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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 16, 1939
SUMMARY OF BUSINESS TRENDS
FLUCTUATIONS in business since February have been slight,
-L the general situation still being characterized by a steady
volume of operations. Signs of a quickening in the pace of
activity in a number of individual lines are, however, apparent.
A sizable buying movement in unfinished cotton cloths has
occurred and prices have firmed. Quotations of industrial and
railroad shares advanced during the first 10 days of March
recovering the greater part of the losses incurred in the January
decline. At the week end, the Dow-Jones averages of industrial
^and. railroad-shares were within 5 percent of the highest-figuresreached in the recovery movement that began in the middle of
1938. Utility share quotations, moreover, have exceeded the
previous high points in the 1938 recovery.
Retail sales during February were maintained at the improved
Jevel of recent months, with changes in various lines of trade
generally following a seasonal pattern. Total dollar sales were
above those last year with the largest gains occurring in durable
goods lines, particularly in sales of new passenger cars. Sales
of mail-order companies were more than 10 percent above the
dollar volume last year. Variety-store sales were slightly higher
than a year ago though somewhat lower on an adjusted basis
than in January. Trade at department stores did not record
the usual seasonal rise, the adjusted index declining two points
to 86 (1923-25 = 100); dollar sales for the month were 2 percent
smaller than in February 1938. For the week ended March
4, however, department store sales were up 7 percent from a
year earlier.
Aggregate awards of construction contracts receded further
in February, according to the F. W. Dodge data for 37 Eastern
States. The decline resulted from the continued falling off in
publicly-financed projects after a record volume of awards in
December. Total daily awards in February were 5 percent
below the January rate; privately-owned awards were up 12
percent. Awards for residential buildings were moderately
above the daily rate in January and on seasonally adjusted basis
were near the recovery high point reached last fall.
SELECTED BUSINESS INDICATORS
STEEL INGOT PRODUCTION
(PERCENT
OF
MOOT CAPACITY)
AUTOMOBILE PRODUCTION
(THOUSANDS OF V E H I C L E S )
CRUDE PETROLEUM PRODUCTION
{THOUSANDS OF BARRELS * • DAILY AVERAGE)
CONSTRUCTION CONTRACTS AWARDED
(MILLIONS Or DOLLARS)
1936
133667—39
FREIGHT CAR LOADINGS
(THOUSANDS OF CARS)
WEEKLY BUSINESS INDICATORS*
[Weekly average 1923-25-100]
Commodity prices, wholesale:
Dept. of Labor, 1926=100:
Combined index (813)
Farm products (67).
Food (122)
All other (624)
Fisher's index, 1926*100:
Combined index (120)-..
Copper, electrolytic^
Cotton, middling, spot
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 J
Produeting:
Automobiles
_
Bituminous coal}
Cotton consumption^
Electric powerf
Lumber
Petroleumt
Steel ingots©....
Receipts, primary markets:
Cattle and calves
Hogs
Cotton
Wheat
88.0 88.8 89.4 79.2 79.6 106. fi106.7
111. 9 114.1
95.8 96.9 96.9 96.7 73.9
100.3 100.8 99.8 101.3 80.4 80.9 llfl.7 117.0
76.7
07.2
71.5
80.4
76.8
67.7
71.4
80.4
76.6
66.9
71.3
80.4
76.6
66.7
71.1
80.4
79.8
71.7
73.
82.9
79.8
71.1
73.8
82.9
87.2
93.6
87.3
85.4
86.1
91.6
86.3
84.5
80.2 80.3 80.0 79.7 79.5 82.8 83.0 92.9 91.1
79.7 79.7 79.7 79.7 79.7 71.0 71.0 111.6 107.2
33.8 33.5 32.7 32.7 33.1 33.1 33.5 53.3 51.5
50.4
45.9
70.9
Construction contracts*
55.8
62.4 58.5 60.5 60.5 58.1 57.7 77.7 76.2
Distribution: Carloadings ___
75.3
87.7
100.5
99.3
Employment: Detroit, factory...
