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JANUARY 1940
SURVE
cOF
s
UNITED STAT!
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
V O L U M E 2 0 % U M B £ R 1
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Volume 20 Number 1
UNITED STATES DEPARTMENT OF COMMERCEHARRY L. HOPKINS, Secretary
BUREAU OF FOREIGN AND DOMESTIC COMMERCEJAMES W. YOUNG, Director
SURVEY OFCURRENT BUSINESS
JANUARY 1940
A publication of the
DIVISION OF BUSINESS REVIEWM. JOSEPH MEEHAN, Chief
MILTON GILBERT, Editor
TABLE OF CONTENTSSUMMARIES
Business s i tuat ion summarizedSPECIAL ARTICLES
Recent t r ends in United States export t radePresent posit ion of the lumber industry
Page
3
612
CHARTSFigure 1.—Monthly business indicators, 1929-39Figure 2.—Industrial product ion, income and dis t r ibut ion, and
prices—percentage change November 1939 from November 1938. . .Figure 3.—Value of United States exports of merchandise , and
impor t s for consumpt ion , calendar years, 1937-39Figure 4.—Value of United States exports of merchandise by econ-
omic classes, calendar years, 1914, 1915, 1938, and 1939Figure 5.—Value of to ta l exports (including reexports) by geographic
areas, calendar years, 1914, 1915, 1938, and 1939Figure 6.—National income, to ta l exports and ne t exports, calendar
years, 1913-19Figure 7.—Value of to ta l exports (including reexports) and general
impor ts , calendar years, 1910-39Figure 8.—Value of United States exports of merchandise and i m -
por ts for consumpt ion , by economic classes and total exports(including reexports) and general impor ts by geographic areas1910-14, 1918, and 1935-39 10
CHARTS—Continued PageFigure 9.—Total lumber product ion, sh ipments and orders, by
weeks, 1939 12Figure 10.—Softwood product ion, sh ipments and stocks, by quar -
ters , 1925-39 13Figure 11.—Total exports of hardwood and softwood lumber , 1910-39. 15Figure 12.—Floor space of residential construct ion contracts award-
ed and consumpt ion of lumber , by quar ters , 1928-39 16
STATISTICAL DATANew or revised series:
Table 1.—Average weekly hours per worker in factories andfactory average hourly and weekly earnings (U. S. Depart-m e n t of Labor) 1932-39 17
Table 2.—Average weekly hours per worker in factories andfactory average hourly and weekly earnings (National In -dustr ia l Conference Board) 1934-39 18
Table 3.—Department store sales—San Francisco FederalReserve District, unadjusted and adjusted, 1919-39 18
Table 4.—Department store sales—Cleveland Federal ReserveDistrict, adjusted, 1929-39 18
Table 5.—Department store sales—Minneapolis Federal Re-serve District, adjusted, 1934-39 " 18
Monthly business stat ist ics 19General index , Inside back cover
Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS is $2 a year. Single-copy price: Monthly, IS cents; weekly, 5 cents.Foreign subscriptions, 33.50. Price of the 1938 Supplement is 40 cents. Make remittance! only to
Superintendent of Documents, Washington, D. C.200349—40 1 1Digitized for FRASER
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SURVEY OF CURRENT BUSINESS JANUARY 1940
Monthly Business Indicators, 1929-39INDUSTRIAL PRODUCTION INCOME PAYMENTS AND CASH FARM INCOME
140
130
120
110
100
90
80
70
60
vo
1\
I
LUME
\
\
\
(i923~
A\
25=100}
1111
V ^VVV-
A JVI
1\ /
d1
JV
MONTHLY INCOME PAYMENTS ( 1 9 2 3 = 1 0 0 )CASH FARM INCOME ( l924~1929»100)
'ONTHLY INCOME PAYMENTS
\CASH INCOME FROM FARM MARKETINGS
{EXCLUSIVE OF RENTAL & BENEFIT PAYMENTS)
120
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
CONSTRUCTION CONTRACTS AWARDED'
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
FOREIGN TRADE *VALUE (1923^25=100) I 1
^ \\*-EXPORTS, INCLUDING REEXPOF
: \ \ : \ GENERAL IMPOliTs-^r
- V
80
70
60
50
40
140
120
100
80
60
40
20
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
FACTORY EMPLOYMENT AND PAYROLLS
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
WHOLESALE PRICES AND COST OF LIVING
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
RETAIL SALES *
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
STOCK PRICES175 AUTOMOBILE SALES (l929~31»100)
DEPARTMENT STORE SALES (1923-25=100)
-350 INDUSTRIAL COMPANIES i j(.—
/-DEPARTMENT STORE SALES \\ \
(1923-25=100) |
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
350
300
250
200
150
ADJUSTED FOR SEASONAL VARIATION
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
* THREE-MONTH MOVING AVERAGE £>.£> ?
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JANUARY 1940 SURVEY OF CUEEENT BUSINESS
Business Situation SummarizedBUSINESS did not undergo marked change in De-
cember from the position prevailing at the end ofNovember, after allowance for the divergence in theusual seasonal movements between retail trade and in-dustrial production. The very substantial rise in con-sumer purchasing power in recent months of expandedactivity had assured the increase in retail sales over ayear ago that was realized. The irregularity in storesales which developed over the November month-endwas not significant, as higher pay rolls, larger farm in-come, and a year-end flow of dividends much in excessof that in 1938 brought trade through retail channels toa strong close for the year.
On the whole, industrial production was maintainedat a high rate during the month. There were seasonaldeclines in some industries but in total the let-up wasprobably less than usual for December. Steel ingotproduction, which in the spectacular autumn risereached the practical limits of capacity by the end ofNovember, tended to decline as the volume of neworders fell to a figure more in line with current utiliza-tion. Pressure for delivery of steel has decreased fol-lowing the announcement that prices for the first quarterof 1940 would be about the same as those listed for thepast several months. By the third week of Decemberthe rate of ingot production was off to 90 percent ofcapacity, against 94 percent at the end of November.This recession is not indicative of a general decline sincethe rate of steel production was above the operatingrate for the steel-consuming industries generally. Themore highly fabricated lines of steel manufacture are notsubject to such quick adjustments as those which char-acterize ingot production, and no signs of slackeningactivity have appeared among them as yet. In someof the metal industries incoming business remainedcomparatively high during November; e. g., orders re-ceived by metal trade concerns in Massachusetts wereas large as in September, though well below the Octobervolume. New orders in the other major industriesreported for this State were much smaller in Novemberthan in September.
Activity has been sustained in machine tool, aircraft,shipbuilding, and electrical equipment manufacturing.Automobile assemblies were stepped up in December asChrysler plants again came into production. Totalassemblies rose to about 440,000 units, the highest totalsince the middle of 1937. This represented a largervolume than retail sales plus exports, as stocking ofdealers continued. Domestic retail sales of passengercars in November amounted to 257,000 compared with241,000 in November 1938.
Output of Consumers' Goods Maintained.
In the industries manufacturing consumers' goods,operations continued high in December. Some down-ward adjustments occurred, but these were neitherlarge nor widespread. November figures show theextent to which the operations of these industries werepushed by the September-October buying. Output ofcotton textile mills, already high in October, increasedfurther in November. While some increase in the pur-chasing of textiles occurred in the middle of December,following the rise in raw cotton prices, the mills havebeen operating at a rate above the volume of incomingbusiness for some time. Woolen mills in Novemberalso operated at a very high rate.
The extent of the rise over a year ago in a number ofimportant areas of the economy is indicated by thecomparisons presented in figure 2. The rise in durablegoods manufactures—still relatively depressed towardthe end of 1938—is outstanding, as is the increase ofabout one-fifth in the volume of freight moved. Thegeneral advance in production and distribution broughtthe rise in the national income payment total to 6 per-cent. The price data given show that price changeswere not an important factor in the magnitude of thechange in dollar figures, though actual and anticipatedprice movements did have an important influence onthe volume of purchasing and sales during the finalthird of the year.
Estimates of the dollar sales of service and limitedfunction wholesalers prepared by the Bureau of Foreignand Domestic Commerce show a sharply increasedrelative gain over 1938 in the final quarter of the year.Moderate advance in the first half gave way to a widerincrease for the third quarter, but in the final 3 monthssales ran well over 10 percent in excess of the finalquarter of 1938 which was, it will be recalled, a periodof improving trade. For the year 1939, the percentageincrease in sales was 9 percent, the total rising from19,023 million dollars in 1938 to 20,700 million dollarsin 1939. The more important increases were in suchlines as electrical goods, metals and metal work, lumberand construction material, jewelry and optical goods,machinery, automobiles, and furniture. Sales of foodand farm products, which make up an important partof the total, showed only moderate increases as priceswere generally lower throughout the year. Pricechanges were not a factor in the larger annual sales totalfor this group of merchants, since they averaged lowerin 1939 than in 1938. It was not until the last quarterof the year that average wholesale prices moved higherthan a year ago.
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SURVEY OF CURRENT BUSINESS JANUARY 1940
Income Payments Higher.
Reference to the chart on page 3 will reveal theunusual rise in income payments that has occurredduring the few months subsequent to the outbreak ofwar in Europe. The reaction in domestic markets tothis event—superimposed as it was on a rising trend ofdomestic economic activity—brought a rise in the indexof income payments to 88.8 in November (1929 = 100)from the August figure of 85.4. The advance in thisindex of more than 1 point a month for the past 3months means an increase in income payments on anannual basis from 69.7 billion dollars at the Augustrate to 72.5 billion dollars at the November rate.Some further increase in income payments probablyresulted from December business; for the year 1939 a
Farmers' incomes rose sharply after the prices ofagricultural products advanced in September. Theimprovement of the past 4 months has raised the esti-mated total of cash farm income for the year 1939 to$7,625,000,000, virtually the same as in the precedingyear. With Government payments of $675,000,000estimated to be almost $200,000,000 larger than in 1938,the total income of farmers of $8,300,000,000 frommarketings and Government payments is expected tobe about 2.5 percent higher than in 1938.
A marked rise in dividends, particularly in the finalmonth of the year, has been an important factor inincreasing the flow of income to individuals. It isestimated on the basis of data now available that divi-dends in 1939 were at least half a billion dollars larger
PRODUCTIONc
OTAL MANUFACTURING'RODUCTION*
DURABLE PRODUCTS
PERCENT) 20 4 0 60
3MEam
STEEL INGOTS H B H H B H B H H B i
PLATE GLASS
LUMBER
NONDURABLE PRODUCTS
PAPER.8OARD PRODUCTION
COTTON CONSUMPTION
SHOE PRODUCTION
BOH
•mm*wmam
•
•i
* Federal Reserve Indexes
INCOME AND DISTRIBUTION0 10 20 30
TOTAL INCOME PAYMENTS
SALARIES & WAGES
CASH FARM INCOME.*
FREIGHT CAR LOADINGS
WHOLESALE SALES
TOTAL RETAIL SALES
GENERAL MERCHANDISE
CONSUMERS DURABLE GOODS
* Excludes Government Pay/nenh
PERCENT0 t 5 +10
PRICES-5
COST OF LIVING
RETAIL FOOD PRICES
WHOLESALE COMMODITYPRICES
ALL COMMODITIES
FARM PRODUCTS
FOODS
INDUSTRIAL COMMODITIES*
FINISHED PRODUCTS
RAW a SEMI-FINISHED
* federal Reserve Classification; excludes all foods 3. feedsD.D. 39-343
1
W////A
'V///////////Ai
Figure 2.—Industrial Production, Income and Distribution, and Prices—Percentage Change November 1939 from November 1938.
NOTE.—All series shown on this chart are those regularly published in the Survey except wholesale and retail sales which are estimates of the U. S. Department of Com-merce and prices of industrial commodities which are compiled by the Board of Governors of the Federal Reserve System from data of the U. S. Bureau of Labor Statistics.
total of almost 70 billion dollars is indicated, as com-pared with 66.3 billion dollars in 1938 and 72.4 billiondollars in 1937.
Income payments in November were 310 milliondollars larger than a year ago, an increase of nearly6 percent. In general, the industrial sections of theNation have shown the greater improvement over thesame month of last year. Although salaries and wagesas a whole during November were only 6 percent abovethose of November 1938, aggregate pay rolls in thecommodity-producing industries were 208 million dol-lars or nearly 15 percent larger than a year ago. Whilerepresenting less than one-quarter of all income pay-ments, pay rolls in these important industries accountfor two-thirds of the increase in total income overNovember 1938. Factory employment in Novemberwas 11 percent higher than in 1938, and pay rolls wereone-fifth larger. In contrast, the governmental con-tribution to employee's income was nearly 10 percentless than November of last year, reflecting the lowerlevel of work-relief wages during 1939.
than the 1938 figure of 3.7 billion dollars, representingan increase of 14 percent. The marked increase individends relative to the increases in other types ofincomes reflects partly the more variable character ofthis type of income and partly the concentration of thepresent recovery in those industrial branches (notablymanufacturing) where share capital represents animportant factor of production. Enlarged dividendsreflect the substantial expansion in business profitsthat has occurred in the fourth quarter of 1939? Dataare not available at this time to compute the actualincrease in current profits, but recent months haveundoubtedly produced a volume of earnings which arenot far removed from the results of early 1937.
Financial MarketsAs in November, domestic and international financial
markets were relatively quiet, aside from the drop inquotations of Finnish bonds which followed the attackof the U. S. S. R. on Finland. Prices of stocks andcorporate bonds on the whole did not show significantor material changes. Corporate security flotations on
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JANUARY 1940 SURVEY OF CURRENT BUSINESS
the open market achieved substantial volume after 3months of stagnation. The issues were predominantlyutility refunding operations; the amount of new capitalraised was small. That business concerns have re-quired some additional funds is evidenced by the trendof commercial loans; the amount outstanding withreporting member banks has increased $400,000,000since August to $4,400,000,000 in December.
As the 3rear ends the prospects for business in thefirst half of 1940 remain uncertain, though the level ofactivity is currently well above that of the first quarterof 1939. Production in the basic industries during thefinal quarter of 1939 has matched that of the bestquarter of 1929. But with industrial activity notbeing supported at present by a volume of incomingbusiness of corresponding magnitude, some readjust-ment in productive activit}^ can hardly be avoided asthe backlogs of orders are reduced. Buying policiesduring the fall rush were predicated largely upon cover-ing requirements for some months ahead rather thanupon immediate needs. As these commitments broughtcompany positions into line with their raised expecta-tions regarding sales trends and inventory needs, pur-chasing settled down to a replacement basis. Themere cessation of inventory accumulation can onlyresult in some decline in industrial activity unless a
prompt expansion in consumption, investment, orexport demand, not now in evidence, should come in asan offsetting influence.
What is uncertain at this time is the magnitude andduration of the reaction to come in the next few months.The fact that inventory holdings have been and are stillbeing enlarged through previous commitments is anunfavorable factor in the present situation. The atti-tude taken toward these holdings may largely deter-mine the extent of the readjustment. There are sev-eral factors on the favorable side which militate againstliquidation. The advance in prices, particularly retailprices, has not been as large as seemed likely twomonths ago. Hence, an expanded volume of goodsshould continue to be taken off the market by consum-ers. The prospects for farm income have been strength-ened by the December rise in the prices of a few agri-cultural staples, principally wheat and cotton. Activ-ity in the construction industry has been well main-tained during recent months, and a continuance of theexpansion of 1939 into the spring of next year wouldprovide added stimulus to the economic structure.Furthermore, there has been a sizable increase in com-mitments for capital expenditures by business in thepast 4 months and the activity created by it will befelt during the first quarter of 1940.
MONTHLY BUSINESS INDEXES
Year and month
Monthly Incomepayments, ad-
justed *
tcC8
1is
Monthly average,1929-100
Factory em-ployment
andpay rolls
I3
VMonthly av-erage, 1923-
25=100
Cash farmincome 2
Monthly av-erage, 1924-
29=100
Industrialproduction,adjusted'
Freight-carloadings,adjusted ]
Retail sales,value, ad-justed i
Monthly average, 1923-25= 100
s
IIis
I1929-
31=100
Foreigntrade,value,
adjusted1
1&
1?c?3
ctio
es,v
2£c6
is
Monthly average,1923-25=100
Monthlyaverage,1926=100
1929: November1932: November1933: November1936: November1937: November1938:
NovemberDecember
1939:JanuaryFebruaryMarch _.AprilMay .June _.JulyAugust _.SeptemberOctoberNovember
Monthly average, Januarythrough November:
1929193219331936193719381939
100.056.860.585.886.7
83.183.4
83.383.084.183.083.484.183.785.486.888.188.8
100.061.156.982.589.181.584.9
100.655.459.483.884.8
82.483.0
82.382.082.181.081.482.882.884.084.486.787.5
100.059.755.079.286.879.183.4
100.859.361.585.987.5
84.284.7
84.484.484.883.884.385.485.586.787.088.889.6
100.063.958.282.889.082.385.9
104.466.281.2
104. 4103.7
92.894.4
94.694.394.093.893.394.395.396.097.3
101.2103.4
106.566.472.898.3
109.689.396.2
104.943.657.394.493.3
84.487.1
83.786.087.685.585.086.584.489.793.8
101. 6101.8
111.347.149.584.6
104.177.189.6
109.044.560.588.584.5
78.072.5
68.551.057.555.060.059.063.071.092.596.078.5
102.942.948.873.680.069.568.4
93.039.551.577.573.5
69.568.0
67.560.064.064.565.060.062.571.079.072.574.0
110657211488
103104
1019998929298101103111121
121657710411285104
110637011485
103104
1009796929197100104111121124
122637610411282103
1107582112109
102109
110110110959810410691114121124
116728210411698108
10256608271
6969
6967666062676970778082
108555874796270
10468666764
6161
6262626161616262636263
105726765686162
10864679491
89
87
1036662818779
132.528.553.0
151.089.0
100.092.5
91.096.088.079.579.079.080.576.583.593.7
102.6
151. 236.945.6
102.1111.363.88.7
10132425272
5867
5563706470706972727267
115363653736867
10532406169
5554
5549535361585757596573
115353761815058
10327485856
9696
8673696763636773737672
120282455606371
144.455.460.593.792.1
86.4106.9
90.577.192.385.390.094.789.688.793.996. 594.5
140.665.2
3 61. 390.598.884.690.3
93.563.971.182.483.3
77.577.0
76.976.976.776.276.275.675.475.079.179.479.3
95.565.265.580.586.778.777.0
i Adjusted for seasonal variations; monthly averages, except income payments, are based on unadjusted indexes.3 Average of 10 months, January, February, and April through November.
* From farm marketings.
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SURVEY OF CURRENT BUSINESS 1940
Recent Trends in United States Export TradeTHE foreign trade returns for recent months reveal
a number of abrupt changes in both the compositionand destination of United States exports, but they donot show any significant increase in the export totalswhich can clearly be attributed to the war in Europe.This is probably due to the character of the war todate; if and when the war enters a more destructivephase a larger volume of exports from this countrymay still reasonably be expected. It is, nevertheless,a fact that the expectations of greatly enlarged foreignsales, which formed the basis for the unusually rapidacceleration in domestic business since August, havenot been realized. On the other hand, dislocationsarising out of shipping and other difficulties have notrestricted trade as they did immediately upon the out-break of war in 1914.Exports Rising Since June.
In the 3-month period from September to Novemberexports were 17 percent higher than in the same periodof 1938. (See table 1.) This fact might at first ap-pear to be attributable to the war. In making thecomparison with 1938, however, it must be recalledthat that year was one of falling foreign demand for
our goods, as is evident in figure 3. Our exports thisyear were already showing a rising tendency before theoutbreak of the war, and have been higher than last yearin every month since June. The direct requirementsof intensified foreign rearmament programs and theexpansion of industrial activity abroad resulting fromthem both contributed toward an increase of foreigndemand for American goods. If the comparison ismade with 1937, exports from September to Novemberof the current year have fallen slightly. From thesefacts it might be assumed that the war had littleeffect upon our export trade and that the increaseover 1938 reflects merely the continuation of an up-ward movement which was already under way. Analy-sis of the detailed figures demonstrates, however, thatthe war has affected both the commodity and thegeographic distribution of shipments from this country.
Comparative data for the September-Novemberperiods of 1938 and 1939 show that the 17 percent ad-vance in exports was entirely the consequence of in-creased exports to the European neutrals and to coun-tries outside Europe, as is shown in table 1. Purchasesof United States merchandise by the Scandinavian
EXPORTSMILLIONS OF DOLLARS3bO
300
250
200
150
100
VAVK
yf \y
'2^,939
f i l l
A
/ / \
V'VA .,
1 1 ( I \ 1 1
IMPORTSMILLIONS OF DOLLARS
350
300
I I I I i l I I 1
250
200
50
100J F M A M J J A S O N D J F M A M J J A S O N I D
D.D.39-326
Figure 3.-—Value of United States Exports of Merchandise, and Imports for Consumption, Calendar Years 1937-39 (U. S. Department of Commerce,Bureau of Foreign and Domestic Commerce).
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JANUARY 1940 SURVEY OF CURRENT BUSINESS
countries rose by no less than 70 percent over 1938;those by Canada and other northern North Americancountries increased approximately 42 percent and forLatin-American countries the gain was 40 percent.Direct shipments to Germany, relatively small in recentyears, fell almost to zero. An increase to the UnitedKingdom and France, however, has not materialized.Exports to the United Kingdom declined somewhat andthose to France increased slightly, as compared with1938; both were far below the same months of 1937.
MILLIONS OF DOLLARS200
150
FINISHED MANUFACTURES,
MILLIONS OF DOLLARS
2 0 0
150
100
1914 1915 1938 1939
Figure 4.—Value of United States Exports of Merchandise, by EconomicGlasses, Calendar Years 1914, 1915, 1938, and 1939 (U. S. Department ofCommerce, Bureau of Foreign and Domestic Commerce).
Our exports to these two countries together were infact lower than in the corresponding period of any yearsince 1934. The sharp divergence between actual de-velopments and the widely held anticipations of in-creased sales to the European Allies is brought out evenmore clearly by the movement of exports within the3-month period. Shipments to the United Kingdomfell from 60 million dollars in Spetember to 31 milliondollars in November; a substantial decline occurred inall but one minor group of commodities.
Of the gain in total exports over 1938, approximatelyone-third was accounted for by higher cotton ship-ments. (See table 1.) Cotton exports in 1938, how-ever, were unusually low; exports in 1939, despite theoperation of the cotton-export program were still belowthose of 1937. Large wartime demand for pork prod-ucts and dried fruits failed to materialize, while thedemand for fresh fruits and tobacco was curtailed evenmore rapidly than at first seemed likely. Tobaccoexports fell from 65 million dollars in September-November, 1938, to 17 million dollars in the sameperiod of 1939, as a result of the sharp decline in Britishpurchases. In the first 2 months of hostilities, thequantity of farm products, other than cotton, exportedto France, Germany, Poland, and the United Kingdom,was 61 percent less than in September and October oflast year. Foreign purchases of nonagricultural com-modities on the other hand, showed significant increasesover 1938, but this was the case in every month since
April. The expansion since the outbreak of war oc-curred in foreign purchases of metals and metal manu-factures, chiefly iron and steel-mill products, non-metallic minerals, mainly coal and petroleum products,machinery, and chemicals. Our exports of aircraft,parts, and accessories also increased in spite of a declinein October. Foreign purchases of United States auto-mobiles, including parts for assembly abroad, on theother hand, fell nearly 10 percent from 1938 and werenearly 35 percent below exports in the same periodof 1937.
These developments are in many ways different fromthose of the first few months of the World War, par-
MILLIONS OF DOLLARS3 0 0
250
200
150
100
MILLIONS OF DOLLARS3 0 0
250
200
150
100
50
1914 1915 1938 1939
Figure 5.—Value of Total Exports (Including Reexports) By GeographicAreas, Calendar Years 1914, 1915, 1938, and 1939 (U. S. Department ofCommerce, Bureau of Foreign and Domestic Commerce).
ticularlv with respect to exports of agricultural com-modities. In 1914 it was the cotton trade which wasmost severely affected by the first dislocations resultingfrom the outbreak of hostilities. Shipments of grainand foodstuffs, as given in figure 4, showed an early rise,although this was in great part a result of the fact thatCanadian and Australian wheat production was smallwhile the United States enjoyed a record crop. Foreignpurchases of finished and semimanufactured articlesincreased sharply in September and October of 1914 asthey did in 1939. In 1914, however, they had beendeclining prior to the outbreak of war and in theSeptember-November period of 1914 they were stilllower than in 1913. Thus the World War reversed adownward movement whereas the present war beganat a time when exports of semimanufactures andfinished manufactures were already higher than in thepreceding year. As may be seen in figure 5 the twoperiods differ also in the fact that exports to non-European areas did not expand immediately in 1914 asthey have in 1939.
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8 SURVEY OF CURRENT BUSINESS JANUARY 1940
Table 1.—Exports of United States Merchandise, by Economic Classes, by Principal Commodities, and by Regions, September, October, and November,1938 and 1939
[In thousands of dollars]
I September OctoberItem
CLASS AND COMMODITY
Total, U. S. Exports..
Agricultural productsNonagricultural products -Crude materialsFoodstuffs, crudeFoodstuffs, manufactured..Manufactures, semiManufactures, finished
November
1938 1939 1938
Animals and products, edibleMeats and lard
Animals and products, inedibleLeatherLeather manufactures
Vegetable food products and beveragesCornWheat and wheat flourCanned vegetablesFruits, dried and canned _..Fruits, fresh
Vegetable products, inedibleAutomobile casingsLeaf tobacco (bright flue-cured)
Textile fibers and manufacturesRaw cotton
Wood and paperSawmill productsNonmetallic minerals
Coal .Petroleum and products
Crude petroleumMetals and manufactures
Iron and steel-mill products, totalIron and steel scrap
Ferro alloysAluminum, except manufacturesCopper, refined
Machinery and vehiclesMachinery, total
Electrical machinery and apparatusPower-generating machineryConstruction and conveying machinery..Metal-working machineryTractors and parts
Automobiles, parts and accessoriesMotortrucks and busses _._.Passenger carsParts for assembly
AircraftChemicals and related products
Industrial chemicals and specialties
EEGTON AND COUNTRY
Europe, totalEuropean belligerents:
FranceGermany iUnited Kingdom
Other Europe:BelgiumNetherlandsDenmarkFinlandNorwaySwedenUnion of Soviet Socialist Republics.
ItalyRumania.Spain
Northern North America, totalCanada
Latin America, totalSouthern North America, total
CubaMexicoNetherland West Indies
South America, totalArgentinaBrazilChileColombiaVenezuela
Asia, totalChina, including Hong Kong and Kwantung..JapunPhilippine Islands
Oceania, totalAustralia
Africa, totalUnion of South Africa
243, 595 284,041
75,194168,401
59, 60514,25417,13440, 224
112,377
6,0863,8492,759
933832
25, 2614,7884,038
2795,9144, 425
28, 491985
21, 90227, 94120, 2526,8423,189
40, 5375,153
30, 8378,166
28,85413,1051,9741,731
2207,343
57,17836,659 i
7,298914
1,8148,4064.574
14,1715,7801,8152,9494,642
11,4975,087
1939 1938
274, 059
74, 579209, 462
66. 8477,477
21, 30958,993
129, 415
6, 9554,290 !2,798 !1,204 '
80721, 742
1,1214,270
4176,7492,228
18. 3041,4788,433
45,14135,1539,0693,788
51, 3799,649
35, 9309,071
41, 24920, 445
4,9952,0723,2366, 833
61, 89840,1438,0631,1141,7689,9504,25812,4572,5022,7782,7178,05216, 6517,955
119, 530
12,112606
60,050
5, 5339,8612, 5151,2124,1728, 0521,785
4,818169
3,370
51,19150,18953, 85928,6839,1995, 5044,41925,1754, 9285. 9fiO2,0104.0775, 043
43, 1235. 939
19, 3057,929
6,090 I8,956 I5,271 I
I
86, 941187,118
72,12512, 50120, 77644, 448124, 209
3,9993,5061,105859
26, 3412, 3064,031
4377,7135,497
36, 5411,394
27, 60132, 71823, 7477, 5343,174
42, 7515,699
32, 2119,568
31, 72714, 6003,1562,356
836,934
62, 70138, 4329,1901,1861,9207,8403, 57617, 3034,0756,7132,1644,96713, 2575,884
323,160
126, 770
12, 20613, 33055, 634
7,0258,5392,2661,5482,2458,6903,042
5,306381865
40, 76539, 69945, 37622, 868
6,5024,1974,106
22, 5086.0175,3282.1223,1543,401
43, 1323,804
19,4497, 4567,7285,372
10, 2886, 595
95, 847227, 313
78,44910, 21327, 54764, 537
142,414
6,7643, 5064,9001,608
77830, 8863,2223,604
64310. 8382,899
18, 6211,6884,928
59,04646, 7X1
9,8873,382
52, 7719.335
36,0189,011
45,06322, 380
5, 6303, 6903,1765,509
65,90242, 316
9, 5561,1261,9659, 5854,356
18,9004,6615,8423, 8223,025
19, 7719,450
249, 844
1939
286, 891
3 months endedNovember
1938
124, 319
12, 39940
51,951
4,8368,7682.9781,6545,894
15, 7955,455
6,22286
2,617
59, 57365, 22932, 66310,2498,3783, 676
32, 5666, 9318,5142, 6414, 6745, 591
55, 8657,11723,30411. 8736, 7265, 426
10, 3636,066
73,609176, 235
59. 84712, 04517, 42939, 962120, 562
6,1994,0032,711905746
23, 2253,1304,474
3406,0254,05224, 735
86615, 66533,11824, 6186, 8542,69338,1265.456
29,0117,635
29, 32015, 4993,932916371
5,99965, 76134, 7017,9351,1211,3968,3463,183
25. 4174,59811,8304,7534,15610, 6404,415
109,174
13, 54012, 20942, 439
6,3586,6162,1061,3761,7376,4304,071
5,032380938
37,93637, 45944, 32621,1635, 6595,0003,00723,1636, 7845,1241,7233,9293,48441,5054, 88619,1248, 6537,0444,9669, 8605, 559
63, 872223,019
58, 3185, 386
17, 27063, 200142, 716
6,0043,7494,2371, 5201,275
16, 571787
3,078373
3,4452,26718, 0682,2643.874
41, 86930, 2888,9772,789
45, 4948,29431,2616,623
52, 21427, 8565,0932,2802,0308,42167,94038, 6379,7591,2451,4659,0513,04919, 8704, 6896,2414,4686,760
16, 7728,012
767,498
101,923
13,1882
30,979
5,47312,7122,0261,0143, 6759, 6997,027
5,9481,4692,814
49, 81948,99367,78529,0167,«178,4301,938
38, 7699,84210, 5713.6024, 6745, 85853, 2276, 47125, 2177,6045,1594 3308^795,701
235, 744531, 754
191, 57738, 80055, 339
124, 634357,148
19,15111, 8518,9762,9432, 43774, 82710, 22412, 5431,05619, 65213,97489, 7673,245
65, 16893, 77768, 61721, 2309,056
121,41416. 30892,05925, 36989, 90143,2049,0625,003674
20,276185, 640109, 79224,4233,2215,130
24, 59211,33356, 89114,45320, 3589,86613,76535, 39415,386
347, 655
36, 8634?,, 264147, 028
17, 78721,7405,7413,6515.64018,73712,643
14, 4371,2192,6S5
114,254112,134133, 14964. 84518, 33613, 42410, 86368, 30418. 72915, 2835, 75110. 40710, 935122,92412.92358, 36423,16021, 48515, 17628, 03216, 573
1939
894,092
234, 298659, 794
203,61423, 07666,126186, 730414, 545
19, 72311, 54511,9354, 3322,860
69, 1995, 13010, 9521, 43321,0327,^9454, 9935, 43017,235146, 056112, 17227, 9339, 959
149, 64427, 278103, 20924, 705138, 52670, 68115, 7188, 0128,442
20, 763195. 740121,09627, 3783,4855,198
28, 58611,66351, 22711,85214. 86111,00717, 83753,19425,417
345, 772
37, 699648
142,980
15,84731,3417,5193,88013, 74133, 54614, 267
16, 9881,7248,801
161,668158, 755186, 87390, 36227, 26522,31210, 03396,51021, 70125, 0458,25313,42516.492152.21519,52767. 82627,46619,26715, 84628, 29817,038
i For purposes of comparison, trade with Austria, Czechoslovakia, and Poland are included with that for Germany in all periods shown.
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 9
The time which was required before our exports feltthe full impact of the World War is likely to be for-
CURRENT DOLLARS IN BILLIONS
70
60
50
40
30
20
10
0
TOTAL
WN477i
£XPOR.
1
WAL/NC
y
/
— —
———
y
. . - • • "
•
£KCESS OF EXPORTSOV£H IMPORTS
1913 U 15 16 17 18 1919O. D. 39-327
Figure 6.—National Income, Total Exports, and Net Exports, CalendarYears 1913-19 (U. S. Department of Commerce, Bureau of Foreign andDomestic Commerce).
gotten. The War tends to be remembered as a singleepisode which resulted in a tripling of our exports be-tween 1914 and 1918. It will be recalled that underthe stimulus of expanding exports, industrial produc-tion, commodity prices, and the national income in-creased to high levels, (See figs. 6 and 7.) The mem-ory of this enormous expansion appears to have beenthe primary factor in the wave of buying and the sud-den expansion of business activity which began inSeptember. Although the decline in shipments to theUnited Kingdom and the failure of total exports toexpand more than they have are at variance with theexpectations which played a major part in the Septem-ber expansion, these developments appear to be quiteconsistent both with the changed position of the UnitedStates as a supplier of food and raw materials, and withthe economic policies of the Allies.
In recent years nearly two-thirds of exports from theUnited States have consisted of finished and semi-finished manufactures. (See table 2 and fig. 3.)Crude materials comprise about a fourth of all exports,with crude and manufactured foodstuffs making up theremainder. Before the World War, on the other hand,crude materials, principally cotton, constituted one-third of our exports while foodstuffs amounted to aboutone-fifth. Finished and semifinished manufacturescomprised less than one-half of our exports.
200349—40 2
These differences in the structure of our export tradeare closely related to changes in the geographic dis-tribution of exports. The decline in relative importanceof crude materials and of foodstuffs since the pre-WorldWar years has been accompanied by a decline in theproportion of our total exports taken by European
BILL ONS OF DOLLARS9
8
7
6
5
4
3
2
1
01910
TOTAL EX
1/
I9II-I9I5
1
ri iI
/
\ S // % > >
V^JOTAL 1
1916-1920 1921-1925
MPORTS *
1926-1930
\ -
1931-1935
A,
1936- 1940DO 39-329
Figure 7.—Value of Total Exports (Including Reexports) and GeneralImports, Calendar Years 1910-39 (U. S. Department of Commerce,Bureau of Foreign and Domestic Commerce).
NOTE.—Figures for 1939 include estimates for December.
countries, which were the principal markets for theseproducts. Shipments to Europe during the 5-yearperiod preceding the present conflict were approxi-mately two-fifths of shipments to all countries; in theperiod preceding the World War they were three-fifthsof the total. The relative importance of exports to allother world areas has increased, the rise in the pro-portion of exports going to Asia being particularlynotable.
Whatever gains or dislocations in foreign trade maybe anticipated as a result of the European War, itshould be emphasized that exports of crude products arenot now of the same importance that they were in1914 and that trade with Europe, partly for this reason,does not occupy the place that it then did. Behindthese facts lie long-run developments with a directbearing upon the probable course of export trade duringthe present conflict. Additional major sources ofbreadstuffs and other agricultural products outside theUnited States have appeared since 1914, and many ofthe belligerent countries are themselves more nearlyself-sufficient in essential foodstuffs than they were atthe time of the World War.
Moreover, it is precisely in the case of the UnitedKingdom, which must import large quantities of food,that alternative sources of supply have been developed.At the outset of the World War we supplied 20 percentof British imports of food, drink, tobacco, and rawmaterials. In recent years we have contributed onlyabout 10 percent. In the case of other crude materialsas, for example, in the case of minerals, production
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10 SURVEY OF CURRENT BUSINESS JANUARY 194 0
outside the United States has been greatly increasedsince the World War period. These considerations,among others, suggest what is to some extent alreadyevident from trade returns: that any increase in exportsto European countries and to the belligerent countriesin particular will be concentrated to a considerabledegree in manufactured articles. As a matter of fact,it was this category of exports which expanded to thegreatest extent during the World War years, althoughthe rise in shipments of foodstuffs was significant for thewar period as a whole and especially during the firstyear.Table 2.—Percentage Distribution of Value of United States Exports,
By Economic Classes, and By Geographic Areas, Selected Periods 1
Item
Economic classes:Crude materialsCrude foodstuffs .Manufactured foodstuffsSemimanufacturesFinished manufactures
Total
Geographic areas:EuropeNorthern North America. _Southern North AmericaSouth America
(Latin America)
OceaniaAfrica
Total
[Percent of total]
1910-14
336
141631
100
621586
(14)
21
100
1918
169
231834
100
621575
(12)
21
100
1935-39
2446
1848
100
431599
(18)1734
100
i Years ended June 30 for 1910-14 and 1935-39; calendar year for 1918.Source: U. S. Department of Commerce, Bureau of Foreign and Domestic Com-
merce.
A second factor operating to restrict the great ex-pansion of our exports to the belligerents lies in theeconomic policies which France and the United King-dom have adopted. Strict control of foreign tradeand repressive fiscal policies were immediately put intoeffect, in order to minimize nonessential uses of labor,materials, and foreign exchange. Consumption andprivate investment are being repressed by drasticincreases in income and other taxes while the capitalmarkets are under strict control. These measures, byrestricting the expansion of incomes and by forcing areduction in the standard of living, cause a reductionin certain types of imports. In addition the deprecia-tion of sterling impedes the flow of goods into sterlingcountries from the United States. Imports are beingfurther reduced by direct limitation and, in some cases,absolute prohibition. Cautious and coordinated buy-ing by the Allies contrasts sharply with the competitionand duplication which characterized orders during thefirst part of the last war. It is clear that the Alliesintend to limit their expenditures in the United Statesas much as possible. They are carefully conservingtheir gold, dollar balances, and securities marketablein the United States to meet the needs which may ariseif and as the war develops. Furthermore, they evi-dently hope to minimize the inflationary effects of warexpenditure at home.
The movement of our goods to neutrals is limited by
the controls imposed by the belligerents upon neutraltrade, applied with greater severity and at a muchearlier stage than in the World War. Blockade and
EXPORTSECONOMIC CLASSES GEOGRAPHIC AREAS
BILLIONS OF DOLLARS BILLIONS OF DOLLARS7
1910-14 1918 1935-39 1910-14 1918 1935-39
IMPORTSECONOMIC CLASSES GEOGRAPHIC AREAS
Bl LLIONS OF DOLLARS BILLIONS OF DOLLARS4
- ^ - 2
1910-14 1918 1935-39 1910-14 1918 1935-39
DD.39S28
Figure 8.—Value of United States Exports of Merchandise and Importsfor Consumption, by Economic Classes, and Total Exports (IncludingReexports) and General Imports By Geographic Areas, 1910-14, 1918,and 1935-39 (U. S. Department of Commerce, Bureau of Foreign andDomestic Commerce).
NOTE.—Data for 1918 are for the calendar year; other data are for fiscal years.
contraband regulations will keep at a minimum ourexports to certain of the belligerents as well as to someneutral countries. The existence of substantial accu-mulated stocks of both war materials and civilian sup-plies is yet another factor which will presumably restrictthe demand for American products in the near future.In a measure, as export statistics during the past severalyears indicate, the war demand for domestic exportshas been already felt. Armament requirements, thebuilding up of reserve stocks, and the generally highrate of industrial activity induced by war preparationshave all been reflected in the export trade of the UnitedStates.
The foregoing considerations apply particularly toprospective export trade with the European belligerentsand with some qualifications to other European coun-
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 11
tries also. The prospects of improved trade with non-European countries, belligerent and neutral, turn uponrather different issues. The possibility of an expan-sion of exports from the United States to such countriesas a result of a lessening of trade with Europe, depends,of course, upon the trend of their exports to the UnitedStates, upon the disposable proceeds of their totalexports, and upon the possibility of borrowing in theUnited States. The fact that the productive facilitiesof many of the countries concerned are not in highdegree complementary to those of the United Statesneed not constitute an insuperable obstacle in thisdirection, provided that receipts from shipments toEurope and elsewhere can be freely utilized for makingpurchases of our goods.
Here it should be noted that the movement of prices,
especially the prices of the primary materials whichcomprise such a large proportion of the exports of coun-tries outside of Europe, is a factor of primary impor-tance. The boom in the external trade of Latin Americaduring the World War, for example, was in large meas-ure the consequence of a great rise of prices. Asidefrom the price factor, the experience of the World Warperiod suggests that trade between the United Statesand Latin-American countries may be expected toincrease moderately in the short run and significantlyover an extended period of time under the conditionscreated by war in Europe. An increase over both1937 and 1938 has occurred in exports from the UnitedStates to Canada, and the use of Canadian facilitiesfor the manufacture or processing of war materials maylead to a further marked expansion.
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12 SURVEY OF CURRENT BUSINESS JANUARY 1940
Present Position of the Lumber IndustryBy W. LeRoy Neubrech, Chief, Lumber and Allied Products Section, Forest Products Division
IT IS well known that one of the differences betweenthe immediate repercussions of the outbreak of war
in September and the start of the holocaust in 1914 wasthe generality of the impetus given this time to prices.There was no hesitancy in many important sectors ofthe price structure during the first few weeks of war asthere was in 1914. Rather, expectations changedquickly and the psychological impact was virtually all-inclusive. Prices of such commodities as lard, copper,lead, and cotton did not follow the 1914 precedent anddip downward. Presumably many people thought thatprice inflation like that of 1916-20 was imminent andsought to protect themselves, though there were, nodoubt, some who were merely guarding against delaysin delivery.
It is largely on such grounds that an explanation ofthe rush of buying and the consequent price rise thatcame in the lumber industry must rest. One might,not unreasonably, have expected a less optimistic re-action to the war, since during the World War lumberhad proved not to be a war stimulated industry.
Buying Rush in September.
Nevertheless, a sharp lumber buying movement diddevelop in September. The trend of developments isindicated by the data in figure 9 which cover a largefraction of the industry New orders for those millsreporting to regional associations had been coming inat about 260 million board feet a wTeek during theperiod immediately preceding the start of hostilities,somewhat above the level of production of about 240million feet a week. By the week ended September 23new business of over 370 million feet was received.While the data to show the precise sources of thisincreased demand are not available, there is a pre-sumption that it resulted from anticipatory buying bywholesalers, retailers, and industrial consumers. Themovement was fostered by the relatively low stockposition of these groups. There is no evidence of anincrease in total consumption although there has beenexpansion in particular lumber consuming areas; infact, the Lumber Survey Committee 1 estimated in itsreport of November 4 that consumption in the fourthquarter would decline to 6.8 billion feet from the thirdquarter total of over 7 billion.
After several weeks of accelerated business there wasa reappraisal of the situation. A sharp decline in neworders occurred and by the middle of October they fellbelow production. During November this gap be-tween output and new business was rather wide with
1 Special Lumber Survey Committee established upon recommendations to thePresident by the Timber Conservation Board, June 1931.
the latter fluctuating under 200 million board feet perweek. From the end of October to the end of Novem-ber unfilled orders were reduced from 930 millionboard feet to 769 million and this downward movementhas continued in December. They had been 836million at the end of August.
This strong buying wave soon produced a marked in-crease in lumber prices generally. The Bureau of LaborStatistics index of wholesale lumber prices rose from91.8 (1926 = 100) in August to 93.7 in September andagain to 98.0 in October. The movement of mill pricesfor some typical lumber items is indicated in table 1.As can be seen from these data, a large part of the pricerise, which was transmitted to all the important typesof lumber, came between mid-September and mid-Octo-ber. During the rest of October mill prices leveled offand with the decided decline in new business in Novem-ber many lumber items were offered at lower prices.
MILLIONS OF BOARD FEET
4 0 0
3 5 0
3 0 0
2 50
200
1 50
PRO
of , ,1 JULY
ORDE
; • - • • ' " >
DUCT/'ON - "
AUGUST
/ \
;
A
\ \ ; jr .—^^^
SEPTEMBER
19OCTOBER
39
PMENT5
—v
^ \ ^ \
NOVEMBER
K\\ .
, , , , r
DECEMBER 1
ZJ.Z). 39-3/5Figure 9.—Total Lumber Production, Shipments and Orders, by Weeks,1939.
Source of data: National Lumber Manufacturers' Association, based upon datafor approximately identical mills.
This price reaction was not immediately reflected widelyin wholesale markets. The Bureau of Labor Statisticsindex of prices in wholesale markets did not decline inNovember but showed a further slight increase to 98.3.
While supply conditions and the pricing process differwidely among the various sectors of the lumber indus-try, short-term price changes generally result from theimpact of changed demand upon existing stocks. Theindustry has large possibilities for expansion from therelatively low levels of production of recent years, butit takes some time for these to be realized. The timerequired for the logging, log transportation, saw mill-ing, drying, and finishing operations does not allow a
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 13
marked expansion of production to meet a flood of neworders within a few weeks or a month's time, particu-larly during those months when, for climatic reasons, aseasonal decline in production is customary. It hasbeen characteristic of the lumber industry for some timethat production lags considerably behind changes indemand so that stocks tend to move in the oppositedirection to production. The fact that production andstocks have opposite cyclical patterns can be seen infigure 10. Hence, a sudden increase in demand mustbe met largely out of stocks and is likely, if of sufficientmagnitude, to give a temporary lift to the price struc-ture.
Table 1.—Trend of Prices 1 of 8 Typical Lumber Items
[Dollars per 1,000 board feet]
Item
Southern pine dimension.Southern pine flooringPonderosa pine shopDouglas fir flooringDouglas fir dimensionOak flooringPlain red oakPlain sap gum
Aug. 19 2
21.2438.8533.6127.0021.0063.0029.0021.50
Sept. 16 2
21.8540.4234.4228.0022.0066.0029.0023.00
Oct. 14 2
23.6742.6034.2731.0024.0068.0032.7526.00
Nov. 25 2
24.6543.5235.2830.0023.0068.0029.2525.50
i Actual sales, f. o.b. mills.Source: American Lumberman.
2 Approximate date.
Lumber Stocks Declining.
Total shipments of lumber, which in August had beenlarger than at any time since 1930, were maintained inSeptember at 2.5 billion board feet and increased to 2.6billion in October against a customary seasonal contrac-tion at this time of the year. As production declined,though less than seasonally, from 2.4 billion in Augustto approximately 2.3 billion in September and October,the volume of shipments was maintained partly bywithdrawals from existing stocks. This decline in millstocks continues a movement which has been under wayfor about 2 years. During 1937 lumber stocks hadincreased by 1 billion board feet because of the sharpdecline in demand that came in the second half of thatyear. In 1938 these enlarged stocks were reduced 555million feet and in 1939, by the end of August, a furtherreduction of over 500 million had been effected. Then,in the next 2 months there was a decline in stocks of 515million board feet, as o result of the buying touched offby the war. Lumber stocks, in relation to the currentrate of consumption, now appear to be somewhat low.Furthermore, present stocks, as the Lumber SurveyCommittee observed at the end of the third quarter,are broken and ill-assorted in some regions and thistends to encourage erratic price changes. The com-mittee adds that such price changes benefit neitherproducers nor consumers and evidently discouragemore liberal use of lumber and timber products.
Consumption of Lumber Increases in 1939.
An accurate appraisal of the current position andprospects of the lumber industry must, however, bemade in terms of more fundamental factors than a shortperiod buying movement. The fact is that lumber con-
sumption in 1939 will exceed that of any year since1929. Lumber consumption in 1939 is estimated atslightly above 26.5 billion board feet, more than doablethe depression low of 1932. It will surpass the 1937figure by about a billion and a half feet. Productionhas also expanded in 1939 although it is estimated tobe about 2 percent under 1937 and 1930, total outputin each of these years having been approximately 26billion feet. The steep climb from 10.8 to 25.5 billionfeet measures the progress made from the trough of thedepression in 1932 to 1939. Nevertheless, consumptionstands far below the level of the twenties; in 1929, notan exceptional lumber year for that decade, consump-tion was 35.8 billion feet. It is necessary to inquirewhether the difference between 1929 and 1939 consump-tion represents a trend away from lumber use or merelythe relatively depressed condition of the nationaleconomy,
BILLION FEET PER QUARTER12
1925 76 77 '28 79 '30
Figure 10.—Softwood Production, Shipments, and Stocks by Quarters,1925-39 (National Lumber Manufacturers' Association).
NOTE.—Data are adjusted for seasonal variation.
Even in 1929 lumber was known to be in the categoryof declining rather than expanding industries. Thepeak in lumber production and consumption came inthe years 1906-7. Up to that time it can fairly besaid that lumber was the dominant manufacturingindustry in our economic development, although forabout 10 years steel had become increasingly important.Lumber was the lowest priced and most widely usedmaterial for durable goods during the great economicand territorial expansion that followed the Civil War.Its consumption increased from about 8 billion feet in1859 to almost 45 billion in 1906. The Great Plains ofthe Middle West were being settled rapidly, towns andcities were springing up, and population, even in theEast, was multiplying. This expansion and migrationof the population, coupled with the rising productive-ness of our economic machine, resulted in an increasein the per capita consumption of lumber during the halfcentury from 260 to 525 board feet.
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14 SURVEY OF CURRENT BUSINESS JANUARY 1940
Declining Trend in Consumption Since 1907.
After 1907 this rising trend was reversed and thelumber industry entered its new phase of decliningproduction and consumption. The great agriculturalmigration that had added approximately 90,000 newfarms per year to the economy, each with a require-ment of about 50,000 board-feet of lumber,1 was over.New materials were being developed and they began toreplace lumber in urban buildings, sidewalks, ship-building, fencing, and a host of industrial uses.
The comparison of the major outlets for lumber in1912 and 1928, given in table 2, shows in what areas thetrend was declining after the peak in 1907.
Table 2.—Estimated Distribution1912
Class of use
Factory . .Construction:
Sash, door, and millworkDirect to construction._ -_
Rural constructionUrban residentialUrban nonresidential
All lumber .
of Nationaland 19281
1912, con-sumption
Mil-lionsfeet
boardmeas-ure
11,200
2,50029, 30015,0009,0005,300
43,000
Per-cent
26
668513118
100
Lumber Con
1928, con-sumption
Mil-lionsfeet
boardmeas-ure
10,300
3,30022,900
5, 50012,0005,400
36, 500
Per-cent
28
963245224
100
sumption for
Gain (-loss
Mil-lionsfeet
boardmeas-
ure
- 9 0 0
+800- 6 , 400- 9 , 500+3,000
+100
- 6 , 500
f) or- )
Per-cent
- 8
+32-22- 6 3+33+2
- 1 5
i Forest Service, a National Plan for American Forestry, S. Doc. No. 12, 73d Cong.,1st Sess., 1933, vol. 1, p. 249.
In construction the use of manufactured lumberproducts (sash, door?, etc.) increased during this periodbut the total lumber used in this field declined by 5.6billion board feet. It was entirely in rural construc-tion that the decline occurred, a result of the rural-to-urban shift in population that was taking place. Therelatively depressed condition of agriculture during thetwenties, which was the underlying cause of the shiftin population, also held back the normal replacementand repair demand for lumber. Actual consumptionin urban construction, including planing-mill products,increased by substantially more than 3 billion boardfeet. This increased urban consumption was occasionedby the much higher level of construction activity in1928 and took place despite the tremendous increase inthe use of other building materials which was a con-current development. It has been estimated that thevolume of urban nonresidential building constructionin 1928 was twice that of 1912 although lumber con-sumption was about the same in both years. Thus therelative displacement of lumber by other materials was50 percent.2 In urban residential construction, therelative displacement of lumber was also very high,probably in excess of 25 percent, largely a result of thedevelopment of multifamily housing.
i A National Plan for American Forestry, S. Doc. No. 12, 73d Cong., 1st sess., 1933,vol. 1, p. 249.
3 Op. cit., pp. 250-253.
It is also notable that, despite the large increase inindustrial production during this period, the industrialuse of lumber declined from 11.2 billion board feet in1912 to 10.3 billion in 1928. Other materials of allkinds encroached upon the use of lumber for all indus-trial purposes although in certain areas the expansionof output was large enough to require an increase inthe absolute amount of lumber used. This occurred insome of the largest areas of industrial demand; e. g. boxesand crating, furniture, and motor vehicles; but suchgains and those arising out of new industries were morethan offset by the decreased consumption in minorindustries as is shown in table 3.
