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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 30, 1940 SUMMARY OF BUSINESS TRENDS B USINESS activity in the 2 weeks since the intensification of the war in Europe has not had a clearly defined trend. Signs of rising volumes in certain spheres of activity are in contrast to actual and foreshadowed contraction in others. Despite the break in stock and commodity prices, industrial production continues to show an upward movement as the result, so far as weekly data indicate, of greatly increased steel-ingot production. The ingot rate is scheduled to rise again this week to 76.9 percent of capacity from 73.0 percent last week. On the other hand, automobile production receded to 96,810 units for the week ended May 25 as against 99,030 a week earlier. The trend of consumption is not particularly encouraging. Scattered reports show a lower volume of retail automobile sales in the second 10 days of May.~ Department-store sales for the week ended May 18, while 5 percent above a year ago, indicate that a late spring pick-up is not developing. Stock and commodity prices moved within a narrow range after a further decline in the opening days of last week. Spot cotton advanced to the prices prevailing May 10, corn recovered to early May levels, but wheat and other agricultural staples did not show the same strength. The index of 28 basic commodities (see chart below) declined throughout the week, largely because of the growing weakness in the prices of import commodities. Other components tended to rise at the end of the week. The Dow-Jones average of industrial stocks declined to 114.13 on May 21, from 122.43 on May 18, though closing fractionally higher at the end of the week. Whether the repercussions of the break in prices will offset the recent gains by business in particular industries cannot be stated on the basis of available data. The speed with which the new armament program can be initiated is important as a counterbalancing factor, but much hinges on the results of military operations abroad. Employment and pay-roll statistics for April indicate the general slackening in the rate of recession in that month. The adjusted factory employment index declined 1 point to 99.4, the durable goods component falling somewhat less than the nondurable goods index. The adjusted index of income payments declined a half point in April to 86.5 compared with the December-January level of 89.5. The index of nonagricultural income was off a full point to 87.4, which was partly offset by a contraseasonal rise in the cash income of farm operators. SELECTED BUSINESS INDICATORS STEEL INGOT PRODUCTION ELECTRIC POWER PRODUCTION (PERCENT OF CAPACITY) (BILLIONS OF KILOWATT HOURS) 100 80 (THOUSANDS OF CARS) i 60 \ r 40 20 O FREIGHT CAR LOADINGS . . . . . 1 . i AUTOMOBILE PRODUCTION (THOUSANDS OF 125 i BITUMINOUS VEHICLES) COMMERCIAL LOANS COAL PRODUCTION (BILLIONS OF DOLLARS) (DAILY AVERAGE - THOUSANDS Of TONS) R too 75 50 25 0 . . . . . I t BBICES_OF 3 5 0 JNDUSTRIAL STOCKS PRICE .INDEX OF 28 BASIC COMMODITIES (INDEX, 1926 * JOO) (AUG. 1939 = 100) WEDNESDAY CLOSE V u nf 100 1937 1938 1939 «11., I,. 