Finance:
63.4 52.6 53.3 55.0 64.1 70.5 63.9 43.7 45.0
Failures, commercial
Bond yieldst
64.6 65.5 66.0 66.0 66.2 73.3 72.4 66.2 65.5
Stock pricesj
109.1 106.9 104.1 104.9 104.8 91.3 95.0 144.7 144.2
1937
Mar. Mar. Mar.
13
Mar. Mar. Feb. Feb. Feb.
25
Mar. Mar. Feb. Feb. Feb. Mar. Mar. Mar. Mar.
12
25 18
Business activity:!
New York TimesjcfBamm'so"
Business Week
1938
1939
1937
1938
1939
83.7 96.2 85.0 94.0 81.8 77.6 94.6 91.2 113.7
66.7 65.5 65.5 65.7 65.4 72.2 71.5 74.1 73.0
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
139.1 139.0 138.2 137.9 137.6 130.5 130.8 131.6 131.9
110.2 103.2 99.2 104.7 110.8
82.6 85.3 83.3 84.1
109.8 106.5 106.5
134.7 133.6 135.0 136.1
41.6 37.0 36.8
159.1 159.8
L59.8 159. 6 157.
94.6 95.8 92.2 94.1 91.7
75.3
63.6
88.6
120.9
37.6
162.4
50.5
71.4 133.1
62.7 110.6
86.3 134.6
122.2 132.8
35.0 47.9
160.3 161.9
143.4
166.0
108.7
134.1
132.1
46.0
158.4
140.9
51.4 54.5 54.6 52.5 64.0 66.3 71.2 66.7
33.1 36.1 39.8 32.6 31.5 33.9 44.4 44.8
34.6 35.0 31.5 33.1 45.4 60.8 42.3 77.3 56.5
27.6 23.9 30.4 28.1 32.9 19.9 18.4
26.:
•Data do not cover calendar weeks in all cases.
§Computed normal=l00.
JDaily average.
fWeekly average, 1928-30=100.
® Index for week ended Mar. 18 is 95.7.
cfFor description of these indexes, see p. 4 of the Dec. 16,1937, issue.
ISeasonally adjusted.
WEEKLY BUSINESS STATISTICS «
1939
Mar. 11
Mar. 4
1938
Feb. 25
Feb. 18
Feb. 11
Feb. 4
Mar. 12
1937
Mar. 5
Mar. 13
1936
Mar. 6
Mar. 14
COMMODITY PRICES, WHOLESALE
Copper, electrolytic, New York*
dol. per lb_.
Cotton, middling, spot, New York
__do.
Food index (Bradstrett'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 of New York City
do_...
Federal Reserve banks:
Keserve 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
I
_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 loanst
percent
Interest rates, time loanst
do
Exchange rates:
French franc}..-._
cents..
Pound sterling!
dollars..
Failures, commercial
number
Se^rT/m^rfe^ 10111 "
- ^ . of dol"
Bond sales (N Y.5, #.)_._.thous. of dol. par value.
Bond yields (Moody's) (120 bonds)*
..percent
fetock sales (N. Y. S. E.)
thous of shares
Stock prices <N. Y Ttmes)U-_--~-M
&£&
s tisLssfT
o pr
T d statmcs) (420) do
sL sfT
Public utilities ( 4 0 ) " "
So*
Railroads (32)......:::::.::::::::::::::::;do:
PRODUCTION, CONSTRUCTION, AND
,_ ^ „
DISTRIBUTION
Production:
Automobiles
number
Bituminous coalt
thous. o'f short tonsl"
Electric power
mil. of kw.-hr .
Petroleum t - .
thous. of bbl..
Steel ingots®
p c t . of capneity..
