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SURVEY OF CURRENT BUSINESS
WEEKLY SUPPLEMENT
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU Op FOREIGN AND DOMESTIC COMMERCE
WASHINGTON, D. C , MAY 11, 1939
SUMMARY OF BUSINESS TRENDS
C TEEL ingot production continued the slow decline last week,
^ and there was a downward readjustment in automobile assemblies which apparently reached a seasonal peak in the third week
of April. The industrial dispute in the bituminous industry,
which reduced coal output during April, was extended to embrace
the areas outside the Appalachian region. The volume of output
in other industries has not been altered materially, with the
consumers' goods industries generally holding their volume of
operations. The increase in construction activity is reflected
in the flow of goods from manufacturers as well as in the volume
of incoming material business. Industrial production is currently about one-fifth above the level of a year ago.
Textile mill output has been maintained at a relatively high
rate. Cotton consumption has held steady; rayon deliveries
were off only slightly during April. Silk deliveries, however,
were sharply reduced from the high average in the first quarter
when the output of hosiery constituted a record. April deliveries

of silk were the smallest for any month of the past 14 years, except
for December of 1933 and 1937. Quotations of raw silk have
moved sharply upward over the past 3 months as supplies from
Japan have been smaller than in recent years. Price changes of
other raw materials have been small over the past few weeks
though wheat quotations have advanced moderately.
Retail sales of new passenger and commercial cars in April
were lower than for March, according to preliminary reports.
Retail deliveries of new cars continued to show large gains over
a year ago. General merchandise sales last month were larger
than in April 1938, which period contained one more week of
pre-Easter shopping than did April of this year. The rise in
department store sales from March to April was of seasonal proportions and the Federal Reserve adjusted index was unchanged
at 88 (1923-25 = 100); in April of last year this index was 83.
Outstanding gains over a year ago were reported by leading
mail-order companies.

SELECTED BUSINESS INDICATORS
STEEL INGOT PRODUCTION

ELECTRIC POWER PRODUCTION

(PERCENT OF CAPACITY)

SPOT COMMODITY

(BILLIONS OF KILOWATT HOURS)

IOO
75

2.4

50

2.2

25

2.0

0

PRICES

(MOODX'S INDEX- DEC. 3 I . 1951= IOO)

2.6

1.8
BITUMINOUS COAL

PRODUCTION

(MILLIONS OF SHORT

TONS)

150

1938 - > * % *<

I25U
CONSTRUCTION CONTRACTS - K W . DODGE

PRICES OF 3 5 0 INDUSTRIAL STOCKS

(PAtLY AVERAGE AWARDS - MILLIONS OF DOLLARS)

AUTOMOBILE PRODUCTION

(THOUSANDS OF CARS)

WHOLESALE COMMODITY

I9Z6= IOO)

YIELDS OF 120 CORPORATE BONDS

FREIGHT CAR LOADINGS

(THOUSANDS OF VEHICLES)

(INDEX,

(PERCENT)

PRICES

(19Z6 = 100)

IOO

95

•f.

METALS AND METAL

FMSHED PRODUCTS

90

PRODUCTS'

85
80
75

\
AND DRUGS

RAW MATERIALS-

70
65 LLUJ_I_L_LI_I_LI
1937
146338—39




. I . . I • . 1 . •

• I • • t •

1938

1939

1937

1938

1939

1938

1939

WEEKLY BUSINESS INDICATORS
[Weekly average 1923-25=100]
1939
May

Apr. Apr.
29

Business activity: 1
New York T i m e s §<?_
Barron'sd 1
Business Week

86.4 86.2
83.4 81.6

C o m m o d i t y prices, wholesale:
D e p t . of Labor, 1926=100:
Combined index (813)
F a r m products (67)
Food (122).
All other (624)
Fisher's index, 1926=100:
Combined index (120)

76.1
63.9
68.6
80.8

Copper, electrolytic %
Cotton, middling, spot

76.0
63.9
68.7
80.7

79.9 80.1 80.3
72.5 71.7 74.6
34.2 33.8 32.7

69.0
Construction contracts t--61.1 58.3
Distribution: Carloadings
96.0
Employment: Detroit, factory...
Finance:
59.2 67.1 65.8
Failures, commercial
66.2 66.6 66.7
Bond yields t
96.0 94.3 93.9
Stork prices t

Apr. M a y

Apr. M a y
30

May

May

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 consumptioni
Electric powerf
Lumber
Petroleumt
Steel ingot©
Receipts, primary markets:
Cattle and calves
Hogs
_
__.
Cotton..
_
Wheat

86.0 86.9 76.4 75.5 108.2 108.0
79.2 78.2 69.0 68.8 109.6 111.5
93.5 93.4 75.7 76.3 120.2 121.1

75.8 75.9
63.8
68.4
80.5 80.6

77.9 78.3
67.4 67.8
71.4 71.9
82.0

87.3 87.4
91.0 91.5
84.7
86.3

79.8 79.6 80.5 80.6 93.3 93.5
76.1 78.3 71.0 71.0 100.0 103.6
32.0 32.0 32.0 32.4 50.0 50.0
75.5
78.8
70.0
57.1 55.8 55.9 56.6 79.6 81.1
130.0
68.4
96.3
65.1 60.:
67.2 66.0 75.4
92.4 92.6 82.4

70.3 46.7 47.4
75.9 67.9 68.6
81.6 134.9 132.1

• Data do not cover calendar weeks in all cases.
§ Computed normal-100.
J Seasonally adjusted.
© Index for week ended May 13 is 80.7.

1937

1938

1939

1937

1938

Apr. May
30

May

79.2 117.3 88.5 79.3 104.1

96.6

76.3

75.4

Apr. Apr. Apr. Apr. M a y

96.2 99.1

68.7

64.6 64.8 65.0 65.0 65.3

24. 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
142.6 141.8 141.5 141.2 141.4 132.1 131.3 132.6 131.9
93.6 113,6 11S.3 115.4
35.5 28.1 20.7
116.7 111.6
129.9 131.0 132.0 130.3
48.9 46.7 45.3
171.9 171.3 169.3 167.8
82.1 83.5 87.4 89.5

70.0
48.2
83.6
116.4
38.3
162.4
51.8

114.1
19.0
110.2
130.5
44.8
165.3
910

66.5
49.1
75.8
116.4
38.2
163.0
54.0

185.2
68.3
138.2
130.6
56.6
167.5
149.5

197.2
67.7
130.9
131.7

81.2
36.1
25.4
25.6

75.7
35.2
50.4
28.3

63.4 52.7 56.0 52.7 63.2 66.4
39.8 36.3 34.5 29.6 39.2 40.8
17.7 26.9 23.5 31.5 29.2 24.6 31.5
59.8 56.1 48.0
40.2 47.4 40.1

167! 9
151.6

t Daily average.
t Weekly average, 1928-30= 100.
c? For description of these indexes, sec p . 4 of t h e Dec. 16, 1937 issue.

WEEKLY BUSINESS STATISTICS
1939
May 6
COMMODITY PRICES, WHOLESALE
Copper, electrolytic, New York?
dol. per lb.
Cotton, middling, spot, New York
1—do
Food index (BradslTeet'ti)
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
do...
Federal Reserve banks:
Reserve bank credit, totaldo...,
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, totnl§__
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, call loanst
percent..
Interest rates, time loanst
do
Exchange rates:
French franct
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) t
percent..
Stock sales (N. Y. S. E.)
thous. of shares..
Stock prices (N. Y. Timct)%
dol. per shareStock prices (Standard Statistics) (420)
1926=100..
Industrials (350)
...do.
Public utilities (40)
do.
Railroads (30)
do.
PRODUCTION, CONSTRUCTION, AND
DISTRIBUTION
Production:
Automobiles
number..
Bituminous coaltthous. of short tons..
Electric power
___mil. of kw-hr_.
Petroleumt,
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
do
Miscellaneous
do
Receipts:
Cattle and calves
thousands .
Hogs
do
Cotton into sight
thons. of bales
Wheat, at primary markets
thous. of bull

Apr. 29

1933

Apr, 22

Apr. 15

Apr. 8

Apr. 1

May 7

1937

Apr.

May 8

May 1

May 9

0.100
.093
2.27
36.21
.75

0.099
.092
2.27
36.26
.71

0.103
2.28
36.29

0.105
.087
2.28
36.32

0.108
.087
2.27
36.40

0.110
.088
2.29
36.42

0.098
.087
2.36
38.52
.81

0.098
.088
2.36
38.54
.83

0.138
.136
2.82
40.14
1.36

0.143
.136
2.8(1
40.25
1.34

0.093
.117
2.58
32.90
.00

4,136
4,465

2,831
3,832

3,270
4,091

2,714
3,672

3,641
4,536

3,094
3,813

3,801
4,105

4,289
4,830

3,578
4,481

fi, 326
4,445

2,572
2,564
9,872
4,098

2,580
2,564
9,903
4,124

2,591
2,564
9,743
3,998

2,584
2,564
9,528
3,879

2,584
2,564
9,318
3,708

2,578
2,564
9,125
3,519

2,589
2,564
7,504
2,442

3,741
3,680
2, 580
2,564
7,661
2,579

2,577
2, 526
0,882
887

2,571
2, 520
6,034
1,043

2,478
2, 430
5. 532
2, 007

16,660
5,248
13,714
8,341

16,742
5,235
13,675
8,270

16,619
5,213
13,684
8,273

16,388
5,212
13,571
8,213

16,072
5,215
13,470
8,145

15,991
5,217
13,388
8,096

14,450
5,220
12,325
8,001

14,508
5,230
12,257
7,987

15,349
5,149
12,707
8,334

15,388
5,158
12,774
8,370

14,2(50
5,070
13,485
8,847

2,026
8,071

2,030
8,100

2,030
8,124

2,038
8,120

2,035
8,164

2,026
8,191

1,322
8,517

1,165
9,533

i, !7r»
0, 428

1,278
8,412

3,841
1.00
1.25

3,844
1.00
1.25

3,858
1.00
1.25

3,852
1.00
1.25

1.00
1.25

3,814
1.00
1.25

4,126
1.00
1.25

1,199
8,587
4,187
1.C0
1.25

1.00
1.25

1.00
1.25

.75
IJM)

2.649
4.681
241
6,923

2.648
4.681
273
6,885

2.648
4.680
268
6,871

2.647
4.680
265
6,856

2.648
4.681
245
6,865

2.643
4.681
260
6,7 93

2.003
4.088
242
6,416

3.088
4.988
286
6,378

4.401
4.036
100
6,438

4.402
4.042
193
6,407

fl.fi83
4.060
181
5,023

26,340
3.82
2,639
93.23
83.1
97.2
81.6
24.9

24,100
3.84
2,858
91/57
81.0
94.6
80.6
24.1

24,880
3.85
2,467
91.16
80.0
93.6
78.9
23.7

35,440
3.88
6,523
89.78
79.3
92.8
77.8

32,820
3.81
6,842
89.95
81.8
95.8
79.6
25.0

39,010
3.75
7,140
96.32
87,6
102.fi
83.3
27.8

29,070
4.35

26,170
4.38
2,495
79.26
74.0
88.1
67.4
21.6

49,500
3.02
4,137
131.04
119.2
139.8
97.8
58.2

(it, 780
3.06
9,988
128.20
114.8
134.7
03.7

71,420

86,640
605
2,183
3,568
48.6

90,280
479
2,199
3,527
50.9
11,073

88,050
353
2,171
3,495
52.1
12,659

87,019
323
2,174
3,444
54.7

85,980
1,344
2,210
3,358
66.1
12,379

53,385
811
1,939
3,382
30.7

50,755
836
1,939
3,396
32.0
11,239

141,27A
1.164
2,176
3,489
91.0

154), 485
1,153
2,104
3,407
02.3
12,116

110,801
1,144
1,048
2,062
70.1

586,015
29,231
35,231
14,106
153,424
15,890
257,135

558,706
73,459
28,456
30,759
13,309
152,032
12,813
247,878

547,816
60,888
28,024
30,932
12,483
154,129
11,259
250,101

535,470
52,475
26,866
30,218
10,528
167,755
8,657
248,971

604,241
110,716
27,129
32,087
10,774
157,406
9,108
257,021

536,140
81,086
25,809
32,549
13,059
150,748
7,884
225,005

543,089
80,089
35,338
12,630
149,957
10,928
227,579

763,495
122,287
37,146
27,093
13,938
173,377
72,014
317,640

777,827
135,034
36,877
27,459
14,822
171,605
70,200
321,930

COS, 866
118,464
31,807
31,144
13,142
162,769
31,199
280,281

200
258
70
4,461

166
235
61
3,817

177
224
82
4,022

167
192
76
3,197

178
232
79
3t017

200
255
64
3,768

210
264
82
3,188

257
234
66
2,040

239
228
131
2,251

270
70
2,148

2,164
3,581
47.8

46
4,758

73.3
87.2
67.0
21.4

• Data do not cover calendar weeks in all cases.
J Daily average
®Rate for week ended May 13 Is 47.0*
5 No longer strictly comparable; for an explanation, see the corresponding data on page 30 of the April 1939 issue of the Survey.




193G

3.08
5,503
117.00
102.0
117.7
04.2

00.0

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
1838 Supplement to the Survey

1939

April

COMMODITY PRICES
Page 11
Prices received by farmers (U. S. Department of
Agriculture):
Combined i n d e x 1909-14=10089
Chickens and eggs
do
87
Cotton and cottonseed
-do
70
Dairy products
_
do
95
Fruits
do—82
Grains
—do
67
Meat animals
do
114
Truck crops
-do
102
Miscellaneous
_
do—86
FINANCE
Pages 54, 62, 65, 70, 71, 76
Banking:
Federal Reserve banks, condition, end of
month:
Assets (resources) total
m i l . o f d o l - 16,766
Reserve bank credit outstanding, total
mil.ofdol2,595
Bills bought
do.—
1
Bills discounted
do
3
United States securities
do—
2,571
Reserves, t o t a l — — : : _ ;
do—- -13,476
Gold certificates
d o — - 13,103
Liabilities, total
__._
d o — - 16,766
Deposits, total
d o — - 11,376
Member bank reserve balances, total
mil.ofdoL9,900
Excess reserves (estimated)
do
4,098
Federal Reserve notes in circulation
mil.ofdol4,458
Reserve ratio
_
percent85.1
Monetary statistics:
Foreign exchange rates:
Argentina
dol. per paper peso..
.312
Belgium
_
dol. per belga~
.168
Canada
dol. per Canadian d o l .995
France
dol. per f r a n c .
.026
Germany
dol. perreichsmark..
.401
Netherlands..
dol. per guilder..
.531
Sweden.
dol. per krona..
.241
United Kingdom
_dol. per £ 4,681
Public finance (Federal):
Debt, gross, end of mo._
m i l . o f d o l - 40,064
Public issues:
Interest bearing*
do_— 36,033
Noninterest bearing*
_
_
-do—
538
Special issues to gov't agencies and trust
funds*
mil.ofdol..
3,492
Receipts, customs
thous. of d o l - 29,437
Capital flotations:!
Securities issued by type of security, total
thous. of dol. _ 355,941
New capital, total.
_
do
142,621
Refunding, total
_do— 213,320
Securities issued b y type of corporate borrower, total..thous. of dol.. 258.809
New capital, total
_
d o . . - 77,060
Industrial
d o . — 75,881
Public utilities
do.—
579
Refunding, total
, . . d o _ . - 181,749
Industrial..
;
_
do— 60,175

1939

1938

April

94
93
71
110
68
82
114
98
86

May

92
98
71
103
77
79
111
88
82

June

July

August

DecemSeptemOctober November
ber
ber

anuary

February

March

92
99
68
98
73
77
116
92
84

95
103
71
101
79
72
123
99
87

92
105
69
102
78
62
115
92
99

95
118
69
104
75
63
117
107

95
124
72
107
70
60
111
107
107

94
131
73
109
71
60
111
102
95

127
70
112
73
63
109
108
108

94
97
71
109
76
66
112
96
109

92
91
70
107
78
66
116
108
92

91
88
71
100
81
66
116
114
83

14,322

14,179

14,214

14,285

14,261

14,573

14,861

15,293

15,581

15,639

15,862

16,186

2,594
1
9
2,564
11,091
10,650
14,322
9,298

2,582
2,596
1
1
9
8
2,564
2,564
11,030 11,041
10,648 10,645
14,179 14,214
9,212 9,247

2,589
1
7
2,564
11,049
10,642
14,285
9,270

2,585

2,600

2,584

2,601
1
4
2,564
12,166
11,798
15,581
10,088

2,607

2,598

8,724
3,205

5
2,574
12,382
11,948
15,639
10,420
9,215
3,644

2,587
1

8
2,563
11,295
10,918
14,573
9,406
8,198
2,869

2,586
1
7
2,564
11,639
11,272
14,861
9,672

4
2,564
12,561
12,125
15,862
10,571
8,936
3,387

8,713
3,227

7
2,564
11,970
11,613
15,293
9,935
8,876
3,383

4,253
82.7

4,315
83.2

4,385
S3.6

4,452
83.7

4,339
83.9

4,353
84.2

4,380
84.7

.027
.401
.546
.252
4.881

.169
.994
.027
.400
.539
.248
4.804

.318
.169
.991
.027
.400
.544
.246
4.768

.314
.169
.992
.026
.400
.543
.243
4.708

.311
.168
.991
.026
.401
.544
.241
4.670

.311
.169
.992
.026
.401
.542
.240
4.669

.312
.169
.995
.026
.401
.536
.241
4.686

.312
.168
.996
.026
.401
.531
.241
4.685

37,596

38,395

38,426

38,607

39,439

39,631

34,920
543

34,950
626

34,981
535

35,755
528

35,882
634

35,934
533

35,988
543

2.933
28,590

2,949
30,797

3,090
27,338

3,156
25,121

3,215
24,318

22,361

3,454
29,266

7,623
2,548

7,665
2,568

8,024
2,875

8,164
3,022

7
2,664
11,026
10,640
14,261
9,212
8,179
2,941

4,148
82.5

4,157 4,149
82.5 82.4

4,135
82.4

4,169
82.4

.332
.169
.994
.031
.402
.556
.257
4.981

.331
.168
.992
.028
.402
.554
.256
4.967

.331
.170
.989
.028
.403
.553
.256
4.958

.329
.169
.994
.028
.402
.550
.254
4.929

.325

37,167

37,194

34,465 34,291 33,903
546
551
589

33,834
549

34,112
541

2,501
24,430

2,810
23,101

2,943
28,673

37,513

37,424

2,582
22,336

2,676
21,950

417,618 238,318 765,188 394,932 479,112
181,968 145,983 166,908 220,162 240,931
235,650 92,335 598,280 174,770 238,181
185,821 337,837 150,023 337,159 150,347 259,968
130,276 126,696 84,887 63,922 '42,789 59,474
120,365 69,232 80,838 40,561 r 18,109 48,801
6,391
2,562 20,441 20,729
9,704 49,965
55,545 211,141 65,136 273,237 107,558 200,493
6,404
5,500 41,659 16,180 14,458 44,656
46,045 169,382 41,824 258,659 62,902 139,795

352,212 220,277 513,132 469,697
,6
196,483 158,843 348,765 390633
155,729 61,434 164,367 79,064
78,433
11,683
6,139
1,870
66,750
6,000

63,166 301,107
37,475 202,316
18,405 143,261
16,805 51,775
25,692 98,791
2,002
4,507

Public utilities—..
do.— 106,500
60,500
23,570
94,284
Security markets:
Stocks:
Cash dividend p a y m e n t s a n d r a t e s
(Moody's):
Annual payments at current rates (600
companies)
mil. of dol.. 1,337.76 1,443.85 1,328.37 1,287.10
Number of shares;adjusted::.-jnillions,.
935,03
929.10. 929.10
929.10
Dividend rate per share (weighted average) (600 cos.)
dollars1.43
1.55
1.43
1.39
Banks (21)..__
do..,..
3.01
3.07
3.07
3.00
Industrials (492 cos.j
.
do
1.31
1.41
1.27
1.22
Insurance (21 cos.)..
do-—
2.33
2.38
2.37
2.22
Public utilities (30 Cos.)
do.-.
1.92
1.93
1.91
1.94
Kails (36cos.)
.1;
do
90
1.54
1.29
1.18
Dividend declarations (N. Y. Times):
Total.
thous. of dol.. 154,076 152,753 366,435 222,001
Industrials and miscellaneous
do
147,635 147,052 353,652 207,374
Railroads
_
do..-.
6,440
5,701
12,783
14,627
Prices:
Dow-Jones & Co., Inc. (65 stocks)
dol. per s h a r e .
42.68
35.57
36.38
38.73
Industrials (30stocks)
do....
127.73
112.85
114.20
118.79
Public utilities (15 stocks)
do....
22.05
17.76
22.00
19.38
Rails (20 stocks)
do....
25.75
21.52
19.09
21.82
New York Times (50 stocks)
do....
60.46
81.92
80.47
85.70
Industrials (25 stocks)
..do....
161.51
146.70
143.93
153.92
Railroads (25stocks)
do..19.41
17.13
17.01
17.4U

2,564
12,951
12,553
16,186
10,919
9,157
3,659

39,985

277.239 540,723 239,915
220,431 377,550 162,258
'56,809 163,173 77,658
'16,113 159,686
'5,727 23,571
20,171
1,027
2,475
'1,070
'10,386 136,115
12
3,986
300 111,029

99,654
52,965
18,558
4,202
46,689
15,301
31,33S

1,288.80 1,295.20 1,293.92 1,293.59 1,328.16 1,315.04 1,316.25 1,329.91 ,334.15
929.10 929.10 929.10 929.10 929.10 935.03 935.03 935.03 935,03
1.43
1.42
1.41
1.41
1.
1.39
1.39
1.39
1.
3.01
3.01
3.01
3.01
3.00
3.00
3.00
3.00
3.00
1.30
1.30
1.28
1.28
1.29
1.23
1.24
1.24
1.24
2.31
2.31
2.31
2.31
2.24
2.24
2.24
2.24
2.24
1.92
1.91
1.91
1.92
1.94
1.94
1.93
1.94
1.93
.90
.90
.90
.85
1.09
1.05
1.
1.09
1.09
167,170
157,175
9,995
46.05
139.47
21.64
28.16
98.90
175.95
21.85

240,965 185,428 180,506 509,160
230,994 182, 735 169,901 486,396
2,693 10,605 22,765
9,970
46.13
140.97
20.01
28.49
99.74
177.53
21.95

43.98
137.04
18.49
25.62
95.68
171.70
19.68

49.64
150.36
22.92
30.62
106.81
189.69
23.95

50.32
151.96
23.35
31.29
105.29
186.99
23.59

247,569 194,118 303,839
229,916, 181,480 289,412
17,653 12,638 14,427

186,095
182,622
3,573

48.68
U4.60
24.94
30.31
102.22
181.21
23.24

48.99
145.06
24.84
31.07
100.59
178.01
23.18

49.32
150.12
21.94
30.52
105.36
186.99
23.74

49.13
146.87
23.30
31.20
102.73
181.82
23.64

TRANSPORTATION AND
COMMUNICATIONS
Pages 84, 85
Class I steam railways:
Freight-car loadings (Federal R e s e r v e ) :
C o m b i n e d index, u n a d j u s t e d . 1923-25=HXU
C o m b i n e d index, adjusted
do

63
5S
55
57
58
69
60
57
58
58
79
Grains and grain products
do—
76
77
77
82
62
Merchandise, 1. c. 1
do....
61
60
60
69
102
32
Ore
do—
75
62
26
36
* Revised.
•
*New series. New items for Federal gross debt beginning June 1916 are shown In table 21, p .16, of the April 1939 SURVEY.
t Revised series. Data revised beginning January 1937; figures not shown in the April 1939 SURVEY, p . 34, will appear in a subsequent issue.




73
62
86

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
1938 Supplement to the Survey
FOODSTUFFS
Pages 106,108
Grains and grain products (principal markets):
Corn:
Receipts.
_
.thous. of bu.
Shipments
___
_
__do-.Oats:
Receipts
__do..Wheat:
Receipts
_
do
Shipments
'_
do

1939

1938

1939

Febru- March
August Septem- October Novem- Decem- January
ary
ber
ber
ber

April

April

May

June

July

12,562
8,656

29,948
24,367

31,867
38,706

28,104
27,987

26,573
27,617

17,419
18,061

17,240

45,157
18,994

16,356

10,216
5,398

13,085
8,473

4,461

4,381

5,267

9,703

24,669

10,128

7,707

4,199

5,658

6,221

4,304

5,769

10,875
13,778

14,274
17,090

16,984 101,195
14,277 26,726

61,080
25,258

38,477
23,291

27,345
23,797

19,110
21,696

14,892
18,252

11,900
12,758

9,512
9,251

13,748
11,113

3,138

4,255

4,291

2,571

2,729

3,337

4,165

3,728

4,471

4,953

4,114

22,380

21,266

22,470

23,357

28,665

32,276

35,094

36,110

36,230

35,530

33,910

52

44

50

56

63

70

79

77

71

93,8S0 99,856
04, 277 102,898
77
79

101,352
106,165
80

96,990 100, 787
98, 6G1 101,830
79
79

97,309
98,567
79

97,964
102,287
77

99,614
102,490
78

75
95, 675
102, 702
79

99,238
9S, 674
79

79,965 81,822 82,833 84,724 85,132 86, 705 87,222 87,399 87,222
31,504 31,624 33,151 33,138 33,548 33,975 34,999 36,064 37,193
267,942 259,259 251,213 247,361 243,952 240,251 233,463 228,741 229,140
45,975 45,101 44,314 43, 674 42, 724 42,979 41,131 40,386 41,221
221,967 214,158 206,899 203,687 201,228 197,272 192,332 188,355 187,919

35,290

87,797 98,917
93,475 106,768
77
76

87,595 87,002 86,294
36,927 38,323 39,383
227,134 227,098 229,079
42,540 41,777 41,154
184,594 185,321 187,925

24,833
11,577

24,392
12,160

22,761
10,784

23,547
12,68S

24,232
12,691

24,552
13,074

25,487
13,820

24,573
12,793

25,197
13,873

25,800
14,135

21,476
12,797

25,040
13,539

27,815
19,972

29,284
22,385

30,282
24,699

32,285
26,620

32,874
28,841

33,661
30,860

33,344
33,017

30,935
32,069

26,991
27,873

24,309
24,650

21,952
21,731

19,288
20,115

43,254

44,911

48,293

47,474

50,459

46,058

46,272

44,991

41,649

37,767

34,595

42,520

4,196

4,001

4,127

4,226

4,081

4,375

4,244

4,345

4,264

3,747

4,232

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

48,662
21,524
24,188
2,950

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

21,125
23,546
3,637

42,721
18,455
21,037
3,229

47,186
20,663
23,280
3,243

82,684
57,660
6,179

80,987
54,010
6,548

73,725
47,159
6,951

70,224
43,091
7,614

64,599
40,137
8,022

63,163
38,819
8,359

63,542
38,739
6,771

64,083
39,376
5,742

65,949
41,805
4,830

73,847
49,419
4,647

79,691
54,569
4,708

81,189
55,464
4,721

4,333
5,445
6,394

3,637
5,649
7,627

3,257
5,235
9,202

3,752
4,889
10,112

4,292
4,933
10,149

4,187
5,348
10,497

5,185
5,320
9,949

5,419
9,676

6,813
5,739
7,799

5,980
5,702
6,711

5,901
5,174
5,452

5,201
5,900
5,605

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

1,653
2,522
7,951

1,987
2,664
7,800

4,171

METALS AND MANUFACTURES
Pages 137,138
Nonferrous metals:
Tin:
Deliveries
long tons..
4,960
3,745
5,980
3,535
4,465
4,275
3,775
3,775
4,205
Stocks, end of month:
World, visible supply
do
33,873 30,606 27,909 29,061 31,097 32.251 32,476 31,539 30,598
United States
_,do
3,385
4,447
5,060
4,573
3,679
4,071
5,232
4,247
4,500
Zinc:
Production, slab, at primary smelters
short tons.. 43,036 38,035 37,510 30,799 30,362 32,296 32,328 36,740 40,343
Retorts in operation, end of mo...number.. 38,763 34,691 31, 525 26,437 25, 596 29,767 31,555 32,427 36,243
Shipments, total
short tons.. 40,641 20,806 24,628 29,248 33,825 36,507 43,582 43,355
Domestic.
do
40,641 20,806 24,628 29,248 33,825 36,507 43,582 43,355
Stocks, refinery, end of mo
.do
130,380 135,238 148,120 149,671 146,208 141,997 130,743 124,128 120,778
TEXTILE PRODUCTS
Pages 154,156
Cotton:
"World visible supply, total..thous. of bales..
7,971
8,796
9,802
8,490
8,726
7,893
8,142
9,757
7,643
American cotton
do
5,507
7,750
6,509
6,071
7,700
5,491
5,772
5,479
Silk:
Deliveries (consumption)
bales.. 27,802 33,381 28,687 31,492 32,593 38,504 38,844 35,631 41,599
Stocks, end of month:
Total, visible supply
. d o . . . - 77.238 130,955 135,616 133,157 138,105 135,347 142,511 151,311 150,718
United States (warehouses)
do
20,733 41,455 37,016 44,457 42,305 39,747 40,711 43,811 46,218
TRANSPORTATION EQUIPMENT
Page 160
Automobiles:
Sales (General Motors Corporation):
To consumers in U. S
number.. 132,612 103,534 92,593 76,071 78,758 64,925 40,796 68,896 131,387
To dealers, total
do
158,969 109,659 104,115 101,908 90,030 55,431 36,335 123,835 200,256
To U. S. dealers
do
126,275 78,525 71,676 72,596 61,826 - 34,752 16,469 92,890 159,573




14,373
8,827

16,000
11,174

FUELS AND BYPRODUCTS
Pages 117,118,119, 121,122
Coal:
Anthracite:
Production
thous. of short tons.. »5,227
Bituminous:
Production
_
do__- v 10,747
Coke, beehive:
Production
_
do—
Petroleum and products:
Crude petroleum:
Consumption (run to stills).ahous. of bbl.
<*)
Production..
_
do...
Refinery operations..
pet. of capacityStocks, end of month:
California:
Heavy crude and fuel
thous. of bblLight crude.
__
_
do.. East of California, total
do._Reflneries
,.do Tank farms and pipe lines
do.Refined petroleum products:
Gas and fuel oils:
Production:
Residual fuel oil..
do._.
Gas, oil, and distillate fuels, totaU.do—
Stocks, end of month:
Residual fuel oil, east of California
thous. of bbl.
Gas, oil, and distillate fuels, t o t a L . d o - .
Gasoline:
C onsumption, domestic
do
Production:
At natural gas plants
do
At refineries:
Total
do__.
Straight run..
_..do
Cracked
__
do
Natural gasoline blended
do
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
do-...

* Revised
• Data for March are the latest available.

20,262
10,969

3,400

4,330

4,105

4,755

30,554
5,157

34,240
4,624

35,245
5,486

33,890
5,806

45.345 44,277 39,613 45,084
38,251
38,793 39,500
45,291
39,354 42,639
45,291
39,354 42,639
126,769 128,407 128,192 127,985

9,652
7,478

9,361
7,050

9,247
6,945

8,441
5,960

35,204

40,816

33,219

37,863

149,778 124,354
53,278 48,564

98,078
38,178

86,816
23,116

118,888
187,909
150,005

88,865 83,251 142,062
152,746 153,886 182,652
116,964 115,890 142,743

p Preliminary.
U. 5 . GOVERNMENT PRINTING OFFICE: l » 3 9