1940 1937 INCOME PAYMENTS 1,1 w 1938 MONTHLY OATA 110 90 100 85 90 80 60 75 (1323-25 = 100) 120 95 70 1940 FACTORY EMPLOYMENT 8c PAYROLLS (SEASONALLY ADJUSTED 1 9 2 9 = 1 0 0 ) 100 1 1939 PAYROL (UNAQJUST£ 70 . . . . . . . . . . . 1937 233696—40 ,. 1. . 1 , , 1. . 1933 1 , 1 . . I . , I ,. . . t , . 1. . t . . 1940 1939 60 .. , I , , I , • I , . 1937 I ,.l , , 1938 , , I t , I, , 1 , , 1939 I94O WEEKLY BUSINESS INDICATORS (Weekly average, 1923-1925=100] 1940 1939 1940 1938 1939 1933 May May May May Apr. May May May May 27 25 18 11 27 20 28 21 May May May May Apr. May May May May 25 18 11 4 27 27 20 28 21 Finance—C ontinued. Banking: Debits, outside N. Y. C.t~~ 89.4 101.3 81.5 19.8 76.2 85.5 Federal Reserve reporting member banks: Loans, total Commodity prices, wholesale: 68.5 69.2 69.2 .9.3 69.2 65.0 64.4 66.8 67.3 Interest rates: Dept. of Labor, 1926=100: 24.2 24.2 24.2 24.2 24.2 24.2 24.2 24.2 24.2 Call loans}.. 78.5 78.4 78.9 79.0 75.8 75.9 78.1 78.2 Combined index (813) Time loanst. -- 28.6 28.6 28.6 28.6 2S.6 28.6 28.6 28.6 28.6 68.2 69.2 71.3 71.6 63.5 64.1 68.8 68.8 Farm products (67) 157.0 156.7 156.4 156.2 155.1 142.3 142.4 132.1 132.0 Currency in circulation? 71.7 71.6 72.5 72.8 67.6 67.4 73.0 72.9 Food (122) 82.9 82.6 82.6 82.5 80.7 80.7 81.5 81.7 Production: All other (624) 123.1 126.0 125.3 126.3 129.0 86.2101.9 58.7 62.7. Automobiles i .. Fisher's index, 1926=100: Bituminous coal} 83.4 84.0 84.0 84.3 84.6 79.7 79.7 80.8 81.4 75.0 77.8 78.6 77.2 60.8 49.4 52.1 48.5 Combined index: (120) Cotton consumption^ 80.4 81.2 79.0 79.7 80.4 71.0 71.0 63.8 71.0 118.0 114.8 114.8 109.3 113.9 75.8 83.6 Copper, electrolytic} 145.4 143.3 143.2 143.9 132.4 130.3 118.4 118.1 36.0 29.4 31.3 39.0 36.4 38.6 40.8 40.8 Cotton, middling, spot Electric power! 52.3 50.6 49.2 51.6 52.5 50.6 41.8 40.0 Lumber . 74.9 117.4 52.8 190.2 189.7 182.4 190.7 177.8 170.5 153.7 157.5 90.9 Construction contracts} ___. Petroleum}. _. 125.2 120.0 112.8 106.0 102.9 83.3 78.0 49.0 51.8 67.7 65.9 64.3 59.0 57.3 7L3 71.4 Distribution: Carioadings Steel ingots® 58.5 108.8 104.8 Employment: Detroit, factory.. Receipts, primary markets: 57.0 52.2 57.8 59.2 64.6 59.2 71.3 74.7 Cattle and calves 44.8 46.8 50.6 39.6 41.0 39.4 41.4 39.1 Finance: Hogs 48.1 30.8 23.8 33.1 45.4 30.5 2S.5 21.2 28.8 Bond yields}—. 65.3 62.9 60.7 61.0 61.4 65.5 65.7 74.9 73.5 Cotton. S3.9 106.5 103.9 101.2 79.1 80.0 38.4 44.5 71.0 83.7 94.9 80.2 110.6 11L 3 111.8 98.0 Stock prices!—. Wheat. 88.7 97.7 • Data do not cover calendar weeks in all cases. § Computed normal=100. t Daily average. t Weekly average, 1928-30=100. 1 Seasonally adjusted. ® Index for week ended June 1 is 131.9. tf For description of these indexes, see p. 4 of the Dec. 16,1937 issue. Business activity:J New York Times fie?1. Bfirroii'scf Business Week 95.5 94.7 93.6 93.2 87.6 85.8 75.6 75.9 103.5 102.3 101.0 99.8 88.7 86.0 67.5 68.0 109.1 106.9 105.4 95.3 93.3 75.6 75.3 WEEKLY BUSINESS STATISTICS • 1940 COMMODITY PRICES, WHOLESALE Copper, electrolytic, New York} dol. perlb.. Cotton, middling, spot, New York do Food index (Bradstreet's) —do Iron and steel, composite dol. per ton.. Wheat, No. 2, Hard Winter (Kansas City)._dol. perbu.. FINANCE Banking: Debits, New York City ....mil. of doL. Debits, outside New York City (140 cities) do... Federal Reserve banks: Reserve 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 —do. Investments, total§.._ do. XJ. S. Government direct obligations do Obligations fully guaranteed by U. S. Govern ment mil. of dol._ Loans, total§ do Commercial, industrial, and agricultural loanss mil. of doL _ Interest rates, call loanst^..percent.. Interest rates, time loans} .do Exchange rates: French franc} ...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 valueBond yields (Moody's) (120 bonds)} percent— Stock sales (N. Y. S. S.) thous. of sharesStock prices (iV. Y. Times)X 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 coal } thous. of short tons.. Electric power _ mil. of wk.-hr_. Petroleum}.. thous. of bbl, Steel ingots© pet. of capacity. Construction-contract awards} thous. of dol. Distribution: Freight-car loadings, total cars.. Coal and coke : do Forest products do.... Grains and grain products. do Livestock do Mercfiandise, 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 b u . . 1939 May 25 May 18 May 11 May 4 Apr. 27 0.111 .106 2.20 37.51 0.112 .099 2.27 37.40 0.109 .105 2.33 37.25 1.05 0.110 .111 2.34 37.17 1.05 0.111 .111 2.33 36.57 1.08 3,699 4,791 3,217 4,493 2,995 4,146 3,489 4,697 2,520 2,477 13,223 6,373 2, SIS 2,474 13,094 6,300 2,507 2,467 12,877 6,131 20,201 5,312 14,982 9,105 19,928 5,315 14,949 9,088 2,389 8,562 Apr. 1937 May 20 May 28 0.113 .111 2.30 36.56 1.08 2.25 35.63 .78 0.098 .098 2.27 35.63 .76 0.088 .080 2.35 38.44 .77 0.098 .085 2.35 38.50 .82 0.138 .133 2.85 3,639 4,228 3,640 4,622 3,071 3,779 3,340 4,161 2,782 3,532 2,937 3,967 3,220 4,452 2,500 2,467 12,870 6,107 2,501 2,467 12,883 6,116 2,576 2,564 10,097 4,304 2,576 2,564 10,005 4,244 2,583 2,564 7,716 2,632 2,589 2,564 7,622 2,555 2,557 2,526 6,944 19,741 5,318 14,922 9,032 5,305 14,881 8,960 19,764 5,313 14,934 8,975 2,514 2,467 12,757 6,048 19,655 5,312 14,936 9,002 16,955 5,247 13,548 8,264 16,681 5,247 13,563 8,304 14,697 5,212 12,252 7,922 14,569 5,209 12,271 7,979 15,528 5,222 12,653 8,308 2,387 8,643 2,434 8,654 2,427 8,661 2,427 8,650 2,406 8,653 2,046 8,125 2,031 8,046 1,385 8,345 1,364 8,40S 1,159 9,529 4,394 1.00 1.25 4,414 1.00 1.25 4,404 1.00 1.25 4,409 1.00 1.25 4,419 1.00 1.25 4,430 1.25 3,837 1.00 1.25 3,845 1.00 1.25 4,031 1.00 1.25 4,074 1.00 1.25 4,251 1.00 1.25 1.811 •3.216 297 7,622 1.823 « 3.219 263 7,610 1.876 •3.313 289 ?,594 1.980 "3.494 292 1.G89 - 3,510 262 7,538 2.649 4.681 . 303 6,908 2.G49 4.681 289 6,916 2.770 4.946 2.794 4.965 4.467 4.941 7,585 1.991 <• 3.513 311 7,531 6,417 6,408 6,430 44,870 3.77 10,378 86.19 70.3 81.8 71.2 20.7 £7,800 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 86.9 29.0 33,210 3.65 6,750 108.42 92.2 108.4 87.6 28.6 33,290 3.78 3,871 95.18 84.6 98.7 83.9 25.6 25,080 3.79 2,501 92.16 81.1 94.5 SI. 2 24.0 24,520 4.32 3,059 77.91 70.8 83.5 67.9 20.5 26,480 4.24 2,427 81.24 74.8 88.5 70.2 22.0 "38,230 3.90 3,268 129.38 116.8 137.6 93.8 56.3 96,810 99,030 1,278 2,422 3,835 70.0 98.4S0 1,325 2,388 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 