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SURVEY OF CURRENT BUSINESS
WEEKLY SUPPLEMENT
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
WASHINGTON, D. C, MARCH 14, 1940
SUMMARY OF BUSINESS TRENDS
ASIDE from the favorable showing of the automotive trade,
-£*- the available retail sales data for February reveal a continuation of the January recession. Department store sales
last month did not increase materially from January and the
adjusted index was lowered 2 points to 90 (1923-25=100).
Though dollar sales at department stores were 3 percent higher
than a year ago, the seasonally aajlisted index of sales was back
to about the August level and was some 5 points lower than in
the last 2 months of 1939. Sales of variety stores were apparently little changed on a seasonally corrected basis from January
.aftex-the^drop-in.that month.^EartiaLreports on retail automobile deliveries suggest a moderate contraseasonal rise for February. Retail sales of new passenger cars and trucks by General
Motors were up more than 40 percent from the daily average in
February 1939.
Automobile assemblies have continued slightly above 100,000
units a week and Ward's Automotive Reports does not anticipate much of an increase from this rate over the next few weeks.
As a result of the high rate of assemblies during January
and February, dealers have been supplied with very large
stocks of new cars to meet the seasonally high spring deliveries.
Indications of a halt in the sharp reaction in industrial activity
that has been under way this year are not generally apparent as
yet. However, steel-ingot production which has slumped more
than 20 points from 86 percent of capacity at the beginning of
the year has been declining less rapidly recently—for the week
ending March 16, moreover, output at 64.7 percent of capacity
is unchanged from the preceding period. The stability over a
2-week period, of course, is not a decisive indication that the
decline is over. The rate of incoming orders in the steel industry is still, considerably lower than production and has shown
few signs of revival. The cotton-textile industry thus far has
not curtailed to any considerable degree, even though output
has been running at a very high level for an extended period.
As the general rate of industrial production continued downward
throughout February, the current position is below the average
for that month. The preliminary estimate of the Federal
Reserve adjusted production index for February was 109 (192325 — 100) in comparison with 119 for January and 128 for
December, as may be seen in the chart below.
SELECTED BUSINESS INDICATORS
FREIGHT CAR LOADINGS
ELECTRIC POWER PRODUCTION
STEEL INGOT PRODUCTION
(BILLIONS
(PERCENT OF CAPACITY)
OF KILOWATT
(THOUSANDS OF CARS)
HOURS)
h**>^/933
M
1
i.l
BITUMINOUS
AUTOMOBILE PRODUCTION
1
(DAILY AVERAGE ~ THOUSANDS
(THOUSANDS OF VEHICLES)
1
.
t
(BILLIONS
OF TONS)
OF DOLLARS)
3.Z
PRICES OF"35O INDUSTRIAL-STOCKS-
PRICE INDEX 0F"28 B/«(C
(AUG.
COMMERCIAL LOANS
COAL PRODUCTION
(INDEX, 1926 = 100)
1939 = 100)
160
BOUj
, I
i I t r I i i I i i I . . I • • I . t I •
1937
1938
1939
1937
DEPARTMENT STORE SALES
(SEASONALLY ADJUSTED
100
95
(SEASONALLY ADJUSTED
130
/N
V
/
NO
85
100
80
90
75
A.
1 1 1 1 1 !
1 1 1
1
, , 1 . , 1 , , 11 ,
1937
215671—40
1938
•
.
\
/
\
A/
j
\
\
80
.
70
1923-25=100)
MONTHLY DATA
120
J
—^^^N
I ., ,
1940
INDUSTRIAL PRODUCTION
1923-25*100)
MONTHLY CATA
90
, .1 . . . ,
1939
1938
• •
70
1 . , 1 , ,
1940
1937
1938
1939
1940
WEEKLY BUSINESS INDICATORS <
[Weekly average, 1923-25-100]
Business activity:!
New York TimesSc?Barron'scf
Business Week
Commodity prices, wholesale:
Dept. of Labor, 1926=100:
Combined index (813)
Farm products (67)
Food (122)
Allother (624)
Fisher's index, 19?6=100:
Combined index (120)
Copper, electrolytic^
Cotton, middling, spot
Construction ccntractst
Distribution: Carloadings
Employment: Detroit, factory.
Finance:
Failures, commercial
Bond yieldst
Stock pricest
Finance—Continued.
