SCB_121929

UNITED STATESDEPARTMENT OF COMMERCE

WASHINGTON

SURVEY OFCURRENT BUSINESS

DECEMBER, 1929No. 100

ISSUED BY

BUREAU OF THE CENSUS

IMPORTANT NOTICE

In addition to figures given from Government sources, there are also incorporated for completeness ofservice figures from other sources generally accepted by the trades, the authority and responsibility forwhich are noted in ike "Sources of Data" on pages J.39-142 of the August, 1929, semiannual issue

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Survey of Current Business A[o. 100ITH this issue the editors present the One-hundredth numbered edition. At this

time it appears fitting to briefly review the growth of this publication since itsinception in the spring of 1921. To underhand the reason for its growth is tounderstand the growth itself. When America entered the World War we wereconfronted with an amasiiig lack of faCts pertaining to the fundamental necessi-ties such as steel, copper, cotton,, wool, leather, cement, etc. This was the begin-ning of a new era in our economic life in that it compelled American mobilisationofficers, in cooperation with the Nation's business and industrial executives, to

obtain faCts hitherto unavailable in order to set up properly the policies of government.The business depression of 1920-21, consequent upon a post-war boom, also left its impress upon

the minds of business leaders everywhere. Out of these conditions, and in the realisation that thenew order of business required fails and not guesses, the Survey of Current Business found its origin.

In 1921 this publication carried data on about 200 individual Statistical series, the moSt of whichhad very little historical background. With this number there are more than 1,800 individual series,each of which has considerable history for comparative purposes, Were it not for the almoSt imme-diate appreciation of the worth of business data on the part of Government, trade, and industry, asrepresented by trade associations and individual firms, this vat growth in current Statisticalinformation would not have b^en possible.

During the eight years which have elapsed since the firSt issue of the Survey of Current Busi-ness, which, incidentally, was only a sample mimeographed set of sheets numbering 10, evidenceshave been accumulating of the large and growing interest in current business Statistics. Duringthis period the Bureaii of the Census has undertaken, at the request of about 50 industries, thecollection qf current information covering such items as production, Stocks, orders, unfilled orders,shipments, etc,, while correspondence concerning the services of the Department of Commerce inconnection with these faCts has multiplied many fold.

The monthly Survey of Current Business has appropriately been called the "clearing house ofbusiness Statistics" in that it brings together the current reports on business activities issued bythis bureau, &s well as those compiled by other governmental agencies and private organisations,including trade associations. The data which are published in the volume cover more than 240commodities.

In addition to the publication of the monthly number, the Survey of Current Business is nowissued in the form of weekly supplements in the realisation that current Statistics are highly perish-able and o be of use they muSt reach the business man at the earlieSt possible momeftt. The monthlyinformation contained in these bulletins is republished in the Survey, except for the weekly chart,"Weekly Business Indicators," which has become one of the moSt important single features. Inconnection with the weekly business indicators, press Statements are issued which have widepublication throughout the country. Services to the press and other interested parties haveexpanded tremendously over the period so that at the present time jnuch of the work finds expres-sion only in tliese services.

The Survey of Current Business, as at the time of origin, is to-day an important governmentaladjunCt. It provides current weekly and monthly Statistical information on the State of theNation's business to many branches of Government, including the Wstr Department, the FederalReserve Board, the Department of Agriculture, and the Treasury Department. Paralleling thedemands of the Government are the growing needs of business. Together these are providing,jnore and more, the faCts w hich are so essential for the setting-up and execution of forward-lookingpolicies. ,

While it may be too early to Say that the utilisation of business data has entirely eliminatedthe business cycle, there is agreement to-day among business leaders everywhere that the wideruse of faCts will mitigate in a large degree many of the disastrous effects of the one-time recurrentbusiness cycle. ^

The Nation's business executives, as in 1921, are now engaged in formulating platis to providean enduring soundness for our economic fabric. It is a singular coincidence and yet entirelyfitting that Nos. 1 and 100 of this publication should have reached their readers at a time wheninterest in business conditions has been so similarly keen, though circumstances are not at allparallel.

This issue presents practically complete data for the month of October and containstext covering the early wee\sof T^pvember (page 1), for which the "basic figures in table and chart form are presented regularly in the weeklysupplements. As most data covering a particular month's business are not available until from 15 to 30 days afterthe close of the month, a complete picture of that month's operations can not be presented at an early date, but theweekly supplements give every wee\ the latest data available.


SURVEY OFCURRENT BUSINESS

P U B L I S H E D BY

U N I T E D STATES DEPARTMENT OF C O M M E R C E

Subscription price of the SURVEY OF CURRENT BUSINESS is $1.50 a year; single copies (monthly), 10 cents, semiannual issues, 25 cents.Foreign subscriptions, 32.25; single copies (monthly issues), including postage, 14 cents; semiannual issues, 36 cents. Subscriptionprice of COMMERCE REPORTS is 34 a year; with the SURVEY, 35.50 a year. Make remittances only to Superintendent of Documents,Washington, D. C., by postal money order, express order, or New York draft. Currency at sender's risk. Postage stamps or foreign

money not accepted

No. 100 WASHINGTON December, 1929

C O N T E N T SSUMMARIES

Preliminary summary for November.Business conditions in OctoberMonthly business indicators (table and chart)Measures of industrial and commercial activity (charts):

New building contracts and automobile production.Mineral production and railroad ton-mileageFactory employment, manufacturing, and electric-

power productionCheck payments and retail trade

Indexes of business

Page14

2,3

DETAILED TABLES

Paint, varnish, and laquer products.Automobile financingFactory employmentFactory payrolls

15

18181921

INDEX BY SUBJECTS

TextilesMetals and metal productsFuelsAutomobiles and rubberHides and leatherPaper and printingBuilding construction and housing__Lumber productsStone, clay, and glass productsChemicals and oilsFoodstuffs and tobaccoTransportation and public utilities ._Employment and wagesDistribution movement (trade, etc.) _Banking, finance, and insuranceForeign exchange and trade

Textpage

910111111

121212

13145

141414

Tablepage

23,2424-28

2928,3030,3131, 32

3233,3434,3535-3737-4040-4242,43

4444-4747-48

PRELIMINARY SUMMARY FOR NOVEMBERThe dollar volume of trade during November, as

reflected by check payments covering the early weeks,was considerably greater than in the correspondingperiod of 1928. Industrial activity, as indicated byoperations in steel plants, was lower than in eitherthe preceding month or November of last year. Activ-ity in the automobile industry, as reflected by figurescovering Detroit factory employment, was also lowerin November than in either the preceding month orthe same period in 1928. Petroleum output was sub-stantially lower than in October but was still above thelevel which prevailed a year earlier. The movementof goods into consumption was slightly lower than inNovember of last year.

The volume of building contracts awarded duringthe month was running lower than in either the pre-ceding month or the same period of 1928. Receiptsof cattle and hogs showed very little change from ayear ago. Wheat receipts, however, were lower than

8202929 1

in November of last year, while cotton receipts intosight were on about the same level of last year.

Loans and discounts of Federal reserve memberbanks, though declining from the high point reachedearly in the month were higher at the end of Novemberthan at the end of the preceding month. The Federalreserve ratio averaged lower than in October but wasabove the level of last year. Call-money rates aver-aged lower than in either the preceding month orNovember a year ago.

Bond prices were somewhat higher than in Octoberbut were lower than last year. Interest rates ontime funds averaged lower than in either period.Prices for stocks were lower than in either the precedingmonth or November of last year. Brokers7 loansshowed a substantial decline from both the precedingmonth and November a year ago. Business failuresshowed practically no change from November oflast year.

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MONTHLY BUSINESS INDICATORS, 1923-1929

MONTHLY BUSINESS INDICATORSThe principal business indicators are shown below, all calculated on a comparable basis, the average for the years 1923 to 1925,

inclusive. Thus the table gives a bird's-eye view of the business situation in a concise form, so that trends of the principal indicatorsmay be seen at a glance.

Certain indicators, in which there is a marked seasonal movement, are shown with the average seasonal variations eliminated.as noted below. In this manner a more understanding month-to-month comparison may be made.

ITEM

Industrial production:* Total manufacturing* Total minerals . . .

Pig iron. _ . _Steel ingots ._ .AutomobilesCementCotton (consumption)Wool (consumption)

Raw material output:Animal productsCrops . . . ._Forest productsCrude petroleumBituminous coalCopper

Power and construction:Electric power ._ __Building contracts (37 States)....

Unfilled orders:General index . . _U. 8. Steel Corporation

Stocks:General index _. . ..Manfd. commodities (28)CottonCopper (refined)

Employment:Factories

Prices:Farm products, to producersWholesale, all commoditiesRetail food ...Cost of living (including food)....

Distribution, (values) : Bank debits, 141 cities Wholesale trade* Department stores, sales

Mail-order sales, 2 houses* 10-cent chains, sales ..

ImportsExports

Transportation :Freight, net ton-miles

Finance:Member bank loans and discountsInterest rate (commercial paper)..Federal reserve ratioPrice, corporation bondsPrice, railroad stocksPrice, industrial stocksFailures (liabilities)

MONTHLY AVERAGE

1928 in* 1125 1126 1927 1928

1928

Sept. Oct. Nov

1929

Dec. 1 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.

1923-1995 monthly average=*10O

101.0105.0111.7104.8101.792.1

105.9112 8

100.092.099.099,4

108.093.4

92.589 7

121.7125.8

94.693.8

102.5106.4

106.6

97.899.997.698.2

91.2101.098.089.288.097.891.5

102.2

94.1116.299.096.486.086.1

106.0

94.096.086.788.790.899.889.794.6

104.0104.097.096.992.5

100.2

98.192.7

87.083.6

102.0103.291.4

113.9

96.2

97.197.497.699.4

96.798.099.098.199.093.1

100.8

95.9

98.590.0

104.199.996.191.9

106.8

105. C99.0

101.5106.4107.5108.1104.492.6

96.0104.0104.0103.799.5

106.4

109.5117.6

91.390.6

103.6103.0106.273.1

97.2

106.5102.8104.9102.4

111.9102.0103.0112.7113.0109.0107.8

101.9

107.493.596.9

103.6117.9122.087.2

108.01 107.0

109.0113.1108.4110.0108.589.7

96.0109.098.0

104.6109 7110.2

122.6111.0

84.682,1

114.6106.3145.fi64.8

97.9

98.699.3

107. 6102.4

119.6101.0106.0120.2125.0114.3105.5

109.1;

