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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 27, 1939 SUMMARY OF BUSINESS TRENDS B USINESS volumes last week generally indicated that the pick-up after the holiday curtailment was extended. Considering the seasonal recession usual for many lines of business in midsummer, activity is generally holding well above the second-quarter average. Steel-mill operations continue to move forward and for the week ending July 29 are scheduled at 60.6 percent of capacity. The contraseasonal rise in steel output has carried the ingot rate 4 points above the previous high for 1939. Freight carloadings and electric power production have also moved upward to 1939 peaks; automobile assemblies however reflect further shutdowns due to model changes. Purchasing by retailers in .wholesale markets is running much larger than a year ago, giving indication of a more confident attitude toward fall business. Prices of such industrial commodities as copper, hides, and silk have increased slightly thus far in July but quotations of the farm staples, hogs, corn, and wheat, have receded to the lowest levels of the year. As harvest prospects improved considerably after May, wheat quotations recorded sizable declines, cancelling the April-May advance. Price movements on security markets have carried bond and share quotations upward and trading has increased from the restricted turn-over during May and June. Last week the Dow-Jones average of industrial share quotations at 144 was up 10 points from the first week of July. Comprehensive monthly data now coming to hand for June confirm earlier indications that the improvement in business was widespread. Income payments, a broad measure of activity, were higher on a seasonally corrected basis than in May, the adjusted index rising 0.8 points to a preliminary figure of 83.6 (1929=100) for June. Factory employment and pay rolls increased against the seasonal trend and employment in construction and coal mining was larger than a month earlier. The Federal Reserve adjusted index of industrial production was placed at 97 (1923-25—100), up 5 points from May and 20 points higher than in June 1938. Total production of the nondurable goods industries was maintained around the May level and production for the durable goods industries was up sharply on a seasonally adjusted basis, SELECTED BUSINESS INDICATORS STEEL INGOT PRODUCTION ELECTRIC POWER (PERCENT OF CAPACITY) SPOT COMMODITY PRODUCTION PRICES (MOOP^S I N D E X - DEC. 31, 1951= IQO ) (BILLIONS OF KILOWATT HOURS) 225 200 f$*~tft3p^ f-c 17.5 \ 150 125 BITUMINOUS COAL (MILLIONS OF PRODUCTION SHORT PRICES OF 3 5 0 INDUSTRIAL STOCKS CONSTRUCTION CONTRACTS - E W. DODGE (DAILY AVERAGE AWARDS - MILLIONS OF DOLLARS) TONS) (INDEX, 1926- 100) 160 AUTOMOBILE PRODUCTION (THOUSANDS YIELDS OF 120 CORPORATE BONDS FREIGHT CAR LOADINGS OF VEHICLES) (PERCENT) (TH0U5ANDS OF CARS) ! X/ A V"V 19391 WHOLESALE COMMODITY PRICES (1926 * 100) too 95 I FNfSHED PRODUCTS METALS AND METAL PRODUCTS'' 90 85 X 80 75 — — — ^ CHEMICALS AND DRUGS RAW MATERIALS- 70 fi S \ y i, tf. I • • I . 