Banking:
Debits, outside N. Y. C.t
Federal Reserve reporting
member banks:
Loans, total
Interest rates:
Call loans*
_.
Time loanst
Currency in circulation!
Production:
Automobiles
Bituminous coalt
Cotton consumption!
Electric powert-.
--Lumber
Petroleumt
_
Steel ingots®
Receipts, primary markets:
Cattle and calves
Hogs
Cotton..
...
Wheat
79.2
89.5
96.7 96.1
106.2 108.3 107.4 110. S 94.2 95.8 73.9 73.0
110.2 111.4 110.2113.6 9S.7 100.4 80.4
78.4
63.8
70.5
83.2
78,6
69.4
71.0
83.3
78.3
68.6
70.5
83.3
78.5
68.9
70.9
83.5
77.0
68.0
71.4
80.6
76.7
67.2
71.5
80.4
Mar. Mar.
12
5
Mar. Mar. Feb. Feb. Feb.
9
2
24 17 10
Mar. Mar. Feb. Feb. Feb. Mar. Mar.
2
24 17 10 11 4
79.8
71.7
73.8
82.9
79.8
71.1
73.8
82.9
84.2 84.4 84.8 84.3 84.6 80.2 80.3 82.8 83.0
81.9 81.9 80.4 79.7 81.2 79.7 79.7 71.0 71.0
41.5 4L5 41.9 41.5 41.5 33.8 33.5 33.1 33.5
70.9 48.9
50.3
66.2 62.1 63.4 65.4 61.7 62.0 58.1 57.7
75.3
111.5
110.7
68.8 66.3 55.3 71.7 61.7 70.362.4 70.5 63.9
62.4 62.6 62.4 62.4 62.6 64.6 65.5 73.3 72.4
111. 2 110.4 111. 1 111. 5 110.4 109.1 106.9 91.3 95.0
1938
1939
1940
1938
1939
1940
93.5 83.7 96.2 77.6 94.6
100.8 103.1 97.5
68.1 68.1 66.7 65.5 72.2 71.5
68.7 68.2
24.2 24.2 24.2 24.2 24.2 24.2 24.2 24.2 21.2
28.6 28.6 28.6 28.6 28.6 28.6 28.6 28.6 28.6
154.2 153.6 153.3 152.8 152.6 139.1 139.0 130.5 130.8
135.7 132.2 134.6 124.6 125.8 110.2 103.2
16.1 90.9 89.1 96.4 78.3
126.8 124.5 125.4 110. 2 103.4
148.8 147.4 148.6 151.4 134.3 134.7
42.7 46.1 42.8 42.4 37.4 38.1
182.3 179.2 178.5 177.1 161.0 159.1
110.8 113.0 115.1 118.0 123.0 94.6 95.8
54.9
51.7
86.9
68.4 65.1
52.3
52.4
77.3
36.8
65.2
63.0 62.7
88.6 86.3
120.9 122.2
37.6 35.0
162.4 160.3
50.5 49.5
50.9 50.8 53.1 51.4 64.0
56.1 52.7 33.0 33.1 31.5
91.9
32.3 32.7 60.8
25.2 24.2 38.8 35.4 28.1
66.3
33.9
42,3
32.9
• D a t a do not cover calendar weeks in all cases.
§Computed normal= 100.
JDaily average.
/Weekly average, 1928-30=100.
ISeasonally adjusted.
®Index for week ended Mar. 16 is 111.0.
d T o r description of these indexes, see p . 4 of the Dec. 16,1937 issue.
WEEKLY BUSINESS STATISTICS•
1940
Mar. 9
COMMODITY PRICES, WHOLESALE
Copper, electrolytic, New Yorkt
_-_dol. per lb__
0.113
Cotton, middling, spot, New York
do
.113
Food index {BmdstreeVs)
do
2.32
Iron and steel, composite
_.dol. per ton..
36.83
Wheat, No. 2 Hard Winter (Kansas City).dol. per bu_.
1.00
Banking:
FINANCE .
Debits, New York City
mil. of dol__
3,552
Debits, outside New York City (140 cities)
do.
4,675
Federal Reserve banks;
Reserve bank credit, total
do
2,515
U. S. Government securities
do.
2,477
Member bank reserve balances
do.
12,367
Excels reserves, estimated.
do.