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
~~"""~~do
Miscellaneous
" " " do"""
Receipts:
Cattle and calves
thousands
Hogs
; ; ; _ . do- *"
Cotton into sight
thous. of bales
Wheat, at primary markets
thous. of bu.!
t
er c a l e n d a
k s i n &u
0.110
.092
2.34
36.39
0.110
.091
2.33
36.38
0.110
.089
2.32
36.38
.71
0.110
.089
2.31
0.110
.090
2.30
36.36
0.110
.090
2.31
36.35
.70
0.098
.090
2.49
38.83
.92
0.098
.091
2.47
38.84
0.154
.145
2.99
3,755
3,882
3,548
4,462
2,638
3,284
2,841
3,637
3,385
3,793
3,362
4,063
3,130
3,523
4,387
2,565
2,564
8,985
3,407
2,586
2,564
8,942
3,382
2,592
2,564
8,841
3,298
2,587
2,5fi4
8,707
3,166
2,584
2,564
9,018
3,459
2,582
2.564
9,047
3,478
2,594
2,564
7,311
1,467
2,563
2,564
7,215
1,391
4,121
4,229
2,454
2,430
6,749
1,380
16,086
5,224
13,450
8,176
15,965
5,202
13,408
8,143
16,094
5,189
13,426
8,184
15,951
5,181
13,403
8,182
16,077
5,185
13,280
8,171
16,048
6,183
13,209
8,173
14, 514
5,258
12,242
8,081
14,381
5,260
12,298
8,137
2,030
8,338
2,019
8,186
1,993
8,180
1,975
8,205
1,807
8,179
1,789
8,233
1,152
9,020
3,773
1.00
1.25
3,773
1.00
1.25
3,766
l.CO
1.25
3,761
1.00
1.25
3,745
1.00
1.25
3,767
1.00
1.25
2.651
4.690
258
6,755
2.647
4.688
214
6,752
2.649
4.689
217
6,711
2.648
4.686
224
6,697
2.647
4.686
261
6,681
51,220
3.73
6,561
105.94
95.0
111.8
88.3
31.7
43,8E0
3.78
4,641
103.83
92.5
108.9
86. 5
30.4
26,500
3.81
3,365
101.05
89.6
105.6
84.1
27.9
25,820
3.81
2,860
101.89
90.5
106.9
84.2
27.9
84,095
78,705
1,407
2,244
3.315
55. S
11,376
75,660
1,453
2,226
598,691
136,54b
24,446
32,344
9,637
153,420
8,979
233,322
163
215
91
2,820
55.1
2,083
0.148
.140
2.96
39.47
1.38
0.090
.114
2.59
33.08
1.09
5,274
4,346
3,687
2,457
2,430
6,660
1,310
2,473
2,430
5,786
3,014
15,649
5,147
13,541
9,024
15,501
5,167
13,597
9,067
14,041
4.931
13,054
1,159
1,203
9,260
1,208
9,121
1,244
8,272
4,342
1.00
1.25
4,357
1.00
1.25
1.00
1.25
1.00
1.25
2.643
4.678
255
6,676
3.192
5.008
287
6,337
3.261
5.017
260
6,350
4.575
4.883
178
6,389
4.620
4.885
1S3
6,405
.75
1.00
6.642
4.975
229
5,859
30,530
3.82
3,536
101.73
91.1
107.4
85.2
28.5
32,650
3.86
4,224
100.88
89.0
105.3
81.8
27.7
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
93.2
71.7
29.4
118,290
3.82
14,545
140.48
132.4
155.7
106.8
64.3
88,810
3.78
14,844
140.07
131.5
154.8
10S.0
61.2
70,040
3.94
14,281
119.86
108.7
124.5
102.8
49.6
79,860
1,418
2,249
3,324
54.8
8,967
84,500
1,433
2,208
3,284
53.4
78,410
1,346
2,287
3,442
52.8
57,438
1,083
2,015
3,382
29.9
7,858
54,445
1,068
2,036
3,340
29.3
101,563
1,883
2,213
3,373
87.3
8,085
126,643
1,851
2,200
3,299
85.8
90,660
1,294
1,901
2,808
55.8
7,800
560,609
138, 732
25,484
28,885
9,935
133,965
7,884
215,724
580,071
137,0S0
24,387
28,587
11,120
148,250
8,944
579,918
142,358
23,539
28,809
9,700
148,404
8,429
218,679
576,790
140,779
25,538
29,544
11.371
146,138
9,C62
214,358
556,664
110,401
27,607
31,429
10,954
150.669
8,682
216,922
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
10.12S
307,688
730,329
171,490
36,209
28,230
11,437
171,063
10,717
301,183
616,937
118,170
31,299
35,123
12,189
157,799
6,842
255,515
172
234
82
2,196
172
258
166
211
118
2,416
185
234
116
3,093
202
204
158
2,233
210
220
110
2,615
225
2S8
201
1,582
211
291
147
1,464
211
282
111
2.416
53.7
11,144
221,703
8Kn £J?«?!ijE?*T
*: ™ *
^eS',
tEaily average.