112.9!100. 9 j96.0

108.0133. 4j132.480.4

106.0107.0101.0104.685.7

115.3120.297.0

97.0113.093.0

122.399.0

104. S

133.3106.8

74.071.1

120.8112.5153.185.4

94.4

94.994.7

103.6100.0

132.597.0

107.0126.2138.0108.0108.8

106.0

117.395.499.1

112.5162.7171.4102.2

111.0106,0105.5120.2109.9118.0106.894.7

99.0119.088.2

122.295.8

114.9

146.0121.4

76.280.7

122.7116.7123.858.4

91.9

100.797.0

102.998.7

158.296.0

108.0147.6150.0105.5112.6

106.5

126.8112.889.1

113.0174.5214.895.6

116.0108.0102.5120.0125.6143.995,991.8

92.0178.378.0

124.596.3

118.8

145.2114.2

74.777.4

116.0111.389.545.8

93.0

102.299.4

105.499.4

156. 996.4

119.0155.4165.099.0

111.1

117.4

127.3130.686. 5 1

111.0178.5226.980.1

114.0114.0112.9134.5120.2141.1120.6108.6

102.0252.184.0

129.5117.5131.1

158.0129.1

71.578.6

132.9110.7155.140.3

93.9

99.397.1

104.899.4

161.897.4

105.0194.4148.0110.0145.1

129.2

128.3127.687.0

111.3176.4234.582.5

111.0113.0110.5123.277.8

124.5119.0105.7

93.0179.784.0

123.8107.4129.5

154.6111.1

72.776.9

137.0113.7181.446.1

93.4

97.196.0

105.199.4

165.199.0

106.0188.4151.0101. 1143.5

124.6

129.8124.884.5

112.0186.0252.695.8

113.0112.0112.8116.370.898.1

104.196.8

92.0152.276.0

129.4101.2129.8

157.898.2

71.083.3

141. 5120.4187.767.8

93.5

97.196.0

104.198.8

172.394.9

116.0227.4163.6105.0125.3

88.4

135.4124. 880.2

110.7180.3229.096.2

117.01J7.0115.2129.9121.379.6

130.2114.0

96.0112.582.0

133. 5118.1130.9

164.388.6

76.886.1

138.4125.2169.855.4

93.2

96.496.5

103.398.2

187.2101.1105.0144.9145.8114.2128.5

104.8

128.7124.889.9

110.8189.3275.0127.1

117.0120.0107.3125.1141 168.6

116.5101.3

80.081.974.0

123.3108.5128.5

148.181.9

79.586.8

137.0126.4149.548.8

95,4

98.696.0

103.298.2

194.396.3

110.0141.8156.9114.4116.4

102.2

130.6127.690.5

109.6188.3280.380.3

120.0107.0124.3146.3177.080.2

123.3102.7

88.072.586.0

134.490.3

142. 1

159.3117.1

85.592.4

133.6123.2130.546.8

96.6

101.496.8

102.297.6

195.197.0

113.0163.3167.4118.8129.0

107.8

132.4136.492.6

108.0184.9283.785.7

123.0115.0122.6142.8187.9110.6123.1103.8

99.757.490.2

130.584.7

143.9

157.1128.0

93.192.7

127.8120.5109.950.8

97.1

100.096.1

101.397.0

180.6100.0105.0170.0153.0127.1112. 2|

102.7

131.3139.294.9

107.6183.7285.883.2

124.0116.0130.5152.5182.7129.9130.2102.9

108.951.198.6

137.592.2

141.6

161.2122.4

88.490.1

122.3119.588.462.2

97.2

98.695.1

102.497.0

180.5102.0107.0168.2172.0123.9101. 4

112.6

129.3139.296.5

106.7184.4290.397.2

128.0112.0124.4141.2164.9135.2111.193.0

111.855.789.9

135.987.4

124.9

154.9109.7

83.489.2

119.8120.270.973.4

96.8

97.895.7

103.497.6

159.097.0

112.0176.4174.0109.4103.6

109.1

135. 1139.294.4

105.4192.1297.874.0

125.0114.0126.7139.9151.3139.0106.599.8

116.090.488.3

148.893.3

120.1

159.8113.7

82.185.6

121.5119.654.286.3

96.2

101.497.3

105.998.8

184.8101.0106.0163.0162.0109.6106.2

112.5

136.2139.296.4

104.9213.4330.876.5

124.0115.0125.7142.5150.7149.5108.7111.1

100.0135.091.8

150.3100.7119.6

166.6100.5

76.076.6

126.9115.058.292.2

96.6

103.697.0

107.099.4

198.2103.0112.0183.7174.0114.3100.4

120.4

135.3142.297.7

104 1216.3344.579.6

122. C118. C117.1130.5125.7138.6106.3105.0

98. 7180.380.3

142.2102.2120.4

160.790.2

76.881.7

138.6113.1106.883.7

97.3

102.296.8

107.499.4

192.899.0

123.0192.8168.0108,8115.3

118.5

139.1145.094.2

103.9217.7358.580.5

117.0118.0120.1130.5114.9134.6124.9125.3

105.2245.992.1

143.5117.6125.2

173.298.9

73.985.6

f153.4110.7 j177.578.1

96.3

101.495.6

107.299.4

211.1100.0109.0242.3159.0121.1137.0 j

i

151.1145.089.9

105.2203.5316. 373.9

Seasonal adjustments.


BUSINESS CONDITIOKS IN OCTOBERPRODUCTION

According to the weighted index of the FederalReserve Board industrial production in October afteradjustments for seasonal variations, showed a declinefrom the previous month but was greater than a yearago. Manufacturing output showed a decrease fromSeptember amounting to 4 per cent but was about 3per cent greater than a year ago. The output ofminerals remained the same as the previous monthbut was more than 6 per cent greater than inOctober, 1928.

in iron and steel mid traiMportatioii equipment ascontrasted with last year more than offset declines intextiles and lumber.

Wholesale trade in October was greater thmm ineither the previous month or the corresponding periodof last year. Declines from September in dry goods,men's clothing, and boots and shoes were more thanoffset by gains in groceries, meats, hardware, drugs,,and furniture. Gains over a year ago were general inall enumerated lines, except men's clothing, whichshowed a decline.

MANUFACTURING PRODUCTION BY MAJOR GROUPS[Relative numbers, monthly average 1923-1925 taken as ICHD, adjusted for seasonal variations]

100

1923 1924

IRON AND STEEL. I . . I . . i . . i . . i . . I . . i . . i . . i . .

FOOD PRODUCTS

PAPER AND PRINTING

1925 1926 1927 1928 1929 I; 923 1924 1925 1926 1927 1928 1929

COMMODITY STOCKSStocks of commodities held at the end of October

showed gains over both the preceding month andOctober a year ago, the increases over both periodsbeing due to larger holdings of raw materials. Manu-factured goods in the hands of manufacturers wereheld in smaller quantities than in the preceding monthand showed no change from a year ago.

SALESThe general index of. unfilled orders for manufac-

tured goods showed a decline from the previous monthbut was greater than a year ago. Declines from thepreceding month in the unfilled orders for textiles andlumber more than offset gains in iron and steel andtransportation equipment, principally railroad, Gains

The volume of sales transacted by departmentstores was substantially greater than in either theprevious month or October, 1928. The value ofmerchandise stocks held by department stores at theend of the month, though showing a gain over theprevious month, showed no change from a yearago.

Sales by mail-order houses were considerably largerthan in either the preceding month or October of lastyear. Ten-cent ehain stores also registered largegains in sales volume as compared with both periods.The volume of business reported by grocery and drugchains was likewise greater in October than in eitherthe preceding month or the corresponding period ofa year ago.


PRICESThe general level of wholesale prices showed a decline

of 2 per cent in October from both the preceding monthand the corresponding period of last year. Prices forall major groups of commodities were either lower thanin September or showed no change except fuel andlighting, which advanced. Wholesale prices for allgroups were lower or unchanged from a year ago,except metals, building materials, and certain mis-cellaneous items, which advanced.

Classified according to condition wholesale pricesfor semimanufactures were unchanged from Septemberand showed a gain of 1 per cent over a year ago.Finished manufactures declined 1 per cent fromSeptember and 3 per cent from last year. Rawmaterials showed a decline of 2 per cent from theprevious month and no change from a year ago.

than in October, 1928. Increased employment wasregistered, as compared with September, in factoriesproducing foods, textiles, chemicals, and tobaccoproducts, but the gains were insufficient to offsetdecreased employment reported by factories produc-ing iron and steel, lumber, stone, clay, and glass, andvehicles. The principal declines from the previousmonth, amounting to 2 per cent or more, were regis-tered in vehicles and stone, clay, and glass. Thegains over a year ago in factory employment weregeneral, increases of 5 per cent or more being registeredin factories producing iron and steel, chemicals, andcertain miscellaneous products, including automobiletires. Declines in factory employment were reportedhowever, from last year in factories producing stone,clay, and glass products, tobacco products, andvehicles, principally automotive.

FACTORY EMPLOYMENT, BY GROUPS[1926 monthly average=100. October, 1929, is latest month plotted]

100

1923 1924 1925 1926 1927 1928 1929 1923 1924 1925 1926 1927 1928

Farm prices, though declining from the previousmonth, were more than 2 per cent above the levelwhich prevailed a year ago. The cost of living indexshowed no change from either the preceding monthor the corresponding month of last year. As comparedwith a year ago, gains in food c'osts were offset bydeclines in shelter, clothing, light, and sundries.

EMPLOYMENT

Factory employment, as reflected by the generalindex, showed a decline from the preceding monthamounting to 1 per cent, but was 2 per cent greater

Factory pay-roll payments in October were likewise1 per cent lower than in the preceding month, butshowed a gain of 3 per cent over October, 1928. Pay-roll payments were larger than in September infactories producing food products, textiles, paper andprinting, chemicals, nonferrous metals, and tobaccoproducts.

Factory pay-roll payments were larger than inOctober, 1928, in all groups except stone, clay, andglass, nonferrous metals, tobacco products, andvehicles, which declined, and textiles, which showedno change.Digitized for FRASER

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WHOLESALE PRICES FOR SPECIFIED COMMODITIES[Relative numbers, 1926 monthly average taken as 100. October, 1929, is latest month plotted. Data from which these charts are drawn are given on the opposite page)

WHEAT, N0.2, HARD,WINTER FLOUR,WINTER STRAIGHTS CORN, NO. 3, YELLOW OATS, NO. 3, WHITE

180

140

100

LEATHER, CHROME, CALF PETROLEUM BITUMINOUS COAL COKE

60 WVYAW

120

10080

60

120

10080

60

PIG IRON, FOUNDRY ZINC TIN

' mm

-wv

*

AAA

^ ^ ,

MM ;* M 4

COPPER INGOTS

STEEL BEAMS LUMBER, PINE, FLOORING CEMENT BRICK, COMMON

1928* 1929


WHOLESALE PRICES FOR SPECIFIED COMMODITIESNOTE.Prices to producer on farm products and market price of wool are from U. 8. Department of Agriculture, Bureau of Agriculture Economics, nonferrous metals

from the Engineering and Mining Journal-Press, except tin, which is from the American Metal Market. All other prices are from U". S. Department of Labor, Bureau of LaborStatistics. So far as possible all quotations represent prices to producer or at mill.

COMMODITIES

FARM PRODUCTS-AVERAGE PRICE TO PRODUCERWheat .

