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SURVEY OF CURRENT BUSINESS WEEKLY SUPPLEMENT UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON, D. C, SEPTEMBER 11, 1941 SUMMARY OF BUSINESS TRENDS ETAIL trade was extraordinarily heavy during the summer months. After a much smaller July decline than has been usual in past seasons, department store sales increased in an exceptional amount during August. The Federal Reserve's adjusted index for the month was 133, as compared with 115 in July and 98 in August a year ago. Reports from other retail outlets, such as variety stores, mail order houses, rural stores selling general merchandise, and various chain stores all testify further to the heavy purchasing on the part of consumers in the past several months. Aggregate consumer expenditures for both goods and services are likely to reach $75 billion this year. Such a sum will not only exceed last year's $66 billion expenditure, but will also surpass the previous high of $72 billion in 1929. Only a part of this increased expenditure as compared with last year is the result of higher prices. Total retail sales in the first 7 months of 1941 had a value 18 percent above the same period in 1940, while the physical volume of goods purchased is estimated to have expanded about 13 percent. The largest rise has occurred in the purchasing of durables, as January-July sales of these increased in value about 33 percent. Retailers selling nondurables expanded their business about 13 percent. R The heavy buying this year has been influenced in part by consumers anticipation of higher prices and less favorable credit terms, shortage of goods because of raw material scarcities, and possible deterioration in quality. Particular^ was this true in August, when the curtailment of silk supplies and the issuance of consumer credit regulations impressed upon the buying public the probable extent of future shortages in certain lines. However, in an article appearing in the September issue of the Survey, it is shown that sales during the first 6 months, while very large, were not out of line with what should have been expected, given the record income payments of the period. . Financial developments in August, other than the new consumer installment credit regulations and the issuance of the first tax-anticipation notes, continued trends of recent previous months. The new tax-anticipation notes enable taxpayers to make provision for taxes that do not come due until the following year and provide the Government with defense funds prior to the formal tax collection. Inasmuch as they increase current savings, they are also a check on inflation. From August 1 through September 6, notes with a value of $1,087 million had been sold. SELECTED BUSINESS INDICATORS STEEL INGOT PRODUCTION ELECTRIC POWER PRODUCTION FREIGHT-CARLOADINGS (PERCENT OF CAPACITY) (BILLIONS OF KILOWATT HOURS) (THOUSANDS OF CARS) 1941 AUTOMOBILE PRODUCTION t THOUSANDS OF VEHICLES) BITUMINOUS COAL PRODUCTION MISCELLANEOUS CAR LOADINGS (CftlLV AVERAGE-THOUSANDS OF TONS) (THOUSANDS OF CARS) CRUDE OIL RUNS-TO- STILLS COMMERCIAL (MILLIONS OF BARRELS-DAI IV AVFRAGE) 5.0 4.5 LOANS (BILLIONS OF DOLLARS) F.H.A. HOME MORTGAGES (NUMBER SELECTED FOR APPRAISAL ON HOMES TO BE BUM loooor J94I ^ ^ 4.0 3.5 \I939 * 3.0 2.5 140 , 1 , 1 . PRICES OF 3 5 0 INDUSTRIAL (INDEX, 1926-100) DEPARTMENT STORE SALES STOCKS CSEASONALLY ADJUSTED 1923-25'100) WZONESOAY CLOSE 120 100 80 60 K ft i r W F , , 1 , , 1 , , 1 , , ,, i . , 1938 411320—41 i,, 1939 i,, , , | , , I M I M 1940 ,, t , . 1 . , 1941 1 , . 130 120 110 100 90 80 70 MONTHLY DATA / .—1 ,, 1 , , 1 1938 .. 1 . . 1 , . 1 . . 