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SURVEY OF CURRENT BUSINESS
WEEKLY SUPPLEMENT
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
WASHINGTON, D. C, MAY 23, 1940
SUMMARY OF BUSINESS TRENDS
^x H E impact of war developments upon stock and commodity
markets produced abrupt price declines last week. With
the invasion of the Lowlands, the narrow movement of stock
prices ended. Allied military setbacks precipitated heavy
trading which brought a decline of about 15 percent in stock
price averages in the course of the week. Industrial, railroad,
and utility shares were affected by the decline which involved
virtually all issues. Bond prices were off to a smaller but
substantial degree.
Commodity prices, paced by agricultural staples, experienced
the sharpest decline during the week since 1937. -The daily
index of 28 basic commodities (see chart below) fell to 113.9 on
May 17 from 117.5 on May 10. Domestic agricultural commodity components of the index declined to 116.1 from 123.0 in
the same period. Minimum prices for grains were established
by the exchanges after a 1-week drop of 33 cents in wheat.
Spot cotton fell $2.50 per bale from May 10 to May 17. Steel
scrap and burlap were among the few commodities to show
gains. Export prices declined relatively more than import
prices.
The gains in industrial production indicated by the latest
available data are overshadowed by the implications of the
sharp break in commodity and stock prices. Declines of the
magnitude which have occurred affect adversely both current
income and industrial commitments. On the other hand, the
enlarged national defense program, proposed to the Congress by
the President on May 16, contemplates heavier Government
expenditures which would flow in considerable measure to the
metal, metal-working, and transportation equipment industries.
Steel production for the current week is scheduled at 73 percent
of capacity compared with 70 percent last week and 60 percent
the week ended April 27. Automobile production held steady
last week, reflecting the comparatively favorable retail sales in
the first 10 days of May, though stocks of cars have remained
high. Miscellaneous freight traffic, as weltfas freight carloadings,
moved toward moderately higher levels.
SELECTED BUSINESS INDICATORS
STEEL INGOT
ELECTRIC
PRODUCTION
POWER
FREIGHT CAR LOADINGS
PRODUCTION
(BILLIONS OF KILOWATT
(PERCENT OF CAPACITY)
(TH0U5ANDS Of CARS)
HOURS)
100
80
\
60
* ^
/939 -*°-oS
\
.
1
\
40
20
.
0
.
.
.
AUTOMOBILE
BITUMINOUS
PRODUCTION
COAL
COMMERCIAL
PRODUCTION
LOANS
(BILLIONS OF DOLLARS)
(DAILY AVERAGE - THOUSANDS OF TONS)
(THOUSANDS OF VEHICLES)
2000
125
tsf1340
I600
100
1200
75
A
50
/ /
25
.
0
.
.
.
.
I
I
PRICES
PRICE INDEX OF 28 BASIC COMMODITIES
1337
1938
INDUSTRIAL
1939
PRODUCTION
1937
.1940
MONTHLY DATA
120
.
NO
\
100
\
90
\
80
*, i I
JI
A/
/
V
THOUSANDS OF BALES)
/
1936
1939
CONSUMPTION
A\
f
J V
i 1 . i t t ,
2324 U—40
1938
COTTON
(DAILY AVERAGE -
(SEASONALLY ADJUSTED 1 9 2 3 - 2 5 = 1 0 0 )
70
STOCKS
l . • i i i 1 i • t t i I t i r < i I i i I i t I i i i t i
80LSLJ
130
OF 3 5 0 INDUSTRIAL
(INDEX, isae = too)
(AUG. 1939 = 100)
15^
1939
1940
1937
1938
1939
1940
WEEKLY BUSINESS INDICATORS
'cekly average, 1923-25=100]
ITEM
Business activity.i
New York Times §d"
Barren 'stf
Business Week
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...
Construction contracts}:.. _
Distribution: Carloadings. ' . . .
Employment: Detroit, factory...
Finance:
Bond yieldst
Stock pricesX
May May May
4
18 11
ITEM
Apr. May May May May
14
20 20 13 21
78.9
71.3
72.5
82.6
79 0
71 6
72.8
82.5
78 5
6G 6
71.9
82.6
75.9
64.1
67.4
80.7
76.4
64.4
68.5
81.0
78 2
68 8
72.9
81.7
May May May
18
1938
Apr. May M a y May May
20 20 13 21 14
Finance—Continued.
