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SURVEY OF CURRENT BUSINESS
WEEKLY SUPPLEMENT
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
WASHINGTON, D. C, NOVEMBER 16, 1939
SUMMARY OF BUSINESS TRENDS
limits of capacity; the lumber industry continues to follow an
even production pattern, notwithstanding the growth of unfilled
orders. Aggregate industrial output is currently one-fifth
larger than a year ago.
The construction industry continues to reflect sustained
operations in private residential and nonresidential building.
Owing to a considerable falling off in new awards for public
construction over recent weeks, however, the total volume of
contracts (see the chart below) is running lower than a year ago
when there were record awards of publicly financed work.
Retail sales of general merchandise during October moved
upward toward the seasonal peaks occurring later this quarter,
but the data on department stores, rural general merchandise,
and variety store sales indicate that the September-October
rise was somewhat less than the large gain allowed for in seasonal
calculations. Retail sales of new passenger cars advanced
sharply in October though the tie-up of Chrysler plants was a
factor tending to slow. deliveries. Partly as a result of the
earlier availability of new models, sales of new passenger cars
were considerably larger than a year ago.
p
has been little change in the business situation
J- during the first 10 days of November with industrial activity
holding the position attained at the end of October. Although
the flow of new business is lower than during the exceptional
buying wave of September, unfilled orders are probably sufficient
to maintain production against the customary seasonal curtailments in December. Prices of sensitive commodities and
equity securities have tended to ease slightly thus far in November, though wheat and cotton quotations have strengthened
during the past week. Last week the pound sterling sold as
low as $3.77 in New York owing to heavy transfers of funds
from London in transactions for which the official rate is not
available. Other European currencies and the Canadian
dollar also weakened.
Railway freight traffic has declined from the fall peak reached
in the week ended October 21, in conformity with the usual
seasonal movement. Production in basic manufacturing industries is no longer expanding but continues to hold at comparatively high levels. Bituminous coal production has not increased
since mid-October. Heavy backlogs of orders are sustaining
production in the steel and paper industries around the practical
SELECTED BUSINESS INDICATORS
STEEL INGOT PRODUCTION
ELECTRIC POWER
(PERCENT OF CAPACITY)
SPOT COMMODITY PRICES
PRODUCTION
(BILLIONS OF KILOWATT HOURS)
(MOODY/5 I N D E X - D E C . 3 1 , >95I - t O O )
100
75
50
25
0
,
•
I
,
.
[
BITUMINOUS COAL
(MILLIONS OF
12
•
•
I
.
PRODUCTION
SHORT
TONS)
.
1.8
PRICES OF 3 5 0 INDUSTRIAL STOCKS
CONSTRUCTION CONTRACTS-FW. DODGE
(DAILY AVERAGE AWAROSj-_HlL_LjONS OF DOLLARS)
(INDEX. 1926- 100)
160
10
140
120
100
AUTOMOBILE PRODUCTION
(THOUSANDS
YIELDS OF 120 CORPORATE BONDS
OF VEHICLES)
4.6
CRUDE OIL RUNS-TO-STILLS
(MILLIONS Of BARRELLS-DAILY AVERAGE)
MISCELLANEOUS CAR
(THOUSANDS
LOADINGS
COMMERCIAL FAILURES
Of CARS )
(NUMBER)
\
i
190932—39
.
.
(PERCENT;
i
,
WEEKLY BUSINESS INDICATORS *
[Weekly average, 1923-25" 100]
105. 5 „_.
104, 6 103.5 103.2 90.3 89.6 90.2 93.2
112.7 110.9 111.5 111.3 96.6 93.6 88.9 93.5
122.2 121.7 121.9 121.1 101.5 100.9 94.8 00.5
79.3
67.5
72.3
84.4
79.2
67.
72.3
84.
79.4 78.9 77.4 77.3 83.2
67.5 66.7 67.6 67.2 77.8
73.2
73.9 72.9 83.6
81.2 84.0
84.1
83.8
77.7
84.3
84.3
1937
Nov. Nov. Oct. Oct. Oct. Nov. Nov. Nov. Nov.
11
14 12
28
13
Nov. Nov. Oct. Oct. Oct. Nov. Nov. Nov. Nov.
14 12
13
28
Business activity:1
New York Times§cf.