0 R a t e for week ended Mar. 18 is 55.7.
JNO longer strictly comparable; for an explanation, see the corresponding data In the forthcoming April 1939 issue of the Survey.
MONTHLY BUSINESS STATISTICS
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data, may be found in the Febru193S Supplement to the Survey
ary
1939
1938
February
March
91.2
90.6
90.2
89.5
89.2
89.0
89.0
89.0
89.0
88.9
88.9
89.1
97.1
90.2
91.4
94.2
85.6
97.1
89.9
90.8
93.5
85.4
97.0
89.6
90.5
84.3
97.1
90.7
92.2
94.6
86.1
96.9
89.4
89.3
91.9
84.9
96.8
88.9
89.0
91.5
84.8
96.6
89.0
89.4
91.3
84.5
96.5
88.7
89.4
91.1
84.5
96.4
88.7
89.4
90.9
84.5
96.4
88.7
89.2
90.4
84.4
96.3
88.7
89.0
90.4
84.3
96.3
88.7
89.0
90.5
84.3
CONSTRUCTION AND REAL ESTATE
Page 16
Contract awards:
F. W. Dodge Corp. (37 States):
Construction, total value
thous. of dol_. 220,197
Building, total value*
do___. 148,664
118,945
88,463
226,918
167,219
222,016
155,012
79.2
94.8
78.6
94.1
81.7
97.2
95.2
92.9
CO. 7
90.7
60.9
95.7
8S.0
98.9
85.2
96.3
94.1
98.5
98.2
96.7
102.2
100.2
193.6
104.9
73.6
9,058
681
8,914
681
10,053
681
11,965
631
10,253
681
10,643
680
10,004
681
10,179
682
11,125
685
12,353
685
11,072
24,114
687
8,801
5,163
238
5,358
234
6,054
236
6,671
236
6,507
239
6,235
239
5,822
239
0,33fi
238
6,179
238
6,827
238
6,613
238
14,429
5,055
238
2,738
2,641
201
3,005
201
3,493
201
2,909
201
3,200
200
2,946
199
2,900
200
2,055
200
3,294
200
3,186
200
7,003
200
2,535
202
2,752
201
2,489
••200
2,782
200
3,652
201
3,160
201
3,294
201
3,301
101
3,087
201
3,308
201
3,811
201
201
7,222
201
2,685
201
20,686
2,011
20,054
2,007
22,055
2,012
25,926
2,012
22,714
2,011
23,149
2,010
22.733
2,010
22,566
2,011
23.491
2,013
26,774
2,017
25,295
2,018
50,379
2,017
19,653
2,014
5,748
489
' 5,522
481
6,530
481
8,061
481
7,608
483
6,971
484
6,834
4S4
7,653
484
8,970
4S7
8,635
17,996
491
5,531
14,613
1,540
13.438
1,524
17,043
1,526
20,371
1,527
7,214
480
18,853
1,528
20.322
1,531
18,258
1,530
19,068
1,533
22,381
1,537
26,820
1,538
27,196
1,539
38,928
1,539
16,523
1,539
70
99
54
68
70
91
66
64
74
55
76
69
76
88
112
85
85
107
87
91
77
101
67
g6
76
97
86
93
77
59
97
78
81
86
109
95
88
104
98
90
"' 69
84
86
110
78
87
89
100
84
97
79
94
74
82
75
90
72
92
85
63
103
69
SO
82
104
S4
78
101
93
89
63
75
90
68
79
46
60
59
72
61
68
62
46
72
58
73
83
113
83
78
103
96
88
65
100
55
72
65
83
74
81
64
48
81
63
86
83
125
87
78
108
93
86
62
83
90
91
120
73
92
126
86
91
87
113
92
109
98
75
127
92
91
84
106
82
82
100
92
85
6S
81
126
86
96
93
118
89
96
106
82
118
95
102
89
111
88
89
105
96
89
156
203
138
157
152
182
151
147
164
'127
209
143
••162
89
119
'94
'93
105
97
92
82
91
107
67
80
79
103
79
85
81
61
99
77
87
78
106
79
74
103
82
84
61
77
90
31,169
14, 572
16,597
28,841
12,828
16,013
32,797
15,637
17,160
COMMODITY PRICES
Page 12
Retail prices:'
Fairchild's Index:
Combined index.
