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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 25, 1940
SUMMARY OF BUSINESS TRENDS
June. Shipments to the United Kingdom, Canada, and France
were 28 percent above May for a total of $187 million—accounting for more than half of our total exports in June and offsetting
losses resulting from the shrinkage of the trading area. Latin
American trade continued the improvement noted in May;
exports in June totaling $70.6 million against $66.9 million in
May.
The rate of increase in domestic business activity has slowed
down measurably in the first half of July. Industrial production
has been maintained, however, well above the June average and
slightly above the rate at the end of June. With steel-ingot
production scheduled currently at 88.2 percent of capacity, the
highest rate for the year, the June average of 85 percent has been
bettered for three consecutive weeks. Freight carloadings for
the first two weeks in July are running moderately above the
June average on a seasonally adjusted basis. Automobile production receded to 53,000 units in the week ended July 20 as
only two major firms remained in production, but retail automobile sales were reported very favorable. Department store sales
for the week ended July 13 were reported 7 percent above a year
ago, indicating the maintenance of sales volumes at the high
level reached in June.
'T'HOUGH exports to the Mediterranean countries were cut
J- off early in June and those to France later in the month, total
exports of United States merchandise increased to $344 million
from $318 million in May as a result of the heaviest shipments
of war materials since the beginning of hostilities. Aircraft,
steel products, crude petroleum, munitions and explosives
exports showed marked increases for a combined gain of about
$37 million over May. A considerable portion of this amount
represented sales of existing stocks of military supplies but there
was also an increase in shipments out of current production.
Aircraft shipments were up $5.9 million, explosives $6.0_ million
arid'other munitions and" firearms $16.9 million over May.
Exports of machinery, except metal-working machinery, tractors
and automotive products, were shipped in larger volume than a
month ago, while copper shipments were off substantially.
Small gains in a wide variety of foodstuffs only partially offset
considerable reductions in exports of cotton, leaf tobacco, and
animal products.
The extent to which war developments have refashioned the
flow of American foreign trade is further indicated by the reduction in exports to the six Scandinavian and Lowland countries
from $32 million in March to $4.5 million in June, and the drop
in exports to Italy from $12.6 million in May to $1.6 million in
SELECTED BUSINESS INDICATORS
ELECTRIC POWER PRODUCTION
STEEL INGOT PRODUCTION
(BILUONS
(PERCENT OF CAPACITY)
AUTOMOBILE PRODUCTION
(THOUSANDS OF
OF KILOWATT
BITUMINOUS
VEHICLES)
FREIGHT CAR LOADINGS
HOURS)
(THOUSANDS OF CARS)
COMMERCIAL LOANS
COAL PRODUCTION
(DAILY AVERAGE -THOUSANDS
(BILLIONS
OF TONS)
2000
5.2
1600
48
DOLLARS)
4.4
IZOO
800
OF
1938 - ^ V f s ^
J^
4.0
/939 —*4 A 1
3,6
.400
I
0
CRUDE OIL R U N S - T O - S T I L L S
,
•
t
i
,
3.Z
F K A . HOME MORTGAGES
MISCELLANEOUS CAR LOADINGS
(MILLIONS OF BARRELS-DAILY AVERAGE)
(THOUSANDS
OF
' (NUMBER SELECTED FDBtAPPRAISAL ON HOMES TO BE
CARS)
0
EXPORTS OF U.S. MERCHANDISE
PRICE INDEX OF 28 BASIC COMMODITIES
(MILLIONS OF DOLLARS)
(AUG. 1939 = fOO)
1937
247026-40
1938
1939
1940
1937
1938
1939
1940
BUILT)
WEEKLY BUSINESS INDICATORS
[Weekly average; 1923-1925=100]
1939
1940
1940
1938
July July July June June July July July July
22 22
16
20 13
15
"
Business activity:!
New York Times§<f.
Barron'sef
Business Week
Commodity prices, wholesale:
Dept. of Labor, 1920=100:
Combined index (813)
Farm products (67)
Food (122)
All other (624)
Fisher's index, 1926=100:
Combined index (131)
Copper, electrolytic!
Cotton, middling, spot
Construction contracts^
Distribution: Carloadings
Employment: Detroit, factory...
Finance:
Bond yields*..
