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SURVEY OF CURRENT BUSINESS WEEKLY SUPPLEMENT UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON, D. C, JULY 10, 1941 SUMMARY OF BUSINESS TEENDS ALTHOUGH holiday influences reduced output somewhat l \ during the first week in July, the forward progress of business continues. Freight carloadings in the latest week topped the 900,000 mark for the first time since 1930. As the seasonal movement in this over-all indicator from now until October is strongly upward, present indications point to a 1941 peak above the highest loadings attained in that year. In the first week of July the steel rate slackened to 93.7 percent of capacity as pressure on the industry held holiday curtailment to a minimum. Automobile assemblies fell to 96,457 units from 127,926 units in the previous week. With steel production scheduled at 96.8 percent of capacity for the current week, further expansion in this and other defense industries is to be expected as rapidly as capacity limits will permit. However, automobiles "and other consumer durables will henceforth experience increasing competition from defense industries for available materials and resources. A much heavier defense load was projected for the automotive industry at the Office of Production Management conference on July 3, and growing defense needs for scarce basic metals will indirectly limit production of consumer durables generally. Reduced output is therefore imminent for these lines following a first half-year of record operations. Income payments continue to rise. Revised to the new 1935-39 base, the chart of the seasonally adjusted index is presented for the first time below. Payments are now in record volume, the index at 127.7 in May being almost 3 points above the previous high of 124.8 established in August 1929. Pay-roll gains amounting to 5.3 percent were largely responsible for the month's sharp rise in the income payments index. As stock prices continued the recovery begun in June, the Bow-Jones 65-stock average rose to 41.81 in the post-holiday session, the best since early April. Industrials and utilities have shared about equally in the advance since May, while railroad stocks have been laggard. The marketing of new corporate securities dropped off last month to $204 million from $261 million in May. However, the decrease was confined to refunding. Issues sold for new capital were up nearly 327 million to over $90 million with the railroads accounting for $51 million. The carriers, actively seeking new money for equipment financing, continue as one of the most important outlets open to the new capital markets. Federal Reserve reporting member banks expanded loans to business $150 million and increased investments in Federal Government obligations $300 million during the month (to June 25). SELECTED BUSINESS INDICATORS STEEL INGOT PRODUCTION 100 80 60 40 20 100 95 ELECTRIC POWER PRODUCTION FREIGHT- CARLOADINGS (BILLIONS OF KILOWATT HOURS) (THOUSANDS OF CARS) (PERCENT OF CAPACITY) 120 4.0 -x--v— --Mi1 3.5 1941 3.0 r 2.5 ^•1939 1939 2.0 ., 1, 1.5 AUTOMOBILE PRODUCTION BITUMINOUS COAL PRODUCTION MISCELLANEOUS CAR LOADINGS (THOUSANDS OF VEHICLES) (DAILY AVERAGE-THOUSANDS OF TONS) (THOUSANDS OF CARS) WEEKLY WHOLESALE PRICE INDEX, ALL COMMODITIES (1926-100) 140 120 90 85 k0 ,.l,,l,,l,. — *-J !,,(,, 80 , . l . , l , , f , , , i.. 1 . . i.. i.. i.. ..1..1. . 1 . , . .I..I (SEASONALLY ADJUSTED 1935-39*100) 150 140 130 140 (UNADJUSTED) 120 EMPLOYMENT (ADJUSTED) 100 60 60 MONTHLY DATA 160 80 ( f INCOME PAYMENTS FACTORY EMPLOYMENT AND PAYROLLS (1923-25- 100) 180 w 100 80 75 7n PRICES OF 350 INDUSTRIAL STOCKS (INDEX. 