5,733
Federal Reserve reporting member banks:
19,341
Deposits, demand adjusted
_-_do
Deposits, time
do.
5,303
14,764
Investments, total§
do
U. S. Government direct obligations
do
8,900
Obligations fully guaranteed by U. S. Government
2,400
mil. of dol_.
8.591
Loans, total§
_
do
Commercial, industrial, and agricultural loans§
mil. of dol..
4,365
Interest rates, call loanst.
percent1.00
Interest rates, time loanst _
_
do.
1.25
Exchange rates:
2.212
French franpt
cent:...
Pound sterlingt
—
dollars..
3.903
Failures* commercial
..number..
280
Currency in circulatlont—
mil. of dol..
7,487
Security markets:
Bond sales (2V. Y. S. E.)
thous. of dol. par value..
33,840
Bond yields (Moody'a) (120bonds)t._
.percent..
3.60
Stock sales (2V. Y. S. E.)..
thous. of shares,.
3,653
Stock prices (N. Y. Ttmes)t
dol. per share..
108.02
Stock prices (Standard Statistics) (420).
1926=100..
91.8
Industrials (350)
...do:
108.0
Public utilities (40)...
_._
do.
86.7
Railroads (30)
....do.
29.3
PRODUCTION, CONSTRUCTION, AND
DISTRIBUTION
Production:
Automobiles!
number- 103,560
Bituminous coalt
thous. of short tons..
Electric power
mil. of kw.-hrs..
Petroleumt
-thous. of bbl..
Steel ingots®
pet. of capacity.. "~"64.~6
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
_
4..." do _
Ore...
„
do
Miscellaneous
_
do
Receipts:
Cattle and calves
thousands..
Hogs
..„.._
...
L, do
Cotton into sight
thous. of bales-.
179
Wheat, at primary markets
thous. of b u . .
5,444
1939
1938
1937
Mar. 2
Feb. 24
Feb. 17
Feb. 10
Feb. 3
Mar. 11
0.113
.113
2.30
36.83
1.00
0.111
.114
2.34
0.110
.113
2.33
37.00
0.112
.113
2.34
37.01
0.114
.111
2.36
0.110
.092
2.34
36.39
0.110
.091
2.33
36.38
0.098
.090
2.49
38.83
.92
0.098
.091
2.47
38.84
0.154
.145
2.99
39.99
1.38
2,673
3,983
3,084
4,523
2,604
3,713
3,185
4,335
3,187
4,343
3,755
3,882
3,548
4,462
3,130
3,600
4,121
4,229
2,537
2,477
12,318
5,687
2,523
2,477
12,241
5,629
2,530
2,477
12,151
5,5S0
2,518
2,477
12,097
5,523
2,503
2,477
12,150
5,559
2,565
2,564
8,985
3,407
2,5S6
2,564
8,942
2,594
2,564
7,311
1,467
3,523
4,389
2,563
2,564
7,215
1,391
19,414
5,290
14,740
8,851
19,256
5,277
14,680
8,830
19,062
5,260
14,686
8,855
19,108
5,256
14,692
8,910
19,199
5,257
14,675
8,877
16,086
5,224
13,450
8,176
15,965
5,202
13,408
8,143
14,514
5,258
12,242
8,081
14,381
5,260
12,298
8,137
15,649
5,147
13,541
9,024
2,421
8,528
2,425
8,531
2,420
8,516
2,411
8,507
2,414
8,499
2,030
8,338
2,019
8,18G
1,152
9,020
1,159
1,203
9,260
4,324
1.00
1.25
4,316
1.00
' 1.25
4,309
1.00
1.25
4,314
1.00
1.25
4,295
1.00
1.25
3,773
LOO
1.25
3,773
LOO
1.25
4,342
1.00
1.25
4,357
1.00
1.25
1.00
1.25
2.233
3.940
270
7,459
2.240
3.954
225
7,446
2.243
3.958
292
7,420
2.256
3.981
251
7,412
2.258
3.984
2S5
7,392
2.651
4.690
286
6,755
2.647
4.688
254
6,752
3.192
5.008
287
6,337
3.261
5.017
260
6,350
4.575
4.883
178
28,190
3.61
3,015
107.25
91.1
106.8
87.6
28.8
26,360
3.60
3,253
107.94
92.2
108.3
87.9
28.9
27,070
3.60
2,860
108.32
91.9
107.8
87.7
29.0
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
51,220
3.73
