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SURVEY OF CURRENT BUSINESS
WEEKLY SUPPLEMENT
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
WASHINGTON, D. C , FEBRUARY 12, 1942
BUSINESS CONDITIONS IN JANUARY
Notwithstanding disruption of normal activity in a number
of lines, business again moved ahead in January. Industrial
output as a whole was higher as heavier production in armament industries more than offset declines among the consumer
durables, and the reduction among certain nondurables was less
than the usual seasonal. Power output and rail carloadings
recovered very sharply after the year-end letdown. The former
approached the December peak, while loading of freight rose to
a weekly total of 817,804 cars, 16 percent ahead of the like
period a year earlier. The bulk ofjthisjtransport gain continues.
td~be in industrial freight, though shipments of grain and forest
products are also higher than in early 1941. The movement of
coal has increased but to a smaller extent than for other commodities.
Construction activity remains extremely heavy for this time
of year as work is pushed forward on the immense amount of
military building that is now required. Since December (when
activity was already extremely large), construction schedules
on all phases of the military program have been stepped up
markedly, and the aggregate of this type of building is now at
an annual rate approaching the total of all new construction in
1940.
Retail trade developments—discussed in some detail last
week—featured the rush of consumers to stock up on many
commodities. This wave of purchasing converted what is
usually a dull month into one of extraordinary activity. The
situation was typified by the rise in the Federal Reserve's adjusted index of department store sales which climbed from 111 in
December to 138, the highest index on record.
Change in the Pattern of Output 3Exf>ectM'
The pattern of industrial output during January reflected only
in part the changes that are expected over ensuing months.
The principal expansion—one of staggering magnitude—is to be
in those industries turning out military supplies, including merchant ships. At the same time, however, a very substantial
amount of construction is required—new plants, military fortifications and airfields, barracks, and essential housing.
The expansion of plant capacity and the increased output of
all types of mechanical armament* will make necessary a continued growth of machinery production. In part, this is to be
accomplished with new productive facilities, but a large advance
is also possible through the more intensive utilization of existing
plant.
Finished armament production and other capital formation
embody large quantities of the metals. Capacity for the production of steel and all the nonferrous metals is now being stepped
up in varying degree, and production of these will expand. The
rapidity with which the aggregate output of durable goods can
be increased rests to some extent on the rate at which this new
metal producing capacity can be made ready.
Meanwhile, the chief reduction in the output of consumers'
goods is to be among the metal-using consumer durables. Production of such commodities as passenger automobiles and the
electrical appliances is to be virtually eliminated for civilian use.
However, activity in some lines—radios are an example—will
continue to be sizable because of military demand.
Curtailment of output for civilian use will also reach into the
nondurables, though to a much smaller extent. Wool consumption as a whole faces a prospective decline from the record peak
Rise in Industrial Output
of 1941 because of a likely reduction in imports (more than half
Industrial output has continued to expand in the aggregate of 1941 wool supplies were imported, chiefly from South America
in spite of a more severe curtailment of production for civilian and Australia). In addition, a much larger proportion of woolen
use. Those industries moving ahead most rapidly in past output must be reserved for military use; hence civilian apparel
months—aircraft, shipbuilding, machinery, and to a lesser and carpet wool consumption will be cut extensively.
A much smaller reduction in civilian shoe output is anticipated.
extent, the railway equipment lines—still were in the vanguard
of the advance. The important metal-producing industries About half of 1941 the hides and skins used for shoes wero imshowed relatively little change for the most part, with steel ported, as well as a considerable quantity of the tanning agents
operations again averaging a little better than 97 percent of in use. These will all be in smaller volume this year, while
capacity. In answer to the heavy construction demand, lumber military requirements again will be increased.
Of the other textiles, cotton consumption is the only one likely
output was down less than seasonally.
Additional curtailment among consumer durables occurred to be in a position to respond to a heavier demand during 1942.
chiefly in the electrical appliances. Automobile production was Raw material supplies are plentiful, and the more intensive use
little changed from December, as manufacturers finished out of existing plant and equipment will make possible a further
sizable passenger car quotas. Althgether, approximately 296,000 expansion of activity. Similarly, an increase in farm production
units (including a small Canadian output) left assembly lines will add to the output of various processed foods.
Among the nondurable raw materials, by far the heaviest
in January, as contrasted with 290,000 units a month earlier.
It is within the current month that activity in this major in- production advance is scheduled for the chemicals. This is to
dustry is dropping severely, the result of the prohibition of pas- be brought about through the use of newly constructed facilities
in support of explosive and munitions manufacture. Despite
senger car normal output.
Among the nondurables, the few declines that occurred were such new plant, however, further inroads are expected to be
smaller than those usually in evidence at this time. Cotton made in the chemical supplies available for civilian use. Likeconsumption apparently was up slightly for the month while wise, pulp and paper production should remain heavy in the
wool consumption and rayon deliveries appear to have main- aggregate, but a growing proportion is to be earmarked for
packaging of various war materials.
tained the high levelsjrf earlier months.
441152—42
2
WEEKLY BUSINESS INDICATORS*
[Weekly average, 1635-30-100, except as indicated; data beginning January 1939 for most of the series on a 1935-39 base and 1939 and 1940 data lor the New York Times index
of business activity, also data beginning September 1939 for the price index of 28 basic commodities, are shown in table 32, pp. 21-26 of the November 1941 SURVEY]
Business activity:1
New York Times §
Barron's, 1923-25=100
—
Business Week§, 1923-25=100
Commodity prices, wholesale:
Dept. of Labor:
Combined index, 1926=100.
Farm products
Food
Allother
28 basic commodities©
Fisher's index, 1926^100:
Combined index
Copper, electrolytic X
Cotton, average, 10 markets X—
C onst ruct ion contracts X
Distribution:
Carloadings
Department store sales
78.5
6S.9
70.9
83.5
116.4
78.8
69.6
71.7
83.6
117.4
102.4 102.6 102.5 102.6 102.3 85.4 85.7 84.6
112.9 112.9 112.9 112.9 112.9 112.9 112.9 107.2
175.4181.2 177.4 172.9 168.9 .92.9 92.9 98.9
95.4 77.2
.124.6
84.7
109.1
96.3
72.6
80.6
71.7
73.7
84.5
119.8
125.1 125.4 124.4 113.0 108.9 109.5 96.2 100.9
86
121 119 131 130 95 94
80
1940
F e b . J a n . Jan.Jan.Jan Feb. Feb Feb. Feb.
10
31 24
17. 10
8
1
Feb.
3
139.' 4 139.6 137.2 132.1 121.4 122.7 103.6 106.9
144.5 144.3 142.3 140.3 130.0 128.1 110.8H2.8
169.9168.8 166.9 163.2 146.4 146.3 113.6 H8.4
95.9 95.5 95.6 95.0 80.5
101.3 100.3 100.8 98.8 70.7
94.1 92.5 73.2
93.9
94.7 94.5 94.4 94.3 84.6
165.3 164.8 164.2 164.0 162.5 119.9
1941
1942
1940
1941
Feb. J a n . J a n . J a n . J a n Feb. Feb. Feb.
8
1
10
7
31 24 17 10
Employment, Detroit, factory,
1923-25=100
Finance:
Bond yields?
Stock prices!
Banking:
Debits, outside N. Y. C . J - Federal Reserve reporting
member banks:
Loans, total
Currency in circulation!
Failures, commercial, 1939=100.
Production:
Automobiles
Bituminous coalt
Cotton manufacturing^
Electric power
Petroleum?
Steeie
._
112.6
82.7
71.0
104.9
123.0
89.4
82.5 82.5 82.5 82.7 83.5 83.0
71.4 70.9 72.3 73.1 82.5 84.1 99.1 98.4
150.1 142.4 151.0 137.0 139.7 123.9 114.0 103.6 103.7
131.2 131.4 130.7 132.0 132.2109.0 108.6 99.3 K).2
177. 2 175.5 174.7 174.5 J75.0 136.1 135.1 116.8 116.5
85.2 87.6 85.2 91.9 71.7 100.4 106.0 8S. 7 100.7
48.1 95.0103.6 98.0
143.3 144.5 145.3 141.8 129.3 129.6 127.4 130.9
158.1
162.8 161.5
122.3 136.2 127.8 133.6 114.3 113.4 116.5 110.5
ISO'S ISOl lllSO*. 8 181'.0 ITS, 4 175.2 175".6 125*. 4 135! 2
• Data do not cover calendar weeks in all cases.
^Seasonally adjusted.
JDaily average.
§ For New York Times index, computed normal=100; this and the Business Week index have been revised beginning January 1941 to take account of changing conditions
resulting from the defense program; the revised series were first published, respectively, in the weekly for Jan. 15,1942, and Nov. 6.1941.
©Thursday prices; August 1939-100.
fSeasonaliy adjusted index compiled by the N. Y. Cotton Exchange.
©Index for week ended Feb. 14 is 181.8
WEEKLY BUSINESS STATISTICS*
1942
Feb. 7
COMMODITY PRICES, WHOLESALE
Copper, electrolytic, New York?
dol. per lb.
Cotton, middling, ^W average, 10 markets^!
do...
Food index (Dun & Bradstreet)
do...
Iron and steel, composite
dol. per tonWheat, No. 2, Hard Winter (Kansas City).dol. per bu.
FINANCE
Banking:
Debits, New York City
mil. of dol Debits, outside New York City (140 cities)
do...
Federal Reserve banks:
Federal 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...
U. S. Government direct obligations
do...
Obligations guaranteed by U. S. Govt.
do...
Loans, total.
do...
Commerc'l, indust'l, and agricult'l loans...do.-.
Interest rates, call Ioansj
percentInterest rates, time loans!
-do...
Currency in circulation!
.--mil. of dol—
Exchange rates: Pound sterling!
dollars..
Failures, commercial,
^number.
Security markets:
Bond sales (JV. Y. S. E.)
thous. of dol. par value.
Bond yields (Moody's) (120 bonds)
percent.
Stock sales (N. Y. S. E.)
_..thous. of sharesStock prices (TV. Y. Times)
dol. per shareStock prices (Stand, and Poor's) (402) f__ 1935-39= 100.
Industrials (354)
__
do...
Publicutilities (28)
do...
Railroads (20)
do..PRODUCTION, CONSTRUCTION, AND
DISTRIBUTION
Production:
Automobiles (Ward's)
__
numberBituminous coalt
_
thous. of short tons.
EJectric powerA
_-•
mil. of kw-hr.
Petroleum!
thous. of bbl.
Steel®
pet. of capacityConstruction contract awards?
thous. ofdol.
Distribution:
Freight carloadings, total
cars.
Coal and coke..
do...
Forest products
do...
Grainsarid grain products
do
Livestock
__
do
Merchandise, 1. c. 1
do
Ore....
do...
Miscellaneous
do...
Receipts:
Cattle and calvest
thousands.
Hogsf
.do
Wheat, at primary markets
thous. of bu.
Jan. 31
Jan. 24
1941
Jan. 17
Jan. 10
Feb. 8
1940
Feb. 1
Feb. 10
1939
Feb. 3
Feb. 11
Feb. 4
0.118
.191
3.51
38.15
1.23
0.118
.197
3.51
38.15
1.26
0.118
.193
3.47
38.15
1.26
0.118
.188
3.47
38.15
1.26
0.118
.184
3.45
38.15
1.24
0.118
.101
2.54
38.20
.79
0.118
.101
2.54
38.22
.81
0.U2
.108
2.34
37.01
.98
0.114
.105
2.36
37.03
.95
0.110
0.110
2.30
36.36
.68
2.31
36.35
.70
4,116
6,286
4,135
5,964
3,914
6,325
3,626
5,735
3,515
5,847
3,850
5,190
3,185
4,335
3,187
4,343
3,385
3,813
4,074
2,316
2,243
12,849
3,326
2,339
2,243
13,075
3,479
2,383
2,249
13,145
2,390
2,254
12,992
3,561
2,386
2,254
12,717
3,385
2,217
2,184
13,842
6,306
3,211
4,778
2,228
2,184
14,347
6,799
2,518
2,477
12,097
5,523
2,503
2,477
12,150
5,559
2,584
2,564
9,018
3,459
2,582
2,564
9,047
3,478
24,457
5,214
19,114
12,721
2,710
11,241
6,785
1.00
1.25
11,241
- 4, 035
241
24,747
5,241
19,087
2,709
11,255
6,778
1.00
1.25
11,133
• 4.035
248
24,426
5,254
19,012
12,630
2,709
11,199
6,721
1.00
1.25
11,083
» 4.035
241
24,169
5,281
18,925
12,281
2,978
11,308
6,728
1.00
1.25
11,074
•4.035
23,884
5,318
18,810
12,179
2,966
11,322
6,722
1.00
1.25
11,106
• 4.035
203
22,798
5,452
16,847
10,378
2,746
9,337
5,124
1.00
1.25
8,636
* 4.031
284
22,932
5,425
16,368
9,950
2,744
9,308
5,076
19,108
5,256
14,692
8,910
2,411
8,507
4,314
1.00
1.25
7,412
3.981
251
19,199
5,257
14,675
8,877
2,414
8,499
4,295
1.00
1.25
7,392
3.9&
285
16,077
5,185
13,280
8,171
1,807
8,179
3,745
1.00
1.25
6,681
4.686
318
16,048
5,183
13,209
8,173
1,789
8,233
3,767
1.00
1.25
6,676
4.678
318
38,510
3.35
2,301
76.83
72.6
74.0
66.0
71.1
48,270
.3.34
2,637
77.24
. 72.4
74.0
65.6
70.7
61,310
3.34
2,653
76.77
71.6
73.2
65.0
68.8
45,640
3.34
2,972
78.29
73.3
75.0
66.4
69.5
53,620
3.35
3,634
79.14
73.2
74.8
67.4
66.9
33,270
3.38
2,276
89.33
81.9
81.3
88.7
72.1
43,160
3.36
2,975
91.05
33,510
3.61
3,735
107.24
96.4
96.7
102.1
76.1
29,040
3.62
2,914
106.55
95.5
95.6
102.0
75.1
30,530
3.82
3,536
101.73
96.2
97.0
99.5
75.6
32,650
3.86
4,221
100.88
94.0
95.1
95.6
73.5
37,125
73,305
1,862
3,468
3,871
97.3
79,930
1,877
3,440
4,311
97.7
8,973
75,625
1,888
3,450
4,046
97.8
7,259
60,190
1,842
3,473
4,229
96.4
127,675
1,680
2,989
3,618
96.9
124,400
1,684
2,994
3,590
97.1
11,719
95,985
1,655
2,616
3,688
71.7
101,240
• 1,701
2,633
3,499
77.3
6,825
84,500
1,464
2,315
3,284
53.4
78,410'
1,370
2,327
3,442
52.8
815,567
170,179
48, 764
47,629
11,517
151,786
13,342
372,350
817,804
176,984
47,343
47,148
12,327
149,455
14,103
370,444
811,196
189,019
43,993
49,488
13,825
146,688
12,896
355,287
737,172
180,407
35,031
35,842
15,939
139,844
11,818
318,291
710,196
163,767
38,512
28,730
10,290
153,324
12,818
302,755
714,354
165,976
39,534
30,507
10,411
151,284
12,448
304,194
627,429
157,516
29,263
29,174
10,540
147,442
9,812
243,682
657,830
171,950
31,374
32,080
10,914
146, 788
10,087
254,637
576,352
138,820
23,539
573,127
137,140
25,525
29,541
11,371
146,142
9,062
214,346
192
364
5,949
211
373
5,612
258
444
253
507
2,585
150
290
2,274
172
319
2,361
157
346
1,939
166
375
2,198
97.7
5,828
1.00
1.25
8,572
•4.031
300
82.9
82.3
90.0
72.4
9,700
148,406
8,429
218,649
2,416
3,093
tDaily average.
• Data do not cover calendar weeks in all cases.
• Free rate.
{Revised series. See table 32, pp. 24-26 of the Nov. 1941 SURVEY for stock prices beginning Jan. 1939 and cotton prices beginning Aug. 1939.
© Rate for week ended Feb. 14 is 98,2; data beginning with July 1941 are based on estimated capacity June 30,1941 (see note marked with " © " in the Nov. 20,1941 issue).
tComparable data are not available prior to 1940 because of a change in the markets included in the data beginning with that year.
AData for 1941 revised; revisions for all weeks of 1941 and earlier revisions referred to in the WEEKLY SUPPLEMENT of Jan. 8,1942, are available on request.
MONTHLY BUSINESS STATISTICS
Earlier data are available in monthly issues of the
Survey and the 1940 Supplement
1942
1941
1941
DecemJanuary January November
ber
COMMODITY PRICES
Prices received by farmers:
U. S. Department of Agriculture:
Combined index
1909-14=100Chickens and eggs
:...do
Cotton and cottonseed
do
Dairy products
do
Fruits
do....
Grains
do
Meat animals
do
Truck crops
do
Miscellaneous
do_...
149
147
143
148
102
119
166
201
167
104
100
80
121
78
84
130
'124
104
135
157
136
148
98
103
151
'158
128
143
153
138
148
98
112
160
'162
154
CONSTRUCTION
Highway construction:
Concrete pavement contract awards:
4,726
Totnlf
thous. sq. yd..
2,490
Airports*
do....
1,139
Roads
.
do....
1,098
Streets and alleys
do
DOMESTIC TRADE
Receipts, postal:
50 selected cities.
thous. of dol.. 32,567
4,152
50 industrial cities
do
Mail-order and store sales:
Total sales, 2 companies
thous. of dol.. 111,481
41,854
Montgomery Ward & Co
do
Sears Roebuck & Co., . d o . . . . 69,627
FINANCE
Federal Reserve banks, condition, end of mo.:
Assets, total
.
„_„
mil. of doL. 24,288
Reserve bank credit outstanding, total
mil. of dol..
2,243
United States securities
do
Reserves, total
do.... 20,902
20,533
Gold certificates
do
Liabilities, total
-....
do..,. 24,288
14,715
Deposits, total
do
12,927
Member bank reservo balances do
3,347
Excess reserves (estimated)......do
8,303
Federal Reserve notes in circulation-do
90.8
Reserve ratio._.
percent..
Monetary statistics:
Foreign exchange rates:
Argentina
dol. per paper peso..
.061
Brazil, official
dol. per milreis..
.301
British India
dol. per rupee..
.878
Canada
dol. per Canadian doL.
.570
Colombia
dol. per peso..
.206
Mexico
do
4.035
United Kingdom
dol. per £_.