1926-100) WEDNESDAY CLOSE _ ^ X ^ 120 _ *^*^ 110 100 "TTrrrrf..., .. 1938 327897-41 I..I..... 1939 .....1..... 1940 90 1941 hiluh 1938 i . . I • . i . . 1939 . i . . I • . t , , 1940 . . i • • I • • i • • 1941 WEEKLY BUSINESS INDICATORS * [Weekly average, 1923-25«100, except as Indicated] 5 Business activity:^ New York Times§. Barrons' Business Week. Commodity prices, wholesale: Dept. of Labor: Combined index, 1926=100. Farm products _.... Food All other 28 basic commodities© Fisher's index, 1926=100: Combined index Copper, electrolytic Cotton, middling, spot Construction contracts? Distribution: Carloadings Department store sales A Employment, Detroit, factory Finance: Bond yieldsj 28 21 14 7 87.2 83.0 83.7 89.0 146.7 86.7 81.1 82.6 88.8 145.7 85.9 79.6 81.5 88.4 144.0 75.6 66.7 70.4 82.4 110.7 65.7 69.7 82.3 110.2 67.4 94.3 95.1 94.3 93.4 92.8 82.1 79.2 78.8 85.5 85.5 85.5 85.5 85.5 78.3 79.0 71.0 71.0 56.6 .58.1 55.1 53.7 51.5 39.3 40.8 36.8 35.7 103.3 128.0 100.1 95.4 93.0 90.6 89.5 109 107 120 126.7 67 79.0 89 96.0 62 86.7 57.4 57.5 57.7 58.1 58.2 62.4 63.1 64.3 64.3 1939 1940 July June June June June July June July July 6 29 5 28 21 14 7 8 1 July July 8 1 132.8 131.4 130.7 128.0 107.1 109.6 94.5 95.9 94.4 139.0 138.0 134.9 134.6 113.5 113.1 157.8 154.4 151.9 143.9 125.9 125.9 101.0 101.4 87.7 84.2 84.3 89.1 146.1 149.1 1941 1939 1940 1941 July June June June June Finance—Continued. 92.2 92.3 91.6 90.9 88.3 92.3 92.8 98.3 97.4 Stock pricesf. Banking: Debits, outside N. Y. C 4 - — 143.1 121.1 133.9 111.8 122.7 113.7 90.2 106.9 94.2 Federal Reserve reporting member banks: Loans, total S2.6 82.1 81.9 81.5 67.7 67.5 65.1 64.7 Interest rates: 212 24.2 24.2 24.2 24.2 24.2 24.2 24.2 Call loanst 28.6 28.6 28.6 28.6 28.6 28.6 28.6 28.6 28.6 Time loans! 199.6 195.9 194.4 193.7 193.5 163.1 160.8 146.1 144.3 Currency in circulationt Production: 122.7 162.7 169.9 171.3 170.0 66.1 111. 4 54.4 89.9 Automobiles. 109.2 100.8 L4 84.1 78.9 . . . _ 65.4 Bituminous coalt 198.4 195.2 182.8 130.9 127.2 91.9 116.2 C otton consumption! 146.5 143.5 143.9 142.8 113.9 124.9 100.7 112.5 Electric powetcf1 Lumber 50.9 58.1 53.0 50.7 35.1 44.9 35.3 42.6 190.8 191.3 189.6 189.3 178.6 180.5 175.1 171.7 Petroleum? Steel ingots®. 164.8 175.7 174.2 173.5 174.5 127.3 148.3 66.1 93.3 Receipts, primary markets: 48.5 58.8 74.2 55.0 42.3 20.4 39.2 29.2 30.0 Cotton 247.6 204.6 135.3 87.0 110.1 263.2 62.9 327.9 230.4 Wheat • Data do not cover calendar weeks in all cases. ^Seasonably adjusted. JDaily average. ^Weekly average, 1935-39«=100. § Computed normal=100. Index revised beginning Jan. 8,1938; revised data not given in the issue for Jan. 23,1941, and subsequent issues will be shown later. ®Index for week ended July 12 is 170.3. Data for 1941 are based on production of steel ingots and steel for castings. • G Thursday prices; August 1939=100. AWcekly average 1935-39=100. The index is compiled by the Board of Governors of the Federal Reserve System; it is not adjusted for seasonal variations. WEEKLY BUSINESS STATISTICS • 1941 July 5 June 28 1939 1940 June 21 June 14 June 7 July 6 June 29 July 8 1938 July 1 July 9 July 2 COMMODITY PRICES, WHOLESALE Copper, electrolytic, New York* Cotton, middling, spot, New York. dol. per lb_. do 0.118 .154 3.06 Food index Fd id (Dun <fc Bradstreet) do... 38.15 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 doL 4,936 Debits, outside New York City (140 cities) do... 