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JUNE 1950
U. S. DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
OFFICE OF BUSINESS ECONOMICS
SURVEY OF CURRENT BUSINESS
No. 6
JUNE 1950
tenhomenTHE BUSINESS SITUATION
PAGE
1
Capital Expenditure Programs Expanded 2The Rise in Business Inventories 3Building Material Prices and Production Increase . . 4
* * *SPECIAL ARTICLES
The Demand for Consumers' Durable Goods 5Balance of International Payments, First Quarter of 1950
and Revision of Balance of Payments Data, 1946-49 . 11Sales and Investment Trends of New Manufacturing
Firms 19* * *
MONTHLY BUSINESS STATISTICS . . . . S-l to S-40
Statistical Index Inside Back Cover
Published by the Department of Commerce, C H A R L E S SAWYER,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 toTreasury of the United States.
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JUNE 1950
Business increased plant and equipmentoutlays in the second quarter andanticipated the same high rate inthe third quarterBILLIONS OF DOLLARS22
20
18
16
14
ALL NONFARM INDUSTRIES
(S)
with a substantial expansion fromthe year-end indicated bymanufacturers and10
MANUFACTURING INDUSTRIES
a recovery evident in other industriesas a group.14
1 2
10
ALL OTHER NONFARM INDUSTRIES
I
). ©
IMeanwhile, the booming housingindustry contributed further tofixed investment.1 2
10
RESIDENTIAL NONFARM CONSTRUCTION
® PRELIMINARY
1949 I960QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES
SOURCES OF DATA: PLANT AND EQUIPMENT EXPENDITURES, U. 5. DEPARTMENTOF COMMERCE, OFFICE OF BUSINESS ECONOMICS, AND SECURITIES AND EXCHANGECOMMISSION; CONSTRUCTION, JOINT ESTIMATES OF U. S. DEPARTMENT OFCOMMERCE, OFFICE OF DOMESTIC COMMERCE, AND U. S. DEPARTMENT OFLABOR, BUREAU OF LABOR STATISTICS.
U. 5. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-97
THE
SITUATIONBy the Office of Business Economics
jXPANSION in economic activity continues to be re-flected in the major economic series, with rising production re-quirements tending to advance prices of many important indus-trial raw materials in recent weeks. Employment has con-tinued to move ahead in response to the basic trend ofbusiness, with seasonal influences also adding substantiallyto the number at work. As a result, unemployment has beenmarkedly cut.
Labor earnings have been enhanced not only by higheremployment but also by a continued slight advance inaverage rates of compensation. Total consumer income fromcurrent productive activities has continued upward, thoughpayments of the National Service Life Insurance dividendhave declined so that this supplementary flow has diminishedfrom the high rate of the first quarter.
Investment expandingThe fundamental characteristic of the current uptrend in
the business cycle continues to be the sharp expansion ininvestment, paced by residential construction but now rein-forced by a renewed advance in business plant and equipmentexpenditures. The sharp advance in fixed investment isevident in the chart at the left, which brings out the fact thatbusiness has altered its investment program sharply upwardfor the current and succeeding quarter. Inventory invest-ment is also important as rising sales in many lines coupledwith some price advances have led to more liberal businesspurchasing.
The other major segment of rapid advance is the motorvehicle industry—which in the aggregate accounts for alarger volume of expenditures than residential construction.With the industry now in full swing, May output reachedover 700,000 cars and trucks, furnishing impetus to a widesector of the economy. More passenger cars were producedthan in any previous month, while truck production was atthe highest rate in 2 years. The special analysis of theautomobile market in this issue indicates that the strongdemand for passenger cars is based in the main upon currentlyhigh and rising consumer incomes, plus the still substantialcarryover of demand from the war years when productionwas eliminated. The income factor, plus the housing boom,explains the high level of sales of furniture, analyzed in lastmonth's issue, and the resurgence of demand for major house-hold appliances, which is analyzed in a subsequent section ofthis month's SURVEY.
Raw material prices advanceThese strong demands for the final products of the economy
have brought an upturn in some categories of commodityprices. The initial effect of the increasing demand in thecurrent business upswing was primarily reflected in an in-crease in output and employment, with industrial pricescontinuing the stability characteristic of the period since last
<—50 1
SURVEY OF CURRENT BUSINESS June 195(
July. In recent weeks, with enlarged demands for industrialraw materials, such as steel scrap, copper, zinc, rubber, andlumber, these prices have been advancing. The index of allprices other than farm products and foods was up 1 percent,in reflection of the raw materials advance, from mid-Aprilto the end of May—which is also the full extent of the ad-vance over the past 6 months. The index of farm pricesrose 3.4 percent from April to May, and that of foods 2.4percent, chiefly because of the rise in livestock and meat.
To meet the expanding requirements of consuming indus-tries, steel production in May was pushed close to 102 per-cent of the rated capacity as of last December, and deliveriesof non-ferrous metals approximated the postwar peak reachedin the first quarter of 1947. Production of building mate-rials has moved ahead with the construction boom, as de-scribed in more detail in a subsequent section of this review.Output of nondurable goods, after expanding sharply in thelatter part of 1949, has shown little change since the turnof the year as increases in individual industries were offsetby decreases in others.
For the second successive month an important exceptioito the generally well maintained or expanded volume ooutput was bituminous coal, where output dropped from iweekly average of 11.3 million tons in April to 10.1 milliorin May. This movement reflects the abatement of the tighisupply situation existing at the end of the coal strike.
The rise in output in the durable goods industries has beerobtained in part by a lengthening of the workweek as well asby the expansion of the work force. Trends of employmeniare comparatively less favorable in the nondurable goodsindustries, which have not experienced the same strongmarket condition as manufacturers whose business is mondirectly related to the rapidly expanding industries.
A broad rise has occurred in total employment, which hasreduced the number of unemployed workers as reported bjthe Census Bureau to about 3 million in May. Unemploy-ment is now lower than a year ago for the first time in manymonths, although it still is not down to the level of 1948Nonagricultural employment rose 200,000 from April tcreach 51.7 million, whereas in May a year ago it had fallerbelow 50 million.
Capital Expenditure Programs ExpandedTHE EXPANSION in economic activity this year—
associated with the favorable trend of sales and profits—hasresulted in upward adjustments in the 1950 capital invest-ment programs of business. According to reports submittedduring April and May in the joint Office of Business Eco-nomics—Securities and Exchange Commission quarterlysurvey, non agricultural business outlays for new plant andequipment in the second quarter are scheduled at $4.5billion—about 6 percent higher than their previous anticipa-tion for this period and only 3 percent below expenditures ayear ago. (See table 1.)
More important, in the third quarter of this year, businessas a whole intends spending at a seasonally adjusted rateabout as much as in the second quarter—and some 3 percentabove the third quarter of 1949. These results reflect aconsiderable upward shift in expenditures over those re-ported in the last survey which had indicated a sizablecutback from the first to the second half of 1950.1
However, it should be noted that the high rate of expendi-tures expected in the second and third quarters represents, inpart, some carry-over from the unfilled capital goods demandin the first quarter. Reflecting to a considerable extent thelow output in basic steel (as a result of the steel strike lastOctober and the coal strike in the first quarter), actual out-lays for new plant and equipment in the first quarter fell
i The reported cutback was about 13 percent on a seasonally adjusted basis. However,analysis presented in the April SURVEY OF CURRENT BUSINESS indicated that due to severalnoneconomic factors, including the lesser completeness of future programs as compared tonear-term budgets, this decline should be reduced about one-half. As a result, it should benoted, outlays programmed by business for the year 1950 as a whole were understatements.
almost 10 percent below those anticipated 3 months earlier—and back to the level that had been scheduled for this periodlast fall. Thus, it would appear that capital goods producerswere unable to make deliveries in line with the stepped-uporders of business.
A striking feature of the current survey was the consistencyof the findings among the industries. Actual expendituresfor new plant and equipment in the first quarter were lowerthan planned in every major industry and, with the exceptionof mining, current plans in each group for the second andthird quarters are higher than those made earlier for thesecond quarter or implied in earlier estimates for the secondhalf. The expanded programs were found among companiesof all size-classes and involved both plant and equipment.
Indicated capital outlays in both the second and thirdquarters are, at seasonally adjusted annual rates, at theaverage level for 1949. This is true both in dollar and inphysical terms. The downward trend of capital goods costsduring 1949, it may be noted, was reversed at the end of theyear.Current investment programs for 1950
If current investment plans through the third quarter arecarried out, it does not appear likely that developments inthe fourth quarter could result in a lower rate of outlays fromthe first to the second half of 1950 or in a decline for the yearas a whole of more than 5 percent from last year's expendi-tures.
The upward revisions for 1950 were apparent in every
Table 1.—Business Expenditures on New Plant and Equipment, 1945—50 *[Millions of dollars]
All industries
Manufacturing _ __ _ _MiningRailroadsOther transportation-- _. _Electric and gas utilitiesCommercial and miscellaneous 3
1945
6,630
3,210440550320630
1,480
1946
12, 040
5,910560570660
1,0403,300
1947
16, 180
7,460690910800
1,9004,430
1948
19, 230
8,340800
1,320700
2,6805,390
1949
18, 120
7,250740
1,350520
3,1405,120
Jan. -Mar.
4,460
1,850190360130680
1,260
19
Apr.-June
4,660
1,880190380140780
1,290
49
July-Sept.
4,370
1,690180310140790
1,260
Oct.-Dec.
4,630
1,830180300120890
1,320
Jan. -Mar.
3 700
1,52015023080
6501,060
1950
Apr.-June -
4 530
1,97016030090
8501,170
July-Sept.2
4 480
1,920170290100820
1,180
1 Data exclude expenditures of agricultural business and outlays charged to current account.2 Anticipated expenditures for the second and third quarters of 1950 were reported by busi-
ness during April and May.
3 Data include trade, service, communications, construction, and finance.Source: U. S. Department of Commerce, Office of Business Economics, and Securities
and Exchange Commission.
June 1950 SUEVEY OF CUERENT BUSINESS
major industry, except mining which shows little departurefrom previously scheduled rates. Capital outlays in 1950in manufacturing and electric and gas utilities can be expectedto equal or exceed 1949—as compared to previously antici-pated declines of 7 and 6 percent, respectively, reported by
these industries. The decline in expenditures by the rail-roads now appears to be well under 20 percent instead of theformer 31 percent. Moderate improvement from earlierexpectations was indicated in the nonrail transportationindustry and the commerical and miscellaneous group.
The Rise in Business InventoriesJL HE RENEWAL of inventory accumulation has been a
significant factor in the rise in business. This shift in thepurchasing policies of business developed against a back-ground of rising final demand and slightly advancing prices.For developments in the months ahead it is of significancethat at the end of April business inventories were still wellbelow the 1948 peak, although sales have moved back verynearly to their postwar high.
In the first 4 months of this year the book value of businessinventories (including manufacturing and trade) increased by$1.2 billion on a seasonally adjusted basis, bringing the totalat the end of April to $54.8 billion. The bulk of the 1950 risein stocks occurred at retail, with only small accumulation inboth durable and nondurable goods manufacturing industries.
Manufacturers' inventories low relative to salesDespite the rise in inventories in the past few months, their
current position is not high in relation to sales, as judged byhistorical patterns. Previous studies have shown that at themanufacturing level, where most of the decline occurred in1949, stocks are ordinarily adjusted to sales after an averagelag of 6 months.1 In chart 2, the calculated line representsthe volume of inventories derived on the basis of this averagerelationship between stocks and sales during the years 1927-40. With the principal exception of the war period, whenwidespread shortages and Government controls entered as
i "Current Inventory Developments" by Walter W. Jacobs and Sylvia F. Broida, SURVEYOF CURRENT BUSINESS, April 1949.
Chart 2.—Manufacturers9 Inventories: Actual andCalculated
BILLIONS OF DOLLARS40
30
20
10
CALCULATED-^
ACTUAL
I I I I I I I I I I I I I I I I I I I I I I I I I I 1 I I I I I I1927 29 31 33 35 37 39 41 43 45 47 49
END-OF-OUARTER AVERAGES,SEASONALLY ADJUSTED
1948 1949 1950END-OF-OUARTER,
SEASONALLY ADJUSTED
U. 5. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 5O-I99
1 Calculated from a linear least squares regression equation fitted to data for the years1927-40; inventories, in billions of dollars=3.24+0.135 (sales, in billions of dollars, lagged6 months).
Source of data: U. S. Department of Commerce, Office of Business Economics.
special factors, the historical relationship between sales andinventories was closely followed, as the chart shows.
The fact that the actual values of inventories were lowerthan the calculated values in 1949 suggests the swift shift inexpectations as business in general anticipated levels of prices
Table 2.—Change in Business Sales and Inventories(Seasonally adjusted)
Item
Total _ _ _
ManufacturersWholesalersRetailers
Inventories
Billions ofdollars
Decem-ber 1948to De-cember
1949
-4.9
-3.2-.5
-1.3
Decem-ber 1949to April
1950
+1.2
+.3+.4+.5
Percent
Decem-ber 1948to De-cember
1949
-8.4
-9.3-5.0-8.5
Decem-ber 1949to April
1950
+2.2
+1.0+4.3+3.3
Sales
Billions ofdollars
Decem-ber 1948to De-cember
1949
-3.6
-2.2-.9-.5
Decem-ber 1949to April
1950
+2.0
+1.40)+.6
Percent
Decem-ber 1948to De-cember
1949
-9.3
-11.6-10.6-4.4
Decem-ber 1949to April
1950
+5.8
+8.60)+5.4
1 Change negligible.Source: U. S. Department of Commerce, Office of Business Economics.
and sales substantially lower than those prevailing. Fromthe perio'd of rough balance of stocks and sales at the end of1948 as shown in the chart, inventories by the close of 1949had declined substantially more than sales resulting in thegap between actual and calculated values. Since inventorymovements ordinarily follow sales trends, and the course ofsales in 1950 has been upward, the value of inventories wouldbe expected to rise later this year unless sales should declinevery markedly.
Diversity among manufacturing groupsAlthough durable goods industries accounted for about
two-thirds of the decline in total manufacturing stocks sincethe end of 1948, no substantial deficiency in stocks is indi-cated currently for this group on the basis of the extension,of the relation of inventories to sales for the prewar years.
Inventories of nondurable goods manufacturing industriesat the end of April had recovered close to levels prevailingat the end of 1948, following the limited reduction in stocksduring the first half of 1949. This narrower range offluctuation than developed in the durable goods industriesreflected the more conservative position taken by theseproducers throughout the postwar period. Despite therecent recovery of nondurable goods stocks, the level cur-rently is still below that indicated by prewar relationshipof stocks to sales.
For individual industries, however, a considerable varietyin inventory positions developed in recent months. This isillustrated by the stock-sales ratios in electrical machinery,which declined from 2.48 in the fourth quarter 1948 to 1.95during the first quarter of 1950, and in the transportationequipment group, which fell from 2.15 to 1.76. In the motorvehicle industry, the stock-sales ratio fell from 1.75 to 1.28over this period. The ratio for lumber and furniture, onthe other hand, was about unchanged, while in most non-durable-goods industries some increase was evident from thelast part of 1948.
SURVEY OF CUEKENT BUSINESS June 1950
Retail inventories still low relative to salesAnalysis of the behavior of retailers' stocks and sales
suggested that the prewar relationship between the two mayhave shifted in the postwar period. This is indicated inchart 3 where the calculated line represents the volume ofinventories derived from the relationship with sales, lagged6 months, during the period 1923-40. The low inventoriesrelative to sales during the early postwar years reflects thescarcity of consumer goods items, although in later periodspersistence of the gap implies that economies in inventorymanagement may have been developed over and above thatallowed for in the relationship. A factor of special signifi-cance is the cautious ordering by retailers in the postwarperiod due to price uncertainities and increasing competition.
Nevertheless, it is of some significance that the divergencebetween actual and calculated lines remained considerably
Table 3.—Retailers' Inventory-Sales Ratios (Seasonally Adjusted)
Chart 3.—Retailers' Inventories: Actual and Calculated
Period
1948:Fourth quarter
1950:First quarterApril
All retail
1.38
1.271.28
Durable goods,other than
homefurnish-ings and auto-
motive
2.55
2.522.49
Automo-tive group
1.06
.84
.76
Homefur-nishingsgroup
2.52
1.872.13
Nondurablegoods
1.22
1.191.20
BILLIONS OF DOLLARS20
15
10
CALCULATED^
I I I i I I I I I I I I1923 25 27 29 31 33 35 37 39 41 43 45 47 49
ANNUAL DATA*/1948 1949 1950END-OF-QUARTER,
SEASONALLY ADJUSTED
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS SO-2OO
Source: U. S. Department of Commerce, Office of Business Economics.
greater in 1950 than in the years prior to 1949—despite therecent increase in these inventories. This is confirmed bythe alternative measure supplied by stock-sales ratios, whichhowever, may not allow for more efficient use of stocks athigher sales volumes in some areas. In the first part of1950 the ratio for all retail stores was somewhat below thefourth quarter of 1948, reflecting in part the booming salesof automobiles, coupled with the strike in a part of theindustry which reduced dealers' stocks this spring. Inaddition, the improvement in housefurnishing sales have notbeen accompanied by commensurate advances in stocks. Inthe nondurable goods group, the ratio is close to the end-1948 level.
1 Calculated from a linear least squares regression equation fitted to data for the years1923-40; inventories, in billions of dollars=0.573+0.138 (sales, in billions of dollars, lagged6 months)—0.064 (time, centered at December 31, 1931).
2 Data are end-of-month averages.Source of data: U. S. Department of Commerce, Office of Business Economics.
At wholesale, fluctuations in inventories since 1948 onan absolute basis have been of much less importance for theeconomy as a whole, and there was no indication of a pro-nounced distortion in the relation of stocks to sales in recentmonths.
Aggregate inventory movements continue to play an im-portant role in business fluctuations. Their movement overthe 1948-49 period indicates a high degree of sensitivity toshifting economic currents. Notwithstanding the fact thatinventories now appear low relative to sales, the inventoryposition will be watched very carefully as busines in generalis well aware of the influence of shifting demand and pricetrends upon profits through its inventory position.
Building Material Prices and Production IncreaseTHE EXPANDING volume of activity in residential
building during the past winter and so far this year, coupledwith rising public construction and moderately high activityin other areas, has led to advances in both prices and produc-tion of most building materials.
Although no nation-wide shortages are indicated, pricesfor some important items have advanced sharply in recentmonths and some builders report difficulty in maintainingoriginal price schedules for new construction.
Material prices continue upwardKecent price trends for building materials are plotted in
chart 4. From the low point in prices last August to Mayof this year there has been an increase of 5.3 percent in theDepartment of Labor composite index of wholesale buildingmaterial prices, due largely to advances in lumber.
As can also be seen in chart 4 on page 24, the averageof building material prices other than lumber has beendrifting downward since the peak in early 1949. Thispeak occurred somewhat later than that for the total index.
This average also reflects divergent trends of the separatecomponents. Structural steel prices are now at their post-
war peak while paint and paint materials are at their lowestpoint in the last 3 years. In the last 2 months the prices ofplumbing and heating supplies have risen noticeably afterremaining virtually constant throughout most of 1949.Prices for cement, brick, and tile have all recently climbedslightly higher than their low points in 1949.
Lumber prices high relative to other buildingmaterials prices
A striking feature of the postwar price structure in thebuilding materials field is the advance from the prewar levelof lumber prices by comparison with other building materials.In April 1950, lumber prices were almost 3^ times the 1939average, whereas building materials prices other than lumberadvanced less than half as much in the same period. Cementhas risen least among the major items.
Lumber prices have displayed wide fluctuations through-put the postwar years as demand for the product has variedin line with the postwar oscillations in building activity.For example, peak postwar prices for lumber were recorded
(Continued on p. 24)
By L. Jay Atkinson
The Demand for Consumers'Durable Goods
1HE OUTPUT of consumers' durable goods in thepostwar years has been at an unusually high rate as a resultof a combination of deferred purchasing from the war periodand the normal or continuing demand for current replace-ment and growth. For most such products other than auto-mobiles the direct influence of deferred demand attributableto the wartime gap in production has now become relativelyunimportant and the time is approaching or has alreadyarrived when the usual market forces will determine sales ofthese products.
This article evaluates the effect of these market influencesupon the sale of 5 major consumers' durable goods—auto-mobiles, electric refrigerators, vacuum cleaners, washingmachines, and electric ranges. For each of these productssales in 1949 and early 1950 are moderately higher thanindicated by the analysis of basic, continuing demand factors.For automobiles, this reflects the continued influence of theabnormal replacement demand carried over from the warperiod which has not yet been satisfied. For the householdappliances, special influences are the abnormally highmarriage rate in recent years and the boom in house con-struction—both of which are aftermath-of-war develop-ments.
In addition to these special influences, the demand calcula-tions have a number of limitations. They represent extra-polations of prewar relationships from a period which endeda decade ago. Most of the variables involved have currentvalues well beyond the extreme range of fluctuations in thebase period and no adjustment has been made for shifts indistribution of income and population. Accordingly, theresults shown are presented as tentative approximationsinvolving a considerable measure of judgment which is onlypartially avoided by the summaries of estimates obtained byalternative formulations. Finally, the validity of theanalysis depends upon the extent to which the many influ-ences affecting the demand for consumers' durable goodscan be represented by the 3 or 4 basic factors selected.
Basic demand factorsThe most important basic influence upon the demand for
consumers' durable goods is, of course, disposable personalincome. If comparison is to be made with unit purchases,an adjustment in income must be made for changes in thegeneral price level. In addition to the effect of the currentyear's income, demand is also affected by the direction inwhich income has been changing from the preceding year.In other words, for any given current income, purchasestend to be greater when income has been rising from theprevious period than when it has been falling.
This may be due in part to more confidence about futureincome prospects if income has been rising during the imme-diate past and a corresponding pessimism associated withshrinking income. Again, there is usually some lag inadjusting spending for many major items including most
NOTE.—MR. ATKINSON IS A MEMBER OF THE CURRENT BUSINESSANALYSIS DIVISION, OFFICE OF BUSINESS ECONOMICS.
services and housing; consequently, when income is rising,cash is a little freer and consumers may tend to trade in theircars or appliances for new models sooner than in a period ofstable income. Similarly, when income is falling, consumersmay feel pinched for cash and tend to defer purchasing.Also, fewer new models will have been acquired in the recentpast if income has been low than if it has been high, and hencepurchases will be more likely in the current year than ifthere had been a wave of recent buying during a period ofhigh income.
Another basic influence affecting consumers' willingness tobuy is the price at which the products are offered for sale inrelation to the general price level. Despite the problemsin obtaining a price series for products which change inquality over a period of years, there is a clear tendency forrelatively low prices to stimulate and for relatively highprices to retard buying. For some products, the change inthe rate of population growth and family formation in thepostwar years as compared with earlier periods is also animportant demand consideration.
Passenger Automobiles
Among the consumers7 durable goods, the backlog influenceupon demand has persisted longest for automobiles. This ispartly a result of the time involved in getting the hugeautomobile industry into full-scale operation after the end ofthe war. Although old cars were repaired and kept in usewell beyond ages at which they would ordinarily have beenscrapped, 2 years elapsed after the war before the totalnumber of cars in use again reached the prewar peak of 29.5million attained in 1941. It was not until 1949, when regis-trations exceeded 36 million, that the principal deficiency inthe total number of cars appeared to have been made up.
Although the number of cars in use depends upon economicconditions as well as upon the growth in population, it is ofsome significance that the increase in registrations of 6.8million between 1941 and 1949 was about the same as theincrease in the number of households. A similar trend pre-vailed between the full-employment years 1929 and 1941,although the growth in the use of cars during this period wasretarded by the relatively low income during most of theintervening years. Other evidence suggesting that the defi-ciency in total cars was about made up by 1949 is the returnof more normal rates of scrapping old cars. The apparentscrappage of 2.2 million cars in 1949 was about equal to theprewar average and more than double the number scrappedin other recent years.
Deficit in younger age carsAlthough the total number of cars is about what might
be expected on the basis of past relationships, productionsince the end of the war has not yet brought the car popula-tion in the younger age groups to the level which existedbefore the war. The principal deficiency is in the number ofcars which have been in operation less than 8 years, as shownin the accompanying chart of age distribution of automobiles.
6 SURVEY OF CUEEENT BUSINESS June 1950
In July 1949, there were about the same number of cars lessthan 4 years of age as in 1941, but 9 million fewer cars betweenthe ages of 4 and 8 years, reflecting the stoppage of produc-tion in the war years.
Chart 1.—Cumulative Number of Total Passenger CarRegistrations, by Age Groups1
MILLIONS OF UNITS
40
10 ~
AGE-GROUPS (YEARS)
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-166
1 Data are as of July 1; normal scrappage age of cars for 1941 and 1949 was estimated by theU. S. Department of Commerce, Office of Business Economics.
2 Latest data plotted for 1941 are for cars in the 13.5 years and over-age groups, which arenot reported separately.
Sources of data: R. L. Polk & Company and Reuben H. Donnelley Corporation; datatabulated from Automotive Industries, published by Chilton Company.
Estimates of registrations by age groups are not availablebeyond the middle of 1949, but sufficient data are availableto indicate the effect of the past year's high rate of outputupon the stocks of cars in the younger age groups. As ofmid-1950, there are approximately 16 million postwar cars,all of which are less than 5 years of age. This is about 2million more than the number registered in the same agegroups as of mid-1941. If the comparison is broadened toinclude the war years, then the present population of carsless than 9 years of age is 4 million smaller than the similarage-group in 1941, at which time the car population reflectedsales during a period of widespread unemployment. Thenet decline in the number of cars in the lower-age groupsduring this period of rapid growth in population and sub-stantial rise in real income constitutes an abnormal influenceupon the demand for new automobiles.
The contrast between the age distribution of automobilesand that of the major household appliances is indicated by acomparison of output rates in the postwar years with earlierperiods. In the 4 years 1946-49, real disposable incomewas more than 50 percent higher than in the 4 years justbefore the war; new car registrations, however, were up onlyabout 14 percent whereas refrigerator output was up 50percent in the latter period and electric washing machine,vacuum cleaner, and electric range output were all morethan twice as high as in the earlier period.
It is this gap in availability of cars in the lower-age groupswhich is augmenting the otherwise strong demand for auto-mobiles in 1950 and is partially responsible for the relativelyhigh prices for which used postwar cars are selling. Althoughthe current age distribution of automobiles has been com-pared with the prewar situation, it should not be inferredthat the difference between the two is a precise measure ofthe deficiency now existing in the car population.
Basis of demand estimatesThe factors used in the analysis of new car registrations
were disposable personal income in the current year, dis-posable personal income in the previous year—both adjustedfor changes in prices—the ratio of automobile prices to theConsumer Price Index, and a time factor.1 The estimates ofnew registrations derived from past relationships amongthese variables were first calculated on a per householdbasis from disposable income per household and then multi-plied by the number of households. Logarithms were usedfor all the variables except time.2
One of the prominent characteristics of the demand fornew passenger automobiles is immediately apparent from aglance at chart 2—the wide swings in sales. Thus from apeak of 3.9 million cars in 1929, sales dropped to 1.1 millionat the bottom of the depression in 1932.
The most important influence affecting the sale of newautomobiles is disposable personal income. Excluding theinfluence of other factors each increase of 1 percent in realdisposable income was associated with a rise of 2% percent inautomobile sales during the base period, and each increaseof 1 percent in the ratio of the current to the preceding year'sincome was associated with a rise of 2 percent in sales.
The other factors had smaller but significant influence uponautomobile sales. A rise of 1 percent in the ratio of auto-mobile prices to the general level of consumers' prices wasassociated with an average decline of 1.3 percent in thenumber of automobiles sold.
Finally, there was a gradual decline of about 1.5 percentper year in the sale of automobiles per 1,000 households,assuming no change in income per household and no changein the ratio of the price of automobiles to consumer pricesgenerally. Note that this is not the same as saying thattotal automobile ownership per 1,000 households declined.In fact there was a rise of about 10 percent in the number ofautomobiles in relation to the number of households between1929 and 1949.
The downward time trend is attributable to a substantialrise in the average usable life of automobiles. The averageage of cars scrapped in 1925 was estimated at 6.5 years. Itrose gradually, reaching 10 years in 1940, and is now above12 years. The increased durability of automobiles is indi-cated by a rise in the lifetime mileage per car from about25,000 in 1925 to approximately 100,000 for cars scrapped atthe present time.3
The estimating equation based upon the four factors dis-cussed accounts for almost all of the fluctuation in the sale ofnew automobiles during the years 1925-1940, as shown inchart 2. The largest differences between the "calculated"and actual sales were about 360,000 cars in 1937 and 1939,and part of the discrepancy in these years is attributable toseasonal influences in combination with income shifts withineach year.4
1 The price used for automobiles is the retail price index of the Bureau of Labor Statisticsfor the period for which it is available, 1935 to date, linked to an index derived from the whole-sale value and number series of the Automobile Manufacturers' Association for prior years.These two series differ in a number of characteristics, the most important of which is that theBLS data represent specific models or makes, whereas the AM A are derived from the totalsales in each year and vary with the changing product mix of the industry.
The new registrations estimates are affected by special provisions in certain State laws whichresult in small differences between sales and registrations of new cars. Neither of theselimitations seems sufficiently important to affect seriously the results obtained.
2 This formulation of the demand equation is somewhat similar to one used by Roos, et al.,"The Dynamics of Automobile Demand" published by the General Motors Corp., NewYork (1939).3 Automobile Manufacturers' Association—"Automobile Facts and Figures" 1949.
4 Although income was a little lower in 1937 than in 1939 and was rising less rapidly in 1937,automobile sales were one-third higher in the earlier year. This may be partially the resultof the high proportion of sales during the early part of each year. Sales in 1937 were highpartly because the seasonal peak in buying occurred before the beginning of the sharp recessionin the latter part of the year. Similarly in 1939, the seasonal peak in buying occurred beforesubstantial recovery from the 1938 recession had been established. Again there may havebeen more price resistance in 1939 than indicated in the formula. Automobile prices werehigher in 1939 than in 1937, although retail prices as a whole averaged lower.
The next largest difference between actual and calculated during the base period was275,000 in 1931.
June 1950 SUKVEY OF CUEEENT BUSINESS
Sales above calculated value in 1949In 1941 a substantial curtailment in car production kept
sales from meeting the demand in that year. After the war,new automobile sales, which were limited in this period onlyby production bottlenecks, remained below the estimatednormal demand exclusive of backlog through 1948. In thelatter year actual sales were 3.5 million cars, which was alittle lower than in the best prewar years, whereas thedemand indicated by the current level of income and priceswas over 5 million. In 1949, however, sales exceeded theestimated normal demand for the first year since 1940.
The reduction in the "calculated" demand for automobilesfrom 1948 to 1949 shown on the chart was partly attribut-able to a leveling off in disposable income—on a per house-hold basis, income was lower in 1949; but the principalinfluence on the calculating formula was an advance inautomobile prices coupled with a slight reduction in thegeneral level of consumers' prices. Despite a protractedstrike in an important sector of the industry, sales increasedduring the first half of 1950 to an annual rate of about 5.8million. This is considerably above the "calculated" value,even though the latter is pushed up temporarily by theinfluence of the National Service Life Insurance payments.
Chart 2.—New Passenger Car Registrations
MILLIONS OF UNITS6
5 -
4 -
I I I I I I I I I I I I I I I
2 -
I -
1926 28 30 32 34 36 38 40 42 44 46 48 50^
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50'-/52
1 Calculated from a least squares regression for the years 1925-40. Equation: Y=0.0002797Xi'-iMXtf-uXf-1 '*1* (0.985)*, where Xi=real disposable income per household in1939 dollars; Xz=percentage of current to preceding year in real disposable income per house-hold in 1939 dollars; Xz=percentage of average retail price of cars to consumers' prices;/=year minus 1933; Y=new private passenger car registrations per 1,000 households.Coefficient of correlation .R=0.98.2 Data are for first half of 1950, seasonally adjusted, at annual rates.
Sources of data: Actual—R. L. Polk & Company; calculated—income and households,U. S. Department of Commerce,Office of Business Economics; prices, U. S. Department ofLabor, Bureau of Labor Statistics, and Automobile Manufacturers Association
Some of the alternative formulations of the automobiledemand equation tested were judged to be only slightlyinferior to the one shown in chart 2. One which differed onlyin the substitution of the average scrappage age of auto-mobiles for the time trend gave results which are practicallyidentical with those shown in the chart.6 Those involvinglinear relationships indicated slightly higher current valuesthan the results of the equation presented and those calcu-lated on a total rather than a per-household basis had currentvalues as much as 10 percent lower.
fi Scrappage ages are available at intervals of about 5 years. Linear interpolations for theintervening years were used in the regression.
The formula used for automobiles is more complicatedthan those shown for the other consumers' durable goods, yetthe omission of any of the four independent variables re-sulted in a significant reduction in the explained variation inautomobile sales as well as a change in the current valuesindicated by the equation. For example, omitting the priceratio would increase the 1949 calculated demand value bynearly one-fifth.
On the other hand, the formula used to compute thedemand for automobiles is a simplification of the variedforces affecting the sale of automobiles and many importantinfluences are not taken into consideration. Trade-inallowances for used cars affect the total outlay involved inpurchasing a new car, and credit terms available influencethe monthly carrying cost and in some cases the size of thedown payment.6 These are clearly important elements inindividuals' decisions about buying a new car, and shiftsin these elements may alter sales appreciably once thebacklog demand for automobiles is exhausted.
The age-distribution of- automobiles in use is subject torather substantial changes, as a result of the " boom-bust"character of new automobile sales as well as the wartimegap in production. This point was discussed more fully inconnection with chart 1.
Another set of influences which may affect sales differentlyat the present time than in the prewar years is the change indistribution of income and population. Studies of consumerpurchases show that for given income levels, a higherproportion of families buy automobiles in rural areas than inlarge urban centers. Consequently, the larger rise in farmthan in nonfarm income from the prewar period to thepresent time may increase the demand for cars more than isindicated by the average rise in income. This may bepartially offset, however, by the shift in population fromthe farm areas. In the past decade farm population hasdeclined 10 percent while the nonfarm population hasincreased about 20 percent.
A contrary influence is the movement of population fromthe heart of large cities to suburban areas where residentshave a greater demand for a car. Another important geo-graphic difference in the car market is that the West has ahigher ratio of cars in relation to population than the East,and the West has grown more rapidly in recent years.
A final special consideration not explicitly included in thedemand formula is the length of time which cars are usedby purchasers of new cars and the total usable life of carsas affected by factors other than income. During the pre-war period, there was a gradual increase in the length oflife of automobiles. One of the most puzzling problems inconnection with the demand for automobiles is the extentto which the rise in scrappage age before the war was dueto low income and during the war to the cessation in pro-duction. The time trend used in the formula reflects thisrising usable life of automobiles, and the continuation of thetime trend to the present assumes that the lengthening inlife has persisted. The importance of this factor is suggestedby the fact that if the average scrappage age should declineto 10 years, which is the estimate for 1940, this would in-crease the current demand estimate calculated from theformula shown by 15 percent, since the downward time trendshould be stopped with 1940 under these circumstances.
Thus, the results of the demand calculation for automo-biles shown in chart 2 would be somewhat different if otherreasonable formulations of the equation were used, but thegeneral situation indicated by the several alternatives testedis one of strong demand for automobiles at present incomelevels. The " calculated" demand is not so high, however,as the output rate prevailing in 1949 and the first half of
6 For a discussion of the role of credit in the demand for another consumers' durable good-furniture—see SURVEY OF CURRENT BUSINESS, May 1950, pp. 10-11.
8 SUKVEY OF CUEEENT BUSINESS June 1950
1950, and is considerably below the peak rate attained in thesecond quarter of 1950. Part of the high sales of new carsin these periods appears to be attributable to the backlogstill remaining from the war period.
It is to be emphasized that the demand for new cars isextremely sensitive to changes in business conditions: Sharpfluctuations in new car sales occur in response to relativelymoderate changes in income. The demand for new cars isalso sensitive to changes in the price of cars. Accordingly,aside from changes in income and the general price level, thepossibility of reduction in the final cost of new automobilesto consumers is a factor that could operate to stimulate thedemand for cars, and this may b» important as the backloginfluence wanes. The cost is influenced not only by the priceof the cars, but by the added features that have been signifi-cant in the postwar period and by the unusually large pro-portion of higher priced models produced.
Electric Refrigerators
A high rate of production of electric refrigerators in recentyears has largely eliminated the direct influence of the war-time gap in output upon the current demand for refrigerators.An estimated total of 29.5 million refrigerators in use at thebeginning of 1950 was 10 million higher than the number inuse in January 1942.7 This rise was 3% million greater thanthe increase in the number of households during the sameperiod, but was 4 million smaller than the increase in thenumber of refrigerators in use during a similar span of yearsbefore the war. In fact, this rapid growth in usage was adominant feature of the demand for electric refrigerators dur-ing the interwar period, and as a result, the growth factortended to obscure the effect of income upon refrigerator sales
Chart 3.—Manufacturers' Domestic Sales of ElectricRefrigerators
MILLIONS OF UNITS5
EXTENSION OF 1927-41RELATIONSHIP
ACTUAL 4.
1926 28 30 32 34 36 38 40 42 44 46 48
U.S.DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS SO-164
1 Data represent sales from Electrical Merchandising, less exports from U. S. Bureau ofthe Census.
2 Calculated from a linear least squares regression for the years 1927-43. Equation: Y=-2812.7546+34.3788.X'H-35.6204X2+2024.2754X3, where JTi=real disposable income in billionsof 1939 dollars, X%=change in real disposable income from preceding year in billions of 1939dollars, ^r3=time in logarithms (1925=1), F=manufacturers' domestic sales of electric refrig-erators in thousands of units. Coefficient of C9rrelation jR=0.96.
3 Data are for first half of 1950, seasonally adjusted, at annual rates.Sources of data: Actual—McGraw-Hill Publishing Co., Inc., Electrical Merchandising
and National Electrical Manufacturers Association; calculated—income, TJ. S. Departmentof Commerce, Office of Business Economics.
until the latter part of the 1930-40 decade. Consequentlythe calculated values shown in chart 3 may be considered tobe less firmly established than for other products wheregrowth is less important.
Refrigerators, like other household appliances, differfrom automobiles in that there is no considerable portion ofbuyers who exchange used for new models in from 1 to 5years. Nevertheless, obsolescence is an important factor inrefrigerator demand. The trend is toward larger modelswith bigger freezing capacities and larger frozen food storagecomp ar tm ents.
The variables used to calculate the sales of new electricrefrigerators were disposable personal income, change in dis-posable income from the previous year—both adjusted forprice changes—and a time factor. During the first few yearsof the 1926-41 period, refrigerator sales were less than a mil-lion units a year and were little affected by changes in incomeand economic conditions. The sales curve for these yearswas primarily a growth trend with expansion in each of thedepression years except 1932, and as evident from the chart,the demand equation does not correspond closely with actualsales in these years. During the latter part of the period,however, sales were more affected by the level of income andby changes in income.8
In the postwar years, sales about coincided with calculateddemand, exclusive of backlog, in 1947 and have since beenhigher than the calculated values. In 1949 domestic saleswere 4.3 million, or about 10 percent higher than the calcu-lated value, reflecting the stimulus provided by the housingboom. Some further advance occurred in both categories inthe first half of 1950; on a seasonally adjusted annual ratebasis.
Vacuum Cleaners
A high rate of production of vacuum cleaners was attainedsoon after the end of the war and has continued in the inter-vening years. As a result, the gap in production during thewar was apparently made up by the beginning of 1949. Atthat date total postwar sales of new units equalled sales inthe 10 years just preceding the war.
If the backlog element in vacuum cleaner sales has disap-peared, the emergent demand based upon current income andother market forces is strong, accounting for sales of 2.8 mil-lion in 1949 and a 3.2 million annual rate in the first half of1950. The calculated value for 1949 is about 14 percentbelow actual sales both in 1949 and in the first half of 1950.It seems likely that as in the case of other appliances the con-struction boom in housing is giving a special fillip to demandwhich is not fully reflected in the demand equation. Anotherfavorable factor which is not included in the demand equationis the smaller rise since the prewar period in vacuum cleanerprices than in the prices of consumer goods generally.
The regression equation used in calculating vacuum cleanersales is of the same form as that used for automobile sales,except that only the two income variables are used. The re-gression coefficients given below chart 4 indicate that if theratio of the current to the preceding year's real disposableincome remained unchanged, each increase of 1 percent inreal disposable income was associated with a rise of 2.5 per-cent in vacuum-cleaner sales during the base period. Simi-larly, aside from the level of income each increase of 1 percentin the ratio of the current to the preceding year's real dispos-able income was associated with a rise of 1.25 percent invacuum-cleaner sales. This relationship implies that thesales are influenced three times as much by income in thecurrent year as by income in the preceding year.
7 McGraw-Hill Publishing Company "Electrical Merchandising" Annual Statistical andMarketing issues.
8 Change in disposable income from the previous year is included in the formula althoughit does not quite meet the usual test of significance by analysis of variance. As explainedabove, in the earlier years of the period this variable was not related to sales, but it appearsto be important in later years.
June 1950 SUKVEY OF CURRENT BUSINESS
Chart 4.—Manufacturers9 Domestic Sales of ElectricVacuum Cleaners
MILLIONS OF UNITS5
ACTUAL
1926 28 30 32 34 36 38 40 42 44 46 48
U.S.DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-168
1 Data represent sales from Electrical Merchandising, less exports from U. 8. Bureau ofthe Census.
2 Calculated from a least squares regression for the years 1928-40. Equation: Y=0.0000001524Xi2-5129^1-2727, where Y— vacuum cleaners per thousand households, ^i=realdisposable income per household in 1939 dollars, Xi=percentage of current to preceding yearin real disposable income per household in 1939 dollars. Coefficient of correlation /?=0.95' Data are for first half of 1950, seasonally adjusted, at annual rates.Sources of data: Actual—McGraw-Hill Publishing Co., Inc., Electrical Merchandising
and Vacuum Clearner Manufacturers Association; calculated—income and households, U. S.Department of Commerce, Office of Business Economics.
Of the various alternative relationships tested, two equa-tions based upon the same two income variables as the onedescribed, together with a time trend, and calculated on alinear basis without explicitly taking into consideration thenumber of households, showed the same degree of correlation.These alternative equations gave current values of from 2 to5 percent lower than those in the chart, depending upon theway the time trend was handled. Since the time trend wasavoided by the calculation on a per household basis, thisequation is preferable. The addition of a vacuum cleanerprice variable had little effect upon the degree of correlationin any of the formulations tried and its coefficient showedwide fluctuations.
Electric Washing Machines
The sale of electric washing machines has been substantiallyhigher in the postwar period than would be indicated on thebasis of the backlog carried over from the war period and ofany demand calculation based upon prewar relationships simi-lar to those used for the other major consumer durable goods.As early as 1946, sales exceeded the prewar peak in 1941, andwere twice as high in 1947 and 1948. In 1949, sales were some-what lower—3 million units—but they were still about 75percent higher than the calculated level based upon prewarrelationships. (See chart 5.)
Market broadened by automatic typesThe principal explanation appears to be the rise in sales of
automatic type washers, which tapped new layers of demandfor home-type (domestic) laundry equipment. The rise ofcommunity centers with a number of washing machinesserving families in the neighborhood is a new developmentlinked to the automatic washer. The ultimate effect of thesecommunity centers depends upon the extent to which theyserve households which would otherwise have purchased a
889314*—50 9
washer for their own use. In many large apartment com-munities, an individual household washer is not permitted,and in any case they are not widely used in individualapartments.
The postwar housing boom is boosting the sales of washersalong with the sale of other major appliances. Some newhouses are offered for sale equipped with a washing machine—usually automatic—as a special feature to attract buyers.Since this practice was not common before the war, there waslittle relationship between new house construction and salesof washers.9 Accordingly new house construction is notincluded in the demand equation based upon the prewarperiod, but it has been an important influence in recent years.Finally, because of its great convenience and ease of opera-tion, the automatic-type washer is broadening the demand byappealing to users who would not have purchased thenon-automatic type of machine.
Although the automatic washer was introduced as earlyas 1937, it was not an important factor in total sales untilafter the war. Consequently, the demand equation basedupon prewar relationships does not take into account theinfluence of the new type machines, and the extrapolation ofthe regression equation to the postwar period makes noallowance for the effect of automatic types upon total washersales. As shown in chart 5, the calculated value for 1949 isabout 17 percent below actual sales of non-automatic typewashers but far below total washer sales. On the basis ofprewar relationships, automatic washers appear to bebroadening the demand and speeding up replacement of olderunits to a greater extent than they are replacing sales ofnon-automatic washers. A part of the strength in demandfor non-automatic machines, however, is to be credited tosubstantial improvements in these models.
Chart 5.—Manufacturers' Domestic Sales of ElectricWashing Machines
MILLIONS OF UNITS5
ACTUAL •f'
ACTUAL, NONAUTOMATIC*
EXTENSIONOF 1926-40^
RELATIONSHIP^
I I
1926 28 30 32 34 36 38 40 42 44 46 48
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS SO-I €3
1 Data represent sales from Electrical Merchandising, less exports from U. S. Bureau ofthe Census.2 Calculated from a linear least squares regression for the years 1926-40. Equation: F=719.8601+14.0418-Xi+39.3965X2-5.2103X3, where Xi=real disposable income in billions of1939 dollars, Xz=change in real disposable income from preceding year in billions of 1939dollars, Xs=percentage of average retail price of washing machines to consumers' prices,F=washing machines in thousands of units. Coefficient of correlation J?=0.96.3 Data are for first half of 1950, seasonally adjusted, at annual rates.
Sources of data: Actual—McGraw-Hill Publishing Co., Inc., Electrical Merchandisingand American Home Laundry Manufacturers Association; calculated—income, and house-holds, U. S. Department of Commerce, Office of Business Economics; prices, U. S. Depart-ment of Labor, Bureau of Labor Statistics, and Electrical Merchandising.
9 When tested in the formula, the relationship was low and the sign indicated inversecorrelation. Residential construction was low in relation to income in the 30's, whereas salesof washers and most other appliances tended to be higher in relation to income in this periodthan in the preceding decade.
10 SUEVEY OF CURRENT BUSINESS June 1950
The estimating equation included real disposable incomein the current year, the change in income from the precedingyear, and the ratio of the price of washers to all consumers'prices. The rate of change in income appeared to be a moreimportant factor affecting year-to-year changes in sales thanthe amounts of income; however, over a period of severalyears, the amount of income had the larger influence. Thisis the result of the fact that changes in income were not pro-gressive, whereas the level of income varied widely over aperiod of years. For example, between 1948 and 1949 thechange in income was about the same as the average for thebase period, but the level of income was nearly twice as highas the average.
A number of other formulations of the demand equationincluding the substitution of time for the price variableshowed about the same degree of correlation and gave cur-rent values varying within a range of about 5 percent aboveand below the estimate shown in the chart. All of theequations had the common characteristic of indicating thatwasher sales were very sensitive to changes in income fromone year to the next. All of the equations omitting thechange in income from the previous year gave poor results,i. e., low correlations.
Electric Ranges
Electric ranges came into wide use at a later date than theother products considered here. Sales were less than 150,000units in 1929 and reached 250,000 for the first time in 1936.In the past 3 years, however, sales have been above 1 millionunits each year. This tenfold growth in about 20 years isan important feature of the demand for electric ranges. Asexplained in the case of refrigerators, the growth trend tendsto obscure the effect of changes in income and price uponsales. As a result, the regression equation provides a lessadequate basis for determining the basic character of thedemand for ranges than for other products which have beenin wide use over a longer period of time. Another specialcondition in the case of electric ranges is that they share themarket with nonelectric ranges. Although there are non-electric refrigerators and washing machines, these types rep-resent a much smaller share of the market than do non-electric ranges, which account for more than half of the totalranges sold. The nonelectric types have also registeredlarge gains in sales in the postwar years; they are not includedin this study only because sales data are not available over asufficient span of years.
The variables used in the equation are disposable income,adjusted for price changes, the ratio of range prices to theconsumers' price index, and a time factor. For 1949, the cal-culated value is 12 percent less than actual sales. The de-mand for electric ranges in 1949 and early 1950 appears tobe augmented by the high rate of construction and sale ofnew houses which is lifting the sale of most types of house-furnishings. Of other formulations of the demand equationsfor electric ranges, one using the same variables but takinginto consideration the number of households had about thesame degree of correlation and gave 6 percent higher currentvalues. One caution in the interpretation of the estimatingequation is that the effect of income is probably understatedfor the present rate of sale of electric ranges.
Summary and Conclusions
The demand for automobiles is still favorably influenced bythe stoppage in output during the war. While there appearsto be no shortage in the total number of cars in use, there is ashortage in the number of younger age cars. Aside from thespecial influence of the shortage carried over from the war,the "normal" demand for new cars was moderately lowerthan actual sales in 1949 and the first half of 1950. It would
Chart 6.—Manufacturers' Domestic Sales of ElectricRanges
MILLIONS OF UNITS2.5
2.0
1.5
1.0
.5
ACTUAL &
EXTENSION OF I928-4ORELATIONSHIP
I I I 1 \ \
1926 28 30 32 34 36 38 40 42 44 46 48
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS SO-165
1 Data represent sales from Electrical Merchandising, less exports from U. S. Bureau ofthe Census.
2 Cacluated from a linear least squares regression for the years 1928-40. Equation: Y=—26.3773+9.24G8X1-3.4318X2+16.5899X3, where Xi=real disposable income in billions of1939 dollars, Xz=percentage of average retail price of electric ranges to consumers' prices,-X"3=time, Y=manufacturers' domestic sales of electric ranges in thousands of units. Coeffi-cient of correlation #=0,99.
3 Data are for first half of 1950, at annual rates.
Sources of data: Actual—McGraw-Hill Publishing Co.. Inc., Electrical Merchandisingand National Electrical Manufacturers Association; calculated—income, U. S. Departmentof Commerce, Office of Business Economics; prices, Electrical Merchandising.
seem, therefore, that the remaining deferred replacementdemand is being worked off gradually.