1937 164820—39 1938 1939 1937 1939 . .. 1 .. 1 . . 1937 . . 1 . . 1 . . 1 . , . . 1 . . ) . , 1 . . 1938 1939 WEEKLY BUSINESS INDICATORS [Weekly average, 1923-25 >= 100] 1938 1939 1938 1939 1937 1937 July July July July June July July July July 24 24 23 22 15 July July July July June July July July July 1 24 23 17 Finance—Continued. Banking. Debits, outside N. Y. C . t ~ - 91.1 89.0106.9 94.2 95.7 88.4 82. 7 100. 5 99.1 Federal Reserve reporting member banks: Loans, total Commodity prices, wholesale: 64.9 65.1 65.1 64.7 64.6 65.' 65.9 77.9 77.7 Dept. of Labor, 1926=100: Interest rates: 24.2 24.2 24.2 24.2 24.2 24.2 24.2 24.2 75.5 78.7 78.9 87.5 87.8 75.5 75.6 Call loans*. Combined index (813) 63.3 64.1 62.9 62.7 69.3 70.7 88.4 91.1 28.6 28.6 Farm products (67) 28.6 2S.6 28.6 28.6 28.6 28.6 Timeloans*_ 67.6 68.1 67.4 67.4 74.3 74.4 86.0 86.1 Food (122) 144.7 145.3 146.1 144.3 143.0 132.6 133.0 132.8 133.2 Currency in circulation!, 80.4 80.3 80.5 80.6 81.6 81.6 86.3 86.2 All other (624) Production: Fisher's index, 1926-100: 62.2 80.8 56.1 92.6 106.3 45.3 58.3 115.4 151.2 Automobiles 78.5 78. 79.2 78.8 78.9 81.5 81.! 92.3 Combined index (120) 70.1 70.1 65.9 63.6 57.3 56.6 72.2 69.8 Bituminous coal* 72.5 71.7 71.0 71.0 71.0 68.8 68.8 100. 0 Cotton consumption^ Copper, electrolytic* 91.9 118.0 118.9 112.1 108.8 131.3 135.0 43.4 46.0 34.6 36.0 36.8 36.8 32.4 32.0 43 139.5 124.7 138.1 137.2 125. 2 125.1 135.6 137.9 Cotton, middling, spot Electric powerf--47.2 35.3 42.6 50.5 44.2 Lumber.. 61.8 57.8 Construction contracts* 103.3 51.5 54.0 51.5 61.8 76.3 169. 5 169.5 166.3 165.8 160.8 160.5 171.7 170.8 Petroleum*.. _ 70.3 58.3 69.4 67.1 60.6 62.8 80.0 79.9 Distribution: Carloadin^s Steel ingots® _ 94.5 61.4 54.5 135.5 135.8 96.9 85.4 52.0 86.7 71.0 Employment: Detroit, factory.,. Receipts, primary markets: Finance: 57.6 73.9 93.4 70.7 50.4 Cattle and calves.,. 52.1 39.8 57.2 64.9 57.0 38.3 39.3 Failures, commercial 40.6 31.5 36.2 35.1 34.2 35.1 24.2 22.9 Hogs. 63.3 63.6 64.3 64.3 64.3 Bond yields! Cotton.. 22.7 18.5 45.0 33.1 28.8 33.8 72.8 67.1 67.1 99.6 137.2 133. 8 Stock prices* 05.1 100.3 98.3 97. 4 100.1 296.8 414. 5 327. 9 230.4 167. 4 285. 2 397. 6 323. S 376. 4 Wheat. •Data do not cover calendar weeks in all cases. §Computed normal 100. JDaily average. t Weekly average, 1928-30=100. c^For description of these indexes, see p. 4 of the Dec. 16,1937, Issue. ^Seasonally adjusted. ©Index for week ended July 29 is 104. .1 Business activity:! New York Times §ef. Barron'scf. Business Week 3 107.'.0 110.1 90.8 85.8 90.8 91.3 81.1 1 108.». 6 109.6 89.8 94.4 93.2 74.2 99.~4 100.7 101. 5 101. 2 82.8 82. 0 121.2 123. 9 WEEKLY BUSINESS STATISTICS 1938 1939 July 22 July 15 July 8 0.100 .094 2.14 35.86 .65 0.099 .098 2.16 35.85 .65 0.098 .100 2.17 35.81 2,745 4,224 2,872 4,127 2,537 2,515 10,412 4,485 July 1 1939 1937 June 24 June 17 July 23 July 16 0.098 .097 2.18 35.72 .70 0.098 .100 2.18 35.72 0.098 .099 2.19 35.71 .72 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 0.138 .125 2.90 40.04 1.25 0.093 .132 2.76 33.51 1.11 3,406 4,129 3,392 4,366 3,425 4,438 3,047 3,875 3,431 4,096 3,238 3,830 3,529 4,660 3,565 4,598 3,883 4,212 2,569 2,535 10,350 4,447 2,569 2,551 10,151 4,292 2,567 2,551 10,116 4,243 2,584 2,564 10,099 4,227 2,605 2,564 10,101 4,264 2,585 2,564 8,202 3,039 2,596 2,564 8,273 3,153 2,564 2,526 6,858 874 2,585 2,526 6,928 964 2,466 2,430 5,935 2,986 17,387 5,223 13,909 8,505 17,368 5,224 13,892 8,493 17,109 5,229 13,858 8,485 17,220 5,237 13,862 8,423 17,238 5,238 13,851 8,404 17,212 5,225 13,781 8,390 15,127 5,208 12,410 7,696 14,994 5,209 12,237 7,730 15,018 5,251 12,473 8,240 15,031 5,250 12,449 8,254 14,857 5,014 14,098 9,471 2,159 8,116 2,153 8,131 2,150 8,142 2,148 8,089 2,127 8,072 2,108 8,097 1,622 8,208 1,505 8,231 1,195 9,740 1,154 9,714 8,348 1.00 1.25 3,887 1.00 1.25 3,872 1.00 1.25 3,833 1.00 1.25 3,823 1.00 1.25 3,831 1.00 1.25 3,878 1.00 1.25 3,885 1.00 1.25 4,426 1.00 1.25 4,407 1.00 1.25 1.00 1.25 ""7,029 2.649 4.682 212 7,054 2.649 4.681 162 7,096 2.649 4.681 233 7,005 2.649 4.681 264 6,943 2.650 4.683 212 6,950 2.761 4.920 215 6,439 2.763 4.929 232 6,458 3.745 4.977 156 6,448 3.854 4.968 160 6,468 6.617 5.023 150 6,160 36,710 3.65 1,258 102.06 88.8 104.1 86.1 26.8 27,860 3.67 3,317 97.38 85.7 100.0 85.3 25.4 17,840 3.71 1,442 95.42 83.3 97.3 82.9 24.7 28,970 3.71 3,125 94.63 82.8 96.7 81.9 24.4 27,040 3.71 2,412 97.22 85.7 100.2 84.4 25.4 26,690 3.70 2,511 96.93 85.6 100.2 84.0 25.6 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 34.880 3.87 4,596 129.98 118.3 140.2 95.5 52.4 56,260 3.89 7,732 133.46 112,7 128.2 108.4 53.2 July 24 July 17 July 25 COMMODITY PRICES, WHOLESALE Copper, electrolytic, New York? dol. per l b . . Cotton, middling, spot, New York do Food index (Brcdstreef 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 New York City (140 cities) do.... Federal Reserve banks: Reserve bank credit, total .do U. S. Government securities ___ ...do Member bank reserve balances .~_do Excess reserves, estimated ..do Federal Reserve reporting member banks: Deposits, demand, adjusted __do Deposits, time _.do Investments, total§ do TJ. 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, call loans! 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 (iV. Y. S. E.) thous. of dol. par value._ Bond yields (Moody's) (120 bonds)* percent. Stock sales (JV. Y. S, E.) thous. of shares. Stock prices (N. Y. Time$)\ dol. per share.. Stock prices (Standard, Statistics) (420).. 1926=100 Industrials (350)... . . do Public utilities (40) do. Railroads (30).. _ _.do. 2.649 4.682 1,277 PRODUCTION, CONSTRUCTION, AND DISTRIBUTION Production: 42,784 47,420 61,610 99,329 88,055 115,380 34,570 78,305 81,070 70,663 44,510 Automobilesl number.. 1,194 1,194 1,227 1,083 1,123 1,203 1,229 975 1,077 964 Bituminous coal* thous. of short tons,. 2,324 2,078 2,285 2,300 2,298 2,088 2,259 2,085 2,265 2,084 Electric power _. mil. of kw. hr_. 3,530 3,453 3,463 3,530 3,558 2,961 3,576 3,349 3,447 3,343 Petroleum* thous. of bbl._ 49.7 55.0 54.3 82.7 38.5 66.-4" 70.9 82.5 36.4 53.1 32.3 Steel ingots® .pet. of capacity.. 8,269 12,246 16,592 13,576 9,919 10,213 8,665 8,276 Construction-contract awards* thous. of dol Distribution: 673,812 659,109 665,528 642,987 637,873 580,882 602,445 767,470 766,384 730,981 Freight-car loadings, total. _ _ cars . 95,232 114,738 106,813 106,781 116,813 97,462 93,941 12L 558 119,228 115,798 Coal and coke do 22,030 31,426 26,777 32,988 28,375 30,550 30,552 34,700 41,744 41,898 Forest products do 53,456 59,265 53,350 51,484 63,022 38,821 46,992 54,999 51,239 48,715 Grains and grain products do 9,422 11,845 11,201 10,415 12,510 9,457 10,272 13,648 9,382 10,449 Livestock ._ do 150,488 127,662 153,461 151,850 152,502 146,216 145,353 165,811 163,147 162,337 Merchandise, 1. c. 1. „ do _ 44,877 36,423 55,174 22,105 40,696 41,417 44,102 77,487 Ore _. _.^do 79,782 24,312 259.098 214,884 258,340 255,091 259,066 223,771 234,932 302,579 306,595 288,565 Miscellaneous.. „_ _ do Receipts: 182 223 169 197 234 192 159 248 267 295 Cattle and calves __. thousands 263 222 157 228 235 205 291 149 229 228 Hogs —_ do..I86 117 78 48 59 69 81 75 83 88 56 Cotton Into sight thous. of bales.. 32,976 23,610 18,758 29,944 25,760 22,691 26,084 18,332 6,599 31,626 13,313 Wheat, at primary markets thous. of bu_. ®Rate for week ended July 29 is 60.6. JDaily average. »Data do not cover calendar weeks in all cases. e ^r 1 5N0 longer strictly comparable; for an explanation, see the corresponding data on p. 30 of the April 1939 issue of the Survey. ^Source: Wards' Automotive Reports. 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 BUSINESS INDEXES Pnges 6, 7, 8, 9 Income payments:! \diusted indev 1929—100 Unadjusted index . . - do. .. Total ~ -- .mil. of dol Compensation of employees: \djusted index „ ..1929=100. Total mil. of doL. Mfg., mining, and construction.-do Transportation and utilities do Trade and finance do Government, service, and other..do Dividends and interest do Entrepreneurial withdrawals and net rents and royalties... ..mil. of dol.. Direct and other relief do ~ Benofit payments under the Social Security Act mil. of dol.. Industrial production (F. R.): Combined index, unadjusted.. .1923-25=100. Manufactures, unadjusted _ do... Minerals unadjusted • --- do _^ Combined index, adjusted.'-'— do— Manufactures, adjusted__.do... Textiles - -do Marketings: . Agricultural products (quantity): Combined index.. .—1923-25=100.. "Wool do... Agricultural products, cash income from farm marketings: Crops and livestock, combined index: Unadjusted 1924-29=100.. Ariiiistpd do ... Crops do T tv^^tftflr and nroducts do "Diirv Tiroducts do TVTpat animals do~_ dhiflrens and etrzs do*. COMMODITY PRICES Pages 11, 12, 13,15,131, 134 Cost of living (N. I. C. £.): Combined index 1923 = 100 . Clothins - - ,do._ _ Food do Fuel ind lieht - -do "Housing - - -- .do. June • • •*• ._.-•* - Decem- January FebruOctober NovemAugust Septemary ber ber ber '82.7 83.0 5,438 '82.8 '79.6 '5,209 85.1 3,575 1,146 363 631 1,247 188 420 85.0 3,624 1,160 381 637 1,2M 192 735 83.3 3,590 1,123 372 644 1,266 185 720 '83.3 ' 3,627 ' 1,130 '384 '645 ' 1,288 '180 435 957 06 1,004 98 990 94 '1,006 90 36 39 45 60 44 51 98 98 103 104 104 99 100 99 105 '102 100 105 117 109 109 110 99 98 105 99 97 98 109 100 100 102 98 96 91 110 110 95 96 88 92 92 87 97 95 94 94 '97 92 91 73 104 98 99 89 87 78 116 160 108 154 79 85 67 76 81 91 67 116 68 65 77 97 73 80 41 71 78 85 62 61 53 37 82 51 77 56 64 94 56 70 50 46 34 78 38 78 68 78 104 65 104 45 57 35 93 50 107 65 81 103 62 123 77 50 22 95 50 89 81 99 135 72 145 193 63 23 92 SO 109 91.5 67.5 55.5 80.0 86.0 77.5 77.5 78.0 69.5 55.5 84.0 85.5 83.5 83V5 72,5 68.0 55.0 82.0 89.5 78.0 81.0 68.5 67.5 55.0 80.0 88.5 79.0 67.0 51.0 60.0 44.5 76.5 85.5 77.5 56.5 57.5 64.0 49.5 79.5 80.0 84.0 71.5 55.0 64.5 51.5 78.0 76.0 75.0 70.0 60.0 65.0 49.0 82.0 76.5 83.5 80.0 85.9 73.3 80.4 85.0 86.6 96.8 85.8 73.2 79.8 85.6 86.6 96.8 85.6 73.2 79.5 85.9 86.4 96.8 85. S 73.0 80.3 86.0 86.2 96.8 85.4 72.7 79.2 85.9 86.2 96.8 85.1 72.4 78.4 85.9 86.1 96.7 84.9 72.3 78.0 85.8 86.1 96.7 85.0 72.2 78.2 85.2 86.2 96.7 84.8 72.1 78.1 84.0 86.2 96.6 38.3 39.1 29.8 30.9 37.8 37.7 25.2 24.2 28.9 28.1 78.4 76.3 -86.1 — 86.3 50.2 53.9 37.8 31.6 39.6 25.9 26.8 72.9 37.5 33.5 38.0 25.2 28.8 66.0 "—92.-0 42.3 46.7 —mo 36.5 32.0 37.6 25.3 30.4 67.2 91.9 38.1 37.2 37.8 33.1 32.7 37.3 36.9 29.5 26.5 30.9 31.3 67.0 66.7 92.3 —-90.8 41.1 39.3 37.3 33.1 3$. 1 31.0 31.9 66.6 91:9 36.8 38.4 32.4 37.2 33.4 35.2 69.6 D3.9 38.5 41.3 35.3 37.6 37.6 40.5 68.9 97. 5 40.4 82.1 86.3 5,651 83.2 80.9 5,302 85.0 3,700 1.171 392 650 1,312 175 879 79.4 3,458 1,006 360 629 1,266 197 800 79.8 3,357 1,002 366 625 1,175 189 788 SI. 4 3,418 1,056 373 619 1,173 197 412 82.5 3,570 1,102 374 632 1,265 197 692 83.1 3,675 1,137 386 641 1,305 206 739 84.6 3,675 1,145 377 646 1,298 209 450 84.1 90.9 5,955 86.2 3,718 1,166 378 683 1,288 203 1,079 995 90 993 88 1,025 86 1,015 85 ],067 84 1,108 84 1,055 85 1,030 92 54 49 48 55 52 45 37 *9S 77 75 '92 77 74 46 87 92 81 79 93 S3 82 43 97 93 87 85 97 88 87 45 110 95 91 89 102 91 89 46 103 97 97 95 106 96 95 84 100 98 104 103 105 103 103 96 112 102 145 62 114 387 71 26 81 101 112 73 90 156 62 102 333 56 19 77 68 116 92 85 136 60 79 487 100 19 81 205 63 92 •89 153 72 73 317 96 61 80 155 46 117 83 137 75 68 76 152 235 90 110 87 131 89 114 85 76 139 174 267 113 128 86 59.0 60.0 45.0 75.5 77.0 76.0 73.0 61.0 72.0 66.5 77.0 80.5 76.5 76.0 72.0 82.5 86.5 78.6 82.0 80.0 75.0 72.5 72.0 63.0 81.0 84.5 82.0 75.5 85.0 72.5 61.0 84.5 86.5 87.0 75.5 84.7 72.0 77.9 83.4 86.0 96.6 86.7 73.9 81.9 83.7 86.7 97.5 86.5 73.5 81.7 S4.1 86.6 97.4 85.9 73.4 80.1 84.4 86.6 96.9 P96 81 * 110 v 105 82 93 41.2 39.6 32.7 30.9 36.0 29,4 25.3 22.5 28.2 27.1 70.5 70.9 — 80.3 - - 8 6 . 3 " 62.4 64.0 May 84.2 84.3 5,521 82.0 83.5 5,465 P96 April 83.5 77.8 5,093 81.5 76.1 4,985 v 105 *97 March 83.7 84.3 5,517 85.4 3,580 1,125 373 639 1,250 193 779 1,014 95 80.7 81.0 5,304 41.0 36.4 38.3 35.4 37.4 68.8 do ^--.izjdo.^—r - - 9 7 . 2 40.8 do Wheat EMPLOYMENT CONDITIONS AND WAGES Pages 31, 32, 33, 35, 37, 40, 41, 43, 44 Employment: Factory, unadjusted (U. S. Department of Labor) f 1923-25=100.. Durable goods . . . . ^do „ Nondurable goods .do— Factory, adjusted (Federal Reserve)!--do— Durable goods do Nondurable goods .-._ do Nonmanufacturing, unadjusted (U. S. Department of Labor): Mining: Anthracite 1929=100 Bituminous coal do Metalliferous .— do. Petroleum, crude, producing do Quarrying and nonmetallic .,do Public utilities: Electric light and power, and manufactured gas 1929=100.. Electric rfiilrojids etc do Telephone and telegraph. do— Trade: Retail total . do,.. Wholesale do July SO 7 82.3 5,388 do ...do Tea Tin June 83.6 87.3 5,718 Wholesale prices: World prices, foodstuffs and raw materials: . Combined indext .1923-25= 100.. Rubber Silk 1939 1933 1939 no 90.7 84.1 96.9 91.5 83.4 99.2 81.6 72.4 90.3 82.4 71.9 92.4 81.9 70.3 92.9 82.9 70.7 94.5 85.7 71.7 99.0 84.9 72.0 97.2 88.8 75.3 101.7 86.9 75.7 97.6 89.5 79.0 99.4 87.5 77.9 96.7 90.5 82.1 98.4 90.0 81.3 98.3 91.2 83.1 98.8 91.6 83.2 99.5 89.5 81.6 97.1 91.7 83.6 99.5 90.7 82.6 98.4 91.3 83.4 98.7 91.4 83.5 98.9 91.0 83.0 98.6 91.2 84.1 •"97.9 90.9 83.2 98.2 90.1 83.3 96.7 90.4 82.2 '98.2 51.2 83.3 62.9 67.1 47.4 56.0 80.2 56.0 72.8 43.6 44.6 78.5 49.7 72.3 44.1 37.6 80.1 51.4 72.4 44.6 46.4 83.4 55.2 71.5 44.6 52.4 87.2 57.9 69.5 44.4 51.0 88.6 61.9 68.3 44.4 51.3 89.3 62.3 67.8 41.4 50.0 88.7 62.6 67.0 38.3 52.2 88.6 60.9 66.4 37.9 51.7 87.4 61.0 66.2 40.1 '53.9 '25.fi 61.5 '65.8 43.0 52.6 '46.6 '61.7 66.0 '45.6 92.3 69.8 76.1 92.2 70.4 74.8 92.3 70.1 74.9 92.7 69.5 74.8 92.5 69.3 74.9 92.5 69.9 74.7 91.9 69.5 74.4 91.4 69.4 74.3 90.0 69.2 74.1 89.6 69.3 73.3 89.6 69.5 73.4 90.3 69.1 74.1 '91.1 '69.5 '75.6 86.0 87.7 83.6 87.2 81.1 86.8 80.0 87.6 84.7 88.5 85.9 89.1 86.9 89.8 98.1 90.0 82.2 88.3 81.5 87.9 83.8 87.4 '85.5 87.3 85.7 '87.1 tRevised series. For revised income payments beginning 1929, fee pp. 15-20 of the October 1938 Survey. Data on world prices revised beginning1920; see table14, p. 17, of the January 1939 Survey. Data on factory employment, unadjusted (U. S. Department of Labor), revised beginning 1933; see table 76, p. 13, of the November 1938 Survey and table 1 p 15, of the December 1938 Survey. Factory employment, adjusted (Federal Reserve), revised In its entirety; data not shown in table 76, p. 13, of the November 1938 Survey, or in table 1, p. 15, of the December 1938 Survey are available upon request. MONTHLY BUSINESS STATISTICS—Continued Monthly statistics through December 1937, together with explanatory notes and references to the sources of the data, may be found in the 193S Supplement to the Survey EMPLOYMENT CONDITIONS AND WAGES—Continued Pay rolls: Factory, unadjusted (U. S. Department of Labor)t 1923-25=100. Durable goods do... Nondurable goods 1 do... Nonmanufacturing, unadjusted (U. S. Department of Labor): Mining: Anthracite 1929=100. Bituminous coal do Metalliferous do Petroleum, crude, producing. .do... Quarrying and nonmetallic do... Public utilities: Electric light and power, and manufactured gas ..1929=100. Electric railroads, etc do Telephone and telegraph do Trade: Retail, total. do___. Wholesale do..., June 1939 1938 1939 June July August Septem- October Novem ber ber DecemJanuary February ber March April May 81.9 91.0 70.8 61.7 80.9 70.6 58.6 84.1 76.9 63.7 91.7 81.0 68.7 94.9 75.2 93.4 84.1 78.3 90.6 86.5 80.4 93.4 83.4 76.6 91.0 '85.5 •-78.fi 93.1 86.9 80.1 94.6 84.9 80.2 90.2 36.1 74.4 55.5 62.4 41.4 49.7 57.0 46.1 67.6 37.3 20.2 56.8 38.0 66.7 37.0 20.0 64.2 43.7 66.8 39.2 29.4 71.9 46.1 66.5 38.4 43.4 78.3 49.2 63.7 39.2 36.2 81.4 52.3 63.3 37.2 42.5 80.9 54.1 62.5 33.7 38.0 78.2 55.3 60.9 30.2 45.2 81.2 53.4 62.7 29.7 34.2 77.8 53.6 61.3 33.1 '43.4 *• 17. 7 52.6 60.8 35.9 57.0 '19.3 '53.7 '61.2 '39.7 100.4 70.6 93.0 98.3 69.0 90.9 69,5 91.3 98.4 68.4 92.6 98.6 69.7 90.9 68.9 95.3 98.2 69.7 92.5 95.9 71.1 92.0 96.4 69.9 91.7 96.8 70.5 91.9 97.0 69.6 92.1 -•70.1 '94.2 72.4 75.4 69.5 73.8 68.1 73.6 66.8 73.7 74.3 70.8 75.1 79.2 75.7 69.7 75.5 68.4 74.6 69.6 74.7 '71.3 74.8 '71.5 '74.9 71.5 75.4 84.4 79.5 89.9 FOREIGN TRADE Pages 79, 80, 82, 83 Indexes: Exports: Total value, unadjusted...... 1923-25-100. 60 61 62 56 73 66 70 58 71 61 66 66 70 Total value, adjusted do.__ 55 60 67 58 64 70 70 Imports: 51 44 55 Total value, unadjusted do... 55 45 55 52 53 55 58 59 49 53 Total value, adjusted do... 54 58 55 47 54 55 * 55 53 49 53 47 Value: Exports, including reexports. ..thous. of dol_. 236,058 232,686 227,780 230,621 246,321 277,928 252,231 268,756 212,908 218,559 268,364 230,947 249,259 General imports, total do 178,953 145,898 HO, 836 165,540 167,651 177,979 176,181 171,474 178,201 158,035 190,437 186,195 202,502 Imports for consumption, total. _do.._, 178,405 147,938 147,797 171,053 172,947 178,460 171,652 165,522 169,323 152,528 191,226 185,800 194,193 CHEMICAL AND ALLIED PRODUCTS Page 90 Chemicals: Alcohol, denatured: Consumption thous, of wine gal.. Production do Stocks, end of monthdo Alcohol, ethyl: Production thous. of proof gal.. Stocks, warehoused, end of month__.do "Withdrawn for denaturing ...do Withdrawn, tax paid do._. 7,044 8,166 1,982 7,812 7,869 1,192 6,725 6,711 1,170 7,648 7,846 1,416 9,124 9,181 1,466 11,188 11,101 1,364 10,309 10,195 1,233 10,433 5,500 1,285 6,720 6,828 1,379 6,567 6,454 1,260 7,578 7,616 1,294 7,523 7,719 1,485 8,203 8,490 1,766 16,827 30,860 15,029 1,858 16,395 32,047 14,400 3,506 16,370 33,727 12,350 1,684 17,284 35,176 14,483 1,590 15,800 32,736 16,072 1,639 17,017 28,319 18,986 2,111 15,164 23,277 17,249 2,439 16,772 20,895 17,389 1,841 17,067 24,433 11,327 1,691 14,671 26,072 11,198 1,350 17,423 27,741 13,202 1,851 17,859 29,625 13,253 2,076 18,655 31,078 15,032 2,009 5,511 9,661 5,204 5,135 9,189 5,387 5,337 8,540 5,748 4,313 8,242 4,428 3,595 7,570 4,134 3,731 7,367 3,774 3,537 7,081 3,669 3,642 7,467 3,103 3,482 7,774 3,031 4,489 8,265 3,816 4,636 8,746 3,985 5,650 9,086 5,079 5,692 6,095 6,857 4,217 3,915 4,721 497,527 496,903 496,012 471,160 470,401 469,451 5,672 5,732 6,592 5,175 4,313 4,226 9,294 18,923 8,119 4,997 495,163 495,003 568,480 466,376 7,491 10,203 5,837 8,173 22,147 10,562 501,207 466,176 11,745 9,571 16,956 11,829 10,702 13,019 9,984 8,735 9,193 10,780 505,670 510,194 513,454 516,755 466,809 470,251 472,483 472,143 8,569 9,724 * 6,246 6,091 6,794 5,003 5,008 10,876 10, 743 8,443 7,971 519,158 521.773 477,135 479,271 7,601 6,878 5,737 4,878 14,717 13,784 15,892 477,443 420,510 477,596 30, ISO 27,544 30,473 14,711 13,264 486,482 525,662 13,506 515,859 12,656 533,982 13,863 11,782 14,244 349,497 361,233 437,584 26,914 25,425 29,594 12,269 15, 445 403,042 470, 580 FOODSTUFFS AND TOBACCO Pages 102,116 Beverages: Fermented malt liquors: Production thous. of bbl 6,230 Stocks, end of month do 9,442 Tax-paid withdrawals .-do 5,622 Distilled spirits: Production, total thous. of tax gal.. 8,350 Whisky do.... 5,782 Stocks, total, end of month do 522,040 Whisky do. 478,875 Tax-paid withdrawals do. 6,461 Whisky do. 4,890 Tobacco: Manufactured products: Consumption (tax-paid withdrawals): Small cigarettes ..millions.. 16,595 Large cigars thousands.. 486,721 Manufactured tobacco and snuff thous. of lb_. 30,107 30,499 146.6 193.6 128.1 146.2 208.6 131.0 10S.9 173.1 144.3 22,472 8,236 319 86.6 22,109 6,893 268 84. 6 21,975 7,575 29ft 81.4 * 18,614 14,794 14,300 17,549 ' 14,198 11,404 10,914 12,689 388,346 339,152 297,841 371,940 326,006 280,033 239,980 299,703 62,340 59,119 57,861 72,237 16,891 12,791 337,372 273,409 63,963 15,706 11,585 297,508 237,870 59,638 27,869 30,940 27,126 83.4 102.8 89.1 78.7 97.3 84.2 87.9 91.8 93.4 89.7 87.0 94.5 141.9 126.0 102.8 122.5 151.4 96.3 I35.fi 175.1 112.2 21,915 5,925 225 70.2 22,153 7,375 280 76.2 22,1S9 6,613 252 76.1 22,114 7,118 273 81.9 22,449 7,575 291 22,445 7,187 277 82.3 22,440 7,641 295 85.7 22,525 7,171 277 .87.8 14,732 9,007 11,014 5,273 174,670 141,443 136,531 106,841 38.139 34,602 6,452 3,063 90,494 58,624 31,870 6,089 5,774 4,290 5,412 83,534 209,512 65,159 187,494 18,375 22,018 17,992 15,423 372,413 320,344 52,069 134.9 159.2 148.5 62.2 140.2 78.5 75.3 108.6 105.8 TEXTILE PRODUCTS Page 155 Cotton: Spindle activity: Active spindles thousands.. Active spindle hours, total...mil. of hours.„ Average per spindle in place hours.. Operationsf pet. of capacity.. 21,788 7,395 289 82.2 21,142 5,668 214 60.8 TRANSPORTATION EQUIPMENT Page 160 Automobiles: Production: Canada, total number.. 14,515 Passenger cars. __ do. 10,585 United States (factory sales), total...do 30P,720 ' Passenger cars. __ do 246,704 Com'l cars, trucks, road tractors...do... 63,016 25,628 30,577 METALS AND MANUFACTURES Page 139 Machinery and appaiatus: Foundry equipment: Orders: New _.. 1922-24-= 100.. Unfilled, end of month do. Shipments do. ' Revised. fRevised series. Data on factory pay rolls (U. S. Department of Labor) revised beginning 1933; see table 77, p. 17 of the November 1938 Survey and table 2, p. ltj of the December 1938 Survey. Cctton spindle activity revised beginning August 1933; see table 18, p. 18 of the March 11939 Survey. U. S . GOVERNMENT PRINTING OFFICE: 1 9 3 9
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