Unit

"Rnshp.lCorn __ RnshfilPotatoes. _Cotton _ . .

Bushel . .-Ponnd

Cottonseed __ _ _ _ TonCattle, beef _ i PoundHogs _ PoundLambs.. _ j Pound .

FARM PRODUCTS-MARKET PRICEWheat, No. 1, northern spring (Minneapolis) _Wheat, No. 2, red, winter (St. Louis) . _Wheat, No. 2, hard, winter (Kansas City)Corn, No. 3, yellow (Chicago)Oats, No. 3, white (Chicago)Barley, No. 2, (Minneapolis) ..Rye, No. 2, (Minneapolis).. _Cotton, middling upland (New York)Wool, & blood combing, Ohio and Pennsylvania fleeces (Boston)Cattle, steers, good to choice, corn fed (Chicago)Hogs, heavy (Chicago)Sheep, ewes (Chicago)Sheep, lambs (Chicago)

FOODFlour, standard patents (Minneapolis)Flour, winter straights (Kansas City)Sugar, 96 centrifugal (New York)Sugar, granulated, in barrels (New York). .Cotto nseed oil, prime yellow (New York)Beef, fresh, carcass, good native steers (Chicago)Beef, fresh, carcass, steers (New York)Pork smoked hams (Chicago)Butter, creamery, 92 score (New York)Oleomargarine, standard, uncolored (Chicago)

TEXTILESCotton yarns, carded, white, northern, mule spun, 22-1 -cones (Boston)Cotton-print cloth 64 x 60-38^^-5.35 yards to poundCotton sheeting, brown 4/4 Trion (New York) . .Worsted yarns, 2/32's cross-bred stock, white, in skein (Boston)Women's dress goods, French, 39 inches, at mills, sergeSuitings, unfinishe d worsted 13-ounce, millSuitings, serge, 11 "ounce, 56-58 inchSilk, Japan, 13-15. . ...Hosiery, women's pure silk, mill

LEATHERHides, green salted packers' heavy native steers (Chicago)Hides, calfskins, No 1, country, 8 to 15 pounds (Chicago)Leather, chrome calf, dull or bright "B" grades (Boston)Leather, sole, oak, scoured backs, heavy (Boston) _Boots and shoes, men's black calf blucher (Massachusetts)Boots and shoes, men's dress welt tan calf oxford (St. Louis)

FUELCoal, bituminous, mine-run (composite price)Coal, bituminous prepared sizes (composite price)Coal, anthracite, 'chestnut (composite price) .Coke, Connellsv.lle (range of prompt and future), furnace at ovens.

\ Petroleum, crud]e Kansas-Oklahoma at wellsi METALS

Pig iron, foundry No 2, northern (Pittsburgh)Pio; iron basic vallev furnaceSteel billots, Bessemer (Pittsburgh)Copper ingots, electrolytic, early delivery (New York)Brass, sheets, mill . _ _ _ .Lead pig desilverized for early deliverv (New York)Tin, straits (New York)]

Zinc slab western ^St Louis)SUILDING MATERIAL AND MISCELLANEOUS

Lumber, pine, southern, yellow flooring, mill _ . . _Brick common red domestic building (New York)Cement, Portland, net without bags to trade, f. o. b. plant (Chicago

district) .. _. _ ._ _.Steel beams, mill (Pittsburgh)Rubber, smoked sheets (New York)Sulphuric acid 66 (New York)Wood pulp, sulphite, domestic, unbleached, news grade (New York)Newsprint rolls contract mill

BushelBushelBushelBushel -BushelBushelBushelPound .PoundCwtCwt__CwtCwt .

BarrelBarrel _.Pound.PoundPound .PoundPoundPoundPoundPound..

PoundYard . ...YardPound .YardYardYardPoundDozen pair-

PoundPoundSquare foot..PoundPairPair

Net tonNet tonLong tonShort tonBarrel

Long tonLong tonLong tonPoundPoundPound .PoundPound

M feetThousandBarrelCwtPoundTonCwt_ . . .Cwt

ACTUAL PKICE(dollars)

Septem-ber, 1929

1.121.972

1.355.182

31.03.0922.0953.1108

1.351.351.241.01.48.60.97.189.43

13.8009.9554.675

12. 550

7.1696.100.040.053.093.236.250.267.46.235

.357

.076

.0861.475.975

1.9011.9595.1229.250

.196

.204

.490

.5356.7504.850

3.9304.437

12. 9242.7001.300

20.26018. 50035. 000

.1778

.233

.0689

.4538

.0680

36.76010. 500

1.5001.950.202

15. 5002.6003.250

October,1929

1.115.919

1.382.175

31.40.0892. 0910.1097

1.311.321.22.95.47.59.97.186.44

13. 3139.6504.625

12. 094

6.9056.006.040.054.093.236.238.242.46.235

.359

.078

.0871.475.975

1.9011.9594.9259.250

.186

.197

.490

.5456.7504.850

3.9614.525

12. 9992.7001.300

20. 26018. 50035. 000

.17781 .233

.0687

.4235

.0674

39. 5009.500

1.4931.900.196

15. 5002.6003.250

October,1928

.987

.847

.580

.18134.08

.0963

.0955

.1157

1.161.441.10.96.42.63.94.196.54

14. 62510. 0305.350

13. 075

6.4105.588.039.052.099.255.282.260.48.235

.372

.078

.0901.575.975

2.0081.9985.1459.500

.219

.246

.550

.6306.7505.000

4.0204.639

13.0402.9101.210

18. 86017. 10032. 800

.1520

.199

. 0650

.4901

.0625

37. 73012. 500

1.6501.850.187

15. 5002.5253.250

RELATIVE PRICE

1926 average=100

August,1929

82137

751191201498798

858583

13510595

10710693

154867894

8786889879

1451478996

103

97100

90101

9495

i 908280

i

134114108119106100

9190936769

98100100129122807193

8362

9210043

1079194

Septem-ber, 1929

8313973

1211141438196

858783

13511794

10510893

145817192

8584929778

14414787

102103

100101

93103

9495908380

140118108122106100

9193946669

98100100129122826993

8264

8610042

1079194

Octo-ber, 1929

8313274

1161151387795

838582

12711592

10510696

140787088

8283939879

14413979

102103

10010394

1039495908080

132114108124106100

9294946669

98100100129122826592

8858

869740

1079194

Septem-ber, 1928

7013635

11711415495

103

759472

13310098

10210511717010183

103

787897

10284

15816683

10996

1009896

11096

100928285

175159125148106102

9394957064

908791

107102777485

8476

979538

1078894

October,1928

7312131

12012514981

100

739374

12810298

102112117154818195

7677919483

15516584

107103

10410396

11094

100928382

15614212114410103

9397957164

929294

110105777585

8476

959539

1078894


MEASURES OF INDUSTRIAL AND COMMERCIAL ACTIVITY[Relative numbers, monthly average 1923-1925, taken as 100]

ISO

100

NEW BUILDING CONTRACTS AND AUTOMOBILE PRODUCTION

BUILDING (37 STATES)^_-**\

TOTAL AUTOMOBILE PRODUCTION(UNITED STATES)

i s l . 1 1 . . 1 . . I . . " i . 1 . . 1 . . 1 . . 1 t . i . . 1 . . 1 . . 1 i . h . 1 . . 1 . . I i . 1 . 1 I , . I . . I . . I . . 1 . . 1 . . I . . I . . I . . I . . I . . \ . . 1 . . I . . I . . 1 . . I . . I . . 1 . . 1 . . 1 .. I .MINERAL PRODUCTION AND'RAILROAD. TON-MILEAGE

50

200FACTORY EMPLOYMENT, MANUFACTURING. AND ELECTRIC POWER PRODUCTION

ELECTRIC POWER PRODUCTION

MANUFACTURING PRODUCTION

401. . I . , ' i . . I i . I . . I , . 1 . . 1 i i I , , I . . I . , I . , 1 . . I . . I . . I . . I . . I . i I . . I . . I . . 1 . i I . . 1 . . 1 . . I . . I . . 1 . . 1 . i I . i I . . I . . I . . 1 . . I . . I . . I . . I . . I . . I .CHECK PAYMENTS AND RETAIL TRADE

250 "

SALES BY TEN CENT CHAINS

501920 1921 1922 1923 1924 1925 1926 1927 1928 1929


REVIEW BY PRINCIPAL BRANCHES OF COMMERCE AND INDUSTRYTEXTILES

The consumption of wool in October showed gainsover both the preceding month and October, 1928. Forthe first 10 months of the year wool consumption showeda gain of 13 per cent over the same period of last year.

Cotton receipts into sight for the year to date were9 per cent heavier than in the same period of 1928.Exports of raw cotton in October showed gains overboth the previous month and October of last year,but for the }^ear to date cotton exports were almost 10per cent smaller than in the same period of last year.Consumption of cotton by domestic mills showed sub-stantial gains over both the previous month and Octo-ber a year ago, while for the first 10 months cotton

Silk machinery showed generally larger activity inthe case of broad and narrow looms than in October,1928, but spinning spindles were less active. Pricesfor silk averaged lower than in either the precedingmonth or October a year ago, while the compositeprice for silk goods, showing no change from thepreceding month, was higher than a year ago. Rayonimports in October showed substantial gains overboth the preceding month and October of last year.Prices for rayon, showing no change from the previousmonth, were lower than a year ago.

Imports of burlaps and unmanufactured fibers werelarger in October than in either the previous month orthe same period of 1928. For the first 10 months of

THE TEXTILE INDUSTRIES[Relative numbers, monthly average 1923-1925, taken as 100. October, 1929, is latest month plotted. Curves covering imports of wools and exports of cotton are

plotted from 12 months' moving monthly average plotted on the end month]

1923 1924 1925 1926 1927 1928 1929 1923 1924 1925 1926 1927 1928 1929

1923 1924 1925 1926 1927 1928 1929 1923 1924 1925 1926 1927 1928 1929

consumption was 12 per cent larger than in the sameperiod of 1928.

Silk imports were substantially larger in Octoberthan in either the previous month or the correspondingperiod of last year. For the calendar year to dateimports of silk showed a gain of more than 10 per centover the corresponding period of a year ago. Deliveriesof silk to manufacturing establishments, indicative ofsilk consumption, were greater in October than ineither prior comparative period.

8202929 2

the year burlap imports showed a gain of about 4 percent and fiber imports an increase of 10 per cent overthe corresponding period of a year ago.

Production of pyroxylin-coated textiles was largerthan in September but lower than a year ago. Forthe first 10 months of the year textiles spread withpyroxylin showed a decline of 2 per cent from the sameperiod last year. Unfilled orders for pyroxylin-coatedtextiles at the end of October were considerably lowerthan a year ago.


10

METALSPig-iron production in October was greater than in

either the previous month or October of last year.During the calendar year to date the output of pigiron showed an increase of 16 per cent over the sameperiod of last year. Prices for pig iron showed practi-cally no change from the previous month.

