november 1937 survev
TRANSCRIPT
NOVEMBER 1937
SURVEVOF
CURRENT BUSI
UNITED STATESDEPARTMENT OF COMMERCE8UREAU OF FOREIGN AND DOMESTIC COMMERCE
WASHINGTONVOLUME 17 NUMBER 11
The usual Periodic Revisionof material presented in the Survey of Current Business has been madein this issue. A list of the new data added and of the series discontinuedis given below. The pages indicated for the added series refer to thisissue, while the pages given for the discontinued data refer to the October1937 issue.
DATA ABB EDPage
Slaughtering and meat-packing indexes(Board of Governors of the Federal Re-serve System added in the October 1937issue) * 22
Bituminous coal; retail price index 23Construction contracts awarded, classified
by ownership. 24Grocery chain store sales indexes (Bureau
of Foreign and Domestic Commerce)... 26Department store sales indexes (computed
by District banks):Kansas City Federal Reserve District 27St. Louis Federal Reserve District 27
Industrial disputes (strikes and lockouts):Number of strikes beginning in month.. 29Number of workers involved in strikes
beginning in month 29United States Employment Service:
Percent of PRIVATE placements to activeMe 29
Admitted assets of life insurance com-panies:
Real estate, cash, and other admittedassets 33
Gold production, Union of South Africa.. 33New securities effectively registered with
the Securities and Exchange Commis-sion, classified by industries 35
Bond sales on the New York Stock Ex-change, exclusive of stopped sales (NewYork Stock Exchange) 35
Bond yields (Moody's) 36Bond yields, U. S. Treasury 3-5-year
notes 36Manufactured tobacco production, by
types 44Gasoline, refinery production, by types.. . 46Copper; production, deliveries, and stocks
(Copper Institute, Inc.) 50
DATA DISCONTINUEDPage
Business activity indexes (Annalist) 22Industrial production indexes (Board of
Governors of the Federal Reserve Sys-tem); food products (discontinued withthe August 1937 issue) and shipbuilding* 22
Grocery chain store sales, Chain Store Ageindex 26
Department store sales indexes (computedby Survey of Current Business):
Kansas City Federal Reserve District.. 27St. Louis Federal Reserve District 27
U. S. Employment Service:Percent of TOTAL placements to active
file 29New securities effectively registered with
the Securities and Exchange Commis-sion, number of issues 35
Bond sales on the New York Stock Ex-change exclusive of stopped sales (Dow-Jones) 35
Bond yields (Standard Statistics Co., Inc.). 36
Refined sugar; shipments and stocks, twoports* 44
Porcelain enamel flatware; new orders forsigns and table tops* 48
Safes; orders and shipments 49
Steel sheets, black, blue, galvanized, andfull finished; orders, production, ship-ments, and stocks* 49
Waste paper, stocks in transit and un-shipped purchases 52
Rayon, deliveries index, adjusted for sea-sonal variation* 55
* Discontinued by the reporting source.
It is important that the tables printed monthly in the SURVEY, presenting back data for the newcud revised series, be retained for reference purposes.
UNITED STATES DEPARTMENT OF COMMERCEDANIEL C. ROPER, Secretary
BUREAU OF FOREIGN AND DOMESTIC COMMERCEALEXANDER V. DYE, Director
SURVEY OFCURRENT BUSINESS
Prepared in the
DIVISION OF ECONOMIC RESEARCH
LOWELL J. GHAWNER, In ChargeM. JOSEPH MEEHAN, Editor
WALTER F. CROWDER, Acting Editor
Volume 17 NOVEMBER 1937 Number 11
CONTENTSSUMMARIES AND CHARTS
PageBusiness indicators 2Business situation summarized 3Graphic comparison of principal data 4Commodity prices 5Domestic trade 6Employment 7Finance 8Foreign trade 9Real estate and construction 10Transportation 11
SPECIAL ARTICLE
Farm mortgage credit, 1930-37 12
STATISTICAL DATANew or revised series:
Table 45. Moody's bond yield averages, 1919-37 19,20
Weekly business statistics through October 23 21
Monthly business statistics:Business indexes 22Commodity prices 23Construction and real estate 24
STATISTICAL DATA—Continued
Monthly business statistics—continued: PageDomestic trade 25Employment conditions and wages 27Finance 31Foreign trade 37Transportation and communications 37
Statistics on individual industries:Chemicals and allied products 39Electric power and gas 41Foodstuffs and tobacco 41Fuels and byproducts 45Leather and products 46Lumber and manufactures 47Metals and manufactures:
Iron and steel 48Machinery and apparatus 49Nonferrous metals and products 50
Paper and printing 51Rubber and products 52Stone, clay, and glass products 53Textile products 53Transportation equipment 55
Canadian statistics 56General index Inside back cover
Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS is 31.50 a year. Single-copy price: Monthly, 10 cents; weekly, 5 cents.Foreign subscriptions, #3. Price of the 1936 Supplement is 35 cents. Make remittances only to
Superintendent of Documents, Washington, D. C.
23491—37 1 1
SURVEY OF CURRENT BUSINESS November 1937
Business Indicators1923-25=100, except as noted
15012 5
100
75
5025
0
125100
75
50
250
INDUSTRIAL PRODUCTION
zz.M 1 I 1 1 1
Adjusted
i 11 i 1 1 1 1 i i 1 1 1 1 1 i 1 1 i i i 1 1 1 1 i i i 1 1 1 1 i 1
FREIGHT CAR LOADINGS
I 1 1 I I 1 I
LCLfi
TOTAL
n . . i l n .
d/usted)
(Adjusfe
i i 11 11 I I 1. i i
• — * —
1 i l I i I I I 1 I i i I i
FACTORY EMPLOYMENT & PAYROLLS *
250 II 1 1 11 1
EMPLOYMENT (Adjusted) . ^ - *
- FAMOUS (Unadjusted)
I I . , l l n . l l l . M , l l l l . I l l . , l I I I . M l •
CONSTRUCTION CONTRACTS AWARDED
TOTAL (Adjusted)
Ji^C^s/OTNT/AL (Ac/Jus fed) *i i 1 1 i 1 1 1 1 i i 1 1 1 1 ) i 1 1 i i i 1 1 1 1 i i i 1 1 1 1 1 i
150
125
100
75
50
25
0
125
100
75
50
250
RURAL SALES OF GENERAL MERCHANDISE
1 1 1 I [ I 1
Adjusted
1 1 M i I i 1 1 i i 1 1 1 ) i i I 1 1 1 1 i I 1 1 1 1 1 I 1 1 1 i
DEPARTMENT STORE SALES
i i i i i i i
A djusfeat
i 11 i i 11 11 i t 1 1 1 i i t 1 1 1 1 1 i 1 1 1 i 1 1 1 1 i n
CASH INCOME FROM FARM MARKETINGS
250
125100
75
5025
0
1 1 I I 1 1 I
Adjusted J\*»*s
Mi l l 1 111 N I \\ M 1 I ! I 1 1 I I I I 1 I 1 I I
WHOLESALE PRICES
I I 1 I I 1 1
ALL COMMODITIES?
^-FAtfM PRODUCTS
1111 i 1111ii 111i1111111i1111 11 111 ii
150
125
100
7550
FEDERAL RESERVE MEMBER BANK LOANS BANK DEBITS OUTSIDE NEW YORK CITY150125100
nT i i i i i I i
7550
i i n l m i i l i i i i i l i i i i i l i i i n l i i i i ot I 1 I 1 1 I 1 1 1 1 1 l t1930 1935 1935 1936 1937 1930 1935 1936 1937
ADJUSTED FOR SEASONAL VARIATION # REVISED * REPORTING MEMBER BANKS ^ 1 9 2 9 - 3 1 = 100 " # " l .924 - 29 = 1 0 0
NOTE: Indexes are based on dollar f igures, except industrial production, freight-car loadings, and factory employment
November 1937 SURVEY OF CURRENT BUSINESS
Business Situation SummarizedINDUSTRIAL production in October as indicated by
available weekly reports from several major indus-tries was sharply lower than in September, on a season-ally adjusted basis. During the past 2 months thedecline has been approximately 9 percent. Steelactivity showed a particularly severe curtailment duringthe month, the scheduled rate of operations beingreduced from 74 percent of ingot capacity in the lastweek of September to approximately 50 percent in thefinal week of October. Early reports indicate thatcotton-mill activity declined contraseasonally, afterhaving advanced less than is usual in September. Auto-mobile production, however, expanded more thanseasonally, even though one of the leading producershad not started volume production of its 1938 models.Production of bituminous coal increased seasonallywhile crude oil output declined.
Manufacturing production as contrasted with min-eral production declined sharply in September, accord-ing to the seasonally adjusted index of the Boardof Governors of the Federal Reserve System. Thisindex dropped to 110 (1923-25 = 100) in Septemberfrom 118 in August. Under the influence of a sharpadvance in output of anthracite and bituminous coal,a gain was recorded in the adjusted index of mineralproduction. The index for total industrial production,
which is a composite of manufacturing and miningactivity, dropped from 117 in August to 111 in Sep-tember.
Factory employment in September declined, contraryto the usual seasonal movement, and pay rolls droppedmore sharply than employment. Employment in non-manufacturing industries showed some gain due mainlyto increases in the number at work in retail establishments.
Retail sales of general merchandise in Septembershowed a sizable advance, after allowance for seasonalinfluences-and also maintained a gain over sales in thecorresponding month last year of about 5 percent. Pri-mary distribution as indicated by freight-car loadings, de-clined during the early part of October although some sea-sonal increase is usually experienced during the month.
Extending the declines of the preceding 2 months,security prices dropped sharply during the first part ofOctober. In the wide fluctuations of October 19,industrial, railroad, and utility share prices fell to thelowest points since May 1935. At the bottom of themovement, the New York Times' index of 50 stockswas down 40 percent from the March high. Second-grade bond prices were also sharply lower but theprices of high-grade issues and Government bondswere generally firm. Some recovery in the prices ofstocks and bonds was experienced following the break.
MONTHLY BUSINESS INDEXES
Year and month
Industrial production
Unadjusted 1 Adjusted 2
Factory em-ployment
and pay rolls
1%.s •£
PV
Freight-carloadings
TotalMer-chan-dise,I.e. I.
ICfi
fz
Retail sales,value,
adjusted 2
Monthly average, 1923-25=100
11II
1929-31 = 100
Foreigntrade, value,adjusted 2
I
in sMonthly average, 1923-25=100
Cash farmincome 3
a
Monthlyaverage,
1924-29=100
.£.2
IMonthlyaverage,1926 = 100
1929: September1932: September1933 September1934 September1935: September1936:
SeptemberOctoberNovemberDecember
1937:January _.FebruaryMarchApril.MayJune .JulyAugust ._.September
Monthly average, January through September:
1929...19331934193519361937
12367857390
107111115114
11211712212212211511111?109
122778188102116
12366847089
107110115114
113118122125123114110114106
124778088102116
12774948793
110115115111
105111118105117117115120125
115818689101115
12166847191
109110114121
114116118118118114114117111
12165836992
110111115121
115116117118118114114118110
11871878287
102105112117
109115128115116114112112115
106.063.481.278.186.3
93.894.496.298.6
98.899.7100.9101.6102.2101.4103.0102.4100.7
105.169.482.885.190. 1100.9
112.843.560.659.173.7
83.689.090.795.2
90.795.8101.1104.9105.2102.9100.4103.8100.1
110.246.763.069.679.3100.5
10854606064
75778283
808283848078807978
1085762627280
10569686464
67666769
676869696967686867
1056766646568
11367
134s 461.873.998.8
104.8
123.6127.1122.6131.0
106.7103.7126.2121.2127.1124.4119.1115.1131.7
112.557.572.486.998.7
108. 2
11033404850
55575257
576767758179807974
1123246465169
11532484353
70646176
748786828693897976
1153643526183
138.359.661.965.376.1
89.1102.193.7117.8
1C3.389.3109.5101.697.8101.5102.293.394.5
137.659.568.977.788.999.2
11030302943
59575866
636256535661686357
1252033325662
122.046.558.073.576.5
89.0104.088.586.0
75.559.570.569.068.071.587.590.596.5
96.845.453.858.068.676.5
103.041.550.062.566.0
77.56.0
77.578.5
75.070.581.589.078.084.594.585.081.0
9611651 370.877; 680.781.681.582.484.2
85.986.387.888.087.487.287.987.587.4
95.764.374.479.880.287.3
1 Adjusted for number of working dajTs. 2 Adjusted for seasonal variations. 3 From marketings of farm products.
SURVEY OF CURRENT BUSINESS November 1937
Graphic Comparison of Principal Data
193719361935193419331929
193719361935193419331929
I FIRST S MONTHS YZZZZ1 REMAINDER OF YEAR
BANK DEBITS OUTSIDE NEW YORK CITY (BILLIONS OF DOLLARS)
o193719361935193419331929
CASH2
INCOME FROM FARM4-
-
MARKETINGS *(BILUONS OF DOLLARS)6 8 IO 12
•
CONSTRUCTION CONTRACTS AWARDED (BILLIONS OF DOLLARS)
<19371936
193419331929
ZZl
t i5 6
STEEL INGOT PRODUCTION (MILLIONS OF TONS)20 30 50 6 0
AUTOMOBILE PRODUCTION (MILLIONS OF CARS)<
193719361935193419331929
\I 3 AV I> 6
FREIGHT CAR LOADINGS (MILLIONS OF CARS)IO 20 3 0
* INCLUDES BENEFIT PAYMENTS BEGINNING AUGUST 1933, AND AGRICULTURE CONSERVATION PAYMENTS BEGINNING OCT. 1936D.D.9O28
November 1937 SURVEY OF CUREENT BUSINESS
Commodity PricesTHE general average of wholesale prices moved
lower in October after having experienced onlyslight change during the past 7 months, as shown bythe weekly index of prices compiled by the Bureau ofLabor Statistics. The "all commodities" index de-clined from 87.5 (1926 = 100) late in September to 85.2by mid-October, but was 7 percent above that of ayear ago. The price indexes for each of the "eco-nomic classes" of commodities declined during themonth. The raw materials and semimanufacturesindexes, which have been receding since the first weekof April, moved sharply lower in October. The indexof finished products which had advanced almost withoutinterruption from the fall of 1936 to a recovery peak of89.5 in the week ended September 25, showed a definiterecession in the next 3 weeks, declining to 88.2 by mid-October.
Farm products also experienced severe price declinesin October, after fluctuating rather moderately inSeptember and August. The index for this group ofproducts compiled by the Bureau of Labor Statisticsfell to 80.3 in mid-October from 87.3 at the close ofSeptember and 96 in April. Prices received by farmers
in local markets as measured by the Department ofAgriculture index continued to decline; the index was112 (1909-14 = 100) on October 15 as compared with118 a month earlier and 121 at this time last year.
During the first half of October, copper and zincprices were reduced to approximately those prevailingat the beginning of the year, but new lows for 1937were established by tin, lead, steel scrap, silk, and rubber.
The cost of living rose slightly in September aftershowing no significant change for several months,according to the index of the National Industrial Con-ference Board. Advances of 0.9 percent in the indexesof rents and clothing accounted for the increase.
Wholesale price indexes in most foreign countriesadvanced through March 1937, receded in April andMay, then advanced to new highs in June and July.From these peaks, prices in nearly all countries declinedrather sharply in July or August. Prices in France,however, showed a different movement from the gen-eral trend, due largely to currency depreciation; aminor recession in April and May was followed by arapid increase, with average prices in September thehighest since June 1929.
INDEXES OF COMMODITY PRICES
Year and month
1929: September . -1932* September1933: September __1934: September _ _ __ _1935* September1936:
SeptemberOctoberNovemberDecember
1937:January _. .FebruaryMarchAprilMayJuneJuly.. __AugustSeptember - --
Monthly average, Januarythrough September:
1929.._19331934193519361937
Wholesale Prices (U. S. Department of Labor)
*̂ . r
Co
mb
ine
d
Ind
ex
,co
mm
od
ity q
uo
tati
oi
96.165.370.877.680.7
81.681.582.484.2
85.986.387.888.087.487.287.987.587.4
95.764.374.479.880.287.3
Economic classes
Fin
ished
pro
du
cts
95.070.474.880.183.1
82.382.082.683.8
84.985.486.487.487.587.788.889.089.1
94.968.977.982.181.787.4
Raw
mat
eria
ls
98.956.261.773.977.3
81.882.183.185.6
88.188.390.188.787.186.186.584.884.4
98.054.767.576.978.787.1
Sem
iman
ufa
ctu
res
94.560.772.971.874.4
75.976.278.682.3
85.485.589.689.587.586.887.086.685.3
94.163.173.272.874.887.0
Farm
pro
du
cts
106.649.157.073.479.5
84.084.085.188.5
91.391.494.192.289.888.589.386.485.9
105.649.963.578.979.389.9
£
101.637.463.988.183.5
102.0102.1102.9109.0
113.0111.5113.2119.2113.9105.7105.292.091.9
97.350.970.483.182.6
107.3
05
©
Mea
ts
Groups and subgroups
Oth
er
than
fa
rmp
rod
uct
s an
d
food
s_
_
__
Monthly average
103.361.864.976.186.1
83.382.683.985.5
87.187.087.585.584.284.786.286.788.0
100.059.669.183.281.486.3
113.160.951.576.6
102.9
87.384.485.287.2
90.690.392.094.995.998.0
106.0112.1113.4
110.850.960.893.988 599.2
91.670.476.178.377.879.680.181.082.2
83.484.185.586.586.386.186.386.185.9
91.869.178.577.779.185.6
Bu
ild
ing m
ater
ials
Chem
ical
s an
d
dru
gs
1926=100
95.870.582.785.685.9
87.187.387.789.5
91.393.395.996.797.296.996.796.396.2
95.774.486.685.186.195.6
93.772.979, 776.580.2
81.782.282.585.3
87,787.887.fi86.984.583 683,982.281.4
94 472.475.580.279.485.1
Fuel
an
d l
igh
tin
g
Hid
es a
nd l
eath
er
82.71110. 670.870.474.673.0
76.176.876.876.5
76 676.876.276.8
77.578.178.478.7
8?, 964.173.073.476.177.4
72.292.384.190.9
94.695.697.099.7
101.7102.7104.2106.3106.7106.4106.7108.1107.6
109.178.287.387.994.7
105.6
Ho
use
-fu
rnis
hin
ggoods
94.373.779.381.880.5
81.782.082.383.2
86 587.988.489.089.389.589.791.191.1
94 174.081.680.681.489.2
Met
als
and
meta
lp
rod
uct
s
100.380.182.186.686.6
86.886.987.989.6
90 991.796.096.595.895.996.197.097.1
101.179.087.286.386.795.2
Tex
tile
pro
du
cts
89.855.676.971.171.8
70.971.673.576.3
77 577.578.379.578.778.278.377.175.3
91.060.373.970.270.677.8
Mis
cell
aneo
us
83.164.765.170.267 1
71.371.573.474.5
76.277.379.581.180.579.479.077.377.0
82.561.369.568 769.578.6
i
5̂ a
Cost
of
liv
ing
(Nat
ion
?tr
ial
Co
nfe
ren
ce B
M o .average,
1923 =100
101.176.678.280.882 7
85.985.785.886.1
86.987.287.988.388.888.988.989.089.4
99.874.079.182 384.488.4
ex, 4
7p
art-
Farm
pri
ces,
co
mb
ined
com
mo
dit
ies
(U,
S.
men
t of
Ag
ricu
ltu
re)
M o .average,1909-14= 100
1506680
103107
124121120126
131127128130128124125123118
1466887
107111126
Retail prices
"S
Foods
(U.
S. D
epar
tnn
of L
abo
r) i
M o .average,1923-25= 100
108.066.771.977.180 1
84.382.882.582.9
84.684.585.485.686. 586.285.985.585.8
104.065.073.380.181.985.6
1
Dep
artm
ent-
sto
re a
rtic
(Fai
rch
ild
's)2
Dec.
(Jan.l,1931) =
100
73 686 087.786 6
89.390.090.891.7
93.093.794.595 295 696.096.396.696.3
74 288.686 188 395.2
1 Middle of month. 2 Index is as of the 1st of the following month.
SUKVEY OF CURKENT BUSINESS November 1937
Domestic TradeTHE sustained high level of retail trade at a time
when many other lines of business activity showslackening tendencies is one of the bright spots in thecurrent economic situation. The largest farm incomesince 1929 and the well-maintained volume of indus-trial pay rolls, have been chiefly responsible for thecontinued favorable showing.
Retail sales of general merchandise increased morethan seasonally in September. Purchases of passen-ger automobiles, however, experienced a larger declinethan usually occurs during that month. The declinemay be accounted for, in part, by the difficulty of mak-ing proper statistical allowance for the changing buy-ing and producing habits in the industry.
Department-store sales increased somewhat morethan seasonally during September and were about6 percent above those for the corresponding month lastyear. The widest gains (13 percent) over Septembera year ago were made in the Dallas and ClevelandFederal Reserve districts, while activity in the Bostonand San Francisco areas was approximately the sameas last year. Rural general merchandise sales showeda gain of about 7 percent, while variety and grocerystores recorded more moderate increases.
Total sales of more than 8,000 independent retailmerchants in 14 States were approximately 14 percentlarger in September than in August, on a daily averagebasis, and were 8 percent above those in September ayear ago. Dollar sales of independent stores duringthe first 9 months of the year were about 8 percent
above those for the corresponding period in 1936. Theincrease during the 9-month period was relativelyequal in both urban and rural communities but variedamong the different regions of the country. In the15 major lines of trade, for which figures are available,sales at jewelry stores recorded the largest relativeincrease for the 9-month period, the dollar volumebeing about one-fifth greater than for the same periodof 1936. Gains recorded in other lines of trade wereas follows: Lumber and building material, 17 percent;furniture and household appliances, and hardware,12 percent each; new passenger automobiles, about10 percent; sales at apparel and at general countrystores, about 9 percent each; and grocery and drugstore sales, about 5 percent each.
Wholesale sales reported to the Bureau of Foreignand Domestic Commerce by a sample group of 1,260firms were about 8 percent higher in September thanin August and were slightly more than 7 percent abovethose of September 1936. In August, sales of reportingfirms showed a gain over the corresponding month ayear ago of about 6 percent; the gain in July was 4 per-cent. Total dollar sales of 560 reporting manufac-turers in September were 4 percent above August andmore than 11 percent above those in the correspondingmonth a year ago. Outstanding increases over Sep-tember a year ago were shown by manufacturers ofmachinery, especially electrical, stoves and ranges,and rubber products, while decreases were recordedby manufacturers of flour and cereals, and knit goods.
DOMESTIC TRADE STATISTICS
Year and month
Retail trade
Department store
SalesUnad-just-ed i
Ad-just-ed 2
Stocks 3
Unad-just-
ed
Ad-just-ed 2
Com-binedindex
(ChainStore Age)
Monthly average, 1923-25=100
Chain-store sales
Avg. samemo. 1929-
31 = 100
Variety storesUnad-just-ed i
Ad-just-ed 2
Rural sales ofgeneral mer-
chandise
Unad-just-ed i
Ad-just-ed 2
New passen-ger-car sales
Unad-just-ed i
Ad-just-ed 2
Monthly average, 1929-31 = 100
Wholesa letrade
Em-ploy-ment
Payrolls
Monthly aver-age, 1929=100
Commercialfailures
Fail-
Num-ber
Liabil-ities
Thou-sands
of dolls.1929: September1932: September1933: September1934: September1935: September1936:
SeptemberOctober _.NovemberDecember
1937:JanuaryFebruaryMarchApril.MayJuneJuly.August— _Septem ber
Monthly average, January throughSeptember:
1929193319341935 _.1936...1937 _
11771737986
94100105161
7276908995906572100
995967697783
11367687481
88909492
939593939393949294
10463736767
71768067
667278797873697480
975864626474
10060706464
68697171
747676767675747877
82.587.595.399.7
110.0109.5111.0113.0
106.4110.0108.6110.0112.0114.0114.5113.2116.0
102.678.082.585.587.7
97.8100.4104.5195.7
70.381.397.189.098.3100.797.090.699.6
82.391.795.6104.3111.6
95.573.481.681.788.391.5
107.481.786.489.591.8
102.498.9103.0106.1
94.497.4103.396.298.3105.9109.0102.4104.3
133.061.273.297.9103.7
122.3155.1150.8186.1
117.4116.4119.4117.591.799.0130.4
112.557.572.486.998.7108.2
134.461.873.998.8104.8
123.6127.1122.6131.0
106.7103.7126.2121.2127.1124. 4119.1115.1131.7
133.830.551.251.950.1
71.056.5113.1130.4
90.185.5146.5141.3144.6134.3122.9112.673.2
162.347.364.084.9106.0116.8
141.531.052.053.079.0
83.085.5151.0175.0
129.5139.5123.5102.5104.099.0104.5120.5105.0
80.383.583.7
88.089.089.791.0
90.792.092.191.990.890.390.691.193.1
99.174.282.183.285.691.4
103.360.158.763.667.2
70.571.573.172.8
72.674.175.075.476.176.376.979.178.2
99.055.462.464.968.476.0
1, 075771787
586611688692
811721820786834670618707564
1,821986961799726
16, 66315,55217,002
9,8198,26611, 53212, 2888,6619,77110,9228,9068,3648,1917,76611,9168,393
43, 02020, 20815,08412, 7969,210
1 Adjusted for number of working days. 2 Adjusted for seasonal variations. End of month.
November 1937 SURVEY OF CURRENT BUSINESS
EmploymentEMPLOYMENT in manufacturing and nonmanufac-
turing industries in September was larger than forany other month of the recovery period, according to theregular monthly survey of the Bureau of Labor Statistics.The gain over August, which amounted to about 190,000workers, was due to increases in the number employed innonmanufacturing establishments, particularly in retailstores. However, the margin of gain in employment overthe corresponding month a year ago continued to narrowin September. In industries covered by this survey, thenumber at work in that month was 930,000 larger thanin September last year, while in August the gain wasapproximately 1,100,000, and in March 1,600,000.
The employment statistics for manufacturing indus-tries shown in the table below reflect the moderaterecession in production activity during recent weeks.However, since these data are for the pay period endingnearest the 15th of the month, the recessions whichhave occurred in certain lines subsequent to mid-Sep-tember are not reflected in the current data. Thedecline in factory employment in September was con-trary to the usual seasonal movement, reducing theseasonally adjusted index 1.7 points to 100.7 (1923-25 =100). Pay rolls recorded a somewhat sharper declinethan employment, probably indicating a reduction inthe average number of hours worked.
Gains in employment in the nondurable goodsindustries more than offset the declines and the totalnumber of workers in these industries recorded a new
high for the recovery period. The food industriesreported the largest gains, but the group as a wholerecorded a less-than-seasonal rise. Chemicals andallied products other than petroleum refining alsorecorded marked gains, and paper and printing andtobacco manufactures were somewhat higher. Wear-ing apparel industries recorded many gains in employ-ment but for the group the increase was less than thatusually experienced at this season. Manufacturers oftextile fabrics reported small declines in the number atwork instead of the customary seasonal gains.
Employment in the durable goods industries wassomewhat lower in September than in August, but thenumber of individual industries showing gains waslarger than the number showing declines. The largestincreases were in nonferrous metals and their products.These gains, however, were less than is usually ex-perienced. In the automobile industry a seasonalrecession in employment took place. In the variousbranches of the iron and steel industry gains offset losseswith virtually no change in the group over this period.
In the 16 nonmanufacturing industries for which dataare collected, gains in employment in September ascompared with August were generally small. Leadingincreases were shown in retail and wholesale trade, andin anthracite and bituminous coal mining. Buildingconstruction recorded a small decline over the monthinterval, as did crude petroleum refining and quarryingand nonmetallic mining.
STATISTICS OF EMPLOYMENT, PAY ROLLS, AND WAGES
Year and month
Factory employmentand pay rolls
Employment
Unad-justed
Ad-justed
Payrolls
Unad-justed
Monthly average,1923-25=100
Nonmanufacturing employment and pay rolls(U. S. Department of Labor)
Anthracitemining
Em-ploy-ment
Payrolls
Bituminouscoal mining
Em-ploy-ment
Payrolls
Electric lightand power
and manu-factured gasEm-ploy-ment
Payrolls
Telephoneand tele-
graphEm-ploy-ment
Payrolls
Retail trade
Em-ploy-ment
Payrolls
Monthly average, 1929=100
101.758.358.760.662.5
66.668.370.1
68.067.970.571.973.574. 472.872.274.6
98.152.860.161.064.571.8
Trade-unionmem-
bers em-ployed
Percentof total
members
WagesFactory
(National Indus-trial Conference
Board)Averageweekly
earnings
Averagehourly
earnings
Dollars
Com-monlaborrates(roadbuild-ing)Centsper
hour1929: September1932: September1933: September1934: September1935: September1936:
SeptemberOctoberNovemberDecember
1937:JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember.
Monthly average,January throughSeptember:192919331934193519361937
108.765.183.280.188.1
95.596.796.998.1
96.599.0101.1102.1102.3101.1101.4102. 3102.1
105.169.482.85.190.1
100.9
106.063.481.278.186.3
93.894.496.298.6
99.7100.9101.6102.2101. 4103. 0102.4100.7
112.843.560.659.173.7
83.689.090.795.2
90.795.8
101.1104.9105.2102.9100.4103.8100.1
110.246.763.069.679.3
1C0. 5
101.955.856.856.946.0
47.649.951.554.8
54.152.748.954.051.051.145.041.148.2
98.149.859.452.951.849.6
103.847.060.747.038.2
34.948. 540.355.4
42.741.037.863.944.450.935.227.031.5
92.144.057.747.844.941.6
97.262.471.878.277.1
78.281.182.383.9
84.684.885.972.677.877.975.878.980.3
99.966.376.476.777.879.8
98.630.244.151.460.1
71.079.280.785.0
79.982.488.454.467.871.266.473.777.1
97.734.253.054.967.273.5
105.581.080.385.886.9
93.594.093.593.2
92.192.092.292.994.496.496.098.398.4
98.677.783.483.989.494.7
106.674.771.879.384.5
91.492.791.893.8
92.393.394.595.297.6
100.1101.9102.3103.9
98.370.977.480.387.597.9
102.577.468.370.970.4
73.773.873.773.6
74.474.875.476.677.778.579.779.879.9
99.470.970.470.271.777.4
100.475.964.672.273.8
78.883.181.682.4
83.682.287.286.389.588.692.192.092.4
98.968.470.874.377.888.2
100.674.280.681.781.8
86.688.790.199.6
85.485.288.588.889.990.587.686.390.7
98.073.080.880.783.388.1
29.0116.4419.4119.5522.54
25.1825.5125.9826.63
26.1126.6827.5028.0328.3628.3927.8327.7637.43
28.7317.3320.0721.9524.1727.57
.594
.480
.536
.591
.601
.619
.619
.624
.637
.642
.659
.707
.711
.713
.716
.589
.472
.577
.598
.614
.685
4132374142
42424139
373536373941
1 Adjusted for seasonal variations.
8 SURVEY OF CURRENT BUSINESS November 1937
FinanceTHE spectacular fall in security prices, following
the precipitous decline of the previous 2 months,was an outstanding development during October.Railroad share prices showed the largest percentagedrop, but the prices of industrial and public utility sharesalso recorded large decreases. On October 19, the NewYork Times' average price of 50 stocks fell to the levelof May 1935. The market was the broadest in thehistory of the New York Stock Exchange and theapproximate number of shares traded on October 19(7,287,000) was the largest since July 21, 1933.
Corporate bonds were also under steady selling pres-sure during the month, with second-grade bond pricesshowing the most severe declines. On October 19, thedollar volume of bonds traded was the largest attainedsince March of this year. On the following day bondprices reacted from their low levels. Treasury bondsin general were little affected by market fluctuations incorporate bonds, and the prices of some Governmentissues showed slight gains. Although a few fairly largesecurity issues were offered to the public during earlyOctober, the fall in security prices caused many pro-spective borrowers to postpone flotations. Loans tobrokers and dealers in securities by the weekly reportingmember banks declined by more than $200,000,000during the 5 weeks ended October 20.
Late in September the Board of Governors of theFederal Reserve System revised and broadened itsregulations covering discounts and advances by theFederal Reserve banks. This action made eligible fordiscount the paper of commission merchants and financecompanies, including paper drawn to finance installment
sales of a commercial character and, with certainrequirements, short-dated notes representing loans madeto finance the construction of residential or farmbuildings.
Treasury deposits with the Federal Reserve bankswere drawn down $266,000,000 during the 5-week periodended October 20, and the excess reserves of memberbanks increased by $140,000,000 during the sameperiod. Reporting member banks continued to reducetheir investments and to increase the volume of theirloans. Their holdings of Government securities fell$200,000,000 in the 4-week period ended October 13,while the volume of loans to industry, commerce, andagriculture rose $113,000,000.
Statistics of capital movements between the UnitedStates and foreign countries during the second quarterof 1937, released by the Treasury Department, showthat while the net inflow of capital into the UnitedStates almost doubled in the second quarter as com-pared with the first quarter of the year, net purchaseof securities by foreigners amounted to only $69,-940,000 as compared with $161,219,000 in the firstquarter. The net inflow of short-term balances,however, was $537,239,000 as against $170,554,000 inthe first quarter.
Quotations for the French franc reached new lowsduring the early part of October and then rallied.Other foreign exchanges, including the far eastern, weresteady or showed slight rises over the previous month.Imports of gold during October were substantiallybelow the level of recent months as a result of thevirtual cessation of shipments from European countries.
FINANCIAL STATISTICS
Year and month
FederalReservebankcreditout-
stand-ing,
end ofmonth
Mon-etarygold
stocks
Moneyin cir-cula-tion
Excessreserves
ofmemberbanks,end ofmonth
Reporting member banks, Wednesday,closest to end of month
Loans
1
Total
Com'l,Indus-trial,
and ag-ricul-tural i
Invest-ments
Deposits
De-mand,
ad-justed
Time
Bankdebits,outside
NewYorkCity
Millions of dollars
Stockprices
(Stand-ard
Statis-tics)
Bondprices(do-
mestic)
1926 = 100 Dollars Thous. ofdollars
Securityissues(new
capital)
Dividendrate,
average,per
share(600
com-panies)
Interestrates,com-
mercialpaper
(4-6months)
Dollars Percent
1929: September..1932: September..1933: September..1934: September..1935: September..1936:
SeptemberOctoberNovember....December
1937:JanuaryFebruaryMarchAprilMayJune— _,.July._._AugustSeptember. .
1,4582,2332,4212,4642,477
2,4732,4762,4532,500
2,4972,4652.4582,5052, 5852,5622,5742,5772,581
4,0813,8534,0407,9719,246
10, 76410,98311,11611, 220
11,31011,39911,50211, 68611,90112,18912, 40412,51212,653
4,5245,3985,3455,4275,651
6,2586,3216,4016,563
6,4006,3696,3916,3976,4266,4356,4756,5006,558
375713
1,7272,600
1,8402,1752,2361,984
2,1522,0781,3981,594918865791773
1,038
17,42810,7069,0668, 2698,030
8,7538,7218,8129,189
8,9419,1219,3669,4289,5719,7609,78410,02710,004
4,2704,3314,4254,63?4,810
5,4018,2018,38210, 75712, 390
13,92913, 79613,64713, 742
13,63813,59712, 90712,77412, 58712, 53012,49912, 29212,022
10,94013, 246
15,11615, 34015, 46415, 571
15, 49315,50115,12615,38815, 27415,18715,03314, 92414,864
6,8255,6404,9304,8684,890
5,0635,0655, 0375,067
5,0775,1675,1445,1585,2315,2355,2685,2685,293
27, 27411, 76712, 21512, 88815,01617, 58620,14218, 47523, 238
20, 38317, 62021, 60520,05119, 29220,01920,15218, 40918,642
225.258.475.567.485.0
114.1118.7124.2122.8
126.0129.5129.9124.5116.3113.6117.8120.5106.4
95.5883.9385.8290.0592.65
99.2799.41
100. 55100. 76
100. 0599.8396.8696. 2796.7995.8496.8295.6494.54
1, 308, 78288.51564,19739, 293172, 745
177,860189,512158,071265,850
248, 526168,188184, 594151,810149, 747359, 208250, 24975, 597156,282
2.951.241.061.231.34
1.671.701.982.03
2.042.042.042.052.092.092.122.132.13
2-2M
i This item was first reported by the Federal Reserve in May. See footnote marked " ® " on p. 32 of this issue.
November 1937 SURVEY OF CURRENT BUSINESS 9
Foreign TradeEXPORTS in September were about 7 percent larger
' in value than those in August and were 35 percentabove those of the corresponding period in 1936. Thegain during the month, however, was of less-than-seasonal proportions and the adjusted index droppedto the lowest point since March. The larger shipmentsof agricultural products were mainly responsible for theincrease in the export total in September. Shipmentsof iron and steel products, machinery, implements, andcrude petroleum declined somewhat, although theyremained relatively large following the heavy movementof these items in the early months of the year.
Import trade showed a further recession in Septemberafter having recorded declines each month since March.The reduction in value of imports was more than sea-sonal and the adjusted index, continuing the decline ofthe 3 preceding months, reached the lowest point sinceJanuary. The lower value of imports in Septemberthan in August was chiefly due to decreased imports ofagricultural products.
Exports during the third quarter of 1937 were 45percent larger in value than those for the correspondingperiod in 1936. The margin of gain was expanded inthe third quarter, exports in the first half of the yearhaving been 33 percent above those of the similar periodin 1936. Both agricultural products and manufacturedarticles were shipped abroad in larger volume than inthe third quarter of 1936, when the former moved inunusually low volume.
Imports during the first half of 1937 were 45 percentabove those of the corresponding period in 1936, butduring the third quarter the margin of gain slackenedto 23 percent. The continued rise in exports and thedecline in imports during the past few months hasreduced the net import balance of merchandise from$147,000,000 for the 6-month period ended in June to$48,000,000 for the 9-month period ended in September.
The same factors which operated to expand trade inthe first half of the year continued to influence develop-ments in the third quarter. These included, as far asexports were concerned, the maintenance of favorableeconomic conditions in most of our major foreign mar-kets, the influence of the trade agreements with anumber of countries, and the increased demands forour products that developed as a result of rearmamentprograms. The marked increase in imports during thefirst half of 1937 and the subsequent decline in the thirdquarter, reflected in part the substantial imports ofagricultural products, particularly grains and feeds,during the former period and the subsequent decline insuch imports following the large harvests this year. Itreflects also the changes in demand of domestic industryfor imports of crude rubber, raw wool, raw silk, and othercrude materials, and in imports of tropical foods, suchas cocoa and coffee, and in luxury items, such asdiamonds and furs.
EXPORTS AND IMPORTS
Year and month
Valueof
totalex-
ports,ad-
justed i
Monthly aver-age. 1923-25=100
Valueof
totalim-
ports,ad-
justed'
Ex-ports,
in-clud-ing
reex-ports
Exports of United States merchandise
Total
Crudematerials
TotalRawcot-ton
Food-stufls,total
Semi-man-ufac-tures
Finishedmanufactures
TotalMa-
chin-ery
Auto-mo-biles,partsand
acces-sories
Imports 2
TotalCrudema-
terialsFood-stufis
Semi-man-ufac-tures
Millions of dollars
Fin-ishedman-ufac-tures
1929: September1932: September1933: September.1934: September.1935: September1936:
September.-.OctoberNovemberDecember
1937:JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember
Cumulative, Januarythrough September:19291933 _1934193519361937
11033404850
55575257
576767758179807974
3 1123 323 463 463 51
11532484353
70646176
748786828693897976
3 1153 363 433 523 613 83
437.2132.0160.1191.3198.8
220.1264.7225. 8229.7
221.6232.5256.4269.2289.9265. 4268.2277.7296.7
3,843. 71,105.01, 561. 01, 568. 31, 731.12, 377. 5
431.8129. 5157. 5188.9196.0
217.5262.0223.3226.6
217.9229.1252.3264.9285.1256.5264.6274.2293.5
3, 778. 61,085.31, 536.01, 536. 71, 702. 82, 338.1
112.347.463.666.168.7
72.8100.482.267.4
60.654.452.250.452.042.034.446.080.9
697.3364.4443.6404.9418.0472. 9
76.432.145.332.231.8
38.258.447.040.2
37.534.134.328.624.616.89.4
15.939.0
444.5250.9255.1213.2215.4240.0
70.920.418.720.122.4
23.324.913.713.1
13.122.517.516.516.316.017.427.426.8
557.0131.1171.0145.8150.2173.4
57.715.921.329.729.5
31.936.732.834.9
34.237.953.056.171.863.368.967.255.4
558.2159.9252.3253.4289.5507.7
190.945.953. 973.075.4
89.5100.094.6
111.2
110.1114.2129.6141.9145.0135.2144.0133. 6130.4
1,966.1429.9669.2732.5845.1
1,184. 0
48.49.1
11.718.820.5
27.331.826.430.8
31.531.537.043.542.340.846.140.839.0
457.687.2
160.0193.8246.0352.5
33.64.98.3
14.013.3
12.515.821.228.8
27.626.028.830.833.229.729.423.123.3
457.165.4
154.4171.6174.5251.9
351. 398.4
146.6149.9168.7
218.4213.2200.4239.8
228.7260.3295.9281.7278.8278.7263.4249.0234.1
3,360.01, 036. 61, 222. 41, 506. 51, 767.02, 370. 7
122.127.348.338.649.8
69.462.861.275.4
77.090.991.688.791.892.577.679.676.0
1,195. 0297.8356.5425.3533.7765.8
73.031.331.257.544.4
64.261.358.373.3
68.476.397.491.084.580.177.566.956.9
745.0309.3375.5500.7539.4699.0
70.614.633.524.238.5
40.840.540.649.0
46.552.257.954.555.858.959.654.852.6
678.8203.7232.7291.8359.3492.8
85.925.333.629.536.0
43.948.640.542.2
36.740.949.047.646.747.248.847.748.6
741.2225. 8257. 7288.6334.7413.2
i Adjusted for seasonal variations.
23491—37 2
2 General imports through December 1933; imports for consumption thereafter. 3 Monthly average.
10 SURVEY OF CURRENT BUSINESS November 1937
Real Estate and ConstructionTHE DOLLAR value of construction contracts
awarded during the first half of October, accordingto the data compiled by the F. W. Dodge Corporationfor 37 States, showed little change from the dailyaverage rate in September, although some seasonaldecline is usually expected at this time of the year.
The total value of construction contracts awardedin September recorded a considerably more thanseasonal decline. Each of the major classes of con-struction showed a lower dollar volume of awards, andthe aggregate for the month was 12 percent below thatof September last year.
For the first 9 months of 1937 total constructioncontracts awarded were 13 percent above the figure forthe corresponding period of last year. The largestrelative increases were recorded in the Pittsburgh,southern Michigan, and metropolitan New York areas.A decrease of 20 percent occurred in the St. Louis area,due mainly to a decline in the volume of public works.
The value of permits issued for new residentialconstruction in 1,521 cities, with a population of 2,500or over that report to the Bureau of Labor Statistics,was $53,584,547 in September, a decline of 14 percentfrom the corresponding month of last year. Therewere 13,218 dwelling units provided by the permitsissued in these cities, a decrease of 2.3 percent as com-pared with August. During the first 9 months of 1937,the number of dwelling units covered in these reports
totaled 140,557, a gain of 12 percent over the correspond-ing period of 1936. This increase was much less thanthat expected by some observers at the beginning ofthe year and was actually quite small when it is realizedthat activity last year, which was approximately275,000 units in all nonfarm areas, was only 40 percentof the annual average of about 680,000 in the period1920-29.
Rising costs of construction, high taxes and interestrates, and unsettled security market conditions havehad an adverse effect on the rate of building. Althoughthe effects of these factors have been partially offsetby a rising trend of rentals, speculative builders havenot found it profitable to initiate new housing venturesin any large number.
Public interest in the real estate and constructionfield has recently centered on the United States HousingAuthority, which was created by the last session ofCongress. During the past 3 years the Federal Gov-ernment has been directly responsible for the construc-tion of 26,500 dwelling units for families of low income.Of these units approximately 22,000 were built by thePublic Works Administration and 4,500 by the Resettle-ment Administration and Subsistence Homesteads.The new authority is expected to initiate low-renthousing projects which will result in the creation ofapproximately 150,000 new dwelling units during thenext 3 years.
BUILDING MATERIALS, CONSTRUCTION, AND REAL ESTATE
Year and month
Construction contracts awarded
FederalReserveindex
ad-justed i
Monthlyaverage,1923-25=
100
All types ofconstruction
Num-ber ofproj-ects
Mil-lions ofdollars
Residentialbuilding
Mil-lions ofsquare-
feet
Mil-lions ofdollars
Nonres-identi al
building
Publicutili-ties
Publicworks
Millions of dollars
Building-material shipments
Com-monbrick
Thou-sands
Lum-ber
Mills,of ft,b. m.
Oakfloor-
ing
Thous.of ft.b. m.
Ce-ment
Thou-sands ofbarrels
Con-struc-tion
costs,Eng.
News-Rec-ord 2
Monthly av-erage,1913=
100
Thousands of dollars
Loansoustanding
Home-LoanBank
HomeOwners*
LoanCorp.s
Real-estatefore-clo-
sures(non-farm)
Month-ly average,1934=
1001929: September... .1932: September1933: September1934: September... .1935: September1936:
SeptemberOctober .__NovemberDecember
1937:JanuaryFebruary. __MarchAprilMayJuneJuly —AugustSeptember
Monthly average,January throughSeptember:
19291933.193419351936—1937...
11030302943
59575866
636256535661686357
12520333256
14, 2627,1527,5947,6639,978
12, 05612, 96611, 2699,6058, 7319,74613, 35516,16213, 75613, 88413, 23912, 99012,649
15, 4797,0927,6949,400
11, 49612, 724
444.4127.5120.1110.2167.4
234.3225.8208.2199.7
242.8188.3231.2269. 9244.1317.8321.6285.1207.1
510.982.3133.7132.4226.8256.4
25.66.56.34.812.0
21.221.620.019.0
18.418.724.229.523.023.820.618.917.0
35.56.05.310.518.021.6
117.422.821.517.941.8
80.779.768.465.5
78.463.090.2108.083.993.181.073.4
172.320.020.937.765.381.9
186.036.037.842.349.4
69.179.165.973.0
96.065.688.696.293.4
124.8138.1117.2
75.7
202.432.848.047.181.799.5
57.54.58.46.5
12.5
15.714.218.019.1
21.832.420.321.010.829.950.031.312.9
49.36.1
10.28.0
17.225.6
83.564.257.343.563.7
52.955.842.1
46.727.332.244.856.070.152.563.152.9
23.454.639.762.649.5
62, 40591,127
173, 723189,104163, 246141, 080
108,169113,598163,801191,040191, 275184, 625167, 085158,277
1,3521,810
2,1322,3371,7721,919
1,7972,0422,2882,1692,1002,1382,0281,9882,013
56, 06074, 031136, 249
1,2941,6191,9272,063
35, 23311,7399,5639,00317, 402
33,43233, 93529, 98835,878
38,84734,39136,42735, 25330, 45525, 48928, 20833,16630,101
40, 57710, 651
15,15728,40033,037
19, 9509,7296,5177,3887,799
12, 61913, 0898,9426,246
4,6895,1637,87910, 27211,89012, 64512, 23712, 29112,773
14,8415,4596,5226,1839,365
207.6158.0175.5200.6195.1
208.1211.5212.7220.1
223.5223.5225.3230.3233.3238.2241.8243.0244.0
206.7163.6197.0195.3203.6233.7
66, 32186, 04090,428
129, 752134,929137,250145,394
143, 738141,198142, 716146,146153, 488167, 054169, 568175, 604179,508
3,8181,811,9312, 765, 238
2,870,4802,834. 6102,801', 8272,765,098
2,729, 2742, 698, 6112, 661, 5422, 625, 4932,591,1152, 556, 4012, 524,1292, 497. 2242,472,421
101.891.1
85.777.875.184.4
69.965.174.073.374.776.368.557.7
97.8102.981.669.2
1 Based on 3-month moving average of values and adjusted for seasonal variations.3 See footnote marked "* " on p. 25.
2 Index is as of 1st of month; index for Oct. 1, 1937, is 244.6.
November 1937 SURVEY OF CUREENT BUSINESS 11
TransportationFREIGHT-CAR loadings recorded a contraseasonal
decline during the first half of October, this move-ment reflecting the curtailed activity in numerous in-dustrial lines. As a result, the weekly totals havedropped below those of the corresponding weeks of1936 when the volume of traffic hauled was expandingvigorously.
In September the volume of freight carried by therailroads rose to the highest level of the recovery period,but since the gains recorded were of less than seasonalproportions, the seasonally adjusted index shown inthe table below declined 1 point to 78 (1923-25 = 100).Of the major classes of freight, miscellaneous and mer-chandise 1. c. 1. loadings recorded declines in Septemberon the seasonally adjusted basis, while coal loadingsrecorded a gain. Shipments of grain and grain prod-ucts recorded a somewhat more than seasonal declineand the movement of livestock increased slightly morethan is usual but remained relatively small.
Although daily average loadings increased in Sep-tember as compared with August, gross freight revenuesremained about the same, due to the smaller numberof working days in the latter period. This statementis based on reports received from the class I roadswhich in September last year accounted for more thanfour-fifths of total operating revenues of all class Iroads. These data also indicate that gross freightrevenues in September were about the same as in thecorresponding month last year. Passenger revenues
were approximately 7 percent larger, while combinedpassenger and freight revenues were about 1 percentabove those of September 1936. Data on net operat-ing income for September are not yet available, but inJuly and August the totals were below those of a yearago in reflection of the marked rise in operating expensesin recent months. The Interstate Commerce Com-mission on October 22 granted in part the railroads'petition for increased rates on certain classes of freight.According to an estimate made by the carriers, theseincreases, on the basis of 1936 traffic, will add approxi-mately $47,500,000 to annual gross revenues of theclass I roads.
Despite the slackening tendency evidenced in thevolume of freight traffic hauled, the regional shippers'advisory boards have estimated that car requirementsin the fourth quarter will be about 6 percent largerthan in the corresponding quarter last year. Of the29 commodities listed, increased car needs are indi-cated for all but 6. In July the advisory boards esti-mated that car requirements for the third quarterwould be 8 percent higher than in the same period of1936; actually, the gain amounted to about 5 percent.
Reflecting the steady rise in operating costs and thetendency for the traffic movement to level off duringrecent months, equipment buying has been sharplycurtailed. Thus, orders were placed for only 1,200freight cars in September as compared with a seasonalhigh of 13,000 in the month of April.
RAIL AND WATER TRAFFIC
Year and monthUnad-I Ad-jus tedijjusted.
Freight-car loadings
F. R. index
Monthly aver-age, 1923-25=
100
TotalCoalandcoke
For-est
prod-ucts
Grainand
prod-ucts
Live-stock
Mer-chan-diseI.C.I.
OreMis-cel-
lane-ous
Freightcar
surplus
Thousands of cars *
Pull-manpas-sen-gerscar-ried
Thou-sands
Financial sta-tistics, class I
railways
Oper-atingreve-nues
Net rail-way op-eratingincome
Thousands ofdollars
Canal traffic
SaultSte.