Banking:
96.9 89.4 101 3 91.2 99.6 89 8 82.5 85, 5 70 8
Debits, outside N. Y. C.J
Federal Reserve reporting
member banks:
69.2 69.2 69.3 69.2 69.2 64.4 64.7 67.3 67 6
Loans, total..
Interest rates:
24.2 24.2 ?4 *> 24.2 24.2 ?4 ? 24.2 24.2 ?4 7
Call loanst
28.6 28.6 38 6 28.6 28.6 W 6 28.6 28.6 ?8 6
Time loans t
Currency in circulation!
156.7 156.4 156.2 155.1 155.2 142.4 142.4 132.0 132.0
Production:
126.0 125.3 IBB 3 129.0 131.9 101 9 92.1 62.7 6? 8
Automobiles
77.8 7S 6 77.2 71.8 H) 1 10.5 48.5 49 1
Bituminous coal t
119.9 117.1 115.3 113.9 116.2 83.6 79.0
Cotton consumption^
143.3
143 7 143.9 145.4 130 3 130.3 118.1 118 1
Electric powert
50.6 49 o 51.6 49.0 50 6 48.1 40.0 39 1
Lumber .. _
189.7 182 4 190 7 191.4 170 5 168.8 157.5 166.7
Petroleum %
120 0 112.8 106 0 102 9 104.4 78 0 80.7 5 L 8 51.3
Steel ingots®
Receipts, primary markets:
52.2 57.8 59 2 56.6 59 2 62.7 74.7 64 1
Cattle
and calves
5
46.8 50.6 39 6 37.7 39 "> 37.2 39.1 37 4
Hog*
30.8 23.8 33.1 45.4 37.7 ?8 5 28.8 28.8 ?4 6
Cotton .
S3.9 100.5 103/9 101.2 82.4 80.0 68.0 44.5 40.0
Wheat
94.7 93.6 93.2 93.2 86 1 85.1 75 9 76 3
102.3 101.0 99.8 99.5 86 0 70.4 68 0 68.6
106.9 105.4 105.2 93.3 90.6 75.3 76.0
78 4
69.2
71.6
— 82.5
1939
1940
1938
1939
1940
77 8
67.4
71.5
81.9
84 n 84.0 84.3 84.6 84 8 79.7 79.9 81.4 80.8
81.2 79.0 79.7 80.4 81.9 71.0 71.7 71.0 71.0
36 4 38.6 40.8 40.8 40 8 36.0 34.6 31.3 32.4
90.9 62.3 74.9 70 2 52.8 52 1
71.4 69.9 67.7 66.0 64.7 58 2 57.3 56 9
10S.8
05.1
89.8
6? 9 60.7 61.0 61.4 61 5 65.7 65.5 73.5 73.3
97.7 110.5 111.3 111.8 111.6 94.9 96.6 83.7 85.7
JDaily average,
tWeekly average, 1928-30=100.
or description of these indexes, see p. 4 of the Dec. 16,1937 issue.
• Data do not cover calendar weeks in all cases.
§Computed normal* 100.
ISeasonally adjusted.
<g)Index for week ended May 25 is 125.2.
WEEKLY BUSINESS STATISTICS*
1940
COMMODITY PRICES, WHOLESALE
Copper, electrolytic, New Yorkt
dol. perlb.
Cotton, middling, spot, New York..
do.._
Food index (BradstreeVs)_
___.._
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 dolDebits, outside New York City (140cities)
do....
Federal Reserve banks:
Reserve bank credit, total
do...
TJ. S. Government securities
do.,..
Member bank reserve balances
do._^,
Excess reserves, estimated
do....
Federal Reserve reporting member banks:
Deposits, demand adjusted
do
Deposits, time...
_
do
Investments, total§
.__.
...do.-..
TJ. S. Government direct obligations
do
Obligations fully guaranteed by XJ. S. Government
mil. of dol..
Loans, total§
do.--.
Commercial, industrial, and agricultural loans§
mil. of dol.
Interest rates, call loans %
_„_
percent..
Interest rates, time loanst
.do
Exchange rates:
French francj
__.
cents..
Pound sterling}:
_
dollars..
Failures, commercial
number..
Currency in circulation %
mil. of dol..
Security markets:
Bond sales (N. Y. S. E.)....'thous. of dol. par value..
Bond yields (Moody's) (120 bonds)*
..percentStock sales (N. Y. S. E.)_...
thous. of shares..
