
Coke...
1
2,36
Commercial and industrial failures
3
Construction:
New construction, dollar value
5
Contracts awarded
5
Costs—.
6
Highway
5,11
Wage rates, earnings, hours
12,14
Consumer credit
15,16
Consumer expenditures
7
Copper
33
Copra and coconut oil
.
25
Corn
_
_
28
Cost-of-living index
4
Cotton, raw, and manufactures
2,
4,10,12,13,38,39
Cottonseed, cake and meal, oil
25
Crops
1, 25, 27, 28
Currency in circulation
17
Dairy products..
1,2,3,4,27
Debits, bank
15
Digitized Debt,
for FRASER
short-term, consumer
15,16
Debt, United States Government
17
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
Pages marked S
Department stores, sales, stocks, collections _ .
8, 9
Deposits, bank
._
15, 17
Disputes, industrial
12
Distilled spirits
24, 26, 27
Dividend payments and rates
1, 19
Earnings, weekly and hourly
14
Eggs and chickens
1, 3, 4, 29
Electrical equipment
2, 3, 7, 34
Electric power production, sales, revenues
26
Employment estimated
10
Employment indexes:
Factory, by industries
10, 11
Nonmanufacturing industries
11
Employment, security operations
12
Emigration and immigration
23
Engineering construction.
5
Exchange rates, foreign
16
Expenditures, United States Government
17
Explosives
24
Exports
20, 21
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, 24, 25
Federal Government,
finance
17, 18
Federal Reserve banks, condition of
15
Federal Reserve reporting member banks
15
Fertilizers—
4, 24
Fire losses
6
Fish oils and
fish
_
. 25, 29
Flaxseed...
_
25
Flooring
31
Flour, wheat
28
Food products
2,
3, 4, 7,10,11,12,13,14,17, 27, 28, 29
Footwear
2,4, 7, 8,10,12,13,14,31
Foreclosures, real estate
6
Foreign trade, indexes, shipping weight value
by regions, countries, economic classes, and
commodity groups
20,21
Foundry equipment
.
34
Freight cars (equipment)
40
Freight carloadings, cars, indexes
22
Freight-car surplus
22
Fruits and vegetables
2,3,4,27
Fuel equipment and heating apparatus
34
Fuels
2,4,36,37
Furniture
1,4,10,11,12,13,32
Gas, customers, sales, revenues
26
Gas and fuel oils
36
Gasoline
_
37
Glass and glassware (see also Stone, clay, etc.).
Gelatin
24
Gloves and mittens
30
Glycerine
24
Gold
16,17
Goods in warehouses
7
Grains
3, 27, 28
Gypsum
38
Hides and skins
_
4, 30
Highways
__.,
5,11
Hogs
_
29
Home-loan banks, loans outstanding
6
Home mortgages
6
Hosiery
_. 4,38
Hotels
11,13, 23
Hours per week
11,12
Housefurnishings
4, 6, 7, 8
Housing
4, 5
Immigration and emigration
23
Imports
__
. . 20, 21
Income payments
1
Income-tax receipts
17
Incorporations, business, new
3
Industrial production indexes
1,2
Instalment loans
16
Instalment sales, department stores
8,9
Insurance, life
16
Interest and money rates
15
Inventories, manufacturers' and trade
3, 8
Iron and steel, crude, manufactures
2,
3,4,10,11,12,13,17,32,33
Kerosene
37
Labor force
9
Labor disputes, turn-over
.
12
Lamb and mutton
29
Lard
_
29
Lead
_
_
33
Leather
1, 2,4,10,11,12,13,30,31
Linseed oil, cake, and meal
25
Livestock
1,3,28,29
Loans, real-estate, agricultural, bank, brokers'
(see also Consumer credit)
6,15,17
Locomotives
40
Looms, woolen, activity
39
Lubricants
37
Lumber
1, 2,4,10,11,12,13,31,32
Machine activity, cotton, wool
39
Machine tools
10,11,12,13,34
Machinery
1,2,3,10,11,12,13,17,34
Magazine advertising
7
Manufacturers' orders, shipments, inventories.
