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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) 2.6 75 2.4 50 2.2 25 2.0 0 1.8 BITUMINOUS COAL PRODUCTION (MILLIONS OF SHORT SPOT COMMODITY (BILLIONS OF KILOWATT HOURS) IOO TONS) PRICES (MOODX'S INDEX- DEC. 3 I . 1951= IOO) 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. 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 1937 1938 1939 1937 1938 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 DecemAugust SeptemOctober NovemJanuary February March 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 . 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