5,561
105.94
95.0
111.8
88.3
31.7
43,850
3.78
4,641
103.83
92.6
108.9
86.5
30.4
36,180
4.23
3,445
88.67
79.6
94.8
69.5
26.7
27,260
4.18
2,679
92.27
82.7
98.2
71.7
29.4
118,290
3.82
14,545
140.48
100,855
1,467
2,479
3,798
65.9
102,670
1,548
2,455
3,732
67.1
, 7,312
95,050
1,517
2,476
3,718
68.8
8,074
95,985
1,642
2,523
3,688
71.7
101,240
1,698
2,541
3,499
77.3
6,825
84,095
1,333
2,238
3,353
55.1
78.705
1,415
2,244
3,315
55.8
11,376
53,138
1,073
2,015
49,745
1,068
2,036
3,340
29.3
108,918
1,906
2,213
3,373
87.3
8,085
634,410
139,935
32,269
35,323
11,131
149,550
10,078
256,124
595,032
144,976
30,146
31,223
10,768
133,908
9,696
234,315
607,924
141,741
30,532
30,897
11,083
142,987
9,789
240,895
626,903
156,638
29,263
29,174
10,540
147,442
9,812
244,034
657,004
170,798
31,374
32,080
10,914
146,788
10,087
254,963
591,691
125,280
25,927
31,211
10,175
152, 422
7,559
239,117
594,424
132,441
24,428
32,341
9,636
153,403
8,979
233,196
556,730
110,401
27,613
31,429
10,954
150,694
8,722
216,917
552,892
112,593
26,932
33,039
10,697
151,498
6,805
211,328
744,499
178,330
38,662
28,387
11,487
169,817
10,128
307,688
173
336
226
5,181
165
340
201
2,929
161
364
161
342
240
1,929
171
374
228
2,219
168
214
84
3,083
163
. 215
85
2,820
202
204
158
2,233
239
2,001
37.03
.95
Mar. 4
Mar. 12
29.9
7,858
Mar. 5
Mar. 13
210
. 220
110
2,615
2,454
2,430
6,749
1,380
132.4
155.7
106.8
64.3
225
288
201
1,582
# R a t e for week ended Mar. 16 is 64.7.
tDaily average.
• Data do not cover calendar weeks in all cases.
§No longer strictly comparable; for an explanation, see the corresponding data on p. 30 of the April 1939 issue of the SURVEY. ISOTJRCE: Ward's Automotive Reports.
3
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
DOMESTIC TRADE
Pages 27, 2S, 29, 30
Postal business:
Receipts, postal:
50 selected cities
__
thous. of doL.
50 industrial cities..,.
do.
Eetail trade:
Chain-store sales:
Variety-store sales:
H L. Green Co., Inc.:
Sales
thous. of doL.
S. S. Kresge Co.:
Sales
do.
Stores operated_
...number..
S. H.Kress & Co.:
Sales
thous. of dol._
Stores operated
number..
McCrory Stores Corp.:
Sales
..thous. of dol
G. C. Murphy Co.:
Sales
do..
Stores operated
number,.
F. W. Woolworth Co.:
Sales.-_-—-----thous. of dol__
Stores operated
number..
Other chains:
W. T. Grant & Co.:
Sales
tbous. of dol..
Stores operated
..number..
J. C. Penney Co.:
Sales
thous. of dol.
Department stores:
Sales, total U. S., unadjusted. 1923-25=100.
Atlanta
—
do...
Boston
.do...
Chicago
do...
Cleveland!
.do...
Dallas
_.
do__
Kansas City.A.
1925-100_
Minneapolis!
1929-31-HXL.
New York
1923-25=100..
Philadelphia!
.do....
Richmond.
do—
St. Louis.
_
do....
San Franciscot
do
Sales, total U. S., adjusted..
do....
Atlanta..do__.
Chicaeo
do—
Clevelandt
do....
Dallas
do....
Minneapolis!1929-31=100.
Now York
1923-25=100.,
Philadelphia!
.do....
St. Louis
-do...
San Franciscot
do
FINANCE
Pages 65, 70, 71, 75, 76
Public finance (Federal):
Debt, gross, end of mo
mil. of doL,
Public issues:
Interest-bearing*
do—
Non-interest-bearing*
do___.
