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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 15, 1940
SUMMARY OF BUSINESS TRENDS
TNDUSTRIAL activity continued to recede during ther first
part of February in an extension of the move which had
reduced the Federal Reserve adjusted production index to about
120) 1923-25= 100) for January. The steel industry, which was
the predominant factor in the 8-point January decline of this
index, has reduced operations further. Output of steel ingots is
scheduled at 68.8 percent of capacity for the current week, a
Loss of about 12 points from the end-of-January rate. Trade
sources report that incoming orders remain below current production and that unfilled orders for steel are being further depleted.
Automobile manufacturers have slowed assembly operations
from the exceptionally high January rate. Last week's production of 96,000 cars and trucks was about 15,000 units below the
peak week of that month. While production has been above
retail deliveries, the usual situation at this time of the year when
dealers are being stocked, the movement of cars to consumers
held at a better-than-seasonal rate in January. Retail sales by 2
leading producers averaged one-third larger than in January 1939,
The construction industry for the past 2 months has been in
the seasonally dull period of the year both in respect to actual
building operations and to awarding of new contracts. On the
whole the position of this industry is less favorable than a year
ago when it was receiving strong support from the publicly financed
projects which had been placed in exceptional volume last winter.
Construction contracts as reported by the F. W. Dodge Corporation for January were down almost one-fourth from a year
earlier, the decline resulting entirely from a falling off in public
projects. Volume of private construction contracts, though
lower than in December, was roughly the same as in January of
last year. Residential awards this winter, both private and
public, have approximated the dollar figures in the winter of
1938-39. Factory building awards have been higher than at
that time though evidence of a strong movement toward building
of new plants has been lacking.
SELECTED BUSINESS INDICATORS
FREIGHT CAR LOADINGS
ELECTRIC POWER PRODUCTION
STEEL INGOT PRODUCTION
(THOUSANDS OF CARS)
(BILIIOHS OF KILOWATT HOURS)
(PERCENT OF CAPACITY)
too
2.6
80
2.6
60
2.4
\
40
2.2
t—^ww*
20
2.0
0
• 1.8
A,
1 , 1
1
•
Yv
BITUMINOUS
AUTOMOBILE PRODUCTION
COMMERCIAL LOANS
COAL PRODUCTION
(BILLIONS
(DAILY AVERAGE - THOUSANDS OF TONS)
(THOUSANDS OF VEHICLES)
(INDEX, I9Z6-IO0)
(AUG. 1939 = 100)
140
A.
THURSDAY ftWft£S
K /
\
120
DOLLARS)
PRICES OF 3 5 0 INDUSTRIAL STOCKS
PRICE INDEX OF 28 BASIC COMMODITIES
160
OF
V
100
80 .,-, i , , i ,
, . i ,- . i . . i . ,
1937
1938
. 1
1
1939
I.
1940
. 1 . 1
1937
1936
INDUSTRIAL
DEPARTMENT STORE SALES
100
(SEASONALLY ADJUSTED 1 9 2 3 - 2 5 - 1 0 0 )
MQNTHUr DATA
130
\
95
90
\
65
80
90
V
75 !
J
J
\
\
70
209901—40
f
r.
\
80
70 i
1937
A
110
100
1940
(SEASONALLY ADJUSTED 1 9 2 3 - 2 5 = 1 0 0 )
MONTHLY DATA
120
J
rf
1939
PRODUCTION
1939
1940
i . 11
(
i , , i , .
1938
, ,
I
1939
,
, , i , , i
1940
, i ,
WEEKLY BUSINESS INDICATORS'
[Weekly average, 1923-25=100]
1939
1940
Commodity prices, wholesale:
Dept. of Labor, 1926=100:
Combined index (813)
Farm products (67)
Food (122)
All other (624)
Fisher's index, 1926=100:
Combined index (120)
Cotton, middling spot
1938
ITEM
Feb. Feb. Jan. Jan. Jan. Feb. Feb. Feb. Feb.
5
12
4
27 20 13 11
3
10
Feb. Feb. Jan. Jan. Jan. Feb. Feb. Feb. Feb.
5
13 11
10
3
27
4
12
20
Business activity:^
New York Thnes>§c?
