SCB_011943

JANUARY 1943

SURVEY OF

CURRENTBUSINESS

UNITED STATES DEPARTMENT OF COMMERCE

BUREAU OF FOREIGN AND DOMESTIC COMMERCE

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OFCURRENT BUSINESS

JANUARY 1943ECONOMIC HIGHLIGHTS 2

THE AMERICAN ECONOMY IN 1942 3Manpower 4Raw Materials , 7Plant and Equipment 7Industrial Production 8Construction 11Manufacturers' Inventories. , . 12Transportation 13Electric Power , 14Foreign Trade 14National Income .. 15Consumer Expenditures 16Consumer Income and Savings. 17Commodity Prices and the Cost of Living 18Finance 201943 Prospects 23

SHIFTS IN INSTALLED HORSEPOWER IN MANUFACTURING.. 24

STATISTICAL DATA:Monthly Business Statistics S-lGeneral Index Inside back cover

Published by the Department of Commerce, JESSE H. JONES, Secretary, and issued throughthe Bureau of Foreign and Domestic Commerce, GROSVENOR M. JONES, Acting Director

Volume 23 Number 1

Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS, 32 a year. Single-copy price: Monthly, 15 cents; weekly, 5 cents.Foreign subscriptions, 33.50. Price of the 1942 Supplement is 50 centsi Make remittances only to

Superintendent of Documents, Washington, D. C.

502977—43 — 1 . 1Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2 SURVEY OF CURRENT BUSINESS January 1943

Economic HighlightsFarm Income Continues to Gain

Under the pressure of record civilian demand, heavy lend-lease requirements, and increased food consumption by thearmed forces, cash income from farm marketings has, despiteseasonal declines, continued to advance steadily. For 1942cash farm income is estimated at 15 billion dollars, approxi-

INDEX, 1935-39'250

200

150

100

1939 1940 1942DO 42-503

Cash Income from Farm Marketings, Adjusted for Seasonal Variations

mately % higher than the 11.2 billions realized in 1941. Grossfarm income, including in addition to cash income, governmentpayments, the value of food produced and consumed on farms,value added to agricultural inventories, and imputed rentals offarm dwellings, is estimated for 1942 at 18.9 billions, 30 percentabove the previous year. Despite somewhat higher productioncosts, the increase in volume of farm output plus the rise in farmprices raised net farm income last year an estimated 48 percentabove 1941, the highest rate of increase enjoyed by any industry.Under the agricultural production goals for 1943 net farm in-come should rise even higher, but ceiling prices coupled withrising expenses and labor difficulties may dampen the increasesomewhat.

Scrap Situation ImprovingDomestic stocks of iron and steel scrap at consumers', pro-

ducers', and suppliers' plants have been steadily increasingduring recent months and on September 30, 1942, were in excessof a month's supply for the first time since early in 1941. Thedecline in scrap stocks throughout 1941 continued during the

MILLIONS OF SHORT TONS7

5

. . lu l l

TOCKS

i ! i i

(END OF MONTH)K

VMONTHLAST

1 . 1 1 .

^CONSUtv

s

LY THEREAFTER CONSULYONTH OF QUARTER, JAN

r . ! , > ! . > ! , , j

\

1 FT ION DEC-JUNE 19 A

1 1 ! ! I

V

. 1939-! MONT

/

HLY

J

1940AVERAGE

1 1 1 i i1939 1940 1941

Consumption and Stocks of Iron and Steel Scrap

first quarter of 1942 and at the end of that period had reached adangerously low level, below 3 weeks' supply. Throughout1942 changes in the proportions of pig iron and scrap used tocharge furnaces have kept consumption from rising althoughsteel production has been advancing steadily. The variousscrap drives appear to have contributed but little to the im-proved scrap position as much of the material collected wasbulky and not economical to prepare or transport. Meanwhilecollection of desirable grades of scrap was retarded somewhatby the price ceiling on scrap processing. Among the factorscontributing to the recent improvement in the scrap situationare lower exports of steel, and increased supplies of factoryscrap.

The Nation's electric powerproduction for sale or own useby both public and privateplants, but excluding produc-tion by small industrial pro-ducers for their own consump-tion, totalled approximately190 billion kilowatt-hours in1942, 13 percent more thanthe 168 billion kilowatt-hoursproduced during 1941. Moreimportant than the nationalincrease in electric output,however, is the changing re-gional pattern of poAver supply.Measured by production fig-ures for geographical areas, thePacific coast area and the

Regional Pattern of Electric Power Output Changing

GEOGRAPHIC DIVISION °

PERCENTAGE INCREASE5 10 15 20 25

EAST SOUTH CENTRAL

PACIFIC

MOUNTAIN

SOUTH ATLANTIC

WEST SOUTH CENTRAL

EAST NORTH CENTRAL

MIDDLE ATLANTIC

WEST NORTH CENTRAL

NEW ENGLAND

Note- Width ofbars representpercent eachdivision is oftotal for oildivisions in firsti I months cf 1941

DO 42-508

Production of Electric Energy for Public Use: Percentage Increase FirstEleven Months of 1942 From Same Period in 1941

Tennessee valley area had thelargest increases in outputduring the year, the gainsamounting to more than 20percent in both cases. Thegeographical distribution ofincreases in electric powerproduction clearly reflects theimportance of power to thewar program, for the expan-sion is greatest in areas wherewar output has increased most.Less severe power shortageswere encountered last yearthan in 1941, but estimates of1943 requirements indicatethat the capacity of the in-dustry will be heavily taxedthis vear.


Jill nmrv 1943 SURVEY OF CURRENT BUSINESS

The American Economy in 1942By Charles A. R. Ward well and Robert B. Bangs s

The first year of this war is now history. FewAmericans perhaps will give its economic aspects morethan a hasty, backward look as they lend attention tothe more absorbing- news being flashed from the fightingfronts. Yet if we are to benefit during 1943 from thelessons of the year just closed, it is essential that weanalyze the years significant economic trends.

In some ways, 1942 was one of the most momentousyears in our economic annals. Since some features ofour pre-war economy may be deemed to have gone withthe bombs on Pearl Harbor, 1942 will stand forth tothe historian as the first year of decisive transition fromthe pre-war economy to that of the war period andsubsequently to that of the post-war era.

The year was replete with superlative achievements.New high records were the rule rather than the excep-tion. Main" customary and traditional ways of doingthings were modified or abandoned. Altogether therewere so many new developments that, by year-end, theeconomy was perhaps hi a more fluid state than at anytime since the Civil War or the period of westwardexpansion that followed.

Outstanding Features of the Year

The year opened with our armed forces on the de-fensive. By year-end, they were on the offensive. Thistransition was economically possible because of theaccelerated program for raising and equipping ourfighting forces and those of our Allies. The financialmeasure of this effort is the total of the Nation'soutlay during the year for all war purposes—approxi-

Chart 1.—Federal Expenditures for War Activities

BILLIONS OF DOLLARS

6

j j

1

F —

— f

1940 1941

Source: Daily Statement of the U, S. Treasury.

1942

1 The writers gratefully acknowledge the contributions of the many individuals inthe Division of Research and Statistics of the Bureau of Foreign and Domestic Com-merce who have furnished statistical data for this review.

inately 54 billion dollars. This sum was almost equalto the entire gross national product of 1933.2

This outpouring of funds was accompanied by pro-gressive Government controls aimed at channeling man-power, materials, and industrial facilities into our rapidlygrowing armament industries, The prime economicdevelopment of 1942 was the manner and extent of thismobilization of the Nation's resources for war.

The response of the American economy to this warpressure was to lift its gross national product, measuredin constant prices, by nearly 20 percent. The mostsignificant single fact to be noted in reviewing the yearis that this unprecedentedly large national output wasachieved by bringing to bear a larger work force and alarger quantity of productive plant and equipment on alarger volume of raw materials— each factor being largerthan ever before in the Nation's history. Industrialproduction rose 15 percent, manufacturing production17 percent, while the physical volume of transportationwas more than 25 percent above the preceding year.Thirteen percent more electric power was produced.All these impressive advances in physical output plusa slowly rising level of prices during the year werereflected in an expansion of approximately 25 percentin the national income.

The significance of the course of economic events in1942 is to be found largely in the ways these outputgains were achieved and in the policies, controls, andprocedures required to attain this unprecedented mo-bilization of the Nation's economic potential.

The guidance of economic activity passed largelyinto Government hands. As the buyer of one-thirdof all goods and services produced, the Federal Govern-ment decided within broad limits what should be pro-duced. As controller of the flow of basic materialsand new productive equipment, it also determined whatshould not be produced. By its partial controls overprices, its power to allocate and ration commoditiesand basic public services such as transportation andcommunication, it also dominated distribution. Bythe year-end the basic policy-making powers overnearly all types of economic activity were being exer-cised by the Government. Actual conduct of economicoperations remained, however, almost entirely inprivate hands.

Notwithstanding the extensive and intensive growthof Governmental controls, private enterprise continuedto function in the usual manner for a year of prosperity.Aggregate corporate profits before taxes broke allexisting records. After taxes they were only about 6

2 Prices were, of course, very much lower in 3933 than in I(J42.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CURRENT BUSINESS Januarv 1943

percent below the 1941 all-time peak. Industrial dis-putes, although at low levels for a prosperous year,were by no means negligible. Not even vital warindustries were free from their disrupting effects.Business failures declined to low levels. Although freeopen-market prices ceased to be the prime factorgoverning the distribution of main7 commodities,especially of those vital to the war effort, open-marketwages continued very largely to govern the flow ofavailable manpower into alternative industries.

The chief economic problems requiring solutionwere: (1) providing industry with the requisite man-power, materials, plant and equipment for producingthe necessary munitions of war, (2) diverting goods andservices from nonessential civilian uses into war uses,(3) providing for essential civilian needs, (4) distribut-ing equitably among consumers certain increasinglyscarce commodities, (5) financing war expenditures, and(6) the prevention of inflation.

The basic tasks of channeling manpower, materials,and productive facilities into war industries, of pro-viding for essential civilian needs and of diverting goodsand services from n on essential civilian consumption towar purposes, were achieved largely by priorities,limitation orders, and direct allocation. Apart frominductions by the Selective Service System, the flowof manpower into competing employments remainedperhaps freest from control. Rationing was institutedon a limited bat increasing scale as scarcities of someimportant consumer goods developed. As a resultof this economic mobilization, approximately one-thirdof all goods and services produced during the year werediverted to war uses. Thus there remained for pri-vate business and consumer uses, only about six-tenthsof all goods and services produced in 1942 comparedwith eight-tenths in 1941.

Federal Government expenditures in 1942 totaledabout 60 billion dollars inclusive of Governmentcorporations, of which 54 billions were for war purposes.The difficult fiscal problems confronting Congress andthe Treasury were without precedent. The first taxlegislation of this war, enacted October 20, 1942, pro-vided only about 7 billion dollars of additional taxrevenue in a full year of operation. It was generallyrecognized that this represented an insufficient addi-tion to government revenue and that the new Congresswould have to consider additional tax measures.

Federal expenditures for the year were covered bytaxes only up to 30 percent. The remaining 70 percentwas met by borrowing. This lifted the Federal fundeddebt 50 billion dollars to a new peak of 108 billions.

War expenditures generated a national income and avolume of income payments to individuals that ex-ceeded all previous levels. At the same time consumerexpenditures soared to new highs. Since these de-velopments were accompanied by a decline in thevolume of output of consumer goods, the stage was

thus set for inflation. During the opening months ofthe year, in fact, a strong rise was under way in bothwholesale commodity prices and in the cost of living.

The imposition of the General Maximum PriceRegulation in May effectively curtailed the upwardmovement of wholesale prices and slowed down theadvance of living costs. Anti-inflation forces werestill further strengthened by the Act of October 2, 1942.directing the President to stabilize "prices, wages andsalaries affecting the cost of living" at around Sep-tember 15 levels and by the Executive Order of October3 establishing the Economic Stabilization Directoras the supreme economic authority, subject only to thePresident himself. Although these moves definitelychecked inflation, the struggle to hold prices down was

| unfortunately not permanently won. Administrativej price controls were under attack and existing fiscal

restraints were far from powerful enough to hold backprices by themselves.

After paying taxes, consumers had large sums ofpurchasing power left which they could not spend.for current consumption both because of growingscarcities of goods and because ceiling prices and ra-tioning restricted competitive bidding for the supplieswhich were available. Under these circumstances,individual savings rose to extremely high levels.

Finally, the year's economic developments were ofnecessity deeply affected by events on the fightingfronts and by military decisions geared to the evolutionof Allied war strategy. Japanese territorial gains inthe Far East and the German submarine campaignagainst the Atlantic sea lanes caused, directly orindirectly, some profound changes in the quantitiesand types of materials available to our economy.The scarcity of cargo space for carrying civilian goodswrought marked changes in our foreign trade. Thelarge-scale development of Lend-Lease began to affectalmost every consumer. The raising and equippingof our armed forces had direct repercussions on civilianemployment and on the types of goods that could beproduced and distributed. Matters affecting both ourcivilian and our war economies, relating to Lend-Leaseand economic warfare and hence to the economies of ourAllies as well as ours, were increasingly worked out byjoint boards and committees representing the UnitedStates and various other of the United Nations.

Under these circumstances, it was almost inevitablethat economic developments of the year were character-ized by trial-and-error procedures which involved doingentirely new things under pressure. The nature ofthese developments is reflected in greater detail in thediscussion which follows.

Manpower

Men and women are the prime resource of any Nation.Their number and their capabilities both are vital. Thiswas forcefully recalled to our attention during the past


.htminrv 1943 SURVEY OF CURRENT BUSINESS

Chart 2.—Changes in Estimated Civilian Labor Force l

MILLIONS OF PERSONS+ 6

+ 2

0

- 2

- 6

wmm .

HRSf• 1MM

mmDEC. 1941 DEC. 1942

LABOR FORCEDEC. 1941 DEC. 1942

EMPLOYMENTDEC. IS4! DEC. IS42

UNEMPLOYMENTP.P. 42-5SI

Data do not include institutional population and persons in the armed forces.

Source: U. S. Department of Commerce.

year as the manpower scarcity developed more and moreas the one problem that underlay all others. For—in acountry of still untapped resources— shortages of mater-ials, productive facilities, and other resources eventuallyresolve themselves into labor scarcity.

The manpower story of the year can be told simply.The civilian labor force remained approximately sta-tionary if seasonal changes are ignored, as may be seenin table 1. The number of employed workers increasedabout 3,000,000 on a monthly average basis, while thethe unemployed, similarly measured, decreased 3,000,-000. The armed forces increased several millions.Their growth caused a constant drain on the civilianlabor force which was made good largely by the recruit-ing of several millions of nonworkers into the labor

Table 1.—Estimated Civilian Labor Force

[Millions of persons]

I Civilian labor! lorn i Employment • I rnemploy-

! meut

\ o I w l L i 1( l i l ' l l l ,11 \ L » l i i U l l U l f . l

force and to a lesser extent by population growth(amounting to nearly 1,000,000 persons in the agegroups of 14 years and above).

Most of the new additions to the civilian labor forcewere women. When the monthly average labor forcein 1942 is compared with that of 1941, it is seen that thenumber of men dropped approximately 1,200,000 whilethe number of women rose 1,400,000. As would beexpected, the decline in male workers was largely in themilitary ages between 20 and 34, inclusive, while mostof the new women recruits in the labor force were ap-parently in the age groups from 35 to 54, inclusive.

Table 2.—Civilian Employment by Major Industrial Groups

[Millions of persons]

1940

December

1941

Dree, inner\ ve r age for

year._.

194 2

'amiaryFebruarvMarch. ' . . .\prilMay.lune_Inly\uimsl^epiember.October.. - . . .November 2_.I >ecember 2 ._

A verage foryear

* Data do not- PreliminarySource: U. S.

53. 4

54. 0

54.4

53.253. 454. 553.754.256.156.856.254.154.054.553.4

54. 5

1 M

ale

40.

40.

41.

9:

2!

1

40. 0|40.40.39.40.41.41.41.39.39.38.37.

39.

Oio!8!0i1

cl1 1

2|015|9

9j

-

12

13

13

13131413141515lo1415If)15

14

-

24

92o219001

6

-

»<.

")0

1S

IS19Vi

,)0I ]5 i51r [5 )

",2~)2-)]

51

include institutional

Department

2

s

9,97(,}0044V,

9

; T

ota

>:

41

101!121111414212121!1 >\ \

V

I,

9

1

_

00i]

•{

8290i

0

J7

29

29^929292950

ii)>()

29192'i

population

of Commerce

1

]

4t)022(}

2i

0

0

10. 2:

12.1I

10. 7|

ii 411. 7jJ2.5J12.011 811.8!12. 1112'(!ll l 7 |n.9|14.0

;12. 4|

1 T

ota

8. 7

8.3

9.4

8. 28.48.99.3

10.211.511.711.210.210.59.88.9

9.9

and persons

! M

ale

8.

7#

8.

_

3

8

5

n

98.18.8.9.9.9.

48475

8.68.8.8.

8.

in

940

6

0. 4

0.5

0.0.

9

55

0.80.122.1.1.

941076

1.61.

1.

the

49

3

' T

ota;

7. 1

3.8!

5.6

4.34.0!3.6!3.0!2.6;2. 8!

2.8!2. 2'L7:1.6!1.7!1. Si

i2. 6

. M

ale

5.

2.

3.

3.2.2.

* .

(); 1.

9 1.

0 1.8;4:

2.0!1.1.1.1.1.

6'77>4: 0.0 0.

0.9 0.1.

1.

0 0.9 0.

7 0.

armed forces.

(

2

322001

187776

9

Monthlyaveratv

Group

'hilian emiuoyment, totalX OH agricultural

Employees in nonauricnltural eManlishmeiitsManufacMirinji and miningConst met ion'i'ransportation and public utilities'\ rade, finance, service, and miscellaneous(Jovernment (excluding armed forces)

^ell-employed, propiietors, domestics, etcV.'rieiillural . .

48. S: 39.3 ;

34.4 !i 13.7 i; 2. o :

3.3 ;n. i ,:4.3 ;4.99 . 4 I

51.942. 036. 915.61.93.4

10.9O.I

5. 09. 9

Sources: Hmplo\ees in noiujjisicultural establLshments, I"Labor; all oi lnrdam, I . ^. Di^par'ineni of Connni rce.

Department, of

At tJie year-end, the number of unemployed hadbeen reduced to about 1,500,000. It is generally ex-pected that even at the peak of the war effort, roughly1,000,000 will remain unemployed. Some of these willbe unemployable but many of them will be in processof changing* jobs. During a period of high labor turn-over, such as the present, a sizable "float" of tempo-rarily unemployed workers is virtually inevitable.

Mobilization of the economy for Avar naturally pro-duced pronounced shifts in employment during theyear both among the several industry groups and alsowithin industries. Manufacturing and Governmentregistered the most notable increases while trade andself-employed, proprietor and domestic service groupsshowed the largest declines.

Within industry groups, the major* employmentshifts were chiefly from nonessential to war and essen-tial civilian goods lines. This is evident from the em-ployment trends, shown in chart 3, of the durable-goods manufacturing industries. In some cases, com-parisons of employment in 1941 and 1942 will be eitherdifficult or meaningless because the conversion of in-dustrial plants to war-goods manufacture may beconcealed by retaining such plants in the former civil-ian-industrial classification.

The year's record high total of man-hours of laborwas achieved by an employed group larger than everbefore, working longer hours. In 90 manufacturingindustries for which we have data, the average 1942


Chart 3.—Wage Earners in Selected Durable-Goods IndustryGroups, without Adjustment for Seasonal Variations

RATIO SCALEINDEX, 1939= 10014001200

1000

800

600

400

200

180

160

140

120

100

80

60

RATIO SCALEINDEX, 1939 = 100

700600

500

TRANSPORTATION EQUIPMENT,EXCEPT AUTOMOBILES^.

(Left Sole)

MACHINERY, EXCEPTELECTRICAL „

IRON AND STEEL (Ri9m Scale)AND THEIR PRODUCTS

(Right Sec

"NONFERROUS METALS- AND THEIR PRODUCTS

(L9M Scale)

ml

* LUMBER AND TIMBER _BASIC PRODUCTS

(Left Scale)

400

300

200

10090307060

50

40

30

1939 1940 1941 1942DO 42-507

Source: U. S. Department of Labor,

workweek was approximately 42.5 hours (see table 3) —an increase of 5 percent over 1941. The Governmenthas informally determined that 48 hours should bethe standard length of the workweek for the durationof the war. In view of the fact that, apart from sea-sonal changes, our civilian labor force is now aboutas large as it will be even at the peak of the war effort,it is quite clear that the Nation's labor reserve, avail-able to expand out put substantially from present highlevels, consists very largely of our ability to worklonger hours per week, at least up to 48 on the average.Some of the war industries, especially various metal-working trades, were averaging close to or above 48hours a week in October. A number of the nondurablegoods and mining industries, in contrast, were recentlystill working considerably less than 40 hours. In

Table 3.—Average Hours Worked Per Week in ManufacturingIndustries

(Hours]

Industry and industry group1942(esti-

mated)

All manufac tur ing . •>*> 1Durab le goods _ M) 2Nondurable Rood-: . 37 0

Selected industry groups or nidu^ui*^Machinery, not meludina transportation equipment U. -i '

Machine tools . 4S 2Electrical machinery . apparatus, and j»upphe^. ' 10 7 '

Xonferrous metal» and their product- 40 0Automobiles . 37 9 \Iron and steel and their product^, not iiiclutiinu inacliinerx 38 I jFood and kindred products 10 o 'Chemicals, petroleum, and vu d products 3s 7 'Rubber products W 9Textiles and their products . . >~> nLeather and its nunulaeuirv* - . . U9

10 542. I3s 9

1"> u5! 743 842.4.59 7U.O40.539. sil) ,1.57.0 ,38 3

42. 544.939.9

47.954.345.944.443.242,441.441.040.538.838.0

1 Data aie based upon clarification prior to .September 1942 js data tor the revisedindustry classification shown m current reports are a\ailable onh lor recent months.

Sources: U. S. Department of Labor, except 1942 data which were estimated by theU. S. Department of Commerce.

Table 4.—Average Hours Worked Per Week and Employeesin Manufacturing Industries, October 1942i

Industry group -

Aver- Employees

hours 'worked Thou- ! P e r -

i l)ei; ' sands ! ™n} ?f

. week ' • total

All manufacturingDurable goodsNondurable goods - i 40. 6 ; 5, 5(39

I '••Machinery, except electrical ! 48. 0 ; 1,119Transportation equipment except automobiles i 47.1 ; 1. 768Electrical machinery 46.4 594Nonferrous metals and their products 45. 3 \ 371Automobiles ; 44.9 478Iron and steel and their products ! 43. 4Paper and allied products j 43. 3Furniture and finished lumber products ; 43.1Rubber products ; 42. 7Chemicals and allied products 42. 5Lumber and timber basic products _ 42. 5Food and kindred products \ 41.9Products of petroleum and coal j 40. 5Textile mill products and other fiber manufactures.... 40. 4Tobacco manufactures I 40.4Stone, clay, and glass products I 39.8Leat her and leather products | 38.8Printing, publishing, and allied industries : 38.5Apparel and other finished textile products • 36.8M iscellaneous industries . . • 44. 9

43.6 ; 12,721 I 100.045.7 i 7. 153 ! 56.2

43. S

8. 813.94.72 93.7

12.92.32.81.35. 13.88.81.09.9

.82.82. 82. 56.62. 6

1.636 !295 i350 !162 ;655 i484 I

1.125 !125 I

1,255 i99 I

354 i350 !

324 i843 i335

i The industrial groups, except, miscellaneous, are arranged in decreasing order ofmagnitude of average hours worked per week.^ - Revised industry classification which differs from the classification in use prior toSeptember 1942, shown in table 3, because of shifts between groups or subdivisions ofgroups.

Source: U. S, Department of Commerce.

order to bring* the national average workweek up to 48hours, obviously some major adjustments lie ahead.

Perhaps the largest unknown in the entire manpowerproblem is that of productivity per man-hour. Thereis scattered evidence to show that in 1941 productivityin manufacturing was the highest on record. The trendin 1942, however, has been much in doubt becausesweeping changes in the character of goods producedhave made it difficult if not virtually impossible toobtain measures of productivity comparable with thosefor former years. Factors tending to decrease produc-tivity per man-hour during the year have included highlabor turn-over and loss of experienced personnel, theincreasing proportion of green and unskilled help em-ployed, fatigue from longer hours, and the necessity ofusing new substitute materials, new methods, and older,less efficient machinery. Among the factors tending toincrease productivity were larger-scale operations, sim-plification of output, and the application of newer proc-esses of production—-many of them involving increasedamounts of machinery, equipment, and power per man.In order to achieve the peak war production constitutingthe principal objective on the home front, it willundoubtedly be necessary to lift productivity per manwherever possible in the war industries.

The centralization of control over manpower in theWar Manpower Commission was effected by ExecutiveOrder on December 5, 1942. By the transfer of theSelective Service System to the Manpower Commission,the latter is vested with the vital task of providing man-power for both our armed forces and our essential indus-tries. This centralization of authority presages thedevelopment of more unified and forceful policiesdesigned to solve such problems as procuring workers for


January 1943 SURVEY OF CURRENT BUSINESS

essential jobs in ways that will end labor pirating,reducing the present high rates of labor turn-over,reconciling the conflicting claims of war and essentialindustries and of the armed forces for men, and shiftingworkers from nonessential to essential industries andoccupations where they will be most effective.

Raw Materials

The aggregate volume of raw materials processed inthe American economy during 1942 seems on balance tohave been larger than in 1941 or any previous year.How much larger cannot be known precisely becauseof difficulties of assigning appropriate weights. Pre-cisely what, for example, was the net gain or loss to the1942 war program because our industries had moresteel and less rubber than in 1941, or more mercury andsisal with less burlap and cork?

Table 5.—Summary of Raw Material Supplies

Total afiiicultuial ptodiuCropsLi\estock product^

I'toduction indexes <193oLumberCementFuels }

IU

•tion

3 9 =

-Mippl> index of 6 basic metal

m

(billion^of 19

1001 '

s ,1935 39 UN

-> 39<lol lais) '

1940

9 7

1 h 0i

11"^122111

1

1941

9 9?> 76 2

129H 4122ISO

1942

11 14 :-6 8

12717112t

! U. S. Department of Agriculture.- Board of Governors of Federal Reserve System.f Includes coal and crude petroleum.4 U. S. Department of Commerce; based on production and imports. Includes

steel, copper, lead, tin, zinc, and aluminum.

The supplies of materials available during the yearcame from new production, imports, and stocks in thehands of the Government and private business. Rea-sons of security prevent the giving of detailed informa-tion on specific critical materials, but the data in tablef> give a general summary of the 1942 materials situa-tion. The Nation's farms produced the largest volumeof agricultural materials in their history. Some of thedetails concerning this record volume of agriculturaloutput are shown in table 6. The output of our for-ests, as measured by lumber, fell slightly. Quarry pro-Table 6.—Volume of Agricultural Production for Sale and

Farm Consumption[1935-39 = 100]

Tot ilCi ops

Food mam-,Feed grains and hay _.Cotton and cottonseedOil bearing ciopsTobaccoTruck cropsFnnts and t ice nut»VegetablesSusrat (topsestock and li\estock pioduct^Meat animalsPoult!> andpouln\ piodueKDau\ pioducts

KM)107101124

VI14512MlOh

9910b '10')10910S102

1071101119."> '

171101111110101101112

us109K M

in110Ml126

11.") '11410297

11.")I I S

147100320

• >S12711410.")11 \1291 $M12Sl i t .

1 Preliminary.2 Tentative estimate.Source: V. S. Department of Agriculture

due tion, as indicated by cement, was sharply higher.Minerals output, represented by fuels and metallicminerals, was also higher. Supplies of six basic metals,including imported quantities along with domesticoutput, were about 5 percent above 1941. Chiefamong these metals was steel.

Chief losses were naturally in imported materials.As shown in a later section, imports in the first 11months of 1942 were 20 percent below the correspond-ing period of 1941. More than 100 commodities havebeen listed as strategic and critical by the War Produc-tion Board. Of these, our entire supplies of at least 25have to be imported. In the case of many others, im-ports constitute half or more of our entire supply andform the margin of difference between adequate sup-plies and serious shortages. Our imports of many ofthese strategic and critical materials rose during 1942,but in the majority of cases they fell.

Smaller portions of 1942 material supplies went intobusiness stockpiles, however, and larger portions thanin 1941 flowed into consumption. Moreover, there isevidence that in 1942, as compared to 1941 and earlieryears, the materials available were more highly proc-essed and for this reason supported a larger1 volume ofindustrial production.

Plant and EquipmentLarge additions made to the Nation's industrial

plant and equipment during 1941 and 1942 gave in-dustry more facilities with which to work during somepart or all of 1942. Because of extra wear and teardue to the current high rate of operations, deteriora-tion of capital facilities was undoubtedly high. Butcertainly capital consumption was far less than thenew capital goods added and also very probably lessthan the financial depreciation allowances charged offas costs.

Industrial construction on an unparalleled scaleduring the last 2 years, as shown in table 7, increasedthe. Nation's industrial plant to the highest level ever

Table 7.—Industrial New Construction, 1929-42[Millions of dollars]

Year

'HOHI

HIl'Wi

194041

M2 (prel imm ir> >

Toral . 1911-12lo ta l . 1929 12

Private

83051921483188178160284.503

423678•'U4

9924.792

Public

(0COCO j(0 i

l\4 ;

14 I14 1

144 I1. 400 I3,696 |

5,096 !

Total

2148318818716428750720.1241a*V7

2. 0784,010

6, 08810,080

1 A small but indeterminate amount of public construction is included with private.


attained. Most of the new and expanded plants be-longed to our rapidily growing armaments industriesbut many others were in basic materials industries,such as steel, aluminum, and other metals, which ex-panded our ability to produce civilian goods underpeacetime conditions. While the convertibility tocivilian uses of some of these new plants is problem-atical, there is no doubt of the magnitude of the ad-dition they made to our wartime industrial capacityin the year just ended.

Naturally, new tools, machinery, and other equip-ment were also put into operation over the last yearor two, not only in the new plants but in old ones asw ell. Industry began the year 1942 with approxi-mately 26 percent more machine tools, for instance,than it had on January 1, 1940, according to thefollowing estimates:

Dyte

January 1,1940:. .. . . . . .Total machine toolsLess obsolete (over 17}^ years)

N e t machine tools in p lace . . . . . .J a n u a r y 1, 1942.. . . . . .J a n u a r y 1, 1943

Addi t ionsbetween

dates shown

200, 000270, 000

Number of \tools in ;

place |

934.000— 11)4, 000 •

770, 000970, 000

1. 240. 000

Percentchangefrom

previousperiod

4-26- 2 8

It will be noted that during 1942, some 270,000 newmachine tools were delivered, constituting an additionof about one-fourth to those in place at the beginningof the year. Furthermore, these new tools are knownto be much more effective than the old ones in cuttingand working materials. Their increased effectiveness,in fact, has been roughly estimated as high as one-fifth.Deliveries of all types of machinery and equipment,including machine tools, to war industries have beenon a tremendous scale during the past 2K years:

July 1, 1940, to Dec. 31, 1941.1942 estimated total._

Deliveries of Xlachinenjand equipment 1

{million dollars)

9592, 900

1 Only Government financed machinery and equipment.

Industry began the year 1942, as may be seen fromthe above data, with nearly a billion dollars worth morepublicly financed equipment than it had at the time ofDunkerque. During 1942 nearly 3 billion dollars moremachinery and equipment was installed in publiclyfinanced war plants. Despite these large deliveries,the need for all available machinery was such that manymachine tools and other equipment, which industry hadlong ago written off as worthless and put aside for junk-ing, were resurrected and put back into effective-operation.

Altogether it is clear that never before in the Nation'shistory was so much physical industrial capital brought

to bear on the processing of materials as in the year justended.

Moreover, this unprecedentedly large volume of in-dustrial capital was more continuously operated during1942 than in previous years. Statistics are neither verycomplete on this point nor available for publication butthey do show a rising trend in hours of machinery oper-ation per week during the year. This trend is due to theaddition of second and third shifts or where more shiftshave not been added, to longer hours per week on thesingle shift, especially in those industries turning outwar goods.

Industrial Production

The year 1942 was marked not only by record in-creases in industrial production, but also by sharpchanges in the composition of output as war require-ments dominated the industrial scene. Total industrialproduction, as measured by the Federal Reserve index,registered approximately a 15-percent advance duringthe year, but the preponderance of this gain was re-corded in the durable-goods manufacturing industries,

Chart 4.—Production of Manufactures, Adjusted for SeasonalVariations

INDEX, 1935-39= 100

1937 1938 1939 1940 1941 1942

Source: Board of Governors of the Federal Reserve System,

where war orders were concentrated. Production ofnondurable goods increased only 4 percent in contrastto the rise of nearly 30 percent among the durables.Production of minerals was also 4 percent above 1941,but the bulk of this increase was accounted for by fuels.The metals index was held down hj declining productionof gold and silver. If these are excluded, the metallicminerals index advanced 13 percent.

The growth of munitions production throughout theyear was steady, although the record was not equallygood with respect to all parts of the munitions program.According to the War Production Board's index ofmunitions output, shown in chart 5, aggregate munitionsproduction during November was at a rate approxi-mately 4 times that of a year earlier. Adjustments tobring about better balance in the entire munitions pro-gram and to take account of the growing scarcity ofmaterials were associated with the decline in the rate of


January 1943 SURVEY OF CURRENT BUSINESS 9Chart 5.—Production of Munitions, without Adjustment for

Seasonal Variations l

INDEX, NOVEMBER 194!* 100500

400 |

300 —

2 00

!940 1941 1942 oa^-sia1 Includes ship>, planes, tanks, guns, ammunition, and all field equipment.

Source: War Production Board.

growth of munitions output during September and Octo-ber, but in November production once more shot aheadto register the largest monthly increase yet recorded.

Among the durable-goods manufacturing* industriesthe transportation-equipment group, including the vitalshipbuilding and aircraft industries, recorded the largestgain, amounting to nearly 80 percent over 1941. Largescale production of the standard model Liberty shipmade possible numerous technological improvements inthe methods of ship construction which shortened the

Table 8.—Indexes of Industrial Production

[1935-39=100]

I t e m

l O T a l l l H h ' vAlanuf ictures . _

Durable RoodsNondurable good*

MineralsMirable manufactures

Open-hearth and Bessemer -steelElectnc steel . _ _ _ .Machmer\ __ . _1 ransportation equipment.

Automobile bodies, parts, md .^scmblv\orilerrous metals and products-Lumber ind products

LumberFuimtuie . _

"-"tone, (lay, and glass product <=(Vi'U'iu _ _ . . .

\<>ndurabh manulactureslVvtiks and products

Cotton consumption .Woolen and worsted cl<>rh _ . . .

Leather and products . .Shoes-

Manufactured food products .-Manufactured dain productsMeat packumOther manufaclund foods

Alcoholic beverages .1 obacco products . . . _Paper and paper products . . _

Pap-rPrinting and publishing

New sprint consumptionPnntuur paper

P'itroleum and co ll products(lasuhn'*Gok>

Chemicals-Minerals.

Bituminous coalVnthraciteCrude petroleumMetals, excluding gold and siher

Source: Board of Governors of the Federal Rewhich were estimated by the U. S. Department (

502977—-43 2

1

j 1940

123121138113117

11321213511")1101 57J In11")

117121122

i n120105

9710011411412")

113101109123

' 119, 111

103I I S

. - Ut»11213")11 1

116101116145

serve System)f Commerce.

1941

]5t)1011931A312"

1753">7

210

noIS' ,

m12()14"'152

n i

15115S10212112312S\,>>2

12912911012014211212110714112S12015113(<

129110120168

, excel

1942

180189250140130

ISO495289415l l ( t

188132\2fs1 10150172

15")171175120118H I1 i0110Hi12")1301 i(»13<"115103127122110101170

147121

; 119190

)t data

Per-cent

chance,1942from1941

+ 15+ 17+30+4+4

+3+39+38+77- 1 4+ 2- 2— 1— 3

+3+ 12

+3+8+8

A

+ 10+11+ 13+ 12+8+8

— 4

i — "— 4

; - 9—5

- 1 3+9

; +22

+ 17I +14I - 1

+13

for 1942

production period in this industry to a fraction of thetime formerly required. Many new ship ways on bothcoasts also came into production during the year. Re-ports on the progress of the shipbuilding program indi-cated that output during the year was slightly in excessof the Presidential announced objective of 8,000,000deadweight tons.

Aircraft production also made remarkable stridesduring 1942, despite some difficulties in securing a bal-anced flow of all parts and subassemblies. On January7, the President, in his message to Congress, announcedthat 1942 aircraft output had been 48,000 planes of alltypes. Improvements in the design of combat air-craft resulted from actual battle experience and thequality of various models was steadily improvedthroughout the year.

Chart 6.—Production of Selected Durable Manufactures,Adjusted for Seasonal Variations

INDEX, 1935-39600

: 100

50 0

100i940 1941

Source: Board of Governors of the Federal Reserve System.

Production of steel increased moderately (luring theyear, but supplies of a number of partially fabricatedsteel products such as plates and shapes ran far short ofrequirements. Approximately 86,000,000 tons of ingotsteel were produced, roughly 4 percent more than lastyear. Electric steel, required for armor plate andmunitions, increased sharply in volume in response topyramiding demand.

Production in the other durable-goods industriesreflected difficulties attendant upon conversion, short-ages of materials, and the increasing importance ofmilitary requirements. Production in the automobileindustry was slowed considerably during the first halfof the year by the change-over to war orders, butpicked up rapidly thereafter. Smelting and refining of

noiiferrous metals, and manufacture of the finishedproducts, registered only a modest gain, according tothe Federal Reserve index, but the index probably doesnot reflect accurately the full increase in output in theseindustries. Shortages of the raw nonferrous metals con-tinued to hamper production throughout the year andto necessitate the strictest controls over supplies andinventories in order to meet the largest possible partof the military requirements.

Illustrative of the increasing importance of the out-put of the durable goods manufacturing industries arethe data contained in table 9, which show the relativecontributions by different industrial groups, as meas-ured by the Federal Reserve index, to total industrialproduction. In this table both the weights of indus-trial components in the index for the base period, andthe increases since that period have been taken intoaccount. Since the weights in the Federal Reserveindex are derived from value added by manufacture in1937, the resultant distribution for 1942 indicates ap-proximately the value added by different types of pro-duction last year.

Table 9.—Relative Importance of Industry Groups in Aggre-gate Industrial Production

Item 1929

110

5045

4440

1615

1937

113

4041

5044

1715

1939

108

4138

5147

1015

1940

123

5242

5343

1815

1941

156

7347

6441

1912

1942

180

9452

OC37

2011

Index of total industrial production,1935-39 = 100

Durable manufactured goods:Points in total indexPercent of total industrial production .

Nondurable manufactured goods:Points in total indexPercent of total industrial production...

Minerals:Points in total indexPercent, of total industrial production


Among the nondurable goods manufacturing indus-tries, production trends during the year were diver-gent, as may be seen from chart 7. The trend for agiven industry was governed both by its adaptability tomilitary orders and by its relative dependence uponscarce materials. Gains were1 recorded in textiles,foods, and chemicals as increased military and Lend-Lease requirements were added to expanded civiliandemand. Losses in comparison with the previousyear's output occurred in leather products, paperproducts, printing and publishing, and petroleum andcoal products.

Perhaps more important than the comprehensiveincreases in industrial production during 1942 was theenlarged portion of the output of most industries di-verted to war purposes, leaving in these cases a dwin-dling residual for civilian uses. While an exact classifi-cation of output into war and nonwar segments cannot,of course, be made because of the varying degrees ofessentiality to the war program of nearly all new pro-duction, rough estimates of this sort are possible.They are of interest for the light they throw upon the

Chart 7.—Production of Selected Nondurable Manufactures,Adjusted for Seasonal Variations

INDEX, 1935-39 = 100200 r

150

100

COTTON CONSUMPTION

RAYON DELIVERIES, / K

!940 1941 1942CD 42-IS9

1 Data for November 1942 were not available in time to include them in this chart.


extent to which economic mobilization has alreadyoccurred. Whereas in 1941, apparently less than 20percent of industrial production was destined for directmilitary use, during 1942 the estimated military pro-portion averaged well above 50 percent and by thefinal quarter of the year constituted roughly two-thirdsof the total.3

Naturally the approximate proportion of industrialproduction representing war goods was much higheramong the durable than among the nondurable manu-factures, since new production of durable goods forcivilian uses had been sharply curtailed by the year-end.Reflecting the heavy requirements for fuels and metalsin the munitions and supply programs, the war portionof minerals output rose steadily throughout the year

Table 10.—Estimated Portions of Federal Reserve IndustrialProduction Index Represented by War and Civilian Output

M 98,- -39 =100]

Indu-ti i<il pioduction.Total index

Wai portionCi\ ilian portionPercent war

Manulactim t-Tot il index

AVar poll ionilian poitioncent waitin ufact ure:-,i(le\.] poitionilan poition

CiP

Durable nTotal

\YCiIV

Nondurable manulactuieTotal index

War poitionCi\ ilian poitioiiPercent war

Minerals:Total index

War portionCivilian portion.Percent war. -.

. S, Department of Commerce.

1562812818

1012913218

1935111227

135121239

1252110417

1809981

1891048555

250183f»773

1404010C29

13C7]59

s Estimates of the war and civilian composition of the industrial production indexhave been made both by the Board of Governors of the Federal Reserve System andby the Department of Commerce with very similar results.

Januarv 1043 SURVEY OF CUKRENT BUSINESS 11

and by the fourth quarter was estimated to be in excessof 80 percent,

Thus it appears that in aggregate terms industrialproduction for civilian use was more than a thirdlower than it had boon in 1941. New civilian durablemanufactures declined to less than half their level ofthe previous year. Only large inventories of consumerdurable goods in the hands of manufacturers, whole-salers, and retailers prevented the curtailment in the(low of durable goods to consumers from being evenmore drastic than it was during the year. As theseinventories of now irreplaceable consumer durables areexhausted, the flow to consumers will of necessityshrink to small proportions.

Production for civilians among the nondurable goodsindustries during the year just closed apparentlydeclined less than one-fifth, although in some productsthe curtailment was much greater. In many of thesecases, however, inventories were also relativcl}^ largeand the real effects of the production cuts will not befelt on a broad scale until some time during 1943.

The classification of industrial production into warand civilian portions, presented in table 10, should beregarded as giving only very approximate results andas show ing only in a rough way the relative impacts ofthe war program. Significance should not be attachedto exact percentage points, which are necessarily esti-mated from incomplete and, in certain cases, fragmentarydata. In making the estimates, only direct militaryand Lend-Lease supplies have been allocated to the warportion of the index, but the boundary line betweenmilitary and civilian output is becoming increasinglydifficult to draw and will have less and less meaning aswe approach a maximum war effort.

Construction

Construction activity was another one of the manyeconomic magnitudes establishing new records during1942. The gain was concentrated entirely in the firsto quarters of the year. The final quarter saw a decideddrop because of curtailments necessitated by materialsshortages. Private building was in lower volume but thedecrease was far more than offset by the great expansionof public construction. Of the latter, the largest single-share was for military and naval purposes but anotherlarge part was for publicly financed industrial facilities.Residential construction was cut in half, but the buildingof new plants, both on public and private account, wasapproximately 90 percent above the previous year.Most of this plant construction naturally representednew capacity available to the war program. Indeed thedegree to which munitions output has been providedfor by the construction of new plants rather than bythe conversion of already existing facilities, is striking.

Despite the continuance of residential building at afairly high level, housing difficulties became increasinglygreat in many war-plant areas to which thousands of

Chart 8.—Value of New Construction l

BILLIONS OF DOLLARS

!929 1930 1931 1932 1933 1934 1935 1936 !937 1938 1939 !940 !94I 1942

1 Data do not include work-relief construction.

Source: U, S. Department of Commerce.

new workers migrated. This housing shortage wasreflected in a decline in vacancy rates to new low levels.

Total construction activity during 1942 was valuedat more than 13 billion dollars, with publicly financedconstruction accounting for more than 10 billions.While the increase in dollar volume over the precedingyear was mainly attributable to increased volume ofbuilding, there occurred during the year a moderateincrease in building costs. Late in the year, constructioncosts for buildings of all types were running on theaverage 6 or 7 percent above the levels of a year earlier.Rising materials and labor costs both contributed tothe advance.

Table 11.—New Construction Activity in the United Statesby Function and Ownership

HMillionsoi dollars]

Item

New construction, t o t a l ' . . _Private, total . . ,

Residential building (nonfarm)-Nonresidential building

Industrial . . . „All other 3 .

Farm constructionDwelling _ . . . . . .Service..

Public uti l i ty • » _ . . . .Public, total

Residential .Military and naval s__ .Nonresidential building

IndustrialOtherc

Hisrhwa\Sew ape disposal and w ater supplyMl other Fed( ml :

Miscellaneous public ^"r\ ice enterprises v

1940

0.9514. 196

i 2.323_ : 982

423559245145100

i 6462, 755

! 205: 5io! 4971 144

353910I 43353I01

1941

11, 1455, 2612,8811, 306

678628300176124774

5, 884479

2 0591,6711,400

271' 1,013

115125122

1942

13, 5582, 9041,461

31420s.245131.113730

10,594600

5,0133, 38f3, 696

13967!!0731 (

58

1 Does not include da ta for work-relief construction.' Dal a for 1940 and 1941 prepared by the Bureau of Labor Statistics, I ' . S. Depart-

ment of Labor, those for 1942 are preliminary estimates of the Department o( Com-merce.

> Includes reiicious. educational, social and recreational, hospital and insti tutional,commercial, and miscellaneous nonresidential building.

* Includes railroads, street railways, pipe lines, (lectric light and power, gas, tele-phone and telegraph utilities.

5 Includes cantonments, aeronautical facilities, na\ \ \ards- and docks, army andna\y hospitals, etc.

<• Includes public, commercial, educational, social and recreational, hospital andinstitutional, and miscellaneous public building.

" Includes work done by Bureau of Reclamation, Indian Service, Forest Service,\nny Engineers, National Park Service. Tennessee Valley Authority, Soil Con-

ser\atiou Service, and other Federal agencies not included elsewhere.* Includes such municipal enterprises as street railways and other transit M stems,

nas systems, ports, dock*:, harbors, airport tunnels, etc.

Source. T\ S. Department of Commerce; data for f ' l i i .n pn-limimrj.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Manufacturers' Inventories

The increase in manufacturing production during1942 was accompanied by continued accumulation ofinventories. By the end of the third quarter, however,evidences of a substantial slackening off in the rate ofinventory growth had become apparent.4 To a largeextent this growth of stocks was an inevitable con-comitant of expanding production. Nevertheless, therewas evidence that in many individual cases, inventorieshad become excessive and were causing a maldistributionof critical materials that was hindering war production.These cases demonstrated the need for giving increasedattention to inventories in the plans for controllingscarce materials as the war program approaches its peak.

Chart 9.—Value of Inventories by Type of BusinessBILLIONS OF DOLLARS

military and civilian needs. Excessive inventoryaccumulation at the finished-goods stage usually signi-fies, apart from transportation difficulties, some lack ofbalance in production programs and planning.

During 1942 progress was made toward correlatinginventory holdings with production and end-productrequirements, but this progress was largely the indirectresult of controls over materials flow and of balancingthe production program. Further progress toward asolution of the inventory problem may be expectedfrom the direct inventory controls which take effect-in 1943.

Total inventories of manufacturers have risen stead-ily in dollar value since the outbreak of the war.

I Chart 10.—Manufacturers' Inventories by Stage of Fabrica-| tion l

I RATIO SCALE! INDEX, AVERAGE MONTH 1939 = 100[ 300

1936 1937 1938 Ssl 1939


1940

When dollar figures on manufacturers' inventoriesare broken down by stages of fabrication, it is seen thatmore than 40 percent of the total represents raw mate-rials while the remainder represents work in processand finished products.5 One fact of significance aboutthe inventory picture during 1942 is the decline in in-ventories of finished products which occurred duringthe third quarter, indicating that the flow of goods wasbeing speeded to other industries or into distributivechannels.

The problem of manufacturers' inventories is oneaspect of the broader problem of scheduling the produc-tion requirements of the war program. Scarce rawmaterials must be distributed among all producers re-quiring them, yet no firm can be allowed to accumulatemore than the minimum stocks necessary to continuedproduction at the scheduled rate. Production-timemust be cut wherever technically possible, thus lower-ing the ratio of work in process to the flow of finishedproducts. Furthermore, the finished goods must bespeeded to final users in a balanced relationship to

« This is not so apparent from the dollar figures except in the case of nondurablegoods industries where an actual decline occurred. But when allowance is made forthe rising prices of goods in inventory the decreased rate of growth is clear.

6 It should be emphasized that total figure for inventories of "raw materials" ofmanufacturing firms does not necessarily refer to raw materials in a technical sense.Rather it includes all products classified as "raw materials" by individual firmsreporting. Since the classification may vary from firm to firm, the resulting aggre-gates can only approximate a technical classification of goods in inventory.

100

90

80

70

60

! |

GOODS IN PROCESS ^

^ RAW MATERIALS

1

S FINISHED GOODS

!

^ ^ . . . . . • • — «

1939 1940 1942

! Index is based upon the value of inventories at end of month.

Source: T. S. Department of Commerce.

and at the end of the fourth quarter amounted toabout 17.5 billion dollars. A portion of the increaseduring the past year is attributable to the influenceof rising prices and does not signify actual accumula-tion of stocks. While the true increase in physicalquantities of goods carried in stock cannot be reliablyestimated, owing to lack of information concerning thecomposition of inventories, it is probable that not morethan half the dollar increase in inventories over thepast year represented actual physical quantities.

Table 12.—Value of Manufacturers' Inventories, End ofQuarter

[Millio

Year and quarter

1940:IIII I IIV . . .

1941:I . . .I IIIITV

i 9ll)'I\l .. .Il lIV (estimated).. . .. . ..

ns of dollars]

! Total| manufac-

turing

] 0, 988; 10,993I 11,337

. :•• 1 1 , 9 2 0

12, 33713,12114,25215, 747

: 16,4(5417,18317,43917, 500

Durablegoods

5, 2295, 2365, 5326, 021

6, 3640, 8037,4428, 140

8, 5058,9619, 3199,400

Nondu-rable goods

5. Ty'J5 757."», S055.899

5. 97.S»\ 31*H. 8107. WT

7, 0598, 22.S, 1208. 100

Source: V. S. Department of CommerceDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

January 1943 SURVEY OF CURRENT BUSINESS 13

Transportation

The high level of industrial production attained in1942 was attended by a record volume of commoditytransportation. Raw materials and finished goods hadto be moved in ever larger quantities to support theexpanded war program. Passenger travel also ex-panded, reflecting the increase in military and businessactivity as well as the decline of travel in private auto-mobiles. Total transportation volume, including bothcommodity shipments and passenger movements, in-creased more than 25 percent during the year, accordingto the Department of Commerce index.6

Chart 11.—Volume of TransportationINDEX, 1935-39 = 100250

2 00

Sources:lata and r,

Compiled by the V. S. Department of Commerce; for sources oflet hod of constructing indexes see pp. 25-27 of the September J942 Su

basicrvey.

Increases in railroad, air, and pipe-line transport con-tributed to the advance of 22 percent in commoditymovements. Transportation by motortruck increasedslightly in spite of the parts and rubber shortagesand the consequent restrictions made necessary bythese shortages, while domestic water-borne traffic de-clined because of the diversion of shipping facilities toforeign trade and to supplying the overseas forces.Among the bright spots in the 1942 commodity-trans-portation picture was the record movement of iron oreon the Great Lakes. At the close of the shipping season,the ore moved was nearly 15 percent above the .1941volume, the previous record haul.

Passenger travel during the year registered phenom-ena! increases, the aggregate volume being more than40 percent in excess of the previous year. All forms of

6 This index which is based on ton-miles in the ea.se of commodity transport andi>assengcr-miles in the ease of passenger travel, more accurately reflects the increase intransportation during 1942 than carloadings or other commonly used indexes. Thisis because the Commerce index takes account of both tlie increased length of haulsunnnp. the year and the larger loads per freight car.

passenger travel except by air showed substantial gains.Commercial air travel declined only because of thediversion of planes to the armed services and to airtransport of commodities.

Much of the increase in passenger travel during theyear represented troop movements and travel by thearmed forces in line of duty. Indeed by September1942 an estimated 25 percent of total railway passengerrevenue was accounted for by the War Department.Most of the other added passengers were traveling infurtherance of the war program and the heightenedindustrial activity and also because of the curtailed useof private automobiles.

Table 13.—Volume of Transportation1

[Index, daily average 1935-39 = 100]

Item

Commodity and passenger, totalTotal excluding local transit

Commodity, totalRailroadAirIntercity motortruckOil and gas pipe linesDomestic water-borne

Passenger, totalTotal, excluding local transit-

Railroad _ _ _Air __...Intercity motorbus

Local transit . _

L940

115117118115156136113123107112108226108102

1941

141145145146205168123126126142133294143112

1942

18118818119533718013292180234242290216139

Percentchange

1942from1941

+28+30+25+34+64+7+7

-27+43+65+82

__ ]

+51+24

i Indexes for commodity and passenger traffic (except local transit) are based uponton-miles and passenger-miles, respectively; index for local transit is based uponnumber of passengers. All 1942 data are partially estimated.

Source; U. S. Department of Commerce.

The bulk of this increased transportation burden fellon the railroads. They accomplished a remarkablerecord in handling the volume with only small increasesin equipment. Because of the expansion in their traffic,railroad earnings gained one-third to record the bestyear in recent history. Thus by the end of the year, theOffice of Price Administration was moving to set asiderate increases granted earlier in the year while railwaylabor was preparing to petition for higher wages.

Despite the immense progress made in ship construc-tion during 1942, war requirements for shipping spacealso multiplied, and the end of the year found shippingstill the major deficiency in the program to conductoffensive military operations. For a substantial partof the year sinkings continued to exceed new construc-tion. After a favorable balance had been restored bythe increase in launchings and the success of the anti-submarine campaign, the growing output of vesselscontinued to be matched by expanding military require-ments. The great geographical dispersion of our mili-tary operations plus the increased amounts of equip-ment required per soldier kept the shipping situationcritical throughout the year. Further curtailment of

| civilian use of merchant shipping was necessary to meet| the growth in military requirements.


uElectric Power

SURVEY ,OF CURRENT BUSINESS January 1948

Table 14.—Sales of Electric Power to Ultimate Consumers

Supplies of electric power, after falling well belowrequirements in certain areas (luring 1941, were gener-ally higher during the year just closed. Such shortagesas occurred were localized and temporary. Power pro-duction, for the country as a whole, increased about13 percent over the previous year, but the geographicalpattern of the increases varied in accordance with theuneven incidence of demand, which came increasinglyfrom war plants. Industrial consumption accountedfor the bulk of the advance in power requirements,although residential and commercial use also increasedmoderately, as may be seen from table 14. The closerelationship of electric power output to the generallevel of industrial production, which is apparent fromchart 12, indicates the importance of this source ofmotive power to the war program.

Chart 12.—Electric Power and Industrial Production, withoutAdjustment for Seasonal Variations

INDEX, 1935-39 = 1002 0 0

1 5 0

7 5

ELECTRIC POWER PRODUCTION^

1939 19 40 1941 1942

• Data include electric energy produced by electric railways, electrified steroads, and publicly-owned noneentral stations, and that sold by industrialand manufacturing) plants; industrial plants selling less than 10,000 kilowa-tt month are not included. Data in chart on page 2 do not include the fir:items mentioned in this note.

Sources: Index of electric power production computed from data of the1'mver Commission; index of industrial product ion, Board of Governors of theReserve System,

•am rail-(miningtt -hours;t three

FederalFederal

The ability of the electrie-power industry to copemore effectively with the larger demand during 1942was dependent upon a number of factors. Net addi-tions to capacity, amounting to roughly 2,700,000 kilo-watts, or 6 percent, were made during the year, in spiteof the fact that plans for capacity additions had to becurtailed somewhat because of metal shortages. Thisconstituted the largest capacity expansion since 192").likewise some new transmission lines were broughtinto use, thus permitting a better distribution of avail-able power, but this program also suffered curtailmentunder War Production Board limitations. In spite ofthe increased demands for electric power during 1942,peak loads were only 5 percent above the previous yearso that the addition of new capacity raised utilityreserves by 1,000,000 kilowatts or more than 10 percent.

The chief factor in the improvement in the powersituation was the fact that multiple-shift operations in

[Billions of kilowatt-hours]

Item

Total ' .Commercial and industrial

Lariie light and powerSmall light and power.

Residential or domestic .Railways and railroadsOther public authoritiesRuralMunicipalInterdepartmental

\s t, HO, 1M.(> 100.7 i50. h 70. I i22 4 24,0 !23 3 25.I ;5 9 0, 11 7 3. 12 0 2. 4 j2 0 2. 1 !

j 15. 4-S.S. 027. 4

i Individual items will not necessarily add to totals because of rounding.Source: Edison Electric Institute.

industrial plants produced a more even distribution ofload requirements, thus permitting more4 effective utili-zation of available generating capacity, in additionwater-supply conditions in predominately hydroelectricareas were relatively more favorable.

Foreign Trade

The flow of foreign trade during 1942 changed mark-edly both in structure and in geographical distributionunder the world-wide impact of war conditions. Spe-cific details concerning this changing pattern of ourinternational trade cannot be published but the over-allpicture may be described briefly.

Exports registered a sharp expansion during the yearI just closed but the increase was entirely accounted for

by larger Lend-Lease shipments. Exports other thanLend-Lease declined. In aggregate terms the increase

j in value of total exports approached GO percent butI rising prices as well as increased physical volume con-1 tributed to this advance.| Imports declined sharply during the year, primarily| because of the loss of many of our normal sources of

supply for products such as rubber, silk, tin, and otherswhich had previously been imported in large volume.Shortages of shipping space also cut the volume ofimports greatly.

Lend-Lease an Increasing Share of Foreign Trade.Lend-Lease assistance to the Allied nations rose

rapidly during 1942 and became an increasingly largeshare of total exports. Total Lend-Lease transfers fromthe start of the program through November o(), 1942,

Table 15.—Dollar Volume of United States Foreign Trade[Million, of dollars]

Item l iWU •• H M O

Percentcha iuc

111942 ' 11 months

months 1 1912 over11

mon ths1941

Tot i! export^, mcludinii u-exports .... 3,177 \ 4.023 5,140 [ 7.019 4-50.2K\poit< ut Tin ted States mer- !

chandi^e . 3,123 ; 3.934 , 5,019 0.954 -f-58. 0(leneial imports 2,3!S 2.025 3,345 2,3v"> —20.5lii!poit>!ui consumption . . 2,270 2.541. 3,222 2.370 —17.0

I -M»'1!<V iiipe iu '»t' the ( 'ensus. Depar tment of Commerce .Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

amounted to nearly 7.5 billion dollars. Of this, nearly2.4 billions were transferred during" the final quarter ofthe period, and more than 6.5 billion during our firstyear of war-.7 By October 1942 Lend-Lease shipmentsaccounted for 70 percent of total United States exports.

Exports of military items under Lend-Lease grewsteadily during 1942 both. in. dollar volume and as aproportion of total Lend-Lease exports. They amountedto 56 percent of that total during October 1942. Atthis rate an estimated 15 percent of our total munitionsproduction was being exported, if account is taken ofboth Lend-Lease arid the much smaller direct purchasesby foreign governments. Exports of foodstuffs and ofindustrial materials, chiefly metals, have been increasingin dollar volume but decreasing as a proportion of totalLend-Lease exports during the past year.

By country of destination, approximately 40 percentof Lend-Lease exports during October- were sent to theUnited Kingdom, as against 21 percent to the SovietUnion and 39 percent to all other areas, including theMiddle- and Far East.