67,740 1,035 2,205 3,585 48.5 80,145 842 2,170 3,438 45.4 12,019 46,120 887 1,973 3,099 29.0 18,842 49,310 826 1,968 3,176 30.7 8,431 120,425 1,266 2,207 3,574 91.0 10,348 678,971 121,089 34,777 30,754 11,861 148,916 48,902 282,672 680,657 126,390 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 20,846 268,395 628,342 121,018 32,096 34,163 11,304 148,150 15,164 266,447 627,674 105,191 29,763 33,904 10,706 152,855 43,670 251,585 612,888 94,179 30,085 34,169 11,811 152,783 36,225 253,636 562,076 102,453 26,841 33,344 12,048 148,526 20,431 218,433 545,789 91,312 25,870 32,160 13,366 148,768 14,103 220,210 790,503 133,621 42,478 27,262 12,578 171,311 77,175 326,078 180 291 80 6,676 165 304 62 8,475 183 329 86 8,263 187 257 118 8,049 179 245 98 6,551 204 266 95 6,291 187 256 74 6,362 225 269 55 3,058 236 254 75 3,543 256 191 69 1,524 73.0 125 5,652 i.oo ©Rate for week ended June 1 is 76.9. }DaiIy average. «Data do not cover calendar weeks in all cases. §No longer strictly comparable; for an explanation see the corresponding data on p. 30 of the April 1939 issue of the SURVEY. 1938 May. 27 May 21 May 29 • Free rate. ^Source: 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 1933 Supplement to the Survey BUSINESS INDEXES Pages 6,9 Income paymentsif Adjusted index 1929=100.. Total mil. ofdoL. Salaries and wages: Adjusted index .1929=100.. Total mil. of doL. Commodity producing industries-do Distributive industries.^ do Service industries do Government do "Work relief wages... do Direct and other relief do Social-security benefits and other labor income mil. of doL. Dividends and interest do Entrepreneurial income and net rents and royalties— . mil. of dol_. Total nonagricultural income do Adjusted index of nonagricultural income 1929= 100_. Agricultural marketings: Cash income from farm marketings:t Crops and livestock, combined index: Unadjusted 1924-29=100. _ Adjusted do. Crops do Livestock and products do. Dairy products __do Meat animals._ do. Poultry and eggs ..do DOMESTIC TRADE Pages 26, 30 Postal business: Money orders: Domestic,"issued (50cities): Number _ thousands.. Value thous. of dol— Domestic, paid (50 cities): Number— thousands.. Value — thous. of dol_. Retail trade: Rural sales of general merchandise: Total U. S., unadjusted 1929-31=100MiddleWest. _._do.— East do— South do.... Far West do Total U. S.f adjustedf do.... Middle Westt do.... Eastf. L—do Southf ...-do— Far Westt .do.... EMPLOYMENT CONDITIONS AND WAGES Pages 31, 32, 33, 35, 37, 40, 41, 43, 44 Employment: Factory, unadjusted (U. S. Department of Labor)t— _.__1923-25=100_. Durable goods do— Nondurable goods do Factory, adjusted (Federal Reserve)t-.do Durable goods ..do Nondurable goods do— Nonmanufacturing. unadjusted (TJ. S. Department of Labor): Mining: Anthracite.... 1929=100.. Bituminous _do___. - Metalliferous... __., do Petroleum, crude, producing do. Quarrying and nonmetalllc do. Public utilities: Electric light and powert~. do. Street railways and bussesf do. Telephone and telegraphf. do. Trade: Retail," totalf do Wholesale ...do. Pay rolls: Factory, unadjusted (U. S. Department of Labor)t 1923-25=100. Durable goods. do... Nondurable goods do Nonmanufacturing, unadjusted (U. S. Department of Labor): Mining: Anthracite 1929=100. Bituminous coal do... Metalliferous do... Petroleum, crude, producing do... Quarrying and nonmetallic .