Stock prices (JV. Y. Tivm)%
dol. pcf share,.
Stock prices {Standard Statistics) (420)
1926=100..
Industrials (350)..
do.
Public utilities (40).
....do....
Railroads (30)
_
....do....
PRODUCTION, CONSTRUCTION, AND
DISTRIBUTION
Production:
Automobiles!
_
number..
Bituminous coalt..
.thous. of short tons.,
Electric power
mil. of wk.-hr..
Petroleum*
._
_
thous. of bbl_
Steel ingots©
__pet. of capacity.
Construction-contract awardsj
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..
May 18
May 11
May 4
0.112
0.109
.105
2.33
37.25
1.05
0.110
. Ill
2.27
37.40
3,217
4,493
1939
Apr. 27
Apr. 20
2.34
37.17
1.05
0.111
.111
2.33
36.57
1.08
0.113
.114
2.30
36.56
1.08
2,995
4,146
3,439
4,697
4,228
2,518
2,474
13,094
6,300
2,507
2,467
12,877
6,131
2,500
2,467
12,870
6,107
2,501
2,467
12.SS3
6,116
19,928
5,315
14,049
9,082
19,741
5,318
14,922
9,032
19,696
5,305
14,881
8,960
2,387
8,643
4,414
1.00
1.25
2,434
8,654
4,404
1.00
1.25
1.823
• 4.035
266
7,610
1937
May 13
May 21
May 14
0.111
.111
2.30
36. 56
1.04
0.098
.098
2.27
35.63
.76
0.099
.094
2.28
35.72
.75
.085
2.35
38.50
.82
0.098
.088
2.34
38.52
.82
0.138
.133
2.86
39.97
1.32
3,640
4,622
3,122
3,903
3,340
4,161
2,930
3,830
2,937
3,967
3,064
3,566
3,400
4,663
2,514
2,467
12, 757
6,048
2,500
2,467
12,575
5,949
2,576
2,564
10,005
4,244
2,575
2,564
9,967
4,186
2,589
2,564
7,622
2,555
2,564
7,560
2,483
2,565
2,526
6,918
007
19,764
5,313
14,934
8,975
19,655
5,312
14,936
9,002
19,465
5,360
14,835
8,938
16,681
5,247
13,563
8,304
16,719
5,249
13,634
8,334
14,569
5,209
12,271
7,979
14,598
5,207
12,359
8,017
15,425
5,205
12,677
8,314
2.427
8,661
2,427
8,650
2,406
8,653
2,379
8,631
2,031
8,046
2,010
8,085
1,364
8,408
1,162
9,500
4,409
1.00
1.25
4,419
1.00
1.25
4,430
1.00
1.25
4,393
1.00
1.25
3.S45
1.00
1.25
3,852
1.00
1.25
4,074
1.00
1.25
1,344
8,451
4,110
1.00
1.25
4,205
1.00
1.25
1.876
« 4.035
289
7,594
1.980
* 4.035
292
7,585
1.E91
- 4.035
311
7,531
1.989
* 4.035
262
7,538
1.992
• 4.035
344
7, 523
2.649
4.681
2.794
4.9(55
2.832
4.974
4.468
4.942
6,916
2.649
4.681
321
6,916
6,408
6,411
6,409
57,800
3.63
17,103
94.87
79.0
92.5
77.0
23.8
34,540
3.50
5,410
107.35
91.5
107.6
87.1
28.6
30,460
3.52
3,999
108.13
91.3
107.3
87.1
28.4
29,840
3.54
4,623
108. 56
92.4
108.7
86.0
29.0
33,210
3.55
6,750
108.42
92.2
10&4
87.6
28.6
42,310
3.54
6,895
109. 78
93.3
109.8
88.2
29.3
25,080
3.79
2,501
92.16
81.1
94.5
81.2
24.0
28,290
3.78
2,655
93.79
83.6
97.6
82.8
25.4
26,480
4.24
2,427
81.24
74.8
88.5
70.2
22.0
37.010
4.23
4,475
83.22
76.6
00.3
72.7
23.2
40,270
3.91
5,063
127.74
114.3
134.4
01.2
57.2
99,030
08,480
1,325
3,825
65.8
99,305
1,339
2,386
3,679
61.8
101,405
1,314
2,398
3,845
60.0
14,597
103,725
1,222
2,422
3,859
60.9
10,004
101,940
1,278
2,418
3,854
61.3
11,762
80,145
854