6,636 Federal Reserve banks: Federal Reserve bank credit, total do-__ 2,273 XJ. S. Government securities do... 2,184 13,125 Member bank reserve balances .do... 5,265 Excess reserves, estimated.. do Federal Reserve reporting member banks: Deposits, demand, adjusted do.... 23,949 Deposits, time _. do 5,419 17,872 Investments, totalfi ~— ...do 11,255 U. S. Government direct obligations do Obligations fully guaranteed by U. S. Government _ mil. of doL. 3,038 10,453 Loans, total§ do.... Commercial, industrial, and agricultural loans§ 5,895 mil. of dol. _ 1.00 Interest rates, callloansj _ percent.. Interest rates, timeloansj ...do 1.25 Exchange rates: Pound sterling^... ..dollars.. -4.031 Failures, commercial number.. 216 Currency in circulation}. mil. of do].. 9,695 Security markets: 28,520 Bond sales (N. V. S. E.) thous. of dol. par value.. 3.31 Bond yields (Moody's) (120 bonds)? percent Stock sales (N> Y. S. E.)_ ...thous. of shares. 1,657 89.51 Stock prices (N. Y. Tirnes)% _.dol. per share. Stock prices (Standard and Poor's) (420).... 1926=100 76.2 Industrials (350).__ ...do. 89.7 69.2 Public utilities (40) _._ do Railroads (30) do 26.7 PRODUCTION, CONSTRUCTION, AND Production. DISTRIBUTION Automobiles! number.. 96,457 Bituminous coalf .thous. of short tons Electric powerA mil. ofkw-hr.. Petroleum* thous. of bbl_. Steel ingots® pet. of capacity,. "•~93.~7 Construction contract awardst .thous. of doL. Distribution: Freight-carloadings, total __..cars.. Coal and coke _• _._do..._ Forest products _do_._. Grains and grain products .do Livestock ._< ______._._.__ .do Merchandise, 1.c.l 1__ do Ore _do Miscellaneous do Receipts: Cattle and calvesf ..thousands.. Hogst. _ _ do 126 Cotton into sight.. thous. of bales.. Wheat, at primary markets thous. of bu.. 19,697 0.118 .158 38.15 0.118 .150 2.99 38.15 .94 0.118 .146 2.97 38.15 0.118 .140 2.96 38.15 0.108 .107 2.24 37.72 .72 0.109 .111 2.20 37.76 .75 0.098 .100 2.17 35.81 0.098 .097 2.18 35.72 .70 0.093 .092 2.41 36.33 3,518 5,614 4,310 6,210 4,542 5,685 3,946 5,275 2,887 4,179 3,406 4,126 3,392 4,366 3,473 4,059 3,272 5,181 2,249 2,184 12,985 5,145 2,241 2,184 13,131 5,314 2,249 2,184 13,312 5,488 2,240 2,184 13,201 5,407 2,503 2,450 13,737 6,812 2,511 2,473 13,723 6,801 2,569 2,551 10,151 4,292 2,567 2,551 10,116 4,243 2,603 2,564 8,074 2,985 2,590 2,564 8,041 2,900 24,046 5,410 17,955 11, 274 23,872 5,407 17,893 11,249 24,071 5,408 17,893 11,196 23,888 5,416 17,878 11,156 20,510 5,331 15,124 9,202 20,681 5,312 15,146 9,202 17,109 5,229 13,858 8,485 17,220 5,237 13,862 8,423 14,801 5,229 12, 224 7,731 15,036 5,239 12,240 7,770 3,030 10,324 3,037 10,238 3,030 10,183 2,405 8,462 2,408 8,435 2,150 8,142 2,148 10,262 1,495 8,252 1,488 8,321 5,825 1.00 1.25 M.030 229 9,515 5,79? 1.00 1.25 * 4.032 230 9,439 5,764 1.00 1.25 " 4.032 230 9,406 5,706 1.00 1.25 a 4.032 218 9,394 4,438 1.00 1.25 « 3.791 259 7,918 4,399 1.00 1.25 « 3.793 286 7,809 3,872 1.00 1.25 4.681 208 7,096 3,833 1.00 1.25 4.6S1 264 7,005 3,880 1.00 1.25 4.940 3,936 1.00 1.25 4.955 6,504 6,461 61, 590 3.32 2,704 89.60 76.1 89.5 69.3 26.8 31,410 3.33 2.259 88.95 76.1 89.4 70.0 26.6 33,960 3.35 3,000 88. 