For the most part, the direct influence of the wartimecessation in production of major household appliances hasbeen made up by unusually high rates of output in the yearssince the end of the war. However, two special aftermath-of-war influences have been boosting the sale of appliances.The first is the unusually high marriage rate since the end ofthe war. Marriages reached a peak of 2.3 million in 1946—about twice the estimated normal rate—but have declinedin each succeeding year until they are now little above thenormal expected rate based upon the age-distribution of thepopulation.10
The second factor, related in part to the first, is the currenthousing boom which is providing a special fillip to the de-mand for appliances. In the first half of 1950, the NationalService Life Insurance dividend payments to veterans was anadditional stimulus to demand.
Sales of major appliances in 1949 were moderately belowthe peak reached after the war, but they were substantiallyhigher than in any year before the war and about 10 to 15percent above the calculated normal demand for 1949. Afurther rise in sales and demand occurred in the first half of1950.
The demand functions derived in this study are based uponthe influence of three or four basic factors as measured in theprewar period. Such factors as advertising, salesmanship,and credit terms, as well as changes in the product and incompeting products, are not explicitly included in the calcula-tions though they are at times important influences uponsales. These limitations as well as those inherent in anystatistical calculation of demand should be borne in mindin interpreting the results of this study. These results shouldbe applicable, however, as a general guide to particularanalyses at this time.
10 S. M. Livingston, "Family Formation and the Demand for Residential Construction."SURVEY OF CURRENT BUSINESS, March 1950.
By Walter Lederer
Balance of International PaymentsFirst Quarter of 1950
During the first quarter of 1950 the balance of interna-tional payments of the United States reflected the recentprogress foreign countries had been able to make towarda new postwar equilibrium in their international trans-actions. In addition to an analysis of these develop-ments, revisions of balance of payment data for the years1946 to 1949 are presented.
LT THE conclusion of the second year of the EuropeanRecovery Program, which was reached with the end of thefirst quarter of 1950, the United States export surplus ofgoods and services had declined to the lowest point of theentire postwar period. The export surplus during the firstquarter of 1950, at an annual rate, was $10 billion below thepostwar peak in the second quarter of 1947. This wasbrought about by a decline in exports of goods and servicesof $8.3 billion, and by an increase in imports of goods andservices of $1.7 billion, both at annual rates. The exportdrop from the abnormally high total of 3 years ago wasthus by far the more important factor of the two. Whilethe decline reflects smaller U. S. Government aid availableto finance foreign purchases in the United States, improvedsupply-demand relationships abroad also played an importantpart in reducing foreign dependence on the United Statesas a source of supply.
Reduced means of financing
The decline in Government aid disbursements from anannual rate of $8.7 billion at the time of the peak exportsurplus in 1947 to $4.4 billion during the first quarter of 1950accounted for 38 percent of the decline in the means offinancing the export surplus and the unaccounted for trans-actions ; changes in dollar disbursements by the InternationalBank and the Monetary Fund and in private United Statescapital and remittances accounted for about 9 percent.
In addition to using these loans and gifts from the UnitedStates or from the international institutions, foreign countriesin the second quarter of 1947 reduced their own gold anddollar holdings at an annual rate of $4.1 billion, whereas inthe first quarter of 1950 such assets were accumulated(accumulations through transactions with the United Statesonly) at a rate of $1.9 billion. This net change in the move-ment of foreign reserves of $6 billion at annual rates appearsto have been equally as important as the decline in UnitedStates Government and private funds in reducing the meansof financing the export surplus.
The need of foreign countries to curtail spending fromtheir reserves was, of course, partly due to the decline inthe reserves themselves. Total foreign gold and dollar hold-ings (excluding those of the International Bank, the Mone-tary Fund, and the USSR) had declined from $19.3 billion at
the end of 1946 to $15.2 billion at the end of 1949. Theability of foreign countries to accumulate reserves, in spiteof greatly reduced United States Government aid, indicates,however, a genuine improvement in their economic situation.
Table 1 indicates that the change from a foreign sale to anaccumulation of gold and dollars characterized all areas, butthat it was most pronounced in the ERP countries andCanada.
The improvement in the international economic situationis indicated by the increased ability of foreign countriesas a whole to meet their needs from their own resources.Despite the decline of United States merchandise exportsfrom $15.4 billion in 1947 to $12 billion in 1949, foreigncountries in the aggregate were able to raise their importsfrom $50 to $55 billion during the same period. This trendcorresponds to the development which should be expected asa result of the increase in the capacity of foreign countries toproduce and of the decline in some of their domestic demandsafter meeting the most important postwar reconstruction andreplacement requirements.
The widespread devaluation of currencies in 1949 hasprobably speeded up these developments by reducing foreigndemand for some imports from the United States and othercountries with relatively stable currencies, and by stimulatingexports of the devaluing countries to rise relatively fasterthan their production. The full effects of the devaluationsas such on the foreign trade of the United States, however,cannot be separated statistically from other measures takenabroad to conserve dollar exchange, such as intensifiedexchange restrictions and bilateral trade agreements. Never-theless, it seems to be of some significance that during thefourth quarter of 1949 European countries were able toincrease the volume of exports by about 17 percent after ithad remained unchanged for about a year. United Statesexports in contrast did not rise during the same period andactually fell during the following quarter.
The improved position of the ERP countries vis-a-vis therest of the world is also indicated by the apparent decline ofdollars transferred to other areas. During the 3 years, 1947to 1949, the quarterly average of such transfers (and otherdollar transactions unaccounted for in the balance of pay-ments) amounted to $465, $400 and $500 million, respec-tively. In the first quarter of 1950 such transfers fromERP countries were only about $50 million.
Since the unaccounted-for transactions in the balance of
Payments with all areas did not show a similar change, theecline of this figure for the ERP countries can be considered
as an indication of their improved balance-of-paymentsposition with the rest of the world. Correspondingly, thesame data show that Latin America, which had been a netreceiver of dollars from countries other than the UnitedStates from the end of the war until the end of 1949, appar-ently had to pay to other areas nearly $100 million net duringthe first quarter of 1950. Canada's apparent dollar receiptsfrom other areas fell from a quarterly rate of $140 millionin 1949 to only $40 million in the first quarter of 1950. Thedependencies, which had a balance-of-payment deficit with
11
12 SURVEY OF CURRENT BUSINESS June 1950
Table 1A.—International Transactions of the United States, by Area,R 1946, 1947
[Millions of dollars]
Tfaw
Exports of goods and services:Merchandise, adjustedTransportationTravelMiscellaneous services:
PrivateGovernment
Income on investments:PrivateGovernment _ _ _ _
TotalImports on goods and services:
Merchandise, adjustedTransportation _Travel _ _Miscellaneous services:
Private _ _ _Government
Income on investments:PrivateGovernment
TotalBalance on goods and service-Unilateral transfers (net) :
PrivateGovernment _
TotalBalance on goods, services, and unilateral transfers (net
foreign investment)United States capital (net) :
Private long-termPrivate short-termGovernment long-term _Government short-term
Foreign capital (net) :Long-termShort-term
Increase (— ) or decrease (+) in United States gold stockTransfers of funds between foreign areas [receipts from other
areas (— ), payments to other areas (+)], and errors andomissions
I
2,57537945
11264
1576
3,338
1,24213881
34135
434
1,677+1,661
-127-757
-884
+777
-71-39
-464+67
-156+65
-227
+48
II
3,14635858
11232
1883
3,897
1,239143102
3483
464
1,651+2,246
-181-696
-877
+1 ,369
-3881
-988+110
-33-282-31
-26
1946
III
3,01438383
10816
1728
3,784
1,254165169
3489
494
1,764+2,020
-163-484
-647
+1 ,373
+36-104
-1,095+37
-143-89-77
+62
IV
2,93730066
12716
2724
3,722
1,433153105
3579
633
1,871+1,851
-208-351
-559
+1 ,292
+14-86
-715+36
-15-333-288
+95
Year
11, 6721,420
252
459128
78921
14,741
5,168599457
137386
20115
6,963+7,778
-679-2, 288
-2,967
+4,811
-59-310
-3, 262+250
-347-639-623
+179
ERPcountries
4,25276729
23088
9314
5,473
76726958
105—33
1433
1,312+4,161
-314-468
-782
+3 ,379
-23-154
-2, 286+186
-113396
-368
-225
ERP
encies
500636
63
20
598
3202211
(*)26
2
381+217
-35-4
-39
+178
—5-5
-63-7
—24+36-3
—107
OtherEurope
1,024804
13
4
1,125
212214
16
(*)
244+881
-114
-114
+767
+2116
-250
-3+81-16
-584
Canadaand New-
found-land
1,46969
125
412
248(*)
1,954
90082
209
156
404
1,256+698
—8-3
-11
+687
-36+6
(->+1
-13-589-33
23
LatinAmeri-can Re-publics
2,148229
77
7420
3295
2,882
1,882154164
1335
91
2,258+624
—42-19
-61
+563
+76-67-56+11
+6+119-168
—484
All othercountries
2,27921211
517
952
2,657
1,0025111
3335
77
1,416+1 ,241
— 149-267
-416
+825
—92—74
-284+59
—200—338-104
—208
Interna-tional
institu-tions
448
52
85
11
96—44
— 17-1,527
-1,544
1,588
-323
+448+69
+1 394
Item
Exports of goods and services:Merchandise, adjustedTransportation - _TravelMiscellaneous services:
PrivateGovernment
Income on investments:PrivateGovernment _ _ _ _
TotalImports on goods and services:
Merchandise adjustedTransportationTravel __ _Miscellaneous services:
Private _ -Government
Income on investments:Private _ _ _Government
Total _ - _ _ _ _ _ _ _ _ _ _Balance on goods and servicesUnilateral transfers (net) :
PrivateGovernment - -
TotalBalance on goods, services, and unilateral transfers (net for-
eign investment)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 United States gold stockTransfers of funds between foreign areas [receipts from other
areas (— ), payments to other areas (+)], and errors andomisssions
I
3,92643168
12015
22614
4,800
1,50917497
45107
506
1,988+2 ,812
-174-460
-634
+2 ,178
-155-127
-3, 773+13
-48+1, 679
+81
+152
II
4,27347794
11823
2776
5,268
1,563199128
44106
603
2,103+3 ,165
-145-472
-617
+2 ,548
-115-82
-1,405-292
-13-370-793
+522
1947
III
3,857466109
11715
22838
4,830
1,360198233
4697
493
1,986+2,844
-162-531
-693
+2 ,151
-368+5
-1,328+128
-61-115—666
+254
IV
3,92141471
11718
3498
4,898
1,66819090
46140
744
2,212+2,686
-184-484
-668
+2 ,018
-172+15
-343+43
+26-855-784
+52
Year
15, 9771,788
342
47271
1,08066
19 ,796
6,100761548
181450
23316
8,289+11 ,507
-665-1,947
-2, 612
+8 ,895
-810-189
-6, 849-108
-96+339
—2,162
+980
ERPcountries
5,7281,017
55
24024
11043
7,217
843380100
141142
1812
1,789+5 ,428
-364-730
-1,094
+4 ,334
-139+57
—3, 646— 15
-187—814
— 1 447
+1 ,857
ERPdepend-encies
8156410
81
32(*)
930
5202822
113
21
587+343
-19+3
-16
+327
53+1
+13+10
+2— 128
+6
-178
OtherEurope
491465
81
38
562
195145
115
1(*)
231+331
— 133— 1
— 134
+197
— 16-23—46+1
-7+28—27
-107
Canadaand New-
found-land
2, 11678
152
442
30200
2 694
1, 13192
241
1611
302
1,523+1,171
+8—34
—26
+1 145
+155+15
(x)+12
+8—516
313
506
LatinAmeri-can Re-publics
3,85927398
8226
4689
4,815
2,306188166
1844
101
2,733+2 082
—34—47
—81
+2 001
—387—225
56— 120
—4+194
809
—594
All othercountries
2 927310
22
5013
1656
3 493
1 0835914
4199
96
1,374+2 119
117561
—678
+1 441
127— 14
52+4
+17229239
—801
Interna-tional
institu-tions
41
404
85
22
26
4
52+33
g577
583
550
243
3 062
+75+1 804
+667
+1 309
B Revised.Source: U. S. Department of Commerce, Office of Business Economics.
June 1950 SURVEY OF CURRENT BUSINESS 13
the United States throughout 1949 and were, therefore, adrain upon the ERP countries' dollar resources, becameagain a source of dollars for other areas, presumably theirmother countries.
Transactions move toward sustainable patternAs pointed out below, the rate of the recent decline in the
foreign deficit may be due to special and temporary circum-stances, and may, therefore, overstate the actual progressmade by foreign countries in balancing their accounts withthe United States. With these reservations, the size of theforeign deficit as well as the pattern of multilateral flow ofdollar funds during the first quarter of 1950 appears to havemoved towards an equilibrium which might under favorablecircumstances be sustainable after the end of the EuropeanRecovery Program.
Speaking in aggregative terms and putting aside for themoment some of the basic inbalances in the parts, this wouldrequire private long-term capital and private remittances tocontinue at the 1949 or first quarter 1950 rate, making $1.2to $1.4 billion available to foreign countries. United Statespurchases of newly mined gold could add about one-half tothree-quarters of a billion dollars. Loans by the Export-Import Bank and the International Bank as well as aid tocountries in special circumstances might provide severalhundred million more. These funds less the portion neededfor transactions which now remain unaccounted for couldsupport a foreign deficit of a magnitude not much below thatreached in the first quarter of 1950.
The deficit of the ERP countries would, under such circum-stances, have to be financed with gold obtained mainly fromAfrica, and with dollars obtained from Latin America, thedependencies, and some of the other countries, particularlythose in the sterling area. The latter countries would haveto obtain the dollars through a surplus in their transactionswith the United States, which, though still small, had alreadydeveloped in the first quarter of 1950.
Although the first quarter transactions with the rest ofthe world as a whole may appear to be not far from the sizeand pattern of trade and other transactions which may beexpected after the end of the European Recovery Program,the new equilibrium has not yet been reached and the needfor Government aid during the remaining years of this pro-gram still continues.
The deficit of the ERP countries on goods and services,which—despite the great decline of their purchases in theUnited States—still amounted to over $2 billion at an annualrate during the first quarter, was too large to be supportedfrom dollars or gold obtained from other areas unless theERP countries' capacity to export is greatly increased.Bilateral trade agreements might be successful in raisingEurope's exports to the amount required to pay for importsfrom the countries with which such agreements are concluded.However, in order to obtain the dollars to pay for a deficitwith the United States, Europe would have to raise her ex-ports of goods and services above the amount required topay for imports from, and to repay loans to, countries otherthan the United States. The ability to achieve and expandan actual balance-of-payments surplus with the rest of theworld (excluding the United States) will be the test of Eu-rope's ability to dispense with extraordinary economic aidfrom the United States.
To the extent that Western Europe will not be able toearn dollars through expanded exports to countries other thanthe United States, the deficit of Western Europe with theUnited States will in the long run have to decline as Govern-ernment aid diminishes. Although United States importsfrom that area can be expected to continue the rise whichstarted after the devaluations, most of the decline in thedeficit will result from smaller purchases by Western Europe
in this country, continuing the trends which can be observedsince the postwar peak of the United States export surpluswith Europe in 1947. In the short run, however, the factthat some countries were not using all their dollar receiptsfor current expenditures makes it possible for them to sus-tain these expenditures for some time even if the dollarreceipts—from smaller aid or possibly smaller imports by theUnited States—decline somewhat.
This applies particularly to the United Kingdom and therest of the sterling area, whose gold and dollar reserve atthe end of the first quarter 1950 was higher than at the endof March 1949, before the crisis which culminated in th<>devaluation had started.
Rather than increasing gold and dollar assets severalcountries used a part of their current dollar receipts in thefirst quarter to repay short-term dollar liabilities. Mostsignificant of these was Brazil, which used the increaseddollar receipts resulting from the higher prices for coffee torepay more than half of its outstanding short-term debt tothe United States. Notable repayments on short-term ad-vances were also made by Mexico and Chile. After thisreduction of short-term debts terminates and if their currentdollar receipts continue at the present rate, these countrieswill have more dollar funds available for current expenditures.The total value of United States exports and services maythus temporarily rise again and, therefore, interrupt the de-cline which has continued since the third quarter of 1949.
Increase in imports may be temporaryWhile it thus appears that exports during the first quarter
of 1950 had declined somewhat below the trend in evidencesince 1947, and which is expected to continue until a newequilibrium is reached, imports appear to have been slightlyincreased by some temporary factors. Additions to stocksof 10 major commodities, for which data are available andimports of which were $766 million or 41 percent of totalimports, during the first quarter amounted to about $34million or about 4.5 percent of their import value. Thiscompares to reductions in stocks of the same commodities by$41 million or 5.7 percent of the import value of the samecommodities during the preceding quarter. Although apart of the rise in stocks during the first quarter of 1950 wasseasonal, the current utilization of imported materials hadincreased less than the imports themselves.
Another important factor raising the value of imports fromthe last quarter of 1949 was the increase in the unit value ofcoffee from an average of 31 cents to 40.6 cents per pound.This increase accounted for $64 million or about half of thetotal rise of imports from the fourth quarter of 1949 to thefirst quarter of 1950. Although the recent rise in wholesaleprices of coffee was not yet fully reflected in first-quarter im-ports, so that average import unit values may still continueto rise, wholesale prices apparently reached their peak inJanuary and consequently, with some lags, average importunit values should be expected to decline again. A sustain-ing effect upon import values may derive, however, fromrecent price rises for several other important commodities,such as rubber, copper, tin, and cocoa, which were not yetreflected in the first-quarter import data.
Most of the rise in the value of imports by nearly $400million from the low point in the third quarter of 1949 canbe attributed to the general rise in business activity in theUnited States, accompanied by a shift in inventory policies,rising prices, and an increased need for primary and semi-processed materials for consumption. The value of importsfrom Western Europe, which rose about $40 million fromthe third quarter of 1949, was still smaller than during thefirst quarter of 1949. The devaluations, though undoubtedlyan important factor, do not appear to have been the primarycause for the large rise in imports during recent months.
14 SURVEY OF CURRENT BUSINESS June 1950
Table IB.—International Transactions[Millions of
Item
Exports of goods and services:Merchandise, adjustedTransportationTravelMiscellaneous services:
PrivateGovernment
Income on investments:PrivateGovernment
TotalImports of goods and services:
Merchandise, adjustedTransportationTravelMiscellaneous services:
PrivateGovernment
Income on investments:PrivateGovernment- _
TotalBalance on goods and servicesUnilateral transfers (net) :
PrivateGovernment
Total __ _ _ _ _ _ _ _ _Balance on goods, services, and unilateral transfers (net
foreign investment)United States capital (net) :
Private long-term. _Private short-termGovernment long-termGovernment short-term
Foreign capital (net) :Long-termShort-term
Increase ( — ) or decrease (+) in gold stockTransfers of funds between foreign areas [receipts from
other areas (— ), payments to other areas (+)] and errorsa n d omissions _ _ _ _ _ -
ERP countries
I
1, 38517111
6012
3922
1,700
2796911
4259
471
508+ 1,192
-98-660
-758
+434
-28-79
-455+45
-55+79
-264
+323
II
1,14016214
6116
285
1,426
2938131
4155
411
543+883
-86-722
-808
+75
-22+1
-33-3
-108-2
-403
+495
III
1,098161
14
6312
2838
1,414
2939656
4157
48
591+823
-76-969
-1,045
-222
+5-14+8
-10
-24+8
-114
+363
IV
1,11014410
6018
305
1,377
3478521
4174
571
626+751
-91-800
-891
-140
-17+33
-489-16
+2+352-152
+427
Year
4, 733638
49
24458
12570
5,917
1,212331119
165245
1933
2,268+3,649
-351-3,, 151
-3,502
+ 147
-62-59
-969+16
-185+437-933
+1,608
ERP dependencies
I
186172
21
15
223
18866
(x)3
(*)(x)
203+20
3(x)
-3
+17
+2-2
(')
+27
+2
-13
II
191162
3(x)
141
227
16165
(*)8
1(')
181+46
3+1
-2
+44
-24(x)(x)+3
-119
+2
-5
III
153143
2(x)
241
197
16555
(x)3
(')(x)
178+ 19
2(x)
2
+17
-34+1
-4+31+3
-14
IV
17413
2
2
20
211
18045
W 3
1
(X)
193+18
2
2
+16
-12-3
(')
-12
+3
-1
Year
70460
9
91
732
858
6942121
(')17
2(*)
755+ 103
10+1
-9
+94
-68-4
(x)+2
-4+3
+10
-33
Other Europe
I
9861
2(x)
(x)1
108
5731
(x)3
(*)(x)
64+44
-24+7
-17
+27
+5-12-23(x)
(')(x)+4
-1
II
3752
1(x)
11
47
4832
W 3
(*)
(*)
56-9
19(x)
-19
28
-1-8
7
-123
+2
+66
III
4252
21
(s)5
57
4943
(')5
1(*)
62-5
16(*)
-16
21
-1-6
+14
+1-13
+26
IV
4551
3
11
56
4621
15
1(*)
560
-19(*)
-19
-19
-8+30-8
(*)
(*)-33-1
+39
Year
222216
81
28
268
200127
116
2(')
238+30
-78+7
-71
-41
-5+4
-24(')
-69+5
+130
R Revised.Source: U. S. Department of Commerce, Office of Business Economics.
Table 1C.—International Transactions of the United[Millions
Item
Exports of goods and services:Merchandise, adjustedTransportationTravelMiscellaneous services:
PrivateGovernment
Income on investments:Private _Government
Total _Imports of goods and services:
Merchandise, adjustedTransportationTravelMiscellaneous services:
PrivateGovernment
Income on investments:Private _ "Government
TotalBalance on goods and services _ _Unilateral transfers (net) :
PrivateGovernment
TotalBalance on goods, services, and unilateral transfers
(net foreign investment)United States capital (net) :
Private long-termPrivate short-termGovernment long-termGovernment short-term
Foreign capital (net) :Long-termShort-term
Increase (— ) or decrease (+) in United Statesgold stock
Transfers of funds between foreign areas [re-ceipts from other areas (— ), payments to otherareas (+)] and errors and omissions.
ERP countries
I
1,23115911
5516
3323
1,528
3249319
4370
731
623+905
-87-1,069
-1,156
-251
-12+ 11
-279+2
+33
-3+477
II
1,23818114
5518
325
1,543
24511453
4272
501
577+966
-78-1,246
-1,324
-358
-9+65-96+2
+20-192
-118+686
III
897138
14
5715
3838
1,197
20810281
4255
481
537+660
-64-982
-1,046
-386
+13-26
0-142
+848
-152+733
IV
90610711
5618
267
1.131
2498424
4359
661
526+605
-90-861
-951
-346
-27+29-13-32
+28+214
+39+108
1949
4,27258550
22367
12973
5,399
1, 026393177
170256
2374
2, 263+3 ,136
-319-4,158
-4,477
-1.341
-35+79
-388-170
+78+7
-234+2, 004
ERP dependencies
I
21021
2
2(x)
15
250
1966
10
(*)3
(x)(x)
215+35
(*)
-4
+31
+5+1(x)(x)
(')+1
+3-41
II
199193
3(')l
22(x)
246
163
(x)4
1(x)
182+64
-1(x)
-1
+63
-10+1(x)(x)
1+10
+4-67
III
181133
3(*}
26i 1
227
13557
(«)1
1«
149+78
-2(x)
2
+76
-13(x)(x)«
(*)+3
+5-71
IV
158101
21
31
203
167
1(x)
4
(x)(x)
181+22
2(x)
-2
+20
19-1-1(x)
(x)16
+5+12
1949
748639
101
941
926
66129
30
(x)12
2(x)
727+199
—9(xf
-9
+190
37+1-1
(x)
+17-167
Other Europe
I
4531
2(x)
(x)3
54
3931
(*)3
(x)(x)
46+8
-10(x)
-10
-2
+2+16
(x)
+115
-1-1
II
4841
2(x)
11
57
36
1
12
1(x)
45+12
— 17(x)
-17
-5
+3-10
0(x)
(x)9
+1+20
III
393
(')
3(x)
(x)4
49
3542
(x)2
(x)(x)
43+6
-18(x)
-18
-12
9+6-3(x)
(x)+7
+1+10
IV
423
(x)
21
11
50
3731
(x)4
1tt
46+4
-21—6
97
-23
+1—9+ 1(x)
(x)+5
+5+20
1949
17413
91
9
210
147145
111
2(x)
180+30
-66— 6
-72
-42
3+3
2(x)
+110
+6+49
Canada and Newfound-land
I
4701825
101
79
603
3832227
43
142
455+148
-3-5
8
+140
20-2
-28+79
-5-164
II
5692044
101
11900
763
3882459
44
102
491+272
— 1
_2
+270
-36+7«(x)
-391
-1-146
III
4532161
11(')
74(x)
620
35127
150
53
81
545+75
-3_9
+70
88
(xf(x)
+8+50
-2-36
IV
4381830
10tt
90(x)
586
4452539
44
132
532+54
-2
—5
+49
+63-3-1
(x)
-14+42
-2-134
1949
1, 930
160
412
362
2,572
1, 56798
275
1714
45
2,023+549
-10-10
-20
+529
81(x)-1
(x)
-37+80
-10-480
Latin American Republics
I
7827126
236
802
990
6745450
59
21
795+195
-5
-12
+183
133+2
-13(x)
+8+6
9-44
II
6896434
246
1004
921
6124940
510
2«
III
6226736
267
782
838
5794651
510
21
IV
6126024
246
1314
861
6384841
412
3(x)
718 694 746+203 +144; +115
-3! -4 -4-8! -8| -8
-11
+192
138+73
— 6(x)
+1+94
-18-198
1949
2,705262120
9725
38912
3,610
2,503197182
1941
92
2,953+657
-16-31
12 12 47
+132
-67+25-16(x)
3+87
-159
+103
-1189
-4(x)
+116
+71-152
+610
-456+91-39(x)
+4+212
+131-553
R Revised. p Preliminary. * Includes Indonesia.Source: U. S. Department of Commerce, Office of Business Economics.
June 1950 SUKVEY OF CUREENT BUSINESS 15of the United States by Area, 1948 R
dollars]
Canada and Newfoundland
I
4331521
12tt
68(*)
549
3392124
42
71
398+151
+3-1
+2
+153
-25+4
-50(*;-4
+86+19
-183
II
4971831
122
91(*)
651
3702154
54
71
462+ 189
-1-1
-2
+187
-59+1
-90
+21+82+61
-203
III
4892037
16(*)
542
618
42725
147
53
231
631-13
-3-1
-4
-17
-153+4
+140
-11+96-2
-57
IV
5191624
121
104
676
4762242
44
131
562+114
-3-2
-5
+109
+44-13
+18+101
-1-258
Year
1,93869
113
523
3172
2,494
1,61289
267
1813
504
2,053+441
-4-5
-9
+432
-193-4
0(*)
+24+365+77
-701
Latin American Republics
I
8628324
216
1142
1,112
7215549
513
3(')
846+266
-5-3
-8
+258
-60-26-15+12
+9-26-15
-137
II
84010628
204
1364
1,138
6815239
510
3(')
790+ 348
-5-3
-8
+340
-74-60-3
+79
-8+53-81
-246
III
6817430
214
1362
948
6074846
59
2(*)
717+231
-6-3
-9
+222
-23+42-7
+2+10-55
-191
IV
7798028
214
1584
1,074
6355637
59
31
746+328
-8-8
-16
+312
-117-12-13
+7+56-28
-205
Year
3,162343110
8318
54412
4,272
2,644211171
2041
111
3,099+1,173
24-17
-41
+1, 132
-274-56-38+91
+10+93
-179-779
All other countries
I
656665
138
272
777
377164
171
2(*)
471+306
-52-184
-236
+70
-14+10+9+9
+1-45-93+53
II
685596
137
512
823
333164
191
21
448+375
-48-152
-200
+175
-44-16+6+4
-4-17
-112+8
III
627595
127
622
774
374154
1128
23
527+247
-38-270
-308
-61
-42
+2-21
-9+94
-165+204
IV
678605
137
652
830
372163
158
3(')
453+377
-42-274
-316
+61
-52+12+18-9
-10+56
-139+63
Year
2,64624421
5129
2058
3,204
1,4566315
4348
94
1,899+1,305
-180-880
-1,060
+245
-152+4
+35-17
-22+88
-509+328
International institutions
I
21
9
3
15
1
1
2+13
-33
-33
-20
-251-1
+272
II
1
9
10
7
(')
1
8+2
-38
-38
-36
+5-61+7
+85
III
4
13
4
21
8
19
2
29-8
-3-12
-15
-23
-7-1-3
-25+13+46
IV
203
10
33
4
1
5+28
-2-33
-35
-7
+2-31-20+56
Year
229
41
7
79
15
24
5
44+35
-5-116
-121
-86
-7i-3
+7-368
-1+459
All areas
I
3,62235964
11927
26627
4,484
1,96117095
52152
593
2,492+1,992
-179-874
-1,053
+939
-120-105-534+65
47-164-348+314
II
3,39036783
11929
32113
4,322
1,893179135
52171
544
2,488+1,834
-162-915
-1,077
+757
-224-82
-127+83
-96+13
-524+200
III
3,09033791
12924
30850
4,029
1,923193261
52224
766
2,735+1,294
-144-1,255
-1,399
-105
-255+24
+154-31
-45+201-320+377
IV
3,325321
70
12130
37812
4,257
2,056185109
52157
784
2,641+1,616
-167-1,117
-1,284
+332
-162+47
-492-25
+18+499-338+121
Year
13, 4271,384
308
488110
1,273102
17,092
7,833727600
208704
26717
10,356+6,736
-652-4, 161
-4,813
+1, 923
-761-116-999+92
-170+549
-1,530+1, 012
States by Area, 1949,R and First Quarter, 1950 p
of dollars]
All other countries
I
707755
1512
60(')
874
344134
(*)48
22
413+461
-30-277
-307
+154
-46-10+2-1
0-46
-64+11
II
712746
1419
652
892
314115
167
21
401+491
-24-266
-290
+201
-47-19
0(*)
-2-31
-49-53
III
578646
1313
491
724
273115
146
22
340+384
-21-275
-296
+88
-28+35-9-2
-6-17
-46-15
IV
508495
1310
68(*)
653
27995
153
31
351+302
-18-177
-195
+107
-47-17-12(*)
+3-82
+24+24
1949
2,50526222
5554
2423
3,143
1,2104419
3214
96
1,505+1, 638
-93-995
-1,088
+550
-168-11-19-3
-176
-135-33
International institutions
I
36
12
3
24
2
1
3+21
~~-24
-24
-3
-18+1-5
-75+69
+10+21
II
5
15
20
3
(*)
1
4+16
-2-36
-38
-22
2
~"—l
+2-24
+12+38
III
12
14
4
30
12
24
2
38-8
(*)-24
-24
-32
(*)-6
+157-169
+16+34
IV
4
18
22
15
2
2
19+3
"-20
-20
-17
-5
+2-66
+23+63
1949
327
59
7
96
30
28
6
64+32
-2-104
-106
-74
-20+1
-20
+86-190
+61+156
All areas
I
3,448353
70
11935
27028
4,323
1,960191111
52138
917
2,550+1,773
-139-1, 382
-1,521
+252
-222+19
-295+1
-72+127
-69+259
II
3,455367102
12344
33912
4,442
1,761209165
53159
665
2,418+2,024
-126-1,557
-1,683
+341
-239+117-106
+2
+17-243
-169+280
III
2,770318120
12735
26946
3,685
1,593195296
53141
617
2,346+1,339
-112-1, 291
-1,403
-64
-192+38-34
-144
+169-178
-91+496
IV
2,66425171
12536
34712
3,506
1,830173116
52138
866
2,401+1, 105
-138-1,074
-1,212
-107
-147-10-35-32
+12+213
+165-59
1949
12, 3371,289
363
494150
1,22598
15, 956
7,144768688
210576
30425
9,715+6, 241
-515
-5,819
+422
-800+164-470—173
+126-81
-164+976
First Quarter, 1950
ERPcoun-tries
814107
9
6622
2927
1,074
26010121
4555
581
541+533
-62-826
-888
-355
-28+61-22-28
+21+164
+131+56
ERPdepend-encies*
14292
2(*)
15
170
20039
(*)
(*)0)
216-46
-3(*)
-3
-49
-5-2
(*)
(*)+20
+3+33
OtherEurope
383
(')
2(')
« 2
45
4621
(*)2
(*)«
51-6
-11(*)
-11
-17
-9+12
+6-15
-3+33
Canada
3981728
111
76
531
4032525
44
142
477+54
-1-2
-3
+51
-81+6
(x)+1
+80-13
-1-43
LatinAmericanRepublics
5996325
246
752
794
7185353
510
2(')
841-47
-3-7
-10
-57
-79+85-18
-2-59
+35+95
All othercoun-tries
433363
1310
531
549
33984
150
21
405+144
-32-149
-181
-37
-40-3
-14
+1+41
+23+29
Interna-tional
institu-tions
5
18
4
27
2
2
2
6+21
-24
-24
-3
+2(*)
-11
+27-15
+15-15
Total 1stquarter
1950
2,424240
67
13639
25232
3,190
1,968192113
55127
766
2,537+653
-112-1,008
-1,120
-467
-240+159-72-27
+133+123
+203+188
16 SUKVEY OF CUERENT BUSINESS June 1950
Table 2.—Gifts and Other Unilateral Transfers[Millions of dollars]
Item
Government:Payments:
Lend-leaseCivilian supplies for occupied countriesUNRRAPost-UN RRAAid to China _War damage payments and other transfers to
the Republic of the PhilippinesGreek-Turkish aid program-Interim AidEuropean Recovery ProgramInternational Refugee OrganizationKorean Aid ProgramOther transfers-
Total payments
Receipts:Reverse lend-lease and lend-lease settlementsEC A counterpart fundsOther
Total receipts
Net Government payments
Private remittances:PaymentsReceipts _ _ _ _
Net private payments
1946
I
107104560
15
18
804
18
29
47
757
1325
127
II
56204428
28
24
740
12
32
44
696
1887
181
III
13114356
16
27
526
5
37
42
484
1718
163
IV
2117185
17
63
384
3
30
33
351
2168
208
Total
178539
1,529
15
61
132
2,454
38
128
166
2,288
70728
679
1947
I
219285
14
81
599
107
32
139
460
18410
174
II
240209
1
19
99
568
81
15
96
472
16116
145
III
3034983
3838
15
49
575
21
23
44
531
17715
162
IV
247
134
203612
59
508
4
20
24
484
19814
184
Total
1,009543218
917412
15
288
2,250
213
90
303
1,947
72055
665
1948
I
387
56
1191
301
33
38
917
10
33
43
874
19516
179
II
366
211
2394
19520421
36
961
11
35
46
915
17614
162
III
440
678
458847
56812
18
1,302
6
41
47
1,255
15713
144
IV
255
189
51753
62623
41
1,164
2225
47
1,117
17710
167
Total
1,448
84168
130348546
1,39889
133
4,344
2722
134
183
4,161
70553
652
1949
I
287
249
5352
906183
39
1,409
41211
27
1,382
15112
139
II
253
43
4443
1,11917,1146
1,576
163
19
1,557
13913
126
III
334
12
5941
940184
39
1,447
1515
156
1,291
12412
112
IV
185
5
4735
767181258
1,127
512
53
1,074
14810
138
Total
1,059
2109
203171
3,7327130
182
5,559
423021
255
5,304
56247
515
1950
I
109
16
4034
771172240
1,049
41
41
1,008
12412
112
Source: U. S. Department of Commerce, Office of Business Economics.
Table 3.-—International Transactions of the United States[Millions of dollars]
Tf/vrrt
Exports of goods and services:Merchandise, adjusted __ _Transportation. _ __TravelMiscellaneous services: .
PrivateGovernment
Income on investments:PrivateG o vernmen t
Total
Imports of goods and services:Merchandise, adjustedTransportation _ _ _TravelMiscellaneous services:
Private __ _ _ _ _ _Government
Income on investments:PrivateGovernment
Total
Balance on goods and services
Unilateral transfers (net) :PrivateGovernment _ _- -
Total
Balance on goods and services and unilateral transfers (netforeign investment) _
United States capital (net) :Government long-termGovernment short-termPrivate long-termPrivate short-term
Foreign capital (net) :Tvnng-tfirmShort-term __ _ _
Increase (— ) or decrease (+) in gold stock
Transfers of funds between foreign areas [receipts fromother areas (— ), payments to other areas (+)] and errorsMid omissions _.„ _ „_._ _„„_ . _ _ , _ , .
UnitedKing-dom
66112816
17212
745
1,068
4035624
15521
111
770
+298
-40-475
515
-217
—495+1
—27+1
+24+228
-740
+1,225
OtherERPcoun-tries
5021
161
(x)
70
854
(x)16
1
34
+36
-11
-11
+25
—2(x)
(*)
-11(X)
—12
1948
Year
De-pend-encies
319277
800
59
420
3761018
(x)9
1
414
+6
—8+1
—7
-1
(*)
—58r*>
—5+12
—4
+56
Allothercoun-tries
994559
231
56
1,138
661214
(x)8
2
696
+442
—12+3
—9
+433
—1
—29+22
—4—39
-513
+131
Total
2,02421233
21914
1895
2,696
1,4489250
15554
115
1,914
+782
—71-471
—542
+240
—498+1
—114+23
+15+190
-1,257
+1, 400
UnitedKing-dom
177285
43(x)
182
273
110294
374
50(x)
234
+39
-9-203
—212
—173
—70(x)
10—12
+19-30
+276
OtherERPcoun-tries
141
(«)
21
(x)
18
121
3
(x)
7
+11
—2—2
—4
+7
—10
(*)
—1
+4
I
De-pend-encies
9091
1(x)
14
115
1064
10
2
(x)09
122
—7
-4(x)
—4
-11
-H—1
(*)+1
—2
+9
Allothercoun-tries
222152
5(x)
6
250
15941
2
1(x)
167
+83
+100
+1
+84
(*)—2
—12+4
+1—4
—67
—4
19
Total
503538
511
382
656
3763916
3711
51(x)
530
+126
—14-205
—219
—93
—80—2
— 18—9
+20—34
-69
+285
49
UnitedKing-dom
228286
412
24
329
693610
397
30(x)
191
+138
—8-305
—313
—175
+11(t)
2+14
+12— 108
-162
+410
OtherERPcoun-tries
232
(x)
21
(x)
28
121
3
(x)
7
+21
—2-2
—4
+17
—29
(x)
—1
+13
II
De-pend-encies
7482
1(x)
15
100
8046
3
(x)(x)
93
+7
—1(x)
—1
+6
—9(')
—1+16
-1
—11
Allothercoun-tries
251163
4(x)
17
291
14542
2
1(x)
154
+137
—3(x)
—3
+134
(x)(x)
—15(x)
(x)
+10
-56
—73
Total
5765411
483
56
748
2954619
3915
31(x)
445
+303
—14—307
321
—18
18(*)
26+14
+11—83
—219
+339
Source: U. S. Department of Commerce, Office of Business Economics.
June 1950 SUEVEY OF CURRENT BUSINESS 17
Balance reached on ^invisible" account with theUnited States
The foreign deficit on service transactions excluding incomeon investments has steadily declined since 1947 and wasapparently eliminated during 1949. Most important in thistrend were declining net receipts by the United States fortransportation and rising net payments for travel. Thedecline in net receipts on transportation is largely the resultof smaller exports, which reduce receipts from carrying freightto foreign countries, and of somewhat larger imports, thefreight for which we have to pay to foreigners if the goodsare carried on foreign ships.
The restoration of foreign merchant fleets and the resultingincrease in the participation of foreign vessels in the carriageof our trade and of our overseas tourists also strengthenedthe tendency for our surplus on transportation to decline.This trend can be expected to continue, thus reducing oreven reversing the remaining surplus on transportationaccount of about $50 million in the first quarter. Touristexpenditures are seasonally low during the first quarter buton an adjusted basis show a steady rise since the end of thewar. As these expenditures appear to be still low in relationto current incomes, they are likely to continue upwards forseveral years as additional shipping facilities become available.
The improvement in foreign dollar receipts through servicetransactions may be offset, however, by the greater dollar
requirements for interest and profit payments on Americaninvestments abroad. During 1949 United States receipts onthis account amounted to over $1.3 billion. With increasedprivate investments and with interest on the $4.4 billionloan to the United Kingdom starting in 1951, the combinedbalance on service accounts and income on investmentsshould not be expected to change significantly in favor offoreign countries.
Increased foreign reserves desirable
Even if the merchandise, service, investment-income, andprivate long-term capital transactions in the balance of pay-ments of the United States with the rest of the world as awhole were as close to a balance in the first quarter of 1950as the data indicate, not only the continued large dollardeficit of Western Europe and Japan at an annual rate ofabout $2.5 billion, but also the need to replenish reservesmake continued Government aid as envisaged by theMarshall Plan indispensable.
Gold and short-term dollar assets of all ERP countries(except Switzerland) at the end of the first quarter amountedto approximately $6 billion, over $600 million more than at theend of September 1949. At the beginning of the EuropeanRecovery Program these assets were $5.9 billion and at theend of the war $8.7 billion. At the end of 1949 the gold anddollar assets of the ERP countries (excluding Switzerland)
With the Sterling Area 1948-49, and the First Quarter 1950[Millions of dollars]
1949— Continued
III
UnitedKing-dom
162226
422
262
262
683117
405
290)
190
+72
-6-251
-257
-185
+719
-6— 42
+10+49
—284
+470
OtherERPcoun-tries
151
(•)
1(x)
(^
17
(*)22
2
(x)
6
+ 11
-2
-3
+8
13(*}(*)
-1
+6
De-pend-encies
9072
1
19
119
5836
1
(x)(*)
68
+51
-2(«)
-2
+49
(*)-2
(*)
(*)+16
— 1
-62
Allothercoun-tries
166113
5(x)
9
194
10832
2
1(*)
116
+78
0)-1
-1
+77
-|_11
-24-|-1
(x)
+6
—48
-12
Total
4334111
492
542
592
2343927
4010
30(*)
380
+212
-10-253
-263
-51
520
-32—41
+10+70
—333
+402
IV
UnitedKing-dom
158215
411
16
242
7324
• 4
406
35(*)
182
+60
-9-222
-231
-171
+1915
-19+20
+30+35
(*)
+101
OtherERPcoun-tries
201
W21
(x)
24
221
4
(*)
9
+15
-2-5
-7
+8
• _13(x)(T)
-1
+6
De-pend-encies
6851
11
28
104
8235
(x)
3
(x)(x)
93
+11
-2(') '
-2
+9
/•x)-16
— 1
(*)+1
+7
Allothercoun-tries
144112
5
13
175
14531
2
1(')
152
+23
-3(*)
-3
+20
(x)_j_l-7—4
+1* -2
-20
+11
Total
390388
493
57
545
3023211
4015
36(*)
436
+ 109
-16-227
-243
-134
+614
-42+15
+31+33
-20
+125
Year
UnitedKing-dom
7259922
1675
844
1,106
32012035
15622
144(*)
797
+309
-32-981
-1,013
-704
33—34-37—20
+71-54
—446
+1,257
OtherERPcoun-tries
725
0)
73
(»)
87
485
12
(*)
29
+58
-8-10
-18
+40
65(x)
(x)
-4
+29
De-pend-encies
322296
41
76
438
3261427
(x)9
tt(*)
376
+62
-9(*)
-9
+53
(x)
-23—2
— 1+34
-4
-57
Allothercoun-tries
7835310
19(x)
45(*)
910
557146
8
4(*)
589
+321
-5-1
-6
+315
+1—2
-58+1
+2+10
— 191
-78
Total
1,90218638
1979
2054
2,541
1,20715673
15651
148(x)
1,791
+750
-54-992
-1,046
-296
97—36
-118-21
+72-14
-641
+1,151
First Quarter 1950
UnitedKing-dom
141224
443
172
233
65294
435
32(*)
178
+55
-5-194
-199
-144
-6-11+14
+30+91
+80
-54
OtherERPcoun-tries
141
(*)
3(*)
(')
18
221
4
C)
9
+9
-2-2
-4
+5
-15(x)(«)
-1
+11
De-pend-encies
5841
2(*)
13
78
11529
4
(*)(')
130
-52
-2«
2
-54
-2-1
(*)+3
+2
+52
Allothercoun-tries
13792
5
7(*)
160
15431
(x)1
1(')
160
0
-1(')
-1
-1
(')
-5-19
«-3
—4
+ 32
Total
35036
7
543
372
489
3363615
4314
33(*)
477
+12
-10-196
-206
-194
-15-6
-18-6
+30+90
+78
+41
—3 50
18 SURVEY OF CURRENT BUSINESS June 1950
equalled not quite the value of their imports for 3 months, ascompared to over 9 months at the beginning of the war,indicating the relatively slender reserve margin at whichthese countries are still operating.
The increase in reserves not only provides a cushion againstfluctuating dollar receipts from exports and other sources(thus stabilizing foreign purchases and providing an anti-cyclical factor for our own economy) but also constitutes anessential condition for the relaxation of exchange restrictionsand for the reconstitution of multilateral trading. Thus, anincrease in reserves either for each country separately or forthe ERP countries as a whole, as envisaged by the creationof the European Payments Union, and a further strengthen-ing of the economies of Europe and Japan appear as anessential object for continued Government aid to thesecountries.
As the need for economic aid resulting from the devasta-tions and dislocations of the last war declines, new require-
ments for assistance have developed, such as militaryassistance to countries in Europe and South East Asia andeconomic and technical assistance for underdevelopedcountries that can only look to the United States for theoutside aid they require in raising their standard of living.
NOTEThe balance of payments data for the years 1946 to 1949 represent revisions of those
previously published in "The Balance of International Payments of the United States, 1946-48." Official data for earlier years are summarized in that bulletin.
The principal revisions were made in the transportation and the Government miscellaneousservices account. The new data on ocean freight receipts in the transportation account arebased on questionnaires which were used for the first time in the last half of 1949, the estimatesfor the earlier period are based on data collected by the Maritime Commission. The revisionsof the estimates of payments on ocean freight are mainly due to a new appraisal of the structureof freight rates applying to imports to the United States on foreign vessels.
The changes in Government service expenditures are due to shifting of "sales" by the armedforces from merchandise receipts to service payments, where the amounts of such sales arededucted from personnel expenditures by armed forces in foreign countries. This shift wasmade on the new assumption that most of these sales are made to American personnel, andthat to the extent to which the pay of personnel is used for purchases from Army establish-ments, the transactions are domestic and not part of the balance of international paymentsof the United States.
Revisions in the estimates of the movement of private United States capital, interest onprivate investments abroad, and other accounts are based on more complete informationthan was previously available.
Table 4.—Exports of Goods and Services and Means of Financing[Millions of dollars]
Item
Exports of goods and services—Means of Financing
Foreign sources: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 excluding pur-
chases of obligations issued or guaranteed bythe International Bank (net)
Errors and omissions _
1946
I
3,338
1,677318
757397
127
110
-48
II
3,897
1,651505
696719
181
119
+26
III
3,784
1,764309
4841,058
163
68
-62
IV
3,722
1,871800
351515
208
72
-95
Total
14,741
6,9631,932
2,2882,689
679
369
-179
1947
I
4,800
1,9881,192
460856
174
282
-152
II
5,268
2,1031,186
5692
4721,539
145
197
-522
III
4,830
1,986798
147140
5311,200
162
120
-254
IV
4,898
2,2121,286
25968
484300
184
157
-52
Total
19,796
8,2894,462
462300
1,9473,895
665
756
-980
1948
I
4,484
2,492325
133101
874469
179
225
-314
II
4,322
2,488529
2256
91544
162
306
-200
III
4,029
2,735146
620
1,255123
144
1223
-377
IV
4,257
2,641-220
42-1
1,117517
167
115
-121
Total
17,092
10, 356780
203176
4,161907
652
!869
-1,012
1949
I
4,323
2,550-8
328
1,382. 294
139
185
-259
II
4,442
2,418372
178
1,557104
126
120
-280
III
3.685
2,34686
11
1,291178
112
154
-496
IV
3,506
2,401-448
4711
1,07467
138
157
+59
Total
15,956
9,7152
9938
5,304643
515
616
-976
1950
I
3,190
2,537-471
-1222
1,00899
112
83
-188i Excluding $7 million of long-term and $1 million short-term notes guaranteed by the International Bank.Source: U. S. Department of Commerce, Office of Business Economics.
Table 5.—Movements of United States Long-Term Capital(Millions of dollars]
Government:Outflow:
British loanCredits on sale of surplus property and sur-
plus vesselsExport-Import BankEuropean Recovery ProgramLend-lease creditsSubscriptions to:
International Bank___International Monetary Fund
Other
Total outflowInflow (repayments):
Export-Import Bank loansOther loans
Total inflow
Net outflow of Government long-termcapital
Private:Outflow:
Net purchases of obligations issued, or guar-anteed by the International Bank
Direct investmentsOther
Total outflowInflow:
Direct investmentsOther
Total inflow
Net outflow of private long- term capital —
I
61137
283
2
483
811
19
464
154160
314
80163
243
71
II
328335
163
159
31
1,016
424
28
988
16996
265
92135
227
38
1946
III
400
326230
75
80
1,111
97
16
1,095
22935
2'64
21189
300
-36
IV
200
72243
26
1595
33
738
16
23
715
24944
293
23572
307
-14
Total
600
787945
547
3185
146
3,348
2858
86
3,262
801335
1,136
618459
1,077
59
I
500
96281
1592,745
51
3,832
2336
59
3,773
210134
344
48141
189
155
II
950
59249
158
57
1,473
761
68
1 405
25665
321
73133
206
115
1947
III
1,300
5361
11
1,425
1978
97
1 328
24321631
490
4775
122
368
IV
100
65206
42
413
2347
70
343
25914
273
4952
101
172
Total
2,850
273797
3172, 745
161
7,143
72222
294
6 849
243941244
1,428
217•401
618
810
I
300
137170
1
9
617
3251
83
534
25629
285
12342
165
120
II
40145
1
3
189
1250
62
127
32880
408
13450
184
224
1948
III
11701
4
86
16476
240
154
7358161
526
22843
271
255
IV
469
475
2
550
1345
58
492
39215
407
20441
245
162
Total
300
192454476
2
18
1,442
221222
443
999
71,334
285
1,626
689176
865
761
I
1650
2811
11
359
4222
64
295
18350
9
377
12629
155
222
II
842981
12
161
2134
55
106
2423
7
432
14152
193
239
1949
III
35162
22
75
2615
41
34
287112
399
16839
207
192
IV
3630
14
80
1134
45
35
35737
394
14899
247
147
Total
24163425
4
59
675
100105
205
470
201 417
165
1 602
583219
802
800
1950
I
51541
15
121
3019
49
72
2a 164
151
313
a
73
73
240* Preliminary estimate for net outflow of direct investments.Source: U. S. Department of Commerce, Office of Business Economics.