Special issues to gov't agencies and trust
funds*
„
mil. of dol..
Receipts, customs
thous. of doL.
Capital flotations:
Securities issued by type of security, total
thous. of dol..
New capital, total
do
Refunding, total
do
Securities issued by type of corporate borrower, total
_•
thous. of dol..
New capital, totaldo___.
Industrial
_
do—
Public utilities
__
...do....
Refunding, total
.do.,..
Industrial
i
do....
Public utilities
do....
Security markets:
Bonds:
Yields (Moody's):
Domestic (120 bonds)
percent..
By ratings:
Aaa (30 bonds)
do....
1940
February
29,737
3,665
1939
F
u
^ "
27,710
3,493
March
33,478
3,979
1940
April
May
June
July
August S e p t e -
29,830
3,618
30,922
3,687
29,791
3,687
25,464
3,271
2,733
2,712
2,502
2,446
2,785
2,855
11,940
683
11,401
682
11,293
10,369
685
10, 578
683
11,513
683
11,938
682
6,315
239
6,818
6,406
239
6,225
240
6,490
240
240
7,295
240
3,300
3,420
3,158
3,136
3,354
3,431
3,622
3,741
201
3,758
201
3,564
201
3,470
201
3,789
201
4,090
202
4,219
202
8,163
202
-24,725 ^24,662
2,013
2,005
24,340
2,015
24,123
2,014
25,810
2,015
26,530
2,018
26,952
2,019
52,333
2,020
20,512
2,020
28,233
3,540
30,038
3,413
October
31,960
3,788
Novem- Deoem-
32,446
3,658
42,938
5,117
30,380
3,791
3,066
6,228
2,125
12,356
24,406
9,042
675
15,232
240
5,300
240
2,093
1,959,
2,442
9,543
675
9,058
681
10,606
5,603
239
5,163
238
2,998
2,738
3,196
3,134
202
2,752
201
3,205
201
3,848
201
22,117
2,015
20,686
2,011
23,104
2,012
25,919
2,008
6,109
492
6,748
7,164
489
8,376
489
8,496
491
493
7,298
493
7,210
494
8,235
495
8,733
495
9,316
494
491
5,931
492
16,032
14,614
18,733
21,314
22,232
22,237
19,504
20,679
26,143
28,722
28,215
43,216
18,292
101
54
67
71
89
64
63
71
52
75
68
83
87
115
84
90
105
87
87
68
79
82
116
68
92
82
99
87
97
80
65
105
82
89
88
125
98
90
105
96
91
70
88
99
88
119
75
89
92
104
82
97
86
67
102
89
96
88
115
80
87
104
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
60
88
49
61
63
72
61
69
63
46
73
62
81
86
126
85
86
106
142
72
^3
69
-75
^70
'86
'67
81
'74
52
'84
'69
39,864
39,990
40,068
.40,286
40,445
40,666
40,896
37,484
526
35,949
533
35,994
543
538
531
36,122
554
36,200
548
36,261
540
4,356
25,651
3,382
22,361
3,454
29,266
3,492
29,437
3,666
25,318
3,770
24,517
3,918
25,528
4,094
27,213
450,801
103,959
346,842
540,625
377,452
163,173
241,341
161,974
79,367
23,571
20,171
2,475
136,115
11,500
111,029
52,979
18,572
4,202
46,689
15,301
31,388
3.81
3.74
"72
P114
54
"76
"78
"97
"69
"70
"73
'55
82
P77
"87
90
"129
"95
*>99
"114
"97
"90
"72
"90
"104
42,365
256,246
45,404
5,249
7,015
210,842
115,000
3.60
238
2.99
3.00
2.86
3.22
3.26
3.05
Aa (30 bonds)
do.—.
3.87
3.94
3.68
A (30 b o n d s ) . do___.
5.05
4.83
B a a (30 bonds)
do
B y groups:
3.29
3.12
3.29
Industrials (40bonds)
do-.
3.48
3.52
3.33
Public utilities (40 bonds)
do._
4.46
4.63
4.37
Rails (40 bonds)
do
Stocks:
Cash dividend p a y m e n t s a n d
rates
(Moody's):
A n n u a l p a y m e n t s a t current rates (600
companies).
rail,
of dol_, 1,618.60 1,329.91 1,334.15
935.03
935.03
930.43
N u m b e r of shares, adjusted
.millions.,
Dividend rate per shore (weighted aver1.43
1.42
1.73
age) (GOO cos.)
dollars..
3.01
3.01
3.01
B a n k s (21)
.do....
1.30
3.30
1.67
Industrials ( 4 9 2 c o s . ) . . . . ,
do—.
2.31
2.31
2.64
Insurance (21 cos.)
_
do
1.92
1.91
1.95
P u b l i c utilities (30 cos.)
do....
.90
.90
1.26
Rails (36 cos.)do
119
91
84
101
95
90
66
82
97
358,117 1.313.005 585,583 590,429
144,258 116,874 273,350 318,016
213,860 1,196.131 312,234 272,413
259,909 183,242 282,^39 230,577
78,160 21,740 30,241 50,139
3,987 12,198 10,339
75,981
403 12,666 25,892
579
181,749 161,502 251,798 180,438
2,000 79,810 96,124
60,175
106,500 154,400 160,185 80,788
3.84
3.78
3.71
114
55
77
73
83
79
89
67
50
86
70
94
89
146
95
88
107
102
90
67
94
100
7,655
2,767
116
94
116
104
80
132
96
103
90
116
89
94
103
97
91
69
85
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
'77
94
104
40,861
41,040
•41,310
41,942
42,110
36,282
516
36,421
510
•36,517
'499
37,214
497
37,346
509
4,063
35,595
4,109
32,418
4,295
29,049
4,231
27,814
35, 788
97
133
83
102
96
115
90
116
97
74
118
91
142
99
92
104
104
93
74
92
95
138
85
460,667 179,919 740,453
112,031 41,669 336,243
'so
92
'118
^3
*93
'113
102
*94
•72
'87
218,145 329,968 279,459
88,687 94,864 90,901
129,458 235,104 188,559
138,249
404,210
343,357
25,895
17,045
1,930
317,463
20,123
250,835
95,115
16,019
1,099
125
79,096
600
23,866
175,514
18,200
5,957
1,505
157,314
3,443
3.66
3.67
3.95
3.83
3.70
3.69
3.63
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
2.88
3.08
3.69
4.86
3.57
3.70
4.58
3.43
3.57
4.51
3.25
3.4:
4.44
3.2]
3.3*
4.4'
3.14
3.35
4.39
3.02
3.22
3.97
5.15
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
3.35
3.51
4.66
.3.30
3.45
4.60
3.23
3.42
4.47
3.17
3.39
4.42
3.21
3.40
4.41
112/200 221,252 165,515
21,408 26,971 32,055
7,658 14,088 12,213
5,360 17,534
1,975
90,792 194,281 133,460
12,000 15,215
0
147, .052 76,840 118,050 101,368
1,337.76' 1,339.27 1,382.43 1,391.46 1,422.99 1,423.82 1,442.45 1,573.05 1, 589.31 1,597.25
936.43
935.03 935.03 935.03 935.03 935.03 935.03 935.03 935.03 936.43
1.52
1.54
1.7C
" 1.68
1.52
1.71
1.49
1.48
1.43
1.43
3.01
3.01
3.0.
3.0
3.01
3.01
3.01
3.01
3.01
3.01
1.63
1.42
1.61
1.45
•1.42
1.63
1.38
1.37
1.31
1.31
2.53
2.3S
2.39
2.39
Z 39
2.64
2.39
2.39
2.33
2.33
1.95
1.95
1.95
1.95
1.94
1.95
1.94
1.94
1.92
1.92
1.2
1.25
.90
.90
.90
.87
1.26
.90
.90
.90
v Preliminary^
•New series. New items for Federal gross debt beginning June 1916 appear in table 21, p.16, of the April 1939 SURVEY.
tt*oKnniMv *A'm*t*A in
tRevired series. Indexes of department-store sales in San Francisco area revised beginning 1919; see table 3, p. 18of the January 1940 issue. Seasonaliy ad justed infces of department-store revised beginning 1929 for the Cleveland district and beginning 1934 for the Minneapolis district; see tables 4 and 5, p. 18 of the January 1940
issue. Indexes of department-store sales in Philadelphia revised 1923-37; revisions will appear in a subsequent issu«.