1939 . , » , . l . . i . . 1940 , ,i , . l . . i .. 1941 WEEKLY BUSINESS INDICATORS' [Weekly average, 1923-25=100, except as indicated] 1941 1939 1940 1941 Business activity:! New York Times§ _ Barrons'... _ Business Week Commodity prices, wholesale: Dept. of Labor: Combined index, 1926=100. Farm products Food All other 28 basic commodities© Fisher's index, 1926^100: ' Combined index Copper, electrolytic! Cotton, middling, spot Construction contracts? Distribution: Carloadings. Department store salesA Employment, Detroit, factory Finance: Bond yields! __ 130.5 130.8 130.9 130.6 108.6 109.1 101.4 98.5 137.1137.6138.8 139.2111.4 109.5 97.6 95.3 154.3 155.6 157.1 158.4 129.3 128.2 110.8 108.2 90.6 88.6 88.2 91.1 153.8 152.7 90.0 86.7 87.0 90.9 151.0 89.6 86.4 86.7 90.7 150.6 87.8 86.2 90.6 151.8 78.0 67.6 71.6 82.3 109.6 77.7 78.4 75.3 66. 7 68.1 62.7 71.4 74.5 68.5 82.2 81.7 ;o.4 107.4 119.8 100.4 97.9 97.7 97.0 96.7 96.2 82.0 81.6 80.2 78.4 85.5 85.5 85.5 85.5 85.5 78.3 78.3 78.3 74.6 66.2 64.0 62.5 61.4 62.5 36.4 36.4 36.0 32.7 100.1 95.8 94.4 93.5 92.2 73.0 80.7 19.5 75.2 107 152 114 116 109 118 89.4 93.4 107.2 57.0 57.0 57.2 57.0 56.8 61.0 61.5 68.5 65.2 1939 1940 Sept.'Aug.'Aug.'Aug. Aug. Sept. Aug. Sept. Sept. 6 30 23 "~ 2 7 31 Sept. Aug.'Aug. Aug.'Aug, Sept. Aug. Sept. Sept. 7 31 9 2 6 30 23 16 " Finance—Continued. Stock prices; Banking: Debits, outside, N. Y. C.!_._ Federal Reserve ' reporting member banks: Loans, total,. Interest rates: Call loansi __ Time loans! ._ Currency in circulation! Production: Automobiles Bituminous coalt Cotton consumption! Electric powerd* Lumber Petroleum!. _ Steel ingots® Receipts, primary markets: Cotton Wheat 94.5 94.2 93.7 93.6 95.6 96.0 110.1 100.6 129.9 114.0 123.3 111. 7 118.9 96.5 87.2 19.2 78.3 85.5 85.3 84.8 68.5 66.5 65.7 24.2 24.2 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 23.6 28.6 28.6 2C6.7 204.6 202.8 202.0 201.7 166.6 165.3 149.4 147.8 41.9 50.8 57.9 57.9 53.2 50.4 106.5 105.2 105.1 103.2 93.4 186.0 190.1 190.6 133.2 151. 4 149.9 150.3 150.0 121.7 57.1 63.2 65.4 65.2 47.4 198.6 197.1 196.0 194.0 179.7 35.2 34.2 30.8 135.9 128.6 120.8 .5 114.6 51.9 44.9 46.3 173.6 160.1 113.2 173.4 173.8 173.2 172.2 173.4 141.5 156.6 100.7 108.2 18.5 37.3 50.0 50.0 53.1 75.4 53.8 151.9 104.6 116.4 145.2 138. S 134.0 144.5 127.2 170.7 129.8 154.3 • D a t a do not cover calendar weeks in all cases. ^Seasonally adjusted. JDaily average. tf Weekly average, 1935-39=100. ^Computed normal=100. Index revised beginning Jan. 8, 1938; revised data not given in the issue of Jan. 23, 1941, and subsequent issues will be shown later. ®Index for week ended Sept. 13 is 174.5. Data for 1941 are based on production of steel ingots and steel for castings. ©Thursday prices: August 1939= 100. A Weekly average 1935-39=100. T h e index is compiled b y the Board of Governors of the Federal Reserve System; it is not adjusted for seasonal variations. WEEKLY BUSINESS STATISTICS* 1941 COMMODITY PRICES, WHOLESALE Copper, electrolytic, New Yorkt-—dol. per lb_. Cotton, middling, spot, New York _ do Food index (Dun & Bradstreet) _.. do Iron and steel, composite.. -dol. per ton.Wheat, No. 2, Hard Winter (Kansas City).dol. per bu._ Banking: FINANCE Debits, New York City mil. of dol.. Debits, outside New York City (140 cities) do.... Federal Reserve banks: Federal 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 IT. 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 loans! percent.. Interest rates, time loans! do Exchange rates: Pound sterling! _ dollars.. Failures, commercial.. __ number.. Currency in circulation! mil. of dol_. Security markets: Bond sales (N> Y. S. £?.)