Table 3.—Lumber Consumed in Fabricated Products and by Wood-Usin£Industries, 1912 and 1928
Products
Boxes and cratesCar constructionFurnitureVehicles and vehicle parts:
NonmotorMotor
Total of 4 principal industries.
Woodenware, novelties, and dairymen's, poulterers', andapiarists' supplies
Agricultural implementsChairs and chair stockHandlesMusical instrumentsTanks and silosShip and boat buildingFixturesCaskets and coffinsRefrigerators and kitchen cabinetsMatches and toothpicksLaundry appliancesShade and map rollersPaving material and conduitsTrunks and valisesMachine constructionBoot and shoe findingsPicture frames and moldingsShutters, spools, and bobbinsTobacco boxesSewing machinesPumps and wood pipe...Pulleys and conveyorsToysGates and fencingSporting and athletic goodsPatterns and flasksBungs and faucetsPlumbers' woodworkPencils and pen holdersElectrical machinery and apparatusMine equipmentProfessional and scientific instrumentsBrushesDowelsElevatorsSaddles and harnessPlayground equipmentButchers' blocks and skewersClocksSigns and suppliesPrinting materialWeighing apparatusWhips, canes, and umbrella sticksBrooms and carpet sweepersFirearmsArtificial limbsTobacco pipes .AirplanesMotion pictures and theatrical scenery
3,651, 767 2,179,545Total of 50 minor industries
Total, all uses ._„ 11,147,695 10,317,511
1912
Mft. b. m.4, 550,0161, 262, 090944, 678
569,144170,000
7,495,928
405,286321, 239289, 791280, 235260,195225,620199, 598187,133153, 395137, 61685, 44279, 50279, 29276, 06774,66869,45966, 24065, 47865,14864,12759,94755, 82735, 86328, 92727, 45125,19224, 29921,11220, 31320, 04118,18916,98815,03012,87911,98110,0199,2189,0658,1977,894
1928
Mft. b. m.4, 981, 2301, 009, 4081,198,612
80,841867, 875
8,137, 966
5,3255,0224,9472,2772,09468749074
183, 336142, 943165, 392124,654107, 50266, 328128, 342130, 030156,108145, 745123, 42638, 67424, 2363,350
21, 34639, 62748, 74220,94744,02238, 42912, 76010,831
90039,4101,57229,97329,9962,98016, 27339,98266, 750
2215, 51017,03315,087
46751
4,6724,8883,511
48, 5975,984
191,250
28,4521,741698
1,4119,04416, 223
Source: A National Plan for American Forestry.
The declining trend of lumber consumption is illus-trated by the estimate of future "normal" require-ments 3 of from 30 to 34 billion board feet annually, a
A National Plan for American Forestry, p. 256.
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 15
substantial decline from the 45-billion peak of 1906-07.Had lumber consumption followed the general trend ofindustrial expansion, its use would have amounted to54 billion board feet in 1928 instead of 37 billion.
A Decade of Low Consumption.
For the period 1929-39 the trend of lumber consump-tion is indicated in table 4. It can be seen that, exceptin 1929, consumption was much below the estimatednormal of 30 to 34 billion board feet. The declinefrom 1929 to 1932 was of the substantial magnitudethat characterized durable-goods industries generally.Since 1932 considerable and almost continuous progresshas been made, but in 1939 consumption was still morethan 9 billion board feet under the 1929 total.
This failure of lumber to regain its former volumeis not merely a concomitant of the depressed condi-tion of the economy. The consumption of lumber inthe building and construction field is now at the highpoint since 1929 and is only slightly below the levelattained in that year. But in all the other areas shownin table 4 the difference between 1929 and 1939 con-sumption is considerable, in large part a result of thedisplacement of lumber by other materials.
Table 4.—Total Lumber Consumption by Major Uses, 1929-39
Year
19291930193119321933
TotalBuildingand con-
Boxesand
cratingIndustrial Railroad
purchasing Export
Million feet
1934_
1936__.1937 __1938 _.1939 i..
19291930193119321933
35, 50726,49819,07013,10515,148
15, 46719, 30623,62325,09321,66326, 501
18,49912, 60010,0586, 5888,412
8,13311,42714, 83015, 56314,94918, 044
4,6454,0383,3582, 5782,549
2,6612,9283,1933,2882,7413,080
6,0354,7932,2901,4251,613
1,6702,0702,3122,3801,8392,337
3,2342,7961,7041,3771,299
1,6661,5802,0162,4481,1871,953
3, 0942,2711,6601,1371,275
1,3371,3011,2721,414947
1,087
In percentage of total
1934_1935.1936.19371938.1939 1
100.00100.00100.00100. 00100.00
100.00100.00100. 00100. 00100.00100. 00
52.1047.5552.7450.2755.53
52.5859.1962.7862.0269.0168.09
13.0815.2417.6119.6716.83
17.2115.1713.5213.1012.6511.62
17.0018.0912.0110.8710.65
10.8010.729.799.488.498.82
9.1110.558.9410.518.57
10.778.188.539.765.487.35
8.718.578.708.688.42
8.646.745.385.644.374.10
1 1939 estimated.Source: Lumber Survey Committee quarterly reports to the Department of
Commerce.
The fact that consumption of lumber in boxes andcrating is still less than the 1931 figure is indicative ofthe increased use of paperboard, plywood, and veneerfor this purpose. It is probable that this was influ-enced to some extent by the shift from rail to trucktransportation. The relative decline in industrialconsumption has been larger than in any other area andthis is in some measure because of the use of alterna-
tive materials. While the Federal Reserve index ofdurable-goods production was almost 80 percent of the1929 figure in 1939, the industrial use of lumber wasless than 40 percent. In the case of railroad consump-tion the decline in lumber used can probably be entirelyaccounted for by the decrease in outlays for capitalgoods and maintenance rather than by further dis-placement of lumber by alternative materials.
The factors influencing our export trade have been ofa different character. Lumber exports in 1938 totaledonly 947 million feet, the smallest volume in fourdecades. Although there has been an increase of morethan 100 million feet this year, the total is still onlyone-third that of 1929 when the United States was themajor lumber exporting nation of the world. This losshas not been due primarily to a decline in consumption,for world lumber consumption, excluding the Orient,has been fairly well maintained. The United Kingdomimported more lumber in each of the past 5 years than
BILLIONS OF BOARD FEET3.5 '
3.0
1910 'II '12 '13 '14 '15 '16 '17 '18 '19 '20 7! 72 73 74 75 76 77 78 79 '30 '31 '32 '33 '34'35 '36 '37 '38 1939
Figure 11.—Total Exports of Hardwood and Softwood Lumber, 1910-39(U. S. Department of Commerce, Bureau of Foreign and DomesticCommerce).
NOTE.—Figures for 1939 include estimates for December. Data for hardwood andsoftwood lumber are not reported separately prior to 1918.
in any year since 1913, excepting only 1927, and yetour exports to that market have dwindled. Com-parative prices, freight costs, preferential tariffs andother trade barriers, larger log exports, and, in recentyears, the war in the Orient, have been the majorfactors responsible for the decline in our lumber exports.Imperial preference, adopted in 1931, was particularlyimportant as it transferred a large part of our Britishand Dominions market to British Colombia.
It is interesting to note in this regard that, if theWorld War is a reliable precedent, export prospectshave not been improved by the renewal of armed con-flict in Europe. As can be seen in figure 11, lumberexports dropped precipitously after the outbreak of warin 1914 and remained very low until the work of recon-struction after 1918 increased world demand. Thisdecline was immediate; from a total of 235 million feet
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16 SURVEY OF CURRENT BUSINESS JANUARY 1940
in July 1914 exports fell to less than 100 million byOctober of that year. Of course, even a relative declineof this magnitude is not anticipated from the presentlow level of exports but, on the other hand, a sizableexpansion cannot be expected.
The loss that has been sustained in the boxes andcrating, industrial, railroad, and export markets forlumber, means that the fortunes of the lumber industry,particularly the softwood section, are more closely tiedto building and construction than they were a decade
FLOOR SPACE-MILLION SQUARE FEET CONSUMPTIQN-
160
140
120
100
80
60
2 0
0
\
1926
\
A\
1929
\\
1930
V\
1931
UMB£R
\
\ ^
1932
CONSU
1933
MPTIOI
" *>
1934
A--
1935
fLOOR
1936
%
VSPACE
1937
BILLION FEET
/
h
1938 !939DM SB
I to
14-
12
10
8
2
0
•317
Figure 12.—Floor Space of Residential Construction Contracts Awardedand Consumption of Lumber by Quarters, 1928-39.
Source: Courtesy National Lumber Manufacturers' Association. Floor space,F . W. Dodge Corporation; lumber consumption for 1928 and 1929, U. S. ForestService, and for 1930-39 Lumber Survey Committee. Data are adjusted for seasonalvariations.
ago. Whereas the construction demand was onlylittle more than 50 percent of the lumber market in1929 it has been close to 70 percept for the past 2 years.It is only because of the heavy demand of the construe^
tion industry that total lumber consumption this yearhas been able to rise above that of any year since 1929
There is a further significant development. Whilethe quantity of lumber consumed in building and con-struction in 1939 has been only a little below the 1929figure, construction activity itself was still much underthat of 1929. This fact can be explained by therelatively greater expansion in residential buildingcompared with other types of construction. As can beseen in figure 12, lumber consumption in recent yearshas become more dependent upon residential building.But several other factors appear to be important.There has been relatively more building in the smallercities where wood is used more extensively. Archi-tectural styles wiiich use wood in combination withother materials for both exteriors and interiors havefound more favor with the home builder. It also ap-pears from the little data available that a larger propor-tion of the houses built have been of frame construction.Furthermore, there is little doubt that the proportionof small lower-priced homes built has been greaterand that this activity has provided a large outlet forlumber. For the past several years both lumber man-ufacturers and retailers, through their national associa-tions, have promoted a project known as the NationalSmall Homes Demonstration, Inc. This project, incooperation with Federal agencies and other privateindustry groups, has resulted in stimulating greaterinterest in housing, especially low-cost housing. Theprospects for the lumber industry at this time are toa large degree dependent upon further expansion inthis field. The possibilities in this field have alreadybeen demonstrated, but only a beginning has been madein tapping this market.
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JANUARY 1940 SURVEY OF CURRENT BUSINESS
NEW OR REVISED SERIES
17
Table 1.—AVERAGE WEEKLY HOURS PER WORKER IN FACTORIES AND FACTORY AVERAGEHOURLY AND WEEKLY EARNINGS »
Month
Average weekly hours per worker in factories
Hours
1932
38.639.639.037.737.636.835.9
1933
37.638.336.638.140.842.842.6
1934
33.635.536.035.935.434.633.1
1935
35.036.336.436.135.535.335 2
1936
37.337.338.538.639. 139.138.5
1937
39.640 541.040.439.739.238.0
1938
33.334.434.734.334.534.535.0
1939
36.637.137.336.736.937.336.7
Month 1932
36.638.940.238.938.5
38.2
1933
38.436.135.634.234.0
37.8
1934
33.833.234.133.835.0
34.5
1935
36.637.438.137.638.5
36.5
1936
39.538.840.540.541.1
39.1
1937
38.737.537.635.434.5
38.6
1938
36.537.137.636.637.3
35.5
1939
January. .FebruaryMarchAprilMayJuneJuly
AugustSeptemberOctoberNovemberDecember
Monthly average
38.03H.039.1
Month
Factory average hourly earnings Factory average weekly earnings
Dollars
1932 1933 1934 1935 1936 1937 1938 1939 1932 1934 1935 1936 1937 1938
Total, all industries
1939
JanuaryFebruary.-MarchAprilMayJuneJulyAugustSeptemberOctoberNovember.December
Monthly average
JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember _-
Monthly average.
JanuaryFebruaryMarchAprilMayJune ,JulyAugustSeptemberOctoberNovemberDecember
Monthly average
0.494.486.480.477.472.463.460.447.432.427.426.426
.458
0.421.419.420.416.411.407.411.472.501.508.510.517
.455
0.526.524.526.536.541.543.549.547.550.546.548.554
. 541
0.557.559.561. 562.562.565.559.558.553.555.557.562
.559
0.563.561.562.563.563.563.562.560.557.562.569.583
.564
0.587.592.604.629.640.644.648.648.647.655.656.656
.634
0.652.647.645.642.640.638.631.625.626.634.639.642
.639
0.644.643.645.642.643.642.637.634.635.645
19.6019.7819.2918.5518.3517.6216.9516.6116.6017. 1516. 7516.65
17.86
16.3416.2115.3815.9817.1017.7217.7518.4918.2118. 3617.6617.78
17.36
17.8618.8319.3619.7419.6119.2318.3618.6818 3518.6818.6819.58
18.93
19 8320.7620.9020.9620. 5520. 3219.9120.6420.9321. 4321.5922.10
20.85
21.4021.2121.9922.4422.7222.7022. 1922.4621.9723. 2023. 6924.65
22.60
23. 8324. 5425. 3526. 1226.2225. 8025. 1625.6424.7325. 1723. 6622.68
24.95
21.6622.0722.2322.0521.9222.0721 .%22.8323.2423. 9023. 7724.26
22.70
0.546.539.532.531.526.511.505.494.482.469.468.466
.508
0. 463.459.460.452.447.441.443.495.522.528.527.531
.485
0.538.540.545.566.575.575.577.577.576.572.574.580
.567
0. 583.584.587.588.587.592.587.585.581.584.589.592
.587
0.593.591.593.596.595.595.594.590.588.594.604.623
.597
0.623.631.651.686.696.696.705.703. 703.710.713.710
.686
0.705.702.702.701.699.696.688. 685.690.696.706.709
.698
Durable
0.710.709.711.710.707.708.702.699.703.712
i goods
19.6019.9619.0118.4818.7217.3316.6015.8315. 4216.5716. 5016.46
17.66
16.1515. 8714.9715. 9217.6418.5218. 6219.7018.8119.0418.1218.10
17.80
18.1819.5120.4721.3021. 1920.7018.8919.3718.2219.2419. 4120.61
19.81
20.9922.6222.7022.9222.2921.9021.2122.2122.7223.6624.1924.52
22.72
23.3422.8024.3025. 4225.6925.5624. 5824.7624.462«. 1326.8327.79
25.24
26.3327.3528.6229.8729.9029.1928.2329. 1028.0128.6126.4724.59
28.09
22.9023.4223. 6923.8023.9323. 8623.3224.8425. 6526.8627.0227.27
24.77
Nondurable goods
0.458.450.445.441.435.431.430.419.403.403.402.403
.427
0.397.396.397.395.389.386.391.457.488.495.500.508
.437
0.518.514.513.513.516.519.528.526.532.529.530.535
.523
0.538.540.542.542.543.544.538.538.532.532.532.537
.538
0.538.537.536.535.536.536.536.536.532.536.538.548
.537
0.555.557.562.575.587.594.595.596.596.603.602.607
.585
0.609.603.601.596.595.594.590.585.582.587.586.589
.593
0. 592.591.591.588.592.590.587.585.583.590
19.5919. 6319.5318.6118.0317.8717.2417. 1817.4017. 5216.9216.78
18.01
16.4716.4515.6616.0216.7317.1617. 1317.6017.7717.8617.3217.53
17.04
17.6218.2918.4418.4218.2217.9417.9318. 1318.4618.2818. 1418.79
18.23
18.8719.1419.3319.2118.9418.8918.7419.2619.4319.4619. 1519.85
19. 20
19.5819.9519.8419. 5819.7919.8719.8720.3619.7120.3920.5321.42
20.09
21.2921.6721.9622. 1222.1622.1321.8021.9821.2821.3620. 5220.69
21.60
20.4720. 8320.9220.4920.1120.5120.8421.2421.3221.3420.8421. 52
20.89
23.8024.0124. 1823. 7923.8424. 1723.6424.5224.7225.80
26.5326.7827.0226.9226.8227.2626.3127.922«. 1829.72
21.2921.4721.5820.8921.0921.3121.2521.5821. 5422.03
1 Revised series: Computed by the U. S. Department oj Labor, Bureau oj Labor Statistics. The revised scries supersede those forrrerly published, and they differ frorr theold series in that (1) the railroad repair-shop group has been eliminated, and (2) a more refined system of weighting has been used in the construction of the revised averagehours and average hourly earnings. Revisions have also been made in several industries because of changes in the composition of the industry and the reclassification ofestablishments.
In addition to the data shown above, revisions in the major groups and in selected industries beginning November 1938 appear on pp. 28 and 29 of this issue.The Bureau of Labor Statistics has released a mimeograph containing tables of yearly averages from 1932-1938 and rronthly data from January 1938 to September 1939
for the separate manufacturing industries and for the major groups; this mimeograph is available upon request to the Bureau of Labor Statistics. Earlier n onthly data will bereleased at a later date in a special bulletin of the U. S. Department of Labor. This bulletin will contain a more complete description of the revisions and methods used in theconstruction of the series.
200349—40 3
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18 SURVEY OF CURRENT BUSINESS JANUARY 1940
Table 2.—AVERAGE WEEKLY HOURS PER WORKER IN FACTORIES AND FACTORY AVERAGEHOURLY AND WEEKLY EARNINGS l
Month
Average weekly hours per workin factories Factory average hourly earnings Factory average weekly earnings
Dollars
JanuaryFebruaryMarchApril _MayJuneJulyAugustSeptemberOctoberNovemberDecember
Monthly average
34.035.636.435.835.435.534.133.533.433.933.735.1
36.337.236.836.836.036.136.337.037.938.638.538.4
34. 7 37. 2 39. 5
38.137.838.339.139.039.038.839.840.340.841.141.4
40.341.341.44.0.640.239.838.738.537.937.435.233.6
38.7
32.233.133.032.732.532.933.735.536.036.836.736.6
34.3
36.636.836.936.836.537.137.137.938.239.039.1
0. 552.556.562.581.585. 585.587.587.589.591.592. 590
. 580
1935
0.591.592.594.597.599.601.601. 604. 603. 602. 605.604
. 599
1936
0. 610.609. 612.615.617.619.618.618.620. 620. 626. 638
.619
1937
0.639.643.662.692.701.708.712.715.716.718.716.715
.695
1938
0.714714'20718'18'19'14714715715"14713
.716
1939
0.713713715717720721721720722724727
1934
18.7719.8520.4920.8220.6820.7619.9219. 5619. 5019.8919. 8320. 69
20.06
1935
21.4722.0521.8721.9721.5121. 6621.7322.1822.7123.1623.2723 16
22. 23
1936
23.1722.9423.4424.0724.1624.1923.9524.5324.9325. 2525. 7026 36
24.39
1937
25. 6326.5027.3728.0128.1028.0727.4127. 4927.1026. 8125. 2123 92
26.80
1938
22.8523.4023.5723.4023. 2423.5623. 8325.1625.6626.1926.2026 05
24.43
1939
25.9526.1126.2526.2726.1926.6726.6427.2927. 5828.2428.49
i Revised series. Computed by the National Industrial Conference Board. These revisions, which affect only the figures from 1934 to date, were occasioned by (1) thereceipt from cooperators of additional reports covering the year 1938, and (2) by the adjustment of the averages for the automobile industry to conform with data compiled bythe Automobile Manufacturers Association which cover practically the entire automobile- and body-manufacturing industry.
Table 3.—DEPARTMENT STORE SALES—SAN FRANCISCO FEDERAL RESERVE DISTRICT J
[Monthly average 1923-25=100]
M o n t h1919 1920 1921 1922 1923 1924 1925 1926 1927 I 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
JanuaryFebruary _.MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Without adjustment for seasonal variations
Monthly average..
4848545961625763707677
121
66
7265737683776979828584
126
81
7369737779726472758079
119
78
6862707586746777799192
140
82
817887899989838895
105 i104163
97
908789949891799194
103105161
99
8887951011069990101107115123181
108
959210510310810089104113115119188
9896
10411211210191
107116117124188
10099
10411511310297
108121122122200
10410111211011710598
110123121127200
100 !9710611110910090 ,102 i112111114176
119 I 111 |
9088
10010199918293969598
144
98
7272757270675969757769
114
74
5556547072666772767372
131
72
6265767374696478858689
147
81
7273788885827686969898
161
91
7678879392918394
104105108179
99
8588
10296999285
101105108107173
81808595928581928997
108170
818389969388819498
103105
103 i
With adjustment for seasonal variations
January | 55February j 57March I 61April 62May ! 58June i 66July : 68August 67September ; 71October j 72November j 74December \ 77
817778827984828483808179
828277787677777777767675
78
919193949696
1019698
10099
101
10110298969798
197999798
100101
99102104104106109111109109111116111
107108110109109110110112114111112114
111113115114114113113114115113117113
115116113120115114119116119119115120
120119119117121118120117121118118120
116115118113114112110108109108108105
1061031071071031021009893939285
87 9393979696
10010199
100103102104
103106109102105102103107101103 93102 103102 100
979799
1009599
100
1 Revised series. Computed by the Federal Reserve Bank of San Francisco and represents a complete revision of the data previously shown in the Survey. The indexes arebased on daily average department store sales in the Twelfth Federal Reserve District. The data for the individual cities which make up the total have been adjusted tolevels indicated by Census of Distribution data for 1929,1933, and 1935 except for 2 cities where it appeared that such adjustments were unnecessary. The seasonal adjustmentfactors were also recomputed.factors were also recomputed.
Table 4.—DEPARTMENT STORE SALES-CLEVELAND FEDERAL RESERVE
DISTRICT 1
[Monthly average 1923-25 = 100]
Month
January _ _ - _ . _ .February _- _ _ _ . . . . .MarchApril .- .May.JuneJulv .AugustSeptemberOctober .._ _ _NovemberDecember
Monthly average
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938|l939
With adjustment for seasonal variations
105105108102102110106106110104102104
105
97999999999592939494so88
94
9?89919?,8785857976757574
82
707165666359575257585654
60
5548605960657367646465
62
m7076717571697269687173
70
776980717076757475
7979
75
778778828685878686939493
87
92103100969797979699
1009088
96
898886827377817885838789
83
89909087838486889?94
100
i Revised series. Computed by the Federal Reserve Bank of Cleveland. Seasonalfactors have been recomputed for the period 1929 to date; the new factors take intoaccount the shifts which have occurred in the seasonal element in recent years. Therevision does not affect the index without adjustment for seasonal variations or theadjusted index prior to 1929.
Table 5.—DEPARTMENT STORE SALES-MINNEAPOLIS FEDERAL RESERVE
DISTRICT J
[Monthly average 1929-31 = 100]
Month
JanuaryFebruaryMarchAprilMayJune __JulyAugustSeptemberOctoberNovemberDecember
Monthly average
1934 1935 1936 1937 1938 1939
With adjustment for seasonalvariations
817681747973697777757881
77
818180798181818581848885
83
929595929496
1009198969293
908994928592959396919396
95
9487969594959710210497
93
1 Revised series: Computed by the Federal Reserve Bank of Minneapolis. Thisrevision, which was occasioned by the recomputation of the seasonal adjustmentfactors, affects only the adjusted indexes for the period 1934 to date.
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 19
Monthly Business StatisticsThe data here are a continuation of the statistical series published in the 1938 supplement to the SURVEY OF
CURRENT BUSINESS. That volume contains monthly data for the years 1934 to 1937, inclusive, and monthly aver-ages for earlier years back to 1913 insofar as available; it also provides a description of each series, and referencesto sources of monthly figures prior to 1934. The 1938 supplement may be secured from the Superintendent ofDocuments, Government Printing Office, Washington, D. C , for 40 cents per copy.
A few series have been added or revised since the 1938 Supplement went to press. These are indicated byan asterisk (*) for the new series and by a dagger (f) for the revised series. A brief footnote accompanying eachof these series provides a reference to the source where the descriptive note may be found.
The terms "unadjusted" and "adjusted" used to designate index numbers refer to the adjustment for seasonalvariations. Data subsequent to November will be found in the Weekly Supplement to the SURVEY.
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1988 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
tember October
BUSINESS INDEXES
INCOME PAYMENTS tAdjusted index 1929=100-.Total Mil. ofdoL.
Salaries and wages:Adjusted index... 1929 = 100-.Total Mil. of doL.
Commodity producing industries __doDistributive industries _ doService industries doGovernment doWork relief wages- ___.do
Direct and other relief doSocial security benefits and other labor in-
come .Mil. of doL.Dividends and interest doEntrepreneurial income and net rents and
royalties Mil. of doL.Total nonagricultural income doAdjusted index of nonagricultural in-
come 1929=100-.INDUSTRIAL PRODUCTION
(Federal Reserve)Combined index, unadjusted 1923-25=100-.
Manufactures, unadjusted do_Durable goods* do.
Automobiles do.Cement do.Glass, plate do-Iron and steel do.
Nondurable goods*. do.Leather and products do-Petroleum refiningf-.. do,.Rubber tires and tubesf do |Slaughtering and meat packing do ITextiles _ doTobacco manufactures -....__do
Minerals, unadjusted doAnthracite doBituminous coal doIron-ore shipments doLead-. doPetroleum, crude doSilver _ doZinc do
Combined index, adjusted doManufactures, adjusted do
Durable goods* doAutomobiles doCement... doGlass, plate doIron and steel do
Nondurable goods*. _. doLeather and products doPetroleum refiningt doRubber tires and tubest— doSlaughtering and meat packing doTextiles.. _ _ doTobacco manufactures ~___do
Minerals, adjusted. —doAnthracite doBituminous coal doIron-ore shipments doLead. _._ _..doPetroleum, crude doSilver... ___.do.___Zinc do
5,817
87.53,8421,43390384153113490
129496
1,2605,231
p 124M23v 12510890191155
P 122
111131175
*126*>62
v 10213086
P 186
117P 124P 124v 130
9091191167
P 118
100126172
P 124J>60J* 9115583
P 188
117
83.15,507
82.43,6341,248
853799531203
83
126484
1,1804,967
84.2
104103
92115
83155100113102208100104116167105
60863569
1535588
103103
949684
155108110107208100
94112164102
58' 7 7
4266
' 1645188
83.46,145
83.03,6721,244
889814527198
88
1241,115
1,1465,657
84.7
989885
11764
15389
108104202112101111145103
6682
058
1648596
104104
929982
153101114123201112
86117179109
6778
057
1698594
83.35,703
82.33,5251,191
841800505188
92
128827
1,1315,244
84,4
100••99
84105
42147
90111115205110101114157105
7483
071
1648694
101100
88105
69147
93110124205110
87109165110
6975
070
1718689
83.05,247
82.03,5221,215
826796503182
93
133433
1,0664,848
84.4
9998
' 8 4••100
48133
92111126202109
83115147105
6683
075
166108
939997
' 8 4'100
80133
88109124201109
83109162110
6179
073
169100
87
84.15,727
82.13,5751,235
850797506187
95
148772
1,1375,256
84.8
100100
86105
65138
93111125201114
84112156102
5077
070
17194969896809190
13183
110121202114
89110164110
6177
069
1738690
83.05,654
81.03,5501,212
849799510180
90
133760
1,1215,192
83.8
959684
106799187
106112208104
81100151
888326
070
174102
9492927687818379
105115209104
9097
164958031
071
174101
91
83.45,432
81.43,5981,235
862806520175
87
139471
1,1374,943
84.3
94947888889379
107105211102
92104172
9773408280
177699092917173758973
108113211102
94104170
9873465582
1757189
84.16,918
82.83,6651,281
874815530165
85
145920
1,1035,453
85.4
9897859198
11289
108104215112
86105186105
5163
13271
173105
879897828179
12489
110108215112
87111170104
59716770
170107
90
83.75,695
82.83,5161,27186881042214585
136849
1,1095,222
85.5
97958366
10078931051122111118410317110744681506517859841011008887828710011011421211189111158106537574681747091
85.45,400
84.03,5601,31887181342313587
145451
1,1574,887
852898121103111
'130217122801121809653 i75 I15968 !1297887103104928976121105115
'1172181229212016891537778711277993
r 6, 020
'84.4' 3, 702' 1, 369'891821
'507114'87
135805
1,291T 5, 374
'87.0
11211099599816512011912022112391121181123729018767179989311111110385781651211171042211231001211641147184977117410498
'88.16,204
'86.7'3,867' 1,448'917835538
'129
128'783
1,3385,519
'124122
'123'9399222152122
'11923312697129179
'132'74
'10421872
'18390
106'121'121123'7887
222157
' 119'10823212699125166
'12158
'9412870
-•18191110
Revised p Preliminary.*New series. For indexes of durable and nondurable goods production beginning 1919, see table 8, p. 14 of the March 1939 SurveytRevised series. Petroleum refining, revised beginning 1934, and rubber tires and tubes, beginning 1936; see table 36, p. 17 of the August 1939 Survey For revised income
payments beginning 1929, see table 41, pp. 15 and 16 of the October 1939 issue.
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20 SURVEY OF CURRENT BUSINESS JANUARY 1940
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sop-
tember October
BUSINESS INDEXES—Continued
AGRICULTURAL MARKETINGSQuantities marketed:
Combined index 1923-25=100..
Dairy products doLivestock . . . _ . do _Poultry and eggs doWool . . . . do
Crops _ - _ doCotton . .- . .doFruits _ do _Grains . doVegetables do
Cash Income from farm marketings:Crops and livestock, combined index:
Unadjusted 1924-29=100..Adjusted ._ do
Crops doLivestock and products do
Dairy products doMeat animals _ _. doChickens and eggs do
WORLD STOCKSCombined index (quantity)f 1923-25=100._
Cotton adjusted doRubber adjustedf -- doSilk adjusted doSugar adjusted .« doTea, adjusted __ doTin unadjusted . - doWheat, adjusted > do
104908082
12642
119200
756866
78.574.062.086.591.087.074.0
(0
105
139
99898778
116lfiO108154
798567
78.069.555.584.085.583.583.5
192202284172188129102169
76819167
116687178856261
72.568.055.082.089.578.081.0
189201255164192127105167
6577977380415337825177
68.567.555 580.088.579.067.0
186202268144184132111162
5664945670504634783878
51.060.044.576.585.577.556.5
183204258120187126126151
6878
10466
1044557359350
107
57.564.049.579.580.084.071.5
181201248111191118127151
6581
10362
123775022955089
55.064.551.578.076.075.070.0
182205241101187110129162
8199
13572
145193
63239280
109
60.065.049.082.076.583.580.0
18221123984
184106119166
8293
14562
114387
712681
101112
59.060.045.075.577.076.073.0
19022322788
185105115186
9488
1336691
386101
4678
18449
63.062.551 074.577.073 575.0
0)24521898
194108115
85Si
1227079
266877580
11641
71 071.066 575.581 574 070.0
0)241208101
102
12082
1007875
144159251
7912072
92 579 070 088 087 089 573.0
0)
107
110
1258790907590
163278
959482
96 072.561 583.58() 083 566.5
0)
105
153
COMMODITY PRICES
COST OF LIVING
(National Industrial Conference Board)
Combined index 1023=100.Clothing do . . .Food.-.. do . . .Fuel and light. do.._Housing do . . .Sundries do___
PRICES RECEIVED BY FARMERS §
(U. S. Department of Agriculture)
Combined index..... .1909-14=100.Chickens and eggs do . . .Cotton and cottonseed... -do. . .Dairy products do . . .Fruits do._.Grains. _ do . . .Meat animals doTruck crops - do . . .Miscellaneous . do
RETAIL PRICES
U. S. Department of Labor indexes:Coal:
Anthracite.. 1923-25=100.Bituminous- .do . . .
Fond... do . . .Fsirchild's index:
Combined index Dec. 31,1930=100.Apparel:
Infants' doMen's _.do\^ omen's do
Home furnishings do . . .Piece goods ___do__.
WHOLESALE PRICES
85.772 979 685.686.796.8
97117751176670107130
77.9
91.9
96.488.790.993.585.0
85.673.279.585.986.496.8
9413173109716011110295
77.8
88.9
96.488.789.290.484.4
85.873.080.386.086.296.8
127701127363109108108
81.81.3
78.6
88.9
96.388.789.090.484.3
85.472.779.285.986.296.8
949771109766611296109
77.5
89.1
96.388.789.090.584.3
U . 8. Department of Lanor indexes:Corrbined index (813 quotations)-.1926=100.- 79.2 77.5 77.0 76.9 76.9 76.7 76.2 76.2 75.6 75.4 75.0 79.1 j 79.4
Economic classes:Finished products do 82.0 80.5 80.2 80.0 80.2 80.2 80.1 79.9 79.6 79.2 79.1 8 1 9 82 3Raw m a ' c r a l s do 72.4 71.5 70.9 70.9 70.9 70.1 68.5 68.9 67.7 67.8 66.5 72.6 72.3Semimanufactures do 82.1 76.2 75.2 74.9 74.4 74.6 74.4 74.3 74.1 744 745 818 83 1
Farm products do 67.3 67. S 67.6 67.2 67.2 65.8 63.7 63.7 62.4 62.6 610 68 7 67*1Grains.. do 64.1 50.9 54.4 56.3 54.7 64.5 55.2 59.6 58.2 52.3 51.5 65 1 616Livestock and poultry. . . . . . . do 66.1 75.2 74.4 78.0 79.2 78.2 75.5 73.2 69.4 69 7 66 0 76 3 70 5
Foods _ . . .do 72.3 74.1 73.1 71.5 71.5 70.2 68.6 68.2 67.6 67.5 67.2 75.1 73*3Dairy products «. do 80.1 72.5 73.9 71.8 71.6 64.8 58.1 58.6 60.0 64 6 67 9 74 5 I 78 9Fruits and vegetables do 612 63.0 60.4 60.9 62.1 63.2 64.3 63.8 62.5 62 0 58.5 62 8 60 •>Meats . . . . . . d o 71.2 81.9 79.9 81.6 83.2 82.5 81.0 78.6 75.7 75.3 73.7 81.0 74.19
Commodities other than farm products andfoods - 1926=100.. 84.0 80.6 80.3 80.2 80.2 80.4 80.5 80.6 80.2 80.2 80.1 82 1 83 8
Building materials .do 93 0 89.2 89.4 89.5 89.6 89.8 89.6 89.5 89.5 89.7 89 6 90 9 92 8Brirkand t i l e . . do 91.6 91.5 91.5 92.4 92.4 92.5 93.0 91.7 91.1 90.6 90 5 9 1 0 9 1 5Cementf . do 91.3 90.6 90.6 90.6 91.2 91.5 91.5 91.5 91.5 91.5 91 3 91.3 91*3Lumber . . do 98.3 90.2 90.9 91.7 92.6 92.1 91.5 91.2 90.7 91.8 91.8 93.7 98.0
r Revised.1 Temporarily discontinued; for several of the series, European stocks have not been available since the outbreak of war.{Revised series. Combined index of world stocks revised beginning January 1920: see table 5. p. 17 of the January 1939 Survey. Cement price index revised be-
ginning 192fi and data not shown on p . 20 of the May 1939 Survey will appear in a subsequent issue; the building materials group and the combined index of all commoditieshave not been revised, as the effect of the change in cement prices on these indexes is small.
§Data for Dec. 15, 1939: Total 96, chickens and eggs 97, cotton and cottonseed 82, dairy products 118, fruits 65, grains 87, rreat animals 101, truck crops 96,miscellaneous 104.
85.172.478.485.986.196.7
929170107786611610892
76.8
89.1
96.288. 588.990.584.3
84.972.378.085.886.196.7
918871100816611611483
76.4
89.1
96.288.488.890.584.3
85.072.278.285.286.296.7
8770958267114102
76.6
89.1
9fi.O88.490.584.1
84.872.178.184.086.296.6
90857292857211211083
76.6
89.1
95.988.4
90.584.1
84.772.077.983.486.096.6
837394937310710581
75.185.276.3
89.1
95.988.488.990.684.0
84.971.978.183.886.396.9
73968066
107101
76.5
89.3
95.988.488.990.684.1
84.571.976.784.086.396.9
9071
1007064
101101100
75.1
89.5
96.088.489.090.784.1
85.972,280.784.486.597.0
10276
1077383
117114
75.786.979.0
90.2
96.188.689.591.784.3
'85 .872.6
' 80 .185.286.696.8
97108
74112
7377
11212894
78.4
91.2
96.388.790.492.784.7
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1940 SURVEY OF CURftENT BUSINESS 21
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
tember October
COMMODITY PRICES—Continued
WHOLESALE PEICES-Continued
U. 8. Department of Labor indexes—Contd,Combined index—Contd.
Commodities other than farm productsand foods—Continued.
Chemicals and drugs ..1926=100..Chemicals doDrugs and Pharmaceuticals doFertilizer materials do
Fuel and lighting materials doElectricity _._ doGas . . . doPetroleum products do. . . .
Hides and leather products._ doShoes _ doHides and skins ___ doLeather do
House-furnishing goods„_ doFurniture doFurnishings^ do
Metals and metal products .-doIron and steel doMetals, nonferrous doPlumbing and heating equipment
1926=100--Textile products do
Clothing . .do . . . .Cotton goods doHosiery and underwear doBilk and rayon . doWoolen and worsted goods do. . . .
Miscellaneous do.. . .Automobile tires and tubes do.._.Paper ani pulp. _ do
World prices, foodstuffs and raw materials:Combined indexf 1923-25-100..
Cotton doRubber do*...Silk... _...„ do. . . .Sugarf .—.doTea . . . ...do....T in . . . . do. . . .Wheat ._ -do
Wholesale prices, actual. (See under respectivecommodities.)
PURCHASING POWER OF THEDOLLAR
Wholesale prices- ..1923-25=100..Retail food prices ..doPrices received by farmers. _ . doCost of living.. __._ do
78.081.475 073 074.1
53 9104.0107 2101397. b88.482.394.296 096 085.1
79.376.483.874.864.847.790.577.055. 688.0
0)36 047 347.440.8
103.?
127.2128.4151. 5118.6
76.680.273 667.773.781.884.651.594.6
100.485.586.985.881.989.794.996.977.6
78.766.281.665. 159.930.376.473.058.881.5
37.533.538.025.228.866.092.042.3
129.9128.5156.5118.8
76.780.073.568.673.282.781.650.993.1
100.678.885.986.081.690.394.696.876.8
78.765.881.664.659.330.874.873.158.880.9
36.532.037.625.330.467.291.938.1
130.8127.2153. 1118.5
76.779.773.070.272.882.982.250.493. 1
101 278.485.085.480.590.194.496.476.7
78.765.981.564.359.132.174.573.258.881.0
37.232.736.926.531.366.792.339.3
130.9129.0156.5119.0
76.379.472.769.373.082.881.850 791.9
101. 172.884.285.280.589.8»4. 396. 176.5
79.266. 181.563.768.834.774.773.559.781.1
37.833.137.329.530 967.090.841.1
130.9130.215ft. 7119.5
76.579.972.269.773.180.382.250.991.8
101.273.882.785.280.589.794.396. 176.6
79.366.681.563.759.936. 175. 174. 160.581.3
37.333.138. 131.031.966.691.936.8
131.3130.9161.6119.8
76.079.371 969.673.481.484.151.990.9
101.268.382.885.481.089.694.096. 174.7
79.366.981.663.460.237.875.274.460.581.1
38.432.437.233.435.269.693.938.5
132.1130.5165.3119.6
75.979 471.969.77 3 979.386.052.591.6
101.372.183.185.581 089.893.595.773.1
79.367.581.763.360.240.775.474.260.580.4
41.335 337 637.640.56 8 997.540.4
132.1130.7163.4119.9
75.779.271.969.573.077.888.952.592.3
101.375.383.885.681.090.093.295.272.9
79.367.381.764.160.139.175.673.860.579.9
41.036.438 335.437.468.897 240.8
133.2131.1165.3120.0
75.078.271.867.572.878.189.052.292.5
100.876.984.185.681.090.093 295. 173.3
79.367.681.265. 160 240.275.473.460.579.9
39.635.738.737.037.767.596.534.3
133. S130.7165.3119.8
74.677.571.767.272.675.886.751.792.7
100. 877.284.085.681.190.093.295.174.6
79.367.881.565.561.539.575.573.360 580.0
38.034.639.036.932.774.397.032.4
134.2133.2166. 9120.3
77.381.272.869.272.877.587.253.398.5
101.897 492 086 681.391.794.895.584.7
79.371.781.770 462.843. 484.076.660.581.8
0)34.249 741.859.7
126.8
127.3126. 6140.9118.3
78.182.174.470.673.975.484.454.0
104.6105.7112.497.887.881.793.795.896.085.3
79.375.583.274.363.546.291 377.660.586.3
0)34.246.645.749.4
109.9
126.8127.6151.5
'118.5
CONSTRUCTION AND REAL ESTATE
C O N T R A C T AWARDS, P E R M I T S , ANDDWELLING UNITS PROVIDED
Value of contracts awarded (F. R. indexes):Total, unadjusted 1923-25=100..
Residential, unadjusted doTotal, adjusted _ do
Residential, adjusted doF. W. Dodge Corporation (37 States) :t
Total projects number..Total valuation thous. of doL.
Public ownership.. do.._-Private ownership __ ___do
NonresidentiaJ buildings:Projects number. .Floor area,. thous. of sq. ft..Vajuation -thous. of doL.
Residential buildings, a}\ types:Projects number. .Floor area. . . . thous. of sq. ft..Valuation. thous. of dol..
Public utilities:Projects number. .Valuation . . thous. of doL.
Public works:Projects number-.yaluation—. thous. of doL.
Building permits issued in 1,790 cities:fTotal buildings number. .Total estimated cost thous. of doL.
New residential:Buildings.. number. .Estimated cost- thous. of doL.
New nonresidential:Buildings number. .Estimated cost.. thous. of dol. .
Additions, alterations, and repairs:Buildings number...Estimated cost thous. of dol~
"65*63J>72
22,323299, 847143, 647156, 200
3,24215,41877, 769
17, 75631,009
116,588
35023,906
97581,584
60, 373174,501
17, 559105,400
11,91546,123
30,89922,978
85549656
17, 772301, 679178,948122, 731
3,58521,515
116,008
12,51523, 40595, 253
33019, 726
1,34270, 692
53,615148,480
14,12174,053
10,45951, 660
29.03522, 767
77489657
16,027389, 439279, 403110,036
3,49525, 503
139, 513
10, 41322, 72091, 539
50044, 312
1,619114,075
38, 247147, 791
11,05962, 767
6,96163,115
20,22721, 909
70458655
13. 281251. 673147,916103, 757
2, 45614. 35184, 999
9, 75019, 98180,163
25829, 509
81757,002
38, 902156,704
11,65270, 768
6,449dl, 399
20, 80124, 537
63517358
13,015220,197110.975109, 220
2,34812, 78369. 544
9,66919,17679,020
27318,518
72553,115
37, 721149, 572
11,47685, 719
5, 69037, 730
20. 55528,123
586955
20, 233300, 661127, 776172,885
3.59217, 94497, 786
15, 43830. 725
125, 225
25919, 640
94458,010
62. 303177,903
18, 63594, 374
10, 496
33,17230,643
76686758
22,282330.030159, 656170, 374
3,40016, 56394, 656
17, 38728, 382
114, 405
35, 336
1,17285, 633
62, 775165, 978
17, 69787,441
11, 52044,830
36, 55833, 706
75656355
23, 244308. 487134. 757173, 730
3.45712,70076, 749
18. 26232, 602
133,818
25121,779
1,27476,141
77,913204, 437
20,961119,600
13,71151, 162
43, 24133,674
21, 701288,316127,595160,721
4,05215,41892,845
15,94227. 502
111,896
234
1,47373,607
71,040202, 429
19. 22499, 775
12. 08570,974
39, 73131,680
21. 806299. 883136, 543163, 340
3,82317, 69188, 501
16. 28727, 181
109, 330
25423,092
1,44278, 960
64, 537185,019
17, 88496,114
11, 21459, 794
35, 43929, 111
76667367
23. 270312. 328158.459153,869
3,45312. 26869,882
18,00331, 165
127,163
32820,113
1,48695, 170
73,318197, 937
19. 697116, 260
13.03749,096
40,58432, 5S0
25,984323,227144,216179,011
3,65016,49082, 466
17,58932, 977
129, 680
35639,663
1,38971,418
67,618179,605
16,81887,308
13,05363,702
37, 74728,595
••72' 6 6••76
22,402261, 79991,604
170,192
2,74915,49472,684
17,13629,371
118,303
29420,450
1,22350,359
73,921173,649
19,57191,921
14,52152,745
39,82928,983
Revised. v Preliminary.* Temporarily discontinued; for several of the series, data have not been available since the outbreak of war.tRevised series. Data on world prices revised beginning 1920; see table 4, p. 17, of the January 1939 issue. For construction contract awards, see note marked with a
"t"cra p. 21 of the July 1939 issue. The data on building permits are based on reports from 1,790 identical cities having populations of 2,500 or more, and supersede those shownin the Survey through the issue of May 1939 which were for 1,728 cities in the same size group. The present series include data for 62 additional cities, but the total estimatedcost of permits issued was increased by only 0.2 percent in 1937. Data beginning January 1936 will appear in a subsequent issue of the Survey.
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22 SURVEY OF CURRENT BUSINESS JANUARY 1940
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may he found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Septem-
ber October
CONSTRUCTION AND REAL. ESTATE—Continued
CONTRACT AWARDS, PERMITS, ANDDWELLING UNITS PROVIDED-Con.
Estimated number of new dwelling units pro-vided in all urban areas:f
Total number..1-family dwellings— do2-family dwellings _ doMultlfamily dwellings do
Engineering construction:Contract awards (E. N. R.)1- thous. of dol..
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:Total thous. sq. yd..
Roads doStreets and alleyscf do
Status of highway and grade crossing projectsadministered by the U. S. Bureau of PublicRoads:
Highways:Approved for construction:
Mileage no. of miles_.Federal funds .thous. of dol_.
TJnder construction:Mileage no. of miles..Federal funds thous. of doL.Estimated cost do
Grade crossings:Approved for construction:
Federal funds doEstimated cost _do
Under construction:Federal funds doEstimated cost do
CONSTRUCTION COST INDEXES
Aberthaw (industrial building) 1914=100_.American Appraisal Co.:
Average, 30 cities .1913=100..Atlanta doNew York _.doSan Francisco doSt. Louis do
Associated General Contractors (all types)1913=100.
E. H. Boeckh and Associates, Inc.:Apartments, hotels, and office buildings:
Brick and concrete:At lan ta . , . U. S* av., 1926-29=100_New York doSan Froncisco... _ ___do_._St. Louis _do.__
Commercial and factory buildings:Brick and concrete:
Atlanta „ do INew York „ doSan Francisco. do_. . .St. Louis do
Brick and steel:Atlanta „ _ do.._New York doSan Francisco - doSt Louis -do
Residences:Brick-
Atlanta d o . . . .New York doSan Francisco doSt. Louis _ do
Frame:At lanta . . _ .doNew York. doSan Francisco _.doSt Louis do
Engineering News Record (all types) §1913=100.
Federal Home Loan Bank Board:*Standard 6-room frame house:
Combined index 1936=100..Materials _ doLabor do
302,215
3,7182,4911,228
3,10035,315
6,746101,855205,183
10,18011,060
35,11236, 577
185173196173188
188
94.9130.9117.9118.7
97.2133. 7122. 5119.8
93.3130. 6118.0118.7
86.8124.3106 1110.9
83.7123. 3100.5107.9
238.2
106.5104.4110.8
22,06414,7811,0426,241
217,023
4,5832,0012,582
3,12236,231
7,968120, 453234, 256
13,93015,159
35,88336, 808
182169192166184
188
96.5130.1115.9119.1
98.4132.8120.9120.1
96.5129.3115.6120.5
87.4122.4105.4111.0
84.121.297.5
108.1
234.4
106.1103.2112.1
18,35511, 517
7966,042
339,250
4,2702,7651,505
3,39037, 677
7,514113,828221, 530
12,79413, 867
35,02336,026
189
182169192166184
96.1130.1116.0119.1
98.0132.8121.0120.1
96.2129.3116.2120.5
86.3122.4105.4111.0
83.1121.297.5
108.1
234.9
106.1103.1112.1
22,09613. 226'1,205' 7,665
311, 693
3,1902,0851,105
3,30636,294
7, 540113,466218,965
13, 57214, 587
36, 44037,932
183169192167185
188
95.3130.0117.6119.1
97.4132.6122.3120.1
96.0129.4117.7120.4
85.0122.5106.6110.7
81.6121.398.7
107.7
234.7
106.0103.0111.9
42,218
1,355,829
26,150' 12. 2*2'1.208
' 12,660
203,843
1,245686560
3,17735,968
7,721114,185221,046
13,61314,285
37,93039, 777
183169192167185
188
95.2130.1117.6119.1
97.5132.7122.3120.1
96.2129.2117.7120.4
85.7122.2106.6110.7
82.5121.198.7
107.7
234.3
106.0103.0112.2
41,224
1,400,212
28,51119 588' 1, 404'7,519
285, 566
2,143860
1,283
3,08134,969
7. 855115,212222,630
12,90613, 374
38, 81740,747
188
183169192167185
188
95.3130.0117.6119.1
97.4132.7122.3120.1
96.0129.4117.7120.6
85.0122.2106.6110.3
81.6121.098.7
107.2
234.4
106.1103.0112.4
63,486
1,450,575
26. 93719. 359' 1, 432' 6,146
240, 735
3,3852,0811,304
3,08135, 600
8,301120. 505233,772
12,10712, 529
40, 65442, 654
182168193169185
188
95.3130.0117.6119.1
97.4132.7122.3120.1
96.0129.5117.7120.6
85.0122.5106.6110.3
81.6121.498.7
107.2
234.9
105.9102.9111.9
64, 895
1,496,794
36, 46825,861'1,899' 8,708
252,992
4,4582,1792,280
3,61540,769
8,463122, 758238,637
10,22410, 583
43, 77145, 723
182168193169185
188
95.3330.6117.0118.6
97.6133.4121.4119.7
95.6129.8115.3118.5
86.1123.1104.7110.3
82.8121.998.7
107.2
234.7
105. 6102.7111.5
73, 701
1,546,237
30. 22421. 796'1,443' 6, 985
262,395
6,8554,2322,623
3,86741, 024
8, 570123. 554240, 218
11,31212,191
42, 29944, 094
187
182168193169185
187
95.4130.6116.9118.5
97.6133.4121.3119.7
95.7129.9114.7118.5
86.8123. 1104.7110.0
83.7121.998.7
106.8
235.0
105.4102.5in. 3
82, 322
1,607,147
28. 33721,601
1,2545,482
181, 469
5,7133,8201,893
3,70137,802
8, 522 8, 554124, 975 123,044244,860 242,924
33, 98923, 3461,4399,204
311,222
6,1613,9072,254
3,13034,254
11,50412, 414
40, 33642, 052
182168193169185
188
94.8130.9116.8118.3
97.2133.8121.2119.6
93.3130.2114.4118.2
86.5123.6104.7108.9
83.3122.198.7105.4
234.9
105. 3102.4111.3
10, 65411,437
38, 57940, 505
183168195169184
187
94.8130.8116.8118.4
97.2133.7121.2119.6
93.2130.2114.4118.3
86.1123.5104.7109.3
82.8122.098.7
105.9
234.9
105.2102.3111.2
52,603 62,269 62,008 74,216
7 1,658,306 1,723,357 i 1,776,784 ! 1,837,923
26,62418, 5971,5916,436
209,337
4,4653,0581,407
2,72330,821
8,386119,472237, 214
9,88810, 581
37,91939,756
191
184171195171185
188
94.6130.8116.8118.4
97.0133.7121.2119.6
93.0130.2114.4118.3
85.4123.5104.7109.3
81.9122.098.7
105.9
235.0
105.7102.9111.2
245.062
2, 6551,0671,588
2,82430,750
7,473110,543222,062
10,28310,909
35,43537,190
185173196173188
188
94.8130.8117.8118.6
97.2133.7122.0119.7
93.2130.5117.5118.5
86.0123.9105.4110.3
82.8122.899.8
107.2
236.9
106.1103.6111.1
REAL ESTATE
Federal Housing Administration, home mort-gage insurance:
Gross mortgages accepted for insurancethous. of dol__ 65,013 58, 250
Premium-paying mortgages (cumulative)thous. of dol_- 1,905,071 1,244,141
'Revised.§Index as of December 1, 1939, is 238.2.*New series. # For data beginning 1936, see table 30, p. 17 of the June 1929 Survey.tRevised series. Data on number of dwelling units provided revised beginning January 1937; the more significant revisions were shown in the footnote on p. 22 of the
September 1939 Survey. Further revisions beginning January 1938, which were occasioned by ^classifications, will appear when they become available.cFData for streets and alleys, formerly shown separately, are available in total only subsequent to December 193*.^ D t for December 1938 and March, June, and August 1939 are for 5 weeks; other months, 4 weeks.
