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NOVEMBER
1945
SURVEY OF
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
Survey of
CURRENT
USINESS
NOVEMBER
VOLUME 25, No. 11
Statutory Functions "The Bureau of Foreign and Domestic Commerce . • • to
foster, promote, and develop the foreign
and domestic commerce of the United
States" ILaw creating the Bureau, Aug.
1945
Contents
23, 1912 137 Stat. 4081.1
Page
©
THE BUSINESS SITUATION .
Department of Commerce
Field Service
Atlanta 3, Ga., 603 Rhodes Bldg.
Boston 9, Mass., 1800 Customhouse.
Buffalo 3, N. Y., 242 Federal Bldg.
Charleston 3, S. C, Chamber of Commerce
Bldg.
Chicago 4, 111., 357 U. S. Courthouse.
Cincinnati 2, Ohio, Chamber of Commerce.
Cleveland 14, Ohio, 753 Union Commerce Bldg.,
Euclid Ave. at East 9th St.
Dallas 2, Tex., Chamber of Commerce Bldg.
Denver 2, Colo., 566 Customhouse.
Detroit 26, Mich., 1028 Federal Bldg.
Houston 14, Tex., 603 Federal Office Bldg.
Jacksonville 1, Fla., 425 Federal Bldg.
Kansas City 6, Mo., 724 Dwight Bldg.
Los Angeles 12, Calif., 1540 U. S. Post Office
and Courthouse.
Memphis 3, Term., 229 Federal Bldg.
Minneapolis 1, Minn., 201 Federal Bldg.
New Orleans 12, La., 408 Maritime Bldg.
New York 18, N. Y., 17th Floor, 130 W. 42d St.
Philadelphia 2, Pa., 1510 Chestnut St.
Pittsburgh 19, Pa., 1013 New Federal Bldg.
Portland 4, Oreg., Room 313, 520 S. W. Morrison St.
Richmond 19, Va., Room 2, Mezzanine, 801
E. Broad St.
St. Louis 1, Mo., 107 New Federal Bldg.
San Francisco 11, Calif., 307 Customhouse.
Savannah, Ga., 513 Liberty National Bank and
Trust Bldg., Bull and Broughtin Sts.
Seattle 4, Wash., 809 Federal Office Bldg.
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1
Sales a n d R e d e m p t i o n s of W a r Bonds
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5
. . . . . .
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7
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12
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23
Construction Prospects
.
.
THE POSTWAR PRICE STRUCTURE
STATISTICAL DATA:
N e w o rR e v i s e d Series
M o n t h l y Business Statistics
General Index
. . . .
. . . .
Inside
. S-l
b a c k cover
l i O t C — C o n t e n t s of this publication are not copyrighted a n d
may be reprinted freely.
Mention of sources will be appreciated.
Published by the BUREAU of Foreign and Domestic Commerce, AMOS E. TAYLOR, Director—Department of Commerce, HENRY A. WALLACE, Secretary. Subscription price $2 a year; Foreign, $2.75. Single copies, 20 cents. Price
of the 1942 Supplement, the last issued, 50 cents. Make remittances direct to the Superintendent of Documents,
United States Government Printing Office, Washington 25, D. C.
The Business Situation
By Division of Research and Statistics, Bureau of Foreign and Domestic Commerce
USINESS ACTIVITY continued to
decline in October, but at a slower
B
rate than in the preceding 2 months,
when the major cutbacks in war production took effect. The most notable
changes during the past month occurred
in industrial output and factory shipments. Although the October decrease
in the finished munitions delivered was
smaller than in the preceding month,
manufacturing output as a whole continued to fall at about the same rate due
to the substantial reduction in coal and
steel.
Reductions in Coal and Steel
The output of bituminous coal declined substantially during the first 3
weeks of October as a result of wide-
spread work stoppages in the industry.
(See chart 1.) The curtailed flow of coal
to blast furnaces as a result of the strike
in the mines reduced the average weekly
steel operating rate in October to 71 percent of capacity compared with the
September rate of 80 and last spring's
95. However, the steel rate turned upward at the end of the month after coal
output was again stepped up to earlier
volume.
Crude petroleum output, which is also
shown in the chart, moved downward
following VJ-day as a result of greatly
reduced military requirements for aviation gasoline and other petroleum products. Increased civilian demand following the end of gasoline rationing has provided only a partial offset to the reduced
takings of the military.
Some Fields Remain Strong
Chart 1.—Selected Business Indicators—Weekly Production
PERCENT OF CAPACITY
100
MILLIONS OF SHORT TONS
14
12
80
10
70
60
STEEL
BITUMINOUS COAL
Other weekly indicators of production
and primary distribution were generally
lower in October than a month earlier
although there have been no severe reductions outside the munitions industries. As a matter of fact, the economy
in the first 3 months following VJ-day
has shown very considerable resiliency in
the face of the quick stoppage of much of
the armament program. Also, there have
not been very marked repercussions in
prices.
Some unsettlement occurred, but on
the whole the price level and structure
today are not much different from what
they were in mid-August. Meanwhile,
more goods have become available for
civilians—notably meats and gasoline—
and this tendency which will accelerate
from now on will gradually ease the demand pressure on prices over a wider
and wider segment of the economy.
In general, there was a retardation during October in the rate of decline in the
economy. The number of lay-offs slackened, while employment in some areas
increased as a result of seasonal upturns
and the easing labor supply. Trends in
the services and trade remained buoyant.
The decline in income payments to individuals that continued into October was
still confined largely to manufacturing
pay rolls. The major subject for concern
remained the speed of reconversion and
how soon sufficient job opportunities
would develop for the veterans who were
being discharged at the rate of well over
one million a month.
Reconversion Progress
The first part of the reconversion job,
cutting off war production in the warconverted plants, was virtually completed
MILLIONS OF BARRELS
BILLIONS-OF KILOWATT HOURS
by the end of September. This was fol6
lowed by the initial phases of resuming
CRUDE PETROLEUM
ELECTRIC POWER
civilian production. The easier produc(DAILY AVERAGE)
tion items, particularly those that had
been given the go-ahead signal immediately after VE-day, began to appear in
the stores.
In the case of durable goods, however,
while considerable progress was evident,
the quantities produced were still small
compared with prewar output and were
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hardly large enough to influence the volJ F M A M J
J A S O N D
J F M A M
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ume of retail sales. Some new automo!945—
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1945
biles, a prime example of the more coma D. 45-753
plex production segments, were distribSources: American Iron and Steel Institute; U. S. Bureau of Mines; Edison Electric Institute;
uted to dealers for display, but large-scale
and American Petroleum Institute.
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SURVEY OF CURRENT BUSINESS
deliveries were still considerably in the
future.
It is well to keep in mind the time
necessary to organize production and
to secure volume output. During this
organizational phase, a considerable
amount of activity is generated which
means employment, but which does not
find immediate reflection in the flow of
finished products into the channels of
distribution.
This can be seen in part in the way
employment is holding up relative to
shipments in the metal-working industries. Preliminary estimates for October
show that while shipments in the reconversion metal industries (metal products
other than aircraft, ships, and ordnance)
were 60 percent below the first quarter
of this year, man-hours of work were
down only 30 percent. The higher relative employment is needed to clear the
plants of the special machinery for munitions output and the old inventory, as
well as to install the equipment and
build up stocks of materials and parts
for the new types of product.
New Production Takes Time
Current concern over the rate of reconversion is a reaction to earlier overoptimistic forecasts in some quarters
rather than a response to the realities
of the situation. The fact to be kept in
mind is that the production of new products in large volume is a time-consuming
process. This was true during the war
when the pressure of demand was the
over-riding consideration. It took until
1942—2 years after the start of the defense effort—to really get war production rolling on a big scale.
The problems which industry faces
now are the same in kind—though not
in degree—from those faced in 1940 and
1941, when armament expansion was imperative. It is true that today we are
returning to things that we have made
in large quantities before, while then we
lacked in know-how. This simply means
that it will not take as much time to
convert back to peacetime goods—but
not that it can be done in a month, or
two, or three.
Chart 2 was drawn to illustrate that
the pattern of new production follows a
certain type of curve. This could be
demonstrated by many examples, of
which we have presented two from the
experience of the war; the third is an
historical peacetime experience. Note
the similarity of these three curves, and
the period of initial low production after
the start.
Each of the three lines represents
cases where either a new product was
undertaken from scratch or the facilities of a given group of plants were converted to another product, or a new
model of an old product. In each illustration the same pattern is apparent—
the shape is concave upward. The
progress of production does not follow a
straight line nor is large scale or full
production reached quickly.
In the top panel is shown the history
of the famous shift by Ford from Model
T to Model A passenger cars in the late
twenties. The data used here are for
registrations, but obviously these were
determined by production. Included in
these figures are the registrations of
Model T passenger cars, no longer in
production, as well as registrations of
Model A's produced by Ford. In computing the index of registrations for this
purpose, the previous monthly peak output was used as 100.
The 15 millionth and last Model T
came off the assembly line in May 1927.
It wasn't until October of that year—
5 months later—that the first of the new
Model A's was completed. (The small
number of registrations shown on the
chart for 1927 and early 1928 represent
sales of Model T's in the hands of dealers.)
Five months were consumed by Ford
in changing over equipment, tools, dies,
jigs, and fixtures and accumulating parts
for the new models. It then took almost
a year to reach 50 percent of the previous
peak output of cars. All told, previous
peak output was attained about 18
months after the first new model was
manufactured.
The remaining two examples are from
our recent war experience. The middle
panel represents a composite picture of
Chart 2.—Production Curves for
Selected New Products
INDEX, MAY 1926 = 100
NEW FORD CAR
-REGISTRATIONS
S O N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
INDEX, FULL PRODUCTION MONTH = 100
TYPICAL NEW
[-AIRCRAFT MODELS
NUMBER u -
1/G.VfHS
INDEX, FULL PRODUCTION MONTH = 100
'db
A NEW RiFLE
00
75
-
50
25
0
_l
1 1
!_J
L_ J
1
1
1 1—1
I
1
Sources: Index of Ford Car Registrations
based upon data of R. L. Polk & Co.; other products, U. S. Department of Commerce, based upon
data of the War Production Board.
November 1945
the production experience of new models
of airplanes and those manufactured in
new plants. Since it is a composite, the
occasional jagged monthly movements
do not show up as in the other two cases.
In this case, the production curve presented here begins after the blueprint
and planning stages are completed and
the first experimental models have been
tested. The monthly production goal
was taken as 100.
Here again, significantly, the typical
experience was that it took about a year
from the manufacture of the first plane
to a monthly production rate that was
one-half of the goal. Then, in another
6 months, the goal was attained. While
this is an average, with some models
taking less time and others more, all
models followed similar patterns.
The third case in this chart, an infantry rifle, represents a smaller production problem, as compared with automobiles and airplanes, but this product
Was manufactured in the main in plants
formerly engaged in civilian output.
Here, it took somewhat longer to get
started. Only one-fourth of the production goal was reached at the end of the
first 12 months. (The index was computed in the same manner as for airplanes.) Production rates were stepped
up very rapidly thereafter, and full production reached in another half year.
The common tendency in each of these
cases is that there seems to be three distinct slopes to each line. The first 3
to 6 months are used to get started. The
month-to-month percentage increases
are very large since they start from negligible output. After this initial phase,
there is a 6- to 9-month period when
momentum is gained and there is a.
fairly even month-to-month or gradually
increasing absolute advance, except for
minor interruptions that can always be
expected. In the last 6 months the slope
of the line changes again, with more
rapid monthly step-ups.
The 18-month pattern is not necessarily the dominant one in such cases.
The fact that the same time period is
shown in each of these illustrations is
partly fortuitous—stemming from the
availability of data for these particular
products.
Nevertheless, it can be seen that volume production in lines where reconversion is necessary will take an extended
period, even if we can expect it to be
somewhat shorter than this 18-month
cycle because in many cases the companies are returning to prewar models
for which they have the equipment and
dies, and more importantly the detailed
manufacturing experience.
The conclusion to be gathered from
these cases, therefore, is not the exact
time period, but the shape of the production curve which can be expected in the
present period. Any suggestions of big
quantities by Christmas in most reconversion areas are hence euphemisms.
In all, the time period for reaching full
production will in most instances in this
period take less than 18 months, except
where extensive construction of expanded facilities is necessary. But at
November 1945
the same time there is little reason to
expect volume production of even the
easier items, particularly in the metal
fields, until early next year. In construction, it will be more than 18 months
before peak volumes are reached, as
pointed out in the construction review
below.
Lay-Offs Taper Off
Because of the time-consuming reconversion process and the further contraction of industries producing finished
munitions as the reduced contracts are
run out, the immediate period ahead will
see moderate additional declines in aggregate durable g o o d s production.
Since, however, the initial period of
heavy slashes in war output was completed last month, the period of mass industry lay-offs seems also to have been
passed. Additional job seekers will
henceforth "come mainly from the armed
forces.
The September-October decline in
munitions production was only onefourth as large as the drop between August and September, and the further reduction scheduled by the year-end is of
still smaller magnitude. Shipments of
war goods are being sustained to some
extent by the clearing of plants as final
deliveries are made and contracts are
settled.
Total Unemployment Claims Level Off
The total number of claims for unemployment compensation reached a high
of 1.7 million for the week ending October 6—the largest number of claims
in any single week since 1940—but levelled off fractionally below this peak in
the 3 succeeding weeks. The reduction
in new unemployment reflects the slackening in the rate of lay-offs, some increase in nonagricultural employment
between September and October, and the
fact that the discharged veterans have
not yet returned to the peacetime occupations and hence have not yet displaced
others as they will at a later date.
The number of unemployed veterans
receiving readjustment allowances has
been climbing steadily, and in the week
ending October 13 amounted to 111,000.
This number represented about 10 percent of the number of veterans discharged between mid-August and the
first week in October.
Veterans Returning to Civilian Pursuits
The emerging labor market problem
thus derives primarily from the rapid
release of veterans now taking place.
Releases for the October-December
period are estimated at about 5 million,
with an additional 4 million to be discharged during the first half of 1946.
The immediate absorptive capacity of
trade and industry is bound to fall short
of the additions to the civilian labor
market which will result from demobilization in such volume.
Many returning veterans are delaying
their entry into the labor force for a
SURVEY OF CURRENT BUSINESS
Chart 3.—-Income Payments to Individuals
BILLIONS OF DOLLARS
200
BILLIONS OF DOLLARS
200
MONTHLY TOTALS,
SEASONALLY ADJUSTED,
AT ANNUAL RATE
160 -
120
-
MANUFACTURING PAY ROLLS V
-
160
-
120
-
40
I1P1 PilS
40
AGRICULTURAL INCOME PAYMENTS 2/
ALL OTHER INCOME PAYMENTS!/
1940
1941
1942
1943 1944 -*
1945
D. a 45-592
Includes pay of the armed forces in the United States and abroad, Government's contributions to
allowances
paid to dependents of enlisted personnel, and mustering-out payments.
2
Includes net income of farm operators, wages, net rents, and dividends and interest.
8
Includes the following items of nonagricultural income; net income of proprietors, dividends and
interest, net rents and royalties, public assistance and other relief, and social insurance benefits and
other labor income. Data beginning with June 1945 also include redemption of maturing Adjusted
Service Certificates held by World War I veterans.
1
Source: U. S. Department of Commerce.
variety of reasons. Thus, the rapid acceleration in the rate of releases which
occurred after September will not be fully
reflected in the labor market except after
a lag of perhaps 2 or 3 months.
Substantial Decline in Income Payments
Total income payments turned downward sharply with the Japanese surrender. (See chart 3.) The declines
registered in August and September
amounted to about 10 billion dollars in
terms of seasonally adjusted annual rates
and reduced the annual rate in the latter
month to about 154 billion dollars—back
to where it was at the beginning of 1944.
As noted in last month's issue, this rate
of decline is one of the sharpest recorded
since 1929, the earliest date for which
monthly estimates exist.
the war machine is dismantled. A substantial number of civilian Government
workers during the war were in the Government operated arsenals, shipyards,
and factories producing special munitions.
The only other important component
of income payments which has fallen off
since the war's end is the net income of
farm operators. One of the chief reasons for this decline is the September
drop in income from the tobacco crop, in
consequence of unseasonally high tobacco
marketings in the 2 previous months. In
addition, there was an unseasonal drop
in hog marketings, and the cotton crop
which is short this year has been late in
maturing. The average price received by
farmers was somewhat lower in September, and this development also
tended to reduce farm income for the
month.
Factory Pay Rolls Down One-fifth
More than three-fourths of the JulySeptember drop is attributable to a 20
percent reduction in factory pay rolls,
reflecting reduced employment, shorter
hours, and shifts to lower-compensated
jobs. Federal civilian pay rolls also
dropped, due chiefly to the shortening
of the work week, but employment here
is, of course, moving down sharply as
Military Payments Reach Record Volume
Unemployment compensation claims
surged upward in September and, in addition, there was a further rise in income
payments to military personnel. Although the strength of the armed forces
was lower in September than a month
earlier, the rise in mustering-out payments from 58 million dollars to 123 mil-
SUEVEY OF CURRENT BUSINESS
lion dollars was much larger than the
reduction in pay of the armed forces and
allowances to dependents.
As is clearly illustrated in chart 3,
rising income payments to military personnel constituted a large part of the
wartime expansion in total income payments. In September, these payments
accounted for almost a seventh of the
total.
In view of the high rate of demobilization, pay of the armed forces and allowances to dependents of enlisted personnel will be reduced sharply over the next
6 months. The decline will be cushioned,
however, by mustering-out payments and
expanded benefits to veterans.
The drop in their incomes obviously had
a dampening effect on any tendency
towards buying exuberance.
Table 1 shows wholesale prices to be
about the same at end of October as
they were in July. No clear movement
is discernible for any group. The price
controls limited increases, and the falling
away of some prices from the ceiling was
not sufficient to cause any marked downtrends.
Table 1.—Wholesale Commodity Prices
[Indexes, 1926 = 100]
Monthly averages
No Slackening in Consumer Spending
The selectivity which has characterized the transition downtrend in business activity since the beginning continued through October. Consumer buying failed to show any slackening, despite lower income payments. Gains
over a year ago continue in dollar sales.
In fact, the October increase for all
stores is expected to be larger than the
September results, which were 6 percent
above the same month a year ago, after
adjustment for trading days.
Outstanding among the September
year-to-year gains were the 22 percent
increase in sales of filling stations and
the 21 percent gain in sales of the automotive group, due to increased servicing
and sales of parts. Sales of building
materials, hardware, and home furnishings also showed some improvement but
these are scheduled for rapid advances
as the goods become available.
In the apparel group, the largest gains
were registered by men's clothing and
furnishings stores, reflecting heavy demand by returning servicemen. Pood
store sales were slightly above a year
ago after allowances for the extra Sunday this year. The easing of rationing,
plus some improvement in meat supplies, aparently had only minor effect on
total food sales through the end of September.
Prices Sustained
Evidence of sustained demand notwithstanding the downtrend of income
finds reflection in the trend of price quotations. This seeming paradox is accounted for by the low volume of expenditures relative to income during the
war. The whole subject of the existing
and probable immediate postwar price
level is analyzed extensively in this issue's article on "The Postwar Price
Structure."
The mild weakness which had developed in some wholesale markets 2
months prior to the war's end continued
through mid-September; thereafter,
prices steadied and gains were registered
in all major commodity groups. Thus,
the weaknesses that developed in individual commodities did not persist.
Neither did individuals seek to change
their spending habits during this initial
period of release from wartime strains.
All commodities..
Farm products.Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products ______
_
Building materials
Chemicals and allied
products
Housefurnishing goods. _.
Miscellaneous commodities
Week
ending
July
1945
AuSep- Octogust tember ber 27
1945
1945 1945
105.9
129.0
106.9
105.7
126.9
106.4
105.2
124.3
104.9
105.7
127.7
106.0
118.0
99.6
118.0
99.6
118.7
100.1
119.9
99.1
84.3
84.8
84.1
84.7
104.7
117.5
104.7
117.8
104.9
118.0
105.2
118.1
95.3
104.5
95.3
104.5
95.3
104.6
95.5
106.3
94.8
94.8
94.8
94.6
Source: U. S. Department of Labor.
Recent price tendencies are clearly evidenced by the movement of the daily
injdex of 28 basic commodities which
rose to the highest point of the war
period during October. As of October 31,
none of the individual prices included
in the index was below quotations for
the week just prior to the war's end.
Factors Affecting Prices
The relative insensitivity of prices in
this transition period is explainable in
terms of a variety of factors. The dominant element in the situation continues
to be price control which has kept most
prices in check despite inadequate supplies in many areas and a record volume
of money in circulation.
There has been some easing of supplies since VJ-day, but this has been
relatively minor, particularly in the case
of those consumers' and producers' goods
for which there is a heavy backlog of
demand. Only in the case of a few foods
has the reduction in military requirements resulted in lower prices. It should
be noted, of course, that prices of some
important farm products are insulated
against a falling-off of demand by the
existence of legal price supports.
Scattered Price Decline in Agriculture
Although it is generally felt that the
current rate of agricultural production—
which is 32 percent above the prewar
average—will in most cases exceed domestic civilian consumption at wartime
prices, the only significant break in farm
prices has occurred in truck crops.
November 1945
Prices received by farmers for vegetables
dropped one-third between August 15
and September 15, but a part of this
decline was recovered in the succeeding
month.
The break in truck crop prices resulted
from the release of large quantities of
canned vegetables from military stocks—
making possible the de-rationing of these
goods—and from the very large crops
which, in some cases, were in record
volume.
As of October 15, prices received by
farmers averaged 14 percent above parity. Even though most agricultural
prices are above parity, Government
price support programs play an important role in sustaining current prices,
since wheat, cotton, potatoes, peanuts,
soybeans, and flaxseed are being supported by purchase or loan guarantees.
Price supports may be used much more
extensively in the* future, since present
legislation provides a price floor at 90
percent of parity for a much wider range
of commodities for 2 complete calendar
years after the formal cessation of hostilities.
Pricing Formula for Consumer Durables
Although price quotations for consumer
durables showed little change through
the end of October, this is of limited
significance since these goods have not
as yet returned to the market.
In the reconversion pricing plan announced by the OPA, new prices will be
based on 1941 costs adjusted for legal
increases (that is, those approved by
OPA .and War Labor Board) in basic
wage rate schedules and in the prices of
materials and parts. To this adjusted
base is added the average 1936-39 pre-tax
profit margin (expressed as percent of
sales) for the industry. Alternatively,
new prices may be figured on an individual firm basis and a choice may be made
between using the firm's own 1936-39
average profit rate or one-half the industry's rate for the same period.
During the war the unavailability of
consumer durables has caused them to
have a reduced weight in the cost-of-living index. As these goods again become
available and are restored to the index
at prices close to 1942 levels, their inclusion will tend to lower slightly the overall cost-of-living index.
Amended Wage-Price Policy
Two important steps were taken during
the month to aid business and labor to
make the adjustments necessitated by
the liquidation of the war economy: By
Executive Order the President amended
the August 18 directive on wage-price
policy; and the Revenue Act of 1945 was
passed, cutting next year's Federal taxes
by almost 6 billion dollars.
In explaining the change in wage stabilization policy, the President set forth
twin objectives—stability of prices and
higher wage rates. He analyzed the several factors indicating that industry as
November 1945
a whole can afford substantial wage increases without price increases: Elimination of premium pay for overtime; downward reclassification of jobs; increased
productivity; repeal of the excess profits
tax; and the favorable profit position of
business today, with good prospects for
the period ahead.
None of the three new or amended
tests set forth in the August 18 Executive
order for approving wage or salary increases appears to open the door to any
sizable advances. For example, only a
small number of industries such as textiles, are likely to qualify as areas where
"wage rates are inadequate to the recruitment of needed manpower."
Pending an administrative interpretation of the Executive order, it is not possible to say to what extent industries
will be affected by the provision relating
to 'Increases where the percentage increase in average straight-time hourly
earnings in the appropriate unit since
January 1941, has not equalled the percentage increase in the cost of living between January 1941 and September 1945."
Basic wage rates have generally increased less than the 30 percent rise in
the cost of living. Most industries, however, have increases in straight-time
hourly earnings exceeding this amount.
These increases reflect changes in the
composition of the working force, upgrading, increased incentive pay, and individual wage adjustments, such as merit
increases and automatic promotions, as
well as basic wage raises for identical
jobs. The effect of this provision will
depend on how broad an "appropriate
unit" is used and whether "straight-time
hourly earnings" are defined in a more
restricted manner.
Basis for Later Price Increases
The new order also directs the Price
Administrator to take into account, in
determining price ceilings, wage increases which have remained in effect
for a reasonable test period—generally
6 months—even though such increases
have not been approved by the wage
stabilization authorities. Thus, employers are encouraged to give wage increases by the assurance that price relief
will be granted after 6 months, if it can
be demonstrated that such an adjustment is then necessary under the costprice relationships which develop.
SURVEY OF CURRENT BUSINESS
The new legislation reduces taxes for
the calendar year 1946 by almost 6 billion
dollars, distributed according to Treasury estimates as follows (in millions of
dollars):
Corporation taxes:
Repeal of excess profits tax
—4, 850
Additional revenue due to taxing
excess profits at reduced normal
tax and surtax rates
2,060
Repeal of capital stock and declared value excess profits taxes. —350
Net change for corporations._ —3, 140
Individual normal tax and surtax
Repeal of automobile use tax
Total change
—2, 650
-140
—5,930
Carry-Back Retained Through 1946
Although the excess-profits tax is repealed as of January 1, 1946, the 2-year
carry-back of unused excess-profits tax
credits is retained for an additional year
in order to enable business to apply reconversion expenditures or losses of income to reduce wartime taxes. The Senate Finance Committee recognized that
the continuance of the carry-back privilege is subject to abuse and promised to
propose retroactive legislation on this
subject in the near future. The Treasury estimates that the unused excessprofits credit carry-back will benefit corporations to the extent of 235 million
dollars next year.
The excess-profits tax has had a key
function in the war economy, both as a
means of recouping part of the large
profits which were generated by the high
voiume of production and as a vital
adjunct to the stabilization program. In
the fiscal years 1942-45 the tax yielded
27 billion dollars, or almost one-fourth
of total Federal revenues.
The reductions in the corporation normal tax and surtax rates were adopted
in order to give relief to the large number of corporations—more than 90 percent of all corporations—which will not
benefit from repeal of the excess-profits
tax in 1946. The rate reductions are
somewhat larger for corporations with
net income under 50,00-0 dollars than for
others. The yield of these taxes, on the
other hand, will be substantially larger
next year, because the repeal of the excess-profits tax results in the entire corporate income being taxed at the normal
and surtax rates.
12 Million Persons Relieved From Tax
The new law relieves from income tax
about 12 million persons—one-fourth of
the total number now subject to tax—by
making the present surtax exemptions
applicable to the normal tax. These persons are married or have dependents and
fall within the lowest income groups.
However, taxpayers in all income brackets will benefit by the change.
Further tax reductions are made by
lowering the surtax rate in each bracket
by 3 percentage points and reducing the
total amount of tax due under the new
basis by an additional 5 percent. The
combined effect of these rate changes is
to bring about tax reductions which are
larger in relative as well as in absolute
amounts as one goes up the income scale.
War Excises to Continue
No changes have been made in the war
excise tax rates, which apply to liquor,
jewelry, furs, toilet preparations, luggage, and other goods and services, nor
in the many other Federal excises, such
as those on tobacco, gasoline, automobiles and parts, household appliances,
radios, mechanical refrigerators, business machines, and many additional
commodities. The war excises will continue until 6 months after the legal termination of hostilities, at which time the
1942 rates will again become applicable.
The House Ways and Means Committee had first recommended that the war
excise tax increases be removed on July
1, 1946, in order to assure their repeal at
a time "when the purchasing power of
many workers will necessarily be impaired due to readjustments arising from
shifts from wartime to peacetime employment."
The high excise rates were originally
imposed partly in recognition of wartime conditions which prevented supplies from rising to meet greatly expanded consumer purchasing power. As
reconversion progresses, the seller's markets which have generally prevailed for
several years are being reversed, so that
many excises are gradually losing their
wartime function.
Among the other provisions of the new
tax law are special tax privileges for
present and past members of the armed
forces and the extension through 1946 of
existing employment tax rates for the
old-age and survivors insurance program.
6 Billion Dollar Tax Cut
The recently enacted Revenue Act of
1945 is intended as an interim tax relief
measure to aid both individuals and
businesses in the transition from a war
to a peace economy. It will, of course,
increase the size of the budgetary deficit.
A more general overhauling of the Federal tax structure from the standpoint
of the postwar objectives for production
and employment is expected to be undertaken later.
Sales and Redemptions of Savings Bonds
The ending of the war has had only
a mild effect on the volume of sales and
redemptions of United States savings
bonds. Although, for the first time on
record, bond redemptions exceeded sales
by a slight margin during September and
October (up until the opening of the Victory Loan Drive at the end of the month),
this development did not reflect any
sharp departure from the trends which
have been operative throughout the war
period.
As to the effect of VJ-day on savings
bond developments, it was felt more in
the moderate slackening in sales than in
the rise of redemptions. Sales of 514
6
million dollars in September and of approximately the same amount in the first
4 weeks in October were the lowest since
November 1941, just prior to Pearl
Harbor.
Slack Sales Period Between Bond Drives
This drop in sales is explainable in
terms of the slack period that follows
each bond drive and of the relative sharp
reduction that has occurred in factorypay rolls, as outlined in the introductory
section.
Automatic pay-roll deductions are the
chief factor sustaining bonds sales during inter-drive periods. During the 3month interval between the fifth and
sixth war loans, for example, almost
three-fourths of all the savings bonds
sold were purchased through the payroll deduction program. The windingup of the seventh war loan in July, combined with reduced pay rolls resulting
from heavy lay-offs, shorter hours, and
shifts to lower-paying jobs, was bound
to have a depressing effect on bond sales.
There are additional factors which explain the low September sales, such as
the fact that it was an income-tax month
and on the basis of working days is one of
the shortest months of this year. Moreover, some of the large number of workers shifting to new jobs during this
period may not have resumed their payroll deductions.
In view of this combination of factors,
it is striking to note by referring to chart
4 that September sales were only 15 percent below August 1944, the month following the fifth war loan. The small rise
which occurred in October of this year
reflects the Victory loan drive which began at the end of the month. Only a
negligible fraction of the drive sales were
reported in time to be included in the
October figure.
The periodic use of concerted sales
drives is responsible for the saw-tooth
effect shown in the chart. (If an arithmetic scale had been used instead of the
ratio scale in the chart, the sharp ups
and downs in sales would have appeared
even more marked.)
A clearer indication of the trend in
sales during the war period can be obtained by following the 5-month moving
average which is superimposed on the
curve of monthly sales. The expected
heavy sales during the Victory loan will
keep the moving average not much below
the level which has been maintained,
since the beginning of 1943. However,
the average will soon turn downward at
a much sharper rate, in view of the announced discontinuance of further loan
drives.
Long-Term Rise in Redemptions
The chart also illustrates the fact that
savings bond redemptions have been
steadily increasing during the war period
and the recent volume is not at sharp
variance with this trend.
Growth in the value of savings bonds
cashed in each month is largely a reflection of the continual rise in the amount
of bonds outstanding from 7 to 47 billion
SUEVEY OF CUEEENT BUSINESS
Chart 4.-—Sales and Redemptions
of U. S. Savings Bonds—All
Series
RATIO SCALE
MILLIONS OF DOLLARS
3000
5 MONTH
November 1945
Since August 1945, the percentage of
bonds redeemed has exceeded 1.1 percent a month. It is evident, however,
that this relatively high volume is not
a direct result of any marked changes in
recent months, but is merely the culmination of the persistent rise that has
continued for several years. The fact
that the August-October period fell between two loan drives is, of course, an
important consideration.
The survey of liquid asset holdings
conducted by the Bureau of Agricultural Economics of the Department of
Agriculture in cooperation with the Board
of Governors of the Federal Reserve System in the early months of 1945, throws
some light upon the attitudes of
investors
toward their bond holdings.1 Most of
the individuals included in this survey
indicated that they would use other liquid assets, such as cash holdings and
demand and time deposits, before redeeming their savings bonds when they
needed additional funds. Furthermore,
the majority of persons interviewed said
that they expected to use consumer credit
instead of bonds for purchases of durable goods.
Table 2.—Redemption of Savings Bonds
(All Series) as Percentages of Amount
Outstanding at End of Month
1942
1943
1944
1945
D 0
45-752
1942
1
2
Average plotted at middle month.
Represents funds received from sales during
the3 month.
Includes original purchase price and accrued
interest; beginning with March 1945 redemptions of Series A bonds also are included.
Source: U. S. Treasury Department.
dollars during the period from January
1942 through October 1945. The spurts
which have occurred at more or less regular intervals can be attributed to overbuying during the period of the drives
and the consequent increase in redemptions as soon as the 60-day waiting period
had elapsed. Thus, the jump in August
of this year was largely of this type. The
still higher volume in October, however,
probably reflects some bond liquidations
in consequence of job layoffs and payroll cuts.
The redemption of savings bonds (excluding series P and G) was simplified
and speeded up in October 1944 when
provision was made for immediate payment upon presentation to banks and
other authorized financial institutions.
Although there was an upsurge in the
value of bonds cashed in during October
1944 which was partly the result of the
simplified redemption process, the change
does not appear to have had any appreciable effect on the volume of redemptions after the immediate reaction had
worn off.
Relation to Bonds Outstanding
Not only have redemptions been increasing in absolute amount during the
war period, but they have risen relative
to the total volume of savings bonds outstanding. This is shown by the figures
in table 2.
January
February
March
April..
May
June
July..
August
.
September
October
November ___
December
0.21
20
26
.24
.23
.22
.23
1943
0.39
.45
73
.53
.51
66
1944
0.65
.59
84
.73
.85
72
iy45
0.83
.77
1 10
.95
.97
88
.27
.27
.30
.31
.67
.63
.55
.64
62
.92
.76
.76
1.06
1.00
1.14
1.13
1.32
.36
.76
.90
63
Source: U. S. Treasury Department.
But despite the desire of most investors to retain their savings bonds until
maturity, liquidation of holdings can be
expected to increase substantially in the
event of prolonged unemployment for
any sizable number of workers. Redemptions under such circumstances
would tend to buttress consumer demand
at a time when the current flow of income
was falling off.
Maturity of Series A Bonds
The amount of redemptions since
March 1945 includes a small volume of
payments for maturing series A bonds,
which first went on sale 10 years ago.
The redemption of these maturing
bonds—which represent the completion
of the first cycle in the sale of savings
bonds—has averaged about 14 million
dollars a month, which is only a small
part of the rise in redemptions this year.
Redemptions of matured bonds will become more important next year, however, when series B bonds begin to
mature.
1
See Federal Reserve Bulletin, September
1945, pp. 865-871.
SURVEY OF CURRENT BUSINESS
November 1945
Approximately three-fourths of the
amount of bonds which had matured by
the end of October had already been
presented for cash redemption or for
reinvestment in new issues. Reinvestment of matured bonds by individuals
is exempted from the 5,000 dollar annual
limitation on the purchase of series E
savings bonds.
Of the original total of 204 million dollars (face value) of series A bonds sold
during 1935, approximately two-thirds
were held for the full 10-year period.
Most of the near 70 million dollars of
bonds redeemed prior to maturity were
held for only a comparatively short
period and, therefore, earned very small
amounts of interest.
Lower Quotas for Victory Loan
A goal of 4 billion dollars has been
established for individual investors during the Victory loan drive, as compared
with a quota of 7 billion and sales of
8.7 billion dollars in the last drive. The
quota for corporations and other investors, on the other hand, is continued
at the same amount as in the seventh
war loan, even though actual sales to
these investors in the last drive were
two and one-half times as large as the
quota. This is shown by the figures in
the following table:
[Billions of dollars]
Seventh war loan Victory
loan
Quotas Sales quotas
Individuals. _
Corporations and other investors
Total
7.0
8.7
7.0
17.6
7.0
14.0
26.3
11.0
With the alleviation of wartime material and manpower shortages and the
consequent lifting of Government restrictions, the stage has been set for expansion of all types of civilian construction activity. Since the industry plays
a major role in maintaining national income and employment during prosperous
periods, the question of how rapidly it
can absorb the resources and manpower
released from war activities is of particular importance.
Construction enters the transition
from an extremely low point in dollar
volume of activity as chart 5 clearly indicates. The value of construction totalled
only 4 billion dollars in 1944, of which
over three-fifths was publicly financed.
This stands in sharp contrast to the peak
of over 13 billion dollars at the height of
the war construction program in 1942,
and the volume of 10.8 billion dollarsincluding over 8 billion dollars of privately financed activity—reached in the
best peacetime year, 1927.
Prospects are generally favorable for
a sustained volume of construction, at a
rate exceeding previous records, provided price increases do not stifle the
demand. Under the most favorable conditions, however, new construction activity will not re-attain the wartime peak
for over 2 years.
The present outlook is that activity in
1945 will exceed the preceding year by
about one-half billion dollars, subsequently climbing more sharply to over
7 billion dollars in 1946 and between 11
and 12 billion dollars in 1947.
Private Construction Activity Rises
Although construction this year will
be about one-eighth higher than last
year, its distinguishing feature has been
the change in the type of activity—a
shift from public to private construction.
The previous downtrend in private construction activity was reversed this year.
Increased private building activity,
particularly noticeable since the end of
war in Europe, has resulted from the
growing availability of manpower and
many materials, declining Federal programs, and the lifting of Government
restrictions previously necessitated by
shortages in relation to military requirements. Although the rise has been small
in volume, it has been sufficient to more
than offset the completion or cancellation
of Federal projects and has registered
significant percentage gains.
The relative shares of publicly and
privately owned new construction since
1920 are contrasted in chart 5. The
sharp contraction of aggregate private
activity, from its predominant position
in the twenties to less than a fifth of the
total in 1943, is apparent. As the chart
shows, it is anticipated that the wartime
1
Prepared with the assistance of the Construction Division, Bureau of Foreign &
Domestic Commerce.
4.0
In relation to the current rate of flow
of income to business and to individuals,
the Victory loan goals do not appear difficult of attainment. Income payments
are still exceptionally high, even though
reduced from the rates of recent months.
Notwithstanding the fact that the Treasury's cash requirements are lower now
than a few months ago, the setting of a
quota for individuals of as low as less
than half the amount of sales in the
previous drive appears justified only in
terms of a possible increase in sales resistance now that the war is over.
Although the Victory loan is to be the
last large-scale bond drive, the Treasury intends to continue encouraging
bond purchases under the pay-roll savings program in order to finance the
continued high expenditures involved
in maintaining occupation forces, demobilization, and reconversion.
Retention of pay-roll deductions for
bonds will permit people to carry into
the postwar period savings habits which
were first developed during the war.
While automatic pay-roll deductions may
induce some people to save more than
otherwise, the chief effect would seem
to be a shift in the form which savings
take. That is, workers will be encouraged
to accumulate savings bonds
instead
of
bank deposits or cash hoards.
Construction Prospects *
Chart 5.—New Construction Activity by Types x
BILLIONS OF DOLLARS
16
I92O'21 '22 '23 '24 '25 '26 £7 '28 '29 '30 '3! "52 '33 '34 '35 '38 '37 '38 '39 '40 '41 '42 '43 J44 '45 '46
D. D.
1
Data for 1945 and 1946 are preliminary estimates.
Sources: U. S. Departments of Commerce and Labor, and War Production Board.
45-744
SURVEY OF CURRENT BUSINESS
8
relationship will now be completely reversed.
Table 3 shows the trend in the value of
new construction activity during the first
10 months of 1945, compared with last
year. The rise in private activity—almost 50 percent to date—has far more
than offset the declines in public construction. Total privately financed new
construction in October more than
doubled that of October a year ago,
reaching the highest value since January 1942. The major contribution to this
rise was made by the four-fold increase
in industrial construction, reflecting the
reconversion to civilian output now in
progress.
Residential Building in 1945
Developments in private residential
building are of particular interest on two
counts. First, such building represents
a major sector of normal construction
activity and second, war time restrictions
curtailed residential construction to a
volume only slightly higher than that of
the depression period.
The low starting point from which the
recent recovery must be viewed is illustrated both in chart 5, showing the value
of privately financed residential construction and chart 6, showing the number of new dwelling units started in each
year from public and private funds. The
half billion dollars of such construction
activity in 1944 represents the lowest
point since 1933, Similarly, only 139,000
new dwelling units were started in nonfarm areas with private funds during
1944, the smallest number since 1934.
In other words, both the number of new
units started and the value of private
residential activity have been steadily
declining since 1941.
In this light the recent increase, although small in absolute volume, is significant. The upswing in private residential building can best be seen from
the quarterly totals for the past few
Chart 6.—New Dwelling Units Started in Nonfarm Areas by Source
of Funds 1
THOUSANDS OF UNITS
1000
800 -
600
-
400
-
200
^ Y Y Y f r ^ ^
1920'21 '22 '23 '24 '25 '26 '27 '28 129 '30 '3i '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 '43 '44 '45 '46
D. D, 45-742
1
Does not include trailer units or dormitory accommodations for single persons. Data for 1945
and2 1946 are preliminary estimates.
Includes permanent, temporary, and demountable units.
Sources : Data for 1920-29, National Bureau of Economic Research ; 1930-45, U. S. Department
of Labor ; 1946, U. S. Department of Commerce.
years which are shown in table 4. Privately financed dwelling units started in
the third quarter of this year are estimated at 635000—almost double a year
ago. The increase of 25 percent over
the second quarter is counter to the usual
seasonal drop. Although the final quarter is normally below the third, it is
probable that the current rate of building will be maintained or will register
only a very small decrease.
Table 3.—Estimated New Construction Activity, Continental United States,
10 Months 1944 and 19451
[Millions of dollars]
1945
January
Total new construction
Total private
Residential (nonfarm).
Nonresidential:
Industrial
Allother, .
Farm
Public utility
Total public
Residential- _
Military and naval
Nonresidential:
Industrial
Allother
Highway _.
All other_.. _ .
1
Febru- March
ary
April
May
June
July
August
September
October 2
Fir.- t 10
moi iths
1944
1945
277
115
25
285
117
23
317
136
26
353
158
34
386
181
45
403
203
58
423
235
68
445
256
73
417
272
76
425 3,411
290 1,331
76
437
3,731
1,963
504
32
18
6
34
162
37
19
5
33
168
7
46
41
21
11
37
181
7
51
44
22
16
42
195
8
54
49
24
?.)
42
205
9
60
51
28
21
45
200
9
59
55
30
34
48
188
7
57
60
38
30
55
189
8
56
70
49
23
54
145
4
40
82
184
114
63
175
15
421
54
135 2,080
2
177
34
631
521
312
182
444
1, 768
68
500
76
9
13
81
11
15
16
84
13
18
18
83
14
21
18
73
16
25
18
60
17
26
21
49
20
30
26
22
23
30
26
616
106
306
244
616
159
221
204
43
70
11
14
17
November 19*15
18
25
29
27
Joint estimate of the Department of Commerce, War Production Board, and Department of Labor.
2
Preliminary.
Government Control Lifted
Restrictions on private industrial construction were removed by the War Production Board shortly following the
capitulation of Germany. After the Japanese surrender, limitation orders affecting lumber, hand tools, hardware, copper, plumbing and heating equipment
and other building materials were canceled.
Finally, the War Production Boards'
Conservation Order L-41, limiting the
value and types of construction permitted without specific approval, was lifted
effective after October 15th. As a result,
the ceiling of 8,000 dollars sales price
established under L-41 for war-housing
programs sponsored by the National
Housing Administration has been removed, and contractors and home builders are free to start construction of any
type.
Despite the lifting of restrictions, no
substantial upsurge in new construction,
particularly residential building, can be
expected until spring. The fourth and
first quarters of the year are normally a
low period in construction activity because of the severe limitations imposed
on outdoor work by weather in many
parts of the country.
In addition to the seasonal factor, construction organizations were depleted
during the war and it will take some
time before manpower and materials are
assembled and construction in volume
can begin. Despite the general adequacy
of most building materials for the fall
SURVEY OF CURRENT BUSINESS
November 1&45
Table 4.—New Dwelling Units Started In
Nonfarm Areas, by Source of Funds 1
[Quarterly 1940-1945]
Total
1940:
1st quarter
2nd quarter
3rd quarter
4th quarter
.1941:
1st quarter
2nd quarter
3rd quarter
4th quarter
1942:
1st quarter
2nd quarter
3rd quarter
4th quarter
1943:
1st quarter
2nd quarter
3rd quarter
4th quarter
1944:
1st quarter
2nd quarter
3rd quarter
4th quarter
1945:
1st quarter
2nd quarter
3rd quarter 2
Privately
financed
Publicly
financed
108, 646
164, 260
171, 638
158,056
98,735
153,259
153,900
123, 677
9,911
11,001
17,738
34, 379
145,135
223,052
211, 406
135, 607
122,838
190, 794
183,079
122, 749
22, 297
32, 258
28, 327
12,858
138, 500
166, 600
94, 600
96, 900
111,025
81,121
63, 888
45,159
27, 475
85,479
30, 712
51, 741
118,100
82,100
76,100
73, 700
34,143
51, 681
52, 539
45, 365
48, 900
48, 300
38, 600
33, 200
37, 308
42, 540
32,927
26,000
83,957
30, 419
23, 561
28, 335
11, 592
5,760
5,673
7,200
29, 446
60, 304
66,100
26, 623
50,407
63,000
2,823
9,897
3,100
power with the better-paid and more attractive work in other industries. Unrest
over wage rates has faced both industries in the process of reconversion.
The trend in the production and shipment of brick, structural tile, clay sewer
pipe, and iron soil pipe is shown in the
panel chart. It can be seen that production of the first three items has been
declining in recent years, and the same
is true of soil pipe although comparable
figures are not available for plotting prior
to 1943. Shipments, which have been
maintained at a higher rate than production, have drawn heavily on inventories.
The most significant aspect of the
problem can be seen by comparing estimated requirements for 1946, which are
shown as a continuation of the line representing shipments, with the current
volume of production and shipments.
Future requirements have been estimated on the basis of the amounts of
materials needed, at previous rates of
consumption, to meet the anticipated
construction volume of 7.3 billion dollars in 1946, including 2 billion dollars
of private residential construction.
9
It is apparent that increased production is necessary in each case. A variety
of difficulties must be resolved, including
pricing problems, fuel shortages in some
areas, scarcities of components, and the
reopening of plants closed during the
war. The single most important limitation, however, has been difficulty in recruiting sufficient manpower.
Production of unglazed common and
face brick has been rising since April
from a monthly output of 150 million
to 190 million standard bricks, and is
expected to reach the rate of 200 million
by the fourth quarter of the year. This
rate, although sufficient to meet expected
needs in the first quarter of next year,
will have to rise sharply to fill pipelines
and meet the expected need for 950 million bricks in the third quarter of 1946.
During the war more than half of the
plants producing brick shut down. Although many are now reopening, operations are still far below capacity. Manufacturers' stocks on hand reached a low
point in August, equivalent to only one
month's production, as compared with
stocks of about three times monthly production in the fall of 1942.
1 Do not'include trailer units or dormitory accommodations for single persons.
2
Preliminary.
Source: II. S. Department of Labor.
and winter, local shortages and delays in
delivery are additional limiting factors.
Uncertainty concerning the supply of
some materials by spring may also be
creating some reluctance to start new
projects which might be subject to future
delays.
Shortages of Key Building Materials
On a national basis the outlook for
most types of materials is favorable.
Supplies of such products as cement,
structural steel, asphalt roofing, hardware and metal materials, and heating
and domestic equipment are improving,
and production during the winter lull
should be sufficient to meet expanded
needs by spring. Despite the general
adequacy for the country, however,
shortages and delays in delivery will continue to affect some localities.
Of the basic materials only six—lumber, brick, cast iron soil pipe, clay sewer
pipe, structural tile, and gypsum lath—
are in critically short supply. Unless
these materials are more abundant by
spring, new construction may be delayed.
Special efforts to resolve the difficulties
are underway and some improvement
has already been registered. In any
event, potential capacity in terms of
facilities and other resources is certainly
adequate for next year's requirements.
Most of these materials are now short
because they were in relatively slight demand during the war and production
was sharply curtailed. Materials such
as brick, gypsum lath, and structural
tile are of key importance in residential
construction but of very limited use for
the factories, cantonments and depots
constructed to meet military needs. During the war the foundries and forests
found it difficult to compete for man668469—45
2
Chart 7.—Production and Shipments of Selected Building Materials *
PRODUCTION
BILLIONS
OF STANDARD
• SHIPMENTS
o—-©ESTIMATED
BRICK
REQUIREMENTS
THOUSANDS
OF
SHORT
TONS
125
2.5
2.0
1.5
UNGLAZED BRICK, COMMON
_ AND FACE
CAST IRON
SOIL PIPE
100
-
A
75
1.0
50
&\*
.5
0
11111111
THOUSANDS
500
400
OF
25
i i i 1i 1 1 1 I 1 1 1 1 1
SHORT
I
1 1
1 i
i i
THOUSANDS
TONS
i
i i
OF SHORT
VITRIFIED CLAY
SEWER PIPE
UNGLAZED STRUCTURAL
CLAY TILE
1 1
1
TONS
500
4 00
300
300
200
200
I 00
100
I II I II i I ! I I 1 I I I I I I I I I
1 9 4 1
I
1 9 4 2 1 9 4 3 1 9 4 4 1 9 4 5 1 9 4 6
1
Data for the third and fourth
estimates.
quarters
i
i i I i i i
1 9 4 3 1 9 4 4 1 9 4 5
1 9 4 6
D. D. 45-757
of 1945 and requirements for 1946 are preliminary
Sources : War Production Board and U. S. Department of Commerce.
SURVEY OF CURRENT BUSINESS
10
Chart 8.—Shipments of Gypsum
Products
1942
1 9 4 3
1944
S9 4 5
1946
1
Includes lath (also shown separately m
chart), wallboard, sheathing, laminated board,
and tile. Total shipments for the third and
fourth quarters of 1945 are preliminary estimates. 1946 data are estimated requirements.
Sources : Data through the second quarter of
1945, U. S. Department of the Interior ; thereafter, U. S. Department of Commerce.
Price increases of $2 per thousand were
approved by the Office of Price Administration in September. It is expected that
this action will permit the industry to
pay higher wages and thereby alleviate
manpower difficulties. The effect of the
price adjustment is, of course, not yet
reflected in production figures.
Production of unglazed structural clay
tile, as the chart shows, has dropped
over 50 percent since the peak in 1941.
Peak output of 372,000 short tons in the
third quarter of that year fell to 166,000
in the first quarter of this year.
The monthly production has climbed
from 51,000 in February to 60,000 in August, but it will be necessary to reach a
rate of over 90,000 by next summer in
order to meet expected needs. An even
higher rate will be necessary to replenish
depleted stocks which at the end of August represented only a slight margin
over one month's production. Early in
1943 stocks were over five times the
monthly production rate. As in the case
of brick, it is expected that the September price increase of 80 cents per ton
for hollow structural tile will enable a
rise in production in the near future.
The drop of over one-third in production of clay sewer pipe from the first
quarter of 1943 to the second quarter of
this year is shown in the lower righthand section of chart 7. Peak requirements for 1946, however, will exceed 1943
production by 100,000 tons. Although the
current stock is fairly large, much of it
is believed to consist of obsolete fittings
and sizes.
The gap between current production
and future needs in largest for cast-iron
soil pipe. Current quarterly production
of 42,000 tons represents slightly less
than two-fifths of third quarter needs for
November 1945
lation of most military orders, shortages
of lumber are currently acute. Monthly
production totals are plotted in chart 9.
September production of 2.8 billion board
feet is almost as high as the monthly
average during the peak of prewar construction activity in 1927.
The main feature of the lumber situation in recent years has been the huge
military demand. Military takings averaged nearly 60 percent of lumber consumed during the period from 1941
through June 1945, and more than threefourths of the total available supply in
the first 6 months of this year.
With the end of hostilities, all unshipped Army orders and more than half
the Navy orders were canceled. Lumber
inventories carried by the various military bureaus and agencies at the end of
August were large, and it is expected
that they will be out of the lumber
market for the next few months.
Although the outlook should be very
bright on the basis of these facts, there
has been no substantial increase recently
in stocks available for civilian use. On
September 1, lumber stocks at mill and
concentration yards totalled approximately 3.4 billion board feet as against
3.3 billion at the beginning of July and
August. It is evident that Army and
Navy cancellations have not yet been reflected in these figures.
To the extent that such cancellations
represented contracts for fall and winter
delivery, no immediate increase in stocks
can, of course, be expected. It appears,
however, that some of the contracts
calling for delivery in August and possibly
September may have been accepted for
delivery, in which case they will not get
into civilian use unless they are processed
through surplus disposal channels.
It is clear that a lumber shortage is
unlikely to continue with the present
next year. Moreover, shipments have
exceeded production throughout the period. The growing demand is reflected
in unfilled orders, which increased from
about 12,000 tons in December 1944 to
over 185,000 tons this August.
A special report by the Bureau of the
Census on grey iron foundries in 1944
revealed that 15 percent of the plants
covered had dropped out of business. In
addition to the shrinkage of the industry, operations are below capacity. In
June the monthly capacity of reporting
firms was 1,500,000 short tons of all types
of grey iron castings, but total production was only half this amount.
Although capacity is available, a vigorous production drive will be needed to
double production by the third quarter
of next year in order to meet requirements. As in the case of clay sewer pipe,
the inability of production to meet requirements for this product may necessitate the use of available substitutes.
A somewhat different problem is presented by the shortage of gypsum lath.
Although the combined production of
lath, wallboard, sheathing, laminated
board and tile has been fairly well maintained, chart 8 clearly indicates the
sharp drop in shipments of lath as a
percentage of the combined production
during the war period, when it was in
relatively slight demand.
The current rate of shipments is not
far below estimated future requirements
for the three types combined. Since
there are no substitutes in the same price
range for gypsum lath, however, a reversal of the trend of the past few years
is necessary to meet 1946 requirements.
Lumber
Despite a high rate of production relative to building activity and the cancel-
Chart 9.—Production of Lumber
BILLIONS OF BOARD FEET
BILLIONS OF BOARD FEET
MONTHLY TOTALS
MONTHLY AVERAGES FOR THE YEAR
© PRELIMINARY
ESTIMATE
I
I
I
I
i
I
I
1 1 i
I
I
I
1
I
I
I
I
I
I
1920'21 '22*23124 "25'26'27*28'29*30'31 '32'33'34'35'36'37'38*39'40'4! '42
1343
194
Sources: National Lumber Manufacturers' Association through 1942; thereafter, Facts
Industry, Forest Service, U. S. Department of Agriculture, and War Production Board.
for
November 1945
production rate which is more than adequate to meet both current needs and
the volume of construction activity anticipated for 1946. The situation should,
therefore, improve markedly as soon as
the drop in military requirements is reflected in stocks at hand.
Steps to Increase Materials Production
Increased production of the critically
short materials can be achieved by expanding the capacity now in use and reopening plants, without the construction
of any new facilities. In fact, the various difficulties described above can be
resolved in a relatively short time. Attention therefore focuses on taking advantage of the winter months to raise
output and fill pipe lines in preparation
for increased activity in the spring.
In recognition of this situation, the
Office of War Mobilization and Reconversion announced, as the main part of
the program to speed expansion of the
construction industry, that price and
wage increases would be granted by the
appropriate agencies and priorities for
equipment established where necessary
to break material bottlenecks. In addition, inventory controls will be strengthened by the Civilian Production Administration (successor to the War Production Board) to prevent artificially created
shortages as production rises.
The Office of Price Administration has
acted, where necessary, to approve price
increases. In addition to those for brick
and hollow structural tile indicated
above, numerous other adjustments have
been made for such products as lumber,
hardware, gypsum lath, and soil pipe.
Clay sewer pipe producers are also currently negotiating for an increase in
the ceiling price.
Special efforts to recruit manpower are
being undertaken by the United States
Employment Service in cooperation with
the Civilian Production Administration.
Wage adjustments under the higher price
ceilings and an increasingly easing labor
market should assist materially in obtaining an adequate supply of workers.
Cost Uncertainties
Uncertainties concerning b u i l d i n g
costs have been cited as a factor which
may impede rapid expansion of the industry. There is reason to believe that
the current high cost of construction will
not be maintained in coming years. In
view of the large demand for new houses
the industry is in a position to have highvolume output if it prices its product
properly, and meets consumer expectations in the form of increased efficiency
and improved product.
General building costs have risen over
30 percent during the war years, as evidenced by the various indicators shown
in table 5. The sharpest increase occurred in the price of lumber which rose
65 percent between September 1939 and
September 1945.
This rise, considerably more than that
for any other material, reflects not only
the shortage in terms of war needs but
also the high cost of rail transportation
which had to be substituted for the usual
SURVEY OF CUREENT BUSINESS
11
Table 5.—Selected Indicators of Construction and Building Costs
Wholesale price of lbuilding
materials
CornDined
index
Brick
and
tile
Paint and
paint
materials
Lumber
1926=100
1939
1940
1941
1942
_
1943
1944.
1945:
J a n u a r y . __.
February
March
April
May
June
July
August
September
Percent increase, September
1939-September 1945
1
Construction cost indicators
American
EngineerAppraisal
ing news
Co. avg.
record (all
types)
for 30 cities
1913=100
1913=100
Federal Home Loan
Bank
Standard 6-room frame
house. 1935-39=100
Combined
Labor
Materials
90.5
94.8
103.2
110.2
111.4
115.5
91.4
90. 5
93.7
98.0
99.1
101.7
82.8
85.7
91.4
100. 3
102.3
105.2
93.2
102. 9
122.5
133.0
141.4
153.3
200
204
218
241
252
261
235.8
242.9
259. 3
277.6
290.9
299.4
101.8
103. 3
111.0
123.2
127.2
132.8
100.1
102.2
111.5
120.8
123.7
130.4
105.2
105.4
119.0
127. 9
133. 9
137.7
116.8
117. 0
117.1
117.1
117.3
117. 4
117.5
117.8
118.0
110. 4
110. 5
110. 7
110.6
110.7
110.9
111.7
111.6
112.4
106.3
106.4
106.3
106.3
106.4
106. 3
106.1
107.3
107.6
154.2
154.4
154. 3
154.4
154.9
154.9
155.1
155.3
155.0
266
267
267
267
268
269
270
271
272
303.7
304. 5
306. 4
307.4
309.0
309.0
309.1
309.3
309.3
134.5
134. 7
135. 0
135.1
135.1
135.3
135.6
135.8
136. 4
131. 7
131.9
132. 3
132.4
132. 5
132.7
133.0
133.1
133.3
140.1
140.1
140.4
140. 5
140.4
140.5
140. 6
140.9
142.4
29.8
23.5
27.0
65.2
35.3
30.6
34.2
33.4
35.7
U. S. Department of Labor.
shipment by sea. A drop from the current price seems likely with the availability of bottoms and more ample supplies
relative to demand. Moderate reductions may also occur in the prices of
other building materials as supply increases.
Despite probable increases in wage
rates, economies in labor costs are also
likely with the return to normal hours
of work. The recruitment of a more
efficient labor force and elimination of
much inevitable wartime wastage, such
as time lost at the site because of uneven materials delivery, should result in
appreciable savings. Changes in materials and methods are also expected to
increase productivity.
A conservative attitude towards costs
is reflected in the current insurance policies of the Federal Housing Administration and a number of private lending
organizations. The Federal Housing Administration is not insuring mortgages
under title II of the National Housing
Act on the basis of replacement prices
reflecting current costs. Instead, estimates of "stabilized cost" which include
only those increases expected to be maintained are used.
Table 6.—-Estimated New Construction
Activity, Continental United States
[Millions of dollars]
1946
Total new construction
Total private
Residential (nonfarm)
IndustrialFarm.
Other nonresidential building
Public utility
Total public
Residential
Military and naval
Industrial
Other nonresidential building
Highways
Sewage disposal and water supply.
Allother
_
Source: U. S. Department of Commerce.
Prospects for Construction in 1946
The sharp expansion in construction
activity which is expected for 1946 is
shown in chart 5. The estimated volume of 7.3 billion dollars is based on the
assumption that all materials difficulties
will be resolved by spring and the flow
will continue to be sufficient throughout
the year. It further assumes that construction costs and prices will remain at
approximately 1944 levels.
Under these favorable conditions, the
anticipated rise of 60 percent will exceed
all previous records. Physical and organizational limitations preclude more
rapid expansion. It will necessarily take
some time before war-depleted construction and supply firms are reestablished,
manpower is recruited, supplies are assembled, and projects are processed from
the blue-print stage through to actual
construction at the site.
Estimates for the balance of 1945 and
1946 are shown in detail in table 6. It
should be noted that activity will be rising throughout the period. Thus the
total of 7.3 billion dollars for 1946 represents a rate approaching 9 billion dollars
by the end of the year. The estimated
dollar volume of private activity, 60 percent of the total, is higher than for any
year since 1929.
The value of residential nonfarm
construction is expected to increase more
than threefold over 1945. The 2 billion
dollar total will be the highest of any
year since 1941. If this volume of dollar
activity is reached, close to 470,000 new
dwelling units, over three times the
number in 1944, will be started during the
year from private funds.
The number of dwelling units completed in 1946 will be considerably less
than the number started, the latter being
the figure plotted in Chart 6. The
marked increase which the projected
program represents over recent years
and the importance of privately
(Continued on page 22)
SURVEY OF CURRENT BUSINESS
12
November 1945
The Postwar Price Structure
By S, Morris Livingston
HAT about the price level reached
by the end of the war? Is it seriW
ously out of line with what might be
expected under conditions which we face
during the reconversion period and
thereafter? Does the whole structure of
supply-demand-price relationships and
cost-price-profit relationships suggest
the need for major readjustments?
Must we look forward to an inflationary boom and collapse such as followed
the last war, to speedy deflation, or to
reasonably stable prices? Are individual
prices so out of line that widespread adjustments are necessary?
To answer these questions it is necessary to have the background of the current situation—where we are and how
we got there—together with an evaluation of the current and prospective forces
operating on the price structure.
Reliance on Price Incentives
The wartime interrelation between
supply, demand and prices has been different from that which might be expected in peacetime; nevertheless, it is
easy to exaggerate the importance of
this in considering postwar price trends.
It is a fact, of course, that the enormous expansion in the production of war
goods and the shift of manpower to the
armed forces were not accomplished entirely by bidding up of the prices of
those goods and services in competition
with the alternative civilian production.
They were accomplished in part by direct
means—priorities, allocations of materials and resources, restrictions on nonwar production and the draft—plus the
whole pattern of voluntary cooperation
in the war effort insofar as it was motivated by patriotism rather than personal gain.
Price increases were nonetheless relied on to a considerable degree to expand production. Where a choice had
to be made between higher prices and
less required production, the decision
was in favor of permitting higher prices.
In general, the prices paid for finished
munitions actually declined during the
war, reflecting the reduction in unit costs
as large-scale production was reached.
It is true that manpower was attracted
to these fields by the economic incentives
NOTE.—Mr. Livingston is Chief of the Na-
tional Economics Unit, Bureau of Foreign
and Domestic Commerce.
of higher wage rates, upgrading, overtime and other pay premiums, as well as
by patriotic motives. Because of the
economies of mass output, however, the
costs of production of munitions items,
and therefore the prices paid, typically
were stable or falling.
