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SURVEY OF CURRENT BUSINESS WEEKLY SUPPLEMENT UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON, D. C, DECEMBER 26, 1940 SUMMARY OF BUSINESS TRENDS V\fHILE the distributive trades are enjoying the heaviest TT holiday demand in years, reports from some of the major industries show production to be advancing against the usual seasonal trend. During the week ending December 14 the automobile industry again assembled more than 125,000 units, electric power output moved to a new high, and contraseasonal increases took place in the production of both bituminous and anthracite coal. Production gains are aJso reported for paper and cotton, with a slight decline in petroleum and a larger decline in lumber being exceptions to the general movement. Exports of United States merchandise fell in November by slightly less than $15 million, the month's aggregate totaling $321 million compared with $336 million in October. This decline is not large enough to indicate anything more than a slight slackening in the strong basic demand for American materials, inasmuch as the November total is less than 3 percent under the high average which prevailed during the first 10 months of 1940. In dollar terms the decline was about evenly divided between the agricultural and nonagricultural categories, but a percentage comparison shows a decline of almost 20 percent in agricultural exports against less than 3 percent in the nonagricultural group. The largest declines in the agricultural group were in corn and unmanufactured cotton, ea(^.^f}Tingalinost $3 million in the month. Both Great ^Britain and Japan took unusually small amounts of cotton for this season of the year. In the nonagricultural group exports of metal-working machinery again moved into new high ground as shipments exceeded $28 million. Gains were also recorded in shipments of industrial chemicals and in firearms, ammunition, and explosives. Aircraft shipments declined to $27 million from $31 million in October. Iron and steel mill exports were again reduced in November as both semimanufactured and finished steel shipments were lower than in the preceding month. Shipments of scrap declined $3.3 million, the chief reduction being a decrease of $2.6 million in shipments to Japan, Exports of nonferrous metals also declined more than $5 million, a reduction of almost $4 million in refined copper shipments to Japan again accounting for a large part of the drop. Imports for consumption rose from $213 million to $217 million in the month with increases occurring in a broad list of commodities. In the strategic and critical materials, rubber and tin imports were about equal to their October totals while an increase of $2.7 million took place in imports of silk. SELECTED BUSINESS INDICATORS (PERCENT OF FREIGHT CAR LOADINGS ELECTRIC POWER PRODUCTION STEEL INGOT PRODUCTION (THOUSANDS OF CARS) (BILLIONS Of KILOWATT HOURS) CAPACITY) 100 80 60 /939 - " ^ W ^ 40 20 f 0 • 1 I i 1• . . 1 , COMMERCIAL LOANS BITUMINOUS COAL PRODUCTION AUTOMOBILE PRODUCTION (DAILY AVERAGE - THOUSAHOS (THOUSANDS OF VEHICLES) (6ILL10NS OF DOLLARS) OF TONS) ^000 1600 IZ00 '938 - ^ V Qf\n /939 400 W -**• L 0 . CRUDE OIL RUNS-TO-STILLS MISCELLANEOUS CAR LOADINGS (MILLIONS OF BARRELS-DAILY AVERAGE) (THOUSANDS OF CARS) i F K A . HOME MORTGAGES (NUMBER saECTEO^Fb^PPRAISAl ON HOMES J O B£ BUILT ) EXPORTS OF U.S. MERCHANDISE PRICE INDEX OF 28 BASIC COMMODITIES (MILLIONS OF DOLLARS) (AUG. 1939 = 100) 160 THURSDAY Fl WRES 400 140 300 \ 120 s 100 80 500 200 100 AJ > 1 _1_ . 