Full text of Survey of Current Business : November 1944
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
SURVEY OF
UNITED STATES DEPARTMENT OF -COMMERCE"
BUREAU OP FOREIGN AND DOMESTIC COMMERCE
Survey of
CURRENT
BUSINESS
14 No* 11
1944
«*f.<f. t$&m&&t$0 Commerce * , »to
foster? promote* and develop the foreign
<msl rloyne^t^ commerce «>f the Vnit&d
S$t*tm** ll&na c*o*tfng. thm Bwrew* Aug* -.
Field Service
Atlanta
•*, €03
of
p, Bf ^ S5? U* S* Cetsrtlwmse*
i 2« 0Jwk>* ObasBJber of Comsot0rc0*
Otilo, 750 Union
THE
.-:+...........'
Imeome Payments * * * * * *
T h e Armed Forces * * * * * *
Tlie AntoraioMle Industry * *
Supply of Basie C0m.ni«>dtties
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
#
*
*
*
I
*
*
*
*
1
2
2
4
*
5
Dallas 2t Tex*» Cfeniober df Commeroe
I^CSBlT^f ^» O010#s S66 C»U0t<lilliljOllS0*
Detroit 26» Midb,t 1018 New Federal BMg*
14, Tex** 60S Fedora! Cffiee BMg*
i 1, Fla*, 42S Federal
,MonTC4Dw!gbtB!dg.
> Angeles 1I» Calif,*
U, S* Fost O^lee
Ms S* T«na., 229 Fedetai Bidg,
.* 201 F^erai
Bl%
H0w Orleans 12, La,* ^B Maritime Bldg,
Mew York 18, N/1% 17O* Floor, MO Weat
42ci St.
Hiaadelpfeia 2t Fa.t 1S10 Cliestnnt St*
Pittsbitrgh 19* Fa,, 1013 New
4» Ckeg,» Boom SIS,
Richmond 19* Ya*» Boom 2t Me«amxinie» 801
£. Broad St.
New Federal Bldg.
St*
11, Calf., SOT Ctmtoiuliotsse,
«» 40$ tT* S* Fo«t O^oe ami
IN
IN
* 15
New
Revised Series . * * * , * * * « * * * * 14
Monthly Business Statisties * * * * * * * * * * S-l
Geikeral Indei: * * * * * * * * * * Inside baek
il OtC-^Comtemts of tids ^nBlieatl^it •#!» not eopyrighted auii
may be ifepriiited freely. Bfe»tlom of s^ttr^a -will fee appreciated.
by tlie D^nrtment ol Coasa^ee, JESSE H* folf®sf S^^nyf and Issittdl tibrcs^b tlie Bareaa
amd I>0i»^tie Comm^c^, Ai»€* E* Tajl<»rf 'Dfre^or. S^smpfioa pdbe of tibe laaiiM^jly SOTTST OF
BUSINESS, §1.75; Foreign, $240 a year. Single copy, IS cents. Price of the 1942 Supplement is 50 cents. Make
remittances only to Superintendent of Documents, II, S« GoTenmieat Prmting Office, Washington 25, D. C.
The Business Situation
ITH over-all requirements for munitions continuing at approxiW
mately the same rates, it can be expected
that general business activity in the
fourth quarter will not differ much from
the preceding one. This is borne out
by preliminary information on October
business conditions which show no material changes from previous months.
. Daily average steel ingot production
was slightly higher in October and electric power production about the same.
Freight car loadings reached the anticipated seasonal peak in the last week of
October. The fact, however, that this
peak was only minutely larger than the
last week of September and the October 1943 high, an increase of 4,000 carloadings over 912,000, is typical of other
business indicators.
Retail trade in September was above
that of a year ago but, on a seasonally
adjusted basis, sales have been stable
since the last quarter of 1943. Present
indications continue to point to 1944 as
the peak year for retail trade (without
allowance for price change), as was
pointed out in the article in last month's
issue of the SURVEY. Retail inventories
continue to be drawn upon to supplement the new supplies of goods and these
inventories are running moderately below last year.
The production schedules and material allocations now in operation for the
fourth quarter indicate that the even
trends of October will continue for the
remainder of the year and that the expected downward movement will not
come in this quarter if the war continues
in Europe.
Chart 1.—Military Payments to
Individuals
PERCENT
1 20
BILLIONS OF DOLLARS
20
15
15
MILITARY
PAYMENTS U*
10
10
PERCENT MILITARY
PAYMENTS^ OF TOTAL
INCOME PAYMENTS
1940
1941
1942
1943
I9442/
0. 0. 44-722
1
Includes pay of the armed forces stationed
in the United States and abroad, Government's
contributions to allowances paid to dependents
of enlisted personnel and mustering-out payments.
2
Seasonally adjusted half-year totals, raised
to annual rate.
Sources : U. S. Departments of Commerce and
Labor.
613482—44
1
As has been pointed out in previous
issues of the SURVEY, the stability of munitions production is a result of the increase in some items counter balancing
the decrease in others. However, according to existing plans, the peaks of
most of the expanding items will soon
be reached subsequent to which time the
downturn in total munitions output will
begin. It is likely that this will take
place early next year regardless of the
final decision in the European campaign.
The effect of such a decline on general .economic conditions will depend on
the speed with which civilian production
can be resumed. Civilian production
permitted thus far under the W?B spot
authorization plan is still minor in
quantity.
As of October 31, production schedules
approved under this plan were under
100,000,000 dollars in this quarter and
the first quarter of next year. The increase in civilian production necessary
to take up the slack in military output
will have to come not only from rapidly
increased approvals under the spot authorization plan, but other civilian items,
such as railroad equipment, agricultural
machinery and building materials, which
are handled by means other than spot
authorization.
Income Payments
Present indications are that national
income payments in 1944 will total 154
billion dollars as compared with 142 billion in 1943. This total results from the
increases earlier in the year and the stability which has appeared in recent
months. Seasonally adjusted monthly
income payments have been virtually
constant at 13 billion dollars since June.
Thus the long-continued rise has come
to a halt.
The huge wartime expansion of individuals' income has resulted primarily
from the rise in such major components
as manufacturing wages and salaries,
agricultural incomes, Federal personnel
payments, including military. These
three groups accounted for almost 90
percent of the expansion of incomes between 1942 and 1943.
During 1944 manufacturing pay rolls
have been falling as a result of declining
employment. There is reason to believe
that this trend will continue for some
time. Even if employment should stabilize at current levels, any shift from
war to civilian production would probably have the effect of reducing average
weekly earnings, as labor shifts from
the relatively higher paying jobs of war
production to employment in the production of civilian-type goods.
The major share of the increase in
income payments which occurred in 1944
was accounted for by agricultural inc£omes and military payments. In the*
case of incomes generated in agriculture
the rise was confined almost entirely to
the first half year in which the special
circumstance of unusually large livestock marketings was the dominant factor.
The sharp increase in military payments as shown in chart 1, is in contrast to the movements in the manufacturing and agricultural components.
Military payments, which include besides
direct pay to military personnel, dependency allotments, and mustering-out pay,
reached a total for the third quarter of
4,560 million dollars, as compared with
4,360 million in the second quarter.
The significant extent to which these
payments have dominated the rise in
total incomes is strikingly indicated by
the fact that between 1942 and 1943,
the rise in the military income segment
constituted one-fourth of the 25.6 billion dollar increase in total incomes received.
The expansion of military payments
between the fourth quarter of 1943 and
the third quarter of 1944 represented
more than half of the 8.3 billion dollar
increase in the annual rate of total income payments. As of the third quarter,
these payments on account of military
service constituted almost 12 percent of
total incomes of individuals.
The sharp increase in military payments was maintained during the first
half of the year. Recently, however,
this rate of growth has also tended to
decline thus adding to the tendencies
toward stability of total income payments. This follows from the fact that
the armed forces are approaching their
desired personnel goals. Hence, the
.total number of individuals receiving
such payments is now expanding relatively slowly although the payment
per individual is continuing to rise
slightly.
Chart 2.—Strength of the Armed
Forces, End of Quarter
MILLIONS OF PERSONS
1942
1943
1944
D. D. 44-723
^Includes Navy, Marine Corps, and Coast
Guard.
Sources: U. S. War and Navy Departments.
1
SURVEY OF CURRENT BUSINESS
The Armed Forces
Aside from the military significance
of the expansion of our armed forces,
importance attaches to that growth also
from the point of view of its effect upon
economic activity, as illustrated above
in relation to income payments.
One-fifth of the nation's labor force,
or approximately 11,625,000 persons,
were enrolled in the nation's armed services on June 30th of this year. This
represents an expansion of military personnel since Pearl Harbor of 9.5 millions.
Two-thirds of the present strength is
in the Army; one-third in the Navy.
The armed forces experienced their
most rapid rate of growth in the last half
of 1942, as indicated on chart 3. During that period 3.4 million persons were
inducted. The expansion has since continued at a decelerating rate with 2.5
million added in the first half of 1943
Chart 3.—The Armed Forces: Accessions and Separations *
•MILLIONS OF PERSONS
,2.0
I
1
I
-J
1.5
1.0
A\
\
ACCESSION f$
V
\
\\
-
X,
.5-
0
_
,.
SEPARATIONS
^Jy^
1942
1
1943
*****
t
t
i
1944
0. 0. 44-7O6
Data are totals for the quarter.
Sources: U. S. War and Navy Departments.
and 1.5 million in the comparable period
this year.
Indications are that the decline in
the rate of expansion of military personnel will continue. The Army has reached
its manpower goals. Future inductions
into the Army will serve largely as replacements for those discharged and for
battle casualties. However, the Navy,
as a result of the continued expansion of
the merchant and combat fleets, is still
adding to its personnel.
The number of individuals who have
experienced service with the armed
forces approximates 13.2 million, equivalent to the present strength of the Army
and Navy, plus the 1.6 million individuals
who have been separated as a result of
discharge, capture by the enemy, or
death. Pour-fifths of the separations
have been from the Army. Among Army
separations 6 percent were the result of
deaths, 6 percent were prisoners or
missing, the remainder discharged.
While the number of separations has
declined slightly from the high of the
second quarter of 1943, as shown in the
chart, the total has been averaging almost 60 thousand a month in 1944 as
compared with 35 thousand in 1942 and
the early part of 1943. The high rate
of separations in the second quarter of
1943 is explained largely in terms of the
Army policy, inaugurated in December
1942, permitting the resignation of servicemen over 38 years of age.
The men and women who have left
the armed forces are returning to productive roles in the civilian economy
with little difficulty. The Veterans' Employment Service found jobs for over
400 thousand veterans of World War II
in the first nine months of this year.
These placements do not include men
and women who returned to their former
jobs or those who are self-employed.
An insignificant number of World War
II veterans are now drawing unemployment compensation.
The Automobile Industry
Before the war the automobile industry was 'the largest producer of durable
goods for civilian use. Nearly 30 percent
of the pre-war purchases of all consumer
and producer durable goods were accounted for by motor vehicles- and parts.
The production, distribution and servicing of automobiles have been major
factors in business activity and employment in peacetime.
Currently, the automobile industry is
one of the largest producers of war products. Because of its importance in supplying civilian durable goods, the speed
with which the industry shifts from war
to peacetime products will be an influential factor in the availability of jobs
after war contract terminations.
Shipments of the automobile industry in 1944 were 325 percent above 1939
as may be seen in chart 4. The total
annual rate of 17 billion dollars this year
represents an increase of one-and-onehalf times shipments in 1941, the last
full year of civilian production. A peak
was reached in shipments early in 1944
and these have continued, at about the
same volume since the first quarter of
the year.
Part of the increase was due to higher
prices. However, it is difficult to measure the effect of price changes since
Chart 4.—Shipments by the Automotive Industry, Including New
War Plants
BILLIONS OF DOLLARS
20
8 -
November 1 944
most of the production during the war
years represents entirely new products.
The increase in shipments was made
possible in part by very large expansion
in the industry's facilities after 1939.
To thfc. production capacity of the prewar industry has been 'added 1.1 billion
dollars in new plants operated by companies normally regarded as in the automobile industry.
In addition, the capacity of the old
plants has been expanded with over 800
million dollars of new facilities. The
conversion process reequipped these
plants with the best and newest machinery for the manufacture of war products and in many cases additions to the
old plants have been made.
New Plants.
As has been noted, about half of the
industry's total shipments, based on the
Chart 5.—New Facilities Authorized
for Selected War Products, July
1940 Through May 1944
BILLIONS OF DOLLARS
4
COMBAT
VEHICLES
DL 0. 4*-709
Source : War Production Board.
GUNS AND
AMMUNITION
1944 rate, can be attributed to the new
plants built during the war. The addition
of these new facilities approximately
equaled the 1939 net property account of
companies in the industry.
Almost all of the new facilities have
been for products foreign to the prewar
automobile industry and the industry is
now an important producer in fields other
than motor vehicles and parts. However,
most of these are wartime products
which will not be produced in as great a
volume after the war.
As indicated in chart 5, of the new
facilities authorized during the war for
aircraft production, the automobile companies operate 30 percent. They also
have 50 percent of the new facilities for
producing combat vehicles, 17 percent for
guns, and 10 percent for ammunition.
The Pre-War Industry.
4 -
1939
1
1940
1941
1942
1943
I944</
O. D. 44-711
Estimate, based upon data for eight months.
Source: U. S. Department of Commerce.
Because of the fact that available data
is based on 1939 product classification
it is necessary to distinguish between the
pre-war industry and the wartime additions.
At present, plants of the pre-war automobile industry are contributing nearly
9 billion dollars in shipments annually,
SURVEY OF CURRENT BUSINESS
November 1944
Chart 6.—Shipments from Plants in the Pre-War Automotive Industry
BILLIONS OF DOLLARS
10
OTHER PRODUCTS
8
GUNS AND AMMUNITION
COMBAT VEHICLES
AND TANKS
AIRCRAFT AND PARTS
OTHER PRODUCTS
Time Needed for Reconversion.
AUTOMOTIVE : PARTS
AND ACCES! 50RIES
AUTOMOTIVE PARTS
AND ACCESSORIES
MOTOR VEHICLES
AND CHASSIS:
PASSENGER CARS
MOTOR VEHICLES
AND CHASSIS:
TRUCKS
FRUCKS
1939
19441/
D. D. 44-712
1
Estimate, based upon data for six months.
Sources : U. S. Department of Commerce and War Production Board.
the remaining 8 billion coming from new
war plants operated by firms in the industry.
During the first half of 1944 the annual rate of shipments from plants which
comprised the pre-war automobile industry was 120 percent above the 1939
level. The change in the composition
of production and the extent of conversion to war production is illustrated in
chart 6.
The expansion of production from 1939
to 1944 in the pre-war automobile industry was accompanied by a 75 percent
rise in employment, bringing the total
to over 700,000, as can be seen in chart 7.
The average hours worked per week were
more than 30 percent higher, resulting
in an increase of over 130 percent in
man-hours.
Through 1941 the industry was concentrated largely on civilian production.
As shown in chart 8, the number of passenger cars and trucks manufactured in
1941 was over 4.8 million, the highest
since 1929, of which 250,000 were military vehicles. Output of war products
accounted for only about 15 percent of
the total value of shipments.
Production of finished passenger cars
virtually ceased in February 1942. In
1943, production of pre-war type vehicles
had dropped to 676,000 units—all
trucks—with less than 3,000 for civilian
use. The 1944 output will be over 700,000 trucks with nearly 100,000 for civilians. No passenger cars are yet being
made.
In 1939 the industry's output was composed almost entirely of motor vehicles,
parts and accessories. In 1944, despite
the elimination of passenger car production, the pre-war plants of the industry have continued to make civilian-type
products equal to 77 percent of the 1939
shipments. Most of the trucks have been
for military use, but almost half of the
parts and accessories, a volume larger
the first half of 1944 the average value
of the trucks shipped was 2,290 dollars.
In addition to the influence of higher
costs, this difference is mainly due to the
special designs and larger sizes of these
vehicles required for military purposes.
Nearly one-third of the 1944 production from the pre-war plants is in aircraft, aircraft engines, and aircraft parts
and accessories. This is almost equal to
the output of motor vehicles and parts.
Combat vehicles and tanks, accounted
for over 15 percent of the 1944 production, with the remainder devoted to guns,
ammunition, and many miscellaneous
products, such as ship parts and electrical devices.
than in 1941, have been for the civilian
market. However, because of increased
plant utilization, added facilities, and
the shift to war production, this represented only one-third of the total 1944
shipments. Hence two-thirds of the
shipments from the pre-war plants are
of products which were not manufactured in 1939.
There is a necessary distinction to be
made between trucks produced for military use and thosei for civilians. The
military trucks, which include jeeps, ambulances and other nonarmored vehicles, have a considerably higher unit
value than do the civilian-type trucks.
The average value of trucks shipped
in 1939 was about 670 dollars. During
Although the industry converted to
war production with little loss in the
annual volume of shipments, the sharp
increase in those shipments did not occur
until 1943. This fact followed from the
extreme difficulties involved in changing
the character of its product. Automotive
machinery had to be removed from the
plants.
The industry competed with numerous others in deluging the machine tool
builders with orders, resulting in lengthy
delays in securing deliveries of the new
machinery which had to be installed. In
plants requiring retooling and new layouts, a flow of materials of the proper
size, types, and composition for war products had to be established and an orderly, balanced movement of components, parts, and raw materials to the
assembly lines had to be secured.
Similar problems will cause delay in
the resumption of civilian goods production, which, however, should not be as
difficult as conversion to war products.
This will be true because civilian automobiles are basically simpler than most
of the war products now being manufactured, the designs are well established,
and few changes are anticipated in the
early part of the reconversion period.
Chart 7.—Employment and Hours in the Pre-War Automotive Industry
THOUSANDS OF
WAGE EARNERS
800
HOURS
50
AVERAGE HOURS PER WEEK U
600 -
400
-
200 -
1939
1
2 Data
1940
1941
1942
1943
for 1944 represent average for eight months.
Average number for the year, except 1944 which is for nine months.
Source: U. S. Department of Labor.
1944
D. D. 44-708
SUKVEY OF CURRENT BUSINESS
Moreover, many automobile parts have
remained in production during the war
period as may be seen from the fact that
the rate of production of replacement
parts and accessories is currently higher
than in 1941. Further expansion of production of parts already being manufactured is a far more expeditious matter
than undertaking the manufacture of
entirely new eauipment.
Despite these factors which tend to reduce the reconversion period, it will still
take time to unscramble Governmentowned property from private; remove
machinery now in place; install equipment now in storage; procure and install
new machines some of which are already
ordered but not yet in production; make
the dies, jigs, and fixtures for retooling.
Deliveries of parts and components
from suppliers and subcontractors and
balanced flow of these materials into the
assembly lines must also be considered
as additional sources of delays. All in
all, a considerable interval is to be expected between the cessation of war production and the appearance of civilian
products in significant volume.
Another problem of importance arising from the industry's war experience
relates to the utilization of the expansion
of facilities of the past few years.
There is no doubt that the demand for
automobiles during the reconversion will
require higher annual output which will
substantially exceed the number produced in any earlier year. Nevertheless,
the demand will not require the use of
all the facilities now operated by the
industry and a surplus will exist. Not
all of the new facilities are adaptable to
automotive production, and it is not clear
what proportion of those that might be
converted to such uses will be needed to
satisfy increased demand.
The current rate of shipments from
pre-war plants, as expanded during the
war, indicates that the effective utilization of these plants alone probably could
supply automotive vehicles at a rate
above maximum pre-war figures. Utilization of many of the other plants and
Chart 8.—Production of Passenger
Cars and Trucks *
November 1944
Chart 9.—Coal Production
MILLIONS OF SHORT TONS
200
BITUMINOUS COAL
ANTHRACITE
150 -
100 -
TOTAL FOR THE QUARTER -
1941
1942
1944
1943
D. D. 44-642
Source : U. S. Department of the Interior.
of their employees must be considered
largely in terms of products other than
automobiles and accessories.
Supply of Basic Commodities
Although the adequacy of supply for
the war program of most materials is
no longer a problem, certain commodities continue to arouse interest as real
or potential sources of difficulty. Among
these are coal and lumber. Analysis of
the situation in these two cases indicates sharp differences. Coal production
has been high throughout the year and,
if continued at present rates, 1944 supplies will be sufficient to meet domestic
industrial requirements. In the case of
lumber, however, though production is
high no expansion paralleling the rise
in coal output has occurred and supplies
continue tight.
Achieving it will depend as much on demand expressed in orders as on production capacity and will require freedom
from work stoppage^.
The rise in output was made possible
mainly by an increase in the number of
hours worked per week and to a lesser
extent by the expansion in mechanical
handling of coal and in strip mining operations. The decline in wage earners in
the bituminous mines from an average
of 376,000 in the third quarter last year
to 348,000 in September was accom(Continuedonp.14:)
Chart 10.—Industrial Stocks of Bituminous Coal, End of Month
MILLIONS OF SHORT TONS
100
Coal.
1939
1940
1
Data for 1939-41 are factory sales ; those
for 1942-44 are production.
Sources: U. S. Department of Commerce and
Facts for Industry, War Production Board.
If the present rate of production of
bituminous coal is continued, the output
in 1944 will be the largest in the history
of the country. Bituminous production,
as shown in chart 9 has been moving
upward, increasing from 514 million tons
in 1941 to 580 million tons in 1942 and
to 589 million tons in 1943.
To supply domestic needs indicated
by the Solid Fuels Administrator for
War as 596 million tons, 124 million
tons will have to be produced in the
current quarter. Output is currently at
a rate well above this figure and for the
full year will probably reach 619 million
tons.
Realization of this output would
mean an all-time high annual total, and
an increase of 5 percent over last year.
1942
1943
1944
D. D. 44-185.
Source : U. S. Department of the Interior.
November 1944
SUEVEY OF CURRENT BUSINESS
Foreign Trade in the Post-War Economy
By August Maffry, Chief, International Economics and Statistics Unit, Bureau of Foreign and Domestic Commerce
OREIGN TRADE is too frequently
considered as an unimportant adF
junct of domestic trade. Foreign trade
can be, by contrast with this limited view,
a positive sustaining force in the United
States economy. It can create broad
new markets for manufactures and form
an important outlet for savings, as well
as provide both raw materials for domestic industry and articles for immediate
consumption which are produced solely
or more advantageously in foreign countries than at home.
Economic conditions are made to order
for a realization of these objectives. In
the United States, fabricating capacities
in heavy industry especially have been
expanded beyond any probable post-war
needs, and there is an abundant supply
of capital from past and current savings.
Outside the United States, reconstruction and developmental programs call for
huge amounts of the products of heavy
industry and offer many opportunities
for the profitable investment of foreign
capita*!.
The problem of combining these factors to achieve a balanced expansion of
foreign trade is one of national scope and
importance. But it is also a problem
which faces thousands of businessmen
in their search for post-war markets.
The United States has a strong national interest in an expanded postwar foreign trade, not only as one means
of maintaining high domestic employment and production, but also as a means
of making the most economical use of our
human and material resources. Our interest in foreign trade is broader, however, than economic considerations alone
would suggest.
Because of the enormous economic
weight of the United States in the world
economy, it has a heavy responsibility
for contributing to world prosperity
through a large and stable volume of
foreign trade and foreign investment.
To the extent that world prosperity helps
in preserving peace among nations, our
foreign trade policy becomes/ an important element in our foreign political
policy. Furthermore, the United States
is in a unique position with respect to its
international economic relations. Its
foreign trade is an important part of
wdrld trade but a small, even though
critical, part of its total economy. It
is the major source of international capital, but its foreign investments represent a relatively unimportant source of
national income. The gold holdings of
the United States are equal to those of
all the rest of the world plus their shortterm dollar claims.
For all these reasons, the position of
the United States is fundamentally different from that of countries which are
heavily dependent on foreign markets or
upon foreign sources of supply for their
very subsistence, heavily indebted to
other countries and largely dependent
on them for new capital, or without
substantial external reserves in relation
to current and prospective requirements.
Whereas countries in these circumstances have little freedom of action and
are often compelled to think first of their
economic security, the United States can
take the lead in promoting an expansion
of its own and world trade without incurring undue risks. From this point
of view, the course of international economic relations after the war will be
strongly influenced by the initiative and
vision of those who determine the foreign
trade policy of the United States.
Past Patterns of Foreign Trade
Foreign trade has played, in the past,
a vital role in the United States economy,
but a very different role at different
stages of its development. The history
of our foreign trade, like that of any
older country, bears out the fundamental
fact that there is no ideal pattern of
foreign trade for an economy in the abstract. The pattern is determined by its
stage of development, its resources, and
other circumstances and therefore varies
from time to time and from country to
country.
Thus, during the early history of the
United States up to the middle of the 19th
century, foreign manufactures and certain foodstuffs, such as coffee and sugar,
were imported in exchange for agricultural and forestry products, including cotton, unmanufactured tobacco,
wheat, and wheat flour. The development of the resources of the country was
speeded up both by the opening of foreign markets and by the investment of
foreign capital.
This pattern of trade—imports consisting largely of manufactures, exports
consisting largely of primary products,
and an inflow of foreign capital financing
an excess of imports—was suited to a
young economy engaged in exploring and
exploiting its natural resources, and contributed greatly to the steady rise in the
standard of living.
As the industrialization of the United
States proceeded during the last half of
the 19th century, the pattern of its foreign trade and other international transactions changed. The relative impor-
Chart 1.—Foreign Trade of the United States and National Income
RATIO SCALE
BILLIONS OF DOLLARS
200
RATIO SCALE
BILLIONS OF DOLLARS
TOTAL EXPORTS
(RIGHT SCALE) **^
1849
1859
1869
1879
1889
1910
1920
1930
1940
1950
D.O.44-7/6
Note: For an explanation of the projection of imports and exports into the post-war period
see p. 8.
•
Source : U. S. Department of Commerce.
SUEVEY OF CURRENT BUSINESS
Chart 2.—Proportions of Crude Materials and Finished Manufactures in
the United States Foreign Trade
80
PERCENTAGE OF EXPORTS
60
40
20
ECONOMIC
CLASS
PERCENTAGE OF IMPORTS
20
40
60
80
CRUDE MATERIALS
1851 - I860
1886- 1890
1911 - 1915
1926- 1930
1936- 1940
FINISHED MANUFACTURES
1851 - I860
D.D. 44-718
Source : U. S. Department of Commerce.
tance of finished manufactures among
imports declined and that of crude materials increased. The opposite shift occurred in exports. (See chart 2.)
The country was by this time seeking
foreign sources of raw materials for its
expanding industries and foreign markets for its own manufactures. During
this period foreign capital aided materially in the industrialization of the
nation as well as in the development of
natural resources. Then, as the wealth
and income of the country increased,
capital from domestic sources became
adequate for practically all requirements
and at about the turn of the century began to go abroad in substantial amounts.
During the 1920's the investment of
American capital in foreign ^countries
became an important factor in raising
exports from the United States to record
peacetime levels. At this period United
States foreign trade was characterized
(in greatly oversimplified terms) by imports composed in large part of crude
materials, exports composed in large part
of finished manufactures, and an outflow
of capital supporting an excess of
exports.1
Far from being necessarily short-run,
or inherently unstable, this pattern of
international transactions was, and is,
entirely appropriate for a highly industrialized economy based on mass-production techniques with a high and rising
level of income and a high rate of savings. It is clearly the pattern which
should be reestablished after the present
war, with, however, several important
differences.
One is that all of the magnitudes involved must be greatly increased as com1
Actually, the structure of the foreign
trade and international payments of a highly
industrialized country such as the United
States is very complex.
pared with any previous standards if
foreign trade is to play its full and
proper role during the reconversion
period and beyond. A second is that the
irresponsible methods and practices of
foreign investment prevalent during the
1920's should not return. A third lies
in the assumption implicit throughout
this analysis that effective steps will be
taken to insure a politically stable world.
The role of lender is just as obvious for
the United States vis-a-vis the rest of
the world as it has been in the history
of the domestic economy for the industrialized East vis-a-vis the developing
West. And, unless counteracted by restrictive trade policies, the development
of the resources of other countries with
the assistance of American capital will
just as certainly create new markets
abroad for our national products as the
building up of the West created new
markets for the products of the East.
Implications of Wartime Trade
The restoration of foreign trade to a
peacetime basis begins, not with pre-war
conditions, but with foreign trade as it
is today. The broad features of this wartime trade are readily defined.
Exports (exclusive of shipments to foreign countries by the Army and Navy
for the use of United States armed
forces) are running at approximately 14
billion dollars, of which about 2.8 billion represent exports of civilian goods
for "cash," and 11.2 billion Lend-Lease
exports and
"cash" military exports
combined.2
2
"Cash" is used here, not in its literal sense,
but as a convenient label for non-Lend-Lease
exports. With minor exceptions, however,
such exports do involve a financial consideration. On the other hand, Lend-Leage exports include some shipments on a reimbursable basis, i. e., involving a current
financial consideration.
November 1944
The beginning of the transition from
war, to peace in foreign trade is signalized by the fact that Lend-Lease and
military exports reached their peak (on
a semiannual basis) during the latter
half of 1943, remained about'the same
during the first half of 1944, and have
since turned downward. "Cash" exports
of civilian goods, on the other hand,
have shown an upward trend since the
first quarter of 1943.
The decline in Lend-Lease shipments
will undoubtedly become sharp with the
end of major hostilities in Europe. The
trend in "cash" trade is to be explained
partly by an easing of the shipping situation; partly, as regards very recent
periods, by a relaxation of export controls; partly by the reopening of oversea
markets to commercial trade; and partly
by the transfer to the "cash" category
of exports which had been made previously under Lend-Lease. All of these
influences will continue to operate during the transition period and will begin
rapidly to push up "cash" exports following victory in Europe.
The striking feature of wartime import trade is its high volume in relation
to the limited areas from which imports
can be obtained. Imports in 1944 will
exceed 4 billion dollars despite thg fact
that they are coming from sources which
in pre-war years supplied less than 60
percent of total imports and the further
fact that many of these sources are restricted or not readily accessible.
Not since 1929 have imports even from
all foreign sources reached so high a figure. To be sure, a number of extraordinary factors have operated to increase
the volume of imports. On the other
hand, the shortage of shipping space has
limited the import of less essential goods
and, at times, also of essentials; and in
some countries the diversion of resources
to war production or the lack of equipment and supplies has curtailed exports
to the United States.
What are the implications of wartime
trade for the post-war period? Is it true,
as is frequently observed, that wartime
trade is so abnormal as to have no significance for peacetime commerce?
Consider, for example, the current trade
between the United States and LatinAmerican countries. Imports into the
United States from these countries in
1944 will exceed 1.6 billion dollars—larger
than imports from them in any previous
year.
This dollar volume of imports can be
explained in part by purely wartime factors: prices substantially higher than
before the war, purchases in excess of
current requirements for stock piling, diversion of trade from normal sources of
supply in other areas, war demands
which have no peacetime counterparts,
and the intensive procurement efforts of
the United States and Latin American
Governments. It is to be explained also,
however, by the high level of industrial
activity and income in the United States
and the heavy demand for raw materials
and for foodstuffs which it generates, as
suggested by the comparative trends in
imports from the area and manufacturing activity in the United States shown
in chart 3.
SUEVEY OF CURRENT BUSINESS
November 1944
Chart 3.—Trade of the United
States with the American Republics and National Income, PreWar and War
INDEX, 1939-100
400 T
300
GENERAL
IMPORTS*
200
100
CIVIL IAN EXPORTS
FOR "CASHUU
I
1939
I
1940
1941
1
1942
1943
1944
D. D 44-7/7
Total exports less military and lend-lease.
Source : U. S. Department of Commerce.
As the accompanying table indicates,
recent imports from Latin America have
consisted largely of commodities which
were important in the trade in pre-war
years (e. g., coffee, sugar, petroleum, oilseeds and vegetable oils, fruits, and copper) and to a relatively small extent of
products which were formerly unimportant (e. g., tin, zinc, essential and distilled oils, precious stones, lead, and beverages) or of wholly new items.
The principal difference between the
current trade and pre-war trade is that
the same commodities are being imported
in larger quantities and at higher prices.
One can make generous allowances for
the wartime factors in the trade and still
be forced to the conclusion that, at a
similarly high level of industrial activity
in time of peace, imports from Latin
America would be very nearly as high as
they are now.
A rough commodity-by-commodity
analysis of the trade indicates that probable decreases might be of the order of
250 million dollars and probable increases, resulting from the release of
shipping and other factors working in
the opposite direction, of the order of 65
million dollars without allowance, however, for a possibly heavy increase in imports of petroleum, regarding which no
conjectures were made.
Current import prices are substantially
higher than in the years just preceding
the present war. However, thanks
largely to the negotiation of intergovernmental purchase contracts and to agreements between United States and British
authorities on their foreign purchasing
programs, there has been no such inflation of import prices as occurred during
and immediately after the last war.
These prices are lower now, moreover,
than they were during the peacetime
period 1923-25.
Although instances may be cited of
individual prices which are due to fall, it
is not certain that import prices on
the average will be much if any lower
after the war, provided favorable conditions of demand for raw materials exist
in the United States and other major
industrial countries.
As another general observation, it
should be noted that current imports
from Latin America, although valued at
more than three times their average
amount in the immediate pre-war period,
are not so high as one would expect a
priori on the basis of the increase in industrial production
and the rise in import prices.3
Wartime trade between the United
States and the Latin-American countries
has post-war significance from another
point of view. As may be seen in chart
3, there is a widening gap between wartime imports and wartime exports which
is typical of our wartime trade as a
whole.
Considering that the demand for American goods by these and other countries
has usually equalled or exceeded their
current dollar receipts, it is a safe assumption that exports to Latin America
in the absence of wartime controls would
be of approximately the same dollar volume as imports, even leaving out of account other possible sources of dollars
such as new investment of United States
capital.
Exports of this magnitude, that is, at
an annual rate of 1.6 billion dollars,
would be three times the amount of prewar trade and nearly double the amount
in any previous year, not excepting the
inflated trade during and after World
War I. In this way, wartime trade indicates the enormous potentialities of
peacetime trade under conditions of high
economic activity at home and abroad.
on the basis of past relationships and
certain assumptions regarding the volume of economic activity in the United
States.
Imports, which consist to the extent
of two-thirds of materials for further
fabrication or processing, have been in
fairly close and stable relationship with
the volume of industrial production and
the latter, in turn, to the national income
and the gross national product. (See
chart 4.) It may be assumed, following
the analysis
in Foreign Trade After the
War,4 that a gross national product of
175 billion dollars at 1942 prices is attainable in the post-transition year 1948
by the "full" employment of the labor
force.5
It is necessary to emphasize that this
175-billion dollar volume of post-war
production does not represent a forecast of the level of production which is
likely to be reached and sustained after
the war. Rather, it constitutes a target
at which we have to aim if the needs
of the country for goods and services are
to be met adequately and if distress unemployment of major proportions is to
be prevented.
This target will be achieved only if
sufficient consumption and capital expenditures are generated in the economy
to take total production off the market
4
Economic Series No. 28, Bureau of Foreign
and
Domestic Commerce, 1943.
5
The 175 billion dollar gross national product figure used here is not inconsistent with
the 165 billion dollar estimate used in "Markets After the War" (Senate Document No. 40;
Government Printing Office, 1943) since it
presupposes that the time required for adjustment in our foreign trade will take longer
than in the domestic field. The difference is
the allowance for growth in the economic potential for two years. The year 1948 is arbitrary, and is to be interpreted as meaning a
calendar period several years removed from
the end of the war.
"Full" employment is not used in the
sense of a complete absence of unemployment. For a definition of the concept, see
"Post-War Manpower and Its Capacity to
Produce" in SURVEY OP CURRENT BUSINESS for
April 1943.
Foreign Trade After the War
The volume of foreign trade after the
war cannot be forecast precisely. However, the general magnitudes of import
and export trade can be projected into
the period following the end of major
hostilities in Europe and in the Pacific
8
The computed figure is 2,000 million dollars as compared with the actual figure of
1,600 million.
Table 1.—Principal Imports into United States from Latin America, 1938—43
[Millionslofdollars]
Commodity
Coffee
Cane sugar and molasses
Petroleum and products _
Fruits and preparations
Oilseeds and vegetable oils
Copper _
Cocoa or cacao beans
Fertilizers, mainly sodium nitrate... _ ...
Hides and skins
Textiles other than wool
Meat products
Tobacco, unmanufactured
Wool, unmanufactured
Ferro-alloys
Vegetables and preparations _
Dyeing and tanning extracts—
Wood and manufactures
Furs and manufactures
Chemicals, other than fertilizers
Beverages
Lead ^
Precious stones and imitations
Essential and distilled oils
Zinc
Tin.
All other commodities
Total imports from Latin America
1
The data represent imports for consumption.
Source: U. S. Department of Commerce.
1938
139.9
88.3
38.3
31 8
30.5
26.6
13 3
12.9
99
9.7
95
79
7. 8
37
•3 6
3.4
30
1.7
17
1.6
13
8
.6
6
.5
36.1
479 0
1939
136.2
82.5
42.3
32 2
33.1
30.1
13 9
13.6
19 2
8.4
97
81
17.1
4 0
0 O
5.8
26
1.4
12
1.6
60
2.1
.8
25
.7
48.5
526 9
1940
124.3
82.3
66.8
32 6
32.4
51.9
14 3
14.8
24.6
12.3
94
89
46.7
9 2
4.6
4.3
2.9
2.8
3.2
1.7
66
4.6
1.3
24
2.6
56.3
623 8
1941
feS
*1942 ~ 1943
172.2
201 4
140.2
135.7
81.8
36 4
33 5
20 2
49.7
46.7
110.6
137.6
16 4
21 7
18.3
13.7
43 4
47.0
26.2
37.1
19 2
17 8
93
10 8
100.4
57.1
23 6
16 9
8.4
8.6
8.7
9.1
51
5.7
7.3
3.7
5.1
4.5
2.6
3.1
18 6
11.7
7.7
10.4
3.4
3.4
73
22.6
14.3
21.8
114.9
92.3
1 029 5 1,016 0
271.5
211.1
84.6
" 23.7
49.5
130.4
27.4
17.1
36 8
46.5
25 5
15 0
85.9
31 6
27 0
9.6
10 0
7.5
12 1
29.4
22 3
16.4
2.7
14 1
10.9
185.8
1 404 4
8
at profitable prices. The likelihood that
this will actually be the case differs in
the short run and in the long run.
At the end of the European war, but
with hostilities in the Far East still in
progress, war expenditures will continue
to claim a substantial part of total production and to distribute a large volume
of incomes to the public. Together with
accumulated savings, this purchasing
power will probably create a demand for
the additional civilian products that will
become available.
During this interval, the problem of
maintaining a high level of production
and employment will be on the supply
side rather than on the demand side,
and will center in the technical and administrative tasks of rechanneling productive resources no longer needed in
the war effort into the production of
goods and services for civilian consumption.
Even after cessation of the war in both
theatres, the demand for durable consumers' goods and capital goods which
had to be postponed during the war may
continue for some time to maintain a
high level of production and employment.
It is the long run, after this deferred
demand has spent itself as a motivating
force in the expansion of peacetime output, that presents the greatest difficulties. For we shall then require an effective demand from other sources for
the great volume of goods implicit in
full employment. To generate it will
tax the ingenuity of both business and
government.
Foreign trade can and should make
an important contribution to a solution
to this long-run problem. As pointed
out elsewhere, however, it cannot provide a complete solution if for no other
reason because of its comparatively
small size.
A gross national product of 175 billion
dollars would be associated with a volume of industrial production measured
by an index of 210 (1935-39=100) and
this level of industrial activity with a
volume of imports estimated at 6.3 billion dollars in terms of 1942 prices.
This projection of imports must be qualified, as has just been emphasized, by the
degree to which a high level of domestic
employment is actually attained. It
must be qualified also to the extent that
the relationship between imports and industrial production has been altered during the war.
The relationship has been altered in
one direction by the reduced dependence
on foreign sources of raw materials as
a result of the development of sources
at home. Rubber may be the outstanding example.
It has been altered in the opposite direction by the greater dependence on
foreign sources consequent upon the serious depletion of domestic supplies of
metals and minerals. Petroleum may be
the outstanding example here.
The net result of these opposing influences is a matter of judgment, but
there is no clear evidence that those
tending to decrease imports should be
stronger than those tending to increase
them.
SURVEY OF CURRENT BUSINESS
November 1944
Chart 4.—National Income, Industrial Production, and Imports
INDEX, 1929 = 100
120
NATIONAL INCOME
100
(1939 DOLLARS)
80
INDUSTRIAL
PRODUCTION
60
40
i
I
I
I
I
I
I
I
IMPORTS
(QUANTITY)
I
I
L
1_J
I
I L
1922 '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39
D. D. 44-r'9
Sources : U. S. Department of Commerce; industrial production index, Board of Governors of the
Federal Reserve System, recomputed with 1929 as base.
To the potential dollar volume of imports in a post-war year must be added,
for present purposes, an allowance for
purchases of services from foreigners and
for new American investments abroad,
since it is the sum of imports, payments
for services, and new foreign investment
which determines the total supply of
dollars available to foreigners for the
purchase of American goods and for
other transactions requiring payments to
the United States. With such an allowance made and account taken of the prewar proportions between dollars used by
foreigners to buy American goods and for
other purposes, United States exports
after the war under the stated assumption may be placed at approximately 7
billion dollars.
These projections of imports and exports into the post-war period represent
normal expectations with no change in
economic policies affecting the basic conditions of trade and without regard to
such trade-creating developments as the
growth of air transport. They would
represent also a continuation of trends
in and relationships between national income and foreign trade observable over
the past century despite war and 6depression and economic revolution. (See
chart 1.)
That the projected levels of imports
and exports would be attained in fact
under the conditions assumed is indicated by the experience of wartime trade.
Thus, the increase in imports following
the outbreak of the war in Europe
brought their dollar volume in 1941—
before the special influences arising from
the entrance of the United States into
the conflict came into play—to 3.3 billion dollars, or to about what would have
6
This does not mean that the relationship
is an unchanging one. On the contrary,
there is a long-run tendency for the volume
of foreign trade to decline in relation to
national income especially because of the increasing contribution of service industries to
national income.
been expected on the basis of the rise in
industrial production, national income,
and prices, with due allowance for the
stoppage of trade with much of Europe.
If the volume of imports is projected
to 1944 on the basis of the further rise
in industrial production and import
prices since 1941, a figure of 9 billion
dollars is indicated. The actual amount
will be about 4 billion dollars. But imports of this value are being drawn, as
indicated above, from sources which normally supply less than 60 percent of total
U. S. imports, including sources which
are more or less restricted or partially
cut off. There are various reasons, too,
for believing that a given volume of industrial production, as measured by
standard indices, is associated with a
smaller volume of imports during the
war than it would be under peacetime conditions.
Another calculation may be based on
the volume of imports from Latin
America in 1944, which is estimated at
1.6 billion dollars. Since imports from
this area constitute about 22 percent of
total imports in pre-war years, imports
from all sources of more than 7 billion
dollars would be indicated under current
conditions of demand and at current
prices, without allowance, however, for
the diversion of trade from other sources.
These roughly computed magnitudes are
higher than the projected volume of imports after the war, but industrial production and prices are now at higher
levels than have been assumed to exist
in our hypothetical post-war year.
Foreign Trade in the Transition
Under the more normal conditions of
trade which will be reestablished after
the end of the war in the Pacific, the
volume of export trade will depend,
largely upon the amount of import trade
and the latter upon the level of economic activity in the United States.
But during the period between the end
of the war in Europe and the end of the
SURVEY OF CURRENT BUSINESS
November 1944
war in the Par East, which is here called
the transition period, the volume of for*
eign trade will depend upon a variety of
short-run influences. With respect to
imports, the dollar amount may be expected to rise gradually, as sources of
supply are reopened, toward the projected post-war figure of 6 billion dollars.
Renewed imports from European countries closed to trade during the war,
which accounted for a sixth of total prewar imports, would make a major addition to the 4 billion dollars of imports
coming almost entirely from non-European sources in 1944.
How quickly this trade is reestablished
will depend upon the rapidity with which
the production and export capacities of
the European economies are restored.
No conjectures on this score are ventured
here. It may be significant, however,
that after World War I, when the disruption of transportation, production,
and trade in central Europe was extreme,
the Continental European countries were
nevertheless able to export to overseas
markets, in the first two post-war years,
goods valued at 5 billion dollars, of which
800 million
were exported to the United
States.7
The 6 billion dollar level of imports
projected in Foreign Trade After the War
would be reached, if it is reached, only
after the resumption of trade with the
countries of eastern and southeastern
Asia. These countries accounted before
the war for a fourth of total imports into
the United States, although they may
account for a smaller proportion after
the war.
Exports will be subject during the
transition period to a number of extraordinary influences. The President's
letter to Mr. Crowley released by the
White House on September 29, 1944
makes it clear that (subject to Congressional approval after June 30, 1945)
Lend-Lease supplies will continue to be
furnished after the end of the war in
Europe "* * * in whatever amounts
are necessary for the most effective
prosecution of the war * * *. The
amount and nature of the aid necessary
after the defeat of Germany is closely
tied up with the strategic plans for the
Pacific war, and the programs for reconstruction and reconversion of industry to civilian needs which we and our
Allies work out on a basis of mutual
understanding. * * *"
The value of Lend-Lease shipments in
1944 will be approximately 11 billion dollars, although the annual rate of such
exports after the middle of the year
will apparently be somewhat lower.
Their value during the transition period
will be largely a matter of policy determination.
For present purposes and without any
pretense of forecasting the actual volume,
it has been assumed that Lend-Lease
shipments in the interval between victory in Europe and victory in the Pacific
will be less than half the current rate or,
say, 4 billion dollars on an annual basis.
Although Lend-Lease exports differ from
ordinary exports in that there is no im7
Europe's Overseas Needs, 1919-20, and How
They Were Met, League of Nations, 1943.
613482—44
2
mediate payment by the recipient foreign countries, still they do represent a
demand for a wide variety of military
and civilian goods for shipment overseas
which will presumably persist, although
in diminishing volume, for some time.
The President's letter to Mr. Crowley
and subsequent pronouncements by
spokesmen for various Government
agencies at the National Foreign Trade
Convention in October removed any remaining doubt regarding the rapid relaxation and abandonment of domestic controls affecting foreign trade once the
military resistance of Nazi Germany is
overcome.
The relaxation and abandonment of
export controls will make it possible for
both the pent-up demand for United
States products and the heavy current
demand arising out of the present high
levels of economic activity in certain foreign areas to assert themselves. The accumulated demand of foreign countries
for consumer durables, which have not
been obtainable for export in significant
amounts in 1942, 1943, and 1944, may be
estimated conservatively at 2-2.5 billion
dollars.
Some of these consumer durables (e. g.,
automobiles) will not be immediately
available in the quantities sought, but
other types of goods, such as metals in
semifinished forms, heavy machinery,
chemicals, and a wide variety of specialties, will be available for export in large
quantities.
To the deferred demand for United
States products resulting from restrictions on exports during the war and to
the demand for these products which
will result from high levels of income
in many countries not devastated by war,
there must be added the pressing relief
and reconstruction requirements of the
war-devastated countries, as well as the
requirements for long-delayed developmental programs of other countries.
These requirements will certainly run
into several billions of dollars, Relief
and immediate reconstruction requirements will be heavily concentrated in the
period of a year or 18 months following
the end of major hostilities in Europe.
Other reconstruction requirements will
be spread out over a period of 5 years
or even longer.
Some idea of the magnitude of European requirements for goods from oversea sources may be indicated by actual
imports into Continental Europe from
oversea countries in the period immediately following the last war. These
imports were placed by the League of
Nations at 9.8 billion dollars in 1919 and
at 7.6 billion in 1920 as compared with
5.4 billion in 1915.8 Imports from the
United States were 4.1 billion dollars and
2.9 billion, respectively, as compared with
1.1 billion before the war. Thus, most
of the increase was in imports from the
United States.
The extraordinary prospective demands of the rest of the world for United
States goods during the transition period will be supported by a considerable
accumulation by foreign countries of
gold and dollar balances. According to
8
Op. Cit.
a private authority, the combined
amount of these holdings may reach 22
billion dollars by the end of 1944 as compared with about 14 billion at the end of
1941, both exclusive of the gold holdings
of the U. S. S. B.9
Nothing like the whole amount will
be used for the purchase of American
goods, since the total includes gold held
as required or customary reserves for
national currencies and as prudent reserves for meeting balance-of-payments
strains. However, considering the wide
distribution of the holdings, it is entirely
possible that extraordinary imports from
the United States will be financed out of
these accumulations at the rate of 1 to 2
billion dollars a year for several years.
Some countries, such as the liberated
countries of Europe, will have no choice
but to draw on their gold holdings to
finance relief and reconstruction requirements unless outside financial assistance
on an adequate scale is forthcoming.
Other countries, such as the other American Republics, which together hold about
3.5 billion of gold and dollars, will be
under heavy pressure to release a substantial part of their holdings to finance
imports for developmental purposes, to
repair the accumulated deficiencies during the period of close restriction on exports from the United States, and to
meet the increased demand for imports
arising from their expanded economies.1*
The prospective amount of govenir
mental and private relief shipments must
be reckoned as another transition factor
in the outlook for export trade. The
United States Congress has appropriated
450 million dollars for the purchase of
relief supplies to be shipped to liberated
countries by the United Nations Relief
and Rehabilitation Administration, and
an additional 350 million may be allocated from Lend-Lease funds for the
same purpose if required.
Besides these public foreign relief
funds, there will be a considerable
amount of private relief in the form of
remittances to liberated and former enemy countries. Relief shipments, like
Lend-Lease shipments, do not represent
commercial exports in the ordinary
sense, but they do give rise to an additional demand for goods for export and,
therefore, have somewhat the same significance for the domestic economy during the transition period as do exports
which are paid for by foreigners.
Although not reported in official export statistics, civilian supplies destined
for use in areas under military control,
for which the War Department has an
appropriation of 562 million dollars for
9
National
10
City Bank Bulletin, August 1944.
The Finance Minister of Brazil has recently indicated the probable disposition of
Brazil's gold and foreign exchange holdings
as of the end of 1943 as follows: Legal reserve for note circulation, 125 million dollars;
deferred imports of machinery and equipment, 90 million; deferred demand for durable consumer goods, 25 million; repatriation
of refugee capital, 25 million; reserve to mdet
short-term fluctuation in Brazil's balance of
payments, 100 million; total estimated requirements, 365 million out of gold and foreign exchange reserves of 454 million. (The
gold and foreign exchange reserves of Brazil
continued to rise during 1944, as did those
of many other countries.)
10
the fiscal year 1945, are to be regarded
in the same light.
As a factor operating in the opposite
direction, that is, to curtail the volume
of exports from the United States, there
are the reparations and other settlements of war obligations between and
among the belligerents. For example,
the reparations to be paid by Rumania
and Finland to the U. S. S. R. will require
the making by these countries of what
are for them heavy deliveries of the commodities which constitute their principal
normal exports. Obviously, what is delivered as reparations cannot be sold in
exchange for goods from the United
States and other sources of supply, and
countries in the position of Rumania and
Finland cannot reasonably be expected
to buy American goods even on a prewar
scale during the period in which reparations are* paid.
All factors considered, it is easily possible that United States exports, exclusive of Lend-Lease shipments, should
rise rapidly from their present level of
somewhat less than 3 billion dollars on
•an annual basis to at least double this
figure during the transition period.
• It will be recalled that in the 2 years
following the last war, when the principal factors involved were the same as
those which will affect trade following
victory in Europe, the value of exports
reached a level of 8 billion dollars annually. But these exports were financed
to a large extent out of loans by the
United States Government and would
thus be more comparable with total exports, including Lend-Lease shipments,
than with "cash" exports alone.
Total exports may be perhaps 10 billion dollars at an annual rate during the
interval between the end of hostilities in
Europe and the end of the conflict in
the Pacific. Furthermore, commodity
prices in 1919-20 were much higher than
they are now or are likely to be. The
conjectured "cash" export volume of 6
billion dollars during the transition period would be roughly the equivalent of
9 billion at 1919 prices and 11 billion at
1920 prices,
Foreign Trade and Reconversion
The general significance of greatly expanded foreign trade for easing the problem of reconversion in domestic industry
is readily apparent. The danger is that
it should be overemphasized in one direction and underemphasized in another.
The prospective increase in non-LendLease exports during the transition
;period, which has been placed here at
3 billion dollars, is small as compared
with a shrinkage of 20 billion dollars in
war production resulting from, say, a
cut of one-third in the demand for combat munitions following the defeat of
Germany,11 and the larger reduction now
generally accepted as probable.
Larger exports will help to take up the
slack throughout the economy, but there
major portion of the slack through forcan be no question of taking up all or any
eign trade. Furthermore, total ship11
See "Magnitude of Transition from War
Production" in SURVEY OP CURRENT BUSINESS
for August 1944.
SURVEY OF CURRENT BUSINESS
ments abroad, including Lend-Lease
shipments, will be decreasing rather than
increasing. On this basis, reconversion
will remain largely a domestic problem.
On the other hand, the expansion in
non-Lend-Lease exports after victory in
Europe will give more support to the
economy than might be deduced from
the bare magnitude of the projected
increase. This follows from the fact that
foreign demands for our products will be
heavily concentrated in those industries
which have undergone the greatest expansion during the war and which face,
therefore, the most severe problems of
reconversion. The conjectured annual
export total of 6 billion dollars for the
transition period may be distributed
roughly as follows by broad commodity
groups:
Commodity
Agricultural products (raw cotton,
rice, leaf tobacco, citrus fruits,
other fruits and preparations,
wheat and flour, meat products,
other)
Machinery (electrical, industrial,
agricultural, office appliances and
other) .
Automobiles, trucks, and other vehicles
Metals and manufactures
Petroleum and products
Other products (chemicals, wood
and paper, textiles, rubber goods,
naval stores, coal, and miscellaneous)
Total
Amount
(millions Percent
of total
of
dollars)
900
15
2,400
40
200
3
20
7
1,200
400
900
15
6,000
100
Thus, perhaps 60 percent of the export
demand during the transition period will
be for metals and machinery; that is, for
the products of heavy industry. It is
in heavy industry, of course, that the
most serious problems of excess capacity
will appear as war production is curtailed.
Role of Foreign Investment
Under existing conditions a volume of
post-war exports in excess of approximately 6 billion dollars a year can be
achieved and maintained only through
new foreign investment. The reasons
for this, all related to the problem of
the dollar availabilities of foreign countries, are: (1) the limitation on the
volume of United States imports of raw
materials inherent in the derived nature of the demand for them; (2) the
limitation on imports of some raw materials and foodstuffs and virtually all
finished manufactures fixed by tariffs
or excise taxes; and (3) the fact that
service transactions in the balance of
payments of the United States have not
in the recent past, and may not in the
longer-run post-war period, yield any
substantial net surplus of dollars to
foreign countries for the purchase of
American goods.12
12
So long as large United States forces are
stationed abroad, expenditures by them and
for their maintenance will be an important
source of dollars for foreign countries. In
the longer run the principal factor of increase will probably be the expenditures of
American travelers for foreign travel and the
expenditures of American civilians living
abroad on incomes received from the United
States.
November 1944
The amount of new foreign investment after the war is therefore the crux
of the post-war export volume over and
above normal expectation on the basis
of past relationships. Before considering what this amount might be, certain
misconceptions regarding foreign investment and the foreign investment experience of the United States should be
cleared away.
There is, in the first place, the rather
common notion that exports supported
by new foreign investment represent a
necessarily temporary and inherently unstable state of affairs. This belief, insofar as it is held in the United States,
represents a false deduction from the
experience of the 1920's.
Under the circumstances in which they
were made, many of the foreign loans
floated in our market during that decade
were unsound and did create a highly
unstable situation in our foreign trade.
But to conclude from these familiar facts
that the United States should not invest abroad on a large scale would be
entirely unwarranted.
What proved to be an uncertain equilibrium was uncertain partly because of
the character of the foreign loans that
were floated and partly because of their
sudden cessation, but largely also because of the instability of the whole domestic and international situation.
There is no fundamental reason, however, why well-conceived foreign investment may not proceed without definite
limit either as to amount or as to period
and with mutual advantages to the countries providing and the countries receiving the capital. The countries receiving
the capital secure the higher levels of
national income produced by a more
rapid development of their natural resources and a more rapid industrialization of their economies than they could
achieve by the employment of domestic
capital alone. Because of these high
levels of income and purchasing power,
the countries supplying the capital find
larger markets for their manufactured
and other products.
There is, in the second place, the misconception that a creditor country must
have an excess of imports in its foreign
trade, or, more accurately, an excess of
payments on current account exclusive
of service on foreign investment if it expects to realize on its foreign investments. This is obviously true of a passive creditor or "rentier" country which
is making no net new foreign investments, but it has no application to an
active creditor country which is making
new foreign investments.
Depending upon the structure of its
balance of payments as a whole, such a
country may well have a persistent excess of exports in its foreign trade over
an indefinite period. The United States
was during the 1920's, and will be again
after the war, (1) a creditor country
with respect to long-term investments,
(2) a lending country, and (3) a country with an export balance of trade.
There is nothing in such a combination of circumstances which of itself prevents the regular receipt of interest, dividends, and amortization and depreciation charges from foreign investment in
SURVEY OF CURRENT BUSINESS
November 1944
excess of interest, dividends, and similar
charges paid to foreigners on their investments in the United States. To be
sure, imports must increase relative to
exports unless new investments are made
at a steadily increasing rate, as would
be necessary to support larger and larger
service on old investments together with
a continuing surplus of exports. Even
this qualification may disappear, however, in a rapidly expanding world
economy.
A third erroneous but widespread idea
is that the foreign loans and investments
of the United States since the last war
were almost entirely lost. There was,
on the contrary, a substantial net return
to the United States as a whole on private foreign investments made during
this period, as shown by the following
calculation covering both foreign dollar
bonds and direct investments abroad:
Billions
of dollars
1. What the United States put
inEstimated i n v e s t m e n t s
abroad at end of 1919
6. 5
Net new investments abroad
from 1920 through 1940
(gross new investments
abroad of 11.8 billion dollars less amortization receipts on foreign dollar
bonds and net resales of
foreign securities to foreigners of 4.9 billion)
6.9
Total
2. What the United States got
out—
Value of i n v e s t m e n t s
abroad at end of 1940
9. 8
Income payments received on
investments abroad from
1920 through 1940
13.9
Total
3. Excess of what the United
States got out over what the
United States put in
13.4
23.7
10.3
This computed net return to American
investors as a group from foreign investment is in contrast to the, losses suffered
by many individual investors, especially
those who bought foreign securities
shortly before the wave of defaults in
the early thirties. The "average" investor with well-diversified holdings
abroad not only got his money back but
also a substantial sum in addition.
The record with respect to our total
long-term holdings abroad stands despite
the original unsoundness of many of
the investments and despite the extremely adverse conditions for servicing
them during the 1930's. It may be noted
that service was maintained throughout
the depression on approximately twothirds of our total foreign bond holdings.
The record with respect to United
States direct investments abroad, considered alone, is one of generally high
returns as measured either by total earnings or earnings transferred to the
United States.
During the period 1920-29 (for which
no remittance data are available) and in
1938-40, total earnings on direct investments averaged 6.9 percent and 7.4 percent, respectively; during the years 193040, earnings remitted to the United
11
Chart 5.—Foreign Trade of the United States, Pre-War, War and Post-War
BILLIONS OF DOLLARS
20
LEND-LEASE EXPORTS
16
CIVILIAN EXPORTS
FOR "CASH"
ADDITIONAL EXPORTS
FROM FOREIGN
INVESTMENT
12
ADDITIONAL
IMPORTS
FROM TARIFF
REDUCTION
PROJECTED
IM PORTS J/
1936-38
1
1942
1943
1944 POST VICTORY
IN EUROPE
ADDITIONAL EXPORTS
FROM TARIFF
REDUCTION AND
INSTITUTIONAL AIDS
TO FOREIGN
INVESTMENT
PROJECTED
EXPORTS I/
POST VICTORY
IN PACIFIC
D.D. 44 -72O
Projected on assumption of 175 billion dollars gross national product.
Source : U. S. Department of Commerce.
States averaged 4.3 percent (2.7 percent
in 1930-34 and 5.8 percent in 1935-40).
These returns are the more remarkable
since no allowance was made in the computations for inactive investments yielding no return, or for investments in
projects not yet developed to a productive stage, and since they include the
Relatively low returns from investments
in public utilities.
Thus, neither theory nor experience
indicates that there is anything inherently unsound in continued new
foreign investment by a country in the
position of the United States, or any
necessary instability in the increased exports of goods which such investment
generates. It remains, however, to con-1
sider the prospective volume of new
foreign investment by the United States.
No explicit assumption regarding the
rate of foreign investment was made in
Foreign Trade After the War. However,
since receipts and payments on account
of service transactions were expected to
be approximately equal, the difference
between the projected 7-billion dollar
level of exports and 6.3 billion of imports
represented a purely nominal allowance
for net new investment abroad.
The actual amount could be many
times higher and the level of exports
higher in proportion. There are compelling economic reasons why it should
be.
The United States needs greatly increased foreign markets in order to
utilize productive capacities expanded
during the war but, as we have seen,
will find only moderately larger markets
abroad under the influence of the readily
discernible factors in the post-war foreign situation.
Moreover, considering the rate of savings associated with a gross national
product of 175 billion dollars, the United
States will be in a position to supply
billions of dollars of new capital to for-
eign countries. At this level, corporate
and individual savings might amount to
as much as 25-30 billion dollars (gross)
per annum.
These savings could be invested productively at home, although the use of
such a sum yearly would require adjustments in the domestic economy which
may be avoided by investment abroad.
Furthermore, a substantial portion of
the total savings can be more profitably
invested outside the United States for
the simple reason that returns to capital,
where capital is relatively scarce, are
higher than where it is relatively abundant.
Foreign investment constitutes a natural outlet for domestic savings and a
means of maintaining domestic full employment, at least unless and until other
solutions to the savings-investment problem are found.
On the supply side, therefore, there is
no close limitation on the amount of new
foreign investment by the United States
if individual and corporate investors are
willing so to utilize their savings.
With respect to demand, there are,
first, the needs of the war-devastated
countries for capital for reconstruction
amounting to billions of dollars and concentrated in the immediate post-war period and, second, the needs of underdeveloped countries for developmental capital in large amounts over an indefinite
term of years.
Both demands will be materially larger
than they were after the last war, when
American investments abroad of 11 billion dollars, including intergovernmental loans in 1919 and 1920 of 3 billion
dollars, were made over a 12-year period
ending with their virtual cessation in
1930. Furthermore, while other sources
existed at that time, there will be after
the present war no other important
source of international capital besides
the United States.
12
By this line of reasoning, it would be
possible to conceive of new foreign investment by the United States during the
post-war period at a multibillion-dollar
rate. In terms of probabilities, however,
there are two obstacles to be overcome.