Barron'scf
BusinessWeek
Commodity prices, wholesale:
Dept. of Labor, 1926=100:
Combined index (813)
Farm products (67)
Food 6-22).
....
All other (624)
Fisher's index, 1926=100:
Combined index (120)_.,._
Copper, electrolytict
--Cotton, middling, spot
_„
1938
1939
1937
1938
1939
Finance—Continued.
Banking*.
Debits, outside N. Y. C.J .__ 88.5100.0 92.5 116.3 85.9 91.1 96.8 86.3 98.8
Federal Reserve reporting
member banks:
Loans, total..
77.0
68.2 68.2 67.8 67.4 67.3 66.6 66.0
Interest rates:
24.2 24.2 24.2 24.2 24.2 24.2 24.2 24.2 24.2
Call loans?
Time loans?
. . . 28.6 28.6 28.6 28.6 28.6 28.6 28.6 28.6 28.6
Currency in circulation?
152.5 151.8 150.6 151.1 151.3 139.1 138.4 135.2 135,3
Production:
t
Automobiles
_.
113.0 108.4 102.5 91.9 99.4 112.8 99.4 119.7 125.5
Bituminous coal?
100.4 102.1 102.3 102.1 84.4 79.4 96.4 87.6
Cotton consumption 1
132.7 130.9 136.4 109.8 109. S 95.5 9S. 7
152.3 152.4 149.7 149.8 132.6 132.5 130.7 132.2
Electric powcrf
_.
56.2 61.6 57.8 55.3 42.0 48.6 40.2 49.3
Lumber.
_.
168.1 168.0 181.1 178.3 155.7 174.2 170.0 169.6
Petroleum?
_
Steel ingots®
158.9 156.3 154.9 155.1152.2 103.0 95.9 67.3 79. S
Receipts, primary markets:
93.3 97.3 91.8 87.8 84.1 97.0 105.7 i.3
Cattle and calves
45.3 42.9 46.3 41.8 54.8 50.2 56.0 41.8
Hogs.
Cotton.
_
___ 198.1220.0 227.7 269.6 249.2 134. 2 175.4 236.5 231. 9
Wheat
.'_'„ 31.4 41.2 57.0
53.4 45. 63.5 45.8 51.9
83.9 84.0 83.7 83.9 83.3 80.5 80.4 87.1 87.9
89.1 89.1 89.1 79. 79. 79.0 84.1
89.1
20.8 29.0
35. 34.6 33.8 33.8
3G.8
32.
64.3 70.5 73.2
Construction contractst
84.1 87.0 89.8 88.1 66.4 70.2 71.5 76.0
Distribution: Carloadings
123.4
96.9
102.4
Employment: Detroit, factory...
Finance:
54.1 54.3 50.9 53.6 44.0 51.1 53.1 47.2 43.0
Failures, commercial
64.3 65.0 65.3 66.2
iS.6 69.0 72.6 71.9
Bond yields?
111.5 113.6 115.2 114.9 112.8112.5 109.3 96.6 96.8
Stock prices?
....
• D a t a do not cover calendar weeks in all easrs.
§Computed normal=KXX
JDaily average.
f Weekly average, 1928-30=100.
ISeasonally adjusted.
©Index" for week ended Nov. 18, is 160.6.
ef For description of these indexes, see p . 4 of the Dec. 16, 1937 issue.
WEEKLY BUSINESS STATISTICS'
1939
Nov. 11
COMMODITY PRICES, WHOLESALE
Copper, electrolytic. New York?
do!, per l b _
Cotton, middling, spot, New York
do.—
Food index (Brao'street's)
_
do
Iron and steel, composite..
dol. per ton..
Wheat, No. 2 Hard Winter (Kansas City)..dol. per bu._
FINANCE
Banking:
Debits, New York City
mil. of do!..
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
TJ. S. Government direct obligations
do
Obligations fully guaranteed by TL S. Government
.mil. of doL.
Loans, total §
_
do
Commercial, industrial, and agricultural loans §
mil. of dol._
Interest rates, call loans?
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 (AT. Y. S. E.)
thous. of dol. par value..
Bond yields (Moody's) (120 bonds)?
percent..
Stock sales (AT. Y. S. £.)
thous. of shares..