24 75.6 88.6 70.7 26.8 27,590 3.36 2,215 85.77 73.3 85.5 69.3 26.5 18,400 3.60 1,385 89.61 75.6 86.5 80.0 24.4 24, 370 3.64 3,585 90.12 74.2 85.2 78.1 23.4 17,840 3.71 1,442 95.42 83.3 97.3 82.9 24.7 28,970 3.71 3,126 94.63 82.8 96.7 81.9 24.4 37,630 4.24 8,446 96.63 87.6 104.6 77.3 27.1 49,520 4.33 12,133 95.05 85.4 102.2 75.7 25.5 127,926 1,860 3,121 3.847 133,565 1,717 3,056 3,858 99.0 134,682 1,692 3,066 3,823 98.6 20, 553 133,645 1,597 3,042 3,817 99.2 51,975 1,432 2,425 3,602 74.2 87,550 1,344 2,660 3,640 86.5 16,068 42, 784 1,183 2,145 3,530 38.5 7a 663 1,114 29,375 953 1,937 3,296 22.4 43,945 896 2,074 3.059 28.7 11, 051 908,664 184,907 46,404 52,931 9,470 159,300 73, 025 382,627 885,558 174,689 43, 555 46,574 159, 765 75,661 376,225 862,975 171, 786 42,488 37,006 10, 007 159,597 73,549 368,542 852,940 164,400 42,168 35, 562 10, 264 159,712 78,522 362, 312 636,901 ,113,711 25,038 47,586 8,876 127,240 65, 690 248,760 752,647 134,677 35,884 44, 778 11,041 149,432 67,500 309,335 555,152 91,497 22,015 53,485 9,418 127,661 36,423 214,653 661,404 110,774 33, 010 51,491 10,415 153,457 44,102 258,155 500,981 74,378 20,921 56,320 9,896 123,231 20,273 195,962 588,880 97,618 27, 795 50,953 9,682 146,941 24,623 231, 268 194 261 153 16, 277 191 251 193 10, 761 195 278 143 6,920 195 300 110 8,756 53 20,936 185 343 102 5,005 76 26,084 78 18,332 44 25,154 69 9,020 3,463 54.3 16,592 JDaily average. «Data do not cover calendar weeks in all cases. ^Source: Ward's Automotive Reports. §Data for 1938 not strictly comparable with data for later years; see note on corresponding data shown on p. 51 of the 1940 Supplement. • Free rate. <S>Rate for week ended July 12 is 96.8; data for 1941 are based on capacity Dec. 31,1940, of open-hearth, Bessemer, and electric ingots and steel for castings. t Receipts at Buffalo and Cincinnati are now included and receipts at Oklahoma City and Wichita, formerly included, are omitted. AData revised beginning in the June 19,1941 issue to include certain additional governmental and industrial power generation not previously reported. .090 2.40 36.29 .73 MONTHLY BUSINESS STATISTICS Earlier data are available in monthly issues of the Survey and the 1940 Supplement 1941 1940 June June 1941 April May Earlier data are available in monthly issues of the Surrey and the 1940 Supplement COMMODITY PRICES FINANCE—Continued Prices received by farmers: U. S. Department of Agriculture: Combined index 1909-14= 100.. Chickens and eggs do Cotton and cottonseed do Dairy products do Fruits do.... Grains do Meat animals do Truck crops do Miscellaneous do Capital flotations—Continued. Securities issued—Continued. Foreign, total thous. of dol— Corporate securities issued by type of borrower, total thous. of doL. New capital, total do Industrial do Public utilities.. do Railroads do. Shipping and miscellaneous do Refunding, total do Industrial.. do Public utilities do—_ Railroads do. Shipping and miscellaneous do. Security markets: Stocks: Dividend declarations (N. Y. Times): TotaL. thous. of dol.. Industrials and miscellaneous. ..do. Railroads do. Prices: Dow-Jones & Co., Inc. (65 stocks): dol. per share... Industrials (3O*tocks) ~~-.^-~_--do~~ Public utilities (15 stocks) do. Rails (20 stocks) do. New York Times (50 stocks) do.,.. Industrials (25 stocks) do Railroads (25 stocks) do 118 118 107 126 97 96 141 146 95 81 81 104 104 83 102 112 100 110 104 88 121 89 90 137 161 94 112 107 98 124 89 93 138 146 1941 203,857 90,467 29,454 7,584 51,235 1,808 113,390 21,886 83,317 6,860 1,000 1940 1941 June April 111, 248 9,771 2,826 4.217 2,000 728 101,476 1,700 94,020 5,000 329 146,650 39,470 8,781 18,401 9,100 3.141 107,181 r37,007 39,186 4,000 25,059 May 260,976 63,874 19,459 3,775 36,715 3,925 197,102 51,170 138,882 0 4,175 FINANCE Banking: Fed. Reserve banks, condition, end of mo.: 23,686 21,408 23,859 Assets, total . mil. of dol.- 23,704 Reserve bank credit outstanding, total 2,234 2,531 2,280 2,266 mil. of dol.. 256,858 239,426 199,198 517,369 0 0 0 0 Bills bought do 2 2 23S, 515 223,372 192,375 476,792 4 2 Bills discounted do 40,577 6,823 2,184 2,466 IS, 343 16,055 2.184 2,184 United States securities! do 20, 533 20,615 IS, 120 Reserves, total. d o . . _ 20, 583 20, 204 20,325 17,754 £0,322 Gold certificates ._ do... 40.74 23,686 23,859 39.99 39.73 40.95 21,408 Liabilities, total d o . . . . 23,704 l622O 116.44 121.57 119.46 -119.10 15~213 16,132 Deposits, total...:_\;:;~T~r...v..do._:_ 15,803 r 18.66 20.15 17.30 17.61 13,781 13,724 13,051 Member bank reserve balances..do 13,524 28.48 24.66 28.25 28.11 6,857 5,801 5,210 Excess reserves (estimated)...do 5,771 85.41 89.17 84.71 88.29 5,199 6,503 6,723 Federal Reserve notes in circulation-do 6,282 150. 17 149.00 156.09 159.61 88.8 91.1 91.1 Reserve ratio ..percent.. 91.3 20.65 18.72 20.42 20.48 Monetary statistics: Foreign exchange rates: TRANSPORTATION AND .298 Argentina dol. per paper peso.. .061 .061 COMMUNICATIONS .061 .061 Brazil, official _dol. per milreis..301 .301 .301 .301 British India dol. per rupee.. .801 Class I steam railways: .877 .874 .882 Canada dol. per Canadian dol.. .052 Freight-carload ings (A. A. R.):] .052 1.052 00 Chile dol. per peso_. 2,794 .572 4,161 Total cars thousands.. 3,510 ' 2; 897 .570 .570 .570 Colombia do 163 .400 676 "48S Coal do... 642 .400 .400 .400 Germany dol. per reichsmark— .050 38 64 '42 Coke do... 54 .050 .051 .053 Italy ._. _._ ...-dol. per lira.. .234 159 205 '139 Forest products do__. 175 .234 .234 .234 Japan dol. per yen..184 136 184 '137 Grains and grain products do... 172 .205 .205 .205 Mexico dol. per peso.. .238 46 57 '42 Livestock .do_. 39 .238 .238 .238 Sweden dol. per krona.. 3.602 648 795 '595 638 Merchandise, 1. c. 1 do— 4.025 4.031 4.032 United Kingdom dol. per £_. 214 387 ' 2 6 6 301 Ore ,. do. Gold: 1,390 1,792 19,963 1,490 ' 1,189 Miscellaneous .do. 22,506 22,575 Monetary stock, U. S._ mil. of dol.. * 22,624 7,848 9,071 9,357 J-9,613 Currency in circulation, total do FOODSTUFFS Public finance (Federal): 42,971 47,231 47,721 48,961 Debt, gross, end of month do Grains and grain products (principal markets): Public issues: 37,605 Corn: 40,967 41,326 Interest bearing _.do.._. 42,267 17,403 24,846 Receipts, principal markets, .thous. of bu.. 19,244 23,411 591 557 561 574 Noninterest bearing do 14,012 22,133 19,098 11,339 Shipments, principal markets do Special issues to government agencies and 65,463 60,959 Stocks, commercial, end of month...do 4,775 53,106 25,419 5,834 5,707 6,120 trust funds.... mil. of dol.. Oats: Obligations fully guaranteed by U. S. Gov't: 4,539 3,854 1,912 3,396 Receipts, principal markets do 6,371 5,528 6,560 6,370 Total amount outstanding mil. of dol_. 4,571 4,473 3,130 Stocks, commercial, end of month.,.do— 3,904 Expenditures, totalt thous. of dol.. 1,545,602 933,880 1,316,452 1,142,207 Wheat: 152,915 761,002 836,607 807,508 National defense* do . 11,716 17.114 26,611 12,780 Shipments, principal markets do 1,277,092 784,218 602,443 541.159 Receipts, total _ ...do 151,895 87,325 139,119 139,513 Stocks, commercial, end of month...do 565,418 1,276,009 Receipts, net* do 49,197 41,060 38,217 28,101 Customs do 1,211,087 694,932 352,005 482,858 FUELS AND BYPRODUCTS Internal revenue, total. do Capital flotations: Coal: Securities issued: 3,198 '4,492 3,858 Anthracite, production _. thous. of short tons. Securities issued, by type of security, total Bituminous: thous. of dol.. 881,131 227,107 920,916 405,839 Industrial consumption, total 519,255 '82,003 746,178 106,750 New capital, total .do 31,585 24,988 '29,023 thous. of short tons.. 519,005 '82,003 745,328 106,750 Domestic, total do 5,975 43,400 39,470 63,874 43,090 32,400 Production do 9,771 90,467 Corporate, total do Stocks, industrial and retail dealers, end of Bonds and notes: 41, fi63 • 35,971 37,691 month, total..