1 , , 1 . . 1937 280418-40 .. 1 . , 1 . . 1938 1,1 ,, t, , I 1939 1, I94Q , 1 1 • 0 ! ,, 1 . . 1 < . 1937 1 , 1 , L • 1938 l 1 1 1 • t 1 t r 1 i 1939 t 1 t i 1 I.J 1 1 1 1 1 1 ' ' .. 1940 WEEKLY BUSINESS INDICATORS [Weekly average, 1923-25=100] 1940 193S 1939 1940 Dec. Dec. Dec. Nov. Nov. Dec. Dec. Deo. Dec. 7 30 23 23 16 24 21 14 Business activity: 1 New York Times § cTBarron'scf Business WeekCommodity prices, wholesale: Dept. of Labor, 1926 =-100: Combined index... Farm products Food Allotber. Fisher's index, 1926=100: Combined index—. Copper, electrolytict Cotton, middling, spot _ 79.7 69.1 73.4 84.4 79.7 68. g 73.5 84.4 79.8 69.8 73.9 84.4 79.7 69.1 73.3 84.5 79.5 68.8 72.8 84.3 79.3 67.8 72.1 84.3 78.7 66.8 71.1 84.1 Finance—Continued. Banking: Debits, outside N . Y. C.i._-Federal Keserve reporting member banks: Loans, total Interest rates: 76.7 Call loansX -67.4 TiraoloansJ -Currency in circulation}; 72.6 Production: Automobiles Bituminous coalt 79.8 Cotton consumption!- 79.7 Electric powerf 31.6 Lumber — Petroleum? -SO. 3 63. G Steel ingots® -100.9 Receipts, primary markets: Cattle and calves Hogs Cotton 68.8 Wheat 107.6 93.7 102.1 104.2 L3 112.2 117.0 105.7 106.6 9114.! :. 21123.5 122.9 119.9 118. 142.3 141.2 142.6 142.0 125.6 125. 76.6 67.2 72.2 80.5 84.9 84.9 85.0 84.7 84.5 85.9 85.2 79.7 85.5 85.5 85.5 85.5 85.5 89.1 89.1 79.7 37.9 38.2 38.2 37.9 38.2 42.6 42.3 32.4 120.7 93.7 165.2 56.7 82,3 C onstructlon contracts t 71.2 60.3 Distribution: Carloadings __ 73.5 77.3 77.5 76.5 77.0 122.0 113.6 Employment, Detroit, factory.,. 121.5 Finance: 68.2 58.2 58.4 58.6 58.8 64.0 64.0 8.5 Bond yields!: Stock pricesj -~. 95.8 97.4 96.6 96.4 97.9 111.7 111.8107.8 1939 1938 Dec. Dec. Dec. Nov. Nov. Dec. Dec. Dec. Dec. 21 30 23 23 16 24 17 129.0 105.3 118.1 112.9 121.1 120.8 101.6 118.5 74.7 74.4 73.3 73.0 72.9 71.5 71.0 67.8 68.0 24.2 24.2 24.2 24.2 24.2 t. 2 24.2 24.2 24.2 28.6 .. . . . . 28.6 28.6 . . _ 28.6 _ . . 28.6 __.. 28.6 180.2 178.0 176.8 174.8 173.7 158.4 156.3 143.2 141.7 159.5 159.8 158.7 163.8 130.2 149.7 150.6 118.1 130.9 97.1 96.3 99.2 107.3 90.8 87.9 84.3 81.7 .39.2 139.2 139.2 146.5 106.5 1241.0 151.6 139.2 .67.8 161.8 158.5 156.4 141.8 140.0 174.7 171.8 71.1 170.3 167.8 47.5 58.2 60.1 53.2 60.1 45.7 51.4 40.3 179.6 177.5 179.2 165.4 186.8 191.8 191.7 171.1 162.5 166.0 1G4.6 166.2 165.7 165.7 154.6 156.7 87.3 97.2 65.8 81.1 70.6 71.8 128.5 117.3 135.0 24.2 30.1 29.5 76.0 81.1 146.2 30.6 78.7 54.3 61.2 52.4 146.9 127.7 27.3 35.4 6 .5 57.9 68.4 65.4 52.7 64.4 143.5 51.2 61.9 36.3 44.2 48. a • D a t a do not cover calendar weeks in all cases. § Computed normal=100. tDaily average. fWeekly average 1928-30=100. ^Seasonally adjusted. ®Index for week ended Dec. 28 is 138.6. cfFor description of these indexes, see p . 4 of the Dec. 16,1937, issue. WEEKLY BUSINESS STATISTICS # 1939 1940 COMMODITY PRICES, WHOLESALE Copper, electrolytic, New York* dol. per lb_. Cotton, middling, spot, New York do.... Food index (BTadstreet's).. ___ _do~_. Iron and steel, composite .