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 23
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE—Continued
Estimated new mortgage loans by all savingsand loan associations:!
Total loans thous. of doL.Loans classified according to purpose:
Mortgage loans on homes:Construction doHome purchase ___doRefinancing, _ _ doReconditioning do
Loans for all other purposes doLoans classified according to type of associa-
tion:Federal .thous. of doL.State members .doNonmembers do
Loans outstanding of agencies under the FederalHome Loan Bank Board:
Federal Savings and Loan Associations, esti-mated total mortgages outstanding
thous. of doL.Federal Home Loan Banks, outstanding ad-
vances to member institutionsthous. of dol_.
Home Owners' Loan Corporation, balance ofloans outstanding thous. of dol__
Foreclosures:Nonfarm real estate 1926=100..Metropolitan communities do
Fire losses thous. of doL.
86,076
26,60730,43415,4454,7208,870
34,78534,67116,620
1,252,559
168,822
2,043,288
136129
27, 248
64, 070
18,62721, 20512,1824,8217,235
24, 22026,11513, 735
1,020,873
189,685
2,186,170
165155
28,659
63,934
19,15220,82612, 8054,0257,126
25, 01926, 50412,411
1,034,162
198,840
2,168,920
159151
32, 758
55, 567
16, 09917, 50311,7493,3896,827
20, 89423, 07111, 602
1,040,770
178,852
2,149,038
154145
27, 615
58,309
16, 02719,11812, 5513,5937,020
22, 29824,19111,820
1,051,109
170,614
2,134,261
154138
29, 304
73, 378
21, 25424, 70514, 8714,2118,337
29,81130,12413, 443
1,067,887
161,614
2,117,598
173157
30,682
83, 425
23, 72729,90315, 3844,9749,437
33,40032, 56217, 463
1,089,879
157,176
2,105,824
164141
27, 062
89,123
26,64631,28915,6876,0699,432
36,35835,42617,339
1,117,228
157,911
2,091,324
186165
27,032
94,154
29,91932, 22817,1235,8029,082
39,09436,46518, 595
1,136,289
168,962
2,080,512
168161
24,191
85,172
26,86529,63815, 3535,1338,183
34,05534,14616,971
1,157,536
161, 537
2,067,844
159152
22,468
95,038
29,86332,28217,0055,9099,979
40, 64537,34017,053
1,186,784
159.470
2,059,792
153146
22, 792
89, 732
27,85431,36716,0215,5448,946
37, 09036,98915, 653
1,206,887
163, 687
2,054,865
147136
22, 837
93,297
29, 25533,38315,8355,7849,040
37,85437,84717, 596
1,231,685
168,654
2,049,421
'131120
24, 301
DOMESTIC TRADE
ADVERTISING
Printers' Ink indexes (with adjustment for sea-sonal variations):
Combined index 1928-32=100..Farm papers - doMagazines doNewspapers doOutdoor ..doRadio do
Radio advertising:Cost of facilities, total thous. of doL.
Automobiles and accessories .-doClothing doElectric household equipment... doFinancial . doFoods, food beverages, confections.—.doHouse furnishings, etc doSoap, cleansers, etc doOffice furnishings, supplies doSmoking materials doToilet goods, medical supplies._. doAll other do
Magazine advertising:Cost, total do
Automobiles and accessories doClothing doElectric household equipment doFinancial do.Foods, food beverages, confections doHouse furnishings, etc doSoap, cleansers, etc doOffice furnishings, supplies do_Smoking materials doToilet goods, medical supplies doAll other do
Linkage, total ..thous. of lines..Newspaper advertising:
Lineage, total (52 cities) doClassified doDisplay, total do.
Automotive... doFinancial doGeneral doRetail ._ .do
GOODS IN WAREHOUSES
Space occupied, merchandise in public ware-houses percent of total._
NEW INCORPORATIONS
Business incorporations (4 States) number..
POSTAL BUSINESS
millions..Air mail:
Pound miles performedMoney orders:
Domestic, issued (50 cities):Number thousands..Value thous. of dol_.
69.382.079.9
8,03664134098
2,729459250
1,1532,163247
13,8262,164755337400
2,103874382203704
2,4743,4292,255
113,45720,19493,2644, 5371,37618,470
1,850
4,15038,553
83.665.782.079.965.9257.6
6,71360018026
2,157396740
8611,990349
13,4122,142689312426
2,143679363225829
2,2103,3942,251
113,54720, 23393,3146, 60S1,449
18, 74966, 509
70.9
1,793
1,252
4,06737,996
88.070.378.886.071.0
261.7
6,754626
100
212,301
39653
0853
1,977273
11,5291,295
531470299
1,931509234266755
1,8153,4241,658
118. 09620,37297, 7233.5811,574
14. 02878, 540
69.5
1,943
1,431
4, 65442, 202
76.457.672.671.572.2
273.6
7,023647
250
412,318
49714
0836
2,045348
8,0231,186
27267
3201,457
194211122654
1,2662,2741,929
87, 41819, 55667, 8612,4462,301
12, 77150,343
70.8
2,210
1,244
4,23439, 227
79.559.978.474.273.8265.6
6,56761733053
2,194396910
7961,859285
11, 5361,475495195376
2,099377500148591
2,1833,0962,294
86, 65118,31868,3333, 4581,40314,02449,448
70.4
1,821
1,221
4,14036,900
84.456.480.479.882.0
262.7
7,404747
500
642,601
38818
0885
2,020281
14,2432,153
829395431
2,255636421220748
2,5373,6172,591
111,81522. 14789, 6694,7681,695
17,41465,792
70.4
2,226
1,447
4,66241,891
82.266.280.676.089.0
253. 3
6,678657
250
542,241
39746
0870
1,781264
16,8182,9971,020
808508
2,1801,025
468203684
2,5084,4192,715
111, lfiO22, 82488, 3356,0552,105
17, 65562, 520
70.2
1,874
1,356
4,17138,119
84.469.080.378.090.5
290.8
7,034745
660
742,277
65857
0921
1,844186
16,7152,854
921757435
2,0131,035
471233692
2,2494,0562,356
112,37722,69289,6856,0751,615
18, 53863,456
70.4
2,190
1,435
4,24839,229
85.565.082.079.876.6
329.7
6,471640
370
1292,101
18792
0887
1,718148
13, 2792,616
715603486
1,893759454100636
2,1873,2311,796
105,08621, 78583,3015,3451,663
17,40858,886
70.7
1,712
1,427
4,17038,165
81.761.880.074.089.8337.7
5,813496320
971,669
23771
01,0001,583
141
10,1311,635
246170337
2,07226631164
6221,9012,5071,625
85.40720, 57064,8383,4962,12013, 99945, 222
70.2
1,724
1,386
3,90736,858
84.870.178.579.176.6355.6
5,859520580
1091,657
238180
1,0481,498128
8,3871,03340558245
1,695215370123431
1,5582,2531,784
90, 52621,11569,4103,5121,34912.52752,022
i9.9
1,718
1,486
3,90637,098
82.666.172.877.483.5333.7
6,089558750
1021,860
488130
9691, 538126
11,8161,322989213352
1,744628411327593
2,0293,2092,182
101,93720, 88481, 0533, 0671, 278
15, 04561, 663
69.4
1,471
3,90737, 262
82.865.878.177.775.8298.4
8,014648720
1072,608
629230
1,1702,150273
14,9242,3121,136392414
2,2061,086403204665
2,4223,6832,378
119,61222, 39397, 2206,4361,767
19, 82469,192
70.4
1,787
4,28839,723
r Revised.tReviscd series. For revised data on estimated new mortgage loans by all savings and loan associations, 1936-37, see table 12, p. 16, of the March 1939 Survey.
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24 SURVEY OF CURRENT BUSINESS JANUARY 1940
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
DOMESTIC TRADE—Continued
POSTAL BUSINESS—Continued
Money orders—Continued.Domestic, paid (50 cities):
Number thousands.Value.. thous. of dol.
Foreign, Issued—value _-do.-.Receipts, postal:
50 selected cities do.._50 industrial cities do. . .
RETAIL TRADE*
Automobiles:Value of new passenger automobile sales:
Unadjusted 1929-31=100..Ad justed do
Chain-store sales:Chain-Store Ape Index:
Combined index (20 chains)av. same month 1929-31=100..
Apparel chains __.doGrocery chain-store sales:
Unadjusted 1929-31=-100..Adjusted do
Variety-store sales:Combined sales of 7 chains:
Unadjusted doAdjusted. do
H. L. Green Co., Inc.:Sales.. _ thous. of dol..Stores operated number..
8. S. Kresge Co.:Sales. thous. of dol..Stores operated number_.
S. H. Kress & Co.:Sales. thous. of dol..Stores operated number..
McCrory Stores Corp.:Sales thous. of dol..Stores operated number._
G. C. Murphy Co.:Sales thous. of dol..Stores operated „ number..
F. W. Woolworth Oo.:Sales thous. of dol..Stores operated _ ..number..-!
Restaurant chains (3 chains):Sales thous. of dol..Stores operated number..
Other chains:W. T. Grant & Co.:
Sales thous. of dol. JStores operated number..
J. C. Penney Co.:Sales _.___ thous of dol..Stores operated number. .
Department stores:Collections:
Installment accountspercent of accounts receivable..
Open accounts . . doSale^. total U. S., unadjusted...1923-25 = 100..
Atlanta doBoston doChicago. _ doCleveland do.___Dallas doKansas City..... 1925=100.Minneapolis 1929-31 =100New York _..1923-25 = 100..Philftd^lphlat do. . .Richmond doSt Louis doSan Fr»nciscof ..do
Sales, total U. S., adjusted doAtlanta doChicago.. __ do. I "Clevelandt doDallas . . doMinneapolist 1929-31=100New York. 1923-25=100..Philadelphiat-— doSt. Louis do . . . .San Franciscof do
Installment sales. New England dept. storespercent of total sales -
Stocks, total U. S., end of month:Unadjusted 1923-25 = 100Adjusted.. _ _..do
Mail-order and store sales:Total sales. 2 companies thous. of dol__Montgomery Ward & Co doSears. Roebuck & Co.... do
14,385108,449
32,4463,058
107.7102.6
117.0132.0
109,0109.0
108.1106.5
3,066133
12, 356685
7,295240
3,622201
4,2192U2
29, 9522, 019
0)0)
9,316494
28, 2161,554
48.717.71051428899107117889711595130102105941259010010494977887100
10.4
108, 00547, 76460, 330
14. 028106. 0972,280
31,4263,568
99.1100.0
109.5121.2
96.796.7
102.2100.2
2,819133
11,972
6,613238
3,186200
3,594201
25, 2952,018
3,275336
' 8,634489
' 27, 2081,539
17.047.1
99126869693
1188996
10682
11895
10889
1118887
1059389
'6782
103
10.3
7867
93,51042. 29551,215
15, 793113,8417,717
42, 4705,154
96.192.5
112.9127.0
101. 198.1
193.6104.9
5,952133
24,114687
14,429238
7,003200
7,223201
50. 3792,017
0)0)
17, 996491
38,9281,539
17.246.415620313815715218215114716412720914317089119948910596
4 917087100
7.1
62
125.70657. 0*568. 622
12.93994, 1762,142
28. 5373,667
70.891.0
107.5118.0
93.596.4
73.698.7
133
8,801680
5,055238
2, 535202
2,686201
19, 6532,014
0)0)
5,531489
16, 5231,539
16 447.1
6991646967876775684977698188
115
1149486688799
11.6
6067
58. 32024, 76933, 551
12. 37188. 7342,027
27, 7103,493
71.296.0
108.8112.7
79.795.5
1,959132
9, 058681
5,163238
2,738202
2,752201
20,6862,011
0)(J)
5,748489
14,6131,540
16.243.969101546771896463715275688387115849010587
'876879
11.8
65
59. S6524. 96434, 901
15,307109, 9803,170
33, 4783,979
106.788.0
109.8130.0
100.599.5
85.0
2,442133
10, 606683
5,969238
3,196202
3, 205201
23,1042,012
7,164489
18, 7361,542
18.646.682116689282998797806510582
90105
99
10.2
85, 49735. 73049, 768
13,16495, 8992,079
29, 8303,618
106.379.5
110.0117.6
102.099.0
97.697.1
2,869133
11,940683
6,315239
3,648202
3,848201
25,9192,008
0)0)
8,376489
21,2811,544
17.245.3881197589921048297866710289
11586871049589688698
8.5
67
92,83141, 59551, 236
13, 72499, 7572,066
30,9223,687
107.179.0
110.0119.0
102 9101.4
96.396.3
2,733133
11,401682
6,818239
3,300202
3,741201
24, 7252,005
0)
8,496491
22,2331,545
17.346.9871187589891058694857011586938511688831059488718697
9.0
66
101,93642, 32359,613
13,918101, 3452,210
20, 7913,587
101.279.0
111.0118.0
100.899.3
95.8100.8
2,712132
11, 293683
6,406239
3,420202
3,758201
24, 6622,013
0)0)
493
22, 2351,543
16.746.883108
82907495876510575888611991841019590668297
7.7
6467
98.07041, 30256, 768
12,14291, 7092,069
25, 4643,271
87.580.5
113.0126.0
97.699.6
91.3102.6
2,502132
10, 369
6,225240
3,158201
3,564201
24, 3402,015
0)0)
7,298493
19, 5021,544
16.045.36088496163726169634673628186126858610397896790
9.5
6067
77, 39333, 45243,941
13,13099, 4982,205
28, 2333,540
63.776.5
113.0124.0
99.0103.1
89.5101.1
2,446133
10, 578683
6,490240
3,136200
3,470201
24,1232,014
0)0)
7,210494
20, 6931,548
16.843.66911455777383798967
' 50867094891469588107102906794100
15.5
6567
87, 25738, 99848, 259
12. 62497, 3761,895
30. 0383,413
56.583.5
114.5127.0
107.2109.4
'96.1'100.6
2,785133
11, 513683
6, 596240
3, 354200
3.789'201
25,8102,015
(00)
8,235495
26,1381,552
17.244.0
97133831029611590
1169774
118
911429892104104937492
'95
11.1
107, 49344, 74362, 751
14,152109, 016
1,833
31,9603,788
'96 .5'93.7
'113.3125.0
106.91106.4
' 102. 9'101.4
2,855133
11,938682
240
3,431200
4,090202
26, 5302,018
0)(J)
8,733495
28, 7221,553
17.747.0
99138' 8 5
11694
11610480
13296
1 10390
1168994
10397
' 9 16985
12.4
7769
122,19154,967, 246
Revised. Preliminary.1 Discontinued pending receipt of revised data from one cooperator.• Reports showing percentage changes in sales of chain drue stores and chain men's wear stores are available from the Washington. D. C , office of the Bureau of Foreign
and Domestic Commerce The Bureau of the Census has available percentage changes for (1) Independent stores in 27 States and 4 cities, by kinds of business, (2) Whole-salers' sales by kinds «»f business, (3) Manufacturers' sales, by kinds of business
tRevised series. Indexes of department store sales in San Francisco area revised beginning 1919; see table 3, p . 18 of this issue. Seasonally adjusted indexes of depart-ment store sales revised beginning 1934 for the Minneapolis district and beginning 1929 for the Cleveland district; see tables 5 and 4, p . 18 of this issue. Indexes of depart-ment store sales in Philadelphia revised 1923-37; revisions will appear in a subsequent issue.
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 25
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July *«*** temper
Octo-ber
DOMESTIC TRADE—Continued
RETAIL TRADE—ContinuedRural sales of general merchandise:
Total U. S., unadjusted 1929-31=100_.Middle West doEast .do.South. doFar West do.
Total U. S., adjusted! do.Middle Westf do.Eastf do.Southf— do.Far Westt do.
159. 7142. 81G7.0208.2164.7122.7108.9129. 5151.6135. 8
147. 2135.7144.1177.8161.5113.1103. 5111.8129.5133.1
183.0166.4195. 9202.8211.0114.8106.7117.6135.0129.3
91.384.187.8
111. 3100.2120.0109.9115.6140.7136.4
100.189.107.9
134.8105.7123. 7112.1119.8147.8142.9
115.0105.2118.6141. 5118.5131.0118.7132.0156.6144.0
* 120.2110.2116.6144.8125. 8130.8118.0122.4164. 3140.9
120. 5113.3118.8137.6131.8131.2119.6129.1162. 2146.6
120.0109.9122.8133. 3137.3131.7116.4133.8165.8144.1
91.181.888.3
103.8115.2124.8110.9124.1152.8140.5
107.299.1
105.8111.7134.6131.1120.1132. 7155.0146.1
132.6116.3126.4165.6162. 3125.4113.5128.6150. 0138.7
160.3143.9155.4215.4166. 5123.4113.3120.7145. 4138.7
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT I103.898.1
110.9
121.8106.3
75.9100.773.196.665.6
111.2
124.6
100.4
112.6
95.4179.8113.1137.285. 864.6
110.2102.3101.7109.2
122.2137.6125.4123.7314.0129. 6146.5107.992.589.7
117.5115.394.074.6
108.0100.9118.866.4
103.497.2
110.6
122106
7610372.39266
110.7
128
100
119
95161
109.813785.264110
100.799
93.382.9
89.5
93.188.8
60.188.964.784.158.6
89.6
101.0
83.9
83.0
76.5131.394.9
106.177.356.398.092.3
101.9103.1
114.6119.3117.1120.1299. 9127.6145. 3102.390.487.8
112.3105.982.365.6
100.291.5
115.368.392.882.1
89.1
93
6091
64.08059
89.2
104
83
87
7711791.910676.85098
90.6
94.083.8
90.2
94.490.8
61.388.463.784.457.0
91.9
110.3
84.6
84.8
79.3130.494.5
105. 876.255.199.096.9
106.8103.8
114.3119. 0117.1119.2298.4123.8144.2104.094.392.3
113.2106.383.566.7
101.993.8
115.566.694.483.7
90.9
9591
6293
65.08359
91.7
110
85
88
79123
93.1106
77.85799
93.2102
92.282.3
88.8
94.289.2
61.187.061.480.755.0
91.5
116.4
82.8
86.6
79. 4119.891.7
103. 871.952.595.396.6
106.1101.7
113.2117.5116. 5118. 2300.3116.9141.0101.499.097.7
110.6105. 581.366.6
100.992.8
114.460.594.684.4
90.7
9589
6394
65.78460
92.3
114
84
92
80126
93.3105
79.661
10094.1
102
93.683.3
90.0
94.887.6
63.487.962.083.355.0
93.5
127.0
84.3
80.0
80.9113.293.1
104.472.151.795.296.8
104.4103. 5
113.4118.1117.2117.5305.9114.2142.296.1
103. 0102.4111.0106.381.565.6
104.694.1
123.963.794.384.2
90.4
9487
6695
65.18559
94.0
123
85
91
81129
93.4104
77.45995
92.998
94.384.1
91.3
95.687.4
65.689.862.183.455.0
94.6
130.5
85.9
93.2
81.6109.393.8
104.875.153.496.496.5
103.8104.0
116.0118.6119.7117.4303.8115.4142.894.0
103.9103. 8111.1105.982.866.7
104.993.1
127.060.994.083.7
90.7
9487
6795
63.28556
94.8
124
86
91
82130
93.4104
77.45895
91.297
94.184.8
91.3
95.785.0
66.392.763.982.458.0
95.0
129.4
86.8
95.7
82.0104.592.9
103.978.557.697.896.1
101.8103.0
116.6117.0122.5117.2302.4117.6142.793.3
100.299.6
111.1106.382.166.7
101.990.7
122.863.193.883.9
90.5
9584
6796
64.28557
94.9
122
87
91
82124
93.2103
77.95897
91.196
93.084.0
90.2
94.680.1
66.593.665.081.460.2
94.9
122.8
86.6
97.4
82.1106.592.0
104.778.557.697.491.293.3
101.6
112.9116.5123.4118.1295.7120.5146.196.992.591.0
111.2106. 781.266.799.490.3
115.664.293.382.9
89.6
9480
6795
64.88459
94.4
119
86
93
81121
92.8104
75.45596
87.289
i93.484.6
90.4
95.772.1
67.197.766.383.260.9
95.6
118.7
86.5
99.0
82.6119.991.3
104.280.561.399.090.891.6
101.8
109.8116.5124.3120. 5286.2127.2147.499.494.192.5
109.8106.180.166.298.089.6
112.665.294.383.9
90.3
9672
9565.385
59
95.4
118
87
95
8312292.810577.557
Factory, unadjusted (U. S. Department ofLabor) f 1923-25=100-
Durable goods . do._-Iron and steel and their products, not
including machinery 1923-25=100--Blast furnaces, steel works, and rolling
mills 1923-25 = 100-_Hardware do..Structural and ornamental metal work
1923-25=100-Tin cans and other tinware do_._
Lumber and allied products.-_„ d o . . .Furniture doLumber, sawmills do.__.
Machinery, not including transportationequipment 1923-25=100—
Agricultural implements (including trac-tors) 1923-25=100..
Electrical machinery, apparatus, and sup-plies 1923-25=100..
Engines, turbines, water wheels, andwindmills 1923-25 = 100.-
Foundry and machine-shop products1923-25=100--
Radios and phonographs doMetals, nonferrous, and products do
Brass, bronze, and copper products.doStone, clay, and glass products do
Brick, tile, and terra cotta doGlass do.
Transportation equipment do.Automobiles do.
Nondurable goods do.Chemical, petroleum, and coal products
1923-25 = 100..Chemicals doPaints and varnishes do.Petroleum refining do.Rayon and allied products do
Food and kindred products doBaking doSlaughtering and meat packing do
Leather and its manufactures doBoots and shoes do
Paper and printing doPaptr and pulp do
Rubber products doRubber tires and inner tubes do
Textiles and their products doFabrics doWearing apparel do
Tobacco manufactures doFactory, adjusted (Federal Reserve)! do
Durable goods doIron and steel and their products, not
including machinery 1923-25=100..-Blast furnaces, steel works, and rolling
mills 1923-25=100-Hardware doStructural and ornamental metal work
1923-25=100-.Tin cans and other tinware do
Lumber and allied products doFurniture doLumber, sawmills do
Machinery, not including transportationequipment 1923-25 = 100--
Agricultural implements (including trac-tors) 1923-25 = 100..
Electrical machinery, apparatus, and sup-plies 1923-25=100--
Engines, turbines, water wheels, andwindmills 1923-25=100-
Foundry and machine-shop products1923-25=100-
Radios and phonographs doMetals, nonferrous, and products do._—
Brass, bronze, and copper products.doStone, clay, and glass products do
Brick, tile, and terra cotta doGlass .___do
Transportation equipment doAutomobiles do
••Revised.fRevised series. Rural sales of general merchandise adjusted for seasonal variations revised beginning January 1934; see table 37, p. 17, of the August 1939 issue. Data
for employment and pay rolls without adjustment for seasonal variations beginning 1933 and for the entire series on employment adjusted for seasonal variations have beenadjusted to the Census of Manufactures for 1935 and 1937. For total, durable, and nondurable goods indexes, see table 42, p. 17, of the October 1939 issue and tables 1 and 2,pp. 15-16, of the December 1938 Survey. For individual industries and industrial groups, data from 1935 to date are available upon request. Earlier figures are correct as shownin tables 76 and 77, pp. 13-18, of the November 1938 issue.
200349-40 4
93.583.0
89.7
95.369.0
68.8100.266.784.3Cl.l
95.7
113.0
86.8
96.2
82.6129.691.3
104.079.761.596.379.976.4
103.5
110.4117.1122.2121.8297.0135.0147.8100. 799.799.1
110.1105.878.766.698.191.1
109.565.495.384.7
9 0 6
9670
6795
66.08660
96.1
115
87
95
83131
94.6106
78.45898
90.090
96.383.9
92. 3
97.075.6
71.5107. 468.787.562.7
96.8
114.4
87.8
96.8
84.1135.994.7
107.780.861.898.575.270.4
108.1
109.2119.1122.1122.7255.1147.0146.9100.2100.7100.3110.9107. 082.668.3
103.593.1
122.166.696.085.5
92.5
9778
6998
66.48660
97.3
121
88
97
85126
96.2109
78.15799
89.690
' 100. 2'89.7
'97.1
101.1'94.2
73. 8107.0' 70.0
90.7'63.4
100.3
116.1
92.2
99.2
'85.8150.1
' 100. 3115. 2'81.7
63.2100.9'96.9'98.5110.2
117.7123.6122.1123.1300.2150.7148.0101.397.896.5
113.2108.886.070.0
104.593.5
124.866.497.388.5
95.7
10184
7197
67.48761
99.7
123
92
99
86129
99.2115
79.059
10098.2
100
103.6'96.1
' 106.8
115.1'99.7
76.3' 106. 4
'• 72. 4'94.6' 65. 5
' 106. 6
117.8
97.3
105.2
'91.2' 176.5'110.4
131.1'84.8'64.8106.9
' 105. 0' 107. 4'110.7
122.0133.6125.1
' 122. 7'310.8' 137. 5' 148.0
102.7'96.2'94.1
' 116.5' 113.6
'92.4'73.6
' 108. 3' 98. 8
' 124. 766.7
' 101.2'94.5
' 105.9
115'99
75104
69.48963
' 105. 7
125
97
108
91145
' 107. 0130
'82 .061
'106' 105. 3
107
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26 SURVEY OF CURRENT BUSINESS JANUARY 1940
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
tember October
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Factory, adj. (Federal Reserve)!—ContinuedNondurable goods 1923-25= 100—
Chemical, petroleum, and coal products1923-25=100-
Chemicals do —Paints and varnishes _ _doPetroleum refining doRayon and allied products do —
Food and kindred products._ _ . do . . .Baking doSlaughtering and meat packing do
Leather and its manufactures doBoots and shoes _ do
Paper and printing doPaper and pulp do
Rubber products _ do —Rubber tires and inner tubes do
Textiles and their products doFabrics . . d oWearing apparel do
Tobacco manufactures do —Factory, unadjusted, by cities and States:
City or industrial area:Baltimore - 1929-31—-100Chicago —1925-27=100—Cleveland 1923-25=100-Detroit doMilwaukee _ „ 1925-27=100..New York __doPhiladelphia! . 1923-25=100Pittsburgh! d o .Wilmington! do
State:Delaware! doIllinois —. 1925-27=100-Iowa! 1923-25—100Maryland 1929-31 = 100Massachusetts 1925-27=100..New Jersey! 1923-25=100New York 1925-27=100Ohio 1926—100Pennsylvania! 1923-25=100Wisconsin! 1925-27=100..
Nonmanufacturmg, unadjusted (U. S. Depart-ment of Labor):
Mining:Anthracite 1929=100Bituminous coal _ do _.Metalliferous. doPetroleum, crude, producing doQuarrying and nonmetallic do _.
Public utilities:Electric light and power, and manufactured
gas . 1929=100—Electric railroads, etc doTelephone and telegraph .do _.
Services:Dyeing and cleaning . . do ._Laundries doYear-round hotels . do
Trade:Retail, total . . . . _ do
General merchandising doOther than general merchandising.do
Wholesale do __Miscellaneous employment data:
Construction employment, Ohio._1926=100-_Federal and State highway employment:
Total numberConstruction (Federal and State)..doMaintenance (State) do
Federal civilian employees:United States do
District of Columbia/ doRailway employees (class I steam railways):
Total thousandsIndex:
Unadjusted. _ 1923-25=100_.Adjusted _ ._ do
Trades-union members employed:All trades percent of total
Building doMetal do . .Printing doAll other _ . doOn full time (all trades) do
LABOR CONDITIONS
Average weekly hours per worker in factories:National Industrial Conference Board (25 in-
dustries) ! hoursU. S. Department of Labor (87 industries)!
hours. _
109.2
121.0137127123311
129.4145106
99.899
115.8115
93.175
107.899.9
120. 663.1
101.880.395.7
105.9102.795.987.891.189.6
98.287.7
105.580.5
107.491.397 091.492.1
52.295.166.563.647.0
93.469.774.8
99.195.692.4
89.8109.884.592.7
44.0
227, 233112,816114,417
58.157.7
897588929272
39.1
103.1
113.3119118120297
127.4144100
97.696
110.6106
81.466
100.090.5
116.965.0
86.569.680.697.689.086.178.571.875.2
84.375.3
127.9'90.9
72.693.080.384.979.281.5
51.088.661.968.344.4
91.969.574.4
102.593.792.5
86.9104.582.389.8
35.2
341,832138, 512203, 320
869, 389119,107
977
53.853.4
846876888964
'36 .7
'36.6
104.7
113.7120119119297
128.8144100
98.197
111.1106
82.967
102.292.3
120.065.6
87.270.682.3
102.992.486.981.072.379.6
88.276.1
131.091.673.894.081.386.480.282.4
51.389.362.367.841.4
91.469.474.3
97.993.492.0
98.1144.186.090.0
32.0
266,629103,491163,138
919,161120,852
961
52.854.2
856778888965
36.6
'37.3
104.4
113.6119119119297
128.814498
98.998
111.0106
81.467
101.991.9
119.565.9
84.869.781.8
100.890.685.479.871.080.3
89.075.2
127.689.473.092.880.084.978.480.6
50.088.762.667.038.3
90.069.274.1
94.293.391.8
82.290.780.088.3
28.7
201, 30773,116
128,191
864,342120, 229
948
52.254.4
846578888965
36.6
' 36.6
103.9
112.9120118119301
125.714496
99.098
111.1106
81.466
101.891.7
120.264.8
86.770.481.899.393.689.181.571.981.8
90.576.8
128.092.474.693.881.986.080.282.7
52.288.660.966.437.9
89.669.373.3
92.192.892.6
81.588.879.687.9
28.6
176,07958, 815
117, 264
875, 541120, 445
958
52.754.8
856679879066
36.8
'37 .1
103.8
113.4120120119299
127.314496
99.298
111.4106
82.267
101.091.0
119.261.4
89.270.682.397.794.890.581.172.683.0
91.477.8
129.094.574.894.282.787.180.483.6
51.787.461.066.240.1
89.669.573.4
95.492.992.7
83.893.281.387.4
32.4
169,15558, 622
110, 533
879, 504120, 873
966
53.154.6
866882889167
36.9
'37.3
103.3
114.2118121118309
127.014496
97.797
111.5106
81.367
99.690.2
116.464.5
90.369.882.296.094.588.081.073.184.4
93.177.6
131.195.573.193.782.086.680.183.7
53.025.961.565.843.0
90.369.174.1
102.293.593.2
85.596.982.587.3
35.0
187, 52378, 394
109,129
885,766122,003
967
53.253.6
877183909169
36.8
'36.7
103.3
114.4117119119302
128.414698
93.792
111.5107
81.167
99.891.0
115.265.1
91.770.081.862.492.985.580.171.783.9
92.877.6
131.995.871.694.380.485.278.884.5
52.647.961.966.145.6
91.069.674.7
107.095.593.9
85.796.882.887.2
43.0
220,923104,804116,119
903,112122, 792
974
53.653.0
887583909170
36.5
'36 .9
104.2
113.1117120120295
129.4147100
97.196
111.1106
80.866
101.292.0
117.565.5
91.770.581.486.794.383.681.173.681.0
90.078.1
133.295.871.295.480.985.579.786.9
51.278.361.667.047.3
92.369.975.3
110.198.792.8
86.497.483.588.1
43.6
252,316130, 743121,573
925,982123, 541
1,010
55.654.4
897884909270
'37 .1
'37 .3
105.4
113. 6115122121298
127.9147101
98.798
111.8106
79.767
104.194.5
121.165.7
92.670.980.359.592.283.181.973.478.1
89.078.3
129.296.773.394.480.684.780.989.2
44.779,460.467.347.5
93.269.775.4
106.5100.090.3
83.691.781.587.9
50.0
264, 502138. 345126,157
928,195124,015
1,019
56.154.7
887684909170
'37 .1
'36.7
105.9
111.7119125122254
129.7146101
97.496
112.0107
83.668
104.995.4
121.465.2
93.872.282.889.494.391.183.176.475.6
93.780.7
' 129. 390.575.597.784.087.282.590.0
'48 .5'81.4'60.4'66.7'48.1
93.869.8
'75 .5
' 102. 7'99 .1'89.8
82.589.880.689.0
48.0
274 949142, 788132,161
933, 386124, 634
1,022
56.354.9
887585899271
37.9
38.0
105.7
116.2122123122297
128.1146102
96.895
112.8109
86.170
103.694.2
120 464.4
98 774.390 0
107 198 095 383 779 279.9
99.982 3
r 129 4101 5
' 76 8100 187 591 1
' 83 790.9
' 85 4'62 9
65 0'47.9
' 93 7'69 8
75.3
105.2r 97 g'91 .3
87 3100.183.9
r 90 5
48.0
277 703142, 868134,835
940,130125,902
1,039
57.155.9
897586909371
38.2
'38.0
' 107. 6
'119.7132125122309
' 126. 8146103
'97.4'96
' 115.0114
91.274
' 106. 2'97.8120 463.5
'101 078.593.3
102 496 297.8
' 88.087 986.9
98.686 0
132 4' 104 8
' 80 2105 090 695 9
'90 089.4
51 9'93 2
65.4'64 4'47.8
' 93. 5' 70 0'75.2
105.1'96 1'92 .8
' 88 5' 103. 6'84 .5'92 5
'48.0
262 760133, 904128, 856
937, 357126, 471
1,075
59.157.5
897488909372
39.0
39.1
' Revised.!Revised series. Iowa employment revised beginning July 1937; revisions aje shown on p. 26 of the March 1939 Survey. Wisconsin employment and pay rolls have been
adjusted, beginning 1929, to trends indicated by Census data. Indexes not shown on p. 26 of the November 1938 Survey will appear in a subsequent issue. Other Stateand city employment indexes revised beginning with the year specified: Philadelphia, 1932; Pittsburgh, 1932: Wilmington, 1931; Delaware, 1931; New Jersey, 1931; and Penn-sylvania, 1932; data not shown on p. 26 of the December 1939 Survey will appear in a subsequent issue. For data on factory employment, adjusted (Federal Reserve), revisedsee footnote marked with a " !" on p. 25. For U. S. Department of Labor average weekly hours per worker in factories, see note marked with a " t " on p. 29. National In-dustrial Conference Board data relating to factory weekly and hourly earnings and to weekly hours per worker have been revised beginning 1934 ;see table 2 p. 18 of thisissue. '
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JANUAKY 1940 SURVEY OF CURRENT BUSINESS 27
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS-Continued
Industrial disputes (strikes and lockouts):Beginning in month number..In progress during month doWorkers involved in strikes:
Beginning in month thousands..In progress during month do
Man-days idle during month __doEmployment operations (Social Security
Board) :1Applications:
Active file thousands.-New do
Placements, total doPrivate do
Ratio of private placements to active filepercent-.
Labor turn-over in mfg. establishments:Accession rate_-_ino. rate per 100 employees..Separation rate:
Total doDischarge , doLay-off doQuit do
PAY ROLLS
Factory, unadjusted (U. S. Department ofLabor)t 1923-25=100..
Durable goods doIron and steel and their products, not in-
cluding machinery.... ..1923-25=100..Blast furnaces, steel works, and rolling
mills,. 1923-25=100--Hardware doStructural and ornamental metal work
1923-25=100--Tin cans and other tinware do
Lumber and allied products doFurniture doLumber, sawmills do
Machinery, not including transportationequipment 1923-25=100--
Agricultural implements (including trac-tors) 1923-25=100--
Electrical machinery, apparatus, andsupplies 1923-25=100-.
Engines, turbines, water wheels, andwindmills 1923-25=100.
Foundry and machine-shop products1923-25=100..
Radios and phonographs doMetals, nonferrous, and products do
Brass, bronze, and copper products-doStone, clay, and glass products do
Brick, tile, and terra cotta.. __doGlass do
Transportation equipment doAutomobiles do
Nondurable goods doChemical, petroleum, and coal products
1923-25=100--Chemicals doPaints and varnishes doPetroleum refining doRayon and allied products do
Food and kindred products doBaking doSlaughtering and meat packing do
Leather and its manufactures doBoots and shoes do
Paper and printing doPaper and pulp do
Rubber products doRubber tires and inner tubes do
Textiles and their products doFabrics . doWearing apparel do
Tobacco manufactures doFactory, unadjusted, by cities and States:
City or industrial area:Baltimore 1929-31 = 100..Chicago 19?5-27=100__Milwaukee doNew York doPhiladelphia! . 1923-25=100..Pittsburgh! doWilmington t do
State:Delawaref doIllinois 1925-27=100..Maryland ...1929-31=100..Massachusetts... _ .1925-27=100..New Jerseyt... 1923-25=100..New York.. 1925-27= 100..Pennsylvania!- 1923-25=100..Wisconsin!..__ 1925-27=100..
P 1659 290v 429 125
9 1,600
0)
4.10
2.95.151.97.83
101.8101.2
127.2118.7
66.9104.968.885.761.1
117.3
140.5
109.7
142.3
94. 5170.1115.0156. 778.354.2
120. 6107.7109. 0102.4
133. 0161.5132. 0138.1310.7125. 2137. 0112. 571.765.3
114.1124.7100.086.292.991.689.362.9
128. 267.5109.487.485.695.283.7
92.977.8127.978.9
106.487.890.199.4
207372
4375558
7, 529503251178
2.4
4.24
3.14.102.44.60
84.477.6
81.0
84.396.4
48.688.855.968.550.0
83.2
101.7
89.1
65.9117.387.0103.967.342.3103. 595.6107.692.1
118.3130.4116.0133.7277.1120.6132.9106.966.460.0104.5103.083.073.380.578.479.361.8
96.855.989.976.070.461.465.5
74.262.698.766.383.672.967.081.6
177310
3862513
7,216477230161
2.2
3.22
3.88.09
3.21.58
87.179.6
82.7
85.793.2
51.689.255.771.548.3
122.5
95.3
70.8118.187.1
103.067.042.8
104.397.7
107.495.4
119.3132.2117.6134.2276.8118.9131.5109.474.869.8
108.5103.586.876.985.582.486.061.7
99.458.592.879.074.662.572.2
81.464.9
101.969.586.875.869.083.8
••183••303
50' 7 2
'514
7,434644199130
1.7
4.09
3.19.10
2.24.85
83.776.0
79.5
84.584.6
50.287.951.763.645.7
8(3.5
120.7
83.5
95.7
69.8106.381.796.960.439.896.693.2
101.392.4
118.8130.2115.3134.6283.3113.1129.5108.083.080.0
103.2102.782.274.283.280.183.951.3
96.057.188.877.673.161.872.7
81.963.297.968.384.774.467.179.5
'183'310
67' 8 7
'543
7,080483181126
1.8
3.06
2.61.10
1.87.64
86.077.7
81.7
85.981.6
53.087.152.769.644.3
90.8
141.2
86.9
104.0
72.896.385.3
100.461.638.697.991.697.395.3
118.9132.0117.9132.5287.8110.0130.098.589.587.8
103.6105.281.071.090.382.599.652.7
99.557.395.482.075.164.773.6
82. 565.1
102.270.986.176.869.685.7
'198'322
42' 63
'609
6,749500254185
2.7
3.34
3.18.13
2.23.82
87.679.4
83.6
87.384.7
55.994.053.669.845.7
93.4
146.4
90.1
109.0
74.293.486.2
102.765.540.4
100.091.797.096.7
120.6133.3122.7131.6286.9111.8131.397.889.488.3
105.4105.683.274.191.480.6
106.853.3
103.259.097.086.975.965.275.6
84.767.3
105.371.288.179.470.886.7
'235'372
391'420
' 4, 880
6, 545478270195
3.0
2.95
3.46.10
2.60.76
85.579.5
82.0
85.279.3
57.795.455.467.049.9
92.8
144.5
89.2
111.9
73.588.783.299.966.443.093.894.299.592.2
119.5130.2125.6128.6278.6112.1129.196.779.877.3
104.5104.781.071.782.074.990.555.0
102.557.394.779.572.663.477.1
86. 666.2
104.568.286.076.467.885.3
'230'382
' 9 3'454
' 3, 528
6,382516333242
3.8
3.29
3.48.13
2.67.68
85.078.8
80.2
82.377.6
57.398.258.066. 654.2
94.0
134.9
90.6
114.0
75.092.384.0
103.567.743.896.387.388.091.9
119.6131.3129.8132.2273.0118.8136.5104.768.663.8
105.1105.680.071.679.975.383.557.7
107.257.892.877.773.662.476.4
85.366.4
107.067.087.374.467.586.3
'216'359
' 6 0' 125'953
6,283570344251
4.0
3.92
3.31.12
2.46.73
86.580.7
82.6
85.973.8
58.8103.260.168.555.9
95.4
127.3
91.6
114.3
76.9104.584.0
103.170.650.1
100.888.988.693.0
118.7131.5128.9134.4271.8123.8138.1106.774.670.4
103.5104.582.174.879.675.682.361.5
110.558.796.576.976. 566. 575.8
85.067.3
110.467.589.275.970.489.2
'204'324
'172'208
r 1,159
6,101494286213
3.5
4.16
3.36.12
2.54.70
84.476.0
78.6
82.065.4
58.7102.856.468.050.5
94.0
122.7
91.0
110.2
74.8113.682.4
103.965.946.491.576.672.993.7
117.9130.8124. 0131. 5283. 2128.6139.1109.283.681.9
102.0101.281.577.179.376.679.761.8
110.659.192.476.377.662.471.4
81.166.6
110.470.187.775.869.286.6
'224'358
' 7 5'112
'1,061
5,790558336254
4.4
5.06
3.01.14
2.05.82
89.781.5
88.0
92.7'80.1
63.9114.962.975.556.8
96.9
124.0
93.4
113.5
78.4122.8'88 .7110.5'71.6
50. 1102.578.375.099.0
r 119. 0136. 3125. 6135.9246. 6135. 1135. 3105.884.682.9
103.7107.786.378.9
r go o
' 80*. 298.362.7
114.061.398.185.579.172.067.7
79.770.3
110.272.191.880.274.291.6
'158'305
35' 9 9
'867
5.6800)
353287
6.2
6.17
2.79.14
1.581.07
'93.8'87.9
'92 .8
95. 3'113.9
63.3117.4' 63. 5
78.1'56 .5
100.9
125.0
98.4
116.2
80.2139.0' 96. 5122.8' 71. 7
50.4105. 0' 99. 9
' 103. 4100. 5
r 124. 5139. 7127. 5134. 8286.4139. 6138.8107.9
76. 672.4
109. 3113.4'91 .0'82 .7'96 .6
81.092.162.9
118.362.896. 486.479.772.673.7
86.771.7
117. 574.294.282.474.990.1
9 1869 315
9 105v 130
' 1, 500
5,462(0
366308
6.7
5.89
2.91.17
1.81.93
'101.6'99 .7
' 112. 0
' 123.6' 109.6
'68 .3111.2' 68. 9' 84.9'61 .8
'111.0
'131.3
' 129.2
'89 .5' 169.6' 113.6' 154.1'79 .8' 56.6
' 121.2r 110. 6' 114.2' 103.8
' 133.1r 157.9' 134. 6' 140. 0' 303.4' 129.8' 136.6
107. 776 571.1
' 113.8' 125. 6'101.9' 90. 6' 93. 6'88 .0' 98. 6'63 .4
126.267.4
103. 490.1
r 85. r>'92 .781.7
02. !77.9
126.977.4
104. 387.4
'88.896.2
' Revised. v Preliminary. 1 Title changed from U. S. Employment Service. 1 Discontinued by original source.!Revised series. For data on factory pay rolls (U. S. Dept. of Labor) see footnote marked with a " t" on p. 25. For Wisconsin pay rolls, see footnote marked with a
" t " on p. 26.- Other State and city payroll indexes revised beginning with the year soeeified: Philadelphia. 1932: Pittsburgh, 1928; Wilmington, 1930; Delaware, 1932; NewJersey, 1932; and Pennsylvania, 1932; data not shown in the December 1939 Survey will appear in a subsequent issue.
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28 SURVEY OF CURRENT BUSINESS JANUARY 1940
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
tember October
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS—Continued
Nonmanulacturing, unadjusted (U. S. Depart-ment of Labor):
Mining:Anthracite. 1929=100-Bituxninous coal -doMetalliferous doPetroleum, crude, producing. _doQuarrying and nonmetallic - do
Public utilities:Electric light and power, and manufactured
gas 1929=-100..Electric railroads, etc _...do_Telephone and telegraph.- do
Services:Dyeing and cleaning doLaundries - -_.do.Year-round hotels do.
Trade:Retail, total ..— do.
General merchandising. doOther than general merchandising..do
Wholesale do.WAGES
Factory average weekly earnings:National Industrial Conference Board (25 |
industries)! dollars..U. S. Department of Laborf dollars..
Durable goods doIron and steel and their products, not in-
cluding machinery - dollars..Blast furnaces, steel works, and rolling
mills dollars..Hardware doStructural and ornamental metal work
dollars. .Tin cans and other tinware .....do
Lumber and allied products .doFurniture do_—Lumber, sawmills do
Machinery, not including transportationequipment dollars-
Agricultural implements (includingtractors) dollars...
Electrical machinery, apparatus, andsupplies dollars..
Engines, turbines, water wheels, andwindmills dollars..
Foundry and machine-shop productsdollars. .
Radios and phonographs do.—Metals, nonferrous, and products..do
Brass, bronze, and copper productsdollars. _
Stone, clay, and glass products...__doBrick, tile, and terracotta doGlass . do
Transportation equipment.. doAutomobiles do
Nondurable goods doChemical, petroleum, and coal products
doChemicals doPaints and varnishes doPetroleum refining doRayon and allied products do
Food and kindred products doBaking doSlaughtering and meat packing. _do
Leather and its manufactures doBoots and shoes do
Paper and printing doPaper and pulp._ do
Rubber products doRubber tires and inner tubes do
Textiles and their products doFabrics doWearing apparel __.do
Tobacco manufactures doFactory average hourly earnings:
National Industrial Conference Board (25industries)! dollars..
U. S. Department of Laborf dollars..Durable goods do
Iron and steel and their products, not in-cluding machinery dollars..
Blast furnaces, steel works, and rollingmills .. dollars.-
Hardware . __doStructural and ornamental metal work
dollars. .Tin cans and other tinware do
Lumber and allied products doFurniture do.Lumber, sawmills _ ___do.
28. 49
.727
36.281.452.363.337.2
68.893.0
73.979.381.3
71.591.867.375.4
26.2023.7727. 02
26.64
28.4826.79
26.0722.5019.0619.7517.80
26.04
27.08
26.69
28.35
25. 5122.4025.70
27.1423.8219. 4625.6833.6434.8920.84
28.1130. 2227. 3434. 8623.7424. 2225.2127.5417.2215.4127. 5823.7827.5832.7716.3516.3516.3516.55
.714
.639
.706
.757
.842
.689
.725
.607
.490
.524
.460
42.580.954.162.533.7
98.269.792.5
68.380.081.1
79.2122.970.175.7
26.0524.2627.27
26.91
28. 4925.31
27.1822. 7619. 3620.6017.62
27.00
29.85
27.26
29.73
26.4822.6225.81
26.9224. 0320. 0625. 7632.7233. 2221.52
28. 3630. 7227.8035. 3023.8024.7525. 2627. 6918.6217.1128. 6123.8528.4033. 7617. 0016.8217.6116. 92
.713
.642
.709
.757
.842
.667
.727
.608
.492
.526
.460
38.078.255.360.930.2
95.971.192.0
65.879.680.2
69.784.066.775.5
25. 9523.8026. 53
26.37
28.1823.42
26.5922.7818.7119.1317.50
26. 51
27.92
27. 05
29.21
26.1122.1524. 8525. 7922.9819. ('S24.7231.3231. 5521. 29
28.4830. (io27. 3435.7524.2224.9625. 4728. 0519. 7118.5427.8723. 8227.5932.5916. 7516.5517.3815.59
.713
.644
.710
. 755
. S3f)
. 660
.731
.613
.490
.521
.458
45.281.253.462.729.7
96.469.991.7
63.278.682.8
68.481.065.874.6
26.1124. 0126.78
26. 70
28.4723.04
26.9322.3319.0420.2617.18
27.27
29.96
27.63
30.50
26. 6921.1525.48
26. 4223. 4319. 4725. 0430. 6930. 8021.47
28. 3830. 8927.8435. 2324.1524.8325. 4026.9820.1919.-1327.8924. 1627.1131.6817. 3516. 8119. 0315.19
.713
.643
.709
.753
. 835,651
.729
.610
.487
.523
.452
34.277.853.661.333.1
96.870.591.9
67.779.381.1
69. 683.466.874.7
26.2524.1827.02
27.01
28.8123. 93
27.5423.5719.1920.2017.57
27.67
30.19
28.09
30.92
27.0221.1425.60
26.9823.7219.5925. 3030.8130. 8721.58
28.1431.0828.3035. 2024. 2425.0025.5227.3220.1219.1728.3724. 4327.4032. 5417.3816. 5619.9116.22
.715
. 645
.711
. 835
. 055
.731
.608
.492
.527
.460
43.417.652.660.835.9
96.969.692.1
73.379.981.9
71.386.668.174.8
26. 2723.7926.92
26. 46
28.0723.05
28.0623. 1919.1819.7418.04
27.45
30.00
27.57
30. 94
26.7021.1924. 90
26. 4322.9619. 4623. 3731.8032.3320.89
27. 6330. 0028. 2434.3923. 6424.5725.1127 2318.7317.5828. 0824.1127.0031.4816.3615.8617.8416.08
.717
.642
.710
.752
. 835
.655
.731
.611
.498
.532
.471
57.020.454.161.239.7
70.193.7
83.083.982.4
71.586.768.374.9
26.1923.8426.82
26.17
27.4023.87
27.7123.6619.7219.8618.95
27.86
29.56
28.11
30.95
27.2321.7325.38
27.1823.4719.9124.1531.0431.1821.09
28.6031.0029.1235.1023. 7025.4825. 9128.3917.4315.9328.2224. 2526.7831.4616.3616.0217.4316.60
.720
. 643
.707
.752
. 835
.651
.727
.609
.502
.530
.481
36.166.553.862.541.7
100.271.293.7
84.286.982.0
72.588.169.375.8
26.67211727.26
26.89
28. 3025.21
28.1323.8219.9519.9119.21
27.97
28.85
28.42
30.57
27.7121.6325. 52
27.3223. 9421.2524. 8631.7331.9421. 31
29.2331.0728. 6234. 9924. 3825.1325.9628. 2518. 6517.2828.1024.1327.8833.0616. 5116.2017.4617.19
.721
.642
.708
. 756
.842
.655
.721
.604
.504
.527
.484
25.264. 548.561.940.9
100.070.694.6
77.188.079.1
70.983.868.275.8
26. 6423.6426.31
25. 81
27.1223.38
27.4223.1218.6119.47
17.08
27.55
29. 20
28.05
30. 3826. 9521.7125.11
27.5322.5819. 5823. 2631.0631. 5021. 25
28.8530.7428.1433. 9124.4724. 6126.0528.5419.7218.7427.5723.4028 2233^8416.4616.2317.1417.48
.721
.637
.702
.849
.625
.722
.605
.498
.528
.473
33.8'74.6'53.0'62.0'42.9
' 101.1'71.0'94.3
73.0'85.9'79.2
69.4'81.167.0
'76.2
27.2924.5227. 92
28.17
30.1326.10
28.7424.2020.1420.9018.76
28.07
29.11
28.50
31.01
27.7822.3825.98
28.0024.2821.1725.4533.7135.1521.58
29. 4931.4828.4734.7624.8123.9525. 4927.7719.7818.7428.0424.6528.5233.7717.2016.6318.7717.43
.720
. 634
.699
.757
.843
. 669
.726
.608
.502
.529
.481
'40 .1'80.2' 55.1'60 .8
42.7
' 101.0' 70.4' 94. 9
' 78. 3r84. 5'80.4
72.388.369.0
'78.0
27. 5824. 7228.18
28.25
29.7729.85
27.6224.8619.9520.9518.39
28.23
28.91
30.97
27.8622.9226.69
29.1524.0320.6625.4333.4234.6321.54
28. 8631. 0828. 6534. 3824.4924.1626.0027.9918. 4517.0428.8925. 6428.9334.5516. 9116.7317.4017.43
.722
.635
.703
.761
.721
.615
. 501
.530
.479
52.2'97.7'63.7' 59.0'45 .1
'101.0'72 .3'95.9
'77 .3'83.9'82.2
74.2'92.3' 70.5'80 .3
28.2425.8029.72
31.15
33.9127.13
28.8723.9820.8421.7219.51
29.20
29.92
29.24
32.48
29.2723.7928.58
32.2125. 9822.5127.7133.8734.8822.03
29.5032. 5129.4635.7725. 0024. 3525.6527. 6018.7417.2029.4027.1930.1135. 9117.6017.2318.6817.57
.724
.645
.712
.847
. 676
. 736
. 609
.503
. 529
.484
' Revised.tRevised series. For revisions in National Industrial Conference Board factory weekly and hourly earnings, see note marked with a "f" on p. 26; forrevisions in the
U. S. Department of Labor data on the same subject, see note marked with a "f" on p. 29.
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 29
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary- March April May June July August Sep-
tember October
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES-Continued
Factory average hourly earnings—Continued.U. S. Dept. of Labort—Continued.