The production of steel ingots showed no changefrom the previous month but was lower than a yearago, while for the first 10 months of the year steel-ingot output was 15 per cent greater than in the corre-sponding period of 1928. Unfilled steel orders at theend of October were greater than at the end of eitherthe preceding month or October, 1928.

first 10 months of the year structural-steel bookingsshowed a gain of 18 per cent over the same period oflast year. New orders for fabricated steel plate, onthe other hand, showed declines in October from boththe previous month and October of last year, but forthe year to date fabricated-steel plate bookings wereabout 2 per cent greater than in the same period of1928. The output of malleable castings showed a gainover September but declined from a year ago, withnew orders making similar comparisons. New ordersfor machine tools showed a gain in October as com-pared with the previous month.

Shipments and new orders of electric overheadcranes and electric hoists were substantially greater

THE METAL INDUSTRIES[Relative numbers, monthly average 1923-1925, taken as 100. October, 1929, is latest month plotted]

1923 1924 1925 1926 1927 1928 1929 1923 1924 1925 1926 1927 (928 1929

1923 1924 1925 1926 1927 1928 1929601. . I . , I . . 1 , 1 1 . i I . 1 1 n I , i 1 1 , 1 1 1 I ,, 1 1 , I . , I . , I . , I . i I , , I. , I , , 1 1 1 1 . , I . i I , , I. i I , i I , , I , . I , .

1923 1924 1925 1926 1927 1928 1929

The output of steel sheets by independent steelmanufacturers showed a gain over the previous monthbut was lower than a year ago. Steel-sheet produc-tion for the first 10 months of the year was 7 per centgreater than in the same period of last year. Pricesfor steel were generally lower than in the previousmonth, but showed only slight change from a year ago.

New orders and production of steel castings werelarger than in either the previous month or October oflast year, while for the year to date similar conditionsprevailed, when compared with the corresponding10 months of 1928.

New bookings for fabricated structural steel alsoshowed gains in October as compared with both theprevious month and October of last year. For the

than in October, 1928. Shipments of electric indus-trial trucks and tractors were also larger than a yearago. Shipments of motorized fire-extinguisher equip-ment showed declines in October from both theprevious month and the corresponding month of ayear ago. Sales of mechanical stokers were sub-stantially greater in October than in either the pre-vious month or October, 1928.

Production of copper by domestic smelters wasgreater than in September but smaller than a yearago, while for the first 10 months of the year thesmelter output of October showed a gain of almost17 per cent over the same period of last year. Whole-sale prices for copper showed no change from theprevious month but were higher than a year ago.


11FUELS

The production of bituminous coal showed gainsover both the previous month and the same monthof 1928. Bituminous-coal prices at the mine averagedhigher than in either period.

The output of anthracite coal was larger than inSeptember but somewhat smaller than a year ago.The production of coke, both types, was greater than ineither the preceding month or the same period of lastyear.

AUTOMOBILES AND RUBBER

Automobile production in the United States showeddeclines from both the preceding month and October,

period of 1928. More animals were slaughtered underFederal inspection during October than in the previousmonth. For the first 10 months of the year declinesin slaughtering were registered except for sheep,where an increase of about 5 per cent was shown overthe same period of last year.

The output of sole leather in October showed again of 10 per cent over the preceding month but waslower by a like percentage than in October, 1928.For the first 10 months of the year sole-leather outputshowed a decline approximating 12 per cent. Exportsof sole and belting leather, although greater than inSeptember, were substantially lower than a year ago,

THE FUEL INDUSTRIES[Relative numbers, monthly average 1923-1925 taken as 100. October, 1929, is latest month plotted where data were available]

1924

CRUDE PETROLEUMl . l L . 1 , 1 , , | , , l l l l l l M i l l ) . !

1925 I 1928 1929 1924 1926 1926i.i I t i l n . . M i I i i I i l l n I n l i i l1927 '928 1929

1928, but for the year to date the total was 30 per centgreater than in the corresponding 10 months of 1928.

Imports of rubber were larger than in Septemberbut smaller than a year ago. For the first 10 monthsof the year rubber imports showed a gain of 34 percent over the same period of last year.

HIDES AND LEATHER

Hide and leather imports in October were smallerthan in the previous month but showed a gain overlast year. Imports were 6 per cent smaller during thefirst 10 months of the year than in the corresponding

but for the first 10 months of the year exports showeda gain of 6 per cent over the same period of 1928.

The output of upper leather in September showed adecline from the preceding month but was greater than ayear ago. October exports of upper leather were largerthan those reported for September but showed a declinefrom a year ago, amounting to 19 per cent.

The production of shoes was larger in October thanin either the previous month or the correspondingperiod of last year. For the first 10 months of theyear shoe production showed a gain of almost 5 percent over the same period of 1928.


12BUILDING AND CONSTRUCTION

Building costs were generally lower in October thana year ago, as indicated by indexes of construction.

The volume of new building contracts awarded inOctober, measured in floor space, was greater than inthe preceding month but showed a substantial declinefrom a year ago. Measured in value, new contractslet in October showed declines from both periods.For the first 10 months of the }^ear new awards showeda decline of 12 per cent in value and 16 per cent in floorspace from the corresponding period of 1928. The de-cline in total awards from a year ago was very largelydue to a decrease in the 10-month 's total for residentialconstruction, amounting to almost $700,000,000.

October, 1928, while for the first 10 months of theyear a decrease of almost 3 per cent was registeredfrom the same period of last year. Stocks of Portlandcement at the mills at the end of October were some-what more than 5 per cent greater than a year ago.

New contracts let for concrete paving were largerthan in either the preceding month or October of lastyear, but for the calendar year to date a decline foalmost 4 per cent was recorded from the same periodof 1928.

Shipments of porcelain plumbing fixtures duringOctober were lower than in either the previous monthor the same month of last year, with new orders mak-ing similar comparisons. For the first 10 months of

THE AUTOMOBILE AND RUBBER INDUSTRIES[Relative numbers, monthly average 1923-1925 taken as 100. Where available, October, 1929, is latest month plotted]

1 1 I n 1 1 i t | i I t 1 1 i 1 1 1 1 1 1 1 1 1 i I i t h i 1 1 1 1 1 1 1 i i l 1 1 1 1 I 1 1 I I I l.i1925 1926 1927 1928 1929

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 u i19231924 1930

i M 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i i 1 1 1 1 1 1 1 1 1 1 1 M 1 1 1 M 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11923 1924 1925 1926 1927 1928 1929 1930

1923 1924 1925 1926(927 1928 1929 1930 1923 1924 1925 1926 1927 1928 1929 1930

LUMBER AND LUMBER PRODUCTSThe production of Southern pine lumber showed a

decline from the corresponding period of last year.The output of California redwood and Californiawhite pine, on the other hand, was greater than a yearago. Northern pine lumber production and the outputof Northern hemlock were smaller than in October,1928. The production of flooring, both oak and maple,showed declines from October of 3ast year.

STONE, CLAY, AND GLASS PRODUCTS

The output of Portland cement during Octobershowed declines from both the previous month and

the year shipments showed a decline of 36 per centfrom the corresponding period of a year ago. Ship-ments of vitreous-china plumbing fixtures in Octoberwere likewise smaller than in either comparative period,while the total for the calendar year to date showed adecrease of 5 per cent from the same period of last year.New orders for terra cotta were smaller in Octoberthan in either the previous month or the same monthof a year ago, while the total for the first 10 months,measured in tonnage, was 20 per cent less than in thesame period of 1928. The production and shipmentsof sand-lime brick in October were smaller than ineither the preceding month or the same period of 1928.


13

FOODSTUFFS AND TOBACCO

The estimated domestic crop of wheat was substan-tially lower than the production of last year. Thevisible supply at the end of October, both in theUnited States and Canada, was considerably largerthan a year ago. Receipts and shipments of wheat atthe principal primary domestic markets were smallerthan a year ago. Prices were generally higher than ayear ago.

The estimated corn crop for the current year wassmaller than a year ago. The visible supply of cornat the end of October was substantially greater thana year ago. Receipts and shipments of primary

Receipts and shipments of hogs at primary marketswere larger than last year, the output of pork productsunder Federal inspection also showing a gain over lastyear. Cold-storage holdings were substantially largerthan at this time last year. Prices for hogs and porkwere generally lower than a year ago.

Receipts of poultry at primary markets were greaterthan a year ago, while the total catch of fish at theprincipal fishing ports showed a substantial gain overOctober of last year. Storage holdings of fish andpoultry were larger than a year ago.

The production of creamery butter was greater thana year ago, with storage holdings showing a substan-

MOVEMENT OF GRAIN PRICES[Weighted price per bushel. October, 1929, is latest month plotted]

WHEAT NO. 2 HARD WINTER, KANSAS CITY

1.601,40

1000 80

1,40

1.000,80

j 0.6012 0.40

S 1.00|*BO

0 0.60Q

Cu40

020

1,601,40

1.00

0.60

V

, 1 , . 1 . i 1 i .

^x/~, , i , 1 1 , , i , , ~*\J^*^^

J

i , 1 , i ! i i ! , i

\f X "^""*^

, , 1 i i i i i i i ,

N^_^> _rv^^

I :, I 1 , 1 1 1 1 . ,

- /^"^- 1

i i 1 . i i < i 1 i i

^\

i i 1 i i 1 i , 1 i ,

~-J~, , 1 i i 1 , i ! . i , , i , , I , , i , ,

CORN NO, 3 YELLOW. CHICAGO

V, , ! , 1 . , 1 , i

~*s~*r^

xA^ v

J_lJ_LjJ L L 1 LI

s^~S1

1 1 I I 1 1 l_l 1_LL

^V^\

%%-

i , 1 . 1 1 L i i 1 1

^_/s^

, , 1 1 1 1 1 1 1 1 1

/ -^-J

1 4 1 1 1 1 1 1 1 1 1

' ~\s

i , 1 . , 1 . 1 1 , ,

~^S^~

, 1 ] , 1 1 , , 1 , 1 1 1 1 1 1 1 I I I L J _OATS NO. 3 WHITE, CHICAGO

^V*..

^\ .

., j 1 , , 1 .1 , 1 , ,

'- /, , I , , 1 , , 1 ,

."""^ ..."

, , 1 , , I , , 1 , ,

.

, , I 1 1 I ! , 1 I ,

v\ .., , 1 , , ! , , 1 , ,

*../

, , i , , ! , , i , ,

v-*" v*^^"

, , ! , , ] , , ! , ,RYE NO. 2 MINNEAPOLIS

\v\\

\, f , , 1 , . I . I

r\ -V /

, , 1 , , 1 , ,' 1 , , '^\./TTr:'

>

/

sXL/I , , 1 , ,

'\

HV

, , 1 , , 1 , , 1 , 1v/

, , ! , , 1 , , 1 , ,

x-N\~s

, , 1 , i I , , I , ,

s\*

\ ..-'

. . i . i 1 i . 1 i .

