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SURVEY OF CURRENT BUSINESS
WEEKLY SUPPLEMENT
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU O F FOREIGN AND DOMESTIC COMMERCE
W A S H I N G T O N , D. C., A P R I L 8, 1943
SELECTED BUSINESS INDICATORS
STEEL INGOT PRODUCTION
ELECTRIC POWER PRODUCTION
(1935-39 • 100)
MEMBER BANK RESERVE BALANCES
(BILLIONS OF KILOWATT HOURS)
(BILLIONS OF DOLLARS)
200
ieo
160
100
" 1» 11
»I • "•!11 " *"
1 11"
•1' "
111'11
' •11 "
11" 1
INCOME PAYMENTS T O I N D I V I D U A L S
E X P O R T S AND
(SEASONALLY ADJUSTED, 1935" 39* 100)
250
MONTHLY DATA
225
850
200
700
Exports of U.S. *
Merchandise ^ A
Salaries and Wo{
175
550
(50
A
400
y
s
• Total Income Payment.
125
too
IMPORTS
(MILLIONS OF DOLLARS)
1000
MONTHLY DATA
1 t'i .TTTTTTi
,
, 1 . .
1 . .
,<!.,!
1 , ,
Imports for
£50
1—1—1 1 i A 1 1 1 1 1 ! 1 1 1 1 T
1942
100
Coh umption
s j
1 1 1
L 1
1
.
1 1 1 1 .
1 1 1 1 1 1 T 1 1 .
..mTTTTI,,
. . 1 . , 1 , , 1 . .
1943
WEEKLY BUSINESS STATISTICS'
1942
1943
1942
1943
Apr. 3 Mar.27 Mar.20 Apr. 4 Mar.28
Apr. 3 Mar.27 Mar.20 Apr. 4 Mar.28
Commodity prices, wholesale:
Finance—Continued.
97.4
97.9
P 103.3 P 103.0
Federal Reserve reporting member banks:
All commodities...
1920=100.
103.4
104.2
124.2
Deposits, demand, adjusted, .mil. of dol. 31,848 32,128 32,385 24,197 2 4 , 5 7 4
122.4
Farm products
do...
95.9
97.2
107.6
107.1
Food
.do...
Loans and investments, total
d o . . . 41,391 42,004 42,19S 30,494 3 0 , 7 8 1
95.3
95.6
P 96.6 P 9 6 . 6
28,706 29,289 29,3-13 15,389 1 5 , 6 4 4
U. S. Govt, obligationsc? 1 -do
All other
__do..
Commercial, ^industrial, and agricul28 basic commodities©--August 1939=100.. 177.0 1 7 6 . 6 1 7 6 . 1 167.2 1 6 6 . 4
.199
.203
.213
.211
tural loans.:..
. . . m i l . of dol._ 5,695 5,754 5,802 7,003 7 , 0 0 8
.214
Cotton, mid.
10 mkts.t_.dol. per l b . .
243
1.18
1.19
1.39
268
97
1.39
94
89
Failures, commercial
number..
Wheat, No. 2, hd. win. (K.C,)._dol. per b u . .
1.39
3.35
160
147
143
3.36
137
3.20
3.20
3.19
Bond yields (Moody'*) t
percent..
Department store sales
.1935-39=100..
64.4
65.2
87.8
91.9
87.2
Stock prices (Stan.
J J oor)A-1935-39=100..
Finance:
Pioduction:
Bank debits, member banks in 101 cities: 1
2,108 ~2,060 2,011 1 , 8 8 5
Bituminous coalj
thous. of short tons.
Total
mil. of dol.. 12,550 11,767 12,150 10,201 9,;
3,928 3,947 3, $49 3 , 3 4 6
N e w York C i t y . . . . .
. d o . . . . 4,924 4,808 4 , 8 6 9 3,935 3,612
Electric power
mil. of kw-hr.
3,896 3,904 3,418 3 , 8 2 0
16,275 16,083 16,112 11,610 11,485
PetroleumJ
thous. of bbl.
Currency in circulation!
.do
6,191 6,280 6 , 6 9 9 2,339 2,326
192.2 192.6 188.0 188.4
Steel ®
1935-39=100.
Federal Reserve bank credit, t o t a l . , - d o
808
829
768
12,759 13,0S4 13,516 12,496 12,527 Freight carloadings, total.
787
thous. of cars.
Member bank reserve balances..
do
371
377
1,
518
368
2,847
374
2.126
Miscellaneous
do...
Excess reserves, estimated-..
do
2. 999
1,632
• D a t a do not cover calendar weeks in all cases.
* Preliminary.
©Thursday prices.
JDaily average.
®Index for week ended Apr. 10,193.2.
^Debits to demand deposit accounts, except interbank and U. S. Government accounts, in 101 cities.
cf Direct and guaranteed.
A402 stocks.
MONTHLY BUSINESS STATISTICS
1943
Earlier data are available in monthly issues of
•
the Survey and the 1942 Supplement
March
1942
March
1943
1943
January
February
COMMODITY PRICES
Prices received by farmers (U. S. Dept. of Agr.):
Combined index
1909-14=100..
Chickens and eggs
do...
Cotton and cottonsced
do
Dairy products
do...
Fruits
do...
Grains
— do...
Meat animals—
do
Truck crops _
do
Miscellaneous.
do.. _
182
182
302
163
180
136
132
185
164
177
139
134
205
277
217
178
170
163
179
156
138
214
301
158
28,347
5,945
5,919
20,785
20,413
28,347
13,981
12,759
1,520
12,758
77.7
24.187
2,355
2,244
20,821
20,495
24,187
14,268
12,574
3,073
8,635
90.9
28, 556
6,339
5,969
20,931
20,520
28,556
14,805
13,630
2,387
12,265
77.3
28, 515
6,296
5,871
20,859
20, 476
28,515
14,308
13,067
1,925
12,627
77.4
171
166
ISO
172
143
218
146
130
151
144
111
122
FINANCE
Federal Reserve Banks, condition, end of mo.:
Assets, total
mil. of dol..
Res. bank credit outstanding, total..:-do
United States securities
do
Reserves, total
do
Gold certificates
do
Liabilities, total
.do
Deposits, t o t a l . . .
!k
do
Member bank reserve balances
do
Excess reserves (estimated)
do
Federal Reserve notes in circulation
do
Reserve ratio
percent..
Revised.
518484—43
Preliminary.
Less than $500,COO.
Earlier data are available in monthly issues of
the Survey and the 1942 Supplement
Maich
FINANCE—Continued
Monetary statistics:
Gold, monetary stock, U. S
mil. of dol.. "22,576
Currency in circulation, total
- d o — 6,252
Public finance (Federal):
Debt, gross, ond of month
. . . d o — 115,507
Public issues:
Interest bearing
. . d o — 104,284
1,219
Noninterest bearing
do—
Special issues to Government agencies
and trust funds.
do. r .- 10,284
Obligations fully guaranteed by U. S. Gov't:
Total amount outstanding
..mil, of dol.. 4,350
Expenditures, total
d o — 7,354
War activities}
...
d o — 6,744
103
Agricultural adjustment program
do—
21
Unemployment relief
do—
1
Transfers to trust accountst
do—
262
Interest on debt
do—
(•)
Dobt retirements
do—
223
All other*
.do....
Receipts, total
- d o — 5,207
Receipts, net
d o — 5,206
32
Customs
-do—
Internal revenue, total.
d o — 5,154
Income taxes
d o — 4,732
50
Social security t a x e s —
do—
1942
1943
March
January
February
22,687
11,566
22,683
15,590
'16,088
22,644
111,069
114,024
54, ^52 100,852
479
1,045
103,286
1,173
9,172
9,565
4,277
6,372
5,947
86
29
35
54
<•)
222
824
788
25
724
306
52
4,275
6,119
5,770
92
23
2
35
(*)
198
1,190
955
26
1,075
380
343
5,666
3,436
2,809
81
96
22
205
15
208
3,548
3,547
33
3,493
3,083
49
JSee footnote on corresponding item in the March 1943 SURVEY.
2
MONTHLY BUSINESS STATISTICS—Continued
1943
Earlier data are available in monthly issues of
the Survey and the 1942 Supplement
March
FINANCE—Continued
Security markets:
Bonds:
Prices, U. S. Treasury. dol. per $100 bond.
Yields:
Domestic corporate (Moody's)
percent.
B y ratings:
Aaa
do...
Aa
do...
A
do....
Baa
do
By groups:
Industrials.
do..-.
Public utilities
do....
Rails
do....
U. S. Treasury bonds:
Partially tax-exempt.
do
Taxable*
t
do
Stocks:
Cash div. payments and rates (Moody's):
Total annual payments at current rates
(600 companies)
mil. of dol..
Number of shares, adjusted
millions..
Dividend rate per share (weighted average)
(600 companies)
dollarsBanks (21 companies)
do...
Industrials (492 companies)
do...
Insurance (21 companies)
do...
Public utilities (30 companies)
do...
Rails (36 companies)
do...
Prices:
Dow Jones & Co., Inc. (65 stocks)
dol. per share.
Industrials (30 stocks).
do
Public utilities (15 stocks)....
do
Rails (20 stocks)
do
N e w York Times (50 stocks)
.do
Industrials (25 stocks)..
do
Railroads (25 stocks)
do
Yields:
Common stocks (200), Moody's...percent..
Banks (15 stocks)
do
Industrials (125 stocks)
do
Insurance (10 stocks)
do
Public utilities (25 stocks)
do....
Rails (25 stocks)
do
109.
1943
1943
January
March
February
110.2
109.8
109.4
3.20
3.37
3.27
3.23
2.76
2.88
3.14
4.01
2.86
~3; oo
3.32
4.30
-2.79
3.20
4.16
2.77
2.89
3.17
4.08
2.87
3.00
3.73
3.00
3.17
3.94
2.
3.05
3:02
2.
2.88
2.06
2.32
2.06
1,680.77 1,850.15 1,682.83
942.70
942.70
,686.20
2.08
2.33
1.78
2.82
1.71
2.64
1.74
2.18
2.00
2.35
1.97
2.81
1.98
2.69
1.80
1.77
2.32
942.70
1.79
2.82
1.71
2.64
1.75
2.12
1.79
2.82
1.72
2.64
1.75
2.16
44.64
131.15
17.58
32.47
91.13
157.06
25. 21
34.54
101.62
12.15
26.09
69.17
119.65
18.69
40. 73
121. 52
15. 57
42.78
127.40
16.87
29.80
84.67
147. 75
21.59
153.76
4.8
4.0
4.5
7.7
5.4
4.5
5.0
4.1
5.1
4.4
4.7
4.1
28.
6.0
7.7
5.0
8.5
6.2
6.8
8.2
3,073
706
60
164
187
52
389
63
1,452
35
15
7
3.175
610
55
184
146
43
584
75
1,477
58
23
17
88.18
22.61
6.8
7.9
TRANSPORTATION
Freight-car loadings (A. A. R.):{
Total cars
Coal
Coke
Forest products
Grain and grain products
Livestock
Merchandise, 1. c. 1.
Ore
Miscellaneous
:
Freight-car surplus, total
Boxcars
_:
Coal cars
thousands.
do....
do
do
...do
do
do
do
do
__do
do
do
1943
3,531
790
75
172
237
66
421
71
1,698
67
35
20
1942
3,056
705
60
160
203
51
370
55
1,453
41
19
1943
Febru- Febru- Decern- January
ary
ber
ary
BUSINESS INDEXES
Income payments: t
Indexes, adjusted:
Total income payments
. . . 1935-39~100Bfc Salaries and wages
do...
Total nonagricultural income
do...
Total
mil. of dol.
Salaries and wages, total
do...
Commod ity-produc ing industries
do. _.
Work-relief wages...
do...
Direct and other relief
do...
Soc. sec. benefits and other lab. inc
do...
Dividends and interest
do...
Entr'l inc. and net rents and royal's. . . d o . . .
Total nonagricultural income
do...
Cash income from farm marketings: t
Crops and livestock, combined index:
Unadjusted
-1935*39=100.
Adjusted.
do...
Crops
do
Livestock and products.
do
Dairy products
do
Meat animals. _
do
Poultry and eggs
do....
* 200.8
* 221.8
f 193.4
*10,428
* 7,756
* 3,575
* 15
9
9
*81
185
437
* 1,969
9,422
9
»
*
*
*
"
9
170.0
240.0
245.5
236.5
183.0
32.0
273.0
157.4
167.5
155.1
8,094
5,806
2,622
72
95
171
426
1,596
7,394
193.7
213.1
186.8
11,524
7,635
3,514
23
84
180
1,419
2,206
10,244
125.5
179.5
179.5
179.5
156.0
194.5
184.0
225.5
226.5
237.5
219.0
177.0
249.5
233.5
'r 196.2
217.3
' 190.0
10,725
••7,602
'3,497
19
83
'183
.'788
'2,086
'9,614
'190.0
'224.0
237.0
' 215.0
'170.0
'222.5
286.0
CONSTRUCTION AND REAL ESTATE
Construction cost indexes (F. H. L. B. A.):
Standard 6-room frame house:
Combin d index
1935-39=100.
Materials..do...
Labor
...do...
125.5
121.9
132.5
121.2
119.3
125.0
124.5
121.4
130.7
124.7
121.5
130.9
42.4
42.4
44.5
44.2
44 4
'46.1
42.1
44.3
44.2
45.9
41.8
EMPLOYMENT AND WAGES
Average weekly hours per worker in factories:
Natl. Ind. Con. Bd. (25 industries)
hours..
U. S. Dept. of Labor, all manufacturing^-do
Durable goods*
do
Nondurable goods* ^
do
' Revised. ,
• N e w series.
» Preliminary.
* Data for January are the latest available.
Sec note on corresponding item in the March 1943 SURVEY.
Earlier data are available in monthly issues of
the Survey and the 1942 Supplement
1943
1943
February
Febru- Decern*
ary
ber
EMPLOYMENT AND WAGES-Continued
Wages:
Factory average weekly earnings:
Natl. Ind. Con. Bd. (25 industries), .dollars.
U. S. Dept. of Labor, all mfg.f
do...
Durable goods
...do...
Nondurable goods
. . do.. Factory average hourly earnings:
Natl. Ind. Con. Bd. (25 industries)
do...
U. S. Dept. of Labor, all mfg.f
do...
Durable goods
do...
Nondurable goods
do...
37.53
34.05
27.49
.880
.892
• 42.98
40.27
'46.28
32.08
.970
.907
1.004
.762
FINANCE
Industrial and commercial failures:
Grand total
number.
916
506
Commercial service, total
..do...
59
22
Construction, total
..do...
57
47
Manufacturing and mining, total
do...
141
86
67
Retail trade, total
.do...
589
307
255
Wholesale trade, total
do...
70
44
34
Liabilities, grand total..
...thous, of dol.
9,631
6,950
4,163
Commercial service, total
do...
927
526
331
Construction, total
do...
920
1,189
379
2,525
1,997
Manufacturing and mining, total
do...
1,342
4,232
2,392
Retail
trade,
total
.
.
d
o
.
.
.
1,782
1,027
WTholesale trade, total
*
do...
329
Life insurance (Assn. of Life Ins. Pres.):
Premium collections, total
d o . . . 279,445 272,778 387,033
Annuities
d o . . . 23,504 25,378 60,577
Group
d o . . . 19,334 15,040 17,775
Industrial
d o . . . 59,376 57,578 97,855
Ordinary
d o . . . 177,231 174,782 210,826
Security markets (Standard and Poor's Corp.):
Bond prices:.