Stock prices}:..
77.5
66.7
70.4
82.4
77.1
65.7
69.7
82.3
20
F inance—C ontinued.
Banking:
Debits, outside N.Y.C.t-—
Federal Reserve reporting
member banks:
Loans, total.
__
Interest rates:
Call loans*
TimeloansJ
Currency in circulation*
Production:
Automobiles
__
„
Bituminous coal*
_Cotton consumption!
...
Electric powerf
—
Lumber
Petroleum*.. _
Steel ingots®...
Receipts, primary markets:
Cattle and calves.
__
Hogs..
_„
Cotton
Wheat
77.1 75.2 75.5 78. 7 78.9
65.6
69.3 70.7
70.1
74.3 74.4
82.4 80.4
81.6 81.6
81.8 82.5 82.2 82.1 82.3 78.5 78.7 81.5 81.7
68.8
76.8 76.8 78.3 79.0 81.2 72.5 71.7
32.0
38.6 39.3 39.3 40.8 40.8 34.6
77.7
1938
July July July June June July July July July
100.2 100.4 103.2 102.8 90.4 91.3 80.9 81.3
112.2 113.5 113.1 111.7 93.6 92.4 74.2 73.1
127.2 125. 9 125. 9 125.1 101.9 100.4 82.8 82.0
77.9
68.0
71.0
82.4
1939
74.3 83.5 70.9 54.0 51.5
79.0 76.4 68.9 70.3 61.0 63.2
71.0
52.0
96.0
63.1 64.1 63.3 63.6 71.9 72.8
61.7 62.0
92.4 92.3 92.8 93. 5 105.1 100.3 103.9| 99.6
• Data do cot cover calendar weeks in all cases.
§Computed normal= 100.
^Seasonally adjusted.
®Index for week ended July 27 is 151.3.
22
22
29
13
15
23
16
89.0 88.4 82.7
102.2 90.8 113.6 90.2 103.2
68.1 67.7 67.7 67.5 67.6 64.9 65.1 65.7 65.9
24.2 24.2 24.2 24.2 24.2 24.2 24.2 24.2 24.2
28.6 __.
.
28.6 28.6 28.6 28.6 28.6 28.6
28.6_ 28.6
162.1162.5 163..1 160.8 159.6 144.7 145.3 132.6 133.0
82.9 66.1 111.4 114.5 67.6 78.4 44.0
69.1 57.9
81.2 84.7 79.6 78.0
130.9 131.8 128. 6 124.5 125.4 112.1
149.0 136.0 150.9 150.6 137.8 139.5 125.2
46.0
44.9 52.7 54.4 47.2 44.2
176.6 178.6 ISO. 5 190.7 177.7 175.1 166.1
148.9148.2 127.3 148.3 150.4 96.9 85.4 61.4
67.4
54.4
34.7
21.9
337.6 390.9 263. 2
72.2
47.5
24.6
61.0
50.6
37.7
62.9
56.6
57.1
108.8
125.1
3S.1
165.8
54.5
58.6 70.7 70.7 73.9
50.4 39.0 40.6 34.2 35.1
33.1 45.8 34.6 26.5 21.5
31.3 296.8 414.5 285.2 397.6
JDaily average.
tWeekly average, 1928-30=100.
cPFor description of these indexes, see p. 4 of the Dec. 16,1937 issue.