Marie
NewYorkState
Thousands ofshort tons
Pana-ma 3
Thous.of longtons
1929: September..1932: September..1933: September..1934: September..1935: September-
SeptemberOctoberNovemberDecember
1937:JanuaryFebruary __.MarchAprilMay . . .JuneJulyAugustSeptember
Monthly average, Januarythrough September:
192919331934193519361937
12360676771
84868477
73768079
10857
10854
1,135. 6576.5641.8625.5657.1
765.6819.1753.4693.9
663.4694.6750.9738.8779.5744.1762.4778.9795.7
1,023. 5554.2599.0592.6671.1744.5
199.8113.4129.6121.3117.6
142.4168.7167.4167.4
163.4169.2179.2128.9129.0120.6119.8127.7U9.0
181.4110.5122.9120.2134.5142.5
63.017.824.922.130.9
34.735.734.033.0
29.734.937.737.039.739.140.340.537.5
65.020.922.626.131.637.3
49.936.831.033.840.5
31.832.232.832.5
29.629.328.829.927.330.750.343.735.6
47.733.032.929.935.434.1
30.921.320.733.417.4
18.221.919.214.8
13.611.311.412.613.511.010.514.317.3
25.916.320.212.613.212.8
262.2171.2168.0158.5158.8
166.1171.2162.7158.1
152.7160.1170.5172.6171.2163.3161.0167.8166.4
254.7162.5159.8154.9157.0164.7
68.66.1
38.323.734.9
56.452.828.38.3
9.910.510.930.272.573.276.874.469.7
47.814.817.520.631.048.0
461.1209.9229.3232.6256.9
315.9336.7308.9279.7
264.4279.4312.3327.5326.3306.3303.6310.5320.3
401.0196.1223.0228.1268.3305.0
119599380318229
125112121133
131113113134147137137127
212535361291173127
3,0311,3391,3921,3541,364
1,5191,4691,3511,497
1,6051,3851,4751,4191,3641,4781,5501,636
5 2, 814« 1,0855 1, 2485 1, 273» 1,4205 1, 489
560,701269, 533292,159275, 540
357,058391,457358, 548372, 265
331,685321,927377,813351, 573352, 613351, 704365,148359, 612363,071
524, 706255,351273, 797279,086325, 539352, 795
132, 29148, 94760, 60941,71357, 349
70,09689,85172,41170, 520
38,43738,35969, 37947,80743,66358, 94060, 55850, 30859,305
105,03037,94638, 28735, 68848,27251,973
13,3583,8078,4526,1457,148
11,04110, 7897,094
373
000
4,62014,11014,16114,13713, 93712,585
H2.329e 4,993« 5, 7196 6,0526 8, 545612, 258
389478517465574
8217227170
000
305577792630611753
6 342«4696 4766 5066 5966 611
1,194638961
1,045907
1,054962485214
281467
1,2551,0051,0771,018
9561,041
865
1,223769957842957
1 Adjusted for number of working days.2 Adjusted for seasonal variations.
3 American vessels, both directions.4 Average weekly basis.
6 8 months' average, January through August.6 6 months' average, April-September.
12 SURVEY OF CURRENT BUSINESS November 1937
Farm Mortgage Credit 1930-37"Norman J. Wall and Frederick M. Gone
Total farm-mortgage indebtedness decreased 17 percent from 1930to 1935.
The reduction in the number of mortgaged farms was relativelygreater for tenant farms than for those operated by owners.
Ratio of debt to value of mortgaged farms increased sharply from1930 to 1935, but has since been reduced.
Refinancing program of Farm Credit Administration resulted ina marked shift in the farm-mortgage holdings of leading lendingagencies.
Farm-mortgage loans of life insurance companies have beenreduced by more than one-half since 1930.
Joint stock land banks and three State credit agencies are inprocess of orderly liquidation.
Commercial banks were the only important lending-agency groupto show an increase in outstanding farm-mortgage loans during firsthalf of 1937.
Mortgage Debt Sharply Reduced.2
TOTAL mortgage debt on farm land and buildingsreported for January 1, 1935, was $7,645,091,000,
representing a decline of 17 percent from the total of$9,214,278,000 reported for April 1, 1930. As indicatedby data for individual lending agencies, presented insubsequent sections of this report, it is probable thattotal farm-mortgage indebtedness has shown a furtherslight decline in the last 2 years.
Debt on owner-operated farm land in 1935 amountedto $4,895,811,000, or 64 percent of the reported total.Mortgage debt on rented land, plus a much smalleramount of debt on manager-operated farms, was $2,749,-280,000, or 36 percent of the total. As compared with1930, debt on owner-operated farms showed a decline of13.7 percent and on farms operated by tenants andmanagers, a decline of 22.3 percent.
Marked regional differences in the trend of totalmortgage indebtedness were show n̂ in the 5-year period.The largest percentage decline, 23.6 percent, wasrecorded for the West North Central group of States,while the East North Central group reported a declineof 17.2 percent. The reduction of $1,144,085,000 inmortgages secured by farms in these 12 States ac-counted for 73 percent of the total reduction in mortgageindebtedness for the United States during this period,
1 This article is based primarily upon a report of the cooperative survey by theBureau of the Census and the Bureau of Agricultural Economics entitled "Farm-Mortgage Indebtedness in the United States" and a preliminary report by the seniorauthor, entitled ''Outstanding Farm-Mortgage Loans of Leading Lending Agencies",to be issued by the Bureau of Agricultural Economics.
2 Information on mortgages secured by owner-operated farms was first collectedby the U. S. Bureau of the Census in 1890, and since 1920 has been a regular feature ofits quinquennial censuses of agriculture. No effort has ever been made to obtainmortgage data by the census method for farms operated by tenants or hired managers,it being held unlikely that such operators would know the amount of mortgage in-debtedness resting on farms they did not own. However, for certain years the volumeof mortgages secured by rented and managed farms has been estimated by the Bureauof Agricultural Economics. For 1935 these estimates are based upon a survey whichthat Bureau conducted in cooperation with the Bureau of the Census in which ques-tionnaires were mailed to every farm owner in 100 selected counties and to every fifthfarm owner in 400 additional counties. A similar but less extensive questionnairesurvey had already been conducted by the Bureau of Agricultural Economics for 1930and the resulting estimates have now been revised on the basis of certain significantrelationships emerging from the 1935 survey.
although farm-mortgage indebtedness in this areaaccounted for but 58 percent of the total debt in 1930.Iowa and Missouri showed the largest reductions amongthe States during this period, 31.5 percent for the formerand 30.3 percent for the latter State.
The relatively sharp reduction in the North CentralStates is largely explained by the high ratios of mort-gage debt to land values in 1930. In that year mort-gage debt covered 44 percent of the value of mortgagedfarms of full owners in these States as compared witha ratio of 35 percent for the rest of the country. Hold-ing a comparatively small equity in their property,farmers in this region were particularly vulnerable tothe substantial reduction in farm income that beganin 1930.
Table 1.—Number of Mortgaged Farms and the Amount of Farm MortgageDebt, by Geographic Divisions: 1935 and 1930
Geographic division
United S t a t e s -
New EnglandMiddle AtlanticEast North Central-
West North Central-South AtlanticEast South C e n t r a l -
West South Central. .MountainPacific—
Number of mortgaged farms
1935
2,350,313
68, 633144,876416,356
495, 575277, 609325,005
386,166102, 649133,444
1930
2,523,223
56,483144, 576438,141
563,061298,212317, 958
451, 492117, 850135, 450
Percent oftotal farms
1935
34.5
43.436.438.4
42.024.228.6
34.037.844.6
1930
40.1
45.240.445.3
50.628.229.9
40.948.851.8
Farm mortgage debt
1935
$7,645,091,000
181,952,000409, 730,000
1,532,935,000
2, 676,067,000401, 946,000348, 966,000
877, 537,000462, 431,000753, 527,000
1930
$9,214,278,000
151, 584,000460, 582,000
1,851, 305,000
3, 501, 782,000454,934,000378,579,000
1,044, 304,000534,056,000837,152,000
In New England the increase of 27 percent in thenumber of farms canvassed in 1935 was so great as tomore than offset the relatively small3 degree of debtliquidation experienced during the depression period ii)this area, with the net result that reported farm-mort-gage debt rose by $30,000,000. None of the othergeographic divisions recorded a rise in mortgage debt,but in the State of West Virginia a 26.7 percent in-crease in the number of farms canvassed was associatedwith a nominal increase in debt. Slight increases inmortgage debt were also recorded for Delaware andWyoming.
Number of Mortgaged Farms Smaller in 1935 than in 1930.
The total number of mortgaged farms in 1935 was2,350,313, representing a decline of 172,910, or 6.9percent, from the 2,523,223 mortgage-encumbered
3 The Bureau of Agricultural Economics estimates that for a 5-year period approxi-mately coinciding with that covered by the two censuses, a yearly average of 17 farmsper thousand of all New England farms changed ownership through forced sales orrelated defaults. For the United States as a whole the comparable number is 38per thousand.
November 1937 SURVEY OF CURRENT BUSINESS 13
farms for 1930. This 6.9 percent decrease in thenumber of mortgaged farms was the net result of an8.3 percent increase in the number of all farms reportedfor 1935 over those reported for 1930, and a drop from40.1 to 34.5 in the proportion of mortgaged farms to allfarms reporting.
Farms operated by their owners were more oftenencumbered by debt than those operated by tenantsand managers. For every 1,000 farms operated bytheir owners, 415 were mortgaged in 1935 as con-trasted with 446 in 1930, or a decline of about 7 percent,whereas for every 1,000 farms operated by managersand tenants, the number mortgaged in 1935 was 251and in 1930 was 342, or a decline of nearly 27 percent.In general, the frequency of mortgage debt is closelyrelated to the proportion of owner-operated farms toall farms, such frequency being consistently high inthose States in which a relatively large proportion offarms are owner-operated. Thus, in 1935 owner-operated farms constituted 68.9 percent of all mortgagedfarms, although representing but 57.2 percent of allfarms. Since the average debt per farm was smallerfor owner-operated than for tenant-operated farms, theformer bore but 64.0 percent of the total mortgagedebt in 1935. In 1930 only 61.6 percent of the totalwas secured by owner-operated farms.
Of the various geographic divisions, the SouthAtlantic States were lowest in the proportion of totalfarms mortgaged. Only 24.2 percent of all farms inthat group of States were mortgaged as compared with44.6 percent in the Pacific States, 43.4 percent in theNew England States, and 42.0 percent in the WestNorth-Central States. The variations in frequency ofdebt among the States cover a wider range, the lowbeing 16.5 percent for West Virginia, and the highsbeing 53.1 percent for North Dakota, 52.8 percent forWisconsin, 51.8 percent for Massachusetts, and 49.0percent for Vermont.
In general, the largest percentage decreases in thenumber of mortgaged farms were reported for thoseStates in which agriculture is a relatively importantfactor in the local economy. For the 24 States inwhich farm population constituted 30 percent or moreof the total population in 1930, the number of mort-gaged farms decreased by 154,068, or 9.3 percent ofthe 1,658,611 mortgaged farms reported for 1930 inthese States. For the remaining 24 States the dropin the number of mortgaged farms was 18,842, repre-senting a decline of but 2.2 percent from the 1930figure of 864,612. This relatively small decrease in thenumber of mortgaged farms in States where agriculturalpopulation is relatively small, is associated with a com-paratively large increase in the number of farmsreported for 1935 in these States. The percentageincrease since 1930 was 13.9 percent for this group as
compared with 5.7 percent for the States in whichfarm population constituted 30 percent or more of thetotal population.
The marked increase in the number of farms reportedin 1935 over those reported in 1930 raises a questionas to the character of the one-half million additionalfarms included in the 1935 census and their possibleeffect upon the comparability of the mortgage-debtfigures for 1930 and 1935. While the larger numberof farms reported in the 1935 census probably reflects,to some extent, a more complete enumeration as com-pared with 1930, other factors likely contributed tothis expansion in the number of reported farms. Theearly part of the intercensal period was characterizedby a marked rise in industrial unemployment whichtemporarily retarded the farm-to-city movement socharacteristic of the preceding decade. By 1936 thefarm-to-city movement of population had returnedto its 1927-29 level and for that year the Bureau ofAgricultural Economics estimated a net decrease of80,000 in farm population, the first since 1929. It isalso believed that a number of persons who had beenliving on tracts of land in the country on which theyhad conducted little or no farming operations madeuse of their enforced leisure, or of the unemployedlabor that was returning to the land, to produce enoughfrom the soil to classify their lands as farms.
Proportion of Tenant-Operated Farms Little Changed.
In spite of the numerous foreclosures and otherforced sales that characterized the depression period,the proportion of farms operated by tenants droppedfrom 42.4 to 42.1 percent of all farms between 1930and 1935, halting the upward trend that had persistedsince 1880 when farms were first classified by tenure ofoperator. The slight decline in the tenancy rationoted for the United States conceals very significantdifferences as among the geographic regions of thecountry. The proportion of tenant-operated farmsdeclined in all the Southern States south of Kentuckyand Virginia, owing in part to the reduction in thenumber of colored tenants and croppers.
West and north of the Cotton Belt the abnormalnumber of foreclosures in the years following 1930resulted in an increase in the ratio of tenant- to owner-operated farms in all but one State, the increase beinglargest in the West North-Central States. In the 2years following the census of 1935 the proportion offarms changing ownership through forced sales orrelated defaults has continued to decrease. It is stillhigh, however, particularly in the drought States ofthe West North-Central and Mountain areas.
Ratio of Mortgage Debt to Land Values Increases. .Since the value of farm real estate declined by 31.4
percent over the 5-year period as compared with a
14 SURVEY OF CURRENT BUSINESS November 1937
decline of 17 percent in mortgage debt, the relativeweight of the outstanding debt, as measured by theratio of mortgage debt to total value of land and build-ings, was greater in 1935 than in 1930. The accom-panying map indicates how widely this ratio varies asamong the individual States and geographic divisions.There is, however, a tendency for this ratio to clusterabout the 20-percent mark, with 18 scattered Stateshaving a ratio of between 17.5 and 22.5 percent of thevalue of their farm real estate covered by mortgagedebt. Of the remaining 30 States, those east of the
of farm land were reported for the East North-Centraland the South Atlantic States (12 percent), as com-pared with a rise of only 4 percent for the West North-Central States.Activity of Principal Agencies Supplying Farm-Mortgage
Credit, 1930-37.
As a result of the extensive liquidation of farm-mortgage debt, the effects of which have already beendiscussed at some length, and of the refinancing activi-ties of the Farm Credit Administration, the years since1930 have witnessed marked changes in the volume of
PERCENTAGE
I I LESS THAN 17.5
17.5 TO 22.5
22.5 TO 27.5
MORE THAN 27.5
RATIO OF FARM MORTGAGE DEBTTO VALUE OF
FARM LAND AND BUILDINGS
JANUARY 1, 1935
Figure 1.—Farm Mortgage Debt a n d Land Values, by Sta tes .
Mississippi show markedly lower ratios. In stateswest of the Mississippi, mortgage debt represented amuch larger proportion of the value of farm real estate,approximating 30 percent in five of the seven statesconstituting the West North-Central group.
The ratio of mortgage debt to value of farm land andbuildings was lower in all geographic divisions in 1937than in 1935. According to the Bureau of AgriculturalEconomics, the value of farm land increased by7.6 percent between March 1, 1935, and March 1,1937, and as outstanding debt has probably shownsome further reduction, the ratio of farm-mortgageindebtedness to the value of the land upon which itrests has since decreased. In general, the geographicdifferences in land values noted for 1935 were widenedin the following 2 years, as the largest gains in the value
farm-mortgage loans held by those agencies which con-stitute the farmers' principal sources of mortgage credit.Annual figures are not available for all types of lendinggroups, but the agencies included in table 2 have helda large and growing share of the outstanding farmmortgages over the period studied. On January 1,1930, the aggregate holdings of these agencies approxi-mated $5,000,000,000, or about 54 percent of the totalmortgage indebtedness; 5 years later the farm-mortgageholdings of the same group of agencies amounted to$4,577,783,000, fully 60 percent of the estimated totalfor that date.4
* Of the farm mortgages unaccounted for by these agencies, by far the largest portionwas held by individuals in both years, approximately 30 percent of the total mortgageindebtedness in predepression years and 25 percent in 1935. Of these individuals,more than one-third were retired farmers in 1928 and about 12 percent were activefarmers.
November 1937 SURVEY OF CURRENT BUSINESS 15Table 2 .—Outs tanding F a r m Mortgage Loans of Pr incipal Lending
Agencies, J a n u a r y 1, 1929-37
[Thousands of dollars]
Year
192919301931193219331934193519361937
Farm Credit Ad-ministration
Federalland
banks l
1,183,1641,185, 7651,175, 8321,151, 6591,105, 6101,203,1421,885,0872, 059,8452,053,105
Landbank
Commis-sioner i
70, 738616, 737794,121835, 807
Lifeinsurancecompanies
2,138,9802,105,4772,059, 2212,007,3611,869,1601, 661, 0461, 258, 9001,054,770
936, 454
Joint-stockland
banks 2
656,516626,980590,811536, 644.459,183392,438255,931175, 677133,499
Commer-cial banks
(3)(3)
* 945,172(3)(3)
* 555,885498,842487, 505487,534
ThreeStatecredit
agencies
95,90693, 27492,69893,01484,07579, 57462, 28648,09132, 657
1 Excluding Puerto Rico.2 Including banks in receivership.3 Comparable data are not available for these years. Farm-mortgage loans of
deposit banks have been estimated by Donald C. Horton for January 1, of the years1929 to 1936 as follows (in millions of dollars): 1929,1,150; 1930, 1,120; 1931, 1,090; 1932,1,040; 1933, 970; 1934, 740; 1935, 580; 1936, 566. Cf. a Department of Commerce studyentitled, ' 'Long-Term Debts in the United States." These figures include savingsand private as well as commercial banks.
* June 30.
Many of the changes occurring in the early years ofthe depression represent merely the continuation oftrends that were apparent in the predepression years.Farm-mortgage loans of commercial banks, for ex-ample, had been declining since the drop in farm pricesfollowing the war. Life insurance companies and jointstock land banks had steadily increased their farm-mortgage investments during the early twenties, butholdings had been declining since 1927. Land banks,on the other hand, continued to increase their holdingsof loans until 1930, although at a progressivelydiminished rate after 1927.
In analyzing the effect of the depression upon thefarm-mortgage investments of leading lending agencies,the period may conveniently be divided into twophases: The periods before and after the inaugurationof the emergency refinancing program of the FarmCredit Administration in the middle of 1933. Prior to1933 all of the lending groups with the exception of theState credit agencies had effected a steady reduction intheir farm-mortgage holdings, reductions during the3-year period ended December 31, 1932, ranging from7 percent for the Federal land banks to 26.8 percentfor the joint stock land banks. Life insurance com-panies reduced their farm-mortgage loans by 11.2 per-cent and deposit banks by 13.4 percent in these 3 years.
The reduction in the farm-mortgage holdings of lifeinsurance companies during this period reflects largelythe liquidation of debt through foreclosures and otherforced sales, as the volume of new loans was not large.In the case of deposit banks, two other factors are ofimportance. Commercial banks have always been thefarmers7 chief source of short-term credit, and even aslate as the middle of 1931 they had outstanding nearly$2,000,000,000 in personal and collateral loans tofarmers. As the sharp break in farm prices that oc-curred in 1930 impaired the security of many outstand-
ing personal and collateral loans, banks followed thepolicy of strengthening the security behind these loansby taking real estate security. Mortgage loans ac-quired in this manner tended to sustain the outstand-ing volume of such loans in spite of the large volumeof foreclosures. On the other hand, the period follow-ing 1929 witnessed a marked reduction in the numberof operating commercial banks, particularly in theearly months of 1933. This was an important factorin the 24-percent reduction in the farm-mortgage hold-ings of deposit banks during the calendar year 1933. Thedrop, insofar as it is due to this factor is, of course, largelyfictitious, as the published statistics for deposit banks donot include the assets of failed institutions. With theprogressive liquidation of closed banks and the disposal
MILLIONS OF POLtA RS60001
5OOO
4000
3000
2000
1OOO11II Mil 111929 1930 1931 1932 1935 1934 1935 1936
— Federal Land Bonks ESS3 Deposit BonksE8S8 Land Bonk Commissioner ESS] Joint-Stock LoadBanksITim Li/e Insurance Companies
Figure 2.—Outstanding Farm Mortgage Loans of Leading LendingAgencies, January 1, 1929-37.
through foreclosure or refinancing of their farm mort-gages, the figures for recent years have become morecomparable with those for the predepression period.
Expansion of Lending Operations After 1933.
The enormous expansion5 in the lending activities andin the volume of outstanding farm-mortgage holdingsof the credit agencies acting under the supervision of theFarm Credit Administration is indicated in figure 3.
During the first half of 1933 the mortgage holdingsof the Federal land banks continued to decline, and bythe end of July recorded a low figure of $1,101,000,000.New loans were being made at an accelerated rate during
* The emergency legislation that permitted the rapid expansion of 1933 and 1934may be briefly summarized. The Emergency Farm Mortgage Act of 1933 authorizedthe Federal land banks to make loans on the basis of "normal" values. Provisionswere also authorized for making direct loans to farmers in areas where the facilitiesof a national farm loan association were not available. At the same time the LandBank Commissioner was authorized to make loans upon the security of first or secondmortgages in an amount which, together with all prior mortgages or other evidencesof indebtedness against the property, would not exceed 75 percent of the normalagricultural value of farm property including personal property. The Federal landbanks, in contrast, are restricted to loans on first-mortgage security and to amountsnot in excess of 50 percent of the normal value of land and 20 percent of the value ofpermanent improvements. As the bond market was unable to absorb land bankbonds in the amount and at the rate of interest that the refinancing program calledfor, the Federal Farm Mortgage Corporation was created early in 1934 and authorizedto issue obligations in the amount of $2,000,000,000 to be fully guaranteed by theUnited States Government. A part of the proceeds from the sale of Federal FarmMortgage Corporation securities was used to purchase land bank bonds.
16 SURVEY OF CURRENT BUSINESS November 1937
the last 5 months of 1933, amounting to almost$200,000,000 as compared with less than $23,000,000for the first 7 months. However, as indicated in fig-ure 3, the bulk of the Farm Credit Administration'srefinancing program was carried out in the year 1934.Loans were still being closed in an unusually largevolume in 1935 by both the Federal land banks and theLand Bank Commissioner. In 1936 loans closed bythe Federal land banks amounted to only $109,170,200,but due to repayments of principal and the reductionsoccasioned by foreclosures, land bank holdings declinedby over $7,000,000 during that year. During 1937mortgage holdings of the land banks have continued todecline and at the end of August stood at $2,048,000,-
MILLI0N5 OF DOLLARS
2,^00
,500
£00
I LOANS CLOSED BY FEDERAL LANO BANKS
Wft LOANS CLOSED BY FEDERAL BANK COMMISSIONER
Loans Outstanding—Af End Of Vear
1917 '18 '19 '20 "21 •ot -o-r 'on 'oa 'an '•» I'£2 '2? '24 '2? "26 '27 '28 '29 #aO ")I ")Z '?? " H '?? '?6
Figure 3.—Loans Closed and Outstanding, Federal Land Banks and LandBank Commissioner, 1917-36
000—$20,000,000 6 below the October 1936 peak. TheLand Bank Commissioner closed an additional $77,257,-795 of mortgage loans in 1936, but holdings increasedby only $42,000,000. After reaching a peak of$837,000,000 at the end of 1936, Land Bank Commis-sioner loans outstanding declined slightly to $826,-000,000 6 at the end of August 1937.Table 3.—Estimated Amount and Percentage Distribution of Proceeds of
Federal Land Bank and Land Bank Commissioner Loans Used forVarious Purposes May 1, 1933-Jan. 1, 1937
Item
For refinancing first and junior mortgages held by:Life insurance companies..Commercial banksJoint-stock land banks ___ __Others1 -- -
Total -For refinancing other indebtedness owed to:
Commercial banks .- -TaxesOther indebtedness - _ _
TotalPurchase ofland and redemption from foreclosureGeneral agricultural uses including buildings and improve-
mentsStock in association or bank and loan fees
Grand total
Amount
$305,818,000351,052,000142, 547 000704, 742, 000
1, 504,159, 000
128, 440,00061, 279, 000
172, 591, 000362, 310, 000103,085, 000
69,169,00084, 334, 000
Percent-age dis-
tribution
14.416.56.7
33.270.8
6.02.98.1
17. 14.9
3.34.0
2, 123. 058, 000 | 100. 01 Includes Federal land banks and Land Bank Commissioner.
6 According to the Farm Credit Administration voluntary repayments were animportant factor in these reductions. During the 12 months ended June 1, 1937,farmers repaid over $95,000,000 on the principal of mortgage loans owing to the Federalland banks and the Land Bank Commissioner, $61,400,000 to the former and$34,300,000 to the latter agency. The reduction in loans from the end of 1935 was alsoinfluenced by the segregation of loans called for foreclosure into a new account. Thisaccount amounted to $27,551,177.75 on Dec. 1936, as compared with no entry for theend of 9135.
Data contained in table 3 indicate the effect of theexpanded lending activities of the Farm Credit Admin-istration upon the farm-mortgage investments of theother leading lending agencies.
Mortgage Holdings of Life Insurance Companies Decline.
Life insurance companies reduced their farm-mort-gage holdings by $208,000,000 during 1933, 48 percentof which occurred during the first 6 months of the year,before the refinancing activities of the Farm CreditAdministration got under way. From January 1, 1934to January 1, 1937, such holdings were further reducedby over $700,000,000. During this 3-year periodroughly $300,000,000 of the proceeds of land bank andLand Bank Commissioner loans were devoted to theretirement of mortgage indebtedness owing to suchcompanies. Foreclosures evidently continued to playan important part in the rapid reduction in the farm-mortgage holdings of life insurance companies, evenafter 1933. As late as 1936, investments in acquiredfarm real estate increased by $66,886,000, indicatingthat acquisitions of real estate during that year exceededthat amount. At the end of 1936, life insurance com-pany investments in acquired farm real estate stood atthe high figure of $713,166,000. This was equivalentto 34 percent of the amount of their outstanding farmmortgages on January 1, 1930, and to 61 percent of thedecrease in their outstanding farm loans since that date.
Since the beginning of the current year farm mort-gages of life insurance companies have continued theirsteady decline. For the first 8 months of 1937, the 37companies reporting to the Association of Life Insur-ance Presidents recorded a decline of 9 percent.
In spite of the steady reduction in holdings since1930 there is no evidence that life insurance companiesare retiring from the farm-mortgage field. For thefirst 6 months of 1937, data compiled by the FarmCredit Administration show that recordings of farmmortgages held by insurance companies aggregated$69,492,000 as compared with $56,619,000 for the sameperiod in 1936 and $37,668,000 for the first 6 monthsof 1935.Commercial Bank Holdings of Mortgages.
Farm-mortgage holdings of commercial banks de-clined by $457,667,000 between June 30, 1931, andJanuary 1, 1936. The reduction in 1935, however, wasvery slight. As indicated in table 2 and the attachedfootnote, most of the decrease in commercial banks7
holdings of farm-mortgage loans took place beforeJanuary 1, 1934. The decline from that date to theend of 1936 has been less than $200,000,000. On theother hand over $350,000,000 of the proceeds of Fed-eral land bank and Land Bank Commissioner loansdevoted to the refinancing of commercial bank mort-gage loans in the period from May 1, 1933, to the endof 1936. The relatively small decrease in mortgageholdings in the face of the large-scale refinancing of
November 1937 SURVEY OF CURRENT BUSINESS 17
loans is explained by the fact that such refinancingincluded loans held by closed banks and also by thefact that during this period commercial banks wereactively making new loans on farm real estate security.Commercial banks are the only important lendinggroup that increased their farm-mortgage investmentsduring 1937, such investments aggregating $504,138,000on June 30, 1937, an increase of approximately $17,000,-000 since January 1. This increase represents, in part,a seasonal expansion in mortgage loans obtained forfinancing crop production, particularly in some of theSouthern States.
Joint Stock Land Banks and Three State Credit AgenciesBeing Liquidated.
Joint stock land banks have been in the process ofliquidation since May of 1933 when legislation requir-ing liquidation became effective. As a consequencefarm-mortgage loans of these banks were reduced by$258,939,000 between January 1, 1934, and January 1,1937. Of these loans $130,508,703 were refinanced byor sold to the Federal land banks or the Land BankCommissioner at an- investment loss of $11,009,210,or S.5 percent. The purchase by the joint stock landbanks of their own bonds at less than their par valueenabled them to offset, in part, such losses. Fore-closures on mortgages held by joint stock land bankshave been heavy all through the depression, particu-larly during 1932, as evidenced by the increase inacquired farm real estate from $37,957,000 on Decem-ber 31, 1931, to $71,741,000 on December 31, 1932.During 1937 farm-mortgage loans of joint stock landbanks were further reduced to $113,000,000 at theend of August.
The State credit agencies of Minnesota, North Da-kota, and South Dakota, whose loans were rapidlyexpanded in the twenties, showed relatively smalldeclines in farm-mortgage holdings during the earlyyears of the depression. Since 1934, however, mort-gage loans have been liquidated rapidly, aided by therefinancing program of the Farm Credit Administra-tion. These agencies have discontinued making newloans except in connection with the sale of acquiredfarms, and acquired farm real estate now constitutesfully 68.0 percent of their assets.Geographic Distribution of Farm-Mortgage Loans.
Table 4 shows the geographic distribution of farm-mortgage loans of the Federal land banks and the LandBank Commissioner for January 1, 1930, and January1, 1937. As of the latter date 55.3 percent of theseloans were secured by farms in the predominantly corn-and wheat-growing area comprising the North CentralStates and an additional 26.2 percent by farms in thecotton- and tobacco-growing States of the South. Thisis in rather marked contrast to the geographical dis-tribution of land-bank loans in January of 1930, when
78 percent of the system's loans were rather evenlydistributed between the same two groups of States.
Table 4.—Amount and Percentage Distribution of Farm-Mortgage Loansof Federal Land Banks and Land Bank Commissioner, Jan. 1, 1930,and Jan. 1, 1937, by Geographic Divisions
Geographic division
New EnglandMiddle Atlantic _. .East North CentralWest North CentralSouth Atlantic . _East South CentralWest South CentralMountain _Pacific _
United States _ ___
1930
Amount
1,000 dollars20,31646,952
179,194292,847103,186130,706224,043108, 94579, 576
1,185, 765
Percent-age dis-
tribution
Percent1.74.0
15.124.78.7
11.018.99.26.7
100.0
1937
Amount
1,000 dollars42, 44291, 646
586, 2061,011,471
191,833181,441383, 718172, 630227, 525
2, 888,912
Percent-age dis-
tribution
Percent1.43.2
20.335.0
6.66.3
13.36.07.9
100.0
Kelative to the total volume of mortgage debt owedin each of the agricultural regions, land-bank loanshave always been and continue to be of much greaterimportance in the Southern States than in other areas,as indicated in table 5. In 1930 the land banks held24.4 percent of the mortgages secured by farm propertyin the Southern States as compared with 12.9 percentfor the country as a whole. Land-bank loans were alsorelatively important in the Mountain States. Due tothe higher rates of interest charged by other lenders inthe South and West, land-bank credit had always beenrelatively more attractive in these States than in theNortheastern and North Central States. This differ-ential also existed in the Pacific States, but land-bankcredit was not correspondingly important there in 1930.
Table 5.—Amount of Federal Land Bank and Land Bank CommissionerLoans Compared With Estimated Amount of Total Mortgage Indebted-ness, by Geographic Divisions, Jan. 1, 1930, and Jan. 1, 1935
Geographic divi-sion
New EnglandMiddle Atlantic._E. North Central..W. North Central.South AtlanticE. South Central __W. South Central-MountainPacific
United States.
Estimated amountof farm-mortgagedebt
1930
1,000 dol.151, 584460, 582
1,851, 3053, 501, 782
454,934378, 579
1, 044, 304534, 056837,152
19,214,278
1935
1,000 dol.181, 952409, 730
1, 532,9352, 676, 067
401,946348, 966877,537462,431753, 527
7,645, 091
Amount of farm-mortgage loans ofthe Federal landbanks and LandBank Commis-sioner
1930
1,000 dot.20, 31646, 952
179,194292, 846103,187130, 706224, 043108, 94579, 576
11,185,765
1935
1,000 dot.35, 34181, 890
474, 977807,962192, 891183, 612361,990158, 210204,951
12, 501,824.
Percentage amountof farm-mortgageloans of Federalland banks andLand Bank Com-missioner to totalamount of esti-mated farm-mort-gage debt
1930
Percent13.410.29.78.4
22.734.521.520.49.5
12.9
1935
Percent19.420.031.030.248.052.641.331. 227.2
32.7
i Excluding $11,416,000 in Puerto Rico.
By 1935 the land banks and the Land Bank Com-missioner held 45.3 percent of the total farm-mortgagedebt in the Southern States, with more than 50 percentin 9 of the 17 States in this area. The largest relative
23491—37-
18 SURVEY OF CURRENT BUSINESS November 1937
increase, however, occurred in the North Central Stateswhere the proportion held by the federally sponsoredcredit agencies jumped from 8.8 in 1930 to 30.5 in 1935.The relatively large increase in this region is explainedby the heavy liquidation that occurred or was threat-ened in this area, and by the fact that in other regionswhere the decline in prices was relatively severe, the landbanks already held a large proportion of the eligiblemortgages. Since 1935 there has been a further increasein the outstanding loans of these agencies and this factor
PERCENT
tool
State CreditAgencies
IlllllllllMiddle E.North orth South E South W South Mountain Pacifi
England Atlantic Central Central Atlantic Central Central
Figure 4.—Percent of Total Farm Mortgage Loans Held by PrincipalLending Agencies, January 1, 1935.
combined with a probable decline in farm-mortgageindebtedness is thought to have brought approximately40 percent of the outstanding volume of mortgage loansinto the portfolios of the Federal land banks and theLand Bank Commissioner.
The farm-mortgage loans of life insurance companiesare largely concentrated in the North Central andSouthern States as shown in the accompanying figure.During the years since 1930 roughly 75 percent of suchloans have been secured by farm property in the formergroup of States, with an additional 20 percent securedby farms in the latter group. In relative importance
as a source of mortgage credit, life insurance companieshave been most active in the West North Central Stateswhere 26 percent of all mortgage indebtedness in thoseStates was held by such companies in 1935. In Iowa,for example, 37 percent of the total mortgage debt washeld by life insurance companies in that year.
Farm-mortgage loans of commercial banks are rathermore evenly distributed than are land bank or insurancecompany loans, and in relative importance are dispro-portionately large only in the Pacific States due to thelarge holdings in California. More than 20 percent ofthe total real-estate loans of commercial banks in theUnited States are held by banks in California—chieflyby branch banking systems. It should be emphasized,however, that commercial bank loans have been dis-tributed on the basis of the location of the bank ratherthan on the basis of the farm land securing the mortgage.At the end of 1934, 65 percent of commercial bank loanson farm property were held by banks in places of lessthan 15,000 population. In general, commercial bankloans on farm real estate are relatively large in thoseareas where deposits supply local banks with loan fundsin excess of current production-financing needs. In thepast, excess funds, particularly in the case of New Eng-land banks, have found their way into other agricul-tural regions. "With the entry of the land banks intothe farm-mortgage field and with the growing volumeof mortgage credit offered by life insurance companiesafter the war this practice has become less common.
The relative importance of each of the principal lend-ing agencies as a source of mortgage credit to farmers invarious geographic divisions is brought out in figure 4.Because of the concentration of the loans of importantlenders in the South Atlantic and Central States a muchhigher proportion of the outstanding farm-mortgagedebt can be accounted for in these States than in theremaining States of the Northeast and the West. Fromthe data available for 1937 it is evident that the impor-tance of the land banks and Land Bank Commissioner isnow greater in all areas, with that of life insurance com-panies and joint-stock land banks considerably decreased.
November 1937 SURVEY OF CURRENT BUSINESS
NEW OR REVISED SERIES
Table 45.—MOODY'S BOND YIELD AVERAGES l
[Percent per annum]
19
Month
1919 1920 1921 I 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932I
1933 1934 1935 1936 1937
120 Domestic Corporations
JanuaryFebruary...March.AprilMayJuneJulyAugustSeptember..OctoberNovember-December..
Monthly average..
JanuaryFebruary...MarchApril. _MayJuneJuly-AugustSeptember-OctoberNovember..December..
Monthly average-.
JanuaryFebruary...MarchApril.MayJune. -July..August.SeptemberOctoberNovemberDecember..
Monthly average
JanuaryFebruary-MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
Monthly average.
JanuaryFebruaryMarch...AprilMay _JuneJuly-AugustSeptemberOctoberNovemberDecember..
Monthly average.
6.166.206.206.226.156.106.136.256.356.336.486.66
6.27
6.656.816.867.027.267.297.297.297.126 997.097.34
7.08
7.207.157.197.207.217.277.237.147.026.926.576.36
7.04
6.356.246 176.015.895 925 845.785.715.765.885.89
5.95
5.875.906.036.096.046.056.106.046.086 116.096.08
6.04
6.015.985.965.945.885.795.705.725.725.675.635.61
5.80
5.605.545.545.545.455.405.445.485.455.435.425.40
5.47
5.345.295.315.255.175.165.175.185.185.185.145.10
5.21
5.065.075.034.984.985.005.004.954.934.894.864.83
4.97
4.834.834.824.834.884.995.025.045.025.004.975.01
4.94
5.045.085.165.165.165.255.255.305.345.325.275.17
5.21
5.175.185.085.055.045.055.024.974.925.025.175.38
5.09
5.205.205.205.355.485.575.475.656.006.626.607.43
5.81
6.876.836.627.317.948.017.696.456.086.126.246.31
6.87
5.986.136.466.646.025.635.355.345.575.646.025.93
5.89
5.525.105.024.874.854.814.814.965.034.924.864.79
4.96
4.684.604.664.644.554.474.404.394.364 344.274.19
4.46
4.043.953.953.973.963.943.903.853.793 753.713.67
3.87
5.355.355.395.445.395.405.445 565.605.545.665.73
5.49
3.673.753.873.983.923.923.913.924.04
30 Domestic Corporations, Rating, AAA
5.755.865.926.046.256.386.346.306.226.056.086.26
6.12
6.146.086.086.066.116.186.125.995 935.845.605.50
5.97
5.345.295.235.155.135.085.004.964.934.975.095.08
5.10
5.045.075.185.225.165.155.145.085.125.115 095.09
5.12
5.095.095.105.085.044.994.954.954.954.924.944.95
5.00
4.954.954.914.874.834.834.874.904.874.854.844.85
4.88
4.824.774.794.744.714.724.714.724.724.714.684.68
4.73
4.664.674.624.584.574.584.604.564.544.514.494.46
4.57
4.464.464.464.464.494.574.614.644.614.614.584.61
4.55
4.624.664.704.694.704.774.774.794.804.774.764.67
4.73
4.664.694.624.604.604.574.524.474.424.424.474.52
4.55
4.424.434.394.404.374.364.364.404.554.994.945.32
4.58
5.205.234.985.175.365.415.264.914.704.644.634.59
5.01
4.444.484.684.784.634.464.364.304.364.344 544.50
4.49
4.354.204.134.074.013.933.893.933.963.903.863.81
4.00
3.773.693.673.663.653.613.563.603 593.523.473.44
3.60
3.373.323.293.293.273.243.233.213 183.183.153.10
3.24
3.103.223.323.423.343.283 263.253.30
30 Domestic Corporations, Bating, AA
5.755.795.765.805.755.715.765.855.965.906.026.21
5.86
6.196.286.426.546.786.796.696.766.656.566.636.84
6.59
6.646.606.596.68C.696.766.786.646.566.476.185.95
6.55
5.945.805.795.716.625.645.575.445.355.365.455.41
5.59
5.425.495.625.735.665.665.695.635.655.655.635.63
5.62
5.555.525.575.565.495.435.385.385.385.355.325.31
5.44
5.305.255.245.245.195.155.175.215.185.175.145.14
5.20
5.075.045.054.994.944.924.954.954.974.954.934.89
4.97
4.874.874.834.804.794.804.804.734.734.694.654.62
4.77
4.614.614.594.604.644.754.794.824.794.784.754.77
4.71
4.794.864.924.914.914.984.974.995.015.014.944.84
4.93
4.864.894.804.784.774.764.744.884.654.674.754.85
4.77
4.704.704.674.764.764.814.814.855.085.575.616.26
5.05
6.086.135.856.116.386.606.515.835.545.515.575.60
5.98
5.305.355.615.815.405.094.834.774.964.975.355.27
5.23
5.004.704.554.434.374.304.284.344.424.364.284.27
4.44
4.214.134.114.084.033.993.893.873.853.823.733.65
3.95
3.573.553.553.573.533.513.483.443.413.373.313.28
3.46
3.303.403.503.583.493.453.453.453.51
30 Domestic Corporations, Rating, A
6.426.456.486.406.356.266.266.446.566.526.706.91
6.48
6.887.157.117.347.607.587.627.697.487.347.457.71
7.41
7.527.507.537.537.507.587.537.437.237.036.626.39
7.28
6.416.336.226.055.935.975.885.855.795.915.996.04
6.03
6.046.076.246.256.176.196.216.066.156.236.226.20
6.17
6.166.186.106.096.005.905.795.845.835.785.725.72
5.93
5.705.615.665.635.465.445.515.565.535.545.515.46
5.55
5.385.335.345.275.185.185.215.235.235.235.175.16
5.24
5.115.135.125.065.055.065.045.015.014.974.944.92
5.04
4.914.924.924.914.965.075.095.105.075.044.995.08
5.01
5.105.145.245.235.245.315.325.395.435.385.335.21
5.28
5.235.255.155.125.075.085.065.004.945.065.215.43
5.13
5.265.295.305.525.655.755.645.886.296.886.907.70
'6.01
7.067.066.807.488.408.508.196.846.456.446.536.61
7.20
6.166.306.646.856.295.885.585.515.705.766.226.21
6.09
5.725.245.124.974.964.964.935.095.175.004.934.86
5.08
4.744.634.674.694.594.524.464.494.484.494.454.35
4.55
4.214.124.104.124.114.094.053.993.943.903.853.78
4.02
3.773.853.984.053.993.993.973.984.07
30 Domestic Corporations, Rating, BAA
7.127.207.157.237.097.047.067.137.277.347.547.77
7.25
7.787.947.978.178.398.398.528.398.147.998.218.56
8.20
8.508.428.558.538.528.568.488.518.348.347.887.61
8.35
7.707.557.457.146.896.976.896.856.756.786.987.02
7.08
6.986.977.097.177.177.217.347.387. 387.467.407.38
7.24
7.247.147.087.036.976.826.676.696.736.626.546.46
6.83
6.446.366.366.416.306.186.206.246.206.176.176.15
6.27
6.096.026.055.985.865.805.795.815.795.815.775.68
5.87
5.615.595.545.485.505.555.555.485.425.385.355.32
5.48
5.355.335.325.335.425.555.585.615.595.585.555.60
5.48
5.635.665.795.805.805.945.956.046.126.116.035.95
5.90
5.925.895.735.705.725.785.775.735.655.946.256.71
5.90
6.416.386.446.727.157.367.087.478.079.048.9310.42
7.62
9.138.878.8310.4611.6311.5210.798.227.617.878.248.42
9.30
8.018.378.919.127.747.076.626.777.277.497.987.75
7.76
7.016.276.266.016.056.066.136.496.576.406.376.23
6.32
5.985.956.206.135.945.775.675.585.535.545.435.30
5.75
5.004.804.864.914.944.904.844.744.624.544.524.53
4.77
4.504.544.694.864.874.974.975.005.27
i See footnote on p. 20.
20 SURVEY OF CURRENT BUSINESS November 1937
Table 45.—MOODY'S BOND YIELD AVERAGES—Continued[Percent per annum]
Month
1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937
40 Industrials
JanuaryFebruaryMarchAprilMay__ -JuneJuly.._AugustSeptember.OctoberNovember _December
Monthly average..- --
JanuaryFebruaryMarch. —AprilMayJuneJulyAugustSeptember -OctoberNovemberDecember
Monthly average-
JanuaryFebruary -..MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
Monthly average.
6.196.226.206.216.156.046.026.116.146.156.266.42
6.18
6.396.576.666.787.017.1J7.127.157.056.977.117.39
6.94
7.277.147.227.217.167.197.177.137.066.936.616.36
7.04
6.376.316.256.085.965.995.915.885.795.885.986.03
6.04
5.955.976.046.055.996.016.076.076.056.106.076.06
6.04
6.036.016 006.005.945.895.865.865.845.815.765.75
5.90
5.725.665.685.665.645.595.58a. 6i5.595.545.545.53
5.61
5.495.465.485.435.355.345.355.345.345.335.325.26
5.37
5.215.205.155.105.105.115.125.105.075.025.015.00
5.10
5.015.005.015.005.075.145.195.185.165.145.135.15
5.10
5.145.185.245.245.275.345.325.345.415.405.455.35
5.31
5.345.325.235.165.175.215.175.125.085.245.375.58
5.25
5.415.405 445.655.895.975.795.936.336.866.797.51
6.08
7.207.026.717.027.557.687.406.375.965.895.9J05.85
6.71
5.665.836 106.105.605.214.954.844.874.874.995.03
5.34
4.874.734 654.534.474.414.394.474.524.474.404.37
4.52
4. 3*4.244.204.184.114.073.953.943.913.833.733.71
4.02
3.593.573 563! 573.553.543.523.483.443.423.373.37
3.50
40 Public Utilities
6.086.116.146.096.086.086.106.196.306.286.436.58
6.21
6.636.766.837.037 307.357.377.487.407.287.317.49
7.19
7.437.357.357.347.387.417.427.347.086.956.586. 37
7.17
6.406.316.206.055.875.875.835.785.685.675.775.76
5.93
5.725.735.905.935.885.895.895.775.855.855.855.66
5.83
5.825.775.765.745.675.595.525.515.524.485.495.46
5.61
5.445.415.395.355.225.205.255.285.265.245.245.25
5.29
5.205.155.175.125.085.065.085.095.105.115.075.05
5.11
5.025.055.034.984.994.984.984.944.924.894.884.84
4.96
4.794.774.754.754.794.904.934.974.964.934.904.95
4.87
4.965.005.075.095.095.155.165.225.275.255.245.17
5.14
5.175.205.105.085.045.035.004.944.874.935.055.21
5.05
5.095.094.994.974.975.045.005.015.245.795.726.31
5.27
6.206.366.106.666 987.216.976.035.695.725.845.80
6.30
5.565.906.416.826.345.995.785.906.316.386.826.82
6.25
6.245.585.505.315.275.245.235.375.435.305.225.15
5.40
4.974.764.654.604 434.374.264.284.274.244.174.12
4.43
4.023.983.983.973 953.913.863.853.833.803.743.69
3.88
40 Railroads
6.206.266.256.346.216.196.286.446.606.556.756.97
6.42
6.937.097.087.267.467.407.397.236.916.726.867.15
7.12
6.916.976.997.067.087.227.106.976.906.886.526. 37
6.91
6.286.116.075.915.855.885.775.665.655.725.895.88
5.89
5.946.006.166.306.266.276.336.286.336.396.346,31
6.24
6.186.176.146.096.025.885.735.785.815.725.655.63
5.90
5.635.565.575.605.485.415.485.545.505.525.465.42
5.51
5.335.265.285.185.095.065.085.115.105.105.025.00
5.13
4.964.954.904.864.854.904.894.8€4.794.754.684.66
4.83
4.704.734.724.744.784.914.944.984.944.934.874.95
4.85
5.005.065.175.165.125.265.285.345.365.305.114.99
5.18
5.005.024.894.924.914.914.894.864.804.915.105.34
4.96
5.095.115.175.455.605.705.626.016.437.207.288.46
6.09
7.207.107.048.249.309.148.706.966.586.757.007.27
7.61
6.716.656.877.006.115.685.315.285.545.676.255.95
6.09
5.454.994.914.784.814.784.805.055.154.994.964.86
4.96
4.754.815.145.145.124.994.974.954.914.974.904.73
4.95
4.504.314.324.384.404.354.314.224.094.024.003.96
4.24
40 Foreign
JanuaryFebruary...March.AprilMay -.JuneJulyAugustSeptember-OctoberNovember-December. .
5.965.915.875.895.985.996.036.036.046.03
6.086.116.206.206.226.276.316.376.426.43.54
6.506.476.276.216.286.356.396.376.45
7.066.916.636.727.147.367.898.55
10.5812.3711.44
13.6912.9812.5713.3014.4914.3912.1211.2810.3610.0510.31
10.4310.8410.729.939.629.049.109.419.20
8.217.537.317.237.217.427.417.337.186.836.57
6.206.046.216.075.855.815.996.366.596.706.496.37
6.186.055.875.845.905.915.785.765.685.645.605.63
3.363.463.553.653.553.513.503.473.55
3.683.763.903.993.953.973.923.893.96
3.954.044.174.294.274.294.314.404.60
5.395.165.305.355.325.145.165.205.35
6.53 7.5 15.03 10.42 8.82 6.38
Monthly average 5.99 6.31 6.54 8.97 12.16 9.67 7.22 6.22 5.82
i These data, compiled by Moody's Investors Service, are presented in the Survey for the first time and replace similar statistics compiled by the Standard Statistics Co.,Inc. In the compilation, daily yields for each individual bond are computed on the basis of closing prices. Unweighted arithmetic averages are then computed to obtaineach of the series shown here. Comparable weekly data will be shown regularly in the monthly Survey, p. 21, and in ihe Weekly Supplement, p. 2. The monthly seriesare arithmetic averages of the daily figures. In addition, averages by ratings, are calculated for the industrial, public utility, and railroad groups.
Occasional substitutions in the bond list have been made when ratings have been changed, when a bond is called, when a bond sells too far above its call price, or becauseof approaching maturity. Suitable adjustments (usually small) which are gradually amortized, are introduced to prevent such substitutions from impairing the compara-bility of the series. No convertible or other unusual issues are included, and the average maturity is close to 30 years.
Only 60 bonds were used in the averages from 1919 to 1927, inclusive. From 1928 to 1933, inclusive, 120 bonds were used, no adjustment being required to connect the 2series. Since 1933, it has not been possible to find a sufficient number of representative bonds for the industrial Aaa and the industrial Aa groups; they contain, respectively,3 and 4 issues. However, the averages for these groups are given equal weighting in combining them with other group averages.
The series on foreign bonds is for 30 issues beginning in January 1934, adjusted to a comparable basis with previous averages of 40 bonds.
November 1937 SURVEY OF CURRENT BUSINESS 21
WEEKLY BUSINESS INDICATORS*[Weekly average, 1923-25 = 100]
Business activity:New York Times§Business Week§.._
Commodity prices, wholesale:Dept. of Labor, 1926=100:
Combined index (784)Farm products (67)Food (122)All other (595)
Fisher's index, 1926=100;Combined index (120)
Copper, electrolytic^Cotton, middling, spot—
Construction contracts}:—Distribution: CarloadingsEmployment: Detroit, factory..Finance:
Failures, commercial-Bond yields**Stock pricesj
1937
Oct.23
97.9
84.980.785.085.0
89.385.531.3
51.180.7
46.974.299.0
Oct. Oct. Oct. Sept,16 9 2 25
100. 2 101. 3 103.69.4
85.280.385.485.2
89.585.531.6
51.984.5
120.8
42.8.72.4
102.9
71.7
86.082.786.985.3
85.0
35.971.2
110.4
74.0
86.985.487.885.6
90.794.31.6
51.988.4
110.4
40.071.2
115.3
104.6
87.587.388.785.9
92.2i.O
31.32 100.
87.7
9.170.2
1936
Oct. Oct.24 17
101.175.3
81.184.82.180.1
84.068.844.9
50.985.1
39.364.8
102.376.0
81.284.782.579.9
83.868.846.0
57.!88.2
34.265.0
114. 7 141. 6 142. 2 113. 3 110. 8
1935Oct. Oct.
26 19
67.4
80.378.84.78.4
85.365.241.5
74.1
57.578.2
89.367.0
80.779.585.678.4
85.565.241.5
53.576.4
53.18.5
Finance—Continued.Banking:
Debits, outside N. Y. C . t -Federal Reserve reporting
member banks:Loans, total
Interest rates:Call loans*Time loansf __.
Money in circulation $Production:
AutomobilesBituminous coaljCotton consumption^Electric powerfLumber __PetroleumtSteel ingots*
Receipts, primary markets:Cattle and calvesHogsCotton—Wheat
1937
Oct. Oct. Oct. Oct. Sept.23 16 9 2 25
111.
79.3
24.228.6
135.0
120.592.7
137.053.1
173.591.6
.26.045.5>70. 461.2
98.6
80.0
24.228.6
135.5
117.593.8
110.7136.6
53.172.9104.5
104.3
79.8
24.28.6
135.