Stock prices (jV. Y. Times)t
dol. per share..
Stock prices {Standard Statistics) (420)
1926=100..
Industrials (350)
do
Public utilities (40)
do....
Railroads (30)
do
Nov. 4
0.123
.100
0.123
.006
37.53
.87
Oct. 28
1938
Oct. 21
Oct. 14
Oct. 7
1937
1930
Nov. 12
Nov. 5
Nov. 13
Nov. 6
Nov. 14
37.62
.85
0.123
.096
37.56
.83
0.123
.094
37.56
.83
0.123
.092
2.39
37.62
.82
0.118
.092
2.41
37.74
.82
0.110
.092
2.40
36.29
.04
0.110
.089
2.38
36.56
.04
0.109
.0S1
2.76
38.93
.92
0.116
.079
2.76
39.17
.96
0.100
.122
2.79
34.60
1.21
2,739
4,106
4,123
4,637
3,118
4,289
2,766
4,493
!,5G4
3,599
4,761
2,565
3,522
4.145
4,490
3,268
4,003
3,421
4,581
3,674
3,733
2,721
2,687
11,749
5,354
2,765
2,721
11.814
5, 376
2,771
2,736
11,950
5,531
2,817
2,748
11,907
5,509
2,810
2,765
11,739
5,399
2,837
2,785
11,672
5,359
2,561
8,546
3.132
2,582
2,564
8,686
3,217
2,576
2,537
6,879
1,066
2,559
2,526
1,046
2,470
2.430
6,S25
2,260
18,660
5,250
14,314
8,720
18,556
5,249
14,207
8,684
18,721
5,251
14,178
8,628
18,567
5,239
14,140
8,574
18,451
5,242
14,160
8,559
18,306
5,236
14,123
8,503
15,711
5,137
13,037
8,141
15,766
5,155
13,081
8,132
14,657
5,302
12,008
7,972
14,610
5,278
12,029
7,968
15,379
5,022
13,724
9,267
2.250
8,521
4,330
1.00
1.25
2,232
8,521
2,224
8,423
2,240
8,408
2,240
8,375
1,679
8,327
1,686
8,327
1,128
9,600
1,137
9,625
1.258
8,764
4,310
1.00
1.25
2,226
8,479
4,292
1.00
1.25
4,286
1.00
1.25
4,288
1.00
1.25
4,251
1.00
1.25
3,897
1.00
1.25
3,892
1.00
1.25
4,780
1.00
1.25
4,761
1.00
1.25
1.00
1.25
2.201
3.882
220
7,404
2.264
3.992
221
7,370
2.270
4.005
207
7,315
2.269
4.002
218
7,335
2.275
4.014
179
7,347
2.283
4.027
222
7,316
2.654
4.748
208
6,757
2.661
4.757
216
6,720
5.001
192
6,564
3.385
4.980
175
6,568
4.641
4.880
170
27,980
3.71
4,624
108.29
94.4
m.2
87.4
31.5
37,830
3.75
6,530
110.35
94.9
H2.0
86.8
32.1
41,550
3.77
7,051
111.88
97.2
114.9
87.5
33.5
42,870
3.82
6,215
111.54
95.9
113.4
86.2
33.0
28,000
3.88
3,183
109.59
94.4
111.5
85.2
32.5
44,870
3.92
5,634
109.88
93.9
110.9
84.9
32.5
36,030
3.96
8,043
109.25
98.2
117.9
83.2
31.8
40,120
3.98
5,854
106.10
94.2
113.0
81.2
29.7
40,120
4.19
6,741
93.86
87.3
101.3
82.7
33.4
35,390
4.15
6,251
94.02
84.9
99.4
78.3
31.5
71,990
3.71
12,062
142.13
125,4
145.9
108.8
59.2
PRODUCTION, CONSTRUCTION, AND
DISTRIBUTION
Production:
Automobile}
number..
86,094
75,830
70,114
82,690
86,200
95,770 104,290
91,325
78,210
76,095
75,860
Bituminous coal?
thous. of short tons..
1,742
1,710
1,642
1,353
1,438
1,738
1,491
1,696
1,830
1,738
Electric power
mill, of kw-nrs__
2,537
2.177
2,494
2,539
2,207
2,209
2,465
2,170
2,202
2,495
Petroleum?
thous. of bbl._
3,501
3,541
3,772
3,499
3,436
3,040
3,629
3,243
3,714
3,533
Steel ingots®.
pet. of capacity..