Durable goods—Continued:Machinery, not including transportation
equipment dollars..Agricultural implements (including
tractors) dollars..Electrical machinery, apparatus, and
supplies dollars..Engines, turbines, water wheels, and
windmills dollars-.Foundry and machine-shop products
dollars..Radios and phonographs do
Metals, nonferrous, and products--doBrass, bronze, and copper products
dollars..Stone, clay, and glass products do—„
Brick, tile, and terra cotta doGlass . do
Transportation equipment doAutomobiles , do. . . .
Nondurable goods doChemical, petroleum, and coal products
dollars ..Chemicals doPaints and varnishes ..._doPetroleum refining do____Rayon and allied products do
Food and kindred products doBaking doSlaughtering and meat packing...do
Leather and its manufactures doBoots and shoes do
Paper and printing doPaper and pulp do
Rubber products doRubber tires and inner tubes do
Textiles and their products doFabrics do.__.Wearing apparel. _—__do
Tobacco manufactures doFactory average weekly earnings, by States:
Delaware 1923-25=100-Illinois 1925-27=100-Massachusotts doNew Jersey 1923-25=100..New York 1925-27=100 .Pennsylvania 1923-25=100—Wisconsin t 1925-27=100_.
Miscellaneous wage data:Construction wage rates (E. N. R.): §
Common labor. dol. per hour..Skilled labor do
Farm wages without board (quarterly)dol. per month.
Railway wages (average, class I)dol. per hour.
Road-building wages, common labor:United States, average dol. per hour.
East North Central do. . .East South Central do. . .Middle Atlantic do. . .Mountain do. . .New England do.. .Pacific do—_South Atlantic... doWest North Central do .West South Central do
ALL PUBLIC RELIEF
Total, exclusive of cost of'administration, ma-terial, etc.f mil. of dol—
Obligations incurred for:Special types of public assistance doGeneral relief do
Subsistence payments certified by the FarmSecurity Administration mil. of doL .
Earnings of persons employed on Federalwork programs
Civilian Conservation Corps...mil. of dol....Works Progress Administration:
Operated by W. P. A.f doOperated by other Federal agenciesf. do
National Youth Administration:Student aid .doWork projects f do
Other Federal work and constructionprojects! mil. of dol..
91.496.3
119.5
110.8107.9
.6851.46
.719
.794
.730
.786
.711
.582
.662
. 710
. 645
. 531
.907932
.586
.740
.776
.695
.979
. 641
.611
.611
. 685
. 533
.508
.766
.612
.756
. 952
.477
.459
.510
.462
85.290.191.5
108.690,796.7
100.1
1.43
.735
.40
.59
.29
.50
.55
.47
.70
.27
.46
.36
326
21
172
.721
.803
.736
.793
.712
. 582
.670
.707
.649
. 537723
. 901
. 924
. 589
. 739
.781
.699
.974
.641
.617
.615
.679
. 526
.499
.770
.613. 765. 961.480.460.520.469
89. 292.694.3
111.593.398.8
101.8
1.43
.735
.38
.63
.27
.51
.53
.50
.66
. 26
.43
.36
325
19
168
2 |4
.794
.744
.788
.713
.591
.667
.701
.651
.540
.728
.898
. 921
.592
.741
.780
.699
.980
.637
.628
.617
. 683
.525
.498
.768
.616
.770
.957
.484
. 461
.527
. 481
89.091.393.8
110.293.098.198.6
.6821.43
34.92
,740
.37
.59
. 28
.52
.53
.51
.66
.27
.42
.35
316
1565
.725
.804
.743
.787
.711
.577
.666
.704
. 649
.542
.720
.897
.924
.591
.738
.780
.697
.970
.640
.632
.615
.684
.522
.496
.768
.611
.761
.953
.488
. 461
. 538
.473
88.392.095.3
110.893.7
100.3103.6
.6801.43
.750
.35
.60
.28
.56
.51
.48
.67
.27
.41
.38
310
4645
2
21
1504
24
34
.728
.803
.745
.788
.715
.578667
.705
.652
. 544
.716
.900
.926
.591
.728
.780
.698
.973
.643
.629
.615. 689.524. 500.771.614.763.957.489. 459.541.474
89.693.995.4
112.895.9
101.2103.7
.6801.44
.726
.35
.60
.27
.57
.54
.50
.65
.27
.40
.37
318
46'47
2
18
1585
.,
4
35
.726
.795
.792
.714 |
. 586
.670
. 704
.648
.535
.. 707
.897
.928
.588
.721
.777
.697
.973
.647
.627
.613
. 694
.524
.501
.772
.612
.760
.947
.480
.458
.518
.474
92.593.4
110.793.196.9
101.9
.6831.44
35.42
.732
.39
.62
.30
.54
.55
.57
.67
.28
.42
.37
309
20
146
.725
.787
.744
.787
.710
.589
.673
.708
.644
. 534
.706
. 894
.931
.592
.740
.776
.701
.970
.647
. 631
.617
.689
.528
. 504
.774
.616
. 760
.944
.478
.460
.511
.472
88.992.893.5
111.892.697.5
102.1
.6821.44
.720
.40
.60
.28
.51
.55
.52
.63
.28
.45
.37
308
4639
2
20
1417
24
46
.725
.780
.744
.782
.716
.583
.671
.707
.647
. 538
.711
.895
. 933590
.757
.777
.697
.972
.643
.622
.618
.691
.529
.505
.776618
. 765
.947
. 473
.459
.499
.474
91.493.494.9
113.093.8
101.0102.6
.6841.44
.719
.41
.63
.29
.51
.56
.49
.65
.28
.45
.37
'305
4737
1
19
1337o4
54
.724
. 785
.743
779
.715
. 576
.672
.715
. 646
.531
.716
.886
.928
.587
. 766
.783
.704
. 985
. 639
. 613
.624
.687
.522, 498. 772.616. 772. 956.472.460. 496.476
88.292.395.8
112,194. 097.3
'97.1
.6841.44
36. 26
.724
.43
.60
.29
.52
.56
.49
.65
.29
.47
.35
279
4836
1
'19
1202
03
61
.721
.781
.737
.778
. 714
.576
.668
.710
. 646
.539
.714
.888
. 935585
. 766
.785
.707
.975
. 643
. 590624
. 688
.526" .502
.768
. 618
.770
.956
. 483
.460
.523
.472
82.494.695.6
113. 395.4
103.0'101.8
.6851.44
.714
.43
.61
.30
.51
.57
.47
.64
.30
.46
.37
276
4838
1
19
1083
(°)4
54
.722
.778
.740
.787
. 715
.577
.674
.714
.647
. 540
.718
.895
.934
.583
.741
.781
.704
. 969
.646
.585
.620
.686
. 532'. 508.774.620. 768. 959. 482.461.519.475
83.094.596.7
113.594.1
101. 599.1
.6851.44
.731
.43
.60
.30
.53
.58r . 4 5
.64
. 30
. 16
.37
'258
48' 3 9
1
17
r 893
(")4
.721
.782
.733
.796
.718
. 573
.691
.755
.652
. 553
.727
.889
.923
.590
.740
.789
.714
.973
.616
. 608
. 620
. 684
.532
.508
.773
. 629
. 769
. 962
. 486
.463
. 529
.475
90.398.296. 6
119. 796.4
r 111.1107.6
. 6851.44
36.13
.729
.43
.' 31
.51
.57
.48
.64
.30
.47.38
4839
984
4
53
' Revised.a Less than $500,000.^Construction wage rates as of Dec. 1, 1939, common labor $0,685. skilled labor $1.46.fRevised series. For revisions in U. S. Department of Labor factory weekly and hourly earnings, and hours worked per week, see table 1 p. 17 of this issue. Farm wages
revised beginning 1913; see table 53, p. 18 of the November 1939 issue. Data on all public relief revised beginning with January 1933; The historical record can be obtainedfrom the most recent Social Security Bulletin together with the issue for August 1939. The revised series differ from those previously published in that they include, in addi-tion to earnings of persons certified as in need of relief, the earnings of all other persons employed on work or construction projects financed in whole or in part from Federalfunds. Wisconsin weekly earnings revised beginning January 1929; data not shown in the December 1939 Survey will appear in a subsequent issue.
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30 SURVEY OF CURRENT BUSINESS JANUARY 1940
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
tember October
FINANCE
BANKING
Acceptances and com'l paper outstanding:Bankers' acceptances, total mil. of dol._
Held by Federal Reserve banks:For own account do...For foreign correspondents do__.
Held by group of accepting banks:Total mil. of dol.
Own bills do-_.Purchased bills.. do__.
Held by others i do__.Commercial paper outstanding do.. .rricultural loans outstanding of agencies su-
pervised by the Farm Credit A dm:Grand total mil. of dol.
Farm mortgage loans, total__. do...Federal land banks do...Land Bank Commissioner do__.
Loans to cooperatives, total • doBanks for cooperatives incl. Central
Bank mil. of doL.Agricultural Marketing Act revolving
fund mil. of doL.Short-term credit, total do
Federal intermediate credit banks, loansto and discounts for:
Regional agricultural credit corps.,prod, credit ass'ns, and banks for co-operativesd"1 mil. of dol_.
Other financing institutions doProduction credit ass'ns doRegional agr. credit corps doEmergency crop loans doDrought relief loans do
Joint Stock Land Banks in liquidation._doBank debits, total (141 cities) mil. of dol._
New York City do...Outside New York City do...
Federal Reserve banks, condition, end of mo.:Assets (resources) total mil. of dol
Reserve bank credit outstanding, totalmil. of dol_.
Bills bought do.Bills discounted do.United States securities do.
Reserves, total do.Gold certificates do.
Liabilities, total do.Deposits, total do.
Member bank reserve balances, totalmil. of doL.
Excess reserves (estimated) do.Federal Reserve notes in circulation..do
Reserve ratio percent..Federal Reserve reporting member banks,
condition, Wednesday nearest end of month:Deposits:
Demand, adjusted mil. of doL.Time doDomestic interbank do
Investments, total T doU. S. Government direct obligations^ doObligations fully guaranteed by U. S.
Government-/ mil. of doL_Other securities V do
Loans, total 1 do.-_Commercial, Industrial, and agricultural
loans 1 mil. of dol__Open market paper do-To brokers and dealers in securities
mil. of doL-Other loans for purchasing or carrying secu-
rities mil. of doLReal estate loans do...Loans to banks do_..Other loans 5 do...
Money and interest rates:Bank rates to customers*:
In New York City percent..In seven other northern and eastern cities
percent__In eleven southern and western cities
percent._Bond yields (Moody's):
Aaa do.Baa.. do.
Discount rate (N. Y. F. R. Bank) doFederal land bank loans do___-Federal intermediate credit bank !oans_.doOpen market rates, N. Y. C :
Acceptances, prime, bankers-- _do_Call loans, renewal (N. Y. S. E.) doCommercial paper, prime (4-6 months)
percent. .Time loans, 90 days (N. Y. S. E.).. . . .doTreasury bills, 91 days (yield) doTreasury notes, 3-5 years (yield) do
223
00
1721036951
214
3,0672,6051,910
69595
73
21366
16533
1578
1165370
31, 67613, 04118,636
18,740
2, 65008
2,55215, 29514, 97618, 74012, 865
11, 6285,1604,86286.3
18, 9725, 2327,S94
14, 5038,713
2, 4083,3828,656
4,381312
660
4991,189
361,579
3.004.851.004.001.50
1.00
m.05.64
273
2221249851
206
3,2292,7511,990
760112
86
25366
16735
14812
1175589
29,46312,42517,039
15,293
2,58417
2,56411,97011,61315, 2939,935
3,3834,38583.6
16,0135,1246,212
13,0088,106
1,6823,2208,317
3,866338
712
5721,169
1171,543
1.70
2.68
3.20
3.105.231.004.002.00
1 00
IK.04.71
270
2121219158
187
3,2102,7351,982
753112
87
24363
16834148111165587
39,96618,87921.087
15, 581
2,60114
2,56412,16611,79815, 58110.088
8,7243,2054,45283.7
15, 9865,1606,06113, 2198,266
1,7323,2218,430
3,843328
848
5601,169
1151,567
1.70
2.95
3.23
3.085.271.004.002.00
Me1.00
IK.03.67
255
204122
52195
3,1852,7191,973
746105
80
24362
16433
14811
1155585
32, 39314,53317, 860
15,639
2,60715
2,57412, 38211,94815, 63910,420
9,2153,6444,33983.9
16, 0485,1836,35913, 2098,173
1,7893,2478,233
3.767324
792
5351,174
991,542
1.73
2.97
3.32
3.015.121.004.002.00
Me1.00
IK.03.65
248
00
1981227650
195
3,1782,7101,969
741
74
24370
16734155111165485
27, 58112,38015,201
15, 862
2,59814
2,56412,56112,12515,86210,571
8,9363,3874,35384.2
15,9655,2026,41413,4088,143
2,0193,2468,186
3,773313
799
5231,136
921,550
1.70
2.69
3.26
3.005.051.004.001.92
Me1.00
IK.03.63
245
00
1911177454
191
3,1732,6941,960
73491
23389
17535168101215483
34, 48616,27418,211
16,186
2,58714
2,56412,95112,55316,18610,919
9,1573,5594,38084.7
15,9915,2176, 46613,3888,096
2,0263,2668,191
3,814305
764
5311,140
941,543
2.13
3.05
3.77
2.994.891.004.001.50
Ma1.00
IK.03.51
238
00
1891187249
192
3,1722,6831,955
728
61
23403
18336
17810
1255482
30,14313,31116,832
16,766
2,59513
2, 57113,47613,10316,76611,376
9,9004,0984,45885.1
16, 6605, 2486, 62713,7148,341
2,0263,3478,071
3,841302
648
5391,148
601,533
3.025.151.004.001.50
M1.00
H-HIK.03.50
247
00
1921246855
189
3,1662,6711,948
72384
60
23411
18738
18310
1255480
31,92814,16517, 763
16,922
2,57314
2,56413, 67313, 32616,92211, 535
10,0294,2184,477
85.4
16,9655, 2356, 675
13, 5548,237
2,0553,2628,126
3,822308
721
5391,156
591,521
2.975.071.004.001.50
Me1.00
IK.03.42
245
00
1911226953
181
3,1582,6581,941
71883
60
23417
19040188101255479
33,98815, 31218, 676
17,172
2,57915
2, 55113, 87413,52417,17211,701
10,0184,1404,51185.6
17, 2205,2376,747
13,8628,423
2,1483,291
3,833303
648
5431,161
511,550
2.15
3.05
3.62
2.924.911.004.001.50
M1.00
H-HIK.03.39
236
00
1881196948
194
3,1482,6471,934
71385
62
22417
18941188101255477
30,47712, 79417,683
17,348
2,48615
2,48814,23013,87817, 34811,952
10, 5074,5534, 53086.3
17,4625,2437,01214,0788,515
2,2413,3228,166
3,887313
655
5261,168
741,543
2.894.841.004.001.50
Me1.00
AIK.04.45
235
0
1911286344
201
3,1342,6371,928
70884
61
22414
18842
18510
1245476
30, 61313,11817, 496
17, 823
2,446
52,42614,66114, 32117, 82312, 247
10,9184,7584,63186.9
18, 0965,2477,167
14, 2338,565
2, 2863,3828,209
3,996317
608
5191,174
491, 546
2.934.851.004.001.50
Me1.00
2HIK.05.48
216
(a)
1771156239
209
3,1092,6261,923
70488
65
22395
18038
1749
1215475
33, 66415,13818, 526
18, 602
2,87816
2,80415,01314, 67918,60212,953
11,6555,3524,72085.0
18, 3335,2317, 66714,0698,437
2, 2323, 4008,350
4, 229316
533
5101,180
351,547
2.04
3.31
3.255.001.004. 001.50
/1.00
VA.141.07
221
(a)
1791116742205
3, 0852,6161,91669993
70
22376
170341638
1185373
32, 71113, 68319, 029
18,779
2,80106
2,73615,17814,83818, 77912,988
11,9735, 5534,77385.5
18, 5565, 2497,954
14, 2078,684
2, 2828, 2918,521
4,310317
603
5121,184
361,559
3.154.881.004.001.50
1.00
Vs-%IK.05.77
°Less than $500,000. cfTo avoid duplication, these loans are excluded from the totals.*New series: Data beginning 1928 not shown in the December 1939 Survey will appear in a subsequent issue. Quarterly figures beginning March 1939 are not strictly com-
parable with earlier data. For explanation of new series, see the November 1939 issue of the Federal Reserve Bulletin.JSee note marked with a "1" on p. 30 of the July 1939 issue. •Includes a small amount of Federal intermediate credit bank loans (direct) not shown separately.
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 31
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
tember October
FINANCE—Continued
BANKING-Continued
Savings deposits:Savings banks in New York State:
Amount due depositors mil. of dol._U. S. Postal Savings:
Balance to credit of depositors doBalance on deposit in banks _ do
COMMERCIAL FAILURESt
Grand total _ ..number..Commercial service, total doConstruction, total ., doManufacturing, total . __ do
Chemicals and drugs doFoods doForest products doFuels doIron and steel do . . .Leather and leather products doMachinery doPaper, printing, and publishing doStone, clay, glass and products doTextiles doTransportation equipment doMiscellaneous do
Retail trade, total doWholesale trade, total _ _ do
Liabilities, grand total__. thous. of dol._Commercial service, total doConstruction, total- _ --doManufacturing, total do
Chemicals and drugs doFoods __ __ . _ doForest products doFuels . . do __Iron and steel doLeather and leather products doMachinery _ _ _ doPaper, printing, and publishing .doStone, clay, glass and products doTextiles ._ ._ doTransportation equipment doMiscellaneous do
Retail trade, total do—„Wholesale trade, total . do
LIFE INSURANCE
(Association of Life Insurance Presidents)
Assets, admitted, total: J mil. of dolMortgage loans, total _ do
Farm doOther do
Real estate holdings doPolicy loans and premium notes doBonds and stocks held (book value) total
mil of dolGovernment (domestic and foreign) doPublic utility doRailroad doOther do
Cash doOther admitted assets do
Insurance written:©Policies and certificates, total number
thousands..Group doIndustrial doOrdinary do
Value, total thous. of dolGroup _ doIndustrial . . . doOrdinary do
Premium collections, total _ doAnnuities doGroup doIndustrial doOrdinary do . .
(Life Insurance Sales Research Bureau) f
Insurance written,ordinary, total, thous. of dol__New England doMiddle Atlantic ._ doEast North Central do—West North Central doSouth Atlantic. do—East South Central do—West South Central _ _ . . . doMountain _. doPacific _. do
Lapse rates 1925-26—100.
5,547
1,27455
8862846
1909
49134897
129
363
31525
9711,877
494746
4,177123
1, 214149
72313
6821393
219469122
1,1224, 5051,955
72441
455228
587, 49844, 027
128,121415, 350247, 39723,41210,85452, 800
160, 331
537,95141, 938
150, 742122, 52254, 24651, 00320,13340, 58814, 04342, 736
5,359
1,25087
9844855
1966
44130
101012157
618
20586
9912,3021,158
7134,434
90703909
042992
162333270892149405
4,5131,484
22,6204,361
6733,6881,7902,650
12,6295,6032,9502,7261,350
821369
86534
608223
671, 26243, 754
182,690444,818248, 59528,51510,00155,034
155,045
585,09343,989
175,485123, 75457, 79452, 06523, 57345, 28115,10448, 048
5,405
1,25286
8753748
175113321385
1184
443
2452788
36,5281,628
7976,285
1851,743
48915652416970489
116540
1,206364
4,14223, 676
22, 7294,381
6703,7111,7512,636
12,8695,7943,0042,6491,422
635457
1,08971
755264
974,92091, 294
226,085657, 541355,603
50,20812,14896,493
196, 754
902,74161,883
281,685188, 369
93, 59878, 75833, 64367, 70922, 27874,818
101
5,417
1,25983
1,2635454
2187
43179
121217158
413
34802135
19,1221,912
6156,803
811,636
387357
1,09067571326733565026
6867,7312,061
22,8504,395
6703,7251,7432,628
12,8845,8572,9572,6531,417
747453
64830
357262
729,93751,89999,363
578,675277,86035,90512.91465,146
163,895
729,76658,827
194,457174,37076,49863,30027,10153,20217,80664, 205
5,431
1,26381
9633245
177124218699
11164
310
1961891
12,788262968
4,985125
1,482237306255118255512112
1.0550
6285,2511,322
22,9294,403
6693,7341,7402,621
12,9505,8952,9742,6571,424
759456
67523
399252
570, 49140, 365
109,871420,255250, 37422,49111, 66756,981
159, 235
532,03243,632
140,911122, 24254,14848,03820, 38642,23313,67746, 765
5,478
1,26680
1,0574950
2036
51203
117
15138
484
17634121
17, 8511,1061,2287,867
543,248
74275530586
302185155
1,612145278
5,6182,036
23,0184,410
6673,7431,7382,611
12,9995,9032,9952,6711,430
810450
84233
499310
645,01945, 205
138, 396461,418287, 53925,81713,01962,960
185, 743
577,20344,852
159, 747130, 64755,91353,05022, 84545,99715,84848, 304
5,463
1,26476
1,0644351
2084
581711129
16131
382
27629133
17, 435490744
8,286100
1,441339
1,164363
1,837563666
81,022
388395
5,5262,389
23,1004,416
6673,7491,7432,605
13,0655,9523,0032,6751,435
827444
71620
464232
550,66635,981
129,051385,634243,414
19,83810,45061,263
151,863
495,65037,658
140,175109,63849, 27245, 77119,07038,40113, 66342,002
5,471
1,26273
1,0284262
1894
5121
11048
118
524
15608127
14, 664875
1,1544,877
1071,848
525100316
2828140721280344
2065,8181,940
23,1994,424
6663,7581,7462,598
13,1275,9773,0072,6841,459
858446
81233
496283
604,44543,278
137,073424,094257,96522,80911,30259,846
164,008
r532,08940,608
148,804117,14353,37250,10421,05942, 22114, 40644, 372
5,514
1,26268
8474850
1587
38115
12118
125
294
1650685
11, 460494
1,1504,459
971, 056
21434131219927621679
1,14445
4803, 7341, 623
23, 2754,435
6643,7711,7452,585
13, 3586,0573,1392,6991,463
727425
841134461245
729, 749194, 223128, 568406, 958268, 472
25, 49611, 52861, 255
170,193
524,92541,314
142, 293116, 68953, 07851,13421,81140, 79114,93542,880
93
5,519
1,26858
8852535
1863
4914665
14196
401
2354891
14,128330361
6,70132
2,368212
1,01753
213773260263
1,13058
3224,6682,068
23, 3984,442
6593,7831,7472,573
13,4286,0793,1632,7021,484
780428
68726
427234
506, 38023, 862
118, 218364, 300248,07727, 71210,49755, 554
154,314
462,42336,030
124, 598102, 98148, 57542, 23318, 27737, 65813,65938, 412
5,529
1,27156
8594146
1514
391818
115
123
311
18528
9311, 259
491765
4,06938
1,64252140
337311
5126920
53516
2894,4611, 473
23, 4894,460
6633,7971,7502,564
13, 4856,1233,2022,7051,455
809421
942261431250
584, 59583, 901
119, 068381, 626244, 70623,47211, 29254, 271
155, 671
479, 79434, 364
123, 012107,019
51, 08048, 48019, 72938, 83114,84242, 437
5, 557
1,267' 5 5
7583445
1337
32144238
106
224
21462
849, 402
498927
3,175124569415816
1828
1925998
34295
4193,7001,102
23, 6084,472
6623,8101, 7512, 557
13, 5536,1103, 2592, 6971,487
837438
64224
417200
509, 89759, 401
115, 935334, 561234,418
18, 24811,32059, 970
144, 880
442, 59733,493
118, 74395, 35145, 61143, 59519,74136, 56712, 75636, 740
5, 552
1,27055
9162946
175114014386
11167
332
24557109
16,140739
1,0956, 659
1211,4721, 397
111262292
1, 455421170506126326
4, 5263,121
23, 7114,486
6623,8241,7532,547
13, 6876,0973,4012, 6971,492
800438
79051
484255
637, 67575, 929
135, 769425, 977238, 49220, 87910, 78157, 055
149, 777
543, 99143, 136
152,548122,88854, 33952, 59819,41340, 08814, 74344. 238
r Revised.fRevised series. Data on commercial failures revised beginning June 1934; see table 3, pp. 17-18 of the December 1938 issue. Data for insurance written, ordinary ("Life
Insurance Sales Research Bureau) revised for the period 1936-38 to include a small amount of intermediate insurance omitted from the original compilation. Revised datanot shown on p. 31 of the November 1939 Survey will appear in a subsequent issue.
t37 companies having 82 percent of total assets of all United States legal reserve companies.©40 companies having 82 percent of total life insurance outstanding in all United States legal reserve companies.
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32 SURVEY OF CURRENT BUSINESS JANUARY 1940
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novern- Decem-ber ber
1939
Janu- Febru- iary | ary j March April May June July August Sep-
temberOcto-ber
FINANCE—Continued
MONETARY STATISTICSForeign exchange rates:
Argentina >_dol. per paper peso._Belgium dol. per belga__Brazil, official dol. per milreis..British India dol. per rupee__Canada dol. per Canadian dol__Chile dol. per peso..France dol. per franc.Germany dol. per reichsmark..Italy... dol. per lira..Japan dol. per yen..Netherlands dol. per guilder..Spain dol. per peseta._Sweden dol. per krona..United Kingdom dol. per £._Uruguay dol. per peso..
Gold:Monetary stock, U. S mil. of dol._Movement, foreign:
Net release from earmark1! thous. of dol—Exports do..Imports do—
Production:Union of South Africa, total fine ounces
Witwatersrand (Rand) do._Receipts at mint, domestic (unrefined)..do
Currency in circulation, total mil. of dol__Silver:
Exports§ . thous. of dolImports do._Price at New York dol. per fine oz._Production, world thous. of fine oz.
Canada _do__.Mexico _.do...United States do...
Stocks, refinery, end of month:United States— do...Canada do._.
CORPORATION PROFITS(Quarterly)
Federal Reserve Bank of New York:Industrial corporations, total (168 cos.)t
mil. of doL.Autos, parts, and accessories (28 cos.).doChemicals (13 cos.)t do___.Food and beverages (19 cos.) doMachinery and machine manufacturing
(17 cos.) mil. of dol..Metals and mining (13 cos.) doPetroleum (13 cos.) _._„ do.Steel (11 cos.) . do.Miscellaneous (55 cos.) do
Telephones (91 cos.) (net op. income)—doOther public utilities (net income) (52 cos.)
mil. of dol__Interstate Commerce Commission:
Railways, class I (net income) doStandard Statistics Co., Inc. (earnings):
Combined index, unadjusted*! 1926=100__Industrials (119 cos.) doRailroads (class l)*t doUtilities (13 cos.) do
Combined index, adjusted*t doIndustrials (119 cos.) doRailroads (class l)*t doUtilities (13 cos.) do . . . .
PUBLIC FINANCE (FEDERAL)Debt, gross, end of mo mil. of dol__
Public issues:Interest bearing* doNoninterest bearing* do
Special issues to gov't agencies and trustfunds* mil. of dol._
Obligations fully guaranteed by the U. S. Gov-ernment:^
Amount outstanding by agencies, total.mil. of dol..
Federal Farm Mortgage Corporation-doHome Owners' Loan Corporation doReconstruction Finance Corporation.do
Expenditures, total, including recovery andrelieff thous. of dol_.
General (including recovery and relief)*t-doRevolving funds, net* doTransfers to trust accounts* doDebt retirements* do
Receipts, totalt doCustoms do.Internal revenue doIncome taxes doSocial security taxes* do
0.298.165.061.301.878.052.022.401.050.234.531.100.2383.925.658
17.. 217
90,87310
167,991
274,8437,413
4874,183.348
41,305
36, 512498
4,295
5. 7071,2692,8171,096
691,006632,5735,066
53,000367
406, 96729,049
339,61533, 721113,177
0.314.169.059.352.992.052.026.400.053.274.543.051.2434.708.620
14,162
- 7 , 37514
177, 782
1,024,057944,035333,0276,750
82324,987.428
16,1592,0232,7812,879
4,492633
38, 607
34,981535
3,090
4,9931,3882.888511
678, 588622,5006,842
48, 500745
381,64427,338304, 57235,91281, 979
0.311.168.059.349.991.052.026.401.053.272.544.050.2414.670.615
14, 416
-62, 38716
240, 542
1.028,774946,895235, 337
1,34421, 533.428
19,5111, 5524,9224,624
2,409
r 179. 678.4
r30.720.45.64.14.710.325.456.5
54.1
53.7
76.769.331.9123,076.279.029.2113.2
39,439
35, 755528
3,156
4,9921,3882,888
509
870, 278809,3513.742
48, 5008,685
704,49425,121
662, 252473,8042,939
0.311.169.059.349.992.052.026.401.053.272.542.046.2404.669.614
14, 599
14,10681
156,427
1,033,939953,916233, 8066,712
1,67110. 328.428
19,1081,5754,2814,669
4,075676
39, 641
35, 892534
3,215
4,9871,3832,888
509
693,385649. 5734,685
38, 500626
308,15224, 318
315, 84550, 76498. 992
0.312.169.059.350.995.052.026.401.053.273.5360).2414.686.616
14, 778
-48, 55315
223, 296
985, 843910, 084195, 7806,697
2, 0549,927.428
21,8221,4546.7945,268
4,806652
39, 864
35,949533
3,382
5, 4101,3812,888819
662,464601,97110,36550,000
127417,34922, 361
333, 51856,872
0.312.168.059.351.996.052.026.401.053.273.5310).2414.685.617
15,014
10, 72053
365,436
1,073,084989,974209, 7786,764
1,9237,207.428
20,0701,6374,9065,067
7,432615
r 146. 9
'24.215.8
6.22.1
r5. 6
17.356.4
54.5
* 43. 6
60.465.0
* 25.4124.762.468.7
d 19.8113.4
39, 990
35, 994543
3,454
5,4101,3812,888819
879, 300796,1395,599
68,0009,562
737,39129, 266
691, 401495, 9063,855
0.312.168.059.350.995.052.026.401.053.273.5310).2414.681.616
15, 509
-114,842231
606,027
1,017,508938.961227, 6426,867
2.0547,143.428
17, 4691,4112, 5155. 336
8,669255
0.312.170(2).349.996.052.026.401. 053.273.536.110.2414.681.616
15, 878
-251, 57936
429,440
1,084,8591,000,181219,1616,919
6116,152.428
18,1971,5594, 5863,701
9, 903167
40,068
36,038538
3,492
5,4101,3802,888819
786, 517722, 3427,992
55, 0001,182
268,34329, 437279, 98738, 83269, 684
40,5
36,089531
3,666
5,4091,3792,888
744, 899686,8247,45150,094
530396, 78125, 318315,03743, 53393, 044
0.312.170.061.349.998.052.026. 401.053.273. 532.110.2414.682.616
16, 028
-102, 59619
240,450
1,058,989977, 752201,1116,966
30314, 770.420
26.1221,766
10, 2745,493
4,935316
r 158. 164.1
' 26. 4p20.3
'5.42.77.6
24.260.4
51.3d48.2
62.069.8
<*28. 5116.257.062.1
<*26.9118.1
40,445
36,122554
3,770
5,4501,3792,928820
972, 569886, 8568,474
56, 00421, 235
612, 52224, 517
568, 646351,95816, 252
0.312.170.061.349.998.052.026.401.053.273.533.110.241
4.681.616
16,182
-166, 2129
278, 645
1,084,334998,800281,317
7, 051
6405, 531.349
21, 8782,0998,0043,200
6,348250
0. 311.170.001.344.995.052.026.399.053.269.535.110.2404.611.607
16, 390
152,12513
259,934
1,099,8161.015,643282,1307,098
9374,365. 360
' 22, 5222,7036,9714,226
4,180489
40, 666
36, 200548
3,918
5,4801,3792, 958
807, 325639, 232
856167,103
134307, 84625, 528
300, 09143. 23072. 754
40, 896
36, 261540
4,094
5,5831,3792, 858820
822,049745, 26916, 67966.100
0419,98027, 213
397, 42131, 77797, 447
0.170.061.299.913. 052.023.395.051.235.532.105. 238
3.995
16,823
2,83615
326,0S9
302,8667,249
1,2924, 639.370
23,3132,6796,5365,145
5,461530
140. 613.032.5
7.03.3
11.9
D 28.660.1
48.6
57.7
v 63. 0P34.5»16.7
40,858
36, 279516
4,063
5,4561,2792,831
820
793,302728,837
5. 26450,1509,051
718,79035,595
624,254329.093
12,308
0. 298.167. Ml.303.S93.052.023
CO.050.235.531.101.238
4. 011
17,002
79, 51615
69, 740
421, 7967,328
1,7737, 268.357
2,913
~4~874
3, 589715
41,036
36,417510
4,109
5,4481,2792,823
820
764,458701,893
8,78553,000
779321,51132.418
292 241sH! 48268, 578125,870
r Revised. d Deficit. p Preliminary. ^Or increase in earmarked gold (—). *Number of companies included varies slightly.1 Quotations not available January 25-May 14,1939. 8 Quotations not reported April 10,1939, through June 8,1939. 3 Quotations not available September l-October 16,1939.4 Quotation not available September 1, and September 3—November 5, 1939. 5 Previously published figures based on incorrect quotations; quotations not available
through November 28, 1939.*New series. New items for Federal gross debt beginning June 1916 appear in table 21, p. 16, and for Federal expenditures beginning July 1931 in table 22, p. 17, of the
April 1939 Survey. Data on receipts from social security taxes beginning June 1936 will appear in a subsequent issue.tRevised series. The Standard Statistics Co. index of railroad earnings and the combined index have been revised beginning 1932; see table 25, p. 18, of the April 1939
Survey. Total Federal expenditures and receipts revised beginning July 1931; see tables 22 and 23, p. 17, of the April 1939 Survey. The Federal Reserve Bank of New Yorkcorporation profits, industrial total and chemicals, revised beginning with 1928; data not shown above will appear in a subsequent issue.
§ Revised series. Data revised for 1937: see table 19, p. 14 of the April 1939 Survey.cf Included in the total but not shown separately are guaranteed debentures of certain other Federal agencies.i"General" and "recovery and relief" not reported separately by Treasury Department after June 1939.Digitized for FRASER
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 33
Monthly statistics through December 1937, to-gether with explanatory notes and referenceslo the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
FINANCE—
Febru-ary March
Continued
April May June July August Septem- Octo-ber
PUBLIC FINANCE (FEDERAL)-Con.
Receipts, total—Continued.Internal revenue—Continued.
Taxes from:Admissions to theaters, etc,tfaous. of doLCapital stock transfers, etc doSales of radio sets, etc do. . .
Government corporations and credit agencies:!Assets, other than interagency, total
mil. of dol-Loansacd preferred stock, total do._.
Loans to financial institutions (incl. pre-ferred stock)... _.mil. of dol..
Loans to railroads doHome and housing mortgage loans, .do. __Farm mortgage and other agricultural
loans. __mil. of dol..All other _ . _ . do. . .
U. S. obligations direct and fully guaran-teed mil. of dol—
Business property doProperty held for sale doAll other assets _ ~ do
Liabilities, other than interagency, total-doBonds, notes, and debentures:
Guaranteed by the U. S - doOther do
Other liabilities incl. reserves . . . . .doPrivately owned interests.. - doProprietary interests of the U. S. Government
mil. of dol .Reconstruction Finance Corporation, loans out-
standing, end of month:fGrand total thous. of dol..
Section 5 as amended, total doBanks and trust companies, including
receivers thous. of dol-.Building and loan associations doInsurance companies doMortgage loan companies doRailroads, incl. receivers doAll other under Section 5 do
Emergency Relief and Construction Act,total, as amended thous. of dol..
Self-liquidating projects (including financ-ing repairs) . .thous. of dol..
Financing of exports of agricultural sur-pluses thous. of doL.
Financing of agricultural commoditiesand livestock thous. of dol..
Direct loans to business (incl. participa-tions). thous. of dol._
Total Bank Conservation Act, as amendedthous. of dol..
Drainage, levee, irrigation, etc.* doOther loans do
2.1181, 275
578
1, 762. 094689, 603
100. 7733,3752, 571
134, 432444.314
4,134
43,478
42, 664
63
751
130,026
541,42383, 750
273,814
1,9852,226
568
11,3358,502
1,321503
2,326
3,486865
845452679856
7,016
4,9941,323
700382
3,936
1.749,880689,533
124, 4272,0293,008
126. 416428,041
5,611
205,848
190,105
15,047
696
103, 287
' 547, 25580,834
123,124
2,0201,754
593
11,4518,562
1,344511
2,335
3,486886
855456689889
7,048
4,9921,317
739381
4,022
'1,808,28870S, 484
120, 7781,9082.992
140, 644436, 094
6,067
201,604
180,862
20, 047
696
107, 412
r 584,89080,991
124,907
303,280
249,989
51, 52621,44110.35446, 865
119,804
4,54831,98142, 5284,239
103, 21963,475
7,334
23,931
204
6,287
1,180
144, 625
•140,709
23.12418. 56612,96857,41316,061
8,28111,09636,639
0
82, 2802,414
10, 215
0
2
4,387
681
1,5641, 650
576
11,5158,527
1,314512
2,329
3,469902
868460698961
7,117
4,9871,327
757383
4,015
1,770.335666,999
118, 0871,9592.964
100, 280437, 789
5,940
207,948
182,149
25, 047
752
109, 039
578, 79382. 276
125, 280
142, 735
142.137
8,73738, 76222. 826
90070,913
52310. 20222,390
0
108,512450
3,388
1,610
0
4,213
917
1,5031,394
404
11,6508,509
1,291608
2,327
3,460923
874465708
1,0957,588
5,4101,369
809384
3,678
'1,764.883' 664,117
116, 1201,9212.915
' 101. 225436. 139
5,797
205,598
181,814
23,047
738
110, 432
' 574, 79182, 461
127,489
21,676
21,366
9, 6452, 7073, 8755,139
0
06,8216, 6601,827
5,0909G9
971
420
3,615
1,190
215
l,fiO71,083
353
11, 6968, 523
1,278505
2,324
3,456960
885468712
1,1087,592
5,4101,374
808386
3,718
'1.760,810' 073, 385
'112, 926' 1. 95S' 2, 887
' 110.392439, 560' 5, 600
' 197,466
' 173, 682
23,047
737
' 111. 343
' 572, 975' 82. 632
' 132,008
86,286
69,242
12,3931,7414,008
28. 48822, 613
28035, 7634,758
0
27,506935
4,862
170
1,930
2,767
627
1,3851, 259
287
11,6888,497
1.292509
2,323
3,459913
849472712
1,1577,592
5,4101,379
803387
3,709
'1,718.501• 682, 524
'110.657' 2. 94'2' 2, 809
' 117 081443, 84Q' 5, 131
131,349
107, 538
23,047
764
112,162
576, 969' 82. 9-0132, 547
307,754
277, 657
47, 43827, 9001.766
116.99183, 562
342146, 4506,2715,305
117,7121,577
1,6061,273279
11, 7038,511
1,297501
2,325
3,447941
850476713
1,1517,581
5,4101,382790
3,732
'1,723,167• 676, 434
• 108, 220' 3, 027' 2. S36
• 120. 745436,612' 4, 994
134,495
108, 995
24, 737
764
114,141
• 577, 723' 83. 04S• 137, 320
1,491735258
11. 7068,465
1,311493
2,331
3,438
853481708
1,1997, 651
5,4711,389
791387
3,668
1,747.482' 677,933
' 104, 3«7' 3, 321'2.817
' 124, 550439,199' 3, 658
' 63,682
' 39,441
23,480
'760
' 116,639
' 577. 49S' 83. 042' 228, 688
1,534813292
11, 8238,861
1,299493
2,332
3, 7311,007
871483709900
7,507
5,2911,349867390
3,926
1,766,222' 677, 4
' 103, 405' 3, 262' 2, 787
' 125, 573438, 803' 3, 573
' 62,152
' 40,108
21, 290
'754
' 121, 364
' 570, 651' 83, 333' 251, 256
298,571
293, 650
18, 74911, 628
0163, 101100,172
2,74'33, 4403, 8944,548
217,14931,870
CAPITAL FLOTATIONS
New Security Registrations 1
(Securities and Exchange Commission)
New securities effectively registered under theSecurities Act of 1933, total thous of dol. . 114,924
Estimated gross proceeds (total registration,less securities reserved for conversion),total . . . . t h o u s . of d o l - 113,994
Type of security:Common stock do 33.443Preferred stock.. do 3.391Certificates of participation, etc do 12. 64Secured bonds do 46. 81.1Debentures and short-term notes do 17, 700
Type of registrant:Extractive industries do 0Manufacturing industries do 9,929Financial and investment do 40,770Transportation and communications, do 7,823Electric light and power, gas, and water
thous. of dol. _ 54,95iOther . _.._ . .do . . . 511
Securities not presently intended to be offeredfor cash sale for account of registrants:
Registered for account of othersthous. of do l . . 855
Registered for options and for other subse-quent issuance thous of doi__ 298
Other securities not intended for cashsale thous. of dol— 688
Selling and distributing expenses:Commissions and discounts thous. of dol— 4,092Other selling and distributing expenses
thous. of doL . 654r Revised.• The total includes $12,576,000 of face amount installment certificates.ISeries differ from current presentation of the Securities and Exchange Commission, due to a reclassification of certain items, but data as shown here are comparable
throughout. When earlier data are available on the new basis, they will be presented in the Survey.•New series. Data for drainage, levee, irrigation, and similar districts beginnig December 1933 will appear in a subsequent issue of the Survey; this series was formerly
included with "Other loans."t Revised series. Details for assets of Government corporations and credit agencies have been revised beginning June 1937 due to changes in the underlying U. S. Treasury
Department compilations and are not comparable with the series shown in the 1938 Supplement. Several new series on loans and other assets have been brought out. Nochanges have been made in the series on liabilities. Data not shown on p. 33 of the November 193S Survey will appear in a subsequent issue. For Reconstruction FinanceCorporation loans outstanding, minor revisions beginning August 1934 will appear in a subsequent issue.
200349—40 5
11,525 j
2,086
28,379
4,679
1, 4431
57,062
55, 588
20, 47322, 200
3, 4069.449
0
2343,779
17, 024250
31, 6052, 696
3,777
219
20, 365
2,128
235
275,410
271,720
29, 30712, 67510. 586
144. 87274, 279
12, 29093. 09721,9413,921
124,97115, 500
13, 549
3,192
2,068
6,678
1,621
232,712
227, 545
16, 38548, 30510, 75939, 675
112, 421
70288, 942!?4. 10228,834
82,9141,992
1,999
286
37,178
5,006
942!,
1,5131,124
402
12,018,900
1,272492
2,33'
3,7651,033
876531704
1,0087,
5,4891, 3451,052
391
3,739
1,768,904' 677,408
' 102, 121' 3, 405' 2. 602
' 126, S42' 438, 830
' 3, 541
'61 ,577
40,835
19, 989
752
' 122,859
' 566. 919' 83, 433
' 256, 708
1,8521,210
590
11, 9678,923
1,272492
2,347
3,7441,068
879535695934
7,768
5,3561, 3571,054
393
3,806
1, 783. 404677, 916
101. 1863,4872,652
127. 647438. S35
4,109
62, 209
41, 586
19, 871
752
125, 753
566, 53483, 502
267,491
1,7282,806
467
12,1058,956
1,273489
2,363
3,7381,093
879542689
1,0397,845
5,4491,3571,039
395
3,866
1,787,434679,064
102,1263.4332,615
130. 167436, 650
4,073
62,801
42, 679
19,371
751
126,862
564,55683.482
270,669
11,870
159
4,134
6,031
1,253
35,181
26, 888
12,1721,936
80010, 3801,600
1, 5823.485
19, 444380
01,997
1,448
624
2,053
128'
30,636
28,461
11.3172,2001,000
13,444500
1,5238.8182.9271,750
11,1942,250
3,578
11,194
181
1,247
202
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34 SURVEY OF CURRENT BUSINESS JANUARY 1940
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
FINANCE—Continued
CAPITAL FLOTATIONS—Con.
New Security Registrations—Con. 1
(Securities and Exchange Commission)Estimated gross proceeds (total registrations
less securities reserved for conversion)—Con.Estimated cash proceeds to be used for:
Total thous. of doL.Organization development doPurchase of:
Plant and equipment**..- doOther assets,. doSecurities for investment doSecurities for affiliation do
Increase of working capital . doRetirement of preferred stock doRepayment of bonds and notes_....doRepayment of other indebtedness..doMiscellaneous do
Securities Issued(Commercial and Financial Chronicle)]
Securities issued, by type of security, total (newcapital and refunding) thous. of dol__
New capital, total doDomestic, total do
Corporate, total doBonds and notes:
Long term do_...Short term „ . do
Preferred stocks __doCommon stocks do
Farm loan and other government agenciesthous. of dol_.
Municipal, States, etc doForeign, total do
Corporate doGovernment doUnited States possessions do
Refunding, total doDomestic, total do
Corporate, total . doBonds and notes:
Long term doShort term.. do
Preferred stocks doCommon stocks.._ do
Farm loan and other Government agenciesthous. of doL.
Municipal, States, etc doForeign, total do
Corporate doGovernment doUnited States possessions do „
Securities issued by type of corporate borrower,total thous. of doL.
New capital, total doIndustrial doInvestment trusts, trading, and holding
companies, etc thous. of doL.Land, buildings, etc . . . _ _ doPublic utilities doRailroads doShipping and miscellaneous do
Refunding, total doIndustrial doInvesiment trusts, trading, and holding
companies, etc thous. of dol..Land, buildings, etc doPublic utilities doRailroads doShipping and miscellaneous do
{Bond Buyer)
State and municipal issues:Permanent (long term; thous. of dolTemporary (short term) do
COMMODITY MARKETS
Volume of trading in grain futures:Wheat ..mil. of bu...Corn __ do.
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. memberscarrying margin accounts)
Customers' debit balances (net) mil. of dol..Cash on hand and in banks do.Money borrowed __ ...do.Customers' free credit balances do.
107,40715
2,8610
37, 518379
2,0673, 214
53, 9707,384
0
217, 94492, 80421,40821,408
15,1860
8165,406
071, 397
0000
i25,14090, 79290, 792
88, 2350
2,5580
25, 8508,498
0000
i l2 , 20021, 408
7,658
0728
1,47510, 025
1,52390, 79212, 000
01,952
76,84000
86,755209 , 1 3 4
417102
914195623272
211,052858
38,0170
38,375798
2,99718,16888,743
3623,060
395,808220,893195,89343, 521
37,38540
1,3444, 753
0152,37325,000
025,000
0174,914134,914107,702
85, 2664,000
18,4360
21,7005,513
40, 0000
40,0000
151,22343, 52118, 284
0240
21,2850
3,712107,70244, 656
00
63,04600
169,73647,031
336147
939189662252
1
125, 4241,920
10,142180
27,6690
8,40010, 49464, 5672,036
16
514,182241.001241,001
59, 544
43,9950
11,7523,798
55,000126,457
0000
273,181270, 556235,493
224, 5200
10,9740
20, 25014,8132,625
00
2,625
295.03859, 54448, 801
0394
6,4610
3,888235,493
56, 404
0416
124, 79546, 378
7,500
128, 65443,764
325138
991190754247
132,009416
2,0400
20,3990
2,13935, 52369,0582,407
0
277, 438220, 630200, 630
5,926
2,3002,600
01,026
118,14676, 55720,000
020,000
056.80956,80910,386
5,2005,000
0186
19, 25027,172
0000
16,3125, 9261,126
500630
1,1700
2, 50010,3863,986
0850300
5,000250
104,96688, 656
300104
971192713235
14,956201
3,45313
2,4160
4,2390
3,3031,331
0
540, 723377,550377, 550
23, 571
16, 7220
1,2785,571
310,09043,890
0000
163,173163,173136,115
101, 2860
34,8290
17, 05010, 008
0000
159, 68623,57120,171
0375
2,4750
550136,11511,500
086
111,02912,000
1,500
60, 422170, 769
16871
967168709222
58,8861,690
4,5343
1,965500
13,201191
36, 531267
4
239, 929162,272162,27252,979
42,8090
9369,234
4,325104,968
0000
77,65874, 65846,689
46,3660
200123
15, 02312,9463,000
03, 000
0
99, 66852, 97918, 572
00
4,20230,135
7146,68915, 301
00
31, 3S800
49,29792, 355
20281
953174699225
229, 546190
1,93624
3,6290
70,6341,034
147,4714,629
0
357,041143. 721143, 27178,160
47, 5330
1,02029, 607
1,95063,161
45000
450213,320160,820129,249
105,9130
23,3360
20, 75010, 82052, 50052,500
00
259, 90978,16075,981
5001,100
57900
181,74960,175
12, 755720
106, 5001.600
0
' 77,479105, 332
326106
831190579236
28,86525
21392
15,27846
3,770239
8,641561
0
1,312,757117, 373117,373
21, 740
18,4280
2,2201,092
1,55094,083
0000
1,195,3831,179,633151,002
126,1024,500
20,4000
1,021,4147,217
15,75010, 500
5,2500
183,24221, 740
3,987
500100403
1,50015, 250
161, 5022,000
0202
154,4004,900
0
"•107,173110,110
721137
828183561230
244,611857
7,46932
11,756194
22,824100
187. 6485,0478,684
604, 380292, 576283, 32630, 241
21,128450
5,5793,084
0253,085
9,2500
9,2500
311,804311,804251, 798
249,4630
2, 3360
20. 95039, 055
0000
282, 03930, 24112,198
00
12, 6662,7002,677
251,79879,810
0830
160,1859,4381,536
'206,28765,820
556133
834178570230
182,134335
10,4230
19, 058898
11,1014, 562
122,06113, 697
0
590,322318,201318,201
50,139
40, 3400
4,9084,891
202,55365,
272,272,180,
133,
5080000
122122438
5869,000
37,
74,17,
8520
050634
0000
230,57750,13910, 339
01,186
25,89212,435
288180, 43896,124
051
80,7880
3,475
132,61362,150
183
183589238
270, 203124
9,441110
2,495123
6,4962,417
217, 8181,807
29, 372
461, 265112,62982, 62925, 895
21,4031,4602,0101,021
056, 73430,000
030, 000
0348,636332,136300,963
291, 677500
8,73056
18,25012, 92316, 50016, 500
00
343, 35725,89517,045
500250
1,930400
5,770317,46320,123
02, 505
250, 8357,000
37, 000
' 80, 664154, 809
637151
792202556235
j
22, 635130
1,0881,586
11,914148
2,3570
4,788609
13,680
174, 37241,22141,22116,019
14, 3200
5001,199
9,95015, 252
0000
133,151133,151
74,175
20, 87553, 300
00
50,8508,126
0000
90,19416.019
1,099
0130125
13,0651,600
74,175600
0230
22, 645700
50, 000
r 30, 59064, 931
716187
856217520305
12,060461
936235
2,6320
5,10143
1,4281, 223
0
739, 540335, 860335, 860
18,200
13, 7860
3,1071,307
275,86641,794
0000
403, 680402,180157,314
157,2710
430
235,0939,7731,500
00
1,500
175, 51418, 2005,957
081
1,5059.2001,457
157,3143,443
6,250569
147,05200
• 54,90721,018
504104
894200577289
r Revised .1 See footnote m a r k e d " 1 " on p . 33.• Inc ludes r e imbursement of corporate treasuries for capital expendi tures .t Revised series. D a t a revised beginning J a n u a r y 1937; see table 26 on p p . 15 and 16 of the M a y 1939 Survey .