Gold, monetary stock, U. S
mil. of doL. 22,747
11,175
Currency in circulation, total
.do
Public finance (Federal):
60,012
Debt, gross, end of month
do
Public issues:
52,468
Interest bearing
do
481
Noninterest bearing
do
Special issues to Government agencies and
7,063
trust funds
mil. of dol..
Obligations fully guaranteed by U. S. Govt.:
5,673
Total amount outstanding
mil. of doL.
Expenditures, totalf
thous. of doL- 2,630,968
2,100,754,
National defense*
.do
106,251
Agricultural adjustment program*..do
93,564
Unemployment relief*
do
41,540
Transfers to trust accountst---do
31,737
Interest on debt*
.do
3.270
Debt retirements
.do
All others*
.do.-.- 253; 851
614,084
Receipts, total
do
Receipts, net*
- d o — 577,647
Customs.. -.—••_ — --_-..----.---.--._- d o . . . . 35,187
555,031
Internal revenue, total
do
133,469
Income taxesf
do
52,576
Social security taxes
do
Security markets:
Bonds:
Prices:
Standard and Poor's Corporation:
High grade (15 bonds) f
117.5
dol. per $100 bond..
Medium and lower prade:t
99.2
Composite (50 bonds)..
do
106.7
Industrials (10 bonds)
do—
104.1
Public utilities (20 bonds)...do.-86.9
Rails (20 bonds)
do...24.1
Defaulted (15 bonds)t-do....
124.4
Domestic municipals (15 bonds) .do
110.1
U. S. Treasury bondst
do
Yields:
Moody's:
3.35
Domestic corporate
percent..
By ratings:
2.83
Aaa._
do
2.96
Aa
:..
do
3.30
A.
do.~.
4.29
Baa
.do....
By groups:
2.97
Industrials
do....
3.13
Public utilities
....do
3.93
Rails
—
-do....
4,967
832
2,814
1,321
32,316
'3,992
83,466
33,495
49,971
4,344
535
2,570
1,239
33,805
3,821
48,802
6,161
152,308 204,339
637 345 85,269
88,963 119,069
23,306
24,192
24,353
2,250
2,184
20,285
19.913
23,306
16,396
13,930
2,312
2,184
20,822
20,569
24,192
15,213
13,140
5,884
91.0
7.669
91.0
2,361
2,254
20,764
20,504
24,353
14,678
12,450
3,085
8,192
90.8
.061
.301
.848
.571
.205
4.034
22,116
8,593
.061
.302
.886
.570
.205
4.034
22,785
10,640
.298
.061
.301
.874
.570
.206
4.035
22,737
11,160
45,890
55,040
57,938
557
47,729
504
50,469
487
5,426
6,806
5,901
1,117,844
568,693
94,912
145,630
25,775
25,109
7,214
250,512
371,605
339,778
33,257
319,169
62,759
46,613
6,314
6,316
,860,445 2,557,103
1,846,555
71,820 112,840
95,347 114,805
8,750
9,750
15,490 232,446
2,740 15,553
228,600 226,154
730,198 1,214,417
563,949 1,212,303
29,967 32,926
682,682 1,159,387
66,229 767,098
180,561 41,376
117.7
119.2
117.5
99.2
103.0
105.6
89.0
17.9
127.8
110.4
99.4
105.9
107.4
84.9
24.8
133.4
112.4
97.4
105.0
104.7
82.4
21.9
125.9
110.7
3.36
3.26
3.35
2.75
2.95
3.36
4.38
2.72
2.86
3.19
4.28
2.80
2.95
3.27
4.38
2.96
3.17
3.96
2.85
3.04
3.91
2.94
3.12
3.99
* Revised.
" Preliminary.
*New series. See note on corresponding item in the January 1942. SURVEY.
8,176
2,964
3,197
2,015
1942
Earlier data are available in monthly issues of the
Survey and the 1940 Supplement
January
Security markets—Continued.
Bonds—Continued.
Yields—Continued.
Standard and Poor's Corporation.*!
Domestic municipal (15 bonds)
percent.
2.23
2.01
U. S. Treasury bondst
...do
Stocks:
Cash dividend payments and rates
(Moody's):
Total annual payments at current rates
(600 companies)
mil. of dol-- ,926.59
Number of shares, adjusted
millions.- 938.08
Dividend rate per share (weighted aver2.05
age) (600 companies)
dollars..
2.88
Banks (21 companies)—
do—
2.09
Industrials (492 companies)
do—
2.69
Insurance (21 companies)
.do
1.81
Public utilities (30 companies)., do....
1.77
Rails (36 companies)
do
Prices:
Dow-Jones <fc Co., Inc. (65 stocks)
37.86
dol. per share..
111.11
Industrials (30 stocks)
_
do
14.41
Public utilities (15 stocks)
do..-.
28.01
Rails (20 stocks)
.....do...
77.09
New York Times (50 stocks)
do...