— dol. per ton.. Wheat, No. 2, Hard Winter (Kansas City) ..dol, per bu.. Banking: FINANCE Debits, New York City ..mil. of do].. Debits, outside New York City (140 cities) do.... Federal Reserve banks: Reserve bank credit, total... _ do— U. S. Government securities do— Member bank reserve balances.._ do— Excess reserves, estimated- do— Federal Reserve reporting member banks: Deposits, demand, adjusted do... Deposits, time __,do_ Investments, total§ do... XT. S. Government direct obligations -do-— Obligations fully guaranteed by U. S. Government .-.mil, of dol. Loans, total?".". do.._ Commercial, industrial, and agricultural loans§ . mil. of dol_ Interest rates, eallloanst percentInterest rates, tlmeloanst do~_. Kxchange rates: Pound sterling* dollars. 1'ailures, commercial _ ...number. Currency in circulationt mil. of do].. Security markets: Bond sales (iV. Y, S, E.) thous. of dol. par value. Bond yields (Moody's) (120 bonds)t-. percentStock sales (AT. Y. 8. E.) thous. of shares.. Stock prices (N. Y. Times)t-dol. per share.. Stock prices (Standard Statistics) (420) 1926=100., Industrials (350) _. do... Public utilities (40) .do.... Railroads (30) do.... PRODUCTION, CONSTRUCTION, AND DISTRIBUTION Production: Automobiles! number,. Bituminous coalt tbous. of short tons. Electric power ...mil. of kw.-hr., Petroleumt_ thous. of bbl.. Steel ingots® pet. of capacity.. Construction contract awardsj. -thous. of dol.. Distribution: Freight-car loadings, total cars.. Coal and coke do_... Forest products do— Grains and grain products ...do Livestock _ do Merchandise, L c. 1 ...do Ore do Miscellaneous do.... Receipts: Cattle and calves thousands.. Hogs do.... Cotton into sight. thous. of bales.. Wheat, at primary markets thous. of bu,. 1938 Nov. 30 Nov. 23 Nov. 16 Dec. 23 Dec. 16 0.118 .104 2.48 38.18 .85 0.118 .103 2.46 3S.13 .85 0.118 .104 2.44 33.07 .85 0.118 .103 2.43 38.07 .80 0.123 .116 2.34 37.10 1.04 0.123 .115 2.32 37.19 0.110 .088 2.34 36.37 .60 0.110 .086 2.38 36.38 .67 0.099 .084 2.63 3S.90 .96 3,538 4,883 3,746 5,247 2,959 4,547 3,773 5,617 3,305 4,428 4,449 5,604 3,799 4,707 5,214 5,494 3,676 4,149 4,484 4,977 2,306 2,184 13,804 6,395 2,241 2,184 14,152 6,785 2,266 2,195 14,154 6,816 2,276 2,204 14,292 6,931 2,302 2,231 14,127 6,800 2,326 2,254 14,052 6,795 2,645 2,496 11,378 4,900 2,543 2,512 11,288 4,849 2,656 2,564 8,472 2,979 2,600 2,564 9,034 3,476 2,658 2,664 6,855 1,007 22,279 5,405 16,191 9,808 22,403 5,384 15,925 9,582 22,131 5,365 15,891 9,584 22,189 5,375 15,774 9,543 21,961 5,382 15,834 9,529 21,818 5,383 15, 785 9,476 18,923 5,255 14,533 8,762 18,981 5,251 14,652 8,863 16,025 5,141 13,269 8,333 16,221 5,130 13,008 8,080 14,423 6,201 12,062 8,067 2,734 9,341 2,729 9,299 2,723 9,102 2,707 9,128 2,700 9,110 2,704 9,086 2,404 8,932 2,413 8,871 1,718 8,473 1,696 8,496 1,110 9,418 5,001 1.00 1.25 1.00 1.25 4,942 1.00 1.25 4,911 1.00 1.25 1.00 1.25 4,895 1.00 1.25 4,406 1.00 1.25 4,416 1.00 1.25 3,857 1.00 1.25 3,872 1.00 1.25 4,617 1.00 1.25 "4.035 255 8,749 • 4.03/) 258 8,643 -4.035 263 8, 58r> • 4.035 258 8,490 • 4.035 256 8,436 • 4.037 203 8,397 3.947 249 7,691 3.933 270 7,588 4.666 4.670 4.998 0,952 6,881 6,070 52,240 3.36 4,188 92.99 79.8 56,270 3.36 4,189 94.6] 81.1 94.7 78.4 26.7 43,480 3.37 3,117 93.80 80.6 94.3 77.4 26.5 37,540 3.3S 3,200 93. GO 80.5 94.0 77.6 26.9 34,350 3.39 3,046 95.07 81.9 95.6 78.4 27.7 37,970 3.40 5,438 97.72 84.7 99.1 SO. 2 29.0 43,890 3.69 41,070 3.60 4,168 108.53 91.9 107.9 87.0 29.9 52,060 3.95 5,980 104.65 91.1 109.7 76.9 28.2 57,080 3.97 7,356 104.48 112.0 78.3 29.0 93.0 40,390 4.13 5,721 91.53 S2.5 96.1 77.5 31.2 124,790 1,640 2,838 3,613 96.9 12S, 783 1,690 2, 79(5 3,335 96. C 19,373 102,340 1,827 