By Lawrence Bridge and Lois E. Holmes
Sales and Investment Trends ofNew Manufacturing Firms
Total sales of all manufacturing concerns startingproductive operations in the 1946-48 period amountedto almost $15 billion during these years, or an average of$5 billion per year. By the end of 1948, these firmswhich survived accounted for 4 percent of the sales,and almost 30 percent of the number, of all manufac-turing companies.
It has been reported previously that the initial invest-ment in new plant and equipment and in inventories bynew manufacturers in the 1946-48 period amountedto about $800 million and $300 million, respectively.Allowing for the subsequent outlays of these firmsduring this period, their total investment in new plantand equipment amounted to over $1.1 billion, or about40 percent more than their initial fixed capital outlays.The subsequent growth of inventories among survivingnew firms, however, was fully offset by the disinvest-ment of those new firms which suspended operationsduring the 1946-48 period.
_L HIS is the fourth in a series of articles analyzing thesources and uses of initial investment funds for new firms inthe postwar period and their operating experience in theirearly formative years. Previous articles in the SURVEY OFCURRENT BUSINESS, have described the sales and inventorytrends of new retail and wholesale trade firms and the initialcapital requirements of these and new manufacturingfirms.1
The present article describes the sales growth and invest-ment trends of manufacturing firms starting operations inthe 3 years 1946 through 1948 and compares their experiencewith that of existing manufacturers and new trade concerns.The universe estimates presented below cover all manu-facturing concerns entering the business population duringthis period although the sample results apply only to sur-viving new firms with one or more paid employees.2
Aggregate sales of new manufacturersBased on the survey results and making due allowance for
mortality among new firms, it is estimated that all entrantsinto the manufacturing field in 1946 accounted for slightlyover 1 percent of all manufacturers' sales during that year.As a result of the declining business birth rate and increasingNOTE.—MR. BRIDGE AND MISS HOLMES ARE MEMBERS OF THE BUSI-
NESS STRUCTURE DIVISION, OFFICE OF BUSINESS ECONOMICS.1 "Sales and Inventory Trends of New Trade Firms," April 1949; "Capital Requirements
of New Trade Firms," December 1948; and "Capital Requirements of New ManufacturingFirms," April 1950.2 A detailed description of the sampling and estimating procedures appeared in the technicalnotes to the initial capital requirements study in the April 1950 SURVEY OF CURRENT BUSI-NESS.
discontinuance rate in the following 2 years, the sales con"tribution of new concerns in their first calendar year ofoperations fell to well under 1 percent in 1947 and 1948.It should be noted that since new firms come into existencethroughout the calendar year, their annual rates of sales atthe end of each year were approximately double the indicatedpercentages.
There are several basic differences between the average newand established manufacturing firm that should be consideredin any evaluation of their respective operating experiences.The major difference arises out of the typically small invest-ment of new firms, so that even the largest new firms in the1946-48 period would be considered small by most standards.Due to the high investment requirements, newly organizedconcerns do not generally enter in such fields as primarymetals, rubber, oil refining, tobacco, heavy machinery, andtransportation equipment. While new firms are found inevery broad manufacturing group, they are largely concen-trated in the lumber and apparel fields, and to a lesser ex-tent, in small metal-working and printing shops.
While new manufacturing firms do not loom very large inthe over-all picture, their sales are quite significant in thoseareas open to smaller-scale operations. They were most im-portant in the lumber industry, where firms newly organizedin 1946 accounted for about 10 percent of the industry's1946 sales. The corresponding percentage in apparel wassomewhat over 3 percent.
As can be seen in chart 1 and table 1, sales of all manufac-
Chart 1.—New and All Manufacturing Firms: PercentageIncrease in Sales, 1946 to 1947 and 1947 to 1948 1
PERCENT40
30
20
10» i /" o i
o - o" o;^ o - o;
o' o y ' >;•^o^o;
• ° o r /1 >O o O oO . s O >
NEW ALL1946 TO 1947
NEW ALL1947 TO 1948
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
1 New firms are those which started operations in 1946 and 1947 and exclude firms withoutemployees; percentages for new firms are based on medians weighted by sales in each industry.
Source of data: U. S. Department of Commerce, Office of Business Economics.
19
20 SURVEY OF CURRENT BUSINESS June 1950
turing firms increased more relatively than did those of newfirms in the 1946-47 period. A special factor in this periodwas the reconversion of a large number of existing firms topeacetime production in 1946. This factor, superimposedon the other economic characteristics of the period, wasreflected in very sizable sales and inventory increases from1946 to 1947 in manufacturing as a whole.
Table 1.—-New and All Manufacturing Firms: Percentage Change inSales and Inventories, 1946 to 1947 and 1947 to 1948, by Industry *
Industry
All industries
Food and kindred productsTextile-mill productsApparel and related productsLumber and timber basic prod-
uctsFurniture and finished lumber
products
Stone, clay, and glass productsMetals and metal fabricating 2
MaohinervTransportation equipmentAll other
1946 t
Newfirms
27
173816
95
28
4358
5912
s»
o 1947
Allfirms
33
34206
53
30
24434460°8
es
1947 t
Newfirms
26
33
17
30
35331822
o 1948
Allfirms
11
31111
18
1316112312
1946 t
Newfirms
8
02520
29
0
201210
—8~
In ven
o 1947
Allfirms
20
19168
31
IS232!21
tories
1947 to H!48
New Allfirms firms
8 14
0 5-16 16
8 i 19
43 45
18 ! 17
11 | 1933 ' 1733 : 11
0 ! 11o ; 17
1 New firms are those which started operations in 1946 and 1947; percentages for new firmsare medians and exclude firms without employees. The all-industry totals for new firmsare based on medians weighted by total 1946 safes in each industry. Changes in inventoriesare based on end-of-year data.
2 Excludes machinery and transportation equipment.Source: U. S. Department of Commerce, Office of Business Economies.
While data are not available on the sales of existing firmsof size directly comparable with new firms, there is no signi-ficant difference dining this period in the relative sales in-creases of new firms and existing firms of medium and smallsize.3 In view of the direct relationship among establishedfirms between asset-size and the increase in sales from 1946to 1947, it is highly likely that new manufacturing firms grewrelatively faster from 1946 to 1947 than did established firmsof comparable size. This conclusion is further supported bythe considerably more rapid sales growth of new manufac-turers (relative to all manufactures) from 1947 to 1948 andby the more favorable sales experiences of new as againstestablished wholesale and retail trade firms in the 1945-47period. The more rapid growth of new firms reflects theirgreater initial unused resources and untapped market rela-tive to established manufacturers.
When examined by year of entry (table 2), it is found thatsales growth is most marked in the first full year of opera-tions. From 1947 to 1948, sales of manufacturing firmsstarting operations in 1947 increased by 36 percent, those of1946 entrants by 24 percent, and all manufacturing firms by11 percent.4 The more favorable showing of the 1947entrants was evident in every industry except transportationequipment.
The 3-year period covered by this study does riot permitthe estimation of a complete or definitive growth curve ofnewly established organizations. The results indicate, how-ever,' that surviving new concerns in their first few years ofoperations grew at a considerably faster rate than didalready established companies during the same period—although the differential in growth was rapidly disappearingby the end of the third year.
3 In the available data, the assets-size classification of these medium and small companiesvaried according to industry. In general, they had assets under $10 million. The averageinitial investment of new manufacturing firms in the 1940.-48 period was $12,000, SUEVEYOF CURRENT BUSINESS, April 1950.
4 It may be noted that, as a result of the lag of sales behind production, the first year s salesgrowth is^ somewhat larger than it would otherwise be
The gradual elimination of war-deferred backlog demandand the slowing down of inflationary pressures had a retard-ing effect on the sales of both new and all firms during the1947-48 period. Among new firms, however, there was aless noticeable slackening in total sales in 1948.
Sales growth and firm sizeIt was indicated above that sales increases for all manu-
facturing firms in both 1947 and 1948 were larger among largeconcerns than among the smaller establishments. The lessfavorable experience of the smaller established firms in 1948was to some extent due to their lesser concentration in theheavy-goods fields and to the differential cyclical effects asaggregate output approaches its peak.
Among new manufacturing firms, however, sales gainswere inversely related to the sales-size of firm in both periods.The larger proportionate sales increase of the smaller newconcerns may reflect a greater sales potential relative to theirinitial scale of operations. Except for the poorer showingof the smaller lumber concerns in 1947, these size relationshipswere evident in every major industry in both years (chart 2and table 3). When the sample data are examined in termsof investment-size and legal status (see table 4), the firmswith the smaller initial investment and the noncorporategroup are generally found to have the greatest sales growth.The latter result primarily reflects the lower average size ofunincorporated firms.
Chart 2.—New Manufacturing Firms: Percentage In-crease in Sales, 1946 to 1947 and 1947 to 1948, by SalesSize l
PERCENT50
40
30
20
10
SMALL LARGE1946 TO 1947
U.S. DEPARTMENT OF COMMERCE, OFFICE OF
SMALL LARGE1947 TO 1948
BUSINESS ECONOMICS 5O-I9O
i New firms are those which started operations in 1946 and 1947 and exclude firms withoutemployees; peicentages are based on medians weighted by sales in each industry. Smallfirms are those with sales under $100,000 and large firms are those with sales $100,000 andover, classified according to sales in the earlier year of comparison
Source of data: U. S. Department of Commerce, Office of Business Economics.
Inventory trendsThe inventory holdings of new manufacturing firms did not
rise relatively as much as did those of all firms betweeneither the end of 1946 and 1947 or the end of 1947 and 1948.It is difficult to pin down the factors that result in thesetrends—although there are several possible answers. Among
June 1950 SURVEY OF CURRENT BUSINESS 21
these may be a conservative buying policy dictated by thehigh price level and the lesser ability of new firms to with-stand large inventory losses, while the availability of fundsto finance sizable inventory accumulation may also have beena limiting factor.
As a result of these divergent trends in sales and inventoriesamong new firms, their stock-sales ratios declined steadilyfrom 1946 to 1948 (see table 5). A similar decline occurredamong all manufacturing concerns from 1946 to 1947, butwas reversed during 1948 with the considerable easing in thesupply situation. However, as can be seen in chart 3, thestock-sales ratio of all small existing companies declinedfrom 1947 to 1948—a behavior more characteristic of newfirms than of large established concerns.
Table 2.—New Manufacturing Firms: Percentage Change in Sales,Inventories, and Plant and Equipment Account, 1947 to 1948, byIndustry and Year of Entry l
Chart 3.—New, All, and All Small Manufacturing Firms:Stock-Sales Ratios, 1947 and 1948 l
Industry
AH industries
Food and kindred productsTextile-mill productsApparel and related productsLumber and timber basic productsFurniture and finished lumber products
Metals and metal fabricating 2
MachineryTransportation equipmentAll other
Sales
Year ofentry
1946
24
2912141929
33322222
1947
36
5414357030
4569
-1524
Inventories
Year ofentry
1946
11
0-15
122818
563300
1947
9
8-47
06612
1248600
Plant andequipment
account
Year ofentry
1946
12
51312165
24156
11
1947
15
812122227
15243211
RAT2.0
1.5
1,0
.5
0
10
-
-
1Jjjill%H%
HP
; v i - o:• O '; o - oi - O -•5 •> ' '! - O -
i - O ^
• o^ o
o - o^> ^u:
• o o
^^jjft^^p
p
•O O;
;,V
""sX
^ o ̂x 1 -" 0
-
-
NEW ALL ALL NEW ALL ALLSMALL SMALL
1947 1948
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS SO -191
1 Data are medians and exclude firms without employees. The all-industry totals arebased on medians weighted by total 1946 sales in each industry. Changes in inventories andplant and equipment account are based on end-of-year data.
2 Excludes machinery and transportation equipment.
Source: U. S. Department of Commerce, Office of Business Economics.
In each year, the stock-sales ratios of new firms were con-siderably lower than those of all manufacturing companies—with the latter maintaining more than half again as much in-ventory relative to sales as did the former group. This differ-ential tends to disappear if comparison is made with smallestablished firms. In 1947, for example, the inventories ofall manufacturing firms were equal to 1.8 months of sales while
1 New firms arc those which started operations in the 1946-48 period and exclude firmswithout employees; ratios are based on medians weighted by sales in each industry. Smallfirms are all corporations with assets of less than $250,000. Ratios are derived from year-end inventories and average monthly sales.
Sources of data: U. S. Department of Commerce, Office of Business Economics, FederalTrade Commission, and Securities and Exchange Commission.
manufacturing corporations with assets of less than $250,000held inventories at 1.2 months. The stock-sales ratios ofboth new firms and all manufacturing partnerships (proprie-torship data are not available) in the same period were justabout equal to one month's sales.
Inventory turnover by size of firmWhen new firms are classified by investment-size, it is again
found that the stock-sales ratio varies directly with size.However, when classified by sales-size this is no longer true—and the smaller new companies are found to hold a greatervolume of inventories relative to sales than do the largernew concerns (see table 6). While data to test this findingamong existing manufacturers are not available, it was alsonoted among both new and existing trade firms.
Table 3.—New and Established Manufacturing Firms: Percentage Change in Sales and Inventories, 1946 to 1947 and 1947 to 1948, by Industryand Size of Firm l
Industry
All industries
Food and kindred productsTextile-mill productsApparel and related products___Lumber and timber basic prod-
ucts 2
Furniture and finished lumberproducts
Metals and metal fabricating 3 _ _MachineryTransportation equipmentAll other
Sales
1946 to 1947
New firms
Small
46
487021
7
327246
(4)30
Large
17
9383
63
9302
(4)10
Established firms
Mediumand small
28
33166
58
3021375421
Large
36
342219
58
3542495830
1947 to 1948
New firms
Small
36
542923
33
2945342624
Large
20
152
12
14
3026331523
Established firms
Mediumand small
9
58
14
21
5317
265
Large
16
11613
21
1424172117
Inventories
1946 to 1947
New firms
Small
4
000
0
00
40(4)
0
Large
14
292525
38
2012
-9(4)
20
Established firms
Mediumand small
20
21145
38
3619182422
Large
19
151531
38
3014231619
194
New firms
Small
8
000
0
0333300
Large
14
6-20
12
69
235432135
Mediumand small
11715
221610107
Large
17
111523
1117121222
1 New firms are those which started operations in 1946 and 1947. Data for new firms are medians and exclude firms without employees. The all-industry totals for new firms are based onmedians weighted by total 1946 sales in each industry. Small new firms are those with sales under $100,000 classified according to sales in the earlier year of comparison. The asset-size classi-fication of established firms varies according to industry. In general, the medium and small companies are those with assets under $10 million. Changes in inventories are based on end-of-year data.
2 Percentages for established firms are for whole industry as data by size are not available.3 Excludes machinery and transportation equipment.* Insufficient sample.Source: U. S. Department of Commerce, Office of Business Economics.
22 SUKVEY OF CUERENT BUSINESS June 1950
The opposite results yielded for the ratio of inventories tosales by the sales-size and investment or asset-size classi-fications are due to the positive correlation of sales-sizewith the denominator in the former case and of investment-size with the numerator in the latter. When the stock-salesratios are classified by employee-size—a variable which doesnot enter into the ratios—it is found that there is some tend-ency for the stock-sales ratios among new manufacturers tobe directly related to size,
Plant and Equipment Growth
The gross plant and equipment account (i. e., before de-preciation allowances) 5 of concerns starting production in1946 increased almost one-fourth from year-end 1946 to 1947and about one-eighth in the following year. While similardata are not available for all manufacturing companies, thenet property accounts of all manufacturing corporationsaccording to data from the Federal Trade Commission andthe Securities and Exchange Commission increased about 19and 20 percent, respectively, during these periods. Itshould be noted, however, that these figures overstate thegrowth of established firms due to: (1) the considerablyhigher prices paid for replacement and expansion of facilitiesin the postwar period relative to the average of prices atwhich existing facilities had been purchased; and (2) thecomparison of current additions with greatly depreciatedbook values. Utilizing Bureau of Internal Revenue data,and adding back all reserves for depreciation—a not entirelyvalid procedure—it is found that the gross capital assets(excluding land) of all manufacturing corporations increased13 percent from 1946 to 1947 as compared to a 21 percentincrease in net capital assets.6 While this information is notyet available for 1948, external data indicate that grosscapital assets increased slightly over 12 percent during thisyear.
Table 4.—New Manufacturing Firms: Percentage Change in Salesand Plant and Equipment Account, 1947 to 1948, by InvestmentSize and Legal Status 1
Table 5.—New and All Manufacturing Firms: Stock-Sales Ratios,1946, 1947, and 1948, by Industry *
Sales
Investment size:Under $20,000___.$20,000 and over_-
Legal status:Noncorporate _Corporate
33 |20 j
Plant andequipment
account
1512
1412
1 New firms are those which started operations in 1946 and 1947 and exclude firms withoutemployees; percentages are based on medians weighted by total 1946 sales in each industry.Changes in plant and equipment account are based on eiid-of-year data.
Source: U. S. Department of Commerce, Office of Business Economics.
Thus, the gross plant and equipment account of newconcerns increased considerably more percentagewise thenthat of all manufacturers in 1947—and increased about thesame amount in 1948. When comparison is made withchanges in the net property account of all manufacturingcorporations with assets of less than $250,000, the largergrowth in capital assets of new firms becomes more apparent.Relative to their respective holdings at the beginning of theperiod, additions of capital goods by new companies werethree times the acquisitions of small established corporationsin 1947 and twice such acquisitions in 1948.
In terms of the availability of funds for financing thesubsequent investment of new firms, this result seems at
B This differs from the usual gross property account in that it includes plant and equipmentitems only and excludes land, depletable resources and intangible fixed assets.
6 As noted above, the increase in net capital assets during 1947 of all manufacturing corpora-tions in the slightly different FTC-SEC universe was 19 percent.
Industry
All industries
Food and kindred productsTextile-mill productsApparel and related productsLumber and timber basic products.Furniture and finished lumber
products
Stone, clay, and glass productsMetals and metal fabricating 2
MachineryTransportation equipmentAll other
19
Newfirms
1.21
981 42
921.00
1.13
1.14.74
1 ?0(3)1 50
46
Allfirms
1.94
1 311 991 311.42
1.76
1.512. 1C3 172 891 93
19
Newfirms
1.16
1 331 52
681.13
1 22
.8296
1 201 021 20
47
Allfirms
1.75
1 161 921 331.21
1 78
1.541 739 702 181 82
19
Newfirms
0 97
809158
1.01
1 19
.9790
1 601*20
94
48
Allfirms
1 80
1 202 021 431.49
1 93
1.621 742 701 981 90
1 New firms are those which started operations in the 1946-48 period. Ratios are derivedfrom year-end inventories and average monthly sales. Ratios for new firms are mediansand exclude firms without employees. The all-industry totals for new firms are based onmedians weighted by total 1946 sales in each industry.
2 Excludes machinery and transportation equipment.3 Insufficient sample.
Source: U. S. Department of Commerce, Office of Business Economics.
Table 6.—New and Established Manufacturing Firms: Stock-SalesRatios, 1947 and 1948, by Industry and Size of Firm l
ludustrv
All industries
Food and kindred productsTextile-mill productsApparel and related products- _Lumber and timber basic
productsFurniture and finished lum-
ber products
Metals and metal fabricating 2..MachineryTransportation equipmentAll other
1947
New firms
Small
1.32
1.632.02.46
1. 18
1.09
1.331.321.001. 14
Large
1.03
1.181.20.76
.96
1.30
.781.121.041.03
Establishedfirms
Me-diumand
small
1.49
1.002.101.21
. / 1
1.48
1.742. 122. 181.54
Large
2.03
1.501.721.66
1.46
2.38
1.963.482.201.98
1948
New firms | Est^f ed
Small
1.22
1.48.90.55
1.24
1.12
1.121.721.071.14
Large
0.92
.61
.94
.60
1.10
1.25
.841.451.09.90
Me-diumand
small
1.51
.962.271.22
.92
1.70
1.542. 181.901.57
Large
2 05
1.641. 721.80
1.76
2.32
1.853.322.042.05
1 New firms are those which started operations in the 1946-48 period. Ratios are derivedfrom year-end inventories and average monthly sales. Ratios for new firms are mediansand exclude firms without employees. The all-industry totals for new firms are based onmedians weighted by total 1946 sales in each industry. Small new firms are those with salesunder $100,000. The asset-size classification of established firms varies according to industry.In general, the medium and small companies are those with assets under $10 million.
2 Excludes machinery and transportation equipment.
Source: U. S. Department of Commerce, Office of Business Economics.
Table 7.—New Manufacturing Firms: Percentage Change in Plantand Equipment Account, 1946 to 1947 and 1947 to 1948, by Indus-try and Sales Size 1
Industry
All industries
Food and kindred productsTextile-mill productsApparel and related productsLumber and timber basic products _Furniture and finished lumber prod-
ucts
Stone, clay, and glass productsMetals and metal fabricating sMachinervTransportation equipment\11 other
1946 to 1947
All
24
22131127
18
26
263823
Small
24
4921
G11
17
(2)1125
(:?)17
Large
30
219
2426
15
(2)3227
(2).5
1947 to 1948
All Small
12
6111217
20
818189
11
12
7251332
4
(2)2486
11
Large
14
2121216
24
(2)
411212
1 New firms are those which started operations in 1946 and 1947. Data are medians andexclude firms without employees. The all-industry totals are based on medians weightedby total 1946 sales in each industry. Changes are based on end-of-year data. Small firmsare those with sales under $100,000 classified according to sales in the earler year of comparison.
2 Insufficient sample.3 Excludes machinery and transportation equipment.
Source: V. S. Department of Commerce, Office of Business Economics.
June 1950 SUEVEY OF CUREENT BUSINESS 23
variance with the possibility noted above that capital supplymay have been a limiting factor in inventory growth. Apartial answer may be in the greater availability to new
Chart 4.—New and All Small Manufacturing Firms:Percentage Increase in Property Account, 1946 to 1947and 1947 to 1948, by Year of Entry 1
PERCENT30
20
10
ALLSMALL
NEW(1946 EN-TRANTS)
1946 TO 1947
NEW NEW ALL(1947 EN- (1946 EN- SMALLTRANTS) TRANTS)
1947 TO 1948U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-193
1 New firms are those which started operations in 1946 or 1947 and exclude firms withoutemployees; percentages are based on median changes in end-of-year plant and equipmentaccount weighted by sales in each industry. Data for all small firms are based on change innet property account of all corporations with assets of less than $250,000.
Sources of data: U. S. Department of Commerce, Office of Business Economics, FederalTrade Commission, and Securities and Exchange Commission.
firms of both bank and supplier credit in the case of fixedassets.
Other investment characteristics of new firms
The survey results also indicated that investment in capitalgoods subsequent to the initial investment is relativelygreater in the first year of operations than in the second year.As can be seen in chart 4, the percentage increase in the plantand equipment account during 1948 was larger among manu-facturing firms starting operations in 1947 than among con-cerns entering in the previous year—and both groups ofnewly organized companies grew proportionately more thandid all existing small corporations. The larger capital goodsinvestment rate in the first year of operations was in cor-respondence with the greater sales growth noted above—although the survey results for inventory growth was incon-clusive by year of entry.
Limitations of the Survey
The survey results are based on reports of about 1,100 manufacturing firms entering thebusiness population during the 3 years 1946 through 1948. These firms submitted data ontheir annual sales, end of year inventory and plant and equipment accounts and their sourcesand uses of initial investment funds. Only 750 of these returns could be used in this growthstudy.
The major limitation of the data arises from the inadequate representation of firms sus-pending operations during the survey period and the exclusion of firms with no paid employ-ees. The latter group was out of scope of the survey while the number of returns from dis-continued firms was not sufficient for adequate measurement. As noted above, however,allowance was made for both types of firms in the universe estimates.
In the case of firms operating less than 12 but more than 6 months during their first calendaryear in business, their first year's sales were imputed on a straight pro-rata basis. Data forless than a 6-month period were not utilized.
This imputation was necessary for less than one-half of the firms in the sample since theother concerns either entered business early in January or reported for the fiscal year startingon their first day of operations. In the latter case, the data were allocated to the calendaryear which included most of the months in the fiscal year. Tests made to determine theeffect of utilizing partial year data on the survey results did not show any significant distortionalthough they did indicate that the sales growth in the first year of operations relative to thesecond year was somewhat larger for the firms for which sales had to be imputed for part ofthe year than for other firms.
It'should also be noted—especially when the results are presented by industries—that therewas a considerable variability in the sales and investment experience of the firms in the sampleso that the medians shown are subject to substantial sampling error.
Quarterly Profits and Dividends of Large Manufacturing Corporations by Selected Industries: New Series for Page S-18 1
[Millions of dollars]
Item
Number of corporations
Quarterly average193919401941 _ _ -_1942194319441945194619471948
Quarterly1946—1
IIIIIIV
1947—1IIIIIIV
1948—1
Profits after taxes
Total
200
249318380305315314282301630828
-4241388578
604598614706
751
Durable-goods industries
Total 2
106
14920824619618918214474
339459
-18532
159289
321334327373
395
Primarymetals andproducts
39
5189
1087977705768
136180
-2663
113120
153128122141
150
Machinery
27
23313731333232-26884
-42-11
241
45710788
75
Auto-mobiles andequipment
15
6369746559CO37o
111160
-119-35
28118
100112114118
142
Nondurable-goods industries
Total 3
94
100111135110127132139227292369
180209230289
283264287333
356
Food andkindredproducts
28
31313430323037646564
47566586
74525973
61
Chemicalsand alliedproducts
26
414549394240447184
102
Cl677183
90798089
91
Petroleumrefining
14
192033283848425488
137
43475569
647791
118
141
Dividends
Total
200
181214237190194212215236292351
201211222309
246271265386
285
Durable -goods
industries
106
101130143114113124125124154187
118111122144
132139141203
152
Non-durable-goods
industries
94
79849476818891
112138164
83101100165
114132123183
133
1 Compiled by the Board of Governors of the Federal Reserve System. The series on profits of 200 large manufacturing corporations, shown first in the August 1949 SURVEY, replaces datapreviously shown on net profits of 629 large corporations and net profits and dividends of 152 large industrial corporations. The new series is based on corporations with end-of-1946 total assetsof 10 million dollars and over and which accounts for roughly one-fourth of the sales arid profits of all manufacturing companies; however, the coverage of the new series for certain industries islimited and the data cannot be used to estimate the universe of manufacturing corporations.
Data on profits after taxes are based on published company reports to stockholders. To show the results of current operations only, reported figures have been adjusted to exclude from cur-rent profits such items as: Tax credits applicable to prior years; transfers to reported profits of reserves previously set aside; nonrecurring profits from the sale of property and other assets; andintercorporate dividends when large. Adjustments have also been made to include as profits such items as the following: Funds set aside out of current earnings for surplus reserves (forexample, contingency, inventory, and special depreciation); funds deducted for payments of prior year taxes; and other special charges not related to current operations. The old 629-companyseries was based on profits exactly as reported by each company. Quarterly dividend payments on preferred and common stock are computed from published data on the number of sharesoutstanding and on dividends per share. Quarterly data beginning June 1948 are shown on p. S-18 of the August 1949 SURVEY and subsequent issues. Further details on the new series arepublished in the June 1949 issue of the Federal Reserve Bulletin.
2 Total includes 25 companies not shown separately, as follows: Building materials (12); transportation equipment other than automobile (6); and miscellaneous (7).3 Total includes 26 companies not shown separately, as follows: Textile-mill products (10); paper and allied products (15); and miscellaneous (1). For certain items data for 1939-44 are
partly estimated. At most, estimates are for: Total nondurable—7 companies; foods—2 companies; chemicals—2 companies; petroleum, textiles, and paper —1 company each.
24 SURVEY OF CURRENT BUSINESS June 1950
The Business Situation(Continued from p. 4)
during the middle of 1948, which reflected great demand forlumber both for inventory accumulation and for currentbuilding requirements. The subsequent decline in prices,resulting from the lowered building rate during the latterpart of 1948—to which the high cost of lumber contributed—carried through until the middle of 1949. When demandagain accelerated as a result of the resurgence of home build-ing during the latter part of 1949, a rising price trend resulted
Chart 4.—Wholesale Prices of Building Materials
JNDEX, 1939 = 100350
300
250
200
150
100
«
-'LUMBER
ALL BUILDING MATERIALS
ALL OTHER
SV »••...,
1 1 I I I 1 t 1 1 I 1 I 1 I I 1 1 1 1 1 1 I I 1 1 1 I I I I 1 I 1 t I I1947 1948 1949 1950
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS SO-SOS
Sources of data: All building materials and lumber, U. S. Department of Labor, Bureauof Labor Statistics, indexes (1926=100) recomputed to 1939 as base by U. S. Department ofCommerce, Office of Business Economics; "all other," calculated by O. B. E. from B. L. S.data.
which has continued unabated through the first portion of1950.
Production of lumber substantially above a yearago
Production of lumber has risen irregularly since mid-1949, with adverse weather conditions, particularly inJanuary, in some of the largest lumber producing areascontributing to the irregularity. For the first 4 months of1950 as a whole, however, production was more than one-fifth above the corresponding period of last year.
Demand was so pressing, however, that the rise in pro-duction was accompanied by a decline of stocks. Ship-ments of lumber, at 8,841 million board feet, exceeded pro-duction by 899 million board feet in the first quarter of 1950,according to the National Lumber Manufacturers Association.In particular, among the major wood products, shipmentsof hardwood flooring and softwood plywood were up 32 and40 percent, respectively, from the first quarter of last year,and in each case were above production.
Other building materials in which production was wellabove last year in the first quarter include gypsum board,gypsum lath, warm air furnaces, and asphalt preparedroofing.
Cement production under 1949The production of cement, unlike most of the important
materials, rose to a record volume in 1949 under the stimulusof higher public and utility construction. Concrete reinforc-ing bars and unglazed structural clay tile, also used in thistype of construction, likewise were produced in greaterquantities during 1949.
Cement production, on a seasonally adjusted basis, wasgreatest during the early part of 1949 and decreased throughOctober, although not enough to prevent record quantitiesfrom being produced for the year as a whole. Toward thelatter part of the year cement production, in common withmost construction items, again moved upward. However,unlike lumber, in the first 4 months of this year it remainedmoderately below the corresponding period of a year ago.
Also showing declines for the same months were many ofthe metal products, including fabricated structural steel,concrete reinforcing bars, rigid steel conduits, wire nails,mechanical stokers, structural clay tile, and clay sewerpipes. Brick production has been about the same as lastyear.
Wholesale Price of Eggs, Extras, Large (Chicago): Revised Series for Page S-29 l
[Dollars per dozen]
Month
January _ ._ ._FebruaryMarchAprilMayJune
1944 1945
0.434389
.372
.372
.372
.389
1946
0.403358
.366
.365388
.378
1947
0.417.416.451,465.444.464
1948
0.475,469.464,461.451.462
Month
July .AugustSeptemberOctober.- _ _ _NovemberDecember
Monthly average
1944
0.463.491. 506.495
2 .489
1945
.417462
.447
.491,509.500
429
1946
.390433
. 530,558551
.465
432
1947
.503528
.607
.620609
.594
.510
1948
.480531
.565
.645636547
.516
1 Compiled by the U. S. Department of Agriculture, Production and Marketing Administra-tion. Data replace the series for U. S. standards published prior to the October 1949 issue of
the SURVEY; for monthly data beginning Jpnuary 1949, see p. S-29 of the February 1950SURVEY and subsequent issues.
2 Average of data for months shown.
Wlontki BUSINESS STATISTICSJ_ 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.
Monthly averages for 1949 are shown in the March 1950 issue of the Survey of Current Business. Data subsequent to April 1950 forselected 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
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT
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 $ do
Business and professional o* 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 doCorporate profits after tax do
Inventory valuation adjustment doNet interest do
Gross national product total doPersonal consumption expenditures, total do
Durable goods doNondurable 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 SOURCE
Seasonally adjusted, at annual rates:Total personal income _ _ _ . bil. of dol
Wage and salary receipts, total doEmployer 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 doPersonal interest income and dividends,. doTotal transfer payments do
Total nonagricultural income do
NEW PLANT AND EQUIPMENTEXPENDITURES
All industries, quarterly total . __ _. mil. of dolManufacturing doMining doRailroad doOther transportation _ doElectric and pas utilities doCommercial and miscellaneous do
210. 5133. 9136.057.440.717.320.6
2.12. 1
45.017.112.4
191.8
210.2133.7135.957.040.917.420.6
2.22. 1
45.217.012.2
191.4
220 8140.8135.4114.7
4.116.65.5
45.124.114.36.7
30.726.410.615.84.34.2
257.9179.323.699.855.933.216.420.0
-3.21.2
44.226.417.8
210.018.6
191.412.1
209.4132.9135.256.740.317.320.9
2.32.1
45.117.012.3
190.5
4,6601,880
190380140780
1, 290 1
207.2133.0135. 256.440.517.121.2
2.22.1
42.816.912.4
190.2
209.1133. 4135.656.940.517.121.1
2.22.1
43.917.112.6
191.4
220 7141.1135.6114.4
4.216 95. 5
43.124.012 66.6
32.328.911.417.53.34.2
254.6179.725.797.656.532.117.419.6
-5.0—.3
43.225.018.2
208. 218.6
189.59.8
208.3133.7135.957.140.517.121.2
2.22.1
42.717.212.6
192.2
4,3701,690
180310140790
1,260
207.0132. 7134. 955.540.217.521.7
2.22 1
42.917.312.0
190.3
209.4132. 5134.756.039.517.421.8
2.22 2
44.917.412.4
191 3
219 1140.9135.3113 5
4.517 35.6
43 724.012 96.8
30.229 511.218 2
.74 3
256 7179 825.297. 756.933 718. 718 7
-3.7
43 725.018 8
209.318 6
190.710 8
211.9134. 4136.657.439.917.421.9
2.22 2
43 518.912 8
194 5
4, 6301 830
180300120890
1, 320
218.1133. 7136. 557.140 117.621.7
2.82 2
46 517.418 3
' 198 7
219.1133. 1135.856. 539 917.821 6
2.72 2
r 44 117.622 1
202 7
142 8136. 7115 1
4. 417 26 1
44 725 012 96 8
74 3
263 9182 726.998 157.741 120.119 31.7
— 2 1
42 223. 218 9
219.918 7
201 318 6
T 222. 8T 134. 9r 137. 7
T 58. 2r 40 1
17.821 6
2.82 4
T 4.3 517.9
r24 1r207 1
r 3 700r i 520
r 150r 230
80r 650
r 1, 060
216 9136. 7139. 459.440 517.821 7
2 72 4
42 818.116 9
201 7
i 4 530i i 970
i if,Qi 300
i goi §50
1 1, 170r Revised. i Estimates for April-June 1950, based on anticipated capital expenditures of business.d"Includes inventory valuation adjustment.§Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.
S893140—4 50 S-l
S-2 SURVEY OF CURRENT BUSINESS June 1950
Unless otherwise stated, statistics througli1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
GENERAL BUSINESS INDICATORS— Continued
FARM INCOME AND MARKETINGS
Cash receipts from farming, including Governmentpayments, total t _ _ . mil. of dol__
Farm marketings and CCC loans, total doCrops - . _ do.. ^Livestock and products, total do
Dairy products do_. -Meat animals doPoultrv and eggs do
Indexes of cash receipts from marketings and CCCloans, unadjusted :J
A 11 commodities 1935-39= 100 _ _Crops doLivestock and products _ do
Indexes of volume of farm marketings, unadi'usted it-All commodities . 1935-39=100. _
Crops doLivestock and products do
INDUSTRIAL PRODUCTIONFederal Reserve Index
Unadjusted, combined index 1935-39 = 100
Manufactures do
Durable manufactures doIron and steel _ do . _Lumber and products do
Furniture do.Lumber do
Machinery _ do_Nonferrous metals and products do
Fabricating do_Smelting and refininsr do
Stone, clay, and glass products _doCement doClay products - -doGlass containers do
Transportation equipment -doAutomobiles (incl. parts) do
Nondurable manufactures do -Alcoholic beverages __ _ ___ _ -doChemicals products do
Industrial chemicals doLeather and products do
Leather tanning doShoes do
Manufactured food products _ _ do -Dairy products doMeat packing doProcessed fruits and vegetables do
Paper and products doPaper and pulp - _ -do
Petroleum and coal products doCoke - _ _ d o _
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 d o ~ ~ -Stone clay, and glass products do
Cement _ doClay products doGlass containers do
Nondurable manufactures _ _ doAlcoholic beverages doChemical products _ ' doLeather and products _ _ _ _ _ _ _ _ _ do - -
Leather tanning doManufactured food products _ _ _ do
Dairy products doMeat packing doProcessed fruits and vegetables _ do
Paper and products doPaper and pulp do _
1,8501,823
5921, 231
326623265
275209325
11481
140
177
183
212219126144116240167151209186202160179235203
159163239417106
9611314816013494
146142209182157177129111240112153
14614888
144156134
179
184
212126118167209189213164179
16216423710696
162154145155146141
1,9441,915
6391,276
361627259
288224337
12389
149
174
179
202204129139124232145123200190206156202220184
16018223340610195
105156203138102
144139207175158178123103214118170
148149105144155142
174
179
201126120145200185196157189
16117423410195
163153137156144139
2,0532, 036
7571,279
359647239
306265338
132110148
170
176
195177129139124225133108192188209151204240211
16119023040410495
110165223139133
143138202159148178126105217120179
13713578
104153150
169
175
194123114133193186195152206
16116923310597
165151141173143138
2.1772.168
9721,196
347592233
326340316
141145138
163
169
186156121136113217127105179187209140214249225
156188225392
9480
104172222140181
12812519813913317512087
238109152
1281269380
147140
161
168
185115104127180185190140223
1541652289684
161151150139129126
2,4172,4111, 1621,249
328661245
363407330
162190140
174
181
194178134148126216141128174190207149212246225
17017922638811090
123189197134287
155148203146143178140111259134184
13413482
108149135
170
178
193126115141174183183145204
16517222911091
166152153151155148
2,6082,6011,3271,274
304705250
392465336
168209138
178
188
200179141158132224157150175191219151199252231
17817923840511498
125190159145267
169160208145159174155127294139185
1231225060
154128
174
184
199132119157175183189146195
172174236115100167151158137169160
3,1393,1271.7731, 354
298787255
471621357
202270150
169
179
176102138165125226164162167193211154210238216
18118024541410899
115177121155193
17616819849
169192169134318161171
11212011831
15663
166
176
175133116164167184182146204
17716724010898
165146155149176168
3,0503,0381,7221,316
266735303
457603347
193246153
174
180
181145144163134217164161170188206153195206175
178171247417
9895
10116297
172123
177168205102167187175138340158172
141152117133163
76
173
179
181147139163169183191147193
177187243
9792
160147154134177168
2, 3262,3171,1751,142
267603262
349411301
155170144
178
186
201201145170132227166162175181187154177211181
17515124942210199
10315696
186103
167160219158162193173134350151138
12813663
10315781
179
188
203159153166174187206150190
17617324510199
160148157132167160
2, 2542. 2381,0991,139
290676165
337385301
154168143
179
189
206203130167111229179174191
'179168147202
'242' 224
175143249
-•41910896
11614995
18392
178171211154157194178144355154162
1251336996
15480
183
192
209144132179191
'190207158206
17916924810895
161148154142179171
1,6141,596
5811,015
276574156
240203268
10992
123
177
189
204201137173119237183183202
r 179160
r 150202
'209rl8l
176142
'249'423
11810912414510714486
179172
'205124167196179144357159154
1131186538
155'81
' 180
192
207150138188202
'192211
' 158208
180158247115102161149151136179
' 171
1.6741.642
4781,164
315639200
247167307
11272
142
183
191
'210205
'147' 176' 133
243' 199' 196'208'180
157' 151
201'215' 190
'176162250
'42611597
' 127148
'128148'83
179173
'206146
'172'195
173138
'350152167
'139148108149
'152'81
' 187
194
212156145199208188192158201
' 18017424711598
166'154
160' 151r 179'172
p 1, 594p 1, 544
p436p 1, 108
p313p579p202
p232p 153p 293
p 104p59
p 139
p l S S
p 197
p 222222
P158p 175
150p251p 196p 192p208p 196
207p 155
222p229P207
p 177166
P252p430
p 148159145
*87
?182175206174175
P205p 171
139351
152
P139pl48
83143
P157P84
P189
p 198
i>222p 159P150p 196p208
199218
p 160222
P179168
P250
P162153
p 157p l42P181
175T Revised. p Preliminary.tData for 1947-48 were revised to incorporate revisions in reports on production and sales of farm products; revised figures for January 1947-July 1948 appear on p. 23 of the April 1950 SURVEY;
revisions beginning August 1948 are shown on p. S-2 of the October 1949 SURVEY and later issues. _? Seasonal factors for a number of industries were fixed at 100 during 1939-42; data for theseindustries are shown only in the unadjusted series.
June 1950 SURVEY OF CUKEENT BUSINESS S-3
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Se^erm- October Novem-
berDecem-
ber
1950
January Febru-ary March April
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION— Continued
Adjustedcf — ContinuedManufactures— -Continued
Nondurable manufactures— ContinuedPetroleum and coal products_-_1935-39=100-_Printing and publishing doTobacco products do
Minerals doMetals _. __ __ _ __do
BUSINESS SALES AND INVENTORIES *
Business sales (adjusted), total § bil. of dol__Manufacturing, total. _ _ do ._
Durable-Roods industries doNondurable-goods industries _ _ do
Wholesale trade, total doDurable-goods establishments doNondurable-goods establishments ..do
Retail trade, total doDurable-goods stores _ __ .doNondurable-goods stores do
Business inventories, book value, end of month(adjusted), total § bil. of dol
Manufacturing, total doDurable-goods industries doNondurable-goods industries do
Wholesale, total doDurable-goods establishments doNondurable-goods establishments do
Retail trade, total doDurable-goods stores doNondurable-goods stores _ _ _ do_ _
Manufacturing inventories (unadjusted), bystage of fabrication, total bil. of dol
Purchased materials _ _ _ _ _ _ doGoods in process doFinished goods do
MANUFACTURERS' SALES AND INVEN-TORIES—VALUE (ADJUSTED)*
Sales, total mil. of dol.__Durable-goods industries, total _ _ _ do
Iron steel and products doNon ferrous metals and products _ do. _Electrical machinery and equipment doMachinery except electrical do -Motor vehicles and equipment _ _ doTransportation equip., except autos 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 _ do _ _Paper and allied products doPrinting a n d publishing _ _ _ d o ._Chemicals and allied products doPetroleum and coal products doRubber products doOther nondurable-goods industries _ _ do -
Inventories, book value, end of month, total doDurable-goods industries, total do
Iron, steel, and products _ _ .. _ _ d oNonferrous metals and products doElectrical machinery and equipment doMachinery, except electrical — - doMotor vehicles and equipment _ _ _ doTransportation equip., except autos doLumber and timber basic products _ _ d o - .Furniture and finished lumber products. _ doStone clay, and glass products doOther durable-goods industries _ do
Nondurable-goods industries, total doFood and kindred products do -Beverages - _ doTobacco manufactures doTextile-mill products doApparel and related products _ _ _ do _Leather and products doPaper and allied products _ doPrinting and publishing doChemicals and allied products doPetroleum and coal products _ doRubber products doOther nondurable-goods industries. do ___
209152162
148145
35.917.67.4
10.27.41.75.7
10.83.37.5
57.834.016.517.69.33.45.9
14.55.78.8
33.913.38.2
12.4
17, 6437,4451,883
488720
1,2611,289
426370316332361
10, 1982,942
607266943895291461596
1,0861,540
257314
34, 01816, 4663,6541,1232,0243,6282,201
926737795570808
17, 5523,0281,1141,5952,3951,363
595911616
2,3462,527
648414
207155170
145126
36.017.77.5
10.37.51.85.7
10.83.37.4
56.933.616.017.69.23.35.9
14.15.48.8
33.412.88.3
12.4
17, 7417,4881,768
452741
1,2291,389
484381328367350
10, 2533,027
671284936807279451573
1,1441,523
248310
33, 56515, 9943,6291,1201,9413,5332,008
909725787557785
17, 5722,9931,1081,6142,4041,404
617894611
2,3162,539
650420
202149172
133124
36.418.07.7
10.27 71.85.9
10.73.37.3
56.433.315.717,59.03.25.8
14.25.48.8
32.912.48.1
12.4
17, 9907,7451,811
512730
1,1951,553
454417339369366
10, 2443,006
701279984685303461592
1,1431,525
266300
33, 25015, 7273,5641,1361,8883,4841,977
915652786563762
17, 5243,0261,0951,6332,3611,412
624872609
2 2782,544
644427
198144146
123105
34.817.17.29.97.21.65.5
10.53.37.2
55. 332.415.217.19.13.16.0
13.95.38.6
32.312.28.0
12.2
17,1147,2071,703
418669
1,0631,558
487362288349310
9,9072,774
674271968770282497555
1,1061,511
271227
32, 36715, 2253,4591,1151,8063,3861,904
903617757548731
17, 1422,8421,1021,6112,3161,421
590832580
2 2642,546
625415
i
203151178
129102
37.118.98.0
11.07.51.85.7
10.73.57.2
54.631.614.716.99.13.06.0
13.95.38.6
31.712.07.7
11.9
18, 9457,9821,850
546749
1,1301,739
492410336395335
10, 9642,969
740298
1, 111995316583573
1,2391,598
295245
31,63814, 7413,3371,0641,7373,3291,824
860586754527724
16, 8982,8841,0621,6682, 2191,359
598793568
2 2472,513
586400
208159175
11998
37.218.97.9
11.07.51.95.6
10.93.57.4
54.631.114.316.89.23.06.2
14.45.68.8
31.011.87.5
11.7
18, 8657,8771,894
579802
1,1301, 579
365436346388358
10, 9882,989
589285
1,164964294644596
1,2741,618
277294
31,07614, 2823,2021,0351,6483,2391, 769
869558744506712
16 7942,8061 1241,7282,1981 332
614756561
2 2282 497
562390
198165165
11259
34.616.86.5
10.37.11.75.4
10.73.67.1
54.430.713.916.99.12.96.2
14.55.78.8
30.711.87.2
11.7
16, 8056,5421,088
500756
1,0531,371
359409324354327
10, 2632,890
528256
1,089791274623509
1,1741,575
262291
30, 74413, 8763,0621,0231,6033,1521,678
839598717492712
16, 8672,9551,0991,7152,2181, 332
611739559
2 2222 507
537373
205160169
14176
35.517.37.0
10.37.61.85.8
10.63.37.3
54.030.513.616.99. 12.96.2
14.35.58.8
30.612.06.9
11.7
17,3137,0411,457
512767
1,0811,258
410454345393363
10, 2722,834
522280
1,133688254618512
1,1821,654
262333
30, 54713, 6463,0481,0281,5683, 0821,626
809602723474687
16 9002,9831,0821,6972,2541,357
616737589
2 2232 472
587302
219159149
132106
34.716.97.09.97.31.75.6
10.53.17.4
53.630.913.917.09.02.96.1
13.75.18.6
31.112.36.9
11.9
16, 8576,9601,766
524737
1,0061,108
440426305340307
9,8972,699
552256
1,044700244583612
1, 0851,580
266275
30, 89913, 8693,1291,0221,6003,0901,767
764591723484698
17, 0303, 0661,0881, 7062, 2831 377
618759585
2 1942 412
584360
211163162
130117
35.717.67.5
10.27.21.65.6
10.93.67.3
54.131.113.917.39.03.06.0
14.05.48.6
31.312 2
7.211.9
17, 6507,4711,860
549784
1,0721,491
398350288366314
10, 1782,878
501281
1,054670249600613
1, 1751,536
276343
31,13613, 8803,123
9821,5943,0641, 803
740642745488700
17, 2563,1661,1061,6992, 3061 467
636782600
2 1642 358
558383
-205r 168
162
118- 118
36.618.0
7. 510.67.31.75.6
11.13.77.4
'53.931.113.917.29.03.0
r6. 013.85.28.6
31.212.17.3
11.7
18, 0357,4611,937
554789
1,1241,294
363395308377319
10, 5743,010
507273
1,087698280610709
1,1921,565
286356
31, 09813, 9233,101
9821,6053, 0981,810
708646787493693
17, 1753,1681 1241,6702,3141 480
610778588
2 1542 322
594375
-206- 168
176
r 144P116
37.919.18.1
11. G7.71.95.8
11.13.77.4
54.531.113.917.2'9.3
3.0'6.1
'14.35.3
'9.0
31.112.0' 7.4
'II. 7
' 19, 144r 8, 127- 1, 989
'572-885
- 1, 272r 1, 456
-395-460-366-389'344
'11, 017- 3, 010
-604-286
- 1, 091- 724-290-636- 722
-1,311- 1. 632
306-406
'31,103- 13 878- 3, 109
- 977- 1 593-3, 117- 1 806
- 677- 615-794- 495-695
r 17 225-3 220- 1 159- 1, 6732 2, 338- 1 524
r 010r 775- 606
- 2 112r 2 246
595r 201
206170161
P141?95
36.718.37.9
10.4
1.85.5
11.13.77.4
54.831.214.017.39.43.16.3
14.25.38.9
31.011.77.5
11.7
18. 3027,9302.020
559825
1,2281,492
338440358359311
10, 3722,899
631255
1,022623262567651
1,2271, 618
330
31, 21013 9543, 146
9881 6093, 1101,825
654607804506707
17 2573 2541 1401, 6942.3291 510
64 5776618
2 1282 203
300r Revised. p Preliminary. cf See note marked "cT" on p. S-2.*New series. Except as otherwise stated, seasonally adjusted dollar sales and inventories have been substituted beginning with the October 1949 SURVEY for the unadjusted dollar values
and indexes formerly shown; for earlier figures and details regarding the new series, see pp. 12-24 of the October issue. Sales and inventories of service and limited-function wholesalers onlyare published currently on p. S-10. § The 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.
S-4 SUEVEY OF CUEEENT BUSINESS June 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' NEW ORDERS, NET*
Value (unadjusted), total mil. of dol_-Durable-goods industries, total do
Iron steel and products doNon ferrous metals and their products doElectrical machinery and equipment doMachinery, except electrical doTransportation equipment, except autos_ -doOther durable-goods industries . do
Nondurable-goods industries do
15, 9686,1271 425
437619985160
2, 5019,841
15,7345, 9931 328
358584986495
2,2419,742
16, 3006, 5441 , 504
418702
1,017217
2, 6869, 756
15, 4966, 1951,284
365561858263
2, 8659,301
18, 6977,4071, 776
615687938244
3, 14611, 290
19, 4417, 6341 513
583810996377
3, 35511,807
18, 3597, 4321 837
566841970246
2,97210, 926
18, 1387,4021 771
525724953711
2,71810, 736
16, 7757,0191, 9"! 5
508788
1, 001243
2, 5649, 756
18, 6468,3772 067
586841
1, 184513
3, 18610, 269
17, 9837,5131 995
578754
1,196353
2,63810, 470
•
r 20, 228r 9 075r 2 382
r 638r 1 006r I 396
-311r 3, 341
r 11 153
18, 3208 3802 025
616810
1 362408
3,1609 941
BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESSTURN-OVER
Operating businesses total end of quarteri thous(Contract construction do
Service industries doRetail trade do\Vholesale trade doAll other do
New businesses quarterly total doContract construction doManufacturing doService industries doRetai^ trade doWholesale trade doAll other do
Discontinued businesses quarterly totalj doContract construction do _Manufacturing 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"1 - numberCommercial serviced1 - - -- doConstruction doManufacturing and mining _ _ doRetail trade doWholesale trade - - ~ - -- do _ ,
Liabilities totald"1 thous ofdolCommercial serviced71 doConstruction - doManufacturing and mining doRetail trade - - - doWholesale trade - do
7,273
8777668
22940698
31,9305, 7741,519
14,5236, 1393, 975
7,445
7755863
202351101
24, 5831,5991, 434
11,1826. 0344, 334
r 3, 948 8r332. 2r 305 8r 849. 7
r 1,689.5r203 3r 568. 3
99.016.99.0
20.037.94.2
11.0
r 109.9r 11.5r 17.0'22.0M3 4
r 4 0r 12 0
83.6
7, 260
8287574
215372
92
28, 1611,8622,476
13, 5006, 2344,089
6,424
7194961
188344
77
21 , 8041,3931,845
10,1835, 6292, 754
6,828
8105355
221385
96
31,1751,1872,272
16, 0086,4245, 284
r 3, 941.5'"331.5r 298. 7r 849. 4
r 1, 690. 1
r 203. 5r 568. 3
84.512.97.1
16 634.53 89.6
'91.8'13. 6'14.1r!6. 9r 33. 9
r 3 6r9. 7
83.5
6,867
7326771
18332982
20, 5981,2892, 1489,3794,9292,853
6,877
8025890
181364109
23, 8941,2481,989
11,8975, 8332, 927
6,755
8356383
19739597
22, 7991,2814, 3628, 4195, 9292,808
v 3 925 0p 330. 0p 290 9*848. 0
r> 1, 684. 3p 203 5p 568. 3
79.812 77.0
16 429.83 8
10.1
?96. 4j>14.3v 14 9p 17. 8p 35 6
P 3 8p 10 1
71 0
7,857
7705080
20134990
19, 251668
1,8147, 4656, 2*43,020
9,070
8646165
225403110
26, 4361, 8291,884
10, 9287, 3554,440
7,736
8116973
170399100
22, 1561,8751,8247, 9056, 3864,166
9 180
8847486
116402116
! 27 9001 7062,777
12,2417,8593,317
8,375
8064476
i 195• 3981 93
21 250i 819; 1, 465
7, 9807, 1793,807
COMMODITY PRICES
PRICES RECEIVED AND PAID BY FARMERS
Prices received, all farm products t§— -1910-14= 100- -Crops _ _ -_ . do_ -
Food grain - - doFeed grain and hay doTobacco - - - _ - _ _ - doCotton doFruit doTruck crops _ _ _ doOil-bearing crops do
Livestock and products doMeat animals _ _ _ _ _ _ _ _ _ _ d oDairv products doPoultry and eggs _ do _ -
Prices paidrfAll commodities 1910-14=100--
Commodities used in living doCommodities used in production do
All commodities, interest, taxes, and wage rates1910-14=100.-
Paritv ratio t do
256234
177403251225196256276324241220
244246242
254
101
253235229174403
239194245271319235215
244245242
253
100
249
213168404253235155232271323233212
242245239
252
99
246221209171404253217168219269316237213
240244235
250
98
244214205ir>5400246181170241271310244225
238242234
249
98
247212211166393250160188297279319251236
238240234
248
100
242210213101396241180174221271301258230
237239235
246
98
237210215157369233172213220262286261216
236238234
245
97
2332102191683942231741962?5255280261194
237239235
246
95
235219218170382222185261228249286254158
238238237
249
94
I1
237 | 237215 i 215219 i 294171 i 174389 : 389231 i 236186 | 193203 : 168228 ! °30257 i 258306 i 308250 1 243155 1 165
237 l 239238 : 239237 239
248 250
96 ; 95
241225227181389242206205239256312235161
240239241
251
96r Revised. *> Preliminary.*New series. Beginning with the December 1949 SURVEY, dollar values of manufacturers' new orders have been substituted for the indexes shown prior to the October 1919 issue; figures
back to January 1946 and details regarding the new series are given on pp. 18-24 of the December 1949 SURVEY. Data on new incorporations are compiled by Dun and Bradstreet, Inc.; theyare 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 this issue of the SURVEY.
^Because of changes in tabulating procedures, major revisions have been made in previously published data on operating and discontinued businesses for the final quarter of 1948 and thefirst three quarters of 1949. Revisions prior to June 1949 will be shown later.
d^For comparability with data prior to 1945, figures for certain subsequent months have been revised to exclude railroad failures. Revisions are shown in the February 1950 SURVEY.§May 1950 indexes: All farm products, 247; crops, 223; food grain, 230; feed grain and hay, 190; tobacco, 387; cotton, 246; fruit, 195; truck crops, 178; oil-bearing crops, 248; livestock and
products, 269; meat animals, 342; dairy products, 230; poultry and eggs, 154.fRevised series. Beginning with the February 1950 issue of the SURVEY, data have been revised (effective back to 1910) to reflect changes prescribed in the Agricultural Acts of 1948
and 1949; revisions prior to December 1948 will be shown later.
June 1950 SURVEY OF CURRENT BUSINESS S-5
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
COMMODITY PRICES—Continued
RETAIL PRICES
All commodities (U. S. Department of Commerceindex) 1935-39=100..
Coal (U. S. Department of Labor indexes):Anthracite Oct. 1922-Sept. 1925=100--Bituminous -- do
Consumers' price index (U. S. Dept. of Labor) :All items 1935-39=100..
Food - do __Cereals and bakery products doDairy products . _ doFruits and vegetables doMeats, poultry, and fish do
Fuel electricity, and refrigeration doGas and electricity -- doOther fuels do
Housefurnishings _ _ -- doRent doMiscellaneous - -do .
WHOLESALE PRICES <?
U.S. Department of Labor indexes:tAll commodities 1926=100__
Economic classes:Manufactured products do_ _Raw materials doSemimanufactured articles. do _ _
Farm products - doGrains - - d o _ _Livestock a n d poultry _ _ _ _ _ _ _ d o
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 __ _ do _.Cement doLumber _ __ _ doPaint and paint materials do
Chemicals and allied products doChemicals -- doDrug and pharmaceutical materials, _doFertilizer materials _ doOils and fats - - d o _ _ _
Fuel and lighting materials doElectricity doGas - doPetroleum and products do
Hides and leather products doHides and skins doLeather doShoes - -- do
Housefurnishing goods doFurnishings doFurniture do
Metals and metal products doIron and steel _ _ doNon ferrous metals doPlumbing and heating - do
Textile products doClothing doCotton goods doHosiery and underwear doRayon and nylon .. . -- doSilk ._ doWoolen and worsted goods. _ do
Miscellaneous doAutomobile tires and tubes _ _ ___ do _Paper and pulp__ do
PURCHASING POWER OF THE DOLLAR
As measured bv— -Wholesale prices 1935-39=100Consumers' prices doRetail food prices do
189.2
144.9158.1
169.7192.5202.8170.3184.9218.6234.4137.496.8
187.8191.9120.3154.6
156.9
153.0165. 8153.1170.5163. 8189.0153.7
162. 9145.3147.2158.1216.0
148.9196. 5160. 8133. 7290.6157.9
117.7117.2123.0119.7121.2
132.067.992.3
113.3
179.9183.4177.8186.9
147.0152.4141.6
171.8166.2156. 4154. 9
142.2146.4176.2101.241.850.1
160.9
115. 664.6
165.1
51.258 949.5
188.3
140.7154.7
169. 2191.3202.4170.1182.6220. 7232.3135. 496.9
182.7189.5120.4154.5
155.7
151.5165.9149.4171.2159.9191.5152.1
163.8145.1145.9167.3215.2
146. 8193.9160. 8133.7285. 2157.4
118.2116.9123.6118.9127.0
130.168.290.9
110.7
179.2188.2177.4184.0
146. 2151.9140.3
168.4165.1138.2154.7
140. 5146.0172.6100.440.850.1
159.7
113.564.5
163. 3
51.659.149.4
188.3
142.3154.8
169.6190.3204.3169.7182.0217. 9240.6135. 696.9
183.0187.3120.6154.2
154.5
150.7164.5146.5168.8154.9193.3151.2
162.4145.6145.5157.5215.5
145. 6191.4160. 8133.7280.7153. 6
116. 8116.9124.3117.5116.9
129.968.990.1
110-4
178.8186.0177.1184.1
145. 1150.9139. 3
167. 5164.7128.8154.7
139. 2145. 6169.799.639.649.2
159.7
111.062.1
159.6
52.059 048.9
186.8
143.0154.8
168. 5188.5201.7169. 5182.2210.2236. 0135. 696.9
183.1186.8120.7154. 3
153.5
149.71 63. 2146.0166. 2154. 1188.5150.5
161.3146.1149. 2145.4212. 2
145.0189.0161.5133. 1277.4145. 2
118.1118.1124.7120.7118.5
129.970.089. 5
110.2
177.8184.7175. 4183.8
143.0149.1136. 8
167.9164. 2132.1154.7
138. 0144.8167. 398.539.649. 2
157.6
110.360.6
156.8
52.459.349.6
186.6
143.4154.9
168. 8187.4202.6169.4184.9201.9239. 5135. 8
97.1183. 1184.8120.8154.8
152.9
149.4161.3147.9162. 3150. 4186. 3150.6
160.6142.8152.7130.3210.7
145.0188.2161.5133.0277.4143.8
119.7118.0125.0121.8130.3
129. 768.588.9
109. 7
178.9194.5173. 7183.8
142.9149.1136.6
168. 2163. 8135.9154.7
138.1144.8170.298.439. 649.2
152.6
109. 860.6
156.8
52.659.249.4
187.2
145.4156.4
169. 6.187.2204.2169. 7185. 3199.8243.6137.097.1
185. 9185.6121.2155.2
153.6
150. 1162.0147.8163.1156.4186. 6151.2
162.0143.7153.5126.9215. 1
145.3189.4161.8133.0279.7143.9
117.7117.4125.0120.4118.4
130.068.989.3
109.1
181.1204.8175.5183.8
142.9149.1136.6
168.3164.0135 7154. 6
139.0144.8174.898.439.649 2
150.4
109.660.6
156.5
52.459 049.0
185.6
147.4158.5
168.5186 8200.6169.1186.7194. 5235. 1138. 497.0
188.3185.2121.5155.2
152.2
149.1160.3145.3159. 6155. 3177.7150.3
159. 6144. 6154. 6128.1205.0
145.0189.2161.8134.5281.9141.1
116.0115.5123.1120.2115.6
130.570.187.8
109. 9
181.3205.6176.5183.4
143. 0149.2136.7
167.3163 3131 5154.6
138.0144.6176 598.439.649 2
145. 1
109 060.7
156.5
52.859 349.9
185.7
148.3160.5
168.6186.3200.8169.2186.4202.0229.1139. 197.0
190. 0185. 4122.0154.9
151.6
148. 1160.4145. 1156.8156.4169. 6150.2
158.9144.6154.7130.8198.9
144.9189.5161.9134.5283. 4139.9
115.9115.2123.0118.3118.3
129.970.388.3
108.5
180.8199.5177. 0184.3
143. 4149.9136.8
167.3163.4131 7154.6
138.0144.2177.998.439.649 5
146.0
109 762.5
156.5
53.159 349.8
184.4
148.4162.7
167. 5185.8197.3169.2186.2198.2223. 2139. 797.2
191.6185.4122.2155. 5
151.2
148.0159.5144.7154.9160. 9167. 0150.2
155.8144 6154. 4132.5193.5
145.5190. 4161.9134 5285. 2139 3
115.3114.6121,6117.9118.2
130.569 687.2
108.5
179 9192.8178 1184.3
144. 2151 2137.0
167.8165 4129 2154 6
138.4144 0178 498.439 649 9
146 9
110 764 3
156.0
53 259 750.6
183.8
148.5164.1
166.9185 0196. 0169. 0184.220^ 8219.4140 096.7
193 1184.7122 6155.1
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
108. 4167 3128 6151 7
138. 5143 9178 798.539 650 1
147 0
110 064 3
155. 9
53 159 950.9
183.3
148.5164.5
166. 5184.8194.8169. 0183.6199.1221.6140.397.1
193.2185.3122.8155.1
152.7
r 149. 1162. 4144.3159. 1161.3179.9151.1
156.7144 8147.5138.2201. 6
145. 9192.81 63. 2134 9292. 1
r!39 0
115.2114 7121.4116 9120.9
131.369 687 4
109.4
179 0188 2176 6184 3
r 145 2151 8
r 138 4
168.6T 1Q8 8
128 1148 7
138.2143 1178 498. 639 950 1
147 2
110 064 3
155.6
52 760 151.2
183.8
149.3T 166. 2
167.0185. 0196. 0169. 0182.4
r 195. 2227. 3140.997.1
194.4185. 4122.9155.0
' 152. 7r 148. 9r 162. 8T 144. 1
159 4165. 4180. 3
r 151.0
155. 5145 6144, 8134. 9200 0
r 146. 1r 194 2r 163. 3
134 9295 9
r 138 2
116.3115 4121.9117 3125 6
r 131. 5
88 3108.6
179 o190 4177 9184 3
r 145 4152 2
r 138 4r 168. 5r igg Q
1^7 2151 9
137. 3143 5176 598.039 949 i
146 3
110 764 3
155.5
52 759 950.9
184.1
154.2165. 5
167.3185 1196. 6169 3179. 3200 5227.9141 497. 2
195 6185. 6123 1154.8
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 3
109.5
179 4187 2179 1184 3
145 7152 6138 6
168. 7168 8128 9154 8
136. 4144 2172 997.839 949 1
146 1
112 665 0
155.4
52 659 850.8
r Revised. cf For actual wholesale prices of individual commodities, see respective commodities.JThe Department of Labor is currently reviewing and revising the samples of commodities _ and of reporters for the indexes, subgroup by subgroup, to reflect postwar change;
with the original sample for the first month of the revision will be provided in a footnote. In some instances, it is necessary to correct previously published indexes because of late reports,incorrect reports, or other errors in prices previously used. Indexes for the latest 2 months are preliminary and are currently revised to incorporate corrections received in the 2 months fol-lowing. Any additional corrections received are incorporated in final annual summaries issued in the middle of the year. Indexes for June-December 1948 were corrected in the August 1949SURVEY. Corrected indexes for January-May 1948 are available upon request.
S-6 SUEVEY OF CUEEENT BUSINESS June 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY
New construction, total mil. of dolPrivate, total _ do _
Residential (nonfarm) doNonresidential building, except farm and public
utility, total mil of dolCommercial* doIndustrial,, _do_. _
Farm construction doPublic utility _do__ _
Public, total doResidential doMilitary and naval _ do -Nonresidential building _ _doConservation and development* _ doHighway doAll other _ __ 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 _ _ . number _Floor 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 doEngineering construction:
Contract awards (E. N. R.)§ thous. of dol__Highway concrete pavement contract awards :cT
Total - - thous. of sq. ydAirports doRoads - - -- doStreets and alleys do
"NEW DWELLING UNITS AND URBANBUILDING
New permanent nonfarm dwelling units started( U S . Department o f Labor) _ _ _ _ _ number. _
Urban building authorized (U. S. Dept. of Labor):New urban dwelling units, total! number..
Privately financed, total _ doUnits in 1-family structures .doUnits 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 __ _do _ _New nonresidential building _ _ doAdditions, alterations, and repairs do
CONSTRUCTION COST INDEXES
Aberthaw (industrial building) 1914—100American Appraisal Company:
Average 30 cities 1913=100Atlanta doNew York doSan Francisco _ _ _ doSt. Louis - _ _ _ d o _ .
Associated General Contractors (all types) .__doE. H. Boeckh and Associates, Inc.:
Average, 20 cities:Apartments, hotels, and office buildings:
Brick and concreteU. S. avg. cost 1926-29= 100 __
Brick and steel doBrick and wood - _ _ do _
Commercial and factory buildings:Brick and concrete do.. _Brick and steel doBrick and wood - do _Frame doSteel _--do_ .
Residences:Brick doFrame do
1,370989445
251768930
263
381148
13456
10069
31, 570842, 586318, 506524, 080
4,15431, 929
316, 370
25, 54137, 087
303, 825
1,513169, 700
36252, 691
201165177141
589, 693
3,65353
1, 6331,968
88, 300
53, 78251,01237, 7582,960
10, 2942,770
r311.4T 367. 1' 525. 8r 263. 9T 278. 2
494521510447482340
208.6210.0218.2
212.0209.5214.5222.5196.7
218.7217.8
1,5761,108
530
257838240
281
468159
14167
16076
33, 474880, 344368, 551511, 793
4,13830, 166
320, 630
27, 18742, 392
346, 251
1, 737179, 396
41234, 067
218187181159
601, 709
4,410327
2,1981,885
95, 400
57, 76754, 39736, 5632,588
15, 2463,370
330.5380.4583.5240.2287.3
492518508446480340
207.1208.0214.9
209.3207.5211.2219.0194.7
215.6214.3
1,7351,229
600
268927650
311
506179
14474
18577
37, 203945, 676375, 431570, 245
4, 57832, 961
335, 961
29, 94945, 804
370, 752
2,197175, 861
47963, 102
226194195176
896, 128
7,966787
4,7922,387
95, 500
58, 89955, 45436, 9852,131
16, 3383,445
338.5427.5578.3334.8329.0
313
489510501445477343
208.2208.1214.6
211.1208. 3211.3218.2195.1
215.4213. 6
1,8331,301
650
269917260
322
5322010
14875
20079
32, 579943, 560410, 352533, 208
4, 38433, 283
350, 232
25, 57042, 950
340, 593
2,142207, 130
48345, 555
228202209200
619, 442
5, 03595
2,9501,990
96, 100
51, 65548, 50134, 3241,765
12,4123,154
295.3342.3495.9234.0277.7
488509497445477343
206.5206.2210.8
210.2207.1208.6212.6194.1
211.4208.7
1,9031,343
675
264857175
329
5602312
15277
21581
37, 662905, 748316, 409589, 339
4, 31825, 746
278, 031
31,07948,146
393, 434
1,892173, 714
37360, 569
238226229228
781, 416
5,22489
2,8542,281
99,000
58, 63657, 09340, 3822,282
14, 4291,543
337.7390.8570.4267.5306.9
486506495446474342
207.1206.1210.0
210.6207.3208.2211.3194.4
210.6207.6
1,9221,368
710
263837065
330
5542714
15577
20081
46, 9251, 093, 724
288, 754804, 970
4,18632, 448
345, 023
40, 34265, 715
525, 572
1,947171, 576
45051, 553
247254246254
810, 309
3,927208
2,1541,565
102, 900
64, 58062, 43443, 982
2,19616, 2562,146
377.3412.6627.5278.2279.0
307
485503493443471343
207.4206.3211.1
210.7207.6208.9212.7194.4
211.7208.9
1,8791,343
715
261826850
317
5362714
15874
18578
43, 7821, 061, 751
331, 892729, 859
4, 52832, 004
357, 085
37, 28960, 801
500, 702
1,566128, 860
39975, 104
251260263269
553, 482
2,648487
1,0371,124
104, 300
59, 57457, 32041, 7942,747
12, 7792,254
343.5387.8592.8253.0276.5
484505492442471345
207.9207.2212.9
211.1208.4210. 1215.2194.4
213.4210.8
1,7671,295
715
266866825
289
4722412
15165
14575
40, 132957, 761315, 683642, 078
3.51825, 495
266, 103
35, 22453, 262
435, 235
1,032125, 891
358130, 532
240245265256
589, 224
3, 329498939
1,891
95, 500
54, 39452, 35741, 5622,0958,7002,037
313.7354.2556.0233.7213.8
484503493442471345
208.3207.5213.7
211.4208.7210.9216.3194.6
214.0211.6
1,6121,225
690
261846815
259
387229
142569266
34, 704929, 030298, 714630, 316
3,29328, 345
303, 205
29, 91849, 481
419, 051
1,185134, 384
30872, 390
213217262255
863, 561
i 3, 0401 55
1 1, 9071 1, 078
78, 300
44, 73643, 36531,3271,996
10, 0421,371
257.5319.7433.4273.8184.2
307
483503493442471345
208.6207.9213.4
211.6208.9210.9215.6194.9
213.8211.2
1,4961,139
650
252776911
226
3572410
142487063
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
78, 700
50, 41349, 54536,0142,285
11, 246868
288.3319.1484.9214.5217.8
486506495444474345
209.1208.6213.9
212.0210.0211.1215.9197.7
214. 2211.6
1,3951,068
590
246757012
220
327209
140455063
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
80,000
52, 99552, 81840, 2002,377
10, 241177
305.6327.1529.8201.4198.1
486506495443474346
210.1210.1215.8
212.7210.9212.6218.6198.5
216.1214.0
1,5401, 155
650
243746919
243
385249
151508071
53, 4941, 300, 201
480, 972819, 229
4,37337, 539
500, 658
47, 54771, 543
574, 681
1,202184, 081
37240, 781
r 279'292* 275'278
993, 453
5,36951
2, 6842,635
110, 000
80, 48679, 35159, 7464,197
15, 4081,135
464.5488.9837.4265.4285.6
305
486508495444474346
210.7210.8217.3
213. 3211.6213. 7220.7198.8
217.6215.8
1,7021, 2-54
720
2447470
' 30260
4482510
10060
11578
59, 6161, 350, 496
354, 115996, 381
4,99843, 071
448, 619
52. 56884, 964
674, 836
1. 608177, 334
44249, 707
327353286302
885, 044
5,032425
2,1262. 481
126, 000
82, 87781, 25163, 4303,187
14, 6341,626
477.9525,0885,5303,0290,8
488511497447476346
211.3211.3218.1
214. 0212. 1214.42?1 7199. 2
218.5216.7
' Revised. 1 Data include some contracts awarded in prior months but not reported.• New series. Monthly averages for 1915-38 and monthly figures for January 1939-July 1948 are available upon request.§Data for June, September, and December 1949 and March 1950 are for 5 weeks; other months, 4 weeks.cfData for June, August, and November 1949 and March 1950 are for 5 weeks; other months, 4 weeks.JMinor revisions in figures for number of dwelling units beginning January 1947 are available upon request.
June 1950 SUBVEY OF CURRENT BUSINESS S-7
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES— Con.
Engineering News-Record:c?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 by Fed. Hous. Admin.:New premium paying mortgages.. -thous. of dol__
Loans outstanding of agencies under the HomeLoan Bank Board:
Federal Home Loan Banks, outstanding advancesto member institutions __mil . of doL-
Home Owners' Loan Corporation, balance ofloans outstanding mil of dol
New mortgage loans of all savings and loan associa-tions, estimated total thous. of dol_-
By purpose of loan:Home construction do_ __Home purchase doRefinancing do -Repairs and reconditioning doAll other purposes. - _, do
New nonfarm mortgages recorded ($20,000 andunder) estimated total t thous. of dol
Nonfarm foreclosures, adjusted index 1935-39=100Fire losses thous of dol
348 9472.1
130.5131.3
162, 187
339
279, 606
84, 277116, 05129, 38315, 66334, 232
922, 0239.7
55, 290
349.3473.8
132.6125.3
156, 122
333
293, 215
87, 517125, 07328, 84917, 37534, 401
959, 6539.7
54, 162
349.5477.5
155. 5
135.3126.4
168, 527
358
319
326, 637
97. 963141, 67431, 83817, 71437, 448
1,018,42710.9
51,787
350 9478.2
123.8116.4
154, 576
332
304, 343
90, 397128, 65729, 02616, 73239, 531
967, 44011.8
49, 592
352 0479.8
146.8129.7
186, 312
331
348, 276
101, 022149, 86734, 44319, 51043, 434
1,068,81312.8
50. 150
353 0480.5
148.7
148.9138.5
173, 970
333
291
354, 194
108, 280155, 91533, 18818, 36238, 449
1,065,43111.9
49, 678
352 9480.0
140.8127.1
198, 235
347
353, 909
102, 151159, 05031, 81417, 79643, 098
1,117,21212.8
48, 914
353 2480.3
142.8144.1
199, 841
371
343, 260
105, 784150, 87733, 44115, 73537, 423
1, 114, 04111.8
53, 116
356 2484.7
145.3
135.9153 7
211, 758
427
231
342, 028
112, 463141, 05933, 35814, 38440, 764
1, 125, 20013.8
67, 279
356 5484.9
r 120.8r 141.5
232, 950
360
300, 906
94, 916124, 26532, 04111, 58438, 100
1, 024, 00014.1
58, 823
360 0488.4
r 117.2T 142. 1
206, 681
331
325, 224
107, 335128, 39832, 57313, 70643, 212
1, 003, 09014.5
58, 340
362 8491.9
140.7
v 140. 0v 148. 1
210, 919
315
148
414, 783
143, 950161,95239, 71717, 89551, 269
1, 221, 64415.3
72, 468
364 3496.6
172, 453
331
422, 553
151, 627168, 38135, 6H320, 01446. 848
1, 171, 148
61,605
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:Printers' Ink, combined index 1935-39=100--
Magazines . do __Newspapers doOutdoor do__-Radio do
Tide advertising index _ _do. -
Radio advertising:Cost of facilities, total thous. of dol
Apparel and accessories . _ _ _ _ do_ .Automotive, incl. accessories doDrugs and toiletries- . . _ do. _Electric household equipment doFinancial do
Foods, soft drinks, confectionery do __Gasoline and oil _ _ doHousehold furnishings, etc. do_Soap, cleansers, etc _ _ _ doSmoking materials doAll other.- do
Magazine advertising:^Cost, total do
A pparel and accessories _ _ _ - d oAutomotive, incl. accessories do. _.Building materials§ doDrugs and toiletries _ _ . _ _ . __ doFoods, soft drinks, confectionery doBeer , wine, liquors§ do
Household equipment and supplies§_ _ do .Household furnishings§ do- -Industrial materials§ doSoaps, cleansers, etc do -Smoking materials _ _ _ doAll other do
Linage, total thous. of lines.-
Newspaper advertising:Linage, total (52 cities) . . _ .do
Classified doDisplay, total _ _ _ _ _ _ - _ _ d o
Automotive doFinancial - - - _ _ _ _ _ d oGeneral doRetail do
310346280279309
284.6
16, 763119729
4,240653349
4,690530169
1,8181,9601,506
51, 1705,5094,7052 5455,5846,4792 413
3, 8612,9782 1651,3871, 356
12 187
4,350
205, 46643 404
162, 0629 7912, 143
32 453117, 676
309338290289308
286.4
17, 074114809
4,470683364
4,608460197
1,8521,9901,526
50 6594, 9374,5622 4275,4636,3962 432
3,7813, 3322 0751,4781,455
12 320
3,806
210, 67745 386
165, 2919 5542,001
33 758119, 978
302314286296305
283.2
15,42575
6634,285
644336
4,127408158
1,6981 9661,067
40 6423, 1853,8561 7745,1625,6782 215
2,9701,7121 9961,0981,3459 651
2,814
193, 28741 476
151,8119 2652,039
31 045109. 462
276284264274252
257.6
12, 08589
3323,473
222318
2,994379148
1,1481 8441, 139
28 582771
3,481956
4,5384,9381 755
1,318489
1 456833
1,1916 858
2,854
164 04040 082
123 9598 1152 252
24 53489. 057
270297252284256
272.2
12,16071
3353,544
208287
3,073376103
1,2551,7431,165
31, 4953,4363,330
9174,2844,8121,614
1,025956
1,2861,0401,3487,447
3,494
170, 50440 713
129, 7918 8871,609
21 87997, 416
292301286299278
293.2
14 08396
4043,829
247298
4,006377112
1,4671 7821,465
41 7295,2733,4901 7895, 0935,6652 002
2,1292,6331 8221, 4411,2529 139
3,921
197 85840 050
157, 8088 2241 752
29 766118. 066
306294305323289
284.5
16 423117486
4,494189282
4, 597416128
1,5472 1262 041
51 2134 9194,2162 0016,3977 5682 815
3,3263,3892 1331 6061 634
11 208
4,464
214 93542 995
172 64010 0332 140
38 417122. 051
305308291320287
274.1
15, 855101463
4,381198278
4,463407139
1,5832 0891,753
45 8823, 8133,4381 3466,0206 6932 790
2,8662,8271 8291 2951 416
11 549
3,645
207 90938 306
169 6039 8912 337
33 689123.' 686
294291286292287
256 2
16 409118447
4,400218296
4,741463152
1,6152 2151, 744
36 9212 6322,684
5394,6905 2713 469
2,5021. 3601 490
6981 456
10 130
2,838
207 86536 061
171 8057 33Q2 139
26 337135. 999
329326330334300
288.3
r 17 088109720
4, 627198289
T 4, 735452114
1 6642 1642 016
29 184l'5172 610
7394 4704 9511 738
739782
1 259' 673
1 2018 505
3,261
168 92137 157
131 76410 0143 237
23 73094. 783
315330297328288
310.3
15 388101498
4, 171181265
4,326410102
1 5511 9981 785
39 6892 7063, 3471 1775 8636 8912 139
1,7321, 3581 6721 0811 129
10 594
3,868
170 73835 362
135 3767 6681 911
29 47396. 324
319328307318291
314.3
16 847120407
4,658180261
4,847455102
1 7622 2141 841
49 0814 8573 9341 9586 2776 3382 381
3,2522,3592 1841 1891 206
11 147
4,270
213 48841 139
172 3509 2402 355
35 691125. 064
323327317296288
309.5
4, 482
215 75343 32(5
172 4^711 2902 3i()
35 615193 17fi
T Revised. v Preliminary.cf Data, reported at the beginning of each month, are shown here for the previous month. fRevisions for 1944-November 1948 are shown on p. 21 of the May 1950 SURVEY.{Comparable 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." Data for January-July 1948 for the new components are available upon request.
§See note marked "I" above.
S-8 SURVEY OF CURRENT BUSINESS June 1050
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem- Decem-
ber ber
1950
January Febru-ary March April
DOMESTIC TRADE—Continued
POSTAL BUSINESS
Money orders:Domestic, issued (50 cities) :
Number _ .thousands _ ,Value thous. of dol__
Domestic, paid (50 cities):Number thousands. _Value thous. of dol. _
PERSONAL CONSUMPTIONEXPENDITURES
Seasonally adjusted quarterly totals at annual rates:Goods and services total bil of dol
Durable goods total doAutomobiles and parts doFurniture and household equipment do
Nondurable goods total doOlothing and shoes doFood and alcoholic beverages doGasoline and oil doSemi durable housefurnishings doTobacco doOther nondurable goods do
Services doHousehold operation do
PprsrmT] sorvicp doRecreation doTransportation doOther services do
RETAIL TRADE
All types of retail stores :fEstimated sales, unadjusted, total 9 __mil . of dol _
Durable-goods stores 9 - doAutomotive group 9 . _ - do_ _
Motor-vehicle dealers 9 doParts and accessor ioscf _ _ - _ do _
Building materials and hardware group cfmil. of dol__
Building materialscf - --- - - doFarm implements doHard wared1 - - do _
Homefurnishings group cf doFurniture and housefurnishings cf doHousehold appliances and radioscf _ _ _ d o
Jewelry storescf _._ . - do_ _
Nondurable-good stores 9 doApparel group cf do
Men's clothing and furnishingscf doWomen's apparel and accessories. doFamily and other apparelcf doShoes . do_
Drug stores doEating and drinking places 9 do
Food group 9 doGrocer v and. combination 9 doOther food 9 _ _ _ _ _ d o
Filling stations doGeneral-merchandise group§ _ do
Department, including mail-order§_^doGeneral, including general merchandise
with food _ _ mil. of dol _ .Dry goods and other general merchandise cf
mil. of d o l _ _Variety do
Other retail stores© d o _ _LiquorO - doOther§ do
Estimated sales (adjusted), total d o , _ _Durable-goods stores do
Automotive group _ do_Motor-vehicles dealers doParts and accessories do
Building materials and hardware groupmil. of doL_
Building materials doHardware do
Homefurnishings group doFurniture and housefurnishings doHousehold appliances and radios do__ _
Jewelry stores do
4,71891, 387
14, 106218, 673
11,1373,4692,0591,925
134
818482148188515307208
78
7, 668934203437124no300952
2,5832, 072
512524
1, 401920
162
136184974146828
10, 8143, 3141, 9141.779
135
78848317751630121596
4,31884, 477
13, 971197,015
10, 7633, 5202.0391.898
141
855523135197542328214
84
7,243757178348103127296944
2,4611,961
500550
1,303864
156
126157932132799
10, 7593, 3281, 8851.746
139
81350718353831122792
4,74384, 583
14,711207, 673
179.3
23. 69.9
10.03 7
99.819.359. 54 61.84 3
10.4
55.98. 1
16 83 74.05 2
18.0
10, 8093, 6012,0931,945
148
87454413919254332022391
7 20873619231 5
97132297932
2,4911,973
518552
1.270836
154
1231579301 30800
10. 6843, 3461, 9331, 798
135
79249617752830622293
I
4,04181, 320
12, 822185, 481
10. 2103, 3702. 0261,880
146
78848612817349027421666
6 8395301322267398
296945
2,5742,056
518573
1,058656
149
103151863130733
10, 5493, 3331,9491.813
136
76647317753330622785
3.96785, 093
13, 749203, 946
10, 6303, 6312,1652,019
145
851563121167541307234
75
6 998563118268
7899
293972
2. 5181 997
521563
1,190783
144
107156899126774
10.6693. 4802. 0811.947
134
78350116552929923087
4,17583. 785
13, 592201,534
179.7
25.711.011 23 5
97.617 958.84 61 84 3
10.1
56. 58 3
17 03 74. 15 2
18.3
10, 9983, 5262,0061,872
134
880591114174564316247
77
7 472' 788171373107136288958
2, 5662, 036
529551
1,347913
146
125162974138836
10. 8563, 5042, 0741.942
132
79651516854630224488
4, 55788, 798
14, 005207, 377
11,1253. 5962,0111,868
143
89860611617660333327084
7 529806186385112122295961
2, 5632,040
522567
1 . 377929
145
130173960148812
10. 6783, 5512,0941, 955
139
78150716658331826593
4,40983, 938
14, 397205, 209
1
10, 8723, 3481,7941 650
144
83556910016762135027197
7 524' 835209390121115286895
2,4841.978
506533
1,5041.040
143
136184988157832
10, 6303, 3341,8671,729
138
79853216557931826190
4,84490, 046
15,096209, 721
179.8
25.210.611.13 6
97.718.258.84.61.84.3
10.1
56.98.4
17.31 73.95.2
18.4
12, 8463 3781,5881,419
170
78047585
220776424352233
9 4681,208
345507187168384954
2, 8232,272
551540
2. 2641.500
178
209377
1,296258
1,037
10, 5033,1451,6751,534
141
79852417358933425583
4, 53189. 403
14, 463190, 987
9,5223, 0611,9071,799
108
619414
7812747225921264
6 4626061652618694
286875
2, 3361, 855
480487986654
112
92128885125760
10, 8553, 5582,0771, 941
136
80053116759233625589
4,96188, 510
12, 694181, 523
9,2813, 0541,8891.783
107
605400
7912549626722965
6 2275361312427588
272798
2,3001,851
449453980647
109
89135888123766
11,1013, 7422,2062, 061
144
82855316861633727893
5. 237107, 778
15,973225, 619
182. 7
26.911.112.43 4
98.117. 959.2
4. 71.94 3
10.3
57. 78 7
17 63 73.85 2
18. 7
r 11,062' 3,736
r 2, 3162,180
r 136
' 779'509
118152
T 574'316
25866
r 7 326762169361104128
r 298rS94
2 5752.074
501512
r 1. 241'844
128
113156
' 1.044139
' 905
' 11, 125T 3 734r 2, 187
2, 038r 149
r 851T 572
164T 608r 337
27189
4 93292. 858
13,354197 478
11,0643 7532 2502 110
140
1 876i 569
141167554311243721
7 311812
! 179374110
i 149290893
2, 528
! 2. 046'482523
1,298858
141
124i 175! 966i 134i 832
11.0723, 6762,131
1 1 , 982i 148
876592162576317259
! 93r Revised.tRevised series. 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 forward are shown beginning with the October 1949 SURVEY; specific periods for which the series have been revised are as stated in the notes below. Also in the October 1949 SURVEY, ad-justed dollar values for sales and inventories of all types of retail stores were substituted for the index numbers formerly shown; monthly data for 1946-48 for both the unadjusted and adjustedseries appear on pp. 21-23 of that issue. Unpublished revisions are available upon request. Revised data on sales of chain stores and mail-order houses for 1943-July 1948 are shown on p. 23 ofthe April 1950 SURVEY.
9 Revised beginning 1943. cf Revised beginning 1948. §Revised beginning 1947. ©Revised beginning 1945.
June iar>0 SURVEY OF CURRENT BUSINESS S-9
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
All types of retail storesf— ContinuedEstimated sales (adjusted), total — Continued
Nondurable-goods stores mil. of dolApparel group - __ _ do_ _
Men's clothing and furnishings doWomen's apparel and accessories ... doFamily and other apparel doShoes do _ _
Dni? stores doEating and drinking places _ d o _ _
Food group _ _ _ do.Grocery and combination doOther food- do..
Filling stations doGeneral-merchandise group do
Department, including mail-order doOther retail stores . —do. _
Estimated inventories (adjusted), total doDurable-goods stores do
Automotive group do_ -Building materials and hardware group
mil. of do!..Homefurnishings group doJewelry stores _ _ do
Nondurable-goods stores doApparel group - _ _ do..Drug stores doEating and drinking places-- do _ .Food group doFilling stations doGeneral-merchandise group doOther retail stores do
Chain stores and mail-order houses: tSales, estimated, total 9 do
Apparel group doMen's wear doWomen's wear _ _ do_ _Shoes do
Automotive parts and accessories _ _ _ _ . do__Building materials doDrug _ ___ do_Eating and drinking places doFurniture and housefurnishings doGeneral-merchandise group do
Department, dry goods, and general merchan-dise 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 group d* doMen's wearcf doWomen's weard"1 doShoescf do
Automotive parts and accessoriesd"1 doBuilding materialscf doDrue _ _ _ _ _ doEating and drinking places cf doFurniture and housefurnishingscf--- doGeneral-merchandise group c? do
Department, dry goods, and general mer-chandise d" 1935-39 = 100 —
Mail-ordercf _ . _ _ _ do .Variety cf do
Grocery and combination _ _ do -
Department stores:Accounts, collections, and sales by type of
payment:Accounts receivable, end of month:
Charge accounts 1941 average — 100Instalment accounts . . _ .do
Ratio of collections to accounts receivable:Charge accounts percentInstalment 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 doChicago _ _ _ _ _ _ doCleveland doDallas doKansas City doMinneapolis _ _ _ _ doNew York _ _ _ _ do __Philadelphia doRichmond _ _ _ _ _ _ _ _ _ _ _ d oSt Louis doSan Francisco L. . _ _ do
7,500801180380111130310973
2.5402,027
613534
1, 367905975
14, 4585, 6692.038
1,9381, 235
4588, 7891.794
588426
1.458328
2,8471,348
2.401308
46148904285675424
620
36886
155848
310.6304.5328. 8273. 4441.1246.9240.8306.5229.8233.2229.4288.3
349.3244.3221.2366.3
190152
5323
51418
295393256280304
r 378311295
T 239284
r310327
T 331
7,431800194366112128297920
2, 5392,033
506524
1, 376909975
14, 1395,3751,841
1,9351,139
4608,7641,798
581423
1,488333
2,7871,354
2,24023837
116664693665126
581
35186
132789
306.9308.4315.4291.1404.5241.1248.2325. 1225.2221.4236.6303.4
368.2269.6226.0368.7
191153
5322
50428
287365241277292373306279230277310328323
7,338772188355105124303923
2, 5272, 009
518526
1, 336885951
14, 1825, 3571,914
1,9041,086
4538,8251, 810
596423
1, 530347
2,7331, 386
2, 22623538
108704799665125
573
34782
132773
300. 5300. 9304. 3271.3392. 5235. 7235. 2325. 6225. 3223. 7231.8293. 1
356. 3258.7218.0358. 4
187152
5321
51427
268323232262265331284255224256287283314
7,216708179315
99115299926
2,5001, 989
511526
1, 304868953
13, 8625,2891,917
1,8821,039
4518,5731,716
571402
1,543347
2,6461,348
2,0951762288524987695223
501
30062
127797
274.7296.7284.9250.1368.8220.9248.0306. 6233. 8221.2244.2285.6
344.0256.7215. 0358.0
163151
4919
5239
9
218294155212214310249211155188236254280
7,18969516731497
117296915
2,5021,989
513528
1,317881936
13, 9325,3332, 051
1,840993449
8,5991,752
583398
1,529324
2,6751,338
2, 14418021935247
102665326
562
33090
132754
281.0300.5291.0245.1374. 9232. 5238. 2321.8223. 9224.9242.5294.5
358. 4262.9217.9360.8
,„155
5121
504010
238324173229234333275242171201243280313
7,352738173337104124293916
2,5402,032
508534
1,342897989
14, 3555, 5802,222
1,8691,047
4428,7751,806
596411
1,552327
2,7671, 316
2,307249
401177141
112645026
622
369105137778
314. 9306. ( )313.0291.9396. 6240.6222.5340. 5222.4214.5229. 4299. 3
363.8261.8225. 6368.1
182165
5220
49429
299381248296282404328307243280328335331
7, 127709165334
99111295904
2,4651, 964
501535
1,274851945
14, 4755, 7252,317
1,8701, 112
4268,7501,809
563396
1,550301
2,8431,288
2,35823938
1196244
113675129
637
381100145812
306.0294.0283.7228.5387.8210.6244.0336. 3220.0211.8248.7272.5
328.5232.3212.1358.8
191175
5320
484210
293395234271274414325314243279314331339
7,296762179360104119296900
2,5392,027
512536
1,297859966
14, 3365,5482,116
1,8651,130
4378,7881,780
555411
1,496287
2,9431,316
2,339236
43113
594399634929
669
378126155789
321.5301.0297.8264. 7390.5224.8223.9351.8215.7210.7229.3286.9
342.2255.8223.1365.6
213189
5420
48439
339425292324332442347310293355378378358
7,358747182342104119290937
2, 5192,024
495538
1,356911971
13, 6985,1121,740
1,7981,117
4578,5861, 768
541416
1,444277
2,8931,247
3,06835865
168966478945240
1,041
570140317906
389.7302.5301.0282.3383.0231. 1258. 8345. 6218.1209.0244.9295 4
346.7269.4235. 4361. 9
285214
5220
50428
481642418438465662505438401472541504565
7.297756194331107124305917
2,5111,994
517541
1,304867965
13, 9985 3521,973
1,8491 071
r 4598 6461 746
567392
1 489270
2 9431 239
1,8721623073453170635020
415
22871
108737
258.9299 8299.8280 8377 4236 5257. 6340 1220 9214 8256 5290 3
350.1245 2228 1356 0
r 222209
4918
4942
9
216285185205215313228188183197218232251
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
272.1306 1293. 6251 1371 3241 8266. 7336 0220. 7212 4251 5297 0
363. 8248 4226 4368 3
191207
4817
484210
2243221772042173272442101832()7934252973
T 7, 391740
T 178r328
105r!30
305r912
2,5992, 092
506540
1,282848
1,012
r 14, 282T 6, 259T 1, 696
T 1, 889r 1 197
T 477r 9, 023r 1. 856
r 582M20
r 1 595T 315
r 3,015T 1 240
' 2, 268r 243
39119'65'42r75
66T 50'25546
31194
131849
' 295. 3T 308 1••301.4r 250 7r 389. 7a-244 0r 264. 0r 331 1r 221 3r 209 3T 236 9r 291 8
r 354. 5251 9
r 222 3377 3
185209
5320
484210
257359207241256362277
T 2299 208
255283285
r 9U1
7 396752173348107124303914
2 5512, 058
492534
1 330892
1 013
14. 1635 2561, 616
1,9301.227
4778,8971, 799
539411
1,617322
2, 9761 333
2,33295938
124794488644924
598
36080
147844
311.8309 6304.2251 8398 7240 2265. 3330 4221 2214 6240 6293 3
362. 1237 9222 5378 6
" 286389
v 9419(»()9()Q
393P 304
278225
7; 27(i313316
!• 391r Revised. * Preliminary.fSee note marked "t" on p. S-8. ? Revised beginning 1943. cfRevised beginning 1948. -{Revised data for San Francisco for 1919-48 are shown on p. 21 of the May 1950 SURVEY.
S-10 SUEVEY OF CUR-BENT BUSINESS June 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
Department stores — ContinuedSales, adjusted, total U. S.J 1935-39 = 100. _
Atlanta^ . do - -Boston doChicago! doCleveland^- do_DallasJ doKansas Cityi do
Minneapolis^ doNew Yorkt . doPhiladelphia^ doRichmond t doSt. Louis do_ _San Francisco t do
Stocks, total U. S., end of month :JUnadjusted doAdjusted do_.
Mail-order and store sales:Total sales 2 companies thous of dol
Montgomery Ward & Co doSears, Roebuck & Co _ do_
Rural sales of general merchandise :tTotal U. S., unadjusted .1935-39=100..
East doSouth __ doMiddle West doFar West do
Total U. S , adjusted doEast _ _ ..doSouth _ _ doMiddle West... d o _ _ -Far West do _ _
WHOLESALE TRADE
Service and limited-function wholesalers :tSales, estimated Cunadj.), total mil. of dol._
Durable-goods establishments doNondurable-goods establishments do_ _ _
Inventories, estimated (unadj.), total doDurable-goods establishments _ doNondurable-goods establishments do
293389251277301374314
292-244
274r304
321'334
••286278
295, 754101,110194, 644
278.4265.7302.5264.8290.0290.9267. 3329.5271.3310.2
5,2361,7653,4717,2173,3413,876
291376243275295384309
273234271315335340
277273
292, 936100, 334192, 602
272. 4264.0287.7262.6283.2303.7294.0347.0296.4316.1
5,2201,7543,4666,9923,2223,770
285368242262281385309
266236269311314335
256265
284, 28990, 678
193,611
260.1244.1273.1251.5300.0293.2281.2333.5274.6331.5
5,2471,7353,5126, 8543,0923,762
280377227258274387304
261222261326325329
245256
240,12677, 005
163,121
209.1183.1228.2202.9249.9283.7274.1326.5271.6306.2
4,8561,5253, 3316, 8392,9703,869
283360234276269374299
269234268304326333
254253
280, 23395, 517
184,716
263.5235.9289.4250.3305.4287.4269. 0322.3270.3313.2
5,5511,7373,8146,8732,8484,025
289367241282279374312
276238277306332326
274263
316, 387106, 735209, 652
317.3285.3354.6305.1338.4286.9275.1311.6283.6295.8
5,8511,8434,0087,0022,8204,182
276376211258259387301
278223260295309337
297270
315, 329112,398202, 931
318.4278.7384.0297.6352.1266.2232.2300.5253.3313.3
5,7691,8423,9277,0072,7364,271
277367234262266371299
267227267305300319
305273
327, 785115, 727212,059
369.4371.7445. 2345 5363.6285.0266.1325. 4262.9290.0
5,9041 7624, 1427,0192,7334,286
293382239281283404322
293237276311330339
244271
434, 472150, 420284, 053
442.1408.2484.4417.1509.9312.2282.5350.3281.1325.2
5,6851 6883,9976,8882,7574,131
282376244274290396300
246229267300282316
244272
202, 61761, 458
141, 160
212.7191.8241.6203. 0231.1281.0253.0302.0270.7314 0
5,1651 4573 708
r 6, 9832 849
r 4, 134
280383229262271409301
284220276299300323
267279
206, 10463, 805
142, 299
229.0207.9270.7208.4237.5273.6242. 3294 2260.5317 9
5,0351 5833 452
r 7, 0542 908
r 4. 146
274374216265270389298
r 250217263
T 288297321
T 290r 285
268 48385 639
182, 845
258.7246.5290.2247 9269.2
' 273. 2246.5305.5260.9299.1
' 5, 7151 882
r 3 833' 7, 216
3 022' 4, 194
p292397
P244269299401
P307
278235
P281323319
^333
p294v 286
291 58094 751
196, 829
264.8249 0287. 0248 4290.9276 7250. 5312 6254 5311 1
5,1131 8163 2977,2583 0944,164
EMPLOYMENT AND POPULATIONPOPULATION
Population, continental United States:§Total, including armed forces _ thousands
Civilian population _ do
EMPLOYMENT
Employment status of noninstitutional population:Estimated number 14 years of age and over,
total thousandsMale doFemale _ _ ._ -do
Total labor force, including armed forces doArmed forces doCivilian labor force, total __ do
Male doFemale _._doEmployed do
Male doFemale _ do_ _A grirvtiltiirn,! employment finNonagricultural employment do
Unemployed do
Not in labor force __do
Employees in nonagri cultural establishments:!Total, unadjusted (U. S. Dept. of Labor)
thousands..Manufacturing do
Durable-goods industries doNondurable-goods industries do
Mining, total __ _ doMetal doAnthracite do .Bituminous coaL __ do._ _Crude-petroleum and natural-gas production
thousands..Nonmetallic mining and quarrying do
Contract construction _ _ doTransportation and public utilities do
Interstate railroads do__Local railways and bus lines doTelephone. _ do__Telegraph doGas and electric utilities do
' Revised. * Preliminary.JThe following revisions in the adjusted indexe
Minneapolis, 1946-March 1948; Kansas City, 1945-Mwicirms: fr>r XTpw Vnrlr and "R i r>h mrm (\ fnr 1Qd.fi Tanna
148, 639147, 145
109,37353, 76455, 609
62, 3271,492
60, 83543, 66817, 16757, 81941, 46316, 3567,820
49, 9993,016
47, 046
42, 96614. 1777,6566,521
98410378
446
25997
2,0363,9911, 387
161641
55507
s of departarch 1948;rir 1Q4Q or
148, 823147, 354
109, 45853, 79955, 659
63,4521,469
61,98343, 88618,09758, 69441, 52117, 1738,974
49, 7203,289
46, 006
42, 73113, 8777,4416,436
97410177
438
26098
2,1374,0211,416
159639
55509
ment-storePhiladelpl:P d \7Qi lah l
149,014147, 546
109, 54753, 83755, 710
64, 8661,468
63, 39844, 83218, 56659, 61942, 23317,3869,696
49, 9243,778
44, 683
42, 83513, 8847,3926,492
96810077
431
26298
2,2054,0311,410
159637
53515
sales appeiia, 1944-Mi nrirm ran
149,215147, 752
109, 66453, 89855, 766
65, 2781,463
63, 81545, 26718, 54859, 72042, 42217, 2989,647
50, 0734,095
44, 385
42, 57313, 7577,2556,502
9439576
410
26499
2,2774,0071,381
15863852
520
ar on p. 24arch 1948.np«t PUT
149,452147, 983
109, 76053,93955, 821
65, 1051,468
63, 63745, 16318, 47459, 94742, 64417, 3038,507
51, 4413,689
44, 655
42, 99414,1147,3026,812
9569476
425
26399
2,3413,9921,375
15763352
521
of the ApRevised c
149, 703148, 244
109, 86053, 98455, 876
64, 2221,459
62, 76344, 31918, 44459, 41142, 08517, 3268,158
51, 2543,351
45, 638
43, 46614,3127,4096,903
9489276
421
26199
2,3413, 9591,339
157625
50519
ril 1950 Suat a for Sar
149, 947148, 502
109, 97554, 03655, 939
64, 0211,445
62, 57643, 98818, 58859, 00141, 42617, 5757,710
51, 2903,576
45, 953
42, 60113, 8926, 9866,906
5936576
100
25696
2,3133,8711,257
15661949
514
RVEY: Atki Francisco
150, 183148, 747
110, 06354, 07555, 988
64, 3631,436
62, 92744, 09918, 82859, 51841, 78317, 7357,878
51, 6403,409
45, 701
42, 78413, 8077,0506, 757
9178377
407
25596
2,2443,8921,281
T 15561648
514
inta, 1944-for 1919-4$
150, 397148, 966
110, 16954, 12156,048
63, 4751,430
62, 04543, 76518, 28058, 55641, 29317, 2636,773
51, 7833,489
46, 694
43, 69414, 0337,3036,728
9409276
425
25394
2,0883,9301,333
15461248
513
April 1948;\ are show
150, 604149, 196
110, 25654, 16056, 096
62, 8351,408
61, 42743, 71517, 71256, 94740, 45316, 4946,198
50, 7494,480
47, 420
' 42, 125* 13, 980' 7, 342r 6, 638
'861'91
76••354
25189
1,919' 3, 869
1,31615360847
512
Chicago,n on p. 21
150, 808149, 442
110, 34454, 19656, 148
63, 0031,366
61, 63743, 76917, 86856, 95340, 34316, 6106,223
50, 7304,684
47, 342
' 41, 667' 13. 996' 7, 325r 6, 671
'6019177
'94
252'89
' 1, 860' 3, 841' 1, 290
15260546
511
1945- Aprilof the Maj
150, 998149, 653
110,44254, 23856, 204
63, 0211,346
61, 67543, 87917, 79657, 55140, 87716, 6746,675
50, 8774,123
47, 422
' 42, 263' 14, 094' 7, 418' 6, 676
' 930'92
'421
25190
r 1, 898' 3, 873
1,315152605
45513
1948; Cle\- 1950 SUR
110, 53654, 27956, 257
63,5131,330
62, 18344, 12018, 06358, 66841,49217, 1767,195
51,4733,515
47, 024
P 42, 794P 14, 113
v 7, 535p 6, 578
?935*91
p423
P Q 4p 2, 042p 3, 930
eland andVEY. Re-
visions for New York and Richmond for 1946-January 1949 are available upon request. Current revisions for Dallas are tentative, pending completion of the revision for earlier periods.Department-store sales indexes for the United States reflect all revisions in the districts and, therefore, are subject to further adjustment. Recent revisions of data on department-storestocks, by districts, are reflected in the U. S. total which is also subject to further revision. The indexes of rural sales of merchandise have been recomputed on a 1935-39 base; data through1948 appear in the 1949 STATISTICAL SUPPLEMENT. The series on wholesale trade have been revised back to 1939; monthly figures for 1946-48 and annual data beginning 1939 are shown onpp. 18-20 of the October 1949 SURVEY; unpublished revisions are available upon request.
§Data for 1947 and 1948 (shown in the 1949 STATISTICAL SUPPLEMENT) have been revised; revisions prior to August 1948 are available upon request.fRevised series. See note marked "f" on p. S-ll.
June i960 SUKVEY OF CURRENT BUSINESS S-ll
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
EMPLOYMENT AND POPULATION—Continued
EMPLOYMENT— Continued
Employees in nonagricultural establishments'!—Continued
"Unadjusted (U. S. Dept. of Labor)— ContinuedTrade thousands
Wholesale trade _ doRetail trade do
General-merchandise stores - doFood a n d liquor _ _ _ _ _ d o _Automotive and accessories dealers__.do
Finance _ _ .. doService 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 d o _ _ _ .Trade. do ___Finance doService doGovernment _ do
Production workers in manufacturing industries :fTotal (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 do_.Primary 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) ̂ __thous_ _ _
Heating apparatus (except electrical) andplumbers' supplies, thousands-
Machinery (except electrical) __ _ doElectrical machinery _ _ _ _ _ _ d oTransportation equipment . do
Automobiles. 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 do. _ .Dairy products doCanning and preserving doBakery products _ doBeverages do
Tobacco manufactures _ doTextile-mill products __do_. ..
Broad-woven fabric mills ___ do...Knitting 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. _ .do
Printing, publishing, and allied indus-tries thousands
Newspapers doCommercial printing do
Chemicals and allied products ..doIndustrial organic chemicals. _ doDrugs and medicines doPaints, pigments, and fillers do __ .
Products of petroleum and coal _doPetroleum refining _ _ do
Rubber products doTires and inner tubes. _ _ do
Leather and leather products _ doFootwear (except rubber) do
Manufacturing production-worker exmploymentindex, unadjusted (U. S. Dept. of Labor) f
1939=100-.Manufacturing production-worker employment
index, adjusted (Federal Reserve) t 1939=100
9,4782,5046,9741, 5151,204
6581,7574,768
451347150
5,775
43, 26314, 316
9872,1214,0089,5161,7484,7925,775
11,6166,262
23
659389268416105
1,028
545
47
706
1031,066
5601,012
6491929369
181343
5,3541,071
21710812518614082
1,100530207
1,008134
241289377196
4951401634951486144
18814919089
348228
141. 8
143.4
9,3422,4826,8601,4341, 203
6611,7634,804
464353153
5,813
43, 02714, 095
9752,1164,0249,4751,7544,8045,784
11,3246,057
21
672399259414106991
534
45
683
971,014
5389556011879267
177333
5,2671,095
22111513118814882
1,087526202.
956118
239257372194
4941411624761426043
18814918587
332216
138.2
140.8
9,3362,4916,8451,4011,208
6701,7744,834
487361154
5,803
42, 89614,007
9652,1004,0039,4561,7564,7865,823
11, 3376,022
21
686410257409105971
523
45
679
949775189956461878866
176333
5,3151,153
22612216919215284
1,083525203
959122
236258369192
4941421634641396043
18915018186
339223
138.4
139.9
9,2202,4726,7481,3561,201
6791,7804,851
511364151
5,738
42, 71113, 917
9392,1283,9689,3681,7554,7775,846
11,2115,894
19
676407253400101934
506
42
671
92939505
1,0146701928659
170313
5,3171,224
22712222019116982
1,057518200
942116
221263365188
4851411624531365941
18915017782
342226
136.9
138.9
9,2132,5156,6981,3371,181
6881,7804,836
504358144
5,763
42,86413, 979
9492,1673,9479,4201,7624,7885,852
11, 5615,947
18
686414263412107932
498
41
688
1009275079986781858047
169347
5,6141,350
22911633919416591
1,092530211
1,040131
235306371191
4861411614581356042
19015018081
356234
141.1
139.6
9,4092,5386,8711,4321,192
6921,7714, 833
475356147
5,893
43,06814, 108
9432,1883,9399,4531,7804,7855,872
11,7756,060
18
684416277414107938
499
42
708
110935531
1,0176861917456
172366
5,7151,340
23011032219615794
1,132547219
1,082133
246319384197
4951441634781406142
18914916764
354230
143.7
141.3
9,5052,5546,9511,4891,200
6961,7674,794
451350147
5,866
42, 16313, 706
5912,2033,8779,3861,7854,7705,845
11, 3685,651
18
689414284411108559
131
39
677
1169225489866661886953
174383
5,7171,273
23610423219914992
1,168565227
1, 083129
252308392200
5001441664881416244
18514818781
349224
138.8
136.6
9,6072,5387,0671,5881,208
704' 1, 766
4,768445348145
5,783
42, 38513, 695
9172,2003,8959,3031,7844,7685,820
11, 2895,719
17
692413283411108743
325
38
666
1139085468985821847151
174381
5,5701,185
24299
16019514689
1,184572230
1,028118
251280393201
5001451654851436244
18814818681
332208
137.8
136. 5
10, 1562,5427,6141,9871.217
7171,7704,738
443347143
6,041
42, 71013, 922
9402,1313,9309,4261,7884,7625, 811
11, 5045, 961
17
682404289412107955
507
41
688
1119295598965851846950
173361
5,5431,139
25196
13619014187
1,187574227
1, 040127
247296390200
5011451684841446244
18514618782
343224
140. 4
139.0
9,2462,5116,7351,3321,187
701r 1, 772
4,701-•428
347141
5,777
' 42, 544' 14, 016
'8672, 1093,901
' 9, 367r 1. 781
4,7485,784
' 11, 449' 6, 000
17
••642381289403106963
511
43
693
'107'937
561'978'675'184
6646
172'345
' 5, 4491,078
24495
11718613585
' 1, 177'568
223
' 1, 032130
'241'302
385199
493'142
1674801446244
18414518783
348'231
139.8
140.2
9,1542,4936,6611,3591,188
6991,7774,696'430
345140
5,742
' 42, 252' 14, 020
'610' 2, 090r 3, 874' 9, 325' 1, 786' 4, 768
5,779
' 11, 457' 5, 979
17
'651384297408108977
'512
'45
699
112'959'572'872'567
184'67
46'171
356
5, 4781,056
23297
10918813481
' 1, 184'572
223
' 1, 065135
'244'314
386199
495146
' 165'484
1445945
18314418783
'357235
' 139. 9
' 140. 1
' 9, 201' 2, 481' 6, 720' 1, 384' 1, 194
'697' 1, 790' 4, 708
'431345142
5,769
' 42, 73014, 120
'9362,0863,9069,3361,7904,7805,776
' 11, 549' 6, 070
18
'676399
'301410"109
'981
507
46
710
114'980'579'881
5781846744
'172'362
5,479'1,060
22999
109189139'78
' 1, 185575221
' 1, 058135
245305389200
'497147165
'4861455845
'18214318784
'357235
141.0
'141.2
* 9, 316P 2, 476v 6, 840P 1, 448P 1, 203
P701* 1, 801p 4, 755
v 5, 902
v 43, 134v 14, 245
P938P 2, 127v 3, 950p 9, 402p 1, 792p 4, 779p 5, 901
P 11, 556p 6, 177
pl8
P680
p303P416
p 1, 004
P723
p 1, 000P594p 900
pl73P366
p 5, 379p 1, 056
P76p 1, 172
P995
P390
p497
P489
P176
P189
P339
p 141.1
p 142. 6r Revised. Preliminary.
(1)
groups are shown on p. 24 of the November 1949 SUKVEY; revisionsldr the adjusted series on employees in nonlgTiculturaFe^^^SURVEY. All unpublished revisions are available upon request.
S-12 SURVEY OF CURKENT BUSINESS June 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem- October Novem-ber
Decem-ber
1950
January Febru-ary March April
EMPLOYMENT AND POPULATION—Continued
EMPLOYMENT— Continued
Miscellaneous employment data:Federal and State highways total § number
Construction (Federal and State) doMaintenance (State) -do. .
Federal civilian employees:United States _ _ _ ^ thousands -
District of Columbia do _ _Railway employees (class I steam railways) :
Total - - -thousandsIndexes:
Unadjusted 1935-39=100--Adjusted -- -- -do_
PAY ROLLS
Manufacturing production-worker pay roll index,unadjusted (U S. Dept of Labor) f 1939=100 -
LABOR CONDITIONS
Average weekly hours per worker (U. S. Dept. ofLabor) :f
All manufacturing industries hoursDurable-goods industries _ _ _ do
Ordnance and accessories doLumber and jwood products (except furni-
ture) _ -_ .hours.Sawmills and planing mills do
Furniture and fixtures _ do.- _Stone, clay, and glass products do
Glass and glass products __ __doPrimary metal industries _. do_ .
Blast furnaces, steel works, and rolling millshours _
Primary smelting and refining of nonferrousmetals hours
Fabricated metal prod, (except ordnance, ma-chinery, transportation equipment) _ . hours. _
Heating apparatus (except electrical) andplumbers' supplies __ hours
Machinery (except electrical) _ _ doElectrical machinery doTransportation equipment _ do
Automobiles doAircraft and parts _ doShip and boat building and repairs _ do_ __Railroad equipment do
Instruments and related products do __Miscellaneous 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 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 d o _ _ _Commercial printing do
Chemicals and allied products __ do _Industrial organic chemicals _do-__Drugs and medicines do _ _ _Paints, pigments, and fillers do _ _
Products of petroleum and coal doPetroleum refining do
Rubber products doTires and inner tubes do
Leather and leather products doFootwear (except rubber) do
Nonmanufacturing industries:Mining:
Metal _ doAnthracite - doBituminous coal. _ __ . _ d o _ _ _Crude-petroleum and natural-gas production:
Petroleum and natural- gas productionhours- -
Nonmetallic mining and quarrying... do __Contract construction do
Nonbuilding construction doBuilding construction do
238, 60580, 881
111, 169
1,922215
1,245
119.1121.0
319.2
38.439.036.7
40.540.638.739.338.238.4
39.4
41.3
38.7
36.639.138.538.738.639.438.238.639.339.0
37.640.639.944.636.542.040.934.735.735.235.1
34.434.5
35.233.440.341.2
38.437.639.340.638.840.141.140.139.836.935.435.835.1
42.630.637.4
39.943.337.340.136.4
268, 525106, 743113, 965
1,933216
1,267
121.2121.7
312.8
38.639.040.3
41.141.138.539.639.138.0
38.7
40.7
39.0
37.139.238.838.237.340.538.139.239.539.0
38.141.340.745.237.442.141.835.735.434.635.3
35.534.2
36.135.040.441.1
38.737.839.740.739.240.440.740.740.537.736.335.134.0
42.234.137.5
40.644.338.541.737.2
295, 071124, 025120, 469
1,929217
1,261
120.6119.0
315.7
38.839.239.7
40.740.739.039.438.937.6
37.7
40.5
39.2
37.339.239.039.539.440.538.439.039.239.4
38.541.640.445.838.342.242.138.036.335.736.2
35.433.3
35.834.640. 741.1
38.737.440.040.839.240.241.240.239.938.236.636.536.0
40.623.430.7
39.743.838.541.937.1
314, 414137, 965124,931
1,923217
1,238
118.4116.0
312.8
38.838.840.3
39.439.338.638.737.936.9
36.4
39.1
39.3
37.739.038.739.940.339.938.437.739.039.0
38.742.241.845.739.742.242.737.436.636.336.3
35.433.4
36.133.941.141.8
38.637.139.840.639.340.040.940.740.438.436.637.036.8
39.435.025.1
40.343.438.642.237.1
327, 536146, 144128, 631
1,915214
1,231
117.8115.4
323.0
39.139.339.7
40.740.840.539.639.037.6
37.6
39.4
39.6
39.539.139.139.739.840.237.338.439.038.9
38.941.741. C45.040.841.541.438.737.637.637.0
35.733.5
36.434.241.842.6
38.536.839.640.539.240.041.140.339.838 336.037.236.7
39 523.426.1
40.144.338 742.437.2
320,842143, 585125, 032
1,886213
1,196
114.2111.5
335.1
39 639.640.3
40.740.641.039 638.237.6
37.1
39 6
40.2
40 339 340.040 140.440 637.738.139.540 2
39 641.841 644.440 142 140 738 938 638.537 8
36.835 4
36 935 842 643.0
39.137.539 941 439.840 441.541.140 540 339.136 836.0
39 631 827 0
40.443.237 740.936.5
310, 606137, 971122, 022
1,846211
1,116
106.9103.4
320.9
39.739.940.3
41.741.641.740.439.537.5
34.0
40.7
40.1
41.439.240.439.139.040.536.438.539.840.7
39.641.741.144.240.041.640.538.239.439.638.9
36.534.3
37.534.243.143.7
38.637.539.541.739.940.641.441.040.339 437.336.535.1
40 139.231.9
41.244.238 341.836.9
278, 309107, 399120, 798
1,835211
1,141
109.2108.2
313.9
39.139.040.2
41.041.041.240.039.236.4
34.4
39.4
39.2
40.038.540.037.336.241.534.838.340.040.9
39.341.642.943.937.141.440.138.039.539.838.4
35.732.9
36.833.643.043.6
38.637.239.341.540.040.741.040.040 038 436.935 133.3
35 735 734 1
40.042.737 139.936.1
240, 05972, 406
117, 596
1,8291213
1,183
112.7114.5
329. 3
39.840.140.7
41.340.842.240.339.739.4
39.3
40.5
40.5
40.539.740.638.938.241.238.438.7
'40.040.9
39.541.443.444.136.641.339.7
'38.039.840.337.6
35.934.7
36 834.542.943.6
39.338.140.341.640.240.641.039.939 739 237.337 136.2
42 022 025 4
40.042.436 438.335.8
220, 00054, 603
115, 154
1,8011 213
1,180
112.8117.3
329.2
39.740.040.2
'39.2'38.3'41.1r39.8
39.739.5
39.3
'41.3
'40.3
39.739.840.5
MO. 5'40.9
40.7'37.8
38.039.7
'40.2
'39.441.4
'42.9'44.5
38.2'41.1'39.7
38.039.440.036.8
'36.0'35.4
'36.2'35.0
42.243.0
'38.5'36.5
40.041.3
. 40.340.6
' 41.040.7
'40 739 4
'38.437 7
'37.4
42 323 9
'24.5
'41.8'41.4
35 237.434.8
213, 82548, 858
114, 714
1,8011213
' 1, 154
' 110.3' 113.0
' 329. 9
39.740.140.4
'39.9'39.4
41.6'40.0
39.8'39.6
39.3
'40.3
'40.3
39.740.440.5
'39.6'39.5
40.7'37.3
39.339.840.2
39.340.740.443.937.841.6
'39.7'36.2
39.640.1
'37.2
36.636.9
36.4'35.8
42.543.4
'38.3'36.6
39.4'41.0
40.040.841.339.939 7
r 39 7'38.5
38 137.8
42 320 6
' 24 5
'38.2'41.1
34 337.633.6
225 91860 333
114, 891
2 1. 940i 2 214
p 1, 177
v 112. 5f 115.3
333.5
39 7'40.2'40.6
'40.339.9
'41.8'40 1
39.938.9
37.4
40 7
40.4
40 140 6
'40.640 240.440 538.239 240.0
'40 3
'39 240.740 243.736 941 739 9
'36 639 239.837 0
'36.537 7
36 235 6
r 42 643.4
'38.636 939 6
r 41 i40 040 941 7
'39.739 6
r 39 337.8
r 37 937.4
41 541 539 3
37.041 435 238.434.6
2 1,9391 2 214
p 1,217
» 116 4*> 118. 3
?39 7p 40 8^40.4
*>40. 8
p41 2f 40 1
*>40 4
^40.5
P 41 lv 40 5p 42 0
» 39 7p 40 2
P 38 5^40.4
f 34 7P 37 9
P35.2
p 42 2
^38.4
p 41 0
*>40.6
p 4.0 7
p 36 0
'Revised. » Preliminary. J Data include all of Fairfax County, Virginia, and Montgomery and Prince Georges Counties, Maryland.2 Data for the United States include 145,055 decennial census enumerators for March and 130,873 for April; the number of such employees is not available for the District of Columbia§Total includes State engineering, supervisory, and administrative employees not shown separately.tRevised series. See note marked "t" on p. S-ll.
June 1950 SURVEY OF CURRENT BUSINESS S-13
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
EMPLOYMENT AND POPULATION—Continued
LABOR CONDITIONS— Continued
Average weekly hours per worker, etc. f— ContinuedNonmanufacturing industries — Continued
Transportation and public utilities:Local railways and bus lines _ . __ hours .Telephone _ doTelegraph doGas and electric utilities do _ .
Trade:Wholesale trade doRetail trade:
General-merchandise stores doFood arid 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 numberWorkers involved thousands
In effect during month:Work stoppages numberWorkers involved _ _ thousands
Man-days idle during month doPercent of available working time
U. S. Employment Service placement activities:Nonagricultural placements thousands _ _
Unemployment compensation (Soc. Sec. Admin.):Initial claims thousandsContinued claims doBenefit payments:
Beneficiaries, weekly average. . _ doAmount of payments thous. of dol
Veterans' unemployment allowances:Initial claims _ _ thousandsContinued claims. __ do._
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 thousands
Discharges _ doLay-offs doQuits _ _ ___ ___ doMilitary and miscellaneous do
WAGES
Average weekly earnings (U. S. Department ofLabor) :f
All manufacturing industries. dollarsDurable-goods industries do
Ordnance and accessories. _ doLumber and wood products (except furni-
ture) dollarsSawmills 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 dollars
Primary smelting and refining of nonferrousmetals dollars
Fabricated metal prod, (except ordnance, ma-chinery, transportation equipment) . dollars _ _
Heating apparatus (except electrical) andplumbers' supplies dollars
Machinery (except electrical) doElectrical machinery _ _ _ _ _ _ d oTransportation equipment do
Automobiles.. ___ doAircraft and parts. doShip and boat building and repairs. _ _ d oRailroad equipment . do__
Instruments and related products doMiscellaneous mfg. industries _ _ do
Nondurable-goods industries doFood and kindred products do
Meat products _ doDairy products do_Canning and preserving _ doBakery products doBeverages d o _ _ _
Tobacco manufactures _ ._ _ doTextile-mill products . do
Broad-woven fabric mills doKnitting mills _ do
45.238.245.341.3
40.6
36*. 640.045.7
44.241.842.4
360160
531208
1,880.3
363
1,8007,886
1,598136, 558
2992,608
59250, 423
2.94.8.2
2.81.7.1
53.8057.2154.13
51 5252.2947 6053.3755.3960.83
64.69
61.95
56.19
53.9959.5555.5963.5864.7760.9962.5062.4254.5148.95
49.6752.3354.9854.1043.0751.0762.2935.1542. 2041.0839.87
44.938.645.241.3
40.7
36.339.745.8
44.742.442.7
449231
678309
3, 430.5
403
1,6628,366
1,718146, 712
3312,358
53944, 618
3.55.2.2
3.31.6.1
54.0857.2159.32
52 9453.7647 5953 9056.8160 08
63 24
61.05
56.67
54.6159.7055.9963.0363.2262.9861.6163.3954.8348.83
50.4153.4456.1754.4743.6551.6164.5436.2741.9140.5240.07
46.038.445 041.3
40.6
36.840.445.5
44.141.642.3
377572
632673
4,470.6
400
1,5228,778
1,809154, 695
4462,486
58645, 797
4.44.3.2
2.51.5.1
54.5157.8258.72
52 9153.5648 3653.5855.9859.82
62.21
60.71
57.39
54.7259.9456. 1665.4966.9462.9462. 8262.7154.6149.72
50 9753. 6255.8755.2342.6352.2965.5938 5742.9842.0940.73
45.138.545.441.3
40.8
37.241.145.6
44.141.541.0
343110
603249
2,350.4
369
1,3837,467
1,717148,767
2792,569
58248, 939
3.53.8.2
2.11.4.1
54.6357.3159.64
50-7551.2547.8652.9455.2258.63
59.88
59.00
57.61
54.8559.6756.0066.2768.6762.0861.9460.3254. 3748.75
51 5554. 6958.0255. 7143.5952.6268.7938 1943 2642.8740.44
44.738.445 141.4
40.7
37.241.145. 6
44.240.839.5
365134
643232
2,1403
452
1,2528,353
1,952170, 629
52936113
24, 135
4.44 0.3
1 81.8
1
54.7057.8958.44
52 8753. 5349 6954. 1756. 0859.45
61.33
58.39
58.13
57.6359. 8656. 7365 9067. 7862.0760.0562.0554 254S 51
51 3153 0056.8754 7244.2751. 8366 2438 5844 3744 4141.11
44.338.644.541.4
40.7
36.640.245.5
44.141.241.7
287507
536603
6,270.9
466
1,0137,084
1,744154, 079
3138583
8, 775
4.14 2.2
1.82.1.1
55.7258.6959. 76
52 8353.3550 7254 7355.8960.42
62.07
59.24
59.25
59.5660.4457. 8867 1369. 3363 5861.0061 8455 2650 57
52 5953 6357. 7855 2844 7952.8864 9238 3945 8245 7442.22
44.238.744.541.7
40.9
36.440.345.9
44.241.141.1
256570
475977
17, 5002 7
418
1,3638,363
1,528135, 707
31265
625,467
3.74 1.2
2 31.5.1
55.2658. 1759.97
54 1754.5451 4255. 5157. 0458 35
55.90
59.87
58. 51
55.5860.2157 9764 7565. 8763 6759.1162 4956 0851 44
59 4753 8356 5154 7645 9252.2964 4037 8647 0447 5243.68
44.138.843.741.5
40.6
36.340.145.6
44.040.940.9
19757
388914
6,2701 0
350
1,5457,584
1,698152, 170
2926860
5 291
3.34 0.2
2 51.2
1
54.4356.8257.82
52 4852.8950 7255 2857.1957 48
56 48
58 43
56.88
59.3259.2157 3661 9261.0366 6956. 9763 1656 5251 70
52 0754 1660 2353 9541 2952. 1263 6038 4647 2047 7643.28
44.538. 443 741.8
40.9
38.140.345.8
43.841.241.0
17046
323417
1 3509
312
1, 6308,259
1,889170, 580
2928061
5 474
3.23 2
21 91.0
1
56.0459 1960 85
52 6652.3152 5055 6558.1662 92
64 65
59 60
59.66
60.3961 3058 6365 3165 4466 4162.8663 3956 8452 23
52 6954 5760 9854 2943 2652. 1603 1 238 7647 6448 4042'. 34
M4.238.544.1
Ml. 7
40.6
' 36. 9r 40. 0T 45. 8
M3.941.5
Ml. 2
225185
340300
2,600.4
305
1, 7259,000
2,078186, 383
2928966
5, 753
3.63. 1.2
1. 71.1.1
56.2959. 4060. 70
M8 02T 47. 38r 51 13T 55. 32r 59. 31
63.79
r 65 83T 62 07
r 59. 93r 59. 23
61 57r 58 44r 68 12r 70 14
65 20r 61. 46r 61 60
56 49r 51 78
r 52 91r 54 94r 60 19r 55 67r 45 15r 52. 07r 63 52r 39 95r 47 36r 48 16T 4L 73
44.438.644.1
Ml. 3
40.2
r36. 740.0
M5.4
43.840.939.9
21075
325515
7, 8501 3
289
1, 2408,068
2,027167, 212
2325863
5, 009
3.23.0.2
1. 71.0. 1
56.3759.4760.88
50 7950.8352 1255.6059.2263.44
64.81
59 93
* 59. 68
59.55r 62. 70
58 52T gg 41r 67 47
65 65r 60. 95r 64 61r 56 75T 51 62
53 06r 54 13r 56 12
54 88r 45 10
53. 00r 64 12r 38 41T 47 84
48 12r 43'. 38
44.238.544. 141.3
40.3
36.739.945.7
43.741.040.6
26080
400530
3,750.5
368
1,2948, 261
r 2, 098r 187, 215
2027558
5, 713
r 3.6r 2 9
2
1.21
r 56. 53r 59 78r 61. 31
T 52 1951.8752 38
r 55 7059.09
r 62 32
61 60
61 01
«• 59. 75
60.31r 63 34T 58 79r 67 54
69 2565 2962.5363 0757 28
T 51 91
r 53 0854 5056 0854 54
r 45 0553.1765 00
T oq 01r 47 39
47 76r 43! 51
400160
550300
3, 1505
406
1,5436, 656
1, 558138, 954
1418743
3 838
P3. 5P 2 9
P 2P 1 3P! 3
P 56 89p 61 04p 60 88
p 52 71
P 51 38v 55 78
•P 65 08
p 60. 02
p 64 57P 58 64p 71 57
P 56 77p 51 74
P 52 24P 54 34
p oo 97p 45 63
r Revised. v Preliminary. fRevised series. See note marked "f" on p. S-ll.
S-14 SURVEY OF CURRENT BUSINESS June 1050
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
EMPLOYMENT AND POPULATION—Continued
WAGES— Continued
Average weekly earningsf — ContinuedAll manufacturing industries— Continued
Nondurable-goods industries — ContinuedApparel and other finished textile products
dollars. -Men's and boys' suits and coats. - doMen's and boys' furnishings and work
clothing __ dollarsWomen's outerwear do
Paper and allied products doPulp, paper, and paperboard mills do
Printing, publishing, and allied industriesdollars.-
Newspapers _ _ do -Commercial printing do
Chemicals and allied products doIndustrial organic chemicals __ do _Drugs and medicines doPaints, pigments, and fillers _ do _ _
Products of petroleum and coal doPetroleum refining _ . _ . do.
Rubber products doTires and inner tubes -. . _ do.
Leather and leather products doFootwear (except rubber) do ._
Nonmanufacturing 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 __
Trade:Wholesale trade. do . _ _Retail trade:
General-merchandise stores . _ _ d oFood and liquor doAutomotive and accessories dealers. ..do
Finance:Banks and trust companies. .do _.
Service:Hotels, year-round do__Laundries doCleaning and dyeing plants do. _ _
Average hourly earnings (U. S. Department ofLabor) :f
All manufacturing 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. -
Fabricated metal prod, (except ordnance, ma-chinery, transportation equipment)_dollars- _
Heating apparatus (except electrical) andplumbers' supplies dollars. _
Machinery (except electrical) doElectrical machinery. - do -Transportation equipment do
Automobiles . do. .Aircraft and parts - doShip and boat building and repairs. ._doRailroad equipment . do
Instruments and related products doMiscellaneous mfg. industries . _ do
Nondurable-goods industries . _ _ _ _ _ d oFood and kindred products do
Meat products doDairy products . doCanning and preserving doBakery products do. .Beverages do
Tobacco manufactures do .Textile-mill products do
Broad-woven fabric mills doKnitting mills . . _ ...do .
r Revised. ? Preliminary. fRevised series.
39.5346.30
32.4945. 4253. 4857. 35
69.3978. 4368.4257. 4559. 1755. 7859.9271.2673. 9555. 5060. 9240.7438.68
64.7156.8272.33
70. 3056.3869.8668.4770.33
64.6450.5863. 3762.82
57.12
34.2649.0859.50
43.49
32.3535.2442.15
1.4011.4671.475
1.2721.2881.2301.3581.4501.584
1.642
1.500
1.452
1.4751.5231.4441.6431.6781.5481.6361.6171.3871. 255
1.3211.2891.3781.2131.1801.2161.5231.0131.1821.1671.136
See note
39.9446.00
33. 3645.6153. 7357.58
70.4080.0269.5158.2060.0956.6859.2272.1275. 2157. 0863. 2040. 0537.37
63.7263.6372.98
71.7858.1771.7071.4271.81
64.4851.8463.6963.40
57.83
34.8548.9960.00
44.05
32.9936.0443.17
1.4011.4671.472
1.2881.3081.2361.3611.4531.581
1.634
1.500
1.453
1.4721.5231.4431.6501.6951.5551.6171.6171.3881.252
1.3231.2941.3801.2051.1671.2261.5441.0161.1841.1711.135
marked "-
40.1143.86
32.7646.3354.5457. 95
70.4778.7370.8059.0860. 5656. 2859. PO71.8474.7358. 2964.0941.4639.24
60.5345.2859.90
70.5957.8271.4171.3471.44
66.0151.4662.9663.64
57.49
35.6250.2659.70
43.10
32.8535.3242.17
1.4051.4751.479
1.3001.3161.2401.3601.4391.591
1.650
1.499
1.464
1.4671.5291.4401.6581.6991.5541.6361.6081.3931.262
1.3241.2891.3831.2061.1131.2391. 5581.0151.1841.1791.125
" on p. S-
41.0344.93
33. 0348.5155.5759.65
70.4578.0270.0559.4461.5056.4059.3173.5976.6058.3764.4541.7439.93
58.7566.0847.94
72.5456.7771.5572.2071.28
65.2151.9063.9764.02
58.18
35.8651.1359.83
43.80
32.9035.0340.43
1.4081.4771.480
1.2881.3041.2401.3681.4571.589
1.645
1.489
1.466
1.4551.5301.4471.6611.7041.6071.6131.6001.3941.250
1.3321.2961.3881.2191.0981.2471.6111.0211.1821.1811.114
LI.
41.9544.96
32.8050.4056.2660.32
70.6977.8069.6658. 7760.6856. 3259. 5172.3875. 1057.7262.3242.0040.04
58.1842.8049.51
70.7457.8672.1372.5671.95
64.4651.5763.6463.92
57.10
35.7551.0059.55
43.10
32.9334.2738.63
1.3991.4731.472
1.2991.3121.2301.3681.4381.581
1.631
1.482
1.468
1.4591.5311.4511.6601.7031.5441.6101.6161.3911.247
1.3191.2711.3871.2161.0851.2491.600.997
1.1801.1811.111
44.0147.90
33.8753. 1357.6461.06
72.0280.1470.2259. 6662.3356. 9660.8874.4777.1161.0169.9541.9939.74
58.9659.2452.46
72.4056.6870.7370.8270.69
64.5552. 6162.8364.75
57.35
35.1750.5759.51
43.62
32.9034.6941.28
1.4071.4821.483
1.2981.3141.2371.3821.4631.607
1.673
1.496
1.474
1.4781.5381.447.674.716.566.618.623.399.258
.328
.283
.3891.2451.1171.2561.595.987
1.1871.1881.117
42.6346.20
34.3549.4958.3662.10
71.2280.0669.8459.5162.2057. 1660.9074.0976.1359.5764.8341.7238.61
59.6375.8163.10
73.8757.7772.0672.7171.80
64.3153.2962.9765.72
58.36
34.6450.2559.39
43.94
32.8434.5740.15
1.3921.4581.488
1.2991.3111.2331.3741.4441.556
1.644
1.471
1.459
1.4791.5361.4351.6561.6891.5721.6241.6231.4091.264
1.3251.2911.3751.2391.1481.2571.590.991
1.1941.2001.123
40.3844.48
33. 8245.80
.58.3162.09
70.9179.0569.3659.4362.4457. 5160.4372.1275.4457.9163.9140.0836.40
52.7367.9468.17
71.2055.7770.1269.9070.21
64.1754.4062.0565.03
57.86
34.3050.3758.78
43.96
33.1334.2339.96
1.3921.4571.488
1.2801.2901.2311.3821.4591.579
1.642
1.483
1.451
1.4831.5381.4341.6601.6861.6071.6371.6491.4131.264
1.3251.3021.4071.2291.1131.2591.5861.0121.1951.2001.127
41.8246.64
33.8249. 1358.0962.09
72.2781.5071.1759 7862.7557.2160. 8071.7474. 8359. 0464. 7942.0339.20
62.9642.2248.74
71.5255.0869.7568. 1570.26
65.10r 52. 49
62.2366.04
58.20
36.1250.5458. 26
43.95
33.2434.7740.47
.408
.476
.495
.275
.2821.2441.3811.4651.597
1.645
1.479
1.473
1.4911.5441.4441.6791.7131.6121.6371.6381.4211.277
1.3341.3181.4061.2311.1821.2631. 5901.0191. 1971.2011.126
' 42. 70r 47. 72
r 33. 63r 50. 86• 57. 56r61.62
r 70. 49r 76. 43r 70. 80' 60. 05r 63. 63' 57. 37
r 73. 79* 77. 41r 60. 52«• 67. 70' 42. 90r 40. 77
' 64. 1744.60
r 47. 36
T 76. 24r 53. 36
68.0165.5668.76
' 65. 1153.1362.84
' 66. 09
>• 58. 14
«• 35. 68' 50. 68r 58. 72
' 45. 29
' 33. 06' 35. 15«• 40. 75
1.4181.4851.510
1.2251.237
r 1. 244r 1. 390' 1. 494
1.615
r 1. 675
r 1. 503
r 1. 487
* I. 4921.547
' 1. 443T 1. 682r 1.715' 1. 602r 1. 626r 1. 621
1.423r 1. 288
1.343r 1- 327r 1. 403r 1. 251
1.1821.2671.600
' 1. 0331.202
T 1. 204' 1. 134
44.43r 49. 56
35. 71r 52. 77
57. 7261.63
r 70. 86r 77. 04r 70. 64r 59. 78
62. 5658. 22
' 61. 91r 71. «2
74.99r 60. 94r 67. 80r 44. 01r 42. 18
r 63. 4140.23
' 48. 04
r 68. 3854.0167.2666. 6367. 23
' 65. 4553.7362.97
r 64. 84
' 58. 17
r35. 2350.92
r 57. 89
45.57
33.3834.44
* 39. 06
1.420.483.507
.273
.290
. 253
.390
.4881.602
1.649
1.487
' 1.481
.500r 1. 552
.445r .677r .708
1.613' .634r 1. 644r .426T .284
1. 350r 1. 330* 1. 389
1.250' 1. 193
1.2741.615
••1.061r 1. 208
1.200' 1. 166
r 43. 7351.05
35. 7350. 30
T 58. 0661.85
r 72. 0778. 6771 32
r 60. 1362. 6058. 6962. 59
r 71 . 6675. 04
- 60. 1766 30
* 44. 0842.15
69 4280.0179 15
65. 9354. 6569.2768. 1269. 55
65. 4253.0162. 9364.96
58. 68
35. 1650.8759.04
45.41
32.8234.6940.11
* 1. 4241.4871.510
1.2951. 3001.253
r 1 . 3891.481
r 1. 602
1.647
1.499
1.479
1.5041. 5601.4481.6801.714.612.637.609.432
r .288
r .354.339. 395.248
1.2211.2751. 629
r 1. 0741.2091. 2001.176
P 40. 87
p 57. 52
p 71.81
p 60. 31
p 73. 57
P 64. 75
Ml. 87
P 1.433p 1. 496p 1.507
p 1. 292
p 1.247P 1.391
P 1.611
p 1. 482
P 1.571p 1.448p 1. 704
p 1.430p 1. 287
p 1.357P 1. 345
p 1. 103p 1.204
June 1950 SUKVEY OF CURRENT BUSINESS S-15
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
EMPLOYMENT AND POPULATION—Continued
WAG ES— -Continued
Average hourly earnings, etc. f— ContinuedAll manufacturing industries — Continued
Nondurable-goods industries— ContinuedApparel and other finished textile products
dollars __Men's and boys' suits and coats doMen's and boys' furnishings and work
clothing _ dollars _Women's outerwear do
Paper and allied products doPulp, paper, and paperboard mills do
Printing, publishing, and allied industriesdollars __
Newspapers _ _ _ doCommercial printing do
Chemicals and allied products doIndustrial organic chemicals doDrugs and medicines doPaints, pigments, and fillers do
Products of petroleum and coaL doPetroleum refining do
*Rubber products doTires and inner tubes do
Leather and leather products » doFootwear (except rubber) 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
Trade:Wholesale trade do_- -Retail trade:
General-merchandise stores doFood 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 hr__Skilled labor do
Farm wage rates, without board or room (quar-terly)* dol per hr
Railway wages (average, class I) doRoad-building wages, common labor do
1.1491.342
.9231.3601.3271.392
1.8072.0861.7411.4151.5251.3911. 4581.7771.8581.5041.7211.1381.102
1.5191.8571.934
1.7621.3021 8721.7091 934
1.4301.3241.3991.521
1.407
.9361.2271.302
732.843.994
1.4282.378
711.3801.06
1.1251.345
.9241.3031.3301.401
1.8192.1171.7511.4301.5331.4031.4551.7721.8571.5141. 7411.1411.099
1.5101.8661.946
1.7681.3131.8641.7121. 930
1.4361.3431.4091.535
1.421
.9601.2341.310
.738
.8501.011
1.4312.384
1.389
1. 1331.317
.9151.3391. 3401.410
1.8212.1051.7701. 4481.5451.4001.4541.7871. 8731.5261.7511. 1361.090
1.4911 9351.951
1.7781.3201.8561.7041.924
1.4351.3401.3991.541
1.416
.9681.2441.312
745.849.997
1.4412.394
1.375
1.1591.306
.9151.4311.3521.427
1.8252.1031. 7601.4641.5651.4101.4501.8081. 8961.5201.7611.1281.085
1.4911.8881.910
1.8001.3081.8561.7121.922
1.4461.3481.4091.550
1.426
.9641.2441.312
.746
.844
.986
1.4652.412
.741.3921.16
1. 1751.342
.9011. 4651.3461.416
1.8362.1141.7591.4511. 5481.4081.4481. 7961.8871. 5071.7311.1291.091
1.4731.8291.897
1.7641.3061.8621.7121.932
1.4421.3431.4111.544
1.403
.9611.2441.306
.745
.840
.978
1.4702.434
1.373
1.1961.353
.9181.4841.3531.420
1.8422.1371.7601. 4411. 5661.4101.4671.8121.9041.5141.7891.1411.104
1.4891 . 8631.943
1.7921.3121.8741. 7301.938
1. 4571.3631.4121.564
1.409
.9611.2581.308
746.842.990
1.4782 453
1.565
1. 1C81.347
.9161.4471.3541.421
1.8452.1351.7681.4271.5591.4081.4711.8071.8891.5121.7381.1431.100
1.4871.9341.978
1.7931.3071.8811.7411.944
1.4551.3771.4151.576
1.427
.9521.2471.294
.743
.841
.977
1.4782.458
.641.5621.17
1.1311.352
.9191.3631. 3561.424
1.8372.1251.7651. 4321.5611.4131.4741.8031.8861. 5081. 7321.1421.093
1.4771.9031.999
1.7801. 3061.8911.7541.947
1.4551.4021.4201.567
1.425
.9451 2561.289
753.837.977
1.4782 462
1 569
1.1651.344
.9191.4241.3541.424
1.8392. 1391.7661.4371. 5611.4091.4831. 7981.885i. 5061.7371. 1331.083
1.4991.9191.919
1.7881.2991.9171.7771.964
1. 4631.3671.4241.580
1.423
.9481 2541.272
759844
.987
1.4782 462
1 572
1.186r 1. 348
.9291.4531.3641.433
1.8312. 0941.7701.4541.5791.4131.4931.8131.9021.5361. 7631. 1381.090
'1.5171. 866' 1. 933
1.824' 1. 289
1.9321. 7531.976
r 1.4731.3801.425
' 1. 585
r 1. 432
T .967' 1 267' 1. 282
r 753T .847'.989
1.4852 462
751 5741 17
1.214r 1. 343
.981r 1. 474
1.3581.420
1.8502.1051.7931.4581.5641.4271.4991.8001.8891. 5351. 7611.1551.116
r 1. 4991. 953
T 1. 961
1.790r 1.314
1. 9611.7722.001
f 1 4741.3921 428
r 1. 570r 1. 447
r .960r 1 273r 1. 275
762.842
r .979
1.4852 466
1 601
* 1. 1981.354
.9871. 413
>• 1.3631. 425
r 1.8672.132.801
* .463. 565.435.501
r .805.895
r 5311.754
' 1. 1631.127
1. 5041 9282.014
1. 7821.3201 9681.7742 010
1 4801 3771 4271.573
1 456
.9581 2751.292
751846
.988
1.4862 469
v 1. 161
v 1. 363
» 1.870
p 1.471
p 1.812
p 1 591
p 1. 163
1. 4932 478
70
1 13
FINANCE
BANKING
Acceptances and commercial paper outstanding:Bankers' acceptances ..mil. of doL.Commercial paper do
Agricultural loans outstanding of agencies super-vised by the Farm Credit Administration:
Total mil. of dol-Farm mortgage loans, total do _
Federal land banks doLand Bank Commissioner do
Loans to cooperatives _- _ _ do.Short-term creditor do
Bank debits, total (141 centers) _ doNew 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 _ ___ _ _ doUnited States Government securities do
Gold certificate reserves _ ._. _.doLiabilities, total do
Deposits, total _ __ _ _ _ do _Member-bank reserve balances do. _
Excess reserves (estimated) doFederal Reserve notes in circulation _ do. _ _
Reserve ratio percent-.
204249
/;i\
262537
89, 20635 83253, 374
47, 39621, 737
30321. 09423, 09947 39621, 30419, 076
63823, 327
51.8 1
195219
(')0)(00)
252565
88, 96936, 97451, 995
45, 48320, 092
24719, 70423, 11645. 48319, 58218, 024
79423, 346
53.8
198199
1,78694688065
250591
98, 27642 89055, 386
45, 50219, 696
10319, 34323, 24545 50219, 24617, 867
94823, 373
54.5
194211
0)0)(i)0)
258600
88, 35336, 46751,886
44, 93719,239
31718,52923, 28544, 93718, 96817, 437
75223, 305
55.1
189230
0)0)(i)0)
261590
88, 53636, 07052, 466
44,19218, 225
53117, 52423, 36244, 19218, 03616,5121,175
23, 27356.6
207265
1,791951890
62281559
90, 25737, 19153, 066
44, 32318,415
10918, 01023, 35044, 32318,17315, 947
77123, 278
56.3 |
215278
C1)(i)C1)<>>
306506
90, 74736 33454, 413
43, 51317, 860
28317,31623, 32043 51317, 63215, 850
58923, 247
57.0
251278
ffi0)u
313471
88 58835 24953 339
44, 27218, 267
32217, 68223, 23244 27217, 79316 038
67123, 373
56.4
272257
1,712956899
57306450
106 27445 78160, 493
45, 64319, 499
7818, 88523, 17645 64318 90616 568] 018
23 48354.7
280258
0)(1)0)>
294453
95 33638 96256 374
44, 19418,326
14517. 82723 16844 19418 34816 211
69822 926
56.1
256257
0)(i)C1)0)
279476
86 27335 72750, 546
44, 09718, 226
13017, 74623, 12044 09718 06415, 973
58322 974
56.3
245258
1,74496991653
265510
104 02743 11260' 915
43, 56818, 070
22517, 59223 02043 56817 79615 657
r 5Q7
22 91156.6
237257
0)(1)(1)0)
255540
91 71437 02554 689
43, 89518, 301
11317, 79623 03543 89518 08315 878
p 66622 880
56.2r Revised. *> Preliminary.1 Beginning July 1,1948, farm mortgage loan data are reported quarterly.fRevised series. See note marked "f" on p. S-ll.§Rate as of May 1,1950: Common labor, $1.511; skilled labor, $2.485.*New series. Comparable data prior to January 1948 are not available.c?In accordance with Public Law 38,81st Congress, the Regional Agricultural Credit Corporation of Washington, D.
Farmers Home Administration.C., was dissolved and as of April 16,1949, its assets were transferred to the
S-16 SUEVEY OF CURRENT BUSINESS June 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Fe^' March April
FINANCE— Continued
BANKING— Continued
Federal Reserve weekly reporting member banks,condition, Wednesday nearest end of month:
Deposits.Demand adjusted mil. ofdolDemand, 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 doCertificates doBonds and guaranteed obligations doNotes -. _ - - _ . _ - _ _ d o ..
Other securities- doLoans, total do
Commercial, industrial, and agricultural .doTo brokers and dealers in securities -do .Other loans for purchasing or carrying securities
mil. ofdol..Real-estate loans doLoans of banks ... _ doOther loans do
Money and interest rates :cfBank rates to customers: f
In New York City percent
In 11 southern and western cities doDiscount 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 davs (N. Y. S. E.) do. ._Call loans, renewal (N. Y. S. E) doYield on U. S. Govt. securities:
3-month 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 month... mil. of dol__Instalment credit, total do
Sale credit, total . _ doAutomobile dealers doDepartment stores and mail-order houses
mil. of doL.Furniture stores _. . do .Household-appliance stores doJewelry stores ... doAll other retail stores do
Cash loans, total do_ .Commercial banks doCredit unions __ ._ doIndustrial banks doIndustrial-loan companies doInsured repair and modernization loans
mil. of doL.Small-loan companies doMiscellaneous lenders do
Charge accounts __ ... doSingle-pavment loans 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. ofdol
Receipts net doCustoms _ _ _ doIncome and profits taxes doEmployment taxes _ _ _ doMiscellaneous internal revenue doAll other receipts do
Expenditures, total t do _.Interest on public debt doVeterans Administration .. _ do ..National defense and related activities}-- doAll other expenditures | _do
46, 175
45, 7373, 5481, 188
15, 226
14, 485648
9,20336, 945
32 9511 ^274 712
25, 458954
4, 35424, 01014,162
1 , 328
6174,078
2633,863
1.504.082.04
1.191.561.631.63
1. 1551.53
10, 5503,314
15, 5958, 6304,5172,241
760683351123359
4,1131,749
323207163
727815131
3. 2322,764
969
278583329
146
2,3061,340
291,308
81644244
3, 151178548
1,0801,345
46, 364
46, 1283 683
79015. 283
14,513667
9, 70338. 525
34. 0352 1055, 225
25, 734971
4, 49023,81113, 4761,678
6284,092
3333,904
1.504.082.04
1.191.561.631.63
1.1561.49
10, 6003,294
15, 8438,8884, 7182,386
771704367123367
4, 1701,788
333213165
722818131
3, 2352, 739
981
288603528
135
2,7511,945
281,544
410656114
3,104125614
1,0111,354
46, 093
45, 8053, 3611,356
15,375
14, 596664
9, 52638, 699
34, 1491,7935,274
26, 132950
4, 55023, 88313,181
1,955
6574,118
2923,981
2.352 863.171.504.082.04
1.191.561.631.63
1.1581.42
10, 7183,277
16, 1249,1234, 8702,499
774718382124373
4, 2531, 836
346219167
726827132
3,2742,752
975
303683828
140
4,9284,767
283,819
137704240
4, 6561,570
5251,2101,350
46, 282
45, 6853,4321,591
15,282
14,520641
10, 03240, 637
35, 7732 6035, 716
26, 3941,0604, 864
23, 1 5912. 8261,520
6634, 143
2644,049
1.504.082.04
1.061.561. 631.63
.9901.26
10, 7533,266
16, 1989, 3355,0102,610
766730405121378
4,3251, 866
357225169
732843133
3,1232,768
972
282593528
155
2,0611,946
251,209
65653110
3,434322494
1,0401,578
46, 737
46, 4163, 3672,196
15, 270
14, 502647
10, 09542, 288
37, 3073,2606,392
26, 5361,1194,981
23, 49112,9651,609
6654,185
2734,102
1.504.082.04
1.061.441.631.63
1.0271.26
10, 7863,248
16, 4539,6225,2232, 761
781755417121388
4,3991,897
369230171
747851134
3, 0642,799
968
294663729
143
2,9172,479
321,568
404749165
3,585125522
1, 1731,765
46, 457
46, 4653, 1652, 636
15, 255
14, 501632
10, 06542, 064
37, 0042, 6087,181
26, 0911,1245, 060
23 99813. 384
1,668
6384,207
2334,178
2.322.643 071.504.082.04
1.061.381.631.63
1.062i 1.34
10, 8303, 230
16, 8039,8995, 4382, 876
818784435121404
4,4611, 922
379235172
763855135
3,1232,808
973
278653427
128
4,8854, 832
333,893
144714101
3,995544859
1,0321,560
46, 848
46, 8673,2992,335
15, 228
14, 500605
10, 68742, 341
37, 3882,6187, 273
26, 3471, 1504, 953
24, 32513, 6941,618
5974,246
2074,266
1.504.082.04
1.061.381.631.63
1. 0441 1.38
10, 8603,215
17, 22310, 1665,6612,986
855822454123421
4,5051,936
385239172
780858135
3,1972,866
994
272593426
134
1,9931,881
351,060
6575379
3,111255502
1,0061,348
47, 648
48, 0373,2552,117
15, 162
14,431608
10, 30542, 226
37, 2482, 3457, 257
26, 4701, 1764,978
24, 61313. 775
1, 623
6264,299
2144,393
1.504.082.04
1.061.381.631.63
1. 07311.37
10, 2963,199
17, 81510, 441
5, 8803, 085
906858464127440
4, 5611,944
394244173
794875137
3,4542,927
993
269643628
161
2,7272,344
371,489
356722124
3, 1272306
5471,0631,211
48, 253
48, 8573, 2961, 955
15, 288
14, 537621
10, 72942, 527
37, 4692,5446, 856
24, 6373,4325,058
24, 89413, 9041,608
5994,342
3194,445
2.382.673.031.504.082.04
1.061.311.631.63
1.097* 1. 37
11, 0873,182
18, 77910, 8906, 2403,144
1,0109355001631488J
4, 6501, 951
4022501 75
801929142
3, 909T 2, 988
992
280694131
232
4,2554,191
353,214
139720147
3,7222 1, 008
4891,1001,125
47, 767
47. 6003, 4562, 322
15, 333
14, 578627
10, 39442, 780
37, 5952,7626, 152
24, 7963. 8855, 185
24, 48613, 918
1, 364
5734, 396
1544,455
1.504.082.00
1.061.311.631.63
1.100i 1.39
11,1793,183
18, 34410, 8366,1743, 179
975902491637
4, 6621,957
404251175
802931142
3, 5063,002
997
269593727
131
3,4803, 366
372, 545
67645186
3.3232463
5161,0541,290
46, 926
47, 1933,4542,302
15, 377
14, 647609
10,41542, 090
36, 7742,2125. 071
24. 8624, 6295, 316
24, 74113,834
1, 529
5704,413
3024,470
2.292.553.121.504.082.00
1.061.311.631.63
1. 130i 1.44
11,2373,177
r 18, 126r 10, 884'6.2133.256
r958891492616
M. 6711,973
408254174
'792928142
3, 2333, 001
T 1, 008
r268613425
126
3,6072,972
352,342
54459988
2,4962161
502944889
46, 162
45, 8483.4312. 691
15. 397
14. 660617
9.99441,677
36. 1181. 7684. 638
24. 0165, 6965, 559
24, 8S613. 790
1 , 670
5884. 465
2124, 540
1.504.082.00
1.061.311. 631.63
1. 140i 1. 45
11,325'3, 168
p 18, 304p 11.079
P 6, 334p 3. 355
* 960p S99p 502
P618
p 4. 745f 2, 026
*421v 258P 176
f 785f 936p 143
p.3. 211p 3. 009P 1, 005
p336p 78p 4 3P31
P163
5,6224,820
434,429
36270188
3, 2692636
5881, 061
983
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. 164i 1.45
11, 363P 3, 153
p 18, 629p 11, 321
p 6, 513p 3, 468
p976p913p516p630
p 4, 808p 2, 068
P431P262pl78
P780p945P 144
^3,241p 3, 061p 1, 006
p307p70p37*>28
P154
2,0921,488
341,267
93629
692,847
2 184509977
1,177r Revised. » Preliminary. 1 Series was changed on September 12 to t
notes of March 15, 1954 and \1A percent Treasury notes of March 15, 1955.cfFor bond yields see p. S-19.1 Re vised series. Bank rates to customers have been revised to reflect ajSee note at bottom of p. S-17 of the May 1950 SURVEY for data on recen
wo bond issues (2 percent December 1952-54 and 2^i percent March 1956-58) and on April 1 to \% peri2 Beginning November 1949, data represents interest due and payable; previously, interest paid.
change in the reporting form; for the series shown here no revisions were made prior to June 1948.t revisions.
•cent Treasury
June 1950 SUEVEY OF CURRENT BUSINESS S-17
1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey April May June July
1949
August Septem-ber October Novem-
berDecem-
ber January
19
Febru-ary
50
March April
FINANCE—Continued
FEDERAL GOVERNMENT FINANCE— Con.
Debt, gross:Public debt (direct), end of month, total
mil. of doL.Interest-bearing, total.. _ do
Public issues doSpecial 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 doRedemptions _. 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 doU S Government securities doOther securities doLand structures, and equipment 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 Government 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 _ _ - __ _ _ _ doStates, territories, and political subdivisions doUnited Kingdom and Republic of the Philippines
mil. of do l__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), totalj 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. .. doOther admitted 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 _ _ do _ _East North Central.. doWest North Central doSouth Atlantic doEast South Central doWest South Central do_Mountain.-- _ _ _ doPacific do
Institute of Life Insurance:Payments to policyholders and beneficiaries,
estimated total thous of dolDeath claim payments doMatured endowments. _ doDisability payments doAnnuity payments doPolicy dividends do_Surrender values _ _ _ d o . _ _
251, 530249, 509217, 67631, 8332,021
23
56, 103454398
i 1, 465
362124
U38138
18248337
56, 58951,323
50, 58936, 56716, 80914, 7618,5942,8558,309
695r 9, 429
8868,5441,841
995r 1, 064
1,852182414
1,25684
30226712214152
10641
141
285, 303124, 88937, 9608,013
19, 25646, 34848, 837
251, 889249, 890217, 97531,9142,000
23
56, 195433415
i 1,419
380123
i 13830
17953137
56, 87251, 498
50, 83336, 57816, 59114, 5428,6862,8538,447
7319,557
9038,6551,8531,0071,106
1,861185431
1,24583
29425811814153
10843
147
274, 398119, 04337, 3187,385
19, 99842, 06148, 593
252, 770250, 762217, 98632, 7762,009
27
56, 333485451
22, 23211 7703,847
980120364
4368
6, 108488
1, 1402,0043, 5082,946
865
2,377
26865
1,487
17219 682
1,458
38412311730
17459237
57, 23351, 921
51, 14336, 80916, 37714, 3378,9772,8658, 591
6769,713
9158,7971, 8661,0281,052
1,890242396
1, 25281
28926312713552
11445
145
304, 428124, 88842, 6368,347
20, 86856, 11851, 571
253, 877251, 880218, 83133, 049
1,996
26
56, 522511425
1,522
39912211730
17364337
57, 50352, 251
51, 36436, 95116, 14914, 1069,0902,8618,851
6509,828
9288,9001.8781,0421,015
1,657179356
1,12273
263235113124469940
130
267, 451115, 81034, 227
7,47519,97042, 99046, 979
255, 852253, 921220, 56333, 3581,931
27
56, 602449439
1,603
41612311730
17670338
57, 76852, 390
51, 58936,91116,01613, 9749,1342,8558,906
7039,971
9389, 0331,8921,0451, 066
1,778250381
1,14769
24924311613250
10842
138
286, 005130, 18835, 5057,912
18, 73943, 82849, 893
256, 680254, 756220, 84233, 9141,923
29
56, 663398411
22 59411 7203 6171 123
120407
4347
6 090494
1 5962,0693 5012,933
775
1,957
28856
1,074
17720, 460
1,670
43412211730
16776237
58, 08252, 640
51, 85836, 98415, 98713, 8839,1532,8568,989
69210, 117
9489,1701,9041,0591,101
1,718249384
1,08567
23423111212349
10138
128
276, 238115, 71136, 0277,641
19, 85647, 32949, 674
256, 778254, 876221, 06633, 8101,901
28
56, 729388396
1,737
44312111730
16582437
58, 40752, 903
52, 13437, 06415, 90513, 7819,1962,8579,106
72410, 234
9589,2761,9151,0771, 120
1,861267416
1, 178
277251111137539940
134
276, 422121, 36538, 5658, 136
20, 07839, 72948, 549
256, 982255, 124221, 29533, 8291,858
29
56, 774383415
1,825
47211811729
16189137
58, 69953, 171
52, 38937, 16215, 79713, 6829,2612,8599,244
69710, 388
9669,4221,9251,0901,127
1,901308395
1,19883
278256113140
5210241
133
276 654120, 82838, 559
7 86719, 68938, 63851. 073
257, 130255, 019221,12333, 8962,111
29
56, 910495466
23, 73312 733
4 3621,251
114462
4442
6,090484
1 5492,0473 4922,962
950
2,520
28772
1,720
18321 030
1,874
481114112
29
14995137
59, 28053, 652
52, 87937, 39715, 92113, 7799,3142,8649,298
70610, 569
9789, 5911,9341,1021, 171
2, 195504360
1,33186
28928013315658
11752
160
339, 057132, 67337, 9338 534
17, 09783, 64059. 180
256, 865254, 869221,36733, 502
1,997
27
57. 108707618
1,951
50011411129
1471,012
37
59, 78153, 911
53, 18437,41115, 88113,7439.3202, 8669, 345
85210, 691
9879.7041,9431, 1131,173
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, 098
2,218
24
57, 446524510
2,043
516112110
27
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
225,718253, 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
1.3448H
31727712115960
12048
154
295 802128, 73140, 2167 884
19, 88846, 46352. 620
r Revised. 1 Includes railroad securities acquired from PWA.{See corresponding note on p. S-17 of the March 1950 SURVEY.
S-18 SURVEY OF CURRENT BUSINESS June 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
FINANCE—Continued
LIFE INSURANCE— Continued
Life Insurance Association of America:Premium collections (39 cos.), totaLthous. of dol__
Accident and health doAnnuities doGroup doIndustrial _ doOrdinary do
MONETARY STATISTICS
Gold and silver:Gold:
Monetary stock, U. S mil. o fdo l__Net release from earmark§ thous. of dolGold exports doGold imports do
9, . , ei o e y 4... _
Canada doUnited States J do
Silver:Exports do -Imports . -. doPrice at New York dol per fine ozProduction:
Canadarf thous of fine ozMexico doUnited States do
Money supply:Currency in circulation mil. of dolDeposits, adjusted, all banks, and currency out-
side banks, total Q _ _ mil. of dolCurrency outside banks doDeposits, adjusted, total, including U. S. de-
positsO mil. ofdoLDemand 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 City ratio of debits to depositsOther leading cities do -
PROFITS AND DIVIDENDS (QUARTERLY)
Manufacturing corporations (Federal Reserve):*Profits after taxes total (200 cos ) 9 mil of dol
Durable goods total (106 cos ) 9 doPrimary metals and products (39 cos ) 9 doMachinery (27 cos ) 9 doAutomobiles and equipment (15 cos ) 9 do
Nondurable goods total (94 cos ) 9 doFood and kindred products (28 cos ) doChemicals and allied products (26 cos ) 9 doPetroleum refining (14 cos ) do
Dividends total (200 cos ) doDurable goods (106 cos ) doNondurable goods (94 cos ) 9 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 ._ _. doMunicipal, State, etc do
Foreign doRefunding, total _. . do_.
Domestic, total _ doCorporate doFederal agencies __ doMunicipal, State, etc do
Securities and Exchange Commission: tEstimated 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* doPublic utility! doRailroad _ doCommunication* ._ .. d o _ _Real estate and financial do
Noncorporate, total _. doU. S. Government doState and municipal do
406, 24626, 39147, 37732, 18258, 258
242, 038
24, 332-17, 741
12,01925, 61 560 81637 94111, 4425,674
4,7832,825.715
1 2464,0003 341
27, 417
167, 50024, 900
142, 60082, 40058, 100
27.618.6
r952r906r 906r 684
33190
0r 46r46
1441
1,606
1,423515133
50
698313236184659
908717190
437, 03331, 65546, 49734, 90567, 835
256, 141
24, 34237, 7751,612
11,14263 17138 90211, 6355,623
51412, 190
.715
1 4994,4003 614
27, 507
167, 60025, 000
142, 60082, 50058, 200
28.318 5
75768168129551
3350
76763138
7
1,493
1,3512466082
38879
195493
391,105
759346
499, 25532, 95563, 10234, 69075, 018
293, 490
24, 466121, 632
5,48312,38964 82339, 30712,0155,529
1,81810, 237
.715
2,1984, 3002,676
27, 493
167, 93025, 286
142, 66481,87758, 483
29.818.7
r 726T 470r 144r 218r 256
54r 83
92354188166
180
1,6441,5501 5351,196
24315
15949431621
2,672
2,5411, 126
7457
1 , 25717053745
38776
1.4151,099
316
372, 94328, 17114, 31630, 36260,330
239, 764
24, 520-19,936
6, 890137, 98663, 10239, 96611,4215,728
11,9106,824.715
1, 7353,5002 349
27, 394
167, 90024, 900
143, 00083, 10058, 400
28.718.5
765685441432
90
244797822560
2, 327
2,268415
4614
475193124511434
1 , 8521,606
245
434, 47232, 92750, 96537, 53565, 659
247, 386
24, 608-208,540
11,563268, 936
66, 22440, 38012, 5696,505
2,0906,056
.719
1,1964,6002,909
27, 393
170,00025, 100
144, 90083, 40058, 400
25.517.1
617309291117
017418
308204
8195
1
2,079
2,0121054621
17327952006
1,9071 608
198
465, 99529, 96452. 86530, 48575, 341
277, 340
24, 602-154,799
15,857114, 00265 40039 36612, 7356, 239
1605,628.732
1, 1444,7002,167
27, 412r 170, 100
24, 900T 145, 200
r 83, 10058, 400
28.018.6
r799r 508r 130
75r 267T 292
63r 105
86331184147
173
70751951012769
31410
18818838
1464
1,612
1 5501133527
1741287161224
1, 438894327
414, 06831, 11653, 96432, 97363, 054
232, 961
24, 584-89, 117
2,39758, 52765, 42239,01212, 8047,306
867,508.733
1,8944,0002 884
27, 407r 171, 200
24, 900r 146, 300
r 84, 30058, 400
27.318.5
823675639405
023436
1481489153
4
1,667
1 5623456145
45188
191411242
1,216978238
435, 49931, fi°751,9<o31, 60661, 410
258, 883
24, 479-63, 939
2, 99810, 62966, 14038, 50912, 6597,385
1846,370.733
1,5043,8003,101
27, 543T 171, 300
25, 100r 146, 200
r 85, 00058, 000
27.219.1
489379379150
0229
o109109355222
1,183
1 1021434436
2C>337
132101611
959707251
653, 74242, 178
115, 20740, 929
108, 014346, 914
24, 427-59,399
10,1118.697
63, 65338, 49213, 0586,609
6804,060
.733
1,7184,8003, 193
27, 600r 173, 030
r 25, 415
r 147,615r 85, 750r 58, 616
32.520.0
76642410091
200342
64r 115
109629380249
195
731513513315
0198
02182181055657
1,759
1 60233612335
49350
30931
611 2661 Oil
2on
483, 24832, 28479, 11851,21372, 425
248, 208
24, 395-93, 162
7,22346, 201
38, 78012, 3875,869
478, 065
.733
1,1963,7002,965
20, 941
v 172, 900p 24, 500
p 148, 400p 86, 400v 58, 700
28.618.9
1,18581781755330
2330
369269108159
1
2,059
1 9464624370
57527
2JO94
20612
1 4831 118
235
469, 51732, 14564, 43534, 44466, 613
r 271, 880
24, 345-50,411
4,1194,350
36,41412, 2755,506
304,355.733
1, 3854,1002,496
27. 068
* 172,400P 24, 700
p 147,700* 84, 500* 59, 000
29.318.9
79970270014613
5413
97822057
5
1, 585
1 5251544712
21362
104120
211 371
810546
558, 51039, 69667, 70142, 88679, 324
328, 903
24, 246-95, 432
4, 3382, 706
13, 4136,084
1106,317.731
3,721
r 27, 042
p 171, 500P 24, 600
p 146, 900P 83, 300p 59, 300
29.419.3
•p 852P 529» 175
T 86r 234P323
p 51P 122
P 91P 387P 220P 166
P 230
1,06076975036521
36319
292229168583
1,866
1 772452
6430
54750
21010818
1321 320
886366
420, 37133, 12351, 56631,55358, 570
245, 559
p 24, 247-59,175
2,13055,419
6,717
623,412.718
p 27, 047
P171.800p 24, 600
p 147, 200p 84, 500P 5 9, 500
29.719.4
70054052032723
17020
16016089656
1,241
1 04523513561
43119
232272385
810633176
r Revised. p Preliminary.§Or increase in earmarked gold (—). ^Revisions for January-May 1948 for United States and total gold production are shown in the August 1949 SURVEY, p. S-18. Revisions for January-
July 1948 for securities issued (SEC data) are available upon request.cf Revised data for January-August 1948 are shown in the November 1949 SURVEY, p. S-18. QU. S. Government deposits at Federal Reserve banks are not included.
. Data on profits and dividends cover large manufacturing corporations (total assets end of 1946, $10,000,000 and over); quarterly averages for 1939-48, and quarterly data for1946-March 1948 are shown on p. 23 of this issue of the SURVEY. Data on securities issued for manufacturing and communication for January 1948-January 1949 are available upon request.
fRcvised series. Data (covering electric, gas, and water companies) are available beginning January 1948.9 Profits and dividends revisions for manufacturing for first quarter of 1949 are as follows (mil. of dol.): Profits—200 cos., 808; durable—106 cos., 487; 39 cos., 204; 27 cos., 79; 15 cos., 177; non-
June 1950 SURVEY OF CUKKENT BUSINESS S-19
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
FINANCE—Continued
SECURITIES ISSUED— Continued
Securities and Exchange Commissiont — ContinuedNew corporate security issues:
Estimated net proceeds, total mil. of doL_Proposed uses of proceeds:
New money, total doPlant and equipment _ _ do ___Working capital ___ _ do.-
Retirement of debt and stock, total. _doFunded debt _ _ _ _ _.doOther debt doPreferred stock _ do . _
Other purposes doProposed uses by major groups:
Manufacturing, total*. _ _ doNow money doRetirement of debt and stock do
Public utility, total t -- do_._New money doRetirement of debt and stock _ do ___
Railroad, total doNew money _. do ...Retirement 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 _ do _Money 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:
High grade (11 bonds) dol per $100 bondMedium grade:
Composite (12 bonds) doIndustrial (4 bonds) doPublic utility (4 bonds) doRailroad (4 bonds) do
Domestic municipal (15 bonds) doU. S. Treasury bonds, taxable do
Sales: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 issuescf mil. of dol._
Domestic doForeign do
Face value, total, all issuescf 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 cities) doStandard and Poor's Corp. (15 bonds) do
U. S. Treasury bonds, taxable do
688
553402151127
1126
07
310192117231225
717170
45450
5851
2
198, 762110, 200
209368
626542329
100.56101.0172.18
101.0
91.798.095.681.6
129.0101. 65
53, 18976, 590
50, 45972, 458
66, 8393
66, 83654, 95311, 804
132, 098130, 392
1,455131,360129, 094
2,016
3.00
2.702.793.053.45
2.782.963.27
2.132.202.38
380
3402548533131557
78707
1901692149490330
39285
349, 55761, 224
173380
660••535
355
100. 49100. 9372.20
101.0
91.998.995.781.2
129.0101. 62
50, 76767, 997
47, 43163, 601
62, 2845
62, 27954, 8477,350
132, 029130, 326
1,452131, 381129, 120
2,011
3.00
2.712.783.043.45
2.782.953.26
2.212.202.38
1,244
1,07495811616140
11649
1678186
5314715445450
385385
0766016
324, 825120, 040
169552
280681528493
100. 98101.4571.40
100.9
91.798.796.380.0
127.5101. 72
49, 00467, 171
46, 16563, 433
64, 25730
64, 22758, 1336,035
131, 686130, 000
1,432130, 402128, 146
2,006
3.00
2.712.783.043.47
2.782.933.29
2.202.282.38
468
4303933730181218
19117911
122120
251510
14140
339
16
244, 17367, 450
199660
690530399
101.40101.8671.77
102.0
91.898.696.979.9
127.9103. 29
72, 61587, 224
69, 94184, 074
64, 02131
63, 99058, 7795,166
132, 813131,124
1,436130, 975128, 724
2,001
2.98
2.672.753.033.46
2.752.893.29
2.132.262.27
168
1401192124
71704
2615
9288
42013700065
0)
218, 662196, 516
216420
699548404
101. 82102. 2872. 07
103.0
92.698.297.781.9
129.1103. 63
60, 73778, 549
57, 10873, 916
66, 22352
66, 17159, 3886,769
133, 643131, 956
1, 432131, 254129, 017
1,988
2.92
2.622.712.963.40
2 702.863.21
2.122.202.24
171
118873140192
2012
1282
85512716160
1239
23221
332, 957105, 586
153371
740r 580
418
101.80102. 2771.82
103.1
93.399.098.882.1
128.6103. 86
47, 46859, 560
44, 46955, 721
55, 41361
55, 35247, 1698,166
132, 210130, 535
1,422129, 874127, 644
1,981
2.90
2.602.692.953.37
2 682.843.19
2.162.222.22
445
272229
438858291
84
864617
187976541410
1211
0)41
50
230, 82246, 514
128244
783586416
101. 81102. 2772.48
102 8
93.799.999.282.0
128.8103. 90
51, 48068, 959
47, 93864, 706
63, 93412
63, 92256, 4947,412
132, 221130, 509
1,458129, 870127, 608
2,012
2.90
2 612 702 943.36
2 682 833.20
2 132.212.22
219
163134
293818200
18
361515
129106141010o
16142
11100
265, 519119,155
237294
813596445
102. 00102. 4572.92
103 2
93.5100 399.580 8
129.6104. 22
64 64684, 467
60, 15779, 064
74, 6920
74, 69267, 065
7,598
132, 445130, 726
1,463129, 854127, 597
2,007
2 89
2 602 682 933.35
2 672 813.20
2 112.172.20
484
336226111827561
66
5048
23031717231274220
6059
0)
255, 707126, 144
198284
306881633523
102. 43102 8973.70
103 7
94 5101 0100 182 2
130.3104. 36
84 642111 120
80, 274105, 909
99, 08022
99, 05891 0637,938
128, 464126, 755
1,452125, 410123, 190
1,970
2.86
2 582 672 893.31
2 652 793 14
2 082.132.19
567
423394
2910439531239
26223
20614630932766
204202
2124
0)
248, 176178, 972
154237
901669493
102. 11102. 5674.46
104 0
96.3101.8100.686.4
131.3104. 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
209
15311142413083
15
614712
103732912120000
219
(')
570, 664167, 048
103230
953669522
101.95102. 3874.80
104.0
96.4102.0100.986.5
131.7103. 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
r 367, 726r 100, 279
140364
1,018666579
101. 78102. 2075.48
104 1
96.6102.3100.886.7
131.5103. 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
421
30025941
1143170146
18152
226187392723
423221
842061
172, 712114,088
142342
1,084678619
101. 53101. 9475. 81
131. 2102. 87
77, 91697, 114
75, 10193, 378
85, 11724
85, 09376, 453
8, 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
' Revised. 1 Less than $500,000.^Revisions for January-July 1948 are available upon request. *New series. See corresponding note on p. S-18. fRevised series. See corresponding note on p. S-18.§Sales figures include bonds of the International Bank for Reconstruction and Development not Sxiown separately; these bonds are included also in computing average price of all listed
bonds. cf Total includes bonds of the International Bank for Reconstruction and Development not shown separately.
S-20 SURVEY OF CURRENT BUSINESS June 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
FINANCE—Continued
SECURITY MARKETS— ContinuedStocks
Cash dividend payments publicly reported:^Total dividend payments mil. of doL.
Finance do __Manufacturing 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) t - - _ do _Railroad (25 stocks) doBank (15 stocks) doInsurance (10 stocks) - do
Price per share, end of month (200 stocks) .._doIndustrial (125 stocks) doPublic utility (24 stocks) f doRailroad (25 stocks) -do
Yield (200 stocks) percentIndustrial (125 stocks) doPublic utilitv (24 stocks) t do __Railroad (25 "stocks) do _ _Bank (15 stocks) doInsurance (10 stocks) _ do
Earnings per share (at annual rate), quarterly:Industrial (125 stocks) dollarsPublic utility (24 stocks) t doRailroad (25 stocks) do
Dividend yields, preferred stocks, high-grade, 11stocks (Standard and Poor's Corp.) _ _ -percent- -
Prices:Average price of all listed shares (N. Y. S. E.)
Dec 31, 1924=100Dow- Jones & Co., Inc. (65 stocks) dol. per share. _
Industrial (30 stocks) __ _ _ do _ _Public 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) do _ -Railroad (20 stocks) _ _ _ do
Banks, N. Y. C. (19 stocks) doFire and marine insurance (18 stocks) do
Sales (Securities and Exchange Commission):Total on all registered exchanges:
Market value mil of dolShares sold thousands, -
On New York Stock Exchange:Market value - __ ._ mil. of dol _Shares 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 do l__Number of shares listed millions- _
' 467. 1••67.2' 210. 6
6.8
60.252.819.539. 210.8
3.093. 181.662.462.351.99
45.3745.2827.7528. 52
6.817.025.988.634.713.34
4.07
70.563.47
175. 6535.7348.27
118.5124.2111.6121.296.197.193.9
140.9
85340, 684
72230, 293
19, 314
66, 2382,060
' 188. 2'26.3' 98. 6
1.6
.4T 38.2' 12.5
r 7.4••3.2
3.083.171.662.462.351.99
43.7743.4627.6227.60
7.047.296.018.914.753.38
4.04
67.962.79
174. 0335.7345.90
117.7123.5110.4121.295.395.893.3
139.7
76537, 411
63926, 709
18, 179
64,1472,072
r 809. 8r 68. 3
'491.9'68.5
25.350.739.244.921.0
3.053.141.672.462.332.03
43.5843.4827.0226.52
7.007.226.189.284.763.52
6.002 284.04
3.98
67.059. 25
165. 5934.3142.89
112.0117.0104.3116.793.088.491.0
134.5
70539, 437
58728, 776
17, 767
63, 9212,140
' 491.1' 101.8r 225. 6
'5.1
'58.5'44.0r 13. 5r 33. 6'9.0
3.043.121.672.462.332.03
45.7646.0128.0327.43
6.646.785.968.974.703.35
3.97
70.161.61
173.3435.3144.31
117.8123.8110.5123.995.490.692.5
138.1
62637, 950
52629, 139
18, 752
67, 2792, 150
'191.6' 37. 0'94.3'1.5
.4'41.2
5.9' 8.6'2 .7
3.033.101.662.462.332.03
46. 6446.9128.7627.52
6.506.615.778.944.513.26
3.90
71.363.79
179. 2436.5446.14
121.8128.0114.5127.498.594.295. 5
144.9
80739, 057
67228, 977
21 , 785
68, 6682,154
' 721. 143.7
' 448. 6'61.3
25.547.727.546 720.1
3.013.081.682.452.332.10
47.7248.1829.5828.30
6 316.395.688.664.523.21
6 752 373 45
3.85
73.164.68
180. 9337.6546.65
123.8130. 3116.0129.2100.095.196.8
149.0
87140, 437
72929, 937
23, 837
70, 7002, 162
' 465. 8'71.7
' 207. 4'6.4
'58.4'57.7' 15. 5' 40 5'8.2
3.013.091.682.362.372.11
49.2549.9429. 8228.26
6 116.195.638.354.413.10
3.88
75.966.66
186. 4738.2548.68
127.3134.4119.7133.0101.297.699.5
157.2
1,08351, 455
90638, 474
28, 891
72, 6312,145
' 189. 6'27.8
' 103. 1'1.4
.4'41.9'3.6' 7 9'3.5
3.263 421.682 302 392.11
49.2749.8929 8128.37
6 626 865.648.114 613.00
3.89
76 267.98
191.6139.2248 46
129.1136.5123.8135. 2102.696.299.3
160.1
1,22255, 245
1,03540, 464
27, 244
73, 1752,152
' 1,482.1' 135. 3
'1,015.5'95.4
'29.6'59.1'51.2' 62 5'33.5
3.273.441.682 242.472.34
51.3952.2830.5730.42
6.366.585.507.364.543.18
f 7.05v 2 36» 5.47
3.88
79.170.35
196. 7840.5551.21
132.7140.3128.6140.2104.1101.099.6
168.1
1,48068, 535
1,25252, 028
39. 293
76. 2922. 166
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
3.81
74.52206. 3043. 1655. 48
138. 8146. 5136. 3146.5109.6108.5107.7170.6
1, 691r 67, 872
1,42254, 725
40, 411
79. 4832, 204
483. 278 4
216 05 6
63 04Q 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. C141.4148.7111.0109.5104. 5166. 7
1,80786, 339
1, 53264, 018
48, 245
82. 4152,213
INTERNATIONAL TRANSACTIONS OF THE UNITED STATES
BALANCE OF PAYMENTS (QUARTERLY)
Goods and services:Receipts total mil of dol
For goods exported doIncome on investments abroad doFor other services rendered do
Payments total doFor goods imported doFor foreign investments in U S doFor other services received do
Unilateral transfers (net), total doPrivate doGovernment do
Long-term capital movements (net), total doPrivate doGovernment do
Gold and short-term capital movements (net), totalmil. of dol
Gold and foreign short-term capital in U S doU. S capital abroad do
Errors and omissions .do
' 4, 435' 3, 448
'351' 636
' 2, 418r 1, 761
T 71r 586
r- 1,683'-126
r—l, 557r 328'—222r— 106
r-293'—412r+119
'+287
' 3 685' 2, 770
' 315' 600
' 2, 346r 1, 593
r 68' 685
r-l, 403r 112
r— 1,291r— 57r— 23r— 34
r— 375'—269— 106
r+496
' 3 506' 2, 664
'359' 483
' 2, 401r 1,830
' 92r 479
'-1,212'—138
'-1,074r— 170r— 135'—35
'+346r+388' 42r-59
3,1902,424
284482
2, 5371,968
82487
-1,120— 112
-1,008
-179— 107
— 72
+458+326+132
+188
p Preliminary. ' Revised.c?Revised data for January-March 1949, respectively (mil. of dol.): Total dividend payments, 514.4, 201.5, 731.0; finance, 100.7, 37.0, 40.7; manufacturing, 221.2, 98.1, 452.5; mining, 5.2, 2.0,
66.6; public utilities—communications, 53.7, 0.4, 23.8; heat, light, power, 47.5, 36.5, 43.0; railroad, 22.1, 9.9, 37.2; trade, 53.2, 15.3, 48.6; miscellaneous, 10.8, 2.3, 18.6.tRevised 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.
June 1950 SUKVEY OF CURRENT BUSINESS S-21
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
INTERNATIONAL TRANSACTIONS OF THE UNITED STATES—Continued
FOREIGN TRADEt
Indexes
Exports of U. S. merchandise:Quan tit y 1923-25 = 100Value _ _ _ _ _ _ . _ _ doUnit value do
Imports for consumption:Quantity - 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 ofdolAsia and Oceania doEurope doNorthern North America doSouthern North America doSouth America do
Total exports by leading countries:A frica :
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 _ doItalv doUnion of Soviet Socialist Republics doUnited Kingdom _ do
North and South America:Canada, incl. Newfoundland and Labradorf-doLatin- American Republics, total . _ _ do -
Argentina _ _ _ d oBrazil doChile doColombia doCuba _ __ .- . doMexico doVenezuela _ _ _ _ _ _ _ d o
Exports of U. S. merchandise, total mil. of doL-By economic classes:
Crude materials - __ thous. ofdolCrude foodstuffs doManufactured foodstuffs and beverages. -doSemimanufactures doFinished manufactures. _ _ ___ do
By principal commodities:Agricultural products, total f do
Cotton, unm anufactured . . doFruits, vegetables, and preparationsd"__doGrains and preparations. __ ... _ doPacking-house products cf _ _ .. __ do
Nonagricultural products, totalt _ _ _ _doAircraft, parts, and accessories _ doAutomobiles, parts, and accessories^- -doChemicals and related productscf doCopper and manufactures cf doIron and steel-mill products doMachinery, total cf - - do
A gri cultural cf doTractors, parts, and accessories* doElectrical cf doMetal working doOther industrial cf do
Petroleum and products _ _ doTextiles and manufactures do
243310128
131165126
117147
148174
9691
7, 2515,443
1,166
58,182240, 636406, 991188, 489115, 305156, 162
5,40627, 844
10, 8223,561
26, 81634, 54936, 38512, 64741, 632
56, 79272, 54254, 1863,077
61, 770
188, 474254, 283
9.85836, 01914, 52719,33629, 52744, 48954, 516
1,156
196, 20698, 53897, 029
133, 505630. 720
341, 983100, 67418,352
114, 23924, 751
814, 01415, 09473, 35074, 2235,719
76, 711231,907
14. 01031,59343, 51317, 484
113,88854, 04261, 525
230291126
133167126
116146
162180
9293
8,2735,683
1,092
51, 75321 4, 729399, 993196, 899102, 868125, 910
4,07628, 740
13, 9243,0477,225
33, 69547, 81910, 59337, 624
42, 70081, 74252, 911
38476, 156
196, 836214,093
6,11028, 94812,34614, 69827, 24042, 19245, 984
1,082
173, 500139, 07586, 132
127, 224556, 323
343, 40780, 65315, 469
151, 08317, 901
738, 8481 8, 67364, 96863, 732
7,39670, 439
1 206, 56414, 785
1 25, 9381 34, 63815,31595, 93154, 25255, 402
233294126
134166124
115159
154181
97104
7,9455,829
1,104
76, 554212, 065392,153185,614104,961132, 584
4,50129, 136
12, 5992, 9382,090
36, 30341, 4719,740
31,847
62, 06359, 18651, 872
6078, 274
185, 596221, 369
8,30733, 97414, 23014, 11529, 24136, 07844, 278
1,093
179, 646111,52186. 958
125, 859589, 324
320, 15890, 19113,813
118,56521, 716
773, 149i 7, 44961 , 37464, 378
7, 83278, 761
i 223, 16513, 041
i 26, 6441 36, 701
17,109107, 95747, 19357, 964
194239123
117144123
84118
133164
91100
4,9075, 750
899
54, 945194. 900280, 243150, 917
89, 482128,403
4,28723, 416
12, 9362,9652, 433
22, 93041, 0428,434
36, 335
25, 42364, 13723, 370
42250, 294
150, 844203, 379
13, 68928, 69012,62513, 33525, 53132, 99343, 347
889
97, 87598, 52971, 411
104, 652516, 581
235, 43838, 60710, 799
110,90714, 140
653,610i 7, 891
i 59, 52558, 801
4,24367, 795
i 202, 67311,332
1 24, 372133,712
19, 19489, 52039, 96545, 767
191234123
132161122
91104
154155
97105
5, 4595,975
880
37.710172,162280, 740169, 744106, 499112,752
3,63617, 525
7,9372,816
96516, 58034, 333
7,94428, 954
22, 86863,41219, 139
12853, 203
169,739204, 31013, 73125, 0251 0, 071
9, 66226, 61031, 45638, 438
872
108, 346124,509
49, 726100,590488, 892
244. 50928, 3819,389
125, 3741 2, 938
627, 554i 6, 776
i 53, 42158, 5493, 539
64, 1251 179, 053
10, 108i 20, 9781 35, 290
14, 83679, 79448, 70844, 085
196241123
135166123
9377
152124
102107
4,5536,247
906
49,814185,152286, 450152.317104. 897127, 058
3,58918, 076
10, 6062,616
82014,17742, 5866,605
32, 821
26, 85363, 37920, 420
8052, 346
152, 314217, 400
11,53032,91812, 92011,73830, 96330, 79641, 799
896
122,821102, 40052, 437
104,389514, 449
245, 84236,12611, 299
105, 94912,321
650, 653i 7, 224
i 56, 63358, 1905,514
67, 699i 191, 715
8 892i 24, 192131 050
15, 79291,58440 39750, 270
189227120
144176123
9972
136106
9899
3,0836,271
850
42 535173, 271285 171146 986104, 689
97 665
2,99120, 411
11,4192, 167
28014, 98632, 1475,813
38, 966
29, 27959, 10728, 407
6055, 905
146, 983190, 488
10,32219 4648 952
11 64434, 77735 88834, 287
844
133, 78483, 98263, 49586, 786
475, 791
260, 07169, 35818, 40293,11710, 213
583, 7681 15, 257i 53, 359
58, 3973,727
37, 768i 175, 995
7,897i 20, 700133 977
16, 04676, 14542, 69449, 874
186223120
154186121
9977
133117
114120
3,7056 298
836
33 878149 181277 712150 228128, 44096 633
3,54613 952
8,0641,839
7149,977
24, 4794,243
35, 190
32, 17564, 17723, 873
2142, 496
150, 188207, 879
9,41918 9159 289
12 45632, 87235 67133 014
829
130, 47694, 24559, 19883, 640
461, 128
258, 91971, 70416, 1 2999, 32412, 599
569, 767i 7, 702
i 44, 44162, 1755,053
26, 227i 169, 082
6 838i 19, 540i 31 824
16 23874, 94335 37343, 864
208251121
153187122
11693
136122
111108
'3,815r 6 058
943
47, 657197,019324, 487144, 987118, 302110, 401
2,75818, 729
13, 3332,0373,250
17,32839, 23712, 03241, 425
30,71760, 80737, 627
12254, 934
144, 982214, 270
8, 73018, 95412 69816, 40338, 25437 67636, 763
934
171, 88491,83463, 826
101, 143505, 362
299, 853106, 05014, 893
104, 86614, 177
634, 197i 10, 954i 41, 434
67, 0479, 390
48, 8661 202, 808
7 808i 23, 412i 37 746
17 00890, 58040 41949, 591
164197120
158195123
8985
100104
111105
r 2, 628T 6 654
746
24 315145, 739237 455128 432114, 68192 931
2,3386 876
10, 1791,2753 400
16 81834 2389 616
19,601
36 96033 96827, 523
1328 997
128, 430196, 64410 75118 6726 823
14 26132 50839 24430 965
736
121, 89966 60049, 10977 509
419' 460
224, 51084, 41410, 10780, 34310 366
510,067i 11 386i 44,015
50, 2594,717
41, 4361 161 646
6 5271 22, 580i 27 457
13 83770^ 52232 58133, 581
172204119
148185125
98113
103124
108105
2,6785 267
773
31 606150, 002269 117119,98099, 69199, 580
2, 1608 592
8, 0651, 7068 199
20, 52133 8C>56 382
17, 343
39 Oil32 26732, 343
13055, 966
119, 976188, 75115 62419 4686 306
13 95527 33634 32332 076
765
141, 36568 47644, 05386 874
420 680
246, 013102, 38915, 75770, 17913 815
515, 4341 14 653i 46, 937
53, 3988,130
40, 375i 159 524
7 9231 21, 328i 30 517
15 74167, 20036 45933, 128
194230119
164206126
103116
110125
114101
r i 868
28 220169, 515287 920148, 698124, 577108, 170
1,7149 198
10, 3611,4084 186
36 55230 4296 842
24, Oil
33 27241 89131, 846
3854 683
148, 693214, 694
11 55122 8246 712
17 30333 83738 41936 237
1858
165, 63864 46548, 20391 319
488 168
260, 705111,49214,51366, 51715 095
597, 089i 12 457i 48, 610
62, 1617,215
39, 879i 193 745
10 669i 24, 224i 36 905
20 75081, 19735 43444, 638
1808
*799
E!r Revised. i Excludes "special category" exports not shown separately in the interest of national security.^Revisions for various periods in 1947 and 1948 have been made (since publication of the 1949 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 from the nonagricul-tural exports group to the agricultural group have affected the pertinent series back to 1942. Revisions will be shown later.
fRevised series. Figures beginning January 1949 have been revised to include data for Newfoundland and Labrador.cf Data beginning 1948 have been adjusted in accordance with the 1949 commodity classifications. Revised figures for January-July 1948 are available upon request.*New series; included with agricultural machinery prior to 1948.
S-22 SURVEY OF CURRENT BUSINESS June 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
INTERNATIONAL TRANSACTIONS OF THE UNITED STATES—Continued
FOREIGN TRADE§— Continued
Value — Continued
General imports total thous of dolBy geographic regions:
Africa doAsia and Oceania doEurope doNorthern North America doSouthern North America doSouth America do
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!
thous of dolLatin-American Republics, total do
Argentina.. __ . _ _ -doBrazil doChile do_.Colombia doCuba _ __ ... doMexico doVenezuela.. _ _ . do
Imports for consumption, total doBy economic classes:
Crude materials do .Crude foodstuffs. - _ _ _ ._ do_. _Manufactured foodstuffs and beverages, .do _Semimanufactures. do.. _Finished manufactures do
By principal commodities:Agricultural products, total _ do
Coffee ___ doHides and skins doRubber, crude, including guayule. _ do._Silk, unmanufactured doSugar. _ . _ _ _ do _ _Wool and mohair, unmanufactured do
Nonagricultural products, total . _ doFurs and manufactures do __Nonferrous ores, metals, and manufactures,
total. thous. of dol. _Copper, incl. ore and manufactures^, doTin including ore do
Paper base stocks doNewsprint doPetroleum and products do _.
534, 296
21, 101128, 24666, 824
122, 02986, 133
109, 962
2316,295
5,31825, 745
5,98729, 582
6, 35512,11715, 075
5,2474,3714,4301,318
14, 105
122, 029185, 065
4, 50041, 91913, 52816, 19836, 51621, 72522, 628
526, 903
145, 509109, 91360, 917
110, 69799, 867
227, 04658, 9065,439
19, 38734
35, 29210,813
299, 8589,127
73, 76721, 58228 38312, 42734. 20038, 244
540, 630
24, 854126, 67067, 240
130, 19481, 571
110, 101
4297,286
13, 91313, 8086, 501
20, 9495,535
10,83322, 856
3,8024, 6063,7894,209
15, 232
130, 194181, 887
6,79034, 16318, 76014, 16837, 42319, 91823, 114
533, 635
154, 12390, 18968, 997
114, 362105, 965
216, 11648, 9957,051
19, 93342
39, 73010, 629
317,51911,936
72, 04120, 55817, 51817, 83839, 19536, 855
525, 964
27, 632106, 29869, 156
131, 30681, 608
109, 963
767,097
11,8129,9015,805
21, 8336,637
11,36820, 442
3,6722,8966,3264,637
14, 707
131, 108181, 044
7,53236, 94314, 36718, 32435, 08023, 76121. 022
529, 489
149, 220102, 09868. 118
110, 59899, 456
233, 31056, 0386,173
19, 19886
38, 18615. 605
296, 1798,100
66. 37417,76313 49517, 61937, 20137, 473
456, 413
23, 49194, 06058, 355
108, 06868, 441
103, 997
1899,339
2,72710, 8227,749
14, 1405,5748,979
21,813
3,8721,4995,4303,531
15, 106
108, 067162, 131
5, 63734, 000
7,64822, 60930, 36313, 35623, 620
458, 938
126, 17892, 46265, 12484, 85690. 318
205, 06758, 5426,168
16, 64923
36, 52511,671
253. 8719,270
39, 48611, 00711, 68514, 25335, 94236, 490
490, 747
20, 014101, 60464, 297
120, 96068, 610
115, 263
628,119
5,18317, 0828,846
17, 2525,7718,970
20, 569
4,9982, 8366,8172,961
16, 102
120, 552174, 557
5, 04439, 86611,95521, 84433, 34915, 08121, 680
513, 086
137, 88391, 74669, 227
114, 42499, 806
225, 33455, 294
7,04417, 171
4537, 68320, 734
287. 7538,270
59, 25215, 19618 89216, 49538, 19235, 546
530, 794
29, 18297, 72278, 947
119, 57168, 631
136, 742
6,9079,658
4,64715, 4966,470
18, 5736,792
10, 08616, 166
4,8442,4844,4067,090
20, 623
119, 571193, 458
6,71653, 78410, 04620, 60432, 67015, 67023, 357
528, 887
160, 163103, 23359, 467
106, 28499, 740
239, 53365, 9926,661
15, 16571
27, 74122, 553
289. 35411, 002
51, 02113, 17921 37013, 67733, 63638, 191
559, 106
27, 105110, 04779, 954
139, 35269, 770
132, 878
17012, 439
5,15315, 4759,430
20, 5456,275
12, 09017, 043
4,9962,5887, 5182,765
18, 919
139, 201188, 702
8,76748, 8516,519
23, 75432, 01416, 77227, 004
561, 906
160, 669110, 52064, 824
121, 122104, 770
242, 02765, 8126,045
15, 892156
29, 27622. 472
319, 87913, 651
59, 71113, 02426 70719, 13237, 49846, 281
593, 694
27, 214118, 25789,611
157, 37969, 022
132, 210
29514, 010
6,58718, 58913, 30422, 6708,035
10, 62814, 962
6,5804,0546,6341,766
22, 718
157, 177189, 204
6,07961, 5187,547
22, 71627, 58619, 56222, 624
592, 542
154, 772139, 79061, 783
129, 863106, 334
271, 07877, 5825,646
22, 339115
23, 75822, 138
321, 4644,542
56, 41114, 37717 85024,31835, 73543, 429
605, 068
34, 342106, 95781, 030
145, 34869, 716
167, 676
40412, 288
11, 63812, 7026,729
23, 1317,0139,289
10, 175
5,4564,3335,7781,700
21,210
144, 996221, 507
16, 24780, 7478,933
21,34512, 55323, 47827, 565
595, 065
162, 817152, 99441, 386
133, 963103, 904
272, 295105, 684
6,47022, 631
3016,827
26, 053322, 770
7,828
53, 58819, 2138 691
20, 86838 92148, 576
622, 698
26. 394127, 56589, 337
127, 89588, 458
163, 049
3,2906,540
18, 00619, 1218,639
21,3629,5538,958
15, 045
5,4664,5635,1212,437
18, 168
127, 895235, 28219. 00755, 2439,912
30, 00418, 62527, 26132, 232
621, 755
183, 716154, 31946, 582
137, 66399, 475
292, 284104, 885
7,53919, 8341,238
15, 78237, 061
329, 47111,368
63, 08219, 25317 36022, 62334 57654, 428
r 600. 300T 48, 705114, 43579, 550
125, 70189, 413
140, 924
9,7019,010
13, 11119, 0036,940
19, 2339,5525,608
14, 181
6,7764,0695,5524,575
17, 767
125, 701219, 452
18, 54441, 90812, 08328, 28330, 80822, 51721, 823
590, 000
169, 177139, 52358, 090
129, 63592 228
294 70484, 241
7 17518, 9911 270
27, 61435 081
293 9496 599
58, 28319, 06315 07619 74731 70838! 186
r 664, 400
46, 997125, 64897, 037
149, 985111,774131, 842
10, 99811,841
7,53516, 47210, 08126, 38011,8287,007
16, 268
8,0925,3679,5503,464
20, 961
149, 985226, 96718, 33742, 99910, 02218, 73647, 82423, 70828, 471
r 659, 800
184, 071128, 45980, 124
145, 694120 312
306 49673 0897 973
22 9471 192
43 34431 863
352' 1649 318
54, 01814, 86210 59321 69635 6065l! 305
583, 300
571 700
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Airlines
Operations on scheduled airlines:Miles flown, revenue thousandsExpress and freight carried short tons..Express and freight ton-miles flown. .thousands..Mail ton-miles flown doPassengers carried, revenue _ doPassenger-miles flown, revenue do
Express Operations
Operating revenues _ . thous. of dolOperating income _ _. do
Local Transit Lines
Fares, average cash rate.. __. centsPassengers carried, revenue millions..Operating revenues \ _ _ thous. of dol
Class I Steam Railways
Freight carloadings (A. A. R.):d"Total cars thousands
Coal __ doCoke _ doForest products doGrain and grain products doLivestock ._ doOre doMerchandise, 1. c. 1 .. doMiscellaneous.. do
26, 88416, 48910, 9913,5541,226
563, 013
19, 99244
9. 22871,358
130, 400
T 3 07963459
14817439
266378
1,381
28, 25714, 7668,9213,3201,311
594, 050
21,81019
9. 28951,331
127, 700
3,099633
5415918837
303374
1,350
28, 08914, 3508,9773,2331,389
659, 605
20, 8771
9.31141,268
122,000
3 603560
5719127938
396445
1.637
29, 25713, 0828,1772,9151,342
621, 449
19, 736<**6
9. 38691,169
116, 400
2 76239335
13929133
311329
1.232
29, 37015, 73410, 1773,1161,326
607, 332
19, 324d 46
9. 45011, 193
121, 600
2 923i 459
3816321641
277364
1.364
28, 08418, 16111, 3813,0941,339
616,559
20 48751
9. 47931,220
116, 800
3 391410
4919324069
299416
1.714
28, 11619, 01411, 7913,2481,286
593 402
19 80841
9 51581,265
125, 100
2 339205
16162217
7533
3531.277
26 03718, 70911, 4253,3101,080
490 167
20 07718
9 55231,226
124 200
2 638559
26160°065252
3341 . 950
26 01422, 00713. 4604,952
941464 170
23 19019
9 63991,293
135 100
3 121' 626
591802144866
3851 542
24 94615, 7849,7143,302
915468 709
19 56654
q gQ291,236
121 100
2 0QO
43548
1 oc
16237AC
2981 941
23 69614, 5299,2763,217
942466 757
18 65556
9 80291,135
114 000
2 288' 259
4214015729A(\
3201 9Q7
26 001i 17, 227
11.4433. 6851 109
552 098
19 37267
9 84281.274
123 700
o AAK
787
56
20637
49/1i fiee
9 85161, 191
K(*
<3A
Q.11
1 AQA
r Revised. d Deficit. f See corresponding note on p. S-21. 1 Excludes data for one carrier.§See note marked "J" on p. S-21. {Data for 1947 revised; see note marked " J" on p. S-22 of the September 1949 SURVEY.cfData for June, September, and December 1949 and March 1950 are for 5 weeks; other months, 4 weeks.
June 1950 SUKVEY OF CURRENT BUSINESS S--23
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
TRANSPORTATION AND COMMUNICATIONS—ContinuedTR AN SPORT ATION— Continued
Class I Steam Railways— Continued
Freight carloadings (Federal Reserve indexes) :Total, unadjusted 1935-39=100..
Coal _ doCoke _- _ _ _ doForest products doGrain and grain products doLivestock _ doOre _ _ . ._ doMerchandise, 1 c. 1 doMiscellaneous _ _ _ _ d o
Total, adjusted doCoal doCoke __ doForest products doGrain and grain products doLivestock _ __ _ doOre - -- - doMerchandise, 1. c. I _ - - .- . -doMiscellaneous do
Freight-car surplus and shortage, daily average:Car surplus, total number..
Box cars doCoal cars _ _ _ _ do
Car shortage, total __ _doBox cars . 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 incomet _ ___ do
Financial operations, adjusted:Operating revenues, total mil. of dol
Freight _ __. doPassenger do
Railway expenses __ _ doNet railway operating income doNet income. _ do
Operating results:Freight carried 1 mile. _ mil. of ton-milesRevenue per ton-mile _ cents _Passengers 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 dollars..Rooms 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.:
Revenue passenger-miles millionsPassenger revenues ._ thous. of dol
COMMUNICATION S
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 -tele graph:
Operating revenues . _ thous. of dolOperating expenses, incl. depreciation doNet operating revenues _ do
Ocean-cable:Operating revenues - doOperating expenses, incl. depreciation.. _ _ doNet operating revenues _ _ d o
Radiotelegraph:Operating revenues doOperating expenses, incl. depreciation doNet operating revenues do
12512918411912168
22860
13012712918811913876
21559
132
78, 33628, 60039, 994
2363574
r 747, 280T 620, 312
68, 659T 594, 286
r 88, 533r 64, 474
39, 989
741.9610.471.0
689.152.821.3
50, 1991. 3212,770
7,8473,9843, 863
2,5251,174
5.6284
228
50, 39753, 8992,152
1 7, 07432,319
433
8687,883
245, 937141, 95586, 591
193,09423, 95834, 318
14, 35414, 167
dei2
1,9441,696
55
1,8961,862
d53
12513017112813266
26759
12712413017312315073
21559
126
49, 19534, 3654,321
37571
164
741, 069615, 92367, 858
600, 852
82, 62157, 59532, 209
736.9611.768.6
676.260.629.2
51, 6071.2832,735
8,3524,4413,911
2,4261,049
5.1684
234
47, 74353, 9662,078
22, 03834, 602
803
7967,370
250, 363143, 75088, 844
197, 13824, 26634, 493
14,81914, 228
d254
2,0781, 675
180
1,9791,843
52
11998
14712715954
28257
12611598
15012215670
18258
122
60, 08335, 26314, 786
38818432
735, 439599, 507
77, 076588, 177
85, 99861, 26342, 476
748.3614.5
74.4677.071.337.8
47, 9641.3323,111
8,4014,5863,816
2,3301,116
5.4884
233
51, 06271, 695
2, 56820, 80932, 2941, 732
8878,135
253, 432146 74488, 828
196, 85626, 45834, 635
15,09813, 901
360
2,0191,822
dl
1,9501,845
16
11579
115117212
60284
5512111079
118117177
7017755
120
86, 41817, 83959, 8341,7411,632
5
700, 648562, 81182, 564
569, 818
80, 49350, 33726, 861
700.9570.175.7
649.851.119.0
44, 9911.3453, 385
7,3004,0083,292
2,3871,047
5.2778
211
64, 588i 77, 419
v 24, 00019, 6883, 333
8417, 731
249, 852144, 57687, 490
195,61724, 67134, 766
13, 58213, 939
d 1, 123
1,8261,764d m1, 7931,809
d gg
12010311913114973
24057
128117103123125138
7716057
127
63, 82211, 10343, 5702,4512,254
113
742, 877606. 20178 606
587, 116
90. 03405, 72739, 061
697.3569. 070.1
659.138.25.2
47, 1071.3383,256
7,4864,0983,390
1,979928
5.8481
222
79, 4591 53, 058
P 26 00019, 8473 126
8257,587
258, 353146 89193, 449
199 77227, 43334, 902
14, 87013, 964
156
1,8921,733
d20
1 9251,800
46
11460
128130140104218
5513510560
13012112579
14552
125
74, 7457,697
62, 1093,5823, 173
104
694, 969569, 49169, 833
540, 988
90, 44463, 53838, 131
685.2560.270.1
633.152.118.9
44, 2191.3632,910
7.2853,8883,396
2,1251,166
5.5986
223
73, 171i 41, 927
p 26, 00015, 5011,446
8337,732
257, 096149 62989, 507
196 78028, 82735,059
14, 52313, 420
314
1 9481,617
149
1 9571,696
185
994253
1311531313556
121924254
124153852854
111
190, 9783,451
183, 59410, 92410, 346
132
648, 924534, 88560 993
520, 920
81, 21946, 78623 592
622.9511.062 3
591.931.0
0
40, 5541.4002,533
6,494'6 5963,099
2,2971 313
5.7186
213
54, 0391 37, 141
P 27 00013 592
678
8077,512
262, 534154 01890 258
195 13733 11935, 231
13, 94412, 984
253
1 8171, 506
145
1 9381, 741
126
12013196
135149955155
12411713196
137152754254
119
100, 2082,368
92, 9385,9643,9181 909
704, 806587, 06063 776
537, 354
91, 86975, 58254, 425
708.5588.866.7
636.472.039.3
46, 0361.3562,488
6.3673 4332 934
2 0791 079
5.8180
218
39 205131,601
P 22 00013 608
298
7857,260
262, 745156 36788 159
196 80932 27735, 408
13 41312, 673
62
1 7881,548
74
1 9381,827
46
10797
155119123694550
12011597
148134131
7214652
127
44, 3828,303
25, 8331,021
448517
710, 830575, 66474, 379
568, 292
73, 22969, 30982, 455
712.1584.0
73 0631.580.649 1
45, 1901.3432,912
6.4583 4792,979
2, 6381 576
5.2567
194
40 723i 37, 182
P 24 00013 932
188
8307,750
271, 879159 89593 536
205 53532, 72935, 635
14 58413, 363
596
1 8821,660
38
2 9621,973
205
10797
158106119684249
12211797
151118119
7016952
133
110, 94517 42577 385
22411137
657 044537 33869 725
546 665
77, 62232 75811 016
688 6565 072 8
628 959 829 1
41 7931 3702,730
5,6193 0952 523
2 5081 412
5.4180
211
40 553i 42, 388
p 14 00022 069
187
1 0269 577
271,019161 65090 417
200 78632 60336, 426
13 24112,' 756
d ggg
1 7621,548
31
1 8831,790
d 20
9646
130115111523951
12210446
12211911365
15652
130
165, 54111, 701
139, 311569414
16
584, 928481, 965
57 8455C1, 118
68, 57415, 236*9 301
638 4522.9
64 1536. 832. 1T 1.3
36, 3831.4072, 215
r 5, 4292 933
r i 496
2, 5651 588
5. 4383
215
51 6561 54, 884
P 15 00030 156
237
8457,881
262. 131159 37584 093
19] 54233 19836, 605
12 63611, 887
d 83
1 6201,584d 113
1 7841,700
d l^
120139144123116533954
12712713914312312667
13453
134
76, 0554,867
58, 3775,0122,7492 121
743, 326630, 54259 555
574, 408
93, 21175, 70649 437
722 5607.460 2
655. 167.4
p 7 5
50, 9371. 3182,304
6, 4653 6652 800
2, 7621 551
5. 2581
208
59 4,571 65, 541
P if , QOO39 187
304
230, 803164 70497 096
204 64236 44836, 813
14 56512, 798
907
1 9011, 703
13
2 0171,835
CO
122123177129115616354
13512612318112913168
13653
137
1 8, 3625 1034, 5594,9062, 7951 810
713, 820601 KOI60 555
562 625
88. 97862 217
2 3051 339
5.7383
230
53 434
v 16 00036 607
5GO
r Revised. v Preliminary. «* Deficit. tRevised data for March 1949, $42,158,000.1 Beginning July 1949, data exclude departures via international land borders; land-border departures during the 12 months ended June 1949 amounted to less than 1 percent of total de-
partures.tRevised scries. The coverage has been reduced from 100-120 to 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; figures prior to August 1948 on the revised basis will be available later. Data relate tocontinental United States.
S-24 SURVEY OF CURRENT BUSINESS June 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June
CHEMICALS
July August Septem-ber October Novem-
berDecem-
ber
1950
January FJyU" March April
AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:Ammonia, synthetic anhydrous (commercial)
short tons._Calcium arsenate (commercial) thous. of l b _ .Calcium carbide (commercial) short tons..Carbon dioxide, liquid, gas, and solid
thous. of l b _ _Chlorine _ __ _ short tons__Hydrochloric acid (100% HC1) doLead arsenate (acid and basic) thous. of l b _ _Nitric acid (100% HNOs) short tons..Oxygen mil. of cu ftPhosphoric acid (50% HsPO^ short tons..Soda ash, ammonia-soda process (98-100% Naa
Cos) short tonsSodium bichromate and chromnte do _Sodium hydroxide (100% NaOH) doSodium silicate, soluble silicate glass (anhy-
drous) short tonsSodium sulfate, Glauber's salt and crude salt
cake short tonsSulphuric acid (100% H2SO4):
Production _ _ d o _ _ .Price, wholesale, 66°, tanks, at works
dol. per short ton..Organic chemicals:
Acetic acid (synthetic and natural), productionthous. of Ib
Acetic anhydride, production doAcetyl salicylic 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-doTn denaturing plants do
Withdrawn f o r denaturing. _ _ _ _ _ d oWithdrawn tax-paid . do
Creosote oil, production. _ _ _thous. of gal__Ethyl acetate (85%), production thous. of l b _ _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 gal__Synthetic (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, totil 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 t o n _ _
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 100 Ib..Turpentine (gum and wood) :
Production, quarterly total bbl. (50 gal . )__Stocks, end of quarter... doPrice, gum, wholesale (Savannah) __dol . per gal..
MISCELLANEOUS
Explosives (industrial), shipments:Black blasting powder thous. oflb..High explosives _ do
Sulfur:Production long tonsStocks.. .do _..
109, 3061,159
50, 763
75, 758140, 79140, 267
1, 627101, 790
1,367108, 045
312,6477,105
175, 850
32, 579
60, 834
908, 599
17.00
29, 61739, 459
804
14, 46812, 9965,708
36, 23243, 84243, 373
46927, 0272,541
13, 2506,416
6,2136,182
12, 936
8,9107, 065
20, 685
16611,41710. 192
1,234250 05899, 590
138, 7899, 133
152, 977124, 00961,3413,215
13, 130
54.50114,673
994, 691802, 638
5.68
.40
1,33355, 729
396 4473,181,199
110, 1291,515
45, 804
103, 665143, 71837, 825
71199, 8001,286
111,040
285, 7415,286
176, 703
43, 277
54, 485
937, 255
17.00
29, 52139, 775
940
13. 88312, 9756,604
33, 85549, 94249, 441
50225, 7703,022
13, 7285,368
6,0896,341
12, 110
9,2467,189
20, 393
2238,8649,507
739207 80963, 127
129,6437,828
176, 584141, 30286, 54413, 333
548
54.5078, 290
929, 998824, 080
6.41
.39
1,26957, 992
417 5263,168,051
103, 2171,871
47, 424
116, 758134, 57234, 833
78497, 476
1,04897, 252
309, 3794,648
170, 283
37, 658
48, 393
859, 275
17.00
25, 42035, 334
1,009
16, 57514, 4308,746
31, 79651.01550, 544
47130, 5933,040
13, 2155,479
7,9076,668
13, 596
8,6176,947
18,211
1467,0238,018
375258 99658, 420
161,0629, 824
110,04993, 06166, 7914,4302,198
54.50114,025
810, 775960, 752
525, 250719 140
6.42
183,160218, 490
.37
1,08150, 982
399 0253,168,312
109, 5053,070
44, 227
131, 141139, 16335, 9780)
90, 3821,042
101, 682
289, 9434,029
163, 678
26, 446
42, 176
833, 063
17.00
29, 69840, 528
250
10, 09710, 5568,266
23, 76053, 78853, 273
51518, 6632,664
10, 5425,798
4,6925.700
11,316
6,2586,286
14, 926
1367,6097,104
308264, 575
79, 592172, 841
8,41069, 45454, 25432, 6818,130
1
54.5077,015
833,6311,165,762
6.49
.36
1,06845, 443
388 8113, 142, 845
113, 8942,969
42, 009
132, 266147, 82539 709(0
93, 3081, 184
109, 100
305 4695 575
175 933
28 284
58 794
871, 458
17.00
31,63850 785
908
12 31312 4448 126
26 66056 58853, 5273 061
25 1763 572
10 0056,424
6 7817*068
11 580
11 5918 181
15 674
1578 059
10, 103
279351 94787 853
229 7848 103
120 479100, 69952 37713 570
0
54.50103, 936
889, 0831,264 676
6.53
.38
1,50953 158
397 0243. 156. 752
105, 4430)
40, 286
95, 085147, 21441, 0300)
95, 7211,174
111, 224
317, 4065, 552
182, 143
37 159
49, 377
840, 955
17.00
34, 78862, 927
813
13 94715, 3416,732
22, 77052, 42650, 6521 775
24^ 3623,672
10, 4925, 339
7 5287,397
11, 790
11 1657, 729
15 479
1469. 323
12, 602
511289 754
98 Ofi4162 59815 392
118 352107, 24152 6105 066
o54.50
92, 825
820 1111 268 682
574, 840840 920
6.70
194.110225, 070
.39
1,60648 548
389 6823. 139'. 785
108, 6040)
47, 274
82, 139151,12843, 616(0
85, 208829
124, 479
328, 8995,938
189 367
49, 912
56 166
891, 334
17.00
39. 66768, 704
927
14, 84515, 2596 313
22 68043, 13341,9191 214
27, 1173, 9366.2546,852
7 5506 913
12, 123
11 6558 054
17 214
16511 14316, 284
520310 303124 806155 912
9 98597 23686, 96147, 695
4 7372
52.25105, 678
816 7241 259 932
6.60
.39
1,59540 130
392 8053. 097. 331
115, 6671, 151
55, 212
66, 259155. 94344, 668
67691, 832
990118, 217
360, 9715,781
196 575
46 073
59 012
934, 916
17.00
39, 92370, 853
843
14, 61215, 5745 358
23 18137, 19236, 223
96926, 8384,2896,5086,469
7 8796,545
13, 103
12 4267.916
17 838
1659,789
16, 340
489391 164150 907186, 581
11 54087 73570, 82826 4548 389
20
51.5072, 787
850, 5631, 311 085
6.58
.39
2,43647 608
400 5643. 114^865
124, 9001,548
55, 836
66, 861168, 28244 768
89099, 925
1. 308113, 490
354 4126, 726
201 012
41 794
55 845
996, 565
17.00
39, 82472 458
873
13 61815 0773 899
22 54933 94933, 204
74524, 9072 288
10, 3146,456
6 8346 214
13, 591
12 3357 209
20 071
16910 62818, 075
557300 251159 502110 806
5 631106 38988, 77333 1635 1354,738
51. 5045, 485
836 1371 420 577
552, 940929 960
6.66
170, 700238 660
.40
2,21247 585
392 6553. 099. 305
124, 0790)
56, 849
2 63, 180158,202
2 47, 8713, 217
2 105, 5752 1, 369
122, 850
338, 5527, 350
187, 201
36, 410
60, 06921,019,803
17.00
36, 76569, 140
829
14, 90315, 3353,464
24 68831, 34630, 450
89627,4112,750
10, 5976,449
6 9275,971
14, 347
12 8409, 174
22 411
17111, 65518, 174
992248 71451 893
177, 9833,406% 142 225
98, 71755, 5635 433
26, 159
51. 5027, 896
802 9431 495 731
6.66
.41
1,99940 468
401 2323. 074'. 5fi2
115, 9760)
51,317
2 59, 120151,513
2 43, 3153, 756
2 101,3862 1,253
119, 202
319, 5786, 771
180 945
31, 416
54, 820
2 967,335
17.00
31,14767. 356
824
13, 29313,2153 429
24 25428 39727, 713
68524, 0442,547
10, 0636,917
6 1596 082
13, 564
12 2287 224
24 645
1458, 767
17, 090
1,468311 246126, 22-1161, 043
4, 562173 103113, 28356, 17113, 60633, 548
51.5091, 803
854 2921 308 555
6.40
.43
1,80337 389
376 9423 040' 1 QO
123, 996r 1, 20659, 336
T 2 77, 0863 167, 091r 2 50, 708
5, 5682 98 906
2 1,4277 126, 954
368 7467. 835
205 354
38 693
60 773
21,067,023
17.00
37, 44173 287
934
16 74317 0872 873
27 30424 05023. 513
53730 3213 846
11 5006.899
8 4997 7°4
14 468
12 5538 158
25 972
1979 371
18 722
1,859382 114150 983193 979
9 389223 714139 19768 2597 824
57 024
51. 50116 035
1 082 5231 009 838
370, 480894 280
6.29
125, 320205 960
.43
2, 21353 418
41^ 4259 QS«' 597
134, 4522 848
54, 8372 92, 408
3 168, 8782 51,239
4, 6942 113, 693
2 1,432124, 625
361,3287, 452
210, 344
41, 300
58, 680
21,054,926
17.75
15, 40215, 9242 346
31 18425, 72924, 829
90128, 8293, 552
6 8761 668
13, 717
10 8807 619
26 406
166
1,538
51.50113 107
1 034 562781 095
5.71
.41
1,46455 794
QQQ one9 88.rV 9Q4.
r Revised. l Not available for publication. 2 Beginning January 1950, figures are not strictly comparable with those for earlier periods because of the inclusion of data for plants notpreviously reporting. Revised figures for 1948-49 including data for these plants (which account for less than 3.5 percent of the total production of the indicated chemicals) will be availablelater. 3 Beginning March 1950, data include quantities for one plant not previously reporting.
tRevised 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 priorto November 1948 will shown later.
*New series. The series for rosin "WG" (window glass) grade, which is compiled by the U. S. Department of Labor beginning November 1948, and prior to that month by the Oil Paintand Drug Reporter, has been substituted for the "H" grade formerly shown. Data beginning 1935 will be shown later. ' '
June 1950 SURVEY OF CURRENT BUSINESS S-25
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
CHEMICALS AND ALLIED PRODUCTS—Continued
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 _ do. __Stocks, end of month do
Fish oils:Production doConsumption, factory do .Stocks, end of month _ _ _ _ do
Vegetable oils, oilseeds, and byproducts:Vegetable oils, total:
Production, crude mil. of IbConsumption, crude, factory _ _ doStocks, end of month:
Crude doRefined do
Exports f - thous. of Ib.Imports total do
Paint oils doAll other vegetable oils. _ do. __
Copra:Consumption, factory. short tons..Stocks, end of month doImports -.-. do
Coconut or copra oil:Production:
Crude thous of IbRefined _. do
Consumption, factory:Crude doRefined do
Stocks, end of month:Crude _ . doRefined do
Imports _ do...Cottonseed:
Receipts at mills thous. of short tons.Consumption (crush) . _ _ . do ___Stocks at mills, end of month do
Cottonseed cake and meal:Production short tons__Stocks 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 . do .Price, wholesale, summer, yellow, prime (N. Y.)
dol. per l b _ _Flaxseed:
Production (crop estimate) .thous. of bu__Oil mills:
Consumption. . doStocks, end of month do
Imports __do _ _ _Price, wholesale, No. 1 (Minn.) dol. per b u _ _
Linseed oil:Production. . _ __ thous. of IbConsumption, factory doStocks at factory, end of month do_Price, wholesale (N. Y) dol. per Ib
Soybeans:Production (crop estimate) thous. of buConsumption, factory __ _ . . .do.Stocks, 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. per l b__
270, 74294, 188
408, 634
46, 85243, 564
110, 882
1,0639,653
80, 946
381405
736462
97, 2688,8272,8026,025
19, 75414, 33722, 677
25, 76228, 162
46, 90325, 224
47, 8808,8052,330
30325586
143, 33895, 806
107,085168, 447
119, 975124, 75032, 771
236, 197
.136
2,2412,104
136.00
43, 51025, 432
310, 827.288
15,93729, 029
156, 088127, 425130, 934
105, 365112, 523
!l58
272, 192109, 734368, 929
49, 17038, 425
113, 706
4,71710, 75378, 176
374384
735376
115,01713, 9552,168
11, 787
30, 20315, 53632, 655
38, 93324, 473
42, 58522, 827
56, 1329,0637,852
19262343
117,678104, 700
87, 873118,896
115,419125, 58430, 560
227, 587
.134
2,3931,960
10(2)
45, 49723, 734
321, 765.288
15, 45922, 992
154, 183118, 045123, 969
88, 631102, 045
.154
275, 069105, 502319, 521
50, 50541, 590
124, 927
13, 59912, 37778, 442
379368
739319
60, 17324, 3781,609
22, 769
36, 77315, 03440, 940
47, 23125, 022
44, 90524, 483
71, 3188,4778,442
15197162
85, 66088, 354
65, 56976, 240
97, 996138, 63932, 728
186, 268
.122
3,5281,513
1(2)
70, 92726, 402
363, 431.276
15, 26418,333
150, 583124, 209120, 798
82, 79393, 929
.141
254, 84261,981
322, 974
45, 70232, 951
129, 265
12, 73511,12669, 511
338307
732266
71, 88532, 5892,811
29, 778
26,91412, 76927,909
34, 36823, 139
36,01419, 689
82, 3658,728
14, 512
117147132
66, 34065, 949
48, 65652, 233
61, 255110, 95928, 882
132, 766
.125
3,5052,227
03.86
69, 94935, 262
378, 788.250
15,30212, 477
155, 148110, 190
97, 345
90, 88192, 807
.142
264, 394120, 143292, 421
46, 75341,895
124, 518
18, 36212, 82379, 062
361380
718188
31,17931, 0964,505
26, 592
34, 93210, 01038, 594
44, 96129, 168
53, 21928, 147
83, 1246,723
14, 485
353207278
94, 08152, 759
64, 80540, 908
71, 976142, 40937, 53072, 590
.158
3,9854,932
03.91
77, 07142, 723
407, 230.216
13, 5516,549
136, 015135 106141 462
71,92576 384
.175
248, 888119 516265, 758
44, 70646, 031
117, 852
21, 96217, 66792, 245
464417
776171
29, 98238, 5164,925
33, 591
38, 3068,333
51, 251
48, 89230, 374
54, 53826, 248
101, 0427,945
17,020
1,248586941
253, 76398, 076
184, 29188, 766
1 13, 309115, 28232, 07669, 708
.140
3,8868, 139
03.94
72, 92349 884
421, 115.208
11,99610 606
120 756127 703136 199
56 22356 790
.157
288 318117 519240 962
48 11042, 016
116 477
24 90820 865
102, 849
601480
856231
36 63028 78510 61618, 169
46, 20618 71060,027
58 97929, 169
55 24825 914
112 9778 2838 442
1 382748
1 575
334, 030116 912
242 687123 462
178 666129 42435 728
125 176
.129
3,4687 553
03.85
67 80344 411
433' 921192
17 52263 581
172 491195 902119 778
67 31455 410
.145
338 009106 627251 195
54 86142 911
112 412
8 43815 36494, 776
601496
963288
71 98635 65411 68923 966
43, 72321 99852 913
55 48225, 363
48 53223 287
134 5708 676
11 158
1 322785
2 112
355, 146123, 518
252 640162' 355
188 938144, 79936 049
174 981
.118
3, 2546 982
o3.93
62 85636 376
462 934186
17 1397o' 914
165 473133 44°129 801
69 40557 976
.142
378 46996 214
316 248
55 93543, 794
111 379
10 07614. 777
106, 261
553456
1 048338
48, 92422 024
5, 53516, 489
33, 18022 32832, 798
42 72624, 304
45 22222 344
146, 7399 0166,015
450677
1,884
309. 772142, 801
217 619181, 587
172, 940133, 83041, 205
218, 210
.1231 43, 664
3,1945 412
03.92
61 68130 518
485 112185
1 222, 30517 29066 508
166 855119 251104 727
90 11659 985
'.148
363 933111 714360 842
53 95442 005
113 753
4 83315 236
103 076
541475
1 087386
60 19920 8731 726
19 147
36 64023 78444 625
46 74322 515
43 76320 617
179 5609 893
10 675
179654
1 409
289 039175 724
210 781171 922
175 927145 547
47 649255 630
.130
2 9375 058o3.95
57 06632 292
515 697184
16 90959 398
16 5 088130 317117 599
82 87766 650
.150
288 055103 724344' 466
48 96240 593
111 321
49315 43887 502
471450
1 073404
62 74725 3443 869
21 475
25 51517 72527 160
32 3812l' 358
40 7872o' 708
183 1398 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 932185
15 46654 214
153 046118 749111' 398
78 91166 791
.153
r 317 265122 437350 904
r 53 289r 42 437
r 113 951
524r 19 543r 90 827
r 47g484
r 1 069398
77 75526 1466 456
19 690
24 72421 07427 903
31 17923 268
46 57122 592
182 9687 8997 152
213492858
220 201186 446
162 21799 469
160 817174 461
52 837271 007
.153
2 5762 554(3)
3.93
50 93939 850
r 548 9Q7180
18 11247 991
177 518146 063ion' ggl
87 22864 118
!l68
287 916104 256375 920
50 51038 742
123 683
48115 28082 478
423403
1 086410
28 09918 042
36 16923 393
43 23421 394
184 6126 889
183365676
162 095185 209
120 81482 071
113 725118 392
272 336
.160
2 3601 055
4.00
47 15438 194
564 035180
17 19841 674
170 251m en ̂
101 386n cr I
.171r Revised. l December 1 estimate. 2 No sales. 3 Less than 500 bushels.fRevised series. Beginning in the September 1949 SURVEY, data include oleomargarine of vegetable or animal origin.
S-26 SUEVEY OF CURRENT BUSINESS June 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
CHEMICALS AND ALLIED PRODUCTS—Continued
FATS, OILS, ETC,— Continued
Vegetable oils, oilseeds, etc. — ContinuedOleomargarine:
Production thous. of lb__Consumption (tax-paid withdrawals) daPrice, wholesale, vegetable, delivered (Chicago)
dol. per lb._Shortenings and compounds:
Production thous. of IbStocks end of month _ do
PAINT SALES
Paint, varnish, lacquer, and filler, total d"1
thous. 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 IbMolding and extrusion materials do
Nitrocellulose, sheets, rods, and tubes _ _ do _Other cellulose plastics doPhenolic and other tar acid resins doPolystyrene doUrea and melamine resins _do _Vinyl resins _ _ _ doAlkyd resins _. _do__Rosin modifications _ doMiscellaneous resins do
65, 66564, 722
.229
119, 57680, 436
'86,017r 77, 634r 28, 455' 49, 179
8,384
1,3294,610
7501,022
18, 26017, 5488,500
23, 61316,0698,182
14, 547
59, 72560, 419
.224
125, 90884, 851
r 89, 072' 79, 902' 27, 773' 52, 129
9,170
1.6503,449
754709
14, 82816, 3318,049
20, 40717, 8537,516
14, 162
63, 61061, 970
.224
122, 21385, 821
' 88, 506* 79, 587' 29, 052' 50, 535
8,919
1,2424,303
626176
14, 95215, 0297,931
20, 63619, 1497,584
14, 825
56, 11855, 366
.224
83, 35564, 438
r 73, 997' 67, 394«• 25, 723'41,671
r 6, 602
1,3323,431
372433
11,23215, 9056,273
18, 85317, 3046,631
14, 877
79, 10679, 346
.248
156, 69652, 851
' 87, 685' 79, 148r 30, 800' 48, 348
8,537
1,4054,626
517113
17, 83419, 7499,569
23, 66319, 2588,103
16, 646
74, 40871, 172
.249
133, 84959,315
r 84, 217r 75, 293r 30, 218' 45, 076
8,923
1,5305,798
431712
22, 56920, 72310, 29929, 09821,1149,912
19, 399
75, 47173 938
.224
123, 17862, 860
' 75, 960r 68, 757' 28, 597' 40, 159
7,203
2,1386,904
453749
25, 05622, 15613, 23931, 78620, 78710, 72818, 896
71, 27873, 072
.224
139, 96561, 889
' 67, 022r 60, 613' 25, 226' 35, 387
6,409
1,9625, 183
440950
28, 68420, 90113, 56833, 50320, 6199,777
18 709
76, 94876, 854
.224
125, 78381, 722
' 57, 340' 51,957' 23, 481' 28, 476
5,383
1,6744,638
485972
25, 81120, 13713, 38933, 03617, 9028,086
18 861
84,23783, 942
.224
135, 59171, 190
75, 93668 88727, 68441, 203
7,049
1,9385,387
546825
27, 49920, 33212, 98933, 11118, 8258,486
21 096
81, 29981, 218
.224
145. 48966, 407
70, 87364, 64027,14537, 4956, 233
1,8755,399
5461,168
r 27, 45320, 242
r 12, 52231, 429
'21,2238,479
r 20 009
95,31589, 834
.236
161 722r 71, 708
'87,169r 79 098T 32 250r 46, 847
r 8 071
1 8836,405
6501, 198
32 85827 03212, 56637,63125, 61210 15620 748
.244
126 51683 553
87, 72779 46930, 93748, 5328 257
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), totalmil. of kw.-hr__
Electric utilities, total doBy fuels doBy water power _ _ . doPrivately and municipally owned utilities
mil. of kw.-hr..* Other producers do
Industrial establishments, total do _Byfuels.. - _ _ _ _ . d o _ _ _By water power . do
Sales to ultimate customers, total (Edison ElectricInstitute) mil. of kw.-hr_
Commercial and industrial:Small light and power _.do ___Large 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) . do _.Industrial and commercial. _ . do
Sales to consumers, total mil. of cu. ftResidential 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 _ _ _ m i l . of cu. f t ._Residential (incl. house-heating). _ do _.Industrial and commercial do
Revenue from sales to consumers, totalthous. of doL _
Residential (incl. house-heating). . do -Industrial and commercial. ._ _ do
27, 74523, 21515, 0578,158
19, 7493,4664,5304,053
478
20, 401
3,68510, 125
5254,760
53220552248
374, 735
27, 87523, 34815, 2908,058
19, 7853,5634,5264,048
479
19, 905
3,6119, 958
4994,464
62719050946
368, 670
28, 02523,61716, 3937,224
20, 0343,5834,4074,012
395
19, 905
3,7609,889
4734,374
66417852246
371, 462
10, 5419,842
691139, 23190,22947, 875
144, 513107, 05836, 725
12, 32811, 2931,026
715, 282192, 659501, 154
246, 490127, 776115, 064
27, 94623, 68416, 3557,330
19, 9733,7114,2623, 881
381
19, 949
3,9749,524
4624,417
82518451646
375, 372
29,49225, 02117, 6727,349
20, 9654,0554,4714,067
404
20, 758
4,03310, 120
4704,422
87320259246
382 149
28, 35823, 92216,9466,976
19, 9343 9874.4364,055
382
20, 878
4,04410, 142
4524,619
809224541
46
387 522
10, 2629,582
672101, 73060, 28840, 077
113, 39082, 66329, 641
12, 66311, 6491,004
615, 33891, 452
492, 683
183, 48774, 471
103, 978
28, 11024, 28817, 3536,936
20, 4303 8583,8223,465
357
20, 309
3,8769,709
4704,749
62625158146
383 236
28, 53924, 32817, 4676,861
20, 7813 5484,2113,837
374
20, 655
3,8909,799
4995,032
54127257249
391 007
31, 09626, 32118, 7057,616
22, 4563 8654,7754,310
465
22 020
4 04710, 384
5555,604
50629158052
409 942
10, 1829,497
677142, 774
94 65246, 573
145 570108, 20236 318
13 31012, 1941 107
820, 431238, 854550 395
289, 605158, 967125, 493
31, 67726, 87118 5378,334
22, 8933 9794 8054,362
443
22 943
4, 18110, 602
5366,276
40928760249
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
30, 19125 43717 1408 297
21, 8383 5994 7544 318
436
r Revised.*New series. The data for production, compiled by the 17. 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 additional companies.Data for alkyd resins and rosin modifications are not available prior to 1949.
rf1 Revisions for January-March 1949 (thous. of dol.): Sales—total, 76,871; 70,283; 83,937; classified—total, 69,763; 64,061; 75,751; industrial, 27,929; 26,166; 30,168; trade, 41,833; 37,895; 45,583
June 1950 SURVEY OF CURRENT BUSINESS S-27
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:Production thous. of bblTax-paid withdrawals __doStocks end of month do
Distilled spirits:Production thous of tax galConsumption, apparent, for beverage purposes
thous. of wine gal__Tax-paid withdrawals thous. of tax gal__Stocks, end of month. __ __ do, __Imports thous. of proof gal
Whisky:Production thous. of tax gal._Tax-paid withdrawals _ __ _ __ _ doStocks end of month doImports thous. of proof gal
Eectified spirits and wines, production, totalthous. of proof gal..
Whisky doWines and distilling materials:
Sparkling wines:Production .__ thous. of wine gal. .Tax-paid withdrawals doStocks, end of month _ .doImports do
Still wines:Production doTax-paid withdrawals doStocks, end of month __doImports do
Distilling materials produced7 at wineries __do. _
DAIRY PRODUCTS
Butter, creamery:Production (factory) t thous . oflb - -Stocks, cold storage, end of month do.Price, wholesale, 92-score (New York)_dol. per lb_-
Cheese:Production (factory), total J __ _ -thous. of lb
American whole milk J 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: JCondensed (sweetened):
Bulk goods thous. oflb..Case goods - do
Evaporated (unsweetened), case goods __doStocks, manufacturers', case goods, end of month:
Condensed (sweetened) thous. of lb—Evaporated (unsweetened) __ do
Exports:Condensed (sweetened) __ do . .Evaporated (unsweetened) do
Prices, wholesale, U. S. average:Condensed (sweetened) dol. per case--Evaporated (unsweetened) do
Fluid milk:Production _ _ mil. oflbUtilization in mfd. dairy products -doPrice, dealers', standard grade dol. per 100 lb—
Dry milk:Production: %
Dry whole milk thous. oflbNonfat 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 perlb
FRUITS AND VEGETABLESApples:
Production (crop estimate) thous. of buShipments, carlotcf no. of carloadsStocks, cold storage, end of month__thous. of bu__
Citrus fruits, carlot shipmentscf no. of carloads..Frozen fruits, stocks, cold storage, end of month
thous. of l b _ _Frozen vegetables, stocks, cold storage, end of
month _ __ _ thous. of lbPotatoes, white:
Production (crop estimate) _ _ . thous. of buShipments, carlot cf no of carloadsPrice, wholesale, U. S. No. 1 (New York)
dol. per 100 Ibs.
7,3146,5079,248
16, 922
12, 9917,755
668, 421974
11, 5363,884
593, 094752
8,3067,345
18853
1,64732
6409,585
182,156238405
124, 61515, 338
.599
111,16586, 845
125, 903109, 920
2,393
.337
22, 91012, 000
266, 250
9,290189, 735
9,90120, 971
9.105.18
10, 3244,3944.67
12, 27598, 350
14, 12475, 436
6,66626, 248
.117
2,0653,318
r 10, 253
237, 419
191, 666
r 26, 303
4.623
8,3317,5579,646
16, 823
13, 3267,826
674, 6611,097
10, 9713,732
599, 5611,017
8,9317,908
9862
1,67326
6588,885
173, 518221929
160, 62551, 056
.597
143, 280116,365134, 765117, 021
2,402
.341
39, 45010, 300
361, 150
9,066298, 661
7,65724, 517
9.105.05
12, 0695,6404.58
13, 715122, 400
16, 13596, 275
10, 01416, 226
.118
1,7761,294
r 10, 103
237, 856
186, 821
r 23 038
5. 258
9,2588,6299,879
13, 732
13, 0647,632
677, 3441,111
7,8523,537
602, 9261,027
9,0697,889
16377
1,74328
5848,815
162, 586177513
157, 325102, 701
.590
137, 125112, 545162, 256140, 859
2,794
.343
34, 2759,800
350,850
10, 027379, 100
8,90324, 391
9.105.09
12, 3725,4824.56
12, 225112, 200
17,377105, 446
5,87314, 042
116
r 768343
' 8, 992
255, 787
219, 515
r 24 263
3. 546
9,3828,722
10, 147
8,818
12, 3238,067
676, 337878
5,0994,048
602, 865803
8,0086,864
5449
1,74213
4357,763
155, 034148713
136, 390136, 786
.599
118, 73596, 760
185, 517162, 346
2,138
.330
22, 4908,200
306, 750
8,309454, 210
6,20522, 967
9.105.12
11, 5594,8284.61
12, 62088, 360
19, 05998, 129
5,5872,857
.117
r 560175
r 7, 921
327,090
237, 847
r 11 695
3.287
9,1828,901
10, 033
11, 581
12, 3368,072
675, 217985
5,9594,383
C03, 231914
9,0437,681
12862
1,80814
1,3358,788
145, 702145
4,900
128, 440153, 855
.618
108, 41087, 370
210, 411183, 208
1,804
.352
26, 1308,800
273, 650
8,559477, 812
4,50011, 209
9.105.11
10, 5744,4754.66
10 89076, 750
17 78897, 201
7, 33620, 579
118
r 509412
r 6, 444
339, 588
315 788
r!4 718
3.498
7,3927,2859,836
16, 704
14, 1209,471
673, 7011,329
8,7035,311
604, 7681,226
10, 2289,250
4799
1,73435
19, 08511, 303
154, 365188
37, 979
113, 770154, 455
.622
94, 15074, 135
213, 433188, 259
2,442
.358
22,3205,750
212, 750
6,758484, 246
5,69212,368
9.105.08
9 4273,8624.71
10 72563, 050
18 27180, 448
5,44944, 267
121
r 2 60214, 777r 4, 858
355, 552
368 552
r 20 093
3.236
6,1226,4389,252
26, 093
15, 21311, 438
671, 3091,529
9,2466,101
606, 2101,413
12, 40011, 247
47175
1,63343
58, 45113, 112
203, 831286
105, 382
102, 800144, 819
.625
82 15562 355
209, 515185, 839
4 003
.356
16, 3004 675
167, 750
6,925426 836
1 84618 257
9.105.08
9 0563 3954.74
9 15054, 150
16 66657, 026
5 90928 897
123
r 6 63535, 224' 5, 720
342, 565
387 681
r ig 934
2.873
5,7746,0958,686
19, 770
17, 67312,070
669, 8841,607
9,7056,965
606 0151,461
12, 60111 473
54154
1,77186
14, 55613 540
205, 095342
35, 142
90, 480130, 452
.625
71 87551 395
196, 125175, 764
3 946
.356
11, 5503 200
134 000
5,795333 264
1 61814 862
9.105.09
8 4512 9434.75
7 41049, 000
14 18047, 791
4 3332 814
122
r 4 §4933, 405
T 7, 599
326, 934
383 658
r 17 572
3.601
6,3126,2468,484
19 057
20, 0318.351
676, 0161,410
10, 6725, 197
610 3651,262
7,9167,101
86159
1,42686
3,53412, 865
192, 024335
4,808
96,000113, 993
.631
74, 17552 535
188, 653168, 670
5 102
.353
11, 6756 300
151 000
7,386243 491
2 22115 351
9.105.09
8 6223 1444.75
10 30058, 700
11 10548, 722
5 9067 326
121
1 133 181r 4 061
25, 667r 11, 369
300, 409
371 003
i 401 962r i 6 598
4.134
6,1465,5978,775
16, 577
11, 5197,209
680, 898890
11, 0694,684
615, 384790
6,6225,870
12464
1 47424
1,07611 974
' 179, 526240
1,394
101, 515103 657
.624
77 36554 565
176, 821159 906
3 085
.349
14, 7004 450
168 750
5,249151 401
2 85813 120
9.105.10
9 0463 3214.66
9 09164, 850
9 71043, 821
5 4087 653
3 83219, 5739,760
279, 255
339 316
i Q onn
3.719
5,8425,5238 849
14 137
11, 5926,295
684, 576857
10, 1154,043
620 133777
6,0925,458
3841
1,45617
74510, 071
168, 923242
1,397
97, 87592, 886
.635
75 68553 775
163, 922149, 004
6 845
.354
13, 2005 900
183 000
5,951101 470
2 86914 306
9.105.10
8 6713 2634.63
8 13565, 500
9 18742, 213
3 6546 775
118
4 23112, 5028,613
265, 204
305 316
90 7^0
3.632
7,5545,938
10, 073
15, 994
14, 3339,215
686, 6401,076
11,0455,558
624, 182967
9,3778,357
10860
1,49429
1,14413, 051
156, 823279
1,280
'121,970r 93, 489
.607T 97, 135r 71 040
T 158, 134r 141, 946
3 540
.351
i 16, 5506 500
241 000
6,75786 216
2 5148 694
9.105.10
9 996r 4 116
4.58
11 42585, 100
9 71951,619
5 97416 998
117
r 3 326T 7, 074r9,911
'251,119
r 269 980
f 97 144
4.473
7 3516,407
10 579
17 305
7,317692, 455
11,9224 357
630 693
7,8886 775
127, 895108 610
599
110 78584 645
171, 692153 737
.346
20, 4507 350
258 000
7, 596116 999
9.105.10
10 6124 4ig4.37
97, 150
70, 091
2 (\\ 9.
3,6678,868
243, 743
241 016
o ~
4.789' Revised. * December 1 estimate. I Revisions for January-September 1948 are available upon request.^Revisions for 1949 not previously shown are as follows (carloads): Apples—January, 3,299; February, 3,229; March, 3,171; citrus fruits—January, 12 635' February 10 417' March 11 589'
%>otatoes—January, 21,459; February, 25,912; March, 36,091. " ' ' ' ' '
S-28 SURVEY OF CURRENT BUSINESS June 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and mealthous. of bu._
Barley:Production (crop estimate) doReceipts principal markets doStocks, domestic, end of month:
Commercial do
Exports including malt doPrices, wholesale (Minneapolis):
No 2 malting dol. per buNo 3, straight _ _ _ do_._
Corn:Production (crop estimate) mil of buGrindings, wet process thous. of buReceipts, principal markets _ _ _ d o _ __Stocks, domestic, end of month:
Commercial - do. _.On farms mil of bu
Exports including meal thous of buPrices, wholesale:
No 3 white (Chicago) dol. perbu__No 3, yellow (Chicago) _ _ _ _ d o _ _ _Weighted average, 5 markets, all grades., do
Oats:
Receipts, principal markets. ...thous. of bu_.Stocks, domestic, end of month:
Commercial do
Exports including oatmeal doPrice, wholesale, No. 3, white (Chicago)
dol. per bu.-Rice:
Production (crop estimate) thous. of bu--California:
Receipts, domestic, rough thous. of lb_.Shipments from mills, milled rice do. _ _Stocks, rough and cleaned (cleaned basis), end
of month thous. of lb_-Southern States (Ark., La., Tenn., Tex.):
Receipts, rough, at mills. thous. of bbl. (162 lb.)_Shipments from mills, milled rice, thous. of lb_-Stocks, domestic, rough and cleaned (cleaned
basis) end of month thous. of IbExportsf doImports -- --doPrice, wh'oiesale, head, clean (N. O.)..dol. per lb.-
Rye:
Receipts principal markets doStocks, commercial, domestic, end of month.do....Price, wholesale, No. 2 (Minn.) dol. per bu._
Wheat:(? • Vi t - - - - !• U
W' inter wheat doReceipts principal markets thous. of bu._Disappearance domestic doStocks, end of month:
Canada (Canadian wheat) _ - do_TJnited States domestic totaled1 do
Commercial doInterior mills, elevators, and warehouses
thous. of bu._
On farms doExports total including flour do
Wheat only do
Prices, wholesale:No. 1, dark northern spring (Minneapolis)
dol. per bu_No 2 hard winter (Kansas City) _ do __No 2 red winter (St Louis) doWeighted avg., 6 markets, all grades . do
Wheat flour:Production:!
Flour thous of sacks (100 Ib )Operations percent of capacityOffal short tons
Grindings of wheatt thous of buStocks held by mills, end of month
thous. of sacks (100 lb.)_Ex ports doPrices, wholesale:
Standard patents (Minneapolis)dol. per sack (lOOlb.).
Winter, straights (Kansas City) d o _ _ _
45, 380
5,860
9,491
1,390
1.2561.178
8,81319, 646
15, 266
11,251
1.4031.3701.322
10, 175
3,635
1,869
.741
55, 69161, 988
38, 289
665120, 202
286, 353117, 042
458.092
3,3483,6181.361
27, 560
118, 551
116, 806
29, 81223, 020
2.3422.2602.3662.285
17, 18756.3
333, 61539, 581
3,044
5.2694.980
57, 458
11, 906
10, 057
1,636
1.2491.184
8,63221, 198
11, 589
8,209
1.4101.3581.279
9,874
4,129
503
.701
48, 91330, 421
37, 944
412134, 241
202, 235106, 781
809.091
7272,7321.362
49, 082
89, 097
114, 242
46, 55540, 617
2.3282.2212.3442.254
17, 33359.2
337, 89039, 990
2, 623
5.2554.938
47, 295
19, 312
14, 92259, 3082,111
1.2531.163
8,91021, 977
10, 8881, 255. 2
4,611
(2)1.3531.276
13, 988
6,167270, 501
3,182
.673
45, 78526, 728
39, 358
377132, 777
113, 17360, 952
772.089
7482,9931.346
64, 749279, 444
70, 146307, 347128, 158
75 85932, 36167, 17236, 66830, 313
2.3671.9511.8282.160
20, 11666.1
390, 72146, 344
4,5062,727
5. 5124.869
44, 958
24, 843
24, 659
4,199
1.2901.236
8,65819, 683
4,744
7,826
1.4511.4021.327
33, 804
17, 745
562
.638
46, 99431,908
35, 752
18378, 233
57, 29188, 768
909.087
1,7724,0911.454
130,305
55, 199
234, 493
31,79624, 789
2.3792.0041.8722.096
18, 99465.3
380, 59744, 222
3,007
5.5754.915
59, 048
24, 940
33, 056
6,410
1,3271.299
10, 63722, 064
5,711
8,369
1.3401.3071.256
24, 804
30, 095
6,719
.637
68, 74164, 909
13, 806
78181, 631
65, 55440, 375
606.084
3,1316,1701.384
76, 031
86, 400
260, 412
37, 36934, 230
2.2852.0601.8652.185
19,95763.5
405, 07146, 561
1,347
5.3404.869
46, 153
14, 954
33, 978148, 973
3,382
1.5231.455
10, 50123, 967
9,614708.47,116
1.2621.3121.238
9,338
26, 7061,053,296
1,765
678
48, 95126, 998
16, 508
4,315194,961
316, 54063, 013
423.071
1,0435,4351.428
50, 170294, 748
162, 5241,159,159
261, 109
282 881133, 688472, 20933, 49530, 082
2.3742.1522.0132.253
20, 35770.2
413, 63947, 541
4,7571,465
5.6005.069
37, 905
11, 003
35, 942
1,888
1.5561.502
11, 20643, 947
20, 020
7,513
1.3901.1521.134
5,953
25, 254
1,045
.687
236, 47248, 435
114,029
4,188265, 382
489, 341136, 669
310.070
2,1945,4011.465
27, 586
176, 459
244, 664
26, 58922, 693
2.4312.1882.0832.282
20, 89569.0
424, 90748, 740
1,672
5.715.16
49, 150
9,015
34, 109
1,468
1.5601.451
10,04758, 975
46, 400
20, 238
1.3081.1571.142
5,460
21,218
2,430
.759
39, 42722, 610
115, 691
3,703226, 358
650, 284109, 077
252.077
5,07110,0051.418
24, 296
165, 267
227, 502
24, 06720, 482
2.3952.2022.1612.274
19, 22168.9
389, 30444, 852
1,539
5.7445.119
42, 726
i 238, 1046,820
32, 630107, 532
2,263
1.5091.418
i 3, 3789, 554
33,364
51, 6882, 401. 313, 470
1. 4501. 2961.248
11,3237,163
19, 029819, 701
578
.762
i 89, 141
65, 20781, 654
81,914
1,596262, 745
566, 941200, 905
716.082
1 18 697569
9,3381.457
i 1, 146. 5i 244. 8i 901. 718, 492
249, 992
165, 657909, 226219, 038
237, 304117, 849327, 23026, 09421, 655
2.3752.2212.2002.269
18, 67961.8
378, 38543, 542
4,9481,905
5.6695.115
33, 832
4,349
30, 282
811
1.5461.444
9,45424, 678
47, 521
10, 080
1.4401.2911.249
6,862
16,050
268"
.749
32, 95331, 183
72, 043
658196, 778
452, 037187, 151
272.082
3008,2801.430
18, 385
152, 065
199, 613
21, 99618, 055
2.3662.2232.2182.259
19, 16565.9
384, 79244, 576
1,692
5.6055.138
32, 632
5,806
30, 454
550
1.5471.484
9,44617, 006
45, 319
8,628
1.4411.2971.261
4,670
13, 130
659"
.769
45, 49333, 990
62, 804
48092, 216
417, 20341, 146
206.081
2637,6431.343
17, 347
146, 506
189, 447
22, 60119, 240
2.3282.2242.1582.253
17, 70566.0
355, 95141,172
1,442
5.6195.188
31,684
6,738
28, 07270, 692
1,677
1.5781.518
10, 74323, 470
47, 4001, 634. 2
6,161
1.4871.3371.305
7,660
12, 099481, 216
171
.783
83, 50334, 770
77, 368
493105, 130
373, 46424, 694
512.080
3237,3211.393
19, 584246, 514
136, 625662, 938180, 659
188, 97988, 583
199, 16923,31518, 838
2.3582.2722.2902.300
20, 04363.6
402, 00146, 596
4,9111,922
5.6005.269
5,627
27, 657
1. 6221.538
10,37119, 624
43, 910
(2)1.4261.419
8,041
11, 295
.841
50, 08129, 175
74, 409
46689, 488
342, 278
.081
3 20. 904303
6,2781.395
s 689. 617, 856
126, 762
173, 136
2.3732.3062.3292. 322
5. 6565.283
T Revised. 1 December 1 estimate. 2 No quotation. 3 May 1 estimate.
of wheat will be published later.