2,170
3,438
45.4
12,019
72,375
179
2,171
3,403
47.0
11,275
49,310
826
1,968
3,176
30.7
8,481
49,415
837
1,968
3,362
30.4
8,365
127,438
1,237
2,199
3,550
90.0
12,655
680,657
126,390
33,351
32,226
11,493
149,047
51, 572
276,578
665,510
129,723
31,215
33,171
13,073
149,906
35,482
272,940
644,520
124,638
33,718
35,933
12,352
148,638
20,846
628,342
121,018
32,096
34,163
11,304
148,150
15,164
266,447
618,810
120,447
31,174
31,196
11,146
148,301
12,495
264,051
615,966
97,183
34,284
11,811
152.781
36,232
253,587
554,644
46,954
30,589
34,367
12,783
152,168
24,928
252,855
545,789
91,312
25,870
32,160
13,366
148,768
14,103
220,210
541,808
85,477
26,354
32,226
12,166
148,845
12,971
223,769
775,074
127,37ft
41,579
25,705
13,698
170,312
72,281
324,123
165
304
62
8,475
183
329
86
8,263
187
257
118
8,049
179
245
98
6,551
310
85
5,330
187
256
74
6,362
108
242
75
5,411
236
254
75
3,543
203
243
64
3,183
241
169
106
70.0
80
6,676
Apr. 13
©Rate for week ended May 25 is 73.0.
JDaily average.
• Data do not cover caleDdar 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 StfBVEY.
for an
1938
May 20
May 22
"Official rate.
iSource: Ward's Automotive Reports.
MONTHLY BUSINESS STATISTICS
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data, may be found in the
1938 Supplement to the Survey
BUSINESS INDEXES
Pages 7,8, 9
Industrial production (F. R.):
Combined index, unadjusted... 1923-25*=1OO..
Manufactures, unadjusted
do
Minerals, unadjusted..
do
Combined index, adjusted
-- do
Manufactures, adjusted
_„„
do
Automobiles
.- do
Textiles
. . . do
Minerals, adjusted
do - ~
Agricultural marketings:
Quantities marketed:
Combined index 1923-25=100.Animal products
do .. Dairy products
do - . .
Livestock
do . - .
Poultry and eggs
-do
Wool
---do ...
Crops
do ^ ,
Cotton
do
Fruits
do
Grains
do_ .
Vegetables - . .
-.
do. . .
COMMODITY PRICES
Pages 11,12,13, 15, 131, 134
Cost of living (i\T. I. C. £.):
Combined index . .
-1923=100,Clothing
-do
Food
..
do
Fuel and light . . .
-.....do
Housing
-..
-.
- _.do
Sundries
-...do
Wholesale prices:
U. S. Department of Labor indexes:
Combined index (813 quotations)-1926=100-.
Economic classes:
Finished products
do_.-_
Raw materials
do
Semimanufactures
^
do
Farm nroducts
do
Foods
.-.do _ Commodities other than farm products
and foods
1926-100..
Pig iron:
Basic (valley furnace)-dol. per long ton..
Composite
~.
...
do^
Foundry, No. 2, northern (Pittsburgh)
dol. per long ton..
Steel:
Composite, finished steel
dol. per lb__
Steel billets, rerolling (Pittsburgh)
dol. per long ton. _
Structural steel (Pittsburgh)_dol. per lb_Steel scrap (Chicago).dol. per gross ton..
Purchasing power of the dollar:
Wholesale prices _~
_..1923-25=100._
Retail food prices
do . . .
Prices received by farmers do _.