One is the generally unfavorable, although not fully informed, attitude of
American investors toward foreign investment. The other is the limited
capacity of foreign countries to absorb
foreign capital and their unwillingness to
receive it except on terms satisfactory
to them.
The first obstacle may be overcome in
part by a guarantee of foreign loans such
as is contemplated on an international
basis in the proposed International Bank
for Reconstruction and Development or
may be avoided by using a Government
agency such as the Export-Import Bank
as the channel for new investments
abroad.
The second obstacle is of a more stubborn character. It resides in the various
limitations upon the speed of industrialization and the rate of absorption of foreign capital by an underdeveloped country. One of these is population and the
size of the labor force equipped to use
modern tools. Another consists of the
necessity of creating certain facilities,
such as communications and power, before extensive manufacturing operations
can be begun. Then there are political
and social adjustments involved in industrialization, some of them of a serious nature.
Because of these limitations, the abstract requirements of a country for capital equipment and for foreign capital
must be heavily discounted, except under conditions of complete state direction. Furthermore, the whole pattern
of foreign investment must be changed
from what it was in the 1920's if capital
from the United States in large volume
is to be accepted by other countries.
Investments in the future cannot be
of such a character as to involve any
substantial degree of alien control of
natural resources and industries. They
cannot be made on onerous terms as regards interest and repayment. They
must be made in recognition of the responsibility of leading industrial powers
for maintaining conditions in the international economy which will make the
servicing of foreign investments possible
without undue strain.
At least so far as private capital is
concerned, foreign investment after the
war should, to the maximum extent possible, take the form of equity or "direct"
investments. Such investments; are
much less of a burden on the international exchanges in periods of declining
trade because they are subject to variable returns in local currencies rather
than to fixed charges in dollars.
The fact that they are made by business concerns which are risking their
own capital and supplying technical and
managerial skills along with the capital
tends to insure the productiveness of
direct investments. For these reasons,
among others, direct investments of
American capital in foreign countries
have been more satisfactory on the whole
SURVEY OF CURRENT BUSINESS
November 1944
scale and through the proposed International Bank and an enlarged ExportImport Bank, together with the larger
volume of unassisted foreign investment
which these institutional aids might
induce.
Annual exports above 10 billion dollars
would be possible as a result of a still
higher rate of new foreign investment.
What the rate might be is highly conjectural. It depends upon the boldness with
which investment opportunities are
seized both by those who have capital
to invest and by those who can put it to
use; upon the care and foresight with
which developmental programs are
to investor and borrower alike than investments in fixed-income obligations.
As indicated in the accompanying diagram (see chart 5), it has been ventured
that post-war exports of 7 billion dollars
would be possible on the basis of new
foreign investment of about 1 billion
dollars a year. Exports of 10 billion dollars would be possible if, in addition to
increased imports from tariff reduction
estimated at a possible 1 billion dollars,
the rate of foreign investment were
stepped up to 3 billion dollars a year.
This could be accomplished through
the direct investment of corporate funds
in foreign enterprises on a substantial
Chart 6.-—Relationship Between Imports of Finished Manufactures and
National Income
700
RELATIONSHIP TO
NATIONAL INCOME
600
CO
500
UJ
cr.
ID
Id 400
UJ U.
IO
CO 300
LL. —1
o=!
a:
o
a.
200
2
NOTE: LINE OF REGRESSION "AB*
WAS FITTED TO DATA FROM
1922-39.
100
30
40
50
60
70
80
NATIONAL INCOME (BILLIONS OF DOLLARS)
90
IOO
+200
ao
=<
NET TREND
a: o
"•
-100
NOTE: LINE OF REGRESSION "CD*
WAS FITTED TO DATA FROM
1922-30; "EF" FROM 1931-39.
-200
I
J
I
J_
I
I
I
I
I
I
I
I
I
I
I
I
1922 '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39
D. D. 44-724
Source : U. S. Department of Commerce.
November 1944
planned; and upon the success which
attends the efforts to promote, through
international cooperation, a balanced
growth of the world economy.
Bretton Woods and Foreign Trade
The proposals formulated at Bretton
Woods for the establishment of an International Monetary Fund and an International Bank for Reconstruction and
Development have, as one of their primary objectives, the stimulation of a
renewed flow of international capital.
The proposed Bank, as a wholly new
institutional device for reyiving the flow
of international capital, has special significance for the foreign trade of the
United States.
Most of the loans made or guaranteed
by the Bank in the first years of its
operations will be dollar loans and as
such will provide an outlet for our savings and directly increase our exports.
The possible amount of these loans and
the rate at which they will be made become, therefore, matters of crucial importance for post-war foreign trade.
The total loans which may be made or
guaranteed by the International Bank
are fixed in its statutes at the amount of
its subscribed capital of 9.1 billion dollars, plus the amount of its reserves and
surplus. Prudent management will probably hold the actual volume of loans
through its facilities below this maximum, say to 8 billion dollars.
The rate at which the resources of the
Bank will be used depends upon a number of factors which cannot be reduced
to dollar terms. Among these are the extent of the demand for loans for reconstruction and developmental purposes,
the receptiveness of the private capital
market to the obligations of the Bank
and the obligations guaranteed by it, and
the disposition of its management. The
annual volume of loans might be perhaps 1 billion dollars as a minimum and
2 billion as a maximum, beginning in
1946 as the first full year of operation.
It should be borne in mind in this connection that the proposed Bank is closely
limited by its statutes as regards the
type of loan which it may make or
guarantee.
The Bank may make or guarantee
loans, except in special circumstances,
only for specific projects of reconstruction or development which have been
recommended by a competent committee.
When the member in which a project
is located is not itself the borrower,
its full guarantee of the loan is required.
And, in making or guaranteeing a loan,
the Bank shall have due regard to the
prospects of repayment.
These limitations, coupled with the
restriction on the total amount of the
Bank's commitments, are designed to
obviate any possibility of indiscriminate
lending in the manner of 1920's. They
are intended also to make the obligations which the Bank guarantees, as well
as its own obligations, readily acceptable
to private investors.
The Bank, by operating under these
safeguards and by offering to the investing public the joint and several guarantees, up to the amount of their subscrip-
SURVEY OF CURRENT BUSINESS
tions to its capital stock, of the United
States, the United Kingdom and other
British countries, the U. S. S. R., Prance,
Belgium, Netherlands, Norway, and
other countries, should overcome the
major obstacle to foreign investment of
United States capital constituted by the
disfavor with which foreign securities
are regarded.
The proposed Monetary Fund would
make a less obvious but no less important contribution to maximizing the
post-war foreign trade of the United
States. In terms of this analysis, the
fund may be said to have two major
purposes.
One is to achieve the elimination of
restrictive exchange controls carried over
from the 1930's or imposed as a matter of
wartime necessity and to prevent their
reimposition in the future by countries
experiencing balance-of-payments difficulties. This first objective must be
gained if there is to be any real hope of
reaching the foreign trade goals envisaged for the post-war period.
The second purpose of the Fund is to
promote exchange stability and orderly
exchange adjustments. This, too, must
be realized if a high level of peacetime
trade, once established, is to be sustained. Moreover, achievement of this
second purpose would contribute not only
to an expansion of international trade
but also to the revival of international
investment upon which the post-war foreign trade of the United States so largely
depends.
Role of Tariff Reductions
A multilateral reduction on a substantial scale of tariffs and other barriers to
the exchange of goods between countries
is clearly required for raising international trade, our own included, to high
peacetime levels.
From the particular point of view of
the United States, further tariff reduction is essential to a successful foreign
investment policy. For, if a steadily increasin^volume of foreign investment is
to be serviced by foreign countries without placing restrictions on our exports,
it is necessary to provide the broadest
possible basis for imports into the United
States and the largest possible flow of
dollars into the hands of foreigners from
this source.
A policy of further tariff reduction by
the United States, under a broad international program of freeing and stimulating the flow of trade, does not call in
the immediate future for a more evenly
balanced trade as such by this or any
other means.
On the contrary, what the early postwar situation demands is a heavily unbalanced trade through foreign investment as a means of creating employment.
Furthermore, as has been pointed out
elsewhere, there is no contradiction between a rising volume of imports as the
vehicle for the transfer of service on
foreign investment and a persistent surplus of exports supported by new foreign
investment.
However, a more evenly balanced trade
tends to be a larger trade because it
militates against the imposition of trade
13
barriers; and a larger two-way trade
supports more jobs than a smaller twoway trade. Imports which are noncompetitive, such as many distinctive foreign
specialties, by making possible larger exports, contribute to employment just as
much as exports from any other cause.
Competitive imports promote a more efficient use of our resources and in this
way raise the Nation's productivity, real
wages, and the general level of living.
The possible magnitude of the increase
in imports into the United States, as a
result of substantial tariff reduction is
suggested by a comparison of the relation
between national income and imports
of finished manufactures before and
after the tariff of 1930. (See chart 6.)
In general, there was a positive relationship between the value of imports of
finished manufactures and the national
income. This relationship may be expressed by the statement that a change
of 10 billion dollars in national income
was associated with a change of 80 million dollars in the value of such imports.
The striking fact, however, is that not
only has the value of imports declined
very sharply since 1922 for any given
level of national income, but also that
this 13
decline became much sharper after
1930. The sharper decline after 1930
can apparently be attributed to the general increase in import duties in that
year. Substantial further tariff reduction, preferably by multilateral action,
or, this failing, under the Reciprocal
Trade Agreements program, would presumably result, therefore, in an important increase in imports and consequently in exports.
For present purposes, the extent of the
possible increase has been placed at 1
billion dollars, although it could be much
greater. This estimate is carried into
chart 5 to illustrate the potentialities of
post-war trade.
Elements of a Foreign Trade Policy
Here, then, are the elements of a postwar foreign trade policy for the United
States: ( D a high and reasonably stable
level of domestic employment and production; (2) foreign investment on a
large scale; (3) participation in a world
movement to lower tariffs and remove
other impediments to international trade.
To these might be added a fourth element not considered in this article,
namely, the planned conservation of
certain depleted and wasting natural resources in favor of imports.
A high and sustained level of domestic
employment is essential to a high level
13
If residuals are plotted from the regression line AB shown on the upper half
of chart 6, the nature of the shift in these
imports through time becomes apparent.
Lines CD and EP shown on the bottom half
of the chart represent regressions covering
the years 1922 through 1930 and 1931 through
1939, respectively. These trends indicate that
on the average the value of imports declined
about 10 million dollars per year in the
former period and about 50 million in the
latter period. It may be noted also that the
value of imports is very closely approximated
by the use of the national income regressions
and the two trends.
14
SURVEY OF CURRENT BUSINESS
of foreign trade because it induces a
large volume of imports and because a
large volume of imports makes possible
a large volume of exports. A large volume of exports in turn helps maintain
high domestic employment.
The reasoning is circular but nevertheless sound, since domestic and foreign
trade react upon each other just as trade
in one section of the United States reacts upon trade in other sections of the
United States. What this means is that
when domestic labor and productive capacities are more fully utilized we have
not only more jobs from domestic trade
but also more jobs from foreign trade.
It is possible to envisage ways of coping
with the problem of full employment
which rely upon purely domestic policies.
There are weighty reasons, however, for
assigning an important role to foreign
trade and foreign investment in the total
program. The task is likely to be so formidable that it will be wise to rely on a
broad range of measures.
Foreign investment, as a profitable outlet for domestic savings and production,
constitutes a partial solution which will
ease somewhat the difficult readjustments
facing American industry.
Moreover, a large volume of foreign
trade and foreign investment, by providing other countries with the commodities they need for consumption and
to restore and build up their capital
equipment, can be a powerful factor in
promoting international stability and
peace—provided always that the foreign
trade policies of this and other countries
are pursued in a cooperative spirit rather
than in a spirit of insolation and rivalry.
Business Situation
(Continued from p. 4)
panied by a rise in weekly hours from
around 40 hours last October, to 44 hours
currently.
As shown in chart 10 industrial stocks
of bituminous coal, after having been in
a declining trend since November 1942,
have turned upward in recent months,
reflecting both seasonal and precautionary stock piling. As of September 30,
1944, these stocks totaled 59.2 million
tons. Though higher than the low point
of 46.9 million tons of March and April
of this year, these stocks are still below
those on hand at the end of September
1943 and the monthly average of last
year.
Coal stock piles are, however, never a
large percentage of annual coal requirements. Such stocks are held by industrial consumers as working inventories
and generally represent relatively small
percentages of annual needs. It is significant, however, that the decline in
stocks has apparently been arrested at
least for the time being and that reserves are being built up to take care of
future contingencies.
Anthracite production, which has been
Chart 11.—Lumber Supply and
Consumption
BILLIONS OF BOARD FEET
20
November 1944
ply to be made available as it will be
impossible to depend on inventories at
the rate of the past 2 years. However,
some further reduction from the current
level of inventories appears likely in the
next 3 months. Output in the three
quarters of 1944 of 25.1 billion board feet
represented a decline of 3.3 percent from
the production of the corresponding period last year. Consumption, however,
has been running at a higher level than
production and, although L-335 is expected to bring consumption and production into close alignment, further withdrawals from stocks have been programmed at a decreasing rate under the
control order.
New and Revised Series
s.
1941
Sources : Facts for Industry, War Production
Board, and U. S. Department of Commerce.
running at a monthly rate of about 5.5
million tons, totaled close to 55 million
tons for the first ten months. If output
at the October rate continues during the
next two months, the year's total would
be about 64 to 65 million tons which, if
realized, would be the largest tonnage
mined since 1930 and an increase of 7
percent over last year.
Lumber.
The position of lumber in relation to
supply and demand has deteriorated
steadily throughout the war period.
Military demands continue to absorb a
very large percentage of the large supplies available.
At the time of Pearl Harbor, stocks of
lumber at mills and concentration yards
and in the hands of retail and wholesale distributors aggregated approximately 17.3 billion board feet. However,
the sustained period in which demand
greatly exceeded production has forced
stocks drastically downward and as of
June 30, 1944, they were only about onethird of the 1941 year end figure.
Present stocks are about 1.6 billion
board feet below a year ago and are now
equivalent to only slightly more than 2
months' supply at the rate of consumption in the first half of the year.
The mounting lumber requirements of
the war, brought about by the extension
of military operations, combined with a
static production situation, resulted in
War Production Board action of placing
in effect an over-all control on the movement of nearly all types of lumber in the
United States. This control, WPB Order
L-355 effective August 1, 1944, puts the
dwindling lumber supply on a practically
complete "authorization to purchase"
basis which prescribes methods of lumber procurement and provides for the determination of amounts procurable by
practically all consumers.
Allotments of lumber will be of necessity largely determined by the new sup-
Hardwood Plywood and Veneer: New
Series for Page S-291
[Plywood in thousands of square feet as measured by
"glue line"; veneer in thousands of square feet, surface
measure]
Veneer
Plywood
Cold
press
ShipStocks,
Hot Produc- ments
and
end of
tion consumppress
month
tion 2
August.
September. .
October
November. .
December—
146, 785
154, 190
153, 048
142, 207
152, 310
60, 115
61, 608
52, 787
55, 180
60, 983
780, 628
828, 586
795, 062
764, 988
563, 026
541, 540
607, 947
606,949
Mo. avg
149, 708 58, 135 792, 316
579,866
Year and
month
1942
1943
January
February. _.
March
_
April.
Mav
June.
July
August
September. _
October
November. .
DecemberTotal
Mo. avg
152,820
148, 982
169, 339
160, 306
166, 029
159, 076
156, 643
160, 732
154, 153
160, 074
153, 819
152, 341
73, 285
85, 880
78, 019
72, 615
70, 903
82, 243
76, 783
81, 329
86, 337
84,812
77, 963
75,823
745, 199
749, 407
826, 235
864, 025
838, 169
848,907
836, 324
842, 946
858, 297
853, 068
824, 632
783, 388
759, 890
786, 036
855, 706
878, 127
800, 543
854, 828
856, 625
859, 185
868,209
892, 539
847, 896
800, 390
547, 224
535; 359
511, 817
507, 941
516, 002
526, 965
518, 035
517, 914
521, 367
505, 952
509, 557
504, 262
1,894,314 945, 992 9,870,597 10,059,974
157, 860 78,833 822, 550
838, 331 518, 533
1 Data are compiled by the U. S. Department of Commerce, Bureau of the Census, for the War Production
Board and represent virtually complete coverage of the
hardwood veneer and plywood industry. Estimates are
included for establishments from which reports were not
received; in 1943 and 1944 estimates have been made for
only a few establishments, most of which are small, and
for which data were available for part of the period; prior
to December 1942 for veneer and October 1942 for plywood, the proportion of the totals estimated exceeded 20
percent.
The veneer figures are in terms of surface area with no
account taken of thickness. The "glue line" measurement used for plywood represents the total area of glue
spread; it measures the surface area of the veneer used in
the manufacture of plywood, except that it does not
include the core.
Veneer stocks cover stocks of companies cutting veneer,
both cut and purchased veneer, and purchased veneer
held by establishments not cutting their own veneer.
Reports of the compiling agency show veneer and plywood data by species of wood and types; veneer manufacturers' consumption and stocks of logs; and plywood
manufacturers' consumption and stocks of glue. They
also give face area of plywood production, in addition to
the "glue line" data as shown here.
2 Shipments and consumption in reporting plants.
November 1944
16
SURVEY OF CURRENT BUSINESS
Drug Store Sales in the War Period1
By Tynan Smith, Business Statistics Unit, Bureau of Foreign and Domestic Commerce
SURVEY of the retail drug trade for
the year 1943 has recently been completed through the cooperation of the
Bureau of Foreign and Domestic Commerce and the A. C. Neilsen Co. The results of this study are important not only
because they establish a new benchmark
for current estimates of sales of retail
drug stores, but also because they offer
a basis for appraising sales estimates
for other retail groups based upon sample
data.
Current estimates of the volume of retail sales by kind of business such as
those of the Bureau of Foreign and
Domestic Commerce have proved invaluable for market analysis, and in the development of Government policy with
respect to taxation, price administration,
and wage adjustments. At the present
time a knowledge of trends in retail sales
and, particularly, the changes which
have occurred during the war provide an
essential starting point for analysis of
the probable post-war patterns of retail
trade.
The latest available Census of Retail
Trade covers the year 1939. Even in normal times extrapolations on the basis of
sample data are subject to increasing
error as they are further extended from
the base. During the 4 years since 1939,
retail distribution has been subjected to
drastic wartime changes, thus introducing additional elements of uncertainty
and possible error in the derivation of
current estimates from sample data. Although various checks can be made as to
the accuracy of sample estimates, only
another Census can provide an accurate
bench mark. Nevertheless, it was possible in the present survey of 1943 drug
store sales to obtain estimates approaching the accuracy of Census data.
From available records of the Bureau
of Narcotics on registrations for class 3
narcotics license a record of the births
and deaths'since 1939 of retail drug
stores was obtained. Sales of all stores
going out of business since 1939 were deducted from the Census total sales leaving the 1939 sales of all drug stores remaining in business during the entire
period 1939-43.
Estimates of 1943 sales for this group
were projected by applying the 1939-43
sales trend of sample data to the 1939
A
1
Based on a survey conducted by the Division of Research and Statistics, Bureau of
Foreign and Domestic Commerce and the
A. C. Nielsen Co. Acknowledgement is made
to the Narcotics Bureau, Treasury Department, for providing its lists of drug stores
and to the Bureau of the Census, Department
of Commerce for supplying special tabulations. Organization of this survey was under
the general direction of Warren N. Cordell of
the A. C. Nielsen Co. and Louis J. Paradiso
of the Division of Research and Statistics.
A more extensive report has been prepared
jointly by the Bureau of Foreign and Domestic Commerce and A. C. Neilsen Co., copies of
which will be sent by either agency upon request.
sales. The drug store sample used for
this projection covered about 4,000 stores,
including 1,000 independent and 1,500
chain stores covered by the A. C. Nielsen
Co. and 1,480 independent stores covered
by the Bureau of the Census, adequately
distributed by 124 store type, store size,
city size, and territorial subdivisions. A
questionnaire survey was then made of
the 1943 sales of all drug stores which entered business during the 4-year period.
On the basis of the replies received
from 53 percent of all stores surveyed, an
estimate of 1943 sales volume was obtained for all stores entering business
since 1939. The final estimate of 1943 retail drug store sales was secured by adding the sales estimates for stores remaining in business from 1939 to 1943 to the
estimates for stores starting in the same
period. A detailed statement of the procedure used in deriving these estimates
appears at the end of this article.
Results of Survey
The table below gives a summary of the
estimates of drug store sales for 1943
compiled as a component of the regular
Bureau of Foreign and Domestic Commerce series on retail trade and the estimates obtained from the present survey:
Estimated Drug Store Sales, 1943
[Millions of dollars]
Bureau of Foreign and Domestic Commerce Bureau—Nielsen survey
Independent
Chain
2,092
654
654
1,934
Total
2,746
2,588
The Bureau's estimates of chain drug
store sales are based upon a representative sample provided to the Bureau by
drug organizations covering about 75 percent of the total trade. As a further refinement additional data on 1939 and
1943 sales were secured from a group of
smaller chain drug firms not already reporting to the Bureau, and a method of
weighting the sample data by size of
chain organization was used to eliminate
possible bias. The total thus obtained
was almost identical with the estimates
secured from the survey. Consequently,
no change in the Bureau's estimates of
chain drug store sales was necessary.
Sales of retail independent drug stores
were obtained by deducting sales of chain
drug stores from the total. The estimate
of total drug store sales for 1943 was prepared by the Bureau on the basis of sales
tax reports from ten States. This
amounted to 2,746 million dollars—6 percent above the estimate shown by the
present survey. This difference, which
represents an average of 1.5 percent a
year, can be attributed primarily to a
geographical bias in the sales tax sample.
Sales tax data overcome two difficulties normally present in the generally
used sample of a constant number of
stores. First, sales of all drug outlets in
the States included in the sample are
covered by sales taxes, and second, sales
tax data give proper weight to the sales
of small stores which are difficult to cover
adequately by the ordinary sampling
techniques. However, it is always possible that retail sales in the States included in the sales tax sample will not be representative of the Nation as a whole,
particularly for any one kind of business.
In the case of drug stores it was concluded that the survey yielded a more
reliable estimate of independent drug
store sales for 1943 than that based on
sales tax data. Consequently, the Bureau's estimates of independent drug store
sales were revised to conform with the
trend shown by the survey.
However, it must not be concluded
that a similar bias necessarily exists for
the other major lines of retail trade
whose estimates are based on sales tax.
There has been a very close correspondence between the trend of income payments, population shifts, and other measures of economic activity for the States
in the sales tax sample and the trends for
the entire country. This offers some assurance that the trend of total retail
sales in the sales tax States is representative of the trend for the Nation. For
any one kind of business, however, so
many diverse factors influence the sales
picture that some error is to be expected
in the estimates derived from the sales
tax data. Nevertheless, the sales tax
data provide a better basis for making
current estimates of total retail sales
than can be obtained from any other
source now available.
A detailed survey, such as was possible
for drug store sales, provides a benchmark for correcting the level of current
estimates. Only occasionally do conditions of availability of data and the limitations of time permit an intercensal
check of this magnitude.
Chart 1.—Sales of Drug Stores
MILLIONS OF DOLLARS
200
150 -
100
1939
1940
1941
1942
1943
1944
O.D.44-68*
Source: U. S. Department of Commerce. *
SURVEY OF CURRENT BUSINESS
16
Wartime Sales Trend
Ketail druggists during the war have
been hampered less by merchandise
shortages than have many other retail
trades. No material shortages of prescription supplies have occurred, while
the volume of prescriptions has increased
substantially bo.h in number and average value. The increased number of
working we men has meant increased
sales of cosmetics which have remained
in good supply. Another bright spot in
the wartime picture of drug-store sales
has been the sharp rise in the demand
for vitamin products as a result of very
effective advertising and increased
awareness of the need for health protective measures in time of war.
The wide variety of lines handled by
the druggists—more than half of the
business of the average drug store is in
nondrug lines—has made it possible to
substitute new lines, such as books, glassware, and leather goods, for merchandise
no longer available. As a consequence,
drug-store sales have continued to expand in line with the sharp increase in
wartime purchasing power.
Chart 1 shows the monthly movement
of chain and independent drug stores
from 1939 through the first 9 months of
1944. This series is the regular monthly
sales series of the Bureau of Foreign and
Domestic Commerce adjusted to the 1943
level determined by the survey. No
change was necessary in the chain figures, but since the 1943 volume of other
drug-store sales was lowered by 158 million dollars this adjustment was neces-
sary for independent stores.
The
monthly estimates of dollar sales volume
and the indexes adjusted for number of
business days and seasonal factors are
shown in table 1.
The relatively better sales performance of chain drug stores through the
first half of 1941 is clearly indicated by
the chart. Prom the middle of 1941
through 1942 independent drug stores
increased their sales more rapidly than
did the chains. A leveling-off in the upward sales trend for chains was evident
during 1943, and in 1944 this tendency
has also been apparent in the independent store sales.
The added importance to drug stores
of the Christmas trade during the war
is reflected by the more-than-usual December increases in both 1942 and 1943.
Unprecedented demand for holiday merchandise coupled with shortages of many
types of gift items normally obtainable
at other outlets accounts for the unusually heavy sales of seasonal goods—
jewelry, novelties, servicemen's kits—by
drug stores. It is of interest that independent drug stores appear to have experienced more of this holiday buying
than did the chains.
Although the rates of increase as between the two groups of stores varied at
times subsequent to 1939, chain-store
sales accounted for 25.4 percent of the
total in 1943, or just about the same as
the 25.6 percent which such sales represented of the 1939 total.
Although monthly data are available
only for chain and independent store
totals a more complete analysis of the
Chart 2.—Sales of Drug Stores, by Regions
REGION
100
MILLIONS OF DOLLARS
200
300
400
500
NEW ENGLAND
•H INDEPENDENT
W//WA CHAIN
METROPOLITAN
NEW YORK
MIDDLE ATLANTIC U
EAST CENTRAL
METROPOLITAN
CHICAGO
'WEST CENTRAL U
SOUTHEAST
1939
1943
1939
1943
1939
1943
SOUTHWEST
1939
1943
PACIFIC
1939
1943
1
wartime shifts in the retail drug trade
is possible on the basis of the survey
estimates for 1943 which were compiled
for 124 subdivisions by type of store, size
of store, city-size, and geographical
areas.
Table 1.—Revised Retail Sales of Drug
Stores, 1939-44 *
adjusted
Sales (millions of Seasonally
indexes (1935-39=
dollars)
100)
Year and month
3
"o
H
1939:
January
February
March
April
May
June
July
August
September
October
November
December
_
120
118
128
126
130
127
131
130
131
127
126
168
.3
03
A
O
31
30
33
32
32
32
32
32
33
34
33
46
c) §
i—i §
90
88
96
94
98
95
98
98
98
94
92
122
3
0
106.8
109.5
109.6
109.1
107.9
107. 5
107.1
106.4
108.7
107.5
110.0
111.4
'c3
o§
A
O
105.8
108.5
108.6
108.8
107.8
109.0
108.4
109.5
112.3
110.4
112.6
114.8
107.2
109.8
110.0
109.2
108.0
107.0
106.7
105.4
107.5
106.5
109.1
110.3
Year
1940:
January .
February
March
April...
May
Jiine^-..
July
August.
September
October
November
December _
1,563 400 1,163 108.4 109.8 108.0
Year _.
1941:
January
February
March
April
May
June _ _
July
August
September
October
November
December
1,637 425 1,212 113.6 116.6 112.6
126
125
133
128
134
132
135
138
134
138
135
179
135
126
138
138
149
145
154
161
158
155
156
207
32
32
34
33
34
34
34
35
34
37
36
49
36
34
38
37
39
38
38
40
40
41
41
58
94
93
98
95
101
98
100
103
99
101
98
130
99
92
100
101
110
107
115
121
118
114
114
149
110.9
112.0
113.8
110.7
111.5
112.4
110.5
111.6
113.1
115.2
117.0
120.0
118.6
117.0
118.1
120.0
122.1
124.4
126.0
131.4
132.1
129.4
136.3
137.3
110.3
111.3
114.6
112.3
112.8
115.5
116.0
118.3
118.8
119.5
121.9
122.5
123.3
123.9
125.6
127.4
129.0
130.4
128.7
133.9
135.6
132.5
139.6
143.6
111.1
112.2
113.5
110.2
111.0
111.3
108.7
109.3
111.2
113.8
115.4
119.2
117.0
114.6
115.5
117.5
119.7
122.3
125.1
130.6
130.9
128.4
135.2
131.1
1,821
Year.
1942:
January
159
February
150
March
163
April
164
173
May
172
June
181
July
August
188
184
September
October .. _
197
November
_
188
December. ._
265
479 1,342 126.4 131.5 124.6
2,185
Year
1943:
January
190
183
February
March
198
203
April
214
May
210
June
216
July
. .
212
August
210
September.
221
October
218
November
311
December
571 1,614 151.6 156.4 150.0
Year
1944:
January
February
March .
April
MayJune
July
August
September
42
38
43
43
44
44
46
47
46
52
50
74
49
47
51
52
53
53
54
52
51
56
56
79
117
111
120
121
129
128
136
141
138
145
137
191
142
136
146
150
161
157
162
160
159
166
162
232
138. 0
138.9
141.3
142.7
143.5
146.5
148.8
153.2
154.0
163.2
166.0
175.7
142.8
138.3
144.2
147.6
148.6
151.5
154.2
158.5
158.1
168.4
170.6
183.7
167.3
169.7
169.4
176.1
177.3
178.6
175.6
175.0
175.2
185.1
191.2
167.9
169.8
170.8
179.7
178.8
180.1
179.1
178.1
174.3
181.8
187.5
206.9 198.1
136.4
139.1
140.3
141.0
141.8
144.8
147.0
151.4
152.6
161.4
164 4
173.0
167.1
169.7
168.9
J74.9
176.8
178.1
174.4
174.0
175.5
186.2
192.5
209.9
2,588 654 1,934 179.6 179.4 179.7
_
213
203
224
'212
224
220
225
227
231
52
51
57
53
55
54
55
55
56
161
152
166
159
169
166
170
172
175
186.7
181.6
191.9
183.9
185.1
187.1
184.9
185.5
191.0
178.0
177.1
191.2
182.1
182.7
184.7
186.7
186.5
187.6
189.6
183.1
192.1
184.5
185.9
187.9
184.3
185.1
192.1
D D. 44-693
Middle Atlantic excludes Metropolitan New York ; West Central excludes Metropolitan Chicago.
Sources : U. S. Department of Commerce and A. C. Nielsen Company.
November 1944
i Monthly data tlo not necessarily add to totals, due
t ° rounding.
SURVEY OF CURRENT BUSINESS
November 1944
Average Sales Per Store
The stability over the 4-year period
1939-43 in the division of total drug store
sales between chain and independent
stores was not reflected in the trend of
average sales per store. Nearly all of
the decline in the number of drug stores
occurred among the independents, so
that average sales per store for this
group showed a substantially larger increase from 1939 to 1943 than occurred
in the case of chains.
In other words, the average independent store received a relatively larger
share of total sales in 1943 than in 1939
while the proportionate share of the
average chain store remained the same.
Table 2 reveals that this difference in
the trend of the average volume holds
true for those stores which remained in
business throughout the 1939-43 period
as well as for all stores after taking
account of births and deaths. The chain
store is still much larger than the average
independent. The independent drug
store is predominantly a small business
unit with average sales in 1943 about
one-fourth that of the chain store.
17
Chart 3.—Percentage Increase, 1943 from 1939, in Sales of Drug Stores,
by Regions
PERCENT
REGION
25
50
75
100
125
UNITED STATES
NEW ENGLAND
'////////////////////////////////////A
METROPOLITAN NEW YORK
INDEPENDENT
CHAIN
Y/////////////A
MIDDLE ATLANTIC
(EXCL. METROPOLITAN
N. Y.)
EAST CENTRAL
METROPOLITAN CHICAGO
WEST CENTRAL
(EXCL. METROPOLITAN CHICAGO)
,
\///////////////////////777777/?77A
Table 2.—Average Sales of Drug Stores,
1939 and 1943
SOUTHEAST
Average
sales Cthousands of dollars)
Percent
increase
All chain drug stores
Chain drug stores in business continually 1939-43
All independent drug stores
Independent drug stores in business continually 1939-43.
1939
1943
PACIFIC
97
160
65
99
22
157
39
59
77
23
39
70
A striking development during this
4-year period has been the decided contrast between the average size of the
stores that went out of business and the
stores that entered business. On the
basis of 1939 volume the drug stores, both
chain and independent, that discontinued operation had average sales about
two-thirds as large as the stores remaining in business, while the average 1943
volume of stores entering business was
more than a fourth higher. This reflects the greater caution employed in
deciding upon entry into the drug business, and the very favorable economic
situation prevailing.
Regional Trends 1939-43
On a regional basis, the 1939-43 retail
drug store sales trends follow a pattern
entirely consistent with the regional
trends of consumer incomes. Chart 2
gives a regional picture of the dollar
volume of sales for the 2 years while
chart 3 shows the percentage increases
in sales volume. Although the East Central region had a larger dollar increase
in drug store sales, the largest relative
increase (94 percent) occurred in the
Pacific area which has experienced a
large influx of workers and a sharp rise
in income payments as a result of the
establishment of great new centers of
aircraft production and shipbuilding,
613482—44
3
SOUTHWEST
Sources : U. S. Department of Commerce and A. C. Nielsen Company.
and the expansion of other war manufacturing industries in this region.
More than average relative gains were
recorded in three other regions, Southeast, Southwest, and East Central, all of
which benefited proportionately more
than the rest of the country in terms of
consumer incomes, from the wartime industrial shifts. Table 3 gives the regional distribution of sales in 1939
and
1943 and the percentage changes.2
The regional pattern of 1939-43 sales
trends for chain and independent drug
stores show several interesting differences as can be seen from the charts. In
only three regions, Middle Atlantic, East
Central, and Southwest, have the sales
trends been approximately the same for
both chain and independent stores. In
these areas the larger increases in average sales per store in the independent
than in the chain group has been offset
by the decline in the number of independent stores, in contrast to the small
declines or moderate gains in the number
of chain outlets. For instance, in the
Southwest region there was a 5 percent
gain in the number of chain stores between 1939 and 1943 while independent
stores fell 7 percent. The regional shifts
in number of drug stores are shown in
table 4.
The decline in the number of independent drug stores was significantly large
2
For definitions of regions see table 3.
D. D. 44-694
in all regions and appears to have borne
little relation to the regional change in
sales volume. This reflects the continuation of the normal mortality rate in all
regions uncompensated by births as military service and profitable opportunities
elsewhere in the economy have prevented
or deterred young druggists from starting their own stores. On the other hand,
although the number of chain stores remained virtually the same over the 4year period there have been regional
shifts in number of outlets which do
bear a general relationship to the regional change in sales volume.
The conclusion to be drawn from this
is that the establishment or discontinuance of chain drug stores has been influenced by the factor of sales opportunity, and has been relatively little affected by the peculiar wartime factors
which have influenced the birth rate of
independent stores.
Chain drug store sales in the Southeast
region doubled while independent store
volume increased by three-fourths. This
difference was due to the 7 percent gain
in the number of chain stores and the 8
percent drop in independent stores,
while the relative gain in average sales
per store was about the same for the two
groups.
A different situation prevailed in the
Pacific area where the percent increase
in independent store sales was larger
than for chains. Here the determining
18
SURVEY OF CURRENT BUSINESS
November 1944
Table 3.—Sales of Retail Drug Stores by Regions, 1939 and 1943l
Sales (millions of dollars)
1939
Region
United States total
New England
Metropolitan New York
Middle Atlantic
East Central
Metropolitan Chicago
West Central
Southeast . _ _ _
_ __
Southwest
Pacific
_ __
Percent increase, 1939-43
1943
Total
Chain
Independent
Total
Chain
Independent
Total
Chain
Independent
1,563
400
1,163
2,588
654
1,934
66
64
66
119
137
196
271
77
266
172
152
173
26
27
63
87
30
59
30
30
48
93
110
133
184
47
207
142
122
125
188
190
307
465
110
424
305
263
336
42
34
99
149
40
90
60
52
88
146
156
208
316
70
334
245
211
248
58
39
57
72
43
59
77
73
94
62
26
57
71
33
53
100
73
83
57
42
56
72
49
61
73
73
98
1
The areas included in the regions are as follows:
New England—Massachusetts, Maine, Vermont, New Hampshire, Rhode Island, and Connecticut.
Metropolitan New York—New York City, including Long Island and adjacent counties in New Jersey.
Middle Atlantic—New York and New Jersey (excluding Metropolitan New York), Pennsylvania (excluding the
Pittsburgh trading area), Delaware, Maryland, District of Columbia, Alexandria City, and Arlington County, Va.
East Central—Ohio, Indiana (excluding Lake County), Michigan, Kentucky, West Virginia, the Pittsburgh trading
area of Pennsylvania.
Metropolitan Chicago—Cook, Dupage, and Lake Counties in Illinois, and Lake County, Ind.
West Central—Illinois (excluding Metropolitan Chicago), Wisconsin, Missouri, North Dakota, South Dakota,
Kansas, Nebraska, Colorado, Wyoming, Montana, Iowa, and Minnesota.
Southeast—Virginia (excluding Alexandria City and Arlington County), North Carolina, South Carolina, Florida,
Georgia, Alabama, Mississippi, and Tennessee.
Southwest—Texas, Arkansas, Oklahoma, New Mexico, and Louisiana.
Pacific—California, Oregon, Washington, Utah, Nevada, Arizona, and Idaho.
factor was the wide disparity in the trend
of average sales per store. A spectacular
rise of 120 percent in average dollar volume of independents contrasts with an
84 percent gain for chains. Despite the
very favorable sales performarlce of the
"average" independent store in this region the number fell 9 percent from 1939
to 1943, or more than the decline for the
Nation as a whole.
Sales Trends by City-Size
Not much difference is apparent in the
average 1943 sales volume per drug store
as between the larger and smaller cities,
except in the very smallest centers and
rural areas where the average sales are
about half the per store volume in more
thickly populated areas. Among the independent stores there is a tendency for
the average size to increase with a decrease in size of city except, again, in the
very small towns where average volume
drops off substantially. There are few
chain drug stores in towns of less than
5,000 population, so that this group was
included with the next largest population
group. The average size of chain stores
in cities of from 5,000 to 49,999 is about
one-fourth less than in cities of from
50,000 to 499,999 and in the metropolitan
areas with a population of over 500,000,
where the average size is about the same.
There appears to be a moderately inverse relationship between size of city
and the relative increase in average sales
of drug stores as indicated by chart 4.
However, when the effect of New York
City and Chicago is removed from the
group of cities with a population of more
than 500,000 (see table 5) there is a positive relationship between the trend of
average sales and city size in the case
of chain stores.
Chain stores in the remaining large
cities showed a 72-percent gain in average
sales volume from 1939 to 1943 as compared with 66 and 65 percent for the
chain and independent drug stores have
had a large rise in sales volume as a
result of the tremendous expansion of
war production in and near the large
industrial centers such as Detroit, Los
Angeles, and San Francisco.
intermediate and small cities. A similar
result is obtained by applying the same
adjustment to the independent stores.
In this case, the percent increase in
average drug store sales in the largest
cities is raised to 87 percent, the same
increase as in the smallest population
centers of under 5,000. In the smallest
centers and rural areas where chain drug
stores are almost nonexistent, the
average independent store has benefited
by the relatively greater improvement in
agricultural income as compared with
other industries and the concentration
of military camps in outlying areas. On
the other hand, in the largest cities,
excluding New York and Chicago, both
Sales by Store Size
Small independent drug stores made
a better showing over the 4-year period
than did the large independent stores
, while there was very little difference in
increase in dollar volume between the
large and small chain stores. Chart 5
.shows the percent increase in average
sales per store from 1939 to 1943, by
size of store, for independent and chain
drug stores. Independent drug stores
that had an annual business volume
of less than $20,000 in 1939 doubled)
their average sales by 1943 while those
with 1939 sales of from $20,000 to $50,000
and over $50,000 showed gains in average
sales of 77 and 58 percent, respectively.
The 59-percent increase in average
sales registered by the chain stores with
1939 volume under $100,000 is not significantly different from the 61 percent
gain shown by the larger chains.
The relatively larger sales increases
shown by the smaller independent drug
stores during the war coincides with
general experience during a period of
expanding business. Small firms normally increase their business more
rapidly than do large firms in an expansion and, conversely, fall more
rapidly in a decline. In addition to this
general factor, in this period 1939-43
the expansion of small independent drug
stores was aided by the wartime economic factors that contributed to the
sharp increase of drug store sales in
small towns and rural areas. Over 40
percent of the smallest independent
stores are in towns of less than 5,000
population.
Chart 4.—Percentage Increase, 1943 from 1939, in Average Sales Per
Drug Store, by Size of Place x
PERCENT
100
T!i
75
:.yl'.,
s
50
J':v'-
_
<v ^ / *
§i
'/'%X |
8
lie
If*?
» »a
^ C' v
vX
^
*
x
•'-** \
*
UNDER
5,000
-r
v t *~^' ^
r
/
•^
A
x" '
r^^l^r
^ifj^f
'^S\fe
f <£v>£ *
50,000
TO ,
499,999
500,000
AND
OVER
nnPIII ATIOM
_
fes0'
ps&y-Aa
i h1 A N V^?i
^fr>v-:
UNDER
50,000
s^
5,000
TO
49,999
"^ >? %
'<, 'rt,Vr,l
jac-.'v W^i-'
Ki
181 i^^/f5
N*B tjfe^
'^5S\
r
'^ 5 *
?' \ " &
F^ «•»*,'>'•».«:•
i
r
1
, , «
E N D IE hJ*. T
^
£UJ D • EP
< i *** i
'
''l
i-"- %• TV,
> \^: Jlrr^r!
^^^ "
* > **
^ * ' I'
i 1 ,. »*
s >*\i.
' ~, . v
>«, f '
**< '
. * ••* \i> ^H^'
* * ?/j« i^> »,-^»
^_f_g
25
r-/.-
ftRnilD
--
Population groups are based upon the 1940 Census.
Sources : U. S. Department of Commerce and A. C. Nielsen Company.
^/v^>'^
l?^ts
§&^^
^r A'f^
^sy^
SfesSv?
SS#VM£
u^t?
50,000
TO
499,999
500,000
AND
OVER
J*
D. D. 44-696
November 1944
Table 4.—Number of Drug Stores, by Regions, 1939 and 1943>
Chain
Region
Number of stores
1939
United States total
New England
Metropolitan New York
Middle Atlantic.. .
East Central
Metropolitan Chicago
West Central
SoutheastSouthwest
Pacific
1
.
- . __
1943
4,125
336
268
660
980
282
559
297
309
434
Independent
Percent
change
4,101
338
242
649
986
258
553
318
325
432
-0.6
+.6
-9.7
-1.7
+.6
-8.5
-1.1
+7.1
+5.2
—.6
Number of stores
1939
Percent
• change
1943
53, 778
3,851
5,432
6,533
8, 227
2,065
10, 423
M05
5,913
4,929
49, 765
3,544
4,999
6,154
7, 749
1,812
9,626
5,894
5,503
4,484
-7.5
-8.0
-8.0
-5.8
-5.8
-12.3
-7.6
-8.0
-6.9
-9.0
The areas included in the regions are noted in footnote 1 of table 3.
Nearly all of the decline in number
of independent drug stores from 1939 to
1943 was in the smallest size group.
This would account for part of the large
increase in average sales in this group
since marginal firms dropped out and
only the successful remained. The
largest size group, based on 1939 volume, added about as many stores as it
lost, while the intermediate group suffered a moderate net decline in* number
of units. A gain in the number of chain
stores doing more than $100,000 worth
of business in 1939 was offset by a decline
in the number of smaller chain outlets.
The effect of these changes in number
of stores upon total sales of each size
group is shown in table 6.
has adhered to the relationship with
disposable income of individuals in evidence since 1929.
For the first time since the 1939 Census
a detailed analysis of drug-store sales
by regions, city-size and store-size has
been possible. It is intended that this
study will be repeated each year in order
to achieve the maximum, of accuracy in
the current estimates. More detailed
statistics of the present study will be
available in pamphlet form and can be
obtained by writing either to the Bureau
of Foreign and Domestic Commerce or
to the A. C. Nielsen Company, Chicago,
Illinois.
Summary
The principal determining factor in
the wartime trend of drug-store sales
both for the total and for the regional
movements has been the trend of consumer purchasing power. Despite the
curtailment of the drug store birth rate
since 1940 and shortages of manpower
and of supplies in a few lines, the increase in sales volume from 1939 to 1943
Narcotics License Records.
Sources and Methods
Registrations for Class 3 narcotics licenses are compiled on a fiscal-year basis. The annual lists cover the bulk of
the registrants while delinquent registrations, changes in ownership, address,
name, and business organization are
shown in the monthly reports sent in
by the Internal Revenue Collectors from
the 63 districts.
Chart 5.—Percentage Increase, 1943 from 1939, in Average Sales per
Drug Store, by Size of Store 1
PERCENT
100
75
50
r.cHAjN;^
25
UNDER
$ 20,000
1
$ 20,000
TO
$49,999
$50,000
AND
OVER
— SALES GROUP
UNDER
$ 100,000
Sales groups are based upon the volume of sales, 1939 Census of Business.
Sources : U. S. Department of Commerce and A. C. Nielsen Company.
19
SURVEY OF CURRENT BUSINESS
$100,000
AND
OVER
D. D. 44-695
For this study the annual lists as of
June 30 for 1940, 1941, 1942, and 1943
were supplemented with data taken from
the monthly reports from July 1, 1940,
through the early months of the fiscal
year 1944 (beginning July 1, 1943). In
this manner annual lists, as of July 1 of
each year, were prepared showing the
name of each store, proprietor's name,
store address and location.
From a comparison of the annual list
for 1940 with the list for 1941, and similarly for each pair of years, a list of temporary deaths and births for each year
was obtained. These temporary births
and deaths were further compared by
address to remove those that merely represented a change of name or ownership.
In addition stores entering and leaving
business between July 1940 and July
1943 were removed. The remaining list
Table 5.—Average Drug Store Sales by
Size of City, 1939 and 1943 *
Chain
Stores in cities with
population of—
Under 5,000
5,000 to 49,999
50,000 to 499,999
_
500,000 and over
500,000 and over, excluding New York and Chicago -_
Independent
Average
sales per
store
(thousands of
dollars)
.5
"3
Average
sales per to
o
store
(thou- 0
.9
sands of
dollars) -ua
1939 1943
£
1939 1943
78
105
102
129
174
166
65
66
6S
oq
*>6
22
28
52
47
38
87
79
81
73
101
174
r>,
9"}
43
87
s
0
1^
£
1
Size of city groupings are based on 1940 Census of
Population.
represented final births and deaths. An
adjustment was made for the undereoverage of the narcotics license records
among the very small drug stores as described in the following section. These
results are summarized in table 7.
Stores in Business Continually.
On the basis of the list of stores going
out of business between July 1, 1940, and
July 1, 1943, the Business Division of the
Bureau of Census located and tabulated
the 1939 Census schedules for these stores
by store-type, store-size, city-size, and
territorial subdivisions. Any retail outlets listed that were not specifically included as drug stores in the 1939 Census
were excluded from the store mortality
tabulation.
An adjustment was made to take account of the undercoverage among small
drug stores of the narcotics license records. The number of independent drug
stores with an annual volume of under
$5,000, as shown by the 1939 Census
agrees very closely with the estimated
number of drug stores not covered by
the narcotics registrations as used in this
analysis.
By examining! the percent of store
deaths shown by independent stores and
noting the increase in this rate as the
store size became smaller, it was possible to determine a fairly reasonable
estimate for the mortality rate of these
stores. This was given territorial and
SUKVEY OF CUKEENT BUSINESS
20
Table 6.—Drug Store Sales by
Size of
Store, 1939 and 19431
Size of store
Average
sales
(thousands of
dollars)
1939 ,1943
Independent stores with
sales of —
Under $20,000
$20,000 to $50,000
Over $50,000Chain stores with sales
of—
Under $100,000
Over $100,000
10
30
81
Total sales o
fe (millions c5
of dollars)
-1-9
fl
8
0>
£
20 100
53 77
128 58
**
89
56
177 285
0
0
,W
61
1939 1943
1
348
503
312
59?
851
491
70
69
57
152
248
232
422
53
70
i Size of store groupings are based upon 1939 Census
sales volume.
city-size adjustments before being applied to the distribution of independent
drug stores under $5,000 by city-size within each territory.
The resulting number and 1939 volume and number of stores was accepted
as additional death data to be added to
the estimates derived from the narcotics
registrations. This adjustment was fairly
important from a store-count basis, but
negligible from a volume standpoint. The
number amounted to 980 or 1.7 percent
of the 1939 number of drug stores, while
the sales volume was only $2.7 million, or
less than 0.2 percent of the 1939 total.
No correction for births due to the
undercoverage of the narcotics license
data was felt necessary, since very few
stores of this small size are coming into
business under present economic conditions.
The subtraction of these death data
from the Census tabulations for all drug
stores in 1939 provided the number of
stores and 1939 sales volume of all drug
stores in business continually from 1939
through July 1, 1943. Estimates of 1943
sales for this group were obtained by
applying the 1939-43 sales trend of
sample data to the 1939 sales. This
sample was composed of 1,000 independent, and 1,500 chain stores covered
by A. C. Neilsen Co. and 1,480 independent stores covered by the Bureau of
the Census.
The extrapolation was made separately for chain and independent and by
each of the store-size, city-size and territorial subdivisions, which reduced to a
minimum the possibility of sample bias.
Stores Entering Business 1939-43.
The list showing the name and address of each store entering business
during the 4-year period was used for
a questionnaire survey asking for the
1943 sales volume of these new stores.
This questionnaire, in addition to requesting the 1943 sales also asked for
verification of the fact that they came
into business after 1939.
Chain drug store organizations were
sent a special questionnaire requesting
the addresses and 1943 sales for all stores
which they had opened since 1939. They
were also supplied with the names and
addresses of stores thought to be new additions to their organizations to be
checked against their actual records.
This was necessary because in some cases
it was impossible to tell by name alone
whether a store belonged to a chain
drug organization.
The replies to this questionnaire supplying the n e c e s s a r y information
amounted to 53 percent of all stores
surveyed, a very satisfactory return.
Detailed analysis of the percent of returns by State and city-size revealed a
very even return, giving no indication
of store-size bias. Consequently, it was
felt that the blow-up of the sample data
to totals could be handled on the basis
of the percentage return. The average
1943 volume as shown by the returns for
each city-size within each territory was
applied to the store count for the same
market subdivision, in order to correct
for minor variations in the percent of
returns.
In order to classify new stores into
1939 volume groups it was necessary to
determine breaking points based upon
1943 sales. The 1939 breaking points for
independent store volume groups are
$20,000 and $50,000. By applying the
1939-43 sales trends for these volume
groups, the corresponding 1943 breaking
points were established at $37,500 and
$87,500. Stores with these annual sales
in 1943 were therefore comparable to the
$20,000 and $50,000 .groups in 1939 and
were thus classified.
Similarly, for the chain stores, the
1939 volume group dividing line of $100,000 was adjusted to $150,000 on the basis
of 1943 chain-store sales. On this basis
the store births were fitted into the 1939
volume groups.
The final estimate of 1943 retail drugstore sales was secured by adding the
estimates for stores remaining in business throughout the period to the estimates for the store births. One additional change was made at this point.
The estimate of 1943 sales for chain
stores obtained from the detailed analysis of births and deaths amounted to
$644,000,000, about 1.5 percent below the
$654,000,000 estimated on the basis of
the Department of Commerce chainstore sample. Since the latter sample
covers three-fourths of all chain drug
store sales, it was felt that the $654,000,000 was more nearly accurate for the
national total and the estimates by size
of store, city-size and territorial subdivisions were adjusted to this figure.
Reliability of the Estimates.
Every effort has been made in this
survey to reduce errors of estimate to
a minimum. The fact that the final
1939-43 trends shown for the territorial
and city-size break-downs present a
meaningful pattern in terms of current
economic conditions offers some assurance as to the reliability of the estimates.
Additional assurance can be gained from
comparisons with data from other
sources. The comparison of the survey
results with the sales estimates prepared as part of the Department of Commerce series on retail trade has already
been discussed.
A comparison of the number of drug
stores shown by the survey in 1943 can
be made with an independent estimate
prepared by the Business Structure Unit
November 1944
Table 7.—Number and Types of Retail
Drug Store Changes, 1940-43
July July July
1940 to 1940 to 1941 to
June June June
1943
1941
1942
Births
Deaths
Net change
Change of ownership
Change of name _
Change of address
Miscellaneous changes ...
July
1942 to
June
1943
392
245
1,201
564
5,238 1,724 1,663 1,851
—4, 037 — 1 160 —1, 271 —1,606
5,059
573
1,572
182
1,976
250
696
69
1,727
150
567
54
1,356
173
309
59
of the Department of Commerce. This
latter estimate shows a total of 47,600
drug firms in business as of June 30,1943.
An adjustment of this figure for the multiple units of chain drug firms, based
upon the 1939 Census relationship, yields
an estimate of 53,700 retail drug outlets.
The estimate obtained from the narcotics license data is 53,866 retail drug
stores as of July 1, 1943, a difference between the two estimates of less than 0.5
percent.
Since the store birth and mortality
data obtained from the narcotics records extended from July 1, 1940, to July
1, 1943, a slight error is involved in the
omission of data for the first 6 months
of 1940 and for the last 6 months of 1943.
No adjustment was made because information was completely lacking. Nevertheless, by extending the trends of the
birth and death rate the probable magnitude of the error can be estimated.
The assumption is made that these
births and deaths were almost entirely in
the independent group. During 1940
there were about 3 deaths to every birth
so that for the first 6 months there were
approximately 300 births and 900 deaths.
Average 1943 sales of independent store
births were about $50,000, which implies
an understatement of 1943 sales of $15
million. Deaths were concentrated
among the smaller stores so that 1943
sales for this group averaged below
$23,000. This means an overstatement
in the 1943 sales estimates of about $20
million, or a net overstatement of $5
million.
Similarly, in 1943 there was only one
birth to every nine deaths and a total for
the last 6 months of about 100 births and
1,000 deaths. It is assumed that these
changes took place entirely among the
independent stores with the same average sales as noted above. However,
these births and deaths took place during the last half of 1943.
Consequently, we can assume that the
average store birth during this period
was in operation only 3 months of the
year and the average store death was out
of business only 3 months. The sales averages, therefore, were divided by four
and this resulted in an overstatement of
1943 sales of about $6 million and an
understatement of about $1 million, or a
net overstatement of $5 million.
Thus, the total effect upon the 1943
sales estimate of missing store births and
deaths during the first 6 months of 1940
and the last 6 months of 1943 amounts
to an overstatement of only $10 million,
an error of less than 0.5 percent.
November 1944
SUEVEY OF CURRENT BUSINESS
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 September 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
1944
September
1944
1943
September
October
Novem- December
ber
January
February
March
April
May
June
July
232.2 ' 233. 7
258.9 T 259. 6
229.3 ' 229. 8
12, 888 '12, 605
August
BUSINESS INDEXES
INCOME PAYMENTSf
Indexes, adjusted:
Total income payments
1935-39 = 100. . 232.2
258.4
Salaries and wages
do
229.3
Total nonagricultural income
do
13, 659
Total
mil. of dol
Salaries and wages:
9,257
Total §
do
3,989
Commodity-producing industries
do
78
Direct and other relief
do
1,283
Dividends and interest
_ __ do
Entrepreneurial income and net rents and roy2,611
alties
- mil. of dol
430
Other income nayments 5
do
12, 013
Total nonagricultural income
do
215.2
241.3
210.9
12, 452
217.5
243.9
213.3
12, 690
220.8
247.2
216.6
12, 311
222.9
249.8
218.7
13, 398
226.4
252.7
221.6
12, 426
231.1
256.8
225.3
12, 114
230.2
254.0
224.9
12, 871
229.4
253.3
224.5
12, 493
231.0
254.6
225.6
12, 300
232.6
257.0
227.5
13, 499
8,614
4,111
78
984
8,775
4,142
78
823
8,848
4,132
78
505
8,967
4,076
79
1,659
8,889
4,018
79
808
9,026
4,009
79
446
8,980
3,963
79
1,130
8,985
3,941
78
791
9,075
3,963
78
483
9,201
4, 015
78
1,512
9,152
4,015
78
885
2,528
248
10, 849
2,760
254
10, 865
2,614
266
10, 685
2,401
292
11,995
2,336
314
11,151
2,212
351
10,954
2,267
415
11,658
2,218
421
11, 305
2,243
421
11, 068
2,296
412
12, 193
2, 357
416
11, 506
158
180
146
158
181
140
180
217
153
153
138
164
139
126
149
135
117
149
121
87
147
127
83
160
123
74
161
133
80
173
127
80
163
131
114
145
138
131
' 143
128
109
143
131
115
143
133
122
142
137
114
154
138
122
150
143
130
153
150
127
167
156
143
165
146
133
156
154
139
165
141
116
160
135
117
150
133
105
'154
2,006
1,953
1,992
1,935
2,282
2,253
2,043
2,005
1,741
1,692
1,628
1,536
1,439
1,343
1,528
1,433
1,480
1,402
1,546
1,452
1, 558
1,504
1,649
1,602
' 1, 741
'1,690
294.0
243.5
258.5
233.0
200.0
239.0
287.5
291.0
242.0
252.0
235. 5
190. 5
255.5
271.5
339.0
249.0
271.0
234.5
184.5
254.0
282.5
301.5
254.5
253.5
255.5
183.5
297.0
285.5 '
254.5
256.0
259.5
253.5
184.0
277.5
325. 0
231.0
260.0
278.5
248.0
191.0
281.0
273.0
202.0
276.0
271.5
279.0
201.0
333.5
286.5
215.5
274.0
276.5
272.0
199.5
322.5
283.5
211.0
270.0
282.0
202. 0
209.5
306.0
252.0
218.5
276.0
284.0
271.0
219.0
308.0
278.0
226.5
275. 0
283. 0
270.0
213.5
316. 0
260.5
241.0
252.0
264.0
244.0
207.0
266.5
260.5
' 254. 5
'261.0
272.0
' 253. 5
' 202. 0
' 288. 5
265. 5
' 9, 185
' 4, 022
78
484
2,434
r 424
' 11, 140
FARM MARKETINGS AND INCOME
Farm marketings, volume:*
Indexes, unadjusted:
Total farm marketings „
1935-39=100
Crops
.__do-..
Livestock and products
do
Indexes, adjusted:
Total farm marketings
do
Crops
do
Livestock and products
do
Cash farm income, total, including Government payments*
mil. of dol. .
Income from marketings*
do
Indexes of cash income from marketings :t
Crops and livestock, combined index:
Unadjusted
_ .1935-39= 100. .
Adjusted
do
Crops
do _
Livestock and products
do
Dairy products
do.
Meat animals
do
Poultry and eggs
_
do
INDUSTRIAL PRODUCTION
(Federal Reserve)
232
235
236
238
236
P234
249
247
237
248
239
240
240
Unadjusted, combined index t
1935-39=100
252
252
248
251
p250
267
269
259
257
255
259
268
258
Manufactures! .
do
357
354
'348
'349
370
375
366
363
361
p345
376
364
367
Durable manufactures f
_
do
202
203
214
214
210
204
202
212
213
215
210
208
200
Iron and steel t
do
133
130
'135
?134
124
127
133
121
122
125
136
133
126
Lumber and products!
_
.. do
142
149
'144
••142
'145
149
142
152
152
150
148
150
Pl43
Furniture f
do
127
123
'129
119
P130
129
124
124
114
107
110
116
107
Lumber!
do
'442
'434
437
'435
452
451
445
*428
458
463
453
461
458
Machinery!
do
263
243
292
279
245
277
287
*238
289
285
285
286
278
Nonferrous metals and products!
do
243
252
282
268
280
283
293
270
279
282
266
280
Fabricating*
do
244
252
273
'226
297
299
289
*205
294
309
297
303
307
Smelting and refining*
._
do
169
165
'167
165
P162
172
174
161
163
163
178
164
161
Stone, clay, and glass products!
_._do._
94
100
79
74
90
124
67
68
130
106
92
70
Cement
do
124
125
' 125
122
P122
122
129
121
126
129
125
126
131
Clay products*
do
213
228
213
225
204
227
218
206
205
216
200
195
208
Glass containers!
do
'704
'706
734
726
*700
764
786
754
730
'716
780
763
746
Transportation equipment!. . _
do
'223
226
228
'228
232
239
244
233
P228
247
248
240
238
Automobiles!.
do
'172
169
167
168
pl73
184
172
173
169
183
181
172
171
Nondurable manufactures! _
do
143
151
'198
127
159
132
119
111
115
128
127
138
120
Alcoholic beverages!
do
v Preliminary
'Revised.
^Formerly designated "Social security benefits and other labor income."
§The total includes data for distributive and service industries and government which have been discontinued as separate series to avoid disclosure of military pay rolls.
*New series. For a description of the indexes of the volume of farm marketings and figures for 1929-42, see pp. 23-32 of the April 1943 Survey; indexes through 1942 were computed
by the Department of Commerce in cooperation with the Department of Agriculture; later data are from the latter agency. Data for 1913-41 for the dollar figures on cash farm income
are shown on p. 28 of the May 1943 Survey but the annual totals have been revised beginning 1940; revised monthly averages based on the new totals are as follows (millions of dollars):
Cash farm income, total including Government payments—1940, 759; 1941, 979; 1942,1,339; 1943, 1,660; income from marketings—1940, 695; 1941, 930; 1942, 1,281; 1943, 1,604; the monthly
figures have not as yet been adjusted to the revised totals. Data beginning 1939 for the new series under industrial production are shown on p. 18 of the December 1943 issue.
!Revised series. Data on income payments revised beginning January 1939; for figures for 1939-43, see p. 16, table 17, of the April 1944 Survey. The indexes of cash income from
farm marketings have been completely revised; data beginning 1913 are shown on p. 28 of the May 1943 Survey. For revisions for the indicated series on industrial production, see
table 12 on pp. 18-20 of the December 1943 issue.
S-2
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
November 1944
1944
1943
September
September
October
Novem- December
ber
January
February
March
April
May
June
July
August
BUSINESS INDEXES—Continued
INDUSTRIAL PRODUCTION— Con.
Unadjusted— Continued.
Manufactures— Continued.
Nondurable manufactures— Continued.
Chemicalsf
1935-39=100
Industrial chemicals* .
do
Leather and products!
do
Leather tanning*
do
Shoes
_
do
Manufactured food products!
do
Dairy products!
- do_ __
Meat packing
•
do
Processed fruits and vegetables*
do
Paper and products!
do
Paper and pulp!
do
Petroleum and coal products!
dof Coke
do
Petroleum refining!
do
Printing and publishing!
do
Rubber products! . _ _ . _
do
Textiles and products!
do
Cotton consumption
do
Rayon deliveries
do
Wool textile production
do
Tobacco products
do
Minerals!...