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 35
Monthly statistics through December 1937. to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
tember October
FINANCE—Continued
SECURITY MARKETS—Continued
BondsPrices:
Average price of all listed bonds (N. Y. S. E.)dollars..
Domestic doForeign do
Standard Statistics Co., Inc. (60 bonds)dol. per $100 bond..
Industrial (20 bonds) ..do.Public utilities (20 bonds)... ..do.Rails (20 bonds) doDomestic municipals (15 bonds). do
U. S. Treasury bondsf doSales (Securities and Exchange Commission):
Total on all registered exchanges:Market value. thous. of dol__Face value do
On New York Stock Exchange:Market value doFace value do
Sales on N. Y. S. E., exclusive of stoppedsales (N. Y. S. E.) par value:
Total thous. of dol__U. S. Government doOther than U. S. Government:
Total doDomestic doForeign. __do
Value, issues listed on N. Y. S. E.:Face value, all issues mil. of dol..
Domestic issues doForeign issues .. .do
Market value, all issues __do___.Domestic issues doForeign issues ___do
Yields:Bond Buyer:
Domestic municipals (20 bonds)...percent..Moody's:
Domestic (120 bonds) doBy ratings:
Aaa (30 bonds) doAa (30 bonds).. doA (30 bonds) do. . . .Baa (30 bonds) do
By groups:Industrials (40 bonds) doPublic utilities (40 bonds) doRails (40 bpnds) do
Standard Statistics Co., Inc.:Domestic municipals (15 bonds) do
U. S. Treasury bondsf do
Stocks
Cash dividend payments and rates (Moody's):Annual payments at current rates (600 com-
panies) .mil. of dol..Number of shares, adjusted millions..Dividend rate per share (weighted average)
(600 cos.) .dollars..Banks (21) doIndustrials (492 cos.) doInsurance (21 cos.) doPublic utilities (30 cos.) _do.___Rails (36 cos.) do.
Dividend declarations (N. Y. Times):Total .thous. of dol_.
Industrials and misc doRailroads . do
Prices:Average price of all listed stocks (N. Y. S. E.)
Dec. 31, 1924=100.Dow-Jones & Co., Inc.: (65 stocks)
dol. per share._Industrials (30 stocks)... doPublic utilities (15 stocks).. .doRails (20 stocks) .do
New York Times (50stocks).__. ___doIndustrials (25 stocks) doRailroads (25 stocks) _ do
Standard Statistics Co., Inc.:Combined index (420 stocks) 1926=100..
Industrials (350 stocks) doCapital goods (107 stocks)*.. doConsumer's goods (194 stocks)*__.do
Public utilities (40 stocks) doRails (30 stocks) do . . . .
Other issues:Banks, N. Y. C. (19 stocks) do. . . .Fire and marine insurance (18 stocks)
doSales (Securities and Exchange Commission):
Total on all registered exchanges:Market value. _ mil. of dol_.Shares sold thousands..
91.2495.0551.23
83.087.0
101.860.2
117. 5104.6
135, 515193, 891
105,994159, 374
151,6855,628
146, 057123, 23022, 827
52. 43547', 869
4, 56647, 83945, 5002;339
2.72
3.70
3.003.163.784.85
3. 253.414.44
2.692.46
1,573.05935. 03
1.683.011.612.391.951.25
659,512608,149
51, 362
63.2
51.01149. 98
25. 6833.38
108. 59192. 2824.90
94.2110.9137.2]02.087.331.6
58.7
91.9
8441 35,252
90.3493.3361.02
82.186.999.360.2
116.6104.0
139, 760207,719
107,389169,415
155,8684,419
151,449130,13321,316
50,30145,6404,661
45,44242,5972,844
2.83
3.95
3.103.464.025.23
3.393.654.83
2.742.50
1, 328.16929.10
1.433.001.292,241.941.05
509,160486, 39622,765
64.1
50.32151. 9623.3531.29
105. 29186. 9923.59
94.7113. 6142.6102.180.930.0
49.6
87.4
1,30653,496
91.2794.3560.11
81.186.098.758.6
116.5104.1
146,188259,364
116,550221,469
217,6096,535
211,074185, 52825,546
51, 55446,9204,634
47,05344,2682,785
2.78
3.95
3.083.424.025.27
3.403.634.82
2.752.49
1, 315. 04935.03
1.413.011.282.311.92.85
247,569229,91617,653
66.2
49.32150.1221.9430.52
105. 36186. 9923.74
92.0110.6139.498.577.928.8
47.7
85.3
1,22552,913
91.0394.2558.55
81.986.299.759.7
117.3104.4
157,278224,622
119,160178,731
159,6117,581
152,030131,49020,540
51, 58746,9334,654
46,95844,2332,725
2.76
3.86
3.013.323.975.12
3.313.574.70
2.702.47
1,316.25935.03
1.413.011.282.311.91.90
194,118181, 48012, 638
62.6
49.13146. 8723.3031.20
102. 73181. 8223.64
91.8109.3136. 497.881.229.8
50.0
86.1
1,12947,393
91.8595.0159.68
82.186.4
100.759.0
117.3104.8
126,687166,855
86,903121,222
118,9934,871
114,12296,72217,400
51,46646,8624,604
47.27144,5242,748
2.80
3.81
3.003.263.945.05
3.293.524.63
2.702.44
1,329.91935.03
1.423.011.302.311.91.90
303,839289, 412
14, 427
64.4
48.68144. 6024.9430.31
102. 22181. 2123.24
90.1106.3130.996.583.828.0
51.1
85.7
65526,057
91.8094.9958.43
83.187.1
101.360.9
117.9106.0
179,440245,123
137,021195,394
185,51311,889
173,624139,90933,715
52,67048,0714,599
48,35245,6652,687
2.72
3.74
2.993.223.874.89
3.293.484.46
2.672.34
1, 334.15935.03
1.433.011.302.311.92.90
186,095182, 522
3,573
57.0
48.99145.0624.8431.07
100. 59178. 0123.18
91.7108.0133.398.785.829.7
53.fi
87.0
1,05840,384
91.5694.8357.40
79.483.899.754.5
116.4106.6
119,057165,925
92,210133,554
122,8047,459
115,34593, 39621. 949
52, 56447,9754,589
48,12845,4932,634
2.78
3.84
3.023.223.975.15
3.353.514.66
2.752.30
1, 337. 76935.03
1.433.011.312.331.92.90
154,076147,635
6,440
56.6
42.68127. 7322. 0525.7590.46
161. 5119.41
81.995.9
115.488.780.024.8
50.4
81.0
88242, 614
92.9296.0959.73
80.284.8
101.054.8
118.1108.3
125,737167,691
93,060130,243
123,1047,390
115,71498, 42317,291
52,64748,0564,591
48,92146,1792,742
2.66
3.78
2.973.163.925.07
3.303.454.60
2.662.17
1,339.27935.03
1.433.011.312.331.92.90
377, 394358, 41718,976
60.2
44.43132. 5623.0527.0294.19
167. 7320.67
83.197.0
115.591.582.425.0
53.7
84.3
60323,131
92.0895.3457.79
81.486.2
101.656.2
118.6109.1
127, 703169,641
91, 785129, 260
126, 5706,821
119, 749102,18917, 560
52, 75148,1664, 585
48, 57145,9212,649
2.66
3.71
2.923.133.864.91
3.233.424.47
2.632.13
1, 382. 43935.03
1.483.011.372.391.94.90
220,175200, 698
19, 477
57.0
45.66136. 5223.6627.5996.95
173.1220.79
86.0100. 5120-095.484.725.9
55.2
89.3
55621,916
93.1596.4658.46
81.686.3
102.156.4
118.3108.9
121, 420162, 425
87,837123,949
119,4315,137
114, 294100,62213,672
52, 61048,032
4, 57849.00746, 3312,676
2.67
3.66
2.893.073.834.84
3.173.394.42
2.652.16
1,391.46935.03
1.493.011.382.391.94.87
181,033167,16713,866
62.2
46.82139. 2624.9628.2999.74
178.0321.45
86.1100.6120.996.284.925.7
55.0
89.8
77430,892
90. 5994.0554.50
81.085.8
101.755.5
116.5108.2
122, 908159, 770
89,189121,165
111, 3948,730
102, 66485, 00117, 663
52, 20947, 6424,567
47, 29744,8082,489
3.21
3.67
2.933.113.804.85
3.213.404.41
2.752.21
1, 422. 99935. 03
1.523.011.422.391.94.90
310, 284296,16814,116
57.9
46.47137. 8825.6827.0799.44
178. 2120.68
86.3100.5121.596.987.025.4
54.0
88.2
76931, 762
88.5092.4147.29
80.985.098.659.0
107.1101.9
417, 429498,100
384, 237459, 821
480, 789227,101
253, 688227, 99725,691
52, 46647,917
4, 54946, 43144, 2792,151
3.30
3.95
3.253.494.055.00
4.583.703.57
3.292.65
1,423.82935. 03
1.523.011.422.391.95.90
193,698191,364
2,334
65.9
50.47150. 72
24. 3631.97
110.38195. 8624.91
92.4109.4138.198.384.329.7
58.7
87.6
2,20593, 435
90.7994.5950.55
82.986.4100.561.6110.7102.6
162, 275229, 653
131,901194,212
170,08914, 203
155,886134, 81621,070
52, 45247, 9224,531
47, 62145, 3312,290
2.93
3.83
3.153.353.944.88
3.433.574.51
3.082.60
1, 442. 45935.03
1.543.011.452.391.95.90
199,969192, 9157,053
65.8
51.80152.1525.6434.27110. 33194. 8225.84
95.3112.7141.9101.686.032.9
59.9
90.7
1,18443, 293
•New series For data beginning 1926 see table 24, p. 18, of the April 1939 Survey.tRevised series. Revised data for U. S. Treasury bond prices beginning 1931, and U. S. Treasury bond yields beginning 1919, appear in tables 17 and 16, p. 18, of the
March 1939 Survey.
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36 SURVEY OF CURRENT BUSINESS JANUARY 1940
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
FIN AN CE—Continued
SECURITY MARKETS—Continued
Stocks—C ontinued
Sales (S. E. C.)—ContinuedTotal, on all registered exchanges—Con.
On New York Stock Exchange:Market value mil. of dolShares sold _ _. _ thousands
Exclusive of odd lot and stopped sales(N Y Times) thousands _
Shares listed, NT. Y S. E.:Market value, all listed shares mil. of dol..Number of shares listed . . . millions .
Yields:Moody's, common stocks (200). percent..
Banks (15 stocks) do
Insurance (10 stocks) doPublic utilities (25 stocks). _ doRails (25 stocks) do
Standard Statistics Co., Inc., preferred stocks:
Industrials, high-grade (20stocks)...percent-
Stockholders (Common Stock)
American Tel & Tel Co total numberForeign _-. do
Pennsylvania Railroad Co., total do ._Foreign do
U. S Steel Corporation, total - do -Foreign doShares held by brokers percent of total
72327, 445
19, 220
45, 5051,432
4.54.24.43 95.34.6
4.98
1,15741,923
27,923
46,0811,427
3.85.03.33.95.93.6
4.92
1,06539, 954
27, 490
47, 4911,424
3.64.83.14.15.72.9
4.94
646, 6717.173214. 532
2.874168,399
3,08424.89
98637,051
25,186
44, 8841,425
3.84.83.44 15.63.5
4.94
56119, 538
13,877
46, 2711,426
3.74.63.34 05.33.2
4.94
91631,150
24,565
40, 9211,427
4.24.83.84.35.83.9
4.92
645, 0337.153213. 143
2.853167, 650
2,99824.78
77933,775
20, 247
40, 6731,427
4.24.83 94.45.74.0
4.99
52317,897
12,933
43, 2301,427
4.04.43.74 15.43.7
4.94
47416,050
11,967
41,0051,429
4.44 54.14 25.74.1
4.87
642 2937, 104212 358
2 832169. 079
3 28825.54
67724, 519
18, 066
44,7621,430
4.14 43.84 05.23.5
4.88
66924, 554
17, 372
41, 6531,430
4.54 64 24 35.54.1
4.92
1 97075,192
57, 081
47, 4401,431
3.93 93.64 15.42.8
5.14
639 0197,003211 014
2 807168, 176
3 28626.00
1,04534, 998
23,734
47,3741,431
4.04 03.74 05.33.0
5.09
FOREIGN TRADE
INDEXESExports:
Total value, unadjusted 1923-25=100..Total value, adjusted do
U. S. merchandise, unadjusted:Quantity doValue .doUnit value... . .do
Imports:Total value, unadjusted doTotal value, adjusted do
Imports for consumption, unadjusted:Quantity.. 1923-25=100..Value doUnit value do
Exports of agricultural products, quantity:Total:
Unadjusted 1910-14=100--Adjusted... d o . . . .
Total, excluding cotton:Unadjusted doAdjusted do
? A L U E §
Exports, incl. reexports thous. of doL.By grand divisions and countries:
Africa doAsia and Oceania .._ . .do
Japan doEurope _ do
France doGermany doItaly doUnited Kingdom „ do
North America, northern.. doCanada do
North America, southern doMexico do
Sourh America... doArgentina doBrazil . doChile _ do .—
By economic classes (U. S. mdse. only):Total thous. of doL.
Crude materials doCotton, unmanufactured do
Foodstuffs, total. .doFoodstuffs, crude doFoodstuffs and beverages, mfrs do.__.Fruits and preparations doMeats and fats doWheat and Hour _ do
Manufactures, semi- doManufactures, finished do
Aufos and parts _ doGasoline do.Machinery.. do.
Qeneral imports, total do.By grand divisions and countries:
Africa _.do_Asia and Oceania do
Japan do_
7767
1167767
7373
1196757
292, 582
8, 99758. 57725. 243
104. 39913, 239
36. 029
31,48552. 11 a51,26229.510
8, 70038. 9Sfi
9. S87
3,625
286. 89158.31830. 50322, 05,05, 38017. 2705, 7384. 0573. 07863. 200142,71019, 8707,52438.637235. 402
9 03377, 09518,985
58
1066763
5555
252, 231
9,76748, 49419, 104
110, 19213, 7888,6205. 091
43. 23838. 99238.51321, 473
5, 23923.3146,7965,1431,741
249. 69459, 86725,01629. 47412.04517. 42910, 1164,1134.473
39.955120. 39925,417
8. 51634. 550
176,181
4, 06956. 03314,053
71
67 I1 1 1 I
72 j64
53 I54
268,756
13,18561,59128, 528
112,67211, 1348,3175, 141
46, 82529, 06728, 45823, 7055.829
28, 5387,7366,7492,139
266,17149.37619, 04828, 42211, 17017, 25210. 000
4, 2044. 588
50.499137, 874
29. 10112.29240, 908
171,474
4,14552, 13012, 020
5655
915662
5555
1005353
6861
9998
212,908
8,07542, 44517,69295, 83010,818
6, 3954.381
42, 46227, 06126. 68420, 801
5. 58118. 6953,1144,9681,736
210, 25836,39114,97531,05116, 44314, 608
7, 2274, 5968,201
35. 452107, 36521,3967,449
31.217178,201
3.74151.81811, 285
5863
925863
4949
894854
6166
8795
218, 559
8, 52346. 40617,48495. 44510, 6535,1763.889
38. 67826, 25825, 70420, 453
5, 92821,4724,0675,1201,480
216,03636,48513, 73226, 55311,40215. 1516,4044,1457, 403
34. 868118.128
25. 3356,367
34, 605158,035
6,47942. 780
7,896
7170
1137163
5953
1126054
6869
9292
268, 364
11,56060, 56523, 573
108, 14312,614
6, 4465, 056
41,87433, 09232, 29827, 5987,991
27, 4075,2816,6642,188
264, 57840, 07216,95827. 96612, 28715, 6797.0174.7246, 406
45. 658150. 882
28. 5048,378
49. 390190,437
6.96459, 9529,707
6164
986162
5853
1075854
4755
7278
230,947
10,10149, 24316, 14788, 80912, 4684,8064, 130
34.31135. 05534. 53523. 4626, 320
24, 2774.0686,0071,479
227. 59726,0169. 185
23. 6219.810
13.8116, 6563.6985, 459
41.008136. 951
24, 9216,813
43. 882186,195
8,57151,16210, 607
6670
1076662
6361
1116155
5262
9195
249, 259
8,53054. 16521,39497, 95512, 9446,2944.460
37,41043. 58342, 63722. 356
6, 29822, 6694,9185,4171,621
245, 91330, 243
7. 45826, 92710.80816. 1195,8444, 8517. 601
48. 247140, 495
23. 75310.11944.401
202, 502
8,64059, 45410,747
6270
1016362
5558
1025655
3546
5663
236,058
9,99649, 97114, 76985,71110,8075,2994. 263
36, 60440, 45239. 87423.3587.922
26,5716.1135,1932, 651
233, 35925, 7136, 157
19. 5216. 026
13. 4953.5234,9974.079
48. 462139,664
20, 3879,453
42,191178, 953
4, 46957,08011,237
6069
996162
5257
985355
3651
6066
229, 623
10, 27043, 86612, 55187 78714, 894
5, 4063,721
33. 45241, 00840. 07421, 850
5. 50524, 8476,2686,2421,596
226, 73729,667
5,97019, 7194,671
15, 0484,4235,2213,837
45, 994131.357
18, 5207,628
43, 654168,925
4,49753, 0408,716
6672
1086762
5457
1025655
5163
6970
250, 839
8,37643, 36012, 126
113,95422, 269
6, 8683,027
47, 43443, 16242, 33220, 1204,606
21, 8674,6755,1351,818
248.14836, 49911,86924, 3298,384
15, 9457, 1994, 0365, 465
53, 504133,817
14. 8938,746
43,611175, 756
5,70254, 33913,171
7672
1177665
5659
1126356
8772
1318766
6765
1166556
11182
8372
288,573 j 332,079
8,95950, 63219. 347
121,30112, 132
6074,834
60, 33953, 16552, 15629, 116
5,78125, 4014,9425,9972,020
284, 04166. 84735, 66128, 7867,477
21,3099,0144,4344,270
58, 993129,415
12, 4579,728
40, 143181, 461
3,34160,51119, 520
10, 38562, 78023, 367
127, 69012. 55539, 0906,301
52, 92462, 84761,71533, 1028,579
32, 9606, 9898,6092,667
323,16878, 44947, 25437, 76010.21327. 54713,7774,8763,604
64, 537142, 422
18. 9009. 256
42, 316215, 281
5,22964, 19720,438
SRevised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 37
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found ia the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Deceraber
1939
Janu-ary
Febru-ary March April May June July August Sep-
tember October
FOREIGN TRADE—Continued
VALUE §—Continued
General imports—Continued.By grand divisions and countries—Continued.
Europe thous. of <loL.France doGermany doItaly do—.United Kingdom.. do
North America, northern doCanada do
North America, southern doMexico _ do
South America doArgentina doBrazil do._.Chile do. . .
By economic classes (imports for consump-tion):
Total thous. of dol.Crude materials ..doFoodstuffs, crude do. . .Foodstuffs and beverages, mfrs doManufactures, semi- doManufactures, finished do
60,3446,3(32. 6564, 9«fi
13, 57736, 10934,83315, 166
5, 35237. 0536,689
12, 3956,629
214,45475,38627,88121.77748,61440, 795
54.6235,1916.9233,656
12.89825,83925. 23212,5663,084
23,0513,5669,1501,567
171,65252, 35523, 78822,99535,17237, 342
53,6095, 5866,2563,397
12. 25124,30023. 55412, 7534.748
24, 5384,2529,1912,457
165, 52253, 46523,09320,88735, 26532,812
51,2734,7035,2313,266
11,33126,13625. 22217,9245,429
27,3096,6338,4203,277
169, 32353,89026. 77416.63837,15834,864
47,7225,2344,9302.669
10,99520.30220,12918,6505,270
22. 1026,08fl7,6672,272
152, 52848,07322. 94718. 63534,04728,827
62,2985,6925,1713,976
11.97123, 55923.12822, 7326,326
24.9325.4609,4212,583
191, 22659, 50728, 20526, 29638,82238,396
57, 5745,411
13,8293.289
11,57220, 16325.67119,4064,442
23,3194.3577,8673,813
185,80054.94024. 05325. 03637.93643,836
58,9467,1222,8853,289
15,19228,85028, 32322, 1783,995
24, 4344,3557,4202,750
194,19362, 27725,88626,06239,85740,411
46,0094.9033.3492.711
11,66426, 96426, 53319,2994.365
25. 1323. 9529.1P02,468
178. 40554.72522,51827. 72538.^3334,804
44,4965,1463,9752, 264
11,08126,99325, 55718,5303,627
21,3703,2076,6571,822
170,45150,04121. 75927, 79936,91233,939
48,1505,7083. 7972. 080
10, 99026. 68125. 97018, 490
3, 53422,3944,7878,2811,691
180, 37960, 96220, 77827.60535, 65135,383
41,5163.8511,8152,401
10,96734,23333, 12519, 6553.460
22, 2063, 8038, 3511,813
199,48367, 60619.46538,41238. 27535, 725
53.8532, 9941, 5575.123
14, 60540, 42639,82722,0294,379
29,5485,055
11,3903,728
207,14070. 50024,89827, 72245,41638,604
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Express Operations
Operating revenue thous. of dol..Operating income.— do
Electric Street Railways
Fares, average, cash rate cents..Passengers carried t thousands..Operating revenues . . thous. of dol. .
Class I S t e a m Railways
Freight-carloadings (Federal Reserve):Combined index, unadjusted.._ 1923-25=100 __
Coal - doCoke doForest products. d o . . . .Grains and grain products . . doLivestock.- doMerchandise, 1. c. 1. .__ doOre doMiscellaneous.. . „ do
Combined indei, adjusted.. doCoal .. doCoke doForest products doGrains and grain products._ . .doLivestock . doMerchandise, 1. c. 1__ d o . . . .Ore doMiscellaneous.. do
Freight-carloadings (A. A. R.):1Total cars . . . thousands..
Coal d o . . . .Coke doForest products doGrains and grain products doLivestock do.__-Merchandise.l. c. 1 doOre .doMiscellaneous do
Freight-car surplus, total . . . _._ doBox cars doCoal cars do
Financial operations:Operating revenues, total thous. of dol . .
Freight _ . . . doPassenger do
Operating expenses doNet railway operating income doNet income . doOperating results:
Freight carried 1 mile mil. of tons..Revenue per ton-mile cents..Passengers carried 1 mile millions..
Wate rway TrafficCanals:
Cape Cod thous. of short tons. .New York State doPanama, to ta l . . thous. of long tons..
In U. 8. vessels .do__..
7,864789, 420
8387
10050835064
105918280
10051884163
19189
3,04060147
14214867
616182
1,2361084735
368, 027310.434
29, 289256,17070,346
485
2,4731,031
9,240131
7.889775, 46155,274
707658397653624176697058408144617474
' 2, 528' 5 0 9
2630913769
59465
1,0181758551
319,629264,120' 30,176231.204' 49, 6»2
7,422
28,4711.0041,564
327845
2,224789
11,338920
7.888838, 70760,028
647858377240592367696953438341619274
2,949664351311636770844
1,13822110671
318, 336251, 32037,913
232. 70449,37322, 225
28,133.9811,928
3480
2,374807
8,58671
7.888790, 12056,869
6376643771405922656967554279416210276
2,302515301031296356133
87821810667
305, 769246, 80334, 785232. 94632, 891* 8, 721
28,152.9641,790
3420
2,393753
8,49972
7.873737, 16463,361
627662356431602264676546367038629375
2,29752930991164267734
87020910283
276,904224.81930. 237
220, 62018, 591
< 24,364
25,553.9721,555
3260
2,207
9,10776
7.873835,13659, 702
636657366732622170666255367340628673
2,390478291051254261233
9672029567
315.091257,46931.201
240. 35934,317
< 10, 505
28,831.9881,618
3170
2,664873
9,16567
7.864788,94156,628
58
37623172604356387640617570
2,8323502914015961
77568
1,26126586146
282,118224. 58831,791
227. 62218,258
* 27, 896
23.9831.0351,681
362101
2,473892
9,454
7.864811, 58458, 222
624440417336618173625142408140615870
2,37229719
12113749612121
1,0162119087
302.618243, 64131. 758237,41125, 101
d 18, 594
25, 7371. 0451,725
363735
2, 539921
9,374
7.864763.03855,383
6758474289306110874676851409036616471
8,1495032815120250
744209
1,2611757965
321,617255, 76338, 436241,78639, 095* 1, 685
28, 465.9872,075
396586
2,437905
7.864710,18651,907
7064524311134611127469766243
625972
2,5494292411820044
5831679831667953
332,436265, 08641,269241,90249,0126,578
29,824971
2,355
369538
5,318
9,10563
7. 864722, 98752, 699
7169574490376212575707869427537626774
2,6894762712617048615192
1,0341317034
844, 400276, 70739, 821247, 62254, 58610, 053
81,389.9022,283
414687
2,385971
9,69662
7.864747,17554, 561
8589784999576514992778582458845638582
3,8447404517121990780277
1,523703316
381,118314,40037, 146251,16786, 43541,078
36,115.9412,097
434615
2,4461,034
9,56074
7.864814,96559, 309
969552876265160978087955087446210886r '
3,3756764635216584640253
1,358683415
419, 717355, 10433, 367271, 538101,616
56, 521
40, 066
513717
2,3861,037
'Revised. * Deficit.IData for December 1938. April. June and September 1939 are for 5 weeks: other months, 4 weeks.fFor comparable monthly figures. January 1929-December 1936, see table 10, p. 15 of the March 1939 Survey. Data shown in that table beginning January 1937 have been
revised; see p. 37 of the April 1939 Survey§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the Apri] 1939 Survey.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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38 SURVEY OF CURRENT BUSINESS JANUARY 1940
Monthly statistics through December 1937, to-gether with explanatory notes a n d referencesto t he sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep- i Octo-
tember ber
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—Continued
Waterway Traffic—Continued
Canals—ContinuedSt. Lawrence thous. of short tons..Sault St. Marie do._Suez thous. of metric tonsWelland thous. of short tons..
Rivers:Allegheny doMississippi (Government barges only)..doMonongahela doOhio (Pittsburgh district) do
Clearances, vessels in foreign trade:Total, U. S. ports thous. of net tons
Foreign doUnited States do
Travel
Operations on scheduled airlines:Passenger-miles flown thous. of miles..Passengers carried number ._Express pounds..Miles flown thous. of miles..
Hotels:Average sal9 per occupied room dollars..Rooms occupied percent of total..Restaurant sales index 1929=100..
Foreign travel:Arrivals, U. S. citizens.. number..Departures, U. S. citizens doEmigrants doImmigrants doPassports issued do
National Parks:Visitors doAutomobiles do
Pullman Co.:*Revenue passenger-miles thousands .Passenger revenues thous. of dol..
COMMUNICATIONS
Telephone:Operating revenues thous. of dol..
Station revenues doTolls, message do
Operating expenses.... doNet operating income ! doPhones in service, end of month. ..thousands._
Telegraph, cable, and radiotelegraph carriers:Operating revenue, total -thous. of doL.
Telegraph carriers, total doWestern Union Tejesraph Co.. revenues
from cable operations thous. of doL.Cable carriers doRadiotelegraph carriers do
Operating expenses doOperating income doNet income do
1,07310,438
0)1,535
303192
2,4941,427
67,031171,557844,413
7,408
3.446197
1,641
1,0654,4662,2701,652
244215
1,710991
5,6784,0371,641
46,090113. 621685,3895,776
3.476094
15, 64916,1032,1576,8445,589
77, 75023, 783
585. 2893,912
98, 53164, 89724, 95967, 43418,94617, 593
10, 7519,114
522830807
9,99169
5323
2,422181
180171
1,7981,074
5,0623,8131,249
41, 59499,119761,0905,665
3.2854
16,61418, 7652,6638,0425,184
57, 67716, 798
687,3694,488
101, 55266,18826, 59169. 44418,83517, 704
12, 40810, 553
570976879
10, 7561,041291
00
2,1660
175183
1,5681,003
4,6703,5391,132
38,40389,002
577, 9825,453
3.2164
19, 55624,307
2,3445,6615,927
74,83420, 587
793, 2295,263
99, 23465,81524, 73167, 28118, 52717, 735
10, 5498,829
527856864
9,81615
00
2,2770
135124
1,557880
4, 7343,6071,127
35,00281,131564. 9285,032
3.2863
25, 59028, 2241,4795,9594,865
62,84817, 618
654,8964,473
96,06464, 50422, 95464.15518, 43817, 808
9,9878,436
463756795
9,319d 17
00
2,5610
199136
1,7421,114
5,4244,1601,263
49, 445117,071685, 2746,125
3.156484
31,90921, 6731,7028,0768,383
72.28021, 779
715,4204,769
101.61066, 49126, 49868, 45619, 47917, 897
11,5779,717
901960
10,031814
5043
2,569200
101169348469
5,2804,0381,242
53,483133, 469663,884
6,268
3.376399
25,37421, 575
1,8517,0638,839
164, 73648,892
684, 4444,447
100.08366,16225, 27565, 68320,57617,974
11,0129,383
502768861
9,809512
' 3 8 7
1,1895,7992,4761,324
13667
661655
6,2414,7661,475
63,361162,682725,061
7,122
3.206390
19,80019,0112,0776,049
16,080
248,07573,402
631,5294,147
102,64666, 87527,10168,98319, 83218,055
11, 73510,065
514790880
10,289699
<*229
1,1618,6222,2201,580
230145
1,6881,265
6,6674,9711,696
70,199179, 055824, 6307,183
3.346295
20,88924, 7883,1684,51221,013
471, 624136, 576
769,8194,842
102,11966,52126,92368,18420,02718,072
11, 72110,113
501774834
10,14288643
1,1199,598(])1, 659
242191
1,7041,400
7,0825,2801,802
72,918185, 643725, 9227,541
3.295785
29, 87242, 2463,1634,69410, 393
916,175249,905
801, 5144,990
99, 82464, 69026, 38367, 73818, 39818,102
10, 6769,189
451707780
10,028a 77
d 951
1,28410, 552(J)1,713234228
1,9491,411
7,2805,5511,729
75,145194,418933. 9657, 639
6193
44, 50138, 5737,0062,9507,444
875, 682238,296
764, 7064,855
101, 79365,06027,94268,65019,26818,160
11, 583
542802893
10,146695
<*222
1,21611, 493
0)1,564
279150
2,0771,355
6,3064,5371, 769
75. 800192, 544981, 462
7,442
3.356489
40,29526,656
5,5182,3011,843
433,014131, G31
736, 3254,679
103, 84365, 69629, 36167, 21022, 38618, 263
14,11711, 079
9001,4171.622
10, 5482, 6831,877
1,21512, 3530)1,748
320••181
2,4571,443
77,468194,216948, 501
7,626
3.396793
1,759
247,14974, 366
696,1864,467
105, 52068, 45328, 31869,15722,24018,357
12, 3509,995
6841,0921,263
10,1471, 413
503
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Alcohol, denatured:Consumption thous. of wine gal..Production doStorks, end of month do
Alcohol, ethyl:Production thous. of proof gal..Stocks, warehoused, end of month. doWithdrawn for denaturing doWithdrawn, tax paid do
Methanol:Exports. reflned§ gallons..Price, refined, wholesale (N. Y.).dol. per gal..Production:
Crude (wood distilled) thous. of gal..Synthetic do
Explosives, shipments thous. of lb_.Sulphur production (quarterly):
Louisiana long tons..Texas do
Sulphuric acid (fertilizer manufactures):Consumed in production of fertilizer
short tons..Price, wholesale, 66°, at works
dol. per short ton. .Production short tons. .Purchases:
From fertilizer manufacturers doFrom others do
Shipments:To fertilizer manufacturers.. doToothers. ..do
13,06813,0601,479
21,78714,16822, 9442,282
123,995
4,61235,477
16.50
10,30810,1861,233
15.16423, 27717, 2492,439
12,648.36
3442,61829, 385
147, 592
16.50171,106
31,18218, 494
37, 75238, 447
10, 43410,4781,279
16, 78120,89517, 3911,841
25,990.36
3572,844
28, 415
68,900478, 774
148, 289
16.50176,923
20, 60427, 515
33. 08040,915
6,7226,8271,379
17, 06724, 43311,4011,691
24, 355
3522,46329,258
142, 451
16.50181, 386
20, 41822, 343
38. 08540, 850
6,5586,4461,260
14, 65026,07211,1981,363
26, 359.36
3362,267
26, 592
138, 273
16.50
18, 75123, 778
39,16735, 545
7,5787,6161,294
17,43827, 74113, 2021,851
10, 806.36
3652,407
27, 801
83,260405, 263
119,081
16.50169,952
11,95117, 508
35.10042, 864
7, 5237,7191,485
17, 85729, 62513, 2532,074
24,195.36
3892,27626,341
112, 593
16.50145, 689
15, 02116, 542
33, 20235, 528
8,2038,4901,766
18,65531,07815,0312,009
18,441
3541,779
29,315
16.50155,902
8,85320,771
38,12338,835
7,9448,1661,982
16,83830,86015, 029
1,858
108, 084.36
3442,295
30,210
105,895357,819
106,137
16.50140, 580
10, 53525, 614
36, 96643, 369
7,3957,4372,015
17, 64332, 23213, 8231,765
195, 034.36
3782,495
27, 652
104, 378
16.50139,248
18, 63517, 067
25, 80445, 376
9,2029,1902,007
18,53932,91916,0501,780
28, 373.36
3602,679
32,700
115,119
16.50161, 791
19, 25215, 568
45,39643, 346
12,84812, 625
1,776
18,10425,91322, 3152,187
28, 337.36
4052,640
35,933
106, 795372, 655
134,287
16. 50153, 897
30, 04033, 590
37, 57444, 089
15, 45315,1811,496
20, 96517, 97426, 033
2,248
263, 588.36
4634,158
40,612
175, 33S
16.50205,024
31, 77440, 049
42,83557, 410
r Revised. d Deficit. a Less than $500. i Tempora r i ly not available.• N e w series. D a t a for P u l l m a n Co. revenue passenger miles beginning 1915 and passenger revenues beginning 1913 are given in table 7, p . 18, of the J a n u a r y 1939 Survey§ Revised series. Da t a revised for 1937; see table 19, p. 14. of the April 1939 Survey .
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 39
Monthly statistics-through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939Novem-
ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
CHEMICALS AND ALLIED
Far7 March April May June
PRODUCTS—Continued
July August Sep-tember October
FERTILIZERS
Consumption, Southern statesthous. of short tons_.
Exports, total§ long tons..Nitrogenous§ . doPhosphate materials! doPrepared fertilizers! do
Imports, total§ . . doNitrogenous, total§ do
Nitrate of soda§-_ doPhosphates§ . doPotash§ do
Price, wholesale, nitrate of soda, 95 percent(N. Y.) dol. percwt..
Potash deliveries* short tons_.Superphosphate (bulk):
Production short tons..Shipments to consumers doStocks, end of month do
NAVAL STORESRosin, gum:
Price, wholesale "H" (Savannah)dol. perbbl. (280 lbs.)-.
Receipts, net, 3 ports bbl. (500 lbs.)..Stocks, 3 ports, end of month do
Turpentine, gum, spirits of:Price, wholesale (Savannah) dol. per gal..Receipts, net, 3 ports bbl. (50 gal.)..Stocks, 3 ports, end of month do
OILS, FATS, AND BYPRODUCTS
Animal Fats and Byproducts and FishOils (Quarterly)
Animal fats:Consumption, factory thous. of lb__Production doStocks, end of quarter. do
Greases:Consumption, factory __doProduction _doStocks, end of quarter do
Shortenings and compounds:Production __doStocks, end of quarter do
Fish oils:Consumption, factory doProduction doStocks, end of quarter do
Vegetable Oils and Products
Vegetable oils, total:Consumption, crude, factory (quarterly)
mil. of lbExports thous. of lb_.Imports, t^tal§ do...
Paint oils§ do...All other vegetable oils§ ___do__.
Production (quarterly) mil. of lb.Stocks, end of quarter:
Crude.. do...Refined ..do...
Copra:Consumption, factory (quarterly)
short tons.Imports _.__. do._.Stocks, end of quarter do...
Coconut or copra oil:Consumption, factory:
Crude (quarterly) thous. of lb.Refined (quarterly) do...
In oleomargarine __.do__.Imports! do...Production (quarterly):
Crude do...Refined.. do_.
StocJcs, end of quarter:Crude .do...Refined do...
Cottonseed:Consumption (crush)...thous. of short tons..Receipts at mills _ doStocks at mills, end of month do.
Cottonseed cake and meal:Exports short tons..Production doStocks at mills, end of month do
Cottonseed cil, crude:Production thous. of lb.Stocks, end of month do
Cottonseed oil, refined:Consumption, factory (quarterly) do
In oleomargarine do.Price, summer, yellow, prime (N. Y.)
dol. per lb._Production thou?. of lb..Stocks, end of month do
10879,2707,63855,009
486109, 670101, 33566, 4072,7994,214
1.450P 56,110
5.34
16,02281, 6746,943
74, 731
31, 790
2,15434, 744
643664
1,287
1,403288,050206, 931
201,656184, 062
9,701
.099163,052490, 215
146147, 58720,207123, 339
413116,29850. 2314,8516,04658, 730
1.45069, 798
326, 79417, 717
1,322,306
4.8997, 664660, 252
.2918,364134, 460
2,20494,98215, 41479,568
15, 437
7,02339, 792
'633'623
r 1, 565
1,235285,692315,102
194,737170,072
10, 807
.074161,897503,617
217133,29525,119101,186
72149,79878,12432. 3363,42166,897
1.450101,438
343, 20417,147
1,361,127
4.3448,095678, 731
.2810, 593133,921
222, 460505, 816312, 725
44, 48087, 25361,276
370, 75955, 662
71, 664102,193258,352
9972,65692, 61310, 52582,089
977
870
58,41426. 74536, 525
150,92278, 5737,204
34, 725
73, 68?82, 743
202, 30)13,332
534327
1, 353
4,468237.933313, 348
163, 035175,377
301.39810, 577
.074143, 823563,794
43685, 54211,31771,045
83141,898118,15963,854
90320,186
1. 4502,489
322, 21129, 340
1,298,883
4.9020, 473657,839
.252,390
123, 584
2,81591, 69211,41480, 278
20,967
7,24423,101
451152
1,054
407205, 494289, 286
145,077178, 203
9,884
.071133. 022609, 950
62785,09515, 64566, 552
340109,932101,39654, 552
9696,795
1.4502,632
312, 28454,893
1,288,536
5.2113, 757642,825
.261,908
118, 954
4,13685,4668,16977,298
17,491
5,29529,122
36795782
189169,766245,221
116,438180, 666
9,412
.067110. 492633, 329
1,476123, 6876,723
97,983476
138, 782116,80642,9203,59917, 235
1.4505,2.50
301,694161,202
1,106,679
5.6519,367
609, 502
.293,256
109, 626
233,456501,165346, 321
48,18286, 41954,170
354,69251,163
66,51247, 713
242, 725
9523, 994
98,01010, 70887, 302
832
760
59, 47322, 63035,816
154, 40864, 9574,729
41, 370
75,45775,064
202, 32213, 735
399136518
3S9188,051196, 544
129, 265177,466
285,2309,678
.069131.956642,463
1,271136, 328
5,365123, 270
343191, 057167, 558115,188
1,46216, 580
1.4508,379
286, 747216, 871815,911
4.8643, 810
615,381
.249,799
107, 339
4,20260, 45512,13648, 319
11, 643
3,42822,889
25673
336
506115,729177,134
84, 753164,945
7,584
.06698. 803
658, 332
312148.095
12,142112, 773
302145,43299,07462, 0107,033
10,415
1.4508,674
277,437139, 648778, 758
4.9457,079
625,138
.2414, 638
104, 759
4,31497, 275
9,38287,894
20,880
2,96438,450
19958
194
8193,845
173,019
68,322137, 785
6,781
82. 011639,328
86136, 016
12, 655105, 934
268109, 737
90, 54159,332
59416, 425
1. 45017, 337
243, 40234, 263
871,109
4.9661, 744
639, 914
.2415, 884
102,941
217,899503,947403, 809
47, 43892, 96454, 943
300, 07655,350
8,983180, 364
8163,673
91, 63310, 75580,878
693
732759
52,11412, 51436,081
137,89153, 074
2,12937,556
66, 38868,213
226,89412, 315
45140
12443, 272
151, 259
32, 817
272.9706,708
.06578, 683
614, 470
48154.800
8,067137,446
44790,10245,63218,4792,321
41,234
1.45026,632
243,35613,496
924,045
5.1961,096
659,878
.2414,692
102,126
2, 55979,4679,841
69,625
19,928
1,55921, 215
7252
120
4634. 293
120, 794
23,69173,353
5,522
.06141,519
558, 855
43141,171
26. 618106, 607
34976, 00245. 7959,481
40829, 087
1.45038, 956
279,10728, 277
963,431
5.0557, 640
672,880
.2413, 754
102, 285
3,86586. 41310, 29276,121
3,773
1,76332,898
151227196
67568, 22997,085
45, 35562,000
.05554. 666
494, 718
148123, 79227,15776, 904
69788, 27671, 44710, 445
39215,877
1.45054, 762
305, 538109, 223[,012,067
60, 289679,127
.2616, 369
101,111
254,196480,143318,481
54,12093, 57852, 799
405, 33136, 539
68, 02268, 402
221, 405
190112, 69918,97478,418
1,921110,04691,43142, 204
2,54914, 571
1.450r 72, 622
406,80967,143
1,122,492
5.4454, 574
630, 926
.2714,60593, 317
I
7127,908
51, 62011, 27740, 343
583
661523
49,4697,533
13,881
143, 26552, 359
3,11310,988
61,94970, 338
197,48512,100
5241,141
813
1,318232, 352124, 374
162, 480110, 701
354, 2269,034
.07193, 924
411,791
24, 74564, 59312,40252,191
17, 222
2,16717, 774
7121,1651,266
2,335320, 927197,618
220, 362156, 874
8, 689
. 068163, 315433, C37
Revised. p Preliminary.•New series. Data are on basis of potassium oxide content; figures beginning 1928 not snown on p. 39 of the August 1939 Survey will appear in a subsequent issue.§ Revised series. Data for 1937 revised; see tables 19 and 20; pp. 14 and 15 of the April 1939 Survey
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40 SURVEY OF CURRENT BUSINESS JAN-DART 1940
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS-Con.
Vegetable Oils and Products—Continued
Flaxseed:Irriports? thous. of bu_.Minneapolis:
Receipt* doShipments . . do _Storks do
Dulnth:Receipts _. doShipments doStocks .'.. . _ _ do .
Oil mills (quarterly):Consumption do __Stock** end of quarter do
Price, wholesale, No. 1 (Mpls)._.dol. per bu__Production (crop est.) thous. of bu
Linseed cake and meal:Exports§ doShipments from Minneapolis . >> do
Linseed oil:Consumption, factory (quarterly) doPrice, wholosale (N. Y.) dol. per lbProduction ^quarterly) thous. oflb...Shipment? from Minneapolis. doStocks at factory, end of quarter do
Oleomargarine:Consumption (tax-paid withdrawals) __doPrice, wholesale, standard, uncolored (Chi-
cago) dol per lbProduction thous. of lb__
Vegetable shortenings:Price, wholesale, tierces (Chi.) dol. per lb_.
PAINT SALES
Plastic paints, cold water paints, and calci-mines:
Plastic paints _ thous. of dol..Cold water paints:
In dry form . do .In paste form do
Calcimines _ . . . doPaints, varnish, lacquer, and fillers:
Total _ _ doClassified total do
Industrial doTrade do.__
Unclassified do
CELLULOSE PLASTIC PRODUCTS
Nitro-eellnlose, sheets, rods, and tubes:Consumption* tbous. oflb.Production _doShipmentsc?1 do
Cellulo«?e-acetate sheets, rods, and tubes:Consumption* thous. oflbProduction __ do _Shipmentsd" , do
Moulding composition:*Production . doShipments^ do
ROOFING
Asphalt prepared roofing, shipments:Total thous of squares
Orit roll doShingles (all types) doSmooth roll . do
682
318428
4, 059
541566
1,084
1.84h 20.330
30.91421,480
.098
"i6,"680"
27, 719
.12827,886
.099
3461,3611,244
10725793
1,1991,119
1,565
205152732
152620
'118
1.84
47,3027,913
.083
29,812
.15030,221
.098
34
115190226
25. 28018, 3678.3979,9706,914
2281,0181,008
141,3321,251
1,031956
2,583630836
1,117
1,474
13680
637
18
112
7,2062,389
1.90" 8,152
51,8209,760
72,419.086
139.1063. 209
141,785
29,991
.14330, 373
.096
30
113169222
20. 51515,036
7,4177,6195,478
246789937
71,1121,032
758671
2,076615527
1,035
2,111
10747
524
(02
110
1.99
50, 7348,320
.085
™3,"960
30,350
.14030,319
.093
S2
126211235
24,22917. 8288,1809,6486,401
242923956
6896856
725682
1,439359358721
2,248
3830
452
10
111
1.92
50,1805,720
.085
~"37900
27,774
.14027,701
.091
33
144219251
24, 41517, 3957,9829,4137,021
2571,049
977
9989
1,014
871770
1,410374391645
2,031
6264
319
18229
7,1122,521
1.97
17,2197,920
76.674.088
139. 2097.200
161,251
29,032
.14029,417
.095
44
187316280
31, 55523,0039,626
13, 3778,551
3421,3151,171
141,0781,029
9R3810
2,910692891
1,327
1,416
3558
283
129
2
1.89
50,3968,280
.089
""9,'78O
23,622
.14023,325
.093
46
210317282
32. 66623.8309.469
14,3608,836
2871,116
950
12508522
736600
3,2«9785
1,1501,355
1,155
6138
280
2
1.83
40, 8497,280
.089
"~6,~ 480
22,827
13522, 699
.093
45
230338305
40,13828. 546
9. 61118, 93511, 592
2491,036
940
10491509
782704
2,714720
1,057938
1,802
7320
225
994159
6. 2071,9581.81
48, 7337,000
91, 360093
124. 8236,360
130,310
20, 745
.13521,111
.090
43
206309281
36.88626.197
9.78116.41610, 690
297957
1,000
9446378
795703
2,887831
1, 058998
1,123
6728
231
0)58
2
1.57
44, 5896,360
.090
~"5~880~
20,114
.13519,262
.090
44
156227206
29, 47220, 769
8,19912.5698,703
221979847
6561537
645604
2,633737926970
1, 511
8 100389
2,659
801144659
1.54
50 16316, 400
.086
"~8~i66~
21, 206
13521,608
.089
46
154287255
33 08723,413
9 30914, 1049,674
3261, 0691,065
<j
1,041815
1,034967
3,9231.1151,1761,632
452
2 709648
5,456
2,0321, 1701,521
6,8146,383
1.75
40 60023,280
88 397.099
134.32614, 700
112,475
27,918
12428,105
.104
49
171r 289
279
r 36 960'25.515r JO 4^0' 15.095' 11,445
3281,1641,156
7706677 j
1,3121,153
3,8671, 1251,2891,453
876
67t367
5,154
9481.36G1,10$
1.86
14 52919,720
.102
""i5,~666
23,676
12S23,73S
.104
40
179270233
34 54024, 99510 97614, 0209,544
3111,3151, 232
l&713684
1,4101,333
4,6111 2911,5201,800
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production, total % mil. of kw.-hr..By source:
Fuel doWater power do
By type of producer:Privatply and municipally owned public
utilities mil. of kw.-hr..Other producers do
Sales to ultimate consumers, totalt (EdisonElectric Institute) mil. of kw.hr..
Residential or domestic doCommercial and industrial doPublic street and highway ltg doOther pnhlic authorities. doSales to railroads and railways doInterdepartmental ..do
11,654
8. 4513, 202
10,786917
10,303
6,7603,543
9,660643
8, 4751,7235,849
197194479
34
10,882
6,9763,906
10,205677
8,7791.8435,940
206205547
38
10, 641
6,8998,742
9,965676
8,8061,9875, 850
192203531
42
9,654
5,8283,826
9,043611
8,3241.8155, 615
166194493
42
10, 567
6,1164,450
9,900667
1,7195,751
159202524
41
9,956
5f
4,393
9,321634
8.2401,7005,704
134192473
39
10, 341
6,1764,165
655
8,2S21,6045,867
121193461
36
10, 529
6,7433,786
9,820709
8,5771,6276,169
111194441
35
10,651
7,1793,472
9,846804
8,5831,6206,187
115197433
32
11, 228
7,7013,627
10, 329900
8.9531,6206, 526
12S202443
35
11,116
7,9973,118
10, 260856
9. 2741, 7556, f.fi9
149224446
32
'11,864
' 8, 7273,138
10,974'890
9.6401,7826,951
16922947930
b December 1 estimate. a Final estimate for the crop year15 18 f th M h 1939 S
' Revised. i Less than 500 bushels. e for the crop year•N«w series. For data on nitro-eelluiose consumption, oollulope-acetate consumption ard nu.i'Mng compositions beginning 1935. see table 15, p. 18 of the March 1939 Survev.fRevised series. For electric power sales, see note marked with a " t" on p. 41 of the July 1939 Survey.§Rp>vise<i series. Data for 1937 revised; see tab'e^ 10 and 20. pp. 14 and 15 o' the April 1 39 Survey.ci"Includes consumption in reporting company plants. ^ Excludes consumption in reporting company plantsJFor electric power production, see note marked with a " 1 " on p. 41 nf the July 19*w Survey. Revised data on production "by type of producer," referred to therein, are
shown beginning June 1938 on p. 40 of the August 1939 Survey; data beginning 1920 will be published when available.
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 41
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
tember October
ELECTRIC POWER AND GAS—Continued
ELECTRIC POWEE—Continued
Revenues from sales to ultimate consumers(Edison Electric Institute) thous. of doL.
GAS§
Manufactured gas:Customers, total _ thousands..
Domestic doHouse heating doIndustrial and commercial_._ . . .do
Sales to consumers mil. of cu. ft..Domestic doHouse heating doIndustrial and commercial do
Revenue from sales to consumersthous. of doL.
Domestic doHouse heating .doIndustrial and commercial do
Natural gas:Customers, total thousands..
Domestic doIndustrial and commercial do
Sales to consumers mil. of cu. ft..Domestic doIndl., coml., and elec. generation do
Revenues from sales to consumersthous. of dol_.
Domestic doIndl., coml., and elec. generation do
192,178
9,9269,241
220456
30, 45916,0414,8479,365
30,88121, 8072,7906,151
7,1946,637
554107.53629,13577, 633
36,22620, 28015,801 '
198, 991
9,9479,254
227458
34,60016,196
9.. 853
33, 31021, 9234,7636,478
7,2206, 655
563126,09342, 88181, 704
45, 61927, 75117, 630
201,330
9,201212465
34, 76117,2118.1019,250
33, 73422,1255,1966,292
7,1566,603
550129,39849,17778, 736
50,27932,14117,899
190,219 186,714
9,9149, 225
219461
33, 66216,6878,0048,785
32,81121,0385,4296,227
7,1636.615
546134, 51551,29181,770
51,19732, 81918, 331
9,9079,218
210467
33,60016. 6477,1229,641
32,45021,0544,9026,368
7,1946,636
555127, 37746, 79179, 303
47,97930,21817, 520
185,987
9,8949,197
218467
32, 62616, 2426,074
10,144
31, 58621,2523,8406,368
7,1786,626
549113,37936, 51075,465
41,03424,84515,958
183,112
9,9869,285
224466
30,30315,7554,4219,969
30, 70721, 8452,5196,231
7,1906,655
533101,43827,41572,581
34, 64419,87314, 550
186,166
9,9799,290
214465
27, 91716,6001,5879,606
29,56122, 253
1, 2325,990
7,1636,650
51087, 41318, 86267,378
28, 55915,19713,193
186,600
9,9959,316
202466
25, 65215, 541
9489,007
27,66221,105
7885,683
7,1526,651
49986, 37616,01369,210
26, 23513,01113, 035
189, 225
10, 0169,336
206464
24, 87914, 702
7569,305
26, 60620, 121
6635,731
7,1916,689
50188, 73915,01572, 233
26, 27812, 46513, 597
198, 947
10, 0819,388
221463
26, 82816, 367
8769,461
28, 61521, 786
8375,909
7,2326,727
50392, 70015, 49175,835
26, 85512,43314, 221
201,709
10, 0909,383244453
29, 89317,1162,38910, 227
30, 78622, 5131,8486,318
• • « *
7,2986,767529
102, 57219, 41481,748
31,06614,96715, 895
FOODSTUFFS AND TOBACCO
ALCOHOLIC B E V E R A G E S
Fermented malt liquors:Production. _. thous. of bbl_.Tax-paid withdrawals __. doStocks . do
Distilled spirits;Production __thous. of tax gal . .Tax-paid withdrawals doImports* thous. of proof gal . .Stocks _ thous. of tax gal . .