-do... Public utilities: Electric light and powert— do... Street railways and bussestdo— Telephone and telegrapht do.-Trade: Retail, totalt do Wholesale -do. ' Revised. 1940 April April May June July 1939 1940 August February Se Decemg*J m * October November ber January March *86.5 1-5,906 83.0 5,654 83.4 5,432 84.1 5,918 83.7 5,695 85.4 5,400 86.8 6,010 88.0 6,195 88.5 5,804 89.5 6,888 89.5 6,067 88.4 5,567 87.1 '5,938 p 85.0 t>3,724 P 1,336 *884 J»827 J>529 81.0 3,550 1,212 849 799 510 180 90 81.4 3,598 1,235 862 806 520 175 87 82.8 3,665 1,281 874 815 530 165 85 82.8 3,516 1,271 868 810 422 145 85 84.0 3,560 1,318 871 813 423 135 87 84.5 3,692 1,357 892 821 507 115 87 3,858 1,434 922 835 539 128 87.3 3,834 1,421 911 839 531 132 87 87.7 3,878 1,413 942 851 534 138 87 87.2 3,723 1,337 892 837 519 138 94 86.0 3,691 1,324 873 831 520 143 95 '85.6 3,733 ' 1,334 896 829 '523 '151 '94 139 471 145 135 128 783 129 132 1,514 143 855 148 455 150 827 1,103 5,453 1,338 f,510 1,258 5,217 1,277 6,306 1,252 5,518 1,178 5,081 1.134 '5,486 83.8 85.4 85.5 1,157 4,887 86.7 1,291 5,304 *>87.5 1,137 4,943 84.3 136 849 1,109 5,222 145 451 P 1,139 *>5,437 133 760 1,121 5,192 87.0 88.8 89.5 .P62.5 P81.5 78.0 .53.5 68.0 59.0 76.0 76.5 78.0 59.0 70.5 59.5 80.5 75.0 89.5 59.5 63.5 50.5 75.5 75.5 78.5 65.0 67.5 63.0 51.5 74.0 77.0 75.0 66.5 75.5 66.5 58.5 74.0 82.0 71.0 64.5 93.0 73.5 64.5 82.0 84.0 84.5 67.0 107.0 76.5 68.5 83.5 89.0 87.0 66.5 90.0 76.5 66.0 86.5 91.0 87.0 73.5 4,503 41,548 4,171 38,119 4,248 39,229 3,907 36,858 3,906 37,098 3,907 37,262 4,288 39,723 4,150 38,553 13,624 100,793 13,164 95,899 4,170 38,165 13,724 13,918 99,757 101,345 12,142 91,709 13, iao 99,498 12,624 97,376 14,152 109,016 14,385 108,449 115.3 105.1 115.2 134.4 127. Q 125.4 112.5 120.8 152.5 142.2 120.2 110.2 116.6 144.8 125.8 130.8 118.0 122.4 164.3 140.9 120.5 113.3 118.8 137.6 131.8 131.2 119.6 129.1 162.2 146.6 120.0 109.9 122.8 133.3 137.3 131.7 116.4 133.8 165.8 144.1 91.1 81.8 88.3 103.8 115.2 . 124.8 110.9 124.1 152.8 140.5 107.2 99.1 105.8 111.7 134.6 131.1 120.1 132.7 155.0 146.1 132.6 116.3 126.4 165.6 162.3 125.4 113.5 128.6 150.0 138.7 160.3 143.9 155.4 215.4 166.5 123.4 113.3 120.7 145.4 138.7 159.7 142.8 167.0 208.2 164.7 122.7 108.9 129.5 151.6 135.8 211.7 190.1 229.2 236.4 242.8 132.4 121.9 137.7 157.4 148.8 102.3 96.6 99.2 120.7 108.4 134.5 126.3 130.6 152.6 147.5 107.0 96.8 106.0 136.9 114.8 132.3 121.8 129.6 150.1 155.1 119.9 110.9 120.0 151.6 120.2 136.6 125.1 133.6 167.9 149.0 96.0 103.5 99.4 95.0 103.7 94.1 84.8 103.0 93.8 83.9 103.3 93.0 84.0 101.6 93.3 82.9 103.3 93.4 84.6 101.8 .94.3 83.9 104.2 93.5 83.0 103.5 95.3 84.7 105.3 96.3 83.9 108.1 95.9 85.3 105.9 100.2 89.8 110.2 97.5 88.9 105.7 103.6 96.1 110.8 101.2 94.6 107.6 103.8 98.2 109.2 103.4 97.3 109.2 104.1 100.0 108.0 104.5 100.0 108.9 '101.4 97.4 '105.3 103.9 99.7 107.8 101.4 96.5 106.0 102.1 97.4 106.6 '100.8 '96.4 105.0 '100.4 '95.9 '104.8 51.6 86.0 67.6 63.2 44.8 53.0 25.9 61.5 65.8 43.0 52.6 47.9 61.9 66.1 45.6 51.2 78.3 61.6 67.0 47.3 44.7 79.4 60.4 67.3 47.5 49.4 48.5 85.4 81.4 60.4 — 62.9 65.0 66.7 47.9 48.1 51.9 93.0 65.3 64.3 48.0 51.3 94.9 60.-6 63.8 47.1 51.0 92.6 67.3 63.8 44.0 51.5 91.8 66.4 63.2 37.8 52.0 '91.7 52.5 89.8 —66,263.0 40.8 90.3 68.5 76.5 87.7 68.5 75.1 88.2 68.9 75.8 89.2 69.3 76.4 90.0 69.1 76.5 90.6 69.2 76.6 90.6 69.2 76.4 90.4 69.5 76.5 90.3 69.3 76.1 90.1 69.0 75.8 89.1 63.8 76.1 '68.7 '75.9 89.4 68.1 75.8 90.0 89.0 88.5 87.3 88.8 87.2 89.4 88.1 87.2 87.9 86.3 89.0 90.5 90.5 91.7 92.4 93.3 92.1 104.2 92.2 ••87.7 '90.6 '87.1 '90.2 90.7 90.4 96.4 97.2 95.6 85.5 79.5 92.2 85.0 78.8 91.9 86.5 80.7 93.0 84.4 76.0 93.7 89.7 81.5 99.0 93.8 87.8 100.5 101.6 99.6 M03.9 101.6 100.9 102.4 103.7 104.6 102.8 '98,4 '97.8 ' 96.7 '99.1 '98.2 '97.5 '99.0 36.3 71.4 63.1 58.6 38.5 43.4 17.6 52.6 60.8 35.9 57.0 20.4 54.1 61.2 39.7 36.1 66.5 53.8 62.5 41.7 25.2 64.5 48.5 61.9 40.9 33.8 74.6 53.0 62.0 42.9 40.1 80.2 55.1 60.8 42. 52.2 97.6 63.4 58.8 45.6 42.0 96.3 63.9 59.6 42.9 26.6 84.3 65.0 59.2 39. 52.5 87.0 63.6 58. 29.6 32.9 '87.0 '64.2 '59.0 '30.8 78.6 63.0 58.6 103.7 69.3 99.3 98.3 68.4 94.0 99.9 68.9 95.7 101.2 70.0 95.7 102. 69.8 96.3 102.2 102.0 71.2 97.2 102.5 69. < 96. 102. 69. 97.4 101.6 69.0 97.4 M02.2 '71.5 '96.9 102.5 69.6 98.3 82.3 77.2 79.6 74.8 79.9 81.1 75.8 74.9 p Preliminary. 101.1 69.4 96.6 79.5 75.8 78.0 76.2 80.9 78.0 83.2 80.3 83.6 79.0 91.8 79.1 80.8 77.2 79.1 76.8 81.9 77.9 M48 *89.0 *88.0 67.0 88.8 79.0 79.0 74.0 84.0 91.5 82.0 70.5 79.0 72.5 85.0 95.0 84.5 65.5 60.5 84.0 81.0 86.5 94.0 82.0 80.0 '60.0 76.0 72.5 79.0 '89.5 «*75.0 70.0 4,554 4,702 4>,876 4,246 39,065 4,664 42,937 41,190 15,285 13,608 111, 851 100,455 12,945 14,373 95,-124 106,197 '63.0 '38.3 indicated nonmanufacturing employment and pay-roll series have been revised beginning 1929, except the telephone and telegraph series for which revisions began in 1932; see table 19, p 17 of the April 1940 SURVEY. Data for employment on street railways and busses revised beginning 1932 since their publication in table 19, p. 17 of the April 1940 issue; revisions not shown on p. 3 of the WEEKLY SUPPLEMENT for May 2,1940, will appear in a subsequent SURVEY. MONTHLY BUSINESS STATISTICS—Continued Monthly statistics through December 1937, to gether with explanatory notes and references to the sources of the data, may be found in the 1938 Supplement to the Survey FINANCE Pages 60, 73, 74, 76, 77 Life insurance: Premium collections, total. thous. of dol. Annuities do... Group _ do. Industrial _do. Ordinary __do___ Security markets: Bonds: Prices: Average price of all listed bonds (N. Y. S. E.)_ . dollars.. Domestic.— do... Foreign do... Value, issues listed on N. Y. S. E.: Face value, all issued mil. of dol. Domestic issues do___ Foreign issues ___do Market value, all issues ...do... Domestic issues ___do Foreign issues _do. Stocks: \ Cash dividend payments and rates (Moody's): Dividend rate per share (weighted averasc) (600 cos.) .dollars. Banks (21) do... Industrials (492 cos.) do___ Insurance (21 cos.) do. Public utilities (30 cos.) do... Rails (36 cos.)-. __ do.__. Prices: Average price of all listed stocks (N. Y. S. E.)