Cost of living
do
1940
April
P104
P 103
1940
1939
April
95
96
'87
92
92
87
May
June
July
98
97
105
98
97
81
111
104
97
95
107
101
100
87
111
106
August
Septem- October
ber
Movem- December
ber
January
February
March
99
99
96
103
M05
89
120
91
112
110
123
111
111
85
121
114
124
'123
132
121
121
78
125
121
124
123
127
124
124
90
126
124
120
121
113
128
M30
127
123
120
117
116
120
119
118
128
114
125
110
109
115
109
108
127
108
120
106
105
'112
' 104
101
' 110
98
' 121
rl23
97
'94
94
94
97
92
91
73
104
98
74
89
108
71
136
61
59
39
63
73
76
65
83
103
62
123
77
50
22
95
50
SO
81
99
135
72
145
193
63
23
92
80
109
82
93
145
62
114
387
71
26
81
101
112
94
88
133
66
91
386
101
46
78
184
49-
85
84
122
70
79
266
87
75
80
116
41
120
82
100
78
75
144
159
251
79
120
72
125
87
90
90
75
90
163
278
95
94
82
104
90
80
81
126
42
119
200
75
68
66
88
87
80
75
132
35
90
133
74
59
61
78
85
95
85
87
31
71
94
78
42
79
66
71
90
67
77
25
60
67
62
48
72
74
80
96
66
113
40
68
66
64
63
94
85.9
73.2
79.9
85.4
86,7
97.0
85.0
72.2
78.2
85.2
86.2
96.7
84.8
72.1
78.1
84.0
86.2
96.6
84.7
72.0
77.9
83.4
86.0
96.6
• 84.9
71.9
78.1
83.8
86.3
96.9
84.5
71.9
76.7
84.0
86.3
96.9
85.9
72.2
80.7
84.4
86.5
97.0
85.8
72.6
80.1
85.2
86.6
96.8
85.7
72.9
79.6
85.6
86.7
96.8
85.3
72.9
78.5
85.6
86.6
96.8
85.4
73.0
78.8
85.8
86.6
96.9
85.8
73.2
79.8
86.0
86.6
96.9
85.5
73.2
78.8
85.8
86.6
96.9
78.6
76.2
76.2
75.6
75.4
75.0
79.1
79.4
79.2
79.2
79.4
78.7
78.4
81.2
73.0
78.2
69.4
71.6
80.1
68.5
74.4
63.7
68.6
79.9
68.9
74.3
63.7
68.2
79.6
67.7
74.1
62.4
67.6
79.2
67.8
74.4
62.6
67.5
79.1
66.5
74.5
61.0
67.2
81.9
72.6
81.8
68.7
75.1
82.3
72.3
83.1
67.1
73.3
82.0
72.4
82.1
67.3
72.3
81.7
73.3
82.0
67.6
71.9
81.7
73.8
81.7
69.1
71.7
81.4
72.7
79.9
68.7
71.1
81.1
72.0
79.7
67.9
70.2
fill
P102
*9S
P104
P95
82.5
80.5
80.6
80.2
80.2
80.1
82.1
83.8
84.0
83.9
83.9
83.2
82.9
22.50
23.15
20.50
21.15
20.50
21.15
20.50
21.15
20.50
21.15
20.50
21.15
21.50
22.35
22.50
23.15
22.50
23.15
22.50
23.15
22.50
23.15
22.50
23.15
22.50
23.15
24.89
22.89
22.89
22.89
22.89
22.89
23.89
24.89
24.89
24.89
24.89
24.89
24.89
.0262
.0268
.0264
.0262
.0261
.0261
.0261
.0263
.0263
.0265
.0265
.0265
.0265
34.00
.0210
15.33
34.00
.0210
13.38
34.00
.0210
12.80
34.00
.0210
13.56
34.00
.0210
13.56
34.00
.0210
13.88
34.00
.0210
16.22
34.00
.0210
19.05
34.00
.0210
17.66
34.00
.0210
16.56
34.00
.0210
16.38
34.00
.0210
15.75
34.00
.0210
15.69
128.1
127.9
149.9
118.3
132.1
130.5
165.3
119.6
132.1
130.7
163.4
119.9
133.2
131.1
165.3
120.0
133.5
130.7
165.3
119.8
134.2
133.2
166.9
120.3
127.3
126.6
149.9
118.3
126.8
127.6
151.5
118.5
127.2
128.4
151.5
118.6
127.2
130.0
153.1
119.2
126.8
129.7
148.6
119.0
128.0
128.0
145.6
118.5
128.5
129.7
151.5
118.9
CONSTRUCTION AND REAL ESTATE
Page 16
Contract awards:
F. W. Dodge Corp. (37 States):
Construction, total value
thous. of dol_- 300,504
224,241
Building total value*
do
330,030
209,061
308,487
210,567
288,316
204,741
299,883
197,831
312,328
197,045
323, 227
212,146
261,796
190,9S7
299,847
194,357
351,098
146,438
106,191
129,932
200,574
145,423
272,178
195,143
DOMESTIC TRADE
Page 26
Advertising;
Newspaper advertising:
Linage, total (£2 cities)
thous. of lines-.
Classified
do
Display, total
do _Automotive
-do
Financial
---. do
General
....
