Full text of Survey of Current Business : October 1939

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OCTOBER 1939

SURVEY
OF

CURRENT BUSINESS

UNITED STATES
DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE




WASHINGTON
V O L U M E 19

NUMBER

10

Now Availubte • • •




The complete Bureau
of Mines official record of mineral production in the United
States in 1938.

IN U. S., CANADA, AND MEXICO;
$2.50 IN OTHER FOREIGN
COUNTRIES

FOR SALE BY
THE SUPERINTENDENT OF DOCUMENTS,
UNITED STATES GOVERNMENT PRINTING
OFFICE, WASHINGTON, D. C.

THE 1939 MINERALS YEARBOOK presents an economic review and statistical summary of the mineral industry of the United States in 1938. It reviews current trends in
production, consumption, prices, stocks, technologic progress, world conditions, and
international trade for nearly one hundred metal and mineral commodities. It includes
a survey of the bituminous-coal industry, furnished through the courtesy of the National
Bituminous Coal Commission.
The record of nonferrous metal production is presented in authentic detail with final
statistics for 1938 for every State. A new chapter presents a comprehensive survey of the
consumption of pig iron and iron and steel scrap, extending a service begun in 1935. This
volume also includes, for the first time, statistics for the sales of barite, by consuming
industries, and a survey of kerosene consumption. Complete final statistics for 1938 are
presented throughout the entire volume with the exception of the chapters on bituminous
coal, coke, petroleum, natural gas, and natural gasoline, and these chapters contain adequate
reviews based on preliminary data.
In response to the wide public interest in the problem of providing adequate supplies of
minerals needed for national defense, the new Yearbook summarizes the domestic situation
with respect to the more important strategic minerals that must be obtained in whole or
in large part from foreign sources.

Number 10

Volume 19

UNITED STATES DEPARTMENT OF COMMERCE
HARRY L. HOPKINS, Secretary

BUREAU OF FOREIGN AND DOMESTIC COMMERCE
JAMES W. YOUNG, Director

SURVEY OF
CURRENT BUSINESS
OCTOBER 1939
A publication of the

DIVISION OF BUSINESS REVIEW
M. JOSEPH MEEHAN, Chief
MILTON GILBERT, Editor

TABLE OF CONTENTS
SUMMARIES
Business situation summarized.
Employment
Foreign trade
Domestic trade
Construction and real estate

Page
3
6
7
8
9

SPECIAL ARTICLE
The impact of war on commodity prices

10

CHARTS
Figure 1.—Monthly business indicators, 1929-39
Figure 2.—Indexes of stock prices for selected groups, Wednesday
close, August 30-September 20, 1939
Figure 3.—Indexes of value of inventories, specified periods, 1936-39.

4
12

CHARTS—Continued
Figure 4.—Comparison of price movements of selected commodities
at the outbreak of the European wars of 1914 and 1939
Figure 5.—Indexes of wholesale prices, by groups, 1914-22 and 1929-39.

179391—39

1

13
14

STATISTICAL DATA
New or revised series:
Table 41. Income payments, 1929-38
15, 16
Table 42. Employment, unadjusted and adjusted, and pay rolls,
unadjusted, 1934-39
17
Table 43. Sales of washing machines, 1929-38, and sales of ironing machines, 1933-38
17
Table 44. Exports of sawed timber, 1913-39
18
r
"* Table 45. Total imports of sawmill products, 1913-39
18
Monthly business statistics
19
General index
Inside back cover

Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS is 32 a year. Single-copy price: Monthly, 15 cents; weekly, 5 cents*
Foreign subscriptions, 33.50. Price of the 1938 Supplement is 40*cents* Make remittances only to
Superintendent of Documents, Washington, D. C.




Page

1

SURVEY OF CURRENT BUSINESS

October 1939

Monthly Business Indicators, 1929-39
INDUSTRIAL PRODUCTION
140

INCOME PAYMENTS AND CASH FARM INCOME

vo LUME (1923- 25=100)

120

MONTHLY INCOME PAYMENTS ( 1 9 2 9 = 1 0 0 )
CASH FARM INCOME ( l 9 2 4 M 9 2 9 * 1 0 0 )

130

110

120
110

f

\
\

100

90

/

A

\
\

80

1

f\V 1 v
[V

1

100
'ONTHLY INCOME PAYMENTS

/
/V
\/
L

80
70
60

V

V

70
60

'-CASH INCOME FROM FARM MARKETINGS
(EXCLUSIVE OF RENTAL & BENEFIT PAYMENTS)

50
40

V

T 1929

1930 1931 1932 1933 1934 1935 193S 1937 1938 1959

1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939

CONSTRUCTION CONTRACTS AWARDED**
140

90

f

FOREIGN TRADE *
140

VALUE (1923^25=100)

VALUE (1923-25=100)

120

120
°ORTS, INCLUDING Ri
EEXPOR7-5

100

X

80
60

100

rAi
GE'NEPAL IMPORTS ~^f
1M

\

40

V

20

80

n ^^

v-

fa

f

60
40
20

0

1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939

FACTORY EMPLOYMENT AND PAYROLLS
140

1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939

WHOLESALE PRICES AND COST OF LIVING
(19 23-25

(l923~25« 100)

110

=100)

100

120
^-CO ST OF LIVING

100

r

80

\

FACTORY EMPLOYMENT-^
1>S4^ (ADJUSTED)
^J^S

90

<

60
40

s** 1

*

80

J

J

!A^

/
^ I

\^FACTORY PAYROLLS
1 (UNADJUSTED)

—^

\
\

70
sy

H 'HOLESALE

PRICES

60

i

20

50

\

1929 1930 1931 1932 1933 1934 1935 1936 1937 193S 1939

1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939

STOCK PRICES

RETAIL SALES *
175

AUTOMOBILE SALES (l929~31=100)
DEPARTMENT STORE SALES (1923-25=100)

350

(1923-25=100)

1

300

150
125
100

\

Spy./ -DEPAF

50
25

i

s

17MENT STORl

'

75

1
0

0

\

Vu

X

V

p

w

-350

INDUSTRIAL COMPANIES

250

200
150

1

100
50

SSENGl S? AUTOMOBtLE SA

0
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939

http://fraser.stlouisfed.org/
* ADJUSTED FOR SEASONAL VARIATION
Federal Reserve Bank of St. Louis

1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
• THREE-MONTH MOVING AVERAGE

D.D98?Z

SUEVEY OF CURRENT BUSINESS

October 1939

Business Situation Summarized
CONOMIC activity moved ahead vigorously in
E
September as the war in Europe caused major
readjustments in business policies and programs.
Industrial production immediately moved forward
at an accelerated pace, and there was a major increase
in employment by the end of the month. This resulted from the large-scale forward buying on the
organized commodity markets in the first days of the
month and the extensive covering of future requirements which soon followed over a wide range of raw
commodities and manufactured products. Consumers'
incomes in September were increased by the resultant
rise in pay rolls and by the higher prices realized for
farm products.
An immediate reaction to the German invasion of
Poland was felt on domestic security and commodity
markets. The shock of hostilities was absorbed with no
interruption to trading, in distinct contrast with the
breakdown in 1914. At that time the New York Stock
Exchange was closed and gold reserves were seriously
depleted, whereas even in the first days of September
orderly and unimpeded security trading was maintained without difficulty and the foreign exchanges
moved in favor of the dollar. In commodity markets
trading was continuous, with prices of basic staples
advancing sharply.
Among September developments of immediate significance to business volumes was the exceptionally
heavy buying in anticipation of rising prices and possible
difficulties in securing deliveries. The result was a
sharp advance in the rate of business improvement
that had been under way during the summer. The
September change to aggressive forward purchases
occurred most promptly in basic materials, but semifinished and finished goods were also shortly the object
of heavy buying. After the very active buying in
the early weeks of hostilities there was a falling off
in the latter part of September. Unfilled orders at
the end of the month, however, were exceptionally
large in numerous instances.
The rapid rise in production and the increased
movement of goods into trade channels led to substantial increases in inventories of business concerns.
Extension of the current industrial advance after the
existing backlogs of orders are reduced to more usual
proportions will depend on development of new
dynamic demand factors, such as heavier exports
and/or a pick-up in business expenditures for durable
products. During September there were few^ tangible
indications of material changes in this direction,
though there were some stirrings in the railroad equipment field. The role of capital formation in expanding
or even maintaining the current business advance has




become of increasing importance; the immediate prospect for a vigorous growth in export trade was not
clear on the basis of September events.
Export shipments in September declined as a result
of the interruptions and changes in sailing schedules
occasioned by the war. While such dislocations are temporary, we may expect marked changes in the direction
and commodity composition of our trade, some of
which are already apparent. A large volume of foreign
inquiries for United States merchandise has been reported, but actual consummation of orders was not
exceptional during the month, if the available information correctly indicates the current situation. On the
whole, foreign-trade prospects remain confused, but a
number of major influences were injected immediately.
These were the invocation of the provisions of the
Neutrality Act of 1937 against the belligerent powers
in the European war; the interference to shipments
caused by the Allied blockade; the imposition of requirements for import licenses and exchange permits
for almost all commodity imports in the United Kingdom and France; and the precautionary measures to
control movements of exports and imports taken by
many neutral countries. The Congress was convoked
in special session to consider revision of existing neutrality legislation.
Industrial Production Rise Unusual.

Manufacturing operations at the end of September
were far ahead of the level at the close of August. Out"
put was the largest for any month since September
1937, when the recession of that year gathered momentum. The rise in factory output was most prompt in
basic semimanufactures, but by the end of the month
operations were being speeded up over a wide range of
industries producing both partly processed and highly
fabricated products. Production in many nondurablegoods industries reflected the large orders received for
both semifinished and finished articles. Cotton mills
advanced production more than seasonally on the
receipt of exceptionally large orders in September;
rayon producers were unusually active. Production in
the paper and paperboard industry increased to the
highest level since 1937.
Output in the durable-goods industries also moved
forward during the month. In a number of lines requiring a higher degree of fabrication the September volumes
resulted from the accumulation of orders over past
months. However, in the basic steel industry, the
extraordinary production spurt resulted predominantly
from the receipt of orders during September. Steelingot production was quickly advanced from 63 percent
of capacity to 84 percent in a 4-week period. The

SURVEY OF CURRENT BUSINESS
widespread covering movement among consumers of
steel brought sufficient orders to the books of the steel
makers to assure continued high output during the fourth
quarter. Domestic quotations for steel to be shipped
before the year-end were held at the prices posted for
third-quarter delivery except for some advance by
smaller units in the industry. Realized prices were expected to reflect the firming in posted price lists. Tinplate mills and fabricators of nonferrous metals also
increased operations materially. Automobile production in September was increasing at a rapid rate—the
RELATIVES, AUGUST 30, 1939 « 100
130
/

120

RAILROADS
INDUSTR/ALSCAPITAL GOODS

I 10

INDUSTRIALSCONSUMERS' GOODS
UTILITIES

100
90
Aug.30

Sept. 6

Sept. 13

Sept. 20

170

AIRCRAFT MFG.
-MEATPACKING
^COPPER $ BRASS
^-PETROLEUM
AUTOMOBILE
CHEMICAL

RETAIL TRADE
MOTION PICTURE

80
Sept. 6

Sept. 13

Sept 20

Figure 2.—-Indexes of stock prices for selected groups, Wednesday close,
August 30-September 20, 1939.
NOTE .—Indexes have been recomputed on an August 30,1939, base from the indexes
published by Standard Statistics Co., Inc.

usual move subsequent to model change-overs. Inquiries for metalworking machinery were quite large in
September, but evidence of expansion for other lines of
factory equipment was lacking. The Maritime Commission hurried its shipbuilding program, placing contracts for 49 vessels of 350,000 gross tons during the
month. The total number of ships under contract
but not completed rose to 117 of 900,000 gross tons.
The long-dormant railroad-equipment industry was
activated by an increase in repair programs, and equipment purchases rose by moderate commitments after

the low volumes placed in the earlier months of the year.


As the railroads sought to increase the number of
freight cars in usable condition, they enlarged working
forces at repair shops. The carriers were the beneficiaries of a spectacular increase in freight volumes during September; even after the customary allowance for
the large seasonal gains, the volume of traffic was up 9
percent from the adjusted rate in August. Freightcar loadings, on a sharp upward curve during the month,
reached 835,000 cars in the final week of September, a
weekly total that has been exceeded but twice since 1930.
Fuel Output Advances.

Output of fuels increased during September mainly
as a result of the return of normal petroleum flow in
the mid-Continent fields. Consequent upon the production restrictions in the latter half of August, stocks
of crude oil declined substantially; prices of petroleum
products generally tended to strengthen, even prior
to the war-fostered rise. Bituminous coal mined increased further in September; the tonnage was the
highest since November 1937. Power demands from
industrial users were a major factor in the record established by electric energy output.
Stock and Bond Price Changes Diverse.

STEEL
SUGAR
RAILROAD EQUIPMENT

Auy.30

October 1939

After one day of irregular movements immediately
upon the German invasion of Poland, stock prices were
marked up rapidly in the next week. While the general
trend was upward, stock-price movements for the
various groups of industries were quite divergent, as
may be seen by reference to figure 2. Major advances
occurred in railroad shares, and in industrial stocks
which traders calculated were likely beneficiaries of
war demands; shares of representative motion-picture
and retail-trade concerns declined; and public-utility
stocks were little changed on the average. After the
abrupt advances in the early part of September, quotations moved within a relatively narrow range. From
the end of August to mid-September, the Standard
Statistics index of 350 industrial stocks advanced 15
percent, and the railroad index was up about 30 percent. These gains raised market averages of industrial
shares to approximately the 1938-39 highs; railroad
shares were slightly higher. Trading on the New York
Stock Exchange was quite active in the first half of
September; daily turn-over ranged between 2 and 6
million shares, whereas in August a volume of less than
1 million shares was typical.
High-grade bonds—corporate, municipal, and Federal—were subjected to heavy selling pressure on the
outbreak of hostilities, and market quotations moved
lower. These bonds had been quoted on a very low
yield basis during the summer. Further declines occurred in Federal Government issues later in the
month, and net losses in September were as much as 5
points. The Federal Reserve banks intervened actively to support government issues by acquiring
$400,000,000 of bonds and notes in the first half of
September. While better-grade industrial and utility

SURVEY OF CURRENT BUSINESS

October 1939

liens declined, there were advances in the issues carrying a greater risk. Foreign bonds listed in New York
were subject to heavy selling, and large losses were
numerous.
The new-issues market was seriously disturbed by
the European war, and publicly offered corporate issues
were negligible in amount; the August total had been
$250,000,000. Since the volume of new capital raised
by corporations in the open market has been quite low
for about 2 years, this interruption was not of major
significance. However, the firming of interest rates
after hostilities caused the postponement of several
refunding issues and one large utility refunding issue,
originally intended for the market, was placed privately.
Commercial loans increased materially in September
with the usual seasonal movement reinforced by increased demands for working capital as inventories and
industrial operations moved up. In the 4 weeks ended
September 27, reporting member banks in 101 cities
added more than $200,000,000 to their business loans.
Foreign Exchanges Erratic.
The foreign-exchange market was thrown into confusion by the outbreak of war; the currencies of belligerents declined in terms of the dollar, while those of
most neutral countries moved within narrow limits.

The pound sterling fell from $4.34 on August 31 to
$4.06 on September 5, on which day the Bank of
England announced an "official" dollar exchange rate
of $4.02-$4.06 for the transfer of American-owned
pre-war sterling balances, and approved trade transactions with the Empire. Notwithstanding this announcement, the "open market" quotation for sterling continued to fall, touching $3.73 at the middle of the
month, though subsequently recovering to about $4.
The French franc declined from 2.45 cents at the end
of August to 2.10 cents by mid-September, a low which
had not been reached since July 1926. The Canadian
dollar sold at a discount which at one point during
September reached 11 percent, but the rate later
recovered slightly.
The Scandinavian currencies were cut loose from the
pound sterling in late August, and during September
were fairly steady in terms of the dollar. The Japanese
yen declined along with the pound sterling, to which it
remained pegged, though the yen did not reflect the
extreme weakness in sterling when the New York rate
on London was temporarily below $4. Currencies of
the leading South American countries were mostly
firm, though a strengthening of the dollar value of
some currencies was evident.

MONTHLY BUSINESS'INDEXES
Factory employment
and
pay rolls

Cash farm
income 2

Freight-car Retail sales,
loadings, value, adadjusted ]
justed i

Industrial
production,
adjusted1

Foreign
trade,
value,
adjustedl

Year and month

si

e3

Monthly average,
1929=100
1929: August
1932: August
1933: August
1936: August
1937: August
1938:
August
September
October
November
December
1939:
January.
February
March
April
May
June
July
August
Monthly average,
through August:
1929
1932
1933
1936
1937
1938
1939

January

si

¥

1 ^£

©

Monthly av- Monthly average, 1924erage, 192329=100
25=100
108.4 113.5 113.5 108. 5
41.4 38.5 38.5
62.4
58.6 49.5
81.0
51.0
87.3
100.6
75.0 74.5
111.7 108.7 90.5 85.0

L02.3
57.5
58.1
83.5
91.0

101.9
55.4
57.1
81.2
89.3

101.9
60.3
59.4
84.1
91.0

81.3
81.8
82.6
83.1
83.4

79.9
80.4
81.4
82.4
83.0

82.5
82.8
83.5
84.2
84.7

87.8
89.9
90.2
92.8
94.4

77.3
81.6
84.2
84.4
87.1

72.5
85.0
91.5
78.0
72.5

83.3
83.0
84.1
83.0
83.4
84.1
83.6
85.3

82.3
82.0
82.1
81.0
81.4
82.8
82.8
83.9

84.4
84.4
84.8
83.8
84.3
85.4
85.4

94.6
94.3
94.0
93.8
93.3
94.3
94.8
95.7

83.7
86.0
87.6
85.5
85.0
86.5
84.4
89.9

68.5
51.0
57.5
55.0
60.0
59.0
63.0
71.0

99.5
62.6
55.7
81.7
89.3
81.1
83.7

99.5
61.3
53.5
77.9
86.9
78.2
82.3

99.7
65.4
57.2
82.0
89.1
81.8
84.9

106.0
66.4
68.8
95.9
109.8
88.1

111.4
48.1
45.7
82.0
105.2
74.8
86.1

93.7
41.4
43.9
66.1
74.0
63.8
60.6

192931=100

Monthly average, 1923-25=100
121
60
91
108
117

122
59
91
110
117

115
65
91
99
113

110
51
64
76
79

105
68
69
67
68

72.0
72.5
67.5
69.5
68.0

88
90
96
103
104

87
89
95
103
104

95
97
98
102
109

62
64
68
69
69

60
61
62
61
61

67.5
60.0
64.0
64.5
65.0
60.0
62.5
71.0

101
99
98
92
92
98
101
102

100
97
96
92
91
97
100
104

110
110
110
95
98
104
106
92

69
67
66
60
62
67
69
70

62
62
62
61
61
61
62
62

122
64
76
101
117
80
98

124
63
76
101
117
77
97

113
69
79
100
114
95
101

106
53
55
70
79
59
65

104
73
66
64
68
60
61

111
64
75
87
93
83
86
84
89
89
87

i Adjusted for seasonal variations; monthly averages, except income payments, are based on unadjusted indexes.
* Average of 7 months, January, February, and April through August.



If
due,

Monthly income
payments, adjusted i

a
s

Monthly
average,
1926=100]
96.3
65.2
62.7
69.5
86.7
81.6
93.4
87.5

Monthly average,
1923-25=100

148.5
30.0
52.0
92.0
120.5

109
31
38
51
79

119
29
50
62
79

122
30
24
62
62

54.5
60.0
85.0
100.0
92.5

66
62
60
58
67

53
55
54
55
54

66
78
82
96
96

81.2
83.3
91.7
86.4
106.9

78.1
78.3
77.6
77.5
77.0

91.0
96.0
88.0
79.5
79.0
79.0
80.5
74.0

55
63
70
64
70
70
69
72

55
49
53
53
61
58
57
57

86
73
69
67
63
63
67
70

90.5
77.1
92.3
85.3
90.0
94.7
89.6
88.7

76.9
76.9
76.7
76.2
76.2
75.6
75.4
75.0

165.9
41.9
46.9
110.4
122.2
64.0
89.2

112
35
31
50
69
68
63

116
36
34
60
85
49
56

127 137.5
29 67.5
19 3 60.7
55 88.9
63 99.9
56 83.7
72 88.5

95.7
65.4
63.4
80.1
87.3
79.1
76.1

a From farm marketings.

SURVEY OF CURRENT BUSINESS

October 1939

Employment

E

MPLOYMENT increased substantially in Sep^ tember, extending the August rise, as industrial
production expanded and improvement in other lines
necessitated the engagement of large numbers of additional workers. Among manufacturing industries, the
large gains have been those reported for cotton-goods
factories, steel, aircraft, shipbuilding, and meat-packing
firms. In automobile plants the number at work is
undergoing rapid expansion with the increased production of 1940-model cars. Numerous other producing
lines have also recorded increases. With railway
traffic close to the 1937 peak, the railroads have added
many employees in the last few weeks. Employment
on construction projects has been relatively high with a
further small advance recorded in September, and trade
establishments are taking on additional workers in
preparation for fall business.
As an indication of the rising volume of employment
in recent weeks, a special survey of the Bureau of Labor
Statistics shows a gain of about 300,000 in factory employment between mid-August and mid-September.
Since the middle of July, the gain in factory employment alone has been in excess of one-half million, a
larger increase than is usually recorded at this season.
These employment gains have lifted salaries and wages
to the highest level since 1937, and have cut down the
volume of unemployment which, however, is still large.

More detailed figures available through the middle
of August place total nonagricultural employment at
the highest total since December 1937 and about
1,200,000 over August 1938. Gains in factory employment were widespread, with 69 of the 90 reporting lines
of activity showing increases in employment from July
to August. Pay rolls in factories gained more rapidly
than employment, the rise of 6.5 percent, or $10,500,000
weekly, being approximately double the customary
July-August increase.
Coal mines reported increased employment in
August, the rise at anthracite mines being contraseasonal. Coal-mining payrolls rose more sharply than employment, reflecting increased production schedules. A
small reduction in employment was reported in the oil
fields, but these data do not reflect the general shutdown which occurred in the latter part of August.
Following its usual procedure, the Bureau of Labor
Statistics has revised its indexes of factory employment
and pay rolls to accord with the latest census data—
that is, those for 1937. Certain of these data are given
in table 42, page 17, of this issue. As an indication of
the extent of the revisions, the index for total factory
employment, without seasonal adjustment, for August
is 3.4 percent higher on the revised basis. The index
of pay rolls was also affected, although the revision in
this case lifted the index by less than 1 percent.

EMPLOYMENT STATISTICS
Factory employment and pay rolls *
Retail trade,
unadjusted

Tear and month

1929:
1932:
1933:
1936:
1937:
1938:

1939:

109.2
62.7
81.3
101 2
112.3

110.3
48.9
65.0
91.3
107. 5

108.2
75.9
97.0
110.7
116.8

108.4
62.4
81.0
100.6
111.7

109.7
48.8
64.8
92.3
109.1

107. 3
75.4
96.4
108.5
114.2

August
September
October
November
December

88.8
92.0
92.4
93.3
94.0

72.4
75.9
79.7
82.9
83.8

104.4
107.3
104.6
103.1
103. 8

87.8
89.9
90.2
92.8
94.4

72.8
76.4
78.3
82.1
83.7

102.1
102.7
101.5
103.1
104.7

92.2
93.6
94.3
94. 1
93.0
93.4
93.5
96.4

82.3
83.3
84.1
81.8
84.0
84.6
82.9
84.2

101.7
103.5
104. 0
103.0
101. 6
101.8
103. 6
108.0

94.6
94.3
94.0
93.8
93.3
94.3
94.8
95.7

84.4
84.2
83.7
83.9
82.9
83.9
83.7
84.9

101.4
103. 9
103.8
103.3
103. 3
104. 2
105.4
105.9

106.0
66.4
68.8
95.9
109.8
88.1
93.8

107.1
54.4
52.8
87.6
105.5
76.6
83.8

104. 9
77.8
84.0
103.8
114.0
99.0
103. 4

1932
1933
1936
1937
1938
1939




Industrial disputes

Employment
WorkPay rolls, unadjusted
Strikes ers in- ManUnadjusted
Adjusted i
begin- strikes days
NonNonNonning begin- idle
Dura- duraDura- duraDura- duraduring
ble
All inAll inAll inble
Weekly Hourly
Emble
ble
ble
ble
month in month
goods goods dusgoods goods
dusploy- Pay earn- earn- orked
goods goods dusper
ings week
tries indus- indus- tries indus- indus- tries indus- indus- ment rolls ings
month
tries tries
tries tries
tries tries
Monthly avThoui Thou- ! sands
Monthly average 1923-25 = 100
erage
Number
Dollars

August
August
August
August
August

January
February
March
April
May
June
July
August
Monthly average.. Jan
uary through August:
1929

Average factory
wages and hours
(National Industrial
Conference Board)

i See footnote marked " t " on p. 25.

I
!
|
{
i

| sands of days
395
29
39
1,417
2, 061
225
69
911
143
2,270

1929 = 100
99.2
98.7 i
56.9
71.8 i
54.9
75.4
64.4
82.4 j
72.3
86.2 |

28.49
15.26
19.34
24.76
27.76

0. 590
.486
.507
.617
.713

48. 3
32.1
38.2
40.1
38.9

86
89
261
228
449

93.2
96.7
94.9
92.1
95.4

80.0
84.7
85.9
86.9
98.1

66.8
69.4
70.8
71.5
79.2

24.93
25.73
26.14
26. 32
26.02

.711
.714
.714
.714
.713

35.2
36.2
36.7
36.9
36.6

262
222
256
207
177

48
96
53
43
38

76.0
77.7
79.4
79.5
78.8
80.7
76.0
81.7

92.4
95.3
96.7
92.2
91.9
93. 0
93.8
99.2

82.2
81.5
83. 8
85. 5
85.7
86.4
83.5
82.4

69.7
68.4
69.6
71.3
71.5
72.5
70.8
69.2

25. 95
26.11
26. 25
26. 27
26.19
26. 79
26.76

.713
.713
.715
.717
.720
.721
722

36.6
36.8
36.9
36.8
36.5
37.2
37.2

173 |
179
193
219
210
194
210
275

49 I
67 j

113.2
35.6
32.7
76.2
105. 3
63.9
78.7

109.3
62.1
60.1
88.4
105.1
86.9
94.3

97.7
76.8
72.1
82.9
87.8
83.3
83. 9

97.7
65.2
52.1
64.3
71.4
69.2
70.4

28.69
17.28
17.07
24.05
27.58
23.71

.588
.510
.464
.613
.682
.714

48.7
34.3
37.1
39.1
40.5
33.4

113. 5
41.4
58.6
87.3
108.7

115.4
27.9
45. 2
79.8
109.2

111.3
56.4
73.5
95.8
108.1

77.3
81.6
84.2
81.4
87.1

63.1
68.1
74. 6
77.6
79.6

83.7
86.0
87.6
85.5
85.0
86.5
84.4
89.9

111.4
48.1
45.7
82.0
105.2
74.8
80.1

J

Adjusted for seasonal variations.

78
145
185 j
458 I
239
207

41
391 j
93 j

56
170
70

29
36
86
60
202
57
117

831
990
842
558
513
512
540
591
4.868
3, 500
923

1.100
900

544
1, 184
957
972
3,017
781
1.617

SUEVEY OF CURRENT BUSINESS

October 1939

Foreign Trade
dislocations to shipping in early SeptemDESPITE
ber resulting from the outbreak of war, exports of

August, as compared with the corresponding month of
the preceding year, for the first time in more than a
United States merchandise for the month increased 14 year. With quantity shipments to Europe greatly
percent over August and 16 percent over September of above last year's, the value of cotton exports to that
1938. Exports for September were approximately area increased from $6,863,000 in August 1938 to
$282,666,000, according to preliminary statistics. The $9,285,000 in August 1939, despite the lower prices
increase for the month was in line with seasonal which ruled this year. However, shipments of cotton
expectations.
to Japan and Poland were decidedly smaller and those
United States exports to Germany and Poland to Germany were somewhat lower in comparison with
dropped to negligible figures during September and August 1938. Marked increases were recorded for cotthose to France, which had been unusually large in ton exports to the United Kingdom, France, Belgium,
August, declined by about 50 percent. A large part Spain, and the Netherlands.
of the increase in exports for September was accounted
Despite the increase in cotton, the value of total
for by materially enlarged shipments to Canada, the agricultural exports was smaller in August than in the
United Kingdom, and Japan.
same month last year. The quantity of tobacco exThe exports of commodities which increased mate- ports was down only 4 percent, but because of a shift
rially from August to September were raw cotton, petro- in grades, the value decreased from $14,834,000 to
leum, and coal, while only aircraft products showed a $7,901,000. Moreover, August exports of wheat this
marked decline. Shipments of raw cotton in September year amounted to 5,903,000 bushels as compared with
rose sharply; $35,000,000 as compared with $11,000,000 9,900,000 bushels in August 1938, and corn exports
in August. No barter cotton had moved out early were 1,087,000 bushels as compared with 12,647,000.
enough to be included in the month's figures.
The rise in the value of import trade in August over
In August—the last month of peace—the export that of August 1938 was in part the result of higher
trade of the United States increased 9 percent in value prices for leading import commodities this year.
as compared with July, while general imports advanced Whereas the quantity of crude-rubber imports in4 percent. Compared with August 1938, the respective creased 12 percent, the value rose 16 percent. Silk
gains in exports and imports were 9 and 6 percent.
imports decreased 9 percent in quantity but increased
Exports of raw cotton registered an increase in 14 percent in value, as compared with August 1938.

EXPORTS AND IMPORTS
Indexes

Tear and month

Exports of United States merchandise

Value Value
of
of
total
total
eximports, ports,
adadjusted justed

Exports,
including
reexports

Crude materials

Total

Unmanufactured
cotton

Foodstuffs,
total

Semimanufactures

Total

Monthly average 1923-25= 100
1929: August—.
1932: August—_
1933: A u g u s t - .
1936: August...
1937: August-._
1938:
August
September.
October
NovemberDecember..
January
February
March
April
May
June
July
August
Cumulative January through
August:
1929
1932
1933
1936
1937
1938
1939
1

General imports through



109
31
38
51
79

3 112
3 35
3 31
3 50
3 69
3 68
3 63

3

Imports »

Finished manufactures

Total

Machinery

Automobiles,
parts,
and
accessories

Total

Crude Foodmate- stuffs
rials

Semimanufac-

tures

Finished
manufacture*

Millions of dollars

119
29
50
62
79

380.6
108.6
131.5
179.0
277.0

374.5
106.3
129.3
175.8
273.6

50.9
29.7
42.0
38.1
46.0

23.9
18.1
28.2
12.0
15.9

65.5
17.3
16.9
19.7
27.4

57.1
12.9
20.5
32.3
67.2

201.0
46.3
50.0
85.7
132.9

50.6
9.0
11.1
25.2
40.8

36.0
5.1
8.1
12.3
23.1

369.4
91.1
154.9
200.8
248.7

125. 8
22.2
50.8
61.8
79.6

74.9
29.2
35.4
56.8
67.0

79.7
15.1
35.1
40.8
54.8

88.9
24.6
33.7
41.4
47.3

53
55
54
55
54

230.6
246.3
277.9
252.2
268.8

228.1
243.6
274.3
249.7
266.2

43.8
59.6
72.1
59.9
49.4

10.7
20.5
24.1
25.0
19.0

35.8
31.4
33.3
29.5
28.4

35.6
40.2
44.5
40.0
50.5

112.9
112.5
124.4
120.4
137.9

39.5
36.6
38.7
34.6
40.9

12.3
14.2
17.3
25.4
29.2

171.1
172.9
178.5
171.7
165.5

49.5
52.4
53.7
52.4
53.5

49.5
49.1
48.4
46.8
44.0

35.0
33.6
35.8
35.2
35.3

37.0
37.9
40.6
37.3
32.8

55
49
53
53
61
58
57
57

212.9
218.6
268.4
230.9
249.3
236.1
229.6
250.8

210.3
216.0
264.6
227.6
245.9
233.4
226.7
248.1

36.4
36.5
40.1
26.0
30.2
25.7
29.7
36.5

15.0
13.7
17.0
9.2
7.5
6.2
6.0
11.9

31.1
26.6
28.0
23.6
26.9
19.5
19.7
24.3

35.5
34.9
45.7
41.0
48.2
48.5
46.0
53.5

107.4
118.1
150.9
137.0
140.5
139.7
131.4
133.8

31.2
34.6
49.4
43.9
44.4
42.2
43.7
43.6

21.4
25.3
28.5
24.9
23.8
20.4
18.5
14.9

169.3
152.5
191.2
185.8
194.2
178.4
170.5
180.4

53.9
48.1
59.5
54.9
62.3
54.7
50.0
61.0

43.4
41.6
54.5
49.1
51.9
50.2
49.6
48.4

37.2
34.0
38.8
37.9
39.9
38.6
36.9
35.7

34.9
28.8
38.4
43.8
40.4
34.8
33.9
35.4

585.1
298.2
300.8
345.4
391.9
353.5
261.1

368.1
195. 6
205.6
172.8
201.1
140.0
86.3

486.1
160.1
112.4
126.8
146.7
310.4
199.7

500.5
133.7
138.6
258. 2
452.7
330.8
353.2

1, 775.2
438.3
376.0
757.9
1, 054. 2
1,030.1
1, 058. 7

409.2
91.0
75.5
218.6
313.2
335.9
333.0

423.6
56.9
57.1
162.0
228.7
185.2
177.7

3,008. 7 1,072.9
247.3
917.3
249.4
890.0
464.1
1, 551. 6
2,133. 4
688.3
1,262.3
364.5
444.4
1,422. 3

672.0
282.0
278.1
477.7
641.7
382.6
388.7

608.2
152.3
170.3
319.2
439.8
246.2
299.0

655.6
235.7
192.2
290.6
363.6
269.0
290.5

116
3 36
3 34
3 60
3 85
3 49
3 56

3,406. 5
1, 055.4
944.9
1, 514. 3
2,081. 8
2,050.6
1,896. 6

3,346.8
1,030. 2
927.8
1, 488.3
2, 045. 5
2,024.8
1,872. 6

December 1933; imports for consumption thereafter,

J

Adjusted for seasonal variations.

^Monthly average of unadjusted indexes.

8

SURVEY OF CURRENT BUSINESS

October 1939

Domestic Trade

T

HE increase in buying power flowing from the
more-than-seasonal rise in industrial pay rolls did
not result in a broad increase in actual consumer purchases in September. Although rising volumes may be
expected in the near future the movement thus far has
been limited to a relatively few staple food items.
Retail sales of general merchandise have followed a
rather even trend during the summer months at a level
some 7 percent above the dollar values in the summer
of 1938. The increase in the volume of sales has been
of about the same magnitude, since prices have averaged approximately the same as last year. September
sales will have to make a better showing than is indicated by the department store figures if the rate of
increase over 1938 is to be maintained. The postLabor Day trade a year ago moved up sharply.
Department store trade in the first 3 weeks of September indicates that the seasonally adjusted index of sales
for the month will be about the same as in August.
The gain over a year ago narrowed, since the seasonally
corrected index increased 3 points from August to
September 1938. Automobile sales declined during
most of the month as 1940 model cars were not available in sufficient volume to start deliveries on a large
scale. Retail sales of general merchandise in rural
areas will naturally be influenced favorably by the

improved outlook for farm income which has resulted
from the advance in prices of farm commodities.
Wholesale sales reported by 2,900 firms were 7 percent larger in August than a year ago and up about
seasonally as compared with July. No significant
changes were revealed by the statistics for the various
lines of trade. September sales expanded with the
general change which occurred in purchasing policies,
but data are not available at this time to measure the
extent of the commitments.
Manufacturers' sales in August were about 14 percent
larger than a year earlier, according to reports received
from 1,650 concerns. The gain was about the same as
that reported in July. Both bookings and shipments
increased in September.
Dun's insolvency index continues to mirror the improved financial condition of business concerns as compared with a year ago. This index, which represents
the ratio of actual commercial failures to firms in business, has shown only minor fluctuations in recent
months, after adjustment for seasonal variations. In
August, the number of failures was about one-eighth
lower than a year ago, although it was still well above
the 1937 level. According to the available weekly statistics, failures in September declined by more than the
usual seasonal amount, so that the adjusted index will
probably drop to the lowest point since the fall of 1937.

DOMESTIC TRADE STATISTICS
Wholesale
trade

Retail trade
Chain-store sales
ComGrocery
stores Variety stores
Sales
Stocks i
bined
Unad- AdUnad- AdUnad- AdUnad- Adindex
just- just- just- just(Chain just- just- just- justed a ed 3
ed 3 Store Age) ed a ed 3 ed a ed 3
ed
Department stores

Tear and month

M o n t h l y average, 1923-25=100

1929:
1932:
1933:
1936:
1937:
1938:

August
August
August
August
August.August..
September
October
November
December
1939:
January
February
March
April
May
June
July
August
Monthly average,
January through
August:
1929
1932
1933
1936
1937
1938
1939

Monthly average, 1929=100

Monthly average, 1929-31=100

Failures

Liabilities

Number

Thousands
of dol.

80.5
78.7
92.1
89.6

102.3
83.9
82.0
95.9
93.3

96.9
68.8
76.7
86.5
90.6

109. 5
77.7
86.7
97.7
102.4

111.0
50.3
64.7
96.2
91.7

129.0
61.8
75.2
117.6
121.1

167.0
34.0
58.3
92.9
112.6

148.5
30.0
52.0
92.0
120.5

101.3
74.9
77.9
86.3
91.8

100.0
60.3
57.2
69.7
79.0

1,427
677
736

37, 287
10,034
14, 950

65
70
74
78
62

106.0
109.4
108.0
109.5
112.9

88.5
93.0
94.9
96.7
101.1

92.2
94.9
94.4
96.7
98.1

85.2
94.1
98.2
102.2
193.6

96.3
98.5
96.7
100.2
104.9

98.2
121.1
140.9
147.2
183.6

120.1
114.6
108.5
113.1
114.8

49.2
37.1
55.1
99.1
96.1

54.5
60.0
85.0
100.0
92.5

88.5
89.1
89.8
90.0

73.7
74.3
75.1
75.4
75.7

1,015
866
997
984
875

16,382
14,341
13.219
12. 302
36,528

60
65
69
69
68
64
60
65

107.5
108.8
109.8
110.0
110.0
111.0
112.0
113.0

93.5
98.7
100.5
102.0
102.9
100.8
97.6
99.0

96.4
98.2
99.5
99.0
101.4
99.3
99.6
103.1

73.6
79.7
85.0
97.6
96.3
95.8
91.3
89.6

98.7
95.5
98.8
97.1
96.3
100.8
102.6
101.2

91.3
100.1
115.0
120 2
120.5
120.0
91.1
107.2

120.0
123.7
131.0
130.8
131.2
131.7
124.8
131.1

70.8
71.2
106.7
106.3
107.1
101.2
87.5
62.9

91.0
96.0
88.0
79.5
79.0
79.0
80.5
74.0

88.3
87.9
87.4
87.3
87.2
88.1
87.9
88.8

75.5
74.6
74.7
74.8
74.9
75.7
75.9
76.1

1,263
963
1,057
1,064
1,028
847
885
859

19,122
12, 788
17,915
17, 492
14, 757
11,609
14,128
11,259

97
67
56
64
' 74
67
65

85.2
81.7
103.6
111.1
105. 6
110.3

100.6
87.3
79.0
94.1
95.9
93.0
99.4

98.7
77.4
73.6
85.4
91.3
88.5
87.9

98.5
66.2
54.9
68.2
75.7
74.5
75.3

1,914
867
780
1,139
996

46,315
18,870
14, 392
21,264
14,884

111
64
75
87
93

96
59
62
65
74

65
91
92
99
156

83
86
84
89
89

69
69
82
88
87
83
60
69

88
87
88
88
85
86
86
89

1
End of month.



Pay
rolls

79.8
87.0
109.0
113.2

84
49
59
68
72

96
63
57
74
81
73
76

Avg. same
mo., 192931 = 100

Value of
Rural sales of
general mer- new passen- Emger-car sales ploychandise
ment
Unad- AdUnad- Adjust- just- justjust2
ed 2 ed 3
ed s
ed

Commercial
failures

100
62
65
67
78

2

94.6
74.3
72.2
87.1
90.5
85.2
88.6

Adjusted for number of working days.

110.0
57.8
55.5
95.8
105. 5
97.0
108.2

165.9
41
46.9
110.4
122.2
64.0
89.2

? Adjusted for seasonal variations.

9

SURVEY OF CURRENT BUSINESS

October 1939

Construction
contract awards were placed in
CONSTRUCTION
sustained volume during the first 3 weeks of
September, with the outbreak of hostilities in Europe
apparently no deterrent to building schedules already
budgeted. According to the F. W. Dodge Corporation
statistics for 37 States, daily average building awards
for the period September 1 to 22 were 10 percent
higher than in August, a contraseasonal rise and the
largest so far this year. The gain in total awards over
a year ago amounted to nearly one-fifth in the first
3 weeks of September, but this margin is apt to narrow
rapidly in the near future. In the fall and winter of
1938, public awards were advancing rapidly, and there
is no similar program in effect to induce a comparable
expansion this fall.
Of the major classifications, gains over August were
recorded in daily average awards for nonresidential
building and for public utilities. Public works were
somewhat lower, and residential building awards were
reduced slightly. September reports of the Federal
Housing Administration do not reveal any let-down in
the number of mortgages accepted for appraisal and for
insurance. While residential awards recorded a small
decline from August, contracts of this type are still
relatively high. For the first 38 weeks of the year,
such awards were valued at $965,000,000, a larger total

than for any comparable period since 1929. The gain
over the same weeks in 1938 amounted to about onehalf. Public-ownership awards are accounting for an
increasingly large proportion of total residential contracts. In August about one-fourth of all such contracts were for publicly owned construction, as compared
with 11 percent during the first 7 months of the year.
Actual construction activity has been well maintained
in recent weeks, and the volume of construction under
way is currently above that in the early fall of 1937.
Interest in the construction field is centered on the
possible effect of the European war on construction
activity, particularly industrial construction. An increase in factory building large enough to have an
appreciable effect on the total volume of construction
is not an immediate prospect, even in the event of a
large export demand in the near future, as a majority
of manufacturing plants are operating below capacity.
The pressure on capacity in the immediate future is
likely to be felt only in certain limited segments of
industry, and there are a considerable number of vacant
commercial and industrial properties that could probably be used for plant facilities if the need arose. Also,
many plants that have been written off as obsolete in
recent years will be available under the pressure of
additional business.

CONSTRUCTION, BUILDING MATERIALS, AND REAL ESTATE
Construction contracts awarded
Federal
Reserve
Year and month

index,
adjusted i
Monthly
average,
1923-25100

1929: August
1932: August
1933: August
1936: August
1937: August
1938:
August
September
October
November
December
1039:

Residential
building

NumMilMilber of lions
lions of
of square
projdollars
ects
feet

Nonres- Public
idential utili- Public2 Common
buildties 8 works brick
ing*

Lumber

Oak
flooring

Thousands

Mil.
bd.ft.

MonthThou- ly avThous. sands
of
erage, Thousands of dollars
bd. ft. barrels 1913=

Millions of dollars

100

122
30
24
62
62

16, 053
7,185
8,186
12,912
15,454

134.0
106.0
275.3
281.2

29.5
5.5
6.4
24.4
18.9

146.1
20.8
21.9
100.5
73.4

204.5
52.6
37.9
81.0
118.1

39.3
3.8
13.8
17.0
26.1

99.0
56.8
32.3
76.7
63.5

172, 748
157,839

66
78
82

18, 770
16,926
19, 664
17, 772
16,027

313.1
300.9
357.7
301.7
389.4

23.6
21.8
27.2
23.4
22.7

99.7
99.6
112.7
95.3
91.5

87.3
92.0
131.0
116.0
139.5

38.0
26.2
21.2
19.7
44.3

88.1
83.2
92.8
70.7
114.1

13.281
13,015
20,233
22.282
23, 244
21, 701
21,806
23,270

251.7
220.2
300.7
330.0
308.5
288.3
299.9
312.3

20.0
19.2
30.7
28.4
32.6
27.5
27.2
31.2

80.2
79.0
125.2
114.4
133.8
111.9
109.3
127.1

85.0
69.5
97.8
94.7
76.7
92.8
88.5
69.9

29.5
18.5
19.6
35.3
21.8
10.0
23.1
20.1

57.0
53.1
58.0
85.6
76.1
73.6
79.0
95.2

15, 631
6,628
7,030
11, 426
15, 293
16,179
19,854

519.2
116. 2
77.6
225.9
262.0
230.9
288.9

36.8
6.5
5.9
17.6
22.0
18.2
27.1

179.1
25.4
19.8
63.4
83.9
73.3
110.1

209.2
45.5
33.6
84.1
103.0
74.2
84.4

43.0
5.4
4.8
16.1
25.6
22.2
22.2

87.8
39.9
19.4
62.4 i4125,681
1,977
49.5 159, 942 2,127
61.2 I «113, 390 1,630
72.2 i« 161, 377

January
February
March
April
May
June
July

August
_.
Monthly average, January through August:
1929
1932
1933
1936
1937
1938
1939

AH types of
construction 3

127
29
19
55
63
56
72

Loans outstandConRealing
strucestate
tion
forecosts
Home
clo(Engr. Home Owners' sures
Cement News- Loan
Loan
(nonbank
RecCorp. farm)
ord) 3

Building-material shipments

2,101
2,205

23, 052
10, 968
5,994
30, 408 12, 624
33,166 12, 291

205.9
156.8
167.0
208.5
240.7

148,809
142,900
166,471
151, 568
133,184

2,033
1,843
1,847
1,789
1,593

41,511 11, 823
34,497 11,716
32,156 12, 357
31,560 8,573
27, 686 6,290

101,056
95,920
166, 380
178,903
209,716
199,945
177, 718

1,662
1,581
1,995
1,828
2,117
2,061
1,959

26,916
27,308
31,951
30, 604
37,999
37,401
36,985
44,666

27, 771
32, 780
30, 663
34, 229

1926 =•
100

232.4
232.7
234.3
234.4
234.9

59, 797
197
125, 211 2,898, 025
175, 604 2,497, 224
189,415 2,234,899
189,548 2,221,417
189, 217 2,203,896
189,685 2,186,170
198,840 2,168,920

169
169
153
165
159

5,640
5,043
8,467
9,654
12, 748
12,715
11, 755
13,804

234.7
234.3
234.4
234.9
234.7
235.0
234.9
234.9

178,852
170, 614
161, 614
157,176
157,911
168,962
161, 537
159,470

154
154
173
164
186
168
159
153

14, 202
6,811
5,327
8,959
9,633
8,450
9,978

206.6
156.2
162.1
203.7
231.3
236.7
234.7

i Based on 3-month moving average of values adjusted for seasonalvariations; the averages, 1929-39, are computed from unadjusted indexes.
s
Data revised 1929-36; see note marked with a dagger (t) on p. 21 of the July 1939 issue.
3
4
Index is as of 1st of month; index for Sept. 1,1939, is 235.0.
7 months average, January through July.


179391—39
2


Monthly average

2,149,038
2,134, 261
2,117,598
2,105,824
2,091,324
2,080, 512
2,067,844
2,059,792

196

275
237
181
164

10

SURVEY OF CURRENT BUSINESS

October 1939

The Impact of War on Commodity Prices
By Milton Gilbert, Division of Business Review

spectacular among the immediate economic
MOST
reactions to the outbreak of war in Europe was
the upward spurt in prices of basic commodities.
Under the impetus of a buying wave of extreme proportions in organized commodity markets, prices responded
sharply and rapidly. Professional traders, the public,
and manufacturers alike participated in the purchasing.
The upward surge was quite general and without
major exception among the volatile commodity prices.
The advance during the first week of war was probably
of record size for so short a period of time.
In contrast with the situation that prevailed in 1914,
the present European war began during the expansion
phase of an economic cycle in the United States.
Domestic business had been expanding throughout the
summer months. The Federal Reserve Board's adjusted index of industrial production showed an average
rise of over 3 points a month since May—from a figure
of 92 for that month to 102 for August (1923-25 = 100).
The increase in manufactures during the same period
was even larger, the index advancing from 91 to 104.
The volume of fall buying in wholesale markets indicated that the business community was less hesitant to
make commitments than in much of the period since
the 1937 collapse. Economic analysts generally looked
for a continued if moderate expansion in business
volumes through the fourth quarter. The short-term
outlook for business seemed reasonably assured.
It is upon this economic setting that war broke. The
immediate repercussions in the economic sphere revealed
the existence of widespread expectations that war-time
inflation would soon appear. A speculative and protective buying wave broke in wholesale markets in
anticipation of higher prices and future shortages.
Even the consumer rushed in to obtain a stock of some
commodities which he remembers were scarce and expensive 20 years ago.
The effect upon sensitive commodity prices was quite
dramatic. Within a week basic commodities made
substantial gains in both spot and future quotations.
As an indication of what happened, Moody's spot
price index of 15 sensitive commodities rose from 140.3
(December 31, 1931 = 100) on Thursday, August 31, to
169.1 on Thursday, September 7. After advancing to
146.9 on Friday, September 1, the index jumped to
161.7 on the Tuesday after Labor Day. Customer's
margin requirements were raised on many commodity
exchanges, and allowed price movements for one
day's trading in grain futures were widened in an at-




tempt to facilitate orderly markets. Having reached
the week's peak on Thursday, the index settled several
points in the next few days but rose again to 169.1 by
the end of the following week. On Friday, September 22,
it stood at 172.8. During the early part of the month,
quotations on some commodities were purely nominal.
The first week of war had a similar effect on the prices
of futures contracts. The Dow-Jones index of commodity futures covering 11 quotations rose from 47.8
on August 31 to 60.0 on September 7 (1924-26=100).
On September 5th and 6th, futures contracts for most
leading commodities rose the limits allowed for one day.
Trading was often at a standstill for lack of sellers.
Since that time there has been a general tendency for
futures quotations to recede slightly as the speculative
wave subsided and for the gap between spots and
futures, created earlier in the month, to narrow.
Commodity prices generally were not at high levels
when the war came, and farm prices were quite low.
Moody's index had been fluctuating narrowly around
140 during August, a figure to which it had gradually
receded from an approximate 145 level in the last week
of May. The same movement was characteristic of a
much broader range of commodities. The Bureau of
Labor Statistics combined wholesale price index declined from 76.2 (1926 = 100) to 75.0 between May and
August and had been moving lower for almost a year
before. Thus, price movements over the summer contrasted with the upward movement of industrial production. The peculiar thing is that prices, which had
been depressed by the threat of war, went up—not
down—when hostilities commenced.
Rise Largely Concentrated in Early September.

Individual prices for selected foodstuffs and industrial materials are given in table 1, below. It is evident
that the major rise was concentrated in the first few
days of war. Prices of foodstuffs generally advanced
more sharply than those of industrial materials by the
middle of the month, perhaps because of the relatively
lower levels at which foodstuffs stood at the end of
August, but probably also because of the expectation
that war demands would first be felt in this class of
commodities. Since then the industrial materials have
tended to hold up while certain foodstuffs have experienced some corrective price movement. Prices of a
few imported materials, such as cocoa and rubber, have
lately been depressed by the further decline in the
pound sterling.

11

SURVEY OF CURRENT BUSINESS

October 1939

A broader view of September price movements is
given by the Bureau of Labor Statistics weekly index
of wholesale prices shown. These data (table 2) show
clearly that the larger part of the price rise came before
September 9. The "all commodities'7 index rose from
Table 1.—Prices of Selected Foodstuffs and Industrial Materials

Item

Percentage
Aug. Sept. Sept. Sept. Sept. change
Aug. 31
31
16
23
2
9
to Sept.
16

or more, were for sugar and lard, while navy beans advanced sharply in a few cities. Coffee, cocoa, and bread
did not share in the rise in most cities.
Looking at the level of prices from two angles, the
sharp rise in September is rather surprising. The first
is the current volumes of commodity stocks and inventories; the second is the behavior of prices during the
opening weeks of the war in 1914.
Table 2.—Weekly Index Numbers of Wholesale Prices, Aug. 26Sept. 23, 1939
[1926=100]

FOODSTUFFS

Wheat, No. 2, hard, Kansas City, ordinary protein
cents per bu-.
Oorn, No. 3, yellow, Chicago
._do
Rye, No. 2, c. i. f. New York
do
Sugar, 96° delivered, duty free
cents per lb-.
Coffee, Santos, No. 4, New York__.do
Cocoa, Accra, New York
do
Hogs, Chicago J
dol. per cwt-.
Lard, cash, New York._
cents per lb_.
Beef, Chicago i_._
dol. per cwt_.

Group
66
45^

75

58M

64H

2.92
4.47
2
5.62
5.75
2
8.92

51

3.24
7V8
5.00
5.97
6.45
9.32

84
58^
67%

85K

85H

71K

72M

60

57

+29.5
+32.2
+22.1

6.60
7.57
8.25
10.40

3.70
7%
5.95
7.33
8.20
10.22

3.65
1%
6.23
7.46
8.10
10.17

+26.7
+7.7
+33.1
+30.4
+42.6
+14.6

8.93
2.85

8.82
3.18

8.71
3.17

+3.2
+20.0

86

86

+43.3

16 16M
22^
22K
12
12
5.50
5.50
3
3
65
68
6.64
6.64
16.75 19.25

+45.5
+33.3
+14.3
+8.9
+31.3
+29.2
+8.3

3.80

7M

INDUSTRIAL MATERIALS

Cotton, 10-market average, .cents per lb_. 8.55 8.49
Silk, New York..
dol. per lb_. 2.65 2.65
Wool, av. for quarter-blood territory,
60
Boston
cents per lb_.
60
Hides, heavy native steers, Chicago
3 11
11
cents per lb_.
Rubber, plantation, New York
do
16K 19H
Copper, electrolytic, New York
do
11
10K
Lead, New York
do
5.05 5.05
Tin, Straits, New York
d o - _ . 493^
52
Zinc, New 4York
do
5.14 5.39
Steel scrap
dol. per ton.. 15.46 15.62

3

75

3 14

22^
12

5.30

3 66
6.39
15.62

1
2
3

Average of prices for week ending Saturday.
Average of prices for week ending Saturday, Aug. 26,1939.
Nominal.
4
Composite price for Tuesday of each week.
Source: Journal of Commerce.

74.8 for the week ended August 26 to 78,4 for the week
of September 9. In this classification of wholesale
prices the farm products, foods, and hides and leather
products groups had the largest advances up to the
middle of the month. The tendency after that time
was for the price movement to broaden out and to be
reflected in all groups. Though the movement of the
finished products index was much slower than that for
raw materials and semimanufactures, it also reflected
the general upswing. According to the latest available
data, farm products and foods declined fractionally.
While some response in retail prices to the rise in
wholesale markets may be expected, there are no indications of a general move in this direction as yet. Certain
foods, however, experienced immediate and rather substantial retail price advances. This was due to the
fact that many consumers were buying far beyond their
immediate needs, as well as to the price movement in
wholesale markets. The rush of consumer buying in
many areas swept grocers' shelves clear, for a brief time,
of certain items (such as sugar, flour, and beans). The
Bureau of Labor Statistics reported, after a special
survey, that retail prices of 11 staple foods in the 11
cities sampled rose about 10 to 15 percent in the month
following August 15, but it is unlikely that advances of
this magnitude have been communicated to more than a
few items. The largest increases, generally 25 percent



All commodities-.
Farm products
Foods.
All commodities other than farm products and foods.
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs.
House-furnishing goods
Miscellaneous
Raw materials
Semimanufactured articles
Finished products...

Aug. 26 Sept. 2 Sept. 9 Sept. 16 Sept. 23
74.8

75.3

78.4

79.3

79.5

61.1
66.7

62.7
68.5

68.1
74.5

69.7
75.5

69.5
75.1

80.4
92.6
67.4
73.2
93.5
89.7
74.2
87.0
73.1
66.2
74.4
79.3

80.4
92.7
67.2
73.2
93.5
89.7
74.4
87.0
73.2
67.1
74.6
79.7

81.7
96.3
68.4
74.0
94.6
90.1
75.9
87.0
76.1
71.8
79.7
81.9

82.4
99.9
71.4
74.1
94.9
90.7
77.1
87.1
76.1
73.0
82.0
82.3

83.0
101.9
72.3
74.2
95.3
91.0
77.9
88.8
76.6
73.0
83.3
82.5

Source: Bureau of Labor Statistics, U. S. Department of Labor.

Stock Situation.

Some data on the available stocks of raw materials
and semimanufactures are given in table 3. The general
picture revealed by this table is that visible stocks of
commodities as of the middle of this year were at rather
high levels. In some cases current volumes have receded
from the figures reached during the inventory boom of
1937, but current stocks of a significant number of
crude products are even higher than at the end of that
year. The current figure for a majority of the items is
substantially above the midyear levels of 1936. This
is particularly true of fats and oils, sugar, and wheat.
The most significant exceptions are silk, rubber, and
wool. In view of the level of industrial production and
current rates of consumption, the relatively large available stocks of raw materials would seem to militate
against a substantial price rise at this time.
The Dun and Bradstreet midyear survey of inventories casts some further light on the current business
picture. Inventory trends since January 1, 1936, in the
major classifications of retailing, wholesaling, and manufacturing are shown in figure 3. While industrial
production in July of this year was only moderately
higher than in January 1936, Dun's study indicates a
substantially higher volume of inventories. With no
significant difference in prices, the dollar values of
inventories in the hands of wholesalers and manufacturers were approximately one-fifth higher on July 1 of
this year than at the beginning of 1936, and retailers'
stocks were up 13 percent. There has been some liquidation of inventories from the high levels reached in
1937—a change particularly evident in the decline of

12

SURVEY OF CURRENT BUSINESS

the manufacturing index since that time. This liquidation would be somewhat smaller on a quantity basis
as prices at midyear were lower than in January 1938.
The trend for the first half of this year was moderately
upward, except in the case of stocks held by manufacturers, though no adjustment for seasonal changes has
been made. This study suggests that substantial addi-

October 1939

weeks of war in 1914 and 1939. The 1939 movement
was a general one which embraced all of the basic
commodities, but after the outbreak of war in 1914,
the movement was both less substantial and more
selective. Rubber, tin, and sugar at that time doubled
in price during the second or third week of hostilities;
other prices moved within much narrower limits, and
a significant number of commodities showed a downRELATIVES, JANUARY I, 1936 100
ward trend. Lead, lard, hogs, beef, cotton (not shown
- 150
on chart owing to closing of exchange), and coffee
were all lower during most of August 1914. The
140
r
general
impression one gets from the chart is that,
UR/NG
\fMANUFAC\
apart
from
three commodities, prices were very quiet
/
130
immediately after the beginning of the 1914 World
War. More significant still is the fact that by the
120
middle of September 1914 a definite corrective price
movement had set in which left only zinc, wheat,
MO
cocoa, and sugar at prices above their end-of-July
-'""^RETAIL! w
v^.
levels. Sugar remained at virtually double its former
100
price, wheat was up 20 percent, zinc 9 percent, and
cocoa 7 percent. All of the other 10 commodities were
1
I
90
selling
at substantially the same prices as a month and
Jan./, Julyf, Jan./, July 1,
Jan./,
Jan./,
/93S 1938 1939 1939 °%f
1937
a half earlier, or within 10 percent lower. Quite
1936
obviously the market was not following a 1914 precedent
Figure 3.—Indexes of value of inventories, specified periods, 1936-39.
(Dun & Bradstreet, Inc.).
when it bid prices up sharply upon the outbreak of the
tions to inventories would not be required to handle the current European war.
The aspect of the World War situation which did
increase in business which seems likely for this winter.
decidedly
affect market psychology—the spectacular
Table 3.—Stocks of Selected Commodities, 1936-39
rise in prices that came during the war years starting
Commodity
1936
End of1937
1938
1939
with 1916—is clearly shown in figure 5. Until the
last
quarter of 1915, after more than a year of war,
Lumber
M bd. ft-- J u l y _ . . .
7,804
7,927
8,511
7,979
Portland cement (includes clinker
there
had been no significant movement in the major
or unground cement)
24,054
thous. of bbL_
30,141
29,
price
indexes
except the gradual decline in the foods
28, 305
Animal fats
thous. of lb-_ J u n e . . .
384, 716 376, 503 374,
403, 809
Fish oils
do
148,147 149, 449 159,
...do...
index.
Then
a violent upward movement began
180, 364
Vegetable oils (crude and refined)
thous. of lb.- . . . d o . . . 1,122,003 I, 207,021
which
carried
on
through the war years and into the
1, 490, 813
Butter, cold-storage, creamery
112,106 134,885 201,
thous. of lb.- August.
summer
of
1920.
In the period 1917 to 1919 the farm173. 093
Lard, cold-storage
do
110, 561 118,1
116,
112,145
Meats, total (excludinglard), coldproducts
index
advanced
more rapidly than the other
storage
thous. of lb-_ -_do_ — 560, 891 463,435 431, 272 463, 633
Wheat, world estimated (excl. U«
categories
of
commodities.
Concentrating attention
766
539
600
S. S. R. and China)..mil. of bu._ June
1,200
83
153
...do
United States
do
254
only
on
the
period
prior
to
the
entry of the United
"""2,175
2,026
2,179
Tobacco (leaf)
mil. of lb-. ...do
2,136
Anthracite, producers, storage
States
into
the
war,
the
general
index of wholesale
1,556
1,895
1,757
yards
thous. of short tons.. July
Bituminous coal, industrial and
prices rose 58 percent—from 68.3 in September 1915
retail dealers
30,126
43, 371
33, 615
29, 575
thous. of short tons..
to 107.7 in March 1917. Without doubt it was this
218, 705 117,741 339, 970 316, 543
Copper, refined
short tons.- ...do
103,
518
218,
233
142,
868
117,985
Lead, refined
do
well-remembered
experience of soaring prices during
August..
Tin, visible supply, world
17, 642
32, 251
26, 016
26,338
long tons-. ___do
war
that
served
to
push up quotations over a broad
5,232
5,850
3,095
3,613
United States
do
Crude petroleum, refinable
front
last
month.
Traders
and producers were trying
306, 390 308, 726 288,664 270, 570
thous. of bbL_ July
55,922
62,956
70, 224
...do
Gasoline
do
71, 824
to
cover
their
future
needs
as far as possible while
Rubber, crude, world, .long tons.. ...do._._ 519,074 445, 782 580, 654 418, 639
United States
do
August.. 230,167 179, 590 273,841 161,358
something like a 1914-15 level of prices for the present
21, 600
13,918
Rubber, reclaimed
__do
16, 487
._.do
20, 645
22, 639
Cotton, world
thous. of bales.. July____
13, 649
13, 766
21, 952
war period still existed. And by that very action the
13,712
American cotton, world.do
6,235
6,998
14,150
...do
8,927
Foreign cotton, world.-.do
7,531
6,651
7,802
configuration of price movements is already different
Wool, scoured basis.-thous. of l b . . June
147, 057 142, 554 139, 260 122, 915
Cattle hides and leather
for the century's second major war from that of its first.
thous. of equiv. hides._ July
17, 584
15, 030
13,865
13, 026
Wood pulp
short tons.- —do
The important question for business at the present
126, 731 161, 609 228, 794 200,803
time
is whether the general shape of World War price
NOTE.—Except for world stocks of wheat and stocks of refinable crude petroleum,
monthly data together with descriptive notes are given in the 1938 Supplement to
movements
will be duplicated during the present strugthe Survey of Current Business. All data refer to domestic stocks, except where
otherwise specified. The statistics are not complete in all instances, but they are
gle.
The
1916-17
rise of prices was a direct consesatisfactory for the purpose of indicating trends.
quence of the inflationary methods used to finance the
Price Movements in 1914.
war. This communicated itself to our economic system
The data presented in figure 4 exhibit a striking con- through a materially enhanced demand for United
trast between commodity price changes in the first 3 States exports. At the outset crude foodstuffs com


/J

- • * — ^

13

SURVEY OF CURRENT BUSINESS

October 1939

AUG. 31, 1939 = 100
225

JULY 28, 1914= 100
225

200

200

175

175

TIN

•COCOA

150

50

125

125

100

100
COCOA

7RI

11I 11I 1111I I 111I I 1 1I 1 1

i I I I I I I I

i i i i i i i i i i

JULY 28, 1914 = 100
150

AUG. 31, 1939 = 100
150

25

125
CORN

100
COPPER
-LARD

751

I I I I I I I I I I I I I I I I I I I I I I I

JULY
28

AUG.
I

AUG.

1914

AUG.
15

AUG.
22

I I I I I I I I I I I i i I i | 1| I M i i 175
AUG. SEPT.
31
2

SEPT
9

SEPT.
16

1939

SEPT.
23

D. a 245-59

Figure 4.—Gomparl .on of price movements of selected commodities at the outbreak of the European wars of 1914 and 1939.
(Source of basic data—Journal of Commerce.)



14

SURVEY OF CURRENT BUSINESS

prised the category of goods in largest demand but its
importance declined as the conflict moved on. Finished
manufactures showed the greatest increase as total exports continued to grow, whereas exports of crude
materials, including cotton, decreased in quantity and
value during the war years. The value of total exports
remained rather low throughout 1914 except for December, but showed a continuous advance from 1915
to 1917. From $2,114,000,000 in 1914 exports rose to
$3,555,000,000 in 1915 and to $6,234,000,000 in 1917.
Of course, the major part of this rise is accounted for
by mounting prices. So far as the effect upon internal
United States prices and business activity is concerned,
this increase in exports is crucial. For only in this
way can the war stimulus be felt.

October 1939

in demands due to war and the disruption of productive
facilities resulting from war may be on a smaller scale.
4. The world's productive machinery and the existing stocks of raw materials are much larger now than
in 1914. There is some doubt as to the net increase
in demand for United States products from the Allies
after the resources of the British and French Empires
have been mobilized.
5. Because of widespread dissatisfaction with the
economic disruption caused by the last war, it is possible
that inflation will be avoided this time. The record
high income tax rates announced in Britain late in the
month represent a move in this direction.
6. Even if some internal inflation is allowed, imports
and the whole balance-of-payments position of the

1NDD( NUMBERS, 1926 = 100

INDEX NUMBERS, 1926 = 100

180

180

160

N /H 1
r
1

160

FA RM PROD JCTSA
\

140
/

120

1

1

c

120

HI
OTHER
I M COMMODITIES

V

100

140

ALL
MMODIT ES

I

100

'

N\

/

I

f

FO DDS

J
*</

60

FOODS

ALL
COMMODITIES

ER
vV,
OTH )ITIES \
COMMO

yk

A
80

w

V

60

r-J

JPRODUCTS

40

<> 0

0 (
1914

1915

1916

1917

1918

1919

1920

1921

1922

1929

1931

1932

1933

1935

1936

1937

1938

1939
O D.39-Z40

Figure 5.—Indexes of wholesale prices, by groups, 1914-22 and 1929-39. (U. S. Department of Labor.)
NOTE.—September 1939 prices are estimates based upon available data.

It may now seem probable to many that the present
war will likewise be financed through inflationary procedures and that our exports will respond sharply to
that stimulus. There are, however, many factors in
the situation which may cause disappointment to this
expectation and which create the possibility that
September's price rises may not be validated.
1. The war may not prove to be a long one, in which
case no significant demand for our exports may arise.
2. The intensive preparations made for war since
1936 stand in marked contrast to the unexpectedness
of the last war. Presumably the belligerents have accumulated sizable stocks of required materials. For 2
years or more our exports have been feeling the effects
of the armaments boom abroad.
3. The war to date is on a much smaller scale than in
1914, and hence the demands for our products may be
much smaller. If Russia, Italy, the Balkan countries,

and Belgium stay out of the conflict, both the increase


1930

1934

belligerents may be so rigidly controlled that there is
no net effect on our economy. This has been the case
with Germany for the past 5 years. England and
France have already announced exchange control, and
the decline in sterling last month indicates that England
does not fear a decline in imports and is definitely discouraging capital exports.
Lastly, with regard to the immediate future, there
is a decided possibility, as was the case in 1914, that
a period of 6 months or so may elapse before war orders
in any sizable volume materialize. If so, there is a
reasonable doubt that a higher level of prices can be
maintained in the interval.
It is necessary to emphasize, however, that price
relationships as of the end of August may not have
accurately reflected current and prospective supply
and demand conditions. Thus, even some readjustment of prices from the gains made in September is
not apt to reestablish the pre-war levels.

SURVEY OF CURRENT BUSINESS

October 1939

15

NEW OR REVISED SERIES
Table 41.—INCOME PAYMENTS >
Index of
Total
total
income income
paypayAdments, ments justed!
Total
Year and month adjusted
Index
1929=
100

Mil. of
dol.

Salaries and wages a
Commodity Distributive Service
pro due- j indusindusing in- 3! tries *
tries «
dustries

1929=
100

Government

Work
relief
wages

Direct
and
other
relief

Social
EntrepreIndex
Security
Total of
neurial
Divinonnon- agriculbenefits dends
income
and
and net agricul- tural
and
inother
and tural 9
terest rents
in- 8
income come
labor
royalt
ties 7
income 8
1929=
100

Millions of dollars

1929

Monthly average.

100.0

6,805

100.0

4,363

L, 808

1,153

992

410

6

72

960

1,404

6,126

100.0

January
February._
March
April
May
June
July
August
September.
October
November.
December.-

98.5
97.3
95.6
95.0
94.0
92.3
90.4
89.4
88.6
87.2
85.6
84.3

7,046
6,241
6,312
6,438
6,336
6,412
6,395
5,827
5,963
6,190
5,772
5,739

98.1
96.4
95.3
94.3
93.3
92.0
90.3
89.3
88.7
87.5
85.8
84.0

4,123
4,075
4,092
4,114
4,150
4,129
3,915
3,849
3,924
3,941
3,778
3,680

1,598
1,598
1,596
1,611
1,628
1,623
1,556
1,531
1,527
1,515
1,410
1,315

1,131
1,094
1,112
1,112
1,124
1,109
1,079
1,054
1,053
1,060
1,027
1,036

982
973
968
962
957
946
9?7
912
908
902
889
890

412
410
416
429
441
451
353
352
436
464
451
436

8
8
9
9
8
7
8
8
8
10
10
13

73
73
74
74
74
68
80
76
76
78
79
81

1,517
838
924
1,023
879
1,035
1,236
737
767
962
794
888

1,325
1,247
1,213
1,218
1,225
1,173
1,156
1,157
1,188
1,199
1,111
1,077

6,457
5,729
5,815
5,917
5,780
5,893
5,887
5,326
5,420
5,621
5,295
5,316

99.0
97.7
96.7
96.0
95.0
93.7
92.6
91.4
90.6
89.5
88.0

Monthly avera

91.5

6,223

91.2

3,981

1,542

1,083

935

421

9

76

967

1,191

5,705

93.1

January
February._
March
April
May
_
June
.July
August
September.
October
November.
December. _

83.1
82.3
85.9
85.5
80.4
77.9
76.6
74.9
73.1
72.0
71.3
70.2

5,893
5,271
5,668
5,811
5,393
5,421
5,405
4,877
4,919
5,128
4,819
4,792

82.7
82.1
81.4
80.2
78.7
77.2
76.1
74.9
73.2
71.7
70.9
69.5

3,481
3,469
3,501
3,499
3,499
3,467
3,285
3,211
3,238
3,233
3,120
3,041

1,220
1,233
1,239
1,245
1,244
1,217
1,181
1,157
1,125
1,100
1,034
983

984
962
982
973
970
963
936
909
899
897
871
868

866
860
857
846
834
826
807
788
782
775
766
749

409
411
419
431
445
455
354
353
428
456
443
433

2
3
4
4
6
6
7
4
4
5
6
8

15
15
15
14
13
12
12
13
13
14
15
19

80
85
388
435
175
117
113
103
100
101
98
106

1,275
724
784
899
744
904
1,078
670
696
877
716
791

1,042
978
980
964
962
921
917
880
872
903
870
835

5,509
4,943
5,316
5,458
5,024
5,077
5,053
4,565
4,601
4,763
4,488
4,506

85.4
84.7
88.8
88.5
83.0
80.8
79.6
79.2
76.5
75.2
74.2
73.2

Monthly average-.

77.8

5,283

76.6

3,337

1,165

935

813

420

5

14

158

847

927

4,942

80.7

68.2
67.4
65.4
63.3
61.5
59.2
57.9
57.5
57.3
57.2
56.8
56.6

4,889
4,302
4,287
4,318
4,144
4,168
4,080
3,696
3,826
4,052
3,809
3,827

68.2
66.5
64.6
62.0
60.0
57.6
55.9
55.4
55.6
55.9
55.4
55.1

2,884
2,822
2,785
2,717
2,676
2,590
2,394
2,361
2,461
2,527
2,451
2,403

906
896
864
827
795
759
727
723
745
766
728
692

810
772
775
755
746
715
686
670
676
689
669
674

742
729
715
697
688
663
639
627
626
629
621
615

415
413
417
428
437
444
333
331
404
432
421
408

11
12
14
10
10
9
9
10
10
11
12
14

18
22
26
25
26
27
24
27
28
31
38
46

103
97
95
95
93
90
108
110
95
92
90
90

1,076
593
637
756
634
782
879
521
546
697
544
621

768
744
725
715
679
675
677
696
705
686
667

4,627
4,066
4,057
4,091
3,907
3,954
3,860
3,473
3,575
3,781
3,558
3,602

71.0
70.1
68.4
66.2
64.3
62.2
60.9
60.3
59.9
59.9
59.3
59.0

Monthly average...

60.7

4,117

59.3

2,589

786

720

666

407

11

28

97

691

712

3,879

63.5

1933
January
February
March
April
May
June
July
August
September...
October
November...
December

56.2
55.5
53.9
53.7
55.0
56.3
56.7
58.1
60.0
60.4
60.5
62.1

4,051
3,537
3,530
3,634
3,684
3,883
4,003
3,743
4,014
4,372
4,062
4,264

54.6
54.0
51.5
51.1
51.9
53.2
54.4
57.1
58.3
59.0
59.4
62.2

2,310
2,271
2,217
2,232
2,309
2,389
2,334
2,443
2,577
2,659
2,617
2,724

659
669
636
655
697
751
786
846
884
890
848
825

638
607
594
602
615
624
632
663
680
708
692
701

605
590
573
570
573
580
582
600
612
626
627
631

387
381
384
375
385
388
288
287
360
388
380
362

21
24
30
30
39
46
46
47
41
47
70
205

46
49
56
50
47
45
41
39
39
41
49
52

89

935

QQ
OO

AQQ
4»y

89
87
85
101
68
70
70
68
67
67

527
613
533
626
801
455
486
726
519
646

671
630
641
652
710
722
759
736
842
878
810
775

3,825
3,343
3,323
3,404
3,387
3, 565
3,651
3,427
3,656
3,958
3,685
3,950

58.4
57.7
56. 1
55.5
56.0
57.0
57.4
59.4
60.3
60.9
61.5
63.6

Monthly average. _.

57.4

3,898

55.6

2,424

762

646

597

364

54

46

79

614

736

3,598

58.6

1934
January
February
March
April
May
June
July
August
September...
October
November...
December

64.6
64.8
65.0
64.3
65.5
65.8
66.3
67.5
66.8
68.0
67.8
67.6

4,718
4,214
4,290
4,418
4,271
4,470
4,626
4,355
4,588
4,969
4,479
4,769

64.5
64.7
64.8
63.7
64.5
64.5
64.6
65.1
63.7
64.7
65.1
65.1

2,772
2,764
2,820
2,798
2,854
2,851
2,742
2,757
2,792
2,896
2,873
2,892

826
890
947
983
1,006
1,001
966
977
946
985
960
972

678
675
701
708
719
719
719
712
718
734
722
741

634
637
643
650
658
658
655
652
651
665
666
671

365
371
372
377
391
398
314
318
390
416
418
406

269
191
157
80
80
75
88
98
87
96
107
102

50
52
60
61
62
59
57
62
61
68
72
81

67
68
68
68
76
74
74
74
74
74
74
74

1,004
549
549
709
455
643
860
498
633
829
466
780

825
783
793
782
824
843
893
964
1,028
1,102
994
942

4,344
3,889
3,966
4,103
3,914
4,092
4,207
3,883
4,057
4,363
3,994
4,352

65.2
65.6
66.1
65.6
66.6
66.6
67.0
67.4
66.5
67.4
68.0
68.2

Monthly average...
66.2
See footnotes on p. 16.

4,514

64.6

2,818

955

712

653

378

119

62 i

72 I

4,097

66.7

1930

1
3

1931

1932

January
February.
March
April
May
June
July
August
September
October
November
December

.-.
_.




665 i

16

SURVEY OF CURRENT BUSINESS

October 1939

Table 41.—INCOME PAYMENTS'—Continued
Index
of total
Total
income income
Adpaypayments, ments justed t
Year and month adjusted f
Index

1929=100

Mil. of
dol.

Salaries and wages 2

Total

Commodity
producing
industries s

Distributive
industries *

Service industries 5

1929=100

Government

Work
relief
wages

1EntrepreIndex
Social
neurial
Total >f
Direct security
nonDiviincome
non- igrieuland
benefits dends and net agriculother and other a n d
tural
rents
and
tural
relief
ininterest royal- income6
labor
come* f
income 6
ties 7
.929 = 100

Millions of dollars

1935
69.0
70.0
70.0
70.8
70.3
70.2
70.0
72.1
72.9
74.2
75.0
75.9

4,877
4,506
4,681
4, 935
4,609
4,786
4,720
4,642
5,059
5,403
4,976
5,378

67.3
68.3
68.1
68.4
68.3
68.5
68.7
70.1
70.7
71.6
72.7
74.4

2,886
2,919
2,963
3,005
3,024
3,029
2,913
2,963
3,099
3,208
3,202
3,302

976
1,024
1,043
1,047
1,043
1,048
1,028
1,076
1,113
1,148
1,130
1,142

719
712
734
747
753
754
750
749
768
784
772
805

675
680
685
689
690
694
693
693
701
712
716
725

399
397
403
421
429
433
340
346
425
457
453
453

117
106
98
101
109
100
102
99
92
107
131
177

88
85
92
93
78
82
81
84
83
88
79
68

74
74
74
75
75
75
76
75
79
78
78
79

879
520
622
807
471
668
711
494
701
826
477
829

950
908
930
955
961
932
939
1,026
1,097
1,203
1,140
1,100

4,485
4,127
4,278
4,499
4,161
4,361
4,290
4,132
4,486
4,726
4,387
4,838

69.8
70.4
70.3
70.7
70.4
70.7
70.9
72.0
72.7
73.6
74.3
75.5

71.7

4,881

69.8

3,043

1,068

754

696

413

112

83

76

667

1,012

4,398

71.7

1936
January
February. _.
March
April
May
June
July
August
September.
October
November.
December..

75.8
76.5
77.7
78.5
79.8
93.1
88.3
83.5
83.6
84.8
85.8
87.2

5,266
4,921
5,237
5,386
5,218
6,370
6, 018
5,264
5,816
6,090
5,611
7,019

75.2
75.9
76.7
77.2
78.0
79.0
80.0
81.2
81.2
82.5
83.8
84.5

3,227
3,245
3,337
3, 394
3.453
3,497
3,400
3,436
3, 555
3,689
3,688
3,748

1,097
1,104
1,151
1,188
1,218
1,247
1,246
1,283
1,300
1,357
1,359
1,385

771
773
795
802
812
819
823
822
838
860
856
887

728
735
738
744
750
757
759
762
769
784
791
806

441
437
446
457
469
477
379
372
452
482
478
480

190
196
207
203
204
197
193
197
196
206
204
190

62
62
61
56
51
50
50
51
53
56
58
65

79
79
79
78
78
879
492
156
127
115
105
106

869
557
722
799
513
786
864
461
844
887
497
1,832

1,029
978
1,038
1,059
1,123
1,158
1,212
1,160
1,237
1,343
1,263
1,268

4,822
4,534
4,794
4,917
4,686
5,799
5,405
4,714
5,189
5,364
4,979
6,396

76.4
77.2
78.1
78.6
79.4
93.5
88.3
84.1
83.9
84.9
85.9
88.7

Monthly average..

82.9

5,685

79.6

3,472

1,245

822

760

448

199

56

198

803

1,156

5,133

83.1

86.5
87.6
89.9
89.6
89.3
90.1
90.5
91.0
89.6
88.8
86.7
84.9

5,883
5,455
6,016
6,110
5,758
6,339
6,183
5,879
6,158
6,330
5,636
6,702

83.4
85.1
86.2
86.8
87.8
88.1
88.3
89.3
87.9
87.2
84.8
81.8

3,575
3,642
3,762
3,822
3,890
3,899
3,757
3,792
3,846
3,900
3,737
3,636

1,314
1,367
1,428
1,476
1,508
1,510
1,494
1,526
1,502
1,506
1,374
1,255

834
837
877
881
897
905
902
913
914
927
899
911

792
806
818
822
828
835
836
840
840
847
842
841

463
460
467
473

386
468
496
495
501

172
172
172
170
171
161
137
127
122
124
127
128

71
72
76
72
66
63
63
65
67
69
74
83

98
93
93
90
87
97
94
91
91
92
92
94

912
491
806
899
517
1,067
986
640
836
903
494
1,674

1,227
1,157
1,279
1,227
1,198
1,213
1,283
1,291
1,318
1,366
1,239
1,215

5,318
4,957
5,398
5,539
5,209
5,770
5,548
5,241
5,492
5,608
5,048
6,154

86.2
87.5
88.6
89.1
89.7
90.2
90.4
91.0
90.0
89.3
87.5
85.3

88.7

6,037

86.4

3,771

1,438

891

829

464

149

70

93

852

1,251

5,440

88.7

82.9
81.8
82.0
81.0
79.9
80.0
80.
81.3
81.8
82.6
83.1
83.4

5,671
5,126
5,369
5,524
5,186
5,557
5,481
5,162
5,657
5,886
5,507
6,145

79.3
78.4
78.1
77.7
77.2
77.2
77.8
79.
80.4
81.4
82.4
83.0

3,394
3,376
3,400
3,415
3,413
3,414
3,296
3,379
3,525
3,639
3,634
3,672

1,134
1,150
1,144
1,131
1,130
1,123
1,124
1,179
1,220
1,259
1,248
1,244

839
817
831
835
827
822
819
823
838
856
853

813
796
788
784
772
769
762
773
778
790
799
814

476
473
480
490
501
508
412
412
497
532
531
527

132
140
157
175
183
192
179
192
192
202
203
198

89
90
91
85
81
80
80
80
80
80
83
88

94
111
138
131
131
138
135
145
139
133
126
124

924
469
612
790
470
835
839
440
723
775
484
1,115

1,170
1,080
1,128
1,103
1,091
1,090
1,131
1,118
1,190
1,259
1,180
1,146

5,174
4,709
4, i"""
5,060
4,719
5,083
4,959
4, r - 5,092
5,254
4,967
5,657

82.5
82.4
81.5
80.7
80.7
80.8
82.5
82.8
83.5
84.2
84.7

81.7

5,523

79.4

3,463

1,174

837

787

487

179

84

129

706

1,141

5,020

82.5

January
February
March
April
May
June
July
August
September
October
November
December
Monthly average.

1937
January
February
March
April
May
June
July
August
September
October
November
December
Monthly average. _
1938
January
February
March
April._
May
June
July
August
September
October
November
December
_..
Monthly average..

t Adjusted for seasonal variations.
1 Revised series. The revisions were occasioned principally by the adjustment of the monthly data to this Bureau's annual estimate of national income for 1938 and the
revised estimates for earlier years. In addition, the method of presentation has been changed considerably. The content of the new series is indicated briefly below, but
for a2 full discussion the reader is referred to a bulletin soon to be published by this Department. Monthly figures for 1929 are available upon request. Seep. 19 for 1939 data.
Includes income in kind as well as cash income.
3 Includes Agriculture, Mining, Manufacturing, and Contract Construction.
* Includes Trade, Transportation, Electric Light and Power, and Manufactured Gas.
«Includes Finance, Service, Communication, and Miscellaneous industries.
• In addition to benefits payable under the Social Security program, this item includes pensions paid out by private industries and governmental agencies, compensation
for industrial accidents, pensions to veterans, and also loans to World War veterans on their adjusted service certificates, and since June of 1936 adjusted service certificate
payments less prior loans. These latter items account for the sharp rise in this type of income in 1931 and 1936. Loans and payments to veterans on their adjusted service
certificates
were carried as a separate item in the earlier series (cf., October 1938 Survey).
7
Differs from series carried previously in that business savings in agriculture are now included m entrepreneurial income,
s Excludes net income of farm operators, wages of agricultural labor, and interest and net rents on agricultural property.




October 1939

17

SUEVEY OF CURRENT BUSINESS

Table 42.—EMPLOYMENT AND PAYROLLS IN MANUFACTURING INDUSTRIES
Employment, without adjustment for seasonal v iriations
Month

January
February
March
April
M^ay
June
July
August
September
October
November
December

Total, all industries

_. .

..

. .

_

.

Monthly average... . .

. -

Nondurable goods

Durable goods
1937

1938

1939

1934

1935

1936

1937

1938

1939

73.5
83.2
77.3
83.0
79.3
84.7
80.2
87.5
79 7 89.6
90.5
77.4
91.0
77.3
79 1 91.3
92.5
79.9
96.3
83.8
85 1
98 3
84.7 100.4

97.9
101.2
104.9
107.4
109.1
107.8
108.2
107. 5
106.8
107.2
101 4
92.4

82.4
80.8
80.0
77.7
75.7
73.1
70.9
72.4
75.9
79.7
82 9
83.8

82.3
83.3
84.1
84.8
84.0
84.6
82.9
84.2

91.8
97.2
100.2
100.4
99.3
97.6
97.0
101.2
95.8
101.8
99 0
99.4

99.3
101.3
102.2
101.7
99.6
98.6
99.6
103.7
107.2
106.1
103 7
103.2

101.0
102.0
102.7
103.0
102.8
103.1
105.4
110.7
114.5
113.1
111.3
112.2

111.2
113.7
115.1
115.0
113.8
112.6
113.5
116.8
117.6
113.3
106 7
102.2

98.5
100.9
100.7
98.7
96.0
94.9
97.8
104.4
107.3
104.6
103 1
103.8

101.7
103.5
104.0
103.0
101.6
101.8
103.6
108.0

90.7

104.3

77.9

98.4

102.2

106.8

112.6

100.9

101.8
101.6
101.8
101.9
101.2
101.0
101.4
101.7
102 6
102.9
103.8
104.2

103.6
102.4
102.4
103.3
104.5
105.6
107.4
108.5
109.4
109.6
111.3
113.3

114.0
114.4
114.9
115.4
115.7
115.3
115.3
114.2
112 2
109.8
106.7
103.3

101.0
101.6
100.5
98.9
97 6
97.2
99.4
102.1
102 7
101.5
103.1
104.7

104.8
103.9
103.4
103.3
103.3
104.2
105.4
105.9

92.4
95.3
96.7
92.2
91.9
93.0
93.8
99.2

1934

1935

1936

1937

1938

1939

1934

1935

78.8
83.7
87.2
88.8
89.0
87.8
86.3
87.4
83.5
85.9
84 3
85 6

86.7
89.6
91.0
91.2
89 9
88.3
88.7
91.7
93.9
95.2
94 6
94 2

92.3
92.7
93.9
95.5
96.4
97.0
98.4
101.2
103.8
104.9
104 9
106 4

104.7
107.6
110.1
111.3
111.5
110.3
110.9
112.3
112.3
110.3
104 1
97 4

90.6
91 1
90.6
88.5
86.1
84.3
84.7
88.8
92.0
92.4
93 3
94 0

92.2
93.6
94.3
94.1
93 0
93.4
93.5
96 4

65.1
69.4
73. 5
76.6
78. 3
77.6
75.1
72 9
70.7
69.3
68 8
71.2

85.7

91.3

99.0

108.6

89.7

72.4

79.8

1936

Employment, with adjustment for seasonal variations
January __
February
M arch
April
Mav
June
..
July
August
.
September
October
November
December

. . . . ..
.

.
. ...

..
.

80.7
83.9
86.9
88.3
89.0
88.3
87.3
86.4
81.3
84.4
84.6
86.4

88.9
90.0
90.6
90.7
90.0
89.2
90.0
91.0
92.0
93.0
94.2
94.7

94.6
93.3
93.6
95.1
96.7
97.9
99.8
100.6
101.6
102.4
104.4
106.9

107.3
108.4
109.8
111.0
111.8
111.2
112.3
111.7
110.3
107.8
103.7
97.9

93.0
91.9
90.4
88.2
86.4
85.2
85.8
87 8
89.9
90 2
92.8
94.4

94.6
94.3
94.0
93.8
93.3
94.3
94.8
95.7

66.9
69.9
73.2
75.6
76.7
76.4
75.2
72.7
70.5
69.4
69 4
71.7

85.2
75.3
83.8
77.9
84.3
78.8
86.5
79.0
88.4
78.2
76.7
89.7
78.0
91.8
79.9
92.3
93.4
80.8
94.9
82.6
84 2 97 3
84.6 100.2

100.3
102.2
104.3
106.2
107.6
106.9
109.2
109.1
108.3
105.7
100 4
92.3

84.5
81.7
79.7
77.0
74.8
72.5
71.4
72.8
76.4
78.3
82 1
83.7

84.4
84.2
83.7
83.9
82.9
83.9
83.7
84.9

93.8
97.3
99.9
100.4
100.8
99.7
98.9
99.4
91.4
98.8
99.1
100.4

Pay rolls, without adjustment for seasonal variations
January . . .
February
March.
April
May
. June
July
August _
...
September
October .
November ._ _. ...
December

_
... ...

._

Monthly average

56.1
62.9
67.2
69.6
69.7
67.4
62.8
65.1
60.8
64.0
62.5
66.2

67.5
72.6
74.4
74.6
71.8
69.8
69.1
74.0
76.8
79 5
78.6
80.5

76.9
76.6
80.5
82.6
84.0
84.2
83.5
87.3
87.2
92.9
94.4
99.2

94.6
100.1
105.9
109.7
110.1
107.6
105.2
108.7
104.9
104.9
93.3
84.6

75.3
77.5
77.6
74.9
73.2
71.1
71.1
77.3
81.6
84.2
84.4
87.1

64.5

74.1

85.8

102.5

77.9

83.7
86.0
87.6
85.5
85.0
86.5
84.4
89.9

43.1
49.6
54.8
59.6
60.9
59.2
51.3
51.7
47 1
48.2
48.1
52.7

55.1
61.6
63.6
64.9
62.6
60.0
58.2
62.5
64 6
70.4
71.9
73.5

69.1
68.1
73.2
78.2
81.0
81.6
78.7
79.8
80 1
88.6
92.4
97.3

90.3
96.8
104.9
112.0
113.3
109.9
106.1
109.2
104 7
107 0
93.8
80.2

66.5
66.6
66.8
65.0
63.6
61.1
58.1
63.1
68 1
74.6
77.6
79.6

76.0
77.7
79.4
79.5
78.8
80.7
76.0
81.7

70.7
77.8
81.2
80.9
79.5
76.7
75.7
80.2
76.2
81.6
78.5
81 4

81.3
85.7
85.0
86.1
86.4
88.8
85.4
87.4
82.2
87.3
80.9
87.1
81.2
89.0
86.8
95.8
90.4
95.1
89 6 97.8
86.2
96.6
88 4 101 3

99.4
103.9
107.0
107.0
106.4
105.1
104.1
108.1
105.1
102 5
92.6
89 4

85.1
89.6
89.6
86.0
84.0
82.3
85.7
93.2
96.7
94 9
92 1
95 4

52.2

64.1

80.7

102.4

67.6 . . . . . . .

78.4

85.3

102.6

89.6

91.5

i Indexes without adjustment for seasonal variations are computed by U. S. Department of Labor, Bureau of Labor Statistics; the employment indexes are adjusted for seasonal variations by the Board of Governors of the Federal Reserve System. All data have been adjusted to the 1937 Census of Manufactures. For earlier monthly data see
tables 1 and 2, pages 15 and 16 of the December 1938 Survey. The revisions in the individual groups and group totals beginning 1935 are available in releases of the U. S.
Department of Labor (unadjusted indexes) and of the Board of Governors of the Federal Reserve System (adjusted indexes). Earlier monthly data for the individual groups
may be found on pages 13-18, tables 76 and 77 of the November 1938 Survey.

Table 43.—SALES OF WASHING AND IRONING MACHINES 1
[Number]

Washing machines
Year
1929
Monthly
1930
Monthly
1931
Monthly
1932
Monthly

Month

1,133,860
94,488
812,789
average
67, 732
...
850,626
average
70,886
610,881
average
50,907
average

1933

January
February._
March
April
May
June
July
August
September .
October
November..
December..

47, 762
58, 689
56, 780
62, 569
78.117
93. 866
108, 334
144,092
141,827
111, 165
70.118
56, 746

82,136
106,592
136,401
138, 491
127, 376
95,884
87, 675
111,698
104, 589
106,875
76, 206
66, 361

1935

90,102
112, 824
139, 743
140,778
118, 512
94, 347
109,469
144,123
154,008
137, 728
85, 307

1936

120,530
125, 276
170,176
149,556
144,823
151, 049
169,141
173,678
174,835
153,852
102, 689
93, 532

1937

121, 754
149, 534
189,393
185, 328
160, 246
143,073
147,986
148, 206
149, 235
116, 001
75, 420
55,843

1938

72,611
94, 734
117,025
95,158
84,016
78, 354
74,019
129,163
125,821
115,019
84,192
67, 502

1,030,065 1, 240,284 1,413,761 1, 729,135 1,642, 019 1,137,614

Total

Monthly average

1934

Ironing machines

_.

85,839

103,357

117, 813

144,095

136,835

94, 801

1933
4,173
3,810
3,439
4,017
3,873
6,342
8,142
7,812
7,074
8,702
5,999
6,608

1934
7,105
9,688
12,843
13,351
10,020
8,312
9,562
11,879
10,488
9,602
6, 657
6,562

1935

1936

1937

13, 316
12,931
20, 295
15,446
14,840
11,216
10, 737 14,944
14,018 16, 440
14,984 16,985
13,995 17, 394
10,178 11,697
11,164 14,777

15,894
14,907
19,086
17, 992
12,062
14, 755
14,574
19,319
19,094
12,447
9,548
9,180

8,031
10,021
10,808
15,005
14,101
10,814

69,991 116, 069 143,856 180,281 178,858
5,833

9,672

11, 988

15,023

14,905

1938
8,967
10,823
10,727
7,111
6,675
7,046
7,983
11,977
11, 272
10, 523
8,226
9,210
110, 540
9,212

1
Compiled by American Washer & Ironer Manufacturers Association. Data cover rej
reports from-i *i
27 to
33 member
companies iui
for me
the penou
period iv^v
1929 uuougn
through iyoo
1938 auu
and zo
28cou-icomiu oo
j-uumuui companies
,nies beginning 1939. Manufacturers reporting represent about 98 percent of the total in
iles and the reported figures have been raised to complete coverage. Data

179391—39

3




18

SURVEY OF CURRENT BUSINESS

October 1939

Table 44.—EXPORTS OF SAWED TIMBER
[Thousands of board feet]

Month

1913

January
February
March
April
May.
June.
July
August
September
October
November
December
Total
Monthly average.

1914

1915

1916

1917

1918

1919

1930

1921

1922

1923

22,903
16, 607
39, 782
62,718
30,274
44,791
33,851
14, 861
21,100
14, 626
1,792
1,579

10, 201
3,824
10, 301
15, 684
22,832
17,020
23,862
15, 845
17,178
11, 562
8,932
15, 698

11,999
15, 232
10, 481
22, 813
22, 656
15,319
17,095
17, 475
22, 972
13, 088
7,972
13, 897

8,317
16, 781
23, 928
15, 528
13,456
6,563
7,879
9,245
14,312
9,643
10, 713
13,014

6,859
6,598
5,811
3,317
7,085
4,315
4,902
5,500
8,878
5,268
5,886
4,765

8,572
4,222
987
8,856
9,769
19,165
17,267
29,079
25, 382
12, 483
16,680
21, 832

17,193
13, 684
19,905
16,482
21, 673
12,116
19,423
13, 274
6, 535
5,420
8,698
5,981

6,793
9,359
8,901
11,148
9,267
10, 631
16, 570
8,979
9,668
12, 481
17,940
11,111

16,113
12, 934
52, 596
45,933
30,979
31,331
24, 437
26, 675
35, 327
23, 646
21,842
27,110

32, 576 107, 843
30, 279 76, 332
37,423
61,047
41, 946 76,188
36,254 46, 225
45,258 56,068
70, 523 57, 319
63,838 53,144
57,172 43, 882
46, 785 58, 280
80,030 39,811
73,249
47, 917

34, 354
43,019
64, 533
56,138
40,734
46, 878
37, 583
33, 844
40, 757
48, 220
36, 858
71, 601

43,082
52,970
52, 969
72,650
78,800
81,355
47, 969
74,073
66,405
41,051
67,039
58,798

438, 736 304, 884 172,939

190,999

149,379

69,184

174, 294 160,384

132,848

348, 923 615, 333 724,056

554, 519

737,161

25,407

15,917

12,448

5,765

13, 365

11,071

29, 077

51,278

60, 338

46, 210

61, 430

1937

1938

1939

11, 539
13, 599
12,032
7,837
27, 652
18, 690
13,066
6,960
8,827
10,077
10, 205
13,289

10, 633
10, 879
21, 766
16, 586
18, 819
17,984
19, 698
20,256

46,987
33, 382
29,179
38, 669
50,900
45, 387
47, 619
48,045
38,864
26, 570
17,157
15,977

36, 561

14,412

14, 525

1924

1925

1927

1928

1929

1930

1931

1932

1933

1934

1935

1936

January
February...
March
April
May
June
July
August
September..
October
November..
December...

41, 945
34, 743
56, 569
71,925
81,450
65,011
81,994
59, 687
83,925
60,142
57, 673
66,635

81, 637
64,001
65,195
58,729
84,413
58, 977
60,083
50,360
62, 581
55,944
59,987
55,059

75,260
44, 556
65, 333
74,904
44,026
62, 445
63,086
59,201
54,844
63,855
43,034
48, 675

48, 596
41,630
57,108
55, 554
61,827
59,164
34,349
35, 733
29,583
23,710
21, 505
22, 810

25,073
20, 796
28,153
50, 278
64, 468
49, 637
28. 852
34,507
24,425
27,496
23, 580
30, 025

25, 746
17,431
31,392
34,462
23, 973
17,028
14,924
22,035
20,317
31,195
24, 752
32,154

23, 203
23, 097
42, 380
33,371
32,231
20,473
32, 853
25,226
22,164
20, 787
17, 406
26, 571

15,145
21,945
27, 636
29, 612
19,438
7,307
12, 965
42, 717
39, 805
29, 634
33,012
35,491

39, 919
34, 723
23,925
24,677
21,340
9,203
17,146
29,482
43,168
19, 224
23,646
33,039

30, 872
30, 077
19,615
31, 243
22,129
25,145
28,918
24,164
39,091
27,187
6,078
5,764

5,466
13, 810
27, 207
18,496
47,037
43, 600
46,450
43, 756
13,321
18, 688
11,930
13,852

Total .

761,699

756,966

699, 219

491, 569

407, 290

295,409

319, 762

314, 707

319, 492

290, 283

303,613

153, 773

Monthly average-

63,475

63,081

58,268

40, 964

33, 941

24, 617

26, 647

26, 226

26, 624

24,190

25, 301

12,814

1926

i New series. Data are compiled by the U. S. Department of Commerce, Bureau of Foreign and Domestic Commerce. The regular Survey presentation of total exports of
lumber has been expanded to include, in addition to exports of boards, planks, and scantlings regularly shown, the new series on sawed timber exports given here. The total
of these two is the series on exports of total sawmill products as shown on p. 47. Beginning in 1939 box shooks and sawed railroad ties are included in the series on total saw mill
products, but cannot be allocated to either of the separate classes shown on p. 47. In the first 7 months of 1939, box shooks and sawed railroad ties accounted for 4.6 percent*of
exports of total sawmill products. Figuresf or 1922 and 1923 contain hewn timber which was not reported separately for these 2 years. In 1921 hewn timber amounted to 1.9
percent of the total of the 2 items, in 1920, 6.1 percent, and in 1919, 4.6 percent.

Table 45.—TOTAL IMPORTS OF SAWMILL PRODUCTS
[Thousands of board feet]

Month
January
February
March
April
May
June
July
August
September
October
November
December
Total
Monthly average

January.
February
March
April
May
June
July
August
September
October
November
December
Total

.
.

_
_

.

Monthly average

_-

1913

1914

1915

1916

1917

1918

1919

1920

1921

1922

1923

1924

1925

1926

53,551
49,307
44,053
65,920
110,060
96,548
88,585
94,923
97,707
91,865
108,618
68,415

43,031
39,447
46,852
58,575
89,108
101,747
98,969
105,729
106,068
93,577
87,257
48,742

35,139
35, 012
46,943
59,608
108,196
114,082
97,934
115, 665
114,861
113,319
115,733
103,819

64,818
68, 463
71,389
98, 208
131,941
121, 918
126, 632
122,777
107, 654
122,651
108, 570
82, 375

57,841
4?, 603
54,103
80,339
120, 558
149,077
130,691
128,620
124,026
107, 544
124,981
83, 217

54, 479
46, 507
66,752
105,954
155,989
153,887
150,362
140,036
104,735
70, 556
91, 368
68, 287

49,358
44,258
42,429
39,395
74,77]
104,455
121,332
117,376
135,666
165,210
137,213
116,482

118,500
91,702
118,839
107,392
125, 538
142,470
109,828
155,284
116,812
114,640
83,005
64,274

28,078
32,22£
37,518
41,608
69,601
73,64C
76,944
85,991
84,87€
97, 521
129,061
79,834

62, 563
67,215
78,561
91,205
133,983
144,966
157,114
156,459
123,194
206,723
166,458
172,182

125,708
114,630
142,438
196,60C
189,38S
211, 62E
188,40c
170,402
149,028
173,94c
165, 68£
135,318

106,851
149,296
138,159
130,975
155,224
135,841
148,697
132,336
145, 573
170,129
166,932
162,421

125,130
116,997
139,298
120,714
156,950
171,535
176,195
162,472
168,296
190,365
177,086
141,342

134,294
116,454
171,021
136, 518
144,520
178,939
174,849
170,082
163,488
192,894
173,007
143,106

969, 552

!
919,102 1, 060, 311 1, 227,396 1,20 3,600 1.208 ,912 1,147,945 1, 348,284

112, 357

836,89/ 2 1,563, 524 2 1,971,032 2 1, 742, 562 1,846,380 1,899,172
69, 74]

130, 294

164,252

145, 214

1927

1928

1929

1930

1931

1932

1933

1934

1935

114,831
112,473
137,608
143,516
166,24P
185, 71E
152,462
174, 512
153,421
151,858
134,498
117,487

107,641
88,008
111,237
101,579
138,844
133,817
130, 465
131,708
115,086
145.137
145,912
118, 970

100,203
95,274
102,595
96,211
148,858
147, 683
145, 574
155,974
137,935
165,201
138,952
108,326

117,328
93,766
107,158
110,501
122,206
98,881
104,997
105,421
80, 521
97,053
88,065
91,393

50,487
49,338
77,268
59,379
76,453
56,996
70,544
63,186
64, 734
65,234
69,085
42, 447

35,026
34,088
42,968
39,751
39,633
81,513
8,881
19,395
15,207
24,105
27, 705
11, 050

8,788
9,665
10,884
17,000
28,643
34,902
50,746
42,228
48,435
40,472
41,383
24, 545

20,833
18, 625
22,432
23,295
28,005
25, 749
24,134
23,694
22,175
24,232
32,987
20, 726

18,971
20,899
21, 751
23,860
29,452
41,087
67,766
44,106
48,855
49,714
47,126
24,054

31, 373
29,402
42,314
69,361
59, 241
87,234
61,729
59,357
61, 547
55,118
49, 559
48, 798

43,832
51, 750
52,315
54,064
51,806
63,210
74,758
61,788
65, 528
60,169
52,850
29,343

32,747
34,344
46,939
36,519
27,423
36,056
36, 629
49,128
58,022
60,977
50,232
46,884

1,744, 627 1,468,404 1,542,786 1, 217, 290

745,151

379,322

357,691

286,887

437,641

655,033

661,413

515,900

101,441

62, 096

31,610

29,808

23,907

36,470

54, 586

55,118

42,992

145,38e

122,367

128, 566

100,300

95, 662

76, 592

88, 359

102, 283

100,743

80, 796

1936

1937

153,865

158, 264

1938

1939
49,521
47,803
62, 591
58, 292
48,941
54, 692
53,021
54,222

1 New series. Data are compiled by the U. S. Department of Commerce. Bureau of Foreign and Domestic Commerce. The new series on imports of total sawmill products
covers imports of fir, hemlock, spruce, pine, larch, and other softwoods; balsa, maple, birch, and beech (both flooring and rough and dressed boards), teak, and other hardwoods;
cabinet woods (sawed and planed and in some cases tongued and grooved, including flooring) of Spanish cedar, mahogany, Japanese white oak, lignumvitae, lancewood,
ebony, box, granadilla, rosewood, satinwood, and several others of minor importance. The classification of sawmill products covers boards and lumber, and beginning in 1939
box shook? and sawed railroad ties. In the first 7 months of 1939, box shooks and sawed railroad ties accounted for 1.2 percent of total imports of sawmill products. Major sawmill products excluded are laths, shingles, pickets, and palings.
> Includes free cabinet woods amounting to less than one-half of one percent of the annual totals; monthly data are not available.




19

SUEVEY OF CURRENT BUSINESS

October 1939

Monthly Business Statistics
The data here are a continuation of the statistical series published in the 1938 supplement to the SURVEY OF
That volume contains monthly data for the years 1934 to 1937, inclusive, 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 1934. The 1938 supplement may be secured from the Superintendent of
Documents, Government Printing Office, Washington, D. C , for 40 cents per copy.
A few series have been added or revised since the 1938 Supplement went to press. These are indicated by
an asterisk (*) for the new series and by a dagger (f) for the revised series. A brief footnote accompanying each
of these series provides a reference to the source where the descriptive note may be found.
The terms "unadjusted" and "adjusted" used to designate index numbers refer to the adjustment for seasonal
variations. Data subsequent to August will be found in the Weekly Supplement to the SURVEY.
CURRENT BUSINESS.

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

1939

1938
August

September

DecemOctober November
ber

January

February

March

April

May

June

July

BUSINESS INDEXES
INCOME PAYMENTS t
Adjusted index
1929=100
Total
Mil.ofdol
Salaries and wages:
Adjusted index
1929 = 100
Total
.
_.
Mil. cfdol
Commodity producing industries _.do
Distributive industries
do . .
Service industries
do
Government
..
do__
Work relief wages
_
do
Direct and other relief .
do
Social security benefits and other labor income
Mil.ofdol
Dividends and interest
do
Entrepreneurial income and net rents and
royalties
Mil.ofdol
Total nonagricultural income
do
Adjusted index of nonagricultural income
.
1929=100
INDUSTRIAL PRODUCTION

85.3
5,393

81.3
5,162

81.8
5,657

82.6
5,886

83.1
5,507

83.4
6,145

83.3
5,703

83.0
5,247

84.1
5,727

83.0
5,654

83.4
5,432

84.1
5,918

83.6
5 693

83.9
3,554
1,319
871
813
421
130
87

79.9
3,379
1,179
823
773
412
192
80

80.4
3,525
1,220
838
778
497
192
80

81.4
3,639
1,259
856
790
532
202
80

82.4
3,634
1,248
853
799
531
203
83

83.0
3,672
1,244
889
814
527
198
88

82.3
3,525
1,191
841
800
505
188
92

82.0
3,522
1,215
826
796
503
182
93

82.1
3,575
1,235
850
797
506
187
95

81.0
3,550
1,212
849
799
510
180
90

81.4
3,598
1,235
862
806
520
175
87

82.8
3,665
1,281
874
815
530
165
85

82.8
3,514
1,271
868
810
423
142
85

144
451

145
440

139
723

133
775

126
484

124
1,115

128
827

133
433

148
772

133
760

139
471

145
920

136
849

1 157
4,880

1 118
4,666

1,190
5,092

1 259
5,254

1,180
4,967

1 146
5,657

1,131
5,244

1,066
4,848

1,137
5,256

1,121
5,192

1,137
4,943

1 103
5,463

1 109
5,220

86.6

82.5

82.8

83.5

84.2

84.7

84.4

84.4

84.8

83.8

84. 3

85.4

85.4

95
96
84
106
79
91
'87
106
112
208
104
81
100
151
88
83
26
0
70
174
102
94
92
92
76
87
81
83
79
106
115
209
104
90
97
164
95
80
31
0
71
174
101
91

94
94
78
88
88
93
79
107
'105
211
102
92
104
172
97
73
40
82
80
177
69
90
92
91
71
73
75
89
73
108
113
211
102
94
104
170
98
73
46
55
82
175
71
89

98
97
85
91
98
112
89
108
104
215
112
86
105
186
105
51
63
132
71
173
105
87
98
97
82
81
79
124
89
110
108
215
112
87
111
170
104
59
71
67
70
170
107
90

'97
'95
'83
66
100
' 78
93
105
112
211
111
84
103.
171
'107
44
' 68
150
65
' 178
59
'84
'101
'100
'88
'87
82
87
'100
' 110
'114
212
111
89
111
158
'106
53
' 75
74
68
' 174
70
91

(Federal Reserve)
99
'99
Combined index, unadjusted
1923-25=100..
91
104
100
98
87
97
98
98
103
Manufactures, unadjusted
. do
89
100
98
P99
85
95
84
83
92
Durable goods*
do
66
86
85
63
79
105
98
115
v 28
Automobiles
. _.
do
26
105
117
26
63
42
48
Cement
do
83
64
87
86
65
91
98
Glass, plate .
_ _ __
do
133
147
138
155
153
89
107
155
121
Iron and steel
do
103
'90
69
75
92
93
100
89
88
Nondurable goods*
do
pill
111
104
109
111
111
113
108
109
Leather and products
do
115
121
119
126
125
102
104
111
205
Petroleum refiningt
-do
203
206
202
201
208
202
209
122
110
Rubber tires and tubest
- do
90
95
109
114
100
112
99
Slaughtering and meat packing
do..
80
101
77
90
83
84
104
101
94
112
114
Textiles
do
103
104
115
112
116
111
103
180
Tobacco manufactures
do
147
167
157
172
177
161
156
145
Minerals, unadjusted
do
105
105
97
102
102
106
105
103
Anthracite
_ do
66
74
38
51
63
50
60
» 53
66
v 75
83
86
Bituminous coal
- do
62
76
83
82
77
79
159
76
0
35
0
Iron-ore shipments
do
86
78
0
0
Lead
,
.
do
71
68
44
75
52
69
70
48
58
164
Petroleum, crude
.>_ ._ do
P 132
163
166
163
163
164
170
171
Silver.-.
_
do
104
55
86
108
94
97
101
86
Zinc.
._
do
93
88
*>87
69
94
96
71
78
96
v 102
Combined Index, adjusted
do
103
'101
99
96
88
104
98
90
Manufactures, adjusted
do
*104
97
103
100
95
87
104
96
89
Durable goods*._ _„
do
94
'88
83
83
64
92
80
69
98
96
105
Automobiles
. • ..
do
84
45
99
91
46
76
Cement.
. . . . . do..
84
69
80
80
67
82
90
69
Glass, plate
„
._ do
121
89
155
133
107
131
155
153
147
Iron and steel
do
105
108
70
75
90
101
'93
'88
83
v 114
110
Nondurable goods* . - . do
107
110
106
114
110
108
109
124
121
Leather and products
do
109
124
101
107
103
123
Petroleum refiningt
do
205
202
203
201
208
208
206
201
Rubber tires and tubest
do
122
110
114
90
109
99
100
95
112
Slaughtering and meat packing
do
92
87
89
89
83
95
94
98
86
Textiles
do._
109
110
120
110
109
100
112
103
117
Tobacco manufactures
do
168
165
162
161
160
164
150
179
164
Minerals, adjusted
do
110
95
97
110
102
110
98
109
Anthracite
do__
69
38
50
58
61
61
49
67
P76
75
Bituminous coal
. ..
_. d o . .
64
72
78
71
79
77
78
Iron-ore shipments
do.-,.
78
37
0
41
0
50
42
0
0
Lead
.
do
69
71
46
73
50
66
50
70
57
Petroleum, crude .._
do
P 129
171
158
167
169
173
165
161
169
Silver
do..
102
102
100
86
105
86
51
85
Zinc...
do....
93
74
75
87
90
80
94
89
88
r
Revised.
* Preliminary.
•New series. For indexes of durable and nondurable goods production beginning 1919, see table 8, p. 14 of the March 1939 Survey.
tRevised series. Petroleum refining, revised beginning 1934, and rubber tires and tubes, beginning 1936; see table 36, p. 17 of the August
payments beginning 1929, see table 41, pp. 15 and 16 of this issue.




1939 Survey. For revised income

20

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
1938
gether with explanatory notes and references
Sep- October Novem- Decemto the sources of the data may be found in the August August
tember
1938 Supplement to the Survey
ber
ber

October 1939
1939

January

February

March

April

May

June

July

BUSINESS INDEXES—Continued
AGRICULTURAL MARKETINGS
Quantities marketed:
Combined index
1923-25=100.Animal products.
» do
Dairy products
- do
Livestock
.do
Poultry and eggs
do
Wool
*- .
do
Crops
do_.__
Cotton
- do
Fruits
-do
Grains
._
do
Vegetables
do
Cash income from farm marketings:
Crops and livestock, combined index:
Unadjusted
1924-29=100—
Adjusted
—do....
Crops
do
Livestock and products
do
Dairy products
_
do
Meat animals
_. do
Chickens and eggs
do
WORLD STOCKS
Combined index (quantity) t
Cotton, adjusted
.
Rubber adjusted f
Silk adjusted
Sugar, adjusted
Tea adjusted
Tin, unadjusted
Wheat adjusted

-

1923-25=100—
do
do _ .
do
do
-do
do
. -do

84
84
122
70
79
266
84
69
80
116
41

92
89
153
72
73
317
96
61
80

117
83
137
75
68
76
152
235
90

131
89
114
85
76
139
174
267
113

99
89
87
78
116
160
108
154
79

155

110

87

128

85

46

71.0
71.0
66.5
75.5
81.5
74.0
70.0

72.5
72.0
63.0
81.0
84.5
82.0
75.5

241

102

56
64
94
56

61

65
77
97
73
80
41
53
37
82
51
77

76
81
91
67
116
68
71
78
85

62

70
50
46
34
78
38
78

68
78
104
65
104
45
57
35
93
50
107

65
81
103
62
123
77
50
22
95
50
89

81
99
135
72
145
193
63
23
92
80
109

82
93
145
62
114
387
71
26
81
101
112

94
88
133
66
91
386
101
46
78
184
49

63.0
62.5
51.0
74.5
77.0
73. S
75. C

86

67

85.0
72.5
61.0
84.5
86.5
87.0
75.5

91.5
67.5
55.5
80.0
86.0
77.5
77.5

78.0
69.5
55.5
84.0
85.5
83.5
83.5

72.5
68.0
55.0
82.0
89.5
78.0
81.0

68.5
67.5
55.5
80.0
88.5
79.0
67.0

51 0
60.0
44.5
76.5
85.5
77 5
56.5

57.5
64.0
49.5
79.5
80.0
84 0
71.5

55.0
64.5
51.5
78.0
76.0
75 0
70.0

60 0
65.0
49.0
82.0
76.5
83 5
80.0

59.0
60.0
45.0
75.5
77.0
76.0
73.0

222
281
308
168

207
241
300
172

201
217
294
179

221
118
104
146

195
119
105
163

199
126
105
169

192
202
284
172

189
201
255
164
192
127
105
167

186
202
268
144
184
132
111
162

183
204
258
120
187
126
126
151

181
201
248
111
191
118
127
151

182
205
241
101
187
110
129
162

182
211
239
84
184
106
119
166

190
223
227
88
185
105
115
186

188
129
102
169

245
98
115

COMMODITY PRICES
COST OF LIVING
(National Industrial Conference Board)
84.9
85.9
85.9
85.6
84.7
Combined index
...1923=100 _ 84.5
85.8
85.8
85.4
84 8
84.9
85.1
85.0
71.9
73.4
73.2
71.9
73.2
72.1
72.0
73.3
73.0
72.7
72.4
72.3
72.2
Clothing
do
76.7
80.4
79.5
78.1
79.8
80.1
80.3
79.2
77.9
78.4
78.2
78.1
78.0
Food
do
84.0
85.0
85.6
84.4
85.9
86.0
85.9
84 0
83.4
83.8
85.8
85.2
85.9
Fuel and light
- -- -.do
86.3
86.4
86.6
86.2
86.6
86.2
86.2
86.3
86.6
86.2
86.0
86.1
86.1
Housing
do
96.9
96.9
96.8
96.9
96.8
96.8
96.8
96.8
96.6
96.6
96.7
96.7
96.7
Sundries
do
PRICES RECEIVED BY FARMERS §
(U. S. Department of Agriculture)
88
92
94
89
95
94
89
95
96
92
90
91
89
Combined index
1909-14=100..
90
124
105
131
89
118
127
97
83
85
88
91
87
Chickens and eggs
do
71
72
69
73
73
69
70
72
73
71
71
70
70
Cotton and cottonseed
do
100
102
104
109
112
107
92
94
96
109
95
107
100
Dairy products
-do
70
78
75
71
73
80
70
76
93
85
82
78
81
Fruits
- -do
64
62
63
60
63
72
66
60
66
73
66
66
67
Grains
-- -do
101
111
117
111
115
109
112
112
114
107
107
116
116
Meat animals
do
101
92
102
107
108
96
107
110
114
101
108
102
105
Truck crops
do
99
100
98
107
95
108
109
83
89
92
83
81
86
Miscellaneous
do
RETAIL PRICES
U. S. Department of Labor indexes:
Coal:
78.4
81.8
Anthracite
1923-25 «100
75.1
80.8
88.0
89.3
89.4
85.2
Bituminous
do
75.1
78.4
78.7
78.1
77.8
78.6
77.5
76.4
76.5
76.8
76.5
76.6
76.3
Food
- -do. _.
Fairchild's index:
88.9
89.5
88.9
89.0
89.0
89.0
89.1
89.3
89.1
89.1
89.1
89.1
Combined index
Dec. 31,1930=100-.
89.1
Apparel:
96.4
96.0
96.4
96.6
96.5
96.3
96.3
96.2
95 9
96 2
95 9
96.0
95 9
Infants'
do
88.6
89.0
88.7
88.7
88.7
88.7
88.7
88.4
88.4
88.4
88.4
88.5
88.4
Men's
-do
89.0
89.4
89.4
89.4
89.0
89.2
89.0
88 9
88.8
88 9
88 8
88.8
88 9
W omen's
do
90.4
90.4
90.7
91.3
91.1
90.5
90.9
90.5
90.5
90.5
90.5
90.6
90.6
Home furnishings __
do
84.1
84.4
84.5
84.5
84.5
84.3
84.3
84.1
84.1
84.3
84.1
84.3
84.0
Piece goods
-do
WHOLESALE PRICES
U. S. Department of Labor indexes:
75.0
77.5
78.1
78.3
77.6
76.9
77.0
Combined index (813 quotations)-1926=100..
76.9
76.7
76.2
75.4
76.2
75.6
Economic classes:
79.1
80.5
80.2
81.8
80.0
81.8
81.1
80.2
80.2
Finished products
do
80.1
79 6
79 2
79 9
71.4
71.5
66.5
70.9
70.9
70.9
72.0
70.9
70.1
68.5
68.9
67.7
67.8
Raw materials
do
74.5
74.4
76.2
75.2
75.9
74.9
74.4
74
4
74.6
74
4
74
1
74
3
Semimanufactures
do
74.7
67.8
61.0
66.8
67.6
67.2
67.3
68.1
67.2
65.8
63.7
62 4
62 6
Farm products
_ -. -do
63 7
51.5
53.4
53.0
50.8
50.9
56.3
54.4
54.7
54.5
55.2
58.2
52 3
59 6
Grains
. .
-do
66.0
80.6
81.0
76.2
75.2
74.4
78.0
79.2
78.2
75 5
73 2
69 4
69 7
Livestock and poultry
do
67.2
73.5
74.1
73.1
73.0
74.5
71.5
71.5
70.2
68.6
67 6
68 2
Foods
do
67 E
72.5
73.9
68.8
71.6
71.8
67.9
71.1
71.6
64.8
58.1
58.6
60.0
64. 6
Dairy products
do
60.4
55.5
57.5
63.0
60.9
57.3
62.1
64.3
63.2
62
5
Fruits and vegetables
do
62
C
63
8
58.5
83.3
81.9
79.9
81.6
86.0
87.3
73.7
83.2
82.5
81.0
78.6
75.7
75.2
Meats
do_ ..
Commodities other than farm products and
81.4
80.2
81.3
80.6
80.3
80.1
81.1
80.2
80.4
foods
1926=100
80.5
80 6
80 2
80 1
89.5
89.6
89.4
89.8
89.2
89.4
89.5
89.6
89.8
89.6
89.5
89 5
Building materials
. do
89 *
90.9
90.5
90.6
91.1
91.5
91.5
92.4
92.4
92.5
93.0
91 1
91.7
Brickand tile
do
90 t
90.7
91.3
91.0
90.7
90.6
90.6
90.6
91.2
91.5
91.5
91
5
91 5
91 I
Cementf
do
90.4
90.2
90.3
90.2
90.9
91.8
91.7
92.1
92.6
91.5
91.2
Lumber.
..do
90.7
91.?
f Revised series. Combined index of world stocks revised beginning January 1920; see table 5, p. 17 of the January 1939 Survey. For subsequent 1938 revisions in the
combined index and in the rubber index, see p. 20 of the June 1939 issue. Cement price index revised beginning 1926. and data not shown on p. 20 of the May 1939 Survey will
appear in a subsequent issue; the building materials group and the combined index of all commodities have not been revised, as the effect of the change in cement prices on
these indexes is small.
 § Data for Sept. 15, 1939: Total 98, chickens and eggs 102, cotton and cottonseed 76, dairy products 107, fruits 73, grains 83, meat animals 117, truck crops 114, miscellaneous 98.


21

SURVEY OF CURRENT BUSINESS

October 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

1938

August

s
te

Xr

October

1939
No

™

December

Janu-

February

March

April

May

June

July

COMMODITY PRICES—Continued
WHOLESALE PRICES-Continued
U. S. Department of Labor indexes—Contd.
Combined index—Contd.
Commodities other than farm products
and foods—Continued.
Chemicals and drugs
1926=100
Chemicals
do
Drugs and Pharmaceuticals
do
Fertilizer materials
do. .
Fuel and lighting materials
do
Electricity...
..do _
Gas._
do
Petroleum products
do
Hides and leather products
. do
Shoes
do
Hides and skins
_. do . . .
Leather
do
House-furnishing goods
do
Furniture _
do
Furnishings
do
Metals and metal products
__do . .
Iron and steeL.
.do
Metals nonferrous
do
Plumbing and heating equipment
1926=100-Textile products
do
Clothing
do
Cotton goods
do__
Hosiery and underwear
do
Silk and rayon
do
Woolen and worsted goods.
do
Miscellaneous
do
Automobile tires and tubes
do
Paper and pulp
do
World prices, foodstuffs and raw materials:
Combined indexf1923-25=100..
Cotton..
. . ..do..
Rubber
do
Silk _ .
do
Bugarf
do
Tea
do
Tin
do
Wheat
_
. .
do
Wholesale prices, actual. (See under respective
commodities.)

77.3
81.0
74.8
67.2
76.6
81.8
88.7
56.4
92.0
100.8
75.7
82.4
86.2
82.1
90.2
95.5
97.3
73.5

77.1
80.5
74.9
67.5
75.4
81.8
87.1
53.8
93.4
100.3
82.1
84.6
85.7
82.1
89.3
95.3
96.9
76.2

76.6
80.2
73.6
67.7
73.7
81.8
84.6
51.5
94.6
100.4
85.5
86.9
85.8
81.9
89.7
94.9
96.9
77.6

76.7
80.0
73.5
68.6
73.2
82.7
81.6
50.9
93.1
100.6
78.8
85.9
86.0
81.6
90.3
94.6
96.8
76.8

76.7
79.7
73.0
70.2
72.8
82.9
82.2
50.4
93.1
101.2
78.4
85.0
85.4
80.5
90.1
94.4
96.4
76.7

76.3
79.4
72.7
69.3
73.0
82.8
81.8
50.7
91.9
101.1
72.8
84.2
85.2
80.5
89.8
94.3
96.1
76.5

76.5
79.9
72.2
69.7
73.1
80.3
82.2
50.9
91.8
101.2
73.8
82.7
85.2
80.5
89.7
94.3
96.1
76.6

76.0
79.3
71.9
69.6
73.4

75.9
79.4
71.9
69.7
73.9

75.7
79.2
71.9
69.5
73.0

75.0
78.2
71.8
67.5
72.8

51.7
92.7
100.8
77.2
84.0
85.6
81.1
90.0
93.2
95.1
74.6

77.7
81.4
74.8
67.3
76.8
81.6
88.1
56.7
91.9
100.8
75.6
82.1
86.4
82.2
90.5
95.4
97.3
72.9

84.1
51 9
90.9
101 2
68 3
82.8
85.4
81.0
89 6
94.0
96.1
74 7

86.0
52.5
91.6
101.3
72.1
83.1
85.5
81.0
89.8
93.5
95.7
73.1

88.9
52.5
92.3
101.3
75.3
83.8
85.6
81.0
90.0
93.2
95.2
72.9

89.0
52.2
92.5
100.8
76.9
84.1
85.6
81.0
90.0
93.2
95.1
73.3

79.3
67.8
81.5
65.5
61.5
39.5
75.5
73.3
60.5
80.0

79.2
65.9
81.7
64.4
59.8
29.2
76.3
72.4
57.4
82.4

78.5
65.8
81.6
64.1
59.9
29.5
76.3
72.4
57.4
81.9

78.5
66.2
81.6
64.6
59.9
30.9
76.3
72.6
57.4
81.7

78.7
66.2
81.6
65.1
59.9
30.3
76.4
73.0
58.8
81.5

78.7
65.8
81.6
64.6
59.3
30.8
74.8
73.1
58.8
80.9

78.7
65.9
81.5
64.3
59.1
32.1
74.5
73.2
58.8
81.0

79.2
66.1
81.5
63.7
58.8
34.7
74.7
73.5
59.7
81.1

79.3
66.6
81.5
63.7
59.9
36.1
75.1
74.1
60.5
81.3

79.3
66.9
81 6
63.4
60.2
37.8
75.2
74 4
60.5
81.1

79.3
67.5
81.7
63.3
60.2
40.7
75.4
74.2
60.5
80.4

79.3
67.3
81.7
64.1
60.1
39.1
75.6
73.8
60.5
79.9

79. 3
67.6
81.2
65.1
60.2
40.2
75.4
73.4
60.5
79.9

97 0
32.4

39.1
30.9
37.7
24.3
28.1
76.3
86.1
53.9

38.3
29.8
37.8
25.2
28.9
78.4
86.3
50.2

37.8
31.6
39.6
25.9
26.8
72.9
90.0
46.7

37.5
33.5
38.0
25.?
28.8
66.0
92.0
42.3

36.5
32.0
37.6
25.3
30.4
67.2
91.9
38.1

37.2
32.7
36.9
26.5
31.3
66.7
92.3
39.3

37.8
33.1
37.3
29.5
30.9
67.0
90.8
41.1

37.3
33.1
38.1
31.0
31.9
66.6
91 9
36.8

38.4
32.4
37 2
33 4
35 2
69 6
93 9
38 5

41.3
35.3
37.6
37.6
40 5
68.9
95 7
40.4

41.0
36.4
38.3
35.4
37 4
68.8
97 2
40 8

39.6
35.7
38 7
37. C
37 7
67 5
96 5
34 3

134.2
133.2
166.9
120.3

128.9
127.6
159.7
118.3

128.6
127.1
154.8
118.3

129.8
128.0
154.8
118.5

129.9
128.5
156.5
118.8

130.8
127.2
153.1
118.5

130.9
129.0
156.5
119.0

130.9
130.2
159.7
119.5

131.3
130 9
161.6
119.8

132.1
130 5
165.3
119.6

132.1
130 7
163.4
119.9

133.2
131 1
165.3
120.0

133.5
130 7
165.3
119.8

74.6
77.5
71.7
67.2
72.6

34.~6"
39.0
36.9
32.7

PURCHASING POWER OF THE
DOLLAR
W holesale pr ices
Retail food prices _
Prices received by farmers.
Cost of living

1923-25—100
do
do
.
do

CONSTRUCTION AND REAL ESTATE
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Vajue of contracts awarded (F. R. indexes):
Total, unadjusted
.1923-25=100..
Residential, unadjusted
do
Total, adjusted
do
Residential, adjusted
do
F. W. Dodge Corporation (37 States) :t
TotaJ projects,.
number..
Totajl valuation.._
thous. of doL.
Public ownership
do
Private ownership
do
Nonresidentiail buildings:
Projects
number..
Floor area;.
___thous. of sq.ft..
Valuation
thous. of doL.
Residential buildings, ajl types:
Projects
number..
Floor area
..thous. of sq. ft..
Vajuation
thous. of dol..
Public utilities:
Projects
number..
Valuation..
_
.thous. of dol._
Public works:
Projects
number..
Valuation
thous. of dol_.
Building permits issued in 1,790 cities:|
Total buildings
number..
Total estimated cost
.thous. of dol..
New residential;
Buildings
number..
Estimated cost
thous. of dol..
New nonresidential:
Buildings
number..
Estimated cost
thous. of doL.
Additions, alterations, and repairs:
Buildings
number
Estimated cost
thous. of doL.
f
Revised.

53

79
56
78
56

23, 270
312, 328
158, 459
153,869

18, 770
313,141
171,099
142,042

16, 926
300,900
160,125
140, 775

3,453
12, 268
69,882

3,416
14,744
87, 316

3,363
15,599
91,997

3, 594
23, 223
131,020

3,585
21, 515
116,008

3,495
25, 503
139, 513

2,456
14,351
84, 999

2,348
12, 783
69, 544

3,592
17, 944
97, 786

3,400
16, 563
94, 656

3,457
12,700
76,749

4,052
15, 418
92,845

3,823
17,691
88,501

18,003
31,165
127,163

13,488
23, 574
99, 732

11, 600
21,781
99, 574

13,907
27,177
112,673

12, 515
23,405
95, 253

10,413
22, 720
91,539

9,750
19, 981
80,163

9,669
19,176
79,020

15,438
30, 725
125,225

17,387
28,382
114,405

18,262
32,602
133,818

15,942
27,502
111,896

16, 287
27,181
109, 330

328
20,113

274
37, 980

288
26,167

335
21,176

330
19, 726

500
44, 312

258
29, 509

18, 518

259
19, 640

323
35, 336

251
21,779

234
9,968

254
23,092

1,486
95,170

1,592
88,113

1.675
83; 162

1,828
92, 829

1,342
70, 692

1,619
114,075

817
57,002

725
53,115

944
58,010

1,172
85, 633

1,274
76,141

1,473
73,607

1,442
78,960

73,776
199, 794

65,492
159, 455

64,203
158,492

69, 615
164,244

53, 615
143, 480

38,247
147, 791

38, 902
156,704

37, 721
149, 572

62, 303
177,903

62, 775
165, 978

77,913
204,437

71,040
202, 429

64,537
185, 019

19, 755
116,815

16,106
88,117

15,058
85,079

15, 761
78, 394

14,121
74,053

11,059
62, 767

11,652
70,768

11,476
85, 719

18,635
94, 374

17,697
87,441

20,961
119,600

19,224
99, 775

17,884
96,114

13,125
49, 703

11,699
43,313

12,003
47,180

13,011
56, 310

10,459
51, 660

6,961
63,115

6,449
61,399

5,690
37, 730

10,496
52,886

11, 520
44,830

13,711
51,162

12,085
70,974

11,214
59,794

40,896
33, 277

37,687
28,025

37,142
26, 233

40,843
29, 540

29,035
22, 767

20,227
21, 909

20,801
24, 537

20, 555
26,123

33,172
30,643

36, 558
33, 706

43, 241
33,674

39,731
31,680

35, 439
29, 111

78
56
82
57
19,
357,
203,
154,

664
698
359
339

17,
301,
178,
122,

85
54
96
56

77
48
96
57

772
679
948
731

16,027
389,439
279,403
110,036

13,
251,
147,
103,

70
45
86
55

63
51
73
58

69
58
69
55

76
68
67
58

75
65
63
55

73
64
63
58

73
«"63
67
'62

281
673
916
757

13,015
220,197
110, 975
109, 220

20, 233
300,6^1
127, 776
172,885

22,2,82
330,030
159, 656
170, 374

23,244
308,487
134,757
173,730

21, 701
288, 316
127, 595
160,721

21,806
299,883
136, 543
163,340

v Preliminary.

cost of permits issued was increased by only 0.2 percent in 1937. Data beginning January 1936 will appear in a subsequent issue of the Survey.




22

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1038 Supplement to the Survey

October 1939
1939

1938
August

September

DecemOctober November
ber

January

February

March

April

May

June

27,011
19, 405
1,418
6,188

35,796
25,760
1,905
8,131

29, 997
21, 768
1,417
6,812

July

CONSTRUCTION AND REAL ESTATE—Continued
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED-Con.
Estimated number of new dwelling units provided in all urban areas:f
Total
number_1-family dwellings
_._do
2-family dwellings
do
Multlfamily dwellings
_
do
Engineering construction:
Contract awards (E. N. R.)1 thous. of dol._ 311,222

25,818
17,262
1,416
7,140

25,684
16,115
1,168
8,401

23,648
16,857
1,290
5,501

22,064
14, 781
1,042
6,241

18,355
11, 517
796
6,042

231,771

289,725

235,898

217,023

339,250

22,097
13, 240
1,207
7,650

26,147
12,278
1,212
12, 657

311, 693 203,843

28,526
19, 625
1,385
7,516

285, 566 240, 735 252,992

262, 395 181,-

H1GHWAY CONSTRUCTION
Concrete pavement contract awards:
6,161
4,458
6,855
5,713
Total
thous. sq. yd..
5,064
4,671
1,245
2,143
4,270
7,247
4,583
3,190
3,907
4,232
3,820
2,179
Roads
-__
-do
4,548
3,213
2,871
2,765
686
2,001
860
2,085
2,081
2,254
2,623
1,893
2,699
1,505
2,280
1,851
1,800
560
1,283
Streets and alleysc?1
do
2,582
1,105
1,304
Status of highway and grade crossing projects
administered by the U. S. Bureau of Public
Roads:
Highways:
Approved for construction:
3,867
3,130
3,615
3,701
3,177
3,081
Mileage...
no. of miles..
4,109
3,390
3,463
3,337
3,122
3,081
3,306
Federal funds
thous. of dol._ 24,254 48,958 43,373 38,572 36, 231 37,677 36,294 35,968 34,969
35, 600 40,769 41,024 37,802
Under construction:
8,522
8,554
7,721
8,463
8,570
9,521
7,514
7,855
Mileage
no. of miles._
9,418
8.872
8.301
7,968
7,540
Federal funds
thous. of dol_. 123,044 135,158 133,337 130, 841 120, 453 113, 828 113,466 114,185 115,212 120, 505 122, 758 123, 554 124,975
242,924 260,494 256, 592 252,852 234, 256 221, 530 218,965 221,046 222, 630 232, 772 238,637 240,218 244,860
Estimated cost
do
Grade crossings:
Approved for construction:
10, 654 11,416
10,224 11,312 11,504
Federal funds
do
12, 561 12,112 13,930 12, 794 13, 572 13, 613 12,906
12,107
12,414
11,437 12,136
Estimated cost
do
13,370
12,877
15,159
13, 867 14, 587 14,285 13, 374 12, 529 10, 583 12,191
Under construction:
42,
299
40,
336
43,
771
38,
579
35,023
37,930
38,
817
Federal funds
do
40,399 37, 676 35, 451
40, 654
36, 440
40, 505 41, 298 38,567 36,387 36,808 36,026 37,932 39,777 40,747 42, 654 45,723 44, 094 42,052
Estimated cost.
do
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___
Commercial and factory buildings:
Brick and concrete:
Atlanta
do
New York
do.._
San Francisco
do
St. Louis
_
-do.._
Brick and steel:
Atlanta
do...
New York
do._.
San Francisco
do
St Louis
-.do...
Residences:
BrickAtlanta..
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 Board:*
Standard 6-room frame house:
Combined index
..1936=100.
Materials
..do...
Labor
do...

189

189

187

188

182
169
192
166
184

183
169
192
167
185

183
169
192
167
185

183
169
192
167
185

182
168
193
169
185

182
168
193
169
185

182
168
193
169
185

182
168
193
169
185

188

188

188

188

188

188

187

188

96.5
130.1
115.9
119.1

96.1
130.1
116.0
119.1

95.3
130.0
117.6
119.1

95.2
130.1
117.6
119.1

95.3
130.0
117.6
119.1

95.3
130.0
117.6
119.1

95.3
130.6
117.0
118.6

95.4
130.6
116.9
118.5

94.8
130.9
116.8
118.3

98.2
132.4
120.9
119.8

98.4
132.8
120.9
120.1

98.0
132.8
121.0
120.1

97.4
132.6
122.3
120.1

97.5
132.7
122.3
120.1

97.4
132.7
122.3
120.1

97.4
132.7
122.3
120.1

97.6
133.4
121.4
119.7

97.6
133.4
121.3
119.7

97.2
133.8
121.2
119.6

96.7
129.0
116.2
119.8

96.8
128.9
115.6
120.1

96.5
129.3
115.6
120,5

96.2
129.3
116.2
120.5

96.0
129.4
117.7
120.4

96.2
129.2
117.7
120.4

96.0
129.4
117.7
120.6

96.0
129.5
117.7
120.6

95.6
129.8
115.3
118.5

95.7
129.9
114.7
118.5

93.3
130.2
114.4
118.2

85.6
122.3
105.4
108.8

85.6
122.8
105.4
108.8

86.0
122.6
105.4
109.9

87.4
122.4
105.4
111.0

86.3
122.4
105.4
111.0

85.0
122.5
106.6
110.7

85.7
122.2
106.6
110.7

85.0
122.2
106.6
110.3

85.0
122.5
106.6
110.3

86.1
123.1
104.7
110.3

86.8
123.1
104.7
110.0

86.5
123.6
104.7
108.9

82.8
122.0
98.7
105.9

82.3
120.0
97.5
105.1

82.3
120.5
97.5
105.1

82.8
120.4
97.5
106.5

121.2
97.5
108.1

83.1
121.2
97.5
108.1

81.6
121.3
98.7
107.7

82.5
121.1
98.7
107.7

81.6
121.0
98.7
107.2

81.6
121.4
98.7
107.2

82.8
121.9
98.7
107.2

83.7
121.9
98.7
106.8

83.3
122.1
98.7
105.4

234.9

232.4

232.7

234.3

234.4

234.9

234.7

234.3

234.4

234.9

234.7

235.0

234.9

105.2
102.3
111.2

106.4
103.4
112.3

106.4
103.4
112.4

106.2
103.3
112.1

106.1
103.2
112.1

106.1
103.1
112.1

106.0
103.0
111.9

106.0
103.0
112.2

106.1
103.0
112.4

105.9
102.9
111.9

105.6
102.7
111.5

105.4
102.5
111.3

105.3
102.4
111.3

183
168
195
169
184

181
167
191
164
184

181
167
191
164
184

182
167
192
166
184

187

188

188

188

94.8
130.8
116.8
118.4

96.1
129.8
115.9
118.5

96.1
129.9
116.0
118.5

96.2
129.7
115.9
118.7

97.2
133.7
121.2
119.6

98.2
132.7
120.9
119.8

98.2
132.7
121.0
119.8

93.2
130.2
114.4
118.3

96.7
128.9
115.6
119.8

86.1
123. 5
104.7
109.3

182
169
192
166
184

REAL ESTATE
Federal Housing Administration, home mortgage insurance:
Gross mortgages accepted for insurance
73, 701 82, 322 52, 603
64,895
thous. ofdol.. 62, 269 67,878 68,344 64,627 58,250 51,058 42,218 41,224 63,486
Premium-paying mortgages (cumulative)
1,546,237
1,400,212
1,496,794
1,607,147 1,658,306
1,450,575
thous. of dol— 1,723,357 1,082,454 1,131,404 1,189,823 1,244,141 1,300,446 1,355,829
' Revised.
§lndex as of September 1, 1939, is 235.0.
*New series. For data baginning 1936, see table 30, p. 17 of the June 1939 Survey.
fRevised series. Data on number of dwelling units provided revised beginning January 1937; figures not shown in the footnote on p . 22 of the September 1939 Survey
will appear in a subsequent issue.
cFData for streets and alleys, formerly shown separately, are available in total only subsequent to December 1938.
JData for September and December 1938 and March, June, and September 1939 are for 5 weeks: other months, 4 weeks.




23

SUEVEY OF CUERENT BUSINESS

October 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August August
1938 Supplement to the Survey

1939

1938
September

DecemOctober November
ber

January

February

March

April

May

June

July

CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE—Continued
Estimated new mortgage loans by all savings
and loan associations:!
Total loans
_
.thous. of dol._ 95,038
72,931
55, 567 58,309
64,070 63,934
73, 378 83,425
89,123
74, 709 71,647
94,154
85,172
Loans classified according to purpose:
Mortgage loans on homes:
21, 254 23, 727 26,646
Construction
„
do
29,863
22, 575 21, 018 22, 099 18,627
19,152
16,099
16,027
26,865
29,919
23,833
25, 698 24,677
21, 205 20,826
32,282
17, 503 19,118 24, 705 29,903
31,289
Home purchase
do
32, 228 29,638
12,913
14,
701
12,416
12,182
12,
805
11,749
12, 551 14,871
15, 384 15,687
15, 353
Refinancing.
do
17,005
17,123
5,727
5,528
4,791
4,821
4,025
3,593
4,974
6,069
5,133
Reconditioning
do
4,211
5,802
5,909
7,515
8,072
7,724
7,235
7,126
7,020
9,437
9,432
8,183
9,082
Loans for all other purposes
do
8,337
9,979
6,827
Loans classified according to type of association:
33,400
26,858
25, 650 26, 534 24, 220 25, 019 20,894
22, 298 29,811
Federal
thous. of dol_. 40,645
39,094
34,055
29,506
29, 255 30,546
26,504
23, 071 24,191
32, 562 35,426
State members
_
_
do
37,340
26,115
30,124
34,146
36,465
18, 345 16, 742 15,851
11, 602 11,820
17,053
13, 735 12,411
13, 443 17,463
16,971
Nonmembers
do
17,339
18,595
Loans outstanding of agencies under the Federal
Home Loan Bank Board:
Federal Savings and Loan Associations, estimated total mortgages outstanding
thous. of dol._ 1,186,784 976,074 994, 218 1,011,087 1,020,873 1,034,162 1,040,770 1,051,109 1,067,887 1,089,879 1,117,228 1,136,289 1,157,536
Federal Home Loan Banks, outstanding advances to member institutions
thous. of dol._ 159,470 189,415 189, 548 189,217 189,685 198,840 178,852 170,614 161,614 157,176 157,911 168,962 161,537
Home Owners' Loan Corporation, balance of
loans outstanding
thous. of dol_. 2,059,792 2,234,899 2,221,417 2,203,896 2,186,170 2,168,920 2,149,038 2,134,261 2,117,598 2,105,824 2,091,324 2,080,512 2,067,844
Foreclosures:
'159
169
153
159
154
154
173
153
169
165
164
Nonfarm real estate
1926=100—
186
168
Metropolitan communities
_.do
146
152
157
142
151
145
138
157
161
155
141
165
161
Fire losses
thous. of doL.
22,468
23,373
24, 798 28,659
32, 758 27, 615 29, 304 30,682
20,821
27, 062 27,032
24,191

DOMESTIC TRADE
ADVERTISING
Printers' Ink indexes (with adjustment for seasonal variations):
Combined index
1928-32=100..
Farm papers
do
Magazines
do
Newspapers
_
do—
Outdoor
*_do
Radio
do_._.
Radio advertising:
Cost of facilities, total
thous. of doL.
Automobiles and accessories
do
Clothing
do
Electric household equipment
do—
Financial
do—
Foods, food beverages, confections—do—
House furnishings, etc.
do—
Soap, cleansers, etc
do
Office furnishings, supplies
do....
Smoking materials
__.do
Toilet goods, medical supplies.
-do—
All other
do....
Magazine advertising:
Cost, total
do_...
Automobiles and accessories
__do—
Clothing
__do___.
Electric household equipment
do
Financial
do—
Foods, food beverages, confections
do
House furnishings, etc
do
Soap, cleansers, etc
do
Office furnishings, supplies
do —
Smoking materials
do
Toilet goods, medical supplies
__.do
Allother
do.__.
Lineage, total
thous. of lines..
Newspaper advertising:
Lineage, total (52cities)__
do....
Classified
—
do....
Display, total.
do
Automotivedo
Financial
do
General
_
_
do—
Retail
do....

84.8
70.1
78.5
79.1
76.6
355.6

80.3
79.3
74.5
75.2
77.0
274.7

82.1
58.8
73.5
78.9
76.9
260.0

78.4
64.7
73.6
73.8
77.7
242.3

5,855
520
58
0
109
1,657
23
818
0
1,048*
1,494
128

4,530
352
37
0
27
1,380
0
624
0
672
1,242
195

4,781
447
30
0
21
1,543
(\
u
611
0
655
1,308
166

6,509
626
18
0
19

2,103

8,347
1,033
405
58
245
1,695
215
370
123
431
1,558
2,253
1,784

7,380
888
341
19
266
1,353
130
275
116
705
1,344
1,943
1,472

90.526
21,115
69,410
3,512
3,349
12.527
52,022

65.7
82.0
79.9
65.9
257.6

88.0
70.3
78.8
86.0
71.0
261.7

76.4
57.6
72.6
71.5
72.2
273.6

79.5
59.9
78.4
74.2
73.8
265.6

84.4
56.4
80.4
79.8
82.0
262.7

82.2
66,2
80.6
76.0
89.0
253.3

84.4
69. u
80.3
78.0
90.5
290.8

85.5
65.0
82.0
79.8
76.6
329.7

81.7
61.8
80.0
74.0
89.8
337.7

6,754
626
10
0
21
2,301
39
653
0
853
1,977
273

7,023
647
25
0
41
2,318
49
714
0
836
2,045
348

6,567
617
33
0
53
2,194
39
691
0
796
1,859
285

7,404
747
50
0
64
2,501
38
818
0
885
2,020
281

6,678
657
25
0
54
2,241
39
746
0
870
1,781
264

7,034
745
66
0
74
2,277
65
857
0
921
1,844
186

6,471
640
37
0
129
2,101
18
792
0
887
1,718
148

r 5, 813

43
626
0
853
1,851
365

6,713
600
18
0
26
2,157
39
674
0
861
1,990
349

9,846
769
822
136
341
1,516
599
355
228
734
1,642
2,703
2,112

13, 668
1,630
1,022
342
444
2,073
862
398
223
889
2,261
3, 524
2,318

13,412
2,142
689
312
426
2,143
679
363
225
829
2,210
3,394
2,251

11, 529
1,295
531
470
299
1,931
509
234
266
755
1,815
3,424
1,658

8,023
1,186
272
67
320
1,457
194
211
122
654
1,266
2,274
1,929

11, 536
1,475
495
195
376
2,099
377
500
148
591
2,183
3,096
2,294

14, 243
2,153
829
395
431
2,255
636
421
220
748
2,537
3,617
2,591

16, 818
2,997
1,020
808
508
2,180
1,025
468
203
684
2,508
4,419
2,715

15,715
2,854
921
757
435
2,013
1,035
471
233
692
2,249
4,056
2,356

13, 279
2,616
715
603
486
1,893
759
454
100
636
2,187
3,231
1,796

10,131
1, 635
246
170
337
2,072
266
311
64
622
1,901
2,507
1,625

86,102
20, 808
65,293
2,623
1,201
12,175
49, 295

103,869
21,376
82,493
2,366
1,209
15,888
63,031

113, 558
22, 411
91,147
4,932
1,732
18,411
66,073

113, 457
20,233
93, 314
6,608
1,449
18,749
66, 509

118,096
20,372
97, 723
3,581
1,574
14.028
78,540

87,418
19, 556
67, 861
2,446
2,301
12,771
50,343

86,651
18,318
68, 333
3,458
1,403
14,024
49,448

111,815
22.147
89, 669
4,768
1,695
17,414
65,792

111, 160
22, 824
88,335
6,055
2,105
17,655
62,520

112,377
22,692
89,685
6,075
1,615
18,538
63,456

105,086
21, 785
83,301
5,345
1,663
17,408
58,886

85,407
20,570
64, 838
3,496
2,120
13,999
45, 222

68.4

69.3

69.9

70.9

69.5

70.8

70.4

70.4

70.2

70.4

'70.7

70.0

number..

1,818

1, 614

1,723

1,793

1,943

2,210

1,821

2,226

1,874

2,190

1,712

1,724

millions

1,273

1,235

1,299

1,252

1,431

1,244

1,221

1,447

1,356

1,435

1,427

3,842
37,238

3,775
36,651

4,170
39, 485

4,067
37,996

4,654
42, 202

4,234
39, 227

4,140
36,900

4,662
41,891

4,171
38,119

4,248
39,229

4,170
38,165

AQ

496
32
0
97
' 1, 669
23
771
0
1,000
1,583
141

i

GOODS IN WAREHOUSES
Space occupied, merchandise In public warehouses
percent of total.
NEW INCORPORATIONS
Business incorporations (4 States)

POSTAL BUSINESS

Air mail:
Pound miles performed
Money orders:
Domestic, issued (50 cities):
Number
Value

thousands..
thous. of doL.

3,906
37,098

«• Revised.

tReviscd series. For revised data on estimated new mortgage loans by all savings and loan associations, 1936-37, see table 12, p. 16, of the March 1939 Survey.




3,907
36,858

24

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1 9 3 9
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

October 1939

1938
August

September

1939

DecemOctober November
ber

January

February

March

April

May

June

July

DOMESTIC TRADE—Continued
POSTAL BUSINESS—Continued
Money orders—Continued.
Domestic, paid (50 cities):
Number...
Value
_
Foreign, issued—value
Receipts, postal:
50 selected cities
50 industrial cities

..thousands..
thous. of dol._
_
do
do
do

13,130

12, 543
98,006
2,097

12,846
99,470
2,606

13,989
107,933
1,985

14,028
106,097
2,280

15, 793
113, 841
7,717

12,939
94,176
2,142

12, 371
88, 734
2,027

15,307
109,980
3,170

13,164
95, 899
2,079

13, 724
99, 757
2,066

13,918
101, 345
2,210

12,142
91,709
2,069

28, 233
3,540

26, 715
3,446

29,517
3,472

30,850
3,728

31,426
3,568

42,470
5,154

28,537
3,667

27,710
3,493

33,478
3,979

29,830
3,618

30,922
3,687

20, 791
3,587

25,464
3,271

RETAIL TRADE*
Automobiles:
Value of new passenger automobile sales:
37.1
71.2
106.7
107.1
49.2
99.1
70.8
55.1
106.3
96.1
101.2
' 87.5
62.9
Unadjusted
1929-31=100..
60.0
85.0
100.0
91.0
96.0
79.5
92.5
88.0
79.0
79.0
54.5
'80.5
Adjusted
.do
74 0
Chain-store sales:
Chain-Store Age Index:
Combined index (20 chains)
109.4
111.0
109.5
107.5
112.9
112.0
108.0
108.8
110.0
109.8
110.0
106.0
113.0
av. same month 1929-31=100..
121.2
127.0
118.0
122.0
118.0
130.0
' 126. 0
120.0
112.7
119.0
116.0
117.6
124.0
Apparel chains
do
Grocery chain-store sales:
100.8
96.7
101.1
93.0
93.5
98.7
'97.6
102.0
100.5
102.9
94.9
99.0
Unadjusted..
1929-31=100..
94.4
96.7
96.4
98.2
98.1
99.3
94.9
99.5
99.6
99.0
101.4
103.1
Adjusted
do
92.2
Variety-store sales:
Combined sales of 7 chains:
102.2
94.1
98.2
79.7
85.0
95.8
85.2
73.6
193.6
'91.3
97.6
96.3
Unadjusted
do
100.2
100.8
96.7
98.7
95.5
104.9
' 102. 6
96.3
97.1
98.8
96.3
101.2
98.5
Adjusted
do
H. L. Green Co., Inc.:
5,952
2,442
2,712
2,513
2,819
2,502
2,833
1,998
1,959
2,869
2,733
' 2, 316
Sales
thous. of dol.. 2,446
132
132
132
133
133
132
133
133
132
133
133
133
133
Stores operated
number..
S. S. Kresge Co.:
11,972
8,801
24,114
11,125
11,293
12, 353
9,058
11,401
10,179
11,940
10, 606
10,369
Sales
thous. of dol_. 10, 578
685
680
681
683
686
687
683
682
683
685
683
685
Stores operated
number..
682
S. H. Kress & Co.:
5,055
5,163
6,613
14,
429
6,179
6,827
5,969
6,406
6,315
6,818
6,225
6,336
Sales
thous. of dol.. 6,490
238
238
238
238
238
238
238
238
239
239
239
240
240
Stores operated
number. _
McCrory Stores Corp.:
2,955
3,294
7,003
2,535
2,738
3,186
3,196
3,420
2,960
3,648
3,300
3,158
3,136
Sales
thous. of dol..
200
200
202
202
202
200
200
202
202
200
202
201
200
Stores operated.
number..
G. C. Murphy Co.:
2,752
3,594
7,223
3,205
3,308
2,686
3,741
3,087
3,848
3, 564
3,811
3,470
3,758
Sales.
thous. of dol..
201
201
201
201
201
201
201
201
201
201
201
201
201
Stores operated
_.
number..
F. W. Woolworth Co.:
19,653
20,686
25, 295
50, 379
23,104
26, 774
23, 491
22, 566
25,919
24,725
24, 340
24, 662
Sales
...thous. of dol.. 24,123
2,013
2,017
2,014
2,011
2,018
2,017
2,012
2,011
2,008
2,005
2,014
2,013
2,015
Stores operated
number..
Restaurant chains (3 chains):
3,275
3,460
3,
269
3,193
Sales
.thous. of dol_.
0)
0)
0)
0)1
0)
0)
0)
0)
(0
340
338
337
336
Stores operated..
number.
(0
C)
0)
0)
0)
(0
(0
(')
0)
Other chains:
W. T. Grant & Co.:
7,653
5,531
7,164
8,635
8,970
17,
996
5,748
'6,837
8,376
8,496
7,210
7,298
8,386
Sales
thous. of dol_.
484
484
487
489
489
489
489
491
491
494
489
Stores operated
.number. _
493
493
J. C. Penney Co.:
16, 523
14,613
27,196
38,928
22, 381
18, 736
19,067
26, 820
21, 281
22,233
19, 502
22, 235
Sales
thous. of dol._ 20, 693
1,537
1,533
1,538
1,539
1,540
1,542
1,544
1,539
1,539
1,545
1,543
1,544
1,548
Stores operated
number..
Department stores:
Collections:
Installment accounts
17.0
16.4
17.2
15.8
16.2
18.6
17.0
15.9
17.2
17.3
16.0
16.7
percent of accounts receivable
42.0
42.4
46.6
47.1
46.4
47.1
43.9
46.6
46.9
45.3
46.8
45.3
Open accounts^. . . .
. . do
91
65
92
99
156
69
69
82
88
87
83
60
Sales, total U. S., unadjusted...1923-25=100-.
120
114
100
126
126
203
91
101
116
119
118
108
88
Atlanta
do...
73
86
86
138
64
54
68
55
75
75
55
76
49
Boston
do...
92
91
69
96
157
89
67
89
77
72
89
61
Chicago
do...
87
93
152
67
71
82
92
89
73
65
82
63
Cleveland
._
__
do...
117
99
113
87
89
104
118
182
105
83
83
90
72
Dallas
do...
88
92
89
151
67
64
87
82
86
74
61
79
74
Kansas City
1925=100.
107
109
96
147
75
97
97
94
63
69
95
89
81
Minneapolis
..1929-31=100.
94
98
106
164
68
71
80
86
85
87
63
67
64
New York
.1923-25=100
67
75
82
127
49
52
65
67
70
46
65
» 50
'47
Philadelphia.
do.
127
118
105
77
75
102
209
115
110
105
73
86
81
Richmond
_do.
93
92
95
143
69
68
82
89
86
75
62
70
63
St. Louis
do.
97
89
81
83
108
170
89
'
9
3
'
9
6
88
81
94
92
San Franciscof
...do.
86
84
89
89
88
87
88
88
85
86
86
89
83
Sales, total U. S.t adjusted
do.
106
111
119
115
115
125
115
116
127
119
126
140
128
Atlanta
do.
82
98
88
84
88
94
93
86
86
'85
91
95
87
Chicaeo
do.
87
92
84
83
82
84
88
85
86
93
88
87
78
Cleveland
do.
105
105
105
114
105
105
104
105
101
103
100
107
108
Dallas
do.
91
96
95
97
98
92
94
86
96
95
97
102
93
Minneapolis
_. 1929-31 =100..
90
89
91
85
89
92
88
86
86
90
89
90
'85
New York
1923-25=100..
68
68
70
71
65
68
68
68
70
66
P67
'63
67
Philadelphia
do...
87
94
83
81
82
87
87
79
88
86
86
82
90
St. Louis .
do...
99
97
93
103
100
99
99
98
97
97
'99
San Franciscof
do...
Installment sales. New England dept. stores
10.2
11.5
11.1
10.3
9.0
11.6
11.8
8.5
7.1
7.7
9.5
15.5
14.7
percent of total sales.
Stocks, total U. 8., end of month:
64
74
69
62
68
70
78
65
60
69
60
65
65
Unadjusted
1923-25=100. _
67
67
68
67
67
66
66
68
67
67
67
67
Adjusted
do^
Mail-order and store sales:
59, 865
85, 497
58, 320
92, 831 101,936
93,510 125, 706
98,070
77, 393
72, 783 87, 722 100, 012
Total sales, 2 companies
thous. of dol__ 87, 257
46, 667
24, 769
42, 295
57, 085
24, 964
35, 730
41, 595
42, 323
41,302
33, 452
32, 849 38, 556
38,998
Montgomery Ward & Co
do.
39, 934 49,167
53, 345
33, 551
51,215
68, 622
34,901
49, 768
51, 236
59, 613
56, 768 ! 43,941
48, 259
Sears. Roebuck & Co
do.
'1 Revised.
» Preliminary.
Discontinued pending receipt of revised data from one cooperator.
• Reports showing percentage changes in sales of chain drug stores and chain men's wear stores are available from the Washington, D. C , office of the Bureau of Foreign
and Domestic Commerce. The"Bureau of the Census has available percentage changes for (1) Independent stores in 27 States and 4 cities, by kinds of business. (2) Wholesalers' salos, by kinds of business, (3) Manufacturers' sales, by kinds of business.
fRevised series. Indexes of department store sales in San Francisco area revised beginning 1919; data not shown on p. 24 of the August 1939 Survey will appear in a
subsequent issue.




25

SURVEY OF CURRENT BUSINESS

October 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

1938
August

September

1939

DecemOctober November
ber

January

February

March

100. 1
89. 1
97. 9
134. 8
105. 7
123. 7
112. 1
119. 6
147. 8

115.0
105.2
118.6
141.5
118.5
131.0
118.7
132.0
156.6
144.0

April

May

June

July

DOMESTIC) TRADE—Continued
RETAIL TRADE—Continued
Rural sales of general merchandise:
Total U. S., unadjusted
1929-31 = 100..
Middle West
do
do . .
East . . .
._.
South
do
do
Far West
.
„
do
Total U. S , adjustedf
do
Middle Westf
do....
Eastf
do
Southf
do....
Far Westt

107.2
99 1
105.8
111 7
134.6
131 1
120 1
132.7
155 0
146.1

98.2
90.0
95.0
104.1
125.7
120 1
109.1
119.2
144.3
136.4

121.1
107.9
117.6
148.9
141.6
114 6
105.3
119.6
134.9
121.0

140. 9
123.
139. 8
189. 3
153. 4
108 5
97 1
108. 6
127. 7
127. 7

147. 2
135. 7
144. 1
177. 8
161. 5
113. 1
103. 5
111. 8
129. 5
133. 1

183.6
166. 4
195. 9
202. 8
211.0
114.8
106. 7
117.6
135.0
129.3

91. 3
84. 1
87. 8
111. 3
100. 2
120. 0
109. 9
115. 6
140. 7
136. 4

142 9

120.2
110 2
116.6
144 8
125. 8
130.8
118.0
1^2.4
164. 3
140. 9

120.5
113. 3
118.8
137.6
131.8
131 2
119.6
129.1
162 2
146. 6

120.0
109.9
122.8
133.3
137. 3
131 7
116. 4
133. 8
165 8
144.1

91.1
81.8
88.3
103. 8
115.2
124 8
110 9
124.1
152 8
140.5

EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Factory, unadjusted (U. S. Department of
92.2
94.1
93.6
92.4
94.3
93.4
88.8
92.0
93.3
94.0
Labor)!
1923-25=100..
93.0
93.5
96.4
Durable goods
do
82.9
84.8
84.0
84.6
84.2
82.3
83.3
84.1
72.4
75.9
79.7
82.9
83.8
Iron and steel and their products, not
88.8
82.1
90.2
91.3
90.2
90.0
91.3
84.3
86.7
89.5
90.4
including machinery
1923-25 = 100 —
89.7"
92.4
Blast furnaces, steel works, and rolling
94.2
94.8
95.6
89.2
93.1
94.4
95.7
86.9
87.8
94.6
mills
1923-25 = 10095.7
95.3
96.9
Hardware
do
69.0
85.0
80.1
72.1
89.2
87.6
87.4
83.7
88.8
90.8
63.8
70.4
76.0
Structural and ornamental metal work
63.4
61.1
60.1
61.3
59.2
59.9
66.3
65.6
60.5
67.1
1923-25 = 10066. 5
68.8
71.8
Tin cans and other tinware
do
100.2
92 7
87.0
89.8
93.6
97.7
87.9
107.9
90.6
88.9
88.4
104.5
102.5
Lumber and allied products
do
66.8
63.9
61.4
62.1
65.0
66. 3
62.0
68.4
65.2
64.7
63.7
63.6
65.3
Furniture
.do
84.6
82.4
80.7
83. 4
81.4
83.2
83.3
87.9
84.3
84.1
84.4
80.4
83.5
Lumber, sawmills
do
61.1
58.0
55.0
55.0
60.2
60.9
55.0
62.1
59.5
58.6
57.0
58.7
59.9
Machinery, not including transportation
91.5
94.6
91.9
85.4
equipment
1923-25=100..
93.5
87.3
89.6
95.0
94.9
95.6
84.0
95.7
96.7
Agricultural implements (including trac116.4
129.4
tors)
1923-25 = 100-.
97.9
110.3
94.4
130.5
127.0
104.3
122.8
101.0
113.0
118.7
115.0
Electrical machinery, apparatus, and sup81.4
82.8
85.9
plies
1923-25 = 10084.6
86.8
84.3
83.9
74.6
78.1
86.6
86.8
86.5
87.7
Engines, turbines, water wheels, and
86.6
93.2
windmills
1923-25 = 10082.9
82.1
97.4
84.8
82.6
95.7
90.0
83.0
96.2
99.0
86.7
Foundry and machine-shop products
79.4
75.2
81.6
82.1
80.9
79.3
75.4
1923-25 = 100-.
76.5
74.8
82.0
82.6
82.6
84.0
Radios and phonographs
do
129. 6
104. 5
119.8
109.3
106. 5
119.9
113.2
135. 8
119.3
131.3
130.4
98.2
103. 3
Metals, nonferrous, and products
do
91.4
92.9
91.7
93. 8
92.0
91.3
93.1
95.3
91.5
94.9
94.5
82.7
87.3
Brass, bronze, and copper products, do
104.0
103. 9
103.8
104.8
104. 7
104. 2
104.4
107.8
101.8
106.1
105.8
94.0
97.9
Stone, clay, and glass products
do
79.7
78.5
71.9
75.1
78.5
80.5
72.1
81.4
75.7
77.3
76.2
71.8
73.3
Brick, tile, and terra cotta
...do
61.5
57. 6
52.5
53.4
57.6
61.3
51.7
61.7
55.9
56.3
55.1
53.6
55.0
96.3
Glass
..do....
97.8
95.3
96.4
97.4
99.0
95.2
100.7
93.1
98.0
99.0
83.7
87.4
79.1
Transportation equipment
do
98.1
96.6
96.5
91.2
90.8
96.8
76.8
80.2
92.3
96.9
51.8
64.4
75.4
Automobiles
do
101.8
106.1
103.8
93. 3
91.6
104.4
72.0
86.3
101 9
108.8
48.0
64. 9
103.6
Nondurable goods
do
103. 0
101.7
104.0
101.6
101. 8
103.5
104.6
103.1
103. 8
104.4
107.3
108.0
Chemical, petroleum, and coal products
113.2
113.4
114.9
116. 6
116. 0
110.4
114.6
114.3
114.6
112.9
109.8
109.3
1923-25=100112.1
117.1
Chemicals
do
117.0
118. 6
116. 5
116.5
117.5
119.3
119.0
118.1
119.4
112.2
114.5
116.8
122.2
Paints and varnishes
do
122. 5
119. 7
123.4
124. 3
116. 5
117.1
117.1
117.2
115.2
117.2
117.6
122.5
121. 8
Petroleum refining
,
do
117.2
117.4
118.1
120. 5
118.2
120.1
119.2
117.5
122.7
123.1
122.2
120.7
297.0
Rayon and allied products
do
302. 4
303. 8
295. 7
286. 2
300.3
299.9
298. 4
305.9
300.8
281.8
302.2
301.4
135.0
Food and kijdred products
do
117.6
115.4
120. 5
127.2
116.9
127. 6
123. 8
114.2
146.3
145. 5
150.2
133. 9
147.8
Baking
do
142.7
142. 8
146. 1
147.4
141.0
145. 3
144.2
142.2
146. 7
145. 2
146. 3
145.0
100.7
Slaughtering and meat packing
do
93.3
94.0
96.9
99.4
101.4
102.3
104.0
96.1
100.6
95.7
97.0
99.0
99.7
Leather and its manufactures
do
ion 2
103. 9
92.5
04.1
99.0
90.4
94.3
103. 0
100.6
98.8
98.2
95.4
99.1
Boots and shoes
do
99. 6
103.8
91.0
92.5
97.7
87.8
92.3
102.4
100.2
99.7
98.8
94.7
110.1
Paper and printing
do
111.1
111.1
111.2
109. 8
110.6
112.3
113.2
111.0
110.3 • 107. 6
109.4
110.6
105.8
Paper and pulp
do
106. 3
105. 9
108. 7
106.1
105.5
105.9
106.3
106.3
107.0
102.8
104.0
104.8
78.7
Rubber products
do
82.8
82.1
81.2
80.1
81.3
82.8
72.3
75.8
77.6
82.3
83.5
81.5
66.6
Rubber tires and inner tubes
do
66.7
06. 7
66.7
66. 2
66.6
68.4
60.1
61.4
63.0
65.6
66.7
65.6
98.2
Textiles and their products
do
104. 9
101.9
99.4
98.0
100.9
103.2
98.3
101.3
100.9
100.2
101.9
104.6
91.2
Fabrics
„
do
93.1
90.7
90.3
89.6
92.8
93.2
87.0
88.4
89.0
91.5
93.8
94.1
109.5
Wearing apparel
do
127.0
122.8
115. 6
112. 6
114.4
121.1
119.8
125.9
123. 3
115.3
115.5
123.9
65.4
Tobacco manufactures
do
60.9
63.1
64.2
65.2
60.5
66.8
65.7
67.8
67.7
68.3
66.6
63.7
94.8
Factory, adjusted (Federal Reserve) t
do
94.0
93.8
93.3
94.3
94.6
95.7
87.8
89.9
90.2
92.8
94.4
94.3
83.7
Durable goods
do
83.7
83.9
82.9
83.9
84.4
84.9
72.8
76.4
78.3
82.1
83.7
84.2
Iron and steel and their products, not
89.1
90.7
90.9
90.4
82.2
85.8
90.5
89.6
90.6
83.6
90.7
90.3
including machinery
1923-25=100-92.5
Blast furnaces, steel works, and rolling
94
94
89
94
96
93
95
95
96
95
87
88
97
mills
1923-25 = 100..
89
84
72
83
89
91
87
80
70
87
65
71
Hardware
do
78
Structural and ornamental metal work
59
62
63
66
67
07
67
66
67
60
57
58
70
1923-25=100-.
94
96
95
95
95
95
93
88
91
93
95
95
98
Tin cans and other tinware
do
66.1
64.2
65.3
65.7
63.2
64.8
Lumber and allied products.
do
66.2
61.5
62.8
62.4
64.0
65.0
65.1
86
84
85
84
85
83
85
79
85
79
80
80
87
Furniture
do
60
60
56
57
59
59
59
59
59
56
58
57
59
Lumber, sawmills
do
Machinery, not including transportation
92.3
94.9
95.4
89.2
94.8
94.4
96.1
84.6
85.1
86.8
91.7
94.0
97.2
equipment
1923-25 = 100 -.
Agricultural implements (including trac124
122
104
114
104
119
118
115
123
110
100
110
122
tors)
1923-25=100-.
Electrical machinery, apparatus, and sup84
87
86
87
86
87
83
85
85
75
78
81
88
plies
1923-25 = 100-Engines, turbines, water wheels, and
95
92
82
91
91
95
82
87
88
91
93
85
97
windmills
1923-25=100..
Foundry and machine-shop products
yr
82
82
83
83
75
79
80
81
77
81
75
84
1923-25=100124
121
122
131
89
129
123
126
91
98
130
117
126
Radios and phonographs
do
94.7
93.2
92.8
93.3
93.4
92.8
Metals, nonferrous, and products
do
96.9
84.1
86.2
88.4
91.9
93.1
93.4
106
104
103
104
105
98
106
106
105
104
95
101
109
Brass, bronze, and copper products.do
78.4
77.9
75.4
79.6
77.4
77.5
Stone, clay, and glass products
do
78.7
69.2
70.7
73.2
76.8
77.8
77.4
58
58
58
55
57
52
56
61
59
53
57
57
50
Brick, tile, and terra cotta
do
98
100
95
97
96
98
84
87
92
98
99
95
101
Glass
.do
83. 5
Transportation equipment
do
91.2
91.1
87.2
88.9
94.1
85 6
57.7
75.7
80.3
90.6
93.2
92.9
81
102
97
89
89
86
99
102
96
56
98
84
80
Automobiles
do
fRevised series. Rural sales of general merchandise adjusted for seasonal variations revised beginning January 1934; see table 37, p. 17, of the August 1939 issue. Data
for employment and pay rolls without adjustment for seasonal variations beginning 1933 and for the entire series on employment adjusted for seasonal variations have boon
revised to the Census of Manufactures for 1935 and 1937. For total, durable, and nondurable goods indexes, see table 42, p. 17, of this issuo and tables 1 and 2, pp. 15-16,
on the December 1938 Survey. For individual industries and industrial groups, data for 1935 to date are available upon request. Earlier figures are correct as shown in
tables 76 and 77, pp. 13-18, of the November 1938 issue.


179391—39
4


26

SUEVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

October 1939

1938
August

September

1939

DecemOctober November
ber

January

February

March

April

June

May

July

EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Factory, adj. (Federal Reserve)f—Continued
Nondurable goods
1923-25=100105.9
Chemical, petroleum, and coal products
114.9
1923-25=100-.
119
Chemicals
do.
125
Paints and varnishes
do.
122
Petroleum refining
do
299
Rayon and allied products
do
129.3
Food and kindred products
do
146
Baking
do
102
Slaughtering and meat packing
do
97.3
Leather and its manufactures
do
96
Boots and shoes
do
111.4
Paper and printing
do
107
Paper and pulp
do
83.8
Rubber products
do
68
Rubber tires and inner tubes
do
104.6
Textiles and their products
do
95.4
Fabrics
do
120.4
Wearing apparel.
do
65.3
Tobacco manufactures
do
Factory, unadjusted, by cities and States:
City or industrial area:
Baltimore
1929-31=100..
72.2
Chicago
1925-27=100..
82.8
Cleveland
1923-25=10089.4
Detroit..
do....
94.3
Milwaukee
_
1925-27=100..
91.1
New York
do
93.3
Philadelphia
1923-25=100..
70.0
Pittsburgh
—
do....
82.7
Wilmington...
do
State:
97.8
Delaware
do
80.7
Illinois...
_
1925-27=100..
129.3
Iowat
..1923-25=100..
90.5
Maryland...
1929-31=100..
75.5
Massachusetts
1925-27=100..
80.8
New Jersey.
.1923-25=100
84.0
New York
_
..1925-27=100..
89.0
Ohio
....1926=100..
78.4
Pennsylvania
1923-25=100..
90.0
Wisconsin!
1925-27=100,.
Nonmanufacturing, unadjusted (U. S. Department of Labor):
Mining:
48.7
Anthracite
...1929=100..
81.7
Bituminous coal
_
do
60.6
Metalliferous
do
66.7
Petroleum, crude, producing
do
48.1
Quarrying and nonmetallic
do
Public utilities:
Electric light and power, and manufactured
93.9
gas
1929=100.
69.7
Electric railroads, etc
do
75.5
Telephone and telegraph
do
Services:
102.5
Dyeing ajid cleaning
do
99.1
Laundries
do
90.2
Year-round hotels
_
do
Trade:
82.4
Retail, total
do
89.1
General merchandising
do
80.6
Other than general merchandising.do
Wholesale
do
Miscellaneous employment data:
48.0
Construction employment, Ohio__1926=100..
Federal and State highway employment:
Total
number- 274,949
Construction (Federal and State)..do.._ 142,788
132,161
Maintenance (State)
do
Federal civilian employees:
United States
do...
District of Columbia,
do...
Railway employees (class I steam railways):
Total
thousandsIndex:
56.2
Unadjusted. _
1923-25=100.
54.9
Adjusted
do
Trade-union members employed:
All trades
percent of totalBuilding
do...
Metal
do...
Printing
do___
All other
do._.
On full time (all trades)
do...

102.1

102.7

101.5

103.1

104.7

104.4

103.9

103.8

103.3

103.3

104.2

105.4

112.5
112
118
122
280
127.7
144
97
95.5
95
108.7
103
73.2
60

112.6
115
118
120
300
123.4
143
99
96.5
96
109.2
105
76.5
63
98.9
88. 1
119.0
64.4

113.3
119
118
120
297
127.4
144
100
97.6

113.7
120
119
119
297
128.8
144
100
98.1

113. 6
119
119
119
297
128.8
144

112.9

113.4

114.2

114.4

120
118
119
301

120
120
119
299

118
121
118
309

117
119
119
302

113.2
117

125.7

127.3

127.0

128.4

99.0

99.2

97.7

93.7

110.6

111.1

106

106

111.4

111.5

111.5

81.4

82.9

81.4

82.2

81.3

81.1

100.0
90.5
116.9
65,0

102.2
92.3
120.0
65.6

111.0
106
81.4
67
101.9
91.9
119.5
65.9

111.1

89.1
119.2
64.3

112.9
113
118
121
299
126.7
144
98
97.2
97
109.0
104
75.8
61
100.3
89.0
121.4
65.7

101.8
91.7
120.2
64.8

101.0
91.0
119.2
61.4

99.6
90.2
116.4
64.5

99.8
91.0
115.2
65.1

120
295
129.4
147
100
97.1
96
111.1
106
80.8
66
101.2
92.0
117.5
65.5

113.6
115
122
121
298
127.9
147
101
98.7
98
111.8
106
79.7
67
104.2
94.7
121.1
65.7

85.1
65.4
74.0
56.8
85.9
81.7
82.9
60.8
77.6

87.2
67.2
76.9
72.1
84.4
87.7
84.4
62.1
78.8

86.8
68.7
79.4
88.0
85.4
88.3
86.1
64.4
81.0

86.5
69.6
80.6
97.6
89.0
86.1
88.1
65.9
82.2

87.2
70.6
82.3
102.9
92.4
86.9
90.9
66.4
86.9

84.8
69.7
81.8
100.8
90.6
85.4
89.6
65.3
87.7

86.7
70.4
81.8
99.3
93.6
89.1
91.5
66.0
89.3

89.2
70.6
82.3
97.7
94.8
90.5
91.0
66.7
90.6

90.3
69.8
82.2
96.0
94.5
88.0
90.8
67.2
92.1

91.7
70.0
81.8
62.4
92.9
85.5
90.0
65.8
91.6

91.7
70.5
81.4
86.7
94.3
83.6
91.0
67.6
88.4

'92.6

99.5
72.0
125.1
90.0
70.0
74.7
76.5
77.6
71.7
86.0

94.2
73.7
126.9
91.9
71.8
75.7
80.3
80.8
73.4
83.1

87.7
74.4
130.5
91.3
72.4
75.2
80.8
82.3
74.4
81.4

87.8
75.3
127.9
90.8
72.6
76.9
80.3
84.9
75.4
81.5

91.9
76.1
131.0
91.6
73.8
77.7
81.3
86.4
76.2
82.4

92.7
75.2
127.6
89.4
73.0
76.7
80.0
84.9
74.6
80.6

94.3
76.8
128.0
92.4
74.6
77.6
81.9
86.0
76.3
82.7

95.2
77.8
129.0
94.5
74.8
77.9
82.7
87.1
76.5
83.6

97.0
77.6
131.1
95.5
73.1
77.5
82.0
86.6
76.2
83.7

96.7
77.6
131.9
95.8
71.6
78.0
80.4
85.2
75.0
84.5

93.7
78.1
133.2
95.8
71.2
78.9
80.9
85.5
'75.8

'92.7
78.3
129.2
96.7
73.3
78.1
80.6
87.0
'77.0
'89.2

37.6
80.1
51.4
72.4
44.6

46.4
83.4
55.2
71.5
44.6

52.4
87.2
57.9
69.5
44.4

51.0
88.6
61.9
68.3
44.4

51.3
89.3
62.3
67.8
41.4

50.0
88.7
62.6
67.0
38.3

52.2
88.6
60.9
66.4
37.9

51.7
87.4
61.0
66.2
40.1

53.0
25.9
61.5
65.8
43.0

52.6
47.9
61.9
66.1
45.6

51.2
'78.3
'61.6
67.0
'47.3

'45.0
'79.7
'60.4
67.5
'47.5

92.7
69.5
74.8

92.5
69.3
74.9

92.5
69.9
74.7

91.9
69.5
74.4

91.4
69.4
74.3

90.0
69.2
74.1

89.6
69.3
73.3

89.6
69.5
73.4

90.3
69.1
74.1

91.0
69.6
'74.7

69.9
'75.3

'92.3

'93.2
'69.7
'75.4

105.0
97.5
90.4

107.8
96.5
91.8

106.8
94.4
92.9

102.5
93.7
92.5

97.9
93.4
92.0

94.2
93.3
91.8

92.1
92.8
92.6

95.4
92.9
92.7

102.2
93.5
93.2

107.0
95.5
93.9

' 110.1
98.7

106.6
' 100. 0
'90.2

80.0
86.4
78.3
87.6

84.7
97.0
81.5
88.5

85.9
99.4
82.3
89.1

86.9
104.5
82.3
89.8

98.1
144.1
86.0
90.0

82.2
90.7
80.0
88.3

81.5
88.8
79.6
87.9

83.8
93.2
81.3
87.4

85.5
96.9
82.5
87.3

85.7
96.8
82.8
87.2

'86.4

35.8

34.7

35.2

32.0

32.4

35.0

43.0

43.6

'50.0

169,155 187, 523 220,923
58, 622 78,394 104,804
110, 533 109,129 116,119

252,316
130,743
121,573

264,502
138,345
126,157

903,112 925,982
122, 792 123, 541

927,887
123,876

99.6

36.1
323, 650
153, 509
170,141

67

106

66

98

106

67

28.7

28.6
176,079
58,815
117, 264

873, 853
118,455

869, 389
119,107

875, 541 879, 504
120,445 120,873

919,161
120,852

955

979

977

961

52.6
51.3

53.9
52.9

54.7
53.2

53.8
53.4

52.8
54.2

83
64
75
87
88
63

84
68
73

85
68
74
88
89

84
68
76
88
89
64

85
67
78
88
89
65

65

98

144
96

341,832 266, 629 201, 307
73,116
138, 512 103,491
203, 320 163,138 128,191

337, 638 350,090
164, 444 164, 696
173,194 185, 394

872, 347 872, 644
117,054 118,172

66

144
96

864,342
120,229

144
96

97

106

67

885,766
122,003

146
98

92

107

67

120

'92.8
'97.4

'83.5
88.1

70.9
80.3
59.5
92.2

83.1
91.7
'67.5
'85.3

'83.5
'91.4
'81.4
'87.9

958

966

967

974

1,010

1,019

52.2
54.4

52.7
54.8

53.1
54.6

53.2
53.6

53.6
53.0

55.6
54.4

56.1
54.7

86
68

65

85
66
79
87
90
66

87
71
83
90
91
69

88
75
83
90
91
70

88
91
67

76
84
90
91
70

LABOR CONDITIONS
Average weekly hours per worker in factories:
National Industrial Conference Board (25 industries)
hours..
35.2
36.9
36.7
36.6
36.6
36.8
36.9
36.8
36.5
37.2
37.2
36.2
U. S. Department of Labor (87 industries)!
hours..
36.3
36.5
37.4
37.1
36.9
36.3
37.1
36.9
36.4
36.7
37.2
36.6
' Revised.
t Revised series. Iowa employment revised beginning July 1937; revisions are shown on p. 26 of the March 1939 Survey. Wisconsin employment and pay rolls have been
adjusted, beginning 1929, to trends indicated by Census data. Indexes not shown on p. 26 of the November 1938 Survey will appear in a subsequent issue. For data on factory employment, adjusted (Federal Reserve) revised, see footnote marked with a " t " on p. 25. For average weekly hours per worker in factories, see note marked with
a " t " on p. 29.




27

SUKVEY OF CURKENT BUSINESS

October 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

1938
August

September

1939

DecemOctober November
ber

January

February

March

April

May

June

July

EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS-Continued
Industrial disputes (strikes and lockouts):
Beginning in month
number.
In progress during month..
do...
Workers involved in strikes:
Beginning in month
—thousands.
In progress during month
do
Man-days idle during month
do_—
Employment Service, United States:
Applications:
Active
file...
_
do._.
New
...do.__
Placements, total
__.do_._
Private
do
Ratio of private placements to active file
percent.
Labor turn-over in mfg. establishments:
Accession rate.._mo. rate per 100 employees.
Separation rate:
Total
do...
Discharge
do__.
Lay-off
_do___
Quit
do—

*275
*400

262
434

222
384

256
406

207
372

177
310

' 173
'293

'179
'304

••193
r 313

'219
••352

'210
'350

*>70

48
81
831

96
133
990

53
113
842

43
75
558

38
62
513

49
70
512

67
86
540

41
62
591

'391
418
' 4, 868

8,119

7,966

7,743

7, 529

7,216

7,434

7,080

6,749

6,283

523
281
203

565
292
208

503
251
178

477
230
161

644
199
130

483
181
126

500
254
185

6,545
478
270
195

6,382

623
271
190

516
333
242

570
344
251

p 100
J>900
« 5, 789
«558
• 336
«254

'194
'319

*210

'93

'56

'453
' 3, 500

'122
'923

v 170
*200
* 1,100
6,101
494
286
213

•4.4

2.3

2.5

2.7

2.4

2.2

1.7

1.8

2.7

3.0

3.8

4.0

3.5

5.06

5.29

4.51

5.19

4.24

3.22

4.09

3.06

3.34

2.95

3.29

3.92

4.19

3.01

3.08

3.56

3.30

3.14

3.88

3.19

2.61

3.18

3.48

3.31

.13

.12

2.67

2.46

2.72
.12
1.91

84.4
76.0

.14

2.05
.82

.10

.12

.12

.10

.09

.10

.10

.13

2.33

2.62

2.40

2.44

3.21

1.87

2.23

.65

.82

.78

.60

.58

2.24

.82

3.46
.10
2.60
.76

84.4
77.6

87.1
79.6

83.7
76.0

86.0
77.7

87.6
79.4

85.5
79.5

85.0
78.8

86.5
80.7

81.0

82.7

79.5

81.7

83.6

82.0

80.2

82.6

78.6

84.3
96.4

85.7
93.2

84.5
84.6

85.9
81.6

87.3
84.7

85.2
79.3

82.3
77.6

85.9
73.8

82.0
65.4

48.6
88.8
55.9
68.5
50.0

51.6
89.2
55.7
71.5
48.3

50.2
87.9
51.7
63.6
45.7

53.0
87.1
52.7
69.6
44.3

55.9
94.0
53.6
69.8
45.7

57.7
95.4
55.4
67.0
49.9

57.3
98.2
58.0
66.6
54.2

58.8
103.2
60.1
68.5
55.9

59.0
102.8
56.4
68.5
50.4

.85

.64

.68

.73

PAY ROLLS
Factory, unadjusted (U. S. Department of
89.9
84.2
77.3
81.6
Labor) t--...1923-25=100-Durable goods
do—
81.7
63.1
68.1
74.6
Iron and steel and their products, not in87.9
66.9
76.7
cluding machinery.... —1923-25=100..
70.1
Blast furnaces, steel works, and rolling
92.7
76.1
67.2
mills
1923-25=100-69.6
Hardware
do
80.6
59.6
67.9
89.2
Structural and ornamental metal work
64.3
48.2
1923-25=100-49.7
49.0
Tin cans and other tinware
do
113.8
108.6
104.5
90.5
Lumber and allied products
do
63.0
57.9
59.6
59.7
Furniture
do
76.1
66.0
71.9
72.2
Lumber, sawmills
do
56.8
54.1
54.5
54.3
Machinery, not including transportation
equipment
1923-25=100-.
97.1
75.2
81.1
77.8
Agricultural implements (including tractors)
1923-25=100-.
124.5
102.4
98.9
93.3
Electrical machinery, apparatus, and
supplies
1923-25=100-.
93.5
81.2
70.5
76.0
Engines, turbines, water wheels, and
114.4
windmills
1923-25=100.
87.9
87.4
87.5
Foundry and machine-shop products
78.7
1923-25=100..
63.6
64.8
62.7
Radios and phonographs
do
123.0
82.9
91.7
107.5
Metals, nonferrous, and products
do
90.3
71.8
78.7
85.4
Brass, bronze, and copper products-do
113.7
86.9
92.8
100.2
Stone, clay, and glass products
do
72.2
59.5
61.5
66.3
Brick, tile, and terra cotta
do
49.8
40.4
41.9
44.1
Glass
do
104.8
82.5
86.7
97.5
Transportation equipment
do
78.4
49.7
64.6
83.5
Automobiles
do
74.3
47.0
66.3
91.3
Nondurable goods..
do
99.2
93.2
96.7
94.9
Chemical, petroleum, and coal products
121.6
1923-25=100..
119.3
118.1
116.0
Chemicals
do
137.4
123.2
123. 6
130.4
Paints and varnishes
do
125.5
113. 4
116.7
118.6
Petroleum refining
do
135.6
138.2
134.7
132.9
Rayon and allied products
do
288.4
264.5
282.1
277.0
Food and kindred products
do
136.2
129.9
135.8
125. 4
Baking
do
134.7
133.0
136. 6
132.8
Slaughtering and meat packing
do
106.4
101.9
105.7
106.9
Leather and its manufactures
do
84.9
82.8
79.5
74.5
Boots and shoes
do
83.3
82.8
78.2
71.1
Paper and printing
do
103.1
99.2
102.4
105.1
Paper and pulp
do
107.2
102.0
101.6
106.6
Rubber products
do
85.9
67.7
74.8
77.7
Rubber tires and inner tubes
do
78.4
59.0
65.6
67.3
Textiles and their products
do
87.7
82.3
86.4
85.1
Fabrics
do
80.3
74.5
75.8
77.4
Wearing apparel
do
96 7
92.2
101. 5
94.7
Tobacco manufactures
do
62.7
61.1
63.1
62.9
Factory, unadjusted, by cities and States:
City or industrial area:
92.3
94.0
96.7
Baltimore
—1929-31 = 100.. 114.0
61.3
52.2
54.0
55.2
Chicago
.1925-27=100..
Milwaukee
do.
98.1
84.3
81.1
84.7
85.5
75.5
83.6
80.6
New York
__
___
do
Philadelphia. _
1923-25=10094.8
79.3
82.7
83.8
91.4
66.4
66.7
73.6
Pittsburgh...
do.
Wilmington
do.
78.8
74.1
75.4
75.9
State:
74.4
76.7
71.7
74.7
Delaware...
_
__
do.
Illinois
1925-27=100..
70.3
58.9
60.3
62.2
Maryland
1929-31=100
110.1
93.9
95.7
98.7
Massachusetts
1925-27=10072.1
64.5
67.1
67.6
New Jersey.
..1923-25=100..
82.3
70.9
72.6
74.6
New York....
__
. . . 1925-27= 10080.2
70.0
75.3
75.0
Pennsylvania
1923-25=100
80.7
66.9
68.9
72.3
Wisconsin!
1925-27=10091.7
80.3
77.7
80.9
' Revised.
v Preliminary.
« Excludes South Dakota.
tRevised series. For data on factory pay rolls (U. S. Dept. of Labor) see footnote
"f" on p. 26,




83.2

88.5

86.5

90.8

93.4

92.8

94.0

95.4

94.0

101.7

122.5

120.7

141.2

146.4

144.5

134.9

127.3

122.7

83.7

86.1

83.5

86.9

90.1

89.2

90.6

91.6

91.0

89.1

95.3

95.7

104.0

109.0

111.9

114.0

114.3

110.2

65.9
117.3
87.0
103.9
67.3
42.3
103.5
95.6
107.6
92.1

70.8
118.1
87.1
103.0
67.0
42.8
104.3
97.7
107.4
95.4

69.8
106.3
81.7
96.9
60.4
39.8
96.6
93.2
101.3
92.4

72.8
96.3
85.3
100.4
61.6
38.6
97.9
91.6
97.3
95.3

74.2
93.4
86.2
102.7
65.5
40.4
100.0
91.7
97.0
96.7

73.5
88.7
83.2
99.9
66.4
43.0
93.8
94.2
99.5
92.2

75.0
92.3
84.0
103.5
67.7
43.8
96.3
87.3
88.0
91.9

76.9
104.5
84.0
103.1
70.6
50.1
100.8
88.9
88.6
93.0

74.8
113.6
83.5
106.8
65.9
46.4
91.7
75.9
72.0
93.8

118.3
130.4
116.0
133.7
277.1
120.6
132.9
106.9
66.4
60.0
104.5
103.0
83.0
73.3
80.5
78.4
79.3
61.8

119.3
132.2
117.6
134.2
276.8
118.9
131.5
109.4
74.8
69.8
108.5
103.5
86.8
76.9
85.5
82.4
86.0
61.7

118.8
130. 2
115.3
134.6
283.3
113.1
129.5
108.0
83.0
80.0
103.2
102.7
82.2
74.2
83.2
80.1
83.9
51.3

118.9
132.0
117.9
132.5
287.8
110.0
130.0
98.5
89.5
87.8
103.6
105.2
81.0
71.0
90.3
82.5
99.6
52.7

120.6
133.3
122.7
131.6
286.9
111.8
131.3
97.8
89.4
88.3
105.4
105.6
83.2
74.1
91.4
80.6
106.8
53.3

119.5
130.2
125.6
128.6
278.6
112.1
129.1
96.7
79.8
77.3
104.5
104.7
81.0
71.7
82.0
74.9
90.5
55.0

119.6
131.3
129.8
132.2
273.0
U8.8
136.5
104.7
68.6
63.8
105.1
105.6
80.0
71.6
79.9
75.3
83.5
57.7

118.7
131.5
128.9
134.4
271.8
123.8
138.1
106.7
74.6
70.4
103.5
104.5
82.1
74.8
79.6
75.6
82.3
61.5

117.8
130.8
124.0
131.5
283.2
128.5
139.1
109.2
83.6
81.9
102.0
101.2
81.3
77.1
79.4
76.6
79.9
61.8

96.8
55.9
89.9
76.0
84.5
78.6
76.4

99.4
58.5
92.8
79.0
89.6
80.0
84.2

96.0
57.1
88.8
77.6
87.7
79.1
84.9

99.5
57.3
95.4
82.0
90.2
82.8
85.8

103.2
59.0
94.7
86.9
91.1
83.5
88.2

102.5
57.3
94.7
79.5
87.3
81.1
90.0

107.2
57.8
92.8
77.7
88.4
79.8
89.1

110.5
58.7
96.5
76.9
91.9
85.0
88.5

'110.6
59.1
92.4
76.3
'93.1

71.6
62.6
98.7
66.3
75.0
72.9
73.3
81.6

78.5
64.9
101.9
69.5
77.8
75.8
75.6
83.8

79.0
63.2
97.9
68.3
75.9
74.4
73.5
79.5

79.6
65.1
102.2
70.9
77.2
76.8
76.2
85.7

81.7
67.3
105.3
71.2
79.0
79.4
77.6
86.7

83.4
66.2
104.5
68.2
77.1
76.4
74.2
85.3

82.3
66.4
107.0
67.0
78.3
74.4
73.9
'86.3

82.0
67.3
110.4
67.5
80.0
75.9
'77.1
89.2

78.2
66.6
'110.4
70.1
78.6
75.8
'75.2

'79.9

83.3

marked with a "f" on p. 25. For Wisconsin pay rolls, see footnote marked with a

28

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

October 1939

1938

1939

August August

September

1939

DecemOctober November
ber

January

February

March

April

May

June

July

EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS—Continued
NTonmanufacturing, unadjusted (U. S. Department of Labor):
Mining:
33.4
Anthracite
,
1929=100..
76.3
Bituminous coal
do
54.3
Metalliferous
do.__
Petroleum, crude, producing
do
61.8
Quarrying and nonmctallic
do
42.7
Public utilities:
Electric light and power, and manufactured
101.0
gas
1929= 100..
71.6
Electric railroads, etc
do.
95.8
Telephone and telegraph
do.
Services:
73.1
Dyeing and cleaning
do.
85.9
Laundries
do.
79.8
Year-round hotels
do.
Trade:
69.2
Retail, total
-do.
80.3
General merchandising
do.
66.9
Other than general merchandising..do
Wholesale
do—
76.1
WAGES
Factory average weekly earnings:
National Industrial Conference Board (25
industries)
dollars..
U. S. Department of Labor (87 industries) f
dollars..
Durable goods
do—
Iron and steel and their products, not including machinery
dollars..
Blast furnaces, steel works, and rolling
mills
dollars..
Hardware
._
do—
Structural and ornamental metal work
dollars..
Tin cans and other tinware
do
Lumber and allied products
do
Furniture
do—
Lumber, sawmills
..do—
Machinery, not including transportation
equipment
dollars..
Agricultural implements (including
tractors)
dollars...
Electrical machinery, apparatus, and
supplies
dollars..
Engines, turbines, water wheels, and
windmills
dollars..
Foundry and machine-shop products
dollars..
Radios and phonographs
do
Metals, nonferrous, and products,.do
Brass, bronze, and copper products
dollars..
Stone, clay, and glass products
do
Brick, tile, and terra cotta
.do
Glass
do
Transportation equipment
..do
Automobiles
do
Nondurable goods
..do
Chemical, petroleum, and coal products
do
Chemicals
do
Paints and varnishes
__do
Petroleum refining
do.
Rayon and allied products
do.
Food and kindred products
do.
Baking
..do.
Slaughtering and meat packing, .do.
Leather and its manufactures
do
Boots and shoes
do.
Paper and printing
do.
Paper and pulp
do.
Rubber products
do.
Rubber tires nnd inner tubes
do.
Textiles and their products
do
Fabrics
do
Wearing apparel
do
Tobacco manufactures
do
Factory average hourly earnings:
National Industrial Conference Board (25
industries)
dollars..
U. S. Department of Labor (87 industries) t
dollars..
Durable goods
..do
Iron and steel and their products, not including machinery
dollars..
Blast furnaces, steel works, and rolling
mills
dollars..
Hardware
do
Structural and ornamental metal work
dollars..
Tin cans and other tinware.
do
Lumber and allied products
do
Furniture
do
Lumber, sawmills
.do
' Revised.
tBevised series. See note marked with " t " on p, 29.




20.0
64.2
43.7
66.8
39.2

29.4
71.9
46.1
66.5
38.4

43.4
78.3
49.2
63.7
39.2

36.2
81.4
52.3
63.3
37.2

42.5
80.9
54.1
62.5
33.7

38.0
78.2
55.3
60.9
30.2

45.2
81.2
53.4
62.7
29.7

34.2
77.8
53.6
61.3
33.1

43.4
17.6
52.6
60.8
35.9

57.0
20.4
54.1
61.2
39.7

36.1
'66.5
'53.8
'62.5
'41.7

'25.3
'64.6
'47.8
62.4
40.8

69.5
91.3

98.4
68.4
92.6

99.9
68.9
95.3

68.8
93.0

98.2
69.7
92.5

95.9
71.1
92.0

91.7

70.5
91.9

92.1

70.1
93.7

100.2
71.2
'93.7

' 100.1
'70.8
'94.6

74.3
83.1
77.4

81.7
81.4
78.9

78.0
79.5

73.9
79.3
81.3

68.3
80.0
81.1

65.8
79.6
80.2

63.2
78.6
82.8

67.7
79.3
81.1

73.3
79.9
81.9

83.0
83.9
82.4

'84.2
86.9
'82.0

'77.1
'87.9
'79.2

66.8
78.8
64.3
73.7

69.4
85.3
66.1
74.3

70.8
88.3
67.2
75.1

71.5
91.8
67.3
75.4

79.2
122.9
70.1
75.7

69.7
84.0
66.7
75.5

68.4
81.0
65.8
74.6

83.4
66.8
74.7

71.3
86.6
68.1
74.8

71.5
86.7
68.3
74.9

'72.5
'88.1
'69.3
'75.8

'70.8
'83.6
'68.1
'75.9

24.93

25.73

26.14

26.32

26.02

25.95

26.11

26.25

26.27

26.19

26.79

26.76

22.90
24.98

23.32
25.80

23.95
26.95

23.82
27.11

24.31
27.34

23.86
26.65

24.06
26.85

24.23
27.10

23. 85
27.00

23.90
'26.92

24.25
' 27. 36

23.70
26.40

24.11

24.59

25.94

26.64

26.91

26.37

26.70

27.01

26.46

26.17

26.89

25.80

24.70
23.06

25.25
23.86

26.79
26.32

28.48
26.79

28.49
25.31

28.18
23.42

28.47
23.04

28.81
23.93

28.07
23.05

27.40
23.87

28.30
25.21

27.12
23.38

26.94
23.40
21.02
20.43
20.90

25.93
22.85
21.31
21. 50
20.88

26.12
22.50
21.09
20.77
20.94

26.07
22.50
19.91
19.75
19.57

27.18
22.76
20.14
20. 60
19.27

26.59
22.78
19.81
19.13
19.86

26.93
22.33
19.80
20.26
18.83

27.54
23.57
20.02
20.20
19.34

28.06
23.19
20.08
19.74
19.94

27.71
23.66
20.73
19.86
21.00

28.13
' 23. 82
20.96
19.91
21.26

27.56
23.12
19.61
19.30
19.26

25.08

25.57

26.07

26.04

27.00

26.55

27.27

27.67

27.45

27.86

27.97

27.55

26.43

26.55

27.11

27.08

29.85

27.92

29.96

30.19

30.00

29.56

28.85

29.20

25.28

26.07

26.71

26.69

27.26

27.17

27.63

28.09

27.57

28.11

28.42

28.05

28.13

28.00

28.01

28.35

29.73

29.21

30.50

30.92

30.94

30.95

30.57

30.36

24.87
21. 20
24.14

25. 02
22.21
25.14

25.54
22.53
26.06

25.51
22.40
25. 70

26.48
22. 62
25.81

26.11
22.15
24.85

26.69
21.15
25.48

27.02
21.14
25.60

26.70
21.19
24.90

27.23
21.73
25.38

27.71
21.63
25.52

26.95
21.71
25.41

25.63
22.77
19.56
23.95
31.22
32.33
21.25

26.32
23.00
19.77
24.13
32.64
33.81
21.33

27.28
23.96
20.37
25.47
33.88
34.98
21.35

27.14
23.82
19.46
25. 68
33. 64
34.89
20.85

26.92
24.03
20.06
25. 76
32.72
33.22
21.53

25.79
22.98
19.65
24.72
31.32
31.55
21.28

26.42
23.43
19.47
25.04
30.69
30.80
21.49

26.98
23.72
19.59
25. 30
30.81
30.87
21.60

26.43
22.96
19.46
23.37
31.80
32.33
20.92

27.18
'23.47
19.91
24.15
31.04
31.18
21.11

27.32
23.94
21.25
24.86
' 31. 73
' 31. 94
'21.34

28.31
22.61
19. 58
23.27
30. 95
31.42
21.27

29.02
30.39
27.39
35.25
24.16
23.18
25.33
27.93
19.80
18.85
27.48
24.26
25.39
28.73
16.87
16.56
17.68
16,89

28.36
29.90
27.70
34. 58
24.02
23.43
25.86
28.66
18.98
17.87
27.91
23.92
26.91
31.27
17.03
16.43
18.68
16.96

28.41
30.88
27.83
34.45
23.63
24.11
25.30
28.51
18.32
16.97
28.14
24. 85
27.27
31. 25
17.00
16.65
18.01
16.84

28.26
30.22
27.34
34.86
23. 74
24.22
25.21
27.54
17.22
15.41
27.58
23.78
27.58
32.77
16.35
16.35
16.35
16.55

28.52
30.72
27.80
35. 30
23.80
24.75
25. 26
27.69
18.62
17.11
28.61
23.85
28.40
33.76
17.00
16.82
17.61
16.92

28.63
30.63
27.34
35.75
24.22
24.96
25.47
28.05
19.71
18.54
27.80
23.82
27.72
32. 59
16.75
16.55
17.38
15.59

28.55
30.89
27.84
35.23
24.15
24.83
25.40
26.98
20.19
19.13
27.89
24.16
27.28
31.68
17.35
16.81
19.03
15.19

28.36
31.08
28.30
35.20
24.24
25.00
25.52
27.32
20.12
19.17
28.37
24.43
27.40
32.54
17.38
16.56
19.91
16.22

27.90
30.66
28.24
34.39
23.64
24.57
25.11
27.23
18.73
17.58
28.08
24.11
27.00
31.48
16.36
15.86
17.84
16.08

28.81
31.00
29.12
35.10
23.70
25.48
25.91
28.39
17.43
15.93
28.22
24.25
' 26. 78
31.46
16.35
16.01
17.43
16.60

29.48
31.07
28.62
r 34. 99
24.61
25.13
25.96
28.25
18.85
17.44
' 28.10
24.13
' 27. 88
33.06
16.49
16.18
17.46
17.19

29.17
30.74
28.14
33.91
24.55
24.61
26.25
28.54
19.87
18.88
27.57
23.40
28.22
33.84
16.47
16.23
17. 16
17.48

.711

.714

.714

.714

.713

.713

.713

.715

.717

.720

.721

.722

.629
.702

.632
.708

.637
.710

.645
.724

.726

.651
.729

.649
.726

.651
.727

.648
.726

.649
.724

.648
.724

.643
.718

.753

.753

.753

.757

.757

.757

.754

.752

.753

.753

.757

.760

.835
.657

.839
.658

.839

.842
.689

.842
.667

.835
.660

.835
.651

.835
.655

.835
.655

'.835
.651

.842
.655

.849
.625

.731
.597
.523
.522
.519

.726
.599
.526
.524
.525

.720
.606
.520
.518
.520

.725
.607
.533
.524
.537

.727
.608
.532
.526
.533

.731
.613
.541
.521
.550

.729
.610
.525
.523
.523

.731
.608
.533
.527
.533

.731
.611
.539
.532
.542

.727
'.609
.543
.530
.552

.721
'.604
.543
.527
.552

.728
.605
.537
.524
.543

29

SUEVEY OF CURRENT BUSINESS

October 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

1939

1938
August

September

DecemOctober November
ber

January

February

March

April

May

June

July

EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Factory average hourly earnings—Continued:
U. S. Dept. of Labor (87 industries)!—Contd.
Durable goods—Continued:
Machinery, not including transportation
equipment
dollars..
Agricultural implements (including
tractors)
.
dollars
Electrical machinery, apparatus, and
supplies
dollars
Engines, turbines, water wheels, and
windmills
dollars
Foundry and machine-shop products
dollars
Radios and phonographs. . .
do
Metals, nonferrous, and products do
Brass, bronze, and copper products
dollars
Stone, clay, and glass products _ do
Brick, tile, and terra cotta
do
Glass
do
Transportation equipment
do
Automobiles
do
Nondurable goods
do _
Chemical, petroleum, and coal products
dollars
Chemicals
do__ _
Paints and varnishes
do
Petroleum refining
_
do
Rayon and allied products
do
Food and kindred products
do
Baking
do
Slaughtering and moat packing do
Leather and its manufactures
do
Boots and shoes
do
Paper and printing
do
Paper and pulp
do
Rubber products...
do
Rubber tires and inner tubes
do
Textiles and their products . . .
do
Fabrics
do
Wearing apparel
. do
Tobacco manufactures
do
Factory average weekly earnings, by States:
Delaware
1923-25—100
Illinois
1925-27 = 100
Massachusetts .
do
New Jersey
1923-25=100..
New York
.
1925-27=100
Pennsylvania
1923-25=100
Wisconsin!
1925-27=100..
Miscellaneous wage data:
Construction wage rates (E. N. R.):§
Common labor
dol. per hour
Skilled labor
do
Farm wages without board (quarterly) !
dol. per month
Railway wages (average, class I)
dol. per hour
Road-building wages, common labor:
United States, average
dol. per hour
East North Central
do
East South Central
do
Middle Atlantic
...
_ do._
Mountain
do
New England
___
do
Pacific
do
South Atlantic.
_
do
West North Central
do
West South Central
do

0.720

0.721

0.717

0.720

0.721

0.724

0.725

0.728

0.727

0.725

0.725

0.724

.768

.771

.777

.794

.803

.794

.804

.803

.795

.787

.780

.785

.738

.737

.732

.730

.736

.744

.743

.745

.742

.744

.744

.743

.787

.788

.785

.786

.793

.788

.787

.788

.792

.787

.782

.779

.709
.595
.666

.710
.594
.661

.709
.577
.659

.711
.582
.662

.712
.582
.667

.713
.591
.668

.711
.577
.665

.715
.578
.669

.714
.586
.669

.710
.589
.672

.716
.583
.670

.716
.576
.671

.715
.634
.511
.712
.883
.936
.578

.713
.632
.516
.707
.897
.933
.577

.709
.640
.526
.716
.878
.906
.579

.710
.645
.531
.722
.906
.932
.580

.707
.651
.537
.723
.898
.924
.584

.701
.651
.540
.728
.899
.921
.585

.704
.648
.542
.720
.924
,586

.705
.651
.544
.716
.898
.926
.586

.704
.648
.535
.707
.898
.928
.582

.708
.646
.534
.706
.895
.931
.584

.707
.647
.538
.711
.803
'.933
.582

.717
.646
.531
.715
.884
.926
.581

.763
.785
.700
.986
.639
.586
615
.689
.516
.493
.760
.617
.760
.941
.489
.464
.531
.462

.744
.781
.699
.984
.638
.576
.610
.686
.524
.501
.765
.613
.758
.946
.492
.462
.539
.458

.736
.775
.694
.976
.639
.598
.609
.685
.530
.506
.764
.613
.756
.944
.486
.459
.531
.456

.744
.776
.695
.979
.641
.612
.611
.685
.533
.508
.762
.612
.756
.952
.478
.460
.510
.462

.743
.781
.699
.974
.641
.619
.615
.679
.526
.499
.771
.613
.764
.961
.482
.461
.521
.469

.744
.780
.699
.980
.637
.628
.617
.683
.525
.498
.765
616
.768
.957
.484
.462
.525
.481

.742
.780
.697
.970
.640
.632
615
.684
.520
.488
.768
.611
.760
. 953
.489
.461
.539
.474

.734
.780
.698
,973
.643
.629
615
.689
.517
.492
.771
.614
. 765
.957
.491
462
.541
.474

.732

!627
613
.694
.525
501
.770
612
.761
947
.479
457
.517
.474

.749
.776
.701
.970
.647
.632
.617
.689
.520
'. 502
.772
.616
.742
.944
.477
459
.510
.472

.762
.777
.697
r. 972
. 040
.622
618
.691
.527
r
. 512
.770
.618
. 765
947
.472
458
. 498
.474

.770
.783
.704
.985
.638
.615
624
.687
.521
496
.770
616
.773
956
.471
458
495
.476

82.0
94.6
95.6
113.3
95.4
102.7

78.4
88.7
92.3
105. 9
91.4
91.9
93.5

82.5
88.9
93.6
106.9
93.8
92.5
93.5

85.5
90.7
93.5
110.5
92.8
96.0
98.9

85.2
90.1
91.5
108.6
90.7
96.7
99.4

89.2
92.6
94.3
111.5
93.3
98.8
101.0

89 0
91.3
93.8
110.2
93.0
98.1
97.8

88.3
92.0
95.3
110.8
93.7
100.3
102. 7

89.6
93.9
95. 4
112.8
95.9
101.2
102. 9

89.8
92.5
93.4
110.7
93.1
96.9
100.7

89.9
92.8
93.5
111.8
92.6
97.5
100.6

91.4
93.4
94. 9
113.0
93. 8
101.0
101.4

'88.2
92.3
95.8
112. 1
94.0
'97.3
95.8

.685
1.44

.677
1.43

.677
1.43

.682
1.43

.682
1.43

.682
1.43

.682
1.43

.680
1.43

.680
.144

,683
1.44

.682
1.44

. 684
1.44

.684
1.44

.714

.727

.725

.735

.735

,740

.750

.726

732

.720

.719

.43
.62
28
.49
55
.44
66
27
47
.39

.42
.59
28
.50
55
.45
66
27
46
.38

.41
.59
28
.50
54
.46
68
.28
47
.36

.40
.59
29
.50
55
.47
70
27
46
.36

.38
.63
27
.51
53
.50
66
.26
43
.36

37
.59
28
.52
53
.51
66
27
42
.35

.35
.60
28
.56
51
.48
67
.27
41
.38

.35
.60
27
.57
54
.50
65
27
40
.37

39
.62
30
54
55
57
67
28
42
.37

.40
.60
.28
.51
.55
.52
.63
.28
.45
.37

.41
.63
29
.51
56
.49
65
.28
.45
.37

307

311

320

326

325

316

310

318

309

308

'304

286

43
36

43
35

44
35

44
36

45
41

46
44

46
45

46
46

46
41

46
39

47
37

47
36

1

1

1

2

2

2

2

2

2

2

1

1

36.09

.in

697
.973

35.42

34.92

36 26

ALL PUBLIC RELIEF
Total, exclusive of transient care and administrative expense !
mil. of dol._ Obligations incurred for:
Special types of public assistance . do _
General relief
do
Subsistence payments certified by the Farm
Security Administration
mil. of doL.
Earnings of persons employed on Federal
work programs
Civilian Conservation Corps mil. of dol__
Works Progress Administration:
Operated bv W. P. A.!
do
Operated by other Federal agencies! do
National Youth Administration:
Student aid
do Work projects!
do
Other Federal work and construction
projects!
mil. of dol..




--

20

19

20

21

19

21

21

18

20

20

19

20

163
5

165
5

171
5

172
5

168
5

156
5

150
4

158
5

146
6

141
7

'133
7

120
3

2
4

2
4

2
4

2
4

2
4

2
4

2
4

2
4

2
4

0
3

38

39

37

36

34

35

40

46

54

57

4
35

C)
39

30

SURVEY OF CURKENT BUSINESS

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1939

August

Au

^

st

1938
Novem- DecemOctober
temb'er
ber
ber

October 1939
1939

January

February

March

April

June

May

July

FINANCE
BANKING
Acceptances and com'l paper outstanding:
235
Bankers' acceptances, total
mil. of dol_.
261
270
273
270
248
258
255
Held by Federal Reserve banks:
For own account
do
0
For foreign correspondents
do
0
Held by group of accepting banks:
191
221
222
223
212
Total
mil. of dol—
216
204
129
128
130
129
124
121
122
122
Own bills
_.do
92
63
93
87
82
Purchassd bills
do
98
91
76
40
46
44
42
52
Held by others
do
51
58
50
212
213
209
195
Commercial paper outstanding
do
201
206
187
195
Agricultural loans outstanding of agencies supervised by the Farm Credit Administration:
3,134
3,290
3,257
3,229
Grand total
mil. of doL.
3,307
3,210
3,185
3,178
2,637
2,776
2,764
Farm mortgage loans, total. _
do
2,786
2,751
2,735
2,719
2,710
1,928
2,001
1,998
Federal land banks
do
2,009
1,990
1,982
1,973
1,969
7C8
772
Land Bank Commissioner,__
_do
777
767
760
753
746
741
110
Loans to cooperatives, total •
do
84
102
116
112
112
105
Banks for cooperatives incl. Central
61
83
Bank
mil. of dol—
76
87
80
87
74
Agricultural Marketing Act revolving
22
28
27
25
fund
...mil. of doL.
24
24
24
414
404
Short-term credit, total
do
377
366
363
420
370
362
Federal intermediate credit banks, loans
to and discounts for:
Regional agricultural credit corps.,
prod, credit ass'ns, and banks for co188
175
operatives d*
mil. of dol_.
190
197
168
164
167
167
42
36
41
Other financing institutions
do
43
or
34
33
34
185
155
Production credit ass'ns
do.
181
171
148
148
148
155
10
12
Regional agr. credit corps
do_
14
13
12
11
11
11
124
119
Emergency crop loans
do.
126
123
117
116
115
116
54
55
56
Drought relief loans
.do
56
55
55
55
54
76
90
92
Joint Stock Land Banks in liquidation. _do
91
89
87
85
85
33,235 29,463
Bank debits, total (141 cities)
mil. of dol- 30,613
28,270 29, 525
39,966 32,393 27,581
13,118
15,140
12,425
New York City
do..
12,247 13,085
18, 879 14,533
12,380
17,496
16,440
18,096
17,039
16,023
Outside New York City
do...
21.087 17,860 15,201
Federal Reserve banks, condition, end of mo.:
14, 861 15,293
Assets (resources) total
mil. of dol
14, 261 14, 573
15,581
15,639
15,862
17, 823
Reserve bank credit outstanding, total
2,586
2,584
2,585
2,600
2,601
2,607
mil. of dol—
2,598
2,446
1
1
1
1
1
1
Bills bought
do
1
5
7
7
7
8
4
5
Bills discounted
do.
4
2,426
2, 563
2,564
2,564
2,564
2,564
United States securities
_do_
2,574
2,564
14, 661 11,026
11,295
11,639
11,970
12,166
Reserves, total
do.
12,382 12, 561
10,918
11,272
11,613
14,321
10,640
11,798 11,948
Gold certificates
do.
12,125
14,861
15, 293 15,581
14, 261 14, 573
Liabilities, total
do.
17,823
15,639
15,862
9,406
9,672
9,935
9,212
Deposits, total
do.
10,420
12, 247
10,571
10.088
Member bank reserve balances, total
8,179
8,713
8,876
8,724
mil. of dol._ 10,918
8,936
9,215
4,758
2,941
2,869
3,227
3,205
Excess reserves (estimated)
do.
3,383
3,644
3,387
4,631
4,169
4,315
4,452
Federal Reserve notes in circulation..do
4,253
4,385
4,339
4,353
82.4
83.2
86.9
Reserve ratio
percent..
82.7
83.6
84.2
Federal Reserve reporting member banks,
condition, Wednesday nearest end of month:
Deposits:
15, 766 16,013
Demand, adjusted.
mil. of dol— 18, 096 15, 388 15, 508
15, 986 16,048
15, 965
5,247
5,210
5,180
5,155
5,124
5,160
5,202
5,183
Time
do
7,167
6,061
5, 958
5,799
6,219
6,212
6,414
6,359
Domestic interbank
do
14, 233 12, 591 12. 999
13,081
13, 008 13,219
13, 209 13, 408
Investments, total 1
do
8,565
8,132
8,106
8,143
7,789
8,111
U. S. Government direct obligations, do
8,173
Obligations fully guaranteed by U. S.
2,286
1,686
1,655
1,675
1,682
1,732
1,789
2,019
Government
mil. of dol..
3, 382
3,213
3,263
3,147
3,220
3,221
3,247
3,246
Other securities 1
do
8, 241
8,209
8,327
8,270
8,317
8,430
8,233
8,186
Loans, total 1
do
Commercial, industrial, and agricultural
3,891
3,892
3,996
3,886
3,866
3,773
3,843
3,767
loans T
mil. of doL.
344
347
317
338
324
328
313
Open market paper
.
do
To brokers and dealers in securities
712
608
728
792
799
mil. of dol._
Other loans for purchasing or carrying secu572
519
579
576
571
535
560
523
rities
mil. of dol.
1,174
1,160
1,161
1,164
1,169
1,174
1,169
1,136
Real estate loans
do
49
109
118
110
117
99
115
92
Loans to banks
do_
1,507
1,502
1,515
1,546
1,543
1,567
1,542
1,550
Other loans 1
do.
Money and interest rates:
Bank rates to customers:
2.25
2.33
2.16
2.29
2.33
2.29
2.24
In New York City
percent__
0)
In eight other northern and eastern cities
3.30
3.47
3.26
3.28
3.37
3.41
3.33
percent..
0)
In twenty-seven southern and western cities
4.04
4.07
4.12
4.05
4.06
4.10
4.09
percent..
0)
Bond yields (Moody's):
3.21
3.15
3.08
2.93
3.18
3.10
3.01
3.00
Aaa
do.
5.65
5.36
5.49
5.23
5.27
4.85
5.12
5.05
Baa
do.
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
Discount rate (N. Y. F. R. Bank)
do—
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
Federal land bank loans
do
2.00
2.00
2.00
1.92
2.00
2.00
1.50
2.00
Federal intermediate credit bank loans.-do
Open market rates, N. Y. C :
Me
Me
Vie
Me
Me
Acceptances, prime, bankers...
.do.
Me
Me
Me
1.00
1.00
1.00
1 00
1.00
1.00
1.00
1.00
Call loans, renewal (N. Y. S. E.)
do—
Commercial paper, prime (4-6 months)
percent..
H
Time loans, 90 days (N. Y. S. E.)
do.
IK
IK
IK
IK
M
IK
Treasury bills, 91 days (yield)
do.
.03
.03
.08
.05
.03
.04
.05
.06
.65
.63
Treasury notes, 3-5 years (yield)
do.
.82
.67
.68
.71
.71
«»Less than $500,000.
cTTo avoid duplication, these loans are excluded from the totals.
•Includes a small amount of Federal intermediate credit bank loans (direct) not shown separately.
ISee
note marked with a " 1 " on p. 30 of the July 1939 issue.
1
Discontinued by reporting source. New series on somewhat different basis will be substituted when available.




m

n

.8

245

236

192
124
68
55
189

191
122

188
119

53
181

48
194

3,172
2,683
1,955
728

3,166
2,671
1,948
723
84

3,158
2,658
1,941
718
83

3,148
2,647
1,934
713
85

61

60

60

62

23
403

23
411

23
417

22
417

121
54
83
34,486
16,274
18, 211

183
36
178
10
125
54
82
30,143
13,311
16,832

187
38
183
10
125
54
80
31, 928
14,165
17, 763

190
40
188
10
125
54
79
33,988
15,312
18,676

189
41
188
10
125
54
77
30,477
12,794
17, 683

16,186

16,766

16,922

17,172

17, 348

2,587
1
4
2,564
12,951
12,553
16,186
10,919

2,595
1
3
2,571
13,476
13,103
16, 766
11,376

2,573
1
4
2,564
13 673
13, 326
16, 922
11,535

2,579
1
5
2,551
13, 874
13,524
17,172
11,701

2,486
1
5
2,488
14, 230
13,878
17, 348
11,952

9,157
3,559
4,380
84.7

9,900
4,098
4,458
85.1

10,029
4,218
4,477
85.4

10,018
4,140
4,511
85.6

10, 507
4,553
4,530
86.3

15,991
5,217
6,466
13, 388

16,660
5,248
6,627
13,714
8,341

16,965
5, 235
6,675
13, 554
8,237

17, 220
5,237
6,747
13,862
8,423

17,462
5,243
7,012
14, 078
8,515

2,026
3, 266
8,191

2,026
3,347
8,071

2,055
3,262
8,126

2,148
3,291

2,241
3,322
8,166

3,814
305

3,841
302

3,822
308

3,833
303

3,887
313

764

648

721

648

655

531
1,140
94
1,543

539
1,148
60
1,533

539
1,156
59
1,521

543
1,161
51
1,550

526
1,168
74
1,543

0)
0)
0)

0)
0)

0)

0)

0)

0)

0)
0)
0)

2.99
4.89
1.00
4.00
1.50

3.02
5.15
1.00
4.00
1.50

2.97
5.07
1.00
4.00
1.50

2.92
4.91
1.00
4.00
1.50

2.89
4.84
1.00
4.00
1.50

Me
1.00

Me
1.00

M
1.00

M
1.00

M«
1.00

IK
.03
.39

IK
.04
.45

245

238

247

0
0

0
0

0
0

191
117
74
54
191

189
118
72
49
192

3,173
2,694
1,960
734
91

23
389

175
35
168
10

tt-H
IK
.03
.51

IK
.03
.50

0)

0)
0)

H-H

IK
.03
.42

October 1939

31

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

1939

1938
September

August

DecemOctober November
ber

January

February

March

April

May

June

July

FIN AN CE—Continued
BANKING—Continued
Savings deposits:
Savings banks in New York State:
Amount due depositors
mil. of doLU. S. Postal Savings:
Balance to credit of depositors
do
Balance on deposit in banks
do

5,529

5,332

5,362

5,363

5,359

5,405

5,417

5,431

5,478

5,463

5,471

5,514

5,519

1,271
55

1,252
99

1,248
98

1,250
96

1,250
87

1,252
86

1,259
83

1,263
81

1,266
80

1,264
76

' 1,262
73

1,262
64

1,268
57

859
41
46
151
4
39
18
1
8
11
5
12
3
31
1
18
528
93
11, 259
491
765
4,069
38
1,642
521
40
337
311
51
269
20
535
16
289
4, 461
1,473

1,015
34
57
173
8
37
12
2
11
6
12
9
7
41
6
22
629
122
16,382
344
1,128
6,147
91
747
370
76
764
62
256
434
549
2,254
340
204
5,903
2,860

866
33
49
184
6
31
14
8
11
6
18
18
9
33
4
26
528
72
14, 341
347
782
5,227
65
1,506
480
696
204
57
261
415
124
981
77
361
6,450
1,535

997
47
43
172
10
38
14
4
8
5
12
16
7
30
7
21
627
108
.13, 219
575
607
4,110
245
1,031
478
316
81
54
206
604
305
341
106
343
5,251
2,676

984
48
55
196
6
44
13
0
10
10
12
15
7
51
8
20
586
99
12, 302
1,158
713
4,434
90
703
909
0
429
92
162
333
270
892
149
405
4,513
1,484

875
37
48
175
11
33
21
3
8
5
11
8
4
44
3
24
527
88
36, 528
1,628
797
6, 285
185
1,743
489
156
524
169
704
89
116
540
1,206
364
4,142
23,676

1,263
54
54
218
7
43
17
9
12
12
17
15
8
41
3
34
802
135
19,122
1,912
615
6,803
81
1,636
387
357
1,090
575
713
267
335
650
26
686
7,731
2,061

963
32
45
177
12
42
18
6
9
9
11
16
4
31
0
19
618
91
12, 788
262
968
4,985
125
1,482
237
306
255
118
255
512
112
1,055
0
528
5,251
1,322

'1,057
'49
'50
'203
7
51
20
3
12
7
15
15
8
50
4
18
'634
'121
17,915
1,113
1,228
7,875
55
3,248
742
755
306
86
302
188
155
1,614
145
279
5,662
2,037

' 1,064
'43
51
'208
6
62
18
11
12
9
17
13
1
41
2
27
'629
'133
17,492
495
744
8,294
100
1,444
340
1,164
363
1,837
565
666
8
1,024
388
395
5,566
2,393

'1,028
'42
'62
'189
6
56
21
1
10
5
9
11
8
60
4
15
'608
127
14, 757
876
1,158
4,893
109
1,852
525
100
316
28
281
407
212
813
44
206
5,878
1,952

'847
'48
50
' 158
7
40
12
5
13
11
8
12
5
32
4
17
'506
'85
11, 609
509
1,150
4,468
97
1,057
215
341
313
199
276
216
79
1,147
45
483
3,849
1,633

'885
'25
'35
' 186
3
49
'14
6
6

22, 302
4,313
670
3,643
1,801
2,663

22,413
4,334
674
3,660
1,792
2,663

22, 520
4, 350
674
3,676
1,790
2,659

22,620
4,361
673
3,688
1,790
2,650

22, 729
4,381
670
3,711
1,751
2,636

22,850
4,395
670
3,725
1,743
2,628

22,929
4,403
669
3,734
1,740
2,621

23,018
4,410
667
3,743
1,738
2,611

23,100
4,416
667
3,749
1,743
2,605

23,199
4,424
666
3,758
1 746
2,598

23, 275
4, 435
664
3,771
1,745
2,585

12,388
5,507
2,847
2,754
1,280
803
334

12, 553
5,598
2,885
2,754
1,316
732
339

12,658
5,603
2,954
2,752
1,349
727
336

12, 629
5,603
2,950
2,726
1,350
821
369

12,869
5,794
3,004
2,649
1,422
635
457

12,884
5,857
2,957
2,653
1,417
747
453

12,950
5,895
2,974
2,657
1,424
759
456

12,999
5,903
2,995
2,671
1,430
810
450

13,065
5,952
3,003
2,675
1,435
827
444

13,127
5,977
3,007
2,684
1 459
858
446

13,358
6,057
3,139
2,699
1,463

712
18
518
176
550,960
33,443
156, 304
361, 213
245, 298
22,652
10,608
60,073
151,965

760
16
582
161
519,932
24,924
173,641
321, 367
237,697
19, 366
10,408
60,695
147,228

822
24
598
200
592, 432
32, 288
179, 553
380, 591
234,120
20,905
9,980
57,253
145,982

865
34
608
223
671, 262
43, 754
182, 690
444,818
248, 595
28, 515
10,001
55, 034
155,045

1,089
71
755
264
974,920
91, 294
226,085
657, 541
355, 603
50,208
12,148
96, 493
196, 754

648
30
357
262
729,937
51,899
99, 363
578,675
277,860
35,905
12.914
65,146
163,895

675
23
399
252
570,491
40, 365
109,871
420, 255
250, 374
22,491
11, 667
56,981
159, 235

842
33
499
310
645,019
45,205
138,396
461,418
287, 539
25,817
13,019
62,960
185, 743

716
20
464
232
550,666
35,981
129, 051
385,634
243,414
19,838
10,450
61, 263
151,863

812
33
496
283
604,445
43 278
137,073
424 094
257,965
22,809
11 302
59,846
164,008

841
134
461
245
729, 749
194, 223
128, 568
406, 958
268, 472
25, 496
11, 528
61, 255
170,193

COMMERCIAL FAILURESt
Grand total
numberCommercial service, total
__.do
Construction total
do
Manufacturing, total
„ __ do _
Chemicals and drugs
do
Foods
__ do _
Forest products
do
Fuels
do
Iron and steel
do
Leather and leather products
do
Machinery
.
do _.
Paper, printing, and publishing
do
Stone, clay, glass and products
do
Textiles
do
Transportation equipment
_ do
Miscellaneous ___ _
do
Retail trade, total
_ do
Wholesale trade, total
do
Liabilites: Grand total
thous. of doL.
Commercial service, total.- . do
Construction, total
do
Manufacturing, total
do
Chemicals and drugs
do
Foods
_ do
Forest products
do
Fuels
_.
__ do
Iron and steel
do
Leather and leather products
do
Machinery .__ _.
do-__
Paper, printing, and publishing
do
Stone, clay, glass and products
do _
Textiles
do
Transportation equipment
. do _
Miscellaneous
do
Retail trade, total
._ do .
Wholesale trade, total
» do

5

14
19
6
40
1
'23
'548
'91
' 14,128
'330
'361
' 6, 701
32
2, 368
212
1,017
53
213
773
260
263
1,130
58
'322
' 4, 668
' 2, 068

LIFE INSURANCE
(Association of Life Insurance Presidents)
Assets, admitted, total:]:
mil. of dol
Mortgage loans, total
.
do
Farm
do
Other
do
Real estate holdings
do
Policy loans and premium notes _„ do _
Bonds and stocks held (book value) total
mil. of dol.
Government (domestic and foreign)..do
Public utility
do
Railroad
__
do
Other
do
Cash
.
do
Other admitted assets .
. . do
Insurance written : 0
Policies and certificates, total number
thousands. _
Group,
_ do
Industrial
.
_
do
Ordinary
do
Value, total
thous. of dol._.
Group
do
Industrial
do
Ordinary
do
Premium collections, total
_do
Annuities
. . .
do
Group
do
Industrial
. do
Ordinary
do

942
261
431
250
584, 595
83, 901
119, 068
381, 626
244, 706
23, 472
11,292
54, 271
155,671

425
687
26
427
234
506, 380
23, 862
118, 218
364, 300
248, 077
27, 712
10, 497
55, 554
154, 314

(Life Insurance Sales Research Bureau)
Insurance written, ordinary, total f thous. of dol. 479, 794 470,917 428,482 488,956 570, 648 897,886 729, 766 532, 032 577,203 495, 650 532,089 524, 925 462, 423
28, 648
35,105
43,632
34, 364
30,887
44, 547
65, 390
58,827
New England
do
44,852
37,658
41,314
36, 030
40,608
123, 012 123,610 112,049 139, 695 170, 752 279,319 194,457 140,911 159, 747 140,175 148 804 142, 293 124, 598
Middle Atlantic. _ . . . . . _
do
East North Central
do
107, 019
97,453
90, 542 103, 323 120,493 187, 742 174,370 122, 242 130, 647 109 638 117 143 116 689 102 981
West North Central
do
53,082
45,864
93,672
76,498
49,986
54,148
56,665
55,913
49, 272
51,080
53 372
53 078 48 575
South Atlantic
do
42,111
79,463
63,300
46.830
46, 365
51,957
48,038
48, 480
45, 771
53.050
50,104
51,134
42, 233
East South Central
do
34,198
18,834
19. 504
18,941
27,101
20, 386
19, 729
23, 548
22,845
19, 070
21, 059
21,811
18, 277
62, 032
West South Central
do
41, 235
40, 218
42,233
38, 831
36,175
53, 202
40, 575
45,997
38,401
42 221
40 791
37 658
13, 504
14, 842
14,850
13,428
14, 934
22, 075
Mountain
do
17,806
13,677
15, 848
13, 663
14,406
14, 935
13, 659
Pacific
do
44,136
41,819
73, 995
64, 205
42,437
40,161
46, 765
47,177
48, 304
42,002
44,372
42, 880
38, 412
Lapse rates
1925-26-100..
101
93
' Revised.
fRevised series. Data on commercial failures revised beginning June 1934; see table 3, pp. 17-18 of the December 1938 issue; further revisions beginning March 1939 not
shown above will appear in a subsequent issue. Data for insurance written, ordinary, (Life Insurance Sales Research Bureau), include a small amount of intermediate insurance beginning January 1939. Earlier data on a comparable basis will be shown in a subsequent issue.
J37 companies having 82 percent of total assets of all United States legal reserve companies.
©40 companies having 82 percent of total life insurance outstanding in all United States legal reserve companies.




32

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, together with explanatory notes and references
[ to the sources of the data may be found in the
1938 Supplement to the Survey

October 1939

1938

1939

August August

September

1939

DecemOctober November
ber

January

February-

March

April

May

June

July

FINANCE—Continued
MONETARY STATISTICS
Foreign exchange rates:
0.311
0.325
0.320
0.318
0.314
0.311
0.311
0.312
0.312
0.312
0. 312
0.312
0.312
Argentina ._
dol. per paper peso .
.169
.169
.169
.169
.169
.168
.169
.168
.168
Belgium
dol. per belga..
.170
.170
.170
.170
.050
.058
.059
.058
.059
.059
.059
.059
.059
.059
••. 051
'.051
Brazi1
dol. per milreis
.352
.364
.356
.349
.358
.349
.350
British India
dol. per rupee
.351
.350
.349
344
349
.349
.992
.994
.991
.991
.992
.995
.996
.996
.995
Canada
dol. per Canadian dol..
.995
.998
.996
.998
.052
.052
.052
.052
.052
.052
.052
.052
.052
.052
.052
.052
.052
Chile
. _._dol. per peso _
.026
.027
.027
.026
.026
.027
.026
.026
.026
France
dol. per franc.
.026
.026
.026
.026
.400
.401
.401
.401
.400
.400
.401
.401
.401
.401
.399
Germany .
- dol. per reichsmark .
.401
.401
.053
.053
.053
.053
.053
.053
.053
.053
.053
Italy
dol. per lira
.053
053
.053
053
.274
.284
.272
.272
.273
.280
.278
.273
.273
.273
.273
Japan
dol. per yen..
.273
.269
.546
.539
.544
.543
.544
.542
.536
.531
.531
532
533
536
535
Netherlands
dol. per guilder
.051
.051
.050
.052
.046
.057
.110
.110
.110
Sj)ain
dol. per peseta..110
0)
0)
0)
.252
.248
.246
.243
.241
.240
.241
.241
.241
241
241
241
240
Sweden
dol. per krona
4.708
4.681
4.804
4.669
4.686
4.768
4.670
4.685
4.881
4.682
United Kingdom
dol. per £
4 681
4 681
4 611
.620
.615
.614
.632
.627
.616
.617
.616
Uruguay
dol. per peso
.642
616
.616
.616
607
Gold:
14,162
14,416
14, 778
15,014
13, 441
14, 599
15, 509
13,057
13,940
Monetary stock, U. S .
mil. of dol
15, 878
16, 028
16,182
16 390
Movement, foreign:
14,106 - 4 8 , 553
10, 720 -114,842 -251, 579 -102, 596 -166, 212
Net release from earmark^.---thous. of dol_. 152,125 - 2 8 , 785 -13,255 -110,177 - 7 , 375 - 6 2 , 387
17
11
16
14
16
81
15
53
231
36
19
9
13
Exports
.
do
Imports
- . . . do «.
259,934 165,990 520, 907 562, 382 177, 782 240, 542 156,427 223, 296 365, 436 606,027 429, 440 240,450 278, 645
Production:
1,046,338 1,035.341 1,041.394 1,024,057 1.028,774 1,033,939 985, 843 1,073,084 1,017,508 1,084,859 1,058,989
Union of South Africa, total fine ounces._
962, 757 952, 602 960, 561 944, 035 946, 895 953, 916 910, 084 989, 974 938, 961 1,000,181 977, 752
Witwatersrand (Rand)
_. . d o . .
Receipts at mint, domestic (unrefined)..do
282,130 286. 493 301, 593 277, 500 333, 027 235, 337 233,806 195, 780 209,778 227, 642 219,161 201,111 281,317
6,482
6,570
6,668
6,750
6,888
6,712
6,697
6,867
6,764
6,919
6,966
7,051
7,098
Currency in circulation, total
mil. of dol__
Exports§
thous. of dol _
Imports
-do
Price at New York
_
dol. perfineoz
Production world
thous. offineoz
Canada __
. do
Mexico
.
do
United States
do
Stocks, refinery, end of month:
United States--do
Canada
__
do
CORPORATION PROFITS
(Quarterly)
Federal Reserve Bank of New York:
Industrial corporations, total (167 cos.)
mil of dol
Autos parts and accessories (28 cos.) do
Chemicals (13 cos )
do
Fnnri find beveraces (19 cos )
do
Machinery and machine manufacturing
(17 cos )
- .mil. of dol
Metals and mining (12 cos.)
do
Petroleum (12 cos)
do
Steel (11 cos.)
-do
Miscellaneous (55 cos.)
- do
Telephones (91 cos.) (net op. income) .-do
Other public utilities (net income) (52 cos.)
mil of dol
Interstate Commerce Commission:
Railways class I (net income)
do
Standard Statistics Co., Inc. (earnings):
Combined index; unadjusted*!
1926=100
Industrials (119 cos )
do
'Riilroads (class l)*t
do
Utilities (13 cos )
do
Industrials (119 cos )

937
4 365
360

401
4,985
.428
25,619
2, 528
9,224
5,596

1,463
24, 098
.428
20,064
2,202
4,486
5,073

1,259
25, 072
.428
20,154
2,400
4,160
5,441

823
24, 987
.428
16,159
2,023
2,781
2,879

1,344
21, 533
.428
19,511
1,552
4,922
4,624

1,671
10, 328
.428
19,108
1,575
4,281
4,669

2,054
9,927
.428
21,822
1,454
6,794
5, 268

1,923
7,207
.428
20,070
1,637
4,906
5,067

2,054
7,143
.428
17, 469
1,411
2,515
5,336

611
6,152
.428
18 197
1,559
4,586
3,701

303
14, 770
.420

640
5,531
.349

1,766

2,099

5,493

3,200

7,887
488

6,396
552

6,824
611

4,492
633

2,409
698

4,075
676

4,806
652

7,432
615

8,669
255

9,903
167

4,935
316

6,348
250

do

Utilities (13cos)
- do
PUBLIC FINANCE (FEDERAL)
Debt gross end of mo
_mil. of dol .
Public issues:
Interest bearing*
-do
Noninterest bearing*
do
Special issues to gov't agencies and trust
furds*
mil. of dol
Obligations fully guaranteed by the U . S . Government :d"
Amount outstanding by agencies, total.
mil. of dol..
Federal Farm Mortgage Corporation_do
Home Owners' Loan Corporation
do
Reconstruction Finance Corporation.do
Expenditures, total, including recovery and
relief!
- thous. of dol..
General (including recovery and relief)*tdo
Revolving funds, net*
do
Transfers to trust accounts*
do
Debt retirements*
do .
Receipts total!
- - - - do __.
Customs
do
Internal revenue
do
Income taxes
do
Social security taxes*
do._.

24.2
19.9

187.0
78.4
38.1
20.4

153 3
69.5
31.7
15.8

4.1
1.5
10.7
'7.3
14.9
50.5

5.6
4.1
4.7
10.3
25.4
56.5

6.2
2.1
4.5
6.2
17.3
56.4

42.1

54.1

54.5

3.4

53.7

<*43. 6

38.5
34.4
2.0
90.7
38.4
32 2
1.5
104.8

76.7
69.3
31.9
123.0
76.2
79.0
29.2
113.2

61.8

60.4
65.0
25 4
124.7
62.4
68.7
d
19.8
113.4

P62.2
P70. 0

4

v 116.2
P57. 2
*>62. 2
<* 26.6
v 118.1

40, 891

37, 596

38, 395

38, 426

38,607

39,439

39, 641

39, 864

39, 990

40,068

r 40, 286

40,440

40, 661

36, 257
540

34,112
541

34, 920
543

34, 950
526

34,981
535

35, 755
528

35,892
534

35, 949
533

35, 994
543

36,038
538

' 36, 089
531

36,116
554

36,196
548

4,094

2,943

2,933

2,949

3,090

3,156

3,215

3,382

3,454

3,492

3,666

3,770

3,918

5,583
1,379
2,858
820

5,015
1,410
2,888
511

5,009
1,404
2,888
511

5,001
1,395
2,888
511

4,993
1,388
2,888
511

4,992
1,388
2,888
509

4,987
1,383
2,888
509

5,410
1,381
2,888
819

5,410
1,381
2,888
819

5,410
1,380
2,888
819

5,409
1,379
2,888
820

5,450
1,379
2,928
820

5,480
1,379
2,958
820

822, 049
745, 269
10, 679
66,100
0
419,980
27, 213
397,421
31,777
97, 447

682,823
622, 580
12,743
47, 500
0
487,487
28, 673
362, 286
33, 978
85, 736

764,509
696,115
10,249
44,500
13,645
710,603
28,590
682, 544
487,132
2, 864

770,311
716, 036
9,003
43, 500
1, 772
331,965
30,797
315,061
41,078
81,508

678, 588
622,500
6,842
48, 500
745
381,644
27, 338
304, 572
35,912
81, 979

870, 278
809, 351
3,742
48, 500
8,685
704,494
25,121
662,252
473, 804
2,939

693, 385
649,573
4,685
38,500
626
308.152
24,318
315,845
50,764
98, 992

662,464
601,971
10,365
50,000
127
417,349
22, 361
333, 518
56,872
125,870

879,300
796,139
5,599
68,000
9,562
737,391
29, 266
691, 401
495.906
3.855

786,517
722,342
7,992
55,000
1,182
268, 343
29, 437
279, 987
38, 832
69, 684

744, 899
686,824
7,451
50, 094
530
396, 781
25, 318
315, 037
43,533
93, 044

972, 569
886, 856
8,474
56, 004
21, 235
612, 522
24,517
568, 646
351,958
16, 252

807, 325
639, 232
856
167,103
134
307, 846
25, 528
300, 091
43. 230
72, 754

d
•Number of companies included varies slightly.
ncrease in earmarked gold
(—).
'Revised.
Deficit.
* Preliminary.
2
1
Quotations not reported April 10, 1939, through June 8, 1939.
Quotations not available J a n u a r y 25-May 14, 1939._
*New series. New items for Federal gross"debt beginning June 1916 appear in table 21, p. 16, and for Federal expenditures beginning July 1931 in table 22, p . 17, of the
April 1939 Survey. Data on receipts from social security taxes beginning June 1936 will appear in a subsequent issue.
tRevised series. The Standard Statistics Co. index of railroad earnings and the combined index have been revised beginning 1932; see table 25, p. 18, of the April 1939
Survey. Total Federal expenditures and receipts revised beginning July 1931; see tables 22 and 23, p. 17, of the April 1939 Survey.
^Revised series. Data revised for 1937, see table 19, p. 14 of the April 1939 Survey.
cPTotal includes $206 174 000 in guaranteed debentures of the Commodity Credit Corporation from May 1938 through July 1939 and $408,727,000 thereafter. Also included is a small amount of guaranteed debentures of the Federal Housing Administrator, and in Feb. 1939, $114,146,000 for the U. S. Housing Authority which amount was
increased to $114,157,000 beginning with Mar. 1939.

^General" and "recovery and relief" not reported separately by Treasury Department after June 1939.



October 1939

33

SUEVEY OF CURKENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

1938
September

August

1939

DecemOctober November
ber

January

February

March

April

May

June

July

FINANCE—Continued
PUBLIC FINANCE (FEDERAL)—Con'd.
Receipts, total—Continued.
Internal revenue—Continued.
Taxes from:
1,564
Admissions to theaters, etcthous. of dol..
2,020
1,985
1,513
1,425
1,669
1,754
1,650
Capital stock transfers, etc
do
2,226
1,124
1,021
1,188
2,052
593
576
Sales of radio sets, etc
..do
345
466
402
400
Government corporations and credit agencies:!
Assets, other than interagency, total
11,451
11,515
11,359
mil. of dol..
11,319
11,335
11,317
8,562
8,527
8,507
Loans and preferred stock, total
do
8,502
8,496
8,476
Loans to financial institutions find, pre1,344
1,314
ferred stock)
mil. of dol-1,329
1,327
1,321
1,333
512
511
Loans to railroads
do
495
503
491
'502
2,335
2,329
Home and housing mortgage loans, .do
2,326
2,340
2,335
2,330
Farm mortgage and other agricultural
3,486
loans.
.mil. of dol..
3,494
3,491
3,486
All other
do
854
902
837
865
821
U. S. obligations direct and fully guaran855
teed
mil. of dol—
844
843
837
845
456
460
Business property
do
451
447
438
452
698
Property held for sale...
do
673
667
666
679
961
All other assets
do
883
866
901
856
7,075
7,117
7,112
Liabilities, other than interagency, total, do
7,129
7,016
7,048
Bonds, notes, and debentures:
4,992
4,987
5,001
Guaranteed by the U. S
do
5,001
4,994
5,010
1,317
1,327
Other
do
1,352
1,372
1,365
1,323
757
739
Other liabilities incl. reserves
do
755
737
722
700
383
Privately owned interests
do
381
374
382
377
379
Proprietary interests of the IT. S. Government
4,015
4,022
mil. of doL3,905
3,815
3,830
3,936
Reconstruction Finance Corporation, loans outstanding, end of month:f
Grand total
thous. of dol_. 1,771,219 1,689,212 1,707,018 1,735,100 1,750,088 1,808, 504 1,770,930
Section 5 as amended, total
do
677,864 652, 527 661, 586 679,078 689,533 708,484
Banks and trust companies, including
receivers
thous. of dol.. 102,247 129, 706 127, 468 126,884 124, 427 120, 778 118,067
1, 959
Building and loan associations
do
2,093
2,194
2,029
3,441
2,126
V " ~ 2,964
Insurance companies
do
3,459
3,510
3,008
2,773
3,481
2,992 100,280
Mortgage loan companies
do
96, 287 103, 204 114, 741 126, 416
127,023
Railroads, incl. receivers
do
438,837 414,928 419, 364 426, 046 428,041 140,644 437, 789
5,940
All other under Section 5
do
5,901
5,943
5,611 436, 094
5,855
3,543
Emergency Relief and Construction Act,
6,067 207,948
total, as amended
thous. of dol..
198, 309 199,691
205,848
205,913
61,576
Self-liquidating projects (including financ201, 604 182,149
ing repairs)
thous. of dol..
190,105
187, 365 188,748
190,152
40,835
Financing of exports of agricultural sur180,862
pluses
thous. of dol..
25, 047
15, 047
10,047
10, 047
15, 047
19,
Financing of agricultural commodities
20, 047
752
and livestock
thous. of dol..
897
715
752
Direct loans to business (incl. participations)
thous. of dol. .
85,024
91, 634
103, 287 107, 412 109,039
97, 945
123,042
Total Bank Conservation Act, as amended
thous. of dol-. 568,517 552, 407 551, 269 549,484 547, 462 585,106 579,388
82, 276
79,663
80,991
79,376
79,584
Drainage, levee, irrigation, etc.*
do
80,834
83,462
Other loans
do
256,758 121, 569 123, 254 123,017 123,124 124,907 125, 280

1,503
1,394
404

1,607
1,083
353

1,385
1,259
287

1,606
1,273
279

1,491
735
258

1,534
813
292

11, 650
<*8, 509

11,696
8,523

11,688
8,497

11, 703
8,511

11,706
8,465

11,823
8,861

1,291
508
2,327

1,278
505
2,324

1,292
509
2,323

1,297
501
2,325

1,311
493
2,331

1,299
493
2,332

3,460
923

3,456
960

3,459
913

3,447
941

3,438
892

3,731
1,007

874
465
708
1,095
7,588

885
468
712
1,108
7,592

849
472
712
1,157
7,592

850
476
713
1,151
7,581

853
481
708
1,199
7,651

871
483
709
900
7,507

5,410
T
384

5,410
1,374
808
386

5,410
1,379
803
387

5,410
1,382
790

5,471
1,389
791
387

5,291
1,349
867
390

3,678

3,718

3,709

3,732

3,668

3,926

1,766,111 1,782,388 1,722,507 1,727,285 1,752, 9281,775,788
664,107 674,555 683, 218 677, 468
679, 278 678,491
116,120
1,921
2,915
101, 216
436,139
5,79^

104, 872 103,857
3,263
3,328
2,832 2,799
125, 372 126,126
439.199 438,863

576,023
82, 461
127,489

113, 873 111, 044 108,834
1,962
2,962 3.037
2,901
2,871
2,854
110, 587 117, 326 121,075
439, 560 443, 840 436, 612
5,175
5,673
5, 056
131,389
204,811
134,496
107, 578
181,028
108,995
23, 047
23, 047
24, 737
764
737
764
112, 531
112, 048
114,498
576,117 579, 774 580, 238
82, 757 82, 966 83, 084
132,100 132,629 137, 476

144, 625 139,672

21,676

307,754

57, 062

275, 409 232, 712

277, 657 55, 588

271,720 227, 545

205, 598
181,814
23, 047
738
110,432

3,675

3,583

63, 708 62,164
39, 464 40,119
23, 480 21,290
764

755

117,079
580, 887
83,109
228, 867

121,804
578,431
83,359
251,539

CAPITAL FLOTATIONS
New Security Registrations 1
(Securities and Exchange Commission)
New securities effectively registered under the
Securities Act of 1933, totaL
thous. of dol
Estimated gross proceeds (total registration,
less securities reserved for conversion),
total
thous. of d o l Type of security:
Common stock
__do_
Preferred stock
do.
Certificates of participation, etc
do.
Secured bonds
do.
Debentures and short-term notes _ do
Type of registrant:
Extractive industries
do
Manufacturing industries
do
Financial and investment
do
Transportation and communications ~ do. __~
Electric light and power, gas, and water
thous. of dol. .
Other
do
Securities not presently intended to be offered
for cash sale for account of registrants:
Registered for account of others
thous. of doLRegistered for options and for other subsequent issuance
thous. of dol. .
Other securities not intended for cash
sale
thous. of doL.
Selling and distributing expenses:
Commissions and discounts thous. of dol
Other selling and distributing expenses
thous. of dol—

298,571

394, 433

125, 207

411,878

303, 280

293,650

315,968

106,767

405,063

249,989 •140, 709

139,075

21, 366

18,749
11,028
0
163,101
100,172

26, 477
4,557
18,431
169, 26:
97, 240

20,932
7,697
23, 038
350
54,750

14,423
4,438
8,179
267,093
110,930

51,526
21, 441
10, 354
46, 86J
119,804

23,124
18, 566
12,968
57,413
16,061

5,927
38,762
22, 573
900
70,913

9,645
2,707
3,875
5,139
0

12, 393 47, 438 20, 473
1,741
27,900 22, 260
4,008
1,766
3,406
28, 488 116,991
9,449
22, 613 83, 562
0

2,74'
33,440
3,894
4,548

417
38,319
29,956
0

6,341
59, 681
39,944
0

377
57,226
70, 787
0

4,548
31,981
42, 528
4,239

8,281
11,096
36,639
0

523
7,200
22, 390
0

0
6,821
6,660
1,827

280
342
234
35, 763 146, 450 3,779
6,271 17, 024
4,758
5,305
0
250

217,149
31,870

243, 412
3,864

0
800

275,173
1,500

103, 219
63,475

82, 280 108, 512
2,414
450

5,090
969

27, 506 117,712
935
1,577

11,870

4,278

5,992

1, 673

7,334

10,215

,135

971

4,862

11, 525

3,777

13,549

159

23,114

56

0

23,931

0

420

170

2,086

219

3,192

286

4,134

5

169

45,311

204

0

3,615

1,930

28, 379 20, 365

2,068

37,178

6,031

6,675

5,412

8,293

6,287

4,387

4,013

1,190

2,767

2,128

6,678

5,006

1,253

2,088

881

2,016

1,180

681

215

627

235

1,621

942

904

69,242

1,443

31, 605
2,696

29, 307
12, 675
10,586
144,872
74, 279

16,385
48, 305
10,759
39,675
112,421

12, 289
702
93, 097 88, 942
21,941 24,162
3,921 28, 834
124, 971 82,914
15, 500 1,992

• The total includes $12,576,000 of face amount installment certificates.
f Series differ from current presentation of the Securities and Exchange Commission, due to a ^classification of certain items, but data as shown here are comparable
nroughout. When earlier data are available on the new basis, they will be presented in the Survey.
*New series. Data for drainage, levee, irrigation, and similar districts, beginning December 1933 not shown on p. 33 of the August 1939 Survey, will appear in a subsequent issue of the Survey; this series was formerly included with "Other loans."
f Revised series. Data on Government corporations and credit agencies have been revised beginning June 1937 due to changes in the underlying U. S. Treasury Department compilations and are not comparable with the series shown in the 1938 Supplement. Several new series on loans and other assets have been brought out, but no changes
nave been made in the series on liabilities. Data not shown on p. 33 of the November 1938 Survey will appear in a subsequent issue. For Reconstruction Finance Corporation loans outstanding, minor revisions beginning August 1934 will appear in a subsequent issue.




34

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
1938
gether with explanatory notes and references
Sep- October Novem- Decen>
to the sources of the data may be found in the August August
tember
ber
ber
1938 Supplement to the Survey

October 1939
1939

January

February

March

April

May

June

July

FINANCE—Continued
CAPITAL FLOTATIONS-Cont'd
New Security Registrations—Cont'd 1
(Securities and Exchange Commltsiori)

Estimated gross proceeds (total registrations
less securities reserved for conversion)—Con.
Estimated cash proceeds to be used for:
Total
thous. of doLOrganization development
do.
Purchase of:
Plant and equipment*
do.
Other assets.
_
do
Securities for investment
do.
Securities for affiliation
_do.
Increase of working capital.
do
Retirement of preferred stock
do
Repayment of bonds and notes
do
Repayment of other indebtedness. _do
Miscellaneous
do.
Securities Issued

270,203
124

279,808
65

94, 257
490

347,770
90

211,052
858

125,424
1,920

131,022
291

14,956
202

1,690

229, 546
190

28,865
25

244, 611
857

182,134
335

9,441
110
2,495
123
6,496
2,417
217,818
1,807
29,372

42,330
0
27,241
40
5,029
13,819
175,812
15,436
37

50,306
667
31, 654
123
5,625
0
180
5,012
200

10,139
0
21, 745
0
8,716
447
270,494
36,139
0

38,017
0
38,375
798
2,997
18,168
88,743
36
23,060

10,142
180
27,669
0
8,400
10,494
64, 567
2,036
16

1,915
0
20,399
0
1,675
35, 523
69,058
2,161
0

3,453
13
2,416
0
4,239
0
3,303
1,331
2

4,534
3
1,965
500
13,195
191
36, 531
267
10

1,936
24
3,629
0
70,605
1,034
147,471
4,629
28

213
92
15,278
46
3,643
239
8,641
561
126

7,469
32
11,756
194
22, 824
100
187, 648
5,047
8,684

10,423
0
19,058
898
10, 367
4,562
122, 881
13, 697
13

458, 600
112,129
82,129
25, 395

417,936
182,286
181,836
127,014

238,368
146,033
146,033
84,937

766,188
166,908
166, 908
63,922

395,808
220,893
195,893
43, 521

529,182
241.001
241,001
59, 544

277,339
220, 531
200,531
5,827

540,723
377, 550
377, 550
23,571

239,929
162,272
162,272
52,979

355,941
142, 621
142,171
77,060

1,312,257 604, 380
116,873 292, 576
116,873 283, 326
30, 241
21,240

585, 732
317, 525
317, 525
49, 464

20,903
1,460
2,010
1,021

123,304
0
3,143
567

83,099
0
820
1,018

61,484
300
1,950
188

37,385
40
1,344
4,753

43,995
0
11,752
3,798

2,300
2,600
0
927

16,722
0
1,278
5,571

42,809
0
936
9,234

46, 533
0
1,020
29, 507

0
56, 734
30,000
0
30,000
0
346,471
329,971

0
54,822
450
0
0
450
235, 650
235, 650
211,141

8,400
52,696
0
0
0
0
92,335
92,335
65,136

0
102,986
0
0
0
0
599, 280
599, 280
274, 237

0
152,373
25,000
0
25,000
0
174,914
134,914
107, 702

55,000
126,457
0
0
0
0
288,181
285, 556
250, 493

118,146
76, 557
20,000
0
20,000
0
56,809
56,809
10, 386

310,090
^43,890
0
0
0
0
163,173
163,173
136,115

4,325
104,968
0
0
0
0
77,658
74, 658

289, 512
500
8,730
56.

211,141
0
0
0

64,956
0
180
0

273, 706
0
0
531

85, 266
4,000
18, 436
0

239, 520
0
10, 974
0

5,200
5,000
0
186

101,286
0
34,829
0

46,366
0
200
123

250
923
500
500
0
0

13,500
11,009
0
0
0
0

5,600
21, 599
0
0
0
0

322, 862
2,181
0
0
0
0

21, 700
5,513
40, 000
0
40, 000
0

20, 250
14,813
2,625
0
0
2,625

19, 250
27,172
0
0
0
0

17,050
10,008
0
0
0
0

15, 023
12, 946
3,000
0
3,000
0

340, 692
25, 395
17,045

338,155
127,014
69, 550

150,073
84, 937
80, 838

338,159
63, 922
40, 561

151,223
43, 521
18, 284

310,038
59, 544
48, 801

16, 213
5,827
1,027

159, 686
23,571
20,171

99, 668
52, 979
18, 572

0
250
1,930
400
5,770
315, 298
20,123

3,000
1,350
49, 965
3,148
0
211,141
41, 659

0
747
2,612
740
0
65,136
16,180

0
1,420
20, 441
0
1,500
274, 237
14, 458

0
240
21, 285
0
3,712
107, 702
44, 656

0
394
6,461
0
3,888
250, 493
56, 404

500
630
1,170
0
2,500
10,386
3,986

0
375
2,475
0
550
136,115
12

0
2, 505
248,670
7,000
37,000

0
100
169, 382
0
0

0
7,132
41,824
0
0

0
120
259, 659
0
0

0
0
63,046
0
0

0
416
139,795
46, 378
7,500

0
850
300
5,000
250

74,174
154,629

67,202
53,684

89, 347

132,234
154,875

169, 736
47,031

128, 654
43,764

637
151

764
206

701
139

380
133

147

325
138

(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, total
..do
Bonds and notes:
Long term
do
Short term..
do
Preferred stocks
.do
Common stocks
do
Farm loan and other government agencies
thous. of dol._
Municipal, States, etc
do
Foreign, total
..do
Corporate -.
do
Government
.__
do
United States possessions
do
Refunding, total—
do
Domestic, total
do
Corporate, total
do
Bonds and notes:
Long term
do
Short term
do
Preferred stocks
do
Common stocks
.-do
Farm loan and other Government agencies
thous.of doL.
Municipal, States, etc
.do
Foreign, total
.
do
Corporate
do
Government
do
United States possessions
do
Securities issued by type of corporate borrower,
total
._
_
thous. of dol._
New capital, total
_
do
Industrial
do
Investment trusts, trading, and holding
companies, etc
thous. of dol_.
Land, buildings, etc...
do
Public utilities
do
Railroads
do
Shipping and miscellaneous
do
Refunding, total
do
Industrial
do
Investment trusts, trading, and holding
companies, etc
thous. of dol..
Land, buildings, etc
_do
Public utilities
do
Railroads
«.
do
Shipping and miscellaneous.
do

18,
12,
16,
16,

17,928
0
' 2,220
1,092

21,128
450
5,579
3,084

40,290
0
4,908
4,266

1,550
1,950
94,083
63,161
0
450
0
0
0
0
0
450
213, 320 1,195,383
160,820 1,179,633
129, 249 151, 002

0
253,085
9,250
0
9,250
0
311,804
311,804
251, 798

202, 553
65, 508
0
0
0
0
268, 207
268, 207
176, 523

126,102
4,500
20,400
0

249, 463
0
2,336
0

128, 365
9,000
39,158

20, 750 1,021,414
10, 820
7,217
15, 750
52, 500
10, 500
52, 500
5,250
0
0
0

20,950
39,055
0
0
0
0

74,050
17, 634
0
0
0
0

258,809
77,060
75, 981

182, 742
21,240
3,987

282, 039
30,241
12,198

225,987
49, 464
9,864

0
0
4,202
30,135
71
46, 689
15, 301

500
0
579
0
0
181, 749
60,175

0
100
403
1,500
15, 250
161, 502
2,000

0
0
12, 666
2,700
2,677
251, 798
79, 810

0
1,186
25,892
12, 435
88
176, 523
95,875

0
86
111,029
12,000
1,500

0
0
31, 388
0
0

12, 755
720
106, 500
1,600
0

0
202
154,400
4,900
0

0
830
160,185
9,438
1,536

0
51
77,122
0
3,475

104,966
88, 656

' 60, 422
170, 769

• 49,345
92, 336

77, 513 '114,848
105, 332 110,110

206, 490
65,820

132,909
' 62,150

300
104

168
71

202
81

326
106

721
137

556
133

183

967
168
709
222

953
174
699
225

831
190
579
236

828
183
561
230

834
178
570

105,913
0
23,336
0

(Bond Buyer)

State and municipal issues:
Permanent Gong term)
thous. of doL__
Temporary (short term)—
-do
COMMODITY MARKETS
Volume of trading In grain futures:
Wheat
_
mil. of bu_
Corn..
do__
SECURITY MARKETS
Brokers9 Balances (N. Y. S. E. members
carrying margin accounts)

792
864
823
971
Customers' debit balances (net)._.-mil.ofdol_.
905
939
202
200
192
Cash on hand and in banks
do.
213
189
196
190
556
713
Money borrowed..
...do.
571
662
559
754
617
235
235
252
272
247
Customers' free credit balances
do.
257
270
' Revised.
1 See footnote marked " 1 " on p. 33.
• Includes reimbursement of corporate treasuries for capital expenditures.
f Revised series. Data revised beginning January 1937; see table 26 on pp. 15 and 16 of the May 1939 Survey.




839
183
539
238

35

SURVEY OF CUERENT BUSINESS

October 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1938
DecemSepAugust August tember
October November
ber
1939

1939

January

February

March

April

May

June

July

FINANCE—Continued
SECURITY MARKETS—Continued
Bonds

Prices:
Average price of all listed bonds (N. Y. S. E.)
dollars..
Domestic
—
do
Foreign
do
Standard Statistics Co., Inc. (60 bonds)
dol. per $100 bond._
Industrial (20 bonds)
_..
do....
Public utilities (20 bonds).._
do.__.
Rails (20 bonds)
do.___
Domestic municipals (15 bonds)
do....
U. S. Treasury bondsf.
do....
Sales (Securities and Exchange Commission):
Total on all exchanges:
Market value
thous. of dol..
Face v a l u e . . . .
do_...
On New York Stock Exchange:
Market value
thous. of dol._
Face value
do
Sales on N. Y. S. E., exclusive of stopped
sales (N. Y. S. E.) par value:
Total . .
thous. of dol..
U. S. Government
do....
Other than U. S. Government:
Total
do....
Domestic
do....
Foreign
do.—
Value, issues listed on N. Y. S. E.:
Face value, all issues _
mil. of dol..
Domestic issues
do....
Foreign issues....
do....
Market value, all issues
do....
Domestic issues...
....do....
Foreign issues
do . . .
Yields:

90.59
94.05
54.50

89.40
92.53
59.89

89.08
92.10
59.72

90.67
93.70
61.20

90.34
93.33
61.02

91.27
94.35
60.11

91.03
94.25
58.55

91.85
95.01
59.68

91.80
94.99
58.43

91.56
94.83
57.40

92.92
96.09
59.73

92.08
95.34
57.79

93.15
96.46
58.46

81.0
85.8
101.7
55.5
116.5
108.2

81.3
85.7
98.1
60.0
115.2
104.0

78.7
84.2
96.3
55.7
111.7
103.0

81.8
86.8
98.6
59.9
115.2
104.3

82.1
86.9
99.3
60.2
116.6
104.0

81.1
86.0
98.7
58.6
116.5
104.1

81.9
86.2
99.7
59.7
117.3
104.4

82.1
86.4
100.7
59.0
117.3
104.8

83.1
87.1
101.3
60.9
117.9
106.0

79.4
83.8
99.7
54.5
116.4
106.6

80.2
84.8
101.0
54.8
118.1
108.3

81.4
86.2
101.6
56.2
118.6
109.1

81.6
86.3
102.1
56.4
118.3
108.9

122,908
159, 770

117,162
161,552

110,826
148,992

166,812
237,245

139, 760
207,719

146,188
259,364

157,278
224,622

126,687
166,855

179,440
245,123

119,057
165,925

125,737
167,691

127, 703
169, 641

121,420
162,425

89,189
121,165

93,667
130,647

92,923
126,207

133,469
195,775

107,389
169,415

116,550
221,469

119,160
178,731

86,903
121,222

137,021
195,394

92,210
133,554

93,060
130,243

91, 785
129, 260

87,837
123,949

111, 394
8,730

120,363
6,161

133,954
17,163

185,179
7,673

155,868
4,419

217,609
6,535

159,611
7,581

118,993
4,871

185,513
11,889

122,804
7,459

123,104
7,390

126, 570
6,821

119,431
5,137

102,664
85, 001
17, 663

114,202
96,692
17,510

116,791
94,417
22,374

177,506
155,698
21,808

151,449
130,133
21,316

211,074
185,528
25,546

152,030
131,490
20,540

114,122
96,722
17,400

173,624
139,909
33,715

115,345
93,396
21.949

115,714
98,423
17,291

119, 749
102,189
17, 560

114,294
100,622
13,672

52, 209
47, 642
4,567
47, 297
44, 808
2,489

49,424
44,676
4,748
44,183
41,339
2,844

50,331
45,649
4,682
44,837
42,041
2,796

50,225
45,546
4,679
45, 539
42,675
2,864

50,301
45,640
4,661
45,442
42,597
2,844

51,554
46,920
4,634
47,053
44,268
2,785

51,587
46,933
4,654
46,958
44,233
2,725

51,466
46,862
4,604
47,271
44,524
2,748

52,670
48,071
4,599
48,352
45,665
2,687

52,564
47,975
4,589
48,128
45,493
2,634

52,647
48,056
4,591
48,921
46,179
2,742

52, 751
48,166
4,585
48. 571
45,921
2,649

52,610
48,032
4,578
49,007
46,331
2,676

^omesMc'municipals (20 bonds)...percent..
Moody's:
Domestic (120 bonds)
do....

3.21

2.88

2.98

2.90

2.83

2.78

2.76

2.80

2.72

2.78

2.66

2.66

2.67

3.67

4.09

4.17

4.03

3.95

3.95

3.86

3.81

3.74

3.84

3.78

3.71

3.66

Aaa (30bonds) .
do
Aa(30bonds)
.do . . .
A (30 bonds)
do
Baa (30 bonds)....
do...,
By groups:
Industrials (40 bonds)
do...
Public utilities (40 bonds)
do....
Rails (40 bonds)
do
Standard Statistics Co., Inc.:
Domestic municipals (15 bonds) . do
U. S. Treasury bondsf
do....

2.93
3.11
3.80
4.85

3.18
3.57
4.13
5.49

3.21
3.60
4.20
5.65

3.15
3.53
4.08
5.36

3.10
3.46
4.02
5.23

3.08
3.42
4.02
5.27

3.01
3.32
3.97
5.12

3.00
3.26
3.94
5.05

2.99
3.22
3.87
4.89

3.02
3.22
3.97
5.15

2.97
3.16
3.92
5.07

2.92
3.13
3.86
4.91

2.89
3.07
3.83
4.84

3.21
3.40
4.41

3.43
3.76
5.09

3.50
3.82
5.18

3.43
3.73
4.94

3.39
3.65
4.83

3.40
3.63
4.82

3.31
3.57
4.70

3.29
3.52
4.63

3.29
3.48
4.46

3.35
3.51
4.66

3.30
3.45
4.60

3.23
3.42
4.47

3.17
3.39
4.42

2.75
2.21

2.82
2.51

3.02
2.58

2.82
2.48

2.74
2.50

2.75
2.49

2.70
2.47

2.70
2.44

2.67
2.34

2.75
2.30

2. 66
2.17

2.63
2.13

2.65
2.16

Stocks
Cash dividend payments and rates (Moody's):
Annual payments at current rates (600 companies)
mil. of dol 1, 422. 99 1, 295. 20 1,293.92 1, 293. 59 1, 328.16 1, 315.04 1, 316. 25 1, 329.91 1,334.15 1, 337. 76 1,339. 27 1,382.43 1,391.46
935.03
935. 03
935.03
Number of shares, adjusted
millions.. 935.03
929.10 929.10 929.10 929.10 935. 03
935. 03
935.03 935.03 935.03
Dividend rate per share (weighted average)
1.43
1.49
1.41
1.43
1.43
1.48
1.52
1.39
1.39
1.39
1.43
1.41
1.42
(600 cos.)
..dollars..
3.01
3.01
3.01
3.01
3.01
3.01
3.01
3.00
3.00
3.00
3.00
3.01
3.01
Banks (21)
do
1.31
1.38
1.28
1.30
1.31
1.37
1.42
1.24
1.24
1.24
1.29
1.28
1.30
Industrials (492 cos.)
do . . .
2.33
2.39
2.31
2.31
2.33
2.39
2.39
2.24
2.24
2.24
2.24
2.31
2.31
Insurance (21 cos.)
do
1.92
1.94
1.92
1.92
1.92
1.94
1.94
1.94
1.93
1.93
1.94
1.91
1.91
Public utilities (30 cos.)
do...
.90
.87
.85
.90
.90
.90
.90
1.09
1.09
1.09
1.05
.90
.90
Rails (36 cos.)
do....
Dividend declarations (N. Y. Times):
310, 284 240, 965 185, 428 180, 506 509,160 247,569 194,118 303,839 186,095 154,076 377, 394 220,175 181,033
Total
. .thous. of dol
296,168 230,994 182, 735 169,901 486, 396 229,916 181, 480 289, 412 182, 522 147,635 358,417 200. 698 167,167
Industrials and misc
do
18, 976
3,573
13,866
10,605
19, 477
17, 653
2,693
6,440
14, 427
9,970
22, 765
12, 638
Railroads
_ . . . d o . . _ . 14,116
Prices:
Average price of all listed stocks (N. Y. S. E.)
60.2
62.2
57.0
66.2
57.0
56.6
60.6
65.4
64.1
64.4
57.9
60.8
62.6
Dec. 31, 1924=100
Dow-Jones & Co., Inc.: (65 stocks)
44.43
49.32
48.99
42.68
45.66
46.82
43.98
49.64
46.13
48.68
50.32
49.13
46.47
dol. per share
132. 56
150.12
145.06
127. 73
136. 52
139.26
137. 04
150. 36
140.97
144. 60
151. 96
146.87
Industrials (30 stocks)
d o . . . . 137. 88
23.05
21.94
24.84
22.05
23. 66
24.96
18.49
22.92
20.01
24.94
23.35
23.30
25.68
Public utilities (15 Stocks)
do.
27.02
30.52
31.07
25.75
27.59
28.29
25.62
30.62
28.49
30.31
31.29
31.20
27.67
Rails (20 stocks)
do
94.19
105.
36
100.
59
90.46
96.95
99.74
95.68
106.81
99.74
102. 22
105.29
102. 73
New York Times (50 stocks)....
Ido II 99.44
167. 73
186. 99
178. 01
161. 51
173.12
178.03
171. 70
189.69
177. 53
181. 21
186.99
181.82
178. 21
Industrials (25 stocks).
do
20.67
23.74
23.18
19.41
20.79
21.45
19.68
23.95
21.95
23.24
23.59
23.64
20.68
Railroads (25 stocks)
do....
Standard Statistics Co., Inc.:
83.1
81.9
86.0
91.1
92.0
91.7
86.1
89.5
86.0
90.1
94.7
91.8
86.3
Combined index (420 stocks)
1926=100..
97.0
100.5
109.6
110.6
95.9
100.6
108.0
103.9
106.3
108.0
109.3
100.5
113.6
Industrials (350 stocks)
do.
115.5
120.0
136.7
139.4
120.9
115.4
126.1
130.9
133.3
136.4
121.5
129.3
Capital goods (107 stocks)*
do....
142.6
95.4
98.7
98.5
91.5
96.2
94.0
96.5
88.7
97.8
98.7
96.9
97.0
102.1
Consumer's goods (194 stocks)* do
84.7
77.4
77.9
84.9
82.4
72.2
83.8
81.2
80.0
87.0
85.8
75.0
Public utilities (40 stocks)
.....do..
80.9
25.9
28.1
28.8
25.7
25.5
28.0
25.0
29.8
25.4
24.8
29.7
27.8
30.0
Rails (30 s t o c k s ) . do....
Other Issues:
53.7
55.2
47.7
50.4
53.5
55.0
51.0
50.0
49.9
46.7
49.6
51.1
Banks, N . Y . O. (19 stocks).
do....
54.0
Fire and Marine insurance (18 stocks)
84.3
89.3
87.0
85.3
87.0
81.0
86.1
85.7
89.8
82.8
87.4
88.2
do....
85.5
Sales (Securities and Exchange Commission):
Total on all exchanges:
882
603
1,225
1,058
556
774
943
1,573
1,129
655
769
1,306
988
Market value
mil. of dol
42,614
30,892
23,131
21, 916
52,913
40,384
40,542
67,924
40,515
53, 496
26,057
47,393
Shares sold.
thousands.. 31, 762
•New series For data beginning 1926 see table 24, p. 18, of the April 1939 Survey.
fRevised series. Revised data for U. S. Treasury bond prices beginning 1931, and U. S. Treasury bond yields beginning 1919, appear in tables 17 and 18, p. 18, of the
March 1939 Survey.




36

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
1938
gether with explanatory notes and references
to the sources of the data may be found in the August August
Sep- October Novem- Decem1938 Supplement to the Survey
tember
ber
ber

October 1939
1939

January

February

March

April

May

June

July

474
16, 050

677
24, 519

FINANCE—Continued
SECURITY MARKETS-Continued
Stocks—C ontinued
Sales (S. E. C.)—Continued.
Total, on all exchanges—Continued.
On New York Stock Exchange:
Market value
mil. of dol
Shares sold
thousands- Exclusive of odd lot and stopped sales
(N. Y. Times)
thousands
Shares listed, N. Y. S. E.:
Market value, alllisted shares....mil. of dol..
Number of shares listed
milions..
Yields:
Moody's, common stocks (200)
percent..
Banks (15 stocks)
do
Industrials (125 stocks)
do _
Insurance (10 stocks) _ . .
do
Public utilities (25 stocks)
, . do
Rails (25 stocks)
do
Standard Statistics Co., Inc., preferred stocks:
Industrials, high-grade (20 stocks)-.percentStockholders (Common Stock)
American Tel & Tel Co total
number
Foreign
do
Pennsylvania Railroad Co., total
do
Foreign
do
U. S Steel Corporation, total
. do
Fore i en
do
Shares held by brokers
percent of total

669
24, 554

891
32,151

850
32,035

1,397
54,625

1,157
41, 923

1,065
39,954

986
37,051

561
19, 538

916
31,150

779
33, 775

523
17,897

17,372

20,723

23,826

41, 561

27,923

27,490

25,186

13,877

24, 565

20,247

12,933

11,967

18,066

41, 653
1,430

43, 526
1,425

43, 527
1,425

47,002
1,426

46, 081
1,427

47,491
1,424

44,884
1,425

46, 271
1,426

40,921
1,427

40, 673
1,427

43,230
1,427

41, 005
1,429

44, 762
1,430

4.5
4.6
4.2
4.3
5.5
4.1

3.8
.4.9
3.3
4.0
6.2
4.4

3.8
5.0
3.2
4.1
6.2
4.5

3.6
4.8
3.0
3.9
5.7
3.9

3.8
5.0
3.3
3.9
5.9
3.6

3.6
.4.8
3.1
4.1
5.7
2.9

3.8
4.8
3.4
4.1
5.6
3.5

3.7
4.6
3.3
4.0
5.3
3.2

4.2
4.8
3.8
4.3
5.8
3.9

4.2
4.8
3.9
4.4
5.7
4.0

4.0
4.4
3.7
4.1
5.4
3.7

4.4
45
4.1
4.2
5.7
4.1

4.1
4 4
3.8
4.0
5.2
3.5

4.92

5.07

5.08

4.99

4.92

4.94

4.94

4.94

4.92

4.99

4 94

4.87

4.88

646,671
7,173
214,532
2,874
168, 399
3,084
24.89

648,056
7,180
216,847
2,928
171,198
3,096
23.65

642 293
7,104
212,358
2 832
169, 079
3 288
25.54

645,033
7,153
213,143
2,853
167, 650
2,998
24.78

FOREIGN TRADE
INDEXES
Exports:
Total value, unadjusted
1923-25=100Total value, adjusted
do...
U. S. merchandise, unadjusted:
Quantity
do...
Value
do_._
Unit value
_do-._
Imports:
Total value, unadjusted
do._.
Total value, adjusted
do
Imports for consumption, unadjusted:
Quantity
1923-25=100.
Value
do
Unit value
_do._.
Exports of agricultural products, quantity:
Total:
Unadjusted
1910-14=100.
Adjusted
do...
Total, excluding cotton:
Unadjusted
do...
Adjusted
..do...

66
72

61
66

65
62

73
60

66
58

71
67

56
55

58
63

70
70

61
64

66
70

62
70

108
67
62

96
61
64

102
65
64

116
74
63

107
67
63

111
71
64

91
56
62

92
58
63

113
71
63

98
61
62

107
66
62

101
63
62

61
62

54
57

51
53

52
55

55
54

55
55

53
54

55
55

49
49

59
53

58
53

63
61

55
58

52
57

102
56
55

102
54
53

102
54
53

104
56
54

99
54
54

99
52
53

100
53
53

89
48
54

112
60
54

107
58
54

111
61
55

102
56
55

53
55

51
63

61
76

71
66

83
62

81
62

68
54

68
61

61
66

68
69

47
55

52
62

35
46

36
51

69
70

101
102

87
81

101
87

90
83

84
78

99
98

87
95

92
92

72
78

91
95

56
63

60

212,908

218, 559

268, 364

230,947

249,259

236, 058

229, 628

8,075
42,445
17, 692
95, 830
10,818
6,395
4,381
42, 462
27,061
26, 684
20, 801
5,581
18, 695
3,114
4,968
1,736

8,523
46,406
17,484
95,445
10, 653
5,176
3,889
38, 678
26, 258
25, 764
20,453
5,928
21,472
4,067
5,120
1,480

11,560
60, 565
23, 573
108,143
12,614
6,446
5,056
41,874
33,092
32, 298
27, 598
7,991
27,407
5,281
6,664
2,188

10,101
49, 243
16,147
88,809
12,468
4,806
4,130
34,311
35, 055
34, 535
23,462
6,320
24, 277
4,068
6,007
1,479

8,530
54,165
21,394
97,955
12,944
6,294
4,460
37,410
43, 583
42, 637
22,356
6,296
22, 669
4,918
5,417
1,621

9,996
49, 971
14,769
85, 711
10,807
5,299
4,263
36,604
40, 452
39, 874
23. 358
7,922
26,571
6,113
5,193
2,651

10, 270
43, 866
12, 551
87, 787
14, 894
5,406
3,721
33, 452
41.008
40, 074
21, 850
5,565
24, 847
6,268
6,242
1,596

210, 258
36,391
14,975
31,051
16, 443
14, 608
7,227
4,596
8,201
35,452
107, 365
21, 396
7,449
31,217
178, 201

216,036
36,485
13, 732
26, 553
11,402
15,151
6,404
4,145
7,403
34, 868
118,128
25,335
6,367
34, 605
158, 035

264,578
40,072
16,958
27,966
12, 287
15,679
7,017
4,724
6,406
45, 658
150, 882
28, 504
8,378
49, 390
190, 437

227, 597
26,016
9,185
23, 621
9,810
13,811
6,656
3,698
5,459
41,008
136,951
24,921
6,813
43, 882
186,195

245,913
30,243
7,458
26,927
10,808
16,119
5,844
4,851
7,601
48, 247
140, 495
23, 753
10,119
44,401
202, 502

233, 359
25, 713
6,157
19, 521
6,026
13, 495
3,523
4, 997
4,079
48,462
139,664
20, 387
9, 453
42,191
178, 953

226, 737
29, 667
5,970
19, 719
4,671
15,048
4, 423
5,221
3,837
45, 994
131,357
18, 520
7,628
43, 654
168, 925

3,741
51,818
11, 285

6,479
42, 780
7,896

6,964
59,952
9,707

8,571
51,162
10, 607

8,640
59,454
10,747

4, 469
57, 080
11,237

4,497
53,040
8,716

VALUE§
Exports, incl. reexports
thous. of dol_. 250, 839 230, 621 246, 321 277,928 252, 231 268, 756
By grand divisions and countries:
7,890
9,767
13,185
7,271
10, 308
8,376
Africa
..do
43, 360
40, 579
45,107
50,990
48, 494
61,591
Asia and Oceania
do
19, 806
19, 502
19,104
28, 528
12,126
13, 607
Japan
do
113,954 102,995 112, 702 127, 710 110,192 112, 672
Europe
do
22, 269
8,381
11,235
12,322
13, 788
11,134
France
__.do
6,868
10, 270
12,057
10,166
8,620
8,317
Germany
do
3,027
3,621
4,132
5,385
5,091
5,141
Italy
...do
47. 434
41,432
50, 737
56,140
43, 238
46,825
United Kingdom
do
38,992
29,067
43,162
36, 752
42,971
39, 545
North America, northern
do
42, 332
38,829
36,170
41,895
38, 513
28,458
Canada
do
20, 034
21,473
23, 705
20,120
21,156
23, 285
North America, southern
do
4,606
4,136
4,465
4,501
5,239
5,829
Mexico
-do
28, 538
20,196
22, 755
23, 314
22, 664
21,867
South America
__.do
4,675
5,944
6,034
6,796
7,736
4,318
Argentina
_
do
5,135
4,222
4,849
5,382
5,143
6,749
Brazil
do
1,913
1,741
2,139
2,072
2,123
1,818
Chile
.-do
By economic classes (U. S. mdse. only):
Total
thous. of dol__ 248,148 228,143 243, 621 274, 319 249, 694 266,171
36, 499
43,789
59, 605
72,132
59, 867
49, 376
Crude materials
..do
11,869
10, 689
20,511
24, 056
25,016
19,048
Cotton, unmanufactured
do
31,391
29, 474
28, 422
24, 329
33, 290
35,826
Foodstuffs, total
do
8, 384
22,164
14, 254
12, 509
12,045
11,170
Foodstuffs, crude
do
17, 252
13, 662
17,137
20,781
17,429
15, 945
Foodstuffs and beverages, mfrs do
10, 365
10, 000
7,519
13, 253
10,116
7,199
Fruits and preparations
do
3,150
3.944
4,110
4,113
4,204
4,036
Meats and fats.
do
4,588
9,064
4,038
4,473
4,030
5. 465
Wheat and
flour
do
35,615
40,159
44, 454
39,955
50,499
53, 504
Manufactures, semido
133, 817 112,912 112,465 124, 443 120, 399 137,874
Manufactures, finished
do.
14,171
29,161
12, 299
17, 303
25,417
14, 893
Autos and parts
-do
9, 572
8,370
8,516
12, 292
8, 746
9,085
Gasoline
__.do
39, 461
36, 626
38, 653
34,550
40, 908
Machinery
do
43, fill
General imports, total
do
175, 756 165, 540 167, 651 177,979 176,181 171,474
By grand divisions and countries:
4,145
3,799
4,069
5,851
5,081
5,702
Africa
do
44, 394
46, 899
49,131
56, 033
52,130
54, 339
Asia and Oceania
do
11,839
14, 053
12,020
10,103
11,678
13,171
Japan
do
^Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.



37

SUEVEY OF CURRENT BUSINESS

October 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

1938
August

September

1939

DecemOctober November
ber

January

February

March

April

May

June

July

FOREIGN TRADE—Continued
VALUE—Continued §
General imports—Continued.
By grand divisions and countries—Continued.
Europe
_
thous. of doL. 48,150
France
do
5,708
Germany
do
3,797
Italy
...do-..
2,080
United Kingdom
do
10,990
North America, northern
do
26,681
Canada.
do
25,970
North America, southern
do
18,490
Mexico
do
3,534
South America
do
22,394
Argentina
do
4.787
Brazil
do....
8,281
Chile
do....
1,691
By economic classes (imports for consumption):
Total.
thous. of dol. 180,379
Crude materials.
do
60,962
Foodstuffs, crude
do.... 20,778
Foodstuffs and beverages, mfrs
do
27,605
Manufactures, semido
35,651
Manufactures,
finished
do
35,383

49, 366
4,357
5,627
2,824
10,143
23,899
23,334
21, 329
3,295
20, 701
2,835
7,432
1,571

52,150
5,397
5,794
3,170
10,445
24,186
23, 500
17,924
2,440
22,693
3,882
8,820
1,681

58, 714
5,992
7,289
4,520
13,801
27,049
26, 249
16,183
3,134
21,821
3,631
8,536
1,648

54,623
5,191
6,923
3,656
12,898
25,839
25, 232
12, 566
3,084
23,051
3,566
9,150
1,567

53,609
5,586
6,256
3,397
12,251
24, 300
23, 554
12, 753
4,748
24,538
4,252
9,191
2,457

51,273
4,703
5,231
3,266
11, 331
26,136
25,222
17,924
5,429
27,309
6,633
8,420
3,277

47, 722
5,234
4,930
2,669
10,995
20,302
20,129
18,650
5,270
22,102
6,086
7,667
2,272

52,298
5,692
5,171
3,976
11,971
23,559
23,128
22, 732
6,326
24,932
5,460
9,421
2,583

57, 574
5,411
13,829
3,289
11, 572
26,163
25, 671
19,406
4,442
23, 319
4,357
7,867
3,813

58,946
7,122
2,885
3,289
15,192
28,850
28,323
22,178
3,995
24,434
4,355
7,420
2,750

46,009
4,903
3,349
2,711
11, 664
26,964
26, 533
19, 299
4,365
25,132
3,952
9,160
2,468

44,496
5,146
3,975
2,264
11,081
26,993
25, 557
18, 530
3,627
21, 370
3,207
6,657
1,822

171, 053
49,498
21, 663
27,829
35, 030
37,033

172,947
52,377
20,473
28,639
33, 591
37,868

178,460
53, 708
21,120
27, 240
35, 753
40,639

171,652
52,355
23, 788
22,995
35,172
37, 342

165, 522
53,465
23, 093
20,887
35, 265
32,812

169, 323
53,890
26, 774
16, 638
37,158
34,864

152, 528
48,073
22,947
18,635
34,047
28,827

191, 226
59,507
28,205
26, 296
38,822
38,396

185,800
54,940
24,053
25,036
37,936
43,836

194,193
62, 277
25,886
26,062
39,857
40,411

178,405
54,725
22. 518
27, 725
38, 633
34, 804

170, 451
50,041
21, 759
27, 799
36, 912
33, 939

TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Express Operations
8,409
123

9,497
115

9,404
127

9,240
131

11,338
920

8,586
71

72

9,107
76

9,165
67

9,454
59

7.889
700, 569
51,132

729, 663
52,229

7.889
789,695
56, 582

7.889
775,461
55,274

7.888
838, 707
60,028

7.888
90,120
56,869

7.873
737,164
53,361

7.873
835,136
59, 702

7.864
788,941
56, 628

7.864
811, 584
58, 222

7.864
763,038
55, 383

7. 864
710, 186
51, 907

71
69
57
44
90
37
62
125
75
70
78
69
42
75
37
62
67
74

63
56
38
41
101
37
61
63
68
62
63
46
40
84
37
60
34
67

71
71
49
43
83
50
64
72
78
64
68
51
40
74
39
61
41
69

50
42
95
44
62
48
72

70
76
58
39
76
53
62
41
76
69
70
58
40
81
44
61
74
74

53
43
83
41
61
92
74

63
76
64
37
71
40
59
22
65
69
67
55
42
79
41
62
102
76

62
76
62
35
64
31
60
22
64
67
65
46
36
70
38
62
93
75

63
66
57
36
67
32
62
21
70
66
62
55
36
73
40
62
86
73

58
36
47
39
68
37
62
31
72
60
43
56
38
76
40
61
75
70

62
44
40
41
73
36
61
81
73
62
51
42
40
81
40
61
58
70

67
58
47
42
89
30
61
108
74
67
68
51
40
90
36
61
64
71

70
64
52
43
111
34
61
112
74
69
76
62
43
80
39
62
59
72

476
27
126
170
48
615
192
1,034
131
70
34

2,392
382
18
120
191
49
598
98
936
229
100
92

2,553
468
22
120
148
63
604
106
1,022
169
86
49

3, 542
668
31
159
221
102
799
141
1,422
144
68
42

2,530
511
26
109
137
69
594
65
1,018
175
85
51

2,949
664
35
131
163
67
708
44
1,138
221
106
71

2,302
515
30
103
129
53
561
33
878
218
106
67

2,297
529
30
99
116
42
577
34
870
209
102

2,390
478
29
105
125
42
612
33
967
202
95
67

2,832
350
29
140
159
61
775
58
1,261
265
86
146

2,372
297
19
121
137
49
612
121
1,016
211
90
87

3,149
503
28
151
202
50
744
209
1,261
175
79
65

2, 549
429
24
118
200
44
583
167
983
166
79
53

344,400
276,707
39,821
247,622
54,586

315,335
253,578
' 36,294
229,573
>-45, 422
1,097

322, 595
261, 303
34, 427
232,040
50, 362
6,277

353, 441
293, 762
31,459
242. 409
24, 068

319,682
264,135
30, 211
231, 257
49, 665
7,422

318, 336
251, 320
37,913
232, 704
49, 373
22, 225

305,769 276,904 315,091
246,803 224, 819 257, 469
34, 785
30, 237
31, 201
232, 946 220, 619 240, 359
32,891
18, 591
34, 317
* 8, 721 * 24,364 * 10, 505

282,118
224, 588
31, 791
227, 622
15,257
d
27,896

302, 618
243, 641
31, 758
237, 411
25,101
d
18, 594

321, 617
255. 763
38! 436
241, 786
39,095
d
1, 685

332, 436
265 086
41, 269
241, 962
49 012
6, 578

25, 236
1.003
1,976

29,110
.977
1,825

32, 757
.977
1,662

28,471
1.004
1,564

28,133
.981
1,928

23, 983
1.035
1,681

25, 737
1.045
1,725

28, 465
.987
2,075

29 824

Operating revenue...
thous. of doL.
Operating income.
do
Electric Street Railways
Fares, average, cash rate
Passengers carried J
Operating revenues
_

_..cents..
7,864
thousands.. 722,987
thous. of dol..

Class I Steam Railways
Freight-carloadings (Federal Reserve):
Combined index, unadjusted. __ 1923-25=100. _
Coal
do
Coke.
do
Forest products...
do
Grains and grain products
do
Livestock
do
Merchandise, 1. c. 1
do
Ore
do
Miscellaneous
_do
Combined index, adjusted
do
Coal
.do
Coke
.do
Forest products
..do
Grains and grain products.do
Livestock
do
Merchandise, 1. c. 1_
do
Ore
do.
Miscellaneous
do.
Freight-carloadings (A. A. R.):1
Total cars
thousands..
Coal.
__do_
Coke
_do_
Forest products
do.
Grains and grain products
do.
Livestock.
_
do_
Merchandise, 1. c. 1
do.
Ore
do.
MiscelJaneous
do.
Freight-car surplus, total
do.
Box cars
do.
Coal cars
do.
Financial operations:
Operating revenues, total
thous. of doL.
Freight
do
Passenger
do
Operating expenses
do
Net railway operating income
.do
Net income
do
Operating results:
Freight carried 1 mile
mil. of tons..
Revenue per ton-mile
_ cents.
Passengers carried 1 mile.
millions.

28,152
.964
1,790

25,553
.972
1,555

28,831
.988
1,618

Waterway Traffic
Canals:
414
263
278
328
Cape Cod.
thous. of short tons..
342
327
348
326
317
396
369
363
697
New York State
do
687
684
480
845
0
0
0
0
101
735
586
538
Panama, total
thous. of long tons..
2,360
2,172
1,998
2,385
5,224
2,393
2,374
2,207
2,664
2,473
2,539
2,318
2,437
In U. 8. vessels
do
810
779
971
789
807 I
753
873
892
921
905
806
r
Revised.
* Deficit.
IData for October, December 1938, April and June 1939 are for 5 weeks; other months, 4 weeks.
JFor comparable monthly figures, January 1929-December 1936, see table 10, p. 15 of the March 1939 Survey. Data shown in that table beginning January 1937 have been
revised; see p. 37 of the April 1939 Survey.
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.




38

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

October 1939

1938
August

September

October

1939
ber

December

January

April

May

June

July

TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—Continued
Waterway Traffic—Continued
Canals—Continued
St. Lawrence
thous. of short tons..
Sault St. Marie.
„
do
Suez. .thous. of metric tons..
Welland
_thous. of short tons..
Eivers:
Allegheny
do
Mississippi (Government barges only)..do
Monongahela
do
Ohio (Pittsburgh district)
do
Clearances, vessels in foreign trade:
Total, U. S. ports
thous. of net tons
Foreign...
do
United States
do

1,284
10, 552
1,713
234
233
1,949
1,411

1,215
6,237
2,482
1,588

1,296
6,624
2,248
1,786

1,429
7,141
2,460
2,030

1,065
4,466
2,270
1,652

5
323
2,422
181

0
0
2,166
0

0
0
2,277
0

0
0
2,561
0

50
43
2,569
200

1,189
5,799
2,476
1,324

1,161
8,622
2,220
1,580

1,119

263
256
1,279

223
224
1,422
967

249
190
1,595
1.055

244
215
1,710
991

180
171
1,798
1,074

175
183
1,568
1,003

135
124
1,557

199
136
1,742
1,114

101
169
348
469

136
67
661
655

230
145
1,688
1,265

242
'191
1,704
1,400

6,958
5,208
1,749

6,516
4,816
1,700

5,769
4,103
1,666

5,678
4,037
1,641

5,062
3,813
1,249

4,670
3,539
1,132

4,734
3,607
1,127

5,424
4,160
1,263

5,280
4,038
1,242

6,241
4,766
1,475

6,667
4,971
1,696

7,082
5,280
1,802

46,090
41, 594 38,403
89,002
113, 621 99,119
685,389 761,090 577,982
5,453
5,776
5,665

35,002
81,131
564,928
5,032

49,445
53,483
117,071 133,469
685, 274 663,884
6,125

63,361
162,682
725,061
7,122

1,659

Travel
Operations on scheduled airlines:
Passenger-miles
flown
thous. of miles..
Passengers carried
number..
Express.
_
pounds..
Miles
flown
thous. of miles..
Hotels:
Average sale per occupied room
dollars..
Kooms occupied
percent of total..
Restaurant sales index
1929=100..
Foreign travel:
Arrivals, U. S. citizens
number..
Departures, U. S. citizens..
do
Emigrants
do
Immigrants
_
do
Passports issued
...do
National Parks:
Visitors
do
Automobiles
do
Pullman Co.:*
Revenue passenger-miles
thousands..
Passenger revenues
_
thous. of dol_.

54,806
56,828
139, 297 143.993
877, 564 855,151
6,151
6,302

75,145
194, 418
933, 965
7,639

56,405
143,488
623,770
6,360

3.39
61
93

3.29
57

3.28
61
85

3.32
65

3.47
60
94

3.26
54

3.21
64

3.28
63

3.15
64
83

3.37
63
100

3.20
63
90

3.34
62

58,027
31,848
2,227
8,226
5,138

31,710
19,931
2,081
8,825
5,122

15, 649
16,103
2,157
6,844

16, 614
18,765
2,663
8,042
5,184

19, 556
24,307
2,344
5,661
5,927

25,590
28,224
1,479

31,909
21,673
1,702
8,076

7,444

56,906
51,646
2,286
7,357
9,059

25,374
21, 575
1,851
7,063
8,839

19,800
19,011
2,077
6,049
16,080

20,889
24, 788
3,168
4,512
21, 013

875, 682
238, 296

811,309
226,096

428, 827 236,771
125,436
71,416

77, 750
23, 783

57,677
16,798

74,834 62,848
72, 280 164,736
48,892
20, 587 17, 618 21,779
793,229 654,896 715,420 684.444
5,263
4,769
4,473
4,447

248,075
73,402

471, 624 916,175
136, 576 249,905

631,529
4,147

769, 819 801, 514
4,842
4,990

683, 593 715, 529 651,851
4,409
4,555
4,239

585, 289 687,369
3,912
4,488

4,865

70,199
72,918
179, 055 185,643
824, 630 725,922
7,183
7,541
3.29
57
85

10, 393

COMMUNICATIONS
Telephone:
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, cable, and radiotelegraph carriers:
Operating revenue, total
thous. of dol .
Telegraph carriers, total
do
Western Union Telegraph Co., revenues
from cable operations
thous. of dol..
Cable carriers
do
Radiotelegraph carriers
_
do
Operating expenses
do
Operating income
do
Net income
do

96, 482
62, 029
25, 984
66, 239
17. 261
17, 373

96, 725
62, 850
25, 428
67, 030
16, 791
17, 465

99, 608
65,105
25, 929
67, 634
18, 637
17, 528

98, 531 101,552
64, 897 66,188
24, 959 26, 591
67, 434 69, 444
18,946
18,835
17, 593 17,704

99, 234
65,815
24, 731
67, 281
18, 527
17, 735

11,092
9,524

11,550
9,851

11,156
9,491

10, 751
9,114

12,408
10, 553

10, 549
8,829

9,987
8,436

11, 577
9,717

11,012

485
791
777
9,935
431
'408

586

569
861
804
9,903
558
«* 356

522
830
807
9,991
69
'774

570
976
879
10, 756
1,041
291

527
856
864
9,816
15
'884

463
756
795
9,319
<*17
'934

588
901
960
10,031
814
(*)

502
768
861
9,809
512
'387

953
199

96,064 101,610 100,083 102,646
64, 504 66, 491 66,162
66,875
22,954 26, 498 25,275 27,101
64.155
68, 456 65, 683 68,983
18, 438 19, 479 20,576
19,832
17, 808 17,897
18,055
17,974

102,119
66, 521
26,923
68,184
20,027
18,072

99,824
64,690
26, 383
67, 738
18, 398
18,102

11, 735
10,065

11, 721
10,113

10, 676
9,189

514
790
880
10,289
699
'229

501
774
834
10,142
886
43

451
707
780
10, 028
'77
'951

CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Alcohol, denatured:
7,395
6,567
8,203
7,944
6,720
7,578
7,523
9,202 ••7,667
9,124
11,188 10, 309 10, 433
Consumption
thous. of wine gal..
8,166
7,437
8,490
6,828
6,454
7,616
7,719
9,190
9,181
11,101
10,195
7,846
Production
_
.do
5,500
1,982
2,015
1,379
1,766
1,260
1,294
1,485
2,007 r 1,423
1,466
1,364
1,233
Stocks, end of month
..do
1 285
Alcohol, ethyl:
17,643
16,827
14, 671 17,423
17, 859 18,655
16, 772 17,067
15.164
Production
thous. of proof gal.. 18,539 r 17,421 15, 800 17,017
30,860 32, 232
32,919 35,176 32, 736 28, 319 23, 277 20, 895 24, 433 26,072 27, 741 29, 625 31,078
Stocks, warehoused, end of month
do
15,029
13,823
13, 253 15,032
16,050 14, 483 16, 072 18, 986 17, 249 17, 389 11,327 11,198 13,202
Withdrawn for denaturing..
do
1,765
1,858
1,691
2,009
2,076
1,780
2,439
1,841
1,350
1,639
2,111
1,590
Withdrawn, tax paid
do
1,851
Methanol:
18,441 108,084 195,034
12, 648 25,990 24, 355 26,359
10, 806 24,195
7,743
8,431
22,716
Exports, reflned§.
.gallons.. 28,373
.36
.36
.36
.36
.36
.36
.36
.36
.36
Price, refined, wholesale (N. Y.).dol. per galProduction*
354
344
378
352
389
344
357
336
365
282
303
335
Crude (wood distilled)
_. thous. of gal..
1,779
2,295
2,495
2,276
2,844
2,463
2.267
2,407
2,295
2,618
1,898
1,930
Synthetic
do
27,652
30,
210
29,
315
26,
341
32,151
28,415
26,
592
27,
801
32,700
29,258
29,
385
30,
443
27, 663
Explosives, shipments
thous. of lb._
Sulphur production (quarterly):
105, 895
68, 900
83, 260
72, 520
Louisiana
long tons..
357, 819
405, 263
478, 774
472, 986
Texas
do
Sulphuric acid (fertilizer manufactures):
Consumed in production of fertilizer
106,137 104, 378
128, 312 126, 974 151,083 147, 592 148,289 142, 451 138, 273 119,081 112, 593
short tons..
Price, wholesale, 66°, at works
16.50
16.50
16.50
16.50
16.50
16.50
16.50
16.50
16.50
16.50
16.50
16.50
16.50
dol. per short ton..
131,106 133, 266 161, 285 171,106 176,923 181, 386 169,769 169,952 145, 689 155,902 140, 580 139,248
Production
short tons..
Purchases:
8,853
10, 535 18, 635
15,021
30, 388 38, 531 40, 284 31,182 20,604 20, 418 18, 751 11,951
From fertilizer manufacturers
..do
25,097
18, 560 21. 564 18, 494 27, 515 22, 343 23, 778 17, 508 16, 542 20, 771 25, 614 17,067
From others
_.
do
Shipments:
25,804
33, 202 38,123
27. 422 26, 032 28, 971 37, 752 33,080 38,085 39,167 35,100
To fertilizer manufacturers
do
43, 369 45, 376
33, 462 34, 973 40, 904 38, 447 40,915 40,850 35, 545 42, 864 35, 528 38,835
Toothers
do
a
r Revised.
' Deficit.
Less than $500.
•New series. Data for Pullman Co. revenue passenger miles beginning 1915 and passenger revenues beginn In ? 1013 are given In table 7, p. 13, of the January 1939 Survey.
^Revised series. Data revised for 1937; see table 19, p. 14, of the April 1939 Survey.




39

SURVEY OF CURRENT BUSINESS

October 1939

Monthly statistics through December 1937, to- 1939
1938
gether with explanatory notes and references
to the sources of the data may be found in the August August SepNovem- Decem1938 Supplement to the Survey
tember October
ber
ber

1939
January

February

March

April

May

June

July

CHEMICALS AND ALLIED PRODUCTS—Continued
FERTILIZERS
Consumption, Southern States
121
thous. of short tons..
44
137
43
Exports, total§
long tons_. 141,171 146, 636 116,828 134,929
Nitrogenous§
..do.
26, 618 27, 504 24,047 20,271
Phosphate materials§
do.
106, 607 108, 665 87,824 93,058
261
369
Prepared fertilizers!
__do.
169
349
Imports, total§
_
_do76,002 79,652 131,407 158,140
Nitrogenous, total§_
_
do.
45,795 48, 977 75,849 82, 576
Nitrate of soda§
do
24,450 20,829 32,971
9,481
9,337
8,276
Phosphates§
do
1,827
408
Potash§
do__- 29,087 27,908 42,407 64,124
Price, wholesale, nitrate of soda, 95 percent
1.450
1.450
(N. Y.) ...
-dol.percwt
1.450
1.450
Potash deliveries*
short tons.. 38,956 45. 957 47,169 72,299
Superphosphate (bulk):
Production
short tons
283,015 279, 381 314, 359
Shipments to consumers
do..
21, 340 108,470 46,980
Stocks, end of month
do_.
1,057,215 1,160,299 1,249,272

146
436
217
627
1,476
147, 587 133, 295 85, 542 85,095 123, 687
20, 207 25,119 11,317 15, 645
6,723
123, 339 101,186 71,045 66, 552 97,983
413
72
340
83
476
116,298 149, 798 141,898 109,932 138, 782
50, 231 78,124 118,159 101,396 116,806
4,851
32,336 63,854 54, 552 42,920
6,046
3,421
969
903
3,599
58, 730 66,897 20,186
6,795 17, 235
1.450

1.450
101,438

1.450
2,489

1.450
2,632

1.450
5,250

1,271
48
312
136,328 148,095 136, 016 154,800
5,365
8,067
12,142 12, 655
123,270 112, 773 105, 934 137, 446
268
343
447
302
191,057 145,432 109, 737 90,102
167, 558 99,074 90, 541 45, 632
115,188 62, 010 59, 332 18,479
594
2,321
1,462
7,033
16,580 10,415 16, 425 41, 234

1,450
1.450
17, 337 26,632
326, 794 343, 204 322,211 312,284 301,694 286, 747 277,437 243,402 243,356
17, 717 17,147 29, 340 54,893 161, 202 216,671 139,648 34, 263 13,496
1,322,306 1,361,127 1,298,883 1,288,536 1,106,679 815, 911 778, 758 871,109 924,045
1.450
8,379

1.450
8,674

NAVAL STORES
Rosin, gum:
Price, wholesale "H" (Savannah)
4.14
5.12
4.89
5.21
4.48
4.34
5.65
5.05
4.90
4.86
4.94
4.96
dol. perbbl. (280 lbs.)5.19
. Receipts, net, 3 ports
bbl. (500 lbs.)~ 57, 640 121, 505 119,818 87,935 97, 664 48,095 20, 473 13, 757 19,367 43,810 57,079 61, 774 61,096
542,161
588,870 660,252 678, 731 657. 839 642,825 609,502 615, 381 625,138 639, 914 659,878
672, 880 475,130
Stocks, 3 ports, end of month
do
Turpentine, gum, spirits of:
.21
.22
.29
.23
'.26
'.29
.26
.28
'.24
'.24
Price, wholesale (Savannah)
dol. per gal_.
'.24
'.25
'.24
1,908
3,256
9,799 14,638 15,884
Receipts, net, 3 ports
bbl. (50 gal.).. 13, 754 29,480 31, 745 17,670 18,364 10, 593 2,390
14, 692
102, 285 116,859 130,897 128,334 134,460 133,921 123, 584 118,954 109, 626 107,339 104, 759 102,941 102,126
Stocks, 3 ports, end of month
do.
OILS, FATS, AND BYPRODUCTS
Animal Fats and Byproducts and Fish
Oils (Quarterly)
Animal fats:
Consumption, factory
thous. of lb__
Production
do.
Stocks, end of quarter
do.
Greases:
Consumption, factory.
do.
Production
do.
Stocks, end of quarter
do.
Shortenings and compounds:
Production
_do.
Stocks, end of quarter
_
do.
Fish oils:
Consumption, factory
_
.do.
Production,..
do.
Stocks, end of quarter
».do.
Vegetable Oils and Products
Vegetable oils, total:
Consumption, crude, factory (quarterly)
mil. of lb_
Exports
thous. of lb.
Imports, totals
do. .
Paint oils§
_do—
All other vegetable oils§
.._.dO-_.
Production (quarterly)
mil. of lb.
Stocks, end of quarter:
Crude
do...
Refined
.
do
Copra:
Consumption, factory (quarterly)
short tons.
Imports
do
Stocks, end of quarter
do
Coconut or copra oil:
Consumption, factory:
Crude (quarterly)
..thous. of lb_.
Refined (quarterly)
..do
In oleomargarine
do
[mportsS
_
do
Production (quarterly):
Crude
do
Refinpd
do
Stocks, end of quarter:
Crude
do
Refined
do
Cottonseed:
Consumption (crush)...thous. of short tons._
Receipts at mills
._
do .
Stocks at mills, end of month
do
Cottonseed cake and meal:
Exports
short tons..
Production
do
Stocks at mills, end of month
do
Cottonseed oil, crude:
Production
thous. of lb._
Stocks, end of month
do
Cottonseed oil, refined:
Consumption, factory (quarterly)
do
In oleomargarine-.
. ..
do
Price, summer, yellow, prime (N. Y.)
dol. per lb..
Production
.thous. of lb._
Stocks, end of month
_
do..

3,865
86,413
10, 292
76,121

1,824
84,636
11,850
72,786

238,802
395, 795
296,157

222, 460
505, 816
312, 725

233,456
501,165
346,321

48, 656
79, 787
56,400

44,480
87, 253
61,276

48,182
86,419
54,170

217,899
,
503,947
403,809
47, 438
92, 964
54,943

411,949
45,270

370, 759
55, 662

354,692
51,163

300, 076
55,350

51,950
97, 753
206,906

71,664
102,193
256,352

66, 512
47, 713
242, 725

180,364

3,027
80, 424
11,303
69,121
580

3,798
90,189
9,372
80,817

2,204
94,982
15,414
79,568

714
494

3,773

17,927

1,763
32,898

7,282
22,052

151
227
196

223
'261
'374

675
1,727
68, 229 100,451
97, 085 217,693

54, 083
20,092
44,953
154, 327
77, 365
8,711
32.579

2,815
91, 692
11,414
80, 278

4,136
85,466
8,169
77, 298

952
3,994
98,010
10, 708
87, 302
832

4,202
60,455
12,136
48, 319

4,314
97,275
9,382
87,894

870

23,105

15,437

8,420
26,824

7,023
39, 792

58,414
26. 745
36, 525
150,922
78, 573
7,204
34, 725

20,967

17,491

7,244
23,101

5,295
29,122

59, 473
22, 630
35,816
154,408
64, 957
4,729
41, 370

816
3,673
91, 633
10, 755
80,878
593

11, 643

20,880

3,428

2,964
38,450

52,114
12, 514
36,081
137,891
53,074
2,129
37, 556

82, 506

73,685
82, 743

75,457
75,064

68,213

184,342
13,001

202, 307
13, 332

20?, 322
13, 735

226,894
12, 315

576
1,274
1,069

665
1,155
1,559

630
631
1,560

534
327
1,353

451
152
1,054

3,745
2,200
1,235
256, 390 294,408 284,458
259,659 295, 380 313,538

4,468
237.933
313,348

407
205,49*
289,286

350,990
10, 246

10, 3S1

10, 807

163,035 145,077
175, 377 178,203
301, 398
10, 577

9,884

.078
.076
.074
.074
.071
92, 352 181, 768 162, 361 143,823 138,022
397, 382 446, 739 503, 890 563, 794 609,950

367
95
782

136
518

2,559
79,467
9,841
69,625

732
759

760

45, 355 ••67,779 178,632 203, 74e 195,809
62,000 ••45,904 111, 708 151,570 168,457

.055
.081
54, 666 '53,414
494, 718 410,492

997
2,656
92, 613
10, 525
82,089
977

66,138

256
73
336

199
58
194

19,928

1,559
21, 215

72
52
120

45
140

189
389
506
81
124
46
169, 766 188,051 115, 729 93,845 43, 272 34,293
245. 221 196, 544 177,134 173, 019 151, 259 120, 794
116,438 129, 265 84,753 68, 322 32,817 23, 691
180, 666 177,466 164, 945 137, 785 88,828 73,353
9,412

285,230
9, 678

7,584

6,781

272. 970
6,708

5,522

.067
.069
.066
.065
.061
110, 492 131,956 98, 803 82,011
78, 683 41, 519
633, 329 642, 463 658, 332 639, 328 614, 470 558,855

' Revised.
* N e w series. Data are on basis of potassium oxide content;figuresbeginning 1928 not shown on p. 39 of the August 1939 Survey will appear in a subsequent issue.
§ Revised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.




40

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
1938
gether with explanatory notes and references
to the sources of the data may be found in the August August
SepNovem- Decem1938 Supplement to the Survey
tember October
ber
ber

October 1939
1939

January

February

March

April

May

June

July

CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS AND BYPRODUCTS-Con.
Vegetable Oils and Products—Continued
Flaxseed:
Imports§
_thous. of bu_.
Minneapolis:
Receipts
do
Shipments
_
do
Stocks
do
Duluth:
Receipts
do
Shipments
do
Stocks
do
Oil mills (quarterly):
Consumption
do
Stocks, end of quarter
do
Price, wholesale, No. 1 (Mpls)—dol. per bu_.
Production (crop est.)--thous. of bu_.
Linseed cake and meal:
Exports!
do
Shipments from Minneapolis.
do
Linseed oil:
Consumption, factory (quarterly)
do
Price, wholesale (N. Y.)
dol. perlb..
Production (quarterly)
thous. of lb_.
Shipments from Minneapolis
do
Stocks at factory, end of quarter.
do
Oleomargarine:
Consumption (tax-paid withdrawals)..do
Price, wholesale, standard, uncolored (Chicago)
.
dol. per lb_.
Production
.thous. oflb..
Vegetable shortenings:
Price, wholesale, tierces (Chi.) dol. per lb_.
PAINT SALES
Plastic paints, cold water paints, and calcimines:
Plastic paints.—
thous. of dol_.
Cold water paints:
In dry form.
do
In paste form
do
Calcimines
do
Paints, varnish, lacquer, and fillers:
Total
—
do
Classifled, total...
_
do_...
Industrial.
do
Trade
do....
Unclassified
_do
CELLULOSE PLASTIC PRODUCTS
Nitro-eellulose, sheets, rods, and tubes:
Consumption*
thous. oflb..
Production
do
Shipmentscf
do
Cellulose-acetate sheets, rods, and tubes:
Consumption*
thous. of lb..
Production
..do
Shipmentsc?
-do
Moulding composition:*
Production
do
Shipments^.
.do
EOOFING
Asphalt prepared roofing, shipments:
Total
thous. of squares..
Grit roll
do....
Shingles (all types)
do
Smooth roll
do

2,248

2,031

1,416

1,155

1,802

1,123

38
30
452

62
64
319

35
58
283

61
38
280

73
20
225

67
28
231

1
0
111

1
82
29

1
29
2

1.92

7,112
2,521
1.97

1.89

50, 734
8,320

50,180
5,720

17, 219
7,920

50, 396
8,280

.085

.085

3,960

"§,"966'

76,674
.088
139, 209

1,511

1,288

1,346

1,381

1,565

1,474

2,111

8,100
389
2,659

1,961
221
795

1,286
76
1,499

450
87
1,416

205
152
732

136
80
637

107
47
524

801
144
659

357
128
253

416
670

241
324

152
620
152

1
8
112

1.54
•17,246

1.73

5,043
3,019
1.79

1.84

1.84

7,206
2.389
1.90
/ 8,171

50,163
16,400

28, 692
5,776

41, 577
11, 679

44, 746
11, 670

47, 302
7,913

51,820
9,760

.087

.083

"6," 867"

4,771

.084

80, 736
.084
98, 407
8,263
113,012

72, 419
.086
139,106
3,209
141, 785

(0
2
110

8,100

" I , " 436

21, 206

28,371

32,000

31,824

29,812

29, 991

30,350

.135
21, 608

.158
28,718

.155
32, 387

.153
31,092

.150
30, 221

.143
30, 373

.140
30,319

.108

.103

.100

.093

0)

40, 849
7,280

41
59

0)

58
2

6,207
1,958
1.81

1.57

48, 733
7,000

44, 589
6,360

91, 360
.093 """."090
124, 823
6,360 ~~5~ 8*80
130, 310

7,200
161, 251

9,780

6,480

27,774

29,032

23, 622

22, 827

20, 745

20,114

.140
27,701

.140
29,417

.140
23, 325

.135
22, 699

.135
21,111

.135
19, 262

.091

.095

.093

.093

.090

.090

210
317
282

230
338
305

206
309
281

156
227
206

44

46

44

42

47

34

30

32

33

154
287
255

159
244
242

162
219
282

156
253
245

115
190
226

113
169
222

126
211
235

144
219
251

187
316

33,087
23,413
9,309
14,104
9,674

28,821
19. 747
7,249
12.499
9,074

29, 769
20,114
7,879
12, 235
9.655

28. 773
29, 486
8,481
12,006
8.287

25, 280
18, 367
8,397
9.970
6,914

20,515
15,036
7.417
7,619
5,478

24, 229
17,828
8,180
9.648
6.401

24, 415
17. 395
7.982
9,413
7,021

31, 555
23,003
9.626
13. 377
8,551

32, 666
23, 830
9, 469
14, 360
8,836

40,138
28. 546
9,611
18, 935
11, 592

36,886
26,197
9,781
16,416
10, 690

29,472
20, 769
8,199
12. 569
8,703

326
1,069
1,065

282
977
1,017

296
974

316
1,051
1,124

228
1,018
1,008

246
789
937

242
923
956

257
1,049
977

342
1,315
1,171

287
1,116
950

249
1,036
940

297
957
1,000

221
979
847

7
1,041
815

7
546
530

592
616

10
945
1,048

7
1.112
1,032

6
896
856

12
508
522

10
491
509

446
378

548
484

860 .
759 !

1,044
989

758
671

725

9
989
1,014
871
770

14
1.078
1,029

1,034
967

14
1,332
1,251
1,031
956

810

736
600

704

795
703

4,095
1,062
1,401
1,632

2,583
630
836
1,117

2,076
515
527
1,035

1,439
359
358
721

1,410
374
391
645

2,910
692
891
1,327

3,289
785
1,150
1,355

2,714
720
1,057

2,887
831
1,058

3,212
900
1,075
1,237

4,012
1,130
1,265
1,617

6
561
537
645
604

2,633
737
926
970

ELECTRIC POWER AND GAS
ELECTRIC POWER
10, 651
Production, totalt
mil. of kw.-hr__ 11, 230 10, 246
9,955
10, 529
9,654
10, 341
9,898
10,882
10, 641
10, 567
10, 270
10, 303
By source:
5,562
6,743
' 7,179
7,703
6,402
6,377
6,760
6,976
6,899
5,828
6,116
6,176
Fuel
_
.do
6,868
' 3,472
4,165
3,786
3,527
3,845
3,402
3,742
3,826
4,393
Water power.
do
3,520
3,543
3,906
4, 450
By type of producer:
Privately and municipally owned public
9,321
9,820
9,846
utilities
mil. of kw.-hr.. 10, 329
9,238
9,615
9,043
9,686
9, 586
9,965
9,660
10, 205
9,900
'804
655
Other producers
do
677
611
667
634
709
901
661
655
643
676
660
Sales to ultimate consumers, totalf (Edison
8,779
8,324
8,240
8,282
8,583
8, 093
8,806
8,190
8,475
8,577
Electric Institute)..
mil. of kw.-hr..
1,604
1,527
1,843
1,815
1,719
1,700
1,627
1,638
1,723
1,987
1,611
1,620
Residential or domestic
..do
5,704
6,169
5,773
5,835
5,615
5,751
5,867
5,786
5,940
5.850
5, 849
6,187
Commercial and industrial
do
178
159
134
121
111
144
156
197
166
115
206
192
Public street and highway ltg
do
196
202
192
194
199
194
194
194
193
197
205
203
Other public authorities
do
449
524
441
407
479
493
473
461
433
413
547
531
Sales to railroads and railways. _
do
38
41
35
34
42
39
36
32
37
42
36
Interdepartmental
do
' Revised.
1 Less than 500 bushels.
• September 1 estimate.
/ December 1 estimate.
*New series. For data on nitro-cellulose consumption, cellulose-acetate consumption, and molding compositions beginning 1935, see table 15, p. 18 of the March 1939 Survey.
tFor electric power sales, see note marked with a "t" on p. 41 of the July 1939 Survey.
§Revised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.
cf Includes consumption in reporting company plants.
^Excludes consumption in reporting company plants.
|For electric power production, see note marked with a " 1 " on p. 41 of the July 1939 Survey. Revised data on production "by type of producer," referred to therein, are
shown beginning June 1938 on p. 40 of the August 1939 Survey; data beginning 1920 will be published when available.



41

SURVEY OF CURRENT BUSINESS

October 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

1939

1938
August

September

DecemOctober November
ber

January

February

March

April

185, £

May

June

July

183,112

186,166

186,600

ELECTRIC POWER AND GAS—Continued
ELECTRIC POWER—Continued
Revenues from sales to ultimate consumers
(Edison Electric Institute)
thous. of doL.

182, 380

185,948

188,019

192,178

198, 991

201,330

190, 219

186, 714

9,862
S,212
180
460
23,842
14, 642

9,947
9, 284
196
458
26,325
16,466
898
8,803

9,936
9,264
212
450
29,180
17, 655
2,147
9,179

9,926
9,241
220
456
30, 459
16,041
4,847
9,365

9, 947
9,254
227
458
34, 600
16,196
8,306
9,853

9,201
212
465
34, 761
17, 211
8,101
9,250

9,914
9,225
219
461
33, 662
16, 687
8,004
8,785

9,907
9,218
210
467
33, 600
16, 647
7,122
9,641

9,894
9,197
218
467
32, 626
16, 242
6,074
10,144

9,285
224
466
30,303
15,755
4,421
9,969

9,979
9,290
214
465
27, 917
16,600
1,587
9, 606

9, 995
9, 316
202
466
25, 652
15,541
948
9,007

25,894
19, 884
589
5,312

28, 383
21, 804
819
5,652

30,573
22, 869
1,656
5,919

21, 807
2,790
6,151

33, 310
21, 923
4,763
6,478

33,734
22,125
5,196
6,292

32,811
21,038
5,429
6,227

32,450
21,054
4,902
6,368

31, 586
21, 252
3,840
6,368

30,707
21,845
2,519
6,231

29, 561
22, 253
1, 232
5,990

27,662
21,105
788
5,683

6,973
6,486
485
79, 487
14, 373
63, 756

7,021
6,531
488
84,378
15, 513
67,466

7,082
6,571
509
92,958
19,485
72,102

7,194
6,637
554
107,536
29,135
77,633

7,220
6, 655
563
126,093
42, 881
81, 704

7,156
6,603
550
129,398
49,177
78, 736

7,163
6,615
546
134, 515
51, 291
81, 770

7,194
6,636
555
127,377
46, 791
79, 303

7,178
6,626
549
113,379
36, 510
75, 465

7,190
6,655
533
101,438
27,415
72, 581

7,163
6,650
510
87, 413
18, 862
67, 378

7,152
6,651
499
86, 376
16,013
69, 210

24,082
11,885
11, 990

25,216
12, 279
12, 737

29,024
14,853
13, 974

36,226
20, 280
15, 801

45, 619
27, 751
17, 630

50,279
32,141
17,899

51,197
32, 619
18, 331

47, 979
30, 218
17, 520

41,034
24, 845
15,958

34, 644
19,873
14,550

28, 559
15,197
13,193

26,235
13,011
13,035

3,482
3,031
7,774

4,489
3,816
8,265

4,636
3,985
8,746

5,650
5,079

6,230
5,622
9,442

5,637
5,538
9,330

10, 702 13,019
6,112
8,566
676
831
513,453 516,755

10,876
7,601
776
519,158

10, 743
5,381
8,350
6,868
5,605
6,456
845
772
632
521,773 522, 040 520,429

8,735
9,193
6,791
5,007 ' 4,995
582
706
571
470, 251 472,783 472,143

8,443
5,728
678
477,135

5,782
7,971
3,711
4,343
4,866
4,885
534
730
666
479, 271 478, 875 477,149

GAS§
Manufactured gas:
Customers, total
thousands,.
Domestic
do
House heating
do
Industrial and commercial
do
Sales to consumers
mil. of cu. ft..
Domestic
do
House heating
do
Industrial and commercial
do
Revenue from sales to consumers
thous. of dol__
Domestic
do
House heating
do
Industrial and commercial.do____
Natural gas:
Customers, total
thousands.
Domestic
do
Industrial and commercial
do
Sales to consumers
.mil. of cu. ft__
Domestic
do_
Indl., coml., and elec. generation
do
Revenues from sales to consumers
thous. of do!
Domestic
do...
Indl., coml., and elec. generation
do

FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:
5,450
Production
thous. of bbl_.
5,715
Tax-paid withdrawals
..do
8,836
Stocks
..
,.do
Distilled spirits;
6,390
Production
thous. of tax gaL.
6,663
Tax-paid withdrawals
do
710
Imports*
thous. of proof gaL_
Stocks
thous. of tax gal._ 518,487
Whisky:
4,392
Production
do
5,098
Tax-paid withdrawals
.do
612
Imports*thous. of proof gal_.
Stocks
thous. of tax gaL. 475, 371
Rectified spirits and wines, production, total
thous. of proof gal..
Whisky*
do
Indicated consumption for beverage purposes'
Allspirits*t
thous. of proof gaL.
Whisky*t
do....
Still wines:
Production*
thous. of wine gal__
Tax-paid withdrawals*
do
152
Imports*
do
Stocks*
do
Sparkling wines:
Production*
do
Tax-paid withdrawals*
do
Imports*
.do
Stocks*
do

3,537
3,669
7,081

3,642
3,103
7,467

18,923 22,147
16,956
9,714
10, 200 11, 738
1,691
1,200
1,381
495,003 501,207 505,670

11,829
6,248
667
510,194

' 5, 351
' 5, 757
' 8, 555

4,313
4,428
8,242

' 6,108
5,672
641
496,061

9,294
7,503
924
495,163

4,217
r 4,225
555
469,500

8,119
10, 562
4,997
8,153
5,845
9,559
1,046
818
1,215
468, 480 466, 376 466,176

2,772
1,879

3,504
2,710

'7, 467
'5,903

3,595
4,134
7,570

3,731
3,774
7,367

10, 780
7,665
1,459

5,362
4,445

4,774
3,898

2,973
2,375

2,683
2,192

3,817
3,078

3,670
2,800

3,425
2,496

2,960
1,977

2,930
2,014

'9,910
'8,306

' 12,950 '15,038
••11,328 '13,351

'13,118
'11,425

'8,192

'7,743
'6,816

'10,771
'9, 357

'9,775
'8,122

'9,137
'7,142

8,699
6,767

6,774
6,131

2,382
4,229
145
94,716

28,198
5,123
181
99,166

92,432
6,843
322
127,066

1,003
1,026
1,103
5,157
5,883
4,994
310
292
229
111, 357 105, 776 100,933

677
4,682
207
94, 861

914
4,247
154
91,048

23
14
16
664

18
23
35
659

18
40
60
636

37
23
36
647

19
20
20

4,480
3,689

73, 578 24,154
8,644
7,215
406
476
137,224 128,047
26
54

37
78
138
554

1,678
5,008
5,033
5,018
247
194
122, 601 117,094
15
16
23
548

11
19
546

25
13
22
558

43
13
26
587

70
17
37

DAIRY PRODUCTS
Butter:
Consumption, apparentf
thous. of lb._ 156, 967 139,097 140, 216 152,408 150,912 153,152 145.603 139, 535 153,186 153,009 179,419 152,631 145, 701
Price, wholesale 92-score (N. Y.)
.24
.26
dol. per lb_.
.26
.26
.26
.26
.27
.23
.24
.24
.24
.24
Production, creamery (factory)f.thous. of lb__ 164,960 167,075 149,914 136,132 116,042 121, 790 128, 303 121,065 139, 331 145,123 193,701 200,135 179, 275
69, 674
Receipts, 5 markets}
do
78,843 64,457 50,495 53,269 55,705
89,250
53,955 60,091
59,385 77,966
84,566 77, 460
Stocks, cold storage, creamery, end of month
thous. of lb__ 173,093 201, 252 210,703 194, 285 159, 254 128,872 111, 354 92,780 78,909 70,909 84,437 131, 609 165,183
Cheese:
61, 923 ' 56,652
Consumption, apparentf
do.
68,200 69, 203 52,088 50, 428 56,702 57,101
62,356 64,701
77,687 70,660 55, 978
Imports
do.
3,435
4,042
4,445
7,018
4,001
5,925
4,083
4,425
3,927
4,881
3,134
3,781
4,353
Price, wholesale, No. 1 Amer. (N. Y.)
.14
.15
dol. per lb__
.15
.14
.13
.14
.14
.14
.15
.14
.15
.15
.14
Production, total (factory)t--._.thous. of lb._ 65,920 ' 68, 615
54,400 53,877 41,407 38, 728 39,168 37,992 47,775
54,600 77,300 86,170 73, 400
52, 420 ' 54, 560
American whole milkj —do_
42, 791 41, 267 30,251
27,899 28,171
27,175 34,281 41,145 60, 640 68, 320 58, 400
14, 579
Receipts, 5 markets
do
16, 345 15, 764 10, 537 10,998
10,753
14, 718
11,492 11,960
11,157 14,402 14, 322 13, 786
124, 885 150,248 140, 755 132, 326 127,440 120,174 106, 411 91,485
Stocks, cold storage, end of month
do
75, 345 79,272 98, 850 117,598
81,653
103, 604 127,862 121, 423 115, 351 109, 738 102, 563 90,401
American whole milk
do.
77, 270 68,812 62,866 64,750 81, 262 ' 97,448
Condensed and evaporated milk:
Exports:
194
Condensed (sweetened)
thous. of lb_.
279
356
80
259
104
355
91
142
306
215
148
195
Evaporated (unsweetened)
do.
1,922
2,335
2,380
2,034
1,976
2,198
1,522
2,007
1,785
1,710
2,508
1,799
2,338
Prices, wholesale (N. Y.):
Condensed (sweetened)
dol. per case..
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00 . 5.00
5.00
Evaporated (unsweetened)
do.
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.90 I 2.90
2.90
'Revised.
§See note marked with a " t " on p. 41 of the June 1939 Survey.
*New series. Earlier data for the new series on alcoholic. bevei
.. srages appear in tables 2-8, pp. 15-18 of the July 1939 Survey.
fRevised series. For 1937 revisions in consumption and production of butter, consumption of cheese, and production of American cheese, see p. 41 of the December 1938
Issue. Total production of cheese has been revised beginning 1920 to exclude cottage, pot, and baker's cheese; revisions not shown on p. 41 of the December 1938 Survey will
appear in a subsequent issue. Total indicated consumption for beverage purposes of all spirits and whiskey revised in entirety; exports should not have been deducted
from the tables as stated in footnote 1, table 6, p. 17 of the July 1939 Survey; revisions not shown above will appear in a subsequent issue.
JFor comparable monthly figures beginning 1919, see table 14, p. 17, of the March 1939 Survey.




42

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

October 1939

1938
August

September

1939

DecemOctober November
ber

January

February

March

April

May-

June

July

FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS—Continued
Condensed and evaporated milk—Continued.
Production :f
Condensed (sweetened):
16,817
Bulk goods
_..thous. of l b .
2,461
Case goods
da.-.
E vaporated (unsweetened)
do - _ _ 194,162
Stocks, manufacturers' end of month:
Condensed (sweetened):
10, 986
Bulk goods
thous. oflb.
Case goods
do...
8,001
Evaporated (unsweetened), case goods
thous. of l b . 355,071
Fluid milk:
r
Consumption in oleomargarine
do...
,4, 315
Price, dealers', standard grade*.dol. per 100 l b .
2.12
Production (Minneapolis and St. Paul)
thous. of lb_
Receipts:
Boston (incl. cream)
thous. of q t .
Greater New York (milk only)
do...
Powdered milk:
798
Exports§
thous. of lb_
32, 676
Production^
do...
18,227
Stocks, mfrs., end of mo.$
do...

14, 752
3,238
188,507

14,178
3,210
146, 679

14,684
3,050
122, 885

11,296
3,529
100,723

11,922
3,210
119,614

12,847
3,421
129,452

11,505
3,036
137,882

15,408
3,075
181,094

15,420
3,283
202,090

22,007
2,899
262, 957

21, 059
2,755
265, 586

16, 615
2,894
223, 953

20,119
9,932

17, 777
9,278

15, 248
8, 521

11,701
7,854

9,235
7,139

8,536
6,101

7,202
4,985

5,809
4,959

6,135
4,608

7,910
6,437

11,416
7,764

12, 504
8,570

419,142

398, 287

344,316

284, 375

205,073

150, 311

120,397

109,882

134,625

209, 044

292, 393

341, 686

5,483
2.22

6,216
2.22

6,247
2.23

5,838
2.23

5,830
2.23

5,856
2.23

5,422
2.21

5,861
2.20

4,561
2.15

4,498
2.11

4,112
2.10

3,870
2.10

29, 659

25, 320

26, 377

26,700

32,002

36,421

34, 829

40,237

39,031

44,144

41,873

34, 051

17,727
127, 352

12, 291
115,943

14, 936
120,748

15,327
118,582

14,342
118,277

13, 988
123,868

12, 681
112,501

13,906
125, 570

13, 322
121, 682

14,648
132, 670

13, 897
134, 712

14, 947
129,851

1,036
27, 350
'56,030

786
26, 870
52, 602

751
25,095
41,204

673
20, 419
37,194

549
21,532
33, 259

473
25,006
32, 860

519
22,890
32,318

689
28,233
30, 972

31,190
32,102

1,069
38,877
31,982

739
38, 572
25, 861

637
'29,079
27, 613

1,177

5,817

13,194

7,365

131,882
6,738

5,595

4,776

4,844

3,025

2,041

976

1,007

0
10,198
1,447

2,893
9,772
3,244

10,090
12,800
2,996

10,272
14, 399
2,355

8,736
18,800
2,100

6,903
18,726
2,433

5,079
18,400
2,139

3,046
22, 827
2,356

1,569
20,395
3,071

555
17, 589
3,376

0
16, 377
2,133

0
10, 860
1,096

.770

.931

1.100

1.095

1.519

1.375

1.800

1.680

1.575

1,813

9,244

15,056

12, 564

1.456
371,617
12, 356

1.595

14, 493

17, 406

17,196

25, 210

18, 863

22, 759

23, 912

11,437

10, 830

28,323

15, 749

12, 545

15,111

11,495

20,385

15, 521

15,435

11,368

16, 372

6,600

8,389

713

2,744

1,954

1,749

736

649

724

436

124

614

206

265

.46
.48
264,163
20, 062
16, 904

.47
.56

.53
.56

.50
.54

.50
.56

.54

.55
.55

.54
.56

.51
.57

.55
.56

.53
.60

.45
.47

16, 817
15,096

12, 335
17,025

10, 522
18, 924

5,764
16,187

.52
.57
252,139
5,846
15,015

6,670
13, 752

3,846
12, 253

5,967
10,182

4,579
8,874

4,474
5,745

3,791
6,210

4,823
8,253

1,121
5,899

12, 674
6,079

7,898
6,564

4,119
6,915

6,032
6,547

3,729
6,724

7,050
6,340

2,721
5,256

3,798
5,780

1,663
5,798

1,207
6,510

267
5,945

4,310

.48
.54

.46
.51

.46
.51

)
.53

)
.55

FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous. of bu_.
952
Shipments, carlot
no. of carloads..
Stocks, cold storage, end of month
0
thous. of bbl__
9,156
Citrus fruits, carlot shipments-.no. of carloads..
1,653
Onions, carlot shipments
do
Potatoes, white:
1.295
Price, wholesale (N. Y.)
dol. per 100 l b . .
Production (crop estimate)
thous. of bu._ '364,
7,617
Shipments, carlot
no. of carloads _.
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, incl. flour and meal§
thous. of bu.Barley:
Exports, including malt
do
Prices, wholesale, No. 2 (Mpls.):
Straight
dol. per bu_.
Malting
do....
Production (crop estimate)
thous. of bu._
Receipts, principal markets
do
Stocks, commercial, end of mo
do
Corn:
Exports, including meal
do
Grindings
do
Prices, wholesale:
No. 3, yellow (Kansas City)...dol. per bu_.
No. 3, white (Chicago)
do
Weighted average, 5 markets, all grades*
dol. per bu._
Production (crop estimate)
mil. of bu..
Receipts, principal markets
thous. of bu...
Shipments, principal markets
do
Stocks, commercial, end of mo
do
Oats:
Exports, including oatmeal
do
Price, wholesale, No. 3, white (Chicago)
dol. perbu..
Production (crop estimate)
mil. of bu_.
Receipts, principal markets
thous. of bu..
Stocks, commercial, end of mo
do.
Rice:
Exports^
pockets (1001b.)..
Imports§
do__
Price, wholesale, head, clean (New Orleans)
dol. perlb..
Production (crop estimate)
thous. of bu_.
Southern States (La., Tex., Ark., and Tenn.):
Receipts, rough, at mills
thous. of bbl. (162 1b.)Shipments from mills, milled rice
thous. of pockets (100 lb.)..
Stocks, domestic, rough and cleaned (in
terms of cleaned rice) end of month
thous. of pockets (1001b.)..
California:
Receipts, domestic rough
bags (1001b.)__
Shipments from mills, milled rice
do
Stocks, rough and cleaned
(in terms of
cleaned rice), end of mo...bags (100 lb.)_.
Rye:
Exports, including
flour
thous. of bu._
Price, wholesale, No. 2 (Mpls.)._dol. per bu..
Production (crop estimate)
thous. of bu..
Receipts, principal markets
do
Stocks, commercial, end of mo..
..do




.47
(

0

.55

.53

.44
.45

.47

.47
• 2, 523
9,880
12, 077
14,192

.53

.52

.45

.46

17,419
18. 061
10, 489

17, 240
9,942

45,157
18, 994
23, 081

61

1,349

256

.30
•930
18, 625
14, 681

.24

(<0

.51

.52

.46

.51

.47

32, 698
16,356
46, 645

.50
/ 2, 542
20, 262
10, 969
52, 644

14, 373
8,827
50, 889

10, 216
5,398

650

1,405

147

353

.27

.25

.26

.31

24, 669
20, 597

10,128
22, 026

7,707
22, 609

4,199
17, 676

.29
/ 1. 054
5, 658
16,919

6,221
15, 545

216, 072
70,691

309, 896
50, 561

215,914
46, 483

351, 826
39, 355

223, 534
34, 816

298, 935
39, 991

.033
• 50, 766

.034

.034

.033

.033

.033
/ 52, 303

390

485

1,625

3,191

1,458

'912

972

611

839

1,437

1, 158

'977

854

' 1, 803

3,568

3,983

' 3, 983

3,695

3,586

3,244

' 2, 894

2,595

2,092

1,552

444, 297
182, 438

212, 534
136, 365

262, 200
129, 003

169,184
118,478

229, 760
143, 617

160, 345
136, 287

203,447
144,414

197,332
97, 767

270,965
130,025

366, 012

393, 811

375,056

350, 435

301, 497

264, 633

258, 494

268, 269

0
.46

)
.45

)
.43

(a)
.43

(•)
.51

942
8,126

511
7,724

1,241
7,630

795
7,153

1,045
6,813

12, 562
8,656
39, 262

23, 333
20,170
34, 568

17, 381
17, 042
30, 880

11, 864
12, 759
23,145

49,181

486, 207
174,422

269, 219
135, 853

260, 721
118, 298

389,027

177,142

179,446

301, 531

382, 460

0
.42
• 40,834
3,455
9,246

58
.41

283
.41

307
.41

21
.40

3,452
7,761

2,199
8,340

114

112

61

93

101

.31

.32

.34

.34

.29

.30
4,304
14, 958

5, 769
12, 622

4,461
10,312

6,303
6,784

4,540
5,695

6,673
5,551

306, 891
46, 344

302, 302
41, 296

302,102
67, 608

274,893
90,116

283,341
84,857

241, 755
75, 647

220,315
83, 257

.033

.033

.033

.033

.033

.033

.033

'545

'428

'681

'802

' 1,024

130

477, 536
161,184

6,785
6,825

13, 085
8,473
43, 741

949
8,102

()

.43
/ 55, 039
1,248

-•891
r

1,250

' 1, 064

/ December I estimate.

'180
'912

'758

(a)
1,955
7,384

.43
1,470
7,708

43

SURVEY OF CURRENT BUSINESS

October 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

1939

1938
August

September

DecemOctober November
ber

January

February

March

April

May

June

July

FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS—
Continued
Wheat:
Exports:
Wheat, including flour§ thous. of bu_.
Wheat only§
do
Prices, wholesale:
No. 1, Dark Northern Spring,
(Minneapolis)
dol. per bu_.
No. 2, Red Winter (St. Louis)..
do....
No. 2, Hard Winter (K. C.)
do....
Weighted av., 6 markets, all grades.-do
Production (crop est.), total
mil. of bu..
Spring wheat
do
Winter wheat
.__
__do
Receipts, principal markets
thous. of bu_.
Shipments, principal markets
do
Stocks, end of mo. world est._
do
Canada (Canadian wheat)
do
United States, total*
do....
Commercial
do
Country mills and elevators*..
do
Merchant mills*
_.do
On farms*
do
Wheat flour:
Consumption (Russell)
thous. of bbL.
Exports!
do
Grindings of wheat
thous. of bu..
Prices, wholesale:
Standard patents (Mpls.)
dol. per bbL.
Winter, straight (Kansas City)
do
Production:
Flour, actual (Census)
thous. of bbL.
Operations, percent of capacity
Flour (Russell)
thous. of bbL.
Offal (Census)
thous. of lb_.
Stocks, total, end of month (computed by
Russell)
thous. of bbL.
Held by mills (Census)
do
LIVESTOCK
Cattle and calves:
Receipts, principal markets-thous.of animals..
Disposition:
Local slaughter
do
Shipments- total
do
Stocker and feeder
do
Prices, wholesale (Chicago):
Beef steers*
dol. per 100 lb_.
Cattle, corn fed
-do
Calves, vealers
_
do...
Hogs:
Receipts, principal markets, thous.of animals..
Disposition:
Local slaughter
do
Shipments, total
do
Stocker and feeder
do__.
Prices:
Wholesale, heavy (Chi.)----dol. per 1001b-.
Hog-corn ratio*
bu. of corn per cwt. of live hogs..
Sheep and lambs:
Receipts, principal markets_thous.of animals..
Disposition:
Loeal slaughter
do
Shipments, total
do
Stocker and feeder
_.do
Prices, wholesale (Chicago):
Ewes
»
dol. per 1001b..
Lambs
do
MEATS
Total meats:
Consumption, apparent
mil. of l b . . .
Exports*
do
Production (inspected slaughter)
do
Stocks, cold storage, end of month
do
Miscellaneous meats
do
Beef and veal:
Consumption, apparent
thous. of lb_.
Exports§
do
Price, wholesale, beef, fresh, native steers
(Chicago)
dol. per R^Production (inspected slaughter)-thous. of lb._
Stocks, cold storage, end of mo
do
Lamb and mutton:
Consumption, apparent
do
Production (inspected slaughter)
do
Stocks, cold storage, end of month...
do
Pork (including lard):
Consumption, apparent
do
Exports, totalf
do
Lardf
do
Prices, wholesale:
Hams, smoked (Chicago)
dol. per l b . .
Lard, in tierces:
Prime, contract (N. Y.)
do
Refined (Chicago).
do

8,935
5,903
.76
.69
.65
.72
• 736
• 185
« 551
43, 924
22, 791

11, 498
9,623
.78
.66

5,358
3,483

5,720
3,104

6,917
4,893

6,970
4,430

12, 613
10, 217

11, 946
8,782

11, 087
8,487

.73
.69
.65
.65

.73
.66
.63
.65

.80
.73
.71
.73

.78
.73

.77
.73

.71

.71

345
797
340
542

19,110
21, 696
439, 820
162, 375

141, 914

136, 204

.77
.70
.67
.68
/931
/244
/687
14, 892
18, 252
484,150
161, lfil
656, 242
128, 748
138, 598
107, 706
281,190

.76
.67
.66

.69

135," 793

61,
25,
330,
65,

166, 289

133, 725

645

9,450
399
42, 098

9,239
399
44, 234

9,737
557
43, 896

9,445
431
40, 324

4.90
3.36

4.97
4.01

4.91
3.91

4.81
3.79

4.91
3.80

9,160
54.8
10, 094
743, 993

63.0
10, 548
770, 077

9,634
60.5
10, 484
765, 608

8,838
59.2
9,286
704, 995

6,560
4,314

6,750

6,200

» 9, 984

080
258
930
457

6,049

38, 477
23, 291
420,110
150, 665
845, 292
139, 273
174, 410
130,198
401,411

27,
23,
437,
173,

9,226
540
38, 357

11,900
12, 758
467, 360
154, 325
118, 936

5,874

14, 489
10, 672

6,033
3,929

7,414
2,977

.78
.76
.70
.72

.86
.83
.76
.80

.84
.73
.71
.75

.78
.69
.67

9,512
13, 748 16, 000 25, 525 44,016 99,006
9,251
14,423
30,840
11, 113 1], 174 16,851
412,390 379, 820 359, 730 319, 890 318, 340
144, 817 139, 071 134, 085 112,987 98,123
89, 281
295,492
446, 906
100,119 82, 689 74, 851 64,178 81, 334 149," 372
38, 291
92, 646
85, 029
82,481
90, 838
189, 090

8,351
510
38, 755

8,110
673
35,447

553
41, 068

765
37, 698

812
39,066

448
38,927

944
38, 833

5.06
3.84

5.10
3.82

4.95
3.66

4.79
3.54

4.87
3.47

5.23
3.60

5.16
3.58

4.74
3.41

8,416
54.0

8,476
57.2
8,711
681, 624

9,266
672, 015
5,700
4,317

5,550

8,516
8,440
7,757
8,244
8,951
55.4
55.0
57.0
56.0
55.7
«
9,
424
« 8,943
8,512
9,142
8,916
625, 888 730, 612 665, 468 693, 372 699,737

8,432
57.4
* 9,193
689,557

5,300
3,641

3, 865

1,764

1,946

2,017

2,306

1,900

1,465

1, 635

1,294

1,542

1,467

1,737

1,476

972
795
375

1,103
821
335

1,061
950
469

1,122
1,120
594

989
927
473

843
632
309

975
608
259

807
496
213

952
579
253

581
233

1,068
647
240

934
546
187

971
664
242

9.09
9.26
10.03

10.31
10.91
10.20

10.42
11.11
10.84

10.33
10.88
10.70

10.03
10.75
10.29

10.13
11.60
9.63

10.35
11.59
10.38

10.17
11.36
11.19

10.29
11.44
10.34

10.02
11.22
9.56

10.59

9.22
9.66
9.13

9.30
9.53
9.68

2,007

1,797

1,881

2,255

2,607

2,570

1,971

2,205

2,410

2,105

1,948

1,451
550
36

1,323
465
35

1,397
479
26

1,660
587
28

1,903
691
33

1,848
726
43

1,928
754
41

1,398
566
38

1,654
547
45

1,509
485
44

1,822
575

1,535
560
43

1,394
546
35

5.75

8.45

8.96

8.08

7.65

7.17

7.18

7.66

7.30

6.91

6.39

6.03

12.0

16.1

16.8

17.4

18.1

16.0

15.4

16.4

16.0

14.5

13.2

11.9

13.1

2,392

2,664

2,805

1,945

1,552

1,746

1,546

1,766

1,993

1,951

1,711

2,042

1,419
504

1,146
1,495
438

1,174
1,786
621

1,124
1,673
856

996
968
415

890
673
155

1,063
677
113

953
595
82

1,046
720
110

1,040
261

3.27
7.93

3.28
7.56

3.35
7.68

3.73
8.38

3.78
8.59

3.97
8.63

4.38
8.54

4.78

1,070
884
235
4.60
9.38

913
804
167

3.38
7.93

900
1,082
251
5.66
9.36

2.97
9.25

3.17
8.85

1,136
39
1,037
576

1,017
22
972
548
60

1, 070
31
1, 005
459
53

1,097
34
1,073
413
50

1,092
33
1,177
484
54

1,040
34
1,227
671
72

1,057
42
1,202
791
76

37
927
784

1,064
39
1,067
758

943
30
955
758
63

1,105
42
1,127
761
65

1,073
43
1,083
749

1,053
48
1,033
699

476,596
1,401

468, 355
1,082

1,261

479, 588
1,248

461, 485
1,192

415, 788
1,795

434, 239 377, 363 450,183
841
1,105
1,047

402,876
710

479,125
1,036

.151
469, 534
33,147

.170
462,160
34, 467

.170
495,838
86,943

.174
477,452
41,218

.172
467,980
52, 637

.170
416,041
58,187

.172
.177
425, 605 368,125
53,126 46,404

56,097
56,599
2,390

62,186
62,112
1,861

65, 392
65,880
2,318

63, 276
63, 588
2,606

56, 375
56,997
3,171

54, 281
54, 684
3,541

603,064
33,028
22,848

486,157
17, 329
10, 842

506,164
25, 493
18, 790

554,066
28,332
21,071

574,142
27,075
16,009

570, 273
27,258
19,198

.203
.075

61, 709
61,123
2,925

58,558
58, 452
2,773

452, 721 452,940
1,114
1,525

.166
.159
.173
.156
.168
439, 576 390, 623 466,306 444,337 445,800
34, 650 33, 591 ' 33,456
40,970 36,866
63,777
63, 451
2,412

51,198
50, 790
1,956

55, 539
55, 398
1,791

561,329 463, 239 550, 289 488,486 570,476
36.966 32, 727 33,022
25, 591 36,990
28, 520 24, 483 22,157
17, 531 25, 303

53,193
53, 238
1,837

53,010
53,073
r 1,893

567,926 •547,518
37,403
42,223
22,682 25, 339

.226

.242

.248

.200

.200

.200

.200

.200

.203

.207

.206

.203

.086

.083
.097

.080
.092

.077
.090

.074

.073
.084

.073
.081

.070
.081

.067
.077

.069
.079

.065
.075

.061
.071

r

Revised.
° Estimated.
• September 1 estimate.
/ December 1 estimate*
•New series. For data on United States wheat stocks beginning 1923, see table 29, p. 17 of the June 1939 Survey. For data on hog-corn ratio beginning 1913, see table 33
p. 18 of the June 1939 Survey. Data on exports of meat beginning 1913 not shown on p. 43 of the August 1939 Survey will appear in subsequent issue. For price of beef steers
beginning 1913 see table 40, page 18 of the August 1939 issue.
fRevised series. Data on exports of lard revised for period 1913-37 to include neutral lard; revisions not shown on p. 43 of the August 1939 Survey will appear in a sub§Revised series. Data revised for 1937; see table 19, p. 14 of the April 1939 Survey.



44

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

October 1939

1938
August

September

1939

DecemOctober November
ber

January

February

March

April

May

June

July

FOODSTUFFS AND TOBACCO—Continued
MEATS—Continued
Pork (including lard)—-Continued.
Production (inspected slaughter) total
thous. oflb..
Lard
.
do
Stocks cold storage, end of month
do
Fresh and cured
_
. do
Lard
do

510,693
91,676
473, 771
361, 626
112,145

448,180
74,192
451, 397
334, 777
116, 620

443, 756
75, 838
367,177
277, 231
89, 946

531, 753
89, 716
319,312
251, 645
67, 667

651, 636
105, 533
373,641
299,142
74,499

756, 532
134, 776
537, 525
430,104
107, 421

715,179
132, 533
658, 489
526, 411
132,078

500, 769
90,038
667,419
542,138
125,281

563, 699
99, 442
652,456
523, 204
129, 252

513,160
91. 858
656, 746
527, 213
129, 533

605,478
106,945
659,587
520,251
139, 336

585, 804
106, 218
645,173
496, 796
148, 377

534, 284
94, 453
594,581
T
454.76G
T
139,815

Receipts, 5 markets
thous. of lb... 25, 429
63, 789
Stocks, cold storage, end of month
do
Eggs:
967
Receipts, 5 markets
thous. of cases..
Stoeks, cold storage, end of month:
6,596
Case
thous. of cases..
135, 908
Frozen
thous. of lb
Cocoa TROPICAL PRODUCTS
Imports
long tons__ 23,311
.0435
Price, spot, Accra (N. Y.)
dol. per lb._

23, 747
54,941

26,965
59, 942

36, 763
77,692

74, 302
118,088

65, 855
139,108

23, 286
133, 531

16, 744
116,229

17, 825
90, 987

16, 217
70, 568

24,427
66,796

28,494
67, 470

27, 712
'64,918

T

POULTRY AND EGGS

Clearances from Brazil, totaL.thous. of bags.To United States
do
Imports into United States
do
Price, wholesale, Rio No. 7 (N. Y.)
dol. per lb._
Receipts at ports, Brazil
thous. of bags..
Visible supply, total, excl. interior of Brazil
thous. of bags..
United States
.
do __
Sugar:
Raw sugar:
Cuba:
Stocks, total, end of month
thous. of Spanish tons..

889

716

646

574

760

1,041

989

1,649

2,065

2,311

1,589

5,942
125, 018

4,765
110,244

3, 244
94, 305

1,439
78,091

302
62,903

136
50, 345

165
44, 476

1,105
60, 465

3,357
88, 867

5,880
117,900

6,977
141, 456

40, 630
.0532

18,147
.0524

12,117
.0499

8,930
.0480

15, 887
.0462

18,143
.0437

33,297
.0460

43, 792
.0468

32, 052
.0448

28,889
.0446

14,130
,0436

16, 093
.0433

1,357
731
1,056

1,591
819
1,145

1,526
818
1,189

1,598
861
1,147

1,218
775
1,386

1,451
785
1,325

1,191
662
1,423

1,222
697
1,086

1,305
694
1,497

1,232
610
1,017

1,638
767
1,187

1,563
774
1,302

1,217
724
1,055

.051
1,267

.054
1,624

.056
1,792

.055
1,615

.055
1,421

.053
1,700

.053
1,295

.052
1,033

.051
1,279

.051
1,341

.052
1,498

.053
1,290

.051
1,616

8,017
846

7,276
701

7,621
858

7,468
721

7,409
858

7,836
914

7,816
855

7,740
860

7,757
867

7,916
805

8,249
860

7,960
857

8,079
781

1,161
T

' 7, 024
144,359

1,570

1,554

1,316

1,014

784

750

725

1,407

2,580

2,621

2,263

2,038

1,846

349, 987
Meltings 8 ports
long tons
Price, wholesale, 96° centrifugal (N. Y.)
.029
dol. per lb_Receipts:
From Hawaii and Puerto Rico
long tons. - 84,140
291,511
Imports §
_ _ .-_ do
293, 908
Stocks at refineries, end of month., do
Refined sugar (United States):
3,778
Exports, including maple.
do
.050
Price, retail, gran. (N. Y.)
dol. perlb..
.043
Price, wholesale, gran. (N. Y.)
do
Receipts:
2,527
From Hawaii & Puerto Rico ..long tons.Imports:
From Cuba§
...
do. _. 35,136
4,438
From Philippine Islands!
do
Tea:
7,499
Imports
thous. oflb
Price, wholesale, Formosa, fine (N. Y.)
(c)
dol. per lb._
Stocks in the United Kingdom thous. of lb
MISCELLANEOUS FOOD PRODUCTS
Candy, sales by manufacturersJ.thous. of dol.. 15,256

391, 543

425, 588

375,935

292,036

247, 226

261,257

247,112

371,979

401, 523

328,213

304, 631

362,129

.028

.030

.031

.030

.029

.029

.028

.028

.029

.029

.029

.029

113, 822
347, 381
334, 246

142, 271
311, 574
308, 086

116,173
213, 840
269, 978

56,139
111, 170
215, 388

98, 038
46,066
194, 732

62, 317
63, 481
199,056

122,969
116,014
241,039

183,880
228,690
236, 666

184, 440
200, 084
271,306

137, 011
184,364
357,250

127, 764
256, 265
382,443

115, 750
316, 242
351,005

5,134
.050
.043

6,428
.049
.045

5,625
.049
.046

5,003
.050
.045

4,472
.050
.044

4,018
.050
.042

5,344
.049
.042

5,532
.049
.044

3,641
.049
.044

14, 529
.050
.044

6,557
.050
.044

8,723
.050
.043

Landings, fresh fish, prin. ports.thous. of l b . .
Salmon canned, shipments
cases
Stocks, cold storage, total, 15th of month
thous. oflb..
Monthly report for 7 companies:
Production
Shipments
Stocks
Quarterly report for 11 companies:

do . .
do
do . . .

45,789

T

1,208

1,339

9,479

4,183

17, 734

16, 662

18,076

23,352

9,799

3,846

2,293
4,287

0
2,532

328
987

1,413
536

5,187
2,223

18, 230
2,979

10,336
6,495

18,870
9,191

24, 599
9,393

32,145
1,451

6,253

7,528

7,959

8,404

7,603

7,698

7,931

8,576

6,866

8,785

6,724

6,798

.280
182, 558

.280
189, 983

.280
214,017

.280
231, 628

.280
243,223

.280
252,634

.280
234,468

.280
205,084

.280
182,681

.280
168,308

.280
161, 255

.280

13,053

22, 945

21,401

23,656

21, 243

17, 717

18,195

18,886

16,223

15,169

12, 696

11,185

46,898
37,460
814,883 1,112,465

40, 276
899, 579

34,701
539, 699

27,112
716,458

23,070
524,250

25,652
487,357

30, 983
525, 662

41, 554
524, 393

43,546
257,564

38, 323
221, 785

41,665
211, 672

75,882

84,537

85,665

93,024

90, 711

77,088

62, 253

40,423

29, 756

35,295

46,965

' 59,940

832
1,441
5, 488

1,056
1,994
6,014

924
1,397
5,542

1,082
1,445
5,179

1,364
1,226
5,317

1,518
1,242
5,593

1,554
1,301
5,845

1,437
1,335
5,948

1,538
1,557
5,929

1,546
1,178
6,296

1,641
1,418
6,520

1,444
1,468
6,496

953
1,353
6,096

Cisrar tvpps
do
Manufactured products:
Consumption (tax paid withdrawals):
16, 571
Small cigarettes
millions
Large cigars
.-thousands._ 500, 807
Manufactured tobacco and snuff
thous. of lb— 33, 291
Exports, cigarettes§ .
thousands.. 641, 931
Production, manufactured tobacco:
Total
thous. of lb—
Fine cut chewing
do
do _.
do
do
do

1,335
11,791
2,995

72, 770

Stocks
do
Leaf
TOBACCO
Exports§
thous. oflb
33, 773
Imports, incl. scrap §
_
do . . . 7,541
* i 660
Production (cron estimate)
mil oflb
Stocks, total, incl. imported types, end of
quarter
mil. of lb._

Plug
Scrap chewing
Smoking
Twist

754
59, 872
6, 563

5 234
8,004

3 909
7,956
35, 219
6,284

60,379
5,324

82,034
6,289

55,167
5,641

54, 217
4,797
/1,379

28,013
5,820

37, 502
5,492

44,333
6,592

21, 777
4,783

24, 502
7,765

2,367
1,912
334

2,343
1,946
298

2,227
1,822
323

6,323
9,478

6 340
8,909

17,146
6,865
2,136
1,703
318

15,892
477, 596

14,711
486,482

13, 264
525, 662

13, 506
515,859

12, 656
333,982

13,863
349,497

11, 782
361,233

14, 244
437, 584

12,269
403,042

15,445
470,580

16, 595
486,721

14,260
427, 533

30,473
502,491

30, 577
420,493

27,869
631,023

30, 940
518, 943

27,126
576, 210

26, 914
451,194

25,425
623,889

29, 594
562,225

25,628
424,857

30,499
592,851

30,107
593, 218

26, 246
691, 696

27, 756
409
5,140
3,709
17, 962
537

27, 327
403
5,023
3,655
17,812
433

24, 969
358
4,344
2,151
17, 671
444

28, 111
363
4, 266
4,563
18,503
415

24,825
382
4,290
4,133
15, 580
440

23,260
372
3,419
3,419
15, 650
400

22, 571
319
4,145
2,924
14, 711
471

26,052
423
4,322
3,365
17,451
491

22,895
325
4,076
3,023
15,045
426

27,150
395
4,974
3,501
17,747
534

27,493
461
4,652
3,917
17,979
484

c
Revised.
« September 1 estimate.
/ December 1 estimate"
No quotation.
tFor monthly data beginning 1928, corresponding with monthly averages for 1928-33 shown in the 1938 Supplement, see table 7, p t 17, of the January 1939 issue.
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 issue.




15,940
6,463

45

SURVEY OF CURRENT BUSINESS

October 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

1938
August

September

1939

DecemOctober November
ber

January

February

March

April

May

June

July

5.513
46.056

5.513
46.056

5.513
46.056

5.513
46.056

5.513
46.056

5.513
46.056

154

143

137

336

194

160

9.154
5,073
4,206

10.55
9.148
3,530
2,959

8.667
' 2,912
2,611
716

FOODSTUFFS AND TOBACCO—Continued
TOBACCO—Continued
Manufactured products—Continued
Prices, wholesale:
Cigarettes
__dol. per l,000__
Cigars
do

5.513
46.056

5.513
46.056

5.513
46.056

5.513
46.056

5.513
46.056

5.513
46.056

5.513
46.056

FUELS AND BYPRODUCTS
COAL
Anthracite:
Exports§
--.
. . t h o u s . of long t o n s . .
Prices, composite, chestnut:
Retail
dol. per short t o n . .
Wholesale
do.__.
Production...
.thous. of short t o n s . .
Shipments.._
do.
Stocks, end of month:
I n producers' storage yards
do
I n selected retail dealers' yards
number of days' s u p p l y . _
Bituminous:
Exports!
thous. of long t o n s . .
Industrial consumption, total
thous. of short t o n s . .
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
Other consumption:
Vessels (bunker)
thous. of long t o n s . .
Coal mine fuel-.
_thous. of short t o n s . .
Prices:
Retail, composite, 38 cities
dol. per short t o n . .
Wholesale:
Mine run, composite
do
Prepared sizes, composite
do
|
Production
thous. of short t o n s . .
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.

130

8,~66T
3,835
3,147

100
~9.~43T
' 2, 735
2,336

129
11.02
9.602

149

127

9.605 ~~9.~7l3
' 4,180 ' 3,803
3,519
3,167
1,917

143
11.49
9.706
' 4,533
3,849

165
9.731
4,953
4,047

4,114
3,382

11.35
9.642
3,604
3,232

1,046

761

408

29

25

22

277

282

238

559

35

61

71

61

207

250

984

1,192

25,786
107
4,855
368
143
3,168
6,970
805
9,370

22,390
31
4,114
402
131
2,827
6,042
823
8,020

20, 518
39
3,383
416
125
3,032
5,915
678

92
249

105
259

74

79
122

4.290
4.544
35,530

4.286
4.520
33,910

4.283
4.491
35, 290

4.421
4.345
10, 747

4.464
4.300
17,880

4.243
4.246
4.275
4.238
27, 900 • 29,135

39,720
33,270
7,374
350
236
8,379
5,819
742
10,370
6,450

39,887
34,087
7,373
403
220
8,456
6,736
879
10,020
5,800

40,505
35,225
7,222
414
217
8,760
7,603
1,029
9,980
5,280

31, 746
28,226
4,434
321
179
7,642
6,387
803
8,460
3,520

25,413
22, 613
2,598
275
129
6,740
5,196
545
7,130
2,800

26,991 ' 29, 725
22, 761 24, 665
4,535
3,548
342
286
'192
170
6,695 ' 7,002
4,484 ' 4,242
'512
518
7,840
7,060
4,230 '5,060

1,924

2,121

58

63

44

1,209

1,093

1,032

1,107

1,092

23,447
69
5,177
547
128
3,842

21,116
88
3,770
430
130
3,338
5,938
652
6,770

23,734
100
4,360
486
134
3, 575

724
6,880

20,346
79
3,534
478
128
3,315
5,662
660
6,490

736

24, 921
110
4,622
441
138
3,530
6,597
803

489
26,533
123
4,742
342
144
3,684
7,161
837
9,500

26,185
121
4,751
212
149
3,595
7,149
858
9,350

24,183
111
4,346
244
137
3,051
6,545
759
8,990

92
236

99
211

95
237

112
258

129
265

81
266

261

4,246
4.306
34,470

4.296
4.469
28,665

4.299
4.524
32, 286

4.299
4.576
34, 989

4.299
4.565
35,925

4.298
4.557
36,541

33, 610
27,410
5,632
357
229
7,500
4,218
534
8,940
6,200

34,579
27, 719
5,540
299
279
7,834
4,556
651
8,560
6,860

36,507
29,377
5,952
313
263
8,029
4,672
638
9,510
7,130

39,024
31,324
6,459
330
258
8,195
5,052
620
10,410
7,700

40,821
33,321
7,173
346
264
8,413
5,315
650
11,160
7,500

40, 720
33,670
7,462
349
252
8,491
5,629
687
10,800
7,050

1,901
51

1,458
37

9.078
5,296
4,842

8.54

8.68

21, 521 • 21, 772
72
81
4,748
4,361
559
530
124
123
3,317 ' 3, 541
5,903
5,748
665
671
6,160
6,690
99
'191

97
'200

8.28

COKE
Exports
thous. of long t o n s . .
Price, beehive, Connellsville (furnace)
dol. per short t o n . .
Production:
Beehivef
thous. of short t o n s . .
Byproductf
do.
Petroleum coke
do.
Stocks, end of month:
Byproduct plants, total
do.
At furnace plants
do.
At merchant plants
do.
Petroleum coke
do.

66

33

55

40

27

25

23

21

18

37

43

39

3,750

3.750

3.750

3.750

3.750

3.750

3.750

3.750

3.750

3.750

3.750

3.750

3.750

43
44

'48
2,494
148

2,675
111

'67
3,278
153

71
3,078
117

3,439
128

20
2,915
142

3,675
1,392
2,283
623

3,330
1,241
2,089
717

3,116
1,242
1,874
705

25
2,396
132
2,751
951
1,800
716

52
3,090
142

3,709
1,453
2,256
651

'76
3,363
142
3,610
1,291
2,319

77
3,367
126

2,921
916
2,005

'61
3,093
147
3,716
1,334
2,382
654

'46
3,365
145
2,772
945
1,827
733

101,352
1,720
1.160
106,165
80

96,990
1,584
1.160

3,745
1,307
2,438
678

3,037
1,198
1,839

2,967
1,091
1,876
734

2,657
931
1,726
710

PETROLEUM AND PRODUCTS f
Crude petroleum:
Consumption (runs to stills)...thous. of bbl__
Imports§
do
Price (Kansas-Okla.) at wells__-dol. per bbl._
Production
thous. of bbl._
Refinery operations..
pet. of capacity..
Stocks, end of month:
California:
Heavy crude and fuel
thous. of bbl_.
Light crude
do
East of California, total
do
Refineries
__
do
T a n k farms and pipe lines
do
Wells completed
number..
Refined petroleum products:
Gas and fuel oils:
Consumption:
Electric power plantsf
thous. of bbl_.
Railways (class I)
do
Vessels ( b u n k e r ) - .
_
..do
Price, fuel oil (Oklahoma)
dol. per bbl__
Production:
Residual fuel oil
thous. of bbl._
Gas oil and distillate fuels, total
do

2,942

85,132
33, 548
243, 952
42,724
201,228
' 1,624

3,026
.850

100, 787
2,647
1.040
101,830
79
79

97, 309 97, 964 99, 614
2, 3s08
1, 371
2,678
.960
.960
.960
98, 567 102, 287 102, 490
79
77
78

87, 797 98,917
1,736
1,343
.960
.960
93, 475 106,768
76
77

99, 303 105, 755 104, 687 106, 899
4,186
3,279
3,061
2,788
.960
.960
.960
.960
105,510 110, 541 104,607 110,937
84
85
80

86,705 87, 222 87, 399 87, 222 87, 595 87,002 86,294 86,075 85,580 85, 049 85,655
33,975 34,999 36,064
37,193 36,927 38, 323 39, 383 39, 699 39,878 38,902 38,427
240, 251 233, 463 228, 741 229,140 227,134 227,098 229,079 230,926 230, 279 226,462 223, 558
42,979 41,131 40, 386 41, 221 42, 540 41, 777 41,154 40,180 40,445 41,463 41,817
197, 272 192, 332 188, 355 187,919 184, 594 185, 321 187,925 190,746 189,834 184,999 181, 741
1,572
1,601
1,715
1,656
1,608
1,641
1,252
1,419
1,385
1,338
1,419

1,207
3,898
2,916
.925

1,094
3,815
2,925
.925

1,101
4,199
?,788
.925

1,193
4,010
2,771
.925

1,243
4,111
2,925
.925

1,236
3,957
2,587

1,116
3,640
2,904
.850

1,134
4,033
3,076
.850

1,242
3,890
3,341
.850

1,346
3,870
3,520
.850

1,354
3,999
3,343
.850

1,556
4,050
3,207
.850

24,232
12,691

24,552
13,074

25,487
13,820

24,573
12,793

25,197
13,873

25,800
14,135

21,476
12,797
12,
797

25,040
13,639
13,
639

24,750
24,
750
13,301
13,
301

27,022
12,353

24,836
13,530

25,644
12,688

' Revised.
fRevised series. Petroleum and products revised for 1937; see table 9, p. 15 of the March 1939 Survey. Beehive and by-product coke production revised for 1937; see
p. 45 of the December 1938 Survey. Gas and fuel oils, consumption in electric power plants, revised for 1938; see p. 45 of the June 1939 Survey.
§Revised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.




46

SUEVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

October 1939

1938
August

September

1939

DecemOctober November
ber

January

February

March

April

May

June

July

FUELS AND BYPRODUCTS—Continued
PETROLEUM AND PRODUCTSf—Con.
Kenned petroleum products—Continued.
Gas and fuel oils—Continued.
Storks, end of month:
Residual fuel oil, east of California
thous. of bbL.
Gas oil and distillate fuels, total
do
Motor fuel*
Demand, domestic
thous. of bbL.
Production, total
do
Benzol
do
Straight run gasoline
do
Cracked gasoline
do
Natural gasoline
do
Natural gasoline blended
do
Exportsdo
Gasoline:^
Price, wholesale, tank wagon (N. Y.)
dol. per gal..
Price, wholesale, refining (Okla.)
do
Price, retail, service stations, 50 cities .do
"Retail distributiont
mil. of gal..
Stocks, end of month:
Finished gasoline, total
thous. of bbL.
At refineries
do
Natural gasoline
do
Kerosene:
Consumption, domestic.do
Exports!
do
Price, wholesale, water white 47C, refinery
(Pennsylvania)
dol. per gal..
Production
thous. of bbL.
Stocks, refinery, end of month
do
Lubricants:
Consumption, domestic
-._
do
Price, wholesale, cylinder, refinery (Pennsylvania)
.-dol. pergaL.
Production...
thous. of bbL.
Stocks, refinery, end of month
..do
Asphalt:
Imports!
...short tons..
Production
do
Stocks, refinery, end of month
do
Wax:
Production
thous. of lb_.
Stocks, refinery, end of month
do

3,580
.107
.051

.802
.050

.105

1,670

32,874
28,841

33, 661
30, 860

33, 344
33,017

30,935
32, 069

26, 991
27, 873

24, 309
24, 650

21,952
21, 731

19, 288
20,115

19, 534
21,058

21, 397
22,088

22,480
25, 659

25, 025
27, 581

50,459
50,071
133
21, 524
24,188
4,226
2,950
3,998

46, 058
48, 208
144
20, 934
23, 049
4,081
3,329
3,068

46, 272
49, 789
169
21, 3S3
23, 862
4,375
4,432
3,572

44, 991
48, 201
181
20, 397
23, 379
4, 244
4,222
3,205

41, 649
48, 026
186
20, 794
22, 701
4, 345
4,285
4,607

37, 767
49,120
185
21,125
23, 540
4,264
3,637
2,764

34, 595
43, 409
170
18, 455
21,037
3,747
3,229
2,569

42, 520
48, 367
192
20, 663
23, 280
4,232
3,243
3,523

43, 977
48, 837
162
20, 922
23, 521

4,232
2.983
2,900

49, 547
51, 384
130
22, 767
24, 207
4,280
2,646
3,915

49,812
50, 861
174
21, 782
24,810
4,095
2, 682
3,884

50,508
51,896
191
22, 502
25,028
4,175
2,909
2,987

.124
.055
.140
2,088

.124
.051
.138
1,909

.124
.046
.131
1,890

.124
.046
.133
1,762

.119
.043
.134
1,745

.119
.041
.133
1,548

.119
.042
.133
1,427

.118
.045
.133
1,734

.114
.047
.134
1,796

.118
.049
.135
2, 042

.111
.050
.136
2,006

64, 599
40,137
8,022

63,163
38, 819
8,159

63.542
38, 739
6,771

64, 083
39,376
5,742

65,949
41, 805
4,830

73, 847
49,419
4, 647

79,691
54, 569
4,708

81,189
55, 464
4,721

81. 623
55,172
5,484

78, 342
52,076
6,212

4,292
597

4,187
797

5,185
646

5,368
323

6,813
783

5,980
776

5,901
516

5,201
523

5,042
691

4,368
631

3,570 I
460

3,710
753

.052
4,933
10,149

.051
5,348
10, 497

.051
5,320
9,949

.050
5,419
9,676

.049
5,739
7,799

.049
5, 702
6,711

.052
5,174
5,452

.053
5,900
5,605

.053
5,813
5,663

.053
5,909
6,551

.053
5,439
7,949

.051
5, 390
8,855

2,002

2,127

1,805

1,735

1,831

1,609

1,653

1,987

1,770

2,132

1,902

1,982

.105
2,576
7,969

.105
2, 615
7,605

.105
2,632
7,718

.105
2,535
7,817

.105
2, 384
7,695

.105
2,527
7,762

.105
2,522
7,951

.105
2, 664
7,800

.105
2,672
7,886

.105
2,856
7,630

.105
2,800
7,427

.105
2,755
7,179

2,844
514,400
566, 400

1,923
456, 300
471,100

1,649
464, 900
442, 200

3,461
322, 700
447, 600

2,078
242, 400
480, 900

2,869
244,400
532,000

9,662
189, 300
572, 000

3,232
308, 200
650,000

1,521
374,900
688,000

3,024
2,505
477, 800 485,800
672,000 642,000

1,726
509, 400
596,000

31,920
134,103

36, 400
129, 018

42, 000
128,926

37, 520
131, 772

36,120
129,340

35, 280
128,627

33,320
117,711

44, 800
117, 537

35,000
119,301

34, 440 39,480 28,840
113,925 111, 604 109, 322

I .107
!
.050
i
j

74,395 ! 71,824
47,972 44,196
6, 749 7,123

LEATHER AND PRODUCTS
HIDES AND SKINS
Imports, total hides and skins § thous. of lb._
Calf and kip skins§
do
Cattle hides§.
do
Goatskins§
do
Sheep and lambskins§
..do
Livestock (inspected slaughter):
Calves
thous. of animals..
Cattle
_
do
Hogs
do
Sheep
do
Prices, wholesale (Chicago):
Packers', heavy, steers
dol. per lb__
Calfskins, packers', 8 to 15 lb
do
LEATHER
Exports:
Sole leather
thous. of lb_.
Upper leather§
thous. of sq. ft_.
Production:
Calf and kip
thous. of skins..
Cattle hides
thous. of hides..
Goat and kid...
thous. of skins_.
Sheep and lamb_._
do
Prices, wholesale:
Sole, oak, scoured backs (Boston)
dol. perlb..
Upper, chrome, calf, B grade, composite
dol. per sq. ft_.
Stocks of cattle hides and leather, end of month:
Total
thous. of equiv. hides..
In process and
finished
do
Raw
.-do

22,682
2,685
7,128
5,236
4,619

25,093
1,867
9,308
5,362
5,370

16,266
3,175
2,716
5,223
4,341

16,897
2,133
5,670
5,498
2,282

19,803
2,116
7,527
4,945
3,641

24,399
3,440
10, 725
6,122
2,685

25, 657
3,972
9,588
6,075
4,468

32,826
3,563
13,528
6,317
7,901

28,189
2,809
13, 200
6,189
3,975

29,196
2,380
11,771
6,769
4,436

25,454
2,505
11,374
5,260
4,858

27,026
1,939
10, 388
6,332
5,189

414
823
2,792
1,457

457
848
2,467
1,603

453
917
2, 671
1,694

470
884
3,311
1,638

457
858
3,913
1,453

417
758
4,346
1,347

415
761
4,043
1,456

385
653
2,890
1,361

478
774
3,229
1,473

457
677
2,931
1,224

509
814
3,416
1,392

.116
.160

.119
.145

.120
.143

.134
.161

.141
.163

.123
.157

.121

.104
.154

.107
.154

.097
.145

.105
.156

65
2,905

60
3,738

41
3,709

49
4,651

42
3,420

26
3,689

6
3,097

14
3,492

92
4,197

46
3,585

82
3,816

47 !
3,640 I

53
3, 428

1,349
1,764
2, 755
3,226

1,114
1,717
2,336
2,716

1,100
1, 755
2,525
2,822

1.138
1,786
2,634
2,872

1,284
1,882
3,245
2,899

1,319
1,936
3,185

1,326
1,943
3,170
3,236

1,329
1, 955
3,623
3,115

1,168
1,672
3,463
2,774

1,187
1,736
3,473
3,015

' 1, 227 !
••1,715

'3,666
••3,015

1.085
1.617
3, 323
3,041

.318

.320

.320

.324

.318

.315

.303

.291

.290

.290

.294

.305

.378

.378

.385

.392

.390

.393

.390

.380

.380

.380

.380 j

.380

13,331
9,666
3,665

13, 244
9,540
3,704

13,440
9,665
3,775

13,885
10,074
3,811

13,996
10, 301
3,695

13, 602
9,868
3,734

13, 375
9,699
3,676

13,009
9,229
3,780

12,813
9,026
3,787

.335

12, 905
••9,078
3,827

22, 563
2,302
8,034
5,214
4,385
448 !
778
3,185
1,401
.110
.164

417
782
2,778
1,399
.115
.181

12,976 i 13,026
•"9,151
9,185
3,841
' 3,825

LEATHER MANUFACTURES
Gloves and mittens:
181, 791 173, 882 183, 667 162, 797 135, 7, 119, 257 153,409 174,937 148, 420 149, 591 184,099 161, G43
Production (cut), total.
..dozen pairs.
74,065 63,177 93,123 103, 739 81,850 88,480 111,927 104,988
112,736 106, 761 115,942 102, 725
Dress and semi-dress
do.._
72,172
56, 655
69,055
67,121
67,725 60,072 61, 694 56,080 60, 286 71,198 66, 570 61,111
Work
do.._
r
Revised.
fFor petroleum and petroleum products, see note marked with a" t" on p.45. Retail distribution of gasoline revised for 1937-38; data not shown on p. 46 of the June 1939
Survey will appear in a subsequent issue.
5 The gasoline statistics in the above table have been rearranged and data on the production of benzol have been added. With this series included, it is possible to derive
figures of total production of motor fuels, as shown here. Data for benzol production beginning 1925 not shown on p. 46 of the August 1939 Survey will appear in a subsequent issue.
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.




47

SURVEY OF CURRENT BUSINESS

October 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Surrey

1938
August

September

1939

DecemOctober November
ber

January

February

March

April

May

June

July

LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES—Continued.
Shoes:
Exports
thous. of pairs..
Prices, wholesale, factory:
Men's black calf blucher
dol. per pair..
Men's black calf oxfordf
.-do
Women's colored calf
do
Production, boots, shoes, and slippers:
Total
thous. of pairs..
Athletic
do
All fabric (satin, canvas, etc.)
do
Part fabric and part leather
do
High and low cut, total
do
Boys' and youths'
do
Infants'
do
Misses' and children's
do
Men's
do
Women's
do
Slippers and moccasins for housewear
thous. of pairs..
All other footwear
.do

234

164

191

200

138

113

108

195

310

223

304

176

184

5.75
4.70
3.00

5.75
4.70
3.00

5.75
4.70
3.00

5.75
4.70
3.00

5.75
4.70
3.00

5.75
4.70
3.00

5.75
4.70
3.00

5.75
4.70
3.00

5.75
4.70
3.00

5.75
4.70
3.00

5.75
4.70
3.00

5.75
4.70
3.00

5.75
4.70
3.00

42,949
356
246
564
36, 372
1,894
2,106
4,242
9,932
18,198

42, 252
295
291
405
36,247
1,958
1,845
4,090
10,067
18, 287

38, 280
263
319
331
31,987
1,803
1,818
3,859
9, 568
14,940

35,012
282
303
315
27, 799
1,638
1,878
3,583
9,250
11,451

30,054
304
305
354
22, 556
1,553
1,886
3,132
8,691
7,295

29,988
331
355
476
24, 359
1,426
1,775
3,399
8,403
9,355

33,561
260
457
652
30,149
1,414
1,987
3,740
8,876
14,132

35,457
237
530
778
31,400
1,302
1,940
3,711
8,645
15, 801

42, 375
281
760
832
37,132
1,545
2,256
4,505
9,930
18,894

32, 578
275
591
641
27,842
1,407
1,951
3,122
7,680
13, 683

32, 222
307
526
355
27,161
1,404
1,825
3,435
7,739
12, 757

31, 776
295
454
291
26, 326
1,390
1,971
3,579
7,888
11,498

• 33,618
268
••257
380
' 28, 802
' 1,439
' 1, 836
r
3,401
7,628
' 14,497

5,101
311

4,692
322

5,115
264

6,078
236

6,422
114

4,297
170

1,695
348

1,983
530

2,651
721

24, 464
765

3,002
871

3,702
708

' 3, 600
••310

LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
Exports, total saw mill products*
M bd. ft.. 124,021
Sawed timber *
.do
20, 256
99,156
Boards, planks, scantlings, etc.
..do
54, 222
Imports, total saw mill products*
do
National Lumber Mfrs. Assn.:
Production, total.
..mil. bd. ft._
Hardwoods
do
Softwoods
do
Shipments, total
.
do
Hardwoods
do
Softwoods
._
...do
Stocks, gross, end of month, total
do
Hardwoods
_
do
Softwoods..
do

69,217
6,960
62, 257
49,128

76,825
8,827
67,998
58,022

78,184
10,077
68,107
60,977

10, 205
56, 729
50, 232

93, 247
13,289
79,958
46,884

70,652
10,633
57,969
49, 521

70, 727
10,879
59, 228
47,803

21, 766
65, 505
62, 591

82,956
16, 586
61, 726
58, 292

98,932
18, 819
73, 430
48, 941

1,998
222
1,776
2,033
283
1,750
8,481
2,200
6,281

1,901
237
1,664
1,843
293
1,550
8,560
2,155
6,405

1,790
239
1,552
1,847
295
1,552
8,506
2,099
6,407

1,675
246
1,429
1,789
311
1,478
8,442
2,058
6,384

1,505
233
1,271
1,593
263
1,330
8,373
2,069
6,304

1,582
295
1,287
1,662
308
1,355
8,309
2,055
6,254

1,493
293
1,200
1,581
282
1,300
8,209
2,061
6,148

1,808
302
1,506
1,995
327
1,667
8,038
2,021
6,017

1,771
266
1,505
1,828
307
1,521
7,997
1,984
6,013

2,132
271
1,861
2,117
307
1,810
8,024
1,948
6,075

7,450
9,850
7,000
7,250
19,950

5,400
8,800
6,300
5,950
20, 350

7,000
10,600
5,400
5,200
21,000

6,200
11,200
6,100
5,500
21,600

6,500
13,000
6,200
4,900
23, 350

7,450
14, 700
6,000
5,900
23,800

5,400
15, 200
5,580
4,850
24,350

6,550
14,000
5,300
7,400
22, 600

36,943
55,338
42,468
41,511
79, 620

26, 575
47,416
39,035
34,497
84,158

41,133
56,393
36,188
32,156
88,190

30,891
55,724
35,139
31, 560
91, 769

26,659
52,697
31, 720
27,686
94,181

36,868
60,649
28,463
26,916
95, 228

26,910
56,482
27,640
27,308
94, 730

28,144
51,675
29,639
31,951
92,445

112,130 115, 264
17, 984 19,698
89, 254 92, 051
54, 692 53,021
2,036
270
1,766
2,061
328
1,733
8,006
1,896
6,110

1,938
272
1,666
1, 959
324
1,635
7,979
1,844
6,135

8,100
14,000
5,600
7,200
21,000

6,850
7,550
14, 200 12,400
7,400
5,650
7,600 8,200
18, 850 18,400

8,100
11,900
6,200
8,300
16, 600

26,128
47,199
28,565
30,604
87,191

32, 937
41,137
35, 447
37, 999
83, 635

36, 713
39, 523
34,126
36,985
76,165

FLOORING
Maple, beech, and birch:
Orders, new
M bd. ft..
Orders, unfilled, end of month
do
Production..
_
do
Shipments
..do
Stocks, end of month
.do
Oak:
Orders, new
_
.do
Orders, unfilled, end of month..
..do
Production
do
Shipments
do
Stocks, end of month
do

47,117
46,191
41,180
44, 666
72,679

36, 058
39, 793
34, 268
37, 401
79, 503

SOFTWOODS
Fir, Douglas:
Exports, total saw mill products*..M bd. ft.. 55, 755 16, 250 20, 077 24, 606 18, 569 30,098 24, 554 25,972 34,545
29,486
36, 570 45,028 48,105
14, 546
Sawed timber
do
4,365
5,322
5,929
2,222
4,961
9,015
11,485
12,193 10, 992 11, 507
5, 696 14,950
41, 209 14, 028 15, 712 19, 284 13, 608 21, 083 18, 625
Boards, planks, scantlings, etc
do
19, 595 18, 001 24, 377 34,036
Prices, wholesale:
20, 276
No. 1. common boards,..dol. per M bd. ft.- 19.110 17.640
17. 640 17. 640 17. 640 18.008
18. 424
18. 620 18.620
18. 620 18. 620 18.620
Flooring, 1x4, " B " and better, V. G.
18. 820
34.300 35. 280 35. 280 36. 505 37.240
dol. per M bd. ft.. 37.828 36. 260 36. 260 35. 770 35. 280 35. 280 35. 280
Southern pine:
36.000
25, 479 26, 460 22,166
Exports, total saw mill products*_.M. bd. ft_. 18,821 26,156
26,925
19,609
25, 314 20, 857 24, 740 23, 476 30,028
4,197
Sawed timber
do
5,529
5,190
7,916
4,527
4,012
4, 326 18,496
6,706
6,168
4,632
4,954
6,668
Boards, planks, scantlings, etc
do
13, 292 21, 524 21, 282 21,933
16,976
22,913
15, 283
18, 608 15,903
18, 572 16, 808 22,112
4,709
612
Orders, newf
mil. bd. ft..
696
539
569
710
473
557
604
608
558
614
622
13,
787
296
Orders, unfilled, end of month
do
378
323
341
364
307
330
343
346
360
347
304
491
Price, wholesale, flooring,_dol. per M bd. ft..
41.46
40. 57
42.09
30.38
41.22
41.01
40.76
40.30
40.30
39.97
39. 00
41.41
327
639
Productiont
mil. bd. ft_.
625
530
571
578
508
540
579
614
548
578
630
39.86
620
Shipmentsf
___„
do
659
580
575
642
489
534
588
622
541
613
661
495
2,189
Stocks, end of month
_
do
2,018
2,075
2,052
2,125
2,094
2,100
2,092
2,091
2,099
2,050
2,170
494
Western pine:
2,101
509
432
401
444
Orders, new
do
399
333
391
279
347
313
367
386
248
292
Orders, unfilled, end of month
do
253
255
201
247
236
233
190
283
267
253
211
213
Price, wholesale, Ponderosa pine, 1x8, no. 2,
25.42
common (f. o. b. mills)__dol. per M bd. ft.. 25.65
22.17
25.24
22.04
22.49
21.91
22.92
24.30
25.13
24.81
24.90
25.08
552
484
Productiont
..mil. bd. ft..
536
488
430
238
153
520
305
181
233
349
498
484
418
475
388
322
428
Shipments!
do
411
335
299
3J6
339
405
267
Stocks, end of monthf
do
1,943
1,888
1,G99
1, 975
2,037
2,139
2,014
2,109
2,104
1,896
1,709
1,802
1,782
West Coast woods:1
772
547
Orders, npw
_.
do
411
451
445
426
602
572
537
444
513
660
555
483
487
Orders, unfilled, end of month
do
334
282
264
361
388
383
373
324
376
402
437
669
578
471
477
518
466
416
446
434
563
Production
_.
do
4S2
609
522
776
584
471
495
487
463
414
413
431
612
Shipments
_
do
509
634
535
905
935
98S
Stocks, end of month
do
946
920
1,021
1,024
982
970
955
950
IData for August and November 1938 and March and May 1939 are for 5 weeks: other months, 4 weeks.
' Revised.
*New series. For the new series on exports of sawed timber and imports of saw mill products data beginning 1913 appear in tables 44 and 45, p. 18 of this issue. For
Douglasfirand southern pine, the new series on total exports represent a total of the items regularly shown. Note that the more defiinitive title "boards, planks, and scantlings, etc." has been substituted for "lumber."
fRevised series. Production, shipments, and new orders of southern pine lumber for 1937-38 and production, shipments and stocks of western pine, 1937-38, have been
adjusted to the 1937 Census of Manufactures; data for southern pine not shown on p. 87 of the February 1939 issue, and for western pine not shown on p. 47 of the March
1939 issue, will appear in a subsequent issue of the Survey. These revisions have not been carried into the totals shown on this page under the heading "Lumber—All Types."
Revisions for the latter series, embodying certain changes in addition to those occasioned by the adjustment of the southern pine and western pine figures, will be shown
when available. Wholesale prices of men's black calf oxfords revised beginning January 1938 because of style change with price of slightly different type of shoe substituted
at that time. Revised data for 1938 are shown on p. 47 of the September 1939 Survey.




48

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

October 1939

1938
August

September

1939

DecemOctober November
ber

January

February

March

April

May

June

July

LUMBER AND MANUFACTURES—Continued
SOFTWOODS—Continued
Redwood, California:
Orders, new .
Orders, unfilled, end of month
Production
Shipments
Stocks, end of month

M bd. ft. 31,365
do...
28,117
.do...
32, 656
32, 078
do
- . d o . . . 295, 690

29,218
26, 599
34,229
27,885
287, 243

23,409
23, 322
34,838
28,026
296,177

25, 350
25, 111
30, 722
24,427
299,367

25, 939
24, 694
33,106
25,028
304,859

22,134
25,310
27,284
19,661
313,047

34,270
34, 562
25,261
23,811
309,310

20,875
30,647
26,272
24,243
307,494

32,098
32,485
28,585
30, 822
300,378

26,387
29,676
27,930
28,096
298,052

26,846
28,181
31,614
27,806
299,887

24, 498
24,563
28, 262
27, 469
295, 551

23,168
28, 377
25,421
23,497
296, 426

59.0

53.0

58.0

60.0

57.0

58.0

56.0

56.0

57.0

53.0

53.0

50.0

51.0

3.0
20
30
56.0
18

3.5
21
27
50.0
16

4.0
20
23
55.0
18

5.0
20
20
60.0
16

6.0
19
18
61.0
15

7.0
12
13
62.0
13

4.0
19
21
58.0
12

5.0
14
19
53.0
13

5.0
14
16
53.0
15

6.0
10
13
42.0
12

7.0
11
13
47.0
11

2.0
25
28
47.0
13

4.0
16
30
50.0
13

78.1
102.3
88.1
87.2

80.3
102.3
87.6
87.2

80.4
102.3
87.6
87.2

80.4
102.3
87.6
87.2

79.3
102.3
87.6
87.2

77.6
102.3
87.6
87.2

77.6
102.3
88.1
87.2

77.6
102.3
88.1
87.2

77.6
102.3
88.1
87.2

77.6
102.3
88.1
87.2

77.6
102.3
88.1
87.2

77.6
102.3
88.1
87.2

77.6
102.3
88.1
87.2

362,672 359,690
227,884 224,913
27, 664 19,149
1,413
3,333

474, 360
312, 262
25,369
780

394,008
240,124
44,083
2,769

532,641
384,881
28,142
3,971

588,856
32, 587
2,537

513, 664
350,066
30, 851
3,335

FURNITURE

All districts:
Plant operations
percent of normal Grand Rapids district:
Orders:
Canceled
percent of new orders.
New
no. of days' productionUnfilled, end of month-.
do.-_
Plant operations
percent of normalShipments-. ._
no. of days' productionPrices, wholesale:
Beds, wooden
_
1926=100.
Dining-room chairs, set of 6
do...
Kitchen cabinets
do._.
Living-room davenports...
do...
Steel furniture (see Iron and Steel Section).

METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:
Exports (domestic) total§
long tons.. 477, 078 242,139 346,068 425,421
291,896 108,029 149,673 223,954
Scrap
do
26,445
27,958
28,328
20,041
Imports, total§
do
5,524
4,218
3,729
1,637
Scrap
do
Price, wholesale, iron and steel, composite
36.48
36.48
36.50
dol. per long ton.. 35.95
Ore
Iron ore:
Lake Superior district:
Consumption by furnaces
2,314
2,781
2,077
3,775
thous. of long tons..
3,624
3,326
3,285
6,955
Shipments from upper lake ports
do
38,594
37,050
32,714
37,874
Stocks, end of month, total
do
31, 759 32, 516 33,173
28,365
At furnaces
do
5,421
5,292
4,349
5,358
Lake Erie docks
do
226
172
213
188
Imports, total§
do
Manganese ore, imports (manganese content)!
18
15
31
35
thous. of long tons__

469, 596 490,095
273,440 323,691
27, 627 28,767
4,749
6,519
36.39

36.37

36.36

36.37

36.40

36.34

35.80

35.69

35.82

3,150
1,481
37,456
32,166
5,290
198

3,041
0
34, 579
29,456
5,123
187

2,927
0
31,689
26, 646
5,043
180

2,853
0
28,840
23,912
4,928
179

3,317
0
25,872
21,054
4,818
203

2,800
57
22, 791
18, 306
4,485
162

2,246
3,601
23,071
18,835
4,236
217

2,830
5,573
25, 861
21,610
4,251
189

3,143
6,310
28, 507
24,196
4,311
222

26

30

10

26

21

11

17

15

24

Pig Iron and Iron Manufactures
Castings, malleable:
Orders, new
short tons..
Production....
do
Percent of capacity
Shipments
._
short tons._
Pig iron:
Furnaces in blast, end of month:
Capacity
..Jong tons per day
Number
Prices, wholesale:
Basic (valley furnace)
dol. per long ton
Composite
_
do
Foundry, No. 2, northern (Pitts.)
dol. per long ton..
Production
thous. of long tons-.
Cast-iron boilers and radiators:
Boilers, round:
Production
..thous. of lb__
Shipments
„_
do
Stocks, end of month
do
Boilers, square:
Production
do
Shipments
.__
.do
Stocks, end of month
do
Radiators:
Convection type:
Sales, incl. heating elements, cabinets,
and grilles.thous. sq. ft. heating surfaceOrdinary type:
Production
„
do
Shipments
do
Stocks, end of month
..do
Boilers, range, galvanized:
Orders:
New
...number of boilers...
Unfilled, end of month, total...do
Production
do
Shipments
do
Stocks, end of month.
__
do

40, 005
40, 212
47.9
33, 289

25,752
25, 799
31.3
21,102

29, 061
29, 460
34.8
26,941

32,770
29, 970
36.4
28,717

36, 643
35, 351
43.0
35, 563

35, 633
38, 802
46.0
36, 434

38,105
35,372
43.5
36, 403

33,234
34, 786
42.9
34,698

35,997
39,615
47.5
39,807

29,183
31,640
38.8
33,666

27, 702
30,840
37.8
32,657

29,041
30, 781
37.0
32, 566

29, 892
28. 836
35.3
26,169

87, 715
138

51,370

57, 625

70, 690
115

75,795
121

71,315
117

70, 235
118

74,285
121

77,460
123

60,160
102

60, 515
107

72, 495
118

79,765
'130

20.50
21.15

19.50
20.15

19.75
20.29

20.50
21.14

20.50
21.15

20.50
21.15

20.50
21.15

20.50
21.15

20.50
21.15

20.50
21.15

20.50
21.15

20.50
21.15

22.89
2,660

21.89
1,494

22.14
1,680

22.89
2,052

22.89
2,270

22.89
2,211

22.89
2,175

22.89
2,060

22.89
2,395

22.89
2,056

22.89
1,718

20. 50
21. 15
22.89
2,118

1,946
2,537
18,463

2,277
2,287
20, 619

2,391
4,078
18,925

3,561
4,803
17, 701

2,233
3,083
16,877

1,338
2,182
16,114

1,573
1,642
15,986

1,807
1,376
16,491

2,198
1,113
17, 579

1,916
1,203
18,301

1,930
1,051
19,084

1,950
1,427
19, 421

1,387
1,749
19,056

15, 388
22,851
34,108 20,027
108, 445 104, 021

15, 081
98, 831

13, 801
12,881
9,246
12, 276
99,128 104,303

19,960
10,406
114,878

15,339
9,448
119,839

21,442 20, 367 25,336
25, 360 17,804 30,852
120, 651 125,446 119,841

10,128

22.89
2,356

16,429
16,194 15, 284
11, 744 14. 577 16, 807
124,462 126,130 124, 581

1,106

703

606

614

498

442

305

340

476

556

729

811

5,299
7,234
32, 007

6,023
5,214
27, 098

7,199
6,387
28,003

6,907
7,679
27, 268

4,765
5,697
26, 394

3,955
4,815
25, 624

4,896
3,814
28,279

4,711
2,950
30,800

5,593
2,887
33,612

4,350
3,103
34,875

4,276
4,207
34,963

4,655
4,730
34,975

4,187
5,280
33,902

60, 082
16, 694
69, 658
69, 059
29,475

57,721
15, 414
56, 595
56, 586
30,912

68,337 108, 427
18,016 46, 882
65, 622 77, 563
65, 735 79, 561
30, 799 28,677

70, 862
37,170
83, 716
80, 574
31,819

47, 882
20,626
70, 232
64,426
37,625

61,003
15, 026
64, 094
66, 603
35,317

50,876
12,604
56,476
53, 298
38, 495

57,928
10,145
60, 421
60,387
38, 463

69, 772
19, 442
53,454
60,475
31, 442

68,191
20,638
67, 610
66, 995
32,057

59, 277
16. 245
62, 996
63, 670
31, 472

' 53, 914
19, 671
r 47, 894
' 50, 488
'28,878

39,698
35.4
6,912
42, 428
37.9
10, 229

24,814
22.2
4,411
36,454
32.5
12, 983

25, 565
22.8
5,462
28, 478
25.4
8,353

25,418
22.7
4,127
28,109
25.1

30, 428
27.2
7,128
29,994
26.8
7,207

38, 342
34.2
14,749
36,130
32.3
11, 282

42, 024
37.5
12,606
38,928
34.8
12,804

30,360
27.1
6,848
36,471
32.6
10, 060

41, 367
36.9
11,125
40, 219
35.9
10,173

34,100
30.4
9,655
35,944
32.1
9,751

41,660
37.2
12,621
41, 359
36.9
12,506

37, 774
33.7
11, 872
40, 272
36.0
11,060

34, 804
31.1
7,721
34,168
30.5
8,498

Steel, Crude and Semimanufactured
Castings, steel:
Orders, new, total..
Percent of capacity
Railway specialties.
Production, total
Percent of capacity
Railway specialties.
r
 Revised.
5 Revised series. Data revised



short tons..
short tons..
do.
short tons..

for 1937; see tables 19 and 20, pp. 14-15 of the April 1939 issue.

October 1939

49

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

1938
August

September

DecemOctober November
ber

1939
January

February

March

April

May

June

July

METALS AND MANUFACTURES—Continued
IRON AND STEEL-Continued
Steel, Crude and Semimanufactured—
Continued
Ingots, steel:
3,106
3,558
3,131
2,537
3, 174
3,125 ' 3, Ifi3
Production
thous. of long tons..
3,764
2,647
2,989
3,405
2,974
2,923
41
52
60
53
54
Percent of capacity
61
44
55
'55
53
52
53
47
Bars, steel, cold-finished, carbon, shipments
36, 315 39, 648 38, 571
short tons.. 42, 895
28,327
42,808 36,287
35, 615 32, 809
30,903 35,106 37,673
34, 287
Prices, wholesale:
.0266
Composite, finished steel
dol. per lb__
.0268
.0268
.0262
.0261
.0268
.0268
.0261
.0268
.0268
.0264
Steel billets, rerolling (Pittsburgh)
dol. per long ton_.
34.00
34.00
34.00
34.00
34.00
34.00
34.00
34.00
34.00
34.00
34.00
34.00
34.00
Structural steel (Pittsburgh)
dol. per lb_.
.0210
.0210
.0120
.0210
.0210
.0210
.0210
.0210
.0210
.0210
.0210
.0210
.0210
Steel scrap (Chicago)
dol. per gross ton_.
12.88
13. 56
14.20
13.75
13.85
13.56
13.75
13.50
14.06
14.25
13.38
13.88
12.80
U. S. Steel Corporation:
Earnings, net
thous. of dol..
19, 792
15, 881
15,881
10,026
Shipments, finished steel products
thous. of long tons..
559
678
663
694
789
733
676
578
701
723
Steel, Manufactured Products
Barrels and drums, steel, heavy type:
Orders, unfilled, end of month
number... 247, 729 378.675 445, 310 374,454 248, 376 519, 375 438,746 421,037 351,203 277,719 257, 961 208,000 235. 772
Production
do
820,941 766, 374 783, 592 841,653 788,040 830,979 749.070 552,189 709, 252 800,292 814, 298 833,378 719,055
Percent of capacity
52.3
49.0
35.0
52.3
45.1
47.6
51.7
47.5
44.4
48.7
51.9
50.1
51.1
Shipments
number.. 825, 551 771, 283 759, 188 865, 572 799,678 822,746 746, 510 556.069 710,228 799,404 812, 843 822, 658 725, 669
Stocks, end of month
.do
36, 241 24,603
35,756
32,696
34,717 30,586
29,610 30,498
33.025
60,160
42,
587
34,407
31,867
Boilers, steel, new orders:
Area
thous. of sq. ft..
717
1,032
783
892
772
635
1,131
817
617
579
765
877
890
Quantity
number..
1,125
1,033
1,012
1,264
892
1,098
1,063
1,124
947
834
1,175
983
Furniture, steel:
Office furniture:
Orders:
New
thous. of dol..
1,902
1,650
1,813
1,852
1,737
1,538
1,966
1,782
1,813
1,630
1,798
1,619
1,780
Unfilled, end of month
do
958
1,207
1,063
1,064
1,132
1,382
1,308
1,026
977
1,140
1,052
952
1,016
Shipments
do
1,718
1,714
1,677
1,813
1,667
1,707
1,982
1,567
1,887
1,775
1,886
1,707
1,716
Shelving:
Orders:
New
do
318
420
404
411
400
335
315
499
507
Unfilled, end of month
do
362
292
292
360
328
386
255
253
358
317
327
387
205
Shipments
do
342
378
442
451
433
317
349
474
360
318
389
447
357
Plate, fabricated steel, new orders:*
Total
short tons.. 21, 828
22,069
33,959
18, 551 21.793 20,213 28, 218 20, 511
31,364
22,903 29,784 35,844 34,036
Oil storage tanks
do
5,379
8,229
3,646
5.950
13, 481
3,623
3,629
7,723
4,081
10,976
5,429
8,188
7,401
Plumbing and heating equipment, wholesale
price (8 items)
dollars.
235.03 234. 01 233.88 233.97 233.97 233.99
234.64 234.82 234.82 234. 77 234. 77 234.71
234. 87
Porcelain enameled products, shipments 1
thous. of dol..
749
951
736
645
796
959
675
610
771
851
853
Spring washers, shipments
do
123
149
137
177
164
183
215
186
185
180
171
184
Steel products, production for sale (quarterly): " " 1 8 4
Merchant barsthous. of long tons..
434
595
616
672
Pipe and tube
do
564
620
611
595
Plates
do....
384
452
505
491
Eails
_.
do . .
105
116
386
293
Sheets, total
do....
1,812
1,492
1,131
1,654
Percent of capacity. _.
43.1
52.7
1.0
60.1
Strip:
Cold rolled..
thous. of long tons
110
160
125
Hot rolled
do....
214
210
384
243
Structural shapes, heavy..
do
367
474
395
459
Tin plate
.do
331
556
374
422
Wire and wire products
do
650
528
617
674
Track work, shipments
short tons.
6,832
2,840
2,686
3,036
5,330
5,402
6,481
2,608
2,514
2,909
4,250
6,819
6,658
NONFERROUS METALS AND
PRODUCTS
Metals
Aluminum:
Imports. bauxite§
long tons.. 40,644
18, 855 36,204 26,795 33, 737 41,060 33, 660
35, 397 40,309
51, 027 43,629 44, 805
Price, wholesale, scrap, castings (N. Y )
dol. perlb..
.0702
.0813
.0736
.0800
.0688
.0713
.0750
.0813
.0808
.0713
.0688
.0703
Babbitt metal (white-base antifriction bearing
metals):
Consumption and shipments, total
thous. of lb_.
1,474
1,613
1,999
1, 538
1,749
1,606
1, 596
1.366
1,783
1,602
1,725
1,460
1,380
Consumed in own plants
do_
517
629
508
453
611
648
597
509
531
644
359
338
425
Shipments
do.
1,370
1,096
1.030
1,021
1,137
999
958
857
1.252
1,080
1,101
1,042
1,177
Copper:
Exports, refined and manufactures!
short. tons__ 45. 840
36,984 40,441
40,915 31,285 40, 741 25, 503
23. 807 27, 364 28.162 36,303 39, 350 35,168
16,176
Imports, total§
do
12, 976 13,192
10, 439 16.154 22,132 18. 551
19, 365 20,651
19.040 23, 24* 21,123
11,634
15,582
For smelting, refining, and export§___do
11, 673 12, 402
9.408 15. 568 21, 731 18,076
10, 509 18,450 19, 728 18,128 21, 992 18, 646
Product of Cuba and Philippine Islands
135
136
184
91
42
short tons..
172
156
77
105
100
146
180
459
2,342
700
Allother§
do
1,260
1,072
244
954
413
810
374
979
742
903
Price, wholesale, electrolytic (N. Y.)
.1026
dol. per lb_.
.1003
.0998
.0990
.0978
.1103
.1076
.1103
.1103
.1103
.1103
.1027
Production:
Mine or smelter (incl. custom intake)
short tons..
44,5*8 49,316
61,752 62. 548 58, 600 59, 672 54, 532
69, 630 73, 205 72,709
60,707
60,170
Hennery
do
57, 339
38,053 45, 808 56. 824 66. 846 68,071
66,316
59, 452 66, 718 58, 368 68, 536 61,719
Deliveries, refined, total
do___
62 832 67 919
82, 605 64, 657 47, 804 54. 827
51, 577 55. 025 46. 667 63, 894 63, 862 75, 808
Domestic
do
53, 637 69, 827 51,397 38,977 51,059
48,071
48. 267 50, 803 42, 484 51,225 53, 573 59, 681
Export
do
14,282
14,761
12, 778 13.260
8.827
4 183 12, 669 10, 289 16,127
4.222
3,768
3 310
Stocks, refined, end of month
do
315,191 293,080 267, 299 269, 488 289, 755 301,244 309.119 320, 812 332, 513 337,155 335, 012 316, 543
Lead:
Imports, total, except manufactures (lead content) §
short tons,.
3,019
4,443
4,482
4,476
1.692
4,241
5,179
3,864
11,99*8
15,485
13, 257 16, 593 10,961
Ore:
Receipts, lead content of domestic ore. do
25,941 27,605 28,193 34,716 35,885 37,654 31,593 31,748 30,614 33,589 32,300 31,268
Shipments, Joplin district^
do
3,728
3,744
3,576
5,113
3,911
6,052
9,695
6,314
3,264
4,396
3,679
4,152 4,537
••Revised.
•Data are for 46 identical manufacturers; beginning January 1938 data are available from the reports of the Bureau of the Census for 26 additional small establishments.
*[As reported by 21 manufacturers through December 1938; subsequently, 2 of these ceased operations. For 1937 and 1938, data are available from the reports of the Bureau
of the Census for 34 additional establishments, and, beginning January 1939, for 80 additional establishments.
JData for October and December 1938, April and July 1939 are for 5 weeks; other months, 4 weeks.

§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.



50

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

October 1399

1938
August

September

October

1939
Novem- December
ber

J

F6

afy"

aryU"

March

April

May

June

July

METALS AND M A N U F A C T U R E S — C o n t i n u e d
NONFERROUS METALS AND
PRODUCTS-Continued
Metals—Continued
Lead—Continued.
Refined:
Price, wholesale, pig, desilverized (N. Y.)
dol. perlb.. 0.0504
Production from domestic ore_ .short tons.
36,556
Shipments (reported)
do
45, 025
117,985
Stocks, end of month
do
Tin:
Consumption of primary tin in manufactures
long tons..
Deliveries
do
6, 295
Imports, bars, blocks, etc
do
4, 735
Price, wholesale, Straits (N. Y.)__dol.per lb__
4. 876
Visible supply, world.end of mo.t___loug tons.. 26,338
United States
do....
3,613
Zinc:
Ore, Joplin district^:
Shipments
short tons . 28, 428
Stocks, end of month
do
9, 503
Price, wholesale, prime, western (St. L.)
dol. perlb..
.0472
Production, slab, at primary smelters
short tons.. 40, 960
Retorts in operation, end of mo
number.- 34, 443
Shipments, total
short tons.. 49, 928
Stocks, refinery, end of mo
do
122,814
Miscellaneous Products
Brass and bronze (ingots and billets):
Deliveries
short tons..
Orders, unfilled, end of month
do
Plumbing fixtures, brass, shipments
thous. of pieces..
Radiators, convection type, sales:
Heating elements only, without cabinets or
grilles
thous. of sq. ft. heating surface...
Including heating elements, cabinets, and
grilles
thous. of sq. ft. heating surface...
Sheets, brass, wholesale price, mill dol. per lb_.
Wire cloth (brass, bronze, and alloy):
Orders, new
thous. of s q. ft..
Orders, unfilled, end of month
do
Shipments
do
Stocks, end of month
do
MACHINERY AND APPARATUS
Air-conditioning systems and equipment:
Orders, new:
Totalf
thous. of dol.
Air-conditioning group
do
Fan-groupt
do
Unit-heater group
do
Electric overhead cranes:
Orders:
New
do
Unfilled, end of month
do .__.
Shipments
do
Exports, machinery
(See Foreign trade.)
Foundry equipment:
Orders:
New
1922-24 = 100
Unfilled, end of month
do...
Shipments
do
Fuel equipment:
Oil burners:
Orders:
New
i) uni her
Unfilled, end of month
do __
Shipments
do....
Stocks, end of month
do
Pulverizers, orders, new
do
Mechanical stokers, sales:
Classes 1, 2, and 3
do
Classes 4 and 5:
Num her
Horsepower
Machine tools, orders, new
av. mo. shipments 1926=100..
Pumps and water systems, domestic, shipments:
Pitcher, other hand, and windmill pumps
units
Power pumps, horizontal type
do
Water systems, incl. pumps
...do....
Pumps, measuring and dispensing, shipments:
Gasoline:
Hand-operated
units..
Power
do
Oil. grease, and other:
Hand-operated
do
Power
do
T

0.0490
23,723
38,343
142,868

0.0500
24,994
39,026
131, 353

0.0510
27,968
45, 726
117,476

0.0509
35,958
42,005
115,134

0.0484
30,988
33,908
115,902

0.0483
38,299
40,189
117,214

0.0481
36. 391
34, 421
122,112

0.0482
37, 790
40,871
122,035

0.0478
36, 704
37,903
123,394

0. 0475
43, 026
40,124
129, 270

0.0480
37, 237
38, 710
129,636

0. 0485
34. 926
42, 636
124,017

4,100
3,775
4,880
.4326
•41,726
5,232

3,770
4,465
3,895
.4338
• 40, 568
4,573

4,060
4,960
4,643
.4522
'38,969
4,500

4,160
3,535
4,448
.4623
' 37, 169
5,060

4,330
3,400
3,555
.4618
' 37, 737
5,157

4,230
4,330
3,971
.4638
»• 39,116
4,624

4,410
4,105
5,097
.4562
40. 051
5,486

5,270
4,755
5,208
.4621
37. 806
5,806

5,190
5,980
3,814
.4720
' 37,241
3,385

5,920
5,905
5,118
.4902
' 33, 832
3,387

5,780
4,925
6,020
.4885
30,055
4,388

5,140
5,275
6,179
.4852
29,625
5,339

38, 014
13,149

31.894
14.895

39,014
18, 745

34,827
17, 299

42, 237
12,251

27,452
12, 301

28,330
10, 503

37,908
9,294

32,126
7,498

31,077
6,749

33, 990
7,601

r

33, 220
8,400

r

.0475

.0485

.0501

.0492

.0450

.0450

.0450

.0450

.0450

32, 296
29, 767
36, 507
141,997

32, 328
31, 555
43, 582
130, 743

36, 740
32,427
43. 355
124,128

40, 343
36, 243
43,693
120, 778

45, 345
38, 793
39, 354
126, 769

44,277
39, 500
42, 639
128,407

39,613
39,459
39,828
128,192

45,084
38,251
45, 291
127,985

43, 036
38, 763
40, 641
130, 380

6,006
15, 542

5,018
14, 237

4,487
16,267

5,159
17,019

4,759
13,740

4,347
11,463

4,926
9,240

4,662
8,161

5,818
14, 571

1,721

1,538

1,382

1,446

1,359

1,218

1,391

1,419

1,505

60

65

58

110

109

37

26

787
.168

565
.168

495
.168

494
.173

570
.175

491
.174

410
.173

418
.173

413
793
439
637

470
712
407
590

538
712
439
511

497
822
385
505

419
780
458
446

360
752
392
450

505
868
388
478

352
805
404
504

3,079
1. 293
1,144
642

3,019
1,270
941

3,352
1,228
899
1,225

2,885
819
837
1,228

3,211
1,112
871
1,228

3,349
1,747
812
790

844
2,414
347

144
1,147
243

113
1,017
243

171
1,080
108

179
1,052
207

377
1,171
257

131.6
123.1
143.8

83.4
102.8
89.1

78.7
97.3
84.2

87.9
91.8
93.4

89.7
87.0
94.5

.0450

.0450

. 0452

302
331
607
075

39,450
36, 291
37, 284
135, 241

39, 669
35, 491
43,128
131, 782

4,657
14,037

4,543
12, 688

5,026
11,065

5,035
14, 625

1,330

1,554

1,577

1,532

47

62

101

138

497
.173

546
.170

717
.165

814
.165

657
.167

484
853
427
532

347
768
422
549

481
830
413
560

366
750
444
582

468
823
392
624

2,889
1,446
821
622

4,754
2,845
1,073
836

4,528
3,015
955
558

4,901
3,115
1,318
468

'5,386
' 3, 357
1,509
521

4,438
2,565
1,327
546

168
1,173
166

201
1,131
244

284
993
270

823
1,504
312

438
1,755
174

274
1,813
215

383
1,917
280

141.9
126.0
102.8

122. 5
151.4
96.3

135.5
175.1
112.2

146.6
193.6
128.1

146.2
208.6
131.0

108.9
173.1
144.3

134.9
159.2
148.5

114.0
135.6
135.5

42,
36,
39,
133,

22,748
5. 040
24, 660
19.642
14

15,
3,
15,
26,

622
388
373
638
18

26, 403
3.386
26. 405
23, 705
6

20. 346
2. 673
21. 059
22. 556
8

11.409
2.564
11,518
21,421
12

8.435
2,155
8,824
21, 326
19

9,616
3.033
8,738
21, 885
16

7,981
3,340
7,674
22, 850
10

11, 806
4,475
10, 671
21. 790
33

11,346
5,181
10. 640
2i; 619
8

15, 284
5,456
15,009
20,214
23

17,901
6,451
16,906
19,947
20

17, 838
6,952
17, 337
18, 854
11

14,682

12, 555

20,126

17,339

7,689

4,752

3, 398

2,375

3,669

3,427

5,023

7,599

9,246

376
63. 899

304
44,190

326
45,030

342
59,920

228
34, 533

219
40,117

189
34, 909

186
38,932

168
34, 811

164
32, 540

215
49, 255

267
56, 419

279
51, 722

118.1

112.2

146. 5

150.8

167.1

185.4

155.6

219.8

211.6

230.9

120. 9

52, 897
1 138
19, 890

43, 533
908
17,196

35, 803
928
17, 205

25, 556
997
13,934

26, 572
893
12, 803

24,889
865
10, 402

41,191
464
14, 738

31. 485
740
14, 259

42, 693
732
16, 222

38, 468
1,463
16, 889

44, 216
731
20, 773

55,048
953
23,067

52, 336
964
19,029

663
9,198

690
8,702

632
7,752

858
8,412

649
7,652

740
5,858

1,005
6,156

1,582
8,878

1,346
9,637

1,601
12,017

1,129
11,430

875
9,419

10, 420
2,934

9,632
2,075

12. 246
1,729

14,653
2,367

10, 708
1,480

10,297
2,071

11,982
2,981

13,078
4,305

13,919
3,544

17,085
3,332

15, 612
3,186

14,053
2,011

Revised
tRevised series Data for "driving mechanisms for general fan use" have been removed from the fan group beginning January 1936. Revisions not shown on p . 50 of tbe
May 1939 issue will appear in a subsequent issue. Beginning January 1935>. data on air-conditioning systems and equipment are available for from 252 to 267 manufacturersfigures shown here are for 125 of these whose orders in January 1939 amounted to more than 85 percent of the total for 252 manufacturers. World visible supply of tin revised beginning January 1935 to include stacks of refined tin at all European smelters.
IData for October and December 1938, April and July 1939 are for 5 weeks; other months, 4 weeks.




51

SUEVEY OF CURRENT BUSINESS

October 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

1938
August

September

1939

DecemOctober November
ber

January

February

March

April

May

June

July

METALS AND MANUFACTURES—Continued
MACHINERY AND APPARATUS—Con.
Pumps, steam, power, centrifugal, and rotary:
Orders, new
thous. of dol..
Water-softening apparatus:
Shipments, domestic.
units..
Woodworking machinery:
Orders:
Canceled.
_
thous. of dol
New
do
Unfilled, end of month..
_
.do
Shipments:
Quantity
number of machines
Value
..thous. of dol
ELECTRICAL EQUIPMENT
Battery sales (replacement only):*
Unadjusted.
1934-36«=100
Adjusted

1,585

2,006

1,462

1,449

970

1,155

1,204

1,282

1,258

1,230

1,236

1,673

1,090

1,236

1,244

1,078

1,191

1,038

1,077

1,108

1,082

1,698

1,122

1,217

1,282

1,306

14
337
665

1
381
714

4
340
656

3
456
720

4
612
910

13
363
863

14
410
836

1
445
896

5
393
923

484
898

417
905

5
438
980

164
298

205
332

165
394

172
388

236
418

190
397

216
422

209
384

152
360

216
510

224
411

157
357

163
122

198
128

188
111

168
120

149
132

100
127

78
122

73
121

72
132

84
151

111
163

64.3
60.2

74.2
62.7

78.0
61.0

81.9
67.6

79.2
72.1

79.6
69.2

79.2
67.8

90.8
99.3

80.5
77.5

84.1
77.5

'86.6
87.8

78.2
76.0

do

Electrical products:*
Industrial materials, sales billed. _.1936«=100_.
Motors and generators, orders received..do _ _
Transmission and distribution equipment,
orders received
1936=100
Furnaces, electric, industrial, sales:
Unit
kilowatts
1,921
Value
thous. of dol..
182
Electrical goods, new orders (quarterly)
thous. of dol
Ironing machines, sales*
units.. 11,386
Laminated products, shipments..thous. of doL.
906
Motors (1-200 hp.):
Billings (shipments):
A. C
do
D. C
_
do .
Orders, new:
A. C
do . .
D. C , .
.
do
Power cable, paper insulated, shipments:
Unit
thous. of ft-.
783
Value
thous. of dol..
860
Power switching equipment, new orders:
Indoor
dollars.. 67,963
Outdoor
do . . 259,436
Ranges, billed sales
thous. of dol-. 1,799
Refrigerators, household, sales
number.. • 94, 712
Vacuum cleaners, shipments:
Floor
do
74, 333
Hand-type
Vulcanized fiber:
Consumption of fiber paper
Shipmentsf
_
Washing machines, sales*

do
thous. of lb._
thous. of dol
units

90.8

87.0

76 3

73.1

79.4

81 0

108.3

129 1

103.0

117 2

102 0

121.2

1,914
144

829
58

1,324
78

1,176
67

2,356
110

3,147
195

1,235
98

4,681
215

1,934
161

2,789
194

3,228
213

1,332
97

11, 977
635

158, 959
11, 272
800

10, 523
838

8,226
851

160, 374
9,210
876

8,208
838

8,016
812

197 654
11, 607
968

9,047
830

8,433
849

205, 567
7,216
901

7,741
805

1,738
458

1,742
325

1,538
300

1,506
305

1,713
446

1,436
330

1,508
449

2,050
557

1,986
534

2,053
519

2,410
574

2,053
538

1,695
358

1,733
472

1,641
347

1,605
651

1,733
659

1,574
540

1,762
404

2,356
739

2,062
546

2,319
428

2,504
549

2,128
406

660
657

763
764

587
555

603
588

476
502

271
273

353
312

637
662

700
696

566
674

652
718

716
773

118,938
190, 306
1, 367
92, 956

121, 481
120, 784
1,272
62,148

55, 331
128, 450
1,257
34, 345

55, 627
124, 927
1,047
32,103

91, 720
138, 840
1,006
47, 599

51,124
109, 799
2,230
150,108

47, 458
223, 286
2,103
198, 528

87, 019
197,175
2,263
251, 644

75,161
279, 093
1,939
260, 204

89, 809
346, 530
2,395
273,966

92, 347
217,846
2,025
268,848

90, 302
283,614
1,428
164,211

22 268

73, 309
17, 248

79,180
22, 834

95, 684
24,121

89, 772
29, 734

95, 521
30, 632

78, 753
23, 846

87,140
25,182

122, 785
29, 470

100, 487
24, 539

91, 055
23, 322

80, 660
19, 014

61,492
15,197

1,971
528
132, 297

1,450
350
129,163

1,189
380
125,821

1,495
372
115,019

1,565
422
84,192

1,385
383
67, 502

1,410
458
109,909

1,561
470
129,885

2,070
528
152, 725

1,575
466
116, 199

1,749
458
105, 266

1,735
441
120, 076

1,725
437
104, 817

PAPER AND PRINTING
WOOD PULP
Consumption and shipments:*
Total, all grades
short tons
Chemical:
Sulphate
do
Sulphite, total
do
Bleached
do
.
Unbleached
do
Soda
do
Groundwood
_do
ImportsChemical§
do...
GroundwoodJ
do....
Production:
Total, all grades
do
Chemical:
Sulphate
do....
Sulphite, total
do
Bleached
do
Unbleached
do
Soda
do...
Groundwood
do
tocks, end of month:
Total, all grades
do....
Chemical:
Sulphate
do
Sulphite, total
do
Bleached
do
Unbleached
...do
Soda
do
Groundwood
do____
Price, sulphite, unbleached
dol. per 1001b..
PAPER
Total paper:
Paper, incl newsprint and paperboard:
Production
short t o n s . .
Paper, excl. newsprint and paperboard:

503,181

495,097

525,085

522,863

539,061

499,076

484,507

546,949

527,307

524,391

502, 887 495, 390

130,809

216,739
144,320
86,403
57,917
30,617
111,505

211,591
146,614
88.885
57,729
31,118
105,774

227,063
151,056
91.575
59,481
31,505
115,461

214,796
151,635
90,486
61,149
32,575
123,857

211,884
174,546
115,442
59,104
31,996
120,635

196,419
145,040
89,511
55,529
32,643
124,974

199,931
136,667
85,120
51,547
31,526
116,383

228,680
156,107
97,156
58,951
34,705
127,457

221,196
148,801
93,498
55,303
32,946
124,364

204,220
152,108
94,398
57,710
33,713
134,350

202, 204 208,187
146,993 143,487
91,164 91,428
55, 829 52,059
30, 031 28, 303
123, 659 115, 413

130,920
19,649

159,990
14,957

142,407
20,576

142,188
15,175

166.091
17,491

171,520
17,366

15)0,510
20,076

103,504
7,312

117,800
17,326

78,534
9,867

140,131
18,562

152, 719 137,431
17, 403 19, 694

485,830

475,356

522, S25

533,423

522,220

533,442

484,605

543,411

521,590

535,149

507, 857 472,095

217,004
138,457
78,826
59,631
30,718
99,651

212,664
139,022
82,373
56,649
30,995
92,675

231,804
154,210
94,729
59,481
31,625
105,186

217,896
157,724
93,782
63,942
32,632
125,171

212,884 207,259
152,498 158,913
95,845 I 100,337
56,653
58,576
31,917
32.255
124,921 135.015

200,502
132,662
79,698
52.964
31,075
120,366

228,632
149,019
92,729
56,290
34,561
131,199

212,559
142,401
88,250
54.151
32,768
133,862

201,123
161,601
103,464
58,137
34,748
137,677

201, 364 206,479
153, 526 132,460
97, 308 82, 527
50. 218 49, 933
31,164 26, 846
121, 803 106, 310

211,443

191,702

139,442

200,002

183,161

217,526

217,624

214,085

208,369

219,127

224, 097 200, 803

26.814
112,602
76,611
35,991
4,851
67,176
2.20

27,887
105,010
70,099
34,911
4,728
54,077
2.07

32,628
108,164
73,253
34,911
4,848
43,802
2.02

35,72S
114,253
76,549
37,704
4,905
45,116
2.00

36,728
92,205
56.952
35,253
4,826
49,402
2.00

47,568
106.078
67,778
38,300
4,437
59.443
2.00

48.139
102,073
62,356
39,717
3,986
63,426
2.00

48,091
94,985
57,929
37,056
3,842
67,168
1.95

39,454
88,585
52,681
35,904
3,664
76,666
1.95

36,357
»>7O
98,078
61,747
36,331
4,699
79,993
1.95

954,659

874,263

926,616

957,377

849,764

843,063

873,441

1,036,734

235,709
154,174
96,894
57,280

233,197
158,341
97,283
61,058
110,079

31,297
97,751
59,379
38,372
48,904
1.95

35,517
104,011
07,891
36, 720
5,832
78,137
1.95

33, 809
93. 584
58,990
34, 594
4,376
69,034
1.95

!
912,676 \r 959,841 ' 898,307
|r

859,970

Orders, new
..shorttons
521,567 467,455 479,970 514,201 437,128 430,048 408,274 542,497 436,980 jr 477,034 '454,900 429,256
Production
do
528,246 454,897 482,812 534,542 444,728 442,405 403,770 535,229 462,299 498,197 '441,236 418,433
Shipments
_do
I
529.198 456,235 475,850 532,175 441,194 446,265 460,019 542,734 447,500 r 479,108 r 449,987 j 436, 635
»• Revised.
• Less than $500.
• Pulp used in the producing mills and shipments to the market.
• Estimated.
•New series. Data on battery sales beginning 1934 appear in table 35, p. 17 of the August 1939 issue. Sales of washing machines and ironers beginning 1929 appear in
table 43, p. 17 of this issue. For data on electrical products beginning 1934, see table 32, p. 18, of the June 1939 Survey; data are furnished by both member and nonmember
companies rather than member companies alone as therein stated.
§ Revised series. Data revised for 1937; see table 20, p. 15 of the April 1939 Survey.
t Revised series. Data on vulcanized fibre shipments revised beginning 1934; data not shown on p. 51 of the January 1939 Survey will appear in a subsequent issue.




52

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
1938
gether with explanatory notes and references
to the sources of the data may be found in the August August SepNovem- Decem1938 Supplement to the Survey
tember October
ber
ber

October 1939
1939

January

February

March

April

May

June

July

PAPER AND PRINTING—Continued
PAPER—Continued
Book paper:f
Coated paper:
Orders, new
short tons.. 15,559
Orders, unfilled, end of month
do
3, 695
Production
do
17,737
Percent of potential capacity
69.9
Shipments
short tons.. 16,287
Stocks, end of month
do
14,971
Uncoated paper:
Orders, new
do
107,028
Orders, unfilled, end of month
do
41,701
Price, wholesale, "B" grade, English finish, white, f. o. b. mills.dol. per 100 lb_.
5.45
Production
short tons._ 98,180
Percent of potential capacity
78.7
Shipments
short tons.. 96,337
Stocks, end of month
do
• 59,839
Fine paper:
Orders, new
do
Orders, unfilled, end of month
do
Production
do
Shipments
do....
Stocks, end of month.
do
Wrapping paper:
Orders, new
do
Orders, unfilled, end of month
do
Production
do
Shipments
do
Stocks, end of month
do
Newsprint:
Canada:
Exports
do
Production
do
236,975
Shipments from mills
do
224,367
214,659
Stocks, at mills, end of month
do
United States:
159,647
Consumption by publishers
do
Imports§
do
195,644
Price, wholesale, rolls, contract, destination (N. Y. basis).__dol. per short ton.. 50.00
Production
short tons_. 80,000
79,060
Shipments from mills
do
Stocks, end of month:
17,946
At mills
...do
At publishers!
do
277, 569
In transit to publishers!
do
Paperboard:
314,316
Consumption, waste paper
do
454,817
Orders, new
do
119,502
Orders, unfilled, end of month
__do
443,226
Production
do
72.4
Percent of capacity
Stocks of waste paper, end of month:
At mills
short tons.. 246,219
PAPER PRODUCTS
Coated abrasive paper and cloth:
Shipments
reams.. 86, 401
Paperboard shipping boxes:
Shipments, total
mil. of sq. ft..
Corrugated
do
Solid
fiber
_
do

16,608
3,076
16,836
59.3
16,138
' 13, 582

16,029
2,767
17,445
66.4
16,883
14,144

17,687
3,160
17, 741
64.9
18,194
13, 691

16,612
3,410
17,057
62.4
16, 730
14,018

15, 769
2,714
17,096
62.6
17, 563
12, 776

16,961
3,071
16,845
63.3
17,319
12,070

17,911
3,552
17,796
71.6
17,642
12,472

19,553
4,060
20,028
71.7
19,919
12,581

16,305
3,238
17, 754
68.6
17,902
12,433

17,126
2,861
18, 579
66.5
17,409
13,762

17, 276
3.090
15,634
64.9
15,771
15,139

88, 265
34,542

91, 466
36,141

89,878
35,123

87,923
33, 730

86,840
34,958

94,160
40,314

88,218
36,931

102,810
38,053

92,712
39,252

83, 692
28,179

89,681
32, 755

5.45
5.45
5.45
5.45
85, 779 89,642 90, 589 102,788
68.7
72.5
81.1
79.9
86,076 91, 667 89,377 104,196
109,604 107, 518 107,602 106,435

5.45
90,289
77.7

5.45

5.45
91,791
70.8
89,862
110,267

5.45
5.45
5.45
88,518 92, 758 92,187
73.7
74.3
73.8
90, 518 92, 345 89.321
106, 230 107, 281 109,975

106,381

5.45
87,953
77.4
73.9
89,393
84, 862
0
58,282 " 60,981

39,103
11,717
40,691
39,418
72,813

32, 522
11,157
32,457
33, 565
71,169

34,268
11, 587
36, 551
34,677
73,166

48, 225
16,174
45,149
46, 526
71,948

32, 750
12,692
37,813
35,158
74, 378

34,511
11,864
36,001
35,803
65,480

35,064
11,187
36,680
36,022
65,384

48,124
14,227
45,046
46, 511
63,976

219, 611
220,303
204,668
194,917

195, 586
231,940
230,346
196,511

248,068
254.872
255,100
196,283

245,813
245,295
264,421
177,157

211,452
209,753
225,472
161,438

193, 624
208, 382
201,852
167,968

152,437
200, 631
178,236
190, 363

217, 651
220,648
205,099
205,912

162, 352
220,843
214, 255
212, 500

160,916 153,346
183, 050 144,308

174,096
189,360

179,542 178, 543 170,980
209, 597 250, 668 216, 580

33,294 ' 37, 294 31,538
12, 280 r 9, 523 r 8, 796
38,075 43,043
33,491
36,935 41,166
32, 216
66,573 r 61, 504 \62, 669
/
191,380 149, 372 159,243 189, 530 142, 220 148, 562 163,622 186,433 145, 740 186, 710 \ 146,404
64,300
67,336
66,278 66,181
69.322 68,956
71,599
62, 718 58,629
64, 050 r 64,100
195,253 152,063 161,933 191,105 151,076 151,374 161, 510 194,280 159,353 184, 727 140,193
195, 822 152, 281 161,271 189, 695 149,033 149,088 159,334 195, 555 152, 265 180, 344 147,601
122,122 122,107 123, 360 124, 683 126, 365 126, 551 129,835 126,936 132,148 136, 617 128,900

151, 324 162,457
190, 344 200,144
50.00
67, 436
66,006

50.00
68, 315
74, 336

23,987
17,966
314, 586 303,067
34, 696 32,653

187, 450 176, 322 177,134
230, 278 229, 284 209,782
50.00
72, 827
72, 203

50.00
78, 390
76, 278

50.00
75, 855
77,974

50.00
77, 264
72,967

18, 590 20, 702 18, 583 22,880
288, 408 291, 477 284,661 267,155
47, 570 44, 628 30, 677 36,872

50.00
70,868
71,926

50.00
79,929
81,616

50.00
77,393
77,463

244, 400
250, 015
274, 635
187,880

50.00
85, 872
84, 443

244, 655
240,545
232, 261
196,164

50.00
80, 562
84, 628

21, 822 20,135
20,065
21,494
17, 428
251,041 223,469 206, 727 229,142 230,443
13,449
32, 580 37, 253 39, 251 47, 737

264,418
361,323
96, 635
358,977
67.3

254,024
367, 200
109,288
351,051
68.5

267,193 243,924
370, 453 327,168
107, 235 89,586
370,977 344,445
66.3
72.4

221, 768
334, 711
94, 411
329,181
60.1

233,311
342, 408
109,099
323, 394
61.2

247,710
338,030
112,801
338,803
67.8

292, 474 262,918 264, 348 259,996
429,545 347,575 372,893 383, 371
124, 420 97, 340 93, 643 95,058
421, 576 372,984 375, 772 376, 509
73.4
69.1
64.2

296,070

284,239

275, 746 274,951

290,648

282,095

262,344

248,595

71, 085

82, 091

79,007

72, 029

62,309

81, 867

77,477

85, 778

85, 267

80, 246

80,115

2,708
2, 466
243

2,589
2,372
217

2,639
2,430
209

2,547
2,385
163

2,239
2,081
158

2,222
2, 075
146

2,304
2,145
159

2,827
2,640
187

2,395
2,218
177

2,627
2,430
197

2,624
2,388
236

255, 354 259, 423 255, 677

PRINTING

746
Book publications, total
no. of editions..
617
New books
do
127
New editions
r --do
Continuous form stationery
thous. of sets. 126, 552
Operations (productive activity)
1923=100.
Sales books, new orders
thous. of books. 17,414

787
800
720
635
80
152
113,132
89, 385
80
77
16, 995 15, 522

1,222
945
659
876
835
1,196
900
1,118
537
1,043
803
708
602
691
1,074
790
961
99
127
142
179
57
185
157
122
110
128,
583
111,211
107,
557
128,
508
108,
597
116,935
125,811
119,
903
116,140
81
84
89
87
92
86
87
84
81
16, 280 16, 256 14, 788 15, 998 16, 286 16, 889 16, 041 16, 498 16,466

RUBBER AND PRODUCTS
CRUDE AND SCRAP RUBBER
Crude:
Consumption, total
long t o n s . . 50,481
For tires and tubes (quarterly)
do
Imports, total, including latex §
do
38,408
.167
Price, smoked sheets (N. Y.)
dol. per lb__
Shipments, world
long tons..
Stocks, world, end of month.
do
Afloat, total
do
6,717
For United States
do
London and Liverpool
do
British Malaya
do
United States
d o . . . . 161,233
Reclaimed rubber:
16,846
Consumption
do
17, 214
Production
.do
20,645
Stocks, end of month
do
Scrap rubber:
Consumption by reclaimers (quar.)
do
r

42,850

49, 050

42,365

44,377

34, 325
.169
75, 000
540, 976
99, 000
51, 062
93, 272
89, 630
259, 074

36, 857
.158
86, 000
497, 665
105, 000
48, 210
80, 643
90,142
221, 880

30, 826
.159
77, 000
479, 578
106, 000
55,814
75, 517
87, 968
21,093

50,165
99, 039
45,496
.163
75, 000
460, 723
102, 000
55, 981
72, 635
81, 274
205, 214

44,166

32, 924
.163
68,000
512,196
92, 000
51,114
90, 073
87, 531
242, 592

48,143
92, 021
37, 294
.163
58,000
482, 852
80, 000
45,105
86, 853
84, 499
231, 500

46, 234

31,674
.166
74,000
565, 394
101, 000
47, 772
99, 614
90, 939
273,841

40,183
79, 928
35,066
.161
70,000
551, 447
96, 000
48, 927
98,140
89, 213
268, 094

31, 854
.159
74,000
438, 252
99, 000
57,918
68, 931
77, 683
192, 638

45, 784
.166
70,000
429,979
96,000
54,046
66,020
74,308
193,651

47, 259
• 90,952
34, 272
.164
66,000
407,630
' 88,000
51, 274
63, 878
75, 409
180,343

11,455
11,317
13, 918

12, 041
12, 985
14, 286

12, 599
14, 652
15, 845

13, 522
15,124
17, 083

13, 096
15, 899
23, 000

13, 000
13, 763
21, 960

12, 626
13, 093
21, 390

15, 322
14, 528
19, 955

13, 391
14, 527
22, 628

13, 517
14, 769
22, 771

14, 870
15, 871
23,058

40, 552

25, 044

36, 248

36,496

34,204

Revised.
'Estimated.
° Change in inventory due to physical check-up. Figures prior to May 1939 not comparable with later data.
tFor book paper, see note marked with a "t" on p. 51 of the July 1939 Survey. Stocks of newsprint at publishers, and in transit to publishers, revised for 1937 and 1938
revisions not shown on p. 52 of the April 1939 Survey will appear in a subsequent issue.
 §Data revised for 1937; see table 20, p. 15 of the April 1939 Survey.


53

SURVEY OF CURRENT BUSINESS

October 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

1939

1938
August

September

DecemOctober November
ber

January

February

March

April

May

June

July

RUBBER AND PRODUCTS—Continued
TIRES AND TUBES
Pneumatic casings:t
Production
__
thousands.
Shipments, total
do...
Original equipment*...
_ do...
Replacement equipment*
do
Exports*
do...
Stocks, end of month*
do
Inner tubes:f
Production
,
do
Shipments, total...
_
do...
Exports*
do...
Stocks, end of month
do...
Raw material consumed:
Crude rubber. (See Crude rubber.)
Fabrics (quarterly)-.
thous. of lb_

5,492
4,919
611
4,205
103
8,891

4,038
3,991
266
3,646
79
8,217

3,916
3,888
678
3,123
86
8,022

4,183
4,126
1,287
2,729
109
8,237

4,139
4,405
1,777
2,544
84
7,924

4,729
4,154
1,707
2,348
99
8,451

4,581
4,163
1,685
2,397
81
8,932

4,344
3,739
1,472
2,156
111
9,573

5,137
4,583
1,747
2,723
113
10,109

4,211
4,356
1,529
2,719
108
9,998

4,418
4,753
1,415
3,239
100
9,919

4,870
5,750
1,370
4,267
113
8,909

4,510
5,056
809
4,162
85
8,300

4,918
4,432
65
8,238

4,026
3,744
49
8,029

3,832
3,980
53
7,859

3,980
4,101
57
7,746

4,029
4,138
55
7,665

4,351
3,859
55
8,166

4,098
3,936
71
8,069

3,681
3,335
65
8,415

4,470
4,015
74
8,901

3,841
3,927
82
8,837

3,848
4,154
67
8,840

4,320
5,123
66
8,044

4,043
4,285
62
7,819

49 441

59,801

58,376

• 62,419

RUBBER AND CANVAS FOOTWEAR
Production, total
Shipments, total
.
Stocks, total, end of month__

thous. of pairs.
do...
do_._

5,090
6,213
16,956

4,254
5,803
17,897

4,709
6,360
16,246

5,067
4,991
16, 321

5,513
6,139
15, 695

5,523
5,035
16,183

4,807
4,778
16,157

4,953
4,629
16, 582

5,897
5,214
17,281

5,216
4,414
18,083

5,033
4,017
19,055

4,866
4,192
19, 729

3,280
4,894
18,115

STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Price, wholesale, composite
dol. per bbl_
Production
.thous. of bbl.
Percent of capacity
Shipments
thous. of bbl.
Stocks, finished, end of month
_ do...
Stocks, clinker, end of month
do...

1.667
11,007
50.4
II, 823
22, 534
5,902

1.667
10, 559
49.9
11, 716
21, 374
5.506

1.667
11,556
52.9
12, 357
20, 569
4,927

1.667
10,184
48.2
8,573
22,179
4,963

1.667
8,066
36.9
6,290
23,954
5,282

1.667
5,301
24.3
5,640
23,610
5,563

1.667
5,507
27.9
5,043
24,092
5,986

C1)

0)

12,369
56.6
13,804
20,926
5,703

8,171
37.4
8,467
23, 786
6,447

9,674
45.7
9,654
23,837
6,568

11,185
50.9
12, 748
22,251
5,728

11, 953
56.5
12, 715
21, 477
5,788

12, 644
57.9
11, 755
p
22,361
r
5,941

1,050
1,213
376

1,063
1,015
200

862
841
215

1,119
1,130
193

1,189
1,070
195

953
891
219

831
795
255

728
673
321

720
350

583
552
374

762
792
377

814
819
382

1,027
908

12.038

11.902
148,809
428, 780

11. 895
142,900
454, 393

11. 925 12. 039 12.046
166, 471 151, 568 133,184
482,830 482,032 478,260

12.023
101,056
476,359

51,915
267, 844

47,828
268, 583

52,402
267,016

4,761
1,381

4,267
1,235

4,331
1,243

3,996
1,129

3,261
956

3,549
981

3,562
959

4,969
1,285

4,639
1,208

4,737
1,282

10, 778
55,423

8,046
54, 396

9,591
52, 999

7,206
51,323

7,191
48,127

4,276
48, 763

2,007
48, 585

3,994
47, 336

3,612
45, 761

6,647
43,002

62,186
349, 271

345,089

4,031
65.0
4,178
8,149

3,653
63.6
3,971
7,641

3,866
64.7
3,954
7,493

3,709
64.6
3,491
7,643

3,515
58.8
3,042
8,029

3,589
55.8
3,473
8,179

3,389
55.7
3,323
8,192

4,129
61.4
3,933
8,318

10,450

421
200
141
80
7, 676

507
266
148
93
8,873

551
285
153
113
12,869

532
288
133
111
12,883

443
227
125
91
12, 691

443
217
130
97
12,209

357
185
107
65
10,165

396
201
116
79
11,867

()
7,268

8,036

9,289

867
53.4

434
26.7

522
32.1

641
39.5

54.4

1,003
61.7

943
58.1

49.8

912
56.1

740
45.6

729
44.8

720
44.3

0)

0)

0)

0)

CLAY PRODUCTS
Bathroom accessories:
Production
thous. of pieces.
Shipments
do__.
Stocks, end of month
„_„
do...
Common brick:
Price, wholesale, composite, f. o, b . plant
dol. per thous.
Shipments
thous. of brick.
Stocks, end of month
do__.
Face brick:
Shipments
do
Stocks, end of month
do._.
Floor and wall tile shipments:*
Quantity
thous. of sq. ft_
Value
thous. of dol.
Vitrified paving brick:
Shipments
thous. of brick..
Stocks, end of month
do___
Hollow building tile:
Shipments
short tons.
Stocks, end of month
do

12.024 12.032 12.026
12.077
95, 920 166, 380 178,903 209, 716 12.118
945
455,859 397,838 374,572 351,155 199,
361, 264
45, 701 37, 307 34,499 28, 785 57,624 62,982 79,349 r
272, 200 283,017 292, 565 300, 546 290,906 277,291 256, 825 69, 489
252, 395

62,410 54, 762 46,815
333,782 335, 707 347,147

50, 024 43,643
72, 546 81, 994 105,173
342,408 348, 792 340,348 327,847 307,810

r

12. 059
177, 718
393, 393
62, 658
248,673

5,169
1,423

4,982
1,348

6,844
'44, 079

44,214

••96,288
306,435

94 721
307,727

4,662
72.0
4,618
8,209

4,581
73.6
4,136

r

GLASS PRODUCTS
Glass containers:
Production
thous. of gross.
Percent of capacity
Shipments
thous. of gross.
Stocks, end of month
do
Illuminating glassware:
Shipments, total
thous. of dol..
Residential
do
Commercial
do...
Miscellaneous
do
Plate glass, polished, production.thous. of sq. ft
Window glass:
Production
thous. ofboxes.
Percent of capacity

4,802
71.4
4,753
8,548

()

4,071
65.4
3,978
8,336

4,516
69.7
4,485
8,293

()

8(2)

()

()

6,212
42.6

GYPSUM AND PRODUCTS
Crude:
Imports
short tons.
Production
do...
Calcined production
do
Gypsum products sold or used:
Uncalcined
do
Calcined:
Lath
thous. of sq. ft.
Wallboard
do...
Keene's cement..
_
short tons.
All building plasters
do...
For manufacturing uses
do...
Tile
thous. of sq. ft..

313,120
806,957
650,804

247, 673
683,127
534,415

40,423
541,183
533,440

291, 810
845, 524
773, 634

228,375

192,931

139, 248

244,163

251, 764

214,151
89, 678
4,884
333, 730
36, 517
4,885

207,418
95, 981
5,506
331, 702
26, 233
5,228

297, 267
113, 721
7,781
486,494
25, 515
8,581

6,591
432, 779
34, 523
4,991

' Revised.
• E stimated.
i Discontinued by compilers; data on an index basis appear on p. 20.
* Discontinued by reporting source.
*New series. For data on floor and wall tile beginning 1935, see table 31, p . 18 of the June 1939 Survey. For the new series on pneumatic casings and inner tubes, see
tables 27 and 28, pp. 16-18 of the May 1939 Survey.
fRevised series. Data for pneumatic casings and inner tubes revised for 1936, 1937, and 1938; see tables 27 and 28, pp. 16-18 of the May 1939 Survey.




54

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

October 1939

1938
August

September

1939

DecemOctober November
ber

January

February

March

April

May

June

July

TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs..
Shipments
do
Stocks, end of month
.do

12,448
12,924
24,634

11,304
11,712
21,033

11,146
12,440
19, 891

11,848
11,957
19,933

11, 731
11, 973
19,843

10, 863
10, 641
20,217

11, 235
10, 211
21, 301

11, 374
10, 535
22, 201

13,198
13,142
22,317

11,024
10, 577
22, 823

11, 796
10,891
23, 789

11,218
10, 294
24, 773

Consumption
bales.. 628,448
Exports (excluding linters)§
thous. of bales.219
13
Imports (excluding linters)§
.do
Prices:
Received by farmers
...dol. perlb__
.094
Wholesale, middling (New York)
do
Production:
1,402
Qinnings (running bales)•__thous. of bales
Crop estimate, equivalent 500-lb. bales..do
6 12,380
Receipts into sight
do
870
Stocks, world, end of month*
..do
American cotton
do
In the United States
do
On farms and in transit
do
Warehouses
.do
Mills...
.do...In foreign countries
do
Foreign cotton
_
do

559,409
201
18

533,399
389
11

543,857
'464
11

596,416
'480
14

565,627
368
11

598,132
290
12

562,580
264

649,940
330
10

543,187
178
13

606,090
143
14

578,436
114
12

.081
.084

.082
.081

.085
.086

.085
.091

.082

.085
.096

.087

1,336

6,577

10,125

11,231

674
47, 584
24,297
22,150
11,353
9,782
1,015
2,147
23, 287

' 2, 575
45, 353
23,428
21,290
7,244
12, 975
1,071
2,138
21, 925

' 3,030
43, 075
22,535
20, 303
3,550
15, 283
1,470
2,232
20, 540

21,964
5,089

26,342
4,981

11.42
.044
.054

COTTON

.082
.087

.083

.082
.090

.083
.090

11, 553

' 1, 739
40,701
21, 573
19, 242
2,024
15, 539
1,679
2,331
19,128

11,412
11,944
'892
38, 350
20,647
18,345
1,390
15,294
1,661
2,302
17, 703

'437
35,988
19, 679
17,475
1,141
14, 745
1,589
2,204
16, 309

'418
33, 700
18, 754
16,647
1,093
14,034
1,520
2,107
14,946

'428
31,230
17, 722
15, 709
873
13,458
1,378
2,013
13, 508

'276
29,150
16,817
15,021
827
12,940
1,254
1,796
12,333

'296
26,807
15,880
14,291
820
12,339
1,132
1,589
10,927

'328
24,133
14,936
13, 609
721
11,915
973
1,327
9,197

27,903
5,818

28,544
4,912

30,024
6,188

21, 742
8,534

28,145
9,210

34, 505
10,108

30,609
6,566

24,170
5,581

28. 287
7,151

11.23
.043
.053

10.88
.045
.054

10.78
.045
.054

10.69
.043
.051

10.46
.043
.050

10.05
.042
.050

10.11
.043
.050

10.01
.042
.049

9.33
.042
.049

9.84
.045
.052

130,498 128, 642
88,362 88, 619
6,741
5,877
96, 417 89, 396

134,929
95, 372
6,379
102, 278

134,661

ioo, :oo
6,617
109,136

141,266
102, 504
6, 369
118,926

127,165
91,115
4.780
107, 960

126,641
93,483
5.130
106, 396

144,021
109, 652
6,633
127,815

127,858
97,270
4.962
109, 250

131,715
98,292
5,782
108,736

127,104
89, 020
5,843
90, 265

' 22,184
'6,912
"•264
'76.0

'22,113
' 7,119
273
81.9

' 22, 447
' 7, 564
'290
'83.4

' 22, 433
' 7,185
'276
82.3

' 22, 497
' 7, 642
295
85.7

' 22, 533
'7,164
277
87.8

' 22, 503
' 8, 243
319
'86.7

' 22,123
' 6, 895
'269
'84.7

' 21, 970
' 7, 573
'297
'81.9

' 21, 771
' 7,399
'290
'82.5

.240
.341

.225
.338

.220
.335

.224
.335

.225
.335

.228
.335

.235
.335

• 11, 623

COTTON MANUFACTURES
Cotton cloth:
Exportsf
.thous. of sq. yd..
Imports!
do
Prices, wholesale:
Mill margins*
cents per lb._
Print cloth, 64 x 60. _
dol. per yd__
Sheeting, brown, 4 x 4
..do
Finished cotton cloth:%
Production:
Bleached, plain
_
thous. of yd._
Dyed colors
do.
Dyed, black
do.
Printed
do.
Spindle activity:
Active spindles
thousands._
Active spindle hrs., total
..mil. of hrs..
Average per spindle in place
hours. _
Operations!
..pet. of capacity..
Cotton yarn:
Prices, wholesale:
22/1, cones (Boston)
dol. perlb..
40/s, southern, spinning
do.

21, 878
6,776
.047
.053
137,722
102,281
7,305
99,242
22,012
7,908
313
85.1
.240
.349

' 22,158
' 7, 380

.223
.335

.223
.335

.230
.337

.225
.335

RAYON AND SILK
Rayon:
867
669
792
704
929
595
691
735
910
745
670
Deliveries, unadjusted!
1923-25=100..
4,159
3,322
3,423
3,147
1,781
4,409
3,145
2,031
2,877
3,395
3,955
3,457
Imports!
thous. of lb..
Price, wholesale, 150 denier, first quality
.51
.51
.51
.51
.51
.51
.51
.51
.51
.51
.51
.51
(N. Y.)
dol. per lb_.
32.6
41.5
18.4
36.1
39.4
34.6
41.1
40.0
39.5
39.5
43.4
41.1
Stocks, end of mo.*.
mil. of lb._
Silk:
26, 256
26,150
38, 844
38, 504
35, 631
41, 599
35, 204
40, 816
33, 219
27, 802
37, 863
Deliveries (consumption)
bales.. 33,095
3,592
4,050
5,524
5,542
4,495
6,437
5,039
3,040
4,975
3, 555
3,943
Imports, raw
thous. of lb_.
5,417
Price, wholesale, raw, Japanese, 13-15 (N. Y.)
2.534
2.641
2.689
1.854
2.114
1.759
1.729
1.801
2.218
2.393
dol. per lb_.
Stocks, end of month:
60, 709
61,601
98,078
86,816
77, 238
Total visible supply
bales. - 81, 060 135, 347 142,511 151,311 150, 718 149,778 124, 354
19, 209
24,201
40,711
46, 218
43,811
25, 060
53, 278
38,178
23,116
20,738
United States (warehouses)
do
48, 554
39, 747
WOOL
20, 542
14, 771
12, 281
16, 302
18,162
15, 373
21,938
17,274
25,441
Imports (unmanufactured)!
thous. of lb_- 16, 709
9,727
16,826
Consumption (scoured basis) :J
23, 772
20, 244
19, 619
23,512
29, 688
24, 619
25,941
22,449
23,136
21,110
19, 567
Apparel class
d o — 24, 707
6,291
9,604
6,386
7,716
9,501
8,660
8,776
9,856
6,025
8,159
5,852
Carpet class
do—
9,784
Operations, machinery activity (weekly average) :1
Looms:
Woolen and worsted:
1,791
1,573
1,529
1,924
1,942
1,339
1,335
1,759
1,580
Broad
thous. of active hours..
73
69
86
89
79
82
77
81
75
62
78
Narrow
_
do—
178
167
175
164
171
213
177
186
143
209
198
199
Carpet and rug- _
-do—
Spinning spindles:
63,248
72,489
66, 022
73, 277
66, 840
60,041
74,710
73, 480
73,130
55, 704
71,110
77, 201
Woolen
-.
do
79,174
82, 819
69, 644
62, 851
70, 205
97, 019
87, 770
82, 226
77, 747
67, 613
85,954
Worsted
d o — 77,698
124
136
117
145
117
149
120
129
137
95
145
146
Worsted combs
do—
Prices, wholesale:
.74
.69
.71
.71
.72
.73
.73
.73
.71
.70
.73
Raw, territory, fine, scoured
dol. per lb_
.32
.32
.31
.32
.31
.31
.30
.30
.29
.28
.33
.30
Raw, Ohio and Penn.
fleeces..
__do
Suiting, unfinished worsted, 13 oz. (at fac1.624
1.535
1.634
1.683
1.683
1.535
1.634
1.646
1.683
1.535
1.683
1.683
tory)
dol. per yd.
Women's dress goods, French serge, 54" (at
1.040
1.040
1.015
1.015
1.015
1.040
1.040
1.015
1.015
1.015
1.015
1.015
mill)
dol per yd_.
Worsted yarn, 32's, crossbred stock (Boston)
1.05
1.12
1.13
1.05
1.06
1.13
1.10
1.13
1.13
1.13
1.15
1.11
dol. per lb.
h
' Revised.
• Total crop.
As of September 1.
• Total ginnings to end of month indicated.
f Revised series. Cotton spindle activity revised beginning August 1933; see table 18, p. 18, of the March 1939 issue. Data on rayon deliveries revised beginning January
1936; revisions not given on p. 94 of the February 1939 Survey will appear in a subsequent issue. Data on cotton cloth exports revised beginning 1913; revisions not shown
on p. 54 of the August 1939 Survey will appear in a subsequent issue.
t See note marked with a "%" on p. 54 of the July 1939 Survey.
*New series. The data on cotton stocks shown here are compiled by the New York Cotton Exchange and replace the data compiled by the Commercial and Financial
Chronicle. Data beginning 1920 appear in table 34, pp. 15 and 16 of the August 1939 Survey. For cotton cloth mill margins, data beginning 1925 not shown on p. 54 of the
August 1939 Survey will appear in a subsequent issue. Data on rayon yarn stocks, poundage basis, have been substituted for the series formerly shown, which was on basis
of number of months' supply. Figures beginning January 1930 not shown on p. 94 of the February 1939 Survey will appear in a subsequent issue.
§ Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.
 ^ Data for October and December 1938, January, April, and July 1939 are for 5 weeks; other months, 4 weeks.



55

SURVEY OF CURRENT BUSINESS

October 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

1938
SepDecemAugust tember October November
ber

1939
January

February

March

April

May

June

July

17,173
10,241
6,932

31,461
25, 641
5,820

55, 614
51, 401
4,213

55, 855
51, 247
4,109

TEXTILE PRODUCTS—Continued
WOOL—Continued
Receipts at Boston, total
thous. of lb.
Domestic
do_._
Foreign
do
Stocks, scoured basis, end of quarter, total
thous. of lb.
Woolen wools, total
do.._
Domestic
do
Foreign
do_._
Worsted wools, total
_
_do...
Domestic—
_
do._.
Foreign....
do...

39,228
35,287
3,941

44,506
42,069
2,437

16,047
10,021
6,026

22,222
18,487
3,735

24,341
21, 239
3,103

13, 678
9,009
4,670

15,539
5,374
10,164

11,820
6,660
5,160

115,655
46,686
37,065
9,621

147,597
48, 276
40, 224
8,052
99,321
84, 383
14,938

13, 608
5,939
7,669
94, 506
39,019
29,458
9,561
55,487
33,452
22,035

52,517
16,452

122,915
39, 421
31,191
8,230
83,494
63,128
20,366

MISCELLANEOUS PRODUCTS
Buttons, fresh-water pearl:
Production
pet. of capacity
Stocks, end of month
thous. of gross
Fur, sales by dealers
thous. of dol
Pyroxylin-coated textiles (artificial leather) :f
Orders, unfilled, end of mo.-thous. linear yd.
Pyroxylin spread
thous. of lb
Shipments, billed
thous. linear yd.

30.3
5,753
v 2,125

32.2
6,910
4,631

41.3
7,037
1,465

37.8
7,155
1,515

36.3
7,229
1,242

30.4
7,188
1,524

23.0
6,480
2,477

39.2
6,507
2,900

39.2
6,607
3,551

34.6
6,641
2,260

25.2
6,379
2,561

28.4
6,232
2,375

2,415
5,581
5,143

1,890
4,849
4,429

2,196
4,998
4,389

1,908
4,922
4,516

1,917
4,289
4,168

2,145
4,692
4,551

2,451
5,270
4,785

2,223
5,079
5,119

2,188
5,402
5,505

2,252
4,643
4,576

1, 887
4, 727
4,759

2,087
4,710
4,387

2,243
4,351
3,971

26.3
5,873
v 1,878

TRANSPORTATION EQUIPMENT
AIRPLANES
Production, total?
Commercial (licensed)
For export

number.
___do__.
do...

AUTOMOBILES
Exports:
Canada:
6,154
Assembled, total
.number..
4,804
Passenger cars
..do
United States:
11, 592
Assembled, total§_
do
Passenger cars§ „
do
3,985
Trucks§
_
do
7,607
Financing:
Retail purchasers, total
.thous. of dol._
New cars
_
do
Used cars.
_
do
Unclassified.._
do
Wholesale (mfrs. to dealers)
do
Fire-extinguishing equipment, shipments:
Motor-vehicle apparatus
number_ _
Hand-type..
do
Production:
Automobiles:
3,475
Canada, total
..do
Passenger cars...
do
1,068
United States (factory sales), total
do
99, 868
Passenger cars
do
61,384
Trucks
do
38,484
Automobile rims
thous. of rims..
971
Registrations:
New passenger cars
number.. 182, 633
New commercial cars
..do
43, 523
Sales (General Motors Corporation):
To consumers in U. S
do
76,120
To dealers, total
do
19, 895
To U. S. dealers
do
7,436
Accessories and parts, shipments:
Combined index
Jan. 1925=100..
117
Original equipment to vehicle manufacturers
Jan. 1925=100..
Accessories to wholesalers
do
104
Service parts to wholesalers
do
166
Service equipment to wholesalers
do
106

264
190
74

246
183
63

182
128
54

204
159
45

276
174
102

3,912
2, 558

3,460
2,399

2,946
1,753

2,747
2,406

5,024
3,835

8,499

6,043
4,222

6,315
4,526

2,274
1,592

5,480
4,075

6,027
4,630

4,821
3,040

11,142
5,347
5,795

10,888
2,808

17,024
10,930

29,043
20,172
8,871

34,978
21, 322
13,656

23,958
15,126
8,832

27,351
16,193
11,158

30,048
17,984
12,064

27,087
16, 213
10,874

25, 220
14, 430
10, 790

27,087
16,213
10, 874

19,183
8,375
10,808

80,847
40,347
39,927
572
40,037

62, 561
29,174
32,948
439
26, 769

62,385
30,344
31,613
428
61,359

86,047
51, 266
34, 260
521
126, 650

92,452
54,933
37,955
564
158, 289

76,390

40, 694
35, 281
415
134,150

76, 776
40,374
35,975
427
124,021

113,847
64, 350
48,915
582
153,007

114, 696
66,064
48,014
618
150,433

133,707
75, 304
57, 649
754
140, 284

130, 671
73,022
57,028
621
118, 268

114,481
64, 003
49, 932
545
96, 621

54
32, 321

57
32,124

62
30,816

44
28,509

73
27,479

44
30,649

58
29,878

83
35, 331

65
34,790

76
35,501

90
37, 606

75
35, 527

6,452
3,063
90,494
58, 624
31,870
468

6,089
4,290
83, 534
65,159
18, 375
819

5,774
5,412
209, 512
187,494
22,018
1,312

17,992
15,423
372,413
320, 344
52,069
1,723

18,614
14,198
388,346
326,006
62, 340
1,818

14, 794
11, 404
342,156
281, 465
r
60, 691
1,714

14, 300
10,914
303, 217
243, 000
60,217
1,443

17, 549
12, 689
371,940
299,703
72, 237
1,730

16,891
12, 791
337,372
63,963
1,348

15, 706
11,585
297, 508
237, 870
59, 638
1,244

14, 515
10, 585
309, 720
246,704
63, 016
1,020

9,135
5,112
209, 343
150, 738
58, 605
681

127,954
34, 231

93, 269
26, 570

119,053
19, 589

200,853
23,943

226, 973
31,474

203,212
37, 715

164, 942
33,279

248,038
45,083

268, 335
46,063

280, 834
45, 381

243, 741
40, 482

229, 308
44, 747

64,925
55,431
34, 752

40, 796
36,335
16,469

123,835
92,890

131, 387
200,256
159,573

118,888
187,909
150,005

152,746
116,964

83, 251
153,886
115,890

142,062
182,652
142,743

132, 612
158,969
126, 275

129, 053
145, 786
112, 868

124, 618
156, 959
124,048

102,031
100, 302
71,803

79

104

133

136

138

139

147

136

125

110

58
104
143

91
136
161
91

129
133
167

150
126
142

157
129
121
83

140
140
129
95

153
142
141
105

129
132
150
105

115
113
166
108

94
113
154
97

160
131
129
91

273,409

120
115
154
108

RAILWAY EQUIPMENT
(Association of American Railroads)
Freight cars, end of mo.:
Number owned
thousands^1,701
1,686
1,682
1,691
1,690
1,672
1,668
1,650
1,664
1,662
], 654
1..653
1,657
Undergoing or awaiting classified repairs
thousands. _
238
231
233
235
231
225
225
225
221
214
223
229
231
Percent of total on line
14.2
13.8
14.1
13.9
13.8
14.0
13.7
13.7
13.5
13.0
13 7
14.0
14.2
Orders, unfilled
cars__
8,892
8,754
7,459
5,153
4,335
5,080
6,637
6,788
6,502
6,391
10,062
8,448
9,261
Locomotives end of mo.:
Undergoing or awaiting classified repairs
number.8,108
8,075
8,155
8,133
8,337
7,881
8,084
8,053
8,149
8,175
8.382
8, 059
8,640
Percent of total on Kne._
18.9
18.9
19.1
19.1
18.6
20.0
19.1
19.1
19.3
19.4
20.3
20.1
20.6
Orders, unfilled.
number.14
14
17
7
30
63
25
63
62
61
72
60
63
(17. S. Bureau of the Census)
Locomotives:f
Orders, unfilled, end of mo., total..-number..
122
100
100
123
132
151
148
169
148
Domestic, total
do
118
92
88
113
122
143
138
160
144
Electric
__do
72
84
83
62
80
78
84
100
Steam...
.do
46
5
45
60
63
60
60
' Revised.
» Preliminary.
fRevised series. Data on pyroxylin-coated textiles revised beginning January 1938 to include figures for 2 small establishments not previously reporting, and to excludt
those of one establishment not currently reporting; data for the full year 1938 appear on p. 54 of the April 1939 Survey. Data on shipments and unfilled orders, locomotives,
revised beginning January 1939 on the basis of a more definite segregation between railroad locomotives shown here and mining and industrial locomotives shown on p .56
Quarterly data beginning 1939 are available from the Bureau of the Census for Diesel-electric, Diesel-mechanical, and gasoiine-mechanical or steam locomotives, in addition to the data here shown on p. 56 which are for trolley or third-rail and storage-battery locomotives.
^Exclude military planes for domestic use.

§Revised series. Data revised for 1937; see table 19, p. 14 of the April 1939 Survey.



56

SUEVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the August
1938 Supplement to the Survey

October 1939

1938
August

September

1939

DecemOctober November
ber

January

February

March

April

May

June

July

TRANSPORTATION EQUIPMENT—Continued
RAILWAY EQUIPMENT—Continued
(17. S. Bureau of the Census)
Locomotives—Continued.^
Shipments, domestic, total
number..
Electric
do
Steam
.
do
Industrial electric (quarterly):
Shipments, total
do
For mining use
- - do.(American Railway Car Institute)
Shipments:
Freight cars, total
number
Domestic
.. _
do
Passenger cars, total
do
Domestic
do
(U. S. Bureau of Foreign and Domestic Commerce)
Exports of locomotives, total§
number. _
Electric§
___
do
Steam
do
INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS
Shipments, total
number
Domestic
____do
Exports
.
do
WORLD SHIPBUILDING
(Quarterly)
Launched:
Number
- ships _
Tonnage
thous gross tons
Under construction:
Number
ships
Tonnage
thous. gross tons..

34
18
16

13
8
5

3
1
2

10
4
6

7
7
0

60
59

21
18
3

21
18
3

16
16
0

102
101

23
23

24
24

19
19

o

o

o

56
52

31
31

o

18
15
3

97
96

804
9
9

2,336
2,308
19
19

1,662
1,655
3
3

1,136
1,023
0
9

1,198
1,198
0
0

1,148
1,148
7
7

1,917
1,917
0
0

2,194
2,174
0
0

1,312
1,312
12
12

279
15
15

2,149
2,148
9
9

877

550
22
22

21
5
16

15
7
8

6
4
2

23
22
1

3
3
0

19
18
1

1
1
0

11
9
2

21
13
8

9
9
0

21
7
14

10
8
2

8
6
2

89
86
3

69
58
11

60
51

42
33
9

46
36
10

75
62

50
47
3

53
53
0

86
86

70
65
5

73
63
10

78
71

69
61
8

813

573

9

13

0

279

7

254
807

249
705

247

690

249
549

685
2,712

704
2,669

716
2,704

719
2,859

877
18
18

CANADIAN STATISTICS
Physical volume of business:
123.4
121.4
119.2
118.6
115.6
113.0
113.2
116.7
120.4
110.5
121.4
111.7
Combined index
1926=100..
Industrial production:
121.1
114.2
124.4
123.8
120.7
128.3
118.1
115.2
119.1
110.8
114.1
123 3
Combined index
do
48.4
59.4
61.7
62.7
53.2
52.5
52.8
40.3
51.3
56.2
47.5
48.6
Construction
do
223.6
220.9
226.4
221.6
230.0
233.1
226.4
238.8
235.5
218.3
235.5
232.3
Electric power
do _
100.9
114.2
113.2
125.3
111.3
111.1
105.0
107.6
109.5
113.3
112.9
112.2
Manufacturing
do
107.1
120.2
114.2
102.2
110.2
112.8
120.6
111.7
120.7
110.4
112.6
111.6
Forestry
do
202.1
201.4
206.6
183.1
176.8
238.4
198.6
196.7
219.6
232.7
228.9
190.9
Mining
do _
Distribution:
109.2
110.5
109.5
111.5
107.4
109.6
112.9
114.9
108.6
109.3
115.9
104.9
Combined index
do _
76.3
81.0
76.0
74.2
73.7
70.7
66.7
71.8
69.2
81.1
71.3
76.8
Carloadings
do
127.1
132.0
122.7
100.0
141.2
108.4
126.9
145.8
145.4
162.6
110.1
138.0
Exports (volume)
do
82.6
84.4
89.1
85.7
75.8
77.6
73.9
78.0
91.2
87.7
85.3
71.7
Imports (volume)
do
131.9
133.7
132.5
137.2
137.5
135.5
134.0
137.0
133.8
135.0
133.4
138.0
Trade employment
do
Agricultural marketings:
76.8
89.2
145.6
101.6
48.1
60.3
40.5
123.9
85.7
52.0
32.3
102.6
Combined index
do
91.9
135.1
162.7
106.6
88.4
46.3
40.7
58.5
33.8
76.5
105.9
23.5
Grain
_ do .
77.0
74.0
69.0
79.1
73.6
77.9
71.7
81.2
68.1
87.5
70.5
78.3
Livestock
do
Commodity prices:
83.8
83.1
83.1
84.9
84.1
83.9
82.9
83.6
83.3
83.1
83.1
83.1
83.0
Cost of living
do
72.4
76.0
74.5
74.1
73.5
73.3
73.2
73.2
73.2
73.4
73.7
73.3
72.6
Wholesale prices
do
Employment (first of month):
112.1
114.6
104.9
115.1
116.7
108.1
113.1
115.8
114.0
106.5
117.5
106.5
106.2
Combined index
do
122.5
133.1
133.8
143.5
112.8
96.4
94.3
91.6
128.0
115.3
146.3
89.4
94.2
Construction and maintenance
do
110.9
107.1
111.4
111.3
113.8
112.5
110.1
107.0
110.0
104.3
108.4
106.0
Manufacturing
.
do._ _ 112.8
165.6
153.6
157.4
160.8
163.4
163.3
160.4
160.5
160.9
157.4
155.8
160.5
164.1
Miining
do
149.8
143.5
146.7
136.1
132.8
131.7
131.7
128.5
131.4
133.2
141.8
147.6
129.5
Service
do
135.5
132.1
131.0
134.5
135.6
139.7
144.8
131.0
128.9
131.1
135.1
136.6
137.4
Trade
- -do
87.5
86.9
88.7
90.1
87.9
85.0
79.9
79.4
80.3
79.3
81.4
86.5
87.6
Transportation
do
Finance:
Banking:
2,473
2,976
2,965
2,428
2,371
2,512
2,831
2,377
2,655
2,905
2,839
2,050
Bank debits
mil. of doL.
92
122
94
102
71
99
83
93
81
120
89
121
Commercial failures*
. number
99
Life insurance sales, new paid for ordinaryf
28, 229 33, 657
32, 244
30,434
33, 578
35, 766
37,167
27, 928 32, 372
36, 475
30,879
thous. of doL. 28, 558 28,446
Security issues and prices:
86,142 139, 515
51, 399 51, 474 108, 958 104, 930
73, 633
113, 450
54, 657 128, 304 151,083 210,421 112,400
New bond issues, total
do
62.7
65.3
63.2
61.5
61.8
62.1
61.1
63.0
62.4
60.1
60.1
61.9
62.9
Bond yields
- . 1926=100
94.2
105.2
98.6
109.7
110.4
106.8
102.9
104.1
103.7
96.2
99.2
97.0
97.3
Common stock prices
do
Foreign trade:
56, 507
94, 075
70, 452
77,199
86, 538 108, 542 102, 719
81, 773
94, 501 91, 729
94,883
62, 399
Exports, total
thous. of dol._
24, 579
2,832
12, 615
21, 704
15, 983
6,564
6,266
7,879
14, 637
13,781
13, 655
5,746
Wheat
thous. of bu_.
529
275
320
478
365
361
286
380
401
403
516
291
Wheat
flour
thous. of bbl
57,026
56, 412
63, 909
63, 304
44, 286
43, 743
58, 381 41, 908
72,958
63, 709
58, 580
40, 380
Imports
- - do
Railways:
257
219
191
179
213
178
171
195
196
250
215
160
Carloading
thous of cars
Financial results:
34,504
30, 431
25,191
28,439
37, 609
27, 521
23, 798
25, 700
22, 652
26,160
29,680
Operating revenues
thous of dol
25, 681
22, 906
22, 661 22, 633
26,103
26, 919
22, 923
24, 333
22, 921
24, 296
25,261
Operating expenses
. . do
6,502
10, 684
3,597
<*382 ^ 1,490
1,029
1,095
6,375
193
3,190
601
Operating income
_do_.
Operating results:
3,924
2,668
2,054
1,957
3,389
2,100
1,871
2,063
1,819
1,707
2,431
Freight carried 1 mile
mil. of tons
101
129
172
119
153
166
122
127
134
168
123
Passengers carried 1 mile
mil. of pass
Production:
Electrical energy, central stations
2,329
2,197
2,076
2,164
2,376
2,350
2,387
2,367
2,333
2,245
2,214
mil of kw-hr
2,205
51
49
46
53
58
41
46
41
53
60
66
Pig iron
thous. of long tons..
50
58
76
90
83
74
79
100
78
96
77
108
122
121
111
Steel ingots and castings
do . . .
Wheat
flour
thous. of b b L .
1,103
1,639
1,906
1,606
1,052
1,098
1,037
1,194
1,114
1,192
1,188
1,106
* Deficit.
•New series. Data compiled by Dun and Bradstreet, Inc., have been substituted for those compiled by the Dominion Bureau of Statistics; data beginning January 1934
will appear in a subsequent Survey.
§Revised series. Data revised for 1937; see table 19. p. 14 of the April 1939 Survey.
fData on life insurance sales revised beginning January 1936. Revisions for 1938 appear on p. 56 of the September 1939 Survey. Earlier revisions will be shown in" a
subsequent issne.

ISee footnote marked with a " t " o n p. 55.
•. $. GOVERNMENT PRINTING OFFICE: m»
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

INDEX TO MONTHLY BUSINESS STATISTICS
CLASSIFICATION, B Y SECTIONS
Monthly business statistics:
Business indexes
Commodity prices
Construction and real estate
Domestic trade
Employment conditions and wages _ .
Finance
Foreign trade
Transportation and communications.
Statistics on individual industries:
Chemicals and allied products
Electric power and gas
Foodstuffs and tobacco
Fuels and byproducts
Leather and products
Lumber and manufactures
Metals and manufactures:
Iron and steel
Nonferrous metals and products
Machinery and apparatus _ „
Paper and printing
Rubber and products
Stone, clay, and glass products
Textile products
Transportation equipment
Canadian statistics

Page
19
20
21
23
25
30
36
37
38
40
41
45
46
47
48
49
50
51
52
53
54
55
56

CLASSIFICATION, BY INDIVIDUAL
SERIES
Page
52
Abrasive paper and cloth (coated). .„
30
Acceptances
.
._
55
Accessories—Automobile
23
Advertising
Agricultural products, cash income received
20
from marketings of
29,30
Agricultural wages, loans
50
Air-conditioning equipment
23
Air mail
38,55
Airplanes
38
Alcohol, denatured, ethyl, methanol
49
Aluminum
39
Animal fata, greases
Anthracite mining
19,26, 28,45
Apparel, wearing _.__-- 20, 24, 25, 26, 27, 28, 29,54
46
Asphalt
Automobiles
_ 19, 23, 24, 25, 27, 28, 29,55
49
Babbitt metal
42
Barley
53
Bathroom accessories
43
Beef and veal
Beverages, fermented malt liquors and dis41
tilled spirits
Bituminous coal
19, 20, 26, 28,45
Boilers...
__
_
48,49
Bonds, prices, sales, value, yields
30,35
Book publication
52
Boxes, paper
52
50
Brick
53
Brokers' loans
30
Bronze
.
50
Building contracts awarded
21,22
Building costs
22
Building materials
20, 47,53
Building permits issued
21,22
Butter
41
Canadian statistics
56
Canal traffic
37,38
Candy
_
44
Capital flotations
33,34
Carloadings
37
Cattle and calves
43
Cellulose plastic products
40
Cement
19,53
Chain-store sales
24
Cheese..-_
41
Cigars and cigarettes
44,45
Civil-service employees
26
Clay products25, 27, 28, 29,53
Clothing
_
20, 24, 25, 26, 27, 28, 29,54
Coal_._
. 19, 20, 26, 28,45
Cocoa
44
Coffee
44
Coke
45
Collections, department stores
24
Commercial failures
31
Commercial paper.30
Construction:
Contracts awarded, indexes
21,22
Costs
__
22
Highways.
_
_
22
Wage rates
29
Copper
_
49
Copra and coconut oil
39
Cost-of-living index
20
Cotton, raw and manufactures
20, 21,54
Cottonseed, cake and meal, oil
39




Page
Crops.
_
19, 20, 42, 43, 44, 54
Currency in circulation
32
Dairy products
19, 20, 41, 42
Debits, bank
_
___.-.
30
Debt, United States Government
32
Delaware, employment, pay rolls
. 26, 27, 29
Department-store sales and stocks
24
Deposits, bank
._
_
31
Disputes, industrial
27
Dividend payments
35
Earnings, factory, average weekly and
hourly
„
28, 29
Eggs
19,20,44
Electrical equipment
51
Electric power, production, sales, revenues._ 40,41
Electric street railways
37
Employment:
Cities and States.
26
Nonrnanufacturing
26
Emigration
38
Enameled ware
49
Engineering construction
22
Exchange rates, foreign
32
Expenditures, United States Government
32
Explosives
___
_
38
Exports
36
Factory employment, pay rolls
25, 26, 27, 28
Fairchild's retail price index
20
Fares, street railways
37
Farm prices, index
20
Federal Government,
finances
32,33
Federal-aid highways
22,29
Federal Reserve banks, condition of
30
Federal Reserve reporting member bank
statistics
30
Fertilizers
_
39
Fire-extinguishing equipment
55
Fire losses
23
Fish oils and
fish..
39,44
Flaxseed
...
40
Flooring, oak, maple, beech, and birch
47
Flour, wheat
__
43
Food products
20,25,26,28,29,41
Footwear
_._
46,47,53
Foreclosures, real estate
23
Foundry equipment
50
Freight cars (equipment)
55
Freight carloadings, cars, indexes
37
Freight-car surplus
«.»
37
Fruits...
_. 20,42
Fuel equipment
50
Fuels
_ 45,46
Furniture.
48
Gas, customers, sales, revenues
41
Gas and fuel oils
.
45,46
Gasoline
46
Gelatin, edible
__.
44
General Motors sales
55
Glass and glassware
19, 25, 27, 28, 29, 53
Gloves and mittens
46
Gold
32
Goods in warehouses
23
Grains
__ 20,34,42,43
Gypsum
53
Hides and skins
21,46
Hogs
_
43
Home loan banks, loans outstanding
23
Home mortgage insurance
.
23
Hosiery
.
54
Hotels
_.
26,28,38
Housing
20, 22, 23
Illinois, employees, factory earnings
26, 27, 29
Imports
_
36,37
Income-tax receipts
32
Income payments
19
Incorporations, business
23
Industrial production, indexes
19
Installment sales, New England
24
Insurance, life.
31
Interest and money rates
30
Iron ore, crude, manufactures
19,48
Kerosene
.
46
Labor turn-over, disputes
27
Lamb and mutton
43
Lard
..
43
Lead
19,49,50
Leather
_
19, 21, 25, 26, 27, 28, 29, 46
Leather, artificial
__
55
Linseed oil, cake, and meal
40
Livestock
__
19,20,43
Loans, agricultural, brokers', real estate.- 23,30, 33
Locomotives
55, 56
Looms, woolen, activity
54
Lubricants
_.
46
Lumber
_
20,25,27,28,47
Machine activity, cotton, wool. _.
54
Machine tools, orders
50
Machinery
25,27,28,50
Magazine advertising
23
Manufacturing indexes
19
Marketings, agricultural
,__ 19, 20
Maryland, employment, pay rolls
26, 27
Massachusetts, employment, pay rolls
26, 27
Meats
19,20,43
Metals
19, 21, 25, 27, 28, 29, 48,49, 50
Methanol
38
Mexico, silver production
32
Milk
_
41,42
Minerals
19,26,28,45,49
Naval stores
39
Netherlands, exchange rates
32

Page
New Jersey, employment, pay rolls
26, 27
Newsprint
52
New York, employment, pay rolls, canal
traffic
_
26, 27,37
New York Stock Exchange
35,36
Oats
42
Ohio, employment
._
26
Ohio River traffic
38
Oils and fats
39,40
Oleomargarine
40
Paint sales
40
Paper and pulp
21,25,26,27,28,29,51,52
Passenger-car sales index
24
Passengers carried, street railways
37
Passports issued
38
Pay rolls:
Factory
27, 28
Factory, by cities and States
27
Nonmanufacturing industries
28
Pennsylvania, employment, pay rolls
26, 27
Petroleum and products
19,
21,25,26,27,23,29,45,46
Pig iron
48
Porcelain enameled products
49
Pork
43
Postal business
23,24
Postal savings
31
Poultry
19, 20,44
Prices:
Retail indexes
20
World, foodstuffs and raw material
21
Printing
25, 26, 27, 28, 29, 52
Profits, corporation
32
Public relief
29
Public utilities
_
32,34,35,36
Pullman Co
__
38
Pumps
50, 51
Purchasing power of the dollar
21
Radiators
48,50
Radio, advertising
23
Railways: operations, equipment, financial
statistics
37,38,55,56
Railways, street
37
Ranges, electric
51
Rayon
54
Reconstruction Finance Corporation, loans
outstanding
33
Refrigerators, electric, household
51
Registrations, automobiles
55
Rents (housing), index
20
Retail trade:
Automobiles, new, passenger
24
Chain stores:
5-and-10 (variety)
_
24
Grocery
24
Department stores
24
Mail order..
24
Rural general merchandise
25
Rice
_
42
Roofing
40
Rubber, crude, scrap, clothing, footwear,
tires
19, 20, 25, 26, 27, 28, 29, 52, 53
Savings deposits
31
Sheep and lambs
43
Shipbuilding
56
Shoes
21, 25, 26, 27, 28, 29,46, 47
Silk
_
20, 21, 54
Silver.
19,32
Skins
46
Slaughtering and meat packing
19,
25, 26, 27, 28, 29
Spindle activity, cotton
54
Steel, crude, manufactures. 19, 21, 25, 27, 28, 48,49
Steel, scrap, exports and imports
48
Stockholders
36
Stock indexes, world
20
Stocks, department stores
24
Stocks, issues, prices, sales
35,36
Stone, clay, and glass products... 25, 27, 28, 29, 53
Sugar
20,21,44
Sulphur
_
_
38
Sulphuric acid
38
Superphosphate
39
Tea...
20,21,44
Telephone, telegraph, cable, and radiotelegraph carriers
38
Textile products
54,55
Tile, hollow building
53
Tin.
20,21,50
Tobacco
19, 26, 27, 28, 29,44,45
Tools, machine
50
Trade unions, employment
26
Travel
38
Trucks and tractors, industrial, electric
56
United States Government bonds
35
United States Steel Corporation
- . 36,49
Utilities
_
32,34,35,36
Vacuum cleaners
51
Variety-store sales index
24
Vegetable oils
39,40
Vegetables
20,42
Wages
28,29
Warehouses, space occupied
23
Waterway traffic
37,38
Wholesale prices...
20, 21
Wire cloth...
50
Wisconsin, employment, pay rolls, and
wages—
26, 27, 29
Wood pulp
51
Wool
54, 55
Zinc
19, 50

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