As the size of our* armed forces abroad increased,reverse Lend-Lease, in the form of subsistence and otherproducts for military use, became4 increasingly im-portant during 1942. Altogether, Lend-Lease mustbe regarded as a unique evidence of United Nations'cooperation and unity.

National Income

The extensive changes in output and in economicactivity which are reported, in the preceding pagesmay all be summarized conveniently in terms of nationalincome statistics. These statistics furnish comprehen-sive measurements of the economic expansion whichoccurred during 1942 under the stimulus of the warprogram. For example*, the whole national income,measuring the net value of goods and services produced,increased sharply to a record total of more than 117billion dollars for the year. Virtually all major indus-trial groups contributed more or less substantially" tothe income expansion during 1942. Income originatingin agriculture expanded more than 40 percent over theprevious yearas did income originating in Government.Manufacturing registered a 30 percent gain while bothconstruction and transportation accounted for morethan 20-percent increases each. Other major industrialgroups made somewhat smaller gains.

The contribution of these industry groups to thenational income rise reflected the changes in theirvolume of output as well as changes in prices.

In the case of agriculture, expanded Lend-Lease,military, and civilian demands prompted a recordvolume of production. This was accompanied by aa steady upward trend of agricultural prices since these

7 Transfers under Lend-Lease arc made before goods are loaded aboard ship,Consequently an estimated 10percent of goods transferred have not actually beenshipped. See the President's Seventh Report ro Congress on Lend-Lease Operations,

Chart 13.—National Income by Major Industrial Groups

BILLIONS OF DOLLARS125

100

-—GOVERNMENT

^-SERVICE INDUSTRIES

DISTRIBUTIVEINDUSTRIES

COMMODITY - PRODUCINGINDUSTRIES

!929 1932 1940 1941 1942 oo 42-522

Source: V. S. Department of Commerce.

were perhaps the freest from control among all ele-ments of the price structure.

In Government the increased generation of incomeresulted chiefly from the addition of personnel tomilitary agencies, as their functions expanded to meetthe wartime, emergency. In manufacturing, trans-portation, and construction the income4 advancesflowed chiefly from the record increases in the volumeof activity previously discussed.

Table 16.—National Income by Distributive Shares

[Billions of Dollars]

Item

otal nanoiru incomeToial compensation of employees

Salaries and wanesOther labor income

••entrepreneurial income and ns• t reni-Interest ami di\ iden !s< 'orporate sa\ irm>

O , mti ' v.n*

70. >. 77, 'A4s. :\ .")2. SM. 4 : IU. [•i. "s -i. 7 .

V.I A • 13. sx s • s l •

\n. 7#>.">. 0 ,f i i . :*;;i. i;

17. [!). '.»

' All f i a u r o for IOfJ. w h i c h an- p r e l i m i n a r y , h a \ e been r o u n d e d to t h e neare-nb i l l ion .

-' C o m p o n e n t s will not necessa r i ly a d d to tota l> b e c a u s e of r o u n d u m

Source" \ S, D e p a r t m e n t of C o m m e r c e .

When analyzed by distributive shares rather than byindustrial origin, virtually all of the 1942 income ex-pansion is seen to be the result of increases in wagesand salaries, with entrepreneurial income also contribut-ing slightly to the expanded income (low.8 Propertyincome, measured after taxes, made virtually no gainduring the year. This concentration of the 1942 in-come rise among wage and salary earners suggests thatimportant changes may have occurred in the size dis-tribution of consumer income. Reliable data foranswering this question unequivocally, however, arelacking.

The gross national product, for certain purposes acomprehensive measure of the total value of outputmore useful than the national income, increased approxi-mately 12S percent during 1942 to total more than 1 ">0

ion dollars for tin* vear. Of this o2-billion dollars K n u v p i v n e i i r i a l i n c o m e , or t h e ne! i n c o m e of u n i n c o r p o r a t e d b u s i n e s s e s j a b h - h -

n i e n t s . c o n t a i n s e l em. -n i s b o t h of wa^es a n d of prof i t . S ince t h i s t.w>e of i n c o m e :?

Genera ted chief ly in I he t r a d e a n d s e n ice i n d u s t r i e s w h e r e sma l l f irms a r e n u m e r o i i -

•md w h e r e m u c h labor is- p e r f o r m e d b y p r o p r i e t o r s , a N l ike i \ t h a t t he wane e l e m e n t

b u l k - lar-.M' in lo t a 1

Chart 14.—Gross National Expenditures by Use of ProductBILLIONS OF DOLLARS2 0 0

150

1940 |94| 1942Source: U. S. Department of Commerce.

gainf in gross national product, it is roughly esti-mated that at least a third and possibly more wasaccounted for by rising prices, with the remainderrepresenting higher physical volume. Determinationof the true increase in physical volume of all finishedoutput during 1942 is difficult because of the markedchanges in the composition of commodity flow whichoccurred under the impact of the war program, and alsobecause of the lack of satisfactory price series coveringmunitions.

Table 17.—Gross National Product or Expenditure[Billions of dollars]

Item 1940

Gross national product or expenditureGovernment expenditures for goods and services

Federal Government . _.War

Percent war to total national product. _..Other Federal Government

State and local governmentOutput available for private use

Private gross capital formationConstruction _.Producers' durable equipment and other,. _

Consumers' goods and servicesDurable goods_ _ _ . _.Nondurable goods and services .

97.116.38.0

8.380.814. 64.5

10. ]66. 28.3

57.9

1941

119.424.616.411.2

8. 294. 919. 1

10. 365.'-

1942 1

1526254503348

90

8 I t should be borne in miiJU m a t f 1 '• v «i o\\ ( u in ' ies wl " n ac ^ >i , < v j*gross nat ional p roduc t repre a i t all t l io^ . dn I while e x p e n d i t u r e b \ ^ i ^ ' d i , I K Sthe Reconst ruct ion F i n a n c ("(. inmnv ire included, olishore < M ' d i d i t u n - (at <eluded. For a more complete '>\pl mat "or of I 'ns u inn irison M ( M ' H \ Vand August 1942 issues of OH S n \( \ .

1 Estimates for the year, which are preliminary, have been rounded to the nearestbillion and will not necessarily add to the total.


The growth of war expenditures, amounting to nearly40 billion dollars during the year, was more thanresponsible for the entire dollar increase in grossnational product.9 Private capital formation was cutto less than half its 1941 volume, Much of thi*shrinkage represented, of course, merely a shift from |private to public firia?ic;mr, ->o that total capital foima-tion both on private* aiw{ public account die! pot ^cro- (

sarilv decline.

Consumer ExpendituresDespite the scale on which new production of certain

consumption commodities was reduced during 1942,inventories were so large that the flow of consumergoods to individuals declined only slightly in real termsfrom the peak level of the previous year. Whereas in1941 the total flow of consumption commodities andservices had been nearly 76 billion dollars, in 1942 thetotal, valued in 1941 prices, declined only to 74 billions.Significant changes occurred in the composition of thiscommodity flow, as durable goods generally declined,whereas food, apparel, and services registered slightadvances.

Maintenance of the flow of consumer goods almost atpeak levels, did not, however, prevent the occurranceof an increasing number of shortages, as consumerdemand, fed by the rising tide of income paymentsflowing from war production, advanced steadily. Indollar terms, consumer expenditures, including theconsumption of institutional residents, reached a levelof about 82 billion dollars, as against the figure of lessthan 76 billion for 1941. Had it not been for theeffectiveness of price control, the 1942 figure wouldundoubtedly have been much higher, since the 82-billiondollar expenditure is considerably below the proportionof their incomes that consumers have spent in previousyears.

Food purchases appear to have increased more than20 percent in dollar terms, while expenditures forclothing, apparel, and for services related to apparelalso increased appreciably. The drop in consumer ex-penditures for durable goods was fairly well spread overmost commodity groups. Large inventories of someproducts such as jewelry, sports equipment, and house-hold utensils, however, prevented any decrease inconsumer expenditures for these products as comparedwith 1941.

In real terms the pattern of consumer expenditures,shown in table 18, changed appreciably during the yearas a result of the relative scarcity of certain products,the uneven increases in consumer incomes, and thechanges in living habits brought about by the war.

The changing pattern of consumer expenditures during

Table 18.—Flow of Finished Commodities and Services toConsumers, by Selected Groups

[Billions of 1941 dollars]

Item

! > ' ' ( ' 1 1 M i p i ' ( i l l .. j t 1 1 1 ! i I ' l ' - . 1 1 ( 1 M I \ h <

1 " I I ( 1 1 i l ' I P i i i l l ' i

) l I

\ul )H H Pii " 1 1\( t) i " t

\ M p u . l ,M ' u n -> )() l I . b W I P l ' , ) ( ! b \ . !_

( N t l K i ( ) " i n i t ( ' M • % H ( ^

1939 ' 1940 1941 ; 1942 •

I i< h M - f u r 1 9 4 ' v ' u J i i T ( j ) , ' I M ' P I j i < l t \ V H i} r o u t (V 0 t o 1 1 K m i n

<i w i l l n o n i - ^ , . i l ' i I I i n H i l o t i i

I l l c l l l i l l I l L H M 11 I t I ' 1 1 1 b l ' T ( \ ( l l K l ' T l L - O v ' 1 I i l ' I i H l p T d l . M s

^ ' i r e \ ^ 1 ) ( M \]' n< i , r < f C o 1 m ( i n

1942, as may be seen from chart 15, was also reflected insales of retail stores. Sales of food stores and of eatingand drinking places ran well above their 1941 levels,reflecting chiefly the advance in consumer buying powerover the previous year. At apparel stores the increasein sales was less marked though clear. Sales at house-furnishing stores ran above preceding year levels for thefirst quarter but slumped during the remainder of the

Chart 15.—Sales of Retail Stores


year as goods shortages began to appear. Automotivesales were well below those of 1941 because of stoppageof automobile production and rationing of tires andgasoline. Filling-station sales also reflected the gasolinerationing. Drug stores appear to have benefited asmuch as any retail trade group from the income expan-sion, and sales ran far above the corresponding monthsof 1941. Trends in general merchandise sales weremixed although a small gain for the year is apparent.

In general the supply of consumption commoditiesduring 1942 exceeded all expectations. The smallnessof the cut which occurred in spite of the extensivediversion of resources from the consumer-goods indus-tries is a tribute to the economic potential of the Ameri-can economy, as well as a significant commentary uponthe gradualness of our war mobilization.

Despite the heavy volume of consumer purchasesduring 1942 and the stoppage of production of manytypes of consumer goods, inventories of merchandise

502977—43—3

Table 19.—Sales of Retail Stores, by1939-42

[!Wl! , ; . - ,! ' ,li:u-:

Kinds of Business,

l U m

\J1 retail s tonsDuraMe L'oo'is >?ore^

liv kinds of business:

Foo<l stumsEat ing aii 1 ' ' r inkuijj phuv-:Apiiarel stores

Killing stationsHuiidinti inateiial> airi har lwaiv -ilous»'h«)l'l furnishiiur storesA u t o m o t h e stoi ii- . _Drugstores .General inerchan'lise »tore<Other retail si ores

iculvrs

1 !'):

12.• 1 0 .

-'! 1

10.

3.2.2.1.5.1

i')

o :

i ;

_ > '

1 i3 •

s ;77,",H

5

-

19

45.12.33

10.3.3.3.3.1.(i.1.»;.1.

ID

s~

8 •

}

1)09>>li

s

19

51.11.

39

12.1.1.

3..).2.

17.

• » •

. , ;

; >

3 '

i ;'

fi :

1 i,") i

71•j

<)

1042

5f>. 29. 9

15. 25. 8

3. 3

3. s

3.02. 38. S'i -

N O T E . - - - D u r a b l e - o o s t o r e s i n c l w l e h u i M i n i i i n n i . ' i u N nn-1 h a n l w a n i . h o u s e l i >! 1f u r n i s h i n . e s , a u 1 o m o t i \ e , - n i ' l j e w e l r \ v i n c l u d i ' ! in o i ! u r r«-inil •• s t o r e s . N o i r ! u r ; i . r > l "i roo ' l s s t o n \ s i n e h i ' l c ;\11 o t h e r s t o r e s . D u e t o r o ' i n i m , u r o i i p J i u u r e s d o n o t r i c c o -s a r i l \ a d d t o t o t a l s for a l l r e t a i l s t o r e s . D a t a for U J 4 2 - u v p n - i i i u i i u i r v f s t i m u t e s .

S o u r c e . I . S. D e p a r t m e n t nt r o m n ' t - n v

in retail and wholesale trade held up remarkably wellin dollar volume throughout the year, as may be seenfrom table 20. At the close of the third quarter, totalinventories in retail and wholesale trade amounted to11.6 billion dollars, valued however in prices somewhathigher than the prices of goods carried in inventory ayear earlier. The decline in wholesale inventoriesbegan in the second quarter, while the turning point inretail inventories came a quarter later, reflecting ofcourse the transfer at wholesale of many irreplaceablegoods. Both retail and wholesale inventories decreasedsharply during the final quarter of the year as a resultof the record volume of Christmas trade.

Table 20.—Value of Inventories in Wholesale and Retail Trade[Millions of dollars]

Year and quarter

IIIIIIIV

I:IIIIIIIV

"iIIin.

>ta

$(

9,9,

y?

Ml'ID.11,

11,12,11.

.1

938977 :131 ;279

80fi333S07334

98f>128(>41

Whole

;*!3,3.

4.4.4,4.

4.4,

: 4.

sale

738581 :745 j730

078 i220384 iH97 :

•<99 '-

, 215

Retail

5.5,5.

~hI),

•>,

7

20039638ti549

728

113423037

08749;i39»

Source: U. >. Department of Commerce.

Late in the year, inventory controls for large whole-salers and retailers were announced, to take effect inthe second quarter of 1943. These controls, beingbased on inventory-sale ratios during past periods,will probably not be the chief factor forcing contractionof inventories in the aggregate, although they un-doubtedly will prompt a better distribution of availablestocks among outlets.

Consumer Income and Savings

The steady growth of consumer income during 1942stemmed from at least three chief factors. One was


the general increase in employment in war-stimulatedindustries coupled with the steady upgrading of workersas man-power became increasingly scarce. A secondwas the record growth of farm earnings. The thirdwas the upward surge of wage rates and earnings whichremained largely uncontrolled throughout the greaterpart of the year. As a result principally of these factors,income payments to individuals advanced to recordlevels, totaling approximately 114 billion dollars forthe year. Higher tax payments absorbed only a small

Chart 16.—Income Payments to Individuals by Use: QuarterlyData, Seasonally Adjusted, Raised to Annual Rate

BILLIONS OF DOLLARS'10

80

60

40

0

^ ^

§§m•

!|i j

1 ! i >^>rN

I INCOME PAYMENTS. i y \ \ v - ^

m&&%& EXPENDITURES FOR GOODS Wmmm• IMR

1935 1936 !937 i938 1939


1940 1941 !942

Fund

Total net savings of individuals - ICurrent savings held as currency or as bank deposits jCurrent savings invested in Government War bonds,

series D and ECurrent savings invested in private insurance. _ _Current savings applied to reduce consumer short-

term indebtednessCurrent savings held in other forms

3.6

1.01. 7

-1.2 !2.3 i

12.95.6

1.82. 1

1 Estimates for 1942, which are preliminary, have been rounded to the nearestbillion and will not necessarily add to totals.

Sources: Securities and Exchange Commission, U. S. Treasury Department, andV. S. Department of Commerce.

The magnitude of their savings during 1942 is alsoindicative of the extent to which consumers as a wholehave benefited from the price-control program.

Commodity Prices and the Cost of Living

The brisk rise of prices in 1942 brought the averageof wholesale commodity prices above the 1929 level,Similarly the cost of living by December had veiynearly risen to the 1929 average level.

The price situation has been so exhaustively dis-cussed in the course of the 3Tear that bare mention ofthe governing basic factors will suffice here. In simplestterms it was a case of effective demand outrunningsupply at previous lower price levels and forcing pricesto move progressively higher throughout the year.

Chart 17.—Wholesale Prices and Cost of Living

fraction of the increase, and consumer dollar expendi-tures were prevented from rising higher by goodsshortages7 price control, and rationing. Hence muchof the income rise was naturally diverted into savings,which are estimated at approximately 26 billion dollarsfor the year or roughly double their 1941 volume.

The outstanding fact about these savings is theirpredominately liquid character. This is evident fromthe details presented in table 21. The liquidity is,of course, partly a result of the abnormal or semi-automatic character of a large part of the current sav-ings during the year.

Table 21.—Net Savings of Individuals by Use of Funds

[Billions of dollars]

INDEX, 1935-39 = 100150

130

90

80

COST OF LIVING ~WAGE EARNERS AND

LOWER-SALARIED WORKERSIN LARGE CITIES

1939 1940

Sources: V. >>, Department of Labor. Indexes of "Wholesale Prices on a 1920 base-were recomputed to the 193.V39 base.

The prime factors on the demand side were therecord-breaking volume of government and industrialbuying and the resultant heavy flow of purchasingpower into consumer hands. The large national out-put during the year made it inevitable that incomepayments to individuals would be very large. It was,of course, not inevitable that consumers be permittedto retain most of their incomes, as conceivably, it wouldhave been possible to relieve them of bigger incomefiactions through taxes and bond sales. Inasmuch asthis course was not adopted, however, consumer pur-chasing power flowed freely into retail markets.

The prime factor on the supply side was, obviously,the growing relative scarcity of goods and servicesavailable to consumers. Although supplies of somegoods were at or near peak levels, they were none-theless unable to keep pace with purchasing power.Under these circumstances, the prices of many goodsand services would undoubtedly have risen muchhigher than they actually did except for the restrictiveinfluence of price controls and goods allocations.Had consumers been free to clip into their record-breaking savings and bid prices up and had sellersbeen free to hold goods for sale to the highest bidders,the cost of living might well have risen more nearlytwice as much as it actually did during the year.


Table 22.—Indexes of Wholesale Prices, by Economic Classesand by Groups of Commodities

Class or group

Chart 18.—Cost of Living of Wage Earners and Lower-SalariedWorkers in Large Cities

INDEX, 1335- 39 = 100 INDEX, 1935 -39 » 100

N o -

ein-ber91(1

No-\ ( m -

h< »r1911

• N o -vem-beri ( * l 2

I ' mmen

N <>\

1910Nov.l*Hl

c maso

Nov1911-Xov1912

Ml commodit ies

f'cononiK' classes'Kaw materialsSemimanufactured urtieManufactured products

Farm products(irains -_Livestock and poultr\

i'ommodities other than rproducts

Foods . .Cereal products.Dair\ product-Fruits and \e2iilable>Mints _ . .

\11 coinmodites other 1farm products and foo<

luiildinu material^Lumber

<'hemieals and allied piUrts

ChemicaNOils and fats

Fuels and light ina maieiI'elrolcum products

IFdesand leather prodiuHides and skins

1 Io>]s<»runiishin<i goodsMetals and melal produ

l ion u\u\ si eelMeiaK, nonierrows

I'e\ t ile p r o d u c t sC o t t ' i n s:ood- .Haum .Woolen and woi"s|ed )

so71,"S

77t>373

8o9 }

102

77S."iIi

71.">»)

1009!ss' < • "

95s i .737129S.">

»( s r

.ah



M i

SO

s 27b91

s ss j

sos",h7.;>()

s910.5

i 2 2 .

<S1.s 7777*'."7.

Ids'His.91!)9.9ti^ 1 .s i!M29.

S2.

>

")

911

(,

77

1

02

t'.

(120

1\S\1

?»

2.">fi0

9S

iOoo j9 s

10")(>2

117

9 hMMs ' i

( ' S

95.111.

<),')110132

97.JH;

10.".7s

117.11s11)2.10397.S.'9t>

11230.

109>9.

1I,;,

222

91)s07

i2

0AI."i7i,

0i ,

s27

s

7

79

72<s0v,J(,S

(>7tVJ

s i

7271s 2()07()

b\9 s .

117

77,85.12.7119

102.10).ss.97.

v>'-i

71.7:?.

29Ss

i,

7t,1

279

q

s}

2i

10

139,,•;,\2C0;',u

r,cs

°-

90x99->90s j90

02SMS')

0()

7790

03 .107128

<s9ss9278( i d

11 1.

i n

27si,

-5h

',

9

s

,*>7

8;*

os410

100 . U

103.97si91

10539

is1?:»

102. (is7

100

10?92<jO

11092

' 2 !

07103so

111102.112

9").110133.

9990.

10179.OO.

1171 1 C > .

102103.97.st»97

11230.

] 1 ;_9(!

i

'i

(

4,r,81A

9

2()0'

!S'11

2:->i7s0,*)

s2o]

l'it

7

r

i o

211 1

H422^29

J ,

2-511172919

11s9

153

3 It*<l

22111213.,")}

i2213

2!512

2I,s

h

22s002

2

7

yS1

(i

c,,".

c.

s

1327,",ii

s

r,(,

2210

I")i

1',3023

2.2.3

10.s9.

31.1

1i.

f>— 1.

s.3

1

22001o

h

9>

*i

3

",

s<)AI,"»28*i

1I

{')

ij

0()

2

100

9 0

:oo

1940 1941 1942

'The historic cvonl oi" the year in thr field of priceswas, of course, the development of controls. TheNation for the first time undertook to control virtuallythe entire price level. The tit tempt was fairly suc-cessful. Without it, the price level would unquestion-ably now be considerably higher than il actually is.The first step was the approval of the EmergencyPrice Control Act of 1942 on January :>(). Under thepower conferred upon him by this law. Price Adminis-trator Henderson on April 28 promulgated the GeneralMaximum Price Regulation, effective for most pricesin May, which imposed ceilings on the prices of mostgoods and many services. The ceilings were generallythe highest comparable prices charged during March1942,

The two biggest loopholes in these measures werethe exemption of prices of farm products and foods fromceilings below certain high levels, and the omission ofany control over wages and salaries.

The next steps were the enactment of the anti-inflation act of October 2, 1942, and the Executive,order of October 3 establishing the Office of EconomicStabilization. This law and Executive order em-powered the Government to bring the large majorityof farm-product prices under ceilings and to control therise of wages and salaries. Under these laws and Execu-tive orders, the Economic Stabilization Director, the

> l!.fiu<U - <«)tj,( m m - not - l i u ^ n sepa ra t e ly in Uiis c h a r t .

• I )a ta ar< ;<:r tl-e hit-1 m o n t h of each q u a r t e r t t i p m u h Septeinbf r 1040uml m o n t h l y

i hereafter .

S c u m 1 - r •- i >cp;.rnn» in of L j b o r .

Price Administrator, the* War Labor Board and, in thecase of fjiF'jn-product prices, the Secretary of Agriculture,now ha\e probably all the powers of a nonlegislutiveson necessary to prevent severe inflation. They canboth set ceiling prices and control, or give relief from,the rising costs that might threaten to upset the ceilings.Thus (he Government is in a position to fix celling prices,to control basic costs, and to forbid buyers from payingprices higher than the established ceilings.

It is clear that the Government, represented duringmost of the year chiefly by Price Administrator Hender-son, was reasonably successful in keeping prices downespecially in view of the sharp advances that occurredin the prices of farm products and foods exemptedfrom control.

Table 23.—Indexes of Cost of Living[193.5-39=100]

1929 1940

totalClothFoodFuel.ilous<KentM i chim>^

Uancou1*

122.115.132112111.141104

o f

3 !55 j

74 !C\ '

100101.

9699.

100.104.101.

27(>75t>1

105. 2106. 5105. 5102. 5108. 2105.9101 0

| Percent increase

1942from1941

10.7Hi. 717. 32.8-

12.82.56. 7

Source \ \ S. Department of Labor, except 1912. which was estimated, on the basisof 11 month*" <hitn b> the I' S. Department of Commerce

But difficult price problems still remain despite theprogress toward economic stabilization made in the pastyear. The basic problem is to win, as nearly as possible,complete public cooperation and acceptance of con-trols. If price controls are to be fully effective, some-

1942

116. .5124. 3123.8105. 4122. 1108. 5i l l 0

1941from1940

5.04. 79 . 22 . 87. 7L 22.9


body—nearly everybody in f i ic t i s going to be af-fected. The typical reaction is that their impact shouldalways fall on the other fellow. Nearly everyone wantsthe prices of the tilings he buys frozen while hoping theprices that determine his income remain free to rise.Stabilization can be had only when all accept theprinciple that in order to have their cost of living fro-zen, they must accept income stabilization as well.

Reversal of this principle and acceptance of risingliving costs in order to maintain incomes free to riseresults, of course, in the familiar spiral of inflationwhich is just the reverse of stabilization. Withoutpublic recognition and acceptance of this basic principle,stabilization can be had only at the cost of an intensive,continuing, Nation-wide enforcement aimed at policingall price transactions. Hence, in the months ahead, thechief effort must be made in the direction of achievingeither public acceptance or enforcement.

Another basic problem of price control arises fromthe fact that, while granting the power of the Govern-ment to fix and enforce prices, they must be set justright to avoid undesirable repercussions and to en-courage desirable types of production and consumption.Whenever ceiling prices are set at low levels as theyfrequently must be in order to check inflation—thestabilization authorities will have to choose among thefollowing alternatives: (a) Maintaining the ceilingsand cutting the supply of the goods in question byforcing some producers out of business; (b) raising theceilings and therefore the price level in order to en-courage supply; (c) maintaining the ceilings but grant-ing subsidies or some other relief to producers; (d)maintaining the nominal price ceilings but permittinghidden price advances by such means as quality de-terioration, upgrading or trading up; (e) maintainingthe ceilings but forcing cost reductions which curtailthe income of some group; or (f) any combination ofthese. Since any one of the alternatives will evokeprotests from some interested group, and will influencethe production and consumption of goods and services,difficult decisions lie ahead.

There will be other price-control problems, of course,such as the pressure brought by strong blocs to obtainprice treatment specially favoring themselves. Butwhereas the big achievement relating to price control in1942 was getting the necessary legislation and settingup the mechanism, the big job in 1943 will be to makeit work and win public acceptance, even though nearlyeveryone will be more severely pinched than before.

Finance

The key financial development of the year was theputting into effect of price-level controls. But for that,virtually all financial magnitudes would have been quitedifferent—and higher. Even so, the financial history ofthe year is packed full of records that are especiallynoteworthy. For example, a private corporation

arranged a 1-billion dollar bank credit. Congresspassed a 7-billion dollar tax bill, the largest in theNation's history—yet still not large enough. FederalGovernment total expenditures amounted to nearly60 billion dollars. Other fiscal and banking develop-ments were in keeping with these.

Table 24.—Budget Expenditures, Calendar Years 1939-42'

[Millions of dollars]

Major type

War activitiesAgricultural adjustment p rogram.Unemployment reliefTransfers to t rus t accounts.-Interest on the public deb t . .Debt retirementsAllother

1940 1941

TotalTotal, excluding debt ret irement-

1

2

35896718120297153

3, 210

H 941888

2, 7781,0141, 813249

1, 076144

2,734

9, 8039, 659

12,

1,

1,

2

19,19,

705728513385145100577

153053

1942

49, 860740817479

1, 45228

2,671

56, 04856, 020

1 General and special accounts, basis of the Daily Treasury Statement. Classi-fications are those currently published in the Survey of Current Business. For de-tailed explanation, see footnotes for page 75 of the 1942 Supplement.

Source: Daily Statement of the U. S. Treasury.

To pick any one of the interrelated and highlydynamic magnitudes concerned as being "given" orpredetermined would not be entirely accurate, but the54 billion dollars of war expenditures come closestto warranting that designation. This is because theGovernment, on the outbreak of war, mapped out aprogram to purchase during the year the largestphysical volume of war goods and services that couldpossibly be wrung from the economy. The resultingwar outlay became the dominant monetary flow of theyear.

Total Federal budget expenditures for 1942 aggre-gated 56 billion dollars. Government corporationsspent in addition nearly 4 billions more, to bring theaggregate Federal outlay to 60 billion dollars. Non-war outlays declined.

Chart 19.—-Cash Income and Outgo of the United StatesTreasury l

BILLIONS OF DOLLARS

CASH OUTGO*,

CASH INCOME,

~' ' I \

1939 1940 1942

1 Data are a 3-months moving average centered at second month.

Source: U. S. Treasury Department.

Treasury receipts were practically double those of1941. The increase was due in part to the higherrates enacted in the two Revenue Acts of 1940 and the


January 1943 S U R V E Y OF C U R R E N T BUSINESS 21

Revenue Acts of 1941 and 1942. The shi:rp rise4 in the1942 national income, however, was a!<o a major con-tributing factor as il expanded Hie tax base veryconsiderably.

Table 25.—Budget Receipts, Calendar Years 1939-42 l


cent of the profits lax pak! is refundable to

H i m

Income taxes 'Employment taxesMiscellaneous intern il re\er.u<Customs . . _Other reoeipis

3332111

4. '.U)32.S

Total receipts . . . . . _ .Less: Xet appropriation to Fe

a ire and survivors insurance t u w fund j ,">00 ,Net leceipts... . i 4.919 '

old

S,MH ;

1 General and special accounts, basis of ihe Daily Trea^m> Statement .2 includes i n d h i d u a ! income taxe^, corporate ineome and e\ce-> prc»fii-; t a v s i> is-

eellaneous profits laxes, unjust-enrichment Tax, declared \a iue execs? IMOI1I> :a \e^.and taxes under the limitim.' pro\ nions of the Vinson Act.

Source- Daily Statement of the I r . S. Treasury,

The classification of receipts in table 24 shows thegrowing importance of income taxes as a source ofFederal revenue. Each of the last three regular reve-nue acts has reduced exemptions under the individualincome tax and increased the rate of tax. The secondRevenue Act of 1940 introduced the excess profits taxon corporate income. As a result of this trend, it isexpected that three-fourths of the Treasury's netbudget receipts in the fiscal year 1943 will consist ofrevenue from income taxes. The long-debated Reve-nue Act of 1942 (October) continued this trend byincreasing corporate income taxes (mainly the excessprofits tax) by 1.3 billion dollars (net), and individualincome taxes by 5 billion (net). All other taxes wereincreased only some 0,6 billion.

Table 26—Public Debt of the United States Government andGuaranteed Obligations Outstanding, as of December 31,

1941 and 1942

corporations after the war. as is a portion of 1he VictoryTax on individual income, 1 n i-ither ease the refundcjui betaken at l lie end of the yesw if suflicient savings incertain prescribed forms have been made.

Notwithstanding the doubling of Treasury receipts?

outlays outran them to a degree sufficient to result ina deficit of 4o billion dollars, of which nearly 4 billionwas for the account of (lovernmeni corporations.This unparalleled deficit, along with the increase inth billion, forced the gross public debt up by 50 billiondollars io a total of 108 billion, an increase of 87 per-cent during the year. This deficit and debt increasewere, of course, due to the lag of revenue legislation andcollections behind the swift pace of expendituresdictated by the war effort. The technical factorsgoverning the movements of the Federal debt duringthe year are summarized in table 27.

Table 27.—Factors of Increase in the Public Debt, CalendarYears 1941 and 1942


Hem

Budget expenditures, excluding debt retirementNet receipts

Excess of budget expenditures- _Trust accounts, etc., excess of expenditures 1......Increase in general-fund balance _.. .. _

Increase in the public debt , . . . . . . . ___Public debt, beginning of yearPublic debt, end of yenr. . _ _ ..

1941

19,0538, 848

10,2041,0771,632

12,91345,02557,938

5t>, 020lt>, 403

39, fil83, 6316, 983

50, 23257,938

108.170


Item

Public debt:Public issues:

Bonds:United States savings bonds l

All other bonds. . . ._ . . .Notes:

Regular seriesNational defense seriesTax series..

Certificates of indebtednessBills . . ._ . .

Special issuesNon-intcrest-bearing debt

Total public debt2

Dec. 31.1941

Dec. 31,1942 Increase1

!0, 141! | if), 050

49,81833, 8(>0

4, 831

2, 471

» Reflects oftVcts of financing Government corporations through the TreasuryDepartment.

Source: Daily Statement of ilic V. S. Treasury.

Another key financial datum of 1942 was the 20billion dollars in round figures of Government securitiespurchased by the commercial banks. Hie absorptionof this block of bonds represented the outstanding im-pact of the Treasury's fiscal operations on the com-mercial banking system. Principally as a result, thedeposits of these banks rose about 15 billion dollars'—the largest yearly increase in American bankingannals.

2, 0026, 981

487

8, 6971,1666, 384

.10, 5346, 6279, 032

Guaranteed obligations not owned by the Treasury

Total public debt and guaranteed obligations

57,938 J 108, 1706,321 4,301

2. (Mi37 :

;u 232—2.02:;

04,202 I 112,471

1 At current redemption values except series G which is stated at par,2 Includes $1,278,000,000 as of Dec. 31, 1941, and $5,201,000,000 as of Dec. 31, 1942,

advanced to Government agencies for which their obligations are owned by theTreasury.

Source: Daily Statement of tin I . S. Treasury.

An interesting feature of the 1942 Revenue Act isthe introduction of the principle of compulsory saving

All banks, except mutual savings banks

Government se-curity holdings

(billions (

Amount

1822

* 42

>f dollars)

Changeduring

year

4v 2(5

Deposits, excludinginterbank

(billions of dollars)

Amount

M00

P 7,1

Changeduring

year

0P 15

Currency in circu-lation

(billious of dollars)

Amount

91115

Changeduring

year

4

Dec, 31, 1940Dee, 31, 1941Dec. 31, 1942

v Preliminary rsiimai<\Source: Board of Governors of the Federal Reserve System.

A figure closely allied to the deposit increase was therecord-breaking jump in currency in circulation. Not

both for corporations and for individuals. Ten per- j always is there such a close correspondence betweenDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 SURVEY OF CURRENT BUSINESS Januarv 1943

INDEX, 1935-39 = 100140

100

6 0

1 3 0

TURNOVER OF DEMAND DEPOSITS,1

ADJUSTED FOR SEASONAL VARIATIONS

DEMAND P/

DEPOSITS, ADJUSTED &(RIGHT SCSLt)\ V A

MONEY IN CIRCULATION -y I I 0

^<Ja\ iM'ir."*1 end "f moi i th .i i r ^ i>t i mi cf moj/ih

(•( s Pernand <L j/O^iU. Hoard ol oi It1.

Government borrowing from banks and the increase intotal deposits and money in circulation. In the yearjust ended, however, there can be no doubt of the closeconnection between the two. Neither can there bemuch doubt that this record-breaking inflation of thecirculating medium would not have occurred had the$20-hillion block of bonds been purchased by individualsout of their savings. So much currency and bank creditin circulation clearly represents dangerous inflationaryammunition. With more and perhaps even larger in-

Chart 20.—Demand Deposits and Turnover of Demand De- jposits in Reporting Member Banks in 101 Leading Cities, jand Money in Circulation . j

BILLIONS 0^ DOLLARS

Table 28.—Factors Affecting Total and Excess Reserves ofMember Banks, 1942

' M l ! 1 O n - <M . ' 1 ! » . ;

Factors of incrc^c:M o n . ' i i i r v «!<,l<iM->,-k -T i v : : M i r \ I ' l i r r i ' i K ' v o u K t u n d i i m _F c d e i a l K r < « » r \ o b - i n k e n d i i o u M a n d t n - jN o i n m - i r i b r r dot.o->;i-> . s l i d o t h e r F e d e r a l iir- r \ t

Total

< <\ I / . ) \111! 1 • \ 1

1 \\,\ t , >, «»

Factors of decrease:Treasury cash .Treasury deposits with Federal KeserMoney in circulat ion .

ReHe

K\

Total

serve balances . . .quired reserves. . . . . . . . . . . . . ... .

cess reserves .

ve bank-J !

2 1 '

l f . l l

r»o

Ms"

7<t<fr> n j

M 1 1 ,! 1 1 >()

i M^s

1 9 3 5 1 9 3 6 1 9 3 7 1 9 3 8 1 9 3 9 1 9 4 0 1 9 4 ! 1 9 4 2

h i d e s . 1-. h . - " d \\\,'i\\ r e l a t i o n - h i p \n ! u <» ri d» l> 1^ ' o i n l i \ : d - i <! <i< < u n f * l i i ' i ' ; i , l ^

. t d r a i s e d t o a n a ' l n i , \ i M i e ) a n d m o i o h U a \ i ra 'J* o i V. n h i . < ; a \ d t n i a n ' i d e p o - i K

- D a t a a t i ' d e p o - , i o t h e r t h a n i n t e r b a n k d e p o s i t s a n d ' mu>\ - i i(< - T T ' A I n m n n '

o r o l ( l c i n a n d Ui i - o M t ^ F c d t t a ! l i e ^ c i \ c H l ]) U tIM( l i t .

ci'rasos of the same kind in prospect, it is to be hopedthat price controls will function effectively enough tolimit inflationary t end en cies.

Another significant banking development was thecontinued decline in excess bank reserves. This tookthe commercial banks closer to the point where1, whentheir excess reserves are exhausted, they will have torely much more heavily on the Federal Reserve banksto support their outstanding deposits. The factorchiefly responsible for the decline in excess reserves was,as can be seen in table 28, the deposit increase thatforced up required reserves.

The Federal Reserve banks themselves made central-bank history by expanding their outstanding credit inthe later months of the year to a new peak—-highereven than that reached in 1920 at the crest of WorldWar I inflation. The expansion was accomplished byFederal Reserve purchases of Government securitiesamounting to about $3.7 billion which were, in effect.paid for with Federal Reserve notes to satisfy theurgent public demand for currency. Tins does not

account lor the entire expansion of currency in circula-tion, however, and it is clear that the sharp increasein income payments to individuals would in any casehave necessitated some currency expansion.

These operations naturally influenced the reserveposition of the Reserve banks. By year-end, the re-serve ratio of the combined Federal Reserve bankshad declined about 15 points over that of the previousyear to around 76 percent. Their reserve holdings aretremendous, of course, and their position very stronirindeed.

Table 29.—Stock Prices and Sales and Corporate Earnings

l i e , ! : l ' M 7 MW.S ! '»W !!>J(i l:i\\ \\>iJ

' O - J t ' - 1O'> 117 ^ Ml ^ s -M) v )o i tl - !(-. ; - t o ( k*\I n d i i ' J M . ' K r > l ^I ' u b l u u t i l i t h - ( 2 s s t v u k -R u i i o a d s '_ ' (! M ' K k s

l i n e s s , [ ( [ i n a l l h » i s iK>i j ( u h a i i ' j( i n o n J h l \ !v)

i > d i a ' i i u t i ^ i . inM t \ ( • - p i o f i l ! !\<( ' i n (i it ) I I n ' i r u M'tit i l i >t » <\

I K 1 Sh

1 J! J

; 1 1 - i n o n t i i s ' a v i ' r a . i i ( \- Fsiiniaied by Department of Commerce.

Sources: Standard and Poor's Corporation. Securities and Kxchance Comand \hv 1'. S. IVpariment of t'ommerce.

The policy of expanding the currency and creditcirculation, in place of heavier taxation and largerbond sales to others than commercial banks, resultedin leaving1 individuals and business firms in a strong1

cash position. Mention has already been made of theunprecedented amounts saved by individuals during1942. Some of the savings were in the form of debtreduction but much of it in the form of cash and bankcredit. There is some evidence that business firmsalso saved large sums, including much cash. Manyfirms had set aside larger reserves against accruedtaxes than they needed after their tax liabilities wereclarified bv the enactment of the 1942 Revenue Act.

Corporate Earnings at High Levels.

Despite war taxes, business enterprise during 1942was on the whole exceedingly prosperous. Corpora-tions, as shown in table 29, made larger profits beforetaxes than ever before. After taxes, they realized only6 percent less profit than in 1941. Corporate earningsafter taxes in 1941 were slightly higher than those of1929 and were the largest on record.

Chart 21.—Market Values of Stocks Listed on the New YorkStock Exchange Related to Estimated Total CorporateProfits After Taxes

Hitler invaded P

-4 -2 0 +2 +4 +6ESTIMATED CORPORATE PROFITS AFTER TAXES

{BILLIONS OF DOLLARS) cc «< «. *

^'Uirc"-: \ c v \ York Slock I'Achaiiirr and I*. S. Departnicr.t ot C o m m e r c e

Despite near-record earnings al ter taxes, however,investors were fearful of the dangers hovering overa world aflame. Consequent ly they capitalized theseearnings at very high rates to allow for the risks. T h u swith total corporate earnings 74 percent higher than in1(.K>7, for instance, stock prices, as measured by theStanda rd -Poor index, averaged 41 percent lower. Ever

in 19.')!), this discrepancysince

between corporate earnings and stock prices (see chart21) has grown increasingly pronounced from year toyear. The upward trend of (he stock market since*May. howe\ er. indicated renewed confidence, andprices closed the year higher than in December 1941,

1943 Prospects

Notwithstanding all the uncertainties that encompassa wartime, economy, a real national product in I94:>larger than the record high volume of 1942 is a strongprobability. It is, in fact, underwritten as much as afuture event can be, by the magnitude of the 194;> arma-ment program. The chief problem of managementfacing the Government as it maps out the policies togovern our 1943 war economy, is to make the most ofour resources of manpower, mateiials. and capital equip-

ment which will become increasingly scarce relative tothe ruling needs of the year.

The crucial problem will be manpower. This will bethe case for the reasons already indicated—namely, thatthe civilian labor force of the Nation almost reached itspeak in 1942 and will expand little if any more in 1943.10

The additional output envisaged in 1948 programs musttherefore come largely from longer working periods andlarger productivity per person as these will consitutethe Nation's major labor reserves.

The manpower problem is complicated by the factthat it is essentially not a national problem subject to asingle comprehensive solution, but is instead a largenumber of local problems. Whatever national policy isadopted, it will have to be executed in hundreds oflocalities and largely by the local authorities on the spot.Perhaps the most difficult aspect of it, therefore, will beto persuade1 the local authorities in each ease to adhereto the general policies determined by the War ManpowerCommission, As the armed forces continue to absorbmore millions of men, the need for workers in war andessential civilian industries will soon become intense,it seems unavoidable that workers will have to movefrom surplus areas to scarcity areas, from nonessentiallo essential industries and occupations, and non-workers will have to join the work force. To bringabout these various types of labor flow without any orwith as little compulsion as possible, and lo do it allpromptly, equitably and with a minimum of individualhardships in all the various localities concerned -that isthe crux of the problem.

The economy will have at its disposal in 194.') morematerials and more capital plant, and equipment, toprocess them than in 1942, Materials stockpiles andinventories that can be drawn upon are in the case ofmost materials also larger. Moreover, available ma-terials supplies will very likely be used more effectivelyin the national interest, with less leakage into idle in-ventories and with a more smoothly scheduled flowthrough the productive process. Such, at least, is theaim of the Controlled Materials Plan which will becomeeffective early in the year. There is reason to believethat much of this promise will be fulfilled and that aii'iven quantity of raw materials will result' in a. largeroutput of finished products than in 1942. It is to behoped that I he feature of the plan which places re-sponsibility for the distribution of materials amongsubcontractors in the hands of the prime contractorswill result in an increase, rather than shrinkage, in thenumber of subcontractors and in a broader spreadingof war work among qualified business firms.

With regard to plant and equipment, the largenumber of new plants built and equipped in 1942 will

10 Tlii-; (loos not m e m , of course, that more newly recruited workers will not enter;:inu>tr> It means ra iher tha t new accessions to the labor force will lirtle more lhan<>!oef w nh<lrav>.'I> of men into the armed forces

(Coyitinucfl o n p a ye 3>>Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Shifts in Installed Horsepower inManufacturing

By K. C. Stokes

AMERICAN industry has been built in part upon^HL the principle of mass production. This principleinvolves the output of standardized products by contin-uous processes; furthermore, it is dependent upon theexistence of mass markets. From the technologicalpoint of view, the successful performance of mass-production industry hinges, to a large degree, upon theefficient application of motive power to productiveprocesses. In this article, "power" refers to the horse-power equipment available to turn the wheels of facto-ries. The purpose of the article is to provide an accountof the growth of these horsepower facilities, to give theirlocational pattern, and to point out some major shiftsthat have occurred over the long run and particularlyduring the past decade.

The strategic importance of power equipment to acountry at war cannot be overestimated. War mate-rial in the enormous quantities needed at present mustbe fabricated through the application of mass-produc-tion methods. Moreover, drafting of manpower intothe armed forces necessitates greater reliance uponmechanized equipment. Conversion of existing plantsfrom civilian to war industries has involved changes inproductive machinery and in tooling. But in the caseof power equipment it has been possible to utilize almostcompletely, and in most instances with no loss of effi-ciency, the facilities already installed.

The latest period for which detailed data on factory-power facilities are available is 1939.1 At that timeAmerican factories reported an aggregate of 50,452,000horsepower, of which 21,239,000 horsepower was inprime movers and 29,213,000 horsepower was in electricn otors driven by purchased energy.2 Under the im-petus of war, the installed horsepower capacity of manu-facturing plants today is considerably in excess of that-reported in 1939. Although there is no comprehensivemeasure of the change in installed horsepower since1939, the volume of industrial plant building since thatdate may be used as a guide for estimating the probableincrease. On this basis it is estimated that installedcapacity in the United States factories at the end of1942 was approximately 59,000,000 horsepower.3

From the beginning: of the defense effort in June 19401 Horsepower statistics for this article are drawn from the survey of factory-power

facilities conducted as part of the Sixteenth Census of the United States; the surveyprovides the first official information on factory horsepower equipment since 1929.

2 A prime mover is the initial source of motive power within a factory which setsother machines in motion and which derives its force from some natural source (suchas coal, oil, water, gas, or wood); steam engines and turbines, internal-combustionengines, hydroturbines, and water wheels come within this category.

'° This projection is based on the relationship between installed horsepower capacityand expenditures for capital equipment thrcugh 1939, modified in accordance with fac-tors which tend to alter the shape of the calculated curve. Since widely varying forcesoperating in a wartime economy must be weighted heavily, the estimate may be takenas only a rough approximation.

to the end of October 1942 a total of approximately$18 billion was allotted for the building of productivefacilities to meet war needs alone.4 xlbout four-fifthsof this amount represented Government commitmentsand one-fifth private commitments. Thus, in lessthan two and a half years these commitments ex-ceeded, by a considerable margin, the $13 billionexpended for new manufacturing facilities in theten-year period, 1930-39, when net additions toinstalled factory capacity amounted to 9.3 millionhorsepower,5

Price changes as well as other limiting factors must,of course, be taken into account when making use ofthese dollar figures for the two periods as measuresof the volume of plant and equipment additions.Furthermore, the current commitments for new indus-trial facilities should be scaled down as additionalrestrictions and controls are placed upon new con-struction in order to make all possible materialsavailable for immediate war production. Under regu-lations now in force to control wartime construction,the building of new plants is prohibited unless certainconditions can be met. This curb applies not only todirect war plants but to other construction as well.

The General Pattern of Factory-Power Facilities.

An over-all picture of the horsepower capacity ofAmerican factories and the changes that have takenplace in this aggregate capacity since the turn of the

Chart 1.—Installed Horsepower Capacity of Equipment inManufacturing Establishments

MILLION HORSEPOWER60

2 0 - —

!899 1904 1909 1914 1919 1925 1929 I93S oo c-<«1 Steam turbines are included with steam engines for 1914 and prior census years.

Source: U. S. Bureau of the Census.

4 This figure includes commitments for some projects not yet begun as well as foruncompleted projects, but does not include data for plant expansions unless directlyor indirectly related to the defense and war program.

8 According to estimates of Lowell J. Chawner; see articles on Capital Expendituresfor Manufacturing Plant and Equipment, Survey of Current Business, March 1941,December 1941, and May 1942.


century are shown in chart I.6 The data given in thechart relate only to the installed capacity of factoriesand arc- not indicative of the amount of machinery inuse at any given time. Some of this machinery isnormally idle, held as stand-by equipment in case ofemergency; furthermore, the actual use of the machin-ery varies in accordance with demand for the endproducts.7

While substantial increases in factory-power facilitiestook place in the 1929-39 decade, the gain was lessthan that recorded for either of the preceding twodecades. Among the shifts in types of factory-powerequipment that have occurred over the period since1899 the transition from the steam engine to the steamturbine and the rapid substitution of electric power forthe belt and gear method of driving machinery areoutstanding.

For over a quarter of a century the steam turbine hasgradually been supplanting the steam engine. Thisshift may be accounted for by the facts that the turbineoperates at practically uniform speed, occupies verymuch less space than the reciprocating steam engine,can be built in very large sizes at comparatively lowcost, and is very economical in fuel consumption. Thesteam turbine is now the most important single typeof prime mover for the generation of electricity.Hence growth in the electrification of factory equip-ment is usually reflected in a concomitant rise in steam-turbine capacity.

The rapid strides made toward electrification offactory equipment since the electric motor first becamean important source of industrial power may be seen

« Certain cautions should be kept in mind in appraising the significance of statedchanges in total installed-horsepower capacity from one period to another. Whileit is not intended here to give a complete record of these cautions, some of the impor-tant limitations are noted below.

The horsepower unit in itself fails to indicate improvements in power transmissionand in the efficiency of the machines themselves. Furthermore, in measuring changesin total installed-horsepower capacity, such changes must be based on the sum ofprime-mover capacity and electric-motor capacity driven by purchased energy, andany shift from the use of energy generated within a plant to energy purchased fromoutside sources, or vice versa, will tend to exaggerate or to minimize the importanceof the change in the aggregate horsepower capacity.

When electric motors are driven by current generated in the factory, the ratedcapacity of the prime movers is used as a component of the aggregate capacity, eventhough, for manufacturing as a whole, the rated capacity of the installed motorsgreatly exceeds that of the prime movers driving the generators (see footnote 8).On the other hand, when motors are driven by purchased energy the rated capacitymust necessarily be given as the capacity of the motors themselves.

It has frequently been pointed out by the Bureau of the Census that the markedtendency toward the installation of electric motors means that the importance ofchanges in horsepower capacity is exaggerated, since all motors are not run at thesame time or at full capacity arid the difference between installed capacity andcapacity in use is usually greater in a motorized plant than in a similar plant wherethe power of prime movers is applied directly to production machinery throughbelts and shafting. On the side of under-statement, however, may be mentionedthe possibility of running electric motors with an overload; this, together withImprovements in transmission, tends to lower the capacity required to accomplisha given amount of work. In the case of prime movers, the rated capacity is usuallythe maximum load which they can carry.

To what extent any factors which tend to inflate the measure of changes in installedhorsepower are offset by others is a matter of conjecture.

11n 1939, 9.4 percent of the prime-mover capacity was reported as ordinarily idle;corresponding data for earlier periods are not available. Just how much of this idleequipment can be drafted into service in an emergency is uncertain.

502977—43 4

from the data given in table 1. By 1939 the totalcapacity of electric motors had reached 45,291,000horsepower, motors driven by purchased energy havinga capacity of 29,213,000 horsepower and those drivenby plant energy a capacity of 16,078,000 horsepower.In that year the rated prime-mover capacity reportedas the initial source of energy for the latter class ofmotors was about 66 percent of the total rated prime-mover capacity, leaving only a little over 7,000,000horsepower of prime movers to operate machinery bythe belt and gear method.8

The gain in installed capacity of factory motors overthe 1929-39 period (34 percent) was considerably lessthan the 117 percent rise from 1919 to 1929, but adiminution in the rate of increase is to he expected asthe degree of electrification approaches the saturationpoint. A significant difference between the 1929-39period and the previous two decades is the fact that,during this period, the rate of increase in horsepowerof electric motors driven by plant energy about equaledthat of motors driven by purchased energy. Pre-viously, the relative importance of electric generatingplants in factories had been steadily declining astechnical developments in the public-utility industrymade it possible to supply energy over a wideningarea at lower rates.

One effect of the application of power to manufac-turing processes has been to remove the burden of pro-duction from the shoulders of men and to place it uponmachines. Statistical evidence of this change isbrought out in column 2 of table 1. Continued expan-sion in the horsepower capacity of installed equipmenthas made it possible for a given labor supply to turn outmore and more goods. Thus in 1939 the installedcapacity of machinery per 100 wage earners was 642horsepower, as against 491 in 1929 and 337 horse-power in 1919.9 The increase over the 20-year periodin total power equipment per worker was accountedfor largely by the installation of electric motors.

8 For technical reasons, the capacity of motors driven by plant energy does notcoincide with that of the prime movers energizing these motors. Thus in 1939 dietotal factory prime-mover capacity reported as driving generators was 13,900,000horsepower, against 16,100,000 horsepower of electric motors using plant energy. Allof these motors, of course, cannot be run simultaneously or at full capacity. Inother words, the combined rated capacity of the motors greatly exceed? the amountof power delivered by them at any given time.

Although for manufacturing as a whole the horsepower of electric motors as givenabove exceeds the horsepower of prime movers driving generators, this is not trueof many industries. Some basic reasons for this situation (quoted from Census ofManufactures; 1929, vol. I, p. Ill) are given below. "In theory there should be 1.31horsepower of prime movers to each kilowatt of generators but in practice the ratio issomewhat higher, largely because of (a) the common practice of running a generatorby a shaft served by two or more prime movers, one of which may be a reserve machine; (b) the necessity of installing more power in hydraulic turbines than in thegenerators they drive, on account of the inability of the hydraulic turbine to takecare of temporary overloads; and (c) the fact that the efficiency of even the bestgenerators is somewhat less than 100 percent."

Since in 1939, prime movers having a capacity of 13,900,000 horsepower were reportedas driving generators having a rating of 9,700,000 kilowatts, the ratio was 1.44 to I, orsomewhat higher than the theoretical ratio given above.

6 See footnote 7 to table 1.


Table 1.—The Structure of Factory-Power Equipment and Amount of Horsepower per 100 Workers, 1899 to 1939 ]

Hated capacity 2 !

NearI( IX p n \ U l

])(1 100

Prime movers (thousand horsepower)

\o\ .1t n e i i k - t i n \

' Electric motors (thousand horse-\ power)

Itituiiil- Jlvdioriir-com- him s ami

l,u-4ion watd> nurn -> w h u K

I )I I \ ( n 1i ot<il p i n c h ix

I ) n \ t r>i n 7

51,122 491 l't i 2^ '» l ' s 7 410 1 20^,0 4">2 M>42 ?l 2i(< i. oii U,2Mh 1 s()(,

H 3 i 1 4"il 47." 17^ 2 (C2 s i , ' l . t )4h ] . =»17 42s l (iv)740 * 1 sj() 4 . 5 v ! 1.0h(> 2 «.'b•urn : 1 S2i S. -592 i, 707 1 »>s-,

1 7M 15.(512 S.Oho «• t,171 Si)0 2G.0*).? In, l i b (-. ()7(>' ")is ^ . v S l l , 21,7U4 12. •)"(.1 Mi1 45,291 | 29,213 : l«-». . i >

1 D a t a t h r o u g h 1 U 9 I O M I I - t I M I I - ' I P " n t s w n l . f l n u n i i n u m \ d u e t,\ P M H I I K i - o ' V ) 0 0 , ( I n u a l n t ! h n s t w i t h 3 n u n u n i i n \ i l u c oJ p i o d u c t s o f $ 5 , 0 0 0 ; t h i s c h a n g e d o c s n u tm a t e r i a l l y a f f e c t t h e c o i n p u a b i l i n o i i l u 1 I ( / I S . S K A \ ( I f m u n s ^ h o w n 1M U

2 C a p a c i t y o f p n m e m o \ o i « . p l u ^ t h . i t <,{ ^ h u n u i n o t o i ^ d u \ e n b\ p u n h I M d e m » j . \3 I n c l u d e s d a t i f o r " O t h e r " o w i n t p o w e i4 D a t a f o r s t C a i n o n u i i c - i n c l u d e t l i o^< <«»i s t e a m a n i m u s5 I n c l u d e s d a t a l o i \ \ a t c i m o t o i ^6 D a t a c o n i ] ) a i a b l e \ w * h t h o s * i o t - I K I K I ' I I " v i . i h d i i i - M O O O n n n , p « u i n \A\u o t p u x i u M - b . i s i s a u i i 7 h t u - i p A . O I7 D a t a f o r 1 9 3 0 a i e p o ^ s i b l v s o m e u l i n t O M ' s t a t i d n l n n c o m p i i I M U I I > m u i e \\ i t h c o m b p o n d i n a d i t a fo i t a i h t t M a h 'I l n ^ •> I n c I U ^ C o f a c h a n g e i n t h e 1 9 3 9 c e n s u s q u e s -

t i o n n a i r e w h i c h e a l l e d l o i m o i i ' 1 't U I M I u i J c i i n c V i i D i ( m " i n p l o M ( » M t h i ! , i M - u ! * t i n t a u n i m b i i o l w i u e a i n< » , . p o t t t <1 i o i t i n * M » ' w a s l e s s t h a n t h e n u m b e r t h a i w o u l dh a v e b e e n r e p o t t e d o n t h e o l d b i ^ » I n c u p p u t i p j t i n U K 1 I \ o l \ \ a n < ) i ' h m d o 1 I I C I M I U M M I p t I w i^t i t h i s i h m u e .

Source: U. S. Department of Commerce, Bureau of the Census,

Mechanization in Its Relation to Production and Other

Associated Factors.

The long-term trend in industrial mechanizationmay be compared with production and with otherclosely related factors. In order to facilitate compari-sons, trends in horsepower capacity, physical output,and number of workers employed have been reducedto an index basis and arc plotted on a ratio scale inchart 2. The fact that the data are given only forconvenient periods when all indexes could be com-puted has the effect of obscuring many diverse ten-dencies that occurred during intervening years.

The sixfold increase in horsepower capacity from1899 to 1942 came about through a series of almostcontinuous increments over the period, whereas theupward trends both in volume of output and in factoryworkers have been interrupted by a number of de-clines.10 Thus, while it is true that changes in powerequipment, physical output, and employment areinterdependent to some extent, a change in any one ofthese factors should not be taken as a measure ofchange in either of the others.

Since 1939, the production of goods lias grown at avery rapid rate. This rise has been accompanied bysubsta,ntial, though proportionately smaller, increasesin horsepower capacity and employment. In compar-ing physical output at the present time with that ofearlier periods one must take into account the factsthat goods are produced under different circumstancesand are vastly different in composition. The nature ofproduction in wartime changes considerably from thatin peacetime. Even comparisons of production duringdifferent war periods are of limited usefulness becauseof changed methods of combat. Furthermore, duringthe present war, emphasis has been placed upon conver-sion of industries, whereas in the first World War the

Chart 2.—Installed Horsepower Capacity, Production, and

Employment in Manufacturing Establishments

10 See footnote 6 to p. 25 for limitations on changes.

RATIO SCALEINDEX, 1399 = 1008 0 0

1904 1909 1914 i9!9 i925 1929 S939 1942D.Q. 42-486

Sources: V. >S. Bureau of the Census, National Bureau of Economic Keseaieh. and

U. S. Bureau ot Foreign and Domestic Commerce.

changeover from civilian to war production wasnot so marked.

Production per wage earner has also moved sharplyupward since 1939, notwithstanding the fact thathorsepower capacity per wage earner has declined. Inthe period from 1914 to 1919, horsepower per workerchanged but little while output per worker declined.The superiority of newer machine equipment, morecontinuous operation, and developments in productiontechniques have made it possible to turn out a greatervolume of goods with a given capacity than formerly.

Productivity of wage earners is conditioned by var-ious factors. Among the factors making for declinesin output per worker during wartime are the bringinginto service of less efficient workers, machines, andplants. Some loss of efficiency is a natural result ofthe speeding up of production and of the changed char-

Jauiiurv 1943 SURVEY OF CURRENT BUSINESS 27

acter of output. Labor grows scarce; the longer workperiods that are imposed may be more than offset bya slowing up in the average output of workers per unitof time; delays occur in getting materials and in mak-ing shipments. All of these characteristics of a wareconomy may have4 the effect of reducing productivityper worker'. On the other hand, among the factors op-crating to increase productivity would he greater in-stalled-horsepower equipment per worker and otherimprovements in technology, the shift from custom-production to mass-production techniques made pos-sible through the standardization of output duringwartime, and the increase in working hours.The Location of Horsepower Resources.

The geographic concentration of factory-power facili-ties is indicated graphically in chart 3. In 1939, 10States accounted for nearly two-thirds of the in-stalled-horsepower capacity in the country. Pennsyl-

Chart 3.—Total Installed Capacity of Equipment in Manu-facturing Establishments by Selected States

STATE

PENNSYLVANIA

OHIO

MILLION HORSEPOWER2 4 6

19391929

MASSACHUSETTS

NEW JERSEY

CALIFORNIA

WISCONSIN

NORTH CAROLINA

CONNECTICUT

WASHINGTON

VIRGINIA

WEST VIRGINIA

PRIME MOVERS

ELECTRIC MOTORSDRIVEN BY PUR-CHASED ENERGY

19391929

vania, Ohio, New York, Michigan, and Illinoisoutranked all other States, followed l>y Indiana,Massachusetts, New Jersey. California, and Texas.The rated horsepower capacity of manufacturing (Estab-lishments in these States ranged from (>,(>00.000 horse-

power for Pennsylvania to 1,300,000 horsepower forTexas.

Concentration of horsepower equipment and concen-| tration of manufacturing activity are to be found, for

the most part, in the same geographic areas. The loca-tional pattern of horsepower, however, depends notonly upon the volume of industrial activity but uponthe nature and diversity of industry as well. For ex-ample, certain industries, such as those handling heavyor bulky materials, require more power per unit of out-put than others. Furthermore, when minute4 special-ization makes it possible to break up complex tasksinto simple, uniform operations, more extensive use ofpower-driven machinery is practicable.

The enormous horsepower capacity located inPennsylvania and Ohio is due largely to the concent ra-tion in these States of such heavy industries as blastfurnaces, steel works, and rolling mills. In 1989 theseindustries together accounted for nearly one-fifth of theentire horsepower equipment reported by factories.Other industries accounting for a large proportion of thetotal horsepower capacity, and handling heavy or bulkymaterials, are paper and pulp mills, motor-vehicleplants, sawmills and related enterprises, petroleumrefineries, and certain chemical industries.

In the paper, chemical, iron and steel, and petroleum-refining industries, horsepower capacity in relation toemployment is relatively high, ranging in 1939 from28.0 horsepower per wage earner for paper to 23.3 horse-power for petroleum refining. Tn motor-vehicle plantsand sawmills, corresponding data for flu* year 1939were 5.0 and 7.2 horsepower, respectively, or very closeto the average of (3.4 horsepower per wage1 earner formanufacturing industries as a whole. Thus it isapparent that for some industries, such as the twomentioned above, high power installations do notnecessarily indicate a small labor force. Rather, alarge labor force of either skilled or unskilled workmen,depending upon the type of process involved, may be anessential adjunct to power facilities.

A distribution of total horsepower capacity in 1939by States follows very closely the contours of similardistributions of factory workers and value added bymanufacture. With the exception of Texas, the 10Staters noted above as ranking highest in power capacitywere likewise the highest in terms of wage earners andvalue added. The rankings, of course, were not identi-cal by all three standards of measurement. Pennsyl-vania was first in installed horsepower but second inwage earners employed and in value added by manu-facture. Xew York came first in employment and invalue added but ranked third in factory-horsepowercapacity.

In these rankings the* nature of industrial processesand the <l(igre(» of industrial diversification are con-trolling factors. In Texas, for example, the petroleum-


refining industry was largely responsible for the diver-gence in ranking. This State was tenth highest inhorsepower capacity but WD.S eighteenth in workersemployed in manufacturing. As noted above, poweris high in relation to employment in the oil-refiningindustry.

Since the bulk of factory machinery is driven bymeans of electric energy, it is to be expected that thegeographic distribution of electric-motor capacity, asillustrated in chart 4, would follow closely that of theaggregate capacity of prime movers and motors run bypurchased energy, as given in chart 3. The main pur-pose of chart 4, then, is to show for individual Statesthe extent to which factories depend upon centralstations as a source of energy for electric motors andthe extent to which they supply their own energy.The data serve as a basis for determining the locationof potential industrial markets for central-station

Chart 4.—Total Installed Electric-Motor Capacity in Manu-facturing Establishments by Selected States

STATE

PENNSYLVANIA

OHIO

NEW YORK

MICHIGAN

INDIANA

ILLINOIS

NEW JERSEY

MASSACHUSETTS

CALIFORNIA

WISCONSIN

TEXAS

CONNECTICUT

WASHINGTON

MILLION HORSEPOWER2 4 6

NORTH CAROLINA

WEST VIRGINIA

MISSOURI

1929

i9391929

19391929

Source: U. S. Bureau of the Census

electricity; they likewise afford an indirect measure ofpotential markets for industrial supplies.

In the great majority of States the capacity ofmotors run by purchased energy exceeds that of motorsrun by plant energy, though the proportions vary con-

siderably among different areas. Virginia, West Vir-ginia, Florida, New Hampshire, Colorado, and Nevadawere the only States in 1939 for which a higher capacityof motors driven by energy generated by factory primemovers was recorded. A plant is usually in a positionto generate its own power cheaply if it has a large sup-ply of waste heat at high temperature or if industrialwastes can be used for fuel. Energy generated withina plant may also be more economical than purchasedenergy in industries having high power requirementsand good load factors.

The Effect of the War on the Locational Pattern of Horse-power Resources.

What change has the war-building program madeupon the locational pattern of power equipment? Sincethe war effort has become the dominating influencegoverning the establishment of new plants, the sharesof States in the dollar commitments for war-factoryfacilities will afford an index of whether or not the pre-war geographical pattern of industry has been alteredmarkedly.

Table 2 gives the percentage distribution by Statesof commitments for new industrial plant facilities fromthe beginning of the defense program in June 1940through October 1942. Except in one instance, the 10States which received the highest dollar awards for newfacilities, and which accounted for somewhat overthree-fifths of the total amount, were likewise the rank-ing States in terms of irstalled-horsepower capacity in1939. The exception was Missouri which ranked ninthon the basis of plant contracts, but was twentieth fromthe standpoint of horsepower capacity in 1939. Thus,in general, the areas of concentration of power facilitiesafter the present plant expansion program is over willbe substantially the same as those indicated inchart 5.

In a peacetime economy over a long period of timeit is possible to spread new facilities in "thin" industrialareas and thus to achieve a more balanced distributionof economic and social benefits. In gearing oureconomy to war production, however, it has been neces-sary to place emphasis upon speed in the completion ofnew capacity; hence this factor has been conspicuous inshaping the locational pattern. It was to be expected,then, that new plants would be located in areas whereexperienced management and ample labor supply arealready available and where raw materials are easilyobtainable. The concentration of new plants in oldareas is also due to the necessity of maintaining goodcommunications among plants fabricating relatedproducts. The principal examples of industrial decen-tralization resulting from the present war are theammunition and explosives plants which have beenlocated in more or less isolated spots in conformity bothwith plans of military strategy and with considerationsof safety.


Jamuirv 1943 SURVEY OF CURRENT BUSINESS 29

Table 2.—-Percentage Distribution by States of Dollar Commitments for New Industrial Plant Facilities, June 1940-October1942, and of Installed-Horsepower Capacity of Factories in 1939 l

M.Uc

Ponnsj.l\ aniaOhioIllinoisMichiganNew Yoi kIndianaTexasCalifornia^\ issouriNew JotsovAlabamaWisconsinLouisianaMassachusetts

West VirginiaConnectici f

IConimMiloi new indiK

t a J phi u ' l l i t u " - .

I'M') O e t

(

i 1 1 ' [ ; j 11 1

1

*•> ( .

7 ">- -,

' h 7h 4(» 0 i

.i 1 'j 12 S> -)

2 3i i

2 11 <)1 S

n i tJuno,b<

uihali\frw

s17' •

.•59

c>.">!."id.7)(>2< > " >

US7(1

747')" s

a-0nt

-

S,

•\

0i4-

')

7>

-<;1

Install*power

of f«uI'

Par-Ceil t

l.U)9 9n 4

S, J_

) ()

2 <»

; •-,

2 ' !> t ;

• -\

> 91 t1 «•2 0

r o r i - c ? it

i

d-h01SC-L t i p i c i t y it o t u ^ .

Cimiu-Luno

ptrcuit

n o?2 929 3if) fiH -.')() 1"i 0

i 7

f » 2 I

« » 1 1

h'i 7hS ()71 9

71 'i7t. 9

Os tre i in v.'d toco

M iti

M"U 0 >T1Kansas\\ a^hmatonMai\l mdViicniaI t \hV l k m - l skO! t U c k \OklahomaIovaColor no(xC< HTUtVrvona\ obi as} %\ v Hi

X.i th C uoh i t

h.u i • *

| (< .t ji i

ti1 H I1

! : \ :

iiiiiiiiiJ

o,i i r

miti"< v

pU(

()

1"

t

s

7(,

• »

\

2o

I,

HI

s, !<1(12

or

miiAi j >

1)

( nn'al l

SO^2s {

S(

sss<)9D92<)*>

9 >

( i "

c -

<)f

9

s. 0

0s"17>

1

j ' i r < h

) j ^ t

n o w vD1

I 'O l -cent

1 I

II !

1

I

1.-

>

7t i

{

4I0

i

11

>i i

i »i

\\,\(

c1

\\

a !

m i l

7s7sS | )

V )

^1siS.i

S"i

Si1.s7.s7s 9SOSO

<)]

93

u

1s7Gi(>1()11('»I',

00

nil f u ihdesj

Rhode IslmdMississippiI ^"law arc1 londa.^oiith CarolinaMaineNew HampshireDistrict of ColumbiaMonf maId Iho\uriot\t\ \ > O I J I U M

\ ( W \ b \'CONoHh 1) ikoia^(uiih Dikoti ..._

Commitmentsfor new

trialindus-

plantfacilities, June1940-October

1942

Per-cent

0. i.444H2221

111

(2)(2)

( 2 )

Cumu-lative

percent

97. 597. 998. 398. 799. 099. 299. 499. 099. 799. 899, 9

100.0100. 0100.0100. 0

Installed-horse-power capacity

of factories,1939

Per-cent

0.7, 0. 3

11

0345134'611

(~).1

Cumu-lativepercent

94,094.594. £95,496. 798.198. €98.799.099.499. 799.899.99 9 . <J

100. 0

'1") .t i repiesont i m l u s m i " o\p.Mi.-ion f->* war pu»i OM S an i i iu ludc major facilities financed wi th public f liuK p lus those tin an e e l w i th p r i v a t e funds as reflected byn< eoioH} coitifcatcvs r p p i o v o d . Da ta also include 32 p u n ( t s csun iu tod u> cost $273,^71.000 which h a \ c Iv on do I 'M^I b> W. P. B ,

^ Le-s t h a n f n e - h u n ho I ths of one pe icen t .

Sources: War Produc t ion Board and U . S. D e p a r t m e n t of Commerce , B u r e a u of the Census .

Changes in Installed-Horsepower Capacity by States and byIndustry Groups, 1929-39

The greatest proportionate increases in installed"horsepower capacity between 1929 and 1939 occurredin New Mexico, Idaho, Nevada, Florida, Texas, Mich-igan, and Indiana. The increases ranged in order ofthe States named from 194.1 percent to 56.5 percent.Despite the high rate of change observable in the firstthree States, they still accounted for only a smallpercentage of the nation's factory horsepower in 1939,each State having less than 250,000 horsepower.Decreases in installed-power equipment were noted forNew Hampshire, Arizona, Rhode Island, Montana, andMassacl i use 11 s.

Changes in the capacity of various types of powerequipment during the 1929-39 decade, as reported bymajor industrial groups, may be seen in table 3. Interms of prime-mover capacity, the largest percentageincreases are to be found in the automobile, chemical,and petroleum and coal products groups 133.3, 98.6,and 77.3 percent, respectively. Likewise, the capacityof electric motors driven by purchased energy wasincreased considerably in these groups. Decreases inprime-mover capacity occurred in 8 of the 20 industrialdivisions.11 Listed in order of their percentage declines,these groups were apparel, transportation equipment(except automobiles), textiles, leather, lumber, stone,clay, and glass, furniture, and iron and steel. However,in all these industries, increases were recorded in thehorsepower capacity of motors using purchased energy,so that only three (textiles, lumber, and transportationequipment) showed declines in the aggregate capacity,

11 fctaiisLics given in the table also indicate a decrease in the nonelectrical machineryindustries. This group, however, is omitted from the discussion for the reason thatdata for the 2 years shown are not comparable. See explanation in headnote, table 3.

i. e., in the combined capacity of prime movers andmotors driven by purchased energy.

The substitution of the steam turbine for the steamengine is apparent throughout all industry groups,Food, apparel, lumber, furniture, printing and publish-ing, and leather were the only groups in 1939 to showhorsepower of steam engines in excess of that of turbines.Although internal-combustion engines still make up arelatively small share of total factory prime-movercapacity, they registered a gain of 50 percent in horse-power during the 1929-39 period an increase percent-agewise about equal to that for steam turbines. Thisgain was chiefly in the food, lumber, chemical, andpetroleum and coal products industries,

The rated capacity of electric motors driven by pur-chased energy was considerably greater in 1939 than in1929 in all industry groups except nonelectrical ma-chinery, and here the statistics given in table 3 do notaccurately reflect the changes that took place. Inmost of the industry groups a sharp advance occurredin the horsepower of motors using plant energy, and inthose instances where a decline was recorded it wasmore than offset by an increase in horsepower of motors,run by purchased energy. A marked shift toward1

greater use of electricity generated within the plant isobservable in the automobile and chemical industries..The capacity of electric motors driven by plant energywas nearly tripled in the case of the former industrialgroup and was more than doubled in the latter.

For manufacturing as a whole, the relative gain from,1929 to 1939 in horsepower of motors using plant energywas about the same as in horsepower of motors usingpurchased energy. Despite the equal proportionategains in capacity of the two classes of motors, the paper

group alone in 1939 had a higher motor capacity drivenby plant energy. A higher motor capacity driven byplant energy was likewise true for the paper industriesin 1929, as well as for the lumber, petroleum and coal,and iron and steel industries, but for the paper indus-tries this situation was much more pronounced in 1939than formerly.

Only the broad shifts in horsepower equipment forgroups of related industries are shown in table 3.Changes of varying degrees and kinds would be notedwithin each of the 20 industrial groups outlined if thedata were analyzed in detail. The petroleum-refiningindustry, for example, was chiefly responsible for theincrease in the petroleum and coal products group and

Table 3.—Changes in Types of Horsepower Equipment by Industrial Groups, 1929 to 1939[ N o l i - I n d u s l r v - ^ r o u p d u a ioi 1929 n a \ i b» i n

TitodM1 c o m p a r a b i l i t y oi t h e iMoup^ ( o u l d Tioto diflk l e n l i n d u M i \ m o w p s , in s u c h ( ( w s t i nthe most pait, tho (ases v hoie 1thoni ' ichmoo accept elc- h i

3 procodmHi:

1 , l i o m t h o l o u t i d i ^ a n d m a ' \1ho lppnrent .k

d l Tfiom ll'2(

j ppin tho non and stool group Th . ' duh io m

tbl d i h d

« a i ia i i , i ( (1 io (oiM.ii[f n a-, w as p o - M b l e l i o m i<« o l dI)' a< n in Ms i n u n i \ to t h e u i o u p \v n i c h in i, u t l i t . od m 1 9 2 < » M i n M i b - o q u o n t h | 11T U P n <' <1 < c c P i p o i H

\\ ) s i ( < e s s a i \ a n not of M I ! 1 K lent m i p o i l U K C ICt, loi t h e n o n m d s tee l j i i o u p

) ( O l l l p P 1 t h <, ) i n t in r c u r a ( \ o! 1929 3(i ( o m n a i w>ns m 'KM

1 h' t r a n s i e r o ' m a \ - i r o n m d m lilt ibl( - i ron cast \pjoduots m d i ^ t i \ m iho m icnm"i \ moup to HM>aiatol\ diMim'i 'od mdus t i i< - m 1m non

gpa u t o m o b i l e j n o u p u i d oi o t h t i s m o d i u i n t : a n r l a f t e n m n < s \oe a r n e r s ' n 1(M° ]

( p o v oi ( i p a u l > of i IK m a c t u i K Mmoi i j i m a j bo f u r t h o i o x p l a m e t l b \ I!K

opt olo( t rua l J g ioup and 1<f t l l ^p g

shift ot c<>rt vn c stal li<mk(

>du(

| ) ( i ' V t T d U 1, e \ ' O J ) J ' •

tz- a n d ( o l d - i )lh d >i , 1d s i c o l < n o n p is Lui ' i i<v ) ! i ] r \ i I a t >\n lru »< j s p: - \ o h i ( 1< " i i - i i i ^ o ' K '>J ( pov\,»i p . t MO \ i_*

r n r n o nn)W'h mde l e i t r i o in .) t or <dr i \o: i b \ p in-oha>ed o n o r a > .

I'rim-- mo-, ITS. horsepower Klootric motors, hor>>>p<

Industry group

IVr liinToi-iJ wage

I n n i n »1- II\<'i<>-S t e a m S t e a m c o m i i i N t u i b i i ^ s

e n g i n e s t u r b i n e s ti m m d w ill i< I l iMI l l s \V h i ( I s

1 )1 1\( II b\, ] ;p u r e h is( d i

< i n i « -

All industry groups.... _

Percentage change . . .

Products of petroleum and coal

Percentage change -. _Paper and allied products

Percentage change -Chemical and allied products

Percentage change -... _ -Iron and steel and their products, except ma-

chinery. 2Percentage change.._

Stone, clay, and glass products

Percentage change - -Nonferrous metals and their products

Percentage change_ _-. -Rubber products ..-...- .-....._.

Percentage change. _ - -Lumber and timber basic products .

Percentage change -.Food and kindred products

Percentage changeAutomobiles and automobile equipment

Percentage change -Machinery, except electrical '- -.

Percentage change *_.Transportation equipment, except automobili -

Percentage change.. . .Electrical machinery _ _

Percentage changeFurniture and finished lumber products

Percentage change^... .,-Textile-mill products and other fiber manufac-

tures.Percentage change _. .

Printing, publishing, and allied industries.

Percentage change ,. .Miscellaneous industries _ _ .

Percentage changeLeather and leather products, .

Percentage change - _.Tobacco manufactures .

Percentage change -Apparel and other finished products made from

fabrics and similar materials,Percentage change . „.—

19 39 10. 152. 2-01929 M. 122.07!

193'i 2. 10s, 3121929 l, 262. 137

1-WO. s1939 1.129.1-031929 3, ISO, 99!

-t 29. s

liJ'JW 2. -j;9. tl \

12, fi22. 4.') I9, 2'>9. 00'i

M»2'.» 2, N92. 2 1 0L 5 0

1939 1..HS1. If 11929 1.467. 3 U

J-2S. 11939 9s9 ,927

4-20 51931* 2.604. 131

l'WJ

ll)2t»

102!)

19391929

19M1929

."S. O i l . 1214. oo:-?. M ) S

2. ( i l l . 5)972, SOJ. <IOU

70(5. r.f.:i721 . »>S()

— 2. 11,019. -V2'A

W2. 002-rS). 4

1,010, 79(i1.018. 7fN

:i, i\70. 491 i\\ \)~rt. 090

- 7 , i771,(57;-!»»41.or>f>

-+-20.447.1. 09S

4(i0. 0324',ih. 424

-Ki i100, ,11104. 9X I+.14. 7

244, 4C1197,979

-1-23. 0

49]:>o >

1. Us-^99 01..1/.01.312

•123— 17 1

10 3

3 H

1993.19

-- 19. (i397

— HI. 03,1,)30,1

- Wi. 13393.13

- 4 !'23S1M

--31..1199! ,12

4 30.9

137

4-105. 13333

1!», 32'^, 30l*•'-{}. 9

1. :{s!». 1217^3. S.I 1

- f 77 32, 7! *2. [ICO2. 2 i3 . 20.1

27.1. 2'i0210. 13N

-t-11 .1429, Ml,1'iii. 13,1

I. MM i 2, 100 , 0 2 S i M 7 . M 9

- s i 0 + !JS. f, —\K 51. 306 , 5. 3 ! ! . 51 i 1 s!)3. SOS1 Oil) 5, 123. !!-'> 2.614. 100

-*~2') 3 , - 1 . 5 - 2 s . 11. ('"••» 917. 'H:$ 1''H. U0

199,3i l

2NS. 170

- 1 1 21,9^1.39.1i. 799.033

•fid 1^•13, (1723H.1, S<i(i

+ 133 3131. 1'xj;">fi-i, 9(1.1

131.921193. 3s3

- 3 1 . s3.11. 149312, 2b0

-I-13. ,1lOfi, 3C>0M l . 313-10.0

1, HI..1131,949. S02

-2f> 1.13, (17942, 0S7+ 27. f>

12(1, .100W(i, llh

+ 19.2MO, IMS200, VA*

3.1. 447+ «». 121. 19439, 79-1- 3 9 . 2

1 17. 3SC,19-S. 092

-M0 s

.is] 519— 12. 2

1.390. 1M-:

}>2 5

999. »;0s1. !SC. ISO

— 1.1 775, 7»iP.

K;(!. 36.1309, 071

.If'.. .720103.711

29,7113S. 459

372, OK)

317.(17(1

— 11 337, 002,3.1. 923-3 0

,17, 74972.410-20 29.1, ()2G141.791-32. 017.(171IS, 118

o ^IS, 30029, 75(i- 3 8 . o

11.29.1, >s727. 109. 7 is

9.13. 1 }Mls7, l l s+9.1 0

1. ,i!K. ,i.ir;712, (ilfl+ 112. 1

1.3H.1 ,133.102. 2()0+ 171 9

2. .MM), 934 '2. 147, 39.1

4-30. 4.174. 11(1,".13,901

2S7. ! 13- 1 9 2

2.11, 193l.Nfl. K2

- 3 1 7170, 1704s l . 702

-l.V !.13h. 320

-»-S0. 4741, TsO2(13. 191- r lS l . ."177. 197

19.9917(J. 411- 24 -1

3!2 , tY.il2'Hi. 71.1 ,

4-17.2 ;9 1 , 0 1 0 ,01,Sf)3+47. 1

7(19. ,1057-1K Till -

f l . 411.971

3, 007+ 2 9 v 1fiO. 1342.1, t(i7

+ 13(1. 141.27.147, 1S2

-(I. 231..1391«. r> 13-t-S9. 5

3. I ' ll'1. S3s

- 5 3 7

1. sOl) 22' 11.2lli 30; 1

-T- 1 0 1

M ' i l l19 1 '»,

59 2

611 9(2•+ 5 1

' " i 01s

4, 950

17,2"37, 440

17, 121-. 49 S

1. 299i, 110

-r3f> 11.4 402 9 i2

-4-12 S1 44 41 170- 2 3

s 1316 I

- 7 3 . 1 i1.1811,253 ;

1 770- s i (»

713 219s72 (Ms

20 \2<i+ 11-5 *»

l i . IV1" 9 1 ,- ti 9

2 1 ->no

1 1 «•

i s 7!^

1 ) 2927 6 30

1 70 3

M 0 3 2160 607

K 31s ; \ ,f,j

3s7 09 3 6 2 UiS21 3 H 1 102 120

'-Sl ». - Vi 13 Sl«s 32 21s1, (.17 2° 0!(<

— 131 9 M M7s 079 12 Ids15 02 3 16 7 30

4 0262 HO

-H>7 ^10 112

M 094-4-4 I)

29S 079

4 16S1 ]29

- 21 S4 S216 10"

- 2 1 0370370

""I." 548"1,948

- 2 0 . 5

• J I M

] il

1 0 37 9Jir-70 ()

> 19s 4192 219 M l

-4-17 (•2 «'<2 OH1 7- 1 S 32

-^-6') 412 3fs 399

7 (l91 1S7r14 1

2 9M1 0 41)2 hi 3 210

r ' 3 21 "13 990

r\{> 1

s i { 2s 1-4-20 9

1 70M 1 >>

1 100 9s,i-22 n

' 612, 116Ms 300- M l •>

2 2 31 36 31 4()(. 07S

1 12 22 716 iH,2 s ' l ]21

2(> 261

7J1 (H)s-4-' 1 I,

J OK) s778S7 2i5

4-14 6940, 2Sb761,610

4-23 03 ls4, 2293 0 3' 9 39

+ 5 0763, % 3h2H 236

4-21 4112, 117329 M l+ 21 1

US 122311 770+ 17 1SO, 66152,149+54.7

231, 806174,496

+32, 8

2 9 21 > 0 s , i ,

1 ()S1 I , ) .

1 2 1 s s^<

- 3s i

I s_u (,M- 1 1 s

1 212 772{*fi-s (MM

701 7 >7

" 7 2 3(»3

-+22 it(>\h J 7 0

(»9() 13 3— 31 (

3 0V> 02l*

J- M) 4I, 39 5 2l»41 172 711

IS s2 177 s s s2 23() 114

"71 7>>9

-j-s s

61 o'722-r 7 3

631 4 3(.567 421

7J7, M

3 Is, 1 is240 110

M l 0309 S6(>2 31 776

+31 450 84629, 537+72.1 .

220, 271158.184

+39. 2

i 070 M >Mi" IT

»- ) *

. 1 1 2 ^

3 . 2 1 ' '

-Hi ,~

- (1 '

701 t + s

99() 1 2 "I "3 2

2 i

I S h M i l

t- 3 1 H

2 ) 7 t ' » >

.1)1 s _'

] '/ I H )

2 22s 077 '" > .2 ,00 3 2 s s i I)2H -

«) 2 . 7- 1 16 3 Oi »SW ' 1

-2sl O S > )

1 1 9 t , 4

2 ( ) , s i t

-ML -

1 Data for 1939 may be somewhat overstated because of a chanee in the 1939 census (jostionnairo which probably resulted in a downward bias in the number o; wearners for that year when compared with earlier periods. See also footnote 7 to table 1.

2 See headnote regarding 1929-39 comparisons of data for the iron and steel and machinery (except electrical) groups. The percent-age changes for the machinery siT«>u:>omitted because of. lack of comparability of basic data.

Source: U, S. Department of Commerce, Bureau of tho'Census.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

the change here took the form of a substantial expansionin the capacity of steam turbines and of electric motorsdriven by purchased current—more than double in eachcase. Again, primary smelting and refining of non-ferrous metals showed an increase in hydroturbine capac-ity from 1,840 to 193,020 horsepower - a gain some-whnt in excess of the net gain in this type of prime*mover for the entire nonferrous metals group,

The general direction of the shifts in power capacityis perhaps the same today as it was in the 1929-39decade, but conversion to a wartime economy has, ofcourse, altered the pattern of the groups comprisingwar industries to a far greater extent than others. Theairplane, shipbuilding, chemical, ordnance, iron andsteel, and nonferrous metals industries have experiencedthe major changes.

Changes in Horsepower Equipment Available to FactoryWorkers.

As previously mentioned, manufacturing enterprisesas a whole had a much higher horsepower capacity \)(kiwage earner in 1989 than in 1929. The differences inthe relative changes in various industry groups arebrought out by column 3 of table 3.1L> During the10-year period, horsepower per worker in the tobaccomanufactures, the petroleum and coal, and the chemicalgroups was approximately doubled. Conversely, a<mall decline may be noted in textile-mill products anda decline of 20 percent in transportation equipment(except automobiles). In (lie former group, both theaggregate horsepower and the actual number of workerswere smaller; in the hit tCM*, however, power capacitywas slightly less, but employment actually rose byone-fifth, primarily because of tin* greater number ofworkers in the aircraft and shipbuilding industries.Power capacity in the aircraft industry was increasedappreciably, but a decrease was apparent in shipbuilding.

Five of the seven industries making up the trans-portation equipment group (i. e., all except the aircraftand motorcycle and bicycle industries) reported de-clines in horsepower capacity between 1929 and 1939;the major decline, however, occurred in the locomotiveindustry. Horsepower capacity in this industry wasreduced by 50 percent, wage earners by 40 percent, andcapacity per 100 wage earners from S92 to 729 horse-power. This does not necessarily mean that there hasbeen a significant shift away from the use of power-driven machinery in the locomotive industry. Rather,it reflects the diminished activity in locomotive build-ing; the output of locomotives in 1939 was down approx-imately 50 percent from production in 1929.

Although both installed horsepower and employmentin the tobacco manufacturing industries are small inrelation to most other industrial groups, the effects ofmechanization stand out rather strikingly in this group,particularly in the manufacture of cigars. Horsepowerinstallations per 100 wage earners in the tobacco group

12 See footnote 1 to table 3 for limitation on changes.

increased from 56 in 1929 to 115 in 1939; employment,however, decreased from 116,119 wage earners to 87,525,or about one-fourth. The introduction of ingeniouspower-driven machines which semiautomatically per-form the cigar-making operation has brought aboutunique changes in the organization of the industry.Before cigar machines were, used, small factories pro-duced a large share of the total cigar output. Suchshops did not entail a large investment and were ableto compete fairly successfully with larger plants.Mechanization, however, required a greater investmentand outlets to wider markets and. in general, only thelarger uniis could meet these conditions.

To illustrate the above point, in 1929 there were1 JVM\ establishments manufacturing cigars and cigar-ettes, whereas in 1939 (he number had fallen to (133.l3

iMuthcrmorc, according to reports of the Bureauof Internal Revenue, about 47 percent of the totalproduction of cigars in 1929 was produced in fac-tories having an annual output of over 40,000,000cigars, whereas in 1939 the proportion had risen to<»7 percent and in 1940 to t>S percent. The radicalchange in the number and type of cigar manufacturingestablishments had, of course, been under way for anumber of years before 1939,

Part of the reduction in the number of cigar-manu-facturing establishments and the concent ration ofoutput in larger plants may be attributed to com-petition of the cigarette industry. However, tothe extent- that mechanized methods of cigar manu-facture have effected labor-cost savings which havepermitted price reductions, the aggregate volumeof cigar production has probably been maintained at.higher levels than otherwise would have been possible.

The situation prevailing in the cigar industry hasbeen cited to illustrate1 a particular phase of changein tin* structure and organization of industry brought,about by mechanization. It- cannot, however, be saidto apply to manufacturing generally. Rather, themechanization process in its countless manifestationsreacts upon industry in diverse ways.

That the varying changes from 1929 to 1939 inhorsepower available1 to workers (table 3) resultedfrom varying directional and proportionate1 changesin installed capacity and employment is furtherexemplified by the following specific cases. Incontrast to the developments in the tobacco industrieswhere the doubling of horsepower capacity per 100workers reflected an increase of 55 percent in in-stalled capacity and a decrease of 25 percent in wageearners, the in (Tease of 10 percent in horsepowerper 100 workers in the food group resulted from in-creases both in total installed horsepower and iv.wage earners—23 percent and 11 [percent, respectively.

^ The drop has been in the number of cigar plants; cigarette plants are necessarilyincluded, since in census data prior to 1933 the two types of establishments werereported together, The number in 1939 is composed of 598 cigar factories and 35cigarette factories.


The apparel group showed no change in horsepowerper 100 workers, equal proprotionate gains havingoccurred in installed capacity and in employment.In the iron and steel industries there was a gain of29 percent in horsepower per 100 workers, resultingfrom an increase of 36 jiercent in total horsepowercapacity, and of 5 percent in employment.

Summary.

Power-driven machinery is essential to the mass-production methods of our industrial system. Thecurve of production has risen sharply over the longrun, and at the same time there has been a reductionin the relative amount of time and human energyrequired to produce a given unit of output. Anyattempt to chart the course of mechanization amongvarious manufacturing industries and among differenttypes of power equipment would result in a maze ofintersecting lines. Expansion in some industries hasbeen cut across by a counter tendency in others. Thecapacity of steam engines in the petroleum-refiningindustry, for example, showed an increase from 123,000to 178,000 horsepower between 1929 and 1939, in con-

trast with a decrease from 13.1,000 to 76,000 horse-power in the nonferrous metals smelting and refiningindustry. In the tanning and finishing of leather,electric motors driven by plant energy declined incapacity from 91,000 to 84,000 horsepower, whereas inthe rayon and allied products industry they increasedfrom 88,000 to 309,000 horsepower.

Expansion of productive facilities under the stressof war has surpassed all previous records. The plantcapacity will remain, but the extent to which it can orwill be used to offset post-war shortages in certainlines cannot be foretold. Productive machinery forwar goods is, in many cases, highly specialized, and isnot technically convertible to commercial purposes;for example, plants designed for the making of ord-nance and ammunition. On the other hand, out ofthe war-production experience are bound to come sub-stantial advances in industrial techniques and in therange of useful products. Though new uses must in-evitably be found for numerous plants, America willhave in its expanded industrial capacity much of thehorsepower equipment needed to meet the challenge ofdemand for civilian goods in the post-war period.

The American Economy in 1942(Continued

become fully effective for the first time during thepresent 3 ear. Moreover, many more new plants andvery large amounts of machinery and equipment willbe delivered and put into operation in 1943. Hencethe total quantity of industrial capital in use will belarger than ever before.

Should these basic resources problems be worked outas effectively as now seems probable, the national physi-cal product in 1943 should be distinctly higher. Thesupply of metallic minerals, for instance, should be inthe neighborhood of 10 percent higher than in 1942.Industrial production as measured by the Federal He-serve index should move up between 10 and 15 percent.Agricultural output goals aggregate about the same asthe peak 1942 volume.

from p. 23)

.More uncertainty, perhaps, attaches to the prices atwhich products will be valued and hence to the size ofthe 1943 national income and gross national productvalued in 1943 dollars. This will be the chief financialproblem of the year and many factors conspire to makeit extremely difficult. One of these is the Treasury'stask of raising between 95 and 100 billion dollars tofinance the year's Federal expenditures. Others arethe certainty that various kinds of production costs willtend upward ;md press against price ceilings, and thepressure of special interest groups for favored pricetreatment. But the Government has the power itneeds to control prices, despite these difficulties. Theprincipal question is whether price control can be effec-tuated by public cooperation or by Government en-forcement involving large use of police powers.


January 1943 SURVEY OF CURRENT BUSINESS S-l

Monthly Business StatisticsThe data here are a continuation of the statistics published in the 1942 Supplement to the SURVEY OF CURRENT BUSINESS

That volume contains monthly data for the years 1938 to 1941, and monthly averages for earlier years back to 1913 insofar asavailable; it also provides a description of each series and references to sources of monthly figures prior to 1938. Series added orrevised since publication of the 1942 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanyingfootnote indicating where historical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used todesignate index numbers refer to adjustment of monthly figures for seasonal variation.

Data subsequent to November for selected series will be found in the Weekly Supplement to the Survey.

Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data. may be found in the1942 Supplement to the Survey

1942

Novem-ber

1941.

Novem-ber

Decem-ber

Janu-ary

1942

Febru-ary March April M'ay June July August Sep-

temberOcto-ber

BUSINESS INDEXES

INCOME PAYMENTS!

Indexes, adjusted:Total income payments.. _ 1935-39*--100...

Salaries and wages doTotal nonagricultural income... . . . do. _.

Tota l . . . . . . ...mil.of dol—Salaries and wages:

Total § do . . . .Commodity-producing industries..do....Work-relief wages . . . . . . do

Dirrct and other relief . . doSocial security benefits and other 1-abor income

mil. of dol__Dividends and interest do. .Entrepreneurial income and net rents and

royalties mil of dolTotal nonagrieultural income __. do

AGRICULTURAL INCOME

Cash income from farm marketings:fCrops and livestock, combined index:

Unadjusted..... . . . . 1935-39*100Adjusted do

Crops doLivestock and products do

Dairy prod nets _ _. _ _ do. „Meat animals doPoultry and eggs . . . . . . do

INDUSTRIAL PRODUCTION{Federal Reserve)

Unadjusted:Combined index 1935-39=100

Manufactures .., . . . . . doDurable manufactures do

Steel* doLumber and products . . do

Furniture doLumber do

Machineryt- - ....doNonferrous metals doStone, clay, and glass products do. . .

Cement . . doGlass containers . . doPolished plate glass do

Transportation equipment doAutomobile bodies, parts and as-

sembly 1935-39=100Nondurable manufactures do. . .

Alcoholic beverages . doChemicals . doLeather and products .do. . .

Shoes . . do .Manufactured food products do

Dftirv products* doMeatpacking . . . . . do

Paper and products _ doPaper and pulp do

Petroleum and coal products doCoke . doPetroleum refining do .

Printing and publishing- doTextiles and products... . . do _

Cotton consumption doRayon deliveries doWool textile production . . .do. _

Tobacco products doMinerals! do

FuelsJ doAnthracitet doBituminous coalj doCrude petroleum do. . . .

Metals do

186.0206. 4180.4

10, 394

7, 4073, 4 ('9

84

171530

O 9(128, 995

p 265. 5p 225 0v 248 5* 209. 5P 168.5p 242. 0P 204, ()

" J 9 2P 203p 277

224p 127P 140v 120v 320P 197

1571863 7139

P 514

P 143

P 181p J07p 111P 142

P 164

p 122v 1,56

171177

141v 133v 130p 124P 152p 123v 151

146.3] 55. 3145,o8. I l l

5,6122,521

7990

538

1 7197,' 176

182.0153 0155.0151.0145. 0154. 5155.0

167173209207134154124230190169171170120278

142144118151123118139100152152159138153134138156167179166134135131103145128161

151.9161. 7150.09, 376

5, 8432, 532

8792

1591 576

1 7068, 4S2

170.0167 5163.0170.5141.5190.0174.5

16417121120512815511324319214715315380

278

120138Mfi15311611013098

165146154138160134131154155179178no12613198

14412998

153.8103. 2151. 18, 411

5, 694

94

174788

1 6617, 578

151. 5ISO. 5184. 0178.5148.0192, 5199. 0

16617321620912214211225019113813716568

305

11813711215512412012499

173153If 913216112812515816918016112612513110414412991

155. 61(16.0153. 1S, (120

5, 7802,611

95

173435

1 5437, 307

125. 5179.5179. 5179. 5156. 0194. 5184.0

16717522121112814711825918713213216447

314

10513811716113112612110913515316012916112412615617417415312112513012114112792

157. 4169. 5155.68,714

5, 9592, 678

94•

177904

1 58()7, 961

135.5175. 0166. 5181. 0153.0196.0194.0

16817722821812914712026818014014117643

330

10513711316612812912112413115516112216011612615316917514811711812211614011596

161.1173.6158.48,811

6, 1252,788

6892

171785

1 6387, 992

148.0191.0189.0192.0163. 0219.0175. 0

17218123421913214212727317715116117643

350

104138113168131131123152134151157118162111123157177170153119125121122150109153

163. 1177.3160. S8, 670

6, 3202, 923

5889

166481

1 6147, 863

149.5188. 5193. 0185.0165. 5203.0174, 5

17518324021913514313127918216317819035

372

107137120166124122131193140144149117164110115156175169150123130121115147111

i 189

167. 9184.4165. 79, 647

6, 5913, 054

5387

1671, 133

1,6698,767

161.0191.5166.5208.0163.0251.5177.0

17718524621613813913828718715818317137

396

112136116166115114139210149133134115164108103

'152169169151132132121117144113194

171.0189. 0168. 69, 508

6. 6223, 153

4586

172857

1.7718, 507

183.5192 5187.5196. 0161.0226. 0180. 5

18018925121614013714128918815118615132

425

11613913316711411415620713S12212111716311096

1541661(5816013113.1121122141112194

171.3192.7170. 89, 357

6, 7753,272

3586

167443

1, 8868, 243

212.5204.5209. 5201, 5164, 0234. 0187. 0

18719626021813813613929918916019516730

'458

124144140170115117105

' 192132130130121165114102

'154169

' 169'154

135136126118140121

" 193

176.0194. 5172. 1

10,243

6, 9843, 336

3085

180905

2, 0898, 918

260.0207.5222.5197. 5166. 0227.0181.0

' 192' 202r 266

219135

' 137134

' 306' 189

16320016638

'481

v 131150

v 140' 175

112111181

p 143147134132122166116109156172170155144137129129150120

'186

180. 5200. 3176. 1

10, 576

7, 2633,416

2885

174763

2, 2919, 055

' 295. 5'211.0

225.0201, 5

' 167. 5' 230.0

194.0

v 194p 204p 275

229P 134v 138' 131p 314v 191

16320216737

P 5 0 1

P 137v 147

124p 181r 117r 114v 158P 109

146139139123166117

' 120156172

' 174157149135127117145121

' 180

' Revised.' Preliminary.§Thc total includes data for distributive and service industries and government which have been discontinued as separate series to avoid disclosure of military pay rolls.Scattered revisions in figures beginning January 1940 for dairy products, minerals, and fuels, beginning February 1939 for bituminous coal, and in figures for the first

f 1941 f hi d t h i i lbl tS g e begnning y

half of 1941 for machinery and anthracite, an- available on request.*New series, see note marked with an "*" on p. S-2.f R i d i D t i t id

e , ee arked with an on p. S2 .fRcvised series. Data on income payments revised beginning January 1941; revisions not. shown above will be published later.

035-39 base for cash income from farm marketings will be published in a subsequent issue,Earlier data for the revised indexes on a

50-J077--4H-


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S-4 SURVEY OF CURRENT BUSINESS January 1943

Monthly statistics through December 1941, to-gether with explanatory notes and. referencesto the sources of the data, may be found in the1942 Supplement to the Survey

1942

Novem-ber

1941 1942

Novem- jber I

Decem-ber

Janu-ary

Febru-ary March | April | May June Julv August

COMMODITY PRICES—Continued

WHOLESALE PRICES—Continued

U. S. Department, of Labor indexes—Con.Commodities other than farm products and

foods—ContinuedMiscellaneous .1926=100..

Automobile tires and tubes . . .doPaper and pulp do

Wholesale prices, actual. (See under respectivecommodities.)

PURCHASING POWER OF THEDOLLAR

As measured b y -Wholesale prices.. ,.1935-39=100..Cost of living: . . . . d o . - . .Retail food pric s - doPrices received by farmers . . . d o . . . .

?(). 173.098. 8

83. 570. 262. 2

87.367.4

102.2

87.0

88.377.9

87.667.4

102.5

85.990.588.373 5

89.371.0

102.8

83.889.386. 070.5

89.371.0

102. 9

83.288.685.572.5

89.771.0

102.9

82.4

84.272.0

90.372 5

102! 9

81.586.9S3. 570.1

90.573.0

102. 8

81.486.282. 169. 1

90.273.0

101.6

81. 085.981.169.6

89.873.0

100. 5

81.585.580.268.2

88.973.098.9

81.185.179.264.4

88. 873. 098.8

80 881878.964.4

88. 673. 098. 8

80.484.077. 162. 2

CONSTRUCTION AND REAL ESTATE

CONSTRUCTION ACTIVITY*(Quarterly estimates)

New construction, total . . -- . mil. of dolPrivate, total - — do j

Residenrial (nonfarm) ..do !Nonresidentia! building, except farm and

public utility, total .. . .mil. of doL.Industrial..- - doAll o ther . . . . - . , . - - d o . . . .

Farm construction, to ta l . . . d o . . . .Residential. - doNon residential . ._.... do

Public utility d o . . . .Public construction, total . _...do_-_.

Residential . . . . . doMilitary and naval . , doNonresidential building, total do.-- .

Industrial . - doAl! other do

Highways . d o . . . .Sewago disposal and water supply doAll other Federal ..doMiscellaneous public-service enterprises

mil. of dol.

CONTRACT AWARDS, PERMITS, ANDDWELLING UNITS PROVIDED

Value of contracts awarded (F. R, indexes):Total, unadjusted ..1923-25 = 100..

Residential, unadjusted . . . . d o . —Total, adjusted . do. — .

Residential adjusted . doContract awards, 37 States (F. W. Dodge

Corporation):Total projects...... number.Total valuat ion. . . . . . . . thous. of doL.

Public ownership. _. -..doPrivate ownership ._. do

Nonresidential buildings:Projects _. number..Floor area. thous. of so, ft..Valuation . . thous. of dol..

Residential buildings:Projects number..Floor area.. thous. of sq. ft..Valuation.. thous. of dol..

Public works:Projects. ---_. number..Valuation .thous. of dol..

Utilities:Projects number..Valuation .._., thous. of dol..

Indexes of building construction (based onbldg. permits issued, U. S. Dept. ofLabor) :f

Number of new dwelling units provided1935-39 = 100..

Permit valuation:Total building construction .do

New residential buildings doNew nonresidenti-ii buildings. doAdditions, alteration*, and repairs, do

Estimated number of new dwelling units innonfarm areas (U. S. Dept. of Labor):

Total nonfarm (quarterly)*.. number....Urban, total . . . . . . . . d o . . . -

1-family dwellings _.do2-family dwellings do . . . ; ,Multifamily dwellings do I

Engineering construction: jContract awards (E. N. R.)§_.thous. of dol..!

180v 83

35, 872654.184591,94002,24-1

12,28152.615

25(5,513

21.8C037, 707150,(354

1,08094, 157

085146, SCO

(a)38,2

13,roii 6, 745

1 1,425

607, 622

1227113874

29,150458. 620297, 865160,755

4,97831.023192, 936

22,63330,170116,468

1,08688, 436

45360,780

165. 4

128.2154.2117.487.3

27, 86820, 8331, 5505,485

1,353731

334188146452619 I

243,77912867054247666

2, 63586746S

19095

1512

1821, 768105

841473

1216358814536166

2,518 i130 !

59123

22, 941431,626287, 722143,904

3,61924,908171,016

18,34425,591

104, 276

715105, 989

26350, 345

114.2

132.7116.116.1.783.9

135,60019,33815.4331, 353

966811882

23,862316,846198,251118,595

3,24521,113123,231

19,83826, 864102, 758

56764.428

21226.429

119.7

120.0112.8132.193.0

11189128100

40,000 !433,557 I310,249 !123,308 '

73267656

20328103

4,60031,570 I169.606 i

34,49241, 836168,014

68158,535

22737,402

214.1

183.0184.2216.079.6

j

125

12595

55,843610,799472. 817137,982

5, 98242,456231,834

47,73150, 770

219,276

1,72592,148

40567, 541

182. 9

148.8164. 8145. 7102.7

14596128S2

33,167498, 742354,

1929015876

1, 1&3880831491843085

2288319376

144,167 104, 529

40, 557 51, 863673,517 11,190,264568,988 11,105,414

5, 208 I51.281234,939

21,35316, 1001,533 j3, 720 I

! 138.30036,292 ! 32,31623,302 I2, 645 !10,345 I

8,33267, 961

297,885

28,02426, 68338,341 I 38,14162, G97 I 147,964

04558, 477

33143, 229

209. 3

128,8175.793.5

100.3

3, 480127,107

721100,561

164. 7

116. 7131.1111.278.3

25,640 S2,311 j4,365 !

34,422 !

2,970 !6, 106 I

26, 35623, 432

1, 1831, 741

84, 850

14,372134,085568, 385

33. 00250, 673

185, 471

2,739203, 341

1, 750233, 067

102.1

85.385.381.478.2

167, 50022. 50514, 096

1, 1047.305

23275

20674

33,100943, 796875. 95167. 845

11,093113,134489, 0C6

18,92433, 634

127, 382

1, 960129, 611

1, 123197, 737

90.3

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19464

18265

30,055721,028633,183

87, 845

10, 95290,774

407, 324

17,11026,177

100, 551

1,384111, 960

609101,193

100.4

63.979.446.470.8

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17970

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29, 7:«.)126,708

1,11165,811

48603, 837

95.5

17,58110. 281

1.3145, 986

17,60511,981

1,3154,309 I

11.3841, 326

175r 80185

35.934780, ?S 6709. 871)

70, 517

0,9*577, i-M 5

372,991

2:\ 21837, 444

161,206

3, 035154.795

107.7

90. 6 08..(a)

63. 5

87, 90016,265 I 18,452

14.5481,133

348,800 1 269,689 628,780 1 634,823 i 729,485 i 898,696 11,044,572! 968,938 jl,201,520 | 813,077 ! 712,709 I 691,979

f Rev i sed . p P r e l i m i n a r y . a Data not yet, available.1 Represents construction from private funds only; data for construction from public funds are included in the total but are not yet available by classes,5 Data for January, April, July, and October 1942 are for 5 weeks; other months, 4 weeks.t Data revised beginning January 1940; revisions not shown in the October 1942 issue are available on request.* New series. The new estimates of construction activity are compiled by the U. S. Department of Crmmerce with the exception of the series on residential (nonfarm)

construction which is from the U. S. Department of Labor. For a description of the data, see pp. 24-26 of the May 1942 Survey and for January-June 1941 figures, p. 8 of'theAugust 1942 issue; comparable earlier data will be published later; for 1940-42 annual totals, including revised 1940 data and 1942 revisions not incorporated in figures shownabove, see p. 11, table 11, of this issue. For earlier data for the estimates of total nonfarm dwelling units, see note marked " * " on p. S-4 of the November 1942 Survey; thisseries includes data for urban dwelling units shown above by months and data for rural nonfarm dwelling units which are compiled only quarterly.

January 1943 SURVEY OF CURRENT BUSINESS S-5

Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey

1942

Novem-ber

1941 1942

berDeeem- !

herJanu-

arvFebru-

ary March | April ! May June July

CONSTRUCTION AND REAL ESTATE—Continued

HIGHWAY CONSTRUCTION

Concrete pavement contract awards:Total . . . . thous. sq. yd . .

Airports ._ doRoads . _._.__do_...Streets and alleys ___..____.___do_...

Status of highway and grade crossing projectsadministered by Public Roads Admn.:

Highways:Approved for construction:

M ileage _.__„ . . .no . of miles-.Federal funds -...thous. of doL.

Under construction:M ileage _ _. no. of miles..Federal funds . . . - . thous . of doL.Est imated cost., _.do_.«-

Orade crossings:Approved for construction:

Iederal funds . ._..__do__».Fstimated cost...- „.__» _do_-..

Under construction:Federal funds - _____do_-_~Estimated cost . . . d o . . . .

CONSTRUCTION COST INDEXES

Aberthaw (industrial building) ..,-.1914=100..American Appraisal Co.:

Average, 30 cities.- ..1913=100..Atlanta doNew York.. doSan Francisco __„ . . . do.._.St. Louis ____ d o . . . .

Associated General Contractors (all types)1913=100.-.

E. H. Boeckh and Associates, Inc.:Apartments, hotels, and office buildings:

Brick and concrete:Atlanta U. S. av., 1926-29=100..New York doSan Francisco... __ . .doFt. Louis do

Commercial and factory buildings:Brick nnd concrete:

Atlanta ._ do.___New York d o . —San Francisco.. ...doSt. Louis.. . .. _. do

Brick and steel:Atlanta. . . _-_._.._do_ —New York do.___San Francisco .._-_ _.do..».St. Louis ______ do_.._

Residences:Brick:

Atlanta _._._. _._.__do____New York . . .doSan Francisco.-. ..___ _doSt. Louis.. ____do_.._

Frame*Atlanta ,. do_._.New York doSan Francisco.._ ___., doSt. Louis ____do.-_-

Engineering News Record (all types)1913=100..

Federal Home Loan Bank Administration:Standard 6-room frame bouse:

Combired index 1935-39-OOCL.Materials. d o . . . .Labor.___ _._ do_._.

KEAL ESTATE

Fed. Hous. Admn. borne mortgage insurance:Gross mortgages accepted for insurance

tbous. of doL.Premium-paying mortgages (cumulative)

tbous. of dol.._Estimated total nonfarm mortgages recorded

($20,000 and under)* ___.._. thous. of dol.Estimated new mortgage loans by all savings

and loan associations, total. . . thous. of dol._Classified according to purpose:

Mortgage loans on homes:Construction. _ ._._.do____Home purchase. __._.___do....Refinancing _. . . , . _ .do . . _ .Repairs and reconditioning. do

Loans for all other purposes doClassified according to type of association:

Federal ...thous. of dol..-State members doNonmembers do.

8, 6715, 8211,4061,444

247250251229242

213.5

283. <

124.4121. 5130.2

73, 768

4,473,021

278, 321

73, 979

9, 27543, 98412, 4723,0075, 241

28,16335, 441.10, 375

4,344535

2,5701,239

2, 63539, 259

7,809128,351253,703

10, 20811,588

40, 46441,932

223219235210224

203.3

100.7136.3123.5122.6

102.4137.9126. 2123.4

102.1135.8128.8123. 2

100.013S.0119.5120.8

9S.8139. 7117.4120.3

200.2

119.2116.9123.9

'0, 799

3,503,681

377. 683

104,749

30.10348,81613,3404, 2678,223

41,91046,89015,949

8,1762,9643,1972,015

2, 25934,014

7,417121,384239,336

10,00511,810

37, 74239, 323

215

225222238212226

203,3

100.2136.0123. 2122.5

102.1137.7126.0123.4

101. 3135.3128.3323.1

97.1136. 1137.6120.4

95. 1137.2114.9119.8

267. 6

119.9117.7124.2

'5, 435

3,596,491

392, 355

100,208

30, 29043,14514,4244,K08,179

41,18243,96015,066

4,7262, 4901,1391,098

1, 96730,789

7,044117,669228,023

8,5429,314

35,92838, 300

229224240215230

203.3

101.4137.0124.2123.8

102.9138.4125.3124.4

102.5136.2127.1124.1

99.9137.9120.0121.4

98. 5139.4117. 7120.8

269. 4

120.6118.6124.5

66, 952

,690,214

321, 396

79,533

22,79134,12712,854

3, no6, 571

31,14235,31213.079

3.4641,4511,110903

1,79628,344

6,802119, 233225,527

8,0478,761

34,75437,140

231225241215230

204.0

101.4137.0124.2123.9

102.9138.4125. 3124.5

102.5136.2127.1124.3

99,9137. 9120.0122.1

98.513k 4117.7121.7

2C9. 7

121.2119.3125.0

104,566

3,769,496

296,041

76, 756

20, 79933, 76912,3253,1386, 725

31,91933. 93910,898

7, 0913, 9721,7271,392

1,56224,612

6,778123,405226, 543

7,4908,210

34,57636,913

218

237232247221236

206.5

101.9137.5125.6124.4

103. 2138.8126.6124.9

102.8136.8128.5124.7

100. 3138.3121.9122.5

,8.8139. 8118,9122. 1

271.8

122. 0] 20. 0120.0

141,443

3,849,549

335, 636

87, 367

21,77540,93013.2253,5477,8<:0

36,3253S. 03013,012

8,9145,4162,0611,437

1,43124, 055

6,817127,195231,620

7, 8068, 503

34,46736.814

238232248221237

207.3

105.4137.7125.7124.4

105.7139. 0126.7124.9

106. 4137.1128.6124. 8

103.7139.3122.3122.8

103. 2141.1119.5122,5

272. 3

122.3120.53 25. 9

69, 225

3,916,421

359, 968

99,047

20,48852, J 9614,5084, 0837,772

38,48443,93716,626

14,4629, SCO3, 2671, 394

1,45527,968

6,672127,511228, 535

8,2018,893

33,65835, 838

241233250224238

207.3

105. 6138. 2126.6124.8

106.0139. 6127.2125.3

106. 5137.4130.4125. 3

103. 8139.7124.8123. 5

103.3141.4120.2122.9

274.2

122.8121.0126.4

53,488

3,990,152

350,187

95,009

17,61053,09513,6073,8666,831

36,86643,00515,038

15,26611,0382, OGO2,167

1,65432,808

6,071122,402217,290

7,1087,843

33,41335, 409

223

242242250228238

207. 8

105.6138.2126. 6129.6

106.0139.6127.2132.6

106.5137.4130. 4129.4

103.8139.7124.8126. 9

103.3141.4120.2124.8

277. 7

123. 5121.3127. 8

98, 800

4,071,838

342, 250

94,095

15.93052,11215,1843, 5667,303

35, 27944, 26514, 551

14, 94711,3661,9271, 655

1,71836,170

5, 483114,997200, 868

6, 6967, 358

31, 29933, 279

244245250229240

209 9

106.1138.2130. 0129.6

106.0139. 6132.3132. 6

106. 5137.4133. 1129.4

104. 1139.712~j. 8

126.9

103. 6141.4122. 0124.8

281.6

123. 7121. 2128.5

109, 350

4,155,187

353. 511

95, 797

17, 70952, 19016, 0973,6716, 130

37, 00743, 66515,125

13,94710,0912,6531,202

1,60637,059

4,954109, 549189,077

6, 6657, 327

29,41231,296

245248250229241

213.3

106.1138.2130.0129.6

106.0139.6132.3132.6

106.5137.4133.1129.4

104.1139.7125.8126.9

103.6141.4122.0124.8

281.6

124.0121.2129.4

109,660

4,232,030

336,850

92,563

12,56855, 30114,0194,1266,549

36,62041,54914,394

20, 09016, 9351,5181,637

1,53435, 534

4, 262102, 419174, 898

6, 7977, 4£8

20, 41728, 231

246249251229242

213.3

106.1138. 2130.0129. 6

106.0139.6132.3132.6

106. 5137. 4133.1129. 4

KM. 1139.712". 8J2r,9

103. 6141.4122. 012-1.8

282. 4

124.4121.5130. 2

100, 456

4,311,126

345,864

94, 055

12,44958, 06014, 0633, 8045, 679

37, 98742, 24913,890

12,4537, 6002, 8062, 047

246249251229242

213.5

100. )13S. 5131.3129. 6

106.0140.0134. 6132. 6

106.5137.5134.5129.4

104. 1139. 9126. 8126. 9

103. 6141. 5122. 5124.8

283. (i

124.5121.6130. 2

98, 833

4,393,862

357,083

01,672

10,57256, 52814,6943, 4986,380

35, 55541,93714,180

1942

"Novem-ber

1941

Novem-ber

Decem-ber

Janu-ary

Febru-ary March

1942

April May June July August Sep- Octo-teinber ber

CONSTRUCTION AND REAL ESTATE—Continued

EEAL ESTATE-Continued

Loans outstanding of agencies tinder the Fed-eral Home Loan Bank Administration:

Federal Savings and Loan Ass'ns, estimatedmortgages outstanding J__.__ .thous. of dol..

Fed. Home Loan Bks., outstanding advancesto member institutions ..thous. of dol..

Home Owners' Loan Corporation, balance ofloans outstanding. .thous. of dol...

Foreclosures, n on farm:Index, adjusted. . . . . . ....1935-39=100.-.

Fire losses - thous. of dol.

121,886

1,586,709

23.624,144

1,815,666

187,084

1,794,111

31.923, 822

1

1324,646

219,446

1,777,110

32.431,261

1,824,37

206,068

1,758,213

32.135, 565

1,829,218

197,432

1,742,116

30.930,819

1,832,341

191, 505

1,724,229

29.530, 505

1,842,422

185, 298

1,709,064

29.127, 960

1,846,790

181,165

1,692,197

27.223,233

1,849,400

192,645

1,675,888

28.022S 410

1,852,972

173,593

1,657,256

27.421,000

1,856,269

160,201

1,640,119

24.1"19,680.

1,861,065

144, 752

1,622,087

25.320,443 |

11,862,593

| 131,377

1,003,106

' 24,422, 621

DOMESTIC TRADE

ADVERTISING

Advertising indexes, adjusted:Printers' Ink, combined index.,. 1928-32= 100..

Farm papers - -doMagazines . . . . .doNewspapers . -.„ doOutdoor.. _.._— do

Tide, combined index* . 1935-39=100..Magazines* . doNewspapers* . _..__... do

Radio advertising:Cost of facilities, total . _._„ .thous. of dol._

Automobiles and accessories---..-..-.doClothing - do jElectrical household equipment. do_._.iFinancial . . --do jFoods, food beverages, confections....do jGasoline and oil .._._._.-do....iHouse furnishings, etc - .do.-.-jSoap, cleansers, etc. . do. . . . 'Smoking materials - . . . .do . . . .Toilet goods, medical supplies do. . . .All other.--. _--do.-_-

Magazine advertising:Cost, total - . . . . . . . . . d o . . . .

Automobiles and accessories _. . .-do.-.-Clothing.. . . . .__.-do. . . .Electric household equipment.-.. . . . .do...-Financial _._ . „ doFoods, food beverages, confections do _._Gasoline and oil . . . . . .doHouse furnishings, etc .....doSoap, cleansers, etc.. . ._ — -doOffice furnishings and supplies doSmoking materials _- . . . doToilet goods, medical supplies. ..doAll other ._._._..do

Linage, total . . . .thoua. of lines ~Newspaper advertising:

Linage, total (52 cities)...._._.. . . .-doClassified- . . , . . . = . . . .do . . .Display, total._. - ._ ._ . . . do

Automotive.. do . . . .Financial.-. _..._.-do —General . .„ ._ . . . . . . . .doRetail.. -do.-._

117.1134. 4100. 1

GOODS IN WAREHOUSES

Space occupied in public-merchandise ware-houses . percent of total..

POSTAL BUSINESS

Air mail: Pound-mile performance...millions..Money orders:

Domestic, issued (50 cities):Number thousands..Value . . .thous. of dol..

Domestie, paid (50 cities):Number thousands. _Value . . . - _..thous. of doL.

CONSUMER EXPENDITURES

Expenditures for goods and services:*Total...__..-_... ..__ .mil. of doL .

Goods . . . . . doServices., __,._ do

Indexes:Unadjusted, total . . . . 1935-39=100

Goods - - . . .doServices . . . . . . . . _..do

Adjusted, total.—-__-..__ .__ doGoods.- __-.. _do__..Services . - ..do

4,823

168,5

162.8

89.563.292.083.270.3

121.1125.3101.4

99.467.492.891.3

112.3120. 5131.2101. 2

9,723279

735551

2,752550

74991

1, 2503,078

566

18, 2351,7531,029

430482

3,010392996503374870

3.0535,3432, 682

120,62421,00899,615

4,8411,515

20,00273, 258

81.7

2,231

4,93150, 334

15,464134, 759

6, 3854, 2332,152

138.3146.9123. 5135.7142,6124.0

10,412283

614441

2,936660

581,1571, 3513,218

597

15,928898880476355

2, 555219756331329705

2,6795,7441,937

125, 48420, 534

104,9503,2911,702

17,04782,910

82.8

2,675

5,82657, 537

17, 557149, 204

7,4845,2742,210

155.6172. 8126.0133.7138.3125.9 1

SO. 551.572.374.580.6

117.5134.5

97.3

10, 285251

874541

3.102507

661,1181,3563,094

728 |

10,486 I580383103 I318

1,93780

318242177733

1, 8533,7631,940

89, 34119,06470, 2771,3202,204

13,07653,677

83.4

2,594

5,74358,379

15,707135, 685

' 6, 335r 4, 097" 2, 238

131.1133.2127.6141.9151.1126.3

81.049.372.775.383.1

132.0120.1

95. 0

9,382210

844541

2.845502

59998

1,2152,846

537

13,044473660227357

2,648168417515237673

2,6753,9922,130

87,94418,19269, 752

1,5601,339

14, 66252,191

83.9

2,553

5,31759,823

14. 5251SS, 264

" 5, 8563, 649

' 2, 207

130.4' 131. 5' 128. 6

138.9r 146.0r 126. 6

SO. 447.569.474.894.2

108. 5110.9

91. 9

10, 282176

835654

3, 112470

671,1251,2983,122

551

15,811481

1,242237390

2,941277798763

'242790

2. 922r 4, 728

2,331

106, 90821,97584,932

1S9381,849

16, 26864, 878

3,019

6,99787, 793

19,134210, 702

' 6, 446' 4, 207' 2, 239

134.3' 139. 0r 127.6r 138. 9

145.3' 128. 0

79.152.667.974.777.7

109. 2100. 9

92. 8

9, 372152115

4544

2,785380

521,0581,2932,843

605

* 14, 848710905244402 !

2,466 I385815 I593

^205736

2.7714,6152,168

107,05521,64985, 406

2,4161,704

17,82163, 464

78.053.867.972.878.0

107. 998.988.2

9,199138108

5652

2,543431

521.0051,3162, 856

643

15, 421772968161403

2,352542851640

^257809

2,883' 4, 783

2,064

107,04422, 32684,7182,3341,248

16,52964, 608

80.951.777.674.269.2

112.2104. 6

91.2

8,989265

624541

2,473367

421,0501,2992,792

553

13,932796735213304

2,043392536477

r 171732

2, 9284,6041,769

97,66320,60877,055

2,5411,370

14,84158,303

85.2 i 84.5

2, 996

5,67359,746

17,093164, 302

' 6, 560' 4, 290' 2. 270

' 138. 4•' 1 4 3 . 1

' 130. 3138.6

' 143.9' 129. 5

3,156 ; 3,130

5,411 t 6,31259, 542 | 73, 783

15,256 16,865137, 629 162, 616

6,5444, 2672, 277

- 138. 4' 143. 4r 129. 9' 139.1' 143.9'131 .0

«• 6, 509' 4, 229' 2, 279

' 137.4141.2

' 130.8138.1142.1

' 131.3

88.061.990.379.075.9

123. 4126. 5100. 5

8,500367

5545 |4 1 I

2,162 |349 |

421,0131, 3292,571

527

' 11, 109631250213257

1,738306208320170609

2,4064,0011,700

89,41120,08569, 326

2,3161,616

13, 98751,407

84.1

3,443

5,57365, 221

16,071152,047

88.263.284.281.372.5 ;

122.6 '134.9 I101.2

8,186 ;448455753

2,05134251

9281,2522.337623

12,415765 I724126 I280 i

1,785 :405266 :378193 ,671 :

2,268 :r 4, 554 •2,072 ;

94,963 I21,931 I73,032 |2,146 |1,022 I13,195 !56,669 '

83.2

87,6 |69.4 i81.5 i79.4 |86.9 |122.5 !140.0 !96.5 i

!8,878 i

429 i70 !47 i49 \

2,336 !346 143 !

929 •

1,347 I2, 659 l622 |

1. 208 j232 I<*25

2, 307422275 !350 I

741 j2,463 I

' 5.593 )2.341 |

104,50622, 65881,8472,4811, 099

15. 57262. 695

'81.0

84.269.882.077.965, 6113.3127.995. 8

' 10, 332339945349

3,0274800

8531.485

• 3,081' 815

IS, 1881.1431, 381443441

2, 947415882445298831

2,8646, 099a)

117,44224, 07193,3712,4041. 233

19, 78169. 953

82.0

5,495 ;68,098 i

14,582 !142,851 |

' 6, 458' 4,178' 2, 281

' 134.0' 136.4' 130.0' 142.0' 148. 3' 131.3

6, 6784,3922,286

139.2144.3130.4146.1154.0132,5

5,95278,701

16,308174,772

6,9454,6462,300

' 148.2' 157.6' 132.0' 144. 5r 151. 6r 132.2 I

6,022

17, 386180,, 535

7,413r 5,120

2,293

151.5r 163. 7r 130, 7' 147,4' 157.3

130.5' Revised, i Not available.t Minor revisions have been made in the data beginning January 1939; data are available on request.* New series. The new indexes of advertising are compiled by J. K. Lasser & Co. for "Tide" magazine; the combined index includes radio (network only prior to July

1941 and network and spot advertising beginning with that month) farm papers, and outdoor advertising, for which separate indexes are computed by the compiling agencyin addition to magazine and newspaper advertising shown above; data beginning 1935 will be published in a subsequent issue. For data beginning 1929 for the series on con-sumer expenditures and a description of the data, see pp. 8-14 of the October 1942 Survey. Minor revisions in data for January through September 1941 are available onrequest.

1942

April May June July August ! Sep- I Octo-• tember I her

DOMESTIC TRADE—Continued

RETAIL TRADEAll retail stores, total salest . — _---..niih of doL..

Durab le poods stores _.__ doNondurab le goods stores! - do_...-

B y kinds of business:Apparel __ . . . _ — — — ____—do.. .-Automot ive ____ . . d o . . —Building materials and hardware d o . . . . .D r u g - . - . . - - . . — — — — _._ do . .—Eat ing and drinkingf_ . . d o . , . .Food stores _._.-_ ___ .do . . .Filling stations ._-_ ____ — ,.___—doGeneraJ merchandise,_. . _ do __ _.Household furnishings . . . _ doOther retail storesf . _.._do___.

All retail stores, indexes of sales:Unadjusted, combined index j . -1935-39=100-

Durab le poods s t o r e s . _ . . - . - - - — - . . . . . d o . —.Nondurab le poods storesf..__ — _. . . . . d o .

Adjusted, combined i n d e x ! - - - - - doDurab le poods s to res ._ . . . .__ ._ ._ . . .__do -Nondurab le goods storesf - - _ . _ . d o .

B y kinds of business, adjusted:Apparel — — — — _.— ___ . . . d o .Automot ive § .._____ . . d o .Building materials and h a r d w a r e . . . . d o — _ .D r u g . . . . . _ . . . . . . . . . d o .Ea t ing and drinkingf. _ . _ . do .Food stores ____ _ . . d o .Fillinp s t a t i o n s . . . - . _ . - . . . . d o .General merchandise .__ . ._____ . . .__ . .do . . . .l lousehold furnishings . ._ . d o .Other retail storcsf. ___—_____._____-do

Chain-store sales, indexes:Chain-store Age, combined index (20 chains)

average same month 1929-31 = 100. .Apparel chains _ . . . . - _ d o . . .

Drug chain-store sales:Unadjusted . . . . . .1935-39=100.Adjusted _ ______ . . . . . d o . . .

Grocery chain-store sales:Unad jus ted . . ____..___.1935-39=100..A d j u s t e d . . . . . . . . . . . . . d o . . .

Variety-store sales, combined sales, 7 chains:Unadjusted . . . .1935-39=100.Adjusted . - _ _ . . . d o . . . .

Chain-store sales and stores operated:Variety chains:

S. S. Kresge Co.:Sales . ._ ._ _____thous. of d o l . .Stores operated number ._

S. I I . Kress & Co.:Sales. . . . . . . thous . of doL .Stores operated... _ — . . . . . n u m b e r . .

McCrory Stores Corp.:Sales . . . . . thous . of dol.-Stores operated .._..-___ number..

G. C. Murphy Co.:Sales . . . . . . . thous . of doL.Stores operated___.._.___.......number..

F. W. Woolworth Co.:Sales ._. .__-_...thous. of dol_.Stores operated ___._ number..

Other chains:W. T. Grant Co.:

Sales . . . . . thous. of doL.Stores operated . . . . . number..

J. C, Penney Co.:Sales... . . . . . . . . . . t h o u s . of do!..Stores operated_.___.-......_...number..

Department stores:Accounts receivable:

Instalment accounts? Dec. 31,1939= 100. .Open accounts?.... .... .,..do._..

Collections:Instalment accounts!

percent of accounts receivable..Open accounts! . do. _.

Sales, total U. S., unadjusted... 1923-25=100-AtJantaf....... ...1935-39=100-Boston 1923-25 = 100-Chicapo 1935-39=100-Cleveland f_ do. . .Dallas ..1923-25=100..Kansas City . ...1925=100-Minneapolis... _._. 1935-39= 100—New York.. 1923-25=100-Philadelphia... ...1935-39 = 100..Richmond.. . . _. . . . do. . .St. Louisl_.._ 1923-25=100..San Francisco..-.-.- 1935-39=100-

4,927767

4,159

477206291200529

1,3212928452C0£66

160.0102. 3178. 8155.0100.0172. 9

182.248.7

148,1174.6220.4173.144. 0154,9156.6183.3

187.0228.0

140,7140.1

v 170.0v 170.0

161.6157.0

10,610671

11,046245

5, 648203

0,719207

36, 3762, 018

3 4,382493

49. 4261.011

157206116168187191147144144181

4,5691,0673,503

38851831215996

1, 090289735194489

147.2139.6149. 7142.0134.1144,6

145.9116.4156.6139.2165 9143.4142.5132.9149.7155.5

151.0162.0

116.9116.4

155.8155.6

130.7127.0

14, 832674

8S 458242

4,655201

5, 608•' 2 0 1

33,7762,024

12, 174494

40,4171,605

11092

1949

133177103

r 14711.3150106123130

<• 167168133158

5, 5851,2374, 348

557522331211428

1,218290

1,106261662

im. 8153.9174. 9138. 3135.4139,, 3

132.1119.2164.0135.8164. 0140.141.0 1123.5138.6.150.0

157.0178.0

164.9121.3

164.7159.9

249.6113.9

27,515675

17,376242

9,398202 |

10,898" 207 !

62, 4982,024

23,518495

59, 5201,605

Ho116

20 i

46 i

i165213232222183198194238265190235

f 4, 355' 793

3, 562

376r 321266163399

1,216268 i613 i170 "563

331 497 9142.3 ;149.7 j119. G !lf/J. 5 j

176.9 •73.2 j

178.1141.7 !17:\ S i155.3 !155.4 i145.5 !

168.2172.5

164.0188. 0

120.7126.0

170.4175.7

97.0132. 3

11,854673

7,274242

3,819202

4,804

28,3452, 021

10899

205010812799121130122100122104115128110129

r 3, 843'694

3. 149

290-240

249152381

1, 090240541171489

128 5'94.3J39, 6144.3ns t;154.3

157.9 |179!h138. 7

150! 4152 9139.8167.0173.0

165.0178.0

110.8118.5

170.0169,1

108.1136.1

11,750671

7, 203242

3,739203

4, 469• 206

27. 4662,019

8,683 |496 |

8,417496

30, 589 25. 4071,606 1,607

104 I87 |

• 4, 474 r 4f 592 !

804 I ' ^ 0 03,670 I '3,733

440•' 24S

316167431

1,172270680203548

137. 2' 100,1

149.3142. 8

' 111.6152.9

171.4r 56. 5174.7141.7175.0150.9138. 9138.4176. 0167. 1

169.0208.0

124.4125. 0

170. 0168.3

116.1133. 6

13,174671

I. 503243

4,373203

5, 091206

30, 2662,017

10, 470495

32, 3481,608

102

19459912774154120108859594117114101132

224611815194136147129110125106140161125148

406 I'240373170 j

r 446 I1,220 !

273 j700 !206 '558

' 142.0' 108.1 ir 153.0 I'• 141. 9 |

107.3 |r 152. 6 ;

I152.5 !' 56. 0 I175.4 |146.5 i

T 179, 0 j153.1 i134.3136.2149.8175.8

164.0174.0

124.6128.9

175. 2170.1

123,1127.1

14,437672

!

8,640 !

244 j4,788 |

203 ;

5,934 !207 |

33,136 i2,013 |

12, 363494

36, 5311,609

9989

11514993133153127111130106132155120149

'• 4, 569 i

'• 8 5 6 ;

r 3, 712 |

363 I'247370 !182 !

r 473 i1,237 I

288 I659192 !557 |

- 142. 8 !'• 109.7 ;' 153,5 |r 141,9 \• 100.6

146. 8r56. -1162.0151.7

r 181.0155. S129. 6130. 7132. 5202. G

170.0181.0

129.3133.4

170.7 !168.2 I

130.2 I135.1 |

14,219 i674 |

i8,573 |

244 !

4,749 |203 ;

6,136 !207 I

12,200493

37,1701,609

2250

108144-89

12413712610111199128147108142

' 4. 503'837

r 3, 666

352' 260354181-468

1,248286648174532

r 139.4• 105.4" 150.5T 140.4r 99. 5' 153.7

142. 3•' 61. 2

153.4155. 6

- 181.0156.3124.6127. 2123! 4

'• 200. 6

171.0172.0

129. 5137.0

173.4170.8

129.1136. 2

14,536'673 I

i9,105

246

4,833203

6, 205207

32,660 { 33,0252,011 I 2,011

225610012485121128109981179211613799137

r 4.433'sis ;

' 3, 620 j

302 1r 269336190

'4951, 285

317••583162493

r 134. 5 Ir 101.2 IM45.3 I' 146. 2 I' 103.9' 160. 0

163,1r 61.4157.0162. 2

r188. 3159.3141.4139.0136.7 I188.8 j

177200

00

132. 3138.

169.172.

8

04

132.2143. 4

13,565672

8,733246

4,504 I203 j

5,775 !207

31,7052,011

12,222 I 10,441494 | 494

38,457 1 34,6831,609 ! 1,610

7453

23 i6083 I116

10510088948192 i120 I87 i138 !

' 4,615' 846

"• 3, 769

365•' 269

336195

1.274280662187522

- 140.7' 104.4r 152.5T 149.6' 105. 1' 164.1

180. 7r 61.5156.9168. 7

* 190.3166.5115.3147.1138.2189.9

182.0212. 0

135.2142. 3

167.3174.3

124. 8142.3

14, 781671

9, 607246

5,017203

0,156207

33,6752, 012

11,442494

40,5231.611

2459

103 !144 j75

117134127 !11411594

112147114158

' 4,840'"838

r 4,003

456r 247342194

r 529

'280705193558

' 152.5r 108.3' 166. 9' 146. 1r 303. 2'• 160.0

163.5r 58. 3153.1163. 9

'201.0160.4

r 124.8142.0142.3183. 6

183.0220.0 I

r 132.7r 138. 2

168.9 i

172.4 I137.9 !143.4

' 5, 282r 870

•4,413

r 528r 236' 351' 207r 576

' 1,377<- 282r 880' 219628

" 156.5" 104.5'173.4r 150.0r 100.3r 166.2

" 166.0r f(,3 _ 9

r 147. 0r 174.0r 220.9' 166.7' 128.1' 144. 3' 145. 7• 189.3

181.0218.0

r 147.4' 145.2

170. 9170. 0

140. 9143. 2

14,997 I 17,237671 j 071

9,599 I 10.278245 I ' 245

5,023 | 5, 656203 ; 203

6, 094207

7, 335207

33, 847 38, 4752,015

12,648494

15,111493

54, 2941,611

6569

2560 !133 I171105155161171 I13314F,120143

' 174131 j

r 184 )

2965137183

' 117154165170146156130160

r 211145191

' Revised. v Preliminary.§Beginning December 1941, seasonal adjustment factors of 100 are being used for this group.<|The index on a 1935-39 base shown in the 1942 Supplement is in process of revision; pending completion of the revision, the index on a 1923-25 base is being continued.f Revised series. Data for sales of "eating and drinking places," "other retail stores," and the totals for nondurable goods stores and all retail stores, have been revised

beginning 1935; revised data beginning August 1941 are shown in the October 1942 Survey; earlier data will be published, in a subsequent issue. For revised data beginning1935 for the index of department si ore sales for the Atlanta district see p. 22. table 19, of the December 1942 Survey. The index for the Cleveland district has been completelyrevised; data beginning 1919 will be published in a subsequent issue.

tData revised slightly and rounded to nearest percent; earlier revisions are available on request.

1042

Novem-ber

1941

Novem- jber

Decem-ber

1942

Janu-ary

Febru-ary March I April May I June Octo-

ber

DOMESTIC TRADE—Continued

RETAIL TRADE-ContinuedDepartment stores—Continued,

bales, total U. S., adjusted.....1923-25 = 100..Atlantat-- .—.1935-39=100..Chicago._ — do. , . .Cleveland f- - doDallas ..1923-25 = 100-.Minneapolis .1935-39=100..New York* ...1923-25*=100..Philadelphia... 1935-39 = 100..Richmond _ doSt. l.ouisi ..—.1923-25=100..Snn Francisco.... 1935-39=100..

Instalment sales, New England dept. storespercent of total sales..

Stocks, total XJ. S., end of month:Unadjusted. 1923-25 -100..Adjusted........ -do

Other stores, instalment accounts and collec-tions: *

Instalment accounts outstanding, end of mo:Furniture stores .Dec. 31, 1939*100-Household appliance stores doJewelry stores do

Ratio or collections to accounts at beginningof month:

Furniture stores.-. percent-.Household appliance stores.. doJewelry stores .do

Mail-order and store sales:Total sales, 2 companies thous. of dol..

Montgomery Ward & Co do.___Scars, Roebuck & Co . do

Rural sales of general merchandise:Total U. S.f unadjusted. 1929-31-100-

East d o —South . doMiddle West—... do . . . .Far West _.._ do

Total U. S., adjusted.. do . . . .East - doSouth _ „ doMiddle West-. -doFar West . . do . . . .

11611)0133148134123109132160114151

11095

108. 9112.598.4

11.510.818.3

152.30863. 34588,963

243.2 |

330. 3209. 6235. 7186.9208.8240,6159.9194.3

11114012613;'128127107127342115138

6.3

8692

110.0110.1122.9

11.411.723.2

204,33985, 269119,069

287.9320.3341.1254.9319.9180.1192.4227.1163.4196.0

138164154177161152132161182138167

10.5

8393

104.9103.3110.9

12.011.4

111,48141,85469, 627

151.5162.8173.5136. 6166.6199.0214.2219.3178.5226. 7

126144135150127134116157165117166

97102

101.8100.3102,4

124150141161133124120149165130161

9.2

111108

100. 895.897.6

11.411.417.5

99, 64037,90961,671

151.1161.0199.3129. 6135.918G. 8196. 9218.5163.0183.6

12.512.718.8

131,89455, 85676, 038

185. 6204.9224.0165. 2194.5211.4228.2248. 1186. 4236. 3

117153134151131129110147156120157

8.4

122117

99.790.893.4

108147123134126112105130147108147

6.9

129126

96.584.787.4

12.612.519.1

133, 90557, 60476, 301

175. 6183.3202. 0155.9200. 1191.1192.4229. 3167. 0224.0

13.212.720.0

119, 11750, 76268, 356

164- 8171.7188.0140. G188.8179.5186. 6221. 7154. 8210.0

10414312513412311797122144108149

5,4

128134

91.177.080.5

14.012.821.9

117,59748, 47669, 121

160. 3162. 9179.4144.0203. 6176.0177.4223.1152. 5213.7

121162139143143133114139170126166

6.2

126140

84.670.972.3

14.313. 122. 4

104, 11842. 52161, 597

137. 3128. 1158. 6118.9193 8188.1179. 9233.5161.2236. 3

130169148157165131123152194152172

9.1

130135

79.964.468.6

16.013.2

'25.2

113,44748. 74164, 706

160.8153. 3178.0135. 5207.8196.6192.4246.9164. 3225.6

123161141146

15412611.2

133r 170

122176

7.0

12812S

76.1r 59, 4r 64. 6

15. 6r 14.4* 25. 8

142, 02261,49580, 527

214.2r 201. 2262.818.57272.2202. 6204, 6238.0181.1232. 6

12S173147158.150131115139

'170129182

72,6-54. 663.0

18.015.529.9

174,04576, 06897, 977

250. 5245. 4362. 2210.8276. 2192.8190. 7244.4166.0230, 0

EMPLOYMENT CONDITIONS AND WAGES

' 54.5' 52. 8p 9.8

v 43. 0P ] 7

EMPLOYMENT j

Estimated civilian labor force, employment, jand unemployment: I

Labor force (Bureau of the Census)* millions..Employment* do

Agricult ural* . . . .doNonagricultural* •__ .do

Unemployment* . ___. ..doEmployees in nouagrieultural establish- i

mcnts:f 1Unadjusted (U. S. Department of Labor): j

Total . .-thousands..!Manufacturing do IMining do jConstruction .. _ . . . . d o ;Transportation and pub. utilities.do. . ..jTrade do IFinancial, service, and misc .... do iGovernment-..... do i

Adjusted (Federal Reserve): ITotal.-.-. do.. . .I

Manufacturing doMining do jConst ruction .. . d o . . . jTransportation and pub. utilities.do....JTrade do i

Estimated wage earners in manufacturing in- Idustries, total (U. S. Dept. of Labor)*

thousands... 12,828Durable goods do j 7, 277

Iron and steel and their products do ! 1, 644Blast furnaces, steel works, and rolling j

mills - . thousands..; 519Electrical machinery . . . _ . - . ._ .do . . . . j 614Machinery, except electrical ..._do i 1. 136

Machinery and machine shop products ithousands..; 456

Automobiles do__._| 491Transportation equipment, except automo-

biles thousands.. : 1, 814Nonferrous metals and products do ; 375Lumber and timber basic products- - .do ', 475

Sawmills — do , 290

38. 43715, 436

8931,810

6', 7734, 29.55, 713

38, 23215,354

8841. 8033, 5026, 676

54.150. 29.0

41.23.9

35, 92613,563

9802, 01? 13, 3827, 1404, 2294. .535

35, 73913, 535

9692, 0543, 3697, 043

11,3415,929 ii, 502 I

542 !482 1921 j

362 I574 j

786357 j514 !317 '

54.0 i50.2 iS.3

41.9 :

3.8 i

36. 08813, 066

9761. S80?,. 2447.5114, 2274, 584

35, 86813,621

9732, 0673,3777,017

11,3275, 9401,506

543485937

367 I517 ;

845 I357 I509 I311 I

53. 218.9

40. 74.3

34.

1. »"• 2

3, 2SS

1, 179

4, "f8

13.72-'970

2.0443. 3656,907 i

11,1855,0281,516

542480 I953 !

374!445 I

933 i355 !494 I304 I

53. 449.48.441.04.0

.. P(''J

3, L"7(i

13, 7U

54. 5 i 53. 750.9 : 50.78.9 i 9.3

42.0 ] 41.43.6 3.0

14. urn

C7:i4. .i'J

4,791

13.S3 2036 !

3, 351 3, Sr.«i6,862 j 6,812 ,J ;11,363 11,5156,034 I 6,154 ;1,537 | 1,554 !

543 j 544 !489 I 498 '978 j 1,001 ;

383 !395 I

391 i3S3

1,030 i 1,110358 ! 362495 ' 495305 i 306

• i. C794. 2(in

546506 I

1,020 j

400 !373 jI

1,208 !358 !498 I308 !

54, 251.610. 241.42.6

36, 34614, 133

1, 9093.4426, (\()7

4,3094, 958

36, 20014, 146

933 I1,701 !3,435 !6,695 ;

11,6,1.

645274 !568 i

11,6.1.

751395578

548 I509 I

1,030 Ii

409 I389 )

1,296 I359499309

56.153.311.541.82.8

36,66514.302

9211,9913,4846,6064.3245, 037

36,44014,361 i

929 !1,7683,4466,610

11,8846,546 :1,596 i

549514 I

1,050 \

418 ;'407 !

1,388 ]

361502312 •;

56.8 j54.0 !11. 7 ;42.3

2.8 I

;j7. zu: J. r.ti

9232. 10S'3, ')1<Jil. ."01t. 3.".".".. 1 M

14, 758929

1,8513,4716,609 i

56.254.011.242.82.2

37,80214,980

9182, 1813, 5336. 4964,3715. 323

14.911918

1, 9163, -1906,607

12,153 12,4426,712 ! 6,8851,609 I 1,617

546 I527 I

1,065 j

425 I428 I

1,500 |363 !506 i313 I

540548

1,084

435443

1, 604368508313

54. 152.410.242.21.7

38, 348l.\ 233

9102, 1853, 5426, 5614. 3975, ,520

37, 61814.979

9011,9593, 482

r 6, 523

12, 6306, 9931,616

532569

1,096

440462

1,677

369494303

'38

r 23

' 6r 4r 0

'15

-3' 6

r 12r 7' 1

' 1

rl

04. (J

52. 410.541.9.1.6

, 478.313902,028,539. 697, 327, 672

.964,164888, 902466619

,721153636

52,'594

,119

449478

,768371484295

r Revised. p Preliminary. ] See note marked "V on p. S-7.% A few revisions in data for 1938-41, resulting from changes in the seasonal adjustment factors, are shown on p. S-8 of the November 1942 Survey.f Revised series. Indexes of department store sales for Atlanta district revised beginning 1935, see p. 22, table 19, of the December 1942 Survey. Revised data beginning

1919 for the Cleveland district will be published in a subsequent issue. The estimates of employees in nonagricultural establishments and in each of the component groups,with the exception of the trade group and the financial, service, and miscellaneous group, have been revised beginning 1939 and revisions of the earlier data are in progress;the revised data will be published when revisions are completed (data beginning August* 1941 are in the October 1942 Survey).

* New series. Indexes of instalment accounts and collection ratios for furniture, jewelry, and household appliance stores beginning January 1940 will be shown in a sub-sequent issue (a new series on amount of instalment accounts outstanding is included on p. S-15). The estimates of civilian labor force, employment, and unemploymentrelate to persons 14 years of age and over, excluding institutional population and the estimated number of persons in the armed forces; persons on public emergency projectsare included with the unemployed; data beginning April 1940 wuTbe shown in a subsequent issue. Data beginning 1939 for the new series on wage earners in manufacturingindustries will also be shown in a later issue.

194 2

Novem-ber

n u t 1912

Novem-ber

Decem-ber

Janu-ary March April j May

EMPLOYMENT CONDITIONS AND WAGES—Continued

EMPLOYMENT-Continued

Wage earners, manufacturing industries*—Con.Durable goods—Continued.

Furniture and finished lumber productsthousands..

Furniture . _ . . _doStone, clay, and glass products .do

Nondurable goods . ..doTextile-mill products and other fiber man-

ufactures . thousands. „Cotton manufactures, except small wares

thousands..Silk and rayon goods doWoolen and worsted manufactures (ex-

cept dyeing and finishing)... thousands.Apparel and other finished textile products

thousands. _Men's clothing doWomen's clothing . __do !

Leather and leather products.._.._..do....Boots and shoes . . . ..do

Food and kindred products. doBaking..... ___do~~Canning and preserving...... do. . . .Slaughtering and meat packing do

Tobacco manufactures . . . doPaper and allied products . . . do . . . .

Paper and pulp . . . .doPrinting, publishing, and allied industries

thousands.-Chemicals and allied products do

Chemicals . . . . do . . . .Products of petroleum and coal _.do._..

Petroleum refining . doRubber products do. . . .

Rubber tires and inner tubes do..—Wage earners, all manufacturing industries,

unadjusted (U. S. Dept. of Labor)!-1939= 100..Durable goods do

Iron and steel and their products doBlast furnaces, steel works, and rolling

mills ..1939=100..Electrical machinery doMachinery, except electrical do.. .

Machinery and machine shop products1939=100-

Automobiles... . . . . . . . . . . . doTransportation equipment, except auto-

mobiles _ _ _ _1939 =100-_Nonferrous metals and products doLumber and timber basic products, .do

Sawmills . . . . doFurniture and finished lumber products

1939= 100..Furniture . . do

Stone, clay, and glass products. . . do . . . . .Nondurable goods do

Textile-mill products and other fibermanufactures 1939 = 100. .

Cotton manufactures, except small wares1939=100-

Silk and rayon goods doWoolen and worsted manufactures (ex-

cept dyeing and finishing) - . . 1939= 100— jApparel and other finished textile products !

1939= 100. JMen's clothing . do jWomen's clothing do i

Leather and leather products do SBoots and shoes I do !

Food and kindred products . . . . . do jBaking doCanning and preserving doSlaughtering and meat packing do

Tobacco manufactures doPaper and allied products do** Paper and pulp doPrinting, publishing and allied industries

1939=100.Chemicals and allied products do

Chemicals doProducts of petroleum and coal do

Petroleum refining .doRubber products do

Rubber tires and inner tubes doManufacturing, adjusted (Fed. Res.)§ 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 . . . d oStructural and ornamental metal work

1923-25=100-Tin cans and other tinware . . . d o

Lumber and allied products . . . doFurniture . doLumber, sawmills . . . d o

344168354

5,551

1,258

50699

176

826235250357204

1,074263151176993)0151

3316741111247816675

156.6201.5165.9

133. 6236.9214.9

225.4122.1

1,161.7163.6113.1100.8

104.7105. 7120.7121.2

110.0

127.882.7

118.2

104. 6107.691.9102.793.5125. 7113.9112.4146.0106.5113.0109.8

100.8233.8159.7116.8107.1137.2138.6

405200389

5,412

1,296

497102 !

190 ;

886 |254 |269 i370210 !

1,001 !24414515599 !

329 t164 |

!347 !467 !105 i123 j78 !

162 ;

68 |

138.4 |164.2 I151.5 I

139.4186. 2174.2

178.8142.5

495.5155. 6122. 3109.9

123. 4125.4132.4 |118.1 j

113.3 ;

125.585.0

127.1

112.2116.199.1

106. 596.3

117.2105.7107.8128. 5105.6124.1119. 2

105.8162.0151.4116. 2106.5133.6125. 2134.4143.7

138.3

148113

107138

76.910467

I

401197382

5,387

lf299

497101

192

877253266378 I217 |966 ;24011116597330164

354476105 j123 I78 I161 i67 '

139. 9 I187.3 !177. 3 I

181.3 j128.5

532.6 |156.6 !121.0 !108,1

122. 4123. 6130.2117. 6 ;

113.6 j

125. 6 '.

84.5 j

128.6 :

111.1116. S :98.1109.0 !99. 4 |113.0 !104.2 s82.3 !136.7 i104.4 |124. 3 !119.5 ;108.0 i165.2 !151.6 !116. 3 i106.5 ;133.1 |123. 5 I134.9 '144.3

1389 I

149 i104

107141 i

78.1 !105 I

386187367

5, 257

1,283

499 |100

188

85024725637321792623710017192323165

3424941061227814559

390189363

5, 330

1,283

502102

180 |

897 !256 j275380220 !91423899 |164 ;95 1321 j165 j

335 |520 I107 '12278

144 I58 ;

139. 6 I185.1180. 3

185.0110. 6

587. 7154.7117.6105. 5

117. 6117.7125.1114.8

112,1

126. 083.4 j

125.7 |

107.7113.0 i94.1 |107.6 !99.0 ;108.3 i102.8 |74.1 !142.3 I98.4 \121.8 !119.9 ;

104.1 j171.4 j152.8 !114.8 |106.3 i120.1 !109.3 j135.7145.7

139.0 |i

150 |110 i

108147

73.2 ;106 s70

139.8 ;188.8 !185.1 i

!189.1 j98.1 |

648.8 I156.0 j117.7105.9 !

118.7118. 4123.5 !116.3 I

112.2 |

126.7 !85.3

113.6 !116.9 !101.4 I109.5 !100.9 ;107.0 I103.1 |73 9 };

136* 4 !101.4 |121.1 |119.9 i

102.2 i180.3154.2115.5106.8119.0106.4135.1146. 8

136.5

14994

112141

77.910468

388186363

5,361

1,284 i

503 !103 |

179 '

906259277 !387 i225 !899 i239 i87 I160 I95 !

321 |165 |

329 !547 |110 ;124 !79 |144 !58

138.3 i164.5 '151.9 !

136.164152

529

138.7 !167.1 1155.0 i

140.6170.4156.8

140. 0192.0 !189.5 !

193.3 I95,2 j

699. 2 |157,9 ;117.8 !106.2 i

118.2116. 9123. 8117,0 !

i

127.0 |86.3

120.3 | 119.7

114.8 !118.0 !102.0 •111.5 \103.0 I105. 2 |103.4 !64.4 !132. 6 i101.3121. 0120.1

100.2189.7157.4116.6107.8118.8, 107. 0134.7146. 9

134. 7

377 I179 I367

5,371 I

372177364

5,356

1,287 I 1,280

507 i105 !

181 |

896 |259272381222 j906 I237 |92 I160 !93 ;

320 j165 !

325 I571 I110 i124 I79 |138 i58

142.1173.7 i158.2 !

140. 6 j195.2 !193.0 j

197.9 i92.8 i

j

761.1 |156.0 i118.4 I107.0 |

114.7 !112.4124.9117.2

128.1 |87.2 I

I120.9 |

113.5 !118.5 I100.0 j109.7 !101.7 ;106.0 i102.9 I68,6

132.699.7

120. 5120.2

99.2198.0158.1117.4108.4114.2106.5136.0149. 2

134.2

508105

183

8742562633752189242399516591314163

3225821101247913759

143.4177.1159.1

141.0196.3194.9

202.2 196.7 |

816.8 I156.5 !118.7 '107. 4

113.4 |ni.3 ;123.8 I116.9 i

112.2 j 112. 5 I 111.9 !

128. 387.9

122. 6

110.7117.296.9108.199.9108.1103.870.6136.997.2118. 3118.9

98.2201.9158.8117.5108.7113.5108.9137.7151. 7

134.1

14894

11312275.410366

14991

11611573.810164

15190

11611073.210064

368 I174 i362

5,338

1,278

509 j106 I

I183

81324822937021497024512017492307160

318593112126 !80 i141 j62 j

145.1 !

181.3160.9

141. 3198.2198. 6

206.6 !101.1

i874. 5 !157.3 !119.4 !

108.2 |

112.0 '109.6123. 5116.5

361172355

5,441

1,273

509105

183

807241231368213

1,07725419118094

296155

3196061121278014866

148.3185.9162.2

140.4203.2201.5

209. 9106.3

944.8158. 3120. 3108. 7

109.9107.9121.1118.8

128. 5 j88.4

122. 7

103. 0113.484.3 I

106. 798.2

113. 5106. 089.1

144.099.0

115.6116. 6

97.0205. 8160.7119.2110.1116.6113.8140.1156.3

135.5

153

117105

72.49763

111.7 I 111.3

128. 587.8

122. 5 I

102.2 •110.1 i85.0 |

105.9 !97.6 ;

126.1 I110.0 |142.3 !149.1100.2 !111.6112.5

97.3210.3160.2120.0110.3122.0121.2143.9162.1

136.3

15396

119 i101 I

72.7 i95 i64 !

!356170357

5, 557

1,263

507103

181

852247253361209

1,15225824817997293152

31961611112781153

r 152. 1•" 191.1' 163.7

138.9212.0

' 205.2

214. 9110.1

1,015.0r 161.1

120. 8108,6

108. 4107.0121.5121.3

I110.5 |

128.0 j86.0

121.3

107. 9113.193.2

104.095. 6

r 134.9111.8

' 184. 5148.6103.5110.3110. 6

97.1'213.8158.9120.1110.8

' 126.3' 125.5145. 0165.7

135.3 ||

151 ;

12199

71.29163

354170356

5,638

1, 252

505

180

846246252350200

1,23926332217898292151

3166311111278115870

' 154. 5' 194. 1' 163. 6

137.0220.3207.4

' 217. 5111.8

1, 062.9r 161. 5

117.5105.0

< 107. 9' 107. 2

121. 2123.1

109.5 |

127.0 \81.9 |

120. 3

107. 2 ;' 112. 5

92.6 !100.9 i91.7 !

145.0 i' 113.6 |r 239. 7

147.3' 105. 2

110.0'109.7

'96.6' 220. 3' 159. 2'119.4' 110. 3' 130. 2' 129. 3

145. 0167.2

133. 7

14998

'350' 1 7 3'354

' 5, 569

' 1, 255

505100

177

' 8 4 3' 2 4 2

253350

'199' 1,125

265'197'174

99'295

151

'324'655' 111'125

' 7 9162' 7 3

r 155.3' 198.1' 165. 0

' 135. 2229.1

'217.4

-222.0' 188. 8

1,113.8' 162.0

115.1' 102. 5

' 106.6' 108.4' 120.7

121. 5

' 109. 7

127.6' 83. 2

'118.7

' 106. 7<• 110.8' 9 3 . 0

r 100. 9r 91. 3

r 131.6114.7

' 146. 4' 144. 5' 106. 5

111.3' 109. 5

r 227.1' 158.9'117.9r 108.4' 134.0' 134. 0

122 ! . .96

69.48861

r Revised.§Adjusted indexes of manufacturing employment have no t as ye t been computed on a revised basis corresponding to the unadjusted indexes on a 1939 base which have

been subs t i tu ted for the indexes on a 1923-25 base formerly shown. T h e adjusted indexes on the old base shown above will be replaced by revised series when available.*New series. Da t a beginning 1939 for the estimates of n u m b e r of wage earners in manufacturing industries will be published in a subsequent issue.fRevised series. T h e Depa r tmen t of Labor 's indexes of wage earner employment in manufacturing industries have been completely revised; for da ta beginning J a n u a r y

1939, see p p . 23 and 24 of the December 1942 Survey.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1942

Novem-ber

1941

Novem-ber

Decem-ber

1942

Janu-ary

Febru-ary- March April May Oeto


EMPLOYMENT—Continued

Manufacturing, adjusted (Fed. Res.)§—Con.Durable goods—Continued.

Machinery, excl. transp. equipment1923-25 = 100..'

Agricultural implements (including trac-tors) .__. .1923-25=100..

Foundry and machine-shop prod, . .do. . . .Radios and phonographs. . .do

Metals, nonferrous, and products d o . . . .Stone, clay, and glass products. do

Brick, tile, and terra cotta.. . . . .doGlass do

Transportation equipment _..._.. .doAutomobiles . do_._.

Nondurable goods.. . . .doChemical, petroleum, and coal prod,.do

Chemicals... . . . d o . . . .Paints and varnishes.- ____do___.Petroleum refining.... doRa3Ton and allied products .do. . . . -

Food and kindred products---. doBaking do . . . .Slaughtering and meat packing do

Leather and its manufactures.. . . . doBoots and shoes. do

Paper and printing .do . . .Paper and pulp . . . . do . . . .

R u bber products . _ . . . . . . doRubber tires and inner tubes... do._.

Textiles and their products,.. . . do . . . .Fabrics _._._..__._._ do . . .Wearing apparel . . do . . .

Tobacco manufactures... do. .Manufacturing, unadjusted, by States and cities:

State:Delaware . 1923-25*= 100..Illinois . . „ 1935-39*100..Iowa ...1923-25=100..Maryland ...1929-31 = 100..Massachusetts . .1925-27—100..New Jersey ......1923-25=100...New Yorki ......1935-39-100.,Ohio „ . . . . . ...doPennsylvania... . . . ..1923-25=100..Wisconsin . . . . . . . . 1925-27= 100..

City or industrial area:Baltimore 1929-31 = 100..Chicago . ...1935-39=100-.Cleveland . doDetroit . . . . . . . . . .1923-25 = 100...Milwaukee. 1925-27=100..New Yorkf . . . . 1935-39= 100..Philadelphia .._...1923-25= 100..Pittsburgh . . . . . . . do . .St. Louis . . . . . . . .1937= 100..Wilmington . ....1923-25 = 100...

Nomnanufacturing, unadjusted (U. S. Depart-ment of Labor):

Mining:Anthracite .1929=100_.Bituminous coal . doMetalliferous . . . . . . . . . d oCrude petroleum producing do.....Quarrying and nonmetallic .do . .

Public utilities:Electric light and power . doStreet railways and busses.. . . . . d o . . . .Telephone and telegraph. __do

Services:Dyeing and cleaning do_...Laundries .___._. . . . .doYear-round hotels... . . . . . . do... _

Trade:Retail, total. do . . . .

General merchandising . do. .W holesale . do . . .

Miscellaneous employment data:Construction. Ohio 1935-39=100..Federal and State highways:

Total t number.Construction (Federal and State) . .do. . .Maintenance (State) .do . . .

Federal civilian employees:United States . . . . . . . . d o . . .

District of Columbia . ._do.._Railway employees (class I steam railways):

Total thousands.Indexes: Unadjusted.. . . 1923-25-100.

Adjusted do

LABOR CONDITIONS

Average weekly hours per worker in factories:Natl. Ind. Con. Bd . (25 industr ies) , hoursI7 . S. Dept . of Labor, all manufactur ing.do

Durable goods*.. _.. . do... .Nondarable goods* . . .. do..

174. 1M2.81(57.0175.9KM). 4102. 1153.0

115.9143.5

172.3.14f>. 5

141*. 5103.013 4 .2i 3 0 . 312;$. l

172. 0

4» ; .4

*9. 477.455. 0AX. 5

SI.370. 1V2. 9

114.095. 3

182. 3 185. 2

172149194

142.2 I100.9 :

76133 !

209.6 '127 ;

125.6 !148.2 |

184 ;144128 I320 i

147.0152127

104.2101

124.8129

110.186

113.3105.1126.965.0

136.1139.0161.7146.4100. 1145.3141.1137.2

"• 111.3126.5

' 146, 1140. 2151.0119.0134.9126.3118.1118.4 ,i i9.7 ;125.5 !

50.295. 179.560.952.6 ;

93.4 !70.2 !90.1

117.2108.996.1

103.0125. 996.3

157.2

270,202111,755118, 559

167 i150 •206 I

143.4 i101.6 !

77 j132 '

205.8 ;111 ;

126.0 i149.2 !

187 I144 ;129 ;320

147.5 I152 |133 !

103.1100 j

125.9129

109.485

113.2104.4128.266.5

137.1139.1162.8147.0100.4145.7141.2136.9111.5126. 6

146.9140.6151.897.4135.8126.7118.7 !119.3120.9 I125.7 i

49.195.580,261.150.9

93.170. 690.0

113. 3108. 495.3

113,0161.596.3

146. 4

224, 76275,131110,311

189.4 ;

161 j153 !220 !

147.1 ;105.0 i

81 i135 |

2U.o :96 I

125.2 j151.8 i190 !145 |ISO 1313

148.4 i153 i139 i

08.8 i95 I

125.2 !130 j

99.6 !75 i

112.0 !104.1 I125.1 i69.2 !

137.8 •137.2 !158.2 !149.5 !99.2 j145.8 I138.9135.3 i110.3124.9 ;

149.8 {

139.1 :151.5 i102.7 i134.3 !

121.9 !117.6 i118.5 !121.2 j127.7 !

49.095.1 i80.7 i61.3 |46.8 j

92.0 i70.4 ]

90.4 !

109.8 i108.8 !94.2 !

95.4 !105.1 i94.9 \

125.6

198.1

161 '155235 !

14G. 7 |100.1 i

78 •126 i

216.2 i84 !

123.8 i154.7 i

192 i142 !131 :

308 :

147.6 >152 I138 i

96.3;92 |

123.4 i130 !

98.373

HO-0 i102-2 |122-8 !66-7 i

138.1137.7153. 3 i153.4 j100.5 j148.3 i143.4 i135.4 :

111.8 :

125.7

154.1 ;139.0152.8104.6 i135. 1129.8120.3118.8 !124.3127.5 ,

48.894.581.060.646.7

90.570.790.3

109.5107.694.1

94.0103. 294.3

125.1

194.092 I 183,55949,113 \ 44,852 i105,920 | 101,087 :

107. 0

160157250

.46.896.9 !

75 ;

124 ;

220. 781

123,1 ;

155 9195141132309

144.4 :152137

97.493

122.0130

97.573

109.4102.6120. 066.1

138.7136.9154.5157.4101.5150.1145. 4140.9112.5127.4

157.7137.9155. 6111.0137. 0132.4122.8118.5126.6127.8

48.493.881.959. 747.7

S9.671.290.5

113.8107.993. 5

94.4105.993.9

131.9

191,44452,975 •

102,023

200. 4

157

2 no249

145. 894.7

71124

230. 979

123.3157. 4194137132317

142.3151138

98.195

121.3130

93.773

110.9104.8119.765. &

139.9136.4153.4 !

160.7102.0151.6145.2142.8113.0 !129.6 :

161.2137.6157.3115.7141.8 j131.9123.8119.4 I128.7 i128.1 i

47. 893.581.958. 850.3

88.972.191. 2

121,3110. 395.2

94.3108.692.7

137.7

218, 03772, 420105, 441

202.7

162161223

146.5 !90.9 ;67 :122 ,

246.2 :83 ,

124,3159.1195131133318

143.7 ;151141

100.097 :

119.5 j128

94.575 ;

112.3105. 5122.763.6

145.2136.3156.0164.0101. 8153.3144.0143.7112.2131.2

164.2136. 6159.3118.6144.9128. 3125.4119.3132.0130.8

48.292.982.2 :

58. 151.7

88.072.9 i91.7

127.6113.796.1

94.0109.591.2

142.8 \

236,92990,103

107,804 !

206. 9

166 ,165 •195

H7.S :90.8 :

65119

268.489

124.7161.7

197 :127133324

143.8 i153 ;

146100.1

98118.5

126 :98.1

78112.2107.2118.564.1

151,4136.0158.5165. 3101.5153.1139.4146.2113.6133. 2

165.5136.1162. 7127.1147.8116.5127.1119.8135. 4137.0

45. 592.781.8 :

57.651.9

S7.o :

74.0 ;92.5 ;

130.1 .114.895.5

92 8108.490.4

137. 5

236.10289,999112,000

212.3

169168199

150. 391.005118

295. 296

126.6162.4

193126133311

149.2159151

95.392

117.3122

103.483

114. G108.1123.864.8

153.5137.5159.8 :171.6 i101.8 ;

153.3 i142.3 I148.4 |114.1. !135.5 !

170.4 I138.7 !165.0 i133.5 i152.2 !

119.5 I12S.7 |119.9 i139.0 i138.1 '

46. 893.081.557.251.6

S6.S74.893.5

126.9119.194.4

90.3103. 689.7

240,63394,191114,361

1,22767.366.8

1,211 :66.368.0

1.19265.468.2

1,19365.468.0

1,21566.6

1,26669.470.0

1,29671.170.3

1, 31972.470.8

I

218.6

173172196

151.389.9

63 !118

314.499

125. 2163.0

193128134306

150.4162152

91.288

116.1120

106. 486

111.4106. 2118. 264. 7

166. 7141.5162.0175.9102,7158.4 :146.4 !151.5 I114.7136.9

174.5142.3167.0 :

137.9 •155.4 :

130.0 ;i3i.4 ;120.4 !138.9150.2 I

46.792.3 ;80.356. 751.5

85.9 :75.0 :93.8 :

123.7 i117.493.4 ;

89.4 !103.990.3 !

108171193

149.089. 5

02119

329. 1103

123. S101.2

19012713230S

152.2 •103151

90. 5S7

114.4

no107.4

Sb10S. 2103. 5114. 1

it'S. 7141.2103.0

103. 3]*>!. 7149. 7

r 155.4114. 713s. s

174. S142.9

' 10S. 7143. 1157. 0133.2132. 5120. 4138.0155. 0

4H. 791, M78. 0

S4. 2

93. H

123.0110. 493. 9

91. 7112. 089.4

1,545,131 1,670,922 ; 1,703,099 11,805,186 1,926,074 1,970,969 12,066,873 (2,206,970 2,327.932 I199,283 ; 207,214 i 223,483 ! 233,403 i 238,801 248,100 j 256,457 ! 268,383 ; 274,001 j

1,34373.771.8

238,722 i 219.04790, 022 • ,S0. 830 '117,972 ! 109,070

'2,450,759 i?,54<),474275,362 i 281.423

1,349 i r ^34974.0 : 74.072.2 ; 72.5

142. 9! 07. "..'170. ,"'105. 1161. 9152. 1157. 1115. 4

173. 4145. s

r 134. 5

ill. 3

'" 55. 450. (.)

' 93, 3

' 124.

1 94, «>121. 1r 90. (f

211. 7517s. (131

105. 701

2.087,09:$

41.540.341. 83S. 0

41.41.42.'¥)

62

42.41.13.39.

4 i5 !

] !

42.442.244.439 7 •

42.742. 544 7

42.842.444, 739. 7 :

42.742, fi45. 039. 7 -

42.742.645. 139.0 •

42.6 i42.4 ]

44.7 :39. G 1

43.42.45.39.

2 ;8 i

9 i

43. 4r 42. 3

44. 039.5 .

434345III

r Revised. § See note marked " § " on p. S~9, % Total includes Siate'eDgmeerinpr, supervisory, and administrat ive employees not shown separately.% Da t a for years prior to 1940, comparable with data beginning with tha t year published in the 1942 Supplement and currently, will be shown in a subsequent issue.f Revised series. Earlier da ta for the revised employment index for New York City not shown in the Ju ly 194.2 Survey and subsequent issues will be published later.* New series. Earlier da ta will be published in a subsequent issue.

January 1948 SURVEY OF CURRENT BUSINESS S-ll

Monthly statistics through December 1941, to-gether with explanatory notes pnd referencesto the sources of the data, may be found in the1942 Supplement to the Survey

1942

Novem-ber

1941 1942

Novem-ber

Decem- iber i

Janu-ary

Febru-ary March April May June July August;'I tember


LABOR CONDITIONS—-Continued

Industrial disputes (strikes and lockouts):Beginning in month number.In progress during m o n t h . . . . . . . . . do...Workers involved in strikes:

Beginning in month . . . thousands- -1In progress during mon th . . . . . . . do . . . . |

Man-days idle during month.._.. ..do_.-_iEmployment security operations (Soc. Sec. Bd.):

Placement activities:Applications:

Active file . . . . . . . . . . thousands., iNew and renewed...™. do |

Placements, total . . do jUnemployment compensation activities: I

Continued claims thousands..!Benefit payments: j

Individuals receiving payments § .-do jAmount of payments thous. of dol__!

Labor turn-over in manufacturing establishments: jAccession rate..mo. rate per 100 employees..!Separation rate, total. . . . .do.. . . . ; .

Discharges . . . . . . . .do 'Lay-offs..._ ...._._„_.__. do ;Quits - - — — _ — . - no !M iseell aneous . do j

PAY ROLLS

Weekly wages, all manufacturing unhistru s,unidjnM«cl(l .f5 Dcpt.of Labor)* I'M1)-100

burablo ôo(K doIn>n AP<1 st( (1 Hid the ir products do

HI isl furnau s, Ûd works, and rollingmilS 193'J-IOO

b 1»' |rn >1 in u II'JM i \ doM i- h imr \ , excel*' ekc tne i i do

\ L K him rj and machine bhc p piodu' 1 •>10>J-K0

v itmi ohiii«s do11 iii^poilrUioii equipment exup< au'n

noi Me 19 59 i(H.'\onferrous 11 3mts <i»

"VlWIPllls ({()i u rn i f i in \vd 'ii-i-hod lnmb< r prodin •>

dos i pre»< do

dododododo(i.do

do

271464

228339

1,397

4,2341,327

583

143287

3059

476

4,4131,603

493

155 i255 I

33 |49

390 i

4,899 i1,956 I

439 I

190275

5780

425

240320

6580

450

4,888 i 4,5591,532 i 1,567

427 ! 511

310 !405 |

55 !85 ;

375 l

4,3981,576

606

275375

5872

325

350440

100117550

400520

88100450

4, 2541,565

784

2,597 i 3,618 • 4,584 I 4,103 j 3,977 j 3,512 | 2,970

47121,066

3.913.51.24

1.441.57

. 26

1,841925

3,159

1,656 i1,006 l

3, 207

523 \27,847 j

4.76 |4.71

.292.151.75.52

79741,056

6.875.10.30

1.61 |2.36 i

.83 !

838 ! 803 i39,884 ! 43,035 ,

6.004.78.29

1.352.41

5.36.33

1.193.02 :

,82 ;

668 !36,311

7.126.12.35

1.313,59.87

610 !31,704 !

7.296.54,38

1.433.77.96

553 j 57530,226 I 32,625

8.25 j6.46 !

.38 j1.21 j3.85 !1,02

I8.280.73 |

.431.054.02 j1. 23

350475

80100450

1,403

982

2,576 !

543 !28, 252

7.907.06

.42

. 874. 311. 46

290UK)

1 2, 4001,2131,398

42322, 395

is. 10. 4 4. (iS

320

1.2*17

270t»7

2 t s

. i {

<

1 , .1 i

1 s,

r *i , _

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179isiITT1O<>1 t ) l

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5 <>-Mb1021 19J l lI'M

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1 72.

:;::o22 3

27 i.'200.2'it>.

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l.vj. 1/ S S

IS", (j22S 0200 4

1S2 22 0 i2 4 ' 7

247 J.194 1

7 ' 5 5 ' »2 0 ) sH 7 I1 >2 1

! )O 41 0 ' 1S .9 91 13 (

1 It. >

173 0110 (i

17o 9

129 ,'140 010h )130 0117 01 i2 SIIS o

n.i 4145 J1 50 <J ' 2 1L."l i

in o20'» I190 1HO >121 2iu2 »>!4'* 7

171.9181.7

• 2 2 1 . 3119. 5190.0186.7194. 9

f 135.0170 5

r 220. s179. 9229 5173! 8150.9151.8

r 149.0153.8

191 0230 0200 1

1S5 42( 4 1219 3

2h> 1104 s

MO <*21 5 9

12S 0

loO. 1101 311} i 1

1 r 11-2 0

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I ) - ,<

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1 52 4143 11 12 _1 1 ! i»I 51 7152 1117 (»1(12 n1'.7 03 iO 0111 1r t •»

! 2 ; -,21,s <f194 s111 11 2S 71)9 i!1 is 2

182.4188.4234.0125. 7198.5194.2202.8139.6172.9

240.4186.9239. 7180.2158.7159.0153.1163.2

I'M 924s1 .1211 1

I s l N2 ,271 '

2' 1 9

ro -,1 01 , 1

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isl 2

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150 1117 191 (*

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li I 12 50 7

1 i7 *12h t>

l i ' 2

187.9 !188.4 j241.0 !129.3 ;205.3 !

197.8203.6139.4 !175.2 :

247.5 •189.1243.7 :182.0 !156.7 i160.6 |153.3 :169,2 ;

2 0 2 U2 1 7 *>

220 11

is7 ,2su 12SS 1

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J 1 " 7

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Us, ,1 i" 2

i " o ;117 sn 0it" 1

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117 5•1t> 11 M t.'. 19 tiM2 ..127 0> i s 010 1!] )1 (.\22 7i l i 2157 9

111 4214 ()200 314 5 ,1151 9U7 712' 1

188.7192.4251.5132. 6210.2210.0210.9144.7182.2

256. 0189.1254. 7187.0176. 6168.6157.5169.4

209 1207 '220 1.

1S9 s~ss <2«»<» 1

3 0 0 t l

' it) ;

1 i **» •*

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110 s2»il >2'In 7111 1VU «J1 3 .1in ;

193.8194,3259. 7136. 4219.2216.4223.3146.8188.1

263.8191.0256. 5195.0183.1174.6158.4173. 9

214 r277 1

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199.4195.9276.7137. 6224. 2217.9227.4148.9191.3

281. 3192.5203. 6204. 4181.4179.2159. 5178.1

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214.198.279.141.230.219.233.151.197.

282.193.273.216.175.184.161.190.

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in 01 ',<» <»17s '1-2 •.

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runiUimMono, d a \ , <md g p

\<indu r lhie <_oods doleu iu mill products and other f»tu»r ni'n u-

factunc l'JJQ-100( otion manufactures, e\c» pi small warc>

I<H9--i00îlk and r i\cm goods ioH oolcri md worsted mai ufaeture1- iev

(< [it d\eing and finishing) 1 lJ3" —100Appiicl and other tinislu d t< \{lie products

V*O(J- 100

\i< nS f'lothiiif\ \ omen s clothing

I i <>tner and 1< other productsHoofs and shoes

1 ood iii<i Kindic d productsBlklML'C Jinme and preservingSlaughtering and meat pack

J obacco manufacluresV ip<*r and allied pn duel-

Paper and pulpPruning, publishing, aiid allied Industrie

19 59- 100("beiiiu ils and allied products do

Chemicals doProdi'f ts of petroleum and coal do

Pe frol< urn re fininy dolluhl ( r i>roducts do

Rubber tin s and inner Tub ^ doALiMiiai Hiring, unadj bj btates md e±t'cs

State:Delaware . 1923-25=100..Illinois . 1935-39=100..Maryland ,.1929-31 = 100. _•Massachusetts.— . 1925-27 = 100 'New Jersey.. .1923-25=100..New YorkV—- .1935-39=100..Ohio do ..Pennsylvania. ...1923-25 =-100 .Wisconsin. ....1925-27=100..

City or industrial area:Baltimore 1929-31 = lu0.Chicago .1935-39 = 100..Cleveland . doMilwaukee 1925-27=100New Yorkf-- -.1935-39-J00Philadelphia .1923-25== 100._'Pittsburgh... ._ do !

Wilmington „ do

r Revised. § Weekly average of number receiving benefits, based on an average of the weeks of unemployment compensated during weeks ended within the month.1 Not comparable with data prior to Jul\ 1942, owing io change in. active file definition (sec note 1 on p. S-ll of the December 1942 Survey). The July 1942 figure is also

not comparable with figures for later months, as data for July were not completely revised to the new basis.^ Data for years prior to 1940, comparable with data beginning with that year published in the 1942 Supplement and currently, will be shown in a subsequent issue.t Revised series. Indexes of weekly wages (formerly designated pay rolls) in manufacturing industries have been completely revised; for data beginning 1939 see pp. 23-24

of the December 1942 Survey. Earlier data for the re\ i>ed pay-roll index for New York City not shown in the July 1942 Survey and subsequent, issues will be published later.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis



Novem-ber

1941 1942

N"ovem-1her !

Decem-ber

Janu-ary

Febru-ary March j April May June July JAugust ! "•pteiii-

borOcto-ber


PAY ROLLS—Continued I

Nonmfg., unadj. (U. S. Dept. of Labor): |Mining: I

Anthracite 1929=100.. | 49.5Bituminous coal . . . do . . . . | 124.1Metalliferous. do. . . 106.9Crude petroleum producing.... ..do 62. 6Quarrying and nonmetallic. . . . .do 66.7

Public utilities:Electric light and power . do 108.6Street railways and busses do 97.8Telephone and telegraph... do 129.0

Services:Dyeing and cleaning... do. . . . 107.5Laundries do 118. 3Year-round hotels... . . . . do 104.3

Trade:Retail, total _.do..._ 99.1

General merchandising . . do 130.0Wholesale.... . d o . . . . 96.0

WAGES

Factory average weekly earnings: §Natl. Ind. Con. Bd. (25 industries), dollars..U. S.Dept. of Labor (90 industries) do j

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, excl. transp. equip doAgricultural implements (Including

tractors) dollars..Electrical machinery, apparatus, and

supplies ...dollars..Engines, turbines, water wheels, and

windmills ...dollars..Foundry and rcachine-shop products

dollars..Machine tools doRadios and phonographs... do

Metals, n on ferrous, and products...doBrass, bronze, and copper prod...do.._.

Stone, clay, and glass products doBrick, tile, and terra cotta.. doGlass do

Transportation equipment . . .doAircraft doAutomobiles „ doShipbuilding do.__.

Nondurable goods.._ . . .doChemical, petroleum, and coal products

dollars..Chemicals do.,_.Paints and varnishes.. do . . . .Petroleum refining doRayon and allied products ..do

Food and kindred products.... doBaking... doSlaughtering and meat packing..do j . . .

Leather and its manufactures.D_._.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 . . . . .doWearing apparel do

Tobacco manufactures doFactory average hourly earnings: §

Natl. Ind. Con. Bd. (25 industries) do. . . .U. S. Dept. of Labor (90 industries) do. . .

Durable goods . do...Iron and steel and their products, not

including machinery dollars..Blast furnaces, steel works, and rolling

mills ....dollars..Hardware ...doStructural and ornamental metal workt

dollars. .Tin cans and other tinware.. do

Lumber and allied products ..doFurniture .doLumber, sawmills do

Machinery, excl. transp. equip...doAgricultural implements (including

tractors) dollars..Electrical machinery, apparatus, and

supplies - . dollars-

41.8'116.4

89.864.257.5

115.2'78.5118.3

93.0101.993.2

98.5117.891.6

35.7432.7937.63

36.41

39.0632.07

34.8927.3924.1225. 9521.79

36.72

37.16

51.68

38.0045.1730.0334.7437.7928.4925.1330.9743.0039.8443.8445.9026.11

35.2137.8933.3040. 3330. 5027.4028.8130.7723.1621.4532.9831.9834.3739.7121.5621.6621.2820.45

.781

.865

.977

.754

.840

.707

.602

.637

.573

.871

.917

.864

35.9119.993.764.655.8

115.280.0

122.9

102.693.3

107.8151.192.8

36.0833.7038. 62

36.99

39.2631.90

36.8928.8924.3026.6121.4840.67

35.96

38.90

52.71

39.8648.8232.0136.7240.8129.2125.7231.7543.7442. 5040.9749.1926.91

36.1438.7434.1341.7431.1328.2828.8431.8224.8723.3634.0232.4033. 5037. 3522.2922.4621.7920.65 i

39.4117.194.364.848.9

114.680.5

120.9

86.5103.891.5

94.6105.791.8

37.4735.1140.91

37.31

39.1332.94

38.0029.6423. 8025.4721.7743.00

38.28

40.68

57. 75

41.0950. 8132.1738.1943.5428.0424.6230.8049.2946.7849.3652.4226.95

36.1739.1833. 8841.0931.7129.0629.3033.0225.0823.6433.3432.8234. 5540.0522.1422.3221.5920.76

.868

.787871

.894

.983

.741

.856

.703

.602

.638

.572

.884

.922

.878

.878

.801

.889

.904

.986

.750

,875.713.607.641.576.906

.926

.898

49.6118. 298.464.852.0

113.783.7

120.9

85.6102.592.6

93.9104.193.7

37.5335. 7141.53

38.32

40.2333.67

39.9528.1624.9426.4623.2043.49

39.82

41.10

55.59

41.9850.8732.8438.4743.6229.7726.1032.1549.3144.9748.9253.3827.35

36.4539.0234.6642.6431.9528.5629.4130.7026.1624 8633. 4533.2834.8840.6222.9422.7323.5220.05

.803

.909

.988

.746

50. 9116.999.162.654.4

113.5 |84.7 i

121.8 •

92.7104.391.6

93.7105. 293.9

38.1436.1141.94

38.89

40,6734.66

40.6528.9725. 3326. 7523.4744.34

40.61

41.52

57.49

42.9051.4333.8839.1643.7730.0226.5232.1048.9545.2449. 3452. 2827.68

36.6439.5235. 2542. 5732.1528.9429. 4831.0426. 5525.32 |33.6833.5036.3242.2723. 2522 9024. 2319.72

.809

.916

.990

.764

892709613649584910

.899

.720

.620

.655

.594

.918

44. 7118.399. 103. 258. 1

113.584.4

122.2

105.7108. 693. 5

93.fi108.092.2

38. 6836.6342. 57

38.99

40. 2235. 84

40. 8529. 2125. 7127. 2623. 9744.56

40.93

41.80

56,48

43.4950.7934, 3140.0144.5630.0026.7132.0849.7145.9050.2953.2827.78

37. 0439,9735.3441.9732. 0529.1829.5231.4926.5725.2133.4532.8435.9142. 5523.3723.20 |23.85 |20.82

I

.950

.896

.819

.910

.926

.996

.790

.891

.738

.632

.667

.606

.932

.955

.913

51. 5122. 1100.862.063.0

113.686.8 1

125.0

113.1113.895.4

94 0108. 591.7

39.0037.4643.41

39.68

40.9137.22

41.1429. 2626.6628.0525.0545.41

42. 55

42. 21

56.48

43.9152.2435.3340.3944.7330.5927.0732,9950.0646. 2250. 0853. 2728.26

37.9341.0635. 9642.0732.1329.9030. 4531.8726.3524.8433.5932.9437.8044.0523.7023.7023.7221.25

.906

.831

.923

.933

1.000.812

.900

.736

.644

.677

.620

.945

.918

56.0140. 3102.063.165.1

113.689.4

125.3

117.7115.296.6

93.4109.091.0

39.5237.9944.02

39.84

40.8537.77

41.6329.7727. 3427.9126.2646.16

43.07

42.62

56.15

44.7152.47

'36.3241.2345.8130.3127.5631.4950.1046. 6750.2052.7328.32

38.0341.2135.7842.1832.0730. 3031.3432.8626.0924.4833.7633.1438.2444.4223.4523.7922.4722.16

.917

.840

.933

.937

.827

.905

.742 '

. 659

.673

.646

.955

1.002

.926

45.9112.7101.662.465.9

113.491.0

126.0

109.2117.896.5

91.8105.1913

39. 80i 36. 43i 42. 51

41.7738.40

41.5130. 5227.2627.8426.1446. 04

42.36

42.57

56. 91

44.4651.41

' 36.5942.0346.7929.9027.3830.8350. 9346.0149.7955.11

i 28. 94

38.80' 42. 0135. 4743. 0032.2030. 2131.4332. 6126. 4624.7133. 7533. 0938. 8846.0823. 7324.0122.88 |22. 10

.928

.850

.946

.943

1.004.852

.908

.749

.660

.672

. 646

.961

1.000

.932

118.0106. 562.467.4

112.893.8

127A

106.4116. 896. 6

43.72

43.31 j

24.7924. 2023.09

.940,864.966

.967 |

1.030 I.871 |

.944 j

. 757 !

. 677 I' .682 i'.663.964

1.014

.938

50. 3122. 2103. 0

64. 567,5

112.593.6

130. 5

107.9117.398.5

.997 |

1.065 i

(a)

.968 '

' 48. 4'124.8' 104. 5'63.7'68.9

' 111. 1' 95. 3

' 128. 4

' 112. 5'118.9•• 1 0 3 . 2

91.4104.991.8

40.871 37.381 43. 84

41.29

42.2239.61

' 44.3731.4128.54' 28.95' 27. 3346.38

93.1112.492.4

r 41. 79' i 37. 79' i 44. 45

44.8131. 48

' 28. 97•• 27. 22

96.4'121.6' 94. 6

42.10i 38. 86i 45. 27

47.0332.36

30.7628. 69

54. 00

45.7452.12

r 36.3843.0048.0231.1027.9932.5552.1646.2451.76

r 56. 82i 29. 36

39. 3541.7335.9243. 5832.8529. 6131. 6932. 4026. 3724.8934. 5034.1839.4646.1024. 65

' 50. 72' 37. 28

31. 28

' 46. 55

r 58. 60' i 29. 53

' 41. 70'36.11' 45. 1933. 38

-31.7232.62

"25." 93

' 34. 10

' 45. 88

52.3237.88

35. 61

45.77

57. 57i 30.64

43.3836. 8346.5632.96

31.9033.92

"""26." 03

36. 59

46.86

.957

. 885'.995

. 958

.886

.988

.990

1.058(a)

967775680700671998

.988

.788

.697

.706

.684

.996

.951' Revised. « Comparable data not available.i Weekly earnings for July-October are weighted averages and are not comparable with earlier data; percentage increases October 1941 to October 1942 are as follows:

All manufacturing, 25.0; durable goods, 26.1; nondurable goods, 17.5.t Hourly earnings for structural and ornamental metal work revised beginning April 1942 on the basis of more complete reports.§ The Department of Labor has published average weekly and hourly earnings for July-October 1942 for the revised industry classifications shown for wage earners

and weekly wages on pp. S-9 and S—11; pending revisions of earlier figures, hourly earnings are shown here on the old basis in order to have comparable figures for the entireperiod covered; October weekly earnings, comparable with earlier data, are available only as shown.


1942

Novem-ber

1941 1942

Novem-ber

Decem-ber January Febru-

ary March April May June Julv Octo-ber


WAGES—Continued

Factory average hourly earnings!—Continued.U. S. Department of Labor—Continued.

Durable goods—Continued.Machinery, etc.—Continued.

Engines, turbines, etc.. dollars..Foundry and machine-shop products

dollars.Machine tools . do. . .Radios and phonographs! . .do . . .

Metals, nonferrous, and products. ..do...Brass, bronze, and copper prod.-do.. .

Stone, clay, and glass product.. do.._Brick, tile, and terra cotta.. . . . . . .do.. .Glass . . . . . . . .do. . .

Transportation equipment..... do. . .Aircraft . . . . . . . . . d o . . . .Automobiles . . _ _ . . _ . . . . _ . . . . . . do . . . .Shipbuildinpt——. . . . . . .do . ._ .

Nondurable goods do._-Chemical, petroleum, and coal products

dollars-Chemicals do.. .Paints and varnishes . do.. _Petroleum refining . . . do. . .Rayon and allied products do. . .

Food and kindred products do_._Baking do.. .Slaughtering and meat packing..do...

Leather and its manufactures . .do. . .Boots and shoes . ,._ do.. .

Paper and printing-., do.. .Paper and pulp _. do.. .

Rubber products^. do.. .Rubber tires and Inner tubest do. . . .

Textiles and their products.. do. . .Fabrics . doWearing apparel do

Tobacco manufactures . do. . . .Factory average weekly earnings, by States:

Delaware 1923-25=100..Illinois -__. 1935-39=100.-Massachusetts. .......1925-27=100..New Jersey. . . . .1923-25=100-.New York.. . . . . 1935-39=100.-Pennsylvania . 1923-25=100..Wisconsin.. 1925-27=100..

Miscellaneous wage data:Construction wage rates (E. N. R.):1

Common labor . . . . . .dol . per hour..Skilled labor.-.. . . . . do

Farm wages without board (quarterly)dol. per month.

Railway wages (avg.t class I)..dol. per hour..Road-building wages, common labor:

United States, average do.. . .!East North Central. do. . . . !East South Central .do !Middle Atlantic ...do.,.,.;Mountain..... ._..do....jNew England. ._ _do_—_|Pacific do._._lSouth Atlantic ...do....!West North Central doWest South Central do....I

PUBLIC ASSISTANCE

Total public assistance and earnings of personsemployed under Federal work programs j

mil. of dol_.Assistance to recipients: I

Special types of public assistance do iOld-age assistance.. do !

General relief doEarnings of persons employed under Federal

work programs:Civilian Conservation Corps...mil. of dol..National Youth Administrationd" do. . .Work Projects Administration.. do_._

Earnings on regular Federal constructionprojects . . . . . . . . .mi l . of doL. p 430

1.091 !

.849 i886 !705 I* 3 i I894 !740 5

057 !839 |

1 042<>03

1 U6 !1 070 i

••88 i

b75i932818 i

1. 109 !. 775 |.095 |.688 I.794.644 !.614 i. 8 4 1 J.739 |870

1.060.579.567.604.532

121.7130.3119.4157.4132.3138.6134 8

.7681.52

1. 094

.858

.90S j

.726 i

.848 '

.918 !

.753 i

.666

.8361. 035.9181.1071.063. 695

.881

.943

.8221.100.797.703. 695.782.649.618. 855.747.8751.058.583.571.609.530

128.3135.5125.2163.9137.5143.0136.6

.7691.52

1. 152

.874

.926

.739

. 865

.948

.751

1. 126

.879928

.754 ;

.872

.957 :

. 759

.949 i

.824 I1.107.800 !.718 |.697 !.791 i.649 j.616 I.852 !.760 I.887 i

1.085.589.574.620.549

131.5137.3130.3169.3142.4144.6140.3

. 7761.53

47.77.841

.45

.65

.36

.63

.63

.57

.85

.35

.55

.40

.860

.43

.69

.37

.59

.62

.52

.82

.36

.51

.43

.745 .836

.49 .49 j

.66 .67

.38 .37 I

.57 .59 i

.60 .61 i

.55 .59

.79 .81

.37 .35

.53 .50

.41 .41

160 j 170

6247 i 48 i18 ! 19

10 1 8 ; 8 I 7 •:10 | 9 i 8 I 760 69 62 ; 58

166

.881

.950

.8311.104.812.718.696.786. 658.629.854.764.882

1.074592

!574.629.544

131.6140.3131.9170.3146.4148.9145.0

.7801.54

FINANCE

1. 153

.881

.943

.757

.884

.970

. 762

l'

11

6698250699fi3168085701

1.

I!I.

675830061951158091702

I!

i.'l.

685826052956136078707

.886

.962

.839104

.812 i

.723 !

.698 i

. 7 9 3 I

.663 |

.633 :

.862 :

.769 !

.9011.093.596.576.635.537

134.6141.8134.4175.4148.8150.2147.7

.7801.54

.840

.47

.68

.37

.57

.62

.52

.82

.37

.52

.42

162

634820

157

644919

159

644819

762

194

B A N K I N G

Acceptances and com'l paper outstanding:Bankers ' acceptances, total mil. of dol.. 116

Held by accepting banks, total d o . . . . 90Own bills do ! 61Bills bough t . . do j 29

Held by o thers* . . . . . . . . do 26Commercial paper ou ts tanding . . - . do . - . . I 261

1.155

.900

.944

.770

.897

.981

.767

.689

.8341.057.971

1.1331.083.714

.900

.973

.8471.103.812.732.706.800.678.649.868.769.902

1.084.599.583.632.554

137.2144.0134.9177.7150.1151.3147.7

.7881.54

50.54.834

.49

.65

.37

.64

.63

.62

.89

.40

.52

.44

194144935150387

194146925449375

197154103co

43381

190144925346388

183146895737384

177139866338373

1. 158 I 1.154

|

.910

. 965

.785

.908

.993

.771

.700

.8351. 069. 9831.1421.091.722

.917

.990

. 8561.098.80S.741.717. 800.682. 650.876.777.9161.096.604.592.627.565

142.0147.9138.9180. 5152.4153.6150.8

.788 I1.54

.921 !

.974 !

.799

.9201.000 |.780 i.708 !.834 I1.071 i.989 Ii.i37;1.088 i.727 !

1. 175

.924

. 975' 810. 9351.027.787.714. 8421.091.9911. 1441.138.732

.930

.990

.8621.102.808.743.731.806.685.652. 886.797.9261.103.603.595.616.575

.9411.003.8641. 114.824. 735. 738. 801.687. 054. 893. 809. 9331. 107.611.604.628.575

139.9148.9140.0180.9152.1155. 4154.9

.7961.55

.835 | .826

.53 ! .56

.67 .71

.41 i .42

.60 ! .81

.68 j .68

.65 ! .64

.90 .92

.43 .46

. 55 .57

.42 .43

146. 3148.4144.3184.0154.8155.4152. 1

.8031.56

56.97

.942

.987^.811. 9541.047.798.727.8421. 114. 9931.145

' 1.193.738

.9441.001T . 8701.130.827.732.732.807.687057. 896

r .814. 936

' 1.105. 027.019.642.587

145.0150.9146.5184.7157. 0159.8157.8

.8231.59

135 ;

64 I 64 i 64 I48 49 | 49 |17 ! 15 I 14 !

5 ;7 i56 !

i

37 |

4651

287

4647

314

.825

.59

'.41.09. 71. 09.95.48.00.41

120 j

f)5 '5014

368

.61

.76

.43

. 66

.77

. 65

.97

.50

.60

.46

110

655013

0)

. 907

. 990r. 830'. 979(•)

. 810

-. 8541.148

r 1.0111.167

' 1,247'. 749

. 9501. 014r. 879

r 1.165.845 |'. 728'.733.813 I.705.077. 908r. 825\ 948

r 1. 116r. 041r. 636r. 052r. 591

150.9151. 3150. 5190.1160.3101.9153.1

.8231,59

. 839

.03

.77

.46

.64

.74

.061. 08.50.00.44

105

655013

)26

420

17413382514.1 I

354 i

163122784441315

156119

4238

305

139108713731

297

. 972

. 998,822. 992

^8230).8881.122. 9911.1511,209

. 9341.019.880

1.100.834. 757.741. 822.. 7S1.083.915.828. 9481.120.047.042. 058.596

» 157. 4150.7152.6

r 194.5163. 3

r 166.9102.0

,8261. 59

53. 25.832

.83

.48

.72

.82

.701.04.52.72.47

665113

(2)()

25

'439

12397643326282

1199403312f271

r Revised. * Preliminary. • None held by Federal Reserve banks. • Less than $500,000. 3 Comparable data not available.2 No data available for small amounts expended after June 1942 lor the CCC now in process of liquidation as directed by Congress.t Data for shipbuilding revised beginning December 1941, for radios and phonographs beginning February 1942, and for rubber products and rubber tires and inner tubes

beginning March 1942, on the basis of more complete reports.cf Beginning with July 1942 only amounts expended for the student work program are included; need is no longer a criterion for enrollment in the out-of-school work

program, which is focused on training inexperienced youths for war industries, and the program is therefore dropped from this series.^Construction wage rates as of Dec. 1, 1942: common labor, $0,832; skilled labor, $1.60. § See note marked " § " on p. S-12.Digitized for FRASER

http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

3-14 SURVEY OF CURRENT BUSINESS January 1943


1942

Novem-ber

1941

Novem-ber

Decem-ber

Janu-ary

1942

Febru-ary March April M a y June July ! August Sep- j Octo-

temberj ber

FINANCE—Continued

BANKING—ContiDUtd

Agricultural loans outstanding of agencies su-pervised by the Farm Credit Adrn.:

Total , excl. joint-stock land bks._ mil. of dol..Farm mortgage loans, t o t a l . — . . . . . . . d o

Federal land banks doLand Bank Commissioner. d o . . . .

Loans to cooperatives, total _.._ d o . . . .Banks for cooperatives, including central

bank . mil . of doL .Agr. Mktg . Act revolving f u n d . . . . . d o . . . .

Short term credit, to ta l . . . . ._ .__ doFederal intermediate credit banks , loans

to and discounts for:Regional agricultural credit corps.,

prod, credit ass'ns, and banks forcooperatives^ , mil. of doL.

Other financing institutions doProduction credit associations _do._._Regional agr. credit corporations. . .doEmergency crop loans . . . - ____do.__.Drought relief loans __do

Joint-stock land banks, m liquidation._do.__.Bank debits, total (141 cen te r s ) . . . _._do

New York City . . .doOutside New York City . do

Federal Reserve banks, condition, end of mo.:Assets, total . . ._ mil. of do l . .

Res. bank credit outstanding, total._.doBills discounted . . . . . . _ _ _ doUnited States securities _.. do . . . . .

Reserves, total _. . . . . . d o . . . .Gold certificates.-. . . . do

Liabilities, t o t a l . . . . . . . doDeposits, total d o . . . .

Member bank reserve balances doExcess reserves (estimated) do

Federal Reserve notes in circulation,.doReserve ratio . . . . percent . .

Federal Reserve reporting member banks, con-dition, Wednesday nearest end of month:

Deposits:Demand, adjusted . . .mi l . of do l . .Demand, except interbank:

Individuals, partnerships, and corpora-tions . . . . . m i l . of do l . .

States and political subdivisions d o . . . .United States Government d o . . . .

Time, except interbank, total d o . . . .Individuals, partnerships, and corpora-

tions mil. of doL.States and political subdiv is ions . . .do . . . -

Interbank, domestic . d o . . . .Investments, total .____do

U. S. Govt, direct obligations, to ta l . .doBills t . . . . . . . . - d o , . . .Bonds „ d o . . . .No te s . . do

Obligations guaranteed by U. S. Govern-ment . mil. of do l . .

Other securities . doLoans, total do

Commerc'l, indust ' l , and agricul t ' l . . .doOpen market paper do. . . . .To brokers and dealers in securities..doOther loans for purchasing or carrying

securities . . . . . . . . . . m i l . of do l . .Real estate l oans ._ . . . . . . . . doLoans to banks . . . . . . . . . do_._.Other loans do

'Money and interest rates:§Bank rates to customers:

New York City percent . .7 other northern and eastern cities do11 southern and western c i t ies . , . - . . . . .do

Discount rate (N. Y . F . R. Bank) doFederal land bank loans . . . . . . . . . . . . d oFederal intermediate credit bank loans .do . . . .Open market rates, New York Ci ty:

Prevailing rate:Acceptances, prime, bankers, 90 days

percent . .Com'l paper, prime, 4-6 months d o . . . .Time loans, 90 days (N, Y. S. E . ) . . do

Average rate:Call loans, renewal (N . Y. S. E.)-—doU . S . Treasury bills, 3-mo.. . . . d o . . . .

Average yield, U. S. Treasury notes, 3-5 yrs.:Tax-exempt percent . .Taxable* . . . „ . . . - . . d o . . . .

Savings deposits:Savings banks in New York State:

Amount due depositors . . . m i l . of doL.U. S. Postal Savings:

Balance to credit of depositors. _do_._.Balance on deposit in b a n k s . . . . . . . d o . . . .

2. 6962, .3481, 625

523

155

140

892

25338

190

1144523

46. 05617,01629. 040

27, 7485, 714

5, 39920, 79920. 57327, 74814.53413. 208

2. UOU31. 75ti

28, *

28. 7331. 8073. U925. 22s

5. 102

1.004.001. 50

5. 492

!. 397

2,9062,3801,776

604128

10917

398

22038

187

1184835

41,16416,07725,087

24,1922, 312

62,184

20, 82220, 56924,19215,21313,1403,8287.66991.0

24, 324

23,8141,780

8265,410

5,232155

9, 40518, 43211, 860

990 |8,342 !2,528 i

I2,922 !3,650 !

11,2596,593 !

428 I548 i

4271,256

381,969

2,8912,3611,764

597133

11317

397

2, 8732,3431, 753

590130

11116

400

2,8782, 3321,746

586129

11017

417

22639

1886

1174833

51,73120, 59831,133

24,3532, 36!

32,254

20, 76420, 50424, 35314,67812.450

3, 0858. 19290.8

22540

1915

1184832

44, 27517,24727, 028

24, 2882,369

42,243

20, 90220, 53324, 28814,71512.927

3. 3478. 30390.8

23541

2034

1224732

37, 78514. 24223', 543

24,3222,412

52,262

20, 84620,51524, 32214,44112,6192, 9698. 55990.6

2,8762,3111,731

580125

10616

440

24743

2194

1274730

44.82017, 05627, 764

24,1872,355

92,244

20.82120, 49524,18714, 26812, 575

3. 0738, 63590.9

23,650 i 24,747 i 24,712

23,9931,7211,4755,368

5,172173

9,04018,71512,085

8838, 6672, 535

2,9643,66611,3706,722423535

4221,259

351,974

24, 206 24,5951,8201,4515259

1,8041,6715205,259 | 5,205

5, 05S181

9,08819, 08712, 6891,2409, 0872,362

23

11,6,

1

709689255778424448

409248

371,911

5,005 i180 I

9,033 I19,551 I13,132 I

1,206 19,589 !2,337 |

2,723 !3,696

11,392 i6,902 !

422 i471 |

4101,250

371,900

1.2.45

1.004.001.50

M«H

m1.00.242

.57

.90

2.991.004.001.50

IU

1.00.298

.641.02

1.004.001.50

Ms

iM

1.00.214

2,8872,2961,721

575121

10216

470

25844

2454

1304729

42,47416,02326, 451

24,3592, 468

2,35720,82420,51024, 35914,20412, 6582,7918,82190.4

2,8692,2881,715

572114

13468

25745

2414

1314728

44, 22616,98527, 241

24,4682,634

72,489

20, 79920, 52224, 46814, 09412, 4052,486 j9,071 I

89.8 j

24,197 j 25,358 ! 25,483

23, 673 24, 6361,916 2,0961.869 I 1,5065,137 5,128

4, 953164

8,88519,10012, 705

6809. 6712,354

2,6843,711

11,3947,003

424408

2,8642,2741,706

568115

10113

475

26047

2484

1294727

' 45, 68617,39428, 292

24, 6722, 775

32,645

20,830 |20,56624,67213,95712, 3052, 3629,37689.3

25, 502

2,8682, 2741,706

568117

10412

477

26147

2495

1304626

45, 61517,11028, 505

25,1393, 245

43,153

20, 80220, 54625, 13914.15912, 4922.1309,72187. .1

26, 670

4,929189

8,68720,11113, 730

1, 6699, 7052,356 '

2,6753, 706

11,0946,726

409441

24, 9221,9711,3015,109

4,914175

9, 17520, 77414. 559

1, 95310, 309

2, 297

2,667 I3,548 !

10,905 I6,542 I

382

4,955137

9,09021. 64216, 2002,918

10,3832,899

2,0323,410

10, 7406,469

341519

i

1,

1,

407 |245

29 1878 i

1

1

39524630

847

1

i

403243

28779

3931,236

361,746

1,85 |!.48 I

5,541 | 5,555 5,433

1,32427 I

1,314 !2 6 ;

1,31025

1.004.001.50

Me

ikLOO.250

.44,93

5,401

3,30725

3.20 I.1.00 I4.00 |1.50 !

M« i

1.00. 2 1 2 j

LOO4.001.50 |

Me

m1.00.299

25,343 i 26,2361,803 ! 1,8111,442 | 1,7825,112 ! 5,115

4,975 j120 |

8,44422,816 •] 7, 352

3, 37611,1182,858

2, 0353, 429

10, 0966, 132

330569

4071,230

291,693

2.07 i2.56

LOO4.001 .50 |

MeHM

1.00.364

L3.34 |i.oo!4.00 i1.50 !

LOO4. 001.50

s . 4 4 I. 9 3 i .98

5,392 | 5,373

1,305 ! 1,30625 j 25

1.03

5,374

1,30724

VA ! IH

LOO ] 1.00.363 i .368

"I."l5~| l."20'

5,422 | 5,413

1,316 I 1,32924 j 21

2,8182,2321,679

553117

10412

469

25547

2435

1284626

44,88817,051 !27,837 j

25,2983,565 I

3,426 !20,80320,57525, 2')813,95212,3382,14310,157

26,818 11,806 I1,511 |

'5 ,158 |

5,019115

8,68124,07518,4934,512

11,2282, 753

2, 0953,487

10,3826,282

313493

3811,230

261,657

1.004. 001.50

MeH-'H

1.00, 370

1.25

5,427

1,34420

T Revised.§For bond yields see p. S-19.1 No tax-exempt notes outstanding within matur i ty range after Mar . 15,1942. Average shown for March 1942 covers only first half of month2 Amount estimated for one bank.efTo avoid duplication these loans are excluded from the totals.t Bills and certificates of indebtedness beginning April 1942.*New series. Earlier data for the series on taxable Treasury notes appear on p. S-14 of the April 1942 Survey.

2 7762, 2071, 663

544126

11212

443

2, 7332, 1791, 645

534145

13013

409

4s.is,

X20,2')!2~>,1311

1,ID.

24M43

225

'2446

- 251235935.,0

754774

5h7SOS57»i751Nil)"02090h.'S

49.I!*' 1 .

2h4_

1.2'','-''',26,14.12.

j t

11.'

2 it3M

202

IIS4f

- 2494."3_VJ

022

9539"/'' 116t>7M3')>)[)

95.13 1 >>

735t.H220

27 iU 2s 151 M>u 1 Uf7

' . 2 1 "

' 102

"». IPs V. 7 .-11 2"7 1 1 72',

i. ~J," !. 44 !

2^2 2'i">

1 221 ; 1 217

1 b i t , ' 1 ",7v

l 00 1 O(i4 ((o \ »v»! "0 1 V.

i ' r

1 (Ml 1 Of

I 2 7 1 2 ^

5 . 4 19 ->. 4 '\>

• i . J."N ; 1 3 7 sr i ( ) i 1<(

1942

Novem-ber

CONSUMER SHORT-TERM CREDIT

Totaiconsumer short-term dent, nud of month*mil ofdol '

Instalment debtSale debt, total* . . . . do .

Automobile dealers* . . _«ioDepartment stores and mai? ordor ;

houses* - - mil ofdol...do . .,

dr. . Ido !d o -do -

. do

Furniture stores*. _. .Household appliance ston J ..Jewelry stores* .All other*.-.

Cash loan debt, total*. _ .Commercial banks, debt* . .Credit unions

Debts - . . - --Loans made .Repayment . . _.

Industrial baukmc coii'pan'Debt . . .Loans madeRepayments . __ . -

Personal finance companiesDebt . . ._. . ._ doLoans made ..___.. doRepayments . . . . . . do j

Repair and modernization debt* do \M iscellaneous debt* _ _. do..... j

Charge account sale debt* do IOpen credit cash debt* do jService debt* _ _ do j

Indexes of total consumer short-term debt, endof month:* \

Unadjusted . ._ . . 1935-39-100 iAdjusted ..do — I

do. . do .

..do. do .. Jo .

LIFE INSURANCEAssociation of Life Insurance Presidents:

Assets, admitted, total! . . . . .mil. of dol.Mortgage loans, total . . . . . . . .do

Farm ._ doOther.- do .

Real-estate holdings—.. ........do .Policy loans and premium notes do .Bonds and stocks held (book value), total

mil. of dolGov't. (domestic and foreign), total-do.

U. S. Government doPublic utility doRailroad doOther.... (h

Cash.. . . . . . . . .doOther admitted assets dor Rcvis<

420Mil

INDUSTRIAL AND COMMERCIALFAILURES

Grand total. _. ..number.Commercial service, total . . .do. . .Construction, total.. - ..._do_. .Manufacturing and mining, total do.... ,

Mining (coal, oil, miscellaneous) do jChemicals and allied products..., .do jFood and kindred products. . . . . . . . . . do..Iron and steel products _._._......do..Leather and leather products..... do.Lum ber and products . _ . . . . . do.Machinery . do \Paper, printing, and publishing ..do !Stone, clay, and glass products.......do !Textile-mill products and apparel do !Transportation equipment.. ___...do.._JMiscellaneous __._.._..do..-.. I

Retail trade, total ..do jWholesale trade, total.,. . . . do I

Liabilities, grand total... . . . . . thous. of dol.. ICommercial service, total . . . . . . . .do [Construction, total _.__ ...do jManufacturing and mining, total . .do. . . . |

Mining (coal, oil, miscellaneous)-....do ;Chemicals and allied products...... .do jFood and kindred products............do jIron and steel and products.--.-.-...do .._.!Leather and leather products......-..do .__'Lumber and products . . . . . . . . do ...jMachinery ... . . . . . .do \Paper, printing, and publishing do . . . jStone, clay, and glass products . . do ITextile-mill products and apparel do jTransportation equipment._.. .._do iMiscellaneous.. . . . . . . . do I

Retail trade, total . . . . . . . . . do... |Wholesale trade, total . . .do . . . . !

So 245

0. 245207717

1, 82319804170

"•49

104"2, U09

429

1 3 (>2 it >_

1941

Novem-ber

Decem-ber

1942

Janu-ary

Febru-ary March April

FINANCE—Continued

3 797 ;2,045 -

417613

9b f

27b .

100 ''

ti;

44 '

5278181

340101

1, 6621,198800

I842 |38511874153915197153332

2452957

9,197448618

3,82732822676384633062035628352856565

3,472832

26, 5084, 959

6754,2841, 5412,271

16,3687, 4395,603 |4,2382,755 !1,936 I828 j541 i

3 7471 942

459619313120

29845

' 17

. i535103'95 ,335 I102

1,7831, 200

605 '

26, 6625,012

6754,3371,4882,255

'9,117

3. 5031,806

438590294108267

"• 2,100652

* 2051830

' 2903846

52766

^74325101

1,7091,197

' 158153

898626314641125461251434211954087

13,469863

1,1615,651577254547553159238780206818772

1,3774,3231,471

' 151r 151

96253651594639551131314432560481

9,916589851

3, 550184200

1,3781739917651704

615100500

3,6411,285

26,8175,023671

4, 3521.4832,241

' 8, 757

3,3011,670

416573285100257

r 2, 036' 618

•' 1981926

2853540

5216470

313101

1,6241,187609

!

145 !• 1 4 7 j

9165957

14158

3155

138i

15 !2 I

123 !

589 !7 0 1

9,631927920

2,525182

73470116119456

66214

33319

22455

4,2321.027

26,9285,047672

4,3751,4742,2:

16, 6417.7435,9084,2552,6821,961681585

16, 5287,6135,7794, 3092, 6871, 919955587

16,7,5,4,2,1,

706816981304680906884589

3,1051, 514

40656727295251

r 2, 005r 601

r 19625

282 |4245 I

521 |85 I

r ^5 |

304 I101 !

1, 680 |1,180 j

610 j

' 112" 144

1024 j

436

318 i

65085 I

12,011 i1,194

8963, 739

29922

1, 102166204390191493124427

2964.8131,369 |

May June I July i August

r 8, 335 i J 7, 954

2,9291,379

39(556125891 j

244 !* 1,967 I

r 586 |

<• 1 9 0 i39 i

25 i277 |3742 I

297 j100 !

1,660 i1,166 i

613 !

• 138139 I

1,0484877188644378

9383865146483645

152

183

293

1962465

9. 282'335

1,0332,953

481569366453

26358

42998

316204328

3, 8291,132

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j367 154324185

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• 24 !

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4 !20 ;

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234 i49 (

622 j95 i69 I

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274 !4,392 |

877 '

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2,4811,126

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213r 1.858

546

95542631347

80448671351

27,080 ! 27,209 i 27,3415,071

6734,3981,4522,216

16, 7547,8305,9834, 3512, 6711,902986601

5,105 i681 !

4,424 S1,436 !2,202 !

16,944 l

8,014 !

6,156 :4,309 i2,659 11,902 '

921 »601 1

5,134 !684 I

4,450 i1,423 !2, 388 ;

17,391 i8.453 i6,595 l

4.378 i2,650 i1,910 i

597 i608 i

5,164

6854,4791,4102,176

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'7.092 |

2, 254 |1,010 |

300 i47520271

196r 1, 789

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' 179 |20 I25 !

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r 43

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4, 5061,4002, 158

17,4158,4436, 5874,4052, 6231,944876555

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725212687525392144

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28,0835, 225080

4, 5451,3702,110

17, 9048, 9387, 2044, 4342, 5811,951808604

+ 3 6 c o m p a n i * s ' i a v i n n ^ J I>» v e n t o f t h e t o t a l a s s e t s o f a l l U n i t e d S t a t e . i i e f . a l r e s e r v e f . i n u s a n H > .m 1 9 4 1 d a ' - i f o r < n - d i t u » i i ( , , . , ' s h o \ v " v>- *•. a r e , s f o l l o w s n n i l i i o i i < . o f d o l h r - i D , > h i . J a n . , J s s » . I e b . 1 9 2 . M a r , 1 9 % \ m \ , 2 0 7 ; M a j , 2 1 5 ; J u n e , 2 2 i , J u l > .

2 2 0 . \ i i " , 2 2 s S r p t , 2 2 7 , ( > c l . 2 2 1 . ! * . • ; > P . ( i t s ! « i 2 > l \ ' U . , 2 3 , \ ; > r . . 2 5 ; A i a > . 2 " . J u l \ , '2n. V i u . * > , . - V p t , 2 5 ,' N e w - < • ! . < - V i r h V r f i ( > i i M ^ i v u [ | i , , M M > n o i i f . » <• > • i n p r p p . 9 - ! ' - > o l f h e N o v c n i b " ! - ' ' , t l 2 . • M i r \ « i : M i l ' M - q i i e n * n \ b i o ' b i n 1 9 1 1 d a t a n o t " h o w n : i b o \ e a r c a ^ f o l -

j o w ^ , m i l l i ' i , i s ( i ( ) i h u s • T . > i : d « N i i < w i - t e i m l ' J r . S > 7 F e h , S . " 2 r , M i r . , V ; 3 ! > , \ n r . s . 9 ! 9 . M A \ , 9 . 2 r > 5 . J U M « \ < » J 9 . " > . I U ! \ , ' . » , " > ! . \ M J . , 9 . 7 0 1 ' : S e p t . , 9 , 7 1 7 ; O r ! . , ' ' , 5 9 5 . T o t a lc i s h !•>; n d " l > t . I . n . . . l . W J ; F " h 2 . < M t . M ' 2 < > ^ \ » H 2 . i i " . " M \ 2 , 1 5 7 ; J u n e , 2 . 2 0 3 , . ) i d * /, . ' 3 5 . V . m , 2 , 2 " ' . . < c p l . 2 . ^ . ' . 3 . ( X ! . 2 . 2 1 0 , ( ' o n i i n e a - h l b , u i k * . d e b t ) i d \ , 7 4 3 ,

\ U J . 7 i s . ^ « ! > ( . . 7 2 7 , O c t . 7 1 2 . I i i d o c s . , • < J n , i , 1 } i\ . . ' 2 V - h , ' 1 2 . M a r . 1 1 3 . V ; « r . ! > " M ; « \ . l " ) l . . J u n e . 1 5 s 7 i i l \ . l M V I I L . . . 1 6 1 ; s o p l . 1 » ; I . < > i - t I " M I n d e x e s , a d -j i M i d .1 H I , 1 H . K r b , 1 1"» , M 7 i \ r I " J i ! 5 s A : : S I i ' ' ' ! '! '. J 1 7 . A ; « » I ' , : i > J - i i j , . ! 5 s A u v . * , : « > : S -Digitized for FRASER

http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1942 1941 1942

Novem-|!Novem-| Decemi I • i iber ! ber

Janu-ary

Febru-ary March April May June July August Sep-

tember

LIFE INSURANCE—Continued

Association of Life Insurance Presidents—Con.Insurance written:®

Policies and certificates, total numberthousand's .

Group ...doIndustrial - doOrdinary _ do

Value, total .thous. of dol_.Group doIndustrial .-doOrdinary ..do

Premium collections, total® doAnnuities.. - doGroup doIndustrial _ .doOrdinary .do

Institute of Life Insurance:*Payments to policyholders and beneficiaries,

total thous. of dol_.Death claim payments . . . doMatured endowments doDisability payments . . . . do... _ _Annuity payments do. . _Dividends doSurrender values, premium notes, etc do

Life Insurance Sales Research BureauInsurance written, ordinary, total.. . do.. . .

New England.. . doMiddle Atlantic do._ ..East North Central do...West North Central . d o . . .South Atlantic doEast South Central doWest Sonth Central.... . .do . . . .Mountain doPacific . do

Lapse rates 1925-26-100..

MONETARY STATISTICSForeign exchange rates?

Argentina.. dol. per paper peso ..Brazil, official ...„„ dol. per milreis...British India dol. per rupee..Canada, free rate dol. per Canadian dol..Colombia dol. per peso..Mexico . . . doUnited Kingdom, free rate.. dol. per£ .

Gold:Monetary stock, U. S. mil. of dolMovement, foreign:

Net release from earmark^...thous. of dol..Production, estimated world total, outside

U. S. S. R thous. of dol.Reported monthly, total £ do

Africa ._„..___. ... doCanada „ ._ doUnited States.... do. . . .

Currency in circulation, total mil. of dol..Silver:

Price at New York do), per fine ozProduction:

Canada thous. of fine oz.United States do...

Stocks, refinery, end of month:United States . do...

BUSINESS INCORPORATIONSNew incorporations (4 States) number,

PROFITS AND DIVIDENDSIndustrial corporations (Federal Reserve):

Net profits, total (629 cos.)... mil. of dolIron and steel (47 cos.) . doMachinery (69 cos.) doAutomobiles (15 cos.) doOther transportation equip. (68 cos.). .do ...Nonferrous metals and prod. (77 cos.).doOther durable goods (75 cos.) doFoods, beverages, and tobacco (49 cos.) .doOil producing and refining (45 cos.)..doIndustrial chemicals (30 cos.) doOther nondurable goods (80 cos.). doMiscellaneous services (74 cos.) do

Profits and dividends (152 cos.):*Net profi ts . . doDividends:

Preferred . . . _. doCommon do

Electric power companies, net income (28 cos.)(Federal Reserve)* mil. of dol..

Railways, class I, net income (Interstate Com-merce Commission) mil. of doL.

Telephones, net operating income (FederalCommunications Commission).-.mil. of dol..

628

3oS197

577.536114,180111,801351,555260,427

22,12816,85758. 539

162. 903

176,24780,10909 j32~7\ 21812, 76325. 88028. 145

447, 74934,767

119.590100.77444,35745, 18817.41030, 56512, 70342. 395

.298

. 061

.301

.881

.570

.2064. 035

22, 743

\. 805

,448

FINANCE—Continued

75938

470251

681,47989, 360

141,349450,770247.966

23, 67011,94953,168

159,179

174, 44072, 92019, 749

6. 57912,60926, 44036.137

581,69246,258

158,819135,36052,79257,87423,38340,55313, 91052. 743

.298

.061

.302

.886

.570

.2054.034

22. 785

-60,913

107,94091,65746, 63715, 49919, 80110, 640

.348

1,6814, 631

2,739

1, 229

I

1,193246598349

,141,316298.817186,190656, 309414,137

90,14824, 75784, 397

214.835

239, 68191. 94920, 47010, 60412, 36556, 60147, 692

879, 49266, 292

251,633196. 569

79, 86490, 21834,15464, 97620,48075, 306

87

.298

.061

.301

.874

. 570

.2064.035

22, 737

-99 ,705

105,03588, 88447, 32814, 74616. 76111, 160

.351

1,7225. 661

77033

404 !334

955,41449,076119,820786. 518295, 82738, 92117, 84261,281177, 783

215. 94987, 46424, 4278,87816,36740, 41938, 394

1,001,65383, 056

309, 292220,73987, 33291,27238, 27367, 60221, 69482, 393

.298

.061

.301

.878

.570

.2064. 035

22, 747

-38, 506

104, 37088, 59847, 53314, 19814. 98211, 175 j

.351

1,5384,844

4,382

67732418227

652,43450, 231126,492475,711272, 77825, 37815, 04057. 578174. 7S2

186, 50574, 05721, 0617, 58112, 66434, 28636, 856

634, 53851, 310

175, 355141, 93960, 21860, 75424, 74244, 57715,34560, 298

724 !

J!213

657,32797, 826140. 735418,766291, 53824. 130IS, 78964, 257184. 362

299 997"52 55823, 9318, 48913, 75938, 89145. 299

552, 04442, 030138, 708126,33053,18252,17324,96046, 53414, 53353, 594

I

72168454200

632,347124,823139,021368,503276, 00723.11314, 96866,272171,654

227, ,'1292, 40923. 4047, 94313, 69446. 64743,415

462, 76137,131118,591106,48744,93145,96818,95032,60411,99846,101

.298

.061

.301

.884

.570

.2064. 035

2.705

no 077

.298

.061

.301

.877

.570

.2064. 035

22, 687

— fif. .R.9.c,

.061

.301

.872

.570

.2064. 035

70548461196

589,56487, 773141,378300, 413270, 51625, 36314, 49659, 133171,524

188, 89475, 53321, 6447. 600

12. 72731, 18740, 203

457, 92636, 248114, 230106, 44548, 83344, 67917,75831, 82512,18845, 720

.298 !

.061

.301

.886570

.2064.035

71087425198

657,597161,061129,863366, 673277,57825, 65415, 78364, 014172.127

203, 88280, 70222, 4788, 82314, 17337, 22140. 485

463, 32537, 029

117.577106, 79647, 66044, 40719,18232, 24712, 28846,139

80

.298

.061

.301

.900

.570

.2064. 035

63066366199

631,391151,343112,917367,131278,01130,99916,29756,368174,347

204, 39689, 70720, 4448, 36014,54932. 25239, 084

459,49937,051115,844105, 59946, 74644, 69618,54932,19913,16545,650

.298

.061

.301

.899

.571

. J)64. 035

42364186

529, 52583, 304112,240333, 981247, 85218,93514,29158, 855155,771

165. 86671,78517, 4497,93010,60724,85133, 244

430.29734,983100,69597, 92944. 69344, 28517,51532, 78512,12345, 289

1.414 j 1.353

5507255616240323746524648

276

21

221134 j.

138.4 I.

90,33575,65344, 46213,14710. 03411.485

.351

1.4784, 470

3. 224

1, 172

100, 48585,03147,51815, 37210. 95911. 566

.351

1,6065,285

3, 1.512

22,691 I 22,714 22,737 j 22,744

-20,068 I-38,196 -14.792 1-24,383

0)79, 926

P 46, 36614, 72811,05811,767

.351

1,6135, 606

2. 930

21134

33

96, 7

64. 1

' 80, 603"47, 34714,88110,80712,074

.351

1, 6244.948

3,270

1, 094

' 78, 454'46,66614, 85210,14712,383

.351

1,5374, 528

2, 685

369523525

2 53

'82,190"47,46114,86412,39612, 739

.351

1,9665.048

23136

25 !

199.2

60.0

• 76,888• 46, 05314,1009,80613.200

.351

1,5054,412

4, 510

832

50455

350184

527,16884,799111,795330, 574253,73520, 09215, 38258,805159,456

176.10476,72620, 2837,02112.97827, 51031,586

432. 67933,590101.12596.14845, 20346, 42018,41335, 44512,39043,939

. 298

. 061

. 301,878. 571.206

4.035

22. 754

-27.759

67946428204

o82, 68878, 094135, 727368,867262, 36821,75316, 07356, 836167, 706

189,32684,11422, 4648, 05313,96827, 25833,469

467,81437. 408118,351106,05747, 51847,72018,86732, 23413,05946, 600

.298

. 061

.301

. 876570.206

4. 035

22, 740

-56,440

76, 255> 45, 04413, 09211.47913,703

.448

1,7584, 561

9 922

460503846

2 61342141414332

215

21127

284. 1 I.

66.8 |.

p 77,168p'45, 50813,36511,65614.210

.448

3. 819

3, 505

1 Or increase in earmarked gold (—).' Revised. P Preliminary. I Discontinued by compiling source. 2 Partly estimated.<g> 39 companies having 81 percent of the total life insurance outstanding in all United States legal reserve companies.JMexico not included beginning April 1942 as data are not available. Figures for Mexico included for earlier months are as follows (thousands of dollars): 1941-November,

1,688; December, 1,832; 1942-January, 3,790; February, 563; March, 3,457.*New series. The series on payments to policyholders and beneficiaries, compiled by the Institute of Life Insurance, represents total payments in the United States in-

cluding payments by Canadian companies; data are based on reports covering 90 to 95 percent of the total and are adjusted to allow for companies not reporting; earlier datawill be shown in a subsequent issue. For data beginning 1929 for profits and dividends for 152 companies, see p. 21, table 10, of the April 1942 Survey. Earlier data for netincome of electric power companies will be published in a subsequent issue.

January 1943 SURVEY OF CURRENT BUSINESS b - 1 /

Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the |N'1942 Supplement to the Survey

FIN AN CE—Continued

1942

May June July

PROFITS AND DIVIDENDS—Con.

Corporate earnings (Standard and Poor's):Combined index, unadjusted*..... 1926=100.

lndustrials (119 cos.) do._.Railroads (class I)* _._.._-do...Utilities (13 cos.)-- - . . . do . . .

' 65, 6('iO735

96, 116

PUBLIC FINANCE (FEDERAL)

War program In the United States, cumulativetotals from June 1940; *

Program mil. of dol. *-241,678Commitments „.__ -doCash expenditures -do

War savings bonds, sales*.- doDebt, gross, end of month. _ do

Public issues: !Interest bearing . . . . do | SO, 671Noninterest bearing.... .._ .do . . .

Special issues to government agencies andtrust funds ...mil. of dol.

Obligations fully guaranteed by U. S. Gov't:Total amount outstanding (unmatured) a" !

mil. of dol . !By agencies:d* I

Commodity Credit Corp do..... SFederal Farm Mortgage Corp do. . . . 1Home Owners' Loan Corporation. _do_...jReconstruction Finance Corp do.__.j

Expenditures, total do jWar activities} ..... do iAgricultural adjustment program do jUnemployment relief . do !Transfers to trust accounts t-------- do ]Interest on debt . . . do. . . . !Debt retirements _do.._JAll othert. . do !

Receipts, total . do jReceipts, net do •

Customs-. . . do..Internal revenue, total . do...

Income taxes .do..Social security taxes . do :

Government corporations and credit agencies: IAssets, except interagency, totaL.mil. of dol_. j

Loans and preferred stock, total __do__._iLoans to financial institutions (incl. pre- |

ferred stock) mil. of dol.. \Loans to railroads. _ do jHome and housing mortgage loans..do jFarm mortgage and other agricultural j

loans. ..._ mil. of doL.jAll other. do j

U. S. obligations, direct and fully guaran- !teed.. .mil. of dol.

Business property doProperty held for sale doAll other assets . .do I

Liabilities, other than interagency, totalmil. of dol.. j

Bonds, notes, and debentures: \Guaranteed by the U. S do iOther... . do

Other liabilities, including reserves ..do IPrivately owned interests... . . . .do..... iU. S. Government interests. do . i

Reconstruction Finance Corporation, loans out-standing, end of month: % \

Grand total thous. of dol.Section 5, as amended, total do ._

Banks and trust companies, includinirreceivers -thous. of dol..

Building and loan associations.....doInsurance companies . do . . . .Mortgaee loan companies . doRailroads, including receivers doAll other under Section 5 do ...

Emerg. Rel. and Constr. Act, as amended:Self-liquidating projects (including financ-

ing repairs) thous. of dolFinancing of agricultural commodities

thous. of dolLoans to business enterprises (including

participations) ..thous. of dol-.i 126,516National defense§ do ...13,136,522Total, Bank Conservation Act, as amended j

thous. of dol..-j 688,208Drainage, levee, irrigation, etc do i 66,832Other loans and authorizations do 145,533

. 7S7

I, 244

740930

1, 533896

6. 3636. 042

6631328

(«)19483060123

784199248

20,9928,779

953496

2, 265

2,9162,149

1.2221, 00!4, 7015. 288

10,208

4, 2641, 4044,601443

10, 281

14,916,226! 735,209

65,7115, 060

529202, 044460, 968

898

17,056

349

p 116. 2 i124.8 I84 4 !

p 127 6 :

p 85.4 i80.0 I

p 58.2 !p 143. 2 I

16, 135 I234 !

55,066 |

47,755504 !

6,806 :

6,316

7011,2692,409 !1,802 !1,860 !1,448

729510153

730564

30683

66181

14, 4709,001

1,072483

2,401

3,1121,933

1,021698

1,8791,980

18,258 1529 j

58,020 j

50, 551487

20, 5861,061

52,555 i481 !

23,121703 i

62,434 ji

54,759 !486 [

26,278 |558 i

62, 464 !

54,652 I479 i

29, 864531

65,018

57,196464

33, 808634

68, 617

60,637462

6,982 i 7,063 | 7,190 i 7,333

6,317 j

701 |1,269 i2,4091,802 I2, 5571,8501131159

°32"l6223

1, 2141,212

331,15976741

14,6609,167

1,114498

2,424

3,1341,996

7141,8911,889

5,673 I 5,673

9,690 9,765

6,3241,3931,974430

4, 349

6,3241,3922,049

4314. 464

701 I937

2,4091,492 i2,6312.104

1069442323

2516145783555513353

14,9089,063

1,079497

2,430

3,1231,934

1,027751

1,9642, 104

701937

2,4091, 4922, 6302,208

97929121

21093775897

879283257

15, 2249,059

1,060 !498 I

2,380 |

3,117 i2,004 j

1,058 !782 !

2,017 !2,308

5,666j

701 I930

2,409

7,358 I 7,518

179,621138,044'38,135

63472,495

64,156454

P224, 861P149, 364* 42, 943

90177,136

68, 569442

7,885 ! 8,125

5.666 ! 5,667 I 4,548 j 4.551

v 225,496157,021-•48,192

173481,685

72, 982441

"225,P164,r 53,

86,

505143716838483

7, 338637

8,262 8,509

1,4923, 4362, 809

819622

20515 I

208 I3,548 ;3,547 j

33 |3,493 !3,083 i

49 I

15, 750 |9,065 |

1.046500

2,392

3,100 |2,026 |

1, 060 j792

2,262 !2,571 |

701930

2,4091,4923, 7553. 238

66 i91 !n\2 I

23473269532

68433543

16, 6569,218

1,030502

2,372

3, 272 j2,041 |

1,076815

2,712, 830

O1O

701930

2,4091,4923.9553,560

6282

(•)192

23076456330708216222

17, 3439,005

1,020498

2,352

3,0922,042

1,088833

3,0673,349

701930

1,5631,2194, 5313,829

31721

3901

2062,4942,492

282,4242,086

42

17,962 i9,026 |

1,029 !498 '

2,357

3,076 I2,067 !

1,097 i859 I

3,512 |3,468 !

738930

1,5331,2165,1624,495

4770249352

2637947472474227353

18, 4828,948

1,002497

2,344

3,0382,067

1,113879

3,8083,735

4,567 !

754 I930

1, 5331,2165,215 I4,883 i

30 !52 I19 i

224 j797 I587 |

22 !748155232

19, 4018,859

974497

2,297

2,994 I2,096 |

1,143924

4,1774,295

9,219 ; 9,418 i 9,620 i 9,776 j 10,078 | 9,275 9,482 ; 9,72S ;

5,7051, 4022,111

4325. 256

5,697 |1,3962,325 !434 i

5,372 !

5,6901,4332,497435

5, 694

5,688 j1,431 j2, 656 i

436 !6,444 !

5,687 j1,440 I2,950 i437 j

6,828

4,5681,4423,265438

8. 249

4,581 !1,443 |3,457 !438 j

8,562 1

4, 5921,4453, 691

4399, 234

',880,470 J2,93S,413 12,988,673 ,3,166,909 13,361,947 i3,556,094 3,819,280 [4,085,264 |4f273,373:4,545,609723, 604 j 734,171 j 725, 943 j 729, 730 734, 696 I 738, 384 | 733, 596 ! 734, 070 I 733, 316 735, 862

82, 9863,1611, 365

187,185447, 510

1, 398

17, P.71

434

145.654

79, 8873,161

830186.483462, 496

1,315

17,578 :

434

69, 4632,897

795189,837461, 792

1,158

17,527 !

431

69,1175,817

752190, 490462, 426

1,128

17,515

431

152,385 | 148,591 I 146,360785,226 ! 784.396 I 853,203 ! 993,473

68, 2655, 792

725193, 993464,842

1,079

17, 452

403

142,915

67,5146,434

714196,512466, 182

1.028

17,415

368

66, 4205,817

702197, 401462, 316

939

17,382 !

65,8035, 630

686198, 926462,088

937

17,310

352

65,575 i5,037 |

669 !199,280 !461,826

928 '

67, 4494,705

659200,562461, 563

924

4,552

738930

1. 5331,2165, 9315, 384

3540

5224

(")242

2, 528

202, 4762, 126

43

19, 9748, 813

901498

2, 286

2,9492, 117

1, 197952

4, 2874, 725

10, 161

1,5741,4344,154

4399, 373

4,628,50?735, 093

66, 7934, 574

600199,737462, 470

920

P-M 1,868p 172, 306P 59, 492

81492, 904

83, 680639

8, 585

4, 243

749930

1,533896

5, 9375,481

48

5670

(*)247648607

24603206

48

20, 5348, 781

949497

2, 286

2, 9252, 124

1,219976

4,7104, 848

9, 863

4, 2651,4134,185

44210,230

4,848,279735, 685

66, 4345, 170

597200, 522462, 050

912

17, 195 | 17,194

349

140.290 ! 139.465 j 135,961 j 134.278

349

132.9421,191,436 11,395,212 |l,670,157 j 1,940,499 12,129,933 |2,409,243

728, 639 i'4,044

725, 482 j1% 814

719,873 I 715,121 i 710,02972,068 ; 72,051 i 71,859 71,168 \ 70,464

702,408 ! 700.693

405,199 451,155 451.036 492,226 i 493,156 490.849 487,154

699,708 « 698,494 I 693,21370,35987,004

68. 794491, 014

69, 357487, 450

17, 153

349

131,349j 2,484,112

690, 85169, 076

500,519

17,133

349

129,1873,082,347

689, 42967,115

• 127,034

*• Revised. P Preliminary.1 Revised to include reports received first few days of September on account of August sales.« Less than $500,000.§ Covers all loans for national defense beginning October 1942; prior to October some defense loans are included in "other loans and authorizations."•Number of companies varies slightly.cf The total includes guaranteed debentures of certain agencies not shown separately.^Includes repayments unallocated, pending advices, at end of month.JFor revisions beginning July 1941, see p. S-17 of the November 1942 issue.•New series. For explanation of the new series on the war program see the footnotes to table 9, p. 21 of the April 1942 Survey. Figures have been revised since publi-

cation of data in the April Survey. Revised monthly data for program and commitments prior to June 1942 are not yet available. The series on war savings bonds is fromthe Treasury Department and represents funds received during the months from sales of series A, F, and G; for earlier data see p. S-16 of the October 1942 Survey.


S-18 SURVEY OF CURRENT BUSINESS Januarv 1943


SECURITIES ISSUED(Securities and Exchange Commission) X

Estimated gross proceeds, total... . .mil. of doL -1By types of security:

Bonds, notes, and debentures, total..doCorporate _ _ _ _ do

Preferred stock _________ doCommon stock do . . .

By types of issuers:Corporate, t o t a l . . . . . . . . . do . . .

Industrial.—. - . . . .do —.Public utility .doRail--..,-- do.__.Other _._. do . . . .

Non-corporate, total doU. 8. Government and agencies doState and municipal. . . . .doForeign Government .doNon-profit agencies .do

New corporate security issues:Estimated net proceeds, total. ____.do....

Proposed uses of proceeds:New money, total do

Plant and equipment..— doWorking capital do

Repayment of debt and retirement ofstock, total. ._.__.. ._.. . . .mil. of dol—

Funded debt . . . ._ — . . — ..doOther debt—.—--______- - . .doPreferred stock... .___.__ do

Other purposes—.. . - do iProposed uses of proceeds by major groups: |

Industrial, total net proceeds-.mil. of dol.. |New money . ..do IRepayment of debt and retirement of |

stock,...„ __...__.._mil. of doL.Public utility, total net proceeds..-do

New money. doRepayment of debt and retirement of

stock.______ __..mil. of dol_.Railroad, total net proceeds do

New money . doRepayment of debt and retirement of

stock,. . . mil. of dol..Other corporate, total net proceeds.do....

New money, __.___.do_.._Repayment of debt and retirement of

stock.._„____„ . . . .mil. of dol..

1942

March April May June July August Septem- | Ocher ! h<

FINANCE—Continued

(Commercial and Financial Chronicle)

Securities issued, by type of security, total (newcapita] and refunding) __._.__thous. of dol..

New capital, total.. . . . d o . . .Domestic, total ___..__ __. ._.do. . . .

Corporate, total . - do . . . .Federal agencies . . . . doMunicipal^ State, etc ___-do

Foreign . . . doRefunding, total do

Domestic, total - doCorporate doFederal agencies doMunicipal, State, etc do

Foreign . . doDomestic issues for productive uses (Moody's):

Total . _ __..__mil.ofdol_.Corporate-... _.. . doMunicipal, State, etc do___.

(Bond Buyer)State and municipal issues:

Permanent (long term) .thous. of dol-_Temporary (short te rm) . . . . do.—

COMMODITY MAEKETSVolume of trading in grain futures:

Wheat . . . . . . . . . . m i l . of bu_.Corn . ______do.___

SECURITY MAEKETSBrokers* Balances (N. Y. S. E. members

carrying margin accounts) 1

Customers' debit balances (net) —_.mil. of dol..Cash on hand and in b a n k s . . . . . . ________ doMoney borrowed . . . . . . ._ ._doCustomers' free credit balances do

BondsPrices:

Average price of all listed bonds (N. Y. S. E.)dollars.-

Domestic. . doForeign _._ ___..do__._

320270

96.1197. 5965. 24

* 465

i 444135

12

1558760

]7

1309»233

7401

152

926131

593722

1

233,108,108,89,

19,

124,124,42,31,50,

3046006004270

1730

7037033846756440

614318

60, 72 2113,655

28274

625195409264

94.8098,3049.83

2, 336

2, 3021102013

1444862286

2,1922,131

600

1,345

1,2901103717

16444

10910

11,1811,061

11802

161

713833

795217106

4625

16623

582828

06

<•>

5

241, 732139,136139,13676,79319,52042, 823

0102, 596102,59659,06225,10018, 435

0

713437

90, 57899, 988

29489

600211368289

94.5096,6956.27

898090

C)4343

(•)10718

891010

011

0

333, 238181,760181, 76087,18611,17583,399

0151,478151.47882,84633, 77534,857

0

1376770

118,470119,070

253154

547219308274

95.2497.3158.45

2,335

2,31558190

78393540

2,2572,216

410

76

345

26122

11

709 i

6938616

C)

1024749

60

6075584901

100

3935

4

6141155

11

3811

163425

1044

000

0

179,606123,099123,09956, 28736,89029, 922

056,50856,50818, 90126, 58011,027

0

473314

46,56438,277

14077

534203307262

95.1397.1857.40

196,109,109,78.8.21,

87,87,39,21,27

51,183,

) !

4625

21488

4066

000

0

6480510515858606060

5975972093150730

785820

235744

178111

531195306249

95.979758.98.95

708

701115

42

121110

1100

687531

5600

118

701555

4812360

10759

481111

000

000

262,148157,820157,82097,114

9,72050, 986

0104, 328104, 328

18, 52780, 540

5,2610

501040

61,308113,745

249148

515195300247

95.6397.5460.29

2, 965

2,952113

103

1261042101

2,8392,809

300

C)

14263709\

6666343200

124

592733

641153 i01

10249

532110

1100 I

o I1 '

180, 031127, 570127, 570103, 092

2,71521, 764

052, 46152, 4615,807

38, 8007, 855

0

352015

28, 75959, 916

226126

502177300238

95.6497.46 !61.16 !

809 | 3,099

792 I 3,099126 52

9 ! 07 i («)

5347

320

3,0462,998

4701

52

14113

3729

8(a)

139

725715 |

6655

552

6151

69 I17

5193

611

201,30696,48296,48276,8272.060

17,5940

104, 824104, 82461,68628,45514,684

0

36, 72375,400

267145

142,15140, 67940,67927, 510

2,51510,654

0101,472101,472

32, 71932. 26036,493

0

281810

48,096133, 530

390104

95, 50 95. 7697. 28 97. 4961. 72 61. 68

496180309240

491172307238

2,068

2,06687

891968

20

1,9791,932

4700

39336 1SiSI

12 i

2 !

000

2,531

23

15

2926

1514

I161,645103,072103,07258,600

044, 472

058,57358,573

6,01849,925

2,6300

|26 I17 !9 |

60,862 28,81153,672 ! 203,704

257141

26185

300240

96.0897. 7562. 51

310240

4, 975

153

1863

069442401

04. 9581,019380(

977 i085 i085 !446 |

0 |639 |

893 I393 i437 '400556500 :

_ !

l\

121265265434

856Soft846645365

' 36. 03G'79 815

310260

06.18 | 96. 4897.83 ! 98.0862,97 I 63.lt;

' Revised . « Less t h a n $500,000.J F c r revised d a t a for A u g u s t - D e c e m b e r 1941 see p . S—17 of the October 1942 Survey . Revisions for Jan nary- ,July 1941 are available upon request .^Comple te reports are now collected^semiannual!y; d a t a shown for Augus t -November 1942 are est imated on basis of reports for a small n u m b e r of large firms.

~ " ' ' " ' " ' ) holders of Reconstruct ion F inance Corporat ion notes of Series P , m a t u r i n gi Exc ludes offering of $502,983,000 1% Treasu ry Notes of Series A-1946" which were allotted to 1N o v . 1, 194.1, and of C o m m o d i t y Credi t Corporat ion notes of Series E , m a t u r i n g N o v . 15, 1941.

1942

Novem-ber

1941

Novein- j Decem-ber I ber

1942

Janu-ary

Febru-ary March Julv

FINANCE—-Continued

SECURITY MARKETS—Continued.

Bonds—Continued

Prices—C on tinned.Standard and Poor's Corporation:

Industrial, utilities, and rails:High grade (15 bonds)..do!. per $100 bond.Medium and lower grade:

Composite (50 bonds).-_ — . . _ d oIndustrials (10 bonds) —do—Public utilities (20 bonds) .do.—Rails (20 bonds) — — . . . do.—

Defaulted (15 bonds).. — ..do... .Domestic municipals (15 bonds) do

U. S. Treasury bonds.._„___ . ..doBales (Securities and Exchange Commission):

Total on all registered exchanges:Market value ___thous. of dol..Face value . . . . . __do—

On New York Stock Exchange:Market value.... — „ d o —Face value . ...do

Exclusive of stopped sales (N. Y. S. E.),face value, total thous. of dol..

U. S. Government. . do_._-Other than U. S. Govt., total, —do—

Domestic .__ . . . . . . d o . . . .Foreign . do

Value, issues listed on N . Y. S. E. :Face value, all i ssues . . . __mil. of dol..

Domestic.— . .—do—.Foreign.... . .do

Market value, all issues.. . d o . . . .D o m e s t i c . . _ . - . . . . - . - _ . _ _ _ _ . - . .do .__ .Foreign . . . . . . . . . . do. . . .1

Yields: !Bond Buyer: j

Domestic municipals (20 cities)__.percent. JMoody's: j

Domestic corpora te . . . __do.__- jBy ratings: j

A a a . . . . - do |Aa._ — _—._..do....1A ........do.—JBaa.— do !

By groups: |Industrials . . . . . _.. do ;Public utilities..... ._ _do |Rails _—do—.[

Standard and Poor's Corporation:Domestic municipals (15 bonds) ..do i.

U.S. Treasury bonds:Partially tax-exempt.. _.___.do—_jTaxable* , ,. . . . .do I

Stocks |

Cash dividend payments and rates (Moody's): !Total annual payments at current rates (600 |

companies)... . .mil. of dol. . JNumber of shares, adjusted _._.millions..Dividend rate per share (weighted average)

(600 cos.)--— — ——.dollars-Banks (21 cos.) ._._. . . . . . .doIndustrials (492 cos.).... — d o . _ _ .Insurance (21 cos.). — — — do.....Public utilities (30 cos.) . . . . . .—.. . . .do. . . .Rails (36 cos.)... —_—do____

Dividend payments, by industry groups:* jTotal dividend payments. __..__.mil. of dol.-i

M anufacturing do.... jMining..... do jTrade...,. . „ . . . . . . . . .do IFinance ........__.__.__„___ do_-_-|Railroads... ._._..._____. do....IHeat, light, and power .____...do jCommunications. __.. . ._.. ._. doM iscellaneous- _ ___..__..._ ._.-do....l

Prices: |Average price of all listed shares (N. Y. S. E.) |

Dec. 31,1924=100--IDow-Jones & Co., Inc. (65 stocks) I

dol. per share.. IIndustrials (30 stocks).... ...do..__|Public utilities (15stocks) . . . . . . .do . . . . !Rails (20 stocks).... — . — — . d o . . . . |

New York Times (50 stocks)_...._._...do....Industrials (25 stocks) ...._..._do.._.iRailroads (25 stocks) — _ d o . —,|

Standard and Poor's Corporation: !Combined index (402 stocks). 1935-39=100...!

Industrials (354 stocks) .._.do___.iCapital goods (116 stocks)...._...do....!Consumer's goods (191 stocks).....do..._I

Public utilities (28 stocks).—. do....;Rails (20 stocks).. — do !

Other issues: |Banks, N. Y. C. (19 s tocks) .—..do. — .Fire and marine insurance (18 stocks) |

1835-39-=100.-!

109. 4

98, 513207,713

87, 421192, 439

169,301229

169,072157, 26911,803

67,15664,0883,067

64, 54462, 543

2, 001

3. 31

2. 792.943.244. 25

2.933,063,93

2.062.34

,647.30938.08

1.762.813.692,691.741.96

159.0101.3

3.54.4

11.73.2

31,01.4

50.6

38. 81115.3114.1628.1380.13

139 2321.03

119.2 :

99.4 i105.9 !107.484.924.8133.4112.4

161,048

76,382145,446

140,7461,470

139,276125,69413,582

57,82153,6464,17554, 81352, 7322,080

1.93

3.26

2.722.863.194.28

2.853.043.91

1,90

1.852.22

117.5 :

97.4 i105.0 !104.782.421.9125.9110,7

134,712 I

277,038 I116,561 |251,650

224, 7371,781

222,956205,25117,705

58,23755,0803,15755,03453, 2571,777

2.24

3.35

2.802.953.274.38

2.943.123.99

1.972. 37

117.5

99.2 !106.7104.186.924.1124,4110.1

117.1

106.9104.487.725.6120.1108.9

116.7

98.8106.1101.888.627.6

119.7110.2

117.8

99.3 i107.1 i102.3 i88.4 I26.7 !

122.1 !110.5 !

117.7

98.9 !107.4 i102.287.126.4

122.1110.7

118.0

98.1107. 7103.583.024.0123.3110.7

118.9 !

98.9 I108.4 !104.583.9 !25.5 ;124.4 !110.2

118.7

99. 3108. 7104 185. 227 1125 4109 9

119.0

100.7109.8105.8S6. 429. 4

125.9!0't 8

125,744 | 89,449 | 137,003 I256,089 | 178,409 j 306,812 ;

111,586 i 78,643 j 121,066 \237,263 | 165,002 j 286,211 i

219,955 !1,138 I

218.817 !206,145 :12,672 :

59,07655,924 !3,152 I56,261 !54,419 i1,842 '

158,357 ! 263,055944 j 879

157,413 262,176 j148,551 I 249,192 !8,862 I 12,984 !

60,532 j57,411 |3,121 f

57,584. !55,793 !1,791 >

2.36 j

3.35

2.83 '2.96 !3.30 !4.29 \

2.973.133.93

2.33

2.012.37

2.51 I

3.35 i

2.85 j2.98 I3.29 |4.29 j

60, 57957,4713,108 |58,14056,3081,832

2.38 :

3.37 I

2.86 !3.00 j

3,32 !4.30 !

2.98 ! 3.003.15 ; 3.173.94 3.94

2.55 j

2.092.39 '

2.58

2.00 j2.35 ;

99,075202,862

86,629186,165

174,011545

173,467162,31111,156

60, 57257,4663,10557,92456,0511,872

2.33

3.34

2.832.983.304.26 ;

i

2.96 I3.133.95

2.98 i2.34

91,838179,690

80, 772165,276

156,658953

155, 705138,59717,109

61,956 j58,852 i3,105 I

59,258 |57,359 I1,899 I

2.33 ;

3.36 j

81,804 80,306 I151,865 155, 111 j72,623 | 71,249 1

139,586 ! 142,932 i

133,776407

133,369124, 676

8,694

61,89958,8043,096

59,11257, 201

1,911

3.37

2.85 ! 2.853.00 i 3.013.31 \ 3.314.27 I 4.33

2.97 |3.13 I3.97 !

2.45 j

1.97 !2.35 i

2.973.124,03

2.38

1.972.33

125.605299

125,306119,068

6,238

63f 99260,9033,089

61, 27859,3721,905

3.35

2.83 I2.99 ]

3.284.30 :

2.943.094.02

2,32

2.002.34

S3, M'2 124,075173.629 3!*;, 52675,610 112,301

162,734 MO.auC.

159,938 27(>. 812149 215

159,490 27*\, 567 ,152, 41S 26s, 643

7, U72 7. 921

05,277 65,256(52, 198 t»2. 1823.079 V>74

ti2, 720 t>2, 7iH)CO.790 '»<). S3U

1,924 1.931)

2, 15

•i : \ i

2 812. 99

2 943 093. 98

2. 022. .".4

\ 264 26

2.953. OS

2 032.31

1,889.13 |1,&27.69 1,926.59 1,857.45 1,850.15 |l,805.62- - - • - • — --- -- --- -- 93808 I 93808938.08 | 938.08 938.08 938.

2.013.002.052.621.821.58

2.052.882.092.691.811.77

8.08 I 938.08I 1,701.40 11,675.01 11,675.81 1,646,14 ji. 643. 75| 938,08 ! 938.08 | 938.08 \ 938. OS ( 938.08

""160. 6 ! "852.3 I!

2.05 i2.88 !2,09 !2.69 ;1.81 !

1.77

'291.086.4 | 550.0 95.34.94.3

18.87.0

'33.21.44.6

51.6

39.53116.9115.9327.9287.92

145. 6620.19

00. 350.054.353.6

'42. 3'16.924.9

48.7

36.92110.6714.3825.3379.17139. 8618.47

77.478.678.774.274.568.4

71.873.876.367.666.261.0

78.5

111.5

72.1

106 1

2.0 •15.160.528.0

'39.147.13.9

49.2

37.86111.1114.4128.0177.09

133. 7720.41

72.674.378.668.866.169.0

73.8

107.6

1.982.88 '1.99 !2.69 !1.81 j1.77 [

148.4 :

61.7 ;

3. 1 '8.7 :

30.37.7

31.2 i

3.'6

47.8

36.79 ,107.28 :13.8327.8574.46128.67 !

20.26 ;

69.9 :71.074.8 I66.264.5 '68.4 ;

70.9

101.7

1.972.811.982.691.801.77

-317.U

18.3r 3l .y'16.5

44.5

34.54101.6212.1526.0969.17

119.6518.69

66.067.270.863.960.565.0

62.6

95.9

1.922.811.932.691.771.77

1.812.811.792.691.751.66

1.792.811.762.691.741.66

1.79 I2.81 i1.75 |2.691.741.75

'313.9 I '123.4 ) '404.5 | '335.8134.4

4. 615.842.620.6

' 43, 6•"47.7

4.6

42.6

32.9297.7911.0624.56 !67.52 i

117.45 |17.59 \

63.3 I64.8 j67.8 j61.8 i56.5 I61.1 |

60.4 j89.5 ;

66.61.83.8

11.91.9

'32.11.43.9

44.6

33.1298.4211.6824.2968.30

119.2517.35

63.264.766.362.957.260.3

62.5

90.6

224.1 !30. 2 j30.626.3 !32.3 I'37.7 !'15.0 I8.3

45.3

34.20103.7511.9323.5971.07125.0517.10

66.168.269.067.658.859.0

66.3

97.2 |

139.73.4

14.654.930.0

'39.847.86.2

46.6

35.54106.9411.75 i25.63 i73.26 !

129.42 |18.71 |

68.2 I70.6 I71.5 |69.2 !58.4 !62.9 |

67.9 |

98.5 j

1.752.811.712.691.741.75

r ] 53. 071.83. 53.9

29.38.9

r 30. 91.43.3

47.2

35.46106.0811.5126.1973.10

126. 9319.26

68.370.571.068.958.865.4

70.5

98.5

119. 3

102. !111.2107. 1

126..',J09

1 3 1 , 7 T 1

122, Us

200,93)218

206, 68425S. 301

8, 323

67, 20"/

62.'.)()(»1. IMS

2 M'2 '•"3. 2)1.21

2 9 1;; 07,i. 92

2.811.70 .2.69 ,1.73 ,J.79

r 335.0199. y2f>. (i31.220.010.8

r 29. 9r 10.9

48.2

36.00107.41 |11.76 i26.76 j

74.40 |128.65 j20.16 |

69.4 !71.6 |71.3 |69.659.5 j66.7 I

74.1 |

100.6 j

, 6 J.">. (J793S 0>

1.752. 811.702. t»i*1 731. s.",

' 12S21.9

r 14..{' 43. 2' 17.8r 17. -i

51.1

38. 37113.5)13.3528. 6579.0t>

136.5621. 55

74.276. 577. (>72 76:1772. 7

104,7

' Revised.* New series. The new bond series represents the average yield of taxable Treasury bonds (interest subject to both the normal and surtax rates of the Federal income

tax) neither due nor callable for 12 years; this average started Oct. 20,1941, following the issuance of the second series of such bonds. For available earlier data for the new serieson dividend payments and a description of the data, see pp . 26-28 of the November 1942 issue, except for revisions in 1941 data as follows (mil. of dol.): Total—Jan, 292.4;Feb. 146.3; Mar. 382.9; Apr. 315.6; May, 129.1; June, 448.8; July, 361.4; Aug. 162.3; Sept. 387.9; Oct. 400.9. Heat, light and power—Jan. 50.2; Feb. 35.9; Mar. 42.2; Apr. 46.7;May 37.0; June 34.7; Jul y 48.3; Aug. 32.9; Sept. 32.2; Oct. 41.5. Communications—Mar. 14.6; June 15,8; Sept. 14.6.



1943

Novem-ber

1941

Novem-ber

Decern-! ber

1942

Janu-ary

Febru-ary March j April June July Sep-

FINANCE—Continued

SECURITY MARKETS—ContinuedStocks—Continued

Sales (Securities and Exchange Commission):Total on all registered exchanges:

Market value _ .thous. of dol .Shares sold thousands..

On New York Stock Exchange:Market value thous. of doh.Shares sold _. _ thousands. _

Exclusive of odd lot and stopped sales(NT. Y. Times) thousands-

Shares listed, N. Y. S. E.:Market value, all listed shares mil. of dol._Number of shares listed millions..

Yields:Common stocks (200), Moody's percent..

Banks (15 stocks)...- .doIndustrials (125 stocks). doInsurance HO stocks) doPublic utilities (25 stocks).. doRails (25 stocks) do

Preferred stocks, high-grade (15 stocks),Standard and Poor's Corp percent..

Stockholders (Common Stock)American Tel. & Tel. Co., total number..

Foreign ._.__..doPennsylvania R. R. Co., total . do

Foreign . .doU. S. Steel Corporation, total . d o . . .

Foreign doShares held by brokers percent of total..

411,31222,053

352, 28317, 310

13, 437

37, 3741,471

5.95.25.54.57.18.0

509,04026, 636

422, 42319,099

15,052

37,8821,464

5.26.94.1

1,085,59962, 676

929,04646, 891

36, 387

35, 7861,463

7.35.47.34.57.68.2

4.15

633, 588281

205,0121,447

163,7322,58425.40

512,50328,359

466, 93222,236

12,994

36,2281,467

7.25.37.44.57.67.2

r

296,40814,018

251,18710,610

7,926

35,2341,467

7.24.67.77.4

4.24

341, 23016, 391

287, 78512,175

8,580

32,8441,469

7.76.07.75.08.58.2

4.38

637,0205, 230

205,3041,409

164,0132,59624.90

272,88913,613

226,18710, 079

7,589

31,4491,469

7.86.1

5^38.98.3

4.52

265, 45512, 625

226,1029,685

7,229

32,9141,469

6.95.76.74.98.27.8

4.48

273, 27912,838

232, 9479,932

7,466

33, 4191,470

6.65.66.44.88.47.8

4.40

639,1525,214

205. 2591,374

164,0392,58024.90

302,18114, 033

258,53510,964

8,374

34, 4441,471

6.45. 56.1

8^27.7

4. 32

253,21112, 553

214, 2179,489

7,387

34, 8721,471

6.35.16.04.78.07.5

4.27

284, 99515, 381

241, 51711,903

9,450

35, 6051, 471

6.14.95.84.57.97.3

4.27

041, 3015,184

205, 4051,367

163, 7542 57724.88

465, 93724, 753

400, 47519, 610

15,933

37, 7381,471

5.85.05.54.47.27.0

4.23

FOREIGN TRADE

INDEXESExports of U. S. merchandise:

Quantity . 1923-25 = 100..Value do...Unit value do...

Imports for consumption:Quantity ._ . . . do . . .Value _._ __do._.Unit value do.. .

VALUEExports, total incl. reexports thous. of d«L_

Exports of U. S. merchaEdise . . . .doGeneral imports __doImports for consumption ___do._-_

785, 092779, 275167,543183, 227

491,481,280,276,

16312979

1298767

818630538237

»214»17180

15610668

'651,555i635. 179343, 794338, 272

148127

1178069

145128

1077570

479,464 »• 478, 355473.521 ' 474, 720253.522 '2S3.546255,996 j»-239, 529

190 ;162 |85 ;

i110 I79 I72 I

205 !18590

957073

15313991

610,973 695,355 I 525,116604,945 687,658 | 519,168272,111 ' 234,085 j'190,609252,050 |r 222,819 186,159

18316589

866373

618,965613. 572219,911205,024

19516786

r 628,681'623,801214, 384'210,257

702,340696,005184,432

••191.759

718,187712,135••195,689'199,221

770, 036768, 912199, 392

-•230,013

TRANSPORTATION AND COMMUNICATIONS

TRANSPORTATIONCommodity and Passenger*

Unadjusted indexes:Combined index, all typesj 1935-39 = 100.

Excluding local transit lines+ do.._Commodity % doPassenger t do . . .

Excluding local transit linest do . . .By types of transportation:

Air, combined index.. . do . . .Commodity . . . . do . . .Passenger. do. . .

Intercity motor bus and truck, combinedindex t 1935-39 = 100.-j

Commodity, motor truck J do !Passenger, motor bust do

Local transit linos, passenger doOil and gas pipe lines, commodity doRailroads, combined index .." do

Commodity doPassenger . do

Waterborne (domestic), commodityj.doAdjusted indexes:

Combined index, all typest doExcluding local transit linest do

Commodity i . . . . . . . doPassenger! do

Excluding local transit lines! doBy type of transportation:

Air, combined index . do . . .Commodity . doPassenger . do

Intercity motor bus and truck, combinedindex! 1935-39 = 100..

Commodity, motor truck} doPassenger, motor bust . . . do

Local transit lines, passenger doOil and gas pipe lines, commodity do

149155157126139

254217278

165174144116133155159128133

146151150134159

270223302

161162158114134

146149147143166

260261258

17217715912313615114916487

149154153137161

292250320

166170156116135

149152151141163

261258263

17017814912414015715616464

153158156146175

332279367

172171173122137

152156155143161

270273268

16317812712814216416317353

158163160149180

321276350

169175156124133

158162161148169

311292324

16416515913113017317416559

163169166154189

336282372

176173184125125

169174172363197

349303380

17116019913612618518518492

172179176161199

353298388

182172206130123

176183179169210

326311337

169154206135123197196205108

178185181170215

316308321

183167222134123

182189182181233

287324263

184166228137123202198234113

181188182179227

261316225

184172215139128

189197188193264

196205194203284

302349270

209180280134

209203256114

188194187191

286363236

19518422114812S

326

372 i

296 |

215 i191 !273 1136 !129 |218 j2092891.13 I

192 '199189203265

298372245

201193220151132

201210198208289

337390301

142131224214304110

194201190200279

300391251

202190233147135

206214203212285

335392298

210200234151135230221311105

198205193212288

308383258

205187248149140

r Revised.1 Figures overstated owing to inclusion in October and December export statistics of an unusually large volume of shipments actually exported in earlier months.• New series. For a description of the transportation indexes and earlier data, except as noted, see pp. 20-28 of the September 1942 Survey.t Revised or added since publication of data in the SeDtember Survey; earlier indexes will be published in a subsequent issue.



Monthly statistics through December 1941, to*gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey

1942

Novem-ber

1941

Novem-ber

Decem-ber

1942

Janu-ary


temberOcto-ber

TRANSPORTATION AND COMMUNICATIONS—Continued

TRANSPORTATIONCommodity and Passenger*—Con.

Adjusted indexes—Continued.By type of transportation—Continued.

Railroads .1935-39=100.Commodity - - . . _..,.__do---Passenger _._-_._. do . . .

Waterborne (domestic), commodityj-do-.-Ex press Operations

Operating revenue thous. of dol.Operating income __ do._.

Local Transit LinesFares, average, cash rate cents-Passengers carried _. thousands..Operating revenues -thous. of dol..

Class I Steam RailwaysFreight carloadings (Federal Reserve indexes):

Combined index, unadjusted 1935-39=100 -.Coal ._. .doCoke . . . . . doForest products doGrains and grain products. . . doLivestock .doMerchandise, 1. c. 1. .doOre _ doMiscellaneous ..do

Combined index, adjusted. _ doCoaL. doCoke do. .Forest products _..doGrains and grain products doLivestock doMerchandise, 1. c. 1 .doOre - . - . . . doMiscellaneous do

Freight-car loadings (A. A. R.):1Total cars .thousands

Coal doCoke doForest products . . . ___...do.. .Grains and grain products .doLivestock doMerchandise, 1. c. 1 doOre do. . . .Miscellaneous _ ..do

Freight-car surplus, total... __ doBox cars doCoal cars do

Financial operations:Operating revenues, total thous. of dol.

Freight . . .do.Passenger._ do.

Operating expenses . doTaxes, joint facility and equip, rents. . .do.. . _Net railway operating income doNet income do...Operating results:

Freight carried 1 mile mil. of tonsRevenue per ton-mile . cents..Passengers carried 1 mile millions.

Financial operations, adjusted:Operating revenues, total mil. of doL

Freight . . . . . .do. . .Passenger . ____do___

Railway expenses . . . . d o . . .Net railway operating income. do.. .Net income ,. do. . .

7. 8060,086,388

1401391861381231445920615013412517614012611458221144

3,2366495716416878356230

1, 534532814

690,108534, 762108, 060406, 389134, 770148, 949

8.7979137

Waterway TrafficCanals, New York State_.thous. of short tons..Rivers, Mississippi (Gov. barges only) . . .do.- . .

TravelOperations on scheduled air lines:

Miles flown . . . . thous. of miles..Express carried thous. of lb_.Passengers carried number..Passenger-miles flown. thous. of miles

Hotels:Average sale per occupied room dollarsRooms occupied percent of total..Restaurant sales index 1929=100.

Foreign travel:CJ. S. citizens, arrivals number..U. S. citizens, departures doEmigrants doImmigrants doPassports issued©" . . . . . . . . d o .

National parks:Visitors . doAutomobiles . . . do . . . -

Pullman Co.:Revenue passenger-miles.... thousands..Passenger revenues thous. of del..

r Revised.JSee note marked "$" on p. S-20.IData for January, May, August, and October 1942 are for 5 weeks; other months,cf Beginning February 1942 data include passports issued to American seamen.*£ee note marked with an "*" on p. S-20.

" I"

153153151120

11,90495

7.8005856, 77361,671

1411351681431151171011991501351211591461189399

204144

' 3,423'627

' 5 1^170" 158' 6 2

' 609^217

' 1. 528612818

457,012385, 24140,519

335,61452, 63368,76529, 226

46,032.904

2,299

476.0398.745.1

403.172.933.1

534240

11,5011,689

324,546115,825

3.6169

114

9,3058,748

9452,2565,177

129, 89039, 383

763, 6244,776

155155154116

14,051131

7.8005941,92468,133

128125182129113979669

138137111167145124101100246149

3,046575

5415315553

58277

1,396752732

479, 560389,223

53, 868352,532

46, 48080, 54955, 492

44, 545.943

3,055

486.2403.249.4

409.876.436.6

0119

10,8552,386

298,680111,077

3.3961

103

10, 79911,316

6862,5814,549

59,81218,152

1,017,6165.608

160159165112

11,80979

7.8005946,31568,637

1291361841401259593461341401191531561429997186152

3,85879771

2082126571165

1,729602222

480,691392, 57155,697348,78162,94468,96626,130

46, 666.9143,078

495. 3406.653. 6

413.182.340.0

11,1272, 531

300, 900113,135

3.4071107

9,4567,871408

1,9545,145

60, 76717, 477

1,273,8226, 929

I

168167182101

11, 58290

7.8033885,12865,004

12913218415311076964713513911615015913195100187151

3,123629571851544259752

1,407592220

462,486377, 59354, 746

327, 65368, 34766, 48623, 716

44,109.926

2,895

518.9423.960.1420.398.657.7

9,9792,170

286, 435104,220

3.3970101

6,7235,754448

1,9246,020

59, 33816, 821

1,208,1626, 421

4 weeks.

17717618199

11,97677

7.80331,003,196

72, 561

129125175149102779273

1391361221681491199792

282143

3,171610

5518414643

58472

1,477582317

540,118445,49059,106

360, 01187, 74992,35946,888

51,853.924

3,070

541.7443.063.0

445.796.152.4

0100

11,3522,560

371, 398139, 061

3.3070

100

8,74510, 222

5321,5606,881

60,«0817, 760

1,288.8586,935

19019118489

12,13479

7.80601,004,698

72,668

1361351761591009081

21814214316020015911710180

267141

3,351645

5619614150

525235

1,503562812

572,531468,007

66,116366,756103,741102,03457,890

53,631.937

3,427

584.2474.8

71.3471.5112.770.3

201206

11,3402,884

428,153158, 218

3.6471

121

7,2986,807

4621, 6997,923

94,19228, 203

1,380,2557,784

19919920584

12.31261

7. 80601,034,36175, 512

138139181161

623031441431641971551159862289142

4,1718307024517462492420

1,878704210

601,002487,98274,345375,440115,933109,62863, 668

58,517.9003,822

617.8499.481.0486.5131.287.9

401251

10,8473,076

369,776144,947

3.2672121

137,18741, 196

1.445,5068, 092

20319923484

12,16872

7.80601,015,72276,494

139135179165111816031814514116019915911310360183144

3,3866615720415445378359

1,5288255

623,687501,34382,268378, 472126,484118,73177,691

57, 304.9314,238

627.4508.679.4499.5127.984.2

462225

7,3533,097

240,916109,253

3.437112S

7,11,

1,7

569145389673880

7, 4595,147

5852, 593

16, 244

221,69767, 454

1,496,0488,509

210204256

12,17076

7. 80601,023,16777, 400

1421321771731387657325148142155205172959057180149

3,3226055420319440346363

1, 5176743

665,182533, 08691, 939390, 477141,703133,00189, 632

60, 713.9364,765

642.8519.482.0518.7124.079.2

584257

8,0793,534

262, 715116,104

3.4569125

9, 2034, 935419

2,19515, 042

342, 04398,147

1,471,500 1,843,3268, 903 9, 038

214205289

12,106

7. 80601,038,784

78,399

1441361751731291005730815214315420816510610657176152

4,3518256927022868449440

2,00159405

683,807537, 412103,463399,292149,250135,26489,243

62,405.917

5, 395

668.9534.292.3539.3129. 584.6

461247

8,4513,927

283,145127,393

3.7475143

7, 0315,005344

1,93211,635

330, 54094,102

217206304

84

12, 92288

7. 80601,048,977

78, 782

15214218416713913557

30416213613518815412610255

174146

3,504661

5619918871

347336

1,64739255

697, 792546, 791104, 971399, 706143, 455154. 632105,190

61, 934. 941

5, 500

662. 6517.9100. 4534.7127. 981.8

544196

8, 0994, 375

273, 022125, 327

3. 7078

134

10, 3934, 400

4232, 336

19,128

210, 02(162, 910

,925,459in IRQ

22121031183

13,319

7. 80601,157,621

85, 257

15013818015813916958

26016313312118014913011056

' 221144

4, 512837

71244247118460373

2,16230175

745, 584587,612108, 322416, 430

r 144,439«• 1S4,715

134,900

66, 019

660.8501.9113.0533. 3127. 5

436r 222

S, 4084, 341

273, 162128, 329

3. 7380

135

7. 9025, 190

4632, 147

14,667

76, 65924, 178

1,061,986H » A A A




1941

Novem-ber

Decem-ber

1942

Janu-ary

Febru-ary March April May June j July August Septem-

ber

TRANSPORTATION AND COMMUNICATIONS—Continued

COMMUNICATIONS ITelephone carriers: |

Operating revenues tfaous. of do!.. \Station revenues ...do 1. . . . . . . . .Tolls, message..... .do !

Operating expenses...... doNet operating income ..._ doPhones in service, end of month.thousands..

Telegraph and cable carriers: jOperating revenues, total. thous. of doL.I

Telegraph carriers, total doWestern Union Telegraph Co., revenues

from cable operations thous, of dol..Cable carriers.. do . . . .

Operating expenses ._.-_...„._-do_._.Operating income . . do . . . .Net income _. - -- -do

Radiotelegraph carriers, operating revenuesthous. of dol

119,81877, 29232, 52679, 65119,64521,067

11,58310,436

5331,147

10,276390

1,197

128,99380,22937, 78287,30732, 53221,206

15,44814,089

7341,35912,0032,2151,488

1,442

128,25779,97437,44182,93521,16621,362

12, 73211,563

6201,16911,054

58561

1,163

123, 86077,77134,96179,41421,30721,481

11,69710, 724

565972

10, 246465'65

1,092

130, 34779,69839,47184,21,21,

1311,

1

365647595

074940

663134

10,889918480

915

131, 72780,26440,2078421,21

372596702

13,58712

111I

1

553

661035188088572

032

133,07680,07041, 61685,65522, 26421,815

13,87712,824

6581,05311,639

905

1,108

134,21680,07842, 37985,54222,16721,888

14, 39813,151

6781,24811,7181,216787

1,204

135,65279,41544, 57989,37021, 33921, 941

14,37513, 296

7091,08011,967

958454

993

135,32878,89744, 66686,43922, 63222,048

14, 28213,254

7121,028

11,9321,031501

138,01580,41345, 68087. 83222. 84622, 140

14,61713, WO

1,01811.9121,384

94t3

961

142,86482, 50748. 16189. 26020 337

CHEMICALS AND ALLIED PRODUCTS

CHEMICALSMethanol:

Prices, wholesale:Wood, refined (N. Y.) dol. per gallon..Snythetic, pure, f. o. b. works... do

Explosives, shipments . . . . . . . . thous. of lb_.Sulphur production (quarterly):

Louisiana >..__ ion? tons..Texas .do.. . .

Su If uric acid:Price, wholesale, 66*, at works

dol. per short ton..

FERTILIZERSConsumption, Southern States

thous. of short tons..Price, wholesale, nitrate of soda, crude

f. o. b. cars, port warehousesV.dol. per cwt..Potash deliveries...-. short tons..Superphosphate (bulk):

Production. ..doShipments to consumers. doStocks, end of month ...do

NAVAL STORESRosin, gum:

Price, wholesale " H " (Savannah), bulkdol. per cwt.

Receipts, net, 3 ports bbl. (500 lb.).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 mouth . . . do . . .

OILS, FATS, AND BYPRODUCTSAnimal, including fish oils:

Animal fats:Consumption, factory.. ..thous. of lb.Production . do... _Stocks, end of month . .do . . .

Greases:Consumption, factory.... . do.. .Production do.. .Stocks, end of month . do. . .

Fish oils:Consumption, factory . do. . .Production . do. . .Stocks, end of month.... do. . .

Vegetable oils, total:Consumption, crude, factory. mil, of lb.Production...._._. . . do.. .Stocks, end of month:

Crude . . . . . . . do . . .Refined . . do.. .

Coconut or copra oil:Consumption, factory:

Crude . . . . . thous. of lb.Refined do. . .

Production:Crude . . do. . .Refined... do.. .

Stocks, end of month:Crude . . . . . . . . d o . . .Refined . . . . . . . do.. .

Cottonseed:Consumption (crush)... thous. of short tons.Receipts at mills.... do. . .Stocks at mills, end of month. . do. . .

0. 58.28

41, 477

297

1, 650

3. 4619,432

267, 144

. 706. 047

51.913

108, 682255. 989286, 358

41,33345. 693

104,916

23. 845208, 237

355419

', 639!. 151

>. 20S!, 684

138. 142

714S33

1.714

16.50

1.65053,646

419.94687,581

1,050(633

2.6434,516

297,168

.765,999

18,955

0.58.28

38,879

135, 285802, 576

16.50

267

1.65059,897

487,55880,113

1.049,268

34, 637270,383

.7312, 23115, 676

M350,722. . . 1761,446

. . . . . . '461,497

U18, 673U40,9911105, 815

i 54, 51381,685

»189,916

i 1.106i 1, 205

i 902i 450

1184,737i 79, 028

' 583r 675

• 1,439

i 80,366i 97, 464

1178,483i 16, 248

505361

1,293

0.58 ! 0.58.28 .28

36, 720 37,681

16.50

1,030

1.65057,113

487,16477,725

1,082,860

3.1630,214

269,496

.766,357

26,594

16.50

1,003

1. 65051, 402

457, 302146,846

1,017.847

3.2219,862

257, 926

1,12720, 496

0.58.28

36,453

110,115725,579

18.50

1,060

1.65056,386

0.58.28

41,045

678

1.65044,994

480,018 431,634204,855 ! 254,239911,507 730,135

3.06 i 2.893, 733 16,353

250,110 239,817

.73784

16, 675

1395,9671776, 5421445,114

»125,047U40, 1051100, 330

i 50,176

.654,55017,010

1 7,128 I1171,398

i 1,048 Ii 1,018

i 895 !i 513 !

113,64349. 437 :

45, 392 {.65,072 |.

135.790 !.15, 131 i.

474 !218 !

1,037 !

413144

317 !52 i503 ! 301

0.58.28

40. 545

16.50 ! 16.50

287

1,65029, 714

440, 685147,473760, 761

2.8218,44945.086

.616, 55417,758

14421177

0.58.28

42,101

163, 810774, 706

0.58.28

40, 409

16. 50 16. 50

I148

1.65062,959

453,09578,577915,172

2.9521, 686237,420

.638,021

22, 817

1379. 256'699,6731365,870

1135,0201141,1871102,044

• 42.798i 11, 7131160, 540

l 744i 710

i 761i 521

i 35.085i 12,995

i 17,740i 13,512

U26, 087i 10, 017

27116

1.65059, 224

445, 60372, 332

1,067,747

3.1026,872

229,436

.6411,46632,164

104,890247.889393,452

39,94546, 259106,004

16, 06710,342

162,869

210214

729458

9,3163,294

()3,715

129,7039,325

622781

0.58 0. oS.28

41, 709 42, 571 : 41. 4')7

| 148.570 ' ...! 739, 665 '•....

16. 50

66

1.65059, 371

501,59298,287

1,070.785

2.9135,415

245, 937

.6110,42139, 821

120,265213, 963368, 527

46, 24541,313107, 787

14,57027,575178,219

212212

726373

10, 0265,218

(*)4,289

128, 6026,988

93157145

1. 651.)56. 439

1.59, S

•520, 558 j 504, 8522 150. 599 I 179. 25J'1,175.835 11,158,092

3.30 I 3 . 5 M24, 713 i 18, 922

250, 079 263, 434

9. 29045. 705

137. 997220 217311,526

42, 54942, 0S6104. 02*

15. 31927. 291178, 247

764:-; 12

7. 3522. 742

121.2628, 141

5291.085701

136, 624223, 747289, 743

51, 23945. OS496. 432

14. 49620,S95

207. 131

• Not available. d Deficit. r Revised.1 Q.uarterly data. Data compiled monthly beginning July 1942.2 Data beginning September 1942 include a certain amount of superphosphate formerly reported in dry and mixed base goods not previously included with bulk super-

phosphate. The stock figure as of August 31, comparable with September data is 1,129,790 tons; no other data are available for comparison. Data are currently reported onan 18% A. P. A. basis and are here converted to a 16% basis so that they are comparable with prior figures.

•This price has been substituted beginning 1935 for the one shown in the 1942 Supplement. Revisions for January 1935-July 1937 will be shown in a subsequent issue.There has been no change in data beginning with August 1937. Prices are quoted per ton, in 100-lb. bags, and have been converted to price per bag.


.huiuurv 194:5 SURVEY OF CURRENT BUSINESS S-23


1942

Novem-ber

1941 1942Novem-

berDecem-

berJanu-ary

Febru-ary March April May June July A u * u s t tember

Octo-ber

CHEMICALS AND ALLIED PRODUCTS—Continued

OILS, FATS, AND BYPEODUCTS-Con.Cottonseed cake and meal:

Production..,. _ short tons..Stocks at mills, end of month.. . ..do

Cottonseed oil, crude:Production .....tfaous. of lb..Stocks, end of month.. do

Cottonseed oil, refined:Consumption, factory . . ~. do

In oleomargarine . . . . .doPrice, wholesale, summer, yellow, prime

(N. Y.)_. . . . . - - dol. perlb..Production . . . . . . . . . . thous . of lb_.Stocks, end of month . . — d o —

Flaxseed:Duluth:

Receipts. thous. of bu..Shipments doStocks.. . . . . . . . . d o . . .

Minneapolis:Receipts.. do. . .Shipments - doStocks - ---. do

Oil mills:Consumption doStocks, end of month do

Price, wholesale, No. 1 (Mpls.)--dol. per bu.-Production (crop estimate) thous. of bu -.

Linseed cake and meal:Shipments from Minneapolis thous. of lb_.

Linseed oil:Consumption, factory.. doPrice, wholesale (N. Y.) dol. perlb..Production.. .thous. of lb_.Shipments from Minneapolis. doStocks at factory, end of month ....do

Soybeans:Consumption.. . . ...thous. of bu..Price, wholesale, No. 2, yellow (Chicago)

dol. perbu..Production (crop estimate) thous. of bu..Stocks, end of month do....

Soybean oil:Consumption, refined-. -thous. oflb..Price, wholesale, refined, domestic (N. Y.)

dol. perlb.Production:

Crude.... . . thous. oflb..Refined do

Stocks, end of month:Crude... . . . .doRefined. do. . .

Oleomargarine:Consumption (tax-paid withdrawals)...do...Price, wholesale, standard, uncolored (Chi-

cago) . ..dol. per lb.Production.. thous. of lb.

Shortenings and compounds:Production -thous. of lb_Stocks, end of month.. do. . .Vegetable price, wholesale, tierces (Chicago)

dol. perlb.

PAINT SALES

Calcimines, plastic and cold-water paints:Calcimines thous. of dol.Plastic paints . . do . . .Cold-water paints:

In dry form do . . .In paste form, for interior use do . . .

Paint, varnish, lacquer, and fillers:Total do . . .

Classified, total . . . d o . . .Industrial . ,.do.__Trade do . . .

Unclassified . do . . .

317,338117,778

217, 103157, 849

. 140181,960254, 713

8281,6951,437

1. 320252

2, 535

3,99311.254

2.4340, 660

56, 820

40, 198.132

04;25. 560

291,212

209, 55935, 356

49,691

75, 39358, 061

62, 26851, 476

.150

96. 22937, 853

.165

255, 768356, 870

177,833158,692

14, 650

.124

140, 602276, 583

192438

1,691

74267

4,443

1.84

34,360

."161

" 15," 750

1.60

.121

32,147

.14032,503

.153

16140

210278

41,36837, 53118,72718,8043,837

222,533 |380,366 !

154,450 I169,998 |

287,061

206,817370,564

146,676181,533

14,129 | 14,427

.131 i .137136,112 j 119,457314,330 I 322,972

180 i467 i

1,404 |

662 !101

3,897 ,

»13,065 It12, 557 !"

2.00 i2 32,285 .

1736

1.386

1,292311

3.430

53,760 i

146,147 |.108 !

251,723 '

2.23

51,840

17,950 i198,579 ;

119, 232

1.672105, 587

431

.113

22,666

1.83

'98,205 I

.126

1177,217 !108,850 ;

168,450 I

.132

'41,846 j

33,754 |

.14534,638

1315,707»53,351

35, 848

.15435,071

.156 j

217 ;47 j

175 |496 )

41,708 !37,861 i19,200 I18,6613,848

19046

185428

47,04442,03219,19022,8425,012

176,833372,208

128,843170,913

14,738

.139130,622351,683

3249

1,067

704141

3,105

2.33

37,640

.119

"22*250

1.95

.135

31,767

.15332, 541

.165

17236

196323

45,17639y 74517,61922,1265,431

139,742338, 711

101, 526137,975

292,88213,837

.140127, 442389,010

546

1,026

708154

2,634

> 13,425»8, 4772.60

34, 400

153, 620.133

258, 72022,400235,897

* 20, 500

1.86

'»19," 907"

118,285

.135

»188,8051151, 998

* 86,231»56,639

29,721

.15030, 768

»329, 867160, 790

16243

183412

48, 07042, 61718, 89823, 7195,453

97,180311,403

72, 671105, 714

11, 883

.140100, 548402, 540

4105925

490144

2,120

62, 361286,844

47, 058

10, 235

.14171, 502

394, 580

56455527

58590

1,078

2.62

28,880

.141

1.83

.135

26,759

,15028,641

.170

16151

261466

50, 53044,84919,00925,8405,681

2.58

25,840

.141

~3O~666

1.80

.135

23,079

.15027, 600

.170

19349

260594

49,20444,14118,14026,0005,064

38,269250,715

27,53451,291

232,48210,352

.13852,807369,745

129233423

633130826

112,52613,965

2.54

23,440

151,183.139

241,01522,100225,615

118,497

1.72

111,624

123,400

.135

«167,945" 147, 269

178,7191 76,098

23,081

,15027,130

1246,304163.208

.165

17332

268517

31, 384192,910

20, 99634,167

90, 05410, 400

.14036, 661

310,433

40, 845133, 495

28, 23327, 907

99, 52211,312

.13932, 942230,569

241 |

98 !

517236379

447 5,438164 483468 835

3,9814,1972.46

31,440

46, 826.137

76, 78227,900211,087

6, 595

1.72

15,244"

42, 629

. 135

59,84348,061

78, 35073,099

3,8995, 4672.40

34, 200

44, 407. 136

76, 30821, 850

230, 252

6,218

1.71

" 5,931

58,478

.135

57,41362, 407

68,89667, 761

22, 535 24, 379

.15029, 383

95,47756, 823

.165

I . 150I 38,495

125,91850,953

.165

10329

235406

42,22137,98717,17320,8134, 234

219385

41,10636, 93516, 74820,1874,170

224,921146, 533

161, 74890,001

129.95213.487

. 136SO. 512

199. 390

2. 438750

2, 066

5,678465

2, 734

3, 77810,347

2. 43

54, 640

46, 726.134

72,02322,750

242, 879

6,081

1, 120

63,940

.137

55,38960, 879

52. 45655, 134

. 15039, 604

158,10743, 583

. 165

14733

196410

43, 02837, 78217, 24320. 5405. 246

330, (Y2?>134, 136

232, 88S133, 726

135.37715,612

. 137169,490201, 427

2. 6462, 3982,304

5, 564554

2, 780

4, 44511.9382.4i>

47, 240

44, 383. 134

84, 78524, 850273,101

6, 893

25,213

60.393

. 138

64. 45155, 435

51,36451, 234

. 15046, 283

130, 33641, 142

. 165

10045

190481

44, 12239, 18617,90621,2804, 935

ELECTRIC POWER AND GAS

16,

10,5,

34,

454

723730

086368

14, 491

10, 4024,089

13, 0561,435

15, 651

11, 1564,495

14, 2241,427

15,646

11,0504,595

14,1101.536

H,

9,4,

12.1.

102

664438

612491

15, 053

9, 4385,615

13, 3221,731

14,

8,5

12,1,

588

979609

949639

14,991

9,6325,360

13,3261,665

15,182

9,8315, 352

13,3941, 788

16

105

14I,

005

877128

04795$

16,

105

14,0

262

946315

047214

ELECTRIC POWER

Production, total . . .mil. of kw.-hrBy source:

Fuel.. . . .do . . . . 10.723 10,402 11,156 11,050 9,664 9,438 8,979 9,632 9,831 10,877 10,946 1 10,895 Ml,244Water power.... . . . .do. .— 5,730 4,089 4,495 4,595 4,438 5,615 5,609 5,360 5,352 5,128 5,315! 5.219 '5.509

By type of producer:Privately and municipally owned electric

utilities . mil. of kw.-hr.. 14,086 13,056 14,224 14,110 12.612 13,322 12,949 13,326 13,394 14,047 I 14,047 13,804 14,282Other producers d o . . . . 2 , 3 6 8 1 , 4 3 5 ! 1 , 427 1 . 5 3 6 I 1 , 4 9 1 1 , 7 3 1 1 , 6 3 9 1 ,665 1 , 7 8 8 I 1 , 9 5 8 I 2 , 2 1 4 2 , 3 1 0 ' 2 , 4 7 0

' Revised.» Quarterly data. Data compiled monthly beginning July 1942.i Revised estimate.( December 1 estimate.< Superseded effective October 1942, bv regulated price paid by crushers under Government program, operated by Commercial Credit Corporation. The October price

was $l.t>0.

1942

Novem-ber

1941

Novem-ber

Decem-ber

1942

Janu-ary


temberOcto-ber

ELECTRIC POWER AND GAS—Continued

ELECTRIC POWER—Continued

Sales to ultimate customers, total (EdisonElectric Institute) .mil. of kw.-hr..

Residential or domestic . . . . .doRural (distinct rural rates) _. doCommercial and industrial:

Small light and power _doLarge light and power _ do

Street and highway lighting. doOther public authorities doRailways and railroads.. doInterdepartmental do

Revenue from sales to ultimate customers(Edison Electric Institute) thous. of doL.

GASManufactured gas:

Customers, total . thousands..Domestic doHouse heating doIndustrial and commercial do

Sales to consumers, total mil. of cu. ft..Domestic „ doHouse heating.. . . . -doIndustrial and commercial do

Revenue from sales to consumers, totalthous. of dol_.

Domestic. doHouse heating ..doIndustrial and commercial do

Natural gas:Customers, total thousands- _

Domestic. doIndustrial and commercial do

Sales to consumers, total mil. of cu. ft..Domestic _ doInd'l., com']., and elec. generation...do

Revenue from sales to consumers, totalthous. of doL.

Domestic doInd'l., com'l., and elec. generation._ .do

12,3082,266

170

2,1636,672

206281503

47

234,153

10,4289,618

351450

35, 72415,8797,491

12,086

33,69221,9084,2487,373

8,1747,554

617143,34336,976

103,639

46, 46124,65521,433

12,7682,393

148

2,1896, 882

22430156963

239, 611

10,4749,646

367451

39,89216, 20010, 75212,618

36,10722,0426,1917,693

8,2157,585

628160,93750,694

107,125

56,12432, 24223,448

13, 2422,673

145

2,4506,777

217307597

76

250, 526

10,4349,616

344465

43, 70518,26812,29412,796

38,68023,0167,7287,739

8,1717,554

614178,028

67, 790107, 521

67,66542,00025,241

12, 5722,405

156

2,3036,590

187306550

74

237,957

10,4829,651

359463

42, 35717,67211,91712, 425

37, 75921,9247,9607,684

8,1837, 572

609174,389

62, 485108, 679

63,76038,43324,816

12, 5582,244

168

2,1996,828

181306560

72

230, 766

10,4549,626

343471

41, 29617. 62910,22413,129

36, 52621, 6636,9377,734

8,2307,610

618171,97961,451

107, 491

61, 84837, 31221.801

12, 5362.139

206

2,1566,988

15829452569

227,610

10,4639,621

359470

38,16116,8757,722

13, 280

34, 28621,5744,8817,649

8,2727, 656

613152,971

46, 305105, 232

52, 55230,08422, 253

12,4872,047216

2,1247,074

14329452069

225,602

10, 5449,694372466

34,87316, 5345,29612,794

33,14322,4073,0837, 506

7,676607

133,66533,40097, 756

43,73823,24320,135

12, 6702,025

270

2,1607,205

132302509

66

227, 057

10,5429,706

359466

31,98317,1252,604

12,035

31, 24522, 210

1,9186,996

8.1927, 615

575120.78323,86894,151

36, 89318, 01818, 525

13,1662,053

335

2,2477,482

137322522

69

232,460

10, 6089,785

344467

30,38316,475

1,71911,919

30, 20221, 740

1,3327,007

8,2427,664

574119,94020,18097, 251

34,90915, 70818, 760

13, 6502,104386

2,3287,72715136552266

238, 059

13,712 13,9702,157 ! 2, 224355 i 269

2,3227,73515737352392

2, 2127,957

185385560118

240,253 ! 243,094

10, 6569,830

348466

29,60815,954

1,34412,105

29,65621, 375

1,1197,023

10, 6889,850

366464

31,10017,1911,418

12, 267

31,19622, 574

L3167,178

8, 2317,667562

118,13618, 48596, 742

33, 75414, 68318, 695

8. 2687,702

564123.04119, 558

100,828

34,76614,993 !19,424

FOODSTUFFS AND TOBACCO

ALCOHOLIC BEVERAGESFermented malt liquors:

Production.. _ thous. of bbl..Tax-paid withdrawals doStocks, end of month do ..

Distilled spirits:Apparent consumption for beverage pur-

poses thous. of wine gal._Production^.... thous. of tax gal_.Tax-paid withdrawals doStocks, end of month. do

Whisky:Production doTax-paid withdrawals. doStocks, end of month ...do

Rectified spirits and wines, production, totalthous. of proof gal..

Whisky . . . . .do .Still wines:

Production thous. of wine gal..Tax-paid withdrawals do... .Stocks, end of month do

Sparkling wines:Production _ _ . _ doTax-paid withdrawals.... doStocks, end of month do.__.

4, 7054,7178, 253

4, 0718, 583

499, 350

05. 650

480,325

DAIRY PRODUCTSButter, creamery:

Price,, wholesale, 92-score (N. Y.).dol. per lb._Production (factory) t . thous. of 1b..Stocks, cold storage, end of month._. ..do

Cheese: IPrice, wholesale, American Cheddars (Wis- |

consin) dol. per l b iProduction, total (faetory)f thous. of lb__|

American whole milkf doStocks, cold storage, end of month do

American whole milk do....Condensed and evaporated milk:

Prices, wholesale, U. S. average:Condensed (sweetened) dol. per case.Evaporated (unsweetened)_ _ _ _ do

Production, case goods:tCondensed (sweetened). ..thous. of lb_.E vaporated (unsweetened) do

.47'.480

16&

1 3, 881• 4,123• 7, 759

13,93120,768

' 11,115558, 967

' 11,829' 8,149

505, 537

5,9435,040

64.1358,832

193. 275

111137719

.36112, 461152, 484

23271,42656, 334

189,002158,238

5.643.67

8. 720259, 758

4,4214,5217,446

16,94018, 7788,586

567, 403

13,6326,832

511.211

4,5833.772

11,85110,633

183,560

114150664

.35116,659114,436

.23274, 42258, 744

201. 613171, 869

5. 643.67

6,922286, 684

4, 4323,9707,672

15,59318, 5359,233

574, 937

13,0886.519

516, 456

6,0064,627

2,5108,079

176. 627

44690

.35119, 825

83, 106

.23269,8.5062, 350

165,018137, 276

5. 643. 67

3, 187313,517

4,4383,7638,148

13, 86112, 9039,413

577, 140

11,4866,417

519, 790

6,2494,881

1,8468,860

167, 079

9336

742

.35118, 020

63, 701

.22272, 10562, 505

160, 073133,140

5.643. 64

5.1544,5778.491

13,74910, 57111,312

542, 884

10,0207, 501

520. 765

6,4815,627

1,8439, 446

158,041 |

7429

780 ]

5,7285,0308,950

12,9849,7169,641

543, 512

9,0586,631

521, 503

4,6253,902

1,3088,123

150, 023

15532

895

6.1425,9788,835

12,7628,1379,283

543, 094

6,9705,968

521, 033

4, 6213, 907

1,0637. 026

142r 528

11933

978

6,1455,7868,953

12, 8917,3789,215

541,188

6, 5866,326

519, 197

4.4203, 756

5517,532

133, 213

11444

1. 050

5.C4 I3.02 |

4,270 ! 6,105 |300,003 I 339,522

5. 653.55

5. 518358, 443

6,8036,8148,651

15, 8297,968

12,801537, 737

7, 0398,585

515,847

6,1995,499

3, 5427,916

124, 765

4454

1,037

.35135, 920

45. 045

. 20888, 77077,215

188,333163, 939

.38149, 585

37, 228

.202103,0308^, 810

203,901178,473

.38203, 360

64, 720

.202136, 280117,085222, 637195.537

5. 653.52

5, 051449, 330

37 | .38 .41203,800 i 188,665 169,620117,111 148,504 152,198

6,984 6, 5876,864 6, 2088,487 | 8.593

16,6116, 89315,380

529, 08915,129

521,243

5,744 I 4.94510,144 | 10,068

507, 493 i 500.147

7,5486, 652

3,9408,416

116,168

5569

1,019

. 202131,100110.430261,935228,478

5.65 j3.49 i

. 205115,38597, 005

296, 763261, 535

5. 653.49

.210104, 008

7, 7566, 753

19.22510. 747

113.962

5893

979

. 4 4 •.140,130 j123,599 !

. 217i 86, 100

87,225 70,675279,905 259,078243,596 224.861

5.653.50

6.782 I 8,970 9.832 . <\ 589402, 584 I 326, 332 277, 969 L'20, <><>;,

5, 7705, 6268,483

7, 52816, 596

507, 226

1.79711,439

487,550

7,9526, 926

85, 75311,473

142, 851

64121916

.47120.205

r 86,981

.27175, 30058. 800

• 195,378• 109,913

7. 301u \ 4 1',

' Revised.J N o t including high-proof spirits produced at registered distilleries beginning March 1942.I For revised 1941 d a t a on produc t ion for indicated series on dairy products see note marked "f" on ];. £ -23 of the November 1942 Survey.

January 1943 SURVEY OF CUERENT BUSINESS S-25


1942

Novem-ber

1941

Novem-ber

Decem-ber

1942

Janu-ary

Febru-ary March April May June July August Sop-

tern herOcto-ber

FOODSTUFFS AND TOBACCO—Continued

I .90! -' 426, 150

DAIRY PRODUCTS—Continued. ;

Condensed and evaporated milk—Continued.Stocks, manufacturers', case goods, end of mo:

Condensed (sweetened) thous. of lb...: 2, 586Evaporated (unsweetened)-.-. do i 90.078

Fluid milk:Price, dealers', standard grade.dol. per 100 lb. . • 2. 93Production mil. of lb. -. 8, 220Utilization in manufactured dairy productsf

mil. oflb.J 3,240Dry skim milk:

Price, wholesale, for human consumption, •U. S. average dol. perlb.V . 132

Production, total f thous. of lb . . 29, 000For human consumption f do ] 27, 300

Stocks, manufacturers', end of month, total Ithous. of lb . . | 17,567

For human consumption do i 10,066FRUITS AND VEGETABLES I

Apples:Production (crop estimate) thous. of bu..j-' 127, 055Shipments, carlot no. of carloads...! 7, 294Stocks, cold storage, end of mo.-thous. of bu. J 35, 662

Citrus fruits, carlot shipments. _.no. of carloads ! 12, 227Frozen fruits, stocks, cold storage, end of month ;

thous. of lb..i 204.551Frozen vegetables, stocks, cold storage, end of ;

month.."! ' thous. of lb_.j 115,341Potatoes, white: i

Price, wholesale (N. Y.) dol. per 100 lb , . i 2. 206Production (crop estimate) thous. of bu._|2371, 150Shipments, carlot no. of carloads, j 15, 606

GRAINS AND GRAIN PRODUCTS \Barley: j

Prices, wholesale- (Minneapolis): jNo. 3, straight dol. per bu, J . 65No. 2, malting do

Production (crop estimate) thous. of buReceipts, principal markets. do 9,436Stock's, commercial, end of month do 12, 154

Corn: jOrindings, wet process do__..; 10. 469Prices, wholesale: j

No. 3, yellow (Chicago)... dol. perbu__j .81No. 3, white (Chicago) do j 1.07Weighted avg., 5 markets, all grades .do I . 79

Production (crop estimate) thous of bu |-3,175,154Receipts, principal markets do. | 30, 999Stocks, domestic, end of month: i

Commercinl do..! 40, 834On farms ..do._J

Oats: !Price, wholesale. No. 3, white (Chicago) j

dol. per bu._j .50Production (crop estimate) thous. of bu.. in,358,730Receipts, principal markets do..; 6, 209Stocks, domestic, end of month: \

Commercial do.. j 10, 451On farms do I

'Rice: !Price, wholesale, head, clean (New Orleans) j

dol. por lb... . 067Production (crop estimate) thous. of bu__ 2 66,363California: !

Receipts, domestic, rough. ..bags (100 lb.) I 531. 917Shipments from mills, millcd.rice. .. do ... 111. 630Stocks, rough and cleaned (in terms of

cleaned rice), end of mo bags (100 lb.) | 457,564Southern States (La., Tex., Ark., and Term ): j

Receipts, rough, at mills !thous. of bbl. (162 lb.).

Shipments from mills, milled ricethous. of pockets (100 lb )_

Stocks, domestic, rough and cleaned (interms of cleaned rice), end of month

thous. of pockets (KM) lb.).fiye:

Price, wholesale, No. 2 (Mpls.)-.dol. per bu.Production (crop estimate) thous. of bu.Receipts, principal markets do.. . .Stocks, commercial, end of month do . . .

Wheat: IDisappearance, domestic do |Prices, wholesale: i

No. 1, Dark Northern Spring (Minneapolis) Idol. per bu i i. 20

No. 2, Red Winter (St. Louis) do.. j 1.32No. 2, Hard Winter (K. C.) do ...i l. 23Weighted av.? 6 markets, all grades, .do .[ 1.17

Production (crop est.), total thous. of bu ^981, 327Spring wheat do.. . . 2 278, 074Winter wheat do.._. 2 703, 253

2.717

1,947

.59-' 57, 341

19, 761

11,906 i 12,024 | 9,000417,643 j 328,475 j 252,532

2.66 | 2.70 i 2.738,200 i 8,466 | 8,726

i ' I

3,094 i 3,876 | 4,007

6,223 6,469218,410 | 213,550

8,288 ; 9,626

3,934 i 4,589

8, 292222, 485

2.7510, 290

8.178294,579

2.75 |12,136 i

7,445330, 810

2.75 |12,570

5,036 ; 6,694 ; 6,546 5,894

6,733292, 911

2.7511,780

.124 ; .128 ! .131 | .131 ! .128 ; . 127 i26,305 ; 31,253 ! 40,000 41,800 ! 54,000 | 61,400 |

' 35 ,800! 37 ,164! 48,470 ! 55.780 !

.126 |78,10070,500 j

.126 i79,60074,200

18,73216,795

20,15618,565

22, 93121,068

28,789 ! 38,482 47,45926,102 I 34,988 42,378 J

60,595 ! 61,60454,305 I 54,855

.12761, 00056,300

48, 59742,822

5,412 i 4,124 2,445211,001 ! 136,985 97,706

2. 76 ; 2. 82 i 2.8510,788 i 9.525 j 8,944

5,280 ; 4,367 3, 932

. 129 .131 ! . 13355,100 ! 44,000 i 36,00051,400 | 40,600 i 34,000

41,160 1 32.017 | 19,06336,331 ! 28,084 16,847

H 122,256 |6,322 | 4,974 j 3,704

31.181 j 25,732 ! 20,16214,313 | 17,051 | 20,329

3,951 I14,238

4,0018, 207

3,3153.521

18,052 I 20,831 ; 19,592 |

1,840 783 |1,259 i 0 !

19,312 i 15,894

186, 714 177,948 j 157,973 j 142,192 ; 119,982 : 101,810 j 106,538 I 129,334

696 !o !

12,140 I

724 ;0 '

9,701

5,26711,1058,758

186,003 | 207,767 J 225,104 |

100,440 i 92,929 i 82,638 ! 73,245 ii l I

2. 131 I 2.044 !

167556*1

2. 163 ! 2. 330 !j 1 355,602 : i

14,162 ! 14,016 ! 21,738 ;

61,781 I 53,416

1.920 | 1.894

~2i,"989T~i9,~827~

49,548 I 65,358 | 88,248 \ 102,186 \ 117,796

2.581 j 2.883 j 2.919 2.150 \ 1,615

2 1 * 0 1 6 " i 2 4 7 4 7 3 | 1 1 7 2 9 4

.68 i

13,2398,739

.68 ,

.82 ;362,082 I

.73 .70.86 :

. 71 !

. 8 8 i

.76

.92.68 I.89 :

.65 !

.80 !.64. 82

12,190 ! 8,827 j10,002 ! 9,681 !

7,220 :9,656 ;

5,770 '. 4,8138,324 '• 6,344 ,

6.0644. 541

8,653 ! 8,579 I 10,118 I 9,732 \ 11.072 j 10,948 : 1°.205

.71 ; .76 i

.78 I .83 i

.66 I .72 I2,677,517

.82 ! .82

.90 ! .96

.78 i .78 •

.82 : .82

.97 .97

.80 : .81 !

.85

.98 •

.84

6.9163,600 |

9,768 |

.85 i

.96 I• 84

4,118 I 18,8723,015 5.514

9,717 10,039 '

.861.00 i

.8,

24,354 28,107 29,494 j 30,357 \ 24, 098 ! 30, 570 I

39,835 ! 47,946 ! 50,311 I 59,884 ! 60,973 i 63,363i2,012,138| ; ... 11,286,7 20 :

25,755 !" 227 448*1" * 23," 578"

.841. 02

64, 4 57,012 I 51,774760,052 !

~20J20

43, 697

.48 j .53 Ij'1,180,663!

7,052 ! 7,947 i

11,030 i 9,473 ii 749,417 :

.58 i

I _

87519 I"

8,625 I

.049 I .064___|i 51,323

.56 I

"57670"!'

7,483 I

.068 I

.54 ; .55

5,253 j"~57614~;

4,642 :

•55 i .49 j

5,813 I""37671"I

5, 893430,565

.070 i .080

3,776

.073

316,495 i 378,554 ! 465,182 i 229,404 j 278.245 | 499,885 !290,089 I 260,941 j 137,749 I 97,631 j 162,316 420,205

67642I

.49

16,918

2,109 i3191, 688 ;

.070 .070 I . 069

247,542 ; 210,534 343,001 \ 374,565 364,795 242,690 290,831 ! 187,381 i 152,048 107,281 70,919 247,02'

2,321 2,113

1,425 i 1, 785

2,627 j 3,007

1,231 ! 1,342 I 664 \ 198

1,766 I 1.323 ! 1,397 1,256

.64 .681 45, 364

2,508 i 2,598!

.80 i .78

844

• 75 j

70

471 .

439

.69

105

253 j

282 I

.60 I

14 I

187

109

.61

2,150 j 2,475 ! 2,11517,645 ! 17,474 j 16.785

; 179,227 ' ; . . . .

1,913 i 1,091 ; 56817,029 j 17,551 I 17,333

1,133 i 861 I h 26917,240 j 17,034 i 17,212

185,815 | . .; 169,181

298

253

158

.59 ;

2,508 i17, 288 !

2,39318, 477

-! 237,305

1.14 ; 1.23 i1.17 ! 1.27 i1.13 I I. 20 i1.06 ; 1.15 i

i'943,127 I.1*272,418 L;]670,709 '_

1.281.341.261.20

1.25'1.31 I1 .23!1.21 I

1.241.301.211.19

1.191.211.151.14 '

1.20 1.14 11.20 i 1.19 11.15 I 1.11 I1.16 i 1.11 I

1. 14 |1.22 I1.081.10

1.131.26 11.11 I1.11 ;

r Revised. 1 Revised es t imate . - December 1 es t imate . 3 Inc ludes old crop only.

11.034r 32, 706

11,476

221, 727

115.810

1. 950

9,909 ! 14,928 | 22,564

.64

. S5

15. .,669. 632

. M1.D0

38. 641• 423. ">97 !

. t i l

.88

" 14," 96311.887

10.528

L01

77

27. 835

10,112

.49 .47

17, 414 , 13, 125

2,191 i 5,132 j 10. 123 ! 12,106. - - i -- . . i 1.141,411

.062

422,998 ; 469,837 ! 194,148 I 40,293 493 , ^ 394 062195,996 i 392,090 | 166,373 j 69,944 ; 36,666 j '60,150

1. 295 2, 902

781 1,764

677 : 1,908

.tj5 . 5 9

3784619, 295

1. 19 ! 1.191.33 ! 1.381.20 1.211 18 1 15

f D a t a for t h e u t i l i z a t i o n of f lu id m i l k in m a n u f a c t u r e d d a i r y p r o d u c t s h a v e b e e n r e v i s e d b e g i n n i n g 1920 t o i n c l u d e t h e m i l k e q u i v a l e n t of d r y w h o l e m i l k ; r e v i s i o n s a r en i n o r t h r o u g h o u t . F o r r e v i s e d 1941 d a t a for p r o d u c t i o n of d r y s k i m m i l k s ee n o t e m a r k e d " f " o n p . S-25 i " ' " - - • - - • --25 of the N o v e m b e r 1942 Survey .


1942

Noven:her

1941 1942

Novem-ber

Decem-ber

Janu-ary

Febru-ary March | April May June July August Sep-

temberOcto-

ber


GRAINS, ETC.—Continued

W he at—C ontinue d.Receipts, principal markets tbous. of bu._Stocks, end of month:

Canada (Canadian wheat) .doUnited States, total 1 do.__.

Commercial.-. d o . . . .Country mills and elevators doMerch ant mills d o . . . .On farms . . .do

Wheat flour:Grindings of wheat . doPrices, wholesale:

Standard patents (Mpls.) dol. per bbl__Winter, straights (Kansas City) do

Production (Census):Flour, actual thous. of bbl. .

Operations, percent of capacity.Offal.-. . . . - thous. of lb_.

Stocks held by mills, end of monththous. of bbl . .

LIVESTOCK

Cattle and calves:Receipts, principal markets

thous. of animals..Shipments, feeder, to 7 corn belt States

thous. of animals..Prices, wholesale:

Beef steers (Chicago) dol. per 1001b..Steers, stocker and feeder (Kan. City) do.._.Calves, vealers (Chicago) do

Hogs:Receipts principal markets.thous. of animals..Prices:

Wholesale, average, all grades (Chicago)dol. per 1001b..

Hog-corn ratiobu. of corn per cwt. of live hogs..

Sheep and lambs:Receipts, principal markets

thous. of animals. .Shipments, feeder, to 7 corn belt States-doPrices, wholesale:

Lambs, average (Chicago)..dol. per 1001b..Lambs, feeder, good and choice (Omaha)

dol. per 1001b..

MEATS

Total meats (including lard):Consumption, apparent.. mil. of lbProduction (inspected slaughter). doStocks, cold storage, end of month. do

Miscellaneous meats._. doBeef and veal:

Consumption, apparent thous. of lb..Price, wholesale, beef, fresh, native steers

(Chicago) . .dol. per lb. .Production (inspected slaughter).thous. of lb..Stocks, beef, cold storage, end of mo do

Lamb and mutton:Consumption, apparent. doProduction (Inspected slaughter). doStocks, cold storage, end of mon th . . . . . do

Pork (including lard):Consumption, apparent d o . . . .Production (inspected slaughter) . . . do .

Pork:Prices, wholesale (Chicago):

Hams, smoked dol. per lb . .Fresh loins, 8-10 lb. average-.. do

Production (inspected slaughter)thous. of lb._Stocks, cold storage, end of month-- . - .do

Lard:Consumption, apparent . . . . . . . doPrices, wholesale:

Prime, contract, in tierces (N. Y.)dol. per lb . .

Refined (Chicago) doProduction (inspected slaughter) thous. oflb..Stocks, cold storage, end of month do

POULTRY AND EGGSPoultry:

Price, wholesale, live fowls (Chicago)dol. per lb . .

Receipts, 5 markets . . . thous. of lb . .Stocks, cold storage, end of month do

Eggs:Price, wholesale, fresh firsts (Chicago)

dol. per doz..Production millions..Stocks, cold storage, end of month:

Shell._. thom. of casesFrozen thous. of lb_.

32, 261

435. 180

259, 487"

6. 095. 60

15.3012. 6213. 50

3,310

2. 7S0452

14.53

12. 35

1. 553568

.210548.612132,975

82, 54726. 096

.293

. 284721.781282.100

. 139

. 146145.57854, 614

. 20978.661192,958

. 4002.515

1. 115126, 094

18, 507

473,995

276,260"

37, 560

5.885.44

8,21659.6

650,110

22, 530

471,492987,607270,835207,351135,601373,820

42, 403

6.305.74

9,28361.8

732, 746

3.961

2,022

274

11.409.3412.00

2,832

10.16

15.2

1,818219

11.27

10. 34

1,2451,39472073

524,974

.173535,884114,330

55,57257,2446.432

664,354800, 819

.265

.214606,814350, 270

99,961

.104

.120141, 579176,465

.16777, 720172,913

.3612,156

1,670129,533

1,964

189

12.5710. 4612.60

3,639

10.65

15.3

1,719122

12.06

11.25

1,4771,684903105

574,166

.191575, 794135,478

64,23965,8167,836

838,1131,042,675

.271

.199782,070468, 538

138,011

.106

.127190,337186,511

.19184. 224218.392

.3412,612

04905,538

19, 665

465,608

258, 570

43,611

6.485.86

9,53263.5

756,199

1,789

12.6010.5714.09

3,704

11.36

14.5

1,791116

12.34

11.35

1,5031,7281,097123

617,671

.198605,041142, 599

68,45168, 7818,228

816, 5381,053,759

.299

.206775,656613,659

144,963

.112

.130203,306209, 470

.22427,302206,120

.3333,371

33176, 293

17,803

458,692

249,891

38, 621

6.336.74

8,47963.8

663, 743

17,457

446,983801,792237,777171,432122, 461270,122

38,194

6.175.63

8,37855. 7

657,985

4,002

12,669

420,880

'229,167"

36,878

5.955.40

8,05853.6

641,182

1,467

61

12.3910.6913.50

2,463

12.58

15.2

1,53582

12.03

10.92

1,2131,2711,097116

518,851

.196513,157150,410

61,81361,7018,122

632,393696,100

.303

.240520,156616,604

92, 053

.121

.136128,465206,565

.23318,624179,083

.2863,836

52973, 766

1,741

84

12.5911.4713.80

2,694

13.37

15.7

1,86687

12.00

10.92

1,2821,3451,046118

560,617

.200545,801147, 514

73,31173,4228,180

648,483725, 295

.315

.262544, 368590,416

72,194

.125

.138132,114182.004

.23520, 509139,677

.2825,489

1,798107,397

1,815

126

13.261L9313.13

2,638

14.18

16.9

1,866118

12.78

11.24

1,3381,376941108

598,990

.214566, 213126,884

69.43368,3317,108

669,803741,802

.321

.288567,754572,799

103, 281

.126

.144126,877126, 284

.23023,12396, 716

.2935,992

4,638159, 585

17,354

398,177

221, 896

36,141

5.845.26

7,90354.6

628,939

23,416

384, 746632,611224,441141,78996,837159,544

13.2212.0013. 50

2,630

14.07

16.3

1,855163

14.64

11.76

1,3281,374893110

562, 214

.213530, 20099,076

62,49761,15835,711

702,864782,338

.300

.291597,129559,849

86,333

.126

.143135,081117,995

.21829,76280,242

.3015,769

6,945223,831

37, 842

5.515.09

8,27955.0

656,814

3,619

1,953

SO

13.1111.8313.00

2,896

14.19

16.3

1,832105

14.75

C)

1,4471,531823112

632, 756

.210609,84081, 556

58,96458,8996,313

755,213861,804

.295

.293654, 697522,173

85,093

.127(•)

151,017102,260

.20632,49379,200

.3044,731

7,935

61,645

390, 572

261, 422

41, 465

5. 605.01

9. 07560.4

718.093

38, 951

378, 091

266," 149

40, 920

5. 735. 13

S, 96859.6

705, 516

1,831

74

13.6311.0913.13

2,452

14.25

16.6

2,138135

14.18

12.52

1,4031,447729109

606, 544

.209606. 51682, 647

66, 73466.9165,487

729, 544773, 247

.295

.294582,774433, 547

86, 366

.128

.139139,04298,349

.20934, 43579,346

.3214,092

7,754278,499 ! 290, 529

2, 398

173

14.8712.0513.70

2,187

14.37

16.9

387

14.60

12. 94

1, 3251,32960794

614, 900

.210613,62083, 288

70,79072, 8217,602

640,169642, 827

. 303

.298496,360336, 634

82, 097

.129

.139106,66085, 274

.22437,30786, 645

.3423, 534

6. 751272, 042

53. 691

386. 956,321,665269. 290

TK1 * 927644, 503

14.563

5. 955. 45

9. 79367. 9

14.8411. 6414.00

14. 15

16. 4

3, 657720

1. 1061.449519

'.210641. 53195, 146

83.40786, 98211.260

720.437

. 325,310

557. 953270, 287

87, 170

. 129

. 139118.23662, 143

. 23046, 666115,505

. 3553,013

5,421234,876

.49767. 4

15.2111. S3J3. '()

1.4131. 532

521

. 210686. 02S116, S«»2

84. 00490. 733

r 17, 8<M>

653. 932

. 325

.311590.541

66. 63 5

. 142119.978r 57, 547

. 21058.910161.011

. 3972.712

r 3. 117180.329

f Revised.0 No quotation.IJune figures include only old wheat; new wheat not reported in stock figures until crop year begins in July.

. la iui i i rv 1043 SURVEY OF CURRENT BUSINESS S-27


1942

Novem-ber

1941

Novem- Decem-ber ber

1942

January »- j March April j May June July j August Septem-ber

Octo-ber


TROPICAL PRODUCTS

Cocoa, price, spot, Accra (N. Y.).dol. per lbCoffee:

Clearances from Brazil, total-.thous. of bags..To United States do

Price, wholesale, Santos, No. 4 (N. Y.)dol. per lb . .

Visible supply. United States-thous. of bags..Sugar, United States:

Raw sugar:Price, wholesale, 96° centrifugal (N. Y.)

dol. per lb . .Refined sugar, granulated:

Price, retail (N. Y.) . . . do . . . .Price, wholesale (N. Y.).. . . . . . . .do . . ._

MISCELLANEOUS FOOD PRODUCTS

Candy sales by manufacturers thous. of dol..I 32,Fish: I

Landings,fresh fish, prin. ports.-thous. of lb_Stocks, cold storage, 15th of month. . do 114,

Gelatin, edible:Monthly report for 7 companies:

Production . . .doShipments .do. . .Stocks do . . .

Quarterly report for 11 companies:Production..., ._._ do . . .Stocks. . . . . . d o . . .

r.io384

. 134301

.037

.008

Leaf:TOBACCO

Production (crop estimate) mil. of lb..Stocks, dealers and manufacturers, total, end

of quarter mil. of lb..Domestic:

Cigar leaf - . doFire-cured and dark air-cured doFlue-cured and light air-cured. do. . . .M iscellaneous domestic. . . . . . . . .do

Foreign grown:Cigar leaf . . . . . . . . . . - . .doCigarette tobacco.. _...do___.

Manufactured products:Consumption (tax-paid withdrawals):

Small cigarettes .millions.Large cigars -_. thousands.Mfd. tobacco and snuff thous. of lb. .

Prices, wholesale (list price, composite):Cigarettes, f.o.b. destination..dol. per 1,000..Cigars, delivered,.____. .„ do

Production, manufactured tobacco:Total — . . . ._ . . . . thous . of lb . .

Fine-cut chewing- . doPlug . . . . . . do....Scrap chewing doSmoking _ doSnuff doTwist . . . . . . . d o

.217

. 339, 544

», 447, 34K>. 882

0. 087;

882768

.1311,393

.035

.059

.052

32, 003

' 41. 523115,432

2,2712,0603,431

0. 0935 0. 0950

1, 008 1 1, 073970 I 1,001

17,141542,90627,376

5.76046. 056

27,570396

3,8103,27916, 6313,023430

.1331,327

.035

.060 |

.052 !

33,043

29,522117,805

2,0812,1213,392

8,3146,026

» 1,263

3,492

340251

2,7844

2191

16,201474,91324,265

5.76046. 056

25,521415

3,7693,41014,0703,392465

.1341,471

.037

.064

.053

27, 007

16,35599,979

2,2452,0943,542

19,503458,27727,938

5.76046.056

27,365415

4,0453,67314,9903,763479

0. 0892

766665

.1341, 102

.066

.053

27, 277

13,85382,677

2,1022,1263,518

16,628441,80524,426

5. 76046.190

25,072358

3,6973,41113, 8543,265

486

0. 0890

680609

.134850

.037

.066

.053

28, 914

39,15362,160

2,2692,1473,640

8,5495,139

3,510

437303

2,6634

17,016489, 72727,919

5.76046. 592

28,656411

4,4454.11715, 2403,916

528

0. 0890

1, 006842

.134852

.037

.066

.055

27,179

42,49349,079

2,1642,1623,642

17, 380503, 53627, 825

5.76046.592

27, 745398

4,3473,91314,7823,827

478

0. 0890

773635

.134825

.037

.065

.055

22, 830

48,87955,036

2,1161,9403,819

18,455457, 76725,181

5.76046.592

25,950420

4,2973,76813, 7053,302

459

0. 0890

453348

.1341,079

.037

.066

.055

19, 177

49,19563,411

1,860

0. 0890

560418

.134973

.037

.066

.055

20, 136

48,88781,496

1,962

0.0890 ! 0.0890

269136

. 134795 I

. 134539

.037 I .037

.066 I .008

.055 I .055

23,962 | 29,234

2,1513,528 ;

8,0354,782 ;

2,2923, 108

49, 307100,088

1,7152,1302,783

3,177

426280

2,3664

22 ...78

20,004532,39027,807

5.76046.592

28, 207481

4,8784,04714,9123,366

522

40,021109, 428

1,7121,9072, 588

6. 8013, 301

380240

20. 875510. 82327, 013

20.941 ; 21,978498,872 ! 519,97025,329 I 27,329

5. 700

27, 535437

5.1284. 20014,0353, 109

507I

5. 76046. 592

29, 443446

4. 9335. 24315, 0253; 264534

5.76046. 592

26,475437

4, 7494.72413,2592.799506

35, 005

38. 0">0115. J 2s

2, 1291. doO2. 000

23. 075033. 35030. i'50

LEATHER AND PRODUCTS

HIDES AND SKINSLivestock, slaughter (Federally inspected):

Calves thous. of animals..Cattle do....Hogs . doSheep and lamb . .-do

Prices, wholesale (Chicago):Hides, packers', heavy, native steers

dol. per lb . .Calfskins, packers', 8 to 151b.. . do . . . .

LEATHERProduction:

Calf and kip . .thous. of skins..Cattle hides. . . . .__ . . . . . . thous . of hides..Goat and kid . . . . . ._ thous. of skins..Sbeep and lamb. . . . . . . .do

Prices, wholesale:Sole, oak, bends (Boston)f dol. per lb . .Chrome, calf, B grade, black composite

dol. persq. ft..Stocks of cattle hides and leather, end of month:

Total thous. of equiv. hides..Leather, in process and finished......doHides, raw do

, 01J

», 055

476941

4,5611,424

.155

.218

1,0142,4453,8374,408

.440

.625

14,0208,5695,451

4571,0045,7671,571

.155

.218

1,0482,5724,4414,803

.440

.629

14,0218,6915,330

4401,0576,8311,611

.156

.218

9222,6664,2264,163

.440

.631

14,223S.9685,265 I

392891

3,8921,407

.155

.218

9742,5024,0054,555

'.440

.531

14,0528,9235,129

491929

4,1341,669

.155

.218

1,0402,6294,4144,462

.440

.531

13,4138,9004,513

602956

4,1961,570

.155

.218

1,0062,6844,3204,552

.440

.529

12, 7478,8793,868

471885

4,3201,475

.155

.218

9892,5773,6314,998

.440

.529

12,3898,8983,461

4751,0394,5541,481

.155

.218

1,0312,5343,4904,514

.440

.529

12,1398,9253,214

4611. 0483. 8861,705

. 155

.218

1.0532,6013, 0374. 147

.440

.529

11,6228,7622, »60

4601,1033,2231,840

.155

.218

1,0932,3642,423

T 4, 287

.440

.529

11,7068,6793,027

513J, 1593, 8432, 223

. 155

.218

r1,0292,3842,7284,150

.440

. 529

11,8098, 6913,118

J, LW.»4. 21 s2. 344

1.0732, 6422. 9294, 402

. 440

11.7978. 75.'3. 042

' Revised.1 Revised estimate.1 December 1 estimate.* No quotation.tRevised series; revised data beginning July 1933 will be shown in a subsequent issue.


1941 1942


LEATHER MANUFACTURESGloves and mittens:

Production (cut), total.. dozen pairs.Dress and semidress.. ...do......Work „ do

Boots, shoes, and slippers:Prices, wholesale, factory:

Men's black calf blucher dol. per pairMen's black calf oxford, corded tip-..doWomen's colored, elk blucher do. . .

Production, boots, shoes, and slippers:Total thous. of pairs.

Athletic _.do--_All fabric (satin, canvas, etc.) do. . .Part fabric and part leather.. __do--.High and low cut, leather, total do. . .

Government shoes -do.. .Civilian shoes:

Boys' and youths' do. . .Infants' do - . .Misses' and children's. do. . .Men's do. . .Women's do

Slippers and moccasins for housewearthous. of pairs.

All other footwear do. . .

Febru- March April May July ! A u § u s t tember

LEATHER AND PRODUCTS—Continued

6.754.603.60

35,100415305916

28.8503,425

1,1881,9902,7437,08412, 420

3,943671

271,215163, 066108,149

6.404.393.55

34, 795478223852

27, 6441,170

1,3992,1633,4919,6009,821

5,164434

216. 623120,22896, 395

6.404.403.55

38, 451442337

1,05232,6541,737

1, 5352,2963,88810,41012, 789

3, 509459

Octo-ber

207,169122,26284,907

8.404.553.56

39, 82S358436

1,35234, 8992.223

1,3932,1463,8059,87115,461

1,056827

252,904158, 25394,651

6.404.603.60

40, 006377454

1,35634,1102,336

1,4102,0293,6599,36815, 308

2,6741,036

283,112180, 237102,875

6.404.603.60

45,106572643

1,24738,2202,954

1,5132.3403,7609,64018,013

3,2971,127

296, 359183,210113,149

6.754.653.60

45, 590620535

1,05638,3623,858

1,5262,3723, 7519,73017.127

3,6071,410

313,805198,458115,347

6.754.613.60

40, 771504478883

34,0463,614

1,4122,1873,3448, 55714, 932

3,5771,283

289,850178,452111,398

6.754.603.60

39, 643481395555

33, 4163,675

1, 4592,1243,6038,31114, 245

3,7771,018

295,243177, 707117, 536

6.754.603.60

41, 689459147671

35. 9123,678

1, 5622,1513,6028, 57816, 341

3,850650

272 256'159,056113, 200

6.754.603.60

38,796424175611

33, 0463,879

1,3922,1253,2247,44614, 980

4, 080460

268,191150,656117,535

6.754.603.60

37,094452237716

31,0893,333

1,4192,0743,0557,560

13, 648

4,219381

295, 664166, 780128,884

6.754.603,60

• 39,842460

' 3 6 1••992

32, 9293,920

1, 5802,042

' 3, 2398,282

r 13, 865

' 4, 430' 6 7 1

LUMBER AND MANUFACTURES

LUMBER—ALL TYPESNational Lumber Manufacturers ASSD.:|

Production, total mil. bd.rt . .Hardwoods doSoftwoods . .do

Shipments, total doHardwoods do.Softwoods .do.

Stocks, gross, end of month, total _do_Hard woods do_Soft woods... do-

FLOORINGMaple, beech, and birch:

Orders, new. Mbd. ft-Orders, unfilled, end of month doProduction doS hipments doStocks, end of month . do

Oak:Orders, new doOrders, unfilled, end of month .doProduction doShipments . doStocks, end of month .do

R SOFTWOODSPrices, wholesale:

Dimension, No. 1, common, 2 x 4—16.dol. per M bd. ft..

Flooring, B and better, F. G., 1 x 4, R. L.dol. per M bd. ft..

Southern pine:Orders, newf mil. bd. ft..Orders,un filled, end of month. doPrices, wholesale:

Boards, No. 2 common, 1x8dol. per M bd. ft..

Flooring, B and better, F. G., 1 x 4...do . . .Production! mil. bd. ft..Shipments! doStocks, end of month do

Western pine:Orders, new doOrders, unfilled, end of month doPrice, wholesale, Ponderosa. boards, No. 3

common, 1 x 8 -dol. per M bd. ft..Production! mil. bd. ft..Shipments! doStocks, end of month! do

West coast woods:Orders, new!__ doOrders, unfilled, end of month doProduction! doShipments! doStocks, end of month.. do

Redwood, California:Orders, new.. _ M bd. ft..Orders, unfilled, end of month. doProduction doShipments - - - - - -doStocks, end of month ~ do

18,62619.47618,40018,25163, 563

32. 340

44. 100

30. 00055. 000

44,86891,54235, 39940,979163, 457

2,607 2. 445 | 2. 373452 464 ! 454

1, 155 1.9S1 J 1.9192, 550 I 2, 433 2. 545462

2. < '88

6. 977

5,0508,9007,5007,150

13,100

28,10242, 54940, 91038, 01448, 278

28.910

41.160

'732603

30.81352.393' 785r 7621,398

387345

30.71' 450'4571,779

' 650587738675929

26, 78134,86038, 67129,910

248,440

450 -1582,087

6, 970 6. S02, 002 1, 998

4. 804

2. 322450

1.872

4432, 080H, 5992. 0044 . n\)~>4, 974

7,2259,0508.0757,350

13, 625

34, 28642. 03542, 69735,10055,875

29.498 I 32.095 | 32.340

42. 336 44. 100 | 44. 100

797

14,'

775375175975075

40, 74946, 23541,36,60,

847549B73

7, 1509,6007,5507,10014,250

39, 36948, 09736, 71937, 78858. 601

' 761621

30. 80453. 596' 770'7431,425

491421

30. 42' 368' 426

r 1,681

' 868827642626971

29, 68841,69630, 69822,877253, 061

ir 1.01(1 I

796 !

30. 62054.330' 785' 8351, 375

T 519r 520

30. 73' 266r 421

'X32 i858 I

30.65354. 708

• 702r 7701,307

' 352' 465

W31.46r 292407

r 1, 526

' 748r 929r 656635991

41, 25249. 87335. 64232, 292249,176

r 1.411

' 694'897677705968

40, 94261,10433,12830, 208

249,377

2, 478440

2. 0382. 787458

2.3296, 3081. 9864. 322

8,57510, 5507,2757,50014.000

34,97245,48138,69137,58859, 704

32. 340

44.100

' 936940

3C. 77053.798'749'8541,202

- 482r 473

31. 52' 374'474

" 1.311

' 742891701757929

55, 56675, 00938, 80843, 560

240. 342

2. 717473

2. 2443. 141470

2.6715. 9581.991X 967

o

23.

2,5,lt3,

740431309020496524717925792

7,30010, 125 !7,500 I7,700 !13,850 ,

32, 56042, 67340,65637,02763, 333

7,2008,7507,1508,85012,000

27,73237, 48836, 28332, 91766, 699

32.340 | 32.340

44.100 | 44.100

943

30.000 !55.000 j-759 ir 954 j1,007 i

r 684' 614

31. 04T 484

r 1,

' 1.1,

543252

007029768894875

39, 40766,07337, 96046, 562228, 068

887

30.00055.000'745' 814' 938

' 635

31. 35' 522' 553

• 1. 221

1,097802880835

39, 44564,15237, 39741,205220,602

2,898423

2,4753, 100501

2,5995, 5341, 8463, 688

7,8758,9507,6257,67512,100

17,91130, 47930,56224, 92072, 341

32. 340

44.100

' 794871

30.00055.000' 753'810

' 664' 671

31. 51' 691' 628

' 1,284

' 8981,067783

'881756

44, 63165, 35941, 66643, 307213,124

3, 010465

2.5453,273538

2,7355, 2801, 7733,507

7, 8258, 6507,5007, 67512,000

17,61624, 95725, 49121, 07176, 763

32. 340

44.100

'826840

30.00055. 000'807' 857831

' 597'626

31.36'695'642

' 1, 337

' 1, 0371,171'781'925622

50, 04773,13742, 00846, 673

207, 588

2,899471

2, 4283.041

5102, 5315, 1481. 7343. 414

6,9508,1006,8507,50011,500

22,720 I27,771 I19,288 !18,906 I76,422 !

32.340

44.100

' 731 !793 i

30.000 I55.000 I'738 I'778 I791 |

r 564 ;

31. 53r 666'612

r 1,391

^ 8191,145r 783'842572

58,13587,15438,79048, 647195, 721

2.805 i451 |

2,354 !2.957 i523

2.434 !5.046 ;

1.6623,384

5, 9007,2008,0006,950 i12,500

22,609 :22,631 ;18,63321,214 !73,841

2, 764442

2,3222, 935541

2, 3944, 8981. 5633. 335

6,0005,7006,5007,50011,500

23, 24919,10120,17426, 77965, 236

32.340

44.100

' 740 I794 !

30.000 !£5.000 j

706 !739 !758 !

' 586r 562

31.53 '' 6 3 7 '••r 602 !

' 1, 426 ;

'833 :1, 150' 775'816578 :

44,983 i88,086 ;

38,462 !48,738 i182,697 :

32.340

44.100

755818

30.00055. 000

705731732

640578

32.01641f>24

1,443

7461.095739762578

58, 27890, 99741,16351. 567

170, 197

' Revised.f Lumber statistics for 1941 and 1942 have been revised to data from the 1941 Census of Forest Products. Revisions have been made also in earlier figures beginning 1937

for hardwood stocks and total lumber stocks, and beginning 1939 for softwood stocks and new orders, production, and shipments of west coast woods, on the basis of additionalInformation now available. Revisions for all months of 1941 and earlier figures affected by the revision? will be published later.

1942

March April M a y June July August Sep-tember

Octo-ber

LUMBER AND MANUFACTURES—Continued

FURNITUREAll districts:

Plant operations percent of normal..Grand Rapids district:

Orders.Canceled percent of new orders..New no. of days' production . _Unfilled, end of month do

Plant operations percent of normal.Shipments. .no. of days' production__

Prices, wholesale:Beds, wooden . 1926=100-.Dining-room chairs, set of 6. . .-doKitchen cabinets do_..Living-room davenports . do

Steel furniture (see Iron and Steel Section).

87.5

5.03375

88.027

98.0113.6102.0104.2

82.0

15.01559

86.0

101. 2115.0102.0104.2

79.0

8.02259

81.024

101.2118.9102. 6104.2

83.0

!7.02058

82.0 j22 !

101.0118.9102.6104.2

8.01850

75.025

101.0118.9102.6104.2

79.0

5.02958

78.0

10.0 i2353

78.0

79.021

101.0118.9102.6104.2

78.022

101.0118.9102.6104.2

75.020

101.0118.9102.6104.2

73. 019

101.0118.9102.6104.2

4.02555

GO. 018

101.0118.9102. 6104.2

72.0

5.03003

51.020

101.0118.9102. 6104.2

2.02658

5&. 026

10L.0118.9102. G104.2

METALS AND MANUFACTURES

IRON AND STEEL j

Iron and Steel Scrap jI

Consumption, total* thous. of short tons..;Home scrap*. . . do...-i ....Purchased scrap* do |

Stock, consumers', end of mo., total*...do \Home scrap* do jPurchased scrap* __do i

Iron Ore-

Lake Superior district: |

Consumption by furnaces !thous. of long tons. _' 7,456

Shipments from upper lake ports do _ i 7,582Stocks, end of month, total . . . . . d o . . . . i 53, 703

At furnaces -do \ 46,552On Lake Erie docks ...do j 7,151

Pig Iron and Iron Manufactures i

Castings, malleable: jOrders, new, net short tons..j 73,152Production.. do__._i 59,432Shipments do. . . . ! 58,734

Pig iron: jConsumption* thous. of short tons.!Prices, wholesale* i

Basic (valley furnace)....dol. per long ton.. | 23.50Composite.. do. . . . ! 24.20Foundry, No. 2, northern (Pitts) do ; 25. 89

Stocks, consumers', ena oi montn*.. thous. of jshort tons . _ _ j . . . .

Boilers and radiators, cast-iron: |Boilers, round: |

Production. thous. of lb__ jShipments do. . . . !Stocks, end of month . . . . . . . do j _ _ _ _

Boilers, square: !Production.. doShipments . do :Stocks, end of month _do i

Radiators and con vectors: |Production.thous. of sq. ft. heating surface..! .Shipments do. . . !Stocks, end of month. . do j . .

Boilers, range, galvanized: jOrders, new, net number of boilers..; 40,130Orders, unfilled, end of month do j 45,737Production do j 37,353Shipments do | 36,990Stocks, end of month. . . . . . . ._do j 6,765

Steel, Crude and Semimanufactured ]

Castings, steel, commercial:Orders, new, total, net short tons '..

Railway specialties.. .___._do__.. j.Production, total... __.__..do : .

Railway specialties ...do . .t-teel ingots and steel for castings:

Production thous. of short tons. 7,) 85Percent of capacity - to

Prices, wholesale:Composite, finished steel dol. per lb. .0265Steel billets, rerolling (Pittsburgh) ;

dol. per long ton i 34.00Structural steel (Pittsburgh) dol. per lb ! . 0210Steel scrap (Chicago). dol. per long ton.-! 18.75

U. S. Steel Corporation, shipments of fin- jished steel products thous. of short tons I 1,666

5, 0102,8242,1863,8291,2322,597

5,078 •2,873 !

2,2053,802 !

1,167 i2,635

4,956 i2,822 !2,134 I3,5031,145 !2,358 !

4,7082,6432,0653,4551,1702,285

5,221 !2,956 j2,265 j3,4601,1142,346 i

5,1562, 9192,2373,6821,1052,577

6,5017,661

45, 53540, 2455,290

1,1331,922

11,168

21,10424, 50293,669

5,7877,69518,271 :

52,605 |93,966 i58,810 !60,248 j16,411 !

84, 53416,549104,60533,383

6,961

.0265

34.00. 021018.75

5,2252,9322,2933,9721,0772,895

5,0002,7632,2374,2971,1853,112

5,0062,7922, 2144, 5791, 2863,293

5,0152,8122,2034,7801,3373, 443

4, 9552, 8462,1094, 9931, 3883. 605

7,062835

40,45735,5634,894

7,1580

33,91929, 6274,292

6, 4030

27, 52623,8353, 691

7,109 ;793 !

20,190 i17.561 I2,629 i

60,74566,73868,983

4,

232425

766

501589

56,58771,31170, 744

5,020

23.5024.1525.89

105,55668,741 165,217 1

4,997

23.50 I24.15 125.89 1

66,292 :65,140 !

62,724 '\

4,554

23.5024.15 ;25.89 !

62, 97969. 73765. 866

5,100

23.5024.1725.89

1,570 | 1,681 1,473 i 1,400 < 1,286 j

60,39871,256 j68,459 |

4,944

23. 5024.2025.89

1,232

54,219 !60,696 |61,783 I

55,03259, 99059,144

5,030 4,869

63, 65161. 43459,120

63,97856, 30456,651

85,1S1oS, (5S7«")(», 6 6 4

23.50 !24.20 I25.89 !

23. 5024.2025.89

1,221 j 1,257 I

1,1151,44811,182

19,64217, 38092,998

6,7637,39017,567

41, 34380,84455,856 |54,46517,785

113,034 i26,839 |131,518 !45,640 !

7,150

.0265 ;

34.00.0210 i18.75 i

7321,48410.146

18,756 i17,044 ;94,832 !

6,717 !

6,17518,106 I

42,781 I72,366 I50,557 j51,259 !17,212 !

150, 55135,723134,77846, 357

7,12595

.0265

34.00.021018.75

7541,4089,493

17,773 i19,08193,525

6,199 I6,781 I17,524 |

53,80977,19049, 21748,98517, 444

179,88054, 409133, 72645,013

6,52196

.0265

34.00.021018.75

1,012 ! 1,0711,083 ! 9389,421 ! 9,554

16,21415,789 !93,950 |

6,445 !5,656 j18,313 |

62,010 j76,750 !64,847 I62,450 i19,841 j

211,08143,997146,50748,335

7,393

15.02616,301 I92,675 i

905 !539 !

9,673 j

11,494 I8,546 ;93,749

504842

9,325

23.50 I24. 2025 .89 I

1, 296 I

I

690 j1,4798, 546 !

23.50 I24.20 I25.89 I

I1,272 i

9762,0947,428

23. 5021.20

10,532 [ 9,924 | 11,312 !12,474 ! 16.644 18,702 j91,807 I 85,090 I 77,700 |

56

17

399384328

4,4,

17,

317131062

4, 333 4, 4575,168 ! 6,284

4,3846,291

16,149 | 14,322 \ 12,414

38,01468, 88442, 42745, 88016, 388

31,45862,70933,62737,633 !12,382

30,481 I52,652 I39,171 '

22, 95534, 67240, 181

40,538 I 40,93511,015 j 10,561

191,195 | 199,61926,558 j 11,025149,625 I 131,49245,158 I 25,644

I

7,122

.0265 .0265 j

34.00.021018.75

34.00 j.0210 !18.75 i

7,387 i

.0265 |

34.00 !.0210 i18.75 '

208, 24311,218131,45821,658

7,02296

.0265

34.00.021018. 75

202,3343,610

134, 46116,251

7,14995

. 0265

34.00.021018.75

140,673 171,265—13,480 i 13, 546139,059 135, 82312 988 12,051

1,624 ; 1,846 i 1,739 \ 1,617 : 1,781 ! 1,759 1,834 1,774 ; 1,766

7,233 I95 |

i.0265 |

34.00.021018.75

1,789

7, 06797

.0265

34.00.0210 ;

18.75

1,704 !

5, 3423; 0342. 3085, 5301,4604,070

7,007 !7,857 |

20,065 j17,536 j2,529 !

7, 23012,67725,19922, 3102,889

7,034 !12,625 !30,931 !27,664 !3,267 j

7,176 !13,405 |37,327 j33,289 !

4,038 1i

7,15513,23643,23638,124

5,112

7

48,42,

5,

140 !848 \422 i548 !874 :

7,l j '52,• 45*.

''•

599417667883784

' 70. Wr r>\2">]1 <)5. -1.77

4,959 ! 4,935 ! 4,836 .". 145

23. ;»024. 202.-> ,xy

46,02539, 32440,45441,3739,646

413;.4345

77US79410 ,224832

12. 597

•j7l i n(i, 402

131,836

117! 02013,732

7, 5*5100

. 0265

34.00. 021018. 75

1, 7SKr Revised.1 Cancelat ions exceeded orders booked dur ing the m o n t h b y 13,480 short tons .2 F igures previously shown for September were found to be incomplete and are omi t ted in this issue.*New series. T h e d a t a on scrap iron and steel a n d pig iron consumpt ion and stocks are es t imated i ndus t ry totals compiled b y the 17. 5 . Department of Interior, Bureau

of Mines, based on repor ts from consumers accounting for 96 to 99 percent of the indus t ry total beginning in the la t ter half of 1941 and 93 to 95 percent in the earlier period.D a t a for J anua ry -Oc tobe r 1941 are shown on p . S-30 of the April 1942 Survey. Prior to 1941 da ta were collected only for the last m o n t h of each quar te r . For available1939 and 1940 data , see note m a r k e d " * " on p . S-29 of the N o v e m b e r 1942 issue. Consumers ' stocks of pig iron include suppl iers ' and producers ' s tocks.

1943

Novem-ber

1941 1942

Novem-ber

Decentber

Janu-ary

Febru-ary March April May June July Augusi Sep-

temberOcto-ber

METALS AND MANUFACTURES—Continued

IRON AND STEEL-Continued

Steel, Manufactured Products

Barrels and drums, steel, heavy types:Orders, unfilled, end of month....thousands..Production . . . .do

Percent of capacityShipments thousands..Stocks, end of month- do.._-

Boilers, steel, new orders:Area.. thous. of sq. ft..Quantity number. -

Furniture, and shelving, steel:Office furniture:

Orders, new, net. . . thous. of dol..Orders, unfilled, end of month doShipments _ do

Shelving:Orders, new, net . . . . ...doOrders, unfilled, end of month doShipments . . .do

Porcelain enameled products, shipments tthous. of doL.

Spring washers, shipments do

NONFERROUS METALS

MetalsPrices, wholesale:

Aluminum, scrap, castings (X. Y.).dol. per 1b.Copper, electrolytic (N. Y.) . ' . . . . . .doLead, refined, pig, desilverized (N, Y.)_ doTin, Straits (N. Y.) . . . . . d o . . . .Zinc, prime, western (St. Louis) do

1,6711,38876.01,386

49

1,912874

4431, 223499

74323144

2,652336

.0813

. 1178

. 0650

. 5200

. 0825

Miscellaneous Products

Bearing metal (white-base antifriction), con-sumption and shipments, total (59 manufac-turers)! . thous. of lb_.

Consumption and shipments, 37 mfrs.§Consumed in own plants . doShipments . . . . . . do

Sheets, brass, wholesale price, mill .-dol. per lb._

M A C H I N E R Y AND A P P A R A T U S

Blowers and fans, new orders . . . . thous . of do l . .Electric overhead cranes:

Orders, new. . . doOrders, unfilled, end of month . . . . .doShipments .do

Foundry equipment:New orders, net t o t a l . . . . 1937-39=100..

New equipment d o . . . .Repairs . . . . . . . . d o . . . .

Fuel equipment and heating apparatus:Oil burners:

Orders, new, n e t . . . . . number . .Orders, unfilled, end of month . . . d o . . . .Shipments . . . d o . . . .Stocks, end of month . . . . . . . . d o

Pulverizers, orders, new doMechanical stokers, sales:

Classes 1, 2, and 3 .doClasses 4 and 5:

Number . . - . - - . . . . . . . - - . . . . . . . . .Horsepo wer . . _. . . . . . . - . . -

Unit heaters, new orders _thous. of do l . .Warm-air furnaces, winter air-conditioning

systems, and equipment, new ordersthous. of dol . .

Machine tools, shipments . doPumps and water systems, domestic, shipments:

Pitcher, other hand, and windmill pumpsuni ts . .

Power pumps, horizontal type .do IWater systems, including pumps— do

Pumps, steam, power, centrifugal, and rotary:Orders, new thous. of dol..1

3,176

7, 98121,1387, 642

36.95728

1,994

454110, 009

120. 853

7.04167

3, 393

8, 229

ELECTRICAL EQUIPMENT

Battery shipments (automotive replacementonly):

Unadjusted 1934-36 = 100.Twelve-month moving total. . . . . .do . . .

Electrical products: f ]Insulating materials, sales billed...1936=100..Motors and generators, new orders..... do - ~,.. jTransmission and distribution equipment, !

new orders . . -1936=100. J

i1,7621,58686.9

1,60425

• 3, 706•1,305

3,4226,8403,912

8581,6781,016

5,371276

.0931

.1178

. 0585

.5200

.0825

4,754

7232,548. 195

2,23913,7311,955

408.5 481.2417.4 505.3381.7 408.7

20,20216, 747

43

10, 613

26453,020

37, 6681,498 j

28,221 !

2,0471,859101.91.851

34

1,929997

4,6127,1054,338

1,3651,058

5,598292

.0937

.1178

.0585

.5200

. 0825

4,753

8132,399.195

8,067

3,16314,6542,216

23,22518,057

21,813 | 21,91527,304 28,900

46

8,303

28972,2297,062

15,00181,435

31,663984

28,198

2,368 j 2,459

182151

' 240. 4' 305. 7

185153

r 254.I' 380.5

2,1491,952107.01,054

36

2,8131,010

4,4907,3354,236

1,0821,4051,042

5,143290

. 0873

.1178

.0628

. 5200

.0825

5,506

6972,795.195

5,92718,4152,079

532.7570.6418.5

19,67418, 41819,15927,601

109

2,2301,845101.11,848

34

2,230995

3,1946,3404,188

1,0941,490994

5,289295

.1178

. 0650

.5200

. 0825

3,745

5621,885.195

5,57721,6222,197

567.9636.6361.4

16,00616,42817,99628,124

22

6,350 ! 7,808

24667,011

31681,890

1/8932,416132.42,420

9,6952,822

3,7515,5304,560

1,5101,8701,130

5,841 !341 I

!. 0875.1178.0650. 5200. 0825

4,599

5942,198.195

1.7972,067113.32,046

50

3,7151,593

2,5513, 9514,130

1,4182, 2731,015

5,560334

.0875

.1178

. 0650

. 5200

.0825

3,573

6671,484. 195

10,205i

9,624 I 6,37828,563 32,2652,577 2, 561

1,122.31,352. 7428.8

14,84417.05114,41229,947

43

1,033.81,233. 7432.1

10, 88316, 33411,60034,509

62

1,5511,78097.61,796

34

3,2501,340

2,8173,1194,204

1,6062,7631,115

4,521317

.0875

.1178

. 0650

.5200

.0825

3,541

5281,711.195

6,23634,4712,511

653.6730.2423.3

10, 68017,8439,171

41, 27737

10,972 \ 9,573 j 4,722

294 415 i 33177,334 88,938 77, 6355,754 . . . . . .

7,423 !..- 38, 358 I 103,36483,547 I r 84, 432

I i !41,534 I 40,528 j 43,117 j 42,1791,150 ! 359 i 167 | 21923,788 I 24,4374,138 5, 784

26,721 ! 27, £

8,668 i 4,334

107,297

33,23497

24, 204

1,6521,74995.91,741

42

2,2171,204

1,2031,8202,256

1,4592,7881,434

4,239302

.0875

.1178

.0650

.5200

.0825

3,163

4631,646.195

22,500

2,83534,1902,768

774.0884.4441.5

18, 7638,44140,170

31

11,365

41998,0274,507

1,4021,76096.51,760

42

2,3161,091

1,7071,7441,784

6382,3851,040

4,023324

5,463111,090

29,95886

22,662

4,634 I 5,703

••238.8 i '219.1

111154

r 254.8' 396.1

r 206. 0

180162

' 245. 9'311.7

' 213.1

161 !169 i

' 279.1r 768.6

91169

'281.9 !'689.5 !

65167

66161

279.9 ' 289.4

'285.3 312.3• 696. 6 779.0

I'236.9 ! 215.3

!

.0875

.1178

.0650

.5200

.0825

3,605

6571,826.195

4,05834, 9582,722

800.8909.1474.0

8,48419, 0008,66039, 122

37

7,040

428105, 278

113,596

42, 932131

22, 459

5. 797

90155

325. 9627,0

223. 4

1,5061,53684.21,538

40

1,832906

1, 2781,8981,124

i -2251,565

596

3,357317

.0875

.1178

.0650

. 5200

.0825

2,907

6491,310.195

3,35535, 0722,701

510.8536.7433.0

8,10019, 0668,034

39, 32321

7,961

38990, 344

1, 7041.838100.71, 823

3,9602, 346

5371,456 i' 979 j

i - 5 1 2935118

3,104321

. 0875

.1178

.0650

. 5200

. 0825

3.296 |

6991. 453. 195

12. 658 j

1, 16032,883

3, 002

446.4452. 4428. 4

8,58918. 4309, 225

36, 85838

8, 723

37381,991

6. 094

5.956117,342 '119.883 I

32.163126

18, 610

24, 14868

20. 052

6,417 i 5,494

151148

330. 6805. 4

198. 5

1. 2151, 49$

82.11. 504

2.7921,103

1,27V*554

1 - 3 7 y39315$

3,195382

. 0S57

.1178

. 0650

. 520!)

. 0S25

7441.760

. 105

2,17031.43*.

3, 030

540.6. IV) ••>

10.76120.799

S, 39237.41?)

<• 5S

5, 54$

43$76.20$

130. 00 S

26. 192104

V.K 792

5. 243

205 !145 i

371.7366.7

212. S

391.366.

' Bevised. l Cancellations exceeded new orders by the amounts shown above as negative items.§ One manufacturer previously reporting went out of business in 1941.1 Of the 101 firms on the reporting list in 1941, 8 have discontinued the manufacture of stokers; some manufacture stokers only occasionally; since April 1942, 56-3)

firms have reported sales.*New series. The series for machine tools covers total shipments as reported to the War Production Board beginning December 1941; earlier data, available beginning

January 1940, are estimated industry totals, compiled by the National Machine Tool Builders' Association from reports covering around 95 percent of the industry, Pressesand other metal-forming machines are not included. For 1940 data and 1941 through August, see note marked " • " on p . S-30 of the November 1942 issue.

t Revised series. A new method has been employed in the construction of the indexes for electrical products to overcome a strong upward bias in the two series on order-received, and, in addition, the number of products composing the individual indexes has been increased. Earlier data will be published in a subsequent issue,

% Of the 99 manufacturers on the reporting list January 1, 3942, 16 have discontinued shipments of these products for the duration of the war.



1942

Novem-ber

1941

Novem-ber

Decem-ber

1942

Janu-ary

Febru-ary March April May June July August Septem-

berOcto-ber

METALS AND MANUFACTURES—Continued

ELECTRICAL EQUIPMENT—Con.

Furnaces, electric, industrial, sales:Unit kilowatts.Value.. --.thous. of dol.

Electrical goods, new orders (quarterly)thous. of dol.

Laminated fiber products, shipments do. . .Motors (1-200 hp.):

Polyphase induction, billings do. . .Polyphase induction, new orders do. . .Direct current, billings „ do. . .Direct current, new orders do. . .

Power cable, paper insulated, shipments:Unit... _.. .thous. of ft.Value.. ....thous. of dol.

Rigid steel conduit and fittings, shipmentsshort tons.

Vulcanited fiber:Consumption of fiber paper.._.-thous. of lb.Shipments thous. of dol.

5,163

4, 3141,465

8. 617646

2,997

5,3885,4102,0742,860

1,0671,536

24,817

3,525 !1,031 j

12,2981,149

583,2143,151

6,9578,1762,5524,602

1,0541,694

28,840

3,7381,107

21, 5201,882

3,370

6,0617,0862,1403,974

9581,475

22, 834

3,4541,024

23,9612,491

3,151

6,4177,4892,2943,056

9281,119

22,838

3,681956

45,6744,551

759,0633,641

6,74313,1893,0978,313

6051,062

25,572

3,9871,107

148, 55610, 367

3,699

7,60412, 6974,41810,196

578934

26,499

3,9001,145

34,2103,177

~~3~722"

7,47111,1743,395

12, 761

576978

22, 987

4,2281,215

70, 5075,100

1,057,9544,116

7,85511,9323,225

13, 494

1, 3751,716

22,656

4,3031,378

24, 7962,133

4, 557

8T05210, 9493, 4138,407

31.3102. 378

4. 475

7,7109,2723. 857

10, 377

1, 549 [ 8992, 050 i 1,123

21,449 j 21.420

4.067 i 4.2191.204 ! 1,351

26, 5282,237

965,1205,028

8,0888, 2574, 5844, 341

1,0741, 435

17, 452

4.3641,581

20,2971, 534

5,279

8,2877,2914,4333,614

9421, 269

14,509

4, 8321,614

PAPER AND PRINTING

WOOD PULP

Production:Total, all grades . ...short tons.

Chemical:Sulphate, total . . . d o . . .

Unbleached do . . .Sulphite, total.. . . . . . . . . . d o . . .

Bleached do . . .Soda._ do . . .

Groundwood.. do . . .Stocks, end of month:

Total, all grades _ do . . .Chemical:

Sulphate, total do . . .Unbleached do . . .

Sulphite, total.. do . . .Bleached . . . d o . . .

Soda do . . .Qroundwood do . . .

Prices, wholesale:Sulphate, Kraft No. 1, unbleached

dol. per 100 1b.Sulphite, unbleached . d o . . .

759, 478

340,038282, 374216, 704134, 51445, 925136,023

157, 200

67, 60058, 90037, 60020,3004,80044,500

PAPER

Total paper, inch newsprint and paperboard:Production. .short tons..

Paper. excl. newsprint and paperboard:Orders, new.. short tons..Production. doShipments - do

Fine paper:Orders, new doOrders, unfilled, end of month doProduction.. „ doShipments . . .doStocks, end of month ..do

Printing paper:Orders, new doOrders, unfilled, end of month d o . . . .Production doShipments d o . . . .Stocks, end of month do

Wrapping paper:Orders, new . doOrders, unfilled, end of month .doProduction doShipments . . . doStocks, end of month. do ;

Book paper:Coated paper: J

Orders, new ...percent of standard capacity!Production . doShipments do

Uncoated paper:Orders, new .doPrice, wholesale,"B" grade, English finish,

white, f. o. b. mi l l . . . . . . . .do l . per 100 Re-production, .percent of standard capacity..Shipments . do . . . .