Fuels!
Anthracite!Bituminous coal!
Crude petroleum - _ . Metals
_
Adjusted, combined index!
Manufactures
D urable 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 publshing.
Textiles and products
Tobacco products
Minerals
Metals.
- _
396
383
110
103
114
165
p 153
160
249
143
140
202
171
206
112
231
150
156
181
151
141
400
396
110
104
114
156
pl?0
168
174
140
138
207
169
212
112
234
152
156
186
154
144
392
398
106
101
109
154
pl03
206
125
140
138
213
163
221
110
241
152
153
191
154
151
367
394
101
96
105
147
p90
205
111
131
130
219
172
226
108
240
143
142
189
142
132
362
405
108
103
112
145
p83
225
91
136
134
226
174
234
101
242
149
150
186
154
124
360
406
114
113
114
143
P94
207
89
139
136
230
176
238
101
244
152
151
187
159
114
344
405
112
106
116
142
Pll3
187
85
137
134
234
174
243
101
242
151
150
191
155
117
325
408
116
116
116
143
f 143
183
92
138
134
233
176
242
104
231
151
151
196
153
120
323
410
112
110
114
147
P185
180
94
142
137
, 237
175
246
100
230
147
142
195
152
124
' 316
412
114
111
117
153
P 225
172
105
141
137
242
172
252
100
228
145
140
196
148
126
'311
408
103
'107
100
163
P221
162
' 169
132
128
247
172
'259
89
'227
139
139
192
131
127
147
147
129
151
148
143
140
129
155
136
160
140
138
127
144
137
149
132
134
102
131
139
116
132
140
114
156
136
87
133
142
119
161
137
82
136
145
143
162
139
85
133
141
123
155
138
86
138
143
129
155
139
112
146
146
134
159
142
144
146
146
128
158
143
148
143
143
118
151
142
'142
'147
' 147
'124
154
' 146
' 145
do
do
do
do
do
do
do
do
do
do
p 231
P246
P344
p 126
p 118
P238
P158
244
263
368
129
118
277
168
112
125
196
247
266
374
128
115
286
171
107
124
212
247
268
376
136
127
289
168
98
124
204
241
260
365
137
131
277
169
101
122
209
243
262
369
133
125
285
168
86
129
213
244
262
367
131
122
285
168
88
131
212
241
259
364
129
119
287
167
83
131
216
239
256
361
126
118
292
165
78
125
227
236
253
356
124
115
279
161
76
122
210
235
••251
354
127
118
'263
168
84
127
230
'230
'246
'347
124
114
'244
165
86
124
222
232
248
'348
127
118
245
'162
88
'122
204
do
do
do
do
do
. _ do
do
do
do
do
do
do
do
do
do
do
Pl68
156
p306
p 117
179
135
395
110
105
146
p!46
178
127
143
140
202
206
111
150
134
179
130
397
110
104
146
r!46
168
135
140
138
207
212
110
152
139
180
141
390
105
98
153
*159
185
135
140
137
213
221
106
152
148
174
143
365
102
97
151
Pl39
173
142
132
131
219
226
105
143
143
176
131
364
108
103
154
»126
187
140
136
134
226
234
104
149
125
177
126
359
111
105
158
p 128
215
140
138
135
230
238
102
152
119
175
137
341
112
107
159
»135
202
155
137
134
234
243
100
151
123
172
123
323
116
117
158
P137
198
152
138
134
233
242
101
151
126
169
116
324
112
110
154
P139
180
145
142
137
237
246
98
147
124
169
119
319
115
113
153
v 153
173
136
140
136
242
252
100
145
121
165
128
'315
105
113
153
P151
175
'130
133
129
247
'259
95
139
122
'168
'186
'314
'111
108
'148
P139
169
'112
142
137
252
264
'102
141
126
138
124
136
123
133
124
137
124
139
124
142
127
139
126
140
122
143
120
142
120
139
' 117
142
' 114
do
do
.do
do
do
do
do
do
P306
p399
v 116
p 123
v 168
148
?239
168
v 101
p232
p 146
148
196
131
p
p
p
p
p
p 118
200
p 148
161
p 123
p 100
p 146
124
P143
r
309
'407
'110
107
'113
'165
p 178
147
' 213'
141
137
252
171
264
'98
'231
141
140
188
140
129
MANUFACTURERS' ORDERS, SHIPMENTS,
AND INVENTORIES
314
'302
New orders, index, total
Jan. 1939=100..
272
261
271
280
289
293
281
284
276
274
301
Durable goods
do
384
403
487
' 455
409
392
365
421
421
411
402
436
445
272
363
275
257
439
Iron and steel and their products
_.do
312
'429
280
330
331
284
300
366
Electrical machinery
_.
do
389
389
542
472
406
396
348
423
439
395
'326
523
398
Other machinery
do
501
347
291
361
455
441
'407
330
305
319
318
329
450
Other durable goods
do
592
557
611
577
' 590
563
626
621
642
626
635
637
589
Nondurable goods
do
202
212
194
'204
198
191
196
192
189
201
197
201
208
Shipments, index, total
avg. month 1939—100
270
273
270
271
279
281
261
270
270
272
264
276
278
Durable goods..
do
369
365
384
387
366
374
375
368
356
371
369
380
378
379
421
Automobiles and equipment
do
424
393
402
422
431
319
376
404
425
416
433
225
230
Iron and steer and their products
do
231
'225
220
228
228
228
228
223
215
217
228
265
243
Nonferrous metals and products*
-do
264
271
255
'249
261
•260
267
258
247
256
259
Electrical machinery ...
do
609
524
543
576
596
565
469
477
531
465
484
538
570
Other machinery
do
362
352
365
354
327
372
357
368
'337
376
346
355
366
Transportation equipment (except automobiles)
2,284
2,144
2,134
2,246
2,051 ' 1, 960
2,314
2,134
avg. month 1939= 100_.
1,937
2,181
2,236
2,261
2,010
Other durable goods!
do
205
205
202
205
206
199
203
200
'208
207
208
200
207
Nondurable goods
.
do
197
' 194
194
197
198
189
195
186
191
186
189
197
200
Chemicals and allied products
do
215
210
214
212
213
213
211
208
217
214
212
218
218
Food and kindred products
do
204
194
196
201
196
188
195
189
191
199
196
198
197
Paper and allied products
.do
173
171
169
163
'175
172
161
163
160
167
164
172
177
Petroleum refining
do
189
214
'204
204
182
180
180
186
197
178
189
194
210
Rubber products
_
do
323
302
295
299
293
276
306
299
325
279
298
298
Textile-mill products
do
182
200
160
' 182
191
192
190
198
194
176
196
184
199
Other nondurable goods...
do
164
169
184
161
167
149
180
176
173
164
170
189
191
r
Revised.
P Preliminary.
*New series. Data beginning 1939 for the new series under industrial production are shown on p. 19 of the December 1943 issue. Data for shipments of nonferrous metals and
their products were included in "other durable goods," as shown in the Survey prior to the May 1943 issue; revised data for the latter series and indexes for nonferrous metals
beginning January 1939, are available on request.
series.
revisions
fori the
indicated
unadjusted indexes
and
all seasonally
adjusted
shown
above
on pp. 18-20
of the!Revised
December
1943 For
issue.
°
_j--—
^
*.*--*.-—*
•>
/..-__ _-,„_,.__.._
. ___•,„_-,..-,
._ ^ _ indexes
•„ _•,___,._.._•,
— .-,..
.^. for the
.—,industrial
_ _ , . . . production
.__«
, series,
, see „table 12
.—
vari<
for'
SURVEY OF CUREENT BUSINESS
November 1944
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
S-3
1943
1944
September
September
October
1944
Novem- December
ber
January
February
March
April
May
June
July " August
BUSINESS INDEXES—Continued
MANUFACTURERS' ORDERS, SHIPMENTS,
AND INVENTORIES-Continued
Inventories:
Index, total.
avg. month 1939=100.
Durable goods
do
Automobiles and equipment
do
Iron and steel and their products
-do
Nonferrous metals and products*
...do
Electrical machinery
do ...
Other machinery
do
Transportation equipment (except automobiles)
avg. month 1939=100.Other durable goodsf
do
Nondurable goods.
do
Chemicals and allied products
do
Food and kindred products ..
do
Paper and allied products
do
Petroleum refining
do .
Rubber products
do
Textile-mill products ..
do
Other nondurable goods. _
_. do ..
Estimated value of manufacturers' inventories*
mil. of. doL.
173.2
200 3
231.0
178.3
214.9
232.1
137.6
151.7
371.2
219 9
956.3
104.6
149.4
159.8
187.4
142 3
110.3
111.7
148.1
1, 102. 0
112.7
146.2
152.5
174.8
133.3
102.3
173.7
131.9
144.3
17, 215
17, 719
126.8
148.0
327.4
219 3
r 173 7
179.7
213.3
231.9
138.8
156.7
374.5
219.4
178.8
212.8
245.3
139.5
153.0
346.0
214.5
179.1
212.0
238.2
135.6
155. 9
339.5
219 9
177.7
208.6
240.6
131.1
154. 8
339.8
222.7
176.7
207 2
244.7
126.8
155.6
338.1
227.2
175.2
204 9
241.5
124.1
154.7
330.3
229 2
173.7
204 0
240.3
125.7
153.6
341.2
226 9
173 3
203 6
234 1
126.7
154.6
338 9
224 9
173 2
201 9
229 9
129.0
152.7
335 5
225 1
r 228 0
' 128. 1
' 153. 0
334 8
1, 084. 4 1,031.3
112.6
113.1
148.4
150.2
155.5
153.6
181.4
186.9
127.3
129.8.
104. 3
103.8
175. 1
175.8
133.6
132.2
146.2
144.2
1, 085. 9
113.1
149.0
159.9
181.5
124.7
105.6
179.3
127.8
* 146.8
1, 100. 1
110.4
150.4
158.2
179.1
131.3
105.3
179.6
129.1
154.0
1, 039. 6
108.2
150. 7
160.3
177.0
133.4
106.0
185.2
125.8
157.1
1, 012. 6
106.7
150.0
161.4
173.8
136.1
107.5
187.6
123.5
156. 7
991.3
106.5
149.2
163.8
170.8
139.0
108.4
190 6
120.6
155.3
943.7
107.4
147.2
163.6
166.2
138.8
112.0
188.1
118. 5
152.0
954.1
106 5
146 9
164.9
170.7
139 8
108. 1
182 1
116 1
149.3
910.2
106 2
148.1
164.2
177.7
143 4
108. 3
174 7
116 2
147.5
' 929. 3
107 4
' 149 9
'r 162. 5
185. 7
144 7
r
109. 0
172 9
r
115 0
r
147. 9
17,858
17, 769
17, 805
17, 666
17, 562
17, 414
17, 268
17, 229
17, 215
' 17, 266
179.0
214.0
231.2
138.5
152.3
368.2
218.5
17, 789
r 200 9
r 218 4
r
BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESS
TURN-OVER*
( 17. »S. Department of Commerce)
Operating businesses, total, end of quarter thousands
Contract construction
do
Manufacturing
do
Wholesale trade
do
Retail trade
do
Service industries
do
Allother
do
New businesses quarterly
do ..
Discontinued businesses quarterly
do
Business transfers, quarterly
do
INDUSTRIAL AND COMMERCIAL FAILURES
(Dun and Bradstreet)
Grand total
.
number-Commercial service
-do
Construction
do
Manufacturing and mining
do
Retail trade
do
Wholesale trade
do ..
Liabilities, grand total
thous. of dol..
Commercial service _.
do
Construction
... .
do
Manufacturing and mining
do
Retail trade
-do
Wholesale trade
do.,--.,
*
2, 839. 9
147. 1
227.6
114.0
1, 324. 7
545.1
' 481. 4
43.5
65.2
50.2
2, 861. 6
158 1
228.6
114.8
1, 330. 4
554.3
' 475. 4
51.9
60 8
62.5
75
8
1, 330. 5
561.8
55.7
39 5
12
24
26
5
4,065
155
273
3,288
161
188
124
7
18
26
64
9
1,488
134
159
504
501
190
169
16
27
33
81
12
3,785
325
298
2,468
544
150
155
9
26
31
78
11
2,402
147
206
1,211
658
180
145
13
20
28
68
16
2,055
191
247
839
561
217
120
13
13
31
50
13
1,708
105
183
893
304
223
132
22
19
32
49
10
3,108
369
209
2,032
391
107
96
9
11
28
43
5
1,460
173
115
801
303
68
131
9
20
37
56
9
3,524
57
318
2,676
338
135
148
14
26
34
63
11
2,697
102
249
1,293
903
150
110
9
12
31
51
7
1,854
224
159
1,071
305
95
91
10
9
23
41
8
3,559
514
144
2, 451
291
159
77
3
9
28
32
5
1,054
16
123
557
272
86
1, 159
985
982
1,043
1,139
1,111
939
1,119
1,024
1,248
1,222
1,142
1,146
195
196
170
169
348
161
206
247
205
194
199
201
168
196
198
169
171
351
161
215
242
207
194
203
199
162
196
200
171
172
352
163
237
220
207
191
203
196
151
194
198
170
173
350
160
232
225
208
190
201
194
153
193
197
165
192
194
161
168
350
164
230
195
209
190
197
194
165
193
191
156
166
355
162
214
186
209
194
201
196
171
BUSINESS INCORPORATIONS
New incorporations (4 states)
number. .
COMMODITY PRICES
PRICES RECEIVED BY FARMERS!
U. S. Department of Agriculture:
Combined indexf
Crops
Food grain
Feed grain and hay
Tobacco
Cotton
•
Fruit
Truck crops
Oil -bearing crops
Livestock and products
Meat animals
Dairy products
Poultry and eggs.
1909-14=100..
- - do
do
do
do
do .
- .-do
do
do
do
do
do
...do
192
188
155
162
358
170
206
166
207
196
200
198
179
193
182
150
156
315
163
205
180
199
203
208
• 195
201
194
183
157
158
335
164
195
187
201
204
204
198
212
194
187
160
158
347
156
196
228
202
201
193
202
219
196
192
166
165
349
160
208
223
202
200
194
203
212
196
199
170
168
350
162
204
267
203
193
194
201
177
350
163
228
231
210
189
200
192
154
COST OF LIVING
National Industrial Conference Board:
104.1
104.4
103.4
104.4
105.1
103.4
105.0
103.7
103.9
103. 9
103.1
103.7
Combined index
1923 =100. . 105.0
92.5
92.3
93.0
91.7
91.9
92.5
91.6
90.9
91.2
89.8
90.6
91.1
Clothing
do
110.6
110.1
110.7
111.9
111.9
109.6
109.2
112.1
111.1
112.0
111.9
112.6
Food
do .
95.1
95.3
95.3
95.1
95.1
95.3
96.0
94.9
95.1
92.6
93.1
92.7
Fuel and light
do
90.8
90.8
90.9
90.9
90.8
90.8
90.8
90.8
90.8
90.8
90.8
90.8
Housing
do
113.2
113.4
113. 3
111.5
113. 3
110.6
112.8
107.4
110.0
110.5
109.1
108.6
Sundries
do
r Revised.
* New series. Data for inventories of nonferrous metals and their products were included in the "other durable goods" index as shown in the Survey prior to the May 1943 issue;
revised figures for the latter series and the index for nonferrous metals beginning December 1938 are available on request. For the estimated value of manufacturers' inventories for
1938-42, see p. 7 of the June 1942 Survey and p. S-2 of the May 1943 issue. For earlier figures for the series on operating businesses and business turn-over and a description of the
data, see tables on p. 10 of the May 1944 Survey and pp. 8-11 of the July 1944 issue and the accompanying text and notes on sources and methods.
t The indexes of prices received by farmers are shown on a revised basis beginning in the March 1944 Survey; revised data beginning 1913 will be published in a subsequent
issue. Data for Oct. 15,1944, are as follows: Total, 194; crops, 187; food grain, 164; feed grain and hay, 161; tobacco, 357; cotton, 171; fruit, 205 truck crops, 153; oil-bearing crops,
211; livestock and products, 199; meat animals, 201; dairy products, 201; poultry and eggs, 190. See note marked "*" in regard to revision of the index of inventories of "other
durable goods" industries.
S-4
SUKVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may he found in the
1942 Supplement to the Survey
1944
September
November 1944
1944
1943
September
October
Novem- December
ber
January
February
March
April
May
June
July
August
COMMODITY PRICES—Continued
COST OF LIVING— Continued
U.S. Department of Labor:
Combined index
Clothing
Food
Fuel, electricity, and ice^^
Housefumishings
Rent
Miscellaneous
1935-39=100..
do
do
^,do_T_
do
do
do
124.4
133.3
138.2
107.8
126.7
108.0
117.6
124.2
133.5
137.3
107.9
126.9
108.0
117.7
124.4
134.6
137.1
109.4
127.9
108.1
118.1
124.2
134.7
136.1
109.5
128.3
108.1
118.4
123.8
135.2
134.5
110.3
128.7
108.1
118.7
123.8
136.7
134.1
109.9
129.0
108.1
119.1
124.6
137.1
134.6
109.9
132.9
108.1
120.9
125.1
137.4
135.5
109.8
135.0
108.1
121.3
125.4
138.0
135.7
109.6
138.4
108.1
121.7
126.1
138. 3
137.4
' 109. 7
M38.7
108.2
r
122. 0
' 126. 4
109.8
140.7
108.2
122.4
123.9
132.5
137.4
107.6
126.3
108.0
117.0
139.3
134.8
135.4
135.2
135.6
135.5
135.1
135.3
136.6
137.3
137.8
138.6
r 139. 1
98.5
104.6
137.0
108.7
133.6
169.9
129.0
93.3
101.6
137.4
108.2
133.5
167.0
129.9
93.4
101.7
138.2
108.3
133.5
166.4
130.6
94.1
101.8
137.3
108.3
133.6
162.6
130.4
99.0
103.2
137.1
108.4
133.5
163.7
130.9
99.1
103.5
136.1
108.5
133.5
166.7
131.0
102.4
103.8
134.5
108.1
133.5
163.0
130.5
99.9
103.8
134.1
108.0
133.6
162.9
130.6
99.9
104.0
134.6
108.0
133.6
168.8
130.0
99.3
104.3
135.5
108.1
133.5
172.8
130.3
98.6
104.4
135.7
108.4
133.5
174.0
129.8
98.5
104.4
137.4
108.6
133.6
176.9
129.3
98.5
104.6
137.7
108.5
133.6
175. 7
129.0
113.4
113.1
113.1
113.1
113.2
113.3
113.4
113.4
113.4
113.4
113.4
113. 4
113.4
108.2
105.3
113.7
115.6
112.2
108.1
105.3
113.1
115.5
112.2
108.1
105.3
113.1
115.5
112.2
108.1
105.3
113.2
115.5
112.2
108.1
105.4
113.3
115.5
112.2
108.2
105.3
113.6
115.5
112.2
108.2
105.3
113.7
115.6
112.2
108.2
105.3
113.7
115.6
112.2
108.2
105.3
113.7
115.6
112.2
108.2
105. 3
113.7
115.6
112.2
108.2
105.3
113.7
115.6
112.2
108.2
105.3
113.7
115.6
112.2
108.2
105.3
113.7
115.6
112.2
103.1
103.0
102.9
103.2
103.3
103.6
103.8
103.9
104.0
104.3
104.1
v 103. 9
99.9
112.4
92.9
123.1
119.7
130.2
98.6
105.0
94.4
108.9
116.7
106.0
100.0
111.9
92.9
122.2
122.5
126.1
98.7
105.1
94.7
109.1
115.1
106.2
100.2
111.3
92.9
121.4
123.2
120.5
98.8
105.8
94.7
110.9
118.5
106.3
100.2
112.1
93.1
121.8
128.2
119.5
99.0
105.6
95.1
110.6
119.3
105. 9
100.2
112.2
93.2
121.8
129.5
120.8
99.1
104.9
95.1
110.6
118.4
106.0
100.4
112.8
93.4
122.5
129.3
123.3
99.3
104.5
95.1
110.7
120.7
106.0
100.5
113.4
93.7
123. 6
129.5
125.6
99.3
104.6
95.1
110.5
123.3
106.0
100.8
113.2
93.6
123.2
129.6
123.6
99.6
104.9
95.2
110.2
126.5
106.2
100.9
113.0
93.7
122.9
129.7
122.6
99.7
105.0
95.0
110.3
126.8
106.6
100.9
114.2
93.8
125.0
127.2
123.0
99.6
106.5
94.7
110.3
137.7
106.1
100.9
113. 6
93.9
124.1
125.2
123.4
99.6
105.8
94.3
110.3
129.9
105.9
* 100. 9
112.7
94.1
122.6
122.5
125.4
p99. 7
104.8
94.3
118.5
122.8
105.9
97.2
112.5
99.0
93.6
146.1
102.6
100.3
96.5
165.2
80.6
102.0
81.0
58 1
77.1
63.2
117.8
116.0
101.3
126.4
102.6
107.1
98.1
103.7
97.1
86.0
90.2
97.5
107.0
112.9
70.5
30.3
112.5
93.0
73.0
105.6
97.3
112.7
99.0
93.6
146.6
102.8
100.4
96.4
165.2
81.3
102.0
81.0
57.8
77.2
63.5
117.8
116.0
101.3
126.4
102.6
107.1
98.1
103.7
97.1
86.0
90.2
97.6
107.0
112.9
71.4
30.3
112.5
93.1
73.0
105.6
97.4
113.1
100.0
93.6
147.4
103.2
100.3
96.3
165.2
81.3
102.0
81.2
58.3
77.0
63.5
116.5
108.5
101.3
126.4
102.8
107.1
98.4
103.8
97.1
86.0
91.8
97.7
107.0
112.9
71.7
30.3
112.5
93.2
73.0
105.8
97.6
113.4
100.0
93.6
147.5
103.3
100.4
96.3
165.2
81.3
102.0
82.1
58.7
77.0
63.5
117.0
111.6
101.3
126.4
102.8
107.1
98.4
103.8
97.1
86.0
91.8
97.7
107.0
112.9
71.7
30.3
112.5
93.3
73.0
106.0
97.8
113.5
100.2
93.6
147.6
103.5
100.4
96.3
165.2
81.3
102.0
82.3
59.4
76.7
63.5
117.2
112.9
101.3
126.4
104.5
107.1
102.0
103.7
97.1
85.9
91.8
97.7
107.0
112.9
71.7
30.3
112*5
93.2
73.40
106.0
98.0
113.6
100.1
93.6
148.4
103.9
100.4
96.3
165.2
81.4
102.0
83.1
60.1
77.2
64.0
116.9
111.0
101.3
126.4
104.2
107.1
101.4
103.7
97.1
85.8
91.8
97.7
107.0
113.4
70.5
30.3
112.5
93.4
73.0
106.6
98.1
114.2
100.3
93.6
150.7
104.4
100.4
96.3
165.2
81.4
102.0
83.0
59.0
76.7
64.0
116.9
111.2
101.3
126.3
104.3
107.2
101.4
103.7
97.1
85.8
91.8
97.8
107.0
113.6
70.5
30.3
112.5
93.5
73.0
107.2
98.4
115.2
100.3
93.9
153.4
104.4
105.4
96.3
220.1
81.4
102.0
83.0
59 9
77.1
64.0
116.9
111.2
101.3
126.3
104.3
107.2
101.4
103.7
97.1
85.8
91.8
97.8
107.0
113.9
70.5
30.3
112.5
93.5
73.0
107.2
98.5
115.7
100.5
96.4
154.0
104.7
105.4
96.3
220.1
81.4
102.0
83.2
59.0
78.4
64.0
117.0
111.9
101.3
126.3
104.3
107.2
101.4
103.7
97.1
85.8
92.4
97.8
107.0
113.9
70.5
30.3
112.5
93.5
73.0
107.2
98.5
115.9
100.6
96.4
154.0
105.7
105.2
96.2
220.1
79.9
102.0
83.3
59 3
79 3
64.0
116.4
108.4
101.3
126.3
104 3
107.2
101.4
103.7
97.1
85.8
92.4
97.8
107 0
113.9
70.6
30 3
112.5
93.5
73.0
107.2
98.5
115.9
100.7
96.4
154.2
105.5
105.3
96.2
220.1
81.1
102.0
83.2
59.5
78.9
64.0
116.2
106.8
101.3
126.3
104.3
107.2
101.4
103.7
97.1
85.7
92.4
98.0
107.0
114.0
70.6
30.3
112.9
93.6
73.0
107.2
*98.6
116.0
100.7
96.4
154.4
105.5
105.3
96.2
220.1
81.2
102.0
83.2
76.0
63.9
116.0
105 7
101.3
126.3
104.4
107.4
101.4
» 103. 8
97.1
85.8
92.4
98.4
107.0
115.9
70.6
30 3
112.9
93 6
73 0
107.2
78 0
80.7
72.7
55.1
78.1
80.4
72.3
54.8
78 2
80.5
72.7
54.8
77.9
80.4
72.8
54.3
77.9
80.5
73.4
54.3
77.6
80.8
74.2
54.6
77.5
80.8
74.5
54.3
77.4
80.3
74.2
54.3
77.4
80.0
73.7
54.8
77 1
79 7
73.6
55.1
77 3
79 3
72 7
55.4
77 4
r 79 i
72.5
55.1
126.5
141.4
137.0
r
r 139. 4
137.7
109.8
r 139. 3
108.2
' 122. 3
RETAIL PRICES
U. S. Department of Commerce:
All commodities, index*
1935-39=100.
U. S. Department of Labor indexes:
Anthracite.
1923-25=100 .
Bituminous coal
do
Food, combined index
1935-39=100 .
Cereals and bakery products*
do
Dairy products*
_do__ _
Fruits and vegetables*
.
do
Meats*..
..
do
Fairchild's index:
Combined index
_Dec. 31, 1930=100..
Apparel:
Infants'
_
do
Men's
do
Women's
do
Home furnishings
__ .do. .
Piece goods
.
do
r
WHOLESALE PRICES
TJ. S. Department of Labor indexes:
p 104. 0
Combined index (889 series)
1926=100
Economic classes:
p 100. 9
Manufactured products
do
Raw materials
.
do
112.8
94.7
Semimanufactured articles
'_. __
do. _
Farm products
__
do
122.7
Grains.
do
121.7
Livestock and poultry
_.
do
127.6
P99.7
Commodities other than farm products
do
Foods
..
_
do
104.2
94.4
Cereal products
do
Dairy products
do
110.7
Fruits and vegetables
do
115.9
Meats
_.
do
106.0
Commodities other than farm products and foods
*>98.6
1926=100..
Building materials
_
do
116.0
Brick and tile
_
do
101.5
Cement
._
._
do
96.9
Lumber
do
154.0
Paint and paint materials
do
105.5
Chemicals and allied products
do
104.9
Chemicals
do
96.0
Drugs and Pharmaceuticals
do
217.2
Fertilizer materials
.
do
81.2
Oils and fats
do
1G2. 0
Fuel and lighting materials
do
83.0
Electricity
do
Gas
do
Petroleum products. _
_
do
63.8
Hides and leather products
.
do
116.0
Hides and skins..
do
106.1
Leather
_
do
101.3
Shoes
do
126.3
Housefurnishing goods
do
104.4
Furnishings
_._
do. . 107.4
Furniture
__
do
101.4
Metals and metal products
do
P 103. 8
Iron and steel
_
do
97.2
Metals, nonferrous
.
do
85.8
Plumbing and heating equipment
**" do
92.4
Textile products.
do
99.2
Clothing
do
107. 0
Cotton goods
do
118.7
Hosiery and underwear
._
do
70.8
Rayon
_ ..
do
30.3
Woolen and worsted goods
do
112.9
Miscellaneous
.
do
93.6
Automobile tires and tubes _ _
do
73.0
Paper and pulp
do
107.2
Wholesale prices, actual. (See respective commodities.)
PURCHASING POWER OF THE DOLLAR
As measured byWholesale prices ..
Cost of living
Retail food prices
Prices received by farmersf
1935-39—100
do
do
.do
77.4
79 1
72.9
R5. 4
* Preliminary.
* New series. For data for 1939-42 for the Department of Commerce index of retail prices of all commodities and a description of the series, see p. 28 of the August 1943 Survey;
revised figures for all months of 1943 are available on p.S-4 of the August 1944 issue. Data beginning 1923 for the indexes of retail prices of the food subgroups are available on request;
the combined index for food, which is the same as the index under cost of living above, includes other food groups not shown separately.
t Revised because of a revision of the basic index of prices received by farmers; for data for all months of 1943, see the April 1944 Survey; earlier data will be published later.
November 1944
SUKVEY OF CUEKENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
S-5
1944
1943
SepSeptember tember
October
Novem- December
ber
January
February
March
May
April
June
July
August
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY*
New ftonstnifttlon, total
mil, of (]ci\
Private, total
_ _
do
Residential (nonfarm)
_ do
Nonresidential building, except farm and public
utility, total—
mil: of doL.
Industrial
do
Farm construction
._
do
Public utility
do
Public construction, total
do
Residential
_.
do
Military and naval
do
Nonresidential building, total _ _
do
Industrial
do
Highway
.
do
All other
do
667
154
83
524
153
81
455
147
79
391
136
74
350
132
68
325
127
63
310
126
61
318
133
62
345
143
64
351
150
67
'343
154
67
18
12
13
40
413
43
153
118
109
50
49
20
13
9
43
371
39
141
96
87
45
50
19
12
6
43
308
42
101
91
81
34
40
18
10
4
40
255
38
74
90
79
23
30
17
10
4
43
218
28
75
72
62
15
28
17
10
5
42
198
22
66
69
60
13
28
17
10
7
41
184
20
54
70
60
13
27
20
12
10
41
185
17
56
67
57
18
27
24
15
13
42
202
19
67
67
57
22
27
25
16
15
43
201
17
62
66
56
28
28
26
16
16
45
47
33
49
34
53
35
60
37
48
30
61
35
45
24
55
29
38
18
45
21
40
18
40
17
41
19
36
17
40
19
33
16
9,105 12, 588
175, 739 175, 115
127, 001 119, 555
48, 738 55, 560
14, 739
213, 529
157, 166
56, 363
11, 594
184, 399
134, 710
49,689
15, 390
252, 223
198, 106
54,117
10, 272
159, 238
121, 875
37, 363
8,577
137, 246
108,812
28, 434
9,927
176,383
133, 264
43, 119
9,877
179, 286
132, 845
46, 441
3,148
15, 674
87, 175
2,877
11,437
70, 899
2,736
13, 074
80, 304
2,341
14, 190
67, 028
3,486
23, 569
118, 711
2,594
11, 185
67,908
2,413
11, 770
57, 269
2,546
11,863
79, 960
4,217
4,444
24, 470
8,189
11, 409
54,080
10, 747
14, 782
69, 739
8,156
13, 733
58,384
10, 438
15, 146
66, 157
6,841
8,896
40, 997
5,239
5,359
24, 861
1,371
40, 353
1,214
28,485
903
33,864
692
30, 436
1,057
38, 168
494
26, 241
369
23, 741
308
21, 651
353
29, 622
405
28, 551
409
29, 187
343
24, 092
36.9
80.8
99.0
110.7
82.7
64.5
58.3
62.3
50.2
70.2
49.9
48.6
44.7
66.4
*>329
v 146
*>62
p28
p 16
P 10
P46
p 183
P 11
P60
?54
p45
*29
*>29
'348
'148
'63
30
'26
' 15
13
46
'200
' 13
'66
r
61
' 52
'30
30
41
16
34
15
43
14
38
14
43
13
'41
13
10, 115
144, 202
97,958
46, 244
8,309
163, 866
121, 924
41, 942
8,830
190, 539
148, 191
42, 348
8,204
169, 341
124, 913
44, 428
2, 616
12, 289
69, 491
2,888
8,027
53, 897
2,726
10, 265
62, 520
3,435
14, 508
84, 199
2,831
12,127
76, 637
5,914
7,533
35, 164
5,886
8,225
37, 772
5,499
7,251
34, 476
3,942
6,477
30, 622
3,854
4,964
25, 813
3,886
4,902
23, 273
563
23, 466
1,059
32, 596
995
40, 097
1,355
36, 137
1,264
38, 929
1,203
47, 143
1,168
48, 693
362
31,650
408
28,663
380
31, 926
373
19, 692
377
31, 795
338
33, 384
319
20, 738
52.2
71.9
55.3
64.3
67.5
50.3
47.5
43.2
41.9
35.9
65.1
52.6
55.5
39.2
80.7
51.3
43.7
47.5
78.2
62.2
51.4
60.8
90.1
66.3
55.1
64.1
97.5
51.7
42.0
41.9
98.5
'48.9
39.7
'41.3
'88.5
r!89
16
•-63
'50
'41
'30
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R. indexes):
Total, unadjusted
...
1923-25=100...
Residential, unadjusted
do
Total, adjusted
_
do
Residential, adjusted
. do
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 bldg. permits,
U. S.Dept. of Labor) :f
Number of new dwelling units provided- 1935-39 = 100. .
Perm it 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 (quarterly) *
number
Urban, totalf
do
1-family dwellings
do
2-family dwellings
do
Multifamily dwellings ...
do
Engineering construction:
Contract awards (E. N. R.)§
thous. of dol.-
?42
p 13
P41
*>13
65
35
65 35
45.6
31.5
38.1
96.4
59.2
61.7
45.8
88.1
65.7
75.1
51.8
80.3
63.5
80.6
43.5
76.7
36 219
6,686
5,406
575
705
76 200
14, 016
9,795
1,535
2,686
17, 170
12, 348
1,802
3,020
19, 197
16, 800
1,309
1,088
117, 919
264, 285
193, 379
203, 632
176, 460
156, 518
117, 878
175, 726
145, 040
2, 712
962
1,186
564
6,850
4,296
1,385
1,169
4, 509
3,234
551
724
2, 507
1,613
369
525
3,522
2,411
730
382
1, 046
708
96
242
2,424
1,670
325
• 429
3,317
2,753
238
325
1,863
1,109
334
421
74, 400
14, 339 '11,016
12,009 ' 9, 051
977
993
1,337
988
T
48, 925
' 9, 050 ' 12, 361
' 7, 351 ' 10, 261
1,165
409
935
1,290
9,592
7,423
1,003
1,166
f
' 48, 298
10, 923 ' 11, 558 ' 9, 180 ' 8, 238
' 8, 161 ' 9, 139 ' 7, 603 ' 6, 408
1,393
956
'860
'655
1,026
1,806
'717 ' 1, 175
138, 857 157, 811 158, 561 211, 251
HIGHWAY CONSTRUCTION
Concrete pavement contract awards :J
Total
thous. of sq. yd.. .
Airports
_ _
do
Roads . _ _
do
Streets and alleys
do
2,607
1,352
672
583
5,743
3,289
1,611
843
3,966
2,736
808
423
2,812
1,046
1,124
642
CONSTRUCTION COST INDEXES
227
221
227
221
227
Aberthaw (industrial building)
1914—100
American Appraisal Co.:
260
261
260
260
259
258
254
256
256
256
254
262
254
Average, 30 cities
1913=100..
267
267
267
267
267
267
262
264
262
261
261
261
268
Atlanta
do .
266
266
266
262
266
262
260
259
257
259
257
257
New York
.
.
do
268
236
238
236
237
234
236
234
234
234
234
239
233
233
San Francisco
do
252
252
252
252
252
252
250
250
248
250
248
254
248
St. Louis
_.
do
223.8
223.8
223.8
223.8
223.0
222.0
222.0
219.0
221.0
218.2
217.0
217.8
Associated General Contractors (all types). ..1913= 100.. 224.2
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
118.4
118.0
118.0
116.8
116.8
116.0
116.2
114.1
113.1
112.8
108. 5
112.6
Atlanta
...U. S. av., 1926-29=100..
119.0
151.4
151.4
151.7
150.8
150.8
145.5
145.2
145. 3
144.9
144.8
143.8
New York.
do. _
151.9
139.9
140.5
140.8
140.5
139.6
137.3
139.6
136.7
135.3
135.3
135.3
135.3
135.3
142.0
San Francisco
do
135.7
136.7
135.3
135.7
134.2
135.3
132.2
132.4
132.4
134.8
131.7
131.7
St. Louis
do
138.1
' Revised.
f Preliminary.
§ Data for September and December 1943 and March, June, and August 1944 are for 5 weeks; other months, 4 weeks.
JData published currently and in earlier issues of the Survey cover 4- and 5-week periods, except that December figures include awards through December 31 and January figures
begin January 1; beginning 1939 the weekly data are combined on the basis of weeks ended on Saturday within the months unless a week ends on the 1st and 2d of the month when it
is included in figures for the preceding month (March and April 1943 are exceptions, as the week ended Apr. 3 is included in figures for March).
T The data for urban dwelling units have been revised for 1942-43; revisions prior to March 1943 are available on request.
*New series. The series on new construction are estimates by the U. S. Department of Commerce, Bureau of Foreign and Domestic Commerce, with the exception of the series
on residential (nonfarm) construction, which is from the U. S. Department of Labor, and the data for military and naval and public industrial construction since January 1941, which
are from the War Production Board. For revised annual data beginning 1938 and quarterly or monthly data beginning 1939, see p. 23 of the June 1944 Survey. Annual data for 192937 are published on p. 32 of the June 1943 Survey (a few revisions for 1933-37 are shown in note 1 to the table on p. 23 in the June 1944 issue). Additional data relating to the derivation of the estimates are shown on pp. 24-26 of the May 1942 issue. The quarterly estimates of total nonfarm dwelling units include data for urban dwelling units shown above by
months and data for rural uonfarm dwelling units which are compiled only quarterly; for 1940 and 1941 data, see p. S-4 of the November 1942 Survey (revised figures for first half of
1942—1st quarter, 138,700; 2d quarter, 166,600); annual estimates for 1920-39 are available on request.
tRevised series. Data have been revised for 1940-43; revisions prior to March 1943 are available on request,
613482—44—-4
%
SURVEY OF CUKKENT BUSINESS
S-6
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
November 1944
1944
1943
1944
Octo- Novem- December
ber
ber
SepSeptember tember
January
February
March
April
May
June
July
August
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES— Continued
E. H. Boeckh and Associates, Inc.— Con.
Commercial and factory buildings:
Brick and concrete:
Atlanta
. .,U. S. average 1926-29= 100. .
New York
.. do
San Francisco
do
St Louis
do
Brick and steel:
Atlanta
do
New York
-do
San Francisco
..
do
St. Louis
- do. .
Residences:
Brick:
Atlanta
do
New York
_ do .
San Francisco
_
_
do
St Louis
do .Frame:
Atlanta
- do
New York
do
San Francisco
do
St. Louis
_ __
do
Engineering News Record (all types)
1913=100..
Federal Home Loan Bank Administration:
Standard 6-room frame house:
Combined index
.1935-39=100.Materials
do
Labor
do
119.3
155.2
145.0
138.1
107.9
141.9
139.4
133.4
112.4
146.3
139.4
133.4
112.6
147.3
139.4
133.7
112.8
147.3
139.4
134.0
113.8
147.6
139.4
134.0
115.4
147.7
140.5
135.8
115.7
147.8
140.4
136.0
116.8
154.4
143.1
136.7
116.8
154.4
143.1
136.7
118.4
154.8
143.8
136.9
118.4
154.8
143.8
136.9
118.6
155.0
144.0
137.9
119.8
152.4
146.1
139.4
108.3
138.2
137.6
130.4
112.1
142.0
137.6
130.4
113.3
144.2
137.6
131.8
113.7
144.3
137.7
132.3
114.8
144.6
137.7
132.3
116.7
144.8
138.9
134.5
117.2
145.1
139.0
134.6
118.2
151.0
142.4
136.8
118.2
151.0
142.4
136.8
119.1
151.6
143.4
137.1
119.1
151.6
143.4
137.1
119.6
152.0
143.8
137.8
126.5
156.5
143.4
141.8
111.3
142.8
134.2
129.7
113.7
145.6
134.2
129.7
113.7
147.1
134.2
130.0
115.3
147.9
134.6
132.1
116.9
148.3
134.6
132.1
120.5
149.0
136.6
135.6
122.3
150.1
136.6
137.7
122.5
152.6
137.5
137.7
122.5
152.6
137.5
137.7
124.1
154.2
140.0
138.6
124.1
154.2
140.0
138.6
126.2
155.7
141.4
140.9
128.3
157.9
141.2
142.3
301.1
112.6
145.3
131.3
128.2
294.3
114.2
147.5
131.3
128.2
294.4
114.2
148.2
131.3
128.3
294.5
116.2
149.1
131.8
131.0.
294.6
117.0
149.4
131.8
131.0
295.1
121.3
150.3
134.1
135.4
295 3
123.6
151.6
134.2
137.7
297.7
123.8
153.1
134.7
137.7
298.0
123.8
153.1
134.7
137.7
298.7
125.4
155.1
137.8
138.9
299.9
125.4
155.1
137.8
138.9
300.4
128.1
157.3
139.6
141.8
300.5
133.4
131.3
137.4
127.6
124.4
133.8
129.1
126.0
135.0
129.8
126.8
135.6
130.5
127.6
136.0
130.6
127.8
136.1
131.4
128.8
136.5
131.7
129.1
136.8
132.2
129.7
137.0
132.7
130.3
137.3
133.0
130.8
137.5
133.1
131.0
137.3
' 133. 3
»• 131. 3
137.3
REAL ESTATE
Fed. Hous. Admn., home mortgage insurance:
Gross mortgages accepted for insurance.thous. of dol,. 33, 865 70, 282 66,241 70, 348 66, 752 56, 821 51,304 52,334 60,747 57,926 65, 333 41,429 42, 457
5,713
5,782
5,186
5,317
5,544
5,601
5,653
Premium-paying mortgages (cumulative). mil. of dol_. 5,845
5,118
5,256
6,440
5,494
5,385
Estimated total nonfarm mortgages recorded ($20,000
and under) *
thous. of dol 416, 185 380, 809 386, 303 353, 673 330, 989 301, 949 309, 644 368, 240 369, 268 405, 095 421, 631 411, 136 430, 776
Estimated new mortgage loans by all savings and loan
134, 455 122, 973 115, 150 103, 056
97, 572
98, 164 116, 130 122, 643 132, 523 140, 709 125, 036 138, 674
80, 978
associations, total
thous. of dol
Classified according to purpose:
Mortgage loans on homes:
5,923
7,078
13, 211
7,452
7,338
7,589
6,928
10, 904
7,872
9 127
9,663
Construction
do
11, 195
13 484
93, 232 105, 050
101, 884
86, 016
83, 259
64, 656
98, 872 103, 276
73, 053
55,000
66, 138
Home purchase
do
81, 846
85, 568
14, 152
14, 495
13, 799
14, 025
14, 415
14, 963
13, 871
Refinancing
__
_
do
12, 767
12,550
9,976
11, 955
14, 422
13,491
2,841
2,874
3,160
3,229
1,521
2,957
3,067
Repairs and reconditioning
do
2,638
2,290
2,967
2 679
1,960
2,266
8,014
7,172
8,816
8,993
9,850
6,718
7,540
8,931
Loans for all other purposes. _
do
7,670
6,609
6,916
8,469
7,421
Loans outstanding of agencies under the Federal Home
Loan Bank Administration:
Federal Savings and Loan Assns., estimated mortgages outstanding!
mil. of dol.
2,025
1,896
1,909
1,915
1,916
1,927
1,973
Fed. Home Loan Banks, outstanding advances to
72
95
130
136
114
127
116
128
member institutions .
.
...mil. of dol
110
114
115
99
83
Home Owners' Loan Corporation, balance of loans
1,155
1,383
1,177
outstanding
_
. . mil. of dol
1,368
'1, 354
1,338
1,240
1,220
1,199
1,318
1,279
1,300
1,260
Foreclosures, nonfarm :f
11.2
15.6
13.7
14.3
13.6
10.9
10.3
9.8
Index, adjusted
1935-39=100.
11.4
11.7
13.7
12.7
10.0
31, 448
26, 488
29, 661
Fire losses
thous. of dol
31, 647
47, 718
32, 815
30 555
32 706
30, 618
38, 572
38 280
39 084
34 746
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:!
Printers' Ink, combined index
1935-39=100..
137.2
123.5
125.6
143.5
125.8
128.2
124.7
131.7
' 137. 1
130.3
122.3
~~~i65~8~ 146.6 135.4 144.2 147.6 138 6 131 8 125.1
Farm papers
do
153 4
166 3
169 2
137.3
133 6
133 4
Magazines
__
...
do
160.3
133.5
131.4
130 5
144 0
141 2
160 8
184 7
141 8
138 0
183 4
130 4
130 0
Newspapers
do
118.3
107 5
112 3
107 4
104 7
104 8
105 1
109 7
100 4
105 9
104 3
98 7
Outdoor
do
122 3
95 0
111 7
121 0
112 8
147 1
11490
139 0
144 5
122 7
113 2
107 5
Radio...
do
275.0
225.2
243 5
243 5
339 5
247 9
252 5
299 9
326 8
270 7
285 3
288 6
166.2
Tide, combined index*
1935-39=100..
154.9
143.2
140.5
161.2
176.4
137.9
142.6
149.4
150.0
144.8
135.5
135.1
Radio advertising:
Cost of facilities, total..
thous. of dol.. 15, 643 13, 114 14, 266 14, 412 15, 287 15, 424 14, 704
15,696
16, 138 r 15, 127 r 15, 339 ' 15, 551
15, 652
Automobiles and accessories
do
765
695
734
774
794
740
725
782
757
893
796
811
819
Clothing
._
do
151
135
164
202
173
187
177
159
119
136
179
115
167
Electrical household equipment
do
97
79
100
80
80
101
111
81
88
89
89
81
110
Financial
. d o
189
80
118
121
126
177
172
158
153
180
167
162
178
Foods, food beverages, confections
do
4,290
4,053
3,710
4 051
4 366
4 290
4 072
4 502
4 652
4 156
4 193
4 375
4 408
r ggg
Gasoline and oil
do
589
537
576
598
737
662
*612
634
*640
675
628
663
Housefurnishings, etc__ .
do
161
63
76
63
63
93
108
108
115
122
164
158
136
r 1 133
Soap, cleansers, etc...
. .do
1,092
1,014
963
989
994
r 935
934
936
944
1 008
1 017
920
Smoking materials
do
1,551
1,454
1,621
1 696
1 742
1 662
1 760
1 623
1 817
1 555
1 580
1 657
1 628
Toilet goods, medical supplies.
do
4,455
3,762
4,023
4,080
4,274
4,188
4,293
4,081
4,379
4,573
4,563
4,212
4,208
All other
do.
2,303
1,584
2 136 r 2 296 r 2 067
1,839
1,821
2 291
2 047
2 172
2 054
2 457
2 265
Magazine advertising:
Cost, total
do
25 128
20 990
24 490
24 445
21 062
17 748
21 079
24 279 r 21 703 r 20 027 r 19 920
22 851
24 893
Automobiles and accessories
do
1,847
1,588
1,739
1,579
1,333
1,117
1,416
1,844
1,721
1,831
1,694
1,773
n',41?
Clothing
do.
2,445
2,072
1,918
1,761
1 276
691
1 724
1 256
1 963
1 962
1 192
609
1 3S2
694
Electric household equipment
do
496
663
589
630
542
426
'636
713
531
609
627
705
r
Revised. % Minor revisions in the data for 1939-41; revisions not shown in the August 1942 Survey are available on request; data are now collected quarterly.
*New series. The series on nonfarm mortgages recorded is compiled by the Federal Home Loan Bank Administration; regarding the basis of the estimates and data for January
1939 to September 1942, see note marked "*" on p. S-5 of the November 1942 Survey. The new index of advertising is compiled by J. K. Lasser & Co. for "Tide" magazine; the index
includes magazine and newspaper advertising, radio (network only prior to July 1941 and network and national spot advertising beginning with that month), farm papers, and outdoor
advertising, for which separate indexes are computed by the compiling agency; the newspaper index is based on linage and other component series on advertising costs- data beginning
1936 are available on request.
&
&
fRe vised 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 fronTPrinters
Ink have been published on a revised basis beginning in the April 1944 Survey; revised data beginning 1914 will be published later.
November 1944
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may he found in the
1942 Supplement to the Survey
1944
S-7
1943
September
September
Octo
ber
1944
Novem- December
ber
January
February
March
April
May
June
July
August
DOMESTIC TRADE—Continued
ADVERTI SING— Continued
Magazine advertising— Continued.
Cost— Continued.
Financial
thous.of dol._
Foods, food beverages, confections
do
Gasoline and oil
do
Housefurnishings, etc. .
do
Soap, cleansers, etc
do
Office furnishings and supplies
do
Smoking materials
do
Toilet goods, medical supplies
do
All other
do
Linage, total
_
thous. of lines. .
Newspaper advertising:
Linage, total (52 cities)
do
Classified
...
do
Display, total
do
Automotive—
do
Financial
do
General
._
do
Retail
do
475
3,324
488
1,146
598
526
901
4,119
8,566
3,992
401
2,749
425
838
338
363
922
3,412
7,538
3,185
479
3,453
444
1,062
466
351
1,067
4,303
8,391
3,447
434
3,648
462
842
408
413
1,130
4,612
8,566
3,342
405
3,107
226
825
297
335
895
3,642
8,091
2,586
385
2,798
244
408
383
221
901
2,999
7,176
3,089
419
3,420
329
547
675
320
774
3,855
7,527
3,354
452
3,597
408
804
687
357
836
3,930
7,763
3,537
481
3,581
545
1, 061
804
426
969
4,219
8,417
3,709
476
3,619
593
1,154
697
440
959
4,086
7,973
3,456
112, 592
26, 009
86, 583
2,283
1,278
19, 870
63, 151
126, 785
30, 923
95, 862
2,620
1,583
23, 800
67,858
134, 704
30, 244
104, 460
2,947
1,521
27, 301
72, 692
127, 631
27, 105
100, 526
3,920
1,293
24, 422
70, 890
127,405
25, 585
101, 820
2,950
1,343
21,094
76,433
101, 892
24, 991
76, 901
1,571
2,056
17, 864
55, 410
99, 937
23, 775
76, 162
1,656
1,320
18,973
54, 212
117, 751
26, 377
91, 374
2,040
1,638
21, 769
65,927
116,471
27, 168
89, 303
3,026
1,587
21, 713
62,978
85.3
85.7
85.3
85.9
85.6
86.2
86.7
6,355
6,842
6,976
7,488
7,045
6,587
thousands
..thous. ofdol..
6,385
116, 970
5,968
104, 640
6,137
101, 110
6,991
119, 446
6,140
100,031
6,102
112, 171
thousands
thous. ofdol..
15,118
206,060
15, 663
197, 296
15, 413
182,703
15, 946
204, 969
14, 789
182,332
7,672
5,237
2,434
8,038
5,592
2,446
7,957
5,501
2,456
9,110
6,623
2,486
7,402
4,862
2,539
7,272
4,742
2,530
159.3
171.8
137.3
154. 9
164.7
137.6
160.6
174.1
137.0
156.8
168.2
136.7
165.1
180.3
138.5
162.2
175.6
138.9
184.8
210.8
139.1
160.1
172. 4
138.5
151.3
156.5
142.2
162.3
174.6
140.7
153.2
158.6
143.7
162.0
173.5
141.7
417
3,153
498
985
722
313
830
3,863
' 7, 348
2,993
558
254
794
3,658
' 7, 325
3,277
281
2,822
493
585
551
301
667
3,584
«• 6, 935
3,541
117, 776
27, 854
89, 922
3,527
1,327
22, 164
62, 904
112, 631
25, 929
86, 702
3,256
1,497
21,062
60,887
97, 130
24, 139
72, 991
2,923
1,758
18,234
50, 076
105, 892
25, 883
80, 009
2,786
1,222
17, 881
58, 120
86.1
86.6
87.4
'87.5
87.9
8,088
182, 796
5,938
110, 676
5,639
111,672
5,481
112, 130
5,297
110, 964
5,532
126, 553
14, 536
19, 792
185,538 329,082
15, 596
238,989
13,715
171,884
13,318
175, 852
11, 915
161, 568
12,964
179, 272
7,958
5,432
2,526
7,787
5,272
2,515
7,990
5,458
2,532
7,886
5,348
2,538
7,806
5,245
2,562
v 8, 015
5,473
J> 2, 543
159.3
169.5
141.5
163.7
176.1
142.0
159.8
170.1
141.8
161.3
172.9
141.0
161.7
173.0
141.8
162.8
174.1
142.9
161.7
172.3
143.1
162.8
173.8
143.4
157.6
165.7
143.5
164.6
175.9
144.8
* 160. 9
171.4
P 142. 4
v 166. 4
178.8
f 144. 6
365
3,088
528
r485
GOODS IN WAREHOUSES
Space occupied in public-merchandise warehouses §
percent of total
POSTAL BUSINESS
Air mail, pound-mils performance
Money orders:
Domestic, issued (50 cities):
Number
Value
Domestic, paid (50 cities):
Number .
Value
—
millions
CONSUMER EXPENDITURES
Estimated expenditures for goods and services:*
Total
mil. ofdol—
"*~5~762~
Goods
__
do
Services (including gifts) __
..
do_.
Indexes:
Unadjusted, total
1935-39=100Goods
__
do
~Vl83.~8~
Services (including gifts)
.
do
Adjusted, total
do
v 176. 4
Goods._
_
....
do
Services (including gifts)
do
RETAIL TRADE
All retail stores :f
5,721
5,452 ' 5, 645
5,789
5,639
5,439
6,698*
4,831
5,601
5,593
5,899
5,457
4,928
Estimated sales, total
_._
mil. ofdol..
873
r834
829
767
835
939
672
863
852
793
823
815
678
Durable goods stores
.
do
251
239
253
'252
223
217
223
253
244
222
230
233
208
Automotive group
do
179
'175
175
173
142
165
152
167
160
177
170
154
160
Motor vehicles.
do
r77
72
81
69
75
57
63
78
69
63
74
67
56
Parts and accessories.
do
341
289
344
345
329
307
••318
304
245
242
281
310
315
Building materials and hardware
do
201
••196
222
152
209
197
173
180
213
168
161
203
196
Building materials
do
41
34
39
25
42
37
35
29
25
21
36
32
31
Farm implements—
_
_ do
99
88
89
93
86
65
88
63
80
76
81
78
87
Hardware _
do
212
195
185
197
177
184
203
236
153
158
204
190
201
Homefurnishings group
_
_do
172
'154
147
138
114
143
156
183
121
162
160
159
150
Furniture and housefurnishings
do
42
40
39
39
41
38
40
44
53
38
42
43
40
Household appliance and radio
do
69
68
99
52
69
60
205
90
74
72
80
58
63
Jewelry stores
_
do
4,848
5,759
4,672
4,617 ' 4, 811
4,730
4,808
4,936
4,810
4,250
4,160
4,642
Nondurable goods stores
do
5,076
576
'493
679
520
430
797
607
598
404
578
423
544
610
Apparel group
do
103
133
133
95
149
221
118
131
144
86
117
90
136
Men's clothing and furnishings
do
264
'242
221
192
299
262
352
279
207
203
276
293
261
Women's apparel and accessories
do
82
71
74
62
126
81
90
57
88
58
78
76
Family and other apparel
.
do
86
98
76
92
80
106
95
83
98
69
58
84
95
90
Shoes
.
_.
do
242
244
••246
242
239
231
223
230
233
330
236
250
224
Drug stores 5
do
761
754
793
745
765
762
748
725
732
703
751
785
726
Eating and drinking places
do
1,580
1,517
1, 539
1,607
1,419
1,446
1,567
1,346
1,456
1,548
1,636
1,497
1,406
Food group
do
1,172
1,218
1,245
1,118
1,200
1,079
1,187
1,035
1,121
1,174
1,084
1,261
1,130
Grocery and combination
do
362
345
362
339
335
328
374
380
322
311
374
340
367
Other food
__
do.
223
227
231
229
199
211
192
189
207
207
215
214
220
Filling stations
do
858
••838
749
825
1,294
674
830
935
996
661
850
932
831
General merchandise group
._do
'513
516
499
430
503
544
586
651
806
397
407
585
616
Department, including mail order
do
General, including general merchandise with
120
116
116
118
96
108
96
112
121
119
134
113
111
food
..mil. ofdol-Other general merchandise and dry goods
102
94
96
90
94
105
148
87
107
73
105
95
74
mil. ofdol..
119
115
114
111
206
121
127
98
112
122
94
122
110
Variety
do
6
666
••638
605
631
795
640
621
712
642
646
633
604
Other retail stores
do
Q£
190
152
149
166
167
187
183
157
173
148
152
158
180
Feed and farm supply
do
122
118
106
113
128
116
157
165
165
170
127
113
137
Fuel and ice
do
139
141
155
145
146
122
116
123
130
124
170
157
111
Liquors .. -- .
.
do
218
'212
212
198
201
209
176
221
215
301
174
199
223
Other
do
r
t» Preliminary.
Revised. § See note marked "§" on p. S-6 of the April 1943 Survey in regard to enlargement of the reporting sample in August 1942.
^Revised figures for drug stores are shown on p. 16, in this issue of the Survey, the new data will be incorporated in the table above.
*New series. Comparable dollar figures for 1939-42 for the series on consumer expenditures are available on p. S-6 of the March 1943 and later issues of the Survey, and p. 7 of
the April 1943 issue; these monthly series, first presented in the October 1942 Survey (pp. 8-14), were later adjusted to accord with annual estimates published in the Survey for
March 1943 (p. 20, table 9) and May 1942 (p. 12, table 3); revised annual estimates, including a detailed breakdown of the data, are shown in table 2 on pp. 9-11 of the June 1944 Survey; the monthly series will subsequently be adjusted to these revised annual estimates.
fRevised series. Data on sales of retail stores have been completely revised and are shown in greater detail than formerly; for figures for 1929,1933, and 1935-42 and a description
of the data, see pp. 6-14,19 and 20 of the November 1943 Survey. The 1943 figures were revised in the August 1944 issue, where necessary, to adjust the series to 1943 totals for the basic
data; also the«easonal adjustment factors for some of the indexes on p. S-8 have been revised; revisions for January-May 1943 are available on request.
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
1944
November 1944
1944
1943
September
September
October
Novem- December
ber
January
February
March
April
May
June
July
August
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
All retail stores— Continued.
Indexes of sales: f
174.1
175.6
170.8
156.2
168.8
167.4
153.8
170.1
182.5
173.3
174.6
179.0
206.3
Unadjusted , combined index
1935-39 = 100 _ _
108.5
107.9
117.4
106.9
105.2
95.7
98.8
105.9
105.7
107.0
86.8
87.3
100.5
Durable goods stores
do
195.7
197.5
202.4
175.6
192.6
193.3
187.1
197.1
235.3
178.6
* 193. 7
195.5
207.4
Nondurable goods stores
do
171.2
177.2
168.4
171.7
Adjusted, nombined index
do
172.5
176.4
179.5
168.3
177-0
' 178. 0
165.5
171.8
174.6
132.2
125.9
129.2 ' 129. 4
125.4
128.9
132.4
134.2
124.9
126.7
123.9
128.0
126.8
Index eliminating price changes __do
100.5
101.5
107.9
98.9
108.2 ' r102. 0
101.9
102.8
100.4
105.6
105. 1
102.3
Durable goods stores
do
101.1
56.1
53.2
55.3
55.4
55.2
56.5
56.5
54.7
53.5
54.7
55.4
54.6
56.3
Automotive
_ .do
149.2
153.1
155.9
149.9
165.7
141.1
158.7
150.8
137.3
139.8
145.0
r 146. 5
140.1
Building materials and hardware
do
134.1
139.4
150.2
136.4
141.2
143.4
149.3
146.5
146.3
150.8
143.2
144.4
152.8
Homefurnishings
do
465.4
263.5
281.6
268.8
338.2
328.2
310.7
313.7
339.4
327.8
335.8
303.1
324.0
Jewelry
do
194.9
193.9
195.1
202.9
191.0
202.8
186.5
200.6
199. 6
199.4
190.0 . 195.2
198.1
Nondurable goods stores
do
r
204.2
218.3
211.4
219.5
235.7
199.7
215.6
219.6
206.0
214.6
199.3
221.8
236. 2
Apparel
do
200.6
199.1
202.7
204.1
202.6
199.5
207.8
200.3 r 200. 8
186.7
197.3
219.6
207.0
Drug ^
do
291.3
297.2
322.4
289.8
272.4
286.2
302.3
320.3
309.3
301.0
285.5 ' 282. 7
294.8
Eating and drinking places
-do
192.1
190.2
190.5
191.4
191.5
187.5
190.0
184.7
194.0
196.7
198.3
190.6
197.2
Food
do
104.2
99.3
103.0
104.4
104.0
97.8
101.4
99.8
98.4
101.6
106.1
104.6
100.8
Filling stations —
._
do
160.2
162.2
171.2
171.7
174.3
159.1
159.7
163.8
168.9
156.0
158.1
174.1 ' 183. 5
General merchandise
do
220.2
235.9
224.0
221.5
217.5
215.7
226.7
227.6 ' 229. 2
206.1
213.8
226.1
Other retail stores
_
__
do
217.0
5,959
6,343
6,361
6,314
6,739
5,965
6,233
6,381
6,166
6,793
' 6, 521
6,801
6,631
Estimated inventories, total*
mil. of dol
1,704
1,774
1,874
1,910
1,826
1,701
1,820
1,869
1,849
1,896
1,861
1,919
'r 1, 906
Durable goods stores*
do
4,932
4,459
4,469
4,905
4,913
4,261
4,258
4,561
4,451
4,445
4, 317
4, 615
4,712
Nondurable goods stores*
do
Chain stores and mail-order houses:
r
1,082
1,052
1,248
1,258 r 1, 207
1,212
1,535
1,247
1,290
1,329
1,325
1,271
1 232
Sales, estimated, total*
do
21
24
27
24
24
24
26
17
18
19
r 26
27
26
Automotive parts and accessories*
.
do
41
49
36
37
36
'52
49
55
47
31
45
48
'46
Building materials*
do
12
21
16
17
19
18
23
13
18
20
16
18
17
Furniture and housefurnishings*
do
121
185
126
179
174
166
218
178
165
180
158
' 134
143
Apparel group*
do
27
21
17
16
28
26
27
35
• 25
27
26
16
16
Men's wear*
do
91
114
66
96
90
81
87
85
66
80
94
'70
'80
Women's wear*
do
52
33
28
44
40
48
46
45
46
40
50
38
35
Shoes*
do
52
53
57
54
51
56
79
51
55
56
55
55
'55
Drug*
_.
do
42
42
41
42
42
44
39
43
42
Eating and drinking*
do ,
42
43
42
43
352
384
376
386
354
350
381
397
400
404
388
405
Grocery and combination*
do
387
322
492
328
248
257
327
369
376
340
320
General merchandise group*
do
370
297
'332
Department, dry goods, and general merchan124
174
125
159
171
253
175
196
191
187
196
'162
dise*
mil. of dol _
' 174
41
52
35
42
59
42
54
39
59
67
60
31
50
Mail-order (catalog sales)*
do
84
97
105
99
178
81
105
95
106
110
103
Variety*
do
96
99
Indexes of sales:
162.2
146.8
166.9
145.8
171.6
168.7
166.6
174.6
206.3
171.1
'r 158. 9 ' 161. 3
175.2
Unadjusted, combined index*
1935-39=100..