—-thous. of short tons. 60,945 Longtermivr—rrm. ~~LZ. don _. 74,636 0 ;or -28,437 32,791 34,563 •31,891 641 Industrial, total .. ...do. 55 2,010 Short term do 910 4,900 4,080 0 7,324 Retail dealers, total.. ...do. 10,387 7,000 Preferred stocks. do 65 2,875 3,067 3,434 Common stocks do 1,489 METALS ANP MANUFACTURES Farm loan and other Government 2,250 645,442 5,440 agencies „_thous. of dol.. 369,741 Municipal, State, etc d o — 58,797 ' 69,982 60,416 37,436 Nonferrous metals: Tin: 0 0 850 250 Foreign, total ...do— 13,955 10,490 9,225 14,880 Deliveries ..longtons. 361,876 145,105 174,738 299,089 Refunding, total.. do 38,788 40,777 38,600 31,869 Visible supply, world, end of month.do Domestic, total ...do— 361,876 145,105 174,738 299,089 5,016 7,205 5,300 2,840 United States (excluding afloat)..do... 197,102 107,181 101,476 113,390 Corporate, total do_._ Bonds and notes: TEXTILE PRODUCTS 101,757 106,472 96,147 108,087 Long term do 0 5,000 709 0 Short term.. do..... 0 0 35,345 Silk: 5,303 Preferred stocks do 24,251 17,307 23,538 22,440 Deliveries (consumption) .bales* 0 329 0 0 Common stocks,__„ do... Stocks, end of month: Farm loan and other Government 28,300 supply-..do 204,606 90,122 210,743 214,711 Total, visible supply-_._do.-. 27,725 28,870 agencies. thous. of dol.._ 222,860 United States States (warehouses) (warehouses) 25,626 14,758 Municipal, State, etc (Jo 73,687 United ddoo . _ - 53,436 53,436 41,822 49,373 50,341 ! 1 1 , .„„,. „ 1-20. No quotation. • Not available. Average Preliminary. o for May tRevised series. Data on total expenditures revised beginning 1937; see table 50, p. 18, of the November 1940 SURVEY. .... . _ *New series. For data on net receipts beginning 1937, see table 50, p. 18, of the November 1940 SURVEY, Earlier data on expenditures for national defense will be shown a later issue. JData for May 1941 are for 5 weeks; other months, 4 weeks. MONTHLY BUSINESS STATISTICS—Continued Earlier data are available in monthly issues of the Survey and the 1940 Supplement 1941 1940 May May 1941 March April Earlier data, are available in monthly issues of the Survey and the 1940 Supplement 1941 1940 May May 1941 March April BUSINESS INDEXES TRANSPORTATION—Continued Income paymentst: Travel: Indexes, adjusted: Operations on scheduled airlines: 110.1 127.7 124.5 123.7 Total income payments 1935-39=100. 9,953 Miles flown thous. of miles.. 11,668 10,537 9,267 113.2 136.9 Salaries and wages : 6.6... 132.8 131.7 Express carried pounds.. 1,462,121 941,810 1,214,817 1,352,181 111.3 129.2 Total nonagriciiltural income do—. 126.0 125.0 Passengers carried number.. 363,954 258,451 245,924 308,644 5,823 Total-mil. of dol. 0,959 6,937 96,662 Passenger-miles flown thous. of miles.. 133,979 100,044 114,749 Salaries and wages: 4,0 Total do._. 4,623 4,718 CHEMICALS AND ALLIED 4,885 Commodity-producing industries PRODUCTS mil. of dol. 2,102 1,489 1,963 1,922 oils and products: Distributive industries do.-. 