WEEKLY BUSINESS STATISTICS1
1939
1940
July 20
July 13
0.106
.105
2.23
35.57
.68
0.106
.107
2.24
37.68
.70
3,386
4,737
July 6
1938
1937
June 29
June 22
June 15
July 24
July 22
July 15
July 23
July 16
0.108
.107
2.24
37.72
.72
0.109
.111
2.20
37.76
.75
0.112
.111
2.38
37.80
.76
0.113
.112
2.19
37.76
.80
0.100
.094
2.14
35.86
.65
0.099
.098
2.16
35.85
.65
0.095
.088
2.46
36.30
.70
0.095
.087
2.46
36.27
.71
0.138
.118
2.88
40.11
1.22
2,144
3,509
3,946
5,268
2,887
4,179
4,788
2,516
4,039
2,745
4,224
2,872
4,128
3,431
4.096
3,238
3,830
3,529
4,660
2.501
2,450
13,863
6,882
2,491
2,450
13.764
6,833
2,503
2,450
13,737
6,812
2,539
2,473
13,712
6,767
2,623
2,477
13,510
6,607
2,537
2,516
10,412
4,4S5
2.569
2,535
10.350
4,447
2,585
2,564
8,202
3,039
2,596
2,564
8,273
3,153
2,564
2,526
6,858
874
20,932
5,316
15,226
9,229
20,824
5,321
15,222
9,226
20,510
5,331
15,124
9,202
2,511
2,473
13, 723
6,801
20,681
5,312
15,146
9,202
20,495
5,306
20,616
5,311
15,192
9,214
17,387
5,223
13,909
8,505
17,368
5,224
13,892
8,493
16,127
5,208
15,152
9,226
12.410
7,696
14,994
5,209
12,237
7,730
15,018
5,251
12, 473
8,240
2,415
8,517
2,416
8,461
2,405
8,462
2,408
8,435
2,400
8,444
2,400
8,469
2,159
8,116
2,153
8,131
1,622
8,208
1,505
8,231
1,195
0,740
4,464
1.00
1.25
4,447
1.00
1.25
4,438
1.00
1.25
4,399
1.00
1.25
4,387
1.00
1.25
4,377
1.00
1.25
1.00
1.25
3,887
1.00
1.25
3,878
1.00
1.26
3,885
1.00
1.25
4,426
1.00
1.25
(*)
3.727
261
7,890
24,010
3.58
1,527
89.69
76.0
87.0
80.2
24.3
()
-3.791
259
7,918
()
- 3.616
296
7,752
25,900
3.70
3,611
90.82
76.3
88.3
77.4
23.9
2.149
"3.720
245
7,732
2.649
4.682
251
7,029
2.649
4.682
272
7,054
2.761
4.920
2.763
4.929
3.745
4.977
6,439
6.45S
18,400
3.60
1,385
89.61
75.6
86.5
80.0
24.4
<*)
« 3.793
286
7,809
24,370
3.64
3,585
90.12
74.2
85.2
78.1
23.4
29,110
3.76
5,483
87.60
75.2
87.4
75.5
23.1
36,710
3.65
7,538
102.06
88.8
104.1
86.1
26.8
27,860
3.67
3,317
97.38
85.7
100.0
85.3
25.4
50,230
4.15
10,819
100.89
90.7
108.6
77.8
29.4
37,850
4.20
8,038
96.68
87.2
104.4
76.0
26.8
38,380
3.87
5,501
133.27
120.7
143.0
97.8
53.1
65,176
1,382
2,483
3.56]
86.4
51,975
1,442
2,265
3,602
74.2
87,650
1,355
2,514
3,640
86.5
90,060
1,328
2,509
3,846
87.7
11,928
93,635
1.308
2,516
3.816
84.6
11,723
53,128
1,188
2,295
3, .'584
56.4
13,401
61,610
1,177
2,324
3,530
49.7
11,384
34,570
9S6
2,085
3,349
36.4
8,665
44,510
972
2,084
3,343
32.3
8,276
88,055
1,234
2. 259
3. 57fi
82.5
9,919
740,465
137,350
31,61.5
5Gt 015
11,644
146,960
69,631
287,250
636,901
113,711
25,038
47,586
8,876
127,240
65,690
248,760
752,326
134,356
35,884
44, 778
11,041
149,432
67,438
309,397
728,096
133,864
34,237
33,656
10,553
148,782
68,209
298,795
712,445
132,003
34,280
30,456
9,709
148,354
64,174
293,469
656, 341
117, 535
32,521
46,632
11,524
152,109
42,617
253,403
113,076
31,426
59,332
11,844
150,553
44.877
258,780
580,818
97,462
26,764
53,341
11,201
146, 219
22,105
223,726
602,445
93,941
28,375
63,022
12, 510
145,353
24,312
234,932
767,470
119,228
41,744
51,239
9,382
165,811
77.487
302,579
228
308
68
31,096
172
225
57
20,936
193
329
98
5,005
185
327
86
2,487
178
309
84
2,239
223
253
119
23,610
223
263
90
32,976
234
222
69
22,691
295
228
56
31,626
197
157
59
25,760
COMMODITY PRICES, WHOLESALE
Copper, electrolytic, New York*
dol. per lb_.