163.5
169.7
171.5
167.4
166.2
164.5
162.7
160.7
174.0
171.4
161.5
171. 3 ' 176 4
Adjusted, combined index*
do
117.9
119.5
130.4
121.6
117.7
127.4
126.7
138.7
141.1
128.7
141.8
140.5 ' 127. 3
Automotive parts and accessories*
do
159.4
155.6
161.2
156.4
170.5
152.8
150.6
166.6
148.4
161.6
r 190. 7
' 149. 4
144.8
Building materials*. _
. do
167.4
160.6
144.9
155.8
154.8
163.6
163.6
160.3
161.9
174.3
179.3 ' 158. 0
165.0
Furniture and housefurnishings* ._
do
212. 6
242.1
227.3
217.2
203.2
229.1
199. 9
r 213. 5
204.6
208.5
201.5
223.8
' 235. 5
Apparel group*
_.
do
171.2
160.7
152.0
204.9
168.7
161.2
170.8
169.0
170.8
190.9
196.2
162.6 ' 187. 1
Men's wear*
do
336.4
296.6
292.2
285.2
316.8
301.4
272.2 ' 283. 8 ' 329. 4
268.3
323.1
326.4
283.3
Women's wear*
__ _
do
152.1
152.6
151.1
144.1
135.4
200.3
133.6
153.3
168.1
145.8
146.7
170.7 ' 165. 1
Shoes*
do
182.1
191.2
174.3
187.5
198.1
178.0
177.1
182.7
184.7
187.6
181.8
186.7 ' 186. 5
Drug*
_. .
do
175.2
176.4
178.3
184.2
Fating and drinking*
do
178.9
182.8
189.2
176.3
167.1
171.3
175.8
188.6 ' 187. 5
169.3
175.1
167.8
169.8
169.1
165.3
182.1
179.6
167.9
164.0
178.7
Grocery and combination*
do
182.6
183.4
159.4
176.9
176.3
161.5
161.7
177.0
152.9
153.1
157.7
173.1
161.7
General merchandise group*
do
r 164. 8
' 182. 5
Department, dry goods, and general merchanT
171.2
198.9
188.5
173.6
174.2
199.0
181.9
166.7
176.5
171.6
161.0
dise*
1935-39=100
182. 6 '200 0
136.2
140.2
158.4
163.3
142.1
127.9
124.0
116.1
98.6
114.3
122.8
Mail-order*
__
_
do
126.3
158 5
152.4
168.7
162.0
161.6
155.9
154.7
166.0
157.9
154.5
161.9
Variety*
do
163.0
156 7
167 6
Department stores:
Accounts receivable:
44
41
38
34
33
38
44
40
36
48
40
Instalment accounts§
1941 average =100.
32
32
82
72
79
82
74
79
78
90
109
81
Open accounts §
do
81
67
70
Ratio of collections to accounts receivable:
37
35
36
31
33
37
30
31
33
31
Instalment araonntfi§
percent
35
30
34
62
63
64
64
66
63
61
61
65
63
65
61
Open accounts §
do
64
142
172
214
137
196
' 174
273
170
178
163
186
143
Sales, unadjusted, total U. S.f .
193~5^39~= 100.
' 157
194
336
179
228
199
218
233
257
219
228
257
Atlanta!
-do
197
218
144
152
184
119
115
161
144
255
Boston!
do
170
161
162
118
110
185
174
253
131
131
159
166
Chicagof
_
do
166
200
170
160
139
151
132
182
262
133
172
214
167
168
179
157
Cleveland!do
191
144
159
232
269
177
200
227
228
265
343
203
Dallas!
do
250
228
r 194
220
182
182
••197
219
283
153
160
194
»220
203
177
192
r 168
Kansas City f
do
122
184
192
119
159
224
151
166
140
168
M inneapolis t do
160
154
130
r
112
182
New Yorkf
•
do
141
229
115
139
132
158
156
137
142
100
110
122
162
124
161
173
'152
159
173
201
256
143
Philadelphia!
•__ .
do...
120
' 123
212
252
332
152
159
203
193
232
208
210
183
Richmond!
do
151
176
194
224
149
153
185
183
277
St. Louis!...
do..
212
188
197
170
160
178
192
254
324
166
178
197
San Francisco
do
197
219
203
193
*>226
185
202
183
172
162
175
185
173
181
165
181
Sales, adjusted, total U. S.!
do...
175
175
194
187
222
222
224
225
225
208
Atlanta!
_ „ „ „ _ „_
do
210
220
233
247
237
263
245
162
157
156
148
148
164
Boston!.
do
139
145
158
148
151
160
154
174
154
172
162
Chicago!
._ _
do
169
173
168
151
165
167
163
187
180
166
178
169
183
158
170
164
166
181
Cleveland!
do
180
166
1%
182
r
206
232
211
227
215
241
247
Dallas!
do
231
228
241
245
266
250
r
194
203
192
179
174
207
203
193
181
192
*>200
212
Kansas City!
do
204
Minneapolis!
^°
162
147
166
146
160
176
159
151
148
157
165
158
173
New York!
.
do...
149
131
135
'133
145
138
142
158
140
150
137
149
151
r 158
149
144 ' 158 157
173
162
153
160
170
168
159
Philadelphia!
do
174
212
191
215
208
209
211
214
193
187
199
Richmond! .
do
203
214
213
182
172
194
195
188
197
St. Louis!.
_.
do
193
171
173
197
189
216
207
211
212
209
*217
208
218
216
189
206
San Francisco
_.do_._
201
210
223
221
r
f Preliminary.
Revised.
§ Minor revisions in the figures prior to November 1941 are available on request. ^ See note marked "V on p. S-7.
* New series. For data for 1929,1933, and 1935-42 for the new chain store series, see pp. 15 to 17, tables 2, 3, and 4, of the February 1944 Survey. The 1943 figures were revised in
the July 1944 Survey to adjust the estimates, where necessary, to 1943 totals for the basic data; also the seasonal adjustment factors for some series were revised to take account of shifts
in Christmas buying; scattered revisions for January-March 1943, which have not been published, are available on request. Data beginning 1939 for the new estimates of retail inventories will be published later.
!Revised series. See note marked "t" on p. S-7 regarding revision of the indexes of retail sales and the source of earlier data. The indexes of department store sales for the United
States and the indicated districts have been revised for all years; the revisions reflect primarily enlargement of the samples, adjustment of indexes to 1929 and 1939 census data, where
necessary, and a recalculation of seasonal factors; in addition, all series have been computed on a 1935-39 base. The Boston index is a new series from the Federal Reserve Bank.
Indexes for Atlanta, Dallas, and Richmond, have been shown on the revised basis beginning in the February 1944 Survey and for other districts and the United States beginning in the
June 1944 issue (further revisions in July 1943 indexes shown in that issue: New York—unadjusted, 92; adjusted, 137; United States—unadjusted, 127; adjusted, 172); indexes beginning
1919 for Dallas are on p. 20 of the February 1944 Survey, and indexes for Richmond beginning 1923 are on p. 22 of the June 1944 issue. All data will be published later.
November 1944
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
S-9
1943
September
September
October
1944
Novem- December
ber
'January
February
March
63
33
4
62
34
4
62
34
4
62
34
4
63
34
3
65
31
4
64
32
4
147
154
••151
••148
150
'145
151
147
150
157
148
165
'163
'170
23
26
23
26
25
26
24
28
April
May
June
July
August
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
Department stores—Continued.
Sales by type of credit:*
61
61
61
65
63
64
Cash sales
percent of total sales
oo
34
34
33
34
31
Charge account sales
do
4
5
5
4
5
4
Instalment sales
.
__
. _do
Stocks, total U. S., end of month-.f
':i67
166
170
165
'134
137
Unadjusted .. .
.1935-39=100160
143
142
160
'153
153
Adjusted
__do
Other stores, ratio of collections to accounts receivable,
instalment accounts:*
22
21
22
24
23
20
Furniture stores—
percent..
21
22
22.
34
23
22
Household appliance stores —
_
-do
32
37
33
39
55
31
Jewelry stores
do
Mail-order and store sales:
Total sales, 2 companies
thous. of doL- 153, 349 133, 422 149,087 156, 922 167, 290 95, 551
64, 452
69, 294
54,280
60, 647
63, 686
35, 810
Montgomery Ward & Co
..
__do
92, 469
89, 662
79, 142
88, 441
97, 996
59, 740
Sears, Roebuck & Co
do
Rural sales of general merchandise:
204.3
225.5
241.5
215.9
138.6
Total U. S., unadjusted
..1929-31=100.. 222.7
184.4
214.0
242.5
190.9
131.1
East
__
..do ..
291.6
322.7
320.4
271.1
194.7
South
do
195.2
178.6
216.0
191.4
119.6
Middle West
. do
244.4
219.6
260.3
276.0
155.9
Far West
do
173.6
193.3
185.7
182.2
135.0
Total U. S., adjusted
do _
210.7
166.3
188.2
187.5
114.7
172.5
East
do
264.1
217.7
233.4
180.5
246.1
South
do
174.2
153.7
122.7
156.4
164.7
Middle West
do..._
203.4
169.1
187.6
214.6
212.1
Far West
do
20
22
23
29
24
'32
30
31
'31
131,971
50, 160
81,810
123,969
47, 105
76,864
111,687
43, 888
67, 799
131, 234
52, 208
79, 026
161.4
151.8
205.4
143.0
181.1
175.8
165.0
242.2
151.0
201.4
155.4
141.5
198.4
138.2
194.4
170.6
154.1
246.8
146.4
204.0
133.9
109.7
171.2
120.4
173.6
183.5
154.1
252.2
163.1
211.7
180.3
169.9
224.4
162.5
210.0
220.4
213.1
311.2
197.0
228.1
28
30
132,007
53, 383
78, 624
123, 675
48,247
75,428
158.0
143.1
256.9
132.9
160.6
195.3
174.9
281.7
167.2
217.0
197.1
200.0
261.5
177.6
193.8
224.5
222.7
289.6
200.5
235.5
172.7
164.0
228.0
151.2
188.4
187.9
172.0
258.8
161.9
211.0
31
34
97, 662
37, 516
60, 145
WHOLESALE TRADE
Service and limited function wholesalers:*
Estimated sales, total
mil. of dol_. 3,403
854
Durable goods establishments
do
2,549
Nondurable goods establishments
do
3, 995
All wholesalers, estimated inventories*
do
3,454
3,469
2,611
3,893
2,632
3,959
843
837
3,436
3,518
3,262
3,251
3,625
3,314
r
2,609
4,117
2,706
3,965
2,518
4,052
2,475
4,089
2,759
4,097
2,474
4,121
' 2, 597
4,146
827
812
744
776
866
840
3, 467
870
' 3, 486
«• 3, 283
'3,490
r
' 2, 470
4,043
' 2, 597
3,987
882
2,604
4,088
813
893
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Estimated civilian labor force (Bureau of the Census) :*
Labor force, total
_
_
thous _ 53, 030 63,910 53, 080 52, 550 51, 900 51,430 51,150 51,360 52,060 52,840 54,220 55, 000 54,010
34,910
34, 590
35,310
35, 570
34,480
34,880
34,780
34, 520
35, 700
35,080
35, 890
34,640
35,540
Male
do
17, 930
17, 120
17, 770
19, 110
16,880
17, 180
18, 210
17, 470
18-, 440
16, 790
16, 630
18,680
Female
__do._* 18,440
62,
950
52,
250
51,
960
54,
000
53, 170
61,
010
51,
680
52,
170
50,490
51,290
50,260
53,
220
50,350
Employment
do
34,490
34, 190
34, 640
34, 820
35, 140
34, 010
34,440
34, 220
34,010
35, 210
33, 990
Male _ .
. _.do_.
35,040 '35,410
17,
470
18,590
18,
060
17,
350
18, 030
16,480
16,850
16,
790
17,
740
16,360
16,250
17,040
18,180
Female.do
8,600
9,670
8,670
8,400
8,570
6,910
9,050
7,700
7,500
6,820
6,600
6,650
Agricultural
-do
9,560
43,
360
44,
330
43,
580
44,600
43,580
43,790
44,
190
43,900
43,
980
43,
770
43,
750
43,610
43,660
Nonagrf cultural—
do
880
1,000
840
780
770
890
960
910
870
1,080
890
870
Unemployment
do
'1,000
Employees in nonagricultural establishments :f
Unadjusted (U. S. Department of Labor):
38,672 ' 38, 846 ' 38, 730 ' 38, 740
38,689
40, 197
38,965
38,840 '38,725
39, 678
39, 847
39, 718
38, 559
Total
thous
15,850
16,122
17, 194
17,080
16,825
17, 136
Manufacturing.
do
16,309
16, 735 ' 16, 559
17, 238
16,093 ' 16, 012 ' 16, 039
839
'834
844
873
833
852
867
880
863
828
Mining
_
do
844
858
858
1,002
829
1,091
686
'691
918
764
683
679
Construction.
do
678
'686
715
691
3,669
3,704
3,689
3,768
'
3,
817
3,688
3,683
3,744
3,788
3,723
'
3,
809
3,664
Transportation and public utilities
do
3,803
6,962
7,554
6,936
7,076
7,245
6,968
6,987
6,919
6,919
6,867
6,977 ' 6, 942 '6,908
Trade
—
do
'
4,
582
4,480
4,079
4,037
4,127
4,236
4,123
4,363
'
4,
542
'
4,
618
4,128
4,131
4,078
Financial, service, and miscellaneous
do
5,932
5,830 ' 5, 869
5,822
5,905
5,847
Government _
do
5,947
5,868
6,071
5,807
5,830
5,871
5,896
Adjusted (Federal Reserve):
39, 475
39, 526
39, 479
39,454
39,352 ' 39, 123 '38,865
39, 486
38,749 '38,766 ' 38, 699 ' 38, 651
Total
.
..do
38, 388
16,995
16, 203
17, 051
17, 152
16, 819 ' 16, 642 ' 16, 391
15, 771
17, 108
Manufacturing
do
16, 093 ' 16, 012 ' 15, 959
16, 910
843
'830
862
862
852
824
869
833
863
Mining
do
876
859
848
848
673
'640
864
1,020
891
936
719
'653
830
786
Construction
do
635
737
677
3,768
3,732
3,763
3,671
3,687
3,780
3,633
3,683
3,765 ' 3, 753 3,761
3,720
3,780
Transportation and public utilities
do
' 7, 049
6,997
7,006
6,962
6,982
7,058
7,006
7,043
7, 012 '7,084
7,000
7,096
7,046
Trade
do
Estimated wage earners in manufacturing industries,
total (U. S. Department of Labor) *
thous— 12, 777 13, 935 13, 965 14,007 13, 878 13, 669 13,594 13,406 13,173 13,020 12, 985 ' 12, 924 ' 12, 940
7,543
8,389
7,879
' 7, 726 ' 7, 688
8,319
8,403
8,121
7,978
8,297
8,240
8,456
7,819
Durable goods
do
1,644
1,721
1,656
1,657 ' 1, 662
1,744
1,736
1,721
1,714
1,664
1,731
1,691
Iron and steel and their products .
. do.
1,660
Blast furnaces, steel works, and rolling mills
482
482
512
503
510
491
486
482
498
496
508
481
thous.
725
734
731
720
'716
751
752
751
739
707
Electrical machinery
do
748
729
750
1,255
1,257
1,129
1,248
1,178
1,161 ' 1, 151
1,263
1,250
1,237
1,219
1,195
Machinery, except electricaldo
1,177
462
460
499
484
499
496
470
501
500
493
476
Machinery and machine-shop products
do__
468
76
79
101
92
97
83
77
89
Machine tools
_
-do
95
86
80
79
'682
Automobiles
$n
734
759
675
751
696
'678
751
739
725
710
760
689
Transportation, equipment, except automobiles
2,324
2,299
2,213
2,318
2,337
2,276
2,257
2,175
2,137
2,079 ' 2, 027 '1,992
thous.. 1,943
739
743
731
Aircraft and parts (except engines)}:do
720
708
728
1,084
1,080
1,079
1,049
Shipbuilding and boatbuildingt—
do
1,086
1,040
422
370
379
'378
417
426
420
417
413
404
393
Nonferrous metals and products
do
388
§85
r
Revised.
J Data temporarily discontinued p<ending rev isionofsei-ies.
*New series. The^ new series on department store sal BS by type of credit 1lave been substituteid for the £series relat ing to inslRaiment seJes of Ne^v England . stores sh own in th<3 Survey
through the July 1944 issue; data beginning January 1941 will be published later. Collection ratios for furniture, jewelry, and household appliance stores represent ratio of collections
to accounts receivable at beginning of month; data beginning February 1941 are on p. S-8 of the April 1942 Survey; data back to January 1940 are available on request; the amount
of instalment accounts outstanding are shown on p. S-16 under consumer credit. Earlier data for the new estimates of wholesale sales will be published later; 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, employment, and unemployment are shown on a
revised basis beginning in the May 1944 Survey; revisions beginning March 1940 will be published later. See note marked "*" on p. S-10 regarding the new series on wage earners in
manufacturing industries.
tRevised series. The index of department store stocks published on a 1923-25 base through the May 1944 Survey has been recomputed on a 1035-39 base. The estimates of
employees in nonagricultural establishments have been revised beginning 1939, by months, to adjust figures to levels indicated by final Unemployment Compensation data through
the last quarter of 1942 and to other data collected by government agencies; annual data for 1929-38 have been revised to a comparable basis; monthly averages beginning 1939 and
monthly figures for the unadjusted series beginning January 1943 are shown on p. 3 of the June 1944 Survey; all revisions will be published later.
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1943
1944
September
November 1944
September
October
Novem- December
ber
1944
January
February
March
April
May
June
July
August
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT— Continued
Estimated wage earners in mfg. industries— Continued.*
Durable goods— Continued.
463
463
454
436
434
432
467
426
Lumber and timber basic products
thous.418
425
427
431
••434
253
253
246
256
236
235
234
232
Sawmills
do
233
240
235
238
359
361
356
354
352
357
348
341
Furniture and finished lumber products
do
333
336
339
340
'342
168
169
167
167
167
166
164
Furniture
- do
159
156
158
157
157
352
350
351
344
342
351
339
324
335
Stone, clay, and glass products
do
332
334
333
331
5,576
5,551
5,475
5,372
5 234
6,616
5,354
Nondurable goods
do
5,285
5,195
5,141
5 166 r 5 igg r 5 252
Textile-mill products and other fiber manufactures
1,190
1,188
1,164
thous..
1,185
1,187
1,164
1,152
1,129
1,111
1,078
1,089 r 1, 084
1,105
472
474
473
459
Cotton manufactures, except small wares. ..do
461
455
471
445
438
434
431
436
94
94
94
95
93
94
93
Silk and rayon goods
do
91
90
89
90
89
Woolen and worsted manufactures (except dyeing
161
161
160
158
159
and
finishing)
.-thous..
160
152
158
155
146
145
151
823
822
825
815
808
810
808
763
784
769
Apparel and other finished textile products.--do
747
773
••765
222
222
221
Men's clothing
do
218
218
213
217
214
217
213
208
211
232
231
230
231
229
229
231
221
213
Women's clothing
do
217
205
215
314
313
315
310
312
313
315
303
310
307
Leather and leather products
_ do
308
307
307
178
176
178
177
175
176
176
174
175
Boots and shoes
do
174
174
175
052
1,102
1,045
1,013
990
959
941
944
941
Food and kindred products
_. . do
1,096
1,052 f 1 092
975
263
258
264
259
251
258
257
255
Baking
do
254
257
259
258
r
125
109
Canning and preserving
.
do
248
95
94
171
90
100
100
177
111
220
164
172
159
159
162
171
168
155
Slaughtering and meat packing
do
156
159
156
158
89
82
88
90
90
88
84
82
87
84
Tobacco manufactures „ «do '.
••82
84
83
r 304
313
316
314
311
316
312
r 302
310
303
Paper and allied products
do
296
306
303
149
149
149
149
150
148
148
146
145
Paper and pulp
do
146
147
146
342
342
336
339
336
329
330
338
332
Printing, publishing, and allied industries
do
328
332
331
333
113
113
113
112
111
110
110
110
110
Newspapers and periodicals
do
110
110
110
133
129
137
135
131
137
137
137
133
Printing, book and job
do
135
132
133
692
729
593
738
666
658
625
593
740
602
Chemicals and allied products
--do
584
••590
585
122
123
123
122
121
119
120
120
Chemicals
do
120
119
120
118
126
126
126
125
134
126
127
130
127
128
134
Products of petroleum and coal
do
132
135
82
82
82
83
84
87
83
85
Petroleum refining
do
86
91
91
89
199
195
201
202
202
193
193
195
200
195
190
191
Rubber products
do
191
92
94
94
91
90
94
94
92
90
Rubber tires and inner tubes
do
90
91
89
Wage earners, all manufacturing, unadjusted (U. S.
170.5
171.0
169.4
166.9
165.9
163.7
158.9
170.1
156.0
160 8
Department of Labor) f
1939=100 158 5
157.8 r 158. 0
232.3
228.2
218.2
230.4
234.2
229.8
224.9
208.9
232.7
220.9
Durable goods
do
216 5 r 214. 0 »• 212. 9
174.6
175.1
175.9
173.6
172.9
165.9
173.6
170.6
167.0
Iron and steel and their products
do
167.8
167.4
167.1 ••167.6
Blast furnaces, steel works, and rolling mills
131.2
130.7
129.5
128.2
127.6
126.4
125 0
124.0
1939=100
131.7
123 8
124 1
124 0
283.4
289.9
289.8
279.8
290.4
289.4
285.2
273.0
282.1
Electrical machinery
-do
277.8 f 276. 2
288.7
281 4
237.6
239 0
238.0
213 7
236 2
236.5
234.1
230 7
226 1
223.0
219 8 '217 8
Machinery except electrical
do
222 8
246.4
244.9
247.4
246.9
246.4
239.2
232.1
Machinery and machine-shop products
do —
243.7
235.1
228.4
231.3
227.5
259.3
251.1
234.2
275.5
266.0
242.8
227.1
219.4
216.0
Machine toolsj
do
214 4 r 210.2 r 207.4
182.5
186.7
188.9
188.6
186.7
183.6
Automobiles
do - 180.1
173.1
167.8
176 6
168 4
169 5
171 2
Transportation equipment, except automobiles
1939=100- 1, 224. 1 1, 448. 6 1, 464. 3 1,472.4 1, 460. 5 1,434.2 1,422.2 1, 394. 3 1, 370. 1 1,346.2 1,309.6 •• 1,277.0 •• 1,255. 3
1, 834. 1 1, 862. 3 1, 871. 8 1, 841. 7 1, 813. 5 1, 785. 4
Aircraft and parts (excluding engines) • _-do
Shipbuilding and boatbuilding •
do
1, 559. 4 1, 565. 2 1, 567. 7 1, 557. 7 1, 514. 8 1, 502. 3
183.3
184.3
185.6
176.2
161.2
181.8
180.0
169.1
181.8
171.5
165.2 r 164. 8
Nonferrous metals and products _
do
168 1
110.2
110.1
107.9
103.8
103.3
111.0
102.8
101.2
99.5
101.4
102.4 ' 103. 2
Lumber and timber basic products...
do
101.6
88.0
85.5
81.2
88.9
81.8
80.7
87.7
81.7
80.4
83.4
82.5
Sawmills
do
81 7
109. 4
108.9
107.3
110.1
108.0
102.5
101.6
108.6
104.1
Furniture and finished lumber products
do
103.5
106.0
103.4
103.9
106.3
104.9
104.1
105.5
104.8
103.1
97.9
104.9
98.8
Furniture
.
do
98.3
100.1
99 0
119.3
117.3
119.5
116.6
115.5
112.9
110.5
119.8
119.7
114.3
113.4 ••112.9
Stone, clay, and glass products
do
113.7
121. 2
119.5
117.3
112.2
114.3
122.6
116.9
115.4
Nondurable goods
do
121.7
113.4
112 8 r 113. 5 r 114. 6
Textile-mill products and other fiber manufactures
103.9
103.8
101.8
97.2
94.2
103.6
104.0
101.7
1939=100..
100.7
98.7
95.2
••94.8
96.6
119.2
119.6
119.5
116.3
118.9
116.0
115.0
112.5
110.6
Cotton manufactures, except small wares __do
108.9
109.6
110.0
78.3
79.2
78.3
78.8
78.0
Silk and rayon goods
do
78 3
77.5
74.8
74.1
76 3
73 9
74 7
Woolen and worsted manufactures (except dyeing
107.5
106.0
and
finishing)
1939=100..
107.4
107.8
106.5
105.8
107.7
103.9
102.0
97.8
97.0
101 4
103.2
104.6
104.2
102.3
102.3
97.4
96.7
104.1
102.7
99.3
'96.9
Apparel and other finished textile products___do
94.6
97.9
r
101.4
99.0
99.5
99.2
Men's clothing
do
101.6
99.7
97.9
97.3
101.1
••95.2
96.3
97 8
85.5
85.0
84.6
84.2
84.2
84.9
78.6
Women's clothing
do
85 1
81.5
75.5
79.0
79 7
90.2
90.5
90.9
89.3
89.8
88.4
90.1
89.4
87.3
90.8
••88.3
Leather and leather products
do
88.5
88.8
81.2
80.3
81.6
80.7
80.8
79.7
81.8
80.7
80.3
Boots and shoes .
.
do .
79.7
79.8
80 2
122.3
118.5
115.9
112.3
111.4
110.1
110.5
129.0
110.1
114.1
Food and kindred products
-do
128.3
123.1 r 127. 8
114.3
113.9
112.1
111.8
111.5
108.6
111.7
110.5
110.1
112.0
Baking
do
112.0
111.6
80.8
70.5
67.0
74.3
163.4
Canning and preserving _
do
184.2
127.1
93.0
69.9
74.1
82 2 f 131.8
136.4
141.6
132.2
143.0
128.3
Slaughtering and meat packing
__do
132.2
139.6
134.0
129.6
129.7
131.7
130.9
96.4
94.2
95.5
96.3
93.6
89.5
88.3
89.5
88.2
94.8
Tobacco manufactures
do .89.5
88.6
••88.3
119.1
118.2
115.4
118.0
119.1
117.0
114.2
111.4
117.7
Paper and allied products.
..do
117.1
114.2 r 114. 4 r 113. 9
109.1
107.3
108.0
108.0
106.2
105.4
Paper and pulp
do
108.0
108.7
108.7
106.4
106.8
106.2
104.4
103.3
102.6
104.2
103.1
102.5
101.3
100.3
Printing, publishing, and allied industries
do
100.7
100.8
101.6
100.0
101.1
95.4
95.2
93.1
92.9
92.6
92.9
92.7
92.9
94.9
94.7
92.5
Newspapers and periodicals*
do
93.1
105.6
108.3
108.5
108.4
108.4
104.9
103.6 r 104. 6 f 106. 9
105.5
Printing, book and job*
do
102.0
106.7
230.9
256.9
228.2
253.0
240.1
208.8
205.6
256.1
Chemicals and allied products
do
202.9
202.7 ••204.7
205.7
216.8
177.2
176.8
175.8
174.5
172.5
175.7
172.5
170.0
Chemicals
do
172.7
170.9
171.1
171.8
120.2
119.3
118.9
118.4
119.8
121.1
Products of petroleum and coal
do
119.0
122.8
119.0
126.7 r 127. 3
124.4
126.2
113.2
112.8
113.4
113.6
115.3
116.2
125.2
Petroleum refining. _
.
_„
do
117.9
113.0
120.0
124.3
121.8
166.4
161.3
164.9
161.2
167.1
167.1
165.7
159.7
Rubber products.
__do
157.4 ' 158. 1
159.2
161.4
157.8
174.1
173.8
172.9
169.3
168.6
166.4
170.1
166.5
172.7
168.5
Rubber tires and inner tubes
do
164.8 r 165.6
166.9
170.9
169.1
167.8
164.1
161.5
170.1
159.6
154.3
168. 3
157. 6 ' 156. 8
Manufacturing, adjusted (Fed. Res.)t
do
158.8
230.3
225.3
232.2
234.0
232.8
228.8
218.2
230.0
221.0
216.4 •• 213. 7 •• 212. 5
Durable goods
...-do
208.7
118.4
121.1
121.2
118.9
118.1
113.4
119.6
116.0
114.5
Nondurable goods
do
113.3 . ' 113. 5 •• 112. 9
111.5
•• Revised.
JFor data for December 1941-July 1942 see note marked "J" on p. S-10 of the November 1943 Survey.
• For data for December 1941-February 1943, see note at bottom of p. S-35 of the May 1944 Survey; data temporarily discontinued pending revision of series.
*New series. Data beginning 1939 for the new series on wage earners in manufacturing industries will be shown in a later issue; data for the individual industries shown in the
Survey beginning with the December 1942 issue are comparable with figures published currently; the figures for all manufacturing, durable goods, nondurable goods, and the industry
groups are shown on a revised basis beginning with the March 1943 Survey.
t Revised series. The indexes of wage-earner employment and of wage-earner pay rolls (p. S-12) in manufacturing industries have been completely revised; for 1939-41 data for the
individual industries, except newspapers and periodicals and printing, book and job, and 1939-40 data for all manufacturing, durable goods, nondurable goods, and the industry
groups, see pp. 23-24 of the December 1942 Survey; for 1941 data for the totals and the industry groups, see p. 28, table 3, of the March 1943 issue. The seasonally adjusted employment indexes have been shown on a revised basis beginning in the December 1943 Survey; the indexes are as yet available only for the totals shown and for all manufacturing and
for nondurable goods the figures are preliminary.
November 1944
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
September
S-ll
1943
September
October
1944
Novem- December
ber
January
February
March
April
May
June
July
August
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT— Continued
Nonmanufacturing, unadjusted (U. S. Dept. of Labor):
Mining:!
Anthracite
1939=100..
Bituminous coal
do
Metalliferous
_ do
Quarrying and nonmetallie.... _
. _
do
Crude petroleum and natural gas!.,.
do
Public utilities:t
Electric light and power
do
Street railways and busses .
do
Telephone and telegraph§
do
Services:!
Dyeing and cleaning
do
Power laundries
. do
Year-round hotels _
._ _
.
do
Trade:
Retail, total!
do
Food*
do
General merchandising! —
- - do_
Wholesale!
- - do
Water transportation*
do
Miscellaneous employment data:
Federal and State highways totalt
number
Construction (Federal and State)
.... do_ _
Maintenance (State)
do
Federal civilian employees:!
United States
.
.
thousands. .
District of Columbia
. do
Railway employees (class I steam railways):
Total
thousands
Indexes: Unadjusted!
- - 1935-39=100..
Adjusted!
do
84.5
101.0
108.5
95.6
81.7
84.0
100.6
106.3
94.1
81.0
82.9
99.4
103.9
91.3
80.9
84.0
100.6
103.1
89.7
80.9
83.4
99.8
101.4
83.7
81.1
84.2
99.8
100.5
82.9
81.2
83.5
98.7
98.3
82.8
81.6
82.6
97.1
96.2
84.1
82.0
82.7
96.0
93.6
84.5
82.5
83.0
'96.1
91.1
85.8
83.6
77.9
'94.7
87.6
86.4
84.1
'77.9
'95.0
'85.5
86.7
'84.1
82.2
119.1
85.5
118.0
126.9
84.9
118.1
126.2
84.5
118.4
126.3
84.1
118.7
83.8
118.8
83.6
119.8
83.5
119.6
83.1
119.2
82.8
119.1
83.1
119.1
83.2
118.8
'83.1
'118.9
119.0
107.0
108.5
118.7
110.5
108.0
120.0
110.2
108.9
115.9
109.4
108.8
'113.8
109.9
109.0
111.2
109.9
108.6
114.2
110.5
109.3
117.3
110.3
109.2
120.7
109.5
109.2
124.8
110.1
109.0
126.9
112.4
109.4
96.8
97.4
104.5
110.6
93.9
170.3
100.6
107.2
119.2
94.2
176.7
104.2
108.2
130.4
95.5
176.9
112.6
108.7
156.5
95.9
190.8
97.5
106.8
110.4
95.1
198.9
96.0
106.6
106.5
95.7
205.7
96.9
107.8
108.6
95.4
211.7
97.7
106.9
110.9
95.1
226.1
96.9
107.3
108.5
94.4
233.5
••96.6
' 106. 3
107.7
95.0
238.9
95.5
106.4
104.5
95.1
249.1
175, 939
55, 875
95, 814
170, 515
50, 817
95, 943
156, 721
38, 634
94, 092
138, 512
27,978
87,055
124, 983
18, 556
83, 298
122, 543
16, 521
82, 773
122, 340
15, 610
83, 05G
127, 889
20, 353
84, 005
136,050
24, 802
87, 446
150,133
16, 103
109, 546
156, 865
33, 528
98, 190
159,944
33, 828
100,724
2,881
259
2,806
267
2,798
266
2,823
265
3,032
263
2, 820
263
2,828
264
2,838
264
2,853
264
2,866
264
2,918
270
2,941
271
2,909
265
139.9
136.6
1,400
134. 5 '
131.3
1,394
134.0
129.6
1,388
133.4
132.2
1,380
132.3
134.3
1,384
133.0
138.3
1,414
135.9
139.3
1,428
137.2
140.6
1,440
138.4
140.6
1,453
139.6
140.2
1,476
141.8
139.9
1,471
141.4
138.4
1,477
141.9
139.0
45.3
44.7
46.5
46.1
45.5
45.4
47.2
47.1
45.5
45.5
47.1
47.1
45.1
44.8
46.2
46.5
45.2
45.2
46.6
46.9
45.7
45.3
46.7
47.1
45.8
45.3
46.7
46.9
45.2
45.0
46.5
46.5
45.5
45.3
46.6
46.8
45.9
"45.4
'46. 8
••46.8
'45.4
'44.6
'45.7
46.0
45.5
45.1
46.6
46.7
45.3
46.8
48.6
48.2
48.9
46.3
46.3
47.1
49.6
49.2
50.7
47.6
45.5
47.1
49.6
49.1
50.3
46.5
45.0
46.2
48.9
48.0
49.8
44.5
45.6
46.9
49.4
48.9
50.7
46.9
46.2
46.8
49.1
48.6
50.4
46.3
46.0
46.7
49.1
48.7
51.0
46.3
45.9
46.2
48.8
48.1
50.7
46.4
46.1
46.3
48.7
48.4
50.8
45.5
46.4
'46.6
49.1
48.7
51.0
45.9
45.9
'45.7
47.5
'46.8
50.2
'43.7
46.3
46.2
48.4
48.2
, 50.4
45.0
47.1
46.6
47.6
46.7
43.5
43.5
42.4
42.2
47.5
46.8
47.9
46.9
44.2
44.7
43.8
42.7
47.6
46.8
48.3
47.1
43.4
44.3
43.5
43.1
46.5
45.8
47.1
46.3
42.8
44.2
43.0
42.8
46.7
47.5
45.7
47.0
41.2
43.4
42.6
43.0
46.9
47.4
46.2
47.0
42.9
44.2
43.3
43.2
47.0
47.0
46.6
46.9
43.2
44.5
43.6
43.2
47.1
46.7
47.3
46.6
43.2
43.7
43.2
42.5
47.4
46.8
48.1
46.6
43.3
44.4
43.7
43.2
47.3
47.1
' 47.4
47.1
44.5
'44.6
'43.8
r
43. 3
46.8
'47.2
'47.1
'46.0
'42.4
'43.6
42.4
43.0
47.4
47.2
47.8
46.6
44.6
44.8
43.9
43.0
41.0
41.6
41.8
41.7
41.5
41.8
41.9
41.2
41.6
42.0
41.7
41.8
37.5
39.2
43.3
41.3
44.6
37.8
39.5
44.1
42.6
45.7
38.1
39.8
45.5
42.5
45.8
37.7
40.2
45.5
42.1
45.3
38.2
40.5
45.8
42.1
45.2
38.7
41.2
45.5
41.3
45.6
38.9
41.4
45.3
40.9
45.8
37.3
41.1
44.8
39.0
45.5
38.1
41.3
45.8
42.0
46.0
38.2
'41.6
45.9
42.3
'46.3
37.3
'41.2
45.6
42.4
45.7
37.7
41.1
44.9
42.3
46.2
40.4
45.6
45.4
44.9
40.2
45.8
46.4
45.4
40.5
45.6
46.0
45.7
40.4
45.1
46.0
44.8
40.7
45.7
45.6
45.2
40.7
45.7
46.5
45.7
40.8
45.8
46.6
45.6
40.6
45.6
46.3
44.7
40.9
46.0
47.0
45.1
'41.3
'45.8
46.8
45.2
41.2
' 45. 6
'46.9
'45.0
41.1
45.6
46.9
45.6
39.4
39.7
39.2
38.1
38.5
37.6
38.5
38.7
40.4
40.2
40.6
40.0
40.6
39.4
44.8
46.4
44.5
41.7
38.8
45.3
47.7
44.4
25.6
28.4
44.0
46.5
44.9
41.4
44.7
44.2
45.5
44.9
38.9
44.0
43.9
43.6
44.4
46.5
45.2
44.3
44.0
45.2
41.7
44.6
44.5
45.4
45.5
38.2
43.0
44.0
45.6
44.9
41.9
44.0
44.4
47.4
45.5
40.9
'44.0
44.6
47.7
45.6
35.8
39.5
42.9
46.3
'45.3
40.8
44.1
44.8
47.9
46.1
42.3
49.0
42.3
42.7
49.6
42.7
42.8
50.1
42.9
49.6
41.9
49.2
42.8
50.3
43.0
49.8
42.3
49.4
43.4
50.6
43.8
'50.9
'42.8
50.7
44.0
51.0
45.0
44.0
44.1
44.0
43.4
44.0
43.3
44.1
44.0
44.1
43.5
43.7
44.0
43.7
43.7
43.7
44.7
43.9
44.3
43.6
44.4
44.1
43.9
43.7
40.3
42.6
39.9
42.7
39.6
42.9
39.4
42.8
40.2
42.5
41.0
42.6
MO. 2
42.8
41.4
42.5
41.3
42.8
'42.4
43.0
43.2
42.8
43.3
43.1
94.3
82.7
94.9
258.1
122.3 ' 118. 4
112.1 '109.0
' 109. 2 ' 109. 4
'94.1
' 104. 6
' 102. 8
' 95. 5
' 255. 3
LABOR CONDITIONS
Average weekly hours per worker in manufacturing:
Natl Indus Conf Bd (25 industries)
hours —
Durable goods*
- do_
Iron and steel and their products*
do
Blast furnaces, steel works, and rolling
mills*
hours
I^Eachinery except electrical*
do
Machinery and machine-shop products*— do
Is^achine tools*
do
Transportation equipment, except automobiles*
.
hours.
Aircraft and parts (excluding engines)*— .do. ...
Shipbuilding and boatbuilding*
do
Nonferrous metals and products*
do
Lumber and timber ba^ic products*
do
Furniture and finished lumber products*.. -do
Nondurable goods*
do
Textile-mill products and other fiber manufactures*
hours
Apparel and other finished textile products*
hours
Leather and leather products*
do
Food and kindred products*
do.
Paper and allied products*
do
Printing and publishing and allied industries*
hours
Chemicals and allied products*
... do _
Products of petroleum and coal*
.
do.
Rubber products*
do
Average weekly hours per worker in nonmanufacturing
industries (U. S. Department of Labor):*
Building construction
hours..
Mining:
Anthracite
..
-. . __ _ _-do_.
Bituminous coal
do
Metalliferous
do
Quarrying and nonmetallic
do
Crude petroleum and natural gas
do
Public utilities:
Electric light and power
.
do.
Street railways and busses
do
Telephone and telegraph§
_ do.
Services:
Dyeing and cleaning
_ do.
Power laundries
_ _
do
Trade:
Retail
.
do
Wholesale
do
' Revised.
§ Index is being revised.
tTotal includes State engineering, supervisory, and administrative employees not shown separately.
•jSee note marked "1" on p. S-ll of the July 1944 Survey regarding changes in the data beginning June 1943. The United States total beginning November 1943 reflects a further
change in reporting resulting in an upward adjustment of 24,558 in that month. Data cover only paid employees. District of Columbia data for June-October 1943 are partly estimated. The December 1943 total includes about 220,000 excess temporary Post Office substitutes employed only at Christmas.
*New series. Indexes beginning 1939 for retail food establishments and beginning 1940 for water transportation are shown on p. 31 of the June 1943 Survey. Data beginning
1939 for all series on average hours will be published in a later issue; figures beginning March 1942 are available in the May 1943 Survey.
!Revised series. For data beginning 1939 for the Department of Labor's revised indexes of employment in nonmanufacturing industries, see p. 31 of the June 1943 Survey. For
revision in the Department of Labor's series on average weekly hours in all manufacturing industries, see note marked "f on p. S-13 of the July 1944 -Survey. The indexes of railway
employees have been shifted to a 1935-39 base and the method of seasonal adjustment revised; earlier data not shown in the May 1943 Survey will be published later.
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
1944
September
November 1944
1944
1943
September
October
Novem- December
ber
January
February
March
April
May
July
June
August
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS— Continued
Industrial disputes (strikes and lockouts):
Strikes beginning in month:
Strikes
numberWorkers involved
thousands
Man -days idle during month
do_.
U. S. Employment Service placement activities:
Nonagricultural placements! - - " - - thousands
Unemployment compensation (Social Security Board) :
Continued claims
thousands. .
Benefit payments:
Beneficiaries, weekly average
-do
Amount of payments - __thous. of dol
Labor turn-over in manufacturing establishments^
Accession rate
monthly rate per 100 employees
Separation rate, total
do
Discharges
do
Lay-offs
- do.
Quits
do
Military
do
Miscellaneous
do
660
237
67
210
1,013
325
» 136
2,863
355
263
787
330
110
625
330
115
470
360
115
415
435
155
580
1,400
500
155
680
470
145
680
485
190
935
1,172
909
858
834
721
788
745
778
761
833
973
1 093
1 259
348
389
330
354
413
542
564
591
476
514
423
397
r 407
63
4,247
75
4,433
61
3,5*46
56
3,540
64
4,274
84
5,277
104
6,156
112
7,351
83
5,471
87
5 771
78
5 225
66
4 347
72
4 808
7.73
8.16
7.17
7.02
6.62
6.37
5.19
6.55
6.47
6.69
5.46
6.52
5.76
7.33
5.53
6.78
6.39
7.08
r 6 3
6 2
78
4.90
5.27
390
185
.62
.53
6.29
.64
.08
287
121
.64
.51
5.19
.61
.07
.63
.69
4.46
.52
.07
.60
.99
4.38
.50
.08
,69
.79
.64
.76
4.60
4.56
.53
.08
.49
.07
.65
.87
5.00
.73
.08
.59
.58
.64
.07
610
290
3
.63
.50
.60
.08 }
76
7i
.7
5
54
r
66
.7
5
r
50
.4
'5
7
5
6 2
.4
PAY ROLLS
Wage-earner pay rolls, all manufacturing, unadjusted
(U S Department of Labor) t
1939=100
Durable goods
\.
do
Iron and steel and their products
-do. _
Blast furnaces, steel works, and rolling mills
1939=100
Electrical machinery
do
Machinery, except electrical
_ _ _ _ _ do_
Machinery and machine-shop products
do
Machine toolst
do
Automobiles
-- do. _
Transportation equipment, except automobiles
1939=100
Aircraft and parts (excluding engines) A- - do
Shipbuilding and boat buildingA
__do
Nonferrous metals and products
.
do_.
Lumber and timber basic products
do
Sawmills
._
. do.
Furniture and finished lumber products
do
Furniture
do
Stone, clay, and glass products _
_ _ do
Nondurable goods
do
Textile-mill products and other fiber manufactures
1939=100
Cotton manufactures, exc. small wares
do
Silk and rayon goods
_ do
Woolen and worsted manufactures (except dyeing
and
finishing)
_
__
1939=100..
Apparel and other finished textile products do
Men's clothing
do
Women's clothing ._
do
Leather and leather products
do
Boots and shoes
_ _ _ do
Food and kindred products
do
Baking
...
.do
Canning and preserving
do_
Slaughtering and meat packing
do
Tobacco manufactures
_
do
Paper and allied products
do
Paper and pulp
__
do
Printing, publishing, and allied industries
do
Newspapers and periodicals*
do
Printing, book and job*
do
Chemicals and allied products
do
Chemicals
_
do
Products of petroleum and coal
do
Petroleum refining
__ .
_. do
Rubber products.
do
Rubber tires and inner tubes
do
Nonmanufacturing, unadjusted (U. S. Dept. of Labor) :
Mining:t
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
Telephone and telegraph^
do
Services:!
Dyeing and cleaning
do
Power laundries
.
do
Year-round hotels
__ _. . do
Trade:
Retail, totalf
.do
Food*
do
General merchandising!
do
Wholesale!
do
Water transportation*
_
do
r
Revised.
1
328.0
460.7
312.8
332.6
468.8
318.6
336.5
474.6
320.1
328.3
461.2
316.7
327.9
461.8
317.9
327.6
459.9
318.4
324.4
454.8
314.1
318.2
447 9
308 0
317.6
444 1
308 6
318 1
442 8
311 0
»-310 7
r 428 5
306 2
313 9
432 4
309 2
232.7
487.7
435.2
440.5
455.3
339.3
232.6
494.7
441.4
447.4
455.8
359.5
226.8
506 2
445.7
450.4
441.3
351.3
222.5
500 0
440.5
443.0
425 6
334.4
223.6
509 7
445.3
454.6
419 8
351.1
225.2
512 7
438.0
447.4
405.0
341.0
222.2
513 2
432.8
441.1
400.5
335.4
221 2
502 0
424 3
429.2
383 6
330 0
221 1
501 0
417 1
426.1
381 3
318 1
224 5
507 5
422 3
429.1
383 8
319 0
224 9
494 2
403 5
408.6
370 6
r 302 8
222 7
493 1
406 2
416.5
369 2
306 8
3, 039. 1 2, 901. 1
3, 433. 4 3, 323. 5
3, 435. 3 3, 231. 9
343.9
335.4
197. 4
188 6
160.2
151.2
191.1
188.9
183.2
184.8
195.2
192.2
201 4
198 4
2 859 9
3 438.9
3 011.8
337.8
175 9
139 0
185.8
181 3
187 7
196 9
2 854. 5
3 381. 1
3, 033. 5
335.7
182 0
146.1
187.9
184 1
188 9
198 2
2, 819. 1
2 798 0
2 775 1
2 691 0
2 602 4
2 606 1
328 4
182 9
146 7
188.2
183 4
189 4
196 9
318 3
184 5
149 1
182.7
175 7
187 3
191 4
314 8
186 9
1*52 1
184.4
175 7
187 7
1Q3 g
315 9
193 5
159 3
187.5
177 9
189 8
r
!96 1
304 7
185 1
151 5
183.8
173 9
184 1
r 195 g
306 0
197 8
164 8
191.4
181 0
189 0
198 0
2, 933. 1 2, 947. 6
3, 341. 6 3, 378. 3
3, 312. 2 3, 288. 3
336. 8
338.2
200.9
197.7
162.1
163.8
183.2
191.0
176.7
184.4
188.5
194.0
199 6
198 3
T
172.0
204.8
131.5
174.4
205.1
136.1
176.2
207.4
137.9
175.9
207.2
138 7
171 9
199.1
135 6
174.3
202.2
138.8
173.9
202.2
138.2
170 0
201.3
134 7
171 2
202.4
136 1
172 5
204.7
135 8
168 5
206.6
130 7
168 2
203.7
133 7
194.9
163 4
153.8
136.1
143.1
131.1
184.8
155.3
304.4
192.4
154.1
176 7
168.4
128.9
114 5
133.1
438 4
285.5
195 0
182.4
273.4
277 2
197.6
164.1
158.2
132.1
143.2
129.8
182 2
159.0
224.2
201.2
160.2
183 0
174.1
131.0
114 4
138.2
437 6
294.1
197 7
185.5
278 0
279 3
198.6
165 6
161.8
132.6
146.1
133.1
186 0
163.6
164.4
232.3
162.5
184 8
174.9
133.7
115 2
141.9
428 6
296. 6
196 3
185. 5
287.7
289 0
198.0
163 5
156 7
133.2
147 2
133.4
182 9
163.2
149.0
238 7
161 1
183 7
174.6
134.9
116 0
143 9
405 5
294 0
197 3
186 4
285 5
286 8
197.2
167 5
156 5
141.4
147 3
134 0
179 9
160 6
131 8
243 2
158 2
183 3
173 2
134.7
112 3
147 6
396 1
297 7
196 9
185 0
288 4
288 9
199.4
175 4
163 2
148.3
151 6
137 8
176 6
161.1
133.0
226.6
154 9
185 9
176.3
134.7
113 0
147 0
390 4
296 1
201 6
192 2
293 0
295 6
199.6
178 5
167 3
152 9
153 1
139 0
174 4
163 0
126 8
212 3
146 6
186 4
176 4
135.2
114 1
146 5
372 5
294 1
204 1
195 7
294 3
299 3
192.5
161 3
158 2
132 0
152 3
138 3
173 8
159 9
141 2
206 3
142 8
183 6
175 1
133.7
113 8
144 4
359 1
295 o
206 6
199 6
278 8
280 0
192.9
103 0
166 4
198 1
153 5
I^Q g
179 i)
163 8
143 2
216 9
152 9
184 7
177 2
135.0
116 1
144 8
360 2
296 5
212 6
205 2
280 8
283 0
194.8
166 2
r igg' 5
134 8
155 9
142 8
185 6
166 8
156 7
217 5
157 5
r
!86
6
r
!79 8
137.4
mi
184.3
156 6
r 154 g
125 6
153 1
139 8
196 5
168 0
r 242 8
219 6
157 1
r 149 5
r 151 9
'355 4
296 5
215 7
207 5
279 0
278 5
r 355 5
r 297 6
223 o
215 6
277 2
280 9
181.1
167 1
160 6
139 6
153 4
140 2
200 1
167 5
306 2
210 7
157 g
186 0
180 6
137.9
118 4
149 4
357 7
295 i
220 7
213 5
285 4
294 3
144.2
202 4
171.6
168.0
124 4
146.5
198 0
170.2
169.4
122 1
90.4
140 4
161 6
161.2
124 7
156.6
231 3
160 8
153 9
123 8
146.0
228 9
157 4
139 6
126 2
190.2
231 0
157 0
139 7
126 9
157.8
225 0
155 5
144 9
125 7
142. 3
214 2
152 5
150 0
129 5
155.8
215 f)
148 5
157 4
127 9
111.4
157.6
149.9
111 8
158 9
149.0
112 2
161.9
111 9
161 4
112 9
161 4
112 3
166 7
112 5
164 9
112 9
164 9
170 6
146 2
143.7
173 4
149 1
147.2
166 9
150 3
148.8
163 4
151 8
149 7
163 5
155 0
148 9
165 3
154 4
152 7
173 7
155 2
153 6
119 9
128.7
130 5
127.9
384.4
123 3
130.4
138 7
129.5
393.6
126 8
132.0
150 0
131 9
394.2
135 4
133 7
174 4
132 2
427.1
122 2
132 7
132 1
131 2
448.7
121 4
133 0
128 3
132 7
472.6
122 6
134 5
131 2
133 4
490. R
Does not include workers involved in the coal strike; see note 2 on p. S-ll of the July 1944 Survey.
2
r
r 184 9
r 178 6
138.0
117 1
i
135 1
160 7
136 5
145.8
215 6
136 5
165 3
132 7
112 9
168 5
114 8
r 170 4
114 6
r 170 3
115 3
171 5
179 9
155 7
154 5
194 2
161 3
155 3
•jcq c
157 2
187 3
165 1
157 4
178 6
159 8
158 8
124 3
134 4
134 6
134 0
594 fi
124 2
135 2
132 4
133 4
r 107 4
r 139 g
r 1 Qfi ft
iqc 4
*71 7
128 3
142 4
136 7
135 9
126 8
141 7
132 8
136 3
K8R fi
KSK 9!
KR9 «
151.8
217 9
145 7
162 2
r
m
1QK
130.6
r 194 4
7
r
Data computed to tenths only beginning June.
pay rolls beginning 1939 for retaiHood establishments and beginning 1940 for water transportation are shown on pTsf of the June~ 1943~ Survey!'.'"' "" "*"" "***"" *""*" *»»««•
! Revised series. The series on placements by the U. S. Employment Service has been revised beginning in the August 1943 Survey to exclude agricultural placements which are
now made only in cooperation with the Department of Agriculture extension service; comparable
earlier data are available on request. For sources of 1939-41 data for the revised indexes
of wage-earner pay rolls (or weekly wages) m manufacturing industries, see note marked f4 !" on p. S-10. For revi
revised data beginning 1939^or the indexes of pay rolls in nonmanufacturing industries, see p. 31 of the June 1943 Survey.
November 1944
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may he found in the
1942 Supplement to the Survey
1944
September
S-13
1943
September
October
1944
Novem- December
ber
January
February
March
April
May
June
July
August
a
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES
Factory average weekly earnings:
48.41
49.30 ' 48/86
47.13
47.47
48.09
48.89
Natl. Ind. Con. Bd. (25 industries)
dollars
47.58
47.56
48.15
47.15
48.46
44.39
45.64
45.85
44.86
45.32
45.47
46.02 ' 46. 24 ' 45. 43
45.29
45.55
U. S. Dept. of Labor, all manufacturing!
do
44.58
51.54
51.79
51.89 ' 52. 14 ' 51. 07
51.01
51.26
51. 21
51.40
Durable goods!
do
51.67
50.50
51.67
49.14
50.41 ' 50. 65 ' 49. 98 50.28
49.74
50.14
50.18
50.07
49.34
49.78
50.30
Iron and steel and their products!
do
Blast furnaces, steelworks, and rolling
53.12
52.74
54.32
52.67
53.11
54.58
53.80
52.88
51.74
51.42
52.49
53.43
millsf.
_
dollars..
46.84
46.44
47.18
47.28 ' 47. 88 ' 47. 22 47.74
46.47
46.53
47.04
47.06
Electrical machinery!
-do
45.97
54.54
53.22
54.35
54.40
53. 87
53.84
54.69
Machinery, except electrical!
do
54.16
54.37 ' 55. 06 ' 53. 34 54.16
52.99
53.28
52.53
53.05
52.12
52.61
52.83
53.36
Machinery and machine-shop products!, .do
52.08
53.18 ' 53. 70 ' 51. 85
56.54
56.80
57.33
53.43
55.34
55.93
55.85
56.97
57.77
55.05
Machine tools
. .. .
.do
54.90
57.08
56.84
58.43
58.13
58.68
57.68 ' 58. 48 '. 56. 43
Automobiles!
do
58.86
58.37
59.50
58.26
55.49
Transportation equipment, except automo59.41
60.22
58.88
58.43
58.73
57.91
59.87 ' 59. 66 ' 59. 16
58.47
59.93
biles!
.dollars
57.75
53.55
53.93
54.10 '54.61 ' 54. 43
54.73
51.98
51.74
53.70
54.05
Aircraft and parts (excluding engines).. -do
52.30
51.45
62.89
64.02 ' 62. 80 ' 62. 70 63. 97
60.83
61.46
63. 68
65.61
59.67
Shipbuilding and boatbuilding .
_ do_
62.91
62.23
48. 79
48.88
48.96
48.75
48.65
48.26
48.83 ' 49. 33 ' 48. 35 48.77
Nonferrous metals and products!
do
48.65
47.87
34.05
35.80
35. 56 ' 33. 75
33.41
33.03
33.30
34.54
34.17
33.59
31.77
Lumber and timber basic products!. .. _do
32.78
33.14
34.72
31.94
32.26
32.74
35.23
33.34
33.59
32.70
32.69
30.37
Sawmills.-.
do
31.59
34.24
34.97
35.47
35.23
36.04 ' 36. 26 ' 35. 54 36.76
33.58
34.73
34.55
Furniture and finished lumber products! do
34.56
37.44
35.89
36.29
35.93
36.72 ' 36. 71 ' 36. 13
35.32
35.09
34.23
35.56
35.64
FurnitureJ.
_-do_
39.32
38.45
38.46
38.98 ' 39. 19 38.14
37.02
37.53
38.00
38.15
38.19
Stone, clay, and glass products!
do
37.63
36.32
36.56
36.16
37.16
36.03
37.03 ' 37. 30 ' 37. 04
Nondurable goods! ...
_ _ __ _
.do
34.73
35.18
35.73
35.61
Textile-mill products and other fiber
29.87
29.63
29.74
28.88
28.85
28.66
28.04
27.68
28.30
manufactures!
dollars
28.30
29.51
28.27
Cotton manufacturers, except small wares!
25.75
26.76 ' 27. 12
26.90
24.98
25.26
26.33
24.58
24.66
24.57
24.77
dollars
24.83
28.29
28.53
28.27
29.13 ' 29. 07 ' 28. 33 28.93
Silk and rayon goods!- __
„ do_.
27.75
26.79
27.78
27. 9.7
27.90
Woolen and worsted
manufactures
36.04
35.02
35.32
34.79
35. 35
35.05
34.24
34.85
35.50
33.81
34.43
(except dyeing and finishing)! _
dollars
34.48
Apparel and other finished textile products!
29.95 ' 29. 28 30.43
30.72
28.70
30.11
27.86
28.99
29.45
28.19
27.86
dollars
28.01
31.70
31.77
30.46
32.28 ' 32. 29 ' 30. 86
30.98
29.77
Men's clothing!
__do
29.45
30.06
29.71
28.80
34.16
37.83
37.67
36.93
34.39 r 35. 89 ' 35. 46
35.28
33.93
32.97
Women's clothing!
do
32.91
33.10
'
32.
97
33.13
32.48
'
33.
35
32.36
32.06
33.02
31.35
29.99
30.22
30.65
Leather and leather products!
.do
31.07
31.43 ' 30. 99 31.18
30.39
30.43
30.13
29.50
30.95
28.38
28.33
28.77
Boots and shoes
do
29.18
38.04
'
39.
09
'
38.
53
37.
94
37.87
38.05
39.08
35.94
37.72
38.43
34.68
Food and kindred products!. _
.do
37.95
38.21
38.42
36.91
37.42
37.00
38.31
36.61
38.06
36.43
36.69
Baking
do
36.80
36.67
30.84
'
29.
75
30.27
30.76
30.56
30.75
26.52
28.34
30.19
Canning and preserving!
.
do
28.13
29.69
31.27
45.73
45.87
44.69
43.56
43.70
44.76
46.41
41.94
47.08
46.54
46.86
Slaughtering and meat packing
do
40.11
29.82
30.04
30.27
27.00
29.34
27.75
28.42
28.00
Tobacco manufactures!
do
28.54
28.60
27.67
28.29
38.72
39.09
38.09
37.84
38.20
37.24
37. 19
38.77 ' 39. 17
Paper and allied products!
. _.do
36.17
37.11
37.01
'
42.
42
'
42.
83
42.67
41.59
42.49
41.19
41.50
40.24
Paper and pulp
do
40.57
39.36
40.63
40.37
Printing, publishing, and allied industries!
44.41
44.37 ' 44. 14
42.93
43. 84
42.82
42.49
41.55
42.49
41.73
41.33
dollars. .
41.98
48.45
48.63
48.98
47.07
47.06
48.29
46.78
46.33
46.25
Newspapers and periodicals*
.do
46.33
46.27
46.76
'
42.
97
'
42.
70
42.67
41.35
42.09
41.18
40.60
Printing, book and job*.
do
39.29
39.84
40.87
38.78
39.11
43.84
43. 01
43.91 r 43. 86 r 44. 01
42.99
42.74
42.64
42.21
42.91
Chemicals and allied products!
do
42.73
42.50
'
52.
15
51.88
'
51.
65
51.20
51.42
50.57
51.07
50.46
Chemicals
do
50.08 *50. 34
50.40
49.42
54.24
54.36
55.14 r 55. 30 ' 56. 28 55.28
53.86
52.99
Products of petroleum and coal!
do
52.44
53.04
52.99
52.81
57.98
59.08
58.05
57.83
57.62
57.25
58.27
Petroleum refining
do
55.34
56.12
55.80
56.20
56.30
49.30 ' 49. 17
50.30
48.12
49.53
48.95
48.72
48.18
47.94
48.98
Rubber products! ..
do
47.46
48.08
57.01
56.78
58.93
58.38
55.63
57.21
57.11
55.79
Rubber tires and inner tubes
do
55.18
57.12
55.84
56.49
Factory average hourly earnings:
1.072
1.070
1.069
1.057
1.053
1.048
1.062
1.046
1.041
1.036
1.036
1.045
Natl. Ind. Con. Bd. (25 industries)
do .
1.016
1.006
1.013
1.017 ' 1. 017 ' 1. 018
1.003
.002
.993
.988
.996
U. S. Dept. of Labor, all manufacturing!
do
.995
1.113
1.111
1.112
'1.117
1.110
1.103
1.100
.099
1.097
1. 097
1.086
1.093
Durable goods!
- _ do __
1.076
1.070
1.077 ' 1. 081 ' 1. 087
1.069
1.077
.069
1.061
1.066
1.056
1.057
Iron and steel and their products!
do
1.170
1.163
1.189
1.158
1.160
1.148
1.150
.151
1.164
1.142
1.139
1.144
B last furnaces, steel works, and rolling mills! do
1.033
1.033
1.014
1.021 ' 1. 026
1. 010
"Eloctn^al Tna.chirip.ry!
do
1.005
.003
.993
.988
.986
.995
1.
122
1.120
1.123
1.110 '1.115
1.107
1.116
1.092
.107
Machinery, except electrical!
do
1.095
1.101
1.086
1.100
1.095
1.092
1.089
1.099 r 1. 103 ' 1. 105
1.076
1.084
.090
1.079
1.068
Machinery and machine-shop products!-do __
1.131
1.131
1.138
1.114
1.116
1.122
.104
1.107
1.094
1.086
1.092
1.102
Machine tools .
do
1.262
1.266 ' 1. 275 ' 1. 291 1.262
1.261
1.257
.255
Automobiles!
_do
1. 262
1.253
1.250
1.247
Transportation equipment, except automo1.262
' 1. 265 1.269
1.264
1.261
1.251
1.247
1.242
.240
1.259
biles!. _
_
_
._
dollars1.250
1.231
1.159
1.157
' 1. 155
1.158
1.138
1.143
1.148
.138
1.106
1.117
1.124
Aircraft and parts (excluding engines) do
1.115
1.330
1.339
1.332 r 1. 324
1.319
1.330
1.317
1.321
.306
1.359
Shipbuilding and boatbuilding. _
do
1.337
1.313
1.049
'
1.