..tnous. of dol. par valuedBond yields (Moody's) (120 bonds)! percent.. Stock sales (N. Y. S. E.) thous. of shares.. Stock prices (N. Y. Times)t dol. per share.. Stock prices (Standard and Poofs) (420) 1926=100.. Industrials (350).. do. Public utilities (40) do. Railroads (30) do. 1940 1939 1938 Sept. 7 Aug. 31 Sept. 9 Sept. 2 Sept. 10 38.15 1.07 0.118 .170 3.19 38.15 1.06 0.108 .099 2.32 37.81 .75 0.108 .099 2.29 37.78 .70 0.108 .098 2.32 36.01 .87 0.103 .089 2.16 35.98 .67 0.099 .081 2.42 36.50 .63 0.099 .083 2.41 36.50 .67 5,720 5,179 3,804 5,816 2,442 3,731 2,258 3,672 2,897 3,833 2,555 3,629 2,373 3,260 2,744 3,521 2,281 2,184 12,998 4,994 2,272 2,184 13,037 5,058 2,247 2,184 12,948 5,027 2,490 2,434 13,524 6,494 2,480 2,442 13,516 6,487 2,643 2,594 11,141 4,969 2,448 2,426 10,951 4,799 2,592 2,564 2,585 2,504 8,179 2,941 24,349 5,426 18.335 11,251 24,453 5,431 18,410 11,292 24,455 5,435 18,337 11,279 24,245 5,434 18,211 11,247 2,231 2,184 12,951 5,018 24,217 5,431 18,1G4 11,248 20,901 5,358 15,622 9,373 21,053 5,340 15,648 9,387 18,040 5,235 14,084 8,512 18,096 5,247 14,233 8,565 15,267 5,217 12, 601 7,792 15,388 5,210 12,591 7,789 3.316 10,903 3,316 10,697 3,314 3,312 10,663 3,305 10,597 2,584 8,566 2,582 8,509 2,219 8,305 2,286 8,209 1,655 8,241 1,655 8,270 6,222 6,180 1.00 1.25 *4.030 227 9,850 1.00 1.25 •4.032 230 9,807 6,087 1.00 1.25 •4.033 220 9,796 4.4S0 1.00 1.25 « 4.032 177 8,090 4,463 1.00 1.25 • 4.026 1.00 1.25 4.293 229 7,179 3,886 1.00 1.25 4.856 8,029 4,075 1.00 1.25 4.053 209 7,257 1.00 1.25 4.821 10,035 6,183 1.00 1.25 « 4.032 200 9,936 6,146 1.25 •4.033 145 6,574 6,531 26,800 3.29 2,340 91.82 79.3 93.9 70.0 28.0 35,430 3.29 2,206 91.45 78.9 93.4 69.8 28.1 29,570 3.30 2,183 91.02 78.3 92.8 68.8 28.0 29,670 3.29 2,216 90.93 78.0 92.3 63.9 27.8 35,320 3.28 3,228 28,950 3.52 3,507 96.75 81.2 93.8 81.6 27.5 19,150 3.55 l,9G0 93.23 78.3 90.2 80.3 25.4 204,300 3.95 17,539 106. 94 92.0 109.5 83.2 27.6 42,950 3.76 5,865 97.71 84.3 98.4 84.5 24.2 20,140 4.11 2,995 93.74 89.3 107.9 74.5 27.1 22,240 4.10 3,760 98.35 87.2 105.1 73.4 26.6 Sept. 6 Aug. 30 Aug. 23 Aug.. 16 0.118 .180 3.28 38.15 1.12 0.118 .174 3.26 38.15 1.08 0.118 .170 3.21 38.15 1.08 0.U8 .167 3.21 3,280 5,020 3,304 5,286 2,241 2,184 12,884 4,857 1.00 Aug. 9 79.7 94.6 69.9 28.3 229 Sept. 3 PBODUCTION, CONSTRUCTION, AND DISTRIBUTION Production: 17,485 24,240 26,865 39,665 22,165 27,645 41,795 45,550 45,525 39,965 32,940 Automobiles! number.. 1,369 1,557 1,322 1,591 1,512 1,172 1,758 1,790 1,792 1,813 Bituminous coalt -thous. of short tons.. 2,442 2,376 2,592 2,110 2,736 2,217 3,196 3,201 3,193 3,224 Electric powerA mil. of kw-hr.. 2,283 3,229 3,624 3,501 3,207 3,912 3,953 3,975 3,349 4,005 Petroleum! _ thous. of bbl__ 63,0 68.6 82.5 91.3 39.9 96.3 95.6 96.2 96.5 44.0 16.3 Steel ingots® pet. of capacity,. 11,014 16,078 14,373 17,322 Construction contract awards! thous. of doL. Distribution: 912, 720 899,750 890,374 878,549 695,258 768, 775 662,357 716,397 56S, 707 64S, 029 Freight-car loadings, total cars.. 150,023 123,331 135,132 101,750 121,668 183,808 182,632 181,204 179,485 123, 257 Coal and coke... _ ..do 29,980 34,457 33,232 38,637 49,118 50,445 26,619 50,365 47,750 30.0S0 Forest products. __ do 36,136 36,775 40, 200 43,625 37,333 45,887 44,375 30,517 43,536 42,016 Grains and grain products _ do 16,651 15,863 12,013 14,017 10,930 16,168 10,021 14, 667 12,462 14,645 Livestock _ do 158,311 157,102 156,256 156,684 134,181 153,660 135,592 156,865 134,392 155,153 Merchandise, 1. c. 1 .do 69,478 49,478 76,697 78, 847 77,019 76,548 52,491 9,290 21,994 2G, 593 Ore do 206,189 234,460 232,763 257,874 390,305 376,914 368,397 360,657 276,247 Miscellaneous do Receipts: 241 205 237 247 267 193 Cattle and calvesf thousands.. 