Almost All Prices Have Risen
Contrary to the tendency of munitions
prices, the prices of practically all civilian type goods and of most currently
produced services have increased. The
index of wholesale prices pictured in
chart 1, which excludes most of the
strictly munitions items, rose over 40
percent from August 1939 to August
1945.
There were the usual variations in individual commodities which are characteristic of even a more normal peacetime period. Raw materials tended to
go up more than manufactured goods.
Chart 1.—Wholesale Prices, by
Economic Classes
INDEX, AUGUST 1939 = 100
80
/ "
RAW MATERIALS
60
I
V
/
I
COMBINED INDEX
40
t
i
i /
20
3
Jf
00
1939
1940
SEMIMANUFACTURES
/
°
MA NUFA C TURES
\
i
1941
1942
AUGUST
i
1943
1
1944
1945
D. D. 45-747
Source : U. S. Department of Labor. Indexes
recomputed to August 1939 as base by the U. S.
Department of Commerce.
Gas and electricity actually declined in
line with the long-term trends. Farm
products more than doubled.
The general picture, however, is one of
widespread and substantial price increases with comparatively few exceptions.
Granting that price increases have
been widespread, are there not serious
discrepancies between the prices of various products or groups of products which
must now be corrected? Are some prices
more than ample while others would call
for upward adjustment in a free market?
Will such adjustments result in higher
or lower average prices?
Undoubtedly price controls were more
effective at some points than at others.
An outstanding example of effective control is rental rates. In general, however,
the record does not indicate much more
than the usual disperson of price
changes.
Controls Did Not Prevent Increases
Chart 2 shows the price increases of
the major groups entering into the Bureau of Labor Statistics cost of living
index (Consumers Price Index for Moderate Income Families in Large Cities)
over two periods. The black segment of
the bars shows the change in the 3 years
prior to the effective date of the General
Maximum Price Regulation. Up to that
time there was a relatively free market.
Informal agreements, as well as formal
controls, affected the prices of a number
of imported raw materials, metals and
certain other basic industrial commodities but these controls affected the ultimate consumer only to a very limited extent. Also there was still some slack in
the labor supply and other resources to
meet demands for additional production.
The second period covers 3 years of
tighter supply and extensive price controls.
Prices rose in both periods, though the
rate of increase was not so rapid in the
past 3 years as in the preceding period.
Nevertheless, the price changes in this
second period are consistent with and an
extension of those which occurred in the
first 3 years.
Rent is the only group which did not
show a substantial further increase. It
is a special case, however, in appraising
current prices in relation to costs in that
it is a payment for use of an existing
asset rather than for current produc-
SURVEY OF CURRENT BUSINESS
November 1945
Chart 2.—Percentage Change in Consumers' Price Index, June 1939 to
June 1945 x
+ 10
-10
PERCENT
+20
+30
+ 40
+ 50
+60
COMBINED
INDEX
V/////////A
FOOD
CLOTHING
HOUSEFURNISHINGS
OTHER FUELS AND ICE
RENT
GAS AND ELECTRICITY
MISCELLANEOUS
1
D.D. 45-750
Formerly designated "cost of living" index.
Source : U. S. Department of Labor.
Chart 3.—Percentage Change in Consumers' Prices, by Deciles
PERCENT
+ 100
DECILE
TENTH
+ 80
NINTH
+ 60
SIXTH
- SEVENTH
-FIFTH
-EIGHTH
+ 40
+ 20
-FOURTH
-THIRD
-
SECOND
FIRST
JUNE
1939
JUNE 1939JUNE 1942
1
JUNE 1939JUNE 1945
0. D. 45-751
Data represent 175 consumers' prices which are 77.8 percent of the total consumers' price index
by weight; the major item excluded is rent. Deciles are determined by percentage change from
June 1939 to June 1942 in terms of base weights in the index. Consumers' price index was formerly
designated "cost of living" index.
Sources : U. S. Departments of Labor and Commerce.
13
tion. Rent controls were not only relatively easy to enforce; they could be applied strictly without fear that current
production would thereby be limited.
Chart 3 examines the degree of price
dispersion. It groups 175 of the individual items included in the cost of living
index by deciles (10 groups of equal
weight in the index) according to the
extent of their price rise from June 1939
to June 1942. The major item excluded
is rent. With the total index increasing
18 percent over the 3 years, items accounting for one-tenth of the total
weight of the 175 items actually declined
slightly. In contrast, the top tenth increased over 50 percent in this first
period.
In general, those items which increased
most in price during the first 3 years made
an equal gain in the 3 years following the
General Maximum Price Regulation. The
lower tenth which actually declined in
the first period increased only moderately
in the second. The upper tenth had risen
by almost 90 percent at the end of the 6
years. In only 2 of the 10 deciles were
the price rises in the second period sufficiently different from the first so that the
trend lines actually crossed.
More detailed study of the individual
items discloses about the same dispersion
of price changes in the second period as
in the first 3 years of relatively free
markets. It is true that prices of some
items, notably meats, were actually rolled
back. Subsidies were used in some
instances to provide ample incentive to
producers while holding down prices to
the consumer. Other items such as fresh
vegetables, where controls were more
difficult, increased more in the second 3
years than in the first.
This dispersion will continue. There
are a variety of reasons why some prices
will go up while others go down. The
evidence does not suggest, however, that
they are wartime distortions which will
require more than the usual amount of
such adjustments. On the contrary, it
indicates the general nature of wartime
price increases. Those items which increased little if any are typically those
which are very stable or, like electric
power, subject to a downward secular
trend. Even where prices were actually
rolled back in the second period they
remained high.
Prices Covered Wartime Costs
It is true that there has not been a
free play of supply, demand and price
in the civilian sector of the economy and
that the price level for civilian goods at
the end of the war is undobutedly much
less than it would have been if controls
had not been exercised. It is clear
from the record that price controls were
effective in limiting price advances.
They did not—nor were they intended
to—prevent advances where necessary to
secure required production.
Neither did these controls prevent an
increase in prices sufficient to cover wartime costs and leave high profits before
taxes. Aggregate corporate profits before income and excess profits taxes in
1944 were about 25 billion dollars, or
SUEVEY OF CUREENT BUSINESS
14
production for war, and to provide consumers with a volume of goods and services as high as or higher than in the
best prewar year. Shortages were relative to the insatiable demands of war and
to the demands of consumers with high
wartime incomes. Whenever there was
any doubt whether existing prices would
encourage all-out production the price
ceilings were usually liberalized.
roughly one-fifth of the net value of
production by corporations. There is
no major segment of the economy in
which prices were insufficient to cover
costs.
Profits before taxes are used here as
the best measure of cost-price relationships during the war. Even after the
high wartime income and excess profits
taxes, profits were at peak levels. Relief under the carry-back provisions of
the tax laws will require upward adjustment of these reported earnings for the
war years.
The earnings of unincorporated businesses also suggest that w_artime controls have not prevented price rises
which were ample to cover wartime
costs. The net income of nonagricultural proprietors increased more than
25 percent from 1941 to 1944 without a
corresponding increase in the physical
volume of goods and services produced
or distributed. The net income of agricultural proprietors almost doubled over
the same period.
Just as there was no large segment of
the economy which did not experience
large profits, so there was no important
segment where the supply was limited by
reason of prices. The existing price
structure offered sufficient profits over
and above costs to encourage maximum
Demand and Supply
Given this background as to what has
happened to prices and production during the war, analysis of supply-demandprice relationships may well start with
an appraisal of wartime restrictions on
consumer expenditures and the potential effects of removing those restrictions.
Wartime Consumer Expenditures
In the aggregate, wartime controls
prevented a rapid spiralling of prices,
costs and incomes, each influencing the
others. Thus, one result was to limit
the amount consumers had to spend.
Aside from this important effect, the
influence of controls on prices might be
measured by their restrictive influence
on consumer expenditures out of war-
Chart 4.-—Relationship Between Consumers' Expenditures and Disposable
Income
to
dJ
o
140
1
1
1
I
UJ
to
120
-
C/) *-+
Q CO
o <r
o <
o
100 —
a: o
/
o Q
44
£co
h2
80
42
id
~~
UJ CD
CL w
X
LU
"to
a:
60
NOTE.- LINE OF
REGRESSION WAS
FITTED TO DATA, 1929-40
-
UJ
—
:E
CO
2
O
o
33
40
40
j f
3
4
1
1
140
60
80
100
120
DISPOSABLE INCOME OF INDIVIDUALS
(BILLIONS OF DOLLARS)
a a 45-732
Source: U. S. Department of Commerce.
November 1945
time income, given the limited supply
of goods and services. The potential effects of removing those controls may be
deduced from the extent to which consumer expenditures fell below the relationship to current income which would
be expected under more normal conditions in the absence of controls.
Out of a disposable income of 138
billion dollars after taxes in 1944, consumers saved approximately 40 billion
dollars. This is considerably more than
a normal rate of saving. Chart 4 shows
this prewar relation between total consumer expenditures and disposable income and the extent to which expenditures fell below what would have been
expected during the war, if goods and
services were freely available.
The excess of savings, or the deficiency
of expenditures, is in the neighborhood
of 20 to 25 billion dollars. This is not a
measure of deferred demand—it is
simply the difference between what was
spent and what would have been spent
in the absence of supply difficulties.
Deficiencies Concentrated
This deficiency, however, is heavily
concentrated in certain segments, of the
consumer's budget. About two-fifths of
it was due to his inability to buy new
automobiles, to the rationing of gasoline
and tires, to the gradual decline in the
number of automobiles in use, and to the
resulting curtailment of a variety of other
expenditures related to user-operated
transportation. The top panel of Chart
5 shows the consistent relation of this
group of expenditures to disposable income from 1929 through 1940 and the
apparent deficiency of expenditures
relative to the high wartime income.
Almost one-fifth of the aggregate deficiency was due to severe shortages or
complete absence of a wide variety of
other consumers durable goods. The
middle panel of chart 5 shows this relation for all consumers durables except
automobiles, which are included in the
top panel, and jewelry. Jewelry sales
are excluded because they increased fully
in line with the increase in income.
Housing is another field in which expenditures did not keep pace with the
increase in income. This deficiency, as
shown in the bottom panel of chart 5
was due to the limited supply of housing
for rental purposes, relative to the large
increase in demand with the rise in consumer income, and to the limitation of
expenditures related to home occupancy
and home ownership by rental and other
controls.
In the user-operated transportation,
durable goods and housing segments,
controls were effective in limiting consumer expenditures so that the full impact of demand on the limited supplies
was not reflected in higher prices. It is
in these areas that there is room for
some increase in expenditures even in the
face of a substantial decline in consumer
income. This would be true even if
there were no deferred demands backed
by the purchasing power of wartime
savings.
These three categories, covering about
one-fourth of consumer expenditures in
November 1945
a more normal year, accounted for about
three-fourths of the total deficiency of
expenditures in 1944. There were other
deficiencies, notably in medical care, in
domestic and personal service and in such
special items as foreign travel. Over
most of the other categories, however,
current outlays do not appear to have
been seriously out of line with the large
increases which have occurred in consumer income.
Half of Budget in Line With Income
For the half of consumers' budgets represented by expenditures for food, beverages, tobacco, clothing and jewelry, outlays have been in line with increased
incomes. This is clear from chart 6. It
is in spite of the fact that the number of
civilian consumers was reduced.
To the extent that wartime controls
have limited consumer buying power they
have affected demand in these categories.
In large measure they have not prevented
the price increases resulting from the
pressure of existing buying power on the
limited supplies of goods and services.
Increased Expenditures Raised Prices
Consumer expenditures for food increased about 60 percent from 1941 to
1944. In contrast, the Bureau of Agricultural Economics reports that approximately the same physical quantity of
food was available to civilian consumers
in 1944 as in 1941.
The latter estimate does not cover the
processing of those foods. For example,
there may have been larger consumption
of flour in the form of bakery products.
Neither does it allow for the large increase in sales of beverages and meals
eaten away from home.
However, if allowance is made for the
deterioration of conveniences and services in connection with restaurant sales
and retail distribution of food, the conclusion seems warranted that the average consumer obtained very little more
in 1944 than he received for a much
smaller expenditure in 1941.
The Bureau of Labor Statistics shows
an increase of only 29 percent in retail
food prices from 1941 to 1944. This,
however, excludes or only partially includes such intangible or unmeasurable
factors as "black market" sales, forced
trading up to higher-priced items or
higher-priced stores, and the general
curtailment of such services as retail
delivery.
Consumer expenditures for clothing
increased over 50 percent from 1941 to
1944. Again the available evidence suggests that there has been comparatively
little increase in physical volume. In
fact, such evidence as does exist suggests an actual decline in supplies available to civilian consumers. Special indices of the output of clothing and shoes
for civilians compiled by the Federal Reserve Board record a substantial decline
from 1941 to 1944. The yardage of
clothing available to civilian consumers
also dropped substantially.
The Bureau of Labor Statistics index
of retail clothing prices increased 34
percent over the 3-year period. Again,
SURVEY OF CUEEENT BUSINESS
however, this does not include or make
sufficient allowance for various intangibles, such as forced trading up because of
shortages or deterioration of low-priced
lines, general lowering of quality of the
merchandise, and elimination of many
of the conveniences and services connected with its distribution.
While the statistics available do not
permit of any precise measurements, the
same general conclusions can be drawn
with respect to a wide variety of consumer goods and services. In spite of
increases in consumer expenditures,
which are roughly commensurate with
the rise in consumer income, the consumer was getting very little more real
value in the last few months of the war
than he did for a much smaller expenditure in 1941. In the face of the limited
resources available, the increase in consumer expenditure necessarily was reflected primarily in increased prices.
This is not to say that price controls
have been ineffective in these fields. We
do not know to what extent the absence
of such things as new automobiles might
have resulted in diversion of consumer
demand to other categories of expenditure if the controls had not operated.
Even more important, the controls have
been effective in preventing a spiralling
of prices, costs and incomes, thereby preventing even higher consumer buying
power and even greater pressure on the
limited supplies of goods and services.
Speaking very broadly, however, prices
for such things as food and clothing—
items that account for over half of the
consumer budget—today are not far different from what might be expected,
given present consumer incomes, present
supplies of those items, more active competition from all the items which are
not now readily available and no price
controls.
This conclusion is highly significant in
appraising the current price level and
evaluating probable trends. It is from
this benchmark that we must analyze
the possible changes in supply-demand
relationships during the transition from
war production and thereafter.
Consumer Income in the Transition
Consumer demand during the transition and thereafter will depend primarily
on what happens to consumer income.
Therefore, the next step is to see how
consumer income may be affected by curtailment of war production. It will also
be necessary to appraise the effect of deferred demand and accumulated war
savings.
In the absence of increases in basic
wage and salary rates, a decline in consumer income would be inevitable, even
if unemployment should be held to a
practical minimum. This is because the
reduction in working hours, the loss of
overtime and other premiums, the shift
from high wage war industries to lower
wage civilian lines, and the withdrawal
of some workers from the labor market
as war production is curtailed will more
than offset the return of servicemen to
civilian jobs paying more than they received for their military service.
15
Since this article is not concerned with
a prediction of general business conditions, it will suffice to point out that unemployment during the transition will
inevitably be more than the practical
minimum in a normal peacetime year.
The decline in incomes in the next few
months will be substantial.
In appraising the effect of a decline
in consumer income, it is important that
the high rate of saving, or deficiency of
expenditure, in relation to income has
been closely related to the absence of
certain categories of goods from the
market. These goods will not be available in quantities adequate to meet consumer demands during the early stages
of transition from war production.
Expenditures for some items—those
not to be had during the war—can be
expected to increase as fast as additional
goods of this type are available almost
regardless of the shrinkage in income.
The pressure of demand for goods of this
type will continue to be intense.
On the other hand, if we accept the
evidence of chart 6 that a large part of
consumer expenditure is already in line
with the present high income, then it
follows that any substantial decline in
this income will mean some lessening of
the pressure of demand for many commodities and services. In the aggregate
consumers will spend fewer dollars for
those goods and services.
This does not necessarily mean a decline in the physical quantities purchased. If the end of the war brings
sufficient easing of the supply, this physical volume—the real value to the ultimate consumer — may increase even
though dollar expenditures decline. The
result would, of course, be a decline in
prices, particularly that portion of the
price represented by the intangibles and
not measured by price indices.
Accumulated Buying Power
During the last 4 years consumers have
saved well over 100 billion dollars. Aside
from debt reduction, increased value of
insurance policies and other forms of
savings, they have accumulated over this
period almost 100 billion dollars in currency, bank deposits, and Government
bonds. That is more than their total
income in the best prewar year. Consumer holdings of these liquid, spendable funds have almost trebled since the
war began.
On balance, the importance of wartime
savings lies in their influence on the way
consumers will spend their current income. Some consumers will use these
savings to meet various contingencies,
such as unemployment, or to buy goods
which were not available during the war.
Others will continue to save out of their
current income.
The expenditure decisions of the average consumer will depend on conditions at that time—including his confidence in continued employment. But
because his reserves against the proverbial rainy day will be very large by prewar standards, he will be willing to spend
more and save less out of his postwar income than he would under the same con-
16
ditions if these reserves had not been
accumulated.
Appraisal of this influence of wartime
savings on postwar expenditure decisions, and therefore on prices, depends,
however, on some understanding of the
motives involved in their accumulation.
Why did consumers save rather than
spend so large a part of their war income? In what ways will the removal
of wartime conditions alter those expenditure decisions?
The first point to be noted in this connection has already been made. Most
of the huge accumulation of savings during the war resulted from the curtailment of expenditures in those parts of
the total consumer budget shown in
chart 5. Some of these expenditures
were of the sort which could be deferred
and some could not. Typically, the deferrable demands are again in the areas
where the supplies available to consumers will be limited in the early stages of
the transition. Wartime savings tend to
reinforce those demands even though
the purchases may be paid for out of
current income.
The combination of deferred demands
and accumulated buying power will
serve to maintain the pressure of demand on supply in those areas in spite
of a decline in consumer income and
until a high volume of production has
satisfied the most urgent needs. Over
this segment then price controls are
necessary until the latter condition is
reached. But it should be kept in mind
that this segment accounts for only
about one-fifth of consumer expenditures.
In addition, consumers did not buy as
much of the services as they normally
would out of wartime incomes. There
are few deferred demands to be made up
in this group. The two haircuts that had
to take the place of three left the hair
the same at the end of the war as it would
have been had it been trimmed a third
more times. But accumulated buying
power will encourage increased spending
for services as additional manpower becomes available to provide them.
The larger part of consumer expenditures, shown in chart 6, was approximately in line with high wartime incomes. There are deferred demands for
some items, such as nylon hosiery, but
on balance there is no deficiency to be
made up. Neither were expenditures for
such things as food and clothing appreciably in excess of the normal relation
to disposable income.
This is in spite of the fact that consumers held, during the last few months
of the war, most of the liquid savings
which they have today. In addition, the
current income which would normally
have been spent on consumers durable
goods and other restricted items was
available for increased expenditures in
other fields.
These influences encouraging a more
than proportionate increase in expenditures for the available goods and services were offset by other influences discouraging spending. The patriotic pressure to save rather than spend during
the war, reduced quality and excessive
inconveniences
involved in the purchase
SUKVEY OF CUEKENT BUSINESS
Chart 5.—Major Segments of Wartime Deficiency in Expenditures
Relative to Income 1
USER-OPERATED
TRANSPORTATION
no
DURABLE GOODS, EXCEPT
AUTOMOBILES AND
- JEWELRY
November 1945
competition from the durable goods will
continue only until large scale production of those goods is resumed.
Of the influences tending to discourage spending during the war, the removal
of the patriotic motive for saving and
a moderate increase in leisure time
could operate to increase the pressure of
demand. The others will be modified as
there is a lessening of the pressure of
demand relative to supply. Improved
quality and improved service will, however, mean more for the consumer's dollar, rather than price increases, and
hence may be classed as antideflationary
rather than inflationary. The use of
savings to tide consumers over a period
of unemployment or other loss of current income will operate in the same way.
In summary, deferred demands and
accumulated buying power will serve to
increase the pressure of demand for
those things which were not available
during the war. Accumulated buying
power will, cushion any decline in demand for the other goods and services
resulting from a decline in consumer
income. It will not, however, exert a
greater upward pressure on prices than
it was already exerting toward the end
of the war. It will be more effective as
an antideflationary influence than as a
threat of inflation.
Business Expenditures
DISPOSABLE INCOME
OF
INDIVIDUALS
1
Lines of regression were fitted to data for
1929-40.
2
Housing expenditures for the current year
are related to income for the previous year.
Source : U. S. Department of Commerce.
of many goods and services, and long
working hours which meant less demand
for goods and services connected with
leisure-time activities all played a part.
Will those accumulated savings which
did not burn holes in the pockets of consumers during the last months of the war
be a more effective stimulus to spending
and therefore exert a greater pressure
on prices now that the war is over? In
what ways will the offsetting influences
affecting the amount of expenditure on
nondurable goods relative to current
income be modified?
Of the influences tending to increase
wartime spending for nondurable goods,
the savings will remain. The lack of
Business capital expenditures, including changes in inventories as well as privately-financed outlays for equipment
and construction, were drastcially curtailed during the war—from almost 20
billion dollars in 1941 to less than 2 billion dollars in 1944. Most of the large
additions to plant and equipment in the
war industries were financed by the Government.
Despite the high rate of capital formation in some fields, there are deferred
demands for facilities to replace those
which have worn out and could not be
replaced under the controls in effect
during the war. More important, however, are the demands for improvements
to keep up with technological developments and for postponed expansion.
Wartime experiences with shortages, and
the anticipation of substantially more
than the prewar volume have emphasized these needs. As production of consumer durable goods is resumed, it will
be necessary to replace working inventories all the way from raw material to
retail outlet.
Business holdings of liquid assets have
increased by over 40 billion dollars to
about two and one-half times the prewar
level. The availability of these financial
resources will influence business judgment as to what capital expenditures are
feasible and desirable.
All of the influences determining the
actual amount of business outlays after
the war cannot be summarized here. It
is clear, however, that these outlays will
be large—much larger than the privatelyfinanced amounts during the war and
possibly well above the best prewar year.
For confirmation the reader is referred
to three articles in the June and July
November 1945
1945 issues summarizing business plans
as reported
to the Department of Commerce.1 In the early stages of the transition the demand for some machinery
and equipment will be in excess of the
available supply.
Inventory Boom Should Be Avoided
The inventory aspect of business demand deserves special attention. It is
possible that the necessary inventory accumulation may be exceeded and that
speculation will start in purchasing—a
situation reminiscent of 1919. There
are some of the same inflationary demands and dislocations of supply in
international trade today as there were
26 years ago.
Also, businessmen see a big domestic
market at hand if they can get production going in a hurry. Any apparent
inadequacy or threatened interruption of
their sources of supply may cause them
to anticipate their requirements so that
their own production and distribution
will not be hampered by lack of materials.
There are, however, several reasons
why the brief inventory boom and collapse after the last war are not likely
to be repeated. First and foremost, are
the Government controls over both
prices and inventory holdings which can
prevent such excesses. Secondly, businessmen remember the licking they took
in 1920 when losses on inventories and
forward commitments put many of them
into the red ink and forced some firms
into bankruptcy.
Better information now available on
inventories will provide ample warning
to the Government and business of developing excesses. Furthermore, the
probable decline in consumer income
from the wartime peak is larger now
than in 1918, and there is now a much
greater potential increase in output of
civilian goods over either the wartime or
prewar rate.
Weighing the general situation, therefore, it appears that, while the possibility of an inventory boom cannot be
ruled out, it is not likely to develop. The
danger of such a boom can be eliminated
by action to nip any such tendency at its
inception through firm use of the inventory and allocations controls of the War
Production Board and its successor.
Civilian Supply
On the supply side, the manpower and
other resources released from the war
effort will be available for increased
civilian production. Whether or not they
are fully utilized, they will make for an
easing of the pressure upon prices.
The increase in civilian supply will be
less than the curtailment of war production. Under the pressure of wartime demands individuals were employed who
would not normally be seeking jobs.
Hours of work were extended, vacations
1
Wilson D. Stevens, "Planned Capital Outlays by Manufacturers," June 1945, "Planned
Outlays and Financing of Manufacturers"
and "Planned Outlays and Financing of
Utilities
and Railways," July 1945.
668469—45
http://fraser.stlouisfed.org/3
Federal Reserve Bank of St. Louis
SURVEY 01? CURRENT BUSINESS
were postponed. In general, the country
worked during the war at a pace which
most people do not wish to continue
after the war.
Nevertheless, the postwar productive
capacity of this country, given reasonably
full utilization of available manpower, is
far above the national output in the best
prewar year. The magnitude of this
potential supply has an important bearing on postwar prices. Our ability to
produce once we are over the reconversion "hump" is so great that the problem
posed will be one of finding markets for
any such output and not one of consumers searching out sources of supply.
It will take time to shift to the production of civilian goods. The time required varies from only a few days in
some industries to a matter of many
months in others. To cite an extreme
case it will take 2 to 3 years of rapid
expansion for residential construction to
grow from the present extremely low
level to the ultimate volume indicated by
the deferred demands in that field.
We are attempting here to appraise the
forces at work on the price structure
without becoming involved in any predictions as to the course of business activity. This task is made somewhat easier
because the supply of civilian goods and
the buying power of consumers are not
independent of each other. The same
Chart 6.—Major Segments Where
Wartime Expenditures Were in
Line With Income 1
1
48
40
32
1
1
1
FOOD, ALCOHOLIC
BEVERAGES, AND
- TOBACCO
-
24
16
- s<*»
-
^32
33
8
40
1
60
1
>0
I
1
1
1
1
CLOTHING AND
JEWELRY
16
—
12
^
%2
-
30
8
-
40
4
-*»
i
1
1
1
80
100
120
140
SABLE INCOME OF INDIVIDUALS
(BILLIONS OF DOLLARS)
a a 45-734
1
Lines of regression were fitted to data for
1929-40.
Source : TJ. S. Department of Commerce.
17
conditions which over time make for a
large demand will also create a large
supply and vice versa.
It is true that disposable income is not
necessarily a consistent share of production. It depends also on tax rates
and on that part of the value of the
product which is retained by business as
reserves or undistributed profits. In
general, however, any increase or decrease in consumer disposable income
will be accompanied by a somewhat
larger increase or decrease in national
output.
In other words, high productive employment after the war means a large
supply of civilian goods as well as a large
demand for those goods. Similarly, the
failure to shift manpower and facilities
from the war effort to the production of
civilian goods would leave little room for
any increase in consumer expenditures
but it would also provide very little in
the way of additional civilian goods.
Supply and Demand in the Transition
These supply-demand relationships
can be summarized in terms of, first, the
variations to be expected between two
broad categories of goods and, second,
the difference between two periods of
time—the transition and the period beyond. The transition or reconversion
period might be defined as the first year
after VJ-day.
Where consumer expenditures have
been severely restricted, notably in useroperated transportation, consumers
durables, housing and some services,
prices have increased during the war
but not to the full extent which would
reflect the free competition between
civilians for the limited supply available
to them. In these segments a large increase in expenditures is possible even
in the face of a substantial decline in
consumer income. This possibility is
enhanced by the deferred demands,
backed by purchasing power in the
form of liquid funds which have accumulated.
It is in these same segments that the
time necessary to shift from war production and to reach a high volume of
civilian output will limit supply for a
while. This will mean sellers' markets
for such commodities until a period or
high production has satisfied the most
pressing demands. It is here that continued price controls will be necessary
until full-scale production is reached.
This pressure of demand on limited
supplies will be further accentuated because producers are also planning to increase their outlays on construction and
for new equipment as soon as materials
and manpower are available. As with
the deferred consumer demands, these
plans of producers are not likely to be
greatly affected by any probable nearterm changes in earnings.
These two segments of demand are
large, but combined they are not so large
as that portion of total spending which
has not been curtailed during the war.
Earlier it has been shown that expenditures for nondurable goods have been
very nearly in line with increased con-
18
sumer income. It is clear, therefore, that
prices of these goods, including those intangibles which cannot be measured adequately by any index, reflect most of the
impact of the present demand on the
limited supply available to civilians.
Curtailment of war production will
cause both a decline in consumer income
and an increase in the manpower and
other resources available for civilian
production. Since prices of most nondurable goods have reflected wartime
conditions of demand and supply, this
combination of decreased demand and
increased supply should make for some
easing of prices.
Any spending of wartime savings will
operate to cushion the decline in demand
for nondurable goods resulting from the
drop in income but probably will not be
large enough to prevent it. The sellers'
market for these goods which has featured the war will tend to disappear and
competition will give the consumer better
value for his expenditure than he received during the war.
However, too much should not be made
of prospective divergent tendencies. The
analysis of price changes during the war
demonstrated that, in general, they make
a consistent whole. The aggregate level
of civilian goods prices has been raised
without that degree of distortion which
would require a great deal more than the
usual readjustments between individual
prices which go on all the time.
We have indicated that the area in
which changing supply-demand relationships will encourage lower prices over
the next year or so is much larger than
the area in which the pressure of demand on supply will continue for a while.
The net change in the general price level,
however, will depend on what happens
to costs, such as wages, and on government controls, including floors as well as
ceilings.
SURVEY OF CURRENT BUSINESS
sumer increasing his consumption of
goods and services by somewhere around
50 percent, which would be possible
under conditions of full employment,
and still leave unsatisfied demands
sufficient to exert an upward pressure
on the general price level. This inertia
to rapid changes in ways of living also
should temper any inflationary tendency
resulting from the desire of consumers
to spend part of their wartime savings.
Production Costs
Shifting to the second viewpoint, let
us see what has happened during the war
to all of the factors which make up the
total cost of production and distribution
and what may happen to them. Chart 7
shows these cost factors, as well as
profits, for the privately produced segment of the gross national product in
1941. It excludes government wages and
salaries and interest on Government
debt.
Overhead Costs
A group of overhead items, including
interest, rent, depreciation and other
reserves and various real estate and other
taxes which do not fluctuate with busi-
November 1945
ness volume, accounted for roughly 18
percent of the total value of privately
produced goods and services in 1941. As
a group these overhead items increased
about 10 percent from 1941 to 1944.
Since there was more of an increase in
the physical output of goods and services
this meant an actual decline in unit cost.
The future cost of these items per unit
of output will depend largely on the total
volume of business transacted. The net
increase in this unit cost from 1941 to
1946 is not likely to exceed 10 percent.
With a higher level of production required for even moderately good employment in subsequent years, the cost per
unit might actually be less than in 1941.
Wages and Salaries
About half of the total value of goods
and services produced in the private
sector of the economy in 1941 was made
up of compensation of employees. The
increase in hourly wage and salary rates
since 1941 has been a little more than
one-fourth. This is the average intraindustry increase in straight-time hourly
rates. It includes upgrading as well as
changes in basic wage rates. The increase in the average pay envelope was
considerably more because of overtime
Chart 7.—Distributive Shares of Private Production
(Before Adjustment for Inventory Revaluation)
BILLIONS OF DOLLARS
200
150
Productive Capacity Inflation Deterrent
Deferred demands will be important
in some lines for several years. But in
general the dominant fact is the
enormous productive capacity of this
country. Excepting the difficult period
of transition from war production, it is
hard to visualize any general inflation
of the prices of goods and services without full employment. Until that level of
production is approached any pressure
of demand will tend to show up in increased production rather than in higher
prices.
A peacetime level of production which
approaches the capacity of available
manpower can provide a very large increase over the prewar standard of
living. In order to reach this higher
standard of living, consumers must not
only satisfy their deferred demands but
also buy a wide variety of goods and
services which many of them never had
before.
Granting that human wants are inexhaustible there is also some inertia to
rapid changes in ways of living. It is
difficult to visualize the average con
NET CORPORATE PROFITS
CORPORATE INCOME TAXES
EXCISE AND SALES TAXES
100
NET INCOME OF PROPRIETORS
OVERHEAD COSTS
50
COMPENSATION OF EMPLOYEES
194!
1946-^/
1944
a D. 45-749
The hypothetical value of production assuming approximately the same physical volume as in
1941, an average increase of 10 percent over present basic wage rates, elimination of excess profits
taxes, and net corporate profits above any prewar year.
1
Source : IT. S. Department of Commerce.
November 1945
and because of shifts of employment to
industries paying relatively high wages.
The aggregate of wage and salary payments was further expanded by the increase in the number employed.
The wartime labor cost per unit of
product was increased further by premium rates for overtime. In manufacturing
alone these premiums amounted to about
7 percent of total wages. They were a
smaller part of the compensation of all
private employees including salaried
workers and nonmanufacturing wage
earners.
The cost per unit of product was also
modified by a variety of influences affecting productivity. For example, the use
of marginal workers, high labor turnover and the pressure to produce a large
volume in a hurry all tended to increase
labor costs. On the other hand, costs
were reduced by large scale continuous
production without the usual changes to
meet customers preferences and by reduction of some selling effort and services connected with distribution.
The net effect of these influences on the
labor cost per unit of output is difficult
to measure. In many instances the same
products were not being produced as in
1941. On balance it would appear that,
because of temporary wartime conditions,
labor-costs per unit of output increased
more than wage rates.
By the end of the transition period a
large part of the wartime premiums for
overtime will be eliminated. There will
also be some reversal of upgrading and
other wartime increases designed to meet
the conditions of a tight labor market.
Some of the worst instances of wartime
inefficiency should be corrected, but on
balance it is doubtful if there will be
any large increase over the 1941 output
per man-hour. With current basic wage
rates, the labor cost per unit of output
would be about one-fifth above 1941 but
substantially below the war peak.
Over a longer period the increase in
labor costs relative to 1941 will be determined not only by further increases in
basic wage and salary rates but also by
the ability to absorb those higher rates
because of increased efficiency. From
1929 to 1941 the increase in the total
national output per man-hour averaged
a little over 2 percent per year compounded. The result was a decline in
prices notwithstanding the increase in
wage rates, and with profits maintained
in line with the volume of production.2
Chart 8 is a striking example of this
tendency because the growth in productivity has been greater in manufacturing than in the total national output.
The average hourly earnings in manufacturing as compiled by the Bureau of
Labor Statistics were 30 percent higher
in 1941 than in 1929, but the wholesale
prices of manufactured goods were 5 percent lower. Over the 18 years from 1923
2
See the demonstration of the latter point
in Dwight B. Yntema's "Cooperate Profits and
National Income" in the September 1944
issue.
SURVEY OF CURRENT BUSINESS
19
Chart 8.—Average Hourly Earnings of Factory Workers and Wholesale
Prices of Manufactured Products
CENTS PER HOUR
100
INDEX, 1926 -
100
! 30
90 —
-
80
-MO
-
70
-€
60
-
FACTORY AVERAGE
HOURLY EARNINGS Js
(LEFT SCALE)
J20
-•—- 100
\
/
\
-
90
-
80
/
/
50
-
\ \
IS
^ ^
\ ^"-"*V
WHOLESALE PRICES,
\»«#
MANUFACTURED PRODUCTS
(RIGHT SCALE)
_ ^
II
I ' I I ! »!
\1
1
II
1
iI
1
1
!'
1'
1
1I
i1
1I
1I
1I
I, . , 1
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I
I
'
I
'
* C Q
1923'24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 '43 '44
D. D. 45-746
1
1
Data for 1939-44 are estimated straight-time average hourly earnings weighted according to the
distribution of employees by industries as of January 1939.
Source : U. S. Department of Labor.
to 1941 the average increase in hourly
earnings relative to prices was 3 percent.
Careful appraisal of all the factors involved leads to the conclusion that the
next several years should witness a more
rapid increase in productivity as it
catches up with the prewar trend.
Incomes of Self-Employed
A little less than 15 percent of the total
output of goods and services in 1941 was
retained as income of the self-employed.
The 1944 farm income was 88 percent
above 1941. Allowing for the larger output in 1944 the income per unit of output
had risen by more than 50 percent. Incomes of other self-employed, which in
the aggregate are somewhat more important than farmers, rose 28 percent
from 1941 to 1944. Because of the difficulty of measuring the physical output
of these nonagricultural entrepreneurs
we do not know how much their income increased per unit of output.
Both groups have benefited from an
extremely favorable competitive situation. The number of farmers and nonagricultural self-employed declined substantially while the demand for their
services increased greatly. Their incomes contain an element which is analogous to the overtime and other premiums paid wage and salary workers.
It seems reasonable to expect that
entrepreneurial incomes will return to a
level more nearly in line with the increase in wage and salary rates since
1941. The bar for the year 1946 in chart
7 assumes a 25 percent increase over 1941
in income per unit of output for both
agricultural and nonagricultural selfemployed and a 20 percent increase over
1941 in physical volume of farm output.
Over the longer run there is the same
possibility of offsetting increases in efficiency. For example, the output per
person engaged in agriculture increased
68 percent or 1.7 percent per year from
1910 to 1941. There have been larger
gains during the war due to accelerated
mechanization as well as favorable
weather.
Taxes
About 6 percent of the total value of
private production in 1941 was accounted
for by excise, sales and related business
taxes. These tax payments had increased 30 percent by 1944, largely because of increased Federal excise tax
rates. Some reduction in those rates is
probable—if not in 1946, then certainly
in 1947.
Another factor affecting the general
price level is the reduction in income tax
rates. Chart 7 allows for the repeal of
the excess profits tax. Even if corporate
profits after taxes in 1946 should be as
much as 9.5 billion dollars, only slightly
below the wartime peak, elimination of
the excess profits tax would reduce total
corporate income and excess profits taxes
to a little over 6 billion dollars as against
15 billions in 1944. This would amount
to less than 5 percent of the value of
private production as compared with 9
percent of the larger output in 1944.
SUEVEY OF CURKENT BUSINESS
20
Such tax relief does not affect business
costs but it obviously makes a considerable difference in what profits can be
earned under the existing cost-price
structure.
Corporate Profits
Corporate profits, after taxes but before adjustment for inventory revaluation, amounted to 8.5 billion dollars in
1941. It is estimated, however, that almost 3 billions resulted from increased
value of corporate inventories because of
advancing prices and less than 6 billion
was included in the value of current production for that year. This was about
5 percent of the total value of private
production, although a somewhat larger
percentage of the net value of production by corporations.
Profits after taxes in 1944 were close
to 10 billion dollars, practically all earned
from current operations. This was 6
percent of the much higher output in
that year.
For purposes of analysis chart 7 assumes 9.5 billion dollars of profits in
1946, all of it earned from current operations. While this is not intended as a
forecast of actual profits next year some
consideration should be given to the
reasonableness of the figure.
Since almost two-thirds of all corporate profits are earned in manufacturing,
chart 9 is an excellent guide. It shows
the close relation between profits and
the volume of business over the whole
period 1922 through 1941. Earnings
shown are before income taxes but have
been adjusted to exclude inventory
profits or losses.
The manufacturers' share of the 9.5
billion dollars, plus income taxes, when
Chart 9.—Relationship Between Corporate Profits in Manufacturing and
Value Added by Manufacture
(Profits Before Income Taxes, but After Adjustment for Inventory Revaluation)
+ 16
1
1
43
44
/
/
+ 12 —
-
-
o
o
/
2
O
41
i +8
^
—
—
UJ
X
UJ
Q:
o
u_
26(
Ld
CO
+4
-
rP29
'M28
25— gL
23
fifl G7
36 Gkm£B~
U-
o
22— /m/
CL
I033
a:
o
o.
<r
o
o
%
0 32 #
t
1
40
1
20
VALUE ADDED
60
80
BY MANUFACTURE (BILLIONS OF DOLLARS)
D.D. 45-745
Source : U. S. Department of Commerce.
November 1945
related to the higher than 1941 dollar
volume of production expected in 1946
because of higher prices, would lie approximately on a line drawn through the
years 1932 and 1941.
Table 1 shows profits both before nad
after taxes related to the value added by
manufacture. The figure assumed for
1946 would be a substantially higher
margin of earnings before taxes than the
average for the years 1923 through 1929
and only a slightly lower margin of net
profits after taxes. The aggregate net
after taxes would be well above any prewar year.
Since it is for a year in which transitional difficulties will affect both costs
and volume this allowance for corporate
profits in the right-hand bar of chart 7
appears ample. Prices which would
leave such a margin in 1946 would, of
course, provide a greater net profit as
production gets rolling.
Cost-Price Relations in the Transition
Thus under the existing wage rates,
the next year would bring a decline from
the wartime peak of production costs.
A large part of the wartime premiums
for overtime, night, and holiday work
will be eliminated. Increased competition will mean some reduction in the
incomes of farmers and other self-employed. These changes will be only partially offset by spreading overhead costs
over a smaller volume of business. Reduced tax rates will allow a large reduction in profits before taxes and still
leave high net earnings.
Again using existing wage rates, and
assuming that the physical volume of
private production in 1946 will be about
the same as in 1941, the net increase in
price per unit of national output from
1941 to 1946 would be somewhere between 15 and 20 percent as compared
with the 23 percent increase to date in
the cost-of-living index.
But any assumption of no change in
wage rates is unrealistic. The decline
in war production will mean a lessening
of the extreme pressure of demand on
the supply of labor. It also brings about,
however, reductions in earnings through
loss of overtime and other premiums
and through the return from war industries to lower paying civilian jobs.
These reductions in take-home pay,
in the absence of a large decline in
living costs, naturally present a persuasive case for labor to press for wage
increases. The free play of supply and
demand will be modified by the action of
organized labor and by public opinion,
particularly as public opinion may coincide with and be implemented by Government policy. Viewed objectively,
there seems a strong probability of further increases in basic wage rates.
It is apparent from the analysis that
it is possible to raise wage rates and still
keep the cost of living index at its recent
level. For the purpose of this analysis
chart 7 assumes for 1946 an average increase of 10 percent in basic wage and
salary rates. The result is a total value
of private production 23 percent higher
in 1946 than in 1941.
SURVEY OF CURRENT BUSINESS
November 1945
Table 1.—Corporate Profits in Manufacturing Compared With Value Added by
Manufacture
Corporate profits from operations l
Value
added
1923-1929 a v e r a g e
1930
1931
1932
1933
1934
. .
1935
1936
. . . .
1937
1938
1939
1940
1941
1942
1943
1944
1
-
. . . . . _
. . . _ . .
.
._.
- _ -
-
Billion
dollars
26.5
25.1
18.6
11.6
14.0
15.9
18.6
21.7
25.2
21.5
24.7
29.7
42.6
56.5
71.5
75.0
Befor 3 taxes
Million
dollars
3,841
3,350
974
—879
-592
87
1,428
3,065
2.878
1,911
3,057
4,924
8,453
11,000
14,700
15,000
Percent of
value added
14.5
13 3
5.2
—7.6
-4.2
.5
7.7
14.1
11.4
8.9
12.4
16.6
19.8
19 5
20.6
20.0
After taxes
Million
dollars
3,320
3,033
809
—979
-800
-179
1,070
2,456
2,224
1,534
2,423
3,390
3,507
4,900
5,600
5,800
Percent of
value added
12.6
12.1
4.3
—8.4
-5.7
-1.1
5.8
11.3
8.8
7.1
9.8
11.4
8.2
8.7
7.8
7.7
Adjusted to exclude inventory profits or losses, capital gains or losses, etc.
Source: Bureau of Foreign and Domestic Commerce.
Since the total physical volume is assumed to be approximately the same as
in 1941, the hypothetical increase in
prices from 1941 to 1946 is in line with
the reported increase of 23 percent in
the cost of living index from 1941 to the
end of the war. Such an increase in
wage rates would still allow for the large
profits indicated, and allow for elimination of all the intangible and unmeasurable wartime increases in prices which
could not be included in the index.
This 10 percent is necessarily a rough
approximation. More importantly, it is
an average for all wages and salaries.
It recognizes that some industries can
afford a much larger increase while
others are in a less favorable position to
raise wage rates without raising prices.
The variation for individual companies
will be even more.
To cite one extreme case, the amount
of the allowable average increase is held
down by inclusion of domestic service
as part of the total value of private
production. Since in this instance there
are no other costs of production, any
increase in wage rates would automatically increase prices.
Longer Run Price-Cost Relationships
The year 1946 is a transition one
which will not afford the full impact of
lowered unit costs that comes with high
volume. That will come after production
hits its full stride.
Increased production over the longer
period is the answer to the requirement
of an increase in the real income of employees, workers, and consumers. There
is every reason to assume that the necessary increases in productivity will occur
to make possible a larger increase in
wage rates without an increase in cost
per unit of output. Another glance at
chart 8 will serve to emphasize that such
increases in wage rates relative to prices
are possible.
Inflation or Deflation?
In summary, there has been a general
and substantial advance in the prices of
almost all civilian-type goods during the
war. The exceptions are due more to
the inherent stability of some prices than
to wartime controls. Careful analysis
does not disclose much more than the
usual disparity among individual prices,
or suggest the need for major adjustments to bring them into line.
In general, the full effect of wartime
demand on limited supplies was reflected
in increased prices for such items as food
and clothing. Expenditures for most
nondurable goods and some services, accounting for well over half the consumer's budget, were fully in line with high
wartime incomes.
In contrast, expenditures for user-operated transportation, other durable
goods, housing and some services have
been restricted. The full impact of demand was not reflected in prices. This
distinction has an important bearing on
the price outlook.
These supply-demand relationships at
the end of the war will be subject to
strong pressures both inflationary and
deflationary. There is need for perspective in viewing these opposing forces so
that one is not overly impressed by one
or the other.
On the deflationary side there is the
sharp cut in Government war expenditures now in progress and the corresponding shrinkage in consumer incomes
earned in war production. Government
expenditures in 1944 were perhaps 70 billion dollars above a peacetime level. Of
this total roughly 20 billion dollars was
repaid to the Government in business
and personal taxes. Additional amounts
were retained as depreciation, other reserves and undistributed profits. The
remaining disposable income of individuals earned in war production was about
40 billion dollars.
This does not mean that we are facing
any vast gap between consumer buying
power and the supply of consumer goods
to be purchased. As the productive resources become available possibly a third
of the shrinkage in war expenditures will
be offset by increased business outlays
for capital goods, thus putting income in
the hands of consumers without creating
21
additional consumer goods for them to
buy.
If production of consumer goods
should continue at the wartime rate, the
disposable income earned in their production would increase because of decreases in tax rates. The balance of the
shrinkage in total disposable income can
result in a reduction from the abnormally
high rate of wartime saving rather than
a cut in expenditures for consumer goods.
Those savings in 1944 were perhaps 25
billion dollars above a more normal percentage of the smaller income to be
expected in 1946.
Any increase in the production of
civilian goods above the wartime level
will result in an increase in the incomes
earned in that production. Thus it will
affect the demand for those goods as well
as the supply. Similarly any shrinkage
in production for civilians will mean a
decline in both buying power and supply.
This loss of income earned in war production does mean, however, that there
will not be any such excess of buying
power over the available supplies as
existed during the war. Declining war
production releases resources for expanded civilian supply along with the
decline in consumer income. Where
prices at the end of the war reflected
the full impact of demand on supply the
implications of a decline in demand and
an increase in supply should be clear.
On the inflationary side are the deferred demands for durable goods and
the large accumulation of unspent war
income. They will serve to maintain the
upward pressure on prices for these goods
until large volume production has satisfied the most pressing requirements.
Since wartime prices for these goods did
not reflect the full impact of supply on
demand, some restraint on prices will be
needed until production gets rolling.
In most nondurable goods and services
the accumulation of spendable funds in
the hands of consumers will be more important as a cushion to deflation than as
a threat of inflation. Before the end of
the war consumers already had most of
these savings and their influence on expenditure decisions—and therefore on
prices—was already felt. These savings
may be used to limit a delcine in expenditures resulting from a shrinkage in income. In general they will not exert a
greater upward pressure on prices than
they did during the war.
In the long run, any strong inflationary
pressure from wartime savings presupposes that the average consumer will still
consider these reserves against the proverbial rainy day more than adequate
when his current consumption has been
increased 50 percent above the prewar
level. Until that limit of productive
capacity is approached, increased demand will tend to result in increased
production rather than higher prices.
The analysis has shown that the areas
in which changing supply-demand relationships will create a deflationary tendency are larger than the areas in which
inflationary tendencies will persist for a
while. The general price level, however,
may be determined more by organized
22
pressure on the cost of production than
on the balancing of supply and demand
in the market place.
The analysis has shown that wartime
cost-price relationships were adequate to
assure all-out war production and to
provide large profits in every major segment of the economy.
Some of the wartime increases in costs,
such as premiums for overtime, are disappearing as war production is curtailed.
Elimination of the excess profits tax will
allow an increase in costs or a decline
in prices without impairing net profits
after taxes. These savings will be partially offset in the coming months by
the need to spread fixed overhead costs
over a smaller total volume of business.
On balance, however, it is clear that
there is room for some increases in wage
rates or some declines in prices, or both.
For the country as a whole, including
nonmanufacturing as well as manufacturing, it appears that immediate basic
wage increases averaging somewhere
around 10 percent are consistent with
the maintenance of the cost of living
index at its present level, elimination of
the intangible price increases not included in the index, and net profits in
1946 above any prewar year. This
average, of course, includes some producers who can afford much more than
10 percent while others will be in a less
favorable position.
After reconversion is completed, sustained high volume and a catching-up
with the normal growth in productivity
will make possible a larger and more general wage increase or a greater decline
in prices. Until that increase in output
per man-hour has actually taken place,
however, many producers are not in a
position to absorb this larger increase
without passing it along in higher prices.
Viewed quite objectively, it seems probable that increases in wage rates in the
coming months will be of the order of
magnitude which will serve to maintain
the cost of living at somewhere near its
present level. Consumers will obtain
more for their dollar than they did during the war because of elimination of
various intangible price increases, but
any change in the general price level will
not be large enough to be labeled either
inflation or deflation.
Because of the immediate pressure of
deferred demands, there is need to hold
the price front firmly during the life of
the Price Control Act. The key to the
price outlook, however, is production.
The danger of a spiral of rising prices
exists over the next few months only because of the time involved in converting
to the output of civilian goods and services.
Looking beyond 1948, the magnitude
of our productive capacity—far above
what was produced and consumed in the
best prewar year—is the fundamental
guarantee against the possibility of a
further marked rise in the price level.
When this production is fully utilized,
and the most pressing deferred demands
are met, the problem will be one of finding markets for all that our farms,
mines, and factories can turn out.
SURVEY OF CURRENT BUSINESS
The Business Situation
Continued from page 11
financed building are clearly revealed in
the chart.
Long-Run Outlook
Further expansion of the construction
industry, to a volume in excess of the
war record, is in prospect provided general economic conditions are favorable
in the immediate years ahead. For the
reasons stated above, however, it is clear
that the industry will not be in a position
to reach capacity operation for at least
2 years.
Inflationary pressures on real estate
prices, which are already in evidence, will
therefore continue for some time. Demand for housing today is at a record
high, both in terms of need and willingness to buy.
The National Housing Administration
has estimated that construction of over
12 million new dwelling units during the
first 10 years after the war is necessary
to meet the need created by population growth and obsolescence of old
structures. Recently this agency estimated that 1M> million nonfarm families will be living doubled-up by the end
of the year and, with the mass return of
veterans, there will be another iy 2 million in this category by the end of 1946.
Even if the highest annual rate of construction in the past—937,000 units in
1925—can be exceeded, it will not be possible to meet aggregate needs for many
years.
It is necessary, of course, to distinguish need from economic demand.
There was a crying need for better housing all through the 1930s, but only a fraction of the need was satisfied by the demands of those able to afford new housing. The dwelling units needed will not
be built unless ways and means are found
to raise the income level of the group
with the most pressing need, and the least
ability to satisfy it. Subsidies, such as
those for the clearance of slums for purposes of city rebuilding, or for relocation,
will undoubtedly be required both as a
supplement to the low incomes, and as
one means of lifting the latter.
In this connection, the private surveys
showing that a large number of individuals' intent to build new residential properties showed a big shrinkage in potential
customers once their ideas were tested
against what they would have to pay to
construct a new dwelling.
The experience of the years immediately after the last war underlines the
dangers implicit in the current situation.
Increased building activity during 1919
was accompanied by a sharp rise in prices
above the 50 percent increase between
1914 and the Armistice. Such inflationary prices resulted in a drop in the demand for construction of dwelling units
during 1920, and large-scale building was
not resumed until after the general drop
in construction costs in the following
year.
In view of this past experience as well
as the pressures generated by the current
November 1945
situation, the trend in sales prices of
houses warrants close attention. Although no over-all record of prices is
available, there are indications from diverse sources that a general rise in the
price of urban residential property is occuring which is out of proportion to the
increase attributable to higher construction costs.
The National Association of Real Estate Boards, for example, reports an average rise in prices of 12 percent in each
of the past 3 years. This semiannual
survey consists of reports by local real
estate boards concerning the selling price
for the specific type of house most commonly sold in each community.
A similar survey of the Washington
metropolitan area conducted by the National Housing Administration revealed
an average rise of 42 percent in the
prices of single-family houses during the
5 years up to April 1945. The widest increase, 47 percent, occurred for houses
selling in the 5,000 to 8,000 dollar bracket
in 1940. An even larger rise, averaging
59 percent above 1940, was reported for
Los Angeles County by the Residential
Research Committees of Los Angeles in
October 1944.
Reports f r o m OPA r e n t offices
throughout the country during July also
indicate increases. For example, over
8,000 evictions from single-family dwellings in July because of owner occupancy
were reported. The selling prices of
these properties averaged 145 times the
monthly rent as against the standard of
100 times in general use before the war
and also used by the Bureau of the Census to estimate value.
Some safeguards against inflation in
construction do, of course, exist. All
building materials are now under price
ceilings, and the OPA has announced
that dollars and cents ceilings will be
substituted for the formula prices now
in effect for many building materials
and contractor's services.
Although construction costs are subject to control, the measures now available to prevent inflationary real estate
prices are far weaker. Those properties
insured by the FHA and other Government Loan agencies are subject to appraisal requirements which also extend
to houses purchased by veterans under
the loan provisions of the G. I. Bill.
Currently, however, only 25 percent of
new dwelling units started are insured
by the FHA. Measures have been proposed to close this gap, the most recent
of which is the request by Chester
Bowles, Administrator of OPA, for legislation to establish ceiling prices on new
houses and resales.
In the long run, the maintenance of
a high level of construction activity depends on the ability of the industry to
supply the mass housing market. In
order to meet the needs of the great
majority of prospective home buyers and
to realize the large replacement market,
it will be essential not only to avoid the
danger of inflation but also to make
economies in construction which will
furnish houses of good quality considerably below prewar cost.
SURVEY OF CUREENT BUSINESS
November 1945
23
New or Revised Series
Wages and Salaries, Employment and Average Annual Earnings per Full-Time
Employee in Private Industries, 1943—44 *
Hardwood Plywood Production:
Revisions for Page S-29 l
[In thousands of square feet, measured by "glue line"]
Industral division or industry
annual Average numNumber of full- Average
Wages and
earnings per ber of full-time
time equivasalaries (mil- lent
full-time
emand part-time
employees
lions of dollars)
ployee
employees
(thousands)
(dollars)
(thousands)
Year and
month
Cold
press
Hot
press
Aug
Sept
Oct
Nov
Dec.
146, 785
154,190
149, 824
140, 743
151, 398
60,115
61, 608
51, 787
53, 320
59, 291
M o . avg._
148, 588 57, 224
Year and
month
1942
1943
All private industries, total-
78, 885 83,129
1943
38,937
1944
37, £
1943
1944
1943
2,026
2,189
40,450
39,500
2,507
Agriculture, forestry, and fisheries--2,097 2,278
2,323
981
2,536
2,350
2,406
1,928
2,094
Farms
2,227
940
2,406
801
2,227
Agricultural and similar service establish55
103
112
51
ments
1,873
2,196
78
22
16
18
21
22
Forestry
757
857
21
24
50
54
24
2,089 2,250
24
Fisheries
24
919
2,181
879
2,481
Mining
—. 1,986
919
879
2,161
132
309
262
108
2,426
Metal mining
_.
132
108
2,341
178
202
84
2,494
Anthracite mining
81
2,137
84
81
918
434
2,534
Bituminous and other soft coal mining
412
1,044
2,115
434
412
409
2,566
Crude petroleum and natural gas production.
178
198 2,298
508
178
198
172
2,063
Nonmetallic mining and quarrying
91
165
91
80
1,890
80
Contract construction 2, 717
1, 573
3,941
2,505
2,625 1,573
1,035
1,035
M anufacturing
40,904 42,863 | 17,411 17,053 2,349
2,514 17,411
17,053
1,407
Food and kindred products
2,643 2,942
1,878
2,049
1,407
1,436
1,436
102
Tobacco manufactures
146
161
1,431
1,626
102
99
99
1,322
Textile-mill products
1, 555
1,669
1,322
2,056 2,048
1,227
1,227
Apparel and other finished fabric products,_. 1,713
1,074
1, 595
1,763
1,826
1,036
1,074
1,036
Lumber and timber basic products
1,447
1, 569
848
852
586
543
586
543
Furniture and finished lumber products
1,746
1,918
735
769
421
401
421
401
Paper and allied products
2,076
2,233
871
393
390
390
816
393
Printing, publishing, and allied industries--. 1,189
2,376
1,321
550
556 2,162
556
550
2,385
2,576
Chemicals and allied products
760
760
2,027 1,958
850
850
2,806
3,030
Products of petroleum and coal
198
198
522
186
600
186
2,478
2,675
243
243
Rubber products.__
_..
224
555
650
224
1,818
357
357
Leather and leather products
622
375
1, 659
649
375
2,166
391
391
Stone, clay, and glass products
•_..
414
2, 022
847
414
Iron and steel and their products, including
ordnance
— 6,489 6,740
2,461
2,427 2,637
2,777 2,461
2,427
Nonferrous metals and their products
508
1,311
1,352
2,737
2,581
508
494
494
Machinery (except electrical)
2,963
4,164 4,208
1,457
1,457
1,420 2,858
1,420
Electrical machinery
2,593
2,368 2,707
960
1,044 2,467
960
1,044
Transportation equipment except automobiles
9,753 10,126
3,271
3,179
3,185
2,982
3,271
3,179
Automobiles and automobile equipment
968
325
341
3,088
1,053
2,978
325
341
Miscellaneous manufacturing industries
1,142
525
511
2,315
1,183
2,175
525
511
12,010 13,050
Wholesale and retail trade.6,666
1,959
1,802
6,660
7,416
7,408
Wholesale trade
3,908
1,567
4,194
2,658
2,494
1,578
1,617
1,628
Retail trade and automobile services-,
8,102
5,099
8,856
5,082
1,743
1,589
5,799
5,780
Finance, insurance, and real estate
2,753
2,221
2,898
1,333
1,421
1,305
2,065
1,391
Banking
700
746
331
2,254
2,134
330
333
328
Security and commodity brokers, dealers
and exchanges
39
151
3,872
168
4,200
40
48
49
Finance, n. e. c
228
2,621
223
87
80
2,788
103
95
Insurance carriers
793
2,346
822
338
329
2,498
347
338
Insurance agents and combination offices
284
2,347
301
121
121
2,488
145
145
Real estate
597
1,421
638
420
404
1,579
448
431
Transportation
6,553
7,474
2,633
2,802
2,489 2,667 2,744
2,917
Railroads
3,953
4,353
1,534 1,615
2,577 2,695 1,534
1,615
Local railways and bus lines
421
184
466
2, 288 2,479
184
188
188
2
Highway passenger transportation, n. e. c_ _.
338
149
2 588
2,268 2,602
152
226
2 229
Highway freight transportation and warehousing
855
904
397
2,154 2,360
383
477
460
Water transportation
471
139
202
3, 388 3,604
146
212
728
Air transportation (common carriers)
113
46
2,467
46
)
Pipe-line transportation
68
25
2,686
25
()
()
()
()
Services allied to transportation
334
159
435
188 2,101
213
180
2,314
Communication and public utilities
912
1,887
1,986
910
894
2,074 2,221
896
Telephone, telegraph, and related services...
920
984
490
493
1,878
493
1,996
490
Radio broadcasting and television
82
28
96
29
2,929 3,310
31
30
Utilities: electric and gas
852
872
373
354 2,284 2,463
354
373
Local utilities and public services, n. e. c
33
34
19
1,737
18
19
18
1,889
Services
6,754
7,682
4,985
1,528
5,518
5,028 1,355
5, 571
Hotels and other lodging places
499
586
412
1,382
442
424
1,211
455
Personal services
1,069
845
1,167
788
767
1, 357 1,522
823
Private households
1,394
1,093
1,774
1,758
1,590 1,609
877
1,795
Commercial and trade schools and employment agencies
127
94
50
35 2,540 2,686
41
Business services, n. e. c
649
236
2,377 2,628
280
293
561
247
Miscellaneous repair services and hand
trades
209
248
75
2,787 3.062
96
81
104
Motion pictures
460
491
205
227
210
233
2, 244 2,338
Amusement and recreation, except motion
pictures
281
241
318
195
1,441
242
1, 622
196
Medical and other health services
708
612
612
799
1,270
1,157
629
629
Legal services
152
121
111
160
111
1, 375 1, 441
121
Engineering and other professional services,
n. e. c
194
63
3,079 3,246
63
185
57
57
Educational services, n. e. c
388
263
415
263
261
1,590
1,475
261
Religious organizations
278
216
313
200
195
222
1, 433 1,565
Nonprofit membership organizations, n. e. c.
434
279
201
295
190
2,284 2, 483
499 '
1 These data are extensions of tables 2, 3, 4, and 6 published in the article, Revised Estimates of Wages and Salaries
in the National Income, 1929-43, SURVEY OF CURRENT BUSINESS, June 1945, pp. 17-24. Reprints of this article are
available. Data for 1944 are preliminary. For industries covered by state unemployment compensation programs,
they are chiefly based on estimates of covered wages and salaries prepared by the Bureau of Employment Security,
Social Security Board.
2 Data for highway passenger transportation, n. e. c , air transportation (common carriers), and pipe-line transportation combined.
Source: U. S. Department of Commerce, Bureau of Foreign and Domestic Commerce.
1943
Aug...
Sept...
Oct
Nov
_
Dec
TotaL.
Mo. avg._
1944
Jan
Feb
Mar
Apr
May
1943
Jan
Feb
Mar
Apr
May
June
July
_
151, 756
148, 698
168, 291
159, 734
165, 681
158,944
156, 6011
70, 781
85, 325
76, 711
71, 407
68, 854
81,163
75,184
Cold
press
Hot
press
160,618
154,009
159,981
153,555!
150,706
78, 362
83, 493
82, 889
76,115
73,747
1,888,574,924,031
157,381 77,003
151,116
155,159
169,099
149, 455
157, 010
77, 773
75, 560
79, 859
65. 798
68, 887
1
Compiled by the U. S. Department of Commerce,
Bureau of the Census. For a description of the data see
note for table on p. 14 of the November 1944 Survey.
The revisions were necessitated by corrections received
from one company. See p. S-29 for later data.
Oleomargarine Consumption and Production : Revisions for Page S-24 1
[Thousands of pounds]
Year and Consumpmonth
tion
1942
July
Aug
Sept
Oct
Nov
22,565
24,388
29, 577
35, 426
39, 314
42,153
Dec
Total 2 .
Mo. avg.
2
Prodduction
Year and
month
29,414
38,498
39,636
46, 290
47, 575
42,099
363,707 425, 736
30, 309
1943
53,314
Jan
50, 989
Feb
57, 487
Mar
32, 374
Apr
20,653
May
23, 331
June
1 Compiled by the
of 2Internal Revenue.