_ _ Dee. 31,1924=100 Shares listed, N . Y. S. E.: Market value, all listed shares mil. of doL, Number of shares listed millions.. FOREIGN TRADE Pages 79, 80, 82, 83 Indexes: Exports: Total value, unadjusted 1923-25=100.. Total value, adjusted do TJ. S. merchandise, unadjusted: Quantity do. Value do. Unit value _ _do. Imports: Total value, unadjusted ..do Total value, adjusted ...do.. Value: Exports, including reexports...thous. of dol. General imports, total do Imports for consumption, total do METALS AND MANUFACTURES Pages 134,135 Steel, manufactured products: Barrels and drums, steel, heavy type: Orders, unfilled, end of month number.. Production ..do. Percent of capacity ___ Shipments number.. Stocks, end of month do Furniture, steel: Office furniture: Orders: New .thous. of dol.. Unfilled, end of month. do Shipments do Shelving: Orders: New _ .do... Unfilled, end of month do._. Shipments do... RUBBER PRODUCTS Page 149 Pneumatic casings: Production! - thousands.. Shipments, totalf do Original equipment*. ..do Replacement equipment* do... Exports* do Stocks, end of monthf do Inner tubes: Production! do Shipments, totalf do Exports* _ do Stocks, end of monthf .do STONE, CLAY, AND GLASS PRODUCTS Pages 150,152 Portland cement: Production .thous. of bbl.. Percent of capacity. Shipments thous. of bbl._ Stocks, finished, end of month do Stocks, clinker, end of month do 1940 April 1939 April 268,866 243,414 24,971 19,838 12,239 10,450 69,543 61,263 162,113 151,863 1940 May June July August Septem DecemOctober November ber 257,965 22,809 11,302 59,846 164,008 268,472 25,496 11,528 61,255 170,193 248,077 27,712 10,497 55,554 154,314 244,706 23,472 11,292 54,271 155,671 234,418 18,248 11,320 59,970 144,880 238,492 20,879 10,781 57,055 149,777 247,397 23,412 10,854 52,800 160,331 88.50 92.41 47.29 90.79 94.59 L50.55 52,466 47,917 4,549 46,431 44,279 2,151 ber January February March 355,983 50,082 13,270 106,662 185,969 286,934 42,185 15,848 63,512 165,389 263,077 25,562 12,451 56,154 168,910 277,439 27,248 12,960 62,337 174,894 91.24 95.05 51.23 92.33 96.02 52.23 92.02 95.70 52.00 91.97 95.68 51.58 92.86 96.55 52.77 52,452 47,922 4,531 47,621 45,331 2,290 52,435 47,869 4,566 47,839 45,500 2,339 54,067 49,512 4,554 49,920 47,541 2,379 53,988 49,440 4,548 49,679 47,314 2,365 53,937 49,400 4,537 49,605 47,265 2,340 53,853 49,313 4,540 50,006 47,611 2,396 92.48 96.51 48.86 91.56 94.83 57.40 92.92 96.09 59.73 92.08 95.34 57.79 93.15 96.46 58.46 53,646 49,108 4,538 49,612 47,395 2,217 52,564 47,975 4,589 48,128 45,493 2,634 52,647 48,056 4,591 48,921 46,179 2,742 52,751 48,166 4,585 48,571 45,921 2,649 52,610 48,032 4,578 49,007 46,331 2,676 1.43 3.01 1.4S 3.01 1.37 2.39 1.94 .90 1.49 3.01 1.38 2.39 1.94 .87 1.52 3.01 1.42 2.39 1.94 [-90* 1.52 3.01 1.42 2.39 1.95 .90 ].54 3.01 1.45 2.39 1.95 .90 1.08 3.01 1.61 2.39 1.95 1.25 1.70 3.01 1.63 2.53 1.95 1.25 1.71 3.01 1.63 2.64 1.95 1.20 1.73 3.01 1.67 2.64 1.95 1.26 1.74 3.01 1.68 2.64 1.95 1.26 63.0 63.6 64.3 46,058 1,441 46,695 1,444 1.76 3.01 1.70 90.59 94.05* 54.50' 52,209 47,642 4,567 47,297 44,808 2,489 2. (VI 1.96 1.27 2.33 1.92 .90 1.43 3.01 1.31 2.33 1.92 .90 64.3 56.6 60.2 57.0 