2,695 3,766 96.6 15,044 120,943 1,800 2,752 3,577 96.1 15,804 117, 705 1,546 2,641 9(5.8 125, C25 1,653 2,862 3,579 96.0 118,405 1,497 2,605 3,866 91.2 9,099 92,800 J,435 2,363 3,450 51.7 13,218 102,905 1,391 2,333 3,276 57.6 12,894 74,230 1,281 2,085 3,493 23.5 8,557 700,242 161,372 37,778 28,047 11,843 149,032 12,852 299,318 736,332 162,941 39,593 33,056 13,727 153,622 13,355 320,038 738,513 160,973 39,833 35,465 15,696 155,037 12,374 319,235 728,525 156,433 38,521 33,689 15,739 149,915 17,684 316,544 733,488 154,157 39,083 33,323 15,810 140,219 40,122 310,765 745,295 160,300 35,814 29,999 17,973 150,273 37,842 313,094 654,817 153,977 31,711 32,702 11,416 144,518 11,811 678,132 143,815 34,137 35,552 13,411 150,154 11,339 289,724 574,198 140,126 27,614 30,725 11,997 140,909 9,001 213,826 132,711 29,132 35,959 13,177 148,091 8,260 238,673 457,821 106,699 20,449 27,419 9,541 119,431 7,002 167,277 208 458 305 25G 460 351 2,340 240 527 380 2,437 249 397 251 415 448 1,751 172 340 332 2,813 210 424 373 2,887 183 342 133 3,519 216 418 161 3,837 178 292 287 2,359 Dec. 21 Dec. 14 0.118 .103 2.48 38.32 .82 0.118 .104 2.49 38.28 .83 4,897 5,982 93.3 77.0 20.0 125,370 334 1,929 Dec. 7 not 382 2,170 4,174 108.44 91.8 108.0 8<5.5 29.3 90.0 26,517 Dec. 24 1937 Dec. 17 Dec. 25 ® Rate for week ended Dec. 28 is S0.8. t Daily average • Data do cover calendar weeks in all cases. ^Source: Ward's Automotive Reports. § Data for 1939 and 1940 not strictly comparable, with data for earlier years; see note on corresponding data shown on p. 51 of the 1940 Supplement, • Free rate. MONTHLY BUSINESS STATISTICS 1939 Monthly statistics through December 1939, to- 1940 gether with explanatory notes and references to the sources of the data, may be found in the Novem Novem- Decem1940 Supplement to the Survey ber ber ber BUSINESS INDEXES Pages 7, 8,10 Agricultural marketings: Cash income from farm marketings: Crops and livestock, combined index; Unadjusted _ 1924-29=1007 Adjusted. do. »65.5 Crops _ do *92.0 Livestock and products do p 100.0 Dairy products do »92.0 Meat animals ___do. Poultry and eggs.__ _do. 4 Industrial production (F. R.): t rl35 Combined index, unadjusted._.1935-39-100__ *137 Manufactures, unadjusted do P121 Minerals, unadjusted ___do Combined index, adjusted do 35 Manufactures, adjusted do P134 Automobiles do P133 Textiles and products —do 118 Minerals, adjusted. _do COMMODITY PRICES Pages 12,13,15,130,132 Wholesale prices: U. S. Department of Labor indexes: Combined index __ 1926=100. 79.6 Economic classes: 82.6 Finished products.. do 72.6 Raw materials do 80.7 Semimanufactures _ do 68.2 Farm products.. do Commodities other than farm products* 1926=10081.9 Foods _ do_. 72.5 Commodities other than farm products 84.1 and foods 1926=100Pig iron: 22.50 Basic (valley furnace) dol. per long t o n . . 23.15 Composite do. Foundry, No. 2, northern (Pittsburgh) dol. per long ton. _ 24.89 Steel: Composite, finished steel dol. per lb__ .0265 Steel billets, rerolling (Pittsburgh) 34.00 dol. per long t o n . . .0210 Structural steel (Pittsburgh)..dol. per l b . 20.06 Steel scrap (Chicago).__.dol. per gross tonPurchasing power of the dollar: 125.6 Wholesale prices... , 1923-25=100131.9 Retail food pricest ....do.... 148.6 Prices received by farmers do 118.9 Costoflivingf do. CONSTEUCTION AND KEAL ESTATE Pages 16, 20 Contract awards: F. W. Dodge Corp. (37 States): Construction, total value thous. of dol., 380,347 Building, total value § . - . . d o . . . 