94.392.5
114.8136.55.271.8
91.2
80.0
24.228.6
134.8
58.194.2
9 136.10.9
.75.1108. 6 122. 2 125. 0
106. 3 112. 7 119. 5 128. 237.7 38.0 37.4 33.9 64.2
300.0 330.0 342.3 275. 4 286. 257.2 85.8 81.6 82.5 50.8
102.2
80.1
24.:28.6
134.6
36.792.
112.5 119.9 120.3i. 6 136.0
57.5176.0
1936
Oct. Oct.24 17
103.8
70.0
24.228.6
130.2 130.3 117.4
78.395.9
130.163.5
148.0122.6
108.9
99.2
24.228.6
63.095.2
39.5
1935
Oct. Oct.26 19
84.3
63.5
81.381.3
124. 0 102.0130.361.5
147. 7 134. 386.0125.4
114.156.4 ____
279.2 277. 3 266. 243.9
67.1
97.5
6.15.7
117.6
58.281.096.4
113.8 111.853.4
133.683.7
120. 6 128. 334.9
86.3
•Data do not cover calendar weeks in all cases. §Computed normal= 100. {Daily average, t Weekly average, 1928-30= 100. ^Seasonally adjusted.* New series. See pp. 19 and 20 of this issue for bond yields. Steel ingots compiled by the American Iron and Steel Institute instead of Dow Jones and
viously.Co., Inc., as pre-
WEEKLY BUSINESS STATISTICS*
1937
Oct. 23 Oct. 16 Oct. 9 Oct. 2 Sept. 25 Sept. 18
1936
Oct. 24 Oct. 17
1935
Oct. 26 Oct. 19
1934
Oct. 27
COMMODITY PRICES, WHOLESALECopper, electrolytic, New York dol. per lb.Cotton, middling, spot, New York __do___Food index (Bradstreet's) _ . do . . .Iron and steel, composite dol. per ton.Wheat, No. 2, hard winter (Kansas City).dol. per bu.
Banking: FINANCEDebits, New York City. mills, of dolDebits, outside of New York City doFederal Reserve banks:
Reserve bank credit, total doU. S. Government securities do
Member bank reserve balances doExcess reserves, estimated do
Federal Reserve reporting member banks:Deposits, net demand, adjusted __doDeposits, time doInvestments, total do
U. S. Government direct obligations doObligations fully guaranteed by IT. S. Govern-
ment mills, of dol._Loans, total do
Commercial, industrial, and agricultural loans:On securities mills, of dol._Otherwise secured and unsecured do
Interest rates, call loans percent..Interest rates, time loans do.
Exchange rates:French franc (daily av.) cents..Pounds sterling (daily av.) dollars..
Failures, commercial number. _Money in circulation mills, of doL.Security markets:
Bonds sales (N. Y. S. E.)..Ahons. of dol. par value..Bond yields (Moody's) (120bonds)* percent..Stock sales (N. Y. S. E.) thous. of shares..Stock prices (N. Y. Times) . . .dol. per share__Stock prices (Standard Statistics) (420). 1926=100—
Industrials (348) ..doPublic utilities (40). . .doRailroads (32) do.PRODUCTION, CONSTRUCTION, AND
Production: DISTRIBUTIONAutomobiles. number..Bituminous coal (daily av.) thous. of short tons. .Electric power mills, of kw.-hr..Petroleum thous. of bbL.Steel ingots* . - pet. of capacity..
Construction-contract awards (da. av.).-thous. of dol_.Distribution:
Freight-car loadings, total cars..Coal and coke doForest products doGrain and products doLivestock _ . . .doMerchandise, 1. c. 1 .doOre ._ .doMiscellaneous __ do
Receipts:Cattle and calves - . . thousands..Hogs doCotton into sight thous. of bales..Wheat at primary markets -thous. of bu_.
0.118.0852.80
39.471. 04
4,3775,170
2, 5652, 5236, 9391,021
14, 7895, 28511, 9777,896
1,1329, 913
5994, 2411.001.25
3,3834.95191
6,555
84, 3004.28
22,16696.1086.9101.979.132.5
91,9051,5782,2823,61355.8
8,206
773, 353165, 01432,88336, 95822, 395169, 23137,990308,882
295703
4,871
0.118.0862.82
39. 601.03
2,6493,811
2, 5582,526G, 919992
11, 8015,270
12, 0057, 917
1,1339, 994
6054, 2361.001.25
3,3554.96174
6,582
42, 4604.189,85599. 9689.0104.679.334.1
89, 6351,5972,2763,60263.68,326
809, 944168,71037,22735, 92321,840169, 79150,103
326, 350
336245780
4,551
0.122.0812.86
39.731.07
3, 8654,836
2,5832,5267,0031,090
14, 6285, 2,58
12, 0037,911
1,1319, 972
6004, 2311.0.01.25
3,3004.95146
6,582
41,8904.116,924107.2595.4112.383.537.9
71,9581, 5752,2803,57966.1
815,122166, 27434, 00135, 82320, 572173, 65458,477326,321
356247858
6,829
0.130.0862.88
39.811.11
3,2344,231
2, 5732, 5267, 0331,062
14, 8645, 29312, 0227, 903
1, 13110, 004
6014, 2091.001.25
3,4004.95163
6,545
42,1304.116,875111.9599.7117. 486.540.2
44,3301,6052,2763,64774.48,337
847, 245173, 69838, 59536,80421,801174,85362,189339, 305
378243890
6,490
0.138.0852.92
39.981.09
3, 7744,741
2,5782,5266, 9771,020
14, 7885,291
12, 0367, 930
1, 13610, 010
5944,1841.001.25
3,4114.95159
6,534
44, 2904.058,110111.37102.2120.787.141.5
28, 0301,5752,2663,66676.17,751
840,446166,69039, 28436, 21921, 224173,42265, 725337,882
405220716
6,565
0.138.0912.8940.19
3, 9764,732
2,5982, 5236, 865880
14, 8275, 28012,1838, 122
1, 12310, 049
5964, 1621.001.25
3,4434.95139
6,564
43, 5104.047,623116.12105.3124.989.240.9
30,1501,5112,2813,67180.48,519
826, 565156, 33439, 63636,18019, 033
172, 63969, 021333, 722
331199537
8,162
0.095.1222.75
34. 661.22
3,8904,814
2, 4632,4306,6932,127
15, 2285, 07213, 8209, 286
1, 2548,751
1.001.25
4,6514.89160
6,322
70,9203.749,298137. 51121.3139.2110.259.9
59, 7401,6342,1673,08374.28,178
816,242164, 94936,30133,02222, 264171, 09349, 766
338, 847
344417744
4,040
0.095.1252.76
34. 641.25
2,8483, 834
2,4852, 4306, 61.72,072
15, 0525, 068
13, 8739, 323
1, 2,588,695
1.001.25
4,6614.89139
6,325
66, 6603.758,698138.10119.6136.8109.360.2
48, 0951,6222,1703,07775.99,290
826, 525167, 72636, 03332, 57922, 611169, 31755, 281342,978
360366726
3,145
0.090.1132.74
32.851. 14
3,8333, 914
2,4722,4305,5752,900
13, 4634, 963
12, 3918,130
1,1287,931
0.090.1132.7432.831.16
3, 3443, 770
2,4962,4305,5342,878
13, 2684, 921
12, 3255, 118
1, 1197, 975
.25
.25
6,5924.91234
73, 5704.51
14,275110. 0789.1103.184.635.7
62,0151,3841,8962,79851.8
710, 621139, 05130, 69633,93220,931165,91432, 636287,461
381285721
5,338
.25
.25
6,5904.91216
5,711
61, 7504.53
10, 460107. 5986.7100.381.934.9
44, 4161,3791,8632,78350.48,594
732, 304145, 72131, 37636,11822,970166, 28333, 602
296, 234
405227692
0.088.1252.3732.121.01
2, 6283,187
2, 4522, 4303, 9851,733
11, 2624,877
10, 7607,183
5058,310
1.00
6, 6054.94225
5,455
67, 9404.873,99182.0268.277.463.137.0
31,0301,2021,6772, 33623.94,564
624, 808124, 69621,92332,16425, 543
161, 70414, 655
244,123
401453451
2,542
* Data do not cover calendar weeks in all cases. * New series. See note marked " • " under Weekly Business Indicators.
22 SURVEY OF CURRENT BUSINESS November 1937
Monthly Business StatisticsThe following table represents a continuation of the statistical series published in the 1936 Supplement to
the Survey of Current Business. That volume contains monthly data for the years 1932 to 1935, inclusive, andmonthly averages for earlier years back to 1913 insofar as available; it also provides information as to the sourcesof the data and sufficient descriptive material for a proper interpretation of each series. These notes also indicatethe source from which monthly figures prior to 1932 may be obtained. It is essential that all users of the SURVEYhave this base book which may be secured from the Superintendent of Documents, Government Printing Office,Washington, D. C , for 35 cents per copy.
A few series have been added or revised since the 1936 Supplement went to press. These are indicated byan asterisk (*) for the added series and by a dagger (f) for the revised series. A brief footnote accompanyingeach of these series provides a reference to the source where the descriptive note may be found.
The terms "unadjusted" and "adjusted" used to designate index numbers refer to the adjustment for seasonalvariation. Data subsequent to September will be found in the Weekly Supplement to the SURVEY.
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
INDUSTRIAL PRODUCTION(Federal Reserve)
Combined index, unadjusted 1923-25=100__Manufactures, unadjusted . _ do
Automobiles doCement _ doSlaughtering and meat packing* do ._.Glass, plate doIron and steel doLeather and products! doPetroleum refining _ do _Rubber tires and tubes doTextiles doTobacco manufactures _ . _ do
Minerals, unadjusted! _ doAnthracite! doBituminous coal _ . . _ doIron-ore shipments doLead . ._ _ . doPetroleum, crude doSilver doZinc do
Combined index, adjusted _ doManufactures, adjusted- _ _ . do
Automobiles doCement.. . ._ _ _ _ _ do __.Slaughtering and meat packing* doGlass, plate doIron and steel . _ . . doLeather and products! _ do -Petroleum refining doRubber tires and tubes doTextiles doTobacco manufactures . do
Minerals, adjusted! doAnthracite! doBituminous coal . . . _ doIron-ore shipments doLead doPetroleum, crude doSilver doZinc _ . _ _ . _ do -_.
MARKETINGS
Agricultural products (quantity), com-bined index 1923-25=100
Animal products doDairy products doLivestock _ _ . _ do _Poultry and eggs doWool. do
Crops doCotton _. doFruits _ _ doGrains doVegetables do...
»109
539283
123P 115
p 107179
v 125
21873
p 182
110p 111v 110
1357387
125v 100
v 108162
P 11553
p 8611377
p 176
116
123
89786764
1692888896
103
10710742
10194
2361171301891221201731105887
17857
15010693
10911010781
10023611911218912212015710258829360
14611197
1108090807299
140259894795
BUSINESS
in1106599
1042421231231921181171571156794
16773
153118
981101119387
10524212711219111811414610552869871
152119101
1278996937391
16530410458
112
11511512790
121164127112189126125153115
71106
9377
15010610011411510591
1091641371161881261211501126995
11074
15299
100
106958291
115117116200
785477
INDEXES
114114147
7111789
125114192123132149111
72103
8115611410012112112291
10089
1431341911231391831177397
8016111398
83898082
1204677
106714972
11211312052
10077
134126189123130156105
6193
7715810085
114115120868777
1391361891231241651095683
761649980
6774767381395962784279
1171181205185
244135136194133134153111
54103
7216510289
1161161208586
2441291341941331261681155098
701689483
5662755967185154683180
1221221406784
24114213619013213214611867
112
771711021131181171219389
22912613219013212915312881
112
7517393
107
66798769
106585458743089
1221251588583
26514412819513312714510510161
841741041141181181308793
2411301311951331241581159772
85174103110
64819065
123814743673185
1221231639274
2341461222001321231571176370
23875
17798
1171181181357876
2231341332001321231551166380
15976
176101116
6687
11363
13117645287932
103
1151141479176
2341191142011231191641176572
24072
175105111114114130
7477
260119118202123126150114
7480
12270
172107115
7292
14965
112311
51255950
1111101329267
1851301132061021031781153872
24579
1771261041141141297570
2061401152061021111641124779
12182
174148112
8677
1255684
273951565
20069
1151141169470
216' 139'120
207
10817012037
' 7 7257
79' 184
1381031171181577378
216' 1 4 2
109207
1151591123778
12682
181139110
9079
1027272
1941019574
13647>les QO-.- 103 95 112 77 72 79 80 «y 85 103 VM W I 47
$ries. For data for period 1919-37, see table 42, p. 20, of the October 1937 issue. *> Preliminary. r Revised.d series. Data revised for 1936. For 1936 revisions of the Federal Reserve indexes, leather and leather products, unadjusted and adjusted, combined index ofladinsted and adinsted. anthracite, nnadinsted and adiusted. see, n. 22 of the March 1937 issue.
*New serie^.fRevised series. Data revised for 1936. For 1936 revisions of the Federal Reserve indexes, leather an
minerals, unadjusted and adjusted, anthracite, unadjusted and adjusted, see p. 22 of the March 1937 issue.
November 1937 SUKVEY OF CURRENT BUSINESS 23
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
BUSINESS INDEXES—Continued
MARKETINGS—Continued
Agricultural products, cash income from farmmarketings:
Crops and livestock, combined index:Unadjusted - 1924-29=100-Adjusted— doCrops, adjusted . d o —Livestock and products, adjusted do
Dairy products, adjusted. doMeat animals, adjusted... doPoultry and eggs, adjusted do
COMMODITY STOCKS
Domestic stocks, combined index (quantity)1923-25=100-
Manufactured goods doChemicals and allied products doFood products .doForest products doPaper, newsprint. doRubber products do
Raw materials doChemicals and allied products. _ doFoodstuffs doMetals doTextile materials d o —
World stocks of foodstuffs and raw materialscombined index (quantity)f~ 1923-25=100..
Coffee, adjustedf d o —Cotton, adjusted t doRubber, adjustedf - doSilk, adjusted!- d o —Sugar, adjustedf doTea, adjusted! doTin, unadjusted!- d o —Wheat, adjusted! do
96.581.072.090.588.094.089.5
130108144791238297145107135111191
179253186
93109
89.077.565.090.091.092.581.0
1221031258611265911369512896181
186422
-"178'266187
'16814065
'127
104.076.060.093.094.095.577.5
13210312390112
153108132106220
r 185427' 174264183
'17513669
' 121
88.577.561.594.091.599.080.5
135104121991136195158110127103240
'186428
'174'259187
'17813593
'117
86.078.564.592.591.5100.577.5
1321081311121165494150104118107232
' 183'432'171251196
'174124100
'113
75.575.063.587.089.589.078.5
12711114311411671941399311198214
184'418'174'245'187'178'118101
'119
59.570.563.078.584.583.059.5
120110153110109611011278410483195
'183'429M71'240188
'178'110
95'119
70.581.574.588.590.589.585.5
11111015410310973102111788580174
'182'457'164244
'187'177'9997
'116
69.089.088.590.088.091.086.0
102107148991104710498757070154
174'460'160235
'184'163'9098
'102
68.078.074.581.588.575.080.0
1071449611248
'10593757083136
'169'466'155225
'192' 163'9493
71.584.585.583.085.582.078.5
991081411031175710491747893121
'166445
'148'239'190'166
9487
'81
87.594.5108.080.085.577.578.0
106'10914198120509710473120105108
'171'443144242188
'16888100109
90.585.086.084.586.086.077.5
'111'109'143'92'122
68'95'112
80'126'118117
173442
'148'24919015693
'101120
COMMODITY PRICES
COST OF LIVING
(National Industrial Conference Board)
Combined index ___1923=100_Clothing do. . .Food do-_.Fuel and light do. . .Housing ___do._-Sundries do
PRICES RECEIVED BY FARMERS
(U. S. Department of Agriculture) §
Combined index. 1909-14=100..Chickens and eggs doCotton and cottonseed doDairy products doFruits. _ _.doGrains doMeat animals doTruck crops doMiscellaneous do
RETAIL PRICES
U. S. Department of Labor indexes:Coal:
Anthracite! 1923-25=100..Bituminous* do
Food ! doFairchild's index:
Combined index Dec. 1930=100..Apparel:
Infants' wear doMen's doWomen's do
Home furnishings doPiece goods do
WHOLESALE PRICES
U. S. Department of Labor indexes:Combined index (784)___ 1926=100__
Economic classes:Finished products doRaw materials _doSemimanufactures __ do
Farm products doGrains doLivestock and poultry do
89.478.587.685.088.697.1
11811974123121111144117115
85.8
97.191.595.298.189.2
87.4
89.184.485.385.991.9106.7
85.973.686.185.680.394.5
124119106128105130123153141
82.85.914. 3
89.3
94.587.790.789.985.4
81.6
82.381.875.984.0102.083.8
85.773.884.686.280.894.9
121127104125104128120131133
82.8
90.0
94.587.890.990.385.6
81.5
82.082.176.284.0102.181.2
85.874.084.386.581.495.1
12014110312697127118104133
94.687.991.090.985.7
82.4
82.683.178.685.1102.979.7
86.174.184.786.681.895.3
1261331051279313412299168
84.288.282.9
91.7
94.988.191.491.886.1
84.2
83.885.682.388.5109.085.0
74.386.486.482.295.8
131110107128105143128115182
84.6
93.0
88.492.293.187.0
85.9
84.988.185.491.3113.091.4
87.275.086.386.582.896.1
127101108126127146126143147
93.7
95.189.092.594.087.6
86.3
85.488.385.591.4111.589.9
87.975.987.286.184.296.4
128102116125133145129131140
84.3
94.5
95.389.493.094.788.2
87.8
86.490.189.694.1113.293.7
88.376.287.485.085.296.6
130104117120142154130127139
85.6
95.2
95.789.993.495.3
87.88.89.92.119.
88.876.788.483.786.1
12896112116152149133139133
86.5
95.6
95.890.193.696.388.9
87.4
87.587.187.589.8113.995.9
76.988.283.786.696.8
12495107113157139137124119
76.086.86.2
96.0
96.090.494.196.889.2
87.2
87.86.86.88.105.98.
76.987.784.187.196.9
12510210611614513914496113
85.9
96.3
96.490.794.897.489.2
87.9
88.886.587.089.3105. 2105.0
89.077.887.384.487.897.0
12310990119123119151104128
85.5
91.495.198. 189.2
87.5
89.084.886.686.492.0
108.2Revised.Data for Oct. 15, 1937: Total 112, chickens and eggs 127, cotton and cottonseed 67, dairy products 128, fruits 99, grains 93, meat animals 136, truck crops 130, miscella-
neous 113.! Revised Series. Retail prices of anthracite coal for period 1929-37, see table 44, p. 20, of the October 1937 issue; retail food prices, for period 1923-36 see table 9, p. 20, of
the February 1937 issue. World stocks of foodstuffs and raw materials for period 1920-37, see table 19, pp. 17 and 18, of the May 1£37 issue; revisions shown in this issuewere occasioned by recomputation of seasonal adjustment factors for 1936 and 1937. Data beginning 1936 will be shown in a subsequent issue.
• New series. For bituminous coal, retail price index, see table 44, p. 20 of the October 1937 Survey.
24 SURVEY OF CURRENT BUSINESS November 1937
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
COMMODITY PRICES—Continued
WHOLESALE PRICES-CofitinuedU. S. Department of Labor indexes—Contd.
Foods 1926=100..Dairy products doFruits and vegetables doMeats do
Commodities other than farm products andfoods ..1926=100..
Building materials.-- doBrick and tile - doCement doLumber -do
Chemicals and drugs - -doChemicals doDrugs and Pharmaceuticals .-doFertilizer materials. .do.
Fuel and lighting materials -do.Electricity.. - do.Gas - do.Petroleum products do.
Hides and leather products -do.Shoes.. _. _- -doHides and skins doLeather...- , do.
House-furnishing goods doFurniture _ —do.Furnishings do
Metals and metal products doIron and steel doMetals, nonferrous^ doPlumbing and heating equipment
1926=100-Textile products. do.
Clothing —do.Cotton goods -doKnit goods doSilk and rayon doWoolen and worsted goods do
Miscellaneous doAutomobile tires and tubes -doPaper and pulp do
Other wholesale price indexes:Bradstreet's (96) do....Dun's (300) do....
World prices, foodstuffs and raw materials,combined index 1923-25=100..
Coffee do.—.Cotton .-do—Rubber do__.Silk - . d o -Sugar do—Tea.. d o -Tin.. do—.Wheat do....
Wholesale prices, actual. (See under respec-tive commodities.)
PURCHASING POWER OF THEDOLLAR
Wholesale prices 1923-25=100..Retail food pricesf do—Price received by farmers doCost of living t do—
88.084.864.0
113.4
85.9
95.095.599.081.485.778.371.878.7
62.2107. 6107. 5120.798.991.187.194.997.199.892.6
80.675.389.776.866.532.492.477.056.493.4
84.0102.
56.56. 433.143.625.962.186.4
116.6
115.2116.6124.5113.8
83.389.571.587.3
79.687.189.095.584.981.788.675.367.676.183.287.257.594.699.393.384.281.778.085.486.888.171.4
76.570.980.880.060.830.280.971.347.580.7
79.597.1
55. 247.545.238.423.766.172.389.072.2
123.4118.6118.5118.3
82.687.473.884.4
80.187.388.395.586.182.289.076.567.476.882.886.057.995.699.397.285.482.078.385.6
71.7
76.671.681.282.061.131.180.571.547.5
79.197.8
55.048.445.238.624.561.667.789.575.8
123.6120.8121.5118.6
83.988.274.885.2
81.087.788.895.586.682.589.277.968.076.882.781.958.197.099.3
101.288.482.378.885.787.988.975.4
76.773.581.585.561.233.484.373.450.181.5
83.5102.3
56.950.944.942.227.068.363.0
102.173.2
122.3121.2122.5118.5
85.588.975.487.2
82.289.588.595.589.685.393.377.468.676.582.783.158.099.799.4
110.492.683.279.486.989.690.978.6
76.776. 383.190.363.033.890.574.550.182.9
86.2109.5
60.654.947.146.827.571.366.9
103.181.8
119.6120.6116. 7118.1
87.188.982.490.6
83.491.389.795.593.087.796.479.070.676.681.082.258.3
101.799.7
116.094.386.584.089.090.991.784.8
77.177.583.991.964.434.591.976.251.884.8
86.9107.7
62.355.947.850.128.773.870.8
101.284.2
117.2118.2112. 2117.1
87.088.787.890.3
84.193.391.095.599.087.895.683.070.776.880.880.759.1
102.7101.4114.995.587.984.591.291.792.089.4
77.477.584.291.364.733.793.177.353.187.5
87.8108.8
60.358.348.249.927.866.374.0
103.379.5
116.7118. 3115.7116.7
87.590.286.592.0
85.595.991.895.5
102.187.595.383.070.376.277.879.858.6
104.2102.3118.5
97.188.485.091.796.097.5
101.1
77.678.384.894.064.933.692.679.555.090.2
91.4109.0
64.255.453.356.428.164.678.0
124.886.5
114.7117.1114.8115.7
85.578.583.594.9
86.596.794.995.5
103.086.994.282.970.776.877.180.759.8
106.3103.8121.4100.789.085.892.196.599.697.0
78.779.586.895.165.933.893.581.156.4
89.1108.7
65.255.452.654.827.663.880.7
117.495.3
114.4116.8113.1115. 2
84.273.184.195.9
86.397.295.095.5
103.084.591.179.270.677.278.883.060.9
106.7106.1117.7100.689.386.192.595.899.691.7
78.778.787.292.665.732.593.380.556.494.6
87.7106.8
62.057.848.949.425.862.381.6
110.789.9
115.2115. 6114. 8114. 5
84.772.084.598.0
86.196.995.095.5
102.283.690.178.070.577.579.584.261.5
106.4107.5114.698.889.586.692.595.999.791.9
78.778.289.189.764.632.593.279.456.495.0
87.2107.3
59.857.846.745.225.562.676.4
111.184.8
115.5116. 0118.5114.4
86.276.471.2
106.0
86.396.795.495.5
101.383.989.978.271.378.180.084.061.8
106.7107.4116.298.789.786.892.696.199.892.7
78. 778.390.186.864.833.994.479.056.494.2
86.6102.8
61.357.345.644.3 I27.164.177.9
118.091.0
114.6116.4117.6114.4
86.779.765.3
112.1
86.196.395.595.599.582.287.078.271.778.479.482.662.0
108.1107.4122.1100.091.187.195.097.099.993.3
78.877.190.082.265.732.993.977.356.494.1
84.8102. 2
58.356.437.943.126.266.183.9
118.285.7
115.1117.0119.5114.3
CONSTRUCTION AND REAL ESTATE
54415743
101,231124, 537
12, 966225, 768
3,31914, 36179,071
21414,171
1,14352, 861
8,29021, 55379,664
220,142
51395840
89,086119,118
11,269208, 204
2,99714, 62365,895
22218,029
87055, 839
7,18019,98668, 441
162, 743
53386645
82, 461117, 235
9,605199, 696
2,46714, 37072, 956
16719,117
58242,135
6,38918,96965, 487
266, 301
51376345
112,345130,482
8,731242, 827
2,62914, 69195, 969
18121, 788
51546, 664
5,40618,42778, 407
173, 077
54426247
69, 382118, 875
9,746188,257
2,92210,70165, 626
20532, 364
39527, 264
6,22418,73963,004
189,197
56475645
66, 355164, 891
13,355231, 246
3,36116, 57988, 602
19520, 256
60432, 221
9,19524, 24490,168
156, 788
61515344
74,164••195,770
16,162269, 934
3,74118, 46296,179
24120, 985
1,09944, 757
11,08129, 483
108,013
216,955
68525644
92, 585151, 528
13, 756244,113
3,22516, 71093, 433
18810, 763
1,06955, 980
9,27423, 03883, 937
235,012
72476142
'137,458••180,384
13,884317,842
3,56621, 794
124, 837
30929, 863
1,18370,064
8,82623, 84593, 078
274,399
75456844
130, 776190, 826
13, 239321, 603
3,72924, 512
138, 064
27549, 992
1,22152, 501
8,01420, 58081, 046
260,001
' 6 6M 0' 6 3M 0
107, 530177, 574
12, 990285,104
3,57421,154
117, 210
29531,343
1,38663,103
7,73518, 92073, 448
170,068
CONSTRUCTION CONTRACTSAWARDED
Value of contracts awarded (Federal Reserveindexes):
Total, unadjusted 1923-25 = 100- 57 60Residential, unadjusted do 38 47
Total, adjusted do 57 59Residential, adjusted do 38 47
F. W. Dodge Corporation (37 States):By ownership:*
Public thous. of dol_. 79,623 115,561Private d o . — 127,464 118,711
By type of project:Total, all types:f
Projects n u m b e r - 12,649 12,056Valuation thous. of d o l - 207,072 234,272Nonresidential buildings:
Projects n u m b e r - 3,296 3,079Floor space.- thous. of sq. ft— 14, 494 13,639Valuation. thous. of doL. 75,660 69,099
Public utilities:Projects _ number. . 229 224Valuation- thous. of dol . . 12,949 15,735
Public works:Projects.. number . . 1,307 1,169Valuation thous. of doL. 52,873 68,767
Residential buildings all types:Projects n u m b e r - 7,817 7,584Floor space thous. of sq. ft-. 17,028 21,181Valuation - t h o u s . of dol . . 65,590 80,671
Engineering construction:Contract awards (Engineering News Record)^
thous. of dol— 210,511 197,372' Revised.* New series. For data on the value of contracts awarded classified as to ownership, see table 29, p. 18 of the August 1937 Survey.S Data for October and December 1936 and April, July, and September 1937 are for 5 weeks; other months, 4 weeks.f Revised series. For data on purchasing power of the dollar, cost of living for period 1914-36 and retail food prices, for period 1923-36, see tables 5 and 6, p .
February 1937 issue and for construction contracts awarded in 1936, see table 28, p . 18, of the August 1937 issue.19 of the
November 1937 SUEVEY OF CURRENT BUSINESS 25
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
CONSTRUCTION AND REAL ESTATE—Continued
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:Total thous. of sq. yd..
Roads only doHighways and grade crossing projects admin-
istered by Bureau of Roads:Highways:
Approved for construction:Mileage number of miles..Allotments: total thous. of dol..
Regular Federal aid do1934-35 Public Works funds do—.Works Program funds do
Under construction:Mileage number of miles..Allotments: Total thous. of doL.
Regular Federal aid doPublic Works Program:
1934-35 funds do___.Federal aid do
Works Program funds doEstimated total cost do
Grade crossings:Approved for construction:
Eliminated and reconstructed*.number..Protected by signals* doWorks Program funds alloted
thous. of doL.Estimated total cost do
Under construction:Eliminated and re constructed*, number..Protected by signals* doWorks Program funds allotted
thous. of dol..Estimated total cost do
CONSTRUCTION COST INDEXES
Aberthaw (industrial building) 1914=100-_American Appraisal Co. (all types)..1913=100..Associated General Contractors (all types)
1913=100-.Engineering News Record (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 doSt. Louis do
Commercial and factory buildings:Brick and concrete:
Atlanta U. S. av., 1926-29=100-.New York doSan Francisco .-doSt. Louis do
Brick and steel:Atlanta doNew York doSan Francisco doSt. Louis do
Residences:Brick:
Atlanta doNew York doSan Francisco doSt. Louis do
Frame:Atlanta doNew York doSan Frarcisco doSt. Louis do
REAL ESTATEFire losses thous. of dol..Foreclosures:
Metropolitan cities* ___ 1926= 100. _Nonfarm real estate* 1934=100_.
Loans of Federal agencies:Federal sayings and loan associations:
Associations, total number. .Associations reporting do.
Total mortgage loans outstanding*thous. of doL _
Federal Home Loan Bank:Outstanding loans to member institutions
thous. of doL-Home Owners' Loan Corp.:
Loans outstanding* do.
6,0594,499
2,74639, 84933, 4042,3434,102
8,135137, 56299, 913
8,7200
28, 929238,739
165417
12,71313, 291
581357
63, 60065, 526
198
191
244.0
94.3127.3117. 6115.0
96.8128.5120.5119.3
95.1127.6117.5119.4
85.9123.9110.6109.0
79.6118.4104.2100.6
19,350
18063.0
1,3071,200
761,114
179, 508
2,472,421
7,6135,196
3,17349,12330, 6014,04414, 479
11,949194,47769,488
22.92932
102,028266, 528
289624
26, 57527,817
1,23833
110, 865112,930
183165
179
208.1
83.3108.4107.3104.5
86.2112.0114.5106.0
84.6109.3107.7106.2
74.5104.098.699.2
67.698.488.390.9
20, 414
27885.7
1,1831,062
507, 574
129,752
2,870,480
6,0824,482
2,75046,10329, 3604.148
12, 595
10,335174,78170, 586
20, 37932
83, 784248, 024
254620
23,61524,185
1,192
111,326113,915
166
180
211.5
84.8108.4107.8105. 2
87.0112.0114.9106.6
85.6109.3108.1106.8
76.1104.099.0
68.098.488.791.5
20, 439
25977.8
1,1921,080
532, 064
134, 929
2,834,610
3,7692,550
2, 57442, 09327, 0343,80911, 250
8,881158, 53769, 368
17, 20632
71,931229, 527
228615
20, 23320, 826
1,14942
109,016111,614
167
180
212.7
85.1108.3108.2106.2
87.2112.0115.2107.4
108.5108.9107.6
76.3104.199.2100.6
70.098.488.992.3
22,808
23575.1
1,2061,046
531, 078
137,250
2,801,827
5, 4684,026
2,63542, 09029,0593,6719,360
8,003141,06965, 664
13, 46111
61, 934207.315
206542
17, 97118, 606
1,081
104, 876107, 645
195169
180
220.1
85.21.Q8. 4lb8.2106.2
87.3112.1115.2107.4
86.0108.7108.9107.6
77.0104.899.2100.6
70.799.188.992.3
30, 134
26884.4
1,2121,065
544,107
145, 394
2,765,098
3,3852, 836
2,88043, 89932, 7103,2917,898
7,617133, 55365, 222
12. 5610
55, 770199, 498
173542
16,03716, 621
1,039100
101, 381103,808
171
181
223.5
86.9109.5111.8108.4
88.6111. 7118.1112,1
88.3111.1112.7109.7
80.1106.5102.4104.1
75.0101.192.296.1
25, 070
22269.9
1,2281,143
576, 299
143, 738
2,729,274
2,3711,456
2,99344, 47234. 2472,9027,323
7,923136,03969,809
12, 4910
53, 738205, 239
157419
13, 52614,049
1,014309
100, 593102, 853
174
184
223.5
88.1110.1108.4109.8
90.5112.0113.0112.9
112.2108.8112.8
82.0108.598.1105.0
76.6103.592.297.2
28, 655
19665. 1
1,2401,157
611, 212
141,198
2,698,611
3,3522,564
3,32346, 74336, 3152,8837,545
8,041139, 68376,168
12, 5400
50, 975214, 697
150396
12, 84213,257
341
98, 464100, 718
203178
184
225.3
91,8111.3109.4110.6
95.3113.3113.8113.5
94.0113.9110.7114.4
84.3109.699.8105.4
78.1104.994.097.6
29,319
23074.0
1,2491,168
142, 716
2,661,542
4,3403,155
3,42646, 72435, 2973,1088,319
8,278144, 53185,155
11,8420
47, 534228, 204
142397
13,38114,079
935345
95, 69098,004
181
186
230.3
93.3111.5109.7113.0
95.8113.4114.0117.1
94.8114.8111.6117.6
88.4109.6101.3106.0
82.7104.995.898.0
26, 664
23773.3
1, 2571,157
644, 068
146,146
2,625,493
6,6395,495
4,48248,18938, 5502,4367,203
149, 53592,071
12,0750
45, 389239,730
132393
13, 48414, 321
873346
92,21194, 452
182
186
233.3
93.2111.7109.7113.0
95.7113.6114.0117.1
94.6115.1111.6117.5
88.4110.0101.3105.9
82.7105.095.8
21, 438
23074.7
1,2701,166
679,949
153, 488
2,591,115
6,5754,861
3, 58249, 26339, 4182,5967,249
9,215152, 050
10,9100
42,172248,187
167360
15, 73016, 881
824375
87. 67790, 671
201184
192
238.2
94.3121.8110.7114.4
96.7122.2114.8118.8
95.4120.5113.1118.8
88.3119.4104.9107.8
82.3115.096.499.2
19, 525
24376.3
1,2861,181
703,996
167,054
2,556,401
5,1873,562
3.14243, 41734, 8852, 2666,267
8,970148, 745101,062
9,9590
37, 724253,914
164350
12, 32313, 374
704363
79,11082, 229
185
191
241.8
93.8126.2110.7114.3
96.4127.6114,8118.7
94.7126.4113.1118.6
85.5121.6104.9107.0
79.2116.296.498.3
19, 812
21468.5
1,2931,168
718,927
5,7834,216
2,98640, 60632, 8612,7544,990
8,583143, 603102, 524
9,2290
31,850250,171
154356
11,76112,697
650368
71,16774,123
185
191
243.0
94.1126.5117.4114.5
127.8120.4118.8
94.9126. 6117.5118.6
85.7121.8111.2106.4
79.4116. 4104.997.6
19, 767
17657.7
1,296T 1 , 200
746,958
169, 568 175,604
2,524,129 2,497,224
§Index as of Oct. 1, 1937, is 244.6.*New series. Data on number of grade crossing projects represent a breakdown of the total projects shown in the 1936 Supplement. For earlier data on the foreclosures
indexes, see table 18, p. 20 of the April 1937 issue. Total mortgage loans outstanding of Federal Savings and Loan Associations represent the combination of loans of "newassociations" and "converted associations" which were shown separately in the 1936 Supplement to the Survey. The Home Owners' Loan Corporation data are for loansclosed through June 12, 1936, when lending operations ceased, and for loans outstanding thereafter. For loans outstanding, data beginning September 1933 will be shown ina subsequent issue. The June 1936 figure, which was $3,092,871,000, represents the total of all loans made during the full period of lending operations
'Revised.
23491-
26 SURVEY OF CURRENT BUSINESS November 1937
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
DOMESTIC TRADE
ADVERTISINGPrinter's ink indexes (adjusted for seasonal
variation):Combined indexf 1928-32 = 100..
Farm papers ._ doMagazines doNewspapers doOutdoorf - doRadio do
Radio advertising:*Cost of facilities, total thous. of dol.
Automotive doClothing doElectric home equipment doFinancial doFoods _ do__.Home furnishings, etc do__.Soap, cleansers, etc doOffice furnishings, supplies do._.Smoking materials. doDrugs and toilet goods.__ do__.All other. do_._
Magazine advertising:*Cost, total _ do__.
Automotive doClothing. doElectric home equipment do.._Financial doFoods doHome furnishings, etc do_._Soap, cleansers, etc doOffice furnishings, supplies doSmoking materials do.._Drugs and toilet goods.._ do_._All other do.__
Lineage, total.. . _ .thous. of lines-Newspaper advertising:
Lineage, total (52 cities) ___do___Classified doDisplay, total d o . . .
Automotive.-. do__.Financial doGeneral doRetail d o . . .
GOODS IN WAREHOUSESSpace occupied, merchandise in public ware-
houses _ .percent of total.
NEW INCORPORATIONSBusiness incorporations (4 States) number.
POSTAL BUSINESSAir mail:
Pound-mile performance. thousands.Amount transported.. . pounds.
Money orders:Domestic, issued (50 cities):
Number thousands.Value thous. of dol.
Domestic, paid (50 cities):Number thousands.Value thous. of dol.
Foreign, issued—value doReceipts, postal:
50 selected cities thous. of dol.50 industrial cities do
RETAIL TRADEAutomobiles:
New passenger automobile sales:Unadjusted ..1929-31 = 100..Adjusted do
Chain-store sales:Chain Store Age index:
Combined index (20 chains)ay. same month 1929-31=100.
Apparel chainsav. same month 1929-31=100.
Grocery chain-store sales:*Unadjusted 1929-31 = 100.Adjusted d o . . .
Variety store sales:Combined sales of 7 chains:
Unadjusted d o . . .Adjusted d o . . .
H. L. Green Co., Inc.:Sales.. _ thous. of dol.Stores operated number .
S. S. KresgeCo.:Sales.. . . thous. of dol.Stores operated .number.
S. H. Kress & Co.:Sales .thous. of dol.Stores operated number.
McCrory Stores Corp.:Sales thous. of dol.Stores operated number.
95.079.099.189.179.1
277.0
4,971692
263436
1,4410
5220
5671,289
365
12,8191,359
978220373
1, 460869383374825
2,0703,9092,383
117,25623,71593, 5414,0521,302
19, 82968,357
30, 0423,412
73.2105.0
116.0
128.0
94.696.5
99.6104.3
2,638137
12, 097738
231
3,108197
1,
91.476.891.686.973.3
268.2
4,894770242744
1,33329
3146
4391, 273
635
11,1041,365
695191358585665446286593
1,9382.9822,084
114,38722, 52191, 8664, 2571,641
21,05364,916
61.7
2,026
998, £.,528,942
3. 66537, 237
12, 772103.480
2,720
• 29, 2853,242
71.083.0
110.0
117.2
93.094.9
97.8102.4
2,501132
11, 753••730
6,785235
3,096195
93.471.789.690.674.2
253. 7
6.7231,164
511
531, 559
65400
17359
1,4751,579
14, 2841,364
895477425
2,1981, 051
531304657
2,8423,7402,637
136, 63523,984
112, 6526,1831,860
27,41177,198
2,156
1,060,4881,629,711
4,07140,616
14,921119,437
2,319
32, 8803,678
56.585.5
109.5
123.0
94.293.7
100.498.9
3,027133
13, 540730
7,307235
3,511194
94.975.397.191. 174.1
239.2
6,1261,031
562270
1,67091
41013
3911, 659
713
14,7582,290
696325421
2,452798501263648
2,9263,4382,736
131,98622, 646
109, 3409,8121,848
24, 22773,452
61.7
2,114
984,$,511,117
3,90738,315
13,316105, 703
2,633
29,2173,226
113.1151.0
111.0
127.0
95.895.8
104.5103.0
2,905134
12, 214731
7,321235
3,209194
99.292.9
101.195.275.6
244.4
6,185944
391685
1,82151
4576
4041,752
610
12, 2031,419
535545310
1,977561236341674
2,1223,4822,731
130,76222, 945
107,8174,2462,151
18,18683, 234
61.6
2,489
1.166.9141,778,912
4, 59643. 849
16, 221122.826
5,712
41,3454,846
130.4175.0
113.0
130.0
195. 7106.1
5,847135
24,351734
14, 748235
6,714196
86.570.389.381.474.8
241.5
6,0611,094
303574
1,7515
3550
4211,699
597
9,0421,579
297124306
1,312228220165677
1,6752,4592,031
99, 58821, 52178, 066
3, 3482,970
17,17654, 572
62.0
2,620
907,0031,410,974
4,11640,019
12, 59695, 7522,429
< 27, 8923,418
90.1129.5
106.4
112.0
95.097.9
70.394.4
2,017135
9,349729
5,109235
2,510195
91.976.794.388.368.5
234. 8
5,714654256569
1,63111
4050
4361,575
843
12, 6341,471
393290329
2,122498459186696
2,8933,2972,399
103,09220, 61582,4773,8961,986
22, 81453,784
62.4
2,228
,003,256,538,470
4.04638,383
11,82690,41?2,502
27, 7543,312
85.5139.5
110.0
117.0
97.897.4
81.397.4
2,018136
9,843729
5,595235
2,662194
94.172.097.890.175.7
228.6
6,3451,099
2510876
1, 72810
5170
5101, 759
513
15, 5372,019
770610397
2,164901414245732
3, 2354,0502,762
126,13424,632
101, 5025,4132,390
24,40669, 292
64.8
2,608
,174,070,799,916
4,63844, 581
15,374116,518
3,167
33, 763
146.5123.5
108.6
126.0
100.199.1
97.1103.3
2,774136
12, 635731
7,447235
3,556194
96.578.0
102.191.482.5
230.7
5,9801,018
1013373
1,7219
5930
5701,517
336
17, 0612, 602
881882438
2,1091,167
403201691
3,1444, 5433,206
131.05225, 758
105, 2946,9562,218
24,13571, 985
65.7
2,417
1,097,6081,665,256
4,26941, 867
14,055107,985
2,744
31,1293,646
141.3102.5
110.0
130.0
99.7
89.096.2
2,454136
11,199732
6,400235
3,023196
82.697.889.085.4
247.0
5,8761,070
2614161
1,6307
5280
6211,484
307
17,8292,8241,028
868451
2,1991,230
580315724
3,0874,5223,258
130,83527,132
103,7027,4621,807
24,01970,414
67.9
2,122
,104,137,690,041
4,05539, 735
13. 349103,410
2,348
29, 8433,376
144.6104.0
112.0
124.0
98.396.9
98.3
2,826136
13,001733
7,007234
3,5196
98.382.5
101.992.579.5
289.4
5,555904
32101
711,508
4560
0616
1,492266
14,6052,452
850596399
1,789832461188689
2,7823,5683,023
121,78425, 79895,986
7,3322,065
22, 77563, 814
69.1
2,171
1,129,7431,729,836
4,26541, 750
13,918108, 575
2,601
29, 6233,453
134.399.0
114.0
117.0
' 9 5 . 3' 9 3 . 9
100.7105.9
2,805136
12, 650735
6,899234
3,365197
94.869.7
103.587.782.8
283.4
4,761683
279768
1,3370
4540
5581,312
224
10, 6882,134
279253290
1,521325348113693
2,1602, 5722,235
99,20622,61476,5935,9031,992
17,16051, 538
••68.8
1,943
,124,012
4,04240, 847
12,928104,192
2,607
26, 6003,292
122.9104.5
114.5
124.0
91.193.0
97.0109.0
2,702136
12, 349735
6,559235
3,133197
96.286.4
101.988.884.4
298.3
4,807735327852
1,3440
4750
5511,275
265
9,7301,582
41492
2761,385
257353157608
1,9642, 6432,018
103,69923,71079,9895,3711,279
16, 53156, 808
1,840
3,92539, 571
12, 426102, 567
2,717
26, 2873,262
'112.6r 120. 5
113.2
123.0
' 8 9 . 6' 9 3 . 3
90.6102.4
2,368135
11, 013729
6,797234
2,977197
' Revised. ° Receipts for Louisville. Ky., not included.fData revised beginning January 1934. Revisions not showrn on p. 25 of the July 1937 Survey will appear in a subsequent issue.* New series For radio advertising beginning May 1932 see table 38, p 20 of the September 1937 Survey; for magazine advertising for period 1932-36, see table 40, p. 18 of
the October 1937 issue. For data on grocery chain-store sales beginning 1929, see pp 14-16 of the May 1937 issue.
November 1937 SURVEY OF CURRENT BUSINESS 27
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
DOMESTIC TRADE—Continued
RETAIL TRADE-ContinuedVariety store sales—Continued.
G. C. Murphy Co.:Sales thous. of doL.Stores operated number..
F. W. Woolworth Co.:Sales thous. of dol_.Stores operated number..
Resturaant chains (3 chains):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 thous. of doL.Stores operated. number..
Department stores:Collections:
Installment accountpercent of accounts receivable..
Open accounts doSales, total U. S., unadjusted.. 1923-25= 100..
Atlanta d o —Boston- - d o —Chicago t - d o —Cleveland d o —Dallas do.. . .Kansas City* 1925 = 100,.Minneapolis 1929=100-.New York 1925-27=100-.Philadelphia— - 1923-25 = 100-.Richmond . . . d o —St. Louis* d o —San Francisco d o —
Sales, total U. S., adjusted - . . do . . . .Atlanta doChieagot --- - d o —Cleveland d o —Dallas doMinneapolis 1929=100..New York 1925-27 = 100..Philadelphia 1923-25=100-.St. Louis* doSan Francisco do
Installment sales, New England dept. storespercent of total sales..
Stocks, total U. S., end of month:Unadjusted 1923-25=100..Adjusted do
Mail-order and store sales:Total sales, 2 companies thous. of doL.
Montgomery Ward & Co doSears, Roebuck & Co __do
Rural sales of general merchandise:Total U. S., unadjusted 1929-31 = 100..
Middle West* do . . . .East* - do . . . .South* _ . . d o . . . .Far West* do . . . .
Total U. S., adjusted do . . . .Middle West* ._. . . d o . - .East* . d o . - .South* . . d o . . . .Far West* do . . . .
3,335197
24, 2712,008
355
7,819480
24,8061,516
10012082
10510312194
1039174
1151019794
12810299
1149588749594
11.0
77
90, 24037,45952, 781
130.4115.1126.1160.4157.0131.7115.7134.9156. 5134.2
2,907192
• 23, 4331,993
3, 652349
7,443472
• 22, 5241,491
16.542.8941168297891099095877110490978812395861038884798493
10.8
80,97433,35747, 617
122.3107.0112.0160.6147.8123.6107.5119.7156.7126.3
3,637194
26,7331,994
3,800346
9,333474
28,9521,494
17.848.41001199210498120102112978413797989010095921049485748695
10.9
76
103,59045, 45558,135
155.1137.7149.6225.0148.4127. 1116.2126.2163. 6126.8
3,268194
23,8911,995
3,542346
8,492477
26,0721,496
17.047.110512085JO110011390891069112097101941059395979190798395
9.7
8071
85, 99336,97949,014
150.8136.0154.8195.4150.4122.6110.5135.2146.9124.8
6,379195
45, 5061,997
3,943346
16, 867477
37,1331,496
17.347.016118713816415817515313915613620414917192110
10894887690100
6.3
6771
118,22251.78966,433
186.1150.5195.9212.4208.7131.0106.0137.5153. 9134.2
2,519195
18,6491,998
3, 581346
5,626477
15. 9281,498
16.447.4728570786978677169547966809310797919379897583
10.6
54,42722, 57831,849
88.681.088.4
107.595.6
106.798.7
105.3129.5128.3
2,550195
19, 7582,000
347
5,617477
14, 2441,499
16.444.0
76955778828972647257777281951089710110586857683
12.0
7276
53,83122,16131,671
85.295.2123.192.0103.798.5104.1123. 1116. 4
3,379195
24, 8152,003
3,774348
7,616477
19,8231,500
18.146.89011474
102959892907874
1118997931161041039890858091102
9.6
7876
78, 62534.93143,694
117.4107. 1120.4147 5119.0126.2119.0128.1158.6136.0
3,082195
21,8581,996
3,677347
7,176477
20, 2301,503
17.346.98910675979810088878169100899093107989110684876890
9.7
7976
89,68140,09649,585
116.4106.5122.0138.8121.2121.2108.1122.6150.2131.0
3,626195
24, 5622,002
3,654348
8,614477
20, 8201,503
17.047.0951167710110510592
9393115100981018890799097
9.0
7876
92, 62739,14053, 487
119.4109.9127.0132.0131.2127.1113.2130.3148.3145. 8
3,502195
24, 2372,006
3,462346
8,463479
22, 2541,508
16.346.4901007998959381918575
110798693111100981019488758697
6.7
7375
89,25837.06052,198
117.5109.6132.8124.6134.9124.4112.4136.2144.9142.7
3,460195
24, 7272,008
346
7,706479
20, 4091,508
15.445.1
658053717174656764517661799411498931058985738897
8.5
6974
73,65530. 43943,216
91.783.289.3100.1115.4119.110fl. 7113.7144.0139.1
3,142197
22, 7952,008
3,651354
6,780479
19, 7611,511
72103547880857875
'65568166
'94921329595118
14.7
74'78
71.25429, 67941,575
99.090.397.7103.1127.2115.1103.2110.4135.6138.3
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENTFactory, unadj. (B. L. S.)f 1923-25=100..
Durable goods groupf doIron and steel and products! . .do
Blast furnaces, steel works, and rollingmills -1923-25=100..
Structural and ornamental metal work1923-25=100..
Tin cans, etc doLumber and products do
Furniture doMillwork do . . . .Sawmills do
Machinery t doAgricultural implements! doElectrical machinery, etc doFoundry and machine-shop products
1923-25=100..Radios and phonographs do
Metals, nonferrous doAluminum manufactures . . .doBrass, bronze, and copper products
1923-25=100..Stamped and enameled ware do
Railroad repair shops doElectric railroad doSteam railroad do
102.197.3
108.7
121.2
82.3113.371.789.055.554.6
130.7147.2121.3
121.0208.1114.1131.0
114.7153.460.463.460.2
95.585.797.2
107.2
75.3111.668.285.052.651.9
107.593.996.5
94.3216.3102.9111.5
107.1143.459.362.459.1
96.789.298.9
107.9
74.9102.769.286.953.452.4
109.697.599.6
95.6218.3108.3117.2
111.3154.360.463.460.2
96.991.099.3
107.7
73.295.867.888.353.449.9
111.493.2
103.0
97.0210.6110.0118.8
112.9156.060.663.360.4
98.192.7
100.4
109.3
70.194.467.187.854.149.0
114.1102.9105.8
99.4202.7111.6117.7
116.2162.461.263.461.0
96.590.4
100.0
111.5
70.895.865.085.953.846.8
114.9111.3104.0
101.3187.1106.9118.9
118.5154.861.263.461.0
99.093.2
103.4
113.6
71.898.465.886.155.047. fi
118.6119.0109.3
104.4170.6111.5122.2
121.7159.161.663.361.5
101.196.4
106.8
117.1
74.2100.269.887.556.752.3
121.2131.5111.2
108.8163.0114.6124.2
124.1165.362.264.062.1
102.198.6
108.9
120.2
75.7102.270.686.957.753.4
124.3137.5114.6
109.7158.4115.5124.4
127.6162.463.363.863.3
102.399.9
110.1
122.0
76.9104.971.687.457.354.7
126.1139.7117.8
111.7139.9115.5125.8
125.7162.863.663.463.6
101.198.8
101.4
106.2
78.7109.272.989.157.555.7
129.2140.6119.9
112.7182.3113.9129.5
122.3159.264.062.764.1
101.498.9
107.6
119.9
80.6114.872.987.957.356.3
129.9138.6121.0
112.5196.8111. 5131.5
119.0151.063.863.363.8
'102. 398.1
' 108.7
' 121.4
'81.4'117.9
r 73.0'89.2
57.1'55.9
' 130. 2r 141.0r 121.0
' 112. 5' 203.5' 112.8
132.6
'116.9' 153.1'62.0
63.0'62.4
' Revised.*New series. For earlier data on department store sales in the St. Louis Federal Reserve district see the July 1937 issue, p. 16, table 22; for rural sales of general merchan-
dise by geographic districts see the September 1936 issue, pp. 14-17. Data on department store sales in the Kansas City Federal Reserve district prior to those shown abovewill appear in a subsequent issue.
t Revised series. For factory employment revisions beginning January 1934, see table 12, p. 19, of the March 1937 issue. Indexes of department store sales in the ChicagoFederal Reserve district, both unadjusted and adjusted, were revised for the period 1923-36. See table 23, p. 16, of the July 1937 issue.