- do
Retail
do
111,989
23,0S3
88,906
7,007
1,838
17,S24
62,237
111,160
22, 824
88, 335
6,055
2,105
17,655
62,520
112,377
22,692
89,685
6,075
3,615
18,538
63,456
105,086
21,785
83,301
5,345
1,663
17,408
58,886
85,407
20,570
64,838
3,496
2,120
13,999
45,222
90,526
21,115
69,410
3,512
1,349
12,527
52,022
101,937
20,854
81,053
3,067
1,278
15,045
61,663
119,612
22,393
97,220
6,436
19,824
69,192
113,457
20,194
93,264
4,537
1,376
18,470
68,880
118,103
20,246
97,857
3,482
1,637
14,183
78,555
88,033
19,075
68, Q5*
3,854
2,278
12,433
50,393
93,240
19,295
73,945
4,224
1,494
15,740
52,487
114,255
22,945
91,309
5,620
1,799
17,645
66,246
FINANCE
Page 60
Life insurance:
Insurance written:®
Policies and certificates, total number
766
thousands,.
30
Group
. . . --do
472
Industrial « . . .
..
do
263
Ordinary
do
Value, total
thous. of dol_. 624,770
39,800
Group
do
135,852
Industrial
do
449,118
Ordinary -...do
716
20
464
232
550,666
35,981
129,051
385,634
812
33
496
283
604,445
43,278
137,073
424,094
841
134
461
245
729,749
194,223
128,568
406,958
687
26
427
234
506.380
23,862
118,218
361,300
942
261
431
250
584,595
83,901
119,068
381,626
642
24
417
200
509,897
59,401
115,935
334,561
790
51
484
255
637,675
75,929
135,769
425,977
724
41
455
228
587,498
44,027
128,121
415,350
728
59
443
225
646,550
105,030
124,662
416,858
659
32
400
226
653,156
134,507
113,111
405,538
697
25
439
232
561,638
38,120
125,226
398,292
770
26
483
262
616,085
37,556
138,545
439,984
7,793
9,f*9l
1,591
7,523
7,719
1,485
8,203
8,490
1,766
7,944
8,166
1,982
7,395
7,437
2,015
9,202
9,190
2,007
12,848
12,625
1,776
15,453
15,181
1,496
13,068
13,060
1,479
11,434
11,158
1,173
10,147
10,398
1,417
S.505
8,460
1,366
9,498
9,524
1,392
20,218
20,957
17,611
2,035
17,857
29,625
13,253
2,074
18,655
31,078
15,031
2,009
16,838
30,860
15,029
1,858
17,643
32,232
13,823
1,765
18,539
32,919
16,050
1,780
18,104
25,913
22,315
2,187
20,965
17,974
26,033
2,248
21,787
14,168
22,944
2,282
22,080
14,614
19,524
1,729
20,656
15.279
IS, 386
1,50-1
20,381
18,773
14,697
1,640
20,983
20,677
16,730
2,012
CHEMICALS AND ALLIED PRODUCTS
Page 90
Chemicals:
Alcohol, denatured:
Consumption
thous. of wine gal
Production
-- do
Stocks, end of month.
do
Alcohol, ethyl:
Production
thous. of proof gal .
Stocks, warehoused, end of month...do
Withdrawn for denaturing
do
Withdrawn* tax-paid
do
T
Revised.
*New series.
1,7(S7
© 40 companies having 82 percent of total life insurance outstanding in all United States legal-reserve companies.
p Preliminary.
Data beginning 1925 are shown on table 49, p. 17 of the November 1939 Survey.
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
1940
April
FOODSTUFFS AND TOBACCO
Pages 102, 110, 116
Alcoholic beverages:
Fermented malt liquors:
5,109
Production
thous. of bbL
4,177
Tax-paid withdrawals
do...
9,105
Stocks
:do-_Distilled spirits:
13,938
Production
_.thous. of tax gal.
7,818
Tax-paid withdrawals.._
do....