252 239 230 245 277 233 Hogsf do 196 97 178 272 130 130 395 140 138 3S0 258 Cotton into sight thous. of bales.. 11,554 10,115 11,043 9,256 10,329 13,5S2 10, 663 11.497 12,276 9,620 13,784 Wheat, at primary markets ..thous. of bu..i tDaily average. ' D a t a do not cover calendar weeks in all cases. ^Source: Ward's Automotive Reports. • Free rate. §Data for 1938 not strictly comparable with data for later years; see note on corresponding data shown in p. 51 of the 1940 Supplement. <S»Rate week ended Sept. 13, is 96.9; data beginning with July 1941 are based on estimated capacity as of June 30, 1941, of 86,148,700 tons of open-hearth, Bessemer and electric ingots and steel for castings. f Receipts at Buffalo and Cincinnati are now included and receipts at Oklahoma City and Wichita, formerly included, are omitted. AData evised beginning in the June 19,1941, issue to include certain additional governmental and industrial power generation not previously reported. MONTHLY BUSINESS STATISTICS Earlier data are available in monthly issues of the Survey and the 1940 Supplement August 1940 August July COMMODITY PRICES Prices received by farmers: XJ. S. Department of Agriculture: Combined index 1909-14=100.. 131 Chickens and eggs do 130 Cotton and cottonseed do.... 128 Dairy products do 135 Fruits do 100 Grains do 99 Meat animals do 15S Truck crops do 133 Miscellaneous do 128 DOMESTIC TRADE ietail trade: Department stores: Sales, total U. S., unadjusted 1923-25=100,. v 106 J» 144 Atlantaf... 1935-39=100.. p 82 Boston 1923-25=100.. Cleveland do Dallas do,.., Kansas City 1925=100.. '108 Minneapolis .1935-39=100., *130 New York. 1923-25=100.. Philadelphia.. __do___. "81 Richmond ___ do..-. '140 St. Louis do.... 108 Sales, total U. S., adjustedf do.... Atlantaf 1935-39^100.. M66 Cleveland 1923-25=100,. »145 Dallas do.,.. » 168 Minneapolisf 1935-39=100.. *14S "135 New York.. 1923-25=100. "108 Philadelphia do—. M43 St. Louis do~_, FINANCE Banking: Federal Reserve banks, condition, end of mo. Assets, total _ mil. of dol_. 23,833 Reserve bank credit outstanding, total mil. of doL. 2,275 Bills bought do.___ 0 Bills discounted ..do 11 United States securities _do_... 2,184 Reserves, total .do 20,571 Gold certificates . d o . . . . 20,314 Liabilities, total do.... 23,833 Deposits, total _do 15,521 Member bank reserve balances..do 12,794 Excess reserves (estimated).. .do 4,796 Federal Reserve notes in circulation do.... 7,080 Reserve ratio percent.. 91.0 Monetary statistics: Foreign exchange rates: Argentina dol. per paper peso.. Brazil, official dol. per milrcis.. .061 British India dnl. per rupee.. .301 Canada.__ _.__dol. per Canadian dol_. .890 Colombia dol. per peso.. .570 Japan dol. per yen.. (2) Mexico.. dol. per ptso.. .205 United Kingdom dol. per £ . . 4.032 Gold, monetary stock, U. S mil. of dol.. v 22. 719 Currency in circulation, total do Public finance (Federal): Debt, gross, end of month mil. of dol_. 50,921 Public issues: Interest bearing.. __ do 43,901 Noninterest bearing do 550 96 90 77 109 79 76 110 107 107 118 118 107 126 97 90 144 140 77 107 62 84 94 86 110 76 60 104 78 93 123 101 122 125 101 80 104 100 114 82 105 110 85 114 98 81 129 92 104 134 107 123 115 102 83 100 22,176 2,516 0 4 2,436 18,959 18,618 22,176 15,868 13,541 6,525 5,370 .298 .061 .301 .869 .570 .234 .200 3.979 20,913 8,059 43,909 589 1940 Earlier data are available in monthly issues of the Survey and the 1910 Supplement Finance—Continued Public finance (Federal)—Continued. Debt, cross, end of month—Continued. • Special issues to Government agencies and 125 trust funds mil. of