Dec. 31,1930=100.,
Apparel:
:
Infants* wear
_
..
_do.-_
Men's _
do—
Women's.
_.do.__
Home furnishings——
do—
Piece goods
do...
DOMESTIC TRADE
Pages 27, 28, 29
Retail trade:
Chain store sales:
T
"~~ Variety-store sales:
Combined sales of 7 chains:
Unadjusted
1929-31=100.,
Adjusted
do...
S. S. Kresge Co.;
Sales
thous. of dol.
Stores operated
number„.
S. H . Kress & Co.:
Sales
thous. of doL
Stores operated
number.
McCrory Stores Corp.:
Sales
thous. of dol.
Stores operated
number.
G. C. Murphy Co.:
Sales
thous. of dol.,
Stores operated
number..
F . W. Woolworth Co.:
Sales
thous. of doL.
Stores operated
numberOther chains:
W. T . Grant & Co.:
Sales
_
thous. of dol..
Stores operated
number..
J. C. Penney Co.:
Sales.
thous. of dol_.
Stores operated
number..
Department stores:
Sales, total U. S.f unadjusted. 1923-25=100..
Atlanta—
do....
Boston...
do
Chicago....
A
do
Cleveland—
;
do—
Dallas
,
do...,
Kansas City
.1925=*10Q_,
Minneapolis
1929-31«100.
New York
1923-25~100..
Philadelphia
do...,
Bichmond
do___
St. Louis
do.._,
Ban Francisco
do—_
SftlCF, total U. S., adjusted
do,.'.,
Atlanta
do...
Chicago
.
—do_._
Cleveland—
_
do
Dallas
do...
Minneapolis
1929-31-100.
New York-...
__l?23-25=100_.
"Philadelphia.....,.—nni......TT.do. _*_,
St. Louis
_
do—.
San Francisco—
.
-do....
96.2
88.5
»1O2
*55
»65
»70
6
»70
»51
*74
»69
»79
86
»116
FINANCE
Pages 53, 70, 71, 72, 73, 74, 75, 76, 77
Banking:
:
Banking debits, total
mil. of doL. 27,490
New York City
do.
12,380
Outside New York City
. . . d o . . . . 15,110
Capital flotations: Commercial and Financial
Chronicle):
Securities issued by type of security, total
(new capital and refunding).thous. of dol.. 540,723
New capital, total
_
do
377,500
Refunding, total
. . d o . . . 163,173
Securities issued by type of corporate borrower, total
thous. of dol.. 159,686
New capital, total
do
23,571
Industrial~—_
do..... 20,170
Public utilities
do____
2,475
Refunding, total
~
d o . . . . 136,115
Industrial
_ do—_
12
Public utilities
d o . - . 111,029
Security markets:
Bonds:
Prices:
Average price of all listed bonds N . Y.
. 8. E.)
dollars- 91.85
Value, issues listed on N . Y. S. E . :
Par value, all issues
mil. of d o l . . 51,466
46,862
Domestic issues
do.
Foreign issues....
..
d o . __ 4,604
47,271
Market value, all issues
do
44,524
Domestic issues
do
2,748
Foreign issues
do—
p Preliminary.