"*"../

, , 1 LJ_Ll i 1 Li 1 I 1 1 1 1 1 1 1 1 1

/^v ' '~

, , 1 i , 1 , i 1 . ,

\J~, , , , i , , , , , . ! , , 1 , i 1 , i

1921 1922 1923 1924 1925 1926 1927 1928 1929 1930

markets were larger than in October of last year.Corn prices were generally lower than a year ago.

The visible supply of oats and barley was greaterthan a year ago. Oat receipts at principal marketswere greater than last year, while receipts of barleyshowed a decline.

Receipts and shipments of cattle at primary mar-kets were lower than a year ago. The output of beefproducts under Federal inspection in October showeda gain over last year. Storage holdings at the end ofOctober were considerably greater than a year ago.Prices for cattle and beef were generally lower than ayear ago.

tial increase. Prices for butter were unchanged fromthe previous month but showed a decline from lastyear. The factory production of cheese was smallerthan a year ago. Storage holdings of cheese at theend of October were smaller than last year. Whole-sale prices for cheese were generally unchanged fromthe previous month but showed a decline from a yearago. Egg receipts at the principal markets were lowerthan a year ago, while storage holdings of case eggsshowed a substantial decline from October of last year.. Coffee imports were larger than a year ago, while pricesfor coffee averaged lower. Tea imports were greaterthan a year ago, but prices for tea showed no change.


14

TRANSPORTATION

The movement of goods by rail during October, asreflected by freight-car loadings, showed a gain overthe previous month but was fractionally lower thana year ago. For the first 10 months of the year freight-car loadings showed a gain of about 4 per cent overthe same period of 1928. Net operating income ofrailroads during September was smaller than a year ago.

DISTRIBUTION MOVEMENT

The volume of trade transacted by mail-order housesand chain stores in October was generally greater thanin either the preceding month or October of last yearwith the totals for the first 10 months of the year like-wise showing gains over the corresponding period of

dividend payments showed a gain of 14 per centover the same period of 1928. Prices for stocksshowed a drastic decline from the preceding monthbut the October averages were above those whichprevailed in October, 1928.

GOLD, SILVER, AND FOREIGN EXCHANGE

Domestic receipts of gold at the mint were slightlylower than a year ago but showed a large gain overthe previous month. Gold imports continued to ex-ceed those reported for the corresponding period oflast year. Gold exports were still substantiallysmaller than the import movement.

The domestic production of silver was greater thanin either the preceding month or October of last year.

WHOLESALE TRADE[Relative numbers, monthly Average 1923-1925 taken as 100. October, 1929, is latest month plotted. Curves are adjusted for seasonal variation]

1930

HARDWARE AND FURNITUREM . . t . . ! . . ! . . I . . ! . . ! . . I . .

1923 1924

. U I I I

1923

MEM'S APPARELi . l i . l i i l l i l i . l i i l i i l i i l i i 1 1

19 1924i i i i i i h i i n i

1925 1926 192!

1928. Advertising in newspapers and magazines inOctober also showed gains over both prior comparativeperiods, while expenditures for radio broadcasting byadvertisers also showed gains over both periods.

BANKING AND FINANCE

Check payments were greater than in either theprevious month or October a year ago. Loans anddiscounts of Federal reserve member banks reached 'anew high level during the month.

Dividend and interest payments were substantiallygreater than in either the preceding month or Octoberof last year. For the first 10 months of the year

Exchange upon the principal foreign currenciesshowed only slight movement from the rates whichprevailed in the previous month. Among the gainsreported the English pound, Belgian franc, theDutch guilder, the Japanese yen, and the Indianrupee were the most prominent; declines were registeredin the Canadian dollar and Argentine peso. Con-trasted with last year increases were registered inOctober in the British pound the Belgian franc, theDutch guilder, the Swedish krone, the Swiss franc,and the Japanese yen, while declines were recordedin the Indian rupee, the Canadian dollar, the Argentinepeso and the Brazilian milreis.Digitized for FRASER

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

15

INDEXES OF BUSINESSThe index numbers presented in this table are designed to show the trend in production, prices, trade,

etc., by commodities or groups. They consist in general of weighted combinations of series of individual relativenumbers; often the individual relative numbers axe also given. The function of index and relative numbersis explained on the inside front cover. All of the index numbers, except where noted, are based on the averageof the years 1923 to 1925, while maxima and minima are given only since 1923, thus eliminating the abnormalperiod prior to 1923. Complete descriptions and figures for earlier years may be found in the following issuesof the Survey (later data being available in the latest semiannual issues): Production in the July, 1928, issue(No. 83), pages 18 to 22; stocks in the August, 1928, issue (No. 84), pages 20 to 22; new orders in the September,1928, issue (No. 85), page 19; unfilled orders in the January, 1928, issue (No. 77), pages 22 and 23; wholesaletrade in the January, 1928, issue (No. 77), page 21; mail-order and chain stores in the May, 1928, issue (No. 81),pages 20 and 21; department stores in the April, 1928, issue (No. 80), pages 20 and 21; employment, based on1923 as 100, in the August, 1928, issue (No. 84), page 108; farm prices in the August, 1928, issue (No. 84), page27; wholesale prices (Department of Labor) in the November, 1927, issue (No. 75), page 24, and the June, 1928,issue (No. 82), page 23; wholesale prices, commercial, in the August, 1928, issue (No. 84), page 26; cost of livingin the August, 1928, issue (No. 84), page 27, and the June, 1926, issue (No. 58), page 24.

Relative to 1923-1925 monthly average as 100

PRODUCTIONTOTAL INDUSTRIAL

Unadjusted, except for working daysAdjusted for seasonal variations

MANUFACTURING

Total (adjusted for working days only)Total (adjusted for seasonal variations)

Iron and steelTextilesFood productsPaper and printingLumberAutomobilesLeather and shoesCement, brick, and glassNonferrous metals ......Petroleum refiningRubber tiresTobacco manufactures.

MINERALS

Total (adjusted for working days only)Total (adjusted for seasonal variations)

Bituminous coal.Anthracite coalCrude petroleumIron-ore shipmentsCopperZinc__LeadSilver.. .

ANIMAL PRODUCTS (Marketings)Total

Wool.Livestock _._ _ _Poultry and eggsDairy productsFish

CROPS (Marketings)Total

Grains * _Vegetables *Fruits *_-. .Cotton products *Miscellaneous crops *

Maxi-mumsince

Jan.l,1923

125123

127128155121110128110166134143137176169143

128120125133147143139127125123

124421131148160302

252218199266373266

Mini-mumsince

Jan. 1,1923

8183

7982597790917847869287846693

8490771

880

82937585

791476676444

453860431118

1938 1929

August

110112

11011312110790

11787

133112126117160151129

1101059194

12310411612010787

971957980

117170

11518683

16545

116

Septem-ber

115114

11511512810795

11882

139110130117162169128

1151079495

12411012311411579

9254927695

137

178165133206184206

October

117114

11611412611298

11681

122103122121160167126

12211499

11912711412811010879

10235958689

153

252174151266353208

August

121123

12112414312099

12588

146116142122176114133

1211159781

146121119127107106

100268

7789

116247

13521488

130i 72

102

Septem-ber

123121

12312213911698

128

136115143126174117143

12711810110614112112112411989

99128968394

283

180117145173218207

October

119117

|118117124118 !97

113141122

114135

12611810111614010712311211592

10552

1138691

302

246103171245373212

PER CENT INCREASE (+)OR DECREASE ( )

October,1929, from

September,1929

-3.3-3.3

-4.1-4.1

-10. 8+ 1.7-1. 0

-1. 7-1.4-3.2

2. 6-5. 6

-0.80.00.0

+ 9.4+ 0.7

-11. 6+ 1.7-9. 7-3.4+ 3.4

+ 6.159. 4

+ 17.7+ 3.6-3.2+ 6.7

+ 36.7-12.0+ 17.9-41. 6+ 71.1+ 2.4

October,1929, fromOctober,

1928 |i

+ 1.7+ 2.6

+ 1.7+ 2.6

1. 6+ 5.4-1.0

+ 9.7+ 15.6+ 0.8

-1.7+ 7. 1

+ 3.3+ 6.8+ 2.0-2. 5

+ 10.2 6. 1+ 3.9+ 1.8+ 6.5

+ 16.5

+ 2.9+ 48.6+ 18.9

0.0+ 2.2

+ 97.4

-2.4-40.8+ 13. 2-7.9+ 5.7+ 1.9

* Fluctuations between maximum and minimum due largely to seasonal conditions: Minerals and Manufacturing are adjusted for seasonal variations except wherenoted.


16

INDEXES OF BUSINESSContinued

Relative to 1923-1925 monthly average as 100

PRODUCTION ContinuedFOREST PRODUCTS

Total -LumberPulpwood - -Gum (rosin and turpentine) *Distilled wood -

NEW ORDERSTotal

Textiles -- -Iron and steelLumberPaper and printingStone and clay products

STOCKSGrand totalTotal manufactured goods

FoodstuffsTextilesIron and steel -Nonferrous metalsLumberStone, clay, etcLeatherRubberPaperChemicals and oils

Total raw materialsFoodstuffsTextilesMetalsChemicals and oils

UNFILLED ORDERSTotal

Textiles _ _Iron and steel -Transportation equipmentLumber

WHOLESALE TRADEGrand total all classes

Groceries - - -Meats _Dry goodsMen's clothingBoots and shoesHardware. -Drugs _Furniture

RETAIL TRADE

Mail order houses (2 houses) _CHAIN STORES:

Ten-cent. ._GroceryDrug

DEPARTMENT STORES:SalesStocks . . .

Maxi-mumsince

Jan. 1,1923

112112151204148

138179143141118129

153125136138157140125192123199156125184229202136153

167154157204142

124119130128167130118141140

193305257224

187117

Mini-mumsince

Jan. 1,1923

7471541865

737071678575

8288797878747864667746846968435473

6759664956

828387704368768872

686277827183

1928

August

898882

16178

9892

11810010897

10711511712513112110514072

13415691

101136659293

7566756088

11010111811014811995

115108

141

1362041698597

Septem-ber

777768

12970

9599

12592

10993

11611110511813012510413073

13013797

11914595

116108

7569756084

111100130105137110100119126

155144202164107103

October

8784

10812993

9511611687

113119

13311193

11313512310311674

149139103149157149133139

7273756269

11210812599

123108108134133

194164230169124112

1939

August

929177

189100

9291

12783

11585

127

11513612212812510313270

15598

10113621271

10597

7667767986

11310112011115613099

121117

184161233214

9096

Septem-

807974

15790

9091

11081

11689

13911312911513513510411669

143101107157222111111115

7764798684

114101127110139129105124129

193147216200109103

October

9389

118130104

15311110611613514010610669

146102111184229173119135

7459809466

115110129102110114112141140

242

176257209128112

PEE CENT INCREASE (+)OB DECREASE ( )

October,1929, from

September,1929

+ 16.3+ 12.7+ 59.5-17.2+ 15.6

.