doL127 Obligations fully guaranteed by U. S. Govt.: 121 Total amount outstanding mil. of dol.. 132 Expenditures, total thous. of dol.. 93 National defense*.. do 98 Agricultural adjustment program*..do 154 Unemployment relief*.. do 130 Transfers to trust accounts do 107 Interest on debt* ..do.... Debt retirements do Receipts, total do Receipts, net* do Customs. do '79 Internal revenue, total do.... 102 Income taxest do.... '63 Social security taxes .do.... '85 '93 Security markets: Stocks: '79 Dividend declarations (N. Y. Times): 93 Total,.. ...thous. of dol. 81 Industrials and miscellaneous..-do 62 Railroads do... 107 Prices: ' 82 Dow-Jones & Co. (65 stocks) '115 dol. per share148 Industrials (30 stocks) do... *• 1 1 7 Public utilities (15 stocks) ..do... ••132 Rails (20stocks).. _. do... 131 New York Times (50 stocks) do... 114 Industrials (25 stocks) do... '91 Railroads (25 stocks) do___. '119 TRANSPORTATION AND COMMUNICATIONS 1941 August 1940 August 6,470 4,934 23,828 2,267 0 2 2,184 20,583 30,322 23,704 15,863 13,051 5,210 2,293 0 5 2,184 20,603 20,317 23,828 15, 781 13,151 5, 215 6,120 July 6,324 5,936 1,563,712 1,099,405 41,074 105,707 667 8,556 34, 223 553,833 396,510 34,511 500,189 58,674 172,686 5,812 70S, 382 199,543 76,356 141,813 25,195 19,597 2,576 566,388 447,196 23,630 522,813 37,645 139,131 380.592 362,418 18,174 365,553 347,331 18,222 256,858 238,515 18,343 245,731 232,625 13,106 42.99 126.67 18.50 30.19 91.32 160.33 22.36 42.50 125.32 22.22 26.83 90.46 161.49 19.43 40.95 121.57 17.61 28.11 88.29 156.09 20.48 43.01 127. 57 18.48 29.60 92.24 162.57 21.92 '3,718 657 54 186 '207 62 755 '348 1,450 104 51 30 3,510 642 54 175 172 39 638 301 1,490 71 34 17 3,413 578 53 174 230 38 603 313 1,425 62 25 IS 19,231 12,385 28,119 19,244 19,098 53,106 22,123 22,712 43,701 13,287 8,395 3,396 3,906 10,575 7,328 Freight-car loadings (A. A. R.): T 4,464 Total cars thousands.. 840 Coal do.... 66 Coke do 248 Forest products do... 224 Grains and grain products.. —do... 55 Livestock __ do... 784 Merchandise, 1. c. 1 _ do._3S6 Ore._ do--. 1,861 Miscellaneous do,-. 47 Freight-car surplus, total]: do 19 Boxcars}: do.... 11 Coal carsj do.... 6,723 6,857 FOODSTUFFS 91.1 91.0 Grains and grain products: Corn: Receipts, principal markets..thous. of bu. 18,776 .298 .298 15,124 Shipments, principal markets do... .061 * .061 40,118 Stocks, commercial, end of month...do .301 .301 Oats: .883 .882 14,607 Receipts, principal markets do .570 .570 11,911 Stocks, commercial, end of month_. .do J.234 .234 .205 .205 Wheat: 17,037 4.032 4.032 Shipments, principal markets do._, 22, G24 ' 22,675 Stocks, U. S., commercial, end of month 9,732 9,612 thous. of bu. 274,497 FUELS AND BYPRODUCTS 48,961 49,513 Coal, production: 1 4,623 42,267 42,641 Anthracite thous. of short tons. 43,300 574 Bituminous .-.. do 548 23,704 June 6,939 6,370 1,545,602 ,600,253 807,50S 939,612 59,642 31,590 134,776 132,075 0 153,144 24,828 339,431 2,654 17,128 1,277,092 455,556 1,276,009 412,942 38,217 36,743 1,211,087 399,783 83,668 916,170 47,926 31,817 21,442 26,611 30,987 180,052 151,895 246,702 3,883 3.858 39.010 I 43,400 '4,891 '42.774 July May July July June May June July EMPLOYMENT CONDITIONS AND Finance—Continued WAGES Security markets—Continued. Labor turn-over in mfg. establishments: 6.31 5.95 Stocks: 4.77 Accession rate-.mo. rate per 100 employees.. 6.00 3.71 3.86 Sales (Securities and Exchange Com.): 3.35 Separation rate, total do 4.24 .26 Total on all registered exchanges: .24 .14 Discharges.... do .29 Market value. thous. of doL. 611,464 320,860 384,462 411,012 1.03 1.08 2.25 Lay-offs-. , do 1.40 18,052 17,618 15,191 2.42 Shares sold thousands.. 