'Revised.
81
90
April
110
85
90
83
105
82
79
99
' •
61
25,547
10,915
14,633
32,120
14,746
17,373
199,188
82,072
117,116
245,178
126, 260
118,918
103,027
40,802
105
81,638
23,995
8t660
12,300
67,643
45,211
1,265
78,813
12,313
6,139
2,250
66,500
6,000
60,500
85.71
87.82
40,170
62,225
215
61,830
89.48
47,895
43,124
4,770
42,855
39,862
2,992
May
92.7
84.9
July
August
January
283,156 251,006 239,799 313,141 300,900 357,698 301,679 389,439 251,673
160,924 167,485 160,541 187,048 191,571 243,693 211,261 231,052 165,162
352,020 216, 724
197,448 156,640
154, 572 60,084
48,360 48,279
43,601 43,559
4,720
4,760
41,450 42,399
38,677 39,671
2,773
2,828
•New series.
June
DecemOctober Novem-i ber
ber I
61,626
35,935
18,405
16,805
25,692
2,002
23,570
— -65 85
30,505
13,828
16,677
28,270
12,247
16,023
117
88
107
94
67
110
93
82
86
127
93
86
105
98
90
- 68"
87
79
29,525
13,085
16.440
33,235
15,140
18,096
—«8
82
96
29,406
12,425
16t981
505,517 464,920 415, 474 196,697 762,948 3S8,5S8
345, 257 389,896 ISO. 228 120,362 164,682 218,907
160,260 75,024 235,247 76,335 598,266 169,6S0
293,900 180,606 335,837 110,023 337,159 145,439
198,866 129,061 124,696 60.887 63.922 43,071
17,300
141,761 119,250 67,232 56,838 40,561
2,562 20,441 21,819
9,604 49,965
50,775
95,034 51,545 211,141 49,136 273,237 102,368
180 14,458 44,656
1,500 41,659
750
94,284 46,045 169,382 41,824 258,659 57,712
—^70
87
95
39,930
18,879
21,050
'91
'64
69
'67
'87
67
'75
'68
49
'77
'69
'77
88
'115
'86
'88
'114
'91
86
— 68'87
32,340
14,533
17,806
452,677 276,216
218,478 219,658
234,199 56,659
243,693
47,181
36,801
6,348
196, 511
2,779
139,438
90.34
91.27
90.67
89.40
90.19
87.78
88.98
48,244 49,177 49,409 49,424 50,331 50,225 50,301 51,554
43,551 44,489 44,657 44,676 45,649 45,546 45,640 46,920
4,661
4,679
4,682
4,634
4,748
4,752
4,687
4,693
42,347 43,757 44,561 44,183 44,837 45,539 45,442 47,053
39,548 40,919 41,674 41,339 42,041 42,675 42,597 44,268
2,844
2,785
2,864
2,796
2,844
2,887
2,838
2,799
Monthly data beginning 1925 will be shown In an early issue of the Survey.
15,563
5,427
1,027
770
10,136
3,986
300
91.03
51,587
46,933
4,654
46,958
44,233
2,725
MONTHLY BUSINESS STATISTICS—Continued
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data, may be found in the Febru
1933 Supplement to the Survey
ary
1938
February
March
April
May
June
July
1939
DecemAugust Septem- October November
ber
January
FINANCE—Continued
Security markets—Continued.
B onds—C ontinued.
Yiolds:
Moody's:
Domestic (120 bonds)
percent.
4.23
3.81
By ratings:
3.00
Aaa (30 bonds)
do_.
3.20
3.26
Aa (30 bonds)
do....
3.51
3.94
A (30 bonds)
do....
4.24
5.05
5.97
Baa (30 bonds)
do.._
By groups:
Industrials (40 bonds)
do___
3.29
3.57
Public utilities (40 bonds)....do...
3.52
4.07
Rails (40 bonds)
do...
4.