2,3
Manufacturing production indexes
1,2
Meats and meat packing- 1, 2,3, 4, JO, 12,13,14, 29
Metals—
1,2,3,4,10, 11, 12, 13,17,32,33
Methanol
24
Milk
27
Minerals.
2,10,11,12,14
Money supply
17
Motor fuel
_
36,37
Motor vehicles
7,40
Pages marked S
Motors, electrical
34
Munitions production
.
.
....
2
Newspaper advertising
6, 7
Newsprint
35
Ntw York Stock Exchange
19, 20
Oats
28
Oils and fats
4, 24, 25
Oleomargarine.
25
Operating businesses and business turn-over
3
Orders, new, manufacturers'
2
Paint and paint materials
. . . 4, 26
Paper and pulp
2,3,4,10,11,12,13,14, 35
Paper products
...
35
Passports issued
.
....
23
Pay rolls, manufacturing and nonmanufacturing industries.
.
.
12,13
Petroleum and products
...
2,
3,4,10,11,12,13,14,17, 36,37
Pig iron
32
Plywood
31
Porcelain enameled products
...
33
Pork
_
.
29
Postal business
7
Postal savings.
.
.....
....
15
Poultry and eggs
. . . 1,3,29
Prices (see also Individual commodities):
Retail indexes
.—..... —..__...._
4
Wholesale indexes
..
4
Printing
2,10,11,12,13,14,35
Profits, corporation
.
....
17
Public assistance
.
—..
....
14
Public utilities4,5,11,12,13,14,17, 18,19, 20
Pullman Company..
.
......
.....
23
Pumps
.
.
.....
34
Purchasing power of the dollar
.
.
5
Radio advertising
...*.
6, 7
Railways, operations, equipment, financial statistics, employment, wages
.
.
...
11.
12,13,14,17,18,19, 20, 22, 23,40
Railways, street (see Street railways, etc.).
Rayon, and rayon manufactures 2, 4,10,12,13,14,39
Receipts, United States Government
17
Reconstruction Finance Corporation, loans
18
Rents (housing), index...
...
.....
4
Retail trade, all retail stores, chain stores,
department stores, mail order, rural sales,
general merchandise
.
.
7, 8, 9
Rice—
___
_^
28
Roofing, asphalt
37
Rubber, natural, synthetic and reclaimed,
tires and tubes
...........
37
Rubber industry, production index, employment, pay rolls, hours, earnings
2,
3,4,10,11,13,14
Savings deposits
.
.
15
Sewer pipe and clay..
„
.
.....
38
Sheep and lambs
.
29
Shipbuilding
2,10,11,12,13,14
Shipments, manufacturers*.
....
.....
2
Shoes
_
1,4, 7,8,10,12,13,14,31
Shortenings
25
Silver
17
Skins
30
Slaughtering and meat packing.. 2,10,12,13,14, 29
Soybeans and soybean oil
i
.
25
Spindle activity, cotton, wool
...
.....
39
Steel and iron (see Iron and steel).
Steel, scrap
,
32
Stocks, department stores (see also Manufacturers' inventories)
.
9
Stocks, issues, prices, sales, yields .
.
. 19, 20
Stone, clay, and glass products
1,
2,10,11,12,13,14,37,38
Street railways and busses
- 11,12,14
Sugar
29,30
Sulphur
.
24
Sulfuric acid
»
.
23
Superphosphate
.
.......
*
.
24
Telephone, telegraph, cable, and radio-telegraph carriers
. . . . 11,12,14,17, 23
Textiles2,3, 4, 10, II, 12,13,14,38,39
Tile
38
Tin
_
33
Tobacco
._ 2,11,12,13,14,30
Tools, machine
. . . . _ . 10,11,12,13,14,34
Trade, retail and wholesale...——. 7,8,9,11,13,14
Transit lines, local
.
22
Transportation, commodity and passenger.... 22, 23
Transportation equipment.
- . — . . ,1,
2,3,9,10,11,12,13,14,17,40
Travel
22, 23
Trucks and tractors
. .——..._—.....
40
Unemployment.
.
........
9
United States Government b o n d s . . . . . . . . 17,18,19
United States Government, finance. . . . . . . . 17,18
United States Steel C o r p o r a t i o n — - - < —
33
Utilities
4,5,9,12,13,14,17,18,19,20
Variety stores
.
.-..._....—.
8
Vegetable oils
— — .
25
Vegetables and fruits....
. . . — . . 2, 3,4, 27
Veterans' unemployment allowances———-.-12
Wages, factory and miscellaneous.
. . . . . 13,14
War program, production and expenditures... 2,17
War Savings Bonds
„—————.17
Warehouses, space occupied
.....
,—- . .
7
Water transportation, employment, pay rolls. 11,13
Wheat and wheat flour. .
...
28
Wholesale price indexes.—--.— . — . . — . . .
4
Wholesale trade
9
Wood pulp—
....;
;.—..—.... 4,34,35
Wool and wool manufactures.. 2,4,10,12,13,14,39
Zinc
— „ . —
33
Department of Commerce
Field Service
Atlanta 3, Ga., 1404 Candler Bldg.
Baltimore 2, Md., 803 Cathedral St.
Boston 9, Mass.9 1800 Customhouse.
Buffalo 3, N. Y., 242 Federal Bldg.
Charleston 3, S. C , 310 Peoples Bldg.
Charleston 1, W. Va., 612 Atlas Bldg.
Chattanooga, Tenn., 924 James Bldg.
Chicago 4, 111., 357 U. S. Court House.
Cincinnati 2, Ohio, 1204 Chamber of Commerce Bldg.
Cleveland 14, Ohio, 1286 Union Commerce Bldg.
Dallas 2, Tex., Chamber of Commerce Bldg.
Denver 2, Colo., 302 Midland Savings Bldg.
Detroit 26, Mich., 1028 New Federal Bldg.
Duluth 5, Minn., 310 Christie Bldg.
El Paso 7, Tex., 409 Caples Bldg.
Fargo 6, N. Dak., 207 Walker Bldg.
Grand Rapids 2, Mich., 736 Keeler Bldg.
Hartford, Conn., 436 Capitol Ave.
Houston 14, Tex., 603 Federal Office Bldg.
Jacksonville 1, Fla., 425 Federal Bldg.
Kansas City 6, Mo., 600 Interstate Bldg., 417 E.
13th St.
Little Rock 5, Ark., 312 Pyramid Bldg.
Los Angeles 12, Calif., 1540 U. S. Post Office
and Courthouse.
Louisville 2, Ky., 410 Lincoln Bank Bldg.
Memphis 3, Tenn., 229 Federal Bldg.
Miami 32, Fla., 701 Congress Bldg.
Minneapolis 1, Minn., 1234 Metropolitan Life
Bldg.
Mobile 5, Ala., City Hall Annex*
New Orleans 12, La., Masonic Temple Bldg.,
333 St. Charles Ave., Room 1508
New York 1, N. Y., Empire State Bldg., 350
Fifth Ave., 60th Floor.
Oklahoma City 6, Okla., 404 Kerr-McGee Bldg.
Omaha 2, Nebr., 918 City National Bank Bldg.
Philadelphia 3, Pa., Fox Bldg.
Pittsburgh 19, Pa., 1013 New Federal Bldg.
Portland 3, Maine, Congress Bldg.
Portland 4, Oreg., Rm. 313, 520 S. W. Morrison
St.
Providence 3, R. I., 613 Industrial Trust Bldg.
Richmond 19, Va., 801 E. Broad St., Room 2,
Mezzanine.
St. Louis 1, Mo., 107 New Federal Bldg.
Salt Lake City 1, Utah, 321 Atlas Bldg.
San Antonio 5, Tex., 101 Transit Tower Bldg.,
c/o CPA.
San Francisco 11, Calif., 307 Customhouse.
Savannah, Ga., Room 6, U. S. Courthouse and
Post Office Bldg.
Seattle 4, Wash., 809 Federal Office Bldg.
Sioux Falls 6, S. Dak., 310 Policyholders National Bldg.
Syracuse 2, N. Y., 224 Harrison St.
Wichita 2, Kans., 205 K. F. H. Bldg.
@FedFRASER