29,073 2.54 .96 Quits and miscellaneous .do 2.55 On New York Stock Exchange: FINANCE Market value thous. of dol.- 522,475 264,352 323,885 350,146 13,194 13,740 10,828 Shares sold. thousands.. 22,226 Life Insurance Sales Research Bureau: Yields: Insurance written, o r d i n a r y , t o t a l Preferred stocks, Standard and Poor's thous. of dol._ 582,292 566,061 604,162 594,164 Corporation: 40,743 49,078 47,099 47,531 New England __ .do. Industrials, hieh-grtde (20 stks.) 153,032 151,409 161,514 154,975 Middle Atlantic ...do 4.97 4.97 4.90 5.11 percent.. 132,766 129,284 140,480 134,008 East North Central.-. do 58,097 57,076 55,009 56,182 West North Central... _ do 63,413 FOREIGN TRADE 57,633 61,160 South Atlantic d o . . . , 57,946 22,218 24.524 26. 792 Value: East South Central ..do 23,347 317,015 384,636 329,776 45,349 41,650 45,385 Exports, total, incl. reexports thous. of doLWest South Central do 43,173 14,893 15,692 15,355 By grand divisions and countries: Mountain do IS,110 20,904 36,925 12,243 46,435 52,988 52,068 Africa 'do Pacific do 53,205 71,078 52,350 59,146 Asia and Oceania do Security markets: 6,621 5,687 15.364 Japan do— Bonds: 122,837 110,409 111,478 Europe -do Sales (Securities and Exchange Com.): 108,368 103,228 103,108 United Kingdom -do Total on all registered exchanges: 81,165 75,333 64,486 North America, northern.— -do Market value thous. of dol.. 116,272 81,388 119,252 95,055 79,611 74,307 63,494 Canada do Face value do 222,973 121,857 218,628 173,215 42,071 35,70S 24,163 North America, southern -do On New York Stock Exchange: 13,770 12,597 7,110 Mexico do 78,266 98,274 65,530 100,577 Market value do 42,989 34,003 34,139 South America ..do.—. Face value .do 201,056 102,228 196,932 153,363 7,093 10,650 6,755 Argentina do Yields: 13,177 7,205 8,699 Brazil.... do Standard and Poor's Corporation: 4,214 3.110 3,978 Chile do.— 2.54 2.03 2.08 2.14 Dom. municipals (15 bonds) .percent.. a Data nnt available. Average for July 1-25. • Data for June are the latest available. 'Revised. * Preliminary. tRevised series. See note on corresponding item in August 1941 Survey. IData for August 1940 and 1941 are for 5 weeks; other months, 4 weeks. JData for months of 1941 are daily averago for week ending on last Saturday of the month. *New series. See note on corresponding item in August 1941 Survey. MONTHLY BUSINESS STATISTICS—Continued Earlier data are available in monthly issues of the Survey and the 1940 Supplement 1941 July 1940 July 1941 May June Earlier data are available in monthly issues of the Survey a n d the 1940 Supplement 1941 1940 July July 1941 May FOREIGN TRADE—Continued LUMBER ANDMANUFACTURES-Con. Lumber, all types—Continued. Value—Continued 296,930 232,258 279,536 National Lumber Mfrs. Assn.—Continued. General imports, total thqus. of dol_ By grand divisions and countries: Shipments, total do.... 2,910.8 2,355.4 2,610.0 14,849 11,416 14,075 Africa 11-, _______i_ do... 422.0 Hardwoods do.... 404.6 86,645 115,240 102,530 Asia and Oceania do... Softwoods... do.... 2,488.8 2,016,6 2,205.4 13,362 13,000 Japan do... Stocks, gross, end of month, total...do 6,239 7,482 6,462 32,303 24.506 23,355 Hardwoods.. ...do Europe do... 1,251 1,699 1,342 20,299 9,576 9,797 United Kingdom ...do 4,988 Softwoods... do 5,783 5,120 39,852 49,506 49,314 North America, northern do METALS AND MANUFACTURES 37,976 48,192 48,156 Canada do 24,585 38,706 35,445 Pig iron and iron manufactures: North America, southern do... 6,986 8,365 7,428 Castings, malleable: Mexico do— 34,02.4 56,048 56,325 South America „ ..do... Orders, new... ..short tons.. 77,312 45,025 83,218 5,175 14,437 16,713 Argentina do... Production do 67,010 38,872 70,278 9,004 17,167 11, 771 Brazil.. do... Shipments do 68,310 34,226 71,740 8,583 8,200 5,730 Boilers, cast-iron: Chile.. do.... Boilers, round: TRANSPORTATION AND COMMUProduction.— thous of lb_. 1,863 1,449 1,826 NICATIONS Shipments..do 2,003 1,698 1,167 Financial operations: Stocks, end of month do 14,951 14,834 13,477 485,446 366,220 442,286 455,023 Boilers, square: Operating revenues, total thous. of dol.. 405,503 300,679 370,903 377,534 Production .do 21,514 17,352 25,254 Freight — do. 37,493 44,832 37,732 47,402 Shipments --do 26,426 22,916 16,861 Passenger do. 310,035 262,065 296,590 298,932 Stocks, end of month ..do 125,376 112,369 125,448 Operating expenses do. 57,065 62. 829 69,097 r 45,430 Boilers, range, galvanized: Taxes, joint facility and equip, rents*..do 88,630 93, 261 106,315 r 57,725 Orders, new, net number of boilers 85,077 85,139 89,159 Net railway operating income -do Orders, unfilled, end of month do 77,809 3S. 194 52,966 Waterway traffic: Production. do.... 72,970 77,879 81,495 Clearances, vessels in foreign trade: 5,729 6,074 6,340 6,716 Shipments... do.... 79,526 78,103 82,641 Total, U. S. ports thous. of net tons.. 3,579 4,584 4,241 3,957 Stocks, end of month do.... 24,978 37,701 37,295 Foreign do 2,149 2,132 2,099 2,117 Steel, crude and semimanufactured: United States _. do Castings, steel: CHEMICALS AND ALLIED PRODUCTS Orders, new, total short tons.. 175,892 67,035 153,143 Alcohol, denatured: 150.3 Percent of capacity 57.3 130.8 14,889 r 9,495 15,614 15,035 Consumption thous. ofwine gaL. 15,242 Railway specialties short tons.. 77,669 20,770 70.191 14,714 10,442 15,387 Production do Production, total ...do.-.. 112,364 57,763 104,971 1,329 2,605 2,293 1,095 Stocks, end of month do— Percent of capacity 49.4 96.0 89.7 Alcohol, ethyl: Railway specialties short tons.. 43,320 17,993 37.192 29,606 32,224 22,457 Production thous. of proof gal.. 33,021 Steel, manufactured products: 10,000 10,393 22,394 7,108 Stocks, warehoused, end of month do. Steel products, production for sale:f 26,526 27,830 19,621 27,564 Withdrawn for denaturing _ do. Total thous. of short tons., 4,919 5,085 3,964 3,012 2,838 2,020 3,224 Withdrawn, tax paid. do. Merchant bars....do 443 471 367 Vegetable oils and products: 480 Pipe and tube do 357 461 Oleomargarine: Plates.. _—do 482 359 479 Consumption (tax-paid withdrawals) Percent of capacity... 90.6 70.0 91.9 thous. of lb-_. 25,909 22,066 26,853 25, 583 Rails thous. of short tons_. 151 128 185 27,693 25,083 22,021 27,365 Production do.. Sheets, totaldo_... 991 812 1,140 Paint sales: Percent of capacity 90.4 73.9 103.9 Calcimines, plastic and cold-water paints: Strip: 233 202 193 178 Calcimines ..thous. of dol. Cold rolled thous. of short tons.. 107 60 60 53 47 51 Plastic paints do. Hot rolled do.... 137 160 104 Cold-water paints: Structural shapes, heavy. do 366 406 286 289 199 246 262 In dry form.. do. . Tin plate __ _.do.... 332 287 239 513 251 In paste form do. 404 Wire and wire products ...do 434 328 Paint, varnish, lacquer, and fillers: Track work, shipments .short tons.. 10,642 6,063 11,012 56,055 52,112 34,056 46,809 Total do_ 40, 636 37, 395 Electrical equipment: 33,705 24,278 Classified, total do. Domestic appliances, sales billed: 15,872 16, 337 16,688 9,895 Industrial. _ do Ranges units.. 64,476 29,626 65.359 17,833 24, 299 20. 707 14,383 Trade do Refrigerators.— do *339,358 248, 538 433,670 13,104 14,717 15,419 9,779 Unclassified do Vacuum cleaners, floor type ...do 150,967 74, 565 156,816 ELECTRIC POWER AND GAS Vacuum cleaners, hand type ___do 31,357 20,045 42,394 Motors (1-200 hp.): Electric Power: 13,616 13,671 12,094 Polyphase induction, billings Production, total mil. of kw.*hr_. 14,234 5,983 thous. of dol.. Bv source: 5,583 9,363 •• 9,614 7,934 9,837 6,200 Polyphase induction, new orders do Fuel do 7,351 3,345 4,253 r 4,056 4,397 4,160 Water power do 1,867 Direct current billings -do 1,793 914 By type of producer: 4,512 3,595 Direct current, new orders do 1,437 Privately and municipally owned elecTEXTILE PRODUCTS 12,105 12,173 Hosiery: tric utilities mil. of kw.-hr__ 12,742 10,949 1,492 1,511 ••1,498 1,146 Other producers. do Production thous. of dozen pairs.. 12,897 12,621 9,418 FUELS AND BYPRODUCTS Shipments do 11,750 9,244 12,888 Stocks, end of month do 26,192 26,701 25,493 Bituminous coal: Miscellaneous products: Industrial consumption, total Pyroxylin-coated textiles (cotton fabrics): thous. of short tons.. 31,515 25,877 31,199 •30,881 Orders, unfilled, end of month 850 886 367 908 Beehive coke ovens do 6,137 thous. linear yd.. 8,070 2,807 6,871 6,855 7,107 6,603 Byproduct coke ovens --do 7,351 Pyroxylin spread thous. of lb.. 6,473 4,435 596 615 660 519 Cement mills .— do 7,906 7,493 Shipments, billed. _thous. linear yd., 4,430 134 128 127 123 Coal-gas retorts do 4,916 r 5,135 5,220 4,079 Electric power utilities do TRANSPORTATION EQUIPMENT 7,755 7,799 7,576 6,391 Railways (class I) do Railway equipment: 837 827 715 Steel and rolling mills do As3ociation of Amer. R. R.: 9,240 8,860 7,080 Other industrial do Freight cars, end of month: Other consumption: 1,667 Number owned .thousands.. 1,656 1,642 124 113 102 Vessels (bunker) thous. of long tons.. Undergoing or awaiting classified re307 310 258 Coal mine fuel thous. of short tons.. 94 79 144 pairs thousands.. Stocks, industrial and retail dealers, end of 5,8 9.0 Percent of total on line. 4.8 month, total thous. of short tons.. 47,048 45,438 37,483 42,929 19,765 64,027 Orders, unfilled cars.. 40,448 Industrial, totaldo 37,538 32,583 37,249 66,641 13,477 49,108 Equipment manufacturers do 6,215 5,913 7,448 4,725 Byproduct coke ovens do 14,919 21,625 6,288 Railroad shops do 634 559 494 483 Cement mills. do Locomotives, steam, end of month: 284 225 292 162 Coal-pas retorts do Undergoing or awaiting classified repairs 10,431 9,988 10,559 8,991 Electric power utilities. do number.. 6,506 5,181 4,607 7,001 6,604 Hailways (class I) do 5,240 6,135 16.2 11.7 Percent of total on line. 13.1 723 720 605 737 Steel and rolling mills do 300 Orders, unfilled number.. 115 231 15,160 12,900 11,350 13,240 Other industrial.... do... Equipment manufacturers do 266 106 201 6,600 5,680 7,900 4,900 Retail dealers, total. do... 34 Railroad shops do 30 LUMBER AND MANUFACTURES American Railway Car Institute: Shipments: Lumber, all types: Freight cars, total _ number. 5,220 5,537 1,543 National Lumber Mfrs. Assn.: t 2,227.4 2,609.0 2,581.4 5,467 Domestic do... 4,670 1,543 Production, total mil. bd. ft. 2,747.0 371.5 259.4 370.5 368.7 37 Passenger cars, total do... 47 28 Hardwoods __do... 2,378.3 2,237. 5 2,210.9 1,968.0 37 Domestic d o . . . 47 0, Softwoods do... ••Revised. * Preliminary. <• Data for June are the latest available. t Revised series. See note on corresponding item in the August 1941 SURVEY. U. S . GOVERNMENT PRINTING OFFICE: 1 9 4 1 June 2,675.9 409.7 2,266.2 6,393 1,303 5,090 75,075 71,209 70,179 1,741 1,474 15,096 25,319 20,382 130,339 105,076 72,258 80,023 85,784 31,534 161,512 138.0 80,065 113,988 97.4 45,073 4,754 439 449 466 92.2 168 102 154 373 292 417 11,210 68,629 378,054 146,889 35,783 5,455 7,750 1,725 4,257 12,531 11,933 26,183 9,558 ••7,464 ' 7,428 1,661 85 5.2 91,416 69,140 22,276 4,862 12.3 265 234 31 5,136 5,130 12 12
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