+ 10. 1

-1. 8-16.3+ 0. 9

0.0+ 3. 7+ 1.9-8.6

0.0+ 2. 1+ 1. 0+ 3.7

+ 17.2+ 3.2

+ 55. 9+ 7.2

+ 17.4

-3.9-7.8+ 1.3+ 9. 3

-21.4

+ 0.9+ 8. 9+ 1.6-7.3

-20. 9-11.6+ 6.7

+ 13.7+ 8.5

+ 25.4

+ 19.7+ 19.0+ 4.5

+ 17.4+ 8.7


1928

+ 6.9+ 6.0+ 9.3+ 0.8

+ 11.8

l_ _ _ _ _ |

+ 15.00.0

+ 14. 0+ 2.7

0.0+ 11. 4+ 2.9-8.6-6.8-2.0

-26.6+ 7. 8

+ 23. 5+ 45.9+ 16. 1-10.5-2.9

+ 2.8-19.2+ 6. 7

+ 51.6-4.3

+ 2.7+ 1.9+ 3.2+ 3.0

-10.6+ 5.6+ 3.7+ 5.2+ 5.3

+ 24.7+ 7.3

+ 11.7+ 23.7+ 3.2

0.0

* Fluctuations between maximum and minimum due largely to seasonal conditions.


17


Relative to monthly average indicated

EMPLOYMENT(Relative to 1926 monthly average as 100)

Number employed, by industries:Total, all classes _

Food productsTextilesIron and steel - -LumberLeatherPaoer and printingChemicalsStone, clay, and glassMetal products other than iron and steel-Tobacco productsVehicles. _ _ _Miscellaneous-

Amount of pay roll, by industries:Total, all classes

Food productsTextilesIron and steelLumberLeatherPaper and printingChemicalsStone, clay, and glassMetal products other than iron and steel-Tobacco products-.Vehicles _Miscellaneous

PRICE INDEX NUMBERSFARM PRICES

(Relative to 1909-1914 average as 100)All groups-

GrainsFruits and vegetablesMeat animals. _Dairy and poultry-Cotton and cottonseedUnclassified

WHOLESALE PRICESDepartment of Labor Indexes

(Relative to 1926 monthly average as 100)All commodities

Farm products _ . ..Food, etcHides and leather products.- - .Textile productsFuel and lightingMetals and metal productsBuilding materials _. .ChemicalsHouse-furnishing goodsMiscellaneous -

Classified by state of manufacture:Semimanufactured articlesFinished products -_ _Raw materialsNonagricultural commodities.

Commercial Indexes(Relative to 1926 monthly average as 100)

Dun's- ..Bradstreet's_

Maxi-mumsince

Jan. 1,1923

111119122113113117103108106109120113116109114124111108123109108106112119120119

152178253167166252108

105114107127114112113116104111127

128103109106

106112

Mini-mumsince

Jan. 1,1923

9295918685889485828686848384938775827986867881818481

12510810898

1228179

949485989381979093977994939393

8595

1928

August

9497929289959888949397

100909498909390979993949794

10289

13912013716213615387

991071041219685

1009595977997999997

103103

Septem-ber

95100949390959895939499

1029295

10193939296

10197929898

10192

14111712717414514285

1001091071219685

1019595978097

10110198

103102

October

9610297949094

100959296

10110093

99103100989493

1039994

10510110693

13711611416015014783

981041021189685

10195969780

97999796

102101

1939

August

999995

1009297

10198919795

10111510210295

10593

10110410289

10296

109113

14312916016514114686

981071031109381

10497949781

96979994

10298

Septem-ber

9910297

1019198

103102919696

10011510310598

10495

10110810590

10199

105115

14113116015614614685

981071031119381

1049894978298979995

10298

October

9810498

1009098

10310389969795

113

1021061001049597

10910789

102100101114

14012816815115114189

961041011119382

10498949781

98969794

10196

PEE CENT INCREASE (+)OR DECREASE ( )

October,1929, from

September,1929

-1.0+ 2.0+ 1.0-1.0

1. 10.00.0

+ 1.02 9. 0.0

+ 1.0-5.0-1. 7

-1.0+ 1.0+ 2. 0

0.00.0

-4.0+ 0.9+ 1.9

1. 1+ 1.0+ 1.0-3.8-0.9

-0.7-2.3+ 5.0

3.2+ 3.4-3.4+ 4.7

-2. 02 8

-1.90.00.0

+ 1.20.00.00.00.01 2

0.0-1.0-2.0-1. 1

-1.0-2.0


1928

+ 2. 1+ 2.0+ 1.0+ 6.4

0.0+ 4.3+ 3.0+ 8.4-3.3

0.04.0

-5.0+ 21.5+ 3.0+ 2. 9

0.0+ 6. 1+ 1. 1+ 4.3+ 5. 8+ 8. 1-5.3-2.9-1.0-4.7

+ 22.6

+ 2.2+ 10.3+ 47.4-5.6+ 0.7-4. 1+ 7.2

2 00.01 05 93 i3 5

+ 3.0+ 3.2-2. 1

0.0+ 1.3+ 1.0-3.0

0.02 1

1 05 0

8202929 3Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18


Relative to monthly average indicated

PRICE INDEX NUMBERS Contd.

COST OF LIVING

Mail-since

Jan. 1,1923

National Industrial Conference Board Indexes(Relative to July, 1914)

All items weighted 172Food ( Department of Labor) j 167Shelter ' 186Clothing. _ . _ . - - - - - 177Fuel and light (combined) 179Fuel 1 208Light 1 23Sundries - - 176

Mini-since

Jan.l,1923

158141159160156174

1928

August

i

;1611541611

1731 159

17S118 I ! 121168 ! 171

Septem-ber October

163 i 163158 157161174160180121171

161173161182121171

1929

August

163160159169158177120169

!

Septem-ber

163161160168159180120169

October

163161160168161182120170

PER CENT INCREASE (+)OR DECREASE ( )

October,1929, from

September,1929

0. 0| 0.01 0. 0i 0. 0

+ 1. 3+ 1. 1

0. 0+ 0.6


1928

0. 0+ 2. 5 0. 6 2. 9

0. 00. 0

0. 8-0.6

PAINT, VARNISH, AND LACQUER PRODUCTS'

MONTH

JanuaryFebruaryMarchApril . _ . .May. JuneJulyAugustSeptember . _ - .

1928

Total sales

$23, 211, 24024, 565, 97129, 765, 54930, 537, 08136, 498, 14233, 585, 80726, 684, 73630.901,27827, 967, 064

Trade sales

$8, 546, 8489, 700, 662

11, 717, 12412, 539, 09915, 887, 80114, 020, 4189, 478, 450

11, 332, 88610,204,927

Industrialsales

$8, 419, 8438, 756, 602

10, 307, 1409, 965, 905

11, 007, 81510, 799, 4809, 365, 880

11, 411, 73510, 330, 227

Not specified

$6, 244, 5496, 108, 7077, 741, 2858,032,0779, 602, 5268, 765, 9097,840,4068, 156, 6577, 431, 910

1939

Total sales

$24, 935, 87325, 133, 72732, 260, 82734,840,09937, 619, 64333, 569, 79528,456,90234, 428, 94129, 694, 051

Trade sales

$8, 973, 9559, 283, 254

12, 163, 38613, 910, 25915, 909, 95513,644,9889, 613, 489

13, 501, 28610, 804, 088

Industrialsales

$9, 743, 2389, 787, 126

11, 514, 53812,067,40912, 446, 35111, 114, 41510, 386, 26711, 982, 99110, 710, 541

Not specified

$6, 218, 6806, 063, 3478, 582, 9038, 862, 3719, 263, 3378, 810, 3928, 457, 1468, 944, 6848, 179, 422

* Compiled by the U. S. Department of Commerce, Bureau of the Census and represents the total sales of paint, varnish, and lacquer products as reported by 388 firTrade sales include shipments to dealers, jobbers, painters, and consumers, Industrial sales are those to manufacturers, railroads, the Government, martine, and all otsimilar users.

AUTOMOBILE FINANCING1

ms.other

MONTH

JanuaryFebruary _ . .MarchApril.MayJuneJulyAugustSeptember

Total (9 months)

TOTAL

Number ofcars

147, 008177, 960290, 422363 33938ll 810369, 968363, 226323, 429282, 818

2, 699, 981

Volume indollars

$71, 939, 87285, 263, 846

136, 287, 410168, 844, 566176, 227, 801171, 883, 530165, 310, 672151, 595, 703131, 723, 060

1,259,076,460

NEW CABS FINANCED

Number ofi cars

76, 157i 101, 712

164, 648203, 224

! 210, 303202, 457205, 369177, 204155, 075

1, 496, 149

Volume indollars

$47, 188, 57360, 485, 23096, 505, 505

119, 630, 526123, 691, 554120, 771, 728117,936,478107, 052, 13492, 008, 795

885, 270, 523

USED CABS FINANCED

Number ofcars

66,40071, 520

118, 281151, 498163, 500160, 736151,555141, 598123, 445

1, 148, 533

Volume indollars

$22, 702, 35122, 597, 51736,526,06045, 381, 28549, 048, 41348,116,00344, 704, 87242,499,92537, 853, 924

349, 430, 350

UNCLASSIFIED

Numberof cars

4,4514,7287,4938,6178,0076,7756,3024,6274,298

55,298

Volume indollars

$2, 048, 9482, 181, 0993, 255, 8453, 832, 7553, 487, 8342, 995, 7992, 669, 3222, 043, 6441, 860, 341

24, 375, 587

* Compiled by the U. S. Department of Commerce, Bureau of the Census, from reports of 369 automobile-financing organizations. Forty-six of the smaller firms foundit impossible to segregate their operations, their totals being shown in the unclassified group. This summary is subject to revision in subsequent issues as reports arereceived from additional firms.


19

FACTORY EMPLOYMENT: INDEXES BY GROUPS >[Monthly average, 1993-1925=100. Without seasonal adjustment]

YEAR AND MONTH

1919January .FebruaryMarchApril. _.MayJuneJuly ..AugustSeptemberOctoberNovemberDecember.