91.0
41.0
90.2
87.5
74.0
88.6
90.3
56.8
61.0
48.6
Construction-contract awards?
thous. of dol.,
8,564
7,779
10,327
11,747
11,317
Distribution:
Freight-car loadings, total..
cars..
S05,862 834,096 861,198 844,955 834,694 636,710 672,967 685,926 728,765 784,980
Coal and coke
do
171,597 176,543 181,435 181,753 182,986 134,444 134,330 150,803 150,127 168,816
Forest products
„
do
37,529
37,380
39,231
34,506
32,326
27,384
28,338
20,846
36,824
38,432
Grains and grain products
_.do
40,232
37,530
44,578
33,943
43,428
38,296
39,460
32,008
41,182
38,793
Livestock
„
do
20,410
19,839
21,581
22,618
18,409
18,490
19,152
18,061
20,811
21,391
Merchandise, J. c. 1
,
do
159,157 159,348 160,299 160,683 159,822 152,202 157,834 161,311 167,553 167,037
Ore
,
do—
34,780
17,588
62,063
23,294
23,496
16,780
62,533
56,976
62,125
66,059
Miscellaneous.
do,-256,369 270,357 272,054 293,628 323,280
323,383 337,971 351,541 337,844 330,944
Receipts:
Cattle and calves
thousands..
290
304
266
307
392
334
307
27S
295
305
Hogs
_
do
271
356
301
278
294
557
363
326
271
214
Cotton into sight
thous. of bales..
572
592
615
456
655
550
603
349
648
701
515
Wheat, at primary markets
thous. of bu_.
3,645
5,051
4,533
3,280
6,182
2,701
4,367
3,616
4,247
3,744
2,495
GRate for week ended Nov. 18, is 93.5
JDaily average.
*Data do n<tot cover calendar weeks in all cases.
V S : Ward's Automotive Reports.
$No longer strictly comparable; for on explanation, see the corresponding data on p. 30 of the April 1939 issue of the SURVEY.
MONTHLY BUSINESS STATISTICS
1938
Monthly statistics through December 1937, to- 1039
gether with explanatory notes and references
to the sources of the data, may be found in the
Decem- January Febru1938 Supplement to the Survey
October October Novemary
ber
ber
COMMODITY PRICES
Page 12
Retail prices:
Fairchild's index:
Combined index
Dec. 31,1930=100-.
Apparel:
Infants'
- --do
Men's
-~
— do
Women's
-— do
Home furnishings
--. do— .
Piece goods
-- -- do ._.
Dallas
Kansas City
Minneapolis
New York
Philadelphia
.
_
...
St Louis
Sales, total U. S., adjusted
Atlanta
.
Chicago
_
Cleveland
„
Dallas
Minneapolis
New York
Philadelphia
St. Louis
..
San Francisco
do
1925=100..
1929-35*100..
1923-25^100..