Industrials (25 stocks)
do... 133.77
20.41
Railroads (25 stocks)
do.--Standard and Poor's Corporation:f
Combined index (402 stocks)^
72.6
1935-39^100
74.3
Industrials (354 stocks)
do-78.6
Capital goods (116 stocks). - -do...
Consumer's goods (191 stocks)
1935-39=100-.
Public utilities (28 stocks)....do.--66.1
Rails (20 stocks)
do.--Other issues:
73.8
Banks, N. Y.C. (19 stocks)-..do. —
Fire and marine insurance (18 stocks)
1926=100-. 107.6
Yields:
Common stocks (200), Moody's
7.2
percent...
5.3
Banks (15 s t o c k s ) . - do.-.
7.4
Industrials (125 stocks)
do....
4.5
Insurance (10 stocks)
do
7.6
Public utilities (25 stocks)
do....
7.2
Rails (25 stocks)
do..-.
Preferred stocks, high-grade (15 stocks),
4.21
Standard and Poor's Corp.f- .percent.
1941
r
1941
Novem- Decemanuary
ber
ber
2.16
1.99
1.90
1.85
2.25
1.97
791.94
938.08
889.13
938.08
927.69
938.08
1.91
3.01
1.89
2.54
1.94
1.53
2.01
3.00
2.05
2.62
1.82
1.58
2.05
2.88
2.09
2.69
1.81
1.77
43.82
130.17
20.17
29.01
93.24
165.43
21.06
39.53
116.91
15.93
27.92
87.92
145.66
20.19
36.92
110.67
14.38
25.33
79.17
139.86
18.47
85.0
84.7
88.9
77.4
78.6
78.7
71.8
73.8
76.3
85.4
91.1
73.4
74.2
74.5
68.4
67.6
66.2
61.0
92.9
78.5
72.1
108.1
111.5
106.1
5.9
4.4
6.0
4.2
6.0
6.2
6.8
5.2
6.9
4.1
6.9
6.8
7.3
5.4
7.3
4.5
7.6
8.2
3.94
4.11
4.15
'3,454
'729
'67
'185
'154
'57
'721
'63
* 1,480
129
45
57
4,318
790
64
214
194
82
768
277
1,929
61
28
18
3,046
575
54
153
155
53
582
77
1,396
75
27
32
TRANSPORTATION
Freight-car loadings (A. A. R.):J
Total cars
thousands.
Coal..
do..Coke
do.-Forest products
__
do...
Grains and grain products
do...
Livestock
•
_
do...
Merchandise, 1. c. 1- -do.-.
Ore
do...
Miscellaneous
.._
do...
Freight-car surplus, total
do...
Boxcars
do...
Coal cars.
do...
3,858
797
71
208
212
65
711
65
1,729
60
22
22
FOODSTUFFS
Grains and grain products:
Corn:
29,494 16,433 24,354 28,107
Receipts, principal markets..thous. of bu.
9,050 15,847 13,193
16,280
Shipments, principal markets
do.-.
Oats:
.
3,543
7,052 "7,947
'
8,519
Receipts, principal markets
.do...
Wheat:
10,471 10,025 14,752 14,579
Shipments, principal markets
do—.
Tropical products:
Raw sugar, United States:
Meltings, 8 ports
long tons. 291,839 307,619 331,299 318,644
Stocks at refineries, end of month—.do.-, 218,993 276,034 352,584 350,074
FUELS AND BYPRODUCTS
Coal production:
Anthracite
Bituminous
thous. of short tons.
do...
4,532
48,540
4,977
44,070
3,832
43,770
'4,118
46,667
LEATHER AND PRODUCTS
Hides and skins:
Livestock (federally inspected slaughter):
Calves
thous. of animals.
Cattle
-.do-..
Hogs
:
...do—.
Sheep and lambs
do...
440
1,057
5,831
1,811
411
891
4,517
1,625
476
941
4,561
1,424
457
1,004
5,767
1.671
METALS AND MANUFACTURES
Zinc:
Production, slab, at primary smelters
short tons.
Shipments, total
-....
do.^,
Domestic
do...
Stocks, refinery, end of month
do...
79,213
79,413
67,248
23,862
66,121
68,844
63,930
14,859
74,951
73,363
61,154
23,182
78,635
77,755
65,690
24,062
fRevised series. . See note on corresponding item in the January 1942 SURVET.
JData for January and November 1941, and January 1942 are for 5 weeks;
December 1941 is for 4 weeks.
MONTHLY BUSINESS STATISTICS—Continued
larlier data are available in monthly issues
of the Surrey and the 1940 Supplement
1941
1940
1941
Decem- Decem- October November
ber
ber
National Industrial Conference Board:
Average weekly hours per worker in factories
hours..