62.2 57.9 65.9 65.8 63.2 G4.4* 46,769 1,446 40,673 1,427 43,230 1,427 41,005 1,429 44,762 1,430 41,653 1,430 47,440 1,431 47,374 1,431 45,505 1,432 46,468 1,435 85 90 61 64 66 70 62 70 60 69 66 72 76 72 87 72 77 67 97 91 97 95 91 100 93 92 123 85 69 98 61 62 107 66 62 101 63 62 99 61 62 108 67 62 117 76 65 131 87 66 116 77 67 140 96 69 138 96 70 130 91 70 132 93 70 66 61 58 53 63 61 55 58 52 57 54 57 56 59 67 65 73 73 76 77 75 74 62 62 67 60 324,003 212,240 202,974 230,947 186,195 185,800 249,259 202,502 194,193 236,058 178,953 178,405 229,628 168,925 170,451 250,839 175,756 180,379 288,573 181,461 199,483 332,079 215,281 207,140 292,582 235T 402 214,454 367,819 246,903 232,738 368,584 241,897 234,634 346,779 199,775 189,824 352,272 216,732 206,719 235,485 951,480 53.5 949,054 36,807 277,719 837,079 51.1 437,320 28,431 257,961 846,322 51.9 845,517 29,050 208,000 861,102 52.8 850,513 39,639 235,772 750,276 46.0 756,890 33,025 247,729 771,714 1,147,918 966,519 767,591 450,032 851,087 1,203,820 1,612,384 1,636,293 1,468,963 1,137,543 52.2 73.8 82.9 92.3 64.0 92.4 849,697 1,207,335 1,576,690 1,653,078 1,457,472 1,158,345 34,407 30,892 61,251 66,586 41,708 49,781 335,183 802,960 45.1 808,635 36,033 243,081 851,912 47.9 853,564 34,381 2,219 1,169 2,008 1,590 932 1,684 1,769 989 1,712 1,932 1,179 1,745 1,774 1,361 1,596 1,855 1,285 1,932 2,097 1,334 2,048 2,181 1,365 2,150 2,120 1,299 2,187 2,095 1,247 2,160 2,367 1,350 2,264 494 363 499 385 255 378 501 323 433 425 293 460 407 291 366 411 263 440 421 266 418 526 335 456 668 511 493 540 494 534 504 443 556 481 444 479 475 368 552 5,106 5,010 2,095 2,827 87 10,881 4,310 4,458 1,571 2,779 108 9,813 4,473 4,800 1,366 3,335 100 9,540 4,976 5,849 1,369 4,367 113 8,632 4,595 5,143 794 4,264 85 8,103 5,511 4,990 599 4,289 103 8,691 5,076 5,658 1,219 4,294 146 8,080 5,392 5,161 1,788 3,226 146 8,382 4,865 4,278 1,854 2,276 148 8,918 4,469 4,727 ' 2,613 1,979 135 8,665 '4,954 '4,270 1,805 '2,360 105 '9,348 '4,888 r 4,112 1,974 '2,037 101 ' 10,124 '5,007 '4,346 2,050 '2,203 93 ' 10,747 4,618 4,543 3,852 3,940 3,746 4,034 3,905 4,150 4,757 4,457 4,991 7,323 Do Oft uo 7,799 7,206 7,279 4,508 3,967 127 7,710 3,784 4,394 09 vz 7,036 4,211 3,810 0/ 5,008 4,948 ins 4,287 On 4,249 5,036 66 7,549 ' 7/O 6 7,634 7,897 '4,400 ' 4,114 Art ou '8,183 11,953 56.5 12,715 21,477 5,797 12,644 57.9 11,757 22,361 5,928 12,369 56.6 13,401 21,326 5,727 11,937 56.3 13,104 20,160 5,254 12,539 57.3 12,829 19,870 4,854 11,053 52.2 10,147 20,779 4,824 9,488 42.9 6,785 23,449 5,165 6,205 28.6 3,889 25,760 5,617 5,040 24.8 4,905 25,896 6,304 7,917 36.3 7,715 '26,120 '6,487 0/ 8,258 10,043 47.4 10,829 25,334 6,638 • 1.31 8,653 9,674 45.7 9,654 23,837 6,568 8,373 11,185 50.9 12, 748 22,251 5,728 1U5 45,637 1.441J 4 8 2,200 1,286 2,264 2,097 958 2,424 ' Revised. •New series. For new series on pneumatic casings and inner tubes, see tables 27 and 28, pp. 16-18 of the May 1939 SURVEY. tRevised series. Datalfor pneumatic casings and inner tubes revised for 1936-38; see tables 27 and 28, pp. 16-18 of the May 1939 SURREY. For revisions for 1939, see p. 53 of the May 1940 SURVEY. u.s. GOVERNMENT PRINTING OFFICE, m o
@FedFRASER