301,205 Construction cost indexes: American Appraisal Co.:f 208 Average, 30 cities.— 1913=100.. 198 Atlanta... do.... 228 New York _ do... 191 San Francisco— do— 214 St. L o u i s . . . . . . — . . _ „ _ do... Associated General Contractors (all types) 192 1913=100. DOMESTIC TRADE Pages 26,27 Silver Using: Newspaper advertising: Linage, total (52 cities).., _ .thous. of lines. 113,191 Classified d o . . . . 21,071 92,119 Display, total. do... 4,973 Automotivedo... 1,359 Financial _ do_._. 16,796 General _ do... 68,992 lletail do._ Postal business: Receipts, postal: 50 selected cities.thous. of dol. 33.201 50 industrial cities do... 3,686 Retail trade: Chain-store sales, indexes: Chain-Store Age, combined index (20 124.0 chains).. av. same month 1929-31«100. Apparel chains do_. 136.0 FINANCE Pages 56, 73, 74 Life insurance written: <8> Policies and certificates, total number 721 thousands. 28 Group _ do— 468 Industrial do.— 220 Ordinary do... Value, total thous. of dol. 560,912 34,25G Group do... Industrial d o . . . 134,859 Ordinary d o . . . 391,797 1940 Februanuary ary March April May June July ugust September 90.0 76.5 66.0 86.5 91.0 87.0 73.5 79.0 79.0 74.0 84.0 91.5 82.0 70.5 69.0 79.0 72.5 85.0 95.0 84.5 65.5 60.5 84.0 81.0 86.5 94.0 82.0 80.0 60.0 76.0 72.5 79.0 89.5 75.0 70.0 62.5 81.5 77.0 85.5 89.5 88.0 70.5 66.0 80.0 73.5 85.5 84.5 90.5 70.5 62.5 70.0 61.5 78.0 82.0 79.0 64.0 75.0 71.0 57.5 83.0 84.0 88.0 65.0 79.0 71.0 59.0 81.5 90.0 82.0 65.0 95.0 75.5 64.5 85.5 92.0 88.0 67.0 126 126 123 124 124 91 128 120 124 126 ••112 126 128 121 '125 '115 117 '118 115 122 '123 129 118 118 113 114 112 116 116 129 108 114 112 112 110 '113 112 120 100 117 '112 112 111 111 110 103 100 119 116 116 118 115 114 101 104 118 121 122 118 121 122 106 107 118 118 '118 121 121 121 87 113 120 120 120 117 121 122 76 114 114 129 130 124 125 127 109 lift 116 October 117.0 80.5 69.0 '90.5 '93.5 94.5 70.5 3 ••136 122 '129 '131 '130 123 113 79.2 79.2 79.4 78.7 78.4 .78.6 78.4 77.5 77.7 77.4 78.0 78.7 82.0 72.4 82.1 67.3 81.7 73.3 82.0 67.6 81.7 73.8 81.7 69.1 81.4 72.7 79.9 68.7 81.1 72.0 79.7 67.9 81.2 73.0 78.2 69.4 81.3 72,0 78.3 67.9 80.5 70.7 77.9 66.2 70.7 77.8 66.5 81.0 69.8 77.0 65.6 81.5 70.5 77.6 66.2 82.1 71.4 79.4 66.4 81.6 72.3 81.6 71.9 81.5 71.7 80.8 71.1 80.5 70.2 80.5 71.6 80.5 71.4 79.8 70.3 80.0 70.3 79.9 70.1 80.4 71.5 81.3 71.1 84.0 83.9 83.9 83.2 82.9 82.5 82.5 82.2 82.3 82.0 82.3 83.5 22.50 23.15 22.50 23.15 22.50 23.15 22.50 23.15 22.50 23.15 22.50 23.15 22.50 23.15 22.50 23.15 22.50 23.15 22.50 23.15 22.50 23.15 22.50 23.15 24.89 24.89 24.89 24.89 24.89 24.89 24.89 24.89 24.89 24.89 24.89 .0263 .0265 .0265 .0262 .0265 .0265 .0265 .0265 .02G5 .0265 .0265 34.00 .0210 17.66 34.00 .0210 16.50 34.00 .0210 16.38 34.00 .0210 15.75 34.00 .0210 15.69 34.00 .0210 15.33 34.00 .0210 16.88 34.00 .0210 18.19 34.00 .0210 17.35 34.00 .0210 18.03 34.00 .0210. 19.22 34.00 .0210 19.75 127.2 130.9 151.5 119.5 127.2 133.3 153.1 120.2 126.8 133.5 148.6 120.2 128.0 130.9 145.6 119.5 128.5 132.3 151.5 119.9 128.1 131.6 149.9 119.6 12S.5 130.4 149.9 119.3 129.0 128.7 154.8 118.9 129.6 129.9 154.8 119.0 130.1 131.4 153.1 119.5 129.1 130.2 151.5 118.9 128.0 131.6 148.6 118.9 299,847 354,098 196,191 200,574 272,178 300,504 328,914 194,357 146,438 129,932 145,423 195,443 224,241 236,076 324,726 398,673 414,941 347,651 383,069 227,269 279,384 272,177 253,667 284,874 202 191 220 184 208 202 192 220 184 209 192 220 184 209 206 195 225 190 212 208 198 227 191 214 188 188 189 189 101 111,980 119,883 103,290 23,083 23,936 23,216 88,906 95,948 80,074 5,639 7.007 7,812 1,485 1,477 11838 19,427 17,069 17,824 62,237 67,231 55,880 84,440 21,194 63,246 3,628 1,827 13,043 44,748 92,041 10t>, 701 118,78-1 21,964 22,328 22,780 70,077 84,373 95,097 3,619 5,035 6,471 1,196 1,322 1,600 12,046 14,546 18,511 53,216 63,469 69,409 28,668 3,451 27,626 3,565 28,974 3,568 30,325 3,572 35,233 4,194 119.0 120.0 119.0 132.0 122.8 134.0 121.0 137.0 120.0 132.0 203 190 221 186 210 203 191 221 185 210 203 192 221 184 211 203 191 221 184 211 202 189 221 183 210 203 190 221 183 210 188 188 188 187 187 187 113,457 118,103 20,194 20,246 93,264 «J7,857 3,482 4,537 1,637 1,376 18,470 14,183 78,555 88,033 19,075 3,854 2,278 12,433 50,393 93,240 114,255 19,295 22,945 73,945 91,309 4,224 5,620 1,494 1,799 15,740 17,645 52,487 66,246 32,446 3,658 42,938 5,117 30,380 3,791 29,737 3,665 32,657 3,993 31,615 3,923 32,265 3,786 117.0 132.0 120.0 142.0 113.5 120.0 114.0 119.0 115.0 128.0 115.0 122.0 117.0 123.0 202 191 220 184 208 187 691 70S 683 71766 793 770 697 659 728 724 28 35 33 32 35 30 42 26 25 32 59 41 443 . 500 428 426 44G 472 494 483 439 400 413 455 25ti 220 235 225 233 263 256 262 232 220 225 228 597,450 605,326 579,283 550,442 648,903 587,498 646,550 653,156 561,638 616,085 624,770 44,027 105,030 134,507 38,120 37,556 39,800 44,869 48,946 43,520 53,757 40,720 55,244 128,121 124,662 113, 111 125,226 138,545 135,852 141,921 128,232 124,192 123,111 127,971 146,465 415,350 416,858 405,538 398,292 439,984 449,113 439,567 420,272 437,614 402,415 381,748 447,194 * Preliminary. t Revised series. For revised indexes of industrial production beginning 1919, see table 31, pp. 12-17, of the August 1940 Survey. Revised indexes of construction costs, American Appraisal Company, beginning 1913 appear in table 44, p . 13 of the November 1940 Survey. Retail food prices and cost of living indexes revised beginning January 1935. Revisions will be published in the January 1941 Survey. § Data beginning 1925 are shown in table 49, p . 17 of the November 1939 Survey. ® 40 companies having 82 percent of total life insurance outstanding in all United States legal reserve companies. * New series. Indexes beginning 1913 are shown in table 36, p . 18 of the September 1940 Survey. MONTHLY BUSINESS STATISTICS—Continued Monthly statistics through December 1939, together with explanatory notes and references to the sources of the data, may be found in the 1940 Supplement to the Survey 1940 1940 1939 Novem- Novem Decem- January Februber ary ber ber March April May June July August temliber October FINANCE-Continued Security markets: Stocks: Cash dividend payments and rates (Moody's): Total annual payments at current rates (600 companies) _ mil. of doL. 1,781.52 1,573.05 1,589.37 1,597.25 1,618.60 1,631.30 1,643.66 1,680.36 1,690.37 1,694.82 1,713.08 1,711.42 1,738.04 Number or shares, adjusted millions.. 936.43 935.03 93G.43 936.43 936.43 936.43 936.43 936.43 936.43 936.43 936.43 930.43 Dividend rate per share (weighted averago) (600 cos.)-dollars-. 1.81 1.76 1.68 1.83 1.83 1.79 1.74 1.73 1.81 1.71 1.70 1.90 1.86 Banks (21) .do.... 3.01 3.01 3.01 3.01 3.01 3.01 3.01 3.01 3.01 3.01 3.01 3.01 3.01 Industrials (492 cos.).. do 1.77 1.79 1.75 1.68 1.77 1.70 1.61 1.79 1.67 1.63 1.88 1.63 1.83 2.44 Insurance (21 cos.) .do—-. 