Stocks
d o — 522, 503
Whisky:
11, 223
Production
do
5,793
Tax-paid withdrawals
...do
* Stocks
._
do._. 477,865
Rectified spirits and wines, production
Total
thous. of proof galWhisky*
do—
Indicated consumption for beverage pur-
1939
April
4,641
3,985
8,746
May
5,651
5,079
June
6t 271
.% 656
9,447
July
5,637
5,538
9,330
August
5,450
5, 715
8,836
1940
S
*$£m'
4,392
4,921
8,112
October
4,237
4,1G9
7, 991
N
°bveerm"
3,685
3,820
7,690
De c e m>
b e r
3,588
3,910
7,191
January
3,788
2,930
7,926
February
3,478
3,238
8,000
March
4 t 382
3,809
8,391
10,940 10,756
5T3S1
8,304
7,593
6,868
5,605
6, 456
519,162 521,251 522,058 520,429
6,390 10,244 17,946
8,772 11,066
0,663
518,487 514,433 510,606
8,513
5,774
7,972
3,711
5,728
4,885
4,866
4,343
477,136 478,741 478,900 477,149
7,074
8,033 10,021
8,916
4,985
4.392
9,599 10,304
8,550 10,385
6,793
7,704
5,500
5,098
6,61fi
6,469
475,371 472,499 4G9,173 465.934 465,018 469,004 470,519 473, 278
3,670
2,S00
3,425
2,496
2,960
1,977
2.930
2,014
3,189
2,332
4,005
3,258
5,202
4,329
14,921 11,553 12,506 11,846 13,181
13,485
6,517
9,400
7,928
8,406
506,891 508,205 512,394 514,505 517,583
6,341
5,532
4,002
3,249
2,679
2,078
3,402
2,839
3,480
2,6G9
9,775
9,137
16,266 12,390
8,699
8,378
8,709 11,959 13,703
7,570
9,889 10, 520
All spirits*!
thous. of proof gal..
8,122
7,142
6,767
7,104
10,309 12,007 14,508 10,870
6,131
7,243
8,903
8,671
Whisky*!
—_—do—,
Livestock:
Cattle and calves:
1,554
2,117
1,667
1,476
1,737
1,467
Receipts, principal markets
1,565
1,404
1.912
2,438
1,764
1,359
1,247
thous. of animals974
869
1,019
934
963
1,124
972
1,068
833
971
Disposition:
997
810
825
568
581
647
1,074
546
1,270
Local slaughter
do—
572
973
795
548
433
516
Shipments, total
do—
2,595
2,410
1,996
Hogs:
3,331
1,995
2,105
2,847
2,458
1,94S
2,922
2,007
3,772
2,710
Receipts, principal markets
do—
1,868
1,822
1,509
Disposition:
1,535
2,482
2,177
1,825
1,458
1,451
1,394
2,753
2,074
1,964
713
Local slaughter
do—
485
560
575
665
617
534
550
849
546
1,007
841
749
Shipments, total.do
1,876
Sheep and lambs:
1,993
1,711
1,951
2,042
1,907
1,514
2,607
2,625
2,392
1,424
1,728
1,440
Receipts, principal markets
do—
1,046
Disposition:
900
913
1,070
944
1,075
1,064
1,071
848
983
863
824
Local slaughter
do—
1,082
804
1,564
1,040
084
1,520
671
1,419
653
559
620
Shipments, total
do—
Tobacco:
Manufactured products:
Consumption (tax-paid withdrawals):
14, 820
12, 269 15,445 16, 595 14, 260 16,571
14,700 15, 384 14,461 12,803 14,568 13,163 13,021
Small cigarettes
millions.. 425, 140 403,042 470, 580 486,721 427, 533 500,807 486, 865 551,230 505,098 331, 204 388,085 375, 824 397,490
Large cigars
thousands..
Manufactured tobacco and snuff
25,628 30,499 30,107 26, 246 33,291 30,361 30,239 28,436 24,057 26,742 26,857 27,550
28,481
thous. of lb«.
LEATHER AND PRODUCTS
Page 124
Leather:
Production:
Calf and kip
thous. of skins..
1,187
1,227
1,168
1,057
1,064
1,162
1,155
955
1,078
954
1,094
1,739
Cattle hides
»_._thous. of bides..
1,717
1,674
1,957
1,619
1,928
1,858
1,949
1,814
1,892
1.972
1,699
3,445
Goat and kid
thous. of skins..
3,668
3,421
3,361
3,707
3,311
3,167
3,075
3,362
3,244
3,660
3,224
3,015
Sheep and lamb
do
3,066
2,774
3,939
2,950
3,429
3,096
3,768
3,003
4,201
3,012
2,977
Stocks of cattle hides and leather, end of
month:
Total
thous. of equiv. hides..