Barron'sc?-" -
1939
1940
1938
ITEM
Finance—Continued.
Banking:
93.5 93.7 9? ? 101.6 95.0 81.8 87 6 72.7 89.0
Debits, outside N. Y. C.!
Federal Reserve reporting
member banks:
Loans, total
68.1 68.0 68.3 68.6 69.2 65.4 65.9 71.4 71.9
Interest rates:
24.2 24.2 24.2 242 24.2 24.2 24.2 24.2 24.2
Call loans!
2S.6 28.6 28.6 28.6 28.6 28.6 28.6 28.6 28.6
Time Joans! 152.6 152.2 151.7 152,6 153.6 137.6 137.5 130.0 130.3
Currency in circulation!
Production:
Automobiles
125.8 132.7 139.5 142.3 145.9 110 8 102.8 71.2 62.6
Bituminous coalt
99.8 101 0 97.1 97.9 84.1 7ft 6 67.2 75.5
130 4 129 1 129 1 106.5 109 3 84 0 83 1
Cotton consumption^
152.5 154.0 154.4 155.6 136.1 137.3 123.2 125.0
Electric powerf
Lumber
46.2 4% 5 52.4 49.8 36 8 42.7 31.0 34.2
168.0 173.4 1716 172.4 157.7 165 ? 159.6 159.2
Petroleum!
123.2 132.8 141 ? 145.7 147.9 91.7 90.7 51.8 51.5
Steel ingots®
Receipts, primary markets:
54 1 54 0 58.1 63 6 52.5 58 4 60 1 62 7
Cattle and calves
57.6 62 9 61.6 69 2 32 6 36 0 41 9 48 5
Hogs _
Cotton ~92.3 87.7 78.8 103.1 108.1 44 6 43 5 75.4 58 5
24.2 27.9 24.5 29.3 28.0 30.4 38.9 23.6 23.1
Wheat
101.5 103.1 103.7 105.0 89.4 90.4 79.7 81.3
112.8 116.0 116.4 119.4 96.7 97.2 76 3 77.2
118.5 120.9 121.7 123.6 101.3 101.9 82.2 82.3
78.8
69.6
71.7
83.6
79.1
69.2
71.4
84.0
79.3
69.5
71.4
84.1
79.5
69.5
71.8
84.3
76.6
66.7
71.1
80 4
76.6
67.1
71.0
80.4
79.6
70.1
73.2
83 1
80.1
70.9
74.5
83 2
R4.6 84.7 *5. 4 85,4 ftfi 1 79.5 79 ft 82.4 82.6
81 2 82 6 85 5 88 4 89 1 79 7 79 7 71 0 71 0
4I.fi 40.8 40.8 41.9 41.9 33.1 33.1 32.4 31.6
42.5
Constructfon contracts?
68.5
Distribution: Carloadings
Employment: Detroit, factory. __
104.9
Finance:
61 7 70.0
Failures, commercial
62.6 62.7
Bond yields!
Stock prices!
--- 110.4 109.7
34.3
56.3 48 9
67.7 67.4 m 6 60.5 59.8 56.6 58.9
79.8
106.7
74.2 70.8 68 1 78.1 78 1 79.6 67.3
62.9 63.1 6? 6 66.2 66.9 74.0 74.5
110.3 109.8 111.7 104.8 103.9 90.4 88.5
• D a t a do not cover calendar weeks in all cases.
§Computed normal* 100.
IDaily average.
tWeekly average, 1928-30=100.
ISeasonally adjusted.
®Index for week ended Feb. 17 is 118.2.
cfFor description of these indexes, see p. 4 of the Dec. 16,1937 issue.
WEEKLY BUSINESS STATISTICS{
1939
1940
Feb.10
COMMODITY PRICES, WHOLESALE
Copper, electrolytic, New York!
dol. per lb.
Cotton, middling, spot, New York
do...
Food index (Bradstreet's)
do...
Iron and steel, composite..----.
___dol. per ton.
Wheat, No. 2 Hard Winter (Kansas City)..doL per bu.
FINANCE
Banking:
Debits, New York City
mil. of dol..
Debits, outside Now 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 totals
do....