052
1.047
1.044
1.045
1.047
.038
1.040
1.044
1.034
1.029
1.033
Nonferrous metals and products!
do
.803
.799
'.796
.771
.788
.770
.771
.798
.774
.768
.773
.766
Lumber and timber basic products!
__do _
.792
.789
.795
.775
.756
.757
.788
.757
.759
.763
.751
Sawmills
.
..
do
.763
.820
'.813
'.816
.812
.792
.797
.805
.789
.772
.777
.780
.782
Furniture and finished lumber products!, .do
.842
'.833
'.837
.816
.834
.812
.827
.807
.799
.793
.797
.803
Furniture..
..
.do
.894
.899
.895
.882
.891
.879
.893
.881
.878
.875
.873
.871
Stone, clay, and glass products!
do
.862
.864
'.861
.858
.842
.846
.850
.838
.824
.829
.832
Nondurable goods!..
do ...
.823
Textile-mill products and other fiber
.710
.712
.711
.*710
.701
.686
.690
.682
.674
.678
.677
manufactures!
,
_
dollars..
.675
Cotton manufactures, except s m a l l
.639
.637
.637
.634
.599
.605
.623
.597
.599
.593
.593
.596
wares!
_.
dollars..
.693
.690
.691
.672
.697
.669
.686
.666
.657
.655
.660
.660
Silk and rayon goods!
do
Woolen and worsted manufactures
.842
.840
.842
.845
.833
.837
.831
.824
.827
.821
(except dyeing and
finishing)!
dollars..
.817
>«5
Apparel and other finished textile products!
.784
.785
.807
.772
.789
.778
.770
.743
.750
.743
.737
.740
dollars
.823
'. 821
'.811
.802
.817
.793
.800
.776
.775
.779
.768
.775
Men's clothing! . . .
do
1.002
r.963
'.946
.952
.969
.927
.924
.918
.893
.885
.909
.891
Women's clothing§
_.
_ do
.805
.802
'.801
.782
.790
.800
.774
.778
.773
.765
.770
.765
Leather and leather products!
do
.771
.767
'.765
.743
.754
.766
.747
.740
.733
.738
.736
.736
Boots and shoes
do
r
Revised.
t Sample changed in November 1942; data are not strictly comparable with figures prior to that month.
§ Sample changed in July 1942; data are not strictly comparable with figures prior to that month.
* New series. Data beginning 1932 for the newspapers and periodicals and printing, book and job, industries will be published later; see November 1943 Survey for data beginning
August 1942.
! Revised series. The indicated series on average weekly and hourly earnings have been shown on a revised basis beginning in the March 1943 Survey and data are not comparable with figures shown in earlier issues (see note marked "!" on p. S-13 of the July 1944 Survey); there were no revisions in the data for industries which do not carry a reference
to this note. Data prior to 1942 for all revised series will be published later.
S-14
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may he found in the
1942 Supplement to the Survey
t-
1944
September
November 1944
1943
Septern tor
October
1944
Novem- December
ber
January
February
March
April
May
June
July
August
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES— Continued
Factory average hourly earnings— Continued.
U. S. Dept. of Labor, all mfg.f— Continued.
Nondurable goods— Continued.
Food and kindred products!-.
..dollars
Baking
do
Canning and preservingf.. . .
__ do
Slaughtering and meat packing
do__
Tobacco manufactures!
do
Paper and allied products!
do
Paper and pulp
do
Printing, publishing, and allied industries t- do.
Newspapers and periodicals*
do
Printing, book and job* _
do
Chemicals and allied products!
do.
Chemicals
do
Products of petroleum and coal f . _ __ do
Petroleum refining
do
Rubber products!do
Rubber tires and inner tubes _..
__do___
Nonmanufacturing industries, average hourly earnings
(U. S. Department of Labor):*
Building construction
dollars
Mining:
Anthracite
do
Bituminous coal - .
..
__ do
Metalliferous
do
Quarrying and nonmetallic
do
Crude petroleum and natural gas.
__do
Public utilities:
Electric light and power
__do._
Street railways and busses
do
Telephone and telegraph •
do
Services:
Dyeing and cleaning
_ do _
Power laundries
do
Trade:
Retail
do
Wholesale
do
Miscellaneous wage data:
Construction wage rates (E. N. R.):l
0. 883
Common labor
_
__.dol. per hr__
1.64
Skilled labor
do
Farm wages without board (quarterly)
dol per month
i 86. 80
Railway wages (average, class 1)0
dol. per hr__
Road-building wages, common labor:
.80
United States average _
.- . _ .
do
0.815
.811
.736
.890
.670
.812
.860
1.028
1.209
.941
.931
1.076
1.142
1.217
1.059
1.231
0.829
.815
.749
.918
.673
.812
.858
1.026
1.213
'.939
.932
1.082
1.148
1.220
1.066
1.240
0.834
.818
.758
.913
.672
.817
.863
1.039
1.224
.955
.936
1.076
1.153
1.225
* 1.070
1.238
0.839
.819
.762
.913
.675
.824
.866
1.044
1.217
.973
.939
1.087
1.162
1.237
1.066
1.224
0.838
.822
.766
.909
.678
.829
.869
1.044
1.216
.970
.935
1.087
1.159
1.233
1.072
1.240
0.839
.829
.759
.903
.679
.834
.871
1.049
1.226
.973
.938
1.094
1.163
1.235
1.086
1.256
0.845
.830
.779
.918
.691
.837
.875
1.059
1.232
.983
.944
1.097
1.174
1.247
1.075
1.234
0.854
.839
.777
.934
.698
.842
.879
.072
.248
.994
.954
.101
.174
.242
.087
.257
r 0.851
.841
.770
.924
.706
'.845
.884
' 1. 075
1.248
' 1. 001
'. 958
r
1. 101
1.181
1.248
r
1. 092
1.254
' 0. 845
.839
.743
-.921
'.709
'.847
'.886
' 1. 072
1.253
'.997
'.965
' 1. 114
' 1. 200
' 1. 265
' 1. 094
1.256
0.844
.839
.765
.923
.715
.847
.884
1.080
1.257
1.001
.961
1.108
1.179
1.244
1.102
1.264
1.273
1.292
1.295
1.295
1.297
1.296
1.297
1.310
1.300
1.302
1.323
1.070
1.165
.997
.811
1.120
1.111
1.144
.997
.815
1.129
1.153
1.188
.992
.815
1.125
1.160
1.195
.993
.827
1.160
1.245
1.179
.992
.828
1.143
1.162
1.174
.999
.833
1.121
1.166
1.182
1.012
.848
1.168
1.159
1.175
1.005
.849
1.131
1.144
' 1. 182
1.009
.857
1.138
1.194
' 1. 199
'1.010
.871
' 1. 187
1.179
1.189
1.003
.861
1.130
1.063
.896
.866
1.078
.893
.868
1.082
.899
1.078
.905
1.097
.913
1.091
.916
1.092
.922
1.110
.928
' 1. 094 ' 1. 097 '1.119
.928
.935
'.933
1.104
.939
.666
.563
.676
.576
.685
.584
.685
.583
.697
.596
.705
.597
.708
.601
.722
.606
.725
.620
.724
.617
.722
.621
.719
.624
.684
.952
.691
.953
.692
.956
.685
.959
.680
.966
.676
.967
'.711
.966
.690
.984
.697
.979
.701
.986
.706
.989
.706
.981
.869
1.62
.869
1.62
.869
1.62
.869
1.62
.869
1.62
.869
1.62
.870
1.62
.874
1.63
-r874
1.63
.877
1.64
.882
1.64
.882
1.64
.857
74. 92
.855
.871
.873
76.06
.936
.966
.944
81.15
.950
.943
.939
89.54
.947
.938
.76
.78
.74
.72
.68
.65
.64
.68
.68
.76
.77
.79
0.801
.818
.702
.879
.670
.811
.861
1.033
1.215
.947
.937
1.086
1.155
1.223
1. 057
1.222
1.258
1.078
1.168
.995
.812
1.130
%
r
PUBLIC ASSISTANCE
Total public assistance
mil. of dol
Old-age assistance, and aid to dependent children and
the blind, total
mil. of dol
Old-age assistance
do
General relief
do
%
?78
78
78
78
79
78
79
79
78
78
78
78
78
971
69
56
8
70
57
8
70
57
8
71
57
8
71
57
8
71
57
8
71
57
8
71
57
8
71
57
7
71
57
7
71
58
7
71
58
7
P5S
j-7
FINANCE
BANKING
Agricultural loans outstanding of agencies supervised
by the Farm Credit Administration:
2,443
2,423
2,380
2,355
2,319
2,475
2,260
2,243
2,214
2,172
2,505
2,289
Total, excl. joint-stock land banks
mil. of dol._ 2,124
1,764
1,797
1,729
1,706
1,544
1,833
1,673
1,868
1,651
1,630
1,614
1,591
1,567
Farm mortgage loans, total
_
__ do
1,332
1,194
1,358
1,406
1,381
1,315
1,290
1,274
1,211
1,431
1,258
1,228
1,245
Federal land banks
do
416
406
397
391
383
372
351
427
369
363
437
378
357
Land Bank Commissioner
_do__
244
225
245
202
135
199
227
175
155
143
157
146
135
Loans to cooperatives, total _
._ do
Banks for cooperatives, including central bank
215
235
132
189
238
221
197
152
148
140
132
171
143
mil. of dol..
9
4
9
4
3
3
7
3
3
3
8
3
3
Agr. Marketing Act revolving fund
_ do
421
414
422
444
444
408
462
475
445
479
482
481
469
Short term credit, total
do
32
32
32
34
34
31
36
35
30
36
32
36
35
Federal intermediate credit bankscf - - do
214
200
199
234
201
215
233
260
269
246
249
269
263
Production credit associations
do..
39
32
22
29
24
19
46
21
21
21
20
53
20
Regional agricultural credit corporations. ..do
109
108
112
112
112
108
116
119
119
119
118
117
116
Emergency crop loans ._
_
do
41
41
39
39
42
40
40
39
38
38
39
39
38
Drought relief loans
do
11
11
3
3
3
3
2
2
3
2
3
2
2
Joint-stock land banks, in liquidation
do
58, 542
69, 090
64, 957
64, 064
59, 604
69, 026
66, 062 ' 62, 497
63, 625
68, 365
60, 212
76,155
Bank debits, total (141 centers)!
..do
60, 756
27, 031
23, 327
28, 936
27, 592
29, 644
23, 990
28, 474 ' 26, 165
26, 860
27, 913
25,297
24, 708
33, 563
New York City
do
35, 614
35, 215
40, 155
37, 926
39, 382
36, 472
34, 915
42, 592
37, 588 ' 36, 332
36, 765
40, 452
Outside New York City
do
36, 048
Federal Reserve banks, condition, end of month:
32, 488
33, 955
33, 978
33, 448
31, 354
31,545
33, 808
Assets, total
mil- of dol
37, 492
34, 870
35, 542
36, 132
35, 815
36, 678
12, 239
9,384
9,823
10, 763
12,428
12, 092
12, 571
14, 759
15, 325
17, 113
13,800
15, 272
16, 201
Reserve bank credit outstanding, total
do.
52
5
22
34
49
12
26
63
37
118
237
95
Bills discounted
do
13
11, 543
12, 073
9,354
10, 348
11,632
12, 115
16,653
8,919
14, 251
13, 220
14, 915
14, 901
15, 806
United States securities ,_ _ .
._ do_
20, 202
20, 096
19, 866
20, 268
20, 101
19, 736
19, 104
20, 344
18, 915
19, 546
19, 362
19, 287
Reserves, total
do
19, 028
19, 898
19, 766
19, 746
19, 536
19, 423
19, 947
20, Oil
19, 265
18, 823
Gold certificates
do
18, 647
19, 097
19, 010
18, 759
1
Farm wage rate as of October 1.
f Preliminary. ' Revised. • Index is being revised.
0 Wage increases which became effective December 1943 (retroactive to February or April 1943) and January 1944 are not fully reflected in the figures until March 1944. The
figures do not include accruals of back pay.
^Rates as of Oct. 1: Construction—common labor, $0.886; skilled labor, $1.64. cf Excludes loans to other Farm Credit Administration agencies.
*New series. Data beginning 1939 for the series on hourly earnings in the newspapers and periodicals and printing, book and job, industries and in nonmanufacturing industries
will be published later.
!Revised series. See note marked "!" on p. S-13 in regard to the series on hourly earnings in manufacturing industries. Bank debits have been revised beginning May 1942 to
include additional banks in the 141 centers; see p. S-15 of the September 1943 Survey for revised figures beginning that month and note marked "t" on p. S-15 of the July 1944 Survey
'^ monthly averages for 1942 on the new basis.
November 1944
SUEVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
S-15
1944
1943
September
September
October
Novem- December
ber
January
February
March
April
May
June
35, 815
15, 022
12, 855
1,188
19, 127
55.9
36, 678
15, 206
13, 072
July
August
FINANCE—Continued
BANKING— Continued
Federal Reserve banks, condition, end of month— Con.
Liabilities, total
mil. ofdol
Deposits, total
-_.
do
Member bank reserve balances
do
Excess reserves (estimated)
_ do
Federal Reserve notes in circulation
do
Reserve ratio
_
percent
Federal Reserve 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 subdivisionsdo
United States Government
do
Time, except interbank, total
_
do
Individuals, partnerships, and corporations-do
States and political subdivisions
do
Interbank, domestic
do__ .
Investments, total
.
do
U. S. Government direct obligations, total do
Bills
do
Certificates._ .
do
Bonds
.
do
Notes ._
--.
.
do
Obligations guaranteed by U. S. Government, do
Other securities .
_
do
Loans, total
do
Commercial, industrial, and agricultural do
To brokers and dealers in securities
__do
Other loans for purchasing or carrying securities
mil. of dol__
Real estate loans
do
Loans to banks _
do
Other loans _
do
Money and interest rates:^
Bank rates to customers:
New York City
'
percent
7 other northern and eastern cities
do
1 1 southern and western cities
do
Discount rate (N. Y. F. R. Bank) •__.^
do . .
Federal land bank loansd"
do
Federal intermediate credit bank loans
. do
Open market rates, New York City:
Prevailing rate:
Acceptances, prime, bankers', 90 days
do
Commercial paper, prime, 4-6 months
do
Time loans, 90 days (N. Y. S. E.)
do
Average rate:
Call loans, renewal (N. Y. S. E.)
do
U. S. Treasury bills, 3-mo
do
Average yield, U. S. Treasury notes, 3-5 yrs.:
Taxable*. - do
Savings deposits, New York State savings banks:
Amount due depositors
mil. of dol_.
U. S. Postal Savings:
Balajjfifi to credit of depositors
do
Balance on deposit in banks
._
do
37, 492
15, 508
13, 548
1,035
20, 215
52.9
31, 354
14, 206
11, 864
1,684
15, 266
69.0
31, 545
14, 160
12, 086
1,102
15, 663
68.0
32, 488
14, 387
12, 401
33, 978
15, 248
12, 917
1,112
17, 024
62.3
33, 448
14, 383
12, 311
1,162
17, 316
62.7
33, 808
14, 478
11, 889
34, 870
15, 090
12, 684
35, 542
15,299
13, 046
16, 312
65.8
33, 955
15, 181
12, 886
1,236
16, 906
62.6
17, 559
61.6
17, 969
59.1
18, 532
57.2
36, 132
15,386
12, 866
1.306
18, 899
56.3
35, 435
30, 601
35, 499
1,762
9,221*
7,299
7,131
122
8,691
43, 693
40, 040
2,473
10, 757
19, 563
7,347
584
2,969
10, 980
6,076
1,523
30,903
1,676
11, 833
5,919
5,749
119
8,805
39, 196
34, 334
4,360
8,368
16, 659
4,947
1,876
2,986
11, 802
6,207
1,994
31, 774
33, 651
33, 895
31, 873
32, 327
32, 660
34, 649
36,208
33, 008
33, 597
35, 097
32, 039
1,834
12, 110
6,037
5,859
118
8,818
40, 945
36, 242
4,405
9,270
17, 651
4,916
1,829
2,874
11, 697
6,458
1,697
33, 970
1,766
9,068
6,106
5,929
114
8,753
40, 141
35, 565
3,918
9,165
17, 618
4,864
1,776
2,800
11, 025
6,379
1,447
34, 297
1,696
7,231
6,219
6,037
118
8,592
38, 895
34,351
3,238
8,750
17, 643
4,720
1,758
2,786
10, 839
6,421
1,328
32,006
1,741
11, 462
6,350
6,169
123
8,858
40, 746
36, 163
3,660
8,691
18,284
5,528
1,767
2,816
11,431
6,396
1,649
32,609
1,706
12, 030
6,403
6,213
131
8,483
41, 755
37, 159
3,848
9,043
18, 541
5,727
1,739
2,857
11, 535
6,394
1,667
32, 649
1,782
10, 235
6,487
6,306
123
8,036
40, 994
37, 434
3,247
8,910
18, 026
7,251
653
2,907
11, 018
6,305
1,482
34, 357
2.005
7,196
6,622
6,445
129
7,954
40, 418
36, 972
2,773
8,968
18, 105
7,126
641
2,805
10, 256
6,035
1,253
36, 184
2,054
4,934
6,753
6,575
130
8,146
39, 907
36, 413
2,299
8,886
18, 134
7,094
616
2,878
10, 081
5, 846
1,192
33, 170
1,765
12, 589
6,810
6,643
119
8,796
42, 872
39, 288
2,942
10, 341
18, 743
7,262
629
2, 955
12,164
6,027
2,032(
33, 650
1,777
13, 602
6,962
6,798
119
8,691
45, 430
41, 875
3,881
11, 057
19, 435
7,502
613
2,942
11, 487
6,015
1,446
35, 111
1,756
11,100
7,120
6,952
122
8,515
44, 635
41, 075
3,077
11, 057
19, 537
7,404
600
2,960
11, 065
5,984
1,393
957
1,062
999
1,135
936
1,129
635
1,125
578
1,108
961
1,099
1,061
1,089
880
1,081
629
1,074
589
1,073
1,616
1,073
1, 547
1,071
1,255
1,071
55
62
1,330
1,391
1,398
1,350
1,341
1,240
1,222
1,215
1,203
1,326
1,363
1,321
1,308
2 18
2 82
3 14
1.00
4.00
1.50
2 05
2 71
2 73
1.00
4.00
1.50
1.00
4.00
1.50
1. 00
4.00
1.50
2.10
2 76
3.17
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
2.10
2 75
3.12
1.00
4.00
1.50
1.00
4.00
1.50
1.66
4.00
1.50
2.23
2.55
3.18
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
.44
.75
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
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
.375
1.00
.374
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
32
76
79
985
89
63
86
102
512
773
711
55
53
T
87
846
19, 735
54.5
54
1.31
1.31
1.31
1.29
1.30
1.30
1.32
1.36
1.36
1.35
1.34
1.31
1.30
6,810
5,949
5,982
6,051
6,168
6, 221
6,258
6,322
6,383
6,464
6,570
6,623
6,709
2,196
1,683
1,716
1,753
1,788
1,833
1,867
1,906
1,947
1,994
2,034
2,084
2,140
8
10
10
10
10
9
9
9
9
9
9
8
8
CONSUMER SHORT-TERM CREDIT
4,926
r 4, 882
4,945
4,898
4,662
4,836
4,818
'4, 802
5,158
5, 114
4,909
5,010
Total consumer short-term debt, end of month*._do
5,017
1,833
1,837
1,826
1,801
1,785
1,804 «• 1, 786
1,836
1,939
1,882
1,891
1,W
1,856
Instalment debt, total*
_
. d o
709
706
707
700
745
707
696
••690
777
816
778
786
719
Sale debt, total*
do
204
210
192
181
167
169
167
171
175
177
186
181
Automobile dealers*
do
210
Department stores and mail-order houses*
132
132
141
138
147
'142
144
174
158
160
151
148
138
mil. ofdol. _
233
234
237
235
231
229
236
248
271
272
269
266
236
Furniture stores*
do
13
14
15
16
21
24
19
18
29
32
42
37
13
Household appliance stores*
do
42
43
44
45
52
55
51
48
66
45
44
48
42
Jewelry stores*
do
79
79
81
82
85
83
82
91
94
95
101
94
All other*
do
80
1,128
1,127
1,
119
1,101
1,096
1,123
1,091
1,078
1,108
1,104
1,114
'1,131
Cash loan debt, total* .
do
1,137
300
298
294
285
266
279
276
267
273
273
270
277
304
Commercial banks, debt*
_ . _ do .
Credit unions:
106
106
107
105
105
109
106
106
110
111
109
113
106
Debti
do
17
16
19
17
14
23
13
16
20
15
16
18
Loans made
do
16
Industrial banking companies:
172
170
169
165
164
164
161
161
165
165
167
169
172
Debt
.
do
35
33
38
35
29
30
27
38
29
32
32
28
33
Loans made
do
Personal finance companies:
363
367
365
362
363
356
369
360
372
354
355
358
364
Debt
do
70
73
75
72
94
61
53
60
95
70
67
70
67
Loans made
__do
102
101
99
99
112
104
99
106
117
121
125
129
106
Repair and modernization debt*
do._ _
85
85
85
85
85
84
86
85
86
84
84
85
85
Miscellaneous debt*
do
1,330
1,287
1,370
1,390
1,294
1,376
1,346
1,218
1,498
1,466
1,366
1,275
1,402
Charge account sale debt*. .
do
1,029
1,038
1,033
997
966
996
962
955
1,034
1,084
1,073
1,038
1,026
Single-payment loans, debt*
do
730
'724
716
710
704
692
697
701
687
682
680
679
733
Service debt*
do
Index of total consumer short-term debt, end of month:*
83
83
82
82
79
79
80
82
81
84
82
83
84
Adjusted
1935-39=100..
' Revised, flncludes open market paper. IFor bond yields see p. S-19. JFor revisions for 1941, see p. S-15 of the January 1943 Survey.
• A rate of 0.50 became effective October 30,1942, on advances to member banks secured by Government obligations maturing or callable in 1 year or less.
cf The temporary rate of 3^ percent established by legislation for instalments maturing after July 1,1935, expired July 1,1944; effective that date the banks voluntarily reduced
their rates to 4 percent on all loans in the United States, some of which bore a contract rate as high as 6 percent.
* New series. Earlier data for the series on taxable Treasury notes are available on p. S-14 of the April 1942 and succeeding issues of the Survey. Earlier figures and a description of the data on consumer credit appear on pp. 9-25 of the November 1942 Survey; subsequent revisions in 1941 data for commercial bank debt are shown on p. S-15 of the February 1943 Survey; there have been revisions also in the 1941 and early 1942 figures for all series revised in the July 1943 Survey as indicated by an "'" on the figures ic that issue and
a preliminary revision back to January 1942 in estimates for repair and modernization debt resulting in a further revision of 1942 data for total consumer short-term debt (dollar figures
and indexes), total instalment debt, and cash loan debt, as published in the March 1944 and earlier I«snos. All revisions are available on request.
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
1944
September
November 1944
1944
1943
September
October
Novem- December
ber
January
February
Marcb
April
May
June
July August
i 31, 101
5,283
627
4,656
1,065
1,830
21,081
12, 173
10, 555
4, 457
2,486
1,965
1,152
690
31, 270
5,262
621
4,641
1,049
1,812
22, 108
13, 199
11, 601
4,459
2,485
1,965
456
583
31,473
5,256
611
4,645
1,018
1,793
22, 252
13, 279
11, 687
4,497
2,495
1,981
506
648
31,661
5,258
615
4,643
995
1,777
22, 234
13, 297
11, 728
4,481
2,473
1,983
671
726
131,848
5,252
618
4,634
976
1,762
22,296
13,365
11,762
4,476
2,473
1,982
811
751
32,102
5,263
620
4,643
954
1,746
23, 055
14, 149
12, 575
4,464
2,456
1,986
398
686
32, 295
5,261
620
4,641
936
1,733
23, 242
14, 346
12,797
4,454
2,452
1,990
457
666
32, 45'
5, 251
617
4,642
921
1,719
23, 381
14, 447
12, 904
4,466
2,473
1,995
466
708
FINANCE—Continued
LIFE INSURANCE
Life Insurance Association of America:©
Assets, admitted, totalj
mil. of dol
Morgage 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
Insurance written:®
Policies and certificates, totalf
thous
Group ._ .
_ ...do _.
Industrial!
do
Ordinaryf—
do.. .
Value, totalf
thous. of doL.
Group _ . _
_ _
do
Industrial!
do
Ordinaryf
.
do
Premium collections, total®
do ...
Annuities
do
Group _
._
..
_ do . .
Industrial
do
Ordinary
do _ .
Institute of Life Insurance:*
Payments to policyholders and beneficiaries,
total
thous. of dol
Death claim payments
do
Matured endowments
do
Disability payments
do
Annuitv payments
do
Dividends
do
Surrender values, premium notes, etc
do
Life Insurance Sales Research Bureau:
Insurance written, ordinary, total. .
. do .
New England
do
Middle Atlantic
do
East North Central
- _
do
West North Central
do
South Atlantic ._
do ...
East South Central
do
West South Central .
_ . do ...
Mountain
do
Pacific
. .
do
32, 658
5,258
616
4,642
902
1,707
23,531
14, 574
13, 054
4,471
2,492
1,994
521
739
30,0.R5
5,208
651
4, 557
1,158
1,884
20, 798
12, 014
10, 408
4,414
2,460
1,910
412
595
30, 229
5,205
647
4,558
1,130
1,867
20,885
12, 115
10,529
4,404
2,458
1,908
480
662
562
35
300
227
648, 780
65, 200
111, 226
472, 354
306, 311
27, 139
20, 532
69, 974
188, 666
635
61
345
229
691, 996
112, 707
123, 529
455, 760
282, 143
22, 527
18, 200
61, 173
180, 243
696
78
373
245
753,059
132, 778
134, 054
486, 227
266, 369
24, 859
18, 525
58, 414
164, 571
761
652
667
241
82
73
305
340
336
215
258
230
755, 351 1,056,779 815, 295
129, 670 393, 635 190, 145
121, 320 154, 287 131, 091
504, 361 508, 857 494,059
283, 214 415, 684 314, 354
86, 214
26, 148
43, 387
23,081
18, 342
23, 589
84, 588
61, 620
63, 281
177, 104 221,801 184, 097
660
50
362
248
710, 746
62, 597
131, 108
517, 041
314, 772
28, 761
22, 856
63,200
199, 955
701
53
382
267
791, 695
88, 179
137, 811
565, 705
350, 926
32, 649
24, 514
71, 006
222, 757
691
95
346
250
774, 292
126,479
124, 535
523, 278
272,833
27, 106
18, 927
53, 558
173, 242
693
54
376
263
820, 098
136, 333
136, 127
547, 638
308, 760
29, 633
21. 070
63, 752
194, 305
698
89
340
269
842, 991
125, 675
125, 183
592, 133
339,600
35, 319
21, 680
70 116
212, 486
586
42
304
241
723, 369
80, 629
112, 395
530, 345
285,07233, 842
19, 258
57, 309
174, 663
627
70
313
244
747, 215
110, 715
115, 490
521, 010
312, 031
39, 567
21, 330
59, 522
191, 612
158, 880
64, 106
24, 368
6,994
13, 156
28, 615
21, 641
181, 138
86, 721
26, 106
7,051
13, 453
26, 670
21, 137
187, 438
91, 792
25, 996
7,058
13, 948
28, 971
19, 673
221, 270
97, 589
26, 073
7,004
13,674
53, 691
23, 239
216,012
103, 573
30, 833
7,889
17, 354
38, 079
18, 284
205, 318
98, 962
30, 496
6,977
13, 488
36, 034
19, 361
238, 284
115, 183
34, 601
7,772
15, 499
42, 913
22, 316
198, 176
98, 960
29, 048
6,879
13. 845
31, 352
18,092
208,273
101, 597
31, 101
7,746
14,099
33, 304
20,426
210, 972
95, 739
29, 807
7,626
15, 460
41 357
20, 983
189, 589
91, 629
25, 920
6,976
14, 429
32, 598
18, 037
199, 500
103, 802
26, 162
7,068
14, 335
29, 014
19, 119
595, 634
43, 778
144, 828
129, 887
62, 358
65, 230
25, 200
43, 928
18, 054
62, 371
631, 021
46, 283
161, 932
140, 318
65, 086
64, 195
24. 330
40, 720
18, 830
69, 327
645, 275
49, 933
168, 647
142, 685
65, 415
65, 498
23, 687
40, 634
19, 567
69, 209
690, 847
51, 072
168, 421
154, 214
72, 454
69, 835
28, 279
49, 915
21, 982
74, 675
635, 474
50, 735
180, 975
138, 980
61,705
61, 603
22, 801
40, 565
17,040
61, 070
682, 296
53, 445
189, 450
149, 742
67, 181
66, 181
23, 927
44, 290
19, 133
68, 947
753, 498
56, 382
200, 503
164, 710
72, 237
76, 290
31, 118
52, 336
22,003
77, 919
676, 653
49, 426
182. 624
150, 163
64, 158
67, 647
27, 074
46, 144
20, 293
69, 124
717, 341
51,019
190, 254
159,814
70, 093
72. 400
27, 605
48. 777
21, 503
75, 876
771, 832
54, 219
196,325
161, 592
76, 048
74, 900
30, 372
54, 664
23, 274
100, 438
696, 046 701, 705
49, 896 *'48, 553
178, 969 165, 996
150, 976 157, 726
71, 311
74, 816
70, 826
75, 315
28, 082
28, 945
46, 734
50, 456
22, 595
22, 103
76, 657
77, 795
.636, 518
44, 821
152, 249
143, 620
67, 355
66, 398
27, 172
47, 761
20, 322
66, 820
30, 377
5,199
639
4,560
1,114
1,849
21,026
12, 222
10, 603
4,413
2,435
1,956
480
709
30,601
5,201
634
4,567
1,069
1,830
21, 210
12, 380
10, 754
4,415
2,448
1,967
610
681
MONETARY STATISTICS
Foreign exchange rates:
.298
.298
.298
.298
.298
.298
.298
.298
Argentina _ 1
dol. per paper peso
.298
.298
.298
.298
.298
.061
.061
.061
.061
.061
.061
.061
.061
.061
Brazil, official c? . .
. . .dol. per cruzeiro
.061
.061
.061
.061
.301
.301
.301
.301
.301
.301
.301
.301
.301
British India
dol. per rupee
.301
.301
.301
.301
.894
.894
.894
.896
.894
.896
.893
.902
.900
Canada, free rate§
dol. per Canadian dol
.904
.902
.905
.900
.573
.573
.573
.573
.573
.573
.573
.573
.573
Colombia
dol. per peso
.573
.573
.573
.573
.206
.206
.206
.206
.206
.206
.206
Mexico _
do
.206
.206
.206
.206
.206
.206
4.035
4.035
4.035
4.035
4.035
4.035
4.035
4.035
United Kingdom, official rate§
dol. per £.. 4.035
4.035
4.035
4.035
4.035
Gold:
Monetary stock, U. S
mil. of doL. 20, 825 22, 175 22, 116 22,065 21, 938 21, 918 21, 712 21,600 21,429 21,264 21, 173 20, 996 20, 926
11,486 -48, 718 -70, 542 -93, 110 —6, 395 —96, 627
Net release from earmark*
thous of dol -27,378 -80, 562 -40, 576 -44, 147 -87,010 -27, 594
2,690
Production:
54, 163
Reported monthly, totall
do
56, .589
57, 152
' 60, 108 ' 59, 943 ' 58, 372 ' 58, 309
53,887 p 57. 239 P 53, 663 p 55, 439 P 55, 931
40, 219
Africa
do
40, 243
40, 585
39, 972
39, 472
37, 349
39, 547
38, 266
40, 245 p 38, 448 v 39, 579 p 40, 171
Canada^
do
' 9, 875 ' 9, 800 ' 9, 370 ' 9, 198
9,023
8,988
9.333
8,568
8,247
8', 397
8,989
8,290
3,899
3,452
3,429
3,392
3,605
3,085
United States^
do
2,933
2,936
2,959
2,431
2,779
2,881
Money supply:
23, 794
20,824
Currency in circulation
mil. of dol
18, 844
19, 250
19, 918
20, 449
20, 529
21, 115
21, 552
22, 699
22, 504
23, 292
22, 160
Deposits adjusted, all banks, and currency outside
banks, total*
mil. of doL.
119, 800 123, 700 123, 500 122, 812 125, 300 128, 600 127, 900 127, 500 128, 000 136,169 * 139, 200 P139, 000
Deposits, adjusted, total, including U. S. deposits*
102, 600 106, 100 105,200 103, 975 106, 400 109, 400 108, 400 107, 600 107,500 115,288 P118, 100 P117, 300
mil. of dol
Demand deposits, adjusted, other than U. S.*
56,400
54, 800
59,600
60,815
62, 500
58, 100
mil. of dol
59, 600
62, 100
65, 100
60, 065 P 61, 500 P 64, 200
31,800
31, 500
32,300
32,736
33, 700
33, 200
Time deposits, including postal savings*., do ..
34,100
34, COO
35, 717 p 36, 300 *> 37, 000
35,300
Silver:
Price at New York
dol. per fine oz
.448
.448
.448
.448
.448
.448
.448
.448
.448
.448
.448
.448
.448
Production:
Canada
.
thous. offineoz
1,162
1,280
1,355
1,251
1,273
1,205
1,367
1,230
1,030
1,072
830
1,160
United States
do
3,394
2,291
4,124
2,786
3,987
2,778
3,827
4,005
3,071
3,511
3,538
3,119
2,892
Stocks, refinery, U. S., end of month..
do .
769
2,942
1.846
2,147
2,924
2,215
5,118
5,154
0)
r
Revised.
» Preliminary.
J36 companies having 82 percent of the total asse ts of all Urnited Sta tes legal r eserve conapanies.
'Disc ontinued by compilers.
1 Tn Ja.nnarv 1Q4.4. nno pnTYinanv wae rpnlanod h^r a larcror nno- TlAppm'har 1Q1Q rlato fnr r\r\nr>
30,847; mortgage loans, 5,300; real-estate holdings, 1,079; policy loans and premium notes, 1,851; bonds and stocks, total, 21,318; cash, 613.
<8>39 companies having 81 percent of the total life insurance outstanding in all United States legal reserve companies. »0r increase in earmarked gold (—).
cf Prior to Nov. 1,1942, the official designation of the currency was the "milreis." ©Formerly "The Association of Life Insurance Presidents."
§The free rate for United Kingdom shown in the 1942 Supplement was discontinued after Feb. 1,1943; the official and free rates (rounded to thousands) were identical from January
1942 to January 1943. The official rate for Canada has been $0.909 since first quoted in March 1940.
JData for Mexico, included in the total as published through March 1942, are no longer available. For revised monthly averages for 1941 and 1942 for the total and Canada and for
1942 for United States, see note marked "1" on p. S-17 of the March 1944 Survey. Monthly revisions for 1941 and January-May 1942 are available on request.
*New series. The series on payments to policyholders and beneficiaries, compiled by the Institute of Life Insurance, represents total payments in the United States, including
payments by Canadian companies; data are based on reports covering 90 to 95 percent of the total and are adjusted to allow for companies not reporting; data beginning September
1941 are available in the November 1942 Survey; earlier data are available on request. The new series on bank deposits and currency outside banks are compiled by the Board of
Governors of the Federal Reserve System and are partly estimated. Demand deposits adjusted exclude cash items in process of collection. The figures for time deposits include postal
savings redeposited in banks and amounts not so deposited. The amount of U. S. deposits can be obtained by subtracting the sum of demand and time deposits from figures for total
deposits. Monthly data beginning January 1943 and earlier semiannual and annual data will be published later.
fData for value, total and ordinary, revised beginning December 1938. Further revisions beginning January 1941 have been made in all series except group owing to substitution of
one company and the inclusion of dividend additions and juvenile policies at ultimate, instead of issue, amounts; this revision increased the figures by the following percentages: 1941—
Total, 6.3; industrial, 21.6; ordinary, 2.7; 1942—Total, 5.9; industrial, 18.5; ordinary, 3.7. Revisions prior to November 1942 are available on request.
November 1944
Unless otherwise stated, statistics through 1941
and descriptive notes may he found in the
1942 Supplement to the Survey
S-17
SUKVEY OF CURKENT BUSINESS
1943
1944
September
September
October
1944
Novem- December
ber
January
February
March
April
May
June
July
August
FINANCE—Continued
PROFITS AND DIVIDENDS*
Industrial corporations (Federal Reserve):
Net profits total (629 cos.)
mil. of dol
Iron and steel (47 cos.)
do
Machinery (69 cos.)
. _
.
do
Automobiles (15 cos.)
do
Other transportation equip. (68 cos.) __
do
Nonfcrrous 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, class A and B, net income (Federal
Reserve)*
- - mil. of dol
Railways, cl'ass I, net income (I. C. C.)cf _ _ . ..do
Telephones, net operating income (Federal Communications Commission)^
-- --mil. of dol._
481
53
46
53
»46
32
23
42
58
46
47
452
47
40
52
158
29
20
40
49
42
36
39
227
245
222
226
21
127
23
169
20
142
22
149
464
51
41
52
i 51
31
20
42
49
41
37
49
*
36
133
114
462
46
44
60
i 54
30
23
35
51
44
39
37
*
123
135
'250. 1
174.2
145.0
168.4
'63.3
62.4
58.9
58.2
FUBLIC FINANCE (FEDERAL)
U. S. war program, cumulative totals from June 1940:*
Program
mil. of dol
Cash expenditures _ _
do
U. S. Savings bonds:*
Amount outstanding
_
_ _ _ do __
Sales, series E, F, and G
do
Redemptions
do _
Debt gross end of month®
do
Interest bearing:
Public issues
do
Special issues §
do
Noninterest bearing...
do
Obligations fully guaranteed by U. S. Gov't:
Total amount outstanding (unmatured) _
do ..
Expenditures and receipts:
Treasuiy expenditures, total
._
do ._
War activities^
do
Transfers to trust accounts J _
do
Interest on debt
do
All otherj
do
Treasury receipts, total
do
Receipts, net
do
Customs
-.
do ._
Internal revenue, total
do
Income taxes _
do
Social security taxes
do
Net expenditures of Government corporations and
credit agencies*. _
_
mil. of dol..
Government corporations and credit agencies:
Assets except interagency, total
do
Loans and preferred stock, total
do
Loans to financial institutions (incl. preferred
stock)
mil. of dol
Loans to railroads
. do
Home and housing mortgage loans
do
Farm mortgage and other agricultural loans do
All other
do
U. S. obligations, direct and guaranteed
do
Business property.- .
_ _ _ _ _ _ do
Property held for sale
do
All other assets. _ .
do
Liabilities, other than interagency, total
do
Bonds, notes, and debentures:
Guaranteed by the U. S
_
do
Other
do
Other liabilities, including reserves
_. do
Privately owned interests
do
U. S Government interests
do
Reconstruction Finance Corporation, loans outstanding,
end of month, totalfmil. 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
r
392, 479
222, 140
340, 208
131,492
340 073
138, 597
339, 012
146, 391
344, 184
153, 342
343^ 102
160, 758
341, 308
168, 566
341, 330
176, 515
341, 757
184,008
341, 605
191, 926
343, 514
199, 883
392 377
207 238
37, 323
24, 478
1,927
26, 056
1,708
26, 697
27, 363
28, 901
1,698
31, 515
2,782
31, 974
32, 987
34, 606
1,842
36 538
2 125
186, 366
201, 003
208 574
209 802
170, 753
14, 122
1,492
185, 256
14, 287
1,460
192 156
14 961
1 456
192 827
15 461
1 514
209, 496
158 349
165, 047
166, 158
165, 877
170, 659
183, 107
184, 715
32,497
739
237
184, 967
191,873
15, 976
1,645
145, 336
11, 717
1,296
151, 720
11, 868
1,458
152, 504
12, 278
1,377
151,805
12, 703
1,370
154, 170
12, 873
« 3, 616
168, 541
13, 168
1,398
169, 842
13, 507
1,367
169, 715
13, 697
1,554
692
283
155
144
798
171
853
207
188
185
709
268
751
279
248
392 453
215 035
227
36 884
602
279
1,480
3,964
4,113
4,154
4, 225
4,269
4,227
2,258
2,258
1,529
1,516
1 468
1 475
7,930
6,998
22
581
329
5,927
5,926
25
5,749
5,174
65
7,535
6 952
2
311
269
5,448
5,447
31
5 160
4,765
53
7,456
6,989
36
131
300
2,069
2,030
38
1,813
1,303
46
7,839
7,541
2
47
248
2,370
2,099
34
2,115
1,459
292
7,452
6,718
2
497
236
5,737
5,736
34
5,484
5,040
60
7,570
7,138
37
87
308
2,779
2, 747
40
2,188
1,727
49
7,862
7,518
5
56
283
2,754
2,503
35
2,464
1,747
373
8,525
7,726
7
449
343
6,576
6,573
42
6,353
5,911
69
7,859
7,346
40
117
355
3,119
3,087
39
2,935
2,475
39
8,292
7,879
26
62
•334
3,256
2,950
38
3,024
2,167
337
8,625
7,567
40
747
271
6,249
6,247
28
5,734
5,241
75
8 110
7 201
8 119
7 57]
2 212
2 163
' 28
1 985
1*247
2 859
2 568
-35
146
199
-64
427
165
331
2,002
87
148
88
193
254
26 284
8 054
27 218
7,981
27 788
7,951
28, 625
7,929
29, 508
7,880
29, 791
7,863
30, 263
7,809
31, 083
7,743
31, 153
7,656
31, 666
7,621
31 097
7 504
32 690
7 370
56
57
77
415
23
2 702
1 552
319
797
448
787
431
772
430
757
423
742
420
721
419
682
416
1 878
2,731
2 200
1,722
1,470
7,234
7,805
10, 915
1,860
2,708
2,194
1,784
1,602
7,115
8,736
11, 277
1,840
2,728
2,181
1,833
1,611
7,309
9,085
11, 277
1,825
2,760
2,164
1,895
1,624
7,512
9,665
11, 454
1,807
2,766
2,146
1,942
1,645
7,588
10, 452
10, 856
1,791
2,770
2,162
2,099
1,658
7,753
10, 418
10,504
1,773
2,761
2,177
2,090
1,677
7,829
10, 858
8,550
1,754
2, 708
2,220
2,161
1,671
7,985
11, 524
9,164
1,732
2,653
2,233
1,750
1,685
8,042
12,020
8,722
1,706
2,591
2,244
1,701
1,702
8,392
12, 250
9,364
1 681
2 532
2 219
1 578
3 742
8 496
9 776
8,663
1 643
2,474
2 235
1,592
3,747
9,220
10, 761
9,131
4,081
1,274
5,560
4,125
1,285
5,867
4,180
1,308
5,788
15, 501
16, 073
4,277
1,332
5,247
435
18, 216
4,226
1,322
4,956
435
18, 853
2,274
1,326
4,950
433
21, 280
2,274
1,302
5,589
435
21, 484
1,672
1,427
5,623
435
21, 996
1,766
1,413
6,185
14, 929
4,239
1,341
5,874
438
16, 732
21, 858
1 571
1 229
5 863
'444
21 990
1,571
1 200
6,360
444
23, 114
9,711
338
7,781
432
8,469
419
212
388
8,851
407
9,051
390
9,174
379
413
8,239
425
210
396
8,631
413
353
7,973
428
213
396
387
385
383
375
9,330
372
222
372
9,428
357
222
372
9,473
351
218
371
9,607
342
209
354
65
5,910
62
6,135
58
6,415
55
6,668
41
6,853
*40
7,072
38
7,295
37
7,449
713
36
7,627
702
34
7,749
694
34
7,807
693
33
7,977
692
441
208
33
8,089
690
213
749
440
739
439
736
726
213
725
224
724
224
722
652
409
451
86
372
221
632
406
674
405
443
667
405
631
387
' Revised. .Special issues to government agencies and trust funds. ® Figures are on the basis of Daily Treasury Statements (unrevised).
i Partly estimated. 2 Includes prepayments amounting to $2,193,000,000 on securities dated Feb. 1,1944, sold in the Fourth War Loan drive beginning Jan. 18.
• In addition to data shown above, quarterly estimates of profits of all corporations are published in special tables in the Survey as follows: 1940-43 and first quarter of 1944, p. 6
of the July 1944 Survey; 1939, June 1943 issue, p. 25; the latter includes also on p. 24, annual data back to 1929 and, on p. 28, a description of the data; it should be noted that these
estimates are in line with profits compiled from income tax retufns and thus include reserves not allowable as deductions in computing taxes.
cf Revised 1943 quarterly totals: Railways, class I, net income—1st quarter, 211.5; 2d quarter, 244.3. Telephones, net operating income—1st quarter, 63.7; 2d quarter, 61.8.
JFor 1941 revisions see p. S-17 of the November 1942 issue. Data for the agricultural a djustment program, shown separately through the February 1944 issue, and unemployment
relief, shown separately through the July 1944 issue, are included in the "all other" item. Debt retirements, which have been comparatively small, are excluded.
* New series. For data beginning 1929 for profits and dividends of 152 companies, see p. 21, table 10, of the April 1942 Survey. Data for net income after taxes of class A and B
electric utilities have been substituted for data for 28 companies; they include affiliated nonelectric operations and cover 95 percent of all electric power operations. Data beginning
1939 are available on request. Data beginning July 1940 for the series on the war program are shown on p. 29 of the June 1943 issue; a comparatively small amount of intercompany
duplication in the figures for R. F. C. and its subsidiaries has been eliminated beginning October 1943; see footnote marked "*" on p. S-18 of the April 1944 issue. The series on war
savings bonds is from the Treasury Department; amounts outstanding are at current redemption values except series G which is stated at par; this item and redemptions cover all
savings bonds series, including pre-war issues; sales represent funds received during the month from sales of series E, F, and G, the series issued since April 1941 (for sales beginning
May 1941, see p. S-16 of the October 1942 Survey). The series on expenditures of Government corporations and credit agencies includes net transactions on account of redemptions
of their obligations and other net expenditures by the Reconstruction Finance Corporation, the Commodity Credit Corporation, and other lending agencies; transactions of these
agencies are not included in Treasury direct budget expenditures and receipts shown above; since October 1941 funds for these agencies are provided by the Treasury.
fRevised series. The classifications for Reconstruction Finance Corporation loans have been shown on a revised basis beginning in the December 1943 Survey; see note marked
4<
t" on p. S-19 of that issue for a brief description of the classifications; the figures include payments unallocated, pending advices, at end of month.
S-18
SURVEY OF CUEEENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
September
November 1944
1943
September
1944
Novem- December
ber
October
January
February
March
April
May
June
July
August
FINANCE—Continued
SECURITIES ISSUED
Securities and Exchange Commission:!
Estimated gross proceeds, total.
mil. of dol 1,148
By types of security:
Bonds, notes, and debentures, total . . do
1,085
Corporate
-- -do
375
Preferred stock
do
54
Common stock
_ _ _- _
do
9
By types of issuers:
Corporate, total
__
do
438
Industrial _.
do.. .
88
153
Public utility
do
Rail
_.
. -. -do ._191
Other (real estate and financial)
do
6
Non-corporate total® . .
do
710
692
U. S. Government
do
State and municipal .
do
18
New corporate security issues:
Estimated net proceeds, total
do
429
Proposed uses of proceeds:
27
* New money, total
do
Plant and equipment
__do
17
10
Working capital
do
396
Retirement of debt and stock .
do
357
Funded debt
do
1
Other debt
do
Preferred stock
_ _ _do._ .
38
5
Other purposes
do
Proposed uses by major groups :§
85
Industrial, total net proceeds _
do
New money
. . ._
do
10
75
Retirement of debt and stock
do
149
Public utility, total net proceeds
_
-do
5
New money
do
139
Retirement of debt and stock
do
189
Railroad , total net proceeds
do . . .
10
New money
do
Retirement of debt and stock. _
do _ _
179
Commercial and Financial Chronicle:
Securities issued, by type of security, total (new
478, 271
capital and refunding)
thous. of dol
41, 874
New capital, total
_ __ .
do
41, 874
Domestic, total
do
29, 208
Corporate
do
0
Federal agencies _
_-do
12, 666
Municipal, State, etc
do
0
Foreign
_
_. _
do
436, 397
Refunding, total
_
do
436, 397
Domestic, total
do
400, 717
Corporate
do
30, 010
Federal agencies
do
5,670
Municipal, State, etc
do
0
Foreign
do
Domestic issues for productive uses (Moody's):
Total
mil. of dol
30
17
Corporate
do
13
Municipal, State, etc
do.. Bond buyer:
State and municipal issues:
23, 268
Permanent (long term) _
_
thous. of dol
28, 174
Temporary (short term)
_ __
do
10, 392
3,497
1,034
987
1,911
8,541
937
916
1,069
12, 109
2,353
897
10, 387
65
5
0
3,462
107
27
7
984
149
43
7
976
105
5
6
1,837
80
70
3
8,533
89
5
2
899
166
32
6
804
43
96
16
1,045
125
15
9
12, 097
151
3
9
2,312
152
20
20
882
214
12
2
70
Iff
50
4
0
10. 322
10, 302
21
142
58
55
28
1
3,355
3,334
17
199
133
38
26
2
835
798
37
116
30
79
3
3
872
853
17
154
83
63
8
(«)
1, 757
1,698
59
97
56
31
9
0
8,444
8,381
62
203
30
142
29
3
734
709
25
155
'122
28
0
4
761
739
17
148
87
58
2
1
920
751
160
192
112
59
21
2,161
2,125
36
229
68
26
135
0
668
602
65
69
139
197
113
150
95
199
150
146
160
188
226
12
6
6
56
41
5
10
. 1
10
4
5
127
101
22
4
1
119
64
55
77
66
6
6
1
20
8
12
86
77
5
4
7
34
23
11
116
54
2
60
1
49
18
31
37
32
4
1
8
48
32
16
150
129
3
18
1
53
24
28
94
55
1
38
3
23
17
6
123
115
3
5
(«)
23
8
15
135
103
18
13
1
60
36
24
122
109
0
13
6
57
24
33
166
147
(°)
19
3
16
4
12
49
4
44
4
4
0
57
7
49
53
2
50
28
29
13
15
78
1
71
3
3
0
81
26
55
61
0
61
8
8
0
55
40
8
30
0
30
9
9
0
28
14
14
140
6
134
29
29
0
118
49
66
28
0
28
0
0
0
85
19
65
58
0
58
2
2
0
58
17
40
24
0
23
45
4
41
109
34
70
58
5
52
21
21
0
66
38
27
26
28
131
115
17
38
0
38
26
3
23
109,470 200, 846
r 20, 325
56, 897
r 20, 325
56, 897
9,875
40, 673
0
10, 860
10, 450
5,364
0
0
' 89, 146 143, 948
' 89, 146 143, 948
55, 165
86, 662
23,900
46, 060
10, 081
11, 226
0
0
357, 319
165, 293
165, 293
121, 033
22, 850
21, 410
0
192, 026
192, 026
69, 862
106,720
15, 444
0
163, 468
33, 469
33, 469
14, 237
9,655
9,577
0
129, 999
129, 999
83, 129
39, 070
7,801
0
249, 798
105, 662
92, 952
37, 773
30, 705
24, 474
12, 710
144, 136
136, 846
122, 683
0
14, 163
7,290
219, 887
73, 421
73, 421
62, 616
0
10, 805
0
146, 466
146, 466
96, 146
24, 525
25, 795
0
210, 242
58, 045
58, 045
45, 456
0
12, 589
0
152, 196
119, 743
77, 535
30, 055
12, 153
32, 454
234, 729
79, 994
79, 994
73, 464
0
6,530
0
154, 735
149, 235
107, 636
31, 460
10, 140
5,500
418, 587
53, 486
53, 486
32, 616
0
20, 871
0
365, 100
355, 950
184, 091
32, 875
138, 984
9,150
238, 982
63, 481
42, 481
15, 373
4,125
22, 983
21, 000
175, 501
170, 251
78,754
83, 025
8,471
5,250
274, 420
70, 425
68, 925
57, 328
0
11, 597
1,500
203, 995
203, 795
153, 917
27, 455
22, 423
200
331, 720
145, 073
145, 073
105, 573
0
39, 500
0
186, 647
186, 647
140, 608
20, 315
25, 724
0
63
57
6
33
27
6
19
9
10
53
45
8
93
55
38
16, 933 166, 138
52,845 20,292
' 37, 391
45, 354
32, 695
122, 700
r 56, 733
<•)
163
60
24
4534
11,946
11,914
31
(a)
W
24
134
19
115
26
17
9
8
3
5
65
57
8
14
8
6
24
21
3
30
21
9
29
17
12
26, 143
40, 747
50, 786
35,700
35, 160
4,690
18, 380
80,868
59, 069
64, 802
34, 491
69, 027
25, 740
64, 852
940
820
830
780
800
820
780
790
940
740
330
600
340
560
370
650
370
630
380
600
390
550
400
887
196
619
424
940
770
320
788
181
557
354
780
640
400
660
420
630
410
99.37
100. 37
72.33
99.45
100. 34
72.04
99.02
99.91
71.91
99.38
100.26
72.30
99.78
100. 66
72.87
100. 21
101. 03
73.39
100.32
101. 11
74.45
100.31
101. 10
74.62
100. 62
101. 41
75.29
100.53
101. 26
76.32
100. 71
101. 40
75.50
100. 74
101. 41
76.04
120.8
120.9
120.4
120.0
120.5
120.4
120.5
120.7
120.9
120.9
121.3
121.2
110.4
117.1
115.7
98.4
46.4
134.4
100.4
110.6
117.9
115.4
98.6
49.9
135.2
100.4
111.3
118. 9
115.2
99.8
45.4
134.9
100.2
112.1
119.4
115.1
101.7
46.9
132.8
100.2
113.2
119.8
115.5
104.1
52.8
134.4
100.2
113.6
119.3
115.8
105.7
58.1
135.8
100.1
113.7
119.8
115.9
105.3
60.1
136.0
100.3
114.4
121.0
116.6
105.5
59.0
135.8
100.3
114.7
121.5
116.0
106.5
58.9
135.6
100.2
114.5
121.5
115.9
106.2
61.2
135.5
100. 2
114.7
121.1
116.3
106.8
61.3
136.1
100.2
114.8
120.9
116.2
107.3
57.3
136.5
100.4
r 5, 100
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. members carrying
margin accounts)^
Customers' debit balances (net).._
Cash on hand and in banks
Money borrowed
Customers' free credit balances.
...mil. of dol..
do
__do __
do
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.). dollars,. 100. 61
101. 29
Domestic
_
do
Foreign _.
__
__ _ _do
75.55
Standard and Poor's Corporation:
Industrial, utilities, and rails:
High grade (15 bonds)
dol. per $100 bond . 121.2
Medium and lower grade:
Composite (50 bonds)
i
do
114.5
120.1
Industrials (10 bonds)
do
Public utilities (20 bonds) . .
do
116.5
Railroads (20 bonds)
do
107.0
Defaulted (15 bonds)
do
55.5
136.2
Domestic municipals (15 bonds) t
do
U. S. Treasury bonds (taxable)t
do.
100.4
' Revised.
« Less than $500,000.
(gilncludes 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.
^Complete reports are now collected semiannually; except for June and December, data are estimates based on reports for a smaller number of firms.
fRevised series. For an explanation of changes in the data on security issues compiled by the Securities and Exchange Commission and revised 1941 monthly averages for selected
series, see p. S-18 of the April 1943 Survey; there have also been unpublished revisions in the January-July 1943 and January-May 1942 figures and in the July-December 1942 figures
for U. S. Government and the totals that include this item (July-December 1942 figures for other items are correct in the August 1943 Survey); all revisions are available on
request. The price index for domestic municipals is converted from yields to maturity, assuming a 4 percent coupon with 20 years to maturity; revised data beginning February 1942
are on p. S-19 of the April 1943 Survey; earlier data will be shown in a later issue. Revised data beginning November 1941 for the price series for U. S. Treasury bonds are shown
on p. 20 of the September 1944 issue.
November 1944
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be fovind in the
1942 Supplement to the Survey
1944
September
S-19
1943
September
October
1944
Novem- December
ber
January
February
March
April
May
June
July
August
FINANCE—Continued
SECURITY MARKETS— Continued
Bonds— C ontinued
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
thous. of dol
100, 214
Face value
do
143, 273
On New York Stock Exchange:
Market value
.
do ._
90, 966
Face value
do
131, 764
Exclusive of stopped sales (N. Y.'S. E.), face
value, total
thous of dol
132, 211
IT. S, Government
do
461
Other than U. S. Government,, total do . 131, 750
124, 941
Domestic.
do
Foreign _
_ do .
6,809
Value, issues listed on N. Y. S. E.:
Face value, all issues .
_ . mil. of dol 101, 399
Domestic
do
98, 704
Foreign
do
2,694
Market value, all issues
_ do _. 102, 017
Domestic
do
99, 981
Foreign
_.
.
_
_ do ..
2,036
Yields:
Bond Buyer:
Domestic municipals (20 cities)
.percent. _
1.66
Moody's:
Domestic corporate
do
3.03
By ratings:
Aaa
do
2.72
-Aa
- .
do
2.79
A ._
„_ do
3.05
Baa
do
3.56
By groups:
Industrials
do
2.79
Public utilities
_.
. . do_._
2.94
Railroads
do
3.35
Standard and Poor's Corporation:
Domestic municipals (15 bonds)
do
1
1.83
U. S. Treasury bonds:
1.93
Partially tax-exemptf
do
2.47
Taxablet
-- do
125, 866
229, 324
137, 656
253, 466
133, 756
234, 626
138, 736
260, 815
211, 667
352, 987
228, 798
428, 754
185, 281
307, 972
144, 881
221, 137
166, 046
234, 544
184, 358
296, 029
170, 406
258, 532
115, 386
164, 549
112,695
212, 072
123, 096
234, 183
118, 254
214, 200
125, 024
242, 672,
196, 771
334,298
215, 113
411, 040
169, 339
286,625
133, 606
206, 364
153, 442
218, 886
169, 220
267, 881
158, 655
243, 004
104, 051
149, 718
196, 560
307
196, 253
186, 855
9,398
208, 876
228
208, 648
201, 371
7,277
187, 631
420
187,211
176, 486
10, 725
223, 886
970
222, 916
213, 681
9,235
337, 114
1,052
336, 062
326,658
9,404
354, 781
292
354, 489
347, 657
6,832
260, 533
472
260, 061
249, 255
10,806
191, 157
400
190, 757
180, 680
10, 077
213, 749
915
212, 834
204, 161
8,673
243, 784
436
243, 348
231, 087
12, 261
193, 748
503
193, 245
182, 523
10, 722
137, 613
331
137, 282
130, 104
7,178
80, 656
91, 004
88, 123
2,881
90, 502
88,426
2,075
90, 970
88, 089
2,881
90, 077
88, 005
2,072
90,841
87, 966
2,875
90, 274
88, 196
2,078
90, 742
87, 884
2,858
90, 544
88, 462
2,083
96, 632
93, 787
2,845
96, 838
94, 750
2,088
95, 409
92, 575
2,834
95, 713
93, 604
2, 110
95, 013
92, 181
2,832
95, 305
93, 192
2,114
93, 272
90, 442
2,830
93, 849
91, 719
2,130
95, 729
92, 929
2,799
96, 235
94, 099
2,137
101, 559
98, 856
2,703
102, 285
100, 244
2,041
101, 581
98, 881
2,700
102, 329
100, 276
2,053
80^ 150
78,064
2,085
1.79
1.69
1.82
1.77
1.70
1.65
1.65
1.69
1.65
1.64
1.59
1.59
3.11
3.11
3.13
3.14
3.11
3.10
3.09
3.08
3.06
3.05
3.04
3.02
2.69
2.82
3.10
3.83
2.70
2.83
3.10
3.82
2.71
2.84
3.11
3.83
2.74
2.87
3.13
3.82
2.72
2.83
3.11
3.76
2.74
2.83
3.10
3.72
2.74
2.82
3.10
3.70
2.74
2.82
3.09
3.68
2.73
2.81
3.07
3.63
2.73
2.81
3.07
3.59
2.72
2.80
3.05
3.57
2.71
2,79
3.04
3.55
2.82
2.96
3.56
2.82
2.96
3.55
2.85
2.98
3.56
2.86
3.00
3.56
2.83
2.99
3.51
2.83
2.98
3.49
2.83
2.97
3.48
2.83
2.97
3.45
2.81
2.97
3.41
2.79
2.96
3.40
2.79
2.95
3.37
2.79
2.94
3.34
1.92
1.88
1.90
2.00
1.92
1.85
1.84
1.85
1.86
1.87
1.84
1.82
1.90
2.48
1.90
2.48
1.94
2.48
1.95
2.49
1.95
2.49
1.93
2.49
1.91
2.48
1.94
2.48
1.94
2.49
1.91
2.49
1.89
2.49
1.90
2.48
Stocks
Cash dividend payments and rates, Moody's:
Total annual payments at current rates (600 companies)
_- .
mil. of dol 1, 822. 01 1, 684. 70 1,695.79 1, 726. 71 1, 740. 00 1, 740. 52 1, 752. 58 1, 761. 55 1, 763. 92 ' 1, 818. 36 1,818.13 1, 817. 90 1, 819. 87
Nnmbfir of shares, adjusted
millions
941. 47
942. 70
942. 70
941.47
941. 47
941. 47
942. 70
941. 47
941. 47
941. 47
941.47
941. 47
941. 47
Dividend rate per share (weighted average) (600 com1.92
1.79
1.85
1.93
panies)
dollars1.80
1.83
1.87
1.94
1.85
1.86
1.87
1.93
1.93
2.81
2.81
2.81
2.81
2.81
2.81
2.81
2.82
2.81
Banks (21 cos.)do
2.81
2.81
1.93
2.81
1.88
Industrials (492 cos.)
__
do ..
1.73
1.76
1.77
1.79
1.88
1.79
1.80
1.71
1.77
1.88
1.88
1.88
2.54
2.69
2.69
2.69
2.67
2.54
2.54
Insurance (21 cos.)
do
2.54
2.54
2.67
2.54
2.67
2.54
1.80
1.77
1.78
Public utilities (30 cos.)
_._ do ..
1.78
1.80
1.81
1.81
1.81
1.81
1.80
1.80
1.81
1.80
2.42
Railroads (36 cos.)
do
2.13
2.25
2.29
2.13
2.40
2.42
2.29
2.40
2.42
2.29
2.42
2.42
Dividend payments, by industry groups:*
114.2
127.9
305.2
710.3
Total dividend payments
mil. of dol.. 372.3
342.1 ' 133. 4
347.7
284.1
135.1
301.7
446.9
356,1
67.3
IWftnvifafltnring
d"
205.3
59.2
221.5
262.1
73.3
415.0
127.9
235.6
134.5
94.5
141.2
61.8
25.2
4.2
1.9
56.4
1.0
Mining
.
do
20.4
.8
21.8
4.0
32.8
1.3
3.5
1.1
3.7
42.0
Trade
do ..
14.8
4.7
17.2
7.3
23.0
25.9
25.7
'26.5
16.3
17.2
3.8
7.8
8.9
53.9
Finance
do
48.5
20.5
22.5
71.0
25.1
43.8
29.8
'18.8
75.7
'25.5
1.4
Railroads
_ _
_ do
13.3
2.7
60.7
14.2
17.2
13.8
6.7
37.1
16.8
11.9
14.7
7.9
42.2
30.7
Heat, light, and power
do
33.7
37.3
31.4
32.5
32.1
31.6
'30.7
34.6
40.7
37.0
31.3
,1
Communications
_ do
46.4
.2
14.6
14.4
14.8
14.5
45.7
.2
46.4
.1
13.6
46.5
2.2
6.2
Miscellaneous.
do
2.5
25.5
10.2
5.4
3.8
'12.6
3.0
11.8
6.2
10.0
1.9
Prices:
Average price of all listed shares (N. Y. S. E.)
67.4
Dec. 31, 1924=100..
64.0
59.8
63.1
64.8
64.1
64.1
65.3
64.3
70.2
69.5
69.2
69.8
49.85
48.01
Dow-Jones & Co. (65 stocks)
dol. per share
45.89
46.52
48.03
51.81
48.56
49.99
49.26
51.85
53.03
48.18
52.60
139. 22
Industrials (30 stocks)
_
_
do . 145. 20
134. 57
132.66
138. 90
138. 25
135. 97
139. 07
137. 19
145. 46
137. 74
148. 37
146. 72
22.74
Public utilities (15 stocks) ...
do
20.97
21.54
21.68
21.67
22.72
22.80
23.60
24.67
23.47
22.33
24.74
23.96
Railroads (20 stocks)
do
32.85
39.36
34.64
32.93
34.97
35.41
37.59
39.00
40.58
39.75
41.85
41.12
39.28
96.95
New York Times (50 stocks)
do
91.06
95.25
92.20
100. 60
96.01
94.10
97.02
96.06
103. 34
94.36
101. 46
102. 25
Industrials (25 stocks)
do
164. 04
165. 14
163. 56
157. 13
159. 13
159. 35
163. 87
162. 27
171. 88
171. 24
173. 59
161. 48
173. 42
Railroads (25 stocks)
do
29.88
26.93
24.99
26.87
27.25
28.86
29.86
31.04
29.97
30.18
25.27
31.09
31.73
Standard and Poor's Corporation:
91.4
97.2
Combined index (402 stocks)
1935-39 = 100. . 100.7
94.8
91.8
95.1
101.5
95.6
94.4'
96.6
94.6
104.3
102.7
Industrials (354 stocks)
do
96.6
93.0
99.0
93.6
96.4
98.2
96.5
103.9
102.6
95.8
97.5
106.7
104.7
Capital goods (116 stocks)
do
85.2
89.4
89.0
85.4
87.8
86.5
87.7
86.6
88.1
92.7
96.1
92.6
94.3
Consumer's goods (191 stocks)
___..do
96.8
93.8
95.2
103.6
98.9
100.9
98.1
99.0
113.1
110.7
102.3
110. 2
111.7
Public utilities (28 stocks)
do .
85.1
85.2
86.8
87.8
87.3
86.9
88.4
87.3
91.4
86.7
89.6
92.1
91.3
Railroads (20 stocks)
do
99.3 . 100.8
91.3
92.0
86.5
85.6
96.1
98.7
97.3
91.0
98.7
102.5
105.3
Other issues:
Banks, N. Y. C. (19 stocks)
.do.... 105.0
92.7
100.7
93.6
95.0
98.5
100.7
99.6
93.6
96.8
103.9
106.2
106.7
120.2
113.3
Fire and marine insurance (18 stocks)
do
120.4
117.0
114.2
112.1
113.9
113.6
115.5
112.3
116.4
116.9
114.8
Sales (Securities and Exchange Commission):
Total on all registered exhanges:
Market value
thous. of dol
623, 094 558, 819 545, 445 687, 883 748, 157 673, 210 668, 973 980, 399 562, 816 686, 237 1,159,179 1,055,963 735, 302
25,242
Shares sold
.
thousands
33, 082
29, 409
26, 321
34,406
31,409
26, 370
33, 662
46, 916
59,069
28, 275
53, 995
38, 826
On New York Stock Exchange:
Market value
thous. of dol._ 518, 521 467,087 453,831 585, 757 641, 647 562, 227 564, 775 831, 575 472, 164 578, 183 997, 805 898, 478 610, 477
19,682
21, 633
Shares sold... . . . thousands
19, 122
18, 087
24,657
25,871
22,509
34,932
25, 147
45, 854
20, 284
40, 055
27, 530
Exclusive of odd lot and stopped sales (N. Y.
18,246
17,228
Times) _ thousands
14,986
13,923
19,527
27, 643
13,847
15, 946
17,811
17, 101
37, 713
20, 753
28, 220
* Revised.
•New series. Data for 1941 and 1942 for dividend payments a re shown <m p. 20 of the Febr uary 1944 issue.
The revised yield series above and the price series on p. S-18 for long-term Treasury bonds consists of all issues not due or callable for 15 years, whereas for the former series the minimum term was 12 years and for taxable bonds included only issues available for purchase by all investors. The revision of the partially tax-exempt yield average
extends back to November 1935, when the new and the old averages were identical. The taxable bond series cover the entire period from October 20,1941( when the 2H's of the
1967-72 were first issued. The revised price index of Treasury bonds is a straight average of the market prices of the bonds included in the new yield series. Revised data are
shown on p. 20 of the September 1944 issue.
S-20
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
September
November 1944
1944
1943
September
October
Novem- December
ber
January
February
March
April
May
June
July
August
FINANCE—Continued
SECURITY MARKETS— Continued
Stocks— Continued
Shares listed, N. Y. S. E.:
Market value, all listed shares
mil. of dol._ 52, 930
1,481
Number of shares listed __
_ _.
millions
Yields:
Common stocks (200), Moody's
percent
4.7
3.5
Banks (15 stocks)
do
Industrials (125 stocks) _
do
4.5
3.7
Insurance (10 stocks)
do. .
5.3
Public utilities (25 stocks)
do
6.7
Railroads (25 stocks)
do
Preferred stocks, high-grade (15 stocks), Standard and
3.95
Poor's Corporation
_percent__
48, 711
1,484
48, 178
1,485
45, 102
1,487
47, 607
1, 489
48, 397
1,490
48, 494
1,492
49, 422
1,492
48, 670
1,494
50, 964
1,493
53, 068
1,493
52, 488
1,497
53, 077
1 499
4.6
4.0
4.3
3.7
5.5
6.5
4.7
4.0
4.5
3.7
5.5
6.6
5.1
4.0
4.9
4.0
5.7
7.8
4.9
3.9
4.6
3.9
5.5
7.4
4.8
3.8
4.6
3.9
5.5
7.0
4.8
3.7
4.6
4.0
5.5
6.7
4.8
3.8
4.6
3.7
5.5
6.9
4.9
3.8
4.6
3.8
5.6
7.0
4.8
3.6
4.7
3.7
5.4
6.7
4.6
3.5
4.4
3.7
5.2
6.6
4.7
3.6
4.5
3.7
5.3
6.6
4 5
3.98
4.00
4.06
4.14
4.09
4.06
4.04
4.03
4.04
3.98
3.94
3.96
4 7
3.5
3.7
5 2
6.7
FOREIGN TRADE
INDEXES
Exports of U. S. merchandise:
Quantity
Value
"Unit value
_
Imports for consumption:
Quantity
_ _.
Value
Unit value
-_
VALUE
Exports, including reexports, total}
Canada§
Latin American Republics§
Argentina!
Brazil§
.
Chile §
Cuba§
- - .
Mexico§
Exports of U. S. merchandise!
General imports, totalj
Canada§
_- _
Latin American Republics!
Argentina!
Brazil§
Chile§
. . Cuba!
Mexico!
Imports for consumption J
1923-25=100..
do
. ._do_ .
320
346
327
94
328
319
97
288
285
99
330
332
101
276
291
105
270
289
107
292
309
106
296
318
107
348
379
109
305
339
111
290
320
110
276
320
116
. do. ._
do
_ do . .
84
112
89
80
122
99
81
115
95
83
104
85
82
116
95
83
115
95
83
132
112
85
131
111
85
136
117
86
118
101
86
106
90
86
111
93
84
-
—__
..
thous. of dol_.
do
do. .
do
._ _ - do
do
-do
do
_,
do
do
_.
do
do
_do
do
-do
do
_.
do
do
1,197,420 1,235,230 1,194,972 1,072,064 1,244,047 1,090,063 1,084,779 1,157,358 •1,189,296 '1,422,221 '1,277,329
121, 118 130, 365 117, 444 115, 619 107, 407 117, 993 120,675 123, 170
72, 413
72, 952
75, 614
68,745
73, 158
71, 043
99, 688
82, 516
503
3,702
1,893
1,945
2,661
2,084
2,090
2,681
12, 042
12, 496
13, 715
16, 194
10, 471
15, 527
29,028
17, 327
3,700
3,212
4,345
4,748
3,008
5,205
2,295
4,338
12, 945
14, 562
13, 712
8,875
9,793
10, 832
13, 301
14, 956
16, 356
20,063
17, 426
24, 804
16, 863
17, 980
19, 670
21,481
1,192,577 1,218,517 1,187,250 1,060,330 1,231,722 1,081,380 1,074,186 1,147,566 '•1,179,499 ri,412,9~12 '1,268,832
280, 365 286, 353 329, 167 311,402 278, 050 299, 855 312, 710 358, 715 359, 364 385, 988 330, 280
96, 592 100, 382 109, 459
90, 897
95, 526 106, 084 106, 225 124, 797
112, 656 129, 794 103, 836 106, 498 122, 774 119, 526 162, 695 132, 146
20, 476
14, 334
17, 491
13, 513
12, 934
10, 969
16, 602
11, 067
25, 203
22, 554
17, 634
16, 564
20. 613
18, 177
13, 983
40, 364
13, 017
6,392
12, 057
8,679
15, 712
8,308
12, 731
13, Oil
33, 229
26, 434
26, 082
28, 391
29, 308
27, 269
34, 175
41, 083
13,034
17, 293
17, 423
15, 081
17, 126
18, 288
22, 913
22, 275
267 681 285, 259 317, 294 302, 048 274, 219 304,290 303, 919 357, 428 355, 526 372, 210 322, 061
1,198,254 '1,200,773
1,191,223 1,193,571
'293 184 302 445
'288 696 '297 417
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Commodity and Passenger
Unadjusted indexes:*
226
226
221
215
213
219
222
231
220
226
'226
Combined index, all typesf
1935-39=100
232
234
234
221
225
227
219
238
233
226
228
234
Excluding local transit linesf
do
240>
213
215
206
207
200
200
207
206
212
'213
214
'207
Commodityf
do
269
263
266
254
288
265
260
265
276
272
'288
Passengerf
- -- do
288
369
376
354
361
388
370
Excluding local transit lines
_. _ do_
366
389
419
'427
383
428
By types of transportation:
469
471
442
476
468
457
594
544
464
Air, combined index
.
do
488
613
670641
619
637
695
651
662
670
674
791
Commodity
do
731
'797
884
362
319
329
311
Passenger _
._ do
370
373
464
421
348
326
492
529
Intercity motor bus and truck, combined index
232
248
225 , '220
238
246
225
'234
'224
'220
'224
1935-39=100..
236
r
222
229
219
237
216
207
212
' 199
207
'187
For-hire truck
do
'204
205
283
265
299
277
254
257
322
290
343
Motor bus . .
__ -_ -„
do
268
292
340
175
175
172
171
181
177
178
181
180
181
172
172
Local transit linesf
-_ - do. _
205
224
232
249
219
244
208
240
235
246
Oil and gas pipe lines t
do
'246
250
252
253
242
239
Railroads, combined index
do
238
248
247
252
248
251
'255
256
213
227
231
216
226
223
230
218
224
229
Commodity
do
229
223
413
435
436
406
417
Passenger __
_ _
_.
do
419
441
419
465
'467
428
466
80
44
84
36
69
40
43
60
80
85
Waterborne (domestic), commodity t_.
. do
83
86
Adjusted indexes:*
219
219
225
219
217
218
226
228
229
229
224
225
Combined index, all typesf
do. _
r
226
224
232
224
225
226
'235
233
235
Excluding local transit linesf
do
236
'230
232
204
204
204
202
207
212
212
211
214
Commodity .
do
'212
'207
210
267
274
257
265
258
281
279
265
272
281
275
'278
Passengerf
do
362
372
380
391
371
376
405
386
400
401
Excluding local transit lines
do
'396
391
By type of transportation:
455
482
437
487
500
457
483
576
470
537
599
Air, combined index
do
646
637
695
619
651
641
662
670
674
731
791
Commodity
._ _ _
do
'797
884
335
334
316
367
370
336
365
434
409
371
Passenger
do
469
489*
Intercity motor bus and truck, combined index
232
241
231
227
238
' 230
'235
'226
'229
'229
1935-39=100..
229
'220
214
227
222
227
214
209
218
For-hire truck
.
do
'203
'208
'205
' 191
205
274
284
290
288
261
279
287
301
300
Motor bus
-_
do
308
313
310
r
Revised.
t See note marked "*".
* New series. For data beginning 1929 for the transportation indexes, see pp. 26 and 27, table 5, of the May 1943 Survey (small scattered revisions have been made in the data
beginning 1940 for the series marked "t"» as published in the Survey prior to the December 1943 issue; revisions are available on request).
t For revised data for 1941 and 1942, see p. 22, table 4, of the June 1944 Survey.
§ Revised security regulations now permit publication of data for Latin American Republics, Canada, and Mexico on a 6-month delayed basis; publication of totals for the selected
countries formerly shown in the Survey has therefore been resumed beginning in the August 1944 issue; revised figures for 1941 and data for January 1942 to May 1943 will be published
later. Other country and commodity data formerly included in the Survey may be published only on a 12-month delayed basis.
S-21
SURVEY OF CURRENT BUSINESS
November 1944
1944
1943
1944
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
September
September
October
Novem- December
ber
January
February
March
April
May
June
July
August
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION— Continued
Commodity and Passenger— Continued
-Adjusted indexes*— Continued.
By type of transportation— Continued.
Local transit lines
1935-39=100..
Oil and gas pipe lines.—
do
Railroads .
do
Commodity
_ -do
Passenger
do
Waterborne (domestic), commodity..
do .
176
215
244
221
421
61
173
210
245
221
429
60
178
216
240
213
445
64
165
218
242
218
428
66
171
223
242
221
407
65
173
226
253
230
428
69
179
239
252
228
439
68
178
241
256
229
460
65
180
240
258
232
451
65
182
257
253
228
447
65
180
'256
'249
225
'434
63
179
260
248
225
426
66
17, 355
71
17,290
53
18, 104
66
29,582
64
19,377
108
19,282
70
20,168
249
19, 888
73
20,783
79
20,613
78
20,222
75
20,838
74
Express Operations
Operating revenue .
•Operating income
.
thous. ofdol
do
Local Transit Lines
Fares, average, cash rate
Passengers carried§— _.
Operating revenuesf
. .
7. 8143
7.8004
7.8143 7. 8143
7. 8143
cents.. 7. 8198 7.8004 7.8004 7.8004 7.8004 7.8004 7.8004 7.8004
thousands 1, 231, 800 , 199, 632 1, 265, 717 1, 243, 855 1, 268, 643 1, 244, 445 1, 199, 288 1, 307, 703 1, 262, 124 1,297,900 1,252,900 1, 228, 600 1,216,000
105, 300 110,600 108, 400 113,000 109, 938 104, 398 112, 238 110, 450 114,290 110, 940 109, 500 109, 190
thous. of doL.
Class I Steam Railways
Freight carloadings (Fed. Reserve indexes):
Combined index, unadjusted.
1935-39=100
Coal
'.
do
Coke
.
..
do
Forest products
do
Grains and grain products
_do
Livestock
do
Merchandise, 1. c. 1
do
Ore
do
Miscellaneous
do
Combined index, adjusted!. . .
do
Coal!~
do
Coket
do
Forest products
._
do
Grains and grain products!
do
Livestock!
.
do
Merchandise, 1. c. 1
do
Oref
do
Miscellaneous!
do
Freight carloadings (A. A. R.):J
Total cars
thousands..
Coal
do
Coke
.
do
Forest products
do
Grains and grain products
do
Livestock
do
Merchandise, 1. c. 1
_
do
Ore
do
Miscellaneous
do
Freight-car surplus, total—
. d o
Boxcars
_ ._
do
Coal cars
_do
Financial operations:
Operating revenues, total
-_..thous. of dol..
Freight
do
Passenger
do
O perating expenses ....
do
Taxes, joint facility and equip, rents
do
Net railway operating income—
do
Netincomet
do
Operating results:
Freight carried 1 mile
mil. of tons..
Revenue per ton -mile
cents
Passengers carried 1 mile
millions
Financial operations, adjusted:!
Operating revenues, total
mil. of dol..
Freight
do
Passenger
._ __
do
Railway expenses
do
Net railway operating income—
do
Net income do
150
147
181
148
142
151
70
276
158
139
147
182
137
126
114
67
184
146
4,428
862
69
222
241
100
534
379
2,022
8
2
2
799,229591, 104
152, 971
521, 264
188, 838
89, 126
-
-
151
152
193
150
153
151
66
314
154
140
152
195
139
137
114
63
209
143
r 4, 456
••886
'74
'224
'263
'102
'502
'431
' 1, 975
20
7
4
147
140
191
144
167
183
66
274
153
137
140
195
137
167
119
64
191
140
142
127
186
147
157
166
68
193
153
139
127
186
150
161
132
67
191
147
133
147
202
138
144
118
65
65
139
144
147
192
154
153
122
68
209
148
145
150
185
147
159
121
67
203
149
145
150
185
147
159
121
67
202
149
133
149
191
140
145
108
64
48
138
143
149
180
146
148
135
67
193
147
132
140
187
141
125
103
67
51
142
140
140
185
141
136
131
67
174
149
135
141
186
141
108
107
68
168
144
138
141
190
141
123
120
67
190
146
141
147
188
146
113
106
67
281
145
138
147
190
140
128
118
67
195
144
144
148
191
154
137
100
66
291
147
139
148
194
148
135
124
67
187
143
147
143
188
157
172
102
66
302
151
143
143
194
156
144
124
66
189
150
146
146
178
162
141
115
68
281
151
142
146
185
155
131
121
68
188
149
4,518
853
75
224
292
128
522
395
2,028
18
4
8
3,305
580
56
175
214
91
414
216
1,558
17
4
3
3,087
689
59
170
200
67
393
82
1,427
18
3
4
3,796
877
77
193
268
77
491
70
1,745
18
3
5
3,159
729
61
174
208
61
405
55
1,467
17
3
4
3, 135
684
59
176
182
58
422
55
1,499
19
3
5
4,069
850
74
217
194
75
537
214
1,910
25
4
5
3,446
711
59
181
160
60
422
318
1,534
25
7
3
3,445
710
60
183
180
55
410
328
1,520
23
10
4
4,361
838
72
236
295
69
505
412
1,934
14
3
3
3,580
710
57
203
203
64
427
324
1,593
11
2
3
740.672 735, 305 797,029 759, 534 804,056
548, 419 551, 442 596,953 561,093 600,069
140, 115 135, 881 147,759 146, 583 150, 076
504, 013 492,094 527, 433 509,004 526,767
153, 835 158, 718 177,092 162, 856 178,783
82, 824
84, 493 92, 504
87, 674 98,505
45, 324
46,038 53,653 48,033 59,020
799, 475
585, 128
159, 584
518, 467
181, 187
99, 822
61, 337
809, 038
593, 829
162, 198
525, 057
185, 348
98, 633
57, 362
836, 183
617, 348
162, 070
538, 489
196, 329
101, 366
60,346
776,487 796, 282 762,058 781, 759
576,045 594, 560 566, 422 571, 387
146,726 144, 885 141, 924 151, 548
477,986 513, 571 502, 213 594, 890
188,242 169, 628 163, 464 109, 942
' 110,259 113, 084 96, 381 76, 927
69,978 76,027 63, 348 34, 814
66, 522
.921
7,851
69,222
.912
7,706
63, 153
.947
7,569
63, 772
.943
8,136
64, 704
.907
7,583
63,101
.930
7,275
66,960
.953
7,823
64,450
.931
7,973
68,376
.934
7,979
65, 695
.948
8,405
66, 754
.950
8,706
68, 454
766.9
566.7
147.3
651.0
115.9
75.2
769.0
568.0
148.1
653.8
115. 2
75.7
769.4
568.1
148.4
662 2
107.4
69.0
782.2
579.6
148.7
680.5
101.7
66.7
778.1
578.4
146.7
662.0
116.1
78.5
774.5
575.7
145.9
671.4
103.1
65.9
781.6
577.5
149.9
690.1
91.5
53.4
780.1
574.0
152.1
688.7
91.4
53.9
778.8
573.3
152.2
687.7
91.2
52.6
808.8
599.8
153.7
700.7
108.1
70.6
803.5
601.5
149.2
705.9
97.6
'59.0
781.3
579.5
145.0
710.3
71.0
Travel
Operations on scheduled air lines:
9,215
9,511
9,152
9,343
Miles
flown
. . thous. of miles
9,308
9,505
9,902 11,236
11, 674
12, 770
13, 555
8,508
4,536
5,331
5,171
Express carried
.__
thous. of lb..
5,385
5, 110
5,492
4,897
4,079
4,323
4,776
5,756
6,730
321, 616 322, 099 301, 253 283, 537 278, 213 254, 199 293, 523 318, 560 369,649 389, 017 441, 712 476,808
Passengers carried..
_
number
Pftss^nger-Tniles flown „
thous of tniles
153,988 155, 856 145, 105 137, 122 141, 474 125, 089 142, 834 155, 412 181,038 193,289 211, 704 227, 351
Hotels:
3.69
It 16
3.95
4.02
3.82
3.77
4.09
3.89
Average sale per occupied room ..
.
dollars .
3.96
3.81
3.84
3.84
3.77
86
89
88
86
86
87
88
88
88
82
Rooms occupied
.
percent of total
81
88
89
194
167
171
158
178
Restaurant sales index
1929 = 100. .
165
167
198
193
214
178
160
184
Foreign travel:
U. S. citizens, arrivals
_
number
6,803
7,303
7,348
9,636 10,205 12,206
9,156
11, 334
7,680
11, 710
IT. S. citizens, departures
do
4,396
4,691
4,549
6,749
4,670
5,253
7,925
4,983
5,346
5,178
844
465
335
393
302
453
735
Emigrants .
..
do
540
343
314
2,391
2,612
2,777
2,436
2,097
2,125
2,209
2,771
2,251
2,370
TriTnigraTits
do
8,396
6,711
8,162
15.433 17.875 11. 587
2,309
16, 952
10. 195
15.855 10.094
9.772
Passports issued^1
do... 12, 163
r
Revised, concludes passports to American seamen. IData for September and October 1943, January, April, July, and September 1944are for 5 weeks; other months, 4 weeks.
5 Data cover 186 companies; for 1943 data for 188 companies comparable with 1941 and 1942 figures on p. S-21 of theApril 1943 Survey see p. S-22 of the April 1944 Survey.
{Revisions for 1942-43 are as follows: 1942—Jan., 23,946; Feb., 21,516; Mar., 45,109; Apr., 57,477; May, 63,712; June, 77,746; July, 90,256; Aug., 89,979; Sept., 105,683; Oct., 135,732;
Nov., 111,476; Dec,, 81,283. 1943—Jan., 62,964; Feb. 61,892; Mar., 86,653; Apr., 86,273; May, 87,480; June, 70,546; July, 88,815; Aug., 91,322. 1941 revisions available on request.
fThe indicated seasonally adjusted series for freight carloadings have been shown on a revised basis beginning in the October 1943 Survey, and for financial operations of railroads
beginning in the June 1944 issue (see those issues for periods affected); all revisions are available on request. Beginning in April 1944 Survey, revenue data for local transit lines cover
all common carrier bus lines except long-distance interstate motor carriers; revised monthly average for 1942, 86,667; 1941, 66,695,-1941-42 monthly data available on request.
* New series. For data beginning 1929 for the transportation indexes, see pp. 26 and 27 of the May 1943 Survey (small scattered revisions have been made in the indexes for local
transit lines, oil and gas pipe lines and waterborne transportation, beginning 1940 as published in the Survey prior to the December 1943 issue; revisions are available on request).
S-22
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
' November 1944
1943
SepSeptember tember
October
1944
Novem- December
ber
January
February
March
April
May
June
July
August
50 990
90 304
192 694
174 076
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION— Continued
Travel— Continued
National parks, visitors
Pullman Co.:
Revenue passenger-miles
Passenger revenues
number
thousands
thous. of dol..
114, 622
97 667
55 696
23 851
17 256
19 170
20 101
26 363
35 809
2 250,820 2 292 555 2 195 430 2 201 530 2 360 007 2 242 587 2 570 780 2 475 173 2 301 964 2 344 949 2 321 047 2 33Q 036
12,043
12,415
12, 992
12, 893 ' 13,247
12,019
13,085
13, 291
12,338 12, 743
13, 828
13,381
COMMUNICATIONS
Telephone carriers:!
Operating revenues
thous. of dol_.
Station revenues .
do
Tolls, message
do
Operating expenses
do
Net operating income „
do
Phones in service, end of month
thousands
Telegraph and cable carriers:!
Operating revenues, total
Jhous. of dol..
Telegraph carriers, total.
_ _
do
Western Union Telegraph Co., revenues from
cable operations
thous of dol
Cable carriers.
do
Operating expenses
do
Net operating revenues ... .
do
Net income trans, to earned surplus
do
Radiotelegraph carriers, operating revenues
.do
152, 650
85, 543
55, 305
98 231
21, 386
23, 777
155, 475
86, 772
56, 685
98 269
21, 611
23 870
155, 133
87, 486
55, 572
102 477
19, 621
23 966
161,296
88,830
59, 599
110 537
21, 176
24 003
158,967
88 578
58, 219
102 066
19, 765
24 045
156,238
86 976
56, 970
100 565
19, 074
24 067
161,807
89 001
60, 775
104 095
20,093
24 094
158, 691
87 847
58, 578
101 615
19, 400
24 085
162,260
88, 741
61, 054
104 584
19, 427
24,147
161, 297
88 473
60, 313
103 399
19, 371
24 161
159, 385
86 430
60, 313
105 021
18, 964
24 183
164, 169
87 709
63 852
105 617
19 972
24 231
16, 585
15, 422
16,472
15, 233
16, 046
14, 765
18,410
16, 903
16, 762
15, 338
16,044
14, 742
17, 655
16, 111
16,764
15, 350
17, 543
16, 016
17, 072
15,654
16, 429
15, 091
17, 202
15, 805
1,027
1,163
13, 538
1,106
951
960
1,066
1,423
12, 526
2,344
1,042
1,302
11, 937
2,235
1,036
1,414
12, 515
2,413
1,028
1,527
13, 544
2,097
1,418
13, 079
1,913
1,337
13, 407
1,397
13, 365
1,940
1,112
1,160
1,178
1,191
1,251
1,125
1,545
12, 797
2,981
1,122
1,295
935
1,281
12, 611
1,607
1,289
1,508
12, 629
3,739
1,413
1,360
938
1,239
13, 185
1,435
1,201
1,346
1,376
1,386
1,397
304
343
548
887
785
769
733
951
699
965
530
830
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS*
Ammonia, synthetic anhydrous (100% NHs) :
42, 308
42, 927
44, 931
40, 071
42,963
43, 191
43, 242
46, 318
48, 657
46, 487
42,382
45, 770
Production
short tons
3,614
2,488
3,766
3,579
4,559
2,834
2,884
5,384
4,911
6,580
Stocks, end of month ..
do
2,782
5,344
Calcium carbide (100% CaCz) :
63,
043
69, 324
67, 481
63, 729
68, 653
55, 985
59, 252
52, 457
51, 485
Production
do
55, 610
29, 707
29, 643
29, 605
22, 414
24, 988
11, 571
11,786
14, 710
Stocks, end of month
do
11,078
12, 650
Carbon dioxide, liquid, gas, and solid (100% COa):
66 932
88, 187- 96, 315
79 468
74, 748
62 528
63 969
65 681
70 342
89 117
Production
thous of Ib
11,635
5,372
11, 895
16, 516
7,330
5,774
Stocks, end of month
do
8,500
Chlorine:
102, 631 109, 034 106, 420 111, 584 106, 333 101, 375 108, 524 106, 764 109, 327 104,041 106, 657 104, 074
Production
short tons
6,414
6,028
9,053
4,812
7,942
8,398
6,572
6,398
8,242
8,613
Stocks, end of month.
,
do
4,126
5,136
Hydrochloric acid (100% HC1):
31, 639
30, 667
29,475
29,671
30, 940
28, 591
29,048
29,690
30, 912
Production
do
27,955
30,827
2,575
3,117
2,533
2,942
4,158
2,428
2,395
2,773
2,992
2,825
3,138
Stocks, end of month
do
1 866
2,053
1 899
2,048
1 914
2 091
1 680
1 771
Hydrogen production
mil of cu ft
1 973
1 983
Nitric acid (100% HN03):
38,974
38,968
39, 275
38, 471
38, 153
36, 509
38, 161
37,621
42, 404
39, 571
42, 211
42, 200
Production _ _ _
.
short tons
6,555
6,795
7,047
6,189
7,961
7,534
6,887
8,556
7,563
8,570
7,729
7,621
Stocks, end of month..
do
1,599
1,535
1 539
1,599
1 696
1 460
1 443
1 561
1 531
Oxygen production
mil of cu ft
1 409
Phosphoric acid (50% H|P 64) : "
59, 147
55, 531 ' 57, 324
51,354
65,484
61, 887
57, 807
65,003
53, 705
52,790
51, 926
52, 955
Production
_.
.
short tons
14, 383
14,764
13, 869
13, 910
12,491
12,458
15,067
11,956
12, 551
12,043
Stocks, end of month
do
19,462
16, 818
Potassium chloride (100% KC1):J
99,749 105, 658 103, 709
91,974
99, 588 103, 125
98, 900
92,364
Production
do
17, 185
30, 895
10, 508
25, 702
41,414
17, 867
31 345
25 859
Stocks end of month
do
Soda ash, ammonia-soda process (98-166% Na2COs):
369, 652 388, 724 379,015 392, 633 393,474 363, 875 399, 758 385,085 393, 823 371, 754 373, 921 368, 833
Production, crude
short tons
32,209
41, 737
36, 445
35, 959
34,049
29, 639
27, 210
31,916
24,460
25,297
33,800
50, 170
Stocks, finished light and dense, end of month__,do
Sodium hydroxide (100% NaOH):
161,
546
158,
591
158,
286
155,
283
147,388
158,974
157,
089
154,459
161,
519
158,
215
149, 646 160, 033
Production
_ _
do
46, 842
50, 646
51, 761
45, 692
50,477
51, 353
45, 870
46,523
51, 146
53, 106
44, 267
45, 797
Stocks, end of month
do
Sodium silicate, liquid water glass (40° Baume):
90,154
88,315
97, 895
93,902
75,032
90, 584
92, 736
68, 665
94, 024
84,318
Production
short tons
94, 146 100, 578 109, 101
96, 398
90, 827
90, 687
84 228 100, 006 106, 089 113,052
Stocks end of month
do
Sodium sulfate, Glauber's salt and crude salt cake:
70, 418
66, 625
62,529
69, 895
65, 178
69, 196
68, 162
64, 174
67,019
68, 899
Production
short tons
77,421
79, 800
71, 430
70,463
72, 930
77, 698
72, 627
62, 820
65 306
66 004
Stocks end of month
do
Sulfur:
218, 105 199, 135 192,014 202,984 179, 226 186, 568 229,699 271,903 278, 751 280, 545 305, 064 306, 146
Production
long tons
4,657 486 4,562,719 4,514,859 4,462,221 4,360,018 4,302,437 4,251,744 4,244,827 '4,200,031 '4,168,394 4,154,349 4,161,012
Stocks, end of month
do
Sulfuric acid (100% H2SO4):
694, 038 755, 790 791, 079 817, 738 788, 321 737, 107 760, 848 743, 807 765,922 722, 000 ••749,381 774, 747
Production
short tons
206, 575 186, 831 190, 942 244, 301 273,000 292, 719 278,088 287,962 266, 448 232, 213 218, 811 202, 302
Stocks, end of month
do
Acetic acid, synthetic:
21, 871
23, 355
24,472
25, 185
22, 994
23,835
27,720
25, 235
24, 696
23, 787
27,054
24,352
Production
thous. of Ib
9,439
6,431
6,281
9,263
7,954
8,004
9,192
9,272
9,437
7,420
8,181
6,531
Stocks, end of month
do
Acetic anhydride:
41,963
41,
648
40,
048
38,720
41,
686
37,
769
38,
231
39,
966
40,
035
38,
337
Production
do
11,534
9,922
12, 026
10, 867
9,646
10, 245
11, 409
10, 870
8 305
10 315
Stocks end of month
do
Acetylene:
407, 707 408, 796 459, 698 473,477 471,669 463, 726 483, 765 469,516 463, 200 452,465
Production
thous. of cu ft
11, 114
11, 333
11,957
11,916
11,573
12, 512
11,397
Stocks, end of month
do
' Revised.
§ Beginning 1943 data have been compiled on the basis of a new accounting system; available comparaole data for 1942 are shown in footnotes in the September 1943 to April
1944 Surveys; 1942 data on the old basis, comparable with figures for earlier years, are available in the March and April 1943 issues.
^ Data for 3 companies operating outside of United States, included in original reports for 1943 and 1944, are excluded to have all figures cover the same companies.
* The new monthly series for sulfur are compiled by the Bureau of Mines and cover total production and producers' stocks of native sulfur (Texas and Louisiana have been the
only producing States since 1942 and the production figures are therefore comparable with the quarterly figures formerly shown). The new series for acetic acid, acetic anhydride,
acetyl salicylic acid, creosote oil, cresylic acid, ethyl acetate, naphthalene and phthalic anhydride are compiled by the Tariff Commission; the other new chemical series are compiled
by the Bureau of the Census. Data on production include amounts produced for sale and for consumption in the producing plants and are complete except, in some cases, for the output
of certain government-controlled plants. Stocks, except for glycerin, represent stocks at producing plants only, including material purchased or transferred from other plants. Glycerin
stocks cover stocks held by producers, consumers, and in public storage. Figures for creosote oil and cresylic acid include data for coal tar distillers and by-product coke ovens. Earlier data and a more detailed description of the individual series will be published later. The monthly data for a number of the chemicals are reported quarterly only. Data shown
for calcium carbide are subject to revision.
t Series discontinued; deliveries of potassium salts, K2O content, as compiled by the American Potash Institute, are shown under fertilizers on p. S-23.
SURVEY OF CURRENT BUSINESS
November 1944
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
1943
1944
September
S-23
September
October
Novem- December
ber
January
February
March
April
May
June
July
August
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS— Continued
Acetyl salicylic acid (aspirin) :*
749
Production
thous. of Ib
874
Stocks, end of month
_
- _~do
Creosote oil:*
Production
_
_
...thous. of gal._ --- 14, 694
Stocks, end of month
_ .
do
17, 577
Cresylic acid, refined:*
3,069
Production
_
...
thous. of lb._
1,502
Stocks, end of month
do
Ethyl acetate (85%):*
9,154
Production
do
5,469
Stocks, end of month
_ _
do
Glycerin, refined (100% basis):*
High gravity and yellow distilled:
6,814
5,103
Consumption
.
.
do
8,745
10, 140
Production
do
Stocks, find of month
do
38, 598
31, 489
Chemically pure:
2,022
7,470
Consumption
.
.
do _
7,785
5,391
Production
do
40, 026
26, 546
Stocks, end of month „
.. do
Methanol:§
Natural:
406
Production (crude, 80%).
-thous. of gal..
385
Stocks (crude, 80%), end of month*
. do
Synthetic (100%):
5,107
Production
do
Stocks, end of month* ... __
do
6,520
Naphthalene, refined (79° C and over):*
7,211
Production
...
_ _ .thous. of lb_.
1,892
Stocks, end of month
do
Phthalic anhydride:*
9,214
Production
do
1,765
Stocks, end of month _
do . _
38, 921
42, 020
Explosives shipments
do
Rosin, gum:
5.49
3.95
Price, wholesale "H" (Sav.) ,bulk
dol. per 100 lb16, 774
Receipts, net, 3 ports
,_ bbl. (500 Ib.)
Stocks 3 ports,fin<lof month
do
189, 392
Turpentine, gum, spirits of:
.79
.66
Price, wholesale (Savannah) f—
dol. per gal_.
7,484
Receipts, net, 3 ports
_
... bbl. (50 gal.)
89, 681
Stocks 3 ports, find of month
do
768
886
757
797
721
781
754
749
764
815
830
881
676
596
819
961
744
1,012
691
972
738
916
13,907
18, 820
14, 166
18, 395
14,096
17, 977
14, 271
20, 536
14, 470
25, 681
14, 618
27,241
14, 432
28,478
13, 999
28, 307
13, 726
26, 361
11, 762
24, 043
12, 443
18, 880
3,365
1,832
3,141
1,870
3, 503
2,115
2,724
1,982
3,748
2,108
3,737
2,366
3,343
2,155
3,782
2,016
3,257
2,230
3, 553
5,859
3,432
2,720
8,075
3,232
6,771
3,473
9,228
3,433
9,914
5,106
9,016
4,729
10, 176
6,030
7,676
5,323
8,214
5,397
8,772
6,571
7,771
6,135
9,074
6,766
6,387
8,759
32, 445
6,084
8,458
33, 032
5,891
7,155
33, 767
5, 978
7,233
33, 947
5,802
7,344
35, 212
6,382
8,137
36, 836
6,079
7,636
37, 948
5,861
7,694
38, 475
6,488
7,452
38, 588
6,240
6,713
37, 590
7,611
8,730
38, 517
3,144
6,358
26, 756
3,158
7,595
28, 373
4,616
8,515
33, 572
6,164
8,019
37, 967
5,709
9,766
40, 537
7,370
9,079
43, 942
6,723
8,015
44, 243
6,922
8,281
44, 549
6,579
7,173
44, 497
6,375
5,501
42, 411
7,085
9,823
42, 874
453
303
367
261
379
244
375
190
347
233
363
257
341
310
364
312
341
331
315
286
319
240
4,824
5,768
5,210
5,143
5,069
4,723
6,007
5,777
5,419
5,208
6,270
5,939
6,320
7,128
6,694
6,768
6,563
6,834
5,838
5,496
4,849
2,359
7,091
2,609
7,785
2,874
7,349
3,487
7,268
3,043
7,769
2,783
8,180
2,910
7,579
2,604
7,077
1,786
7,295
1,357
6,351
1,454
6,123
1,972
9,850
2,605
38, 734
9,775
2,390
36, 149
9,361
1,642
36, 672
9,205
1,564
35, 574
9,676
1,736
36, 509
10, 345
1,983
36,282
10, 608
1,780
35, 461
10, 714
2,404
38, 158
9,664
2,909
38, 564
10, 644
2,954
37, 645
10, 600
3,244
39, 916
4.04
11, 943
177, 795
4.06
12, 051
165, 095
4.02
11, 395
150, 513
4.10
5,740
131, 916
4.33
3,957
108, 083
4.73
3,927
92, 878
4.68
6,151
79, 813
4.92
7,919
78, 313
5.62
10, 326
61, 165
5.52
9,876
57, 190
5.48
.68
3,427
96, 586
.75
2,991
95, 772
.75
3,175
96, 615
.77
765
93, 040
.77
776
91, 366
.77
358
86, 473
.77
2,052
83, 597
.77
7,211
85, 536
.78
4,147
82, 867
.76
3,696
76, 973
.79
FERTILIZERS
Consumption, Southern States
thous. of short tons..
Price, wholesale, nitrate of soda, crude, f. o. b. cars, port
warehouses*
dol. per 100 Ib
Potash deliveries
short tons
Superphosphate (bulk):f
Production
.
do
Stocks, end of month.. ..
do
295
251
350
430
596
1,116
1,165
1,225
694
376
144
96
147
1.650
67, 511
1.650
59, 116
1.650
58, 853
1.650
60,480
1.650
71, 833
1.650
64,973
1.650
73, 693
1.650
75,727
1.650
56, 140
1.650
37, 398
1.650
81, 359
1.650
65, 743
1.650
71, 981
572, 766
887, 729
599,346
888, 889
653,066
880, 942
634, 167
910, 198
652,924
978, 837
691, 992
954, 404
664, 256
860, 581
616,901
776, 955
685, 762
839, 018
620,667
871, 917
567, 783
874, 737
601, 240
861, 236
r
OILS, FATS AND BYPRODUCTS
Animal, including fish oil:
Animal fats:t
Consumption, factory
_
thous. of Ib— 139, 595 123,033 126, 520 122, 989 111, 507 123, 420 134, 029 142, 628 122, 161 129, 998 113, 703 107, 053 150, 650
193, 700 232, 288 239, 050 330, 514 332, 789 364, 308 401, 403 346, 406 323,984 349, 799 308, 435 263, 085 254, 417
Production ....
do
697, 159 332, 372 303, 992 304, 475 353, 608 435, 540 585, 301 740, 435 799, 371 867, 192 903, 454 876, 121 810, 479
Stocks, find of month „
do
Greases: J
57, 439
58, 034
60, 440
58,947
58,487
63, 343
60, 438
71, 685
68,018
53, 580
59, 690
58, 921
54, 440
Consumption, factory
..
do
52, 164
43, 921
52, 293
44, 882
63, 383
59, 138
46, 047
55, 874
60, 831
57, 781
57,073
56, 610
63, 481
Production
do
Stocks, find of nionth
,
do
159, 946
89, 991
86, 383
84,024
80, 841
98, 827 109, 999 127, 707 135, 940 154, 656 168, 949 185, 421 167, 454
Fish oils:t
16, 282
16, 371
15, 896
16, 976
15, 962
14, 793
15, 804
18, 981
15, 311
15, 598
18, 829
19, 197
16, 584
Consumption, factory ,
_
do
23, 622
1,615
32, 688
14, 811
767
705
12, 928
24, 857
45, 916
18, 405
12, 316
Production .
. . .
do
14, 296
2,006
196, 646 177, 759 182, 696 208, 667 218, 693 209, 793 195, 257 183, 271 170, 213 160, 227 156, 067 169, 906 176, 846Stocks, end of month
_ .
do
Vegetable oils, total:*
314
310
271
237
283
287
300
363
361
371
356
361
Consumption, crude, factory
.^
mill, of Ib..
381
273
269
304
286
311
389
433
449
415
375
437
386
270
Production crude
do
Stocks, end of month:
808
952
857
779
791
759
862
879
922
959
845
891
937
Crude
.
..
do. ..
427
522
493
359
266
347
533
527
316
296
495
406
458
Refined
^
...
do
Coconut or copra oil:
Consumption, factory :J
13, 256
19, 064
20,780
20,059
19,600
17, 383
17, 148
13, 633
19, 177
21, 756
21, 418
Crude
thous. of lb.. 15, 613 22, 654
6,712
6,123
5,369
5,164
6,654
6,231
7,523
7,725
7,410
8,794
7,625
7,326
8,159
Refined
do
Production:
(i)
8,267
16,255
8,587
9,461
13, 470
8,941
8,356
12,406
14, 381
17, 652
17, 863
Crude t
.
do
0)
4,755
5,334
6,960
6,451
5,953
7,820
7,063
5,830
6,955
"6,041
7,768
7,644
7,524
Refined
do
Stocks, end of month t
103, 297 151, 234 149, 443 135, 051 123, 554 116, 552 114. 199 122, 534 116, 996 114, 099 119, 269 113, 050 100, 013
Crude
..
do
3,366
3,392
3,293
2,457
3,810
4,302
3,530
5,230
3,168
4,120
3,348
3,260
3,536
Refined
do
Cottonseed:
55
134
100
354
622
459
332
186
Consumption (crush)
. -.thous. of short tons..
'504
624
562
268
74
r
24
25
34
163
674
48
908
1, 161
1,086
312
123
74
34
Receipts at mills
— „ - do _.
119
179
182:
735 '1,008
1,463
1,514
450
288
140
927
669
Stocks at mills, end of month
do
1,263
" Revised.
i Data included in "total vegetable oils" but not available for publication separately.
§ Production figures for natural methanol are comparable with figures published in the Survey through the October 1942 issue except that the earlier series was 82 percent methanok
for synthetic, the earlier series covered only production for sale according to 1939 Biennial Census data, while the present series includes also production for use in reporting plants..
Stock figures are stocks at producing plants.
• Price of crude sodium nitrate in 100-pound bags, f. o. b. cars, Atlantic, Gulf, and Pacific port warehouses. This series has been substituted beginning 1935 for the series shown,
in the 1942 Supplement; figures for August 1937 to December 1941 are the same as published in the Supplement; for data for 1935-36 and all mouths of 1937, see note marked "•" on p.
8-23 of the May 1943 Survey. Prices are quoted per ton and have been converted to price per bag.
J Data for the indicated series on oils and fats revised for 1941; revisions for fish oils are shown in note marked"t" on p. S-22 of the April 1943 Survey; revisions for all other series
were minor and are available on request. Data for 1942 also revised; revisions are available upon request.
* New series. See note marked "*" on p. S-22 regarding the new chemical series.
f Revised series. The turpentine price shown beginning with the April 1943 Survey is the bulk price; data shown in earlier issues represent price for turpentine in barrels and»
can be converted to a comparable basis with the current data by deducting 6 cents. Superphosphate is reported on a revised basis beginning September 1942, covering all known,
manufacturers of superphosphate, including Tennessee Valley Authority; the new series include all grades, normal, concentrated, and wet base, converted to a basis of 18 percent
available phosphoric acid; see note marked "t" on p. S-23 of the July 1944 Survey regarding data prior to September 1942 published in the Survey.
S-24
SUKVEY OF CUKRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may he found in the
1942 Supplement to the Survey
1944
November 1944
1943
September
September
October
1944
Novem- December
ber
January
February
March
April
May
June
July
August
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS— Continued
Cottonseed cake and meal:
Production
short tons
158 014
Stocks at mills, end of month
do
60, 523
Cottonseed oil, crude:
Production
.
thous. of Ib . 105, 402
Stocks end of month
do
64 957
Cottonseed oil, refined:
Consumption factory t
do
73 598
In oleomargarine---.
do
Price, wholesale, summer, yellow, prime (N. Y.)
dol. per Reproduction
..thous. of lb._ 58, 351
Stocks, end of month
do
164 802
Flaxseed:
Duluth:
Receipts
thous. of bu._
805
572
Shipments
-.
do _
496
Stocks
do
Minneapolis:
4 409
Receipts
do
533
Shipments
,do
1 647
Stocks
do
Oil mills: t
Consumption
do
3 661
Stocks end of month
do
6 295
Price, wholesale, No. 1 (Minneapolis)
dol. per bu_.
3.10
Production (crop estimate)
thous. of bu 2 25 213
Linseed cake and meal:
Shipments from Minneapolis
_.thous. of lb._ 44,640
Linseed oil:
Consumption, factory!
do
49 447
Price, wholesale (N. Y.)
dol. perlb..
.151
Production! .
thous. of lb._ 70, 192
Shipments from Minneapolis
do
34 800
Stocks at factory, end of month
do
310, 686
Soybeans:
Consumption!
thous. of bu _
9, 399
Production (crop estimate)
'
do
185 970
Stocks, end of month.
..
do _ . 5,214
Soybean oil:
Consumption, refined!
... .
thous. of Ib
90 827
Production:
82 862
Crude!
do
Refined
. ..
. do
91, 561
Stocks, end of month:
91, 502
Crude
_
do
Refined!
do
105 252
Oleomargarine:
Consumption (tax-paid withdrawals)!
do
Price, wholesale, standard, uncolored (Chicago)
dol. perlb..
.165
Production§
thous. of lb-_
Shortenings and compounds:
Production
.
do
117 841
Stocks, end of month!
do
56, 802
Vegetable price, wholesale, tierces (Chi.). dol. per lb_.165
r
286, 825
56, 692
289, 954
65, 353
262, 000
67, 654
214, 526
71,463
155, 392
69, 412
128, 010
63, 830
86,964
58, 121
62, 717
49, 345
33, 877
37, 741
25 213
27 776
44 334
' 152, 568 190, 804
T 81, 157 114, 532
192, 047
135, 493
176, 664
148, 107
145, 240
148, 832
106, 459
139, 678
86, 639
113, 470
61, 266
90, 969
43, 436
65,050
22,548
40 627
17 964
30 186
29 762
29 589
117, 494
113, 205
26, 196
96,089
20,787
93, 393
22, 153
90, 672
19, 080
86,354
18, 991
90 485
15, 497
100, 092
13, 728
91 705
11, 482
75 746
10, 911
85 291
13 755
.140
167, 545
219, 244
.140
148, 777
265, 103
.140
314, 358
.140
117, 353
339, 365
.140
105, 250
361, 285
.140
78, 619
353, 927
0)
66, 363
333, 162
0)
43, 871
294 678
0)
25, 138
241 270
183 448
876
2,214
252
243
143
466
271
606
228, 308
48, 871
T
105 893
23, 852
28,927
.140
90, 798
127 154
164, 931
3,173
1,899
1,701
3,415
2,077
339
539
1,878
75
26
1,926
2,088
2,097
48
195
1,950
121
805
1,266
905
583
8,982
855
4,377
179
1,683
1,059
246
837
342
894
182
3,159
4,146
4,196
3,701
2,771
807
129
614
123
884
990
152
646
944
147
551
2 540
3,132
942
267
5 501
13, 967
3.05
5,164
14, 818
2.99
5,195
15, 869
3.05
18,240
3,870
4-496
7,076
5 123
5*964
3.05
4 540
5 541
3.10
r
.140
30*353
151,409
3,723
2,009
371
5,125
3.06
« 52, 008
132,432
180
18
4,764
4,666
15, 764
3.06
2,102
1,610
5,098
4,122
12, 755
3.05
11, 006
3.05
8,825
3.05
9,150
3.05
207
567
3.05
0)
30,720
249
494
582
53,040
51,660
53, 040
50,520
53, 220
50, 760
55,500
47, 160
47, 880]
54,120
45. 600
44,640
44, 022
.153
105, 006
31, 440
182, 352
48, 472
.153
46, 042
.152
98, 134
30, 780
261, 327
43, 429
.151
97, 982
33, 060
276, 773
46, 560
.151
90, 880
45, 985
.151
88, 207
51, 994
.151
98, 037
44, 906
.151
79, 182
49, 575
.151
74, 137
48, 952
.151
87,729
287, 252
305, 217
340, 397
361, 382
308, 077
29, 400
335, 902
45 566
.151
98 645
39 960
320' 267
51 379
.151
87 783
45 180
322 952
11 261
98,720
32, 700
244, 660
25,800
26,820
38,160
29,460
24,360
8,234
8,129
10, 331
11, 894
13, 258
14, 749
15,266
13, 227
12, 506
11, 082
11, 153
4,763
28,024
42, 391
45, 436
40,201
38, 119
35, 203
30, 958
27,429
23, 712
19 250
11 260
74, 419
70, 678
70, 266
66, 147
74, 718
83, 127
88,041
81, 435
93, 620 j
86, 525
72 852
97 856
76, 301
77,429
73, 729
68, 910
87,549
68,574
98, 400
78, 667
111, 997
86, 412
123, 888
95, 780
129, 867
106, 350
112, 857
98, 822
107, 944
107, 265 •
96, 298.
95, 050
88,179
96 379
97 220
108 807
104, 518
89, 853
100, 485
81, 702
97, 655
75, 481
97, 075
84, 122
115, 551
90, 563
133, 418
101, 155
146, 654
112, 478
151, 091
129, 077
144,287
129, 373
138, 226 ' 140, 714
134, 000
131 117
106 858
126 923
46,676
57, 123
49,014
41, 326
44, 769
41, 831
41, 316
35, 157
31, 844'
26, 989
28, 121
34 353
.165
.165
58, 336
.165
52,415
.165
49, 742
.165
55, 234
.165
57, 363
.165
.165
.165'
.165
34,720
37,665
.165
121, 642
46, 796
.165
119, 862
47, 150
.165
103, 151
46, 258
.165
109, 579
52, 421
.165
100
96
84
90
101
50,606
117, 424
45,261
3195,762
57,858
44,755
44,459
.165
40, 189
118, 321
54, 742
.165
111, 320
56,855
.165
103, 164
61, 477
.165
112, 569
65, 361
.165
100, 089
59, 755
.165
93 745
63, 921
.165
130 292
62 331
.165
102
113
104
119
124
98
98
.165
PAINT SALES
Calcimines, plastic and cold-water paints:
Calcimines
thous. of dol
Plastic paints
do
Cold-water paints:
In dry form
__ _ do
In pas te form, for interior use .
do
Paint, varnish, lacquer, and fillers, total
do
Classified, total
..
do
Industrial
do _.
Trade
_
do __
Unclassified
-.
do
32
251
426
49, 377
44,
639
44,639
21, 639
23,000
4,738
36
28
261
369
49,565
44,698
22,
309
22,309
22,389
4,867
184
340
46,968
42, 596
21,825
20, 771
4,372
32
174
325
41, 072
37,091
20,549
16,542
3,982
28
131
330
43,481
43,
481
38, 858
20,080
18, 778
4,622
41
161
434
45, 655
41, 233
20,236
20,
236
20,997
20,
997
4,422
38
185
462
53,651
48, 581
22, 570
26,011
5,070
42
196
502
51,064
46, 146
20,858
25,288
4,918
*
•
48
233
590
57,264
51, 630
22,
497
22,497
29,133
5,634
37
43
38
252
216
215
538
459
398
58,970 rr 51, 704 58,888
53 HI
52,964 r'46
'46, 878 rr 53,
111
23, 617 rr 21, 305
24
24,938
938
29,348 r 25,
25 573
28,173
28
173
825
6,006 '4
5
5,777
777
'4,825
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production, total
mil. of kw.-hr._ 18, 709 18,833 19, 565 19,481 20, 265 19, 949
18,806 19,775 18,613 19,066
18, 780
18, 981 ' 19, 766
By source:
13,472 14,061 13,438 14,680 14,282 13,163 12, 760
11, 319
13,304
11,803
12, 485
Fuel
-- -do
12,994 •• 13, 988
5,504
5,642
5,361
6,043
5, 667
7,294
Water power
do
5,585
7,016
7,263
5,406
6,295
5,988 ' 5, 778
By type of producer:
16,056 16,647 16, 536 17, 310 17,060
16,003 16, 702 15, 752 16, 149
Privately and municipally owned utilities
do
15, 832
16,009
16,014 16, 582
2,889
2,802
3,073
Other producers
do
2,776
2,918
2,945
2,861
2,955
2,917
2,771
2,877
2,968 ' 3, 184
Sales to ultimate customers, total (Edison Electric
16,108 16,333 16,490 16,907 16,920 16,613
16, 767
16,296 16,232 16,230
Institute).
mil. of kw.-hr..
16, 045
16,654
2,623
2,893
Residential or domestic
do
2,327
2,359
2,475
2,781
2,688
2,592
2,472
2,422
2,403
2,401
Rural (distinct rural rates)
. do
314
204
177
194
172
328
216
255
269
371
304
432
Commercial and industrial:
2,402
2,464
2,462
Small light and power ^
do
2,427
2,353
2,471
2,413
2,510
2,349
2,453
2,474
2,520
9,401
9,568
9,511
9,652
9,590
9,639
9,420
9,319
9,522
9,509
Large light and power 1
do.. ...
9,395
9,764
214
214
204
Street and highway lighting
.
do _
168
187
199
167
186
155
145
149
160
902
826
•Other public authorities
do
880
917
945
853
863
826
800
689
680
736
592
553
671
602
620
670
638
668
583
Railways and railroads .
do
561
565
567
82
84
Interdepartmental _
do
79
88
90
80
85
84
83
80
76
73
Ee venue from sales to ultimate customers (Edison
260,103
262,137
266,855
273,740
280,028
Electric Institute)
thous. of doL.
277,657 275,337 270, 205 267, 136 268,601 265,765 271,444
••Revised.
i No quotation.
' October 1 estimate.
»December 1 estimate.
t Revisions have been made in the data for 1941 and 1942 for the indicated series on oils and oil-seeds; revisions are available on request.
§ For July 1941-June 1942 revisions, see February 1943 Survey, p. S-23; minor revisions, July-December 1942, are available on request.
11943 data revised in the August 1944 Survey to correct an error in reporting; January-May revisions, which have not been published, are available on request.
November 1944
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
S-25
1944
1943
September
September
October
Novem- December
ber
January
February
March
April
May
June
July
August
ELECTRIC POWER AND GAS—Continued
"
GASf
Manufactured gas:
Customers total
*
thousands
Domestic
do
House heating
.
do __
Industrial and commercial
do
Sales to consumers, total
mil. of cu. ft..
Domestic
do
House heating
do
Industrial and commercial .
_do._ _
Kevenue from sales to consumers, total.. thous. of dol_.
Domestic do
House heating
do
Industrial and commercial
do
Natural gas:
Customers, total
.
thousands
Domestic
_
do
Industrial and commercial
do
Sales to consumers, total.
.
mil. of cu. ft
Dnmfistin
do
Indl., coml., and elec. generation
do
Revenue from sales to consumers, total. .thous. of dol_.
Domestic
do
Indl., coml., and elec. generation _
do
10, 440
9,638
358
435
32, 400
17, 324
1,551
13, 264
31, 818
22, 775
1,403
7,491
8,778
8,180
595
144, 175
21, 176
118, 899
39, 188
16, 078
22, 656
10, 375
9,559
380
424
36, 170
18, 494
3,336
14, 033
34, 664
23, 985
2,603
7,895
10, 316
9,500
387
420
40, 357
16, 779
8,722
14, 506
36, 602
23, 046
4,934
8,415
10, 462
9,634
393
425
46, 503
17, 965
12, 953
15, 162
40, 659
24, 054
7,470
8,904
10, 403
9,592
362
440
46, 873
18, 953
12, 784
14, 731
40, 944
23, 773
8,345
8,596
10, 465
9,637
379
439
45, 110
19, 026
11, 452
14, 242
40, 286
23, 505
7,879
8,666
8,910
8,799
8,267
8,181
641
615
154, 995^ ,.176, 596
28, 053
44, 128
122, 844 128, 006
55, 847
45, 136
20, 343
28, 861
26,453
24, 332
8,933
8,282
649
192, 348
62, 415
125, 165
66, 795
38, 379
27, 840
8,873
8,236
634
213, 647
78,285
131,288
78, 529
47, 987
30, 004
8,889
8,255
632
208, 865
70, 856
133, 121
73, 078
43, 032
29, 396
10, 431
9,614
356
447
46, 114
19, 358
10, 849
15, 534
40, 230
23, 606
7,563
8,832
10, 410
9,580
371
446
44,029
18,382
9,504
15, 803
38, 261
23, 322
5,979
8,736
10, 509
9,669
382
446
39, 705
17,500
7,224
14,687
36, 273
23, 619
4,077
8,401
8,935
8,879
8,290
8,239
643
637
204, 136 190, 334
68, 003
58, 215
131, 306 129, 856
63, 332
70, 071
41, 401 ' 36, 188
26, 846
28, 006
8, 946
8,300
643
173, 635
42, 606
127, 411
52,645
27,548
24, 638
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquor:|
Production
± _
thous. of bbl
7,683
Tax-paid withdrawals
do
7,127
8,293
Stocks, end of month
do
Distilled spirits:
Apparent consumption for beverage purposes!
thous. of wine gal .
Production^
thous. of tax gal
3,775
Tax-paid withdrawals! ..
..
do
9,778
Stonks, end of month J
do
353, 845
Whisky:t
Production
do
765
Tax-paid withdrawals .
...
..
do
5,753
Stocks, end of month
do
340, 971
Rectified spirits and wines, production, totalf
thous. of proof gal..
8,815
Whisky
...
do
7,306
Still wines:t
Production
thous of wine gal
Tax-paid withdrawals
do
Stocks, end of month
_
•
do
Sparkling wines:f
Production
.
do
Tax-paid withdrawals
do
Stocks, end of month
_
__ _
do
r
7, 389
«•r 6, 630
7, 778
6,641
6,284
7, 844
5,758
5,816
7,509
6,326
5,766
7,754
5,788
5,515
7,832
5,652
5,531
7,638
7,422
6,147
8,527
6,783
6,157
8,769
7,227
6,973
8,578
8,131
7,334
8,871
8,092
8,074
8,637
8,275
8,100
8,240
11,319
r
3, 504
'
6, 922
r
41 9, 326
13, 093
7,838
7,554
412, 620
13, 658
4,264
8,078
405, 859
15, 540
1,628
7,581
399, 197
11, 626
984
6,259
393, 912
12,683
784
6,378
388, 343
13,864
763
7,112
381, 152
11, 532
748
6,051
375, 402
12, 557
733
7,181
368, 410
11,909
661
6,901
361, 426
12, 627
695
8,221
353, 900
14,644
15, 181
9,784
361, 063
0
r
4, 5gO
406 160
0
5,358
399, 024
0
5,572
392, 063
0
5,408
385, 349
0
3,933
379, 991
0
4,510
374, 485
0
5,291
367, 597
0
4,537
361, 980
0
5,364
355, 259
0
4,933
348, 648
0
5,930
341, 137
13,585
5,610
347, 868
' 5, 070
4,551
5,354
4,328
5,811
4,987
6,410
5,662
5,265
4,528
5,686
4,784
6,076
5,093
5,614
4,578
6,008
5,212
5,999
5,044
6,695
6,054
8,181
7,195-
51 690
6 576
94, 211
110 335
6,868
137, 591
45, 191
6,907
145, 993
13, 701
7,308
138, 491
6,192
6,606
131, 600
4,814
6,727
124, 849
5,196
8,219
116, 460
5,512
6,933
109, 804
4,373
7,695
103,054
4,481
7,054
94, 313
4,412
6,362
88, 733
92
102
879
75
118
833
127
142
815
116
176
736
100
86
718
202
121
810
169
120
847
133
106
864
170
86
936
134
85
985
'
108
105
742
DAIRY PRODUCTS
Butter, creamery:
.42a
.423
.423
.423
.423
423
.423
.423
.423
.423
.425
Price, wholesale, 92-score (N. Y.)J
_dol. per lb_.