Cotton, middling, spot, New York
do_...
Food index {Bradstr eel's)
do.__.
Iron and steel, composite
dol. per ton..
Wheat, No. 2, Hard Winter (Kansas City)-dol. per bu_.
FINANCE
Banking:
Debits, New York C i t y . . . .
mil. of dol,.
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, totalj
do..,.
U. 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, callloansj...
_.percent,.
Interest rates, timeloanst
do
Exchange rates:
French francj
_ cents
Pound sterlingt
_,.dollars..
Failures, commercial
number. _
Currency in circulation?
mil. of dol
Security markets:
Bond sales (N. Y. S. E.)
thous. of dol. par value
Bond yields (Moody's) (120 bonds) J . . .
.percent.
Stock sales (N. Y. S. 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.
PEODUCTION, CONSTRUCTION, AND
DISTRIBUTION
Production:
Automobiles!
number..
Bituminous coalf
..thous. of short tons..
Electric power.
mil. of kw.-hr..
Petroleum t
thous. of bbl..
Steel ingots®
.pet. of capacity..
Construction-contract awardst
thous. of dol
Distribution:
Freight-car loadings, total
___
cars
Coal and coke
_
"do
Forest products...
"do/"
Grains and grain products
__.do.
Livestock
do._
Merchandise, 1. c. 1
_
do. "
Ore.
Ido.I.I
Miscellaneous
.....
_
"do
Eeceipts:
"
Cattle and calves
.thousands _
Hogs..
do..."
Cotton into sight.
_.__
thous. of bales..
Wheat, at primary markets
thous. of bu
.§?**
238
7,874
23,730
3.56
1,635
90.16
76.8
88.1
80.6
24.6
53,020
86.8
64
26,854
0
6,448 '
*?*t*e f ? r ^n™ c n J ? ^ L i u l y 2 7 5 8 ?- 2 "
* D a i l y average.
©Data do not cover calendar weeks in all cases.
ISource: Ward's Automotive Reports.
SData for 1939 and 1940 not strictly comparable with data for earlier years; see note on corresponding data on p. 30 of April 1939 SURVEY. * Free rate. * Not available.
MONTHLY BUSINESS STATISTICS
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
1940
June
1939
June
July
August
Se
?^
ra
1940
' October
January
" March
April
May
BUSINESS INDEXES
Pagrs 7, 8, 9
Industrial production (F. R.):
Combined index, unadjusted. _. 1923-25= 100..
Manufactures, unadjusted
...do....
Minerals, unadjusted
do
Combined index, adjusted
do
Manufactures, adjusted
do
Automobiles
_
do....
Textiles
...do...
Minerals, a d j u s t e d . .
do...
Agricultural marketings:
Cash income from farm marketings :f
Crops and livestock, combined index:
Unadjusted
1924-29=100.
Adjusted
do...
Crops
do.-_
Livestock and products
do
D a i r y products
do
M e a t animals
....do
Poultry and eggs
do..~.
COMMODITY PRICES
Pages 11, 13,* 15, 131, 134,
Cost of living (AT. 7. C. £ . ) :
Combined index
192£=100..
Clothing
do....
Food
do
Fuel and light
do
Housing
.do
Sundries,
do
Wholesale prices:
U . S. D e p a r t m e n t of Labor indexes:
Combined index (813 quotations).1926=100..
Economic classes:
Finished products
do
R a w materials
do
Semimanufactures
do
F a r m products
do
Foods
do
Commodities other t h a n farm products
a n d foods.
1926=100..
Pig iron:
Basic (valley furnace)..dol. per long ton..
Composite
do
F o u n d r y , No. 2, northern (Pittsburgh)
dol. per long ton..
Steel:
Composite, finished steel
dol. per l b .
Steel billets, rerolling (Pittsburgh)
dol. per long t o n .
Structural steel (Pittsburgh).dol. per 1b.
Steel scrap (Chicago)-dol, per gross t o n .
Purchasing power of the dollar:
Wholesale prices
1923-25—100..
Prices received b y farmers
do
97
105
98
97
81
111
104
97
95
107
101
100
87
111
106
99
99
96
10^
105
89
120
91
112
110
123
111
111
85
121
114
124
123
132
121
121
78
125
121
124
123
127
124
124
90
126
124
120
121
113
128
130
127
123
120
117
116
120
119
118
128
114
125
310
'110
115
109
108
127
108
120
JOG
105
112
104
101
110
59.5
63.5
50.5
75.5
75.5
78.5
65.0
67.5
63.0
51.5
74.0
77.0
75.0
66.5
75.5
66.5
58.5
74.0
82.0
71.0
64.5
93.0
73.5
64.5
82.0
84.0
84.5
67.0
107.0
76.5
68.5
83.5
89.0
87.0
66.5
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
86.4
73.1
81.7
84.2
86.8
97.0
84.7
72.0
77.9
83.4
86.0
96.6
84.9
71.9
78.1
83.8
86.3
96.9
84.5
71.9
76.7
84.0
86.3
96.9
85.9
72.2
80.7
84.4
86.5
97.0
85.8
72.6
80.1
85.2
86.6
96.8
85.7
72.9
79.6
85.6
86.7
06.8
85.3
72.9
78.5
85.6
86.6
96.8
85.4
73.0
78.8
85.8
86.6
96.9
85.8
73.2
79.8
86.0
86.6
85.5
73.2
78.8
85.8
86.6
96.9
85.9
73.2
79.9
85.4
86.7
97.0
86.0
73.1
80.6
84.1
86.7
97.0
77.5
75.6
75.4
75.0
79.1
79.4
79.2
79.2
79.4
78.7
78.4
78.6
78.4
79.1
66.5
74.5
61.0
67.2
81.9
72.6
81.8
68.7
75.1
82.3
72.3
83.1
67.1
73.3
82.0
72.4
82.1
67.3
72.3
81.7
73.3
82.0
67.6
71.9
81.7
73.8
81.7
69.1
71.7
81.4
72.7
79.9
68.7
71.1
81.1
72.0
79.7
67.9
70.2
81.2
73.0
78.2
69.4
71.6
81.3
72.0
78.3
67.9
71.4
*114
M24
M12
P103
x-121
P62.5
"77.5
*>82.0
*>78.5
80.5
70.7
77.9
66.2
70.3
79.6
67.7
74.1
62.4
67.6
79.2
67.8
74.4
62.6
67.5
104
103
111
102
98
••105
95
123
109
107
120
-•106
103
'1)8
'121
82.2
80.2
80.2
80.1
82.1
83.8
84.0
83.9
83.9
83.2
82.9
82.5
82.5
22.50
23.15
20.50
21.15
20.50
21.15
20.50
21.15
21.50
22.35
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
22.89
22.89
22.89
23.89
24.89
24.89
24.89
24.89
24.89
24.89
24.89
.0265
.0262
.0261
.0261
.0261
.0263
.0263
.0265
.0265
.0265
.0265
.0262
•-.0265
34.00
.0210
18.19
34.00
.0210
13.56
34.00
.0210
13.56
34.00
.0210
13.88
34.00
.0210
16.22
34.00
.0210
19.05
34.00
.0210
17.66
34.00
.0210
16.56
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
129.9
154.8
133.2
165.3
133.5
165.3
134.2
166.9
127.3
149.9
126.8
151.5
127.2
151.5
127.2
153.1
126.8
148.6
128.0
145.6
128.5
151.5
128.1
149.9
128.5
149.9
DOMESTIC TRADE
Page 26
Advertising:
Newspaper advertising:
Linage, total (52 cities)
thous. of lines.. 103, 290 105,086
23,216 21,785
Classified
do.
80,074 83,301
Display, total
do.
6,345
5,639
Automotive
do.
Financial
do.
1,663
1,485
17,069 17,408
General.
do.
55,880 58,886
Retail
do.
85,407
20,570
64,838
3,496
2,120
13,999
45,222
90,526 101,937 119,612
21,115 20,884 22,393
69,410 81,053 97,220
6,436
3,067
3,512
1,767
1,278
1,349
12,527 15,045 19,821
52,022 61,663 69,192
113,457 118,103
20,194 20,246
93,264 97,857
3,482
4,537
1,637
1,376
18,470 14,183
63,880 78,555
88,033
19,076
68,958
3,854
2,278
12,433
50,393
93,240 114,255 111,989
19,295 22,945 23,083
73,945 91,309 88,906
5,620
4,224
7,007
1,799
1,494
1,838
15,740 17,645 17,824
52,487 66,246 62,237
119,883
23.936
95,948
7,812
1,477
19,427
67,231
FINANCE
Pages 53, 57, 5S, 60
- Bankings
Bank debits, total (141 dties)
mil. of dol..
New York City
do....
Outside New York City...
do.-..
Savings deposits:
Savings banks in New York State:
Amount due depositors
mil. of dol..
Commercial failures:f
Grand total
__
..number..
Liabilities, grand total
thous. of dol..
Life insurance:
1
Insurance written ®
Policies and certificates, total number
thousands..
Group
_
:
do.
Industrial
do.
Ordinary..
do
Value, total
._
thous. of d*:l._
Group...
_
do.
Industrial.
_.
.do.
Ordinary
do.
31,960
13,110
18,850
15,312
18,676
30,477
12,794
17,683
30,613
13,118
17,496
33,664
15,138
18,526
32,711
13,683
19,029
31,67fi
13,041
18,636
40,019
17,633
22,386
34,717
14,739
19,978
29,482
12,138
17,344
34,738
15,201
19,537
34,769
15,519
19,250
"34,195
14,536
19,659
5,670
5,514
5,519
5,529
6,557
5,552
5,547
5,599
5,616
5,632
5,676
5,660
5,644
1,114
13,734
1,119
12,581
1,153
14,999
1,126
12,637
1,013
10,545
1,234
17,464
1,184
13,201
1,153
13,243
1,237
15.279
1,042
13,472
1,197
11,681
1,291
16,24^
1,238
13,068
714
35
446
233
597,450
43,946
128,232
420, 272
841
134
461
245
729,749
194.223
12S, 568
400,9S5
687
26
427
234
506,380
23.862
118.218
364.300
790
642
942
51
24
261
484
431
417
255
250
200
584,595 509,897 (537,675
83,901 59,401 75,929
118,06S 115.935 135.709
381,626 334. 561 425,977
724
41
455
228
728
59
443
225
646,550
105,030
124, 662
416,858
659
32
400
226
653,156
134, 507
113,111
405,538
697
25
439
232
501,638
38.120
125, 226
770
26
483
262
61G. 085
37,556
138, 545
439,984
766
30
472
263
C24.770
39,800
793
42
494
256
626,357
44.869
141, 921
439,567
5S7,
44,027
128,121
415,350
449^ 118
TRANSPORTATION AND
COMMUNICATION
Pages 81, 85
Class I steam railways:
Freight-car loadings (Federal Reserve):
71
67
67
72
73
89
Combined index, unadjusted. 1923-25=100..
70
75
72
69
70
78
78
SO
Combined index, adjusted.__
do...
75
74
75
79
87
73
87
Grains and grain products
do...
74
60
59
61
62
62
63
62
Merchandise, 1. c. 1
do 60
100
102
116
107
114
191
103
Ore
do....
100
r
Revised.
v Preliminary.
tRe vised series. Cash income from farm marketings revised; revisions not shown on p. 20 of the March 1940 SURVEY will appear in a subsequent issue, Data for commercial failures are now presented on a new basis, see footnote marked with a "f" on p. 31 of the July 1940 SURVEY.
® 40 companies having 82 percent of total life insurance outstanding in all United States legal reserve companies.
MONTHLY BUSINESS STATISTICS—Continued
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data, may he found in the
1938 Supplement to the Survey
CHEMICALS AND ALLIED PRODUCTS
Pago 90
Chemicals:
Alcohol, denatured:
Consumption
thous. of wincgaL
Production
do...
Stocks, end of month
_
do
Aloohci, ethyl:
Production
thou«. of proof ga
Stocks, warehoused, end of month
do...
Withdrawn for denaturing
do...
Withdrawn, tax-paid..
__do.__
1939
1940
June
9,625
9,706
1,662
21,423
21,799
17,490
3,380
June
49,155
46,577
53,518
70,673
1940
DecemJanuary
ber
August ^ifJ11' October
March
April
May
7,944
8,166
1,982
7,395
7,437
2,015
9,202
9.190
2,007
12,848
12, 625
1,776
15,453
15,181
1,496
13,068
13, 060
1,479
11,434
11,158
1,173
10,147
10,398
1,417
8,505
8,460
1,366
9,49S
9,524
1,392
7,793
9,994
1,591
10,037
10,037
1,586
16,838
17,643
32, 232
13,823
1,765
18,539
32.919
16,050
1,780
18,104
25,913
22,315
2,187
20,965
17,974
26,033
2,248
21, 787
14,168
22,944
2,282
22,080
14, 614
19,524
1,729
20,656
15.279
18,386
1,504
20,381
18,773
14,697
1,640
20,983
20,677
16,730
2,012
20, 218
20,957
17,611
2,035
20,953
21,921
17,752
1,782
5,637
5,538
5,450
5,715
8,836
4,392
4,921
8,112
4,237
4,169
7,994
3,685
3,826
7,696
3,588
3,916
7,191
3,788
2,930
7,926
3,478
3,238
8,000
4,382
3,809
8,391
5,109
4,177
9,105
5,483
4,883
9,508
6,390
6,381
5,605
6,663
520,429 518,487
10,244
8,772
514,433
17,946 14,921 11,553 12,506
6,517
11,066 13,485
9,400
510,606 506,894 508,205 512,394
4,392
3,711
4,985
6,793
5,098
4,343
477,149 475,371 472,499
7,074
8,946
8,033 10,021
7,704
8,550 10,385
5,500
469,173 465,934 465,018 469,004
30, 8R0
15,029
1,858
FOODSTUFFS
Pages 102, 110
Alcoholic beverages:
Fermented malt liquors:
5,594
6,271
Production
thous. of bbl..
5,853
5,656
Tax-paid withdrawals..
..do
9,018
9,447
Stocks
„
_
do
Distilled spirits:
8,304
Production.
thous. of tax gal.. 10,657
6,456
10, S71
Tax-paid withdrawals
do
525,403 522,058
Stocks..
do
Whiskey:
5,774
8,187
Production
.do
4,885
8,337
Tax-paid withdrawals
do
480,945 478,900
Stocks
.do
Rectified spirits and wines, production
2,960
total
thous. of proof gal..
1,977
Whisky*
_do..Indicated consumption for beverage purposes:
8,699
All spirits*!
thous, of proof gal..
6,767
Whiskey* f__
do....
Livestock:
Cattle and calves:
Receipts, principal markets
1,476
1,462
thous. of animals..
Disposition:
858
'928
Local slaughter..
_._
do
594
546
Shipments, total
.do....
Hogs:
2,650
2,105
Receipts, principal markets.
do_.
Disposition:
1,927 r 1,539
Local slaughter.
do
560
Shipments, total
do
718
Sheep and lambs:
1,711
1,687
Receipts, principal markets.
do
Disposition:
915
913
Local slaughter..
do
804
779
Shipments, total
_
_.do.._.
METALS AND MANUFACTURES
Page 138
Nonferrous metals:
Zinc:
Production, slab, at primary smelters
short tons.,
Retorts in operation, end of mo
number.
Shipments, total
1
short tons.