Factory average weekly earnings, --dollars-,
Factory average hourly earnings
do
150
169
41.6
36.08
40.1
30.28
.754
FINANCE
Security markets:
Bonds:
Sales (Securities and Exchange Com.):
Total on all registered exchanges:
Market value
thous. of dol..
Face value--do
On New York Stock Exchange:
Market value
..do
Face value
-do—
Stocks:
Sales (Securities and Exchange Com.):
Total on all registered exchanges:
Market value
-thous. of dol-.
Shares sold
thousands..
On New York Stock Exchange:
Markot value
thous. of dol..
Shares sold—
thousands..
134,712 125.383
277,038 248,906
116,561 103,243
251,650 221,475
1,085,599 706,231
62,676 33,003
929,046 596,806
46,891 23,744
TRANSPORTATION
Financial operations (Class I steam railways):
Operating revenues, total
thous. of doL. 479,560 381,937
Freight. -.._
do__. 389,223 308,380
53,868 40,840
Passenger.
do
352,532 266,149
Operating expenses
do
80,549 ' 78,851
Net railway operating income—
do.
Communications:
Telephone carriers:
114,761
Operating revenues
do
75,650
Operating expenses.
..do
21,988
Net operating income.
__
do...
Phones in service, end of month
19,670
thousands.
C)
Telegraph and cable carriers:!
12,557
Operating revenues, total!-,thous. of dol..
(•)
11,654
Telegraph carriers, total
do...
C)
Western Union Telegraph Co., revenues from cable operations
540
thous. of dol_.
903
Cable carriers-.-.
.do...,
10,586
Operating expenses! __
-do...
1,291
Operating income!— do...
872
Net income!...
do...
Radiotelegraph carriers, operating revenues
1,348
thous. of dol..
CHEMICALS AND ALLIED
PRODUCTS
Paint, varnish, lacquer, and fillers:
Total
_
thous. of
Classified, total
Industrial...
Trade
Unclassified
.
dol.-_
do__ _.
do...
do
do.,,.
40,050
28,582
15,140
13,442
11,468
27,326
20,472
10,785
37,216
1,021
7,352
588
149
5,916
9,226
084
11,930
32,637
736
6,999
507
171
4,737
8,072
975
10,440
62,737
53,397
8,901
705
367
12,821
10,235
968
19,400
50,998
42,978
10,184
436
284
11,336
5,921
827
13,990
650
5,186
490
4,904
1,708
832
876
1,913
742
1,171
6,854
FUELS AND BYPRODUCTS
Coal:
Bituminous:
Industrial consumption, total
thous. of short tons..
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
Stocks, industrial and retail dealers, end of
month, total
thous. of short tons..
Industrial
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
Coke:
Production:
Beehive
do
Byproduct
do
Stocks, end of month:
Byproduct plants, total
do
At furnace plants
do
At merchant plants
do
* Revised.
1941
1940
1941
Decem- Decem- October
ber
ber
LEATHER AND PRODUCTS
DOMESTIC TRADE
Retail trade:
Automobiles, value of new passenger-car
sales:j
Unadjusted
1935-39=100Adjusted
.
do.
EMPLOYMENT AND WAGES
' Deficit.
Earlier data are available in monthly issues
of the Survey and the 1940 Supplement
Leather:
Production:
Calf and kip
thous. of skins
100
Cattle hides
thous. of hides .
'114
93
'128
Goat and kid
thous. of skins .
Sheep and lamb
..do Stocks of cattle hides and leather, end of
month:
Total
thous. of equiv. hides..
In process and
finished
do
41.7
41.5
Raw
_„
do
35. 65
35.74
LUMBER AND MANUFACTURES
.853
.860
National Lumber Mfrs. Assn.:f
Production, total
mil. of bd. ft
Hardwoods
do...
Softwoods
do....
Shipments, total....
.
do
Hardwoods
.
do
Softwoods
do.-..
125,151 88.348 * Stocks, gross, end of month, total
do . - _
209,211 161,048
Hardwoods
do.Softwoods
do...
109,880 76,382 Softwoods:
189,939 145,446
Southern Pine:
Orders, newt
do
Orders, unfilled, end of month
do...
Productionf__
._
do
493,570 509,040
Shipments!
do
24,720 26,636
Stocks, end of month
, do
"Western Pine:
413,151 422,423
Orders, newf
do
18,508 19.099
Orders, unfilled, end of monthf
do
Production!
do
Shipments!
do
Stocks, end of month
do
West Coast Woods: Orders, newt
do
517,605 457,012
Orders, unfilled, end of month.
do
440,122 385, 241
Production!
do
42,231 40,519
Shipmentst
do
361,502 335, 614
Stocks, end of month
do.
93,657 68,765
METALS AND MANUFACTURES
Pig iron and iron manufactures:
124,000 119,818
Castings, malleable:
82,052 40,167
Orders, new...:
short tons..
20,165 19,645
Production
do.
Shipments
do.
20,954 21,067
Boilers and radiators, cast-iron:
Boilers, round:
12,565 11,583
Production. _
thous. of lb.11,493 10,436
Shipments
do
Stocks, end of month
do
Boilers, square:
553
533
Production
.do
1,073
1,147
Shipments
do
10,809 10,276
Stocks,
end
of
month.
do
390
784
Radiators, ordinary type:
316
<*88
Production
thousands of sq. ft. heating surface
1,316
1,197
Shipments
do
Stocks, end of month
do
Steel, manufactured products:
Boilers, steel, new orders:
Area
thous. of sq. ft.
Quantity
.
number ...
equipment:
49,103 39,789 Electrical
Motors (1-200 hp.):
34,786 28,779
Polyphase induction, billings f
16,823 14,914
thous. of doL.
17,962 13,865
Polyphase
induction, new orders!-..do^..
14,317 11,010
Direct current, billings
do
Direct current, new orders
...do
PAPER AND PRINTING
Wood pulp:
Production:
Total, all grades
short tons.
34,978 ' 34,555
Chemicals:
835
968
Sulphate, total
do...
7,050
6,848
Unbleached...
..do...
676
628
Sulphite, total
do...
143
143
Bleached.....
do...
5,913 ' 5 , 5 3 2
Soda
do...
8,742
8,747
Ground wood. ^
do.. .
886
912
Stocks, end of month:
10,600 10,910
Total, all grades.do...
Chemical:
61,401 ••61,763
Sulphate, total.
...do...
51,501 ' 52,013
Unbleached
do...
8,326
8,371
Sulphite, total
do...
714
720
361
Bleached
do.-372
11,919 12,427
Soda.
do...
9,548
Groundwood
do-..
9,726
909
'SOS
TEXTILE PRODUCTS
19,670 19,540 WoolStocks, scoured basis, end of quarter, total
thous. of lb..
Woolen wools, t o t a l . . . . . - - . .
.do.-.
613
4,971
Domestic
do...
4,833
Foreign....
__
do...
1,616
Worsted wools, total
do...
1,668
871
Domestic
_
do...
817
745
Foreign
do...
851
• Data for November are the latest available.
1,041
2,560
4,390
4,303
964
2,055
3,098
3,320
1,209
2,659
4,588
4,796
1,002
' 2,438
'3,836
'4,408
14,309
8,981
5,328
13,998
9,544
4,454
13,998
8,490
5,508
14,277
' 8,780
'5,497
2,494
382
2,112
2,489
371
2,118
6,306
1,355
4,951
2,227
357
1,870
2,405
383
2,022
6,552
1,487
5,065
2,755
394
2,361
2,786
432
2,354
6,130
1,243
4,887
2,315
364
1,951
2,257
373
1,884
6,169
1,234
4,935
800
782
1,425
640
498
718
692
1,503
671
633
706
753
1,375
597
603
650
627
1,398
491
421
357
415
1,721
397
380
344
446
1,812
454
401
641
588
1,828
387
345
436
443
1,779
946
827
740
717
971
642
693
618
677
851
671
607
778
752
854
590
587
670
613
929
56,587
71,311
70,744
6G, 665 70,528
60,155 84,296
60,127 82,004
60,745
66,738
1,115
1,448
11,182
1,934
1,884
11,021
2,091
3,483
11,912
19,642
17,380
92,998
18,964
18,547
80,564
29,461
37,360
97,896
1,133
1,922
11,168
21,104
24,502
93,669
6,300
6,900
16,475
6,245
6,537
21,831
'7,647
••9,867
19,019
'5,484
' 7,347
17,175
1,929
997
1,563
1,341
957
3,755
1,310
6,957
8,176
2,552
4,602
4,358
6,397
1,412
2,065
6,298
6,903
2,314
2,903
5,388
5,410
2,074
2,860
845,585 730,039 869,839 869,526
375, 525
32G, 700
250,123
144,123
53,737
166,200
325,338
276,415
207.370
121,677
47,844
149,487
396,929
338,740
263,129
155,239
54,518
155,263
383,678
328,623
256,464
142,832
58,084
171,300
94,800
176,700
92,600
98,500
14,000
9,600
27,800
17,400
3,700
49,300
35,000
31,100
78,200
42,900
9,400
54,100
15,300
9,900
38,700
22.700
4,200
34,400
14,800
9,900
38,000
20,900
3,600
42,100
190,780 142,152
71,971 48,383
35,862 27,651
36,109 20,737
118,539 93,764
41,680 29.009
76,859 64,755
• t Revised series. See note on corresponding item in the January 1942 SURVEY.
tf. S. GOVERNMENT MINTING OFFICE! 1942
@FedFRASER