.423
.425
97, 077 104, 051 105, 843 124, 833 130, 568 171, 467 177, 905 153, 722 ••130,547
93, 044
Production (factory) t
thous. of Ib
112,835 125, 358 106, 973
69,663 103, 164 138, 050 r 137, 907
69,276
82, 118
Stocks, cold storage, end of month
.do
139, 948 232, 497 211, 229 178, 750 154, 577 130, 246 107, 560
Cheese:
Price, wholesale, American Cheddars (Wisconsin)
233
233
.233
.233
.233
.233
.233
.233
.233
.233
.233
.233
dol. per lb_.
.233
59, 653 ' 61, 254 r 63, 047 «• 77, 641 ' 88, 965 '116,051 r 121, 066 »• 104, 946 ' 91, 477
56, 738
Production, total (factory) f
thous. of Ib
70, 957
83 776
81, 930
40, 779 ' 42, 915 ' 45, 737 «• 58, 222 r 68, 927 ' 94, 713r 102, 971 ' 88, 129 f 76, 102
39, 461
64, 662
51, 799
American whole milkf
-do
67, 025
Stocks, cold storage, end of month
do
187, 411 218, 270 223, 697 202, 889 175, 507 167, 681 171, 956 150, 198 154,610 162, 733 203,785 ••223,254 230, 332
American whole milk
'
do
165 975 181, 627 193, 396 177, 180 150, 709 142, 610 144, 812 121, 869 125, 097 137,244 167, 173 190, 804 ••187,289
Condensed and evaporated milk:
Prices, wholesale, U. S. average:
6.33
6.33
6.33
6.22
6.33
5.84
5.84
5.84
5.84
5.86"
5.84
5 84
Condensed (sweetened)
dol. per case
6 33
4.154.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15
Evaporated (unsweetened)
_ __do ._
4.15
4.15
4.15
Production:
Condensed (sweetened):
33,537
47, 322
63, 161
61,633
44,645
35, 776
23, 807
26,840
21, 517
15, 529
19,016
Bulk goods*
thous. of Ib _ 23, 757 27, 726
16,500
12, 600
11,650
12, 210
16,400
9,905
9*435
8,589
7,528
8,393
9,911
10, 475
9,440
Case goodst
...
do
312,
000
412,500
358,
000
266,
621
313,
508
413,
364
Evaporated (unsweetened), case goodst
do. _. 275, 000 232,620 188, 627 153, 870 169, 717 191, 031 208, 992
Stocks, manufacturers', case goods, end of month:
10,
825
12,968
15,
023
12,
811
8,430
6,134
8,652
6,423
7,039
6,248
8.569
Condensed (sweetened)
_
. . thous. of Ib
9,584
10,238
Evaporated (unsweetened)
do
272, 613 329, 364 265, 353 198, 595 181, 876 169, 257 147, 285 150,333 180, 938 241,012 307, 697 321, 083 291,496
Fluid milk:
3.24
3.24
3.24
3.23
3.23
3.243.24
3.23
3.24
3.22
3.23
3.23
Price, dealers', standard grade..
dol. per 100 lb_. 3.25
10, 360
11,904
12, 540 r11, 625
8,584
9,780
10,230
8,277
8,634
9,255
7,980
8,711
Production
_
mil. of Ib
9,380
5,754
4,399
5,957
4,036
5, 134
4,395
3,065
3,385
3,293
2,891
Utilization in manufactured dairy products!- --do
4,014
3,407
3,861
r
Revised.
t Reflects all types of wholesale trading for cash or short-term credit. Base ceiling price comparable with data prior to January 1943 shown in the Survey is $0.4654 through June 3
and $0.41% effective June 4,1943; these are maximum prices delivered market; sales in market proper are at permitted mark-ups over these prices.
^August and September 1944 production figures include whisky, rum, gin, and brandy (whisky and gin included for September represent completion of beverage operations authorized during August); in addition, registered distilleries produced in August 23,083,000 tax gallons of high-proof spirits, approximately all of which were for beverage purposes, and
3,786,000 tax gallons of "unfinished spirits", part of which may be so used; at industrial alcohol plants, an estimated 11,514,000 tax gallons were produced which were available for
beverage purposes. Apparently, at least 50,000,000 tax gallons of distilled spirits of all kinds were therefore produced for beverage purposes in August. Production figures for other
months represent rum and brandy, the only spirits authorized for beverage purposes since October 1942 except during August 1944. Stock figures exclude data for high-proof and
unfinished spirits which are not available for publication. For revised 1941 data see p. S-24 of the February 1943 Survey.
tData for manufactured and natural gas have been revised beginning 1929 and are not strictly comparable with figures shown in the October 1944 and. earlier issues; all revisions
are available on request. Revisions for consumption of distilled spirits for beverage purposes for January 1940-July 1943 are available on request. Revisions in the 1941 and 1942
Apr., 361,154.) Data for the utilization of fluid milk in manufactured dairy products have been revised for 192(M2 '(see note hi October 1944 Survey); revisions are available on request.
*Data for 1918-38 are published on p. 103 of the 1940 Supplement to the Survey; figures for 1939-41 are available on request; 1942 final figures are on p. S-26 of March 1944 Survey.
S-26
SURVEY OF CURRENT BUSINESS
1943
1944
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
September
November 1944
September
October
1944
Novem- December
ber
January
February
March
April
May
June
July
0 144
69 400
67 000
79, 258
75 844
August
FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS— Continued
Dried skim milk:
Price, wholesale, for human consumption, U. S.
average
.
_ dol. per Ib
Production, total!
thous. of Ib
For human consumptionf
do__
Stocks, manufacturers', end of month, total
do
For Miman consumption
...
do
FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous. of bu__
Shipments, carlot
no. of carloads
Stocks, cold storage, end of month
thous. of bu__
Citrus fruits, carlot shipments
no. of carloads
Frozen fruits, stocks, cold storage, end of month
thous. of lb__
Frozen vegetables, stocks, cold storage, end of month
thous. of lb._
Potatoes, white:
Price, wholesale (N. Y.)
dol. per 100 Ib
Production (crop estimate) t - -- - -thous. of bu._
Shipments, carlot
no. of carloads
0.144
0.138
42 000 34, 113
40, 650 32, 641
59, 342 •'r 38, 637
56, 660 37, 795
0.138
25, 064
24, 001
27,454
27, 001
0.140
19, 086
18,296
21,639
21, 344
0.139
23, 836
22, 957
21,931
21, 590
0.140
27,415
26, 225
20, 576
20, 075
0.140
29,650
28, 800
27,480
27, 198
0.145
48, 850
47,800
40,504
40, 039
0.145
61 650
60, 225
55, 684
54, 870
0.146
81 710
78, 535
68,394
66, 482
0.144
81 900
79 350
75, 492
72 810
182
862
o
r 993
r 261
17 547
12 730
r 11 216
0 142
53 100
5l' 300
66, 527
63 594
1 121, 687
4,792
8,159
7 728
3,626
7,028
6,102
5,794
25, 028
7,076
5,640
25, 475
18, 261
2 89, 050
4,836
20, 834
23, 332
3,355
15, 479
21, 252
3,654
10, 501
18, 430
3, 913
5,436
21, 702
3.173
2,251
19, 713
463
908
21 377
297, 885
223, 965
243, 547
238, 306
227,035
209,824
186, 067
161, 643
130, 906
116, 930
129,494
214, 460 ••246,472
178,017
165, 209
190, 243
195, 509
185, 803
169,658
153,820
130, 315
106, 176
98,910
114,455
138, 772 ••166,355
3 960
1 380, 626
26 159
2.781
2.725
2.975
3.000
2.830
2.794
2.625
3 355
3 056
3 744
4 116
25, 328
28,869
2.806
2464, 656
18,237
23, 310
24, 779
24, 276
26 809
20 538
21 683
27 694
15 517
r lg g£7
o
GRAINS AND GRAIN PRODUCTS
Barley:
Prices, wholesale (Minneapolis) :
1.15
1.18
No. 3, straight—
dol. perbu..
1.12
1.16
1.23
1.32
1.33
1.35
1.35
1.35
1.35
1.31
1.23
No. 2, malting
do
1.30
1.35
1.32
1.33
1 37
1 30
1 37
1 38
1 38
1 38
1 38
1 35
1 31
>322, 187
Production (crop estimate) t -----thous. of bu__ 1 287, 091
19, 721
19, 860
Receipts, principal markets
do
11, 897
21, 515
9,267
8,634
7,476
6,210
9,079
8 346
7 850
22 921
11 134
24, 143
Stocks, commercial, domestic end of month
do
20, 588
22, 691
19, 755
26, 032
16, 267
13, 910
11, 284
11, 947
8,948
6,923
17, 620
8,261
Corn:
Grindings, wet process
_ _ do__
10, 744
9 411
11, 247
11,293 11, 287 11,824
10, 932
10 358
9 244
6 507
9 449 r 9 258 r 10 125
Prices, wholesale:
No. 3, yellow (Chicago)
dol. perbu__
1.13
1.14
1.15
(*)
(°)
(")
(«)
(")
(a)
(a)
(a)
(a)
(a)
(a\
No 3, white (Chicago)
do
(°)
(*}
U
1.02
Weighted average, 5 markets, all grades
do
Lll
.97
92
L05
1.11
1.13
1.06
Vis
Vie
1.13
1.14
1.14
23,076,159
Production (crop estimate)!
thous. of bu._ 3,196,977
18, 891
Receipts, principal markets
__ do_.
25, 112
12, 309
28,929
25, 190
42, 287
31, 492
15 888
8 369
15 200
22 065
11 468
14 607
Stocks, domestic, end of month:
7 egg
Commercial
.
_
. __do
7,452
9,262 12, 156
7,478
11, 313
17, 729
21, 860
14 110
9 406
11 819
12 392
10 296
3 209, 675 3359,313
1,996,100
1,113,549
On farms!-.
do
570 435
Oats:
Price, wholesale, No. 3, white (Chicago) -dol. per bu__
.64
.77
.81
.83
.81
.82
.77
(")
(")
(')
(«)
.73
(")
1,143,867
Production (crop estimate) t
- -thous. of bu _ 1,108,881
oq can
7 557
Receipts, principal markets
^do
16, 514
20, 303
8 447
20, 356
10, 025
8 720
5 707
9 604
4 863
8 340
7 684
Stocks, domestic, end of month:
16, 407
Commercial
do
17, 328
18, 652
18, 626
10 029
15 890
13 805
5 438
6 347
8 031
6 547
13 213
4 440
709, 170
970, 188 935, 710
On farmsf
do
418, 255
186 574
Rice:
Price, wholesale, head, clean (New Orleans)
dol. per lb_.
.067
.067
.067
.067
.067
.067
.067
.067
.067
.067
.067
.067
.067
Production (crop estimate)!
thous. of bu_. i 70, 010
2 70, 025
California:
Receipts, domestic, rough
bags (100 lb.)-- 169, 641 202, 756 617, 952 664, 387 563, 343 702, 455 738, 629 690 228 414 119 464 543 590 470 264 815 143 465
Sbipments from mills, milled rice do
81 369 167, 186 272, 102 317, 066 337, 983 467 579 488 173 401 656 300 737 321 373 573 966 275 232 154 521
Stocks, rough and cleaned (in terms of cleaned),
end of month
.
bags (100 Ib.)
73, 661 115, 773 241, 643 362, 062 402 511 387 155 378 998 424 684 399 269 380 196 191 378 1fl9 4.91
48 047
Southern States (La., Tex., Ark., Tenn.):
Receipts, rough, at mills.— thous. of bbl. (162 lb.)._
251
1,605
3,400
3,006
1,176
918
575
376
74
168
124
442
37
Shipments from mills, milled rice
thous. of pockets (100 Ib.)— . 1,110
1,072
1,854
1,390
1,214
2,739
980
1,236
795
509
398
301
221
Stocks, domestic, rough and cleaned (in terms of
cleaned), end of mo
thous. of pockets (100 lb.)_
1,207
1,029
2,747
3,052
2,842
3,183
2,511
1,718
1,143
729
458
193
427
Rye:
Price, wholesale, No. 2 (Minneapolis)
dol. per bu__
1.03
1.01
1.09
1.11
1.20
1.27
1.23
1.24
1.27
1.19
1.12
1.13
1.12
Production (crop estimate)!
_.thous. of bu._ i 27, 565
2 30, 781
Receipts, principal markets
. . _.do_. . 1,155
1,419
900
1 Oil
1 059
603
1 573
1 963
1 573
2 195
664
515
875
Stocks, commercial, domestic, end of month
do
22, 907
21, 865
14, 728
20, 714
21, 052
20, 382
20, 509
21, 148 22, 977 21, 635 20, 150
15, 664
18, 052
Wheat:
Disappearance, domestic!
-thous. of bu._ 317, 082 347, 296
«• 294, 760
271, 855
228 200
Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)
dol. per bu.__
1.54
1.43
1.49
1.55
1.63
1.67
1.67
1.67
1.68
1.67
1.63
1.61
1.54
No. 2, Red Winter (St. Louis) _ _
_.do
1.58
1.72
1.76
1.67
1.62
1.61
(«)
1.67
(o)
1.55
(')
(«)
1 KC
No. 2 Hard Winter (K. C.) _
do
1 53
1.46
1 52
1 ^9
i f\\
1 56
1 63
1 65
1 63
1 65 ('i 61
1 63
Weighted av., 6 mkts., all grades
do._.
1.52
1.44
1.49
1.62
1.56
1 66
1 65
1 66
1 67
1 67
1 61
1 52
1 55
Production (crop est.), total!
thous. of bu__ 1,108,881
836, 298
Spring wheat
do
322, 757
306, 692
Winter wheat
do
786, 124
529,606
Receipts, principal markets
_do
62, 836
50, 852 48,587 44,754
42,942 52, 395 61, 147 51, 341 49, 552 57, 404 101, 057
53, 775
68, 894
Stocks, end of month:
Canada (Canadian wheat)
_.do
284, 118 361,780 350, 683 337,395 322,995 321, 532 317, 615 317, 434 292,508 261, 092 265, 751 267, 628 266, 402
3
United States, domestic, totalj !
do
1,106,645 '•1,110,661
814, 901
543 046
314 846
Commercial
do
199, 475 199 592 178 541 147 994 136 264 123 284 115 870 123 700 123 307 95 640 3 g2 912 17A 7QR 90fl 7QR
Country mills and elevators!
do
202, 585 T 210, 751
145, 986
66 759
3 29 712
Merchant mills.
_._do... 135, 830 126, 255
112, 130
96, 388
3 67 308
On farms!. _
do
546, 390 ' 519, 563
379, 121
217, 684
3102,533
r
Revised.
i October 1 estimate.^ 'f December^! estimate.
« No quotation.
»Includes old crop only; new corn not reported in stock figures until crop year begins in October and new pats and wheat until the crop year begins in July.
1 The total includes comparatively small amounts_!of wheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden bins, not included in the
breakdown of stocks.
'
^Revised series. m The indicated grain series have been revised as follows: All crop estimates beginning 1929; domestic disappearance of wheat and stocks of wheat in country mills
8
Survey and p. S-35 of the March 1944 issue (correction Feb. 1942,35,064).
%
$
8
8
S-27
SUEVEY OF CURRENT BUSINESS
November 1944
1943
1944
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
September
September
October
1944
Novem- December
ber
January
February
March
April
May
June
July
August
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS— Continued
Wheat flour:
Grindings of wheat
thous. of bu
Prices, wholesale:
Standard patents (Minneapolis) §
dol. per bbl
Winter, straights (Kansas City)§
do
Production (Census):
Flour
thous. of bbl..
Operations, percent of capacity. _
Offal
_thous. of lb_.
Stocks held by mills end of month
thous of bbl
LIVESTOCK
Cattle and calves:
Receipts, principal markets
thous. of animals
Shipments, feeder, to 8 corn belt Statesf
- do
Prices, wholesale:
Beef steers (Chicago)
dol. per 1001b__
Steers, stocker and feeder (K. C.)
_
do
Calves, vealers (Chicago). _.
- do
Hogs:
Receipts, principal markets
thous. of afaimals..
Prices:
Wholesale, average, all grades (Chicago)
dol. per 100 lb_.
Hog-corn ratiot-bu. of corn per 100 Ib. of live hogs..
Sheep and lambs:
Receipts, principal markets
_ thous. of animals
Shipments, feeder, to 8 corn belt Statesf
do
Prices, wholesale:
Lambs, average (Chicago)
dol. per 100 lb_.
Lambs, feeder, good and choice (Omaha) . do .
45, 565
48, 690
48, 699
49, 463
52, 063
46, 441
46,020
40, 972
41, 984
41, 360
42, 342
46, 671
6.42
6.40
6.44
6.52
6.44
6.52
6.55
6.49
6.55
6.49
6.55
6.49
6.55
6.42
6.55
6.33
6.55
6.25
6.55
5.98
6.55
5.92
6.57
6.03
10,053
69.3
776, 800
4 949
10, 737
71.1
832, 679
10, 731
74.0
835, 600
10,884
72.1
852, 056
4,026
11,429
78.9
901,486
10,209
73.3
799, 386
10, 126
64.7
793, 659
4,141
9,038
61.9
701,802
9,243
61.2
728, 569
9,095
60.2
713, 902
3,423
9,322
63.9
725, 248
10, 279
65.2
798, 575
2,863
367
2,616
400
3,005
546
2,817
382
1,972
162
1,964
92
1,722
71
1,791
73
1,734
84
2,010
74
2,030
106
2,219
105
2,681
236
15.78
11.34
14.66
15.45
11.81
14.81
15.30
11.36
13.88
15.10
10.97
13.90
14.87
11.29
14.06
14.82
11.60
14.00
14.91
12.95
14.00
15.12
13.06
14.00
15.04
12.76
14.00
15.44
12.84
14.00
16.06
11.65
14.00
16.06
10.93
13.60
16.07
11.50
13.75
2,304
2,841
3,278
4,681
4,603
5,278
4,769
4,764
3,932
4,161
3,862
3,231
2,704
14.42
11.7
14.68
12.9
14.63
13.1
13.64
12.3
13.35
11.5
13.21
11.3
13.50
11.4
13.94
11.5
13.53
11.3
12.91
11.0
12. 66
11.0
13.25
10.9
14.32
11.5
3,421
770
4,248
927
4, 022
979
3,208
'588
2,313
141
2,010
129
1,587
99
1,571
94
1,465
66
2,455
118
2,704
90
2,563
103
2,765
382
13.51
12.43
13.96
12.67
13.75
11.81
13.54
11.35
14.12
11.65
15.00
12.50
15.86
13.27
15.84
13.25
15.94
13.09
15.04
12.37
14.55
(°)
13.19
(a)
13.51
12.71
1,426
743
53
1,488
1,567
795
106
1,504
1,680
761
104
1,755
2,014
846
114
1,651
2,130
1,073
137
1,757
2,189
1,314
143
1,547
2,021
1,618
152
1,672
[1,989
1,684
144
1,500
1,746
1,706
135
1,613
1,836
1,650
133
1,609
1,754
1,531
77
1,668
1,554
1,250
72
1,634
1,572
••969
65
709, 042
6 55
6.26
MEATS
Total meats (including lard):
Consumption apparent
mil. of Ih
Production (inspected slaughter)
do
Stocks, cold storage, end of month©.. ._ _. do
Miscellaneous meats© .,
do
Beef and veal:
Consumption, apparent
thous. of lb__
Price, wholesale, beef, fresh, native steers (Chicago)
dol. perlb..
Production (inspected slaughter)..
-thous. of lb__
Stocks, beef, cold storage, end of month©..
do
Lamb and mutton:
Consumption, apparent
. ___ _ _ _ _ do
Production (inspected slaughter) _.
do
Stocks, cold storage, end of month© _ _ . . do .
Pork (rncludinglard):
Consumption, apparent
_
_. do .
Production (inspected slaughter)
.do
Pork:
Prices, wholesale:
Hams, smoked (Chicago)
dol. perlb..
Fresh loins, 8-10 Ib. average (New York)
do
Production (inspected slaughter) . . thous. of Ib
Stocks, cold storage, end of month©
do .
Lard:
Consumption, apparent
do
Prices, wholesale:
Prime, contract, in tierces (N. Y.)
dol. per lb__
Refined (Chicago)
do .
Production (inspected slaughter)..
thous. of lb__
Stocks, cold storage, end of month
do
626, 759
668, 772
622,860
596, 184
609, 533
544, 565
593, 516
567,800
593,052
597, 293
645,730
.200
690, 170
143, 114
.200
628, 439
112, 300
.200
684, 459
134, 694
.200
675, 952
186, 326
.200
645,986
226, 755
.200
630, 711
241, 550
.200
584,953
279, 654
.200
609, 671
293,971
.200
546,898
270,994
.200
566, 583
243,508
.200
556, 169
207,400
.200
.200
575, 794 704, 481
168, 446 r 161,486
80, 114
15, 999
87, 404
98,228
17, 704
90, 619
104,485
23, 207
74, 232
94,356
31, 267
71,622
93, 641
33, 172
68, 700
81, 521
34, 599
62,027
64, 169
32, 251
72,941
66, 557
21,659
61, 378
58,683
16,723
69,365
68, 335
14,479
68,780
69, 000
14,616
73,479 73, 006
71, 595
75,469
12, 721 r 15, 027
655, 519
773, 771
840,251
744, 242 1,058,232 982, 992 1,079,148 940,621 1,005,242 870,425 950, 105 942, 901 948,907
891, 077 1,243,399 1,390,375 1,476,475 1,372,196 1,312,673 1,140,100 1,200,891 1,128,596 906, 752
.258
.257
503, 292
356, 982
.258
.256
646, 802
363, 615
.258
.256
687, 405
341, 432
.258
.258
.258
.258
.258
.252
.256
.256
.256
.256
954, 017 1,034,216 1,111,863 1,017,973 970,921
383,118 514, 247 646, 631 792, 113 791, 867
133, 976
104,203
182, 607
.258
.255
836, 825
784,801
.258
.255
871,665
769, 138
.258
.255
811, 276
803, 357
.258
.258
.255
.255
649, 075 582, 012
646, 499 r 478,224
154, 814
122, 914
98,822
145, 920
123,621
182, 625
155,005
.139
.146
249,020
432, 339
.139
.146
221,830
498,235
(«)
.146
240, 789
490,281
(')
(<)
C)
.143
.138
.138
231,877 188, 897 153, 220
420, 301 342, 450 r 240,298
152, 400
.139
.146
140,997
195, 351
.139
.146
148, 249
157, 163
.139
.146
210, 948
130, 984
.139
.146
260, 110
161, 791
.139
.146
265,873
248, 038
.139
.146
259, 054
361, 508
.243
42, 562
86, 279
.229
53, 155
140, 230
.225
71, 117
197, 880
.241
64,223
226, 161
.250
30,683
239, 993
.250
22,999
220, 863
.250
18,728
168,478
.255
21, 779
130,044
.250
28,982
122,729
.219
38, 578
130, 817
20, 053
.417
3,313
23, 208
.424
2,987
22, 179
!428
2,724
21,061
.400
3,263
21, 565
.350
4,434
26,206
.334
5,346
31,060
.321
6,763
33, 172
.311
6,978
35, 234
.308
6,704
32,513
.332
5,437
6,018
306, 189
3,994
242, 264
1,780
172, 387
675
102, 270
765
81, 712
2,008
98, 597
4,453
148, 557
6,963
218,032
9,632
292, 445
11, 335
354, 223
34, 860
34, 862
37, 651
37, 538
38, 664
32, 864
34,836
37,623
32, 356
31,062
28, 266
23, 461
29,795
1,123
893
.134
1,778
1,225
1,018
.134
1,374
278
141
.134
1,530
693
569
.134
1,450
973
765
.134
1,219
1,204
1,024
.134
1,220
998
846
.134
1,470
955
786
.134
1,233
1,616
1,127
.134
966
1,207
955
.134
1,472
742
563
.134
1,235
731
607
.134
1,609
1,247
1,039
.134
1,514
45,091
98,225
32,885
99, 486
28,201
104, 850
12, 055
99, 354
11, 818
85,060
18, 119
69, 857
27, 422
52,969
32, 497
51,545
47,879
69,672
49, 605
52, 483
88,842 r 109,841
46, 585
123,699
(°)
.138
111, 344
167, 453
POULTRY AND EGGS
Poultry:
.228
Price, who esale, live fowls (Chicago)
dol. per lb__
Receipts, 5 markets
thous. of lb_. 46, 753
187, 534
Stocks, cold storage, end of month
..do
Eggs:
24, 988
Dried, production *
.
_.
do _
.368
Price, wholesale, fresh firsts (Chicago) t- dol. per doz_.
3,515
Production
millions..
Stocks, cold storage, end of month:
5,463
Shell
thous. of cases
Frozen
thous. of lb_. 332, 415
#
MISCELLANEOUS FOOD PRODUCTS
Coffee:
Clearances from Brazil, total
thous. of bags..
To United States
..
do
Price, wholesale, Santos, No. 4 (N. Y.) dol. per lb__
Visible supply, United States .
thous. of bags
Fish:
Landings, fresh fish, principal ports
thous. of lb..
Stocks. cold storage, end of month
do —
151, 400
852, 196
791, 913
"m'els"
233
.228
38, 688
42, 059
141, 654 «• 160,689
31, 517
.348
4,631
34, 507
.338
4,010
9,351 * 7, 653
388, 547 r 371,627
' Revised.
• No quotation.
^Compiled by the U. S. Department of Labor; see note in April 1944 Survey.
, . , _ , . j
§Prices since May 1943 have been quoted for sacks of 100 pounds and have been converted to price per barrel to have figures comparable with earlier data.
tThe hog-corn ratio has been shown on a revised basis beginning in the March 1943 Survey; revised data beginning 1913 will be published later. The series for feeder shipments
of cattle and calves and sheep and lambs have been revised beginning January 1941 to include data for Illinois; revisions are shown on pp. S-26 and S-27 of the August 1943 Survey.
*New series: represents production of dried whole eggs, albumen and yolks; annual figures beginning 1927 and monthly figures beginning 1941 will be shown later.
©Miscellaneous meats includes only edible offal beginning June 1944; trimmings formerly included in "miscellaneous meats" are now distributed to the appropriate meat items.
The total includes veal, shown as a new item beginning June 1944, as follows (thousands of pounds): June, 8,517; July, 7,525; August, 8,886; September, 6,533; some of this veal formerly
may have been included with trimmings in "miscellaneous meats."
S-28
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
September
November 1944
1943
September
October
1944
Novem- December
ber
January
February
March
April
May
June
July
August
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS— Con.
Sugar:
Cuban stocks, raw, end of month§
thous. of Span. tonsUnited States, deliveries and supply (raw value):*
Deliveries, total
short tons
For domestic consumption
do
For export.
do
Production, domestic, and receipts:
Entries from off-shore areas, total
do
From Cuba.
do
From Puerto Rico and Hawaii
do
Other
.
do
Production, domestic cane and beet
do
Stocks, raw and refined..
do
Price, refined, granulated, New York:
Retail
dol.perlb
Wholesale
do
2,181
'2,035
1,536
1,076
836
1,192
1,580
2,480
3,097
3,164
2,945
664, 099
656, 088
8,011
702, 994
669,029
33, 965
597, 821
568, 829
28, 992
590, 862
551,404
39, 458
471, 893
429,185
42, 708
539, 352
498,992
40,360
507, 168
459,811
47, 357
586, 629
549,671
36, 958
524,064
494,788
29,276
588, 968
544,408
44, 560
686, 001
654, 592
31, 409
378, 550
282, 044
88, 386
8,120
390,000 496, 152 420, &65
279, 972 348, 387 280, 758
106, 976 132, 354 135, 536
3,052
4,571
15, 411
51, 540 392, 046 597, 626
856, 963 1,140,068 1,542,183
454, 653
.066
054
TOBACCO
Leaf:
Production (wop 6Stimftt-6)
tnil of Ib
l 1 805
Stocks, dealers and manufacturers, total, end of
quarter
mil of Ib
Domestic:
Cigar leaf
do
Fire-cured and dark air-cured
do
Flue-cured and light air-cured .
. . do
Miscellaneous domestic
do
Foreign grown:
Cigar leaf
do
Cigarette tobacco . . .
_
do
Manufactured products:
Consumption (tax-paid withdrawals):
20, 021
Small cigarettes
millions
391, 492
Large cigars.
thousands
25, 335
Mfd. tobacco and snuff
thous of Ib
Prices, wholesale (list price, composite) :
6,006
Cigarettes, f. o. b., destination
dol. per 1,000-.
Production, manufactured tobacco, total. -thous. of lb._
Fine-cut chewing
.. do
Plug
do
Scrap, chewing...
_
do Smoking
do
Snuff
. d o
Twist
.065
.055
.066
055
369,444 306, 150 341,707 439, 292 493,084
262, 460 173, 089 219, 148 301, 821 389, 108
89,587
95,764 107, 857 137, 216 103,936
17, 397
37,297
14, 702
255
40
313, 247
73, 455
17, 441
13, 455
9,087
1,760,509 1,590,451 1,436,890 1,294,536 1,336,492
.066
.055
.066
.055
2
.066
.055
.066
.055
.066
.055
.066
.055
2,666
673, 458 638, 100 437,600
465, 193 418, 773 270, 188
207, 137 219, 206 159, 821
121
1,128
7,591
4,001
7,702
4,377
1,347,503 1,287,717 972, 577
.066
.055
2, 392"
760, 031 »• 748, 282'
743, 815 ' 737, 665
16, 216 •• 10, 617
.066
.055
489, 798
273, 140*
208, 80&
7, 850
10,003
r
715, 572°
.066
.055
.066
.055»
1, 400
2,889
3,008
3,052
2,710
338
245
2,223
2
310
229
2,379
3
370
275
2,317
2
369
255
1,990
2
25
56
27
61
28
59
27
68
22, 573
424, 896
25, 796
23, 508
432, 860
28,305
24,324
428, 942
28 791
22, 799
403, 858
25, 829
20, 115
366, 919
23,939
17, 425
388, 955
21, 339
19, 956
419, 291
22, 002
18, 778
362, 403
20, 036
21, 065
399, 992
23, 968
21, 166
384, 171
23, 350
20,278
352, 131
21, 338
22,305
418, 205
26, 971
6.006
29, 403
370
5,300
4,519
15, 186
3,512
516
6.006
29,349
434
4,911
4,631
15, 410
3,447
515
6.006
30,411
381
5,080
4, 852
16, 108
3,460
530
6.006
26,284
374
4,387
4,684
12,603
3,721
515
6.006
25,073
318
5,078
4,473
11,018
3,676
511
6.006
22, 288
319
4,859
4,119
8,845
3,649
498
6.006
22, 922
340
5,495
4,196
8,380
3,923
588
6.006
20, 903
311
4,706
3,682
8,352
3,338
514
6.006
24,862
365
5,217
4,323
10, 720
3,675
561
6.006
23, 848
371
5,406
4,508
9,835
3,199
531
6,006
22,853
288
4,683
4,187
10, 092
3,122
480
6.006
27, 97&
374
5,496
5,047
13,2903,207
564
LEATHER AND PRODUCTS
HIDES AND SKINS
Livestock slaughter (Federally inspected):
Calves
thous. of animals
Cattle .
.
do
Hogs
.
..
do
Sheep and lambs
do
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers
dol. per lb_.
Calfskins, packers', 8 to 15 Ib
do --LEATHER
Production:
Calf and kip
thous of skins
Cattle hide
thous. of hides
Goat and kid
thous. of skins
Sheep and lamb... . . . .
.
do
Prices, wholesale:
Sole, oak, bends (Boston) f
dol.perlb_.
Chrome, calf, B grade, black, composite -dol. per sq. ftStocks of cattle hides and leather, end of month:
Total
thous. of equiv hides
Leather, in process and
finished
.do
Hides, raw.
do
LEATHER
532
1,146
4,174
2,454
655
1,275
4,930
2,633
625
1,290
6,972
2,370
529
1,201
7,567
2,258
468
1,141
7,839
1,933
441
1,043
7,380
1,501
565
1,057
7,165
1,538
555
939
6,290
1,378
541
989
6,643
1,694
594
1,003
6,095
1,823
634
1,079
4,795
1,898
75ft
1,33$
4,1451,924
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
. 155
.21&
940
2,196
2,733
4,313
874
1,871
3,157
4,756
835
1,805
3,304
4,997
761
1,884
3,096
4,588
796
1,918
3,264
5,001
756
1,952
2 929
4,572
829
2,020
2,922
4,997
926
2,208
3,323
4,867
865
2,083
2,676
4,527
952
2,215
3,132
4,564
998
2,233
3,158
4,322
802
2,020
2,711
3,765
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
10, 903
6,904
3,999
9,325
5,986
3,339
9 646
5,918
3,728
9 991
5,963
4,028
10, 103
6,041
4 062
10 378
6,139
4,239
10, 667
6,286
4,381
10 954
6,303
4,651
10, 708
6,344
4,364
10, 674
6,417
4,257
10, 413
6,390
4,023
38,272
172
3,847
651
28. 481
3,676
38,484
177
4,255
696
27. 927
3,523
36, 625
207
4,511
736
25. 563
3,403
38,488
224
5,369
771
27, 253
3 904
37, 170
233
5,977
791
25.885
3,577
96,047
173
^5,996
840
26. 440
3,755
42,212
206
7,059
940
28,962
3,924
36,854
203
6,225
1,093
24,635
3,564
39, 648
198
7,066
1,459
25,903
4,189
40, 682
222
7,184
1,355
26, 852
4,307
1,893
2, 131
2 554
6,696
11 531
4,695
426
1,801
2,182
2 479
6,561
11 382
4,988
441
1,590
2,084
2 312
6,084
10 090
5,080
530
1,804
2,170
2 641
6,423
10 310
4,270
601
1,576
2,155
2 659
5,965
9 952
3,790
495
1,615
2,198
2 756
5,994
10 123
4,045
552
1,508
2,478
3,387
6,516
11 149
4,475
570
1,368
2,200
2 988
5,304
9 211
4,179
518
1,354
2,304
3,024
5,499
9,532
4,383
640
1,405
2,419
3,062
5,795
9,863
4,542
528
10,668
6,717
3,951
1 029'
'2, 240
2, 901
4, 807
r
r
.440
.529T
10 857
' 6, 790
4, 067
r
MANUFACTURES
Boots and shoes :J
Production, total
thous. of pairs..
Athletic
do
All fabric (satin, canvas, etc.)
do
Part fabric aad part leather
do
High and low cut, leather, total .
do
Government shoes
do
Civilian shoes:
Boys' and youths'
do
Infants'
do
Misses' and children's
do
Men's..,.. .
do
Women's
do
Slippers and moccasins for housewear.
do
All other footwear... .
do
r
753
1,310
3,521
2 003
' 31, 774 41, 135
174
217
•• 4, 732
6,016
'995
1,264
' 21, 687
27,311
r
3, 697
4,683.
r
1, 051
r 2, 025
r 2, 562
r 4, 463
7,888
' 3, 870
'316
1,257
2,634
3,202
5,353
10, 182
6,028
298
Revised.
» October 1 estimate.
* December 1 estimate.
§ For data for December 1941-July 1942, see note marked "§" on p. S-28 of the November 1943 Survey.
I Data for June to December 1943 were revised in the August 1944 Survey; revisions for January-May 1943 are available on request.
*The new series on sugar are compiled by the U. S. Department of Agriculture and replace the series on meltings and stocks at 8 ports shown in the Survey through the July
1944 issue; data are compiled from reports by cane sugar refiners, beet sugar processors, importers of direct consumption sugar, and continental cane sugar mills. Data represent
both raw and refined sugar in terms of raw sugar. Data beginning 1934 will be published later.
t Revised series. The price series for sole oak leather is shown on a revised basis beginning with the October 1942 Survey; revisions beginning July 1933 are available on request.
SURVEY OF CURRENT BUSINESS
November 1944
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
S-29
1944
1943
September
September
October
Novem- December
ber
January
February
March
April
May
June
July
August
LUMBER AND MANUFACTURES
LUMBER— ALL TYPES
^National Lumber Manufacturers Assn.:!
Production, total
...mil. bd. ft._
Hardwoods
do
Softwoods
.
..
. do. _
Shipments, total
do
Hardwoods
do
Softwoods
do
Stocks, gross, end of month, total
do
Hardwoods
_
_
do._.
Softwoods
do
2,886
592
2,294
2,883
549
2,334
3,718
1,134
2,584
2,743
536
2,207
2,772
505
2,267
3,632
1,145
2,487
2,669
509
2,160
2,607
510
2,097
3,626
1, 132
2,494
2,500
476
2,024
2,582
492
2,090
3,578
1,151
2,427
2,188
414
1,774
2,278
422
1,856
3,492
1,150
2,342
2,278
415
1,863
2,399
469
1,929
14,190
1,096
13,094
2,554
481
2,072
2,658
468
2,189
i 4, 075
1,097
i 2, 978
2,528
451
2,078
2,665
447
2,218
i 4, 041
1,098
i 2, 943
2,791
453
2,338
2,722
458
2,264
14,085
1,099
12,986
2,800
447
2,353
2,743
466
2,277
i 4, 126
1,050
i 3, 076
2,573
477
2,096
2,565
462
2,103
i 4, 176
1,070
i 3, 106
2,999
596
2,403
2,825
483
2,343
i 4, 162
1,106
i 3, 056
154, 153
86, 337
160, 074
84,812
153, 819
77, 963
152, 341
75,823
151, 197
79,429
155, 267
77,855
169, 210
81,568
149, 455
68,540
157, 061
70,438
153, 636 '144,276
71, 625 ••66,828
166, 601
79,897
858, 297
868,209
521, 367
853, 068
892, 539
505, 952
824,632
847,896
509, 557
783, 388
800, 390
504, 262
764,048
782, 082
494,839
763, 928
762, 799
515, 224
839, 480
847, 519
516, 806
746, 102
754, 003
513, 291
785, 759
789, 832
525, 483
817, 392 '766, 521
805, 604 ••774, 719
542, 463 ••568, 019
844, 790
849, 890
580, 261
134, 988
134, 609
33, 308
133, 739
133, 602
31, 706
122, 859
122, 995
37, 373
119, 378
121, 030
29,904
121, 618
120, 677
32, 244
121, 735
118, 023
34, 187
136, 783
137, 669
32, 776
124, 168
125, 506
30, 215
126, 798
128, 157
30, 131
129, 821 ' 98, 762 133, 616
132, 167 r 94, 767 132, 274
30, 910
27, 367 ' 30, 804
2,725
7,075
3,775
3,775
4, 750
4,000
7,575
2,725
3,975
2,900
4,025
8,000
2,925
3,600
2,225
3,250
8,400
2,675
2,850
2,025
2,775
7,825
3,075
3,200
2,000
3,150
7,400
2,950
2,000
2,900
4,900
9,000
3,350
3,400
2,950
3,600
8,850
3,500
3,800
2,650
3,360
8,800
3,260
3,500
2,350
3,250
7,700
4,000
3,300
3,050
3,650
7,350
3,950
3,950
3,150
3,550
7,825
3,650
3,050
3,725
3,825
7,800
4,075
3,075
4,500
17, 635
37, 169
15, 790
16, 464
4,095
14, 496
24, 510
14, 034
13,586
8,823
12, 844
22, 546
14, 986
14, 808
9,001
19, 182
25, 346
. 15,035
16, 382
7,654
15, 573
21, 665
15, 466
19, 254
3,866
12, 306
23, 399
13, 857
10, 572
7,151
20,162
29, 477
14,022
14,084
7,334
13,658
27,263
16, 479
15, 873
6,902
13,234
23, 940
13,905
14, 816
5,991
16, 282
21, 876
16, 438
17, 491
4,938
13, 010
19,424
15, 116
15, 462
4,736
19, 397
25, 687
13, 361
13, 134
4,963
27, 107
32, 196
15, 942
18, 281
4,075
34. 300
44. 100
32.340
44. 100
32.340
44.100
32. 340
44. 100
33. 443
44. 100
33. 810
44. 100
33. 810
44. 100
33.810
44. 100
33. 810
44. 100
34. 790
44.100
34.790
44.100
34. 790
44.100
34.790
44. 100
910
953
859
1,030
657
914
793
1,056
710
1,073
806
1,111
696
1,047
717
946
809
970
772
936
798
887
PLYWOOD AND VENEER
"Hardwood plywood, production:*
Cold press
thous. of sq. ft., measured by glue line
Hot press
.
.
..do __
•Hardwood veneer:*
Production
thous. of sq. f t., surface area
Shipments and consumption in own plants
do
Stocks, end of month
do
^Softwood plywood:*
Production
thous. of sq. ft., $i" equivalent
Shipments
_ .
__do
Stocks, end of month
do
FLOORING
Maple, beech, and birch:
- Orders, new _
Orders, unfilled, end of month
Production
Shipments
Stocks, end of month
•Oak:
Orders, new
Orders, unfilled, end of month
Production
Shipments
- __ _
..
Stocks, end of month
- .
M bd. ft
- _ do
do _
__do_ __
"
do
do
do
do .
do
do
SOFTWOODS
'Douglas fir, prices, wholesale:
Dimension, No. 1, common, 2 x 4—16
dol. perMbd.ft..
Flooring, B and better, F. G., 1 x 4, R. L
do
.^Southern pine:
Orders, newtmil. bd. ft..
Orders, unfilled, end of month!
do _
Prices, wholesale, composite:
Boards, No. 2 common, I" x 6" and 8"!
dol. perMbd.ft..
Flooring, B and better, F. Q., 1 x 4f '
do ..
Production!....
mil. bd. ft..
Shipments!
do
Stocks, end of month! do
IVestern pine:
Orders, new
__do
Orders, unfilled, end of month
do
Price, wholesale, Ponderosa, boards, No. 3 common,
1" x 8"
dol. per M bd. ft
Production! -mil. bd. ft
Shipments!
do
Stocks, end of month f
-_-do .
"West coast woods:
Orders, newt
do __
Orders, unfilled, end of month • _
..do
Production!
do
Shipments!
-- do
Stocks, end of month
do
Hedwood, California:
Orders, new
M bd. ft
Orders, unfilled, end of month
do
Production
do
Shipments
___ _ _ _ _ __
do
Stocks, end of month
do
690
873
836
906*
41. 172
55.480
710
704
1,159
37. 636
51.384
796
836
1,343
37.636
51.384
814
863
1,294
37. 636
51.384
817
782
1,329
37. 636
51.384
772
773
1,328
37. 636
51. 384
664
651
1,341
37. 636
53. 699
685
693
1,333
39. 234
54. 313
745
768
1,310
41.394
55. 233
727
760
1,277
41.394
55. 233
800
818
1,259
r 41. 172
55. 233
764
785
1,238
41. 172
55. 233
762
806
1,194
41. 172
55. 233
806
847
1,153
557
504
459
488
495
469
412
433
426
420
374
412
411
435
480
464
512
517
546
530
546
517
484
505
535
471
34.52
572
520
1,083
34.50
578
532
1,055
34.62
524
514
1,065
34.67
475
448
1,092
34.60
402
439
1,055
34.63
284
382
957
34.60
309
388
878
34.60
389
452
815
34.66
428
459
784
34.91
592
533
844
34.77
621
559
906
34. 70
586
496
1,006
34.64
656
594
1,031
642
1,070
624
621
482
725
1,127
704
715
511
725
1,097
682
675
497
678
1,041
699
661
482
754
1,013
682
706
448
691
1,033
658
639
466
743
1,073
683
659
491
793
1,083
725
764
460
691
1,134
698
780
485
622
1,073
634
668
414
709
1,057
710
703
440
565
1,006
565
585
439
847
1,075
707
689
449
34, 150
121, 865
37, 013
35, 898
81, 578
41, 002
126, 186
37, 038
43,295
71, 772
37, 415
123, 899
38, 884
40, 054
68,515
62, 706
152, 289
32, 674
32, 303
74, 941
34, 539
151, 022
33, 129
36, 770
69, 018
40,063
158,-094
34, 616
34, 222
66, 558
47,202
166, 707
40,365
36, 636
70,687
32, 442
161,208
37, 653
36, 854
68, 759
28,724
151, 447
41,390
39, 301
68,128
38, 162
146, 607
40, 181
37, 818
66, 682
19, 305
111, 518
32, 485
36, 211
62, 216
38, 510
99, 793
41, 161
38, 202
59, 043
FURNITURE
All districts, plant operations
Grand Rapids district:
Orders:
Canceled
.
New
Unfilled, end of month
Plant operations
Shipments
percent of normal--
57
64
65
64
60
60
60
58
58
56
57
54
58
- percent of new orders
no. of days' production _.
_
do
---- percent of normal
no. of days' production. _
3
41
78
50
15
17
12
79
55
20
8
11
72
50
17
14
15
69
54
17
6
20
70
51
18
4
26
82
52
16
4
48
83
60
17
2
76
95
51
18
6
24
88
50
15
3
32
92
48
15
4
27
89
47
17
3
24
86
47
14
4
23
77
51
18
r Revised.
i Includes Southern pine stocks at concentration yards not included prior to February; these stocks totaled 798 mil. bd. ft. Dec. 31, 1943.
•.,.«.„,
* New series. The plywood and veneer series are from the Bureau of the Census and are practically complete. The unit of measurement for hardwood plywood is the glue
HUt;
ui 1/uitti aica ui gJuc spieau.
j. nc
giue .uj-ic
-uacaouico ti_ic ouncn^c cuca vi u.uc VC.LH^/JL uo^vi i.** ui.iv/ a-«jtMj«it.vuv»*v/ v* jf*j •• w** »^«~v ^.w~ — -~ ^-—~-
.
.
T-V T v — •
•
veneer figures are in terms of surface measure with no account taken of thickness. For softwood plywood, all thicknesses are converted to 91-inch equivalent. Data beginning
September 1941 for softwood plywood are shown on p. 16 of the September 1944 Survey; data beginning August 1942 and September 1942, respectively, for hardwood plywood and
veneer are published on p. 14 of this issue.
t Revised series. Revised 1937-39 figures for total lumber stocks, hardwood stocks and softwood stocks, and revisions for 1941 and, in some instances, earlier years for the other
Indicated lumber series are on pp. 27 and 28 of the March 1943 Survey. Further revisions in data published prior to the December 1943 Survey have been made as follows: Total
stocks an d hardwood and softwood stocks beginning 1940 and all series beginning January 1942 on the basis of data collected by the Bureau of the Census. Southern pine unfilled
orders and stocks were further revised in the May 1944 issue to include data for concentration yards (revisions carried back to 1929 by adding 798 to stocks and 111 to unfilled orders
as previously published). All revisions will be published later (for revised 1942 monthly averages see May 1944 Survey). The 1942 Census included many mills in the Eastern
States not previously canvassed; this affects the comparability of the statistics for 1942-43 with those for earlier years for Southern pine and for total lumber, total softwoods, and
total hardwoods, The revised price series for Southern pine each represent a composite of 9 series; for comparable data beginning July 1942 see note at bottom of p. S-35 of the
June 1944 issue.
S-30
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
September
November 1944
1943
September
October
1944
Novem- December
ber
January
February
March
April
May
June
July
August
METALS AND MANUFACTURES
IRON AND STEEL
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
Iron Ore
Lake Superior district:
Consumption by furnaces
..thous. of long tons .
Shipments from upper lake ports
do
Stocks, end of month, total .
do
At furnaces do
On Lake Erie docks
. _.
do-Pig Iron and Iron Manufactures
Castings, gray iron, shipments*
short tons
Castings, malleable: rf1
Orders, new, net
do
Production _
_.
do
Shipments do
Pig iron:
Consumption*
thous. of short tons
Prices, wholesale:
Basic (valley furnace) dol. per long ton
Composite
do Foundry, No. 2, Neville Island*
do
Production*
__
thous. of short tons
Stocks (consumers' and suppliers'), end of month*
thous. of short tons
Boilers, range, galvanized:
Orders, new, net
_. . __ number of boilers
Orders, unfilled, end of month
do
Production
__
do Shipments . _.
_ _ _ _
do
Stocks, end of month . __
, do ..
Steel, Crude and Semimanufactured
Castings, steel, commercial:
Orders, new, total, net
short tonsRailway specialties
_.
do
Production, total...
__ _.
do
Railway specialties
do
Steel ingots and steel for castings:
Production
__ _
.thous. of short tons
Percent of capacity!
Prices, wholesale:
Composite, finished steel
dol. per lb_.
Steel billets, rerolling (Pittsburgh).- -dol. per long ton.
Structural steel (Pittsburgh).
dol. per lb_.
Steel scrap (Chicago) .
__ dol. per long ton
U. S. Steel Corporation, shipments of finished steel
products.. -_ -. ._
thous. of short tons
5,215
3,000
2,215
6,131
1,732
4,399
5,409
3,112
2,297
5,941
1,655
4,286
5,131
2,884
2,247
5,882
1,674
4,208
4,983
2,848
2,135
5,929
1,701
4,228
7,493
12, 743
43, 840
37, 859
5,981
7,751
11, 613
48, 614
41 880
6,734
7,409
6,941
49, 371
42, 977
6,394
7,509
750
43, 429
37, 219
6,209
785, 449
786 614
760 883
792, 065
99, 911
74, 874
71 869
101, 510
74, 254
72 209
93, 370
72, 077
72, 838
5,120
5 271
5,001
5,019
5 202
4 996
5 378
5 161
5 218
23.50
24.17
24.00
5,226
23 50
24 17
24.00
5,324
23.50
24.17
24.00
5,096
23 50
24 17
24.00
5,213
23 50
24.17
24. 00
5,276
23 50
24 17
24.00
5,083
23 50
24 17
24.00
5 434
23 50
24 17
24.00
5 243
23 50
24 17
24.00
5 343
1,551
1,504
1,492
1,572
1 616
1 658
1 650
1,636
1 658
95, 072
97, 915
93, 657
94, 204
12, 953
103, 318
104 945
95, 217
96 288
11 882
88, 659
105, 779
88, 841
87, 825
12, 898
58, 570
99, 375
74, 183
64, 954
22, 127
61, 214
88 730
78, 986
71 859
28, 924
78 825
78 982
80, 516
88 573
20, 867
83 359
76 649
82 066
85 692
17, 241
62 828
67 593
74, 353
71 884
19, 722
69
68
66
68
16
124
106
107
611
782
57
66
54
59
11
966
272
903
800
885
214, 086
66, 146
157, 818
24, 564
211,341
28 876
163 888
27 015
209, 276
33, 901
158, 813
25, 780
173, 627
35, 039
158, 626
27 613
167, 739
18 181
159, 795
25 826
173, 592
27, 244
161, 359
27 488
162 575
36 202
174' 626
30 760
175, 053
44 140
155 778
27 822
176
37
161
29
993
807
783
974
181
28
157
30
816
147
444
309
7,193
93
7,514
101
7 814
101
7,372
99
7 255
94
7,587
96
7,189
97
7 820
99
7 569
98
7 680
97
7 217
94
7 474
' 94
7 470
.0265
34.00
.0210
18.69
.0265
34.00
.0210
18.75
.0265
34.00
.0210
18 75
.0265
34.00
.0210
18 75
.0265
34.00
.0210
18 75
.0265
34.00
.0210
18 75
.0265
34.00
.0210
18 75
.0265
34.00
.0210
18 75
.0265
34.00
.0210
18 75
.0265
34.00
.0210
18 75
.0265
34.00
.0210
18 75
.0265
34.00
.0210
18 75
.0265
34.00
. 0210
1,734
1,665
1 795
1 661
1,720
1 731
1 756
1 875
1 757
1 777
1 738
1 755
1 74«*
6,666
1,394
1,390
47
14, 556
2,584
2,578
69
14 876
2 584
2 586
65
13, 013
2 522
2 527
52
8 827
2 460
2 473
39
5,031
2 254
2 233
61
4,532
1 854
1*862
52
3 179
1 907
1 917
' 44
3 383
1 610
1 610
41
3 432
1 539
1 531
49
3 767
1 509
1 518
40
3 649
1 439
1 427
K 97ft
1 fi1 1
823
754
3,060
347
742
834
2,548
317
858
977
2,547
349
813
729
2,857
362
1,360
637
2,627
351
753
533
2,589
363
1,005
662
2,722
376
853
602
2,754
350
1,155
849
2,664
379
1,608
839
2,868
382
1,120
728
2,870
319
5 250
514
508
1,072
201
682
110
113
321
190
388
5 334
526
513
1,113
192
732
97
122
345
151
377
5 316
546
477
1,107
180
775
95
117
336
136
380
5 211
532
460
1, 143
212
762
85
115
361
128
360
5 265
560
484
1 096
196
764
86
119
353
156
349
5 208
' 530
483
1 074
216
754
86
116
337
194
349
779
703
3,046
408
K fil R
554
515
1 164
226
831
96
133
357
223
379
K
608
496
1 073
197
768
89
115
319
216
347
5
.0362
.0575
.0575
.0575
.0518
.0503
.0462
.0445
94.9
172.8
46 4
196.8
188.1
51 0
212.6
182.7
54 4
211.3
187.2
48 4
190.4
169.6
48 3
215.6
148.8
47 g
206*. 7
160.4
59 3
232'. 2
6,950
11,329
41, 943
36, 684
5,259
23.50
24.17
24.00
4,988
51,288
76, 432
54, 589
55, 552
13, 808
4,944
2,838
2, 106
5,580
1,613
3,967
5,406
3 089
2,317
5,435
1,598
3 837
5,185
2,976
2,209
5, 340
1,560
3,780
5,245
2 988
2,257
5,369
1,607
3,762
4 995
2 864
2 131
5,376
1 613
3 763
4 954
2 864
2 090
5 343
1 592
3 751
5 077
2 931
2 1465,445
1 671
3 774
7,482
0
36, 059
30, 746
5,313
7,207
0
28, 910
24, 357
4,553
7 659
0
21, 333
17 658
3 675
7,273
5,288
17, 892
14, 985
2,907
7,558
12, 114
21, 474
18, 356
3,117
7,112
11, 975
26 655
23 289
3 366
7 372
12, 909
32 069
28 237
3 832
7 342
12, 28g
37 243
32 727
4 516
765 423
764, 369
828 648
757 880
790, 674
763 459
689 744
778 205
81, 978 r' 93 855*r 79 352 rr 90 038 rr 88 169 ' 92 285r 103 692
74 812 81 480
69 820 r 70, 555 r 70 993
75, 188 r 75, 594
76, 832 74 452 r 73 231 r gl 215 r 69 360 r 72 279 r 71 758
106 626
61 320
61 704
77 908
74 297
70 413"
4 960
5 062
5 159*
23 50
24 17
24.00
5 057
23 50
24 17
24.00
6 157
23 50
24 17
24.00
5 210
1 663
1 649
1 6391
5,170
2,952
2, 218 j S
5,658
1,652
4,006
1
61 099
68
69 632
80
57' 966
56
57 739
56
13 399 r 14
169
19
131
24
009
696
154
945
771
921
248
940
756
'
Ql*
10 7c
Steel, Manufactured Products
Barrels and drums, steel, heavy types :1
Orders, unfilled, end of month
__ thousands
Production
__
. d o
Shipments
__
do
Stocks, end of month
do
Boilers, steel, new orders :
Area
thous. of sq. ftQuantity
number..
Porcelain enameled products, shipments! thous. of dol..
Spring washers, shipments
do
Steel products, production for sale:»
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 terneplateO
do
Wire and wire products
do
Kj
010
c -\p.A
e noo
533
521
1 042
220
790
97
115
318
231
369
512
400
1 010
192
768
97
119
298
256
363
.0425
.0425
.0425
.0425
155.6
60 9
218.3
152.9
59 9
221.2
132.8
55 9
187.9
135.1
r 53 5
Oil
Kf)A
506
969
201
763
CO
117
300
246
337
1
CIQi
A*>
••1,655
1,071
3, 152
361
K-lrt
DCQ
OOQ
QK
OQft
900
0717
NONFERROUS METALS AND PRODUCTS
Aluminum:
Price, wholesale, scrap castings (N. Y.)..dol. per lb__
Production:*
Primary
mil. oflb..
Secondary recovery
do—
Aluminum fabricated products, shipments*
do
me
.0419
123.3
cc
223v
' Revised. ^Beginning 1943 data cover approximately 98 percent of the industry. ©Designated "tin plate" prior to the July 1944 Survey but included terneplate.
cf Beginning July 1944 the coverage of the industry is virtually complete; the coverage was about 97-98 percent for September 1942-June 1944 and 93 percent prior thereto.
§ Beginning July 1944, percent of capacity is calculated on annual capacity as of July 1, 1944, of 94,050,750 tons of open-hearth, Bessemer, and electric steel ingots and steel for
castings; (earlier 1944 data are based on capacity as of Jan. 1,1944 (93,648,490 tons), and July-December 1943 data on capacity as of July 1, 1943 (90,877,410 tons),
f Of the 99 manufacturers on the reporting list for Jan. I, 1942,29 have discontinued shipments of these products for the duration of the war.
• Beginning 1944 data represent net shipments (total shipments less shipments to members of the industry for further conversion) instead of net production for sale outside the
industry, as formerly. For 1942 data, except for April, see the October 1942 and July 1943 Surveys; for April data see note at bottom of p. S-31 in the September 1943 issue.
* New series. For a description of the series on scrap iron and steel and pig iron consumption and stocks and 1939-40 data, see note marked "*" on p. S-29 of the November 1942
Survey; later data are available on p. 8-30 of the April 1942 and subsequent issues. The new series on pig iron production is from the American Iron and Steel Institute and is approximately
comparable with data from the Iron Age in the 1942 Supplement (data in the Supplement are in short tons instead of long tons as indicated); see p. S-30 of the May 1943 Survev
f r
? further information on this series and data for 1941-42. The new pig iron price, f. o. b. Neville Island, replaces the Pittsburgh price, delivered, shown in the Survey prior to the
April 1943 issue. Fordata beginning January 1942 on aluminum production see p. 24, table 6, of the June 1944 Survey. Data for aluminum fabricated products covers total shipments
of castings forgmgs sheet strip, plate, rods, bar, and other shapes, and are available beginning January 1942; data for gray iron castings cover approximately 93 percent of the industry for
1943 and 92 percent for 1944; both series are from the War Production Board.
.
w
i v
y M»
S-31
SUKVEY OF CUERENT BUSINESS
November 1944
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1943
1944
September
September
October
1944
Novem- December
ber
January
February
March
April
May
July
June
August
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS— Con.
Bearing metal (white-base antifriction), consumption
and shipments, total t
thotlS, of Ih
4,563
4 588
Consumed in own plants .
- d o
1,215
991
3,572
3,373
Shipments
do
Brass sheets, wholesale price, mill
dol. per lb_.
.195
.195
Copper:
.
Price, wholesale, electrolytic, (N. Y.)
dol. per lb_. .1178
.1178
Production :cf
Mine or smelter (incl. custom intake). .short tons.. 82, 572 98, 867
Hennery
do _
98, 333
88, 384
Deliveries, refined, domesticcf
do
118, 054 141,111
Stocks, refined, end of monthd1
....do
45,844
51, 412
Lead:
31, 266
Ore, domestic, receipts (lead content) cf
do
37,827
Refined:
Price, wholesale, pig, desilverized (N. Y.) _.dol. per lb. . .0650
.0650
Production, total cf 1
short tons - 38, 614 44, 827
From domestic ore^
_
do
42,806
35 717
43, 825
43, 586
Shipmentscf--- do..
Stocks, end of month cf
do
23 911
29, 184
Magnesium production:*
18.3
Primary
mil. oflb..
32.5
2.5
2.7
Secondary recovery
-- - -- do
Tin, wholesale price, Straits (N. Y.)
do.... .5200
.5200
Zinc, slab:
Price, wholesale, prime, Western (St.
Louis)
._
dol. per lb_.
.0825
.0825
Production c?..
short tons
66, 891
79, 361
Shipments c?
do
64, 835
69, 167
64, 612
68, 187
Domesticd"
do
243, 749 143, 224
Stocks, end of monthcf
do
4,663
4,814
4,947
5 269
3,904
.195
4,001
.195
4,621
:i95
964
3,893
.195
4,521
.195
5,543
1,318
4,225
.195
5,643
1,353
4,290
.195
4,774
1,154
3,621
.195
5,283
1,218
4,065
.195
5 161
1,229
3,932
.195
5,336
1,204
4,133
.195
.1178
. 1178
.1178
.1178
.1178
.1178
.1178
.1178
. 1178
771
911
946
5,485
648
.1178
.1178
102, 589
97, 274
129, 212
47, 148
99, 340
102, 136
138, 881
52, 027
39, 159
38,256
38, 695
37, 738
37,155
38,894
35,951
36, 931
34, 255
29,982
34,873
.0650
43,883
42, 525
45, 956
27, 104
.0650
50, 448
44, 418
49, 548
27, 996
.0650
54, 247
47, 451
49, 135
33, 090
.0650
49,768
47, 672
45, 258
37, 590
.0650
48, 302
41, 591
51, 367
34, 518
.0650
55, 324
47, 294
55, 449
34, 379
.0650
50, 154
46, 258
44, 690
39, 830
.0650
45, 903
42, 663
48, 142
37, 586
.0650
39, 755
34, 413
43, 485
33, 847
.0650
40, 471
33, 434
42, 966
31, 344
.065a
38, 436
35,934
40, 884
28,890
36.1
2.7
.6200
36.8
2.7
.5200
39.2
2.2
.5200
42.0
21
.5200
40.9
2.7
.5200
41.0
3.6
.5200
37.8
2.3
.5200
34.3
2.8
.5200
29.4
2.1
.5200
30.1
2.0
.5200
25.0
2.8.5200
.0825
83, 067
71, 953
69, 852
154, 338
.0825
79, 848
75 459
73, 690
158, 727
.0825
82, 968
68, 185
67, 112
173, 510
.0825
84, 066
63, 552
60, 404
194, 024
.0825
79, 893
62, 716
61, 258
211, 201
.0825
86, 037
84, 431
83, 104
212, 807
.0825
80, 405
75, 213
75, 213
217, 999
.0825
80, 497
80, 825
80, 590
217,671
.0825
73,067
65, 785
65,488
224, 953
1,162
6,293
1,245
974
5,558
1,382
4,765
553
766
5,379
1,147
431
943
870
378.3
321 6
577.5
456.8
402.6
648.2
498.4
457.6
642.6
98, 568 ' 95, 400 «• 95, 712 r 101, 247 r 92, 530 r 94, 534 r 89, 070 r 86, 224 »• 82, 769
95, 280
98, 580
93,958
93, 650
92. 781
99, 118
91, 047
104, 644
87, 128
115, 850 101, 779 ••124,800 156,083 ••156,233 ••165,887 ••141,139 r 121,898 ' 139, 515
37,074
38,382
52, 121
42,467
45,800
48, 050 r 50, 991
36, 489
37,259
.0825
.0825
71,281
72, 947
63, 193 r 64, 295
63, 193 ' 64, 158234, 707 r 241,693
MACHINERY AND APPARATUS
Blowers and fans, new orders
thous. of dol
Electric overhead cranes :§
Orders, new
..
__ do_.
Orders, unfilled, end of month
do
Shipments
. .
..
. .. do
Foundry equipment:
New orders, net total
1937-39=100...
New equipment
do
Eepairs
.