28 SURVEY OF CURRENT BUSINESS November 1937
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may he found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July Augus
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT-Continued
Factory, unadjusted (B. L. S.)—ContinuedDurable goods group—Continued
Stone, clay, and glass products.l923-25=100-Brick, tile, and terra cotta do.Cement do.Glass do.
Transportation equipment § doAutomobiles doCars, electric and steam railroadf_.doShipbuilding do
Nondurable goods group § doChemicals, petroleum products do
Chemicals. do_Druggists' preparations do.Paints and varnishes do.Petroleum refining doRayon and products do.
Food and products do_Baking do.B e verages do.Slaughtering and meat packing do
Leather and products do.Boots and shoes .do.Leather do.
Paper and printing. doPaper and pulp d o —
Rubber products d o —Rubber tires and tubes do
Textiles and products doFabrics. d o —Wearing apparel d o —
Tobaccq manufactures doFactory, adjusted (Federal Reserve)f§
1923-25 = 100-.Durable goods group§ do__.
Iron and steel and products§ d o —Blast furnaces, steel works, and rolling
mills 1923-25=100.Structural and ornamental metal work
1923-25=100-Tin cans, etc do . . .
Lumber and products do_._Furniture _ do__.Millwork do_._Sawmills . do . . .
Machinery§ do . . .Agricultural implements! do . . .Electrical machinery, etc do__.Foundry and machine-shop products
1923-25=100.Radios and phonographs do__.
Metals, nonferrous do-_.Aluminummfrs do__.Brass, bronze, and copper products.do-..Stamped and enameled ware d o , . .
Railroad repair shops do . . .Electric railroads— doSteam railroads do
Stone, clay, and glass products. doBrick, tile, and terra cotta doCement doGlass do
Transportation equipment § doAutomobiles doCars, electric and steam railroads §-doShipbuilding do
Nondurable goods groups § doChemicals, petroleum products do
Chemicals doDruggists' preparations doPaints and varnishes doPetroleum refining doRayon and products do
Food and products doBaking doBeverages doSlaughtering and meat packing do
Leather and products doBoots and shoes—_ doLeather.._ _ ___do
Paper and printing. doPaper and pulp do
Rubber products— .doRubber tires and tubes. do
Textiles and products doFabrics doWearing apparel _do
Tobacco manufactures. .doFactory, unadjusted, by cities and States:
City or industrial area:Baltimore 1929-31 = 100..Chicago .1925-27 = 100..Cleveland.. .1923-25=100..Detroit ._ doMilwaukee 1925-27=100..New York doPhiladelphia f 1923-25=100..Pittsburgh doWilmington _ do
72.752.370.0
111.1107.0112.368.5
105.9107.3128.5137.4114.1132.4127.4407.1137.7136.8223. 366.892.794.092.5
107.7119.198.088.3
101.694.9
114. 562.1
100.798.5
108.4
122
80103
69.2865553
130.2151121
113179
113.7131117153
60.16360
70.54966
111123.9
13567
106102.9127A
137112134126407
114.713420988
90.09093
107.8119
99.491
100.995.9
109.60.2
103.488.4
102.0110.4114.4
88. 7104.092.9
105.2
68.250.265.199.387.390.357.3
102.4105.9119.5127.1103.1126.7122.3360.1135.9131.3209.690.994.194.597.4
102.6110.494.386.6
103.495.8
118.463.6
108
73101
65.8825250
106.89697
95186
102.5112109143
59.16259
66.1476199
100. 810956
102101.6118.5
126101129120360
113.312919692
91.49198
102.7110
95.889
102.696.8
113.661.7
91.577.696.483.9
101.480.4
100.384.897.4
69.149.665.5
103.6102.1110.058.7
102.7104.7120.3129.9104.4128.6120.6361.5124.2132.6190.791.892.892.997.2
104.0110.797.989.0
104.397.1
118.364.5
94.488.298.4
109
73100
66.2815350
108.4102100
96176
105.2115110153
60.16360
67.24764
103105.0
11361
102101.2117.9
129100129119354
112.713118791
92.09296
103.1111
98.392
101.795.5
113.461.1
92.178.8
102.0103.0104.082.2
101.786.198.0
67.349.664.297.6
115.0128.357.597.4
103.3119.7130.0105.9125.3121.1364.0114.1133.0183.096.989.087.898.4
105.0111.9100.090.9
104.898.8
116. 065.9
96.2
109
7398
66.2845449
110.495
103
171106.7
118111154
60.66360
66.3486596
112.31236498
102.9118.1
129102127121357
113.413219796
94.99599
103.6112
99.493
104.497.3
118.462.4
91.580.2
102.2117.7106.181.9102.782.999.3
67.148.862.0100.6122.1138. 756.889.9104.0119.3129.1106.6127.5119.5362.4110.6132.2181.099.494.094.198.4106. 0112.8101.992.5106. 4101.7114.863.3
98.692.7101.0
110
7097
67.9865551
114.0103106
100188
110.7118115166
61.76362
69.05168101
118.71336289
104.9118.6129105130120355
115.013219795
98.810098
104.0113
102.295
106.8100.1119.862.0
92.281.3102.0126.1107. 081.1103.484.399.0
62.545.657.192.8112. 7125.255.794.5103.0120.2130.8106.5128.0119.4367.6105.2130.5182.396.497.599.097.0104.3113. 7101.392.7107.1102.3115.657.1
92.4102.3
113
7310368.8895750
116.0109104
102201
109.6121120163
62.36362
69.5546898
110.21206295
105.4120.7133105131120364
114.813320393
99.110197
104.0114
102.395
108.3101.7120.962.0
93.081.593.0
126.0110.081.1
103.083.6
67.246.658.2
107.6116.0127.462.998.7
105.2121.9131.4110.0131.2119.6370.4105.1132.2182.191.399.9
101.997.5105.7116.1101.693.4110.2103. 6122.660.5
99.793.9103.7
112
7510568.1875750
118.9113109
104196
111.7121122159
61.96362
72.65568109
113.012366
100105.8121.6133109133121363
116.713520291
98.110097
105.5116
101.794
107.3100.7119.861.8
95.483.2105. 5127.5109.084.1103.488.6100.6
70.349.363.5110.1121.0131.670.2106.8106.1124.9134.0112.2134.6120.5373.3105.7133.7192. 590.7100.8102.798.8107.1117.696.781.2111.2103. 8125.560.8
100.996.3106.4
116
7610471.4885854
121.1125111
106190
113.2119122161
62.26462
72.65470109
117.312771106
105.9122.5135111135122370
117.013620593
97.49997
107.4118
96.080
107.0101.1117.961.7
98.884.9106.387.3113.886.6105. 390.8104.3
73.053.366.9110.9125.4136. 275.1109.0105.9126.6135.6111.5138.2122.0378.1107.7132.7196.788.498.399.3100.0107.2119.196.781.4109.9103.7121.860.2
101.697.4108.0
118
7810571A905853
123.7130115
108189
114.3121126158
62.46462
71.85466108
118.12870106
106.2124.4136113136123378
116.113419991
96.597100
107.119
95.879
107.9103.8115.061.1
102.185.2108.6130.0115.84.4106.391.5108.0
74.455.068.5112.3128.3140.0
106! 7104.8124.5137.5108.3140.2124.1384.0107.9134.6207.489.395.195.399.1107.7120.2103.693.7107.3102.2116. 5
102.298.4108.7
120
77107
71.7915654
125.6136118
110155
115.4123124160
62.46362
71.35262110
122.213371104
106.2126.0138112134125392
114.813520;90
96.096100
108.0120
101.789
107.6103.2115.361.2
103.486.5
108.4129.1113.683.8
100.793.3
108.8
74.054.569.7112.4126.4137.876.5103.3103.5123.9138.5108.8138.9126.0391.4112.6136.6224.488.993.894.098.0106.9120.5101.292.7103.499.7109.360.1
101.497.8100.7
106
7810772.3925654
129.4143120
113190
115.0132123159
63.76364
70.45062109
122.613470104
105.3127.5137114134125408
114.713520689
96.19799
108.2121
100.089
105.4101.3112.060.2
101.986.2102.125.4116.282.1103.493.8111.3
71.753. 869.7107.9119.9130.471.6100.2104.1124. 3139.5106.2136.3127. 5401.0124.9136.7234.489.996.398.094.7106.0119.596.289.7100.098.0102.060.6
103.0100.1108.3
121
7911072.9915656
131.5147121
114214
115.413812115364.46364
70.45161110
123.513669102
106.2127.138112136126413
119.413620991
95.29795
107.312096.687
106.2102.0113.161.3
102.786.7105.383.5115.879.4102.593.3109.6
"71.9'52.069.9
• 109.6• 111.8• 118.7••72.7102.4
• 106. 9124. 9
' 137. 2• 111.8
132.8' 128. 2' 403. 4
132.5-- 135. 3' 230.7'86 .8'96.6'98.6
93.9106.3119.1'97.9'88.4
' 102. 897.3
'113.061.8
' 102. 4'99 .3
' 108. 7
122
' 79'109
'71.3' 8 8
5554
'131.3'148
121
'114'201
'115.9138121
'156'62.4
6362
'70.34864
112'121.3
'13269
106' 105. 6' 127. 2
'137'114
136127407
116.2134210'88
'93.09494
107.4119
'99.890
' 105. 9100.8
'115.1
' 102. 887.399.783.6
111.485.4
' 103. 5' 93 .0
' 104. 6
' Revised.t Revised series. For revisions on factory employment, seasonally adjusted (Federal Reserve), see tables 1 and 3, pp. 14-20, of the January 1937 issue; for Philadelphia
factory employment, revisions for 1935-36, see table 35, p. 20*: of the August 1937 issue.^Revised series. For revisions beginning January 1934 see table 12, p. 19, of the March 1937 issue.
November 1937 SURVEY OF CURRENT BUSINESS 29
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Factory, unadjusted, by cities and States—Con.State:
Delaware 1923-25 = 100..Illinois 1925-27=100-Iowa 1923-25 = 100-Maryland 1929-31 = 100..Massachusetts 1925-27 = 100..New Jersey 1923-25=100, _New York 1925-27 = 100..Ohio 1926=100..Pennsylvania t 1923-25 = 100..Wisconsin 1925-27 = 100-_
Nonmanufacturing, unadjusted (B. L. S.):Mining:
Anthracite 1929=100..Bituminous coal doMetalliferous doPetroleum, crude, producing doQuarrying and nonmetallic do
Public utilities:Electric light and power, and manufac-
tured gas 1929 = 100.Electric railroads, etc doTelephone and telegraph .do
Trade:Retail, total do
General merchandising d o . . .Other than general merchandising
1929=100-Wholesale do.
Miscellaneous:Dyeing and cleaning do.La undries doYear round hotels do.
Miscellaneous employment data:Construction employment, Ohio..1926=100. _Hired farm employees, average per 100 farms
number. _Federal and State highway employment:
Total number..Construction do. . .Maintenance do. . .
Federal civilian employees:!United States do. . .
District of Columbia.. do. . .Railway employees:
Class I steam railways:Total. thousands.Index:
Unadjusted 1923-25=100.Adjusted do. . .
Trades-union members employed:All trades percent of total. .
Building do.Metal do.Printing do.All other do.
On full time (all trades) do.
LABOR CONDITIONS
Hours of work per week in factories:Actual, average per wage earner hours..
Industrial disputes (strikes and lockouts) :fBeginning in month* number..In progress during month doWorkers involved in strikes:
Beginning in month* _ __doIn progress during month do
Man days idle during month doEmployment Service, United States:
Applications:Active file.. do.New do.
Placements do.Private do
Private placements to active file* percent. _Labor turn-over in mfg. establishments:
Accession rate. .mo. rates per 100 employees..Separation rate:
Total do.Discharge do.Lay-off doQuit do.
PAY KOLLS
Factory, unadjusted (B. L. S.)t—1923-25=100..Durable goods groupf do
Iron and steel and products! doBlast furnaces, steel works, and rolling
mills _ ...1923-25 = 100.Structural and ornamental metal work
1923-25=100. _Tin cans, etc.- do.
121.998.1133.5110.081.187.791.4
92.3112.2
48.280.383.977.854.7
98.473.679.9
90.7103.9
87.293.1
87.193.687.7
107
346,444179, 416167, 028
63.462.2
'105, 000'185, 000'1,400,000
4,636,744278, 946346, 029239, 596
5.2
3.78
4.62.19
2.841.59
100.199.4113.0
129.9
83.9123.5
118.486.6121.898.979.883.183.3101.287.095.2
47.678.263.174.554.9
93.572.873.7
86.698.5
83.588.0
86.789.684.2
111
414,147262, 375151. 772
1,114
61.760.5
40.7
234379
65,994130, 8751,063,100
355,800434, 648167,809
2.5
5.09
3.30.261.471.57
77.287.1
97.7
66.0112.5
105.786.9121.9100.280.482.784.7103.188.296.8
49.981.164.273.654.6
94.073.173.8
88.7103.9
84.789.0
86.587.685.4
49.3
107
389,966240, 249149,717
1,121
62.160.4
41.1
192335
100, 845148, 5701,053,878
6,897,446357,455399, 095173, 407
2.5
4.83
3.25.241.721.29
89.085.393.2
101.8
68.597.2
105.687.9124.199.581.683.484.8103.687.696.9
51.582.362.973.252.6
93.573.073.7
90.1109.3
85.189.7
81.387.084.6
52.1
95
353, 971200, 283153, 688
1,104
61.160.7
8877909090
41.5
136252
70,116157, 0071,940,628
6,841,989339,309330, 986158,833
2.3
4.60
3.04.211.701.13
90.788.995.8
105.0
65.592.2
105.289.1128.599.183.684.785.5105. 388.497.4
54.883.964.472.449.4
93.272.573.6
99.6143.4
88.191.0
77.787.684.0
49.2
90
288, 248149,708138, 540
1,095
60.662.1
867490908865
41.8
132258
72, 639184, 8592,065,733
6,311,159307,182303, 275171, 974
2.7
4.41
3.41.22
2.141.05
95.293.4103.2
115.4
65.793.5
104.889.4126.2100.184.083.985.5102.688.099.7
54.184.666.872.745.7
92.172.574.4
85.495.1
82.990.7
88.585.5
46.5
69
210, 02792, 451117, 576
60.262.8
857189908864
41.0
169269
107, 587213, 2342,075,711
6,282,615292,304242,136143, 969
2.3
4.60
3.38.211.901.27
90.786.699.8
115.9
63. 394.4
107.291.6128.7102.485.285.387.3107.090.4101.8
52.784. 869.673.546.7
92.072.574.8
85.293.9
82.992.0
76.288.686.4
51.2
190, 33669,550120, 786
1,112
61.463.8
866989908965
41.5
207345
'112, 476•238, 8991,515,555
6,115,443262, 290250, 241157, 738
2.6
4.71
2.85.221.441.19
95.892.5103.9
118.5
67.599.4
111.293.6
130.8105.786.786.289.7108.791.4105.4
85.973.174.249.1
92.272.675.4
88.5100. 3
85.492.1
81.188.786.9
72
200, 79481, 748119, 046
1,114
61.663.4
877191909068
'600-•742
'286, 297-353, 265'3,258,887
5,495,209282, 587294, 308193,641
3.5
4.74
3.20.241.531.43
101.1100.0112.6
127.2
72.2104.2
115.194.3
130.9108. 687.287.089.5
110.092.2
106.6
54.072.676.275.853.1
92.972.976.6
88.899.6
86.091.9
84.988.588.4
57.7
226, 286101, 525124,761
1,144
63.363.8
40.9
'504••744
'217, 467'385, 258'3,310,221
5,519,754288,049348,915219, 456
4.0
4.04
3.09.231.481.38
104.9106.4124.5
145.6
78.5108.2
116.595.3133.5109.886.287.389.6112.492.3105. 3
51.077.878.276.754.9
94.473.377.7
102.1
86.790.8
88.690.3
87.7
62.5
87299,063139,896159,167
1,167
64.663.8
40.6
'549'812
'320, 280'435. 762'2,905,505
5,309,545272, 035379,972240, 753
4.5
3.56
3.37.211.791.37
105.2107.5124.7
145.6
78.5111.7
'119.395.1
135. 4108. 683.487.589.4
102.392.2
104. 8
51.177.979.079.155.4
96.073.378.5
102.9
87.290.3
92.193.586.9
65.1
101
313,149164, 757148, 392
870, 262112,118
1,185
65.664.2
8979949191
40.2
'568'875
r280, 628'470, 836•4,934,90^
5.016,023r337, 917'374, 038'224, 629
4.5
3.69
4.02.19
1.941.89
102.9104.6110.4
123.4
82.4116. 6
' 120. 795.7138.1108. 983.787.788.3108.391.9113.2
45.075.881.479.655.5
97.373.479.7
87.695.9
85.490.6
86.095.286.1
66.8
107
334,536184,629149,907
849,176111,287
' 1,193
65.764.1
897894909169
39.2
'400'730
139,976'347, 814'3,074,901
4,940,578295, 078341,187207,613
4.2
3.36
3.52.21
2.061.25
100.4100.7113.5
132.4
82.3122.0
' 128. 596.8136.7' 109.984.288.989.9108.0'91.7'110.4
41.178.982.480.255.0
98.373.479.8
86.394.1
84.291.1
85.794.186.4
70.0
108
351,853191,710160,143
848, 243111,770
1,182
65.163.5
887893909068
38.9
H15
175, 000-270, 000
*>2,295,000
'4,853,345283, 562357,951227, 999
4.7
3.36
3.99.19
2.571.23
'103. 8'104.0'120.4
'142.3
'84.7'128. 8
' Revised. p Preliminary.*New series. Data on percent of private placements to active file have been substituted here for series previously shown, which was percent of total placements to active
file. Earlier data for the new series will be shown in a subsequent issue. Earlier data on strikes beginning in month and workers involved in strikes beginning in monthappeared in table 25, p. 19 of the July 1937 Survey.
fRevised series. For factory pay rolls beginning January 1934, see table 13, p. 19, of the March 1937 issue. For industrial disputes beginning 1927, see table 25, p. 19, ofthe July 1937 issue. For J 935-36 revisions in Pennsylvania factory employment see table 35, p. 20, of the August 1937 issue. Data on Civil Service employment has been revisedbeginning June 1937. Figures on old basis were last shown through July 1937 in the October 1937 issue. Data on the new basis prior to June 1937 will be shown when available.
30 SURVEY OF CURRENT BUSINESS November 1937
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary F6aryU" March April M a y June July August
EMPLOYMENT CONDITIONS AND WAGES—Cont inued
PAY KOLLS-Continued
Factory, unadjusted (B. L. S.)—-Continued.Durable goods group—Continued.
Lumber and products 1923-25=100..Furniture -doMill work __doSawmills do
Machinery t doAgricultural implementst doElectric machinery, etc doFoundry and machine shop products
1923-25 = 100..Radios and phonographs do
Metals, nonferrous doAluminum mfrs doBrass, bronze, and copper products
1923-25=100..Stamped and enameled ware do
Railroad repair shops. doElectric railroads doSteam railroads do
Stone, clay, and glass products doBrick, tile, and terra cotta doCement doGlass do
Transportation equipment! doAutomobiles doCars, electric and steam railroad t—. doShipbuilding do
Nondurable goods groupt-.- doChemicals, petroleum products do
Chemicals doDruggists' preparations doPaints and varnishes doPetroleum refining doRayon and products do
Food and products.. doBaking doBeverages... doSlaughtering and meat packing do
Leather and products doBoots and shoes doLeather do
Paper and printing doPaper and pulp do
Rubber products doRubber tires and tubes do
Textiles and products doFabrics doWearing apparel do
Tobacco manufactures. doFactory, unadjusted, by cities and States:
City or industrial area:Baltimore _ 1929-31=100..Chicago 1925-27 = 100.Milwaukee do. . .New York do. . .Philadelphia! 1923-25=100.Pittsburgh ._ . . do . . .Wilmington do.. .
State:Delaware do. .Illinois 1925-27=100Maryland 1929-31 = 100.Massachusetts 1925-27=100.New Jersey ...1923-25=100.New York 1925-27=100Pennsylvania! 1923-25=100..Wisconsin 1925-27=100.
Nonmanufacturing, unadjusted (B. L. S.):Mining:
Anthracite ___ 1929=100.Bituminois coal do._.Metalliferous doPetroleum, crude, producing doQuarrying and nonmetallic do
Public utilities:Electric light and power and manufactured
gas _. .1929=100.Electric railroads, e t c . . d o . . .Telephone and telegraph . . . d o . . -
Trade:Retail, total d o . . .
General merchandising. . d o . . .Other than general merchandising.do
Wholesale do.Miscellaneous:
Dyeing and cleaning do.Laundries _ do.Year round hotels _ do.
68.178.353.152.5
134.3189.2124.1
114. 1173.7110.2135.7
113.2149.363.167.962.969.946.573.0
118.8104.3105.479.7
118. 1100.9139.1150.9127.3131.6143.4393.6133.0138. 1252.998.071.664.598.6
103.8117.697.490.487.185.387.056.5
123.475.4
117,781.4
101.7124. 9106.6
101.885.2
123.578.785.086.598.3
110.3
31.577.182.071.349.8
103.971.592.4
74.692.770.878.2
73.784.275.7
60.371.146.545.894.787.184.3
85.0160.988.098.9
95.2123.059.261.359.158.239.461.091.276.377.352.699.491.6
112.0120.1107.2114.0116.3302.4116.5117.9227.185.175.770.795.592.095.292.291.983.980.587.053.3
98.958.490.369.089.398.390.5
90.566.9
100.270.371.872.482.682.7
34.971.050.060.444.8
91.466.478.8
82.863.370.5
66.176.667.5
63.576.949.847. 1
102.7105. 992.7
90.2177.999.7
110.6
102.9154.463.963.564.062.541.362.0
103.095.8
101.559.7
103.293.7
114.4124.7112.6119.6115. 9307.6111.5119.0198.988.774.067.499.096.5
101.996.893.888.585.191.554.7
61.2103.171.595.0
105.1
87.370.4
103.171.475.575.387.891.7
48.579.253.759.646.2
92.767.783.1
68.387.264.471.5
66.775.3
60.877.649.642.7
105.6102.096.8
93.3169.4102.0114.9
103.8155.065.265.565.461.141.163.199.4
113.4125.857.697.392.9
114.7127.5112.7116.8119.1298.2108.3120.4191.399.867.358.2
100.898.6
104.5101.298.987.286.784.654.8
101.962.7
103.670.995. 1
101.096.4
71.9103.073.677.375.286.592.7
40.380.754.660.143.5
91.869.781.6
70.191.465.773.1
60.274.569.6
60.578.350.741.6
113.6121.5103.1
100.2167.5105. 5114.7
111.6164.265.567.465.659. 140.958.895.1
120.9135. 759.990.697.5
118.3132.5112.5121.6119.5321.3105. 7119.8187.6101.578.371.4
105. 0102.6108.6104. 899.794.696.886.355.4
104.065.0
103.972.497.8
110.998.9
91.474.6
106.079.981.679.391.293.7
55.485.057.761.339.4
93.869.382.4
75.9116.267.672.8
57.376.1
54.971.447.137.2
111.0131.697.0
98.7146. 097.1
114.7
113.1148.461.264.561.152.736.449.984.6
100.7108.258.896.896.0
119.4131.8113.1120.3119.5338.1100.5118. 4187.895.886.382.4
102.598.7
109.999.494.694.696.088. 147.1
104.065.8
104.672.298.1
106.196.7
89.474.7
106.480.379.178.889.593.9
42.779.958.461.034.6
92.368.083.6
68.083.864.772.6
55.676.470.4
58.275.050.439.7
118.2139.6107.3
105.0124.2103. 5121.7
120.2154.963.464.863.459.837.952.6
107.2112.3121. 866.797.999.9
123.6135.2119.3127.2122.7344.5101.3121.9189.388.490.987.9
104.6100.5113.5104.4101.3100.197.6
100.952.6
108.668.4
108.275.5
100.3117.898.6
91.378.2
110.382.081.581.194.2
100.7
41.082.463.463.837.8
93.368.782.2
67.982.964.874.1
54.676.372.5
64.676.952.648.0
125.5162.1112.1
111.6127. 1111.8130.4
127.8163.265.867.165.966.142.662.5
115.1123.6132.279.1
116.0102.6128.1140.2121. 2133. 1125.6349. 7104.1124.1211.091.592.489.0
107.3104. 1116.599.890.4
103. 297.5
110.452.4
118.370.6
118.181.0
104.2122.8104.6
97.081.2
119.385.384.486.198.0
105.9
37.888.470.663.741.3
94.569.287.2
70.587.667.075.0
61.777.572.7
68.378.555.652.0
133.9180.0121.0
118.5126.8114.2130.7
132.7164. 167.467.667.671.149.268.5
120.2128. 6136.089.1
122.7102.9136.4150.6119.8142. 1137.0364.8108.2123. 4220.298.787.781.6
111.4104.8119.6100.390.5
100.2100.395.752.3
127.674.6
123.076.5
108.1134.9112.7
104.585.9
127.387.787.886.5
104.0108.9
63.954.476.967.448.1
95.269.486.3
71.989.168.375.4
78.574.5
68.276.754.952.9
134.9183.9123.5
119.4108.5113.1134,8
126.5166.067.166.467.472.049.171.4
118.9134.1143.889.9
118.7102.3136.7152.5118.0145.0138.3382.0111.6130.3236. 999.081.674.1
110.0105.9121.8109.2102.796.298.088.953.6
128.175.9
120.575.1
100.5137.1113.5
105.486.2
127.886.288.986.4
103.8108.0
44.467.8
67.951.4
97.670.189.5
73.591.5
73.981.473.6
72.378.757.557.4
137.2182.7126.1
119.5156.2111.5135.6
125.3162.468.767.169.071.449.175.0
119.4127.8135.291.4
114.5100.8137.4153. 5121.3142.7143.0391.8115.8133.8260.599.280.673.3
108.4104.9124.3103.897.991.393.882.555.7
124.676.4
123.773.9
104.4137.4113.6
' 104. 586.3
125.083.588.086.4
103.3107.4
50.971.277.370.552.6
100.171.1
74.492.570.676.3
79.285.574.0
67.373.954.852.8
133.6172.5124.1
114.8166. 1105.3134.5
116.7146.263.567.063.368. 146.272.4
108.6117. 5123.683.4
111.7100.0136. 8153.9112.0138.3143.1392.9128.3134.9284.8
104.0101.6119.296.893.685.589.673.8
55.8
121.975.4
118.872.3
103.5128.2110.9
* 103.983.9
121.783.585.784.9
'98.8110.7
35.266.477.370.950.8
101.970.892.1
72.887.369.876.9
68.086.973.3
'71.4'79.2
56.1'56.2
'137.1' 184. 2'126.8
'118.9'175.8' 109. 9'141.2
' 116.6' 157. 0'67.3'68.7'67.4'70.5
46.277.1
' 120. 3'112.8'115.3'87.4
'118.8' 103. 5' 140. 7
156. 1' 123. 0' 135. 4' 150. 5' 400. 7
131.2' 132. 4' 273. 4'96.6'83.7'78.7
' 103. 8102.6123.8'97.0'89.8'92.1'90.0' 9 2 . 4' 5 7 . 2
' 124.476.2
118.680.0
' 105. 2138.9
' 106.5
' 105. 686.1
' 125.182.689.087.2
' 104.0'113.0
27.073.782.570.953.4
102.373.592.0
72.285.769.479.1
70.085.973.7
' Revised.tRevised series. Factory pay rolls, for revisions beginning January 1934, see table 13, p. 19, of the March 1937 issue. Pay-roll indexes for Philadelphia and Pennsylvania
revised for 1935 and 1936. Stee table 35, p. 20 of the August 1937 issue.
November 1937 SURVEY OF CURRENT BUSINESS 31
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES-EARNINGS AND BATES
Factory, average weekly earnings (25 industries)(N. I. C. B.):
All wage earners _ dollarsMale:
Skilled and semiskilled doUnskilled do
Female.. _ . do _..All wage earners 1923=100
Male:Skilled and semiskilled do _..Unskilled do
Female . d o . . .Factory average hourly earnings (25 industries)
(N. I. C. B.):All wage earners dollars..
Male:Skilled and semiskilled do _ _Unskilled do
Female doFactory, weekly earnings, by States:
Delaware 1923-25 -100Illinois . . 1925-27=100Massachusetts do . .New Jersev 1923-25=100New York 1925-27=100 .Pennsylvania 1923-25=100..Wisconsin 1925-27-100
Miscellaneous wage data:Construction wage rates (E. N. R.):§
Common labor dol. per hour..Skilled labor do ._
Farm wages, without board (quarterly)®dol per month
Railways, wages (average) dol. per hour..Road-building wages, common labor, on
public works projects:United States dol. per hour
East North Central __ . doEast South Central do . .Middle Atlantic doMountain States doNew England do . .Pacific States doSouth Atlantic . doWest North Central __doWest South Central do
Steel industry wages:U. S. Steel Corporation 1 doYoungstown district percent base scale. .
27.43
31.2223.08
103.1
.716
.800
.590
87.694.296.9
108.094.7
102.595.4
.6731.37
( b )
(b)
( 6 )
( b )
.625125.0
25.18
28.2620.4615.9594.6
91.791.892.5
.619
.687
.497
.431
80.583.188.096.487.093.486.3
.5691.16
.672
.42
.58
.31
.47
.56
.48
.56
.32
.50
.34
.470117.0
25.51
28.5720.7316. 0995.9
92.793.093.3
.619
.689
.498
.431
86.987.288.7
101.988.997.594.0
.5831.18
32 84.667
.42
.60
.33
.48
.55
.51
.53
.33
.50
.35
.470117.0
25.98
29.2421.2816.5097.6
94.995.595.7
.624
.697
.505
.432
89.088.090.1
103.588.797.395.1
.5831.18
.686
.41
.63
.30
.48
.53
.47
.52
.31
.51
.34
.498125.0
26.63
30.2121.9016.96100.1
98.198.398.4
.637
.711
.518
.437
91.689.895.4
107.692.7
101.395.8
.5861.18
.683
.39
.61
.30
.50
.50
.45
.51
.31
.50
.32
.525125.0
26.11
29.8821.6516.7298.1
97.097.297.0
.638
.715
.515
.438
90.090.995.4
105.392.299.494.1
.6031.24
31 37.688
' . 3 7'.47'.26'.46'.48'.52'.60'.25'.44'.30
.525125.0
26.68
30.0221.9417.00100.3
97.498.598.6
.642
.718
.518
.440
89.692.696.1
106.792.9
102.498.8
.6031.24
• .696
.35
.51
.26
.45
.49
.56
.61
.25
.43
.29
.525125.0
27.50
30.8322.4217.24103.3
100.1100.6100.0
.659
.734
.535
.444
91.894.198.3
109.395.9
104.8100.2
.6121.25
.674
.36
.54
.27
.47
.51
.56
.59
.25
.37
.29
.575125.0
28.03
31.7023.3817.37105. 3
102.9104.9100.8
.685
.764
.564
.463
95.598.6
100.5112.796.6
109.9101.9
.6121.26
34 16.671
.37
.53
.28
.45
.51
.53
.59
.26
.39
.29
.625125.0
28.36
31.9623.6317.49106.6
103.7106.1101.5
.689
.780
.574
.471
95.298.3
100.0113. 796.4
109.7102.1
.6271.30
.670
.39
.51
.27
.48
.52
.46
.59
.26
.42
.29
.625125.0
28.39
32.2323.6317.63106.7
104.6103.1102.3
.707
.793
.582
.475
92.298.4
100.1112.396.7
108.9101.4
.6441.33
.662
.41
.53
.27
.46
.53
.45
.54
.26
.45
.31
.625125.0
27.83
31.5423.3217.45104.6
102.4104.7101.2
'.711
.796
.584
.475
'90 .595.299.7
109.096.1
104.897.6
.6621.35
36 14.662
(b)
(b)
( b )
.625125.0
' 27. 76
' 31. 4 2r 23. 12
17.18' 104. 3
101.9103.799.7
.713
'.799.587.477
'86.296.698.0
111.597.0
109.6'99.6
.6681.37
.696
(b)
(b)(b)(b)(b)(b)(b)(b)(b)
.625125.0
FINANCE
BANKINGAcceptances and com'l paper outstanding:
Bankers' acceptances, total.. ..mills, of doL-Held by Federal Reserve banks:
For own account _ doFor foreign correspondents do
Held by group of accepting banks:Total mills, of dol—
Own bills . . .doPurchased bills. do
Held by others doCom'l paper outstanding do
Agricultural loans outstanding:Grand total*. do
Farm mortgage loans, total doFederal land banks. doLand bank commissioner do
Loans to cooperatives, total.. doFederal intermediate credit (direct)
mills, of dol.-Banks lor cooperatives incl. Central
Bank . . _ mills, of dol._Agricultural Marketing Act revolving
fund mills, of dol..Short term credit, total* do
Federal intermediate credit banks, loansto and discounts for:
Regional agricultural credit corps.', prod,credit ass'ns and banks for coopera-tives _ mills, of dol__
Other financing institutions* doProduction credit ass'ns __doRegional agr. credit corp doEmergency crop and seed loans doDrought relief loans- _ do
Joint stock land banks in liquidation do0 Less than 1 million dollars.' Revised.TBasic rate for common labor.b Data will be shown when available.§Construction wage rates as of October 1, 1937, common labor, $0,676; skilled labor $1.38•Data revised for period of March-October 1936; see p. 32 of the July 1937 issue.<g>Farm wages, without board (quarterly) for October are $36.71.
344
(a)
27414812769
331
3,3962,8692,045
823115
1
67
47402
16747
15419
12358
111
315
00
27613913739
197
3,3822,9022,068
834105
(a)
56
49375
13950
12231
10962
142
330
00
29615014734
199
3,3782,9032,068
835123
1
71
51352
13644
11129
10761
139
349
00
30915715240
191
3,3712,9022,066
836130
1
73
56340
13241
10526
10561
136
373
00
31515116457
215
3,3622,9012,064
837125
2
70
54336
13041
10525
10460
133
387
00
32515417162
244
3,3522,8982,061
836120
1
64
54334
12640
10624
'10360
130
401
00
34116018061
268
r 3,3522,8962,060
836114
1
60
52'342
13041
11524
10360
129
396
00
31715016680
290
3,3742.8922,058
834110
1
57
52'372
14442
13224
11560
126
395
11
31814717176
285
r 3,3852,8882,055
83399
1
49
49'398
15444
14424
'12759
123
386
32
29513715986
287
' 3, 3892,8852,054
83294
1
45
48'410
15945
15223
13059
120
364
14
27313014387
285
r 3, 3942,8832,052
83193
1
45
47419
16547
16023
13059
118
352
(a)3
26514412183
325
' 3,3992,8792,051
82999
1
52
46421
17048
16422
'12859
115
344
26314312079
329
' 3, 3932,8742,048826102
56
44'417
1714816321
'12859113
32 SURVEY OF CURRENT BUSINESS November 1937
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
FINANCE—Continued
BANKING-Continued
Bank debits, total mills, of doL_New York City doOutside New York City do
Brokers' loans:To N. Y. S. E. members doBy reporting member banks. (See Federal
Reserve reporting member banks, below.)Federal Reserve banks, condition, end of mo.:
Assets (resources) total mills, of doL_Reserve bank, credit outstanding, total
mills, of doL.Bills bought doBills discounted doUnited States securities do
Reserves, total doGold do
Liabilities, total doDeposi ts, total do
Member bank reserve balances, totalmills, of doL_
Excess reserves (estimated) doNotes in circulation do
Reserve ratio percent-.Federal Reserve reporting member banks,
condition, end of month:Deposits:
Demand, adjusted mills, of doL.Time do
Investments, total doU. S. Government direct obligations.doIT. S. Government guaranteed issues.doOther securities do
Loans, total <S> doCommercial, industrial, and agricultural
loans:On securities mills, of dol__Otherwise secured and unsecured-_do
Open market paper doLoans to brokers and dealers in securities
mills of dol.__Other loans for purchasing or carrying secur-
ities mills, of doL-Real estate loans doLoans to banks doOther loans do
Interest rates:Acceptances, bankers' prime percent--Bank rates to customers:
In New York City doIn eight other northern and eastern cities
percent-.In twenty-seven southern and western cities
percent-_Call loans, renewal (N. Y. S. E.) doCom'l paper, prime (4-6 mos.).._ -doDiscount rate, N. Y. F. R. Bank doFederal Land Bank loans doIntermediate credit bank loans doTime loans, 90 days (N. Y. S. E.) do
Savings deposits:N. Y. State savings banks mills, of doL-U. S. Postal Savings:
Balance to credit of depositors doBalance on deposit in banks do
FAILURES
Commercial failures:Grand total number..
Commercial service, total doConstruction, total doManufacturing, total do
Chemicals and drugs doFoods doForest products doFuels do.Iron and steel do_Leather and leather products doMachinery do.Paper, printing, and publishing doStone, clay, and glass do.Textiles do.Transportation equipment doMiscellaneous do
Retail trade, total do_.Wholesale trade, total do._
Liabilities:Grand total thous. of dol
Commercial service, total doConstruction, total do.Manufacturing, total do.
Chemicals and drugs doFoods do.Forest products -.do
33, 36014,71818,642
1,039
12,786
2,581322
2,5269,4529,13812, 7867, 529
7,0141,0384,26380.1
14,8645,29312,0227,9031,1312,988
10, 004
6014, 209
472
1,227
6821,165
971,551
Me
2.39
3.33
4.181.00
11.004.002.00IK
5,291
1,270122
5642636
1178
3010133694
138
2233649
8,393822431
3,006196529
33, 24215, 65617, 586
972
11,862
2,47339
2,4308,6598, 39711,8626, 844
6, 3571,8404,04979.5
15, 1165,06313,9299,3361,2563,3378, 753
1,194
1,139112
3/16
2.40
3.45
4.291.00
u1.504.002.00IK
5,223
1, 251162
5863943
1072
33141836
1202
10328
9,819557
1,1483,212
148487377
37,31317,17120,142
975
12, 057
2,47636
2,4308,9148,66212, 0577,035
6,7532,1754,116
15, 3405,06513, 7969,2741,2573,2658,721
1,153
1,14353
3/6
2.46
3.50
4.231.00
1.504.002.00
IK
5,210
1,255158
61135341056239233414617414
38255
8,266501573
3,469423
1,391378
35, 86917, 39418, 475
984
12, 208
2,45337
2,4309,0488,81012, 2087,068
6,7882,2364,19980.3
15, 4645,03713, 6479,1731,2463,2288,812
1,181
1,15263
3/6
2.43
3.47
4.241.00
1.504.002.00IK
5,201
1, 257145
68829461392
43113428115
1440965
11,532287
2,7813,631
271,273254
45,89622, 65823, 238
1,051
12, 525
2,50033
2,4309,1218,86512, 5257,109
6,6061,9844,28480.1
15,5715, 06713, 7429,2411,2383, 2639,189
1,289
1,156
2.43
3.46
4.141.00%
1.504.002.00
m5,2461,260145
3243141536154
11327213
39878
12, 288478
1,6013,121
27774329
39, 47919, 09620, 383
1,026
12, 297
2,49733
2,4309,1568,86212, 2977,257
6,7812,1524,16080.2
15, 4935,07713,6389,1491,2143.2758,941
1,204
1,15160
2.50
3.36
4.161.00
%1.504.002.00IK
5,244
1, 266136
8114245
1368
34
103
251
2249890
8,661326
1, 0152,502
81575188
34, 52616, 90717, 620
1,075
12, 330
2,46535
2,4309,1348,85912, 3307,177
6, 6952,0784,19080.4
15, 501• 5,16713, 5979,0671,2083, 3229,121
1,263
1,149
2.41
3.43
4.151.00%
1. 504.002.00IK
5,248
1,270133
72152431207333654820516310
43868
9,7711,1691,2792,711
661,017
49
42, 00320, 39821, 605
1,159
12, 339
2,458312
2, 4309,1418,85612,3397,186
6, 6391,3984,17480.5
15,1265,14412, 9078,3961,1993,3129,366
1,305
1,15781
2.50
3.34
4.151.00%- l1.504.002. 00IK
5, 278
1,272132
8205172
1264
40816
105
221
1648190
10,922529
2,1382,744
109958115
37,13317,08220, 051
1,187
12, 449
2,5654
122,5259,1358,85312, 4497,257
6, 8811, 5944,20579.7
15, 3885,15812,7748, 3701,1753,2299,428
1,297
1,15684
9/16
2.53
3.36
4.211.00
11.504.002.00IK
5,250
1,270134
2862
1357
41151
106485
221
1547091
8,906440
1,9432,165
270
34, 40615,11419, 292
1,152
12, 448
2, 5856
172,5269,1358,85012, 4487,261
6, 915918
4,22379.5
15, 2745, 23112, 5878,2871,1563,1449,571
5703,700483
1,333
7201,161123
1,481
3.45
4.171.00
11.504.002.00
5,245
1,268134
8342750153337165655147
39313
518
8,364493550
2,46514
588313
36, 45316, 43420, 019
1,186
12, 496
2,5624
102,5269,1598,850
12, 4967,278
6,900865
4,20679.7
15,1875, 235
12, 5308,3011,1523,0779,760
5663, 765
467
1,447
7141,169
981,534
M6-K2
2.34
3.32
4.181.00
11.504.002.00IK
5,275
1,268136
6702442
134
433103
136253
402
13404
66
8,191408499
2,88345
452405
36, 90316,75120,152
1,174
12, 462
2,5743
152,5269,1608.843
12, 4627,288
6,753791
4,22179.6
15.0335,268
12, 4998,2831,1883, 0289,784
5813,844
464
1,363
7011,163
1501,518
Me
2.36
3.32
4.191.00
11.504.002.00IK
5,267
1,271'133
6182531
131A
3310
1536
124
364
13379
52
7,766401473
2,98813
577152
31,88613, 47618, 409
1,186
12, 394
2,577322
2,5269,1358,84012, 3947, 228
6, 751773
4,25279.6
14,9245, 26812, 2928,1931,1302, 696
10, 027
5954,043
1,392
7031,164
1351,529
Me
2.41
3.29
4. 181.00
1a 1.00
4.002.00IK
5,270
1,272118
7073049
1485
3111
10212
306
1040377
11,916437634
5,603103743146
a In effect beginning Aug. 27, 1937.0 Form of reporting member bank loans revised beginning May 1937; the new items, which are self-explanatory, are not available prior to that date. For a more detailed
discussion of the significance of the new series, see the Federal Reserve Bulletins for May 1937, p. 440, and June 1937, p. 530.
November 1937 SURVEY OF CURRENT BUSINESS 33
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
FINANCE—Continued
FAILURES-ContinuedCommercial failures—-Continued.
Liabilities—Continued.Fuels thous. of dol.Iron and steel _._ ._do.--Leather and products doMachinery do.-.Paper, printing, and publishing do. . .Stone, clay, and glass do.._Textiles .do . . .Transportation equipment do _. _Miscellaneous do. . .
Retail trade, total do. . .Wholesale trade, total do
LIFE INSURANCE(Association of Life Insurance Presidents)
Assets, admitted, total. mills, of dol.Mortgage loans, total do. . .
Farm .do. . .Other d o -
Real estate loans* doPolicy loans and premium notes do. . .Bonds and stocks held (book value), total
mills, of dol.Government (domestic and foreign) . .do . . .Public utility doRailroad do. . .Other do. . .
Cash* do. . .Other admitted assets* do. . .
Insurance written:Policies and certificates, total number
thousands-Group do--_Industrial do. . .Ordinary do__-
Value, total thous. of doLGroup do. . .Industrial do. , .Ordinary do
Premium collections, total _. . -do. . .Annuities . .do . . .Group do. . .Industrial do. . .Ordinary do. . .
(Life Insurance Sales Research Bureau)*Insurance written, ordinary, totalt mills, of dol..
New England f ..doMiddle Atlantic f. doEast North Central f do. . .West North Central f--- doSouth Atlantic t doEast South Central t - .-doWest South Central f... doMountain f do..Pacific f _ do
Lapse rates _ _ 1925-26 = 100..
MONETARY STATISTICS
Foreign exchange rates:ArgentinaA - dol. per paper peso..Belgium _dol. per belga..Brazil $ dol. per milreis-.Canada _dol. per Canadian dol..Chile dol. per peso__England ...dol. per £ . .France dol. per franc.Germany dol. per reichsmark..India dol. per rupee..Italy dol. per lira..Japan dol. per yen_.Netherlands dol. per florin.-Spain § ..dol. per peseta..Sweden ..dol. per krona..Uruguay _dol. per peso
Gold:Monetary stocks, U. S_ ..mills, of dolMovement, foreign:
Net release from earmark^—thous. of dolExports doImports do-IIINet gold imports including net gold re"-"
leased from earmark^ .thous. of dol..Production:
Union of South Africa * fine ouncesWitwatersrand (Rand) t do
Receipts at mint, domestic do.IllMoney in circulation, total mills, of dolll
• Largely nominal.§ Quotations nominal beginning July 31, 1936.1 Or increase in earmarked gold (—).• Or exports (—•).<? Official rate.
10581715512151
1,187158354
3,0741,060
87125646200
637, 59549,921197, 339390,335
50034127113524923421447
.330
.168
.0871.000.0524.95.035.401.374.053.289.551.065.255.791
12, 653
9,343129
145, 623
154, 837
246, 2216,558
451902084032585
84827216
3,3911,511
19,9974,172733
3,4391,7692,661
10, 0984,4372,1832,647831816481
95230725198
630,83135, 601
208,001387,229225, 48625, 55510,10952,490137, 332
50736138112485022421444
.3361.169.0861.000.0525.04.0631.4011.3801.0791.2941.662.123i. 260.797
10, 764
-28,80542
171,866
143, 019
966,163894, 790237, 6306,258
43893365
40510321194234
835
20,1194,167726
3,4411,7782,653
10,2274,5342,2302,640823811483
1,06735
809223
715,26140, 507232,465442, 289239, 31327,1019,04654,734148,432
57742167131565424421647
.327
.168
.0871.000.0524.90.047.402.3701.055.286.536.090.253.799
10, 983
-11, 253117
218, 929
207, 559
977,100904, 392273, 3186,321
1229628386582221371107164
3,901932
20, 2394,158720
3,4381,7812,647
10,3464,6062,2412,645854824483
1,09029853208
709,05143,124236,846429,081240, 380?5, 5929, 26157,440148,087
56242161125535223441547
.326
.169
.0871.001.0524.89.046.402.369.053.286.540.088.252
11,116
2,956127
75, 962
78,791
944, 052874, 294220, 6456,401
574869623414414547769121
3,1353,953
20,3804,166
7183,4481,7322,641
10,6424,7892,3642,641848710
1,05854777227
805,07780, 570216,363508,144360,24267,68711,892
100, 271180, 392
4718315466632854195497
.327
.169
.0871.001.0524.91.047.402.371.053.285.546.077.253
11,220
57, 070
56,303
967, 376894, 653196, 2486,563
033913965148276746
2603,7461,072
20, 5164,142708
3,4341,7542,632
10,7094,8712,3232,652863791
89325670197
670, 39042,051195,405432,934262,03735, 51210, 00057, 286159, 239
54847166125504920381439
.327
.169
.0871.000.0524.91.047.402.371.0531.285.548.071.253
11,310
-48, 33011
121, 336
72, 995
981,499909, 485193,0796,400
291286325127236197311130
3,5711,041
20, 6094,127703
3,4241,7602,623
10,8674,9692,3402,678880740492
28711212
711, 47840, 246212,231459,001252,16227, 29711,18656,917156, 762
57748177133525419391441
.326
.169
.0871.000.0524.89.047.402.370.053
3.285.547.067.252
11, 399
- 8 , 000(2)
120, 326
112, 326
923, 727854, 815155, 3326,369
15012362340243993193
2233,9271,584
20, 7184,116696
3,4201,7582,617
11,1035,0752,4242,721883637487
1,17451
862262
917,44277,956
258,087581,399285,22131,80712,92566, 397174, 092
72357211167666328531958
.326
.168
.0871.001.0524.89.046.402.369.053.285.547.061.252
11, 502
-39939
154, 371
153, 933
982, 304908, 268185, 7686,391
7731447
8661
28365211
3,3131,045
20,8134,113691
3,4221,7612,614
11, 2635,1672,4482,760888577485
1,08536
807241
834,36657,022
246, 589530, 755274,45025,73010,84074,637163,243
69251204155656527501956
.328
.169
.0871.001.0524.92.045.402.371.053.286.548.057.253
7,21713
215, 825
223, 029
980, 227906,890150, 4046,397
56561469815713172181104
3,5681,288
20, 9144,116689
3,4271,7612,614
11, 3215,1912,4642,777889611491
1,06639789237
803,12174, 766
239,733488,622247, 64025,83010, 31954,556156,935
63147178144616026491750
.329
.169
.0871.001.0524.94.045.402.373.053.288.549.053.255.787
11, 901
21,1964
155, 366
181, 558
971, 720898, 634236, 7636,426
2031551623013337
1,1461798
3,2921,109
20, 9924,128688
3,4401,7532,614
11,4475, 2672,4882,777915587463
1,02751
735241
824,47087,861
224,113512,496265,17926, 38911,40062,120165, 270
6464818114764602650175395
.329
.169
.087
.999
.0524.941.044.401.372.053.287.550.052.254.791
12,189
-15,86581
262,103
246,157
975,197902, 024198,1746,435
27315367184210
1,16374
4372,8611,043
21,1204,144686
3,4581,7632,611
11,5705,2692,5262,7651,010581451
94559
668217
743,71693, 863
204,121445, 732253,19127,98711,03756, 097158,070
58941163132605524451750
.331
.168
.087
.999
.0524.97.038.402.375.053.289.551.051.256.794
12, 404
-35, 544206
175, 624
139,874
997, 013919, 487216, 3216,475
2,67554
24534825729548237218
2,8962,346
21, 2214,155
6833,4721,7672,609
11,6515,3002,5272,7721,052587452
93840687212
703,12362,186210,898430,039245, 56124,16710,98961,131149, 274
54637143126565324411447
.332
.168
.0871.000.0524.98.038.402.376.053.290.552.063.257.792
12, 512
-5, 288169
105,013
99, 556
320, 9926,500
Quotations partly nominal. 2 Less than $1,000.No quotation from Sept. 22 to 30, and from Nov. 1 to 13, 1936.
3 Largely nominal.
* New series. With the addition of the 3 new series on admitted assets of life insurance companies, the complete record, as reported by the Association, is here presented;earlier data for the new series will be shown in a subsequent issue. Data on the production of gold in the Union of South Africa beginning 1913 will be shown in a subsequentissue.«. t Revised series. For earlier data on ordinary life insurance written see table 36, pp. 18 and 19 of the September 1937 Survey. Revised data on gold production inthe Witwatersrand beginning 1913 will be shown in a subsequent issue.
34 SURVEY OF CURRENT BUSINESS November 1937
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
FINANCE—Continued
MONETARY STATISTICS-Continued
Silver:Exports _thous. of dol._Imports doPrice at New York dol. per fine oz_.Production, world thous. of fine oz._
Canada doMexico _ doUnited States.__ do
Stocks refinery, end of month:United States.. . doCanada _ do
CORPORATION PROFITS
(Quarterly)
Federal Reserve Bank of New York:Industrial corporations, total (168 cos.)
mills, of dolAutos, parts, and accessories (28 cos.)__do_.Chemicals (13 cos.) _ do__Food products and beverages (19 cos.).doMachinery and machine manufactures
(17 cos.) mills, of dol_.Metals and mining (12 cos.) do__.Oil (13 cos.) d o -Steel (11 cos.) _ do...Miscellaneous (55 cos.) do . .