do
April
May
June
July
August
eptembor
89.0
88.9
88.9
89.1
89.1
89.1
89.1
89.1
89.1
89.3
S9.5
90.2
96 3
88 7
90 4
92.7
84.7
96.4
88.7
89 4
90.9
84.5
96.4
88.7
89.2
90.4
84.4
96.3
SS.7
89.0
90.4
84.3
96.3
88. 7
89.0
00.5
84.3
96.2
88.5
88.9
90.5
84.3
96.2
88.4
88.8
90.5
84.3
96.0
88.4
88.8
90.5
84.1
95.9
88.4
88.8
90.5
84.1
95.9
88.4
88.9
90.6
84.0
95.9
88.4
88.9
90.6
84.1
96.0
88.4
89.0
90.7
84.1
96.1
S8.0
89. 5
91.7
S4. 3
98.2
06.7
102.2
100.2
193.6
104.9
73.6
9S.7
79.7
95.5
85.0
98.8
97.6
97.1
96.3
96.3
95.8
100.8
91.3
102.6
89.5
' 101.1
*• or,. 7
' 100.2
2,833
2,819
5,952
1,99S
1,959
2,442
2,869
2,733
2,712
2,502
2,446
2,785
11,938
682
12,353
685
11,972
6SG
24,114
687
8,801
6S0
0,058
681
10,606
683
11,940
683
11,401
682
11,293
683
10,369
685
10,578
683
11,513
683
7,286
240
6,827
238
6,013
233
14,429
238
5,055
238
5,163
238
5,969
233
6,315
239
6,818
239
6,406
239
6,225
240
6,490
240
6,596
240
3,431
3,294
3,186
7,003
2,535
2,738
3,196
3,643
3,300
3,420
3,158
3,136
3,354
4,090
202
3,811
201
3,594
201
7,223
201
2,686
201
2,752
201
3,205
201
3,848
201
3,741
201
3,758
201
3,564
201
3,470
201
3,789
201
26,530
2,018
26,774
2,017
25,295
2,018
50,379
2,017
19,653
2,014
20,686
2,011
23,104
2,012
25,919
2,008
24,725
2,005
24,662
2,013
24,340
2,015
24,123
2,014
25,810
2,015
8,733
495
'8,974
487
8,635
489
17,990
491
5,531
489
5,748
489
7,164
489
8,376
489
8,496
491
8,386
493
7,298
493
7,210
494
8,235
495
28,722
' 26,822
27,196
38,928
16,523
14,613
18,736
21,281
22,233
22,235
19,502
20,693
26,138
99
»136
86
M01
*98
» 117
92
126
86
91
87
113
92
109
98
75
127
92
97
84
106
82
82
92
85
65
81
93
99
126
86
96
93
118
89
96
106
82
118
95
108
89
111
38
88
105
96
89
68
82
103
156
203
138
157
152
182
151
147
164
127
209
143
170
89
119
94
93
105
97
92
70
87
100
69
91
64
69
67
87
67
75
68
49
77
69
81
88
115
86
8$
114
91
86
68
87
99
69
101
54
67
71
89
64
63
71
52
75
68
83
87
115
84
87
105
86
80
63
79
99
82
116
68
92
82
99
87
07
80
65
105
82
89
88
125
98
92
105
9G
91
70
99
83
119
75
89
92
104
82
97
86
67
102
89
90
88
115
86
84
104
95
89
68
86
98
87
118
75
89
89
105
86
94
85
70
115
86
93
85
116
88
84
105
•94
88
71
86
97
83
108
76
89
82
90
74
95
87
65
105
75
SS
86
119
91
85
101
95
90
66
82
97
60
83
49
61
63
72
61
69
63
46
73
62
81
86
126
85
83
103
97
89
67
90
99
69
114
55
77
73
83
79
89
67
50
86
70
94
89
146
95
87
107
102
90
67
94
MOO
97
'133
83
102
'96
M15
90
116
'97
'73
118
98
'98
'91
'142
99
'93
'104
'104
'93
'73
92
'95
33,235
15,140
18,096
29,463
12,425
17,039
39,966
18,879
21,087
32,393
14, 533
17,860
27, 5S1
12, 380
15,201
34,486
16,274
18,211
30,143
13,311
16,832
31,928
14,165
17,763
33, OSS
15,312
18,676
30,477
12,794
17,683
30,013
13,118
17,496
33,664
15,138
18,526
997
13,219
9R4
12,302
875
36,528
1,263
19,122
063
12,788
1,057
17,851
1,064
17,435
1,028
14,664
847
11,460
885
14,12S
859
11,259
758
9,402
766.1S8
166,908
599,2S0
395, $07
220,893
174,914
529,182
241,001
2SS, 181
!s77.339
220. 531
5G,S09
540,723
377,550
163,173
239.929
162.272
77,658
355,941 1,312.257
142,021 116.873
213,320 1,195,383
604,380
292, 576
311,804
585,732
317,525
208,207
45S, 000
112.129
340,471
174,372
41,221
133,151
338,159
63,922
40,5C1
20,441
274,237
14,458
259, 659
151,223
43, 521
18,284
21,285
107,702
44,656
63,046
310,038
59,544
48,801
"6,461
250,493
56,404
139,795
99,663 258,809 182,742
16,213 '159,686
21,24C
77,000
52,979
5,827
23,571
3,987
18,572
75,081
20.171
1,027
4,202 *• • 579 * 403
1,170 "'2,475
10.386 136f 115 ^46,6S9 "181,749 161,502
1fc
2,000
3,986
12 "15.301 * GO, 175
300 111,029 £31,3S3 .106,500 154,400
282,039
30,241
12,198
12, T63
251,798
79,810
160,185
225,987
49,464
9,864
25,892
176,523
95,875
77,122
340,692
25,395
17,045
1,930
315.298
20,123
248,670
90,194
16,019
1,099
125
74,175
605
22,640
50,225
45,539
42,675
2,864
50,301
45,442
42,597
2,844
47,053
44,268
2,785
52,751
48,571
45 921
2,649
52,610
49,007
46,331
2,676
52,209
47,297
44,803
2,489
52,466
46,431
44,279
2,151
J»102
132
do
____dO-._
do
do—
do
do- . .
1929-31-100,.
1923-25=100..
do..
do
^
do
March
91.2
DOMESTIC TRADE
Pages 27,23,29
Retail trade:
Chain-store sales:
Variety-store sales:
Combined sales of 7 chains:
Unadjusted 1929-31 = 100.. v 102.5
P 101.0
Adjusted
-.
~do
H. L. Green Co., Inc.:
2,855
Sales
.-. . thous. of dol..
S. S. Kresge Co.:
Stores operated.__
number..
S. H. Kress & Co.:
Sales
.
thous. of dol__
Stores operated
number.,
McCrory Stores Corp.:
Sales
thous. of dol.,
G. C. Murphy Co.:
Sales
--—
do
Storesoperated
number..
F. W. Woolworth Co.:
Sales
thous. of doL.
Storesoperated. - . . number,.
Other chains:
W. T. Grant & Co.:
Sales
thous. of doL.
Storesoperated
number.,
J. C. Penney Co.:
Sales
thous. of dol..
Department stores:
Sales, total U. S., unadjusted,_1923-25~l00._
1939
90
'92
104
"98
"88
»68
P
p 97
FINANCE
Pages 53, 57, 58, 70, 71, 73, 75, 76, 77
Banking:
Bank debits, total (141 cities)
mil. of dol. 32,711
13,683
New York City
do—
19,029
Outside New York City
do...
Commercial failuresrf
916
Grand total
number
16,140
Liabilities, grand total
-- thous. of dol
Capital flotations:!
Securities issued by type of security, total
thous. of dol. 739,540
New capital, total
. do
335,860
Refunding, total
do
403,680
Securities issued by type of corporate borrower, total
--.. thous. of dol. 175,514
Now capital, total
do--18,200
5,957
Industrial
do--1,505
Public utilities
_.do--Refundins, total
_.do--- 157,314
3,443
Industrial
..
„
do--Public utilities.
. . d o - 147,052
Security markets:
Bonds:
Value, Issues listed on N. Y. S. E.:
52,452
Par value, all issues ..mil. of doL
47,621
Market value, all issues
^.. do—.
45,331
Domestic issues
-.. do
2,290
Foreign issues
_
do—
iro
51,554
51,587
46,958
44,233
2,725
51,466
47,271
44,524
2,748
88
52,670
48,352
45,665
2,687
52,564
48,128
45,493
2,634
52,647
48,921
46,179
2,742
fRevised series. For revised data on commerdaffsSffies see footnote marked " t " on p. 31 of the October 1939 Survey. Data on capital flotations revised beginning Jannary 1937; see table 26, pp. 15 and 16 of the May 1939 Survey.
MONTHLY BUSINESS STATISTICS—Continued
1939
1938
Monthly statistics through December 1937, to
gether with explanatory notes and references
to the sources of the data, may be found in the
Decem- January
1938 Supplement to the Survey
October October November
1939
February
March
April
May
June
July
August
September
FINANCE—Continued
Security markets—Continued.
Bonds—Continued.
YieMs (Moody's):
3.84,
4.03
3.83
3.78
Domestic (120 bonds)
_ .percent.
3.74
3.81
3.86
3.95
3.95
3.71
3.G6
3.67
By ratings:
3.15
3.08
2.92
3.15
3.02
3.01
3.10
Aaa (30 bonds)—
do.
2.89
2.97
2.99
3.00
2.93
3.53
3.42
3.35
3.13
3.22
3.32
3.46
Aa (30 bonds)
do.