U. S. Government direct obligations
do
Obligations fully guaranteed by U. S. Govern*
ment
mil. of dol._
Loans, total§
~_
do
Commercial, industrial, and agricultural loans §
mil. of dol..
Interest rates, callloanst
percent..
Interest rates, time loans!
do
Exchange rates:
French franc!
cents..
Pound sterling!
_
dollars,.
Failures, commercial
number..
Currency in circulation!
._
mil, of dol..
Security markets:
Bond sales (N. Y. F. E.)
thous. of dol. par valuedBond yields (Mocdy's) (120bonds)!...
percent..
Stock sales (N. Y. S. E.)
thous. of sharesStock prices (N. Y. Times)X..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:
Automobilesi.....^..
number..
Bituminous coal!
thous. of short tons.
Electric power
mil. of kw.-hrs..
Petroleum!
..thous. of bbl__
Steel ingots®....
pet. of capacity..
Construction-contract awards!
thous. of dol..
Distribution:
Freight-car loadings, total
cars..
Coal and coke
_
_
do
Forest products
:
do
Grains and grain products..
do
Livestock.
_
_
_
do . . .
Merchandise, I. c. I.
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._
Feb.3
Jan. 27
Jan.20
Jan.13
Jan. 6
Feb. 11
193S
Feb. 4
1937
Feb.12
Feb. 5
Feb. 13
0.112
.113
2.34
37.01
0.114
.111
2.36
37.03
.95
0.118
.111
2.35
37.09
0.122
.114
2.34
37.07
0.123
.114
2.35
37.09
1.01
0.123
.115
2.34
37.09
1.04
0.110
.090
2.30
36.36
0.110
.090
2.31
36.35
.70
0.098
.083
2.43
38.94
1.03
0.093
.086
2.46
38.94
1.01
0.128
.132
2.96
36.67
1.44
3,185
4,335
3,187
4,343
2,942
4,279
3,301
4,404
4,133
5,605
3,385
3,793
4,063
2,491
3,374
3,381
4,132
3,970
4,001
2,518
2,477
12,097
5,523
2,503
2,477
12,150
5,559
2,514
2,477
12,148
5,592
3,656
4,711
2,515
2,477
12,020
5,502
2,504
2,477
11,830
5,377
2,564
2,484
11,721
5,271
2,584
2,564
9,018
3,459
2,582
2,564
9,047
3,478
2,594
2,564
7,205
1,412
2,594
2,564
7,249
1,385
2,477
2,430
6,771
2,184
19,108
5,256
14,692
8,910
19.199
5,257
14,675
8,877
19,163
5,254
14,647
18,979
5,259
14,633
8,913
18,823
5,274
14,485
8,777
18,566
5,276
14,413
8,703
16,077
5,185
13,280
8.171
16.04S
5,183
13,209
8,173
14.511
5,223
12,301
8,202
14,464
5,225
12,253
8,165
15,552
5,095
13.591
9,121
2,411
8,507
4,314
1.00
1.25
2,414
8,499
2,412
8.536
2,411
8,579
2,400
8,646
2,412
8,674
1,807
8,179
1,789
1,146
8,925
1,141
8,981
1,216
8,964
4,295
1.00
1.25
4,316
1.00
1.25
4,330
1.00
1.25
4,363
1.00
J.25
4,353
1.00
1.25
3,745
1.00
1.25
3.767
1.00
1.25
4.402
1.00
1.25
4,394
1.00
1.25
1.00
J.25
2.256
3.981
251
7,412
2.258
3.984
285
7,392
2.254
7,368
2.246
3.965
288
7,408
2.242
3.956
277
7,461
2.232
3.978
302
250
7,565
2.647
4.686
318
6,681
2.643
4.678
318
6,676
3.2S3
5.013
324
6,314
3.280
5.011
274
6,329
4.658
4.895
ISO
33,510
3.61
3.735
107.24
91.3
107.1
87.4
28.7
29,040
3.62
2,914
106.55
90.4
105.8
87.3
28.3
34,030
3.63
3.128
107.12
91.1
107.3
87.7
29.0
30,660
3.64
3,377
106.62
90.8
106.4
87.5
28.6
33,990
3.61
4,281
108.50
93.5
109.8
89.0
29.9
30,280
3.63
3,557
110.73
94.8
111.4
89.4
30.7
30.530
3.82
3,536
10L 73
91.1
107.4
85.2
28.5
32,650
3.86
4,224
100.88
89.0
105.3
81.8
27.7
29,590
4.27