Telephones (net op. income)* .do . .Other public utilities (net income) (53 cos.)
mills, of dol.Railways, Class I (net income)1f .do_.
Standard Statistics Co., Inc.:fCombined index, unadjusted (161 cos.)
1926=100..Industrials (120 cos.) do.Railroads (26 cos.) do.Utilities (15 cos.) do.___
Combined index, adjusted (161 cos.). doIndustrials (120 cos.)_ do.Railroads (26 cos.) do.Utilities (15 cos.) do.
PUBLIC FINANCE (FEDERAL)
Debt, gross, end of month mills, of doL.Obligations fully guaranteed by the U.
Government:Amount outstanding by agencies, total
mills, of dol_.Federal Farm Mortgage Corporation.doHome Owners' Loan Corporation doReconstruction Finance Corporation.do
Expenditures, total (incl. emergency)thous. of dol. .
Revenues, total do.Customs doInternal revenue, total do
Income tax do.Taxes from:
Admissions to theaters, etc do.Capital stock transfers, etc doSales of produce (future delivery)._doSales of radio sets, etc do . . .
Reconstruction Finance Corporation loans out-standing end of month :f
Grand total thous. of dol_-Section 5 as amended, total do
Bank and trust companies includingceivers thous of doL_.
Building and loan associations doInsurance companies doMortgage loan companies doRailroads incl. receivers doAll other under section 5 do
Total Emergency Relief Construction Act,as amended thous. of dol..
Self-liquidating projects doFinancing of exports of agricultural sur-
pluses thous. of doLFinancing of agricultural commodities
and livestock thous. of doL.Amounts made available for relief and
work relief thous. of dol.-Total, Bank Conservation Act, as amended
thous. of doL.Other loans and authorizations do
2858,427
448
P96.4v 113.0p 33.3
v 106. 8P 9 1 . 0
v 106.8y 11.6
p 120. 7
36,875
1,4102,937
296
765,251858, 58536,173
738, 564494, 405
1,7221,235416633
1,992,975662,493
159,7541,8213,382
124, 540356, 27916, 717
516,343229,105
47
4,287
282, 904
597, 076217, 063
204
.44821, 8461,7267,0785,524
779545
217.254.742.624.3
10.83.518.428.534.456.4
44.466.5
80.089.929.6103.375.683.77.9
127.2
33,831
4,6671,4222,993252
712, 560528,12935,554467,642284,421
1,6701,932
457683
r2r202,826'746,604
225,193' 3,345' 4,421128, 790349, 261' 35, 594
577, 578184,415
47
' 97,121
295,995
26826,931
.44821,6142,0835,4176,391
1,247510
33,830
4,6671,4222,993252
739,979301,96841,342199, 24831, 634
1,7972,182309
'2.196,442-•737,584
217,381' 2,895' 4, 259128,079353,787' 31,182
584,019189,058
4114,451.454
21,3391,3576,4005, 561
403
33,791
4,6621,4222,988252
591,016259,96335,452176, 52628, 034
1,6062,954271640
'2,173,557716, 753
207,374' 2,698' 4,133127,091345,157' 30, 300
•587,825• 192,483
47 47
19,156 ' 99, 638
295, 759 295, 657
701,385 '693,502 '686,407177,259 ''181,295 ''182,572
2362,267.454
19,5941,6193,7486,165
1,0501,023
283.597.250.922.4
11.36.3
13.039.243.269.2
55.2126.0
109.3115.155.0
154.5112.7127.041.8
146.1
34,405
4,6621,4222,988
252
684,821552,607
478, 633281,178
2,1953,178
325
'2,135,186710, 261
199,384' 2,462' 4,007
• 130,668•345,978r 27, 762
• 588,883•193,247
47
6122,846
.44923, 223
1,2528,7655,409
1,3471,512
34, 503
4,6621,4222,988
252
607, 418320,034
40, 518207, 48345,246
1,5063,367
423684
•2,149,380•697,382
190,134' 2,358' 3,978129, 803345, 500' 25, 609
629, 7991198, 335
47
61114,080.448
20,8491,5396,6844,965
970754
100,006 '136,063
295, 583 295, 354
654,619 •641.092
34, 601
4,6621,4222,988252
645, 053330,31041, 726237,82664, 035
1,4733, 743506465
2,129,186•689,403
183, 400' 2,197' 3,925129,532345,373' 24, 976
624,158•204,835
47
• 123,922
295, 354
632,179181,795 I'181,107 1'183, 446
3465,589
.45122,6121,6617,5095,488
821507
250.669.137.016.5
14.27.2
14.551.40.559.9
53.614.1
'90.9' 104. 3
15.7131.2'98.0
'109.842.0
123.4
34,732
4,6621,422
251
971, 6631,120,513
52, 503934, 555689,003
1,5393,045
392361
2,064,942668, 585
178,3162,0963,863
126,330340,367
17, 613
576,984206, 607
47
81,101
289, 228
629, 522189,852
4682,821
.45520, 505
1,3465,7315,431
766929
34,944
4,6601,4222,987
250
784,813423, 88646,252
300,38055,444
1,5903,226
528332
2,045,756664, 670
173,0932,2483,844
122,057345, 084
18, 344
559, 248213, 067
47
56,906
289, 228
624, 077197, 761
3413,165
.45021, 536
1,4676,5435,280
1,303
35,216
4,6601,4222,987
250
624,015392, 50946,252
281,05842,949
1,5372,169
639329
2,028,897656,445
167,3882,0723,820
120,467344,823
17,875
551,431216, 576
47
51,726
283,082
619,840201,181
2446,025
.44824,851
1,22810,1405,487
862735
310.698.446.921.1
16.2
17.758.4
*45.658.2
P 53.421.2
' 104.4' 128. 6
' 8 . 7' 124.4
3'117.4' 1 7 . 3
' 126. 7
36, 425
' 4,694' 1, 431' 3,007
'256
1,386,931966,90541,716
827,483556,946
1,8751,556
454395
2,033,375662,594
163,8002,0763,703
121,177354,320
17, 518
551, 725219, 903
47
48,695
283, 080
613, 943205,113
2144,476
.44823,5592,3176,2746,805
1,127537
36,716
4,7031,4202,987
295
675,811464,05740, 649
376,07442,464
1,6331,232
571433
2,048,344662,165
166, 9151,9533,681
120,422351,936
17, 258
568, 928223, 374
47
62, 427
283, 080
608, 468208, 783
2784, 964
.448
2,367
~7~441
1,296439
37,045
4,6431,4102,937
296
617, 578547, 57038, 790
336,12534, 831
1,5991,492
589762
1,981,146658,876
164, 5451,8723,626
120,142351,855
16,836
511,100225, 071
47
2,902
283, 080
599,104212, 066
• Number of companies included varies.p Preliminary.' Revised.1 Figures shown on p. 54 of the 1936 Supplement are in thousands of dollars instead of in millions as the box head indicates.t Revised series. Revisions on Standard Statistics index of corporation profits for 1935 and 1936 not shown on p. 34 of the May 1937 Survey will appear in a subsequent
issue. Minor revisions in the Reconstruction Finance Corporation data on loans outstanding beginning January 1936 will appear in a subsequent issue, the revisions wereoccasioned by small accounting adjustments.
November 1937 SURVEY OF CURRENT BUSINESS 35
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
FINANCE—Continued
CAPITAL FLOTATIONSNew Security Registrations
New securities effectively registered with theSecurities and Exchange Commission:
Estimated gross proceeds, totalthous. of doL.
Common stock doPreferred stock _ doCertificates of participation, etc doSecured bonds doDebentures and short-term notes do
Industrial classificaton:*Extractive industries— _.- -doManufacturing industries ..doFinancial and investment doTransportation and communication..doElectric light and power, gas, and water
thous. of doL.Other
Securities Issued
(Commercial and Financial Chronicle)Amount, all issuesf thous. of dol..
Domestic issues! - doForeign issues doCorporate, total _ _ do
Industrial _. doInvestment trusts doLand, buildings, etc., total do
Long-term issues doApartments and hotels doOffice and commercial do
Public utilities _ do—.Railroads __ doMiscellaneous do
Farm loan and Gov't agencies doMunicipal, States, etc.f do.. . .
Purpose of issue:New capital, totalf do
Domestic, totalf._ __do_...Corporate doFarm loan and Gov't agencies doMunicipal, State, etc.f do., . .
Foreign _ ...doRefunding, totalf do
Corporate doType of securities (all issues):
Bonds and notes, totalf doCorporate— do
Stocks _ . . .do(Bond Buyer)
State and municipal issues:Permanent (long term) thous. of doL.Temporary (short term) do
COMMODITY MARKETSVolume of trading in grain futures:
Wheat thous. of bu_.Corn do
SECURITY MARKETS
Prices:Average
Bonds
156,39582, 62110, 2631,624
13,88748,000
2,310130,375
8,3952,127
12,497691
223, 027223,027
0151,568138,012
Q
756756
00
11,5001,300
020,00048, 210
156, 282153, 032112,182
040,8503,250
66, 74539,386
159, 26287,80363, 765
66,375113,612
848, 376174,061
91.5194.5465.60
90.79103. 8495.60
118. 5564.36
96.6109.0
108.1
159,293212, 856
134, 842183, 850
182, 07815, 698
166, 380140, 30526,075
260,08076,14029, 27117, 212
127, 9189,539
2,958116,05256,4563,861
79, 998754
-•409,335••409,335
0250, 05088,142
Q
4,500000
121,05024,47511,983
0'159, 285
'177,860' 177, 860
74, 5900
r103, 2700
'231,475175,460
'363, 910204, 62545,425
159,48151, 748
662,183213,787
95.7999.2768.00
101.19105.18101.55128. 3780.74
104.3112.5
111.1
287, 861378, 520
240,020322, 466
305,01530, 875
274,140250,571
23, 569
526,330112, 77755,64329,245
104,752223,913
3,238109, 92390,347
190,918
119, 77512,130
465, 771450, 771
15,000381,40264,462
Q
6,320000
264, 2889,150
37,1821,000
83,194
189, 512174,51294,885
079,45215,000
276,258271,517
393, 683309,314
72, 088
82,3118,389
514, S93113,037
95.9299.4168.16
102. 59105. 62102. 22129. 4983.21
104.9113.1
111.0
329,488420, 739
274,094353, 830
337, 91922, 380
315, 539284,42231,117
266,02647,42130, 2017,192
159,03622,176
1,904110, 646
7,2493,723
78,54363,961
380,934357,43423,500
264,00491,386
Q
100000
109,33716,37946, 82028,45464,816
158, 071158, 071109,077
048, 833
0222,863129,927
358, 696241, 76622, 238
75, 54422, 627
518, 782230,599
97.01100.5568.63
102. 70106. 78102.17130. 6882.34
105.4114.6
111.8
293, 709353, 380
246,072297, 521
290, 69542,198
248,497213,55634, 941
698,408167,12634,53139,548
234, 635222,568
14, 27479, 23489,565
198,393
193,571123,370
724, 220724, 220
0625,91288,875
i fififtJ, UUU3,249
000
395,59449,23687,9582,660
%, 998
265, 850265, 850218, 206
048,994
0458,371407, 707
592, 927494,619131,294
02,83889,120
1,164,158258,319
97.35100.7669.10
103.04107. 41101. 68132.3282.51
105.4116.3
112.3
317, 484446, 393
261, 214379, 805
355,87923, 378
332, 501282,03350,468
429,99085, 622
134,71911,082
146,50952,057
5,431185,53348,3744,658
86, 69799, 297
622,486537,48685,000
305,973132,641
ntf|881881
00
77, 73563,33631,13026,000
205, 513
248, 526248, 526102,456
0146,070
0373,960203,517
475, 509158,996146,977
226, 23828, 797
777, 857199,166
96.83100.0569.78
102. 91107. 50101. 32131.2882.75
106.3115.8
111.6
309,610428,010
255,434365, 679
342, 68725, 638
317,049267,56849,481
491,400168,47438, 21552, 249
212,56019,902
3,643205,49137, 211
0
143,963101,092
522,360423,36099,000
354,363131,313
A
17, 87317,873
00
145,68846,63512,85425, 20043, 798
168,188168,188129,842
4,00034,346
0354,173224,521
382,004214,006140,357
r 42, 751133,475
775, 898129,969
96.6499.8370.02
101. 32105. 54100. 73126. 3882.22
105. 4112.7
111.2
276, 698346,260
234,188300,608
285, 45919, 647
265,812229,15736,655
469,907231,00636,36416,543
164,46821, 527
10, 43897,428
154,17927,766
134, 80045,298
381,515381,515
0318, 64554,459
A
1,6061,606
00
161,50073, 82327, 2574,067
58, 804
184, 594184,594137,589
047,004
0196, 922181,055
323,799260,92957,716
91,31325, 077
1,170,136151,721
93.8896.8668.48
98.86103. 7998.21
122. 7080.05
103.3108.9
109.1
438,960494, 965
389,143442,002
422, 794125,133
297, 661266, 72830,933
288,076139,39749,4979,167
52,19837, 818
4,457159, 78213,89323,005
10,54776,392
287,394252,39435,000
171, 76266,954
A
690690
00
9,50078,12716,491
65679, 976
151,810151,81085, 227
066,583
0135,58486, 535
229, 299113,66758,095
' 95, 72122,057
1,245,324296, 282
93.3396.2768.45
95.81101. 8895.17
120. 4176.20
101.1108.0
107.2
321,274363,730
279, 814318,934
294,86662,070
232,796204,12728,669
238,068114,78934,44211,1802,778
74,879
2,985155,13114,98543,375
2,49219,099
260,932260,932
0165,36481,139
A
600600
00
52,58025, 2205,825
44,89150, 677
149,747149,74778,15328, 50043,093
0111,18587, 210
208,860113,29252,072
' 53,92975, 555
923, 787223,622
93. 8996.7969.30
96.60104. 6095.90
122. 2975.49
101.7109.6
108.0
206, 518238, 348
176, 477204,294
179, 64920,601
159,048137,94521,103
369,06567,05578,59216,983
136,34070,095
9,572117, 68552,73226,100
142,34020, 637
559,650559, 650
0418, 288188,647
AU
3,4453,445
00
155,32415,41055,46230,000
111,362
359,208359,208268,946
090, 261
0200,442149,341
467, 222325, 86092,428
r 10, 60684, 466
1,544,605324, 350
92.9895.8469.11
95.56105. 4093.39
123. 6973.62
101.1110.1
108.3
174, 732210, 859
146, 794178, 41G
178, 89814,020
164, 878139,89224,986
266,886122,28985,69025,39029, 9293,588
6,782165,52145,566
0
35,16713,850
343,577343,577
138, 732103,031
AU
350350
00
29,1502,9503,251
118,0€086, 846
250, 249250, 24981,95189,00079, 297
093, 32956, 781
264,14659,30079, 432
'51,65315, 980
1,639,153335,946
93.9396.8269.81
96.71106. 0497.32
124. 5373.41
100.9110.8
108.7
173,585207,044
146,991175, 800
160,50411,632
148,872124,02824, 844
302,343171,54766,1946,696
30,45327,453
6,063214,65830,541
0
36, 21614,865
183,827183,827
0105,53427, 265
02,6252,625
00
50, 2516,039
19,35427,40050,893
75,59775,59749,398
026,199
0108, 23056,136
162,108105, 53421, 719
56,469• 14,039
,160,679307,440
price of all listed bonds (N. Y. S. E.)dollars. _
Domestic _ __doForeign __do
Domestic (Dow-Jones) (40 bonds)percent of par 4% bond..
Industrials (10 bonds) doPublic utilities (10 bonds) doRails, high grade (10 bonds) doRails, second grade (10 bonds).. _ do.
Domestic (Stand. Stat.):Corporate (45 bonds) dollars..Municipal (15 bonds)f do..
U. S. Government (Stand. Stat.):7 bonds do..
Sales (Securities and Exchange Commission):Total on all exchanges:
Market value .thous. of doL.Par value doOn New York Stock Exchange:
Market value thous. of doL.Par value do
Sales on N. Y. S. E., exclusive of stopped sales(N.Y.S.E.)* Par value:
Total thous. of dol__IJ. S. Government doOther than U. S. Government:
Total ".doDomestic _ do | U0, 305Foreign... do
'Revised.fRevised series. For 1936 revisions on securities issued, see p. 35 of the March 1937 issue. For domestic municipal bond prices, revised data prior to that shown on p 35
of the October 1937 issue will appear in a subsequent issue.•New series. Data beginning July 1933 on new securities effectively registered, by industrial groups, are shown in table 30, p. 19, of August 1937 issue. Data
sales on the New York Stock Exchange, exclusive of stopped sales, as compiled by the Exchange are here substituted for the series previously shown, which was comDow-Jones & Co., Inc. Earlier data for the new series will be shown in a subsequent is^ue.
92.7695. 6468.44
95. 85106. 70100.50123.0470.03
100.4111.8
108.9
158,165187,459
134,439160, 722
147,60119,174
128, 427105, 63322, 794
on bondpiled by
36 SURVEY OF CURRENT BUSINESS November 1937
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
FINANCE—Continued
SECURITY MARKETS-Continued
Bonds—Continued
Value, issues listed on N. Y. S. E.:Par, all issues mills, of dol.
Domestic issues doForeign issues do . . .
Market value, all issues do . . .Domestic issues do . . .Foreign issues do___
Yields:Moody's: *
Total (120 bonds) percent.By ratings:
Aaa (30 bonds) do . . .Aa (30 bonds) do . . .A (30 bonds)... . do . . .Baa (30 bonds) do.._
By groups:Industrials (40 bonds) do___Public utilities (40 bonds) d o . . .Railroads (40 bonds) do_._
Foreign (30 bonds) .doStandard statistics:
Municipals (15 bonds) f doBond Buyer domestic municipals (20 bonds)
percent.U. S. Treasury bonds doU. S. Treasury 3-5 year notes* do__-
Cash Dividend Payments and Rates
Dividend payments (N. Y. Times):Total thous. of doL.
Industrials and misc doRailroads do
Dividend payments and rates (Moody's):Annual payments at current rates (600 com-
panies) mills, of dol.Number of shares, adjusted millions.Dividend rate per share (weighted average)
(600 cos.)- dollars-Banks (21) do . . .Industrials (492 cos.) doInsurance (21 cos.) doPublic utilities (30 cos.). do .Railroads (36 cos.) do. . . .
StocksPrices:
Dow-Jones:Industrials (30 stocks) dol. per share..Public utilties (20 stocks) do_...Railroads (20 stocks) do
New York Times (50 stocks) do___.Industrials (25 stocks) doRailroads (25 stocks) do
Standard Statistics:Combined index (419 stocks) 1926=100..
Industrials (347 stocks) do. . . .Public utilities (40 stocks) doRailroads (32 stocks) do.._.
Banks N. Y. (19 stocks) doFire insurance (18 stocks) do
Sales:Market value of shares sold (S. E. C ) :
On all registered exchanges, totalthous. of doL.
On New York Stock Exchange doNumber of shares sold:
On all registered exchanges, total (S. E. C.)thous. of shares..
On N. Y S. E. (S. E. C.) do.__.Exclusive of odd lot and stopped sales
(N. Y. Times) thous. of shares..Shares listed, N. Y. S. E.:
Market value all listed shares..mills, of doL.Number of shares listed millions..
Yields (Moody's):*Common stocks (200) __.percent..
Industrials (125 stocks) do. . . .Rails (25 stocks) do. . . .Utilities (25 stocks) do. . . .Banks (15 stocks) doInsurance (10 stocks) do
Preferred stocks, Standard Statistics:Industrials, high grade (20) do
Stockholders (Common Stock)
American Tel. & Tel. Co., total number..! Foreign doPennsylvania Railroad Co., total doi Foreign doU. S. Steel Corporation, total do
Foreign doShares held by brokers percent of total..
47,28442,3344, 95043,27140,0243,247
4.04
3.303.514.075.27
3.553.964.605.35
3.18
3.052.671.50
288, 290280, 9537,337
1,963.9923. 50
2.133.072.142.372.051.77
160.124.942.8
114. 24195. 8632.64
106.4126.289.242.668.285.6
1,601,7931,432,863
65, 76249,838
33, 860
49,0341,398
5.15.14.95.73.94.2
5.13
637,8757,111
214,8672,946
158,9523,10325.81
45,21140,1785, C33
43, 30539, 8833,422
3.79
3.183.413.944.62
3.443.834.095.68
2.862.411.09
231, 730226, 6425.C88
1, 539. 6923. 99
1.673.041.582.131.991.21
167.834.555.8
133.48222. 5444.42
114.1130.2107.755.475.194.1
1,594,4111,387,439
59, 62744, 535
30,872
55,1051,348
3.53.52.44.63.33.1
5.03
645,4577.540
221,3273,076
173,6333,86623.51
45,01839,9885, 031
43,18039, 7513,429
3.75
3.183.373.904.54
3.423.804.025.64
2.94
2.852.421.12
233, 697226,2697,428
1, 568. 2923. 99
1.703.041.622.142.011.21
175.035.158.7
138. 39230.4046.38
118.7136. 0109.158.475.393.8
2,241,4621,948,171
79,99260, 019
43,998
58, 5071,349
3.43.32.24.43.43.0
5.06
45,02640, 0384,988
43,68040, 2573,423
3.71
3.153.313.854.52
3.373.744.005.60
2.85
2.692.29
880, 262814,40665,856
1,825.6923. 99
1.983.041.962.142.041.55
182.134.956.7
141.46238. 8844.04
124.2144.3108.957.970.496.1
2,530,4642,188,579
94, 29968, 306
50, 470
60, 0201,356
3.93.93.04.43.42.8
5.04
46,28041,3014,979
45, 05441,6133,441
3.67
3.103.283.784.53
3.373.693.965.63
2.76
2.622.271.04
437, 541407, 95729, 584
1,876.2923. 50
2.033.072.012.212.091.77
180.034.953.9
136. 46231.1141.81
122.8142.6110.654.470.698.3
2,358.9562,025,678
99, 75671,123
48, 605
59, 8781,360
4.04.03.54.63.43.0
641,1687,382
218, 7203,055
170, 4483,78123.92
46,59241,6304,96145,11341, 6513,462
3.67
3.103.303.774.50
3.363.683.955.39
2.79
2.742.291.18
233, 330212,83720, 493
1,884.0923. 50
2.043.072.022.252.091.77
183. 536.455.1
139. 48235. 4143.56
126.0146.3113.255.678.9
2,663,0642,246,887
117,09781, 687
58, 676
61,9121,367
3.93.83.54.63.13.1
4.94
46, 57241, 5934,979
45, 00741, 5213,486
3.75
3.223.403.854.54
3.463.764.045.16
2.96
2.902.311.22
358, 909332,406
26, 503
1,886.9923.50
2.043.072.022.252.091.77
188.035.057.4
138. 67231. 7745.58
129.5151.7110.757. 990.698.4
2,701,2262,332,408
107,06172, 004
50, 255
62,6181,374
3.83.83.34.72.83.1
4.96
46,99442,0454,949
44,11640, 7263,389
3.87
3.323.503.984.69
3.553.904.175.30
3.19
3.152.501.42
249,402244,089
5,313
1, 885. 7923. 50
2.043.072.022.252.081.77
188.433.161.7
137.19225. 7348.70
129.9152.6105.762.888.097.1
2,977,5702,628,767
117,43683, 720
50, 344
62, 4681,380
3.83.15.02.83.2
5.07
639, 2277,265
217,0163,020
164,2713,13024.81
47,05842,0954,963
43,92040, 5253,395
3.98
3.423.584.054.86
3.653.994.295.35
3.24
3.092.741.59
222,278216,136
6,141
1, 892.2923.50
2.053.072.C32.422.071.77
179.330.759.5
130. 89215. 2346.56
124. 5146.5100.760.181.491.7
2,052,3181,803,427
72,14052, 533
34, 613
57,9631,387
4.24.23.35.33.23.9
5.15
47,04542,0864,959
44,17140, 7343,436
3.92
3.343.493.994.87
3.553.954.275.32
3.14
3.042.671.48
521, 082494, 60126,482
1,926. 8923.50
2.093.072.082.422.081.77
173.128.358.4
129. 41212. 9245.90
116.3136.794.157.176.8
1,267,5431,113,925
43,99231,336
18, 565
57, 3241,389
4.34.33.55.43.23.9
5.17
47,32142,2685,054
44,00140, 5093,492
3.92
3.283.453.994.97
3.513.974.295.14
3.11
3.062.641.54
342, 749312,100
30, 648
1,933. 7923. 50
2.093.072.082.372.101.77
170.126.754.3
125.13208. 4641.81
113.6134.091.353.973.288.7
993,772869,953
38,09927, 554
16, 443
54,8821,400
4.54.53.95.53.53.8
5.18
638,6277,194
215,4982,954
161,4873,20525.33
47,15942,1165,043
44,29640, 7763,520
3.91
3.263.453.974.97
3.503.924.315.16
3.07
2.942.591.44
253,111244,116
8,995
1,959. 7923. 50
2.123.072.122.382.101.77
180.328.853.9
131. 44221. 0441.84
117.8139.495.952.176.593.6
1,242,8581.096,396
41,86430, 045
20, 715
59, 3941,404
4.24.23.85.13.33.6
5.16
47, 22742,2265.0G1
43,80940,3863,423
3.92
3.253.453.985.00
3.473.894.405.20
3.01
2.952.591.45
384, 779368,814
15, 965
1,964. 8923. 50
2.133.072.132.382.101.77
184.428.452.2
131. 06221. 6840.45
120.5143.597.050.974.492.1
1,119,358984, 955
38, 56326, 265
17, 221
56, 6241,398
4.44.44.15.43.33.6
5.10
*New series. For earlier data on Moody's yield series, see table 45 pp. 19-20 of this issue for bonds, and p. 18 of the September 1936 issue for stocks. Data on yield ofU . S . Government 3-5 year notes beginning August 1932, will appear in a subsequent issue.
f Revised series. Revisions prior to those shown on p. 36 of the October 1937 issue will appear in a subsequent issue.
November 1937 SURVEY OF CURRENT BUSINESS 37
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
FOREIGN TRADE
INDEXESExports:
Total value, unadjusted 1923-25=100.Total value, adjusted . .do . . .
U. S. merchandise, unadjusted:Quantity do. . .Value doUnit value. _ do. . .
Imports:Total value, unadjusted do. . .Total value, adjusted do
Imports for consumption, unadjusted:Quantity 1923-25=100.Value doUnit value do. . .
Exports of agricultural products, quantity:Total:
Unadjusted 1910-14=100.Adjusted do—.
Total, excluding cotton:Unadjusted.. do.._Adjusted do. . .
VALUE
Exports, incl. reexports thous. of dol_.By grand divisions and countries:
Africa doAsia and Oceania do
Japan doEurope do
France , doGermany doItaly _ doUnited Kingdom ...do
North America, northern doCanada do
North America, southern doMexico .do
South America— .doArgentina doBrazil... doChile. ._ do
By economic classes (U. S. mdse. only):Total .thous. of dol..
Crude materials ..doCotton, unmanufactured do
Foodstuffs, total _ doFoodstuffs, crude doFoodstuffs, mfgd— do
Fruits and preparations... .doMeats and fats doWheat and flour. do
Manufactures, semi doManufactures, finished do
Autos and parts doGasoline... _ doMachinery do
General imports, total doBy grand divisions and countries:
Africa doAsia and Oceania _ do
Japan _ .doEurope. do
France „ doGermany doItaly doUnited Kingdom do
North America, northern _.doCanada do
North America, southern doMexico do
South America doArgentina doBrazil doChile do
By economic classes (imports for consump-tion) :
Total... thous. of doL.Crude materials.. doFoodstuffs, crude doFoodstuffs, manufactured doManufactures, semi.. doManufactures, finished do
7874
1117971
7276
1217361
296, 729
293, 52580, 93038,96126, 7759,98416,7917,7662,9935,36455, 425130, 39423,29610,34039, 017233,361
234,07675,98428, 51628,40952, 56448, 603
58
6770
1246855
63
220,149
9,45143, 65421,32898,93714,92910,2132,868
47, 49832,14231, 49819,3706, 38116, 5964,9463,5161,051
217, 53572, 81938, 22123, 3495,697
17, 65210, 4383,0132,42431, 86089, 50812,4515,495
27, 307215, 645
3,58567, 73316, 01766, 2915,9057,2123,17117, 52436, 01534,99817,1033,05524,9186,5469,4551,476
218,37069, 43731,06333,14940,81743, 904
10470
6664
1236754
74
264, 740
10, 91951,06526, 663122, 69717,10210,9055,69959, 51139,18038, 44221, 4566,67019, 4235,2965,0321,272
261, 963100,41858,40224,9237,49017,43311,8313,4092,541
36, 66899,95315, 7664,534
31, 760212, 464
3,58161,18915,93070,7226,8078,7674,75618, 54839,06838, 53213,1663,691
24, 7397,5858,7581,601
213,20962, 75833, 80227, 51240, 53648, 601
5952
896067
6161
1146355
225, 766
8,20844, 20024,10098, 23611,4109,5505,401
43,83936, 53935, 90519,7716,79918,8125,3204,8671,288
223, 32182,17346,96913, 6974,3699,3284,5793,5601,429
32,82694,62621, 2185,307
26,408196,491
3,80053, 69815,34064,6956,1656,5674,41616, 62538, 77538,33112,3773,43523,1467,5838,466
200,39161, 22630, 58227, 70540, 63840, 241
76
1357556
229,739
12, 65141,18016,43399,86315,8088,9955,907
40, 62333,13732, 55622,6167,723
20, 2916,3174,2371,579
226, 60567, 38340, 22013,1123,6449,4683, 7763,3251,931
34, 901111,20828, 7693,99330.788244,321
6,28466, 80516,42780,8907,1377,6164,81226,44339, 55039, 01017,6074,64033,1848,18111,4622,520
239, 83575,38340,22133,03648, 96742, 228
1257157
221, 550
10, 09449, 28122,36488, 67713, 4927,0566,63335, 28231, 68731, 29722,0476,96519,7635,3124,1621,668
217,94960, 58737,46113,0623, 5989,4644,2632,9801,894
34.156110,14427, 5865,882
31, 532240, 396
7,57376,84317,68367,2135,8597,7174,29118,45333,97533,08922,3615,088
32, 4318,46711, 534
228,68277,04538, 72729,64846, 53336, 729
1408158
232, 504
10, 60449,81624, 74595,47413,1018,8826,07138,84731, 92631,64324, 5917,877
20, 0935,9283,9791,554
229.05054,41034, 06622, 5243,52219,0029,9032,6241,81537,937114,17925,9745,062
31, 475277,805
9,35092,11218, 38273,2096,8006,3944,16219, 05630,81130, 56827, 7875,509
44, 53616,19910, 9995,119
260,32090,93041,39934,92952,18740,875
1559360
256, 390
10,04961,57929,97197,06012, 4-.09,2926,979
34, 03638, 26637,63126, 5949,401
22, 8425,8395,3191,538
252,26852,15234, 27217, 4754,10013, 3755,5103,1511, 92753,005129,63528, 8195,34936,985306, 699
11, 38995, 86317,66080, 5227, 5597,9783,87820, 60637, 62537,09635,1256,98146,17518,16610, 5455,110
295,92891,61645,25152,16257, 85349,046
7175
1007172
8982
1458861
269,170
13,54757,79426,92899,36212,23312,3087,48729,84046, 01345,14628, 23410,61624, 2216,6564,7702,002
264, 85250,39328,57216,4964,14312, 3534,9593,3202,21256,058141,90530, 7915,372
43, 547287,252
12, 55392,18820,42373,8806,5967,5134,32917,35335, 32735,19834,9097,03938,39511, 40810, 0047,512
281, 71788, 68139, 54151,41054, 53547, 550
81
1077772
86
1418762
289,928
13, 46768,90736,177101,90512,4667,0976,325
35, 50152,00851,14427,1828,87926,4587,7855,9271,839
285,08751,99624, 64316, 3423,58412, 7583,7273,9972,618
71, 752144,99733,1696,768
42, 252285, 038
9,228100, 50318,24472, 3866,2497,7144 3751S[ 00236,88936, 47929, 2845,150
36, 74813, 7328,1815,469
278,77791,80037,36247,09055, 84746, 679
1408762
265, 363
12,16955,45225,19498,85611,2218,9736,953
34, 03747, 91447,01326, 0389,96824,9348,3134,7641,903
256, 50342,00416, 83515,9704,42511,5454,2253,2692,645
63, 321135, 20829,7216,52940,814285, 946
8,47098,01018, 63769,0735, 5457,5793,59318, 04439,11338,35027, 5215,611
43,75918, 06010, 6425,349
278,74292, 54741, 61838, 46258.87147, 244
7080
987173
8289
1348262
268,185
14, 95263,08926,50986, 8609,9187,5824,74932,10346, 25345,11628,19611, 00728, 8358,1645,9472,439
264, 61534, 3599,35617,4125,92211, 4903,7763,1624.53168,865143,97829, 4146,71946,093265, 349
7,39485,98316,46770,1666.1038,2023,33215, 23437,45836,47225, 5614,457
38, 78716, 5329,6942,626
263, 43877, 55437, 75039, 77459, 58148, 778
7379
1037471
7679
1277862
4556
5657
277, 695
13,32857, 34524, 644104,07510, 71310, 2045,498
42, 39548,40647, 55326,8719,094
27, 6709,3155,6272,174
274,22446,04515,90327, 36213,12414, 2386,9792,9948,882
67, 227133,59123,1498,48340, 761245, 707
6,14582,93516, 29767, 8945,6758,6423,47715, 90234, 79733, 43821,3594,793
32, 57710, 96210, 7992,976
249,02579,60634, 01832, 92554, 80747, 669
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Express Operations
Operating revenue thous. of doLOperating income do
Electric Street Railways
Fares, average, cash rate t centsP i d t h dPassengers carried thousands..Operating revenues thous. of dol._
p Revised.
7.954741,211
8,809115
8.025737,523
54, 701
8,975120
8.02514, 25459,900
8,930124
8.025777,157
57,047
10,021125
8.025847, 77562,446
8,752130
8.025803, 620
57, 834
8,749129
7.991757, 518
55,042
9, 344135
7.991859,898
62, 529
9,177130
7.991819,952
59,459
9,441137
7.991815,109
59, 684
6,762122
7.984772, 604
56,924
8,954123
7.984721,837
54, 224
' 7.968710, 081
53, 385
fData revised for period July 1935-March 1937. See p. 37 of the June 1937 issue.
38 SUKVEY OF CURRENT BUSINESS November 1937
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—ContinuedSteam Railways
Freight-carloadings (Federal Reserve): tCombined index, unadjusted... 1923-25=100.
Coal do...Coke. _do_.-Forest products do...Grain and products _ do...Livestock. ___ do...Merchandise, 1. c. 1 do...Ore do...Miscellaneous do...
Combined index, adjusted do...Coal _ .do...Coke _ do._.Forest products.. .do...Grain and products . .do.. .Livestock doMerchandise, 1. c. 1 .do...Ore do...Miscellaneous _ do...
Freight-carloadings (A. A. R.):Total carsi thousands.
Coal _ do._.Coke do._.Forest products _do...Grain and products _do._.Livestock doMerchandise, 1. c. 1 do._.Ore do—.Miscellaneous do__.
Freight-car surplus, total do...Box cars _do...Coal cars _do.__
Financial operations (Class I Railways):Operating revenues, total thous. of dol.
Freight . . .do...Passenger do...
Operating expenses do—Net railway operating income do...Net income do._.Operating results:
Freight carried 1 mile mils, of tons.Revenue per ton-mile cents.Passengers carried 1 mile millions.
Canals: Waterway TrafficCape Cod... thous. of short tons.New York State . . . .do. . .Panama, total... thous. of long tons.
In U. S. vessels __doSt. Lawrence _ thous. of short tons.Sault Ste. Marie. . . . .do. . .Suez _ thous. of metric tons.Welland thous. of short tons.
Rivers:Allegheny do...Mississippi (Government barges) do...Monongahela doOhio (Pittsburgh district) do..-
Clearances, vessels in foreign trade:Total thous. of net tons.
Foreign _ do._.United States do...
TravelOperations on scheduled airlines:
Express carried pounds..Miles flown .thous. of miles..Passenger-miles flown _ doPassengers carried number..
Hotels:Average sale per occupied room dollars..Rooms occupied.. .percent of total..Restaurant sales index... .1929=100..
Foreign travel:Arrivals, U. S. citizens number..Departures, U. S. citizens doEmigrants doImmigrants.. doPassports issued do
National Parks: tVisitors doAutomobiles do
Pullman Co.:Revenue passengers carried ..thousands..Revenues, total thous. of dol.
COMMUNICATIONSTelephones: §
Operating revenues thous. of doLStation revenues do...Tolls, message do...
Operating expenses.. do...Net operating income do...Phones in service end of month___thousands.
Telegraphs and cables:Operating revenues thous. of dol.
Commercial telegraph tolls doOperating expenses do...Operating income do...
878488547956701829678819349714467104
3,1835554115014269665279
1,2811045621
363,071293,81138,734262, 71259,305
276753
2,385865
1,30412,585
1,566
257163
2,2981,120
6,6774,8531,825
720,4796,214
54, 230130, 296
3.316592
6,533
8480835071577015195757787466344678685
' 3, 0625313913912773
••664226
1,2641257123
357, 058291, 632' 36, 340248, 450' 70,09626,406
33, 049.9642,064
258821
2,5261,0541,13011,0412,1721,407
378127
2,5691,425
4,6062,061
652,9305,75643,510101,239
3.096691
63,57548,6932,6124,6066,564
258,49577,712
1,5194,929
90,66858,44124,09560,92319,27715,762
10, 3218,0108,6081,300
86908749696569134977782874769466690
4,09679153178161109856264
1,6831126517
391,457326,05633,914261,21289, 85146, 234
37,148.9551,913
281722
2,463962
1,38610, 7892,1721,645
428129
2,6611,452
5,9734,2091,764
799, 2665,91344,411102,917
3.146995
33,17636,2462,4365,1015,659
77,78324,926
1,4694,959
93,97960,78124,98461,91022,14215,880
10, 5648,1348,6001,438
8493964973596973928285965078496713390
3,0136254513613177
651113
1,2361216323
358, 548298,22032,083248, 28572, 41130, 083
33, 865.9571,798
255717
1,747485999
7,0942,3021,309
134129
2,4461,355
4,8813,6311,249
751,8905,63942,89196, 019
3.2865
16,97322,9832,7083,8715,865
46,12714,102
1,3514,309
92,39360, 28523,84361,36321, 27415,961
7,5418,3101,070
838288548346699292
2,776625451321305963233
1,1191336530
372, 265299, 23139, 262257,42470, 52049, 678
33, 980.9632,164
01,53921422373
2,346232
260103
2,6011,372
4,3513,2551,096
663, 7215,30137,95282,022
3.106091
19,57321, 2222,6534,0826,104
43,71513,019
1,4974,772
96,63862,04626,34063,89123,82216,067
11,8939,3269,8001,481
974265426426788078834873436711790
3,317759581491486876449
1,3221316426
331,685268, 65137,441253. 66438,437<* 4, 598
33,130.898
2,030
3250
1,856281
00
2,6890
12979
1,896854
4,1993,1561,043
554, 0304,19921,37946,012
3.127092
19,68621,7571,8972,9587,046
50,30714,211
1,6055,697
94,27761,45724,42061,45320, 77416,160
10, 3268,0498,854878
76911024964346627828277765170416811495
2,778628481401174564042
1,1171135419
321,927264,16733,016244,14638,359* 5, 727
32, 212.9081,797
2750
1,84046700
2,3770
19389
2,4961,325
4,2442,9971,248
500, 0044,60026,10858,008
3.226690
27,68030,6551,4133,2247,716
40, 60811,530
1,3854,973
91,26360,13822, 65860,30119,07216,259
9,6537,4198,441634
8092965262346929908387925168426911494
3,003670471511154668244
1,2491135817
377, 813313,88134, 952266, 27269, 37924,461
36, 651.9381,921
3170
3,0161,255
00
2,7950
236131
2,6891,337
5,3843,8981,486
580,6025,48634,58474,972
3.0968
33,37030,4101,4223,72015,151
59,67317, 021
1,4755,439
97,04962,28626,15664,86220, 04316, 375
11,3058,8179,1531,527
79
516339701029484811024970436924991
2,955
148172
1,998845
5,7314,1541,577
540,3105,35033,13676,199
3.2471107
30,70825,4042,0854,74224, 784
73, 07922,056
1,4195,004
96,13362,43225,25963,95920,10616,497
10,4377,9949,061795
80668555583969187938077885364446913390
47342
14812050
690121
1,3101346332
351, 573288, 63133,733
262,01947, 8072,667
32,266.979
1,856
286305
2,6531,005
3914,6203,151
667
59352
19813668
856363
1,6321478030
352, 614287,91934,042
267, 29643.663
d 4 8
34,093.928
1,902
319577
2,9511,0771,244
14,1102,7801,623
314179
2,3971,237
6,2384,4951,744
591,0115,78442,01998,035
3.056797
23,16824,5011,4125,03333,202
172,93851,391
1,3644,660
96,41562,55725, 29665, 03519,15116,604
10,5188,0839,335597
79658255723368192907876895274416711387
2,9774433915612344653293
1,2251377031
351, 704281,87838, 510265, 57958,94018,560
31,866.9652,164
301792
2,6701,0181,31014,1612,6281,660
1552,1981,089
7,0415,1071,934
650,7095,81147,290110,842
3.1565100
27,38734, 8572,3145,44531,491
340,550101,466
1,4785,085
96,67862, 37925,72865, 76118,93416,641
10,7558,2739,443727
82648857111326720390807610457813768107
3,8125485120125153
805384
1,51813765
365,148293,10742.061266,64160, 55819,007
33,753.9572,438
282630
2,476956
1,28614,1372,9291,634
357154
2,2981,166
7,3385,3332,006
611, 5626,23950,798120, 571
3.196293
16,498
723, 690197,287
1,5505,411
95, 37060, 83525,96866, 67517,02716,670
10,1547,7719,323325
816880559342681908979779853774268103
3,1164723916217557671298
1,2421276333
359,612289, 23741, 565268,19050,3086,347
33,703
240611
2,7811,0411,33313,9372,7891,613
276'1812,4021,210
7,4825,4851,998
618,1136,31251,942123, 550
3.326395
8,916
720,790167,066
1,6365,697
95,37760,52526, 28966,36017,01616,931
10, 2767,9269,070634
r Revised. d Deficit. H Data for October 1936, January, May, July, and August 1937 are for 5 weeks; other months, 4 weeks.§ While the number of telephone carriers reporting has varied somewhat, the coverage has shown very little change, and the series are comparable for all practical purposes,t Revised series. For freight-carloadings indexes revisions for period 1919-36 see table 24, pp. 17 and 18 of the July 1937 issue. For revisions of National Park data for
period 1919-36 see p. 20 of the December 1936 issue.
November 1937 SURVEY OF CURRENT BUSINESS 39
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April M a y June July August
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS j
Alcohol, denatured:Consumption thous. of wine gaL.Production _ _._doStocks, end of month do
Alcohol, ethyl:Production thous. of proof gal..Stocks, warehoused, end of mo doWithdrawn for denaturing doWithdrawn, tax paid do
Methanol:Exports, refined. gallons..Price, refined, wholesale (N. Y.)-dol. per gal..Production:
Crude (wood distilled) gallons..Synthetic do
Explosives, shipments thous. of lb._Sulphur production (quarterly):
Louisiana long tons..Texas. do
Sulphuric acid (fertilizer manufactures):Consumed in production of ferilizer
short tons..Price, wholesale, 66°, at works
dol. per short ton..Production short tons..Purchases:
From fertilizer manufacturers doFrom others. _ do
Shipments:To fertilizer manufacturers doTo others do
11,30611, 5111,915
17,21925, 78319, 5522,506
10, 230.36
404,1123,018,333
34,310
FERTILIZERS
Consumption, Southern Statesthous. of short tons..
Exports, total - long tons..Nitrogenous _.do_Phosphate materials do.Prepared fertilizers do
Imports, total. doNitrogenous do
Nitrate of soda doPhosphates do—Potash do
Price, wholesale, nitrate of soda, 95 percent(N. Y.) dol. per cwt..
Superphosphate (bulk):Production short tons.Shipments to consumers do...Stocks, end of month _ do
NAVAL STORES
Pine oil, production gallons.Rosin, gum:
Price, wholesale, "B" (N. Y.)dol. perbbl. (280 lbs.).
Receipts, net, 3 ports bbl. (5001b.).Stocks, 3 ports, end of month do._.
Rosin, wood:Production ..do...Stocks, end of month do...
Turpentine, gum, spirits of:Price, wholesale (N. Y.) dol. per gal.Receipts, net, 3 ports bbl. (50 gal.).Stocks, 3 ports, end of month do...
Turpentine, wood:Production do...Stocks, end of month do._.
OILS, PATS, AND BYPRODUCTS
Animal Fats and Byproducts and FishOils (Quarterly)
Animal fats:Consumption, factory thous. of lbProduction do__Stocks, end of quarter do._Greases:
Consumption, factory do._Production _ _ do._Stocks, end of quarter do..
Shortenings and compounds:*}Production do...Stocks, end of quarter do._
Fish oils:Consumption, factory do__Production do__Stocks, end of quarter do._
Vegetable Oils and ProductsVegetable oils, total:
Consumption, crude, factory (quarterly)thous. of lb
Exports _ do,_Imports do . .Production (quarterly) _ do. .Stocks, end of quarter:
Crude do . .Refined do__
» Revised.
143,929
16.50188, 252
34,45426,173
38,83061,629
134111,90124,75574,904
127141, 74440,9025,4758,54587,673
1.450
353,649125, 7721,048,636
469,093
8.8371,252134,649
66,295145, 767
.3522,85591,626
10,32015,401
162,380265,832252,018
49,66672,10964,724
424,46837,324
71, 910124,158211, 248
679, 508776
96, 862604,180
745,069388,453
r 8, 505r 8,6322,756
16,89326,363
r 15,330r 2, 391
34,976.38
429, 5002,695,59134,151
73, 605436,338
16,10315,0341,682
22,08618,84226, 2582,952
.38
511,5413,278,05236,472
120,370
15.50135, 717
32,30422,918
24,10351,118
145150,75314,470121, 554
79972,38232,6511,3832,494
32, 310
1.325
299,065127, 378876, 563
404,932
7.2395, 693194,883
57,78977,767
.4221, 894114,127
8,57810, 228
245, 453375,493358, 645
53, 26582,13964, 321
438, 60640,619
77, 07482, 201155, 492
718, 747362
62, 429484, 565
551. 613288,572
12,94612, 5841,311
20,17013, 36022,1613,215
.38
520, 7223,417,75537, 453
163,265
15.50169,814
43,43931,710
23, 47756,538
138173,42637,286127,067
269167,050
19,5132,83757,967
1.375
369,33572,254985, 632
405,527
7.2981, 814194,175
57,80977, 718
.4118, 533113, 702
8,73112, 634
69, 228
175,123
15.50176, 500
39,20344, 523
27, 38857, 756
100123,60912,00499, 750
45099,00149,1262,6833,95140,884
1.375
389,36932,137
1,117,011
404,105
8.2570, 372192,780
58,023
.4314, 457109,955
8,86614,840
18983, 079
11, 24311,0791,131
19, 9439,70219, 4563,315
146, 621.38
548,9822,009,95235,055
62,700513,286
180, 560
15.50182,217
43,84434,272
37,84044,860
17868,72112,10653, 393
119161,11267,34529,4313,52687,983
1.375
393, 60023,502
1,133,640
413, 078
10.3271, 307190,325
57, 26165,416
.4711, 620105, 431
9,16016,906
229, 922463, 972
6,7156,8101,509
18, 70714,03511, 5532,272
48,891.37
525,0701,835,81527,894
402, 244
58,41389,33260,731
432, 20944,930
82,502123, 684216,156
1,114,164190
86,164962, 462
5,4105,4771,273
17, 57219,8219,3342,094
205,156
500,6851,849,30228, 273
164,320
15.50176,492
34,20140, 372
38,73947,169
41461,0028,006
49, 340173
199, 31280, 51352,6335,580
111, 929
1.375
377, 20035,023
1,125,576
H04, 052
10.9548, 861167, 947
60,62063,924
.485,646
96,090
9,63218, 768
29082,753
164,880
15.50178,979
24,49435, 749
30, 55141,864
74459, 28615,40540,418
122233, 207182,851105,7114,16433,349
1.375
375,03968,832
1,075,640
405, 642
25, 296128,241
5,8, 06862,392
.472,00485, 070
9,06121,196
360130, 545
575,893 _ _ 564,757486,208 655,726
6,5346,5421,275
19, 88325, 21811, 2532,926
30,149.36
546,6622,071,74742,838
53,915475,924
196,134
15.50193,979
24,78247,680
21,13750,985
1,752106,29723,43077,396
224260,223181,21397,97915,75255,193
1.375
218,159
439, 006
9.1327, 818109,057
60,94775, 725
.444,577
76, 986
9,84023,535
239,164393, 281426, 068
65, 35681,84556,166
357,32846,503
90, 49628,950218,106
989,620747
89, 745783,648
6,7167,1051,659
16,82326, 65112,3002,740
148,197.36
531, 7272,138,89541,870
7,5117,4421,578
16,93827,42813,0132,684
72, 540.36
522, 9612,353,497
31, 972
172, 936
15.50180,040
20,26736,149
17,60050,239
1,356122,86315,47097,380
450253,005200,927137,008
7,86932,951
1.375
376, 356263,078644, 530
429,182
8.2553,433
105,132
61,74294,311
.4114,68869, 802
9,84020, 035
591113, 895
146, 301
15.50176, 703
15,99338, 569
35,14950, 692
255166,234
15, 562142,037
421180,101130,05085,12112,97213,992
1.375
340,532114,429649,076
463,993
8.5183, 76399,931
62, 399113, 020
.4123,37770,173
9,63718, 325
114,689
8,2338,3251,657
18, 65428,46515,1732,392
51,344.36
485, 943},263,507
29,327
63,385569, 967
121, 716
16.00154,275
20,94239,880
21,65862,464
115120,301
12, 79284, 654
247122,48392,31152,57813, 687
1.375
291,27331,248
751,413
424,182
98, 076104,307
63,428130, 502
.3927,57973, 250
9,20815, 423
208,420342, 708376, 211
58, 31678,13258, 390
345, 00845, 585
75, 63212, 563
6,5846,7531,822
18, 25430, 92213,0102,242
12,113.36
465,2052,564,783
27,291
149,489
737,509408
135, 291504, 491
. . _ . 587,563617,942
141,935
16.50166, 927
29,43832,937
29, 95857,853
58150,58318,001
116, 651907
80,97040,9782,7668,784
29,091
1.430
282,07525,575
849,634
443,367
105,477124,105
65,561139,542
27,06684, 627
10, 02215, 554
762125,913
8,0527,9321,724
17,06730, 97614, 4142,375
68,421.36
462, 584!, 735,963
30,811
168,015
16.50179,008
40,25731,865
35,13856,418
40151,20416,872
125,094303
115,96137,2381,8654,135
69,094
1.450
372,73025,924
958,397
475,920
8.9790,391
110,497
68,332145,365
.3724,06686,171
10, 41014,884
307128,408
J Title changed from "Lard compounds and substitutes."
40 SURVEY OF CUREENT BUSINESS November 1937
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS—Con.