__ __ . . .
do
Fuel equipment and heating apparatus:
Oil burners:©
Orders, new, net
number
Orders, unfilled, end of month . . .
do
Shipments -do.. .
Stocks, end of month ..
do
Mechanical stokers, sales:1f
Classes 1, 2, and 3
.
do
Classes 4 and 5:
Number
Horsepower
Unit heaters, new orders
thous. of dol
Warm-air furnaces, winter air-conditioning systems,
and equipment, new orders
thous. of dol
Machine tools:*
Orders, new, net
do
Orders, unfilled, end of month..
__ do
Shipments
-do
Pumps and water systems, domestic, shipments:
Pitcher, other hand, and windmill pumps
units..
Power pumps, horizontal type
__.do
Water systems, including pumps
_
do
Pumps, steam, power, centrifugal, and rotary:
Orders, new
thous. of dol_.
16, 374
14, 974
522
595
' 13, 536
13, 238
20,598
430
822
473
680
3,837
3, 796
375.8
327.5
546.4
450. 5
416. 3
571.4
598
7,336
1,817
1,042
6,391
1,860
388.0
336 5
569.7
346.6
268 7
621.0
436.6
375 7
650.9
388.0
328.0
600.3
442.8
396.5
605 4
5 447
13, 564
6,113
16, 164
3,347
19, 705
4,208
34, 303
3 933
19, 532
4,000
33, 433
5 024
14, 916
9,640
32, 317
4,245
13, 152
6,009
29, 630
3,879
2,295
2,785
2,558
1,714
1 436
1,504
1,764
2,237
2,541
3,177
3,259
399
495
304
264
182
193
206
213
276
347
367
70, 454
4,219
74, 407
3,326
550
107, 859
55, 114
67, 565
4,492
34, 743
40, 932
43, 012
2,867
3,714
953
' 4 818
f
r
4, 827
r
27 090 f
r 13 217
r
7 348
14, 152
r 6, 413
24 993
3,884
3,841
783
810
385.7
322.2
610.1
503.9
477.0
598.8
466.1
426.8
604.8
r
5, 363 r 4, 002 •• 4, 535
' 13, 373 r 12, 732 ' 12, 428
' 6, 142 •• 4, 643 ' 4, 839
f 23, 402 r 22, 620 •• 21, 419
«• 6, 164
12, 484
6,108
20, 168
4,124
43,865
51, 377
4,032
630
56, 647
' 3, 083
663
r
700
«• 5, 151 ' 6, 888
13, 078 ' 14, 230
•• 4, 557
' 5, 736
18, 894 ' 17, 722
70, 093
4,310
473
83, 609
•• 4, 761
6,333
4,864
33, 013
193, 682
35, 876
31, 759
333, 119
85, 842
30 836
286, 622
78, 302
31, 554
244, 215
71, 851
27 604
210 606
60, 861
26 457
181, 538
56, 363
33, 419
164, 536
50, 127
40, 950
153, 563
51, 907
55, 247
167, 232
41, 370
59, 922
185,746
41, 819
49, 558
194, 450
41, 471
22, 494
292
23, 569
31, 185
443
13, 895
30, 553
364
16, 355
32, 591
482
20, 510
31, 404
288
21, 668
40, 466
368
21, 422
32, 632
313
23,046
33, 278
478
30,463
35, 897
241
26,726
36, 701
300
25, 294
29, 988
262
27, 954
26, 671
409
30, 142
32, 050
418
24, 750
3,635
3,664
4,620
3,036
6,509
3,606
2,812
3,206
3,912
4,815
3,096
3,497
4,175
1,857
1,801
1,750
1,675
1,658
1,484
1,507
1,545
1,297
1,324
1,368
' 1, 485
1,938
417
497
429
437
421
289
424
554
394
353
414
269
443
394
405
346
393
483
408
383
338
403
388
476
10 596
3, 697
4,687
31, 889 r 41, 079191, 295 '196,760
32, 753 r 35, 177
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement only),
number*
thousands.Electrical products:!
Insulating materials, sales billed...
_1936=100..
Motors and generators, new orders
do
Furnaces, electric, industrial, sales:
Unit
. kilowatts
Value _.
thous. of dol
Laminated fiber products, shipments
...do
Motors (1-200 hp):
Polyphase induction, billings _
._ __ do
Polyphase induction, new orders
- do
Direct current, billings
_.
. do
Direct current, new orders.
do.
Rigid steel conduit and fittings, shipments. .short tons..
Vulcanized fiber:
Consumption of fiber paper
thous. of Ib
Shipments
- .-._ .thous. of dol
6,939
9,209
7,685
9,041
6,247
5,627
6,066
6,326
20, 608
1,328
5,727
11, 743
6,236
16,011
1,055
5,895
11, 156
6,057
22 259
2,031
6,364
11, 114
4,936
5,861
4,921
12, 781
1,005
5,519
7,824
6,073
7 322
5,840
11, 506
6,708
6,128
8,016
6,323
7,880
7,118
5,790
4,638
6,358
4,968
6,916
7,151
9,405
8,862
12, 297
6,246
4,872
3,798
6,850
7,986
6,280
5,539
4,825
6,622
4,324
6,560
6,434
5,732
8,101
4,539
7,782
5,940
5,532
7,190
5,417
7,747
6,199
6,378
6,654
9,907
7,904
5,557
5,935
6,994
6,602
8,395
5,048
6,221
6,385
7,042
7,967
6,005
7,133
6,839
5,803
8,531
4 130
1,156
4 752
1,374
5,524
1,424
4,599
1,368
4,700
1,384
4 442
1,384
4,505
1,290
4,653
1,393
4,181
1,218
3,953
1,240
4,273
1,276
3,773
1,079
4,184
1,174
781
756
621
876
662
750
810
843
' Revised. JThe total and the detail cover 59 manufacturers; see March 1944 Survey for comparable data for 1942.
cfFor data beginning January 1942 for the indicated copper, lead, and zinc series, see p. 24, table 6, of the June 1944 Survey.
§ Revisions in unfilled orders for April-July 1942 are available on request; data cover 8 companies beginning March 1943.
©Sixty-nine of the manufacturers reporting in 1941 have discontinued shipments of oil burners for the duration of the war; data currently cover 85 manufacturers.
J Of the 101 firms on the reporting list in 1941, 20 have discontinued the manufacture of stokers; some manufacture stokers only occasionally. The manufacture of class 1 stokers
was discontinued Sept. 30,1942, by order of the War Production Board; this accounts for the large reduction after that month in figures for classes 1, 2, and 3.
*New series. For magnesium production beginning January 1942, see p. 24, table 6, of the June 1944 Survey. The series on automotive replacement battery shipments represents
estimated industry totals compiled by Dun and Bradstreet; data beginning 1937 are available on request. For 1940-41 and early 1942 data for machine tool shipments see p. S-30 of
the November 1942 Survey; for new and unfilled orders for 1942 and the early months of 1943, see p. S-31 of the August 1944 issue. The data for machine tools cover virtually the entire industry through June 1944; thereafter, reports were no longer requested from 150 small companies which formerly accounted for about 4 percent of total shipments.
t Revised series. Indexes for electrical products have been shown on a revised basis beginning in the January 1943 Survey; the index for motors and generators was further revised
in the April 1944 Survey (see p. S-31 of that issue). Data beginning 1934 are available on request.
S-32
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
September
November 1944
1943
September
October
1944
Novem- December
ber
January
February
March
April
May
June
July
August
PAPER AND PRINTING
WOOD PULP
Production :f
Total, all grades
Bleached sulphate
Unbleached sulphate
Bleached sulphite
Unbleached sulphite
Soda
Qroundwood
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
774, 319
64, 872
316, 288
127, 017
68, 167
33, 000
119, Oil
66, 271
4,734
10, 162
11, 717
8,971
1,750
26, 344
743,918 ' 782,709 ' 761,944 ' 726,303 ' 754,804 ' 730,410 ' 784,058 r 750,633 r 808,983 ' 795,840 ' 743,904 ' 833,433
58,009
59,964
61, 070
62,908
60, 719
65, 796
62,873
62, 507
64,365 ' 66, 617 '69,222
69,071
296,162 310, 873 303, 607 283,040 ' 306,595 ' 291,239 '299,649 290, 633 '319,009 ' 323,855 ' 308,015 ' 341,152
123, 647 131, 910 119,984 114, 183 116, 098 117, 368 133, 292 121, 504 131,435 129, 165 117, 376 138, 404
71, 224
73, 850
76, 139
76, 625
71, 717
75, 939
73, 772
63, 141
71, 598
75, 925
73,124
73, 329
34, 075
34, 800
33,969
35, 729
35, 161
34,000 ' 35, 708 ' 33, 233 ' 35, 530 ' 35, 306 ' 30, 591 ' 36, 500
r
129,842
134,
402 139, 677 125, 599 412, 241 125, 443
121,966 ' 129,793 ' 131,391
131, 549 124, 287 137, 922
83,441
4,515
11, 118
14, 563
10, 262
3,306
36,639
74, 335
4,414
9,287
14,642
9,660
3,284
30, 380
71,435
4,649
11,008
12, 422
9,580
2,765
28,222
61, 738
3,548
7,980
10, 585
7,670
2,770
26, 678
72, 127
4,578
7,409
13, 325
10,758
3,010
30, 943
75, 891 r 78, 374
4,666
4,738
9,190
7,833
14, 372
14, 822
9,721
10,499
' 2, 455
3,270
33,496
35, 794
' 81, 879 ' 91, 052 ' 88, 204
5,265
5,084
3,966
7,751
9,794
' 9, 751
14, 500
16, 113
14, 131
9,245
9,183
10, 126
' 2, 066 ' 1, 925 ' 2, 027
41,013
46, 347
46, 158
' 82, 281 ' 72, 561
5,350
4,040
'8,606 ' 10, 704
12,849
12, 378
9,246
8,536
' 2,216 ' 1, 865
41, 560
32, 075
PAPER AND PAPER PRODUCTS
All paper and paperboard mills (U. S. Bureau of the
Census):*
Paper and paperboard production, total .short tons..
1,423,853 1,453,475 1,422,433 1,361,485
694, 914 717, 158 707, 164 676, 274
Paper
do
728, 939 736, 317 715,269 685, 211
Paperboard
..
_do - Paper, excl. building paper, newsprint, and paperboard
(American Paper and Pulp Association) :t
550, 169 558, 869 548, 584 533,371
Orders, new
short tons
Production
_. do 555, 157 572, 266 566, 321 541, 046
563, 146 587,454 568, 857 554, 411
Shipments
-do
Fine paper:
78, 292
81, 284
79, 746
Orders, new
_
_ _ __
..do
90, 391
160, 850 154, 369 150, 862 140,932
Orders, unfilled, end of month
do
81, 356
84, 970
78, 493
Production
_
do
85, 492
86, 744
86, 482
80, 908
Shipments
do
91, 122
55,404
Stocks, end of month
-do
46, 126
50,025
49, 813
Printing paper:
Orders, new __
do _.
191, 344 181, 838 166, 915 179, 246
Orders, unfilled, end of month
do
152, 331 162,457 144, 183 142, 822
Production
do
180, 089 185, 133 181, 618 175, 053
181,057 187, 839 182, 095 179, 306
Shipments .
...
do
Stocks, end of month
do
68,657
63, 732
64,895
57,093
Wrapping paper:
Orders, new
do
201, 890 208, 152 216,383 199, 436
Orders, unfilled, end of month
do
215, 393 207,065 209,099 195, 502
Production
do
205, 758 211, 896 213, 535 204, 499
Shipments. .
.
do _.
208, 028 216, 438 212, 923 208, 444
Stocks, end of month
,
do
85, 609
83,238
90,647
73, 702
Book paper, coated:
57.2
Orders, new
percent of stand, capacity
51.6
'59.7
53.9
55.7
Production _
. '.do "...
53.4
56.1
'55.2
59.0
55.3
Shipments
do
56.1
55.7
57.5
57.3
'57.6
Book paper, uncoated:
Orders, new
-do
78.8
88.4
77.6
77.9
86.9
Price, wholesale, "B" grade, English finish, white,
f. o. b. mill
_
dol. per 100 lb_.
7.30
7.30
7.30
7.30
7.30
Production
percent of stand, capacity. .
80.7
88.4
84.6
86.3
83.1
Shipments
do
82.8
88.8
85.8
83.6
86.3
Newsprint:
Canada:
Production
short tons 244, 209 251, 827 259, 336 256, 336 249, 693
Shipmtmts from mills
do
Stocks, at mills, end of month
_
do
United States:
Consumption by publishers
do
Price, rolls (N. Y.)
.dol. per short ton-Production
_
short tons
Shipments from mills
do
Stocks, end of month:
At mills
_
do
At publishers
do
In transit to publishers
do
Paperboard (National Paperboard Association) :J
Orders, new
do
Orders, unfilled, end of month . . ,
do
Production
.do
Percent of capacity
Waste paper, consumption and stocks: §
Consumption
short tons..
Stocks at mills, end of month.
do
Paper products:
Shipping containers, corrugated and solid fiber, shipments*
._ .
_ mil. sq. ft. surface area
Folding paper boxes, value:*
New orders
1936=100..
Shipments
_
do
1,413,365 1,379,311 1,483,085 1,402,095 1,484,667 1,460,686 1,325,711 1,518,760
693,006 672, 767 722,973 659, 976 705, 821 688, 817 619, 392 717, 309
720, 359 706,544 760, 112 742, 119 778,846 771,869 706, 319 801, 451
565, 770
560, 773
590,444
558, 442
544, 233
563, 609
585, 763
582, 739
588, 385
517, 178
530, 222
536, 878
537, 293 '547,065 ' 496,096
569, 074 '553,709 ' 493,254
569, 060 '571,676 ' 489,119
566, 989
577, 136
573, 551
82, 332
144, 139
78, 313
79, 427
47,004
80, 217
140, 395
77, 291
76, 974
46, 723
86, 972
148, 007
88, 024
89,078
46, 885
82, 387
148, 181
78, 020
81,211
44, 010
73, 020 ' 79, 322 ' 76, 408
137, 287 ' 136, 946 ' 148,933
82, 856 ' 79, 709 ' 69, 941
80, 357 ' 84, 115 ' 69, 716
44,823
40, 664 '45,098
76,871
135, 340
84, 533
82, 417
44, 736
172, 160
144, 599
173, 447
175, 089
57, 110
170, 216
143, 328
169, 853
170, 077
57,647
179, 222
135, 311
173, 957
177,091
52, 239
168, 918
143, 171
166,017
166, 649
52,533
171, 750
140, 808
173, 587
174, 990
51,208
' 158, 537 ' 141,524
' 128, 282 ' 126,368
' 165, 886 ' 144,083
'167,297 ' 143,743
' 48, 977 ' 49, 470
185, 277
145, 411
177, 310
173, 117
53, 615
217,849
200, 312
219, 596
218, 618
69, 536
217, 362
201, 738
212, 048
212, 440
67, 881
225, 567
202,828
227, 079
229, 828
68, 351
199, 526
199, 886
199,825
203, 621
63,584
211,055
189, 349
221, 429
214, 767
67, 002
'217,062
'188,679
'219,158
'225,921
' 63, 496
' 207,172
' 203,499
' 198,265
'192,602
' 68,127
224, 687
195, 982
229, 436
230, 892
64, 428
54.9
55.6
57.5
57.0
58.6
58.6
52.1
61.5
57.4
56.0
55.3
57.5
51.3
52.3
54.4
51.9
57.0
56.5
48.8
46.2
47.6
53.3
55.7
53.6
77.9
82.0
84.3
82.2
77.5
73.7
70.1
80.4
7.30
82.9
83.8
7.30
82.6
83.1
7.30
80.7
81.3
7.30
80.1
81.1
7.30
78.1
78.4
7.30
79.5
80.0
7.30
71.1
71.5
7.30
81.3
79.7
252, 928
49, 725
244, 593 261, 594
' 63, 391 61, 133
260, 590
56, 879
241, 175
65, 397
242, 658
209, 599
98, 456
240,005
227, 387
111, 074
252,092
232, 012
131, 154
236, 353
256, 543
110. 964
262, 467
276,054
97, 377
246, 864
268, 213
76,028
244, 406
249, 979
70, 455
262, 695
274, 706
58,444
189, 612
58.00
61, 529
61, 069
222, 718
58.00
64,328
63, 315
235, 511
58.00
63, 470
63, 209
222, 343
58.00
66, 465
67,490
218, 390
58.00
62, 207
64,998
194, 690
58.00
60,354
61, 102
182, 487
58.00
53, 852
54,033
201, 708
58.00
61, 201
61, 471
201, 136
58.00
54,636
56,103
197, 427
58.00
60,909
62, 319
191, 077
58.00
61, 106
60,648
174,866
58.00
59, 875
59, 946
182, 432
58.00
60, 631
61, 217
7,177
345, 049
51, 997
14, 547
365, 260
53,036
14,808
343, 898
57,666
13, 783
341, 085
53, 110
10, 992
318, 168
48, 534
10, 244
303, 244
47, 359
10, 063
292, 289
45, 559
9,793
278, 202
37, 182
8,326
268, 648
46,933
6,916
275, 809
50,636
7,374
300, 070
46,388
7,303
325, 365
44, 336
6,717
342, 122
46, 642
605, 367
482, 896
654, 104
93
651, 945
583, 859
642, 200
94
661, 102
591, 435
643, 900
94
650, 998
582, 483
639, 800
~93
629, 633
593, 944
614, 600
87
642, 386
597, Oil
613, 429
90
650, 711
621,875
614, 340
96
649, 058
607, 537
659, 555
95
634, 593
601, 880
626, 877
96
695, 585
599, 322
697, 674
96
635, 256
544,454
673, 808
96
645, 895
570, 626
608, 458
85
683, 881
549, 114
708, 973
96
378,499
174, 556
382, 686
156, 000
373, 884
124, 800
362, 294
109, 824
352, 150
109,055
360, 602
113, 199
369, 978
112, 633
403, 646
112, 520
375, 794
122, 534
411, 870
122, 779
389, 217
129, 777
344, 457, 406, 115
157, 290 164, 211
4,105
4,169
4,267
4,206
4,147
4,131
4,011
4,305
3,872
4,078
3,968
3,756
4,316
223. 3
261.1
253.2
264.5
259.1
262.7
272.0
259.0
247.8
254.4
244.4
253.5
259.7
251.4
275.8
271.6
247.6
248.4
258.4
262.4
241.2
260.3
201.2
228.4
256.4
267.6
656
544
112
605
476
129
827
703
124
731
628
103
635
499
136
570
497
73
545
436
109
496
392
104
721
588
133
610
524
86
538
432
106
562
462
100
461
397
64
PRINTING
Book publication, total
New books
_
New editions
••Revised.
_
no. of editions
do
do
JFor revisions for 1942 and the early months of 1943, see note for paperboard at bottom of p. S-35 of the July 1944 Survey.
fRevised series. Revisions in wood pulp statistics are available on p. 30 of the June 1943 Survey as follows: Sulphate and soda production, 1940; sulphite production and stocks, all
series, January 1940-March 1942. Other data as published in the Survey prior to the August 1944 issue have been revised as follows: Total and groundwood production beginning
January 1940 to exclude defibrated, exploded, and asplund fiber; sulphate and soda pulp production beginning January 1941; minor revisions have been made also in the JanuaryMay 1943figuresfoi sulphite production and stocks and total stocks. All revisions will be published later. The paper series from the American Paper and Pulp Association have
been revised to cover industry totals and are not comparable with data shown in the Survey prior to the August 1944 issue; earlier data will be published later.
*New series. The new paper series from the Bureau of the Census cover production of all mills including producers of building paper and building boards; for comparable 1942
monthly averages and data for the early months of 1943, see p. S-32 of the August 1944 issue. For data beginning 1934 for shipping containers and a description of the series, see p.
120 of the September 1944 Survey. The indexes for folding paper boxes are from the Folding Paper Box Association, based on reports of members accounting for around 50 percent of
the industry totals; earlier data will be published later.
November 1944
SUKVEY OF CUERENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
September
S-33
1943
September
October
1944
Novem- December
ber
January
February
March
April
May
June
July
August
PETROLEUM AND COAL PRODUCTS
COAL
Anthracite:
Prices, composite, chestnut:
Retail
..
__ dol. per short ton. _
Wholesale
do
Production
thous. of short tons
Stocks, end of month:
In producers' storage yards _.
do
In selected retail dealers' yards.No. of days' supply. .
Bituminous:
Industrial consumption and retail deliveries, total
thous. of short tons. .
Industrial consumption , total
do
Beehive coke ovens
do
Byproduct coke ovens. _ - - _
do ..Cement mills
do
Coal-gas retorts
,.
.
do
Electric power utilities
do
Railways (class I)
.
do
Steel and rolling mills
do
Other industrial
. . .
do
Retail deliveries
do
Other consumption, coal mine fuel
do
Prices, composite:
Retail (35 cities)
dol. per short ton
Wholesale:
Mine run
do
Prepared sizes
do
Production t
thous. of short tons
Stocks, industrial and retail dealers, end of month,
total
thous. of short tons
Industrial, total .
.
do __
Byproduct coke ovens
do
Cement mills. .
_
__ __ do
Coal-gas retorts
do
Electric power utilities
do
Railways (class I)..
do ..
Steel and rolling mills.do
Other industrial
_
. do ..
Retail dealers, total
do
13.84
11 463
5,443
45, 712
35, 969
810
7,606
336
121
6 656
10, 093
807
9,540
9 743
233
13.11
10. 866
5,474
13.12
10. 866
5,359
13.22
10. 959
4,140
13.89
11. 409
4,996
13.92
11. 421
5,028
14.38
11. 723
5,879
14,04
11.481
5,576
14.04
11. 527
5,202
13.96
11. 574
5,848
13.85
11.468
5,623
13.84
11. 463
4,962
344
14
404
16
364
22
329
12
259
11
254
10
318
8
334
11
353
15
348
15
378
'18
49, 122
37, 780
1,123
7,609
460
116
6,969
10, 488
865
10, 150
11, 342
251
51, 048
40, 466
1,153
7,707
456
124
7,319
11, 153
942
11, 612
10, 582
236
49, 864
40,076
958
7,325
421
134
6,864
11, 091
963
12, 320
9,788
211
57, 724
43, 874
1,119
7,868
420
144
7,491
11, 908
1,002
13, 922
13, 850
255
55,989
42, 610
1,069
8,022
311
144
7,251
12, 054
1,020
12, 739
13, 379
260
53,004
40,347
1,011
7,583
268
140
6,690
11,484
993
12, 178
12, 657
255
54,417
41, 709
1,046
8,124
264
142
6,539
12, 043
1,020
12, 531
12, 708
253
47, 411
37, 753
962
7,925
254
133
5,632
11, 204
879
10, 764
9,658
231
44,260
36, 746
1,006
8,134
293
126
5,847
10, 834
829
9,677
7,514
257
43, 072
35,295
958
7,778
311
112
6,167
10, 230
778
8,961
7,777
248
13.84
11 463
' 5 623
413
17
43, 171 r 46, 585
35, 254 r 36,r 958
944
896
7,967
7,978
316
358
117
>-115
r
7 046
6,414
10,T 248 1 10, 445
780
831
8,468
9,289
9 627
7,917
228
252
10 31
10.02
10.03
10.03
10.15
10.19
10.22
10.22
10.24
10.27
10.28
5 244
5 509
50 010
5.050
5 337
52 214
5.064
5 337
49, 303
5.080
5 348
44, 643
5.208
5.439
54, 130
5.235
5.457
53, 800
5.240
5.461
52, 740
5.242
5.497
54, 330
5.248
5.503
49, 600
5.244
5.508
55, 220
5.244
5.510
53, 395
' 5. 245 5.246
5 513
5 515
54 220
48, 930
64 905
59, 150
6 174
550
250
17, 773
14, 773
791
18, 839
5,755
72 866
67, 260
6 591
722
357
18, 722
13, 511
940
26, 417
5,606
68, 791
63, 611
6, 657
702
333
17, 715
12, 558
893
24,753
5,180
60, 079
54, 904
5,820
605
290
15, 838
10, 334
705
21, 312
5,175
56, 686
51, 345
6,306
573
279
14, 747
9,493
702
19, 245
5,341
53,628
48, 260
6,162
544
249
13, 871
9,245
753
17, 436
5,368
52, 720
47, 169
6,383
479
229
13, 915
9,584
765
15, 814
5,551
51, 835
46,884
6,281
465
208
13, 996
9,893
765
15, 276
4,951
50, 513
46, 874
5,930
475
193
14, 802
10, 250
758
14, 466
3,639
55,293
50, 591
5,892
472
205
15, 713
11, 737
761
15, 811
4,702
59, 680
54, 259
6,152
491
206
16, 457
13, 329
785
16, 839
5,421
61, 413 r 63, 909
55, 537 •• 58, 233C
5 92
5,711
508
53
23
216
16, 965 ' 17, 50o
13, 797
14, 633
••811
775
17, 529
18, 616
5,876
5,676
7.000
6.500
6.500
6.500
7.000
7.000
7.000
7.000
7.000
7.000
7.000
7.000
7.000
711
5,556
126
680
5,649
116
644
5,345
138
667
5,677
144
614
5,558
137
644
5,706
145
614
5,457
135
605
5,627
158
»-574
5,633
158
10.29
10.31
COKE
Price, beehive, Connellsville (furnace)
dol. per short ton. _
Production:
Beehive
thous. of short tons
Byproduct
do
Petroleum cokft
dn
Stocks, end of month:
Byproduct plants, total.
do
At furnace plants
do
At merchant plants
do
Petroleum coke. __ . _ _ . _.
do
519
5,377
712
5,348
134
730
5,446
131
607
5, 153
136
995
565
430
1 095
691
404
357
1,127
709
418
355
985
605
380
325
960
648
312
258
850
620
230
179
713
561
152
166
624
513
111
173
685
535
150
166
762
569
193
141
791
554
237
127
921
589
332
130
986
596
390
116
126, 088
1.110
130, 407
91
129, 036
1.110
136, 503
90
126, 473
1.110
133, 646
91
132, 056
1.110
135, 152
92
131, 161
1.110
135, 767
90
126, 993
1.110
128, 901
92
137, 902
1.110
136, 752
91
132, 330
1.110
133, 593
91
139, 537
1.110
141, 293
92
139, 937
1.110
137,251
95
143, 434
1.110
141, 287
96
143, 047
1.110
145, 296
95
236, 287
49, 131
174, 163
12, 993
8,905
957
239, 451
49, 015
176, 831
13, 605
8,716
922
241, 648
49, 797
178, 230
13, 621
8,170
958
241, 762
48, 678
179, 258
13, 826
7, 272
922
241, 245
47,686
179, 979
13,580
6,852
884
241, 718
47,933
180, 417
13, 368
6,553
912
236, 530
48, 911
174,415
13, 204
6,766
1,056
234, 694
51,625
169, 574
13, 495
6,473
953
235, 176
50, 407
171, 467
13, 302
6,254
1,033
229, 631
50,190
166,227
13, 214
6,118
1,177
223, 503
48, 895
160, 938
13, 670
6,186
1,098
223,901.
50, 150
160, 162
13, 589
6,291
1,200
1,557
7,628
.065
1,648
8,120
.065
2,330
8,194
.065
2,884
8,571
.065
2,489
8,489
.065
1,915
7,976
.066
1,491
8,574
!066
1,490
8,095
.066
1,516
7,956
.066
1,640
7, 579
.066
r 1, 530
5,496
.066
1,505
7,970
.066
18, 523
36, 610
20,549
34, 663
19, 370
36,649
19, 931
37, 962
19, 344
38, 519
18, 454
36, 493
19, 863
39, 738
19,604
37,281
21, 215
38, 026
20,028
37,902
21, 316
38, 332
20, 593
37, 291
39, 681
57, 977
44, 857
54, 952
44, 806
53,046
41, 728
48,484
36, 890
46, 270
33, 561
45,070
29, 926
45, 427
30, 152
44, 137
32, 484
44, 682
35, 242
46, 649
38, 335
50, 589
40, 712
53, 506
.060
.161
.146
54, 847
20, 557
27, 477
7,702
5,613
.060
.161
.146
56, 816
19, 723
30, 099
8,034
5,564
.060
.161
.146
55, 692
19, 334
29, 551
7,887
5,166
.060
.161
.146
57, 197
20,084
30, 255
7,998
5,379
.060
.161
.146
58, 383
20, 679
30, 896
8,021
5, 382
.060
.161
.146
56,288
19, 857
29,888
7,765
4,624
.060
.161
.146
60, 145
21,148
31, 905
8,250
5,377
.060
.161
.146
58,384
21, 185
30,492
8,028
5,012
.060
.161
.146
61, 191
22, 352
31, 510
8,477
5,198
.060
.161
.146
61, 719
22, 510
31,959
8,387
5,429
.060
.161
.146
63, 480
22, 748
33,062
8,767
6,165
.060
.161
.146
64,064
22, 655
33, 769
8,792
6,084
PETROLEUM AND PRODUCTS
Crude petroleum:
Consumption (runs to stills) f
.thous. of bbl. .
Price (Kansas- Okla.) at wells
dol. per bbl
Production!
. _. _. . . -thous. of bbl_.
Refinery operations
pet. of capacity
Stocks, end of month:
Refinable in U. S.f
thous. of bbl
At refineries
__ .
__
do ...
At tank farms and in pipe lines
do
On leasesf
-do .
Heavy in California
do
Wells completed!
nnmhfir
Refined petroleum products:
Gas and fuel oils:
Consumption:
Electric power plantsf
_. thous. of bbl. _
Railways (class I)
.
do
Price, fuel oil (Pennsylvania)
dol. per gal_.
Production:
Gas oil and distillate fuel oil thous. of bbl
Residual fuel oil
do
Stocks, end of month:
Gas oil and distillate fuel oil
do
Residual fuel oil — ._
do
Motor fuel:
Prices, gasoline:
Wholesale, refinery (Okla.)
..dol. per gal..
Wholesale, tank wagon (N. Y.)
do
Retail, service stations, 50 cities
do
Production, total Jt - thous. of bbl. _
Straight run gasolinej
do
Ciacked gasoline
do
Natural gasolinejf - -do
Natural gasoline blendedt
-do
1.110
.066
.060
.161
.146
r Revised. §For revisions for 1941-42 see p. S-33 of the August 1943 Survey and p. S-34 of the July 1944 issue, respectively.
iFigures for the production of natural gasoline include total sales of liquefied petroleum gas as follows (thous. of barrels): 1943—September, 756; October, 876; November, 1.932;
December, 981; 1944—January, 1,037; February, 1,079; March, 998; April 1,165; May, 1,009; June, 967; July, 931; August, 976; these data are not included in the total for motor fuel; similarly, sales of liquefied petroleum gas are included in the total production of natural gasoline but excluded from total motor fuel production in the revised 1941 figures referred to in the
note marked "t". Production of straight-run gasoline includes transfers of cycle products as follows: 1943—September, 133; October, 164; November, 148; December, 159; 1944—January,
176; February, 143; March, 160; April, 156; May, 139; June, 170; July, 166; August, 176; these data are not included in the total for motor fuel.
fRevised series. Production of bituminous coal revised beginning June 1939; see note marked "t" on p. S-32 of the April 1943 Survey. Data for the indicated series on petroleum
products revised for 1941 and 1942; for 1941 revisions, see notes marked "t" on p. S-33 of the March and April 1943 issues, and for revised 1942 monthly averages, see note marked "t
on p. 33 of the July 1944 issue; 1942 monthly revisions not shown in the December 1943 Survey are available on request. Benzol is included in natural gasoline data beginning
January 1942.
SURVEY OF CURRENT BUSINESS
S-34
1943
1944
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
November 1944
September
September
October
1944
Novem- December
ber
January
February
March
April
May
June
July
August
PETROLEUM AND COAL PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Refined petroleum products— Continued.
Motor fuel— Continued.
Stocks, gasoline, end of month:
Finished gasoline, total
thous. of bbl__
At refineries
do
Unfinished gasoline .
do
Natural gasoline
do
Kerosene:
Price, wholesale, water white, 47°, refinery (Pennsylvania)
dol. per gal.Production
thous. of bbl_.
Stocks, refinery, end of month
do
Lubricants:
Price, wholesale, cylinder, refinery (Pennsylvania)
dol. per gal. .
Production
thous of bbl
Stocks, refinery, end of month
do
Asphalt:
Production
short tons
Stocks, refinery, end of month.
_ _ _ . do - Wax:
Production
thous of Ib
Stocks, refinery, end of month
do
Asphalt prepared roofing,, shipments:
Total
_
thous. of squares
Grit surfaces
do
Ready roofing
do
Shingles, all types..
. __
.
do
59, 186
39, 813
10, 033
4,723
59, 100
39, 495
9,545
4,465
59,854
40,231
9,697
4,645
64,964
44, 122
10,363
4,541
70,490
49, 768
10, 819
4,296
72,909
52, 925
11,843
4,245
75,275
52, 513
11, 825
4,242
76,638
51,830
11, 735
4,213
74,519
49, 047
12, 193
4; 436
70, 246
45. 468
11,738
4,477
68, 921
43, 693
11, 581
4,425
66,542
41, 752
11, 924
4,211
..074
.070
5,817
6,558
.070
5,977
6,856
.070
6,138
6,223
.070
6,525
5,472
.070
7,071
5,231
.073
6,413
4,382
.074
6,960
4,078
.074
6,489
4,142
.074
6,710
4,969
.074
6,246
5,949
.074
6,277
6,665
.074
6,358
7,583
.160
.160
3 236
7,831
.160
3,635
7,712
.160
3,589
7,770
.160
3,217
7,781
.160
3 379
8,006
.160
3,158
7,942
.160
3 488
8,011
.160
3,273
8,068
.160
3,337
7,771
.160
3,453
7,590
.160
3,364
7,426
.160
3,356
7,169
662, 500
469, 300
652, 400
445, 500
554, 000
464, 500
465, 500
563, 300
422, 900
631, 300
398, 200
717, 900
455, 400
795, 300
455,500
852, 200
598, 900
889, 500
690, 700
844,600
711, 600
735, 600
800, 200
590, 000
62 160
77, 560
67,200
81,480
68,600
81, 200
67, 200
82, 040
71, 120
80,640
65 800
80, 080
79 800
84,560
76, 440
94,080
65,520
93, 800
60, 480
91,560
63, 560
93,800
64,120
96,040
4,450
1,343
1,526
1,581
» 4, 739
1 1,449
* 1, 595
1 1, 695
1
1
i 4, 173
1 1, 261
1 1, 572
1 1, 339
i
»
i
i
1 4, 144
i1 1, 256
1, 637
1 1, 249
!
4,311
i1 1, 320
1,632
1
1, 357
i 3, 741
* 1,099
1
1,298
i 1, 343
3, 938
U,233
i 1, 269
1
1, 537
* 3, 787
i 1. 193
i 1, 136
i i, 556
i
i
i
i
i
i
i
i
134,908
144,198
142,604
123, 538
114, 484
4, 397
1, 334
» 1, 558
» 1, 504
3, 962
1,231
1, 440
1,290
1
3, 451
1, 068
1, 075
1, 397
4, 007
1, 234
1, 248
1,628
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
reams. . 117, 325
142, 508
thous of bbl
8.746
thons of bbl
do
._ do
10, 221
17, 000
5,048
Coated abrasive paper and cloth, shipments
134, 130
126, 559
129,994
124, 976
129,751
11 380
11, 189
9 280
8 318
6 322
5 686
6 139
6 463
7,181
7,906
8.516
9 003
12 296
19, 703
5,253
11,288
19,583
4,755
8 444
20,419
5,233
5 603
23,159
5,959
6 047
24,428
6,329
5 055
25, 073
6,603
6 225
24, 995
6,567
7,373
24, 080
6,687
8,784
22, 455
6,378
9 350
21,008
6,172
9,283
20,233
5,577
10, 758
r
18, 476
'5,287
14. 586
13 415
13 431
13. 798
13 717
13 780
13 840
13 879
13. 939
14.008
14.095
14. 159
14. 109
7,737
115.4
7,522
7 674
120.9
7 712
8,656
131.5
8 529
7,870
124.5
7 979
7 745
117.5
7 794
8 203
117.6
8 032
7 771
115.9
7 538
8 842
122.1
8 325
8,582
127.9
8 393
8,866
127.1
8,766
8,966
128.5
8 431
2 227
2 644
2,402
2 429
2 469
2 137
594
1,873
552
8,075
120.4
7,784
2 285
2 236
2,415
2 106
1 909
128,464
PORTLAND CEMENT
Production
Percent of capacity
f!h jpment.s
Stocks, finished, end of month
Stocks, clinker, end of month ....
44
56
53
46
40
30
29
29
32
35
40
41
44
CLAY PRODUCTS
Common brick, price, wholesale, composite, f. o. b.
plant
.
dol. per thous
GLASS PRODUCTS
Glass containers:!
Production
Percent of capacity »
.
PMp'me'nts, total
Narrow neck, food .
Wide mouth, food
Pressure and nonpressure
Beer bottles
_
Liquor ware
Medicine and toilet..
General purpose
Milk bottles
...
TTomft
__
_
.
fifvirning
thons. of gross
_ .
thons of gross
do
do
do
do
do
do
. . _ do
do
do
Stocks, end of month.
do
Other glassware, machine-made:
Tumblers:
Production
thous. of doz__
Shipments .
do
Stocks
do
Table, kitchen, and householdware, shipments
thous. of doz._
Plate glass, polished, production!
thous. of sq. ft._
Window glass, productionc?
thous. of boxes
Percent of capacity c?
894
497
661
904
1,640
843
385
421
731
783
386
541
800
550
400
618
797
518
407
589
841
603
449
616
612
546
497
712
631
623
628
844
749
546
720
935
725
679
982
785
679
1,061
695
624
657
871
738
8,692
120.0
8 514
' 809
2 179
611
811
891
1,830
2,229
2,153
1,995
1,801
1,777
1,837
1,806
2,008
1,785
1,963
5,164
687
263
65
2,054
698
266
95
4,882
4,902
4,605
4,392
4,319
4,426
4 779
4,793
4,710
4,947
5,082
5,097
6,561
6,290
7,148
4,519
3 996
6 953
5,181
5,846
6 304
4,878
4,445
6 745
4,400
4 651
6 679
5,298
5 136
6 233
4,728
4 171
6 793
5,862
5 756
6 990
5,512
4 854
7 603
5,912
5,851
7 goo
4,679
5 254
7 063
6,120
5,434
6 752
7,027
6 591
7 077
2,820
9,046
2,168
7,313
2,237
6,746
1,933
7,349
2,021
7,789
1,525
7,746
1,522
7,980
2,164
8,702
2,005
8,079
2,311
9,391
2,014
9,265
2,301
8,246
3,202
9,746
642
251
159
593
286
396
644
275
227
797
242
190
692
243
278
781
255
384
735
211
448
915
239
394
728
251
309
708
251
241
700
271
278
GYPSUM AND PRODUCTS
Gypsum, production:
Crude
short tons..
1,056,379
990, 021
980, 401
919, 692
Calcined-.
__.
.do
593 985
688, 592
653, 532
629 470
Gypsum products sold or used:
Uncalcined
. _. do
313, 076
260 867
326, 458
246 712
Calcined:
For building uses:
Base-coat plasters ...
do
142 655
154, 076
126, 198
121 778
Keene's cement
do
2,932
2,094
1, 885
2,439
60,105
All other building plasters
do
65,282
49,725 52,046
—
Lath
.
.
thous. of sq. ft_.
183,090
152, 748
187, 458
160, 176
Tile
.
do
2 796
3 553
2 698
3 292
Wallboard©
do ...
414, 173
361 418
434, 413
431 684
Industrial plasters
short tons..
44, 124
47. 566
43.331
44.433
r Revised.
» Coverage of reports changed beginning September 1943. Data shown above are computed
^
,
„ as indicated by new data.
on percentage
changes
^According to the compilers, data represent approximately the entire industry. tf Collection of data temporarily discontinued.
©Includes laminated board reported as component board; this is a new product not produced prior to September 1942.
t Revised series. See note marked " t" on p. 34 of the July 1944 and May 1944 issues of the Survey regarding changes in the coverage of the data on glass containers and comparable
figures for 1940-42.
SUKVEY OF CURRENT BUSINESS
November 1944
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1943
1944
September
S-35
September
October
1944
November
December
January
February
March
April
May
June
July
August
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production. _ _
thous. of dozen pairs,.
Shipments
.
/
do
Stocks, end of month ...
do
11, 466
11, 764
16, 542
12, 564
12, 879
17, 190
12, 375
12, 561
16, 898
12, 310
12, 493
16, 652
12, 560
11,723
17, 419
12, 301
12,075
17,520
12,202
12,144
17,453
13, 458
13,590
17, 197
11, 650
11, 761
16, 961
12, 763
12, 657
16, 942
12, 126
11 974
16, 970
10, 052
9,982
17, 040
12, 767
12, 966
16, 840
872,155
.202
846,993
.203
858,877
.194
851,180
.199
818,724
.202
811,062
.199
903,538
.200
775,617
.202
832,812
.198
805,823
.202
723. 402
.203
841 490
.202
.208
.211
.210
.210
.215
.216
.214
48
576
COTTON
Cotton (exclusive of linters):
793, 086
Consumption
bales
.210
Prices received by farmers!
dol. per lb__
Prices, wholesale, middling J!K6", average, 10 markets
.214
dol. per lb__
Production:
3,985
Ginnings§
thous. of running bales
Crop estimate, equivalent 500-lb. bales
thous. of bales 2 11, 953
Stocks, domestic cotton in the United States, end of
month :t
9,703
Warehouses
. thous. of bales.
1,672
Mills
do
Cotton linters:
Consumption
_
do
121
Production
.... .. do
100
Stocks end of month
do
328
.204
.203
.197
.197
.202
5,750
9,063
10, 560
10, 771
10, 933
i 11, 129
i 11, 429
10, 403
1,882
12,236
2,160
12, 896
2,343
12, 609
2,355
12, 046
2,328
11, 468
2,293
10, 839
2,233
10, 205
2,164
9,515
2,054
8 788
1 931
8,221
1,820
7,872
1 662
111
150
671
117
187
720
110
184
761
107
167
820
99
137
859
107
100
845
116
82
797
111
56
746
123
40
661
122
21
545
133
23
454
125
29
357
19. 72
.193
.087
.108
19 78
.199
.087
.108
19 81
.199
.087
.108
19 28
.199
087
.108
19 gi
.206
'.092
.108
20 35
.209
.092
.110
COTTON MANUFACTURES
Cotton cloth:
Cotton broad woven goods over 12 in. in width, production, quarterly*
mil. of linear yards- .
Prices, wholesale:
Mill margins
cents per Ib
Denims, 28-inch..
dol. per yd__
Print cloth, 64 x 56c?
do
Sheeting unbleached, 4 x 4Q
do
Spindle activity:
Active spindles
-..
.
thousands
Active spindle hours, total
mil. of hr._.
Average per spindle in place
hoursOperations
percent of capacity
Cotton yarn, wholesale prices:
Southern, 22/1, cones, carded, white, for knitting (mill)t
dol. per lb_.
Southern, 40s, single, carded (mill)
do
RAYON
Consumption:
Yarn
mil. oflb__
Staple fiber .
do
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
filament
dol. per lb__
Staple fiber, viscose, 1^ denier
do
Stocks, producers', end of month:
Yarn
.mil. oflb..
Staple
fiber
_
do
2,512
2,525
2,539
r
2 419
20 89
.209
.092
.114
20.37
.192
.087
.108
20.47
.192
.087
.108
21.12
.192
.087
.108
21 09
.192
.087
.108
20 57
.192
.087
.108
19 98
.192
.087
.108
22, 280
9,381
404
122.3
J
.451
.568
22, 630
10, 325
442
127.5
22, 600
10, 069
432
129.5
22, 616
10, 179
436
125.3
22 574
9,912
425
115.4
22 216
9,719
417
124.0
22, 513
9,659
414
123.2
22, 570
10,637
456
123.9
22, 412
9,316
400
124.9
22, 385
10, 058
431
119.0
22 380
9,711
417
118 5
22 291
8,603
369
115.4
22 241
9,952
428
116 3
.414
.515
.414
.615
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
515
.414
.515
.414
.515
44.7
14 2
40.2
14.0
43.9
13.9
42.9
13.9
43.2
14 5
41.5
13 9
43.3
13 6
45.6
14 9
43.2
11 3
45.4
14.6
43.9
14 3
40.9
13 6
'44.3
r 14 4
.550
.250
.550
.240
.550
.240
.550
.240
.550
240
.550
240
.550
240
.550
240
.550
250
.550
250
.550
.550
250
.550
250
6.4
3.1
7.8
2.8
7.6
2.5
7.2
2.6
6.1
1.8
7.6
21
7.5
21
8.1
17
7.8
1.8
8.1
25
7.3
26
6.7
30
'6.9
'32
43, 056
2,052
54,275
3,370
42,784
2,820
51 165
3,345
46 228
3 128
46 908
3 016
59 315
4 315
46 928
3 824
46 892
4 008
51 890
4 435
r 38 752
40 OQQ
r 2 916
3 516
2,455
68
2 580
2 491
2 439
2 613
62
2,563
60
2 512
' 63
2 3gi
' 63
2 080
9 ^99
65
2 587
2 647
77
54
63
50
35
53
35
56
35
50
35
43
29
50
34
120,844
106, 548
207
122, 715
115, 154
119, 753
108, 213
1.148
.545
1.162
.545
OCA
WOOL
Consumption (scoured basis) :J
Apparel class
_- . .
thous. oflb
Carpet class
...
do
Machinery activity (weekly average) :^
Looms:
Woolen and worsted:*
Broad
thous of active hours
Narrow
do
Carpet and rug:*
Broad
do
Narrow
_ . . . do
Spinning spindles:
Woolen
_
do
Worsted
do
Worsted combs
. . do
Prices, wholesale:
Raw, territory, 64s, 70s, 80s, fine, scoured*..dol. per Ib..
Haw, bright fleece, 56s, greasy*
...do
Australian (Sydney), 64-70s, scoured, in bond
(Boston)
_
dol. per lb_.
Women's dress goods, French serge, 54" (at mill)
dol. per yd..
Worsted yarn, 9^a's, crossbred stock (Boston)
dol. per lb__
Stocks, scoured basis, end of quarter:!
Total
thous. oflb..
Wool finer than 40s, total
do
Domestic
do
Foreign
.
_
do
Wool 40s and below and carpet
...do
1.190
.545
73
219
203
1.170
.545
69
64
53
36
60
40
61
38
58
37
54
36
53
37
115, 259
106, 909
125, 674
115 020
125, 512
114 099
123, 552
114 101
121, 302
111 032
202
120,333
111 253
207
1.190
.545
1.190
.545
1.190
.545
197
1.178
.545
206
1.190
.545
206
1.190
.545
208
113 128 r 99 780 114 824
103 880 r 89* 154
95* 724
*195
' 172
191
1.190
.545
1.190
.545
1.190
.545
.765
;765
.765
.765
.765
.765
.765
.765
.765
.765
.765
.765
.765
1.559
1.559
1.559
1.559
1. 559
1.559
1.559
1.559
1.559
1.559
1.559
1.559
1.559
ft 800
1.800
1.800
1.800
1.800
1.800
1.800
1.800
1.800
1.800
1.900
1.900
1.900
320, 223
278, 407
134,345
144,062
41,816
289, 058
279, 263
339 369
______
_____
246, 819
231 537 .........
287 276
127,007
115, 225
164,283
119, 812
116, 312
122 993
.
42, 239
47, 726
52,093
'Kevised.
1 Total ginnings of 1943 crop.
2 October 1 estimate of 1944 crop.
,
§Total
ginnings
0
0. to end of month indicated.
cTProduction of 64 x 60 for which prices through June 1943 were shown in the Survey has been discontinued.
©Price of 56 x 56 sheeting.
JFor revised figures for cotton stocks for August 1941-March 1942, see p. S-34 of the May 1943 Survey. The total stocks of American cotton in the United States on July 31,
1944, including stocks on farms and in transit, were 10,626,000 bales, and stocks of foreign cotton in the United States were 118,000 bales.
IData for October and December 1943, March and June 1944 are for 5 weeks; other months, 4 weeks.
• Data exclude carpet and rug looms operating on blankets and cotton fabrics and, through October 1943, woolen and worsted looms operating entirely on cotton yarns (no separate
data for the latter have been collected since October 1943); for ^weekly averages for 1942 and 1943, including such looms, see note marked "•" on p. S-35 of the May 1944 survey.
fRevised series. For monthly 1941 data for the yarn price series see p. S-35 of the November 1942 issue (1941 monthly average, $0.355). The farm price series has been revised
for August 1937-July 1942; for revisions see note marked "t" on p. S-35 of the June 1944 Survey. Wool stocks have been published on a revised basis beginning 1942 (see p. S-35 of
the May 1943 Survey); data include wool held by the Commodity Credit Corporation but exclude foreign wool held by the Defense Supplies Corporation.
*New series. The series on cotton goods production is from the Bureau of the Census and covers practically total production of cotton broad woven goods (except tire fabrics)
containing by weight 51 percent or more cotton; for data for first half of 1943 see p. S-35 of the August 1944 Survey; earlier data will be shown later. The new wool prices are compiled by the Department of Agriculture; they replace similar, but not identical, series formerly shown in the Survey, compiled from the Boston Commercial Bulletin which discontinued quotations after 1943; earlier data are available on request.
S-36
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
November 1944:
1943
Sep-
tember
Sep-
Octo-
tember
ber
1944
Novem- Decem-
ber
ber
Janu-
ary
Febru-
ary
March
April
July
June
May
August.
TEXTILE PRODUCTS—Continued
WOOL MANUFACTURES
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
Other nonapparel fabrics - __
_ _ _ do -
131, 552
107, 145
59, 859
33, 301
13, 985
22, 368
2,039
135, 518
114, 476
62, 459
40, 399
11,618
19, 692
1,350
139, 744
119, 219
60, 928
46, 263
12, 028
18, 987
1,538
133, 703
111 603
56,176
42,961
12, 466
20, 498
1 602
MISCELLANEOUS PRODUCTS
Fur sales by dealers
- -- thous. of dol
Pyroxylin-coated textiles (cotton fabrics) :
Orders, unfilled, end of month
_._thous. lin. yd_.
Pyroxylin spread
-- -- thous. of lb_.
Shipments billed
thous. linear yd
12, 594
4,118
5,117
2,826
2,230
3,245
5,189
7,385
6,079
5,190
r 3, 822
T
2 381
3 016
v 2 620
P 1 737"
11,429
4,435
5,194
10,688
4,658
5,346
10,551
4,585
5,897
11,883
4,533
5,398
12, 285
4,716
5,919
11, 816
4,456
5 545
12, 156
5,277
6 328
12,516
4,896
5 735
12, 773
4 828
5 517
12, 987
4 900
5 111
12, 893
3 846
4 322
12, 202
4 184
4 939
r 56 92fr »• 61 186
9 298 r 11, 926
r
47, 622 r 49, 260
19 338
20, 830
r 61 540
r
11 243
r
50, 297
20 269
TRANSPORTATION EQUIPMENT
MOTOR VEHICLES
Trucks and tractors, production, total*
Civilian
_
. ._
Military
_
_
Light- Military .
Medium:
Civilian
--Military
Heavy:
Civilian Military
r sg, 596
2,528
T
56, 068
21, 479
-- number
do
do
-- do
64, 866
12, 101
52, 765
21, 367
57,437
133
57, 304
21, 089
--- do..
do
10, 032
6,300
16, 094
do
---- do_.
2, 069
25, 098
95
142
20, 121
20, 050
19, 990
6,105
3, 599
3
0
3,953
3,068
62
53
3,681
2,282
288
288
3,504
1,964
331
331
4,100
2,425
1,758
51
3.0
30, 153
25, 285
4,S68
1,747
48
2.8
27, 696
21, 410
6,286
1,749
45
2.6
32, 892
21,876
11, 016
1,750
43
2.5
35, 053
23, 176
11, 877
1,750
42
2.5
34, 537
22, 654
11,883
2,187
5.5
2,070
5.3
468
387
81
2,079
5.3
426
352
74
2,109
5.3
1,977
5.0
323
64
285
54
252
51
369
361
8
375
368
7
374
341
33
431
378
53
356
321
35
-
0
133
59, 998
163
59, 835
22, 046
68
17, 739
56, 969
190
56, 779
21, 717
48
15, 072
59, 267
£05
58, 752
23,074
63
13, 847
1,985
' 12, 806
442
543
21, 831 '21 783
r
T
55
671
f
2, 766
52, 905
21, 095
1,798
9,940
r
r 56, 359 r 55,719
rg, 151
4,628
'51,731 f 47, 568
21, 081
19, 481
r
6,245
'6,649
3,317
8, 303
f
968
21, 870
1,311
«• 22, 347
5 361
2,092
7 962
1,999
r
r
r
7 310
7, 007
9 319
6, 625
r
2, 607
21 805
1,906
21, 438
1,988
'21 277
7,316
7 034
1,501
6 090
1,698
r
10 24&
5 746
2, 661
23 997
2 26326 847"
r
r
545
511
034r
441
6,031
r g 582
r
68
12
56
23
RAILWAY EQUIPMENT
American Railway Car Institute:
Shipments:
Freight cars total
- number
Domestic
-do__ _
Passenger cars total
do
Domestic
do._
Association of American Railroads:
Freight cars, end of month:
Number owned
_ thousands. Undergoing or awaiting classified repairs ...do
Percent of total on line
.Orders unfilled
cars
Equipment manufacturers.-do
Railroad shops
... .do. _.
Locomotives, steam, end of month:
Undergoing or awaiting classified repairs-number. _
Percent of total on line
Orders unfilled
.. ..
numberEquipment manufacturers
do
Railroad shops
- do .
124
96
28
387
339
6 151
2,197
4 837
2 662"
445
445
166
166
713
16
16
1,752
42
2 4
32 211
20, 780
11, 431
1,752
43
2.5
31 844
20, 669
11, 175
1,753
43
2.5
35 581
24,241
11, 340
1,754
48
28
43, 321
32, 677
10,644
1,753
53
3.1
42 244
32, 859
9,385
1,754
51
3.0
41, 236
33, 166
8,070
1,755
54
3.1
37 985
30, 955
7,030
1,756
5230
34 064
28, 070'
5,994
2,137
5 4
2,127
5 4
2,167
55
2,182
55
2,120
5.4
203
2,190
5.5
2,194
56
228
218
46
2,092
5.3
243
204
39
191
37
168
35
146
33
399
360
39
494
450
44
442
419
23
421
375
46
367
321
46
307
271
36
351
351
303
264
o
o
0
0
179
o
o
172
139
33
0
ft
ISOUS
32
INDUSTRIAL ELECTRIC TRUCKS AND
TRACTORS
Shipments total
Domestic
Exports
-- - -- number..
- do
do
CANADIAN STATISTICS
Physical volume of business, adjusted:
Combined indext
—
1935-39=100..
Industrial production, combined indext
do
Construction f
-- do .
Electric power
._
-do
Manufacturing!--do
Forestry!
-- .do
Miningf
do
Distribution, combined indext
. do Agricultural marketings, adjusted:!
Combined index. . .do
Grain
do
Livestock
do
Commodity prices:
Cost of living
_..
do....
Wholesale prices
1926=100
Railways:
Carloadings-.
thous. of cars..
Revenue freight carried 1 mile
mil. of tons
Passengers carried 1 mile
mil. of passengers
118.8
102.3
236.7
280.9
77.5
160.5
299.2
127.2
243.3
154.0
239.5
283.3
82.5
151.3
304.1
114.2
240.1
148.8
242.9
282.5
70.4
149.4
306.9
126.4
232.2
158.7
248.8
282.0
107.6
153.5
308.4
131.5
244.8
180.3
247.0
275.4
69.6
156.3
303.5
114.2
249.7
188.0
241.6
279.5
' 113. 5
153.8
304.5
124.6
255.5
163.1
247.8
282.7
201.8
154.7
300.5
125.3
262.6
175.4
239.5
270.0
140.2
153.1
291.3
115.3
247.5
176.2
241.8
272.3
109.2
165.0
297.3
119.3
238.8
178.6
238.8
266.8
111.8
160.2
292.2
121.1
225.5
180.8
232.2
262.1
98.8
154.8
287.6
112.8
225.4
170.3
233. 1
263. 5'
91.6
156. 4
291. 5
121.9'
214. 5
170.1
53.4
45.3
88.7
51.0
44.6
78.5
110.5
105.6
131.8
167.7
180.8
110.7
245.5
277.3
107.3
237.2
257.3
149.9
220.3
244.2
116.4
305.5
352.7
100.7
217.6
238.8
125.3
270.4
307.8
108.3
361.7
420.6
106.0
101. 7
94.8
132. 0'
119.4
101.1
119.3
101.9
119.4
102.4
119.3
102.5
119.0
102.5
118.9
102.7
119.0
103.0
119.1
102.9
119.2
102.5
119.0
102.5
119.0
102.5
118. 9
102. 3
303
5,670
573
315
5,815
543
319
5,868
489
288
5,366
679
281
5,349
'480
280
5, 024
'448
312
5,534
506
284
5,342
••544
318
5,769
535
315
5,457
638
297
5,640
714
317
' Revised.
^Preliminary.
tRevised series. The revision of the Canadian index of physical volume of business is due mainly to changes in the weighting and in the list of components, so as to present a
picture of the expansion in industries engaged in war production. Revised data were first shown on p. S-36 of the December 1942 Survey; subsequently the construction index was
further revised in the March 1943 Survey and the mining index was revised in the April 1944 issue. The revisions affected principally indexes for the period beginning January
1940; the agricultural marketings index and the distribution index were revised back to 1919 and minor revisions were also made in data prior to 1940 for other series. All series are
available on request.
*New series. The new series on woolen and worsted goods are compiled by the Bureau of the Census from reports of manufacturers who account for 98 percent or more of total
production; the statistics include estimates for a few manufacturers from whom reports were not received; yardage is reported on an equivalent 54-inch linear yard except blankets
which are on a 72-inch linear yard. Data on trucks and tractors are from the War Production Board and cover the entire industry. Jeeps, military ambulances, and wheel drive
personnel carriers are included but not half-tracks, full-tracks, or armored cars. Light trucks are defined as those up to 9,000 pounds gross weight, mediums, 9,000 up to 16,000 pounds,
and heavy, 16,000 pounds and over. There were some differences in the definitions employed in collecting these statistics and the trucks statistics formerly shown hi the Survey; it
should also be noted that the latter were "factory sales." Earlier data for all new series will be published later.
0. •. GOVERNMENT PRINTING OFFICE: 1944
INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S3S
BIT SECTIOHS
Page
..;.....,.. &~t
»«,»-~^*» 3-3
.
|fewip^ssarM^
K%««^^^^*
Hew
Sfe^
.... -
-
Employ-enact conditions ar»d wages.. S-§
»**^»iwv*«.»^.»™ .8-14
Chemicals find allied products .„-, S~22
t«
/M^j^i€fi^i^^a^rI««»-^*^.^***?-\ >»-.
|. •^Q^g^^^SSilj|-1Cifi3^
Nonferroys mctalt and prod_
_ _
J9h3a
J%ti%l<S3@@Bt &&<f- coal fM^5diiic£fu*.. »«, S~*33
St^«»e»; ^d^r* «jn<| gia«s jpjrodtteta~; 7
**'
^^w^***-^:
^
,
,
liS"--" ^ ^"^ *'*-*"**'*" •.«».-«»«.*. ^, , ^
,
-
, ,, ^
.»
:
B1T
I»«tei sxarleed 8
'
..... - -«• — .
.««.____•.__*__•. 7 * tl
4Uecr«ft...... ......i.*..^..;...,.™. 9, 10, It, If, 1$
peases__«^___:«.».,*.»*«^»__»«
,— .*«««^M«J— * 2,4, II, 1
»g.___„„,. 3,4r6tf , Sf 10, 11, 12* 13,
34
___ __^ -liM,^?,*,!**, U, 12, 13,1
*
SI
Beverages,
a* |«rice** aakt^
^cm —... ---- !
Brass sad Copper protfite|»
' "
-.---.-.-*--»*-* padfctog-. a, 10v 12.13^ $4, 2
s
....^i«
30
atorea <tee sttcr M^BRS*
e!).. ...........----.- - '/Jl
aaica; ylaJda...-......* it«-20'»
products. 1* S, 10, U; 12, 13, 34 •
Street raH^if* «ad buMea...— ^.....w.-- tl»l*,
" "" 14- .
j. £
,
« . » ^ » 4,7,8
Businesses operating and business tursa-o vet >,
S
,«
't$
»- 16,36
Clay
22
.-*.*.^.
Ihteveat «4<l -mosey ra*e8...«w.». — _,
'
et^rers* a»4 trade *
e, manuf actt^es » .-
- $, $
• " '%*
7,$0
- 34
........»...,....
.... as3» 4, 1&fllt M, 13, 14r 17, *3, 23, 24
.*^;^,,.,*..,^...
it
*..^.*.,..,.-.__*«, ___ XI
™-..
v f ; » r t t ,
._____ a, 4, U, ta, 14,33
_ _ _ _ _ ___ 27
....^ 2,33
f-««.««M. - " 3
2?
27 "
-
2,4, 10, 11, if, 13, 20 .-.*-^.«.^..»
24 ..^...-..- 1,3* 2f
t?aiskt brokers*
States
-.« —,+, , -- .«» ?
4V S3* U ,13, 1 4, lf»;l^
"
34"
credit
^-.------- t,-a, 3, 9»io»u»ia t i3 f
IS
r«3rtMag*.^».^^.^«*--i-**..*>
Manufacturers* orders, shipments, inren-
'
*w^^^^.w.^.-~«^_-.
*
Cottoo, raw, ead ma»ufacturc«. .. 2,4, 10, 12, 13f 35
- £7
w ^ » ^ .."..-:»-." . • \ tl"
2,4,7,8/14,^ 19; tt ,
..« ____
t, 4» 11, IS, 14,
....... .
^ *»*^««^« IS," 1
For fw
^arifcjaal.^^.
Caltle.and caiwa^
Cettwttfc.*^....,*,^.^^,.
Cereal and^afcary product!.
IS
...~»-.
9, 10* f Via, 18 .
-
'
-
-
eas a n d meat packing,, 1 , , , , , , , ,
etiliui.'*.^.* 1, av^;4, t, 10, tlf m, 13, 17*;%3
War
.-
**^-*!"^^ ' If.,
»-.**^ • - ;;f
JMtti-: •|t»5lt
.^^^---^^,/
u*»*;^-^,-":' ;-v* - ;
. — ..-—,**^\vr : f -
^.i.^w^^^i***, •iii'w..
Wool atjd wooJ roanufactures . 2,4,10,12,13,35,38
14 .
"
- '
C. TAYIQK, Wirfer'Secietary of Cwmnense
the Spperintendent of Documents,
Frintmg Office,
@FedFRASER