Stocks, refinery, end of mo,
do
July
39,450
36.291
37,284
135,241
11,846 13,181 13,938 13,929
7,818
8,406
7,543
7,928
514, 505 517,583 522,503 527,362
9,599 10,304 11,223 11,504
6,469
5,848
' 6,616
5,793
470, 519 473,278 477,865 482,555
2,930
2,014
3,189
2,332
4,005
3,258
5,202
4,329
6,341
5,532
4,002
2,679
2,078
3,402
2,839
3,480
2,669
3,721
2,764
3,466
2,694
7,570
6,131
8,709
7,104
11,959
10,309
13,703
12,007
16,266
14,508
12,390
10,870
8,378
7,243
8,903
10,520
8,671
10,210
8,156
9,741
8,242
1,667
1,764
2,117
2,438
1,912
1,404
1,565
1,247
1,359
1,554
1,676
971
664
972
795
1,019
1,074
1,124
1,270
963
973
833
572
997
548
810
433
825
516
974
56S
S36
631
1,948
2,007
1,995
2,458
2,847
3,331
3,772
2,922
2,710
2,595
2,674
1,394
546
1,451
550
1,458
534
1,825
617
2,177
665
2,482
849
2,753
1,007
2,074
841
1,868
713
2,005
666
2,042
2,392
2,625
2,607
1,907
1,514
1,728
1,424
1,964
749
1,440
1,876
2,002
983
1,040
968
1,419
1,064
1,564
1,075
1,520
944
984
848
671
1,071
653
863
559
824
620
1,046
828
1,077
917
40,960
34,443
42,225
37,729
69,424
95,615
50,117
43,109
73,327
72,405
53,524
4C, 8G7
64,407
61,522
57.941
48,159
53,468
65, 995
57,158
47,287
57,551
65,602
54,532
47,158
53,048
67,086
57,620
48.080
51,095
73,611
54,601
49,805
46,978
81,234
52,979
4S.9S9
59,177
75,036
35,491
43,128
131,782
122,814
PAPER AND PRINTING
Pages 145, 146
Paper:
Newsprint:
Canada:
Production
short tons.. 315,343
338,446
Shipments from mills.
do
180,569
Stocks, at mills, end of month
_do
United States:
Production
do.... 84,762
85,194
Shipments from mills
do
•Stocks, at mills, end of month
do.... 17,543
TEXTILE PRODUCTS
Pages 155, 158
Cotton:
Spindle activity:
Active spindles
thousands.. 21,943
6,900
Active spindle hrs., total
mil. ofhrs..
279
Average per spindle in place
hours..
87.1
Operations!
pet. of capacity..
Wool:
Stocks, scoured basis, end of quarter, total
thous. of l b . . 126,230
46,998
Woolen wools, total...
do
34,893
Domestic
„
..do
12,105
Foreign...
do
79,282
Worsted wools, total..
__do
58.993
Domestic
_
do
20.2S9
Foreign
do
240,545 227,630 236,975
232,261 221, 743 224,367
196,164 202,051 214,659
253,230 280,985 28S, 726 240,656 251,( 32 231,823 251.279 268,947 323,563
267,005 289,260 287,869 264,620 244,273 211,322 235,304 267,134 334,44)
200,854 192,009 193,466 169,502 176,261 196,762 212,737 214,550 203,672
SO, 502
84,628
17,428
74,932
75,354
17,006
80,000
79,060
17,946
77,309
78,559
16,696
78,591
79,304
15,923
78,886
81.410
13,399
77,836
78,283
12,952
84.126
80,959
16,119
81,455
79,972
17,602
85,143
86,930
15,815
86,277
85,412
16,680
90,207
88,912
17,975
21,771
7,399
290
82.5
21,939
6,621
262
81.9
22,012
7,908
313
85.1
22,232
7,695
306"
92.5
22,659
8,581
342
97.9
22,774
8,803
353
101.3
22,778
8,040
322
100.7
22,872
9,223
369
102.6
22,804
22,555
7,921
317
94.4
22,301
8,012
321
92.1
22,217
8,040
324
89.4
123,096
39,602
31,357
8,245
83,494
63,128
20,366
118,514
40,997
32,201
8,796
77,517
57,260
20.257
109,533
44,286
31,102
13,184
65,247
29,776
35,471
331
99.6
••98,860
M l , 815
r 28,181
' 13,634
'57,045
22,825
'34,225
* Data for May 1940 are the latest available.
••Revised.
*New series. Earlier data for the new series on alcoholic beverages appear in tables 2-8, pp. 15-18, of the July 1939 SURVEY.
tRevised series. Revisions for indicated consumption of all spirits and whisky not shown on p. 41 of the October 1939 SURVEY will appear in a subsequent issue of the
SURVEY. Cotton spindle activity revised beginning August 1933, see table 18, p. 18, of the March 1939 SURVEY.
NOTE.—The data in the above tables present, in advance of the monthly Survey of Current Business, such items as were received during the week ended Saturday, July
20,1940. 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 1938 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 1938 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 i n 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. CM for $2 per year. The 1938 Supplement may be
obtained from the same source upon receipt of $0.40.
U . S . GOVERNMENT PRINTING OFFICE r 1940
@FedFRASER