2.54 2.44 2.64 2.54 2.64 2.53 2.39 2.54 2.54 2.64 2.64 2,54 1.96 Public utilities (30 cos.) .do—. 1.96 1.96 1.95 1.96 1.95 1.97 1.96 1.95 1.96 1.95 1.95 1.96 1.29 1.36 1.27 1.26 1.29 Rails (36 cos.).. do 1.25 1.47 1.27 1.25 1.36 1.26 1.26 1.36 Yields: Common stocks (200), Moody's.percent-. 5.6 5.7 4.5 5.5 5.6 6.1 4.6 4.6 4.6 4.5 5.4 4.6 5.6 Banks (15 stocks) do 4.8 4.7 4.7 4.7 4.2 5.2 4.1 4.1 4.3 4.0 4.2 4.1 4.3 Industrials (125 stocks) do 5.9 5.5 5.7 5.6 6.1 4.5 4.5 4.4 5.5 4.5 4.3 4.4 5.7 Insurance (10 stocks) do 4.5 4.4 4.5 4.9 4.3 4.3 4.2 4.8 3.9 4.3 4.1 4.3 4.1 5.7 5.7 Public utilities (25 stocks).. do 6.3 5.3 5.2 5.7 5.8 5.7 5.3 5.3 5.3 5.3 6.0 5.7 5.5 6.3 4.8 4.7 5.3 Rails (25 stocks) -do—. 5.5 5.6 4.6 4.7 4.5 4.8 5.8 CHEMICALS AND ALLIED PRODUCTS Page 88 Chemicals: Alcohol, denatured: Consumption thous. of wine gal.. Production do.... Stocks, end of month do Alcohol, ethyl: Production thous. of proof gal-. Stocks, warehouses, end of month__.do Withdrawn for denaturing do Withdrawn, tax-paid do.,.. 13,544 13,15S 1,586 13,071 '11,450 13,065 '11,145 '1,481 1,173 10,146 10,398 1,417 8,505 8,4fiO 1,306 '9,494 9,524 1,392 ' 9,791 9,994 1,591 10,037 10,037 1,536 ' 9,626 ' 9,707 1,662 9,497 10,443 2,605 11,195 11,510 2,919 14,157 13,694 2,445 35,560 15,098 1,975 23,351 10,027 23,110 2,959 21,793 22,080 14,168 14,614 22,944 '19,525 2,282 1,729 20,652 15,279 20,381 18,773 14,697 1,640 20,983 20,677 16,730 2,012 20,218 20,957 17,610 2,035 20,948 21,921 17,752 1,782 21,423 21,799 17,490 3,380 22,457 22,393 19,621 2,020 24,094 23,645 20,918 1,424 21,559 18,480 24,218 2,045 23,350 13,471 25,552 2,357 1,504 FOODSTUFFS AND TOBACCO Pages 100,115 Alcoholic beveraees: Fermented malt liquors: 5,074 Productionthous. of bbl.. 3,915 4,001 5,851 3,788 '3,477 ' 4,385 ' 5,124 r 5,485 '5,597 ' 3,612 3,396 Tax-paid withdrawals do 4,300 5,393 4,194 5,320 3,238 '3,811 ' 4,187 ' 4,884 '5,856 3,765 '3,827 ' 3,934 '2,928 8,314 Stocks _ do 7,840 8,776 9,324 8,000 ' 8,393 '9,127 '9,509 '9,019 7,325 '7,703 '7,223 '7,920 Distilled spirits: Production thous. of tax gal.. 17,567 '15,024 6,742 16,701 21,487 7,581 11,586 ' 12,955 ' 12,125 ' 13,232 13,949 ' 13,926 '10,658 Tax-paid withdrawals do 4,850 8,170 11,494 7,634 7,928 ' 8,398 '7,793 ' 7,522 '10,862 13,173 ' 13,471 '9,380 '6,541 Stocks :do.._. 518,358 506,885 ' 507,266 512,398 514,490 ' 517,589 ' 522,515 525,441 ' 525,395 523,596 521,601 519,017 518,038 Whisky: Production.. do 3,252 8,187 6,762 10,303 5,200 11,761 '9,018 8,060 ' 10,435 '9,878 ' 10,588 ' 11,233 '11,492 Tax-paid withdrawals.. do 8,982 3,617 6,354 5,475 6,616 '6,461 '5,773 '5 t 827 '8,331 7,683 '5,487 10,529 -10,370 Stocks do.... 475,611 465,931 ' 465,025 469,017 470,514 473,278 '477,873 480,599 '480,938 479,189 477,484 476,980 476,298 Rectified spirits and wines, production, total thous. of proof gal6,114 4,182 5,239 6,341 4,392 3,466 3,480 3,721 3,402 2,679 4,002 6,749 Whisky. _ do__. 3,501 3,446 4,218 5,532 2,764 2,669 2,839 2,078 5,856 3,249, 5,356 2,694 Indicated consumption for beverage purposes: All spirits thous. of proof gal- 21,837 '16,252 '12,369 '8,402 6,413 10,350 14,525 10,142 r 10, 513 ' 10,186 '9,720 '14,691 Whisky . . . . d o . . . . 15,232 14,494 M0,849 '7,230 '8,903 9,060 13,074 ' 8,136 '8,221 '12,637 5,003 8,348 Tobacco: Manufactured products: Small cigarettes..millions- 14,347 14,461 12,803 14,568 13,163 Large cigars thousands.. 