Whisky:Production doTax-paid withdrawals doImports* . thous. of proof ga l . .Stocks thous. of tax gal__
Rectified spirits and wines, production, totalthous. of proof gal . .
Whisky* doIndicated consumption for beverage purposes:
All spirits*t Jhous .of proof gaL.Whisky*f d o . . . .
Still wines:Production* thous. of wine gal._Tax-paid withdrawals* doImports* doStocks* ....do
Sparkling wines:Production* .doTax-paid withdrawals* doImports* .doStocks* _do. ._ .
3,6853,8267,696
14, 92113, 4851,058
506,894
8,94610, 385
912465, 934
379
80
3,735' 3, 775
7,367
22,18811, 7381,381
501,045
10, 5729, 5591,215
466,175
5,3624,445
15,03813, 351
73, 5787,395
406137, 224
265483
3,5413,6697,083
17, 2309,7141,691
505,414
11,0037,6651,459
466,785
4,7743,898
13,11811,425
24,1548,730
476128,047
3778
138554
DAIRY PRODUCTSButter:
Consumption, apparent! thous. of lb._ 150,368 '152,683 '153,150 145,796 139,555 153,186Price, wholesale 92-score (N. Y.) dol. per lb_. .30 .27 .28 .26 .26 .24Production, creamery (factory) f. thous. of lb__ 112,285 116,835 122,855 128,303 121,065 139,331Receipts, 5 markets % do 45,197 50,495 53,269 55,705 53,955 60,091Stocks, cold storage, creamery, end of month |
thous. of lb._ 89,752 160,632 128,770 111,354 92,780 78,909Cheese:
Consumption, apparent! do 51,043 53,410 51,593 56,741 57,241 62,356Imports do 6,344 5,925 4,083 4,001 4,425 4,881Price, wholesale, No. 1 Amer. (N. Y.)
dol. p e r l b . . .18 .14 .15 .14 .14 .14Production, total (factory)f-,-— thous. of lb._ 42,300 42,729 40,376 39,168 37,992 47,775
American whole milkf >— do 30,145 30,017 28,258 28,171 27,175 34,281Receipts, 5 markets do 10,614 10,537 10,998 10,753 11,492 11,960Stocks, cold storage, end of month do 112,211 127,440 120,174 106,411 91,485 81,653
American whole milk do 90,254 109,738 102,563 90,401 77,270 68,812Condensed and evaporated milk:
Exports:Condensed (sweetened) thous. of lb__ 145 259 355 104 91Evaporated (unsweetened). . . . d o 1,876 2,034 2,198 1,522 2,007 1,785
Prices, wholesale (N. Y.):Condensed (sweetened) dol. per case.. 5.00 5.00 5.00 5.00 5.00 5.00Evaporated (unsweetened) do 3.10 2.90 2.90 2.90 | 2.90 2.90rRevised.§See note marked with a " t " on p . 41 of the June 1939 Survey.•New series. Earlier data for the new series on alcoholic beverages appear in tables 2-8, pp. 15-18 of the July 1939 Survey.
3,6453,1047,470
11,8746,248
667510,194
9,2045,007
571470, 251
2,9732,375
8,192
5,0085,066
247122,601
151623
3,4823, 0317,774
10,7006,112
676513,462
8,7244,996
582472,934
2,6832,192
7,7436,816
1,6785,022
194117,094
1119
646
4,4973,8228,265
13,0228,566
831516, 755
9,9936,791
706475,150
3,8173,078
10,7719,357
1,0265,883
292111, 357
251322
558
4,6413,9858,746
10, 9407,593
776519,162
8,5135,728
678477,136
3,6702,800
9,7758,122
1,0035,171
310105, 776
431326
587
152, 96123
145,12359, 385
70,909
64, 7043,927
.1454,60041,14511,15775, 34562,866
1421,710
5.002.90
5, 6515,0799,086
10, 7566,868
845521,251
7,9724.866
730478,741
3,4252,496
9,1377,142
1,1034,994
229100,933
701737
639
180,15024
193, 70177,966
84,437
77, 5954,353
.1477,30060,64014,40279, 27264,750
1482,508
5.002.90
6,2715,6569,447
8,3046,456
772522,058
5,7744,885
666478,900
2,9601,977
8,6996,767
6774,684
20794, 861
392536
647
152,86224
200,13584,566
131, 609
70,2493,781
.1586,17068,32014,32298, 85081, 262
1951,799
5.002.90
5,6375,5389,330
5,3815,605
632520,429
3,7114,343
534477,149
2,9302,014
' 7. 5706,131
9144,247
15491, 048
192020
646
145,61294
179, 27577, 460
165,183
57,6713,134
.1573, 40058, 40013,786
117, 59897, 448
2152,338
5.002.90
5, 4505,7158,836
6,3906,663
710518, 487
4,3925,098
612475, 371
3,1892,332
r 8,7097,104
5,2115, 053
15287,127
162126
639
157, 23524
164,96069, 674
172, 825
61, 7893, 435
.1565, 92052, 42014, 579
125, 019103, 594
1941,976
5.002.90
4,3924,9218,112
10, 2448,7721,843
514,433
4, 9856,7931, 599
472, 499
4,0053,258
r 11, 95910, 309
44, 2936,195
42099,817
213484
625
152, 57128
134, 51555, 208
154, 594
71, 4925,762
.1757,40045, 07516, 527
116,56197, 530
2763,414
5.002.90
4,2374,1697,994
17,94611, 0661,113
510, 606
7,0748, 550
959469,173
5,2024,329
13, 70312,007
105, 5998,011
370139, 099
275059
597
147, 955.29
121, 59549,357
128, 111
* 67, 74411,637
.1854, 00041,31015,145
114,736T 93, 987
3643,715
5.003.10
ofhavesubsequent issue.
JFor comparable monthly figures beginning 1919, see table 14, p. 17, of the March 1939 Survey.
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42 SURVEY OF CURRENT BUSINESS JANUARY 1940
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS—Continued
Condensed and evaporated milk—Continued.Production:!
Condensed (sweetened):Bulk goods thous. of lb_Case goods do
Evaporated (unsweetened) do..-Stocks, manufacturers' end of month:
Condensed (sweetened):Bulk goods thous. of lb.Case goods do
Evaporated (unsweetened), case goodsthous. of lb_
Fluid milk:Consumption in oleomargarine doPrice, dealers', standard grade*.dol. per 1001b_Production (Minneapolis and St. Paul)
thous. of lb_Receipts:
Boston (incl. cream) thous. of qt.Greater New York (milk only) do. . .
Powdered milk:Exports§ _thous. of lb.Productiont do_-.Stocks, mfrs., end of mo.t do..-
FRUITS AND VEGETABLES
Apples:Production (crop estimate) thous. of bu__Shipments, carlott no. of carloads..Stocks, cold storage, end of month
thous. of bbL_Citrus fruits, carlot shipmentsf.no. of carloads-_Onions, carlot shipments! doPotatoes, white:
Price, wholesale (N. Y.) dol. per 100 Re-production (crop estimate) thous. of bu._Shipments, carlott no. of carloads..
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, incl. flour and meal§thous. of bu..
Barley:Exports, including malt ..doPrices, wholesale, No. 2 (Mpls.):
Straight dol. per bu._Malting do
Production (crop estimate) thous. of bu__Receipts, principal markets do jStocks, commercial, end of mo do
Corn:Exports, including meal doGrindings doPrices, wholesale:
No. 3, yellow (Kansas City).. . dol. per bu__No. 3, white (Chicago) . doWeighted average, 5 markets, all grades*
dol. per bu._Production (crop estimate) thous. ofbu._Receipts, principal markets doShipments, principal markets doStocks, commercial, end of mo do
Oats:Exports, including oatmeal doPrice, wholesale, No. 3, white (Chicago)
dol. perbu..Production (crop estimate) thous. of bu._Receipts, principal markets... _.doStocks, commercial, end of mo do
Rice:Exports?* pockets (100lb.)__Imports^ doPrice, wholesale, head, clean (New Orleans)
dol. per lb._Production (crop estimate) thous. of bu..Southern States (La., Tex., Ark., and Tenn.):
Receipts, rough, at millsthous. of bbl. (162 1b.)..
Shipments from mills, milled ricethous. of pockets (1001b.)..
Stocks, domestic, rough and cleaned (interms of cleaned rice) end of month
thous. of pockets (100lb.)._California:
Receipts, domestic rough bags (1001b.)._Shipments from mills, milled rice doStocks, rough and cleaned (in terms of
cleaned rice), end of mo...bags (100 lb.)._Rye:
Exports, including flour thous. of bu__Price, wholesale, No. 2 (Mpls.)__dol. per bu__Production (crop estimate) thous. of bu__Receipts, principal markets doStocks, commercial, end of mo.. ___do
0)2,354
125,529
0)5,990
188,290
5,3372.22
121,848
54420,0217,548
7,794
10,24913,7181,938
1,806'360,992
12,441
5,709
153
.52
.54'276.298
6,73220,106
1,2666,333
.53
.60
.5162,619,137
26, 72315,89338,202
117
.396937,215
5,63213,199
89,92658,363
.037*52,306
1,375
1,083
3,410
167,79365, 521
574, 503
0.51
*39, 2491, 2959,954
!
11, 5923, 463
102,056
11,7017,854
284, 375
5,8382.23
26, 700
15, 327118, 582
67324, 62437,194
7,362
10, 27214,4102,359
13,1573,138
114,739
9,2357,139
205,073
5,8302.23
32,002
14,342118, 277
54928, 03833,259
131,8826,742
8,73618, 9382,105
12,8473,421
129, 452
8,5366,101
150, 311
5,8562.23
36, 421
13, 988123,868
47325,00632,860
5,625
6,90318, 7472,485
1.095 1. 456 1. 595'374,163
12,569 I 12,402 | 17,551
15, 111
736
.50
.56
5,76416,187
6,0326,547
.46
.47
.46
32, 69816, 35646, 645
1,405
.26
"*4~199"17,676
223, 53434,816
.033
1,458
1,158
3,983
444, 297182, 438
382, 460
21.40
9498,102
11,495
649
.52
.57253,005
20,385
368
.54
.60
5,84615,015
3,7296,724
.48
.54
.502,562,19720, 26210,96952, 644
147
.29»1,068,431
5,65816, 919
298,93539, 991
.033a 52,506
912
977
3,983
212, 534136, 365
366, 012
.4355, 564
1, 2488,369
6,67013,752
7,0506,340
(0
.53
.5114, 3738,82750, 889
353
.31
6,22115, 545
306, 89146,344
.033
891
1,250
3,695
262, 200129,003
393, 811
0
9428,126
11,5053,036
137,882
7,2024,985
120,397
5,4222.21
34,829
12, 681112, 501
51922,89032, 318
4,785
5,07918, 4442,184
1. 519
~ 17," 343'
15,521
724
.55
.55
15, 4083,075
181,094
5,8094,959
109,882
5,8612.20
40,237
13,906125, 570
28,23330,972
3,84611,726
2,7215,256
.46
.51
.47
10,2165,39847,489
130
.30
4,30414, 649
302, 30241, 296
.033
1,064
169,184118, 478
375,056
C).45511
7,637
4,848
3,04622, 9392,380
1.375
~25~3l7~
15,435
436
.54
.56
5,96710,182
3,7985,780
.46
.51
.47
13,0858,47343, 741
114
.31
5, 76912, 601
302,10267, 608
.033
545
3,244
229, 760143, 617
350, 435
).43
1.2417,630
15,4203,283
202,090
6,1354,608
134,625
4,5612.15
39,031
13,322121, 682
69631,19032,102
3,055
1, 56920, 3873,094
1.800
~ 18," 983"
11,368
124
.51
.57
4,5798,874
1, 6G35,798
).53
.49
12, 5628,65639, 262
112
.32
4,46110, 312
274, 89390,116
.033
428
802
2,894
160, 345136, 287
301, 497
(•).43795
7,153
22,0072,899
262,957
7,9106,437
209,044
4,4982.11
44,144
14, 648132, 670
1,06938,87731,982
2,053
55517, 6833,383
1.680
"22," 833"
16, 372
614
.55
.56
4,4745,745
1, 2076,510
(0.55.52
23,33320,17034, 568
61
.34
6,3036,784
283,34184,857
.033
681
1,024
2,595
203,447144,414
264,633
C).51
1,0456,813
21, 0592,755
265, 586
11, 4167,764
292, 393
4,1122.10
41,873
13,897134, 712
73938, 57225, 861
976
016, 4262,147
1.575
~23~936"
6,600
206
.53
.60
3,7916,210
2675,945
.51
17, 38117,04230,880
93
.34
4,5405,695
241, 75575, 647
.033
368
912
2,092
197,33297,767
258,494
16, 6152,894
223, 953
12, 5048,570
341, 686
3,8702.10
34,051
14, 947129,851
63729,07927, 613
1,007
010,8531,111
1.813
"II," 541"
8,389
.45
.47
4,8238,253
6084,929
C).50.46
11,86412, 75923,145
101
.29
6,6735,551
220, 31583, 257
.033
180
758
1,552
270,965130,025
268,269
(a).43
1,955 I7,384 I
1,4707,708
16,8172,461
194,162
10, 9868,001
355, 071
4.3152.12
28, 599
15, 375118, 956
79823, 56618, 298
971
09,1541,668
1,295
7,658"
10, 830
713
.46
.48
20,06216, 904
1,1216,693
.47
15,1704,398
159,880
7,7416,039
135,135
5,2972.15
25,226
13. 258122, 715
82322,43211,963
4,833
3,3667,2033,343
1,588
~i2,~ I n "
8, 372
709
.55
.58
0)3,479
143,988
0)••6,312
175,646
4, 5382.19
26, 043
13,883128,697
796' 20. 782
' 8,449
00
FA I
13, 54619,421
1,8558,094
.52
.57
.56
12,07714,192
61
.30
18, 62514,681
216,07270, 691
.033
390
972
486, 207174,422
389,027
0.42
3,4559,246
22,65511, 58414, 947
133
.36
12, 52816,104
381,76537, 528
.040
1,805
1,146
1,706
497,338224,541
466,045
.53
10, 216
• 10,10211,852' 3,132
1,700
" 15," US
11,281
909
.53
.55
8,74420,398
5,5808,113
.50
.59
.50
31,60913,13527, 541
' 1 6 2
.35
6,26114,552
304,5438,568
.03S
2,360
1,122
3,029
354,776123,603
544,057
1
3,160 2,05310, 577
o Final estimate for the crop year.r Revised. ° Less than 500 bushels. & December 1 estimate. «No quotation.1 Discontinued by reporting source.tFor comparable monthly figures beginning 1918, see table 13, p. 17 of the March 1939 issue.*New series. Data for price of milk beginning 1922 and average price of corn beginning 1918 appear in tables 38 and 39, p. 18 of the August 1939 Survey.tRevised series. For revisions in condensed and evaporated milk production in 1937, see p. 41 of the December 1938 Survey; 1938 revisions not shown in the December
1939 Survey will appear in a subsequent issue. Revisions for 1938 for carlot shipments not shown in the December 1939 Survey will appear in a subsequent issue.§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 issue.
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 43
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
tember October
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS-Continued
Wheat:Exports:
Wheat, including flour § thous. of bu._Wheat only§ do
Prices, wholesale:No. 1, Dark Northern Spring,
(Minneapolis) -dol. per bu_.No. 2, Red Winter (St. Louis) do—.No. 2, Hard Winter (K. C.) do.._.Weighted av.. 6 markets, all grades.-do
Production (crop est.), total thous. of bu..Spring wheat __ _ doWinter wheat .do
Receipts, principal markets doShipments, principal markets doStocks, end of mo. world est . do
Canada (Canadian wheat).. doUnited States, total* ...do
Commercial doCountry mills and elevators* doMerchant mills* doOn farms* do
Wheat flour:Consumption (Russell) thous. of bbL.Exports§ doGrindings of wheat thous. of bu..Prices, wholesale:
Standard patents (Mpls.) dol. per bbL.Winter, straight (Kansas City) do.
Production:Flour, actual (Census) thous. of bbl._
Operations, percent of capacityFlour (Russell) thous. of bbL.Offal (Census) thous. of lb__
Stocks, total, end of month (computed byRussell) thous. of bbL.
Held by mills (Census)--- doLIVESTOCK
Cattle and calves:Receipts, principal markets.thous.of animals __Disposition:
Local slaughter doShipments, total . . . .do
Stocker and feeder doPrices, wholesale (Chicago):
Beef steers* dol. per 1001b..Steers, corn fed doCalves, vealers do
Hogs:Receipts, principal markets, thous.of animals__Disposition:
Local slaughter.. _ doShipments, total .___ do
Stocker and feeder doPrices:
Wholesale, heavy (Chi.)....dol. per 1001b._Hog-corn ratio*
bu. of corn per cwt. of live hogs..Sheep and lambs:
Receipts, principal markets - thous. of animals..Disposition:
Local slaughter doShipments, total do
Stocker and feeder doPrices, wholesale (Chicago):
Ewes dol. per 100 lb...Lambs do
4,1731,452
.91
.92
.86
.88b754,971&191. 540&563,431
12,19014,936
0)315,296
141,986
579
5.704.28
MEATSTotal meats:
Consumption, apparent mil. oflbExports* __.doProduction (inspected slaughter) doStocks, cold storage, end of month do
Miscellaneous meats doBeef and veal:
Consumption, apparent thous. oflb..Exports§ do. . . .Price, wholesale, beef, fresh, native steers
(Chicago) dol. per lb-.Production (inspectedslaughter).thous. oflb..Stocks* beef, cold storage, end of mo..,..do
Lamb and mutton:Consumption, apparent do. . . .Production (inspect ed slaughter) .do . . . .Stocks, cold storage, end of month do. . . .
Pork (ineluding lard):Consumption, apparent - do.._.Exports, total do
Lardf do . . . .Prices, wholesale:
Hams, smoked (Chicago) dol. perlb. .Lard, in tierces:
Prime, contract (N. Y.) do. . . .Refined (Chicago) do
1,912
963973549
9.639.869.75
2,847
2,177665
40
5.95
12.5
1,907
944984429
4.398.84
1,15937
1,28556169
457,9781,269
.150472,20266,925
58,38859,0884,190
642,16833,00825,706
.185
.067
.078
6,9174,893
.73
.63
.65
19,11021, 696
439, 820162, 375
136, 204
9,445431
40, 324
4.913.80
59.29,286
704,995
6,200
1,900
927473
10.0310.7510.29
2,607
1,903691
33
7.65
18.1
1,945
996968415
3.738.38
1,09233
1,17748454
461,4851,192
.172467,98052,637
56,37556,9973,171
574,14227,07516,009
.200
.077
.090
6,9704,430
.77
.70
.67
.68'931,702"243,"688', 133
14, 89218, 252
484,150161,161656, 242128, 748138, 598107, 706281,190
9, 226540
38, 357
5.063.84
8,41654.0
9, 266672, 015
5,7004,317
1,465
843632
10.1311.609.63
2, 570
1,848726
43
7.17
16.0
1,552
890673155
3.788.59
1,04034
1,22767172
415,7881,795
.170416,04158,187
54,28154,6843,541
570,27327,25819,198
.200
.074
.086
12,61310, 217
.80
.73
.71
.73
11,90012, 758
467, 360150, 376
i6§~936
8,350510
38, 755
5.103.82
8,47657.2
8,711681, 624
5,550
1, 635
975608259
10.3511.5910.38
2,699
1,928754
41
7.18
1,746
1,063677113
3.978.63
1,05742
1,20279176
434,2391,105
.172425,60553,126
61,70961,1232,925
561,32936,96628,520
.200
.073
.084
11, 9468,782
.78
.73
.69
.71
9, 5129,251
412, 390144, 817
"957474
' 9, 089673
35, 447
4.953.66
7,75757.0
8,512625, 888
5,300
1,294
807496213
10.1711.3611.19
1,971
56638
16.4
1,546
953595
82
4.388.54
8993792778468
377,363841
.177368,12546,404
58,55858,4522,773
463,23932,72724,483
.200
.073
.081
11, 0878,487
.77
.73
.69
.71
13, 74811, 113
379, 820139, 071446,104
82, 68791, 84682, 481
189, 090
55341, 068
4.793.54
8,95156.0
9,142730, 612
5,2003, 865
1,542
952579253
10.2911.4410.34
2,205
1,654547
45
16.0
1,766
1,046720110
4.78
1,06439
1,067758
63
450,1831,047
.173439,57640,970
63,77763,4512,412
550,28933,02222,157
.200
.070
.081
9,4685,874
.78
.76
.70
.72
16, 00011,174
359, 730134, 085
8,201765
37, 698
4.873.47
8,24455.7
8,916665, 468
5,150
1,467
581233
10.0211.22
9. 56
1.509485
44
14.5
1,993
9001,082
251
94330
955758
63
402,876710
.168390, 62336,866
51,19850, 7901,956
488, 48625, 59117, 531
.203
.067
.077
14,48910,672
.83
.76
.80
25, 52516, 851
319, 890112,987
"64," 178
8,549812
39,066
5.233.60
8,51655.4
' 9, 311693,372
5,100
1,737
1,068647240
10.599.68
2,410
1,822575
48
6.68
13.2
1,951
1,070884235
1,10542
1,127761
65
479,1251,036
.166466,30634,650
55, 53955,3981,791
570, 47636,99025, 303
.207
.069
.079
6,0333,929
.84
.73
.71
.75
44,01614,423
318,34098,123
295,49281, 33438, 29185,029
8,783448
38,927
5.163.58
8,44055.0
r 9,293699,737
5,0003,641
1,476
934546187
9.229.669.13
2,105
1,535560
43
11.9
1,711
913804167
2.979.25
1,07343
1,083749
68
452, 7211,114
.159444, 337
33,591
53,19353,2381,837
566,92637,40322,682
.206
.065
.075
7,4142,977
.78
.69
.67
.68
99,00630, 840
0)89, 281
149, 372
8,003944
38, 833
4.743.41
8,43257.4
>• 9, 063689, 557
5,150
1,667
971664242
9.309.53
1,948
1,394546
35
6.03
13.1
2,042
1,040261
3.178.85
1,05348
1,033699
69
452,9401,525
.156445, 800
33,456
53, 01053,073
1,893
547, 51842, 22325, 339
.203
.061
.071
8,9355,903
.65
.72
43, 92422, 791
0)135, 793
166,289
9,552645
43, 746
4.903.36
9,52260.3
' 10. 347772, 787
5,300
972795375
9.099.26
10.03
2,007
1,451550
36
5.75
12.0
2,392
9681,419
504
3.387.93
1,13839
1,037573
66
476, 7161,401
.151469, 534
33, 027
56, 02856, 5992,459
605, 52533, 02822,848
.203
.060
.075
5, 6752,530
.93
.88
.86
.90
38, 99524, 495
0)274,841794, 074161,987162, 542137, 332332, 213
11, 279669
51,101
5.764.36
11,19175.9
' 12,148890, 697
5,5004,058
2,117
1,0191,074
546
10.2310.6811.09
1,995
1,458534
39
7.54
12.6
2,625
1,0641,564
613
3.599.07
1,13240
1,065478
59
503, 3572,042
.166495,867
36,917
62, 51763,0302,965
566, 58233,84824, 693
.206
.083
.104
4,6291,701
19, 79916,856
0)335, 445151,015
9,946623
43, 025
5.584.20
9,42861.5
r 10, 779752,851
5,710
• N . _ member 1 estimate. o Final estimate for the crop year. i Temporarily discontinued.P 18 of the June low q n ? £ ^ n ¥ w e d S t a t e S w h e a t s t o c k s b e 8 l n n m g 1923» s e e t a b l e 29, p. 17 of the June 1939 Survey. For data on hog-corn ratio beginning 1913, see40, P+age is o??hVAu^St 1939 is?ue ° n 6XP° m e a t S b e g i n n i n g 1 9 1 3 aPP e a r in t a b l e 46» P- 1 6 o f t h e November 1939 issue. For price of beef steers beginning 1913,
+T?QTT'""1 !2S*' Rala o n e x p o r t s of lar<* revised for period 1913-3i series. Data revised for 1937; see table 19, p. 14 of the Apri
pgtRev
2,438
1,1241,270
743
9.8710.0710.78
2,458
1, 825617
37
6.97
13.7
2,607
1,0751,520
693
3.859.00
1,17031
1,162452
58
494, 2081,546
.152499,306
49, 242
r 61,60362,1473,499
613, 24825, 70019, 091
.209
.071
.083
table 33,see table
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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44 SURVEY OF CURRENT BUSINESS JANUARY 1940
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
tember October
FOODSTUFFS AND TOBACCO—Continued
MEATS—ContinuedPork (including lard)—Continued.
Production (inspected slaughter) totalthous. of lb._
Lard. ._ doStocks, cold storage, end of month do
Fresh and cured . doLard _.. - do
POULTRY AND EGGSPoultry:
Receipts, 5 markets thous. of lb_.Stocks, cold storage, end of month do
Eggs:Receipts, 5 markets thous. of cases..Stocks, cold storage, end of month:
Shell thous. of cases..Frozen thous. of lb
Cocoa- TROPICAL PRODUCTSImports long tons..Price, spot, Accra (N. Y.) dol. per lb__
Coffee:Clearances from Brazil, total—thous. of bags..
To United States do.___Imports into United States.. doPrice, wholesale. Rio No. 7 (N. Y.)
dol. perlb...Receipts at ports, Brazil thous. of bags..Visible supply, total, excl. interior of Brazil
thous. of bags..United States do
Sugar:Raw sugar:
Cuba:Stocks, total, end of month
thous. of Spanish tons..United States:
Meltings 8 ports _._ long tons..Price, wholesale, 96° centrifugal (N. Y.)
dol. perlb..Receipts:
From Hawaii and Puerto Ricolong tons..
Importst - -..do.__-Stocks at refineries, end of month, do
Refined sugar (United States):Exports do. __Price, retail, gran. CN. Y.) dol. perlb. .Price, wholesale, gran. (N. Y.) do_._Receipts:
From Hawaii & Puerto Rico..long tons.Imports* do
From Cubat doFrom Philippine Islandsf do
Tea:Imports thous. of lb. .Price, wholesale, Formosa, fine (N. Y.)
dol. perlb. .Stocks in the United Kingdom..thous. of lb. .
MISCELLANEOUS FOOD PRODUCTSCandy, sales by manufacturers}:.thous. of dol_.Fish:
Landings, fresh fish, prin. ports.thous. of lb. .Salmon, canned, shipments cases.Stocks, cold storage, total, 15th of month
thous. of lb__Gelatin, edible:
Monthly report for 7 companies:Production _do._Shipments do..Stocks do..
Quarterly report for 11 companies:Production do_.Stocks do._
Leaf: TOBACCOExports§ thous. of lbImports, incl. scrap§ . . . do . . . .Production (crop estimate) mil. of lb__Stocks, total, incl. imported types, end of
quarter mil. of lb__Flue-cured, fire-cured, and air-cured-_doCigar types do
Manufactured products:Consumption (tax paid withdrawals):
Small cigarettes millions. _Large cigars thousands.-Manufactured tobacco and snuff
thous. of lb_.Exports, cigarettes! thousands..Production, manufactured tobacco:
Total thous. of lb_.Fine cut chewing do.Plug do.Scrap chewing do.Smoking do.Twist do.
7.53,588137.724420,897332, 35788,540
81,135127,030
608
1,58087,789
28,366
1,596862
1,560
.0541,712
930
247,328
.030
122, 52565,188365, 491
.056
.048
1,28418, 58813,9484,153
9,953
0)0)
24, 966
35,848
84, 506
1, 5581,1945,335
30,4578,425
b 1,770
14,461505, 098
28, 436466,966
I651, 636105. 533373, 641299,14274, 499
74,302118,088
574
1,43978,091
8,930.0480
1,218775
1,386
.0551,421
7,409858
784
292,036
.030
56,139104, 365215,388
5,003.050.045
1,3396,805802
2,532
8,404
.280231,628
23,656
34,701539, 699
93,024
1,3641,2265,317
55,1675,641
13,506515,859
30,940518, 943
28,111363
4,2664. 56318, 503
415
756, 532134, 776537. 525430. 104107,421
65, 855139,108
30262,903
15,887.0462
1,451785
1,325
.0531,700
7,836914
750
247,226
.029
98.03843, 318194, 732
4,472.050.044
9.4792,748328
1,014
7,603
.280243,223
21,243
27,112716,458
90,711
1,5181,2425,593
5,2348,004
54, 2174,797
o 1,376
2,3431,946298
12,656
27,126576,210
24, 825382
4,2904,13315,580
440
715,179132, 533658, 489526,411132,078
23.286133, 531
1,041
13650,345
18,143.0437
1,191662
1,423
.0531.295
7,816855
725
261, 257
.029
62,31760,868199, 056
4,018.050.042
4.1832,6131,643551
7,698
252, 634
17, 717
23,070524, 250
77,088
1,5541,3015,845
28,0135,820
13,863349,497
26,914451,194
23,260372
3,4193,419
15, 650400
500. 76990.038667.419542. 138125, 281
16, 744116, 229
989
16544, 476
33. 297.0460
1,222697
1,086
.0521,033
7,740860
1,407
247,112
.028
122,969107, 931241,039
5,344.049.042
17, 7348,0835,2232,786
7,931
.280234,468
18,195
25, 652487, 357
62, 253
1,4371,3355,948
37, 5025,492
11,782361, 233
25,425623,889
22, 571319
4,1452,92414,711
471
£63, 69999, 442652, 456523, 204129,252
17, 82590,987
1,649
1,10560, 465
43,792.0468
1,305694
1,497
.0511,279
7,757867
2, 580
371,979
183, 880205,908236, 666
5, 532.049.044
16,66222, 78218, 9223,690
8,576
.280205,084
18,886
30,983525,662
40,423
1,5381,5575,929
6,3408,909
44,3336,592
2,3671,912334
14,244437, 584
29, 594562,225
26,052423
4,3223,36517,451
491
513,16091,858656, 746527. 213129, 533
1R, 217
70, 568
2,065
3,35788, 867
32,052.0448
1,232610
1,017
.0511,341
7,916805
2,621
401,523
.029
184, 440180, 469271,306
3,641.049.044
18, 07619, 61510,7068,829
6,866
.280182, 681
16, 223
41, 554524, 393
29, 756
1,5461,1786,296
21, 7774,783
12,269403,042
25,628424,857
22,895325
4,0763,02315,045
426
605,478106,945659.587520,251139,336
24,42766,796
2,311
5,880117,900
.0446
1,638767
1,187
.0521,498
8,249860
2,263
328,213
.029
137,011152, 564357,250
14,529.050.044
23,35231, 79919, 38411,015
8.7S5
.280
15,169
43,546257,564
35,295
1,6411,4186,520
24, 5027,765
15,445470,580
30,499592,851
27,150395
4,9743,50117,747
534
585, 804106, 218645, 173496, 796148, 377
28, 49467, 470
6,977141, 456
14,130.0436
1,563774
1,302
.0531,290
857
2,038
104, 631
.029
127. 764217,426382, 443
6, 557.050.044
9. 79938, 83925, 30311,192
6,724
.280161, 255
12, 696
38, 323221, 785
46, 965
1,4441,4686,496
6,3239,478
17,146
2,1371,705318
16, 595486, 721
30,107593,218
27,493461
4, 6523,91717,979
484
534, 28494, 453594,581454, 766139,815
27, 71264, 918
1,161
7,024144, 359
16, 093.0433
1,217724
1,055
.0511,616
8,079781
1,846
362,129
.029
115,750281, 731351, 005
8,723.050.043
3,84634,51132, 8551,557
6,798
.280158,739
11,185
41, 665211, 672
59, 940
9531,3536,096
15, 9406,463
14, 260427, 533
26, 246691, 696
23, 450400
4,2943,08915,261
405
510,69391, 676471,310360,932110, 378
25,42962,870
967
135,928
23,311
1,357731
1,056
.0511,267
8,017846
1,570
349, 987
.029
84,140250, 265293, 908
3,778.050.043
2,52741, 25136,4304,482
7,499
0)
0)
15, 256
45, 789
72, 765
8321,4415,488
33, 7737,541
16, 571500, 807
33,291641,931
29,823408
5,1534,34619, 357
560
506, 34188, 611379,020300, 22678,794
29,98563,164
788
5,430121,471
13,707.0610
1,632917
1,095
.0521,523
7,918643
1,294
600, 505102,914341, 393272,655' 68,738
37,224' 79,228
619
' 3,519104, 282
27,215.0537
2,0881,3171,469
.0532,05S
8,334846
1,082
376, 814 j 337, 292
.037
163,801306, 639
8,997.064.056
10,72663,97959,1204,710
7,307
0)0)
24, 272
39, 208
79, 383
9781,3875,080
4,1147,974
45, 5766,491
2,2161,819289
14, 790486,865
30,361714, 576
26,326348
4,4713,52117, 503
482
137, 264171,338305,164
18,995.060.052
3, 55016,04512, 6963,288
7,653
0)0)
23,442
38,406
83, 296
1,4001,5094,970
28, 5326,724
15, 384551,230
30, 239433, 967
iporarily discontinued; data not available since the outbrea^ of war^own on p. 44 of the November 1939 Survey will appear in a subsequent' Revised. h December 1 estimate. « Final estimate for the crop year. » Tempon
tRevised series. Data on imports of raw and refined sugar revised beginning 1913; data not shown on p.ISSUe'iFor monthly data beginning 1928, corresponding with monthly averages for 1928-33 shown in the 1938 Supplement, see table 7, p 17, of the January 1939 issue.
^ ^ ^ 1939 Survey will appear in a subsequent issue.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 45
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Septem-
berOcto-ber
FOODSTUFFS AND TOBACCO—Continued
TO B A C CO—C ontinued
Manufactured products—Continued.Prices, wholesale:
Cigarettes dol. per 1.000..Cigars do
5.51346.056 46.056
5. 51346.056
5. 51346.056
5.51346.056
5. 51346. 056
5.51346.056
5.51346.056
5.51346.056
5.51346.056
5.51346.056
5.51346. 056
5. 51346.056
FUELS AND BYPRODUCTS
COALAnthracite:
Exports§ thousPrices, composite, chestnut:
Retail dol.Wholesale
Production thous.ShipmentsStocks, end of month:
In producers' storage yardsIn selected retail dealers' yar<
number ofBituminous:
Exports§ ...thousIndustrial consumption, total
thous.Beehive coke ovensByproduct coke ovensCement millsCoal-gas retortsElectric power utilities _Railways (class I)Steel and rolling millsOther industrial
Other consumption:Vessels (bunker) thousCoal mine fuel__ thous.
Prices:Retail, composite, 38 cities
dol.Wholesale:
Mine run compositePrepared sizes, composite.
Production thous.Stocks, industrial and retail c
month, total _.thous.Industrial, total
Byproduct coke ovensCement millsCoal-gas retortsElectric power utilitiesRailways (class I)Steel arid rolling mills..--.Other industrial
Retail dealers, total
COKE
Exports . thousPrice, beehive, Connellsville (fur
dol.Production:
Beehivet thousByproduct!Petroleum coke
Stocks, end of month:Byproduct plants, total
At furnace plantsAt merchant plants
Petroleum coke..
. of long tons..
per short tondo
of short tonsdo
doIsdays' supply..
. oflong tons..
of short tons..do..do. . . .dodo . .
. . . . do . . . ._do .
do
. of long tonsof short ton?,.,
per short ton
do .do.—
of short tons..lealers, end ofof short tons..
do. . . .do . . . .
d o . - .d o . . -
. - . . do . . . .do. . . .do . . . .do . . . .
>. of long tons.,nace)per short ton..
of short tons .do .d o —
. . . . . do. . . .do
_ do__. . d o —
PETROLEUM AND PRODUCTS f
Crude petroleum:Consumption (runs to stills), thous. of bbL.ImportsPrice (Kansas-Okla.) at wells.Production
do.dol. per bbL.thous. of bbl
Refinery operations pet. of canacitvStocks, end of month:
California:Heavy crude and fuelLight crude
East of California, totalRefineriesTank farms and pipe lines
Wells completed .Refined petroleum products.
Gas and fuel oils:Consumption:
Electric power plantsfRailways (class I)Vessels (bunker)
_thous. of bbL.
do .d o —do. . . .
number..
thous. of bbldod o —
Price, fuel oil (Oklahoma) dol. per bbL.Production
Residual fuel oilf thous. of bbL.Gas oil and distillate fuels, total do
126
9.1603,9463,329
1,715
178
4 3^34.428
42,835
52
5. 250
3464,567
2,607836
1,771
2 848.960
3,083(0
127
9. 7133,8033,167
1,901
51
1,092
24,928110
4,622441138
3,5306,604
8038,680
129265
4.2994.565
35,925
40,81733.3177,173
346264
8,4135,311
65011,1607,500
38
3.750
673,278
153
3,7451 3072,438
678
97, 3092,308
.96098, 567
79
87. 3993(6,064
228, 74140, 386
188, 3551, 572
1,1934,0102,771.925
24, 57312, 793
143
11.499.7064,5333,849
1,458
37
489
26, 533123
4,742342144
3,6847,161
8379,500
81266
8.68
4.2984.557
36,541
40,72033, 6707,462
349252
8,4915,629
68710,8007,050
27
3.750
763,363
142
3,6101,2912,319
708
97,9642,678
.960102, 287
77
87, 22237,193
229,14041,221
187, 9191,419
1,2434,1112,925.925
25,19713, 873
165
9.7314,9534,047
1,046
29
277
26,185121
4,751212149
3,5957,149
8589,350
68261
4.2904.544
35, 530
39, 72033,2707,374
350236
8,3795,819
74210,3706,450
25
3.750
773,367
126
3,3301,2412,089
717
99, 6141,371.960
102, 49078
87, 59536,927
227,13442, 540
184, 5941,385
1,2363,9572,587.895
25, 80014,135
154
9.6984,1143,382
761
25
282
24,183111
4,346244137
3,0516,545
7598,990
92249
4.2864.520
33, 910
39, 88734,0877,373
403220
8,4566,736
87910,0205,800
23
3.750
713,078
117
3,1161,2421,874
705
87, 7971,343.960
93, 47576
87,00238, 323
227,09841,777
185, 3211,338
1,1163,6402,904.850
21.47612, 797
143
11.359.6423,6043,232
408
22
348
25, 7861074,8553C8143
3,1686,970
8059,370
105259
8.68
4.2834.491
35, 290
40,50535, 2257,222
414217
8,7607,6031,0299,9805,280
21
3.750
693,439
128
3,0371,1981,839
694
98, 9171,736.960
106,76877
86, 29439, 383
229,07941,154
187,9251,252
1,1344,0333,076.850
25, 04013, 539
137
9.0785,2964,842
86
35
207
22,39031
4,114402131
2,8276,042
8238,020
8874
4.4214.345
10, 747
31, 74628, 2264,434
321179
7,6426,387
8038,4603,520
18
3.750
202, 915
142
2,9671,0911,876
734
99, 3032,788.960
105, 51080
86,07539, 699
230. 92640,180
190, 7461,419
1,2423,8903,341.850
24, 75013,301
336
9.1545,0734,206
238
61
250
20, 51839
3,383416125
3,0325,915
6786,930
79122
4.4644.300
17,880
25, 41322, 6132,598
275129
6,7405,196
5457,1302,800
37
3.750
252,396
132
2,751951
1,800716
105,7554,186.960
110, 54183
85, 58039, 878
230, 27940. 445
189, 8341,656
1,3463,8703,520.850
27,02212, 353
194
10.559.1483, 5302,959
559
71
984
21,52181
4,361530123
3,3175,748
6716,690
99191
8.29
4.2464.238
27,900
26,99122,7613,548
286170
6,6954,484
5187,0604,230
43
3.750
523,090
142
2,657931
1,726710
104, 6873,279.960
104, 60785
85, 04938, 902
226, 46241,463
184, 9991,608
1, 3543,9993,343.850
24, 83613, 530
160
8.6672,9122,611
716
61
1,192
21, 77272
4,748559124
3,5415,903
6656,160
97200
4.2434.275
29,135
29, 72524, 6654,535
342192
7, 0024,242
5127,8405,060
39
3.750
463,365
145
2,772945
1,827733
106, 8993,061.960
110, 93784
85, 65538, 427
223. 55841,817
181, 7411,641
1,5574,0503,207.850
25, 64412, 688
130
8.6013,8323,147
1,129
48
1,209
23, 43769
5,177547128
3,8426,075
7196,880
92238
4.2464. 306
34, 688
33, 62427, 4245,632
357229
7,5004,224
5428,9406, 200
66
3.750
443,666
143
2,921916
2,005682
107, 6322,942.885
80, 86584
84,03938. 072
192, 98537, 441
155, 5441,561
1,6684,0143,026.850
25, 29913,246
400
10.648.6494,7764,287
1 172
47
1,525
24, 9801175,517503130
4,0256,492
7667,430
140261
8 45
4 2714.362
38,150
36, 94330, 2436, 220
399250
7,9234,338
57310, 5406,700
95
3.750
753,904
111
2,812868
1,945668
105, 5053, 235
.960108,168
85
82,92737, 372
189, 34135, 781
153, 5601,652
1,6504,2053,0810)
26, 30212, 975
261
9.031'4,919
4,333
1 219
57
1,746
29,491399
6,400526138
4,4707,459
9799,120
158310
4 3324 436
45, 950
41,91934,1697,250
351274
8,3805,032
64212, 2407,750
71
5.125
••2564,527
165
2,600806
1,794652
110,9803,093
.960114,198
86
82,71835, 533
187. 57936, 922
150, 6571,786
4,6502,2540)
27, 59415,017
'Revised. l No quotation.tRevised series. Petroleum and products revised for 1937; see table 9, p. 15 of the March 1939 Survey. Revisions for 1938, which are minor, will appear in the 1940
Supplement. Beehive and by-product coke production revised for 1937; see p. 45 of the December 1938 Survey. Gas and fuel oils, consumption in electric power plants,revised for 1938; see p. 45 of the June 1939 Survey
IRevised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.
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46 SUEVEY OF CURRENT BUSINESS JANUARY 1940
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
tember October
FUELS AND BYPRODUCTS—Continued
PETROLEUM AND PRODUCTS!—Con.
Refined petroleum products—Continued.Gas and fuel oils—Continued.
Stocks, end of month:Residual fuel oil, east of California
thous. of bbl._Gas oil and distillate fuels, total do
Motor fuel*Demand, domestic ..thous. of bbl..Prodnction, total do
Benzol doStraight run gasoline doCracked gasoline doNatural gasoline do
Natural gasoline blended doExports do
Gasoline :5Price, wholesale, tank wagon (N. Y.)
dol. per gal..Price, wholesale, refining (Okla.) doPrice, retail, service stations, 50 cities.doRetail distribution! mil. of gal..Stocks, end of month:
Finished gasoline, total thous. of bbl..At refineries do
Natural gasoline doKerosene:
Consumption, domestic __.doExports! doPrice, wholesale, water white 47°, refinery
(Pennsylvania) _.dol. per gal._Production thous. of bbl._Stocks, refinery, end of month . . . .do
Lubricants:Consumption, domestic doPrice, wholesale, cylinder, refinery (Penn-
sylvania) dol. pergal..Production ..thous. of bbl..Stocks, refinery, end of month do
Asphalt-Imports! short tons__Production doStocks, refinery, end of month.. . do
Wax:Production. thous. of lb_-Stocks, refinery, end of month do
2, 348
.125
. 052
563
.050
.168
3, 455
30,93532,069
44,99148, 201
18120, 39723, 3794,2444,2223, 205
.124
.046
.1331,762
64,08339, 3765,742
5, 368323
.0505,4199,676
' 1, 738
.1052, 5357,817
3,461322, 700447, 600
37,520131, 772
26,99127, 873
41, 64948, 026
18620. 79422, 7014, 3454,2854,607
.119
.043
.1341,745
65,94941, 8054,830
6,813783
.0496, 7397,799
1,831
.1052,3847,695
2,078242. 400480,900
36,120129, 340
24, 30924, 650
37, 76749,120
18521,12523, 5464,2643,6372,764
.119
.041
.1331,548
73,81749,4194, 647
5,980776
.0495, 7026,711
1,609
.1052,5277,762
2,869244. 400532,000
35, 280128,627
21, 95221,731
31, 59543, 409
17018, 45521,0373,7473,2292,569
.119
.042
.1331, 427
79,69154, 5694,708
5, 901516
.0525.1745, 452
1,653
.1052.5227,951
9,662189, 300572,000
33, 320117,711
19, 28820,115
42, 52048, 367
19220, 66323, 2804,2323,2433,523
.118
.045
.1331,734
81,18955, 4644,721
5,201523
.0535,9005,605
1,987
.1052,6647,800
3,232308, 200650,000
44, 800117, 537
19,53421,058
43, 97748, 837
16220, 92223, 5214,2322.9832,900
.114
.047
.1341,796
81. 62355,1725,484
5,042691
.0535,8135,663
1,770
.1052,6727,886
1,521374,900688,000
35,000119,301
21, 39722,088
49, 54751, 384
13022, 76724, 2074,2802,6463,915
.118
.049
.1352,042
78, 34252,0766,212
4. 368631
.0535,9096,551
2,132
.1052,8567,630
2,505477, 800672,000
34,440113, 925
22, 48025, 659
49,81250,861
17421, 78224,8104,0952,6823,884
.111
.050
.1362,006
74,39547,9726,749
3,570460
.0535, 4397,949
1,902
.1052,8007,427
3,024485,800642,000
39,480111, 604
25,02527,581
50, 50851,896
19122, 50225, 0284,1752,9092,987
.107
.050
2,112
71,82444,1967,123
3.710753
.0515,3908,855
1,982
.1052,7557,179
1,726509, 400596,000
28, 840109, 322
26, 11129, 282
53,82852,161
21022, 37126,1803,4003.0923,580
.107
.051
2,183
66, 44841,0466,624
4,436802
.0505, 7839, ?*l
1,963
.1053,0567,069
1,670577, 300529, 500
31,080108,173
26,24930, 018
49. 34751,890
22521,83325, 7004,1323,2373,609
.114
.053
2,037
26,10930, 951
49,68754, 974
25923,61126,6234,4814,3582.967
.124
.053
41, 4235,891
4,638 j560 j
.350 |5,806 I9,952
68,11643, 5165,140
5,0191,089
.0506,1419,967
2,207 2,656
.134 | .1662,854 I 3,5756,704 | 6,639
4,150 I 1,742550,400 541,800475,000 | 472,000
i
40,320 I 45,08089,584 ! 81,147
LEATHER AND PRODUCTS
HIDES AND SKINS
Imports, total hides and skins§ thous- of lb_Calf and kip skins§ do . . .Cattle hides§._ . . do . . .Goatskins§ »._doSheep and 1ambskins§ do.__
Livestock (federally inspected slaughter):Calves..._ thous. of animals.Cattle do . . .Hogs . . do . . .Sheep and lambs do. . .
Prices, wholesale (Chicago):Hides, packers', heavy, native steers.dol. per lb.Calfskins, packers', 8 to 151b do
LEATHERExports:
Sole leather thous. of lb_.Upper leather! thous. of sq. ft..
Production:Calf and kip .thous. of skins..Cattle hides thous. of hides..Goat and kid thous. of skins..Shoep and lamb _ do
Prices, wholesale:Sole, oak, scoured backs (Boston)
dol. perlb..Chrome, calf, B grade, composite!
dol. per sq. ft..Stocks of cattle hides and leather, end of month:
Total thous. of equiv. hides..In process and finished doRaw _. do
31,3601,980
13,0624,576
450837
4,4371,469
.146
.214
4464,623
LEATHER MANUFACTURES
Gloves and mittens: IProduction (cut), total.. dozen pairs..
Dress and semi-dress doWork . . _._do
.368
.453
24,4403,440
10, 7676,1222,685
457858
3,9131,453
.141
.163
423,416
1,1381,7872,6342,872
.324
' .394
13, 88510,0743,811
162,797102, 72560,072
25,6573,9729,5886,0754,468
417758
4,3461,347
.123
.157
263,689
1,2841,8843,2452,899
.318
••.392
13,99610,3013,695
32, 8263,56313,5286,3177,901
415761
4,0431,456
.121
.163
3,097
1,3191,9363,1852,899
.315
'.395
13, 6029, 8683, 734
135,759 119,257 153,40974,065 63,177 93,12361, 694 56,080 60, 286
28,1892,809
13, 2006,1893,975
385653
2.8901,361
.104
.154
143,492
1,3261,9433,1703,236
.303
'.392
13, 3759,6993,676
29,1962,380
11, 7716,7694,436
478774
3,2291,473
.107
.154
924,197
1,3291,9553,6233,115
.291
' . 3 9 0
13,0099,2293,780
174,937103, 73971,198
25,4542,505
11,3745,2604,858
457677
2,9311,224
.097
.145
463,585
1,1681,6723,4632,774
.290
' . 3 9 0
12,8139,0263,787
148,42081, 85066, 570
27,0261,939
10, 3886,3325,189
509814
3,4161,392
.105
.156
823,816
1,1871, 7363,4733,015
.290
' . 3 9 1
12, 9059,0783,827
149, 59188, 48061, 111
22, 5632,3028,0345,2144,385
448778
3,1851,401
.110
.164
473,640
1,2271,7153, 6663, 015
.294
' . 3 9 2
12,9769,1513,825
184,099111,92772,172
22, 6822,6857,1285,2364,619
417782
2,7781,399
.115
.161
533,428
1,0641,6193,3233,096
.305
' . 3 9 2
12, 8999,0593,840
161,643104, 988
56, 655
25,0931, 8679,3085,3625,370
414823
2,7921,457
.116
.160
652,905
' 1,155' 1, 949' 3, 397' 4, 205
.305
' . 3 9 2
» 12,606' 8, 876
3,730
206,134130, 500
75, 634
24,5781,585
10,6114,0134,807
427880
2,8851, 635
.146
.213
544,839
1,074'1,8113,065
' 3, 770
. 34S
'.410
12, 523' 8, 708'3,815
201,356130,10971,247
21, 3481,5038,8735,0254,517
482893
3,545J,585
.165
.240
2265,757
1,1561,9243,6973,938
.374
' . 4 6 3
12, 4898,7403,749
209,026133, 362
75. 664
' Revised.fFor petroleum and petroleum products, see note marked with a "f" on p.45. Retail distribution of gasoline revised for 1937-38; data not shown on p. 46 of the June 1939
Survey will appear in a subsequent issue. Wholesale price of chrome, calf, B grade leather revised beginning January 1938; data not shown above will appear in a subsequentissue.
IThfigures o. .....
§Revised
'he gasoline statistics in the above table have been rearranged and data on the production of benzol have been added. With tof total nioduction of motor fuels, as shown here. Data for benzol production becinnine1 1925 appear in table 52, p. 18, oevised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.
With this series included, it is possible to derive>f the November 1939 issue.
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 47
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
tember October
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES-Continued
Shoes:Exports thous. of pairs._Prices, wholesale, factory:
Men's black calf blucher dol. per pair..Men's black calf oxfordt doWomen's colored, elk blucher do
Production, boots, shoes, and slippers:Total thous. of pairs..
Athletic doAll fabric (satin, canvas, etc.) doPart fabric and part leather doHigh and low cut, total .do
Boys' and youths' doInfants' doMisses' and children's doMen's doWomen's do
Slippers and moccasins for housewearthous. of pairs..