3,052
87.75
79.6
94.6
79.6
27.6
35,950
4.30
4,374
85.99
78.9
93.0
71.5
27.5
59.480
3,73
12,800
139.63
130.1
152.4
111.4
58.2
95,085
101,240
1,700
2,541
3,499
77.3
6,825
106,400
1,720
2,566
3,612
82.2
108,545
1,653
2,572
3.637
84.8
9,046
111,330
1,668
2,593
3,592
86.1
7,845
87,510
1,753
2,473
3,584
85.7
84,500
1,433
2,268
3,284
53.4
78,410
1,356
2,287
3,442
52.8
54,310
1,144
2.052
3,325
30.7
5,506
47,743
1,285
2,082
3,316
30.5
80,645
1,718
2,200
3,236
80.6
7,784
657,004
170,798
31,374
32,080
10,914
146,788
10,087
254,963
649,488
184,652
27,832
30,395
11,200
143,370
8,840
243,199
645,822
170,910
30,660
28,089
12,484
142,919
10,052
250,708
667,713
177,155
30,102
31,872
14,220
144,110
9,332
260,922
592,392
160,213
26,118
27,043
12,410
123,276
9,281
234,051
579,918
142,358
23,539
28,809
9,700
148,404
8,429
218,679
573,127
137,140
25,525
29,541
11,371
146,142
9,062
214,346
542,991
113,380
26,853
32,256
11,015
146,897
7,136
205,454
564,740
135,853
26,257
688,523
167,465
35,091
11,450
148,002
6,447
204,449
11,613
162,813
11,071
270,872
171
374
228
2.219
171
408
205
1,948
184
400
268
2,328
201
449
281
2.231
181
405
264
1,774
166
211
116
2,416
185
234
113
3,093
190
272
196
1,874
198
315
152
1,838
200
343
146
1,259
71.7
240
1,929
^Rate for week ended Feb. 17 is 68.8.
!DaiIy average.
•Data do not cover calendar weeks in all cases.
ISOUBCE: Ward's Automotive Reports.
)No longer strictly comparable; for an explanation, see the corresponding data on p. 30 of the April 1939 issue of the SURVEY.
MONTHLY BUSINESS STATISTICS
Monthly statistics through December 1937, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the
January
193S Supplement to the Surrey.
1039
anuary February
March
April
May
June
July
August
Septem- October November
ber
December
COMMODITY PRICES
Pages 11,12
Retail prices:
U. S. Department of Labor indexes:
Food
1923-25=100Fairchild's index:
Combined index..
Dec. 31,1930=100Apparel:
Infants'
do
Men's
do
"VVYiTTifin's
do
Home furnishings
Piece goods
do
do
-
77.1
77.5
76.8
76.4
76.6
76.5
76.3
76.5
75.1
79.0
78.4
77.9
76.9
92.3
89.1
89.1
89.1
89.1
89.1
89.1
89.3
89.5
90.2
91.2
91.9
92.0
96.6
88.8
91.4
93.7
85.5
96.3
88.7
89.0
90.5
84.3
96.2
88.5
88.9
90.5
84.3
96.2
88.4
88.8
90.5
84.3
96.0
88.4
88.8
90.5
84.1
95.9
88.4
88.8
90.5
84.1
95.9
88.4
88.9
90.6
84.0
95.9
88.4
88.9
90.6
84.1
96.0
88.4
89.0
90.7
84.1
96.1
88.6
89.5
91.7
84.3
96.3
88.7
90.4
92.7
84.7
96.4
88.7
90.9
93.5
85.0
96.4
88.7
91.0
93.5
85.3
28,537
3,667
27,710
3,493
33,478
3,979
29,830
3,618
30,922
3,687
29,791
3,687
25,464
3,271
28,233
3,540
30,038
3,413
31,960
3,788
32,446
3,658
42,938
5,117
DOMESTIC TRADE
Pages 27, 28, 29
Postal business:
Receipts, postal:
50 selected cities
thous. of d o l - 30,380
50 industrial cities
—- do . . 3,791
Retail trade:
Chain-store sales:
.... ... Variety-store sales:
_
, _ . .„
H. L. Green Co., Inc.:
2,125
Sales
thous. of d o l S. S. Kresge Co.:
9,042
Sales
do
675
Stores operated
number—
S. H. Kress & Co.:
5,300
Sales
—
thous. of dol—
Stores oDerated
number..
McCrory Stores Corp.:
Sales
- .thous. of dol.
G. C. Murphy Co.:
F. W. Woolworth Co.:
gales
of dol.
Stores ooerated- „ „ - thous.
number.
Other chains:
W. T. Grant <fe Co.:
Sales
thous. of dol.
J. C. Penney Co.:
Sales
thous. of dolDepartment stores:
Sales, total U. S., unadjusted_1923-25=l00.
Atlanta
do...
Boston
.-.-
do
Clovelandt
Dallas
Kansas C i t v
Minneapolist
New York
PhiladelDhiat
-— — d o . . .
do...
...1925=100.
1929-31=100.
1923-25=100.
do...
a t Louis
do...
Snip<? tntal TJ S adiusted
do.
1,998
1,959
2,442
2,869
2,733
2,712
2,502
2,446
2,785
2,855
3,066
6,228
8,801
680
9,058
681
10,606
683
11,940
683
11,401
682
11,293
683
10,369
685
10,578
683
11,513
683
11,938
682
12,356
685
24,406
686
240
5,055
238
5,163
238
5,969
238
6,315
239
6,818
239
6,406
239
6,225
240
6,490
240
6,596
240
7,286
240
7,295
240
15,232
240
2,767
2,535
2,738
3,196
3,648
3,300
3,420
3,158
3,136
3,354
3,431
3,622
7,655
3,083
202
2,686
201
2,752
201
3,205
201
3,848
201
3,741
201
3,758
201
3,564
201
3,470
201
3,789
201
4,090
202
4,219
202
8,163
202
20,512
2,020
19,653
2,014
20,686
2,011
23,104
2,012
25,919
2,008
24,725
2,005
24,662
2,013
24,340
2,015
24,123
2,014
25,810
2,015
26,530
2,018
29,952
2,019
52,333
2,020
5,931
492
5,531
4S9
5,748
489
7,164
439
8,376
489
8,496
491
8,386
493
7,298
493
7,210
494
8,235
495
8,733
495
9,316
494
18,868
491
18,292
' 16,527
' 14,614
'18,733
' 21,314
'22,232
'22,237
'19,504
'20,679
' 26,143
28,722
' 28,715
' 43,216
72
"97
"69
"76
69
91
64
69
67
87
67
75
63
49
77
69
81
83
115
86
89
114
94
86
68
87
99
69
101
54
67
71
89
64
63
71
52
75
68
S3
87
115
84
90
105
87
87
68
79
99
82
116
63
92
32
99
87
97
SO
65
105
82
89
S3
125
98
89
105
96
91
70
88
99
83
119
75
89
92
104
82
97
86
67
102
89
96
88
115
86
87
104
95
89
68
86
93
87
118
75
89
89
105
86
94
85
70
115
86
93
85
116
88
83
105
94
88
71
86
97
83
108
76
89
82
90
74
95
87
65
105
75
88
86
119
91
84
101
95
90
66
82
97
60
S3
49
61
63
72
61
69
63
46
73
62
81
86
126
85
86
103
97
89
67
90
99
69
114
55
77
73
83
79
89
67
50
86
70
94
89
146
95
88
107
102
90
67
94
100
97
133
S3
102
96
115
90
116
97
74
118
98
98
91
142
99
92
104
104
93
74
92
95
99
138
85
98
93
116
94
116
104
80
132
96
103
90
116
89
94
103
97
91
69
85
99
106
142
88
99
107
117
88
97
115
95
131
102
105
95
125
. 90
100
104
94
97
78
87
100
168
'230
140
'164
'171
'195
'154
160
'172
'139
217
'156
'179
96
'135
'98
' 100
'113
105
'95
'76
'94
'104
277,339
220,531
56,809
540,723
377,550
163,173
239,929
162,272
77,658
355,941 1,312,257 604,380
142,621
116,873 292,576
213,320 1,195,383 311,804
585,732
317,525
268,207
458,600
112,129
346,471
174,372
41,221
133,151
739,540
335,860
403,680
217,944
21,408
125,140
328,851
26,971
235,016
101,363
16,213
5,827
1,027
1,170
10,386
3,986
300
159,686
23,571
20,171
2,475
136,115
12
111,029
99,668
52,979
18,572
4,202
46,689
15,301
31,388
258,809
77,060
75,981
579
181,749
60,175
106,500
182,742
21,240
3,987
403
161,502
2,000
154,400
282,039
30,241
12,198
12,666
251,798
79,810
160,185
225,987
49,464
9,864
25,892
176,523
95,875
77,122
340,692
25,395
17,045
1,930
315,298
20,123
248,670
90,194
16,019
1,099
125
74,175
605
22,640
175,514
18,200
5,957
1,505
157,314
3,443
147,052
112,200
21,408
7,658
1,475
90,792
12,000
76,840
221,251
26,971
14,083
5,360
194,281
15,215
118,050
3.63
3.86
3.81
3.74
3.84
3.78
3.71
3.66
3.67
3.95
3. S3
3.70
3.63
2.97
3.16
3.92
5.07
2.92
3.13
3.86
4.91
2.89
3.07
3.83
4.84
2.93
3.11
3.80
4.85 .
3.25
3.49
4.05
5.00
3.15
3.35
3.94
4.88
3.00
3.16
3.78
4.85
2.94
3.14
3.74
4.92
j>73
"91
"66
"81
"77
*»85
"85
"92
"123
"95
ClevelandtDallas
Minneapolis!
New York
Philadelohiat
St Louis
—
—-
do.
do.
1929—31=1C
1923-25=100
do„_—do-
"98
102
'93
*73
"91
"101
P
1
FINANCE
Pages 70, 71, 75, 76
Capital flotations:t
Securities issued by type of security, total
thous. of doL- 279,459
90,901
New canital total
...do
Refunding total
-...do
Securities issued by type of corporate borrower, total
— t h o u s . of dol_.
New capital total
do.-..
Industrial
do. ~
Public utilities
do
Refunding, total
do
Industrial
--do
Public utilities
do. —
Security markets:
Bonds:
Yields (Moody *s):
Domestic (120 bonds)
percent..
By ratings:
Aaa (30 bonds).
do—.
Aa (30 bonds')
do
A(30bonds1
do
Baa (30 bonds)
do....
B y groups:
Industrials (40 bonds)
188,559
165,515
32,055
12,213
17,534
133,460
2.88
3.08
3.69
4.86
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
3.21
3.23
3.21
3.25
3.43
3.57
3.17
3.35
3.30
3.29
3.29
3.31
3.14
3.38
3.41
3.57
3.40
3.39
3.42
3.45
3.51
3.48
3.52
3.35
3.70
3.57
4.47
4.41
4.44
4.51
4.42
4.47
4.60
4.66
4.46
4.39
4.63
4.70
4.58
* Preliminary.
' Revised.
t Revised series. For revisions in indexes of department store sales in Philadelphia see footnote marked " t " on p . 24 of the December 1939 Survey. For revisions for
department store^les for San Francisco beginning 1919, Cleveland beginning 1929, and Minneapolis beginning 1934, see tables 3, 4, and 5, p . 18 of the January 1940 Survey.
Data for capital flotations revised beginning January 1937; see table 26, pp. 15 and 16 of the May 1939 Survey.
Public utilities (40 b o n d s ) . . . . . . . . d o —
Rails (40 bonds)—..
do....
MONTHLY BUSINESS STATISTICS—Continued
1940
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.
Januar;
1939
January
February
March
April
May
June
July
Decein-.
October NovemAugust September
ber
ber
FINANCE—Continued
Security markets—Continued.
Stocks:
Cash dividend payments and rates
(Moody's):
Annual payments at current rates (600
companies)
mil. ofdol.. 1,597.25 1,316, 25 1,329.91 1,334.15 1,337.76 1,339.27 1,382.43
Number of shares, adjusted
millions.
935.03 935.03 935.03 935.03 935.03
935.03
936.43
Dividend rate per share (weighted average) (600 cos.)
dollars.
1.42
1.41
1.48
1.43
1.43
1.71
1.43
Banks (21)._.
.do___
3.01
3.01
3.01
3.01
3.01
3.01
3.01
Industrials (492 cos.)
do.__
1.30
1.28
1.37
1.
1.31
1.63
1.31
Insurance (21 cos.)
do
2.31
2.31
2.39
2.33
2.31
2.64
2.33
Public utilities (30 cos.)
do___
1.91
1.91
1.94
1.92
1.92
1.95
1.92
Rails (36 cos.)
do.__
.90
.90
.90
.90
1.26
.90
.90:
FUELS AND BYPRODUCTS
Pages 117,119,120,121,122
Coal:
Anthracite:
Production
thous. of short tons. »5,631
4,953
3,604
4,114
3,530
5,073
5,296
. Bituminous:
Production
do...
35,750
33,910 35,290 10,747 17,880 27,900
46,155
Coke, beehive:
Production
do...
77
52
71
69
25
20
Petroleum and products:
Crude petroleum:
Consumption (run to stills)—thous. of bbl.
87,797 98,917 99,303 105,755 104,687
99,614
Production
_
do...
93,475 106,768 105,510 110,541 104,607
102,490
Refinery operations...
pet. of capacity.
76
78
77
85
Stocks, end of month:
California:
Heavy crude and fuel
thous. of bbl.
87,002 86,294 86,075 85,580 85,049
87,595
Light crude
do
38,323 39,383 39,699 39,878 38,902
36,927
East of California, total.do_._.
227,134 227,098 229,079 230,926 230,279 226,462
Refineries
_
do___.
42,540 41,777 41,154 40,180 40,445 41,463
Tank farms and pipe lines
do.__.
184,594 185,321 187,925 190,746 189,834 184,999
Refined petroleum products:
Oas and fuel oils:
Production:
Residual fuel oil
do....
25,800 21,476 25,040 24,750 27,022 24,836
Gas, on, and distillatefuels,total.do.._.
14,135 12,797 13,539 13,301 12,353 13,530
Stocks, end of month:
Residual fuel oil, east of California
thous. of bbl—
24,309 21,952 19,288 19,534 21,397 22,480
Qas, ofl, and distillate fuels, total
thous. of bbL24,650 21,731 20,115 21,058 22,088 25,659
Motor fuel:!
Demand, domestic
do
37,767 34,595 42,520 43,977 49,547 49,812
Production, total
„
do
49,120 43,409 48,367 48,837 51,384 50,861
Benzol
»
do „.
185
174
130
162
170
192
Straight-run gasoline
do
21,125 18,455 20,663 20,922 22,767 21,782
Cracked gasoline
do
23,546 21,037 23,280 23,521 24,207 24,810
Natural gasoline
do . . .
4,264
4,095
4,280
4,232
3,747
4,232
Natural gasoline, blended
do
3,637
2,682
2,646
2,933
3,229
3,243
Gasoline :1
Stocks, end of month:
Finished gasoline, total
do
73,847 79,691 81,189 81,623 78,342 74,395
At refineries
—do
49,419 54,569 55,464 55,172 52,076 47,972
Natural gasoline
do
4,647
6,749
A 484
6,212
4,721
4,708
Kerosene:
Consumption, domestic
do
5,980
5,901
5,201
3,570
4,368
5,042
Production
do
5,174
5,702
5,900
5,813
5,439
5,909
Stocks, refinery, end of month
do
5,452
6,711
5,663
5,605
7,949
6,551
Lubricants:
Consumption, domestic
do
1,609
1,653
1,987
1,902
2,132
1,770
Production-.
do
2,527
2,522
2,664
2,856
2,672
2,800
Stocks, refinery, end of month
do
7,762
7.951
7,800
7,630
7,427
7,886
METALS AND MANUFACTURES
Pages 131, 133
Pig iron and iron manufactures:
Pig iron:
Production
thous. of long tons..