507,349 505,098 331,204 388,085 375,824 Manufactured tobacco and snuff thous. oflb.. 28,596 28,436 24,057 26,742 20,857 METALS AND MANUFACTURES Page 138 Foundry equipment :t Now orders, total ^ 1937-39=100.. New equipment-._ do. Repairs do 13,021 397,490 14,820 425,140 27,550 28,481 16,275 17,565 469,313 435,029 29,924 27,660 15,913 460,523 29,333 28,849 28,729 34,718 165.4 167.2 160.0 161.2 102.0 1.-58.6 264.0 2S4.8 U01.8 15,840 14,890 16,448 487,642 475,725 583,508 254.2 278.8 188.7 153.3 124.5 149.0 135.7 183.2 145.2 129.1 127.5 133.9 164.9 174.2 138.3 194.4 209.8 147.8 12,689 59.9 10,329 20,369 4,560 11,053 52.2 10,147 20,779 4,824 9,488 42.9 6,785 23,453 5,165 6,205 28.6 3,893 25,759 5,617 24.8 4,907 25,894 6,304 5,041 7.918 36.3 7,716 26,118 6,487 10,Q43 47.5 10,829 25,348 6,606 12,633 58.0 13,206 24,758 6,071 12,490 58.9 13,223 24,010 5,907 12,290 56.0 13,442 22,855 5,559 16,059 15,812 18,477 17.257 13,175 14,302 12,367 11,721 9,783 8,522 12,533 14,091 17,070 8,614 352 105.9 22,785 8,810 353 101.4 22,780 8,040 322 100.7 22,880 9,245 370 102.8 22,801 8,267 331 99.7 22,553 7,920 318 94.6 22,289 7,995 321 92.0 22,213 8,035 324 89.4 21,955 6,960 281 87.9 21,919 7,548 305 22,078 7,872 318 90.4 22,278 7,867 320 96.7 22,457 9,27G 378 103.3 36,123 16,328 19,795 () 5,601 () C) 4,678 C) C) 4,040 () 13,553 8,104 5,449 31,759 25,214 6,544 44,896 41,790 3,106 62,905 44,472 8,433 30,278 22,540 7,738 29,961 22,912 7,049 47,060 30,393 16,667 STONE, CLAY, AND GLASS PRODUCTS Pages 150,151 Portland ccinent: Production thous. of bbl. Percent of capacity. Shipments thous. of bbl— Stocks, finished, end of month do... Stocks, clinker, end of month do... Plateglass, polished, production thous. of sq. ft.. 12,712 13,105 '57.8 '61.8 14,018 14,741 21,549 '19,921 5,158 '4,829 ' 13.935 '63.7 '15,770 '18,009 '4.470 TEXTILE PRODUCTS Pages 155,157 Cotton: Spindle activity: Active spindles. thousands.. Active spindle hours, total mil. ofhr.. Average per spindle in place. hours.. Operations ..pet. of capacity.. "Wool: Receipts at Boston, total Domestic. _ Foreign _ thous. of lbs... do do C) () 3,247 () 5,342 () ' Revised. • Data not available. t Revised series. For revisions for foundry equipment orders see footnote marked "f' on p. 50 of tho December 1940 Survey. NOTE.—The data in the above tables present, in advance of the monthly Surety of Current Business, such items as were received during the week ended Saturday, December 21,1940. These figures, like similar information in the table entitled "Monthly business statistics" in each monthly issue, should always be read in connection with the detailed tables covering the respective items in the 1940 Supplement to the Survey of Current Business, which contains a description of each series and a reference to the source of the data. Series marked with an asterisk (*) are exceptions, representing additions since the 1940 Supplement was issued, and similar data, if published, will be found in the monthly numbers indicated by the footnotes. Changes in the series are also indicated in the footnotes. The Survey of Current Business, including 12 monthly SURVEYS of 56 pages each, and the 52 Weekly Supplements, may be obtained from the Superintendent of Documents, Washington, D. C , for $2 per year. The 1940 Supplement may be obtained from the same source upon receipt of .$0.40. U. S . GOVERNMENT PRINTING OFFICE: 1 9 4 0
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