5.06
Stocks:
Cash dividend payments and rates
(Moody's):
Annual payments at current rates (600
companies)
mil. of dol. ,329.91 1, 510. 79
935.03 929.30
Number of shares, adjusted
millionsDividend rate per share (weighted aver1.42
age) (600 cos.)
dollars.
1.63
Banks (21)___
do...
3.07
3.01
Industrials (492 cos.)
do
1.49
1.30
Insurance (21 cos.)
do...
2.38
2.31
Public utilities (30 cos.)
do.._
2.02
1.91
Rails (36 cos.)
do....
1.54
.90
Shares listed, N . Y . S . E . :
Market value, all listed shares.mil. of dol. 46,271 41,173
Number of shares listed
millions.
1,426
1,423
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. c. 1
do
Ore.
do_
FUELS AND BYPRODUCTS
Pages 119,120,121,122
Petroleum and products:
Crude petroleum:
Consumption (run to stills)...thous. of bbl_.
88,179
Production
do
94,662
Refinery operations..
pet. of capacity78
Stocks, end of month:
California:
Heavy crude and fuel
thous. of bbL.
74,461
Light crude
do
31,188
East of California, total
..do
267,345
Refineries
do....
45,228
Tank farms and pipe lines...
do
222,117
Refined petroleum products:
Gas and fuel oils:
Production:
Residual fuel oil
do
23,866
Qas, oil, and distillate fuels, total.do
12,144
Stocks, end of month:
Residual fuel oil, east of California
thous. of bbl_.
26,855
Gas, oil, and distillate fuels, total.do
19,885
Gasoline:
Consumption, domestic
—
do
31,861
Production:
At natural gas plants
do
3,859
At refineries:
Total
_
do
40,469
Straight run
do....
18,267
Cracked
do.
19,474
Natural gasoline blended
do.
2,728
Stocks, end of month:
Finished gasoline, total
do
85,018
At refineries
do
58,945
Natural gasoline
do
5,017
Kerosene:
Consumption, domestic
do.. .
5,017
Production
_ .do
5,167
Stocks, refinery, end of month
do
5,986
Lubricants:
Consumption, domestic
.....do
1,311
Production
do
2,468
Stocks, refinery, end of month
do.
8,363
METALS AND MANUFACTURES
Pages 131,133
Pig iron and iron manufactures:
Pig iron:
Furnaces in blast, end of month:
Capacity
long tons per day_. 74,285 47,045
Number
_
121
91
Production
thous. of long tonsl.
2,060
1,298
Steel, crude and semimanufactured:
Ingots, steel:
Production
thous. of long tons..
2,955
1.704
Percent of capacity
54
32
4.36
4.50
4.28
4.40
4.17
4.09
4.17
4.03
3.95
3.95
3.86
3.22
3.56
4.34
6.30
3.30
3.73
4.49
6.47
3.22
3.56
4.28
6.06
3.26
3.68
4.41
6.25
3.22
3.62
4.21
5.63
3.18
3.57
4.13
5.49
3.21
3.60
4.20
5.65
3.15
3.53
4.08
5.36
3.10
3.46
4.02
5.23
3.08
3.42
4.02
6.27
3.01
3.32
3.97
5.12
3.58
4.05
5.44
3.64
4.11
5.75
3.51
3.90
5.44
3.55
3.90
5.75
3.48
3.79
5.25
3.43
3.76
5.09
3.50
3.82
5.18
3.43
3.73
4.94
3.39
3.65
4.83
3.40
3.63
4.82
3.31
3.57
4.70
1,457.60 1,443.85 1,328.37 1.287.10 1,288.80 1,295.20 1,293.92 1,293.59 1,328.16 1,315.04 1,316.25
929.00 929.10 929.30 929.10 929.10 929.10 929.10 929.10 929.10 935.03 935.03
1.57
1.55
1.39
1.39
1.39
1.43
1.43
1.41
1.39
1.39
1.41
3.07
3.07
3.00
3.00
3.07
3.00
3.00
3.00
3.01
3.00
3.01
1.42
1.41
1.22
1.23
1.27
1.29
1.24
1.24
1.28
1.24
1.28
2.38
2.38
2.22
2.24
2.37
2.24
2.24
2.24
2.31
2.24
2.31
1.97
1.93
1.94
1.94
1.91
1.93
1.94
1.94
1.92
1.93
1.91
1.54
1.54
1.18
1.09
1.29
1.09
1.05
1.09
.85
1.09
.90
31,858 35,865 34,585 41,962 44,784 43,526 43,527 47,002 46,081 47,491 44,884
1,427
1,427
1,424
1,426
1,427
1,426
1,425
1,425
1,427
1,424
1.425
64
32
95,885 95,675
106,524 102,702
77
79
99,238
98,674
79
99,856
94,277 102,898
79
101,352
106,165
80
79
100,787
101,830
79
97,309
98,567
79
63
69
79
62
102
97,964 99,614
102,287 102,490
77
78
77,008 79,965 81,822 82,833 84,7?4 85,332 86,705 87,222 87,399 87,222 87,595
31,669 31,504 31,624 33,151 33,338 33,548 33,975 34,999 36,064 37,193 36,927
269,638 267,942 259,259 251,213 247,361 243,952 240,251 233,463 228,741 229,140 227,134
45,822 45,975 45,101 44,314 43,674 42,724 42,979 41,131 40,386 41,221 42,540
223,816 221,967 214,158 206,899 203,687 201,228 197,272 192,332 188,355 187,919 184,594
25,328
12,294
24,833
11,577
24,392
12,160
22,761
10,784
23,547
12,688
24,232
12,691
24,552
13,074
25,487
13,820
24,573
12,793
25,197
13,873
25,800
14,135
25,981
18,882
27,815
19,972
29,284
22,385
30,282
32,285
32,874
33,661
30,860
33,344
33,017
30,935
26,991
27,873
24,309
24,650
46,058
46,272
44,991
41,649
37,847
4,081
4,375
4,244
4,345
4,264
47,312
20,934
23,049
3,329
49,677
21,383
23,862
4,432
47,998
20,397
23,379
4,222
47,780
20,794
22,701
4,285
48,308
21,125
23,548
3,637
63,163
38,819
8,159
63,542
38,739
6,771
64,083
39,376
5,742
65,949
41,805
4,830
73,847
49,419
4,567
4,187
5,348
10,497
5,185
5,320
9,949
5,368
5,419
9,676
6,813
5,739
7,799
5,980
5,702
6,711
28,841
41,259
43,254
44,911
48,293
47,474
4,326
4,171
4,196
4,001
4,127
44,116
19,769
21,114
3,233
44,582
20,040
21,686
2,856
46, 645
20,804
23,042
2,799
44,247
19,735
21,877
2,635
47,607
21,020
23, 652
2,935
85,035
60,043
5,531
82,684
57,660
6,179
80,987
54,010
6,548
73,725
47,159
6,951
70,224
43,091
7,614
5,150
5,798
6,093
4,333
5,445
6,394
3,637
5,649
7,627
3,257
5,235
9,202
3,752
4,889
10,112
48,662
21,524
24,188
2,950
64,599
40,137
8,022
4,292
4,933
10,149
2,195
2,697
8,210
1,591
2,530
8,290
1,730
2,595
8,255
1,606
2,378
8,114
1,844
2,631
8,194
2,002
2,576
7,969
2,127
2,615
7,605
1,805
2,632
7.718
1,735
2,535
7.817
1,831
2,384
7,695
1,609
2,527
7,762
46,480
90
1,452
42,310
79
1,376
37,225
72
1,255
34,385
70
1,062
41,400
77
1,202
51,370
89
1,494
57,625
96
1,680
70,690
115
2,052
75,795
121
2,270
71,315
117
2,211
70,235
118
2,175
2,012
1,925
1,807
31
1,982
35
2,547
42
2,658
45
3,118
53
3,572
61
3,143
54
3,187
28
50,459
4,226
• Data for January are the latest available.
U. 8 . GOVERNMENT PRINTING OFFlCEt 1939
@FedFRASER