1,019 959 1.032 Vegetable 1,000 Oleomargarine: Service industries . do 925 873 920 913 Consumption (tax-paid withdrawals) 698 Government __ ...do... 567 6S2 662 34,328 24,150 thous. of lb.. 26,853 30,579 111 Work-relief wages do..141 121 126 33,880 24,703 Production. do 32,179 27,693 95 Direct and other relief do... 91 95 Paint 90 sales: Social-security benefits and other labor inCalcimines, plastic and cold-water paints: come. mil. of dol. 153 168 15ft 149 301 Calcimines thous. of dol.. 302 233 342 Dividends and interest __ do... 493 434 796 913 43 Plastic paints .do 56 Entrepreneurial income and net rents and 55 Cold-water paints: 1,212 royalties mil. of dol. 1,101 1,199 1,201 202 242 In dry form. ..do '266 Total nonagricultural income do... 6,316 5,356 6,449 6,480 In paste form. ..do 376 413 513 483 CONSTRUCTION AND REAL ESTATE Paint, varnish, lacquer, and fillers: Total do 41,722 56,055 38,541 50,029 Families provided for and indicated expendi29,744 Classified, total -do—. 40,636 28,245 35,160 tures for building construction (based on 11,051 16,337 Industrial. do 13,752 15,246 bldg. permits), U. S. Dept. of Labor: 18,693 14,493 Trade.... _ do.-.. 24,299 19,914 Number of families provided for..1929 = 100. 79.6 106.0 11G.3 81.0 11,978 15,419 10,296 Unclassified. .do 14,869 Indicated expenditures for: 60.0 Total building construction __do._. 52.9 47.1 65.3 ELECTRIC POWER AND GAS 75,0 New residential buildings do 58.5 59.8 82.2 Electric power: 30.9 New nonresidential buildings do 30.6 22.4 31.1 Production, total mil. of kw.-hr.. 13,527 13,095 11,614 12,885 62.1 Additions, alterations, and repairs do. - _ 67.8 54.5 62.5 By source: EMPLOYMENT CONDITIONS AND Fuel *. do 8,706 7,011 ••8,051 9,284 WAGES Water power__ _ ...do 4,388 •"4,834 4,604 4,243 By type of producer: Labor conditions: Privately and municipally owned public Labor turn-over in mfg. establishments: utilities mil. of kw.-hr.. 12,105 11,575 12,061 10,594 Accession rate_.mo. rate per 100 employees.. 6.01 3.36 5.62 6.04 Other producers do 1,034 1,021 * 1,30S 1,423 Separation rate, total do 3.87 3.78 3.40 3.89 Discharges do .24 .13 .21 .25 LEATHER AND PRODUCTS Lay-offs -. do 1.09 2.78 1.06 1.19 Hides and skins: Quits and miscellaneousdo 2.54 .87 2.13 2.45 Livestock (Federally inspected slaughter): FINANCE 444 Calves .thous. of animals.. 501 507 501 Cattle ....do.... 766 796 792 908 Security markets: 3,904 Hogs do 3,807 3,890 4,023 Brokers' balances: l,40S Sheep and lambs do 1,420 1,551 1,436 Customers' debit balances (net), .mil. of doL. 702 622 633 manufactures: Cash on hand and in banks.do 239 185 199 199 Leather Production, boots, shoes, and slippers: Money borrowed ___ do 459 403 387 368 Total thous. of pairs.. 41,087 42,663 •42,841 30,138 Customers' free credit balances do 251 262 268 265 Athletic .do... 401 344 437 416 Bonds: All fabrics (satin, canvas, etc.) do 453 1,037 550 582 Prices: 1,400 450 Part fabric and part leather .do 923 1,153 Standard and Poor's Corporation: 24,19S 36,427 •35,912 High and low cut, leather, total...do 34,186 Composite (60 bonds) 1,163 1,461 Boys' and youths' ..do 1,555 1,633 dol. per $100 bond79.4 86.0 85.3 85.8 1,599 2,256 2,166 2,153 Infants' do Industrials (20 bonds). do 85.3 90.1 90.2 90.2 2,711 4,217 Misses' and children's do ' 3 ,973 Public utilities (20 bonds).-, do.— 99.3 101.2 101.3 101.1 7,416 1 10,666 11,19S » 11, 402 Men's do 53.5 Rails (2o bonds) do—. 66.7 64.3 65.9 17,826 11,310 17,019 15,195 115.3 Women's.. do Dom. municipals (15 bonds) do87.6 125.4 126.8 104.9 Slippers and moccasins for housewear ll. S. Treasury bondst ..do 111.4 110.1 110.8 2,993 3,219 3,936 ' 3,760 Sales (Securities and Exchange Commisthous. of pairs.. 