Vegetable Oils and Products—Continued
Copra:Consumption, factory (quarterly)
short tons..Imports doStocks, end of quarter do
Coconut or copra oil:Consumption, factory:
Crude (quarterly) thous. of lb_.Refined (quarterly) do
In oleomargarine doImports doProduction (quarterly):
Crude doRefined do
Stocks, end of quarter:Crude doRefined do
Cottonseed:Consumption (crush) short tons..Receipts at mills doStocks at mills, end of mo ..do
Cottonseed cake and meal:Exports doProduction doStocks at mills, end of mo do
Cottonseed oil, crude:Production thous. of lb__Stocks, end of month do
Cottonseed oil, refined:Consumption, factory (quarterly) do
In oleomargarine doPrice, summer, yellow, prime (N. Y.)
dol. per lb._Production thous. of lb__Stocks, end of month do
Flaxseed:Imports thous. of bu__Minneapolis and Duluth:
Receipts. doShipments doStocks, end of month do
Oil mills (quarterly):Consumption doStocks, end of quarter do
Price, wholesale, No. 1 (Mpls.)--dol. per bu._Production (crop est.) thous. of bu_.Stocks, Argentina, end of mo do._
Linseed cake and meai:Exports.. .thous. of lb__Shipments from Minneapolis do
Linseed oil:Consumption, factory (quarterly)
thous. of lb_.Price, wholesale (N. Y.) dol. per lb_.Production (quarterly) thous. of lb__Shipments from Minneapolis -doStocks at factory, end of quarter do
Oleomargarine:Consumption (tax-paid withdrawals)
thous. of lb_.Price, standard, uncolored (Chicago)
dol. per lb__Production thous. of lb__
Vegetable shortenings:Price, tierces (Chicago).. dol. per lb..
PAINTS
Paint, varnish, lacquer, and fillers:Total sales of manufacturers thous. of doL.
Classified— doIndustrial.. doTrade do
Unclassified doPlastic, cold-water paints, and ealciirmes:
Sales of manufacturers:Calcimines. dollars..Plastic paints - doCold-water paints.. do
CELLULOSE PLASTIC PRODUCTS
Nitro-cellulose, sheets, rods, and tubes:Production _-. thous. of lb__Shipments __ do
Cellulose-acetate, sheets, rods, and tubes:Production thous. of lb._Shipments -do
ROOFINGDry roofing felt:
Production _ short tons...Stocks, end of month do
Prepared roofing shipments:Total .thous. of squares..
Grit roll do....Shingles (all types) doSmooth roll do
59,49624,99132,466
107, 08368, 0089,05426, 740
76,10368,179
132,13411,553
793, 3471,538,087988, 590
9,126344,496103, 397
230,305108,070
412, 82713,282
.074127, 311311,862
2,009
1,84272
1,493
7, 6662,8562.13
• 7, 6433,543
55,58619, 787
93,817.109
151, 2787,678
142,818
35,588
.13534,843
.106
33,06222, 9759,93113,04410,087
250, 59148, 611252,810
1, 5061,692
1,2241,102
26, 3909,308
3,368907978
1,484
49,16424,93314,865
169,41693, 64813, 96415, 689
63,00495,678
77,12114, 241
594, 6451.257.908834,834
549264,755125, 212
176, 799' 93,182
332, 2169,081
.102r 95, 218228,451
1,813
336318783
4,8172,0832.14
5,512
32,5813,205
79, 705.101
91, 0983,53898,411
34,426
.13833, 711
.125
33, 45022,3389,56412, 77411,112
292,07147, 268149, 333
1,787J,532
1,2041,027
23, 0837,523
4,3061,1811,1192,005
22,185
13, 61923, 500
748,1261,178,3221,274,173
331, 248190, 068
222, 294121, 398
10, 042
.099179, 721307, 369
1,747
7033,466742
2.13
~~3,~ 937"
37, 62511,313
3,686
35,144
.14035, 586
.120
34, 04923,19210,62812, 56410,857
279,19341, 672
138, 903
1,8061,648
1,4621,316
25, 9075,853
1,1401,760
5,085
10, 27132, 712
686, 254791, 0361,378,955
827310, 738209, 660
203, 416143,182
10, 373
.100183,558385, 250
2,707
746264709
2.16
"2," 756"
40, 40312, 229
.093
34,365
.14034, 209
.120
28.50320, 03710,01810,0198,466
222, 96535,90295, 783
1,5941,420
1,4381,313
25, 6285,753
2,592633626
1,333
41, 7394,54010, 671
143, 56580, 67610, 91629,186
53,14273,900
59,55115,458
656, 240535, 5111,258,226
160296,173214, 731
195, 763142, 021
333,09912,689
.110168,381418,087
1,489
484310470
6,9312,8642.21
*>5,9084,331
56, 56910, 068
78,114.096
131, 8994,784
117, 268
38, 806
.14238, 773
.130
29,46519,75910,2239,5369,705
251,06833, 89598, 048
1,3981,479
1,2551,112
21, 3616,381
1,462327385750
8,900
5,71339,345
582, 373209, 533885,386
251, 586224,460
175,942146, 396
13, 752
.114167,362460,448
1,139
36811
501
2.29
35,4689,163
.101
"5,319"
34,025
.15030,956
.137
30, 20220, 7269,08011, 6469,476
295,40532, 091119, 937
1,7151,561
853742
24, 5479,546
2,386516549
1,321
41,966
6,58721,463
417, 753102,577570,210
321191, 874198,768
129, 311128,164
12,911
.110141,777529, 781
3,727
1781
2.23
"~6,~299"
40, 7657,256
.099
.15030, 638
.135
29, 74920, 2579,51810,7399,492
302,41434,768135, 676
1,9761,687
1,2701,397
27, 0316,228
3,589774785
2,030
47, 58815,19212, 517
128, 64457, 5995,197
17, 651
61, 94566, 228
62, 71912,170
319,88264,086314,179
181144, 532138, 668
99, 701100, 950
322,39014, 643
.111134,254579, 427
4,084
74011
541
8,1753,0482.20
7,874
61, 74112, 289
94,981.104
156, 8777,954
137, 472
35, 739
.15035, 994
.136
37,86626, 20212, 21413, 98911, 664
332, 59151, 533180,436
1,7953,639
1,6211,764
31,0156,324
2,329540587
1,202
4,669
4,09636,110
179, 00522,439157, 613
18584, 682101,199
59, 428
14, 789
.10692,139
586, 597
2,280
558
2.21
7,480
61, 78111, 880
.113
~~8,~428"
32,407
.15034, 349
.133
44,56231,04312,46218, 58113, 519
366, 04965, 321221,917
1,6921,628
1,4111,313
30,9098,240
2,423521
17,8
4,09424, 280
111,30638, 85185,158
14654,24984, 223
35, 87149,139
12, 557
.10554,025566, 704
3,662
1,346827773
2.11
6, 299"
74, 2099,586
.113
"8,"343"
29, 726
.14928, 741
.129
43,35530,34612, 73417, 61213,010
357,14363,104321,731
1,6271,450
1,1701,099
27,1609,711
2,517610984924
44, 38025, 82210, 294
112,88355,4605,614
32, 677
56, 35369,448
94, 83113, 337
70, 21130.89345, 840
134, 51573,169
22.89421,373
336, 37510,961
.10050,105
517, 334
2,661
1,125516630
10,3722,4841.92
6,693
70, 7156,772
118, 260.111
206, 5128,314
142,411
26,245
.14027, 945
.130
39,83828, 21412, 25315, 96011, 624
330,14462,092
303,474
1,5361,600
1,1131,043
21,98810, 811
2,280619783878
20,141
6,56826,178
37, 54931, 49239, 783
•7520, 32141, 084
13, 6989,684
9,282
.09222,386440, 947
2,063
211528
2.03
6,693
67, 03214,151
.111
"~8~567~
27, 724
.13526, 215
.129
34, 49524, 45211,21713, 23410, 043
290,19355, 270261, 351
1.2811,396
831
22,37710, 323
2,152588717847
41,955
7,71431,637
179, 272380, 728241, 239
15578, 44233, 700
51,81231,112
10, 027
.08028,116342, 350
1,254
1,453205642
1.97
4,724
50, 74714,082
.111
"7,652
27, 629
.13528, 679
.120
33, 78523, 67410, 43113,24310, 111
226, 010r 53, 236268, 693
1,6421,558
1.4161, 467
25, 59510,143
2,671755833
1,083
*> Dec. 1 estimate. c Oct. 1 estimate. 'Revised.
November 1937 SURVEY OF CURRENT BUSINESS 41
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April M a y June July August
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production, totalf mills, of kw.-hr._By source:
Fuelsf--. doWater powerf do
By type of producer:Central stationsf doOther producers do
Sales to ultimate consumers, total (EdisonElectric Institute). mills, of kw.-hr._
Domestic service doCommercial—retail doCommercial—wholesale doMunicipal street lighting doRailroads, electrified steam doRailroads, street and interurban do
Revenues from sales to ultimate consumers(Edison Electric Institute) thous. of dol..
GAS
Manufactured gas:fCustomers, total thousands..
Domestic doHouse heating doIndustrial and commercial do
Sales to consumers mills, of cu. ft..Domestic doHouse heating doIndustrial and commercial do
Revenue from sales to consumersthous. of doL.
Domestic doHouse heating doIndustrial and commercial do
Natural gas: fCustomers, total thousands..
Domestic doIndustrial and commercial do
Sales to consumers mills, of cu. ft__Domestic doIndustrial and commercial do
Revenues from sales to consumersthous. of doL.
Domestic doIndustrial and commercial do
10, 231
7,0623,168
9,725505
9,722
6,6953,027
9,178544
7,9101,2611,4024,540
19799
338
175, 597
9,7309,121
139462
25, 75316,682
5418,378
27,82421,583
4975,640
6,6106,162
44687,86913,98072, 637
24, 66711, 45613,047
10,176
6,7753,401
9,641536
8,0931,3241,4214,574
214110374
179, 972
9,7629,142
155453
28, 86318,1561,580
30, 21322, 946
1,1845,959
6,6906,208
48095,10719,10574,956
28, 64514, 33014,172
9,785
6,4243,362
9,182603
8,0001,4191,4594,315
225112392
183, 066
9,7379,103
165460
30,82416, 3354,9659,323
30, 70021,6392,6836,236
6,78
514112, 41030, 40380, 938
36, 82720, 50116,165
10,528
3,649
9,910618
8,1541,4821,5014,298
235124433
187,094
9,7549,110
172462
33,85316, 5027,458
32,42521,5794,1576,547
6,8056,282
521125, 40940, 98883, 016
43,92626, 32817, 389
10,151
6,3153,835
9,556595
8,3591,6681,6164,258
218118410
194, 554
9,7699,131
161468
32,47017, 3736,1348,750
31, 96721, 8343,7996,197
6,7546,236
514129, 31247,15980, 892
47, 84730,08817, 558
9,247
5,7623,485
8,690557
7,9731,5731,5344,11518495401
183, 586
9,162166464
31, 86016,4436,1739,046
30, 72420, 3964,0296,172
6,7646,251512
135,17948, 15285, 627
48,97530, 52518,162
10, 228
6,3823,846
9,626602
8,2171,4251,4514,553181120414
177,579
9,168158470
32, 78716,9935,8439,740
31, 37920, 9193,8606,458
6,8166, 295519
127,63342, 24983, 791
45, 23427,16217,841
5,7534,115
9,293575
8,2701,4181,4664,672162111367
177,861
9,8589,212164471
33, 05117,1915,24410,439
35, 50221, 6393,1386,585
6,7906,278510
125, 83239, 56384, 903
42, 67125, 19417, 247
9,976
5,6244,352
9,442534
8,1141,3231,3994,727147104346
174, 287
9,9379,288166470
30, 75816, 8583,56110, 169
30, 76622, 3031,9106,426
6,9116,410499
105,16826. 45977, 242
34,13818, 70215,192
10,071
6,3363,735
9,544527
8,3271,3421,4634,88913698327
178, 539
9,9769,332160472
29,17917, 5221,29910, 209
29, 90822, 559
9456,299
6,7696,296472
95, 28518, 84875,080
28, 73814,53614, 018
' 10,342
r 6, 9853,357
' 9,824518
8,4561,3711, 4974,944
140100333
179, 637
9,9469,313
151470
26, 94116,174
7249,794
27, 90621, 281
5525,970
6,7726,309461
92, 56315, 72975, 782
26, 44312, 43813, 823
T 10, 632r 7, 369' 3, 262
r 10,115'517
8,6451,3821,5395,072
15497
326
182,057
9,9469,313
152469
25, 52715,167
5519,673
26, 54320,179
4495,805
6,8176,351464
94, 96514, 66178,860
26, 31911, 79314, 312
FOODSTUFFS AND TOBACCO
BEVERAGES
Fermented malt liquors:Consumption (tax-paid withdrawals)
thous. of bbl._Production doStocks, end of month do
Distilled spirits:Consumption, total (tax-paid withdrawals)
thous- of proof gal..Whisky do
Production, total doWhisky do
Stocks, total, end of month doWhisky do
Rectified spirits:Consumption (tax-paid withdrawals)
thous. of proof gal__
DAIRY PRODUCTSButter :
Consumption, apparent! thous. of lb__Price, wholesale (N. Y.), (92-score)
dol. per lb__Production creamery (factory)f. . thous . of lb_Receipts, 5 markets doStocks, cold storage, creamery, end of month
thous. of lb_.Cheese:
Consumption, apparent t doImpor t s . - . doPrice, No. 1 Amer. (N. Y.) dol. per lbProduction (factory) f thous. of lb__
American whole milkf doReceipts, 5 markets doStocks, cold storage, end of mo do
American whole milk do
5,1235,1178,488
7,9206,342
13,8538,343
469, 732450, 961
3,251
142, 046
.35125, 74242,886
118, 753
63, 7484,811
.1954,16042, 53315,084
117, 765101, 321
' 4,980' 5,173' 8, 083
6,931' 5, 953
' 23, 70219, 063
r 352,452r 341,454
2,783
r 136, 768
.35' 133,021
44, 637
108, 835
T 55, 5915,796
.20r 66, 983<• 44, ms
12, 098114,990
98, 206
4,2494,0977,722
9,7248,20)2
27, 62520, 299
364, 023352,639
4,074
' 139, 549
.33' 135,493
47,202
105,368
r 60, 9555,675
.19' 68, 741' 45, 629
13, 386118, 907102,847
3,6403,3997,319
11,5679,643
22, 97318,868
373,330361,318
4,858
r 129,349
.34r 111,535
39,587
88,866
' 54, 7365,881
.18' 53, 670r 33, 088
12, 524114, 706
98, 975
3,8313,6656,945
10, 6098,907
25,18822, 289
387,322374,629
5,044
' 137,281
.34' 108,550
39,310
61,234
'50,6116,229
.18'49,118' 29, 296
11,311110,40095,418
3,0563,6577,407
5,3144,528
21,10919,174
402,099388,416
2,123
' 127,308
.34' 106,528
37,067
42, 734
' 51, 7395,022
.1841, 599
' 27,34611,548
102,11288, 091
3,1403,5377,660
6,8045,779
14, 20312, 836
408,598394,947
2,497
' 126, 865
.34' 101,983
36, 236
20, 678
' 50,9474,697
.1839, 622
' 26, 62711,54593,11480, 713
4,1765,0548,345
7,0455,835
22, 38520, 255
422, 883408, 510
2,907
' 136,031
.36' 119,601
42, 896
6,700
' 58, 5456,347
.1847, 553
' 31, 35911,79085, 216
732, 822
4,5075,4829,098
6,6425,450
21,73419,119
437,159421, 546
3,238
'133,471
.33'132,107
44, 402
6,406
'58,6135,365
1754, 448
' 37, 15011, 93983, 09670, 584
5,1555,6699,408
6,2025,139
20,17717, 986
450, 752434, 262
2,727
'163, 752
.32' 179,918
57, 352
22, 904
' 70, 4823,958
.1766, 503
' 52, 77811,40185, 00871, 603
6,0046,4379,570
5, 9214, 519
18, 48615,975
462, 608445, 286
2,437
' 136, 809
.31' 196,860
75, 063
83,119
' 63, 2054,808
.1782,491
' 62, 34217,096
105,31889,191
6,4506,3619,244
5 2984,1219,2857,522
465,871447,983
1,891
131, 360
.32172, 007
61, 636
123, 863
55, 2173,490
.1864, 78151,43017, 220
118,235100, 418
6,1755,8468,678
5,7924, 6588,9086,843
468,105449,794
2,193
135, 860
.33146, 752
48, 749
134,885
57. 2383, 677
.1958,10146, 04317,863
122,647105,026
T Revised.f Revised series. Manufactured and natural gas revised for period 1929-36. For revisions see tables 20 and 21, pp. 19 and 20 of the May 1937 issue. For 1936 revisions
on production of electric power, see p. 41 of the May 1937 issue. Revisions for 1936 for butter and cheese consumption and production not shown above will appear in asubsequent issue.
42 SURVEY OF CURRENT BUSINESS November 1937
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
sptem- O f > t n h p r Novem- Deceiber u c tober b e r b e r
1937
Janu- Febru-ary ary March April May June July August
FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS- Continued
Condensed and evaporated milk:Exports:
Condensed (sweetened) .doEvaporated (unsweetened) do
Prices, wholesale (N. Y.) (case goods):Condensed (sweetened) dol. per case..Evapqrated (unsweetened) do
Production:Condensed (sweetened):
Bulk goodsf. thous. of lb_.Case goodsf do.
Evaporated (unsweetened) t doStocks, manufacturers, end of month:
Condensed (sweetened):Bulk goods . thous. of lb_.Case goods do
Evaporated (unsweetened), case goodsthous. of lb-_
Fluid milk:Consumption in oleomargarine doProduction (Minneapolis and St. Paul)
thous. of lb._Reeeipts:
Boston (incl. cream) -thous. of qt_.Greater New York __do
Powdered milk:Exports thous. of lb_.Productionf doStocks, mfrs., end of mo. do
FRUITS AND VEGETABLES
Apples:Production (crop estimate) thous. of bu_.Shipments, car-lot no. of carloads..Stocks, cold storage, end of month
thous. of bbl_.Citrus fruits, car-lot shipmentst-.no. of carloads..Onions, car-lot shipments! doPotatoes, white:
Price, wholesale (N. Y.) dol. per 100 lb._Production (crop estimate) thous. of bu._Shipments, car-lotf . . .no . of carloads..
GRAIN AND PRODUCTS
Exports, principal grains, including flour andmeal -.thous. of bu_.
Barley:Exports, including malt doPrice, wholesale, No. 2 (Mpls.):
Straight dol. per bu_.Malting__, . . — . . — — . do.
Production (crop estimate) thous. of bu . .Receipts, principal markets doStocks, commercial, domestic, end of mo.
thous. of bu._Corn:
Exports, including meal . .doGrindings --doPrices, wholesale:
No. 3, yellow (Kansas City)._-dol. per bu . .No. 3, white (Chicago) doProduction (crop estimate)---thous. of bu_.
Receipts, principal markets doShipments, principal markets doStocks, commercial, domestic, end of mo.
thous. of bu_-Oats:
Exports, including oatmeal doPrice, wholesale, No. 3, white (Chcago)
dol. per bu._Production (crop estimate) thous. of bu_.Receipts, principal markets doStocks, commercial, domestic, end of mo.
thous. of bu._Ricc.
Exports.-- pockets (100 lb.)_.Imports _ - .do—Price, wholesale, head, clean (New Orleans)
dol. per lb . .Production (crop estimate) thous of bu . .Southern States (La.,Tex., Ark., and Tenn.):
Receipts, rough, at millsthous. of bbl. (16? 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 (100 lb)-_California:
Receipts, domestic rough bags (1001b.)__Shipments from mills, milled rice doStocks, rough and cleaned, end of mo.
bags (1001b.)-.
1,2211,539
4.853.25
15, 9144,019
135,137
10,8628,699
227, 710
6,411
17918,13237, 545
206,7166,128
2,3525,5214,726
.925'398,785
18,408
9,366
2,962
.68
.83232, 878
13, 018
13, 386
294,330
.861.08
'2,561,9368,1713,804
4,512
942
.32'1,152,433
14, 487
28,401
325, 205151,841
.030«52,073
1,282
949
1,256
263, 332195,138
159,654
2042,904
4.853.40
• 19, 059' 4,334184,136
12,36312,109
160, 709
6,357
26,245
16,149113,031
291• 28, 456
26,835
7,775
2,4807,4583,418
1.795
"167846"
4,844
1,006
1.30
1.28
"~9,~ 68 3"
17, 732
306,778
1.121.27
"9,~2l34,375
4,325
.44
"47667"
50,973
1,325121, 670
.042
1,375
754
962
259,027134, 336
151,619
931,633
4.853.40
• 16, 626' 3 . 1 5 3186,141
11,23311, 689
251, 751
6,732
27, 235
17,066114,971
327' 29, 689
30, 612
15, 923
8,4829,0103,667
2.006
"227630"
3,036
461
1.291.32
"9," 584"
20,012
645,615
1.121.10
4,058
4,277
75
.42
"~3,"569"
48, 639
17, 534120,830
.039
2,289
1,213
2,116
513, 65577, 742
378,038
128
4.853.40
r 12,422r 3, 359129,736
7,78710,190
278, 511
6,351
25,447
17,141111,544
322r 24, 012
33, 270
7,495
8,82914,7172,096
2.050
14,476
1,573
1.271.28
~~5; 625
20, 541
215,525
1.141.07
"l7," 559"5,268
8,185
65
.46
"27517
42, 571
52,12179,586
.039
1,761
1,110
2,848
379,02834,985
676,647
1891,489
4.853.30
• 13,189' 3, 737114,004
5,6709,071
258,904
7,189
28,609
16, 016113,935
216r 26,802
35,171
6117,5065,169
7,45216,452
1,933
2.505* 329,997
14,942
1,806
19
1.291.32
>147, 4524,741
18,848
' 4 05,786
1.151.09
1,529,32718,2005,855
13, 454
65
.50789,100
3,753
37, 392
54,199181,638
.038HQ, 833
736
980
2,654
90,45147,150
190,290
174
4.853.30
17,4144,827
116,230
5,6857,124
208,911
5,772
31,743
16,128115, 606
216' 23, 271
38, 998
4,726
5,78718,2612,540
2.881
17," 122
1,690
1.321.33
" 3 , " 179'
14,990
425,641
1.191.14
13,162
5,652
15, 080
64
.54
" 4 , 1 2 0
31,066103,852207,204
.038
1,799
1,327
3,178
416, 75698, 382
714,982
2612,010
4.853.19
16,5354,027
123,441
5,353
4,958
176, 912
5,385
31,00014, 553
106, 972
282' 20, 266
39, 906
4,492
4,06415,4492,869
2.744
"l7,~ 501'
1,781
144
1.321.37
" 3 , " 299"
13, 703
375,957
1.201.13
9,5674,692
13,901
78
.51
~~37 448
25,807
130, 507123,495
.038
973
1,109
3,139
317, 467265, 629
579,552
226
4.853.15
14.9633,739
156, 762
5,5944,203
152,575
6,774
36,443
16, 054119,816
326r 24, 520
38,881
3,647
2,45318,412
1,581
2. 240
20,571
2,261
574
1.19(a)
"2,"808
12,154
476,395
1.231.22
9,304
5,428
12, 381
75
.51
'~~3758l'
20,22533,610
163, 562
.040
309
765
2,721
431,945250,402
523, 512
1242,019
4.853.15
17,8243,664
178,244
6,0034,400
161,208
6,359
35,352
15, 631118,158
40227,84637,179
2,994
1,17613,5772,720
2,094
" 197603"
2,274
513
1.17(a)
"277I3
207,268
1.371.35
8,082
4,778
6,697
61
.54
" 4 ~ 578'
11, 78531,896
179,868
.040
241
569
2,393
99,21667,471
513,927
457
4.853.15
26,5564,972
247, 838
11,3998,669
242,390
5,244
42, 597
17,150128, 088
27236,14543,129
1,640
46012,6003,961
1.708
"21^929'
2,499
93
1.141.28
"§,"332'
5,873
306,701
1.351.35
9,650
3,745
4,316
82
.52
"47836"
5,64821, 440
192,394
.040
240
549
2,092
70,24252,737
463, 584
1,3311,595
4.853.15
25,1074,481
242,981
15, 55010, 920
302, 435
5,102
43,134
17,195129, 016
24835, 48848, 390
779
2,445
2.031
"297563
2,494
105
.81
.91
"27644'4,711
355,882
1.221.18
11,5124,710
5,380
79
.48
"27812"
2,338
85,343181,620
.038
149
502
1,741
213, 59074,202
482, 536
7011,819
4.853.20
16,3084,496
202,367
16,02911,173
227, 696
4,743
34,421
18,975124,455
3C129,43542,902
1,657
6,7771,570
1.163
"l67627~
4,079
265
.79
.78
1,151
5,22735
3,433
1.251.23
10, 6824,701
7,425
101
.39
""77612"
3,359
160,895177,972
.037
100
576
1,271
237,364118,257
434,471
7412,265
4.853.25
16,1703,992
155,477
' 13,37310, 572
263, 324
5,254
27, 070
19,126123, 064
409' 21,030' 40, 219
1,253
5,2061,749
.930
11,172
2,118
.63
.72
"l6,"952
9,967
323,848
7,1964,697
6,191
761
.30
25,170
18,556
247,900176,431
.035
152
520
910
367, 221235,262
316, 503a No quotation.«• Revised. b Dec. 1 estimate. • October 1 estimate.t Revised series. For revisions of production on powdered milk for 1935 see p. 90 of the 1936 Supplement. Data for 1936 on car-lot shipments revised. See p. 42 of the
May 1937 issue. Revisions for 1936 for production of condensed and evaporated milk and powdered milk not shown above will appear in a subsequent issue.
November 1937 SURVEY OF CURRENT BUSINESS 43
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
FOODSTUFFS AND TOBACCO—Continued
GRAIN AIND PRODUCTS-ContinuedRye:
Exports, including flour thous. of bu.Price, wholeslae, No. 2 (Mpls.)-.dol. per bu_Production (crop estimate) thous. of bu.Receipts, principal markets doStocks, commercial, domestic, end of mo.
thous. of bu-Wheat:
Exports:Wheat, including flour. doWheat only do
Prices, wholesale:No. 1, dark, northern, spring,
Minneapolis-- dol. per bu . .No. 2, red, winter (St. Louis).. doNo. 2, hard, winter (K. C.) . .doWeighted av., 6 markets, all grades-do
Production (crop est.), total...thous. of bu._Spring wheat doWinter wheat - do
Receipts, principal markets ..doShipments, principal markets doStocks, end of month, world estimated
thous. of bu.Canada (Canadian wheat) doUnited States (domestic wheat) do
Held by mills (end of quarter)thous. of bu.
Wheat flour:Consumption (computed by Russell's)
thous. of bbl.Exports . . .doGrindings of wheat thous. of bu.Prices, wholesale:
Standard Patents (Mpls.) dol. per bbl.Winter, straight (K. 0.)-- do
Production:Flour, actual (Census) thous. ofbbLFlour, prorated, total (Russell's) doOffal (Census) thous. of lb_
Operations, percent of capacity (Census)Stocks, total, end of month (Russell's)
thous.of bbl_Held by mills (end of quarter) do
LIVESTOCKCattle and calves:
Receipts thous. of animals.Disposition:
Local slaughter . . . d o . . .Shipments, total do
Stocker and feeder do . . .Price, wholesale, cattle, cornfed (Chicago)
dol. per 100 lb.Hogs:
Receipts thous. of animals.Disposition:
Local slaughter __do__-Shipments, total do . . .
Stocker and feeder do.__Price, wholesale, heavy (Chicago)
dol. per 100 lb_Sheep and lambs:
Receipts thous. of animals.Disposition:
Local slaughter do_._Shipments, total. _ do__.
Stocker and feeder do_._Prices, wholesale (Chicago):
Ewes dol. per 100 lb.Lambs do
Total meats: M E A T S
Consumption, apparent mills, of lb_.Production (inspected slaughter) ..doStocks, cold storage, end of month do
Miscellaneous meats doBeef and veal:
Consumption, apparent thous. of lb_.Exports doPrice, wholesale, beef, fresh, native steers
(Chicago) dol. per lb_-Production (inspected slaughter)
thous. of lb_.Stocks, cold storage, end of mo do
Lamb and mutton:Consumption apparent doProduction (inspected slaughter) doStocks, cold storage, end of month do
Pork (including lard):Consumption, apparent doExports, total do
Lard doPrices, wholesale:
Hams, smoked (Chicago) dol. per lb_.Lard, in tierces:
Prime, contract (N. Y.) . .doRefined (Chicago) do
Production (inspected slaughter), totalthous. of lb_.
Lard do.Stocks, cold storage, end of month__.do.Fresh and cured _do_Lard. ..do.
721.78
'51,8694,752
5,676
4,7122,678
1.341.091.101.09
*886, 895•• 198, 750e688,14535,19918, 964
59,198141,014
163, 363
433
6.075.24
9,234
761,~784
5,001
2,360
1,2471,094
437
16.53
1,533
1,071454
32
11.83
2,9941,1631,806. 6334.0310.16
1,03089144144
502,1621,026
485, 88938,816
64, 05164, 0641,911
463, 90613, 0169, 717
.254
.114
.132
341, 23143,510355,822283, 28772, 535
0.87
1,658
6,515
2,415487
1.461. 191.22
' 1.37
10,62110,658
315, 760126,06682,849
153, 521
8,198410
40,055
6.965.67
8,7089,182
723, 97856
6,5004,677
2,264
1,339928380
9.52
1,939
1,26367394
10.25
2,766
1,1261,5974803.368.91
1,0751,02962575
558, 6781,483
.145
571, 787
60,11660, 8943,374
455,96012, 0837,856
.246
.118
.126
396, 37159, 627
463,404361, 608101, 796
0.85
1,375
6,209
2,436926
1.481.211.221.29
15, 23713,978
305, 590117,41276,423
9,631321
41, 770
7.065.57
9,1209,831
749,12154
6,000
2,439
1,3681,060
516
9.91
2,613
1,782830
62
10.00
2,8711,1911,7237213.498.50
1,1951,21063877
580, 9041,536
.150
595, 095104,961
65, 06867, 6545,930
549, 32414, 78410, 454
.225
.117
.125
546,90780, 568
449, 698354, 95094, 748
1.92
1,735
5,983
1,28821
1.441.231.221.28
10, 71210,945
292,87093,92470, 314
8,510269
36, 844
6.845.49
8,0198,829
666. 24053
6,050
2,176
1,246893449
11.08
3,148
2,234900
41
9.67
2,149
1,0711,0833673.678.40
1,0591,24282895
466,1941,021
.163
510,943152, 769
58,90461,4438,450
534,07816,4849,563
.223
.119
.126
669,115103, 020572,165463,400108, 765
11.10
* 25,5541,084
5,008
1,68150
1.591.351.341.39
^626,461107,448^519,01310, 38911,601
312, 48082,62563,453
135,189
7,912358
37,832
7.265.94
8,2168.333
687, 72751
6,0964,686
1,811
1,145695277
12.05
3,145
2,21693440
10.25
1,761
1,082692110
3.838.47
1,0471,3371,149132
482,171
.168
521,965193,760
62, 69264, 55310, 228
502,45613, 6189,384
.226
.135
.139
750, 815118, 420812, 700666,891145,809
01.13
715
4,476
1,57633
1.661.401.381.44
7,7668,676
336, 50074,73752, 251
8,114328
37, 586
7.546.16
8,1808,246
681, 27653
5,900
1,691
1,097560184
12.91
2,500
1,78571229
10.38
2,063
1,200852115
5.529.94
1,0081,1091,245132
483, 312879
.182
469, 582180,916
69, 30069, 57010,491
455, 09812, 3778,804
.225
.139
.144
570,17390, 443
921, 231738, 522182, 709
01.11
334
1,52238
1.591.431.371.39
6,1167,089
316, 77068,01043,709
7,924316
34, 630
7.45
7,5368,038
628,00553
5,700
1,342
916419121
13.24
2,084
1,44363828
10.18
1,591
933661
5.7710.06
860903
1,282126
401,1741,071
.183
384, 817167,438
54, 86454,1629,807
404, 3349,1614,456
.227
.126
.131
464, 29972, 324978,164775, 688202, 476
11.09
737
3,215
1,56561
1.531.431.391.42
7.5927,512
288,22065, 70036, 850
82,134
32038,605
7.446.15
8,4028,274
697, 45150
5,5004,074
1,727
1,143564184
14.06
2,224
1.59561942
10.26
1,576
96062060
6.5911.49
1,0401,0061,240117
484, 6161,497
.192
453, 740142, 691
56, 40653, 8337,174
499,03912,4877,324
.209
.127
.132
498, 79476, 584
973, 004755, 777217, 227
11.12
794
2,550
1,679137
1.561.441.401.41
8,941
234,72050,68326,253
32838,468
7.266.02
8.3408,808
704, 61852
1,634
1,058569192
14.30
2,036
1,44858936
10.11
1,882
1,05283092
6.2512.13
9571,181
484, 0411,528
.200
443, 712111,653
56, 68854,1514,574
457,43713, 7378, 245
.214
.119
.128
458, 73468,328
965, 798756, 354209,444
186
1,878
2,034
2,108395
1.461.321.321.32
7,62110, 629
184,15045, 64317,088
36434,892
6.985.95
7,542
642, 59549
1,751
1,067663239
13.00
1,526
1,074444
32
11.01
2,209
1,1211,0881366.0511.55
941813
1,03083
444,9081,008
.200
412,06186,168
55, 74954,1542,950
439,93320,05513, 565
.215
.121
.130
346, 41750, 732
858,134663, 657194,477
5,9
495
1,442
2,217770
1.451.221.211.23
19,39111,175
157, 78036, 31411, 677
67,874
30835, 548
6.915.69
7,637
656,83447
3,773
1,902
1,184703217
13.43
1,513
1,075432
29
11.46
1,8791,022852133
4.2511.47
1,00488089869
491,360
456, 71963, 522
55,07254, 3242,171
457, 31713, 3778,288
.229
.123
.133
368, 50852, 410763, 548578, 424185,124
293.85
1,073
1,187
3,3852.145
1.511.221.221.19
111,91327, 726
229, 52926, 26789,334
26438,872
7.445.76
8,415
701, 64252
1,675
1,013660224
15.08
1,157
79036632
12.11
1,908
9001,012177
4.3810.47
92777173658
443,2821,064
.228
421, 26751,466
52,91352, 6391,840
430, 73913, 2217,746
.242
.126
.138
297, 00041, 701624, 232467, 273156, 959
1,031.77
5,989
4,223
7,2305,453
1.331.121.121.08
62,24125,102
269,87024,970131,239
37839,993
6.485.28
8,678
717,65854
2,245
1,1841,020
381
15.68
1,275
885380
35
12.19
2,752
1,0471,6775494.7510.43938792
••58249
472, 9111,179
.248
459, 706r 44, 582
57, 50157, 634r 1, 928
407,98611, 8317,175
.252
.117
.136
274, 50135, 278485,689367,595118.094
• Oct. 1 estimate. 6 Dec. 1 estimate. r Revised.
44 SURVEY OF CURRENT BUSINESS November 1937
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May j June July August
FOODSTUFFS AND TOBACCO—Cont inued
POULTRY AND EGGSEggs:
Receipts, 5 markets thous. of cases..Stocks, cold storage, end of month:
Case - thous. of cases.._Frozen thous. of lb . .
Poultry:Receipts, 5 markets doStocks, cold storage, end of month do
TROPICAL PRODUCTSCocoa:
Imports ..long tons..Price, spot, Accra (N. Y.) dol. per lb_.Exports from the Gold Coast and Nigeria,
Africa long tons..Coffee:
Clearances from Brazil, total -thous. of bags..To United States do
Imports into United States doPrice, wholesale, Rio No. 7 (N. Y.)
dol. per lb_.Receipts at ports, Brazil thous. of bags..Stocks, world total, incl. interior of Brazil,
end of month thous. of bags..Visible supply, total, excl. interior of Brazil
thous. of bags._United States do
Sugar:Raw sugar:
Cuba:Stocks, total, end of month
thous. of long tons..United States:
Meltings, 8 portsf long tons. .Price, wholesale, 96° centrifugal (N.Y.)
dol. per lb_.Receipts:
From Hawaii and Puerto Ricolong tons..
Imports doStocks at refineries, end of monthf-do
Refined sugar (United States):Exports, including maple doPrice, retail, gran. (N. Y.) dol. per lb_.Price, wholesale, gran. (N. Y.) doReceipts:
From Hawaii & Puerto Rico..long tons..Imports:
From Cuba doFrom Philippine Islands do
Tea:Imports thous. of lb_.Price, wholesale, Formosa, fine (N. Y.)
dol. per lb_.Stocks in the United Kingdomf.. thous. of lb_.
MISCELLANEOUS FOOD PRODUCTSCandy, sales by manufacturers._thous. of doL.Fish:
Landings, fresh fish, prin. ports.thous. of lb_.Salmon, canned, shipments cases..Stocks, total, cold storage, 15th of month
thous. of lb_.Gelatin, edible:*
Monthly report for 7 companies:Production d o —Shipments doStocks d o —
Quarterly report for 11 companies:Production - d o —Stocks . . .do
TOBACCOLeaf:
Exports thous. of lb_.Imports, unmnfrd., incl. scrap doProduction (crop estimate) doStocks, total,, incl. imported types, end of
quarter thous. of lb_.Flue-cured, fire-cured, and air-cured_doCigar types do
Manufactured products:Consumption (tax-paid withdrawals):
Small cigarettes millions..Large cigars thousands..Manufactured tobacco and snufT
thous. of lb_.Production (by types) :*
Total . . .do . - - .Fine cut chewing doPlug. . do . . . .Scrap chewing doSmoking doTwist. _ do
Exports, cigarettes thousands..Prices, wholesale:
Cigarettes dol. per 1.000..Cigars - d o —
791
7,058148,129
23, 23761, 709
25, 247.0786
18, 781
993470842
949
7,312870
1,129
180,842
.034
73, 631154, 535168,014
4,265.054.050
5,4151,286
8,008
.275
32, 255
37,474
72, 389
1,0461,1705,025
4,3127,550
53, 2266,033
'1,474,683
14,854498,835
29, 597
510, 590
5.51346.056
782
5,81796, 660
27, 58082,096
22,816.0750
17,241
1,090603970
.0811,238
7,754953
1,009
278, 660
.036
128,439217,897334,202
5,647.054.047
21, 5392,393
9,036
.275220,958
30,033
42,8211, 747,920
84, C
7631,1145,042
3,7017,317
48,1676,231
2,146,6001,729,515
342,766
14, 342489,293
30,096
27,025562
5,5393,749
16 639536
371,146
5. 38045.996
3,78882, 029
34, 434104, 981
23, 012.0843
28, 074
1,192642920
1,124
(07,905
862
844
258, 713
.034
70,83982, 527
283,559
7,198.054
12, 7351,121
9,727
.275227, 395
31,163
45,092596,139
86,145
1,0781,2805,840
66, 2386,129
13, 204551,114
32, 046
28, 395435
5,3283,99218,036
603297, 358
5.38045.996
482
1,75566,309
77, 297149,391
22, 564.0954
38, 263
1, 230
.0851,293
7,815
741
230, 819
.036
76,682102, 207222, 753
5,185.052.046
1,116
8,10491
5,710
.275236, 037
30, 328
41,12966,100
92, 702
1,417982
5,275
49,4534,697
11, 557489,180
26, 611
23, 976409
4,4993,37115,203
493361, 836
5.38045.996
687
65151,837
72, 999187, 887
40, 268.1134
54, 571
1,447889
1,454
.0881,459
31,421
7,822768
376
249,110
.038
45,15995,833147,832
3,696.053.047
19, 5422,866
8,158
.275234, 464
30, 567
32, 79245, 597
94, 695
1,2971,1754,397
5,3687,958
41,4634,162
1̂,153,083
,209,8421,831,451313,607
13, 246371, 231
26, 302
24, 369522
4,4553,44015,375
577513, 538
5.38045.996
1,076
46939,104
23,122178, 304
.1221
47, 744
1,289687
1,370.0891,437
(0
7,954851
489
230, 650
.039
50,015189,647167,019
4,567.054.049
6,117
10, 834590
7,544
.275225,444
25,068
24, 256352,432
87, 576
1,3861,1835,599
35,9215,877
13, 436356, 996
25, 759
22, 093382
4, 6243,14713,436
503463,017
5. 43545.996
32234, 390
17,318157,858
26, 500.1032
57,266
948523
1,563
1,166
(0
7, 993969
1,336
313,517
.036
117,279222,734227,047
6,137.055.049
15, 775
16, 5832,966
9,370
.275205, 569
24, 468
27,1531,198, 620
69, 629
1, 4451, 3555,689
24,0526,057
12, 328362, 935
26, 444
23,913372
4,9093,81014, 328
494499, 483
5.51345. 996
1,645
1,41353, 074
19,993120,328
34, 337.1143
49, 211
1,233654
1,365
.0931,096
34, 249
8,016975
2, 221
511,841
.035
180,985386,962180,784
6, 664.055.047
19,187
91,1444,623
9,567
.275174,343
26. 260
34, 964860, 551
51, 588
1, 5511,7975,442
6,3118,200
26, 7325,711
2,279,113•1,812.966''377,698
12, 792466.831
31,084
28,099435
5, 3484,12917, 535
653488, 721
5. 51346.020
2,009
4,40588,186
18, 56094, 888
33,181.0990
43,036
979501
1,138
.0911,183
8,2871,079
2,187
555,866
.035
232, 622412,827153, 703
5,680.056.047
16,110
42, 39848, 208
6, 787
.275148,013
22,940
35, 596313,110
42,957
1,5991,3425,699
24, 0017,908
12, 210453, 008
30.028
27.029530
5 0023,76017,124
613481, 754
5. 51346. 056
2,134
7,300133,132
20, 26082, 340
22,165.0782
27,364
935456925
.093
8,0671,035
1,929
410,039
.034
234, 875326,885254,340
7,736.056.047
18,716
47, 81413,383
6,693
.275148,669
20,819
39, 535305, 394
40, 589
1,4361,3765,759
29,1467,373
13, 070430, 628
27, 557
24, 579414
4.7323,70115,182
548510, 511
5.51346.056
1,701
8,54S164,830
21,92777,173
17, 557.0740
10, 203
937499
1,032
.094915
30, 451
7,8861,133
1,707
330, 222
.034
153,554219,935305, 460
4,034.055.046
16, ISO
31, 7557,905
7,373
.275144,613
21,814
41.039302, 442
48,178
1,3921,4615,690
6,1278,421
24,0347,907
2, 025,1231, 580, 166365,360
14, 259472,404
28,730
27,185598
5,2523,90416,840
591477,167
5.51346.056
1,188
8,718
20,81070, 040
18,130.0790
8,214
756376865
.094794
7,6211,107
1,454
476,988
.035
109, 937293,422320,817
3, 907.052.046
331
11,5165,763
7,044
.275131,167
13, 524
40, 727203, 374
i9, 330
1,0541,2545,490
15,9907,367
15, 290476,489
29 519
405, 768
5.51346. 056
r 8, 390r160, 258
20,885' 63, 733
27,633.0837
18,961
444733
.093880
7,5891,099
1,245
420,024
.035
104, 646246,556147, 244
3,550.053.046
1,563
28,7763,248
6,487
.27144,839
18,571
39, 069360, 321
66, 209
9391,2795,150
25, 3227,201
15,098452,898
28,361
428, 888
5.51346.056
r Revised. h Dec. 1 estimate. c Not available. « October 1 estimate.* The quarterly report for gelatin is complete for the industry; the new monthly data are for 7 companies, for data for the latter series for period 1930-36, see table 8, p. 20,
of the February 1937 issue For new series on production of manufactured tobacco, by types, for period 1934-37 see table 33, p. 20, of the August 1937 Survey.tRevised series. Series on stocks of tea in United Kingdom revised for 1913-36. See table 32, p. 20 of the August 1937 issue. For revisions on sugar meltings and stocks,
see table 39, p. 17 of the October 1937 issue.
November 1937 SUEVEY OF CUREENT BUSINESS 45
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
FUELS AND BYPRODUCTS
Anthracite: COALExports thous. of long tons..Prices, composite, chestnut:
Retail* dol. per short ton._Wholesale do
Production! thous. of short tons..Shipments doStocks, end of month:
In producers' storage yards doIn selected retail dealers' yards
number of days' supply.-Bituminous:
Exports thous. of long tons__Industrial consumption, total
thous. of short tons. .Beehive coke ovens doByproduct coke ovens doCement mills doCoal-gas retorts doElectric power utilities doRailways (class I) doSteel and rolling mills doOther industrial do
Other consumption:Vessels (bunker) thous. of long tons..Coal mine fuel thous. of short tons_.
Prices:Retail, composite, 38 cities
dol. per short ton..Wholesale:
Mine run, composite doPrepared sizes, composite do
Production! thous. of short tons..Stocks, industrial and retail dealers, end of
month, total thous. of short tons._Industrial, 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 doCOKE
Exports thous. of long tons..Price, beehive, Connellsville (furnace)
dol. per short ton..Production:
Beehivef thous. of short tons..Byproduct! doPetroleum coke do
Stocks, end of month:Byproduct plants, total do
At furnace plants doAt merchant plants do
Petroleum coke do
PETROLEUM AND PRODUCTS!
Crude petroleum:Consumption (run to stills) thous. of bbL.Imports doPrice (Kansas-Okla.) at wells.--dol. per bbl._Production thous. of bbL.Refinery operations pet. of capacity.-Stocks, end of month:
California:Heavy crude and fuel thous. of bbL.Light crude do_.
East of California, total do...Refineries do. .Tank farms and pipe lines do._
Wells completed numberRefined petroleum products:
Gas and fuel oils:Consumption:
Electric power plants! thous. of bbL.Railways (class I) do_Vessels (bunker) do_
Price, fuel oil (Oklahoma) dol. per bbL.Production:
Residual fuel oil thous. of bbl__Gas oil and dist. fuels do_.
Stocks, end of month:Residual fuel oil. east of California
thous. of bblGas oil and dist. fuels do. .
Gasoline:Consumption, domestic thous. of bblExports do._Price, wholesale:
Drums, delivered (New York)dol. per gal._
Refinery (Oklahoma) do.Price, service station, 50 cities do.
118
9.448p 3, 5963,229
2,391
1,332
28,198401
6,284478136
3,8726,8671,0009,160
147324
4.3054.550
v 38,620
38, 8967,761400300
8,9446,9291,29213, 270
49
4.438
2544,426
2,298889
1,409
2. 5601.160
1,340
3,494.925
3,668
.135
.060
120
11.629.7213,8743,440
2,347
62
954
26, 080262
5,499534153
3,6706,7831,0598,120
134329
8.31
4.2294.49837,192
34, 60427, 2646,562241283
5,9614,964973
7,340
67
3.875
1543,837
123
2,034650
1,383423
90,8722,6291.040
90,97280
64, 56434,123253, 96950, 469
203, 5001,583
1,2614,0583,248.750
23,15410,095
20,18227, 871
44, 3462,216
.150
.055
.141
139
9.8574,6083,942
2,473
51
1,201
3795,844553152
3,7357,5471,1689,600
164383
4.2244. 557
43, 321
0)29,4037,296238288
6,4734,8651,0339,2100)
66
3.875
2234,077
1171,886578
1,308408
93,1462,9561.040
95, 795
64, 74533, 901250, 72449, 604201,1201,708
1, 2644,6272, 724.750
25. 28510, 266
20, 53627, 659
44,2531,902
.150
.056
.140
126
9.9144,3343,783
2,515
55
1,222
29, 550384
5,811486152
3,5067,6651,196
10, 350
151368
4.2284.551
41, 879
C1)31, 6688,146
261301
6,8595,1381,1039,8600)
60
3.875
2264,054
1111,806519
1,287400
89,1422,6621.040
91,01879
64, 83633,815247,45248.503198,9491,545
1, 3564,5221,868.765
23, 67111, 201
20,25526, 414
39,9192,212
.150
.057
.140
129
11.819.9054,9474,317
2,259
38
494
31, 995417
6,242418157
3, 7598,2291,283
11, 490
132371
8.53
4.2334.548
45, 756
43, 49935, 0268,535263295
7,1626,8471,26410, 6608,473
44
3.938
2454,354
1091,684487
1,197389
93,0513,0011. 040
97, 65280
65,48134,189246, 40949,823196, 5861,448
1,3744,8462, 375.775
25, 67011,875
18, 71822, 719
39,3931,768
.150
.058
.141
122
9.8274,0253,674
1,833
37
344
31, 409435
6,262327157
3,5868,1401,222
11, 280
128341
4.2184.497
40, 940
0)35, 3908,031307274
7,5707,3541,374
10,4800)
27
4.000
2724,358
102
1,533464
1,069384
94,179945
1.12598, 567
64,88433, 535245,168«39,008*206,160
1,580
1,7745,0772, 540.775
25, 45313,319
18, 39219,088
33,6962,505
.142
.057
.141
107
9.8243,3683,042
1,299
26
392
30,146468
5,738302144
3,2137,7221,219
11, 340
106351
4.2364.51042,110
46, 78538, 5748,687357267
7,922
1,60211,1508,000
26
4.000
2923,991
921,307446861380
84,984606
1.16093,173
79
63, 76833,417248, 47439, 901208,5731,366
1,1334,422
22, 22211,206
16, 80318, 211
32,0002,356
.130
.058
.145
129
11.829.4154,7814,235
24
474
33, 293568
6,453422152
3,5908,4041,374
12, 330
113427
8.57
4.2354.49051,315
0)45,1539,638546278
8,71711, 0561,898
13, 0200)
24
4.131
3554,495
1071,254467787403
94, 4002,1991.160
106, 72479
62,11032, 969256, 50642, 360214,1461,815
1,2084.7203,186
.870
25, 08111,005
16, 32516, 724
40, 5612,101
.130
.057
.145
263
8.7496,7365,981
621
31
871
30,452490
6,247450143
3,2947,4721,22611,130
142217
4.3014.494
26, 010
0)39, 7218,544464255
8,5048,2061,748
12,0000)
29
4.481
3064,349
1021,473570903412
93, 5732,5121.160
104, 97981
61, 37433, 253263,13745,134
218, 0031,937
4,4513,175.913
23,89610, 674
15, 94416,889
43,4092,322
.130
.060
.146
172
8.9534,2073,791
859
49
1,320
29, 377520
6,434494140
3,2867,2201,153
10,130
163250
'4. 3154.436
30, 010
0)38,1698,188397249
8,4467,3911, 58811,9100)
41
4.825
3254,479
1101,741706
1,035399
100, 4522,6351.160
110,91183
61,68533,373266,86545,885220,9802,192
8154,3433,209.925
26, 01511,158
17, 47318,451
45, 4842,771
.130
.061
.146
136
10.668.9734,4754,040
1,483
1,388
27, 367439
5,788476124
3,5056,653982
9,400
162264
1.39
4.3184.422
31, 726
43, 93637, 7367,770429249
8,4577,7011,540
11, 5906,200
4.625
2744,024
100
1,843776
1,067391
99, 3232,6351.160
105, 81285
61,93332, 730
268, 08748.215219,8722,178
9374,3353,395.913
25, 76911,088
19, 29120, 657
48, 5802,623
.134
.061
.144
103
9.1992,6612,422
1,895
1,462
27, 795450
6,281479121
3,8436,7591,042
166266
4.3164.445
31, 912
43, 37136, 9917,433387238
8,5237,1951,485
11, 7306,380
49
4.500
2854,422
1102,009817
1,192380
104, 7833,1481.160
110,72187
62, 37632, 432268,23848,049220,1892,446
r 1, 1514,4033,357
26,89312, 654
21, 77823, 637
• 50, 7042,542
.135
.060
9.2332,5932,437
2,261
71
1,350
• 28,181409
6,492513120
' 4,034r 6, 738
1,0858,790
143'283
4.3064.479
33,984
43,87137, 0517,456
365230
8,558' 7,174
1,38811,8806,800
55
4.500
2594,571
113
2,236859
1,377376
105, 2512,7711.160
115,09087
62,43331,442
271, 34047, 778
223,5622, 131
r 1,3124, 2613,281
.900
25, 93G12,558
23, 98725, 952
49,5973,077
.135
.060
i Data will be shown when available. v Preliminary. r Revised.*New series. Data on retail price of anthracite for period 1929-36 are shown in table 10, p. 20 of the February 1937 issue.!Revised series. Anthracite and bituminous coal production revised for years 1935 and 1936. Revisions not shown in the March 1937 issue will be published in a subse-
quent issue. Series on petroleum and products revised for 1935. See table 14, p. 19 of the April 1937 issue. Series on consumption of gas and fuel oil in the production of elec-tric power revised for 1936. See p. 45 of the May 1937 issue. Production of beehive and byproduct coke revised for 1936, revisions not shown in the September 1937 issue,p. 45, will appear in a subsequent issue.
a Data on stocks of crude petroleum east of California revised in January 1937, certain stocks formerly included in "refineries" being transferred to "tank farms and pipelines." December 1936 figures comparable with those shown for January 1937 are, refineries, 39.912; tank farms and pipe lines, 206,497.
46 SURVEY OF CURRENT BUSINESS November 1937
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April M a y June July August
FUELS AND BYPRODUCTS—Continued
PETEOLEUM AND PRODUCTS-Con.Refined petroleum products—Continued.
Gasoline—Continued.Production:
At natural gas plants thous. of bbl_.At refineries:
Total doStraight run* doCracked* _doNatural gasoline blended* -do
Retail distribution!! thous. of gal..Stocks, end of month:
Finished gasoline, total thous. of bbl_.At refineries __ .do
Natural gasoline d o —Kerosene:
Consumption, domestic thous. of bbl..Exports doPrice, water white 47, refinery, (Pennsyl-
vania) dol. per gal_.Production thous. of bbl_.Stocks, refinery, end of month do
Lubricants:Consumption, domestic doPrice, cylinder, refinery (Pennsylvania)
dol. per gal..Production thous. of bbL.Stocks, refinery, end of month .do
Asphalt:Imports.._ thous. of short tons_.Production doStocks, refinery, end of month do
Wax:Production thous. of lb_.Stocks, refinery, end of month do
759
.054
.175
3,584
44,02419, 83020,8533,341
1,815,342
51,39431, 2304,945
4,305590
.0504,4288,217
2,059
.1552,5676,544
3468305
34,440113,359
3,830
45,88720, 37221, 7663,749
1,796,605
51, 23831,9364,555
4,370565
.0504,7127,976
1,911
.1512,6326,576
2475302
42,840113,049
3,816
43,13818,32521,0053,808
1,649,380
52,50933, 2424,153
4,943841
.0504,7886,966
1,938
.1502,6536,628
1344330
42, 840119, 307
3,965
44,65819,07821, 9553,625
1,622,953
56,35337,0574,055
6,148
.0515,5005,633
1,821
.1552,7676,942
2244368
41,160115,434
3,732
43, 63019,75120,9512,928
1,314,492
64, 29344,1444,032
5,297
.0525,9235,622
1,763
.1602,6497,168
0226444
41, 720'107, 490
3,565
40, 78218,69019, 5762,516
1,306,303
71, 45350, 9194,290
4,226805
.0534,8665,443
1,518
.1732,7287,115
5184445
41, 720109,012
3,908
44, 62120,33121, 7202,570
1,648,097
74,17152,8874,799
4,786437
.0535,1875,396
2,490
.1902,8636,771
5284497
41, 720104, 653
3,911
44, 47520,31121,4692,695
1,718,236
73, 41951, 4745,292
4,465762
.0514,9075,047
2,224
.2003,0486,556
1330528
43, 680100, 275
3,988
46, 76921, 57122,5562,642
1,875,175
' 72, 396' 48, 307
5,989
4,150652
.0505,3435,576
2,078
.2003,1416,478
4413547
47,320103, 614
3,869
45, 74821,25021,9272,571
1,948,728
' 67, 839• 44,1426,257
3,259
.0505,0876,781
2,039
.1952,9886,447
3462522
41,160103, 761
4,128
48, 27122, 20523,0852,981
2,070,479T 62, 956' 39, 441
6,918
3,5941,084
.0505,4827,553
' 1,984
.1802,9806,566
2484501
43, 680107, 903
4,237
49,00221, 89823, 5473,557
59, 41335, 8077,041
3,667956
.0515,7268,637
1,924
1752,9006,426
1524529
42,000115, 266
LEATHER AND PRODUCTS
HIDES AND SKINSImports, total hides and skins thous. of lb__
Calf and kip skins doCattle hides doGoatskins doSheep and lamb skins do
Livestock (inspected slaughter):Calves __thous. of animalsCattle doHogs doSheep do
Prices, wholesale (Chicago):Packers, heavy steers dol. per lb__Calfskins, packers', 8 to 15 lb ___do
LEATHERExports:
Sole leather thous. of lb__Upper leatherf thous. of sq. ft__
Production:Calf and kip thous. of skins__Cattle hides thous. of hides..Goat and kid thous. of skins__Sheep and lamb do
Prices, wholesale:Sole, oak, scoured backs (Boston)
dol. per lb__Upper chrome calf B grade, composite
dol. per sq. ft__Stocks of cattle hides and leather, end of month,
total thous. of equiv. hides__In process and finished doRaw ___do
LEATHER MANUFACTURESGloves and mittens:
Production (cut), total dozen pairs..Dress and semidress doWork do___.
Shoes:Exports thous. of pairs,.Prices, wholesale, factory:
Men's black calf blucher dol. per pair..Men's black calf oxford doWomen's colored calf. do
Production:!Total boots, shoes, and slippers
thous. of pairs..Athletic doAll fabric (satin, canvas, etc.) doPart fabric and part leather doHigh and low cut, total do—
Boys' and youths' doInfants' doMisses' and children's doMen's doWomen's do___
Slippers and moccasins for house wearthous. of pairs.
All other footwear do. . .
22,0471.3639,8985,0264,159
537939
2,0331,671
.195
.193
1934,532
.423
.426
210, 847117. 36293, 485
114
6.005.003.35
33, 617213345586
27,1261,4281,6952, 5828,08613, 335
4,971376
22,4421,9679,4295,1834,354
5531,0722,4031,593
.147
.172
1766,077
1,0511,8063,9473,059
.350
.378
17,19811,118
245,115156,14088,975
149
5.504.503.15
40,975204165255
33, 2411,6031,8773,3999,54616,815
6,146964
20, 6171,5717,3255,5934,077
5851,1243,4921,742
.149
.177
3006,204
1,0832,0513,8623,692
.360
.379
17,19011, 2455,945
274.853179. 56195,292
134
5.504.503.15
39,916252229229
31,1521,7711,9693,38810, 07213,953
7,163891
23, 8381,421
12, 4654,3684,172
477988
4,2921,544
.153
.201
2964,953
9662,0073,6633,314
.370
.383
17,43611,5225,914
242,106152,62789,479
90
5.504.503.15
30, 343216303187
22,1711,3761.7532.6768'. 3817,984
6,628
29, 7222,39314,1426,5524,705
494987
4,6811,573
.156
.215
1336,928
1,1802,1544,3153,494
.390
.399
17,17311, 2945,879
206, 559119,04987, 510
83
5.504.503.15
33,381258239463
26, 8411,4591,8903,1239,26611,103
4,4491,131
23, 3631,575
10, 5545,7912,375
484867
3,5191,700
.162
.228
2646,494
9822,0943,8103,151
.400
.416
16, 91311, 2145,699
183,109104, 52578, 584
71
5.504.503.15
36, 867223541721
31, 6281,4602,1233,4109,38115, 255
2,4351,318
27, 5001, 72511,6227,1434,291
437708
2,8421,315
.160
.213
2246, 245
1, 0352,0303,7433,163
.410
.419
16, 52311,1325,391
211,0C6133,89777,159
137
5.604.693.23
39,362202
1,1872,224
31, 4771,5002,2333,6529,90114,190
2,8431,430
41, 0962,34517,14710, 7467,205
592825
3,0331,312
.166
.241
2936,119
1,1032,2344,3933,326
.418
.431
16, 29611,1645.132
225, 941140, 59285, 349
153
5.604.813.25
45,946259
1,4202.557
35, 8651,7102,5373,987
11, 23216, 399
4.003l|841
33, 6281,600
15, 9818,6424,845
588802
2,8101,334
.172
.242
2035,875
1,1612,0954,2303,519
.445
.442
15,99711,1484,849
230, 941143, 54487, 397
160
5.604.853.25
40,186252
1,1061,442
31, 4071.5512,3333,4189,95114,153
4,1691.808
28, 7502,5236,9419,5607,208
561745
2,0991,371
.169
.221
3305,148
1,0181,9714,1703,216
.450
.434
15,62911,1534,476
224, 544136, 79787, 747
114
6.005.003.25
35,304231
1,0701,097
27, 3351,7001, 9382,9878,69712,012
4,1311,439
29,8331,19610, 41311,3234,842
579840
2,1101,425
.168
.216
4,185
1,1211,9444,6013,076
.430
.431
15,37211,0694,303
228,612142,269
86, 343
90
6.005.003.35
34, 383233507633
27,1751,4972, 0442. 9019,03111, 703
4,575L260
27, 8951,5409,8108,3896,443
520790
1,6431,390
.180
2115,343
1,081r 1,728' 4,160' 3, 012
.410
.429
15,13410,940r 4,194
214,960130, 603
' 84, 357
111
6.005.003. 35
34, 756172283541
28, 5051,3711,8422,6318, 066
14, 594
4,406849
21,5131.2329,0385,5024,148
538880
1,5901,498
.196
.210
1764,103
1,0621,8144,3863,066
.430
.429
14,75510, 7034,052
231, 828133, 215
98, 613
126
6.005.003.35
' 38, 563'209'268
678' 31,873
r 1, 5731,900
' 2, 951r 8, 694
r 16, 755
r 5,050••484
' Revised.* New series. For data on refinery production of gasoline, by types, see table 41, p. 19, of the October 1937 Survey.^ Number of States reporting varies slightly from month-to-month, but the comparability of the series is not seriously affected.° One company ceased reporting after December 1936. Figure for December 1936 comparable with January 1937 is 110,634.t Revised series. Production of boots and shoes, for 1936 revisions see p. 46 of the March 1937 issue. Series on retail distribution of gasoline revised for 1935 and 1936.
Revisions not shown on p. 46 of the May 1937 Survey will appear in a subsequent issue. Series on exports of upper leather revised beginning 1922. Revisions not shown inthe October 1937 Survey will appear in a subsequent issue.
November 1937 SURVEY OF CURRENT BUSINESS 47
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April M a y June July August
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
Exports (boards, planks, etc.) M ft. b. m.National Lumber Mfgrs. Assn.f
Production, total mill. ft. b. m.Hardwoods do__.Softwoods do._-
Shipments, total doHardwoods do. . .Softwoods do_-_
Stocks, gross, end of month, total do__.Hardwoods . do. . .Softwoods do. . .
Retail movement (yard):Ninth Federal Reserve district:
Sales M ft. b. m.Stocks, end of month do. . .
Tenth Federal Reserve district:Sales do. . .Stocks, end of month.. do. . .
FLOORINGMaple, beech, and birch:
Orders:New M ft b. m._.Unfilled, end of month do
Production. . . d o —Shipments _ -doStocks, end of month do
Oak:Orders:
New doUnfilled, end of month do
Production doShipments doStocks, end of month do
SOFTWOODSFir, Douglas:
Exports:Lumber - M ft. b. m_.Timber do
Prices, wholesale:*No. 1, common boards-dol. per M ft. b. m_.Flooring, 1x4, " B " and better, V. G.
dol. per M ft. b. m_.Southern pine:f
Exports:Lumber M ft. b. m_.Timber _ do
Orders:New. mill. ft. b. m_.Unfilled, end of month do
Price, wholesale, flooringdol. per M ft. b. m.
Production mill. ft. b. m.Shipmentsf doStocks, end of month! do
Western pine:|Orders:
New doUnfilled, end of month do
Price, wholesale, Ponderosa pine, 1x8 no. 2,common (f. o. b. mills) .dol. per M ft. b. m_
Production _ ..mill. ft. b. m_.Shipments _ doStocks, end of month do
West Coast woods: 1Orders:
New ..mill. ft. b. m_Unfilled, end of month do
Production _ doShipments _ doStocks, end of month do
Redwood, California:Orders:
New _..M ft. b. m_.Unfilled, end of month. do
Production doShipments do
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
Outstanding accounts, end of monthno. of days' sales..
Plant operations percent of normal..Shipments no. of days' production..
Prices, wholesale:Beds, wooden 1926=100..Dining-room chairs, set of 6 doKitchen cabinets.._ doLiving-room davenports. do
Steel furniture (See Iron and Steel Section).
77,042
2,256341
1,9152,013
2831,7308,3942,0626,332
12, 63780,096
2,83432,186
7,60011,4007,4007,600
20, 200
32,30231, 29233,35930,10174,842
21, 6369,925
20.580
42.140
21, 2642,752
555325
45.37601581
2,059
285215
27.78536395
2,110
525346620615
1,109
26,27936,61937,93529,848
81.0
7.02244
3172.0
16
83.1101.587.695.4
82,409
2,151351
1,8002,132
3421,7917,9662,0385,928
12,84272, 208
3,53631,349
10,10013,6008,6009,000
21,000
40,67136,64732, 37833,43264,336
28,92031, 776
19. 502
40. 964
19, 9556,587
653346
37.29640671
1,875
428321
23.92477424
1,859
530452516539
1,202
34,42633,78138, 92836, 390
81.0
5.02333
3073.0
18
71.184.083.587.5
89, 934
2,352351
2,0012,337
3561,9827,9242,0295,895
14, 35567,785
4,64830, 756
7,40012, 6009,0008,500
21,500
39, 21041, 92233,86433,93564, 265
21, 24822, 625
19.600
41.160
24, 7974,213
705342
38.31671709
1,837
455325
23.91471454
1,876
726520679658
1,222
34,32733,00041,88433, 814
86.0
5.02033
3176.0
19
70.585.583.587.5
62, 036
1,816314
1,5021,772
3401,4327,9511,9915,960
10, 72663,934
3,99130,197
6,80012,9007,3507,050
22,500
56,47168,40531,75229,98866,029
2,5091,465
19. 600
41.160
25,3224,310
707396
38.59661653
1,845
329329
24.28365362
1,879
418661336277
1,282
32, 66839, 87334, 56425,998
85.0
5.02639
3078.5
17
71.785.583.588.9
51,803
1,827311
1,5161,919
3191,6017,9191,9765,943
4,78567,976
3,40831,299
15, 50019,7008,1008,900
21,700
41,58974,11635,48935,87865,640
3,50562
20. 286
42.532
17,8225,573
813498
39.28671711
1,805
529442
24.46264351
1,792
642907444397
1,329
45,01360, 50331,11924,382
82.0
10.51531
3177.0
19
76.085.583.588.9
63,169
1,571301
1,2691,797
3441,4547,6191,8955,724
4,26479,170
2,04732, 079
8,90021,3007,3008,100
20,800
30, 56965,83834, 01238,84760, 805
1,72352
20.825
43. 610
25, 2655,163
696535
41.68584659
1,730
327445
25.77179314
1,657
4401,021
354326
1,357
48, 39381, 66335,10827, 622
81.5
5.02944
3078.5
16
'78 .297.0
'87 .694.0
84,644
1,596270
1,3262,042
3671,6747,1951,8105,385
2,76586, 584
1,99032,811
9,60021,000
7,6009,300
19,600
26, 40957, 85631,85334,39158, 267
12, 7508,522
21. 560
45.080
32,1844,978
612464
44.56595683
1,642
334423
26.80163311
1,509
424926422519
1,260
32,14280, 28134, 79133,435
81.5
5.51840
3183.0
18
78.297.0
'87 .694.0
112,807
2,152332
1,8202,288
3491,9397,1061,8135,293
4, 65289,716
2,56633, 319
10, 34621, 0159,746
10, 34818, 757
29, 73751,16639,00636, 42760,846
31, 39719, 811
21. 854
45.080
25, 8136,941
570409
46.49675625
1,692
411411
28.05297395
1,411
714908684732
1,211
39,43774,42139, 78343, 870
84.5
7.02138
3384.0
20
78.297.087.6
• 94.0
99,663
2,168339
1,8302,169
3421,8287,1061,8105,296
6,91989,883
3,16832,769
8,80320, 2249,9069,475
19,550
28,39944, 31237, 37035, 25362, 763
31, 24811, 042
22.050
45.080
27, 7517,050
572391
46.22676590
1,778
448393
28.86392402
1,401
643884599667
1,143
34, 57074, 64538, 91136, 766
84.5
9.01633
3282.5
16
78.598.487.695.4
129,315
2,332327
2,0042,100
3071,7937,3281,8265,502
10, 08288,887
3,34633,014
5,80017, 2008,3008,500
19,800
24,85638, 71334, 43830,45566, 746
49, 33939, 477
22.050
45.080
32,8136,766
529359
45.69665561
1,882
403359
28.91535449
1,486
531786637629
1,151
34, 74669,88240, 81138, 668
80.5
6.02440
3078.0
15
78.598.487.695.4
107,661
2,472337
2,1352,138
2741,8647,6541,8825,772
13, 24986,035
2,87632,918
5,85013,8509,2008,800
20, 400
20,45833, 68230, 63725,48971,894
39,95937, 529
22.050
44.100
26,8235,442
475334
44.69644500
2,026
365302
28.69570405
1,651
607591750803
1,098
29, 25156, 77944, 32640,422
78.5
7.01435
2975.0
14
82.498.487.695.4
93,751
2,282342
. 1,9402,028
2681,7607,9001,9495,951
12, 35483,438
3,36932, 619
6,20012, 3007,8007,850
19, 900
25,63331,10728, 24428, 20871,930
33, 76142,146
21. 805
43. 200
22, 6033, 555
624359
44.59625599
2,052
401287
28.68570425
1,796
471474578588
1,088
27,27850, 45142,00637, 289
74.0
4.02341
2968.0
15
83.199.487.695.4
102, 527
2,266356
1,9101,988277
1,7118,1712,0286,143
12,52482,018
2,96332,137
7,50011,4508,2008,60019,750
31,15029,09132,82033,16671, 584
42, 35435, 773
21. 364
42.140
21,1057,532
630351
45.45625638
2,039
386272
28.65585407
1,969
484437538521
1,105
25, 87042, 98243, 70433,611
85.0
5.01940
3176.0
17
83.1101.587.695.4
' Revised.fRevised series. For 1935 and 1936 revisions, see table 16, total lumber production, and table 17, southern pine and western pine lumber, p. 20 of the April 1937 issue.
Later revisions for total lumber, shipments, and stocks, and southern pine orders, shipments, and stocks for, 1934-36, inclusive, not shown on p. 47 of the October 1937Survey, will be published in a subsequent issue.
* New series; for data for period 1922-36 see table 7, p.^ Data for October and December 1936 and March, June', and September 1937 are for 5 weeks; other months, 4 weeks.
^ew series; for data for period 1922-36 see table 7, p. 19, of the February 1937 issue.
48 SURVEY OF CURRENT BUSINESS November 1937
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
METALS AND MANUFACTURES
IRON AND STEELForeign trade, iron and steel:
Exports (domestic) long tons..Imports do
Price, iron and steel, compositedol. per long ton..
OreIron ore (Lake Superior district):
Consumption by furnacesthous. of long tons..
Shipments from upper lake ports doEeceipts:
Lake Erie ports and furnaces doOther lower lake ports do
Stocks, end cf month, total doAt furnaces, doLake Erie docks do
Imports. doManganese ore, imports (manganese content)
thous. of long tons..
Pig Iron and Iron Manufactures
Castings, malleable:Orders, new short tons_.Production. do
Percent of capacityShipments ..short tons..
Pig iron:Furnaces in blast, end of month:
Capacity long tons per day..Number
Prices, wholesale-Basic (valley furnace)—dol. per long ton-.Composite doFoundry, no. 2, northern (Pitts.)
dol. per long ton..Production. -__thous. of long tons..
Cast-iron boilers and radiators:Boilers, round:
Production.. thous. of lb._Shipments... doStocks, end of month do
Boilers, square:Production doShipments doStocks, end of month do
Radiators:Convection type:
Sales, incl. heating elements, cabinets,and grilles
thous. sq. ft. heating surface. _Ordinary type:
Production doShipments doStocks, end of month .do
Boilers, range, galvanized:Orders:
New number of boilers..Unfilled, end of month, total ...do
Production doShipments doStocks, end of month do
Boiler and pipe fittings:Cast iron:
Production short tons..Shipments do
Malleable:Production doShipments do
Sanitary WarePlumbing and heating equipment, wholesale
price (8 pieces) dollars..Porcelain enameled products: A
Shipments, total do—Signs do....Table tops ..do
Steel, Crude and Semimanufactured
Castings, steel:Orders, new, total.._ short tons..
Percent of capacityRailway specialties short tons..
Production, total... doPercent of capacityRailway specialties short tons..
Ingots, steel :fProduction thous. of long tons..
Percent of capacity^Bars, steel, cold finished, shipments
short tons..
542, 70527,071
40.16
5,1579,174
6,7492,834
39, 95434. 8275,127
188
41,65252. 728
47. 738
110,260181
23. 5024.06
25.893,410
1,2725, 807
27, 127
21,08840,915
156,563
4,9729, 122
40, 507
39, 54914,41245, 06942, 15745, 721
5,9906,939
4, 3813,616
236. 12
1,039,844251,121238, 394
57, 41448.1
21, 95883,047
69.636, 812
4,30275
52, 000
235, 77759, 993
34.15
4,0277,481
5,3831,904
31, 97827, 5554,422
258
36
44, 36146, 552
57.040,194
94,140155
19.0019.80
21.392,730
4,7935,809
38, 706
29,06233, 549
137, 671
750
7,9179,190
38, 216
91,14244, 51896, 75796, 68839, 233
8,2119,613
5,2005, 454
221.95
1,192,520316,116338, 500
56, 87747.7
16, 68676, 617
64.234, 304
4,15173
41, 049
261, 89764, 509
34.63
4,3857,301
5,3881,989
35,15630, 3774,780
193
40
55, 52151, 778
61.948,338
97, 740161
19.0019.80
21.392,992
4, 2568,633
34, 338
32, 74845, 960
123, 005
789
9,91412,45235, 990
151, 23057, 842
133, 848137, 90635, 175
9,98910,170
5,6395,794
222.12
1,298,152295,440385, 569
59, 43149.8
17, 96274, 775
62.730,006
4,53476
47,105
203, 30261, 970
34.65
4,2693,758
3,0141,430
35, 37830, 4604,918
204
58,15250,934
62.350,041
99, 205164
19.2520.00
21.642,947
2,7485,202
31,681
22, 99228, 642
122,143
656
7,1119,475
34, 032
91,31739, 310
111,534109,849
8,9028,134
5,2704,618
222. 35
911,011214, 742221, 318
76, 39464.1
35, 71468, 874
57.828, 094
4,32379
41, 638
244,18652, 484
35.15
4,5510
6237
31, 40227,0224,380
189
48
67, 03561, 674
73.557,609
102,195170
20.0020.82
22.393,115
2.5843.562
29, 965
23, 82119, 765
125, 090
633
7,6897, 444
33, 020
129, 64483, 94991, 45185, 02843, 326
9,1937,365
5,6014,584
222.47
1,109,110285,187320, 743
159,430133. 7
85, 07683, 615
70.135, 309
4,42477
52,467
201, 51243, 063
4,6940
00
26, 74722,9863,761
186
29
54,07053, 638
67.451. 754
104,060170
20.5021.30
22.893,212
3,1232,244
30, 090
24,08413, 616
135, 356
427
7,1804,572
37, 069
122, 930103, 694100, 364103,18540, 505
8,542
5,5445,952
223. 86
1,003,919263,992260,120
114, 95996.4
62,10289, 649
75.240, 867
4,72583
60, 363
291, 07941, 628
4,4430
00
22,41819, 0813,337
210
20
60,18757, 295
72.055, 742
108, 720176
20.7521.44
23.142,999
3,6891, 897
31,857
24,49711, 306
148, 420
478
7,6923,613
41, 210
60,14956, 498
109,168107,34539, 622
8,6938,719
5,9226,338
224. 82
964,995230, 595232, 766
80.251, 90892, 678
77.742,849
4,41484
65, 668
570, 66951, 702
39.92
5,1420
00
17,43714, 5852,852
215
41
68,50267, 559
82.267, 262
112, 790182
23.1023.80
25. 493,459
3,8552,131
33,800
25, 65313,947
159,185
465
7,6694,343
44, 609
86, 43951, 41894, 89991, 51943, 002
10, 4329,520
6,095
226.91
1,179,518258, 868298,690
158, 079132.6
86, 557111,525
93.550,911
5, 21788
84,858
671, 77768,197
40.39
5,1143,771
1,830770
14,63212, 2952,337
197
62,910G3, 377
78.262,905
114. 665187
23.5024.06
25.893,392
2,8351,808
32, 953
27,12914, 345
170, 516
554
7,7974,624
48, 003
85, 72056,13280, 39381, 00642, 389
9,8029,093
6,9656,864
227.97
1,293,326264,390358,622
99, 67283.6
41, 995105,475
88.445,896
5,07289
73,951
969,19149, 050
40.06
5,34010, 044
6,6953,241
18,80016, 2552,544
215
55
46,01855,960
69.657, 327
103,960170
23.5024.06
25.893,537
2,4301,622
33, 731
23,14312,710
180, 844
613
5,2664,416
48, 972
37, 09937, 36656, 24755, 86542, 771
8,2656,426
5,9074,661
227.96
1,238,476299, 389242,862
68, 68857.6
24,45895, 995
80.5
5,15491
62, 329
826, 53844, 771
39.82
4,64010,108
7, 5622.293
24, 39521,0663,329
198
33
43,14154,026
64.856,921
105, 975181
23.5024.06
25. 893,108
1,8932,130
34, 278
20,17715, 252
186,531
640
4,5385,360
48, 371
39, 21024, 45349. 07652,12339, 724
7,4726,177
5,6104,350
228. 06
1,069,610278, 658206, 263
71,81760.2
31,460101, 239
84.944,462
4,18474
53, 044
889,45147, 012
40.03
5, 23610, 704
7,5553,117
29.15125, 3003,851
231
58
41, 35345. 479
54.744, 719
115. 445192
23.5024.06
25.893,499
1,8582,325
33, 777
16,19817, 471
185, 090
855
4,3695,543
47,433
30, 80919, 70735, 20835, 55539, 377
5,9785,899
4,6013,716
228. 29
1,196,996283, 917277,413
57, 79948.5
18, 92886, 978
72.939,186
4,55780
52, 614
886,35361,489
40.34
5,37310, 811
7,1963,139
35, 34330, 861
4,482207
50
49, 37649,022
60.143, 801
115, 420191
23.5024.06
25.893,606
1,2593,386
31, 663
16, 36225,149
176, 399
1,082
4,4427,178
44, 607
• 31, 76717,02037, 886
1 34,454• 42, 809
6,3466,922
4,6024,043
229.37
1,178,304289, 751309,801
54, 75345.9
16, 70492, 089
77.243, 313
' 4, 87685
51, 493
A Data on new orders for porcelain enameled products shown through June 1937 in previous issues have been discontinued by the reporting source.r Revised. a Less than 500 tons. t Data revised for 1936; see p. 48 of the June 1937 issue.1 Beginning January 1937, the American Iron and Steel Institute computes the percent of capacity on a weekly average basis, with no allowance for Sundays or holidays;
the figures shown here have been carried forward on the old basis (which relates daily average output to daily average capacity with allowance for Sundays, July 4, andChristmas) in order to keep the series comparable.
November 1937 SURVEY OF CURRENT BUSINESS 49
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary- March April M a y June July August
METALS AND MANUFACTURES—Continued
IRON AND STEEL-ContinuedSteel, Crude and Semimanufactured—
Continued
Prices, wholesale:Composite, finished steel dol. per lb__Steel billets, rerolling (Pittsburgh)
dol. per long ton. .Structural steel (Pittsburgh) dol. per lb._Steel scrap (Chicago) dol. per gross ton__
U. S. Steel Corporation:Earnings, net thous. of dol__Shipments, finished products long tons..
Steel, Manufactured Products
Barrels, steel:Orders, unfilled, end of month number__Production do
Percent of capacityShipments number..Stocks, end of month do
Boilers, steel, new orders:Area thous. of sq. ft..Quantity number..
Furniture, steel:Office furniture:
Orders:New thous. of dol—Unfilled, end of month do
Shipments doShelving:
Orders:New doUnfilled, end of month do
Shipments doSpring washers, shipments doPlate, fabricated steel, new orders, total
short tons__Oil storage tanks do
Track wTork, shipments do
MACHINERY AND APPARATUS
Air-conditioning equipment:Orders, new:
Fan group thous. of doL.Unit-heater group do
Electric overhead cranes:Orders:
New doUnfilled, end of month do
Shipments doElectrical equipment. (See Nonferrous metals.)Exports, machinery. (See Foreign trade.)Foundry equipment:
Orders:New 1922-24 = 100.-Unfilled, end of month do
Shipments doFuel equipment:
Oil burners:Orders:
New number.-Unfilled, end of month do
Shipments doStocks, end of month do
Pulverizers, orders, new doMechanical stokers, sales: §
Classes 1, 2, and 3 . .doClasses 4 and 5:
NumberHorsepower
Machine tools, orders, newav. mo. shipments 1926=100—
Pumps:Domestic, water, shipments:
Pitcher, other hand, and windmill—units—Power, horizontal type do
Measuring and dispensing, shipments: fGasoline:
Hand-operated units. .Power do
Oil, grease, and other:Hand-operated doPower.. do
Steam, power, centrifugal, and rotary: fOrders, new thous. of dol—
Water-softening apparatus, shipments, .units.-Water systems, shipments doWoodworking machinery:
Orders:Canceled thous. of dol—New doUnfilled, end of month do
Shipments:Quantity machines..Value thous. of dol__
0. 0290
37.00.022517.56
46, 8901,047,962
640,154599,157
43.9600, 55018,828
661
1,9701,4472,084
563550576234
31, 4844,4768,101
1,1891,187
1,2165, 325975
32,8604,20333,71123, 823
18, 769
42458, 252
210.7
37, 5081,378
69913, 561
11, 5563,191
1,4381,10913,817
0.0241
30.40.019016.15
28,967961,803
456, 682697, 783
51.9694,33123, 658
8921,233
1, 5871,0331,550
433394425201
35, 0339,4465,722
9831,013
4792, 275412
161. 0162.8150.5
35, 2524, 07135, 40516, 538
22
16,139
49975,106
118.5
47, 454826
9,320
8,7952,441
1,183954
15, 537
9652819
358490
0. 0246
32.00.019016.25
1,007,417
343,347835,177
62.1836,98321,852
9691,201
1,8411,0971,777
436395435242
33,7916,6325,547
1.0781,624
4161,908783
174.4174.0162.9
33,3553,467
33, 95914,102
23
17,909
46289,130
136.5
47, 5481,306
8368,630
11, 7643,658
1,1981,00113,112
10561816
314557
0.0246
32.00.019016.50
882, 643
351,888653,971
48.6658,10317,720
937837
1,7341,1861,646
459418436247
40, 4656,3684,756
1,0441,279
5291,999436
200.4223.4150.9
15, 4372, 55716, 34715,174
38
8, 687
32462,680
147.1
33,0221,330
7488,306
13,5662,502
1,046990
11, 074
14737
1,050
280470
0.0252
32.40.019917.15
35,3651,067,365
800, 546804, 526
59.9793,67028, 500
1,872915
2,2271, 3632,113
670426571299
51, 0179,3205, 579
9601,141
1,1362,472664
283.3319.6187.1
11,1352,39211,30016, 082
133
5,513
30979,226
257.7
32, 6021,134
7679,035
14,1721,824
1,5351,01810,864
7744
1,195
367619
0. 0257
34.00.020518.06
1,149,918
826, 510824, 073
61.2825,40627,167
651682
2,4441,7272,175
574434567309
41,41910, 6657,246
1,137871
8832,893462
190. 9333.3177.2
10, 3333,4519,27416, 335
59
2,899
20346,914
200.3
66, 0891,242
3938,487
10, 2204,926
1,271960
15, 562
21744
1,339
314571
0. 0258
34.00.020519.44
1,133,724
623,803622, 338
46.3627,75521, 750
855757
2,0791,7342,072
599404628289
32, 3759, 0418,153
1,204711
9213,427387
249. 5380.0201.8
9,4013, 0249,82816, 000
17
3,121
16537, 241
165. 2
59, 2011,349
6588,316
11,3384,224
1,2861,012
16, 082
9564
1,342
324553
0.0283
36,40.022120.85
44, 0101,414,399
722, 659855, 889
63.6853, 62524, 014
1,5491,343
2,6011,8202,515
697467633420
71, 25031, 23910, 720
1,6831,023
1,0793,994578
294. 2408. 5285.6
14, 2422,83814,42816, 016
79
5,326
25962, 783
211.6
53, 5771,382
1,31310, 961
15, 9504,991
1,9831,14115, 788
2904
1,508
397763
0.0290
37.00.022520.56
1,343,644
516,975851, 681
63.2851,11224,583
674722
2,7882,1462,463
728552643430
42, 45513,1869,888
1, 631895
1, 4154, 674728
208.3365. 4232.5
15, 3613, 51714, 68217, 098
32
5, 868
22660, 249
56, 5341,478
1,21613, 989
19, 2826,319
1,7211,316
20, 601
24748
1,437
425796
0.0290
37.00.022517.38
1,304,039
419, 786684,356
50.9686,14422, 795
1,006755
1,9161,7592,302
503503552268
28,9137,2718,807
1,872758
7514,666749
242.0376.8226.2
15, 2334,34414, 40620, 866
25
6,580
20247, 770
208.5
41, 8691,721
1,13614, 363
16, 0525,252
1,5331,098
17, 759
10602
1,353
361676
0. 0290
37.00.022515.95
52, 3941,268,550
836,618828, 300
61.6832, 07619, 019
719832
2,3251,9352,183
570534513281
34,83313, 6289,194
963
5344,507692
228.2372.8232.1
14, 4984,11814, 72422, 276
19
8,482
23546, 414
191.8
46, 0391,689
73418, 080
20,4916, 574
1,448919
17,468
9578
402733
1,186,752
767, 021636,890
47.0637,81018,099
9791,181
2,0081,8712,071
564533565249
27, 4807,7268,252
1, 621812
6384, 469676
204.0360.3216. 5
16, 2743,98816,40423, 730
12
7,249
33063, 460
171.1
37, 6571,721
86316, 322
14, 6954, 011
1,8991,070
17, 425
6503
1,090
332590
0.0290
37.00.022519.70
1,107,858
674,921596, 980
43.9594, 85820,221
9181,356
1,7141,5622,023
521562491229
'31, 763' 4, 7507,530
1,260'1,012
1,4525,084728
257.5351.1266.6
23,4795,054
22, 41327,147
' 3 4
13,007
45275, 094
179.8
39,7021,620
74014, 451
12, 9663,518
1,949987
15, 526
5637
1,148
380579
'Revised.Classifications changed starting in January 1937, but for all practical purposes the series shown are comparable. Classes 4 and 5 are practically equivalent to former
class 4; changes made in classes 1. 2. and 3 do not affect the total for the 3 classes as shown here.t Revised series. Measuring and dispensing pumps revised beginning January 1936, figures not shown in the October 1937 Survey will be shown in a subsequent issue.
For steam, power, centrifugal, and rotary pumps revisions for period 1919-36, see table 15, p. 19, of the April 1937 issue.
50 SURVEY OF CURRENT BUSINESS November 1937
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April M a y June July August
METALS AND MANUFACTURES—Continued
NONFERROUS METALS ANDPRODUCTS
MetalsAluminum:
Imports, bauxite longtons..Price, scrap, cast (N. Y.) dol. per lb__
Babbitt metal (white-base antifriction-bearingmetals):
Production, total thous. of lb._For own use ..doFor sale do
Copper:Exports, refined and mfrs short tons..Imports, total do
For smelting, refining, and export doProduct of Cuba and the Philippine Is-
lands short tons__All other.. _ do
Price, electrolytic (N. Y.) dol. per Re-production:*
Mine or smelter (incl. custom intake)short tons..
Refinery doDeliveries, refined, total*. . do
Domestic doExport do
Stocks, refined, end of month* doLead:
Imports of ore, concentrates, pigs, bars, etc.short tons..
Ore:Receipts, lead content of domestic ore. doShipments, Joplin district— _.do
Refined:Price, wholesale, pig, desilverized (N. Y.)
dol. per lb_.Production from domestic ore..short tons..Shipments, reported doStocks, end of month do
Tin:Consumption in manufacture of tin and
terneplate long tons..Deliveries doImports, bars, blocks, etc. _ doPrice, Straits (N. Y.) dol. per lb__Stocks, end of month:
World, visible supply long tons..United States do.
Zinc-Ore, Joplin district:
Shipments short tons..Stocks, end of month do
Price, prime, western (St. L.) dol. perlb..Production, slab, at primary smeltersf
short tons..Retorts in operation, end of mo number..Shipments, totalf short tons..
Domestic! do.Stocks, refinery, end of mo.f do.
Electrical EquipmentFurnaces, electric, industrial, sales:t
Un i t . . . kilowatts..Value thous. of dol
Electrical goods, new orders (quarterly)thous. of dol._
Laminated phenolic products, shipmentsthous. of dol_.
Motors (1-200 H P.):Billings (shipments):
A. C thous. of dol._D. C . . . do.
Orders, new:A. C doD. C do!
Power cables, paper insulated, shipments:Uni t . . . . thous. of ft..Value .thous. of dol..
Power switching equipment, new orders:Indoor.. dollars..Outdoor do
Ranges, electric, billed sales thous. of dol..Refrigerators, household, sales number..Vacuum cleaners, shipments:
Floor cleaners __ do.Hand-type cleaners do.
Vulcanized fiberConsumption of fiber paper thous. of lb._Shipments _ thous. of dol__
46,101.1283
2,159560
1,599
25,14215, 59115, 341
50200
.1353
83, 74590,98272, 84566, 2296, 616
144,321
965
40,9936,129
.064037,98953,85090, 742
3,5608,2456,158.5862
23, 0143,538
40, 70515, 926.0719
50, 02751, 80947, 73747, 73713, 517
215,964
1,179
3,083743
3,014741
8611,321
2,019
110, 08028,944
2,137503
22,836.1198
2,654678
1,977
22, 73712, 93911, 225
131,701.0953
66,84262, 65579, 67275, 8923,780
188, 719
382
30,8922,970
.046029,78850, 685
200, 517
3,3006,2005,626.4474
16,8962,860
35, 78030, 590.0485
42,21140, 67251,77551, 77576,482
5,098
277
191,319
1,086
2,466661
2,691882
655671
75,90622?, 8321,746
80,050
'102,944--39,934
2,185517
19,178.1222
2,491695
1,796
28, 5779,5168,093
241,399.0956
72,07472,89583, 59675,9197,677
178, 018
1,742
30,9104,880
.046339,31759, 210183, 430
3,3006,0056,327.4494
19,0483,315
46, 50031.200.0485
46, 22541,73353,96353, 96368, 744
3,899191
1,131
2,735727
2,508573
67767?
99, 621267,0981,708
44, 380
109, 63632, 944
2,382579
27, 496.1263
2,362570
1,792
24, 56023, 58922, 321
251,243.1016
73,97868, 68275, 40967,3798,030
171, 291
31,0966,390
. 051140, 27350,313176, 960
2,9405,3455,098.5132
23,1483,030
40,83029, 990.0497
45,67043,10356,88756, 88757, 527
5,761291
1,138
2,243558
518607
89, 517192, 9671,425
78, 265
100, 98338,860
2,235510
29, 744.1274
2,706602
2,104
23, 49016, 70212, 599
2,9741,129.1076
69, 65678, 85389, 07682,4096,667
161, 068
1,073
32, 0524, 954
. 055543, 61352, 032171, 856
3,2006, 9308,339.5285
23, 7875,095
44, 24522, 785.0527
46,94042, 96559, 51259, 51244,955
4,578303
228, 062
1,229
3,266811
3, 955
577815
124,562284,3081,719
123, 208
114,89240, 921
2,446599
28,363.1281
2,364518
1,846
22, 0467,1335,994
251,115.1242
75, 21268, 09786, 79180, 8125, 979
142,374
249
35,7604,722
.060041, 22345,718169, 776
3,0707,6158,509.5089
26,1795,478
41, 26214, 288.0585
40,04740, 28551,22751, 22733, 775
6,367356
1,005
2, 476634
3,274
732868
77, 303341,3951,840
171, 405
92,05632, 520
2, 367640
41, 603.1281
2,290579
1,712
29, 09921, 95218,358
2,1331,460.1343
72, 02371, 23377, 48674, 6102, 876
136,121
402
32, 2865,398
.062434, 98650, 375156, 832
3,1307,6757,238. 5194
23, 7744,956
43, 8379,501.0647
37, 79442, 78646,95346, 95324, 616
4,129293
1,059
2,648742
3,3011,074
9551,023
113,645374,719
1, 699245, 718
112,78738, 477
2,321633
43, 016.1281
2,999546
2,453
31, 72814, 55312,905
461,602.1578
91,11883, 67698. 34994, 8303,519
121, 448
602
41, 3727,173
.071941, 42263, 425137, 204
3,6809,08010,468.6271
24,1275,731
40,02110, 980.0738
53,20243, 63559,63559, 63518,183
5.8S3393
271, 064
1,451
3, 670941
4,6261,284
8481,090
138, 367597, 8043,402
352, 58?
148.11352. 301
3,007652
35, 250.1283
2,499599
1,900
26,85014, 54711, 336
2,0711,139.1512
94, 59683,178105, 05095, 8849,166
99, 576
593
37,7755,115
. 061843, 90855, 200128, 462
3,5506,9956,430
24, 5934,741
39,19014, 690.0701
52,00943,66056, 22956, 22913,963
6,619458
1,292
3,4501,018
4,276965
9791,533
209, 894754,8273,159
335, 214
140, 51650,020
2,780
29, 570.1275
2,206621
1,585
34, 43613, 28110, 717
412,523.1378
87, 57995, 26586, 25681, 3364,920
108, 585
848
37, 2936,623
.060040,19255, 212115,843
3,6806,4256,557.5563
23, 7215,144
44, 63218, 358.0675
55,01243, 72455, 20155, 20113, 774
3,491325
1,226
3,599660
3,260695
1,234
148,916335,9372,842
333, 061
125,92142, 688
2,616679
35, 734.1252
2,593586
2,007
25,92719, 65715,942
2,5381,177.1378
89,88286, 01683, 58177, 7255, 856
111,020
41, 6295,427
.060037, 32142, 710113, 370
3,2606,6456,344.5584
23, 2914,810
35,04420, 624.0675
50, 52644,18650, 21950, 21914, 081
8,290547
260,836
1,190
3, 5601,038
3,642984
8841,295
123,697433,2193,092
267, 770
102,15334, 386
2,809620
51, 026.1238
2,099516
1,584
32, 24131, 73529,161
1,5081,067.1378
85, 24379, 61172, 89067, 3565,534
117, 741
186
38, 8724,602
.060042,48047,727111, 103
3,3304,9806,558.5931
25, 6466,193
46, 52411,070.0692
49,18146,19949, 70149, 70113, 561
3,440257
1,135
3,222793
2,9511,655
1,370
141,314497, 8902,271
192,906
83, 72527, 508
2, 509520
23, 857.1265
2,387777
1,610
26, 47322,94620,867
1,967112
.1378
90, 94782, 83574, 39268, 0196,373
126,184
935
38,7194,465
.064542,46054, 551
103,518
3,4607,5806,312.5940
26, 0165,850
36,83915,451.0719
48,30950,16350, 64350, 64311,227
4,134255
1,042
3,334769
3,176481
1,1071,527
127,128361, 758
1,840120,543
88, 45627, 786
2,471517
r Revised.*New series. For earlier data on production, deliveries, and stocks of copper see table 26, p. 20. of the July 1937 issue. These data differ from the figures shown on p. 123
of the 1936 Supplement, for which monthly data for 1936 were given in table 27, p. 20 of the July 1937 issue.t Data on the production, shipments and stocks of zinc revised for 1936; see p. 50 of the May 1937 issue. Data on industrial electric furnaces revised by the Industrial
Furnace Manufacturers Association, Inc.: data formerly collected by the National Electrical Manufacturers Association. The present series is based on the reports of 12manufacturers which represent 85 to 95 percent of total sales of electric furnaces for industrial purposes. Data beginning January 1936 will be shown in a subsequent issue.
November 1937 SUKVEY OF CURRENT BUSINESS 51
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
METALS AND MANUFACTURES—Continued
NONFERROUS METALS ANDPR ODU CTS- ContinuedMiscellaneous Products
Brass and bronze (ingots and billets):Deliveries. net tons__Orders, unfilled, end of mo do
Plumbing fixtures, brass:Shipments number of pieces..
Radiators, convection type:Sales:
Heating elements only, without cabinetsor grilles...thous. of sq. ft. heating surf..
Including heating elements, cabinets, &grilles thous. of sq. ft. heating surf..
Sheets, brass, price, mill dol. per lb._Wire cloth (brass, bronze, and alloy):
Orders:New _ _ thous. of sq. ft..Unfilled, end of mo. do
Production _ doShipments ___doStocks, end of month do
6,68318, 641
1,419,541
90
484.196
28779J5426376637
6,78323,796
1,561,410
106
448.155
455528433442740
8,02532,411
1,657,418
141
459.157
505567501457764
7,77330,436
1,539,774
103
426.162
517672428418771
7,93933,077
1,804,702
168
328.168
689774521508749
10,02229, 309
1,929,150
47
343.178
1,1911,355
535512774
9,43330, 286
1,878,903
33
236.189
2151,362
488477781
10, 62626,408
2,109,679
34
448.210
1,1072,051
557558790
10,10120, 549
1,863,871
47
422.207
3551,763
580628732
8,21018,037
1,554,575
116
336.196
1701,414
525510729
6,58415, 784
l.P49,582
56
446.198
2361,176
455467698
7,08717, 542
1,409,558
51
352.198
3361,010
493512654
7,H522,311
1,565,938
103
410
320876431453633
PAPER AND PRINTING
WOOD PULP
Consumption and shipments:! •Total, all grades. _ short tons..
Groundwood doSulphate doSulphite, total do
Bleached doUnbleached do
Soda doImports:
Chemical doGroundwood do
Production:!Total, all grades do
Groundwood doSulphate doSulphite, total do
Bleached doUnbleached do
Soda _doStocks, end of monthf:
Total, all grades doGroundwood doSulphate doSulphite, total do
Bleached. doUnbleached _do
Soda doPrice, sulphite, unbleached dol. per 1001b-_
PAPERTotal paper:
Paper, inch newsprint and paperboard:Production^ short tons.-
Paper, excl. newsprint and paperboard:Orders, new short tons..Production doShipments do
Book paper:Coated paper:
Orders, new doOrders, unfilled, end of mo doProduction- do
Percent of potential capacityShipements. short tons.-Stocks, end of month do
Uncoated paper:Orders, new. doOrders, unfilled, end of mo doPrice, cased, machine finished, at mills
dol. per 1001b..Production short tons..
Percent of potential capacityShipments- short tons..Stocks, end of month do
Fine paper:Orders, new.- .doOrders, unfilled, end of mo doProduction! doShipments _doStocks, end of month do
Wrapping paper:Orders, new doOrders, unfilled, end of mo doProduction. doShipments doStocks, end of month do
539,553121,299193,327171,713103,78267, 93153, 214
209,69217,136
522,106104,839195,083169,12999,31369,81653,055
100,73832,47613, 80250,39033,88316,5074,0703.75
6.25
481, 745120,190157,116156,13198,35557, 77648,308
208,93328,183
464,735109,463154, 947151,38194,12057, 26148,944
85,31029, 2806,203
45,17028, 56516, 6054,657J.94
843,417
459, 373442, 692449,087
18,8957,40719,23977.7
18,98312,157
91,45234,208
5.2595, 79383.2
94,14194,548
31, 8659,995
30, 62531,72766,100
159,71287,212150, 952153, 243110, 704
529,035137,945168, 533169,416106,99462, 42253,141
201,28423,572
519,909130, 383167,030170,089105,93564,15452,407
77, 65622,7424,784
45,99927,65118, 3484,1311.98
984,688
560,150543,763538, 340
20, 5546,634
22,22583.4
22,04812, 334
101,41334,270
5.25103,417
83.5101, 64889,724
50, 57813, 80047,41646, 61066, 771
207. 06295, 934195,874199, 369108,163
504, 627132,914161, 442157, 897
59,88952,374
198,19527,031
501,810130,436161, 604159,26598, 40260,86350, 505
75, 72220, 6004,98547,31728, 04719, 2702,820
864, 309
505, 593462,837457, 044
28, 28712, 65922, 76183.4
22, 53113, 386
115,47754,829
5.3898,93984.3
98,44892, 607
40, 03316,46837, 98636,61068, 325
170, 910116,625155, 605151, 785111,912
511,019134,039158, 782161,91299,94661, 96656, 286
215,61226, 333
512,057138, 470159, 420158,16196, 38061, 78156,006
76, 61424,6345,474
43,86724, 86818,9992,6392.33
956,779
613,669547,958563, 997
28,11912, 78326,83591.0
28, 95212, 785
127, 83466, 239
5.50112,689
86.2119,23186, 067
53, 67921, 47048,11248,30867,972
230,499153,811196, 998200, 433110, 612
526, 747131,041172, 386165,192100,25564, 93758,128
192, 78820, 735
540,822139,109172, 559170,968103,67667, 29258,186
71,71222, 9266,014
40,09124, 24615,8452,6812.63
953,283
529, 312508,256515,417
26, 67611,11627,21094.0
27, 93911,884
114,64364, 372
5.75111,733
90.6114,08580, 267
48, 62024,77843,48245,63263, 068
175,286145, 838171,170172, 644108, 325
504,031122,003160,859165, 61399, 37366, 24055, 556
214,11517,093
513,703130,067161, 343166,958104,71362, 24555, 335
78, 58627, 9706,435
41, 64028,48913,1512,5413.01
944,049
519,798498,546497, 810
21, 7469, 257
23, 043103.022,86311,029
111,11269, 703
5.75104,795
95.7103,82984,191
44, 63823, 96044, 51645, 05062, 534
180, 618151, 786166,827169,767104,241
563,062138,800179,091183, 588116,30167, 28761, 583
170, 03817,296
576,097148,927179,091186,766115,18471, 58261,313
87,82087.4036,435
44,58028.40416,1762,4023.34
1,102,273
647,063591,191595, 070
24, 70910, 85521,46594.5
21,18810, 230
131, 53782,244
5.75109, 260
94.8112, 74177, 743
66,31735,13253,89853,24659,947
220,843164, 719212, 608215,170102, 383
548,147137, 217183, 586167,89898,00369,89559, 446
121,59722,029
566,723148,182182, 673176,243102, 51473, 72959, 625
101, 03641,2845,663
51, 57132, 80718,7642,5183.75
1,028,290
517,972531, 006521, 707
23, 87512, 01622, 70998.5
23,10310, 041
111,83483, 565
6.13116,969102.6
111,63483, 785
38, 70333, 22443,32742,29359,775
171,669156,564176,880177, 970101,838
570,846139,806186, 648184, 749106,23178, 51859, 643
214,58124, 062
580,880152, 627188,153180,217103, 53976,67859,883
106, 87649, 5417,022
47, 63330,18217,4512,6803.63
1,010,852
470, 029523,448507,459
15, 0827,907
21,12393.5
20, 34510,819
97, 98176, 930
6.25111,959
98.3108,82887, 658
32, 61328, 45040, 66639,08066 123
153,148143, 532176,092169,437104, 521
567,210134,425189,037185, 836106,43379,40357,912
269,14622,079
579,096144,233191,916184, 627108, 71675,91158, 320
116,09655, 7349,761
47, 62832,44615,1822,9733.65
1,017,237
• 509, 205' 575,347•567,935
14,4595,31918, 56384.6
17, 64611,456
91, 34464, 540
6.25101,288
94.099,16887, 454
26,28045, 36844,32467,279
185, 604123,420211,436206, 864108,129
550,945127, 483191,148177, 862106, 52771,33554, 452
226,49227, 508
547,611121,877191,916179,037106, 54272, 49554,781
114,08352,11110, 39548, 38732,44615, 9413.1903.75
910,023
409, 9294S7,238468,454
13,8494,94017, 42577.3
16, 55712, 615
78, 74054, 212
6.2599,68487.9
94, 01294, 490
26, 24720, 97834,22032, 65369, 509
136,379101, 208165, 597158,991113,393
565, 649128, 427203, 297179, 787103, 92275,86554,138
201, 01915,504
559, 239113,955205, 350184,408109, 73874,67055, 526
112,54942, 73112,21453,43038,28615,1444,1753.75
928,082
422, 062482,250451,877
14,4264,20216, 65175.9
14,72514,178
81,85949,609
6.2597,40987.1
89, 395102, 457
25,77115,19136, 21832, 00873,504
140, 50186, 667162, 727153, 787120, 908
1See note marked' ' V on next page. r Revised. • Comprises pulp used in the producing mills and shipments to the market.fRevised series. Production of wood pulp, except soda pulp, for 1936 has been revised to conform with the industry totals reported by the 17. fif. Pulp Producers' Associa-
tion for that year. See p. 51 of the March 1937 issue. For these items consumption and shipments have been adjusted to the revised production figures by the Survey of CurrentBusiness. For the same items, data on production and consumption and shipments for 1935 adjusted to census data for that year will appear in a subsequent issue. Pendingpublication of these figures, data shown in monthly issues starting with March 1937 can be used in conjunction with earlier data shown in the 1936 Supplement without seriouserror. Figures on stocks have not been adjusted to industry totals. All wood-pulp data except soda pulp, are based on the reports of 162 identical mills through 1936, 145mills for period January 1937 through July 1937, and 147 mills since that date, adjusted to a comparable basis. Data on soda pulp (production and consumption and ship-ments) have been adjusted to the 1935 census by the Survey; earlier figures appeared in the 1936 Supplement.
52 SURVEY OF CURRENT BUSINESS November 1937
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
PAPER AND PRINTING—Continued
PAPER—ContinuedNewsprint:
Canada:Exports short tons..Production! doShipments from mills! doStocks, at mills, end of mo.f do
United States:Consumption by publishers! doImports doPrice, rolls, contract, destination (N. Y.
basis) dol. per short ton_.Productioni ...short tons..Shipments from mills doStocks, end of month:
At mills do....At publishers! doIn transit to publishers! do
Paper board:Consumption, waste paper doOrders, new do—Orders, unfilled, end of mo doProduction! do
Percent of capacityStocks of waste paper, end of month:
At mills short tons..PAPER PRODUCTS
Abrasive paper and cloth, shipments:Domestic reams..Foreign do—
Paperboard shipping boxes:Shipments, total mills, of sq. ft.
Corrugated do—Solid fiber. do...
PRINTINGBlank forms, new orders thous. of sets..Book publication, total no. of editions.
New books d o . . .New editions do—
Operations (productive activity)...1923 = 100.Sales books, new orders thous. of books.
308, 655312,351306, 54889, 553
183,185303,351
42.5077, 63573, 838
21, 473420, 82559,489
67, 4227,724
111,485942831111
16, 049
278,368269,074268,909
65, 718
175, 801238, 317
41. 0072, 20675, 599
16, 878232, 20442, 881
281, 046353,197135, 732328, 519
79.1
191, 408
79,4697,455
2,8092,485
324
107,42180969011994
16, 920
280, 733301, 096307, 250
59, 439
203.198260; 135
41.0081, 07681,771
16,400236, 743
42,106
306, 874357, 783138, 830359, 849
82.7
189, 590
85, 8249,377
2,6502, 392
258
129, 0341,195
96622998
18, 513
295, 833286, 235293, 539
51, 986
223, 813249,153
41.0079,84880,469
15,988214, 568
56,425
274, 332308, 732127,193321, 624
79.6
182, 822
69, 9527, 327
2,2812,092
189
140, 638841732109101
16,166
286, 233289,312316, 723
24, 506
r209,109278,991
41.0080, 04881,910
14, 239251, G91
54, 294
279, 068350, 452130, 472328, 773
75.6
199, 404
74,71311, 492
2,4882,276
212
166, 9701,074
868206
9819,139
259, 543286,991261,992
49, 505
183,106238, 426
42.5079, 36275, 046
18,673257, 241
49, 013
295, 554407, 716221, 409365, 665
82.0
211, 295
81,9456,294
2,3082,074
234
106, 9447816948799
16, 959
222,945275, 532251, 256
73, 769
••175,617204, 689
42. 5072, 07274,941
15, 995243, 951
54, 013
295, 477386, 781236, 011373, 431
90.0
196, 570
80, 2949,972
2,4282,195
233
149.1941, 011
815196103
16, 057
294,935302, 068290,96884,902
'199,057270,478
42.5082, 57679, 582
19, 001246, 873
57, 071
339, 242453, 621265, 575428, 506
91.6
197, 977
90, 36513, 971
3,0182,712
306
129, 377889740149100
19,711
252, 790298,678311,584
72, 223
199,355263,620
42.5078,61985,915
12, 406258, 740
59, 427
341, 597404,108200, 833418, 665
92.8
211, 628
135, 45110, 919
2,7782,506
271
127, 262885724161100
18, 996
294, 726309, 210313,414
69, 357
-206,695279,937
42.5078,90777, 647
12, 645' 278, 820
49, 612
330, 250356, 687154, 379408, 497
90.7
234, 239
103, 8629,104
2,5492,292
256
123, 341945800145102
15, 799
306, 646311,017311,824
67,438
'189,297288, 291
42.5078, 50076, 255
14,944298, 597
50, 550
287, 504315, 787100, 785363, 390
80.2
257,185
81, 8138,556
2,6322,385
247
115,14168958010995
16, 633
305,163314, 529301, 850
79, 993
' 170, 455302,982
42.5078, 20579, 759
13, 090344,147
52, 964
274, 463326, 334
90, 391344, 080
72.9
254, 554
76, 2098,498
2,3442,114
230
91, 80584674110590
16, 506
283,128318, 713313,435
85, 256
173,338260,158
42.5080, 31175, 724
17, 676•380,070r 55, 769
287, 443346, 009
72,944365, 521
79.3
258, 064
66, 0397,711
2,4842,225
258
106,989826702124
"I6~69~
RUBBER AND RUBBER PRODUCTS
CRUDE AJVD SCRAP RUBBERCrude:
Consumption, totaltt long tons.For tires and tubes! do...
Imports, total, including latex do...Price, smoked sheets (N. Y.) dol. per lb.Shipments, world long tons.Stocks, world, end of month! do...
Afloat, total do—For United States do...
London and Liverpool do...British Malaya doUnited States! do...
Reclaimed rubber:%]Consumption doProduction do...Stocks, end of month do
Scrap rubber:Consumption by reclaimers (quar.)__.do
TIRES AND TUBES*Pneumatic casings:
Production thousands.Shipments, total do...
Domestic do...Stocks, end of month do...
Inner tubes:Production do...Shipments, total do...
Domestic do._.Stocks, end of morth do
Raw material consumed:Crude rubber. (See Crude rubber.)Fabrics thous. of lb_
MISCELLANEOUS PRODUCTSSingle and double texture proofed fabrics;
Production thous. of yd.Rubber and canvas footwear:!
Production, total thous. of pairs.Tennis do...Waterproof do...
Shipments, total do...Tennis do—Waterproof do...Shipments, domestic, total do...
Tennis do—Waterproof do—
Stocks, total, end of month do—Tennis do...Waterproof do...
43,8930)
57, 024186
106,000469, 768140,00083, 28849, 80787, 579190,00013,68116,41021, 597
0)0)0)0)
0)0)0)0)
0)
3,975
1,5575,0407,3161,1346,1827,2541,0936,161
20,0465,43114,615
46, 44935,09350,033.164
71, 343493, 58596,00062, 240103, 96260,287233,336
11,42412, 22113,874
33, 741
4,9813,8363,7689,005
5,1614,2314,0318,627
20, 974
4,849
6,0031,1504,8538,0631,4816, 5828,0391, 4656,57414, 5673,28611,281
49, 63736, 52040,965.165
80, 552486,159106, 00067, 82596, 62559, 534
224, 000
12,89213,89814, 673
5,1254,0814,01210,089
5,3974,1084,0559,977
21, 690
4,650
6, 7511,2805,4717,897
7967,1027,844751
7,09313,4303,7809,651
50,43337, 21538, 414.180
77,000466,491105,00073, 69188, 78160, 230211,480
12,30213, 54015, 643
4,9694,2324,16210,814
4,7393,9953,94810,732
21, 744
3,672
6,4961, 4615,0356,502
5885,9146, 464557
5,90813, 4254,6548,771
49, 75437,17951, 382.200
79,000466,576103,00056, 56778,46262,114223, 000
13, 28015,03119,000
36, 347
5,3115,0164,92611,114
5,1214,8194,75410,985
22, 649
3,953
7, 5991, 9515,6487,4091,2956,1147,3731,2656,10813,6155,3108, 305
48, 74436, 77743,339.214
71, 000454, 24998,00055, Q9671,06278, 276
206, 911
13, 36615,12919,010
4.9804,5094,42111,377
4,8014,3914,32711,100
22, 207
3,884
5,8982,4183,4806,0182,6393,3795,9542,6033,351
13, 4545,1088,346
50,28237, 03044, 715.213
71, 000445, 26594,00053, 53863, 76086, 478201, 027
13, 48515,19219, 017
5,2464,3714,27612, 308
5,0914,5364,46911, 734
23, 426
4,342
5, 9353,2412,6944,5203,3081,2124,4863,2911,195
14,8695,0419,829
54, 06442, 63840, 898
.246101, 000447, 856125, 00056, 99452,07782, 802187, 977
14,80114, 45818, 839
42, 398
5,9165,7875,687
12, 448
5,8235,5715,499
11, 904
26, 542
5,255
7,5954, 2693,3275,4394,3611,0785,3774,3091,06816,9984, 94512.053
51,79741,47943, 024
.23490, 000428. 249124,00072, 53048, 74877, 255
178, 246
15,60713, 88414,010
5,7305,5605,438
12, 629
5, 6275,3255, 242
12, 218
24, 6
4,626
7,1974,0533,1445,0273,7841,2435,0273,7841,24319,1675.21313, 954
51, 73337, 95148, 898.213
87, 000413,134117,00058, 54246, 62874, 487175,019
14.61215, 79314, 647
5,3525,3755,281
12, 592
4,9565,0284,95912,107
23,268
3,991
6,7343,6353,0984,7843,7781,0064,7353,736999
21,1165,07116,045
51,79837, 90249, 635.193
95,000433,257125, 00057,21543, 42793, 630172,193
14,41416,05214, 535
45, 495
5,3395,3895.297
12, 529
4, 7165,0274,95711, 746
23,033
4,259
6,4552,7653,6904,7882,9471,8404,7062,8741,832
22, 8144,89517,919
43,65030,28943, 414
.189111,000445, 782144, 00075,77942,17588, 046171, 561
11,92416, 24117, 992
4,2925,1905,11211,654
4,0195,0464,99310,869
18, 494
3,380
4,6791,5843,0955,7642,0753,6895,7382,0553,683
21, 7294,40417, 326
41,4560)49. 820. 184
102, 000457, 462140,00080, 439
r 45, 21192, 661179, 590' 13, 227r 16,543• 19, 706
0)0)0)0)
0)0)0)0)
0)
3,802
6, 4541,7894.6667,4241,1906.2347.3631,1426,22220.7464, 99015. 757
T Revised. * Monthly data no longer available; quarterly figures will be shown starting September 1937.UFor data raised to industry totals, see the 1936 Supplement. Figures shown here are as reported; these were also given in the 1936 Supplement.f Revised series. Data on total rubber consumption, world and United States stocks of rubber, consumption, production and stocks of reclaimed rubber revised for 1935
and 1936. Revisions not shown in the May 1937 Survey, will apper in a subsequent issue. Data for newsprint (Canada), except exports, revised for 1936. See p. 52 of theApril 1937 issue. Newsprint stocks at publishers and in transit to publishers revised back to 1926. Revisions not shown on p. 52 of the April 1937 Survey will be shown in asubsequent issue. Revisions in consumption of newsprint by publishers was occasioned by errors in computations. Earlier revisions will be shown in a subsequent issue.
JData are raised to industry totals; see the note explaining these series in the 1936 Supplement.
November 1937 SURVEY OF CURRENT BUSINESS 53
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April M a y June July August
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Price, wholesale, composite dol. per bbL.Production thous. of bbl..
Percent of capacityShipments thous. of bbL.Stocks, finished, end of month doStocks, clinker, end of month do
CLAY PRODUCTS
Bathroom accessories:Production number of pieces..Shipments doStocks, end of month do
Common brick:Price, wholesale, composite, f. o. b. plant
dol. per thous._Shipments thous. of brick_.Stocks, end of month .do
Face brick:*Shipments doStocks, end of month do
Vitrified paving brick:Shipments doStocks, end of month do
Terra cotta:Orders, new:
Quantity short tons..Value thous. of doL-
Hollow building tile:Shipments short tons..Stocks, end of month do
GLASS PRODUCTS
Glass containers:Production thous. of gross-.
Percent of capacityShipments thous. of gross..Stocks, end of month do.
Illuminating glassware:Orders:
New and contract number of turns..Unfilled, end of month do_
Production do.Shipments do_Stocks, end of month do.
Plate glass, production thous. of sq. ft_.
G Y P S U M A N D P R O D U C T S
Crude:Imports short t o n s . .Production do .Shipments do .
Calcined, production doCalcined products, shipments :
Board, plaster, and lath thous. of sq. ft. .Board, wall doCement , Keene's short tons. .Plasters, neat, wood fiber, sanded gauging
finish, etc short tons. .For pottery, terra cotta, plate glass, mixing
plants , etc short tons. .Tile, part i t ion thous. of sq. ft.
1.66711, 223
53.112, 77321, 3895,894
745,035725, 444426, 387
12.076
133
4,54882.54,4007,843
2,8292,8242,8862,7315,04316,479
1.66712, 34757.1
12, 61918, 7384,838
792, 220747, 459441. 989
11.813173, 723419,872
58, 797269,206
10,80071,400
1,120134
89,264309,960
3,99472.6
4,3457,015
2,7832,5912,6843,05619,553
251,668863,234265,849617,487
147, 81883,8109,776
421, 740
52,6924,946
1.66712, 47056.0
13, 08918.0794,980
938,135908, 603434, 296
11.788189,104433, 730
60,877269, 685
11,61468,319
982120
92, 643315,242
4,25072.24,310
3,4333,0573,1063,0953,10320,843
1.66710, 97750.98,94220,1175,180
973, 750964, 479427,509
11.777163,246450,194
46,991276, 793
9,73864,034
1,492128
71,919333,108
3,88074.2
3,6117,006
3,1503,1023,0872,9803,23613,084
1.6678,97140.36,246
22,4415,564
726,183679,623442, 507
11.818141,080456,543
36,970289, 657
5,09962,554
1,372171
62,418344,131
4,03371.2
3,6757,291
2,9262,9533,3543,0753,4217,371
248,109723, 319206,586523,389
134,96282, 3637,948
340,463
47,7334,413
1.6676,61630.44,68924,3946,160
793, 568768, 774416, 742
11.889108,169444,247
30,042299,122
3,14661,369
819103
51, 338354, 608
4,03971.33,8817,393
3,5153,5183,1932,8303,7396,373
1.6675,83729.65,163
25, 0596,788
652, 251633,059415,324
11.941113, 598414, 723
29,094296,411
3,25759,133
3,645248
51,082354,210
3,88073.83,7677,459
2,4732,8942,8492,6883,93518,676
1.6678,44338.67,879
25, 6227,554
,077,319,092,424397,351
11.915163,801386, 919
46,667297, 654
4,03857, 691
1,060127
79,793358,256
4,19871.0
4,4617,145
2,7112,5033,3693,1194,14020,743
26,542606,523148,756540,500
149,33788,3829,181
355,199
51,9744,964
1.66710,40248.8
10, 272p 25, 7477,544
956, 547885,696422,837
12.030191,040385, 276
58,214297,426
6,71656,727
1,750223
100,381351,509
4,54379.74,3757,243
2,8852, 6213,2782,8644,56421,956
1.66711, 634
53.211,89025, 4937,540
1,161,3821,117,265
395,303
12.103191,275401,852
298,114
6,87760, 271
1,077140
96,246359,881
4,84488.4
4,7957,215
2,9072,8483,1522,6584,96519,437
1.66711,163
52.812,64524,0117,360
1,071,1201,005,581
414,774
12.110184, 625435,318
61,557297,703
9,43161,249
916128
84.932367,022
4,98987.1
5,1526,981
2,6812,8702,9472,6525,260
19,392
299,655897,114256,864664,616
187,896107, 330
10,563
446,885
63,4274,273
1.66711, 597
53.112,23723,3706,771
1,195,9721,153,450
374,334
12.125167,085463, 531
57,120297,406
8,58063, 646
' 1,082••122
•80,317' 362,455
4,97886.9
4,6477,259
2,2662,6922,0312,2895,038
15,345
1.66711,894
54.412, 29122,940' 6,347
1,268,2181,181,549
411,516
12.116158,277473,347
54, 516300,310
7,70766,533
'1,495••177
80,776365,689
5,25991.8
4,6637,776
2,4582,7202,3122,4264,923
17,898
TEXTILE PRODUCTS
CLOTHINGHosiery:
Production thous. of dozen pairs..S hipments doStocks, end of month do
COTTONConsumptionf thous. of bales..Exports (excluding linters)f doG innings (total crop to end of month indicated) f
thous. of bales..Imports (excluding linters) doPrices:
To producer dol. per lb_.Wholesale, middling (New York) do
Production (crop estimate) thous. of bales..Receipts into sight doStocks, end of month:
Domestic, totalf doMills do.__.Warehouses do
World visible supply, total doAmerican cotton do
602617
8,2595
.090
.090; 17, 5733,075
7,918991
6,9266,4214,863
10,82812,11719,263
630570
6,0329
.125
.123
2,950
7,501848
6,6526,3784,578
11,56612, 23518,801
651861
.122
.123
3,451
9,4471,4138,0347,6795,845
10,71610,84618,879
626690
11,4939
.120
.122
2,245
10,1871,8018,3868,1516,271
11, 28p11,05419,312
695594
11,69916
.123
.128• 12,3991,190
9,7922,0067,7878,0026,038
11,3649,84520,974
679538
11,95615
.124
.130
695
8,8522,0746,7797,8125,525
11,31111,47420,954
666486
23
.124
.131
622
8,0232,0615,9627,4574,984
12,11612,55520,659
777
12,14145
.135
.145
697
7,1142,0785,0366,7874,348
11,54711,37620,972
719373
.137
.143
519
6,2021,9874,2156,2943,858
10,9209,759
22, 277
670324
.129
.133
327
5,3981,8153,5845,5963,361
11, 2549,93623,738
681230
36
.124
.127
295
4,6401,5493,0904,9042,837
9,3029,38123,659
583124
14319
.124
.124
175
4,0991,2862,8134,3612,549
r Revised.*New series. Data on face brick shipments and stocks, compiled by the U. S. Department of Commerce, Bureau of the Census,
>rior to the January 1937 issue. Data beginning January 1934 are shown in table 34 p. 20 of the August 1937 issue.b Total crop.
9,91510,71822,856
604220
1,871
.107
.103
1,064
4,465961
3,5044,3742,763
supersede those shown in the Surveyhe Jan
Total crop.As of October 1.
id i« As of October 1.t Revised series. For revisions for cotton year 1936-37, see p. 53 of the October 1937 issue.
54 SURVEY OF CURRENT BUSINESS November 1937
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
TEXTILE PRODUCTS—Continued
COTTON MANUFACTURES
Cotton cloth:Exports .thous. of sq. yd_.Imports _'.>_doPrices, wholesale:
Print cloth, 64x60 dol. peryd_.Sheeting, brown, 4 x 4 do
Finished cotton cloth:fProduction:
Bleached, plain thous. of yd._Dyed, colors doDyed, black . . . . doPrinted do
Stocks, end of month:Bleached, dyed colors and dyed black
thous, of yd__Printed do
Spindle activity:!Active spindles thousands..Active spindle hrs., total mills, of hrs._
Average per spindle in place __.hours..Operations pet. of capacity..
Cotton yarn:Prices, wholesale:
22/1, cones (Boston).. dol. per lb__40/1, southern spinning do
RAYON AND SILKRayon:
Deliveries! 1923-25=100..Imports thous. of lb__Price, wholesale, 150 denier, "A" grade
(N. Y.) dol. per l b . . .Stocks, producers, end of mo.f
no. of months' supply-.Silk:
Deliveries (consumption) bales..Imports, raw thous. of lb__Price, wholesale, raw, Japanese, 13-15 (N. Y.)
dol. per lb_.Stocks, end of month:
Total visible supplyt bales..United States (warehouses) do
WOOL
Consumption of scoured wool:1fApparel class thous. of lb_.Carpet class do
Imports, unmanufactured .doOperations, machinery activity:
Combspercent of active hours to total reported..
Looms:Carpet and rug doNarrow doBroad do
Spinning spindles:Woolen doWorsted do
Prices, wholesale:Raw, territory, fine, scoured dol. per lb_.Raw, Ohio and Penn., fleeces .doSuiting, unfinished worsted, 13oz. (at fac-
tory) dol. per yd_.Women's dress goods, French serge, 54" (at
mill) dol. per yd . .Worsted yarn, 32's, crossbred stock (Boston)
dol. per lb._Receipts at Boston, total thous. of lb . .
Domestic doForeign do
Stocks, scoured basis, end of quarter, totalthous. of lb__
Woolen, total doDomestic doForeign do
Worsted, total doDomestic- doForeign do
MISCELLANEOUS PRODUCTS
Buttons, fresh-water pearl:Production _.pct. of capacity..Stocks, end of month thous. of gross..
Fur, sales by dealers thous. of dol..Pyroxylin-coated textiles (artificial leather):
Orders, unfilled, end of mo.-thous. linear yd. .Pyroxylin spread thous. of lb . .Shipments, billed thous. linear yd. .
17, 5115,560
.051
.069
112, 74178, 3637,154
262, 006102,843
23,8877,658285
124.1
.257
.407
5601,573
.63
0.5
36, 3724,958
1.851
152,85743,957
17, 3047,25916, 896
76
562758
7247
.97
.42
1.999
1.213
1.3812,1298,439
135,25949,91537, 69912, 21685,34463,78821,556
42.67,196
v 2,164
3,1795,4814,962
14, 3877,098
.060
.075
148,115139, 2987,740
111,118
237,240113,614
23, 5198,077
125.8
.303
.444
7132,072
.60
0.6
45, 7096,900
1.698
155,25329,553
21, 4779,20719, 639
95
65
1.074
1.2616,15613,1533,004
126,84644,57435,3509,224
82, 27265,16117, 111
56.07,5502,808
2,6686,0875,232
15, 3598,034
.077
167,411147,46410,437128,227
231,751117,209
23, 6628,336300
123.9
.304
1,113
0.5
43,0936,953
1.756
157, 50030, 300
25, 86111, 88023,550
97
4672
9074
.90
.39
1.652
1.064
1.2515,47812,0603,418
61.07,4612,297
2,4106,0815,408
12,8439,648
.077
148,811124,4467,107
122, 237
243, 369115,491
23,8148,000289
130.4
.311
.452
7141,513
0.4
40,4017,214
1.935
165, 71340, 713
23, 9279,937
25, 548
109
644282
83
.98
.43
1.782
1.101
1.3420,28015,5154,766
62.27,3952,850
2,6845,3215,094
13, 75015,123
169, 520140,5088,416
134,003
253,413122,114
24,0838,698315
135.4
.341
.483
7131,540
.60
0.2
41, 6277,275
180,11444,414
27,85111,35529,037
123
10092
1.06.49
1.955
1.139
1.4718,9116,13912, 772
129, 20445,76335, 22310, 54083,44144,48438, 957
66.37,3493,941
3,6335,6485,495
14, 50215, 591
.081
158,507136,4937,595
135,817
248,338115,428
24,4008,582313
136.9
.347
.513
7171,494
.60
0.2
44,1987,413
2.051
160, 94450, 544
28, 81412, 80246,890
116
645697
105
1.11.52
1. 955
1.151
1.4928, 6025,12623,476
58.46,7253,983
4,1105,9655,618
15,89219, 278
.076
151, 363122, 2326,415
120,758
250,148114,852
24, 5188,352307
144.2
.344
.482
7202,095
0.1
38,4846,472
152, 80849, 408
25, 72212, 81446, 292
123
7259100
111
1.07.50
2.005
1.188
1.5038,6182,407
36, 212
64.76,6124,444
4,7316,4985,806
20, 33922, 257
.079
166, 600135, 5606,677
130,393
260,013113,050
24,6409,607355
146.6
.364
.482
6912,467
.60
0.1
39, 9345,026
2.012
146, 33141, 731
26, 32812, 51148,528
124
745897
10487
1.05.45
2.030
1.188
1.4634, 7307,745
26, 985
120, 52646, 31531, 75114, 56474,21126, 94047, 271
64.16,4655,228
5,1677,8037,412
16,32023,931
.076
.095
155, 279125,1547,172
120, 262
262, 864119,571
24, 7279,175339
146.4
.363
.490
4,240
.63
0.1
40, 5615,742
1.975
142, 38240,882
28,98212, 84238, 201
122
705492
9882
1.08.46
2.079
1.207
1.4525,32210, 69714, 625
63. 26,5054,839
4,4147,1566,766
17, 38615,090
.090
140,065108,8887,729
104, 410
276, 273125, 754
24, 6568,562316
137.6
.336
.479
7152,917
.63
0.1
35, 2785,148
140,80241,302
22,86210,35029,990
113
10082
1.04.42
2.079
1.213
1.4537,97823,34014, 638
60.46,7464,855
2,8765,5555,727
15,55410,743
.065
.085
119, 67292,1906,555
88, 294
280, 983129,359
24, 5588,595318
136.6
.311
.452
6862,389
.63
0.1
35, 7835,521
1.827
130, 25645, 556
20,0459,571
28, 518
101
654589
73
1.00.43
2.079
1.213
1.4353,14941,31511,833
142,554'48,890• 33,603r 15, 287' 93, 664' 64, 853' 28,811
49.07,0023,223
2,8864,9585,018
14,41810, 576
.063
.081
118,95688, 355
6,95986,089
268,428118,383
24, 3947,665
284121.9
.293
.439
.63
0.2
31,3994,015
141,09441, 494
20, 5107,903
19,302
84
503273
7957
1.00.43
2.079
1.213
1.4138,90436,186
2,718
30.57,0023,185
3,0244,3174,121
16,4187,896
.058
.075
115,01386,792
7,73291, 578
272, 709120,338
24, 3538,185
304130.5
.272
.413
' 6 9 11,954
0.2
33, 5575,174
1.873
152,08344,183
20,0448, 668
21,116
613474
59
1.01.43
2. 035
1.213
1.4029,23725, 7963,442
44.57,099
' 3,994
3,1175,9824,804
» Preliminary. r Revised.f Revised series. Data on finished cotton cloth revised beginning 1934; see table 31, p. 19 of the August 1937 issue; for spindle activity revisions for cotton year 1936-37,
see p. 54 of the October 1937 issue. For revised series on rayon deliveries 3nd stocks, see table 43, p. 20 of the October 1937 issue. For revised data on total visible supply ofsilk for period July 1930-December 1936, see table 11, p. 20, of the February 1937 issue
1 Data for October 1936, January, April, and July, 1937 are for 5 weeks.; other months, 4 weeks.
November 1937 SURVEY OF CUEEENT BUSINESS 55
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April May June July August
TRANSPORTATION EQUIPMENT
AIRPLANES
Production, totalf number.Commercial (licensed)t do___Military (deliveries) t do.__For exportf do___
AUTOMOBILESExports:
Canada:Assembled, total „ ___number_.Passenger cars do
United States:Assembled, total do
Passenger cars _ doTrucks do___.
Financing:Retail purchasers; total thous. of dol_.
New cars doUsed cars doUnclassified do___.
Wholesale (rnfrs. to dealers) doFire-extinguishing equipment, shipments:
Motor-vehicle apparatus number..Hand-type do
Production*Automobiles:
Canada, total doPassenger carsf do
United States, totalf doPassenger carsf do__..Trucks! —do___.
Automobile rims ___thous. of rims..Registrations"
New passenger carst number..New commercial cars do
Sales (General Motors Corporation):To consumers in U. S doTo dealers, total doTo U. S. dealers do
Accessories and parts:Shipments, combined index__Jan. 1925=100__
Accessories for original equip doAccessories to wholesalers doReplacement parts doService equipment do
RAILWAY EQUIPMENT
(Association of American Railroads)
Freight cars owned and on order, end of mo.:Owned:
Capacity mills, of lb .Number ..thousands.
In bad order number.Percent in bad order
Orders, unfilled _ ears.Equipment manufacturers._ doIn railroad shops do . . .
Locomotives owned and on order, end of mo.:Owned:
Tractive effort mills, of lb.Number
Awaiting classified repairs number.Percent of total _
Installed number-Retired do.,_Orders, unfilled do
Equipment manufacturers do__.In railroad shops—_ do
Passenger cars:Owned by railroads _do_._Unfilled orders do__.
(17. S. Bureau of the Census)Locomotives:
Orders, unfilled, end of mo., total do..Domestic. do..
Electric . . .do . .Steam do..
Shipments, domestic, total. do..Electric do..Steam _ do..
Industrial electric (quarterly):Shipments, total do..
Mining use .do..(American Railway Car Institute)
Shipments:Freight cars, total._ _ do..
Domestic do..Passenger cars, total do..
Domestic do..
(Railway Age)New orders:
Freight cars do..Locomotives .do..Passenger cars do.,
3,9692,376
21, 4046,181
15, 223
7940,377
4,4171,926
171, 203118,67152,532
1,470
225,44253, 216
82,31758,181
170, 5841,732
188,03211.0
24,22514,15510,070
2,16043, 5436.22614.3
7613321218329
39, 599256
163153
6,5306,143
4646
1,19580
2121246820
3,5142,153
10,9394,5646,375
122,15876, 56341, 768
82855,341
5931,105
4,6552,223
135,16590,10145,064
1,104
54, 611
85, 20119, 2884,669
114
153105
171, 7001,763
241, 57313.9
18, 43411,7876, 647
2,17944,451
18.81062155044
39, 705183
1131023963132
11
7979
4,9644,963
11
3,100240
247120
31
2,8861,822
16, 7209,894
100,69658, 48641, 580
63072, 086
6434,309
5,3614,448
224, 688190, 24234, 446
1,847
171,31941, 207
44, 27490, 76469, 334
13814499
158109
171, 7101,762
226,09513*0
13, 2917,2516,040
2,17644, 3147,92917.9
5722367643
1251173681
743
5,2055,205
4040
1,310225
207997632
5,1324,715
27, 42820, 0327,396
107,83770, 57236, 598
667129,829
6031,440
10,81210,086
394, 987341,085
53, 9022,173
223, 56030, 222
155, 552191,720156, 041
15016796
139103
171, 5861,759
217, 24312.5
16, 57910,9745,605
2,17344, 2087,78217.6
58157111102
9
33032134
287
3,7993,799
1616
1,55017450
2671079565
3,9042,772
35 28924̂ 78810, 501
141, 03694, 07546, 055
906180,442
7135,106
20, 24815,957
498, 710425,36573,3451,942
327, 30342, 205
173, 472239,114197, 065
16419883
11391
170,4101,745
205,14611.9
23, 42117,7555,666
2,16744,0357,35016.7
57250297279
18
39, 932177
36431
333213
18
109104
3,5133,483
1212
17, 2308834
2091253846
5,2503,330
32, 69120,09912, 592
102, 02161, 43740, 045
539154, 260
5039,001
19, 58314, 697
380, 051309, 63770,414
2,124
280,61547, 609
92, 998103, 66870,901
15417893
116
170.1091,741
205, 50011.9
33, 60827, 4146,194
2,16643,9817,22816.5
9511936233923
38738430
354163
13
2,8462,766
22
10,8814670
1811123435
4.4242,339
27, 52817, 01410, 514
98, 43755, 42142, 528
488123,118
5839,654
19, 70714,173
363, 991296, 63667, 3552,022
214,97341,815
51, 60074,56749, 674
152166124131106
169,8871,738
201,96011.7
39, 72931, 2148, 515
2,16443,8757,14216.33013237535223
41641231381
2,6442,615
28
10, 53233154
1821083341
7,0785,040
33, 76222, 63311,129
163. 891102, 49960, 665
727193.721
8541, 869
24, 90119, 127494, 276403, 87990, 3972,166
363, 57360,291
196. 095260. 965216,606
15717496134139
169, 6821,733
187, 22711.0
44, 70834,31410, 394
2,16243,7907,08316.23912635933425
39, 737403
4174153338228523
92
5,5415,520
33
6,20029162
2441444753
5,7393,932
35, 08222,82712, 255
171,842105, 03966, 077
726176, 572
7449,638
17, 08112,927536, 334439, 98096, 3542,270
385, 27767,882
198,146238,377199, 532
17819992155160
169, 6651,732
188,48911.1
46,19735,81410, 383
2,16143, 7666,95615.9749634531134
4033822835447542
6,7116,711
33
13,0468452
3592574854
5,0473,636
38, 27023, 44714,823
181, 021113,18567, 062
774188,371
7244,162
23,45817,980
516, 899425, 43291, 4672,190
391, 69765,857
178,521216,654180, 085
181202103152157
169,8391,731
192, 28611.3
44, 39731,80212, 595
2,15943. 7006,78715.56212632928841
3683472632143241
6.0306,030
3,90314
4483375457
6,7994,758
33, 58718, 40815,179
184, 397114,19569, 432
770175,215
59, 629
23, 84117,919
497, 298411,39485, 9042,142
360, 23658, 626
153, 866203,139162, 390
17419099167154
169, 8831,729
184,31310 9
41,89529,57712,318
2.16043, 6736,67615.3679429625937
' 39, 577424
37233146285381
37
142135
5,7205,705
7373
5282210
8, 0975,478
34,33319, 27515,158
165, 438102,91961,845
674167, 509
7060,100
17, 94112.513
438. 9G8360, 40378, 5651,702
357,53159,451
163, 818226, 681187, 869
148153116154127
170,1021,730
186, 22510.9
37,41123,95213,459
2,15943, 6026,40614.78214328324835
33529541254385
33
6.4016,397
9999
1,030314
8,7785,570
28,96912, 08616, 883
154, 57895, 37358,585
620157,199
6253, 035
10, 7425,814
394, 322311,45682,8661,343
300, 41458, 681
156.322188,010157, 000
141140118164131
170. 4091,732
188, 20,711.0
31,12319, 52511, 598
2,160• 43 600
6,32614.5
25222032
31127038
232275
22
6,3966,383
7575
1,49039
1r Revised.t Revised series. For 1936 revisions for airplane production see p. 55 of the March 1937 issue, for automobile production in the United States for 1936, p. 55 of the June 1937
issue, and for Canadian production of passenger cars during 1936, p. 55 of the August 1937 issue.K Wisconsin not included since June 1937.
56 SURVEY OF CURRENT BUSINESS November 1937
Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.
1937
Septem-ber
1936
Septem-ber October Novem-
berDecem-
ber
1937
Janu-ary
Febru-ary March April M a y June July August
TRANSPORTATION EQUIPMENT—Continued
RAILWAY EQUIPMENT—Continued(17. S. Bureau of Foreign and Domestic Commerce)
Exports of locomotives, total number._Electric do_Steam _ do.INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORSShipments, total number..
Domestic do.Exports do.
SHIPBUILDINGUnited States:
Vessels under construction, all typesthous. gross tons...
Steam and motor do..Unrigged do.
Vessels launched, all types —gross tons..Powered:
Steam doMotor. do
Unrigged _ doSteel do
Vessels officially numbered, all typesgross tons..
Steel doWorld (quarterly):
Launched:Number ships..Tonnage. thous. gross tons..
Under construction:Number ships..Tonnage thous. gross tons..
116113
31627343
9,608
1,590200
7,818
24, 27518, 889
291676
7882,902
11210111
21015951
23, 282
9,3000
13,98223, 282
5,9532,857
258516
5812,111
12411311
20115150
24,007
7,451810
15, 74624,007
44, 09133, 423
U l103
22315370
12, 298
9,874250
2,17412, 098
31,87122, 607
1291227
24818068
24,048
16, 614297
7,13724, 048
44, 73714,879
253684
6182,251
1521466
23716373
22,100
17, 5710
4,52922,100
36, 59120, 791
14213111
28119091
4,060
00
4,0604,060
66,62817,557
141135
32322598
18,018
010,0178,00117,793
186, 67324, 765
195479
703!,452
162156
34224399
7,178
0140
7,0387,178
54, 02010,022
1621584
380276103
8,675
7250
7,9508,675
17,3086,786
1531494
26Q99
r 15,124
010. 2564,86815,014
54, 69320, 798
720
8152,883
1641586
31928039
13, 950
7,550114
6,28613,836
23,73814,306
CANADIAN STATISTICS
Physical volume of business:!Combined index 1926 = 100..
Industrial production:Combined index. do
Construction doElectric power doManufacturing doForestry doMining do
Distribution:Combined ind ex.-. do
Carloadings doExports (volume) doImports (volume)... doTrade employment do
Agricultural marketings:Combined index _ do
Grain ..doLivestock do
Commodity prices:Cost of living doWholesale prices do
Employment (first of month):Combined index —do
Construction and maintenance doManufacturing doMining doService doTrade doTransportation do
Finance:Banking:
Bank debits mills, of dol..Interest rates.. 1926=100..
Commercial failures__ number..Life insurance sales, new paid for ordinary*
thous. of dol_.Security issues and prices:
New bond issues, total doBond yields percent..Common stock prices 1926=100..
Foreign trade:Exports, total thous. of doL.Imports doExports:
Wheat.. ...thous. of bu__Wheat flour .thous. of bbL-
Railways:Carloading thous. of cars.Financial results:
Operating revenues thous. of dol__Operating expenses do...Operating income do._.
Operating results:Freight carried 1 mile mills, of tons.Passengers carried 1 mile mills, of pass
Production:Electrical energy, central stations:
mills, of kw-hr__Pig iron thous. of long tons..Steel ingots and castings _ doWheat flour thous. of bbl~
123.8
127.556.1
226.9122.9153.3203.8
113.085.1
103.9101.6132.9
86.179.3116.4
83.485.0
123.2144.5121.2159.1146.6130.989.7
2,734
27, 514
54,2713.44118.9
95, 21670, 240
5,903307
262
2,19577115
120.0
123.944.5211.0126.5128.2171.7
108.581.6108.785.3129.1
116.6120.1100.9
81.176.4
107.1109.0105.9140.2137.5126.389.4
3,134
26, 090
177,8703.35119.5
89, 58252, 983
20, 720378
251
33,10325, 5746,Q09
3,055165
2,0415286
1, 516
121.5
125.544.0216.3129.0132.4163.0
109.978.0115.896.6130.2
90.389.992.2
81.177.1
110.1103.9109.0147.9127.4129.688.3
72.294
29,402
124,6653.46126.9
113,00365,159
26, 917
464
263
33,84024, 7008,2552,721127
2,2817098
1,701
118.0
121.742.7215.6125.5133.0157.2
107.474.4106.195.7129.0
72.767.994.0
81.477.2
111.099.6107.7151.8124.9132.087.1
71.894
36,710
51,0183.44131.8
122,86666,169
33, 309409
220
29,03422,1605,884
2,376107
2,2627499
1,459
118.4
121.140.8219.4123.1150.416J5.5
110.685.0107.693.5129.5
51.040.1
81.779.6
110.180.1107.0150.3122.4136.086.5
3,40569.7102
34,146
94, 2793.34129.2
99,40752,996
20, 428475
208
31,10822, 5796,385
2,161169
2,32668104
1,090
116.9
119.437.7223.5122.8149.9156.8
109.879.4107.493.3131.1
42.029.697.2
81.681.3
103.861.2102.4145.6124.8136.981.4
3,22770.482
27,699
207, 2823.37137.4
83,41651, 883
9,789314
192
25,14022,8901,146
2,053131
2,31866
1151. 009
115.0
117.745.5225.3116.4138.1170.1
107.277.797.984.4130.5
31.417.991.7
81.782.9
104.157.2105.3147.6119.1128.480.7
2,73274.392
30,604
100, 5393.56142.4
75, 69148,681
5,362348
186
24, 71022,1991,451
1,936132
2,14762112
1,000
118.7
122.483.0237.7115.4138.0161.1
107.980.689.085.0131.3
37.324.594.7
82.085.5
102.852.8107.6145.8118.9126.179.6
3,19078.585
31,998
81,3553.76147.2
89, 35970,990
4,749390
214
28, 69124,3523,106
2,209161
2,41271125
1,099
124.0
128.885.7239.3120.3138.0185.2
110.280.2106.399.0130.4
62.356.5
82.286.1
103.053.7110.8146.0122.7127.579.5
3,37677.983
32, 919
46, 2923.73136.2
66,907
3,618
208
29,45824, 4793,857
2,362131
2,32368121
1,052
122.0
126.156.4232.3122.3133.6191.4
110.478.9108.090.8132.8
53.146.781.5
82.885.1
106.371.4113.8147.4125.2128.485.1
74.5
31,858
158,3643.57132.2
101, 57776, 707
8,027349
209
29,25725,1992,901
2,104144
2,30178121900
126.0
130.664.0
239.8125.1142.5201.3
112.578.5
121.399.6
133.5
29.312.7
103.6
82.784.6
114.3105.2117.9151.9129.0131.586.7
2,89272.9
37, 658
105,0333.49
129.4
108,85775,669
12,180390
214
28,25325, 6491,466
1,832165
2,25578
1191,001
126.5
130.948.7
233.7127.2139.2215.3
113.685.8
108.197.5
133.8
45.726.6
131.0
83.087.5
119.1128.5119.0153.6137.5133.489.4
2,72173.1
32, 364
109, 7633.50
133.0
100,14271, 996
335
219
29,40526,381
1,811
1,919212
2,18880
1231,087
r Revised.fRevised series: for 1936 revisions, see p. 56 of the March 1937 issue.*New series. For data beginning 1930, see table 37, p. 19, of the September 1937 issue. U. S. GOVERNMENT PRINTING OFFICE: 1937
INDEX TO MONTHLY BUSINESS STATISTICS
PageAbrasive paper and cloth 52Acceptances 31,32Accessories —automobile 55Advertising 26Africa, United States trade with 37Agricultural products, cash income received
from marketings of 23Agricultural wages, loans 31Air-conditioning equipment 49Air mail — 26Airplanes 38,55Alcohol, denatured, ethyl, methanol 39Aluminum . 50Animal fats, greases . 39Anthracite industry 22,29,30,45Apparel, wearing 23,28,30,53Argentina, United States trade with; ex-
change; flaxseed stock 33,37,40Asia, United States trade with 37Asphalt - - 46Automobiles _- 22,26,28,30,55Babbitt metal 50Barley ._ 42Bathroom accessories 53Beef and veal - - 43Beverages, fermented malt liquors and dis-l tilled spirits 41Bituminous coal 22,29,45Boilers 49Bonds, prices, sales, value, yields 35,36Book publication 52Boxes, paper, shipping 52Brass 51Brazil, exchange; United States trade with,
coffee _ - 33,37,44Brick 53Brokers' loans 32Bronze 51Building contracts awarded 24Building costs - - 25Building materials. 24,47Business failures . 32,33Butter 41Canadian statistics 56Candy 44Canal traffic 38Capital issues 35Carloadings 38Cattle and calves 43Cellulose plastic products 40Cement — - 22,28,30,53Chain-store sales 26,27Cheese _ 41Chile, exchange; United States trade with__ 33,37Cigars and cigarettes 44Civil-service employees 29Clay products „_ 27,28,30,53Clothing 23,24,28,30,53Coal 22,29,30,45Cocoa 44Coffee _ 23,24,44Coke 45Collections, department stores 27Commercial paper - 31,32Construction:
Contracts awarded, indexes 24Costs 25Highways 25Wage rates 31
Copper 50Copra and coconut oil 40Corn 42Cost-of-living index 23Cotton, raw and manufactures 23,24,53,54Cottonseed, cake and meal, oil 40Crops 23,40,42,43,53Dairy products 41,42Debits, bank. 32Debt, United States Government 34Delaware, employment, pay rolls 29,30Department-store sales and stocks 27Deposits, bank. _ 32Disputes, labor 29Dividend payments 36Douglas fir 47Earnings, factory 31Eggs 23,44Electrical equipment 50Electric power, production, sales, revenues— 41Electric railways 37Employment:
Cities and States 28, 29Factory 27,28,29Nonmanufacturing 29Miscell aneous 29
Emigration 38Enameled ware 48Engineering construction 24England, exchange; United States trade
with 33,37Exchange rates, foreign 33Expenditures, United States Government 34Explosives 39Exports 37Factory employment, pay rolls... 27, 28, 29,30,31Failures commercial 32,33Fairchild's retail price index 23Fares, street railways 37
Farm employees™ _. ____Farm prices, indexFederal Government, finances,Federal-aid highways 24,Federal Reserve banks, condition of_Federal Reserve reporting member bank
statistics .FertilizersFire-extinguishing equipment .Fire losses . _ _Fish oils and fish _FlaxseedFlooring, oak, maple, beech and birchFlour, wheatFood prod-acts . 23,28Footwear ,Foreclosures, real estate.. ,__.Foreign trade, indexes, values ~Foundry equipment ,France, exchange; United States trade with-Freight cars (equipment).Freight carloadings, cars, indexes .Freight-car surplusFruits 22Fuel equipment .FuelsFurnitureGas, customers, sales, revenues .Gas and fuel oilsGasolineGelatin, edible -General Motors sales. „ ,Glass and glassware 22,28,Gloves and mittens. ____GoldGoods in warehouses „Grains . . . . 23,24,35,Gypsum „ . ,_Hides and skinsHogs ._Home loan banks, loans outstanding.__Home Owners' Loan CorporationHosiery , _ _.Hotels . 29,Housing _ „ _Illinois, employees, factory earnings 29,I mports .Income-tax receipts"ncorporations, business _ .industrial production, indexesnstallment sales, New England.insurance, life
Page292334
25,2932
32395525
39,44404743
30,4146,52
253749
33,37553838
24,4249
45,46474145
45,464455
30,53463326
42,4353
24,4643252553
30,3823
30,3137342622273332
3222,4833,3733,37
46294343
22,5030,46
5440
23,4331,3255,56
5446
29,47475449
49,50262222
interest ratesinvestments, Federal Reserve reporting
member banksIron, ore; crude; manufacturesItaly, exchange; United States trade with..Japan, exchange; United States trade with_KeroseneLabor turn-over, disputesLamb and muttonLard „Lead.___Leather..! ______________________ 22,24,28,Leather, artificial ,Linseed oil, cake, and mealLivestock 22,Loans, agricultural, brokers', real estateLocomotives . .__„Looms, woolen, activity .LubricantsLumber 24,27,28,Lumber yard, sales, stocks ___Machine activity, cotton, wool. ,__.Machine tools, ordersMachinery, . 27,28,30,M agazine advertising .Manufacturing indexesMarketings, agricultural .__Maryland, employment, pay rollsMassachusetts, employment, pay rolls 29,30Meats ___„___ 22,43Metals 24,27,30Methanol ... 39Mexico:
Silver production . , 34United States trade with 37
Milk 42Minerals 22,29,30,45,50Money in circulation 33Naval stores .. 39Netherlands, exchange 33New Jersey, employment, pay rolls 29,30Newsprint 52New York, employment, pay rolls, canal
traffic 29,30,38New York Stock Exchange 35,36Notes in circulation 32Oats__ 42Oceania, United States trade with 37Ohio, employment 29Ohio River traffic 38Oils and fats 39,40Oleomargarine 40Paints 40Paper and pulp 23,24,28,30,51,52Passenger-car sales index 26Passengers, street railways; Pullman. ._ 37,38
Passports issuedPay rolls:
Factory .Factory, by cities and StatesNonmanufacturing industries
Pennsylvania, employment, pay rollsPetroleum and products 22,24,28,29,30,Pig iron „ _Pork .Postal business . .Postal savings .Poultry „ .Prices:
Cost of living, indexesFarm indexesRetail indexes „ , _ _.Wholesale indexes .World, foodstuffs and raw material
Printing . 28,Production, industrialProfits, corporation ,Public finance .Public utilities 29,Pullman Co ___„PumpsPurchasing power of the dollarRadiators . .Radio, advertisingRailways; operations, equipment, financial
statistics . 38,Railways, street „Ranges, electricRayon .Reconstruction Finance Corporation, loans
outstandingRefrigerators, electric, household.Registrations, automobilesRents (housing), indexRetail trade:
Automobiles, new, passengerChain stores:
5-and-10 (variety)..Grocery
Department stores .Mail order._, . .Rural general merchandise
RoofingRiceRubber, crude; scrap; clothing; footwear;
tires _ 22,24,28,Rye.,Sanitary ware ,Savings depositsSheep and lambsShipbuilding 28,Shoes 24,28,Silk „_ __ 23,SilverSkinsSlaughtering and meat packingSoftwoodsSpain, exchangeSpindle activity, cottonSteel, crude; manufactures 22,StockholdersStock indexes, domestic and worldStocks, department storesStocks (see individual commodities).Stocks, issues, prices, salesStone, clay, and glass products 28,Sugar . 23,Sulphur , .Sulphuric acidSuperphosphateTeaTelephones and telegraphsTernepl ateTerra cottaTextiles, miscellaneous products
29,30 Tile, hollow building
23
TimberTin and terneplate 23Tires 22,24,28Tobacco ._ 22,25,26,28Tools, machineTrade unions, employmentTravelTrucks and tractors, industrial electricUnited Kingdom, exchange; United States
trade withUruguay,exchangeUnited States Government bondsUnited States Steel Corporation 31Utilities 29,30,34,35,36Vacuum cleanersVariety-store sales index .Vegetable oilsV egetablesWacjesWarehouses, space occupiedWaterway trafficWheat and wheat flour . . . 23,Wholesale pricesWire clothWisconsin, employment, pay rolls 29,Wood pulp_ _ _ __Wool__ .Zinc .
Page38
293030
29,3045,4622,48
432632
23,44
232323
23,2424
30,52223434
30,363849244826
55,56375054
34505523
26
26,27262727274042
30,5243483243
30,5630,4624,5422,34
4622473354
48,49362327
3630,5324,44
393939
24,44385053545347
24,5030.5230,44
49293856
33,373335
36,4941,55
5026
39,4024,42
312638
24,4323.24
5130,31
5154
22,50
N INVESTMENTSIN THE UNITED STATES
This report covers the first comprehensive study o£ foreign
investments in the United States. It is an important con-
tribution to our knowledge o£ international investments.
ISc a copy109 Pages
12 Illustrations65 Tables
TOTAL. 4 ,
MILLIONS OF DOLLARS
TOTAL 5,109TOTAL 6,106
COMMON STOCKSPREFERRED STOCKSBONDSDIRECT INVESTMENTSOTHER INVESTMENTS
Figure 1.—Foreign long-term investments in the United States, by type of investment, 1934-36.
timely interest, not only because it deals with an important factor in the balance ofinternational payments of the United States, but also because of its direct bearing on the heavyisovements of foreign capital into the United States during recent years.
• The basic data assembled are classified as direct investments, common stocks, preferredstocks, bonds, and miscellaneous. Foreign-held investments under each category areswiimarized by principal countries and by types of business enterprises>
• The report will be of interest to students of world finance and, particularly, to persons orinstitutions engaged in foreign trade, banking, investment, and foreign exchange.
Copies Available From the Superintendent of Documents
A special discount of 25 percent is allowed on all orders for 100 or more copies to be mailed, in bulk, to a single address.Full remittance should accompany all orders. Remittance should be by check or money order, payable to the Superintendentof Documents. Orders may be sent either directly to the Superintendent of Documents, Government Printing Office,Washington, D. C , or through any of the district and cooperative offices of the Bureau, located in principal cities throughoutthe country.