Monthly average1920

January.February . . .MarchApril.MayJuneJuly.AugustSeptemberOctoberNovemberDecember

Monthly average1921

January . _FebruaryMarchAprilMayJuneJulyAugust.. .SeptemberOctober .November _ . _ _December

Monthly average1922

J anuaryFebruaryMarchAprilMay.JuneJulyAugustSeptemberOctoberNovemberDecember _

Monthly average. _.1923

JanuaryFebruary _. _.MarchApril _MayJuneJulyAugustSeptemberOctoberNovemberDecember

Monthly average

Total

105.4101.9102.3102.6103.1104.2106.6109.2111.5109.1110.4112.9

106.6

114.0113.1115.2113.9111.7110.9108.4108.6107.1103.597.590.3

107.9

81.382.783.182.182.281.379.981.483.384.0.84.283.3

82.4

82.684.485.685.487.689.587.090.393.696.598.5

100.090.1

100.6102.4104. 9105.2105.3105.9104.8105.5105.9104.8103.4101.3

104.2

Ironandsteel

112.1106.0103.4100.196.495.599.8

104.2104.879.390.1

101.899.5

110.3111.3113.4112.0106. 4109.3109.0107.0107.6106.4101.289.7

107.0

72.775.472.765.865.661.153.857.559.863.967.768.365.4

65.270.573.278.581.785.986.988.188.592.996.299.083.9

99.2101.7103.8104.3105.5107.8105.1107.3106.6106.3104.2100.8104.4

Ma-chin-ery

121.0118.2114.5113.2110.2107.9108.7114.2117.9122.4126.8131.2

117.2

134.8133.0135.6134.2132.0133.0133.7131.0128.0123.2117.8110.4

128.9

103.094.889.784.078.674.368.667.066.065.065.467.377.0

70.071.074.576.979.880.680.882.087.190.394.199.082.2

100.7104.6108.2110.1110.5110.8111.2110.6109.6107.2105.6103.4

107.7

Tex-tiles

90.784.787.491.194.997.9

102.2102.3103.7105.0105.3107.8

97.8

109.5108.5110.8109.9107.7104.196.294.094.090.781.373.1

98.3

71.484.189.392.793.794.394.696.0

100.4101.599.398.993.0

98.7100.797.293 992.692.091.794.297.9

100.3102.8105.697.3

106.9108.1110.5109.7108.1105.9101.8101.6103.1103.0102.0102.3

105.3

Foodprod-ucts

113.1110.2109.3105.4103.5104.4106. 4108.0110.3110.8112.4114.0

109.0

109.0105.1105.6103.1103.2104.3104.9104.9104.3102.9101.297.6

103.8

90.191.893.389.790.891.493.594.598.5

102.1103.198.394.8

92.393.094.189.190.091.494.497.797.3

100.3103.7102.395.5

96.497.498.797.398.2

101.5103.2104.3106.4109.1107.3103.7

102.0

Paperand

print-ing

96.195.495.594.392.795.096.397.298.098.2

100.2103.1

96.8

104.4102.9104.6104.1103.8103.7105.4105.5105.8105.9104.8101.6104.4

96.595.293.988.783.283.684.185.587.088.891.091.589.1

93.492.791.488.790.890.390.692.593.894.995.797.492.7

96.897.399.699.799.099.699.098.999.1

100.1100.8101.4

99.3

Lum-berand

prod-ucts

83.383.686.286.288.488.992.096.4

100.1103.5104.3105.293.2

102.4102.6103.297.391.195.278.486.983.581.375.369.788.1

69.371.973.674.475.075.2

' 73.273.574.676.078.678.1

74.5

84.789.193.192.497.2

100.399.299.597.798.598.595.895.5

95.697.698.6

100.2101.5103.4103.9103. 6103.1102.4101.699.4

100.9

Transpor-tation

equipment

Group

92.991.591.091.191.993.396.397.2

100.7102.6103.5103.596.3

106.4105.7107.3106.5107.0107.7107.4107.4105.1101.496.991.7

104.2

72.069.067.567.870.368.470.172.874.576.577.174.4

71.7

70.371.574.275.579.783.658.366.477.690.194.997.978.3

101.8103.5106.6107.5108.3109.8107.9108.3107.8108.7107.9104.1106. 9

Auto-mo-biles

74.375.176.679.781.284.988.791.095.398.098.195.986.6

100.2101.7102.2100.597.494.795.188.983.273.465.461.688.7

31.938.847.258.561-959.159.259.659.359.057.053.653.8

52.856.560.665.672.877.579.278.480.278.880.081.972.0

87.495.499.5

103.8105.1104.6101.1100.2101.3102.9103.3102.7100.6

Leath-er andprod-ucts

104.3104.5103.9102.4104.0105.0105. 7108.9110.4111.4113.7115.6107.5

117.0114.7115.3112.4109.2104.296.193.884.481.777.575.598.5

74.080.483.282.585.889.090.894.294.393.091.994.087.8

96.096.994.690.390.091.695.399.8

102.3102.7105.0107.297.6

110.5111.6111.4109.1106.5103.6101.7105.2104.7103.9103.7102.1106.2

Ce-ment,clay,andglass

68.666.170.881.891.394.287.194.590.093.190.588.984.7

85.081.885.188.794.794.893.290.189.087.890.987.589.1

72.262.667.173.178.178.076.874.976.374.975.074.7

73.6

70.069.077.084.893.494.093.694.394.995.096.195.188.1

91,792.796.3

101.5105.1106.2104.4104.2103.6102.9101.399.4

100.8

Non-fer-rous

metals

108.1107.9107.6107.5110.0112.0117.5120.8119.6120.3121.7122.5114.6

124.8122.9131.2129.3124.4128.8127.0125.8125.5122.8107.785.7

121.3

76.869.970.772.173.472.668.774.775.579.980.678.974.5

76.778.681.381.786.188.792.195.595.998.7

102.5103.2

90.1

104.7108.1111.3112.5111.9111.1108.9107.3103.4102.4101 5101.5107.1

Chemicals

Group

129.8127.4118.8111.6105.8104.0100.299.2

100.3100.0101.0102.1

108.3

101.8100.199.898.896.496.197.898.395.898.394.587.997.1

81.476.075.570.969.368.866.364.765.070.272.669.0

70.8

69.570.573.574.576.676.680.683.686.790.294.095.881.0

99.7104.4108.5104.8103.9101.499.899.9

100.098.798 898.1

101.5

Petro-leumrefin-ing

97.598.8

100.7105.5109.3108.3107.8106.6104.0101.098.696.5

102.9

Rub-ber

prod-ucts

-

110.4115.1116.3116.9116.4111.2102.190.6

T86.085. 387.991.6

102.5

To-baccoprod-ucts

126.1124.6124.8122.4120.6111.297.687.997.3

103.4119.7119.2112.9

115.7110.1112.3113.0109.2109.8107.2106.9112.3111.8115.8116.4111.7

109.0105.0101.7108.0110.5112.7109.3109.9114.6116.3114.7113.7

110.5

99.4104.2106.0100.0103.4104.1109.8109.0111.8113.2112.7112.8107.2

108.0107.4108.6105.4105.4105.5103.2100.0105.1106.4107.7106.7

105.8i Compiled by the Federal Reserve Board from data collected by the U. S. Department of Labor, Bureau of Labor Statistics, U. S. Department of Commerce, Bureau of the

Census and several other Federal and State governmental agencies. The indexes represent in their long-time fluctuations employment and pay rolls in all manufacturingindustries, as shown by the Census of Manufactures from 1919 to 1927. Necessary adjustments will be made to succeeding censuses. In their current monthly fluctuationsthey represent 50 industries employing in the aggregate in 1927, 6,600,000 wage earners or about 78 per cent of the total engaged in manufacturing and accounted for about80 per cent of the factory pay rolls of wage earners for that year. The industries are classified into 14 industrial groups, of which 13 are shown here. Each of the individualindustry series, of which the indexes are composed, is adjusted to fluctuations shown by the census. For full description of these indexes see the Federal Reserve Bui'etin for November, 1929, pp. 706-716.


20

FACTORY EMPLOYMENT: INDEXES BY GROUPS'Continued[Monthly average, 1923-1925=100. Without seasonal adjustment]

YEAR AND MONTH

1934January .FebruaryMarchAprilMay - - - -June ._-JulyAugust - . _ _ _September .October.. .NovemberDecember.

Monthly average1935

JanuaryFebruary _.MarchApril _MayJuneJulyAugustSeptember .October _- _NovemberDecember ._

Monthly average1936

January.- -February .March .April -.May -June -JulyAugustSeptember _October ,NovemberDecember _ ._

Monthly average.1937

January _February _March _ _ -AprilMay-JuneJuly _August -September ._OctoberNovemberDecember

Monthly average .1938

January _February.March ....AprilMay . .June.. _^ .JulyAugust. _. ..September ,OctoberNovember . .December _ _

Monthly average .1939

January.February . . .MarchApril.May _JuneJuly .August.September

Total

99.9101.1101.499.796.3 I93.590.591.894.395.194.695.996.2

96.498.299.599.398.498.298.199.8

102.0102.4101.9101.699.7

100.8101.9102.6101.9100.9100.799.3

101.1103.5103.2101.2100.0101.4

98.199.7

100.499.899.199.098.099.2

100.699.396.995.598.8

94.295.796.696.095.796.295.798.3

100.3100.298.898.1

97.2

97.499.7

101.3101.8101.6101.2100.7102.0103.4

j

Ironandsteel

101.8106.3108.0107 4100.294.789.087.890.192.892.896.097.2

98.9101.3101.999.898.496.694.595.696.397.998.8

100.4

98.4

100.0102.0102.0102.8101.7100.699.4

100.9102.6102.7101.699.1

101.3

97.098.9

100.199.999.498.295.795.796.195.293.692.296.8

91.094.095.495.395.795.593.695.996.496.997.797.1

95.4

97.198.399.399.7

100.7100.899.8

101.0101.0

Ma-chin-ery

100.399.6

100.099.295.192.288.388.088.189.290.192.8

93.6

93.995.896.897.797.397.497.097.799.3

101.8104.0105.9

98.7

107.0108.8109.5108.7107.9108.9107.7107.9108.1108.5106.1106.1107.9

104.2105.3104.8103.3101.4101.199.098.797.596.794.493.6

100.0

92.894.195.595.997.498.297.999.5

101.4102.8103.8105.2

98.7

106.7110.4113.8116.7119.1120.8121.5119.4119.5

1

1

Tex-tiles

102.4103. 6102.998.394.191.184.186.991.895.194.697.595. 2

98.8101.4102.8101.699.097.694.896.297.9

101.2101.7101.699.6

101.6102.0102.4100.497.995.189.090.796.399.399.2

100.997.9

101.1103.0103.8102.1100.198.896.4

' 98.4101.4102.1101.5100.7100.8

99.7100.7100.397.093.491.887.889.492.695.796.297.0

95.1

95.998.0

101.099.397.396.391.594.298.4

Foodprod-ucts

100.4101.7100.597.396.898.999.599.7

102.1102.2100.4100.8

100.0

98.198.498.293.293.797.197.297.6

100.1102.7101.5100.4

98.0

97.997.296.493.895.397.798.198.7

101.6103.7101.699.4

98.5

97.497.296.495.496.2

100.799.899.1

102.5103.1101. 3100.2

99.1

96.897.897.495.696.197.697.997.4

100.5102.6101.9102.0

98.6

98.698.897.696.297.399.299.899.7

102.4

Paperand

print-ing

100.9100.6100.7100.199.698.997.297. 299.6

100.3100.9101.599.8

100.8100.8101.5100.699.799.599.599.3

100.4102.2103.3103.9

101.0

103.5102.7103.3102.7102.7102.6102.2102.4104.0105.2106.3105.9103.6

104.0104.1104.0103.2102.2101.9101.2101.8102.8103.4104.3104.5103.1

103.0102.4101.4100.3100.6100.5100.5

1 100.8I 101. 1

102.4103.7103.6

101.7

102.5103.4103.1102.5102.8103.2103.6104.1106.0

Lum-berand

prod-ucts

96.598.999.0

100.099.997.496.196.497.598.798.298.2

98.1

97.899.699.3

100.7100.5101.2100.7101.3103.0103.5102.9101.7

101.0

99.099.499.6

101.4101.5101.6101.0102.0101.6101.4100.097.8

100.5

93.192.291.991.792.692.792.593.494.193.591.988.592.3

85.385.486.787.587.488.387.589.590.490.690.588.2

88.1

85.585.886.688.289.290.090.592.291.8

Transpor-tation

equipment

Group

102.8102.5102.9101.396.491.689.589.389.791.089.991.4

94.9

93.294.297.099.8

100.097.797.397.999.2

101.7101.2100.4

98.3

100.6102.3104.2102.9100.899.397.597.897.895.491.889.598.3

88.192.493.593.793.491.087.688.086.185.180.581.288.4

83.086.188.289.792.492.491.694.295.494.490.289.9

90.6

94.099.0

100.5101.7101.597.696.495.594.8

Auto-mo-biles

107. 5109.8111.8107.196.886.482.283.383.985.083.185.593.5

89.490.697.1

104.9110.9105.8105.1106.9111.5118.6117.4111.7

105.8

111.8114.0116.4112.5107.9105.8102.8105.0104.4100.091.485.7

104.8

85.596.5

100.6101. 1101.195.188.592.188.887.579.282.791.6

89.798.3

102.6105.2111.3111.3111.2118.1121.5119.8

, 109.1107.7

108.8

118.3129.5131.1131.4130. 0120.6117.8115.0113. 1


102.4102.9103.197.693.288.288.492.996.497.697.196.296.3

99.5101.3101.297.295.090.893.898.7

100.6100.397.394.2

97.5

96.498.497.292.791.491.495.099.6

101. 3101.199.797.596.8

99.5100.2100.095.493.893.797.2

100.6101.199.294.092.397.3

96.297.997.392.489.889.794.095.996.194.689.388.693.5

91.994.192.790.690.389.494.698.199.5

i

Ce-ment,clay,andglass

94.995.5

100.3103. 9104.3102.198.299.197.997.997.396.599.0

91.893.297.5

102.2103.4103.7102.8101.8102.4102.6101.599.8

100.2

94.895.497.3

100.8104.6106.5104.8106.0106. 4104.8103.198.5

101.9

91.792.897.1

100.7102.2102.6100.698.898.696.896.191.797.5

85.986.589.491.895.396.294.696.696.094.191.889.592.3

84.384.586.890.593.193.891.293.893.6

Non-fer-rous

metals

102.0106.4106.4103.798.091.887.085.387.388.791.093.4

95.1

95.398.198.597.398.798.596.696.597.197.599.6

100.697.9

99.8102.7104.4103.2100.898.496.997.498.597.598.096.699.5

96.597.4

100.5100.4101.799.098.097.796.095.193.992.897.4

89.893.694.695.995.996.095.396.097.6

100.0102.2102.4

96.6

102.4106.1107.9107.7105.3102.9100.599.898.6

Chemicals

Group

99.2100.8103.1102.198.089.789.690.293.094.495.296.995.9

97.3101.2107.2107.298.398.199.5

100.5105.2105.3105.7106.1102. 6

107.5109.2112.2111.6106.1105.7105.0106.3110.9111.3110. 7109.2

108.8

110.2111.5115.1115.0106.7104.5103.6104.0106.9106.3105.9104.5107.9

103.3106.5110.4109.9101.5101.0100.4101.3106.8107.4107.3107.8

105.3

107.6110.9115.5119.0110.3107.9108.9111.2114.5

Petro-leumrefin-ing

j95.996.796.897.798.098.198.297.295.694.594.694.596.5

94.195.295.296.697.2

100.1103. 0104.1105.7105.2105.4105.9100.6

104.7105.7105.5107.5107.9110.7112.1112.4113.9114.4113.9113.7110.2

115.0116.1117.1114.7112.3111.3111. 3109.4107.3104.3102, 0101.2110.2

101.1100.8101.099.499.2

101.5102.6103.9105.8104.3104.0104.7102.4

104.0106.7109.2111.9114.4116.4120.0121.9124.0

Rub-ber

prod-ucts

92.493.793.392.191.188.284.084.693.793.097.298.591.8

99.6102.9103.7104.9108.2109.1109.7110.1109.0102.6102.2106.4

105.7

108.1108.6108.0107.5104.2102.697.3

104.1107.8106. 5 '100.8100.1

104.6

100.8102.2102.8106.9110.1108.4105.0104.3104.3101.999.2

102.2

104.0

105.1107.6106.0105.7105.4105.4110.7111.6113.4113.2109.8109.6

108.6

112.2112.3113.3114.3115.3115.0114.2111.5108.3

To-baccoprod-ucts

101.9102. 6101.197.597.096.097.797.099.592.3

101.5100.698.8

95.996.797.489.795.493.994.093.095.298.497.798.095.4

88.092.692.288.688.591.789.086.891.193.893.893.690.8

85.291.591.790.291.594.194.588.698.6

101.0100.596.393.6

88.592.493. 591.192.293.088.094.796.799.198.995.793.8

84.192.092.091.390.391.490.593.093.7

1 See footnote, on p. 19.


21

FACTORY PAY ROLLS: INDEXES BY GROUPS1[Monthly average, 1933-1995=100. Without seasonal adjustment]

YEAR AND MONTH

1919January.. . _ _FebruaryMarch __AprilMayJuneJulyAugust .SeptemberOctoberNovemberDecember .

Monthly average1920

January..FebruaryMarchAprilMayJuneJuly.AugustSeptemberOctober _ __ _NovemberDecember

Monthly average1921

January _FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Monthly average1922

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember _ .Dfioembftr

Monthly average1923

January _FebruaryMarchApril _May .JuneJuly .AugustSeptemberOctober _ _ _NovemberDecember.. _ ._

Monthly averagei See footnote on p. 19.

Total

97.291.091.690.991.493.095.8

100.9105.9100.8105.4113.4

98.1

117.3115.9124 2121. G123. 3125.2120.3123.0121.1117.2108.499.6

118.1

84.082.382.479.678.076.172.274.473.973.172.073.6

76.8

69.772.774.873.877.280.477.682.486.589.493.195.6

81.1

94.197.8

102.8103.9107.3107.5103.2104.2104.8107.2104.9103.1

103.4

Ironandsteel

115.5108.0102.394.687.588.491.0

106.7106.378.890.7

106.998.1

117.5122.9132. 0125. 7122.4128.8121.6124.0129.7132.2123.6105.4123.8

81.079.172.559.457.147.937.442.642.147.350.152.555.8

47.653.256.560.164.969.665.972.677.985.291.193.969.9

93.398.8

101.9100.0109. 7111.598.8

106.6105.4110.2107.0102.9

103.8

Ma-chin-ery

103.799.998.695.892.788.790.2

100.4110.0113.7123.7131. 5104.1

134. 9128. 5141. 3139. 1139.7144.0145.6143.4139.1130.2124.1117.6135.6

105.788.284.579.373.366.160.057.656.153.554.156.669.6

57.359.462.964.668.271.071.974.878.383.087.594.872.8

91.897.1

103.5108.5112.3113.8111.3110.2109.6110.1107.7107.9

Tex-tiles

73.564.869.974.980.389.197.1

101.7105.0102.3103.7117.990.0

122.9121.4127.8124.4121. 3119.2107.1105.4102.793.079.069.6

107.8

66.182.290.492.190.491.891.494.497.491.888.494.089.2

90.495.091.083.883.184.487.390.194.193.997.9

100.591.0

103.2106.0111.2108.9111. 0108.0102.2102.6104.2106.2101.7104.1

107. 0 105. 8

Foodprod-ucts

96.595.896.592.492.995.295.197.0

100.599.9

104.8109.1

98.0

107.2103. 0108. 6100.8111.7115.2114.1112.8111.9111.0109.6104.2109.2

96.396.696.989.892.590.891.991.093.697.193.689.593 3

85.484.486.180.485.788.990.490.194.396.2

101.299.090.2

93.594.096.595.397.5

101.0101.8100.3105.0106.3106.3103.9100.1

Paperand

print-ing

70.069.369.869.368.272.974.577.381.671.074.091.974.2

94.393.098.896.7

300. 3100.9101.0103.6104.3106.5104.899.3

100.3

93.389.288.483.176.478.378.779.780.882.283.285.983.3

83.580.984.682.584.484.583.785.688.590.091.293.886.1

92.193.096.096.797.597.296.292.895.698.098.1

100.3

96.1

Lum-berand

prod-ucts

74.2- 73.3

74.477.883.487.792.194.898.999.1

105.4109.489.2

115. 9114.4121. 3114. 6113.6113.2108.3113.6109.1105.194.487.3

109.2

68.671.172.670.969.071.963.969.965.863.564.665.968.0

68.973.978.577.681.184.482.386.486.387.589.489.382.1

87.489.993.998.1

102.1104.8103.7103.0103.5105.2105.2103.0100.0

Transpor-tation

equipment

Group

95.985.185.885.086.182.283.881.990.193.997.797.6

88.8

100.599.4

107. 3106.5116. 21 16. 9111.2124.6121.1120.6108.6104.7

111.5

78.971.972.174.474.672.871.073.371.472.770.868.8

72.7

57.264.269.271.076.982.362.572.981.088.993.096.3

76.4

92.799.0

106.6108.8112.0111.4107.4109.1106.7114.2112.9104.7

107.1

Auto-mo-biles

59.864.165.367.771.369.273.074.983.792.590.586.674.9

96.694.7

101.197. 3

102.897.797.296.992.688.162.556.990.4

25.228.438.757.761.960.460.458.055.350.046.042.648.7

31.046.650.060.068.173.373.278.776.177.179.080.966.2

77.092.6

101.0106.1108.0102.299.4

101.998.9

110.1109.9102.6

100.8


93.490.289.086.190.093.697.5

104.1105.8108.1110.7119.899.0

122.9116.4122.4120. 7118.3118.7110.0106.792.084.879.978.1

105.9

72.085.985.181.783.289.289.594.892.988.885.795.587.0

97.298.192.786.886.289.592.598.5

100.299.3

103.2108.496.0

110.9113.1115.7112.2110.4105.899.4

104.0103.8103.199.9-

102.7106.8

Ce-ment,clay,a

SCB_121929

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Transcript of SCB_121929