All other footwear... ....do
426
6.005.053.13
31, 872382241558
24, 6541,1721,9203,2289,0369,299
5,697340
139
5.754.703.00
30,054304305354
22, 5561,5531,8863,1328,6917,295
6,422114
113
5.754.703.00
29,988• 331
355476
24, 3591,4261,7753,3998,4039,355
4,297170
108
5.754.703.00
33, 561260457652
30,1491, 4141,9873,7408,876
14,132
1,695348
195
5.754.703.00
35,457237530778
31,4001,3021,9403,7118,645
15,801
1,983530
310
5.754.703.00
42, 375281760832
37,1311,5452,2564, 5059,930
18,894
2,651721
223
5.754.703.00
32, 578275591641
27,8421,4071,9513,1227,680
13,683
2,46i765
304
5.754.703.00
32, 222307526355
27,1611,4041, 8253,4357,739
12, 757
3,002871
176
5.754.703.00
31,776295454291
26, 3261,3901,9713,5797,888
11, 498
3,702708
184
5.754.703.00
33, 6182C8257380
28,8021,4391,8363,4017,628
14, 497
3,600310
234
5.754.703.00
43, 581358247567
36,9131,8942,1314,240
10,06518, 583
5,185311
205
5.754.703.00
36,379359277530
29, 6591,5021,9673,6818,572
13,936
5,303251
169
5.754.853.10
• 37, 073'440334676
r 29, 247'1,476'2,1713,783
'9,568r 12, 248
'6,093283
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
Exports, total saw mill products* M bd. ft.Sawed timber* do...Boards, planks, scantlings, etc __-do.-_
Imports, total saw mill products* do.__National Lumber Mfrs. Assn.:f
Production, total ...mil. bd. ft_Hardwoods do-__Softwoods _ _ _-do.,-
Shipments, total do...Hardwoods ___ do...Softwoods do...
Stocks, gross, end of month, total .do...Hardwoods doSoftwoods.. do...
73, 6696, 563
60, 08873,935
2,210382
1,8292,188
4141,7735,4081,6635,745
6,20013, 0008,1507,050
18,050
21, 89047,19142, 49735, 62671, 603
23, 2984,114
19,184
21.070
42.140
23, 3322, 258
21, 074545343
42. 393647633
1,825
302254
29.64431425
1, 985
513444578519908
66,93410,20556, 72950, 232
1,821294
1,5271,944
3561,5888,4782,0986,380
6,20011,2006,1005,500
21,600
30,89155, 72435,13931, 56091, 769
18, 5694,961
13, 608
17. 640
35. 280
22,1665,190
16, 976614323
42. 094605655
2, 075
398231
22.04303333
2. 104
555324449429986
93, 24713, 28979,95846,884
1,711279
1,4331,790301
1,4898,4092,0786,331
70, 65210, 63357,96949,521
1,782328
1,4551,866
3361,5308,3222,0696,253
7,45014,7006,0005,900
23,800
36,86860, 64928, 46326,91695,228
24, 5545,929
18, 625
18.424
35.280
19, 6094,326
15, 283608330
40. 764591585
2,100
'264'224
24.30181299
1,896
445388502474
1,021
70,72710, 87959, 22847,803
1,637325
1,3121,709
3081,4018,2512,0876,164
5,40015,2005,5804,850
24,350
26,91056, 48227, 64027, 30894,730
25,9725, 696
20, 276
18. 820
36.000
18,4964,709
13, 787534327
39. 885538537
2,101
-•239'197
25.24153267
1,782
426383434431
1,024
92,98021, 76665, 50562, 591
1.923336
1,5872,091
3581,7338,0822,0656,017
6,55014,0005,3007,400
22,600
28,14451,67529,63931,95192,445
34, 54514, 95019, 595
18.620
34.300
25, 3146,706
18, 608670343
40. 303645654
2,092
'317'198
25.13233316
1,699
602373507551982
82,95616, 58661, 72658, 292
1,968296
1,6722,022
3361,6878,0302,0206,010
8,10014,0005,6007,200
21,000
26,12847,19928, 56530,60487,191
29,48611, 48518,001
18. 620
35.280
20, 8574,954
15,903618300
39. 968608601
2,099
'366'225
24.81349339
1,709
513376519549970
98,93218, 81973,43048, 941
2,235302
1,9332,215
3351,8808,0451,9806,065
7,55014, 2005,6507,600
18,850
32, 93741,13735, 44737, 99983, 635
36, 57012,19324, 377
18. 620
35. 280
24, 7406, 168
18, 572675346
40. 298681689
2,091
'402'222
24.90498405
1,802
660402528549955
112,13017, 98489, 25454, 692
2,252301
1,9512,272
3581,9148,0431, 9336,110
6,85012, 4007,4008,200
18,400
36,05839, 79334, 26837, 40179, 503
45,02810, 99234,036
18. 620
36.505
23, 4766,668
16, 808673347
38. 998637672
2,056
'443'238
25.08520428
1,888
572437566580950
115, 26419. 69892, 05153, 021
2,143303
1,8412,157
3541,8038,0231,8816,142
8,10011, 9006,2008,300
16, 600
36, 71339, 52334,12636, 98576,165
48,10511. 50736,598
18. 620
37. 240
30, 0287,916
22,112624341
39. 383626630
2,052
'454'272
25.42484418
1,943
547487519537946
124,02120, 25699,15654, 222
2,401352
2,0492,534
3922,1437,8941,8426,052
8, 25010,9508,1509,150
15, 900
47,11746, 19141,18044, 66672,679
55, 75514, 54641,209
19.110
37.828
18, 8215, 529
13, 292760378
40. 568689723
2,018
509'298
25.65552484
1,975
772483580673869
100, 83414,49182,16459, 406
2,283359
1,9242,532
4312,1017,6351,7725,863
11,90014, 4008,6008,700
16, 000
58, 23064, 77339,83544,81665,647
34, 2808,972
25,288
19.845
39.445
28,6645,287
23, 377894536
40. 560625736
1,907
600'415
26.81502483
1,994
674570577632838
84, 3265,928
73, 918102,606
2,323377
1,9462,596
4702,1267,3771,6965,681
FLOORING
Maple, beech, and birch:Orders, new M bd. ft 6,200 6,200 6,500 7,450 5,400 6,550 8,100 7,550 6,850 8,100 8,250 11,900 8,650Orders, unfilled, end of month . d o . . . . 13,000 11,200 13,000 14,700 15,200 14,000 14,000 14,200 12,400 11,900 10,950 14,400 14,150Production . . d o 8,150 6,100 6,200 6,000 5,580 5,300 5,600 5,650 7,400 6,200 8,150 8,600 9,000Shipments . d o . — 7,050 5,500 4,900 5,900 4,850 7,400 7,200 7,600 8,200 8,300 9,150 8,700 8,800Stocks, end of month d o . — 18,050 21,600 23,350 23,800 24,350 22,600 21,000 18,850 18,400 16,600 15,900 16,000 16.6
Oak:Orders, new „ do 21,890 30,891 26,659 36,868 26,910 28,144 26,128 32,937 36,058 36,713 47,117 58,230 38,729Orders, unfilled, end of m o n t h . . . I . . . do ._ 47,191 55,724 52,697 60,649 56,482 51,675 47,199 41,137 39,793 39,523 46,191 64,773 59,699Production do 42,497 35,139 31,720 28,463 27,640 29,639 28,565 35,447 34,268 34,126 41,180 39,835 44,750Shipments do . 35,626 31,560 27,686 26,916 27,308 31,951 30,604 37,999 37,401 36,985 44,666 44,816 43,739Stocks, end of month . . . d o . — 71,603 91,769 94,181 95,228 94,730 92,445 87,191 83,635 79,503 76,165 72,679 65,647 66,397
SOFTWOODSFir, Douglas:
Exports, total saw mill p r o d u c t s * . . M b d . f t - 23,298 18,569 30,098 24,554 25,972 34,545 29,486 36,570 45,028 48,105 55,755 34,280 23,416Sawed timber . . do 4,114 4,961 9,015 5,929 5,696 14,950 11,485 12,193 10,992 11.507 14,546 8,972 1,982Boards, planks, scantlings, etc d o . . . . 19,184 13,608 21,083 18,625 20,276 19,595 18,001 24,377 34,036 36,598 41,209 25,288 21,434
Prices, wholesale:No 1. common boards, . .dol. per M b d . f t - 21.070 17.640 18.008 18.424 18.820 18.620 18.620 18.620 18.620 18.620 19.110 19.845 20.874Flooring, 1 x 4 , " B " and better, V. G.
dol. per M bd. f t . . 42.140 35.280 35.280 35.280 36.000 34.300 35.280 35.280 36.505 37.240 37.828 39.445 41.552Southern Pine:
Exports, total saw mill products*_M. bd. f t . . 23,332 22,166 26,925 19,609 18,496 25,314 20,857 24,740 23,476 30,028 18,821 28,664 24,221Sawed t imber . d o . . . . 2,258 5,190 4,012 4,326 4,709 6,706 4,954 6,168 6,668 7,916 5,529 5,287 3,659Boards, planks, scantlings, etc do 21,074 16,976 22,913 15,283 13,787 18,608 15,903 18,572 16,808 22,112 13,292 23,377 20,562
Orders, newt mil. b d . f t - 545 614 562 608 534 670 618 675 673 624 760 894 661Orders, unfilled, end of month __ do 343 323 307 330 327 343 300 346 347 341 378 536 431Price, wholesale, flooring dol. per M bd ft 42.393 42.094 41.013 40.764 39.885 40.303 39.968 40.298 38.998 39.383 40.568 40.560 42.998Productionf mil. bd. f t - 647 605 597 591 538 645 608 681 637 626 689 625 670Shipmentst — do 633 655 578 585 537 654 601 689 672 630 723 736 766Stocks, end of month . . . . d o . . - 1,825 2,075 2,094 2,100 2,101 2,092 2,099 2,091 2,056 2,052 2,018 1,907 1,811
Western Pine:Orders, newf . . . . _ do 302 398 348 '264 '239 '317 '366 '402 '443 '454 509 600 470Orders, unfilled, end of month t d o . — 254 231 259 '224 '197 '198 '225 '222 '238 '272 '298 '415 '377Price, wholesale, Ponderosa Pine, 1 x 8 , no. 2,
common (f. o. b . mills) dols. per M bd ft 29. 64 22. 04 22. 92 24. 30 25. 24 25.13 24. 81 24.90 25. 08 25. 42 25. 65 26. 81 28. 61Productionf mil. bd. ft. 431 303 236 181 153 233 349 498 520 484 552 502 493Shipmentst - - do 425 333 320 299 267 316 339 405 428 418 484 483 508Stocks, end of month t . d o . — 1,985 2.104 2,014 1,896 1,782 1,699 1,709 1,802 1,888 1,943 1,975 1,994 1,979
West Coast Woods:Orders, new do 513 555 451 445 426 602 513 660 572 547 772 674 514Orders, unfilled, end of m o n t h . do 444 324 361 388 383 373 376 402 437 487 483 570 521Product ion do. — ! 578 449 447 502 434 507 519 528 566 519 580 577 600Shipraentst do — -- - -~~Stocks, end of month d o — . 908 986 988 I 1,021 1,024 982 970 955 950 946 869 1 838 1 839
' Revised.•New series. For the new series on exports of sawed timber and imports of sawmill products data beginning 1913 appear in tables 44 and 45, p. 18 of the October 1939
Survey. For Douglas fir and southern pine, the new series on total exports represent a total of the items regularly shown. Note that the more definitive title "boards,planks, and scantlings, etc." has been substituted for "lumber."
tRevised series. Wholesale prices of men's black calf oxfords revised beginning January 1938 because of style change with price of slightly different type substituted atthat time. Revised data for 1938 are shown on p. 47 of the September 1939 Survey. Data for production, shipments, and new orders of southern pine, and production, ship-ments, and stocks of western pine for 1937 adjusted to 1937 Census of Manufactures; 1938 and 1939 data adjusted to the 1938 Census for production, shipments, and stocks of totallumber and production, shipments, and new orders of southern pine; data for 1936-39 for new and unfilled orders and 1938 data for production and shipments of westernpine have been adjusted to the 1938 Census of Manufactures. Data for 1936-39 for production and shipments of west coast woods have been revised to shift from a 4- and 5-weekreporting basis to a 4^-week basis adjusted to quarterly totals; these revisions are carried to the figures for total lumber production and shipments. Revisions for the itemsand periods specified will appear in a subsequent issue.
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48 SURVEY OF CURRENT BUSINESS JANUARY 1940
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938 1939
Novem-ber
Decern- jber
Janu-ary
Febru-ary March April M a y June July August temper Pctober
LUMBER AND MANUFACTURES—Cont inued
SOFTWOODS-Cont inued
Redwood, California:Orders, new __M bd. ft__ 22,005Orders, unfilled, end of month d o . . . . 31,445Production do 31,201Shipments do 28,019Stocks, end of month do 208.897
FURNITUREAll districts: |
Plant operations percent of normal. .| 67. 0Grand Rapids district:
Orders:Canceled percent of new orders.. 7.0New no. of days' production.. 23"Unfilled, end of month do 35
Plant operations percent of normal.- 65. 0Shipments, . . no. of days' production.. 20
Prices, wholesale:Beds, wooden 1926=100.. 77.9Dining-room chairs, set of 6 do 102.3Kitchen cabinets . do 88.1Living-room davenports do 87.2
Steel furniture (see Iron and Steel Section).
25,93924. 69433,lOfi25, 023
304.859
6.01918
61.015
79.3102.387.687.2
22,13425.31027, 28419.181
313. CN7
58.0
7.01213
62.013
77.6102.387.687.2
34. 27034,56225. 2rtl23,811309,310
56.0
4.01921
58.012
77.6102.388.187.2
20 87530,64726.27224, 243
307, 494
56.0
5.01419
53.013
77.6102.388.187.2
32, 09832. 48528, 58530,822
300, 378
'57.0
5.01416
53.015
77.6102.388.187.2
26, 38729. 67627. 93028. 096
298, 052
53.0
6.01013
42.012
77.6102.388.187.2
26,84628,18131,61427,806
299,887
53.0
7.01113
47.011
77.6102.388.187.2
24, 49824, 56328, 26227, 469295, 551
50.0
2.02528
47.013
77.6102.388.187.2
23, 16828,37725, 42123, 497
296, 426
51.0
4.01630
50.013
77.6102.388.187.2
32,08528, 40432, 98932, 405
298, 707
59.0
3.02030
56.018
78.1102.388.187.2
1
39, 72741,02730, 29526, 772
299, 358
63.0
3.02331
56.019
78.1102.388.187.2
' 30, 782»• 39. 092* 33, 358r 32, 603296, 462
66.0
5.02635
63.021
77.9102.388.187.2
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:Exports (domestic) total§ long tons..
Scrap doImports, total § - do
Scrap doPrice, wholesale, iron and steel, composite
dol. per long ton..Ore
Iron ore:Lake Superior district:
Consumption by furnacesthous. of long tons..
Shipments from upper lake ports doStocks, end of month, total do
At furnaces. . doLake Erie docks... , do
Imports, total § _. doManganese ore, imports (manganese content)!
thous. of long tons..
Pig Iron and Iron Manufactures
Castings, malleable:Orders, new short tons...Production, _ _ do
Percent of capacity .__.Shipments short tons..
Pig iron:Furnaces in blast, end of month:
Capacity... -long tons per day_.Number
Prices, wholesale:Basic (valley furnace) dol. per long ton..Composite doFoundry, No. 2, northern (Pitts.)
dol. per long ton..Production thous. of long tons..
Cast-iron boilers and radiators:Boilers, round:
Production thoas. of lb_.Shipments . doStocks, end of month do
Boilers, square:Production _ doShipments ._ doStocks, end of month do
Radiators:Convection type:
Sales, incl. heating elements, cabinets,and grilles thous. sq. ft. heating surface..
Ordinary type:Production « . doShipments „__. doStocks, end of month do
Boilers, range, galvanized:Orders:
New number of boilers...Unfilled, end of month, total.. _.do
Production doShipments doStocks, end of month . . . .do
Steel, Crude and Semimanufactured
Castings, steel:Orders, new, total ...short tons..
Percent of capacityRailway specialties. short tons..
Production, total doPercent of capacityRailway specialties. ...short tons..
124,085191
22.5023.15
24.893,720
2,2332,88211,905
17, 27323. 75180, 391
660
5,6477.82421,424
80. 26548, 99984. 18182, 49230, 677
99, 89989.2
52,14685. 75576.6
36, 615
469, 596273,44027, 6274,749
36.39
3,1501,481
37, 45632,1665,290198
26
36, 64335,35143.0
35, 563
75, 795121
20.5021.15
22. 892, 270
2,2333,08316,877
15,38820.027104, 021
4,7655, 697
26, 394
70, 86237, 17083,71680, 57431,819
30, 42827.27.128
29, 99426.87,207
490. 095323, 69128, 7676,519
36.37
3,0410
34, 57929, 4565,123187
30
35,63338, 80246.0
36,434
71,315117
20.5021.15
22.892,211
1,3382,18216,114
10,12815, 08198,831
498
3, 9554,815
25, 624
47, 88220, 62670, 23264.42637, 625
38, 34234.2
14, 74936,13032.3
11, 282
362, 672227, 88427, 6643, 333
36.36
2,9270
31. 68926,6465,043180
10
38,10535, 37243.5
36, 403
70, 235118
20. 5021.15
22.892,175
1, 5731,642
15,986
12, 88112, 27699,128
442
4,8963,81428, 279
61.00315, 02664, 09466, 60335, 317
42, 02437.5
12. 60638, 92834.8
12, 804
359,690224, 91319,1491,413
36.37
2,8530
28, 84023,9124,928179
26
33, 23434, 78642.9
34, 698
74, 285121
20.5021.15
22.892,060
1,8071,376
16, 491
13, 8019,246
104,303
305
4,7112, 95030,800
50,87612. 60456, 47653, 29838, 495
30, 36027.16,84836, 47132.6
10, 060
474,360312, 26225, 369
780
36.40
3,3170
25,87221,0544,818203
21
35, 99739, 61547.5
39, 807
77,460123
20.5021.15
22.892,395
2,1981,113
17, 579
19,96010, 406114,878
340
5,5932,88733,612
57, 92810,14560, 42160, 38738, 463
41.36736.9
11.12540, 21935.9
10,173
394,008240,12444, 0832,769
36.34
2,80057
22, 79118, 3064,485
162
11
29,18331, 64038.8
33,666
60,160102
20.5021.15
22.892,056
1,9161,20318,301
15,3399,448
119,839
476
4, 3503,10334,875
69,77219,44253, 45460, 47531,442
34,10030.49, 65535, 94432.19,751
532,641384, 88128,1423,971
35.80
2,2463,60123,07118, 8354,236217
17
27, 70230,84037.8
32, 657
60, 515107
20.5021.15
22.891,718
1,9301,051
19,084
16, 42911, 744124,462
556
4,2764,20734,963
68,19120,63867, 61066, 99532,057
41,66037.2
12. 62141, 35936.9
12,506
588, 856398, 88832, 5872,537
35.69
2,8305,573
25, 86121,6104,251
189
15
29,04130, 78137.0
32, 566
72,495118
20. 5021.15
22.892,118
1,9501,42719,421
16,19414. 577126,130
729
4,6554,73034,975
59, 27716. 24562. 99663, 67031, 472
37, 77433.7
11,87240, 27236.0
11,060
513,664350, 06630, 8513,335
35.82
3,1436,31028, 50724,1964,311222
24
29, 89228, 83635.3
26,169
79, 765130
20.5021.15
22.892,356
1,3871,749
19, 056
15, 28416,807124, 581
811
4,1875,280
33, 902
53, 91419,67147,89450, 48828, 878
34, 80431.17,72134,16830.58,498
477,078291. 89628, 3283, 729
35.95
3,7756,95532,71428, 3654,349213
18
40,00540, 21247.9
33, 289
87, 715138
20.5021.15
22.892,660
1.9462, 53718,403
21, 44225, 360120, 651
1,106
5,2997, 23432,007
06,08216, 69469, 65669, 05929, 475
39, 69835.46,912
42, 42837.9
10, 229
575,613330. 68029, 8743,216
36.67
4,1857,865
35, 85331, 2034, 650179
43
64, 73241,42750.5
39, 215
105, 525169
21.5022.35
23.892,879
2,1814,634
16, 010
20, 69635, 593
105, 757
915
5,2999,20928,133
133, 38461, 49486, 06988, 58426, 960
96, 68786.3
42, 21343, 59038.9
12, 449
591, 856336, 77519. 1892,305
37.62
5,2719,201
39, 00533, 9445,121203
57
63, 83554, 26366.3
49, 807
120, 565
22.5023.15
24.893,628
2,6885, 44513,264
20, 92539, 86986, 890
792
6.75410, 38724, 543
51, 226110,988108, 960
119,687106.9
58, 53072, 096
64.426, 391
r Revised.IRevised series. Data revised for 1937; see tables 19 and 20, pp. 14-15 of the April 1939 issue.
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 49
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1838 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April M a y June July August Sep-
temberOcto-ber
METALS AND MANUFACTURES—Continued
IRON AND STEEL—ContinuedSteel, Crude and Semimanufactured—
ContinuedIngots, steel:
Production thous. of long tons..Percent of capacity
Bars, steel, cold-finished, carbon, shipmentsshort tons..
Prices, wholesale: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..
U. S. Steel Corporation:Earnings, net thous. of dol._Shipments, finished steel products
thous. of long tons..Steel, Manufactured Products
Barrels and drums, steel, heavy type:Orders, unfilled, end of month number..Production do
Percent of capacityShipments number..Stocks, end of month do
Boilers, steel, new orders:Area thous. of sq. ft..Quantity number..
Furniture, steel:Office furniture:
Orders:New thous. of doL.Unfilled, end of month . . .do
Shipments doShelving:
Orders:New doUnfilled, end of month do
Shipments doPlate, fabricated steel, new orders:*
Total . short tons..Oil storage tanks- . . . do
Plumbing and heating equipment, wholesaleprice (8 Hems) dollars.
Porcelain enameled products, shipments ?thous. of dol._
Spring washers, shipments doSteel products, production for sale (quarterly):
Merchant bars thous. of long tons..Pipe and tube _ do .Plates doRails do „Sheots, total._ . d o . . . .
Percent of capacity... __Strip:
Cold rolled thous. of long tons..Hot rolled do
Structural shapes, heavy doTin plate doWire and wire products I.-doIIII
Track work, shipments short tons..NONFERROUS METALS AND
PRODUCTSMetals
Aluminum:Imports bauxite § long tons..Price, wholesale, scrap, castings (N. Y.)
dol. per lb . .Babbitt metal (white-base antifriction bearing
metals):Consumption and shipments, total
thous. of lb_.Consumed in own plants doShipments . do
Copper:Exports, refined and manufactures!
short tons...Imports, total § do
For smelting, refining, and export§. doProduct of Cuba and Philippine Islands
short tons._All otherf do
Price, wholesale, electrolytic (N. Y.)dol. per lb—
Production:Mine or smelter (Incl. custom intake)
short tons..Refinery do
Deliveries, refined, total doDomestic ____ _ doExport I_IIII"IdoJI__
Stocks, refined, end of months, doLead:
Imports, total, except manufactures (lead con-tent) §_.__ short tons. .
Ore:Receipts, lead content of domestic ore. doShipments, Joplin district^ - .-do |r Revised.
5,46392
67, 977
.0263
34.00.021017. 66
1,271
966,5191,575,168
91.21,592,000
49,745
659
2,0751,3152,142
660575487
25,9959,107
6,640
54,801
.0950
2,456794
1,661
41,04919, 93717, 451
1,3641,122
.1223
0)0)0)0)(00)
2,762
3,55860
37,673
.0268
34.00.021014.20
680
248, 376788,040
49.0799, 67824,603
635947
1,8131.0641,707
335255442
20, 2133,629
233.97
675186
2,514
33, 737
1, 596597999
31,28516,15415. 56S
172413
.1103
73, 20566, 84664, 65751,39713,260
269, 488
4,482
34, 7165,419
3,13153
36, 315
.0268
34.00.021013.75
19,792
519, 375830,979
51.7822, 74632, 696
8921,012
1,852977
1,982
315205357
28, 2185,950
233.97
645177
616611452105
1,81269.0
160384395374617
2,840
41,060
.0800
1,606648958
40,74122,13221, 731
156244
.1103
72, 70968,07147. 80438, 9778,827
289, 755
4,241
35, 8854,544
3,17453
39,648
.0268
34.00.021013.85
789
438,746749, 070
47.5746,51034, 717
1,1311,264
1,9661,1321,813
253318
20, 5114,081
233.99
610185
2,909
.0750
1,725644
1,080
25, 50318, 55118,076
100374
.1103
60,17066,31654. 82751, 0593,768
301,244
11, 998
37, 6549, 695
2,98954
38,571
.0268
34.00.021014.06
678
421,037552,189
35.0556,06930, 586
817892
1,7821,1401,775
292349
22,9037,401
234. 64
771180
4,250
35, 397
.0713
1,460359
1.101
23, 80711, R3410, 509
148979
.1103
60,70759, 45251, 57748, 2673 310
309,119
15, 485
31, 5936,314
3,40555
42,808
34.00.021014.25
15,881
768
351,203709, 252
44.4710, 22829,610
617
1,7981,0521,886
499317474
29, 7847,723
234. 82
959215
672595491293
1,65460.1
125243459422674
6,481
40,309
.0713
1,783531
1, 252
27,36419, 36518, 450
105810
.1103
61,75266, 71855. 02550, 8034,222
320,812
13, 257
31, 7483.926
2,97452
36,287
34.00.021013.38
701
277,719800, 292
50.1799, 40430,498
765834
1,619952
1,707
399327389
35, 8445,429
234.82
853181
6,819
38, 288
.0703
1,380338
1,042
28,16220, 65119, 728
742
.1027
62, 54858, 36846. 66742. 4844 183
332, 513
16, 593
30,6143,734
2,92347
34, 287
.0264
34.00.021012.80
723
257,961814, 298
51.1812, 84331, 867
877983
1,7801,0161,716
507387447
34,03610,976
234. 77
851171
6,658
51, 027
1,602425
1,177
36,30319, 04018,128
903
.0983
58, 60068, 53663, 89451,22512, 669
337,155
10,961
33,589'4,692
3,12553
35, 615
.0262
34.00.021013.56
15, 881
733
208,000833,378
52.3822, 65842,587
1,0321,098
1,9021,2071,714
420360451
33, 95913, 481
234. 77
826183
595620505
1,49252.7
110210474556650
8,832
43,629
1,749611
1,137
39,35023, 24821, 992
1841,072
59, 67261, 71963, 86253,57310, 289
335,012
5,179
32, 300r4,104
3,16355
32,809
.0261
34.00. 021013.56
235, 772719,055
45.1725, 66933, 025
7721,033
1,7371,3821,567
400358360
31, 3648,188
234.71
951149
5,330
44, 805
.0688
1,613517
1,096
35,16821,12318,646
1352,342
54, 53257, 33975, 80859, 68116,127
316, 543
3,864
31,2683,491
3,76361
42,895
.0261
34.00.021013.88
804
247, 729826,941
51.9825, 551
34,407
1,175
1,8131,3081,887
404328433
21,8288,229
234.87
1,151184
5,402
40, 644
.0702
1,999629
1,370
45,84016,17615, 582
136459
.1026
0)0)0)0)0)0)
3,019
35,0634,484
4,23171
55, 495
.0261
34.00.021016.22
985
771, 7141,163,465
73.01,166,980
30, 892
1,7521,380
2,0491, 3502,007
411331408
39, 75111, 498
235.19
233
559814554188
1,75365.6
1 Temporarily not available.
152183561587588
4,916
33,133
.0713
3,133741
2,392
35, 69617, 01516, 664
128224
.1164
0)0)(00)
84,391
35, 6123,415
5,39491
67, 599
.0263
34. 00.021019.05
1,219
1,138,5431,549,056
91.01,513,362
66, 586
1,089997
2,1361,3832,104
520402449
37, 76610, 991
235.33
1,128262
5, 658
45, 660
.0713
2,635789
1,846
26, 80615, 36013,012
1,464885
.1222
0)0)0)
84,063
35, 9364,380
• Data are for 46 identical manufacturers; beginning January 1938 data are available from the reports of the Bureau of the Census for 26 additional sm1As reported by 21 manufacturers through December 1938; subsequently, 2 of these ceased operations. For 1937 and 1938, data are available from
Bureau of the Census for 34 additional establishments, and, beginning January 1939, for 80 additional establishments.JData for November 1938, March, May, August, and November 1939 are for 5 weeks; other months, 4 weeks.^Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.
all establishments,the reports of the
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50 SURVEY OF CURRENT BUSINESS JANUARY 1940
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
METALS AND MANUFACTURES-Continued
NONFERROUS METALS ANDPRODUCTS-Continued
Metals—Continued
Lead—Continued.Refined:
Price, wholesale, pig, desilverized (N. Y.)dol. perlb_.
Production from domestic ore_.short tons..Shipments (reported) doStocks, end of month do
Tin:Consumption of primary tin in manufactures
long tons..Deliveries doImports, bars, blocks, etc doPrice, wholesale, Straits (N. Y.)~dol. per lb_.Visible supply, world, end of mo.t-—long tons..
United States do_...Zinc:
Ore, Joplin district: 1Shipments short tons..Stocks, end of month do
Price, wholesale, prime, western (St. L.)dol. per lb_.
Production, slab, at primary smeltersshort tons..
Retorts in operation, end of mo number..Shipments, total short tons..Stocks, refinery, end of mo do
Miscellaneous ProductsBrass and bronze (ingots and billets):
Deliveries .__ short tons..Orders, unfilled, end of month do
Plumbing fixtures, brass, shipmentsthous. of pieces..
Radiators, convection type, sales:Heating elements only, without cabinets or
grilles thous. of sq. ft. heating surface..Including heating elements, cabinets, and
grilles thous. of sq. ft. heating surface..Sheets, brass, wholesale price, mill dol. per Ib_.Wire cloth (brass, bronze, and alloy):
Orders, new thous. of sq.ft..Orders, unfilled, end of month. doShipments... do..-.Stocks, end of month. do
MACHINERY AND APPARATUSAir-conditioning systems and equipment:
Orders, new:Totalt thous. of dol..
Air-conditioning group doFan-gronpf doUnit-heater group do
Electric overhead cranes:Orders:
New doUnfilled, end of month do
Shipments doExports, machinery. (See Foreign trade.)Foundry equipment:
Orders:New _1922-24 = 100-Unfllled, end of month do
Shipments doFuel equipment:
Oil burners:Orders:
New number _.Unfilled, end of month.. do
Shipments _ doStocks, end of month...„ do
Pulverizers, orders, new doMechanical stokers, sales:
Classes l, 2, and 3 - . .doClasses 4 and 5:
Number.Horsepower
Machine tools, orders, new tav. mo shipments 1926=100..
Pumps and water systems, domestic, ship-ments:
Pitcher, other hand, and windmill pumpsunits..
Power pumps, horizontal type doWater systems, incl. pumps do
Pumps, measuring and dispensing, shipments:Gasoline:
Hand-operated units . .Power do
Oil. grease, and other:Hand-operated -doPower do
0. 55044, 74864, 36558,061
7,8707,6295 224
38,0353, 383
. 0650
53.52446.86764,40761, 522
8,49713, 459
94
870.191
3291,829
616612
4452,390
719
192.7246.9170.1
18,7583,639
20,08518,165
42
0)
I
0.050935,95842,005115,134
4,1603, 5354,448.462337,1455,060
42, 63617, 299
.0492
40, 34336, 24343, 693120, 778
4,75913, 740
110
570.175
419780458446
2,885819837
1,228
1791,052207
89.787.094.5
11. 4092,56411.51821,421
12
7,689
22834, 533
112.2
26, 572893
12, 803
8588,412
14, 6532,367
0.048430, 98833,908115,902
4, 3303,4003,555.461837,7125,157
34, 42812, 251
.0450
45, 34538, 79339, 354126, 769
4,34711,463
1,218
109
491.174
360752392450
3,2111,112871
1,228
3771,171257
141.9126 0102.8
8,4352,1558,824
21, 32619
4,752
21940,117
146.5
24, 889865
10,402
6497,652
10,7081,480
0.048338,29940, 189
117, 214
4,2304.3303,971.4638
39.1004,624
27, 38912,602
.0450
44, 27739.50042, 639
128, 407
4,9269,240
1,391
37
410.173
505868388478
3,3351,741
812782
1681,173
166
122.5151.496.3
9,6163,0338,738
21, 88516
3,398
18934,909
150.8
41,191464
14,738
7405,858
10,2972,071
0.048136, 39134, 421
122,112
4,4104,1055,097.4562
40, 0355,486
33, 2208,652
.0450
39, 61339, 45939, 828
128,192
4,6628,161
1,419
26
418.173
352805404504
2,6741,205
821648
2011,131
244
135.5175.1112.2
7.9813,3407,674
22, 85010
2,375
18638,932
167.1
31. 485740
14, 259
1,0056,156
11,9822,981
0.048237, 79040,871122, 035
5,2704,7555,208.4621
37, 7885,806
35,18910, 503
.0450
45,08438, 25145, 291127,985
5,81814, 571
1,505
47
497.173
484853427532
4,8032,8651,073864
284993270
146.6193 6128.1
11, 8064,47510,67121.790
33
3,669
16834,811
185.4
42, 693732
16, 222
1,5828,878
13,0784,305
0.047836, 70437,903
123, 394
5,1905,9803,814.4720
37, 2243,385
31,0499,294
.0450
43,03638. 76340. 641
130,380
4,65714,037
1,330
62
546.170
347768422549
4,5273,014
955558
8231,504
312
146.2208.6131.0
11,3465,181
10, 64021, 619
8
3,427
16432, 540
155.6
38, 4681,463
16, 889
1,3469,637
13,9193,544
0. 047543, 02640,124
129, 270
5,9205, 9055,118.4902
33,7153,387
39, 7337,851
.0450
42, 30236, 33139, 607
133,075
4, 54312, 688
1,554
101
717.165
481830413560
4,9793,1931,318
468
4381,755
174
108.9173.1144.3
15, 2845,456
15, 00920, 214
23
5,023
21549,255
219.8
44,216731
20, 773
1,60112,017
17, 0853,332
0.048037, 23738, 710
129, 636
5,7804, 9256,020. 4885
30. 0394,388
31,2126,749
. 0450
39, 45036, 29137, 284
135, 241
5,02611,065
1,577
138
814.165
366750444582
5,9313,9011,509
521
2741,813
215
134.9159.2148.5
17,9016, 451
16, 90619, 947
17
7,599
26756, 419
211.6
55,048953
23,067
1,12911, 430
15,6123,186
0.048534,92642, 636
124,017
5,1405,2756,179. 4S52
29,6155,339
26, 2487, 601
.0452
39, 66935, 49143, 128
131, 782
5,03514, 625
1,532
125
657.167
468823392624
4,6912,8181,327
546
3831,917
280
114.0135.6135 5
17,8386,952
17, 33718,854
11
9,246
27951, 722
230.9
52, 336964
19,029
8759,419
14,0532,011
0. 050436, 55645, 025
117, 985
5,9006,2954,735. 4876
26, 3383,613
35, 7489,503
.0472
40, 96034, 44349, 928
122, 814
6,00615, 542
1,721
68
787.168
413793439637
4,6572, 6311,336
690
8442,414
347
131.6123.1143.8
22, 7485, 040
24, 66019, 642
14
14, 682
37663, 899
206. 5
52, 8971,138
19, 890
7369,275
12, 4682,449
0. 054535,08659,88997,473
' 6, 5705,0504,427(•)
31,1683,413
30,2859,958
.0610
42, 22537, 72969, 42495,615
7,53922,499
2,109
105
986.183
1,2701,513547593
5,7433,3281,422
4342,474375
184.4174.9132.6
36. 275,96735,35216,460
53
19,959
43986, 714
0)
47, 439860
18,452
.-„!
0.55038,90366,06073, 963
7,6306,0405,427.5525
38,2063,536
36, 7347,204
.0650
50,11743,10973,32772,405
8,99317,878
1,992
SO
891.190
1,1782,125564638
6,1213,3221,3871,412
5692,665
378
220. 6224.7170.7
33,6574,966
34, 65816, 675
38
17,846
37663,264
0)
43, 90S949
17,444
962 J 7687,624 i 8,611
12, 554 14. 7852,703 ! 7,895
r Revised. ° Nominal. l Discontinued by reporting source.tRevised series. Data for "driving mechanisms for general fan use" have been removed from the fan group beginning January 1936. Revisions not shown on p. 60 oi tbe
May 1939 issue will appear in a subsequent issue. Beginning January 1939. data on air-conditioning systems and equipment are available for from 252 to 267 manufacturers;figures shown here are for 125 of these whose orders in January 1939 amounted to morn than S5 percent of the total for 252 manufacturers. World visible supply of tin revised be-ginning January 1935 to include stocks of refined tin at all European smelters; data not shown on p. 50 of the November 1939 issue will appear in a subsequent issue.
IData for November 1938. March, May. August, and November 1939 are for n weeks: othor months. 4 weeks.1A new series based on the operations of manufacturers accounting for about 60 percent of the total dollar sales of machine tools has been compiled beginning January 1939.
Available data are as follows (percent of capacity): Jan., 52.5; Feb., 56.1; Mar. 58.7; April 61.2; May 63.6; June 65.5; July 65.8; Aug. 72.6; Sept. 74.6; Oct. 84.9; and Nov. 91.2.
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 51
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
temberOcto-ber
METALS AND MANUFACTURES-Continued
MACHINERY AND APPARATUS—Con.Pumps, steam, power, centrifugal, and rotary:
Orders, new .thous. of doLWater-softening apparatus:
Shipments, domestic units.Woodworking machinery:
Orders:Canceled. -thous,, of dolNew. ...doUnfilled, end of month do
Shipments:Quantity number of machines.Value thous. of dol.
ELECTRICAL E Q U I P M E N T
Battery sales (replacement only):*Unadjusted 1934-36=100.Adjusted do
Electrical products:*Industrial materials, sales bil led.. .1936= 100.Motorsand generators, orders received.-doTransmission and distribution equipment,
orders received 1936=100-.Furnaces, electric, industrial, sales:
Unit kilowatts,.Value thous. of dol..
Electrical goods, new orders (quarterly)thous. of doL.
Ironing machines, sales* uni ts . .Laminated products, shipments , thous. of dolMotors (1-200 hp.) :
Billings (shipments):A. O._ d o , . . .D. O d o . . . .
Orders, new:A. C do . .D . C - d o " -
Power cable, paper insulated, shipments:U n i t . . . _ thous. of ft..Value thous. of doL.
Power switching equipment, new orders:Indoor . .dollars. .Outdoor . . . d o
Ranges, billed sales thous. of dol..Refrigerators, household, sales . . number . .Vacuum cleaners, shipments:
Floor . doHand-type _ do
Vulcanized fiber:Consumption of fiber paper thous. of lb_.Shipments! thous. of dol..
Washing machines, sales* units . .
1,339
1,481
6521, 346
232505
4,153368
126,480355,056
1,442
108, 33832, 728
2, 594748
102, 990
970
1,038
456720
172388
168120
81.967.6
73.1
1,17667
8,226851
1,506305
1,605651
603
55, 627124, 927
1,04732,103
89, 77229, 734
1,565422
84,192
1,155
1,077
4612910
236418
149132
79.272.1
79.4
2,356110
160, 3749,210
876
1,713446
1,733
476502
91, 720138, 840
1,00647, 599
95, 52130,632
1,385383
67, 502
1,204
1,108
13363863
190397
100127
79.669.2
81.0
3,147195
1,436330
1,574540
271273
51,124109, 799
2,230150,108
78, 75323, 846
1,410458
109, 909
1,282
1,082
14410836
216422
78122
79.267.8
108.3
1,235
8,016812
1,508449
1,762404
353312
47, 4.58223, 2S6
2,103198, 528
87,14025,182
1,561470
129, 885
1,258
1,698
1445
209384
73121
90.899.3
129.1
4,681215
197, 65411, 607
2,050557
2,356739
637662
87, 019197,175
2,263251,644
122, 78529,470
2,070528
152, 725
1,230
1,122
5393923
152360
72132
80.577.5
103.0
1,934161
9,047830
534
2,062546
700
75,161279, 093
1,939260, 204
100, 48724, 539
1,575466
116,199
1,236
1,217
)484898
216510
84151
84.177.5
117.2
2,789194
8,433849
2,053519
2,319428
566674
89,809346, 530
2,395273,966
91,05523, 322
1,749458
105, 266
1,673
1,282
C)417905
224411
111163
87.8
102.0
3,228213
205, 5677,216
901
2,410574
2,504549
652718
92, 347217, 846
2,025
80, 66019,014
1,735441
120,076
1,090
1,306
5438980
157357
133139
78.276.0
121.2
1,33297
7,741805
2, 053538
2,128406
716773
90, 302283,614
1,428164, 211
61,49215,197
1,725437
104,817
1,585
1,236
29432
269435
176132
91.694.3
108.8
1,921182
11, 380906
2,398524
2, 595569
783860
67, 963259, 436
1,79994, 734
74, 33322, 268
1,971528
132, 297
1,469
1,512
5620
1,145
218418
239154
'116.4
' 154. 4
3,279291
212, 00110, 5651,019
2, 361474
2,7251,102
676781
71,449240, 535
1,89173,149
93, 85126,857
2,284548
138, 992
1,809
1,450
1571
1,266
288509
219129
123.0136.5
159.8
6,103438
11,1611,296
2, 535555
3,1511,403
88,485321, 761
1,71462,055
106, 53931, 362
2,722660
142,830
PAPER AND PRINTING
WOOD PULPConsumption and shipments**
Total, all grades.. ...short tons..Chemieal:
Sulphate do.Sulphite, total do.
Bleached _ ..do.Unbleached do.
Soda do.Groundwood do.
Imports*Chemical§ do.Groundwood§__ do.
Production:Total, all grades do.
Chemical:Sulphate do.Sulphite, total do.
Bleaehed do.Unbleached ._ do.
Soda do.Groundwood do.
Stocks, end of month:Total, all grades do..
Chemical:Sulphate do.Sulphite, total do.
Bleached do.Unbleached ._ do.
Soda do.Groundwood do
Price, sulphite, unbleached dol. per 100 lb_.PAPER
Total paper-Paper incl. newsprint and paperboard:
Production ._ short tons..Paper, excl. newsprint and paperboard:
Orders, new short tons..Production doShipments do
656, 047
266, 207207, 787131,00376,81042,928139,. 125
249, 88622,163
648,401
265,018207, 367131, 58175. 76042,841133, 175
123, 766
21, 80978,88447, 98230. 8503,79019, 2832.28
522, 863
214, 796151, 63590, 48661,14932, 575123, 857
166,09117,491
533, 423
217, 896157, 72493, 78263,94232,632125,171
200,002
35, 728114.25376, 54937, 7044,905
45,1162.00
957,377
514, 201534,542532,175
539,061
211,884174, 546115, 44259,10431, 996120, 635
171. 52017, 366
522, 220
212, 884152, 49895, 84556, 65331,917124, 921
183,161
36,72892,20556, 95235, 2534,82649, 4022.00
849, 764
437,128444, 728441,194
499,076
196, 419145, 04089, 51155, 52932, 643124, 974
150,51020,076
533, 442
207, 259158,913100. 33758. 57632, 255135,015
217, 526
47, 568106.07867, 77838,3004,43759, 4432.00
843,063
436,048442, 405446, 265
484, 507
199, 931136. 66785,12051, 54731, 526
103, 5047,312
484, 605
200, 502132, 66279, 69852. 96431,075120, 366
217, 624
48,139102,07362, 35639, 7173,986
63, 4262.00
873,441
468, 2744fi3, 770460,019
546,949
228, 680156,10797,15658. 95134, 705127, 457
117, 80017, 326
543, 411
228, 632149,01992,72956, 29034, 561131,199
214,0S5
48, 09194. 98557.92937, 0563,84267,1681.95
1,036,734
542,497535, 229542. 734
527, 307
221,196148, 80193, 49855, 30332, 946124,364
78, 5349, 867
521, 590
212, 559142, 40188, 25054, 15132, 768133, 862
208,369
39,45488, 58552, 68135,9043.66476, 6661.95
912, 676
436,980462. 299447, 500
524, 391
204, 220152,10894, 39857, 71033, 713134, 350
140,13118, 562
535,149
201,123161,601103, 46458,13734, 748137, 677
219,127
36, 35798, 07861,74736, 3314,69979,9931.95
959,841
477,034498,197479,108
502,887
202, 204146,99391,16455, 82930, 031123, 659
152, 71917, 403
507,857
201, 304153,52697, 30856,21831,164121, 803
224, 097
35, 517104,61167,89136, 7205,83278,1371.95
898,307
454,900441,236449,987
495, 390
208,187143, 48791,42852, 05928, 303115,413
137,43119,694
472,095
206, 479132,40082, 52749, 93326, 846106, 310
200,803
33, 80993, 58458, 99034, 5944,37669, 0341.95
861,310
429,745419,773437,246
553, 653
235, 709154. 17496, 89457, 28032, 961130, 809
130. 92019, 649
535, 230
233. 197158, 34197, 28361, 05833, 013110, 679
182, 379
31, 29797, 75159. 37938, 3724,427
48, 9041.95
1,046,459
535, 601523. 233519,276
594, 710
240, 011187,725119,79967, 92636, 216130, 758
136, 84323, 574
554, 607
233, 789171,094109, 20061, 89436.234113,490
142,276
25, 07581,12048, 78032, 3404,445
31, 6362.13
1,026,542
• 737,095• 503,846• 532,220
659, 794
270,749207, 517131,64175,87642, 705138,823
194,61521, 527
648,929
268, 672205, 701130, 26575,43642,136132,420
131,411
22,99879,30447,40431, 9003,876
25, 2332.28
1,150,490
574,361565,433580,163
' Revised. • Less than $500. • Pulp used in the producing mills and shipments to the market.•New series. Data on battery sales beginning 1934 appear in table 35, p. 17 of the August 1939 issue. Sales of washing machines and ironers beginning 1929 appear in
table 43, p. 17 of the October 1939 issue. For data on electrical products beginning 1934, see table 32, p. 18, of the June 1939 Survey; data are furnished by both member andnonmeraber companies rather than member companies alone as therein stated.
% Revised series. Data revised for 1937; see table 20, p. 15 of the April 1939 Survey.t Revised series. Data on vulcanized fibre shipments revised beginning 1934; data not shown on p. 51 of the January 1939 Survey will appear in a subsequent issue.
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52 SUKVEY OF CURRENT BUSINESS JANUARY 1940
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April M a y June July August Sep-
tember October
PAPER AND PRINTING—Continued
PAPER—Continued
Book paper:!Coated paper:
Orders, new_.__ short tons..Orders, unfilled, end of month doProduction do
Percent of potential capacity ._...Shipments short tons..Stocks, end of month do
Uncoated paper:Orders, new doOrders, unfilled, end of month doPrice, wholesale. " B " grade, English fin-
ish, white, f. o. b. mills.dol. per 100 lb..Production short tons..
Percent of potential capacityShipments short tons_.Stocks, end of month do
Fine paper;Orders, new doOrders, unfilled, end of month ..doProduction doShipments do..-.Stocks, end of month do
Wrapping paper:Orders, new doOrders, unfilled, end of month doProduction doShipments doStocks, end of month do__.
Newsprint:Canada:
Exports doProduction do.._.Shipments from mills __doStocks, at mills, end of month do
United States:Consumption by publishers doImports^ do. . .Price, wholesale, rolls, contract, destina-
tion (N. Y. basis)__..dol. per short ton.Produci ion short tons.Shipments from mills do_._Stocks, end of month:
At mills do. . .At publishers! do_.._In transit to publishers! do. . .
Paperboard:Consumption, waste paper do-__Orders, new do. . .Orders, unfilled, end of month. do. . .Production do-_.
Pereent of capacityStocks of waste paper, end of month:
At mills short tons_
5.70
PAPER PRODUCTS
Coated abrasive paper and cloth:Shipments reams_
Paperboard shipping boxes:Shipments, total mil. of sq. ft.
Corrugated do. . .Solid fiber do. . .
PRINTING
Book publications, total no. of editions.New books do.._New editions do
Continuous form stationery thous. of sets.Operations (productive activity) 1923—100.Sales books, new orders thous. of books.
288, 726287,869193, 466
181,259261,667
50.0078,88681,410
13,399295, 58950,656
339,335414,224204, 800482,808
81.8
215,850
87, 504
2,9972,820
177
88578699
144,291
"19,387
16,6123,41017,05762.4
16, 73014,018
87,92333, 730
5.4592,187
73.889.321109,975
43, 22516,17445,14946,52671,948
189,53069.322191,105189,695124, 683
245, 813245, 295264, 421177,157
176,322229, 284
50.0078, 39076, 278
20, 702291,47744,628
243,924327,168"', 586
15, 7692,71417,096
62.617, 56312, 776
86, 84034,958
5.4585, 779
68.786,076109, 604
32, 75012, 69237,81335,15874,378
142,22068,956151,076149,033126, 365
211,452209, 753225, 472161, 438
177,134209, 782
16,9613,07116, 845
63.317,31912,070
94,16040,314
5.4589,642
72.591, 667107, 518
34,51111,86436,00135, 80365, 480
148,56264,300151, 374149,088126, 551
17,911 |3,552 I17,796 !71.6
17, 64212, 472
88, 21836,931
5.4590, 589
81.189, 377107,602
35,06411,18736, fi8036,02265, 384
163, 62271, 599161, 510159,334129, 835
193,624 j 152,437208,382 200,631201,852 178,236167,968 i 190,363
160,9161S3,050
50.00 50. 0075,855 | 77,26477,974 72,967
18,583284,66130,677
221, 768334,71194,411
344,445 329,18166.3
274,951
72, 029
2,5472,385
163
900790110
119, 90384
16, 256
60.1
290, 648
62,309
2,2392,081
158
1,118961157
125,81189
14, 788
22,880 {267,15536,872 |
233,311342, 408109,099323, 394
61.2
282,095
81, 867
2,2222,075
146
60257
111,21187
15, 998
153, 346144, 308
50. 0070, 86871,926
21,822 j251,041 |13,449
247,710338,030112,801338,803
67.8
262,344 '
77,477
2,3042,145
159
691185
107, 55792
16, 286
19,5534,060
20,02871.7
19,91912, 581
102,81038,053
5.45102,788
79.9104,196106, 435
48,12414,22745,04646,51163,976
186. 43362, 718
194, 280195, 555126,936
217,651220, 648205,099205, 912
174,096189, 360
16,3053,238
17, 75468.6
17,90212,433
92,71239,252
5.4590,289
77.788,980
106,381
33,29412,28038,07536,93566,573
145,74058,629
159,353152, 265132,148
162, 352220,843214. 255212, 500
179,542209, 597
17,1262, 861
18, 57966.5
17, 40913,762
83, 69228,179
5.4596, 088
77.489, 393
• 58, 282
37,2949,523
43,04341,16661. 504
186, 71064, 050
184, 727180, 344136, 617
244, 400250. 015274, 635187, 880
178, 543250, 668
50.0079,92981,616
20,135223, 46932,580
292, 474429,545124, 420421, 576
73.4
248, 595
85, 778
2,8272,640187
945803142
128, 50886
16, 889
50.0077, 39377,463
20,065206, 72737, 253
262,918347, 57597, 340372,984
69.1
255,354
85, 267
50.0085, 87284, 443
21, 494229,14239, 251
264, 348372,89393, 643375, 772
64.2
259, 423
80, 246
2,395 ! 2,6272, 218 2,430
177 197
1,2221,043179
108, 59787
16, 041
708127
116,93584
16, 498
17, 2763.09015, 63464.9
15, 77115,139
89, 68132, 755
5.4587,95373.9
84, 862»60,981
31, 5388,796
33, 49132,21662, 669
146,40464,100140,193147,601128,990
244, 655240,545232, 261196,164
170,980216,580
50.0080,56284, 628
17,428230,44347, 737
259,996383, 37195,058376, 509
66,6
255, 677
15, 7443,64714, 30655.9
15,09714, 211
79, 21030,324
5.4579, 34568.8
82, 516a 57, 770
30,96710,82729,34229,69160,539
140, 74659, 354135,976142,166115, 283
200,174227, 630221, 743202,051
172, 861201, 991
50.0074,93275, 354
17, 006252,66443, 459
255, 830382. 682108, 427366, 605
63.9
257, 889
80,115 ! 76,903
2,6242,388236
537 j99 '
128, 58381
16,466
2,4442,242
202
798669129
112,19476
16, 549
15, 5593, 695
17, 73769.9
16, 28714, 971
107,02841, 701
5.4598,180
78.79fi, 337
»59,839
40, 83110, 47043,12242, 44861,132
195, 37567, 038
187, 921191, 030112, 542
j
33,88712,86219,401
75.020,32813,807
149,85777, 330
5.45101,148
85.8108,744« 50, 209
74,05341,10340,94142, 30359,739
265, 252151, 552169,259178,678111, 603
235, 487236, 975224, 367214, 659
159, 647395,644
50.0080, 00079,060
17, 916277, 58939, 862
314,316454,817119, 502443, 226
72.4
246,219
86,401
2,6352,911
276
746617127
126, 55278
17,414
23,87212,81324, 34391.4
24,29113,848
125,51185,832
5.65118,967
97.9119,489°49,399
44,73140,80244,41046, 35557, 752
191,250154,647185, 944191,002106,970
228,163 I 270,493253,230 280,985267,005 | 289,260200,884 I 192,609
177,078 ! 195,510250,005 | 282,581
|50.00 i77,309 I78,559 j
16,696 | 15,923
50.0078, 59179, 364
283,2947,776
320,073628,272290,467445,387
75.5
214, 352
285,33350,053
365,396467,834285,935506, 466
85.6
218,649
94,993 ! 102,186
2,815 j3,059
244
1,2049C6238
3,4143,171
243
882772110
137,299 I 162,23078 | 77
18,947 I 20,284
RUBBER AND PRODUCTS
CRUDE AND SCRAP RUBBERCrude:
Consumption, total long tons..For tires and tubes (quarterly) do
Imports, total, including latex§ doPrice, smoked sheets (N. Y.) dol. per lb__Shipments, world long tons..Stocks, world, end of month do
Afloat, total doFor United States .do
London and Liverpool doBritish Malaya doUnited States do
Reclaimed rubber:Consumption . do.Production do.Stocks, end of month do
Scrap rubber:Consumption by reclaimers (quar.) do
54,322
~42,~372".202
114,044
69,139118,535
18,00620,75522, 3G2
49, 050
32,924.163
68, 000512,000
92, 00051,11490, 07387, 531242, 592
13, 52215,12417, 083
48,14392,02137, 294.163
58, 000483, 00080, 00045,10586, 85384, 499231,500
13, 09615,89923, 000
46, 234
"36," 867".158
86, 000498, COO105, 000
48, 21080, 64390, 142
221,8X0
An 365
"30," 826"
77*.480106557587
159000000000814517968
2 1 0 , 0 9 3
13.000 i13,763 I21,960
12, 62613.09321, 390
50,16599, 03945, 496
.16375, 000
461,000102, 00055, 98172, 23581, 274205, 214
15,322 |14,52819. 955
36,248 i — I i 36,496
44,
" 3 1 ,
74",438
99
166
854"159000000000918
68^ 93177 683
192, 638
1314
391527
22,628
44, 377
" 4 5 , " 784".166
70,000430, 000
96, 00054,04666,02074, 308
193,651
13, 51714, 76922, 771
47, 259• 90 95234, 272
.16466.000
408, 00088,00051, 27463, 878
r 75.419180,343
14, 87015,87123,058
34,204
43,880
"37," 222".165
84, 000419.000105,00052, 99057, 23483, 010173, 395
13, 54212, 58821, 339
50,. 481
""38," 408".107
92, 000397,000120, 00066,717 I
r 44,917 !71,195 I
161,233 l
16, 84617, 21420, 645
50,150 1 55,764
37,504.213
94,000 i-397,000'134,00068,310
'39.35976,228
147, 280
45,340.199
113,000414,000173,000100,50038,25971, 662
'131,240
10,953 ; 18,95517,990 1 20,89621,185 ; 21,829
38,321r Revised. 'Es t ima ted .• Change in inventory due to physical check-up. Figures prior to May 1939 not comparable with later data.fRevised series. For'book paper, see note marked with a " t " on p. 51 of the July 1939 Survey. Stocks of newsprint at publishers, and in transit to publishers, revised
for 1937 and 1938; revisions not shown on p. 52 of the April 1939 Survey will appear in a subsequent issue.§Data revised for 1937; see table 20, p. 15 of the April 1939 Survey.