3.07
3.16
3.22
3.26
3.11
4.08
3.94
3.97
3.97
4.02
4.02
A (30 bonds)
do.
3.83
3.86
3.92
3.87
3.94
3.80
5,15
5.12
5.23
5.36
Baa (30 bonds)
—do.
4.84
5.07
4.89
5.05
5.27
4.88
4.91
4.85
By groups:
3.29
3.39
3.43
3.31
3.40
3.43
Industrials (40 bonds)
__.do__
3.21
3.23
3.35
3.29
3.30
3.17
3.73
3.5;
3.52
3.63
3.65
Public utilities (40 bonds)
do...
3.40
3.42
3.51
3.48
3.57
3.39
3.45
4.51
4.94
4.82
4.83
Rails (40 bonds)
do.
4.63
4.41
4.42
4.47
4.66
4.46
4.60
4.70
Stocks:
Cash dividend payments and rates
(Moody's):
Annual payments at current rates (600
companies)
...mil. of doL 1,442.45 1,293.59 1,328.16 1,315.04 1,316.25 1,329.91 1,334.15 1,337.76 1,339.27 1,382.43 1,391.46 1,422.99
929.10
935.03
Number of shares, adjusted
millions929.10 935.03 935.03 935.03 935.03 935.03 935.03 935.03 935.03 935.03
Dividend rate per share (weighted average)
1.42
1.41
1.39
1.41
1.43
1.54
(600 cos.)
dollars.
1.43
1.43
1.48
1.43
1.49
1.52
3.01
3.01
3.00
3.00
3.01
3.01
Banks (21)
do...
3.01
3.01
3.01
3.01
3.01
3.01
1.28
1.29
1.30
1.24
1.45
Industrials (492 cos.)
do__.
1.28
1.31
1.30
1.37
1.31
1.38
1.42
2.31
2.24
2.39
Insurance (21 cos.)
...do.__
2.31
2.24
2.31
2.33
2.31
2.39
2.33
2.39
2.39
1.92
1.94
1.95
Public utilities (30 cos.)
..do...
1.91
1.93
1.91
1.92
1.92
1.94
1.92
1.94
1.94
.85
1.05
.90
.90
1.09
Rails (30 cos.)
do...
.90
.90
.90
.90
.90
.87
.90
Shares listed, N . Y . S. E.:
Market value, all listed shares
mil. of dol. 47,374 47,002 46,081 47,491 44,884 46,271 40,921 40,673 43,230 41,005 44,762 41,653
1,426
1,425
1,424
1,427
1,431
1,426
Number of shares listed
millions.
1,427
1,429
1,427
1,427
1,430
1,430
TRANSPORTATION AND
COMMUNICATIONS
Pages 84, 85
Class I steam railways:
Freight-car loadings (Federal Reserve):
Combined index, unadjusted.l923-25=100.
Combined index, adjusted
do...
Grains and grain products
do...
Merchandise, 1. c. 1.
._
do—
Ore.
do
FUELS AND BYPRODUCTS
Pages 119,120,121,122
Petroleum and products:
Crude petroleum:
Consumption (run to stills)..thous. of bbl.
Production
__do___
Refinery operations
.pet. of capacity.
Stocks, end of month:
California:
Heavy crude and fuel
thous. of bbl.
Light crude
do...
East of California, total:.._
do...
Refineries.
_
.do...
Tank farms and pipe lines
do _ _.
Refined petroleum products:
Gas and fuel oils:
Production:
Residual fuel oil
do
Gas, oil, and distillate fuels, total..do...
Stocks, end of month:
Residual fuel oil, east of California
thous. of bbl.
Gas, oil, and distillate fuels, total
thous. of bbl.
Motor fuel: 1
Demand, domestic
do...
Production, total
do...
Benzol
do,..
Straight-run gasoline
do...
Cracked gasoline.
do._
Natural gasoline
do..Natural gasolino blended
.do...
Gasoline: 1
Stocks, end of month:
Finished gasoline, total
do...
At refineries
do
Natural gasoline
do...