1939
1940
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data, may be found in the
1933 Supplement to the Survey
February
TRANSPORTATION AND
COMMUNICATIONS
Pages 84, 85
Class I steam railways:
Freight*car loadings (Federal Reserve):
Combined index, unadjusted. 1923-25=100.
Combined index : adjusted
do...
Grains and grain products
do...
Merchandise, 1. e. 1
do...
Ore
do_._
75
61
107
Marctl
A
June
Pril
July
1940
August
Se
m
K ? * October
87
62
108
N(
ber
63
191
ber
73
78
87
62
116
January
72
78
73
62
114
FOODSTUFFS
Pages 103,110, 111, 112,115
Stocks, cold storage, end of month:
Butter, creamery
..-thous. oflb.
Cheese, total
do__.
Eggs:
Shell
thous. of cases.
Frozen
thous. oflb.
Fish, total (15th of month)
do...
Total meats.
...mil. oflb.
Beef and veal
thous. of lb.
Pork, total
do...
Fresh and cured
do...
Lard
do...
Lamb and mutton—
do...
Poultry
do,..
18,278
82,684
92, 780
91,485
81
37,474
62,391
1,092
74,678
906, 254
64S, 225
258,029
4,465
144,743
165
44, 476
62,253
784
46,404
567,419
542,138
125, 281
2,773
116, 229
FUELS AND BYPRODUCTS
Pages 117, 119, 120, 121,122
Coal:
Anthracite:
Production
thous. of short tons.
Bituminous:
Production
do—
Coke, beehive:
Production
do...
Petroleum and products:
Crude petroleum:
Consumption (run to stills)..thous. of bbL
Production..
do.._.
Refinery operations
pet. of capacity..
Stocks, end of month:
California:
Heavy crude and fuel
thous. of bbl..
Light crude
do—
East of California, total
do—
Refineries
do....
Tank farms and pipe lines
.do....
70,909
75,345
84,437 131,609
79, 272 98,850
1,105
3,357
88,867
60,465
29, 756
40,423
758
75S
36.866
40,970
652,45fi 656. 746
523, 204 527, 213
129, 252 129, 533
1,956
2,412
90, 987 70, 568
6,977
5.880
117,900 141, 456
46,965
35, 295
749
761
33, 591
34,650
659, 587 645,173
520, 251 496, 796
139, 336 148, 377
1,837
1,791
67, 470
66,790
78,909
81,653
172,825
125,019
154,594
116,561
128, 111
114,736
89,783 • 55, 462 29,189
112,217 '108,241
94, £95
7,024
6,598
1,580
3,519
5,430
'532
144, 359 135,928 121,471 104, 282 87,802 r 72,279
59,940
72,765
79, 384 83, 296 84,571 '92,431
099
573
562
452
478
••808
33,456
33,027
67.672 ' 76,974
49,242
36,917
594,581 471,310 379,020 341,393 421,227 '631,564
454,766 360,932 300,226 272,655 332,272 '469,459
139,815 110, 378 78,794
68, 738 88,955 ' 162,105
1,893
2,459
4,187
2,965
4,803
3,499
64, 918 62,870
63,164
79,228 127, G49 ' 167,643
117
56,249
78,563
977
78, 573
790,776
588,601
202,175
4,412
166,962
4,114
3, 604
5,296
5,073
3,530
2,912
3,832
4,776
4,919
3,936
3,862
'5,622
34,134
35,290
10,747
17,880
27,900
29,135
34,688
38,150
45,950
42,835
37,283
44,940
20
25
52
46
44
75
256
346
314
--238
71
Refined petroleum products:
Gas and fuel oils:
Production:
Residual fuel oil
do—
Gas, oil, and distillate fuels, total, d o . . . .
Stocks, end of month:
Residual fuel oil, east of California
thous. of bbL.
Gas, oil, and distillate fuels, total
thous. of bbL.
Motor fuel:1
Demand, domestic
__do.__.
Production, total
do...
Benzol
do....
Straight-run gasoline
do...,
Cracked gasoline
do__.
Natural gasoline
do...
Natural gasoline, blended
do...
Gasoline :1
Stocks, end of month:
Finished gasoline, total
do
At refineries
do
Natural gasoline
..do
Kerosene:
Consumption, domestic
do..~.