Entire year 1942.
35, 478
1943—con.
July
Aug
Sept
Oct.
Nov
Dec
Total..
Mo. avg-.
Consumption
30,432
38,036
46, 669
57,139
49, 006
40, 575
Production
44,119
53,949
50,614
58,357
52, 412
49, 738
500,004 614,144
41, 667 51,179
1944
Jan
44, 769 55,233
Feb
41,899 57, 221
41,315 57,858
Mar.....
35,157 44, 855
Apr
31, 846 44, 480
May
26,998 40,191
June
U. S. Treasury Department, Bureau
61,978
62, 986
70,042
43,120
30, 774
36,056
Wholesale Prices of Chemicals and Allied
Products, Drugs and Pharmaceuticals:
Revisions for Page S - 4 l
[1926=100]
Month
Chemicals
and allied
products
Drugs and
Pharmaceuticals
1941 1942 1943 1941 1942 1943
January
February
March
April
May
June
July
August
September
October
November
December
78.6 94.9 94.8 96.5 114. 9 106.0
78.5 95.9 94.9 96.9 115. 1J106.2
79.8 96.194. 6 97.2 115. 11106.0
81.8 96.1,94.7 97.5115. 5J106.1
83.696. 5 94. 98.7,119. 7 106.1
83.8,96. 4!94.7 99.9119. 81106.2
185.2 95.894. 100.0119. 8 106. 2
86.0,95. 4194.9 100.1J119. 5 106. 2
87.4 95. 3)94. 104.4 119.4 106.2
88.895. 3,95.0 114.3 119. 2 106. 2
J88.8 94.1 95.0 112.71106. 0 106. 3
90.4 94.1195.0 112.51106. 106.3
Annual index
84.4 95. 5:94.9 102. 6:116.0 106. 2
i Compiled by the U. S. Department of Labor; the indexes have been revised beginning October 1941 owing
to a change in the method of computing the net tax
applicable to the quoted price of nonbeverage undenatured ethyl alcohol and a reduction in the quantity
weight assigned to this commodity in index computations. The price now used is the fully tax-paid price
less the "drawback" or rebate which first became effective November 1, 1942. The quantity weight for ethyl
alcohol has been reduced about three-fourths and now
reflects only the estimated quantity consumed byfche
drug industry, instead of total withdrawals of undenatured nonbeverage alcohol by all users, as formerly.
SURVEY OF CURRENT BUSINESS
24
November 1945
Total Construction Activity in Continental United States, by Function and Ownership, 1929-44J
[Millions of dollars]
Item
1929
Total new, work relief, and maintenance - 14, 537
New construction .
_____
_ 10, 672
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
9,088
5, 628
4,496
5,847
6,341
8,998
9,614
9,543
10, 403
11,357
6,205
3,441
2,350
2,928
3,337
4,880
5, 585
5,274
6,017
6,918
3,628
1 460
1 116
216
454
82
94
116
67
46
1,647
638
505
72
224
43
50
57
32
15
1, 134
413
407
175
131
20
14
32
9
8
1,442
591
456
190
172
20
13
32
8
8
1,888
913
475
157
211
26
16
32
10
11
2,703
1,368
715
265
288
32
37
51
16
15
3, 543
1,655
1,093
489
387
42
40
69
30
22
3,182
1,767
767
229
287
48
38
92
33
19
3,606
2, 114
789
251
295
46
37
95
30
17
4,179
2,355
1,029
440
352
55
46
62
30
23
13
93
54
39
302
128
30
12
52
32
43
5
12
176
96
80
324
116
40
20
59
36
48
5
11
189
104
85
431
149
45
41
75
54
62
5
14
225
118
107
570
199
39
67
102
58
100
5
21
196
104
92
452
119
41
21
132
47
88
4
18
226
120
106
477
137
54
35
114
44
89
4
21
236
127
109
559
167
51
30
120
70
117
4
1,486
1
47
207
9
10
43
82
21
34
1,449
9
37
260
4
8
73
11.
25
30
2,177
61
29
546
3
13
129
287
45
60
2,042
93
37
467
4
17
112
225
40
63
2,092
35
62
571
14
21
126
282
40
79
2,411
76
119
762
14
28
162
388
43
108
2, 739
205
510
497
144
33
98
130
17
55
9,
9
9
6
9
19
821
544
163
114
54
62
245
35
142
17
622
412
111
99
68
69
317
47
177
28
876
601
150
125
115
93
339
56
192
32
850
557
139
154
95
79
310
60
176
30
837
521
130
186
89
90
299
67
157
31
869
490
171
208
82
80
318
83
156
32
59
-
44
10
44
15
47
14
38
22
26
1930
1931
11,924
8,404
5,627
1 790
2,123
521
891
128
112
140
103
164
Total private.
Residential (nonfarm) 2
Nonresidential building 3
_ _Industrial * 4
Commercial
Religious
Educational
Social and recreational _- _
Hospital and institutional
Hotels, etc
_
_ __
Miscellaneous nonresidential building
Farm construction
Residential
Nonresidential
_._ _ _
Public utility construction
Railroad
. __
Street railway
Pipe line
•
. ._
Electrie light and power
Gas
Telephone _
_
_ _ _
Telegraph
8,261
3 562
2,848
941
1,131
139
113
164
98
199
63
279
147
132
1 572
510
82
97
396
139
328
20
64
193
107
86
1 521
521
85
30
418
133
310
24
41
97
59
38
955
292
69
77
266
87
153
11
12
39
26
13
465
139
29
37
124
50
79
7
18
69
43
26
245
94
Total public
Residential
Military and naval w
Nonresidential
building
Industrial 4
Commercial *
Public administration
Educational ._ _ _ _ _._ ._.
Social and recreational
Hospital and institutional
M iscellaneous nonresidential building
Pipeline
_ _
Highways
State 7
__
County
Municipal
_
_
_
_
SewTage disposal
Water supplv
Conservation and development
Bureau of Reclamation
Army Engineers
_ _ _ _ _
Tennessee Valley Authority
Other conservation and development
All other Federal
Miscellaneous non-Federal public
service enterprises 8
2,411
2,777
2,577
1,794
1,216
19
642
29
647
40
591
34
408
36
191
112
386
44
100
144
360
32
111
170
273
26
122
179
133
20
76
99
44
13
35
1 248
529
257
462
127
126
86
8
59
1 481
678
297
506
142
201
111
11
75
1,323
694
278
351
114
156
135
20
81
675
424
136
115
34
47
168
26
102
5
1943
15, 054
17, 705
11,950
8,465
10, 543
13, 498
7,787
4,002
5,197
2, 750
1,488
796
416
58
54
67
43
27
2,842
1,268
636
342
161
28
22
27
26
14
1, 569
616
217
129
39
6
7
1, 575
499
382
234
62
15
13
18
24
4
27
303
174
129
656
187
30
60
117
84
173
5
16
271
144
127
667
197
12
80
156
67
150
5
14
259
136
123
477
211
14
77
69
45
56
5
12
190
105
85
504
247
15
45
70
44
78
5
5, 346
479
1,756
1,667
1,400
24
52
131
16
29
10, 656
600
5,060
3,742
3, 571
9
30
86
9
29
6,218
685
2, 423
2,111
2,006
2
10
36
6
45
2,427
192
720
879
748
20
15
896
547
165
184
67
127
325
86
163
38
836
538
162
136
8
34
664
412
144
108
39
100
360
65
149
129
6
118
454
280
114
60
32
70
270
50
134
76
10
4
353
217
89
47
26
53
163
36
73
45
17
21
10
12
9
10
27
|
19
13
25
9
34
9
32
6
150
157
209
135
Work relief
Maintenance
Buildings (nonfarm) _
Residential
Nonresidential
_ _
Farm
Residential
Nonresidential
Public utility
Railroad _
Street railway
Pipe line
_
___________
Electric light and power
Gas
Telephone _ _
Telegraph
Highways _ _ _ _ _ _ _ _ _ _
State
County
Municipal
_
Sewage disposal
Water supply
_ _ _ _ _ _ __
Rivers and harbors
916
524
183
209
69
87
139
26
81
7
52
26
41
4
1942
3, 865
1,691
1,221
470
352
136
216
1, 129
874
89
9
40
22
78
17
587
173
261
153
16
58
32
3,520
1.571
1 111
460
238
92
146
963
722
82
8
41
21
74
15
634
192
284
158
16
64
34
2,883
1,264
954
310
170
69
101
757
548
67
7
43
20
61
11
578
161
262
155
15
64
35
35
4
51
8
65
8
48
120
350
83
159
82
97
1944
12
9
Cl
41
59
Ill
101
94
91
90
63
36
43
114
578
406
1, 130
775
1, 202
1,032
805
627
291
30
2,187
2, 032
932
984
732
754
200
230
125
101
43 I
52
73
58
500
540
332
360 |
47
59
6
6
44
42
18
17
51
47
9
9
458
378
169
139
140
170
99
119
13
14
50
56
34
34
2, 341
1,092
842
250
152
66
86
563
375
52
8
49
19
51
9
433
185
146
102
12
53
36
2, 598
1, 230
910
320
209
79
130
603
404
53
11
54
19
53
9
449
193
151
105
13
56
38
2,988
1,472
1,062
410
226
86
140
690
457
72
10
63
21
57
10
488
228
153
107
14
59
39
3, 254
1,593
1.163
430
273
105
168
743
504
63
13
75
20
58
10
524
241
166
117
15
65
41
3, 067
1,496
1,071
425
251
93
158
664
427
59
14
73
21
59
11
535
246
170
119
17
61
43
3, 354
1, 585
1,158
427
304
115
189
709
474
60
12
73
20
59
11
629
227
246
156
18
61
48
3, 634
1,704
1. 256
448
334
123
211
726
485
55
13
77
20
65
11
737
243
351
143
19
61
53
3, 884
1,831
1, 343
488
412
126
286
841
588
50
14
82
20
75
12
663
252
261
150
17
62
58
3, 916
1,793
1, 259
534
342
96
246
1, 034
777
42
14
85
21
81
14
4,133
1, 705
1,159
546
347
74
273
1,373
1, 080
56
18
95
23
86
15
569
230
213
126
17
65
57
607
224
245
138
17
64
59
4
11
41
7
58
4,463
1,775
1.228
547
341
79
262
1, 554
1, 233
60
18
111
23
92
17
658
266
246
146
18
66
51
1
Estimates of new construction for 1944 are joint estimates of the U. S. Department of Commerce, War Production Board and U. S. Department of Labor; other data, except as indicated in notes 2 and 6, are estimates of the U. S. Department of Commerce, Bureau of Foreign and Domestic Commerce.
Approximately comparable annual data beginning with 1915
are available in Construction Activity in the United States, 1915-1937, Domestic Commerce Series No. 99. For newT construction, corresponding monthly estimates are published
currently on p. S-5; revised quarterly data for 1939-41 and monthly data for 1942-44 will be published later.
33 Estimates of new private nonfarm residential construction prepared by the Bureau of Labor Statistics.
Excludes nonresidential building by privately-owned public utilities.
4
Public industrial and commercial building not segregable from private construction in 1929-33.
5
Includes cantonments, aeronautical facilities, Navy yards and docks. Army and Navy hospitals, etc.
6
Since 1941 based on data prepared by the Construction Research Division of the Bureau of Program and Statistics of the War Production Board.
7 Includes Federal flight strips not under military and naval, amounting to 1 million dollars in 1942, 6 million dollars in 1943, and 2 million dollars in 1944.
s Includes construction expenditures for such municipal enterprises as electric light and power plants, street railways and other transit systems, gas systems, ports, dock, harbors,
erries, airports, terminals, etc.
SURVEY OF CURRENT BUSINESS
November 1945
S-l
Monthly Business Statistics
The data here are a continuation of the statistics published in the 1942 Supplement to the SURVEY OF CURRENT BUSINESS. That
volume contains monthly data for the years 1938 to 1941, and monthly averages for earlier years back to 1913 insofar as available; it
also provides a description of each series and references to sources of monthly figures prior to 1938. Series added or revised since publication of the 1942 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating where
historical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers refer
to adjustment of monthly figures for seasonal variation.
Data subsequent to 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
1945
Sep.
tember
September
October
j
Novem- December
ber
1945
January
February
March
April
May
June
July
242.3
267. 5
238.1
13,194
241.9
265.8
237.7
12,835
244.6
266.3
241.2
14, 397
243. 4
265. 5
240. 3
13,585
9, 560
3,897
80
808
9, 518
3, 838
81
498
9,572
3, 831
81
1,853
9, 445
3, 746
81
955
2, 276
470
11,987
2. 252
486
11,646
2,275
616
13,175
2, 523
581
12,100
August
BUSINESS INDEXES
INCOME P A Y M E N T S !
Indexes, adjusted:
Total income payments
^ 1935-39=MX).. 229. 7
244. 2
Salaries and wages
do...
226.8
Total nonagricultural income
...
do...
Total
mil. of do)_. 13, 459
Salaries and wages:
8, 746
Total §
__do._3,130
Commodity-producing industries
do
Public assistance and other relief
.do
1,383
Dividends and interest
do
Entrepreneurial income and net rents and roy2, 582
alties
_
mil. of doL' 665
Other income payments
„
do.._.
11,603
Total nonagricultural income
do
I
235.5
263.4
233. 6
232. 5
262.0
231 9
13,^670
13, 684
9,37.5
4,039
78
1, 317
9, 541
4,066
79
829
237. 5
264. 7
235.3
13,253
9, 508
4,010
79
239.0
266.9
236.9
14,405
241.9
268. 6
238.7
13,357
9,653 9,516
4,002
3,954
80 |
80
1,827
2,474
426
12,178
2,801
434
11,877
2,716
441
11,583
2,396
449
13,082
155
181
135
159
180
143
189
238
153
164
178
154
136
131
139
130
122
136
129
109
144
142
142
142
150
155
147
1,985
2, 007
1,954
2,460
2, 427
294
244
25S
234
200
240
288
366
263
308
233
198
236
299
2, 369
456
12, 124
245.2 ' 244 1
269. 8
269 7
239 7
239. C
13,686
12,743
9,526
3,957
80
490
9, 585
3,944
80
1,344
2,190
457
11,678
2,212
465
12, 591
131
126
135
113
105
119
116
93
132
137
124
87
151
121
87
147
141
144
139
137
127
144
144
147
142
144
150
140
151
169
138
148
171
130
152
167
141
148
159
139
140
142
139
2,256
2,188
1,747
1,697
1,658
1,571
1,399
1,351
1,445
1,385
1,570
1,420
1, 526
1,454
1,551
1, 529
1,905
1. S05
329
267
298
247
191
265
309
255
264
295
243
192
255
313
237
278
327
246
196
267
290
203
312
408
248
207
264
285
208
294
377
239
223
235
293
214
296
385
236
228
231
278
230
287
331
258
235
201
307
282
330
250
235
241
3i7
' 236. 0
r
254. 9
232. 7
12, 674
T
r
r
9, 021
3, 423
82
495
2, 504
r
572
11,200
FARM MARKETINGS AND INCOME
Farm marketings, volume:*
Indexes, unadjusted:
Total farm marketings.
1935-39=100..
Crops
do
Livestock and products
do.-.
Indexes, adjusted:
Total farm marketings
.do...
Crops
do
Livestock and products.__
do
Cash farm income, total, including Government payments*
..mil. of dol.
Income from marketings*
do...
Indexes of cash income from marketings:!
Crops and livestock, combined index:
Unadjusted
1935-39=100.
Adjusted
_
_
_...
.do
Crops
do
Livestock and products
do
Dairy products
1.
.do
Meat animals
-.do
Poultry and eggs
...do
293
233
214
214
330
117
91
219
293
356
252
236
246
308
272
144
156
135
r
139
135
142
'274
' 274
310
r
249
r
228
'234
341
PRODUCTION INDEXES
i n d u s t r i a l Production—Federal Reserve Index
232
234
v 175
232
230
234
232
229
230
Unadjusted, combined indexf
1935-39=100.
r 189
2,2
?20
248
250
v 181
248
249
249
245
248
249
240
224
r 197
234
Mamifacturesf
do
341
346
v
209
345
343
343
344
335
342
323
244
308
'• 293
Durable manufactures!
do
201
206
164
197
202
202
206
198
210
187
204
192
Iron and steel!
do
1 55
120
125
v 103
1.14
113
128
115
119
113
f J1G
120
121
Lumber and products!.
...do
r
113
141
143
v 110
142
140
139
140
142
144
138
138
' 134
Furniture!
..do
r 124
109
117
123
101
108
99
97
97
112
J07
Lumber!
.
do
!08
irs
422
428
427
419
431
431
v 250
436
431
r 371
r
405
393
Machinery!
do
310
234
233
238
267
263
253
257
229
248
Nonferrous metals and products!
do
219
210
v 198
252
246
252
291
296
280
284
247
272
Fabricating*
_
do
234
209
191
200
205
194
194
187
191
186
!82
Smelting and refining*
do
188
183
171
163
167
164
165
161
156
156
359
v 157
r
Stone, clay, and glass products!
do
107
166
i()8
J05
95
102
100
71
81
66
82
71
Cement
.do
102
102
89
110
121
120
119
119
120
118
110
Clay products*
..do
115
120
I 15
113
210
204
216
201
202
218
196
Glass containers!
_______ do
221
230
236
••226
699
695
676
709
695
706
704
r
" 308
Transportation equipment!
.
do
651
572
* 535
610
411
D
230
226
236
242
235
235
229
121
Automobiles!
_
.do
231
207
r 188
218
*
151
r
173
173
172
171
172
170
173
p 1 59
Nondurable manufactures!
.
__do
171
173
107
172
r
159
159
159
139
158
146
191
168
Alcoholic beverages!
_
do
148
162
214
147
308
307
r
321
313
319
316
309 |
Chemicals!
do___
320
r 303
315
318
2fil
394
400
r
402
400
396
396
395 I
Industrial chemicals*
__do
v 358
405
412
409
407
368
118
121
122
113
125
114
115
112
122
107
121
125
107
Leather and products!
do
116
US
116
128
114
113
r
112
r 11(1 [
117
96
1.15
Leather tanning*
do___
119
122
126
113
123
114
117 !
109
120
114
132 1
Shoes
_r
_
..do
*> Preliminary.
Revised.
§The total includes data for distributive and service industries and government not shown separately.
*New series. For a description of the indexes of the volume of farm marketings and figures for 1929-42, see pp. 23-32 of the April 1943 Survey; indexes through 1942 were computed
by the Department of Commerce in cooperation with the Department of Agriculture; later data are from the latter agency. Data for 1913-41 for the dollar figures on cash farm income
are shown on p. 22 of the May 1943 Survey but the annual totals have been revised beginning 1940; revised monthly averages based on the new totals are as follows (millions of dollars)
Cash farm income, total including Government payments—1940, 759; 1941, 979; 1942,1,335; 1943, 1,668; income from marketings—1940, 695; 1941, 930; 1942, 1,276; 1943, 1,612; the monthly
figures have not as yet been adjusted to the revised totals. Data beginning 1939 for the new series under industrial production are shown on p. 18 of the December 1943 issue.
!Revised series. Data on income payments revised beginning January 1939; for figures for 1939-41, see p. 16 of the April 1944 Survey and for 1942-44, p. 20 of the May 1945 Survey.
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 tbe indicated serif*
on industrial production, see table 12 on pp. 18-20 of the December 1943 issue.
-\()K
668469 is
1
SURVEY OF CURRENT BUSINESS
S-2
Unless otherwise stated, statistics through 1941
and descriptive notes m a y be found in the
1942 Supplement to the Survey
1945
November 1945
1944
SeptemSeptember
ber
October
1945
November
Derember
Janu- I February | ary
March
April
May
June
July
August
BUSINESS INDEXES—Continued
PRODUCTION I N P E X E S - C o n .
I n d u s t r i a l Production—Continued
Unadjusted—Continued.
Manufactures—Continued.
Nondurable manufactures—Continued.
Manufactured food productsf
1935-39=100.
Dairy products!
—
...
do.__
Meat packing
do___
Processed fruits and vegetables*
.do...
Paper and products!
do...
Paper and pulpt-do_._
Petroleum and coal products!
do..Coke
do._.
Petroleum refiningt--do...
Printing and publishing!
do.—
Rubber products!
do
Textiles and products!-.
do...
Cotton consumption
_
do...
Rayon deliveries
...do...
Wool textile production..
do...
Tobacco products
..„
do—
Minerals!
do._.
Fuelst
——do___
Anthracite!
___
_._do__.
Bituminous coal!
do
Crude petroleum
do...
Metals
_.do_—
Adjusted, combined index!.,_
do...
Manufactures
do...
Durable manufactures
do...
Lumber and products
_
__
„_do._.
Lumber...
...do...
Nonferrous metals..
_
do...
Stone, clay, and glass products.._
do._.
Cement
...do...
Clay products*
-__do._.
Glass containers
_
do___
Nondurable manufactures.
do...
Alcoholic beverages
do...
Chemicals
do___
Leather and'products
do._I
Leather tanning*
do...
Manufactured food products
I
doll!
Dairy products
_
—.do...
Meat packing...
do...
Processed fruits and vegetables*
I.do—.
Paper and products
_
do...
Paper and pulp
_
do...
Petroleum and coal products
_..do__.
Petroleum refining
do...
Printing and publishing,.
do...
Textiles and products
_
do...
Tobacco products
do...
Minerals
do._.
Metals
_
do.."
p 161
v 156
134
v
223
P143
p 137
152
110
M80
138
21G
169
^138
v 140
v 114
^148
•» 140
v 172
* 178
*208
* 107
141
101
143
109
* 142
160
166
v 155
348
23G
141
137
258
168
272
100
230
147
148
196
144
131
147
148
129
151
149
138
230
246
342
120
111
238
159
86
116
200
168
156
307
121
120
146
v 147
161
121
142
137
258
09
147
124
143
113
159
v 125
156
180
143
139
266
170
281
105
231
146
140
199
150
125
144
14b
133
152
148
123
232
248
344
120
109
233
161
88
115
212
169
166
307
115
HI
149
v 152
154
139
143
139
266
281
103
146
120
143
111
155
108
175
133
343
138
2fi8
170
283
107
231
149
149
209
143
137
140
148
326
155
148
89
232
248
341
122
112
234
160
88
116
208
173
184
307
116
112
154
» 165
158
145
143
13S
268
283
103
149
135
143
112
111
114
105
S2
123
107
109
101
77
124
88
122
121
150
r94
184
114
134
132
268
167
283
106
239
152
146
215
152
121
131
14!
109 ,
143
141
142
171
105
136
132
273
167
289
99
247
150
145
215
146
121
131
145
96
151
148
68
234
251
345
126
118
253
162
87
125
200
175
213
317
113
113
155
139
103
138
134
276
168
292
104
247
155
152
215
151
118
235
146
112
150
148
68
236
252
346
123
112
257
163
87
122
207
176
170
818
121
119
158
145
149
125
104
141
136
268
161
284
108
233
149
143
218
142
115
140
145
131
138
150
109
230
247
336
119
109
263
167
85
122
225
174
144
318
122
118
160
» 143
134
170
140
136
268
284
105
149
120
140
111
104
111
75
81
144
81
131
129
158
146
138
132
268
283
104
152
131
137
111
146
162
136
132
273
289
102
150
121
140
111
146
163
137
134
276
292
105
155
123
141
111
135
99
141
137
272
171
287
107
236
153
150
215
149
117
136
147
115
149
150
72
235
252
345
121
110
266
166
86
124
216
176
148
319
122
117
160
M38
146
180
141
137
272
287
105
153
123
142
111
1C5
108
105
112
88
78
135
83
125
121
102
107
82
80
137
84
119
117
109
118
79
83
147
92
132
135
138 1
146
68
232
249
343
122
111
229
163
90
116
218
173
169
312
114
115
155
PH5
»132
* 132
146
P178
132
97
142
137
273
168
289
106
224
150
142
221
146
128
141
143
47
145
152
131
225
240
323
118
108
248
162
85
115
221
173
136
150
v 209
'151
P212
P185
131
'107
' 174
142
137
134
130
267
165
••269
163
285
105
222
150
144
220
144
145
147
150
129
153
151
'129
220
233
308
'116
104
219
166
95
121
223
173
139
••319
'318
121
115
153
127
*133
' 157
139
' 119
'151
v 143
99
218
'132
123
220
'117
133
145
148
117
146
153
'124
••210
r 222
'293
'110
98
210
169
93
117
239
'165
193
'307
'110
'110
'147
P148
132
149
141
136
273
289
105
150
128
138
110
141
140
'139
'134
142
137
269
285
106
150
139
144
135
131
267
' 109
'108
103
109
75
74
147
80
124
131
93
98
69
64
123
75
109
126
84
85
67
51
103
72
91
114
105
'132
128
143
119
165
'131
129
i»242
153
107
'193
134
123
'213
126
155
'143
'146
102
144
'152
123
'187
'195
'243
'107
98
198
160
97
110
217
'157
173
'265
107
98
'138
*>146
133
'101
'131
129
242
111
134
150
'140
105
Munitions Production
Total munitions*
1943=100.Aircraft*
do
Ships (work done)*
~_do_~I.
Guns and fire control*
do.
Ammunition*
do.
Combat and motor vehicles*
.
I."do!
Communication and electronic equipment*
do.
Other equipment and supplies*
do.
107
118
103
79
122
79
118
113
123
127
94
77
127
95
118
115
MANUFACTURERS' ORDERS, SHIPMENTS
AND INVENTORIES
,,7
New orders, index, totalf
avg. month 1939=100.
170
20(i
208
252
223
223
186
260
186
195
Durable goods
__do
118
230
214
267
267
326
351
182
179
177
Iron and steel and their products
do
122
201
200
216
283
82
270
320
432
177
176
191
Electrical machinery
_
_
do
348
155
395
206
403
371
490
459
363
270
207
Other machinery
„ do.
204
279
231
528
277
296
369
345
153
170
147
Other durable goods
Illdo.
101
186
201
JC9
211
2(56
207
221
240
80
154
162
170
Nondurable goods
...do.
202
21S
191
204
197
184
202
220
192
202
190
192
Shipments,index, totalf
_
"do
215
273
269
278
286
287
284
281
'247
261
'221
269
268
Durable goods
Ido-...374
372
380
389
390
'261
354
364
382
356
320
361
Automobiles and equipment
_I__Ido.III
144
302
282
292
313
303
278
322
314
'182
270
247
287
Iron and steel and their products
do
196
249
253
252
286
260
197
242
273
288
262
238
272
Nonferrous metals and products.
do
185
282
267
279
310
292
275
303
295
'192
277
232
288
Electrical machinery
do
311
492
521
515
512
566
'398
434
532
504
505
464
496
Other machinery
do
270
390
389
408
440
416
'363
'300
385
429
410
422
406
r
Transportation equipment (exc. autos)
do
838
2,412
2,372
2,414
2,072
!, 449
2,314
1,779
2,190
2,046
1,594
1,190
1,735
Other durable goods..
do.III
187
210
213
221
230
215
'201
207
223
229
232
214
230
Nondurable goods
_
.IllldoIIII
206
203
198
208
215
210
196
213
210
'196
'193
207
206
Chemicals and allied products
Ido-III
199
211
207
218
239
214
'214
209
228
228
'201
217
217
235
Food and kindred products
do
217
216
227
219
225
'221
'209
212
224
214
217
208
183
Paper and allied products...
do
179
172
180
187
177
171
183
184
'166
' 174
185
182
185
189
187
Products of petroleum and coal.
do..""
192
202
208
' 183
184
194
195
196
199
196
293
297 I
Rubber products
do
342
356
341
311
351
351
255
333
274
333
189
184 I
Textile-mil! products
"do.III
189
196
163
190
176
198
189
198
154
188
' 165
189
181 I
Other nondurable goods
do
189 i
203
199
196
180
200
205
192
'177
203
'184
' Revised.
» Preliminary.
I)ata
in<nM£
b o n i n g 1939 for the new scries under industrial production are shown on pp. 18 and 19 of the December 1943 Survey. Indexes of munitions production for
1940-43 are shown on p. 24 of the February 1945 Survey; subsequent revisions in the 1943 data are available on request.
n? £ V
u e n ? * ? o r revi sions for the indicated unadjusted indexes and all seasonally adjusted indexes shown above for the industrial production series,see table 12 on pp. 18-20
SURVEY OF CURRENT BUSINESS
November 1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
September
September
1944
Novem- December
ber
October
S-3
1945
January
February
March
April j 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.
166.0
187.6
173. 2
124.7
145.5
2E4. 2
214.7
172.4
168.8
229.8
127.5
UK 6
327.8
218.9
172.0
197.1
229.6
126. 3
145.8
318.6
219.4
170.8
194.6
220.2
124.4
146.7
320. 5
216.2
K8,4
192.3
232.5
120.8
148.1
313.7
213. 9
166.9
189.6
228.1
117.9
145. 0
316.9
217.8
165.7
188. 7
229.9
116.1
145.9
309.3
218.5
164.8
188.9
230.8
113.7
149.9
317.3
221.0
163.9
189.2
231.1
114.1
150.0
317.3
221.1
163.1
189.2
223.0
117.5
145.5
314.8
220.1
162.7
188.7
217.4
118.8
145.4
320.1
213.7
r
164.1
r 187. 3
' 215.0
121.2
' 145. 6
314.0
r 209.5
164. 7
185.8
171.4
122.5
145.9
304. 0
212. 5
see. s
116.3
166.0
907.0
105.5
149.4
159. 2
187.0
142.7
109.7
174.3
112.5
147.9
895.2
105. 9
150.1
156.8
188.3
139.9
110.9
174.3
115.6
149.0
873.8
1C6. 4
149.9
154.8
184.7
126.2
110.8
176.1
118.3
151.8
837.1
107.3
147.5
157.1
173. 6
134. 3
109. 7
1C9. 6
119.5
153. 3
• 793.6
104.4
147.0
152.1
164.4
131.8
108.1
170.6
123.8
162.2
786.4
105.1
145.6
151. 8
154.4
133.0
108. 5
176.7
123.5
165.8
768.3
105.0
143.7
151.3
148.4
134.3
108.7
175.5
123.2
164.4
772.9
106.3
141. 5
150.5
144.2
134.3
108.0
175.3
120.3
162.6
779.9
105.3
140.3
152.8
143.2
133.6
107.4
178.3
119.6
157.7
794.7
104.9
139. 9
153. 5
143.7
136.0
107.3
178. 7 .
116. 5
156.5
791.5
102.1
r 143.7
r 156.1
r
154.6
'140.0
108. 8
183.3
T
118.1
'156.3
834. 3
101. 5
146.2
159.0
158. 0
144. 5
110.8
182.4
r
115.6
16,£C3
17,139
17,1C0
16, 973
16, 737
16, 589
16,468
16,378
16,293
16, 212
1C2.2
147.1
160.3
157.3
146. 6
1C6.9
161.4
16,167
r 16, 307
r
16, 369
BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESS
TURN-OVER*
(U. S. Department of Commerce)
Operating businesses, total, end of quarter thousands
do
Contract construction _
do
Manufacturing
Wholesale trade
. _. _. . . . do .
.do
Retail trade
do
Service industries
_ „ . . . do
All other.
do....
New businesses, quarterly.
_
Discontinued businesses, quarterly - _ . _ . d o
do
Business transfers, quarterly
INDUSTRIAL AND COMMERCIAL FAILURES
2, 943. 0
129. 2
224.7
117.7
1,387.7
562.1
521.6
£0.0
40.9
41.8
» 3,091.4
P 116.8
p 224. 6
P 125.8
»1,463. 8
P 585. 5
P 574.9
v 131.6
*>47. 7
» 52.6
3, C07. 5
122.4
224.3
119.7
1, 424.1
572. 9
544.1
103.3
38.8
39.5
(Bun and Bradstreet)
Grand total _
.
number.
._ do
Commercial service
do
Construction
.
do
Manufacturing and mining _ _
do
Retail trade.
_
_
rio_
_
Wholesale trade . .
. . .
Liabilities, grand total
thous. of doL.
Commercial service
do
do...
Construction
do
Manufacturing and mining
do. .
Retail trade
do
Wholesale trade
BUSINESS INCORPORATIONS
New incorporations (4 states)
.
number
4,065
155
273
3,288
161
188
74
4
11
30
25
4
3,819
43
80
3, 521
156
19
75
12
18
18
21
6
3,008
1,663
482
513
115
235
93
6
4
36
36
11
1,804
67
41
1,076
385
235
80
8
10
34
26
2
5,883
2,622
855
2,128
254
24
66
11
8
17
26
4
1,557
809
241
301
142
64
85
5
10
26
37
7
3,880
69
175
3,067
409
160
90
8
7
26
43
6
980
54
140
464
215
107
72
5
7
26
28
6
2,208
61
102
1,771
175
99
61
5
5
19
28
4
3,198
134
81
2,420
515
48
72
9
9
19
30
5
3, 659
82
1, 135
1, 665
468
309
56
5
8
21
17
5
1,166
217
186
595
133
35
1,159
1,460
1,506
1,520
1,682
1,341
1,552
1,562
1,662
1,659
1,631
1,817
204
202
167
158
367
172
214
240
215
206
212
75
8
12
24
26
•5
2,072
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
COST OF LIVING
National Industrial Conference Board:§
Combined index
Clothing
Food...
Fuel and light
Housing
_
_
_
Sundries
1909-14=100.
do
do
.do...
do
do.__
de-
_
do...
do...
do
do__.
do
do...
1923=100..
do
do
do
.do
do
1C6.2
94.6
112.9
97.4
91.0
115.3
192
188
155
162
358
170
206
166
207
196
200
198
179
194
187
164
161
357
171
205
153
211
199
201
201
190
196
189
165
157
368
168
195
188
215
202
200
203
207
200
196
167
160
364
168
206
228
215
202
198
203
211
201
200
169
163
365
163
205
262
214
202
203
202
199
199
197
169
164
360
161
211
223
215
201
209
200
183
198
196
171
166
359
163
211
203
215
200
211
198
175
203
204
172
162
362
163
221
259
215
201
215
194
176
200
198
172
161
363
165
227
193
218
202
217
192
179
206
210
173
162
364
169
237
269
217
203
216
191
189
206
207
169
161
364
171
237
244
221
205
215
192
197
1(55.0
93.2
111.3
95.8
90.9
113.8
105.0
93.6
110.8
95.8
91.0
114.2
105.3
93.9
111.1
95.8
91.0
114.6
105.7
94.0
112.3
95.8
91.0
114.8
105.7
94.2
112.1
95.8
91.0
114.9
105.5
94.3
111.2
66.1
91.0
115.1
105.4
94.5
110.8
96.1
91.0
115.2
105.8
94. 8
111.6
66.0
91.0
115.3
106.2
94.9
112.7
96.2
91.0
115.5
106. 9
94.7
114.8
96.3
91.0
115.5
106. 9
94. 6
114. 9
97. 3
91.0
115.3
• 195
207
106.6
94.6
113.9
97.5
91.0
115.4
' Revised.
» Preliminary.
§Beginning in the April 1945 Survey, indexes^are computed with fixed budget weights; the wartime budget weights used in computing indexes shown in the June 1943 to March
1945 issues have been discontinued, as indexes computed with these variable weights differed only slightly from those with fixed budget weights.
*New series. Data for inventories of Donferrous 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 pp. 9-14 and 20 of May 1944 Survey, pp. 7-13 of July 1944 issue, and pp. 18 and 19 of May 1945 issue; these issues provide more detailed figures than those above.
issue. Data for Octob
Digitized for210;
FRASER
livestock and products,
durable goods" industries.
SURVEY OF CURRENT BUSINESS
S-4
Unless otherwise stuted, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
September
November
1944
September
October
1945
Novem- December
ber
Janu- | February j ary
March
April
May
June
July
August
COMMODITY PRICES-Continued
COST O F LIVING—Continued
[I. S. Department of Labor:
Combined index§..._
Clothing
Food
..„
Fuel, electricity, and Ice
Housefurnishings--—_
Rent......
Miscellaneous
_
-
-
.,..1935-39=100..
—-_—do.—
_do_-_.
.......
do
do
do
do
128.9
148.2
139.4
110.7
146. 8
108.3
124. 6
126.5
141.4
137.0
109.8
140.7
108.2
122.4
I
126. 5
141.9
136.4
109.8
141.4
(>)
122.8
126. 6
142.1
136.5
109.9
141.7
(0
122.9
127.0
142.8
137.4
109.4
143.0
M08.3
123.1
123.8
126.9
143.3
136.5
110.0
144.0
123.3
0)
0)
0)
123.9
129.0
145.4
141.1
110.0
145.8
108. 3
124.0
' 124. 3
'129.3
r 146. 4
140. 9
111.4
r 146.0
(')
' 124.5
128.1
144.6
138.8
110.0
145. 4
(0
129.4
«• 145. 9
141.7
111.2
'145.6
0)
j
RETAIL PKICES
U. S. Department of Commerce:
All commodities, index*
U. 8. Department of Labor indexes:
Anthracite
_
Bituminous coal
____
Food, combined index
Cereals and oakery products*.
Dairy products*
..
_.
Fruits and vegetables*.-..
Meats*
.
„_„_
Fairchild's index:
Combined index
______Dec.
Apparel:
Infants'...
Men's
.
Women's.......
Hoine furnishings. _„
Piece goods
„
127.1
144.1
136.6
109.8
144.9
123.4
126.8
143.7
135.9
110.0
144.5
108.3
123.6
127.1
143.0
137.3
109.7
143. 6
1935-39=100.
142. 0
138.9
1923-25=100.
___do___
1935-39=100do...
__-__d,o___
do...
..do...
106.3
107.4
139.4
109. 1
133.4
172.5
131.6
98.5
104.6
137.0
108. G
133.6
169.9
129.0
31,1930=100.
113.5
113.4
113.4
_do...
do—
do.._
do—
_do.._
108.1
105. 4
113.8
115.6
112.0
108.2
105. 3
113.7
115.6
112.2
108.2
105.3
113.6
115.6
112.2
10.4.0
104.1
100.9
112.8
94.7
122.7
121.7
127.6
99.7
104.2
94.4
110.7
115.9
106.0
101.0
113.2
94.8
123.4
125.1
127.1
99.8
104.2
94.7
110.7
112.7
106. 0
9S.6
116. 0
101.5
96.9
154.5
105.5
94.9
96.0
106. 9
81.2
102.0
83.0
60.3
76.8
63.8
116.0
106.1
101.3
126.3
104.4
107.4
101.4
103.8
97.2
85.8
92.4
99.2
107.0
118.7
70.8
30.3
112.9
93.6
73.0
107.2
77.4
79.1
72.9
55.4
.
138.8
139.0
139.6
139.7
139.6
139.6
139. 9
'141.0
142.1
142.4
142.2
104.7
136.4
108.6
133.6
162.9
129.4
98.6
104.7
136.5
108.6
133. 6
160.7
129.7
98.7
104.8
137.4
108.6
133. 5
164.2
129.9
98.7
104.8
137.3
108. 7
133. 5
168. 9
130. 2
99.7
105.0
136.5
108.7
133. 5
168. 9
130.7
99.5
105.1
135.9
108.7
133.5
169. 5
130.8
98.8
105.0
136.6
108.9
133. 5
173. 3
130.8
98.7
106. 6
138.8
109.0
133. 5
182.5
131.6
98.9
107.1
141.1
109.1
133.4
192 6
131.6
106.0
107. 2
141.7
109.1
133.4
191.8
131.6
106.1
107. 4
140. 9
109. 1
133. 4
183.5
131.8
113.4
113.4
.113.4
113.4
113.4
113.4
113.4
113.4
113.4
113.5
108.2
105.3
113.6
115.6
112.2
108.2
105.4
113.5
115.6
112.2
105. 4
113. 5
115.6
112.2
108.2
105.4
113.5
115.6
112.2
108.2
105.4
113.5
115.6
112.2
108.2
105.4
113.5
115.6
112.2
108.2
105.4
113.5
115.6
112.0
108.2
105.4
113. 5
115.6
112.0
108.2
105. 4
113.7
115.5
112.0
108. 1
105. 4
113.8
115.6
112.0
104.4
104.7
104. 9
105. 2
105.3
105. 7
106.0
106.1
105. 9
v 105. 7
101.1
113.8
94.8
124.4
124.8
127.0
99.9
105.1
94.7
110.7
113.7
106.1
101.1
114.6
94.8
125.5
127.5
126.9
100.0
105.5
94.7
110.7
116.2
106. 2
101.3
115.1
94.9
126. 2
129.3
131.1
100.1
104.7
94.7
110.8
114.4
106. 4
101.5
115.6
95.0
127.0
129.8
133.8
100. 2
104.7
94. 9
110.8
118.1
106.5
101.6
115. 7
95.0
127.2
129.8
135.6
100.4
104.6
95.1
110.8
115.9
1G7.7
101.8
116.8
95.0
129.0
130. 5
136.4
100. 5
105.8
95. 4
110.7
123. 4
108. 2
101.8
117.7
95.0
129.9
129.1
135.5
100.6
107.0
95.4
110.6
131.4
108.6
101.8
118.2
95.4
130.4
130.2
134.4
100.7
107. 5
95.5
110.5
134. 7
108.3
101.8
117.5
95.3
129.0
128.6
133.3
100.7
106. 9
95.3
110.5
130. 3
108.0
v 101. 8
116. 3
95.5
126. 9
126.4
130.7
v 100.9
106.4
95.1
110. 6
124. 3
107.9
98. 7
116.3
104.8
97.5
154.2
106.0
95.0
96.0
106. 9
81.8
102.0
82.9
59 6
76.0
63. 8
116.2
107.3
101.3
126.
104.4
107.4
101.4
103.7
97.1
85.8
92.4
99.4
107.4
118.8
71.5
30.3
112.9
93.6
73.0
107.2
98.8
116.4
105.0
97.7
154.2
106.3
94.8
95. 5
100.9
81.8
102.0
83.1
60.1
77.3
63.8
116.2
107.1
101. 3
126.3
104. 4
107.4
101.5
103.7
97.1
85.8
92.4
99.4
107.4
118.8
71.5
30-2
112.9
94.0
73.0
107.2
98.9
116.4
105.3
97.5
154.3
106.3
94.8
95.6
106.9
81.8
102.0
59.9
74.6
63.8
117.4
114.0
101.3
126.3
104.4
107.4
101.5
103.8
97.2
85.8
92.4
99.5
107.4
119.2
71.5
SO. 2
112.9
94.2
73.0
107.3
99.1
116. 8
110.4
97.4
154.2
106.3
94.9
95.8
106.9
81.9
102,0
83.3
60.0
75.7
64.3
117. 5
114.8
101.3
126. 3
104. 5
107. 5
301.5
104. 0
97.7
85. 9
92,4
99.6
107.4
119.7
71.5
30.2
112.7
94.2
73. 0
107. 6
99.2
117.0
110. 5
99. 0
154.4
106.4
94.9
95. 8
106. 9
81.9
102.0
83. 3
61.1
76.9
64. 3
117.6
115.4
101.3
126.3
104. 5
107.5
101. 5
104. 2
98.0
85.9
92.4
99. 7
107.4
119.9
71.5
30.2
112. 7
94. 6
73.0
108.0
99.2
117.1
110.7
99.4
154.3
106.3
94.9
95.8
106.8
81.9
102.0
83.4
59.0
77.7
64.3
117.8
116.4
101.3
126.3
104. 5
107.5
101. 5
104. 2
98.1
85.9
92. 4
99.7
107.4
119.9
71.5
30.2
112.7
94.6
73.0
108.0
99.3
117.1
110.6
99.4
154.4
106. 3
94.9
95.8
106. 8
81.9
102. 0
83.5
5S 7
77.0
64.2
117.9
117.0
101.3
126. 3
104. 5
107. 5
101. 5
104.2
98.1
85.9
92.4
99.6
107. 4
119.7
71.5
30.2
112.7
94.8
73.0
109.0
99.4
117.3
110.7
99.4
154.9
106.4
94.9
95.8
106.8
81.9
102.0
83.7
58.5
76.4
64.2
117.9
117.0
101.3
126.3
104.5
107.5
101.5
1C4.3
98.4
85.9
92.4
99.6
107.4
119.7
71.5
30.2
112.7
94.8
73.0
109.0
99.6
117.4
110.9
99.4
154.9
106.3
95. 0
95. 9
109.5
80.4
102.0
83.9
59. 6
78.0
64.2
118.0
117.3
101.3
126. 3
104.5
107.5
101.5
104. 7
99.1
85.9
92.6
99. 6
107.4
119.7
71.5
30.2
112.7
94.8
73.0
109.0
99.7
117. 5
111.7
99.4
155.1
106.1
95.3
96. 1
110.2
81.1
102.0
84.3
60. 3
77.8
64. 2
118.0
117. 6
101.3
126. 3
104. 5
107.5
101.5
104. 7
99.1
85.9
92.0
99. 6
107.4
119. 7
71. 5
30.2
112.7
94.8
73.0
109. 0
v 99.9
117.8
111.6
99. 4
155.3
107. 3
95. 3
96. 1
110.2
81.1
102. 0
84.8
77.3
79.1
73.2
54.8
77.1
79.0
73.2
54.3
76.8
78.7
72.7
53.2
78.7
72.7
53.0
76.4
78.9
73.5
53.7
76.1
78.7
73.1
52. 5
75.9
78.1
71.9
53.2
75.9
77.5
70.8
51.6
75. 9
77.3
70. 5
51.6
70.1
'77.3
WHOLESALE PRICES
D. S. Department of Labor indexes:
Combined index (889 series)
_—1926=100— p 105.2
Economic classes:
v 101. 7
Manufactured products
do
114.8
Raw materials
_______
do.._.
96. 5
Semimanufactured articles...
—
do
.124.3
Farm products
_
_
do
126.6
Grains.......
do
128. 5
Livestock and poultry
.do
100.9
Commodities other than farm products
do
104. 9
Foods..
...
_.
do
95.1
Cereal products.
.....
do
110.3
Dairy products
„.__._.,.do
117.5
Fruits and vegetables.
do
107. 9
Meats
.
do
Commodities other than farm products and foods
1926-=100._ v 99.8
118.0
Building materials
do
112.4
Brick and tile
.
_.do___.
99. 6
Cement
do
155.0
Lumber
____ do
107.6
Paint and paint materials
do
95. 3
Chemicals and allied products!...
__._do.__.
96. 1
Chemicals
do
!10. 2
Drugs and pharrnaceuticalst-.
do
81.1
Fertilizer materials...
.
do
102.0
Oils and fats
.
do
84. 1
Fuel and lighting materials
.
__do
Electricity
.do____
Gas__
......do
(12. 6
Petroleum products
do
118. 7
Hides and leather products. _.
-do
J18. 1
Hides and skins.
do
103. 8
Leather
.„
do
120. ?>
Shoes
do
104. 6
Housefurnishing goods
__.. do
107.7
Furnishings
do
10J.5
Furniture
__do.._.
" 104.9
Metals and metal products
do
99. t;
Iron and steel
«
do
85. 7
Metals, nonferrous
do
95. 0
Plumbing and heating equipment.
do_.__
100.1
Textile products
,
do____
107.4
Clothing
„
do_.._
121.3
Cotton goods
_
- do....
71.5
Hosiery and underwear
..do
30. 2
Rayon
_
..do
112.7
Woolen and worsted goods
.
do
94.8
Miscellaneous
:___
-_-___.—__do
73.0
Automobile tires and tubes
.
do „
109.3
Paper and pulp
_______ do
Wholesale prices, actual. (See respective commodities.)
83.1
"7876
64. 2
118.0
117.8
101.3
120. 3
104.5
107.5
101.5
P 104.7
99. 1
85.8
93.4
99.6
107. 4
119.7
71.5
30.2
112.7
94.8
73. 0
109.3
PURCHASING POWER O F T H E DOLLAR
As measured by—
Wholesale prices
Cost of living
Retail food, prices
Prices received by farmersf
-
1935-39=100..
do
do j
--do |
76.5
77.6
71. 6
54.1
73.2
53.5 !
70. 9
52. 1
v Preliminary.
»• Revised.
i Rents collected semiannually for most cities in index (in M a r c h and September or J u n e and December); indexes are held constant in cities not surveyed during quarter
• N e w series. For a description of t h e D e p a r t m e n t of Commerce index of retail prices of all commodities, see p . 28 of the August 1943 Survey; minor revisions have been m a d e in
the figures published prior to the Februaryl946 Survey; 1939-43 revisions are available on request. D a t a beginning 1S23 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.
living; the D e p a r t m e n t of Labor
has therefore changed the name of the index to "consumers 7 price index" to avoid misinterpretation.'
SURVEY OF CURRENT BUSINESS
November 1945
1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the Septem- Sep1942 Supplement to the Survey
tember
ber
S-5
1944
October
1945
Novem- December
ber
January
February
April
March
May
June
July
Augusi
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY*
New construction* total
mil. of dol__
Private, total
do...
Residential (nonfarm)
do
Nonresidential building, except farm and public
utility, total
mil. of dol_.
Industrial
...do
Farm construction
do
Public utility
...do....
Public construction, total
do—
Residential
__
do
Military and naval
_
.do
Nonresidential building, total
do
Industrial
_
do
Highway
do.._.
All other
.
„
do
328
130
35
310
124
32
281
120
30
277
115
25
285
117
23
317
136
26
353
158
34
'181
45
••203
37
21
13
45
198
8
62
79
65
35
24
39
23
10
43
186
8
49
80
67
28
21
45
27
5
40
161
7
40
77
65
19
18
50
32
6
34
162
7
43
81
70
14
17
56
37
5
33
168
'62
41
11
37
181
7
51
92
81
15
16
44
16
42
195
8
54
97
84
18
18
73
49
21
'42
205
9
60
97
83
21
18
39
13
42
13
40
13
46
13
40
12
51
14
39
11
48
14
60
12
59
13
79
21
70
18
70
24
58
20
9,266
9,105
175, 739 144, 845
127, 001 101,612
48, 738 43, 233
8,848
164,850
102, 522
62,328
144
39
36
20
22
47
210
7
46
85
76
13
17
'423
'235
446
'256
'73
79
51
21
'45
200
9
59
89
73
25
18
85
55
34
'48
188
7
57
77
60
26
21
98
'60
30
' 55
' 189
'8
56
'69
'49
30
59
24
50
22
61
24
54
23
58
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..
Permit valuation:
Total building construction..
_
__do
New residential buildings
__
do
New nonresidential buildings
_.._.do
Additions, alterations, and repairs
___.do
Estimated number of new dwelling units in nonfarm
areas (U. S. Dept. of Labor):
Total nonfarm
number..
Urban, totalVdo
1-family dwellings
.
do
2-family dwellings
„
_
do
Multifamily dwellings
__.do
Engineering construction:
Contract awards (E. N. R.)§
thous. of dol..
40
13
39
13
12,004
278,262
43, 346
234, 916
61
'24
7,441
12,916
11,188
6,853
7,210
12, 751
11, 416
188, 481 140,949 146,957 328, 874 395, 798 242, 523 227, 298 12, 289 263, 608
257,691
114,175
74, 960 74,153 221, 448 309,004 147,626 81,717 108,447
67, 452
74,306
72,804 107, 426 86, 794 94,897 145, 581 149, 244 196,156
65,989
2,788
3,004
3,652
2,114
4,113
2,227
4,088
4,224
4,089
19,193
11,374 11,873 25,407 20, 602 13, 569 13, 744 21, 350 22, 656
97,933
81,614 95,681 211,317 241,107 87,414 90, 479 121, 561 143, 353
3,393
7,436
4,221
5, 555
4,650
5,895
4, 268
6,184
6,277
4,139
4,872
5,331 10, 753 10, 237
7,613
3,703
7,716
8, 3S5
47,
206 41, 779 46, 273 42, 711
23,902
19, 536 19,300 26,943 42, 745
831
2,031
1,453
302
829
1,143
445
1,915
1,566
38, 784 23,836
11,407 38,431 43, 901 71,239 40,454
44, 379
52,855
445
429
528
216
327
265
270
428
357
36,664 54,586
27,862 15,963 20,569
52,183 68,045
37,002 33,165
4,731
32. 700
181,033
3,148
15, 674
87,175
3,099
11, 485
68,841
3,271
17,173
93,604
6,140
8, 587
42, 580
4,217
4,444
24, 470
4,764
6,298
23,805
4,481
4,734
23,288
893
35, 875
1,371
40, 353
973
720
34,462
22,686
240
18,774
369
23, 741
430
17,737
25,272
82.6
38.6
43.7
46.1
46.4
29.1
35.6
46.4
72.5
72.3
78.3
91.8
' 75. S
82.6
88.8
95.9
173.3
46.4
31.9
39.1
57.0
32.5
61.4
100.2
51.4
32.9
46.8
104.7
39.8
32.5
33.0
73.6
38.3
21.8
36,3
80.4
44.9
30.3
47.4
70.9
65.3
40.5
73.1
100.6
67.9
59.6
54.1
121.8
77.4
69.5
68.5
118.1
83.3
78.9
57.7
159.1
96.7
89.6
83.3
147.1
'99.0
'84.1
21, 547
14,315
12, 459
839
1,017
11,300
7,773
6,493
575
705
10, 500
7,469
5,873
11,600
8,460
6,978
612
870
10, 800
8,045
7,029
568
448
7,684
5, 046
4,095
213
738
8, 536
6,168
5,168
368
632
13, 226
8,039
6,422
899
718
20, 500
12, 489
10,021
864
1,604
19,448
12,490
10, 786
933
771
20,356
13,586
12, 035
550
1,001
23, 264
15, 913
13, 421
782
1,710
20, 215
' 13, 059
' 11,357
' 625
1, 083
235,155
117,919
127,195
129,740
93, 257
88,193
109,516
182,498
140,379
164,955
190, 614 170, 984
213, 960
1,187
25
734
428
2,712
962
1,186
564
1,204
2,644
1,497
2,342
839
1,092
411
1,070
541
342
187
826
708
20
464
429
173
767
252
118
397
2,066
1,030
690
345
266
271
270
241
256
226.8
267
273
270
241
258
227.4
735
861
376
' 159.1
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:J
Total
.
thous. of sq. y d . .
Airports
_
do
Roads
.—.do
Streets and alleys
do
456
238
510
713
435
4,197
2,901
554
743
2,092
1,123
592
377
f
1,981
i 248
i,703
1,030
CONSTRUCTION COST INDEXES
Aberthaw (industrial building)
1914-= 100..
American Appraisal Co.:
Average, 30 cities
.1913=100..
Atlanta.
do
New York
do
San Francisco
do
St. Louis
do....
Associated General Contractors (all types)...1913=100..
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U. 8. av., 1926-29=100..
New York
do
San Francisco
_
...do
St. Louis
.
do
227
272
279
272
245
270
231.0
262
268
268
239
254
224.2
231
263
268
9fiS
ZOO
239
254
224.2
265
270
241
255
225.0
266
271
270
241
256
225.7
232
232
267
273
270
242
259
228.8
267
273
270
241
259
227.8
274
270
243
259
229.3
269
275
271
243
259
229.4
270
276
271
244
266
230.0
271
276
272
245
^ 268
230.0
124.8
121.8
119.0
123.6
121.6
119.0
122.1
123.6
123.6
122.6
121.8
122.6
122.6
157.9
153.1
157.1
151.9
156. 6
156.4
154.8
155.8
153.1
155.8
155.8
151.9
153.4
145.0
143.2
145.0
142.0
145.0
145.0
144.5
143.5
143.2
143.5
145.0
142.0
143.2
149.1
142.4
147.6
138.1
147.6
147.6
144.1
142.4
143.2
144.1
146.8
138.1
140.0
v Preliminary.
' Revised.
.Data for November 1944 and March, May, and August 1945 are for 5 weeks; other months, 4 weeks.
JData published currently and in earlier issues of the Survey cover 4- and 6-week periods, except that December figures include awards through December 31 and January figures
begin January 1; beginning 1939 the weekly data are combined on the basis of weeks ended on Saturday within the months unless a week ends on the 1st and 2d of the month when it
is included in figures for the preceding month (exceptions were made in the case of weeks ended Apr. 3, 1944, and Feb. 3,1945, which were included in the preceding month).
1The data for urban dwelling units have been revised for 1942-43; revisions are available on request.
•New series. Data beginning January 1944 for the series on new construction are revised joint estimates by the U. S. Departments of Commerce and Labor and the War Production Board; see note marked "*" on page S-5 of the January 1945 Survey for sources of earlier data. Total new construction and all classes under private construction have been revised beginning 1929; there are minor revisions beginning 1940 in the public construction. Revised 1929-44 annual data are on p. 24. Estimates of total nonfarm dwelling units include
riotn
fr\T i i r h o n
rl Ti7 f i l 11 nfirn r t i f o
668469—45
5
rriT7fln OV\ATTA n-n/-l r l n f n fr\-y* v i i ,*_-» 1 M.^-*-* f *-» w-r-f-i ^1 TrrTrtii,*-^ ™ --*-»£-<- o. «-r"U i ^TU
« « ^ -~~J-
«TU -^ „ »
«^-^
~l
_~~ .
j-i_ l
-_.!„
J
_
n.i.1-
„
^i •
™._, _
J i_
.
S-6
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1911
and descriptive notes may be found in the
1942 Supplement to the Surrey
1945
September
November 1945
1944
September
October
1945
Novem' December
ber
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 frama house:
Combined index._
1935-39=100..
Materials
do—
Labor
,__
..do
136.4
133.3
142.4
119.3
155.2
145.0
138.1
119.3
155.2
145.0
138.1
121.4
156.3
145.0
139.6
121.5
155.9
145.7
144.9
121.5
155.9
145.7
144.9
121.7
156. 7
145.9
145.9
122.2
157.5
145.9
146.8
122.2
157.5
146.7
146.8
122.2
157.5
147.2
149.2
123.0
158.1
147.2
149.8
123.0
157.9
147.2
149.8
123.0
158. 6
147.2
149.8
119.8
152.4
146.1
139.4
119.8
152.4
146.1
139.4
122.1
153.6
147.1
141.1
122.1
153.3
147.2
143.2
122.1
153.3
147.2
143.2
122.5
154.1
147.4
143.8
123.0
154.9
147.4
144.8
123.0
154.9
148.2
144.8
123.0
154.9
147.9
145.1
123.8
155.5
147.9
145.7
123. 8
155.0
147.9
145.7
123.8
155.7
147.9
145.7
126.5
156.5
143.4
141.8
126.5
156.5
143.4
141.8
129.9
158.6
145.3
144.7
129.4
157.9
145.3
146.7
129.4
157.9
145.3
146.7
130.9
158.7
145.5
148.6
131.6
159.5
145.5
150.1
131. 6
159.5
146.3
150.1
131.6
159.5
146.3
153.2
132.4
160.1
146.3
153.8
132.4
160.1
146.3
153.8
132. 4
161.1
146.3
153.8
128.3
157.9
141. 2
142.3
30 J.I
128.3
157.9
141.2
142.3
301.1
131.6
160.3
143.4
145.0
302.0
131.2
159. 5
143.4
146.2
302.5
131.2
159.5
143.4
146.2
303.7
133. 2
160.3
143,6
148.6
304.5
133.6
161.1
143.6
149.3
306.4
133.6
161.1
144.4
149.3
307.4
133.6
161.1
144.4
154.3
309.0
134.4
161.7
144.4
154.9
309.0
134.4
161.7
144.4
154. 9
309.1
134. 4
162.3
144.4
154. 9
309.3
133.7
131.2
138.5
133.9
131.3
139.1
134.4
131.5
139.9
134.4
131.5
140.0
134.5
131.7
140.1
134.7
131.9
140.1
135.0
132.3
140.4
135.1
132.4
140.5
135.1
132.5
140.4
135.3
132.7
140.5
135. 6
133.0
140.6
135. 8
133.1
140.9
29,661
5,970
26,960
6,025
29,998
6,082
35,001
6,128
24,103
6,174
51,070
6,216
41,839
6,262
38,703
6,302
29, 23G
6,339
28, 761
6,372
393,639
360, 227 354, 578
338,697
433,337
118,374
111,138
102,301
106,009
141, 481 153,754
4,635
90,182
13,265
2,507
7,785
5,244
81, 508
13,555
2,127
8,704
3,772
76, 495
12,167
1,868
7,999
3,081
78,140
12, 524
1,994
10, 270
REAL ESTATE
Fed. Hous. Adrnn., home mortgage insurance:
Gross mortgages accepted for insurance.thous. of dol.. 23,667 33,865 37,982
5,910
Premium-paying mortgages (cumulative).mil. of dol_.
6,401
5,845
Estimated total nonfarm mortgages recorded ($20,000
416,185 422, 839
and under)*
thous. of dol..
Estimated new mortgage loans by all savings and loan
associations, total
thous. of dol_. 162, 433 134,455 135, 228
Classified according to purpose:
Mortgage loans on homes:
6,095
5,923
16,375
Construction
do
113,103 101,884 101,461
Rome purchase
-do
15, 253
16, 786 14,495
Refinancing...
._.
do
2,699
3,160
3,980
Repairs and reconditioning
.
do
9,720
8,993
12,189
Loan? for all other purposes
do
Loans outstanding of agencies under the Federal Home
Loan Bank Administration:
Federal Savings &n<\ Loan Assns., estimated mort2,025
gages outstanding!
mil. of dol..
2, 255
Fed. Home Loan Banks, outstanding advances to
81
95
member institutions
mil. of dol..
100
Home Owners' Loan Corporation, balance of loans
1,133
1,
155
outstanding
mil. of dol..
908
Foreclosures, nonfarm :t
10.2
11.2
Index, adjusted
.
1935-39 «= 100...
32,173
Fire losses
thous. of dol.. ~32~447 31,448
2,058
7,406
105,307
15,922
2,559
10,287
455, 790 487, 435 487,041
469, 269 489, 389
163,079
160, 399 • 173,663
167,311
9, 541 13,032
17, 567 17, 658 20, 730
113,684 120, 244 116,798 112,761 120,557
16,800 15,887 17,147 15, 622 17,146
2, 951
3,396
3, 351
3.364
3,971
10, 778 10, 520 12,435 11.007 11,259
2,082
2,165
100
131
106
79
61
52
1,111
1,091
1,069
1,049
1,027
1,007
11.4
33,847
10.9
48, 694
9.3
44.865
11.4
41,457
10.8
40, 876
9.1
37,950
51
132
122
112
965
945
925
9.1
34,153
10.0
34,099
34, 054
34,096
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:!
128.9
136.3
127.0
135.6
122. 2
133. e
132.1
Printers' Ink, combined index
1936-39 = 100..
144.1
127.9
128.1
144. 9
131.0
151.7
165.8
162.1
159. 4
Farm papers
do
185.3
154.2
148.0
140. 4
142.9
133.6
145.1
158.6
170. 6
173. 4
158.2
152.1
160.3
Magazines..
.
-do
189. 5
168.4
171.9
143.7
161.1
146.1
158.7
170.6
205. 5
214.0
105.1
103.1
107.9
Newspapers
do
110. 7
98.0
107.6
102.9
103.3
96.7
100.0
100.3
117.7
111.0
123.7
155. 5
154.5
Outdoor
.
do
175.1
167.2
200. 0
193.3
153. 0
140.0
167.7
156.7
154.7
158. 7
329.2
280.6
275.8
Radio
_.._
do
321.1
270.0
267.8
288.4
268.3
290.1
262.8
301.5
r 315. 1
'317.0
166. 2
149.4
150.3
Tide, combined index*
1935-39=100
145.3
161.5
151.5
143.1
135.8
141. 6
147.2
165.8
179. 8
Radio advertising:
16, 947
15,712
17,470
16,626
16,756
15,015
Cost of facilities, total
thous. of dol_. 15,323
15,223
16,343
16,648
15, 217 r 14, 762 ' 14, 524
Automobiles and accessories.-.
_
...do
501
716
821
779
772
769
709
760
799
803
711
788
516
r
151
150
161
Clothing
do
211
156
147
141
193
193
169
176
125
128
91
106
97
Electrical household equipment
.do
296
114
172
221
206
204
234
197
218
210
192
169
189
Financial
do
308
213
175
182
232
203
233
263
229
261
4,272
4,671
4,575
Foods, food beverages, confections
do
4,017
4,679
4,699
4,264
4,036
4,452
4,682
4,036
' 3, 875
' 3,870
Gasoline and oil..
do
584
589
643
604
715
567
584
663
593
581
604
562
571
155
155
Housefurnishings. etc
do
164
178
142
155
130
181
173
iai
162
148
148
1,109
1,151
1,091
Soap, cleansers, etc
do 1 1,247
1,083
1,126
1,033
1,018
1,151
1,155
1, 064
1,248
1,115
1, 517
1,511
Smoking materials
do
1,2(2
1,551
1,569
1,518
1,368
1,274
1,489
1,502
1,363
1,296
1,235
4, 537
4,746
4,419
Toilet goods, medical supplies
.do
4,768
4,952
5,240
4,559
4, 536
4,964
5,008
4,859
4, 539
r 4, 493
2,936
3,317
All other
do
1,865
2,476
2,516
2,201
2,023
1,982
2,136
2,056
1,774
1,877
1,842
Magazine advertising:
23,174
27, 247
24,952
25,127
18, 641
Cost, total
do—_ 28,700
22,953
26, 281
25, 797
24, 989
23,955
20, 334 »• 22, 025
1 859
2,038
1,906
Automobiles and accessories
do
2,397
1,573
1, 559
1,960
2,055
2,110
1,995
2,041
2,005
2,124
2,351
1, 932
2^445
Clothing.
do....! 2,971
1,530
894
1,693
2,552
2,242
2,093
1,544
705
1,730
Electric household equipment
do
!
886
694
871
832
801
509
628
778
855
825
576
699
779
«• Revised. XMinor 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-6 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.
fRevised series. The index of nonfarm foreclosures has been revised for 1940 and 1941; revisions are shown on p. S-6 of the May 1943 Survey. Indexes of advertising from Printer^'
Ink have been published on a revised basis beginning in the April 1944 Survey; revised data beginning 1914 will be published later.
SURVEY OF CURRENT BUSINESS
November 1945
Unless otherwise stated, statistics tlurough 1941 1945
and descriptive notes may be found in the Septem- Sep1942 Supplement to the Survey
ber
tember
S-7
1945
1944
October
Novem- December
ber
January
February
March
April
May
June
July
August
DOMESTIC TRADE—Continued
ADVERTISING—Continued
Magazine advertising—Continued.
Cost—Continued.
506
Financial
tbous. ofdol _
3,605
Foods, food beverages, confections
_do
561
Gasoline and oil— _
_
_
_. do
1,634
Housefurnishings, etc
do
497
Soap, cleansers, etc—
_
_. _ » do_639
Omce furnishings and supplies
do
Smoking materials
.
. _
do . .
829
4,430
Toilet goods, medical supplies
do
9,744
All other
.__,
do
4,745
Linage, total
_.
-....thous. of lines..
Newspaper advertising:
121, 094
Linage, total (52 cities)
do
27,921
Classified
.
do
93,173
Display, total
«._ do
3,033
Automotivedo
1,726
Financial.., ~ .....
,
do
21, 890
General
do
66, 524
Retail
do
475
3,324
488
1,145
598
526
901
4,119
8, 553
3,992
497
3,855
423
1,417
750
379
1,050
4,744
8,873
4,088
441
3,691
385
1,059
641
456
1,001
4,588
8,019
3,772
379
3,293
279
1,051
487
436
973
3,977
8,395
3,212
422
2,864
183
599
444
326
771
2,933
7,136
3,572
435
3,451
345
656
675
394
688
4,279
7,750
3,916
484
3,680
388
1,144
688
442
769
4,211
8,552
4,109
456
3,497
646
1,539
755
436
686
4,572
8,540
4,039
470
3,278
530
1,520
677
488
807
4,140
8,140
3,753
441
3,056
523
1,343
554
405
662
4,280
8,280
3,315
355
3,277
481
569
407
306
660
' 3, 736
7, 257
3,528
408
' 2,822
471
806
'463
347
635
3, 645
' 7,876
4,124
112, 592
26,009
86, 583
2,283
1,278
19, 870
63,151
129,177
27, 390
101,787
3,243
1,588
25,599
71,357
128,243
25,317
102,926
3,219
1,560
25,163
72,984
121, 751
24,058
97,693
1,949
1,534
20,631
73,578
97,927
24,090
73,837
1,868
2,004
17,124
52,841
95,804
22,735
73,070
1,607
1,366
17,411
52,687
116,628
26,480
90,147
2,354
1,837
20,045
65,911
114,085
26,777
87.308
2,869
1,778
21,080
61,581
117,318
27, 594
89,724
2,523
1,836
20,388
64,978
107, 532
26, 338
81,194
2,231
1,466
18, 973
58, 524
101, 832
26, 629
75, 203
2,378
2,223
17,776
52,826
110, 942
27, 525
83, 417
2, 580
1,581
18, 006
61, 251
86.4
86.4
87.3
87.2
86.3
86.9
86.5
86.7
87.8
87.9
88.8
'89. 4
9 f 245
9,792
9,553
4,383
thousands
thous. of dol.. 171,036
5,383
120,021
5,783
129,732
5,879
129,781
6,639
144,872
7,166
153,951
6,001
128,977
7,051
188,365
6,022
152,610
5,990
161,378
5,371
147, 207
6,113
199, 536
5,847
196,041
thousands
thous. of dol
11, 606
195, 669
13,195
185,190
13,639
194,334
14,281
200,810
14,120
197,557
15,141
208,793
13, 566
189,330
16,503
264,121
13,846
220, 527
13,392
224, 562
13, 409
216,969
12,142
202, 383
12,161
209,346
25, 335
17, 350
7,985
24,499
16,741
7,758
26,646
18,839
7,807
24,380
16,410
7 970
24, 510
16, 555
7,955
172. 4
185.3
149.6
174.0
187.4
150. 5
166.7
178.8
145.4
168.2
180.6
146.5
181.3
201.2
146.3
170.4
183.8
146.8
165 9
175.3
149 4
176 5
192 8
147 9
166.8
176.8
149.1
166.2
176.0
149.0
GOODS IN WAREHOUSES
Space occupied in public-merchandise warehouses §
percent of total—
90.4
POSTAL BUSINESS
Air TTiftii Doiind-Tnilp DPrfoririftTicft
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 nfrinl
Goods
do
Services (including sifts}
do
Indexes:
Unadjusted, total
1935-39=100Services (including sifts}
Adjusted total
Goods
Services (including gifts)
do
do
do
do
RETAIL TRADE
All retail stores:f
6,079
5, 755
6,322
' 6, 0S6
5,922
6,207
6,034
5,113
6.179
6,236
7,426
5,439
5, 461
Estimated sales, total
mil. of dol._
921
885
••906
909
Durable goods stores
_ do.. .
903
995
741
848
888
832
688
881
822
273
278
259
258
'286
219
238
254
242
284
238
230
239
Automotive group
.
do
194
182
187
194
182
193
157
166
160
172
171
177
147
Motor vehicles..
do
85
'91
85
77
62
75
91
72
78
83
71
77
67
Parts and accessories.
_
do
352
348
342
315
339
348
342
238
324
313
315
287
265
Building materials and hardware , . . do
207
204
218
179
192
142
198
218
191
157
213
164
186
Building materials . _
do
47
46
40
46
34
48
38
37
31
49
33
28
30
Farm implements
..
do
97
90
92
92
91
93
88
92
65
89
90
102
72
Hardware
do
211
r 198
206
214
199
172
205
208
230
272
197
228
176
Homefurnishings group
do
170
' 155
163
134
172
166
159
216
158
181
136
Furniture and housefurnishings
do.- .
157
182
42
43
43
42
42
41
38
39
46
47
48
56
40
Household appliance and radio
do
71
73
80
78
72
80
98
206
58
60
60
68
Jewelry stores
do
72
5,158
5,474
5,034
' 5, 180
4,870
5,202
5,298
5,276
5,355
6,431
4,426
4,639
4,699
Nondurable goods stores._ __
• do
482
757
481
'548
604
567
618
688
507
647
950
509
650
Apparel group
_ __
_„ do
148
109
104
159
122
149
138
157
268
100
176
109
110
Men's clothing and furnishings
do
269
'264
380
222
277
297
306
311
407
243
304
251
249
Women's apparel and accessories
do....
86
102
f 76
102
69
87
93
148
67
78
69
92
71
Family and other apparel
do
' 99
86
101
117
79
72
90
96
91
100
127
79
106
Shoes
do
239
242
239
239
241
212
237
238
236
235
317
224
220
Drug stores
do
905
851
825
851
847
808
720
782
875
825
848
840
790
Eating and drinking places__
_do
1,629
1,647
1,592
1,675
1,677
1,449
1,452
1,567
1,697
1,618
1,581
1,790
1,531
Food group - ..
do
1,241
1,250
1,192
1,217
1,204
1,091
1, 266
1,099
1,268
1,228
1, 366
1,306
1,171
Grocery and combination
do....
379
409
406
375
392
391
376
423
358
375
353
408
361
Other food.
do
234
254
253
264
224
225
223
245
220
207
190
222
266
Filling stations
.
do
1,041
764
846
905
886
792
813
940
1,464
773
920
1,011
1,116
General merchandise group
do
744
471
'
5
20
563
487
557
511
593
651
929
683
Department, including mailorder,
do
488
588
General, Including general merchandise with
119
117
118
116
121
143
117
114
121
120
96
109
101
foodmil. ofdol—
Other general merchandise and dry goods
94
117
168
84
80
110
88
97
92
100
105
110
101
mil. of dol—
224
113
130
115
122
122
130
135
101
116
105
Variety
.
..
> do
100
116
731
'
7
0
0
706
664
608
686
662
643
672
663
686
848
677
Other retail stores
do
212
212
183
189
157
217
204
202
205
191
169
165
176
Feed and farm supply
.
do
129
152
111
108
133
134
147
148
111
178
111
110
117
Fuel and ice . . .
_
. _ do
128
' 144
138
193
124
115
137
129
129
128
120
130
142
Liquors
do
226
333
234
234
231
250
190
228
209
225
240
197
220
Other.
do
p Preliminary. r Revised. § See note marked " § " on p. S-6 of the April 1943 Survey in regard to enlargement of the reporting sample in August 1942.
•New series. The series on consumer expenditures, originally published on a monthly basis in the October 1942 Survey (pp. 8-14), are now compiled quarterly only (data are
quarterly totals) and have been adjusted to accord with the annual totals shown as a component of the gross national product series (see p. 5 of the February 1945 Survey for 1941-44
dollar totals and p. 13, table 10, of the April 1944 issue for 1939-40 totals); the quarterly data are shown on the revised basis beginning in the February 1945 issue; quarterly data beginning 1939 are availablejm request.
19 an
stores- . . . . . _
,
beginning July 1944 were revised in the September 1945 Survey.
S-8
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
November 1945
1944
September
September
October
Novem- December
ber
1945
January
February
March
April
May
June
July
August
DOMESTIC TRADE—Continued
RETAIL T R A D E - C o n t i n u e d .
Ml retail stores—Continued.
Indexes of sales:t
197.6
185.4
180.8 ' 183. 5
190.9
174.5
181.6
167.9
187.0
197.9
171.3
186.6
227.1
Unadjusted, combined index
1935-39=100_.
120.5
112.2
106.0
110.3
107.1
93.0
102.1
109.3
Durable goods stores
do.
113.7
115.0
127.3
92.0
113.4
196.8
204.8
213.0
216.6
196.8
214.1
Nondurable goods stores
d o . _ 222.7
208.4
202.7 ' 207. 7
225.4
259.6
192.7
189.7
175.3
177.6
179.1
185.0
193.2
193.8
Adjusted, combined index
do
182.8
191.4 'r 189.4
192.0
187.7
193. 0
135.3
127.3
127.7
130.5
134.9
140.3
140.8
134. 7
Index eliminating price changes
do.
139.8
130.2
136.2
139.9
135.8
116.9
106.4
102.6
104.2
108. 3
111.5
112.7
Durable goods stores
do_
108.6
114.9 ' 111.5
108.0
105.6
111.5
67.0
58.0
57.6
55.5
58.7
59.9
60.7
'
64. 3
Automotive
do.
56.0
60.9
51.6
59.1
60.8
162.7
156.4
145.5
142.0
147.4
163.0
163.1
Building materials and hardware
do
161.0
153.9
164.4
149.5
151.0
164. 0
T
163.
3
146.6
141.4
159.3
164.7
158.8
158.6
144.5
Homefurnishings
do.
168.3
155.3
169.6
162.2
164.8
346.6
310.5
315.4
332.9
334.2
321. 8
343. 5
336.8
Jewelry
do.
335.8
304.6
317.3
307.7
367.8
213.4
197.8
202.1
203.5
210.0
219.8
220.2
Nondurable goods stores
„_.__
do__._
219. 4
207.0
214.4
219. 6
216.3 -•214. 8
240.6
211.7
215. 2
217.2
222.2
270.2
258.8
Apparel..
.
do.
248.5
231. 6
241.4
256.5
259. 7 r 257. 5
198.3
192.7
196.3
195.4
203.5
197.0
203.1
Drug
. do_
197.0
200.7
197.8
206.1
210.7
197.0
328.6
314.8
323.9
309.6
323.0
340.1
334.7
Eating and drinking places
do.
337.2
330.7
326.4
347.8
322.6 ' 322.3
208.9
193.8
198.5
205.7
210.1
208.6
206.9
Food
do.
207.2
196.9
202. 6
212.0
214.2
211.7
123.2
109.9
109.7
100.7
105.4
115.8
118.7
Filling stations.
_
_do_
113.6
108.5
111.5
112.3
114.9
111.5
176. 7
165.6
169.8
172. 6
178.6
191.5
198.6
General merchandise
.
do
189. 2
178.4
176. 8
185.4
190.9 ' ISO. 1
238.2
217.8
221.0
226.0
235. 0
235.8
240.4
Other retail stores..
_
do...
227.6
250. 4 ' 246. 5
250.1
235. 8
242.4
6,779
6,604
6, 763
6,602
6,779
6,188
6,400
Estimated inventories, total*
mil. of dol.
6,665
6,585 ' 6. 442 ' 6, 723
6,869
5,906
1, 933
1,907
1, 951
1,909
1,914
1,781
1,934
Durable goods stores*...
___
do._.
'r 1. 890
1,869
1, 902 '1,836
1, 627
1,686
4,846
4,697
4,812
4,693
4,865
4,407
4,466
Nondurable goods stores*
do__,
4. 833
4,796
4,683 r 4, 606
4,242
4,220
Chain stores and mail-order houses:
1,313
1,339
1,258
1,393
1,166
Sales, estimated, total*
__
do__,
1,403
1,310
1,104
1,430
1, 204 ' 1,245
1,706
1,163
31
26
23
27
22
Automotive parts and accessories*
„
do
19
24
30
27
31
25
'30
20
58
48
51
54
47
Building materials*
—do
53
34
43
48
39
50
54
40
14
14
14
13
Furniture and housefurnishings*
do
17
11
15
.14
21
13
18
11
'13
174
180
174
154
Apparel group*.
.___._.___
do___.
187
193
260
140
191
249
146
'154
145
26
26
23
21
Men's wear*
„
.
___do
32
19
36
32
29
43
17
21
17
85
94
93
84
Women's wear*
—.do
96
76
98
131
136
96
76
82
78
49
45
44
37
42
33
Shoes*
.
do
46
51
64
42
55
'45
35
55
56
55
52
58
50
Drug*..
...do_...
57
57
57
78
57
53
56
46
43
44
41
44
40
Eating and drinking*..
do
42
43
46
43
45
44
45
388
404
375
345
399
349
Grocery and combination*. _.„„
do
444
383
389
374
365
398
371
345
370
327
310
404
284
General merchandise group*
do
560
429
340
392
'324
290
'313
Department, dry goods, and general merchan215
175
dise*
_
____mil. of dol_.
197
169
M73
140
208
228
187
296
180
145
60
68
43
33
Mail-order (catalog sales)*.
do
42
39
50
42
62
76
60
51
' 35
105
113
91
100
194
Variety*
do.
87
99
116
106
113
100
87
Indexes of sales:
178.7
187.3
167.2
163. 9 r 162. 0
176.6
161.7
169.5
222.9
Unadjusted, combined index*
1935-39=100..159.1
179.6
156.2
192.7
174.4
178.2
164.8
172.8
161.8
Adjusted, combined index*
.
do.
181.4
184.0
182.6
167.7
174.9
184. 6
177.3 ' 175. 5
174.9
153.4
119.4
141.8
127. 8
Automotive parts and accessories*
do.
137.0
147.2
173.6
127. 0
156.1
131.0
142.9 ' 145.4
174.5
159.7
169.9
146.3
181.5
Building materials*
.do.
179.2
182.2
174.5
163. 9
180.8
178.1
180.0
183. 0
125. 7
134.0
122.8
127.4
122.8
Furniture and housefurnishings*
do.
134.1
140.6
144.0
143. 5 '114.7
139.7
141.0
135. 2
222.6
226.8
212.2
223.6
208.5
Apparel group*
_
do.
271.4
270.7
242.2
223.4
229.7
270.2
241. S ' 253. 9
200.0
200. 4
169. 4
196.2
157.0
188. 8
Men's wear*
do.
195. 4
220.7
200.0
182.0
197.1
181.1
182.3
308.8
324.0
311.5
326.4
305.1
Women's wear*...
do.
382.6
403.9
330.7
315. 3
300.1
385. 2
319.0 ' 332. 4
248. 9
141.7
133.6
132.8
137.5
Shoes*
—_
do.
200.2
161.4
177.0
152.9
177.7
204.8
197.1 ' 214.1
187.3
190.1
183.2
187.6
178.1
Drug*
..do.
ISO. 3
189.4
189.9
190.4
190.9
195. 4
181.5
193.2
192.9
177.9
188.3
182.7
176.9
Eating and drinking*
do.
189. 6
188.8
194.4
195.4 ' 193.8
180.9
174.0
193.1
179.0
186.5
168.2
179.6
161.7
Grocery and combination*
.do
171.8
167.3
173.8
179.4
167.1
183. 6
180.3
175.1
166.4
177.3
163.0
173.1
160. 7
General merchandise group*
do
186.8
197.5
165.1 ' 181. 3 ' 172.6
188.1
168.9
190.7
Department, dry goods, and general merchan189.0
192.2
dise*
1935-39=100..
182.7
177.4
177.3
210.6
204.0
223. 5
182.7 ' 206. 9 ' 199. 2
191.0
208.4
119.8
Mail-order*
do.
163.3
135.6
174.6
122.3
121.8
173.2
118.3
157.2
174.1
123.3
127.8 ' 110.9
155.7
165.2
Variety*
do.
161.8
154.1
161.6
175.7
164,3
170.5
162.0
170.5
169.6
171.2
157.8
Department stores:
Accounts receivable:
34
32
Instalment accounts!
1941 average=100._
33
35
'32
40
40
39
37
46
33
35
43
76
76
Open accounts§
do.
84
88
90
102
128
97
88
85
81
87
Ratio of collections to accounts receivable:
35
31
32
33.
39
35
32
30
39
30
Instalment accounts§
,
percent..
36
32
63
63
64
64
65
61
66
64
67
62
62
61
Open accounts!
do
61
209
168
196
183
163
208
186
171
212
174
248
320
Sales, unadjusted, total U. S.f
1935-39=100..
156
244
279
257
238
273
236
282
233
317
227
225
214
417
Atlantaf.-do.
125
170
176
164
158
127
184
130
187
156
207
300
132
Bostonf
.
do.
158
185
197
170
197
162
200
178
231
295
165
154
147
Chicagof
—
do.
165
191
199
187
244
303
177
161
204
163
214
171
145
Clevelandt
do.
237
265
292
228
228
248
272
239
269
314
421
211
228
Dallasf
-do.
220
'201
239
200
264
339
205
192
226
194
233
195
178
Kansas Cityf-- d o .
184
165
211
171
218
269
147
164
179
136
144
187
156
Minneapolisf
—do.
158
120
156
206
270
118
171
124
148
173
137
176
143
New Yorkf
do.
173
137
167
'136
177
231
305
133
163
190
149
200
152
Philadelphiaf
do.
'232
194
207
294
369
181
239
174
209
249
191
250
193
Richmondf
..do.
212
194
185
198
234
268
333
173
209
221
187
233
192
St. Louisf
_
do.
210
215
299
373
211
r225
243
197
219
238
216
232
205
San Francisco
do.
200
218
202
199
205
196
197
188
193
211
220
181
187
Sales, adjusted, total U. S.f
do....
274
300
277
258
271
258
243
260
274
274
268
234
247
Atlantaf
do.
166
167
177
168
174
183
167
160
165
166
193
157
162
Bostonf
do.
188
207
184
193
189
190
184
170
189
202
207
168
181
Chicagof
do.
189
187
197
203
190
220
179
190
204
222
174
186
180
Clevelandt
do.
272
278
300
268
259
264
248
258
261
271
269
256
252
Dallasf
_
do.
217
243
'214
218
203
215
246
240
244
208
241
199
200
Kansas Cityf
do.
186
187
172
189
175
162
187
158
208
205
157
181
162
Minneapolis!
do.
' 165
161
176
156
152
169
161
165
189
158
150
149
149
New Yorkf
do.
175
173
170
198
168
183
185
171
189
204
162
170
173
Philadelphiaf
do.
235
225
210
227
238
250
235
220
210
252
231
231
r 219
Richmondf
do.
225
213
209
250
215
236
235
188
220
235
207
211
193
St. Louisf
do.
231
233
234
228
253
256
249
233
219
255
233
'216
247
San Francisco
do.
» Preliminary. r Revised.
§ Minor revisions in the figures prior to November 1941 are available on request.
* New series. Data for 1929,1933, and 1935 to March 1943 for the new chain store series are available on pp. 15 to 17, tables 2, 3, and 4, of the February 1944 Survey except for subse
quent revisions as follows: The totals and furniture and house furnishings (dollar figures and indexes) 1940-43; indexes for all series in the general merchandise group, except mail-order,
1942-43; indexes for the apparel group and women's wear for November and December 1942; all revisions for 1940-43 for the indicated series and also 1943 revisions for other series not
available on pp. S-7 and S-8 of the July 1944 Survey, are shown on p. 20 of the September 1945 Survey; revisions for the combined index (unadjusted and adjusted) for all months of 1944
are available on p . S-8 of that issue. Data beginning 1939 for the new estimates of retail inventories will be published later; data shown in the Survey beginning with the June 1944
issue are comparable with estimates published currently.
fRevised series. See note marked "f" 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 Boston index is a new series from the Board of Governors of the Federal Reserve System. Revised data
beginning 1919 or 1923 for three series are published as follows: United States, December 1944 Survey, p. 17; Dallas, February 1944, p. 20; Richmond, June 1944, p . 22 (further revisions
in May 1943-March 1944 adjusted index for Richmond: 1943—May, 183; June, 201; July, 197; Sept. 196; Oct. 194; Nov. 199; D e c , 197; 1944—Jan., 202; Feb., 198; Mar., 213). Complete
data for other districts will be published later; indexes for Atlanta have been shown on the revised basis beginning in the February 1944 Survey and for other districts beginning in
the June 1944 issue (further revisions in data for New York: 1943—Unadjusted, July, 92; adjusted, Mar., 132; Apr., 129; June, 133; July, 137 Nov. 143; D e c , 133; 1944—unadjusted
Feb., 114; adjusted, Jan., 135; Mar., 152; May, 150.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS
November 1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
1944
September
SepNovem- December
tember October
ber
S-9
1945
Janu- | FebruMarch
ary i ary
April
May
June
July
August
DOMESTIC TRADE—Continued
RETAIL TRADE-Contimied.
Department stores— Continued.
Sales by type of credit:*
Cash sales.
>..percent of total sales..
Charge account sales_»...
do
Instalment sales
do
Stocks, total U. S., end of month:f
Unadjusted
1935-39=100..
Adjusted
.
...do
0 ther stores, ratio of collections to accounts receivable,
instalment accounts:*
Furniture stores
.percent..
Household appliance stores
do
Jewelry stores.
_
..do
Mail-order and store sales:
Total sales, 2 companies
thous. of doL.
Montgomery Ward & Co
.do
Sears, Roebuck & Co
do
Rural sales of general merchandise:
Total U. 8., unadjusted
.1929-31=100..
East
do__._
South
_.
__do
Middle West
...do....
Far West
-„
..do
Total U. 8., adjusted
do
East
„
do
South
.
do
Middle West
do....
Far West
.
......do
63
34
3
63
34
3
66
31
3
65
31
4
173
181
169
188
179
' 187
23
40
33
23
43
33
24
42
31
23
48
129,540
52,080
77, 460
130,515
50,003
80,513
118,135
47,158
70, 977
121,455
48,687
72, 769
184. 2
182. 4
245. 5 i
158. 4
200. 7
20C. 4
191.3
278. 7
169. 6
224.7
164.9
155.4
220.5
141.5
193.1
179.7
168.9
260.0
149.4
214. 8
159. 6
150.2
216.7
136.4
198. 5
175.2
163. 6
269. 6
144.5
208.3
140. 8
121.1
192.2
118.6
188. 4
.192. 9
170.1
283. 0
160. 7
229.8
144.0
115.4
194.6
125.8
187.4
176. 0
i44.8
269. 9
152. 5
203.5
3,368
871
2,497
3,946
3, 541
3,573
r
3, 546
896
876
2,645
3,883
2,697
3,844
r
2, 723
3,744
' 3, 556
856
' 2, 700
3, 759
63
33
4
62
34
4
64
32
4
63
33
4
63
33
4
63
167
161
172
154
166
144
127
136
133
148
142
' 149
150
147
156
165
24
33
32
26
36
34
24
37
34
23
39
49
21
35
29
32
28
24
36
32
22
36
30
153, 349
63,686
89,662
172, 499
70, 475
102, 024
184,434
74,749
109, 684
196, 291
76,468
119,823
120,127
45,633
74,494
114,463
44f562
69,901
158. 574
65; 572
93, 002
126, 547
50. 905
75, 642
222.7
210. 3
324. 5
186.2
250.8
210.7
213.9
294.0
181.6
214.4
246.1
246. 6
345.0
212.4
258. 3
189.5
191.6
232.8
167.2
215.1
285. 0
286.1
294. 9
245.0
324.3
219.0
221.9
287.6
186.9
267.4
245. 5
213.7
327.1
217.8
296.7
153.5
128.3
217.8
139.6
181.8
183.2
174.4
258. 9
158.1
203.4
240.8
229.5
327.3
206.7
276.8
199.6
200. 6
304.1
168.1
199.1
246.7
245.2
333. 5
211. 4
2G9.1
233. 3
234.8
320.9
205.0
236.2
265.7
261.5
355.4
231.4
287.0
3,430
854
2,576
3,995
3,615
3,554
878
861
2,737
3,999
2,693
3,987
3,513
802
2,711
4,002
3,548
807
2,741
3,978
3,213
796
2,417
3,927
3,636
909
2.727
3,923
' 170
r
WHOLESALE TRADE
Service and limited function wholesalers:*
Estimated sales, total
mil. of dol.
Durable goods establishments
do...
Nondurable goods establishments
.
_do...
All wholesalers, estimated inventories*...
...do....'
3,898
823
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Estimated civilian labor force (Bureau of the Census): 1
52 210 51 250 50,960
52,030
52, 870
51,930
53,140 1 55, 220 1 54, 350
51,430
Labor force, total
__
.thous.. 1 52, COO 53,030
51,660
34, 410
33, 790
34,380 1 35,140 i 35,020
34, 250
33, 680 33, 720
33, 840
34,590
34 060 33 720 33,650
Male
_...do.
1
18, 240
18,460
18,090
18, 650
18,150
18,760 1 20, 080 i 19, 330
17 530 17,310
17,770
18,440
17,940
Female
„..
do.
1
52, 240
51, 300 52,060 i 54, 270 i 53, 520
51,250
50, 550 50, 830 51,160
52, 250
51 530 50 570 50,120
Employment
„_
do.
1
34,100
33, 710 33 320
33,160
33,170
34,190
33, 230 33, 410 33, 360 33, 800 i 34, 600 i 34, 590
Male.-.„...„
do..... 1 33, 320
17, 930
18,140
17, 380
17, 940
18, 260 1 19,610 i 118, 930
18,060
17, 600 17. 750
Female
_
_._do.
17 820 17 250 16,960
8,140
6,690
9,840 1 9, 050
8,750
7,950
9, 090
i 8, SCO
8,670
6,790
7,750
Agricultural
_
___do.
7,290
7
090
1
1
44, 470
43,430
44, 430
43, 490
43,
350
42, 450
43,580
43,
760
42,970
43,480
43,410
43,
540
NonagriculturaL...
do.
43 390
1
1830
840
950
780
630
1,080
i 1.650
Unemployment
do.
880
830
770
730
680
680
Employees in nonagricultural establishments:!
Unadjusted (U. 8. Department of Labor):
38, 360
37, 797 r 37, 679 37, 556 ' 37, 229 r 36, 894
38 347 38 889 37,952
38, 571
37,968
38,062
Total
.
_.tbous._ 35, 268
14,811
15,102
14, 538 ' 14,130 r 13, 837
15, 692
15,843
Manufacturing
.
...do_._. 12,149
15,517
15,607 15 632 15,555
15,368
••784
801
812
816
806
'794
785
826
Mining
.....do
798
796
784
761
728
582
••951
'911
652
Construction,
.
do._._
946
671
••845
629
594
599
636
699
798
3,770
3,
792
3,
830
3,838
3,833
3
771
3,767
3,740
'
3,802
3,840
3,791
3,771
Transportation and public utilities.
do—.
3,788
7,611
7, 021
7,004
7,030
6,996
' 6, 975 ' 0,963
7,138
6, 994
6,985
7,084
Trade.._.
do....
7,148
7,299
4,005
' 4, 072
4,444
4, 513
4,350
4,589
4, 500
4,488
4,360
Financial, service, and miscellaneous..
.do
4,340
4,394
4,315
4 304
6,172
5, 922 ' 5, 910
5,894
6,006
6,003
5,953
5, 910
5,938
Government...
_
do_._._
5,958
5, 945
5,996
5,914
Adjusted (Federal Eeserve):
r
38,164 38, 426
30, 798
38,044
37, 969
37, 746 ' 37,465 ''37,187
35, 098
38,400
38,159
38, 469 38,456
Total
.
...do
r
13, 708
15,529 15,554 15,633
12, 089
15,764
15,614
15,595
15.178
14, 885 r 14,534 ' 14,130
Manufacturing
_._do
15, 445
'780
802
812
805
808
822
Mining
_do
781
802
784
796
765
732
798
r
619
••881
611
808
609
633
627
884
Construction
„
.
do
658
691
736
782
828
3,781
3, 779
3,748
3, 797
' 3,792
3,771
3, 735
3 789
3,811
3,802
3,783
3,848
Transportation and public utilities
..do....
3,846
r
052
7,015
7,065
7,210
7,010
7,056
7,210
7,164
7,039
7,117 r 7,105
Trade
„
do....
7,077
7,214
Estimated wage earners in manufacturing industries,
13,350 13,379 13, 301
11,928 r 11, 670
13, 602
13, 440
12, 855
13, 268
13,120
12, 326
total (U. 8. Department of Labor) *
...thous.. 10,121
12, 579
7, 921
0, 782 ' 0, 539
5,112
7, 898
7,783
7,109
Durable goods
do .
8,100
7, 981
7, 590
915
7t 932
7, 370
1,204
1,084
1, 503 ' 1, 444
1,672
1, G94
1,683
Iron and steel and their products
do
1, 656
1,031
1,577
1. G86
l'663
1,677
Blast furnaces, steel works, and rolling mills
475
462
457
474
474
475
475
478
470
477
479
474
thous..
03(5
'•615
452
709
739
728
Electrical machinery
do
719
714
708
705
693
681
608
1, 009 ' 1, 039
1,172
1,106
1,189
1,182
1,148
Machinery, except electrical...
do....
887
1,178
1,185
1,126
1,169
1,179
399
446
Machinery and machine-shop products..„.do
450
452
454
450
410
454
450
441
432
424
67
76
Machine tools...
.
do
74
74
75
09
74
75
75
74
73
72
••545
Automobiles
.
do
387
703
680
GS9
693
685
582
692
680
670
045
621
1, 520 ' 1, 439
804
2,216 j
2,002
1,628
Transportation equipment, exc. automobiles.-do
2,117
2,076
1, 906
1,774
2,175
2,142
2r134
r
445
Aircraft and parts (except engines) §
do
'473
509
633
660
636
640
648
646
638
619
575
150
234
Aircraft engines!
..>.-..
do
213
219
226
215
214
211
204
193
173
160
050
1,074
Shipbuilding and boatbuilding^
do—.
1,021
1,054
1,046
1,037
973
917
854
784
739
091
412
404
'367
Nonferrous metals and products
_
.do
333
404
402
402
410
371
413
411
407
396
' Revised.
v Preliminary.
§ For 1941-43 data for shipbuilding, see p. 19 of December 1944 Survey, 1939-44 data for aircraft are on p. 20 of the August 1945 issue.
1
Based on data collected on a new schedule designed to provide a more accurate count of persons in the labor force; see September 1945 Survey for July 1945 figures based on the
old schedule, comparable with earlier data. It will be noted that the new procedure resulted in a somewhat larger estimate of employment in July than the old schedule and a slightly
smaller estimate of unemployment; a revision of data prior to July 1945 is in progress.
*New series. The new series on department store sales by type of credit have been substituted for the series relating to instalment sales of New England stores shown in the Survey
through the July 1944 issue; data beginning January 1941 will be published later. Collection ratios for furniture, jewelry, and household appliance stores represent ratio of collections
to accounts receivable at beginning of month; data beginning February 1941 are on p. S-8 of the April 1942 Survey; data back to January 1940 are available on request; the amount
of instalment accounts outstanding are shown on p. S-16 under consumer credit. Data beginning 1939 for estimates of wholesale sales will be published later; for estimates of wholesalers' inventories for 1938-42, see p. 7 of the June 1942 Survey and p. S-2 of the May 1943 issue. Estimates of civilian labor force for 1940-1943 are shown on p. 23 of the February
1945 issue (see note 1 above with reference to revisions in progress). 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 1935-39 base. The estimates of
employees in nonagricultural establishments have been revised beginning 1939, by months, to adjust figures to levels indicated by data through 1942 from the Bureau of Employment
Security, Federal Security Agency, and to other data collected by government agencies; annual data for 1929-38 have been revised to a comparable basis; monthly averages for 1929-38
and monthly figures for 1939-43 for the unadjusted series are available on p. 24 of the July 1945 Survey. The estimates for manufacturing employees are not comparable since December 1942 with the series on wage earners in manufacturing shown above, since the latter have been further adjusted to 1943 data from the Federal Security Agency.
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
1945
September
November 1945
1945
1944
September
October
Novem- December
ber
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.
443
453
Lumber and timber basic products—
thous...
463
475
465
487
468
465
477
457
453
458
215
226
219
Sawmills
__do
234
221
227
218
217
219
214
217
"292"
321
338
341
Furniture and finished lumber products
-do
339
340
337
338
329
331
339
329
144
153
153
154
153
154
153
148
Furniture
do____
149
148
153
321
310
327
329
329
325
327
320
Stone, clay, and glass products
do
327
322
326
328
5,146
5,435
5, 502
5, 447
5, 459
5, 337
5,209
Nondurable goods
do
5,265
5,217
5, 370
5,009
5, 380
Textile-mill products and other fiber manufactures
1,035
1,034
1,081
thous..
1,096
1,091
1,107
1.087
1, 090
1,060
1,050
1,055
1,098
409
Cotton manufactures, except small wares.._do
424
428
429
429
424
416
411
414
434
433
Silk and rayon goods
do__
85
88
88
89
80
90
89
88
Woolen and worsted manufactures (except dyeing
and
finishing)...
thous_.
145
135
146
142
146
146
141
148
147
140
147
850
761
852
832
Apparel and other finished textile products.-.do....
871
876
814
866
868
807
851
201
188
202
198
Men's clothing
do
208
208
196
205
206
196
201
213
175
214
207
Women's clothing...
..do
216
219
200
217
218
194
215
303
313
307
314
309
Leather and leather products
do
313
312
307
316
314
312
315
172
169
173
171
172
171
170
Boots and shoes
do
173
172
172
173
I'm" 1,184
990
1,008
986
1,127
978
1, 054
Food and kindred products.
do_._.
1,065
1,086
997
1,025
257
257
255
256
262
255
250
Baking
do
265
265
255
257
101
102
244
180
Canning and preserving..
.do
114
134
96
'166
99
106
105
145
129
151
148
Slaughtering and meat packing....
..do
155
149
136
127
124
128
155
84
82
78
82
84
82
81
Tobacco manufactures
do
85
83
80
82
80
303
312
302
310
313
315
307
Paper and allied products
do
317
311
304
314
308
146
142
145
145
148
144
Paper and pulp
do
147
144
143
147
144
318
322
317
319
326
323
319
Printing, publishing, and allied industries
do
328
324
320
324
320
109
109
111
109
109
'107
Newspapers and periodicals—
do
111
110
109
110
109
132
130
135
134
131
131
Printing, book and job
do
136
133
131
134
131
639
438
593
608
638
633
587
621
Chemicals and allied products
do
601
623
628
612
115
117
ilo
115
115
. 113
116
Chemicals
do «
116
114
115
115
134
133
132
134
133
135
132
Products of petroleum and coal
...do
132
134
133
134
93
92
Petroleum refining
do
92
90
92
92
91
90
91
93
91
183
199
195
196
200
191
Kubber products
do
198
194
194
188
199
Rubber tires and inner tubes
do
93
96
92
92
96
93
94
90
97
Wage earners, all manufacturing, unadjusted (U. S.
123. 5
160.2
Department of Labor)f.
____-_1939=100__
164.1
156.9
145.6
163.0
153.6
166.0
163.3
150.5
162.0
162.4
141. 6
Durable goods
do
215.5
221.0
219.2
204.1
187.8
219.7
210.2
196; 9
224.3
219.4
218. 7
121.5
Iron and steel and their products
do
167. 7
164.5
169.2
108.6
169.8
151.6
159.1
170.0
169.8
167.0
170.8
Blast furnaces, steel works, and rolling mills
122.0
122. 4
123.2
1939=100..
118.9
121. 9
122.0
122.7
122.2
122. 2
123.1
121.0
174.4
267. 6
Electrical machinery
do
277.6
273.1
272.0
275. 6
263. 0
245.6
285.1
281.0
273.7
257.9
167. 9
217. 3
Machinery, except electrical
_
-do
223.1
221.2
221.8
213.1
202.2
225.0
222. 9
223.8
209.3
218.2
222. 2
Machinery and machine-shop products
do
220. 2
224." 5
224.3
222.3
213.7
202.7
222. 3
223.3
209.6
200.9
202.2
Machine tools J__.
do
206. 5
202. 8
204. 3
198.4 r 195. 2
187.7
204.0
203.8
202.8
166. 5
96.2
Automobiles
do
174.7
169.1
100.2
171.2
170.2
144,6
171.9
169.0
154. 3
172.3
506. 6 1, 396.1 1, 370. 3 1,349.4 1,344.5 1,333.6 1.308.1 1,261.7 1, 201.1 1,111.7 1, 025. 4
Transportation equipment, exc. automobiles.do
961.1
Aircraft and parts (excluding engines) §___do
1.663.4 1.632.5 1,594.8 1,603.5 1,612.7 1,629.1 1,607.0 1,560.4 1, 450. 4 1,283.6 1,191.7
Aircraft engines §
do
2, 626.4 2, 545.8 2, 466.1 2, 422. 0 2, 394. 8 2, 403. 5 2, 368. 8 2, 288. 8 2,167.0 1,949.7 1, 869. 5
Shipbuilding and boatbuilding §._
__do
1,551.4 1.522.5 1,510.2 1,498.0 1, 474. 2 1,405.2 1, 324.5 1, 233. 2
131.6 1,068.8
997.9
145. a
Nonferrous metals and products
.-do.___
175. 2
178.8
179.1
179. 5
' 176. 3
175. 5
180. 3
'177.7
172. 7
162.0
176. 3
105.4
Lumber and timber basic products.-.
...do
115.8
112.9
no. 5
107.7
113.4
108.8
108.9
107.9
11.1.3
110.6
110.0
Sawmills
do
78.5
74.2
81.1
78.9
76.0
75.3
75.4
74.7
76.7
75.8
75.9
89.0
Furniture and finished lumber products
-do
103.1
101.0
103. 4
102.7
103.9
100.2
100. 2
98.0
103.7
103.0
103.3
Furniture.
_
do
95. 9
93.8
96.3
95.8
96.8
92.9
90.4
96. 5
95.8
92.7
96.1
105. 7
Stone, clay, and glass products
do
111.5
109.7
112.1
110.9
111.3
109.1
109.3
111.4
112.2
111.0
111.6
109. 3
Nondurable goods
___._.-do
114. 9
120.1
119.2
118.6
117.2
113. 7
116.5
112.3
118. 9
113.9
117.4
Textile-mill products and other fiber manufactures
90. 5
1939=100..
90.4
95.4
95.8
94.5
91.8
92.2
95. 3
92.7
96.8
96.0
95.0
Cotton manufactures, except small wares —do
104.5
103.3
108. 3
108. 2
107.1
103. 9
105. 0
109.3
108.0
109. 5
107.1
72.1
Silk and rayon goods
do
74.1
70.5
74.4
73.5
71.4
72.0
74.1
73.6
75.0
73.7
Woolen and worsted manufactures (except dyeing
94.2
98.4
95.2
94.1
90.5
97.8
97.3
98. 3
97.7
97.8
and
finishing)
1939=100..
99.4
110.0
107.9
103.1
99.7
105.4
96.4
110. 9
102.2
109. 6
107.8
Apparel and other finished textile products.._do
107.7
110. 3
p1? 5
94. 1
89.5
95. 3
90.6
86.0
93.5
89.8
92. 0
Men's clothing
-do
92.1
95.2
80.1
80.5
73.7
79. 8
76.2
'64.6
78.6
'71.3
79.0
Women's clothing
...do
78.3
79.6
90. 6
89.9
91.0
88.6
90. 5
89.0
88.5
89.8
90.7
Leather and leather products—
do___. "~87.~4
90.2
90.1
79. 0
79. 5
77.8
'"S 2
77.7
78.7
79. 4
Boots and shoes
...do
79.0
78.9
127. 1
124. 6
114.5
115! 4
123.3
13l! 8
116. 7
119.9
Food and kindred products
do
us! 6
115.9
138. 5
114.8
114.8
110.4
110.4
108.4
113.3
111.5
110.4
111.4
Baking
do
111.3
110.8
99 9
84.6
75.2
73.4
75.5
133. 9
78.8 ' 123. 7
78.3
Canning and preserving
do
71.2
181.8
123. 7
129. 0
120.3
103.3
107.2
105. 7
122.7
106.0
128.4
Slaughtering and meat packing
do
113.1
125. 0
90.1
90.7
90.
0
88.1
85.4
86.7
83.2
89.2
85.9
88.1
Tobacco manufactures
—do.
87.6
88.0
118.1
114. 1
119.4
118.7
114.6
115.6
113.7
117.2
116.0
118.5
Paper and allied products
do.
117.7
116.7
107.1
105. 5
107.3
103.8
104. 6
103.4
104. 7
104. 9
107.2
Paper and pulp
..do
106.3
105. 7
99.3
97.0
100.1
98. 5
97.5
97.3
96.8
98.7
97.5
9S.8
Printing, publishing, and allied industries
do
98 2
97.1
93.3
93. 8
91.7
92.1
91.7
' 90. 5
92.9
92 2
92. 3
Newspapers and periodicals!
do
92.1
92.1
106. 4
107. 2
106. 0
103.9
104.0
103.8
105. 5
103! 8
106. 2
Printing, book and job§._.
...do
104.8
103. 2
151.9
210.9
215.4
221.3
216.3
219.8
203. 7
208.6
212, 5
217.8
Chemicals and allied products.
do
221.6
205. 7
165. 5
166.0
105.7
164.1
164. 9
162.4
166.6
164.8
165.5
C hemicals
do
165. 7
168.1
125.0
~125~8
125.1
126. 1
126.3
126.0
127.4
124.9
126.8
126.0
Products of petroleum and coal
.....do
126. 2
126. 0
124.0
124.7
125.6
126. 5
126.1
123.6
127. 3 ' 1 2 7 . 6
125. 5
Petroleum refining
_._.do
126. 1
124. 6
161.7
~14Q~6
163. 3
165.1
157. 6
160.8
160.2
155.2
151.1
164.9
Rubber products
do.
164.6
160. 7
171.4
174.1
178.0
169.2
172.2
170. 6
166. 7
162.1
178. 5
Rubber tires and Inner tubes
do
176.8
170. 6
162. 6
122.5
163.0
162.5
154. 5
157. 6
163. 3
151.0
145.5
162. 9 I
Wage earners, all mfg., adjusted (Fed. Res.)t
do
160. 6
164. 9
219.0
219. 7
219.1
141. 3
204.1
210.3
220.8
196. 7
187.6
219.8
Durable goods
do.
215. 9
224.0 I
118.1
118.3
107.7
115. 4
116.1
115.0
112.3
118.0 ! 117.8
Nondurable goods
do.
117.1
118.3 I 118.0
' Revised.
% For data for December 1941-July 1942 see note marked " t " on p. S-10 of the November 1943 Survey.
§ For revised 1941-43 data for shipbuilding see p. 19 of the December 1944 Survey; 1939-44 data for aircraft and parts and aircraft engines are shown on p. 20 of the August 1945
Survey. Data beginning 1939 for the printing and publishing subgroup^ will also be shown Inter (see November 1943 Survey for data beginning August 1942).
T—:—,•— innn t— *i
~. —.•
„.„
:_„ ,„ ^
*„„<.„..,•.,„ -'--^stries will be shown in a later issue; data for the individual industries shown in the
ing August 1944 for
TRevised series. The indexes of wage-earner employment and of wage-earner pay rolls (p. S-12) in manufacturing industries have been completely revised; for 1939-41 data for the
individual industries (except as indicated in notes marked " i " and " § " above) and 1939-40 data for all manufacturing, durable goods, nondurable goods, and the industry groups, see
pp. 23-24 of the December 1942 Survey; for 1941 data for the totals and the industry groups, see p. 28, table 3, of the March 1943 issue. Data beginning 1942 for the totals and the
industry
groups
have
been
to
the
indexes
final 1942
and
data
from
the
Bureau
Security
of !the
Security
lunti^ £
iuu.p;> n
a v e irecently
r e c u u v
u r u i i irevised
f v i ? c u
n ; adjust
rtujusi
u i c U
I U C A U J to
t.u ilevels
i ; v n 5 iindicated
L i u i t a i r u by
L\V iinai
i;»tz. c
i i i u . 19-J3
IV-JO u
rJici m
, ^ .
^ . - . ^ .^1.11.
<_«_**... of
^ . . Employment
u ^ j / . u . m n u u
.0^ ^L I.
_, v..i
, » . . J.Federal
. «>,,
>v v ui 1 v j
Agency; data beginning August 1944 have been revised above, and revisions for January 1942-July 1944, except for the adjusted employment indexes, are shown on p. 20 of the October
1945
[5 issue.
issu
Data for January 1939 to July 1944 for the seasonally adjusted employment indexes will bo published later.
A
i t
u i
November 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
September
S-ll
1944
September
October
1945
Novem- December
ber
January
February
March
April
May
June
July
August
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYM ENT-Contlnued
Nonmanufacturing, unadjusted (U. S. Dept. of Labor):
Mining:!
Anthracite..
_.._._. 1939 •» 100..
81.5
80.5
79,2
79.9
79.2
79.0
79.0
Bituminous coal...
do
87.6
93.9
92.3
91.8
91.3
90.8
90.2
91.1
Metalliferous
_
,..do
72.6
82.4
80.4
79.2
78.6
78.1
78.4
78.4
Quarrying and nonmetallic
do
84.3
83.0
82.2
79.6
75.4
75.6
76.6
Crude petroleum and natural gas!
_.- . - d e _.
83.0
82.1
82.7
82.1
82.4
82.1
82.6
Public utilities:!
"
j
Electric light and power
do
j
84. 5
82.6
82.1
82.1
82.2
82.0
82.1
82.0
Street railways and busses
_
..do
118.1
117.7
118.6
117.7
118. 4
117.7
118.9
117.3
Telegraph
..do
120.3
122.1
121.7
119.2
121.7
118.9
120.2
122. 2
Telephone
do
127.1
127.1
126.8
126.7
126.1
127.1
128.2
Services:!
Dyeing and cleaning
_.do
118.4
119.8
117.1
112.8
114.5
112.0
117.4
Power laundries
_
do
JG6.8
108.0
107.6
105.4
107.8
106.3
105.5
Year-round hotels
,
, .__.do
112'! 5
108.0
1C9. 6
110.3
109.6
110.2
110.5
109.0
Trade:
Retail, totalf
—
-do
S6. 6
99.7
97.2
103.2
97.6
98.3
99.3
111.9
Food*
do
108.8
106. 3
109.0
106.7
107.2
105.9
110.2
General merchandising!
do
116.7
109.2
127. 4
111.4
114.2
117.4
152.2
Wholesale!
....
do
96.0
95.0
96.8
95.7
97. 8
95.7
95.3
97.1
Water transportation*
_.
do
257.2
267.7
258. 7
281.6
272.6
274.5
290.4
Miscellaneous employment data:
154, 836 153,913 144,368 126,312 125,122 122,435 117,612
Federal and State highways, total*
number._
Construction (Federal and State)
.do
31, 3S2
30, 228 22, 981 16,959
11,994 10,853
11,305
Maintenance (State)
.
-do
fcS, 458 99, 742
97, 246 85, 559 89, 512 88,006
82, 553
Federal civilian employees:!
United S t a t e s . . . .
__„
___thousands__
2,878
2, $81
2,876
2,889
2,919
2,920
2,860
District of Columbia.
..do
258
256
256
259
256
257
255
Railway employees (class 1 steam railways):
Total
_
____
thousands..
1. 454
1,438
1,435
1,441
1,421
1,451
1,431
138.5
Indexes: "Unadjusted!
_
1935-39 = 100..
130.7
138. 2
137.9
138.5
136.6
139.4
137.2
Adjusted!. _.
_
do
135.2
133.7
lcC.3
136. 7
142. 0
142.0
143.0
139.4
LABOR CONDITIONS
Average weekly hours per worker in manufacturing:
Natl. Indus. Corn". Bd. (25 industries)
hours..
U. S. Dept. of Labor, all manufacturing!.
.do
Durable goods*
.do
Iron and steel and their products*
do
Blast furnaces, steel works, and rolling
mills*
hours. .
Electrical machinery*
._
do
Machinery, except electrical*
do
Machinery and machine-shop products*..do
Machine tools*
do
Automobiles*
do
Transportation equipment, except autos*__do
Aircraft and parts (excluding engines)*...do
Aircraft engines*
do
Shipbuilding and boatbuilding*
do
Nonferrcus metals and products*
do
Lumber and timber basic products*
do____
Furniture and finished lumber prodiicts*...do
Stone, clay, and glass products*..,
....do
Nondurable goods*.
_.
.do
Textile-mill products and other fiber manufactures*..
hours..
Apparel and other finished textile products*
hours..
Leather and leather products*
_._do
Food and kindred products*
do
Tobacco manufactures*
do
Paper and allied products*
-__.do
Printing and publishing and allied industries*
hours
Chemicals and allied products*
~._.do
!
Products of petroleum and coal*
...do '
Rubber products*
.do
Average weekly hours per worker in nonmanufacturing
industries (U. S. Department of Labor):*
Building construction..hours..
Mining:
Anthracite
do
Bituminous coal
do
Metalliferous
___
do__I.
Quarrying and nonmetallic
..do
Crude petroleum and natural gas
do__
Public utilities:
Electric light and power
..do
Street railways and busses.
,..do.._.
Telegraph
do____
Telephone
_
.....do
Services:
Dyeing and cleaning
_
do
Power laundries..
_
_
-do...
Trade:
Retail
„
do....
Wholesale
_
.do
77.6
'87.1
74.6
81.3
83.8
77.4
'87.1
'73.1
81.7
84.1
82.8
117.3
117.9
(*)
83.6
116. 8
119.3
'84.1
'117.3
119.4
119.8
104.9
108.5
' 122.0
107.2
109.5
'121.2
108.3
109.4
'117.3
' 106.1
' 109.9
96.8
103.6
112.4
94.9
295.5
96.7
103.0
112.7
94.5
303.5
96.2
101.0
111.2
94.4
303.0
'94.9
100.0
' 107.9
94.9
310.0
93.8
99.9
104.7
'95.8
' 313.4
123, 740
15. 033
84, SO6
131,861
19,667
88,128
144,182 144, 082
24,366 24,157
95,006 94, 730
153,223
28, 419
99, 512
2,915
254
2,898
253
1,448
139.2
141.4
77.4
82.2
77.8
77.7
82.7
9.7
88.2
77.3
78.3
82.8
' 89.2
76.0
80.5
83.6
82.0
118.3
117.9
C)
82.0
117.8
117.4
)
119.7
104.7
108.0
2,900
256
' 2, 851
251
1,455
139.8
140.4
2,915
258
1,482
142.5
140.6
142. 2
139.2
142.0
139.1
44.8
4>\.l
• 40. 6
45.7
45.5
47.1
47.2
45.6
45.3
46.7
46.8
45.8
45.6
47.1
47.4
45.4
46.8
46.9
46.0
45.4
46.8
46.9
46.1
45.4
46.7
47.1
45.4
45.1
46. 5
40. 9
45.0
44.1
45.4
46.0
45.2
44.6
45.8
46.0
' 44.3
44.0
44.9
45.2
43.5
40.8
41.2
41.6
46.3
46. 2
47.9
47.6
49.9
43.5
46.9
46.2
45.8
47.6
46.3
43.3
44.0
43.4
43.0
47.1
46.3
48.8
48.7
51.2
45.6
48.1
47.1
46.1
49.1
47.2
44.7
45.0
44.7
43.3
46.6
46.3
48.2
48.2
50.5
45. 5
47.8
47.2
45.2
48.8
46.9
43.0
44.4
44.1
43.2
47.0
46.6
48.9
48.7
51.8
45.7
48.4
47.6
46.0
49.3
47. 6
42.3
44.3
44.1
43.5
46.2
46.5
48.7
48.5
51.6
45.2
48. 0
47.7
46.3
48.7
47.2
42. 6
44.4
43.6
43.4
46.3
46.7
48.8
48.7
51.0
46.5
47.2
47.3
47.4
47.1
47.1
43.3
44.8
43.8
43.4
47.0
46.6
48.6
48.7
50.9
46.1
47.1
47.1
47.1
46.9
47.3
43.1
44.6
44.2
43.5
47.0
46.4
48.1
48.3
50.2
45.5
46.8
46.8
45.8
47.0
47.1
43.6
44.3
44.5
43.2
46.6
45.6
46.6
46.6
47.7
43.9
45.9
46.5
45.1
45.8
46.0
42.9
43.6
43.6
42.3
45.6
'45.7
47.7
47.8
48.9
43.8
46.2
46.9
44.2
46.3
'46.2
44.0
44.1
43.8
' 43.1
44.9
45.4
46.6
46.6
'47.7
42.4
45.8
45.8
43.6
46.5
'45.7
41.5
43.3
43.3
42.8
41.9
42.0
42.7
42.7
45.5
33.5
41.9
40.8
38.1
43.7
43.2
40.5
40.6
41.6
40.3
41.8
42.2
42.3
42.8
42.3
42.3
42.4
41.9
40.7
41.8
41.3
38.4
38.1
41.5
44.5
43.4
46.2
38.2
41.6
44.8
43.3
46.7
38.0
41.2
45.2
44.2
46.5
37.7
41.6
46.0
45. 0
46.6
38. 2
41.8
45.6
43.4
46.2
38.8
42.2
44.9
43.0
46.3
39.0
42.5
45.1
42.9
46.3
37.9
42.0
45.0
42.3
46.5
36.4
40.4
44.5
41.6
45.4
37.2
42.1
'45.6
42.8
46.4
'36.7
41.7
'45.8
'41.0
46.3
33.1
39.3
43.3
39.6
44.0
41.4
45. 6
46.4
45.7
40.9
45.9
47,9
45.9
41.3
45.7
46.9
45.7
41.4
45.7
47.1
46.6
41,5
45.7
40.6
47.3
41.0
45.5
47.3
47.3
41.6
45.9
47.4
45.3
41.2
45.7
48.3
45.7
41.2
45.7
47.5
44.2
41.6
45.4
47.8
'45.2
41.5
45.1
47.7
45.5
40.9
43.3
46.8
41.8
40.1
40.7
39.7
39.4
38.8
39.1
40.0
40.0
39.3
40.4
40.1
40.3
39.9
42.0
43.9
46.8
45.9
42.6
44,1
45.0
48.9
44.9
38.6
42.6
43.7
46.8
45. 9
41.5
43.1
44.8
44.9
45.4
38.9
44.9
44.0
44.6
45.7
41.7
45.1
45.0
45.5
46.4
41.4
43.8
45.0
46.5
46.2
38.9
36.8
45.5
48.0
45.2
36.4
42.4
45.0
47.2
46.1
41.1
'46.2
45.4
48.2
46. 3
39.4
40.8
43.9
'48.0
45.0
37.0
40.1
41.9
46.6
46.0
43. 7
50.2
46.5
43.0
43.1
50.2
45.8
42.9
43.4
50. 8
45.3
42.3
43.3
51.8
45.4
42.7
43.4
51.6
45.0
42.4
44.0
51.5
44.7
42.6
44.2
51.2
44.7
42.8
43.6
51.0
44.8
44.5
51.7
45.7
44.4
52.2
46.2
43.4
51. 6
46.0
44.3
52.3
48.2
44.3
43.9
43.8
43.7
43.5
43.4
43.4
43.5
43.6
43.5
43.4
43.4
44.3
43.8
43.9
43.8
43.0
43.4
43.8
43.4
44.2
44.0
41.6
42.5
40.4
42.9
40.4
43.2
39.4
43.0
39.8
43.3
39.6
42.7
39.7
42.8
39.7
42.9
39.9
43.2
39.4
42.9
'40.7
42.8
41.9
43.1
41.2
42.4
(°)
(a)
C)
(a)
' Revised.
% Total includes State engineering, supervisory, and administrative employees not shown separately.
° Not available.
* Preliminary.
^See note marked ' T ' on p. S-ll of the July 1944 Survey regarding changes in the data beginning: June 1943 and November 1943. Data cover only paid employees. Excess temporary Post Office substitutes employed only at Christmas are not included in the December 1944 figures.
•New series. Indexes beginning 1939 for retail food establishments and beginning J940 for water transportation are shown on p. 31 of the June 1943 Survey. Data beginning
March 1942 for all series on average hours, except for the telephone, telegraph, and aircraft engines industries, are available in the May 1943 Survey and data back to 1939 will be published later; data back to 1937 for the telephone industry are shown on p. 20 of the May 1945 Survey; data back to 1939 for the aircraft engine industry, will be published later;
data for the telegraph industry are available only from June 1943 (for data beginning that month see note on p. S-ll of the January 1945 issue).
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
1945
September
November 1945
1944
September
October
1945
Novem- December
ber
January
February
March
April
May
June
July
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS—Continued
Industrial disputes (strikes and lockouts):
Strikes beginning in month:
Strikes. _
number.Workers involved
thousands..
Man-days idle during month
do
U. S. Employment Service placement activities:
Nonagricultural placements!
thousands. Unemployment compensation (Social Security Board):
Continued claims©
thousands..
Benefit payments:
Beneficiaries, weekly average...
.
do
Amount of payments
thous. of doL_.
Labor turn-over in manufacturing establishments:©*
Accession rate
monthly rate per 100 employees. Separation rate, total
.
...do
Dischargesdo
Lay-offs
do....
Quits
do
Military and miscellaneous
do
550
455
3,650
614
4,210
437
34, 573
408
207
786
430
222
756
345
201
789
264
92
387
240
44
228
310
109
412
400
210
860
450
285
1,330
425
310
2,025
1,172
1,127
1,034
883
1087
910
973
926
952
349
370
417
453
593
508
543
485
292
500
290
1,725
1, 500
1,042
1,014
810
1, 081
185
14, 352
618
63
4,246
64
4,350
71
4, 918
75
5,192
105
7,299
100
6,435
103
7,242
87
6,185
98
7, 044
6.1
7.6
.6
.6
6.1
6.0
6.4
.6
.5
5.0
.3
6.1
6.0
.6
.5
4.6
.3
5.1
5.7
.6
.5
4.3
.3
7.0
6.2
.7
.6
4,6
.3
5,0
6.0
.7
.7
4.3
.3
4.9
6.8
.7
.7
5.0
.4
4.7
6.6
.6
.8
4.8
.4
5.0
7.0
.6
1.2
4.8
.4
333. 8
460. 6
319. 3
335.1
402. 9
318. 0
331.8
457. 2
313. 2
335. 2
401. 5
321. 2
333. 7
458.3
322. 9
330.2
451.0
324.0
321.5
437.2
319. 0
307.0
463^6
321. 4
41?,. 3
308. 8
302. 5
399.8
298. 5
286. 5
372. 7
279. 2
226. 7
520." 7
421. 4
410.3
366.8
311.1
512. 5
424.7
415.5
372.6
313. 1
225. 5
512.8
429.8
419.4
381.0
317. 9
224.4
513. 2
428. 9
421. 3
378. 6
324. 8
223 6
513' 5
431.6
423.7
381.9
324. 7
229.1
513. 2
426. 1
419.8
382.0
316.2
228.5
502. 1
413. 7
409.8
370.9
308. 0
227.1
484, 8
392. 1
386. 4
347.6
283. 2
222. 8
474.0
393. 9
386.4
353. 4
272.6
215. 3
445. 0
371.6
365.9
328.8
243.7
2,931. 8
3,175. 4
4, 628. 3
3,399. 3
336. 9
215.9
154. 3
189.3
175. 0
188.2
209. 8
2,964. 8
3,185.8
4, 460. 3
3, 468. 7
?37 3
219'2
156. 5
193.0
178. 5
192.1
210. 0
2,952. 4
3, 197. 6
4, 294, 6
3,446. 4
2,803.3
3,234. 6
4, 368.4
3,107. 6
348. 3
202. 9
140.4
196.9
184.0
189.6
211.9
2,6S9. 5
3,190. 3
4, 279. 7
2, 906. 6
353 5
202.3
140.4
195.2
181.8
193.2
212.0
2,538.3
3, 070. 7
3,957. 0
2,711.2
200! 1
138. 8
193.9
179.7
192.1
212.8
2,900.1
3, 257.1
4, 334. 5
3,313. 4
313. 0
199. 2
137.9
194.0
180.4
189.0
211.7
2,322. 0 2,152.8
2, 837. 0 2. 546. 2
3, 703. 0 3,231.9
2, 433. 6 2.327. 7
336. 5
327. 0
203. 1
209. 0
142.4
147.6
187.7
189.1
173. 0
173. 3
187.9
192.0
202. 9
207. 3
1.999.9.
•2,310.4
3, 042. 5
2.193.4
302. 7
192.9
133.9
181. 3
165. 7
187.7
202. 2
171.3
204.4
132. 8
172. 8
203.5
138. 5
174.6
206.8
139.4
179. 0
212.3
142.3
176.3
210.3
138.4
175.5
207.3
140.0
175. 4
206.5
139.3
170. 6
201.8
134.6
166.6
200. 2
133. 7
174. fi
210.3
142.1
109. 9
209. 8
138. 4
185.1
199. 1
166. 3
148.4
160. C
143. 1
21,
168.7
336.4
200.3
163.0
193. 1
150. 0
iar>. o
188.0
200. 4
169. 6
147.4
160.1
142
209. 8
171.4
262.3
200.2
165. 7
190. 3
182. fi
136. 7
119.3
153. 7
364.4
288.6
224.2
219.7-
189.4
195. 5
169.2
141.1
159.5
141.9
206. 0
174. 5
188. 7
211.4
172.7
197. 5
182.0
139. 3
120. 8
156.8
366.5
289. 2
219.0
214.2
194.9
195.0
164.5
143. 5
103.2
145.7
207. 1
176.5
162.9
227.6
177.8
200. 5
185.0
141. 1
121. 5
159. 6
377.9
291.1
221. 9
214.9 |
186.7
183.1
164.2
r 125.1
170.3
154.1
196. 4
174.1
r 158.9
177.9
164.1
197. 7
183. 8
.139.0
121.7
155. 6
381. 3
298. 5
229. 5
224. 4
287.3
293. 8
177.2
107. 5
151. 5
r 109. 2
165.0
149. 0
205. 8
174.6
r
249. 9
175. 0
151.4
193.5
180. 7
137. 8
r
110.7
155. 1
303.0
291. 8
233. 4
319! 4 '
186.8
196. 2
167.1
143. 6
160. 9
150.4
189.6
170.4
150.0
167.7
160.4
196. 2
182. 0
138. 2
120.7
155.5
391. 3
295. 6
229.5
227.2
299 <}
306.0
178.9
181.5
156. 6
13 i. 1
161. 1
143. 2
188. 1
171. 4
144.4
298.2
193.1
206. 0
170.7
154.3
168.5
149. 9
191.3
168.6
149.0
188.1
165. 3
198. 7
18:18
138. 2
118.3
156.5
389.9
295.3
223.3
218. 2
323. 0
339. S
193.4
209. 6
174. 4
157. 2
i 09. 9
153.6
189.5
170.2
142.6
178.2
165.2
198.6
183.4
139.4
120.2
157. 2
297'. 5
193. 5
198. 5
165.3
149.1
104.7
147. 9
198. 0
168. 2
153. 9
221.9
166. 4
198.:;
183.3
130. 8
118.4
159.9
384. 2
293. 2
221.7
215.7
323. 2
342. 4
159.8
210.2
130.7
163. 7
129.6
137.7
197. 7
125. 0
153.8
130. 9
148.8
199.8
127. 7
144.3
131.7
137.7
214.3
125. 7
135.0
132. 2
150.2
212.6
129.7
137. 0
133. 7
149. 7
204. 3
130. 9
142.5
132. 8
129
9,686
5.9
7.9
.7
1.7
5.1
.4
r
.6
1. 5
5.2
.4
PAY ROLLS
Wage-earner pay rolls, all manufacturing, unadjusted
(TJ. S. D e p a r t m e n t of Labor) f
1939—100—
Durable goods
do
Iron and steel and their products
do
Blast furnaces, steel works, and rolling mills
1939-100Electrical machinery
_...do
Machinery, except electrical
.
do
Machinery and machine-shop products
do
Machine toolsj
do
Automobiles
„
do
Transportation equipment, except automobiles
1939-100Aircraft and parts (excluding engines) A
do
Aircraft enginesA-do
Shipbuilding and boatbuildingA
do
Nonferrous metals and products
do
Lumber and timber basic products
do
Sawmills
do
.
Furniture and finished lumber p r o d u c t s . . . . . 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.-f
Electric light and power
do
Street railways and busses
._
.do
Telegraph
_.
do
Telephone
_„ do.
Services:!
Dyeing and cleaning
do
Power laundries
do
Year-round hotels
_do
Trade:
Retail, totalf
.do
Food*
__
do
General merchandising!
_._
_do
Wholesale!.
do.
Water transportation*
do
119.6
151. 5
361. 0
292.8
220.7
213.3
294. 5
300.8
150.1
207.8
130.8
158.2
135. 4
221. 9
li)i. 2
416.1
408.4
363.2
312.8
2,948.7
3,135.8
4, 278. 4
3,497.8
332. 8
205. 3
143.8
190.8
177.2
189. i
209. 2
394.1
296. 7
223. 9
220. 6
299. 9
301.9
202. 7
141. 2
191. 6
177.4
193.3
208. 3
162. 5
150. 4
190.7
138. 9
122.4
154.4
388.9
295. 2
228. 9
222. 6
283 6
288^0
281 '.3
280.8
November 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Septem- Sepber
tember
1945
1944
Octo- Novem- December
ber
ber
S-13
1945
January
February
March
April
May
June
July
August
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES
Factory average weekly earnings:
419.39
49.62
49.42
19.42
' 49.00
47.90
49.91
50.80
60.68
50.13
50.99
50.33
Natl. Ind. Con. Bd. (25 industries)
dollars.
46.24
47.12
45.42
41.81
46.94
47.44
46.02
46.85
47.50
47.37
47.40
' 46.32
U. S. Dept. of Labor, all manufacturing!
do
50. 00
45.89
53.04
63.54
63.30
52.10
51.56
' 51. 74
52.18
53.68
53.22
53.18
Durable goodst _
_.
do
50.22
46.14
' 51.14
51.27
51.48
60.98
51.84
51.65
51.56
52.09
52. C8
51.14
Iron and steel and their products!
do
Blast furnaces, steelworks, and rolling
56.32
56.24
54.55
50.61
55.43
65.. 46
56.04
54.58
55.33
55.39
54.64
66.10
mills*
dollars..
44.11
48.42
48.54
49.64
49.85
49.59
• 47. 95
49.37
48.73
' 48.53
48. 55
49.89
Electrical machinery!
do
' 53. 54
48.55
54.91
64.47
65.48
54.72
56.05
65.92
66.13
66.07
55.46
53.68
Machinery, except electrical!
—do
47.81
54.37
53.84
64.92
54.80
52.82
53.10
54.76
52.57
65.02
53.78
55.06
Machinery and machine-shop products!__do
53.81
' 56. 37
57.18
68.95
68.05
60.81
60.21
60.34
60.49
59. 53
56.50
58.23
Machine tools
do
41.42
67.85
68.23
69.42
58.28
55.74
53.05
58.41
59.49
'55.55
55.98
58.99
Automobiles!
do
54.28
' 59. 64
60.80
62.53
63.04
63.33
62.61
61.56
61.13
60.58
59.56
' 60.03
Transporation equipment, except autos!...do
48.58
55.39 . 55.64
56.22
55.66
54.93
57.19
56.10
55.32
' 56.07
64.32
66.45
Aircraft and parts (excluding engines)...do
48.30
' 56.16
C0.92
60.64
59.90
61.18
62.41
62.67
59.62
58.92
62.29
57.16
Aircraft engines*
.do
60.53
66.12
65.23
67.69
68.68
68.22
65.12
64.68
63.26
64.56
64.15
64.56
Shipbuilding and boatbuilding
do
46.01
60.92
50. £6
49.52
48.99
49.69
49.66
50.86
50.76
51.18
r 49. 55 ' 48. 81
Nonferrous metals and products!
do
33.07
33.64
36.20
34.82
36.11
34.00
33.62
33.72
34.40
35.20
34.97
34.38
Lumber and timber basic products!
..do
32.32
32.43
33.11
32.31
33.91
35.29
32. 6f>
34.05
33.90
35.22
32.28
33.15
Sawmills
do
34.11
' 36. 89
' 37.54
36.51
37.48
36.97
37.40
37.48
37.95
37.90
37.92
37.51
Furniture and finished lumber products!_do
34.55
37.51
38.94
38.23
38.16
38.81
'38.01
37.35
36.83
37.87
38.78
37.81
Furniture}
do
38.96
' 40. 32
39.62
40.82
40.10
40.30
39.93
40.10
40.77
41.36
40.46
40.69
Stone, clay, and glass products!
do
30.61
38.66
38.69
38.96
38.18
' 38. 58
37.87
38.39
38.80
' 38. 95
37.66
37.97
Nondurable goods!
do
Textile-mill products and other fiber
29.64
'31.67
30.10
30.49
30.54
30.99
' 31. 50
30.78
30.88
30.81
31.07
30.38
manufactures!
dollars.
Cotton manufacturers, except small wares!
27.22
27.26
27.49
27.91
27.63
27.79
27.70
' 27. 52
29.38
27.37
27.78
29.01
dollars.
30.07
' 31. 26
30.04
30.41
29.76
30.17
29.83
29.84
31.38
28.89
30.33
30.20
Silk and rayon goods!
do
Woolen and worsted manufactures
36.52
34.59
36.39
35.51
35.96
36.00
36.63
36.73
36.79
35.38
36.93
36.95
(except dyeing and
finishing)!
dollars..
Apparel and other finished textile products!
'31.26
31.74
31.34
32.42
27.93
31.35
33.41
32.65
' 30. 38
31.83
30.81
34.06
dollars.
34.38
34.72
30.00
32.93
33.95
33.25
34.69
32.89
33.32
33.54
35.53
33.90
Men's clothing!
do
33.67
39.82
39.12
37.67
38.45
40.35
42.70
41.37
38.81
' 38.15
' 36. 75
43.71
Women's clothing!
do....
33.62
' 36.12
r 35.47
34.02
34.06
33.70
34.27
34.66
35.23
36.00
35. 73
34.69
Leather and leather products!..
do
32.24
32.15
31.87
32.55
34. C6
32.72
34.74
34.00
32.29
33.00
33.56
34.46
Boots and shoes
do
38.13
' 40. 01
' 39. 98
37.67
38.39
38.86
39.80
39.61
38.69
38.94
39.15
38.96
Food and kindred products!
.
do...
39.36
39.24
38.82
39.37
38.58
38.86
38.57
38.87
' 40. 27
38.93
38.18
38.51
Baking
do
30.11
' 32. 29
' 32. 62
29.98
31.67
30.49
31.10
31.69
32.05
32.10
31.72
32.28
Canning and preserving!...do
41.57
48.16
42.74
45.68
46.81
47.18
42.80
42.92
42. £5
' 45. 08
43.98
44.68
Slaughtering and meat packing
do
30.15
32.36
' 30. 73
31.43
31.53
32.49
31.93
31.71
31.28
31.04
33.20
31.80
Tobacco manufactures!.
do...
38.70
' 40. 74
39.65
40.05
39.77
' 40. 78
40.26
40.11
40.22
40.18
40.63
40.35
Paper and allied products!
do...
41.77
44.30
44.24
43.73
43.19
43.03
43.14
44.26
43.72
43.95
43.07
43.60
Paper and pulp
._do___
Printing, puolishing, and allied industries!
46.61
46.70
45.60
45.84
45.74
46.52
46.63
' 46. 62
45.06
46.03
' 46.93
45.56
dollars.
52.93
' 50. 64
' 50. 53
49.92
49.21
49.63
49.85
49.20
49.39
50.15
50.60
51.09
Newspapers and periodicals*
do
44.14
' 45. CO
44.52
44.40
44.97
44.65
'45.18
44.26
43.93
44.75
46.10
45.18
Printing, boofe and job*-..
.do....
43.41
' 45. 24
44.99
44.08
43.94
43.70
44.06
44.41
44.27
44.77
45.26
44.78
Chemicals and allied products!
do...
53. 96
54.03
' 54.11
52.22
51.99
52.48
52.64
53.31
53.63
53.83
54.23
63.78
Chemicals
._
do
56.97
' 58. 01
55.70
56.99
55.61
56.52
66.20
66.58
56.65
58.06
57.24
57.72
Products of petroleum and coal!..
..do...
59.27
58.55
59.14
' 60. 57
58.24
58 66
61.26
59.80
59.43
59.89
60.37
59.28
Petroleum refining
do
46.76
'51.81
50.99
50.92
52.64
64.49
54.40
51.93
50.09
'51.45
50.59
50.62
Rubber products!..
do
52.81
59.59
59.20
59.33
58.54
68.30
61.62
64.29
64.04
57.29
59.75
57.32
Rubber tires and inner tubes
.do
Factory average hourly earnings:
1.104
1.100
' 1. 106
.079
1.095
1.095
1.101
1.111
1.080
.079
1.086
1.101
Natl. Ind. Con. Bd. (25 industries)
do...
1.025
' 1. 032
1.032
.035
1.046
1.043
1.044
1.042
1.038
1.040
L. 031
1.044
U. S. Dept. of Labor, all manufacturing!.. do...
1.114
' 1.130
'1.126
1.132
.136
1.140
1.144
1.139
:L. 139
1.138
1.134
1.129
Durable goods!
do
1.109
'
1
.
1
1
2
1.095
1.109
1.112
.089
1.098
'
1
.
1
1
0
L.101
L.091
1.101
1.107
Iron and steel and their products!...
do. .
1. 200
1.214
1.211
1.198
1.176
.170
1.179
1.181
1.199
1.208
L.191
1.195
Blast furnaces, steel works,androllingmills!.do. .
1.050
.049
.069
L.070
1.068
1.068
1.061
1.057
1.059
1.067
1.051
1.046
Electrical machinery!
do
1.136
' 1. 148
1.150
1.136
1.137
L.134
1.146
L. 149
1.151
L153
1.152
1.152
Machinery, except electrical!.__
do.._
1.118
L.
116
1.129
1.131
1.128
1.124
1.133
1.126
1.116
1.116
1.132
1.130
Machinery and machine-shop products!.do...
1.179
'1.182
1.191
1.144
1.150
1.150
1.173
L. 172
1.183
1.187
1.183
L.188
Machine tools..
do
1.236
1.252
1.2S0
.314
1.280
1.268
L. 270
1.279
1.269
1.287
1.279
1.280
Automobiles!
_.
do.-.
1.296
'1.302
' 1. 300
1.297
1.318
1.309
304
1.304
1.299
1.2C5
1.297
1.301
Transportation equipment, except autos!_._do_..
1.190
' 1.196
1.198
1.189
1.190
1.189
1.189
1.177
1.178
1.177
1.187
L.198
Aircraft and parts (excluding engines)..do. .
1.209
' 1.287
1.293
1.330
1.315
1. 326
1.330
.350
1.323
1.300
1.308
1.321
Aircraft engines*
do.
1.386
1.
389
.367
1.382
1.378
1.382
'
1.
385
1.370
1.379
1.407
1.384
1.376
Shipbuilding and boatbuilding
.do...
1.065
' 1.068
' 1. 072
1.058
i.059
1.058
1.069
L.079
1.078
1.081
1.082
1.077
NoDferrous metals and products!
do
.816
.810
.822
.803
'.807
.791
.794
.791
.794
.798
.807
.814
Lumber and timber basic products!
do
.802
.794
.809
.798
.776
.773
.790
.800
.795
.779
.777
.780
Sawmills.
do. .
.841
.852
.833
.845
.855
.859
'.852
.844
.847
.850
.833
.829
Furniture and finished lumber products!..do...
.858
.874
'.872
.849
.853
.864
.866
.872
.874
.881
.883
.847
Furniture
do
.937
.931
.929
.912
.910
.017
.916
.929
.928
.913
.923
.910
Stone, clay, and glass products!-..
do
.908
.902
.904
.876
.878
.877
.883
.891
.892
.899
.903
.896
Nondurable goods!
.do
Textile-mill products and other fiber
.703
.771
.759
.722
.729
.735
.745
.731
.733
.721
.725
.723
manufactures!
dollars..
Cotton manufactures, except small
.712
.705
.646
.652
.655
'.667
.647
.652
.692
.654
.646
.648
wares!
dollars..
'. 752
.706
.707
.709
.711
.716
.732
.706
.713
.708
.700
Silk and rayon goods!
do
.747
Woolen and worsted manufactures
.809
.877
.869
.849
.852
.865
.856
.858
.849
.849
.862
(except dyeing and finishing)! dollars.
.873
Apparel and other finished textile products!
.844
'.829
.862
.824
.847
.849
.862
.832
.832
.831
.874
dollars.
'
.839
.900
.891
.864
.882
.886
.867
.886
.857
.861
.867
.846
Men's clothing!-.
do
'
1.
024
1.041
.894
1.054
1.102
1.073
1.027
1.001
1.106
1.122
1.035
1.017
Women's clothing§
do
'.851
.857
' 1.043
.819
.816
.824
.829
.836
.852
.859
.820
.848
Leather and leather products!..
.do
.823
.832
.857
.789
.787
.794
.798
.807
.820
.824
.830
.788
Boots and shoes
do
.832
' Revised.
t Sample changed in November 1942; data are not strictly comparable with figures prior to that month.
§ Sample changed in July 1942; data are not strictly comparable with figures prior to that month.
* New series. Data beginning 1932 for the newspapers and periodicals and printing, book and job, industries will be published later; see November 1943 Survey for data beginning
August 1942. Data for the aircraft engine industry beginning 1939 will also be published later.
! Revised series. The indicated series on average weekly and hourly earnings have been shown on a revised basis beginning in the March 1943 Survey and data are not comparable with figures shown in earlier issues (see note marked "!" on p. S-13 of the July 1944 Survey); there were no revisions in the data for industries which do not carry a reference
to this note. Data prior to 1942 for all revised series will be published later.
i
S-14
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
September
November 1945
1944
September
October
1945
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.!—Continued.
Nondurable goods—Continued.
Food and kindred products!.
dollars..
Baking
do
Canning and preserving!
do
Slaughtering and meat packing
do
Tobacco manufactures!
. . do
Paper and allied products!
do
Paper and pulp
do
Printing, publishing, and allied industries! do
Newspapers and periodicals*
_ do
Printing book and job*
do
Chemicals and allied products!
do
Chemicals
do
Products of petroleum and coal!
do
Petroleum refining
do
Rubber products!
do
Rubber tires and inner tubes
do
Nonmanufacturing industries, average hourly earnings
(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
Telegraph
do
Telephone
do
Services:
Dyeing and cleaning
do
Power laundries
.
. . . do
Trade:
Retail.-.
.
do
Wholesale
_do__
Miscellaneous wage data:
Construction wage rates (E. N. R.):l
Common labor.
dol. per hr__
Skilled labor
do
Farm wages without board (quarterly) O
dol. per month
Railway wages (average, class I)
dol. per hr_.
Road-building wages, common labor:
1.271
151
L317
0.861
.843
.794
.917
.737
.865
.891
1.115
1.271
1.049
.972
1.134
1.196
1.261
1.149
1.314
0.864
.846
.788
.929
.741
.871
.899
1.121
1.275
1.058
.975
1.137
1.195
1.260
1.117
1.260
0.869
.853
.791
.929
.740
.874
.901
1.129
1.288
1.062
.980
1.139
1.202
1.268
1.136
1.294
0.874
.858
.811
.937
.747
.876
.902
1.133
1.291
1.064
.990
1.141
1.204
1.265
1.132
1.284
0.877
.861
'.797
.953
.757
.879
.906
' 1.128
' I. 287
' 1.058
.997
1.149
1.207
1. 266
1.140
1.307
0. 874
.871
.782
'.946
'.749
.881
.913
1.124
1.292
1.042
.999
"• 1.149
' 1.217
r
1. 277
'1.138
1.296
0.882
.876
.822
.940
.761
.879
.911
1.142
1.311
1.066
1.003
1.160
1.216
1.271
1.119
1.269
1.359
1.364
1.352
1.363
1.361
1.366
1.374
1.387
1.383
1.176
1.187
1.020
.884
1.162
1.154
1. 201
1.023
.868
1.171
1.164
1.190
1. 035
.860
1.183
1.179
1.197
1.042
.868
1.175
1.153
1.184
1.040
.874
1.191
1.039
1.256
1.038
.879
1.172
1.170
' 1 285
1.045
'.879
1.184
1.219
' 1. 255
1.039
••895
1.209
1.331
1.248
1.049
.885
1.187
1.116
.946
.809
.930
1.119
.955
.815
.935
1.116
.962
.826
.934
1.122
.965
.832
.938
1.123
.947
.832
.951
1.145
.956
.833
1.132
.965
.839
1.136
.970
.833
1.146
.979
.826
1.139
.974
.901
.745
.641
.747
.641
.746
.644
.754
.649
.758
.653
,775
.660
.769
.660
.765
.662
.773
.666
.766
.665
.755
.664
.736
.994
.741
1.008
.736
.996
.728
1.002
.751
1.006
.756
1.013
.752
1.016
.763
1.031
.764
1.018
'. 769
1.027
.775
1.037
.772
1.013
.883
1.64
.886
1.64
.886
1.64
.890
1.64
.891
1.64
.891
1.64
.895
1.64
.904
1.65
.909
1.65
.916
1.66
.916
1.67
0.916
1.67
.955
86.80
.952
.959
.966
88.90
.961
.981
.950
92 70
.959
.952
*93 10
.948
.82
.80
.79
.78
.74
.70
.74
.72
.75
.77
.80
83
78
79
79
80
80
80
80
80
81
76
61
7
71
58
7
71
58
7
72
58
7
72
59
7
72
59
7
72
59
7
73
59
73
59
7
74
60
7
0.917
1.67
0.847
.850
.764
.921
.724
.858
.891
1.101
1.265
1.030
.966
1.119
1.202
1.268
1.117
1.273
0.857
.849
.790
.930
.728
.862
.901
1.102
1.262
1.037
.957
1.117
1.190
1.257
1.108
1.263
0.859
.855
.773
.933
.735
.863
.899
1.104
1.268
1.037
.956
1.121
1.186
1.253
1.107
1.258
0.865
.854
.786
.933
.738
.864
.897
1.108
1.268
1.042
.964
1.125
1.200
1.270
1.130
1.2G0
0.867
.848
.796
.927
.736
.869
.897
1.109
264
L. 048
972
1.136
1.339
1.342
1.349
1. 187
1.213
1.016
.871
1.172
1.197
1.191
1.015
.881
1.156
1.156
1.173
1.015
.871
1.146
1.120
.912
.812
.921
1.127
.945
.809
.928
.736
.637
i 95. 70
?m
99 00
.957
.83
.79
81
81
82
74
60
7
75
60
7
75
61
7
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
7
FINANCE
BANKING
Agricultural loans outstanding of agencies supervised
by the Farm Credit Administration:
1,876
2,105
2,079
2, 058
2,041
Total, excl. joint-stock land banks
mil. of dol._
2,033
2,124
2,039
1,969
1,962
1,940
2,007
Farm mortgage loans, totaldo
1,316
1,544
1,518
1,490
1,467
1,443
1,430
1,407
1,377
1, 351
1,391
1,370
1,040
1,194
1,175
1,155
1,137
1,091
1,049
Federal land banks
do
1,119
1,109
1,079
1,068
1,061
Land Bank Commissioner
do
275
351
343
336
330
324
321
316
313
309
309
302
Loans to cooperatives, total
do
130
135
176
217
211
184
133
207
218
148
220
138
Banks for cooperatives, including central bank
172
213
203
216
208
145
127
132
mil. of dol_.
131
215
181
135
Agr. Marketing Act revolving fund
...do
2
3
3
3
3
2
2
2
2
2
3
2
Short term credit, total
do
430
445
412
382
375
378
391
415
432
445
454
455
Federal intermediate credit banksd*
do
27
30
28
28
31
30
30
30
30
30
30
29
Production credit associations
do
221
198
192
229
252
197
209
244
257
246
267
270
Regional agricultural credit corporations ...do
10
19
18
15
12
11
10
9
9
9
10
10
Emergency crop loans.
_
_
...do
107
102
104
112
106
112
103
110
106
112
112
111
Drought relief loans..
_
do
38
38
37
37
36
35
37
36
37
36
36
36
Joint-stock land banks, in liquidation
do
2
2
2
1
1
1
1
1
1
1
(°)
(°)
Bank debits, total (141 centers)!
...do
66, 891
83,168
63, 782
73, 599
64, 266
63, 625
70,397
75,287
74,313
67, 251
71,876
89,538
New York City..
do
28, 545
26,860
28, 558
30,016
37, 678
34,990
29, 065
31,884
33, 678
41, 725
29,413
33, 590
Outside New York City
_do..I. 35, 721
36, 765
38, 336
40,381
45, 490
40, 297
34, 717
41,715
37, 838
40, 635
47, 813
38, 286
Federal Reserve banks, condition, end of month:
Assets, total
_
mil. of dol_. 43,835
40, 269
38,700
39,854
39,929
40,434
37, 492
40, 544
42,168
42. 212
42,195
41, 301
Reserve bank credit outstanding, total.
do
18, 325
19, 357
19,745
19,552
20,158
20,311
22,131
22. 304
24,082
17,113
21, 307
22, 359
Bills discounted
__
do
334
49
345
473
80
176
321
245
489
875
46
302
United States securities
do
17, 647
18, 388
18. 846
23,328
16, 653
19 006
19,439
19,669
20,954
20, 455
21, 792
21,717
Reserves, total •
do
17,898
18, 915
18, 802
18. 770
18, 687
18.666
18,610
18,519
18, 360
17,891
18, 457
18.055
Gold certificates
do.__I 17, 898
18, 552
18,444
18,112
18, 647
18, 528
18,373
18, 261
18, 346
18,055
17,981
IS, 207
6
'Revised.
0 Weighted averages for 1942-43 revised as follows: 1942, $55.91; 1943, $72.51.
...._$500,000. 1 Data as of October 1.
Data as of June 1.
» Less than
^Rates as of October 1: Construction—common labor, 0.917; skilled labor, $1.67. d"Excludes loans to other Farm Credit Administration agencies.
* New series. Data on hourly earnings beginning August 1942 for the newspapers and periodicals and printing, book and job, industries and beginning March 1942 for the nonmanufacturing industries, except the telephone and telegraph industries, are available, respectively, in the November 1943 and May 1943 issues; figures beginning 1937 for the telephone industry are shown on a revised basis on p. 20 of the May 1945 Survey; data back to 1939 for other series, except the telegraph industry, will be published later; data for
the telegraph industry are available only from June 1943 (for data beginning that month see p. S-14 of the January 1945 issue).
!Revised series. See note marked " f on p. S-13 in regard to the series on hourly earnings in manufacturing industries. Bank debits have been revised beginning May 1942 to
include additional banks in the 141 centers; see p. S-15 of the September 1943 Survey for revised figures beginning that month and note marked " ! " on p. S-15 of the July 1944 Survey
lor monthlv averages for 1942 on the new basis.
• Effective June 12, 1945, only gold certificates are eligible as reserves
November 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
September
S-15
1944
September
October
1945
November
December
January
February
March
April
May
June
July
August
FINANCE—Continued
BANKING—Continued
Federal Reserve banks, condition, end of month—Con.
Liabilities, total
mil. of dol_.
Deposits, total
do. .
Member bank reserve balances
do
Excess reserves (estimated)
do
Federal Reserve notes in circulation
do
Reserve ratio._
_.
_
cercent
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 subdivisions._
do_ __
United States Government
do
Time, except interbank, total
do
Individuals, partnerships, and corporations-do
States and political subdivisions
do
Interbank, domestic
do
Investments, total
...
_
do
U . S . Government direct obligations, total do
Bills
do
Certificates
do
Bonds
_ _ _ _ _
do
Notes
do
Obligations guaranteed by V. 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:1
Bank rates to customers:
New York City
percent..
7 other northern and eastern cities
do
11 southern and western cities
do
Discount rate (N. Y. F. R. Bank) •
do
Federal land bank loanscf
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:
Balance to credit of depositors
.
do
Balance on deposit in banks
do
43,835
17, 861
15, 520
1,153
24, 503
42.8
37,492
15, 508
13, 548
1,062
20,215
52.9
38,700
16,017
14,148
960
20, 792
51.1
39,854
16,427
14, 728
1,124
21,391
49.6
40,269
16,411
14,373
1,625
21, 731
49.0
39,929
16,165
13,884
869
21, 748
49.2
40,434
16,270
14,228
965
22,162
48.4
40,544
16,174
14,166
796
22,319
48.1
41, 301
16, 813
14, 818
918
22, 598
46.8
42,168
17,247
15,296
1,038
22,885
45.7
42, 212
17,188
14,920
1,585
23, 019
44.9
42,195
16, 896
14, 794
1,037
23, 314
44.7
42, 896
17,139
15,011
'920
23, 864
43.7
38, 600
35,435
37, 587
38,539
34,667
36,076
37,018
37,347
39,147
40,378
36, 367
37, 533
38,140
88, 577
1, 075
9,406
9,160
9,008
110
9,762
48. 444
45,133
1.310
9,803
24, 840
9,180
10
3,301
12, 586
6,218
2,194
35,499
1,762
9,221
7,299
7,131
122
8,691
43,693
40,140
2,473
10,757
19, 569
7,341
584
2,969
10, 980
6,076
1,523
38,823
37,808
1,954
2,039
5,804
5,757
7,602
7,611
7,450
7,436
116
120
9,688
9,105
43,428
42,543
39,057
39,920
1,774
1,768
10, 247
10,392
19, 762
20,366
7,274
7,424
599
594
2,884
2,887
11,371 * 11,665
6,247
6,274
1,806
2,118
35,219
1, 735
13,870
7,741
7,584
112
9,875
47,257
43,708
2,864
10,099
21,471
9,305
615
2,903
12, 630
6,415
1,969
36,251
1,859
12.314
7,860
7,697
117
8,856
47,139
43,657
2, 553
9,971
21,937
9,196
600
2,882
12,107
6,350
1,869
37,347
1,939
10, 523
8,052
7,883
125
8,915
46, 867
43, 555
2.140
9,994
22,215
9,206
357
2,955
11,634
6,251
1,737
37,198
2,077
9,222
8,197
8,028
125
8,944
46,617
43,228
2,082
11,312
22,384
7,450
337
3,052
11,180
6,088
1,614
38, 907
2,289
6,484
8,342
8,190
108
9,157
45, 860
42, 526
1, 530
10, 845
22, 782
7,369
318
3,016
11,316
5,904
1,894
40,190
2.374
5,501
8,467
8,314
109
9,303
45, 905
42,500
1,195
10,663
23,276
7,366
342
3,063
11,636
5,765
2,345
36, 525
1,909
14, 978
8,507
8,415
109
9,799
49, 702
46, 523
1,889
10,611
24, 557
9,466
20
3,159
13, 835
5, 918
2,727
37, 626
1,904
13, 741
8,786
8,637
107
9,379
50,303
46,992
1, 656
10, 581
25,190
9,565
8
3,303
13, 393
5,926
2,421
38,115
1,864
11, 739
9,008
8,853
111
9, 655
49, 705
46, 360
1,463
10,196
25, 253
9,448
11
3, 334
12, 841
5,982
2,263
1,550
1,063
76
1.485
957
1,062
32
1,330
836
1,061
64
1,312
1,770
1,054
107
1,315
1,462
1,049
72
1,305
1,245
1,044
71
1,286
1,084
1,040
63
1,291
988
1,047
105
1,378
964
1,049
117
1,396
2,590
1,052
78
1,470
2,409
1,055
94
1,488
1,993
1,058
77
1,468
2.05
2.53
2.81
1.00
4.00
1.50
2.18
2 82
3 14
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
1 93
2.61
2 65
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
1.99
2.73
2.91
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4 00
1.50
2 20
2 55
2 80
1.00
4 00
1.50
1.00
4 00
1.50
1.00
4 00
1.50
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
851
1,060
81
1,326
i 1.19
1.31
1.35
1.34
1.35
1.31
1.22
1.18
1.14
1.16
1.16
1.16
1.17
8,003
6,810
6,897
6,978
7,116
7,204
7,295
7,408
7,500
7,578
7,711
7,791
7,893
2, 833
2,198
8
2,257
8
2,305
8
2,342
8
2,404
8
2,458
8
2,513
' 8
2,564
8
2,609
8
2,660
8
2, 713
2,779
8
CONSUMER SHORT-TERM CREDIT
5,412
5,790
p 5, 631
5,272
5,595
5,481
5,576
Total consumer short-term debt, end of month*__do
5,443
5.326
5,642
' 5, 592 p 5, 586
5,498
r
p 2,049
1,973
1,992
1,937
2,083
2,013
Instalment debt, total*
do
1,912
1,989
1,968
2,032
2, 036
p 2, 030
2,006
r
p 719
743
773
836
778
732
Sale debt, total*
. _ do
724
720
743
713
720
720
p 202
200
208
210
192
184
Automobile dealers*. . . .
do
184
192
210
186
188
p 196
184
Department stores and mail-order houses*
184
mil. of dol. _
p 145
148
162
172
163
138
163
159
151
P143
155
' 146
9
v 235
244
253
Furniture stores*
do
269
236
240
238
237
p 232
237
35
238
249
13
p 12
13
13
12
Household appliance stores*-._
.do
Ml
11
13
11
11
Pll
11
10
70
Jewelry stores*
do
61
43
50
47
p 45
49
48
48
44
54
48
v 81
84
89
100
92
P 80
All other*
do
80
86
88
85
84
85
1,194
1,200
p 1, 330
1,247
1,235
Cash loan debt, total*
do
1,192
1 225
' 1 322 p 1 323
1,260
1 312
1 265
1 286
'346
P413
344
Commercial banks, debt*
do
342
'358
'359
374
377
P406
357
406
388
400
Credit unions:
116
117
119
DebtJ .
...
do
P 117
116
116
118
114
116
119
P 118
116
118
18
18
23
Loans made
do
p 17
16
19
23
p 18
18
21
19
16
20
Industrial oanking companies:
172
172
Debt
do
v 182
172
175
182
p 182
172
172
171
168
177
181
34
34
Loans made
_
do
37
33
42
P36
33
34
37
30
39
40
Personal finance companies:
365
361
388
378
Debt
.
do
p 387
364
372
381
P 389
389
391
381
384
77
68
Loans made
do
p 73
106
58
67
94
p 71
56
70
82
76
78
117
115
124
Insured repair and modernization debt* do
v 144
120
p 140
111
131
136
137
128
132
134
85
85
Miscellaneous debt*
_.
do
87
P88
85
88
P87
87
87
88
88
86
87
1,664
Charge account sale debt*
do
1,516
1,758
1,528
1,402
1,432
1,662
P 1, 470
1,544
1,500
1, 459 P 1,441
1,488
1,231
1,220
Single-payment loans, debt*
do
1,231
1,206
'»
1,359
1,231
P 1, 354
1,181
1,212
1,320
1,188
1,260
1, 346
727
729
Service debt*
_
do
734
727
728
p 756
p 758
742
744
738
741
746
'751
Index of total consumer short-term debt, end of month:*
87
84
Adjusted
1935-39=100..
87
85
P88
83
85
89
86
86
88
88
' Revised.
» Preliminary.
.Includes open market paper.
^For bond yields see p. S-19.
JSee note marked "*".
1
Beginning on September 15,1945, includes Treasury notes of September 15,1948, and Treasury bonds of December 15,1950.
•A rate of 0.60 became effective October 30, 1942, on advances to member banks secured by Government obligations maturing or callable in 1 year or less.
c? The temporary rate of 3 ^ percent established by legislation for instalments maturing after July 1,1935, expired July 1,1944; effective that date the banks voluntarily reduced
their rates to 4 percent on all loans in the United States, some of which bore a contract rate as high as 6 percent.
•New series. Earlier data for the series on taxable Treasury notes are available on p. S-14 of the April 1942 and succeeding issues of the Survey. Data on consumer credit beginning 1929 are available in the November 1942 Survey, pp. 16-20, and subsequent issues, except for unpublished revisions as follows: Total consumer short-term debt (dollar figures and
index), 1929-43; single payment loans, 1929-October 1943; total instalment debt, total cash loan debt, commercial bank debt, 1934-43; insured repair and modernization debt (series now
represents insured FHA loans), 1934-September 1943; credit union data, 1941-Septernber 1943; total instalment sale debt and automotive dealers, 1941; charge account sale debt, December 1941-April 1942; service debt, January 1941-April 1942. Except as indicated, the 1929-41 figures on pp. 16-20 of the November 1942 Survey are correct and the estimating procedure is essentially the same as that used originally; revisions resulted largely from adjustment of the monthly series to new bench-mark data and improvement in the method of
reporting consumer credit by commercial banks. Recent revisions are explained in detail in the December 1944 and January 1945 issues of the Federal Reserve Bulletin
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
1945
September
November 1945
1944
September
October
1945
Novem- December
ber
January
February
March*
April
May
June
July
August
FINANCE—Continued
LIFE INSURANCE
Life Insurance Association of America:©
...mil. of doL.
Assets, admitted, total* Ado
do
Farm
do
Other
do
Real-estate holdings
Policy loans and premium notes.
. . do
Bonds and stocks held (book value), total....do....
Oovt. (domestic and foreign), total
do
do
U. S Government __ _ . ._
do
Public utility
. . . do
Railroad
do
Other
Cash
. . . do
Other admitted assets
do
Insurance written:®
..thous..
Policies and certificates, totalf
Group
do
Industrial!
_ . . . . . . . do
do...
Ordinaryf
thous. of dol
Value, total f
do...
Group
_.
do
Industrial f
do...
Ordinaryt
Premium collections, total®
do
do
Annuities
do
Group
Industrial
do
dn
Ordinary
Institute of Life Insurance:*
Payments to policyholders and beneficiaries,
total
.thous. of dol..
Death claim payments
do
Matured endowments
do
do .
Disability payments
do
Annuitv payments
Dividends
. . do
do..
Surrender values, premium notes, etc
Life Insurance Sales Research Bureau:
do....
Insurance written, ordinary, total
New England
do
do...
Middle Atlantic _
East North Central
do
do
West North Central. _
_.
South Atlantic
do
do East South Central
...
West South Central
do
Mountain
. . do
do.-_
Pacific.
35, 433
5 166
584
4, 582
723
1,548
26, 721
17, 372
16, 050
4,496
2,632
42, 221
514
761
32,658
5,258
616
4,642
902
1,707
23,531
14,574
13,054
4,471
2,492
1,994
521
739
32,864
5,249
612
4,637
893
1,693
23,619
14,646
13,172
4,497
2,471
2,005
665
745
33,063
5,239
605
4,634
876
1,678
23,569
14,631
13,165
4,468
2,460
2,010
947
754
33, 418
5,257
602
4,655
854
1,662
24,409
15, 547
14,090
4,434
2,462
1,966
490
746
33,683
5,235
595
4,640
844
1,646
24,704
15,772
14,338
4,438
2,529
1,965
549
705
33,865
5,225
591
4,634
831
1,632
24,911
15,938
14,518
4,443
2,634
1,996
534
732
34,103
5,218
581
4.637
804
1,618
25,114
16,141
14, 735
4,431
2,536
2.006
587
762
34, 308
5,218
584
4,634
787
1,604
25, 254
16, 236
14,864
4,411
2,553
2,054
667
778
34, 526
5,201
586
4,615
778
1, 592
25,138
16, 021
14, 629
4,406
2,593
2,118
1,031
786
34, 864
5,205
588
4,617
760
1,581
26, 242
17,140
15, 784
4,400
2,606
2,096
459
617
35, 070
5,202
588
4,614
744
1,569
26, 367
17, 212
15,894
4,408
2,604
2,143
533
655
35, 231
5,182
587
4,595
734
1, 558
26. 616
17, 287
15, 958
4, 455
2,588
2,286
437
704
524
44
261
219
681, 374
85,850
98,583
496, 641
562
35
300
227
648,376
64,796
111,226
472,354
306,311
27,139
20,532
69,974
188,666
678
46
367
264
777,793
97,910
134,171
545,712
292,693
32,665
20.833
61,419
177,776
645
44
344
258
776,801
101, 755
124,976
550,070
309, 284
36,898
20,407
57,036
194,943
589
70
290
230
908,377
222, 532
140,421
545,424
458, 763
120, 990
24,566
84,430
228, 777
573
37
299
236
747,853
64,376
123,724
559,753
351,354
49,069
31,312
68,424
202, 549
617
35
334
248
739,162
60,212
123,130
555,820
333,056
37,897
23,598
63,992
207,569
752
66
398
288
892,667
103,202
145, 258
644,207
378,659
44,956
25,302
73,077
235,324
710
47
379
284
859,978
95,334
136, 537
628,107
306,273
34,413
21,068
56,633
194,159
701
47
367
287
861, 668
86, 588
132,102
642,978
335,614
37 663
23. 075
63, 852
211,024
641
54
328
259
833, 406
108, 308
120, 720
604, 378
357, 545
38, 759
20,870
74,147
223, 769
600
61
290
248
796,907
101, 558
108, 777
586, 572
318,980
49, 566
21,479
55,831
192,104
513
26
257
230
687, 786
59,147
96,921
531, 718
316,843
31,066
21, 691
64,143
199,943
194, 468
89,344
30, Oil
6,813
14,138
34, 309
19,853
188,026
90,148
25, 591
6,758
14,791
33.153
17,585
200.236
101,612
30,515
7,083
13,955
29,072
17,999
201,985
101,740
31,133
6,972
14,942
30,167
17,031
224, 886
101, 773
29,437
6,188
13, 339
54, 071
20.078
241,157
115,096
37, 596
8,104
19,390
42,923
18,048
210.979
106,100
30,375
7,215
14,232
36,229
16,828
244, 825
117, 584
37,823
7,841
14,918
46,677
19,982
218, 662
110, 659
32,413
7,011
14, 923
34,528
19,128
225,076
111, 152
35,760
7,202
15,153
36, 783
19, 026
221, 804
102,026
33, 317
7,394
16, 218
43, 562
19, 287
218, 972
110,390
32,492
7,089
15,713
34, 525
18, 763
210, 706
105,123
31,428
7,097
15,108
33,997
17, 953
675,135
45,920
166,661
147, 268
67, 586
73,768
29,071
51,492
22, 638
70,731
636,518
44,821
152,249
143,620
67,355
66,398
27,172
47,761
20,322
66,820
724, 840
51,959
187, 461
159, 629
71, 442
76, 669
27, 550
50,450
22, 230
77,450
726,452
52,499
192,674
159,734
72,174
74,901
29,268
50,119
21,356
73,727
740,329
52,148
181,927
161, 278
75,129
76,083
31, 870
55,339
25,423
81,132
737, 564
58.092
204. 556
159,399
70, 450
71,948
27,466
49,991
22, 608
73,054
730,926
64,244
193, 730
160,472
70,979
74, 258
27,014
52,676
22,970
74, 583
869,490
63,176
225,674
191,395
83. 792
89,700
35, 290
63,309
28,249
88,905
837, 536
61, 888
223,899
181, 744
81, 779
86,831
30, 972
58, 636
24, 541
87, 246
859,800
60, 879
226, 229
186, 771
80,463
85, 634
34, 394
60, 512
26,082
98,836
812, 760
56, 657
211, 235
173, 389
78, 557
87, 792
36, 385
60, 431
25,380
82, 934
777, 827
55, 360
200,069
170,175
74, 621
85, 676
30, 590
57, 390
23,853
80,093
728, 204
49,912
177, 268
157, 236
72,730
82, 051
29,376
58,093
23,672
77, 866
MONETARY STATISTICS
Foreign exchange rates:
.298
.298
.298
.298
.298
.298
.298
.298
.298
.298
.298
.298
.298
Argentina
__
_
dol. per naner neso
.061
.061
.061
.061
.061
.061
.061
.061
.061
.061
.061
.061
.061
Brazil, officialcf
dol r»p.r nrnzfiirn
.301
,301
.301
.301
.301
.301
.301
.301
.301
.301
.301
.301
.301
British India
dol. per rupee
.899
.897
.898
.897
.906
.908
.907
.894
.905
.905
.903
.900
.908
Canada, free rate§
dol. per Canadian dol
.570
.573
.572
.571
.570
.573
.570
.573
.572
.570
.570
.570
.570
Colombia
dol. per peso..
.206
.206
.206
.206
.206
.206
.206
. 206
.206
.206
.206
.206
.206
Mexico .. . . ._
do
4.025
4.035
4.035
4.035
4.035
4.035
4. 030
4.035
4.035
4.027
4.035
4.035
4.035
...dol. per£__
United Kingdom, official rateS—
Gold:
20,152
20,073
20, 727
20,688
20,506
20, 374
20, 270
20,088
20, 825
20,419
20,619
20, 550
20, 213
Monetary stock, U S
mil. of dol
96, 026 -100,347 - 6 2 , 9 9 0
Net release from earmark* _
thous. of dol - 1 9 , 0 0 9 - 2 7 , 378 —22, 647 - 3 4 , 669 - 4 6 , 255 - 5 8 , 1 6 0 - 3 7 , 392 - 4 6 , 9 2 4 - 5 3 , 1 9 1 - 6 6 , 8 5 7
Production •
53.734
53, 446
54, 521
53,934 v 53,167 p 53, 363 p 52,778
50,782
54, 096
54, 8«5
54,703
55,199
Reported monthly, totals
do... _
39,321 p 39, 020 p 39,600 P 37,488
38,196
39,110
36,883
39, 754
39, 265
39,074
38, 525
39. 500
do
Africa
8,051
7,809
8,012
7,432
8,004
7,614
r 7, 357
7,411
8,274
7,831
8,166
7,426
Canada?
do
3,033
2,342
2, 563
2,922
2,828
3,087
2,078
2,446
3,277
2,328
2,463
2,516
United States?
do
Money supply:
25,019
25, 307
24, 425
26, 528
27,826
25, 751
26,189
27,108
23,794
25,899
27,685
mil. of dol
25, 290
26, 746
Currency in circulation
Deposits adjusted, all banks, and currency outside
banks, total*
mil nf dni
139,100 139,900 143, 200 150,988 P 1 5 1 , 1 0 0 *>150,900 J>150, 700 v 151,000 P152, 700 p 163,000 *163, 700 P163, 500
Deposits, adjusted, total, including U . S. deposits*
116,900 117,100 119,900 127,483 *127,400 »126, 700 P126, 500 p 126,500 "127,900 v 137,900 P138, 200 ^137,500
mil. of dol. .
Demand deposits, adjusted, other t han U. S.*
72,500
65,500
69, 500
66, 930 >68,600 v 69, 700 P 71,100 p 73,800 v 76, 300 P 69,100 p 72,400 P 74, 300
mil. of dol. .
39,200
37,900
38,900
P45,900
P 42,000 P 42,900 P 43,400 v 14, 200 p45,000
39,790 p40,500
Time deposits, Including postal sav ings*...do
Silver:
.448
.529
.448
.448
.448
.448
Price at New York..
d >1. per fine oz .
.448
.448
.448
.448
.448
.448
.448
Production:
1,227
1,192
1,054
952
951
905
1,254
Canada
the>us. of fine oz
1,019
1,200
1,198
1,100
2,889
3,105
3,247
2,291
2,157
2,873
3,153
2,074
2,789
2,302
United States
_
2,564
1,655
do
Stocks, refinery, U. S., end of month..
.do....
0)
'Revised.
» Preliminary.
t36 companies having 82 percent of the total assets of all United States legal reserve companies.
i Discontinued by compilers.
A In January 1944 one company was replaced by a larger one and the 1943 data revised accordingly; revisions for January-September
1943 are available on request.
<8>39 companies having 81 percent of the total life insurance outstanding in all United States legal reserve companies. # Or increase in earmarked gold (—).
cfPrior 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.
5Data 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 " V on p. S-17 of the March 1944 Survey. Monthly revisions for 1941 and January-May 1942 are available on request. The United States
data for 1944 have been adjusted to a?ree with the annual estimate for that year by adding $59,000 to each monthly figure, and the total revised accordingly; this amount should be
added to the January-May 1944 figures for the two items published in earlier issues.
•New series. The series on payments to policyholders and beneficiaries, compiled by the Institute of Life Insurance, represents total payments in the United States, including
payments by Canadian companies; data are based on reports covering 90 to 95 percent of the total and are adjusted to allow for companies not reporting; data beginning September
1941 are available in the November 1942 Survey; earlier data are available on request. The new series on bank deposits and currency outside banks are compiled by the Board of
Governors of the Federal Reserve System and are partly estimated. Demand deposits adjusted exclude cash items in process of collection. The figures for time deposits include postal
savings redeposited in banks and amounts not so deposited. The amount of U. S. deposits can be obtained by subtracting the sum of demand and time deposits from figures for total
deposits. Monthly data beginning January 1943 and earlier semiannual and annual data will be published later.
fData for the indicated series have been published on a revised basis beginning in the February 1944 Survey and are not comparable with data in earlier issues (see note in
March 1945 Survey for explanation of the revision, which extended back to January 1941, and the effect on the 1941-42 data); revisions for January 1941-October 1942. also earlier
small revisions in value data for ordinary and the total back to December 1938, are available on request.
November 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
September
S-17
1944
September
October
1945
Novem- December
ber
January
February
March
April
May
June
July
August
FINANCE—Continued
PROFITS AND DIVIDENDS (QUARTERLY) •
Industrial corporations (Federal Reserve): d1
Net profits, total (629 cos.)
mil. of dol..
Iron and steel (47 cos.)
_
do
Machinery (69 cos.)
do
Automobiles (15 cos.)...
do
Other transportation equip. (68 cos.)
do
Nonferrous metals and prod. (77 cos.)
do
Other durable goods (75 cos.)...
do
Foods, beveraees 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, class I, net income (I. C. C.)©
do
Telephones, net operating income (Federal Communications Commission)
mil. of doL.
475
47
38
55
147
28
21
45
56
49
37
52
518
55
55
59
144
28
25
49
64
53
37
50
480
49
38
54
147
31
21
45
62
48
39
45
501
55 !
44
65
i 43
28
21
48
64
45
37
50
244
272
241
258
20
137
23
184
20
142
22
144
111
174.4
130
164.8
139
139.4
58.3
64.0
62.5
123
186.0
60.0
PUBLIC FINANCE (FEDERAL)
U. S. war program, cumulative totals from June 1940:*
Program
mil. of dol. 433, 637 392,479 391,096 390,389 390,506 390,350 389,056 388,856 390,872 407,084 406,695 425,086 433,804
309.754 222,140 229,586 236,682 244,518 252,036 259,000 267,320 274, 366 282, 531 290,417 297,826 304,280
Cash expenditures
do.
U. S. Savings bonds:*
38,308
40,361
42,160
46,741
37, 323 37,645
41,140
41,698
46, 508 46,715
Amount outstanding.
do
42,626
43, 767 45,586
1,023
2,386
695
889
514
692
1,074
848
700
1,295
Sales, series E, F, and G
.do
2.178
838
1,540
382
365
528
401
341
323
464
531
428
283
Redemptions..
...
-do
403
404
427
262,020 209,496 210, 244 215,005 230,630 232, 408 233. 707 233,950 235,069 238, 832 258,682 262,045 263,001
Debt, gross, end of month®
do
Interest bearing:
239,111 191,873 192,438 194,192 212,565 213,984 214,724 214,459 215,140 217,169 237, 545 240,223 240,713
Public issues
do
16,583
16,326
17,567
17,130
20, 518 15,976 16,170
16,688
19, 558 20,033
Special issues§
do
18,812
17,923 218,592
1,739
1,923
1,636 »4,230
1,853
2,391
1,736
1,645
2,264
2,255
Noninterest bearing
.do
2,326
2,006
3,071
Obligations fully guaranteed by U. S. Gov't:
1,470
1,480
1,470
484
527
1,496
1,114
Total amount outstanding (unmatured)
do
1,119
515
1,480
409
1,151
1,132
Expenditures and receipts:
7,828
8,024
6,611
8,416
9,433
Treasuiy expenditures, total
do—
8,202
7,460
7,354
7,930
8,557
9, 641
9,275
7,968
7,401
7,479
5,365
7,503
8,246
7,551
6,398
6,998
6,948
7, 324
War activitiest
do
7,837
7,139
8,156
18
47
34
22
45
22
69
48
530
162
Transfers to trust accountsj—
do
335
236
296
56
133
560
647
581
191
91
628
156
99
Interest on debt
do
1,009
139
66
353
365
332
564
373
513
390
547
695
329
All othert
-do
460
455
757
2,506
2,054
5,192
5,418
3,987
6,908
2,754
5,927
3,587
3, 281
Treasury receipts, total
do
5,916
2,967
3,398
2,240
2,001
5,189
5,416
3,767
6,892
2,695
Receipts, net
.do
5,926
3,556
2,997
5,914
2,929
3,085
27
29
30
29
23
33
33
25
36
32
Customs
do
33
33
36
2,300
4,847
1,880
4,945
3.815
5,749
3,042
6,431
2,527
2,849
Internal revenue, total
do
5,384
2,921
2,746
1,501
4,208
1,240
4,347
2,922
Income taxes.._
_
do
5,174
2,422
5,818
1,743
1,665
4,757
2,167
2,027
293
60
63
69
Social security taxes
do
341
48
96
66
306
65
69
46
337
Net expenditures of Government corporations and
-71
164
95
51
credit agencies*
... mil. of dol—
-21
222
313
-26
—35
-407
778
-154
Government corporations and credit agencies:^
32,028
Assets, except interagency, total
.do
31,782
31,959
34,004
Loans and preferred stock, total
do
7,228
7,405
6,602
6,344
Loans to financial institutions (incl. preferred
621
stock)
...mil. of dol_.
606
502
559
343
Loans to railroads.
do.
388
281
243
1,568
Home and housing mortgage loans
do.
1,636
1,456
1,338
3,385
Farm mortgage and other agricultural loans, do.
3,407
3,037
2,971
1,311
All other
do.
1,368
1,327
1,233
1,630
1,603
U. S. obligations, direct and guaranteed
do.
1,756
1,679
15, 776
16,275
Business property
do.
16,761
20,192
3,050
2,993
Property held for sale
do.
3,018
2,554
4,126
3,901
All other assets
do..._
3,644
3,236
0,690
7,667
Liabilities, other than interagency, total
do
7,821
6,279
Bonds, notes, and debentures:
1,565
1,537
Guaranteed by the U. S._
do
1,150
502
1,395
Other
do
1,204
1,237
1,163
4,736
Other liabilities, including reserves
do
6,921
5,435
4,614
504
Privately owned interests
do
498
451
459
23,857
U. S. Government interests
..._
do
21, 771
23,510
27,266
Reconstruction Finance Corporation, loans outstanding,
9,846
9,704
9,711
9,865
9,849
2,105
2,036
end of month, totalf.mil. of dol..
9,867
2,012
9,713
9,638
9,712
9,648
330
335
338
322
285
280
Banks and trust cos., incl. receivers
do
307
314
292
302
296
299
277
208
207
208
205
118
115
Other financial institutions
do...
196
204
123
182
127
113
170
343
340
353
312
212
203
Railroads, including receivers
do
276
287
214
251
217
202
240
Loans to business enterprises, except to aid in national
40
31
32
defense .
mil. of dol.
33
31
25
35
28
36
33
31
30
33
746
8,265
National defense..
do
8,329
8,089
8,387
767
8,370
816
8,294
8,325
8,417
8,260
8,104
633
674
Other loans and authorizations
_do.._
665
657
636
690
664
637
636
651
641
646
r Revised. ^Special issues to government agencies and trust funds. ®Figures are on the basis of Daily Treasury Statements (unrevised).
1 Partly estimated. ©Revisions for second quarter of 1944,171.3.
2 November 1944 and May 1945 data include prepayments on securities dated Dec. 1,1944, and June 1,1945, sold in the Sixth and Seventh War Loan drives, respectively.
•Tn addition to data shown above, quarterly estimates of profits of all corporations are published in special tables in the Survey; see note in March 1945 Survey for references.
d"The totals for 629 companies, the miscellaneous group, and net profits for 152 companies have been revised beginning 1941 and transportation equipment beginning 1942; scattered
revisions have been made also in 1943 data for other series; revisions through the second quarter of 1944 are available on request.
JFor 1941 revisions see p. S-17 of the November 1942 issue. Data for the agricultural adjustment program, shown separately through the February 1944 issue, and unemployment
relief, shown separately through the July 1944 issue, are included in the "all other" item. Debt retirements, which have been comparatively small, are excluded.
^Beginning September 1944 data are reported quarterly and for some items (notably farm mortgage and other agricultural loans, all other loans, business property, property held
for sale, all other assets) are not comparable with earlier data owing to changes in regulations governing reports from the agencies and to shifts between classifications.
•New series. For data for 1^29-40 for profits and dividends of 152 companies, see p. 2J, 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.
tRevised series; see note in the December 1943 Survey regarding changes in the classifications; the figures include payments unallocated, pending advices, at end of month.
S-18
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
September
November 1945
1944
Scptember
1945
January
Octo- j Novem- December
ber
ber
February
March
April
May
June
July
August
FINANCE—Continued
SECURITIES ISSUED
Securities and Exchange Commission:!
Estimated gross proceeds, total
mil. of dol...
By types of security:
Bonds, notes, and debentures, total
do..._
Corporate,
_
do
Preferred stock
__.do.
Common stock
__
.do.
By types of issuers:
Corporate, total
• do.
Industrial
.__
do.
Public utility...
_
do.
Rail
-do.
Other (real estate and
financial)
do
Non-corporate, total®
do
U. S. Government
do
State and municipal
_do
New corporate security issues:
Estimated net proceeds, total.
_
do
Proposed uses of proceeds:
New money, total
do
Plant and equipment...
...do
Working capital
_do
Retirement of debt and stock
.do
Funded debt
do
Other debt
do
Preferred stock...
do
Other purposes
do
Proposed uses by major groups:§
Industrial, total net proceeds
do
New money
do
Retirement of debt and stock
do
Public utility, total net proceeds
do
New money
...do
Retirement of debt and stock
do
Railroad, total net proceeds
do
New money
..do
Retirement of debt and stock
...do
Commercial and Financial Chronicle:
Securities issued, by type of security, total (new
capital and refunding)
thous. of dol..
New capital, total.
_
do
Domestic, total
_
do
Corporate
do
Federal agencies..
___„
do
Municipal, State, etc
do
Foreign
.do
Refunding, total
...do
Domestic, total
do
Corporate
do
Federal agencies
do
Municipal, State, etc
do
Foreign
do
Domestic issues for productive uses (Moody's):
Total
mil. of dol._
Corporate
_
do
Municipal, State, etc
do
Bond Buyer:
State and municipal issues:
Permanent (long term)..
thous. of doL.
Temporary (short term)
do
1,148
1,538
1,441
14, 732
1. 583
1,093
1,289
1,530
2,079
17,089
2,482
1,185
1,085
375
54
9
1,489
686
39
10
1, 410
315
18
13
14,685
107
o
45
1, 531
229
37
15
1,080
202
2
11
1,236
173
41
12
1,447
560
43
40
1,960
378
102
17
17,082
2,178
1,111
85
1
6
640
219
85
366
60
14
438
88
153
191
6
710
692
18
735
191
505
37
2
803
695
108
347
31
262
53
1
1,095
1,023
71
154
18
10
83
42
14,579
14,544
34
281
84
66
121
10
1, 302
1,074
113
215
27
61
109
18
878
848
15
226
96
125
0
4
1,063
889
174
643
121
141
365
15
887
838
49
497
232
187
76
3
1, 582
1,540
42
92
60
30
0
2
944
492
304
106
41
16, 997
16, 946
1,538
1,294
722
340
152
275
212
221
632
357
1
38
5
123
9
114
592
566
2
24
7
24
11
13
316
207
(•)
109
54
4
50
96
96
0
1
1
16
12
182
160
5
17
1
48
28
19
172
158
1
13
2
85
10
75
149
5
139
189
10
179
186
113
73
4.88
8
484
36
2
35
29
16
12
259
4
255
52
4
48
18
12
5
10
0
10
82
0
82
35
14
21
240
221
0
19
0
82
28
54
65
0
65
119
0
119
27
9
16
60
0
60
108
12
96
93
41
50
124
193, 296 633, 217 244,580
41, 936
38, 231 142. 943
41,936
38,231 142,943
42, 741
26,925
18, 681
1,505
8,670
0
98, 697
6, 341
19,550
0
0
0
155,065 490,274 202, 645
155,065 490, 274 162, 645
114,104 272, 280 136, 332
17.950
26, 715 195, 460
22, 534
8,363
14,246
0
40,000
0
557,269
86,046
86,046
62,044
0
24,002
0
471,223
471,223
295,766
25,475
149,982
0
27
17
10
396
400, 717
30,010
5,670
0
654
599
599
618
0
46, 981
0
721,055
714. 055
610, 535
42, 370
61, 150
7,000
30
17
13
56
16
40
17
11
46,902
45,992
2% 441
28,199
113,957
68,661
97, 431
7,700
19,366
1,084
940
950
762
594
670
430
640
430
1,041
209
726
472
1,070
640
420
730
530
102. 60
103.08
80.60
100. 61
101. 29
75.55
100.71
101.38
76.11
100. 92
101.60
76.15
101. 35
101. 97
76.33
121.6
121.2
121.1
120.9
117.1
121.4
115.6
114.4
74.5
137.0
102.0
114.5
120.1
116.5
107.0
55.5
136. 2
100.4
115. 5
119.9
116.9
109.6
59.1
135.5
100.3
115.9
119.9
116.8
111.1
61.7
135.2
100.3
869, 955
140,348
140,348
102, 926
0
37,422
0
729, 607
725,107
698, 466
17,180
9,461
4,500
478,
41.
41,
29,
271
874
874
208
0
12, 666
0
436, 397
436. 397
898,
177,
177,
130,
479, 670
39.270
39, 270
22, 816
10, 090
6, 364
0
440, 401
440,401
335, 894
39, 425
65, 082
0
25
7
18
117
27
90
117,473
131, 434
22
16
6
122
0
0
0
50
66
440
225
117
85
13
745
700
45
485
91
925
433
102
55
47
527
501
14
12
3
136
49
88
343
278
12
53
5
1
3
80
72
1
7
6
190
147
43
724
581
5
138
11
80
41
39
347
278
50
19
6
118
64
52
139
12
128
360
14
346
223
117
101
184
1
183
75
18
57
59
3
50
30
0
30
0
0
0
480
163
306
301
4
297
105
12
93
221
63
157
115
1
110
84
10
74
755, 702
126, 026
585,900
190, 513
184, 613
156. 960
0
27, 653
5, 900
395. 387
395, 387
367,086
19,180
9,121
0
164,135
51,918
51, 918
1,352
8,000
42, 566
120, 026
100, 856
6, 020
19,150
0
629, 676
629, 676
554,222
46,140
29, 935
0
49
34
15
0
1,229,396 506,942
248, 647 144,046
248,647 144,046
211,614 106, 844
1, 830
0
35, 203 37, 202
0
0
112, 218 980,749
112,218 980,749
74, 415 749,921
30,010 199,580
7,793
31, 248
362, 896
362, 896
335, 478
20,060
7,359
0
0
0
97
71
26
42
()
42
132
97
35
122
86
36
66,742
146,379
a
178,125
93,780
44, 031
39, 988
31, 747
55, 832
13,842
1,100
1,034
1,065
1,094
1,223
730
540
722
553
701
575
742
583
220
853
549
824
580
758
573
101.91
102. 51
77.27
102. 58
103.15
79.22
102.53
103.09
79.30
103.10
103. 64
80.60
103.01
103. 54
81.23
103.45
104.00
80.73
102. 97
103. 46
80.07
102. 49
102. 97
79.94
121.4
121.6
121.9
122.7
122.9
122.3
122.1
122.3
121.7
116.9
120.7
116.8
113.2
65.8
135.5
100.3
117.3
121.2
117.0
113. 7
68.6
136.6
101.0
117.6
121.9
116.5
114.3
68.1
138.7
101.8
118.1
122.9
116.5
114.8
68.9
140.7
101.6
118.2
123.1
116.5
115.0
71.9
141.6
101.7
117.9
122.1
116.5
115.0
77.5
141.3
101.7
118.1
122.2
116.7
115.5
81.4
141.5
102.4
117.9
122.2
116.4
115.2
80.4
141.6
102.5
117.2
121.7
115.5
114.4
75.6
138.8
102.2
12, 470
15,449
' 45,727
* 28, 700
SECURITY MARKETS
Brokers* Balances (N. Y. S. E. m e m b e r s carrying
m a r g i n accounts)^
Customers' debit balances (net)
Cash on hand and in banks
Money borrowed
Customers' free credit balances
.mil. of dol..
do
do
do
Bonds
Prices:
Average price of all listed bonds (N. Y. 8. E.)-dollars..
Domestic
do
Foreign
do
Standard and Poor's Corporation:
Industrial, utilities, and rails:
High grade (15 bonds)
dol. per $100 bond..
Medium and lower grade:
Composite (50 bonds)
do
Industrials (10 bonds)
.do
Public utilities (20 bonds)
do
Railroads (20 bonds)
do
Defaulted (15 bonds)
do
Domestic municipals (15 bonds)!
do
U. 8. Treasury bonds (taxable)t
do
1,141
1,100
' Revised. • Less than $500,000.
<g)Includes for certain months small amounts for nonprofit agencies not shown separately.
§Small amounts for "other corporate", not shown separately, are included in the total net proceeds, all corporate issues, above.
^Beginning March 1945 data are from the New York Stock Exchange; earlier data were compiled by the Board of Governors of the Federal Reserve System and, except for June
and December, data are estimates based on reports for a sample group oi firms.
fRevised series. For an explanation of changes ID 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.
SURVEY OF CURRENT BUSINESS
November 1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
September
S-19
1944
September
October
1945
Novem- December
ber
January
February
March
April
May
June
July
August
FINANCE—Continued
SECURITY MARKETS—Continued
Bonds—Continued
Sales (Securities and Exchange Commission);
Total on all registered exchanges:
Market value
thous. of dol..
Face value
_
do
On New York Stock Exchange:
Market value.
do
Face value
_.
do
Exclusive of stopped sales (N. Y. S. E.), face
value, total . . .
_
-thous. of dol_.
U. S. Government
do
Other than U. S. Government, t o t a l . . . d o
Domestic
do
Foreign
do
Value, issues listed on N . Y. S. E.:
Face value, all issues
.mil. of dol..
Domestic.
do
Foreign
_
.do
Market value, all issues
.do
Domestic
do
Foreign
do
Yields:
Bond Buyer:
Domestic municipals (20 cities)
percent..
Moody's:
Domestic corporate
.do
By ratings:
Aaa
do
Aa
do
A
.do....
Baa
do
By groups:
Industrials
do
Public utilities
_
_do._..
Railroads
do
Standard and Poor's Corporation:
Domestic municipals (16 bonds)...
do
U. S. Treasury bonds:
Partially tax-exemptf
do
Taxablef
.do
89, 387
120, 572
100, 214
143,273
141,242
197,373
138,318
208,588
164,057
308, 571
237, 830
411,818
156,187
226, 548
177,485
249,721
176,998
259,930
209,766
327,148
186,322
260,711
106,984
140, 213
101, 995
143,293
82,146
111, 792
90,966
131,764
130, 747
185, 232
129,013
196,075
183, 545
263, 799
223, 579
384,803
143,104
201,689
165,095
231,927
165,137
243, 584
198,182
311,891
174,869
244,585
99,878
131,470
94,819
134,911
109, 778
517
109, 261
104,042
5,219
132,211
461
131, 750
124,941
6,809
166,619
247
166, 372
160,202
6,170
196,864
365
196,499
189,948
6,551
266, 532
349
266,183
257,840
8,343
341, 960
788
341,172
332,366
8,806
191,747
395
191,352
177,922
13,430
206,776
585
206,191
197,883
8,308
246,476
534
245,942
235,869
10,073
263,495
514
262,981
254.246
8,735
223,113
601
222, 512
214,843
7,669
110, 849
419
110,430
105,922
4,508
118,937
1,000
117, 937
113,110
4,827
125, 252
122, 616
2,635
128,511
126, 387
2,124
101,399
98,704
2.694
102,017
99,981
2,036
101,088
98, 400
2,688
101,801
99,756
2,046
100,450
97,765
2,685
101,378
99,333
2,044
111,116
108,438
2,678
112,621
110,577
2,044
111,885
109, 219
2,667
114,020
111,959
2,060
111,995
109,329
2,667
114,882
112,769
2,113
112,001
109,331
2, 670
114,832
112,714
2,118
111,819
109,161
2. 658
115,280
113,137
2,143
111,506
108,851
2, 655
114,857
112,701
2,157
110,939
108,299
2,641
114,768
112, 636
2,132
126,317
123, 679
2, 638
130,075
127,962
2,112
126, 593
123, 956
2,637
129, 748
127, 640
2,108
1.72
1.66
1.64
1.63
1.62
1.53
1.46
1.38
1.35
1.43
1.40
1.46
1.64
2.85
3.03
3.02
3.02
2.98
2.97
2.93
2.91
2.90
2.89
2.87
2.85
2.86
2.62
2.70
2.85
3.24
2.72
2.79
3.05
3.56
2.72
2.81
3.01
3.55
2.72
2.80
3.01
3.53
2,70
2.76
2.98
3.49
2.69
2.76
2.98
3.46
2.65
2.73
2.94
3.41
2.62
2.72
2,92
3.38
2.61
2.73
2.90
3.36
2.62
2.72
2.88
3.32
2.61
2.69
2.86
3.28
2.60
2.68
2.85
3.26
2.61
2.70
2.85
3.26
2.67
2.85
3.05
2.79
2.94
3.35
2.79
2.96
3.32
2.77
2.98
3.29
2.74
2.96
3.25
2.73
2.97
3.23
2.69
2.95
3.16
2.68
2.94
3.11
2.69
2.94
3.07
2.68
2.93
3.05
2.68
2.89
3.03
2.68
2.87
3.00
2.68
2.86
3.02
1.79
1.83
1.87
1.88
1.87
1.81
1.71
1.61
1.57
1.58
1.58
1.57
1.70
1.68
2.37
1.93
2.47
1.93
2.48
1.90
2.48
1.87
2.48
1.81
2.44
1.75
2.38
1.70
2.40
1.68
2.39
1.68
2.39
1.63
2.35
1.63
2.34
1.68
2.36
Stocks
Cash dividend payments and rates, Moody's:
Total annual payments at current rates (600 companies)
mil. of doL.
Number of shares, adjusted..
millions..
Dividend rate per share (weighted average) (600 companies)..
dollars..
Banks (21 cos.)
_.
do...
Industrials (492 cos.)
do....
Insurance (21 cos.)..
do -_
Public utilities (30 cos.)
do.
Railroads (36 cos.)
do
Dividend payments, by industry groups:*
Total dividend payments
mil. of d o l . .
Manufacturing
do
Mining
...
do
Trade
do
Finance
_
_
_
do
Railroads
do
Heat, light, and power
do
Communications
do
Miscellaneous..
_
do
Prices:
Average price of all listed shares (N. Y. S. E.)
Dec. 31, 1924 = 100..
Dow-Jones & Co. (65 stocks)
dol. per s h a r e . .
Industrials (30 stocks)...
do
Public utilities (15 stocks).
do
Railroads (20 stocks)
do
New York Times (50stocks)
do
Industrials (25 stocks)
.do....
Railroads (25 stocks)
.do
Standard and Poor's Corporation:
Combined index (402 stocks)
.1935-39=100..
Industrials (354 stocks)
...do
Capital goods (116 stocks)
do
Consumer's goods (191 stocks)
do
Public utilities (28 stocks)
do
Railroads (20 stocks).
do
Other issues:
Banks, N . Y . C. (19stocks)
do
Fire and marine insurance (18 stocks)
do
Sales (Securities and Exchange Commission):
Total on all registered exhanges:
Market value
thous. of d o l . .
Shares sold
thousands..
On New York Stock Exchange:
Market value
thous. of d o l . .
Shares sold..
thousands..
Exclusive of odd lot and stopped sales (N. Y.
Times)
thousands..
r
1,871. 55 1,822.01 1,833.24 1,860.07 1,843.45 1, 843. 52 1,851.69 1,867.88 1,868. 26 1,870.66 1,871.06 1, 871. 62 1, 872.04
941.47
941.47
941.47
941.47
941. 47
941.47
941. 47
941. 47
941.47
941.47
941. 47
941.47
941.47
1.99
2.95
1.92
2.57
1.80
2.69
1.94
2.82
1.88
2.54
1.80
2.42
1.95
2.82
1.89
2.54
1.80
2.55
1.98
2.82
1.92
2.54
1.80
2.56
1.96
2.82
1.90
2. hi
1.80
2.56
1.96
2.82
1.90
2.57
1.80
2.57
1.97
2.82
1.91
2.57
1.80
2.63
1.98
2.93
1.92
2.57
1.80
2.66
1.98
2.93
1.92
2.57
1.80
2.66
1.99
2.93
1.92
2.57
1.80
2.67
1.99
2.94
1.92
2.57
1.80
2.69
1.99
2.94
1.92
2.57
1.80
2.69
1.99
2.94
1.92
2.57
1.80
2.69
392.4
242.7
22.1
27.3
24.8
17.2
32.4
15.1
10.8
393.3
239.2
20.8
25.7
24.2
25.6
31.9
14.0
11.9
300.4
127.5
4.7
17.2
48.5
12.8
38.1
46.5
5.1
129.2
70.9
2.9
5.4
12.9
2.9
31.9
.2
2.1
803.4
451.4
68.5
45.8
72.0
68.1
52.7
16.1
28.8
299.7
99.1
1.8
19.8
77.2
16.6
35.4
45.9
3.9
139.2
60.3
1.0
7.9
24.2
7.0
36.1
.2
2.5
373.9
235.0
21.1
23.5
23.3
16.0
31.1
13.7
10.2
300.1
130.1
4.4
18.1
45.2
12.1
38.4
46.4
5.4
115.5
64.4
2.7
4.2
11.4
1.9
28.7
.2
2.0
497.4
278.2
42.9
25.5
39.3
45.2
36.1
15.1
15.1
' 347. 9
' 136. 6
r
S. 2
'20.4
r
80.0
'16.5
'36.6
'48.5
r
6.1
' 134. 8
'63.4
.8
'4.1
'29.9
4.5
'29.3
.2
'2.6
86.0
65.97
177. 96
177.96
33.95
57.11
126.33
126.
33
208.
50
208.50
44.17
69.5
51.81
145.
20
145.20
24.67
39.75
100.60
171.24
29.97
69.7
53.15
147.68
25.61
41.52
103.03
103. 03
174.72
31.33
70.3
53.11
146.88
25.45
42.11
102.71
102. 71
173.
52
173.52
31.89
72.6
55.32
150.35
25.80
46.34
106.45
177.38
35.52
73.8
57.11
153.95
26.53
48.87
107.79
179.07
36.51
77.8
58.64
157.13
27.90
50.39
110.96
183.30
183.
30
38.63
71.7
58.62
58. 62
157.22
27.89
51.43
110.43
182.02
182.
02
38.84
80.0
59.89
160. 47
160.47
29.09
53.97
114.76
188.19
41.33
80.6
62.19
165.58
30.85
56.36
119.10
194.09
44.11
80.7
64.24
167.33
167.
33
32.46
60.48
121.15
194.53
47.77
78.8
63.03
163.96
32.96
58.64
117.76
117. 76
189.97
45.56
82.6
62.33
166.16
32.39
55.16
118.69
194.66
42.74
126.1
128.2
117.2
117. 2
139.3
HO.
110.66
137.5
100.7
102.6
92.6
n
o.7
110.7
91.4
98.7
103.5
105.6
95.6
113.2
92.7
103.4
102.7
104.6
94.5
112.0
92.1
104.9
104.7
106.4
96.0
113.4
92.4
113.9
108.4
110.4
99.4
116.3
93.8
120.7
113.0
115.2
103.6
121.0
96.8
125.3
111.8
114.0
103.2
119.3
96.1
123.6
114.4
116.5
105.5
122.2
98.0
129.3
118.2
120.3
108.8
127.2
101.2
134.5
120.7
121.8
109.9
129.3
105.9
144.0
118.4
118.8
107.0
126.1
107.9
140.1
117.£
118.9
107.6
128.1
107.2
130. £
115.0
H5.0
125.9
105.0
115.5
107.3
117.7
109.4
118.0
114.6
117.8
114.4
120.8
113.3
124.6
110.9
125.4
110.66
110.
123.5
113.4
129.1
119.4
129.7
117.0
125.7
113.0
122.2
1,105,307
1,105,307
46,334
46,
334
623,194
28,275
28,
275
749,411
33,554
33, 554
742.746 1,154,134
1,154,134 1,481,383
1,481,383 1,266,858
51,026
69,213
60,069
31,371
69,
213
1,254,928 1,151,042 1,420,050 1,506,964 1,002,352
54,999
47,316
58,373
70,838
49,560
58, 373
49, 560
943,404
39,700
922, 584
922,584
32,465
518,521
518, 521
20,284
617,187
23,480
617,307
22,139
25,135
15,946
17,534
18,019
985,806 1,248,351
1,248,351 1,049.411 1,060,085
38,418
51,208
51, 208
41,887
38,516
31,260 1 38,995
32,613
27,492
967,147 1,195,164 1,256,140
34,454
50,398
34,
454
42,373
28,270
32,024
41,310
841,308
35,836
35,
836
794,433
28,846
19,977
21,714
Revised.
*New series. D a t a for 1941 for dividend payments are shown on p . 20 of the February 1944 issue. Final revisions for 1942 and 1943 will be published later.
tRevised series. T h e 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; revised data
through December 1943 are shown on p . 20 of the September 1944 issue.
SURVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
September
November 1945
1944
October
September
1945
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.
Number of shares listed..
.
millions.Yields:
Coir iron stock? (200), Moody's.
.percent..
Parks (15 stocks)
-do
Industrials (125 stocks)
...
_
...do
Insurance (10 stocks)
_
do
Public utilities (25 stocks)...
._ do
Railroads (26 stocks)
...do
Preferred stocks, high-grade (15stocks), Standard and
Poor's Corporation
percent..
67,065
1,654
52,930
1,481
53,087
1,481
63,592
1,483
55,512
1,492
56, 586
1,496
59,680
1,498
57,383
1,504
61,497
1,512
62,431
1,536
62,637
1,540
61,242
1,544
64, 315
1,548
3.9
3.4
3.8
3.3
4.3
5.3
4.7
3.5
4.5
3.7
5.3
6.7
4.7
3.5
4.5
3.6
5.3
7.0
4.8
3.3
4.6
3.6
5.3
6.8
4.6
3.3
4.5
3.7
5.2
6.1
4.6
3.3
4.4
3.6
5.2
6.3
4.3
3.3
4.2
3.4
5.0
5.9
4.6
3.6
4.4
3.5
5.1
6.2
4.3
3.4
4.1
3.4
4.8
5.5
4.2
3.4
4.1
3.3
4.7
5.5
4.2
3.3
4.1
3.4
4.6
5.3
4.3
3.4
4.1
3.4
4.5
5.6
4.1
3.4
3.9
3.4
4.5
5.7
3.75
3.95
3.95
3.92
3.87
3.82
3.78
3.73
3.67
3.66
3.67
3.69
3.72
FOREIGN TRADE
INDEXES
Exports of U. S. merchandise:
Quantity
Value.
Unit value...
Imports for consumption:
Quantity
Value
Unit value
—
.1923-25=100..
do.
do.
134
276
319
116
259
304
117
269
316
117
216
248
115
204
240
117
198
234
118
231
271
117
231
264
115
261
301
115
198
227
114
201
'228
113
103
104
88
84
122
104
121
102
84
124
104
129
111
87
122
103
86
131
115
128
112
130
114
'122
106
125
' 108
87
thous. of doL. 515,008 1,193,643 1,142,274 1,184,849 936,962
158,496 963, 923 896, 234 901,990 686,203
do
116, 505 122,359 115,145
91,642
do
87,053 110,825
80, 752
93,306
do
2,885
3,242
2,109
2,957
do
20,183
21, 533
13,901
18, 855
do
3,601
5,601
3,353
6,556
do....
13,349
18,805
11,745
16, 319
do
19,299
24,
252
21.639
21,855
do
500,757 1,187,453 1,136,901 1,176,439 927,923
do
334, 294 281, 538 327,187 321,922 336,082
do
99,342 114,239 102,909
94, 698
do
101,058 136,985 128,265 138,732
do
16,613
15, 282
11,683
12,804
do
25, 678
21,652
23,763
26,290
do
9,025
10,000
21,467
11,088
do....
32,186
33,862
33,714
24,815
do
15,266
16, 242
17,119
13, 541
do
i
do
I 328,833 279, 363 330, 278 323, 779 332, 721
901,407
649, 672
88,276
88,646
1,926
13,690
3,836
17,133
23,211
895,465
333,973
98,492
146,420
11,461
33,282
10,004
37,896
18, 627
353, 215
do.
do.
do.
r
173
192
111
126
111
88
VALUE
Exports, including reexports, totalt
Lend-lease*
-.Canada§
Latin American Republics§
Arpentina§.
Brazil§.
Chile§
—
Cuba!
Mexico?
_
Exports of U. S. merchandiset
General imports, totalt
Canada§.
Latin American Republicsl
Argentinaj
BrazilS
Chile§
CubaS
Mexico!
Imports for consumption!
-
881, 638 1,030,059 1,002,309 1,132,830 866,442
787,650 528,711
658,987 731,557 701,150
111,833 103,814
86, 950 105,332 102,903
110,326 114,660
71,460 101,094 105,722
1,602
1,139
1,723
2,305
3,081
19,912 19,118
26,870
11,321
13,762
5,149
4,201
3,869
4,563
4,266
15,150 17,875
15,356
12, 432
15,147
23,670 27, 819
24,042
19, 215
24,616
872,762 1,017,097 985,433 1,116,025 844,513
372,130 359,555
323,783 364,680 366,072
108,772 104,694
96,003 116, 518 109,077
141,734 127,197
135,010 146,162 146,992
12,696
11,742 10,789
10,504
5,629
22,704
22,750 17,086
24,277
21,666
14,009 10, 389
12,338
12,611
15,198
31,527 28,191
33,105
41,997
39,374
22,970 18,731
20,871
21,858
22,730
363, 705 338,838
329, 697 365,627 355,877
882,713 •737,398
528, 291 413,398
106,671
99,101
104,307
95,822
3,436
I 4,519
18, 637
14, 610
5,205
3,765
15,141
15,656
24,932
25,021
848, 355 716,568
335,699 359,655
96,899
94,207
135,615 155,312
14, 517
19,646
36,034
17,074
9,393
20,655
31, 249
17, 542
17, 790
345, 629 354,983
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Commodity and Passenger
Unadjusted indexes:*
225
214
229
230
225
212
224
226
'226
217
227
235
Combined index, all typesf
1935-39=100..
222
238
236
231
218
229
232
230
235
'232
216
242
Excluding local transit linest
do
214
217
211
196
216
196
210
215
206
197
213
218
Commodity!
do
260
272
270
272
269
262
280
269
291
263
'288
265
Passengert
do
409
4C9
379
373
378
366
370
'424
355
418
354
353
Excluding local transit lines
_
do
By types of transportation:
679
696
674
647
841
685
782
898
892
659
916
784
Air, combined index
do
874
910
917
906
981
1,031
1,094
1,091
919
1,127
1,093
1,088
Commodity
do
542
556
522
475
489
673
771
800
584
617
737
487
Passenger
do
Intercity motor bus and truck, combined index
241
225
236
240
224
232
227
'235
223
234
224
225
1935-39=100..
216
226
230
210
216
205
195
213
220
208
207
199
For-hire truck
do
283
275
275
303
262
'
2
8
8
355
279
'
3
2
8
2-57
278
309
Motor bus
._.
do
179
183
184
185
186
189
188
185
186
175
192
173
Local transit linest
-do
271
261
259
282
312
276
267
254
279
275
264
251
Oil and gas pipe linest
...do
260
248
241
229
241
248
'242
243
225
255
229
246
Railroads, combined index
do
225
226
218
204
229
216
203
218
226
230
202
228
Commodity
.do
417
414
424
447
412
394
444
378
437
377
'438
395
Passenger
...do
87
87
73
46
84
86
48
51
70
88
88
50
Waterborne (domestic), commodityt—
do
Adjusted indexes:*
222
223
223
216
232
230
229
'
2
2
3
210
218
233
233
Combined index, all typesf
do
222
228
229
229
239
236
'229
239
239
214
223
237
Excluding local transit linest
...do
206
206
206
201
218
193
Commodity
do
216
217
206
203
221
218
277
277
279
267
274
276
267
Passengert
do
'278
267
267
283
272
389
391
394
373
Excluding local transit lines
do
371
382
385
363
369
'393
400
372
By type of transportation:
687
696
679
Air, combined index
do
650
829
707
774
863
880
695
876
796
Commodity
_
do
874
910
917
906
1,094
1,091
919
981
1,031
1,093
1,088
1,127
Passenger
do
502
539
549
528
526
654
734
547
605
689
740
602
Intercity motor bus and truck, combined index
236
1936-39-=100..
225
230
224
229
237
237
244
'230
230
228
216
For-hire truck
do
206
212
221
210
212
209
224
199
'222
227
199
205
Motor bus
_
do
288
290
286
271
284
324
273
277
290
296
'314
298
'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). See p. 22 of the February 1945 Survey for
annual totals on lend-Iease exports for 1941-44; monthly data prior to December 1943 will be shown later.
% For revised data for 1941 and 1942, see p. 22, table 4, of the June 1944 Survey.
| Revised security regulations now permit publication of practically all foreign trades series which have been suspended during the war period; publication of totals for the selected
Latin American countries formerly shown in the Survey and for Canada and New Mexico was resumed beginning in the August 1944 issue and other series will be included later.
November 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
September
S-21
1945
1944
September
November
October
December
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
Waterbome (domestic), commodity. do
181
269
241
216
434
69
182
265
242
217
433
71
184
269
239
213
439
74
180
268
232
208
416
69
188
271
229
207
396
77
246
223
423
21,692
75
22,092
123
22,826
75
26,953
93
23,183
71
23,253
76
185
293
80
189
271
251
232
396
75
182
272
251
233
394
71
185
273
254
233
415
71
187
274
254
231
427
72
183
265
'239
218
'408
72
181
261
221
198
399
71
23,831
22, 516
32
22,952
51
22,879
58
23,144
72
22,623
91
Express Operations
Operating revenue
Operating income
thous. of dol..
do
Local Transit Lines
Fares, average, cash rate
...
Passengers carriedf .
.
Operating revenues!
7.8115
7.8115
7.8198
7.8115
7.8115
7.8115
7.8115
7.8198
7.8115
7.8115
7.8115
7.8115
cents.. 7. 8198
thousands 1,450,840 1,527,520 1,616,870 1,567,130 1,634,230 1,648,350 1,517,610 1,704,580 1,588,850 1,650,745 1,595,211 1,550,679 1,534,940
122,100
111, 200 117,100 113,600
117, 500 107,900 119,400 115,400 119,900 116,600 113,934 111,367
thous. of dol..
Class I Steam Railways
Freight carloadings (Fed. Reserve indexes):
Combined index, unadjusted..
.1935-39=100.Coal
_. do
Coke. _
do
Forest products
...
do
Grains and grain products
.
_ do
Livestock. . . .
__
do
Merchandise, 1. c. 1
do
Ore
.
do
Miscellaneous
.
do
Combined index, adjusted!
.. .
do
Coalf
do
Cokef
- do
Forest products
. do
Grains and grain products!
do
Livestock!
______
do
Merchandise, 1. c. 1
._
_ . do
Ore!
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 and shortage, daily average:*
Car surplus
thousands..
Car shortage
do
Financial operations:
Operating revenues, total
thous. of doL.
Freight
do
Passenger
_. .
do
Operating expenses
. _
do
Taxes, joint facility and equip, rents
_do
Net railway operating income _
do
Net in comet
.
-do
Operating results:
Freight carried 1 mile*.
..mil. of tons..
Revenue per ton-mile _ - . . .
cents
Passengers carried 1 mile
. millions
Financial operations, adjusted:!
Operating revenues, total
mil. of dol__
Freight
do
Passenger
_.
do
R ail wav expenses
do
Net railway operating income
.
do
Net income._
do
137
143
154
135
163
150
69
261
136
128
143
155
125
146
114
66
203
126
150
147
181
148
142
151
70
276
158
139
147
'183
137
126
114
67
184
146
148
143
178
140
147
184
69
237
156
137
143
182
133
147
120
66
153
143
144
143
181
135
147
170
70
138
155
141
143
181
138
150
135
68
153
149
128
127
175
120
126
124
65
41
142
137
127
166
135
134
128
68
133
151
132
141
185
128
128
115
63
40
143
143
141
176
142
128
120
66
161
157
130
139
188
128
117
4,117
842
59
205
287
99
524
356
1,745
' 4,425
' 858
69
222
241
100
' 535
379
'2,021
3,599
695
57
173
208
104
435
272
1,654
3,366
665
56
163
204
93
424
176
1,585
3,699
755
67
181
219
88
499
58
1,833
11
4
10
4
8
6
11
5
679,178
488, 612
140,146
621,193
13, 990
43,994
799,229
591,104
152,971
521,264
r
187,683
'90,282
55,545
818,737
612,020
146,369
539,157
182, 234
97,346
59,822
65,065
.967
8,067
789.9
581.4
154.0
709.8
80.1
40.1
HO
64
42
142
139
139
178
133
119
121
66
168
152
136
137
192
134
124
102
68
63
151
145
139
190
134
134
129
67
218
159
139
126
176
133
141
111
71
203
151
141
126
180
133
160
124
71
204
153
142
126
191
143
147
108
69
268
152
140
126
193
137
167
120
69
204
151
145
143
178
149
158
99
68
263
150
140
143
181
144
155
124
68
170
146
143
136
187
140
188
97
67
273
148
139
136
193
140
157
121
67
171
146
132
128
160
140
176
109
65
249
133
128
128
167
133
163
115
64
166
132
3,002
661
56
150
176
63
383
45
1,467
3,050
671
59
160
167
54
395
46
1,499
4,019
828
76
207
218
72
536
88
1,994
3,374
613
56
164
200
62
451
228
1,600
3,453
600
60
174
209
62
438
303
1,607
4,365
855
70
228
274
69
530
371
1,967
3,378
635
57
165
257
52
406
300
1,506
3,240
604
51
173
248
59
408
285
1,412
14
3
14
9
13
16
10
19
13
15
16
9
13
7
11
7
8
5
780,672
585,432
140, 288
524,450
164, 644
91,579
63,506
756,858
555, 810
146,412
555, 775
131,499
69,584
41,474
751,337
558,874
139,243
530,232
148,089
73,016
39,048
712,806
536,821
125,857
499,643
140,000
73,163
37,378
813,328
623,184
133,630
544,810
168,633
99,885
62,931
778,985
594,314
129,202
531,689
155,391
91,905
55, 558
823,025
626, 427
138,935
547,664
175,435
99, 926
64,649
820, 390 796,129
611,110 589, 583
152,185 150, 734
541, 707 549,017
182, 567 '149, 985
96,115
97,126
65, 755
62,990
755, 218
547, 629
153, 254
547, 263
121, 272
86, 683
51,152
67,679
.959
7,790
63,203
.983
7,468
61,107
.971
7,908
60,681
.984
7,372
58,954
.968
6,694
68,315
.968
7,048
65,286
.968
6,826
68, 647
.976
7,347
66, 598
.977
8,015
64, 732
.971
8,185
60, 509
.964
8,201
791.2
584.7
150.0
709.5
81.7
43.3
788.5
587.2
147.1
697.2
91.3
53.5
780.3
586.2
144.1
711.3
69.0
29.8
766.4
566.9
145.3
673.2
93.2
59.5
781.2
684.6
139.5
678.3
102. Q
67.7
796.3
602.8
135.1
698.4
97.9
63.1
799.2
608.0
133.7
703.6
95.6
61.7
795.9
598.5
140.5
704.1
91.8
57.4
830.9
626.4
147.0
724.7
106.2
71.2
791.0
597.2
138.2
695.6
95.4
'61.4
704.9
514.0
136. 7
648. 2
56.7
22.7
Travel
Operations on scheduled air lines:
13,651 ' 14, 294 '12,989 ' 16,137 '15,969 '17,607
20,196
14,596
13,942
18, 042
19, 410
13,570
Miles
flown
thous. of miles
r
6,202
6,449
8,304
6, 710
7,716
7,973
6,813
7, 677
6,149
6,763
8,627
6,850
Express carried
thous. of lb__
464,536 497,664 455,726 414,992 430,233 401,563 532, 286 543, 755 612,912 659,861 713, 382 752, 653
Passengers carried
number..
225,472 239,022 217,338 204, 513 209, 289 190,324 251,171 256,892 289,846 306,873 331, 639 343,889
Passenger-miles
flown
thous. of miles..
Hotels:
3.96
3.92
4.28
3.76
4.07
3.92
4.01
4.04
4.17
3.85
4.16
3.97
4.16
Average sale per occupied room
.dollars..
92
83
90
88
91
90
88
90
89
87
89
93
90
Rooms occupied
. _ . . . _ percent of total
194
192
174
229
169
212
194
194
190
211
167
207
174
Restaurant sales index
1929=100..
Foreign travel:
15,523
15, 674
15,419
14,725
13,169
12,978
14,504
9,952
12,820
16, 504
TJ S citizens, arrivals
number
8,101
7,016
7,652
9,652
9,837
10, 992
8,091
7,803
8,408
8,307
TJ S citizens deDartures
do
458
490
935
1,149
455
689
429
557
458
716
Emigrants
do
3,674
2,792
3,734
2,751
2,703
3,790
3,401
3,266
3,247
3,156
Immigrants
do
13,111
9,993
10,302
16,043
14,819
15,
242
9,275
10,694
7,218
13,434
13,883
12,163
Passports issuedcT
do...*
' Revised.
(^Includes passports to American seamen.
iRevised data for July 1945; net income, 58,475; freight carried 1 mile, 66,738.
* Deficit.
IData for September and December 1944 and March, June, and September, 1945 are for 5 weeks; other months, 4 weeks.
!The indicated seasonally adjusted series for freight carloadings have been shown on a revised basis beginning in the October 1943 Survey, and for financial operations of railroads
beginning in the June 1944 issue (see those issues for periods affected); all revisions are available on request. Beginning in April 1944 Survey, revenue data for local transit lines cover
all common carrier bus lines except long-distance interstate motor carriers; similarly, data for passengers carried, beginning in the May 1945 issue, represent estimated total revenue
passengers carried by all local transit lines; revised data beginning 1936 for both series will be published later.
•New series. For data beginning 1929 for the transportation indexes, see pp. 26 and 27 of the May 1943 Survey (scattered revisions have been made in the indexes for local
transit lines, oil and gas pipe lines and waterborne transportation beginning 1940, as published in the Survey prior to the December 1943 issue; revisions are available on request).
•Data for freight-car surplus and shortage are daily averages for weeks ended within the month. Comparable data beginning January 1943 for surpluses, shown only for the
last week of the month prior to the December 1944 issue of the Survey, and for the new series on shortages are shown on p. S-21 of the December 1944 Survey.
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
1945
September
November 1945
1944
September
October
1945
Novem- December
ber
January
February-
March
April
May
June
July
August
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—Continued
Travel—Continued
National parks, visitors
Pullman Co.:
Revenue passenger-miles
Passenger revenues
number._ 478,258
thousands..
thous. of dol
114,622
69,816
34,705
2,406,237 2,414,808 2,249,627
13, 403
13,672
12,790
21,230
20,075
22,893
34, 520
2,240.875 2,282,407 2,015,316 2,069,227
12,909
13, 445
11,095
12, 427
42,912
68,903
138,
586
289, 094
449,
111
,046,445 ! 258,277 2,319,667 2,266,512 J2,361,250
13,169
13, 520
12, 291
12,498
12,316
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
-thous. of dol..
Telegraph carriers, total
do
Western Union Telegraph Co., revenues from
cable operations
thous. of doL.
Cable carriers
.do
Operating expenses
do
Net operating revenues
do
Net income trans, to earned surplus
do
Radiotelegraph carriers, operating revenues
do
352
654
920
973
356
264
166, 857
90, 405
63,110
105, 485
20, 663
24, 303
165, 244
89, 916
62,179
105,081
19,987
24, 340
171,044
91,088
66,396
16, 515
15,153
16, 943
15, 668
941
1,352
13,093
1,515
714
1,368
1,041
1,274
13, 033
2,029
848
1,552
161,
87,
60,
104.
W,
24,
117,036
23, 348
24, 382
174,063
93, 140
67, 455
107, 271
20, 785
24, 515
166, 039
90, 204
62, 402
103,866
21,147
24, 580
176,142
91, 964
70,359
112,539
20, 568
24, 613
172,229
91, 607
66, 660
111,221
19, 576
24,631
176,488
92, 955
69,121
113,330
20,301
24,666
176,637
92,652
69,816
115,244
19.916
24, 703
175,677
91, 695
69, 617
118. 510
19,015
24, 761
16, 218
14,876
17,767
16,190
17,120
15, 651
15,146
13,902
17,429
16,018
16,149
14,842
17, 575
16,319
17,511
16,035
16, 694
15,419
19, 224
17,947
1,012
1,341
12,806
1,483
1,691
1,657
1,085
1, 577
13,104
2,438
3,363
1,766
964
1,469
12,917
2,265
1,014
1,675
878
1,244
11,842
1,445
585
1,692
1,016
1,410
12,829
2,666
1,502
1,882
904
1,307
12,302
1,942
*£1
1,889
961
1,256
13,136
2,476
1,196
1,851
803
1,476
13, 265
2,335
1,463
1,704
737
1,275
13,194
1,535
'519
1,772
741
1,277
15, 371
1,879
863
1,971
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS*
Ammonia, synthetic anhydrous (100% NHj):
49, 721
45,292
49,113
49,863
45,072
50,833
49,089
44, 756
48,244
45, 581
47,431
46, 787
Production
short tons.. 42,685
4,802
2,764
5,064
5,980
6,120
7,409
4,649
3,997
3,225
4,799
4,301
Stocks, end of month.
.do.
6,709
Calcium carbide (100% CaCa):
65,806
63,713
61, 759
62, 753
63,134
45, 384
62,591
56,729
64,805
67, 807
64,610
62,480
Production
.
.do
55,090
32, 705
30,382
41,643
31,078
31,706
25,734
22,649
22,400
26,770
29,591
Stocks, end of month..
do
23,704
34,099
28,307
Carbon dioxide, liquid, gas, and solid (100% C0j):O
65, 225
68, 747
71,599
84,361
79, 218
57, 716
58, 424
83,246
84,963
76,134
80,654
88, 758
Production
thous. of 1b.
88, 566
9,397
8,940
12,462
22,314
19,725
15,138
9,066
10,688
18, 299
14,504
Stocks, end of month
do
9,437
9,108
13, 738
Chlorine:
92.066 107, 466 103,478 110, 332 106,699 105,189 ' 97, 659
Production
_
short tons.. 89,600 102,190 103, 517 101, 999 107,065 103,953
5,023
4,966
5,634
6,506
6,169
8,127
.Stocks end of month
_
do
6,897
6,387
5,875
6,977
' 6,499
5,059
Hydrochloric acid (100% HC1):
35,106
34,346
32,131
34, 454
37,152
37.348
35,155
33, 671
37, 639
30,552
37, 597
35, 891 ' 33,839
Production
do
r
3,590
3,470
3,162
3,751
3,068
3, 261
3,004
3,110
3,300
3,376
Stocks, end of month
do
2,984
3,326
2,848
2,114
2,155
2,085
2,199
2,086
2,071
1,944
2,063
1,573
2,075
2,006
2,100
1,914
Hydrogen, production
mil. of cu. ft._
Nitric acid (100% HNOj):
41,955
42, 571
39, 349
41,328
37,963
41,757
40,876
40.067
38,944
40,053
39,662
37,088
Production
.short tons.. 32,025
5,795
6,249
5,905
7,380
5,314
5,789
7,027
6,825
6,060
5,968
5,788
5,882
6,259
Stocks, end of month.
...do
1,551
1,530
1,476
1,333
1,234
1,568
1,497
1,395
1,346
890
1,401
1,190
Oxygen, production
mil. of cu. ft..
978
Phosphoric acid(50% HsPOi):
52,039
52, 487
54,626
58, 237
53, 290
51,328
58,981
61,438
59, 568
59, 957
51, 264
57,952
Production
short tons.. 63,809
12,892
11, 684
12,973
12,102
12,197
14, 528
14, 360
14, 285
13,985
14,967
14, 993
12, 838
13, 378
Stocks, end of month.
do
Soda ash, ammonia-soda process (98-100% Na2CO3):
Production, crude
short tons.. 333, 453 385, 362 379, 472 374, 453 368,588 365,718 331,952 380,371 378, 385 388,044 358, 782 358, 217 363,802
39, 725
58,161
38, 260
64,187
35,607
37,622
37,113
76, 658
49,794
28,110
33,013
29,281
Stocks, finished light and dense, end of month.._do
93, 748
Sodium hydroxide (100% NaOH):cf
139, 969 152,147 153,929 155,219 166,029 161,100 146,255 167,443 161, 300 169,878 160,435 157, 644 152,318
Production
do
40,821 i59,226 i 57,479 163,932 i 64, 204 i 63,799 i 58,104 i 57,017 i 54,972 1 48,786 i 49,837 i 52,733
i 55,616
Stocks, end of month
do
Sodium silicate, soluble silicate glass (anhydrous) :•
36,757
39, 387
37.105
43,955
35,057
40,901
33, 575
32,060
38,397
36, 796
43,733
34,806
Production
short tons.. 24,864
43, 506
48, 467
50,677
45,129
46,811
43,455
Stocks, end of month
do
44,654
45,828
49,097
51,728
56,175 ' 5 4 , 9 8 0
57,901
Sodium sulfate, Glauber's salt and crude salt cake:
68,109
67,490
66,929
67,322
65,185
67,838
58, 649
62,519
61,464
64, 336
61,762
61, 559
Production
._
.short tons.. 57, 378
83, 735
66,902
87,283
72,960
61,407
64,100
58,497
77, 693
78, 905
72,953
58,709
61, 516
Stocks, end of month
do
Sulfur:
293,963 312, 060 293, 551 280, 580 275, 722 260,677 290, 268 292,229 319,976 309,570 313,391 346, 349
Production
long tons..
k, 140,976 4,110,395 4,089,622 4,100,320 4,034,453 3,996,432 3,923,373 3,883,858 3,838,084 3,776,738 3,698,357 3,711,311
Stocks, end of month
..do
Sulfuric acid (100% HJSOI):©
Production
short tons.. 677, 596 741,001 814,487 820,617 853,001 853,930 806,081 860,403 834,152 868,682 822, 409 842,177 783, 209
305,208 204, 393 213, 457 216,230 253,479 262, 681 265,002 243,014 230,858 238,465 226,652 256,076 2S0, 574
Stocks, end of month
do
Acetic acid: t
29,999
25, 331
27,941
27, 572
24,708
26,077
27, 509
23, 356
23,822
25, 646
29, 526
Production
thous. of lb__
26.349
11,235
8,513
9,281
9,113
9,403
10,883
8,681
7,552
10,146
Stocks, end of month...
do
10,131
12, 469
11,185
Acetic anhydride:
42, 327
40. 838
42,084
43,900
41,732
47,675
46,845
44,833
45,309
43, 867
42,729
Production
do
46,414
12,108
12,295
12, 380
11, 252
(2)
12,146
10,977
Stocks, end of month
_
do
12,083
(2)
Acetylene:
450,165
443,987
294,132
450,991
453,005
453,
591
489,751
382,250
438,829
482,
408
437,
513
436,943
471,351
Production
-thous. of cu. ft..
9,966
10,049
9,853
11,397
11,615
9,910
8,518
8,907
9,846
8,625
10, 207
Stocks, end of month
do
9,488
' 8,727
Acetyl salicylic acid (aspirin):
774
924
816
925
814
834
846
887
948
815
Production
thous. of lb__
819
910
959
980
1,114
1,099
1,113
980
973
Stocks, end of month „
do
996
1,041
r Revised.
* Deficit.
* See note marked "a"."
» Not available.
©Revised: not comparable with data shown in the Survey prior to the March 1945 issue.
©"Production figures represent total production of liquid material, including quantities evaporated to solid caustic. Stock figures represent stocks of liquid sodium hydroxide
only prior to October 1944 (comparable figure for October, 46,«39); beginning that month they include stocks of both liquid and solid sodium hydroxide.
• Data represent total production of soluble silicate glass, liquid and solid (anhydrous basis), and material which is further processed to ortho, rneta, and sesqui forms; excluded
are data for 2 plants which manufacture sodium metasilicate directly without going through the soluble glass stage; comparable data beginning 1941 will be published later.
§ Beginning 1943 data have been compiled on the basis of a new accounting system; available comparaDle data for 1942 are shown in footnotes in the September 1943 to April
1944 Surveys; 1942 data on the old basis, comparable with figures for earlier years, are available in the March and April 1943 issues.
1 Data for 3 companies operating outside of United States, included hi original reports for 1943 to date, are excluded to have all figures covet 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 sbown). The new series for acetic acid, acetic anhydride,
acetyl salicylic acid, creosote oil, cresylic acid, ethyl acetate, naphthalene and phthalic anhydride are compiled by the Tariff Commission; the other new chemical series are compiled
by the Bureau of the Census. The monthly data for a number of the chemicals are reported quarterly only. See also note marked "*" on p. S-22 of the November 1944 Survey.
t Includes synthetic acetic acid and acetic acid produced by direct process from wood and from calcium acetate; statistics of recovered acetic acid are confidential and are not
included.
©Revised beginning 1943; for complete revisions for 1944 see August 1945 Survey; 1943 revisions will be shown later.
SURVEY OF CURRENT BUSINESS
November 1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1944
1945
September
S-23
September
1945
DecemOctober November
ber
January
February
March
April
May
June
July
August
CHEMICALS AND ALLIED PRODUCTS—Continued
CIIEMICA LS—Continued
Creosote oil:*
Production
thous. of gal__
Stocks, end of month
do..
Cresylic add, refined:*
Production
...
thous. of 1b
Stocks, end of month
_ do._
Ethyl acetate (85%):*
Production
do__
Stocks, end of month..
do.~
Glycerin, refined (100% basis):*
High gravity and yellow distilled:
Consumption
do._
Production
do_.
Stocks, end of month....
___
do..
Cheroically pure:
Consumption
,
__.__-.
do..
Production
.,
do._
Stocks, end of month
do_.
Methanoi§:
Natural:
243
Production (crude, 80%)
thous. of gal..
354
Stocks (crude, 80%), end of month*
do
Synthetic (14)0%):
0,112
Production
do
8, 340
Stocks, end of month*
do
Naphthalene, refined (79° O and over):*
Production
thous. of ib__
Stocks, end of month
do
Phthalic anhydride:*
Production...
„
do
Stocks, end of month..
do
38, 205
Explosives, shipments...
„_
_
do
Rosin, gum:
6.76
Price, wholesale " H " (Sav.) bulk
dol. per 100 lb_.
Receipts, net, 3 ports
bbl. (500 lb.)._
Stocks, 3 ports, end of month....
do
Turpentine, gum, spirits of:
.77
Price, wholesale (Savannah)t
-dol. per gal_.
Receipts, net, 3 ports
bbl. (50 gal.)_.
Stocks, 3 ports, end of month.
_do
11,055
13,584
14,081
12, 696
13,484
10,931
14, 234
10, 712
12, 573
9,695
13, 515
11,395
16,032
11, 529
14, 265
11, G34
16, 073
12,369
13, 615
10,105
12, 392
8, 652
12, 118
6,695
3,369
2,242
3,424
2,023
3,279
1,905
3,077
1,694
2,676
1,472
2,735
1,512
2,574
1,255
2, 730
1,324
2,273
1,446
2,077
1,346
2, 375
1,317
2,539
1,168
7,767
5,222
9,683
5,721
10, 266
4,873
9,852
6,241
9,027
6,873
9,145
7,034
9,244
5,536
9,703
4,785
9,929
6,027
7,902
4,909
9, 456
5, 332
10, 970
7,042
6,814
8, 745
38, 598
6, 792
9,262
39, 443
6,236
10, 834
40, 515
5,982
7,587
39,348
6,497
7,774
38,005
7,214
8,719
36, 053
7,373
9,694
34, 336
7,479
8,789
31, 894
7,294
8,189
29, 449
8,135
8,920
26,998
9, 240
5,999
22, 564
8,799
7,323
19,876
7,470
7,785
40,026
8,815
8,779
37, 423
9,084
7,684
36,605
7,548
8.800
37,237
7,712
8,008
7,048
7,077
34,179
7,470
8,249
32, 725
6,884
6,576
30,132
7,789
8,114
27,997
7,757
6,695
28,103
7,387
4, £99
27, 634
7,834
5, 850
22,282
334
201
382
264
361
260
350
272
317
278
279
287
314
293
446
342
538
313
572
291
505
298
450
5,435
1,926
5, 671
1, 851
6,363
2,388
5,851
2, 382
6,455
3,166
5,827
3,743
6,791
6.378
6,012
5,664
6,318
5,514
6,109
6,851
5,979
1,815
5,907
1,462
6,394
2,535
6,217
2,091
5,381
2,099
5,356
1,767
5,746
1,476
6,158
2,905
6,212
2,243
5,980
1,001
6, 685
911
5,575
1,973
10,611
3,154
38,921
10,792
3,782
38,042
10,426
2,835
36,276
10, 779
1,749
32,863
10,320
1,512
34,124
9,606
1, 655
34,543
11,375
2,015
34,865
11, 582
2,356
36,117
12, 330
2, 524
37,023
11,802
2,517
38,942
10, 934
2,494
37, 370
11, 284
3,131
37, 876
5.49
9,345
48,609
5.71
7,881
43, 512
5.81
7, 755
36,657
5.81
6,346
31,900
5.81
4,194
25,876
5.81
2,159
18, 250
5.81
4,400
11,741
5.81
3,461
12,042
5.81
5,697
12,486
5.81
5,847
11, 601
5.81
4,497
11, 645
6.52
.79
2,798
68,675
.79
2,324
68, 222
.79
2,236
67, 320
.79
1,929
66,759
.79
1,369
65,195
.81
357
61,467
.80
505
50, 762
.80
1,047
43, 814
.81
2,269
28,108
.74
3, 445
20, 293
.76
3,542
27,062
C)
FERTILIZERS
Consumption, Southern States
thous. of short tons..
291
Price, wholesale, nitrate of soda, crude, f. o. b. cars, port
warehouses •_.
_dol. per 100 lb_. 1,650
Potash deliveries
short tons.. 62, 568
Superphosphate (bulk):t
Production
_
do
Stocks, end of month.
do
285
246
474
640
1,189
1,078
1,332
819
431
163
148
192
1.650
67, 511
1.650
61, 296
1.650
70,630
1.650
79,916
1.650
78,650
1.650
75,658
1.650
76,913
1. 650
72,961
1.650
53, 801
1.650
83, 465
1. 650
67, 444
1.650
72, 079
529,229
870,437
604,519
875,992
604,673
879,452
599,861
887,921
676,507
936, 431
638,009
934,482
642, 796
632, 403
719, 716
657,575
733,286
671,074
803, 939
666, 848
836,580
695, 390
885,172
OILS, FATS AND BYPRODUCTS
Animal, includingfishoil:
Animal fats:}
139,595 152,060 137,546 118, 906 135,755 135,378 136,391 131,019 140,148 123,734
Consumption, factory
thous. of lb__
98, 309 119,747
Production
,do
193,700 204, 820 268, S02 259,130 243, 439 205,830 194,041 182, 786 200,604 189,914 175, 763 177, 093
Stocks, end of month.
do
697,159 598, 309 542,129 533, 508 467,490 390, 736 332,341 298, 433 261,768 230,218 239, 521 208,952
Greases: f
Consumption, factory
„
do
60,440
65, 462
63,987
59,598
60,806
73,179
62,854
40, 203
60,263
60,961
52, 016
55,826
52, 410
Production
_
do
43,921
45, 240
49, 777
50,275
46, 829
45, 425
45, 068
47,361
41, 455
41, 005
44,117
Stocks, end of month
do
159,946 147,824 138,001 123,245 111, 169
73,812
99, 249
85, 590
92, 733
71,615
77, 866
78, 392
Fish oils:*
Consumption, factory
do
18,981
30,539
28, 886
24, 700
22, 316
33,458
31,347
23, 427
25, 052
39,885
19, 069
19,701
Production
_.__». do
32, 688
25, 843
14,696
52, 995
1,791
1, 620
7,293
766
579
17, 535
29, 424
11,263
Stocks, end of month ,
do
196,646 222, 733 236, 552 228, 228 214,442 183,062 151,751 129, 020 112,043 103,749
98, 200 115,115
Vegetable oils, total :}
Consumption, crude, factory
mill, of lb._
287
341
378
371
356
370
345
396
242
376
289
292
311
Production, crude
do
413
361
371
317
412
377
233
258
358
257
308
Stocks, end of month:
812
Crude
_
...do
791
787
784
726
833
780
674
815
688
807
692
Refined—....
...do
305
316
294
447
411
448
397
353
444
391
442
427
Coconut or copra oil:
Consumption, factory:}
Crude.
thous, of lb_.
15,613
15, 253
14,276
15, 794
12, 566
14,814
14,537
13, 487
14,074
9,170
13,859
11, 649
Refined_
do
6,654
5,827
6,506
5,681
6,717
8,756
3,902
5,826
4,357
5,127
5,358
Production:
Crude}—
do
8,392
11,807
13,032
14,080
12, 847
16,014
18,720
17,161
7,195
16, 364
11,938
0)
Refined
do
5,676
6,740
6,008
5,348
6,251
5,065
5,603
2,620
4,498
5,515
5,953
Stocks, end of month}
Crude
do
103, 297 101, 275
94,152
98,412 102, 496 109, 625 116, 708 111, 749 119,025 119,359 122, 819 135, 258
Refined
.
do
2,457
2,714
2,996
2,640
2,278
2, 455
1,914
2,372
2,307
1,479
1,993
2,208
Cottonseed:
Consumption (crush).
thous. of short tons__
615
'351
246
523
528
576
436
228
376
115
122
137
Receipts at mills
.do
'909
934
468
1, 321
361
244
156
105
62
34
52
109
22
Stocks at mills, end of month
do
'738
1,534
1,852
427
1,676
796
1,345 I 1,067
397
206
283
220
592
'Revised.
«Not available for publication.
i Included in "total vegetable oils" but not available for publication separately. § See note on item in November 1944 Survey.
• Price of crude sodium nitrate in 100-pound bags, f. o. b. cars, Atlantic, Gulf, and Pacific port warehouses. This series has been substituted beginning 1935 for the series shown
in the 1942 Supplement; figures for August 1937 to December 1941 are the same as published in the Supplement; for data for 1935-36 and all months of 1937, see note marked " • " on p.
S-23 of the May 1943 Survay. Prices are quoted per ton and have been converted to price per bag,
^Revisions in the 1941-43 data for the indicated series are available on request (coconut or copra oil production and stocks and linseed oil production were not revised for 1943);
revisions are generally minor except for fish oils (1941 revisions for fish oils are in note on p. S-22 of the April 1943 Survey).
*New series, iee note marked "*" on p. S-22 of the November 1944 Survey.
fRevised series. The turpentine price shown beginning with the April 1943 Survey is the bulk price; data shown in earlier issues represent price for turpentine in barrels and
can be converted to a comparable basis with the current data by deducting 6 cents. Superphosphate is reported on a revised basis beginning September 1942, covering all known
manufacturers of superphosphate, including TV A; the new series include all grades, normal, concentrated, and wet base, converted to a basis of 18 percent available phospnoric acid;
see note on p. S-23 of the July 1944 Survey regarding data prior to September 1942 published in the Survey.
S-24
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
November 1945
1944
September
September
October
1945
Novem- December
ber
January
February
June
July
172, 601 122, 842 105,075
104, 593 104, 345
62,968
72, 266
118,694
85, 031
142, 790 127, 594
44,498
65,019
53,513
52, 657
37, 760
54,905
87,141
19,816
73, 693
21,982
.143
.143
.143
.143
.143
.143
,143
.143
.143
111,825 146, 507 145, 640 150, 878 131,046 123,930 93, 608 96, 615 67,159
182, 570 220,122 270, 767 313,968 324, 250 342, 247 329, 848 310, 944 295,806
.143
43,492
275,833
March
April
May
August
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS,
FATS, AND
BYPRODUCTS-Continued
Cottonseed cake and meal:
Production
short tons.. 108, 887
Stocks at mills, end of month
do_._
49, 561
Cottonseed oil, crude:
76,010
Production
thous. of lb_
Stocks, end of month
_.
do...
50, 036
Cottonseed oil, refined:
Consumption, factoryt
do.._
In oleomargarine
do...
Price, wholesale, summer, yellow, prime (N. Y.)
.143
dol. per lb__
Production
_
thous. of lb_. 55,086
207,918
Stocks, end of month
do
Flaxseed:
Duluth:
884
Receipts
thous. of bu_.
545
Shipments
do
428
Stocks
do
Minneapolis:
7,251
Receipts
do
588
Shipments
.do
2,489
Stocks
_
do
Oil mills:t
Consumption
do
Stocks, end of month
do
Price, wholesale, No. 1 (Minneapolis)
dol. per bu._
3.10
Production (crop estimate)
thous. of bu__ 2 35,855
Linseed cake and meal:
Shipments from Minneapolis—
thous. of lb__ 41, 580
Linseed oil:
Consumption, factoryt
do
.155
Price, wholesale (N. Y.)_._
_
___dol. per lb__
Productiont
thous. of lb_.
Shipments from Minneapolis
do
'27,360
Stocks at factory, end of month
do
Soybeans:
Consumption!
thous. of bu__ 2
196,587
Production (crop estimate)
_.
-do
Stocks, end of month
_
do
Soybean oil:
Consumption, refinedt
thous. of lb__
Production: J
Crude_
do
Refined
-do
Stocks, end of month:J
Crude
-do
Refined
_
do
Oleomargarine:
Consumption (tax-paid withdrawals) §
do
Price, wholesale, standard, uncolored (Chicago)
.165
dol. perlb_.
Production§
thous. of lb._
Shortenings and compounds:
Production
-do
Stocks, end of month
do
Vegetable price, wholesale, tierces (Chi.).dol. per lb__
239, 586 284,201
69,977
73,674
244,417 264, 559 201, 767
77,085 84, 326 94, 327
104, 702 159, 097 190, 543 164,171 179, 201 137, 246
' 64, 726 94,089 125, 483 139, 528 159,993 157, 802
73, 598 95,393 105, 766 83,502 105, 361 104,081
24,116
19,629
23, 318 22, 348 26, 331 24, 448
156,660
'61,498
.143
'58,813
165,134
72, 524
95, 305
110, 273 104,163 108, 405
24, 486 25, 824 23,005
805
572
496
1,393
444
1,443
584
1,311
715
65
343
436
13
22
371
13
358
2
66
294
285
306
274
135
232
173
78
222
173
108
93
4,409
533
1,647
3,519
290
2,651
999
254
443
53
2,494
137
87
1,871
57
1,324
147
89
817
329
207
435
98
223
432
113
109
321
198
61
3,661
6,295
3.10
3,327
7,456
3.10
2,842
7,645
3.11
2,364
6,825
3.12
1 23, 527
2,306
4,800
3.12
2,192
2,770
3.11
1,930
2,092
3.11
1,625
1,874
3.10
1,566
2,032
3.11
1,384
1,826
3.11
1,368
1,682
3.11
42,000
39, 240
30, 540
28, 440
17,760
18, 300
26,880
28, 200
36, 600
17, 940
44,640
49,447
.151
70,192
34.800
310,686
)
49, 431 47, 585 47, 548 45,180 37, 401 42, 015 41, 516 41,190 39, 218 37,547
.153
.155
.155
.155
.155
.155
.155
.155
.155
.155
63,370
54, 273 44,126 43, 291 42, 489 37, 765 32, 742 30, 904 27, 531 28,214
29,640 24, 960 22, 500 20, 340 16, 260 16, 260 ] 7, 040 17, 220 20, 340 15,180
303,378 274,832 263,917 252, 366 239,754 227,143 209, 636 187, 973 159,854 145, 377
9,399
9,043
11,713
13, 709
13,868
13, 716
15,101
13, 257
12,809
31,748
48, 785
11,097
U92,863
47,429
12, 717
5,214
47, 765
37, 309
32, 640
31, 251
30, 743
26,387
21,319
73,917
78, 256
81, 840
83, 341
79, 916
87, 351
78, 617
66, 682
90,827
89,277
89, 259
82,862
91, 561
79,449
86,197
101,189
82, 572
91, 502
105, 252
48,773
78, 007
72,845
81,882
51,068
71,267
47, 592
56, 496
53, 830
£2, 407
.165
51,083
,165
57,182
.165
55, 272
.165
52, 424
122,189 133,026
50, 485 47,627
.165
.165
111,349
43,108
.165
117,841
56,802
.165
95, 856 111, 098 119, 997 120, 696 118, 906 133, 501 118, 263 114,508
86,104 91, 791 104,199 107, 657 107, 369 116,742 98,123 84,644
86, 647
49, 607
51,048
86,439
60,129
88, 875
70, 663
90,872
88,014
97, 241 120,091
99, 994 105,975
50,462
46, 832
41, 477
31, 383
37,846
.165
.165
.165
.165
54, 887 55, 650 54,325 48,621
132,186 131,872 122, 521 123, 652 130, 665 105,160
48, 688 50, 346 44, 710 43, 301 44,460 46,026
.165
.165
.165
.165
.165
.165
.165
53,693
77,807
48, 229
59, 430
.165
59, 330
.165
51, 752
98.176
42,349
.165
PAINT SALES
Calcimines, plastic and cold-water paints:
Calcimines
thous.
Plastic paints
Cold-water paints:
In dry form
In paste form for interior use
Paint, varnish, lacquer, and fillers, total
Classified, total
Industrial...
Trade
Unclassified
of dol..
do
do
do
do
do
do
do
do
95
41
85
44
93
39
72
32
90
196
378
52,110
46, 741
21,661
25,080
5, 369
174
329
53,571
48, 071
23,601
24,471
5,500
137
311
48,152
43, 365
21, 378
21,987
4,787
98
376
43,992
39, 774
20.276
19,498
4,218
126
372
53, 660
48, 262
23, 058
25, 204
5,398
51,488
46, 505
22, 430
24,075
4,983
59, 708
53, 875
26,118
27, 756
5,834
58, 392 • 59,848
52, 392 53, 515
25, 953 26, 258
26, 439 27, 258
6,333
5,999
58, 368 • 52,623
52, 266 • 47,175
26,255 • 24,485
26,012 • 22,689
6,102 »• 5,449
ELECTRIC POWER AND GAS
ELECTRIC POWER
19, 409
18,947
19, 602
18,021
19, 526
20, 280
18,640
18, 834
18,516
19,027
18,954
Production, totalcTmil. of kw.-hr_. 17,016
By source:
13,402
12, 047
13, 263 13, 256
11,803
13,125
13, 822
12,108
11, 607
11,859
12, 252 ' 12, 280
10,983
Fuel
do
5,763
5,691
7,479
7,606
5,392
6,201
5,913
7,033
6,974
6,032
6,702
' 6,344
Water power
do
6,457
By type of producer:
16, 606
16, 579
16, 801
15, 569
17, 384
15, 923
16,145
Privately and municipally owned utilities
do
14,510 15, 823 16, 320 16, 258
16,130
2,689
2,452
2,920
2,830
2,693
2,895
Other producers
do
2,505
2,802
2,717
2,824
2,707
Sales to ultimate customers, total (Edison Electric
16,877
16, 641
17, 630
16,944
16, 800
16, 618
16, 260 16, 460 16, 500
16, 267
16,605
Institute) 1
mil. of kw.-hr..
2,685
2,672
2,547
2,896
3,172
2,483
3,052
2,889
2,745
2,656
2,603
Residential or domestic
do
242
373
224
283
207
204
358
218
247
403
375
Rural (distinct rural rates)
do
Commercial and industrial:
2,501
2, 502
2,547
2,642
2,642
2,477
2,527
2,481
2,478
2,439
2,708
Small light and powers
...do
9,559
9,487
9,481
9,315
9,718
9,726
9,504
9,754
9,658
9,641
9,456
Large light and poweM.-do
193
192
157
207
220
187
219
174
168
146
149
Street and highway lighting J
do
656
701
670
664
721
687
696
679
624
656
640
Other public authorities V-do
593
641
604
751
641
708
590
553
574
560
Railways and railroads <[
do
37
39
51
50
78
50
36
50
45
Interdepartmental ^
do
Revenue from sales to ultimate customers (Edison
276,959
279,
633
287,
557
295,187
280,
722
273,700
275,
410
I
275,132
270,242
277,255
274,311
Electric Institute)
thous. of dol..
••Revised.
• Less than 500 bushels.
i December 1 estimate.
2 October 1 estimate. JSee note marked "t" on p. S-23.
IFor revisions for the indicated series see note at bottom of p. S-23 of the May 1945 Survey.
§For July 1941-June 1942 revisions, see February 1943 Survey, p. S-23; revisions for July 1942-June 1944 are on p. 23 of this issue.
d*For 1943 revisions for total electric power production see p. S-24 of the January 1945 issue; the revised 1944 figures above and 1945 data exclude a small amount generated by
electric railways and electrified steam railroads included in the 1944figuresand earlier data published in the Survey through the May 1945 issue.
November 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
1945
S-25
1944
September
September
October
1945
Novem- December
ber
January
February
March
April
May
June
July
August
ELECTRIC POWER AND GAS—Continued
GASt
Manufactured and mixed gas:
Customers, total
thousands.
Residential
_
do
Residential central heating
do_
Industrial and commercial
do
Sales to consumers, total
mil. of cu. ft__ 32,263
Residential
do
Residential central heating
- -do
Industrial and commercial
do
Revenue from sale*? to consumers total thous ofdol
Residential
-do
Residential central heating
do
Industrial and commercial
- - do
Natural gas:
Customers, total
-thousandsResidential (incl house heating)
. . -do
Industrial and commercial
do
Sales to consumers, total
mil. of cu. ft.. 152, 312
Rp^idpTitifll finrl honso heating
do
Indl , coml and elec generation
do
Revenue from sales to consumers total thous ofdol
Residential (incl house heating)
do
I n d l , c o m l , a n d elec generation
do
10,609
9,787
369
445
32,580
17,406
1,472
13,442
32,067
22,889
1,361
7,668
10, 578
9,743
389
435
36, 430
18,531
3,350
14, 234
34,998
24,095
2,661
8,055
10,575
9,736
400
430
40,854
17,553
8,090
14,864
37,402
23,907
4,666
8,620
9,003
8,377
624
155, 666
23,924
128,162
40, 779
16,953
23,403
9,043
8,397
643
166, 390
30,094
133,024
46, 605
21,038
25,153
9,162
8,478
682
184,211
43,897
136,907
56, 228
28,573
27, 204
10,639
9,784
411
436
48,115
18,423
13,884
15,389
41, 769
24, 527
7,968
9,043
i 51,876
10, 612
9,768
357
473
i 50,790 i 46,087 i 41,133
2
62, 622
2 35,409
2
49, 382
2 129,542
2 76,900
2 22, 533
2 29, 303
10, 659
9,797
379
472
1 41,429 1 38, 788
2
5Q, 475
2 16, 983
2 46, 918
2
111 748
2
73,451
2
11,119
2 26, 586
9,189
9,179
9,147
8,503
8,473
8,516
684
671
661
216, 731 i 231,791 i 220,634 i 201,362 1182, 264 U74,398 1167,509
69, 889
2135,217
2 234,842
142,673
2 378,267
2 408,092
2
70, 520
164 670
2 232,679
2
40,373
2 140,562
88, 088
2
2
29, 602
89,973
75, 264
34, 053
31, 480
152, 709
156, 811
7,743
9,043
8,104
8,149
8,447
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquor :f
Production
thous. of bbl._
Tax-paid withdrawals
do...
Stocks, end of month
do_.
Distilled spirits:
Apparent consumption for beverage purposes!
thous. of wine gal _
Production!
thous. of tax gal..
Tax-paid withdrawals!
do.
Stocks, end of month.
do.
Whisky:f
Production
do.
Tax-paid withdrawals
do.
Stocks, end of month.
do_
Rectified spirits and wines, production, totalf
thous. of proof gal..
Whisky
do._
Still wines:f
Production
__
_
thous. of wine gal
Tax-paid withdrawals
_
.„
do..
Stocks, end of month
do_.
Sparkling wines:f
Production
do..
Tax-paid withdrawals
do..
Stocks, end of month.
do_.
DAIRY PRODUCTS
6,798
6,289
8,863
7,066
6,353
9,037
' 16, 524
5,206
11,615
337, 512
' 19, 227 16,031
13,875
15,120
2,606
43, 429 10,106
5,665
10, 925 11.116
8,406
8,166
330, 970 350, 316 344, 514 338,733
14,112
1,550
8,080
333,135
14, 234
14, 254 15, 217 14,536
1,182 41, 796 15, 222
1,296
9,938
9,660
9,046
8,016
328,073 321,994 341, 234 342, 761
0
6,113
333,144
0
6,335
324,453
0
25, 858
1,303
0
5, 523
4,907
5,789
4,564
317, 404 336, 092 330, 599 324,532
0
4,477
318,927
0
4,280
313,850
' 9,050
' 7,991
10, 335
8,846
11, 516
9,668
9,194
8,051
10,051
8,820
41,074
6,640
92, 258
135,099
7,524
144, 310
56, 478
7,840
156,018
97
120
961
84
132
904
81
168
818
7,758
7,437
8,225
' 7, 693
' 7,135
' 8, 298
7,561
6,733
8,573
6,697
6,228
8, 505
16,072
10,607
341, 521
r 13,751
'3,855
'9,831
353,861
' 15, 955
9,241
10,830
345, 511
6,145
5,157
327, 356
'776
' 5,734
340,990
11,416
9,792
6,174
5,701
8,429
11, 568
9,600
6,295
5,527
8.608
H,72S
9,579
6,106
5,328
8,903
9,362
7,719
21, 222 11,154
7,168
7,825
8,299
7,673
150, 263 142, 742 134,457
85
152
739
156
61
817
83
98
799
9,322
8,038
7,433
6,767
9,117
5,863
7,698
8,274
7,452
7,376
125, 638 118, 232 110,823
162
88
865
177
72
171
87
1,043
8,066
7,303
9,240
7,536
0 ' 24,904
4,704
4,483
4,664
307, 620 326, 608 328,063
9,556 10, 785
10, 789
7,952
8,696
9,247
4,844
6,202
102, 725
4,157
4,998
97, 563
181
84
1,132
150
90
1,190
Butter, creamery:
.423
.423
.423
.423
Price, wholesale, 92-score (N. Y.)t
dol. per lb__
.423
.423
.423
.423
.423
.423
.423
.423
.423
87, 821 99, 003 92, 372 109, 623 122, 715 160, 413 171,717 155, 905 133, 289
Production (factory)t
thous. of lb._ 100, 635 113, 470 100, 609 85, 994
191,729 140,276 123, 596
90, 303
Stocks, cold storage, end of monthef
do.
60, 767 38,926
31,062 29,833 45,139
70, 375 131, 669 184, 759 206,501
Cheese:
Price, wholesale, American Cheddars (Wisconsin)
.233
.233
.233
.233
dol. per lb_.
.233
.233
.233
.233
.233
.233
.233
.233
.233
63, 892
Production, total (factory)t
thous. of lb.
90,065 r 82, 771
76, 625
62,889 67, 740 67,801
85, 250 102,944 131, 976 138,617 125, 704 107, 685
48, 725
American whole milkf
do...
71, 370
66,885
59, 952
47, 823 ' 51,149 51, 778 65, 954 82,401 107, 722 111,813
99, 917 ' 87, 596
Stocks, cold storage, end of nionthef
do.,
227, 272 186, 268 164,690 151,414 144,553 133, 773 127,052 106,965 118,432 148, 271 182,831 213,198 229,310
American whole milk
_
do... 207, 086 164,615 148, 416 138, 647 131, 379 124,627 118, 087
108, 675 134, 590 166, 739 196, 335 208, 558
Condensed and evaporated milk:
Prices, wholesale, U. S. average:
6.33
Condensed (sweetened)
dol. per case_.
6.33
6.33
6.33
6.33
6.33
6.33
6.33
6.33
6.33
6.33
6.33
6.33
4.15
Evaporated (unsweetened)
do
4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15
4.15
Production:
Condensed (sweetened):
Bulk goods*.
thous. of lb__ 34, 919
17, 070
22, 707
19,119
21,859
27, 202 32,904 48, 938 61, 515 85, 730 81,413
61, 659 44, 697
Case goodsf
do
10,195
8,793
11, 770
9,624
8,564
11, 237 13, 981 15, 935 15, 387 14, 582 13, 870
9,530
8,592
Evaporated (unsweetened), case goodsf
do
275, 303 243,118 211, 243 225,177 249, 609 253, 770 324, 772 391, 365 476, 511 477,124 435, 000 360, 750
307,050
Stocks, manufacturers', case goods, end of month:
Condensed (sweetened)
thous. of lb_. 11, 753
7,125
9,584
7,404
6,725
13,012 11,868
13, 987 14, 310
6,559
11,299
7,328
7,951
Evaporated (unsweetened)
do
172, 386 272,271 254, 721 190, 465 143, 308 131, 743 122, 546 107, 702 154, 511 206,309 210,193 204, 368 192,455
Fluid milk:
Price, dealers', standard grade
dol. per 100 lb__
3.26
3.26
3.25
3.25
3. 26
3.25
3.25
3.25
3.26
3.25
3.25
3.25
3.26
Production
mil. of lb._
8,372
9,760
9,334
9,022
12, 363 r11,136
8,658
8,528
10, 062 10,842
12. 584 13,030
8,892
Utilization in manufactured dairy products!-„_do
3,766
3,875
3,474
2,956
6,191
5, 619
4,787
3,244
5; 894
3,977
4,610
3,032
3,377
'Revised, cf See note marked "cf" on p,
.^
^
i Original estimates (see note marked "f") adjusted to agree with quarterly totals based on the more compiete'quarterlyreportsT" 2 Total for quarter'.
IData cover total production of distilled spirits for beverage purposes by registered distilleries, including, in addition to rum and brandy, gin, whisky, and other spirits for the months
in which production of these spirits was authorized (in the November. 1944 to July 1945 issues of the Survey amounts reported as "other and unfinished" spirits were included only
in the totals given in footnotes; the amount of such spirits included above for August 1944 is only approximate, see footnote in November 1944 Survey). In addition, alcohol was produced for beverage purposes by industrial alcohol plants in certain months as follows (tax gallons): August 1944 (estimated amount available for beverage purposes), 11,514,000; 1945—
January, 2,879,000; February, 2,334,000; March, 3,318,000; April, 88,000; May, 48,000; July, 5,255,000; August, 295,000; September, 296,000.
tData for manufactured and natural gas have been revised beginning 1929 (reclassifying the companies on the basis of the type of gas distributed in 1943) and are not strictly
comparable with figures shown in the October 1944 and earlier issues; beginning 1945 detailed reports from all reporting utilities are obtained quarterly only; 1945 sales data are estimated by the American Gas Association based on sales reports of 21 utilities distributing manufactured and mixed gas, which account for about 33 percent of total sales for this branch,
and 36 distributing natural gas accounting for about 41 percent of the total (see also note 1); all sales data relate to sales to ultimate consumers. Revisions for consumption of distilled
spirits for beverage purposes for January 1940-August 1944 are available on request. Revisions in the 1941 and 1942 monthly data for the other alcoholic beverage series not published
in issues of the Survey through March 1944 are shown on p. S-25 of the April 1944 Survey; scattered revisions in the July 1943 to January 1944 data for fermented liquor, rectified
spirits and wines, and still and sparkling wines are shown on p. S-23 of the June 1945 issue. 1943 revisions for indicated dairy products series are shown on p. 13 of the March 1945
issue; see note marked " t " on p. S-25 of the February 1945 Survey for sources of 1941-42 revisions, except for the series on utilization of fluid milk in manufactured dairy products
which has been revised for 1920-43 (these revisions are available on request).
•Revised data for 1943 are shown on p. 13 of the March 1945 issue; see note marked "*" on p. S-25 of the February 1945 Survey regarding earlier data.
SURVEY OF CURRENT BUSINESS
S-26
1945
Unless otherwise stated, statistics t h r o u g h 1941
a n d descriptive notes m a y be found in the
1942 S u p p l e m e n t to t h e Survey
September
November 1945
1944
September
October
1945
Novem- December
ber
January
February
March
April
May
June
July
August
FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS-Continued
Dried skim milk:
Price, wholesale, for human consumption, TJ. S.
average
___dol. per lb.
Production, totalf
thous. of lb._
For human consumptionf__
do
Stocks, manufacturers', end of month, total
do
For human 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 l b . .
Production (crop estimate)!
„_
thous. of bu...
Shipments, carlot.
no. of carloads.-
0.140
40, 910
39, 860
39,985
38, 857
2 66,754
2, 808
3, 839
8,461
347, 445
0.144
42, 356
41, 222
• 60, 756
56. 660
0.142
36, 653
35, 687
49, 892
47, 373
0.138
30. 203
29, 553
39,283
36, 781
4, 987
8,437
7,824
12, 461
30, 358
12, 961
8,459
34, 951
15, 389
0.139
36, 777
35, 898
39,801
37, 873
0.141
43, 250
42, 350
38,716
37,342
0.139
44,100
43,200
41,955
40, 970
0.140
57, 750
56, 500
44, 562
43, 279
0.141
71, 650
70, 050
59,985
58, 706
0.142
88, 900
86, 500
83, 531
81. 714
0.142
87, 632
85,075
88,130
86,121
0.142
71, 560
69, 600
77,015
7G, 058
0.143
53, 245
51, 920
56, 745
55, 683
6,824
32, 686
23, 718
5, 428
25, 377
19, 818
4,529
18, 670
20, 285
4,665
11, 573
21, 347
3,031
5, 527
19,323
1,983
1, 669
16,942
397
0
949
599
10,917
* 1,157
'764
8,602
298, 059 301, 590 291, 204 268,407
242, 253
217,048
193, 786
168, 871
159,436
239, 839
288, 829
134, 512
163, 927
124,212
13,862
169, 518
187, 622
178, 394 186, 984 182,623
166,910
145, 622
123, 997
99,967
84,120
77,131
3.592
3.671
15,613
~22,~856"
91, 029
2.431
'435,395
25, G35
3. 960
"26," 800
3.101
2.988
247457"
21,216
3.156
3.569
3.059
2.875
379, 430
21,119 ""22," 260 "19," 54l' "26," 095"
3. 428
3.179
3.780
"197474'
r
J21~325
GRAINS AND GRAIN PRODUCTS
Barley:
Prices, wholesale (Minneapolis):
1.20
1.15
1.19
No. 3, straight
__
dol. per bu__
1.12
1.27
1.18
1.16
1.24
1.24
1.19
1.17
1.18
1.14
1.27
1.31
No. 2, malting
_
_
do....
1.31 1 1.30
1.27
1.30
1.30
1.30
1.27
1.30
1.26
1.28
1.30
284, 426
Production (crop estimate)!
thous. of bu._ 277, 246
17,612
19,931 21,515
14, 323 10,095
Receipts, principal markets
.
do
6,358
10.814
9,624
6, 741
9. 602
4,599
11,264
22, 598
22, 922 26, 032 31, 421 33, 728 30, 886 27, 542
Stocks, commercial, domestic end of month
do
16, 982
26, 070
20, 638
21,858
16, 575
12,998
14, 479
Corn:
r
9,411
11,064
7,609
10, 557 11,200
11, 965
Grindings, wet process
do
11,442
11, 721
11, 420
10,826
9, 849
' 6, 996
9,941
Prices, wholesale:
1.09
1.14
1.18
1.14
No. 3, yellow (Chicago).
dol. perbu._
1.15
1.16
1.15
1.15
1.15
1.18
()
1.18
1.18
1.28
No. 3, white (Chicago)
do
1.27
1.20
1.23
1.26
1.32
)
1.27
(fl)
(•)
1. 11
1.17
1.02
1.01
1.08
Weighted average, 5 markets, all grades.
do
1.08
.99
1.01
1.04
1.13
1.01
1.17
1.13
Production (crop estimate)!
...thous. of bu__ 23,078,126
13,228,361
12,311
14,665 37,888 31,291
Receipts, principal markets
...do
39,036
44, 706
47,437
36,275
39,038
29,138
31,832
22,119
14, 482
Stocks, domestic, end of month:
4,674
7,478
13,682
11,698
5,469
Commercial
_
_._do
20,872
16,132
19, 591
17, 886
22, 487
7, 100
11,208
3,714
2,145,520
'306,719 * 206,621
On farms!
do
1,339,780
747,338
Oats:
.64
.63
.74
.68
(a)
Price, wholesale, No. 3, white (Chicago)-dol. per bu_.
.66
.79
.68
.70
.62
C)
1,166.392
Production (crop estimate)!..
.thous. of bu__ 21,583,650
32, 784 "20," 356 "13,522
9,280 ~~7,~318 "~7,~618 ~~9,"686~
Receipts, principal markets
.do
"5,097
14,179
"l2, 269 "42~(J97
Stocks, domestic, end of month:
17, 328 17, 377 16, 674 14,982
43, 555
8,597
Commercial.
do
11,181
12, 381
13,062
11,127
9,604
12,837
28, 651
1,318,666 950, 861
750, 454
On farms!
do
430,477
211,258
Rice:
Price, wholesale, head, clean (New Orleans)
.067
.066
dol. per l b . .
.067
.066
.067 1 .067
.066
.066
.066
.066
.066
.066
70, 237
Production (crop estimate)!
thous. of bu.. 71, 602
California:
84, 692 899,123 602,864 394, 684 611, 763 569,195 632,972 601, 900 649,518 463,410 406, 683 250, 267
Receipts, domestic, rough
...bags (1001b.)__ 89, ISO
57. 482 156, 354 300,102 316, 633 416,632 490, 353 548, 510 399, 898 268,989 410,587 323. 849 383, 717
65. 446
Shipments from mills, milled rice
do
Stocks, rough and cleaned (in terms of cleaned),
44, 313 499,366 620,139 593,109 567, 268 446,146 317, 617 295, 525 387,067 309,154 252, 667
end of month
bags (100 lb.). 55, 544
65, 460
Southern States (La., Tex., Ark., Tenn.):cf
2, 249
' 1, 850 r 4, 055 r 3, 628
1,313
Receipts, rough, at mills
thous. of bbl. (162 lb.)..
699
379
r 163
••101
••237
r 144
453
'86
Shipments from mills, milled rice
r
r
r
r
1,275
1,111 ' 1, 827 ' 2, 327
1,767
thous. of pockets (100 lb.) —
1, 70S
1, 565
880
' 559
^326
288
••958
324
Stocks, domestic, rough and cleaned (in terms of
r 1, 232 ' 3. 617 5,047
1,421
4,707
' 3, 818
1,104
'684
••457
cleaned), end of mo
thous. of pockets (100 lb.).
343
' 2, 688
r 1,933
189
Rye:
1.51
1.03
1.13
1.14
1.15
1.34
1.39
1.55
1.23
1.44
1.27
1. 53
Price, wholesale, No. 2 (Minneapolis)__-dol. per bu..
1.23
1
Production (crop estimate)!.
thous. of bu._ ' 27, 883
25, 87:
2,358
1,176
1,155
639
1,090
266
529
705
594
639
225
1,186
Receipts, principal markets
. do
2,173
4,732
14, 728 13, 218 13,021
12,207
10, 252
11,116
8,089
10. 951
8,975
4. 095
6,599
Stocks, commercial, domestic, end of month
do
4.433
Wheat:
r
254, 351
273, 497
281, 390
Disappearance, domestic!..
thous. of bu._ 387, 059 304, 981
Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)
1.54
1.69
1.64
1.64
1.61
1.69
1.67
1.69
1.68
1.72
1.70
1.72
1.71
dol. p e r b u . . .
1.58
1.71
1.71
1.74
1.69
1.76
1.76
1.80
1.67
1.76
1.68
No. 2, Red Winter (St. Louis)
do....
() )
()
1.53
1.62
1.59
1.62
1.61
1.64
1.67
1.66
1.58
1.66
1.68
1.66
1.60
No. 2 Hard Winter (K. C.)
do....
1.52
1. 65
1.60 1 1.60
1.56
1.66
1.67
1.63
1.66
1.66
1.62
1.70
1.64
Weighted av., 6 mkts., all grades
do
1,078,647
Production (crop est.), total!
thous. of bu._ 21,149,825
Spri
2 312,856
" 314, 574
Spring wheat
do
WPinter
ir
wheat
do
2 836,969
764,073
to
Receipts, principal markets
do
62, 138
62, 836 55, 675 39, 832 28, 629
15,502
19, 262
15,311
28,946
49,516
58,325 100, 199
88, 625
Stocks, end of month:
Canada (Canadian wheat)
..do
181, 292 284,118 323, 297 330,633 327,046 335,057 328,962 322,966 301,005 263,984 239,037 206,960 171, 740
United States, domestic, totals f
do
1,043,869 1,090,341
835,990
562, 493
3 280,790
Commercial
do
170, 305 199, 475 184,983 166,705 152,043 133,905 117,440 99,644
77,351
65,000 33 67,185 132, 278 167, 539
Country mills and elevators!
...do
181, 368 •198,413
160,290
129, 208
41,824
3
Merchant mills._
.do
130, 790 137,818
114, 387
78, 788
58,450
3
On farms!._
_
do
539, 217 532,270
392,423
239,083
89,631
r
Revised.
1
December
1
estimate.
2
October
1
estimate.
•
No
quotation.
cf
Revisions
for
August
1944:
Receipts,
448;
shipments,
221;
stocks,
432.
1
Includes old crop only; new corn not reported in stock figures until crop year begins in October and new oats and wheat until the crop year begins in July.
1The total includes wheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden bins, not included in the breakdown of stocks.
!Revised series. The indicated grain series have been revised as follows: All crop estimates beginning 1929; domestic disappearance of wheat and stocks of wheat in countr
SURVEY OF CURRENT BUSINESS
November 1945
1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
September
S-27
1945
1944
September
October
Novem- December
ber
January
February
March
April
May
June
July
August
FOODSTUFFS AND TOBACCO—Continued
GRAINS
AND G R A I N
PRODUCTS—Continued
Wheat flour:
Grindings of wheats
Prices, wholesale:
Standard patents (Minneapolis) §
Winter, straights (Kansas City)§
Production (Census) :^
Flour
Operations, percent of capacity
Offal
Stocks held by mills, end of month
thous. of bu_
dol. per bbl_
do_-_
49, 424
48,011
46,485
51, 287
46,893
51,284
50, 627
52, 281
54,460
6.55
6.26
6.55
6.22
6.55
6.20
6. 55
6.30
6. 55
6.24
6.55
6.30
6.55
6.49
6.55
6.43
6.55
6.38
6.55
6.39
6.55
6.22
6.55
6.22
11, 251 11,072
10,274
71.0
75.3
76.1
815, 807 893,834 886,299
3,377
11,926
78.1
954,507
11,658
76.1
942,823
3,068
11,350
77.2
924,648
11,839
74.5
957, 241
10, 235
70.1
795, 783
3,469
.toons, of bbJ.
_.-t.bous. of l b .
thous. of bbl_
LIVESTOCK
Cattle and calves:
Receipts, principal markets
thous. of animals
Shipments, feeder, to 8 corn belt States!
do___
Prices, wholesale:
Beef steers (Chicago)
__.dol. per 100 l b .
Steers, stocker and feeder (K. C.)
do___
Calves, vealers (Chicago)
_
do_-_
Hogs:
Receipts, principal m a r k e t s . . .
thous. of animals.
Prices:
Wholesale, average, fill grades (Chicago)
dol. per 1001b.
Hog-corn ratiof.bu. of corn per 100 lb. of live hogs_
Sheep and iambs:
Receipts, principal markets
. . . t h o u s . of animals.
Shipments, feeder, to 8 corn belt Statesf
do_..
Prices, wholesale:
Lambs, average (Chicago)
-dol. per 100 l b .
Lambs, feeder, good and choice (Omaha)
do...
46, 463
6.55
6.31
11,223
10,878 10, 551 10,192
71.6
69. 8
73.7
72.4
849, 492 828,573 807,183 894,085
3, 570
2,985
376
2,211
170
2,372
113
1,951
72
2,101
113
2,194
136
2,104
103
2,015
114
2.207
104
2,585
203
15.78
11.34
14.66
3, 587
525
15.95
11.50
15. 08
15.78
11.96
14.81
14. 87
11. 49
14.75
14. 71
12.40
14.75
15.12
13.00
14.88
15.64
13.60
15.66
16.14
13. 90
16.33
16. 38
14.23
15. 75
16. 58
13.73
15.69
16. 64
3 3.54
15.38
16.42
13.08
15.34
1,190
2;304
2,743
3,390
3, 365
3,361
2,013
2,082
1,932
2,019
1, 967
1,610
1,292
14. 54
12.6
14.42
11.7
14.49
12.2
14.19
12.6
14.66
12.9
14. 70
13.2
14.70
13.1
14.71
13.2
14. 71
13.1
14. 69
12.7
14.54
12.5
14.51
12.4
2,811
932
3,421
770
13. 51
12.43
3,732
835
13. 84
12.36
14.14
12.7
2,801
420
2,134
169
2,297
132
1,725
103
1,737
2,576
97
2,419
52
2,165
100
2,270
354
13.87
12.49
14.14
12. 50
15.02
12.99
1,643
77
16.00
13.83
16.31
13.90
16. 30
14.00
15.35
15.29
(*)
15. 55
C)
13.81
14.53
1,476
1,420
784
53
1,637
1,605
646
40
1,643
1,715
617
35
1,589
1, 761
675
37
1, 575
1,747
699
34
1,140
1,311
656
29
1,258
1,424
614
26
1,023
1,229
621
23
1,190
1,359
673
23
1,265
1,401
767
27
1,198
1,293
. 790
27
1,320
1,282
••696
27
713, 631 793,076
725,715
676, 618 680,247 619,118
669,407
529,081
2,791
339
2,863
367
in. 62
12. 25
14.44
13. 26
14.51
MEATS
Total meats (including lard):
Consumption, apparent
. . . m i l . of lb_.
Production (inspected slaughter)
-do
Stocks, cold storage, end of month©a*
do
Miscellaneous meats©cT-do
Beef and veal:
Consumption, apparent
thous. of lb_.
Price, wholesale, beef, fresh, native steers (Chicago)
dol. per R^Production (inspected slaughter)..
-thous. of lb_.
Stocks, beef, cold storage, end of month©cf
do
Lamb and mutton:
Consumption, apparent
do
Production (inspected slaughter)
do
Stocks, cold storage, end of month©d"
do
Pork (including lard):
Consumption, apparent
do
Production (inspected slaughter)
do
Pork:
Prices, wholesale:
Hams, smoked (Chicago)-..
dol. per lb__
Fresh loins, 8-10 lb. average (New York)
do
Production (inspected slaughter)
thous. of lb_.
Stocks, cold storage, end of month©cf
do
Lard:
Consumption, apparent
...do
Prices, wholesale:
Prime, contract, in tierces (N. Y.)
dol. per lb_.
Refined (Chicago)._
do
Production (inspected slaughter)
thous. oflb__
Stocks, cold storage, end of montho*
do
1, 252
5G8
24
.200
754,3S8
204,167
.200
.200
.200
690,170 762, 573 694,348
143, 530 127,119 114,589
78, 762
80,114
16,069
71, 179
9,446
87, 694
89, 675
17. 882
79,887
81,062
18,874
584, 341 569, 208 608, 407 727, 399
.200
.200
.200
.200
.200
.200
.200
.200
.200
658, 443 678, 745 632, 564 685,274 561, 247 604,142 617,147 601,405 708,187
107,171 116,093 133,132 152, 629 190, 224 215,013 266, 943 261,881 241,523
79,080 91,211 69, 346 77, 692 70,345
74,884
72, 656 75, 611 71,547
76,470 66, 942 77, 290 76, 918 72,335
81,200 90, 263 71,119
66,684
15,264 11,541
20,183
13,870
18,121
14,842 r 9,918
18, 258 17,195
426,044
683, 753 756, 573 837,517 833,262 803, 728 451, 085 511,280 423, 791 530,777 623,138 514,384 521,062
655, 519 752, 481 939,194 1,021,414 977, 737 607,032 662, 521 600, 377 677, 425 706, 956 619, 372 506,858
.258
.259
332, 064
213,173
.258
.258
.258
.258
.257
.258
503, 292 586,853 728,945
359, 023 296, 815 318,055
95, 010 109,644
(a)
.146
68, 268
58,945
P O U L T R Y AND E G G S
Poultry:
Price, wholesale, live fowls (Chicago)
dol. per l b . .
.239
Receipts, 5 markets
thous. of lb__ 56, 772
Stocks, cold storage, end of month d1
do
156, 483
Eggs:
Dried, production •
do
2,529
Price, wholesale, fresh firsts (Chicago) J-dol. per doz_.
.346
Production
__ .millions..
3, 422
Stocks, cold storage, end of m o n t h s
Shell
. . . t h o u s . of cases__
3, 763
Frozen
thous. of lb__ 203,094
C)
.138
111,344
168, 251
C)
.140
120,115
118,072
.258
.258
761,150
407,202
125,590
105,039
128, 966
31, 802
14,304
12, 849
56,229
80, 348
()
()
()
()
()
<)
()
()
.146
.146
152,956 171,924
90, 536 98,484
.242
.227
.228
46, 753 62, 047 62,046
187, 959 244, 075 268,128
r
.146
158, 069
81, 494
.146
.146
91,813 100,179
64, 770 49,728
.246
.255
.260
60, 236 33, 085 18,917
269,021 215, 532 183,889
23,946
.389
3,278
16, 835
.423
2,998
10, 610
.418
3,387
2,905
5,427
332, 565 279,175
1,045
220,180
411
165,933
34,860
39,043
40,214
37,399
40, 391
1,123
893
.134
1,778
1,185
972
.134
1,516
1,215
996
.134
1,352
1, 645
1,395
.134
1,450
1,118
957
.134
1,418
24, 988
.368
3, 536
r
.258
.258
.258
.258
.258
.258
.258
.258
.259
.259
.258
258
480*, 460 524,383 471, 559 528, 725 545, 395 474,830
366,185 325, 503 298, 448 305,996 333, 019 344,812
.258
.258
785,370
371,393
15,192
.380
4,146
50, 918
(a)
.146
.146
.146
.146
458 117,861 105,140
93,622 108,
64,
339
65,
899
79,285
53, 766
.264
.268
20,842 20,435
141, 708 117,755
.272
17, 683
102, 236
.258
.259
387,806
285,950
71,837
()
.146
86,506
.260
.251
.251
20, 245 27,688 38,041
97, 211 103,203 *• 114,192
17,845
.343
6,558
15, 716
.343
6,670
1,784
521
85, 499 114,814
3,823
169,526
38, 775
44,204
37, 573
36, 446
30, 979
24,164
29, 722
951
831
.134
1,380
1,014
844
.134
1,352
717
.134
1,407
678
519
.134
1,321
1,477
1,244
.134
1,338
1,387
1,161
.134
1,928
1,643
1,174
.134
2,076
14,134
.349
4,786
12, 523
.343
6,300
8,951
.351
5,295
7.937
.356
4,591
7,920
.378
3,941
5,432
6,120
5,926
231, 930 255, 936 248,675
r 4, 771
218,010
MISCELLANEOUS FOOD PRODUCTS
Candy, sales by manufacturers
thous. of d o l . . 35, 369
Coffee:
Clearances from Brazil, total
thous. of bags
1,644
T o United States
do
1,380
Price, wholesale, Santos, No. 4 (N. Y.)—dol. per l b . .
.134
Visible supply, United States
.thous. of bags..
2,352
Fish:
Landings, fresh fish, principal ports
thous. of l b . .
Stocks, cold storage, end of month
do
127,965
43,015 35, 891 25, 746 17,297
16, 794 20, 073 36, 786 36, 356 55, 298 69, 322 61,113
54, 254
131,584 130,914 128, 223 111,956
78, 971 52,965
39,830 32, 509 40, 516 ' 58, 438 80,523 '108,999
Revised.
• No quotation.
XCompiled by the U. S. Department of Labor; see note in April 1944 Survey.
§Prices since May 1943 have been quoted for sacks of 100 pounds and have been converted to price per barrel to have figures comparable with earlier data.
fThe hog-corn ratio has been shown on a revised basis beginning in the March 1943 Survey; revised data beginning 1913 will be published later. The series for feeder shipments
of cattle and calves and sheep and lambs have been revised beginning January 1941 to include data for Illinois; revisions are shown on pp. S-26 and S-27 of the August 1943 Survey.
•New series; annual figures beginning 1927 and monthly figures for 1941-43 are shown on p. 20 of the March 1945 issue.
©Miscellaneous meats includes only edible offal beginning June 1944; trimmings formerly included in "miscellaneous meats" are now distributed to the appropriate meat items.
The total includes veal, shown as a new item in the original reports beginning June 1944 (some of this veal formerly may have been included with trimmings in "miscellaneous
meats"), and also beginning June 1944, data for sausage and sausage products and canned meats and meat products which were not reported previously; separate data for these items
through July 1945 are given in notes in earlier issues; August and September 1945 data are as follows (thousands of pounds): Veal—August, 9,363; September, 9,118; sausage and suasage
products— August, 33,488; September, 30,384; canned meats and meat products—August 20,128; September, 18,326.
^Data relate to regular flour only; in addition, data for granular flour have been reported beginning 1943; see note in previous Surveys for data through July 1945. Granular flour
data for August 1945: Wheat grindings 3,201,000 bushels; production, 699,000 barrels; offal, 55,319,000 pounds; percent of capacity, regular and granular flour combined, 78.9.
cf Cold storage stocks of dairy products, meats, and poultry and eggs include stocks owned by the D . P . M . A., W. F . A., and other Government agencies, stocks held for the
DigitizedArmed
for FRASER
Forces stored in warehouse space not owned or operated by them, and commercial stocks: stocks held in sDace owned or leased by the Armed Forces are not included.
r
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
1945
September
November 1945
1945
1944
September
uootober
ct0Der
November
December
January
February
March
April
May
June
July
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS—Con.
Sugar:
Cuban stocks, raw, end of month§
thous. of Span. tons...
United States, deliveries and supply (raw value):*
Deliveries, total
..short tons.For domestic consumption
do
For export
do
Production, domestic, and receipts:
Entries from off-shore areas, total
-do
From Cuba
do
From Puerto Rico and Hawaii- . do
Other
do
Production, domestic cane and beet- . - do
Stocks, raw and refined
do
Price, refined, granulated, New York:
Retail
dol. p e r l b . .
Wholesale
do
r 2, 150
1,913
1,027
1,127
1,130
1,386
1,776
2,359
2,101
1,777
483,295 '661,395
464, 516 r 652, 724
r
18, 779
8, 671
649, 792
640, 706
9,088
592,731
580,186
12, 545
615, 732
589, 507
26, 225
599, 417
559,159
40, 258
499,486
477, 456
22,030
653, 706
605, 089
48,617
589, 226
552,100
37,126
619, 781
581, 350
38,431
578, 590
560, 858
17, 732
514, 500 r540,129
492, 561 r513,695
21, 939 ' 26,434
455, 075 417,485 462,960 471, 258 392, 680 579,633
376,110 353,656 357,396 439,055 340, 752 477.157
87, 548
27, 678
94, 241
72,172
57,036
38, 698
18, 016
4,525
8,235
6,793
6,793
13, 230
53, 617
15, 952
14,139
391, 506 605, 515 325, 739
642,165 1,054,005 1,226,474 1,147,957 1,053,052 1,003,723
540, 355
399,052
137, 736
3,567
3,946
961, 330
476, 866
270,886
197, 999
7,981
8,805
828,167
417,489
202, 674
207,401
7,414
9, 519
684, 020
441.594
197; 215
237, 779
6, 600
8,644
604,140
464,037
294.356
165,890
3,791
16,161
542, 231
.066
.054
.066
.054
.064
.054
.064
.051
.065
.054
795
412,128
211,525
174,374
26,229
378, 550
282, 044
88, 386
8,120
49,873
r
463,801
.064
.054
.066
.054
TOBACCO
Leaf:
2
2,037
Production (crop estimate)
mil. of lb
Stocks, dealers and manufacturers, total, end of
quarter
mil of lb
Domestic:
Cigar leaf
do
Firp-onrpd and dark air-rnred
do
Flue-cured and lisht air-cured
do
Miscellaneous domestic
do
Foreign grown:
Cigar leaf
do
Cicarette tobacco
do
Manufactured products:
Consumption (tax-paid withdrawals) :1[
26, 360
Small cigarettes
millions.
Large cigars
thousands.- 420,623
Mfd. tobacco and snuff
thous. of lb_. 27,553
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
Scrap, chewing
Smoking
Snuff
Twist
.
.
do...
do
do _
do
.064
.054
(°)
.054
(B)
.054
(a)
.054
.065
.054
.066
.054
1,516
975
i 1,950
2,731
3,047
3,173
2,763
323
231
2,085
2
298
225
2,436
2
377
275
2,442
2
369
236
2,051
2
24
65
30
56
27
49
26
78
20, 021
391,492
25, 335
19. 771
411,894
28,793
20, 554
446,325
30,729
17, 826
395,499
26,017
20, 077
379, 420
27, 519
16, 673
388, 629
25,089
18, 679
417, 521
27,045
17, 090
388, 436
25, 212
21, 280
413, 693
28,074
24, 311
403, 023
26, 266
21,815
350, 756
24,482
28,478
420,922
28,905
6.006
26, 364
349
4,890
4,407
12,944
3,231
543
6.006
30,637
348
5, 365
5,015
15, 491
3,809
610
6.006
32,168
371
5,687
4,720
16,973
3,850
567
6.006
27,039
341
4,776
4,207
13,934
3,281
499
6.006
29,770
373
5,115
4,532
15,096
4,072
582
6.006
26,421
309
4,450
4,216
13, 404
3,516
526
6.006
29,905
330
5,416
4,564
14, 758
4,214
624
6.006
27,821
323
5,011
4,268
13, 769
3,876
574
6.006
29, 774
329
5,274
4,383
15,106
4,076
606
6.006
28,529
333
5,060
4, 311
14. 820
3,400
605
6.006
26, 276
301
5,019
4,094
13,185
3,153
523
6.006
LEATHER AND PRODUCTS
HIDES AND SKINS
Livestock slaughter (Federally inspected):
Calves
thous. of animals
Cattle
.
do . . Hogs
do
Sheep and lambs
do
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers
dol. per lb__
Calfskins, packers', 8 to 15 lb_.
do .LEATHER
Production:
Calf and kip
. _
.thous. of skins _
Cattle hide _ _
thous. of hides
Goat and kid
thous. of skins
Sheep and lamb
.
do
Prices, wholesale:
Sole,oak, bends (Boston)f
dol. p e r l b . .
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
666
1,358
1,922
1,658
753
1,310
3,521
2,003
920
1,451
4.223
2,238
874
1,336
5,258
2,013
669
1,275
5,663
1,934
560
1,284
5,299
2,073
442
1,149
3,267
1,522
575
1,213
3,474
1,723
477
979
3,066
1,507
522
1,045
3,375
1,824
486
1,060
3, 382
1,906
482
1,050
2, 752
1,742
609
1,292
2,206
1,563
.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
.218
942
1,985
1 676
940
2,222
2,735
4,334
1,006
2,224
2,900
4,532
948
2,292
2,794
4,523
879
2,178
2,465
4,122
957
2,395
2,543
4,433
925
2,391
2,104
4,350
996
2,475
2,536
4,332
972
2,333
2,191
4,124
1,000
2,467
2,266
4,418
1,083
2, 352
2,015
4,012
858
2,148
1,745
3,651
950
r 2, 134
1,778
4,359
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
.440
.529
12 777
7,421
5 356
11,193
6,970
4,223
11, 476
6,974
4,502
11,658
7,041
4,617
11,857
7,070
4,787
11, 978
7,057
4,921
11,991
7,051
4,940
11,967
6,955
5,012
11,934
6, 862
5.072
11,917
6,905
5,012
11, 729
6.761
4,968
11,951
6,965
4,986
38,514
4,041
34, 473
208
40,302
4,284
36,017
256
39,111
4,191
34,921
241
35, 366
3,884
31,482
224
39,670
4,326
35,344
300
38,871
4,265
34,606
265
43,935
4,937
38,998
332
41,519
4,956
36, 563
311
43, 818
5,494
38,324
346
43, 985
5,440
38, 544
271
r
36,338
4,654
31,684
r
178
41, 53G
4,403
37,133
237
'21,888
1,346
2,488
2,974
5,153
9,927
6,126
5,981
271
23,044
1,336
2,728
3,163
5,423
10, 394
5,487
6,964
266
22,157
1,257
2,677
2,983
5,423
9,817
5,147
7,022
354
20,624
1,153
2,418
2,863
5,038
9,152
5,162
5,101
372
23,355
1,206
2,807
3,372
5,475
10,495
6,675
4,865
149
21,927
1,182
2,634
3,327
5,280
9,505
7,617
4,641
157
23, 384
1,074
2,900
3,618
5,373
10,419
9,968
5,199
115
20,522
924
2,643
3,449
4,431
9,075
10, 648
4,963
119
20,432
961
2,442
3,721
4,292
9,017
12,190
5,224
132
19,893
985
2, 380
3,681
4,184
8,657
12,929
5,184
268
' 17, 320
'998
2,042
r
3,062
r 3,824
* 7, 394
' 9,372
r 4,608
206
19, 764
1,071
2,314
3,409
4,660
8,308
10,672
6,22£
22S
r
r
12,245
r 7, 072
5,173
r
LEATHER MANUFACTURES
Boots and shoes:t
Production, total
thous. of pairs
Government shoes
.do..
Civilian shoes, total
.
do
Athletic®...
do
Dress and work shoes, inch sandals and playshoes:
Leather, uppers, total®
thous. of pairs
Boys' and youths'.. «
do
Infants'
__do__
Misses' and children's
do
Men's
__
....
.do
Women's
_
, __do
Part leather and nonleather uppers®
do_.
Slippers and moccasins for housewear
do..
All other footwear <g>
_.__..
do
r
r
2
a
Revised.
* December 1 estimate.
October 1 estimate.
Not available.
§ For data for December 1941-July 1942, see note in November 1943 Survey.
*New series compiled by U. S. Department of Agriculture; represents both raw and refined sugar in terms of raw sugar (see also note in April 1945 Survey).
ITax-paid withdrawals include requirements for consumption in the United States for both civilians and military services; withdrawals for export and for consumption outside
the United States are tax-free.
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.
® See note for boots and shoes at the bottom of p. S-23 of the July 1945 Survey for explanation of changes in the classifications.
X The 1944 data were revised in the July 1945 Survey to include late reports and to exclude reconstructed Government shoes which are not included in the 1945 data; revisions for
January-April 1944, and earlier revisions for January-May 1943, which have not been published, will be shown later. The manufacturers reporting the revised 1943 and later data
account for practically the entire production of footwear other than rubber; earlier data were estimated to cover about 98 percent of the total.
November 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found i n t h e
1942 Supplement to the Survey
1945
September
S-29
1944
September
October
1945
Novem- December
ber
January
February
March
April
May
June
July
August
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
National Lumber Manufacturers Assn.:f
Production, total
mil. bd. ft_
Hardwoods
do...
Softwoods...
do
Shipments, total
.do...
Hardwoods
_
do__.
Softwoods....
do___
Stocks, gross, end of month, total
_do___
Hardwoods
do
Softwoods
_
_
do_._
2.276
440
1,836
2,366
491
1,875
3.361
774
2,587
2,525
494
2,031
2,552
536
2,015
3,316
732
2, 585
2,530
490
2,040
2,460
496
1,964
3,390
726
2,664
2,232
505
1,727
2,208
487
1,721
3,489
* 792
2,697
160,318
81,995
160,191
80,000
150,143
73,066
667,067 828, 697 764,182
707, 387 873, 681 809,627
598.447 602, 339 600,726
162, 818 155,837
78,882 76,104
829, 247 775,738
881, 774 818,793
576,310 579,816
832,104
857,900
586,587
823,236 771, 723
855,014 804,302
592,184 576, 246
112,028 126, 886 118,564
114, 774 123, 965 117,996
28,439 30, 952 30,553
128, 572 115,953
129, 418 116,000
28, 913 28, 652
122,163
121,018
30,103
121, 283
124,795
25, 907
2,682
581
2,101
2,575
536
2,039
4,185
1,125
3,060
2,686
598
2,088
2,617
571
2,046
4,241
1,143
3,098
2,429
544
1,885
2,455
558
1,897
4,177
1,105
3,072
2,170
484
1,686
2,267
490
1,777
4,031
1,030
3,001
154,292
68,671
153,163
147, 505
71,762
138,915
65,652
758, 512 785,800
778,558 808,669
592,612 601,127
762,116
786,856
124,989
126,606
30,487
127,368
126,717
31,351
127,192
127,371
31,080
2,133
374
1,759
2,373
522
1,851
4,037
1,082
2,955
2,110
457
1, 653
2,270
498
1,772
3,684
932
2,752
2,311
471
1,840
2,529
579
1,950
3,471
825
2,646
2,474
565
1,909
2,389
I 506
1,883
3, 559
851
2,709
PLYWOOD AND VENEER
Hardwood plywood, production:*
Cold press
thous. of sq. ft., measured by glue line.
Hot press
_
do...
Hardwood veneer:*
Production
thous. of sq.ft., surface areaShipments and consumption in own plants
do...
Stocks, end of month
do...
Softwood plywood:*
Production
thous. of sq. ft., %" equivalent.
Shipments
do.__
Stocks, end of month
do...
71, 533
158,106 145,440
78, 022 70,770
85, 579 113, 633
81, 9G6 112,050
28,055 29, 612
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_ .
2, 800
6, 500
2,875
2,950
2,375
2,725
7,075
3,775
3,775
4,750
3,9C0
6,500
3,775
4,375
4,325
4,675
7,300
3,375
4,050
3,650
3,650
6,925
3,375
3,650
3,325
4,625
7,925
3,525
3,650
2,900
3,675
8,550
3,100
2,875
2,900
3,225
8,475
3,125
3,425
2,550
2,575
7,625
3,000
3,275
2,200
2,775
7,050
3,175
2,750
2,500
2,775
7,200
3, 325
2,975
2,775
2,900
7,200
2,925
2,600
3,050
2,975
6,525
2,925
3, 575
2,375
.do___
do_._
.do...
.do...
do...
14, 608
33,992
15,049
15,180
2,804
17,635
37,169
15, 790
16,464
4,095
17,644
36,843
17,135
17,970
3,791
17,100
36, 554
17, 547
17,389
3,949
15,135
36, 921
15,418
U, 716
4,456
16, 755
37, 823
16,630
15, 905
5,197
16.382
38^ 248
15,656
15, 957
4,696
22, 996
45,345
16,000
16,899
3,797
16, 799
45, 462
14, 522
15, 681
2,638
14, 210
41, 487
16, 897
18,186
1,925
11, 566
37, 578
15, 688
15, 477
2,475
10,047
33,494
14,034
14,129
2,380
12, 595
30,858
15. 500
15,231
2,463
34. 790
44.100
34.300
44.100
33.810
44.100
33.810
44.100
33. 810
44.100
33.810
44.100
33.810
44.100
33.810
44.100
33. 810
44.100
34. 398
44.100
34. 700
44.100
34. 790
44.100
34. 790
44.100
568
676
634
873
664
876
545
668
676
936
707
981
641
965
626
876
621
850
599
524
695
)
546
587
41.172
55.480
654
648
1,159
41.172
(2)
666
661
1,164
()
699
715
1,131
()
670
647
1,154
()
600
641
1,113
()
652
637
1; 128
496
475
394
383
()
585
593
1,180
346
362
()
637
657
1,147
557
504
41.172
(2)
559
568
1,187
386
378
()
665
678
1,167
422
360
41.172
(2)
644
612
1,196
417
420
505
433
449
437
466
398
548
421
387
440
412
351
35.30
418
412
971
34.52
573
521
1,085
34.71
556
526
1,115
34.62
413
472
1,057
34.61
367
428
997
34.42
308
388
915
34.73
305
368
852
34.84
371
434
789
34.79
427
445
771
34.79
553
504
820
34.84
583
526
877
34.75
553
495
935
34. 88
532
502
965
478
672
406
414
378
640
1,070
652
654
482
604
983
652
656
478
602
926
633
624
475
529
884
589
600
470
735
982
638
623
495
614
993
596
614
432
687
1,015
616
635
417
532
971
570
538
429
-618
954
566
597
381
597
951
5S8
578
393
431
964
392
394
409
557
685
509
531
375
30, 599 34,653
80, 235 101,121
32, 773 39, 092
29, 581 34, 901
56, 569 62, 521
31, 208
77,851
40, 747
35,348
63, 521
26,330
70, 478
37, 265
33.049
66,123
29, 631
70,186
29, 562
28,871
74,311
53, 795
90, 797
34, 535
33, 512
72, 074
36,497
94,155
31,057
33,037
68, 566
38, 752 41, 523
96,628 103, 245
33, 234 33, 7J9
33, 712 34, 299
66,105 64,121
30,301 36, 653 38,071
97. 581 100, 342 107, 552
36, 343 35,108 30,695
37,191
34, 436 30,843
61, 640 60,145
58,321
30,966
79,025
34, 645
35,864
55,495
58
56
53
54
54
53
47
SOFTWOODS
Douglas fir, prices, wholesale:
Dimension, No. 1, common, 2 x 4—16
dol. per M bd.ft.
Flooring, B and better, F. G.f 1 x 4, R. L
.do...
Southern pine:
Orders, newf
...mil. bd. ft.
Orders, unfilled, end of monthf
do
Prices, wholesale, composite:
Boards, No. 2 common, 1" x 6" and 8"t
dol. per M bd.ft.
Flooring, B and better, F . G., 1 x 4f
...do...
Production!
mil. bd. ft.
Shipments!
...do__.
Stocks, end of month!..
do___
Western pine:
Orders, newf
_
do_._
Orders, unfilled, end of monthf
do...
Price, wholesale, Ponderosa, boards, No. 3 common,
1" x 8"
dol. per M bd. ft.
Productionf___
mil. bd. ft.
Shipmentsf
do
Stocks, end of monthf
_
do....
West coast woods:
Orders, newt
,
__do
Orders, unfilled, end of month
do....
Production f
do
Shipments!do__~
Stocks, end of month
do
Redwood, California:
Orders, new
M bd. ft.
Orders, unfilled, end of month
do
Production
do.__
Shipments
do...
Stocks, end of month...
do
()
650
649
1,188
FURNITURE
All districts, plant operations
percent of normal.
Grand Rapids district:
Orders:
Canceled.
.percent of new orders.,
New
no. of days'production..
Unfilled, end of month
do
Plant operations
percent of normal..
Shipments
._.no. of days'production..
52
54
3
12
70
49
13
»• Revised.
* Not available.
*New series. The plywood and veneer series are from the Bureau of the Census and are practically complete. Data beginning September 1941 for softwood plywood are shown
on p. 16 of the September 1944 Survey; data beginning September 1942, for hardwood veneer are published on p. 14 of the November 1944 issue. The hardwood plywood figures published prior to the May 1945 Survey have been revised owing to corrections received from one company; the revised figures through May 1944 are on p. 23.
fRevised series. Data for the indicated lumber series as published in the 1942 Supplement and in the statistical section of the monthly Survey prior to April 1945 issue have been
revised as follows: TotaHumber stocks, total softwood stocks, and Southern pine stocks and unfilled orders beginning 1929; hardwood stocks, beginning 1937; Western pine new orders,
unfilled orders and stocks beginning 1942; West Coast woods new orders, production, and shipments beginning 1938, and all other series beginning 1941. The revisions reflect largely
adjustment of the monthly series to 1941-43 annual data collected by the Bureau of the Census. Revisions through 1939 for total lumber stocks and total softwood and hardwood
stocks and through 1941 for other series are available in a special table on pp. 27 and 28 of the March 1943 Survey except that 798,000,000 should be added to the published stock figures
for total lumber, total softwoods and Southern pine, and 111,000,000 to Southern pine unfilled orders (these additions are to carry back a revision to include data for concentration
yards); all revisions are available on request. The Census for 1942 and 1943 included many mills in the Eastern States not previously canvassed; this affects the comparability of
current statistics with those for years prior to 1942 for Southern pine and for total lumber, total softwoods, and total hardwoods. U. S. Forest Service estimates of total lumber production
for 1939-41, based on census data adjusted for incomplete coverage, and census total for 1942 are shown in the table on p. 22 of the February 1945 issue (revisions for 1943 and
1944 totals in that table, 34,289 and 32,554, respectively). The revised price series for Southern pine each represents a composite of 9 series; for comparable data beginning August 1942,
http://fraser.stlouisfed.org/
See note at bottom of p. S-35 of the June 1944 issue.
Federal Reserve Bank of St. Louis
S-30
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to t h e Survey
1945
September
November 1945
1945
1944
September
October
Novem- December
ber
January
February
March
April
May
June
July
August
METALS AND MANUFACTURES
1
IRON AND STEEL
Iron a n d Steel Scrap
5,025
5,008
5,246
5,070
Consumption, total*
thous. of short tons
2,890
2,999
2,884
3,099
Home scrap* -do
2,141
2,118
2,071
2,147
Purchased scrap*
__ _ __
. . . __ do
5,370
4,791
4,425
5,080
Stocks, consumers', end of month, total*
do
1,715
1,453
1,528
1,635
Home scrap* _.
.
do
3,655
2,972
3,445
3,263
Purchased scrap* __
_. -__ _.
do _
Iron Ore
Lake Superior district:
6,950
6,883
5,837
7,090
7,320
Consumption byfurnaces
thous. of long tons..
11, 329
4, 672
10,543
10, 595
0
Shipments from upper lake ports
-- do
41,943
44, 722
37,824
45, 343
Stocks, end of month, total_
do . . 39, 549
35,684
36, 684
32, 883
39, 249
39, 546
At furnaces ____
_ do
5,259
3,865
4,941
5,473
5,797
On Lake Erie docks
do
Pig Iron and Iron Manufactures
744,954 780, 453 760, 383 741, 534
Castings, gray iron, shipments*
short tons
Castings, malleable:*?1
49, 502
69, 972
76, 536
48,149
Orders, new, net
_
do
74,628
79, 629
76,187
80, 505
Production
_ _ _ _ _ _
do
72,821
76, 882
76,831
77, 528
Shipments
do
Pig iron:
4,893
5,108
4,887
4,959
Consumption*
thous. of short tons
Prices, wholesale:
24.50
23.50
23.50
23.50
23.50
Basic (valley furnace)-.
dol. per long ton
25.17
24.17
24.17
24.17
24.17
Composite
_
do
24.00
25.00
24. 00
24.00
24.00
Foundry, No. 2, Neville Island*
.do
4,227
4,988
4,904
4,999
5,200
Production*
__ thous. of short tons
Stocks (consumers' and suppliers'), end of month*
1,617
1,590
1,536
1,492
thous. of short tons..
Boilers, range, galvanized:
51, 288
71,163
76,249
74,085
Orders, new, net
number of boilers
76, 432
83, 637
91,616 112,638
Orders, unfilled, end of month
do
54,589
69, 389
52,089
63, 022
Production-.
do
55, 552
66, 880
56,606
63,184
Shipments
do
13,808
11,736
16,317
16, 253
Stocks, end of month _ . _
______
do
Steel, Crude and Semimanufactured
Castings, steel, commercial:
129, 817 146,116 120, 667 138,666
Orders, new, total, net.. _
short tons
30, 259
14,371
16,173
20, 937
Railway specialties
._ __ _.
do
144,458 150,719 146,411 144,162
Production total
do
28, 949
26,939
25,660
27,660
Railway specialties
__ _
do
Steel ingots and steel for castings:
6,008
7,235
7,366
7,621
7,279
Production
_ _.
thous. of short tons
77
94
94
93
96
Percent of capacity.
Prices, wholesale:
.0265
.0265
.0265
.0265
Composite, finished sieel
dol. per lb__ .0275
36.00
34.00
34.00
34.00
34.00
Steel billets, rerolling (Pittsburgh)... dol. per long ton.
.0210
.0210
.0210
.0210
Structural steel (Pittsburgh)
dol. per lb__ .0210
18.75
18.69
16. 90
18.69
17.00
Steel scrap (Chicago)
dol. per long ton
U. 8. Steel Corporation, shipments of finished steel
1,322
1,734
1,744
1,775
1,768
products.
-.
thous. of short tons
Steel, Manufactured Products
Barrels and drums, steel, heavy types:1
6,666
6,824
6,742
6,747
Orders, unfilled, end of month
thousands..
1, 394
1,659
1,584
1, 575
Production
do
1,665
1,594
1, 390
1,565
Shipments
do
47
52
41
0/
Stocks, end of month _. _ __
_ __ do Boilers, steel, new orders:
1,579
925
831
904
914
Area.
_
__
_
thous. of SQ. ft
1,371
692
757
699
538
Quantity
number..
3,258
3,060
3,302
2,818
3,155
Porcelain enameled products, shipments? thous. of dol..
347
464
316
383
414
Spring washers, shipments
_
do
Steel products, production for sale:«
4,965
5,157
5,184
5,161
Total
thous. of short tons.
474
497
499
471
Merchant bars
do
503
501
512
510
Pipe and tube
do
936
819
957
900
Plates. _
do
209
214
204
214
Rails
do
802
828
833
841
Sheets
do
103
97
98
100
Strip—Cold rolled
do
113
121
121
127
Hot rolled
.
do
302
306
311
312
Structural shapes, heavy
_. ___ do __
234
204
202
205
Tin plate and terneplate©
do
342
360
369
354
Wire and wire products
_
do
5,048
2,883
2,165
4,173
1,445
2,728
4,714
2,658
2,056
4,116
1,465
2,651
5,476
3,078
2,398
4,084
1,406
2,678
5,229
2,881
2,348
4,155
1,365
2,790
5,347
2,949
2,398
4,174
1,327
2,847
4,944
2,704
2,240
4,120
1,312
2,808
4,686
2,608
2,078
4,044
1,278
2,766
6,983
0
30,889
26,445
4,444
6,371
0
24,577
20, 815
3,761
7,082
0
17,304
14,996
2,307
6,642
7,282
16,429
14,469
1,960
6,872
11,121
20, 715
18, 584
2,131
6,397
10,621
24,847
22, 419
2,429
6,532
11,372
29,485
26, 677
2,808
791,395
752, 266
857,616
773,988
798,055
781,935
689,711
682,826
97,153
83, 742
78, 788
79, 913
78, 385
75, 220
98,979
86,175
85, 307
78,075
77,042
76,065
83, 421
83,013
79,565
35, 603
71,783
71,992
58,589
53,805
55, 813
-13,029
54,026
52, 647
4,911
4, 528
5,205
4,782
4,918
4,505
4,594
23.50
24.17
24.00
4, 945
24.00
24.71
24.50
4,563
24.50
25.17
25.00
5,228
24.50
25.17
25.00
4,786
24.50
25.17
25.00
5,016
24.50
25.17
25.00
4,605
24.50
25.17
25.00
4,801
1,447
5,658
10, 732
34, 781
31, 533
3,248
24.50
25.17
25.00
4,249
1,379
1,363
1,291
1,275
1,318
1,346
112, 726
170, 727
54, 550
55,014
11, 228
111, 640
219, 775
63,152
62,592
11,788
131,632
281, 488
66,165
69,919
8,034
93, 798
324,986
49,256
50,300
6,990
74,641
341,121
59, 986
58, 506
8,470
68,155
344,053
65,638
65, 223
8,885
65, 846
348,003
61,783
61,896
8,772
210,182
39,121
157,176
25, 267
214,408
38, 537
146,165
23,159
203,170
28,746
166,896
27,268
177, 707
37,000
150,281
24,150
89,790
21,556
145,092
24,116
130,152
28, 259
125,126
28,192
110,681
37, 268
99, 606
26,622
7,206
89
6,655
91
7,708
95
7,292
93
7,452
92
6,842
87
6,987
86
' 5,736
T 71
.0269
34.00
.0210
18.75
.0271
34.00
.0210
18.75
.0271
34.00
.0210
18.75
.0271
34.00
.0210
18.75
.0272
34.40
.0210
18.75
.0275
36.00
.0210
18.75
. 0275
36.00
.0210
18.75
.0275
36.00
.0210
18.75
1,569
1,562
1,870
1,723
1,798
1,603
1,609
1,332
7,522
1,837
1,809
70
7,251
1,684
1,698
51
6,917
1,945
1,944
53
6,917
1,972
1,971
53
7,130
2,143
2,145
51
8,985
2,028
2,036
43
8,646
1,851
1,851
43
4,132
1,903
1,902
44
2,191
1,138
3,029
477
1,124
1,024
2,743
419
1,366
909
3,207
495
901
836
3,146
433
1,202
828
3,178
476
1,628
946
3,196
500
1,626
1,075
2,893
397
4,940
451
506
743
199
843
109
118
259
237
348
4,776
465
461
664
194
825
107
119
262
207
330
5,632
532
578
736
212
984
121
127
296
288
393
5,254
509
544
628
189
917
118
121
273
285
363
5,417
526
560
686
200
969
112
116
316
261
381
4,922
481
531
572
181
907
111
120
297
287
350
4,697
463
519
518
202
872
101
113
309
269
314
4,124
398
436
437
186
841
94
100
286
245
314
. 0358
.0375
.0375
.0375
.0375
.0375
.0375
.0375
103.2
66.2
225.8
104.0
65.9
227.8
95.0
55.6
192.7
95.8
47.5
170.2
91.6
72,803
357, 221
66,085
63,585
11, 272
r
1,433
' 1,193
3,382
375
NONFERROUS METALS AND PRODUCTS
Aluminum:
Price, wholesale, scrap castings (N. Y.)_.dol. per lb_
Production:*
Primary
mil. of lb
Secondary recovery
do
Aluminum fabricated products, shipments*
_do__-
.0375
63.2
.0362
94.9
47.0
211.2
.0327
96. 8
43.4
199.2
r
.0317
88.9
48.0
208.2
.0312
93.7
46.3
165.1
97.3
62.3
200.3
91.3
61.8
195.8
106.2
67.6
231.3
Revised.
^Beginning 1943 data cover virtually the entire industry.
©Designated "tin plate" prior to the July 1944 Survey but included terneplate.
cf Beginning July 1944 the coverage of the industry is virtually complete;the coverage was about 97-98 percent for September 1942-June 1944 and 93 percent prior thereto.
§Begmning January 1945, percent of capacity is calculated on annual capacity as of Jan. 1,1945, of 95,501,480 tons of open-hearth, Bessemer, and electric steel ingots and steel for
castings; data for July-December 1944 are based on capacity as of July 1, 1944 (94,050,750 tons.)
{Data cover 69 manufacturers: 30 on the reporting list for Jan. 1.1942 discontinued shipments of these products for the duration of the war.
•Beginning 1944 data rep
'
' '
' —
• - -.._,-—
-• - - •
., industry, as formerly. For K
Survey; later data are available on p. S 30 of the April 1942 and subsequent issues. The new series on pig iron production is from the American Iron and Steel Institute and is approxi—-' '
•• . . . .
,
,,,..,.-!. x^.r,
' m e n t are in short tons instead of long tons as indicated); see p. S-30 of the May 1943 Survey
for about 98 percent of the total tonnage of the gray ii.
_.
i Cancelations exceeded new orders by the amount shown above as a negative item.
SURVEY OF CURRENT BUSINESS
November 1945
1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
Sep1942 Supplement to the Survey
tember
S-31
1944
September
October
1945
Novem- December
ber
January
February
March
April
May
June
July
August
METALS AND MANUFACTURES—Continued
NON FERROUS METALS AND PRODUCTS—Con,
Bearing metal (white-base antifriction), consumption
and shipments, total.
thous. of lb__
Consumed in own plantsj
do
Shipments!
do
Brass sheets, wholesale price, mill
dol. per lb__
Copper:
Price, wholesale, electrolytic, (N. Y.)
dol. per lb..
Production :d*
Mine or smelter (incl. custom intake)..short tons..
Refinery
_
do
Deliveries, refined, domesticd"
.do
Stocks, refined, end of months
do
Lead:
Ore, domestic, receipts (lead content)cf
do
Refined:
Price, wholesale, pig, desilverized(N. Y.)..dol. per lb. _
Production, totald".short tons..
From domestic orecf
do
Shipmentscf
do...
Stocks, end of months
.do...
Magnesium production:*
Primary
mil. of lb.
Secondary recovery
do_..
Tin, wholesale price, Straits (N. Y.)._
dol. per lb.
Zinc, slab:
Price, wholesale, prime, Western (St.
Louis).—
dol. per lb__
Productioncf
short tons.
Shipmentscf
..
do...
Domestlcc?--do...
Stocks, end of monthcf
„
do...
3,968
1,101.
2,868
.195
4,588
1,215
3,373
.195
.1178
.1178
64,369
45,145
83, 362
68, 791
82,776
88,384
118,054
51,412
5,300
1,129
4,171
.195
4,780
971
3,809
.195
.1178
.1178
82,653
76,466
89,068 87,145
126, 590 127, 517
49,358
58,051
4,998
1,303
3,696
.195
4,302
1,221
3,082
.195
5,439
1,314
4,125
.195
4,886
1,113
3,773
.195
6,016
1,303
4,713
.195
5,792
1,282
4,510
.195
' 5,185
1,304
3,881
.195
.1178
.1178
.1178
.1178
.1178
.1178
.1178
76, 799 73, 754 67,496 76, 537 74, 392 74,469
82,649 67, 726 69, 950 76, 395 75,436 85, 319
156, 800 145, 904 172, 585 218,488 161,111 139, 203
55, 453 63, 841
66, 780 59, 715 57,142 51,861
72,271
74, 377
94,031
70, 738
4,404
1,187
3,218
.195
5,445
1,293
4,152
.195
.1178
.1178
72,855 ' 68,253
72, 995 69,127
88,661
86,840
76,166 80, 316
- 31,803 '31,616
31, 266
31,489
31,395
30,498
33, 867
31,046
34,841
33,925
34,652
.0650
35, 923
34,699
39, 701
36, 514
.0650
38,614
35, 717
43,586
23,911
. 0650
42,997
34, 642
42, 303
24, 595
.0650
42,842
36,112
43,513
23,915
.0650
46,052
40, 264
50,420
19, 536
. 0650
49, 099
45, 463
40,887
27, 738
. 0650
46,616
38, 699
44, 213
30,141
.0650
48,029
39,077
47, 249
30,909
.0650
46, 511
39, 725
44,179
33, 234
.0650
45, 848
42,126
40,585
38,488
. 0650
38, 626
34, 513
39.658
37, 452
. 0650
40, 300
33, 232
36, 597
41,145
.0650
32,691
27, 552
33,517
40, 310
.5200
18.5
2.7
.5200
16.6
2.8
.5200
12.5
2.1
.5200
8.5
1.8
.5200
7.7
2.5
.5200
2.1
.5200
6.4
2.8
.5200
6.9
2.3
.5200
9.2
2.1
.5200
9.1
1.4
.5200
.0825
61, 600
41,828
41,357
233, 328
. 0825
.0825
66,891 68, 781
67,871
65,150
64,927 67,820
243, 434 244,344
.0825
. 0825
67,432 70,035 70, 492
65, 559 78, 732 92, 453
65,519 78, 710 89,949
246,217 237,520 215, 559
ao
6.7
2.8
.5200
6.4
2.8
". 5200
.0825
.0825
.0825
.0825
64,723 71, 739 68, 223 69,440
82, 855 94,494 74, 356 66,972
82, 650 94, 296 74, 313 66,839
197,427 174, 672 168, 539 171,007
31,668
.0825
.0825
.0825
66,607 65,830
64,753
54, 477 51,909 ' 48,255
54, 023 51,803 ' 48,084
183,137 197,058 213, 556
MACHINERY AND APPARATUS
13, 266
Blowers and fans, new orders.
thous. of dol_. 10,191
10,390
11,780
8,788
Electric overhead cranes:§
1,331
522
1,146
1,898
807
1,133
1,795
Orders, new
do
518
410
640
602
850
5,032
7,016
3,714
4,579
4,738
Orders, unfilled, end of month
"_
do
8,274
4,292
4,493
4,630
4,226
4,587
4, 530
5,622
746
411
597
599
Shipments
_
do...
461
795
655
522
569
683
549
581
Foundry equipment:
526.5
375.4
532.2
388.0
411.7
369.5
New orders, net total
_
1937-39=100..
465.3
577.2
604.7
325.0
397.4
404.7
422.4
504.0
306.7
336.5
539.1
386.9
New equipment.
_
do...
301.7
423.5
617.2
232.0
351.7
586.8
347.6
362.2
569.7
605.9
618.2
508.4
612.9
499.2
436.9
609.4
653.5
Repairs
__do—.
558.4
667.8
606.6
634.7
Fuel equipment and heating apparatus:
Oil burners:©
35,403
Orders, new, net.
.number51,801
12,326
12, 859 14, 083 24, 961 19,814
5,988
9,029 15,866
14, 268 13,618 14,578
Orders, unfilled, end of month
do
136, 630 13, 835 14,398 22, 441 27, 214 39, 331 43, 749 49, 715 53,086
56, 999 69, 868 79,111 100,983
7,965
12,092 10,571
9,863
16,154
7,553
9,488
13,531
Shipments
do
7,823
10,170
9,007
8,109
7,583
5,888
7,177
6,076
5,857
Stocks, end of month
_do
6,490
16,061
6,742
13,110 12,679 11,221
8,997
Mechanical stokers, sales:!
3,996
8,508
14,319
4,768
4,914
6,491
10,543
Classes 1, 2, and 3
do~.
5,183
5,737
4,849
7,523
5,091
Classes 4 and 5:
406
219
424
418
362
328
431
Number
425
344
257
380
347
228
68,107 105, 255 80,922
Horsepower
89, 788 70, 854 74,188 63,288 70,390 44, 322 43,075 72, 248 49,042 74,049
4 199
3,778
5,581
Unit heaters, new orders
thous. of dol..
4,653
Warm-air furnaces (forced air and gravity flow),
28,684 28,265 22,146 23, 739 22,401 28,285
shipments*
number.. 34,586
27,193
25, 617 29,422 32,695 27, 501 33,095
Machine tools:*
33,152 57,206
15, 634
Orders, new, net
thous. of dol..
58,706 62, 504 58, 619 58,024 47,488
19, 009 26,198 23,115
194,125 213,675 235,396 260,880 281, 252 302, 612 310,052 289,089 274,786 256, 784 240, 498
Orders, unfilled, end of month
do
35,889 37, 516 36,277 36, 784 37, 353 36,018 39,977 40,170 39,825 41,040 32, 504
Shipments
do
Pumps and water systems, domestic, shipments:
22,494 31, 229 29,843 22,838 32,955 26,279 31,408
23,848 28, 807 24,534 25,566 25,088
Pitcher, other hand, and windmill pumps
units.
22,995
482
292
354
476
392
Power pumps, horizontal type
do
773
783
248
641
556
0)
23, 865 32,171
32,189
Water systems, including pumps
__
.do
29,040 20,427 29,086 27,911 30,993 28, 362 33,733 33,607 31,199 ~32~259
Pumps, steam, power, centrifugal, and rotary:
3,220
3,871
3,635
4,016
2,258
3,326
2,171
2,242
3,284
2,207
3,237
Orders, new
_
thous. of doL.
3,177
3,579
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement only),
number*
....thousands-.
Electrical products:!
Insulating materials, sales billed1936=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 lb__
Shipments
..thous. of doL.
1,243
1,158
1,326
1,325
1,213
414
329
396
400
295
280
11,193
883
5,666
15,904
1,741
6,085
11,098
1,068
5,671
4,513
353
5,795
372
291
8.431
783
5,329
9,952
889
4,301
4,192
386
3,336
6,168
6,639
5,515
4,777
9,842
5,541
6,541
4,763
11, 276
5,911
6,535
5,231
4,343
14,141
3,528
10, 300
5,616
7,577
4,760
5,739
10, 505
6,304
6,737
4,866
2,699
11, 757
5,320
5,992
3,710
2,801
9,001
9,364
3,901
1,166
3, 825
1,272
4,407
1,428
4,094
1,284
4,237
1,322
4,147
1,321
3,120
1,029
3,372
1,067
1,857
1,934
1,741
1,635
1,450
351
314
357
242
340
432
371
352
393
8,094
711
4,936
6,970
688
5,006
9,531
927
4,854
323
328
6,152
491
4,779
10, 653
870
5,546
5,675
5,402
6,372
2,992
8,838
5,965
5,210
6,190
9,293
8,811
6,677
7,490
6,010
3,933
9,266
5,073
6,200
4,730
4,575
1,734
5,420
4,899
6,533
6,743
8,173
3,017
746
4,130
1,156
4,416
1,275
4,038
1,170
3, 845
1,149
1,158
1,567
' Revised.
J See March 1944 Survey for comparable data for 1942; the series now covers 57 manufacturers (two formerly reporting discontinued production of bearing metal).
cf For data beginning January 1942 for the indicated copper, lead, and zinc series, see p. 24, table 6, of the June 1944 Survey. 1 Discontinued by reporting source.
§ Revisions in unfilled orders for April-July 1942 are available on request; data cover 8 companies for March 1943 to September 1944 and 9 thereafter.
©Based on reports of 124 manufacturers (see note in April 1945 Survey).
1 Some of the manufacturers who discontinued production of stokers for the duration of the war have resumed operations and their reports are included; the data covers almost
the entire industry; in prewar years the reporting concerns represented over 95 percent of the total.
•New series. For magnesium production beginning January 1942, see p. 24, table 6, of the June 1944 Survey. The series on automotive replacement battery shipments represents
estimated industry totals compiled by Dun and Bradstreet: data beginning 1937 are available on request. For 1940-41 and early 1942 data for machine tool shipments see p. S-30 of
the November 1942 Survey; for new and unfilled orders for 1942 and the eariy months of 1943, see p. S-31 of the August 1944 issue. The data for machine tools cover virtually the entire industry through June 1944; thereafter, reports were no longer requested from 150 small companies which formerly accounted for about 4 Percent of total shipments. The new series
onfor
shipments
of warm-air furnaces, which replaces the new orders data formerly shown, is compiled by the Bureau of the Census from reports to the War Production Board by
Digitized
FRASER
manufacturers accounting for almost the entire production.
http://fraser.stlouisfed.org/
t Revised series. The index for motors and generators includes an adjustment for cancelations reported through December 1944; data for all years for this index and the index for
Federalinsulating
Reservematerials,
Bank of as
St.published
Louis prior to the April 1945 Survey, have been revised; revisions 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
1945
September
November 1945
1945
1944
September
October
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
Groundwood
Stocks, end of month:f
Total, all grades
_
Bleached sulphate.
Unbleached sulphate
Bleached sulphite
Unbleached sulphite
_
Soda
Groundwood
short tons.
do
do...
_.do
do...
do
do
730,426
65, 963
285, 689
117,855
64,130
35,147
118, 905
do
-do
_.-do
do
-do
do
do
67, 722
4,010
8,829
13, 927
9,121
2,279
26, 209
776,837
r 64,665
315,588
126,955
' 68,740
r
35, 042
120,444
r
65, 879
'4,527
' 10,180
11,717
r 8, 945
'2,116
' 25,801
844, 288
73,484
339, 840
137, 247
72, 594
37, 356
134,858
819, 376
72,190
327, 587
130,481
71, 720
36,523
135, 584
734,987
65,811
276, 294
122, 264
67,367
35,188
128, 253
801,024
70, 099
302,599
134,182
74,908
36,984
136,861
739,570
67,705
283,144
122,489
65, 429
34, 004
124, 587
834, 628
71,589
322,951
138, 230
74, 261
39, 268
143, 667
793,702
70,307
306,968
128, 766
69, 748
37,023
137, 995
852, 365
73, 592
337, 243
139, 620
73, 891
40,000
139,140
818,100
69, 397
326,053
131. 380
70,809
33, 567
134, 207
64,780
5,276
8,717
11,989
8,529
2,468
24, 351
66, 552
5,306
8,690
12, 505
9,225
1,945
25,002
66,844
4,162
10, 645
12,360
8,169
2,336
25, 580
75,955
7,211
9,471
12,998
10,015
2.854
29, 718
72, 207
5,212
9,094
11,894
8,499
3,648
31,090
74,879
5,247
10,055
12,050
7,252
2,748
35,386
78, 231
5,142
7,844
12, 797
7,220
2,589
39, 987
86, 228
6,321
9,009
15,411
8,063
3,128
41, 416
81, 588
4,749
7,135
13,099
8,048
3,469
42, 025
739,080 772,677
66, 984 ' 69, 294
298,165 311,639
112,927 124,205
65, 986 ' 65, 355
35, 538
33, 270
117, 648 123,214
78, 371
4,238
7,616
14,527
8,742
2,146
38,294
r
72,421
' 4, 534
10, 309
13, 338
' 8,053
2,104
••31,358
r
r
PAPER AND PAPER PRODUCTS
All paper and paperboard mills (U. S. Bureau of the
Census):*
Paper and paperboard production, total...short tons.. 1,411,008
691,969
Paper
do
719,039
Paperboard
do
Paper, excl. building paper, newsprint, and paperboard
(American Paper and Pulp Association):!
Orders, new
...short tons.. 515,710
536,617
Production
_
_..do
Shipments
_
do.--. 535, 210
Fine paper:
70,572
Orders, new
.
__do
150, 500
Orders, unfilled, end of month
do
78,153
Production
_.
do
77,644
Shipments..
...do
45,175
Stocks, end of month
do
Printing paper:
159,088
Orders, new
do
176,540
Orders, unfilled, end of month
_
...do
Production
do
161,445
Shipments
do
160, 580
Stocks, end of month
_
do
61,450
Wrapping paper:
204,825
Orders, new
do
216,972
Orders, unfilled, end of month
do
215,510
Production
_
do
Shipments
. . . d o . . . . 214,491
66,668
Stocks, end of month
.do
Book paper, coated:
58.1
Orders, new
percent of stand, capacity..
58.1
Production.
-do
Shipments
.
_
-do
57.1
Book paper, uncoated:
Orders, new
.
do
Price, wholesale, " B " grade, English finish, white,
f. o. b. mill
dol. per 100 lb_.
7.30
Production
percent of stand, capacity..
83.5
Shipments
do
84.3
Newsprint:
Canada:
Production.
short tons.. 269, 963
277,018
Shipments from mills
do
62,156
Stocks, at mills, end of month
do
United States:
213, 294
Consumption by publishers
___do
61.00
Price, rolls (N. Y.).__
dol. per short ton..
Production
_
short tons.. 56, 722
59,802
Shipments from mills
do
Stocks, end of month:
4,746
At mills
_
do
258,752
At publishers
_
..do
55,215
In transit to publishers
...do
Paperboard (National Paperboard Association):%
629,899
Orders, new
do
492,880
Orders, unfilled, end of month
do
619,388
Production
_
do
91
Percent of capacity
Waste paper, consumption and stocks:§
Consumption
.short tons.. 366, 642
Stocks at mills, end of month
. . . d o . - . . 187,185
Paper products:
Shipping containers, corrugated and solid fiber, ship4,146
ments*
mil. sq. ft. surface area..
Folding paper boxes, value:*
243.6
New orders
1936=100..
Shipments
_
...do
254.5
1,',421,869 1,501,175 1,464,762 1,328,965
679,898 715, 596 699,872 655,550
741,971 785, 579 764,890 673,415
,443,310 1,325,247 1,527,254 1,424,285 1,513,441 1,476,687 1,350,681 '1,454,223
696,984 639,477 725,103 670, 711 720,107 702, 033 646,152 ' 711,451
746,326 685, 770 802,151 753, 574 793, 334 774, 654 704, 529 r 742,772
541,544
545,247
551,964
583,179
579,085
571,262
535,120
564, 717
566,418
565,495
526,309
530,948
623,564
563,920
554,383
524,310
515,279
521,704
577, 261
580, 940
583,010
566, 326
536, 344
542,892
559, 614
580,668
572,173
566, 387
566,214
569, 281
86,106
139,164
81,931
83, 840
42,955
96, 447
151,863
87, 432
89,039
42, 817
78, 520
144,537
85,970
87, 656
41, 269
100,100
159,622
79,669
80, 371
40, 313
96,150
171,475
85,670
84,614
43, 781
75,692
169.553
78,508
78, 967
43,154
92,456
174,162
88,134
89, 905
41, 986
80,222
173,148
78, 281
78,943
41, 629
79, 782
168,127
84, 873
82, 531
43,802
92, 031 r 76, 254 ' 72,293
180, 885 176,570 157,588
82,163
75, 538 ' 83, 392
84, 842 r 74,860 r 82, 052
42.166 r 44, 036 ' 44,892
160,533
147,125
167,223
169,812
52,148
169,203
143,812
173,069
171,929
53,565
165,532
130,962
172, 273
172,873
51, 446
171,885
144,231
162,936
163,224
53, 329
206,665
154,712
172,189
170,364
55,542
157,147
152,991
156,385
159,849
50, 612
181,844
152, 923
178, 771
177, 982
50, 375
166, 722
163,809
166, 537
166,199
51,835
161,686
160,167
176, 460
170,092
57, 817
170,041
156,175
174, 398
176,610
56, 443
171,609
165,727
154,752
152,112
r
59,166
180,633
178,080
179.770
178^49
r
60, 637
218,068
194,213
210,978
212,406
62,105
224,213
202,187
226,253
219,722
70, 292
204,435
184,563
218, 007
218,303
67, 558
206,392
197,146
199,132
204,495
67, 572
228,665
217,040
215,582
207,778
74, 521
207,122
230.043
197,329
200,385
73,143
213, 038
207,137
222, 210
224, 537
65, 904
229, 909
234,255
207,604
211,058
65, 528
226. 968
228, 325
227, 612
227, 211
62,938
220, 428 224,378
217,150 242,766
223, 410 210,973
222, 677 207,255
61, 568 '68,713
216,951
226,860
227,287
228,317
' 67,900
57.2
53.4
55.7
52.7
56.5
57.7
53.6
61.7
56.3
52.2
54.2
50.6
56.7
52.4
57.4
53.0
55.6
57.9
54.5
57.0
56.3
55.8
54.7
55.1
56.4
61.3
55.5
55.8
53.7
55.4
55.2
£0.3
52.7
56.1
55.6
56.2
78.8
80.3
80.4
81.6
80.7
83.2
83.3
76.4
74.9
81.9
81.2
77.0
7.30
81.8
81.8
7.30
81.2
78.3
7.30
82.4
83.0
7.30
77.2
75.8
7.30
80.4
80.3
553,149 • 559,683
520,970 580,536
513,126 • 579,903
7.30
80.7
82.8
7.30
80.3
80.2
7.30
84.2
83.0
7.30
78.3
77.7
7.30
76.3
76.8
7.30
79.8
80.7
7.30
82.5
83.0
244, 209
252,928
49, 725
258,301
262, 998
45,028
256,762
259,409
42,381
244, 970
230, 780
56, 571
264,766
232,110
89, 227
239,661
217,220
111,668
263, 776
267,163
108, 281
245,429
263, 754
89,956
264,464
264, 767
89, 653
266,417
258, 348
97, 722
270,640
282,065
86, 297
287,028
304,114
69, 211
189,612
58.00
61, 529
61,069
218,137
58. 00
61, 994
62, 537
211,572
58.00
62, 546
61, 697
205, 952
58.00
61,169
61, 295
185,193
58.00
60, 381
60,120
175,062
58.00
58,228
59, 095
202, 802
58.00
64,733
66,166
203, 234
61.00
59, 757
58,942
205, 797
61.00
63,768
63,498
190,511
61.00
60, 828
56, 492
177, 905
61.00
57,081
58, 311
202,911
61.00
56, 518
58, 201
7,177
345,049
51,997
6, 634
332, 393
46, 575
7,483
325,112
49, 256
7,357
296, 784
45,496
7,618
272,897
50,160
6,751
259,147
53, 740
5,318
253,136
45, 532
6,133
243,643
47,985
6,403
240, 437
43,539
10, 739
245, 518
40,459
9, 509
7,826
263, 277 275, 338
46,865
47, 399
615, 658
491,105
665,200
93
716, 727
495,159
691, 800
95
663,058
493,053
683, 700
95
621,244
479, 301
606, 300
85
733,751
565,064
652, 913
91
620,084
558,285
603,191
95
714,741
549,631
702,416
97
668,913
546,311
653, 605
97
705, 924
546, 211
706, 479
657, 211
499,505
683,957
655,365
507, 758
610,126
86
665, 380
494, 699
659, 672
90
378, 499
174, 556
398, 559
186,949
487, 039
187,697
353,103
186,383
393,004
164, 576
353, 704 426, 213
163,918 172, 933
393, 395
187,459
416, 605
194,395
405, 773
191, 285
351,805
198,554
383,116
190,810
4,254
4,066
4,231
3,813
4,264
3,911
4,112
4,124
3,751
4,141
222.1
262.4
260.4
277.1
264.6
273.8
281.0
257.9
317.0
269.5
287.2
251.4
273. 2
298.2
297.1
263. 0
268.3
279.4
250.8
272.0
235. 2
239.6
240. 4
262.5
656
544
112
491
428
63
069
555
114
651
552
487
392
346
46
720
574
146
653
462
191
557
465
590
502
365
315
50
401
312
89
PRINTING
Book publication, total
New books
New editions
__
no. of editions..
do
do
582
483
'Revised.
JFor revisions for 1942 and the early months of 1943. see note for paperboard at bottom of p. S-35 of the July 1944 Survey.
§Computed by carrying forward March 1943figureson the basis of percentage changes in data for 59 identical companies reporting to the National Paperboard Association.
tRevised series. Revised wood pulp production data for 1940-43 and sulphite stocks for all months of 1943 are shown on page 20 of December 1944 Survey; revised 1942 stock figures
for all series are on pp. 30 and S-31 of the June 1943 issue. The data exclude defibrated, exploded, and asplund fiber. The paper series from the American Paper and Pulp Association beginning in August 1944 Survey are estimated industry totals and are not comparable with data shown in earlier issues; there have been further small revisions in the data as
published prior to the June 1945 issue; revisions for 1943 and January-March 1944, together with earlier data, will be published later.
•New series. The new paper series from the Bureau of the Census cover production of all mills including producers of building paper and building boards; for comparable 1942
monthly averages and data for the early months of 1943, see p. S-32 of the August 1944 issue. For data beginning 1934 for shipping containers and a description of the series, see p.
20 of the September 1944 Survey. The indexes for folding paper boxes are from the Folding Paper Box Association, based on reports of members accounting for around 50 percent of
the industry totals; earlier data will be published later. Minor revisions in the January-May 1944 figures for folding paper boxes and January 1943 to May 1944 data for ship
ping containers are available on request.
November 1945
SUEVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
September
S-33
1944
September
October
1945
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 (35cities)1
._.
dol. per short ton..
Wholesale:
Mine run
do
Prepared sizes
_
do
Production!
thous. of short tons..
Stocks, industrial and retail dealers, end of month,
total
thous. of short tons..
Industrial, total
_
do
Byproduct coke ovens
do
Cement mills
do
Coal-gas retorts
do
Electric power utilities..
do
Railways (class I)
do
Steel and rolling mills
do
Other industrial.-.
_.
do....
Retail dealers, total
do
14.93
12. 281
4,613
13.84
11.419
5,380
13.85
11.419
5,538
13.86
11.424
5,029
13.86
11.430
4,518
13.87
11.430
4,195
14.00
11. 430
4,445
13.98
11.430
5,238
13.88
11. 433
5,309
13.87
11. 476
2,071
13.89
11.714
5,634
14.90
12. 214
4,915
14.91
12. 233
' 4, 629
203
17
442
18
462
21
492
25
445
19
322
12
289
10
285
13
277
16
219
19
180
17
174
17
198
16
39, 488
31, 550
467
7,130
401
45, 710
35,967
805
7,606
336
121
6,657
10,095
807
9,540
9,743
233
49, 516
39,003
822
7,985
364
128
6,754
10,940
8b7
11,143
10, 513
235
49,684
39,644
759
7,748
360
129
6,824
10,714
908
12,202
10,040
229
55,186
59,082
41,813
42, 780
632
714
• 7, 984 7,934
352
296
138
145
7,066
7,119
11, 758 12, 014
1,022
1,080
12,861
13, 478
13, 373 16, 302
204
239
52, 549
38,252
708
7,216
245
133
6,210
10,749
942
12, 049
14, 297
214
51,693
39, 583
828
8,060
265
138
6,187
11,407
938
11, 760
43, 997
36,198
588
7,454
281
129
5, 910
10, 592
860
10, 384
7,799
198
37, 252
867
7,868
313
128
5.984
10,683
859
10, 550
8,828
229
42, 850
35, 046
869
7,343
321
124
5.971
10, 066
762
9,590
7,804
236
41, 733
34, 553
852
7,695
336
118
6,065
10, 061
747
8,679
7,180
217
41, 444
33, 553
'707
7,181
379
(»)
' 6, 016
' 9, 727
'693
8,850
7,891
218
(a)
5,316
9,253
673
8,310
7,938
212
12,110
239
10.57
10.31
10.31
10.32
10.33
10.33
10.35
10.36
10.34
10.50
10.54
10.55
10.57
5.433
5.693
46, 330
5.237
5.509
50, 480
5.237
5.509
51,813
5.237
5.516
50,819
5.237
5.516
45, 774
5.237
5.513
52, 200
5.237
5.513
46,900
5.237
5.513
52, 360
5.241
5.513
43, 350
5.361
5.640
50,030
5.388
5.665
51, 590
5. 393
5.660
47, 460
5.430
5.681
47, 800
53, 350
48,025
4,624
608
(a)
15, 534
10, 880
746
15, 633
5,325
64,905
59,150
6,174
550
250
17, 773
14, 773
791
18,839
5,755
65, 074
59, 256
6,397
592
243
17, 962
14, 691
796
18, 575
5.818
64,020
58,330
6,737
582
261
17,671
14,427
783
17,869
5,690
57, 204
52, 470
6,112
538
243
16, 305
12, 918
701
15, 653
4,734
49, 464
46,127
5,695
494
214
14, 098
11,312
665
13,649
3,337
45,773
42,643
5,610
448
189
12,916
10,189
666
12, 625
3,130
45, 495
41,839
5,452
441
175
12, 519
9,965
725
12, 562
3,656
43, 793
39, 841
4,456
416
167
12, 350
9,509
695
12, 248
3,952
44,020
40,056
4,428
456
181
12, 620
9,369
681
12, 321
3,964
47, 715
43,152
5,128
497
205
13, 736
9,872
703
13,011
4,563
49, 906
45, 024
4,753
503
192
14, 282
10, 222
656
14, 416
4,882
51,141
45, 966
4,503
528
(•)
14, 690
10, 387
680
15,178
r
5,175
7.500
7.000
7.000
7.000
7.000
7.000
7.000
7.000
7.000
7.000
7.500
7.500
7.500
299
4,997
516
5,412
155
527
5,672
181
481
5,507
164
405
5,640
172
457
5,576
181
454
5,060
163
531
5,646
172
377
5,227
184
557
5,528
179
558
5,166
172
548
5,430
185
'455
5,071
180
1,170
652
518
995
565
430
116
1,040
586
454
137
509
162
1,149
655
494
187
913
609
304
174
779
584
195
131
677
499
178
125
633
429
204
141
724
514
210
150
872
598
275
148
569
357
154
1,102
674
428
160
COKE
Price, beehive, Connellsville (furnace)
dol. per short ton..
Production:
Beehive.
thous. of short tons..
Byproduct
Petroleum coke
Stocks, end of month:
Byproduct plants, total
At furnace plants
At merchant plants
Petroleum coke
do.
do.
_
do
do_
do.
do.
PETROLEUM AND PRODUCTS
Crude petroleum:
Consumption (runs to stills)!
thous. of bbl
140,453 143, 720 140,045 145,125 145, 071 134,882 146,285 143, 221 152, 295 149,682 155, 040 152, 771
Price (Kansas-Okla.) at wells..
dol. per bbL.
1.110
1.110
1.110
1.110
1.110
1.110 '1.110
1.110
1.110
1.110
1.110
1.110
1.110
Production!
.thous. of b b L .
142,989 146, 938 142,404 145, 282 147,186 133,238 148,758 144,025 150, 985 145, 610 151, 606 150, 965
Refinery operations..
pet. of capacity
95
95
94
98
94
94
95
96
93
97
Stocks, end of month:
Refinable in U. S.!
thous. of b b L .
222,868 223,500 222, 759 220,663 221,737 220,221 223,988 224, 229 223,151 218, 218 216, 638 215,135
At refineries
.do
48,919
50,323 49,039 i 48, 377 49,620 48,609 51,904 52, 754 53,172 51, 790
53, 053
52, 662
At tank farms and in pipe lines
do
160,216 159,447 159, 582 158,181 157,808 157,449 157, 755 156,955 155, 557 151,909 149, 247 148,112
On leases!..
_.
..do
13,733
13, 730 14,138 14,105
14, 338
14,361
14, 329 14, 520 14, 422 14, 519
14, 309 14,163
Heavy in California
___do
6,469
6,487
6,482
6,107
4,793
4,821
5,567
5,044
5, 415
5,063
6,026
5,791
Wells completed!
number..
1,357
1,194
1,099
1,233
1,158
1,154
1,235
1,350
1,151
1,146
1,022
1,024
Eefined petroleum products:
Gas and fuel oils:
Consumption:
1,650
2,012
Electric power plants!
thous. of bbL.
1,746
1,825
1,546
1,385
1,271
1,280
1,446
1,570
1,698
2,148
1,377
7,750
8,863
Railways (class I)
do
8,314
7,799
8,284
8,300
8,361
8,571
8,649
7,726
8,152
.066
.066
Price, fuel oil (Pennsylvania)
dol. per gaL.
.066
.066
.066
.066
.066
.061
.066
.066
.066
Production:
19,110
21, 697 18,870 19,058
Gas oil and distillate fuel oil
thous. of bbL.
22,099
21, 740
20, 556 20,267 20,934 20, 443 21,941
21,891
37,903
39, 322 39,370 41, 278 41, 862 37,141
Residual fuel oil
__do
40, 527
41, 200
39,471
38, 660 41, 569
41, 881
Stocks, end of month:
43,687
47, 352 45, 584 38, 333 31, 695 27,210 26, 729 29,148
Gas oil and distillate fuel oil
do
41, 245
29, 511
32. 440
36, 276
50, 383 44, 347 39, 760 35,451
57,420 55,643
42,227
Residual fuel oil
do
38, 341
35, 606
34, 418 34, 333
57,849
Motor fuel:
Prices, gasoline:
.060
.059
.059
.059
.059
.059
.059
.059
.059
.059
Wholesale, refinery (Okla.)
dol. per gaL.
.059
.059
.155
.161
.161
.161
.161
.161
.161
.161
.161
Wholesale, tank wagon (N. Y.)
do
.161
.161
.161
.161
.142
.146
.146
.146
.146
.146
.146
.146
Retail, service stations, 50 cities
do
.146
.146
.146
.146
.146
63,674
65,514 64,842 65,800
72,318
72, 505
Production, total!.
thous. of bbL.
66,968
66, 662 63, 503 67, 955 65, 770 69, 766
23,827
24,421 24,019
24, 081 24, 267 23,733
Straight run gasoline
do
24, 553 27,006
29, 263
25,037
24, 644
28, 457
32, 283 33,190 33,055 34, 020 34, 262 32, 255 34, 655 33,177 34, 427
Cracked gasoline
.
do
34, 829
34, 263
35, 696
8,648
9,090
Natural gasoline and allied products^!
do
9,024
9,197
9,498
9,521
9,651
9,763
9,843
9,757
8,993
9,947
5,799
Used at refineries!
do
6,109
6,020
6,008
6,065
6,077
6,236
6,138
6,551
6,380
6,114
5,457
Retail distribution
mil. of gal..
2,158
2,129
2,046
1,967
2,166
2,336
2,180
2,020
1,783
2,303
2,317
« Included in "other industrial."
^Average for 34 cities
beginning May 1945; the averages were not affected by the omission of data for the city dropped.
l
' Revised.
Stocks on new basis comparable with 1945 data; see March 1945 Survey for December 1944 figures comparable with earlier months.
§See note marked " § " on p. S-33 of the March 1945 Survey; data shown above, and earlier data back to July 1943, have been revised to exclude the estimated amount of offshore
shipments previously included for California; similar revisions may be made for certain other states. For revisions for 1941-42 see p. S-33 of the August 1943 Survey and p. S-34 of the
July 1944 issue, respectively.
{Includes production of natural gasoline, cycle products, and liquefied petroleum gases at natural gasoline plants and, since the beginning of 1942, benzol. Sales of liquefied petroeum gases for fuel purposes and transfers of cycle products are excluded from these figures before combining the data with production of straight run and cracked gasoline to obtain
total motor fuel production. Separate figures through July 1945 for the items excluded are given in notes in previous issues of the Survey; August 1945 data are as follows: Sales
of liquefied petroleum gases for fuel, 1,369,000 barrels; transfers of cycle products, 56,000 barrels.
fRevised series. For source of 1939-41 revisions for bituminous coal, see note marked " ! " on p. S-32 of the April 1943 Survey; revisions for 1942-43 are shown on p. S-33 of the
April 1945 Survey. For 1941 revisions for the indicated series on petroleum products, see notes markedo n"f" on p. S-33 of the March and April 1943 issues (correction for crude
Digitizedpetroleum
for FRASER
production January 1941, 110,683), and for revised 1942 monthly averages, see note marked "f"
P- S-33 of the July 1944 issue; 1942 monthly revisions and revisions for
1943 are available on request. Revised August 1944 figure for wells completed, 1,209.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
S-34
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
September
November 1945
1944
Septemb sr
Octo
ber
1945
XT
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 g a l Production
thous. of bbl—
Stocks, refinery, end of month
do
Asphalt:
Production
*
short tons..
Stocks, refinery, end of month
do
Wax:
Production
thous. of lb—
Stocks, refinery, end of month
_
do
Asphalt prepared roofing, shipments:t
Total
thous. of squares..
Smooth-surfaced roll roofing and cap sheet_—do
Mineral-surfaced roll roofing and cap sheet—.do
Shingles, all types..
do.
64,914
40, 608
12,072
4,141
65,886
42,145
12,388
4,160
68,107
43,527
12,467
4,334
73,622
48,217
13,208
i 4,451
78,877
53, 210
12, 789
4,160
85,473
59,635
11,984
4,618
85,654
59,616
11,793
4,644
79,653
53, 309
11,151
4,783
77,151
49,741
11,179
4,873
74,089
46,357
12,039
4,723
74,460
47,822
11,122
4,338
.068
.074
6,339
7,985
.074
6, 515
7,847
.074
6,505
6,977
.074
6,461
5,765
.074
6,614
4,674
.074
6,291
4,181
.074
7,056
4,215
.074
6,260
5,022
.074
6,445
5,347
.074
6,337
5,737
.074
6,520
5,860
.160
.160
3,458
7,364
.160
3,672
7,452
.160
3,587
7,562
.160
3,581
7,815
.160
3,504
7,796
.160
3.062
7,641
.160
3,589
7,423
.160
3, 716
7,307
.160
3,882
7,026
.160
3,567
6,770
.160
3,645
6,321
677, 600 553,600
465,800 534,400
481,100
626,200
471,200 420,900
730,000 808,200
467,100
862,000
524,000 631,100
909, 300 915,500
681,100
835,300
790,200
730,700
750,400
495,100
62,160
94,920
67, 480
96,880
63,560
94,920
67,200
93,800
71,960
88,480
64,960
86, 240
81,480
87,360
70, 560
84, 840
71,120
81,200
70,280
71,400
71,400
4,004
1,099
1,194
1,711
4,192
1,173
1,221
1,797
4,116
1,295
1,215
1,606
3,662
1,456
943
1,263
3,879
1,518
1,082
1,279
3,799
1,673
995
1,231
4,679
2,039
1,176
1,465
4,040
1,428
1,076
1, 537
4,189
1,307
1,111
1,771
4,182
1,260
1,133
1,789
' 3,816
'1,092
' 1,043
' 1,681
137, 714 152,959
142,069
140,312
123,662
7,084
36
7,894
20, 787
6,008
8,088
40
9,275
19,599
5,834
8,934
45
10,088
18, 535
5,273
9,237
45
10,283
17,486
4,808
15. 377 15.354
15. 372 15.406
131,504 157,220 149, 734 159,862
127,287 166,191 171,216 188,379
285,795 276, 312 248. 210 218,507
15.415
183,310
197,987
203,413
15. 621
191,489
203,676
191,640
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments
reams.
117,325
128, 272 122,485
122,517
117,087
132,499
8,304
42
7,380
16,993
4,856
7,387
36
4,595
19,863
5,329
6,379
31
4,873
21,367
5,739
5,371
29
4,574
22,171
6,023
14.830 15.059
185, 573 174,069
206,368 183,506
272, 569 261,743
15.055
151,426
134,374
277,884
15.298
142, 206
136,992
281,111
PORTLAND CEMENT
Production
Percent of capacity
Shipments.
_„
._
Stocks, finished, end of month
Stocks, clinker, end of month
thous. of bbl.
.-..thous. of bbl.
do
-—do
9,826
50
11,211
14,581
4,514
8,739
44
10,121
17,144
5,096
9,194
45
10, 263
16,049
4,862
31
21,588
6,185
CLAY PRODUCTS
Briek, unglazed:
Price, wholesale, common, composite, f. o. b. plant
dol. per thouB—
Production*
thous. of standard brick
Shipments*
_do__
Stocks end of month*
do__
16.036
14.
164,
183,
293,
586
682
078
616
GLASS PRODUCTS
Glass containers:f
Production
thous. of gross..
Percent of capacity
_
_
Shipments, total
thous. of gross..
Narrow neck, food
do
Wide mouth, food
_
do
Pressure and nonpressure
do
Beer bottles..
do
Liquor ware
do
Medicine and toilet
_
._.
...do
General purpose
.
do
Milk bottles
_
...do.-.
Home canning
_
do
Stocks, end of month
do
Other glassware, machine-made: %
Tumblers:
Production
thous. of doz_.
Shipments
do
Stocks
do
Table, kitchen, and householdware, shipments
thous. of doz_.
Plate glass, polished, production^
thous. of sq. f t_.
Window glass, production^1
thous. of boxes..
Percent of capacity tf
7,737
115.4
7,522
894
1,873
497
661
904
1,640
642
251
159
5,164
8,601
123.3
8,187
774
2,287
536
749
947
1,908
697
247
41
5,394
7,967
118.8
7,787
529
2,310
508
874
908
1,732
652
242
32
5,346
7,667
114.3
7,390
476
2,246
457
919
866
1,545
586
266
29
5,097
8,031
7,304
8,812
8,524
9,295
8,702
8,694
8,755
1,162
2,419
450
755
868
1,968
690
304
139
3,818
8,071
521
2,339
569
1,032
863
1,823
593
268
63
5,361
7,425
572
2,057
490
917
823
1,694
523
265
85
5,359
9,063
652
2,449
578
1,117
778
2,262
761
288
176
4,803
8, 763
654
2,331
652
1,016
724
2,114
684
289
299
4,413
9,071
701
2,428
684
1,067
784
2,012
720
302
372
4,444
685
2,301
690
937
840
2,086
673
303
322
3,986
8,531
806
2,229
561
862
840
1,810
694
307
423
3,981
6,115
6,102
5,218
6,561
6,290
7,148
5,860
5,024
7,286
4,697
4,481
7,376
4,657
4,606
7,385
3,682
4,324
5,978
3,220
3,979
5,000
5,815
5, 215
5,550
4,944
5,276
5,178
6,237
5,839
5,502
6,486
6,063
5,911
4,987
5,423
5,071
2,558
10,354
2,820
9,046
3,353
9,105
3,271
7,619
2,901
7,013
2,705
8,915
2,311
7,363
3,027
3.050
8,489
2,656
8,637
3,190
6,081
2,308
8,481
9,005
GYPSUM AND PRODUCTS
Gypsum, production:
936, 423
848, 323
994,048
917,395
Crude
short tons_.
552,394
603,491
539,848
Calcined
do
588, 878
Gypsum products sold or used:
308,302
266,237
248,199
263,942
uncalcined..
do
Calcined:
For building uses:
115, 507
108, 684
152,961
140, 775
Base-coat plasters
-do——
3,379
2,549
3,293
3, 671
Keene's cement
do
48,491
50,436
50,182
54,289
All other building plasters.
--do
146,133
116,041
130,990
165,030
Lath
thous. of sq. ft_.
3,929
4,183
4,690
4,105
Tile
do
364, 575
373,025
388.094
338, 527
Wallboarde
do
54,947
53,984
53, 571
58, 249
Industrial plasters
.short tons..
r Revised.
» See note 1 p. S-33.
^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.
JData for 1945 are partly estimated.
tRevised series. See note marked " t " on p. S-34 of the July 1944 Survey regarding changes in data on glass containers and comparablefiguresfor 1940-42; beginning January 1945
data are compiled by War Production Board. Data on asphalt prepared roofing cover all known manufacturers of these products and are total direct shipments (domestic and export) • shipments to other manufacturers of the same products are not included; for data for September 1943-January 1944, see note at bottom of p. S-23 of April 1945 Survey..
*New serie° Data are compiled by the Bureau of the Census and cover all known manufacturers; data beginning September 1942 are shown on p. 24 of the February 1945 issue.
November 1945
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in t h e
1942 Supplement to the Survey
1945
S-35
1945
1944
Sep- Septem* October Novem- December
tember
ber
ber
January
February
March
April
May
June
July
August
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs..
Shipments
do
Stocks, end of month.
do
10, 965
10,811
12, 764
11,127
11,351
16,012
11,373
11,683
15, 545
11,722
12,021
15,089
10, 334
10, 595
14, 672
12, 361
12, 389
14, 509
11,144
11,398
14,119
11,806
12, 263
13, 526
11,001
11, 269
13,123
11, 984
12,194
12, 777
11,316
11,654
12, 303
9, 617
9,208
12, 712
11,251
11,353
12, 610
793, 976
.213
836, 438
.208
758,809
.209
850,425
.202
781,149
.200
857,431
.202
769, 209
.202
830,414
.205
785,945
.209
672, 973
.213
739, 811
.213
.216
.218
.221
.226
.227
.226
.224
133
461
COTTON
Cotton (exclusive of linters):
Consumption
...
„
bales.. 701,000 789,623
.217
.210
Prices received by farmersf
.dol. per lb_.
Prices, wholesale, middling ifie", average, 10 markets
.214
.225
dol. per lb_.
Production:
Ginnings§
thous. of running bales
2,176
3,988
Crop estimate, equivalent 500-lb. bales
thous. of bales. _ 2 9, 779
Stocks, domestic cotton in the United States, end of
month:!
9,714
8,250
Warehouses
_
thous. of bales.
1,690
1,671
Mills
...do.—
Cotton linters:
122
Consumption
do
77
Production
do
74
99
Stocks, end of month
do
274
329
.216
.214
.216
.217
8,283
10, 273
10, 532
11,114
111.839
112,230
11, 926
1,922
13,122
2,161
13, 330
2,272
12, 937
2,246
12,360
2,232
11,677
2,195
10,985
2,143
10, 045
2,090
9,117
1,989
8,306
1,909
7,778
1,778
126
153
341
123
181
373
121
156
412
129
169
442
120
128
463
132
111
462
127
79
441
131
66
410
119
40
351
104
39
292
84
36
278
21.30
.209
.092
.114
21.12
.209
.092
.114
21.31
.209
.092
.114
21.41
.209
.092
.114
21.32
.209
.092
.114
21.33
.209
.092
.114
21.19
.209
.092
.114
20.48
.209
.091
.114
20.02
.209
.090
.114
19.92
.209
.090
.114
20.04
.209
.090
.114
20.28
.209
.090
.114
22, 280
9,381
404
122.3
22, 228
9, 487
410
117.4
22,257
9,707
420
120.6
22,212
8,761
379
118.5
22, 261
9,956
431
119.7
22,220
8,924
386
122.2
22,232
9,914
429
121.8
22,159
9,021
390
116.9
22,168
9,637
416
114.8
22,189
9,240
399
118.8
22, 029
7,926
343
102.0
22,170
8,793
370
.451
.568
.451
.568
.451
.568
.451
.568
.451
.568
.451
.568
.451
.568
.451
.568
.451
.568
451
.568
.451
.568
.451
48.5
12.1
44.8
13.0
47.8
14.6
48.3
13.9
49.0
13.6
47.9
14.4
45.5
12.8
53.0
13.7
48.8
13.6
52.9
14.3
50.6
13.4
13.7
'50.5
'12.7
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
5.8
4.9
3.0
8.4
2.7
8.6
2.7
6.1
2.7
8.4
3.1
7.4
3.2
5.7
3.5
6. 2
2.7
6.2
3.0
6.0
3.0
6.1
3.8
'5.6
'4.4
52,170
3,795
45,752
3,700
45,288
4,192
54, 415
4,915
60,715
4,490
51,180
3,196
54,844
3, 196
64,190
3,400
50,884
3,032
' 51, 456
48, 875
3,110
2,322
59
2,426
63
2,288
62
2,304
63
2,350
74
2,480
77
2,495
79
2,422
77
2,355
78
' 2, 424
79
65
45
31
50
35
50
46
33
45
32
46
33
32
43
30
37
28
44
'31
33
25
110, 238
100, 396
188
117,659
103,819
196
114,096
101,520
191
110,629
98,886
189
112,287
99,166
200
116,915
96,973
201
116,677
96, 758
204
107,802
94, 472
210
107,382
88, 743
203
113,809
' 93, 426
205
87, 084
76, 081
175
1.190
.545
1.190
.545
1.190
.545
1.190
.545
1.190
.545
1.190
.545
1.190
.545
1.190
.545
1.190
.545
1.190
.545
1.190
.545
1.190
.545
.750
.750
.750
.750
1.900
1.900
1.900
COTTON MANUFACTURES
Cotton cloth:
Cotton broad woven goods over 12 in. in width, production, quarterly*
mil. of linear yards
Prices, wholesale:
Mill margins.-_
cents per lb.._
22.36
Denims, 28-inch
..dol. per yd__
.216
.092
Print cloth, 64 x m&
do
.117
Sheeting unbleached, 4 x 4©
_
do
Spindle activity:
Active spindles
thousands.. 21,912
Active spindle hours, total
mil. of hr...
8,371
Average per spindle in place
hours. _
352
Operations.
percent of capacity..
111.8
Cotton yarn, wholesale prices:
Southern, 22/1, cones, carded, white, forknltting(mill)f
.470
dol. per lb__
Southern, 40s, single, carded (mill)...
do
.593
RAYON
Consumption:
Yarn
mil. o f l b Staple
fiber
.do
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
filament.
dol. per lb._
Staple fiber, viscose, 1H denier..
do
Stocks, producers', end of month:
Yarn
mil. oflb..
Staple
fiber
do
2,294
2,372
2,316
2,274
r
100.5
WOOL
Consumption (scoured basis) A
Apparel class.
thous. of lb_.
Carpet class
do.
Machinery activity (weekly average) :5
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 lb__
Raw, 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, $£t's, crossbred stock (Boston)
dol. per lb__
Stocks, scoured basis, end of quarter:!
Total
thous. of lb_.
Wool finer than 40s, total
do
Domestic
do
Foreign
do
Wool 40s and below and carpet
_do
1.190
.545
.750
1.900
.765
.765
.765
.754
.750
.750
.750
.750
1.559
1. 559
1.559
1.559
1.559
1.559
1.559
1.559
1.900
1.900
1.900
1.900
1.900
1.900
1.900
1.900
373, 666
314, 824
189, 277
125, 547
58, 842
361,595
304,219
171, 617
132, 602
57, 376
362, 395
294,065
153, 046
141,019
68, 330
1.900
406, 603
332, 576
194,450
138,126
74,027
1
s
Revised.
i Total ginnings of 1944 crop.
October 1 estimate of 1945 crop.
§Total ginnings to end of month indicated.
cf Production of 64 x 60 for which prices through June 1943 were shown in the Survey has been discontinued.
GPrice of 56 x 56 sheeting
tFor 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,
1045, including stocks on farms and in transit, were 11,040,000 bales, and stocks of foreign cotton in the United States were 124,000 bales.
•[Data for September and December 1944, and January, April and July 1945 are for 5 weeks; other months, 4 weeks.
• Data exclude carpet and rug looms operating on blankets and cotton fabricsand, 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
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. Data beginning 1939 for the new
wool price series are shown on p. 24 of the February 1945 Survey.
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
1945
September
November 1945
1944
September
October
1945
Novem- December
ber
January
February
March
April
May
June
July
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
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
S h i p m e n t s , billed
_.
1,745
t h o u s . linear y d .
137,535
111,153
55, 783
38,073
17,297
24, 287
2,095
126, 647
104,123
49, 442
40,409
14,272
20,119
2,405
125,064
103,248
50,194
39 962
13,092
19,307
2,509
1,623
2,321
2,842
r 6, 176
12,f.94
4,118
5,117
12,739
4,939
14,266
4,479
5,517
15,118
4,126
5,079
'
r
128,629
98,650
60,853
22 760
15,037
28, 400
1 579
7,334
' 4, 958
»• 5,711
'4,419
r
5,528
4,912
3,644
3,339
10,029
4,764
5,492
9,739
4,559
5,930
10, 463
4,283
5,662
10,777
3,880
4, 950
10, 257
4,565
5,824
10,181
4,523
5,539
10,646
3,938
5,147
10,604
4, 805
6,672
TRANSPORTATION EQUIPMENT
MOTOR VEHICLES
Trucks and tractors, production, total*
number.
Civilian
__do__Military
do...
Light: Military
._.
_.__do—
Medium:
Civilian
do...
Military
do...
Heavy:
Civilian.
do...
Military
_
do...
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
..thousandsUndergoing or awaiting classified repairs...do._.
Percent of total online
Orders, unfilled...
...carsEquipment manufacturers
do-._
Railroad shops
_
do.__
Locomotives, steam, end of month:
Undergoing or awaiting classified repairs.number.
Percent of total on line..
Orders unfilled
number.
Equipment manufacturers
do...
Railroad shops
do...
31,583
30,472
1,111
65,042
12, 277
52, 765
21,367
64,129
13,075
51,054
18, 534
69,013
14,677
54, 336
19, 765
70, 682
15,653
55,029
20,433
67, 065
15,019
52, 046
21,621
64, 213
14,032
50,181
20, 641
74, 732
18, 339
56, 393
21,925
67, 279
18, 980
48, 299
18, 352
70,958
22,315
48,643
18,633
66,345
23,131
43, 214
16, 306
54,563
21,394
33,169
10, 693
17, 831
1
6,401
1,110
10,034
6,300
9,432
6,144
10,153
6,503
9,565
5.326
11,183
3, 527
10, 534
3,378
12, 829
3,994
10, 275
3,645
12,003
3,526
12,017
2,093
12, 558
1,465
2,243
25, 098
3,643
26, 376
4,524
28, 068
6,088
29,270
3.836
26, 898
3,339
26,162
3,726
30,474
3,959
26, 302
4,624
26, 484
5,592
24,815
4,843
21,011
2, 263
2,046
4,130
2,807
0
0
4,741
3,517
0
0
4,595
3,244
5
5
4,395
3,098
12
12
3,943
3,074
18
18
4,137
3,211
20
20
4,378
3,708
25
25
3,000
2,550
14
14
3,632
2,540
14
14
4,933
3,428
31
31
4,256
2,316
37
37
1,769
75
4.4
37,468
31,687
5,781
1,758
51
3.0
30,153
25, 285
4,868
1, 759
50
2.9
28, 385
23, 885
4,500
1,764
51
3.0
34,417
29,675
4,742
1,767
51
3.0
34, 579
29, 386
5,193
1,769
51
3.0
35,031
28, 080
6,951
1,770
52
3.0
34,162
27,196
1,771
58
3.4
31, 640
26,026
5,614
1,770
66
3.9
29,387
24, 509
4,878
1,769
65
3.8
27,968
23,429
4,539
1,773
68
3.9
32,058
25,988
6,070
2, 562
6.5
129
84
45
2,187
5.5
124
96
28
2,254
5.7
102
77
25
1,762
51
2.9
28,910
25,154
3,756
2,300
5.8
90
65
25
2,161
5.5
66
41
25
2,333
5.9
80
32
48
2,331
5.9
138
92
46
2,302
5.8
138
97
41
2,361
6.0
125
2,407
6.1
119
89
30
2,303
5.9
111
86
25
2,420
6.2
109
82
27
361
341
20
443
415
420
393
27
368
342
420
385
35
445
410
35
402
365
37
352
324
28
372
355
17
246
229
17
INDUSTRIAL ELECTRIC TRUCKS AND
TRACTORS
Shipments, total
Domestic
Exports.
_
.number.
do-..
do___
303
33
26
CANADIAN STATISTICS
Physical volume of business, adjusted:
Combined indext
1936-39=100..
Industrial production, combined index!do
Construction!
do
Electric power.. _ .. __ __
_. do
Manufacturing!
do
Forestry!-.
. __ do
Mining!
do
Distribution, combined index! ._
. . 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..
119.9
102.7
231.0
260.4
102 7
153.4
284.5
116.4
205.5
170.3
228.0
259.7
109.2
152.4
285.8
128.5
208.9
162.4
227.9
255.4
89.5
148.5
284.7
124.6
191.7
171.1
233.0
256.0
121.0
144.7
283.7
126.1
189.3
185.5
228.8
245.8
96.0
151.6
274.3
116.8
174.0
193.7
216.7
240.3
107.7
150.1
270.0
127.3
147.9
167.7
225.2
248.0
166.2
154.2
271.1
137.7
173.5
177.9
232.2
252.2
205. 2
165. 5
271.1
118.5
183.2
190.7
218.6
238.0
160.0
165.4
256.1
123.5
188.9
178.6
219.5
236.2
203.6
164.4
252.5
124.5
174.6
191.0
213.7
230.1
176. 7
161.5
248.9
125.0
160.9
179.7
212.7
226.5
150.0
154.6
247.6
125.2
156.2
184. 0
81.5
76.9
101.6
110.7
111.1
108.9
133.4
135.0
126.7
167.7
168.9
162.5
255.1
278.0
155.8
142.8
143.1
141.4
129.0
128.4
131.6
238.9
269.3
106.8
177.5
190.8
119.8
165.0
176.4
115.6
312.7
351.1
144.4
84.2
74.0
128.6
118.8
102.3
118.6
102.3
118.9
102.4
118.5
102.5
118.6
102.8
118.6
102.9
118.7
103.0
118. '•
103.4
119.0
103.0
119.6
103.2
120.3
104.0
120.5
103.4
317
5,563
591
330
5,815
532
327
5,597
487
272
5,192
602
279
4,750
471
264
4,612
420
300
6,175
497
292
5, 368
452
310
5,739
492
322
5,919
622
306
5,692
735
314
' Revised.
§Beginning in the October 1945 Survey, 1945 data for pyroxylin spread represents amount actually spread (including amount spread on fabric and nonfabric materials, instead of
estimates based on spread of an 8-pound jelly as reported previously; totals for January-June 1945 reported on the two bases differed only slightly. Shipments and unfilled orders for
1945 include an undeterminable amount of custom coating of nonfabric materials (but not other nonfabric coatings) and probably some custom coating of fabrics other than cotton.
Data beginning July 1945 include reports for 3 companies which did not report previously; these companies accounted for 7 percent of pyroxylin spread and 11 percent of shipments for
July; it is not known at present when these companies began operations.
!Revised series. The indicated Canadian indexes have been shown on a revised basis beginning.in the December 1942 Survey, except for construction which was revised in the
August 1945 issue and mining which was revised in the April 1944 issue; the revisions affected principally indexes beginning January 1940; the agricultural marketings indexes and the
distribution index were revised back to 1919 and minor revisions were also made in data prior to 1940 for other series All series are available on request.
*New series. The new series on woolen and worsted goods are compiled by the Bureau of the Census from reports of manufacturers who account for 98 percent or more of total
production; available data for 1937-43 for woolen and worsted goods are on p. 19 of the May 1945 Survey; 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. (See note in the September 1945 Survey for a brief de
scription of the series); data beginning 1936 will be published later.
.GOVERNMENT PRINTING OFFICE: 1 9 4 5
INDEX TO MONTHLY BUSINESS STATISTICS;
CLASSIFICATION OF SECTIONS
Monthly business statistics:
Page
Business indexes
S-l
Business population
S-3
Commodity prices
S-3
Construction and real estate
S-5
Domestic trade
S-6
Employment conditions and wages. _ S-9
Finance
S~14
Foreign trade
_ S-20
Transportation and communications- S-20
Statistics on individual industries:
Chemicals and allied products
S-22
Electric power and gas__
S -24
Foodstuffs and tobacco
S~25
Leather and products
S-28
Lumber and manufactures
S-29
Metals and manufactures:
Iron and steel
S-30
Nonferrous metals and products. S-30
Machinery and apparatus
S-31
Paper and printing
S-32
Petroleum and coal products
S-33
Stone, clay, and glass products
S-34
Textile products
S-35
Transportation equipment
S-36
Canadian statistics
,
S-36
CLASSIFICATION BY INDIVIDUAL SERIES
Pages marked S
Abrasive paper and cloth (coated)
34
Acids___
_
22,23
Advertising
6, 7
Agricultural income, marketings
1
Agricultural wages, loans
14
Air mail and air-line operations
7, 21
Aircraft
2, 9, 10, 11, 12, 13
Alcohol, methyl
23
Alcoholic beverages
1, 2, 25
Aluminum
30
Animal fats, greases
23, 24
Anthracite
_
2,4,11,12, 14,33
Apparel, wearing
__ 3,4,6,7,8, 10,11, 12, 13,35
Asphalt
_
34
Automobiles
1,2,3,6,7,9,10,11,12,13, 17
Banking
14, 15
Barley
_
_
26
Bearing metal
31
Beef and veal
27
Beverages, alcoholic
1, 2, 25
Bituminous coal
2, 4, 11, 12, 14, 33
Boilers
30
Bonds, issues, prices, sales, yields
18, 19
Book publication
32
Brass and copper products
31
Brick
4,34
Brokers' loans
-__ 15, 18
Building contracts awarded
.
5
Building costs
5, 6
Building construction (see Construction).
Building materials, prices, retail trade
„__ 4, 7, 8
Businesses operating and business turn-over-..
3
Butter
25
Canadian statistics
__.16, 36
Candy
_
27
Capital
flotations
18
For productive uses
18
Carloadings
21
Cattle and calves
27
Cement.
1, 2,4,34
Cereal and bakery products
4
Chain-store sales
8
Cheese
25
Chemicals-. 1, 2, 3, 4, 10, 11, 12, 13, 14, 17, 22, 23, 24
Cigars and cigarettes
28
Civil-service employees
11
Clay products (see also Stone, clay, etc.)
1, 2, 34
Clothing
3,4,6, 7,8, 10, 11, 12, 13,35
Coal
2,4, 11, 12, 14,33
Coffee
27
Coke
__. - 2,33
Commercial and industrial failures
3
Construction:
New construction, dollar value
5
Contracts awarded
.
5
Costs
_- 5, 6
Highway
5, 11
Wage rates, earnings, hours
11,13,14
Consumer credit
15
Consumer expenditures
7
Copper
31
Copra or coconut oil
23
Corn
26
Cost-of-living index
3, 4
Cotton, raw, and manufactures
2, 4, 10, 12, 13, 35
Cottonseed, cake and meal, oil
23. 24
Crops
1, 23, 24, 25, 26
Currency in circulation
.
16
Dairy products
1, 2, 3, 4, 25, 26
Debits, bank
14
Debt, short-term, consumer
15
Debt, United States Government
17
Pages marked S
Department stores, sales, stocks, collections, _ 8, 9
Deposits, bank
15, 16
Disputes, industrial
.
12
Dividend payments and rate3
1,19
Earnings, weekly and hourly
13, 14
Eggs and chickens
,
1,3, 4, 27
Electrical equipment
2,3,6,31
Electric power production, sales, revenues
24
Employment, estimated
,
9, 10
Employment indexes:
Factory, by industries
10
Nonmanufacturing industries
11
Employment, security operations
12
Emigration and immigration.
21
Engineering construction
5
Exchange rates, foreign
„
16
Expenditures, United States Government
17
Explosives
23
Exports
.
.
20
Factory, employment, pay rolls, hours, wages.
9,
10,11,12,13,14
Failures, industrial and commercial
3
Fairchild's retail price index.
4
Farm wages
:
„
14
Farm prices, index
3,4
Fats and oi!s______
4, 23, 24
Federal Government, finance
17
Federal Reserve banks, condition of
14, 15
Federal Reserve reporting member banks
15
Fertilizers
__„
4, 23
Fire losses
6
Fish oils and
fish
23, 27
Flaxseed
24
Flooring
.
29
Flour, wheat
27
Food products
2,
3, 4, 6, 7, 10, 11,12, 13, 14, 17, 25, 26, 27, 28
Footwear
2,4, 7, 8, 10, 12, 13, 28
Foreclosures, real estate
6
Foundry equipment
31
Freight cars (equipment)
36
Freight cnrloadings, cars, indexes
21
Freight-car surplus
21
Fruits and vegetables
2,3,4,26
Fuel equipment and heating apparatus
31
Fuels
„
„
2,3,4,33
Furniture
1,4, 10, 11,12,13,29
Gas, customers, sales, revenues
25
Gas and fuel oils
33
Gasoline
.
33,34
Glass and glassware (see also Stone, clay, etc.)- 1» 2, 34
Glycerine
23
Gold
_
16
Goods in warehouses
7
Grains
____ 3, 26
Gypsum
„
.
34
Hides and skins____
4, 28
Highways
„
5, It
Hogs
27
Home-loan banks, loans outstanding
6
Home mortgages
,
6
Hosiery
4,35
Hotels
.
.... 11, 12, 21
Hours per week
.
.
.
11
Housefurnishings
4, 6, 7, 8
Housing
„___„
.
3, 4, 5
Immigration and emigration ,
,
21
Imports
20
Income payments .
,
1
Income-tax receipts
.
17
Incorporations, business, new
3
Industrial production indexes
.
1,2
Instalment loans
15
Instalment sales, department stores
8
Insurance, life.
16
Interest and money rate3
15
Inventories, manufacturers' and trade
3,8
Iron and steel, crude, manufactures
2,
3,4,9, 10, 11, 12, 13, 17,30
34
Kerosene
„__
9
Labor iorce
.
12
Labor disputes, turn-over
27
Lamb and mutton. ._„_
27
Lard
31
Lead
Leather
. 1,2,4, 10,11,12,13,28
Linseed oil, cake, and meal
24
Livestock
1,3, 27
Loans, real-estate, agricultural, bank, brokers'
(see also Consumer credit)
.
6, 14, 15,17
Locomotives
36
Looms, woolen, activity
35
Lubricants
34
Lumber
_.„. 1, 2, 4, 10, 11, 12,13, 29
Machine activity, cotton, wool
35
Machine tools
.
9, 10, 11, 12, 13, 31
Machinery..
___>_ 1,2,3,9,10,11,12, 13,17,31
Magazine advertising
6, 7
Manufacturers' orders, shipments, inventories. 2, 3
Manufacturing production indexes
1, 2
Meats and meat packing. _ 1, 2, 3, 4, 10, 12, 13,14, 27
Metals
1, 2, 3, 4, 9, 10,11, 12, 13, 17, 30, 31
Methanol
23
Milk
_.„
25,26
Minerals
„__ 2, 9, 11,12, 14
Money supply
16
Motor fuel
33,34
Motor vehicles
7,36
iftnesfie Commerce
-ittett for
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