,423.82
935.03
1.52
3.01
1.42
2.39
1.95
.90
47,440
1,431
58
60
76
61
75
62
62
81
61
58
67
67
90
61
64
70
69
80
62
59
71
70
75
62
67
85
77
98,917
106,763
77
99,303
105,510
SO
105,755
110,541
83
104,687
104,607
85
106,899
110,937
84
107,632
80,865
84
105,505
108,168
85
87,399 87,222 87,595 87,002 86,294
36,064 37,193 36,927
39,383
228,741 229,140 227,134 227,098 229,079
40,386 41,221 42,540 41,777 41,154
188,355 187,919 184,594 185,321 187,925
86,075
39,699
230,926
40,180
190,746
85,580
39,878
230,279
40,445
189,834
85,049
38,902
226,462
41,463
184,999
85,655
38,427
223,558
41,817
181,741
84,039
38,072
192,985
37,441
155,544
82,927
37,372
189,341
35,781
153,560
24,750
13,301
27,022
12,353
24t836
13,530
25,644
12,688
25,299
13,246
26,302
12f975
26,249
102
87,222
34,999
233,463
41,131
192.332
4.58
3.70
3.57
63
66
73
G2
86
80
87
62
10S
100,787
101,830
79
3.95
3.25
3.49
4.05
5.00
97,309
98,567
79
97,964 99,614
102,287 102,490
77
78
87,797
93,475
76
25,487
13,820
24,573
12,793
25,197
13,873
25,800
14,135
21,476
12,797
25,040
13,539
63
85
33,344
30,935
26,991
24,309
21,952
19,288
19,534
21,397
22,480
25,025
' 26, 111
33,017
32,069
27,873
24,650
21,731
20,115
21,058
22,088
25,659
27,581
29,282
30,018
46,272
49,789
169
21,383
23,862
4,375
4,432
44,991
48,201
181
20,397
23,379
4,244
4,222
41,649
48,026
186
20,794
22,701
4,345
4,2S5
37,767
49,120
185
21,125
23,546
4,264
3,637
34,595
43,409
170
18,455
21,037
3,747
3,229
42,520
48,367
192
20,663
23,280
4,232
3,243
43,977
48,837
162
20,922
23,521
4,232
2,983
49,547
51,384
130
22, 767
24,207
4,280
2,646
49,812
50,861
174
21,7S2
24,810
4,095
2,682
50,508
51,896
191
22,502
25,028
4,175
2,909
'53,828
52,161
210
'22,371
r 26,180
3,400
3,092
49,347
51,890
225
21,833
25,700
4,132
3,237
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
81,623
55,172
5,484
78,342
52,076
6,212
74,395
47,972
6,749
71,824
44,196
7,123
66,448
41,046
6,624
65,498
41,423
5,891
do
do
do
5,185
5,320
9,949
5,368
5,419
9,676
0,813
5,739
7,799
5,980
5,702
6,711
5,901
5,174
5,452
5,201
5,900
5,605
5,042
5,813
5,663
4,368
5,909
6,551
3,570
5,439
7,949
3,710
5,390
8,855
4,436
5,783
9,361
4,638
5,806
9,952
do
do
do
1,805
2,632
7,718
1,735
2,535
7,817
1,831
2,3S4
7,695
1,609
2,527
7,762
1,653
2,522
7,951
1,987
2,664
7,800
1,770
2,672
7,886
2,132
2,856
7,630
1,902
2,800
7,427
1,982
2,755
7,179
1,963
3,050
7,069
2,207
2,854
6,704
METALS AND MANUFACTURES
Pages 131,133
Pig iron and iron manufactures:
Pig iron:
Production
thous. of long tons..
2,211
2,052
3,628
2,270
Steel, crude and semimanufactured:
Ingots, steel:
Production.
thous. of long tons..
5,394
3,558
3,106
3,131
Percent of capacity
52
53
91
60
r
Revised.
• Data for September are the latest available.
2,175
2,060
2,395
2,056
1,718
2,118
2,356
2,660
2,879
3,405
55
2,974
52
2,923
47
3,125
53
3,163
55
3,763
61
4,231
71
Consumption, domestic
Production
Stocks, refinery, end of month
Lubricants:
Consumption, domestic
Production.
Stocks, refinery, end of month
3,174
53
^ Seo footnote marked "f
on p. 46 of the October 1939 Surveytf. 3 . GOVERNMENT PRINTING OFFICE) 1939
@FedFRASER