Production
do
Stocks, refinery, end of month
do
Lubricants:
Consumption, domestic
do
Production
._
do
Stocks, refinery, end of month
.<io
165,183
117,598
87,797
93,475
76
98,917
106,768
77
99,303
105,510
105,755
110,541
83
104,687
104,607
85
106,899
110,937
84
107,632
80,865
84
105,505
108,168
85
110,980
114,198
86
104,916
111,887
105,835
114,810
81
106,530
113,140
80
87,002
38t 323
227,098
41,777
185,321
86,294
39,383
229,079
41,154
187,925
86,075
39,699
230.926
40,180
190,746
85,580
39,878
230,279
40,445
189,834
85,049
38,902
226,462
41,463
184,999
85,655
38,427
223, 558
41,817
181,741
84,039
38,072
192,985
37,441
155,544
82,927
37,372
189,341
35,781
153,560
82,718
35,533
187,579
36,922
150,657
81,112
35,129
191,164
39,427
151,737
80,223
35,478
195,836
40,033
155,803
79,380
35,567
196,407
39,162
157,245
21,476
12,797
25,040
13,539
24,750
13,301
27,022
12,353
24,836
13,530
25,644
12,688
25,299
13,246
26,302
12,975
27,594
15,017
26,088
13, 757
26,944
14,433
16,548
21,952
19,288
19,534
21,397
22,480
25,025
26, 111
26,249
26,109
24,018
20,881
18,764
21,731
20,115
21,058
22,088
25,659
27,581
29,282
30,018
30,951
30,179
26,374
21,057
34,595
43,409
170
18,455
21,037
3,747
3,229
42,520
48,367
192
20,663
23,280
4,232
3,243
43,977
48,837
162
20,922
23,521
4,232
2,9S3
49,547
51,384
130
22,767
24,207
4,280
2,646
49,812
50,861
174
21,782
24,810
4,095
2,682
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
4,388
4,286
43,694
52,351
275
22,017
4,470
4,018
40,370
50,243
272
21,709
23,991
4,271
3,285
79,691
54,569
4,708
81,189
55,464
4,721
81,623
55,172
5,484
78,342
52,076
6,212
74,395
47,972
6,749
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
46,898
4,579
77,301
51,920
4,421
84,863
60,420
4,476
5,901
5,174
5,452
5,201
5,900
5,605
5,042
5,813
4,368
5,909
6,551
3,570
5,439
7,949
3,710
5,390
8,855
4,436
5,783
9,361
4,638
5,806
9,952
5,019
6,141
9,967
6,023
5,642
9,019
6,613
5,822
7,576
7,842
5,375
4,918
1,653
2,522
7,951
1,987
2,664
7,800
1,770
2,672
7,886
2,132
2,856
7,630
1,902
2,800
7,427
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
1,825
3,478
7,142
2,054
3,308
7,328
2,957
2,060
2,395
2,056
1,718
2,118
2,356
2,660
2,879
3,628
3,720
3,768
3,600
3,906
G8
2,989
54
3,405
55
2,974
52
2,923
3,125
53
3,163
55
3,763
61
4,231
71
5,394
91
5,463
92
5,164
90
5,018
81
54,532
47,188
53,048
67,086
39,613
39,459
39,828
128,192
45,084
38,251
45, 291
127,985
43,036
38,763
40,641
130,380
43,302
36,331
39,607
133,075
39,669
39,450
35,491
36,291
37, 284 43,128
135,241 131,782
40,960
34,443
49,928
122,814
42,225
37,729
69,424
95,615
50,117
43,109
73,327
72,405
53,524
46,867
64,407
61,522
57,941
48,159
53,468
65,995
57,158
47.287
57,551
65,602
METALS AND MANUFACTURES
Pages 131, 133, 138
Pig iron and iron manufactures:
Pig iron:
Production.
thous. of long tons.,
Steel, crude and semi-manufactured:
Ingots, steel:
Production
.thous. of long tons..
Percent of capacity
Zinc:
Production, slab, at primary smelters
short t o n s . .
Retorts in operation, end of m e n u m b e r . .
Shipments, total
short t o n s . .
Stocks, refinery, end of mo
_do_.
* Data for January are the latest available.
r Revised.
ISee footnote marked " 1 " on p . 85 of the February 1940 Survey.
@FedFRASER