13,151
12,995 33,077
13,050 12,758
12,556 12,727
12,653
12,997 13,029 12,887
12,558
9,270
In process and
finished
do
9,347
9,226
9,233
9,042
8,846
8,867
9,052
9,276
8,888
9,357
9,203
3,307
Raw.
do
3,804
3,769
3,685
3,710
3,786
3,706
3,817
3,721
3. 670
3,672
3,684
METALS AND MANUFACTURES
Page 139
Machinery and apparatus:
Foundry equipment:
Orders:
New
1922-24=100.
193.2
146.2
108.9
134.9
114.0
197.9
203.6
220.6
184.4
131.6
243.4
179.4
165.3
Unfilled, end of month
do...
331.4
173.1
208.6
159.2
257.8
135.6
231.2
222.4
224.7
174.9
123.1
291.0
226.5
Shipments
do___
154.1
144.3
131.0
148.5
200.1
170.1
135.5
193.2
170.7
132.6
143.8
179.0
184.2.
PAPER AND PRINTING
Pages 145, 146
Paper:
Newsprint:
Canada:
Production
short tons.. 268,947 220,843 250,015 240,545 227,630 236,975 253,230 280,985 288,726 240,656 251,032 231,823 251,279
Shipments from mills
do
267,134 214,255 274,635 232,261 221,743 224,367 267,005 289,260 287,869 264,620 244,273 211,322 235,304
Stocks, at mills, end of month
d o . . . 214,550 212,500 187,880 196.164 202,051 214,659 200,884 192,609 193,466 169,502 176,261 196,762 212,737
United States:
Consumption by publishers!
do
244,181 238,113 231,788 224,240 198,438 206,108 238,667 257,578 240,571 254,781 218,488 216,095 251,269
Production
..do
86,277 77,393 85,872 80,562 74,932 180,000
77,309 78, f 91 78,886 77,836 84,126 81,455 85,143
Shipments from mills
do
85,412 77,463 84,443 84,628 75,354 §79,060
78,559 79,364 81,410 78,283 80,959 79,972
Stocks, end of month:
At mills
_du . . . 16,680 20,065 21,494 17,428 17,006 17,946
16,696 15,923 13,399 12,952 16,119 17,602 15,815
At publishers!
.do
238,670 206,744 229,142 231.165 252,625 277,624 283,315 285,333 295,675 284,283 285,776 278,306 246,228
42,329 37,253 39,251 47,737 43,459 41,484
In transit to publishers!
_.do
47,815 50,073 50,704 43,948 42,760 38,061 38,*727
TEXTILE PRODUCTS
Page 154
Cotton:
Consurnirtion
bales.. 623,893 543,187 606,090 578,436 521,353 628,448 624,902
718, 721 652,595 730,143 662,659 626,331
345
Exports (excluding linters)§.thous. of bales..
886
143
178
114
584
107
807
649
219
747
1,027
434
11
Imports (excluding lintcrs)§
__ do...
14
13
12
11
14
16
10
37
13
9
10
10
TRANSPORTATION EQUIPMENT
Page 160
Automobiles:
Production:
Canada, total
number __ 19,687 16,891 15,706 14,515
3,921
11,296 16,756 16,978 17, 213 18,103
9,135
16,612
3,475
Passenger cars
do
13,487 12, 791 11,585 10,585
7,791
9,882 11,491 12,579 12,779
3,494
5,112
12,025
1,068
United States (factory sales), total...do
432,746 337,375 297,542 309,738 209,359 99,868 188,757 313,392 351,785 452,142 432.279 404.032 423,620
Passenger cars
do
362,139 273,409 237,870 246,704 150,738 61,407 161,625 251,819 285,252 373,804 362,897 337,756 352,922
Com'l cars, trucks, road tractors... do
70,607 63,966 59,672 63,034 58,621
27,132 61,573 66,533 78,338 '69,382 ••66,276 '70,698
38,461
*• Revised.
• Data for March are the latest available.
*New series. Earlier data for the new series on alcoholic beverages appear in tables 2-8, pp. 15-18 of the July 1939 SURVEY.
!Revised series. Revisions for indicated consumption for beverage purposes of all spirits and whisky not shown on p. 41 of the October 1939 SURVEY will appear in a
subsequent issue of the SURVEY. For revisions for newsprint consumption and stocks see footnote marked "f" on p. 52 of the May 1940 SURVEY,
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 SURVEY,
@FedFRASER