990 1,054 890 '1,019 sion): All other footwear do Total on all registered exchanges: METALS AND MANUFACTURES Market value thous. of dol.. 119,252 149,103 118,851 133,274 Face value. d o — 218,628 219,740 235,872 269,892 Pig iron and iron manufactures: Boilers, range, galvanized: On New York Stock Exchange: 94,992 72,725 Orders, new, net number of boilers. 89,159 69,433 Market value d o — 100,577 115,226 96,162 109,867 60,419 23,048 Orders, unfilled, end of month do... 46,448 52,966 Face value. d o — 196,932 179,936 209,379 242,720 82,820 68,816 86,459 Production. _ do... 81,495 Yields, Standard and Poor's Corporation: 85,351 83,404 68,184 Shipments _ d o . . . 82,641 Dom. municipals (15 bonds) do— 2.14 2.81 2.28 2.20 35,386 38,441 34,790 Stocks, end of month do... 37,295 Stocks: Steel, manufactured products: Prices: Barrels and drums, steel, heavy types: Standard and Poor's Corporation: 428 315 292 Orders, unfilled, end of month.thousands^ Combined index (420 stocks) 1,072 1,463 930 1,584 Production do 1926=10083.0 76.0 73.0 73.8 56.6 77.2 53.5 83.6 Percent of capacity Industrials (350 stocks)...—__do— 97.3 88.2 85.6 85.6 1,077 1,474 916 1,582 Shipments thousandsCapital goods (107 stocks)...do 118.1 109.8 106.0 105-7 47 37 51 39 Stocks, end of month do... Consumer's goods (194 stocks) Boilers, steel, new orders: 92.7 76.3 do 82.0 78.7 2,339 3,522 1,066 2,560 Area thous. of sq. ft. Public utilities (40 stocks) do 80.6 67.5 74.5 71.2 1,336 1,297 1,372 Quantity number. Rails (30 stocks) __,.do 25.4 26.7 26.6 26.9 Sales (Securities and Exchange Com.): PAPER AND PRINTING Total on all registered exchanges: Market value thous. of doL. 384,462 ,438,207 383,348 416,674 Psperboard: Consumption, waste paper short tons. 377,595 338,211 371,253 357,091 Shares sold ..thousands.. 17,618 69,494 19,169 20,217 Orders, new d o . . . 572,522 517,221 543,988 580,03S On New York Stock Exchange: Production do—. 526, 2SG 470,244 485,758 499,930 Market value _.thous. of dol.. 323,885 ,242,999 318,750 347,710 Waste paper stocks, at mills do... 269,737 235,706 253,009 262,398 Shares sold.. thousands- 13,194 54,517 13,688 15,356 Yields: TEXTILE PRODUCTS Preferred stocks, Standard and Poor's vvooii Corp.: Industrials, high-grade (20 stocks) Consumption (scoured basis) :1 39,410 46,970 17,065 41,032 percent.. 4.97 Apparel class thous. of lb. 4.92 5.07 4.94 11,008 13,095 6,524 10,588 Carpet class do... TRANSPORTATION AND Machinery activity (weekly average)^ COMMUNICATIONS Looms: Class I steam railways: Woolen and worsted: 2,428 2,450 •* 1,223 2,491 Financial operations: Broad .thous. of active hours. 85 90 58 93 Operating revenues, total--.thous. of dol.. 442,286 343,495 416,319 375,008 Narrow do... 244 246 152 241 Freight do 370,904 284,657 346,633 305,230 Carpet and rug do... 37,493 Passenger do Spinning spindles: 29,741 40,030 38,348 296,590 252,855 283,329 274,938 Woolen -. __-do.~ 106,880 ' 60,582 99,589 102,929 Operating expenses do 57,065 43,231 52,363 47,501 Worsted. do— 119,610 • 61,192 115,309 117,465 Taxes, joint facility and equip, rents.do 215 216 94 218 88,630 47,408 80,627 52,569 Worsted combs. do... Net railway operating income .do l ' Revised. Includes a small number of pairs of shoes other than men's leather (nurses, athletic, etc.) made for Government contract, t Revised series. Income payments revised to adjust monthly data to annual estimates of income for 1940 and earlier years (revised) and base of index changed to 1935-39; data beginning 1929 will appear in the July 1941 SUEVEY. 1 Data for April 1941 are for 5 weeks; other months, 4 weeks. u. s. GOVERNMENT PRINTING OFFICES IMI
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