Newsprint:Canada:

Production _ . . . _ . short tons..Shipments from mills d o . . . .Stocks, at mills, end of month do

62. 750.354.0

97.5

7.3090.792. 9

251,147255,08791,325

883,813

378, 087324, 352259, 685143, 45853,594

172,420

06,400

15,10010, 30041, 30024,3003,20035,800

3. 6253. 713

867, 738 939, 719

373, 737324,942253,004145,13853,413167, 578

06,600

13,9009,60036,10021,6003,400

42, 200

3. 6253.713

1,301,067 1,323,019

494.691541,855541,125

52,773127,73458,24260,05342,430

178,717169,674201,088197,42479, 330

171,950176,775186,799188,07668,960

id. o96.295.3

92.9

7.30109.2106.6

523,096550,696557,951

51,948119,84760,17660,88141,318

177,083150,710188, 532195,25172,664

195,773172,528197,408196,88070,422

69.091.391.0

7.30102.0103.0

300,308 300,823320,860 319,282142,030 | 123,571

405,729350,651274,355156,25266,505181,127

111,300

16,70011,10039,70023,9003,40050,300

3. 6253. 713

1,407,718

570,366584,728579,162

66,766115,70861, 766

62, 79239, 674

202, 304145,159205,556203,95472, 359

205, 436167, 838211, 630211,88070, 689

73.587.687.4

104.4

7.30108.8107.5

311,904201,998143, 477

848,380 967,031

371,572318,629246,792141,54452,124157,185

112,600

14,90010,60037,80024,6003,600

55,100

3. 6253. 713

1,267,666

490,358525,743524,645

53,211112,77555,69957,92637,024

166,106133,418182,115180, 55572,891

181,150161,842187,990185,34870,039

57.276.277.3

93.5

7.30109.3108.7

278,101264,621156,957

425,643370, 357277,408158,44057,120

184,039

136, 400

19,70014,60042,80028,2003,600

69,100

3. 6253, 713

933,764

412,155358,804265, 639150, 65754,368

179, 643

132,400

16, 20012,10029,40016,1003,300

82,100

1,372,288 1,321,529

535,913565,900549,851

55,029104,91562,46861,05238,120

176,103124,637190,265183, 47379, 897

203,361160,881208,188203,32374,091

49.061.560.9

94.0

7.30105.0102.6

480,905561,402544,116

46,50579, 75762,167

40, 529

151,901101,239184,042173,37390, 258

199, 272151,056210,318209,120

75, 598

47.955.355.1

84.1

7.30

t,223,478 1,088,755 992,225 '1,074,670

295,835 277,741308,166 238, 346144,626 184, 021

925, 230

428,479374,412259,072147,79152,461166,037

163,600

23,50017,70041,80025,7004,40092,300

854,880

394, 702342,983253,057148,76745,484147,325

170,000

29,70023,30040,10023,70014,60094,200

769,364

361, 272310, 525225. 818132, 65141.584

124, 955

175, 400

41,30037, 40042,30027,3004,300

85, 800

813, 237

385, 750328, 767241, 701145,69344, 651

123, 968

192. 500

64, 90060, 30048, 60032, 4005, 000

72, 200

435,152533, 859515, 417

40,33964,36058,95356, 50543,205

130, 50685,432165,640157,24499,299

187,460131,933207, 863204,40279,244

31.840.139.9

7.3089.487.0

251,831266,443169,409

424, 740485, 561473, 482

35,47949,48552,85050,40346,064

137,68987,107141,414139,881100,832

167,470111,161191,899187, 53781,080

30.237.035.1

71.1

7.3073.974.7

242,762253,283158,888

404,474436, 465431,633

39, 48640, 78246, 76345, 07147,002

135, 46878, 511133,608141,16692, 740

160,105100, 29017a 864167, 49788, 239

426, 672465, 571

••438,299

40, 80536, 35445,91744, 28548, 775

143, 837' 80, 572143,658141,889' 94. 690

158,61893, 863184,113164, 092105,018

!32.330.732.7

74.9

36.434.035.8

78. 6

7.30 j 7.3072.7 ! 79.276.7 | 79.5

771, 499

363,177303,155227,033133,13544,562

119, 270

182, 400

76,10069,40042, 00026, 4005,100

57, 200

241,178243, 620156, 446

253,239 j255,563 j154,122 !

1,072,787

452, 923458,975452, 597

M3,612' 35, 657r 45, 360' 44, 448r 49,553

152,70981,449148, 520•151,884' 91, 502

165,76899, 334

170, 920.161,266115, 182

47,445. 248,8

88. 1

7. 3085.386.6

257, 618292, 405119,335

834, 604

383,037321,417241, 687148,23151,025

137, 761

166, 400

75, 90070,00036, 400

' 21, 7005,000

' 45, 400

1,210,509

555, 607518,867514,384

64, 58844, 98352, 78753,93548,768

192, 50999, 025177,924175, 12190,829

195,215116,100184,815180, 037121, 382

' 59. 7' 51.3'51.8

' 105. 3

7. 30' 96. 3r 95. 0

271,555295, 62595, 265

» No comparable data. ' Revised.




1942

Novem-ber

1941 1942

Novem-ber

Decem-ber

Janu-ary

Febru-ary March April May June July | August Sep-

temberOcto-

PAPER AND PRINTING—Continued

PAPER—Continued

Newsprint—ContinuedUnited States: ;

Consumption by publishers....,short tons.. 260,542Price, rolls (N. Y.) dol. per short ton..! 50. 00Production short tons.. ; 75,065Shipments from mills do 76, 207Stocks, end of month:

At mills ..do 10,168At publishers do 447.396In transit to publishers. do 60,108

Paperboard:Orders, new... -.do 613,746Orders, unfilled, end of month do 321,885Production do 555, 290

Percent of capacity • 82Waste paper, consumption and stocks: ;

Consumption short tons _. j 316, 454Stocks at mills, end of month do 408, 753

PRINTING

Book publication, total no. of editions . • 842New books do 693New editions .__ do 149

Continuous form stationery, new ordersthous. of sets.. 236,362

Bales books, new orders thous. of books.. 23. 229

263, 88950.00

82, 62184,331

9,904333,12053,459

668, 621554, 417676, 591

419, 770167, 424

1,190982208

223,49224, 859

274, 47150.00

81,68083. 998

7,586330, 25955,037

669, 927530,459690, 643

93

437, 902186, 522

833716117

231,96150.00

84, 62880. 787

216,10950.00

76, 23475, 247

11,427 | 12,414366,236 ! 370,10146.3C2 ; 55,336

746,832 ; 640,269528,698 493,947738,362 665,689

102 ; 101

425,878 i 390,276181,456 ! 198,659

753645108

261,913 262,61323. 307 24, 979

804 ;

674130 |

257, 79122, 800

251,04250.00

80,92382,176

11,161368, 52047, 376

673,880436.029725, 465

101

438,591241,178

743586157

300,71722,878

238, 49350. 00

82. 66981,182

12,648383, 38444, S43

611,967371,365677, 458

93

411,110308, 963

782657125

242, 37250. 00

80, 04076,612

16, 076384,75839. 025

528, 026288, 516€09, 579

82

352, 972371,086

1,036818218

206,078 ! 169,90419,672 18,101

222, 24450.00

79, 38678, 413

17,049402, 40136, 442

466,173223, 809523, 808

69

296, 938414, 775

637537100

188,43720,051

210, 54950. 00

70, 95276,181

17,820418, 98:"35, 4;">4

464, 293213,443473, 808

68

283,040428,067

709537172

150, 39216, 450

223,18950.00 i

79,885 I79,556

18,149430,409 ;40,270 !

523,648212,953529,214

75

304,215422,958

809642167

231.69150.00

77, 96283, 560

12,551455. 26352, 538

555, 071236, 208535,850

76

312,279420, 465

739582157

254, 34950. 00

84, 21 7So, 458

11,310470,85258, 655

660,890272, 006607, 425

81

' 343, 460' 424,451

96982114S

227, 722 : 238, 529 283,10817,235 ! 16.047 21.002

PETROLEUM AND COAL PRODUCTS

COALAnthracite:

Prices, composite, chestnut:Retail dol. per short ton..Wholesale do

Production thous. of short tons._Stocks, end of month:

In producers' storage yards doIn selected retail dealers' yards

Dumber of days' supply..Bituminous:

Industrial consumption and retail deliveries,total thous. of short tons..

Industrial consumption, total doBeehive coke ovens ..doByproduct coke ovens doCement mills doCoal-gas retorts ._ . . .doElectric power utilities do....Railways (class I) doSteel and rolling mills doOther industrial do . . .Retail deliveries do

Other consumption, coal mine fuel doPrices, composite:

Retail (35 cities) dol. per short ton..Wholesale:

Mine run . doPrepared sizes... .__ . . . . . . do

Production thous. of short tons..Stocks, industrial and retail dealers, end of

month, total thous. of short tons.Industflial, total do

Byproduct coke ovens doCement mills doCoal-gas retorts doElectric power utilities doRailways (class I) doSteel and rolling mills doOther industrial do

Retail dealers, total do

COKE

Price, beehive, Connellsville (furnace)dol. per short ton

Production:Beehive thous. of short tonsByproduct doPetroleum coke. do

Stocks, end of month:By product plants, total do

At furnace plants.- doAt merchant plants. . . . do

Petroleum coke dor Revised.

12.4910. 340

4.791

792

64

45.41037, 710

1,0437,333

685146

5, 57210,273

85811,8007,700227

9.55

4.8155. 131

46, 800

90,60878, 97811,1901,041436

20, 36113,2931,157

31,50011,630

0.000

12.4210. 3013,832

1,393

108

43,05534, 555

8356,848628143

5.5328, 747912

10, 9108,500

313

9.47

4.7134.930

44,426

61, 76352,0138, 326

714372

12, 4279,726

90819, 5409,750

12.43 ! 12.48 i 12.48 ; 12.4810.288 I 10.288 I 10.288 : 10.2804,118 ! 4,532 | 4.772 • 5,085

1,237 !

58 i

47,832 i37,192 I1.021 i7,352 !

588 ;

1496,892 j9,226 |

984 i11,9*010,640

334

9.50

4.7044.925

48, 694

62,73753,3978,901

705 !367 |

12,821 |10, 235

90S19, 4009,340

915 |

42 1

52,416 !38,476 j1,016 I7,404 ;

564 \148 !

5,913 j9,685 !1,046 1

12,700 !13,940 i

347 |

9.52 |

4.732 ;4.926 i48,540 j

|58,681 !50,951 i8,179

647 !343 !

12,660 |9,788 |

964 |18,370 I7,730 I

755 \

34

47,08135,091 ;

957 s6,685

497 I142 !

5,154 ;8,879 |

937 !11,84011,990

313

9.51

656

54

46,533 i36,443 -1,024 !7,372 '

543153 !

5,011 I9,723 i

957 i11,660 !10,090

251

9.51 j

4.737 i 4.7534.924 ! 4.897

43,840 | 47,400

56,885 j 57,22150,635 ! 51,7617,888 '

652333

13,4559,662

995

6. 125 ; 6.125 I 6 125

17,6506,250

6.000 i

7,881743293

13,8919,9101,01318,0305, 460

12.2910.1145,153

466

43,30634,526 !1,029 !7,173 ;571144 :

4,717 !9, 189 ;863 !

10,8408,780260

9.43

4. 7744.81949,000

61,83655,7468,409813301 :

14,767 ;10,8161,05019,5906,090

12.4910.311 ;4,843 |

292 i

42, 59134, 5011,0997, 451

647144

5,1039,398

8199,8408,090

256

9.46

4.7734.858

48,, 250 :

67,418 !60,618 j9, 179 :

876 I331

15,85411,4791,099

21, 8006, 800

12.4810. 3425,122

140

40,269 !33,289 !1,059 !

7,229640

6.000 I 6.000 6.000

4.7754.939

48,410

73,27165, 6919,866

972369

16,87612,2231,145

24,2407, 580

>. 000 !

12.48 ! 12.4810.342 I 10.3405.341 | 5,180

181

35

39,856 j34,3061,0807,504 I

660 I139

5,1758,921766

9,3606,980257

9.49

1255,7129,077758

9. 3905, 550253

9. 52

4.782 i4.989 I

47,700 !

77,583 !69,003 i9, 922 !1,040 I386 I

17,33912,8981,178

26, 240S, 580

289

39

40, 29634, 6861.0877,508

663139

5, 6729, 368

7699,4805, 610

250

9.52

4.7875. 021

47,160

82,68673,18610, 2381, 074402

18,16513,4621,235

28, 6109, 500

6.000 i 6.000

12.48 '10.340 '5,426

472 i

45

42, 22835,0381,088 ;7. 294078137

5. 6019, 405 '

9,940 j

7,190258

4.7975.050

48,700

87,311 ;77,201 :10, 5001.081 ;409 !

19,872 i13,5421,251

30,54010,050

6. 000

• 1-10.5,

45.37\\7_

10,'

11,7

'.49340101

008

• 00

500800120542714149787279843300700

9. 54

4.5.51,

89.79.10,1,

805097005

937057998092413

20. 45213.1.

31.10.

063239200880

0. 000

6645,191

], 646917728

r 1,561 i839149

668 I817 i851 ;390 !

'5

h

686193151

708832876228

647 ;5,224 i

140 '

1,510 !817 ;•692 '240 !

4,

1,

610 i716 !

121 1386 i869 !513 !259

5,

1,

652 i200 '108

430 ;

920509252

5,

1,

655 ;059 :

91

448;963 !

485201

700 ;5,276 !

83 ;

1,432 '975457191

5

1

675 i118 !88 i

405 j

969 i435182

OSS5, 278101

1,469999470175

692 i5,315 !

Ill i

1,564 !1,026 I

539 !179 1

693 !5,163 1

108 !

1,014 '1.021593 1173 :

71S5. 339123

i.006955051184


Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may he found in the1942 Supplement to the Survey

1942

Novem-ber

1941

Novem-ber

Decem-ber

1942

Janu-ary

Febru-ary March April May June July AUSUSt

Sep-tember

Octo-ber

PETROLEUM AND COAL. PRODUCTS—Continued

PETROLEUM AND PRODUCTS

Crude petroleum:Consumption (runs to stills). _-thous. of bbl._Price (Kansas-Okla.) at wells-..dol. perbbL.)Production thous. of bbl.. -Refinery operations pet. of capacity..LStocks, end of month: j

Refinable in TJ. 8 thous. of bb l . J .At refineries do j .At tank farms and in pipe lines do j_On leases do j .

Heavy in California do J .Wells completed.._ number.. j .

Refined petroleum products: \Gas and fuel oils: {

Consumption: jElectric power plants thous. of bbl..jRailways (class I) do_. __L

Price, fuel oil (Pennsylvania) ...dol. per gaL.iProduction:

Gas, oil and distillate fuel oilthous. of bbl.J..

Residual fuel oil do ! -Stocks, end of month: j

Gas, oil and distillate fuel oil __clo i -Residual fuel oil do j

Motor fuel: jPrices, pssoline: '

Wholesale, refinery (Okia.).dol per gaL.jWholesale, tank wagon (N. Y.) do jRetail, service stations, 50 cities. do

Production, totalt- thous. of bb1..|Benzol doStraight run gasoline doCracked gasoline doNatural gasoline! do

Natural gasoline blended doRetail distribution mil. of gal..Stocks, gasoline, end of month:

Finished gasoline, total thous. of bbl.._At refineries do !

Unfinished gasoline do jNatural gasoline ..do !

Kerosene: jPrice, wholesale, water white, 47°, refinery j

(Pennsylvania) dol. per gai.J,Production thous. of bbl.jStocks, refinery, end of month ..do j

Lubricants* \Price, wholesale, cylinder, refinery (Fenn- j

sylvania) dol. per traL.jProduction thous. of bbl .jStocks, refinery, end of month . . do j

Asphalt: jProduction do IStocks, refinery, end of month __do

Wax: !Production thous. of lb. JStocks, refinery, end of month.. do j

Asphalt prepared roofing, shipments: jTotal . thous. of squares.-1

Grit surfaced .do j'Ready roofing do iShingles, all types do I

1,120

. 059

. 101

. 144

121, 5391.110

123, 355

243, 67951, 631180, 05111,99710, 2031,723

1,7405, 723.054

16, 23029, 666

55, 073S3, 730

.060

.149

.14161, 243

28724, 24430, 7185,9944,7172,197

79, 37849, 3517, 9004.557 |

124. 9851.110

128, 293

246, 88451,319183, 99211, 57310,1791,458

1, 9606,328.051

17. 14231, 127

49, 92683,195

.0646,44310,843

.1603,6077,752

580, 700512,000

68,8S076, 413

3,8251, 0701.44!1,315

.060

.149

. 13963,573

32324, 91332, 2556,0824,6222.246

86, 41356. 3257, 6854.275

.0646, 6S29, 599

,1603, 5548, 127

466, 5C0604,000

fiO, 2C074. 814

3,033PI 3

1, 265

119, 0321.110

128, 26282

253, 53153, 208

188, 43711, 88610, 543

1,373

1, 8676,495

. 050

16, 90229, 405

40, 80178, 386

. 060

.150

.14160, 035

20822, 72530, 324

7,4885, 3511,982

93.48964; 9967,7244, 802

. 0646, 6346, 987

.1603,4978,266

382, 000695. 000

55, 16072, 800

2,743

1. 307761

105,7761.110

113,96181

260. 84451, 821

196, 72812, 29511, 229

953

1,5325,949

. 052

15,19427, 254

33, 71175, 386

.060

. 152

.14151,612

18919, 22626, 0066,7684,4561,739

100,18672, 9908,1115,209

.0636,1336,193

.1603,1748,429

382,700765, 400

52, 92075. 600

3, 085•-ft0

1,441sr.2

110,5651. 110

114,47376

261, 83250, 050199, 24012, 54211, 737

778

1,3046, 595. 055

16, 21428, 095

30, 20570, 098

.055 !

. 153 '

. 14352, 902

20020, 60925, 6297, 0204,4141,979

99,18473, 5567, 5495, 620

. 0636, 0355,400

. 1603.5338,470

428, 200710, 700

61, 60075, 040

3, 692969

1, 5921, 132

104, 8821.110

105, 05375

257, 76149, 525195, 93712, 29911,434

825

1.0126,399.057

14, 00229, 440

28, 79267, 65,8

. 054

. 157

. 14447. 528

018, 33923, 504

4, 0462,015

94,67,

7,6,

5.

127182695043

063529

5*. 630

3160438

8.470

452,719,

5269

4111

900400

080720

108178500511

106, 8831.110

110,19274

254, 57748, 454193, 33412, 78911, 168

847

9466, 624.058

13, 43630, 971

30, 2S168, 388

.055

.161

.14448,938

019,57323,1306,7184,2722,092

87, 46162, 5977,2206,568

.0645, 3026, 419

.1603.4398,768

500. 500617,300

51,80069,160

4,3911,2271,4671, 697

105, 3761.110

108, 59577

251, 42147, 551

191, 35312, 51710, 892

726

9236,427

.059

15, 21028, 352

32, 50166, 341

.056

.166

.15445, 887

017, 40422, 423

6, 5584, 4232,079

80,08055,2137,4376,571

.0644.9296,940

.1603, 2318,756

517,800513,800

57. 96069,720

4, 3971,2861, 5281, 582

111,5551.110

111,78278

245, 02646, 919

185, 79712,31010, 950

833

1.2116, 747

.059

16,14930, 096

37, 72966. 935

.058

.186

.15349, 302

019,08823,946

6, 8044,5772,202

71,65748, 585

7,7896,588

.0635,1347,480

.1603,1338,945

629, 300436,000

50, 68068,040

4,9081,7261, 7511,431

114,1351.110

120, 429

244,12546, 435184, 75712,93310. 706

745

1,3496,985.059

17,05230,446

42,91867, 613

. 059

. 166

.14451,105

019,19225, 3877,0284,909

' 1, 998

71, 40347, 9248.1236, 405

. 0635, 3408. 261

.1603,1419, 301

619,500396, 500

61,04077.000

5,1521, 8231,9181.411

STONE, CLAY, AND GLASS PRODUCTS

ABRASIVE PRODUCTS

Coated abrasive paper and clothShipments reams..

PORTLAND CEMENT \

12(1. S74

-thous. of bbl...j Ki, 241SO

14, M2712. -J.'U

138,327 | HW.373 j 111,700 ! 130,525 J 109,508 105,8

113, 4741.110

115.80183

240,04344,569182, 82512,64910.167

'836

1,4317,131. 059

18,06230,402

45,81769, 264

.059

. 161

. 14449. ?89

019 08823, S826, 9985.1082,015

69.29346, 7368, 8536.056

.0635, 4218,203

. 1602, 9519, 278

631,800366, 900

57, 12077,840

5, 4401, 8022,0911,547

116,3811.110

120,31182

237,36143, 552181,20312,60610,868

817

' 1,33.1

.059

18,85831,239

49, 82369.420

. 059

. 161

. 14451,495

019,97724, 9057, 2565, 455

67, 66946, 1588,9535, 424

. 0635, 9078,599

. 1603,0579,421

656, 900343, 100

75, 32086, 240

i i j '. i \

14.U33 I 13,810 | 12,360 10.797 1 12,733 | 14,067 16.119 16,02273 i 65 I 59 57 61 69 77 79

13,17,4.

724638250

11,19*.

4,

511H25575

9,115 j23, 16R 25. G(-g

12,56325, 832

14,77425, 112

!6, 34924, 886

5,020 i 5,84 0 | «[ 571 6,'65f> i 6,241 j

18, 25022,6095,809

r 18, 25887

r 20, 345? 10,617r 2. 723

12. 921 12.935

5. 289 I 5,0291,501 j 1,432

13. 100 13. 165 13.216 ! 13.254

Production.Percent of capacity

Shipments . thous. of bbl !Stocks, finished, end of month.... ... do |Stocks, clinker, end of month .. do.... j

CLAY PRODUCTS iI

Common brick, price, wholesale, composite If. o. b. plant . ...dol. per thous.. i

Floor and wall tile, shipments: \Quantity . thous. of sq. ft-.LValue . thous. of do!. J

Vitrified paving brick: jShipments... thous, of brick... j..Stocks, end of month ..do i

i Discontinued by compiling agency.r Revised.tBeginning January 1942 figures for the production of natural gasoline include total sales of liquefied petroleum gas as follows (thous. of barrels): Jan., 710; Feb., 577; Mar.,

556; Apr., 572; May, 483; June, 498; July, 536; Aug., 502; Sept. 579; Oct. 663; data for such sales have not been included in the total for motor fuel. Prior to 1942 an indetermina-ble amount of liquefied petroleum pas lias been me!ude<! in ;otal motor fuel and natural gasoline production.

S. 113 j17,211 I

1.73517, 122

R. 5841,077

1,04617,948

3. GS91,047

78518.823

13

1,

2,18,

215

944119

075992

13

3,I,

1,39,

209

£05347

983615

3.200 i939 i

2, 792773

19, G47 !3,682

19,461

-il, 10/

16, 83380

20, 50118, 979

5, 528

L60

17,

2115

4

60585

282208493

1 4 ,

r | 7

20•' 12

3

52787

145697595

13. 226

2,589667

3,71118, 760

2,558 !675 I

3 G8219,215

13.221

0)0)



1942

Novem-ber

1941


1942

Janu-ary

Febru-ary March April May June July I August

STONE, CLAY, AND GLASS PRODUCTS—Contiimed

Octo-ber

GLASS PRODUCTS

Glass containers:Production... _ -thous. of gross..

Percent of capacityShipments, total thous. of gross- -

Narrow neck, food doWide mouth, food.. doPressed food ware .doPressure and non-pressure. . . . doBeer bottles doLiquor ware doMedicine and toilet d o . . . .General purpose.. doMilk bottles do___.Fruit jars and Jelly glasses.—... d o . . . .

Stocks, end of month . . . . . d oOther glassware, machine-made:

Tumblers:Production _____ .thous. of doz._Shipments . . . . doStocks do

Table, kitchen, and householdware, shipmentsthous. of doz..

Plate glass, polished, productionthous. of sq. ft..

Window glass, production._._.thous. of boxes..Percent of capacity... „

GYPSUM AND PRODUCTS

Gypsum, production:Crude . . short tons.Calcined do . . .

Gypsum products sold or used:Uncalcined . . . . do . . .Calcined:

For building uses:Base-coat plasters do . . .Keene's cement . doAll other building plasters do. _ _Lath thous. of sq. ft.Tile . do . . .Wallboard do . . .

Industrial plasters . short tons.

6, 20699.9

6, 252449

1,64539

331672816

J. 50852023613

8,119

3 7783. 5358. 076

3, 909

4,6123 98460. 6

6,187100.35,295

240974

42316260

1,0561,766

381242

38,711

4,658' 3,774

7,903

3,279

14,2771,30080.1

6,04390.44,96521486239332395843

1,6403742454

9,610

4,3463,2368,936

2,553

10,3111,696104.5

6,75596.5

5,877271

1,19145352524905

1,88439925729

10,228

5,3504,1438,797

2,587

9,1431,639100, ft

1,361,0341,088,745

317, 781

345,6976,841

90, 558567,393

7,398269,12936,130

5,96596.1

6,141352

1,31937

408601917

1,74142922497

9,950

4, 5953,9219,376

3,112

5,6001,457

6,935103.17,073588

1,51749503737983

1,806514243106

9,450

4,8044,4829,260

3,278

5,5651,58397.5

6,921102.96,830454

1,55451479868838

1,757448234125

9,417

4,5584,6109,156

2,876

5,5701,644101.3

1,066,362817,856

285,755

275,8865,904

76,430348,061

6,490256,75534,114

7,192111.26,997

4191,489

49508

1,158814

1,733441259104

4,1344,3158,879

2,927

4,3101,55795.9

6,72399.9

6,356331

1,40543

4511,065

7591,482

43327290

10,008

3,7793,8459,140

2,494!

4,726 I1,223 !75.3 I

1,234,293829,206

399,192

i

252,8603,781

320254,6907,523

365,16635, 736

5,94688.46,333383

1,57740416 j837 j853 I

1,379328295195

9, 528

3,1833, 9158,411

2,397

4,1941,27478.5

6,58597.96,902546

1,82833320723

1,1641,253329270401

9,139

4,4984,5328,196

3,048

3,8631,07566.2

505. 830

49:>50tils171

6. 29797. 36, 879815

1,62931315636

1, 095J, 2W361286395

8, 490

3. 880 4. 5003, 829 4. 88S8, 239 7. 837

j3, 606 j 4. COS

4.741 | 4.9241 097 | :i 96067. 6 ! 59. 2

1,213,817 !.754.911 j

384, 730 !

199.061 j2,905 j

77. 483 I197,845 '11,577

404. 89636. 399

TEXTILE PRODUCTS

CLOTHINGHosiery:

Production.. thous. of dozen pairs..Shipments doStocks, end of month .do

COTTON

Cotton (exclusive of linters):Consumption _. bales..Prices received by farmers dol. per lb_.Prices, wholesale, middling, 15/W, average,

10 markets .del. per lb_.Production:

Ginnings (running bales)§_thous. of bales. -Crop estimate, equivalent 500-lb. bales

thous. of bales..Stocks, domestic cotton in the United States,

end of month:%Warehouses thous. of bales, _Mills do . . . .

Cotton linters:Consumption ._ doProduction . doStocks, end of monthj do

COTTON M A N U F A C T U R E S

Cotton cloth:Prices, wholesale:

Mill margins cents per lb__Denims, 28-inch. dol. per yd._Pr int cloth, 64 x 60 . . d oSheeting, unbleached, 4 x 4 . . . d o

Finished cotton cloth, production:Bleached, plain thous. of y d . .Dyed, colors .doDyed, black._ _ doPr in ted . do

11,71112. 05921, 438

913. 038. 192

. 193

11.539

2 12. 982

13. 6372,441

114215698

21.47, 192.090. 108

12,50112,58521, 367

849,143.158

.164

9,592

13,9602,248

117170729

20.18.175.081.095

170,132131, 727

6,04278,572

12,55511,93822,026

888,379.162

.173

9, 915

13,7102,395

110149807

20.31.180.083

180,792126, 677

6,75091, 674

13,14712,86922,292

947,539.169

.190

10, 225

12,8572,498

116143

20.26.190.086.103

192,229133,624

8,54782,267

12,20412,75921,726

892,288.178

12,2122,582

108124886

20.27.190.087.104

176,227126,465

6,55383,791

12, 95113,50621,160

967, 406.181

.196

110,495

i 10, 742

11,3492, 654

13297854

20. 25.193.088.105

191, 654145,169

6,01088,674

12,72913,53320,346

999,749.190

.202

10,4912,631

13167

20.28.196.089.107

194,328148,023

5,33875,962

11,91311,50020,748

957,864.192

.200

9,4032,585

13241

732

20.95.196.090.108

192,142145,423

5,57372,813

12,03310, 99021,781

967,523.183

.189

8,4572, 443

12726

653

21.82.196.090.108

192, 091147,654

5,19661, 287

12,06711.25122, 598

994, 552.186

.194

49

11,98212,11822,462

925,089.180

.186

738

7,6332.. 252

12222

21.27.196.090.108

189, 214150,832

5,73055, 732

7,5021,848

12227

490

22.17.193,090

178,185149,159

5,12160,073

12, 33512. 64922, 148

966, 149. 186

. 187

5, 009

9,6761,711

115154505

22. 03. 192. 090. 108

179, 363157, 074

5, 47265, 606

r Revised.1 1941 crop.2 December 1 estimate of 1942 crop.3 Partially estimated..Total ginnings to end of month indicated.JFor revised figures for all months of the cotton year 1941-42, see p . S-34 of the November 1942 Survey.

July 31, 1942, including stocks on farms and in transit, was 10,455,000 bales.

12. 6,"(i13 01221, 786

972. 490. ISO

12. 6742, 118

116221

21. S5. 192. 090. 108

182. I7t>167! 390

5. 50370. 935

The total stocks of American cotton in the United States on




1942

Novern-I ber

1941

Novem-ber

Decem-ber

1942

Janu-ary


temberOcto-

ber

TEXTILE PRODUCTS—Continued

COTTON MANUFACTURES-Continued

Spindle activity:!Active spindles ._...._...thousands..Active spindle hours, total mil. of hrs._

Average per spindle in place hours-.Operations percent of capacity..

Cotton yarn, wholesale prices:Southern, 22/1, cones, carded, white, for knit-

ting (mill)f dol. per lb...Southern, 40s, single, carded (mill)__...do--..

RAYONConsumption:

Yarn ____ . ______ __mil. oflb..Staple fiber..-- - ______„____do__--

Prices, wholesale:Yarn, viscose, 150 denier, first quality, mini-

mum filament---. -dol. per lb_.Staple fiber, viscose, 1^ denier ..do

Stocks, producers', end of month:Yarn - mil. of lb_.Staple fiber_ _ _ _ . do

WOOL

Consumption (scoured basis):*Apparel class --thous. of lb_.Carpet class _.__ do

Machinery activity (weekly average):JLooms:

Woolen and worsted:Broad... thous. of active hours..Narrow ____.__do___.

Carpet and rug:Broad . doNarrow ____„___ do. . . .

Spinning spindles:Woolen . . . .do . . . .Worsted do

Worsted combs __..__.. . . . . .doPrices, wholesale:

Raw, territory, fine, scoured dol. per lb .Raw, Ohio and Penn., fleeces..__ doAustralian (Sydney), 64-70s, scoured, in bond

(Boston) - dol. per lb..Suiting, unfinished worsted, 13 oz. (at mill)

dol. per yd..Women's dress goods, French serge, 54" (at

mill) dol. per yd..Worsted yarn, ?_a's, crossbred stock (Boston)

dol. perlb..Stocks, scoured basis, end of quarter:!

Total thous. of lb_.Wool finer than 40s, total . __________ .do

Domestic ._ __.____do.__.Foreign . _. . _ _. do.

Wool 40s and below and carpet-__._._do___.

MISCELLANEOUS PRODUCTS

Fur, sales by dealers thous. of dol..Pyroxylin-coated textiles (cotton fabrics):

Orders, unfilled, end of mo. _ thous. linear yd..Pyroxylin spread thous. of lb..Shipments, billed ____thous. linear yd..

22, 94810, 558

443133. 4

39. (i.12.5

. 550

.250

7. 84. 3

1,205.535

. 790

0)

]. 559

). 800

2, 178

9,9593, 5704, 248

23,0799,914

410129.8

.380

.471

38.511.5

.550

.250

4.51.8

40,66010, 700

2,52189

125104

108,127122,409

220

1.110

.490

.705

2.228

1.411

1.800

790

8,2066,6987,097

23,06210, 665

441125.4

.390

.481

39 312.4

.550

.250

3.81.8

43, 69611,708

2,70678

122105

110,157129,890

233

1.129.490

.743

2.228

1.411

1.800

190, 571142,37877,25365,12548,193

626

7,8256,6377,398

23,08711, 367

471137.0

. 409

.500

41.212.5

,550.250

4.8L9

44,4805,828

2,85089

122105

118,654120,806

243

1.135.490

.755

2.228

1.411

1.800

3,192

6,6066,2107,033

23,08810,478

436136.3

.408

.504

36.011.3

.550

.250

4.42.1

40,9725,784

2,61686

11596

117,130101,015

231

1.161.515

.755

2.320

1.411

1.800

6,980

6,0975,6516,699

23,10911,379

473134.3

.414

.506

40.012.6

.550

.250

4.12.3

63,8806,555

2,60295

79

116,99699,935

231

1.175.515

.755

2.599

1.559

1.800

247, 083172,43866,182106,25674,645

' 65 947

6,6175,3876,667

23,10211, 459

476135. 2

.420

.516

37.613.0

.550

.250

5.41.7

44,7402,544

2,75486

7759

125, 659114,464

241

1.195.515

.790

2.599

1. 599

1.800

: ; ; ; ; ; ; ;

r 4, 980

6,4965,5546,384

23,11711,197

465138.5

.421

.515

37.612.7

.550

.250

6.92.1

44,320388

2,78981

8064

125,175116,750

239

1.195.515

.790

V)1.559

1.800

_________

'1,460

5,7985,3715,877

23,09511, 295

471133. 7

.421

.515

39.013.7

.550

.250

7.02.3

53, 5104,280

2,66878

7653

119,375115,368

233

1.195.503

.790

0)

1.556

1.800

351,485276, 296141,409134,88775,189

' 1 , 313

5,5634,6055,279

23,11011, 484

479130.2

.421

.515

39.812.6

.550

.250

6.53.1

45, 896

2. 85370

7159

127, 143122, 324

243

1.195.496

.790

I1)

1.552

1.800

22,97410,981

458136.4

.421

.515

38.212.8

. 550

.250

7.43.9

45, 3722,000

2,74470

7245

125,473120,250

237

1.195.499

.790

0)

1.552

1.800

-1, 518 I '3,197i

4,9374,4304,530

4,6864,2754,734

22.95611,191

468134. 9

. 420

. 515

38.412.4

. 550

. 250

8.04.3

52, 3053, 045

' 2.65765

6640

121,812112,150

217

1.199. 527

. 790

0)

1.558

1.800

335,796254.817120. 61212S, 20580, 479

' 2, 630

5, 7524, 7664,617

23,01211,429

136. 9

.414

. 515

41.112. t;

. 550

. 250

45, 0523, 240

70874

i, 798., 675217

. 205

.535

. 559

. 800

8,9134, 5654.887

TRANSPORTATION EQUIPMENT

AUTOMOBILES

I ndexes of retail financing:Passenger car financing, volume :t

Total Jan. 1942=100..New cars do____Used cars do

Retail automobile receivables outstanding,end of month Dec. 31, 1939=100--

Automobilerims, production., thous. of rims...Accessories and parts, shipments:

Accessories to wholesalers-.. ...Jan. 1935=100..Service parts to wholesalers,, _._-do.__.Service equpiment to wholesalers . . . . . . d o

RAILWAY EQUIPMENT

American Railway Car Institute:Shipments:

Freight cars, total .number..Domestic —do____

Passenger cars, total _.._ _.do..__Domestic ...____.____..do....

179429118

1571,864

173267288

6,3786.073

4242

196463132

1491,677

174297255

7,1837,181

3529

100100100

1391,271

144229217

6,2406,240

4242

632273

128823

139231201

7,7527,652

2420

734681

116669

141234202

7, 7817,781

2828

584262

105665

130205198

7,9577,273

1010

566055

95617

128174183

7,5735,700

4141

664

126111187

5,2532,851

2323

595760

77573

118117176

2,8601, 370

1616

535454

67586

110119173

955574

1010 ,

424542

59633

112135180

322634

51

97144

' Revised. i No quotation.t For revised figures for all months of the cotton year 1941-42, see p . S-35 of the November 1942 Survey.1 Da ta for March, June , and September 1942 are for 5 weeks; other months, 4 weeks.t Revised series. The yarn price series for Southern, 22/1, cones, has been subst i tuted beginning January 1941 (or the Northern, mulespun, series formerly shown; for

data for all months of 1941, see p . S-35 of the November 1942 issue. Figures for wool stocks are compiled on a revised basis beginning 1942 and data are not available compa-rable with figures shown in the 1942 Supplement and in monthly issues through June 1942. 1942 da ta shown above coyer all known stocks of wool in commercial channels,including stocks in the hands of country dealers and in country warehouses; stocks in the hands of country dealers and in country warehouses are not included in the earlie'




1943

Novem-ber

1941

Novem-ber

Decem-ber

1943

Janu-ary


temberOcto-ber

TRANSPORTATION EQUIPMENT—Continued

RAILWAY EQUIPMENT—Continued

* Association of American Railroads:Freight cars, end of month:

Number owned__ thousands..Undergoing or awaiting classified repairs

thousands..Percent of total online

Orders, unfilled.. . . .cars . .Equipment manufacturers doRailroad shops _ _do..-.

Locomotives, steam, end of month:Undergoing or awaiting classified repairs

number..Percent of total online .__

Orders, unfilled. number..Equipment manufacturers doRailroad shops—. do

U.S. Bureau of the Census:Locomotives, railroad:

Orders, unfilled, end of mo., total doSteam . .doOther do

Shipments, total - d o . . . .Steam doOther . .do

Locomotives, mining and industrial:Shipments (quarterly), total number.-

Electric, total. .-doFor mining use . .do

Other d o . . . .

INDUSTRIAL ELECTRIC TRUCKSAND TRACTORS

Shipments, total. .number.Domestic do.._Exports do

1, 739

>, 0985.4369350

13

4.175, 55952,56322,996

3,6349.2281256

25

1,022364658891574

28018

1,694

623.7

73,69750, 66123,036

3,3708.6258237

21

1,210526684962274

20710299105

1,701

613.6

66, 87045,79821, 072

3,3788.6249229

20

1,197522675891970

271261

10

330327

3

1,709

613.6

69, 40249,93919,463

3,2318.230028218

1,2735517221002872

303

1,718

603.5

68, 31647,98520,331

3,2288.2426372

54

1,3325897431255768

177847193

1,726

623.6

58,12939, 80418, 325

3,1147.9408357

51

1,4256697561326270

1,731

633.7

48,35131,44016,911

2,9307.5395348

47

1,5867168701115061

37133635

40038317

38437311

1,736

573.3

37,89125,06212,829

2,4777.0350304

1,5546588961425983

205104102101

400

1,737

553.2

35, 44224, 97410, 468

2,6696.833428450

1,7208548661325676

36034317

1, 737

533.1

34,19524, 6269,569

2,5936.632325667

1,6497838661476186

38234438

1, 737

462.7

35,63728, 3527,285

>, 3816.131423876

1.9321.065

8671778394

1,737

422.4

29, 20422, 4196,785

2, 1435.528921673

1,8399798601779681

266116 I...112 !150

43841523 |

420418

CANADIAN STATISTICS

Physical volume of business, adjusted:Combined index!.. --- .1935-39=100..

Industrial production:Combined index! d o . . . .

Construction!- - - doElectric power doManufacturing! . . .do

Forestry! d o . . . .Mining!. , _ do

Distribution:Combined index! do

Tons carried * .doAgricultural marketings, adjusted:!

Combined index _ -doGrain--. doLivestock do

Commodity prices:Cost of living. ___doWholesale prices 1926=100--

Employment (first of month, unadjusted):Combined index. . . . do ._ . .

Construction and maintenance doManufacturing doMining . ._. .doService doTrade . . .doTransportation d o . . . .

Finance:Bank debits . . mil. of dol..Commercial failures number..Life-insurance sales, new paid for ordinary

thous, of dol_-Security issues and prices:

New bond issues, total . . . do jl,062,488

118. 697.1

56

52, 042

Bond yields 1935-39=100-.Common stock prices-. do

Railways:Carloadings thous. of cars..Financial results:

Operating revenues thous. of doL.Operating expenses doOperating income--. do . . - .

Operating results:Revenue freight carried i mile-mil, of tons..Passengers carried 1 mile .mil. of pass..

Production:Electric power, central stations

mil. of kw-hr__Pig iron thous. of long tons..Steel ingots and castings. . . . doWheat flour thous. of bbl.-

99. 667. 6

152242

183. 7

202.3127. 9137.5199.6132. 5291.0

145. 3139. 6

81.375.6106.1

116.394.0

167.6147.7187.5185.0173.7163.4102.8

3,42780

44,984

94,85199.168.8

286

48, 21935,4969,927

4,711227

3,184134221

1,665

193.9

208. 0185. 0138.9206. 7141.4261.4

164. 7170.8

129.4129.3129.8

115.893.6

168.8143.4188.4183. 5170.4167.1104.1

3,68778

47,172

91,98599.367.2

294

50,05036,13410,818

4,356387

3,221148219

1, 577

192. 3

216. 5r 127. 7142.9222, 7138! 1258.5

142.0169.3

136.3110.4112.3

115.494.3 |

165.8 !124.7 |187.1 i177.8168.0172.4101.1

3,23177

43,081

90,32699.4 !66.8

272

45, 42235, 1117,789

4,246283

3,226146231

1,556

192.9 I

216.3 !98.8 |137. 6226.3147. 6248. 2

144.4169.3

93.970.6100.9

115,794.6

165.4118. 1191.2176.8167.0156.898.2

2,8

189. 3

207.7152. 6141. 7212.6148.0 •234, 2

151.2177.4

81.674.9

110.8

115.9 !95.1 |

165.1103.7195.7176.4169.1151.797.5

4,17756

198.1

220.8144,4144.3231.0137.8226.9

151.3389. 3

84.884.287.0

115.995.0

165.298.0199.4175.0172.8153.099.0

3,73346

100, 23299.364.7

!249 |

44,044 !35,2816,046

4,031271

2,864129217

1,585

1,044,07799.662.3

50,85837,33810,036

4,580325

i3,221 |149 i237 '

1,807

3,083143237

1,961

195.5

217.397.3146.1232.5132.7211.3

150.2182.3

83.7

136.195.2

167.4109.3202.3173.5176.3153.5104.1

3,7915364

:9,357 | 35,876 j 36,232 | 40,336

! 396,203! 99.6j 6 1 . 1

| 273 |

50, 59736, 52610, 303

4,439361

92, 32999.562.0

!283 |

53,03637,60611,510

4,891375

3,175153243

1,481

200.0

222.1159. 9146. 6235.7131.2196. 3

153.9188.1

88.682.8

113.8

116.795.8

171.7123.3205.9173.1180.6153.7106.4

3,76746

43, 898

298, 65398.862.8

287

55, 24739,41911,696

4,807412

3,043150227

1,335

203.7

229.4118.4145.8246.2128.5213.3

150.5177.0

237. 7270.993.4

117.9' 96 .0

175. 7137.7209.5174.1184. 8152. 8108.1

3,70447

44, 868

'226,45498.762.4

294

57, 52942, 00410,582

4,705511

2,966154229

1,590

r 205. 7

' 232. 5115. 8142.8

' 248. 8120.7216.6

150.4163.0

99.698.8

102.9

117.7' 9 5 . 5

177.8146.8212.4172.3189.4152.5110.4

3,48042

39,963

' 339,84099.061.6

282

58, 88143,37110, 753

4,593532

2, 990145222

1,820

' 206. 1

' 235.1128.4140.0

' 253. 3116.2225.8

145.8132.3

43. 633.985.7

117.496.0

179. 3146. 5215. 6166. 8188.2152. 3110.0

3, 51639

55, 798

254, 31399.462.6

290

58, 59042, 67011, 803

4, 550452

2,947139219

1,737

207.2

238.699.2

138.5262.6126.7195.7

142.1134.5

106.6112.978.9

117.896.8

181.3149. 6218,3164.3185.1153. 5111.7

4,07347

57,795

270,49399.665.0

323

3,166157242

1,851

r Revised.! Revised series. The revision of the index of physical volume of business is due mainly to a change in the weighting and in the list of components, so as to present a

picture of the expansion in industries engaged on war production. Revised data were first shown on p. S-36 of the December 1942 Survey. Revised indexes beginning January1940 will be published in a subsequent Survey. The index of grain marketings is based on receipts at country elevators instead of receipts at head of Lake and Pacific ports,as formerly. For data beginning February 1941, see p. S-38 of the April 1942 Survey. Revisions for January 1941 are as follows: Total, 168.8; grain, 185.4. Earlier data willbe shown in a subsequent issue.

* New series. The index of tons carried has been substituted for the index of carloadings; data beginning 1923 will appear in a subsequent issue. Components includedin the distribution index other than tons carried are retail sales, wholesale sales, exports, and imports.

U . S . G O V E R N M E N T P R I N T I N G O F F I C E : 1 9 4 3Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX T© MONTHLY BUSINESS STATISTICS, Pages S1-S36

i CLASSIFICATION BY SECTIONS

; B t i s . n i ' s m d e x e *i d n r u i o o i t / pi o< s . . .| Construe tion and rtal estate.-

i Eîploi merit eoudit'or.s and v^nêsP.npintI»it-i«.n trade . .Ti jnspoi t i t ,on a;id lommuni' a-

1- ill?

Statistics on mu'vic'ual .niu«*tnesChemicals jmc' al^c1 products.Eleitr^c power and yas . _F< odstufis an 1 tobact oLeather and productsLumber and m^nufac tares _ __Metals and manufacturer

Iron and s*ev-lNonferrous metals arid prod-

uctsMachinery and apparatus

Paper and j>rintingPeiro'cum ,rnd coil pioducts»_Stone, clav, <n 5 !as& products .' r txt i'e productsTr *n«por*at'on equipment

Canadian stat sties

SSS

S

ssso

sssssssssssss

t1-11

4

81 J20

20

22U2 A1128

20

30?0313 1\ \

36

Fs&ea n arked Sr»(TCMts b m k _ _ 14D.sputes m ,i»«tnal _ 11l>'»i Had i ^ rnents ana rates _ _ 1,19E; »-nin ' , , fo 4orV' -week!" i n d ho«irlv 12. 13E ' es. irul lr<k^ns 1 ,3 ,26L^ft t n 'i1 "qui^r iunt 2 6 12 30 ,31EWK fi , P J A C Tjrolart ion s <le«i, revenues 23 ,24Haipi T iciit e s " n ' ift i 8Hin'i1-^ rucnt in '<- \ -s

~7c\'\f'.T , by i n , i s and StJ t^s _. . 10P'arfort- h 'iilufcU'fH . 8 , 9 , 1 0N« >n -n ,xn uf'sc t u ' in _ 10

F

onstr'i tôfi21

4

CLASSIFICATION, BY INDIVIDUALSEPIES

P«*,t«. marked SAhi.'^'vt paper and <'oth (coaled). . 33A c q ^ ' n u i , bu«nki rs" 1 JA V i n w i ' . 6A< i.( >JM jal ccssh in. orne . . _ _ I/*_rc «i!t MPI •* 2 c - l o a m _ . 13 U-" T m il T . 1 lr ! ne opT*">1ions . . _ n 21> I ( i .ft . 12 nA1.. o», .« u . e v l r 1 . - . . '2A U u h >'« b e v t r , *e>__ . 1 . 2 2 4

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i n g 3 . 6, 7, 9 10111

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X^ph 1* 3*Ant *-m bile* 1 2,6 7 8,0 10 11 12 13 16.35/ :t rnobilf- accessories and parts. i^P. n . .HI, - - 13 14B u b v __ . _ . _ 25f earing nirtal - - - - . - MBf(f and veil . - - - . . - ?r>Be v^races , f>U oholic . - 1 , 2 , 2 1Pil.nmnousioa! _ 1,2,3,10,12 32Boiler _ ._ 29 10Bonds i«sius puces, sales, yields _ _. _ 18 19Rook publication . MBiass, bronze, and c^ppri products . 12, 13, 30Brick . 3,9,10,12,13, 33Brokers' loans - 14,18Building contracts awarded._..___. _ _ _ . 4Building costs . . . - - - . . __ . . , . 5Building expenditures (indexes) _ _ 4Building-material prices, retail trade...»„___ 3, 7Butter." .. _ . . . . . _ - . 24Canadian statistics_ . . 16,36Canal traffic . . . . . . - - - - - - - 21Candy . . . . . . . . . . 27Capita! notRtions- - _ . 18

For productive uses _-_»_«____ 18Carloadings. . 21Cattle and calves „__„_ 26Cement . . . 1.2,3,33Chain-store sales . . . _ . . 7Cheese. _ 24Chemicals . . 1,2,3,9,10.11,12,13,15,16,22Cigars and cigarettes. - 27Civil-service employees - - 10Clay products. ^ 1,2,9,10,11,12,13,15,33Clothing (see also hosiery) ... . - 3,

" 6,7, Q, 10.11,12. 13,34.35Coal. -.... 1 , 2 ,3 ,10 ,12 , 32Cocoa. . _ _ . . 27CofTV*- . . 27Cf.k-- - 1 , 2 , 3 2r m rm icial failures . - 15C( .T'iri tnial paper . . 13Cor.» i ,u I 'on

Cops t i j ( t n n e s t i m a t c j 4C m t r ii t* awarded _ 4Co ' s 5H.t h ' v n t ind g rade cros«in,j[s 5V vf r . i s . 13

C .1 » " < r - 4 t 15C '••-tnu-'r t r\ en Inure 3 6C o'»-r . 30C M 1 ' " <>i coconut oil 22C vn 25( r st ot 'iv n,; -nder 3, 4C *• .n u w rtnd maiiufsn ti-res 1,2 1 9 10,11.34C v i n - e i, ' ale and mt a! oil 22.23Cu r,s 1 21 '5 .27 ,34C a ens >. -n cuculat 'on 16Ii r i i )I n»s ? f 1,24. 25Debits bank . . 14Debt. United States Government 17Delaware, employment pay roils, wages 10, 11, 13Denartment stores" Sales, stocks, collec-

tions „..___. 7, 8

En ipfEx< *) >n a s r .v - 16R\;*tii '"uifs, United Statî Government _ 17ExjMiÂfs 22Expert ts 20Fct torv t mplovi*icnt, \>*y rolls, hours, v age<% 8,

9 10 11,12, 13F Jin.l.i'd s ret J'1 price inches. _ . _ 3Fnrrn v.a^s _ 13Fa.m pru es. index - . . _ 3,4Fit-, T : i otU . . _ . 3Fe :"fil Goy/trnn.Tit, fin'snt e 17F^tl'": .1 Keservt b-nks. tondition of . 14Fcd-ril Resfj vc report .n- .netnber banks . 14Fpitiliêis 3,22P U 1 )S'-"!h . . . 61 -sh o'Js nnd fsh _. . . _ 22,27F ' p - s t f J . . . 23Fioci rj4 _ 28Floui v.1 eil _ 26Fo'-d i rv 5'Kts 1,

M 1 6 7 9 10.11 12,13 IS. 1ft 2 4 . 2 5 , 2 6 . 2 7Fo.Jt" far 1,2 M ) 1 o, 11 12 ,13 , 28F /re*1 ' ir< s rtc1! es ta te _ 6F J ' J " ii . ^ u p i r t n t . _ 30TH-O-OJ t r t i r s (t(i - r n l u n ( ) 3 5 , 3 6I r« 1< 1 + < .»rlo i. i ,s - irs, T levos 21F T Î't - , - S il Ins 21F r i i r - .:» ? > t 'etf-t.Us 3 ,25h r ' f-j tipiKtnt a:vt h itjntr -ppr-r^tu^ 30F'>e'9 I 2 1,32.33F» . nit Ur t 1 2 3, v, 11 12 ,29 , 30G s i: fn is s \les. i s v u i j i s 24G ,s - \ i ,' 1 oJs . _ 33C'ci' ( Im* _ _ _ 33Culdf.n ( 1T/V 27G1 i'^ • n U U ^ < r c 1 2 <* 10,11 12 13,15,34Ci'"v . ' i i I n^t 'enj _ 28G*,' 1 _ 16Gooi -i m w«j:e'iouses . . 6Gi-irs _ 1,17. IP, 25. 26G« p'niii . . . . 34Hui^ md <»kins _ 3,27Hitfhu i. s, and VJH< C cross-tn^s, Fedc-i u\ aid 5Hn-s . 26Home U>'n\ b< nks. loons outstanding _ 6Hv)ine rnc rtpapes . . 5Hosiers . _ . . 3,34Hotels . . 10.12,21Housefurnishings.. _ . 3,6.7Housing. __ . 3,4Illinois, employment, pay rolls, wages-.-.. 10,11, 13Immigration and emigration.. 21Imports „...__ _ 20Income payments.. . _ _ . 1I ncome-tax receipts 17Incorporations, business, new ._„.....,_„__ 16Industrial production, indexes.„_ ___„___ 1.2Instalment loans _ . _ -... »_.. . 15Instalment sales, department stores.- . _ . 8Insurance, life..... - . . - 15,16Interest arid money rates. . _ _. . _ 14Inventories, manufacturers* 2Iron and steel, crude, manufactures 2,

J 8,9 11 12,IS, 16,29,30Keiosene 33labor, turn over, disputes _ 11Lr'mb rina mutton _ _ 26Lard . __ 26Lc i 1 _ 30I either 1,2 3 9.10,11,12 M, Is, 11 28Lins<f*d »>il, take, and mr^! 23Livestock 1,3,26I o »ns r* »1 e«*tr*-e, agi«c ul*un! bank brokers'

(*.*>*. ilm Consumer cre'hr; > 6 14,17.18l*ot o'not'v^s 6loom >\o)kn, irtn tv J5I «bn . r.ts HI UU^PT 1 2 i 8 9 11 12 15 23M < !> i • „ ' v i t \ lotttii i woo! 55M J '.i i' * nils 12 ,13 30M ' \t' r 1 £ 8 Q 10 II \7 13, Is , In 30M ij.' I /UK vhc r ' i - i i n * 6fcf ~i~^ i. i ' 'uie 'S or r ' s sti t)fiH

fJ*"S, I U V U I*or ( s °

M jtnif J ' u nt, f . r o d u c t ' •'ii m t ' xcs 1 2M i r ' >T d < m p l o v n v rtt p >\ i JMS 10 11M >s^ i h ^ d ' s , c n .p l ' j^ ui«. r i p y ui 1!" ,

* » f s l ' l 11 Hi 5t- '«1 iiir 'rt j j j i k n..' 1 M f) ] i ! 11 ! 2 ! 1 ^^ T i , I 2 t 8,«> 10, I I ! . ' 1 J 1< 20

v t * : . » i 22M 1'. 24 ^Mri'n« 1,2 10 12

N» ^ ) f-> m*pl > men t , p ' i ils. ^m'-w 10,11 3 i

Ne\««|<iptT i Uei t i s n^, 6N e \ ^ j I'I.T ; l 32

Pages marked SNew York, employment, pay rolls, wages 10,11, 13New York canal traffic . 21New York Stock Exchange " 18, 19, 20Oats. . _ _ _ 25Ohio, employment, pay rolls ._ __ 10. 11Oils and fats * „. 3,22,23Oleomargarine... . .. . . 23Orders, new, manufacturers* , 2Paint and paint materials.... _ 3. 10, 12, 13, 23Paper and pulp.. 1,2 4,9,10,11,12,13,15,31.32Passports issued . . 21Pay rolls:

Factory, by cities and States 11Factory, by industries ..._.,.„ . __ 11Nonmanufacturing industries . . . _. 12, 13

Pennsylvania, employment, pay rolls, wsges- 10,11,13

Petroleum and products 1,2 3 1,10, 11,12,13,16,33

Piu. iron 29Pcrtel. n e" nf led proda tb _ 30Pork . . 26Postal business . __ _ . 6Postal Scivingb . _ _„.._ 14Poultry and ei;gs . . _ - . 1,3,26Pnces (see also mdivdual 4 ornmodities):

R<*ml inc'exc , 3Vv hr U s ue nd^xes 3,4

Pri^nat 1,2,9 10,11,12,13,15.32Frnf'*s c rporat'on . 16,17Pub'ir r , >f 13Po l K iril,-ip< 4 10,12,16,18,19,20PiJ -.an Co _ . . . 21P .t, j 30P i. h s n ' p o v t . o f t K - J o l h r . . 4R Ivor- 29P \ s f vert m<, 6R u i •, c x r / ' n n s v,quiDment, financial

b* €.-*!«« t s T . I J l a m e n t w n«'e <• . _ . . . 10,1 •> 16 17 18, 1 9 , 2 0 , 2 1 , 3 5 , 3 5

F ' * a >?rc\t (^ c i>T cr t jailvsavs, e tc . ) .R a « ' 2 0. 10 1 1 , 1 2 , 1 3 , 3 5Rcc u<4- l r S G o \ r r n r n t n t _ . 17Re >i r i n Fuur ic <• r o r p o i c i 4 i o n , l o a n s . 17R p ^ v a - , i*u> n U 3Rr t t 1 * r« c

Ai1 - » il ,* r « JKS. _ _ . _ 7Ct i . S ' T < 7D c ; i i P t t . i ^ ( " S . 7 , 8M ,1 j r V - 8K r 1, o,e i r a l n i r i t l a r d i s e 8

F f 25R » ( r t . N . 21R i >'\v > HSPII it _ _ _ _ _ _ _ 33R ihbtr ui > hi ts J 4, 9, 10,11,12, 13S iv n^ depot 's _ 14Sheep md 1'irnbs . _ __ . 26SLipbuiklir.p . 12,13Shioin nts m »nuf *< tares _ _. 2Shoes ' 2 3,9,10,11,12,13,28St ortemngs . _ . 23SiHi-r - - 16SkL.s 27Sldu^htt rnt» and meit packing 1,

2 9,10,11,12,13,26Soybeans ana soybean oil 23Spu'JIr as tivitv cotton, wool __.. 34,35Steel and iron ("ee Iron and steel).Stetl vra,i 29Stoctcholders 20Stocks department s*"ore* (see also manufac-

turf is' inventories) . . 8Stoi ks, issues prices sales, yields. . . . . 18,19,20Stone ^lay, sad glass products . 1,

2,9, 10 11,12,13,15,33,34Street railways and busses 10, 12Sugar .___ 27Sulphur 22Sjlphunc acid . - _ . . 22S iperphosphate __ _ 22Telephone, *elegraph, cable, and radio-

telegraph carriers _ 10 12,16,22Text-les 1, 2, 3. 9. 10.11, 1 2, 13. 15, 34, 35Ttle _ 33Tm . . __ _ . . 30Tobatco . - 1.2,0.10,11.12,13,27Tools machine 1 2, 13, 30Tra''c, retail and wholesale 7 8 10,12,15Transit lines lo? al 21TraiiSi jr*-ntion. commoditv and passenger 20,21Tirin«prta'itin equipment 1

2.Q. 10,11,12,13,15,35,36Jjavi-1 21Ttuik'? ,'pd *Ta«.toi«* industrial, electric 36t'n r-d St 3te*s G'^venuTicnt bonds 19lTmt«.d Sti t ts Go\eminent fit'an.e 17, 18I 'u ' lei Vates Sttel Corporation 20.29I H tif s 1 10 12 !•>. 16 18, 19. 20V a f niore lal^s inJex 7V e ^ t J t , oi's . 22U >t A -cs sv 1 •rui^s . 3,25V u t s f< 1OJ\ aid misi ei*aneous 12,13Wai [ r( ') \AI in cxptnditures 17W r c i\m«,i, bo'.t's 17V i,î I M , ' oa i e H capi^d __ 6V- ,fP.U Vllr> I _ 21

H l,t t c i .d u ' l e ' i t flout . 2 5 , 2 6

V }»o1t <i\r i>ri f <n i •ifs 3 , 4

Â !v t,ii, K\ v r n p l o ' m e n t , p a y r o l ' s , Wc&e* 10,

11. 13Wj';U pu i j ' _ 4 , 3 1

W i <1 un l wo »1 n n n u f Y t u r e i 1 2 ^ 9 , 1 0 , 1 1 , 3 5

Zuic _ . . . 30

SCB_011943

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Transcript of SCB_011943