2,060
2,175
3,600
2,395
2,118
1,718
2,056
Steel, crude and semimanufactured:
Ingots, steel:
Production
thous. of long tons.
3,174
5,018
3,405
2,974
3,125
Percent of capacity
52
55
53
54
81
53
1,391.46 1,422.99 1,423.82 1,442.45 1,573.05 1,589.37
935.03 935.03 935.03 935.03 936.43
935.03
1.49
3.01
1.38
2.39
1.94
.87
1.52
3.01
1.42
2.39
1.94
.90
1.52
3.01
1.42
2.39
1.95
.90
1.54
3.01
1.45
2.39
1.95
.90
1.68
3.01
1.61
2.39
1.95
1.25
1.70
3.01
1.63
2.53
1.95
1.25
2,912
3,832
4,776
4,919
3,936
3,862
29,135
34,688
38,150
45,950
42,835
37,233
46
44
75
256
346
314
106,899
110,937
84
107,632 105,505
80,865 108,168
84
85
110,980 104,916 105,835
114,198 111,887 114,810
83
81
85,655 84,039 82,927 82,718 81,112 80,223
38,427 38,072 37,372 35,533 35,129 35,478
223,558 192,985 189,341 187,579 191,164 195,836
41,817 37,441 35,781 36,922 39,427 40,033
181,741 155,544 153,560 150,657 151,737 155,803
25,644
12,688
25,299
13,246
26,302
12,975
27,594
15,017
26,088
13,757
26,944
14,433
25,025
26,111
26,249
26,109
24,018
20,881
27,581
29,282
30,018
30,951
30,179
26,374
50,508
51,896
191
22,502
25,028
4,175
2,909
53,828
52,161
210
22,371
26,180.
3,400
3,092
49,347
51,890
225
21,833
25,700
4,132
3,237
49,687
54,974
259
23,611
26,623
4,481
4,358
47,275
52,691
267
22,415
25,621
43,694
52,351
275
22,017
4,286
4,470
4,018
71,824
44,196
7,123
66,448
41,046
6,624
65,498
41,423
5,891
68,116
43,516
5,140
71,619
46,893
4,579
77,301
51,920
4,421
3,710
5,390
8,855
4,430
5,783
9,361
4,638
5,806
9,952
5,019
6,141
9,967
6,023
5,642
9,019
6,613
5, £22
7,576
1,982
2,755
7,179
1,963
3,056
7,069
2,207
2,854
6,704
2,656
3,575
6,639
1,927
3,277
6,799
1,$25
3,478
7,142
2,356
2,660
2,879
3,628
3,720
3,768
3,163
55
3,763
61
4,231
71
5,394
91
5,463
92
5i 164
90
41,858
32,241
21,128
89,160
27,760
89,135
35,935
92,527
41,927
109,110
55,610
TEXTILE PRODUCTS
Pages 156,158
Silk:
Deliveries (consumption)
balesStocks, end of month:
Total, visible supply..
do
United States (warehouses)....
do
Wool:
Stocks, scoured basis, end of quarter, total
thous. of l b Woolen wools, total
do..Domestic.
do
Foreign
do
Worsted wools, total
do....
Domestic
do
Foreign
_
do..-.
29,506
40,816
33,219
37,863
27,802
26,150
26,256
26,134
33,095
87,025
59,225
124,354
48,554
98,078
38,178
86,816
23,116
77,238
20,738
61,601
24,201
60,709
19,209
73,348
25,748
81,060
25,060
• Data for December are the latest available.
1 See footnote marked " V on p. 46 of the January 1940 Survey.
94,506
39,019
29,458
9,561
55,487
33,452
22,035
123,096
39,602
31,357
8,245
83,494
63,128
20,366
9 Preliminary*
118,514
'40,997
r 32,201
••8,796
'77,517
'57,260
20,257
'Revised.
U. 5 . GOVERNMENT FAINTING OFFICE: 1940-
111,289
44,105
30,958
13,147
07,184
31,713
35,471
@FedFRASER