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 53
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938 1939
Novem-ber
Decem-ber
Janu-ary
Febru-ary March April M a y June July August Sep-
tember
RUBBER AND PRODUCTS—Continued
Octo-ber
TIRES AND TUBES
Pneumatic casings:fProduction thousandsShipments, total do...
Original equipment* do...Replacement equipment* do...Exports* do...
Stocks, end of month do...Inner tubesrf
Production .__._ do...Shipments, total do...
Exports* do._.Stocks, end of month do...
Raw material consumed:Crude rubber. (See Crude rubber.)Fabrics (quarterly) tbous. of lb
RUBBER AND CANVAS FOOTWEAR
Production, total thous. of pairsShipments, total do..Stocks, total, end of month do..
4,8674,2441,8232,273148
9,244
4,5133,940127
8,214
6,0495,47315,195
1
4,1394,4051,7772,544
847,924
4,0294,138
557,665
5, 5136, 13915, 695
i
4 ;7294,1541,7072,348
998,451
4.3513,859
558.166
58, 376
4,5814,1631,6852,397
818, 932
4,0983,936
71
5,523 ! 4.8075. 035 | 4, 77816. 183 16,157
4,3443.7391,4722,156
1119,573
3,6813,335
658, 415
4,9534,62916, 582
5,1374,5831,7472,723
11310,109
4,4704,015
748,901
59, 801
5,8975, 21417,281
4,2114,3561,5292,719108
3,8413,927
828,837
5,2164,41418, 083
4,4184,7531,4153,239100
9,919
3,8484,154
678,840
5,0334,01719,055
4,8705,7501,3704,267113
4,3205,123
668,044
• 62,419
4,8664,19219, 729
4,5105,056809
4,16285
8,300
4,0434,285
627,819
3,2804,89418,115
5,4924,919611
4,205103
8,891
4,9184,432
658,238
5,0906,21316, 956
5,0075,6211,249
'4,227146
8,364
4, 5125,025
987,846
4,7136,45215, 218
5,4315,1881,8053,237146
8,657
5,0735,012108
7,717
5,3325,91614, 619
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Price, wholesale, composite dol. per bbl__Production thous. of bbl__
Percent of capacity _Shipments thous. of bbl_.Stocks, finished, end of month doStocks, clinker, end of month do
CLAT PRODUCTS
Bathroom accessories:Production thous. of pieces..Shipments doStocks, end of month do
Common brick:Price, wholesale, composite, f. o. b. plant
dol. per thous..Shipments thous. of brick..Stocks, end of month do
Face brick:Shipments doStocks, end of month. do
Floor and wall tile shipments:*Quantity thous. of sq. ft__Value thous. of dol__
Vitrified paving brick:Shipments thous. of brick...Stocks, end of month do
Hollow building tile:Shipments short tons..Stocks, end of month do
GLASS PRODUCTSGlass containers: f
Production thous. oiPercent of capacity
Shipments thous. of gross..Stocks, end of month do
Illuminating glassware:Shipments, total thous. of dol._
Residential doCommercial . . . .doMiscellaneous do
Plate glass, polished, production, thous. of sq. ft.Window glass:
Production thous. of boxes..Percent of capacity
GYPSUM AND PRODUCTS
Crude:Imports short tons..Production ..do
Calcined production doGypsum products sold or used:
Uncalcined doCalcined:
Lath _ thous. of sq. ft..Wallboard do. . . .Keene's cement.. short tons..All building plasters doFor manufacturing uses doTile thous. of sq. ft..
0)11, 053
52.110,14620, 7764,880
1,022958375
12,083
4,30069.1
8,374
()15,812
1,14370.5
1.66710,184
48.28,573
22.1794,963
1,1891,070
195
12. 039151, 568482.032
45, 701272, 200
3,9961,129
7,20651, 323
54, 762335, 707
r 3, 71264.6
' 3,481' 7,743
532288133111
12, 883
54.4
1.6678,066
36.96,290
23. 9475,282
953891219
12.046133,184478, 260
37, 307283,017
3,261956
7, 19148,127
46, 815347. 147
'3 ,51958.8
' 3 ,046' 8,130
443227125
9112, 691
1,00361.7
247, 673683, 127534, 415
192, 931
214, 15189, 678
4,333, 730
36, 5174.885
1.6675,301
24.35,640
23.6115.563
831795255
12.023101,056476, 359
34, 499292, 565
3, 549
4,27648, 763
50, 024342, 408
' 3 , 58555.8
' 3,4648,179
443217130
9712, 209
94358.1
1.6875, 50527.95,04424,0925,988
728673321
12.02495, 920
455, 859
28, 785300, 546
3, 562959
2,00748, 585
43, 643348, 792
' 3.38655.7
' 3,3208,192
35718510765
10,165
80949.8
0)8,17137.48,46723, 7866,447
720350
12.032166, 380397, 838
57, 624290, 906
4, 9691,285
3,99447, 336
72, 546340, 348
r 4,12561.4
' 3, 931' 8,316
39620111679
11, 867
91256.1
40, 423541,183533, 440
139, 248
207,41895,9815,506
331, 70226,2335,228
0)9,67445.79, 65423, 8376,568
583552374
12.026178, 903374, 572
62, 982277, 291
4, 6391,208
3, 61245, 761
81,994327, 847
4,07165.43,9788,336
()(0()()7,268
74045.6
0)11,18550.9
12, 74822, 2515,728
762792377
12.077209. 716351,155
79,349256, 825
4,7371,282
6,64743, 002
105,173307, 810
4, 51669.74,4858,293
()
8, 036
72944.8
0)11,95356.5
12, 71521, 4775,797
814819382
12.118199, 945361, 264
69,489252, 395
5,1691,423
6,84444,079
96, 28S306, 435
4,66272.04,6188,209
72044.3
291, 810845, 524773, 634
244,163
297, 267113,7217,781
486,49425, 5158,581
0)12, 64457.9
11, 75522, 3615,928
1,027908388
12.059177,165393, 393
62, 658248, 673
5,0281,359
6, 38644, 214
95.180305, 242
' 4r 59373.6
' 4,158' 8,572
()6,212
69042.6
(012, 36956.6
13, 40121, 3275,727
1,1681,213376
12.038189, 287416, 302
66,906245, 967
6,3311,663
9,03844,169
107, 771319, 464
4,80271.4
' 4, 7668, 548
()10, 450
86753.4
0)11, 93756.3
13,10420,1605, 254
1,1481,160397
12,038167, 348451, 390
' 62, 527241,785
' 5, 5871,500
8,14943, 719
' 90,184316,376
4,25068.3
4,9797,739
()13,663
91456.2
445, 756995, 760840, 245
.I 286,391
342, 060
0)112, 539
57.2' 12, 82919,869
' 4,854
1,2821,215
369
12,043183,164466,051
64,274236, 770
5, 6651,506
42,156
89, 700324,886
4,89175.5
4,4718,061
()18, 369
1,12169.1
102,4007,949
533, 79028, 2199,026
' Revised. « Estimated.1 Discontinued by compilers; data on an index basis appear on p. 20. « Discontinued by reporting source.•New series. For data on floor and wall tile beginning 1935, see table 31, p. 18 of the June 1939 Survey. For the new series on pneumatic casings and inner tubes see
tables 27 and 28, pp 16-18 of the May 1939 Survey.tRevised series. Data for pneumatic casings and inner tubes revised for 1936, 1937. and 1938: see table!? 27 and 28, pp. 16-18 of the May 1939 Survey. Data for glass
containers revised beginning 1936: the revisions, which for the most part are small, will appear in the 1940 Supplement.
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54 SURVEY OF CURRENT BUSINESS JANUARY 1940
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Septem-
berOcto-ber
TEXTILE PRODUCTS
CLOTHINGHosiery:
Production thous. of dozen pairs..) 12,987Shipments __ do j 12 451Stocks, end of month do 24,721
COTTON
Consumption _ bales.Exports (excluding linters)§ thous. of bales.Imports (excluding linters)§ do.__Prices received by farmers .dol. per lb__Price, wholesale, middling (New York), .do.._Production:
Ginnings (running bales)* thous. of bales.Crop estimate, equivalent 500-lb. bales..do
Movement Into sight .doStocks, world, end of month* do
American cotton. doIn the United States.._ do . . .
On farms and in transit doWarehouses do. . .Mills do . . .
In foreign countries - do . . .Foreign cotton. do . . .
COTTON MANUFACTURES
Cotton cloth:Exports! thous. of sq. yd . .Imports! _ -doPrices, wholesale:
Mill margins* _ cents p e r l b . .Print cloth, fi4 x 60. _ dol. per yd . .Sheeting, unbleached, 4 x 4.. do
Finished cotton cloth:%Production:
Bleached, plain thous. of yd_.Dyed colors doDyed, black . .doPrinted .do
Spindle activity:Active spindles thousands..Active spindle hrs., to ta l . . mil. of hrs , .
Average per spindle in place hours..Operationst pet. of capacity..
Cotton yarn:Price, wholesale, 22/1, cones (factory)
dol. per lb_.Price, wholesale, 40/s, southern, spinning
dol. per lb._
RAYON AND SILKRayon:
Deliveries, yarn, unadjusted!—-1923-25=100-.Imports! .thous. of lb_.Price, wholesale, 150 denier, first quality
(N. Y ) dol. per lb_.Stocks, yarn, end of mo.* mil. of lb_.
Silk:Deliveries (consumption) bales..Imports, raw thous. of 1b...Price, wholesale, raw, Japanese, 13-15 (N. Y.)
dol. per lb._Stocks, end of month:
Total visible supply . .bales. .United States (warehouses) . .do
718, 721584
11.088
11,112> 11, 792
2,288
8
0)0)
35, 56411,859
14.93.053.068
WOOL
22, 7748,803
353101.3
.279
9155,677
.537.5
32, 2415,423
3. S94
92, 52741,927
22,909
26,4269,238
11, 73111,97319,843
596,416480
14.085.091
11,231
1.73940, 72921, 54519,218' 1,98515, 5541,679
' 2, 32719,184
26,3294,912
10.78.045.054
134,661100, 200
6,617109,136
22.4477,564
29083.4
.240
.341
5952,031
.5140.0
41, 5996,437
1.801
150,71846, 218
16,302
23, 5127,716
10,86310, 64120,217
565,627368
11.082.087
11,41211, 944
862• 38, 331• 20, 605• 18, 286' 1,319
• 15, 302' 1, 665'2 ,319
' 17,726
28,6346,188
10.69.043.051
141,266102, 504
6,369118,926
22,4337,185
27682.3
.225
.338
6911,781
.6139.5
35, 2046,542
149, 77853, 278
18,162
29,6889,501
11, 23510,21121, 301
598,132290
12.083
11, 553
437' 35, 898' 19, 626' 17, 399'1 ,085
' 14, 721' 1, 593' 2, 227
' 16, 272
20. 7688,534
10.46.043.050
127,16591,1154,780
107,960
22, 4977,642
29585.7
.220
.335
7452,877
.6139.4
40,8165,039
1.9Q0
124,35448, 554
21,938
25,9419,784
17,274
22,4498,776
1,58075
213
60, 04177,747
124
.72
.30
18,826
10, 5678,159
1,33862
198
55, 70467,613
95
.28
1.683
1.015
1.13
20,542
20,2445,852
1,57369
175
63,24879,174
117
.30
1.683
1.Oil
1.13
14, 771
23,7726,291
1,79173
178
72,48982,819
136
.71
.32
1.683
1.015
1.13
14,054
27,4897,984
16,709
24, 7079,604
26,625 I 19,832Imports (unmanufactured)! thous. of lb._Consumption (scoured basis):1
Apparel class. do . . _ . 26,426 23,512 29,688 25,941 22,449 21,110 10,567 20,244 23,772 27,489 24,707 25,006 jCarpet class do 9,238 7,716 9,501 9,784 8,776 9,856 8,159 6,852 6,291 7,984 9,604 8,847
Operations, machinery activity (weekly aver-age) .*[
Loom?:Woolen and worsted:
Broad thous. of active hours . . 2.043 1,530 1,777 1,924 1,942Narrow d o . . . . 101 86 82 79 78
Carpet and rug d o . . . . 213 172 178 186 209Spinning spindles:
Woolen do 80,173 71,285 72,928 73,480 73,130Worsted. d o . . . . 103,333 86,385 97,458 87,770 82,226
Worsted combs _dO-.._ 157 147 150 129 137Prices, wholesale:
Raw, territory, fine, scoured. dol. p e r l b . . 1.06 .74 .73 .73 .73Raw, Ohio and Penn. fleeces do .47 .32 .31 .31 .32Suiting, unfinished worsted, 13 oz. (at fac-
tory) _. dol. per y d . 2.178 1.624 1.634 1.634 1.646 l.CWomen's dress goods, French serge, 54" (at
mill) dol per y d . . 1.163 1.040 1.015 1.015 1.015 1.015Worsted yarn, 32's, crossbred stock (Boston)
dol. p e r l b . J 1.46 1.12 1.11 1.10 1.13 1.13* Revised. ° Total crop. b As of December 1.* Data unavailable due to war situation.t Revised series. Cotton spindle activity revised beginning August 1933; see table 18, p . IS, of the March 1939 issue. Da ta on rayon deliveries revised beginning
January 1936; revisions not given on p . 94 of the February 1939 Survey will appear in a subsequent issue. Data on cotton cloth exports revised beginning 1913; see table48, p . 16, of the November 1939 issue.
t See note marked with a " t " on p . 54 of the July 1939 Survey.*New series. The data on cotton stocks shown here are compiled by the New York Cotton Exchange and replace the data compiled by the Commercial and Financial
Chronicle. Data beginning 1920 appear in table 34, pp. 15 and 16 of the August 1939 Survey. Data on total stocks of foreign cottons and total world stocks of all cottons begin-ning August 1934 and all other series beginning August 1938 have been revised. Revisions not shown above will appear in a subsequent issue. For cotton cloth mill marginsdata beginning 1925 are shown in table 51, p. 18 of the November 1939 issue. Data on rayon yarn stocks, poundage basis, have been substituted for the series formerly shown,which was on basis of number of months ' supply. Figures beginning January 1930 not shown on p. 94 of the February 1939 Survey will appear in a subsequent issue.
§ Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the AprU 1939 Survey.•JData for December 1938, January, April, July, and October 1939 are for 5 weeks; other months, 4 weeks.
11,37410,53522, 201
562,580264
8.082.090
41833, 56718,71316, 570
••94914,1011,520
' 2,14314, 854
27, 6189,210
10.05.042.050
126,64193. 483
5,130106,396
22, 5337,164
27787.8
.224
.335
7353,395
.5139.5
33, 2193,040
2.114
98,07838,178
13,19813,14222,317
649,94033010
.083
.090
• 11,623
42831,00517, 67015, 626
'803• 13, 446' 1,377' 2, 04413, 335
33,13510,108
10.11.043.050
144,021109, 652
6,633127,815
22, 5038,243
31986.7
.225
.335
6703,955
.5141.1
11,02410, 57722,823
543,18717813
.082
.088
276' 28, 656r 16, 766>• 14,921
'718' 12, 948' 1, 255' 1,845
T 11,890
29, 7266,566
10.01.042.049
127,85897,2704,962
109,250
22,1236,895
26984.7
.225
.335
6643,457
.5143.4
37,863 I 27,802' 3,9433,555
2.218
86, 81623,116
25,441
21,1109,856
2.393
77. 23820,738
11, 79610,89123,789
606,090143
14.085.096
' 26,155' 15, 772' 14,171
'646' 12, 393
1,132' 1, 601
' 10,383
23,9805,581
9.33.042.049
131, 71598, 292
5, 782108, 736
21, 9707,573
29781.9
.228
.335
3,322
.5141.5
26,1503,592
61,60124,201
11,21810, 29424,773
578,43611412
.087
32823, 72314,826
• 13, 487'595
11, 920'972
' 1, 339' 8,897
26,9827,151
9.84.045.052
127,10489,020
5,84390,265
21, 7717,399
29082.5
.235
.335
8674,159
.5132.6
26, 2564,050
2.534
60, 70919, 209
9,8199,483
25,109
521,353107
16.088.097
137
565• 21, 462• 14,030• 12,956
'550' 11, 591
'815' 1,074' 7, 432
28,6746,750
10.52.047.053
127, 63490, 2676,543
87, 281
21,9396, 621
26281.9
.238
.346
9253,503
.5124.9
26,1342,614
73, 34825, 748
1,75969
155
73, 73971,306
132
.72
.32
1.683
1.015
1.13
12,44812,92424,634
628,448219
13.087.094
1,402
8700)0)
23,53411,15411, 774
6060)0)
23,8786,776
11.41.047.053
137, 722102, 281
7, 30599, 242
12,33412 82024,147
624,902649
10.091.093
6,687
2, 761
(00)
22,3837,409
14,151823
0)(0
30,02311,189
14. 56.054.063
153, 025IOC. 678
8.056113, 380
22,012 22, 2327, 908 7, 695
313 i 30685. 1 92. 5
.240
.349
7923,423
.5218.9
33,0954,495
2.641
81,06025,060
.266 ;
.389
9243,108
.5313.0
36,8697, 262
2.993
89,16027,760
13,19413,15624.186
16, 936
,093
10,085
3,093
(00)
20,8303,972
15, 4411,417
0)(')
40, 49411,774
15.83.055.069
173, 256120,460
8, 322124,201
22, 6598,581
34297.9
.277
.404
' 9094,062
.539.4
41,8586, 936
3. 271
89,13535,935
1,
77,
69882
199
20177, 698
1
145
.73
.33
683
1
7481
1
,54981
196
,103,611144
1.02.45
.906
1.015 |
1.15
1.101
33,98411.274
1,78205
221
81, 748105, 604
167
1.09.49
2.178
1.163
1.53> Total ginnings to end of month indicated.
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JANUARY 1940 SURVEY OF CURRENT BUSINESS 55
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
t939Novem
ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August Sep-
tember October
TEXTILE PRODUCTS—Continued
WOOLr-Continued
Receipts at Boston, total thous. of lb__Domest ic . . doForeign __ do _
Stocks, scoured basis, end of quarter, totalthous. of lb
Woolen wools, total . . doDomestic ... „ . . doForeign do
Worsted wools, total doDomestic ._ doForeign „ do
MISCELLANEOUS PRODUCTS
Buttons, fresh-water pearl.Production pet. of capacityStocks, end of month thous. of gross..
Fur, sales by dealers . __ thous. of dolPyroxylin-coated textiles (artificial leather) :f
Orders, unfilled, end of mo..thous. linear yd. .Pyroxylin spread thous. of lb__Shipments, billed. thous. linear yd. .
~~~5,~66r0)
v 1,940
3,1325,4135,556
24,34121, 2393,103
36.3' 7,163' 1,292
1,9174,2894,168
13,6789,0094,670
115,65546, 68637,0659,621
68,96952,51716,452
••28.9' 6, 795
1,524
2,1454, 6924,551
15, 5395,374
10,164
23.06,4802,479
2,4515,2704,785
11,8206,6605,160
39.26,5072,900
2,2235,0795,119
13, 6085,9397,669
94, 50639,01929,4589,561
55, 48733,45222,035
39.26,6073,552
2,1885,4025,505
17,17310, 2416,932
34.66,6412,293
2,2524,6434,576
31,46125,6415,820
'25 .6' 6,280' 2,695
1,8874,7274, 759
55, 61451, 4014,213
123,09639.60231,3578,245
83.49463,12820,366
'28 .66,232
' 2,686
2,0874,7104,387
55, 35551, 2474,109
26.35,873
r 2,405
2,2434,3513,971
39, 22835, 2873,941
'32 .1' 5, 681' 3,155
2,4155,5815,143
24, 41019, 0465,363
118, 05440 72131, 9238,798
77, 33357,08020, 253
M0.45,697
r 3,155
4,5626,2435,807
11,9910)
46.55,7842, 571
3, 578*6,3716,482
TRANSPORTATION EQUIPMENT
AIRPLANES
Production, totals number.Commercial (licensed) doFor export d o . . .
AUTOMOBILESExports:
Canada:Assembled, total number..
Passenger cars doUnited States:
Assembled, total§_ doPassenger cars§ doTrucksj.. . .do
Financing:Retail purchasers, total thous. of dol..
New cars doUsed cars . . . doUnclassified do
Wholesale (mfrs to dealers) doFire-extinguishing equipment, shipments:
Motor-vehicle apparatus number..Hand-type do
Production:Automobiles:
Canada, total . .doPassenger cars do
United States (factory sales), total doPassenger cars doTrucks __-do
Automobile rims thous. of rims..Registrations:
New passenger cars. number..New commercial cars do
Sales (General Motors Corporation):To consumers in U. S doTo dealers, total*. doTo U. S. dealers do
Accessories and parts, shipments:Combined index. Jan. 1925=100..
Original equipment to vehicle manufac-turers .Jan. 1925=100..
Accessories to wholesalers doService parts to wholesalers . .doService equipment to wholesalers do
RAILWAY EQUIPMENT(Association of American Railroads)
Freight cars, end of mo.:Number owned .thousands..
Undergoing or awaiting classified repairsthousands..
Percent of total on lineOrders, unfilled cars..
Locomotives, end of mo.:Undergoing or awaiting classified repairs
number..Percent of total on line
Orders, unfilled. number..(U. S. Bureau of the Census)
Locomotives:!Orders, unfilled, end of mo., total—number._
Domestic, total doElectric-. .doSteam ._ _. . .do
* Revised.
62
4,8742,386
19,67610, 6788,998
6733,737
18, 4129,882
351, 782285, 25266, 5301,783
231,57141,286
162, 881200, 071180,133
135
154107
: [16791
1,641
1599.8
19,981
6,98517.094
18414011327
20415945
2,7472,406
29,04320,1728,871
86,04751, 26634, 260
521126, 650
44' 28,149
17,99215, 423
372, 413320, 34452, 069* 1, 705
200,85323,943
131,387185,852159,573
136
150126142
1,686
23313.94,335
8,13319.1
17
276174102
5,0243,835
34,97821, 32213,656
92,45264,93337,955
564158, 289
7327,479
18,61414,198
388,346326,00662, 3401,818
226, 97331,474
118,888172, 669150,005
138
157129121
1,682
23114.05,080
7,88118.630
1009284
20813672
8,4995,806
23,95815,1268,832
76, 39040, 69435, 281
415134,150
4430,649
14,79411, 404342, 156281,46560, 6911,714
203,21237,715
88,865136,489116,964
148
16013112991
1,672
22513.76,637
8,08419.125
100
266152114
6,0434,222
27,35116,19311,158
76. 77640,37435,975
427124,021
5829,878
14, 30010, 914303, 217243, 00060, 2171,443
164,94233,279
83,251133,511115,890
139
14014012995
1,668
22513.7
6,788
8,05319.1
63
1231136845
352220132
6,3154,526
30,04817,98412,064
113,84764,35048,915
582153,007
8335,331
17, 54912, 689
371,940299,703
72, 2371,730
248, 03845,083
142,062161,057142, 743
147
153142141105
1,664
21413.0
6,502
8,14919.3
62
1321226260
379270109
2,2741,592
27,08716, 21310,874
114, 69666, 06448, 014
618150,433
6534,790
16,89112, 791
337, 372273,40963,963
1,348
268, 33546,063
132, 612142,002126, 275
136
129132150105
1,662
22113.5
6,391
8,17519.4
61
1481387860
475319156
5,4804,075
25, 22014,43010, 790
133, 70775, 30457, 649
754140,284
7635, 501
15, 70611, 585
297, 508237, 870
59, 6381,244
280, 83445, 381
129,053128,453112, 868
128
120115154108
1,657
23114.2
9,261
8,64020.6
63
16916010060
679530149
6,0274,630
27,08716, 21310, 874
130, 67173,02257,028
621118, 268
9037,606
14, 51510, 585
309, 720246,704
63, 0161,020
243,74140, 482
124.618139,694124,048
125
115113166108
1,654
22313.7
10,062
8.38220.1
60
1511438063
329207122
4,8213,040
19,1838 375
10*808
114, 48164, 00349,932
54596, 621
7535, 527
9,1355,112
209,343150, 738
58, 605681
229, 30844, 747
102,03184, 32771, 803
110
9411315497
1,653
22914.0
8,448
8,05920.3
72
150146'86
60
578440138
6,1544,804
11, 5923,9857,607
109, 73959, 26549, 903
57144, 564
7638,821
3,4751,068
99, 86861,38438,484
971
182, 63343, 523
76,12012,1137,436
117
96104166106
1,650
22513.8
8,754
8,33720.0
63
1221187246
48642462
1,913934
7,8344,4933,341
88,17644, 24843, 512
41761,973
7735,804
3,9213,494
188, 751161, 62527, 1261,585
141,63332,983
56, 78953, 07247, 606
128
13394
173106
1,644
19512.1
23, 028
8,12519.6
68
1361329042
43
1,202586
18,1409,4618,679
102, 74356, 56745, 643
534125, 717
7738,471
9,6407,791
313, 377251, 819
61, 5581,882
212,58637,923
110,471144, 350129,821
146
159106183101
1, 642
16810.4
28,906
7,55818.3
64
'165'140'110
30
_, ,«J,,vt. v Preliminary * Temporarily not available.'New series. Data represent sales to United States and Canadian dealers only; discontinued series included overseas shipments, which are no longer available. Data on
the new basis not shown on p. 55 of the December 1939 Survey will appear in a subsequent issue.f Revised series. Data, on pyroxvlin-coar^d textiles revised beginning January 1938: see note marked with a " t " on p. 55 of the November 19S9 Survey. Data on shipments
and unfilled orders, locomotives," revised beginning January 1939 on the basis of a more definite segregation between railroad locomotives shown above and mining and indus-trial electric locomotives shown on p. 56 Quarterly data beginning 1939 are available from the Bureau of the Census for Diesel-electric, Diesel-mechanical, and gasoline-mechanical or steam locomotives, in addition to the data for industrial electric locomotives shown on p. 56 which are for trolley or third-rail and storage-battery locomotives.
^Excludes military planes for domestic use. §Revised series. Data revised for 1937; see table 19, p. 14 of the April 1939 Survey.
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56 SURVEY OF CURRENT BUSINESS JANUARY 1940
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey
1939
Novem-ber
1938
Novem-ber
Decem-ber
1939
Janu-ary
Febru-ary March April May June July August tester October
TRANSPORTATION EQUIPMENT—Continued
RAILWAY EQUIPMENT—Continued(U. S. Bureau of the Census)
Locomotives—Continued.1Shipments, domestic, total number..
Electric doSteam _ do
Industrial electric (quarterly):Shipments, total do
For mining use do(American Railway Car Institute)
Shipments:Freight cars, total number..
Domestic doPassenger cars, total . do
Domestic do(U. S. Bureau of Foreign and Domestic Commerce)Exports of locomotives, total§ number
Electric§ do..Steam do...INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORSShipments, total number.-
Domestic doExports do
WORLD SHIPBUILDING(Quarterly)
Launched:Number ships..Tonnage thous. gross tons..
Under construction:Number ships..Tonnage thous. gross tons, _
2,6172,617
5454
1409941
1,1361,023
00
21183
102101
' 1,254' 1, 204
00
249705
7042,669
1,1481,148
77
1,9171,917
00
2,1942,174
00
247690
7162,704
'1,313' 1, 313
1212
279279
1515
2,1492,148
10
249549
7192,859
'88018IS
813804
351619
8686
7997402222
110
472819
* 1,160' 1,110
1212
981
1299336
CANADIAN STATISTICS
Physical volume of business:Combined index. 1926«100._
Industrial production:Combined i n d e x . . . _ do
Construction _ doElectric power doManufacturing _doForestry doMining do
Distribution:Combined index . d o . . . .
Carloadings . . -doExports (volume)f doImports (volume) doTrade employment do
Agricultural marketings:Combined index do
Grain doLivestock do
Commodity prices:Cost of living doWholesale prices do
Employment (first of month) :Combined index do
Construction and maintenance doManufacturing doMining doService doTrade doTransportation do
FinanceBanking:
Bank debits mil. of dol_.Commercial failures* number . .Life insurance sales, new paid for ordinaryf
thous. of dol__Security issues and prices:
New bond issues, total doBond yields . 1926=100..Common stock prices do
Foreign trade:Exports, totalf thous. of do l . .
Wheat thous. of bu_.Wheat flour-- thous. of bbl__
Imports thous. of dol__Railways:
Carloading thous. of cars__Financial results:
Opprating revenues thous of dol_.Operating expenses __ doOperating income do
Operating results:Revenue freight carried 1 mile. . .mil. of tons . .Passengers carried 1 mile mil. of pass-_
Production:Electrical energy, central stations
mil. of kw.-hr__Pig iron thous. of long t ons . .Steel ingots and castings doWheat flour thous. of bbl__
123.6117.6122.1171.0135.2140.290.6
95
36,062
60,890
88147
123.4
128.348.4226. 4125.3112.8206.6
109.274.2
'1,11385.7132.5
101.6106.679.1
73.5
114.6122.5110.9163.4132.8135.687.9
2,965122
37,167
104, 93061.5110.4
86,83121, 704
47863, 304
219
30, 43122, 6616,502
2,668101
2,3764690
1,606
115.6
118.162.7221.6111.3111.7183.1
108.673.7
'99.675.8137.0
85.788.473.6
83.673.3
114.0112.8110.1163.3131.7139.785.0
2,90571
36, 475
86,14261.8106.8
69,86315,983
36544, 286
178
27, 52122, 6333,597
2,100166
'2,3535379
1. 052
113.0
114.240.3230.0111.1120.7176.8
109.370.7
'122.977.6133.8
52.046.377.9
83.373.2
108.196.4
104.3160.4131.7144.879.9
2,512120
30, 434
139, 51562.1
102.9
70,8107,879
38043, 743
171
23, 79822, 923
<*382
1,871123
2,3875878
1,098
111.7
114.156.2
232.3105. 0111.6190.9
104.966.7
'103.371.7
133.4
32.323.571.7
83.173.2
106.589.4
106. 0160.5129.5131.079.4
2,050121
30, 879
54, 65761.9104.1
58,2435,746291
40, 380
160
22, 65222, 921* 1,490
1,707122
2, 2144177
1.037
113.2
115.247.5
' 233. 2107.6110.4196.7
107.471.8
'98.873.9
135.0
48.140.781.2
83.173.2
106.594.3107.0160.9128.5128.980.3
2,428
33, 578
128, 30461.1103.7
70, 0836,564361
58, 381
191
25, 70024, 333
193
2,054127
2,36741
1,194
116.7
119.151.3226.4109.5120.2219.6
109.669.2
'115.178.0137.2
60.358.568.1
83.173.4
104.991.6107.1157.4131.4131.179.3
2,47394
28, 229
151,08363.096.2
50,9872,832275
41, 908
179
25,19122, 9061,029
1,957129
2,19746100
1,114
121.4
123.348.6235.5113.3112.6232.7
115.981.1
'118.191.2138.0
102.6105.987.5
83.173.7
106.294.2108.4155.8133.2135.181.4
2,839
33, 657
210,42162.499.2
80, 77413, 655
51672,958
215
29,68025,2613,190
2,431134
2,33358121
1,192
121.4
124.459.4238.8112.9120.6228.9
112.971.3
'120.387.7137.5
40.533.870.5
82.973.3
113.1115.3111.4160.5141.8136.686.5
2,83183
35, 766
112,40060.197.0
77, 57014,637
40163, 709
195
26,16024, 296
601
1,819168
'2,24653108
1,188
120.5
123.953.2
' 235.6112.3114.2238.5
'110.676.8
' 122.186.1137.1
76.876.578.3
83.172.6
115.8133.1111.3164.1147.6137.487.6
2,377
32,244
73, 63360.197.3
76, 64113, 781
40358, 580
196
27, 79426,038
529
2,11418G
'2,20660111
1,106
125.2
127.559.8
'241.1116.5126.4233.2
118.382.0
'122.893.2135.9
112.4317.788.7
83.072.4
117. 5146.3112.8165.6149.8135.587.5
2,390
28, 558
113, 45062.994.2
76,47610, 273
37962, 708
229
29, 77427,0541,429
2,394180
'2,29366122
1, 382
125.8 I
128.348.6
' 246.0121.3130.7223.2
118.495.6
'112.8102.0138.0
174.4196.575.7
82.978.2
119.6152.2115.3168.0151.7134.990.0
2,832132
37,117
50, 59076.5
100.1
82, 45715, 641
41773, 564
295
42, 96029, 57112,049
4,800153
r 2,38166
1241,927
133.1
139.743.3
245.6143.7139.3194.2
114.380.0
106.999.3
138.3
96.596.099.6
84.779.3
121.7131.5119.7170.3136.1138.694.8
2,899154
34, 677
268, 08371.0
106.0
91,41916, 849
44479, 053
270
2,59086
1502,090
' Revised. * Deficit.*New series. Data compiled by Dun and Bradstreet, Inc., have been substituted for those compiled by the Dominion Bureau of Statistics; data beginning January 1934
appear in table 54, p. 18 of the November 1939 issue.§ Revised series. F^tn revised for 19*7 see ta^le 19. p. 14 of the April 1939 Purvey.t Data on life insurance sales revised beginning January 1936. Revisions for 1938 appear on p. 56 of the September 1939 Survey. Earlier revisions will be shown in a
subsequent issue. Data on value of exports revised beginning 1926; figures not given on p. 56 of the December 1939 Survey will appear in a subsequent issue. For the indexof volume of exports, revisions are available for 1938-39. Data not given above will appear in a subsequent issue. Indexes for the period 1926-37 will also be shown are avail-able only on the old basis.
JSee footnote marked with a " t " on p. 55. u. s. GOVERNMENT PRINTING OFFICE: 1940Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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INDEX TO MONTHLY BUSINESS
CLASSIFICATION, B Y S E C T I O N SMonthly business statist ics: P*
Business ir !cxe$ _ — — __ . . _ . - >-Comm<K^?tv urircs «« .Const* r "lion atiu rm* esUstt;__ . __
z? «• pi , . i l condi foas and Wt'tis _
1- '-n : r ,»_
C i t i f r ! " * ' a J ' V i J u ?» i \ I«i<*- i t . :
21
30
41 I
V I
Pag«Crops _ ,r - - . . 19 ,20,42 4J, 14, 54Currency »n c i rcula t ion„- .„ . - . . . „ 32Da^ry products . - . . - - - - - - . . lh 10 ,41,42Debits , b»*nk- - . . - _ - _ _ . . . 30Debt, United B l!**» Govi ' . r -aent-Deluwrfi „» fc-nj K yv rut , , nv rollsJ~^?i jnt**iunt-**i"re »lie1*- nu " sloci- -3Ecvisits, bar-'c _ . . . . . . .1 > ^ftiucj. iad»; txh 1 _.L H \ u \ i J i avi -a »i . . . . .
1 our] / . .F
Faint ^ ^ ^ ^Paper|and pulp— .-___ ,:Passenger-car ^d^KSej;^P carried, street r
> t
L
262638492232323836
I], 28203720
n,33{.1,29
30
Abrasive
: \-£l*-l.\iVIC?T, BY INDIVIDUALSERIES
Pajjeand do th (coafed)__ ,_ 52
Acceptances . .„__ —. - . . . _. . 30Accessories--Automobile. -—_ —. — . . _ . 55Advertising . ._ ._ ~_ . _—. - 23Agricultural. Droilui/tp, cash income received
from rnancetings o<* _ —— — _ . . - 2JAgricultural wa^es, Hani „ — . 29,30Air-conditioning equipment .____„„ , — - 50Air mail...- — . — — . — — - — 23Airplanes ... „ . . . —- 38, 55Alcohol, denatured, ethyl, methanol . - _ — „ 38Aluminum . ....... - —— — ... , 49Animal fats, greases. , — — „ — . .— 39Anthracite m i n i n g . . . . . . , 19,26,28,45Apparel, wearing._ _„ „_ 20, 24, 25, 26, 27, 28, 29, 54Asphalt . — — 46Automobiles-.. - - - - 19, 23, 24, 25, 27, 28, 29, 55Babbitt m e t a l — — — — - . - - — — — - 49Barley „ - — _ — _- 42Bathroom accessories — — _—. . 53Beef and real . . — — — — — — 43Beverages, fermented malt liquors and dis-
tilled spir i ts . - — . — _ — .— 41Bituminous c o a l — — — . 19, 20, 26, 28, 45Boilers.-- . . . - . - . . . — - 48,49Bonds, prices, sales, value, yields.,... 30,35Book publication , -_ . , . , — 52Boxes, paper~__-__----___.. .- — _ — — 52B r a s s . - - - . - - - — — — 50Brick. . — — — — — . . . 53
* ir*->i\i.k , oat. , s j a p ' e , .>e» 2iir'ioi r «*'h at . . . . -F o o d j n o d u w t s . - _ - _ . - >
»MJ:"L
Brokers* loans . -_, __ — _ . 30Bronze . - - . , . 50Building contracts awarded — — — 21, 22Building costs... . . . — - 22Building materials .__ _„,____ 20,47,53Building permits issued- ,_ - -___ - 21, 22Butter. — . . ——.._ ._« . 41Canadian statistics...... - . . . _ -_ 56Canal traffic- — . — — — — — — — 37,38Candy . — — — — — . — _. — - !44Capital flotations- . —— . — 33,34Carloadmgs _ . . . — — — — _ — - - 37Cattle and calves _ — — _ — _ — . — . 43Cellulose plastic products- . — _ — _ . 40Cement. - _ — _ . _ .„ 19, 53Chain-store sales -_____. 24Cheese. . . . . . .. - — _ — 41Cigars and cigar ettes . - _ . - - - - . 44, 45Civil-service employees , — — — ___ - - 26Clay products - - - - - - 25, 27, 28, 23, 53Clothing.- — - 20, 24, 25, 26, 27, 28, 29, 54Coal „_. . — . . 19,20,26,28,45C 4 4CocoaCoffee. . „ . — — —Coke ... . —Collections, derartmeut stores.--..-__-_-_-
l 'Commercial > j cr_ — _ ____. , .Cciiatn - on
Contract* awo^Je i , indexes _._.-- 21, 22C 22CostsHighway*W
2222294939
g 20Co*" on, ri\T and tit * nu fa ctu ren --___. 20, 21, 54Cot tors 'ed, c ike aud meal, on - _. - „ „ 39
Copi»r _Copia vn* 'jcjiiat oil.Cost')"! nmg index
d
30395523
J), 44404743
2 J , ^S 23 29,41Footwrai . . . - . _ - _ . . - . . . . . . . 46,47,53Foreclosures, real e*»fca.e . . . - . — „ 23Foundry e q u i p m e n t . . — „ - — . . - . 50Freight cars (equipment) . .„_ . . . . . 55tre iphl c l o a d i n g s cara, md^xes.—_— . . 37Kreight-c-jr surplus _.__ _. . __ . . _. 37F r u i t s . . . . . —. . - . . . 20,42Fuel equipment - - - - _ . — — . , _ . . . . . 50Fuels... __-_ — - - . . . . . 45,46Furniture ,____.—..„._.. . . „ 48Gas, customers, sales, revenues.,.., —___„. 41Gas and fuel o i l s . — — — — — — — — — _ 45,46Gasoline. .___ — —— — - — _ — . - . . . - - 46Gelatin, edible. ._ — — — — — — — — —._. 44General Motors sales _„__ — — — _- . 55Glass and glassware.—-. . . —- 19, 25, 27, 28, 29, 53Gloves and mittens.. .„- — —. — „ - 46Gold—.__- - -_ -_ — - . — — -- - — - . . - - 321
Goods in warehouses..-.-. _._. . - . - - 23Grains — - — — . . 20,34,42,43Gypsunt. --_ — --_ — - — — - - — -_-_. _ — --„_— 53H i d e s a n d s k i n s . . . — ——. - - - « . . - 2 1 , 46H o g s - - __„ - ,_ -_ -__ , - .. 4 3H o m e loan b a n k s , loans o u t s t a n d i n g . — „ „ _ „ 23H o m e m o r t g a g e i n s u r a n c e - — — — — » . — . 23H o s i e r y — . — — — — — - — . — - ——. 54Hotels--- — — — ——— — — — - 26,28,38Housing—- — — — — — 20,22,23Illinois, employees, factory earnings. . 26, 27, 29Imports...-. __ — _-- .— — — .— 36,37Income-tax receipts — — — — _ — — — _ — - 32Income payments . _ _ - - . - - . . - _ - - - _ . - . ""*Incorporations, business , _ - - _ - _ . . . -Industrial production, i n d e x e s . — — - — —Installment sales, New England. . - . .Insurance, life ._ — __ — — , ^_-- .«Interest and money rates._-_- — — . ..Iron ore, crude, manufactures. . . . . 19,48Kerosene . .-__ .- —— - . - - - - - . - 46Labor turn-over, disputes _ _ _ - . - . - . . 27Lamb and mut ton . . — — — — — — - , _ . . 43Lard — — . . . . —— —— 43Lead—— — — — — — — — — - . — - 19,49,50Leather... . . — 19,21,25,26,27,28,29,46Leather, artificial—.... - — — 55Linseed oil, cake, and meal. _ _ . - - - - - 40Livestock — — — — — . — . - 19, 20, 43Loans, agricultural, brokers', real estate ... 23, 30, 33Locomotives -___ — — — — _« - - - - - - - 55, 56Looms, woolen, activity- _ - -. , - . . _ . . . — _ - 54Lubricants . . - - — — — - - . - - - - 46Lumber...-.-- — — — 20, 25, 27, 28, 47Machine activity, cotton, wool -„-_.._-. 54Machine tools, orders. - — . . . , ._ . . . — 50Machinery. . . . . . ; _ _ — — . _ . - — - 25, '27, 28, 50Magazine adveri;slr;g . _ „ - . . . - . - . . . 23Manufacturing indaxe^. ._ . . - . - _ - - » - - . 19Marketings, ngricultursi-.- ._ . . 20ivTa yland, employment, pay ro'U.. . ..».,.... 26, 27'JVTarTtchusetts, cmploynveaL, pay tolh . _ . . . 26, 27Meats . _ - - - - - - 1'), 20,43Metals . — . - . 19,21,25,27,^39,48,49,50Methaaol . . . . # — . — . - . — 38Mexico, silver production. - . . - _ - . . 32Milk... . . - — — - . - - - 41S42Minerals - . - . _ — — — 10,26,28,45,49Naval stores . . . . — - — . . . . 39Nether'ands, exchange rates» - . . _ _ . - 32
12319243130,
8
F a y l l- Factory,
Factory, ^ ^ tNonnianufacturing^itidtuftrieii. - - - -—-•«. i*.-.' .^•''*2-'
Pennsylvania, employment, pay r o l l s - - - — - 26 ,27Petroleum and p w 4 w f i t * u ^ , » ^ j ^ ^ ' ' ! ' %
41.2i5» 26 , %7> a ^Pig iron-.-----------.--.---.r-_-----«Porcelaiii enameled proiSadi . . , IUii^Pork-, , „ — • • — . - . ^Postal business »^mm~^JPostal sairiFoultryPrices: * • ;*: • S:1 '•'• • . ; * -',"!• "
Retail indexw * J — . * - ^ t - , ^ > n rjfr^World, foodstuffs and n m ' m f o 4 J^ '
PrtotingProfits, cpxMiio-----M-«te--.^.--*...-PubEc reliefs - ^ ^^Jj.^l^rFubHc, u t i l i t i e s C J APullman C o . , -Pumps. „ ^ * - ^ - - , ^ ^ ^Purchasing power of the 4riDpK-«--*—^--Wf.fe^diatofs. < . » i U « W i * >Radio, adwrtlslu
Ranges, electricRayons -*.-*»«.«Reconstruction Finance
outstanding-------^-electric,
Automobiles, new,Chain stores:
Sd iGrocery
Department stores
generalmerchandisR i c e Z Z ^
, crude, scrap, f<Kit«ea^
Spindle activity, cotton.-—^.——.—*. vSteercrude, manufacture.- .|E«U*#ffir'
, C l K f l O f t S T - J - * * - . - - * * '•••*- '^JE
:indem,dti^
Stocks, issues, prices, wuem*.——-,f----.*»£iStone/cSSTi^gi^ ptoOmmi^ 0M4Sugar- , . ,^^m^m^^^i^ ' *Sulphur__—.——————*—*..Sulphuric acid---Superphosphate. .TelephonertVleg^ph,""caWer"an4r""'*
gfapli^awiers,.* ^ ^ .Textile products—^m±m^m m».Tile, h o f l o w b u a d i n g — — —
Trade unions, employment———TravdTrucks and t MUMM, —^^^-r^£_^T^ j r ,United States Government bxtous^*.,*, «*,«;.United States Steel - C^p<Wiitioti««4'»;.
Vacuum S f i w i i K . ™ * ^ - - ^ ^ - * ^ ^Variety-store sales index.--. ' '-" '' 'Vegetable o i l s — ^ . » . . w ^ # ^ « f tVegetables.. - w P f
Wages—. -.--*--i*Warehouses, space occupiedWholesale prices."TH*212ZWire cloth—7—\+*m«J*iWisconsin, employment,
wages^^.-^^^A*,^
Zinc^--^-^,-*^-^.^^>^-*? A i f^|4l
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'A'0iDEPARTMENT OF COMMERCEHARRY L. HOPKINS, Secretary
FOREIGN AND DOMESTIC COMMERCEJ A M E S W. YOUNG, Director
Divisions and Chiefs
c: 11. H. Bra*el.
''. "f X ' t:tNftttct>Ojjtoe: Robert Sevey.
H: Griffith Evans,
it; John EL Payn*\
a; W. F. Smith.
'",; ' M^NUicr; Amos B. Taylor.
_8i Fletcher U. Kawls,
&cnice Liaison: George
r#' ,1540 U. 8*. Po^t Office and
4<>9 F^dera^ BTOCluwtmic Streer
New FflileraK«v* 1'OPI Otfi'* Building.
Office BuildingBJlarJtime Buildins:.
Buildfog. Church
Foreign Tariffs: Henry Chalmers.
Foreign Trade Statistics: BernardBarton.
Fvres-t Products; PMUipg A. Hay-ward
Leather and Rubber; Everett G.Holt.
Machinery: L. M.
Marketing Research: Nelson Millc?r.
Metals and Mineral*: Walter A.Jansseu.
Motion Picture: Nathan D. Golden,National Income: Bober f R.
Nathan.Regional Information: Louis Doin-
eratzky.Specialties: Horace B. McCoy.Textiles: Edward T. Picfeard.Tobacco: B, D. Hill,Transportation: Thos. E. Lyons,
Cooperative Offices
i r*nd'*r <ll-e<t sapenrision of Wa.-hington
t'luanii.-Ul, Olilo FinP^a IT' ri»»r. Chamber of Commerce Failding.H-iyoy O1« .. Kii/'.Vfh Pott us., r>"*8 Cn?tf»mbo«se.
Indiai «if)«lis. *nd., F r w ' s W»»Ls, »"himb«»r of Commw* Bu'ldinp.Mil vdu^{\% Wis H. W. Gflirke. Mil\auktHi \ «oc^aticiD of i'ca'r c i cMohiic Ala., Ais' i<* HUT* ard, U, S. Courthr u«*e ard Customhouse B' sn'inKoilit^t-fr, X, Y , Andrew V Moody. Chanih r of COD ir er<v>a\ai>i ah, Ciw., Jcseph C SmviJl 403 I . S. Fi * t Oftc< ai'i ('ourino
li-.iildiu-,Wilmit'jton, D ! . Ma^-aivt V D-nnelly. Mi) Ntw F« d^ral B1'.Idlnjr.Jointly s'lpoix^ea by «tis»trici offico and local eoirm^rciai
Addr^*-: FoifiL.t Trade Secr^tfry, Chamber of Commerce, with fol-lowni" tt« iptions : <1) rnited Chambers of Commerfe. \2\ Associa-tion of Oomiperre. («'I Manufacturers Association, (4> Maine StateChamber of Commerce, (5) Department of Conservation and rtevelop-meut, (6s Dei>aitmint of Agriculture and Commerce.
Aknn, OMoAnni.-»tc»n, Ala. U )Paltimoie, Md. i^»Beaumont, fJ exBiiifrhanu on, N. Y,Bridii<ipnrt. Conn. (T.»Charlotte, N. C.Chattanooga, THIII {"C< junibus, '?a.Columbus, Ohio
F < r t U'o'-tl) , ' l e x
Tfai*tf 'Hi. C< i
Keokuk IowaI ake Charles, La, (2)Laredo, Tex.Longview, WashLowell, Mass.Miami, Fla.Xew Ha\enf Conn.Vewark, N. J.Oakland Calif.Oklahoma City, Okla.Omaha, ISrbr.Ptnsacola, Fla.I'ortlantl. Maine (t >Providence. R. I.RaluUi N. C. (."»)Kidiihon.fi, Va.
S\n Anconi'\ T*x.San Diego, Calif.San Juar, 1'. R 16;Bpokane Wa«i)Springfield Mx««s.Syracuse, \ YTacoma, Wa<&Tampa, Fhi.Tol'do, OhU
hWichita.
(O*L.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis