scb_031951

MARCH 1951

U. S. DEPARTMENT OF COMMERCE

BUREAU OF FOREIGN AND DOMESTIC COMMERCE

OFFICE OF BUSINESS ECONOMICS

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

SURVEY OF CURRENT BUSINESS

No. 3

MARCH 1951

tenfoPAGE

THE BUSINESS SITUATION 1Production and Employment Trends 3

* * *

SPECIAL ARTICLESBalance of International Payments—Fourth Quarter of

1950 6Foreign Aid by the U. S. Government in Calendar

Year 1950 12

* * *

MONTHLY BUSINESS STATISTICS . . . . S-l to S-40New or Revised Statistical Series 20Statistical Index Inside Back Cover

Published by the U. S. Department of Commerce, C H A R L E S S A W Y E R ,Secretary. Office of Business Economics, M. JOSEPH ME EH AN,Director. Subscription price, including weekly statistical supplement, $3 ayear; Foreign, $4. Single copy, 25 cents. Send remittances to any Depart-ment of Commerce Field Office or to the Superintendent of Documents,United States Government Printing Office, Washington 25, D. C. Specialsubscription arrangements, including changes of address, should be madedirectly with the Superintendent of Documents. Make checks payable toTreasurer of the United States.

Contents are not copyrighted and may be freely reprinted.

DEPARTMENT OF COMMERCE

FIELD SERVICE

Albuquerque, N. Mez.203 W. Gold Are.

Atlanta 3, Ga.50 Whitehall St. SW.

Baltimore 2, Md.103 S. Gay St.

Boston 9. Maes.2 India St.

Buffalo 3, N. Y.117 Ellicott Si*

Butte, Mont.14 W. Granite St.

Charleston 3, S. C.18 Broad St.

Cheyenne, Wyo.206 Federal Office Bid*

Chicago 4, III.332 S. Michigan Ar«.

Cincinnati 2, Ohio105 W. Fourth St*

Clereland 14, Ohio925 Euclid Are.

Dallas 2, Tex.1114 Commerce St.

Denver 2, Colo.142 New Custom House

Detroit 26, Mich.230 W. Fort St.

El Paso 7, Tex.206 U. S. Court House

Bldg.

Hartford 1, Conn.135 High St.

Houston 14, Tex.602 Federal Office Bldg.

Jacksonville 1, Fla.311 W. Monroe St.

Kansas City 6, Mo.911 Walnut St.

Los Angeles 12, Calif.312 North Spring St.

Louisville 2, Ky.631 Federal Bldg.

Memphis 3, Tenn.229 Federal Bid*.

Miami 32, Fla.36 NE. First St.

Milwaukee 1, Wis.517 E. Wisconson Avc,

Minneapolis 1, Minn,2d Are. S. at 4th St.

Mobile, Ala.109-13 St. Joseph St.

New Orleans 12, La.333 St. Charles Ave.

New York 4, N. Y.42 Broadway

Oklahoma City 2, Okla,102 NW. Third St.

Omaha 2, Nebr.1319 Farnam St.

Philadelphia 6, Pa.1015 Chestnut St.

Phoenix 8, Ariz.234 N. Central AT*

Pittsburgh 19, Pa.700 Grant St.

Portland 4, Oreg.520 SW. Morrison St.

Providence 3, R. I.24 Weybossett St.

Reno, Nov.118 W. Second St,

Richmond 19, Va.801 E. Broad Sfi»

St. Louis 1, Mo.1114 Market St,

Salt Lake City 1, Utah350 S. Main St,

San Francisco 11, Calif.555 Battery St.

Savannah, Ga.125-29 Bull St.

Seattle 4, Wash.909 First Ave.

For local telephone listing, consult section

devoted to U. S. Government


MARCH 1951

The residential building boom taperedoff in late 1950, but activity andhousing starts remain high

BILLIONS OF DOLLARS2.0

1.5

1.0

HOUSING STARTS(RIGHT SCALE)

RESIDENTIALSEASONALLY ADJUSTED

(LEFT SCALE)

THOUSANDS OF UNITS200

150

100

50

meanwhile nonresidential constructionexpanded moderatelyBILLIONS OF DOLLARS2.0

1.5

1.0


1.5

1.0

SEASONALLY ADJUSTED

.5

and building materials prices continueto advance.INDEX, 1926 = 100 INDEX, 1926 = 100250

200

150

100 I I M I I I I I I I I I I I II I I I I I I I I I I I I I I I I I I I I JOG

250

200

150

1949 1950 1951SOURCES OF DATA: NATIONAL PRODUCTION AUTHORITY AND U. S. DEPARTMENT

OF LABOR, BUREAU OF LABOR STATISTICS.

U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS. 51-57

THE

E:

SITUATIONBy the Office of Business Economics

EXPANDING demand has continued to characterize theeconomy during the early part of 1951. The pervasive in-crease in private investment and consumption, coincidentwith the enlarging Government requirements for defenseexpansion, has resulted in a further broad extension of theprice rise which necessitated the imposition of industry-wide Government price and wage controls to halt the upwardspiral. Regulations and standards are now being workedout to replace the price-wage "freeze" order of January 26,and methods of arresting the rapid upward rise in bank creditare being examined in order to control this source of infla-tionary pressure.

The volume of total output of the economy has continuedto expand, and marked advances in prices have raised itsdollar valuation. The prospective growth of defense spendinghas remained a major factor in the economic pattern, andan increasing share of the expansion of national output thusfar this year has actually been channeled into Governmentuse. Nevertheless aggregate private demand has absorbedover half of the increment in gross national product.

Consumer spending, which had slackened somewhat fora time after the midsummer buying spurt, picked up stronglyagain in the opening months of 1951. The rate of inventoryaccumulation has remained high, and business expendituresfor new plant and equipment have continued to expand.Dollar expenditures on residential construction, as shown bythe chain line in the top panel of the adjacent chart, havemoved upward in the first 2 months of this year, and newhousing starts were high for the midwinter period. The solidline on the chart plotting "starts" is not seasonally adjusted.

Government Programs ExpandingThe direct impact of the current military program upon

the economy increased sharply in January and February.Federal Government purchases of goods and services for de-fense purposes in these 2 months reached an annual rate ofabout $24 billion—double that prevailing in the first half oflast year. Moreover, the volume of military orders con-tinued to mount at a rate greatly in excess of current spend-ing, thus pointing to the prospect of further rapid increasesin military output.

With the defense program still in an early stage of theplanned expansion, and with certain nondefense outlays—notably those for farm price support—sharply reduced, thefiscal position of the Federal Government remained tem-porarily favorable. Major revenues other than withholdingtaxes were just beginning, in January and February, to showthe effects of the tax rate changes of 1950 and of the risingtrend of incomes over the past year which has resulted fromthe basic expansion of output and employment and sharplyadvancing prices. Accordingly, the Treasury reported asubstantial cash surplus for those 2 months, as well as forthe fiscal year to date. A marked growth of this surplus

931674°—51-Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUKVEY OF CUBEENT BUSINESS March 1951

will accompany the seasonal peak of income-tax collectionsin March, but it will subside thereafter as accelerating mili-tary expenditures catch up with—and, under existing taxlegislation, ultimately surpass—the expansion of revenues.The Budget message in January requested a large increasein taxation to meet mounting expenditures as an importantpart of the program to stem the inflationary forces.

Income and purchasing continue upivardThe upward trend in income has continued, though the large

year-end corporate dividend payments in December were notrepeated in January and, as a consequence, total income pay-ments declined from an annual rate of $241 billion in Decem-ber to $239 billion in January. Exclusive of dividend pay-ments, income as a whole rose $4 billion at annual rates.Increases in wages and salaries reflected primarily higher payrolls in trade and in Government. Both farm and nonfarmproprietors received higher incomes than in December.

To date only a part—much less than half—of the rise inpersonal income payments has been absorbed by taxes. Thelatest data available, for the fourth quarter of 1950, show arise of $10 billion in personal income at an annual rate fromthe third quarter compared with a rise of $7 billion in dis-posable income. Although the change for the current quar-ter may not show quite so favorable a relationship, a furthersubstantial rise in the disposable income available for con-sumers' use has occurred so far this year. The drop in divi-dends from the unusual year-end peak does not reflect asimilar change in corporate profits since these have continuedto rise.

The extent to which consumer buying has again spurted isevident from the 22 percent increase in retail sales in Januaryover a year ago. While this rate of increase was not dupli-cated in February, nevertheless department store sales inthat month, for example, ran 16 percent higher as comparedwith the previous month's 28 percent.

Although there are no comprehensive monthly estimateson business investment in capital goods, the selected seriesavailable indicate a further substantial rise in the currentquarter. Chart 2 pictures the impact of both private andGovernment plant expansion on the key machine tool in-dustry. The chart shows two periods of pyramiding in-creases in orders—last summer and in recent months. Whilethis is a special case, new orders for investment-type goodsthroughout industry have continued to run well ahead ofproduction, with a resultant increase in the backlog of un-filled orders. The book value of wholesalers', manufac-turers', and retailers' inventories rose $1.8 billion in January,on a seasonally adjusted basis. The rise in total businessinventories was comparable to the high rates of accumula-tion of recent months. Business borrowing from banksshowed a further contraseasonal rise, reaching a point atthe end of February about 35 percent higher than a yearearlier.

Rise in business loansOn the whole, an adequate supply of funds has been readily

available for financing the higher volume of investment andconsumption. Although installment buying by consumerstapered off sharply after the buying wave of last summerand the imposition of credit controls in September andOctober, borrowing by business to finance working capitaland other requirements has continued to rise at a fast pace.

Business loans by banks in leading cities increased $900million during the first 2 months of this year. Allowingfor the fact that there is usually a net repayment of such loansat this time of year, the rise since December has been asrapid as the record-breaking expansion of the last half of

1950. As in the latter part of that period, the most recentincrease in business borrowing has been associated withsizable accumulations of business inventories.

With direct controls in effect on consumer installmentcredit, and with mortgage credit restrictions extended fromthe residential to the commercial field earlier this year, banklending to business constitutes at present one of the principalareas of potential credit expansion not subject to directcontrol.

Credit controlOne of the principal means of restricting overall bank

credit expansion has been through raising the volume of legalreserves which banks must maintain against their depositliabilities. Eeserve requirements were increased about $2billion in the opening weeks of this year, and are now closeto the legal maximum. A further increase, amounting toabout $500 million, can be required at banks in New Yorkand Chicago. The effectiveness of raising reserve require-ments has been limited in recent years, however, in view ofthe large commercial bank holdings of U. S. Governmentsecurities. Sale of these securities to the Federal Eeservehas replenished bank reserves and served as the basis forfurther credit expansion.

The President in February called on fiscal and monetaryauthorities to devise means of obtaining the desired goal ofadequate bank credit control without impairing the prospectof successful Government debt financing. Possible coursesof action were stated to include voluntary credit restrictionsby banks, increases in reserve requirements, and direct curbson credit in areas not yet subject to such controls.

As a step in the direction of restricting the tendency ofnonbank holders of United States securities to sell to thebanking system, the Treasury announced on March 4 that anew issue of nonmarketable long-term bonds yielding 2%percent would be offered later in March in exchange topresent holders of marketable 2K percent long-term bonds.

Price and wage freezeIn order to restrain the mounting inflation, a general

"freeze'' on prices and wages was imposed effective January25, and this was followed by more flexible types of control inthe latter part of February.

Principal features of the modification made in the wage-freeze order were: (1) Wage rate increases are permitted upto 10 percent from January 1950 for those workers who havenot received such an advance; (2) in addition, adjustmentsare allowed under cost-of-living escalator clauses in labor-management contracts; (3) "fringe" benefits are also per-mitted in addition to the 10-percent adjustment formula,if they were in the contract before the freeze date. Furtherdetails of the permitted adjustments are now being worked out.

Between January 1950 and January 1951, consumers'prices rose 8 percent, on the basis of revised estimates of theBureau of Labor Statistics. This is slightly larger than theestimated rise in average basic wage rates in manufacturingindustries and appreciably higher than increases for nonmanu-facturing employees. Straight-time average earnings ofproduction workers in manufacturing rose about 7 percentbetween January 1950 and January 1951. With somelengthening of hours of work, average weekly earnings inmanufacturing increased more than 12 percent during thesame period. Added employment brought the total pay-roll increase for manufacturing to about 30 percent in the12-month period.

For all industries, total wages and salaries are currently$23 billion higher than a year earlier at annual rates—a 17-


March 1951 SURVEY OF CURRENT BUSINESS

percent increase. The income of farmers and other unin-corporated businessmen is up by $5.7 billion (at annual rates)or 16 percent more than a year ago. The great pinch interms of purchasing power is on those whose pay has notrisen, despite the general expansion, and the fixed incomerecipients, including those who are pensioned.

Price rise general

Prices continued to rise during the first 2 months of 1950,although the momentum of the advance was considerablydiminished following the general "freeze" of prices and wages.The increase in wholesale prices from June 1950 until thefreeze date had mounted to 14 percent, with all major priceareas contributing to the advance. Following the January26 action, wholesale prices advanced an additional 1.6 per-cent by the end of February, partly by reason of higher farmand food prices, many of which remained uncontrolled.

Prices received by farmers rose 4 percent from January toFebruary, making an advance of 13 percent in 3 months, and32 percent in the past year. They moved above the prev-ious high recorded in January 1948 so that now all majorcategories are above the 1948 levels. Prices of industrialgoods have also continued to edge upward, in part reflectingadjustments of average quotations to the highest pricecharged during the December 19, 1950-January 25, 1951

base period permitted under the General Ceiling PriceRegulation.

The trend in living costs also continued upward in early1951 from the peak established at the end of last year. Con-sumer prices in January rose 1.5 percent from December 1950,with further substantial increases in the food component inlate January and early February.

In late February the stabilization authorities issued amargin type of price control for most kinds of nonfoodretail goods to replace "freeze" prices. The areas coveredinclude men's and women's apparel, household textiles, andmost furniture and floor coverings. These items representan estimated 75 percent of the volume carried in departmentstores. Using control techniques similar to those developedin the late stages of price stabilization of 1945, retail ceilingprices for the covered items are based upon mark-ups oncost of goods sold existing on February 24. Special adjust-ments are provided for retailers who on the base date hadpriced goods on replacement costs rather than the actualcost incurred as intended by the regulation. Retailers whowere offering "sale" prices on the base date are permitteda mark-up based on original offering price.

The intent of the regulation is to substitute for "freeze"prices a formula whereby commodities which are not stand-ardized in nature—such as items subject to style changes—-may be controlled by application of a normal mark-up.

Production and Employment Trends

JL RODUCTION has moved ahead as new facilities havebeen added and more intensive utilization has been made ofexisting capacity. The expansion has been greatest in thedurable-goods industries and, in particular, the metalwork-ing industries. The large and continuous increase inactivity in this segment of manufacturing—a reflection of theheavy demand for all types of finished consumer's and pro-ducers' goods—accounted for a significant part of the totalgain in industrial production and employment.

Production gains in metalworking industriesFor 1950 as a whole, civilian output accounted for all but a

small fraction of total industrial production, although at theyear-end arms output was taking one-tenth of the total vol-ume. For the metalworking industries—which produce thebulk of military materiel—the percentage at the year-endwas considerably higher and the rate has increased furtherthis year as work on defense orders has accelerated.

Direct measures of the physical volume of goods producedin the metalworking industries are not available, but thequickened pace of activity is revealed in the value data onmanufacturers' shipments and orders. The increases insales and orders are influenced by the price rise, but thisfactor does not affect the conclusion to be drawn from therise in the ratio of unfilled orders to sales shown in the lastcolumn of the following table:

Period

1950First quarterSecond quarterThird quarter . __Fourth quarter

1950

January, at quarterly rates

Ship-ments,

monthly

Billionsof dollars

17 219 821.523 7

24 6

Neworders,average

Billionsof dollars

18 420.729,027.2

32 4•

Unfilledorders,end ofquarter

Billionsof dollars

15 916 824.428 0

1 30 5

Ratio ofunfilledordersto sales

2 82 53.43 5

33 7

1 Represents unfilled orders at end of January. 2 Based on January data.

The upsurge in orders between June and January is par-ticularly striking. Moreover, the totals are understated,since new orders for the automobile industry are carried asequal to sales, whereas in fact many of the companies in thisindustry have large backlogs of defense orders. Within thegroup, the largest gain was shown for the aircraft industry,reflecting the great procurement program that is under way.But large increases were the rule elswehere as well, especiallyin the iron and steel and machinery groups, and, as indicatedabove, in the automobile industry to which the Governmentlooks as a source of a very great quantity of essential militarymaterial. The unfilled order backlog, it will be noted,nearly doubled between June and January and currentlyrepresent almost 4 months' shipments. The January ratiosfor metalworking industries varied widely, ranging up tomore than a year for non-automotive transportation equip-ment.

Machine-tool orders spurt

The impact of a tooling-up period is reflected in certainkey segments of the metalworking industries—notably themachine-tool industry. Activity in this industry remainedmuch below the war peak throughout the postwar period,despite the general expansion in industrial facilities. SinceJune, as already pointed out earlier in this review, new ordersfor machine tools have mounted rapidly.

In the 7 months since June 1950, the aggregate value oforders received by machine tool builders was more than 3times as large as the total received in the first half of 1950.In January 1951, orders placed were the highest since mid-1942 when many of the metal-fabricating plants were rapidlytooling up for war production.

It should be pointed out, however, that some of the dollarrise in incoming business by these industries is attributableto the advance in prices since June. Nevertheless, the in-crease in the physical volume of new orders placed wassubstantial.


SURVEY OF CURRENT BUSINESS March 1951

Although rising steadily, shipments did not maintain thepace of incoming business so that backlogs are now at thehighest point since the war period. The decline in ship-ments in January appeared to be due to temporary andseasonal factors.

Chart 2.—Machine Tools: New Orders and Shipments

INDEX, 1945-47 = 100600

500

400

300

200

100

NEW ORDERS

U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS

Source of data: National Machine Tool Builders' Association.

The recently announced NPA "pool order" plan is pri-marily designed to increase the output of machine toolsrequired for the various defense programs. Under the plan,the Government places firm orders with manufacturers forcertain types and sizes of machine tools which when built areto be distributed where they will be of most benefit in thedefense program. This system of "pooling orders" enablesmachine tool builders to arrange orderly advance schedulingof production on defense orders and to obtain the requiredraw materials as needed.

A similar pattern., though less pronounced than for machinetools, was experienced by the foundry industries which pro-duce iron and steel and nonferrous metals castings widelyused in the machinery, automobile, construction, and railroadequipment industries. In general, manufacturers7 backlogsof castings more than doubled between June and December1950, and while shipments also expanded the advance wasat a much slower rate. However, in December 1950 totalshipments of castings were, except for one or two months, thehighest in the postwar period.

Steel output at annual rate of 104 million tons

Much of the impact of military demand, and of the privatedemand for investment goods and consumer durable goodsfalls upon the steel industry. Here the large investment infacilities to expand production is yielding dividends to theeconomy in the form of a sharply expanded rate of flow ofthis prime material. At the end of February steel mills wereturning out ingots at the rate of 2 million tons per week.

Steel production in the first quarter of 1951 is estimated at26 million tons, or an annual rate of 104 million tons, reflect-ing a capacity rate of operations. Barring labor disputesaffecting the industry and given adequate iron ore supplies,steel output should exceed the first quarter rate in theremaining quarters of the year. The rate of productionexpected during the first half of this year is 10 percent above

the 47 million tons of steel ingots and castings produced inthe first half of 1950.

Despite this higher production, the total demand for steelhas been such that the National Production Authority hasannounced a limitation on the amount of steel for use incivilian consumer durable products. The amount of steel isrestricted in the second quarter of this year to a rate equiva-lent to 80 percent of the steel consumed in the first half of1950. The most important steel consumer in the consumerdurable goods group is the automobile industry. Directshipments to this industry in the first half of 1950 were 7.1million tons of steel products, of which the bulk went topassenger car manufacturers. In addition, the industryobtained some steel indirectly from warehouses and throughconversion arrangements.

The annual rate of consumption in the first half of 1950amounted to 69 million tons. The distribution of theseproducts, compared with the first half of 1944—the peakwar production year of World War II-—is as follows:

Domestic Steel Producers' Shipments of Finished Steel Productsto Consuming Industries, First 6 Months of 1944 and 1950

Consuming industries

ShipbuildingConstructionRailroads _ . . . _AgricultureAutomotive-AircraftContainersMachinery _ _ _ _ _

All otherExports _ _ _ _

Total

Steel prod-ucts, first6 months,

1944

Million tons5.92.12.9.5

1.11.91.2

12. 52.6

30.7

Percentdistribu-

tion

19.36.89.41.63.66.23.9

40.78.5

100.0

Steel prod-ucts, first6 months,

1950

Million tons0.24.02.0.2

7.12.82.5

14. 51.3

34.6

Percentdistribu-- tion

0.611.55.8.6

20.58.17.2

41.93.8

100 0

Source: American Iron and Steel Institute.

The key to the extent of the size of the cuts for civilianuse is how rapidly steel capacity can be increased, and thevolume of the military takings, plus the increased steeldemands of such defense-supporting programs as railroadcars, oil and gas pipelines, petroleum, electric power, andfor the construction of new facilities for the production ofsteel, aluminum, and certain other basic materials. Theprocess of expanding these basic facilities also withdrawssteel for other uses — in the case of steel, for example, each10 million tons of steel capacity built requires 2-2.5 milliontons of steel products.

The iron and steel industry in the next 2 years will under-take the most rapid capacity expansion program in itshistory. As of January 1, 1951, the ingot capacity of theindustry was 104.2 million tons, representing additions of4.9 million tons during 1950. This was the largest year-to-year expansion since 1916, when a 5-million-ton increase

achieved. The Government has already approvedwasaccelerated amortization for about 16 million tons of steelingot capacity, and total capacity is expected to be raised toabout 118 million tons by the end of 1952.

Consumer durables output maintained at high rateThe consumer durable goods industries, which include

automobiles as well as household appliances, radios andtelevision receivers, have been operating at a high rate andusing large quantities of such strategic materials as steeland many nonferrous metals. Conversion of these plantsto military production has so far been only on a small scale,though increasing quantities of the commercial vehicles pro-duced are going to the Government. Considerable work onmilitary contracts has also been undertaken by the industryin reactivated Government-owned war-built plants.


March 1951 SUEVEY OF CUERENT BUSINESS

The value of defense orders placed with the automobileindustry as a group aggregated well over $3 billion at theend of January, the largest total next to the aircraft industry,and additional sizable contracts have been placed sincethat date.

Despite the production difficulties being encountered bymanufacturers of most consumer durable goods, output inJanuary, as shown in table 1, was maintained at a relativelyhigh rate. In general, output of these products was consid-erably higher than in January a year ago, although, with theexception of trucks and tractors, it was well below themonthly average volume in the top postwar quarter. Forsome of the commodities included in the table—passengercars, refrigerators, radios and television receivers—the pro-duction total shown as the peak generally represented theseasonal high for the year.

Assemblies of passenger cars dipped below January a yearago, when both months were influenced by model change-overs. However, output of passenger cars in Februaryincreased over 10 percent from January on a daily averagebasis, despite the loss of production occasioned by the tem-porary railroad tie-up in February.

Truck production in both January and February of thisyear exceeded the monthly average of the peak quarter duein part to the increased volume of shipments for military

Table 1.—Production of Selected Finished Durable Goods, DailyAverage, Number of Units

Product

Passenger carsTrucks and busses. . . ._ _ _ _ .Refrigerators (household, electric) l

Washing machines (household, electric and gas) _._Ranges, electric 1

Vacuum cleaners, _ ___ _ _ _ _ . _ ___ __Television receiversRadios _ .Freight cars, railwayTractors, wheel type _ ... __ „

January1950

23, 2304,452

17, 89813, 1244,663

11, 86420, 89044, 519

1142,111

Monthly averagein peak quarter

Date

III— 1950II— 1950II— 1950

IV— 1950II— 1950

IV— 1947IV— 1950IV— 1947

1—19491—1949

Units

30, 0765,657

25, 64819, 0006,836

16, 93938, 662

2 88, 638514

2,352

January1951

21, 7545,832

22, 20914, 5956,000

12, 81829, 06864,727

2702,618

1 Represents shipments reported only by members of the Association.2 Reported total adjusted by Department of Commerce to represent 100 percent of industry.

Sources of data: Motor vehicles, Automobile Manufacturers Association; refrigerators andranges, National Electrical Manufacturers Association; washing machines, American Washerand Ironer Manufacturers Association; vacuum cleaners, Vacuum Cleaners ManufacturersAssociation; television and radios, Radio Manufacturers Association; freight cars, AmericanRailway Car Institute; tractors, Implement and Tractor.

account. Assemblies of cars and trucks in the last 2 weeksof February averaged 180,000 cars, or only 8 percent lessthan the record number turned out in the last week of June1950. Deliveries of railroad freight cars were up to 5,900units in January, moving toward the much higher goal beingsought to insure adequate rolling stock for the carriers.

EMPLOYMENT INCREASE WIDESPREADEmployment continues to rise, influenced in all segments

by the upward trend of business activity. Between Juneand January, 1 million workers were added to manufacturingpayrolls on a seasonally adjusted basis; about 700 thousandof these were employed by the durable-goods industrieswhere the greatest production gains were also noted. FromJanuary to June of last year, factory employment increasedabout three-fourths of a million, with virtually all of the rise intdurable industries. The number of employees in manufac-turing reached a postwar high of over 15.7 million in January1951, about 300 thousand more than the earlier postwar highof 1948, and 1.7 million higher than in January 1950.

Among the major manufacturing groups the largest relativeincrease since May occurred in the metalworking industries,particularly in the tooling and equipment group, as shown in

chart 2. At the same time, smaller but substantial employ-ment additions were made by the nondurable industries,including rubber and chemicals which industries are impor-tant suppliers of materials required for the expansion of thedefense establishment. Apparel and textiles also expanded,accounting for about half of the total employment gain in thenondurable goods group. As a result, employment in theseindustries was raised to the highest point in the postwarperiod.

Chart 3.—Percentage Change in Number of Employees,Selected Metalworking Industries, January—June andJune-December 1950

-10i

PERCENT CHANGE+ 10 + 20 +30

INDUSTRY

AIRCRAFT AND PARTS

METALWORKINGMACHINERY

NONFERROUSFOUNDRIES

ORDNANCE ANDACCESSORIES

MISCELLANEOUSMACHINERY PARTS

IRON AND STEELFOUNDRIES

PROFESSIONAL ANDSCIENTIFIC INSTRUMENTS

GENERAL INDUSTRIALMACHINERY

ELECTRICAL MACHINERY

SHIP AND BOAT BUILDINGAND REPAIRS

BLAST FURNACES,STEELWORKS, AND ROLLING MILLS

SERVICE-INDUSTRY ANDHOUSEHOLD MACHINERY

AUTOMOBILES

U.S.DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 51-55

Source of data: TJ. S. Department of Labor, Bureau of Labor Statistics.

Direct defense employment gains since JuneIt is not possible to obtain data separating employment

on the basis of defense and nondefense activities. Thetrends of employment in those few industries whose entireor preponderant output is clearly devoted to munitions pro-duction, including aircraft and parts, ordnance and acces-sories, ship and boat building and repair, and United StatesNavy Yards, are shown in chart 4. These industries em-ployed 552 thousand workers in December 1950, or 29 percentmore than in June, with the aircraft industry accounting formore than two-thirds of the total rise. It should be pointedout, however, that these industries represent only a part of

(Continued p. 19)Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

By Walther Lederer

Balance of International Payments-Fourth Quarter of 1950

JL HE balance of payments during the fourth quartershowed an outflow of gold and increase in United Statesliabilities of about $920 million, raising the total for the last2 quarters to $2.5 billion, and for the 5 quarters since the for-eign currency devaluation in September 1949 to over $4billion. The large outflow of gold and dollars reflects largelythe increased demand for foreign goods and services by theUnited States resulting from increased economic activity,which was greatly stimulated by the Communist aggressionin the Far East. There are, however, some important devel-opments which were not as yet reflected in actual transactionsso that further shifts in the balance of payments of thiscountry may be expected.

Full impact of Communist aggression not yetreflected in balance of payments

The impact of the political developments during lastsummer may roughly be divided into three phases, thesecond of which appears to be most characteristic of thefourth quarter of 1950. One of the most immediate resultsof the greatly increased political tension, was the movementof funds, often speculative, both into commodities and intoforeign currencies. The movement of speculative capitalfrom the United States to other countries appeared in thebalance of payments largely in the third quarter, reaching apeak during September. During the fourth quarter thecapital outflow subsided considerably and in some instancesa return flow could be observed.

The second phase is characterized by the increased valueof both imports and exports arising from rising currentrequirements and from an anticipation of future shortages,both here and abroad. The rise in the value of trade, whichresulted from higher volume as well as from higher prices—•the latter mostly on imports—was increasingly felt in thefourth quarter. Even by December, however, the importsdid not yet reflect the full price rise that had taken placesince July.

The third phase, which will be dominated by the shift indomestic production from civilian to military goods, appar-ently had not yet affected our exports, although the risingcivilian demand may have held exports down. The increas-ing scarcity of certain civilian goods and the allocation ofcertain raw materials and equipment to the most essentialend-uses will increase in importance and can be expectedto make its full impression upon the balance of paymentsonly in the months to come.

In addition to domestic influences the balance of paymentsalso reflected developments abroad. Since the fourthquarter of 1949 foreign countries in the aggregate were ableto increase their gold and dollar reserves. Some countries,particularly in the Western Hemisphere were, therefore, ableto relax their restrictions on imports from the United Statesand in these cases the earlier lag between the rise in reservesand the rise in our exports seems to have greatly diminished.

Tendency to increase reserves strengthened incertain countries

Due to the lag in their rearmaments as compared to theUnited States, many Western European countries wereable further to improve their competitive position, whichwas already greatly strengthened by the recent rise in theirproductivity and by the devaluations of their currencies.Export opportunities increased for these countries not onlyin the United States but also in other countries, while theneed for higher imports had not yet fully developed. Thus,some countries in Western Europe, particularly the UnitedKingdom and France, improved their balances of paymentsand increased their gold and dollar reserves.

Other countries were able to increase their dollar earningsbecause of rapidly rising prices of their export products.In many cases, however, the higher reserves have so farresulted only in relatively small increases in purchases fromthis country. Instead, reserves have continued to accumulate,influenced perhaps by uncertainty as to the future. Thisapplies particularly to the sterling area but similar consider-ations may prevail in other countries.

Thus, while the financial position of foreign countries as awhole has already improved greatly, there are in some coun-tries, mostly those whose security is threatened, tendenciesto strengthen reserves further and therefore to lengthen thelag between rising gold and dollar receipts on the one handand an increase in the utilization of these financial resourcesfor purchases here on the other.

This tendency to strengthen reserves may not altogetherbe the result of the policies of foreign governments of conserv-ing their dollar resources but also of the people in the coun-tries affected, although government policies undoubtedly arethe major factor at this time. The failure to increase pur-chases in relation to earnings seems to be indicated by thefact that increases in total imports by these countries, notonly those from the United States, appear to be laggingbehind increases in their total exports.

The rise in the value of imports into the United Stateswhich started with the fourth quarter of 1949, but wasgreatly accelerated after the middle of 1950, the slower rise inexports, and the generally unchanged foreign aid were theprincipal factors permitting foreign countries to increasetheir gold and dollar holdings. During the last 3 monthsof 1950 net payments by the United States as a result oftransactions in goods and services, Government grants andloans, private gifts and direct investments abroad by Ameri-can business enterprises amounted to about $800 million.During the third quarter of 1950 the corresponding paymentswere $1.1 billion. The decline in our net deficit on thesetransactions was, however, more apparent than real as it-resulted largely from the seasonal reduction in tourist^expenditures.

These payments indicate the shift in the balance of pay-ments of the United States during the last 3 years. Ascompared to net payments of $1.9 billion to foreign countries

NOTE—MR. LEDERER IS A MEMBER OF THE BALANCE OF PAYMENTS DIVISION, OFFICE OF BUSINESS ECONOMICS.

6Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


during the last 6 months of 1950, foreign countries had to payto us on the same transactions about $1.6 billion during the6 months preceding the start of the European RecoveryProgram in April 1948.

Various long and short term capital transactions, most ofwhich did not have any basic economic significance, such as aprivate loan to France, the proceeds of which had to be re-deposited in the United States, and conversions of Canadianloans which were spread over two quarters contributed anadditional $275 million to foreign dollar holdings in the thirdquarter but reduced them again by $53 million in the fourth.The movement of speculative capital, particularly during thethird quarter, some accumulation of foreign balances inanticipation of future requirements, and some new com-mercial export credits raised, at least temporarily, foreigndollar reserves by about $200 million in the third and $120million in the fourth. These capital movements broughtthe total rise in foreign gold and dollar holdings throughtransactions with the United States to $2.5 billion duringthe second half of the year 1950, $1,575 million in the thirdquarter and $919 million in the fourth.

Of the total increases in foreign reserves on account oftransactions with the United States by $919 million, $771million consisted of gold. This large gold outflow was dueto some extent to a shift from dollar holdings. Most of theseshifts were made by countries in continental Europe andCanada.

Of the total fourth quarter rise in foreign gold and dollarassets through transactions with the United States, thesterling area accounted for $370 million. The total increasein sterling area reserves during the fourth quarter amountedto $544 million. The difference represented gold purchasedfrom other countries including some newly mined. Majorincreases in reserves through transactions with the UnitedStates were made by Latin American countries ($144 million)and by some Far Eastern countries notably Indonesia, Japan,and the Philippines. Some countries of continental Europeparticularly France were also able to increase their reserves,but others had to draw on them in order to meet their in-creased obligations, arising to a large extent from higherimport prices.

Exports rise sharplyMerchandise exports and relief transfers from overseas

supplies rose by about $600 million from the third quarter.About $150 million of this rise represented shipments underthe Mutual Defense Assistance Program, and increased relieftransfers in the Far East amounted to $50 million. Even theremaining change, however, was the largest rise since early1947 during a comparable period.

Of the increase in civilian exports, the ERP countriesaccounted for about one half, most of which consisted ofagricultural products such as cotton, wheat, coarse grains,oils and oilseeds. Some of this exports rise may have beenseasonal. Some, however, may reflect actual or anticipateddifficulties in obtaining these products, particularly feeds,from Argentina and Eastern Europe. Such shifts in trademay again intensify the problem of financing necessary im-ports by the affected countries.

The rise in exports to Canada and Latin America consistedto a large extent of machinery, vehicles and other manu-factured goods and reflects the effects of the improvement

4 of the reserve position during previous quarters. However,Canada did not continue to increase its gold and dollar re-sources during the fourth quarter and even in Latin Americathe increase was considerably smaller than during the pre-ceding quarter.

The increase in merchandise exports and other transfersto the group of countries included under "All Other" amount-ed to $120 million, of which nearly one-half consisted ofincreased transfers under various Government aid programs.Other exports, which were widely distributed among thedifferent commodity groups had risen, as indicated above,considerably less than the dollar earnings of the countriesinvolved would have permitted.

Supply stringencies do not seem to have reduced exportsof durable goods through December. Nevertheless, it ispossible that with more plentiful supplies exports of suchcommodities would have risen faster. Some indication oflengthened delivery periods for durable producer's goods maybe obtained from the rising time lag between procurementauthorizations and paid shipments under the EuropeanRecovery Program. At the end of June 1950 this lag averag-ed about 10 months, but had risen to about 13 months by theend of December.

Increasing difficulties in obtaining some of the goodswanted abroad, in some countries renewed financing prob-lems, and in others the desire to increase reserves may,therefore, keep some of our exports down. On the otherhand, increased foreign dollar earnings, increased difficultiesin obtaining certain goods in other countries and increasedrequirements as a result of foreign rearmament may stimulateexports of other goods.

Import rise acceleratedMerchandise imports during the fourth quarter of 1950

reflected almost for the first time the impact of the Com-munist aggression in Korea. Omitting the decline in importsof coffee and sugar from the unusually high amounts duringthe previous quarter, imports increased by about $400 mil-lion. This was about twice as much as the import rise in thesame commodities from the second to the third quarter.As may be expected, the rise was very large in such strategicmaterials as rubber (about $90 million) and nonferrous oresand metals (about $60 million). There were, however, alsoincreased imports of vegetable oils, wood pulp and petroleumand other raw materials and semifinished goods as a resultof the general increase in business activity.

Rather remarkable was the rise in imports of iron andsteel-mill products—mostly from Europe—from $24 to $63million with the result that in terms of volume the UnitedStates became—at least temporally—a net importer of suchproducts. Consumers goods such as textile manufactures,watches, automobiles, and pottery products contributed rel-atively little to the import rise despite the Christmas season.

Approximately half of the increase in imports other thanfoodstuffs was due to a 12.5 percent rise in unit values. Thiswas most pronounced in the case of crude materials (19 per-cent). Nevertheless, unit values of many imported mate-rials were still below the prevailing spot prices. Rubberunit values, for instance, averaged 40 cents per pound asagainst average spot prices during the October-Decemberperiod in New York (after allowing for ocean freight) ofabout 68 cents. Even in December the import unit valueaveraged only 46 cents which corresponded to the spot pricein Singapore during September. Unit values for refined tinaveraged $1.05 during the fourth quarter as compared to anaverage price of $1.32. Tin unit values in December ap-peared to correspond to prices in October.

Although merchandise imports during the fourth quarterwere at the unprecedented annual rate of $10.5 billion theexpected rise of unit values to the level of the spot pricesprevailing at the end of the fourth quarter, and in someinstances, such as tin and wool, the continued rise in spotprices, even after the end of the year, will further increase the


8 SURVEY OF CURRENT BUSINESS March 1951

[Millions of dollars]Table 1.—International Transactions

Item

Exports of goods and services:Merchandise, adjusted.. _ _ _.TransportationTravel _ _ .Miscellaneous services:

PrivateGovernment _ _ _ _ _ _ _ _ _ _ _

Income on investments:Private _ _ _ _ _ _ _ _Government

Total _

Imports of goods and services:Merchandise, adjusted _TransportationTravelMiscellaneous services:

PrivateGovernment__ _ • _Income on investments:

PrivateGovernment

Total

Balance on goods and services

Unilateral transfers (net) :Private -Government grants _ _ _ _ _ _ _ -Other transfers

Total _ _

Balance on goods and services and unilateral transfers (net foreigninvestment)

United States capital (net) :Private, long-termPrivate, short-term _ _ _ _ _ _ _ _ _ _ _Government, long-term _ _ _Govern mfvnt, short-term

Foreign capital (net) :Long-term _*_ _ _Short-term

Increase ( — ) or decrease (+) in gold stock

Transfers of funds between foreign areas (receipts from other areas( — ), payments to other areas (+) and errors and omissions

ERP countries

1949

IV

90610711

5618

26

1, 131

2498424

4359

661

526

+605

-90-857

-4

-951

-346

-27+29-13-32

+28+214

+39

+108

1950

I

825108

9

6521

3427

1,089

25810621

5866

581

568

+521

-65-806

-876

-355

-47+55-22-28

+11+171

+131

+84

II

844120

12

6423

348

1,105

25413271

5163

972

670

+435

-70-911

-3

-984

-549

-33+8

-21-23

+63+451

+23

+81

III"

737104

13

5923

3436

1,006

328118109

5262

663

738

+268

-60-688

-4

-752

-484

-151-58-13-15

+176-244

+650

+ 139

IV P

1,038122

9

6221

338

1,293

4588524

5369

842

775

+518

-76-845

-4

-925

-407

-19-43+37-9

+113-207

+554

-19

Year

3,44445443

25088

13579

4,493

1,298441225

214260

3058

2,751

+1,742

-271-3,250

-16

-3,537

-1,795

-250-38-19—75

+363+171

+1,358

+285

ERP dependencies

1949

IV

158101

21

31

203

16746

(*)4

0000

181

+22

-2

(*)

-2

+20

-19-1— 1

(*)

-16

+5

+12

1950

I

11782

31

14

145

1944

10

100

212

-67

-3

00

-3

-70

-1-2

00

+3

+59

II

10073

200

161

129

18959

2

100

206

-77

-2

-1

-3

-80

-7+1

+1

+57

III'

110112

200

31

156

20959

(*)3

226

-70

-2(*)(-)

-2

-72

-5-1-3

00-18

+1

+98

IV *

111112

3

16

143

25757

1

273

-130

-2(z)00-2

-132

-11-0-3

+2+19

+4

+121

Year

438379

101

771

573

8491935

0011

(*)

917

-344

c(*)

-10

-354

-24

(*)

+9

+335

Other Europe

1949

IV

423

00

21

11

50

3731

004

1(*)

46

+4

-21-6

(*)

-27

-23

+1-9+1

(*)

00

+5

+20

1950

I

373

2(*)

(*)2

44

463

3

(*)

52

-8

-12

(*)

-12

-20

-9+12-6

(*)

+6—15

-3

+35

II

3731

1(*)

11

44

4821

2

(*)

53

-9

-110000

-20

+2-3-8

-1-1

00

+31

III'

3931

2(*)

(*)7

52

5221

003

(x)

58

-6

-900(*)-9

-15

-1+4

+1

+6-6

-9

+28

IV p

383

2(*)

11

45

5111

^ '

55

-10

—9(*) '(*)

c

-1

+-1

+<

+20

Year

151122

7(*)

211

185

19783

0010

00

218

-33

-41

-41

-74

-1+16-37+1

+13-18

-14

+114

r Revised. 5 Preliminary ' Less than $500,000. Source: U. S. Department of Commerce, Office of Business Economics.

value of imports. The seasonal rise in the imports of suchimportant commodities as coffee, sugar and wool during thefirst months of the current year will push up import valueseven more. Thus, it is likely that the rate of $10.5 billionduring the fourth quarter does not yet represent the averagelevel to which imports may rise as a consequence of the higherprices and the higher domestic requirements resulting fromdomestic business expansion and the need for strategicstockpiles.

Service transactions also reflect changedconditions

Service transactions showed significant changes in thefourth quarter, which, however, largely offset each other.

Receipts on transportation increased, mostly because ofincreasing exports. As these exports do not yet include theexpected large bulk movements of coal to Europe and grainsto India a further rise in shipping receipts can be anticipated.Payments declined because of the seasonal decline of touristtraffic. Rising freight rates resulting from the growingscarcity of shipping space were not yet reflected in the pre-liminary estimates for the fourth quarter. Such rate changeswould affect both receipts and payments, however, leavingthe balance on transportation account comparativelyunaffected.

Tourist expenditures declined as usual after the end of the

peak travel season. It appears, however, that this year thedecline was sharper than last year. The reason for thissharper decline cannot yet be determined. The increasedtravel facilities during the peak season may have reducedthe demand during the off-season. It is also possible, how-ever, that the international political situation discouragedtrans-Atlantic travel, although tourist expenditures in theERP countries did not drop below those of the comparableseason a year earlier.

The continued rise in miscellaneous service expendituresby the Government in the third and fourth quarters wasdue mostly to higher military expenditures in the Far East.

Income on investments increased on both sides of theaccounts as a result of increased earnings in manufacturingand extractive industries. Increased prices of raw materialsand some relaxation on the transfer of earnings abroad shouldfurther increase our receipts of investment income.

Export surplus restored

Mostly as a result of the rise in merchandise exports andthe seasonal decline in tourist expenditures and of importsof certain foodstuffs, the surplus on goods and services rose,*again from an annual rate of less than $400 million in thethird quarter to a rate of $2.4 billion in the fourth. Evenat the latter rate, the surplus was smaller than at any previoustime since 1941.


March 1951

of the United States, by Area


[Millions of dollars]

Canada

1949

IV

4381830

10(*)

90(*)

586

4452539

44

132

532

+54

_3

— 2

-5

+49

+63

-1(*)

-14+42

— 2

-134

1950

I

3961527

121

71

522

4042524

43

82

470

+52

0

-3

+49

-81+2

(*)+1

+79-12

-1

-37

II

5211946

171

118

722

4752953

56

162

586

+136.

+1

-1

0

+136

-16(*)

^(*)

+84-26

-1

-176

III'

5012463

16(")

69

673

49932

146

15

705

-32

+1

-1

0

-32

-296-87

(')

+789+505

-165

IV P

5892438

18(•)

116

785

5703036

46

204

670

+115

-1

]

+114

+40

(x\

+244-436

+103

-50

Year

2,00782

174

632

374

2,702

1,948116259

1820

5911

2,431

+271

+2

-6

+267

-353-100

+

+485+3

+99

-428

Latin America

1949

IV

6126024

246

1314

861

6384841

412

00

746

+115

—7

-12

+103

-118(

(*)

+116

+71

-152

1950

I

6005626

245

1132

826

7166254

510

200

849

-23

+1-6

-30

-40+85

18+22

+1-55

+35

0

II

6356033

217

1315

892

6365242

10

(*)

748

+144

4-6-1

-11

+133

-30-18

(-)

±11

(-)

-74

III'

6926437

336

1862

1,020

9204752

511

31

1,039

-19

-1

-9

-28

-59+4

o

+14

-6+164

+54

-135

IV »

7896630

356

1604

1,090

8124939

511

41

921

+169

-4—4-1

j

+160

-50-77

+20+51

+73

-173

Year

2,716246126

11324

59013

3,828

3,084210187

2042

122

3,557

+271

-10-21

-36

+235

-179-6

<3A

+36

+32+136

+162

-382

All other countries

1949

IV

508495

1310

680)

653

27995

153

31

351

+302

-18-159-18

-195

+107

-47-17

1 9

(0+3

-82

+24

+24

1950

I

473493

1411

671

618

341125

247

21

410

+208

-28-154-21

-203

+5

-48-1i f\

00+1

+41

+23

-6

II

466426

1213

622

603

392125

134

2

(«)

446

+157

-25-167-17

-209

-52

-16

+2C+3

-16+63

-5

+5

III'

429336

157

721

563

511145

166

31

601

-38

-23-130-12

-165

-203

-20+f<

C

+1+182

+29

+9

IV v

554365

167

751

694

646143

286

32

756

-62

-24-230-12

-266

-328

-58-9

-1C-1

+2+226

+24

+154

Year

1,92216020

5738

2765

2,478

1,8905218

6233

104

2,213

+265

-100-681-62

-843

-578

-142-10

+2

-12+512

+71

+162

International institutions

1949

IV

4

18

22

15

2

2

19

+3

"-20

-20

-17

F

+2-66

+23

+63

1950

I

5

18

4

27

2

2

2

6

+21

-2-24

-26

-5

-1r*)-11+1+23-14

+15

c

II

19

17

27

(•)

2

2

+25

-2-24

-26

-1

#-4

+56-57

+11

-6

III'

18

3

21

12

19

2

33

-12

-28

-31

-43

+1

-3(*)

+8-11

+17

+31

IV P

3

14

17

7

5

2

14

+3

3-15

-18

-15

-2

— 2

+30+78

+15

-103

Year

117

67

7

92

21

26

8

55

+37

-1C-91

-101

-64

(*)

+:+117

+58

-86

AH areas

1949

IV

2,66425171

12536

34712

3,506

1,830173116

52138

866

2,401

+1, 105

-138-1,049

-25

-1,212

-107

-147-1C-35-32

+12+213

+165

-59

1950

I

2,44824467

13839

30332

3,271

1,961212114

69134

716

2,567

+704

-109-990

—31

-1, 130

-426

-227+151-72

—4

+122+126

+203

+127

II

2,604260101

13444

36217

3,522

1,994232181

62117

1196

2,711

+811

-113— 1, 108

-23

-1,244

-433

-99-14-19-20

+203+435

+29

-82

III'

2,508239122

14536

39546

3,491

2,531218322

63169

8710

3,400

+91

-99-851-18

-968

-877

-531-136-36

0

+263+572

+740

+5

IV P

3,11926584

15034

40114

4,067

2,801184110

64182

11211

3,464

+603

-118— 1, 094

-18

-1,230

-627

-93-141

+2-10

+413-265

+771

-50

Year

10, 6791,008

374

567153

1,461109

14, 351

9,287846727

258602

38933

12,142

+2, 209

-439-4, 043

-90

-4, 572

-2, 363

-950-140-125-34

+1,001+868

+1, 743

In our transactions with Canada, a surplus replaced adeficit during the previous quarter which had been largelythe result of the seasonally high tourist expenditures. Thechange during the fourth quarter restored the traditionalrelationship between the two countries. A similar changein our transactions with Latin America is more likely to havebeen somewhat exaggerated by temporary factors affectingimports, especially of sugar and coffee.

Our transactions with ERP dependencies and the "Restof the World" showed an increasing deficit. In the latterarea our deficit increased, although merchandise transfersunder Government aid programs to that area rose by about$100 million.

The surplus with the ERP countries increased by $250million. This amount is not more, however, than theincrease in shipments under the military aid program andthe seasonal decline in tourist expenditures and tourist farepayments. As compared to the last quarter of 1949, theEuropean deficit on goods and services was about $100million smaller and, if shipments under the Mutual DefenseAssistance Program were omitted, the deficit would bereduced by another $250 million. The decline of the Euro-.pean deficit is the result both of improved economic condi-tions in Europe and more favorable export opportunitiesfrom Europe to the United States.

The developments in Government aid disbursements arediscussed in detail in the article "Foreign Aid by the UnitedStates Government in Calendar Year 1950" in this issue of

931674°—51——2

the SURVEY OF CURRENT BUSINESS. In general, in manycountries the need for recovery aid has declined, especially*in the period since Korea, and the emphasis is now shiftingsharply to military aid requirements insofar as WesternEurope is concerned.

Stability in capital movements restoredThe net outflow of United States private capital, which was

unusually large during the third quarter, declined substan-stantially, indicating to some extent a restoration of stabilityin international financial relationships^

Preliminary estimates for direct investments indicate adecline of about $40 million, but investments in Canadadeclined by nearly twice this amount. Most of the declinein Canada and the smaller increase in other countries tookplace in the petroleum industry.

Canadian refunding operations and repayments of loanswhich extended over 2 quarters caused movements of capitalon account of new loans and amortizations to that country toshift from a net outflow of $54 million in the third quarter toa net inflow of $93 million in the fourth.

Purchases of outstanding Canadian securities in anticipa-tion of appreciation of the Canadian dollar—to the extentthese purchases are made through American brokers—de-clined from nearly $150 million in the third quarter to lessthan $25 million in the fourth. Although the speculativeoutward movement subsided early during the fourth quarter,



'Table 2.—International Transactions of the


Item

Exports of goods and services:Merchandise, adjusted l

Transportation _ _TravelMiscellaneous services:

PrivateGovernment

Income on investments:PrivateGovernment _ _ _ _ _ _ _ _ _

Total .

Imports of goods and services:Merchandise, adjusted _TransportationTravelMiscellaneous1 services:

PrivateGovernment _ _ _ _

Income on investments:PrivateGovernment

Total

Balance on goods and services

Unilateral transfers (net) :Private. _ _ _ _ _ _ _Government grants 1Other transfers

Total.

United States capital (net) :Private, long-termPrivate, short-term _ _ _ _Government, long-termGovernment, short-term __

Foreign capital (net) :Long-term _ _ _ _Short-term

Increase (— ) or decrease (+) in gold stock

Transfers of funds bet ween foreign areas (receipts from otherareas (— ), payments to other areas (+)), and errors andomissions _ _ _ _ _ _

United Kingdom

1949

IV

158215

411

16

242

7324

4

406

35(*)

182

+60

n

-221-^

-231

-19+20+19-15

+30+ 135

( « ) -

+1

1950

I

13222

4

503

222

235

63284

474

31(')

177

+58

-5-193

-1

-199

-16+ 14

00

+10+99

+80

-39

II

104276

443

171

202

725011

468

72(•)

259

-57

-6-222

-1

-229

-13

+13-8

+34+262

00

+3

IIP

128246

394

191

221

953919

459

361

244

-23

-5-114

-120

-19-49

0

-3

+15-417

+580

+39

IV f

15724

4

353

19

242

115194

4410

41(*)

233

+9

-11-127

-1

-139

-16-25+21+6

+27-38

+360

-205

5219720

16813

774

900

34513638

18231

1801

913

-13

-27-656

4

-687

-64-65+31-12

+86-94

+1, 020

-202

Other ERP countries

1949

IV

201

(*)

21

(')

24

221

4

(•)

9

+15

2-5

(*)

-7

00 -

-1300

-1

+6

1950

I

141

(z)

1(«)

(')

16

221

(«)2

(•)

7

+9

-3-1

(«)

-4

(*)

-1500(*)

-1

+11

II

121

(*)

1(«>

(*)

14

122

(«)2

(*)

7

+7

-1— 2

(')

-3

00

-1700

+13

IIP

181

(•)

1i«)(•)

20

213

3

(')

9

+11

-3

(*)

-4

(•)

-13(*)

+6

IV*

131

(*)

1(')

(«)

15

211

W 8

(«)

7

+8

-3-1

(«)

+1

-10

+5

Year

574

(-)

4(«)

(•)

65

767

(*)10

(*)

30

+35

-10

(')

-15

+1

-5500

00

+35

Table 3.—Exports of Goods and Services and Means of Financing


Table 4.—Grants and Other Unilateral Transfers


Item

Exports of goods and services

Means of Financing

Foreign resources:United States imports of goods and

servicesLiquidation of gold and dollar assets. _

Dollar disbursements (net) by:International Monetary FundInternational Bank _

U. S. Government:Grants and other unilateral transfers

(net)Long- and short-term loans (net)

United States private sources:Remittances (net)Long- and short-term capital (net) 1 _ -

Errors and omissions

1949

IV

3,506

2,401-448

4711

1,07467

138157

+59

I

3,271

2,567-455

-1217

1,02176

10975

—127

II

3,522

2,711-679

11

1,13139

113114

+82

1950

III'

3,491

3,400-1, 570

—82

86936

99668

—5

IV »

4,067

3,464-924

7

1,1128

118232

+50

Total

14, 351

12, 142-3, 628

—2037

4,133159

4391,089

1 Excludes purchases or sales of obligations issued by the International Bank (see table 5).r Revised.*> Preliminary.

Source: U. S. Department of Commerce, Office of Business Economics.

there was no appreciable return flow of funds to the UnitedStates after the Canadian dollar ceased to rise.

The net movement of American short-term capital wasabout the same as in the third quarter. There were, how-ever, considerable differences in the direction of the flow offunds.

Item

Government:Payments:

Civilian supplies for occupiedcountries1 _

Greek-Turkish Aid ProgramWar damage payments and other

transfers to the Republic of thePhilippines

EC A Programs:European Recovery Program 2

Other _„International Refugee Organiza-

tion _ __Mutual Defense Assistance Pro-

gramMiscellaneous grants _ _Pensions and other transfers

Total payments __

Receipts:EGA counterpart fundsOther

Total receiptsNet Government payments

Private remittances:Payments _ _Receipts _ __

Net private payments

1949IV

18535

47

76712

18

3231

1, 127

512

531,074

14810

138

I

12135

39

77028

18

52026

1,062

41

411,021

12112

109

II

13814

27

85023

17

661325

1,173

402

421,131

12613

113

1950

m.

1178

34

5488

8

1412618

908

363

39869

11415

99

IV v

1327

66

58916

8

3051418

1,155

2716

431,112

13214

118

Total

50864

166

2,75775

51

5177387

4,298

14421

1654,133

49354

439

1 Includes disbursements in Germany administered by EC A from funds appropriatedunder the Army Civilian Supply Program.

2 Includes aid to Indonesia of $16 million in first quarter, $21 million in the second, and $2million in the third quarter of 1950. r Revised.

f Preliminary. Source: U. S. Department of Commerce, Office of Business Economics.


March 1951

United States with the Sterling Area



11

ERP dependencies

1949

IV

6851

11

28

104

8235

(-)3

(*)(*)

93

+ 11 '

-2(')(0

-2

-16-1

(0

(*)+1

+7

1950

I

5851

2(«)

10

76

11529

(*)2

(*)(*)

128

-52

-2(*)(*)

-2

+1

(*)

(•)+5

+2

+47

II

4742

2(*)

13

68

12438

(*)2

(«)(«)

137

-69

-2

— 1

-3

— 1+ 1

(*)+20

(*)

+53

IIP

5261

1(«>

29

89

13738

(*)2

(*)

150

-61

-2(*)

-2

-8-1

(*)(«)

(')-19

(')

+91

IV*

5161

2(*)

12

72

17036

W 2

1

182

-110

2

8-2

-7+1-2

+2-2

(*)

+120

Year

20821

5

(*)

64

305

5461131

W 8

1

(«)

597

-292

-8(*)

-1

-9

-150

—3(")

+2+4

+2

+311

AH other countries

1949

IV

144112

5

13

175

14531

2

1(*)

152

+23

-3

S-3

-7-4

(V+1_2

-20

+11

1950

I

137122

6(«)

14(')

171

15442

(*)2

1(«)

163

+8

— 2

-1

-3

-4-20

(*)(*)

(«)-4

-4

+27

II

155123

5(*)

14C)

189

16842

12

(•)(•)

177

+ 12

-3

-1

-4

+2-24+1+1

(*)-12

-10

+34

IIP

100103

5(«)

15

133

18042

(*)2

1

189

-56

2

(*)

-2

-6+6+4+ 1

(*)+19

(•)

+34

IV*

131112

5(•)•

19

168

21741

12

(*)

225

-57

-1i(*)

-2

-16+1

00

+1+20

(•)

+53

Year

5234510

21(")

62

661

719167

28

o

754

-93

-8— 1_2

-11

-24-37+5+2

+1+23

-14

+148

Total sterling area

1949

IV

390388

493

57

545

3023211

4015

36(«)

436

+109

-16-226

-1

-243

-42+15+6

-14

+31+ 133

-20

+25

1950

I

341407

593

462

498

3343616

4710

32(*)

475

+23

-12-194

-2

-208

-19-7

-15-7

+10+99

+78

+46

II

3184411

523

441

473

3655923

4714

72(*)

580

-107

-12-224

-3

-239

-12-28

— 4-7

+34+270

-10

+103

IIP

3194110

464

631

484

4144732

4516

371

592

-108

-12-115

-1

-128

-33-44-12-2

+15-417

+580

+149

IV*

372427

433

50

517

5042712

4517

42(«)

647

-130

— 17-129

-1

-147

-38-23+9+6

+30-20

+360

-47

Year

1,35016735

20013

2034

1,972

1,61716983

18457

1831

2,294

-322

-53-662

-7

—722

-102-102-22-10

+89-68

+1,008

+251

r Revised.p Preliminary.x Less than $500,000.i The data for the total sterling area (but not for the United Kingdom and the other component areas) are adjusted to include "special catergory" exports purchased f<

transactions under the Mutual Defense Assistance Program. For the definition of "special category" goods see Foreign Trade Statistics Notes for September 1950, published by the Bureauof the Census.


ised for cash but exclude all

Table 5.—Movements of United States Long-Term Capital


Tfam

Long- term capi tal :Government:

Outflow:Export-Import Bank loansEuropean Recovery ProgramMiscellaneous loansOther i _ _ _

Total outflow

Inflow (repayments) :Export-Import Bank loansMiscellaneous loansOther i... _

To tal inflow

Net outflow of Government long-termcapital..

Private:Outflow:

Direct investmentsOther__ _ . _ _

Total

1949

IV

3630122

80

11304

45

35

35737

394

1

5054172

123

30201

51

72

314244

558

II

583026

2

116

152 80

2

97

19

28143

324

1950

III'

4049

51

95

27311

59

36

345369

714

IV P

443032

79

47304

81

-2

3 18035

215

Total

192163517

413

119161

8

288

125

1,120691

1,811

Long-term capital:Private:

Inflow:Direct investments.Debt retirementOther

Total

Net outflow (as in tables 1 and 2)

Deduct:Net purchases (+) and sales (— ) of

obligations issued or guaranteed bythe International Bank

Net outflow to foreign countries (asused in table 3) _ _

1949

IV

1496434

247

147

147

I

14913547

331

227

+1

226

II

1127043

225

99

— 1

100

1950

III'

1411923

183

531

—1

532

IV P

(3)107

15

122

93

+2

91

Total

402331128

861

950

+1

9491 Long-term capital transactions which are not included in Government aid in the article,

"Foreign Aid by the United States Government in Calendar Year 1950," published in thisissue of the SURVEY.

2 Includes a repayment of $54 million by Japan of loans by the United States Governmentfor purchases of United States cotton.

3 Preliminary estimates for net outflow of direct investments.r Revised.P Preliminary. Source: U. S. Department of Commerce, Office of Business Economics.

(Continued on page 19)Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

By Cora E. Shepler^fe-

Foreign Aid by the U. S. GovernmentIn Calendar Year 1950

AiLID provided foreign countries by the United StatesGovernment in calendar year 1950 declined with the markedimprovement in economic conditions in Europe and otherareas, reviewed in the preceding article on the United Statesbalance of payments. The United States Governmentprogram of postwar aid, extended primarily for the purposeof assisting foreign areas, particularly Western Europe, torecover from the economic and political instability broughtabout by World War II, had by the year-end achieved sub-stantial results through supplementing the broad andeffective economic recovery programs of aided countries.The emphasis in Europe—as in the United States—has beenshifted by 1950 events from the now notably advancedeconomic recovery to security against aggression, and thisshift has resulted in important changes in the aid programs.

Thus, foreign aid in 1950 was notable both for thetransition in the planning of the scope and form of assistance,and for the drop in the gross amounts furnished from $6.0billion in 1949 to $4.5 billion last year (see table 1). Duringthe latter part of 1950 the Mutual Defense AssistanceProgram (MDAP) became increasingly important as ameans of supplying essential defense materials and equip-ment to the North Atlantic Treaty nations and certainother areas, and for the development of increased suppliesof, and new sources of, strategic raw-materials.

Net foreign aid closely followed gross aid, the differencebeing largely returns in the form of 5-percent counterpartfunds under Economic Cooperation Administration (EGA)programs and principal repayments on loans and othercredits. Net foreign aid for 1950 was thus $4 billion, almostthree-tenths less than the 1949 amount, with indicationsof an increasing trend in the second half (see chart 1). Netforeign aid to areas participating in the European RecoveryProgram experienced most of the annual decline; aid toother areas remained comparatively stable (see chart 2).

Aid improves foreign positionsBy the end of the year, Western European industrial

output was in most countries considerably above the volumeprevailing at the outbreak of World War II. Thus, thedomestic progress of these countries made during the first2% years of the European Recovery Program was of greatimportance in enlarging the economic base for the increaseddefense preparations necessary for the protection of theEuropean members of the North Atlantic Treaty organiza-tion, and for the security of Greece and Turkey which areclosely associated with the mutual-defense effort.

The international financial positions of certain ERP andother countries also showed striking improvement, asevidenced in the net purchase of over $1.7 billion of UnitedStates gold in calendar year 1950. By far the greater partof this outflow of gold from the United States occurredduring the last 6 months of the year when the United King-dom alone purchased $0.9 billion. The heavy outflow ofgold was accompanied by curtailment of ERP aid, as the

NOTE—MBS. SHEPLER IS A MEMBER OF THE CLEARING OFFICE FOR

FOREIGN TRANSACTIONS, OFFICE OF BUSINESS ECONOMICS.

12

economic expansion of the free world and sharply higherraw material prices improved the balance-of-paymentsposition of foreign countries.

Chart 1.—U. S. Government Foreign Grants, Credits,

and Net Foreign Aid

BILLIONS OF DOLLARS

2.0

GROSS GRANTS *̂

RETURNS

NET GRANTS [>X«

GROSS CREDITS

COLLECTIONS

NET CREDITS

1.6

1.2

.8

.4

I 2 3 4 I I 2 31949 I960

QUARTERLY TOTALS

U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 51-46

Source of data: U. S. Department of Commerce, Office of Business Economics.

As a direct result of the rapidity of economic recovery inthe United Kingdom, the Economic Cooperation Administra-tion was able to announce the suspension of virtually all ERPaid allotments to that country beginning January 1, 1951.As shown in table 2, the United Kingdom has been the majorrecipient of United States Government foreign grants andcredits during the postwar period.

A id to increaseAlthough ERP grants and credits declined in the last 6

months of 1950, the United States Government furnished$1.2 billion of foreign aid through this medium, or almostthree-fifths of the gross foreign aid extended in the period.Grants furnished under the rising Mutual Defense AssistanceProgram were responsible for only one-fifth—$0.4 billion—of the 6-month total, although in the final quarter of the yearthey comprised over one-fourth of the aid furnished. Therise will continue since the fourth quarter rate is still belowgoals set for military aid in appropriations by Congress, whichDigitized for FRASER

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

March 1951 SUKVEY OF CUEEENT BUSINESS 13

had been greatly increased following the invasion of SouthKorea by Communist forces. Between June 30 and Septem-ber 30, 1950, nearly $6 billion was added to the $1.2 billionavailable for military aid as of June 30.

The Budget for fiscal year 1952 submitted by the Presidentin January 1951 states that he will request additional largeappropriations for "mutual-security programs." The mes-sage of the President states that "In general, our assistanceprograms will continue to take two forms—provision of mili-tary equipment and provision of economic assistance. Butthe balance between these two forms of aid will shift verysharply, and will differ according to the strategic, political,and economic situation in each free world area requiringassistance."

An additional $1 billion has been recommended in the formof an increase in the lending authority of the Export-ImportBank (EIB). Credits furnished abroad by EIB, EC A, andother Government agencies have played an important partin the provision of postwar foreign aid, although in calendaryear 1950 they represented only 10 percent of the grossforeign-assistance total.

Foreign economic policies reviewed

The Report on Foreign Economic Policies submitted to thePresident in November by Mr. Gordon Gray made numerousrecommendations, largely in nonquantitative terms, relatingto the future scope and administration of foreign programsof the United States Government. The need for economicdevelopment and progress in underdeveloped areas wasactively considered. The report recommended that the com-bined efforts of the Export-Import Bank and the Interna-tional Bank for Eeconstruction and Development shouldaim at a net outflow of funds of $600 million to $800 milliona year with half or more to be supplied by the InternationalBank. It was further recommended that, under statedconditions, United States grants for development andtechnical assistance be provided of up to $500 million a yearfor several years.

The technical-assistance program for underdevelopedareas, popularly known as the Point Four program, wasapproved on June 5, 1950. The aid furnished under thisprogram and related activities of the United States Govern-ment is discussed further in following sections which alsocover the emergency measures taken in the latter part of theyear for civilian relief in Korea and Yugoslavia, recent devel-opments under the southeast Asia program, and proposalsfor further aid to the Philippines.

Major part of foreign aid is on grant basis

The major part of foreign aid furnished by the UnitedStates Government in the last 2 years has been on a grantbasis, that is, without obligation to repay the United States.Total gross grants in the July-September quarter were at anannual rate of $3.4 billion and, despite a rise in the last quar-ter of 1950 to a rate of $4.2 billion, gross grants for the yeartotaled $4.1 billion, compared with $5.4 billion in 1949.

During 1949 and 1950, the reverse grants to the UnitedStates Government were almost entirely derived as 5-percentcounterpart funds received under EGA programs. Most ofthese reverse grants were received as returns on the Euro-pean program. Eeturns fell in the second half of 1950 toan annual rate of $126 million, from a rate of $180 millionin the first half and a total of $243 million in the previousyear.

Net grant aid in the July-December 1950 period was thusat an annual rate of $3.7 billion, a decrease from the annualrate of $4.1 billion in the first half and a large decline fromthe 1949 total of over $5.1 billion.

European Recovery Program grants declineThe decline in net grants over the 2 years was largely a

reflection of the decline in grants under the EuropeanEecovery Program, the major program of United StatesGovernment economic assistance abroad. EEP grantscomprised about two-thirds of the gross grants abroad of theUnited States Government in both 1949 and 1950, decliningfrom a high of over $1 billion in the second quarter of 1949 toslightly over half a billion in each of the last two quarters of1950 (see table 1). Reduction of gross EEP aid in 1950 wasin keeping with the original plan for this, the third year of theoutlined 4-year program.

From October 1948 through June 1950, a portion of EEPgrant aid was allotted on a conditional basis to certainparticipants in the program on the basis of their contributionto other participants under the intra-European paymentsagreement. This agreement stimulated mutual aid amongthe participants on a bilateral basis, with EGA providingconditional grants to the intra-European donor. Approx-imately one-fifth of the EEP grants provided by EGAthroughout 1949 and the first half of 1950 was as conditionalaid. In the last half of 1950, this ratio continued under theEuropean Payments Union agreement.

United States contributes to EuropeanPayments Union

The intra-European payments agreement was found want-ing in a number of respects, including the fact that thebilateral payment arrangements under the agreement werecompletely financed by conditional grants from EGA. Thusa new system was developed to provide for multilateralsettlements for trade within Europe with progressively

Chart 2.—U. S. Government Net Foreign Aid, by ERPand Other Areas


4 -

I 2 3 4 1 2 31949 1950

QUARTERLY TOTALS

U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS

Source of data: U. S. Department of Commerce, Office of Business Economics.

steeper terms of payment in dollars and gold, designed toencourage each country to approach a sustainable balance inits total intra-European transactions. On September 19,1950, the European Payments Union (EPU) was constitutedby the Organization for European Economic Cooperation(OEEC).


14 SUEVEY OF CURRENT BUSINESS March 1951

Under EPU, each member country has a quota equivalentto 15 percent of its total intra-European transactions oncurrent account in 1949. These quotas are for a 2-year

Eeriod beginning July 1, 1950. Several countries also haveeen allotted initial credit balances to be used before their

quotas. United Kingdom, Belgium, and Sweden are toprovide initial debit balances before applying their quotas;to the extent that? initial debit balances are used the UnitedStates Government will provide conditional aid to thesecountries.

Countries which earn a cumulative surplus provide thefirst fifth of their quota as a credit to EPU, and are thenentitled to receive payment from EPU of 50 percent on thefurther surplus earned, up to the limit of the quota. Coun-tries with cumulative deficits are allowed credit for 100percent of the first fifth of their quota; for the second fifthof their quota they must pay 20 percent in gold and dollars.As the quota is used the portion payable in gold or dollarsincreases; for the last fifth of the quota used the country isobligated to pay 80 percent in gold or dollars. Thus, if thewhole quota is used, 40 percent must be paid in gold ordollars. Settlements of all amounts over quota are to bemade in gold and dollars. Amounts of quotas not settledin gold or dollars constitute credits extended by surplus-earning countries to EPU, or by EPU to the deficit-incurringcountries. Interest at the rate of 2 percent per annum ispaid by the debtors and to the creditors of EPU on theseunsettled balances.

The increasing requirement on deficit countries for pay-ments in gold and dollars is expected to serve as an incentiveto each country to approach a sustainable balance in its intra-European transactions. Further, the fact that only a partialpayment is received by countries enjoying a surplus is ex-pected to serve as an incentive to these countries to reducethe balance of trade in their favor, for example by increasingtheir imports.

The United States Government has agreed to make up to$350 million available to EPU. These funds will be usedfor EPU to pay any countries earning surpluses, in the eventthat receipts from deficit countries are not sufficient.

EPU shows results in 6 monthsBilateral imbalances among European countries ran from

the equivalent of $1.2 billion in the first half of 1950 to almost$1.6 billion in the last half. In the earlier period about one-third of these imbalances were settled by use of intra-European payments agreement drawing rights, and thecountries extending the drawing rights received conditionalaid from the United States.

The first clearing of intra-European accounts under EPUcovered the period July, August, and September. Furtherclearings were made monthly thereafter. In the last halfof 1950, over half of the imbalances resulting from a largervolume of trade were settled by the automatic clearing ofbalances; and the remainder through EPU operations. One-tenth of the total intra-European imbalances in this 6-monthperiod represented use of the initial debit balance extended bysurplus-earning countries which received conditional aid fromthe United States Government. In addition, in October theGovernment paid $43 million to enable EPU to make settle-ments with countries entitled to receive gold or dollars. Thisaid by the United States constituted less than 3 percent ofthe total intra-European imbalances in the period.

EPU is intended to provide the financial basis for thereduction of trade and payments barriers among WesternEuropean countries and for bringing their payments morenearly into balance with each other and the rest of the world,thereby requiring less United States Government financialassistance. The first 6 months of EPU operations do not

provide a broad base gage, but it was obvious that tradewithin Europe was expanding in this new framework.

Military-assistance grants increaseThe actual decrease in the volume of ERP grant assistance

in the second half of 1950 was accompanied by a decline inthe ratio of ERP to total grants under all programs. Mili-tary-assistance grants expanded in the final quarter of 1950to comprise 30 percent of the gross grant aid and thus offsetthe decline in the recovery program. MDAP assistanceincludes, first, the provision of finished military equipmentand, second, assistance for increased European militaryproduction which is being integrated with the EuropeanRecovery Program.

MDAP assistance was authorized by the Congress late in1949, at a rate approximating $1 billion for the first year.Through the first half of 1950 some $71 million in aid wasprovided under this program. Grants in the third quarterwere double those of the first half; the final quarter, at anannual rate of $1.2 billion, was over double the third quarter.

Title III of the Mutual Defense Assistance Act authorizedgrant assistance to Korea, the Philippines, and the generalarea of China at a rate of approximately $100 million forthe first year. From $5 million in aid prior to July, thesegrants rose to $19 million in the third quarter and to $41million in the fourth.

Economic aid to Far East continuedAid to Far Eastern countries was not confined to military

assistance. Shortly before the invasion of South Korea byCommunist forces, Congress had provided for the extensionof the economic aid originally intended for China to the"general area of China.77 Under this legislation, UnitedStates Government grants are being provided to Burma,India, and Thailand. Indonesia and the Indochinese states,which had previously received ERP aid as Netherlands andFrench dependent areas respectively, are also receiving aidunder this new southeast Asia program. Grants to thesecountries and Taiwan (Formosa) in the second half of 1950amounted to $9 million. Since aid to China was confinedto Taiwan, grants in 1950 were appreciably less than in1949, when United States Government assistance was stillextended to the mainland.

Korean aid in the first 6 months of 1950 ($42 million) wasconsiderably above the total for the entire year 1949 ($28million). For the last half of 1950 this aid amounted to$15 million, but in addition approximately $50 million ofsupplies and materials was transferred from United StatesArmy stocks in Japan and Korea to assist the civilian economyof the invaded country in the wake of battle.1 Congressionalappropriations were made in the last half of the year andearly in 1951 to finance increased aid to this strife-torn area.

Grants to Japan are provided by the United States Govern-ment through the Army, as civilian supplies to occupiedareas. With the continuing postwar recovery of Japan,grants to that country declined in 1950 to about $0.2 billion,approximately half of the 1949 figure ($0.5 billion).2 Grantsto Japan include, in addition to basic civilian foodstuffs, rawmaterials for economic recovery.

Philippine rehabilitation program concludesThe Philippines, in addition to participating in the Far

East military-assistance program, receives grant aid underthe Philippine Rehabilitation Act of 1946. This act estab-lished a 4-year program for rehabilitation, approaching

1 Definitive information on these transfers is not available and data are thus not includedin tables 1 and 2.

2 Data included in tables 1 and 2 for civilian-supply grants to Japan are known not toinclude certain cash grants furnished to Japan by the United States Army. In some quartersof 1950 this understatement in reports is known to be as much as $25 million.


March 1951 SURVEY OF CURRENT BUSINESS 15

$650 million. The peak of United States Governmentgrants to the Philippines occurred in the middle of 1949;aid for that year exceeded $200 million. Grants in 1950were considerably reduced, though the payment in thefourth quarter of almost $65 million in settlement of war-damage claims brought the actual aid for the year up to$166 million. The Philippine War Damage Commission isto cease operations before April 30, 1951, after fulfilling thegrant program which provided for the payment of $400million for war damage to private property and $57 millionfor damage to public property in the Philippines. Less than$5 million of the programmed funds remained available forpayment of claims in 1951.

Other rehabilitation grant aid to the Philippines—com-prised mostly of technical assistance to the PhilippineGovernment in the restoration and improvement of publicservices—continued throughout 1949 and 1950 at a nominalrate.

Point Four aid begins in 1950As is noted in a preceding section, the Point Four program

represents an important phase of the United States foreign-economic policy. Technical assistance has been coopera-tively provided to the American Republics for many yearsby the Institute of Inter-American Affairs and to severalother countries since 1948 under the information andeducational exchange program of the State Department.These previous technical-assistance programs are now inte-grated into the Point Four program.

The special programs to cooperate with Mexico in theeradication of foot-and-mouth disease in that country andto assist Chinese students receiving an education in theUnited States are also among the technical-assistanceprograms included in the data in table 1.

The most significant of the technical-assistance grantsprovided by the United States Government in 1950 was thepayment of $4 million to the United Nations in Septemberas part of the United States share in the program for techni-cal assistance in which this international organization isengaging.

Net credit aid continued relatively smallThe outstanding principal indebtedness of foreign coun-

tries to the United States Government increased by only$52 million during the last 6 months of 1950 to reach $10,006million on December 31, 1950. This increase in outstand-ings, representing net foreign aid on a credit basis, is theexcess of loan disbursements and other credit utilizationsover repayments of principal.3

The indebtedness to this Government was distributed asfollows:

Millions ofdollars

ERP countries and participating dependents 8, 424* Other Europe 478

American Republics 420India 172China 165Philippines 100Israel 48United Nations 44All other 155

In the ERP area the larger debtors were the United Kingdomwhich owed $4,798 million, France $2,031 million, Nether-

ijtands-Indonesia $480 million, Italy $356 million, andBelgium-Luxembourg $174 million. In the other Europeanarea the larger debtors were the U. S. S. R. with $223 millionand Finland with $119 million.

3 This is exclusive of accrued interest and also exclusive of indebtedness arising from WorldWar I. World-War I indebtedness amounted to $16,276 million on December 31, 1950, ofwhich $4,842 million represented interest which was due and unpaid.

Gross credit aid declinedLoan disbursements and other credit utilizations of $201

million in the last 6 months of 1950 were $49 million lessthan in the first 6 months of the year but approximately$44 million more than in the last half of the previous year.This, however, was a considerable decline from the $532million disbursed in the January-June 1949 period.

The utilization in the last half of 1950 represented pri-marily $81 million of EIB credits, $77 million of EGA credits,$7 million to the United Nations, and the $35-millionfunding of the Philippine debt. Of the EGA credit utiliza-tions, $69 million was on credits through EIB and $8 millionon deficiency-material projects which are handled directly.by EGA.

On September 6, 1950, Congress authorized EGA to makea $62K-million loan to Spain; in February 1951 it was an-nounced that four separate credits totaling $12.2 millionhad been established. Aside from the loan to Spain, as ofDecember 31, 1950, only $6 million of EGA credit authorityfrom public-debt funds remained to be committed. Of thecredits committed by EGA through EIB, only $61 millionremained to be utilized.

Advances of $8 million in the 6 months ended December31, 1950, on EGA deficiency-material projects were doublethe advances in the previous half year. These advances,from appropriated dollar funds and from United StatesGovernment-owned counterpart funds, are to be repaid indeficiency materials. As of December 31, 1950, there re-mained approximately $27 million to be advanced by EGAon deficiency-material loan agreements already signed.Additional agreements were signed in January and February1951.

Export-Import Bank credits predominateIn 1950, Export-Import Bank disbursements were larger

than any other type of credit utilizations and were larger thanEIB disbursements in 1949. Of the $81 million disbursedby EIB in the 6 months ended December 31, 1950, $34million was to the American Republics, $24 million to Yugo-slavia, and $16 million to Israel.

. Several new credit authorizations were made by EIB inthe last half of 1950. In August the Bank committed $150million of its funds for the establishment of credits to Mexico.As of the end of the year $31 million of this commitment hadbeen authorized for credits to assist in financing the Mexicanirrigation program. In November a credit agreement wasexecuted which established a line of credit of $125 millionto facilitate liquidation by Argentina of commercial dollarobligations due and unpaid as of May 15, 1950.

The Bank authorized an additional credit to Israel inDecember of $35 million for agricultural development. Thisbrings to a total of $135 million the credits authorized byEIB for Israel, of which $70 million have been allocated foragricultural development and production. By the end of1950 the Export-Import Bank had authorized credits ofslightly over $52 million under the commitment made inFebruary 1950 of $100 million in credits for Indonesia. Asof December 31, 1950, no disbursements had been madeunder these four new credits.

On December 31, 1950, total undisbursed credit commit-ments of EIB were close to $750 million. The uncommittedlending authority of the Bank is close to $500 million. TheBudget Message of the President in January 1951 recom-mended an increase in lending authority of $1.0 billion fromthe present limit of $3.5 billion, following a similar recom-mendation in the Gray report.

(Text continued on p. 18; summary tables appear on pp. 16-17.)Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Table 1.—Summary of Foreign Aid (Grants and Credits), by Program: July 1, 1945, Through December 31, 1950


Program

Gross Foreign Aid 1

Grants utilizedLess: Credit-agreement offsets to grants.Credits utilized

Less: Returns

Reverse grants and returns on grantsPrincipal collected on credits

Equals : Net Foreign Aid

Net grantsNet credits

Grants Utilized

European recoveryCivilian suppliesUNRRA, post-UNRRA, and interim aid__Philippine rehabilitation _ _ _Korea and Far East (general area of China)

aidLend-leaseMutual-defense assistanceGreek-Turkish aid _ ___Chinese stabilization and militarv aidTechnical assistance and inter- American

aidOther

Reverse Grants and Returns on Grants

Counterpart fundsJieverse lend-leaseReturn of lend-lease ships\Var-account cash settlements

Credits Utilized _ _

Special British loanExport -Import Bank

Direct loans - _ -Loans through agent banks

European recoverySurplus property (including merchant

ships)Credit-agreement offsets to grantsLend-lease (excluding settlement credits),-Other _ -

Principal Collected on Credits

Export-Import BankDirect loans- _. _ _ _ _ _Loans through agent banks

Surplus property (including merchantships)

Credit-agreement offsets to grants-Lend-lease (excluding settlement credits) _.Other -_ .

Totalpostwarperiod

30, 194

20, 8021,256

10, 6482,400

9461,454

+27, 793

+18, 600+9, 19420, 802

7,8844,7103,443

619

2641,968

516656240

137365946

396133297120

10, 648

3,7502,7332, 582

1501,068

1,3391,256

69433

1,454

720556163

1442526

540

BeforeEuro-

pean Re-covery

Programperiod

15, 495

8,0611,2538,6871,022

499523

+14, 473

+6, 309+8, 163

8,061

2,3603,172

130

1.968

165120

6680

499

133250117

8,687

3,7502,0871,942

145

1,2341,253

63299

523

19614948

29109

279

During European Recovery Program period

Total

14, 699

12, 7403

1,9621,378

447931

+13,321

+12,290+1, 03012, 740

7,8842, 351

271488

264

(2)516491120

71285447

3961

483

1,962

645640

51,068

10636

134

931

523408116

1151517

261

1948Apr.-Dec.

4,138

3,3201

819420

51369

+3, 718

+3, 268+4503,320

1,3971,012

270119

96

(2)

25872

148351

221

263

819

261284

* Cr. 23476

77113

369

22018931

2965

108

1949

Total

6,052

5, 360(2)

692483

243240

+5,569

+5, 118+4515,360

3,729985

1203

92

17244

30104243

230

13

692

18516321

428

28(2)

47

240

14410043

4426

46

Jan.-Mar.

1,724

1, 355

36992

1775

+1, 631

+1,338+2941,355

906260

253

39

5213

72417

12

6

369

615011

281

20

15

75

554312

91

(2)10

Apr.-June

1,687

1,524(2)

16374

1658

+1, 612

+1, 507+1051,524

1,118213

(3)44

44

4318

83616

16

(2)

163

4642

498

8(2)(2)

11

58

26215

15(2)

611

July-Sept.

1,485

1,409

75206

15155

+1, 279

+1, 258+21

1,409

940324

(3)59

6

418

824

151

151

(2)

75

36351

18

(2)

220

55

402614

7(2) .(2)

Oct.-Dec.

1,157

1,073

84111

5853

+1, 046

+1,015+32

1,073

766188

(3)47

4

355

82058

50

7

84

41365

32

(2)

(2)11

53

221111

121

18

1950

Total

4,509

4,0602

451475

153322

+4, 034

+3, 905+1294,060

2,758353

(3)166

75

516615

2799

153

144

9

451

200193

163

(2)21

84

322

16011841

4276

107

Jan.-Mar.

1,156

1,023

133101

4160

+1, 055

+982+73

1,023

770113

(3)39

28

5342

82441

41

133

60501056

117

60

403010

101

(2)10

Apr.-June

1, 234

1,1192

117161

49113

+1,073

+1, 068+4

1,119

850103

(3)27

24

6612(3)

63149

40

9

117

59581

30

2(2)

26

113

321517

1231

65

July-Sept.

952

862

91106

3670

+847

+826+21862

54885

34

8

14081

93036

36

91

3740

* Cr. 349

(2)

(2)4

70

392712

1135

11

Oct.-Dec.

1,166

1,056

110106

2779

+1,060

+1, 029+31

1, 056

58952

66

16

305

2

51427

27

110

4444

(2)28

38

79

4947

2

9(2)(2)

21

1 Assistance in cash or in goods and services provided to foreign countries, directly or throughinternational organizations, without an immediate equivalent return, comprises foreign aidas the term is used in this article. On the one hand, the assistance may be rendered with acontractual or other agreement that there will be repayment over an extended period of time;this type of assistance is classified as a credit. On the other hand, the assistance may takethe form of an outright gift for which no payment is expected, or which at most involves anobligation on the part of the receiver to extend reciprocal aid to the United States or othercountries to achieve a common objective; in all such cases the aid is considered a grant. Ifthe obligation to repay is subject to being established in a future settlement, the aid is alsoconsidered a grant. In the latter instance, when an agreement has been reached as to repay-

ment over a period of time a credit is established, but no aid is considered as haying beengiven at that time. Because such credits cannot, as a rule, be deducted from specific grantsthey are included in both categories. The amounts of such credit-agreement offsets to grantsare therefore deducted from the total of grants and credits in arriving at gross foreign aid.

2 Less than $500,000.3 Negative entry of less than $500,000 results from refunds of cash aid.* Negative entry results from excess of EIB repurchases from agent banks over agent bank

disbursements.Source: U. S. Department of Commerce, Office of Business Economics.

Table 2.—Summary of Foreign Aid (Grants and Credits), by Major Country: July 1, 1945, Through December 31, 1950


Major country

Gross Foreign Aid (grants and credits) 1

Less: Returns _ _ _ _ _ _ -Equals: Net Foreign Aid


ERP countries and participating dependent areas:Gross foreign aidLess: Returns _ _ _ _ _ _ _ _ _ _ _ _Equals: Net foreign aid

Net grants _ _ _ _Net credits

See footnotes at end of table.

Totalpostwarperiod

30, 1942,400

+27, 793+18, 600+9, 194

21,6191,338

+20, 281+12, 272+8, 008

BeforeEuropeanRecoveryProgram

period

15, 4951,022

+14,473+6, 309+8, 163

10, 048553

+9, 495+2, 413+7, 081

During E uropean Recovery Program period

Total

14, 6991,378

+13,321+ 12,290+1,030

11,571785

+10, 786+9, 859

+927

1948Apr.-Dec.

4,138420

+3,718+3,268

+450

3,138144

+2, 994+2, 477

+517

1949

Total

6,052483

+5,569+5, 118

+451

4,828331

+4, 497+4, 107

+390

Jan.-Mar.

1,72492

+1,631+1,338

+294

1,39047

+1,343+1,064

+279

Apr.-June

1,68774

+1,612+1,507

+105

1,35134

+1,317+1, 222

+95

July-Sept.

1,485206

+1,279+1, 258

+21

1,155175

+980+979

+2

Oct.-Dee.

1,157111

+1,046+1,015

+32

93275

+857+842+15

1950

Total

4,509475

+4, 034+3, 905

+129

3,605310

+3, 295+3, 275

+20

Jan.-Mar.

1,156101

+1,055+982+73

91179

+832+811+21

Apr.-June

1,234161

+1,073+1, 068

+4

1,00069

+931+911+20

July-Sept.

952106

+847+826+21

11170

+707+691+15

Oct.-Dec.

1,166106

+l,060t+1,029

+31

91792

+825+862-37


March 1951 SURVEY OF CUEEENT BUSINESS 17

Table 2.—Summary of Foreign Aid (Grants and Credits), by Major Country: July 1, 1945, Through December 31, 1950—Continued[Millions of dollars]

Major country

ERP countries and participating dependent areas — continuedBelgium — Luxembourg :

Gross foreign a i d _ _ _ _ _ _ _ _ _ _ _Less: ReturnsEquals: Net foreign aid _


British Commonwealth: United Kingdom:Gross foreign aidLess: ReturnsEquals: Net foreign aid _

Net grantsNet credits _

France:Gross foreign aid _ _ _Less: ReturnsEquals: Net foreign aid


Germany:Gross foreign aidLess: Returns _Equals: Net foreign aid

Net grants _ _Net credits

Greece:Gross foreign aidLess: ReturnsEquals: Net foreign aid

Net grants __ _ _Net credits

Italy:Gross foreign aidLess: Returns _ _ _.Equals: Net foreign aid

Net grants.. _ _ . _ _Net credits

Netherlands: 5

Gross foreign aidLess: Returns _ _ _ _ _ _Equals: Net foreign aid


Turkey:Gross foreign aidLess: Returns _Equals: Net foreign aid


Other ERP countries: 6

Gross foreign aidLess: Returns _. _ _Equals: Net foreign aid

Net grants ....Net credits

Other Europe:Gross foreign aidLess: Returns _ _ _Equals: Net foreign aid

Net grantsNet credits.

American Republics:Gross foreign aid-Less: Returns _ _ _ _ _ _ _ _Equals: Net foreign aid

Net grants _ _Net credits-

China- Taiwan (Formosa):Gross foreign aid _Less: Returns _ _Equals: Net foreign aid-


Japan:Gross foreign aidLess: ReturnsEquals: Net foreign aid

Net grants _ _ _ _ _ _Net credits

Korea:Gross foreign aid_ _ ___ _ _ _Less: ReturnsEquals: N e t foreign aid__ _ _ _ _ _ _ _


Philippines:Gross foreign aid _ _ __Less: ReturnsEquals: Net foreign aid__

N e t grants _ _ _ _ _ _ _ _ _ _Net credits

All other countries: 8 8

Gross foreign aidLess: ReturnsEquals: Net foreign aid_


Totalpostwarperiod

72239

+683+509+174

6,713703

+6, 010+1, 523+4, 487

4,099190

+3,910+1, 873+2, 037

3,18188

+3, 093+3, 026

+67

1,23840

+1, 198+1, 100

+99

2,13690

+2, 046+1, 689

+356

1,02292

+930+549+381

26821

+248+166+82

2,23874

+2, 164+1, 837

+327

1,62384

+1, 539+1, 088

+450

560206

+354+135+219

1,799117

+1, 683+1, 567

+116

2,007287

+1, 720+1, 706

+14

36612

+354+333+21

76914

+755+655+100

1,458341

+1,116+851+265

BeforeEuropeanRecoveryProgramperiod

2225

+217+61

+157

4,179453

+3, 726-555

+4, 281

2,11936

+2,084+203

+1, 881

99216

+975+883+92

5835

+578+474+105

1,09917

+1, 081+860+221

29814

+284+19

+265

296

+23+9

+13

5271

+526+459+67

1,54725

+1, 522+1, 106

+416

30172

+229+74

+155

1,46656

+1, 410+1, 253

+157

982136

+846+779+67

154

+154+136+18

24313

+231+166+64

755167

+589+384+205

During European Recovery Program period

Total

50035

+465+448+17

2,534250

+2, 284+2, 078

+206

1,980154

+1, 826+1, 670

+156

2,19072

+2, 117+2, 143

-25

65535

+620+626

-6

1,03773

+964+829+135

72478

+646+530+116

24015

+225+157+68

1,71172

+1, 638+1, 378

+260

7659

+17-19+35

259133

+125+62+63

33360

+273+314-41

1,024151

+874+927-54

21212

+200+197

+4

5261

+525+488+36

703174

+528+467+61

1948Apr.-Dec.

567

+49+56

— 7

71770

+647+446+201

60814

+594+451+144

75225

+727+752-25

2583

+255+255(4)

29017

+274+205+68

1282

+126+73+53

712

+68+60+9

2572

+254+179+75

2210

+12-2

+14

5732

+25+14+11

19821

+177+184

7

31856

+262+307-44

73

+73

-$121

1+121+119

+2

211157

+55+104-49

1949

Total

25313

+240+202+38

1,10798

+1, 009+976+33

85891

+767+738+29

95228

+924+924

24518

+227+231

-4

45720

+437+375+62

32024

+297+203+93

944

+90+62+28

54235

+507+396+111

1332

-19-8

-11

10744

+63+30+34

11134

+77+107-30

50525

+479+457+22

817

+73+73

203(3)

+203+203(4)

2047

+196+149+46

Jan.-Mar.

514

+48+51

29018

+271+201+70

26714

+253+213+40

272(3)

+272+272

753

+72+75-3

1694

+165+127+38

922

+90+10+80

151

+15+11+3

1602

+158+103+54

413-9

(4)-8

268

+18+7

+11

5021

+29+49-20

124

+124+110+14

271

+26+26

53(3)+53+53(4)

492

+47+29+19

Apr.-June

935

+88+42+46

30714

+293+304-11

2662

+264+263

+2

231(3)

+230+230

592

+57+58

—1

146

+139+131

+8

701

+69+54+15

271

+27+23+4

1522

+150+118+32

35

-2

-2

3017

+13+8+5

549

+45+52

— 7

1143

+111+104

+7

233

+20+20

44(3)+44+44(4)

671

+64+57+7

July-Sept.

523

+49+52-3

27229

+243+250

-7

17366

+107+118-11

26323

+240+240

629

+53+53(4)

826

+76+67+8

11813

+105+106

-2

231

+22+18+4

11024

+86+74+12

41

+2

+2

287

+21+7

+13

112

+9+11

16516

+149+152

-3

141

+12+12

59(3)+59+59(4)

493

+46+38+8

Oct.-Dec.

571

+56+57

23837

+202+220-19

1529

+143+145

-2

1864

+182+182

505

+45+45-1

603

+57+50+8

408

+33+33(4)

291

+27+10+17

1208

+112+100+12

212

-11—7-3

2311

+12+7+4

7 Cr. 52

-7-6-1

1025

+96+91+5

172

+15+15

47(3)+47+47(4)

402

+38+26+12

1950

Total

19115

+176+190-14

71082

+628+656-28

51450

+464+481-17

48518

+466+467(4)

15214

+138+140

-2

29036

+254+249

+5

27652

+224+253-29

758

+66+34+32

91235

+877+804+73

4118

+23A

+32

9457

+37+18+19

256

+19+24

Ej

20169

+132+164-32

595

+53+57

—4

202(3)

+201+166+35

28710

+277+213+64

Jan.-Mar.

523

+49+52

0

21420

+194+193

+1

15318

+135+143

-9

1404

+136+136

523

+49+49-1

7714

+64+69-5

683

+65+65(2)

302

+28+15+14

12411

+113+89+24

72

+5

+5

329

+23+7

+16

9(3)+9+9(2)

695

+64+53+11

245

+19+23

—4

40(3)+39+40(4)

681

+67+44+23

Apr.-June

497

+43+49

6

22920

+209+221-12

1407

+133+133

(2)

1348

+126+126

(4)

393

+36+36(4)

1006

+94+82+11

1107

+103+105

-2

173

+15+12+3

1827

+174+147+27

1011

-2—9+7

2014

+6+3+3

42

+3+4-1

7464

+10+52-43

20

+20+20

27(3)+27+27(4)

802

+78+59+19

July-Sept.

543

+50+53-3

13519

+116+114

+2

9415

+79+85-6

1002

+98+98

294

+25+25(4)

7510

+65+65(2)

578

+49+50(4)

162

+14+5+8

2167

+210+195+15

93

+6

+6

2425-1+4-5

43

+1+4-3

341

+33+34(4)

5

+5+5

34(3)+34+34(2)

664

+63+55+8

Oct.-Dec.

352

+34+35-1

13223

+109+128-19

1269

+118+119

-2

1114

+107+107

33:4

+29+29

(4)

385

+33+34

4135

+7+35-28

101

+9+3+7

39010

+380+372

+8

161

+14

+14

189

+3+5

71

+7+7-1

24(3)+24+24

(4)

W

+10-+10

101(3)+101+66+35

733

+70+55+14

1 See footnote 1 to table 1.2 Net (+) of less than $500,000.3 Less than $500,000.4 Net (-) of less than $500,000.5 Gross foreign aid, net foreign aid, and net credits for Netherlands include $17.2 million

ERP credits to Netherlands on behalf of Indonesia (5.8 million in April-December 1948;$9.2 million in January-March 1949; $1.2 million in October-December 1949; and $1.0 million

931674°—51 3

in January-March 1950). All other aid to Indonesia, including grants under the EuropeanRecovery Program, is included in "All other countries."

6 Includes data not allocable to specific areas.7 Negative entry results from excess of refunds on Chinese account for aid diverted

(principally to Korea).8 Includes data for international organizations and data not allocable to specific areas.




EIB provides emergency aid to YugoslaviaIn the last quarter of the year the Bank disbursed $2

million for capital equipment, machinery, and similar itemsand $3.8 million for foodstuffs under the $15-million creditauthorized to Yugoslavia in August 1950. The latter actionwas taken as a result of the urgency of extending immediaterelief aid to Yugoslavia pending congressional action on theYugoslav request for assistance to avert the effects of a dis-astrous crop failure.

Other steps taken to provide relief aid to Yugoslavia in-cluded advances of flour from Germany and Italy. Theappropriation of $50 million for grant aid to Yugoslavia,approved December 29, 1950, includes amounts for furtherERP grant allotments to Germany and Italy in replacementof these advances of flour. The United States Governmentalso authorized the inclusion of Yugoslavia into the MutualDefense Assistance Program as the recipient of foodstuffsfor its armed services.

Bell mission recommends Philippine debt fundingOn November 6, 1950, the Treasury Department signed

an agreement with the Philippines, arranging for the fundingof the obligation to return to the United States Governmentcertain funds advanced in 1948 to pay claims which hadarisen as a result of the operations of the Army of the Phil-ippines and guerrilla forces in World War II. The unex-pended balance of these advances was by agreement torevert to the United States Treasury no later than theend of 1949.

The result of the funding agreement is to substitute anobligation repayable in approximately 10 equal annualinstallments beginning May 31, 1951 (including interest at2% percent), for the idle peso deposits held by the PhilippineGovernment against its present dollar obligation to theUnited States Government. The peso funds were releasedto meet domestic obligations of the Philippine Government.This follows the recommendations in the report of theEconomic Survey Mission to the Philippines, which washeaded by Daniel W. Bell.

Another recommendation in the Bell report was to fund theReconstruction Finance Corporation (RFC) loan of $60million, now due in 1952 and 1953, over a period of 10 years.The economic mission also recommended that the UnitedStates Government provide financial assistance of $250million through loans and grants, to help carry out a 5-yearprogram of economic development and technical assistance.The mission recommended that this aid be strictly condi-tioned on steps being taken by the Philippine Governmentto carry out other recommendations outlined for economicimprovements in the Philippines.

Collections on credits are increasingPrincipal repaid to the United States Government in the

second 6 months of 1950 amounted to $149 million, $23million less than in the first 6 months, but considerably morethan in either half of 1949. The larger amount in the firsthalf of 1950 was due entirely to the repayment in full of the$54 million in credits extended during the 15 months endedJune 30, 1950, by the Army Department to Japan for thepurchase of raw cotton in the United States.

Interest received in the last 6 months of 1950 was approxi-mately $61 million. This was $12 million more than was re-ceived in the first 6 months of the year, as is to be expectedbecause of the large number of interest-due dates falling onJuly 1. Although interest collections in 1949 were smaller,they followed the same pattern.

Thus, combined principal and interest collections in 1950amounted to $431 million, $94 million more than in 1949.Scheduled collections in 1951 are approximately $485 million,rising to $530 million in 1952 and then falling to $490 millionin 1953 and $460 million in 1954. This is based upon creditagreements on outstanding indebtedness as of the end of 1950.

China and U. S. S. R. in arrearsDuring the September 1950 quarter the Maritime Admin-

istration declared the Nationalist Government of China to bein default under the terms of the mortgage agreements cover-ing the sale of 33 ships. During the last 6 months of 1950four vessels were seized in continental United States as aresult of foreclosure action and one was taken by the UnitedStates Army in Japan for smuggling. The notes on thesefive vessels with an unpaid balance of $3.5 million plusaccrued interest of $0.2 million were canceled. Two vesselshave been lost and four have fallen into the hands of Com-munist China. Claims on these six vessels have been filedagainst the insurance companies. On November 15, 1950,the Maritime Administration gave Nationalist China untilFebruary 15, 1951, to bring current all payments of principaland interest. This Nationalist China did as of February 13,1951, by selling four vessels in which their equity w^as largerthan the unpaid balance of the mortgage. There remain 18vessels in active operation by Nationalist China and it is nowbelieved the payments on these can be met as they becomedue.

The United States Government has asked the SovietUnion to pay $800 million for the reimbursable portion ofwartime lend-lease. No payment has been asked for anymilitary supplies furnished the Soviet Union during WorldWar II. The $223 million now carried as the lend-leaseindebtedness of the U. S. S. R. represents total billings formaterials, services, and other lend-lease aid furnished priorto March 31, 1947, under the lend-lease pipe-line.agreementof October 15, 1945. The Soviet Union is in arrears $6million in interest on this indebtedness (principal paymentsare scheduled to begin in 1954).

Payments in default or in arrears 90 days or more on allUnited States Government credits totaled $26 million inprincipal and $10 million in interest on December 31, 1950.

New expenditures authorized for foreign aidThe General Appropriation Act, 1951 and the Supple-

mental Appropriation Act, 1951 in September 1950 author-ized new expenditures for foreign aid in excess of $8 billion.Further, several provisions were enacted in 1950 allowingthe transfer as foreign aid of supplies and materials whichcost the Government additional hundreds of millions ofdollars.

At the end of 1950 there was available under existing legis-lative authority about $10 billion for financing foreign aid inthe form of grants and over $1% billion for financing foreigncredits. In the Budget for the fiscal year ending June 30,1952, the President recommended new obligational authorityof $10.7 billion. Expenditures for fiscal year 1952 were thereestimated at $7 billion.

NOTE.—This article was prepared in the Clearing Office for Foreign Transactions, Officeof Business Economics, and is a summarization of data compiled and published in detail eachquarter by that office. These data constitute the basis for Government-aid transactions inthe compilations of the Balance of Payments Division, Office of Business Economics, whichare included in the preceding article. The major components of both series are identicalexcept for variations due (1) to the inclusion in the balance of payments for the last quartersof preliminary estimates of transactions not yet included in the official reuorts which are thebasis of this article (see footnotes 1 and 2 to this article) and (2) the more current revision of %

earlier-period data in this article which are not yet included in the balance of payments.Moreover, slight variations in treatment of data occur. For example, this article includes inGovernment transactions the loan disbursements of agent banks guaranteed by Export -Import Bank, while these are considered as private transactions in the balance of payments,and this article includes the funding in November 1950 of loans to the Philippines, whichappeared in short-term asset payments in the balance of payments in July 1948.


March 1951 SUKVEY OF CUREENT BUSINESS 19

Production and Employment Trends(Continued from p. 5)

Chart 4.—Employees in All Manufacturing, Defense, andRelated Industries: Absolute and Percent Increase,June-December 1950

Table 2.—Number and Percent Change in Production Workers inManufacturing, (Seasonally Adjusted

1.5

MILLIONS OF PERSONS1.0 .5

PERCENT10 20 30

INDUSTRY

ALL MANU-FACTURING

DURABLEGOODS

TOOLING ANDEQUIPMENT^

DEFENSE5

U.S.DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 51-56

1 Includes metalworking machinery, general industrial machinery, miscellaneous ma-chinery parts, iron and steel foundries, nonferrous foundries, and professional and scientificinstruments.

2 Includes ordnance and accessories, aircraft and parts, ship and boat building and repairs,and U. S. navy yards.

Source of basic data: U. S. Department of Labor, Bureau of Labor Statistics.

direct defense employment at the present time; many otherindustries are also engaged in part in defense production or indefense-supporting activities.

As indicated above, the machinery industries have experi-enced rapid and continuous employment gains since lastJune. As a group, these industries added 175 thousandworkers between June and December, an increase of almost18 percent, about twice the rate of growth of the durablegroup as a whole. While much of the expansion in employ-ment of these industries after June is attributable to the risingdemands of the private economy, more recently an increasingproportion of their employment has been devoted to theproduction of goods for the military program.

Industry

Manufacturing _

Durable goods

Ordnance and accessoriesInstruments and related productsElectrical machineryMiscellaneous manufacturing industriesMachinery (except electrical)Fabricated metal products (except ordnance,

machinery, and transportation equip-ment) _ _ _ _ _

Primary metal industriesTransportation equipmentStone, clay, and glass products _ _ _Furniture and fixturesLumber and wood products (except furni-

ture). _

Nondurable goods _

Rubber products _ _ _ _ _Apparel and other finished textile products. _Tobacco manufacturesChemical and allied productsPaper and allied productsProducts of petroleum and coal _Textile mill products _Leather and leather productsFood and kindred productsPrinting, publishing, and allied industries. _.

Pro-duc-tion

workersDecem-

1950

Absolutechange

Janu-uary-June1950

June-Decem-

ber1950

In thousands

12, 934

7,180

24210709416

1,157

8381,1311,151

468319

757

5,754

2181,051

80513424192

1,239380

1, 167510

617

596

28

542296

7687

1003814

99

21

12-56-10

214-3-3-563

7

868

584

5309449

124

6981732716

16

284

19755

31251165172610

Percentchange

Janu-uary-June1950

5.4

9.9

11.84.79.66.4

10.2

11.09.0

10.29.44.8

15.4

.4

6.4-5.4

-11.8.4

3.6-1.6-.3

-1.45.81.4

June-Decem

ber1950

7.2

8.9

26.316.715.313.412.0

9.07.76.86.15.3

2.2

5.2

9.57.76.76.46.36.15.55.02.32.0

Source: Board of Governors of the Federal Reserve System.

Further evidence of the relatively rapid recent growth ofdirect munitions and tooling and equipment industries isfurnished by chart 3 which contrasts the rate.of growth ofselected metalworking industries during the first and lasthalves of 1950. Employment in the aircraft and partsindustry increased by almost 34 percent in the last half of1950, in contrast to a negligible rise during the preceding6 months. Similarly, the rate of growth of the machinerygroup was much greater in the second half of the year.Employment in the household and service appliances andautomobile industries, however, remained virtually un-changed after advancing rapidly to new peaks during thefirst 6 months.

Balance of International Payments—Fourth Quarter of 1950(Continued from p. 11}

The outflow of funds to the United Kingdom which startedduring the third quarter amounted to $65 million duringOctober. During November and December, however, about$39 million of these funds were again withdrawn, possiblyfor the payment of commodities imported from the sterlingarea. On the other hand, our short-term assets in Canadawere reduced during October and November but replenishedin December. Likewise, there was a rising outflow of short-term funds to Latin America during the quarter. A partof the latter represented regular trade credits, which wereextended as former credits, were repaid and as exports to thisarea increased. It appears, however, that there were alsospeculative capital shifts, particularly to Mexico as a resultof rumors of an impending revaluation of the Mexican peso.

Thus, although the outflow of short-term capital to allcountries did not decline, it can, nevertheless, be assumedthat speculative movements lost importance during thefourth quarter. The pressure on our gold supply and con-

versely the inflationary forces abroad resulting from goldor dollar imports were correspondingly diminished.

Interarea transfers indicate that the ERP countries as awhole, for the first time in the postwar period, had net dollarreceipts from the rest of the world. This, however, wasalmost entirely due to dollar transfers by the sterling areato the United Kingdom. The continental European coun-tries continued to have a dollar deficit with third countries(other than the United States), which was met through UnitedStates Government aid.

Both Canada and Latin America remained net recipientsof dollar funds from other areas, while the nonsterlingcountries in Asia appear to have paid dollars to othercountries, presumably Europe.

The net dollar payments by the latter countries to thirdareas represents a new link in the triangular movement offunds which under normal conditions would be an importantstep in the direction of a new equilibrium.


20 SUEVEY OF CURRENT BUSINESS

New or Revised Statistical SeriesWholesale Price of Crude Petroleum, Oklahoma—Kansas, at Wells: Revised Series for Page S—35 1

[Dollars per barrel]

March 1951

Month

JanuaryFebruary.MarchApril _ _MayJune _ _

July-..,,--,August,SeptemberOctoberNovemberDecember

Monthly average _ _ _

1935

1.0001.0001. 0001.0001.0001.000

1.0001.0001.0001.0001.0001.000

1.000

1936

1.0751.1001.1001.1001 1001.100

1.1001.1001.1001.1001.1001.100

1.098

1937

1.100.220.220

1.220.220.220

1.2201.2201.2201.2201.2201.220

1.211

1938

1.2201.2201.2201.2201 2201.220

1.2201.2201.2201.1001.0201.020

1.178

1939

.020

.020

.020

.020

.020

.020

1.0201.0201.0201.0201.0201.020

1.020

1940

.020

.020

.020

.020

.020

.020

.020

.020

.0201.0201.0201.020

1.020

1941

.020

.020

.020

.070

.110

.170

.170

.1701.1701.1701.1701.170

1.119

1942

1.1701.1701.1701.1701 1701.170

1.1701.1701.1701.1701.1701.170

1.170

1943

1.1701.1701.1701.1701. 17C1.170

1.1701.1701.1701.1701.1701.170

1.170

1944

1.1701.1701 1701.1701 1701.170

1.1701.1701.1701.1701.1701.170

1.170

1945

1.1701.1701 1701.1701 1701.170

1.1701.1701.1701/1701.1701.170

1.170

1946

1.1701.1701.1701.2701 2701.270

1.3301.5201.5201.5201.5701.620

1.367

1947

1.6201.6201.8001.8701 8701.870

1.8701.8701.8701.9802.0702.490

1.900

1948

2.5702. 5702.5702.5702. 5702. 570

2.5702.5702.5702.5702.5702.570

2.570

1949

2.5702.5702 5702.5702 5702. 570

2. 5702.5702.5702.5702.5702.570

2.570

i Compiled by the 17. /S. Department of Labor, Bureau of Labor Statistics. Prices of crude petroleum (36°-36.9° gravity) replace the former series representing 33°-33.9° gravity.

Wholesale Price of Lubricating Oil, Midcontinent, f. o. b. Tulsa, Bright Stock:, Revised Series for Page S-35 l

[Dollars per gallon]

Month

JanuaryFebruaryMarchAprilMayJune

July -.AugustSeptemberOctoberNovember __ _December

Monthly average

1935

0.135.138.140. 140.141.148

.150

.150

.154

.165

.170

.170

.150

1936

0.170.170.170.174.184.185

.185

.185

.184

.172

.170

.170

.177

1937

0.175.188.198.200.200.200

.195

.190

.178

.170

.170

.162

.186

1938

0.160.160.160.152.145.143

.142

.142

.142

.142

.142

.142

.148

1939

0.142.142.142.142.142.142

.142

.142

.161

.224-.230.230

.165

1940

0.240.240.220.210.186.166

.146

.139

.135

.135

.135

.134

.174

1941

0.131.135.135.144.159.183

.200

.211

.223

.230

.230

.230

.184

1942

0.230.230.230.230.230.230

.230

.230

.230

.230

.230

.230

.230

1943

0.230.230.230.230.230.230

.230

.230

.230

.230

.230

.230

.230

1944

0.230.230.230.230.230.230

.230

.230

.230

.230

.230

.230

.230

1945

0.230.230.230.230.230.230

.230

.230

.230

.230

.230

.230

.230

1946

0.230.230.230.230.230.230

.230

.242

.250

.250

.250

.261

.239

1947

0.270.270.275.290.290.290

.290

.290

.290

.290

.310

.319

.290

1948

0.330.330.330.330.330.330

.330

.330

.323

.310

.310

.266

.321

1949

0. 261.22.21.19.18.17

.17

.17

.17

.17

.17

.17

.18

i Compiled by the 17. £ Department of Labor, Bureau of Labor Statistics. Data exclude all fees and taxes and cover bulk lots of bright stock, conventional, 150-160 viscosity D, 0-10pour point.

Wholesale Price of Distillate Fuel Oil, New York Harbor, No. 2 Fuel: Revised Series for Page S-35 1


Month

JanuaryFebruaryMarch _ _ _ . _ _ _ _ _AprilMay. _ _ .June ._ _ - .

JulyAugust __ _ _ _ .SeptemberOctoberNovember . _ . _December . _ _ _

Monthly average

1935

0.048.046.042.040.040.040

.040

.040

.040

.040

.041

.042

.042

1936

0.044.047.047.044.042.042

.042

.042

.041

.042

.042

.044

.043

1937

0.047.046.045.045.048.052

.052

.052

.052

.052

.052

.052

.050

1938

0.051.049.047.045.042.041

.040

.042

.042

.042

.040

.040

.044

1939

0.042.040.038.038.039.038

.038

.040

.042

.045

.046

.048

.041

1940

0.051.051.052.054.052.047

.044

.043

.041

.041

.044

.048

.047

1941

0.048.043.040.044.048.049

.049

.051-.052.052.052.052

.048

1942

0.052.052.052.052.052.052

.052

.052

.052

.052

.052

.052

.052

1943

0.052.052.052.052.052.052

.052

.052

.052

.052

.052

.052

.052

1944

0.052.052.052.052.052.052

.052

.052

.052

.052

.052

.052

.052

1945

0.052.052.052.052.052.052

.052

.052

.052

.052

.052

.053

.052

1946

0.054.057.057.057.057.057

.057

.063

.063

.063

.061

.064

.059

1947

0.062.060.063.068.068.068

.068

.068

.068

.068

.075

.078

.068

1948

0.092.094.094.094.094.094

.094

.094

.094

.094

.093

.091

.094

1949

0.091.088.084.078.074.075

.075

.076

.084

.085

.080

.082

.081

Compiled by the U. S. Department of Labor, Bureau of Labor Statistics. Data exclude all fees and taxes and cover bulk lots, f. o. b. refineries or terminals.

Wholesale Price of Residual Fuel Oil, Oklahoma, No. 6 Fuel: New Series for Page S—35 1


Month

January __FebruaryMarch.April .M a y _ _ _ _June

JulyAugustSeptemberOctoberNovember .__December

Monthly average

1935

0.500.500.500.500.500.500

.500

.462

.450

.450

.450

.450

.480

1936

0.462.538.550.550.550.550

.550

.550

.550

.569

.585

.600

.551

1937

0.656.762.775.750.730.700

.700

.700

.700

.694

.610

.550

.695

1938

0.510.-,525.494.419.380.350

.375

.390

.350

.350

.350312

.401

1939

0.325.350.350.350.350.350

370.450.450.450.450450

.394

1940

0.498.500.500.500.500.522

.550

.550

.550

.550

.565590

.531

1941

0.648.650.655.700.702.755

.800

.800

.800

.800

.878900

.757

1942

0.900.882.850.816.800.800

.800

.800

.800

.800

.800

.800

.821

1943

0.815(2)(2)(2)

(2)(2)

(2)(2)

(2)(2)(2)(2)

(2)

1944

(2)(2)

(2)(2)(2)(2)

(2)

0.970.970872

.900900

(2)

1945

0.900.900.900.900.900.900

.900

.900

.900900

.900900

.900

1946

0.900.900.995.110.110110

116.233.150

1 1501.1591 324

1.105

1947

1.3301.3691.5241.6401.7581 900

1 9001.9001.9762 0002.0002 364

1.805

1948

2. 5002.5002.5002 5002.5002 500

2 4342.1181.8001 7791. 5861 428

2.179

1949

1.3501 1501.100

900.750650

600800

.712840800950

888

1 Compiled by the 17. -2 No quotation.

. Department of Labor, Bureau of Labor Statistics. Data exclude all fees and taxes and cover Oklahoma (group 3), bulk lots.


WlontU. BUSINESS STATISTICSJL HE DATA here are a continuation of the statistics published in the 1949 Statistical Supplement to the SURVEY OF CURRENT BUSINESS.

That volume (price $1.25) contains monthly data for the years 1945 to 1948, and monthly averages for earlier years back to 1935 insofar as avail-able; it also provides a description of each series and references to sources of monthly figures prior to 1945. Series added or revised since publica-tion of the 1949 Supplement are indicated by an asterisk (*) and a dagger ( f ) , respectively, the accompanying footnote indicating where historicaldata and a descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers and dollar values refer toadjustment of monthly figures for seasonal variation.

Data subsequent to January 1951 for selected series will be found in the Weekly Supplement to the SURVEY.

Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey

1950

January Febru-ary March April May June July August Septem-

ber October Novem-ber

Decem-ber

1951

January

GENERAL BUSINESS INDICATORS

NATIONAL INCOME AND PRODUCTf

Seasonally adjusted quarterly totals at annual rates:National income, totaL bil. of dol

Compensation of employees, total doWages and salaries, totaL do

Private doMilitary .. doGovernment civilian do

Supplements to wages and salaries doProprietors' and rental income, total cT do

Business and professionalcf doFarm doRental income of persons _ . _ . do

Corporate profits and inventory valuation ad-justment, total _ bil. of dol

Corporate profits before tax, total doCorporate profits tax liability. do _Corporate profits after tax do

Inventory valuation adjustment doNet interest. do

Gross national product, total doPersonal consumption expenditures, total do

Durable goods _ _ d oNondurable goods doServices do

Gross private domestic investment doNew construction doProducers' durable equipment doChange in business inventories do

Net foreign investment doGovernment purchases of goods and services,

total bil. of dolFederal (less Government sales) doState and local do

Personal income, total doLess: Personal tax and nontax payments doEquals* Disposable personal income doPersonal saving§_ _ _ do_

PERSONAL INCOME, BY SOURCEf

Seasonally adjusted, at annual rates:Total personal income bil. of dol

Wage and salary receipts, total do__.Employer disbursements, total do

Commodity-producing industries doDistributive industries _ _ doService industries. _ doGovernment do

Less employee contributions for social insur-ance _ bil. of dol

Other labor income doProprietors' and rental income . do _ _Personal interest income and dividends^ doTotal transfer payments- . _ do _

Total nonagricultural income . do __

NEW PLANT AND EQUIPMENTEXPENDITURES

AH industries, quarterly total mil. of doLManufacturing doMining. __ __ ___ do .Railroad doOther transportation doElectric and gas utilities doCommercial and miscellaneous do

214.6132.2135.056.739.517.920.9

2.83.0

43.517.518.4

195.2

215.4131.5134.255.839.318.121.0

2.73.0

41.017.722.2

199.0

216.9142.3135.2114. 3

4.516.47.1

41.521.412.87.3

28.129.213.216.0

— 1.05.0

263 3182.626.497.953.341.820.019.52.3

— 1.7

40.521 818 7

216 419.0

197 414.8

219.3133.6136.457.739.618.121.0

2.83.3

40.218.024.2

203.7

3,7001,520

15023080

6501,060

213.8135.3138.159.139.718.221.1

2.83.3

39.818.217.2

198.7

214.5137.7140.560.940.118.521.0

2.83.4

41.517.814.1

198.4

229.1147.9140.6119.5

4.516.67.3

41.222.311.77.1

35.037.416.520.9

— 2 45.0

271 61"5 826.599 959.547 721. 521 8

4 4— 1 7

39.921 118.8

215. 119.5

195 69.8

217.1140. 2143. 262.740.718.621.2

3.03.4

42.317.813.4

200.7

4,3301,860

160300

90760

1,160

220.7141.7144. 563.340.918.721.6

2.83.4

45.517.812.3

202.7

225.4145.5148. 565.641.718.822.4

3.03.4

46.118.412.0

207.3

244.0155 3147.8125 3

7.445 524.613 57.4

38.146.420.625.8

—8 35.0

283 9198. 934.0

104.560 447.823.026.3

— 1 5-3.3

40.420 919 5

224 920 3

204 65 7

228.7147.8150.666.541.618.823.7

2.83.4

45.021.111.4

211.2

4,6902 050

180280120820

1,230

231. 1150.7153.868.641.919.224.1

3.13.4

45.719.212.1

212.7

232.9152.1155.169.141.919.324.8

3.03.4

46.219.411.8

213.9

162. 7155.1130.3

7.646.324.314.47.6

— 8.55.1

300.3195.830.0

104.361 560.222.926.111.2

-3.4

47.626.920 8

234.923.3

211.615.8

' 241. 0' 154. 3' 157. 2' 70.0'42.4'19.4

25.4

2.93.4

'47.0' 24. 7

11.6

r 221. 9

i 5, 410i 2. 520

1200!320i 140!990

1 1, 240

239.2155. 2158.770.142.919.726.0

3.53.5

49.218.812.5

219.1

r Revised. ! Estimates based on anticipated capital expenditures of business; those for 1951 are shown on p. 20 of the February 1951 SURVEY.fRevised series. Quarterly estimates of national income, gross national product, and personal income and monthly estimates of personal income have been revised beginning 1946: see

pp. 28-35 of the July 1950 SURVEY for the revised figures,cflncludes inventory valuation adjustment.§Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.

S-lDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

S-2 SURVEY OF CURRENT BUSINESS March 1951


1950



Decem-ber

1951

January

GENERAL BUSINESS INDICATORS—Continued

FARM INCOME AND MARKETINGS

Cash receipts from farming, including Governmentpayments total J mil. ofdoL

Farm marketings and CCC loans, total doCrops -doLivestock and products total do

Dairy products doM!eat animals doPoultry and eggs do

Indexes of cash receipts from marketings and CCCloans, unadjusted:t

All commodities 1935-39=100--Crops doLivestock and products _ do

Indexes of volume of farm marketings, unadjusted :JAll commodities 1935-39—100

Crops doLivestock and products _ _ do

INDUSTRIAL PRODUCTION

Federal Reserve Index

Unadjusted combined index 1935-39=100

Manufactures do

Durable manufactures _ _ doIron and steel _ _ _ doLumber and products do

Furniture _ _ - d oLumber do

Machinery - ~ _ doNonferrous metals and products do

Fabricating - _ doSmelting and refining do

Stone, clay, and glass products doCement _ _ _ _ . -do _Clay products doGlass containers do

Transportation equipment doAutomobiles (incl. parts) do ___

Nondurable manufactures doAlcoholic beverages doChemical products do

Industrial chemicals _ ! _ _ _ doLeather and products do

Leather tanning doShoes do

Manufactured food products _ _ __ .doDairy products doMeat packing doProcessed fruits and vegetables do

Paper and products _ _ _ doPaper and pulp do

Petroleum and coal products doCoke _ do

Printing and publishing -doRubber products _ doTextiles and products do

Cotton consumption- _ doRayon deliveries _ _ doWool textiles do

Tobacco products do

Minerals doFuels _- _ _ do

Anthracite doBituminous coal doCrude petroleum __ do

Metals do

Adjusted, combined index cf .. _ do

Manufactures do

Durable manufactures doLumber and products __ do

Lumber doNonferrous metals do

Smelting and refining doStone, clay, and glass products do

Cement doClay products _ doGlass containers do

Nondurable manufactures doAlcoholic beverages _ doChemical products do- _Leather and products do

Leather tanning _ _ _ _ _ _ _ d o _ _Manufactured food products do

Dairy products _ _ . doMeat packing doProcessed fruits and vegetables do

2,2542,2381,0991,139

290676165

337385301

154168143

179

189

206203130166111229180176191

179168147202242224

17514324941910896

11614995

18392

178171211154157194.178144355154162

1251336996

15480

183

192

209144132180191190207158206

17916924810895

161148154142

1,6141.596

5811,015

276574156

240203268

10992

123

177

188

204201138173119236190184202

179160150201210182

17614325042411810912414610714486

179172205124166195179144357159154

1131186538

15581

180

192

207150138190202192211157207

180159247115102161149151136

1,6741,642

4781,164

315639200

247167307

11272

142

183

191

210205147176133243201197208

180157151201214189

17716225042811597

12814812814883

179173207146172197173138350152167

13914810814915283

187

194

211156145200208188192158201

18117524711698

165154160152

1,5941,544

4361,108

313579202

232153

' 292

10459

139

188

197

221222158175150251198194207

1.-J7207154222226204

17816825343411010111515015914590

182175206174174203174139348154152

13814783

14315587

190

199

222159150198207200218158222

180169252110101164153157148

1,8191,778

4441,334

358744208

r 268155352

11761

159

195

203

232226162175155258197192208

209221160238262249

18017725544310194

10615719914498

- 181173216175169213175140347157168

14714897

131160140

195

204

231158149197208203210160223

18117225610195

164150144150

1,8591,825

5571,268

368667203

275195335

12077

153

200

209

238231166178160262206202218

212229160232277268

184202258451104100107164226146122

185178222177169221173132348161176

15515596

136168155

199

208

237155144207219210214161234

184184261105102164153147158

2, 3562,3431.0581.285

351701214

353371339

143144142

198

207

237228161174155265202199207

214229162234272262

182219259453

9987

107178223141191

172166229176150222165123361134160

14914868

109171158

196

206

235151140202208212208161244

18120626310191

167152151147

2, 5512,5431,1821, 361

323792229

383414359

154170142

212

221

249236177192170279212212212

221242172223287273

198237265458119106128191217134254

191181238176161236189155366172204

16316297

142177170

209

218

247165151212212212214167215

195248269120108168150155134

2,9132,9061. 4521.454

305883248

437509384

167194147

216

224

253245179

' 196170283210219209

223239175229284

'265

201217279465123109133192173152276

194184243178172244191.152380171181

16816792

144184171

211

220

251166150216209215206

'169225

194203271124111167148168142

3,5843,5722, 0381,534

301950268

538715405

201259158

220

229

263253176198

r 165

' 303223225217

240249177269

' 291r 271

201205232488115107121175132158

r 190

2021932511°3P3

' 250197162374180170

169170102151184161

216

225

' 262166

r 150

223217229214168262

196182277115164

' 162145158

'147

3,2773,2611,7811.480

276870319

484608391

172192157

215

' 226

'261247168197153

'311227229221

232231182249

'278'250

197195283493111111110164103184

' 134

201191

'253178182

'251' 193

158'381

164174

15916584

138184124

214

224

260169

'155'227'221

227214

' 175247

' 195'207'279' 109

108161143165

'145

2.6922, 6721, 2161. 456

282827329

402426384

149146151

'216

227

266253

' 158''194

140321

'228'231

219

'227211

'177247

'290'257

'196189

'286'500' 108

103109

' 16099

203' 108

197189

'262' 182

180253

'194158397160142

'15216380

143' 178

93

217

228

268'173

162'227

218227232

' 172266

' 196208

'282108107

' 162' 141' 171'138

v 2, 499p 2, 470

?965v 1,505

P324?955P215

P372*>338?397

P138*>126P148

P214

»225

*>263*253P155

188P138?320J>226»228P220

?222193

P172

?282P242

p 194

P286P502

^150?9819397

P210

P276183172

P242P196

163392

177

P157P169

97151

P183P89

P219

P229

P266P174^167^226P220P234

v 186

?198

*>286

p 161143 -162149

' Revised. » Preliminary.tData for 1947-49 were revised to incorporate changes in reports on production and sales of farm products. Revised figures for 1947 appear on p. 23 of the April 1950 SURVEY; those for

948-49, on p. 24 of the January 1951 issue.cf Seasonal factors for a number of industries were fixed at 100 during 1939-42; data for these industries are shown only in the unadjusted series.


March 1951 SURVEY OF CURRENT BUSINESS S-3


1950



Decem-ber

1951

January


INDUSTRIAL PRODUCTION— Continued

Ad justed cf— ContinuedM anuf actures — C ont inued

Nondurable manufactures— ContinuedPaper and products 1935-39=100

Paper and pulp doPrinting and publishing _ do ...Tobacco products do

Minerals do. .Metals do

BUSINESS SALES AND INVENTORIES!

Business sales (adjusted), totalf bil. of dolManufacturing, total t -- do _

Durable-goods industries! doNondurable-goods industries! do

Wholesale trade, total. _ _ _.. do _..Durable-goods establishments doNondurable-goods establishments _ _ do

Retail trade, total doDurable-goods stores _ _. do __.Nondurable-goods stores _ . _ _ do _ _ _

Business inventories, book value, end of month(adjusted), totalf bil. of dol

Manufacturing, totalf doDurable-goods industries! doNondurable-goods industries! do

Wholesale trade, total __ doDurable-goods establishments doNondurable-goods establishments _ do

Retail trade, total doDurable-goods stores doNondurable-goods stores _ _ _ d o __

MANUFACTURERS' SALES, INVENTORIES,AND ORDERS!

Sales:Value (unadjusted), total mil of dol

Durable-goods industries doNondurable-goods industries. do

Value (adjusted), total _ _ doDurable-goods industries, total do

Iron, steel, and products doNonferrous metals and products.-. doElectrical machinery and equipment doMachinery, except electrical. _ _ do _Motor vehicles and equipment doTransportation equipment, n. e.s. doLumber and timber basic products doFurniture and finished lumber products^ doStone, clay, and glass products doOther durable-goods industries. _ _ do

Nondurable-goods industries, total doFood and kindred products.. doBeverages.. doTobacco manufactures. doTextile-mill products doApparel and related products doLeather and products doPaper and allied products doPrinting and publishing doChemicals and allied products doPetroleum and coal products. _ _ doRubber products doOther nondurable-goods industries do

Inventories, end of month :Book value (unadjusted), total ._ do

Durable-goods industries doNondurable-goods industries _ do

By stages of fabrication:Purchased materials doGoods in process do ...Finished goods do

Book value (adjusted), total doDurable-goods industries, total.. __ do

Iron, steel, and products doNonferrous metals and products .. doElectrical machinery and equipment. _ _ doMachinery, except electrical doMotor vehicles and equipment doTransportation equipment, n. e. s doLumber and timber basic products __ doFurniture and finished lumber products. _ doStone, clay, and glass products doOther durable-goods industries do

179171163162

130117

34.216.26.89.47.21.65.6

10.93.67.3

52.029.013.415.69.03.06.0

14.05.48.6

16, 0056,6649,341

16, 2166,8171,718

440738

1,0851,220

284359290380303

9,3992,637

390271926804242485600

1,1041,436

265240

29, 27013, 39615, 874

11, 2616,549

11, 460

29, 03513, 4222,975

9481,5243,1241,771

730585607522638

178171168162

118118

35.316.97.19.87.31.75.6

11.13.7

51.829.013.515.59.03.06.0

13.85.28.6

16, 2436,7909,453

16, 8777,1031,801

461745

1,1151,211

350408310393308

9,7742,772

393263956835273495654

1,1301,479

273250

29, 18013, 49315, 687

11, 2266,588

11, 365

28, 99013, 4772,955

9561,5503,1451,781

705590628523643

179172169176

144119

36.617.87.8

10.27.71.95.8

11.13.7

52.529.113.515.69.13.06.1

14.35.39.0

18, 5318, 064

10, 467

17, 7977, 6431,851

464832

1,2541,362

297472369405335

10, 1542,772

473272963851285510649

1,2501,550

293287

29, 18813, 58415, 604

11, 1566,676

11, 357

29, 07313, 5002,961

9601,5443,1661,791

690562636532658

181174169161

14098

35.617.27.59.77.41.85.6

11.13.7

52.929.413.715.79.43.16.3

14.15.38.9

17, 1847,6449,540

17, 2067,4881,884

432773

1, 2231, 333

307485360375315

9,7182, 753

471246896753264468582

1,1891,565

288244

29,23213, 70415, 528

11, 0496,778

11, 405

29, 38413, 6673,012

9751,5663,1971, 832

670556654541664

180173166168

145125

38.719.38.6

10.78.02.15.9

11.33.9

53.629.713.815.99.53.26.3

14.45.49.0

18, 6498,413

10, 236

19, 3098,6052,126

523878

1,3521,600

319570401480356

10, 7043,150

542274

1,0127482905136Qf

1, 3341,624

321290

29, 50713, 88315, 624

11,0926,851

11, 564

29, 65913, 7843,056

9621,6143,2081, 833

659569671536675

185177170170

151130

39.919.89.0

10.88.42.36.1

11.74.2

54.230.013.916.19.53.36.2

14.75.69.1

19, 4269,007

10, 418

19, 8389,0302,191

566955

1,3851,710

310652404481374

10, 8093,136

582277

1,062663317538602

1,3831,668

350231

29, 81413, 97415, 840

11, 2016,828

11, 785

30, 02813,9463,140

9881,6583,2251,793

653588678538685

173166162154

144124

42.020.38.7

11.69.02.66.5

12.74.78.0

53.229.813.915.99.33.26.1

14.15.19.0

18, 6827,951

10, 731

20. 2698,6702,178

558924

1,3741,459

315603409469382

11, 5993,245

573287

1,206962349528596

1,4421,738

454221

29, 79613, 92815, 868

11, 5106,998

11, 287

29, 83013, 8883, 147

9731,6333,2081,803

660576675542671

191181169197

159136

45.323.010.112. 99.62.96.7

12.74.78.0

54.529.913.916.09.63.06.5

15.15.59.6

22, 8029,929

12, 872

22, 95610, 0602,471

6061,1291,5541,716

410695485540454

12, 8963,257

649299

1,5441,256

381633615

1,6671,859

457280

29,74213, 84715, 894

11, 8837,163

10, 696

29, 85813, 8583,191

9651,6303, 2281,773

663550664534fifil

194185172172

'163'141

42.121.29.4

11.88.92.66.3

12.14.47.7

56.430.714.116.79.93.16.8

15.85.8

10.0

21, 5149,536

11, 979

21, 1549,3922,345

5911,1161,4581,449

379656433513451

11, 7623,038

448261

1,354955335620633

1,5831,853

404280

30, 41814, 05016, 368

12, 3807,380

10, 658

30, 73214, 0723, 228

9591,6323,2831,839

672560677530fiQ2

202193179165

166'141

41.821.29.7

11.68.82.56.3

11.84.27.6

58.731.814.417.310.23.36.9

16.76.5

10.2

22, 83210, 33912, 493

21, 2469,6712,414

5991,1311,5121,547

401673437542415

11, 5742,972

434271

1,293976324656581

1,5501,834

405278

31, 56214, 38617, 176

13, 0627,668

10, 833

31, 77014, 4463,308

9711,6663,3681,935

687572685541713

201191174171

160130

41.321.19.7

11.48.82.46.4

11.43.77.7

60.333.0

'15.117.910.53.57.0

16.86.6

10.2

' 21, 2569,586

'11,671

r 21, 1129,7302,448

6101,1081,5441,501

402683449566419

' 11, 3822,949

390282

1,290839287668576

1,5291,870••397

304

r 32, 90414, 997

r 17, 907

T 13, 798' 7, 77011, 336

' 33, 00715, 1193,404

9921, 7513, 5192,111

754583729550797

198190176153

'157126

r 42. 521.39.7

11.6'9.0

2.5'6.512.24.18.1

61.534.0

r 15.718.310.83.67.2

16.8'6.610.1

' 21, 775' 10, 004r 11, 771

' 21, 3049,7002,550f-627

1,0581, 5601,504r422

'656'405' 512'406

r 11, 605r 3, 198

'466'268

' 1, 279'814'269'668'587

'1,512' 1, 829

'442'273

' 34, 163' 15, 592' 18, 571

' 14, 575' 8, 040

' 11, 548

' 34, 016' 15, 693

3,4421,0311,8723, 6702,135'838'626'762'577r 741

P210

177177

pl63p]25

46.823.310.512.910.22.97.2

13.34.88.5

63.434.916.118.811.13.87.4

17.46.7

10.6

23,03710,21712, 821

23, 32610, 4612,689

5851,2541,8631,648

454506450585428

12, 8663. 590'483324

1,354991350718670

1,7161,852

338

35, 22216, 08319, 140

15, 1228,486

11, 615

34, 86816,1123,493

9821,9393,7842,218

9316297875987nn

' Revised. » Preliminary. cfSee note marked "d"" on p. S-2.§Tho term "business" here includes only manufacturing and trade. Business inventories as shown on p. S-l cover data for all types of producers, both farm and nonfarm.fRevised series. Data on manufacturers' sales, inventories, and new orders have been revised beginning 1946. Revisions for 1946-49 and appropriate explanations appear

tde October 1950 SURVEY.ms appear on pp. 16-23 of




1950



Decem-ber

1951

January


MANUFACTURERS' SALES, INVENTORIES,AND ORDER Sf — Continued

Inventories, end of month— ContinuedBcok value (adjusted)— Continued

Nondurable-goods industries, totalmil. of dol..Food and kindred products - -do ._Beverages _ doTobacco manufactures.. _ _ _ do_ _Textile-mill products . doApparel and related products _ do. _Leather and products doPaper and allied products . d o _ _ _Printing and publishing doChemicals and allied products . doPetroleum and coal products doRubber products doOther nondurable-goods industries ._ do.

New orders, net (unadjusted), total _ _ do. .Durable-goods industries, total do

Iron, steel, and products ._ _ _ do. _Nonferrous metals and products doElectrical machinery and equipment- _. do_Machinery, except electrical doTransportation equipment, except motor

vehicles mil. of dolOther durable-goods industries _ - do

Nondurable-goods industries do

Unfilled orders (unadjusted), total* _ doDurable-goods industries.. _ _ _ do_ _

Iron, steel, and products doNonferrous metals and products ._ _ _ do. _Electrical machinery and equipment doMachinery, except electrical . __do _Transportation equipment, except motor

vehicles mil. of dolOther durable-goods industries do

Nondurable-goods industries do

15, 6142,861

9981,5141,9881,282

522704595

2,0322,161

524432

17, 0327,4791,892

469793

1,211

2552,8609,553

20, 87617, 5815,111

4192,1312,852

3,0684,0003,295

15, 5132,8511,0131,4802,0101,282

501701581

2,0222,123

526424

16, 8617,2131,836

480726

1,211

3952,5669,648

21, 49418, 0055,252

4562,1292,995

3,1404,0333,489

15, 5742,9171,0341, 4752,0421,338

509703582

1,9782,049

532416

18, 8108,5082,173

488946

1,392

2663,243

10, 302

21,77318, 4495,480

4512,1833,076

3,0814,1783,324

15, 7163,0001,0281,4842,0641,348

531714592

1,9932,012

536416

17, 1827,8571,901

474772

1,316

3333,0609,325

21, 77018, 6625,488

4812,1643,147

3,1034,2783,109

15, 8743,0611,0121,4902,1481,328

546706587

2,0142,018

540422

19, 0978,5142,178

531884

1,410

2323,279

10, 582

22, 21818, 7635,566

4972,2153,194

3,0154,2763,455

16, 0823,042

9931,4822,2441,407

557704611

2,0342,018

544448

20, 6669,8142,493

5571,0351,527

5433,660

10, 852

23, 45819, 5695,866

5062,3083,277

3,2154,3983,888

15, 9422, 8311,0371,4672,2741,448

568695601

2,0412,046

501433

22, 22310, 5532,724

637934

1,764

1,1023,392

11,670

26, 99822, 1716,593

6792,4343,758

4,0304,6784,827

16, 0002,8201,0481,5622,2851,455

573671593

2,0432,050

483416

27, 32313, 8633,277

8141,5722,197

1,6004,404

13, 460

31, 51926, 1057,348

9142,9404,433

5,2555,2145,414

16, 6602,9281,1181,6802,3721,520

589678625

2,1082,108

502432

23, 76011,5002,989

6831,4231,948

6923, 765

12, 259

33, 76428, 0707,9231,0063,2504,909

5,5665,4145,694

17, 3243,1131, 0951,7062,6161,575

596690628

2.1872,162

r>24432

24, 70412,1712,9^0

6661,4392,016

8004,300

12, 534

35, 63629, 9028,2861,0293,4775,363

5, 9715, 7765. 734

"17,8873,1901, 1451,7172, 7681,647

608699651

2,2672, 180'564

452

' 22, 371r 10, 621

2.638661

1,2571, 935

483r 3, 646' 11, 750

36, 72830, 914

8. 5401.0313. 5945,818

6 0685,8645 814

' 18, 322r 3, 300' 1, 146' 1, 718' 2, 834r 1,829

'fi05'737'656

'2,316' 2, 146

577'458

r 23, 053Ml, 143' 3, 088

'551' 1, 354' 2, 128

'549' 3, 473

r 11, 910r 38, 006' 32, 053' 9, 071

'916' 3, 766' 6, 277r 6, 160r 5, 8P3T 5 953

18, 7573,4241,1671,6823,0341,792

649780683

2,3642,094

484

27, 72413. 8593,460

5971,5982,806

1,0344,364

13, 865

42, 69335, 6969,865

9384,1617,323

6,7586,6516,997

BUSINESS POPULATION

OPERATING BUSINESSES AND BUSINESSTURN-OVER t

Operating businesses, total, end of quarter thousContract construction doManufacturing doService industries doRetail trade doWholesale trade doAll other do

New businesses, quarterly total doContract construction doManufacturing doService industries doRetail trade doWholesale trade doAll other do

Discontinued businesses, quarterly total doContract construction doManufacturing doService industries doRetail trade doWholesale trade doAll other do

Business transfers quarterly total do

BUSINESS INCORPORATIONS

New incorporations (48 States) * number

INDUSTRIAL AND COMMERCIALFAILURES

Failures, total d"_- _ _ numberCommercial serviced1 do ...Construction doManufacturing and mining doRetail trade doWholesale trade _ _ do

Liabilities, totalcf thous. of dolCommercial serviced* doConstruction __ do .Manufacturing and mining doRetail trade _ doWholesale trade _ do

9,070

8646165

225403110

26, 4361,8291,884

10, 9287,3554,440

7,736

8116973

170399100

22, 1561,8751,8247,9056,3864,166

3, 968. 4350.4302.5854.4

1, 685. 9203.2572.0

107.522.110.720.236.24.6

13.6

92.411.310.618.437.94.39.9

104.6

9,180

8847486

206402116

27, 9001,7062,777

12, 2417,8593,317

•

8, 375

8064476

19539893

21, 250819

1,4657,9807,1793,807

9,216

8746280

197426109

22, 6721,4742,1297,4708,6502,949

3, 986. 1362.4303.5854. 4

1, 686. 2203.9575. 8

114.022.312.220.140.34.6

14.5

96.410.411.220.140.03.9

10.7

86.7

8,861

7256761

16736367

18, 0721,5721,5337,2445,1542,569

7,191

6946265

15134373

19, 5381,4951,6198.5335,2512,640

7,201

7875191

173402

70

18 4482,0771,2337,2255, 6852,228

f 3, 998. 0p 368. 2p 304. 2p854. 9

p 1,686.9v 204. 8P 579. 0

95.214.810.417.835.34.3

12.5

P83. 2p 9. 0P9. 7

f 17.4P 34.6

P 3 4p9. 3

88.2

6,277

6484375

14731469

15 2541,4501,3035,8554,7751,871

6,782

7076491

15033963

16 6492,0092,4105,9494,6831,598

6,256

6836787

15031069

18 8641,7422,7268 4124,2351,749

6,780

6796762

143330

77

21 0443 2054 7485 3525 4792 260

8, 503

7756397

13241073

21 6851 4822 3935 175

10 3762 259

' Revised. *> Preliminary.fRevised series. See corresponding note on p. S-3.*New series. For data on unfilled orders beginning 1946, see p. 22 of the October 1950 SURVEY. Data on new incorporations are compiled by Dun & Bradstreet, Inc.; they are available for

the 48 States beginning 1946, and for 47 States (excluding Louisiana) beginning July 1945; figures through 1948 are shown on p. 21 of the May 1950 SURVEY.{The number of operating businesses has been revised to reflect revisions in the number of new businesses beginning with the fourth quarter of 1947 and in the number of discontinued

businesses beginning with the fourth quarter of 1948. Revisions prior to the third quarter of 1949 will be shown later.rf1 Data are from Dun & Bradstreet, Inc. Scattered monthly revisions for the indicated series are shown on p. S-4 of the February 1950 SURVEY.




1950



Decem-ber

1951

January

COMMODITY PRICES

PRICES RECEIVED AND PAID BY FARMERS

Prices received, all farm productst§.--1910-14=100_.Crops do

Food grain ._ _ do_ _.Feed grain and hay doTobacco. _ _ _ doCotton doFruit doTruck crops _ _ d o .Oil-bearing crops do

Livestock and products _ _ doMeat animals doDairv products doPoultry and eggs do

Prices paidifAll commodities 1910-14=100.-

Commodities used in living.. doCommodities used in production __ do

All commodities, interest, taxes, and wage rates1930-14=100..

Parity ratiof 9 .- do

RETAIL PRICES

All commodities (U. S. Department of Commerceindex) 1935-39=100.-

Coal (U. S. Department of Labor indexes):Anthracite . Oct. 1922-Sept. 1925=100Bituminous do

Consumers' price index (U. S. Dept. of Labor):©AllitemsO 1935-39 = 100

Apparel doFood - do

Cereals and bakery products doDairy oroducts - . _ doFruits and vegetables doMeats, poultry, and fish . do

Fuel, electricity, and refrigeration. _ ^ d oGas and electricity.. doOther fuels do

Housefurnishings doRentO doMiscellaneous . _. _.do

WHOLESALE PRICES^1

U. S. Department of Labor indexesrtAll commodities 1926=100

Economic classes:Manufactured products doRaw materials doSemimanufactured articles. do

Farm products doGrains. __ _ _ __ doLivestock and poultry do

Commodities other than farm products. .do

Foods. ._ doCereal products doDairy products _ doFruits and vegetables doMeats, poultry, and fish do

Commodities other than farm products andfoods . 1926=100

Building materials _ doBrick and tile doCement doLumber doPaint and paint materials do

Chemicals and allied products doChemicals doDjrugs and pharmaceutical materials_doFertilizer materials . doOils and fats _ do

Fuel and lighting materials _ _ doElectricity doGas doPetroleum and products do

H ides and leather products doHides and skins doLeather.. _ doShoes do

Housefurnishing goods doFurnishings __ doFurniture. do

235219218170382222185261228249286254158

238238237

248

95

183.8

148. 5164.1

' 168. 2185. 0196.0169.0184.2204.8219.4140.096.7

193.1184. 7

r 129. 4155.1

151.5

148.2159.8144.8154.7160.2170.5150.5

154.8144.3148.8134.3194.5

145.8191.6163.5134.8287.5139.0

115.7114.7121.5117.4122.7

131.468 985.0

109.4

179. 3189.0177.6184.3

144.7151.5137.8

237215219171389231186203228257306250155

237238237

248

9t5

183.3

148.5164.5

r 167. 9' 184. 9' 194. 9r 169. 1r 183. 6r 199. 3' 222. 0r 140. 1'96.9

r 192. 5' 185. 2r 129. 7r 155. 1

152.7

149.1162.4144.3159.1161.3179.9151.1

156.7144.8147.5138.2201.6

145.9192.8163.2134.9292.1139. 0

115.2114.7121.4116.9120.9

131.369 687.4

109.4

179.0188.2176.6184.3

145.2151.8138.4

237215224174389236193168230258308243165

239239239

250

95

183.8

149.3166.2

••168.4r 185. 1r 196. 6' 169. 1r 182. 4r 195. 1r 229. 3' 140. 3

r96.9r 193. 1r 185. 3' 129. 8•• 155. 0

152.7

148.9162.8144.1159.4165.4180.3151.0

155.5145.6144.8134.9200.0

146.1194.2163.3134 9295.9138.2

116.3115.4121.9117.3125.6

131.567 988.3

108.6

179.6190.4177.9184.3

145. 5152.2138.6

241225227181389242206205239256312235161

240239240

251

96

184.1

154.2165.6

168.5184.9197.3169.3179.6198.9231.1140.3'97.0192.8185. 4130.1154.7

152.9

149.4162.5143.9159.3169.6178.0151.2

155.3145.9141.1137.6200.6

146.4194.8163.4134 9299.4136.7

117.1116.4122.0117.4127.5

131.267 886.8

109.5

179.4187.2179.1184.3

145.8152.6138.8

247223230190387246195178248269342230154

244242246

254

97

185.7

147.2160.9

r 169. 3r 184. 7' 199. 8r 169. 8r 178. 3' 202. 2r 240. 2' 138. 8"96.9

r 187. 6r 185. 0r 130. 6r 155. 1

155.9

152.2166.3145.6164.7172.3194.6153.7

159.9146.0138. 0139. 2217.1

147.6198.1163 9134 9310.8136.8

116.4116.5122. 3116.8122.2

132.166 687.2

112.6

181.0194.4179.3185.0

146.6154.1138.9

247225218190388251207182254268342227156

245243247

255

97

187.3

147.4160.2

170.2184.6203.1169.8177.8209.3246.5139. 1'96.8189.0184.8130. 9154.6

157.3

153.5167.7148.4165.9169.3197.5155.2

162.1145.6135.9140.5223.7

148.8202.1164 3134 9322.6137.7

114.5117.3122.7108.4111.9

132.767 087.3

113.9

182.6202.1180.6184.8

146.9154.2139.4

263236226195387278211200267287371232173

247245249

256

103

190.0

150. 3160.5

r 172. 0r 184. 5••208.2r 171. 5r 180. 7P211.5r 255. 7* 139. 4'96.9

r 189. 9r 186. 1r 131.3r 155. 2

162.9

158.0175.8152.9176.0173. 5215.8159.8

171.4151.2141.8137.0240.7

151.5207.3167.4135.3338.0138.6

118.1119.3129.1110.1125.7

133.467 088.3

115.5

187.2219.8185.3185.8

148.7156.2141.0

267239224193399311200164293292369240191

248248249

258

103

190.8

153.9162 4

173.4185.7209.9175.5184.3193.4260.7140.2'96.8192.9189.1131.6156.8

166.4

161.2179 1159.2177 6167.7217.3163.7

174.6154.9148.0132.0240.2

155.5213.9167 8135 5357.6142.4

122.5122.1135.0112.1141 5

134.465 588.1

116.8

195.6238.2192.3191 4

153.9162.8144.6

272243221194428336217126303298372248196

252252251

260

105

192.6

155.8164.0

'174. 6r 189. 8r 210. 0' 176. 9r 186. 9r 186. 0r 261. 0' 141. 2

r96.9r 196. 1r 194. 2r 131.8r 157. 8

169.5

164.0181.8165.7180.4166. 5211.3166.9

177.2155.5154.7131.0241.0

159.2219.6168.7136.3371.5145.9

128.6125.4153.4111.4163.9

135.165 689.0

117.8

202.9264.7196.8194.8

159.2168.1149.9

268238219188426327207138300296358261201

253254251

261

103

193.9

157.4166.6

r 175. 6r 193. 0' 210. 6' 177. 2r 191. 9r 189.8»• 253. 3r 142. 0'96.8

r 199. 2r 198. 7r 132. 0r 158. 3

169.1

163.5180.2169.3177.8165.3198.7166.9

172.5153.8160.8129.5223.7

161.5218.9178.1140.2358.4145.7

132.2131.6161.1111.2160.3

135.465 288.9

118.0

208.5266.3201.3200.3

163.8173.7153.5

276250224192428346194188351299357267209

255256254

263

105

194.9

158.6167.0

r 176. 4T 194. 3r 210. 8r 177. 6' 192. 8r 195. 7r 250. 3' 142. 5

r96.8••200.8'201.1T 132. 5r 159. 2

171.7

165.1184.5173.0183.7172.1197.3168.8

175.2154.1164.1140.4223.4

163.7217.8178.5140.8347.6148.2

135.6134.3163.8112.0171.5

135.665 590.5

118.1

211.6269.3204.9204.0

166.9176.6156.7

286258233202436339202211366311360272249

257257257

265

108

198.4

159.7167. 3

r 178. 8r 195. 5' 216. 3r 177. 7' 194. 0r 203 9r 253. 4' 142. 8

r96.8r 201 7r 203. 2r 132. 9r 160. 6

175. 3

168.9T 187. 1

178.1r 187. 4

180.9204.9172.3

' 179. 0157.7164.4137.8233.7

166.6221.5' 179. 9

141.2348.4155.3

139.6136.1175. 1115.6180.9

135.6

118.0

' 218. 8277.5213.8

r 209. 4

169.9180.2159.2

300275240214442347192324374323391286203

262260264

272

110

202. 3

160. 3167.9

181.5198.5221.9185.4202.6214. 1263.6143.397.2

202.3207.4133.2162.1

180.0

173.0192.5185.0194.0186.6222.2176.7

182.3163. 5171.5135.8242.7

170.2225.6181.5147.1354.9162.1

144.5138.1184.6117.3200.4

136.4

119.4

235.0318.8224.8219.6

174.4185.5162.7

r Revised.tRevised series. Beginning with the February 1950 SURVEY, data have been revised (effective back to 1910) to reflect changes prescribed in the Agricultural Acts of 1948 and 1949; revisions

for 1910-48 are shown on p. 36 of July 1950 SURVEY.§February 1951 indexes: All farm products, 313; crops, 283; food grain, 254; feed grain and hay, 222; tobacco, 440; cotton, 351; fruit, 204; truck crops, 333; oil-bearing crops, 379; livestock

and products, 340; meat-animals, 425; dairy products, 285; poultry and eggs, 205.9 Ratio of prices received to prices paid (including interest, taxes, and wage rates'".ORevised back to January 1950, using new sample of items and adjusted weights. The adjusted indexes have been linked to the "old series" at January 1950; that is, indexes origi-

nally published for January 1950 have not been changed (except for "rent" and "all items"). Revisions for rent prior to 1950 will be available later. The "all items" index for January1951 on the old basis is 181.6. cf For actual wholesale prices of individual commodities, see respective commodities.

Jlndexes for the latest 2 months are preliminary and are currently revised to incorporate corrections received in the 2 months following. Any additional corrections received are incorporatedin final annual summaries issued in the middle of the year. Indexes for June-December 1949 were corrected in the August 1950 SURVEY and for June-December 1948 in the August 1949 issue.Corrected indexes for January-May 1948 and 1949 are available upon request.

931674°—51 4Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

3-6 SURVEY OF CURRENT BUSINESS March 1951


1950



Decem-ber

COMMODITY PRICES—Continued

WHOLESALE PRICESd"— Continued

U. S. Department of Labor indexes:]:— ContinuedCommodities other than farm prod., etc. — Con.

Metals and metal products 1926=100Iron and steel__ doNonferrous metals doPlumbing and heating ._ do

Textile products doClothing doCotton goods _ do_ _ _Hosiery and underwear doRayon and nylon__ d o _ _ _Silk doWoolen and worsted goods do

Miscellaneous _ _ doTires and tubes doPaper and pulp _ . do_ __

PURCHASING POWER OF THE DOLLAR

As measured by —Wholesale prices. . 1935-39=100.-Consumers' prices doRetail food prices _ _ _ _ do

168.4167.3128.6151.7

138.5143.9178.798.539.650.1

147.0

110.064.3

155.9

53.1r 59.5

50.9

168.6168.8128.1148.7

138.2143.1178. 498.639.950.1

147.2

110.064.3

155.6

52.7'59.6

51.2

168.5169. 0127.2151.9

137.3143.5176.598.039.949.1

146.3

110.764.3

155.5

52.7'59.4'50.8

168.7168.9128.9154.7

136.4144.2172.897.739.949.1

146.1

112.665.0

155.4

52.6'59.3'50.6

169.7168.5136.3156.4

136.1143.8172.097.739.949.3

146.2

114.765.8

155.4

51.6'59.1r 50.0

171.9169.4148.4156.3

136.8143.8173.897.739.949.3

148.3

114.767.0

155.6

51.258.8

'49.2

172.4169.8150. 6156.5

142.6144.3190.799.240.760.3

150.9

119. 068.7

159.9

49.4'58.1'48.0

174.3171.0156.3164.6

149.5145.2206.8101.241.365.6

157.7

124.375.0

163.9

48.3'57.7'47.6

176.7172.2166.1166.9

158.3146.7221.6105.341.764.9

178.7

127.477.4

167.1

47.5' 57.3'47.6

178.6173. 2173.3177.2

163.1147.7225. 7109.242.565.3

188.9

131.378.1

173.4

' 47.5'56.9'47.5

180.4174.0181.7182.5

166. 7151. 4231.7111.442.769.0

192.5

137.682.3

178.7

46.8'56.7'47.4

' 184. 8' 182. 1

182. 5183.6

171.2155.4236. 1113.743.075.0

195.3

140.5'82.5189.0

45.8'55.9^'46.?

187.4185.6187.9183.7

178.3161.6239.1115.243.187.6

217.4

142.482.8

196.5

44.755.145.1

CONSTRUCTION AND REAL ESTATE

CONSTRUCTION ACTIVITY!

New construction, total mil. of dol

Private, total doResidential (nonfarm) do

New dwelling units. .-. do__Additions and alterations do

Nonresidential building, except farm and publicutility, total. ._. mil. of dol

Industrial doCommercial-^. . _ do _

Farm construction doPublic utility do

Public, total doResidential doNonresidential building doMilitary and naval ., doHighway. doConservation and development doOther types _ - _ _ _ do

CONTRACT AWARDS

Construction contracts awarded in 37 States (F. W.Dodge Corp.):

Total projects numberTotal valuation thous. of dol__

Public ownership „ _ doPrivate ownership do

Nonresidential buildings:Projects numberFloor area thous. of sq. f t _ _Valuation thous. of dol_.

Residential buildings:Projects numberFloor area thous. of sq. ftValuation ___ . thous. of dol

Public works:Projects numberValuation thous. of dol

Utilities:Projects number--Valuation thous of dol

Value of contract awards (F. R. indexes):Total, unadjusted 1923-25—100

Residential, unadjusted _ doTotal, adjusted do

Residential, adjusted _ do

Engineering construction:Contract awards (E. N. R.)§ thous. of dol__

Highway concrete pavement contract awards :GTotal „ thous. of sq. yd_.

Airports __ _ _ „ doRoads do_ _.Streets and alleys do

1,712

1,29874268051

257697974

216

41435

1559

905669

30, 989730, 855200, 541530, 314

2,88222, 297

235, 294

27, 22942, 078

343, 501

64386, 300

23565, 760

198203242245

915,475

3,396310

1,9521,134

1,618

1,26271765551

252707775

209

35626

1549

554963

35, 715779, 530284, 925494, 605

3, 01724, 790

265, 567

31, 65046, 235

361, 452

805120, 178

24332, 333

228232263260

686, 221

2,32281

1,369872

1,750

1,31374167555

249697779

235

43728

1708

1006269

53, 4941, 300, 201

480, 972819, 229

4,37337, 539

500, 658

47, 54771, 543

574, 681

1,202184, 081

37240, 781

279292275278

993, 453

5,36951

2,6842,635

1,988

1,482882800

70

248707688

253

50628

1789

1457373

59, 6161, 350, 496

354, 115996, 381

4,99843, 071

448, 619

52, 56884, 964

674, 836

1,608177, 334

44249, 707

325348284298

885, 044

5,032425

2,1262,481

2,282

1,6891,035

94082

2747392

100267

59328

1878

2108278

65, 3051,347,603

388, 643958, 960

5,20440, 482

408, 543

57, 84384, 937

674, 604

1,807199, 239

45165, 217

329358274303

931, 153

7,094460

3,4573.177

2,535

1,8831,1711,065

92

30678

110108285

65228

19110

2509281

60, 6581, 345, 463

428, 264917, 199

5,09045, 254

443, 996

52, 98977, 850

628, 051

2,156221, 654

42351, 762

334358291325

1, 253, 720

8,351580

4,6043,167

2,676

1,9981,2531,145

93

32584

116113296

67824

19610

2759182

60, 9421, 420, 181

459, 921960, 260

5, 08546, 580

487, 115

53, 26884, 323

675, 080

2, 133208, 648

45649 338

351372325369

1, 175, 138

5,832224

2,9012.708

2,799

2,0741,3101,200

93

33290

114116305

72527

20516

3058587

70, 4491, 548, 876

437, 7701,111,106

5,98751, 741

540, 989

62, 02589, 033

754, 106

2 020200, 431

41753 350

346358334362

1, 164, 682

6,589190

2,8903.509

2,816

2,0721,3061,195

94

352101121106301

74428

21422

3108288

50, 2841, 286, 541

364, 298922, 243

5,09447, 458

498, 725

42, 90665, 069

549, 585

1,812145, 728

47292, 503

323332321332

959, 530

4,114477

1,3332.304

2,750

2,0061,2371,135

84

37911113588

295

74430

23028

2907690

49, 6041,135,815

308, 118827, 697

4,83042, 583

426, 820

42, 96064, 945

529, 867

1,445119, 633

36959, 495

285285299294

950, 526

3,60550

1,6341.920

2,554

1,8851,1261,035

73

40111914774

277

66931

22126

2406784

46, 8561,087,062

320, 426766, 636

4,86841, 472

434, 894

40, 36860, 810

496, 682

1, 235106, 572

38548, 914

276272306284

1,012,046

3,084299

1,3141.471

2,235

1,68698090062

39212513866

243

54928

20925

1556072

40, 1681, 168, 432

381, 330787, 102

4,53240, 069

490, 375

34, 15256, 353

478, 583

1,151160, 227

33339, 247

•&

r 268T 253' 332' 297

1, 424, 619

i 3, 738i 28

1 2, 065i 1. 645

2,068

1,57190183054

37612812269

220

49729

21427

1055468

38, 1211 , 043, 248

305, 941737, 307

4,61443, 971

461, 016

32 45549, 300

420, 918

773128, 536

27932 778

271251331302

1,266,892

5,650200

3, 1992. 252

' Revised. J Data include some contracts awarded in prior months but not reported.cfFor actual wholesale prices of individual commodities, see respective commodities. tSee note marked " J" on p. S-5.tRevised series. Data cover items not previously included; annual data beginning 1915 and monthly data beginning 1939 are available in the "Statistical Supplement" to the May 1951/

Construction and Construction Materials Report.§Data for March, June, August, and November 1950 are for 5 weeks; other months, 4 weeks. •?,,OData for March, May, August, and November 1950 and January 1951 are for 5 weeks; other months, 4 weeks.




1950



Decem-ber

1951

January

CONSTRUCTION AND REAL ESTATE—Continued

NEW DWELLING UNITS AND URBANBUILDING

New permanent nonfarm dwelling units started(U. S. Department of Labor) ._ _ _ _ _ _ _ number.

Urban building authorized (U. S. Dept. of Labor):New urban dwelling units, totalj number ..

Privately financed, total doUnits in 1-family structures. _ _ _ do ._.Units in 2-family structures doUnits in multifamily structures _ do _ _ .

Publicly financed, total doIndexes of urban building authorized:

Number of new dwelling units 1935-39 =100__Valuation of building, total -_ __do

New residential building doNew nonresidential building doAdditions, alterations, and repairs do

CONSTRUCTION COST INDEXES

Department of Commerce composite* 1939= 100. _Aberthaw (industrial building) 1914—100American Appraisal Company:

Average, 30 cities 1913=100..Atlanta doNew York doSan Francisco _ _ doSt Louis do

Associated General Contractors (all types) _ _ .doE. H. Boeckh and Associates, Inc.:

Average, 20 cities:Apartments, hotels, and office buildings:

Brick and concrete. _U. S. avg. 1926-29=100..Brick and steel doBrick and wood _ __ do _

Commercial and factory buildings:Brick and concrete. . doBrick and steel _ _ _ _ doBrick and wood doFrame doSteel do

Residences:Brick doFrame ..do

Engineering News- Record :<?Building 1913=100Construction - do

Bu. of Public Roads— Highway construction:Composite standard mile 1925-29—100

CONSTRUCTION MATERIALS

Production of selected construction materials, index:Unadjusted 1939=100Adjusted _ do

REAL ESTATE

Home mortgages insured or guaranteed by-Fed. Hous. Adm.: New premium paying

thous. of dol__Vet. Adm.: Principal amount* do

Federal Home Loan Banks, outstanding advancesto member institutions mil of do]

New mortgage loans of all savings and loan associa-tions, estimated total thous of dol

By purpose of loan:Home construction. _ _ doHome purchase. _ doRefinancing doRepairs and reconditioning doAll other purposes do.

New nonfarm mortgages recorded ($20,000 andunder), estimated total thous of dol

Nonfarm foreclosures, adjusted index 1935-39=100Fire losses thous. of dol

78, 700

50, 46449, 59636, 0262,306

11, 264868

r 291. 0r 331. 0r 491. 6r 235. 2r 218. 8

206.5

486506495444474345

209.1208.6213.9

212.0210.0211.1215.9197.7

214.2211.6

356.5484.9

120.8141.5

232, 950183, 395

360

300, 906

94, 916124, 26532, 04111, 58438, 100

1, 024, 00014.1

58, 823

82, 900

53, 31853, 14140, 2342,375

10, 532177

305.6327.1529.8201.4198.1

208.0

486506495443474346

210.1210.1215.8

212.7210.9212.6218.6198.5

216.1214.0

360.0488.4

117.3142.2

206, 681218, 000

331

325, 224

107, 335128, 39832, 57313,70643, 212

1, 003, 09014.5

58, 340

117, 300

80, 32579, 190' 59, 787' 4, 23515, 1681,135

464.5488.9837.4265.4285.6

208.6305

486508495444474346

210.7210.8217.3

213.3211.6213.7220.7198.8

217.6215.8

362.8491.9

140.7

140.2148.4

210, 919221, 416

315

414, 783

143, 950161, 95239, 71717, 89551, 269

1, 221, 64415.3

72, 468

133, 400r 82, 954r 81, 188' 63, 382

3,23714, 5691,766

477.7526.3885.2306.3290.4

209.6

488511497447476346

211.3211.3218.1

214.0212.1214.4221.7199.2

218.5216.7

364.3496.6

147.5148.4

172, 453217, 610

331

422, 553

151, 627168, 38135, 68320, 01446, 848

1, 171, 14814.1

61, 605

149, 100

92, 08688, 81469, 3773,859

15, 5783,272

530.0607.1

1, 044. 2333.4334.6

214.1

490511497452476346

214.4214.5224.4

217.1215.7219.8229.1201.7

224.9223.7

373.0506.5

166.7157.6

178, 000218,315

360

490, 324

180, 762197, 76139, 51722, 89049, 394

1, 377, 91813.7

58, 765

144, 300

83, 44782, 93466, 885' 2, 828

* 13, 221513

481.7577.9928.4352.5374.8

216.8311

498518504459485349

215.6215.8227.2

218.3216.9222.4232.5202.3

227.7226.7

376.9511.9

140.0

171.5160.3

182, 568214, 433

437

527, 967

189, 363223, 61742, 09322, 46150, 433

1, 465, 46914.6

57, 116

144, 400

84, 06379, 47364, 5863,118

11, 7694,590

485.4606.1950.7398.2371.2

220.3

502519514465488357

218.0218.6230.8

220.3219.0225.4236.4203.8

231.3230.5

383.1521.4

162.3152.5

183, 559234, 070

500

517, 163

188, 938214, 41238, 88721,85353, 073

1, 470, 81212.9

52, 980

141, 900

r 83, 181

' 79, 14061, 740' 2, 99214, 4084,041

477.1622.2964.4419. 1380.6

224. 1

508526522473495366

219.5220.7234. 6

221.4220.7228.4241.5205.1

235.1235.1

392.8530.4

192.2169.8

217, 594268, 611

626

556, 469

183, 493248, 08943, 41025, 57555, 902

1, 624, 91314. 1

49, 878

120, 600

r 62, 326r 58, 172

46, 498r 2, 236>• 9, 438

4, 154

358. 1478.5713.6333.2327.2

' 225. 1330

513536531478499369

220.4221.4234.3

222.3221.3228.4240.7205.8

234.8234.5

396 2534.4

146 2

179.3166.8

216, 154258, 401

694

467 585

145, 422219, 00134 82720 22048, 115

1 497 82413.7

45 922

102, 500

' 56, 829' 55, 210r 43, 761

r 2, 323' 9, 126

1,619

327.7497.4664.3424.8311.6

' 225. 0

515542534479502371

220.9221.9233.2

222.9221.5227.9238.9206. 2

233. 7233.0

388.9527.9

r 186. 6r!68. 4

241, 423332, 201

724

449, 963

140, 655213, 88834, 41516, 95144, 054

1,544 410

49, 953

t

85, 000

' 49, 069' 44, 588' 36, 244' 2, 056

6,2882,940

274.1404.4558.6323.4268.6

' 225. 8

514541535475501371

222.9223.9233.7

224.8223.4229.3237.9208.2

234.2232.7

390 1528.7

' 173. 7r 175. 3

235, 742356, 491

762

393 857

123, 134182, 97832 00213, 80441, 939

1 457 073

55, 790

95,000

' 58, 85544, 69734, 810

1,7478,140

»• 14, 158

' 322. 1r 460. 8r 654. 3r 374. 8r 249. 7

' 227. 7339

517543536477504371

224.7226.4236.9

226.3225. 9232.4241.3211.0

237.4236.1

r 391. 8530.7

155.7

* 160. 8* 181. 9

204, 030350, 366

810

370, 681

117, 079163, 44736, 57913, 69339, 883

1, 320, 895

66 820

87,000

51, 84749, 00139, 329

2, 9456,7272,846

286.8430.0581.0342.0319.4

230. 5

521546540480511374

228.2229.9240.1

230.0230.0235. 6244.5215.6

240.5239.1

397.0536. 7

224, 671360, 574

758

68 686

DOMESTIC TRADE

ADVERTISING

Advertising indexes, adjusted:Printers' Ink, combined index 1935-39=100..

Magazines doNewspapers doOutdoor doRadio do

Tide advertising index doRadio advertising:

Cost of facilities, total thous. of dolAutomotive, incl. accessories doDrugs and toiletries doElectric household equipment _ _ do. _Financial doFoods, soft drinks, confectionery .do ._Gasoline and oil doSoap, cleansers, etc___ . doSmoking materials doAllother§ do....

329326330334300

' 298. 4

17, 083726

4,536198284

4,736452

1,7532,1652,240

315330297328288

••312.0

15, 383498

4,084181260

4,327409

1,6371,9991,988

319328307318291

'313.0

16, 843407

4,557180256

4,849454

1,8622,2152,064

323327317296288

309.5

15, 909614

4, 108145216

4,348370

1,8112,0682,229

331324325290294

311.7

16, 576411

4,431167238

4,756409

1,9472,1012,116

333321320328294

309.9

15, 146357

4, 193142249

4,366391

1,7911,8311,826

311316306288273

280.0

12, 293288

3,349136226

3,513467

1,3101,5771,429

318341297327269

298.8

12, 559297

3,648148239

3,371475

1,4311,5621,387

336338310302278

317.2

13, 931325

3,969136244

3,843469

1,6641,5401,742

365342322360282

308.8

16, 170339

4,649142228

4,341505

1,8771.8532,237

377342344359287

309.1

' 15, 794355

' 4, 415142234

4,246545

1,8601,781

r 2, 217

371319338372272

290.1

15, 833399

4,277134259

4,240563

1,8311,7972,332

T Revised. * Preliminary. » Data for February 1951, 87,000. JMinor revisions in number of dwelling units beginning January 1947 are available upon request. *New series.Details regarding the Department of Commerce construction cost index and data prior to November 1949 are available in the "Statistical Supplement" to the May 1950 Construction and Con-struction Materials Report. Data on home mortgages, compiled by the Veterans Administration, represent the amount of home loans closed monthly under the Servicemen's ReadjustmentAct; figures prior to August 1949 are available upon request. cf Data reported at the beginning of each month are shown here for the previous month. §Includes data for apparel and house-hold furnishings, shown separately prior to the October 1950 SURVEY.


S-8 SUEVEY OF CURRENT BUSINESS March 1951


1950



Decem-ber

1951

January

DOMESTIC TRADE—Continued

AD VERTI §ING— Continued

Magazine advertising:}Cost total thous. of dol _

Apparel and accessories doAutomotive, incl accessories doBuilding materials § doDrugs and toiletries doFoods soft drinks confectionery doBeer wine, liquors § do _

Household equipment and supplies § .doHousehold furnishings § doIndustrial materials § doSoaps cleansers etc doSmoking materials doAll other -do _._

' Linage total thous of lines

Newspaper advertising:Linage total (52 cities) do _

Classified do _.Display, total do

Automotive __ - do _Financial _- doGeneral _ _ do _ .Retail -do

POSTAL BUSINESS

Money orders:Domestic, issued (50 cities) :

Number - - thousandsValue thous. of doL

Domestic, paid (50 cities):Number thousandsValue thous. of doL

PERSONAL CONSUMPTIONEXPENDITURES

Seasonally adjusted quarterly totals at annual rates :fGoods and services total bil of dol

Durable goods total doAutomobiles and parts doFurniture and household equipment doOther durable goods do

Nondurable goods total doClothing and shoes doFood and alcoholic beverages doGasoline and oil doSemidurable housefurnishings doTobacco doOther nondurable goods do

Services doHousehold operation doHousing doPersonal service doRecreation doTransportation doOther services do

RETAIL TRADE

All types of retail stores:fEstimated sales (unadjusted), total 9 -mil. of dol._

Durable-goods stores 9 - d o _ _ _Automotive group 9 -do

Motor-vehicle dealers 9 doParts and accessories cf - d o __

Building materials and hardware group cfmil. of doL.

Building materialscf doFarm implements -doHardwarecf do

Homefurnishings groupcf doFurniture and housefurnishingscf doHousehold appliances and radios cf1--- do

Jewelry stores cf - do

Nondurable-goods stores 9 doApparel group cf do

Men's clothing and furnishingscf doWomen's apparel and accessories doFamily and othef apparel cf -do. __Shoes do

Drug stores _ doEating and drinking places 9 do

29, 1671,5172,610

7394,4704,9511,738

739782

1,259673

1,2018,487

3,261

168, 92137, 157

131, 76410, 0143,237

23, 73094, 783

4,53189, 403

14, 463190, 987

9,5223,0611,9071,799

108

61941478

127472259212

64

6,4626061652618694

286875

39, 6232,7063,3471,1775,8636,8912,139

1,7321,3581,6721,0811,129

10, 529

3,868

170, 73835, 362

135, 3767,6681,911

29, 47396, 324

4,96188, 510

12, 694181, 523

9,2813,0541,8891,783

107

60540079

12549626722965

6,2275361312427588

272798

47, 0244,8573,9341,9586,2776,3382,381

3.2522,3592,1841,1891,206

11,090

4,270

213, 48841, 139

172, 3509,2402,355

35, 691125, 064

5,237107, 778

15, 973225, 619

182.6

26.410.512.33.7

97.917 958.34.91.94.3

10.7

58.38.9

18.03.73.85.1

18.8

11, 0623,7362,3162,180

136

77950911815257431625866

7,326762169361104128298894

52, 0944,4574,0542,6756,4857,1492,416

4,3373,3612,3411,2321,336

12, 250

4,482

215, 75343, 326

172, 42711, 2902,316

35, 645123, 176

4,93292, 858

13, 354197, 478

11, 0723,7582,2502,110

140

88156914117155431124372

7,314812179374110149291893

50, 2614,2374.2262,4995,6936,5822,364

4,5153,2822,3201,2381,327

11, 979

3,853

220, 21145, 576

174, 63612, 4412,469

36, 560123, 166

4,54390, 363

14, 055205, 818

11, 6544,2002,4612,294

167

1,06171514520159735424481

7,454756173349104130296928

42, 4882,8323,8821,7195,6186,8462,024

3,6151,7152,162

9831,3649,729

2, 974

209, 09344, 776

164, 31711,4102,237

33, 876116, 795

4,25884, 983

13,960202, 790

185.8

26.511.011.83.7

99.918 459. 15.21.94.4

10.9

59.59.2

18.43.73 95.1

19.2

11, 9574,5152,6982,521

177

1,13376915920559534425189

7,442747195317101134299936

32,754884

3,8321,0814,8445,8741,738

2.057697

1,713884

1,3657,784

3,175

173, 09242. 684

130, 4099,3382,683

26, 04892, 339

4,06283, 459

12, 279183, 502

12. 3134,7552,8812,610

271

1,117745167205685356329

72

7 55858314024783

113293928

33, 5773,2733,7721,1284,3385,4351,476

1,574929

1,588865

1,1168,083

3,791

186, 52445, 005

141 5188,9691,832

25, 431105,287

4,22888. 172

13, 842210, 887

12, 7374,9672,8562,632

224

1,24887416121477839238685

7,770641134304

89114°98986

49, 6035,5404,2552,5375,4166,7241,965

3,6482.7672,6571,0911,497

11, 506

4,505

207, 30545, 888

161, 4178, 7932,091

32, 705117,829

4,03991, 350

12, 836206, 145

198.9

34.014. 116.03.9

104.519. 262.0

5.22.44.4

11.3

60.49.2

18.73.80 0

5.219.6

12, 4984,4622,4922.308

184

1.125787133205752385367

92

8,036855191403116145302979

55, 3014,6484,5452,3976,4638,5982,436

4,4353 6502, 7131 4211, 556

12, 439

4,602

230, 28847, 678

182, 61011,3142,531

41, 222127, 542

5,474100, 802

14. 218222, 331

12, 0774, 2432, 3092, 131

179

1,129792135203712365347

93

7 833844203400118124306991

51. 5343,7054,0711,4916, 1457,4882,703

3, 8703 0792.2921 3241,419

13, 949

3 958

226, 88042, 944

183, 93611, 7212 267

39, 502130, 447

4,413102, 139

14 739225 332

11, 6133 6781 9981 826

172

964668103193614345269102

7 935871223402127120297913

40, 7783,0002,519

7455,2685 8253,789

3,1361 7531,691

8111, 429

10, 813

3,106

217, 85639, 099

178, 7578,3952,347

29, 682138, 334

4,66297, 712

14 191209, 795

195 8

30 012 813 14 1

104 319 462 15 32 04 5

11 1

61 59 7

19 13 83 85 3

19 9

14, 4634 2432 2592 014

245

930547121262796438358259

10 2201 289

363553197176401985

3,520

173,17742, 772

130, 4058,1653,332

24, 06694, 841

4,826107, 031

14 599221, 714

11,8524 1582 5212 314

207

92160712119363532830780

7 694770208333108120ono

Q2Q

f Revised.JComparable data on magazine advertising cost (Publishers' Information Bureau, Inc.) are available back to January 1948 only. Beginning with the October 1949 SURVEY, five new com-

ponents are shown (marked with "§"); the total of the two components "household equipment, etc." and "household furnishings" covers all items formerly included in "electric householdequipment" and "housefurnishings, etc." Revised data for January 1948-D ecember 1949 are available upon request. §See note marked "J" above.

fRevised series. Estimates of personal consumption expenditures have been revised beginning 1946; revised figures for the grand total and for total durable and nondurable goods andservices are shown as a component of gross national product on p. 31 of the July 1950 SUEVEY; revised figures for 1946-49 are shown on p. 23 of the December 1950 SURVEY.

Dollar estimates of sales for all types of retail stores and for chain stores and mail-order houses have been revised for various periods back to 1943 and revisions from'August 1948 forwardare shown beginning with the October 1949 SURVEY; specific periods for which the series have been revised are as stated in the notes below. Monthly data for 1946-48 for both sales and inven-tories of all types of retail stores (unadjusted and adjusted series) appear on pp. 21-23 of the October 1949 SURVEY. Data prior to 1946 and unpublished revisions are available upon request

9 Revised beginning 1943. cf Revised beginning 1948.




1950



Decem-ber

1951

January

DOMESTIC TRADE—Continued

RETAIL TRADE — Continued

All types of retail storesf — ContinuedEstimated sales (unadjusted), total— Continued

Nondurable-goods stores 9 —ContinuedFood group 9 mil. of dol

Grocery an d combination 9-- -- - --doOther food 9 do

Fill ing stations -doGeneral-merchandise group§ do

Department, including mail-order §___doGeneral, including general merchandise

with food mil. of dolDry goods and other general merchandise d"

mil. of dol..Variety.. . _ _ do

Other retail stores© doLiquor© _ __ _ doOther§ do

Estimated sales (adjusted), total doDurable-goods stores do

Automotive group do _ _Motor- vehicle dealers doParts and accessories do _

Building materials and hardware groupmil. of dol__

Building materials do _..Hardware do

Homefurnishings group _ _ do _ _Furniture and housefurnishings doHousehold appliances and radios do

Jewelry stores .. do

Nondurable-goods stores doApparel group __. . do _

Men's clothing and furnishings doWomen's apparel and accessories doFamily and other apparel doShoes. .do

Drug stores doEating and drinking places do

Food group _ . doGrocery and combination do _ _Other food do

Filling stations... do _General-merchandise group do

Department, including mail-order doOther retail stores do

Estimated inventories (adjusted), total doDurable-goods stores _ . do

Automotive group doBuilding materials and hardware group

mil. of dol__Homefurnishings group _ _ doJewelry stores do

Nondurable-goods stores doApparel group doDrug stores doEating and drinking places __do ...Food group doFilling stations... doGeneral-merchandise group doOther retail stores.. do

Chain stores and mail-order housesifSales, estimated, total 9-- do

Apparel group doMen's wear _ doWomen's wear. do ...Shoes.. do

Automotive parts and accessories doBuilding materials doDrug _ _ doEating and drinking places doFurniture and housefurnishings do_ . _General-merchandise group do

Department, dry goods, and general mer-chandise mil. of dol

Mail-order (catalog sales) _ doVariety. do

Grocery and combination. _ doIndexes of sales :f

Unadjusted, combined index 9 - . .1935-39= 100. -Adjusted, combined index 9 do

Apparel grouped - doMen's wearcf doWomen's wearcf doShoescf-- do

Automotive parts and accessories cf doBuilding materials cf- doDrug doEating and drinking places cf doFurniture and housefurnishingsd* doGeneral-merchandise groupcf --do ...

Department, dry goods, and general mer-chandised"1 1935-39=100_.

Mail-orderd" doVariety cf.- do

Grocery and combination do

2,3361,855

480487986654

112

92128885125760

10, 8553,5582,0771, 941

136

80053116759233625589

7,297756194331107124305917

2,5111,994

517541

1,304867965

13, 9985,3521,973

1,8491,071

4598,6461,746

567392

1,489270

2,9431,239

1,8721623073453170635020

415

22871

108737

258.9299.9299.8280.8377.4236.5257.6340.1220.9214.8256.5290.3

350.1245.2228.1356.0

2,3001,851

449453980647

109

89135888123766

11, 1013, 7422,2062,061

144

82855316861633727893

7,359735186319104125304930

2,5632,052

511548

1, 298862982

13, 8005,1631,776

1,8081,124

4558,6371,776

579399

1,504285

2,9551,139

1,8871592576453263614521

431

23573

114755

272.0306.0293.6251.1371.3241.8266.7336.0220.7212.4246.6297.0

363.8248.4226.4368.3

2,5752,074

501512

1,241844

128

113156

1,044139905

11, 1253,7342,1872,038

149

85157216460833727189

7,391740178328105130305912

2,5992,092

506540

1,282848

1,012

14, 2825,2591,696

1,8891,197

4779,0231,856

582420

1,595315

3,0151,240

2,26724339

119654275665025

546

31194

131849

295.3308.1301.4250.7389.7244.0264.0331.1221.3209.3236.9291.8

354.5251.9222.3377.3

2,5292,047

482523

1,297857

141

124175968135833

11, 0803,6792,1301,982

148

88059216657631725993

7,401753173350107124304915

2,5512,058

492534

1,330892

1,014

14, 1385,2581,622

1,9391,232

4658,8801,835

560396

1,515310

2,9561,308

2,33426338

124794588655024

598

36080

147845

312.0309.6305.1252.0400.9240.2265.6330.8224.6217.5240.6293.0

361.9• 237.9

222.4378.8

2,5612,054

507573

1,338893

155

129162

1,001134867

11, 3273, 8862, 2622,105

157

96966617656932324787

7,440765183349108124296906

2,5782,071

507546

1,344892

1,006

14, 4165,4371,763

1,9931,217

4648,9791,842

599393

1,568332

2,9161,329

2,36123834

1166853

109645228

610

37786

136833

314. 1313.1303.3263.6390.6239.8264.6365.2215.9222.4244.4300.5

370.4252.5224.3379.1

2,5912,090

501581

1, 320874

155

129162967130837

11, 6994,1792,4852,325

160

1,02670218957632924892

7,519770186350109126305929

2,6042,107

496553

1,376919983

14, 7205,6341,948

2,0271,189

4709,0861,859

618391

1,625374

2,8521,367

2,38023437

1077058

121655026

621

38687

137826

319.2317.7300.9265.3387.9235. 4291.3396.6222.0221.7243. 9310.3

385.7265.9224.0378.9

2,8192,289

530655

1,306855

166

124161974134840

12, 7004,6792,7632,512

251

1,08472321073939734293

8, 021778190344113131295911

2,7542,226

528601

1,6051,1221,078

14, 1255, 1351,574

2, 0211,069

4718,9901,835

594420

1,619392

2,8051,325

2, 49618624915681

126665129

652

42084

136902

328.8354.6301.8274.8381.8237.8407.7442.1221.2216.9314.9369.2

477.7339.9227.3410. 9

2,7522,205

547629

1,379924

160

125169

1,083137946

12, 6824,6942,6902,484

206

1,143778210760384376101

7,987788190355110133302929

2, 7282,192

536590

1,5231,0371,127

15, 0765,4841,744

2,0421,214

4849,5921,989

619435

1,779377

2,9941,399

2,48519624985867

142665232

656

397105142843

325.2347.3315.4286.1393.5254.7339.1450.7224.6220.4290.2347.3

437.0309.7236.9402.2

2,7932,244

548582

1, 4811,008

160

136177

1,045145900

12, 1334,4172,5702,389

181

1,015684198727367360104

7,716768184352108125304938

2,6402,127

514564

1,445981

1,056

15, 7935,8071,781

2,1921,325

5099,9862,038

620456

1,802385

3,1811,504

2,58826241

1257557

136665033

692

427105149878

341.2332. 3316.4281.1409.9241.6308.6409.4227.8214.4293.4321.5

400. 8269.2234. 2391.2

2,6202,082

538586

1,442979

149

136178

1,046149897

11, 7594,1792,3992,225

174

986670192687348339107

7,580771189356106119308933

2,6242,096

528553

1,350895

1,042

16, 6976,4822,093

2,2961,590

50310, 2152,078

596453

1,789361

3,3401,598

2,49724640

1216449

137685230

671

398112150840

336.0323.2305.4257.5407.1231.7271.0403.0223.4214.6262.3300. 1

361. 8253.2235.5394.8

2,6612,126

534575

1,5691,080

157

147185

1.049164886

11, 3873,6702,0741,910

165

92562419157631825895

7.717792191366109126309929

2,7182,177

540579

1,365906

1,025

16, 7876,5762,101

2,3701,593

51210, 2112,093

588490

1,672331

3,3901,647

2,52224644

1186447

111644927

733

423143156862

346.1323.9309.5269.9400.5242.5240.5393.7219.9210.4215.2312.7

381.7290.7223.4399.5

3,0862,519

567615

2,4291,613

194

228394

1,414268

1,146

12, 1944,0992,3892,173

216

98862621362535726997

8,094819195384114126308957

2,8022,282

520613

1,4941,0111,101

r 16, 754r 6, 644r 2, 165

r 2, 445••1,519

••515' 10, 110' 2, 076

'572r540

' 1, 620'322

' 3, 409' 1, 571

3,38838169

18298

r 77829654

'391, 146

642158

'3261,037

442.4343.4328.5300.0429.6244.7

' 322. 1378.5224.5218.1

r 250. 9332.5

401.9308.2

' 246. 7424.4

2, 707• 2,176

531584

1, 284882

139

119144

1,108147961

13, 2924,7632, 7442, 496

248

1,147748244763409355109

8,528930238408131153319984

2,8412, 279

562648

1, 6391,1231, 167

17, 3626, 7392,127

2,6281, 494

49010, 6232, 170

613613

1,770297

3, 5561,604

2, 32419236865450916&5120

553

319104121899

312.7364.4344. 9327.8429.1275.1397.5428.1230. &222.8257. 9375.7

475.6343.8249.7422.5

' Revised.,See note marked "t" on p. S-8. Revisions for chain stores and mail-order houses for 1943-July 1948 are shown on p. 23 of the April 1950 SURVEY.9 Revised beginning 1943. §Revised beginning 1947. cf Revised beginning 1948. ©Revised beginning 1945.




1950


berOcto-ber

Novem-ber

Decem-ber

DOMESTIC TRADE— Continued

RETAIL TRADE— ContinuedDepartment stores:

Accounts receivable, end of month:Charge accounts _ 1941 average = 100. .Instalment accounts do

Ratio of collections to accounts receivable:Charge accounts percent..Instalment accounts . -do

Sales by type of payment:Cash sales percent of total salesCharge account sales doInstalment sales do

Sales, unadjusted, total U. S 1935-39=100..Atlanta doBoston do _Chicago doCleveland doDallas do. __Kansas City doMinneapolis _ do. _New York doPhiladelphia doRichmond doSt. Louis _ _ doSan Francisco ? do

Sales, adjusted, total U. S ? doAtlanta? do ...Boston doChicago? do_ _Cleveland? doDallas? --- doKansas City? doMinneapolis? doNew York? do._Philadelphia? doRichmond? doSt. Louis doSan Francisco? do

Stocks, total U. S., end of month:?Unadjusted doAdjusted do

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

Montgomery Ward & Co doSears, Roebuck & Co do

Rural sales of general merchandise:Total U. S., unadjusted . 1936-39=100..

East doSouth doMiddle West doFar West do

Total U. S., adjusted doEast doSouth doMiddle West . doFar West do

WHOLESALE TRADEService and limited-function wholesalers:?

Sales, estimated (unadj.), total mil. of dol_.Durable-goods establishments doNondurable-goods establishments do

Inventories, estimated (unadj.), total doDurable-goods establishments doNondurable-goods establishments. .do

222209

4918

494110

216285185205215313228188

'185197

••217232

••249

282376244274290396

••299246

'231267300282

'314

244'273

202, 61761, 458

141, 160

212.7191.8241.6203.0231.1281.0253.0302.0270.7314.0

5,1651,4573,7086,9832,8494,134

191207

4717

484111

224322177204217327244210183207234252273

280383229262271409301284220276299300323

267279

206, 10463, 805

142, 299

229.0207.9270.7208.4237.5273.6242.3294.2260.5317.9

5,0351,5833,4527,0542,9084,146

185209

5319

494110

257359207241256362277229208255283285291

274374216265270389298250217262288297321

290285

268, 48385, 639

182, 845

258.7246.5290.2247.9269.2273.2246.5305.5260.9299.1

5,7151,8823,8337,2163,0224,194

190212

5017

49429

285389241269290393303278225276313316321

292397244269299401306277235281323319333

294286

291, 58094, 751

196, 829

264.8249.0287.0248.4290.9276.7250.5312.6254.5311.1

5,1131,8163,2977, 2563,0944,162

194217

5218

48439

286378228280296391305273221275316323319

290390231277299403309268226270321330336

289285

311, 49297, 705

213, 787

257.6239.8273.8247.5278.4287.2267.0330.3279.3310.7

5,5992,0523,5477,2633, 1534,110

194219

5117

48439

281345230278281353296272230271307293321

298392240278299410322283242285333326342

267276

317, 04396, 389

220, 654

271.1259.6283.4261.7315.9305.6299.1346.0285.7349.1

5,7432,1493,5947,2083,1714,037

184230

4917

474112

283386185271284429339276192239285326387

362494268330364537414342274331394418454

258269

356, 756104, 957251,799

268.0231.3286.3258.6335.3363.6346.3409.6346.2410.9

6,3552,4153,9406,9912,9904, 001

191241

5018

464212

281373198278290399326287202239288318352

335415268335334449354321277319360370374

285284

339, 478112, 568226, 910

307.2271.2327.2293.4367.5335.0309.2364.4316.8376.9

7,3492,8664,4837,271

' 2, 8784,393

210256

5118

464212

331426263320337454363320267313356363374

320409255305333420345289262310332360368

322309

357, 438113, 430244, 008

334.6301.0374.3310.1390.3302.5290.3328.9288.2341.2

6,8992,5814,318

' 7, 5002,911

' 4, 589

216260

5118

474310

'308388239296317405328319259299333326345

291370210282299375303283238279312305343

362329

335, 351113, 037222, 314

346. 8319.7402.0322.3388.7290.0266. 4314.6274.3345.8

7,1412,7034,4387,8453,060

' 4, 785

233259

5117

48439

355453287357313472376338302363387398

'386

290391229288251400325291234273312316345

371332

369, 150123, 084246, 066

422.9414.7494.5399.9438.1326.3296.9361.5304.3349.4

6,8712,4554,4168,0673,2304,837

'314'276

4918

50428

534708436495538711556

'476450525

'584540

'627

'325421249318328433354

'318266307336353

'376

295329

499, 058164, 190334,868

517.0481.3552.3489.8601.6365.1333.1399.3330.1383.7

7,0382,4784,560

' 8, 2293,393

' 4, 816

1951

January

268268

5019

P277342230261293375300248233253268298

*334

*362450303349395475395325291342370363

^421

"303"339

296, 65988, 572

208, 088

287.7270.9307.1278.7329.7380.1357.4383.9371. 6448.0

7, 4232,6554,7688,6303,6225,008

EMPLOYMENT AND POPULATION

POPULATION

Population, continental United States :§Total, incl. armed forces overseas thousands. .

EMPLOYMENT

Employment status of civilian noninstitutionalpopulation:

Estimated number 14 years of age and over,total _ _ _ thousands.

Male doFemale do

Civilian labor force, total . . . doMale doFemale _ do

Employed .doMale doFemale ,. _ doAgricultural employment doNonagri cultural employment do

Unemployed do_.

Not in labor force. do

150, 604

108, 84852, 77356, 075

61, 42743, 71517, 712

56, 94740, 45316, 4946,198

50, 7494,480

47. 420

150, 808

108, 97852, 85056, 128

61, 63743, 76917, 868

56, 95340, 34316, 6106,223

50,7304,684

47. 342

150, 998

109, 09652, 91356, 183

61, 67543, 87917, 796

57, 55140, 87716, 6746,675

50, 8774,123

47. 422

151, 132

109, 20652, 97056,236

62, 18344, 12018,063

58, 66841, 49217, 1767,195

51, 4733,515

47. 024

151, 298

109, 28853, 01056, 278

62, 78844, 31618, 472

59, 73142, 18617, 5458,062

51, 6693,057

46. 500

151, 483

109, 39253, 06156, 331

64, 86645, 42919, 437

61, 48243, 22918, 2539,046

52, 4363,384

44. 526

151, 689

109, 49153, 10356, 388

64, 42745, 70818, 719

61, 21443, 58217, 6328,440

52, 7743,213

45. 064

151, 939

109, 58753, 11356, 474

64, 86745, 81819, 049

62, 36744, 15418, 2138,160

54,2072,500

44. 718

152, 196

109, 57753, 04456, 533

63, 56744, 72618, 841

61, 22643, 24417, 9827,811

53,4152,341

46. 010

152, 438

109, 40752,81256, 595

63,70444, 26819, 436

61, 76443, 09618, 6688,491

53, 2731,940

45.704

152, 668

109, 29352, 64356, 650

63, 51244, 01919, 493

61, 27142, 71018^ 5617,551

53, 7212, 240

45. 782

152, 879

109, 19352, 49156, 702

62, 53843, 53519,' 003

60, 30842, 07618^ 2326^234

54, 0752*229

46. 657

153, 085

109, 17052, 41956^ 751

61, 51443, 09318,' 421

59, 01041 ' 43317^ 5776' 018

52,' 9932, 503

47 ftf 8r Revised. » Preliminary. 1 See note marked "§" below.?Revisions in the adjusted indexes of department-store sales for various periods prior to 1949 are shown for the indicated districts (except New York. Richmond, and San Francisco) on

p. 24 of the April 1950 SURVEY; revised data for San Francisco for 1919-48 appear on p. 21 of the May 1950 SURVEY; revisions for New York and Richmond for 1946-January 1949 are availableupon request. Current revisions for Dallas are tentative, pending completion of the revision for earlier periods. Department-store sales and stocks for the U. S. reflect all revisions in datafor the districts and, therefore, are subject to further revision. Figures for wholesale trade have been revised back to 1939; monthly figures for 1946-48 and annual data beginning 1939 are shownon pp. 18-20 of the October 1949 SURVEY; unpublished revisions are available upon request.

§ Data beginning April 1950 have been adjusted to the decennial census count and are not strictly comparable with preceding figures. Revisions prior to April 1950 will be available later.


March 1951 SURVEY OF CURRENT BUSINESS S-ll


1950

January Febru-ary March April May June July August Septem- October Novem-

berDecem-

ber

1951

January

EMPLOYMENT AND POPULATION— Continued

EMPLOYMENT— Continued

Employees in nonagricultural establishments:!Total, unadjusted (U. S. Dept. of Labor)

thousands _.Manufacturing _ do

Durable-goods industries doNondurable-goods industries do

Mining, total doMetal o* doAnthracite _ do _."Bituminous coaled doCrude-petroleum and natural-gas production

thousands _.Nonmetallic mining and quarrying do

Contract construction _ _ _ _ _ d oTransportation and public utilities do

Interstate railroads doLocal railways and bus lines doTelephone doTelegraph doGas and electric utilities . _ . . do

Trade ._ ___ doWholesale trade doRetail trade. . do

General-merchandise stores.. doFood and liquor doAutomotive and accessories dealers- _do

Finance _ _ _ _ _ d oService __ . do

Hotels and lodging places doLaundries. doCleaning and dyeing plants. do

Government do

Total, adjusted (Federal Reserve) ...doManufacturing . doMining doContract construction... _ _ doTransportation and public utilities doTrade doFinance doService _ doGovernment- do

Production workers in manufacturing industries:!Total (U. S. Dept. of Labor) _ . _ thousands..

Durable-goods industries _ doOrdnance and accessories doLumber and wood products (except furni-

ture) _ _ thousandsSawmills and planing mills __ do

Furniture and fixtures doStone, clay, and glass products.. do

Glass and glass products doPrimary metal industries do

Blast furnaces, steel works, and rollingmills thousands..

Primary smelting and refining of nonfer-rous metals thousands

Fabricated metal prod, (except ordnance, ma-chinery, transportation equipment)

thousands. _Heating apparatus (except electrical) and

plumbers' supplies _ _. thousands ._Machinery (except electrical) _ doElectrical machinery doTransportation equipment do

Automobiles. doAircraft and parts _ do .Ship and boat building and repairs. _ .doRailroad equipment do

Instruments and related products doMiscellaneous mfg. industries. . do

Nondurable-goods industries doFood and kindred products do

Meat products doDairy products doCanning and preserving doBakery products doBeverages.. do

Tobacco manufactures doTextile-mill products do _

Broad-woven fabric mills. _ doKnitting mills do

Apparel and other finished textile prod-ucts thousands. _

Men's and boys' suits and coats. _ doMen's and boys' furnishings and work

clothing thousandsWomen's outerwear do

Paper and allied products doPulp, paper, and paperboard mills. _ _ d o

Printing, publishing, and allied industriesthousands. .

Newspapers . . ... doCommercial printing _do

42, 12513, 9807,3426,638

8619876

348

25189

1.9193,8691, 316

153608

47512

9,2462,5116,7351,3921,187

7011,7724,701

428347141

5,777

42, 62714, 040

8672,1093,9019,3711,7814, 7735,784

11, 4496,000

17

642381289403106963

511

43

693

1079375619786751846646

172345

5,4491,078

24495

11718613585

1,177568223

1,032130

241302385199

493142167

41, 66113, 9977,3246,673

595987683

25089

1,8613,8411,290

15260746

511

9,1522,4956,6571,3601,185

7001,7774,696

430345140

5,742

42, 28314, 023

6042,0913,8749,3581,7864,7685,779

11, 4605,982

17

652386297408108978

512

45

698

1129605738725671846845

171356

5,4781,055

23297

11018813481

1,183571223

1,065135

244315386200

495145165

42, 29514, 1037,4186,685

9389877

423

24990

1,9073,8731,315

15160746

512

9,2062,4846,7221, 3921,192

6991,7914,708

431346141

5,769

42, 75214, 135

9442,0963,9069,3481,7914,7565,776

11, 5496,070

18

677399301410109982

507

45

709

1149815808795761846744

172361

5,4791,060

22899

10919013978

1,183574221

1,058136

245305389200

496146165

42, 92614, 1627,5486,614

9399975

419

25195

2,0763,9281,356

15060947

513

9,3462,4776, 8691,4661,200

7061,8034,757

441347146

5,915

43, 21214, 302

9422,1633,9489,3911, 7944,7575,915

11,5976,195

18

692410303419113

1,007

523

45

722

1181,003

5958995951856744

174363

5,4021,065

22310312019114176

1,172573218

1,003132

241272391201

497148165

43, 31114, 4137,8096,604

94010076

413

25497

2,2453,8851,296

149611

47516

9,3262,4796,8471,4121,204

7141,8124,790

451354150

5,900

43, 57814, 629

9412,2233,8889,4591,8034,7665,869

11, 8416,456

19

723430303432116

1,026

529

46

742

1191,022

6061,045

7361856748

176362

5,3851,090

22710812719314676

1,162573213

976129

239254392202

498149164

43, 94514, 6667,9646,702

94610275

410

259100

2,4144,0231,407

147615

47522

9,4112,5026,9091,4111,205

7331,8274,826

482362156

5,832

44, 01014, 802

9432,2993,9959,5321,8094,7785,852

12, 0666,596

19

741437303441118

1,050

538

46

769

1221,033

6151,078

7651876849

180367

5,4701,141

23311415119115775

1,174580212

976135

238248399205

500150166

44, 09614, 777

' 7, 9786,799

92210374

382

262101

2,5324,0621, 414 ,

148620

47530

9,3902,5286,8621,3721,203

7461,8314,841

515363152

5,741

44, 25914, 977

9152, 3664,0219,5561,8044,7695,851

12, 1516,597

19

750444303440114

1,054

-542

45

773

1201,032

6201,070

7571886848

178358

5,5541,231

235116223194164

751,160

571209

979127

232266396204

499150164

45, 08015, 4508,2947,156

95010375

408

261103

2,6294,1201,441

146623

47532

9,4742,5826,8921,3871,200

7491,8374,827

512359147

5,793

44, 91415, 333

9422,4344,0739,6511,8194,7795, 883

12, 8026,900

20

783465319459122

1,086

550

46

814

1321,060

6551.118

7611997948

187399

5,9021,331

23611430219216982

1,224595227

1,089138

252307410207

504150165

45, 68415, 6858,4237,262

946103

75407

259103

2,6264,1391,458

14662248

530

9,6412,6057,0361,4741,210

7431,8274,816

475358150

6,004

45, 19615, 444

'9422,4544, 1199,6501,8364,7685,983

13, 0167,013

22

790468327458117

1,105

552

46

837

1371,050

6731,134

7882097649

199418

6,0031,350

23610732419415989

1,255606233

1,099137

254305418210

510151167

r 45, 898r 15, 827' 8, 618' 7, 209

'93910274

'406

'256102

' 2, 631' 4, 132

1,46214562148

525

' 9, 752' 2, 625' 7, 127' 1, 539a, 219

'7411,8214,757'441

356151

6,039

' 45, 408' 15, 606

'937' 2, 506' 4, 138' 9, 630

1,8394,7336,019

13, 1337.186

22

'785462329471127

1,117

'553

'46

'850

137' 1, 104

' 710' 1, 157

'795'225'76

50205

'436

' 5, 947' 1, 260

240102

'226'196'149'89

' 1, 264607236

' 1, 100'138

'254297

'421210

514'150

170

' 45, 866' 15, 758' 8, 658

7,100'935

10274

'402

254102

' 2, 571r 4, 123

1,46514561548

524

' 9, 898' 2, 623' 7, 275' 1, 653

1,243747

' 1. 8214, 723

433353149

6,037

' 45, 494' 15, 628

r 934' 2, 521' 4, 126' 9, 622'1,839

4,7476,077

' 13, 029' 7, 198

23

774454327

'477129

1,125

553

'45

'849

' 136' 1, 133

'720'1,128

'750'239' 76

52209

'433

' 5, 831' 1, 191

244100

' 168193149'84

1,261606234

' 1, 059137

254'276'427

211

515150171

' 46, 577' 15, 765' 8, 701' 7, 064

'93410373

'403

25599

' 2, 393' 4, 124

1,460145621

49523

' 10, 4602,6237,8372,0601,264

7531,8294,696

432353147

6,376

' 45, 584r 15, 666

' 934' 2, 442' 4, 124' 9, 709' 1, 847' 4, 743

6,119

' 13, 038' 7, 241

24

'753441

'325' 473

127r 1, 142

556

47

'851

133' 1, 163

'723r 1, 151

7542557952

212r 424

' 5, 797r 1, 150

25397

140191146'82

' 1, 258603234

' 1, 067136

252297428212

' 518153171

p 45, 196P 15, 689

p 8, 679p 7, 010

p929p 104

P403

P2,266P 4, 054

P 9, 675p 2, 597P 7, 078P 1, 506p 1, 239

p753p 1, 828p 4, 667

p 45, 745p 15, 750

P9352,4904,0899,8061,8374,7386,100

p 12, 951p 7, 208

p24

*>720

P468

p 1, 147

P841

p 1, 197P700

P 1, 168

P211P410

p 5, 743P 1, 098

P80P 1,258

P 1,068

P424

,513

'Revised. p Preliminary.fRevised series. ~ ' '

(1) adoption of the ciBeginning with the October 1949 SURVEY, the indicated series on employment, payrolls, and hours and earnings have been revised to incorporate three major changes:

/o\ ^ - ' , urr^nt Standard Industrial Classification for manufacturing industries; (2; ^classification of reporting establishments on the basis of major postwar product or activity;(3) adjustment to 1947 bench-mark levels and a revision in estimating production-worker employment. Published revisions are as follows: Employees in nonagricultural establishments bymajor groups—unadjusted series on p. 24 of the November 1949 SURVEY (except for data on trade and service which have been further revised for 1939-46 and are shown on p 22 of the Decem-ber 1950 issue); adj. series (total, mfg., trade, and service), p. 23 of the December 1950 issue; other components of the adj. series, p. 22 of the May 1950 SURVEY- production workers in mfg —total and durable-goods industries, pp. 17 and 24 of the September 1950 SURVEY; nondurable-goods industries, pp. 23-24 of the October 1950 issue. Unpublished revisions will be shown later

cf Revisions for metal and bituminous-coal mining for August 1948-June 1949 are shown in note at bottom of p. S-ll of the September 1950 SURVEY


S-12 SUKVEY OF CURRENT BUSINESS March 1951


1950



Decem-ber

1951

January

EMPLOYMENT AND POPULATION—Continued

EMPLOYMENT— Continued

Production workers in mfg. industries f— Con.Total (U. S. Dept. of Labor)— Continued

Nondurable-goods industries — ContinuedChemicals and allied products thousands. .

Industrial organic chemicals doProducts of petroleum and coal do _

Petroleum refining _ - . doRubber products do

Tires and inner tubes doLeather and leather products do

Footwear (except rubber) do

Manufacturing production-worker employmentindex, unadjusted (U. S. Dept. of Labor) t

1939=100-.Manufacturing production-worker employment

index, adjusted (Federal Reser ve)t... -1939 =100. -

Miscellaneous employment data:

Construction (Federal and State) doMaintenance (State) do

Federal civilian employees:United States thousands..

Washington, D.C., metropolitan area ---doRailway employees (class I steam railways) :

Total - - thousands-Indexes:

Unadjusted .1935-39=100.-Adjusted do

PAYROLLSManufacturing production-worker payroll index,

unadjusted (U. S. Dept. of Labor) t-- -1939 =100-.LABOR CONDITIONS

Average weekly hours per worker (U. S. Dept. ofLabor) :t

All manufacturing industries hours. _Durable -goods industries do

Ordnance and accessories . . doLumber and wood products (except furni-

ture) .. .. _ hours_-Sawmills and planing mills do. _.

Furniture and fixtures doStone clay, and glass products do

Glass and glass products . -do __Primary metal industries do

Blast furnaces, steel works, and rollingmills _ hours

Primary smelting and refining of nonferrousmetals _ _ hours

Fabricated metal prod, (except ordnance, ma-chinery, transportation equipment) hours. _

Heating apparatus (except electrical) andplumber's supplies hours

Machinery (except electrical) _. _ _-do -Electrical machinery doTransportation equipment do

Automobiles doAircraft and parts __ ... doShip and boat building and repairs doRailroad equipment ___ _ do

Instruments and related products doMiscellaneous mfg. industries do

Nondurable-eoods industries _ doFood and kindred products -do

Meat products doDairy products _ do ...Canning and preserving _.doBakery products doBeverages _ _. . do._-

Tobacco manufactures doTextile-mill products _. do

Broad-woven fabric mills -doKnitting mills do

Apparel and other finished textile productshours. _

Men's and boys' suits and coats doMen's and boys' furnishings and work

clothing __ __ hoursWomen's outerwear do

Paper and allied products doPulp, paper, and paperboard mills. _ . do

Printing, publishing, and allied industrieshours. _

Newspapers doCommercial printing .do

Chemicals and allied products . . doIndustrial organic chemicals do

Products of petroleum and coal doPetroleum refining do

Rubber products . _ _ doTires and inner tubes __do_

Leather and leather products doFootwear (except rubber) do

48014418414518783

348231

139.8

140.5

220 00054, 6C3

115, 154

1,801213

1,180

112.8117.3

329.2

39.740.040.2

39.238.341.139.839.739.5

39.3

41.3

40.3

39.739.840.540.540.940.737.838.039.740.2

39.441.442.944.538.241.139.738.039.440.036.8

36.035.4

36.235.042.243.0

38.536.540.041.340. 340.740.739.438.437.737.4

48514418314418883

357235

139.9

140.2

217 82152, 854

114, 714

1,801213

1, 154

110.3113.0

330.0

39.740.140.4

39.839.441.740.040.039.6

39.3

40.4

40.3

89.740.340.439.739.640.737.539.439.940.2

39.340.740.443.837.741.640.036.239.640.137.2

36.737.0

36.435.942.543.4

38.236.339.341.140.039.839.639.238.338.137.8

48714518214318983

357235

141.0

141.3

228, 93263,347

114, 891

1,940214

1,177

112.5115.3

333.5

39.740.240.6

40.440.141.740.140.138.9

37.5

40.7

40.3

40.040.640.540.240.440.538.239.240.040.2

39.240.740.343.736.841.540.136.739.239.837.0

36.437.5

36 235.442.643.4

38.636.839.641.140.039.739.639.337.437.937.4

49014617613619184

341222

141.6

143.2

250 27282 362

116 980

1,939214

1,221

116.7118.6

337.2

39.740.740.6

40.740.541.340.440.240.4

40.0

40.8

40.7

39.941.040.641.342.240.337.939.240.040.2

38.540.439.843.936.341.240.735.537.838.435.0

35.235.5

35.534.542.343.2

38.637.139.441.240.140.840.540.039.035.834.7

48514817713619486

335218

144. 5

147. 1

282 425108, 956121, 802

1,851213

1,163

111.0111.5

348.0

39.940.840.7

40.740.541.240.840.540.5

39.7

40.8

40.7

40.341.340.841.041.440.838.439.840.440.3

38.941.040.744.337.241.641.136.737.938.535.0

35.736.7

35.934.642.343.2

38.737.339.841.240.540.639.941.141.135.434.2

48215018113819988

343224

147.3

148.9

312, 091129, 051128, 470

1,819214

1,272

121.6120.0

362.7

40.541.340.7

41.641.641.841.140.240.8

39.8

40.9

41.5

40.741.540.442.042.840.738.339.240.740.5

39.541.841.345.038.941.942.038.338.739.236.2

35.836.7

36.233.843.043.8

38.737.239.641.440.841.140.241.440.637.236.4

47915118213820088

351230

148.3

150. 9

327, 886141, 983130, 168

1,839215

1,279

122.3119.7

367.5

40.541.142.6

41.140.941.040.939.540.7

39.9

40.3

41.1

41.241.640.641.542.141.238.139.140.940.3

39.842.341.845.341.441.742.338.439.039.537.0

36.236.9

36.134.743.344.0

38.536.639.641.240.741.641.041.240.438.137.7

49115519314720890

370237

156.3

155.0

336, 600149, 185130, 714

1,913218

1,302

124.5121.9

394.4

41.241.842.6

42.041.942.841.639.841.1

40.1

40.9

42.1

41.942.341.042.042.342.439.239.541.741.6

40.541.940.745.040.641.841.339.540.540.839.2

37.637.7

38.036.244.044.6

38.936 540.141.640.740.639.441.841.839.2

'38.8

50615818914521592

372237

158.9

156.0

' 327, 953r 145, 988

126, 664

1,945219

1,315

125.8122.8

403.2

41.041.743.1

41.240.142.641.539.041.4

40.2

41.2

42.1

42.342.441.440.940.642.738.340.442.542.1

40.142.041.744.744.141.241.239.240.741.138.9

35.735.4

37.432.244.044.3

39.236.940.641.840.841.741.241.940.938.1

'37.6

52315919014721992

••367'230

160.3

' 157. 6

317, 566140, 543123, 493

1,977222

1,324

126.6122.5

415.8

41.3'42.1-•43.2

•-41.9^41.8'42.6'42.5'41.4'41.9

'40.8

'41.5

42.3

42.442.942.1

'41.0'41.1'41.9'38.3

40.0'42.5

42.3

40.3'41.6'40.8'44.5'40.5

41.4'41.0'38.3

40.640.9

'39.2

37.337.9

'38.3'34.7

44.044.5

'39.0'36.8

39.9'42.0

40.9'41.6'41.1'41.9'40.2'37.8'36.7

521160191148

'222'94360226

159.0

157.4

284, 753109, 993122, 681

2,005226

1,322

126.6' 125. 2

' 415. 1

41.241 943.4

'41 341.142 6

' 42 141 3

' 41 8

40 7

' 41 1

'41.9

41 643. 1

'41 9'40.6' 40 2

42.3'38.7

40.1'42 4

42 4

40.341 843 3

' 44.2' 38 4

41 440.8

'38 040.741 138 8

36.937.9

37 734 644 244.6

39.037 239 8

' 41 940.941 340.8

' 41 6' 40.1

37.4'36.0

'523162

'19114822293

'358'229

r 159. 2r 157. 8

P 246, 606r 76, 326

P 118, 487

2,024228

v 1, 313

v 125. 1P 127. 1

424.9

'41.4T 42 2'42 5

'41 240.8

'42 242 040 8

r 42 3

41 0

41 9

42.5

42 143 7

' 42 0'41 5

41 143.239.840.842 3

' 41 9

'40 4'42 2

45 144 237 141 640 2

'39 0'40.8

41 438 2

'36.637.5

37 135 2

r 44 4

44.9

'39.638 140 7' 42.0

40.841 240.7

' 41 840.1

'38.337.4

p 528

P 190

P221

P363

p 158. 1

* 158. 7

2,082234

P 1,286

p 122. 8p 127. 7

P40. 6p 41 1P 40 5

P 40 9

P 41 4P 41 0

P 41 0

*41.3

P 43 5P 41 0p 38 5

p 41 8p 41 0

P 40 1P 41 8

P 38 4P 40 6

P36.5

p 44 1

P38.6

p 41 8

P 40 8

p 40 2

P38.9

r Revised. p Preliminary.tRevised series. See note marked ' 't" on p. S-ll. The adjusted manufacturing employment index was further revised in the November 1950 SURVEY; revisions for January 1939-August

1949 are available upon request. §Total includes State engineering, supervisory, and administrative employees not shown separately.


March 1951 SUEVEY OF CURRENT BUSINESS S-13


1950



Decem-ber

1951

January


LABOR CONDITIONS— Continued

Average weekly hours per worker, etc.f— ContinuedNonmanufacturing industries:

Mining:Metal . hours..Anthracite _ doBituminous coal doCrude-petroleum and natural-gas production:

Petroleum and natural-gas productionhours

Nonmetallic mining and quarrying. doContract construction do

Nonbuilding construction _ _ _ _ doBuilding construction do

Transportation and public utilities:Local railways and bus lines doTelephone _ . doTelegraph doGas and electric utilities. do_

Trade:Wholesale trade doRetail trade:

General-merchandise stores doFood and liquor doAutomotive and accessories dealers do

Service:Hotels, year-round doLaundries doCleaning and dyeing plants do

Industrial disputes (strikes and lock-outs) :Beginning in month:

Work stoppages number.Workers involved thousands

In effect during month:Work stoppages numberWorkers involved .thousands

Man-days idlp, during month doPercent of available working time ..

U. S. Employment Service placement activities:Nonagricultural placements thousands

Unemployment compensation:Initial claims doContinued claims doBenefit payments:

Beneficiaries, weekly average _ doAmount of payments thous. of dol__

Veterans' unemployment allowances:Initial claims doContinued claims _ d o

Claims filed during last week of month_._doAmount of payments thous of dol

Labor turn-over in manufacturing establishments:Accession rate. .-monthly rate per 100 employees ..Separation rate, total _. do

Discharges doLay-offs doQuits doMilitary and miscellaneous do

WAGES

Average weekly earnings (U. S. Department ofLabor) :f

All manufacturing industries dollars. _Durable-goods industries do

Ordnance and accessories doLumber and wood products (except furniture)

dollars _ _Sawmills and planing mills do

Furniture and fixtures doStone, clay, and glass products do

Glass and glass products doPrimary metal industries do

Blast furnaces, steel works, and rolling millsdollars

Primary smelting and refining of nonferrousmetals - ._ _ dollars


dollars _.Heating apparatus (except electrical) and

plumbers' supplies .dollars-Machinery (except electrical) doElectrical machinery. __ do

Transportation equipment doAutomobiles doAircraft and parts _ _ doShip and boat building and repairs do_Railroad equipment do

Instruments and related products doMiscellaneous mfg. industries do

42.023.924.5

41.841.435.237.434.8

44. 238.544.141.7

40.6

36.940.045.8

43.941.541.2

245170

365595

2,700.39

305

1,7259,000

2,078186, 383

2928966

5,753

3.63.1.2

1.71.1.1

56.2959. 4060.70

48.0247.3851.1355.3259.3163.79

65.83

62.07

59.93

59.2361.5758.44

68.1270.1465.2061.4661.6056.4951.78

41.920.625.4

40.041.434.337.833.7

44.438.644.141.4

40.3

36.840.145.3

43.840.839.9

20556

355590

8,6001.40

289

1,2408,068

2,027167, 212

2325863

5 069

3.23.0.2

1.71.0.1

56.3759.4760.88

50.5550. 5952.2955.5659.3663. 48

64.81

60.24

59.68

59.5962.5558.26

66.5867.6465.6961.1664.8956.8651.62

41.141.539.2

39.841.635.138.734.5

44.438.544.141.2

40.3

36.540.045.8

43.841.040.6

30084

450630

3, 900.51

368

1,2948,261

2,098187, 215

2027558

5 713

3.62.9.2

1.41.2.1

56.5359.7461 31

52.2451.8552.1755.7059.3562.40

61. 84

61.13

59.64

60.2063.3458.44

67.4669 0865.2962.5364.2157.4051.82

41.629.036.0

41.243.636.640.935.6

44.538.744.641.3

40/1

36.140.145.8

44.041.040.4

405156

600290

3,300.49

406

1,5436,656

1,559138, 969

1418743

3 838

3.52.8.2

1.21.3.1

56.9361.0161.43

53.3653. 1051.6756.5659.5865.00

66.08

61.61

60.56

60.7664.3358.71

70.4673 7764.9662.0864.5257.5251.94

41.634.734.1

40.044.437.340,736. 5

44.838.945.441.3

40.4

36.440.145.9

44.141.743.0

485352

715505

3,300.44

489

1 3676,702

1,567138, 778

1416033

3 185

4.43.1.3

1.11 6.1

57.5461.5761 66

54.3854 1951.5057.2859 7865.57

65 86

61.98

60.89

61.3065.0959.28

69.6271 6665 6163.2164.9958.3452.47

41.632.634.7

40.044.938.042.037.0

45.339.144.941.5

40.6

37.240.845.9

43.842.043.0

480271

755390

2,600.34

494

1 1045,827

1,388119, 430

1812827

2 526

4.83.0.3.9

1.7.1

58. 8562.8661 90

56.2856.0852.5058. 1259 7466.50

66 63

62.54

62.87

62.1165.6958.62

72.5375 7665.3262.3964. 5658.9352.69

41.134.834.6

41.644.637.941.536.9

45.139.445.041.6

40.9

37.741.545.7

43 841.541.4

460220

705390

2 800.40

486

9715,115

1,15899, 714

1311225

2 209

4.72.9.3.6

1.8.2

59.2163.0164.92

56.2755.9552.0358.5760 2466.95

67.83

62.83

62.55

63.2866.3559.44

71.7174 3566.5464.2064.4058. 9852.47

41.933 235.5

40 345.238 642.737 6

44 839.345 041.5

40.9

37.441 545.6

44 040 640 0

620340

860430

2 600.31

624

6414 424

98389, 681

99219

1 988

6.64.2.4.6

2 9.3

60.3264.3366 12

58. 3057 9554.8759 4359 1067.36

67 37

63 15

64.79

65. 5367 9860 15

72 8775 2168 9464 8465.2961 1354.87

42.234.535.5

40.545.137 741.536 7

45 139.644 641 6

40 7

36.440 445 6

43 841 341 6

525275

800460

3 500' .48

618

5583 293

80664, 458

55510

1 126

5.74.9.4.7

3 4.4

60.6465 1467 41

57.8457 6955.4260 8861 3169. 10

69 30

64.44

65.72

66.8368 9461.48

72.3973 8171 1862 8968.7263 5864.04

M3.937.2

r36. 1

r 41.4M5.8r 38 5'42.5

37 4

45 3r38. 4r 44 8Ml. 8r 40.9

'36.340 0

r 45.5r 44 0

41 041 0

525180

800300

2,450.30

612

7203,141

65257, 533

4306

629

5.24.3.4.8

2 7.4

61.99r 66. 39r 68 64

* 58. 83r 58 56r 56. 27r 63 11r 65 66r 69. 81r 68 87r 66 40

' 66. 66T 68 09r 71 00r 64 12r 73 02

75 21r 70 18r 62 89r 69. 04r 64 77

56.98

r 43.331.3

r36. 5

r 40. 545.038 0

Ml. 237 3

45 538.044 4

r 41.9r 40.9r 35.9r 40 0

45.8

43 640 841 4

250160

575275

1,750.23

515

9073,520

73462, 389

5245

487

4.03.8

31. 12 l.3

62.38r 66 58r 70 79

r 57. 53r 57 21

56 83T 63 36

67 07r 70. 39r 68 91r 67 98

' 66. 50r 67 56r 72 24r 64 44

' 72 67r 74 13

71 53T 64 32r 69. 29r 65 34

57.16

44.032.838.7

40.244.037.240.536.5

46.139.144.842.2

41.3

37.940.245.8

43.741.141.3

20040

400100

1,000.14

421

1,0513,873

000

66, 969

5256

464

'3.03.6.3

1.31.7.3

' 63. 80r 68. 24r 68 64

' 56. 6155 94

' 56. 59r 63. 38

65 61r 74. 62

75 07

69.85

68.72

69.04r 74 25r 65. 31

' 74 9976 2874 6166 1172.42

r 65 95' 57. 49

400185

550215

1,200.15

486

1,0804,922

98391, 560

4276

554

"5.1p 4:2

P 3* 1 0v 2 2

v 7

* 62. 97v 66 71P 65 73

p 56. 28

* 55 97P 62 28

» 73 10

P 66. 70

P 74 60v 64 12

•P 68 57

P 65 75v 56. 66

r Revised. » Preliminary. tRevised series. See note marked "t" on p. S-ll.



Unless otherwise stated, statistics through

1949 Statistical Supplement to the Survey

1950



Decem-ber

1951

January


WAGES — Continued

Average weekly earnings, etc.f— ContinuedAll manufacturing industries — Continued

Nondurable-goods industries dollarsFood and kindred products do

Meat products doDairy products doCanning and preserving doBakery products doBeverages do

Tobacco manufactures doTextile-mill products. . _ do_ _.

Broad-woven fabric mills doKnitting mills do

Apparel and other finished textile productsdollars _ _

Men's and boys' suits and coats doMen's and boys' furnishings and work

clothing dollarsWomen's outerwear do

Paper and allied products _ _ _ _ do. _Pulp, paper, and paperboard mills do

Printing, publishing, and allied industriesdollars--

Newspapers doCommercial printing do

Chemicals and allied products doIndustrial organic chemicals do

Products of petroleum and coal doPetroleum refining do

Rubber products doTires and inner tubes do


Non manufacturing industries:Mining:

Metal doAnthracite doBituminous coal doCrude-petroleum and natural-gas production:

Petroleum and natural-gas productiondollars

Nonmetalic mining and quarrying doContract construction do

Nonbuilding construction doBuilding construction . do

Transportation and public utilities:Local railways and bus lines. doTelephone doTelegraph doGas and electric utilities. _ do


General-merchandise stores doFood and liquor doAutomotiye and accessories dealers do

Finance:Banks and trust companies. do

Service:Hotels, year-round. __ doLaundries _ _ d oCleaning and dyeing plants do

Average hourly earnings (U. S. Department ofLabor) :f

All manufacturin g industries dollars.Durable-goods industries do

Ordnance and accessories _ doLumber and wood products (except furni-

ture) dollars..Sawmills and planing mills. do

Furniture and fixtures doStone, clay, and glass products ._ do

Glass and glass products _ doPrimary metal industries do

Blast furnaces, steel works, and rolling millsdollars

Primary smelting and refining of nonferrousmetals dollars


dollars __Heating apparatus (except electrical) and

plumbers' supplies _ _ . _ dollarsMachinery (except electrical) doElectrical machinery do

Transportation equipment _ doAutomobiles doAircraft and parts . . doShip and boat building and repairs, doRailroad equipment do

Instruments and related products _doMiscellaneous mfg. industries do

Nondurable-goods industries doFood and kindred products. do _

Meat products doDairy products doCanning and preserving.. do -Bakery products doBeverages . do

52.9154.9460.1955. 6745. 1552.0763.5239.2547.3648.1641.73

42.7047.72

33. 6350.8657.5661.62

70.4976.4370.8060. 0563.6373.7977.4160.5267.7042.9040.77

64.7144.6047.36

76.2453.3668.0165.5668.76

65.1153.1362.8466.09

58.14

35.6850.6858.72

45.29

33.0635. 1540.75

1.4181. 4851.510

1.2251.2371.2441.3901.4941.615

1.675

1.503

1.487

.492

.547

.443

.682

.715

.602

.626

.621

.423

.288

.343

.327

.403

.251

.182

.267

.600

53.0654.0555. 9954.8844.9452.9664.5238.4847.8848. 1643.38

44.4849.88

35.6452.6357.8061.71

70.7576.3870.7059.9662.6471.6474.8459. 9067.2244.0842.22

62.8140.2349.83

71.8854.3666.8966.9467.00

65.2253.6962.9765.08

58.27

35.4450.8557.76

45.52

33.5134.3939.26

1.4201.4831.507

1. 2701.2841.2541.3891.4841.603

1.649

1.491

1.481

.501

.552

.442

.677

.708

.614

.631

.647

.425

.284

.350

.328

.386

.253

.192

.273

.613

53.0454.4256.1454.6344.7952.7565.1639.4947.3947.7243.55

43.5050.81

35.6249.6758.0661.89

72.1478.4271.5660.0962.5671. 5474.8859.7065. 2644.1542.15

61.8180.0178.75

70.8855. 3768.5968.3468. 83

65.5352.9862.9364.81

58.56

35.0450. 7659.22

45.37

33.0734.5640.40

1.4241.4861.510

.293

.293

.251

.389

.480

.604

1.649

1.502

1. 480

1.5051 1.560

1.443

1.6781.7101.6121.6371.6381.4351.289

1.3531.3371.3931.2501.2171.2711.625

52.1754.1455.6454.7944.3252.3766.3838.5945.5145.8140.60

40.8047.46

35.0046.0658.2062.42

72.1879.8870.8860.5663.1273.8577.1161.7669.2341.9639.18

62.9057. 2572.79

74.4158.0370.9371.4170.70

65. 9053.4464.1365.17

58.79

34.6650.9360.36

45.83

33.2634.8540.48

1.4341.4991.513

1.3111.3111.2511.4001. 4821.609

1. 652

1.510

1.488

1.5191.5691.446

1.7061.7481.6121.6381.6461.4381.292

1.3551.3401.3981.2481.2211.2711.631

52.8354.9057. 1055.0245.0153.1266.7139.6745.6345.8240.67

41.2748.92

35.2945.57

• 58. 0861.82

72. 6481.0571.6861.1863. 9173.2875. 7364.5274.6041. 5638.48

63.1168.8168.37

70.8859.4572.7471.7172.93

66. 5653.7265. 3865.17

59.11

35.4950.8160.50

45.54

33.3435.7443. 69

1.4421. 5091.515

1.3361. 3381.2501.4041.4761.619

1.659

1.519

1.496

1.5211.5761.453

1.6981.7311.6081.6461.6331. 4441.302

1.3581.3391.4031.2421.2101.2771.623

53.9256.0158.1155. 8545.9453. 2168.9641.5946.7546.9241.85

41.8948.99

35. 5545.8760. 0364.21

72.7280.7671.7962. 3965.1674.3776.8265.0874.0543. 6040.84

63.4064.9469.92

71.0860.3973.6673.7573.82

' 67. 4154.1964. 2165.99

59.93

36.6051.8262.29

45.42

33. 3336.3344.03

1.453.522.521

.353

.348

.2561.4141.4861.630

1.674

1.529

1.515

1.526.583.451

.727

.770

.605

.629

.647

.448

.301

.365

.340

.407

.241

.181

.270

.642

54.7356.9459.3157.2147. 7353.8870.1142.1247.2747.5242.77

43.2249.22

35. 3449.6261.3665.74

72.3079.2071.9562.9966.0276.0978.9366.5975.2244.7342. 53

63.1768. 5969.68

75.5960.9274.0573. 7074.02

67.4754.9664.1366.52

61.10

37.3253. 3763.71

46.34

33.5135.6142. 02

1.4621.5331.524

1.3691.3681.2691. 4321.5231.645

1.700

1.539

1.522

1.5361.5951.464

1.7281.7661.6151.6851.6471. 4421. 302

1.3751.3461.4191.2631.1531.2921.681

55.6556.1957.9256.5747.9154. 3468.3943.3749. 3349.2945.67

46. 0651.08

37.4354. 0162.7466.99

73. 1778.8472.3863. 4865.8573.7375.2966.2576.0146.4944.39

64.4865.7771.04

71.0161.7475.9676.4875.99

66.8454.7163.9965.65

60.90

37.0653.0463.66

46.36

33.9234.8340.16

1.4641.5391.552

1.3881.3831.2821.4281.4851.639

1.680

1.544

1.539

1.5641.6071.467

1.7351.7781.6261. 6541.6531.4661.319

1 3741.3411 4231.2571.1801.3001.656

55. 3056.3662.5956.8147.1853.8567.8642.0249.9849.9045.63

43.0947.75

37.1846.4363.1066. 89

74.4881. 1173.6164. 1667.5276.7779.7266.5875.4645. 7243.32

66.3868.4571.92

73.4762.5175.8975.8675.86

67. 4255. 8064.4967.35

60.93

36.1152.1263.52

46.75

34.3035 9342 56

1.4791.5621. 564

1.4041.4071 3011.4671.5721 669

1.724

1.564

1.561

1.5801.6261.485

1.7701.8181.6671.6421.7011.4961.331

1 3791.3421 5011.2711. 1481.3071.647

r 56, 58' 56. 83' 61. 24r 56. 74»• 49. 05' 54. 19r 68. 14Ml. 21

52. 58' 53. 17' 47. 67

' 45. 5151.77

r 38. 38' 50. 94f 63. 27r 67. 20

* 74. 22r81.07r 73. 78<• 64. 55* 67. 98* 77. 71r 80. 93r 66. 29r 73. 12' 45. 04' 42. 76

•• 69. 8475. 59' 72. 99

r 77. 67' 64. 03* 77. 92r 77. 65' 77. 87

r 67. 77r 56. 18r 64. 74»• 67. 93

r 61. 68

«• 36. 01»• 51. 80r 63. 94

r 47. 78

r 34. 67r 35. 79

42. 15

1.5011.577

r 1 589

' 1.404* 1.401

1 321r 1. 485r 1.586

1 666

' 1. 683

'1.600

"-1.576

r 1 606' 1.655r 1 523

r 1 7811 830

r 1 675' 1. 642r 1 726r 1. 524

1.347

r 1 404r 1 366r I 501r 1 275r 1.211r 1. 309' 1. 662

57.19' 57, 98r 65. 34r 56. 75r 47. 58r 54. 86r 67. 85r 42. 41r 53. 19

53.6848.03

r 44. 5052.38

38.53r 48. 41r 64. 93r 69. 17

' 74. 10r 82. 32' 72. 85r 65. 32' 68. 75r 78. 43

81.80* 66. 68r 73. 86

45.7842.16

r 70. 1561.50

r 73. 37

r 75. 90r 63. 41r 77. 60r 75. 48r 78. 29

6*. 16r 54 07

6* 25r68 97

r62 00

r35 18r 52. 48r 63 07

r 47. 98

' 34. 44r35 66

42.68

1.514r 1 589r 1 631

' 1.393»• 1. 392

1 334* 1 505

1.624r I 684

' 1. 695

r 1. 654

r 1. 587

r 1 624r 1. 676r i 533

r i 7901 8441 691

r 1. 662r \ 728' 1. 541

1 348

1 419r i 337r i 509r 1 284r 2 239r 1. 325'1.663

r 58. 26' 59. 63

69.5057.6446.1255.3768.26' 43. 52r 53. 49

54.2847.29

' 45. 8655. 05

38.5851. 99' 66. 11

70.45

r 76. 0385. 4275. 05

r 66. 2868.99

' 79. 0282. 05

r 69. 1876.83' 47. 19

43.87

73.4465.2777.79

75.4262.5777.0074.8077.49

69.7056.4665 0570. 52

63.48

35. 7052.9063.52

48.72

34.8336.0942.62

' 1. 541r 1 617r 1 615

r 1.3741.3711 341

r 1 5091.6081 764

1.831

1.667

1.617

1 640»• 1. 699r i 555

r 1 8071 8561 7271.6611 7751.559

r 1 372

r i 442r I 413

1 5411 3041 2431.3311.698

p 58. 47v 60. 02

v 43. 28p 54. 16

P 46. 83

p 66. 33

p 73. 73

P 66. 59

P 79. 23

p 66. 01

P 48. 31

p 1.551P 1 623P 1 623

P 1.376

P 1 352p 1 519

P i 733

p 1. 615

P 1. 715P i 564

P \ 781

p 1.573v i 332

p 1 458P i 436

'Revised. v Preliminary. fRevised series. See note marked "f" on p. S-ll.




1950



Decem-ber

1951

January


WAGES — Continued

Average hourly earnings, etc.f — ContinuedAll manufacturing industries— Continued

Nondurable-goods industries — C ontinuedTobacco manufactures dollarsTextile-mill products do

Broad-woven fabric mills doKnitting mills do

Apparel and other finished textile productsdollars _,_

Men's and boys' suits and coats do_ _Men's and boys' furnishings and work

clothing _ _ dollars. .Women's outerwear do

Paper and allied products . _ _ _ d oPulp, paper, and paperboard mills do

Printing, publishing, and allied industriesdollars..

Newspapers _ doCommercial printing ___ do. __

Chemicals and allied products doIndustrial organic chemicals do

Products of petroleum and coal doPetroleum refining _ _ do

Rubber products _ _._ _ do ___Tires and inner tubes _ do


Nonmanufacturing industries:Mining:

Metal _ _ _ ___ _ doAnthracite doBituminous coal doCrude-petroleum and natural-gas production:

Petroleum and natural-gas productiondollars __

Nonmetallic mining and quarrying doContract construction do

Nonbuilding construction _ doBuilding construction do

Transportation and public utilities:Local railways and bus lines doTelephone doTelegraph doGas and electric utilities do


General-merchandise stores do _Food and liquor ___ doAutomotive and accessories dealers. _ .do

Service:Hotels, year-round doLaundries ._ doCleaning and dyeing plants do..

Miscellaneous wage data:Construction wage rates (E. N. R.):§

Common labor dol. per hrSkilled labor do

Farm wage rates, without board or room (quar-terly)* _ _ _ _ _ _ _ _ . dol. p e r h r

Railway wages (average, class I) ... doRoad- building wages* common labor do.._

1.0331.2021.2041.134

1.1861.348

.9291.4531.3641.433

1.8312. 0941.7701.4541.579

1.8131.9021. 5361.7631.1381.090

1.5171.8661. 933

1.8241 2891.9321.7531.976

1.4731 3801.4251.585

1 432

.9671.2671.282

753.847.989

1.4852 464

.751.5741.17

1.0631.2091.2011. 166

1.2121.348

.9791.4661.3601.422

1.8522.1041.7991.4591.566

1.8001.8901. 5281. 7551.1571.117

1.4991.9531.962

1.7971.3131.9501.7711.988

1.4691.3911.4281.572

1.446

.9631.2681.275

.765

.843

.984

1.4852.466

1.601

1.0761.2091.1991.177

1.1951.355

.9841.4031.3631.426

1.8692.1311.8071.4621.564

1.8021.8911.5191.7451.1651.127

1.5041.9282.009

1.7811 3311.9541.7661.995

1.4761 3761. 4271.573

1 453

.9601.2691.293

755.843.995

1.4862.469

1.552

1.0871.2041.1931. 160

1.1591.337

.9861.3351.3761.445

1.8702. 1531.7991 4701.574

1.8101 9041.5441 7751.1721 129

1.5121 9742.022

1.8061 3311 9381.7461 986

1 4811 3811 4381.578

1 466

.9601 2701.318

756.850

1.002

1.4932 478

.701.5741.13

1.0811.2041.1901. 162

1.1561.333

.9831.3171.3731.431

1.8772. 1731.8011.4851.578

1.8051.8981.5661.8151.1741.125

1.5171.9832.005

1.7721 3391. 9501.7621.998

1.4861 3811.4401.578

1.463

.9751.2671.318

.756

.8571.016

1.5112.485

1.558

1.0861.2081.1971.156

1.1701.335

.9821.3571.3961.466

1.8792.1711.8131.5071.597

1.8141.9111.5721.8241.1721.122

1.5241.9922.015

1.7771 3451.9411.7561.995

1.4881 3861.4301.590

1 476

.9841.2701.357

761.865

1.024

1.5282 517

1.555

1.0951. 2121.2031.156

1.1941.334

.9791.4301.4171.494

1.8782.1641.8171.5291.622

1.8291.9251.5921.8621.1741.128

1.5371.9712.014

1.8171 3661.9541.7762 006

1 4961 3951 4251.599

1 494

.9901 2861.354

765858

1.015

1.5382 524

.731 5791.20

1.0981.2181.2081.165

1.2251.355

.9851.4921.4261.502

1. 8812.1601.8051.5261.618

1.8161.9111.5851.8631.1861.144

1.5391.9812.001

1.7621 3661 9681.7912 021

1 4921 3921 4221.603

1 489

9911 2781 396

771858

1 004

1.5612 544

1 552

1 0721. 2281 2141.173

1.2071.349

.9941.4421. 4341 510

1.9002.1981.8131.535

. 1. 655

1.8411.9351.5891.8451.2001.152

1.5731 9842. 026

1.8141 3852 0131.8282 067

1 4951 4091 4461.619

1 497

.9921 2901.393

783870

1.023

1.5612 554

1 586

r 1 0761. 295

r I 300r 1.216

' 1. 2201.366

r 1. 002r 1 468' 1.438r 1. 510

' 1. 903' 2. 203' 1.849T 1. 537«• 1. 662

* 1. 868r 1. 969«• 1. 582r 1.819' 1. 218r 1. 165

r 1. 5912 0322.022

1.8761 3982 0241.8272 082

1 4961 4261 4451.625

r i 508

r . 992T 1 295

1.393

788r 8731.028

1.5682 565

.661 5661.23

r 1 116r 1. 307

1 3061.238

' 1. 2061.382

1.022r I 399r 1. 469r 1 551

' 1. 900T 2. 215r 1. 850r 1. 559T 1.681

r 1. 8992 005

r 1. 603T 1. 842

1.2241 171

r 1. 6201 9652.010

r 1. 874r I 4QQr 2 042r 1. 832T 2 099

1 498r i 423

1 447r 1. 646

r I 516

r.980r 1 312r 1.377

r 790r. 8741.031

1.5742 571

1 587

r 1.116r 1.311

1.3111.238

' 1. 2531.468

1.0401.477

' 1. 4891.569

' 1. 9202.2421.844

r 1. 5781.691

r 1.9182.016

r 1. 6551.916' 1. 232

1.173

1.6691.9902.010

1.8761 4222.0701.8472 123

1.5121 4441. 4521.671

1 537

.9421.3161.387

.797

.8781.032

1.5742.577

1.603

p 1. 127p 1. 334

p 1. 283

v 1. 504

p 1. 910

p 1.593

p 1. 942

p 1. 642

P 1. 242

1.585r 2 604

.79

1.30

FINANCE

BANKING

Acceptances and commercial paper outstanding:Bankers' acceptances __ __ mil. of dolCommercial paper do

Agricultural loans outstanding of agencies super-vised by the Farm Credit Administration:

Total mil. of dolFarm mortgage loans, total do

Federal land banks _ . _ doLand Bank Commissioner do

Loans to cooperatives doShort-term credit _ _ do

Bank debits, total (141 centers) do._New York City doOutside New York City do

Federal Reserve banks, condition, end of month:Assets, total mil. of dol

Reserve bank credit outstanding, total. __doDiscounts and advances _ _ _do _United States Government securities. _ _ do

Gold certificate reserves doLiabilities, total . do

Deposits, total doMember-bank reserve balances do _

Excess reserves (estimated) doFederal Reserve notes in circulation do

Reserve ratio-.. percent. _T Revised. » Preliminary. fRevised series.§Rates as of February 1, 1951: Common labor, $

280258

294453

95, 35938, 96256, 397

44, 19418, 326

14517, 82723, 16844, 19418, 34816, 211

69822, 926

56.1

See note i1.593; skill(

256257

279476

' 86, 29235, 72750, 565

44, 09718, 226

13017, 74623, 12044, 09718, 06415, 973

58322, 974

56.3

narked "t'3d labor, $2

245258

1,74496991653

265510

104, 03543, 11260,923

43, 56818, 070

22517, 59223, 02043, 56817, 79615, 657

50722, 911

56.6

' on p. S-l.615. *!

237257

255540

91, 68237, 02554, 657

43, 89518, 301

11317, 79623, 03543, 89518, 08315, 878

67622, 880

56.2

I.'Tew series.

231250

247564

100, 30141,46358, 838

43, 52517, 935

30617, 38922, 99843, 52517, 65515, 814

52622, 836

56.8

Compara

279240

1,81698093149

246589

107, 11343, 78163, 332

44, 28418, 703

4318, 33122, 98244,28418,31615, 934

43622, 921

55.7

ble data p

335259

246606

98, 50938, 75759, 752

. 43, 80418, 466

21917, 96922, 88643, 80418, 13916, 129

59522, 841

55.8

rior to Jam

374286

251606

115, 49050, 06765, 423

44, 04918, 820

8218, 35622, 38944, 04917, 91215, 989

21922, 947

54.8

lary 1948 a

397308

1 83898894147

269582

110, 10744, 91065, 197

45, 60420, 340

7219, 57222, 23545, 60419, 19716, 709

88822, 997

52.7

re not avai

383312

305546

111, 97443, 83768, 137

44, 82619, 798

11619, 25222, 04544, 82618, 39816, 514

58923, 075

53.2

lable.

383325

331519

110, 13243, 74066, 392

45, 44820, 638

16119, 69321, 79845, 44818, 68216, 763

64523,397

51.8

394333

1, 86198994643

350522

125, 43552, 59072, 845

47, 17222, 216

6720, 77821, 45847, 17219, 81017, 681' 1, 17223, 587

49.4

453356

356551

123, 22448, 20775, 017

47, 73823, 051

79821, 48421, 16047, 73820, 99818, 984

p91023, 026

48.1


S-16 SUKVEY OF CUREENT BUSINESS March 1951


1950



Decem-ber

1951

January

FINANCE— Continued

BANKING— Continued

Federal Reserve weekly reporting member banks,condition, Wednesday nearest end of month:

Deposits:Demand, adjusted mil. of dol__Demand, except interbank:

Individuals, partnerships, and corporationsmil. of dol__

States and political subdivisions doUnited States Government _do_ ._

Time, except interbank, total doIndividuals, partnerships, and corporations

mil. of dol__States and political subdivisions do _ _

Interbank (demand and time) doInvestments, total do

U. S. Government obligations, direct andguaranteed, total mil. of dol

Bills do ..Certificates doBonds and guaranteed obligations doNotes do

Other securities doLoans, total do

Commercial, industrial, and agricultural-doTo brokers and dealers in securities doOther loans for purchasing or carrying securities

mil. of dol. _Real-estate loans doLoans of banks doOther loans _ _ __ do

Money and interest rates tfBank rates on business loansrf

In New York City percenti i ern. a easie cines__ --£f° --

Discount rate (N. Y. F. R. Bank) doFederal land bank loans _ doFederal intermediate credit bank loans doOpen market rates, New York City:

Acceptances, prime, bankers', 90 days doCommercial paper, prime, 4-6 months -doTime loans, 90 days (N. Y. S. E.) do_._.Call loans, renewal (N. Y. S. E.)_ ... ..doYield on U. S. Govt. securities:

3-mohth bills §.._ - _ do3-5 year taxable issues do

Savings deposits, balance to credit of depositors:New York State savings banks mil. of dol_.U. S. postal savings do

CONSUMER CREDIT

Total consumer credit, end of monthO.mil. of dol. _Instalment credit, total do

Sale credit, total doAutomobile dealers do_Department stores and mail-order houses

mil. of dol_ _Furniture stores- _ _ _ _ _ d oHousehold-appliance stores doJewelry stores _ doAll other retail stores do

Cash loans, total doCommercial banks doCredit unions doIndustrial banks doIndustrial -loan companies doInsured repair and modernization loans

mil. of dol. _Small-loan companies. _ doMiscellaneous lenders do

C harge accounts _ doSingle-payment loans 0 doService credit do

Consumer instalment loans made during the month,by principal lending institutions:

Commercial banks mil. of dol_.Credit unions _ doIndustrial banks doIndustrial-loan companies doSmall -loan companies. do

FEDERAL GOVERNMENT FINANCE

Budget receipts and expenditures:Receipts, total mil. of dol. _

Receipts, net __ doCustoms doIncome and employment taxes $ doMiscellaneous internal revenue doAll other receipts do

Expenditures, total t . __ __ doInterest on public debt doVeterans Administration do

47, 767

47, 6003,4562,322

15, 333

14, 578627

10, 39442, 780

37, 5952,7626,152

24, 7963,8855,185

24, 48613, 9181,364

5734,396

1544,455

1.504.082.00

1.061.311.631.63

1.0901.39

11,1793,183

16,36810,8366,1743,179

975902491

} 627

4,6621,957

404251175

801931142

3,5061,027

999

269593727

131

3,4803,366

37r 2, 612

645186

3,323463516

46, 926

47, 1933,4542,302

15, 377

14, 647609

10, 41542,090

36, 7742,2125,071

24, 8624,6295, 316

24, 74113,8341,529

5704,413

3024,470

1.504.082.00

1.061.311.631.63

1.1251.44

11, 2373,177

16, 15910, 8846,2133,256

958891492

616

4,6711,973

408254174

792928142

3,2331,0341,008

268613425

126

3,6072,972

35r 2, 886

59988

2,496161502

46, 162

45, 8483, 4312,691

15, 397

14, 660617

9,99441, 677

36, 1181,7684,638

24, 0165,6965,559

24, 88613,7901,670

5884,465

2124,540

2.292.553.121.504.082.00

1.061.311.631.63

1.1381.45

11,3253,168

16, 33811, 0776,3343,355

960899502

618

4,7432,026

421258176

783936143

3,2111,0451,005

336784331

163

5,6224,820

43' 4, 791

70188

3,269636588

National defense and related activities*.. do.. _ _ 1,046 936 1,051All other expenditures* do 1,298 897 994p Revised. * Preliminary. i Series was changed on April 1 to \% percent Tr2 Data reflect a reduction of $1,746,000, representing net investments of wholly o

tures in July- October. cf For bond yields see p. S-19. fRevised series. Annu?§Re vised to reflect yields on bills issued rather than on bills announced; compar©Revised beginning 1929 to exclude nonconsumer single-payment loans; data pr9 Revised beginning January 1950 to include employment taxes formerly showi

p. S-14 of the April 1950 SURVEY; those for national defense and all other expenditure

46, 928

46, 6723,6011,668

15, 472

14, 717633

10, 35641, 525

35, 9161,7534, 307

24, 0805,7765, 609

25, 00913, 4201,813

6244,522

3684,644

1.504.082.00

1.061.311.631.63

1.15911.45

11, 3633,151

16, 63911,3226,5113,470

979913518

631

4,8112,066

431262178

785945144

3,2411,0671,009

307703728

154

2,0921,488

34r 1, 359

62969

2,847184509964

1,190easury notwned Gov\\ averagesable data 1ior to Octoi separatels (July 194*

47,533

47, 8563,5711,982

15, 496

14, 738636

9,93042, 070

36, 4562,1254,420

24, 1935,7185,614

25, 03313, 3591,801

6274,595

2354,800

1.504.082.00

1.061.311.631.63

1.1661.45

11,4113,125

17, 07711,6676,7333,600

1,011935537

650

4,9342,134

450267182

797959145

3,2901,0921,028

348834332

168

2,8952,320

38r 2, 016

704138

2,962136504

1,0071,315

3S of Marcleminent ccfor 1939-48or Januaryber 1949 ary. JReviJ-Februarj

47, 972

47, 9253,6112,350

15, 552

14, 768652

10, 09842, 376

36, 6382,6412, 916

24, 4336, 6485,738

25, 58413, 6021,717

6524,682

4054,912

2.342.673.221.504.082.00

1.061.311.631.63

1. 1741.47

11, 5123,097

17, 65112, 1056,9953,790

1,032947561665

5,1102,233

474275187

816978147

3,3921,1161,038

379934634

175

4,7764,404

40r 3, 875

714146

4,2961,611

465998

1,2221 15, 1954 aiDrporationson the neA' 1947-Nove availablesions for to1949), on i

48, 264

48, 5553,4431,946

15, 387

14, 613638

10, 34541, 466

35, 4961,8312,134

24, 5137,0185,970

26, 38114, 0221,934

6764,815

2145,111

1.504.082.00

1.061.311.631.63

1.1721.45

11, 4763,061

18, 29512, 5987,3433,994

1,081976597695

5,2552,316

495282192

826995149

3,5271,1331,037

381844532

166

2,1481,881

39r 1, 232

737140

3,013271449

1,0241,269

ad 1^ percand agen

N basis areember 194Supon requ

tal budget). S-17oftt

48,995

49, 3683,3212,390

15, 331

14, 535663

10, 12541, 317

35, 0822,2971,359

23, 5397,8876, 235

27, 25314, 7391,427

7434,938

3585,439

1.754.082.00

1.161.441.631.63

1.2111.45

11, 4483,021

18, 84213, 0097,6134,107

1,123998658

727

5,3962,401

514290197

8351,009

150

3,6361,1571,040

387884633

166

3,2382,860

52r 2, 108

948129

2, 515134466

1,149766

ent Treasucies in putavailable iare availa

est.expenditiule Septemt

49,238

50, 1983,2452,338

15, 329

14, 537662

10, 28540, 265

33, 8452,3911, 156

22, 4267,8726,420

28, 50215, 7251,487

7185,035

3395,590

2.322.633.131.754.082.00

1.311.661.631.63

1.3151.55

11, 4622,991

19,32913, 3447,8584,213

1,1591,028

702

756

5,4862,462

524295201

8441,010

150

3,7411,1971,047

356764032

149

4,8424,605

47r 3, 947

77573

3,520646402

1,0371,435

ry notes of)lic debt s<ipon requeble upon re

•es (June 1£>er 1950 Su

49, 471

50, 4453,3621,805

15, 292

14, 513653

11,03239, 850

33, 5352,4811,048

22, 2467,7606,315

29, 38716, 4761,355

7285,126

3125,786

1.754.082.00

1.311.731.631.63

1.3291.65

11, 4642,967

19, 39813, 3897,8794,227

1,1701,019

705

758

5,5102,460

524294201

8531,026

152

3,7031,2501,056

298663928

149

2,3002,056

57r 1, 291

808144

3,170229460

1,3381.142

March 15jcurities wSt.quest.

48-JanuarRVEY.

50, 546

51, 3053,3711,624

15, 242

14, 475642

10, 85439, 337

32, 9842,0441,124

22, 1147,7026,353

30, 58617, 0841,671

7925,213

3775,845

1.754.082.00

1.311.691.631.63

1.3641.62

11, 525' 2, 947

r 19, 405' 13, 306

7,8054,175

1,1721,003

702

753

' 5, 5012,435

521292200

r863T 1, 037

153

3,7391,2981,062

257643427

165

3,1842, 851

54r 2, 250

746133

2 3, 102142470

1,4461,045

1955.hich were

y!949) are

' 51, 642

r 53, 518- 3, 393' 1, 572' 15, 346

«• 14, 578••642

12, 956' 39, 795

' 33, 2942,470

r 21, 573r 9, 251

6, 50131,41717, 8591,578

7505,280

5105,877

2.512.873 281.754.082.00

1.311.721.631.63

1.3671.64

11, 646P 2, 923

v 20, 102v 13, 467P7,909p 4, 126

P 1, 245p 1, 029

P714

p795

v 5, 558P 2, 431

P525P291P203

P867P 1, 084

P157

P4,539v 1, 334P 1, 062

P289p72P37P29

"234

4,4744,211

54r 3, 538

764117

3,742968443

' 1, 510808

classified a

shown at

51,220

51,7603,6571,622

15, 250

14, 533689

10, 81838, 039

31, 5571,651

21,2058,7016,482

31, 54118, 1201,554

7545,299

3175,946

1.754.082.03

1.391.861.631.63

1.3871.66

11,635P2,902

p 19, 903p 13, 255

p 7, 691p 4, 056

p 1, 197p981p696

P 761

P 5, 564P 2, 439

P518P289P202

P869p 1, 089

P158

p 4, 233p 1, 353p 1, 062

P326p67p39p28

P162

4,6214,448

573,538

853173

3,808514472

p 1,6631,159

s expendi-

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



1950



Decem-ber

1951

January

FINANCE—Continued

FEDERAL GOVERNMENT FINANCE— Con.

Debt, gross:Public debt (direct), end of month, total

mil. of dol__Interest-bearing, total do

Public issues _ - do __Special issues do

Noninterest bearing doObligations guaranteed by U. S. Government,

end of month mil. of dolU.S. savings bonds:

Amount outstanding, end of month doSales, series E, F, and G do ..Redemptions do

Government corporations and credit agencies:Assets except interagency, total mil. of dol

Loans receivable total (less reserves) doTo aid agriculture doTo aid home owners doTo aid railroads doTo aid other industries doTo aid banks doTo aid other financial institutions doForeign loans doAll other do

Commodities supplies and materials do

Other securities doLand structures and eciuipment doAll other assets do

Liabilities except interagency total doBonds, notes, and debentures:

Guaranteed by the United States doOther do

Other liabilities do

Privately owned interest doU . S Go verment interest do

Reconstruction Finance Corporation, loans andsecurities (at cost) outstanding, end of month,total mil. of dol

Industrial and commercial enterprises, includingnational defense mil. of doL.

Financial institutions - doRailroads _ . _ do. _States, territories, and political subdivisions^ doUnited Kingdom and Republic of the Philippines

mil. of doL_Mortgages purchased doOther loans. __ _ do

LIFE INSURANCE

Assets, admitted:All companies (Institute of Life Insurance) , esti-

mated total mil. of dolSecurities and mortgages do

49 companies (Life Insurance Association ofAmerica), total mil. of doL.

Bonds and stocks, book value, total doGovt. (domestic and foreign), total ..do

U. S. Government doPublic utility doRailroad doOther .__ _ _ do

Cash . doMortgage loans, total do

Farm_ _ doOther do

Policy loans and premium notes doReal-estate holdings doO ther admi tted assets _ _ do

Life Insurance Agency Management Association:Insurance written (new paid-for-insurance) :

Value, estimated total mil of dolGroup __ doIndustrial doOrdinary, total _ _ do

New England doMiddle Atlantic doEast North Central _ _ doWest North Central doSouth Atlantic doEast South Central do__West South Central doMountain _ _ doPacific do

Institute of Life Insurance:Payments to policyholders and beneficiaries,

estimated total thous. of dolDeath claim payments doMatured endowments __ doDisability payments do__Annuity payments doPolicy dividends doSurrender values _ do

256, 865254, 869221, 36733, 502

1,997

27

57, 108707618

1,951

50011411129

1471,012

37

59, 78153,911

r 53, 182r 37, 408r 15, 886r 13, 747

r 9, 318r 2, 868T 9, 335

'850r 10, 697r 994

r 9, 703r 1, 937

1,113r 1, 177

1,745212402

1,13185

293239104124449535

111

327, 079132, 25946, 6438,969

25, 32360, 42253, 463

256,368254, 406221, 53532, 871

1, 962

27

57, 345581418

1,998

50711311027

1451, 060

37

60,08054, 252

53, 44537, 58815, 85313, 7169,4732,8779, 386

70410, 8311,0069,8241,9521,1241,246

2,335706433

1,19682

29425311113648

10540

127

288, 708124, 54938, 750

7,80019, 43447, 16851, 007

255, 724253, 506221, 40832, 0982,218

24

57, 446524510

24, 36013, 3504,8511,324

113496

3328

6,101492

1, 5672,2213,4882,932

801

2,801

21708

2,072

19021, 368

2,043

51611211027

1391,102

37

60,38254, 592

53, 69737, 68715, 83413, 6849,5032,8789,472

68711, 0161,0209,9961,9631,1341,210

2 413443490

1,48096

35930713816665

13548

165

358, 738152, 03448, 0708,354

21, 70465, 46063, 116

255, 718253, 516221, 71431, 8022,202

22

57, 534423413

2,070

52411211125

1371,125

37

60,66054,839

53, 93637, 71615, 79013, 6409,5512,9069,468

68911, 1811,036

10, 1441,9721,1441,234

2, 171382445

1,34488

31727712115960

12048

154

295, 802128, 73140, 2167,884

19, 88846, 46352, 620

256, 350254, 183222, 31531, 8682,167

20

57, 576416454

»

2,105

54211011125

1331,147

37

60,97355, 034

54, 19637, 67415, 59813, 4539,6382,9149,524

71911,3791,054

10, 3251,9831,1591,283

2,273341479

1,45398

33629312917961

13253

172

313, 640137, 94141, 2988,440

21, 46645, 13959, 356

257, 357255, 209222, 85332, 3562,148

20

57, 629398456

24, 11812 5023,7731 316

113515

3451

6,116485

2,1862,1013,4832,924

923

2,238

18774

1, 446

20121, 679

2,085

51811011025

1281,156

37

61, 30755, 311

54,47637, 67915, 38313, 2569,7402,9499,607

79411,6111,071

10, 5401,9941,1761,222

2,280431431

1, 41896

32429212816860

13450

165

330 149133, 97348, 1178,583

21, 56857, 66460, 244

257, 541255, 403222, 88432, 5182,138

16

57, 655417505

2,113

52510911025

1261,180

36

61, 67955, 675

54, 81137, 78115, 36613, 2429,8062,9489,661

72611,8211,085

10, 7362,0091,2071,267

2 304515392

1,39796

31228412717562

12551

165

277, 771117, 58836, 949

7,46221, 18344, 14750, 442

257, 874255, 764223, 05932, 7052,110

18

57, 451350537

2,166

53510811025

1251,227

36

61, 98855, 909

55,07837, 73115, 17013, Oil9,9002,9619,699

72512, 0641,099

10, 9652,0241,2161,317

2,519349393

1,77711736134616923984

18564

212

302, 338131, 43338, 1908,658

21, 09045, 94357, 024

257, 216254 968221, 57233, 3962,247

20

57, 473310475

24 10212 7693 6841 387

113539

2708

6 103498

1,7392 1123,4782 9311,073

2,097

191 108

970

21421, 791

1 1 009

51810511124

118!97

36

62 37056, 224

55, 38137, 75815.04512, 8399 9432 9739 797

71212, 3021 110

11 1922,0361 2281,346

2 384553391

1,44089

29430214017764

13555

183

280 449115, 93335, 8348,542

19, 07748, 45652, 607

256, 937254, 731221, 19133, 539

2,206

22

58, 027971497

1 997

51510511124

113194

36

62 70656, 334

55, 66937. 54814, 68712, 50210. 0422 9889,831

84812, 5701,125

11 4452, 0471,2441,412

2 570700475

1 39595

32029912816265

12148

158

304 642141 53940, 9648,282

21 05642, 43950. 362

257, 077254 887221 15633 7322 igg

24

58 096436448

l ggg

42610310823

108i 93

36

63 02256 652

55, 93237 52214, 41412 21810 0922 987

10 030799

12, 8661 136

11 7312 0561 2591 429

2 669881432

1 35695

33329312014760

11147

150

305 847136 41240 4938 381

21 25343 37855. 930

256, 708254, 282220, 57533, 7072,425

24

58, 248541509

1893

43610310823

971 92

36

63, 69957, 158

56, 51937, 62414, 22112, 02310 1752 998

10 229789

13, 2521 148

12 1042 0671 2781 509

2 9541 142

3701 442

9432330014616256

12959

174

345 502137 35239 566

8,22218 13187 92254. 309

256, 125253, 704219, 71233, 9922,421

18

58, 191476653

1890

43910210622

95190

36

64, 28557, 534

56, 87537, 53614, 06411,86510, 1793,011

10, 281863

13, 5731, 170

12, 4032,0781,2861,538

2,068333395

1,34010533628112014752

11545

139

371 059157 30950 8699,487

27 99966 00459. 391

r Revised. 1 Excludes holdings of the Federal National Mortgage Association; this agency was transferred to rhe Housing and Home Finance Agency on Sept. 7, 1950.




1950

January Febru-ary March April May June July August Septem- October Novem-

berDecem-

ber

1951

January

FINANCE—Continued

LIFE INSURANCE— Continued

Life Insurance Association of America:Premium income (39 cos.), total thous. of dol_.

Accident and health _ _ doAnnuities doGroup _ - doIndustrial doOrdinary - do _ _

MONETARY STATISTICS

Gold and silver:Gold:

M on etary stock U S mil.ofdolNet release from earmark § thous. of doL_Gold exports doGold imports _ - do _ _Production reported monthly total! do

Africa _ _ _ doCanada doUnited Statesf do

Silver:Exports -- - doImports doPrice at New York dol. per fine ozProduction:

Canada thous. of fine ozMexico doUnited States - _ __ do

Money supply:Currency in circulation _ _ -mil.ofdolDeposits, adjusted, all banks, and currency out-

side banks, total O mil. of doL_Currency outside banks doDeposits, adjusted, total, including U. S. de-

posits© mil. o f d o l _ _Demand deposits, adjusted, excl. U. S_ . doTime deposits, incl. postal savings do

Turn -over of demand deposits, except interbank andU. S. Government, annual rate:

New York Citv ratio of debits to depositsOther leading cities do

PROFITS AND DIVIDENDS (QUARTERLY)

Manufacturing corporations (Federal Reserve):*Profits after taxes total (200 cos ) mil of dol

Durable goods total (106 cos ) doPrimary metals and products (39 cos.) doMachinery (27 cos ) doAutomobiles and equipment (15 cos ) do

Nondurable goods total (94 cos ) doFood and kindred products (28 cos.) doChemicals and allied products (26 cos ) doPetroleum refining (14 cos ) do

Dividends total (200 cos ) doDurable goods (106 cos ) doNondurable goods (94 cos ) do

Electric utilities, profits after taxes (Fed. Res.) 9mil. of dol

Railways and telephone cos. (see p. S-23).

SECURITIES ISSUED

Commercial and Financial Chronicle:Securities issued, by type of security, total (new

capital and refunding) __mil. of dol__New capital, total do

Domestic, total doCorporate do.. .Federal agencies -do_ .Municipal, State, etc do .__

Foreign - doRefunding, total.. _ „ do

Domestic, total -do __Corporate _ _ doFederal agencies do _Municipal, State, etc do_ _

Securities and Exchange Commission:!Estimated gross proceeds, total.. do

By type of security:Bonds and notes, total. . do_ _

Corporate doCommon stock _ _ doPreferred stock do

By type of issuer:Corporate, total do

Manufacturing* . _ _ do _Public utilityf- _ _ . d o _ _ -Railroad _ doCommunication* doReal estate and financial . _ do

Noncorporate, total __ do. _U. S. Government doState and municipal. ___ __ do

'Revised. » Preliminary. l Less than $50C§Or increase in earmarked gold (— ) . JRevisio

April 1949 for securities issued (SEC data) are avails*New series. Data on profits and dividends co\

1946-March 1948 are shown on p. 23 of the June 19509 Revisions for 1946-48 are available upon reque

483, 24832, 28479, 11851, 21372, 425

248, 208

24, 395-93, 162

7, 22346, 20164, 00738, 78012, 3995,869

478,065

.733

1,1963,7002,965

26, 941

172, 90024, 500

148, 40086, 40058, 700

28.618.9

1,18581781755330

2330

369269108159

1

2,098

1,984500

4470

61432

21294

20620

1,4841,118

235

,000.ns for Jamible uponer large mSURVEY.

st. fRe

469, 517,32, 14564. 43534, 44466, 613

271, 880

24, 345-50, 411

4,1194, 350

60, 09336, 45612, 2475,506

304,355.733

1,3854,1002,496

27, 068

172, 40024, 700

147, 70084, 50059, 000

29.318.9

80971170814613

5503

98832057

6

1,631

1, 571200

4713

25964

11813

0)24

1,371810546

lary-Mayrequest,anufacturiData on s

vised series

558, 51039, 69667, 70142, 88679, 324

328, 903

24, 246-95, 432

4,3382,706

66, 40739, 66113, 4176,084

1106,317.731

1,7683,8003,721

27, 042

171, 40024, 600

146, 80083, 20059, 300

29.419.3

80449616782

215308

4711787

387220166

230

1,06076975036521

36319

292229168583

1,866

1,772452

6430

54750

21010818

1321,320

886366

1948 for UnOU. S. G

ng corporaecurities is. Data (c

420, 37133, 12351, 56631, 55358, 570

245, 559

24, 247-59, 175

2,13055, 41963, 24737, 61512, 9416,717

623,412.718

1,4543,1004,224

27, 048

171, 60024, 600

147, 00084, 30059, 500

29.719.4

70054052032723

17020

16016089656

1,300

1,10329313661

49036

239312387

810634176

ited Statesovernmenions (totasued for miover ing ele

474, 30539, 82352, 13238, 31170, 648

273, 391

24, 231-29, 873

1,55314, 62865, 88539, 93013, 0826,819

708,253

.726

1,7513,8003,890

27, 090

172, 40024, 700

147, 70085, 00059, 500

29.719.2

1,06177177042739

3041

2902822373114

1,678

1,5305207672

669189317

691332

1,010689319

and totaldeposits jassets end

mufacturiictric, gas,

539, 20838, 58472, 47739, 35175, 220

313, 576

24, 231-17, 627

2,24612, 274

38, 94012, 913

6, 645

1,2196,126.728

1, 9684,4002,669

27, 156

173, 76525, 185

148, 58085, 04059, 739

30.720.2

1,04869522594

330353

5714195

393218175

212

1,28595494959818

3345

3303302763520

2,311

2,05581316096

1,069174566

7564

1291,242

882359

gold produt Federalof 1946, $1

ig and comand water

442, 30334, 50567, 16035, 43261, 966

243, 240

24, 136-89, 969

4,0692,556

38, 96912,8937,078

37510, 408

.728

2,2863.3004,102

27, 010

p 173, 900P 24, 400

p 149, 500P 86, 500v 59, 400

31.020.3

579505505292

8204

0757521531

1,228

1,1542414727

3156948132431

913706205

etion are s'Reserve ba0,000,000 amunicatiocompanies

r 477, 97643, 02554, 86542, 11366, Oil

271, 962

23, 627-431, 378

46, 3684,146

39, 42513, 1777,890

4258,904.728

* 2, 2824,0003,660

27, 120

» 174, 800v 24, 500

P 150, 300p 87, 400p 59, 100

33.819.9

795555529263

0265

26240190134488

1,544

1,489352

1838

40743

22942

739

1,137773299

town in thnks are noad over) ; qn for Janua) are avails

476, 12238, 79648, 94830, 10175, 080

283, 197

23,483-65,889

108, 44811, 998

38, 44312, 7717,846

33417,371

.728

r 2, 1644,0004,222

27, 161

* 175, 300P 24, 500

* 150, 700v 88, 100v 59, 000

34.221.5

» 1,242p 778P255p 109p 357f 464P86

p 174P 131p 546p 341^205

v 171

94370768727014527219

23621920

1936

1,248

1,170'368

4830

41671

167178

28832531279

3 August 1t included,uarterly a1

ry 1948-Mible beginn

452, 45346, 54553, 74138, 50764, 925

248, 735

23, 249-146,220

95, 9672,519

38, 30613, 1908,170

33512. 350

.751

2,3984,4002,747

27, 228

P 176, 100p 24, 600

p 151,500p 89, 400p 59, 000

30.720.9

794651646465

0181

5143

7777633

r 1, 983

r 1, 790'328

88' 105

••561' 184'226'34'24'47

' 1, 4221,228

189

949 SUBVEI

Forages foray 1949 areing Januai

491, 85043, 80664, 14137, 84963, 386

282, 668

23, 037-35,311

146, 7483,117

13. 25S7,545

94713, 870

.800

4,3003, 433

27, 595

p 177, 200p 24, 800

p 152, 400P 90, 700p 58, 700

31.421.7

752598584229

0356

14154154746514

' 1, 434

'1,362'320

23'50

'393'128' 176'24'9

'23' 1,042

655384

r, p. S-18.

1939-48 anavailable iy 1948.

757, 99867, 5P6

108,35660, 672

111.091338, 283

22, 706-237,935

95, 8252,833

6, 960

2, 24^)10 602

.800

3,939r 27, 741

p 180. 000p 25, 000

p 1 55, 000p93 200p 59, 000

37.223.0

1,499

1,3964505943

553148178724

33946777166

Revision

d quarterlip on reque

p 22, 392-248, 540

62, 8242,340

3, 62310, 999

.887

p 27, 045

p 178, 500p 24, 600

p 153,900p 92, 100p 59, 000

32.922.0

1,180

1,1122063434

27438

134442

28906730175

s for 1948-

y data forSt.


March 1951 SUKVEY OF CURRENT BUSINESS S-19


1950



Decem-ber

1951

January

FINANCE—Continued

SECURITIES ISSUED— Continued

Securities and Exchange Commission^— ContinuedNew corporate security issues:

Estimated net proceeds, total mil. of dol__Proposed uses of proceeds:

Now money, total do _Plant and equipment. - doWorking capital do

Retirement of debt and stock, total _ _ doFunded debt doOther debt ...doPreferred stock do

Other purposes do __Proposed uses by major groups:

Manufacturing, total* doNew money doRetirement of debt and stock do

Public utility, total t doNew money doRetirement of debt and stock do

Railroad, total doNew money doRetirement of debt and stock do

Communication, total* doNew money doRetirement of debt and stock do

Real estate and financial, total doNew money doRetirement of debt and stock do

State and municipal issues (Bond Buyer):Long-term thous. of doL_Short-term _ __ _ do

COMMODITY MARKETS

Volume of trading in grain futures:Corn mil. of buWheat do

SECURITY MARKETS

Brokers' Balances (N. Y. S. E. MembersCarrying Margin Accounts)

Cash on hand and in banks mil. of dolCustomers' debit balances (net) doCustomers' free credit balances .. doMoney borrowed _ __ _ _ _ . do

BondsPrices:

Average price of all listed bonds (N. Y. S. E.),total § ~ _ -- _ dollars

Domestic doForeign do

Standard and Poor's Corporation:Industrial, utility, and railroad (A1+ issues) :

Composite (17 bonds) * _ . _ dol. per $100 bond__Domestic municipal (15 bonds). do -

U. S. Treasury bonds, taxable doSales:

Total, excluding U. S. Government bonds:All registered exchanges:

Market value thous. of dolFace value do

New York Stock Exchange:Market value doFace value do

New York Stock Exchange, exclusive of stoppedsales, face value, total § thous. of doL_

U. S. Government __ . _ doOther than U. S. Government, total § _ _ . do

Domestic doForeign do

Value, issues listed on N. Y. S. E.:Market value total, all issues§ mil of dol

Domestic doForeign * do

Face value, total, all issues § doDomestic doForeign - _. do

Yields:Domestic corporate (Moody 's) percent- _

By ratings:Aaa . _ .- doAa doA doBaa . do

By groups:Industrial _ ... ___ doPublic utility doRailroad __ - _ do

Domestic municipal:Bond Buyer (20 bonds) doStandard and Poor's Corp. (15 bonds) do

U. S. Treasury bonds, taxable _ _ d o _ _ _

605

453405

4810439531248

31273

20814830932766

205202

2206

0)

248, 176178, 972

154237

901669493

102. 11102. 5674.46

122.7131.3

104. 16

107, 958144, 088

103, 400138, 310

119, 72725

119,702108, 32311, 280

128,021126, 290

1,475125, 373123, 142

1,981

2.83

2.572.652.853.24

2.632.793.07

2.052.082.20

255

190130604630133

18

634714.

116843213130

0)0)

02311

0)568, 839167, 048

103230

953669522

101. 95102. 3874.80

122.7131. 7

103. 62

67, 51284, 939

63, 44378, 760

68, 48772

68, 41559, 2159,161

127, 777126, 054

1,469125, 332123,119

1,963

2.83

2.582.652.863.24

2.632.783.08

2.022.062.24

538

371242129150138111

17

493811

20613067

107852218180

1327550

361, 726100, 279

140364

1,018666579

101. 78102. 2075.48

122.7131. 5

103. 24

88, 494116, 471

84, 757111, 305

98, 7041

98, 70387, 24611, 420

125, 846124, 116

1,476123, 645121, 440

1,955

2.84

2.582.662.863.24

2.642.783.08

2.012.072.27

480

34429549

1263676149

3424

7234189

443127

423221

8629

61

184, 192114, 088

142342

1,084678619

101.53101. 9475.81

122.5131.2

1C2. 87

77. 91697, 114

75, 16193, 378

85, 11724

85, 09376, 4538,616

125, 497123, 766

1,477123, 610121,411

1,949

2.84

2.602.662.863.23

2.642.793.08

2.032.082.30

658

30621294

3411641374011

18680

1033121111996939301313

C1)3127]

355, 150119, 129

190387

1.175657750

101. 43101. 8475.89

122.1131. 5

102. 73

84, 94196 720

82 03692, 926

82, 34714

82, 33375, 0387,261

125 353123 633

1 466123, 581121, 400

1,931

2.86

2.612.692.883.25

2.652.813. 12

1.992.072.31

1, 055

625451174381311

655

49

169109

52560370175

741540643

60127

9235

361, 30279, 256

154370

3141,256"

673827

100. 94101.3773.92

122.0131.0

102. 42

100 444113 114

97 466109 088

105, 47410

105, 46497, 1328 262

124 633122 957

1 421123, 471121 298

1,923

2.87

2.622 692.903.28

2.662 813 15

2 002.092.33

311

21113171401920

(i)60

6850164734131313o24213

3025

I

206, 855136 896

167518

1 208712755

101 25101 7271 71

121.5131 1

102. 24

106 848132 672

103 389128 381

113, 04037

113 003105 879

7 044

125 209123 581

1 375123 660121 493

1 917

2.90

2 652 722 923 32

2 692 833 19

1 852.092.34

402

22518936

154132176

23

42209

2271151114238

466

0)392214

322, 795172 480

132336

1 231789752

101 33101 7972 56

122.1134 8

102. 28

82 96210o' 627

80 53697' 044

80, 58312

80, 57174 8655 688

125 257123 607

1 3°6123 612121 437

1 924

2.85

2 612 672 873 23

2 662 803 08

1 831.902.33

408

306248586428325

37

704322

165147U1717o753

2821

5

290, 00639 798

143275

1 284738751

101 06101 5274 05

121.7135 2

101. 90

68 65484 250

65 79580 272

76, 48412

76 47268 7177 740

118 861117 158

1 451117 618115 409

1 959

2.86

2 642 712 883 21

2 682 843 07

1 851.882.36

'550

'312'255' 57

'218'62' 129

27'20

' 180' 65

. '114' 221' 157' 49' 34' 34o' 23' 15

8r 46r 20

23

229, 427123 887

132253

1 351771759

100 83101 27

73 37

121.1136 4

101. 64

77 83393 748

74 681go' 132

83, 9821 636

82* 34674 3407 981

118 417116* 802

1 362117 441115 334

1 857

2.88

2 672 722 913 22

2 702 853 09

1 751.822.38

'387

'268'193' 75

' 105'63'28

13' 15

' 127' 78r 41

' 173' 125

r 48' 24' 24o' 9' 6

2' 23' 17

394, 581202 771

243317

1 360796774

100 89

101 3071 88

121.1137 0

101. 69

76 91494 709

74 64691 786

87, 26013

87 24778 6418 602

118 507116 870

1 385117 544115 367

1 927

2.88

2 672 722 923 22

2 702 863 08

1 751.792.38

546

376269107145

72712

25

14611326

17515520721656431

32188

r 170, 557r 176, 520

227391

3971, 356

890745

100. 93101.4570 41

121.1137.4

101. 53

97, 580120 019

95 099116, 476

111, 22223

111, 199101, 824

9 355

115 952114 347

1 354114 889112 716

1,923

2. 88

2 672 722 913 20

2 702 873 07

1 701.772.39

269

2431934925121122

37298

132126

644440220

27251

180, 140115 289

265449

1 411948690

101 18101 6971 71

121. 4140 5

101. 56

112 608135 823-

110 023132 186

119, 9991

119 998110 534

9 446

116 165114 541

1 374114 808112 643-

1 916

2. 86.

2 662 712 89'3 17

2 692 853 03

1 581.622. 39

r Revised. 1 Less than $500,000.{Revisions for 1948-April 1949 are available upon request.*New series. For S. E. C. data, see corresponding note on p. S-18. Bond prices are averages of weekly data for high-grade corporate issues; monthly data beginning 1900 are available upon

request.t Re vised series. See corresponding note on p. S-18.§Sales and value figures include bonds of the International Bank for Reconstruction and Development not shown separately; these bonds are included also in computing average price

of all listed bonds.



Unless otherwise stated, statistics through1948 and. descriptive notes are shown in the1949 Statistical Supplement to the Survey

1950



Decem-ber

1951

January

FINANCE—Continued

SECURITY MARKETS— Continued

Stocks

Cash dividend payments publicly reported:Total dividend payments.. _ mil. of dol- -

Finance - doManufacturing doMining - doPublic utilities:

Communications doHeat light, and power -- - -- do.- -

Railroad doTrade -- doMiscellaneous do

dividend rates, prices, yields, and earnings, 200common stocks (Moody 's):

Dividends per share, annual rate (200 stocks)dollars- .

Industrial (125 stocks) doPublic utility (24 stocks) f doRailroad (25 stocks) _ _do _ -Bank (15 stocks) doInsurance (10 stocks) do _ _

Price per share, end of month (200 stocks).. doIndustrial (125 stocks) doPublic utility (24 stocks) f _.do--Railroad (25 stocks) _ _ .. -do

Yield (200 stocks), percent--Industrial (125 stocks) doPublic utilitv (24 stocks) f doRailroad (25 stocks) doBank (15 stocks) _ _ _ _ _ _ _ do -Insurance (10 stocks) do

Earnings per share (at annual rate), quarterly:Industrial (125 stocks) dollarsPublic utility 0?4 stocks) f doRailroad (25 stocks) do

Dividend yields, preferred stocks, 11 high-grade(Standard and Poor's Corp.) percent--

Prices:Dow- Jones & Co., Inc. (65 stocks) dol. per share. _

Industrial (30 stocks) doPublic utility (15 stocks). doRailroad (20 stocks) do

Standard and Poor's Corporation:Industrial, public utility, and railroad :§

Combined index (416 stocks) --1935-39 =100- -Industrial, total (365 stocks) do

Capital goods (121 stocks) doConsumers' goods (182 stocks) ..do

Public utility (31 stocks). doRailroad (20 stocks) do

Banks, N. Y. C. (19 stocks).- do—Fire and marine insurance (18 stocks) do

'Sales (Securities and Exchange Commission):Total on all registered exchanges:

Market value__ mil. of dol._Shares sold _ _ _ _ thousands..

On New York Stock Exchange:Market value _ _ _ . _ mil of dolShares sold thousands

Exclusive of odd lot and stopped sales(N Y Times) thousands..

Shares listed, New York Stock Exchange:Market value, all listed shares.. mil. of dol__N umber of shares listed millions..

530.2103.3232 1

4.6

60 746.311 758.413 1

3.263 421.692 252.472.40

51.9452. 5831.6031. 70

6.286.505 357.104,553.37

3.83

72.53199. 7941.5254.68

135.1142.6132.1143.4105. 8107 8101.8168.5

1,66373, 807

1,40956, 037

42, 576

77, 9402,181

213.237.1

103 21.5

.540.611.416.72 2

3.273 431.702.162.472.40

52. 3852.8831.9131.52

6.246.495 336.854.323.28

3.84

73.64203. 4642.6255.16

136.7144. 4134.5145. 3107.4107.2104. 2169.0

1,37459, 240

1,16445, 078

33, 406

78, 6392, 184

818.454.6

509 969.5

28 052.634 348.121 4

3.273 441.702.112.472.40

53.0753.7632.0831.30

6.166.405 306.744.423.30

1 6 602 521 37

3.81

74.52206. 3043.1655.48

138.8146.5136.3146.5109.6108.5107.7170.6

1,69067, 872

1,42254,725

40,411

79, 4832,204

483. 278.4

216.05.6

63.049.319.441.89.7

3.293.471.712.112.472.41

55. 0556. 1732.4731.38

5.986.185.276.724.383.44

3.82

75.86212. 6742. 8655.72

141.8150.0141.4148.7111.0109.5104.5166. 7

1,80786, 339

1,53264,018

48, 245

82, 4152,213

210.631.3

120.13.0

.642.03.07.63.0

3.323.511.742.042.472.41

57. 3258.7933.5131.64

5.795.975 196.454.263.29

3.82

77.68219. 3643.6156.36

146.9156.1148.9152.4112.8109.7107.9166.4

1,86681, 089

1,60562, 181

41,604

85, 6252,225

892.173.5

549.564.6

30.560.542.448.422.7

3.343.531.742.042.482.41

54. 0955. 5631.0729.49

6.176.355.606.924.543.41

1 8 502.585 67

3.85

77.37221.02

43.0454.96

147.7157.6149.7154.6111.5107.1108.5171.0

1,94973, 396

1,68057, 257

45,647

80, 6522,236

509.4113.3224.1

5.2

61.148.99.3

37.110.4

3.393.591.782.042.482.43

54.9856.4329.7334.61

6.176.365.995.894.503.74

3.92

73. 22205. 3038. 6956.46

138.2147.3138.6141.8103. 0109.7102.2157.1

1,93072, 026

1, 69257, 074

44, 549

82, 0002,247

212.942.2

106.53.6

.641.17.07.54.4

3.633.911.782.052.482.43

56.8058. 6830.0734.25

6.396.665.925.994.503.51

3.85

77.56216. 6038.8862.48

147.2158.0149.4149.1104.2120. 6104.6159.2

1,70065, 977

1,45650, 038

' 38, 473

85, 0532,257

1, 152. 273.4

800.780.1

30.358.630.754.124.3

3.663 951.782.152.502.43

58.8761. 2730.5835.62

6.226.455.826.044.453.27

1 p 9 002. 539 75

3.85

80.21223. 2139.4465.93

151. 7163.3153.2155.4104.9125.1105.8168.7

1,60863, 712

1,38048,009

38, 594

88, 6732,272

489.486.0

221.26.0

59.949.313.444.59.1

3.844.171.842.242.502.43

59.1361.6530. 5535. 03

6.496.766.026.394.633.22

3.88

82.91229. 3240. 6369.09

157.8170.7159.3164.9106.2129.2105.4175.1

2,09084, 451

1, 79664, 422

48, 390

88, 5252,325

' 232. 0'34.8

r 123. 1'2.5

T .6P43.2r!4. 0

r8.5r 5.3

4.044.401.852.452.602.66

59.3761.7730. 3435.70

6.807. 1 2

6.106.864.613.43

3.88

82.56229. 3840.4168.32

156.1168.8159.9160.2105.0126 5104. 6180.2

1,86466, 685

1,61851, 231

43, 085

89, 5062,333

2,141.8199.0

1.459 3146.1

29.774.592.390.550.4

4.064 441.852.472.612.71

61.8064.4630.8140.95

6.576.896.006.034.713.43

3.89

84.242?9. 2639.5974.04

158.4171.2164.3157.8104.4139.4105.2184.2

2,26193, 209

1.98172, 737

59, 820

93, 8072,353

430.8103.2133 1

4.0

66.941.915 256.89.7

4.114 491.852,542.652.71

65.0168.2131.8644.34

6.326.585 815.734.733.52

3,87

90.86244. 4542.0682.05

168.6182.6175.2165.9108.6152. 8106.3185.7

2,969122, 363

2,57291,995

70, 181

99, 3402,384

INTERNATIONAL TRANSACTIONS OF THE UNITED STATES

BALANCE OF PAYMENTS (QUARTERLY)

Exports of goods and services, total mil. of do l__IVIerchandise adjusted doIncome on investments abroad doOther services • do

Imports of goods and services total doMerchandise adjusted doIncome on foreign investments in TJ S doOther services do

Balance on goods and services do

Unilateral transfers (net) total doPrivate doGovernment do

U S long- and short-term capital (net) total doPrivate doGovernment do

Foreign long- and short-term capital (net) do

Increase (— ) or decrease (+) in U. S. gold stockmil of dol

Errors and omissions do

3,2712 448

335488

2 5671,961

77529

+704

—1 130—109

-1,021

—152-76

76

+248

+203

+127

3,5222,604

379539

2,7111,994

125592

+811

-1,244-113

-1,131

—152-113-39

+638

+29

-82

r 3, 491r 2, 508

>-441"•542

r 3,400r 2, 531

T 97r772

' +91

r —968r -99' -869

r 703' -667'-36

r +835

+740

r+5

4,0673 119

415533

3 4642,801

123540

+603

— 1 230— 118

-1,112

—242234—8

+ 148

+771

-50r Revised. * Preliminary. 1 As reported. The retroactive higher taxes are estimated to reduce full year's earnings to about $8.00.fRevised series. Data for American Telephone and Telegraph stock (included in figures for 200 stocks) are excluded. Monthly data for 1929-48 are available upon request.§Number of stocks represents number currently used; the change in the number does not affect the continuity of the series.


March 1951 SUEVEY OF CUERENT BUSINESS S--21


1950



Decem-ber

1951

January

INTERNATIONAL TRANSACTIONS OF THE UNITED STATES—ContinuedFOREIGN TRADE }

Indexes

Exports of IT. S. merchandise :1Quantity 1936-38 =100Value doUnit value do

Imports for consumption :1Quantity doValue doUnit value do

Agricultural products, quantity:Exports, domestic, total:

Unadjusted 1924-29=100Adjusted do

Total, excluding cotton:Unadjusted doAdjusted do

Imports for consumption:Unadjusted doAdjusted do

Shipping Weight

Water-borne trade:Exports including reexports thous of long tonsGeneral imports do

Value

Exports, including reexports, total mil. of dol__By geographic regions:

Africa thous. of dolAsia and Oceania doEurope doNorthern North America doSouthern North America doSouth America do

Total exports by leading countries:Africa:

Egypt doUnion of South Africa do

Asia and Oceania:Australia including New Guinea doBritish Malaya doChina doIndia and Pakistan doJapan doIndonesia _•__ doRepublic of the Philippines do

Europe:France doGermany doItaly doUnion of Soviet Socialist Republics doUnited Kingdom .do

North and South America:Canada incl Newfoundland and Labrador doLatin- American Republics, total do

Argentina . doBrazil doChile doColombia doCuba doMexico doVenezuela do

Exports of U. S. merchandise, total mil. of dol__By economic classes:

Crude materials thous of dolCrude foodstuffs doManufactured foodstuffs and beverages doSemimanufactures doFinished manufactures do

By principal commodities':Agricultural products total do

Cotton unmanufactured doFruits vegetables and preparationscf doGrains and preparations doPacking-house products cf do

Nonagricultural products total doAircraft, parts, and accessories§ doAutomobiles, parts, and accessories cf §- -doChemicals and related productscf doCopper and manufactures cf doIron and steel-mill products do

Machinery total cf § doAgricultural cf doTractors, parts, and accessories* § doElectrical cf§ doMetal working doOther industrial cf do

Petroleum and products doi Textiles and manufactures do

168r 300r 178

138304220

8985

100104

112105

2 6286,654

••741

' 24, 288' 144, 660' 234, 883

128, 348«" 116, 083

r 92, 521

' 2, 335' 6, 882

r 10, 461' 1,254r 3, 39816, 786

r 33, 546' 9, 585

r 19, 528

r 36, 884' 33, 968' 27, 312

r 12r 28, 954

128 346' 197, 776

10, 677r 18, 429'6 806

r 14, 278'32 563'40 959'30 899

••732

r 121 499' 64 471' 47, 834r 77 911

r 420 190

r 221 61984 667r 9 649

r 78 24110 436

' 510 28611,386

r 44, 874r 49 623

4,71741 467

r 162 2306 527

22, 580' 27 486

13, 621r 71 198

32 65033, 675

r 177'310' 175

129288223

98113

103124

109105

2 6765,289

••764

31,463r 148, 634' 265, 130' 120, 208* 99, 637

99,383

«• 2, 1658,566

8,024•- 1, 673

8,19820,41333, 049'6,423

' 17, 282

41, 969••31 874••31,301

130' 54, 219

' 120 203r 188 651

15, 588r 19, 400

6 264r 13 917r 27 297'34 536r32 124

'756r 143 877

r 65 855r41 842T 87 061

r417 288r 241 012

105 389r 53 266T 67 315

13 984

r 514 91114, 65347, 40952 6318 130

40 434

r 160 1497 923

21 337' 31 066

15 741r 67 249

37 32933, 128

199r 349' 175

143322225

103116

110125

114101

3 0127,196

••860

28,177' 168, 728r 282, 970

148, 312' 124, 588' 107, 707

1,7039,187

r 10, 638r 1, 365

4,32336, 372

r 29, 865' 6, 770

' 23, 882

' 33, 386r 41, 938r 31,317

r37' 54, 048

148 307' 214, 502

r 11, 50922 753r 6 697

r 17 277'33 813'38 828'36 104

'851

' 165 065' 61 020' 46 082' 91 221

r 487 338

' 253 915r in 492

r 13 162' 63' 359

15 368

' 596 81012 45749, 64661 565

7 21539 868

'195 08010 66924 224' 36 961' 20 829r 81 686

35 45144, 638

187' 325' 174

123' 280

227

98124

126150

10498

4 4306,432

'803

' 29, 532'131,790' 259, 878' 164, 506' 111, 223' 106, 184

r 2, 76611,816

10, 437' 1, 392

83818,100

' 28, 009' 7, 591

' 23, 807

20.060'36 798' 39, 504

292' 48, 693

' 164 495' 206, 027' 10, 308' 22, 537'5 749

' 22, 729' 32 944' 36, 922

32 731

'793

' 145 804' 62, 705' 51,304' 87 494' 445 785

' 228 24678 675

r 12 544r 65 818

10 463r 564 846

r 7, 985' 46, 817

60 2206 580

39 148

r 176 39510 93321 926

r 31 51017 374

r 74 56540 143

r 44, 732

194335173

141319226

89122

102120

103105

5 5196,962

'829

' 29, 612' 151,288' 240, 199

191,369' 109, 290' 106, 756

3,41112, 189

6,906' 1, 583

59931, 473

' 35, 8208,148

22, 184

' 25, 81838 22234,357

77' 29, 267

191 302' 205, 984

11,818' 22 075'6 11223 612

'31 32336, 71230 285

'817

' 168 158' 55 020' 48 247' 90 279

' 454 993

' 233 95790 277

' 14 492T 54 098

10 036

' 582 7409, 150

' 55, 26360 9545 525

40 639

r 174 19010 759

' 22 795' 29 772

17 037r75 428

41 00241, 742

203355175

143331232

103157

102124

108118

5 5867,496

'877

' 36, 500153, 058279, 681173, 978108, 584125, 617

2,513' 16, 652

12, 1511,9804,096

25,00333, 4075,522

' 22, 214

37, 664' 57 203' 39, 623

2624, 389

r 173 928'223 697

14, 77427 6965 697

28 68136 695

' 40 32834 713

'866

' 192 101' 58 281r 50 342' 93 595

r 471 905

' 262 346127 948' 16 352T 59 984

12 732

r 603 8799 854

' 69, 099' 65 210

4 623' 47 956

T 177 52210 02219 921

'34 501' 16 784r 77 508' 38 677' 44, 184

178' 315' 177

143'342

240

69104

98125

113126

1 5 0886,883

r i 779

' 29, 211119, 436177, 928166, 212115, 565100, 430

3,3159,170

5 986' 1, 757' 3, 03817, 48533, 5523,518

' 17, 073

14, 19820 135

' 17 6749

' 24, 046

r 166 181

' 200 0748 963

' 28 0244 333

'20 87838 294

' 40 308r 26 238

'1768

' 107 814' 57 324' 55 475' 84 179

r 462 990

' 181 143r 46 454r 13 746' 73 850

11 581

r 586 6393 103

' 62, 927' 53 412

4 07534 189

' 198 175' 9 80720 411

r 28 055' 15' 578r 72 041' 40 671' 32, 069

' 173308

' 178

161399247

78109

101109

134146

1 5, 4577,941

1761

' 23, 446122, 991184, 334160, 515115, 213108, 999

1.6809,803

6,6461,369

' 8, 90411. 922

' 31, 1034,001

16,500

' 14, 118' 25, 852' 18, 627

25' 41, 581

' 160 511' 214, 298

11, 600' 33, 693

4 78517, 00441 116

' 40, 880'30 507

!750

' 141 600' 56, 997' 41, 500'84 621

' 425 515

' 199 080' 65 970

12 899' 62 012

13 120

' 551 1531,781

' 62, 99657 3965 293

34 826

r 160 8?1

' 10 85918, 227

' 26 992' 12 857' 59 543

38 14438, 982

201368183

156'402

257

8873

12098

122128

i 5 8177, 468

1911

26, 276133, 783247, 575179, 853141, 857124, 143

2,4429,695

8,8802,1351,004

11, 491' 45, 225

6,468' 17, 004

24, 890' 42 652

23, 2243

' 59, 538

' 179 835' 254 457

10, 506'39 494

4 23518, 62153 143

' 47, 99234 923

!898

' 175 624' 60 246' 56 099

'102 968' 502 797

' 252 815' 75 730r 18 351' 72' 426' 12 907

' 644 9193,821

r 62, 70565 713

5 33938 021

'197 5018 801

r 16 341r 34 558' 19 530r 76 212

45 665' 45, 133

196366187

170445263

.8058

11690

126127

' i 5 885' 8, 285

'1905

32,390' 120, 204' 240, 681'200,446' 122, 630' 113, 667

2, 3598,345

' 7, 4222,053'984

' 15, 54736, 5695,887

16,508

' 30, 00533 47122,009

16' 58, 109

'200 431'225 732

11. 440'30 066

4 52715 52045 018

'45 501'35 383

'1893

' 164 321' 65 980' 53, 168' 97 835

' 511 630

' 233, 64460 38917 484

' 72 00414 013

' 659, 289' 2, 438

' 59, 169' 61, 484' 5, 520

r 36 353

' 204 1695 984

15, 272' 33 166' 19, 800' 75 241

47, 30451, 414

211' 398' 189

152410271

8667

117101

109114

5 2987,583

1981

28, 605' 148, 450' 248, 050

196, 455' 133, 237' 141, 201

3,5709,939

10 0142,441' 2, 877

' 20, 43435, 2477,223

19, 988

' 85, 037'40 149

21, 785' 74

' 49, 790

' 196 437'263 456

14, 62444, 7666 094

18 70642 745

' 56 05936 779

1969

' 173 538' 72 109

53 544' 108 003' 562 242

' 266 31579 58114 115

' 78 10212 840

' 703 1212,672

'71,567' 70 184

5 884'39 888

r 220 982' 7 83819, 545

' 38 55616 325

' 80 79048 53052, 344

221431195

151418276

9780

129117

103103

i 1, 063

42, 108153, 794284, 380185,903135, 004150, 178

4,53112, 525

10,8321,556

8424,04242, 8189,465

24,303

35, 70837, 58738, 365

5147, 563

185, 892273, 337

12, 77444, 64810, 43022, 07545, 46556, 70437, 759

i 1, 050

185, 76580, 11257, 121

117, 433609, 161

301, 17397 91815 38986, 67417 739

748, 4191,357

70, 54366 71310, 36139 949

245 7868,460

21, 99640 26317, 23788 02353 97354, 366

i 972

1957

r Revised, i Total exports and various component items include MDAP shipments as follows (mil. of dol.): July 1950-January 1951, respectively—47.0; 21.4; 31.2; 52.4; 53.9; 76.3; 51.8.Beginning July 1950, certain items classed as "special category" exports, although included in total exports, are excluded from water-borne trade anl from arei and country data.

JRevisions for various periods in 1947 and 1948 have been made (since publication of the 1945 STATISTICAL SUPPLEMENT) in most of the foreign-trade items and there will be further changes,beginning 1946 as final data are completed by the Bureau of the Census; moreover, the revaluation of tin imports and the transfer of certain "relief and charity" food items fr om the nonagricul-tural exports group to the agricultural group have affected the pertinent series back to 1942. Revisions will be shown later.

^Index base changed beginning with the October 1950 SUBVEY. Data prior to August 1949 will be shown later.cf Data beginning 1948 have been adjusted in accordance with the 1949 commodity classifications. Unpublished revisions (January-July 1948) are available upon request.§Excludes "special category" exports not shown separately for security reasons.*New series. Not separately available prior to 1948; included with agricultural machinery.


S-22 SUKVEY OF CURRENT BUSINESS March 1951


1950



Decem-ber

1951

January

INTERNATIONAL TRANSACTIONS OF THE UNITED STATES—Continued

FOREIGN TRADE §— ContinuedValue— Continued

General imports, total thous. of dol__By geographic regions:

Africa doAsia and Oceania -- do_ __Europe doNorthern North America doSouthern North America do. __South America -- do

By leading countries:Africa:

Egypt doUnion of South Africa __do

Asia and Oceania:Australia including New Guinea _-doBritish IVTalaya doChina do ._India and Pakistan doJapan -doIndonesia do_Republic of the Philippines do

Europe:France doGermany - do_ _Italy doUnion of Soviet Socialist Republics do. _ _United Kingdom do

North and South America:Canada, incl. Newfoundland and Labrador

thous. of dol_Latin- American Republics, total do_ _

Argentina doBrazil _ _ _ _ _ _ - d oChile doColombia -- doCuba doMexico - __doVenezuela do

Imports for consumption total doBy economic classes:

Crude materials doCrude foodstuffs _ __ do _Manufactured foodstuffs and beverages do __Semimanufactures _ __doFinished manufactures do

By principal commodities:Agricultural products, total do

Coffee do_ _-Hides and skins doRubber, crude, including guayule do. _ _Silk unmanufactured doSugar _ _ _ _ do. _Wool and mohair, unmanufactured do_ _

Nonagricultural products^ total do_ _Furs and manufactures doNonferrous ores, metals, and manufactures,

total _ _ --thous. of doL _Copper, incl. ore and manufactures doTin including ore do

Paper base stocks do_Newsprint doPetroleum and products do

' 623, 443

26, 438127, 661' 89, 486127, 912' 88, 956162, 990

3, 2906,540

18, 00619, 1228,655

21,3679, 5578,704

15,204

5,466r 4, 959

5,1212,448

' 18, 040

' 127, 912' 235, 550

19, 00355, 3229,928

30, 004' 18, 952

27, 26132, 061

' 622, 917

183, 493154, 40946, 871

' 138, 896r 99, 248

292, 931104, 945

7,53919, 8371,238

16, 18237, 061

r 329, 98611, 368

r 63, 45719, 30517, 36022, 62334, 56754, 332

' 600, 468

49, 253115, 253' 79, 573' 125, 742

89, 405r 141, 242

9,7019,010

13, 11119, 854'6,94419, 2339,5305,598

14, 175

6,777' 4, 260

5,5524,575

17, 689

125, 742r 219, 762

18, 54441,885

'12,08328, 65030, 80822, 51721, 868

r 590, 347

168, 840139, 89058, 017

' 131, 36592, 235

' 295, 26784, 6077,175

19, 2181,270

27, 61435, 072

r 295, 0796,599

r 59, 86020, 025' 15, 502r 19, 748

31,70838, 230

' 664, 987

' 46, 664' 125, 622' 98, 294

' 150, 189' 112, 355' 131, 863

' 10, 645' 11, 781

7,57416, 48510, 182

'•26,379'•11,932

7,003' 16, 273

8,0925,3679,5543,446

20, 997

' 150, 189r 227, 457' 18, 335

43, 04910, 02018, 736

' 48, 24823,70828, 471

' 659, 835

' 183, 499' 128, 576' 80, 188

r 147, 009r 120, 563

r 306, 00873, 0897,973

22, 9471,192

43, 34431, 863

' 353, 8279,318

53, 98114, 825

' 10, 571r 21, 713r 35, 846'51,417

r 585, 018

28, 657139, 713' 82, 993

r 132, 397r 81, 706

r 119, 552

5938,252

11, 00817, 588

r 9, 04926, 64410, 06810, 35719,362

6,002' 6, 085

7,3342,827

18, 287

r 132, 251' 186, 559

17, 68643,6558,713

15, 66329, 65021, 277

' 26, 950

' 573, 441

' 163, 326r 109, 526

61,793r 130, 613

108,184

' 262, 74064, 061

7, 65329, 5981,588

30, 39327, 925

' 310, 7025,792

' 44, 83511, 789

r 7, 92415, 89833, 703

' 48, 292

r 659, 090

r 37, 550' 137, 845

94, 594167, 645' 95, 844125, 612

262' 10, 850

13, 14821, 771

••11,072r 20, 585

17, 1527,085

21, 589

6,5424,897

' 5, 799• 3,558

24, 090

167, 500r 206, 860

15, 881' 45, 073

16, 24813, 30136, 611

' 26, 57723, 265

«• 653, 955

167, 599' 117, 240

75, 971169, 031

' 124, 114

' 278, 891' 58, 783

8,50623, 7861,215

37, 06731, 055

r 375, 0648,030

71, 60623, 28317, 45621, 43844, 92745, 295

' 685, 859

' 36, 660149, 525

* 99, 455' 178, 535

r 87, 653r 134, 031

20211, 878

7,42125, 51611, 72822, 41815, 58013, 50520, 420

' 7, 7016,175

' 7, 1613,017

27, 174

' 178, 259r 207, 295

13, 84037, 91216, 62115, 58729, 078

' 25, 337T 26, 959

r 679, 365

* 184, 242119,91675, 144

r 180, 499r 119, 565

289, 21056, 37412, 02633, 853

1,42231, 10931, 044

r 390, 155' 5, 300

' 80, 18032, 77114,911

r ?3, 94540, 544

r 47, 299

' 707, 884

' 33, 364' 150, 435' 100, 992r 163, 438' 94, 499' 165, 155

3048,773

8,97223, 93212, 159

' 22, 004r 13, 758' 10, 280

19, 393

8,2626,2686,5904,300

' 26, 373

' 163, 310' 245, 564

17, 432r 64, 998

7,97726, 091

' 34, 12422, 251

' 26, 882

r 701, 378

r 184, 216' 154, 611

r 83, 114' 162, 642r 116, 796

r 331, 731105, 15311, 66429, 9941,706

34, 213' 39, 247' 369, 648

8,308

r 63, 98112, 77921, 23020, 83038, 410

r 45, 413

r 819, 481r 39, 295160, 086120, 581160, 379119, 593219, 547

r 5, 96512, 225

' 9, 88330, 22711, 74621, 33316, 744

' 15. 48520, 622

r 12, 6148,528

' 9, 4122,182

«• 36, 380

' 160, 342' 321, 473

18, 624' 83, 679

15, 07042, 650

r 54, 253' 26, 502' 29, 824

r 817, 771

' 222, 891181, 499

' 103, 782' 184, 146T 125, 453r 410, 126

130, 83612, 48139, 8241,249

53, 309r 46, 864' 407, 646

6,281

r 76, 41714, 59824, 01621, 57734 066

r 50, 255

' 857, 864

r 63, 316167, 384

T 136, 150T 179 020' 97, 831

' 214, 162

' 19 73515, 543

9,59324 74914, 63929 88318, 58213, 87521, 026

13, 888' 11, 136

10 3906,420

31 473

' 178, 845' 297, 200

17,211' 85, 034' 14, 223

40, 47442, 976

r 28, 716r 26, 783

i- 824, 319

r 224, 467r 179, 484

r 88, 151r 196, 600r 135 617r 393, 070' 128, 376

10 59841, 1092 571

40, 15636, 757

' 431, 249f 13, 689

' 68, 04416, 649

r 17, 413r 23, 073

38 933' 47, 790

' 922, 004

39, 318' 217, 060

162, 936201 005' 93, 729207, 956

23516,357

5,546r 31, 723

19, 64733, 02221, 641

' 21, 80126, 043

15,47615,16216, 5792,130

39, 085

200, 804' 283, 301

18, 13882, 15215, 61338, 64238, 238

r 27, 24728, 972

f 913, 535

' 255, 478' 172, 039

87, 431f 239, 423' 159, 164r 405, 193

112, 56712, 968

f 58, 9223,159

35, 03333. 394

r 508, 34314, 279

88, 88729, 53319, 78826, 33542 000

r 55, 338

r 851, 694

35, 332' 215, 443

166, 036186 36686, 252

' 162, 264

35511, 363

17, 09939, 46013, 76727, 69119, 79220, 32121, 347

19, 28316, 15213, 9041,439

42, 580

186, 356' 230, 537

17, 392r 68, 733

13, 53422, 67524, 14331, 21625, 078

r 841, 014

r 254, 801' 142, 245

73, 251T 214, 670

156 048r 363 730

r 88 08511 41868, 370

2 52117, 49438, 936

477 2849 313

79, 04419, 74415 24327? 97437 14250 736

r 864, 105

55, 917199, 742156, 408185 69591, 228

175, 115

3,26817, 779

19, 77038 23016, 19620 25417,61723, 28119, 348

21, 17614, 73411 9451,899

32 758

185, 686245, 665

13 97763, 04619 52120 60518 50635 12424 905

856 668

269 943148 15063, 637

228 064146 875

356 29884 0838 444

71 30Q2 090

14 56438 250

500 37011 032

104, 72628 11819 15827 80841 05H53 950

1, 022, 300

1 016 300

TRANSPORTATION AND COMMUNICATIONS

TRANSPORTATIONAirlines

Operations on scheduled airlines:Miles flown, revenue thousands. _Express and freight carried. short tonsExpress and freight ton-miles flown thousands- -"Mail ton-milfts flown doPassengers carried, revenue _ _ do_ _Passenger-miles flown, revenue do

Express OperationsOperating revenues thous. of dolOperating income _ _ _ do

Local Transit LinesFares, average cash rate cents

• Passengers carried, revenue . millionsOperating revenues^ thous. of dol

Class I Steam RailwaysFreight carloadings (A. A. R.):cf

Total cars thousandsCoal doCoke do_Forest products doGrain and grain products _ _ _ do _Livestock do_ _Ore doMerchandise, 1. c. 1 doMiscellaneous... d o _ _ _ _

24, 94615, 7849,7143,302

915468, 709

19, 56654

' 9. 9051'1,224121, 100

r 2, 390••432

481261623746

298' 1, 240

23, 69614, 5299,2763,217

942466, 757

18, 65556

r 9. 9051r 1,124

114, 000

2,288259

421401572946

3201,297

26, 00117, 32911, 4433,6851,109

552, 098

19, 37267

r 9. 9294r 1, 255

123, 700

3,44678756

1912063755

4241,688

27, 20618, 12111, 1663,4931,289

617, 914

18, 30442

«• 9. 9562'1,179

121,300

2,875614

561591643472

3411,434

28, 86819, 28712, 4183,7411,419

665, 511

18, 50167

r 10. 0268'1,214

124, 400

2,98057256

17115934

239325

1,424

28, 59120, 71712. 3673,4981,539

762, 097

18, 174*5

r 10. 0681'1,140117, 400

3 90570573

22722936

388400

1.846

28,86018, 13411,6543,2521,459

723, 803

17, 226223

' 9. 97081.048

113, 000

3,018469

5817622226

329306

1,433

28, 77821, 77613, 7073,7751,562

749, 845

17, 647178

r 10. 03411,099

121 600

3 37461759

20221531

324352

1.574

27, 56422, 45213, 6723 7621,490

719 494

17, 697176

r 10. 06081,094

114, 300

4 220'787

7523924662

409438

1.963

28, 55225, 48915,1714 2451, 563

735 180

17,318189

r 10 08271 177

125 800

3 53165764

19122566

301354

1. 673

26, 08222, 78013, 9184 1121 327

620 156

18 312194

r 10 16301 116

123 100

3 24059963

18222350

223332

1. 569

27, 92625 01414, 8926 2321 365

684 444

21 890195

T 10 19951 183

137 200

3 629' 742

75218256

4996

3801.814

10 23601 168

3 00963264

18712143868

3081.498

* Revised. d Deficit.§See note marked "J" on P- S-21. JRevisions for January 1947-May 1948 appear in corresponding note on p. S-22 of the August 1949 SURVEY.cfData for March, June, September, and December 1950 are for 5 weeks; other months, 4 weeks.




1950



Decem-ber

1951

January

TRANSPORTATION AND COMMUNICATIONS—Continued

TR AN SPORTATION— Continued

Class I Steam Railways— Continued

Freight carloadings (Federal Reserve indexes):Total unadjusted 1935-39=100

Coal doCoke - _ _ „_ _ do - _ _Forest products. _ _doGrain and grain products doLivestock. _ _ _ d o _ _ _Ore doMerchandise, 1. c. 1 _ _ _ d o _ __Miscellaneous do

Total, adjusted __.doCoal doCoke -_ _do _ . _Forest products doGrain and grain products.. _ doLivestock doOre -_ _doMerchandise, 1. c. 1 doMiscellaneous _ _ do

Freight-car surplus and shortage, daily average:Car surplus, total _ _ number

Box cars doCoal cars _ do

Car shortage, total doBoxcars _ doCoal cars do

Financial operations (unadjusted):Operating revenues, total . _ • thous. of doL_

Freight doPassenger do

Operating expenses doTax accruals, joint facility and equipment rents

thous. of doL _Net railway operating income doNet income i do

Financial operations, adjusted:Operating revenues total mil of dol

Freight doPassenger do

Railway expenses _'l _ doNet railway operating income doNet income do

Operating results:Freight carried 1 mile mil of ton-milesRevenue per ton-mile centsPassengers carried 1 mile revenue millions

Waterway Traffic

Clearances, vessels in foreign trade:Total U. S. ports . thous of net tons

Foreign __ doUnited States - do

Panama Canal:Total thous. of long tons

In United States vessels _ _ do

TravelHotels:

Average sale per occupied room dollarsRooms occupied __ _ percent of totalRestaurant sales index same month 1929=100

Foreign travel:U. S. citizens, arrivals _ numberU. S. citizens, departures . doEmigrants doImmigrants doPassports issued.. _ _ _ do

National parks, visitors _ thousandsPullman Co.:

ReveDue passenger-miles millionsPassenger revenues _ ._ _ _ . . ._ thous. of dol

COMMUNICATIONS

Telephone carriers:!Operating revenues thous. of dol

Station revenues doTolls, message _ do

Operating expenses, before taxes doNet operating income_ _ doPhones in service, end of month thousands

Telegraph, cable, and radiotelegraph carriers:Wire-telegraph:

Operating revenues thous of dolOperating expenses, incl. depreciation doNet opera ting re venues. - _ do

Ocean-cable:Operating re venues doOperating expenses, incl. depreciation doNet operating revenues do

Radiotelegraph :Operating revenues doOperating expenses, incl. depreciation doNet operating revenues _ do

10797

158106119684249

12211797

15111811970

16952

133

110, 94517, 42577, 385

22411137

r 657, 045' 537, 339

69, 725' 546, 661

' 77, 588- 32, 796

11,016

688.6565.072.8

628.959.829.1

41, 7931.3702,730

5,6193, 0952, 523

2,5081. 412

5.4180

211

40. 55342, 636

1, 63414, 20122, 069

187

1,0269,577

271, 019161,65090,417

200, 78632, 60336, 426

13, 24112, 756

d359

1,7621, 548

31

1,8831,790

d20

9646

130115111523951

12210446

12211911365

15652

130

165, 54111, 701

139, 31156941416

584, 928481, 965

57, 845501, 118

68, 57415, 236

d 9, 301

638.4522.964.1

606.332.11.3

36, 3831.4072,215

5,4292, 9332,496

2,5651, 588

5.4383

215

51,05655, 0671, 524

15, 36530, 1 56

237

8457,881

262, 131159, 37584, 093

191,54233, 19836, 605

12, 63611,887

d83

1,6201,584d 113

1,7841,700

*1S

120139144123116533954

12712713914312312667

13453

134

76, 0554, 867

58, 3775,0122,7492,121

743, 326630, 542

59, 555574, 408

93, 21175, 70649, 437

722.5607.460.2

655.167.435.8

50, 9371.3182,304

6, 4653, 6652,800

2,7621,551

5.2581

20S

59, 45765, 8362,122

16, 14239, 187

304

8658,069

280, 803164, 70997, 096

204, 64236, 44836,813

14, 56512, 798

907

1,9011,703

13

2,0171,835

83

122123177129115616354

13512612318112913168

12153

137

18, 3585,0994,5594. 9102,7991,810

713, 820601, 80160, 555

562, 625

88, 97862, 21737, 530

729.8613. 862.7

666. 663.231.6

49, 6871.2892,362

7,0913,9283,163

2, 3651, 339

5.7383

230

53, 43462, 6771,985

16, 46336, 607

560

8087,555

275, 806163, 93592, 636

196, 62837, 87336, 999

13 75512, 467

474

1, 6461, 568d 105

1,7741,742

*71

12511917913911259

21751

13512211918113412766

12151

133

12, 1783,1891,9576, 6632,9863,080

745, 406634, 747

56, 801580, 567

97, 80867, 03245, 221

715.2604.657.4

660.954.320.2

51, 1551.3142,215

7,6384,5033, 135

2,6061,447

5.2683

239

50, 28360, 4132,083

19, 97441,453

886

6646,229

285, 947168 15798, 504

208, 56937, 31037, 158

15 19213, 2621,090

1,9021,612

116

1,9671,803

64

131116188150133

5127752

14212711619214413061

17952

138

6,6251,949

51311, 4915,8454,748

779, 182649, 228

71, 660588, 763

100, 37290, 04772, 050

791. 4663.469.2

691.5100.069.7

51, 8651.3262, 830

8,1304,8603,271

2,5621, 4(30

5.6484

238

56, 90288, 3053, 384

18,21541, 2331,930

8618,009

287, 467169, 76798, 275

204, 84933, 92937, 304

15 37813, 0861,469

1,9431,552

207

2,0551,781

175

13010519014916248

29851

14112610519514813561

18651

140

8,311234

4, 38921, 15413, 8756,103

772, 161639, 729

76, 006579, 116

109, 13483, 91058, 622

771.9646. 169.7

685.986.154. 1

51, 9821.3053,042

7,6134, 6302,983

2,8571,668

5.4377

207

78, 0341 80, 857

v 17, 87721, 6353,271

8507,826

289, 528169 124100 646205, 66441, 48937, 441

14 73813, 272

671

2,1891,563

418

2,2281,808

325

14012618616315057

28556

14913512619415513960

19056

147

4,3461639

38, 06421, 84614, 101

889, 796748, 11078, 220

626, 265

141, 467122, 06495, 829

832 5699 269.8

744.388.254 8

59 4031.3253 125

8,5525,3023,249

2,4521,477

6.1381

231

96, 4251 61, 804

» 18, 55918, 0373,300

9308,444

300, 617172 540108, 189211,79835, 33737, 620

16 02213, 7161, 525

2, 2951, 581

510

2 4081,795

525

14513519816014395

29857

154134135201148128

72198

55142

3, 5838

3034, 38119, 44413, 243

872, 032725, 014

71, 623600, 697

148, 712122, 62298 965

857 6711 171 9

749 1108 5

72 8

57 9401 3202 818

8 3965 1343 262

2 3561 307

5.9884

232

88, 614i 44 776

v 15 28913 8271 474

9368 513

292, 847173 26599 290

205 10939 58437, 790

15 04113 364

940

2 2541, 553

507

2 2441,819

335

14713520115415911626256

15813613520614615975

18454

145

2,4059

11335, 13519, 62014, 349

925, 383784, 54466, 271

635, 021

155, 733134, 629107, 863

884.6747.267.7

776. 2108.474.3

62, 0171.3322,573

8,2205,1653,055

2,4781,157

6.1786

228

59, 7681 36, 058

12, 734833

9558,658

303, 234178 120104, 346212, 57241, 36937, 987

15 53113, 3581 461

2 2651,569

494

2 3311,787

453

13912619815416290

18854

152136126198157166

7218453

146

4,926432386

24, 69613, 83810, 245

862, 201710, 80865, 885

618, 611

133, 590110, 00186, 146

863.0710.868.9

r 759. 8103.2

r70. 5

54, 8171. 3632,500

7,3634,3203,044

2/2361,074

6.2779

225

i 31,869

12, 115326

8717,905

298, 071178 18498 941

208, 24940, 86138, 166

15 25113, 4391 135

2 2321,470

590

2 3261,804

437

1301292041451.487062CO

142140129194162158

7219952

151

6,258956975

14, 7988,9984. 989

927, 930673, 554

79, 271645, 422

169, 190113,319120. 060

941.0708.377.8

849. 491.6

*>58.9

54, 6081. 3103,058

7,2444,2073,037

2,2161,011

5.7866

208

10,614242

16 64314, 5061 485

2 6381,691

672

2 5832, 057

453

133133209153153

666150

14514613319917015369

24352

158

5,677705

1,13819, 26712, 0066,528

848, 729709, 736

78, 158645, 246

125, 79277, 691

2 3381,104

5.9579

228

16 832

r Revised. * Preliminary. d Deficit. JRevised data for December 1949, $81,915,000.1 Data exclude departures via international land borders; land-border departures during the 12 months ended June 1950 amounted to less than 1 percent of total departures.tRevised series. The coverage has been reduced from 100-120 to 56 carriers (except for January 1948-December 1949 when data covered 53 carriers); however, the comparability of the series,

based on annual operating revenues, has been affected by less than 3.0 percent. Also, data are now shown after elimination of intercompany duplications for the Bell System"; annual dataprior to 1948 and monthly figures for January-July 1948 on the revised basis will be available later. Data relate to continental United States.


S-24 SURVEY OF CUREENT BUSINESS March 1951


1950



Decem-ber

1951

January

CHEMICALS AND ALLIED PRODUCTS

CHEMICALS

Inorganic chemicals, production:Ammonia, synthetic anhydrous (commercial)

short tons__Calcium arsenate (commercial) thous. of IbCalcium carbide (commercial) short tons._Carbon dioxide, liquid, gas, and solid*

thous. of l b _ _Chlorine, gas short tonsHydrochloric acid (100% HC1)| doLead arsenate (acid and basic) thous. of lb__Nitric acid (100% HNO3) short tons_ . _Oxygen (high puritv)t mil of cu. ftPhosphoric acid (50% HsPO^ short tons._Soda ash, ammonia-soda process (98-100%

Na2Cos) _ short tons..Sodium bichromate and chromate do_Sodium hydroxide (100% NaOH) . _ do. _ _Sodium silicate, soluble silicate glass (anhy-

drous) short tonsSodium sulfate, Glauber's salt and crude salt

cake short tonsSulphuric acid (100% H2SO4):

Production^ doPrice, wholesale, 66°, tanks, at works

dol. per short ton..Organic chemicals:

Acetic acid (synthetic and natural), productionthous of Ib

Acetic anhydride, production do\cetylsalicylic acid (aspirin), production doAlcohol, denatured:

Production thous. of wine galConsumption (withdrawals) do.Stocks .... do

Alcohol, ethyl:Production thous. of proof galStocks, total do

In industrial alcohol bonded warehouses _ doIn denaturing plants do

Withdrawn for denaturing. do_Withdrawn tax-paid do

Creosote oil production ' thous of galEthyl acetate (85%), production thous. of lb__Glycerin, refined (100% basis) :

High gravity and yellow distilled:Production thous. of IbConsumption doStocks _ do

Chemically pure:Production doConsumption doStocks do

Methanol, production:Natural (100%) thous of galSynthetic (100%) do

Phthalic anhydride production thous of Ib

FERTILIZERS

Consumption (14 States) f thous. of short tons..Exports total short tons

Nitrogenous materials doPhosphate materials doPotash materials do

Imports total doNitrogenous materials, total do

Nitrate of soda doPhosphate materials doPotash materials do

Price, wholesale, nitrate of soda, crude, f. o. b. cars,port warehouses. . dol. per short ton

Potash deliveries short tonsSuperphosphate (bulk):

Production doStocks, end of month do_

NAVAL STORES

Rosin (gum and wood) :Production quarterly total drums (520 Ib )Stocks end of quarter doPrice, gum, wholesale, "WG" grade (Sav.), bulk*

dol. per!00lb__Turpentine (gum and wood) :

Production quarterly total bbl (50 gal )Stocks end of quarter doPrice, gum, wholesale ( Savannah) _ _ dol. per gal__

124, 0790)

56, 849

63, 180158, 20247,8713,217

105, 5751,369

132, 745

338, 5527, 350

187, 201

36, 410

60, 069

1, 019, 803

17.00

36, 76569, 140

829

14, 77115, 2003,464

24, 68831. 27330, 377

89627, 4112,750

10, 5976,449

6,9275,971

14, 347

12, 8409.174

22, 411

17111, 65518. 174

1,177262,12561, 925

181, 3623,406

142, 22598, 71755, 5635,433

26, 159

51.5027, 896

802, 9431, 495, 731

6.66

.41

115, 9760)

51,317

59, 120151,51343, 3153, 756

101 , 386-1,253

129, 191

319, 5786,771

180, 945

31,416

54, 820

967, 335

17.00

31, 14767, 356

824

13, 18813, 2053,429

24,25428. 38427,700

68424,0442,547

10, 0636,917

6,1596.082

13, 564

12, 2287.224

24, 645

1458,767

17, 090

1,480311, 746126, 224161, 543

4,562r 173, 104r 113, 284' 56, 172

13, 60633, 548

51.5091, 803

854, 2921, 308, 555

6.40

.43

123.9961,206

59, 336

77, 086167, 09150, 708

5, 56898, 906

1,427128, 987

368. 7467,835

205, 354

38, 693

60, 773

1, 071, 299

17.00

37, 44173, 287

934

16, 53917, 0862,873

27,30424. 04923, 512

53730, 3213,846

11, 4246,899

8,4997,794

14, 468

12, 5538,158

25, 972

1979,371

18, 722

1,840368, 792148, 988182, 652

9,389223, 808139, 17568, 2597,824

57, 024

51.50116, 035

1, 082, 5231, 006, 718

370 480894. 280

6.29

125, 320205, 960

.43

134, 4522,848

54, 837

92, 408168,87851,319

4, 694114, 629

1,432135, 319

361,3287,452

210, 344

41,300

59, 096

1 , 057, 073

17.75

37, 50665, 734

796

15,40215, 9222,346

31,21025, 72924, 829

90128, 8553,552

12,3606,159

6.8767,668

13, 717

10, 8807.619

26, 406

1669,357

15, 436

1, 535446. 19291, 136

311, 68411,819

r 274, 725128, 400

76, 4087,023

' 118, 420

51.50113, 107

1, 039, 177778, 270

5.71

.41

133, 8424,898

59, 107

114, 286177, 26952, 1574,406

111, 5111,447

146, 673

388, 1697,907

219, 641

45, 588

54, 377

1,104,335

17.75

41,01275, 183

867

15, 99416, 850

1,487

33,41028, 50227, 614

88829,4183,257

12, 8699,746

8,4208.633

14, 302

10, 8658,364

23, 678

17510, 06315, 675

998495, 432129, 204347, 639

10, 325214, 918166, 523103, 32213, 65910, 744

51. 5083, 446

986, 684903, 607

5.29

.40

127, 2959, 334

56, 482

131, 314167, 72150, 635

2, 326104, 604

1,404135, 526

291, 6818,135

200, 836

40, 899

49, 567

1,039,938

17.75

37, 63374, 992

921

19, 14618, 5172,099

31, 10223, 24822, 284

96435, 4684,188

12, 7695,624

8,0797,961

15, 132

9.9328,011

22, 537

17310,41716, 209

408450, 744128, 730289, 520

7,147' 111, 954

83. 78340, 269

'15,3211,056

51.50134, 624

832, 8681, 178, 262

566, 830936, 460

4.93

200, 670191, 200

.40

125, 02710, 27452, 388

139. 130173, 78851. 2880)

105, 8311,400

141, 107

185, 8855,4920)

29, 929

54, 725

1, 047, 544

17.75

39, 52080, 743

672

18, 71918, 2042,611

31, 72721, 61920,4891,130

33, 0184,986

10,9295,646

4,8227,239

13, 518

7,4307,399

18, 444

16711, 12517, 615

325250, 64290, 482

141,46910, 98950, 97437,8351,1103,2982,518

51.5097, 301

718, 1651, 295, 803

5.59

.41

124, 6178, 920

55, 237

133, 728173, 11751, 521(0

105. 2061, 512

136, 187

180, 8495,6490)

32, 278

61, 820

1, 051, 694

17.75

41, 59383, 0121,080

17, 73317, 1203, 199

33, 09824,58023,886

69427, 8706,928

11, 5107,737

7,4198,581

12,297

12, 2629,007

17, 787

18411, 39518, 367

385226, 63183, 193

129, 9047,095

70, 48454. 7627,9907,1533,407

51.50107, 056

852, 5051, 245, 447

6.11

.46

128, 5962,850

55, 323

107, 708165, 82852, 785

2,196107, 210

1, 529131, 302

170, 1427,418(0

37, 707

70, 333

1, 057, 851

17.75

38,30077, 9631,116

16, 70818, 4741,467

37, 39129, 43229,088

34426,6113,660

11, 4077,922

7,6318,007

12, 855

12,0988,450

18, 172

18312, 98419, 031

551' 283, 942

r 50, 081213. 50312, 741

129, 288104, 44751,71711,4963, 365

51. 50114, 710

866,4841, 209, 299

594 250873 340

6.61

194 050151, 430

.64

136, 7363,390

57, 436

94, 156187, 66658, 4922,924

119, 6611,666

142, 103

334, 2968,4240)

47, 317

77, 157

1, 137, 367

19.33

42, 47677, 3641,081

19, 27318, 7272,012

40, 91036, 59735, 979

61931, 1513,422

11, 7568,168

8,2228,850

13, 070

13, 4358,363

19, 368

17712, 30819, 902

598189, 53134, 229

139, 75911,984

199, 190147, 30470, 6664,542

33, 814

51.50114, 210

940, 0721, 143, 502

7.26

.n

141, 3733,140

54, 320

82, 902185, 537

r 57, 8933, 598

124, 3761,647

r 142, 534

370. 6498. 577

233, 284

55, 544

75, 882

1, 121, 357

19.85

40,21878, 221

885

16, 58216, 8611,744

35, 25644, 06642, 7351.331

23, 8133,877

11. 7477,824

8,8218,994

14,180

11,8278,246

19,115

18213, 47418,237

737206, 65831, 506

148, 9799,626

154, 90597, 10634, 1345,503

43, 723

51. 50113,400

930, 8221, 137, 031

8.27

.87

146, 2802, 614

58, 770

73, 546192, 60458, 9894,632

133, 4831,703

132, 640

384. 8529, 670

244, 883

54, 708

80, 924

1, 183, 428

19.97

36, 35279, 462

766

21, 26519, 8883,118

34, 76344,01043, 251

75920,910

T 3, 03513, 3737,665

8,8298. 257

15, 983

12, 9687,961

20,132

16214, 62120, 250

852145, 25028, 47077, 0618,889

167, 832123, 17250, 0649,187

29, 343

51.50125, 316

962, 9231, 191, 573

8.43

.80

20.00

17, 83919, 3401,604

41, 46654, 76152, 0752,686

22, 9415,080

2 1, 523

53.50121, 153

8.90

.87r Revised. 1 Not available for publication. 2 Excludes data for Virginia; effective January 1951, this State will report quarterly. JFigures are not strictly comparable with those prior

to 1948 because of the inclusion of data for additional plants. For January 1948-May 1949 revisions including data for these plants, see note at bottom of p. S-25 of the August 1950 SURVEY.fRevised series. Beginning in the January 1950 SURVEY, data for fertilizer consumption in 14 States have been substituted for the 13-States series formerly shown; revised figures prior

to November 1948 will be shown later.*New series. The series for rosin "WG" (window glass) grade, which is compiled by the 17. S. Department of Labor beginning November 1948, and prior to that month by the Oil, Paint,

and Drug Reporter, has been substituted for the "H" grade formerly shown. Data beginning 1935 are shown on p. 24 of the September 1950 SURVEY.




1950



Decem-ber

1951

January

CHEMICALS AND ALLIED PRODUCTS—Continued

MISCELLANEOUS

Explosives (industrial), shipments:Black blasting powder thous. of IbHigh explosives do_ _

Sulfur:Production long tonsStocks do

FATS, OILS, OILSEEDS, ANDBYPRODUCTS

Animal fats, greases, and oils:Animal fats:

Production thous of IbConsumption, factory doStocks end of month do

Greases:Production doConsumption, factory doStocks, end of month do

Fish oils: .Production doConsumption, factory doStocks end of month do

Vegetable oils, oilseeds, and byproducts:Vegetable oils, total:

Production, rvrudp, m i l T o f l bConsumption crude factory doStocks, end of month:

Crude doRefined do

Exportsf thous of IbImports, total do

Paint oils __ _ _ doAll other vegetable oils do

Copra:Consumption, factory short tonsStocks, end of month doImports do

Coconut or copra oil:Production:

Crude _thous. of lb _Refined do

Consumption, factory:Crude doRefined do

Stocks, end of month:Crude doRefined do

Imports doCottonseed:

Receipts at mills thous. of short tonsConsumption (crush) _ _ _•_ do _Stocks at mills, end of month do

Cottonseed cake and meal:Production short tonsStocks at mills, end of month do

Cottonseed oil, crude:Production thous. of IbStocks, end of month do

Cottonseed oil, refined:Production doConsumption, factory _ _ _ do

In oleomargarine doStocks, end of month . doPrice, wholesale, summer, yellow, prime (N. Y.)

dol. per lb__Flaxseed:

Production (crop estimate) thous. of buOil mills:

Consumption doStocks, end of month __ do

Imports doPrice, wholesale, No. 1 (Minn.) dol. per bu__

Linseed oil:Production. _ _ __ thous. of lb__Consumption, factory... __ doStocks at factory, end of month __ doPrice, wholesale (N. Y.) dol. per lb__

Soybeans:Production (crop estimate) thous. of buConsumption, factory doStocks, end of month do

Soybean oil:Production:

Crude thous. of IbRefined _ do __

Consumption, factory, refined doStocks, end of month:

Crude doRefined _ _ do

Price, wholesale, edible (N. Y.)-__dol. pe r lb__

1,99940, 468

401, 2323, 074, 562

363, 933111,714360, 842

53, 95442, 005

113, 753

4,83315, 236

103, 076

541475

1,074386

60, 19922,1771,803

20, 374

36, 64023, 78444, 905

46, 74322, 515

43, 76320, 617

167, 1549,893

11,847

179654

1,409

289, 039175, 724

210,781171, 922

175, 927145,54747,649

255, 630

.130

2,9375,058

03.95

57, 06632, 292

515, 697.184

16, 90959, 398

165, 088130, 317117, 599

82, 87766, 650

.150

1,80337, 389

376, 9423, 040, 190

288, 055103, 724344, 466

48, 96240, 593

111, 321

49315, 43887, 502

471450

1,058404

62, 74725, 3443,869

21, 475

25, 51517, 72527, 160

32, 38121, 358

40, 78720, 708

167, 8888,446

10, 729

262533

1,137

235, 130196, 406

173, 826146, 885

174,054158, 71346, 604

273, 525

.138

2,7523,928

23.88

53, 46933,619

531, 932.185

15, 46654, 214

153, 046118, 749111,398

78, 91166, 791

.153

2,21353, 418

412, 4252, 988, 527

317, 265122, 437350, 904

53, 28942, 437

113, 951

52419, 54390, 827

478484

1,051398

77, 75526, 1466, 456

19, 690

24, 72421, 07427, 903

31, 17923, 268

46, 57122, 592

165, 4627,8997,152

213492858

220, 201186, 446

162, 21799, 469

160, 817174, 46152, 837

271, 007

.153

2,5762,554(4)3.93

50, 93939, 850

548, 907.180

18, 11247, 991

177, 518146, 063139, 881

87, 22864,118

.168

1,46455, 794

389, 3052, 885, 294

287, 983104, 256375, 930

50, 51038, 742

123, 683

48115, 28082, 478

'423406

1,069423

56, 56215, 37511, 69821, 491

28, 09918, 04229, 092

36, 16923, 393

43, 23421, 394

167, 1066,8897,787

183365676

162, 095182, 209

120, 81482, 539

• 116,520118, 39226, 754

285, 761

.160

2,3601,055

04.00

47, 15438, 194

564, 035.180

17, 19841, 674

170, 251131,913116, 186

101, 38671,651

.171

1,40759, 843

475, 6942, 875, 893

298, 594101, 937394, 479

52, 36943, 595

122, 910

3,64914, 68269, 944

388398

1,020392

68, 10543, 6828,883

34, 799

28, 75713, 19431, 976

36, 65426, 247

47, 92321, 420

170, 0148,997

12, 260

95276495

124, 140179, 112

90, 61065, 083

98, 983130, 69427, 086

251, 672

.170

2,2091,384

04.05

43, 69742, 119

539, 931.182

16, 88034 735

169, 001131, 848125, 688

91 46274, 809

.177

1,14859, 805

487, 8452, 956, 333

299, 18996, 559

388, 296

53, 26640, 163

122, 920

17, 50613, 990

1 48, 093

354375

i 758363

38 32740, 63910, 38930, 250

27, 13410, 34226, 064

34, 21122, 909

39, 64221 673

(i)7,7569 724

47208334

93, 264163 360

68, 05150, 748

80 792114, 98334 039

225, 034

.162

3 2702,255

04.03

63, 49044, 990

551 263.189

13 91328 478

141 705132, 235120 525

88 33877 528

.171

1,23555,128

466, 0632, 975, 927

255, 35774, 577

346, 257

45, 75030, 615

118, 590

23, 11314, 401

i 49, 440

368330

1787297

32, 42133, 9229,988

23, 934

21, 05016, 29536, 449

26, 66820, 727

35, 32417, 639

0)7,9684,767

128178285

80, 988136, 002

57, 79047, 667

59, 523118, 382

2 41, 698167, 553

.176

4,1192, 195

03.84

82, 21650, 031

569, 973.187

15, 63719 315

159 261109, 087100 548

104 42373 394

.174

1,83768, 581

436, 6122, 935, 503

272, 295130, 289297, 756

52, 26246, 388

110, 950

24, 48618, 145

i 59, 821

381456

i 736214

17, 62752, 83914, 53038, 309

37, 35614, 96843, 286

48, 42030, 529

53,31128, 798

0)6,2869,586

220228276

104, 675121, 179

72, 73043, 033

78, 244155, 135

2 35, 49697, 930

.196

2,9462,505

03.75

57, 80965, 721

561, 185.188

15, 4169 003

157 026166, 442162 308

75 97167 121

.185

1,91260, 822

446, 2452, 853, 688

260, 795127,332240, 930

50, 52150, 40294, 200

22, 51718, 152

1 75, 91 7

431430

1826189

40, 40665, 11219, 83445, 277

40, 92916, 41752, 213

53,16730, 744

52, 88827, 246

i 44, 7096,9759,390

600404472

180, 934153, 478

121, 80863, 370

85, 825116, 9372 26, 052

73, 621

.205

3,9635,111

03.55

77,31658, 402

561, 102.186

13 6342 484

137 695145 546149 258

53 35860' 116

.203

2,05764, 557

440, 2622, 822, 913

300, 360129, 658221, 073

53, 75158, 11486, 676

22, 96120, 467

1 68, 503

560497

1884216

47, 33062, 84815, 02247, 827

45, 61917, 74052, 841

60, 33433, 316

56, 47928, 553

i 61, 9898,962

24, 248

1,123621974

276, 465214, 226

195, 04589, 685

143, 075112, 573

2 26, 749107, 144

.208

3,4696,177

03.26

68, 70854, 657

556. 570.170

19 57057 878

190 723153 276156 275

65 89651 274

.191

1.62659, 724

424, 2692, 762, 528

354, 641119, 095246, 609

58, 89547. 615

. 82, 816

11, 24717, 025

i 69, 024

571523

i 960269

41, 54646, 53512, 40634, 129

35, 39327, 89055, 996

46, 55526, 559

47, 34323, 262

i 64, 53610, 27611,536

793564

1,202

251, 982207, 924

182, 35598, 408

160, 209116, 590

2 33, 460155, 036

.237

3, 5499,362

03.45

72. 63551,553

591, 636.172

22 79981 201

216 217170 013167 065

81 1625l' 045

.215

1,95556, 378

435, 2902, 654, 530

393, 136147, 760274, 271

60, 21363, 56792, 484

10, 00615, 301

1 72, 207

538470

i 1, 022297

63, 35055, 32811, 04844, 280

31,82827, 85138, 743

40, 50625, 545

46, 85023,818

1 83, 93810, 21118, 719

369433

1,138

193, 620190, 875

138, 678100, 065

122,009107, 832

2 30, 587171, 591

.2373 39 263

3 6489,007

03.87

74, 94649 610

609 867.195

3 287 01023 95677 094

228 341163 893160 038

98 36654 237

'250

1,77251, 896

452, 0602, 736, 188

.262

4.55

.224

.268r Revised, i Data for crude palm, coconut, castor, and sperm oil ars excluded from the pertinent items for June-August;

commercial stocks basis.2 Compiled by the U. S. Department of Commerce, Bureau of the Census.3 December 1 estimate Less than 500 bushels.fRevised series. Beginning in the September 1949 SURVEY, data include oleomargarine of vegetable or animal origin.

beginning September 1950, these oils have been restored on a




1950



Decem-ber

1951

January

CHEMICALS AND ALLIED PRODUCTS—Continued

FATS, OILS, ETC.— Continued

Vegetable oils, oilseeds, etc.— ContinuedOleomargarine:

Production thous of IbStock5' (factory and warehouse)* doPrice, wholesale, vegetable, delivered (eastern

TJ. S.) __.dol. perlb..Shortenings and compounds:

Production thous. of lb_Stocks end of month do

PAINT SALES

Paint, varnish, lacquer, and filler, totalthous of dol

Classified total do .Industrial doTrade do_ _

Unclassified do

SYNTHETIC PLASTICS AND RESINMATERIALS

Production:*Cellulose acetate and mixed ester plastics:

Sheets, rods and tubes .thous. of lb_.Molding and extrusion materials do

Nitrocellulose sheets rods and tubes doOther cellulose plastics do_ _ _Phenolic and other tar acid resins.- _. do_ _ _Polystyrene do _TJrea and melamine resins doViny] resins do_ _ _Alkyd resins - doRosin modifications doMiscellaneous resins _ do

84, 23713,219

.224

135, 59171,190

75, 93668, 88727, 68441, 2037,049

1,9385,387

546825

27, 49920, 33212, 98933, 11118, 8258,486

21, 096

81, 29912, 474

.224

145, 48966, 407

70, 87364, 64027, 14537, 4956,233

1,8755,399

5461,168

27, 45320, 24212, 52231, 42921, 2238,479

20,009

95, 31517, 561

.236

161, 72271, 708

87, 16979, 09832, 25046, 8478,071

1,8836,405

6501,198

32, 33427, 03213, 20537, 66225, 62410, 15620, 759

53, 81715, 776

.244

126, 51683,553

87, 60579, 34830, 93548, 4138,257

2,1446,301

587926

29, 97824, 55511, 43435, 94621, 8649,138

19, 642

56, 35712,064

.244

144, 761103, 734

103, 24693, 43435, 17558, 2599,812

1,9806,518

650898

31, 91025, 44114, 58135, 51024, 6259,809

22, 331

69, 37024, 247

.244

115,440117, 648

108, 91098, 63436, 71961,91510, 276

2,0726,603

628817

32, 41525, 17015, 05932, 59625, 5399, 500

21, 772

i 89, 42512, 193

.249

101, 03771, 189

99,21289, 85733, 00856, 8499,354

2,3977,240

563830

25, 90126, 57013, 50534, 37622, 7609,348

21, 567

i 84, 12921, 383

.264

180, 28060,544

122, 629111,16542,16169, 00411, 465

2,5858,389

7981,111

38, 12827, 99317, 99436, 14225, 80612,83223, 969

i 64, 82916, 811

.269

156, 82071, 852

103, 32393, 17038, 41754, 75310, 153

2,7197,248

6381,150

36,90529, 37716, 23735. 13825, 71810, 73824, 893

i 74, 23414, 807

.264

142, 21585, 962

99, 38490,36641, 11449, 2529,018

2,8318,643

7111,329

36, 36729, 65816. 65839, 03626, 61412, 08726, 807

i 93, 85212, 645

.279

155, 33381, 121

»• 87, 384»• 79, 599' 37, 575' 42, 024' 7, 785

2,6596,696

7061,069

34, 52930, 11017, 60233, 73124, 16111, 68324,890

i 89, 95914,029

.294

144, 092103, 583

82, 42074, 77135, 27539, 4967,649

2,8127,069

673815

36, 22725, 39817, 17836, 77224, 21811, 11827, 428

.316

ELECTRIC POWER AND GAS

ELECTRIC POWERt

Production (utility and industrial), totalmil. of kw.-hr__

Electric utilities, total do _.By fuels .. - - -- doBv water power do __Privately and municipally owned utilities

mil. of kw.-hr_.Other producers do

Industrial establishments, total _ doBy fuels doBy water power _ _ do_ _.

Sales to ultimate customers, total (Edison ElectricInstitute) ...mil. of kw.-hr..

Commercial and industrial:Small light and power doLarge light and power _ do

Railways and railroads doResidential or domestic doRural (distinct rural rates) doStreet and highway lighting _. doOther public authorities doInterdepartmental do

Revenue from sales to ultimate customers (EdisonElectric Institute) thous. of dol..

GAS}

Manufactured and mixed gas (quarterly):Customers end of quarter, total thousands

Residential (incl. house-heating) doIndustrial and commercial do

Sales to consumers, total mil. of cu. f t _ _Residential doIndustrial and commercial do

Revenue from sales to consumers, totalthous. of dol_

Residential (incl. house-heating) doIndustrial and commercial do.

Natural gas (quarterly) :Customers, end of quarter, total thousands--

Residential (incl. house-heating) __ _. ..doIndustrial and commercial _ do

Sales to consumers, total __mil. of cu. f t _ _Residential (incl. house -heating) doIndustrial and commercial _ _do

Revenue from sales to consumers, totalthous. of dol_ .

Industrial and commercial do

31, 67726, 87118, 5378,334

22, 8933,9794,8054,362

443

22, 943

4,18110, 602

5366,276

409287602

49

425, 325

28, 78924, 27016, 5287,741

20,6373,6324,5194,082

437

22, 203

4,07610, 297

5076,017

40525159752

416, 130

31, 86426, 99718, 2688,729

23, 0223,9754,8674,383

483

22, 565

4,00210, 830

5555,782

49325059657

414, 263

9,7639,092

664184, 390128, 14354, 506

174, 188129, 50043,505

13, 73312, 5621,161

1,080,316447, 480606, 702

439, 632

156, 322

30, 19125, 43717,1408,297

21, 8383,5994,7544,318

436

22, 397

3,98610, 930

4975,521

60522158155

410, 076

31, 48626, 52518, 0488,477

22, 7393,7864,9624,503

459

22, 394

3,91911, 300

4685,235

63420658152

407, 411

31, 60826, 68518, 7017,984

22, 9523, 7344,9234,484

439

22, 694

4,10711, 547

4505,072

69419258349

414, 734

9,6178,960

649146, 05993,63651, 194

146, 139107, 00538, 225

13, 94112,7831,143

882,363255, 373601,037

319, 382

139, 144

31,62626, 78019, 2737,507

22, 9143,8664,8464,459

387

22, 637

4,27711, 260

4375,034

81820056446

412, 437

33, 87428, 86921, 3387,531

24,7804,0905,0054,647

358

23, 646

4,34012, 172

4534,964

86721858746

421,090

32, 65027, 77420, 2317,543

23, 7444, 0304,8764,511

366

24, 157

4,43412, 301

4475,256

83624959342

430, 680

9,1548,537

60997, 50755 74741,040

108, 00877, 18230, 238

14,49013, 3391 137

740, 818108, 884597, 808

229,03192, 812

130, 304

34, 30729, 15121, 7637,388

25, 1893,9625,1574,781

376

24, 431

4,32112, 584

4765,482

63128061342

435, 282

34, 07229,00621, 3457,661

25, 0733,9335,0664,699

367

24, 673

4 33212 556

4945,803

f>2230062541

440, 961

35, 77930,63221, 9448,689

26, 2684,3655,1464,748

398

25, 640

4 44312, 596

5576,560

478. 321

63847

458, 072

36,72631,41822, 5398 879

25, 5045 9145,3084 872

436

r Revised. i Compiled by the U. S. Department of Commerce, Bureau of the Census.*New series. Data for stocks of oleomargarine are compiled by the 17. -S. Department of Commerce, Bureau of the Census; figures prior to August 1949 will be shown later The data for

production of synthetic plastics and resin materials, compiled by the U. S. Tariff Commission beginning July 1948, are essentially comparable with the series for shipments and consumption(reported by the Bureau of the Census) previously shown here, except for inventory changes (which tend to balance out over a short period) and the inclusion of reports from a few additionalcompanies. Data for alkyd resins and rosin modifications are not available prior to 1949.

{Revisions for January-July 1949 for electric-power production and for the first two quarters of 1949 for the gas series will be shown later.




1950



Decem-ber

1951

January

FOODSTUFFS AND TOBACCO

ALCOHOLIC BEVERAGES

Fermented malt liquors:Production thous. of bbl_-Tax-paid withdrawals d o _ _ _ _Stocks, end of month do

Distilled spirits:Production thous. of tax gal-Consumption, apparent, for beverage purposes

thous of wine galTax-paid withdrawals thous. of tax gaL.Stocks, end of month doImports thous of proof gal

Whisky:Production thous. of tax gal -Tax-paid withdrawals doStocks, end of month doImports thous of proof gal

Rectified spirits and wines, production, totalthous. of proof gal. .

Whisky _ doWines and distilling materials:

Sparkling wines:Production thous of wine galTax-paid withdrawals • doStocks, end of month _ doImports . do

Still wines:Production doTax-paid withdrawals doStocks, end of month _ _ _ d o _ _Imports _- do

Distilling materials produced at wineries., do .._

DAIRY PRODUCTS

Butter, creamery:Production (factory )t thous. of lb__Stocks, cold storage, end of month doPrice, wholesale, 92-score (New York)_dol. per lb._

Cheese:Production (factory), totalt thous. of lb_.

American, whole milkt -- - doStocks, cold storage, end of month, total do

American, whole milk doImports - doPrice, wholesale, American, single daisies (Chi-

cago) dol. per lb-_Condensed and evaporated milk:

Production:!Condensed (sweetened):

Bulk goods thous. of lb_.Case goods - _ _ do

Evaporated (unsweetened), case goods. .. doStocks, manufacturers', case goods, end of month:

Condensed (sweetened) _ _ _ _ thous. of IbEvaporated (unsweetened) do

Exports:Condensed (sweetened) doEvaporated (unsweetened) do

Prices, wholesale, U. S. average:Condensed (sweetened) .. dol. per caseE vaporated (unsweetened) do

Fluid milk:Production mil. of lb_ .Utilization in mfd. dairy products. doPrice, dealers', standard grade dol. per 100 Ib

Dry milk:Pro duct ion :J

Dry whole milk thous. of IbNonfat dry milk solids (human food) do

Stocks, manufacturers', end of month:Dry whole milk doNonfat dry milk solids (human food) do

Exports:Dry whole milk __ doNonfat dry milk solids (human food) do

Price wholesale, nonfat dry milk solids (humanfood), U. S. average dol. per lb_.

FRUITS AND VEGETABLES

Apples:Production (crop estimate) thous. of bu__Shipments, carlot no of carloadsStocks, cold storage, end of month__thous. of bu._

Citrus fruits, carlot shipments no. of carloads..Prozen fruits, stocks, cold storage, end of month

thous. of lb_-¥rozen vegetables, stocks, cold storage, end of

month thous. of lb-_Potatoes, white:

Production (crop estimate) thous. of bu__Shipments, carlot no of carloadsPrice, wholesale, U. S. No. 1 (New York)

dol. per 1001bs_.

6,1395,5978,763

16, 581

11,519' 7, 219

680, 939890

11, 0694,694

615, 424780

6,6325, 870

12464

1,47524

1,08311,984

179, 559240

1,394

101, 195103, 657

.624

77, 06054, 180

176, 821159, 906

3 085

.349

15, 7003,925

169, 800

5,249151, 401

2,85813, 120

9.105.10

' 9, 0673,321r4.65

8,99064, 600r 9 738

r 43, 939

5,4088, 374

.117

3 83219, 5739, 760

279, 255

339, 316

19 900

3.719

5,8425,5238,849

14, 137

11, 5926,299

684, 577857

10, 1154,047

620, 133778

6,1045,458

3841

1,45617

74510, 071

168, 935243

1,397

98, 17592, 886

.635

75, 36553, 410

163, 922149, 004

6 845

.354

14, 3005,250

183, 900

5,951101, 470

2,86914, 306

9. 105.10

8,6713,2634.63

8,29066, 150

9 18742, 213

3,65432,890

.118

4 23112, 5028,613

265, 204

305, 316

20 750

3.632

7, 5626,693

10, 155

15, 969

14, 3339,219

686, 6461,076

11,0455,562

624, 188967

9,5328,497

10860

1,49429

1,14413, 073

157, 058279

1,280

122, 19593, 489

.607

95, 82569, 820

158, 134141, 946

3 540

.351

18,5006,010

241, 000

6, 75786, 216

2,5148,694

9.105.10

9,9964,1164.58

11, 56086, 000

9 71951, 619

5 97425, 440

.117

3 3267,0749,911

251, 119

269, 980

27 1 44

4.473

7,3526,367

10, 603

17, 305

13, 2767,319

692; 458864

11, 9224,358

630, 678772

7,9016,775

19061

1,67528

84212, 365

145,011286734

128, 770109, 020

.599

110, 56584, 110

171,553153 135

2 806

.346

22, 1007 225

258, 000

7 596r 117, 081

3,91816 275

9 105.10

10, 6124 4314.37

10 05098 000

9 79970, 091

5 08821, 761

.118

2 5983,6458,966

243, 861

241, 992

25 291

4.789

8,3617,616

10, 846

20, 490

13,7837,935

700, 4201 161

12, 7274,610

637, 4091 076

8,1466,923

8678

1,61438

79010, 573

134, 871263

1,300

156, 495136 867

.600

133, 735105 695208, 986186 062

2 518

.343

31,6505 430

347, 000

7 650222 300

2 73418 965

9 105.10

11, 9815 416

4.31

11 760113 700

10 30781, 934

4 30010, 267

.116

1 5211,289

10, 579

287, 445

221, 119

24 174

4.221

9,3688,696

10 982

21, 358

13, 6158,091

708, 5621 291

12, 5215,228

643, 2801 196

9,1097,612

9878

1,61940

8877,588

127, 000347216

166, 080185 167

.599

142, 960114 970254, 246229 785

4 355

.347

30, 7505 230

348, 800

9 733343 988

46516 905

9 105.09

12, 4855 7494.29

13 200116 750

13 21992, 873

6 118r 17, 124

.117

554165

9,434

356, 409

235, 955

24 117

3.242

9,2418,511

11, 196

21, 695

18, 75710, 537

712 8631 832

10, 3396 575

645, 2681 719

10, 2338,749

4453

1,60527

7588 236

117, 335255

1,509

146, 760230 063

.603

124, 37099 180

280, 948256 395

3 564

.341

31,0004 850

302, 100

7 368340 962

2 6996 291

9 105.10

11, 8275 0784.38

11 55090 000

13 90882, 621

4 64317 704

.117

94ft115

7,403

414, 557

283, 334

1 9 «rn

2.650

9,0408,621

11, 078

33, 042

20, 28116, 142

720 2961 692

15, 0729 869

647 0621 534

16, 23014 029

11687

1 62741

4 25011 367

109 347276

12 813

124, 960239 398

.614

107, 39584 395

316, 661287 977

8 937

.349

28, 3506 200

284, 300

7 016349 397

74111 741

9 305.29

10, 6014 3924.52

11 88560 950

•jq «qn

59, 407

4 711r 21 028

.118

1025,965

461, 956

361, 366

n fil Q

3.485

6,8706,845

10 648

41, 863

15 81611,348

737 7711 461

17 7586 455

656' 9991 322

11, 0819 741

73111

1 57944

41 61011 271

143 694331

98 229

103, 035234 in

.633

89, 56067 900

326, 907292 421

Q §54.

.354

21, 2005 900

232, 600

9 409388 620

98318 075

9 305.37

9,3753 6334.62

10 40042 900

19 ^OQ

42, 567

5 966r 17 957

.119

7,3215,658

466, 135

430, 576

2.636

6,3916,9139,692

47, 852

15 17710, 128

760, 8061 706

20 5365 939

670, 2131 543

10, 2339 037

77148

1,49968

59 21412 657

194 870459

124, 020

91, 930208 228

.642

80, 03558 095

310, 240276 930

5 185

.360

19, 5755 325

202, 000

9 296r 383 176

1 3788 199

9 505.37

9,0353 2464.79

11 30035 800

31, 528

6 04720 010

.121

34, 4514,932

497, 878

457, 573

2.128

6,1666,0199 451

38, 254

17 63011, 064

780 6542 189

22 2416 557

684 0311 994

11,11210 177

83168

1 398119

15 25311 768

198 490562

36 337

75, 910159 873

.647

67, 03045 830

261, 259233 733

4 QOC

.363

15, 1004 OCA

159, 000

1ft 4Q4r 316 666

4 327

8 225

9 505.39

8,3769 fi78

4.84

Q Q9ft

30 550

23, 491

5 OAO

18 994

.124

40, 0326,515

479, 353

454, Oil

2.515

5,8936 1638 815

35, 444

24 56412, 061

795 isi1 856

19 2446 899

694 2101 638

11,06310 153

60170

1 267118

4 81810 778

187 747534

10 855

79, 000r in f \ 1Q9

.664

67, 925

' 212, 493

.386

18, 350

156, 300

r I CQ CCQ

9 41 1

5.63

8,4909 7^8

4.88

OQ AQf)

21, 978

15 070

.127

i 120, 499

' 33, 621r 13, 9SO

' 449, 989

' 425, 1701 439, 500

r 13, 495

3.121

6,8725,8949,440

36, 063

16, 986808, 922

20, 2079,772

701, 634

14, 83413, 523

86, 28073, 666

.698

70, 65048 620

179, 688155 453

.447

18, 4005 125

182, 000

7 59888 859

10 496.06

8,9602 9864.98

10 78442 000

22, 545

.131

3, 86026, 50110, 944

425, 629

378, 004

18,588

3.039r Revised. 1 December 1 estimate.JRevisions prior to 1949 are shown on p. 24 of the August 1950 SURVEY; those for January-October 1949, on p. S-27 of the January 1951 issue.


S-28 SUEVEY OF CURRENT BUSINESS March 1951


1950

January Febru-ary March April May June July August SeDtem-


Decem-ber

1951

January

FOODSTUFFS AND TOBACCO—Continued

GRAINS AND GRAIN PRODUCTS

Exports, principal grains, including flour and mealthous. of bu._

Barley:Production (crop estimate) do"Receipts, principal markets doStocks, domestic, end of month:

Commercial -doOn farms do

Exports including malt doPrices, wholesale (Minneapolis) :

No. 2, malting dol. perbu._No 3 straight do

Corn:Production (crop estimate) mil of buGrindings wet process thous of buReceipts, principal markets doStocks, domestic, end of month:

Commercial doOn firms mil of bu

Exports including meal thous of buPrices, wholesale:

No. 3, white (Chicago) dol. per bu__No. 3, yellow (Chicago) doWeighted average, 5 markets, all grades. -do

Oats:

Receipts, principal markets thous. of bu_.Stocks, domestic, end of month:

Commercial _ _ do.-On farms do

Exports including oatmeal doPrice, wholesale, No. 3, white (Chicago)

dol. per bu__Rice:

California:Receipts, domestic, rough thous. of lb._Shipments from mills, milled rice doStocks, rough and cleaned (cleaned basis), end

of month| thous. of IbSouthern States (Ark., La., Tenn., Tex.):

Receipts, rough, at millsO thous. of l b _ _Shipments from mills, milled rice- do. _Stocks, domestic, rough and cleaned (cleaned

basis), end of month f thous. of IbExportsf doPrice, wholesale, head, clean (N. 0.)--dol. perlb__

Rye:Production (crop estimate) thous of buReceipts, principal markets _ . _ doStocks, commercial, domestic, end of month_doPrice, wholesale, No. 2 (Minn.) dol. per bu_.

Wheat:Production (crop estimate) total mil of bu

Spring wheat doAVinter wheat do

Receipts, principal markets thous. of bu_.Disappearance, domestic doStocks, end of month:

Canada (Canadian wheat) doUnited States domestic totaled1 do

Commercial doInterior mills, elevators, and warehouses

Merchant mills doOn farms do

Exports, total, including flour doWheat only do

Prices, wholesale:No. 1, dark northern spring (Minneapolis)

dol. per bu_.No. 2, hard winter (Kansas City) doNo. 2, red winter (St. Louis) __ doWeighted avg., 6 markets, all grades do

Wheat flour:Production:!

Flour thous. of sacks (1001b.)__Operations, percent of capacity§Offal _ ._ short tons__

Grindings of wheat f thous. of buStocks held by mills, end of month

thous of sacks (100 Ib )Exports _ _ _ do __Prices, wholesale:

Standard patents (Minneapolis)dol. per sack (100 lb.)__

Winter, straights (Kansas Citv) do

33, 834

4,349

30, 282

810

1.5461.444

9,45424, 678

47, 521

10, 082

1.4401.2911.249

6,862

16, 050

268

.749

32, 95331, 183

73, 728

93, 218186, 783

468, 071188, 297

.082

3008,2801.430

18, 385

152, 065

199, 6l§

21, 99618, 055

2.3662.2232.2182.259

19, 16578.4

384, 79244, 576

1,692

5.6055.138

31, 620

5,806

30, 454

550

1.5471.484

9,44617, 006

45, 319

8,628

1.4411.2971.261

4,670

13, 130

658

.769

45, 49333, 990

63, 891

63, 91978, 592

430, 24941, 146

.081

2637,6431.343

17, 347

146, 506

189, 447

21, 59019, 229

2.3282.2242.1582.253

17, 70575.9

355, 95141, 172

1,442

5.6195.188

31, 684

6,738

28, 07269, 9211,677

1.5781.518

10, 74323, 470

47, 4001 637 2

6,161

1.4871.3371. 305

7,660

12, 099484, 685

171

.783

83, 50334, 770

78, 428

76, 45294, 348

384, 49724, 694

.080

3237,3211.393

19, 584244, 138

136, 625665, 036180, 659

190 92388, 731

199, 175' 23, 288r 18, 810

2.3582.2722.2902.300

20, 04374.7

402, 00146, 596

4,9111,922

5.6005.269

33, 994

5,627

27, 657

250

1.6221.538

10, 37119, 624

43, 910

5,907

(2)1.4261.419

8,041

11, 295

450

.841

50, 08129, 175

75, 125

70, 74879, 203

351, 62429, 925

.081

3036,2781.395

17, 856

126, 762

173, 136

26, 76821, 559

2.3732.3062.3292.322

16, 86472.2

337, 48439, 178

2,235

5.6565.283

27, 568

7,696

26, 228

736

1.6431.593

10,72324, 065

43, 177

7,393

(2)1.4811.480

8,343

11,517

388

.912

83,67737, 907

83, 226

72, 53692, 608

305, 20822, 113

.081

1,1215,9771.443

22, 154

108, 447

169, 293

f 18, 55315, 432

2.4532.3002.3332.365

18, 36071.3

369, 09042, 690

' 1, 339

5.6905.158

29, 218

7,217

25, 92430, 929

361

1.6871.601

10, 68226, 726

42, 8741 060 4

6,644

(2)1.4891.462

7,313

11, 268192, 392

579

.947

111, 988110, 244

50, 908

39, 350142, 501

188, 74782, 592

.081

7225,9001.418

38, 820243, 578

100, 743423, 265168, 497

126 02755, 93467, 90721, 49017, 635

2.4462.1702.1602.297

17, 67568.9

353, 33341, 065

4,6351,655

5.6885.002

28, 003

5,894

25, 984

1,119

1.6921.649

11,37126, 697

39, 434

' 7, 117

(2)1.5561.630

9,066

12, 510

1,055

.890

109, 35773, 299

47, 911

41, 154126, 695

90, 151197, 343

.085

1,4845,7861.483

82, 214

99, 169

219, 702

T 20, 318«• 14, 789

2.5302.2282.1902.300

18, 97081.6

382, 75344, 175

2,373

5.9305.165

28, 185

16, 968

28, 593

1,252

1.5451.484

12, 09633, 367

39, 768

10, 938

(2)1.5341.511

17, 102

18, 275

333

.781

65, 70273, G75

14, 179

289, 728145, 146

132, 41983, 407

.090

2,9867,1741.382

61, 948

85, 886

256, 411

15, 49412, 446

2.4402.2092.1632.285

21, 07979.6

422, 16849, 099

1,308

5.9125.162

27, 395

21,441

33. 4291«0. 508

2,582

1.5291.451

11. 97323, 264

40, 127486.25, 317

(2)1. 5411.498

11,013

22, 0201,168,742

257

.816

16, 20411, 100

14, 274

715,391266, 891

328, 120«• 162, 532

.085

1,5767, 6941.388

45, 302245, 370

158,1971,205,052

260, 104

319 150137, 422483, 6^2

19,11215, 799

2.4202.2102.1442.285

18, 86982.3

374, 33543, 807

4,9311,422

5.9755.150

29,509

13, 503

34, 026

r 2, 588

1.4881.394

11, 93224, 371

38, 779

7,176

1. 5281.5211.462

8,977

20, 381

366

.812

163, 84224, 661

91, 714

999, 638225, 808

757, 612107, 336

.089

8877, 5181.369

48, 301

197, 072

261, 313

19,11416, 487

2.3662.1792.1272.243

18, 81174.5

374, 87443, 719

1,127

5.7305.244

33, 944

12, 581

34, 541

3,599

1.5611.476

11, 77852, 010

52, 137

10. 355

1.7601.5811.500

7,211

18, 226

432"

.928

58, 48437, 295

90, 474

402, 280170, 603

857, 87681, 930

.099

6657,7161.463

39, 472

212, 742

253, 690

19, 55716, 367

2.3852.2242.2042.268

18, 49876.8

377, 02442, 905

1,369

5.7385.284

39, 857

1 301, 0099,821

32, 625139, 338

4. 181

1. 5681. 512

1 3, 13110, 86742. 716

59, 3652 160 511, 151

(2)1.6861. 557

1 1, 4657,370

17, 698907, 660

324

.9771 84, 380

42,17458, 099

57, 204

126, 718167, 798

776, 12677, 914

.098

1 22, 9772,6897, 8711.627

1 1, 026. 81 276. 11 750. 733, 151

208, 617

221,548997 710247, 318

279 914129, 357335, 67024.14019, 456

2.4602.3462. 3292.355

19, 65885.8

390, 00045, 546

5 Oil2,011

5.9255. 480

8, 909

31. 635

1.6871. 617

12, 86454, 945

70, 093

(2)1. 7381.595

6, 783

17, 585

.995

58, 29828, 657

64, 573

1,014,641185, 318

663, 977

.099

5337, 3631.764

26, 192

214, 399

227, 821

2.4932. 4022.4552.414

22, 24488.4

442, 00051, 519

6.0555. 569

r Revised. * December 1 estimate. 2 NO quotation. ,fRevised series. Data for rough rice, included in rice exports and stocks, have been revised using a new conversion factor supplied by the U. S. Department of Agriculture; unpublished

revisions for exports (1933-July 1948) and those for stocks (prior to August 1949) are available upon request. Revised data for January 1947-July 1948 for whoat-flour production and grind-ings will be published later.

OPrior to the October 1950 SURVEY, data are shown in thousands of barrels of 162 pounds.cfThe total includes wheat owned by the Commodity Credit Corporation and stored off farms in its own steel and wooden bins; such data are not included in the breakdown of stocks.§ Based on a 5-day week beginning with the August 1950 SURVEY (prior thereto, on a 6-day week); data for January-June 1949 are shown on p. S-28 of the September 1950 SURVEY.


March 1951 SUEVEY OF CUKKENT BUSINESS S-29


1950



Decem-ber

1951

January

FOODSTUFFS AND TOBACCO— Continued

LIVESTOCK

Cattle and calves:Slaughter (Federally inspected):

Calves - -thous of animalsCattle do

Receipts principal markets doShipments, feeder, to 8 corn-belt States doPrices, wholesale:

Beef steers (Chicago). dol. per 100 lb.-Steers, stocker and feeder (Kansas City) -doCalves vealers (Chicago) do

Hogs:Slaughter (Federally inspected)

thous. of animals. .Receipts principal markets doPrices:

Wholesale, average, all grades (Chicago)dol. per 100 lb_-

Hog-corn ratiobu. of corn equal in value to 100 Ib. of live hog_ _

Sheep and lambs:Slaughter (Federally inspected)

thous. of animals- -Receipts principal markets do .Shipments, feeder, to 8 corn-belt States _doPrices, wholesale:

Lambs, average (Chicago).. dol. per 100 lb--Lambs, feeder, good and choice (Omaha) _do

MEATS

Total meats (including lard):Production (inspected slaughter) ._ mil. of lb-~Stocks cold storage end of month doExports do

Beef and veal:Production (inspected slaughter)... -thous. of Ib--Stocks cold storage end of month doExports doPrice, wholesale, beef, fresh, steer carcasses, good

(600-700 Ibs.) (New York).. dol. per lb.-Lamb and mutton:

Production (inspected slaughter). ---thous. of lb_-Stocks cold storage end of month do

Pork, including lard, production (inspectedslaughter) . thous. of Ib- -

Pork, excluding lard:Production (inspected slaughter) doStocks cold storage end of month _doExports doPrices, wholesale:

Hams smoked (Chicago) dol per IbFresh loins, 8-10 Ib. average (New York). do

Miscellaneous meats and meat products, stocks,cold storage, end of month:

Edible offal thous. of IbCanned meats and sausage and sausage-room

products thous. of IbLard:

Production (inspected slaughter) doStocks, cold storage, end of month ... doExports doPrice, wholesale, refined (Chicago) ...dol. perlb..

POULTRY AND EGGSPoultry:

Receipts, 5 markets _ thous. of lb_Stocks cold storage, end of month doPrice, wholesale, live fowls (Chicago)- dol. per lb._

Eggs:Production, farm _ millionsDried egg production thous. of Ib _Stocks, cold storage, end of month:

Shell thous. of casesFrozen .. thous. of Ib

Price, wholesale, extras, large (Chicago) tdol. per doz_

MISCELLANEOUS FOOD PRODUCTS

Candy sales by manufacturers thous. of dolCocoa:

Imports - long tonsPrice, wholesale, Accra (New York) _ _dol. per l b _ _

Coffee:Clearances from Brazil, total thous. of bags..

To United States doVisible supply United States doImports doPrice, wholesale, Santos, No. 4 (New York)

dol. per Ib..Fish:

Landings fresh fish, 5 ports thous. of IbStocks, cold storage, end of month do

4651,103

' 1, 842133

25.9822.9430.40

5,844' 3, 726

15.23

13.1

1,0771,206

115

24.0023.64

1,793943

54

642, 167143, 599

1,068

.438

51, 34414, 332

1, 099, 016

804, 033582, 737

4,017

.489

.368

63, 173

45, 984

215, 49292, 94945, 770

.129

34, 859295, 736

.204

r 5, 175' 3, 345

38055, 052

.323

51, 675

23,512.272

1,093699868

2,070

.496

27, 205125. 516

443939

1,537112

25.5824.1330.88

4, 1912, 691

16.55

14.3

863931112

26.1225.12

1,35689780

554, 425123, 281

1,078

.430

42, 39213, 062

759,390

558, 664573, 108

4,179

.495

.430

56, 670

49, 457

146, 90581. 17469; 966

.129

28, 604260, 523

.223

5,2176,257

73573, 159

.327

49, 091

42, 469.251

779519928

1,574

.485

32, 953105, 818

5861, 0821,715

141

25.9025.3229.06

5,0203,058

16.13

13.5

939979101

27.6226. 59

1,58586685

644, 109110, 022

1,021

.433

45, 91710, 689

894, 965

664, 439548, 640

5,584

.485

.409

54, 246

54, 818

170, 94687, 30674, 145

.132

27, 462212, 058

.239

6,42910, 082

1,296116, 546

.358

53, 018

24, 918.228

1,286727949

1 321

.471

39, 32887, 133

494959

1,590128

26.9425.7929.19

4,3162,593

16.02

12.4

8341,013

98

26.75(0

1,39785746

575, 79598, 8391,433

.447

39, 9498,440

780, 940

573, 780541, 955

5,145

.478

.412

48, 699

51,381

151. 151108,10534, 873

.132

30, 985167, 000

.226

6,38612, 987

2,147155, 108

.344

42, 945

20, 053.240

728596731

1, 130

.473

44, 65679, 027

4961,0751,871

130

29.0227.1930.35

4,3382,836

18.41

13.8

9411,455

157

27.120)

1,48880243

638, 65278, 844

1, 558

.474

43, 1847,099

806, 047

592, 792492, 194

4,812

.528

.485

46,631

49, 190

155, 971128, 46731, 629

.147

36, 928136, 548

.211

6,14219, 051

3,412179, 732

.317

40, 368

32, 893.286

855506609

1,050

.462

58, 10097, 773

4851,0661,704

160

30.1327.4429.00

4,1542,586

18.18

13.1

1,0191,206

166

27.750)

1,50176950

628, 27767, 2911,990

.488

43, 5976,681

829, 338

605, 008469, 361

3,851

.548

.480

43, 875

45, 952

163, 743136, 25838, 855

.142

36, 707122, 328

.208

5,16816, 316

3,667188, 476

.342

37, 542

35, 712.308

1,198803609976

.478

65, 671116, 897

4431,0701,759

152

30.6727.4829.60

3,3142,234

20.65

14.9

9601,149

153

27.250)

1,366649

45

626, 29966, 0511,578

498

41, 5436,079

697, 727

514, 916394, 402

4, 481

.611

.579

41, 288

34, 893

133, 375106, 61333, 456

.174

41, 632103, 367

.229

4,63711, 098

3, 163174, 761

.398

33, 788

26, 475.356

1.517M70

7151,804

.538

69, 303137, 307

4841,1842,046

239

30.0926. 9032.00

3,6262,345

21.55

15.0

1,0761,466

355

27.1227.42

1,44954242

696, 56779, 9191,831

.486

47, 2255,998

705, 016

519, 370303, 588

3,572

.586

.587

39, 744

37, 014

135, 69775, 49633, 126

.190

39, 168105, 179

.262

4,2215,095

2,568155, 369

.412

53, 723

19, 849.405

1,6871,095

7192,099

.553

70, 140153, 625

4881, 1962,311

447

30.5726.9032.88

4,1372,431

21.10

14.7

1,0632,001

576

27.6228.50

1,47846931

704, 75489, 4851,829

.491

46, 6746,486

726, 906

547, 272240, 544

3,284

.551

.557

38, 157

35, 608

131,25358,24121,653

.181

53, 859140, 352

.239

3,8943,739

1, 558133, 002

.503

71, 989

13, 494.420

1,721999797

1,987

.561

52, 982158, 473

5151,1692,795

763

30.4926.9231.70

5,1022,955

19.41

14.0

1,0811,790

591

28.2528.90

1,621457

27

686, 636103, 894

1,561

.486

47, 3267, 994

886, 656

665, 625219, 758

3,425

.482

.467

38,932

34, 162

161, 74952, 12817, 871

.165

72, 338r 217, 999

.220

4,0141,984

502104, 378

.560

75, 588

12, 830.372

1,684974768

1,729

.530

56, 471166, 105

5051,1512,210

483

31.4128.4632.38

6,1443,678

18.04

13.0

9691,185

238

29.5029.32

1,08160336

669, 181124, 307

783

.493

43, 2939,416

1, 096, 444

821, 067326, 300

5,504

.498

.408

47, 876

37, 199

200, 92257, 79426, 014

.178

87, 741269, 640

.232

3,9021,085

6175, 582

.577

68, 029

14, 596.363

1,251713750

r 1,381

.519

43, 530165, 394

4451,1101, 694

251

33. 0329.4532. 38

6,7773, 991

18.52

12.2

9181,048

252

31.3830.77

1,948

56

650, 935r 160, 544

791

.531

41, 964*• 10, 479

1, 255, 175

923, 638r 499, 408

10, 403

.536

.414

r 58, 903

' 40, 374

242, 183' 69, 857

38, 727.197

82, 807' 281, 972

' .241

4,276549

'34r 47, 310

.577

61, 906

32, 204.345

1,350977741

1,355

r. 540

157, 722

4331, 1601,827

183

34.1031.8835. 90

6,5844,070

20.37

13.0

1,0581,139

110

34.7533.62

1,9761,046

688, 688171, 028

.533

50, 18710, 035

1, 237, 582

896, 297665, 622

.571

.430

62, 837

47, 934

249, 44188, 753

.215

38, 436281, 878

.272

5,0211,681

7632, 088

.425

63, 144

.370

.551

Isi, 088

* r Revised. l No quotation.fRevised series. U. S. Department of Agriculture data replace the series for U. S. standards published prior to the October 1949 issue of the SURVEY. Data for September 1944 to Decem-

ber 1948 are shown on p. 24 of the June 1950 SURVEY.


S-30 SUEVEY OF CUREENT BUSINESS March 1951


1950



Decem-ber

1951

January

FOODSTUFFS AND TOBACCO—Continued

MISCELLANEOUS FOOD PRODUCTS— Con.

Sugar:Cuban stocks, raw, end of month

thous. of Spanish tons..United States:

Deliveries and supply (raw basis) :Production and receipts:

Production ... _ short tons.Entries from off-shore do

Hawaii and Puerto Rico _ do _ _Deliveries, total do

For domestic consumption . .__doFor export do

Stocks, raw and refined, end of monththous. of short tons..

Exports, refined sugar short tonsImports:

Raw sugar, total doFrom Cuba do _From Philippine Islandscf _ __ _ do

Refined sugar, total doFrom Cuba _ do__

Price (New York) :Raw, wholesale dol. per IbRefined:

Retail doWholesale . ___ _ do .

Tea, imports thous. of Ib

TOBACCOLeaf:

Production (crop estimate) mil. of IbStocks, dealers' and manufacturers', end of quar-

ter, total mil. of IbDomestic:

Cigar leaf doAir-cured, fire-cured, flue-cured, and miscel-

laneous domestic mil of IbForeign grown:

Cigar leaf doCigarette tobacco do

Exports, including scrap and stems thous. of IbImports, including scrap and stems . _ do

Manufactured products:Production, manufactured tobacco, total do..

Chewing, plug, and twist doSmoking _ _ ... do__Snuff do

Consumption (withdrawals):Cigarettes (small) :

Tax-free. __ millionsTax-paid ..do

Cigars (large) tax-paid thousandsManufactured tobacco and snuff, tax-paid

thous. of lb_.Exports, cigarettes millionsPrice, wholesale (composite), cigarettes, f. o. b.,

destination dol. per thous

••578

72, 870404, 682174, 121

r 512, 050«• 508, 625

3.425

r 1, 6411,695

139, 962125. 411

6, 23818, 55518,544

.058

1.462.079

7,628

16, 0528, 355

18. 9827, 5668, 4832,933

1,97329,290

424, 088

19, 286903

6.862

1,423

31, 605379. 389119, 554503, 096501,508

1,588

1,525693

218, 847201, 313

32, 48037, 98037, 789

.056

1.461.077

7,943

19, 0496,368

17, 8677,0237,9192,925

2,17825, 645

415, 318

17, 354969

6.862

2,878

24, 382584, 423148, 180620, 674618, 495

2,179

1,5645,976

1 387,307337, 76949, 50449, 42149,111

.055

1.456.076

13, 773

3,944

402

3,371

19152

28, 2037,934

22, 0318,085

10, 1993,747

2,14632, 036

453, 631

21, 9411,464

6.862

3,438

17. 572572, 778243, 296565, 982565, 226

756

1, 57364, 433

269, 725203, 875

65, 85037 93337, 307

.055

1.455.076

9,550

44, 1676,530

18, 0996,3548,3913, 353

1,97425, 829

383, 345

18, 1761,157

6.862

3,773

28, 821593, 854241, 671738, 858735, 153

3,705

1,48983, 235

309, 350235, 77371, 76055, 14754, 244

.057

1.454.076

10, 131

36, 7238,121

19, 1596.5689,1893,402

2,39532, 674

424, 870

18, 9981,017

6.862

3,246

45, 324550, 711210, 870863, 123860, 136

2,987

1,17856, 021

275, 323216, 33455, 64724, 78322, 998

.058

1.454.076

9,745

3,509

384

2,960

18148

22, 5337,571

20, 9807,8819,3333,766

2,59432, 815

471, 152

20, 0951,422

• 6.862

2,721

26. 003587, 920231, 972

1, 190, 0841,188,091

1,993

6357,925

304, 034236, 45566, 44332, 83027, 487

.060

i .452.078

10, 874

24, 525r 5, 721

16, 5786,8396,9112,828

2,82027, 374

400 566

16,2041,484

6.862

2,176

90, 775731,339224, 624948, 443944, 257

.4, 186

4871,897

449, 594390, 383

52, 41352, 78452, 267

.062

i .491.080

8,787

46, 76210, 407

23, 0698,870

10, 2673,932

4,00939, 126

587 406

23, 531T 1,554

7.056

1,825

129, 607628, 737237, 608668, 739659, 850

8,889

6052,006

353, 195323, 203

25, 08725, 78621, 132

.0621 .489

.0818,752

3,672

353

3 160

18142

72, 9808,078

21, 4317,627

10, 6013,203

3,04830, 846

503, 738

20, 8511,181

7.056

1,186

594, 565450. 538149, 352514, 287503. 801

10, 480

1, 1521,782

306, 359275, 48525, 87612, 10911,895

.062

1.482.081

12, 733

68, 0377, 996

23, 4177,877

11,9183,622

3,22329, 738

553, 776

22, 3221,043

7.056

641

866, 935320, 519131,587522, 018509, 050

12, 968

1,7685 012

163 462144, 82011, 103

396286

.062

i .480.081

8, 662

52, 6796, 765

19, Of>36,8848,8943,285

2,83729, 825

544 792

18, 5911,031

7.056

246

531,464203. 65484, 803

686. 622679. 380

7,242

1,1527 160

134 063123, 431

8,401400

.063

i .480.081

5, 992

2 2, 056

3,988

330

3 491

16150

44, 4416,352

2,619r 25, 000374 800

13, 4981,053

7.056

506

111,686235, 73721, 153

653, 208646, 583

6,625-

1,591

0611 487

.081

33, 895458 877

20, 360

7 056

LEATHER AND PRODUCTS

HIDES AND SKINS

Imports, total hides and skins thous. of IbCalf and kip skins.. . .. .thous. of piecesCattle hides_ . . doGoatskins doSheep and lamb skins _ _ do_.

Prices, wholesale (Chicago'):Calfskins, packers', 8 to 15 Ib dol. per lb_.Hides, steer, packers', heavy, native do

LEATHERProduction:

Calfandkip.. _ thous. of skinsCattle hide thous. of hides..Goat and kid thous. of skinsSheep and lamb do

Exports:Sole leather:

Bends, backs, and sides thous. of IbOffal, including belting offal do

Upper leather thous. of sq. ftPrices, wholesale:

Sole, bends, steer, f. o. b. tannery dol. per l b__Chrome calf, black, B grade, composite

dol. per sq. f t _ _

23, 838276356

2,9242,335

.450(3)

9251,8803,0162,193

510

3,377

.549

.991

20, 421251162

3,7521,381

.425

.207

8851,9492,9602,675

5721

2,840

.539

.991

22, 1! 5170186

3,7432,040

.440

.213

9022,1153,5142,566

8239

3,093

.539

1.017

18, 683154122

3,0523,013

.431

.208

8141,8532,8212,625

5227

r 2,659

.539

1.027

20, 781177160

4,2692,348

.450

.220

8291,9493,2062,720

1319

2,471

.539

1.034

28,588190245

3,9985, 333

.484

.245

9232,0703,3292, 653

7939

2,726

.539

1.037

30,811348258

3,4793,846

.485

.278

5841,6982,6701,989

4310

2,271

.571

1.080

36, 447346532

3, 4113,276

.560

.309

1,0522,3003,2603,373

2232

2,944

.598

1.134

29, 574411386

2,8161,389

.575

.331

9302,0842,8622,868

3043

2,417

.625

1.154

33, 641357373

3,9343,169

.575

.322

9622,1923,2002,856

3832

2,283

.657

1.166

27, 963382294

3,4632,359

.605

.346

993r 2, 248

3,3132,531

1424

2,440

.703

1. 174

19 523186272

3 0001,640

.662

.358

8602,0493 0152,361

5395

3 284

.782

1.204

.680

.400

.864

1.229r Revised. i Price for 5 pounds; quotations prior to 1950 are for 1-pound package.cTSee corresponding note on p. S-30 of the October 1949 SURVEY.

2 December 1 estimate. 3 NO quotation.




1950



Decem-ber

1951

January

LEATHER AND PRODUCTS— Continued

LEATHER MANUFACTURES

Shoes and slippers :§Production, total thous. of pairs

Shoes, sandals, and play shoes, except athletic,total thous. of pairs

By types of uppers:cfAll leather doPart leather and nonleather _ _ _ _ do

By kinds:Men's doYouths' and boys' doWomen's _ _ _ _ _ _ do __Misses' and children's doInfants' and babies' do _

Slippers for housewear doAthletic doOther footwear do

Exports doPrices, wholesale, factory, Goodyear welt, leather

sole:Men's black calf oxford, plain toe--dol. per pair__Men's black calf oxford, tip toe doWomen's black kid blucher oxford do

38, 696

35, 822

33, 1702,651

8,1481,207

17, 9745,1343,3592,425

220229229

9.5556.6005.150

39, 259

36, 209

33, 2643,023

7,9821,203

18, 7095,1093,2062,569

247234319

9.5556.6005.150

46, 496

42, 861

38, 6293,940

9,4211,378

22, 5775,7623,7233,083

277275337

9.5556.6005.150

38, 058

34, 204

29, 8143,477

7,8421,105

17, 4684,6703,1193,353

277224307

9.5556.6005.150

38, 485

34, 215

30, 5633,493

8,2871,281

17, 1054,5383,0043,708

319243257

9.5556.7505.150

39, 070

34, 221

31, 1923,127

8,5541,418

16, 7564,6322,8614,242

319288233

9.5556.7505.150

35, 465

30,954

28, 7482,141

6,8971,334

16, 5953,9592,1694,026

263222

1 193

9.6786.7505.150

48, 770

41, 824

38, 6713,011

9,5191,777

22,3005,2672,9616,199

355392

1256

10. 0457.1505.150

43, 928

37, 355

34, 4832,706

9,1551,689

18, 8104,8072,8945,783

363427

i 275

10. 1317.2255.150

44, 083

36, 720

33, 9422,761

9,2781,607

17, 6774,9413,2176, 630

339394

1333

10. 3887.3505.150

' 38, 236r 32, 285

29, 9712,313

r 8, 6231,317

r 14, 784' 4, 601' 2, 960

5,362'316'2731280

10. 3887.750(2)

35, 962

32, 640

30, 2392,401

8,2201,195

15, 3304,8613,0342,866

273183

U96

10. 6827. 9755.150

11.3688.5605.150

LUMBER AND MANUFACTURES

LUMBER— ALL TYPES

Exports total sawmill products J M bd ftImports, total sawmill products doNational Lumber Manufacturers Association:

Production, total© * mil. bd. ft—Hardwoods _ __ doSoftwoods© _ do

Shipments, total©- doHardwoods doSoftwoods© do

Stocks, gross (mill and concentration yards), endof month, total© mil bd ft

Hardwoods doSoftwoods©. _ _ - do

SOFTWOODSDouglas fir:

Orders, new© _ , _ _ _ _ _ d o _Orders, unfilled, end of month© doProduction© _ _ _ _ _ _ _ d oShipments© doStocks, gross, mill, end of month© doExports total sawmill products M! bd ft

Sawed timber doBoards, planks, scantlings etc do

Prices, wholesale:Dimension, No. 1 common, 2" x 4" x 16'

dol. per M bd. ft—Flooring, B and better, F. G., I" x 4", R. L.

dol. per M bd. f t _ _Southern pine:

Orders, new . . mil. bd. ftOrders, unfilled, end of month _ doProduction _ doShipments _ _ d o _ _Stocks, gross (mill and concentration yards), end

of month mil bd ftExports total sawmill products M bd ft

Sawed timber doBoards, planks, scantlings, etc do

Prices, wholesale, composite:Boards, No. 2 common, 1" x 6" or 8" x 12'

dol. perMbd. ft. _Flooring, B and better, F. G., 1" x 4" x 12-14'

dol. perMbd. ft_ _Western pine:

Orders, new mil. bd. f t _ _Orders, unfilled, end of month __ doProduction J doShipmentst -- doStocks, gross, mill, end of month doPrice, wholesale, Ponderosa, boards, No. 3 com-

mon, 1" x 8" - _ _ _ dol. per M bd. ft

SOFTWOOD PLYWOOD

Production thous of sq ft $6" equivalentShipments doStocks end of month do

HARDWOOD FLOORING

Maple, beech, and birch:Orders, new M bd. f t_ _Orders, unfilled, end of month doProduction .. do_Shipments do

« Stocks, mill, end of month do

33 691167, 280

2,387633

1,7542,633

6971,936

6,8232,1174,706

919798575635817

10 8614,4376,424

64. 484

102. 900

714291703676

1,6509 1042,6886,416

65. 765

141. 114

461757264405

1,491

60.37

175 484168,63555, 268

5,4007,2254,2254,2259.925

34, 326>• 167, 003

2,463601

1,8622,817

6892,128

6,4682,0294,439

796846644748713

12 0935,3796,714

66. 640

103. 635

802397667696

1,6218 2692,1786,091

65. 618

139. 472

467755326439

1,377

61.26

177 577177, 90555 322

5,2758,2504,1254,4509,650

34, 383255, 642

3,090669

2,4213,342

7392,603

6,2161,9594,257

994872921967667

14, 6003,977

10, 623

67. 620

105. 840

749361766785

1,6026,8131,5845,229

65. 986

139. 410

584763477582

1,272

62.72

235, 291237, 00053, 878

7,1509,8504,8505, 4509.050

40, 277262, 114

3,226688

2,5383,220

6832,537

6,2231,9644,259

1,044988927929665

15 5205,145

10, 375

69. 090

105. 840

770385758746

1,6148,6022, 5626,040

66. 176

139. 165

619783585597

1,261

64.13

207, 431206, 84053, 638

5,80011, 0504,0254,6258.275

38, 178275, 384

3,576752

2,8243,683

7762,907

6,1171,9414,176

917878994

1,028632

9,3312,1257,206

72. 324

109. 368

982488798879

1,5338,8661,9266,940

69. 342

141. 892

721719729697

1,293

66.22

228, 184224, 38357, 861

7,52512, 6755,2255,3258,150

50 589357, 413

3,579754

2,8253,600

7032,897

6,0961,9924,104

905845886938579

20 7314,682

16, 049

3 75. 430

3 111. 770

840469797859

1,47111, 9992,8669,133

72. 182

142. 657

828758837789

1,341

68.53

223, 051230, 44450, 836

5,42512, 4755,4256, 5507.000

44, 852338, 658

3,338761

2,5773,265

7032,562

6,1702,0504,120

889976794757616

20, 2006,684

13, 516

4 82. 389

* 119. 539

914576757807

1,42110, 4482,6837,765

74.568

144. 776

803778766733

1,374

70.84

150, 764146, 60755, 129

8,55015, 6254,5005,6505.700

37, 772339, 051

3,950829

3,1213, 758

7802,978

6,3612,0994,262

9891,0441,083

921778

17, 4615,324

12, 137

87. 050

126. 063

844488831932

1,3208,3242,4455,879

81. 773

148.405

851823879806

1,447

74.69

244, 051237, 55860,695

11, 65019, 5755,8257 5004.075

40, 658p 374, 698

3,717848

2,8693,637

7782,859

6,4412,1684,273

848896

1,009996790

17, 0876,796

10, 291

88. 953

128. 922

760414790834

1,2765,5011,5443,957

87. 225

154. 295

766804771734

1,484

78.68

229, 340233, 60856, 721

5,95019, 6755,3756,1003, 425

39, 397394, 922

3,687829

2,8583, 553

7912,762

6,5552, 2034,352

832754

1,007974806

19, 5556,661

12, 894

86. 940

129. 933

751391815774

1,3176,9762,2704,706

82.954

153. 204

747786735721

1,498

81.38

250, 782249, 78958, 498

5,47519, 1005,9005, 7503, 570

52, 991259, 024

3,356776

2, 5803,285

7432,542

6,6452,2374,408

940734909960766

23, 0839,043

14, 040

79. 026

130. 458

624320778695

1,40010, 6073,0517,556

79. 027

153. 204

617765616606

1,515

82.52

243, 761243, 149r 57, 703

5,40019, 6005,6505,5003.775

66 445240, 937

3,009705

2,3042,878

6512, 227 '

6,7632,2914,472

969733860840773

33, 60313, 76919, 834

78. 090

132. 397

633361709592

1,51710, 5712,5278,044

r 78. 822

152. 515

6197705005G4

1,451

84.47

232, 577242, 72247, 385

4,70018 9005.7005 1254.250

3, 005713

2,2923,199

7052, 494

6,5522,2994,253

1,0851,006

913942732

(2)

(2)

905486732780

1, 469

79. 893

152. 286

583749390504

1,337

83.73

7,70020, 4005,9506 2504.075

T Revised. 1 Excludes "special category" items. 2 No quotation. s Estimated; based on index computed by the Bureau of Labor Statistics. * Data beginning July 1950 representa composite of quotations from a larger number of companies.

§Data beginning 1949 have been revised to include reports from additional companies (accounting for about 4 percent of total production in 1949) and, therefore, are not comparable withearlier figures; revisions for January-May 1949 will be shown later.

cf The figures include a comparatively small number of "other footwear" which is not shown separately from shoes, sandals, etc., in the distribution by types of uppers; there are furthersmall differences between the sum of the figures and the totals for shoes, sandals, and play shoes, because the latter, and also the distribution by kinds, include small revisions not availableby types of uppers. Data through 1949, shown prior to the August 1950 SURVEY, covered fewer reporting companies (see note "§" above).

JSee note at bottom of p. S-38 of the October 1949 SURVEY regarding revisions for exports of sawmill products for 1948 and Western pine for January 1947-March 1948. ©Minor monthlyrevisions beginning 1929 for Douglas fir (formerly designated as West Coast woods) and for total lumber production and shipments (beginning 1934) and stocks (1936,1938) are available uponrequest. Revisions for January 1948-July 1949 for total lumber and softwoods are shown on p. S-30 of the October 1950 SURVEY.Digitized for FRASER

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

S-32 SURVEY OF CURRENT BUSINESS March


1950



Decem-ber

1951

January

LUMBER AND MANUFACTURES—Continued

HARDWOOD FLOORING— Continued

Oak:d"Orders new M bd ftOrders unfilled end of month doProduction -- do.Shipments do _Stocks mill end of month do- -

85, 96575, 81671,03871, 63745, 612

91,09095. 62768, 33471,29741, 201

93, 988102, 33081, 04987, 28534, 965

78, 601102,11575, 24378, 81631, 392

92, 625106, 68986, 79188, 05128, 134

84, 12195, 72391, 64995, 08724, 696

98, 438108, 14283, 30086, 01921, 977

99, 968104, 16399, 237

103, 94717, 267

82, 78596, 41391, 05990, 53517, 791

71, 03583, 09893, 87993, 13118, 539

62, 77868, 88493, 04086, 03125,548

67, 55368, 15581, 88573, 94433, 489

METALS AND MANUFACTURES

IRON AND STEEL

Foreign trade:Iron and steel products (excl. advanced mfrs.):

Fxports total short tonsScrap do

Imports total - do. _Scrap do

Iron and Steel Scrap

Home scrap doPurchased scrap do

TJome scrap doPurchased scrap do

OreIron ore:

All districts:Production thous of long tonsShipments doStocks at mines end of month do

Lake Superior district:Shipments from upper lake ports doConsumption by furnaces _ . doStocks, end of month, total . _ _ _ do_ ._

At furnaces - doOn Lake Erie docks do

Imports _ _ do.Manganese ore, imports (manganese content)

thous of long tons

Pig Iron and Iron Manufactures

Castings, gray iron:Unfilled orders for sale thous of short tonsShipments total do

For sale doCastings, malleable iron:

Orders, new, for sale short tonsOrders unfilled for sale doShipments, total do

For sale doPig iron:

Production.. _ thous. of short tonsConsumption doStocks (consumers' and suppliers'), end of month

thous of short tonsPrices, wholesale:

Composite dol per long tonBasic (furnace) doFoundry, No. 2, f. o. b. Neville Island do

Steel, Crude and Semimanufactures

Steel castings:Shipments, total short tons

For sale, total . _ . doRailway specialties do

Steel forgings, for sale:Orders, unfilled, total _ . __ do.

Drop and upset _ doPress and open hammer do

Shipments, total doDrop and upset doPress and open hammer. _ do

Steel ingots and steel for castings:Production thous. of short tons

Percent of capacity?Prices, wholesale:

Composite, finished steel dol. per lb_.Steel billets, rerolling (producing point)

dol. per long ton..Structural steel (Pittsburgh) dol. perlb..Steel scrap, heavy melting (Pittsburgh)

dol. per long ton..

Steel, Manufactured Products

Barrels and drums, steel, heavy types:Orders, unfilled, end of month thousands. .Shipments _ . . . d oStocks, end of month do...

298, 49613, 55269, 13633, 468

5 4952,9562,5395 4001,5483,852

2,7771,5246 831

0r 6, 76432,00426, 7105,294

601

47

914913450

34, 39062, 30762, 87432, 918

5,2945,285

1,441

46. 6846.0046.50

89, 13657, 9969,298

327, 035280, 02347, 01292, 99473, 45819, 536

7,93094

.0438

59.36.0375

30.00

4,8631,635

61

282, 07617, 17751, 1363,606

5 0842,6772,4075 1541,4683,686

2,4921,2458 077

05,329

26, 74522, 1034, 642

509

55

873864417

35, 99167, 04960, 38631, 249

4,1734,357

1,299

46.8546.0046.50

92, 24062, 04510, 920

340, 955294, 25146, 70492, 54773, 44019, 107

6,79389

.0438

59.36.0375

31.63

4,9371,758

42

273, 01714, 48197, 84815, 832

5 7142,9922,7224 7401,3433,397

2,4961,1509 424

05,948

20, 86516, 8294,035

579

61

922996500

41, 45669, 86666, 25938, 639

4,6014,779

1,138

47.2846. CO46.50

112,33577, 58815, 281

350, 358287, 87462, 484

108, 67787, 74520, 932

7,48789

.0438

59.36.0375

31.60

4,7452,095

31

258, 08418,151

102, 85718, 408

5 7332,9882 7454 5111,3153,196

2,9992,087

10 337

3497,109

14, 09911,0333,066

334

68

922981484

42, 66376, 25069, 82236, 279

5,5775,548

1, 144

47.2846.0046.50

107, 12975, 13317, 406

357, 238297, 03260, 20699, 19380, 95018, 243

8,213100

.0438

59.36.0375

32.88

4,6591,721

28

290, 00018, 575

136, 73021, 090

5 9733,1152,8584 6461,3713,275

10, 74010, 77010, 306

9,4967,362

14, 38411, 5442,840

678

64

9781,095

573

43, 25677, 07476, 16142, 432

5,8555,827

1, 168

47.2846.0046.50

117, 77383, 84520, 552

372, 804311,81160, 993

113, 65793, 45920, 198

8,552101

.0438

59.36.0375

37.00

4,4101,967

35

r 346, 39215,719

182, 15245, 220

5 7372,9562,7815 1511,4993,652

12, 35513, 2749,460

11, 7387,249

19, 18915, 9973,192r893

107

1,0401,136

613

56, 32286, 78382, 34546, 613

5,6335,637

1, 197

47.2846.0046.50

131, 09794, 63727, 065

408, 345342, 53565,810

117, 33396, 06121, 272

8,13299

.0438

59.36.0375

43.90

4,8562,089

36

r 249, 67114, 357

182, 52026, 102

5,2732,7602,5135, 5531,6023,951

13, 47714, 2388,685

12, 7047,579

24, 10820, 6513,456

792

88

1,287961508

55, 715105, 30067, 51437, 198

5,8795,620

1,366

47.2846.0047.25

98, 26968, 87415, 734

445, 567391, 82053, 74794, 92979, 08115, 848

8,07195

.0438

59.36.0375

40.50

5,7952,128

44

252, 08612, 537

299, 929121, 140

5 8263,0782,7485 8161,6994,117

14, 47815,0128 154

12, 4827, 371

29, 96626, 0843,881

852

56

1,6701,202

677

77, 093132, 37486, 02150, 019

5,7705,752

1,427

47.4846.0049.50

128,36994, 41324, 922

547, 552483, 84063, 712

123, 60899, 60524, 003

8,23096

.0438

59. 36.0375

43.60

7,1382,704

49

r 281, 10229, 006

r 256, 87494, 601

5,7903,0262,7645, 7671,7114,056

13, 88714, 5147,527

12, 1917,175

35, 71631, 3884,328

920

'70

1,7941,159

649

67, 136152, 58382, 47946, 927

5,6975,703

1,408

47.9546.7549.50

134, 57496, 73825, 295

620, 407530, 68989, 718

122, 40897, 75324, 655

8,19399

.0438

59.36.0375

44.00

7,1822,435

36

r 263, 06921, 122

451, 097123, 831

6,3203,2883,0325,8051,6674,138

12, 99913, 419

7, 107

11, 3807,415

39, 71135, 6514,059

964

67

1,8401,255

701

57, 852160, 27889, 96850, 157

5,9245,845

1,303

49.8749.0049.50

149, 558109, 66030, 048

643, 119549, 21493, 905

136, 737107, 66629, 071

8,740102

.0438

59.36.0375

44.00

7.5322,517

32

' 285, 91826, 253

467, 063128, 456

5 9293,0192,9105 4751,5603,914

*7,4019,0175,490

6,9936,861

41, 54336, 9194,624

733

' 57

1,9301,161

657

68, 491180, 09985, 16348, 670

5,3875, 395

1,465

50.5349.0049.50

145, 929108, 26330, 775

656, 586560, 35496, 232

130, 286102, 51127, 775

8,01297

.0438

59.36.0375

44.00

8,0492,588

32

261, 10416, 479

482, 90398, 700

3,3622,9975,856

8737,289

37, 16931, 771

5, 398376

88

2,0121,182

653

65, 942194, 95091, 51051, 091

5, 693

53. 1951.6352.50

155, 258113, 69234, 061

673, 823562, 239111, 584127, 78497, 78629, 998

r 8 34398

T . 0461

62.72.0400

46.50

8,8812,545

25

07,327

30, 22725, 6584, 569

5,894

53.5852.0052.50

8 843100

.0468

62.72.0400

47.75

r Revised.cf Monthly revisions (1940-46) to incorporate data for prefinished flooring and small quantities of species of hardwood flooring other than oak, included in current data, will be shown

later; scattered monthly revisions (1934-36) are available upon request.JPercent }of capacity is calculated on annual capacity as follows: Data beginning January 1951, on capacity as of January 1 of 104,229,650 tons of steel; 1950—July-December, on 100,563,500

tons (as of July 1); January-June, on 99,392,800 tons (as of January 1).



Unless otherwise stated, statistics through.1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey

1950



Decem-ber

1951

January

METALS AND MANUFACTURES—Continued

IRON AND STEEL— Continued

Steel, Manufactured Products— Continued

Cans, metal, shipments (in terms of steel consumed) ,total short tons

Food _ _ _ doNonfood do

Shipments for sale doCommercial closures, production millionsCrowns, production _. thousand grossSteel products, net shipments:

Total thous of short tonsBars, hot rolled — Carbon and alloy do

Reinforcing do_Semimanufactures doPipe and tubes doPlates doRails doSheets doStrip — Cold rolled do

Hot rolled _ doStructural shapes, heavy doTin plate and terneplate doWire and wire products do

NONFERROUS METALS AND PRODUCTS

Aluminum:Production, primary short tonsImports bauxite long tonsPrice, wholesale, scrap castings (N. Y.)

dol. per lb_.Aluminum fabricated products, shipments, total

mil of IbsCastings doWrought products, total do

Plate sheet and strip doBrass sheets, wholesale price, mill dol. per l b _ _Copper:

Production:Mine production, recoverable copper

short tonsCrude (mine or smelter, including custom in-

take) _ - short tonsRefined do _

Deliveries, refined, domestic doStocks, refined, end of month do .Exports, refined and manufactures doImports, total do

Unrefined , including scrap doRefined do

Price, wholesale, electrolytic (N. Y.)-dol. per lb__Lead:

Ore (lead content) :Mine production short tonsReceipts by smelters, domestic ore. do

Refined (primary refineries) :Production! doShipments (domestic) t - doStocks end of monthf do

Price, wholesale, pig, desilverized (N. Y.)dol. per l b _ _

Imports, total, except mfrs. (lead content)short tons

Tin:Production pig - - long tonsConsumption pig doStocks pig end of month total§ do

Gov eminent § doIndustrial do

Imports:Ore (tin content) doBars blocks pigs etc do

Price, wholesale, Straits (N. Y.)c? _ dol. per IbZinc:

Mine production of recoverable zinc short tonsSlab zinc:

Production -- -- doShipments total do

Domestic -. -- doStocks end of month do

Price, wholesale, prime Western (St. Louis)dol. per lb_.

Imports total (zinc content) short tonsFor smelting, refining, and export _ _ - doFor domestic consumption:

Ore (zinc content) _ . _ _ _ _ doBlocks pigs etc do

HEATING APPARATUS, EXCEPTELECTRIC

Boilers, radiators and convectors, cast iron:Boilers (round and square):

Shipments thous of IbStocks end of month - do

Radiation:Shipments thous of SQ ftStocks, end" of month do

209, 187136, 899

72, 288176, 582

95121, 365

5,483620122228671456151

1,572141176325348424

52, 023232, 796

. 0775

129.528.8

100.768.5.287

70, 915

85, 65095, 229

111, 668101, 07012, 16556, 21325, 74630, 467.1820

35, 64035, 031

47, 51225, 68376, 529

.1200

31, 286

2, 9874,941

1 39, 82725, 99113, 145

2,5497,409

r. 7592

43, 606

' 69,94882, 13269, 02082, 037

.097623, 157

60

12,49110, 606

10, 59570, 978

2,6785,806

198, 279121, 128

77, 151163,010

90822, 066

5,135602101220633346125

1,502141167309329408

r 50, 443142, 324

.0775

140.228.9

111.377.0.287

66, 841

80, 75694, 036

112, 77377, 47220, 74861,37839, 75921,619.1820

34, 82536, 452

41, 67021, 85579, 143

.1200

33, 924

2,6525,131

1 43, 87525, 81617, 104

1,3838,184.7435

46, 030

69, 63984, 25772, 84367, 419

.097530, 999

434

15, 62514, 940

10, 53479, 029

2,9665,655

236, 413138,01998, 394

192, 9931,061

26, 281

5,723652116230658441125

1,719151182331363464

58, 747253. 181

.0746

184.935.8

149.0107.4.287

75, 698

90, 358113, 464123, 05460, 27619, 02145, 20726, 40818, 799.1820

39, 05638, 457

49, 10422, 35888, 581

.1096

26, 197

3,1375,799

1 43, 89023, 39619, 673

1,755r 4, 940

.7475

51, 692

77, 94685, 58974, 70059, 776

.099425, 530

983

13,38211, 165

11, 14490, 786

3,0156,186

224, 203130, 75393,450

187, 986956

25, 353

5,780646122225743438164

1,686146179333366429

58, 024248, 354

.0725

162.733.4

129.489.4.292

73, 303

83, 782103, 293101, 72957, 02817, 12034. 52015, 65818, 862.1864

35, 55835, 513

48, 19633, 75186, 309

.1063

32, 787

2,7435, 488

1 42, 27023, 48818, 427

1,3922,941.7645

49, 183

75, 87783, 13373, 38952, 520

.106620, 593

178

7,04413, 371

12, 57396, 634

2,4407,056

282, 923164, 147118,776241, 985

1,08830, 531

6,253702138241803467186

1,768154200364432456

61,929225, 388

.0757

163.636.0

127.585.7.312

74, 467

83, 286112,411113,83751,04314, 06466, 11727, 08639, 031.1961

38, 02439, 099

48, 98945, 70276, 236

. 1172

54,917

3,1856,120

1 43,41723, 48219, 230

37410, 434.7750

52, 111

79, 64590, 34671, 10141, 819

. 119727, 202

0

13, 30913, 893

15, 34999, 986

2,0257,505

356, 117228, 767127,350312, 661

1,10533, 036

6,192693138229807447186

1,735157187361438471

60,400167,154

.0864

175.137.6

137.592.7.336

74, 828

96, 754113, 961125, 016

50, 35011, 43487, 22239, 90347, 319

.2200

36, 95735,811

44, 49035, 77469, 025

.1181

41, 523

2,6056,478

1 42, 64420, 62320, 117

473r 8, 613

.7770

50, 625

75, 76690, 92068, 21426, 665

.146543, 662

136

30, 14113, 385

19, 386100, 994

3,5137,821

396, 681264, 343132, 338364, 504

1, 12433, 836

5,669594156250703393152

1,728115177347420354

63, 518182, 954

.0882

163.830.2

133.690.3.342

72, 582

85, 37896, 75896, 00648, 2909,785

29, 34713, 11216, 235.2220

31, 39832, 283

41, 52041, 18867, 809

.1166

35, 646

2,5746,571

1 42, 51218, 25422, 780

65811,621.8988

48, 423

77, 86884, 11667, 11920, 417

.150038, 824

0

20, 46718, 357

25, 74787, 568

4,0206,531

551, 451395, 266156,185498 369

1,52736, 613

6 326674169282801454158

1,756170214343467495

63, 006207, 852

.0985

208.939.9

169.1113 0.342

80 222

93. 138108, 465112, 10750, 95212,23033, 5768,204

25 372.2227

36, 03034, 952

47, 24247, 03167, 495

.1293

r 50, 412

2,7178 157

1 43, 71719 62321, 910

4,2668,254

1. 0205

56, 221

73, 39979, 36569, 07314, 451

.1505r 58, 685

2,147

«• 43, 92112, 617

40, 32972, 295

6,4494,846

431, 161310, 916120, 245382, 891

1,45130, 291

6,145689151269770482154

1,697159210355424433

59, 449213, 408

.1107

207.442 1

165.3110 2.363

76, 666

86, 678111, 842119, 52958, 74812, 03536, 2988.625

27, 673.2290

35, 10436, 912

49, 95855, 89861, 042

.1580

41, 831

3,1307,092

1 41, 44217, 80422, 587

3.882r 5, 1361. 0129

54, 794

71,05775. 24170, 65610, 267

.1710r 35, 137

0

' 19, 72415, 413

40, 15358, 577

5,7144,020

349, 858230, 772119, 086313 218

1, 520 •28, 758

6 504753159307740542147

1,839172228374388495

62, 915149, 449

.1388

210.147 3

162.8106 8.369

77 800

90, 542110, 435121, 80656, 94511, 92562, 52633, 90128, 625.2420

35, 73135, 394

54, 12362, 13850, 854

.1604

43,810

3,6537 059

i 42, 02017,48623, 666

3,1306,357

1.1335

55, 791

79, 99781, 15671, 5969,108

.175039, 4566,169

20, 44612, 841

38, 48848, 885

5,7983,200

301,350192, 709108, 641265, 628

1,33029, 260

6 051671152280648540131

1,673170196389376484

62, 276203, 639

.1541

197.246 8

150.499 7.378

81 957

90, 148101,410

r 111, 98551,80512, 22038, 823

r 18, 664r 20, 159

.2420

35, 37734,069

50, 72558, 65840, 910

.1700

61, 002

1,6855,008

1. 3768

54, 604

79, 22679, 07969, 2029,255

.175034, 150

0

20, 66513, 485

25, 75448,483

5,1272,766

352, 487235, 523116, 964320 501

1,27726, 807

6,433732152336717551140

1,843178207365401452

65, 897250, 187

.1575

199.046.0

153. 0101.6.378

81, 712

r 91, 218109, 464121, 95449, 04020, 90554, 80726, 91227, 895

.2420

36, 17536, 099

48, 23449, 60135, 619

.1700

114, 696

3,7894,019

1.4478

55, 127

' 79, 99580, 38672, 342r 8, 884

.175031, 744

596

20, 00111, 147

17, 39948, 763

4,3722,951

67, 954

.1575

.378

87, 109110, 144108, 12854, 883

.2420

48, 87851 , 24433, 232

.1700

1. 7172

80, 91279, 58470, 84810, 212

.1750

r Revised. 1 Includes small amount not distributed.tRevised series. Data beginning 1949 have been revised to exclude figures for secondary refineries; revisions prior to 1949 will be published later. The production figures (corresponding

to those formerly designated as primary) include some secondary lead produced by primary refineries.d"Substituted series. Compiled by the American Metal Market; data represent average of daily closing prices (prior series was based on averages for the day).§Government stocks represent those available for industrial use.


S-34 SUEVEY OF CUREENT BUSINESS March 1951


1950



Decem-ber

1951

January

METALS AND MANUFACTURES—Continued

HEATING APPARATUS, ETC.— Continued

Boilers range shipments numberOil burners:

Orders, unfilled, end of month _ doShipments doStocks, end of month do...

Stoves and ranges, domestic cooking, exc. electric:Shipments total number

Coal and wood doGas (inc. bungalow and combination) __doKerosene, gasoline, and fuel oil do

'Stoves, domestic heating, shipments, total doCoal and wood doGas doKerosene gasoline and fuel oil do

Warm-air furnaces (forced-air and gravity-air flow),shipments, total number.

Gas doOil doSolid fuel do

Water heaters nonelectric shipments do

MACHINERY AND APPARATUS

Blowers, fans, and unit heaters, quarterly:Blowers and fans new orders* thous of dolUnit heater group new orderst do

Foundry equipment (new), new orders,net 1937-39= 100. _

Furnaces, industrial, new orders:Electric thous of dolFuel-fired (except for hot rolling steel)* do

Machine tools, shipments 1945-47=100.-Mechanical stokers, sales:

Classes 1, 2, and 3 .number-Classes 4 and 5:

NumberHorsepower

Pumps, steam, power, centrifugal and rotary, neworders thous. of dol. .

ELECTRICAL EQUIPMENT

Batteries (automotive replacement only), shipmentsthousands _ _

Domestic electrical appliances, sales billed:Refrigerators index 1936=100Vacuum cleaners, standard type number.Washers .. ..do

Insulating materials and related products:Insulating materials sales billed, index 1936=100Fiber products:

Laminated fiber products, shipmentsthous. of dol.

Vulcanized fiber:Consumption of fiber paper thous. of lb_.Shipments of vulcanized products

thous. of dol. .Steel conduit (rigid) and fittings, shipments

short tonsMotors and generators, quarterly:

New orders index 1936—100Polyphase induction motors, 1-200 hp.:cf

New orders thous. of doL.Billings do

Direct current motors and generators, 1-200 hp.:cfNew orders thous. of dol. .Billings do

42, 101

41,20636, 65040, 040

192, 10710, 581

167, 22114, 305

95, 90812, 08848, 21535, 605

39, 88720, 35313, 6965,838

164, 863

159.3

4731,91452.8

1,327

10629, 700

2,587

1,467

226249, 150275, 600

345

4,696

3,632

1,217

15, 674

54, 523

45, 21836, 80842, 152

236, 82811, 933

209, 15615, 739

93, 5916,366

42, 41944, 806

45, 61824, 58214, 2486,788

185, 780

113.1

697616

56.1

670

9528, 564

2, 938

1,174

280263, 515343, 000

356

4,788

3,439

1,269

16, 100

53, 374

52. 51751, 98543, 744

299, 01914, 527

265, 82918, 663

108, 07116, 59759, 33432, 140

59, 98236, 30418, 3485,330

210, 074

18, 6198,006

225.2

7531,30075.3

692

11638, 845

3,313

1,191

356361, 014423, 800

406

5,351

3,988

1,566

17, 708

338

28, 23619, 812

4,6923,525

34, 481

54, 87946, 20851,698

263, 73812, 170

239, 70611, 862

130, 06421, 37669, 72138, 967

58, 79838, 89615, 4654,437

213, 754

160.6

415837

61.6

846

11535, 453

3,376

915

330292, 664333, 100

381

5,226

3,735

1,307

16, 515

33, 563

61, 94564, 00157, 818

266, 6478,663

244, 08013, 904

190, 31734, 975

101, 25854, 084

78, 34950, 16221, 2866,901

237, 837

294.9

9821,39282.5

743

13434, 960

3,668

1,196

328278, 645304, 600

446

6, 069

4,319

1,534

17, 219

36, 498

81, 72580, 56259, 401

246, 2838,783

220, 93616, 564

294, 37251, 160

137, 945105, 267

98, 51758, 47630, 8679,174

255, 072

25,6489,592

622.7

1,3281,16691.9

1,450

22662, 952

4,153

1,646

332250, 190325, 200

451

6,165

4,326

1,523

21, 645

337

25. 43624, 608

6,1064 347

37, 489

123, 69398, 65650, 446

281, 87011,113

256, 07514, 682

433, 37174, 704

228, 936129, 731

102, 18954, 20335, 38012, 606

243, 490

401.8

1,4452,24768.3

2,208

24464, 102

4,080

2,060

304279, 967.282, 300

370

5,164

3,831

1,271

24, 723

43, 552

146, 922138, 58738, 747

376, 63721,045

333, 43922, 153

785, 350172, 497321, 487291, 366

145, 51276, 46345, 64423, 405

322, 909

693.6

1,0393,927

95.7

4,405

35287, 404

6,429

2,839

293341, 232381, 500

466

6,288

4,721

1,717

30, 543

38, 920

118,930115, 78037, 468

323, 63616, 157

288, 80918, 670

658, 807173, 145277, 940207, 722

139, 01474, 24144, 98019, 793

280, 683

r 31, 272r 17, 871

483.8

1,485• 1,817

101.6

3,521

36066, 267

5,191

2,925

302327, 524424, 000

514

7,054

4,674

1,794

29 123

551

46, 58229, 610

7,4284 163

44, 748

82,903114, 04138, 411

338, 62514, 827

309, 84613, 952

610, 766145, 742290, 932174, 092

137, 91567, 03651, 28519, 594

286, 907

526.8

1,6032,306100.9

2,920

25966, 472

4, 985

3,007

236331, 445439, 900

547

7,332

5,048

2,088

25, 875

40, 689

65, 49670, 28544, 482

295, 34411,187

270, 61313, 544

464, 490109 658243, 948110 884

102. 00150, 33636, 98814, 677

257, 999

885.5

2,1572, 068110.9

1,861

'174r 38, 343

5,961

2,536

228265, 310379, 964

542

7,266

4,844

2,036

24 489

43, 869

60, 180

263 7299,990

237, 00116, 738

327, 63769 393

171 18287 062

85, 40745, 73129, 8529,824

250 134

32 12417 347

526.2

1 5052 749135.7

1,679

17673 142

6,720

r 2, 172

288, 756377, 013

7,574

4,738

1,965

27 561

55, 05437 905

10 6485 382

2 7644 033

p 113.9

6,477

1,876

321, 092

5,399

2,244

PETROLEUM, COAL, AND PRODUCTS

COALAnthracite:

Production thous. of short tons.-Stocks in producers' storage yards, end of month

thous. of short tons..Exports doPrices, composite, chestnut:

Retail dol per short tonWholesale --- do__

Bituminous:Production thous. of short tonsIndustrial consumption and retail deliveries, total

thous. of short tons. -Industrial consumption, total ... do

Beehive coke ovens do_-Byproduct coke ovens doCement mills do_.Electric-power utilities doRailways (class I) doSteel and rolling mills _ _ do .Other industrial do

Retail deliveries do__-

2,914

658149

20.5116. 190

r 31, 151

41, 85530 719

1527 696

6597 3065,320

7128 874

11.136

2,581

358201

20.5116. 190

f 12, 145

34, 32225, 458

405,714

5796 3974,119

6497 9608.864

4,882

183364

20.6216. 577

r 53, 594

40, 03330, 008

3927,144

5656,9005,522

7458, 740

10. 025

3,355

289261

21.3016. 692

r 46, 615

36,61730, 041

6668,091

6316, 5385,341

6638,1116.576

4,258

408364

20.3316. 207

r 45, 798

34, 03129, 651

7048,367

6496, 6454,926

6227,7384.380

4,196

556345

20.3616.356

r 45, 823

33, 24828, 763

8648 072

6366 7794,727

5587 1274.485

2,875

637275

20.7616. 498

r 35, 109

33, 81928, 581

7958,340

6256,7974,750

5396, 7355,238

4,417

878318

21 2616. 636

r 50. 083

37, 95430, 8361,0068 183

6707, 7824,988

5837,6247.118

3,862

1,035480

21.5216. 739

r 47, 297

36, 95730, 202

9038, 057

6527 4564,972

5537 6096.755

4,313

1, 298461

21.7416. 886

r 51 376

38, 88732, 902

1,0008 480

7058, "<865,360

6118, 5605. 985

3,379

1,416346

21.9016. 980

r 45, 512

40, 03333, 270

8918 006

7498 4515,329

6689,1766.763

3,360

1,268328

22 0617 121

r 47 497

r 44, 875r 35 596

9808 473

T 7999 0245 615

7959 9109.279

4,199

1,068

22 1417 134

50 950

46, 26935 9881 0688 563

7459 2865 717

8489 761

10. 281r Revised. * Preliminary.JSee note marked "i" on p. S-34 of the June 1950 SURVEY regarding revised data.cfThe number of companies reporting is as follows (1950): Polyphase induction, first half, 31; second half, 32; direct current, 29.'New series. Compiled by the Industrial Furnace Manufacturers Association, representing orders (less cancellations) for metallurgical and other purposes as reported by 24 to 28 companies.

Currently, the combined data for electric and fuel-fired furnaces account for about 80 percent of the industry total. Data prior to 1949 will be shown later.




1950



Decem-ber

1951

January

PETROLEUM, COAL, AND PRODUCTS—Continued

COA L— Continued

Bituminous — C ontinuedConsumption on vessels (bunker fuel)

thous. of short tons..Stocks, industrial and retail dealers', end of month,

total . _ thous. of short tonsIndustrial, total do

Byproduct coke ovens doCement mills doElectric-power utilities. doRailways (class I) _ doSteel and rolling mills doOther industrial do _ _

Retail dealers. doExports doPrices, composite:

Retail dol. per short tonWholesale:

Mine run doPrepared sizes do

COKEProduction:

Beehive thous. of short tonsByproduct doPetroleum coke do

Stocks, end of month:Byproduct plants, total do

At furnace plants doAt merchant plants do

Petroleum coke doExports doPrice, beehive, Connellsville (furnace)

dol. per short ton..

PETROLEUM AND PRODUCTS

Crude petroleum:Wells completed numberProduction. thous. of bblRefinery operations percent of capacityConsumption (runs to stills) thous of bblStocks, end of month :cf

Gasoline-bearing in U S , total doAt refineries doAt tank farms and in pipelines doOn leases do

Exports doImports doPrice (Oklahoma-Kansas) at wells t- dol. perbbl__

Kefined petroleum products:Fuel oil:

Production:Distillate fuel oil thous of bblResidual fuel oil do

Domestic demand:Distillate fuel oil doResidual fuel oil do

Consumption by type of consumer:Electric-power plants _ ... doRailways (class I) doVessels (bunker oil) __ do

Stocks, end of month:Distillate fuel oil doResidual fuel oil _ do

Exports:Distillate fuel oil doResidual fuel oil do

Prices, wholesale:Distillate (New York Harbor, No. 2 fuel)t

dol. per gal__Residual (Oklahoma, No. 6 fuel)* do

Kerosene:Production thous. of bblDomestic demand ... doStocks, end of month doExports doPrice, wholesale, bulk lots (New York Har-

bor)! dol. per galL/ubricants:

Production thous of bblDomestic demand _ doStocks, refinery, end of month _do _._Exports _ doPrice, wholesale, bright stock (midcontinent,

f. o. b. Tulsa)t dol. per eal__

14

37, 11936, 0387,087

87715, 0663,010

7489,2501,081

557

16.47

8.7679.732

1045, 358

291

1,28180747414929

13. 250

1,806152, 590

86169, 987

246, 61061, 195

169, 21716, 198

2,13016, 4342.570

32, 48937, 491

43, 40651, 334

7,8044,0354,289

2 63, 93255, 808

649843

.0821.190

11, 14013, 90618, 260

68

.093

3,9322,8469,323

940

.170

12

24, 58324, 1183,449

52811, 0552,093

4536,540

465197

16.51

8.7959.766

263,956

259

65544820715524

13. 250

1,671139, 073

84148, 837

243 75059, 965

167 91615, 869

2,32811, 8912.570

28, 72932, 818

39, 48447, 281

7,4623,79"!4,169

252,20647, 828

1 036644

.0781. 388.

9,46911,41316, 126

89

.090

3,5872, 3689,3411,150

.170

19

28, 05426, 8934,848

55311, 1672,755

5007,0701,161

776

16.67

8. 8619.855

2484,979

254

55044810211222

13. 850

2,009151, 213

85165 418

241 23060,647

164 66315, 920

2,15314, 9242.570

29, 07035, 768

42, 60452, 085

7,8684,0335,088

2 37, 77741, 860

1,0011,193

.0781.438

10, 10012, 93913, 001

213

.089

4,0863,2718,9891,110

.170

45

37, 59036, 0477,491

66813, 8202,902

69510, 4711,5432,108

16.631 8. 756

9.456

4245,663

246

70058111911729

14. 250

1,826149, 052

82155 797

244 60562, 647

165 37316, 585

2,968r 13, 960

2.570

29, 30131, 426

28, 80642, 906

5,3193,5435,064

2 37, 53039, 979

863958

.0771.488

8,8488,371

13,38339

.089

3,6452,5448,7871,250

.170

85

44, 79542, 8409,572

77116, 7743,113

84111, 7691,9553,072

16.16

8.7299.403

4495,868

296

71861110813332

14. 250

1,994159, 441

90171 599

239 87762, 944

160 75116, 182

2,94613, 7312.570

30, 92032, 954

25, 12341, 955

5,6733,8334,713

2 42, 73939, 482

714861

.0781.590

9,7905,700

17, 30471

.090

4,0393,3468,2801, 160

.172

82

51, 37649, 19811, 280

90219, 5053,802

95112, 7582,1782,657

16.09

8.7079.394

5685,657

304

72461211112922

14.250

2,349161, 332

88169, 663

242, 28762, 639

162, 50616, 142

r3,095r 14, 359

2.570

31,11232, 058

19, 70539, 055

5,2754,1175,039

2 53, 67940, 124

6261,398

.0811.625

8,4774,570

21,11726

.092

4,0023,5887,736

910

.181

88

51, 97949, 75110, 395

94420, 5813,238

89113, 7022,228

r 2, 728

16.12

8.6899.380

5055,855

318

81664217412539

14. 250

2,135170, 017

91182, 330

240, 27062, 845

160, 25417, 171

r 3, 274T 13, 575

2.570

32, 25335, 338

r 23, 86440, 743

5,3244,0294,477

2 61, 66442, 165

r 1,011935

.0811.620

9,0916,926

23, 151r 77

.092

4, 1513,3397,427

r 3 1, 099

.199

78

58, 96456, 62012, 3531,089

22, 9253,746

92815, 5792,3442,956

16.31

8.6989.464

6445,756

315

82559922610134

14. 250

2,315175, 594

94188, 078

237, 39361, 247

159, 35716, 789

3,096r 15, 307

2.570

33,76535, 585

26, 78544, 762

6,0434,2845,422

2 68, 42640, 979

8091,221

.0821.650

9,8287,035

25, 80361

.093

4,6863,8227,145

3 1, 101

.220

87

64, 29361, 83613,9641,181

24, 9403,646

96817, 1372.4572,923

16.47

8.6999.562

5875,671

283

85558427110437

14. 250

2,031176, 636

94181, 778

242, 31160, 884

164, 30317, 124

2,654r 14, 607

2.570

35, 39235, 343

24, 86442, 668

5,8994,1174,772

2 78, 27041, 966

916802

.0861.650

9,9897,920

27, 677113

.096

4,6463, 5116,950

3 1, 281

.255

84

70, 47867, 71415, 6661,283

26, 6684.172

98918, 9362,7643,085

16.74

8.7139.582

6406,006

289

9846613238541

14. 250

1,999182, 896

94188, 393

246, 42461, 993

167, 49016, 941

4,03315, 4962.570

37, 72338, 759

29, 32045, 980

6.1454,4744,980

2 85, 64345, 004

1,124632

.0881.650

10, 2649,486

28,292136

.098

4,9873, 9076,9733992

.268

83

72, 13169, 38916, 3291,361

27. 5294,5131,005

18, 6522,7422,582

16.77

8.7359.582

r5785,666

288

1,102752351

7446

14. 250

r 2, 211176, 725

93182, 539

r 249, 52561 , 053

r 171, 34317, 129

3,22913, 2692.570

36, 53037, 202

r 35, 411r 47. 977

6,1944,2474,545

2 86, 11345. 048

9351,071

.0911.650

10, 255r 12, 737

25, 526205

.101

4,906r 3, 322

7,2833 1, 222

.270

40

' 72, 516r 70, 054

16, 776r 1, 36927, 1215,1051,012

18, 6712,4621,827

16.80

8.7419.582

6265,981

301

1,1068132938242

14. 625

2,008177, 276

94190, 448

248, 46363, 328

167, 94117, 194

2,91715, 1852.570

41, 62840, 475

55, 32556, 198

6,2814,2075,125

2 71, 94840, 750

8011,326

.0911.700

11, 26116, 78419, 723

214

.101

5 0683,0127,849

3 1, 402

.282

27

73, 88771, 64716, 8411,418

27, 0065, 3111,074

19, 9972,240

16.86

8.7419.582

14. 750

2.570

6,417

4,664

.0911.750

.101

.290f Revised.1 Comparability of data is slightly affected in April 1950 by substitutions in reporting companies. Price on new basis for March 1950 is $8.916.

2 New basis. Beginning January 1950, coverage was increased to include one East Coast terminal not previously reporting; comparable December 1949 figure, 75,435,000 barrels.3 Excludes "special category" exports not shown separately for security reasons,concludes stocks of heavy crude in California.fReyised series. Beginning in the July 1950 SURVEY, the following price series have been substituted for those previously shown: Crude petroleum, 36°-36.9° gravity (former series, 33°-

33.9°); distillate fuel oil, New York Harbor, No. 2 fuel, bulk lots, f. o. b. refineries or terminals, excl. all fees and taxes (former series, Pennsylvania, 36°-40° gravity); lubricating oil, bright stock,conventional, 150-160 viscosity D, 0-10 pour point, midcontinent, excl. all fees and taxes (former series, cylinder, Pennsylvania). Beginning in the April 1950 SURVEY, prices for kerosene (N. Y.Harbor, No. 1 fuel, f. o. b. refineries or terminals, excl. all fees and taxes) replace those for water white, Pennsylvania. Data beginning 1935 for all series except kerosene are shown on p. 20of this issue of the SURVEY; kerosene prices beginning 1935 are shown on p. 24 of the August 1950 SURVEY.

*New series. Compiled by the U. S. Department of Labor, Bureau of Labor Statistics. Prices are for bulk lots, excluding all fees and taxes (Oklahoma, group 3).




1950



Decem-ber

1951

January

PETROLEUM, COAL, AND PRODUCTS—Continued

PETROLEUM AND PRODUCTS — Continued

Refined petroleum products— ContinuedMotor fuel:

All types:Production total thous. of bbl

Gasoline and naphtha from crude petro-leum thous. of bbl

Natural gasoline and allied products doSales of 1. p. g. for fuel, etc., and transfers

of cycle products thous. of bblUsed at refineries do

Domestic demand doStocks, gasoline, end of month:

Finished gasoline total doAt refineries do

Unfinished gasoline doNatural gasoline and allied products do

Exports _ _ doPrice, gasoline:

Wholesale, refinery (Oklahoma), group 3dol. per gal_.

Wholesale, tank wagon (N. Y.)t-- doRetail, service stations, 50 cities do

Aviation gasoline:Production total thous. of bbl

100-octane and above doStocks, total __ , do .

100-octane and above doAsphalt:

Production short tonsStocks, refinery, end of month do

Wax:Production thous. of IbStocks refinery end of month do

Asphalt products, shipments:Asphalt roofing, total thous. of squares

Roll roofing and cap sheet:Smooth-surfaced doMineral-surfaced - - do

Shingles, all types __do ___Asphalt sidings - doSaturated felts short tons

82, 075

72, 55615, 116

. 5. 5977,279

66, 908

116, 62473, 8808,6747, 3631,201

.097

.137

.200

3,0441,8067,9403,341

535, 1001, 027, 800

87, 920133, 840

3,538

936834

1,768189

41, 485

73, 549

64. 68513, 608

4,7446,773

63, 366

124. 17781,4578,6198,0981,575

.096

.137

.199

2,6701,8348,0263,316

458, 7001, 140, 000

101, 360144, 760

3,255

821779

1,655169

35, 168

80, 786

71, 35014, 586

5,1507,352

78, 739

124, 92483, 3998,8427,7081,229

.095

.137

.197

3,3482. 3357,7583,075

602, 7001, 238, 700

79, 800137, 760

3,816

883860

2.072158

43, 746

77, 606

68, 25414, 016

4,6646,984

80, 348

119, 58476, 5918,4737,9501,921

.095

.138

.200

3,1372,7287, 4463,252

669, 8001, 326, 500

102, 200140, 000

4,447

979962

2,506121

45, 880

84, 801

74, 95814, 246

4,4037,113

89, 033

112, 91568, 4038,1208,1631,852

.098

.142

.201

3.7812,9447,1383,288

929, 3001, 298, 900

104, 720151, 760

5,820

1,1081,1883,524

14258, 543

85, 181

75. 12814, 254

4,2017,321

90, 170

106, 02661, 7718,0488,1511,431

.101

.142

.202

3,9542,8596,5933,023

1, 043, 8001,155,300

98, 840158, 480

6,146

1,1811,2423,723

13761, 591

91,017

80, 36515. 002

4,3507 506

91,707

102, 76958, 891

8, 2868,730

1 1, 452

.102

.145

.205

4,2643,3206,6563,226

1. 173, 3001. 051, 500

96, 320161. 560

5,866

1,1271,2123,527

13359, 299

92, 710

82, 36715, 449

5,1068, 510

94, 537

99, 42356, 743

7,6448,667i 997

.103

.147

.203

4,8964,1526,1333,260

1, 246, 000790, 000

113, 960151, 760

6,934

1,3511,4714,113

17263, 200

87 539

76, 93915, 466

4, 8668 520

86, 766

97, 90455, 6767 8448, 581

1 1, 853

.104

.147

.201

5,1073, 9296,0002,970

1, 197, 600742, 400

114,800145, 880

6,161

1,3111,3393,510

16254 435

90, 917

79. 81516, 476

5,3749 302

89, 126

97, 84455, 5607 9208,226

i 1, 823

.104

.147

.199

5,6044,2476, 5793.256

1, 140, 200670, 200

107, 240135 240

6,641

1, 5281,5193, 595

20458, 215

87, 322

76, 80816, 256

5,7428 968

T 82, 718

100 99557, 9348 0107.636

1 1. 486

.104

.147

.202

5 4684, 1987,2153, 802

875 500785, 500

120, 120135 800

6,208

1 5351,4553,218

20857 613

90,945

80, 22917,241

6.5259 Oil

80, 994

108, 66964, 2768 1007, 355

1 2, 109

.101

.147

.207

5 9094, 8S37,2203,744

717 100962, 400

122 080141 120

5, 183

1 3881 1592,636

16754 759

0.104.147. 206

5,259

1 3521 2412,666

20271 675

PULP, PAPER, AND PRINTING

PULPWOOD AND WASTE PAPER

Pulpwood:Receipts thous. of cords (128 cu. f t . )_Consumption - doStocks end of month _ do

Waste paper:Receipts - -- short tons-Consumption - doStocks end of month do

WOOD PULPProduction:

Total all grades thous of short tonsBleached sulphate short tons.-Unbleached sulphate - - doBleached sulphite _' _ _ doUnbleached sulphite - doSoda -- doGroundwood - doDefibrated exploded, etc do

Stocks, own pulp at pulp mills, end of month:Total, all grades short tons__

Bleached sulphate doUnbleached sulphate doBleached sulphite doUnbleached sulphite do— _ -Soda - - doGroundwood do

Exports, all grades, total doImports, all grades, total _ do

Bleached sulphate doUnbleached sulphate _ doBleached sulphite doUnbleached sulphite _ _ . _ doSoda doGroundwood do

PAPER AND PAPER PRODUCTS

All paper and paperboard mills:Paper and paperboard production, total

thous. of short tons.-Paper (incl. building paper) doPaperboard doBuilding board do

1,7531,8844,753

588, 946589, 046394, 077

r 1,182r 139, 533r 465, 997r 173, 648

59, 53445, 120

165, 15274, 566

r 107, 991r 8, 788r 8, 725

T 29, 68315, 2591,771

33, 984

4,324235, 99631, 74464, 49650, 42363, 2602 566

22, 897

1,88193685986

1,6621,7684,675

557, 634572, 188372, 234

1,089131,186422, 223160, 26657, 02542, 179

154, 43971, 989

108, 50310, 4708,206

26, 93717, 2031,456

34, 044

5,629183, 31239, 61528, 32551, 53139, 898

2 68320, 456

1,79689881087

1,7351,9364,473

632, 344651, 142355, 615

1,199146, 640453, 072183, 14664, 60146, 096

174, 00576, 188

107, 7339,9268,463

25, 80818, 6151,414

33, 885

5,528' 202, 675

42, 62035, 00758, 575

r 39, 0052 983

23, 973

2,0321,029

901101

1,3871,8603,999

604, 058598, 526363, 374

1,162139, 388450, 022172, 61457, 23244, 575

174, 67276, 694

116, 49112, 8348,587

28, 12517, 7401,735

37, 697

5,926150, 29030, 83722, 36548, 35328, 0302 333

18, 071

1,900959848

94

1,5231,9773,542

638, 275640, 671357, 892

1,246145, 529489, 143180, 21359, 25748, 300

187, 51672, 943

112, 36611,8247, 367

26, 04218, 5551,483

37, 509

7,331204, 39148, 55630, 98056, 11541, 1892 833

24, 002

2,0471,021

921106

1,8361,9833,392

639, 504639, 505354, 200

1,219146, 624468, 571172, 92057, 64347, 249

188, 29779, 535

106, 94212, 2207,784

25, 66713, 5521,590

36, 325

7,891r 225, 369

40, 44448, 89959 980

r 44, 9162 851

25 974

2,0291,033

890106

1,9681,8643,491

568, 893560, 469362, 209

1, 164144, 132453, 963160, 82653, 73541, 723

174, 72976, 945

103, 36413, 5268,782

21, 70113, 3131,314

35, 614

6,754177, 74929, 47934, 33047, 02243, 018

2 70720, 149

1,81393978490

2,3262,0933,724

711,910732 001348 450

1 314148, 996512,519187, 93363 56647, 382

193, 49881 804

105, 48713 6969,512

24 55812, 2821, 830

33 580

7,818186, 22535, 75440, 95346 19334, 4653 205

24, 891

2,1841,0621 002

120

2,0421,9823,780

688, 843687 173342 677

1 226144, 773468 025171 78863 71243,949

186 87882 153

93, 12013 5959 415

18 21514, 290

75031 077

10 223r 192 495

29 312r 34 382

58 36544 997

2 86821 708

2,0851,024

946114

2,0832 1603,704

776, 402756 727377 351

1 369177, 000529. 945192. 82467, 32438,063

204, 51284, 1 24

90, 33114 5339,620

19 44613, 787

50029 309

6 479207, 45644 52936 73647 77953 9553 368

20 080

2,2331,0881 025

121

2 1132 1083 704

751 411752 065362 549

1 327168, 086511 043187 62268 73436 729

199 06886 °49

88, 08114 4249 659

18 54712, 854

68329 842

8 882208 86735 20428 38859 10752 7202 936

29 675

2,1941, 0611 015

118

2, 1282 0233 813

736 814715 176385 402

1 251162, 222467 746169 69668 15234 931

197 48588 868

81,97410 1629 708

13 53412, 5251 040

33 043

18 888204 65835 78336 47257 20743 2202 614

28 673

2,1021,042

945115

1 391183, 559523 113195 14267 62438 681

219 02795 000

90, 29110 5159 441

19 95712, 353

59735 407

.

'Revised. 1 Excludes "special category" exports not shown separately for security reasons.fRevised series. Beginning with the October 1950 SURVEY, prices have been revised to exclude Federal and State taxes; comparable figures for 1935-49 are shown on p. 24 of the

January 1951 SURVEY.




1950



Decem-ber

1951

January

PULP, PAPER, AND PRINTING—Continued

PAPER AND PAPER PRODUCTS— Con.

Paper, excl. building paper, newsprint, and paper-board (American Paper and Pulp Association):!

Orders new short tonsOrders, unfilled end of month doProduction doShipments doStocks end of month do

Fine paper:Orders new doOrders, unfilled, end of month doProduction doShipments doStocks end of month do

Printing paper:Orders new doOrders, unfilled end of month doProduction doShipments doStocks end of month doPrice, wholesale, book paper, "B" grade, Eng-

lish finish, white, f. o. b. milL.dol. per 100 l b _ _Coarse paper:

Orders new short tonsOrders, unfilled end of month doProduction doShipments doStocks end of month do

Newsprint:Canada (incl. Newfoundland):^

Production _ . _ d oShipments from mills _ doStocks, at mills, end of month do

United States:Consumption by publishers doProduction _ doShipments from mills doStocks, end of month:

At mills doAt publishers doIn transit to publishers do

Imports doPrice, rolls (New York) dol. per short ton.,

Paperboard (National Paperboard Association) :Orders, new - - short tons _Orders, unfilled, end of month doProduction total doPercent of activity

Paper products:Shipping containers, corrugated and solid fiber,

shipments mil. sq. ft. surface areaFolding paper boxes, value:

New orders - 1936 =100Shipments do

PRINTING

Book publication total number of editionsNew books - - - do-_New editions do

785, 948509, 545775 846763, 256341, 090

96, 26841,52593, 73494, 03384, 411

281 470232, 255264, 983259, 094116 004

11.30

267, 149163, 950275 762269, 79485 850

417,011403, 013135, 188

345, 09374, 27576, 080

9,009355, 59986, 039

376, 819100. 00

860, 300337, 800858, 800

88

5,260

441.7449.0

673••522

151

747, 742519, 060736, 448738, 634340, 315

100, 62850, 20092 89992, 36886 350

249 075234, 200244, 781247, 125113 660

11.30

262 560161, 845264 135264, 66585 320

399, 247376, 834157, 601

350, 90669, 09970, 756

7,352328, 88188, 593

347, 950100. 00

802, 800314, 600817, 000

92

5,147

435.2432.7

829619210

858, 342532, 895840, 837844, 503336, 644

113 26056, 890

104 613106, 56984 395

290 232238, 735288, 1 23285, 697116 085

11.30

304 000161,610300 675304, 23181 764

451, 635426, 960182, 276

396, 92380, 57179, 027

8,896318, 03686. 765

r 385, 025100. 00

952, 600371,800908, 600

91

6,112

529.5521.6

846671175

779, 468540, 465774, 868772, 558338, 950

95 02055, 64095 16196, 27083 285

259 798241, 750260, 469257, 445119 110

11.30

276 000166,560271 129271, 04881, 845

422, 774425, 660179, 390

403, 80182, 56485, 340

6,120284, 01091, 075

369, 560100. 00

847, 100343, 700858, 300

92

5,685

443.0456.1

1,107872235

810, 402538, 304814, 697812, 556341, 091

108, 18556, 225

105 620107, 59981 305

274 241238, 419275, 228277, 572116 766

11.30

286 588167, 945291 592285, 20088 235

459, 937479, 560159, 767

401, 92289, 71986, 257

9,582288, 684

94, 187487, 435

100. 00

964, 000395, 500934, 600

91

6,081

502.6495.5

892695197

848, 656564 355817, 773822, 024338, 255

110, 74061, 400

103, 702106, 950

79 475

293 215258, 020273, 049273, 605116 210

11.30

295 568167, 350296 290296, 15788 365

440, 967440, 777159, 957

376, 48288, 42089, 928

8,074303, 524

78, 935441, 239100. 00

945, 400394, 100907, 600

94

6,073

536.0526.3

774566208

918, 164760, 260716,545723, 630330, 944

135, 210110, 20083, 78586, 35076, 910

311 075329, 000238, 605239, 675115, 140

11.65

312,314218, 870258, 564260, 79086, 139

439, 255463, 339135, 873

336. 75984, 28083, 586

8,768339, 42493, 140

415, 424100. 00

983, 300524, 400816, 900

82

5,840

580.3422.8

850650200

973, 952876, 200836 936845, 246322, 990

149, 100143, 200111 513116, 05074 115

353 957387, 500286, 343286, 188116 335

11.65

300 665227, 570286 377289, 40781 352

466, 443417, 589184, 727

346, 79590, 88290, 955

8,695376, 90081, 095

367, 604100. 00

1, 204, 500729, 100

1, 017, 300100

7,401

873.5597.8

766618148

852, 625913, 297805 715815, 574313 665

114 207145, 772106 968111, 63569 450

307 738414, 165280, 260281, 172115 310

11.78

276, 858227, 700273, 620276, 70578, 265

437, 579485, 165137, 141

373, 78884, 56483, 962

9,297372, 943

94, 271* 419, 123

100. 00

977, 800714, 900954, 400

96

7,010

725.8614.4

962816146

870, 578912, 860866, 392870, 994305, 900

115, 272147, 840112. 411113, 20368 655

290, 525406, 900296, 343297, 782113, 870

12.15

298, 200231, 200292, 731294, 692

76, 305

456. 443465, 253128, 331

420, 78689, 36390, 837

7,823356, 78288 332

449, 183100. 00

1, 039, 000694, 700

1, 023, 400102

7,384

713. 0669.4

1,138877261

814, 739875, 930846, 608851, 647300, 735

102, 065138, 300109, 573111, 59066, 635

284 615395, 050290, 449296. 460107, 860

12.15

281, 370224. 065292, 323288, 50380, 125

450, 743477, 708107, 366

407, 94386, 08083,241

10, 662334, 78398, 499

385, 659106. 00

1, 019, 900722, 000

1, 012, 700101

7,064

688.2662.3

1,028811217

792, 000862, 300795 000805, 000290, 620

104, 000133, 300106 000109. 00063 635

284 000398, 000282, 000281, 000108, 860

12.53

260, 000217, 000262, 000267, 00075, 125

430. 551448, 775

89, 142

398, 30983, 78086, 201

8.241328,01896, 942

418, 044106. 00

876, 700617, 200940, 500

95

6,857

674.7665.4

1,157915242

12.65

453,019423, 343118, 818

345, 55292, 69192, 991

7,941346, 25893, 866

106.00

1,177,200761,800

1,056,600102

7,577

776601175

RUBBER AND RUBBER PRODUCTS

RUBBERNatural rubber:

Consumption long tonsStocks end of month doImports including latex and guaytile doPrice, wholesale, smoked sheets (New York)

dol. per lb_-Chemical (synthetic):

Production long tonsConsumption doStocks end of month doExports do

Reclaimed rubber:Production - doConsumption doStocks end of month do

TIRES AND TUBES

Pneumatic casings:Production thousandsShipments, total - - do

Original equipment do _Replacement equipment doExport do

Stocks, end of month doExports do

Inner tubes:Production _ _ doShipments do

^tocks end of month _ doExports do

59, 992108, 76958, 261

.184

27, 80833, 96692, 284

580

19, 44720, 10627 319

6,8275,9133,0942,703

11611,366

124

5,6295 312

10, 92649

56, 580104, 47754, 175

.195

29, 33631, 86088, 381

596

20, 42419, 74127, 256

6,6916,2163,2472,870

10011, 797

92

5,8035 610

11 05950

60, 859101, 69161, 481

.197

33, 00337, 64786, 824

635

23, 03722, 15127, 602

7,3146,7942,8303,858

10612, 355

96

6,2235 733

11 43251

57, 914106, 124

76, 828

.238

34, 82138, 07583, 440

777

22, 68321, 31828, 352

7,5837,5262,9754,438

11212 341

89

6,2856 094

11 71057

63, 813100, 77660, 187

.286

37, 32046, 39874, 524

646

24, 87624, 15827 837

8,6298,5213,1195,296

10612 367

94

7,0896 688

12 11048

63, 33399, 45777, 876

.309

38, 56948, 60865, 346

634

25, 86925, 25328, 470

8,46910, 1944,0566,024

11410 749

94

7,5378 459

11 24855

61, 40293, 65362, 004

.384

43, 82043, 68767, 085

724

24, 37422, 37730, 371

8 26412, 0403,8848,049

1077,005

*73

6,9169 6298 422

33

64, 29787, 14672, 703

.521

43, 95050, 37963, 654

631

27, 31226, 15131, 793

8,17310, 6104,0936,399

1174 801

*75

7 2449 2096 619

33

61. 28187, 40961, 153

.558

44, 46049, 55059, 059

645

29, 64829, 25033, 395

7,8168,2263,8144,300

1134,4231 107

7,0747 5566 129

50

69, 17883,215

r 78, 740

.638

44, 69054, 50751, 751

678

32, 68532, 78533, 530

8,6598, 7093,7824,774

1524,3821 108

7 9887 4186*400

68

51, 34081, 65873, 393

.732

48, 41748, 26151, 636

650

30, 17130, 26033, 960

7,5147,5043,2134,140

1514.4541 152

6 7136 1356 963

102

44, 29087, 73969, 261

.714

51, 99952, 02954. 509

749

32, 00529, 08134, 359

6,8117,5733,2454,199

1303,770

1 116

6 1116 423Q 608

77

0. 735

6,7646,9613,0353,812

1143 552

5 9506 5955 852

r Revised. * Excludes "special category" exports not shown separately for security reasons.cf Data for 1937-48 (incl. Newfoundland) are shown on pp. 22 and 23 of the May 1950 SURVEY. Further revisions for stocks at mills, end of December, are shown at bottom of p. S-37 of

.the June 1950 SURVEY.fRevised data for 1948 are shown on p. 23 of the May 1950 SURVEY. -




1950



Decem-ber

1951

January

STONE, CLAY, AND GLASS PRODUCTS

ABRASIVE PRODUCTS

Coated abrasive paper and cloth, shipments reams

PORTLAND CEMENT

Production _ _ _ _ _ thous. o f b b LPercent of caoacitv

Shipments " ' thous . of bbl . .Stocks, finished, end of month doStocks, clinker end of month do

CLAY PRODUCTS

Brick, unglazed:Production thous of standard brickShipments doPrice, wholesale, common, composite, f. o. b. plant

dol. per thous..Clay sewer pipe, vitrified:

Production short tonsShipment*3 do

Structural tile, unerlazed:Production doShipments do

GLASS PRODUCTS

Glass containers:Production , thous. of gross. .Shipments, domestic, total __ do

General-use food :Narrow-neck food doWide-mouth food (incl. packers' tumblers')

thoUS of 2TOSSBeverage (returnable and nonreturnable)

thous of grossBeer bottles doLiquor and wine doMedicinal and toilet doChemical, household and industrial doDairy products doFruit jars and jellv glasses do

Stocks, end of month doOther alassware, machine-made:

Tumblers:Production thous. of dozensShipments . _ _ _ _ - . . d oStocks do

Table, kitchen, and householdware, shipmentsthous. of dozens. .

GYPSUM AND PRODUCTS

Crude gypsum, quarterly total:Imports thous of short tonsProduction do

Calcined, production, quarterly total doGypsum products sold or used, quarterly total:

Un calcined short tonsCalcined:

For building uses:Base-coat plasters doKeene's cement doAll other building plasters doLath thous. of sq. ft..TiJe doWallboardd" do

Industrial plasters short tons

145, 157

15, 20270

9,63220, 2756,141

377, 675345, 485

24. 035

108, 58092, 740

97,45679,119

7, 9527,379

6401 2, 291

231325826

2,127669256U4

9,352

6,1254,9819, 825

2,644

144, 609

13, 11567

9,82423, 5837,454

345, 731322, 320

24. 103

105, 03285, 668

91,12483, 238

7,2906,748

6801 1, 968

290263785

1,809667253

9,595

5,5785, 5529,820

3,179

157, 524

14, 30166

14, 66923, 2168,821

397, 905433, 81 6

24. 152

121,935113,060

100, 988104, 774

8,2048,129

775

2,111

479451

1, 1402,062

771277

649,454

6,0616, 2519.642

3,900

4141, 6421,574

424, 291

459, 76613, 066

112, 638610, 422

8,807723, 786

55, 154

154,385

18, 13485

18, 42422, 9368,626

448, 513512, 242

24. 225

87, 639102, 099

98, 995111.465

8, 4207, 649

876

1,871

592475964

1, 856633228154

10, 006

6,5156,1689; 938

3,266

165, 746

19, 94190

22, 83420, 0508,142

550,420592, 472

24. 475

126,921145, 275

117,313126, 632

9,3779, 371

1,274

2 217

841632993

2,158730272253

9,714

6,5916, 223

10, 237

3,394

165, 781

20, 00193

24. 74915,2987,346

573, 586626, 933

24. 721

143, 053156, 376

119,300126, 601

9,1259,045

819

2, 375

1 064715908

1,849724280312

9, 382

5,6355,6998, 719

3,117

r 7041, 9231,768

546, 147

584, 76613, 642

136, 521659, 876

10 765725, 128

67, 088

151, 278

20, 70994

23, 16712,8486,388

560, 839583, 436

25. 032

135 856150, 109

118, 089124, 465

8,8709,141

8441 2 476

845700

1,0951,909

649290

8,931

5,2095,2648,667

2, 530

258, 575

21, 88499

25, 1449,6084,900

622. 664652, 581

25. 208

151,853159, 106

119.119135, 112

9,13311, 132

1,170

3 204

492669

1,5512 501

819385342

6,743

6,5487,2228,091

3,671

206, 809

20, 94598

22,9107,6424,029

-as

585, 205610, 795

25. 616

153. 180149, 181

115, 506120, 173

8,67310, 437

1,572

2 672

305582

1, 3432 576

822369197

4, 865

5, 9256,0708,118

3,356

r i 1052 1992 047

573 262

693 94815 863

156 429761, 573

13 449759 260

66 674

197, 500

22, 481102

24, 1675, 9452,852

635, 594639, 342

25. 866

152, 525152, 593

118, 702118,733

10,6128,967

953

i 2 474

340563

1,2752 228

779354

(i)6,123

6,9945,4988,877

3,846

177,371

20, 22695

19, 7916,3822,962

586, 505577, 088

26. 057

131. 197128, 038

106. 627105, 786

9,4518,104

6691 2.145

325459

1,2572, 235

687327

(i)7,079

5,8766,1079,593

3,313

155, 823

19, 11687

12, 47713, 0214,012

491,267451 413

' 26. 368

127 739114, 321

97, 24789, 249

- 9, 3219,153

786

i 2 272

654532

1,3172 397

791404

(i)r 6, 776

5,7025, 2539,887

3,218

9672 3551 948

626 833

595 98815 200

147 409754, 849

12 012807 734

74 208

1 7, 43379

12. 23718, 2155,476

26. 507

10, 2799,452

7,286

6,9596,8319,602

3,667

TEXTILE PRODUCTS

CLOTHINGHosiery:

Production _ _ __ thous. of dozen pairsShipments _ doStocks, end of month do

COTTON

Cotton (exclusive of linters) :Production:

Ginnings§ thous. of running balesCrop estimate, equivalent 500-lb. bales

thous. of bales. _Consumption! balesStocks in the United States, end of month,

total! thous. of balesDomestic cotton, total _ do

On farms and in transit _ _ d oPublic storage and compresses doConsuming establishments _ do __

Foreign cotton, total. _ _ do

' 13, 592' 13, 124

24, 606

15, 636

729, 738

14, 28914, 1942,401

10, 0851,708

94

13, 04212, 95024, 714

739, 482

12, 97112, 8691,7859, 3121,772

102

14, 07214, 12624, 578

2 15, 909

2 16, 127900, 126

11, 45411,3161,1498,3751,791

139

12, 23111, 48025, 364

710, 662

10, 28710, 153

9887,4901,676

133

12, 53011,12526, 794

718, 826

9,1599,0381,0246, 4841,529

121

12, 57311, 92628, 613

841, «68

7,4637,355

6425,3571,356

108

10, 09011, 12127 582

283

606 878

6 8466,749

3505 1611,238

98

15, 59216 44926 725

864

807 840

15 08715 0019,3744 5451,082

86

13, 77915 56624 937

2 770

968 484

13 77113 6957 6434 8711 181

76

14 74815 79423 892

6 459

835 155

12 68112 6134 8166 3581 439

68

14 95414 75224 093

8 793

1 008 872

11 36611 3112 5386 9841 789

54

12 85111 88725 058

9 ^00

784 057

10 17410 1171 5126 6511 955

^7

14 97114 63725 789

3 q p.'jo

4 9 §g4

1 040 891

O «Q1

8 638792

5 6262 220

44

r Revised. l Data for wide-mouth food containers include jelly glasses in January, February, and July 1950, and both jelly glasses and fruit jars beginning October 19502 Total ginnings of 1949 crop. 3 Ginnings to January 16, 1951. 4 December 1 estimate of 1950 crop.cf Includes laminated board, reported as component board. § Total ginnings to er-d of month indicated.1 Data for March, June, September, November 1950, and January 1951 cover a 5-week period and for other months, 4 weeks; stock data are for end of period covered.


March 1951 SURVEY OF CUBKENT BUSINESS S-39


1950



Decem-ber

1951

January

TEXTILE PRODUCTS—Continued

COTTON— Continued

Cotton (exclusive of linters)— ContinuedExports . _ _ balesImports doPrices received by farmers cents per Ib__Prices, wholesale, middling, l5/\&", average, 10

markets _._ cents per IbCotton linters :J

Consumption thous. of balesProduction _ _ _ _ d o . _ _Stocks, end of month do

COTTON MANUFACTURES

Cotton cloth:Cotton broad-woven goods over 12 inches in width,

production, quarterly __mil. of linear vardsExports thous of sq ydImports doPrices, wholesale:

Mill marginsj cents per IbDenims, 28-inch doPrint cloth, 38^ -inch, 64 x 60 doSheeting, unbleached, 36-inch, 56 x 60 do

Cotton yarn, Southern, prices, wholesale, mill:22/1, carded, white, cones dol. per Ib40/1, twisted, carded, skeins .do

Spindle activity (cotton system spindles) :fActive spindles, last working day, total, -thous. _

Consuming 100 percent cotton doSpindle hours operated, all fibers, total _mil. of hr_.

Average per working day cfL- do_ _Consuming 100 percent cotton do

Operations as percent of capacity _ __ _

RAYON AND MANUFACTURES AND SILK

Rayon yarn and staple fiber:Consumption:

Filament varn mil. of IbStaple fiber do

Stocks, producers', end of month:Filament yarn doStaple fiber do

Imports thous. of IbPrices, wholesale:

Yarn, viscose, 150 denier, first quality, mini-mum filament dol. per Ib

Staple fiber, viscose, 1^3 denier. _ _ _ doRayon broad-woven goods, production, quarterly

thous. of linear yardsSilk, raw:

Imports thous. of IbPrice, wholesale, Japan, white, 13/15 (N. Y.)

dol. per l b__WOOL

Consumption (scoured basis) :§Apparel class _ thous. of I b .Carpet class __ _ do

Imports doPrices, wholesale, Boston:

Raw, territory, 64s, 70s, 80s, scoured- _dol. pe r lb__Raw, bright fleece, 56s, greasy doAustralian, 64s, 70s, good topmaking, scoured, in

bond dol. per Ib

WOOL MANUFACTURES

Machinery activity (weekly average) :§Looms:

Woolen and worsted:Pile and Jacquard thous. of active hoursBroad doNarrow do

Carpet and rug:Broad _- doNarrow do

Spinning spindles:Woolen doWorsted do

Worsted combs doWool yarn:

Production total§ thous. of IbKnitting^ _ doW"eaving§ doCarpet and other§ do

Price, wholesale, worsted yarn (Bradfordweaving svstem) 2/32s dol. oerlb--

528, 31610, 982

26.5

31.0r 135

193r 572

36 5032,845

37.9030.316.617.2

.647

.823

21,46320, 21 79,663

4969,091133.0

78 024.0

14.63.3

4,016

.710

.350

539

2.72

31,35215,71677, 891

1.588.559

1.465

772, 175

29

15479

77, 59793, 207

185

56 7806,628

34 79615, 356

2.975

654, 94870, 575

27.5

32.0

128158580

34 9704,283

37.5230.316.017.4

.632

.823

21, 66320, 4179,765

4969,181133.4

71 522.5

13.33.3

4, 969

.710

.350

617

2.71

34, 68415,72474, 651

1.625.570

1. 575

862.172

27

16687

79, 834104, 027

209

60, 3246,664

37, 90815, 752

2.975

685, 77562, 076

28.1

31.9

156147561 .

2,44949 2667,481

36. 7230.315.217.2

.627

.821

21, 59620, 34011, 808

47211, 130127.3

80.925.4

12.33.6

6,710

.710

. 350

590, 690

628

2.65

41, 73019, 76566 630

1.625.570

1.575

832,096

27

16983

77, 269103, 917

207

74, 6107, 835

46, 49520, 280

2.975

470, 6538,456

28.7

32.5

131107580

52 8404,952

33. 1030.314 017.2

.620

.799

21, 30120 0489,299

4738, 764127.8

70 223.3

14.24.4

5,171

.710

.350

669

2.65

31, 10816, 65256, 964

1.629.564

1.600

862.136

28

17085

79, 582100, 746

186

60.5166,468

36, 83217, 216

2.975

539, 1052,51329.2

32 9

13478

546

51 4285.042

31.7430.314.217.2

.602

.778

21, 45820, 2299,467

4738, 935128.1

76 825.5

15.65.5

8,076

.710

.350

705

2.68

32, 46816, 20454, 879

1.698.620

1.715

872,188

27

15982

85,011101,863

191

63, 3206,784

40, 01216, 524

2.975

740, 5331 49029.9

33 8

13858

610

2,401r 52 322

4,596

31 6631 815 117 2

.605

.786

21, 47420 22111, 076

45210, 435123.0

78 024 5

14 45.9

7,323

.710

.350

551, 842

744

2.68

39, 76518, 44555, 249

1.760.678

1.775

862,214

25

16076

85, 662102, 418

187

77, 5558,725

49, 38019, 450

2.975

264 9822 33233.1

37 1

11249

436

35 9351 905

35 9632 617 518 5

671.840

21, 79420 525

7,754408 '

7 284110 9

79 725 8

13 14 6

6 653

732355

1 033

3.05

28, 8169 608

68 773

1.800702

1 775

701 933

26

10151

74, 41085, 975

167

51, 0645,964

34 86010, 240

2.975

355 9754 73037.0

38 1

14968

340

45 6332 918

43 5834 519 821 8

776.925

21, 84520 54010, 333

5179 711140.2

85 127 6

10 53.9

7,463

.740

.370

902

3.42

38, 94815, 76874, 833

2.045.778

1. 965

1022,391

30

17283

96. 134115, 302

233

69, 8488,384

44, 79616, 668

2.975

372 38122 732

40.0

40 7

194132337

T 2, 398r 50 973

2*570

48 6936.022 423.8

.8331.007

21, 94520 60912, 638

51611,860139.7

79 025.5

10.02.8

8,960

.755

.370

T 569 460

1,307

3.40

44, 39018, 36056, 832

2.481.892

2.725

1052,346

18

16081

87, 513115, 284

227

81, 8159,585

52, 97019, 260

3.665

283 81611 889

38.9

39 8

129207409

T 50 1622 796

49 3636.421 524.5

8511.072

22, 14920, 75810, 713

54210, 041146.9

82 5r 25 4

' 10 5'3 7

12 457

.760

.370

1 500

3.51

38, 00416, 70449 254

2.469.909

l 2. 515

1192, 502

17

17792

91,915120, 695

233

69, 7367, 832

44, 18017, 724

4.125

371 8709 11841.1

42 2

118189461

45 7154 608

48 3937.821 924 8

.8771.147

22, 15320 75112, 979

53012, 171143.2

T 80 5r 25 6

r 11 2r 3 5

12 958

.760

.370

1 152

3.72

r 38, 69518 33051 584

2.540.973

i 2. 560

106r 2, 346

13

17285

r 78, 103* 110, 948

r 191

* 76, 480r 8, 105

r 48, 075r 20, 300

4.175

448 5616 407

40.4

42 6

110145518

2, 63953 5493 593

50 2138 322 525 0

.8871.166

22, 08420 7309,942

5239 376141.3

86 929 4

6 12.0

11 845

.770

.400

600 952

727

4.11

28, 98014 36442 994

i 2. 6501 1. 131

1 2. 600

1332,281

15

16287

76, 353102, 973

176

59, 6966,096

37, 49616, 104

4.175

41.3

44 2

116

50 1238.322 925.0

.9171.172

22, 29220 900<13, 273

54212, 459145. &

.780

.400

5.16

1 3, 3401 1. 420

1 3. 240

4.754r Revised. l Nominal price.IData for March, June, September, November 1950 and January 1951 cover a 5-week period and for other months, 4 weeks; stock data and number of active spindles are for end of period

covered.{Scattered monthly revisions beginning 1944 (to incorporate new quotations for two constructions previously included at OP A ceiling prices) are available upon request.cf Substituted series. See note marked "c?" at bottom of p. S-39 of the July 195C SURVEY.§ Data for the third month of each quarter and for November cover a 5-week period; other months, 4 weeks.


S-40 SURVEY OF CUREENT BUSINESS March 1951


1950



Decem-.ber

1951

January

TEXTILE PRODUCTS—Continued

WOOL MANUFACTURES— Continued

Woolen and worsted woven goods, except wovenfelts:

Production, quarterly, total thous. of lin. yd-.Apparel fabrics total do

Government orders doOther than Government orders total do

IVEen's and boys' doWomen's and children's doUnclassified do

Blanketing doOther nonapparel fabrics do

Prices, wholesale, f. o. b. mill:Suiting, unfinished worsted, 13 oz__dol . per y d _ _Women's dress goods, flannel, 8 oz., 54-inch

dol. per yd..

3.069

2. 475

3.069

2. 475

108,14990, 956

2. 50888, 44842, 12040, 737

5, 5915, 112

12, 081

2.995

2.475

2.970

2.475

2.970

2.475

111,64792, 890

1,84391, 04745, 70940. 079

5,2596, 555

12, 202

3.094

2.475

3.255

2.524

3.440

2.624

'•115,875r i 96, 743

2 1, 269r 2 92, 849

T 41 093r 47 294

4 462r 12, 850

4.084

2.772

4.306

2.846

4.306

2.846

122, 1051 100, 679

2 4 575292 704

43 16045 Oil

4 5336 693

14 733

4.306

2.846

4.306

2.846

TRANSPORTATION EQUIPMENT

AIRCRAFT

Civil aircraft shipmentso* numberExportsJ do

MOTOR VEHICLES

Factorv sales, total numberCoaches, total do

Domestic . doPassenger cars, total do

Domestic _ _ do __Trucks, total _ _ _ do ._

Domestic do

Exports, totalj doPassensrer cars doTrucks! do

Truck trailers production total doComplete trailers do

Vans doAL!! other do

Chassis shipped as such doRegistrations:

New passenger cars _ . . do ._]\"P\^ commercial fprs do

RAILWAY EQUIPMENT

American Railway Car Institute:Shipments:

Freight cars, total _ _ _ numberEquipment manufacturers, total do

Domestic _ doRailroad shops, domestic _ • do

Passenger cars, total doEquipment manufacturers, total do

Domestic doRailroad shops, domestic do

Association of American Railroads:Freight cars (class I), end of month :§

Number owned thousands. _Undergoing or awaiting classified repairs

thousands. _Percent of total ownership O

Orders, unfilled _ _ numberEquipment manufacturers ___ .. doRailroad shops do

Locomotives (class I) , end of month :Steam, undergoing or awaiting classified repairs

number _.Percent of total on line

Orders, unfilled:Steam locomotives, total number .

Equipment manufacturers doRailroad shops do

Other locomotives, total doEquipment manufacturers _ . __ do _ _Railroad shops do

Exports of locomotives, total doSteam doOther do

INDUSTRIAL ELECTRIC TRUCKS ANDTRACTORS

Shipments, total number. _Domestic _ _ doExport __ do

16739

581, 362219194

487, 824475, 49593, 31984, 374

15, 5318,9146,617

3, 0832,9691, 8421,127

114

381,56267, 925

. 2,3951,0061,0061,389

6161610

1, 745

1414 8.1

17. 7664, 550

13, 216

3,45412.2

120

121,1301,130

0

1024854

19918019

22552

475, 465133128

385, 361377. 185

89, 97180, 939

18, 2688,6449,624

3,4933,3482, 1231.225

145

408, 99071, 698

2,051922917

1,1296464640

1,742

1394 8.0

25, 6478, 455

17, 192

3,49812.5

120

121,0991,099

0

482

46

18314637

32652

580, 662199170

469, 618461.119110, 84599, 811

17, 6398,1349,505

4,3954.1832,5231,660

212

495, 88596, 266

1,7128308308828787870

1,739

1284 7.4

27,0111C, 71516, 296

3,40712.3

110

111,0881,088

0

1075552

22919633

32956

559, 311268234

455, 193446, 524103, 850

• 93,294

r 17, 2576,758

r 10, 499

4,3854,1922, 5281,664

193

471,21592, 241

9832352237488282820

1,733

1274 7. 4

30. 17013, 76616. 404

3,30812.1

100

101,1011,101

0

540

54

20417232

37768

696, 893412323

575. 518563, 119120, 963108, 997

r 20, 3878, 631

Ml, 756

4.8674, 6502,7821,868

217

488, 36390, 786

2,1931,2111,211

982113113113

0

1,728

1287.4

40, 40524, 33816, 067

3,21711.9

909

1,0001,000

0

813

78

20318320

36947

856, 615598349

720, 688702. 935135, 329120, 233

T 25, 150r 12, 979

12, 171

5, 5325, 3373,2032,134

195

583, 93791,512

4,0743,3653,165

709106106106

0

1,724

1186.9

39, 36021, 93617, 424

3,08611.7

230

23977977

0

485

43

26823830

32194

706, 702397291

595, 067581, 069111,23898, 603

24, 80712, 77512, 0323 5, 7983 5, 6053 3, 3163 2, 289

3 193

609, 926117, 040

3,4742,1482,1481,326

9493931

1,722

1237.1

62, 12437, 34224, 782

3,16612.1

220

221,1101,110

0

691059

19917722

35448

818, 123457374

682, 782669, 550134, 884121, 303

*• 24, 92711, 286

«• 13, 6413 6, 6143 6, 4353 3, 7353 2, 700

3 179

683, 995126, 533

5,2032,7872,7872,416

104102102

2

1,719

1086.3

76, 58248, 22028, 362

3,23912.4

210

211,3671,367

0

538

45

23721621

30184

722. 842423345

616, 827602, 423105, 59293, 378

T 22, 724r 10, 906Ml, 818

3 6, 7703 6, 5333 3, 9443 2, 589

3 237

625, 755113, 750

5,1312,3952,3952,736

7063637

1,719

1025.9

94, 55763, 48531, 072

3,21812.4

200

201,4191,419

0

618

53

26323429

20440

760, 566553502

651, 169635, 544108, 84497, 116

r 23, 07012, 399

r 10, 671

6 7416,5043,9692, 535

237

580, 373101, 169

5,5012,4442,4443,057

7171710

1,717

985.7

107, 99476, 27931,715

3,13512.3

190

191,5041,504

0

560

56

29025535

r 24254

603, 567584507

504, 445490, 855

98, 53880, 832

r 27, 546r 13, 826

13, 720

6 3666,1243,9372,187

242

444, 19384, 142

5,7913, 3523,3522,439

5858580

1,717

935.4

110, 78179, 49331, 288

3, 111 '12.2

170

171,6401,640

0

321

31

24221824

30585

r 640, 925664601

r 521, 371' 507, 120' 118, 890r 103, 522

23, 97611,48112, 495

552, 259

5,7013, 9663,9651, 735

5454540

1,718

895.2

109, 17478, 13731, 037

3,11412.3

160

161,6281,628

0

474

43

29127120

606, 833661631

478, 589459, 567127, 583109, 262

5,9494,4054, 4051,544

2626210

1,719

865.0

126, 43891.43135, 007

3,25713.0

210

211,6201,620

0

44039347

r Revised.1 Includes yardage, containing from 25 to 50 percent wool, not distributed between government and nongovernment orders as follows: Fourth quarter, 3,400,000 linear yards; third quarter,

2,625,000.2 Not comparable with earlier data; see note 1.3 Beginning July 1950, the industry coverage has been increased by approximately 7 percent. * See note marked O.cf Publication of data for military shipments and the total, formerly shown here, has been discontinued by the Civil Aeronautics Administration.{Excludes "special category" exports not shown separately for security reasons.§Not including railroad-owned private refrigerator cars.OData represent freight cars awaiting repairs as a percent of total ownership (revised figures on the new basis for May-October 1949 were published Beginning in the July 1950 SURVEY);

figures shown through April 1949 represent freight cars awaiting repairs as a percent of total on line.

u. s . G O V E R N M E N T P R I N T I N G O F F I C E : issiDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

-INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40-Pages marked S

Abrasive paper and cloth (coated) 38Acids.......?. 24Advertising 7, 8Agricultural income and marketings 2Agricultural wages, loans 15Aircraft 11,12,14,40Airline operations 22Alcohol, denatured and ethyl 24Alcoholic beverages 2,27Aluminum 33Animal fats, greases 25Anthracite 2, 5,11,13,14,15, 34Apparel, wearing 4, 5, 8, 9, 11, 12, 14, 15, 38Armed forces 10Asphalt and asphalt products 36Automobiles 2, 3, 7, 8, 9,11,12,13,14,18, 21

Balance of payments 20Banking 15,16Barley 28Barrels and drums 32Battery shipments 34Beef and veal 29Beverages, alcoholic 2, 8, 27Bituminous coal 2, 5,11,13,14,15, 34,35Boilers 33,34Bonds, issues, prices, sales, yields 19Book publication 37Brass 33Brick 5,38Brokers' loans 16,19Building construction (see Construction).Building contracts awarded 6Building costs 7Building materials, prices, retail trade 5,7,8,9Business, orders, sales, inventories 3,4Businesses operating and business turn-over— 4Butter... 27

Candy .... 29Cans, metal 33Capital flotations 18,19Carloadings 22,23Cattle and calves _ 29Cement 2,5,38Cereal and bakery products, price 5Chain-store sales 9Cheese — 27Chemicals 2, 3, 4, 5, 12,14, 15,18, 21, 24Cigars and cigarettes 30Civil-service employees 12Clay products (see also Stone, clay, etc.) 2.38Clothing. 5, 6, 8, 9,11,12,14,15,38Coal 2, 5,11,13,14,15, 34,35Cocoa ._ _. 29Coffee . 22,29Coke 2,35Commercial and industrial failures ., 4Construction:

Contracts awarded 6Costs „ 7Dwelling units started 7Employment, wage rates, earnings, hours.. 11,

12,13,14,15Highway 6,12New construction, dollar value 6

Consumer credit 16Consumer expenditures 1,8Consumers' price index 5Copper 21,33Copra and coconut oil 25Corn 19,28Cost-of-living index (see Consumers' price

index) 5Cotton, raw, and manufactures 2, 5, 6, 21, 38,39Cottonseed, cake and meal, oil 25Crops 2, 5, 25, 27, 28, 30, 38Currency in circulation 18

Dairy products 2, 5,14, 27Debits, bank 15Debt, short-term, consumer 16Debt. United States G overnroent 17Department stores 9, 10, 16Deposits, bank _ 15,16,18Disputes, industrial 13Distilled spirits 27Dividend payments and rates 1,18, 20Drug-store sales 8,9Dwelling units started 7

Earnings, weekly and hourly 13,14,15Eggs and poultry 2, 5, 29Electric power, production, sales, revenues....- 26Electrical equipment 3,4,7,34Employment estimates 10,11,12Employment indexes 12Employment security operations 13Emigration and immigration 23Engineering construction 6Expenditures, United States Government 16Explosives 25Exports (see also individual commodities) 21Express operations 22

Factory employment, payrolls, hours, wages.. > 11,12,13,14,15

Failures, industrial and commercial 4Farm income and marketings 2Farm products, and farm prices. 2,5Farm wages 15Fats and oils __ . 5,25,26Federal Government, finance 16,17Federal Reserve banks, condition of 15,16Federal Reserve reporting member banks 15,16Fertilizers 5,24Fiber products 34Fire losses 7

Pages marked SFish oils and fish 25,29Flaxseed. _ _ _ _ _ _ 25Flooring 31,32Flour, wheat 28Food products __ 2,

3,4, 5, 7, 8, 9, 11, 12,14, 27, 28, 29, 30Footwear 2, 5, 8, 9,12,14,15, 31Foreclosures, real estate 7Foreign trade, indexes, shipping weight, value

by regions, countries, economic classes, andcommodity groups 21,22

Foundry equipment 34Freight carloadings, cars, indexes 22, 23Freight cars (equipment) 40Freight-car surplus and shortage 23Fruits and vegetables 2, 5, 21, 27Fuel equipment and heating apparatus 33,34Fueloil___ 35Fuels 2,5,35Furs 22Furnaces 34Furniture.... 2,5,8,3,11,12,13,14

Gas, customers, sales, revenues 26Gasoline 36Glass and glassware (see also Stone, clay, etc.). 2,38Generators and motors 34Glycerin 24G o l d _ _ _ _ 18Grains _ 5,19, 21, 28Gross national product 1Gypsum 38

Heating and ventilating equipmentHides and skins 5,HighwaysHogsHome Loan banks, loans outstandingHome mortgagesHosieryHotels _ 11,13,14,Hours of work per weekHousefurnishingsHousing. ... 5,

33,3422,30_ 6,7

2977

6,3815,2312,135,8,96,7,8

Immigration and emigration 23Imports (see also individual commodities) 21,22Income, personal 1Income-tax receipts 0 16Incorporations, business, new 4Industrial production indexes._ 2,3Instalment loans 16Instalment sales, department stores 10Insulating materials 34Insurance, life 17,18Interest and money rates 16International transactions of the U. S 20, 21, 22Inventories, manufacturers' and trade 3,9,10Iron and steel, crude and manufactures 2,

3, 4, 6, 11,12, 13,14, 21, 32, 33Jewelry, sales, inventories, sale credit 8, 9,16

Kerosene

Labor disputes, turn-over.Labor forceLamb and muttonLardLead.

35

1310

._ 292933

Leather and products.. _ 2,3, 4, 5, 12,14, 30, 31Linseed oil, .. 25Livestock 2,5,29Loans, real estate, agricultural, bank, brokers'

(see also Consumer credit). 7,15, 16,17,19Locomotives 40Looms, woolen, activity 39Lubricants 35Lumber 2, 5, 11, 12,13,14, 31, 32Machine activity, cotton, wool 39Machine tools 34Machinery 2, 3, 4,11, 12, 13, 14, 18, 21, 34Magazine advertising 8Mail-order houses, sales 10Manufacturers' sales, inventories, orders 3,4Manufacturing production indexes 2,3Meats and meat packing 2, 5, 11,12, 14, 29Metals__ 2, 3, 4, 6, 11, 12, 13, 14, 15, 18, 32, 33Methanol _ 24Milk ___ 27Minerals _ 2, 3, 13, 14, 15Money supply 18Mortgage loans 7,15,16Motor fuel. _._ _ ._^ 36Motor vehicles 3, 8, 9, 40Motors, electrical 34National income and product 1Newspaper advertising 8Newsprint 22,37New York Stock Exchange 19,20

Oats 28Oil burners 34Oils and fats 5,25,26Oleomargarine 26Operating businesses and business turn-over. _ 4Orders, new and unfilled, manufacturers' 4

Paint and paint materials 5,26Paper and pulp 2, 3, 6,11,12, 14, 36, 37Paper products 2,3,4,36,37Passports issuedPayrolls, indexesPersonal consumption expendituresPersonal incomePersonal saving and disposable income.Petroleum and products.

Pig iron

2312811

2,3, 4,5,11,12,13, 14,15, 21, 22, 35, 36

32

Pages marked SPlant and equipment expenditures 1Plastics and resin materials, synthetic 26Plywood 31Population 10Pork 29Postal business.. 8Postal savings 16Poultry and eggs 2, 5, 29Prices (see also individual commodities):

Consumers' price index 5Received and paid by farmers 5Retail price indexes 5Wholesale price indexes _ 5,6

Printing. 2,3,4,11,12, 15,37Profits, corporation 18Public utilities. 1, 5, 11,13,14,15, 17,18, 19, 20Pullman Company 23Pulpwood _ 36Pumps 34Purchasing power of the dollar 6

Radio advertising 7Railways, operations, equipment, financial sta-

tistics, employment, wages 1,11,12,13,14,15,17,18,19, 20,22, 23,40

Railways, street (see Street railways, etc.).Rayon and rayon manufactures 2, 6, 39Real estate 7Receipts, United States Government 16Reconstruction Finance Corporation, loans 17Refrigerators 34Rents (housing), index 5Retail trade, all retail stores, chain stores, de-

partment stores, mail order, rural sales, gen-eral merchandise 3,4,8,9,10

Rice _ 28Roofing and siding, asphalt 36Rosin and turpentine 24Rubber, natural, synthetic, and reclaimed,

tires and tubes 22,37Rubber industry, production index, sales, in-

ventories, employment, payrolls, hours,earnings 2,3,4,12,14,15

Rye _ 28

Saving, personal.Savings deposits .Securities issuedService industriesSewer pipe, claySheep and lambs •__Shipbuilding 11,12,Shoes 2, 5, 8, 9,12,14,ShorteningsSilk, imports, prices. 6,Silver _Skins .__ 5,Slaughtering and meat packing

11,12,Soybeans and soybean oilSpindle activity, cotton, woolSteel ingots and steel manufactures (see also

Iron and steel)Steel, scrapStocks, department stores (see also Manufac-

turers' inventories)Stocks, dividends, issues, prices, sales, yields..Stokers, mechanicalStone, clay, and glass products

3,ll,12r13,StovesStreet railways and buses 13,14,Sugar ___SulfurSulfuric acidSuperphosphate

TeaTelephone, telegraph, cable, and radio-tele-

graph carriers 11, 13,14, 15, 19,Textiles.. _ 2, 3, 4, 6,11, 12, 14, 15, 21, 38,TileTinTires and inner tubes 6,12, 14,Tobacco 2,3,4,5,7,8, 11, 12, 14,Tools, machineTrade, retail and wholesale. 3,4,8.9,10,11,13,Transit lines, localTransportation, commodity and passengerTransportation equipment... _ 2,3,4,11,12,13,TravelTruck trailersTrucksTurpentine and rosin

116

18,198,11

3829

13,1415,31

2622,39

1822,30

2,14, 29

2539

32,3332

1020342,

14,3834

15,2222,30

252424

30

20,2339,40

3822.3315,3715,30

3414,1515,2222,2314,40

23404024

Unemployment and unemployment compensa-tion 10,13

United States Government bonds 17,18,19United States Government, finance 16,17Utilities 1, 5,11,13,14,15,17,18, 19, 20

Vacuum cleaners 34Variety stores 9Vegetable oils _ _ 25,26Vegetables and fruits 2,5,21,27Vessels cleared in foreign trade 23Veterans' unemployment allowances 13

Wages, factory and miscellaneous 13,14,15Washers _ 34Water heaters 34Wax 36Wheat and wheat flour 19,28Wholesale price indexes 5, 6Wholesale trade __ 10Wood pulp 36Wool and wool manufactures 2, 6, 22, 39, 40

Zinc. 33Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE ECONOMY EXPANDS

UNDER PRESSURE OF DEMAND

The Annual Review Number of the


"N 1950 the national economy recovered fromrecession, advanced to a peacetime peak and hadto reassess its military commitments. As thecountry marshaled its resources to combat twinenemies—aggression abroad and inflation at home—mobilization and controls became the watch-words of defense. The Economy Expands UnderPressure of Demand succinctly surveys thesedevelopments in the brief incisive chapters listedbelow.

Forty pages of business statistics compiled from

commercial and governmental sources provide amonth-by-month progress report—before and afterKorea—on more than 2,600 series including pro-duction, labor, commodities, securities, and trade.

Numerous charts and summary statistical tablesinterspersed through brief textual summaries andanalyses of significant economic developmentsmake this 72-page publication an invaluable aidin considering business prospects during a periodof National Emergency.

National Income and Product * Agricultural Production * Retail Trade

Price Developments

* Industrial Production

Construction Activity * Foreign Trade

Employment and Labor it Business Investment

* Financial Developments Business Population

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