High grade (15 bonds)
dol. per $100 bond.
120.0
118.9
Medium and lower grade*.
Composite (60 bonds)..
do—.
106.4
103.6
Industrials (10 bonds)
do...
106.9
115.9
115.3
Public utilities (20 bonds)
do...
104.4
111.4
109.1
Rails (20 bonds)
-do...
87.7
92.0
86.5
Defaulted (15bonds)
do...
25.6
33.5
29.9
Bond yields:
Domestic municipals (15 bonds) _ __.percent
2.55
2.22
2.26
Stock prices:
Combined index (402 stocks)...1935-39=100
84.8
75.9
Industrials (354 stocks)
do
87.7
78.5
71.0
Capital goods (116 stocks)..
.do...
74.8
86.1
77.7
Consumer's goods (191 stocks)
do...
66.2
84.8
75.8
Public utilities (28 stocks):
.do....
64.5
73.3
65.2
Rails (20 stocks)
do
68.4
77.5
Stock yields:
Preferred, high-grade (15stocks)
percent..
4.24
4.10
4.19
ELECTRIC POWER
Electric power, production, total_.mil. of kw-hr._ 16,098
Fuel..,.
. . . . d o . - - . 10,224
Water power
d o . . . - 5,873
LUMBER AND MANUFACTURES
National Lumber Mfrs. Assn.:f
Production, total
mil. bd. ft..
Hardwoods
do
Softwoods
do
Shipments, total
do
Hardwoods
do
Softwoods
do...
Stocks, gross, end of month, total..
do
Hardwoods
do
Softwoods
do...
METALS AND MANUFACTURES
Castings, malleable:
Orders, new, net
short tons
Production
do
Shipments
do
Steel, manufactured products:
Barrels and drums, steel, heavy types:
Orders, unfilled, end of month
thousands..
Production
do—
Percent of capacity
Shipments
thousands..
Stocks, end of month.
do
Boilers, steel, new orders:
Area
thous. of sq. ft..
Quantity
numlber-.
Furniture, and shelving, steel:
Office furniture:
Orders, new, n e t . .
thous. of dol-Orders, unfilled, end of month
do—
Shipments.
do
Shelving:
Orders, new, net.
—do.._Ordcrs, unfilled, end of month
do—
Shipments
-.do—
S T O N E , CLAY, A N D G L A S S
Portland cement:
Production
:
thous. of bbl
Shipments
do—
Stocks, finished, end of month
do—
Stocks, clinker, end of month
do . . .
Plate glass, polished, production.thous. of sq. ft.
Glass containers:
Production...
thous. of gross..
Shipments, total
do—
Stocks, end of month
do
14,102
9,664
4,438
17,681
11,571
6,110
2,338
450
1,888
2,539
443
2,096
6,600
2,004
4,596
2,083
381
1,702
2,364
434
1,930
4,413
1,432
2,981
88,970
66,401
67,895
66,292
65,140
62,724
93,824
66,177
63,703
4,139
1,574
81.3
1,595
45
2,230
1,845
101.1
1,848
34
2,696
1,426
78.2
1,419
56
596
733
2,146
965
2,201
819
1,587
2,449
392
3, m
6,340
4,188
583
1,345
460
42
197
48
1,094
1,490
994
239
135
10,293
8,656
23,005
4,452
4,775
10,797
8,293
25,668
5,840
5,600
14,090
8,923
17,428
3,509
5,001
6,672
7,060
7,288
5,965
6,141
9,950
6,268
6,528
7,774
1,976
1,
2,222
438
1,784
3,950'
1,329
2,621
,
t Revised series. See note on corresponding item in the March 1943 SURVEY.
1 Data for January 1943 are for 5 weeks; other months 4 weeks.
@FedFRASER