June 1960 SURVEY OF CURRENT BUSINESS S-29
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
FOODSTUFFS AND TOBACCO—Continued
LIVESTOCK
Cattle and calves:Slaughter (Federally Inspected):
Calves thous. of animals. _Cattle do
Receipts, principal markets. _ _ __doShipments, feeder, to 8 corn-belt States doPrices, wholesale:
Beef steers (Chicago) dol. per 100 IbSteers, 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 doShipments, feeder, to 8 corn- belt States _ do ._Prices, 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 lb_.Stocks, cold storage, end of month doExports doPrice, wholesale, beef, fresh, steer carcasses, good
(600-700 Ibs.) (New York) dol. per IbLamb 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 lb_.Fresh loins, 8-10 Ib. average (New York)_do
Miscellaneous meats and meat products, stocks, coldstorage, 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. per Ib_.
POULTRY AND EGGSPoultry:
Receipts, 5 markets thous. of Ib- -Stocks, cold storage, end of month _ _.do ._Price, wholesale, live fowls (Chicago) -dol. perlb..
Eggs:Production, farm _ _ _ _ _ _ millionsDried egg production thous. of lb_.Stocks, cold storage, end of month:
Shell - thous of casesFrozen. -thous. of Ib
Price, wholesale, extras, large (Chicago) tdol. perdoz.-
MISCELLANEOUS FOOD PRODUCTS
Candy, sales by manufacturers thous. of dol._Cocoa:
Imports ._ -. long tonsPrice, wholesale, Accra (New York)__dol. per lb_.
Coffee:Clearances from Brazil, total thous. of bags..
To United States doVisible supply, United States.. ...doImports doPrice, wholesale, Santos, No. 4 (New York)
dol. perlb..Fish:
Landings, fresh fish, 5 ports thous. of lb._Stocks. cold storage, end of month do
562996
1,733100
24.2023.6627.94
3,8942,471
18.32
15.2
67682463
29.500)
1,353930104
606, 020119, 431
2,388
.404
30, 7619,864
715, 895
527, 859545, 231
3,866
.550
.518
58, 535
58, 348
137, 441138, 21692, 304
.136
26,79889, 205
.339
T 6, 110r 13, 377
954107, 058
.483
43, 851
26, 698.199
1,294811906
1,782
.261
49, 61374.940
5101,0251,827
92
24.8824.0226.45
3,7212,438
18.49
14.7
7611,243
163
29.250)
1,362'799
77
623, 53694, 0351,302
.410
33, 5617,007
704, 543
517, 974466, 108
5,855
.520
.515
54, 707
50,941
136, 470125, 82363, 282
.147
31, 64477, 823
.298
5,8457,875
1,943141, 361
.483
34, 642
24, 963.190
1,572942796
1,477
.270
69, 89091. 453
5331,0951,896
140
26.4722.5325.94
3,7452,406
19.08
15.5
8981,164
138
27.120)
1,43871697
645, 24981, 1481,227
.433
37, 4276,761
754, 870
556, 838419, 59011, 925
.556
.533
55, 322
49, 570
144, 798103, 89076, 508
.136
38, 05474, 733
.268
4,9057,640
2,290166, 582
.493
36,028
32, 103.187
1,326906808
1,685
.272
71, 117114, 031
5011,0901,833
164
25.8620.6224.88
3,1652,072
18.23
15.4
9761,202
144
24.50«
1,35864365
638, 25275, 6271,482
.431
40, 9756,651
678, 466
495, 142367,043
6,102
.586
.546
56,671
41,209
134, 17896,25552, 293
.132
34, 76971, 261
.241
4,3346,118
1,936168, 394
.533
25,580
21, 845.211
1,672933859
1 688
.277
66, 145127.217
5491,2322,470
384
26.2820.0625.70
3,4172,314
19.09
16.4
1,1261,650
335
23.6222.66
1,44152046
716, 73772, 0532,511
.438
48, 2576,869
675, 735
500, 186283, 178
6,749
.613
.558
54, 958
34, 310
128, 25768, 81929, 407
.166
38, 99183, 466
.260
3,8533,963
1,426146, 868
.559
40,928
22, 119.226
1,8681,129
7961 604
.284
77, 219146. 344
5521,2242,528
586
28.1119.7427.25
3,8792,395
19.74
17.2
1,1801,932
534
23.0023.21
1,436411
45
698, 99371, 4752,260
.464
50, 4147,268
686, 365
518, 143204, 678
4,342
.569
.551
51, 245
27, 374
122, 74348, 76832, 682
.152
49, 399132, 380
.238
3,5761,778
810121, 476
.628
66,713
11, 253.200
2,3321 403
7981 932
.302
64, 091150. 608
5681,1563,061
869
28.9320.5727.15
4,9593,055
17.87
16.1
1,1722,054
572
23.7523.28
1,56440941
660, 89078, 7631,070
.476
51, 3388,222
851, 970
634, 343209, 687
2,479
.489
.453
47, 642
26, 094
158, 86138, 32031, 503
.158
58, 185211, 517
.236
3,749933
50196,382
.564
69,382
9,936.205
1,9451 280
7631 853
.355
55,030156. 077
5851,1162,280r432
28.2121.4526.75
6,0033,618
15.87
15.3
1,0601,296
212
23.3823.25
1,763532
58
640, 589103, 582
1,167
.476
47, 89310, 534
1, 074, 324
801, 460297, 205
2,711
.468
.386
51, 174
30, 014
199, 23739, 80849, 467
.130
82, 866267, 508
.217
3,8511,207
25072, 556
.527
65, 913
21, 019.246
2,1851,507
8502 016
.496
42, 129158. 719
5111,0641,676
198
26.4721.4427.25
6,4773,813
15.05
13.1
1,0581,139
71
22.3822.88
1,86479969
616, 302136, 903
2,569
.445
48,99213, 811
1,198,884
880, 945473, 741
6,576
.469
.351
62, 163
38, 186
232, 48373, 99554, 311
.128
73, 034292, 513
.213
4,4998,579
11053, 902
.381
52,730
30, 461.259
1,439874992
2 247
.490
31, 246146. 813
4651,1031,839
133
25 9822.9430.40
5,8443,712
15.23
13.1
1,0771,206
115
24.0023.64
1,79394355
642, 167143, 599
1,118
.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
5 1473,239
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
1,35689778
554, 425123, 281
1,078
.430
42, 39213, 062
759, 390
558, 664573, 108
4,179
.495
.430
56 670
49 457
146 90581 17468 583
.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
1,585••866
85
644, 109' 110, 022
1 021
.433
45, 917T 10, 689
894, 965
r 664, 439r 548. 640
5 584
.485
.409
r 54, 246
r 54 818r 170, 946
r 87, 30674, 019
.132
27, 462r 212, 058
.239
6 42910,082
r 1 296r 116 546
.358
53, 018
24 918.228
1,286727949
1 321
.471
87. 133
494959
1,590128
26 9425.7929.19
4,3162,593
16.02
12.4
8341,013
98
26.750)
1,397854
575, 79598, 239
.447
39, 9498,229
780, 940
573, 780539, 252
.478
.412
51 008
51 337
151 151105, 552
.132
30, 985166 628
.226
6 38612,987
2 128155 358
.344
42,945
.240
728596731
.473
78.027r Revised. 1 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
December 1948 are shown on p. 24 of this issue of the SURVEY.
-̂30 SURVEY OF CUKEENT BUSINESS June 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
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 doFrom Philippine Islands c? do
Refined sugar total do -From Cuba - do
Price (New York):Raw, wholesale dol. perlb__Refined:
Retail _ - doWholesale do
Tea imDorts thous of Ib
TOBACCOLeaf:
Stock, dealers' and manufacturers', end of quarter,total mil of Ib
Domestic:Cigar leaf doAir-cured, fire-cured, "flue-cured, and miscel-
Foreign grown:Cigar leaf doLyigarerie 10 ace ... -- thons of Ib
Imports including scrap and stems do
Manufactured products:Production, manufactured tobacco, totaL__do
Chewing plug and twist doSmoking doSnuff __do_ _
Consumption (withdrawals) :Cigarettes (small):
Tax-free millionsTax-paid do _
Cigars (large) , tax -paid thousands--Manufactured tobacco and snuff, tax-paid
thous. of lb__Exports cigarettes millionsPrice, wholesale (composite), cigarettes, f. o. b.,
destination dol per thous
' 3, 414
0)567, 829236, 686
r 539, 514r 537, 195
' 2, 319
1,5252,785
318, 647264, 13352, 84542, 32841,820
.056
.093
.0799,774
22, 2496,906
18, 7296,9408,5353,254
3,56827, 307
428, 452
18, 3922,446
6.862
3,678
0)577, 439156, 084608, 479604, 698
3,781
1,4921,863
382, 265267, 999114, 26625, 61325, 563
.058
.093
.0787,465
20, 4007,521
20, 5917,226
10, 1203,246
3,17230, 691
428, 357
20, 3621,937
6.862
3,215
0)509, 595123, 322792, 936789, 878
3,058
1,2521,997
346, 792253, 34888, 40938, 43036, 555
.059
.093
.0788,485
3,509
367
2,970
23149
33, 4028,218
21, 7408,5589,7473,435
3,23632, 849
519, 509
20, 5831,611
6.862
2,599
(i)471, 237
84, 350747, 453743, 698
3,755
9561,879
342, 089232, 097104, 07223,40123,398
.058
.093
.0776,129
30, 5636,606
16, 6256,9187,3112,396
2,15525, 806
422, 496
16, 6251,449
6.862
2,022
43, 899642, 038132, 227924, 533921, 391
3,242
6172,379
342, 392272, 69061, 90128, 25923,684
.059
.093
.0777,877
61,9639,088
22, 9868,839
10, 3083,838
3,04135, 347
516, 208
22, 8691,476
6.862
1,668
116, 207391, 859165, 441733, 977733, 920
4,057
4042,403
243, 822225, 129
5,58128, 27228, 259
.060
.093
.0778,443
3,690
330
3,206
20134
76, 7687,483
22, 5658,345
10, 5793,641
2,68031, 743
532, 446
' 23, 6741,720
6.862
1,021
548 576402 253133 168523, 702519, 358
4,344
8791 475
250, 846242, 278
1,41627, 76326, 639
.060
.093
.0797 702
56, 7207,261
22, 4347,774
10, 9973,664
2,77729. 194
634, 274
21, 9751,523
6.862
707
766, 441252 30799 018
539, 902537, 257
2,645
1,4461 133
197, 959190, 878
7,07624, 52124, 511
.059
.093
.0799 327
37, 6756,903
19, 6757,0729,0553,547
2,21529, 657
508, 626
19, 3241,341
6.862
397
418, 627306 744309, 803527, 904525, 835
2,069
1,708977
66, 03866, Oil
o500
.057
.093
.0796 289
3 1, 990r 3, 880
316T 3, 404
19141
50, 1514,758
17,1196,6436,9713,505
2,43224, 776
386, 169
16, 5561,893
6.862
423
72, 870404 682174, 121511, 962508, 537
3,425
1,6251 695
139, 962125, 411
6,23818, 85518, 844
.058
2.462.079
7,628
16, 0528,184
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
233, 873201, 31332, 50537, 98037, 789
.056
2.461.077
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
387 3073377 769
49 50449 42149, 111
.055
2.456.076
13 839
' 3, 944
402
3 371
19152
28 2037,930
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
1,573
.055
2.455.076
26, 155383, 345
18, 176
6.862
LEATHER AND PRODUCTS
HIDES AND SKINS
Imports, total hides and skins thous. of lb__Calf and kip skins thous. of pieces..Cattle 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
10,7145885
3,2941,477
.422
.200
15, 3024753
3,6312,629
.414
.213
11,94244
1034,005
965
.214
14, 0822327
3,3192,726
.385
.209
16,95111835
2,6574,076
.410
' 1, 874' 2, 956' 2, 677
941r 1, 974' 2, 794' 2,128
2531
4,016
.549
LEATHERProduction:
Calf and kip thous. of skins. _ 766 797 877 571 867 831Cattle hideJ - - __ thous. of hides.. '1,886 ' 1,937 •'1,974 "1,565 ' 1,985 '1,964Goat and kidt thous. of skins r 2,875 ' 2,776 ' 3,034 ' 2,371 r 2,743 T 3,008Sheep and lambV----- do.._. ' 2,148 '2,207 '2,399 '1,818 '2,599 '2,509
Exports:Sole leather:
Bends, backs, and sides thous. of lb__ 6 56 93 87 70 92Offal, including belting offal do.__. 185 151 116 106 73 49
Upper leather thous. of sq. ft_. 3,329 3,113 3,203 2,906 3,462Prices, wholesale:
Sole, bends, steer, f. o. b. tannery.___dol. per lb__ .578 .578 .568 .564 .555 .559 .559Chrome calf, black, B grade, composite
dol. per sq.ft.. 1.025 1.023 1.024 1.016 .975 .977 .975r Revised.1 Corrected monthly figures are not available; January-July 1949 total (including revisions for January and February) is 218,055 short tons.2 Price for 5 pounds; quotations formerly for 1-pound package,s December 1 estimate. * No quotation.cfThis series continues data in the 1942 STATISTICAL SUPPLEMENT to the S-URVEY; there were no shipments for 1942 to 1947 except for January, February, and May 1942 (12,136,1,120, and
8,618 short tons, respectively). Data for January-July 1948 are shown on p. S-30 of the October 1949 SURVEY.$ Revisions for January-March 1949, respectively: Cattle hide (thous. of hides), 2,051, 2,106, 2,147; goat and kid (thous. of skins), 3,023, 2,980, 3,471; sheep and lamb (thous. of skins), 2,515,
2,498, 2,459.NOTE FOE LUMBER SERIES, p. S. 31.—Exports of sawmill products for 1948 have been adjusted to exclude box shooks, in accordance with the revised commodity classification effective
January 1949. Revisions for January-July 1948 are shown in a footnote on p. S-38 of the October 1949 SURVEY.Minor monthly revisions for total lumber (production, shipments, and stocks) and West Coast woods (orders, production, shipments, and stocks) for 1946-48—since publication of the
1949 STATISTICAL SUPPLEMENT—are available upon request. Revised data for Western pine for January 1947-March 1948 are shown in the above-mentioned note.
15, 56914541
2,3123,276
.421
.246
16, 02812047
2,7712,571
.425
.244
16,49911677
2,6882,723
.425
.245
861' 1, 869' 2, 743' 2, 687
96
2,882
.549
.975
18,503110172
3,0411,811
.445
.232
23,838276356
2,9242,335
.450(*)
9251,8803,0162,193
510
3,246
.549
.991
20, 406251160
3,7521,381
.425
.207
885' 1, 949
2,9602,675
5721
2,802
.539
.991
22,115170258
3,7435,783
.440
.213
9022,1153,5072,557
8239
2,990
.539
1.017
June 1950 SURVEY OF CURRENT BUSINESS S-31
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES
Shoes and slippers:§Production total thous of pairs
Shoos, sandals, and play shoes, except athletic,total thous. of pairs. _
By types of uppers:c*All leather doPort 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 _ _ d o _
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 ..
37, 626
34, 262
31, 1714, 454
7,7901,209
17, 5374,4973,2292,931
216217393
9.6536. 7505.150
35, 098
31, 429
28, 0183,351
7,2831,217
16, 1493, 9562,8243,212
246211323
9.6536.6005.150
38, 509
34,152
32, 6225, 911
8,4311,639
16, 7484,2673,0673,877
255225287
9.6536.6005.150
32, 987
28, 845
26, 3602,580
6,3831,464
15, 2343, 5412,2233,706
221215334
9.6536.6005.150
44, 969
38, 926
35, 6303,405
8,7021,797
20, 7914,7822,8545,476
306261527
9. 6536. 6005.150
41, 538
34, 858
32, 2932,660
8,4091,710
18, 0524, 1562, 5316,067
299314406
9.6536.6005.150
38, 208
31,225
29, 4741,802
8,2491,608
14,8183,9412,6096,379
304300409
9.6046.6005.150
33 490
26, 850
25, 4571,617
7,2051,131
12,2113,7362, 5676, 149
266225365
9. 5556.6005.150
34 124
30, 129
28,2811 834
8 0251,274
13,3744,3163, 1403 562
220213348
9. 5556.6005.150
38 696
35, 822
33, 1702,651
8 1481 207
17, 9745 1343 3592 425
220229229
9. 5556.6005.150
r 39 259
r 36, 209
33, 2643, 023
r 7, 982r 1 , 203
r IS, 709r 5, 109r 3, 206T 2 569
247234319
9. 5556 6005. 150
46 224
42, 519
38, 6293 940
9 4081,378
22, 3645 7613, 6083 164
266275337
9. 5556 6005 150
9. 5556 6005 150
LUMBER AND MANUFACTURES
LUMBER— ALL TYPES
Exports, total sawmill prod nets 1 M bd. f t _ -Tmports total sawmill products doNational Lumber Manufacturers Association:
Production totalt rnil bd. ftHard woods J -- -- - doSoftwoods^ do
Shipments totalj do _HardwoodsJ _ _ _ _ -- - -- d o _ _ _SoftwoodsJ do
Stocks, gross (mill and concentration yards), endof month total J mil bd. ft
Hardwoods | - doSoft woods J do
SOFTWOODSDouglas fir:
Exports, total sawmill products M bd. ftSawed timber _ doBoards, planks, scantlings, etc do __
Prices, wholesale:Dimension, No. 1 common, 2" x 4" x 16'
dol. per M bd. f t _ _Flooring, B and better, F. G., 1" x 4", E. L.
dol. per Mbd. f t _ _Southern pine:
Orders, new mil. bd ftOrders, unfilled, end of month doProduction _ _ _ _ _ _ d oShipments doStocks, gross (mill and concentration yards), end
of month mil. bd. ftExports, total sawmill products _M bd. f t _ _
Sawed timber doBoards, planks, scantlines, etc _ _ _ do
Prices, wholesale, composite:Boards, No. 2 common, 1" x 6" or 8" x 12'
dol. per Mbd. f t . .Flooring, B and better, F. G., 1" x 4" x 12-14'
dol. per M bd. f t_ .Western pine:
Orders, new mil. bd. f t _ _Orders, unfilled, end of month doProduction^ _ _ _ . _ _ doShipmentsJ doStocks, gross, mill, end of month doPrice, wholesale, Ponderosa, boards, No. 3 com-
mon, 1" x 8" dol. per M bd. ftWest Coast woods:
Orders, newj mil. bd. f t _ _Orders, unfilled, end of monthj doProduction:}: _ doShipments! ._ do__Stocks, gross, mill, end of monthj _ _ do
SOFTWOOD PLYWOOD
Production- thous. of sq. ft., W equivalentShipments _ _ . doStocks, end of month . do __.
HARDWOOD FLOORING
Maple, beech, and birch:Orders, new M bd. ftOrders, unfilled, end of month doProduction __ .. doShipments doStocks, mill, end of month _do
49, 838103, 852
2,822454
2,3682,842
4932,349
7,1612, 1505,011
24, 14511, 75112, 394
68. 310
127. 958
660276661691
1,7727, 4693,0534,416
62.001
144. 513
545492
r580523
1,586
66.80
820592864884938
r 160, 376T 165, 032
r 78, 423
3,9508,5004,1753,9507,725
59, 784117,351
2,936459
2,4772,863
4522,411
7,2342,1575,077
29, 6174,307
25, 310
68. 310
122. 562
725261728740
1,76010, 2023,7976,405
60.380
142. 865
568498619561
1,644
65.84
774511858854942
154, 677152, 13777, 811
3,4007, 3254,2753,6758,000
60, 234121, 115
3,027514
2,5132, 963
4442, 519
7,2982.2275,071
27, 6069,681
17, 925
67. 568
118.058
690228703723
1,7409,9343,4576, 477
59.033
139. 374
684539712643
1,713
65.20
772397821887876
151,386160, 85668. 742
4,2996,8725,2464,6518,843
44, 549100, 173
2, 664497
2, 1672, 608
4602,148
7, 3542,2645, 090
20, 5944,852
15, 742
64. 680
114. 660
697247670678
1,7329,0283,0166,012
59. 479
139. 200
643607628578
1, 763
62.54
743469638671843
96 538102, 57862, 947
4 2756,8754 6504 0009.300
61, 796123, 729
3,201566
2, 6353, 146
5442, 602
7,4092,2865,123
31, 0625,474
25, 588
63. 896
114. 660
913340744820
1, 6569,2182,7376,481
61. 173
136. 484
673629721655
1, 829
59.21
931555873846870
169, 274172, 47859, 756
4 2006,3004 9004 5509.700
74, 533146, 878
3,126564
2, 5623,210
5782, 632
7,3242,2725, 052
42, 2759,054
33, 221
62. 720
114. 660
842372782810
1, 6288,8692,4886,381
63. 326
138. 542
693699627626
1,840
57.02
954595855913811
168 747169, 83258, 881
4 3006,6004 3253 950
10! 150
52, 514170. 493
3, 049604
2,4453. 225
6062, 619
7.2072,2704,937
24, 3055,008
19, 297
62. 720
108. 780
765374701763
1,5668, 4682,3766,092
64. 311
139. 583
643734617
r 6691,847
57 56
926620852902761
176 197178' 76455 984
4 8006,8504 1754 5759. 650
62, 046200. 847
3,087649
2, 4383, 364
7322, 623
6,8812,1874, 694
30 7847,884
22, 900
62. 720
105. 448
711304760781
1 5459, 2263 2985,928
65. 008
140. 256
630759563627
1,724
58 00
884575838929671
176 501180 94551 316
4 5257,1254 3754 200
10. 000
44, 529173 518
2 953656
2 2972, 983
6622, 321
6 8512,1814 670
18 6853 882
14 803
63. 210
104. 860
627253756678
1 6937,9252 7915 134
65. 467
140. 256
624767477569
1,632
59 18
788520830842659
179 876186 030
44 941
4 3255,9004 4504 250
10.055
33, 746167 260
2 387633
1 7542 633
6971 936
7 0282,4784 550
10 9164 4376 479
64. 484
102. 900
714291703676
1 6509, 1042 6886 416
65. 765
141. 114
461757264405
1,491
60 37
919800575636567
175 484168 63555 268
5 4007,2254 2254 2259 Q95
34, 469166 228
2 4fi3601
1 8622 865
6892 176
«6 9762,3904 586
11 9655 3796, 586
66. 640
103. 635
802397667696
1 6218, 2692 1786 091
65. 618
139. 472
467755326439
1,377
61 26
748848644796766
177 577177 90555 322
5 2758,2504 1254 4509. fi50
34, 383255 642
3 091669
2 4223' 343
7392 604
6 2771 9604 317
14 6003 977
10 623
67.620
105.840
749361766785
1 6026, 8131 5845 229
65. 986
139. 410
584763477582
1,272
62 72
995807921968727
235 291237 000r 53 878
7 1509,8504 O K A
5 A rrv
f Q n.^n
3 227688
2 5393 220
6832 537
6 350l' 9664 384
69. 090
105. 840
770385758746
1 614
66. 176
139. 165
619783586597
1,261
64 13
1,044902927929790
207 431206 84053 638
5 sno11,050
A AOK
8 97Sr Revised.
. S-31.§1948 data for production of shoes and slippers have been revised; revisions January-July are shown in the September 1949 SURVEY on p. Ic?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 further
small 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. JSee note at the bottom of p. S-30 of this issue regarding revised lumber series.
S-32 SURVEY OF CUEEENT BUSINESS June 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
LUMBER AND MANUFACTURES—Continued
HARDWOOD FLOORING— Continued
Oak:Orders new M bd ftOrders, unfilled, end of month doProduction doShipments _-do._.Stocks, mill, end of month do
54, 15634, 93361, 44160, 36059, 867
58, 74931, 87964, 40961, 80362, 473
56, 87631. 90866, 58462, 82566, 232
62, 72230, 22958, 25061, 69162, 791
78, 06635, 02970, 60673, 26657, 135
87, 38247, 84671, 30974, 56553, 879
85, 52555, 91872, 16277, 45347, 202
74, 61555, 71572, 95374, 81844, 201
71. 89161, 48869, 06666, 11847, 149
85, 96575, 81671, 03871, 63745, 612
91, 09095, 62768, 33471, 29741, 201
93,988102, 33081, 04987, 28534, 965
78 601102, 11575, 24378, 81631, 392
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:Iron and steel products (excl. advanced mfrs.):
Exports total short tonsScrap do
Imports total doScrap do
Iron and Steel Scrap
Consumption, total thous, of short tonsHome scrap doPurchased scrap do
Stocks, consumers', end of month, total doHome scrap doPurchased scrap do
OreIron ore:
All districts:Production thous of long tonsShipments doStocks, end of month do
Lake Superior district:Shipments from upper lake ports doConsumption by furnaces doStocks end of month, total do
At furnaces _ doO n Lake Erie docks _ _ - _ _ _ do. _ _
Imports doManganese ore, imports (manganese content)
thous of long tons
Pig Iron and Iron Manufactures
Castings, gray iron:Unfilled orders for sale thous. of short tons__Shipments, 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 IbSteel billets, rerolling (producing point)
dol. per long ton._Structural steel (Pittsburgh) dol. per lb_ _Steel scrap, heavy melting (Pittsburgh)
dol. per long ton..
Steel, Manufactured Products
Barrels and drums, steel, heavy types:Orders, unfilled, end of month thousandsShipments - . doStocks, end of month _. do
565, 17033, 247
170,079118, 839
5,2232,7222,5015,7711, 5554,216
9,88910, 9108,623
8,8687,322
17, 80315, 7702,033
560
38
1,446929467
24, 30794, 95861, 32931, 728
5,5315,406
1,525
47.5546.0046.50
119, 95383, 27723, 834
464, 782379, 67385, 109
104, 30576, 11628, 189
7,78598
.0420
58.24.0350
26.60
6,6931,745
22
553, 24452, 408
161, 725127, 675
4,9682,7192,2495,7451,6264,119
11, 86512, 5497,939
11, 6567,277
21, 50819, 2732,235
650
37
1,243867439
11, 62978, 94454, 57227, 643
5,5175,290
1,775
46.6246.0046.50
106, 17875, 53722, 165
411, 601338, 91272, 68991, 77567, 58024, 195
7,59093
.0420
58.24.0350
23.25
6,2001,921
32
599, 09350, 866
109, 13391,838
4,3982,5001,8985,8241,7514,073
12, 92313, 7507,112
12, 1626,249
27,69624, 9572,739
642
60
1,087906455
23, 56069, 86559, 59732, 639
4,8194,573
1,942
46.6246.0046.50
116, 05284, 11226, 940
376, 761310, 18266, 579
100, 75677, 87722, 879
6,49882
.0420
58.24.0350
23.00
5,1972,087
29
507, 21223, 21055, 74552, 359
3,8002,2411,5595,7481,8203,928
12, 75713, 6966,172
12, 7685,258
35, 06431, 4933,571
946
42
1,032697342
24, 14770, 79644, 36023,216
4,1734,054
2,013
46.6246.0046.50
78, 71050, 12414, 625
348, 239293, 20655, 03370, 12955, 07215, 057
5,77971
.0420
58.24.0350
21.00
5,8151,833
30
509, 64427, 34250, 66743, 207
4, 7562,7472,0095,3511,7893,563
11, 98612, 5825, 576
11,3155,711
40, 81136, 0844,7281,025
46
1,048872446
20, 86161, 33058, 12130, 327
4,4774,604
1,847
46.6246.0046.50
89, 96459, 41213, 348
311, 923257, 25954, 66495, 79473, 63022, 164
6,71582
.0420
58.24.0350
21.00
5,6451,990
33
521, 54322, 42319, 3275,618
4,6312 6581,9734,8241,5313,293
10 16410, 4215,319
9,4615,541
45, 35639, 3466,010
968
50
980881459
26, 82857, 51260, 48830, 646
4,3504,495
2,230
46.6846.0046.50
86, 50255, 85311, 823
294, 240250, 23944, 00188, 41771, 78116, 636
6,59084
.0420
58.24.0350
27.75
5,4012,419
28
255, 78720, 31925, 24717, 086
1,664765899
5,3401,7373,603
7091,5914,456
1,575877
47, 01739, 585
7,432461
44
955716398
25, 39254, 32257, 15028, 582
612753
1,616
46.6846.0046.50
70, 69048, 2638,964
280, 291231, 84948, 44281, 27865, 65115, 627
92511
.0420
58.24. 0350
29.38
5,3611,694
31
187, 45117, 55762, 35811, 924
3,4011,7951,6065,4971 6933,804
2 0492 0794,407
1,1033, 520
44, 78637, 8486,939
654
60
939719395
26, 72355, 79549, 43925, 250
2,7222,773
1, 446
46. 6846.0046.50
76, 43750 6857,270
286, 897240 71546, 18272, 85956, 45516, 404
4,21653
.0420
58. 24.0350
31.38
5,2981,682
26
372, 57318, 18962, 50118, 930
5,3202,8242,4965,7181,6424,076
2,8161,6495,575
1716,760
38, 62932, 544
6, 085348
80
892862440
34, 71960, 83557, 37929, 679
5,2315,215
1,499
46. 6846.0046.50
84, 50853, 0799,258
307, 656263, 81643, 84078, 26661, 76516, 501
7,71795
.0427
58.80.0363
31.00
4,5921,956
49
298, 60513, 55269, 13633, 468
5,4952,9562,5395,4001 5483,852
2 7771 5246,831
o6,740
32 00426, 7105,294
601
47
914913450
34, 39062, 30762, 87432, 918
5,2945 285
1 441
46.6846.0046.50
88, 82157 9969,298
327, 035280 02347, 01292, 99473, 45819 536
7,93094
.0438
59.36.0375
30.00
4,8631,635
61
279, 56514, 60351, 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, 1 734 357
1 299
46.8546.0046.50
91, 82762, 04510, 920
340, 955294 251
46, 70492, 54773, 44019, 107
6,79389
.0438
59.36.0375
31.63
4,9371,758
42
273, 03614, 48142 96415, 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
47.2846.0046.50
111,77277 58815, 281
350 358287 87462 484
108, 67787. 74520 932
7,48789
0438
59.36.0375
31.60
4,7452,095
31
3497,109
14, 09911,0333,066
922981484
42, 66376, 25069, 82236, 279
5, 577
47.2846.0046.50
106, 96475, 13317, 406
8,196100
.0438
59.36.0375
32.88
4 6591,721
28r Revised.JFor 1950, percent of capacity is calculated on annual capacity as of January 1,1950 of 99,392,800 tons of steel; 1949 data are based on capacity as of January 1,1949, 96,120,930 tons.
June 1950 SURVEY OF CURRENT BUSINESS S-33
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
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 gross.Steel products, net shipments:
Total thous. of short tonsBars hot rolled — Carbon and alloy do
Reinforcing doSemimanufactures doPipe and tubes doPlates - __do _ _Rails __.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. longtons..Price, wholesale, scrap castings (N. Y.)
dol. per lb_.Aluminum fabricated products, shipments, total
mil.oflbs-Castings doWrought products, total . do
Plate, sheet, and strip _ _ do _Brass sheets, wholesale price, mill dol. per lb_.Copper:
Production:Mine production, recoverable copper
short tons..Crude (mine or smelter, including custom in-
take) short tonsRefined. _ do
Deliveries, refined, domestic doStocks, refined, end of month _ _ doExports, 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 (New York)dol. per lb_.
Imports, total, except mfrs. (lead content)short tons..
Tin:Production, pig long tonsConsumption, pig doStocks, pig, end of month, total § do
Government§ doIndustrial do
Imports:Ore (tin content) doBars, blocks, pigs, etc do
Price, wholesale, Straits (N. Y.) dol. per [fa-Zinc:
Mine production of recoverable zinc. .short tons..Slab zinc:
Production doShipments, total __ do
Domestic doStocks, end of month _ do
Price, wholesale, prime Western (St. Louis)dol. perlb..
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 lb._Stocks, end of month _ __do
Radiation:Shipments thous. of sq.ft..Stocks, end of month do
204,353126, 89877, 455
169, 194768
23,408
5,597677141223635619199
1,437144155375295365
54, 076180, 765
.0702
129.523.8
105.773.1.331
72,568
91, 58993, 87376, 13476,49411, 24848, 48727, 16121, 326.2145
36, 97938, 715
48, 95716, 22968, 353
.1515
25,870
3,0664,228
43, 32231, 11612, 206
4,2058,493
1.0300
59, 185
75, 92153, .14335, 94850, 982
.140620, 0665,447
7,9946,625
6,042105, 574
1,30513, 833
230, 167147, 80882, 359
189, 024737
23,422
5,235597134202618590193
1,330132142378292338
56,909182, 760
.0630
110.421.489.056.9.295
67, 343
81, 25898, 13932, 566
128, 44114, 91046, 54819, 04427, 504.1776
36, 73138, 347
51, 20619, 06090,471
.1372
48, 718
3,2414,186
41, 13030, 55010, 580
3,7644,210
1. 0300
55, 925
77, 53752, 68935, 56475, 830
.118836, 4849,025
19,8687,591
8,528112, 115
1,51014, 803
303, 921208, 63395, 288
259, 026779
27, 559
5,177564141139623517211
1,355121150327387347
54, 184262, 247
.0605
103.923.380.748.1.276
61,314
72, 05192, 11845, 653
166, 92517, 06646, 57020, 22126, 349.1634
36, 06936, 654
45, 45529, 13296, 367
.1200
71, 661
3,3464,161
43, 43133, 7049,727
2,1084,049
1. 0300
54, 271
73, 98966,90044, 82082, 919
.095530, 5346,873
15, 0938,568
13, 155109, 624
2,22113,706
314, 372219, 06795, 305
282, 977746
26, 984
4,535432125125550464182
1,29076
125290418241
55, 777182, 171
.0575
90.418.671.742.8.277
56, 735
62, 44985,63845, 316
212, 81710, 34933, 82914, 41419, 415.1706
29,77832, 126
38, 33232, 56291,834
.1356
9,300
3,1293,990
40, 67931, 1469, 533
2,2103,318
1.0300
40, 256
74, 56972, 08062, 44385, 408
.093621, 1135,669
5,7479,697
14, 265101, 842
2,74712, 068
489, 794383, 603106, 191444, 976
92029, 709
4,918465156136648481196
1,377106153300322334
52,001276, 727
.0651
104.224.080.249.3.282
55, 851
62, 27985, 57790,739
217, 1678,695
45, 37224, 37221, 000.1733
33, 85232, 255
37, 75433, 58175, 285
.1503
30, 856
3,3075,045
31,41621, 7039,713
2,3326,434
1. 0300
45, 068
73, 81974, 33968, 65984, 888
.100024, 7563,839
9,94110, 976
27, 27089, 724
4,13010, 485
416, 974312, 538104, 436371, 691
91025, 511
5,236524162125655467162
1,497122179309394386
49, 742245, 978
.0725
123.427.695.865.3.282
58, 013
64, 87079, 949
103, 115193, 890
14, 21438, 17715, 74522, 432.1733
30,54930,161
34, 92828,29860,208
.1505
19,240
3,1714,852
30,28720, 8739,414
3,2846,458
1. 0209
41,887
70, 36870,22860, 37185, 028
.100123,1981,692
8,26513,241
33,83974, 863
5,3638,548
285, 644188, 09297, 552
252, 522874
19, 936
935893118
121511
31664388
8171
45, 790252,431
.0737
135.329.1
106.275.9.282
60, 108
69, 05286, 882
108, 192164, 464
9,38837, 23125,10212, 129.1733
29, 73429,497
46, 24622, 69564,859
.1342
28,159
3,2462,411
32, 07022, 4039,667
4,8997,558.9572
38, 823
64, 39951, 76143, 99897, 666
.093220,5071,109
4,93114,467
36,98961, 511
5,9706,491
227,359150, 98776, 372
198, 034811
19, 554
3,29732512510440029031
9907890
215246268
35, 865243, 748
.0775
107.126.380.754.1.286
62, 243
80, 59892, 602
117, 133139, 19913, 07541, 78621, 81119, 975.1806
31, 18636,329
48, 50036, 79965,065
.1252
25, 951
3,3133,925
35, 16523,12912, 036
4,1224,881.9119
40, 112
65, 05573, 70263, 85989, 019
.097528, 454
935
9,93117,588
25, 18556,796
4,1905,602
219, 119146, 65372, 466
184, 918831
16, 767
5,411606138220653519141
1,506137164341326419
41, 161259, 203
.0775
119.826.893.161.2.287
62, 565
80,39094, 947
107, 662116, 02725, 04959, 11739, 27419, 843.1820
33,86837, 888
48,89622, 73870, 424
.1200
27,356
3,0814,605
35, 77722, 45213, 325
1,7932,915. 8300
41,687
71, 32766, 12557, 80194, 221
.097521, 294
207
7,10613, 981
15, 02560, 117
2,8135,688
209, 187136, 89972,288
176, 582951
21, 365
5,483620122228671456151
1 1, 572141176325348424
52,023232, 813
.0775
129.528.8
100.768.5.287
71, 464
85, 62695, 229
111,668101, 07012, 16556, 11425, 64730, 467.1820
36, 00735, 031
47, 51225,68376,529
.1200
31, 286
2,9874,941
2 39, 82725, 99113, 145
6,1537,409.7593
' 43, 793
69, 94882, 13269,02082, 037
.097623, 157
60
12, 49110,606
10, 59570, 978
2,6785,806
"•198,279' 121, 128
77, 151••163,010
90822, 066
5,135602101220633346125
1 1, 502141167309329408
50,443142, 324
.0775
140.228.9
111.377.0.287
67,296
80, 75694,036
112, 77377, 47220, 74858, 04936, 43021, 619.1820
r 34, 79436, 452
41, 67021, 85579, 143
.1200
33, 924
2,6525,131
2 43, 87525, 81617, 104
1,3838,029.7435
r 46, 187
69, 63984, 25772, 84367, 419
.097530, 999
434
15, 62514, 940
10, 53479, 029
2,9665,655
236, 413138, 01998, 394
192, 993'1,06126, 281
5,723652116230658441125
1 1, 719151182331363464
58, 747253, 181
.0746
184.935.8
149.0107.4.287
75, 711
' 90, 335113, 440123, 03060, 27619,02145, 30426,50118, 803.1820
38,85138, 457
49, 10422, 35888,581
.1096
26, 197
3,1375,799
2 43, 89023, 39619, 673
1,7554,972.7569
51, 703
77,94685, 58974, 70059, 776
.099425, 530
983
13, 38211,165
11,14490,786
3,0156.186
1,00025,353
.0725
162.833.4
129.489.4.292
84,186103, 293101, 72957,028
.1864
35, 513
48,19633, 75186, 309
.1063
.7643
75, 87783, 13373, 38952, 520
.1066
'Revised. 1 Includes data for electrical strip. 2 Includes small amount not distributed.§Government stocks represent those available for industrial use.fRevised 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.
S-34 SURVEY OF CURRENT BUSINESS June 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem -
ber
1950
January Febru-ary March April
METALS AND MANUFACTURES—Continued
HEATING APPARATUS, ETC.— Continued
Boilers, range, shipments _ numberOil burners:
Orders, unfilled, end of month _ do __Shipments 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 __ _ do __Kerosene, gasoline, and fuel oil do
Warm-air furnaces (forced-air and gravity-air flow),shipments, total _ _ number__
Gas doOil do_Solid fuel do
Water heaters, nonelectric, shipments do
MACHINERY AND APPARATUS
Blowers, fans, and unit heaters, quarterly:Blowers and fans, new orders^ thous. of dol__Unit heater group, new order sj 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=100Mechanical stokers, sales:
Classes 1, 2, and 3 numberClasses 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.:d"
New orders thous of dolBillings do
Direct current motors and generators, 1-200 hp.:d"New orders thous of dolBillings do
27, 799
61, 23125, 50456, 430
177, 96212, 610
150, 73714, 61589, 12512, 98634, 35441, 785
34, 59512, 2639,668
12, 664140, 597
172.0
543323
74.7
1,548
11938, 292
2,699
499
216252, 656192, 500
315
4,170
3,844
1,247
21, 931
24, 867
61, 38834, 90654, 684
177, 29210, 797
152, 38214, 11399, 69117, 71645, 82136, 154
42, 42717, 13112, 61312, 683
150, 111
121.9
762438
72.8
1,560
15830, 910
2,775
685
220222, 850211, 700
285
3,697
3,966
1,133
17, 566
29, 250
51, 21046, 86248, 050
187, 29410, 477
163, 11513, 702
187, 62642, 24962, 69282, 685
55, 85724, 57316, 82014, 464
165, 597
rl!7,930r * 6, 101
164.9
196257
79.0
2,696
25358, 142
3,019
1,059
197207. 354260, 700
282
3,646
3, 649
982
13, 240
240
18, 67920, 542
4,9974, 833
27, 587
55, 06041, 58946, 910
149, 39911, 780
126, 61911, 000
288, 10275, 257
104, 603108, 242
48, 55120, 05915, 23713, 255
144, 701
146.6
329594
60.7
2,382
19331. 992
3,358
1,637
210161, 920200, 900
240
3,329
2,776
810
12, 568
39, 273
60, 80174, 11642,004
241, 97717, 144
207, 52117, 312
563, 694146, 962220, 861195, 871
84, 25036, 49226, 14321, 615
180, 632
127.1
210706
67.3
4,246
34566, 018
3,767
2,648
205219, 909323, 789
273
3,649
2,678
947
12, 400
41, 492
65, 36494, 80535, 451
262, 19318, 926
229, 24414, 023
734, 975213, 955263, 859257, 161
111, 58248, 23530, 85232, 495
191, 787
T 17, 71011,432
166.6
318589
67.6
6,681
26850, 693
2,914
2,786
206250, 036357, 281
318
4,380
3,038
1,013
14, 992
224
17, 71519, 655
2,8903,248
44, 164
56, 51896, 96329, 014
291,03016, 718
257, 50616, 806
666, 940206, 025263, 134197, 781
102, 98944, 60634, 67623, 707
200, 959
133.5
565269
62.3
4, 319
24241, 318
2,539
2,573
168272, 520333, 700
330
4,479
3,201
1,063
17, 683
37, 937
47, 56260 34232, 785
269 61615, 012
238 78015, 824
505, 989140 391243 369122 229
78, 82838 47224, 65015 706
184 147
270.4
293516
67.6
2,257
20952, 631
2,525
2,132
137253, 516298 700
345
4,723
3,231
1,112
12 662
41, 362
44,17640 90639, 130
204, 5219, 436
181 11213, 973
186, 21945 66999, 04141 509
51, 76625 73617, 5438,487
160, 785
r 15, 905r 12, 341
201.0
281719
75.7
1,469
16346, 854
2,560
1,694
181265, 513237, 591
338
4,625
3,155
1,097
20, 946r236
18 52117, 912
3,7473 472
42 101
41,20636 65040, 040
192 10710 581
167 22114 30595, 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, 523r 45, 218r36 808
42, 152
236 82811 933
209 15615 73993, 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, 50451 94643, 673
298, 43414,527
265, 24418, 663
108, 07116, 59759, 33432, 140
59, 98236, 30418, 3485,330
209, 116
18, 5697,740
225.2
7531,300r 75.3
'692rl!6
r 38, 845
3,313
r 1, 191
356361, 014423, 800
406
5,351
3, 988
1,566
17, 708
338
28 23619,812
4,6923,525
160.6
415837
p61. 7
846
11535, 453
3,376
917
292, 664333, 100
5,226
3,735
1,307
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 doByproduct coke ovens _ _ _ do _Cement mills doElectric-power utilities - - - doRailways (class I) doSteel and rolling mills - - doOther industrial _ do_ __
Retail deliveries do
3,722
573424
20.0115. 695
47, 425
37, 49431, 363
9958,253
6496,3306,121
7148,3016,131
4,403
584617
19.4415. 565
47, 795
34, 76429, 718
8258,305
6706,1425,892
6217,2635,046
3,403
450610
19.6515. 615
35, 476
32, 60826, 891
4177,523
6336,3385,274
5596,1475,717
3,921
661358
19.7515. 759
27, 071
29, 88425, 842
447,008
6296,1684,974
5056,5144,042
3,707
879382
19.8015.814
37, 615
33, 59128, 005
797,384
6416,7325,133
5517,4855,586
2,112
601399
20.0816. 102
19, 783
36, 53727, 292
477,161
6256,3414,709
5277,8829,245
4,975
724510
20. 3616. 165
10, 307
28, 06821, 569
162,466
6546,2794,584
1927,3786,499
4,653
1,138' 421
20.4916. 185
44, 623
34, 94826, 343
525. 033
6756,4165,080
5218,5668.605
2,746
975277
20.4916. 190
36, 028
43, 03631, 436
1127,960
7257,2065,665
7229,046
11, 600
2,914
658149
20.5116.190
31, 277
41, 85530, 719
1527,696
6597,3065,320
7128,874
11, 136
2,581
358201
20.5116. 190
'11, 950
34, 32225, 458
405,714
5796,3974,119
6497,9608,864
4,882
183364
20.6216. 577
53, 104r 40. 033r 30i 008
r3927,144
5656,9005,522
7458,740
10, 025
3,355
289
21.3016. 684
45, 698
36, 60030, 024
6498,091
6316,5385,341
6538,1116,576
blowers and fans, 13,052; 14,231; 14,977; 14,413; 14,543; unit heater group, 6,769; 6,837;'12,035; 11,371; 6,953.cf The number of companies reporting is as follows: Direct current—last three quarters of 1949, 28; first quarter of 1950, 29; polyphase induction—(1949) second and third quarters, 32; fourth
quarter, 33; first quarter of 1950, 31.*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.
June 1950 SURVEY OF CURRENT BUSINESS S-35
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL — Continued
Bituminous — ContinuedConsumption on vessels (bunker fuel)
thous. of short tons._Stocks, industrial and retail dealers', end of month,
total thous. of short tons. _Industrial, total do
Byproduct coke ovens doCement mills doElectric-power utilities doRailways (class I) doStoel and rolling mills _ d o _ _ _Other industrial do
Retail dealers do- _Exports doPrices, composite:
Retail dol. per short tonWholesale:
Mine run doPrepared sizes do. _
COKEProduction:
Beehive _ _ thous. of short tonsByproduct _. _ _ _ do_Petroleurn coke do
Stocks, end of month:Byproduct plants total do
At furnace plants do_ __At merchant plants do
Petroleum coke doExports - - - doPrice, beehive, Connellsville (furnace)
dol. per short ton__
PETROLEUM AND PRODUCTS
Crude petroleum:Wells completed numberProduction _ thous. of bb l__Refinery operations _ _ percent of capacity-Consumption (runs to stills) thous. of bbl__Stocks, end of month :cf
Gasoline-bearing in U. S., total doAt refineries doAt tank farms and in pipe lines doOn leases do
Exports doImports doPrice (Kansas-Oklahoma) at wells. -dol. perbbL.
Refined petroleum products:Fuel oil:
Production:Distillate fuel oil thous ofbblResidual fuel oil do
Domestic demand:Distillate fuel oil doResidual fuel oil do
Consumption by type of consumer:Electric-power plants doRailways (class I) _ _ do__Vessels (bunker oil) - v do
Stocks, end of month:Distillate fuel oil _- doResidual fuel oil _. do_.
Exports:Distillate fuel oil doResidual fuel oil . do_
Price, wholesale, fuel oil (Pennsylvania)dol. per gal__
Kerosene:Production ___ ___ _ thous. ofbblDomestic demand doStocks, end of month _ . doExports doPrice, wholesale, bulk lots (New York Har-
bor) f dol. per gal__Lubricants:
Production thous. of bblDomestic demand- _ __ . _ do. -Stocks refinery, end of month doExports . doPrice, wholesale, cylinder, refinery (Pennsyl-
vania) dol. per gal_.
99
65, 16463, 06612, 9141,105
23, 4999,2961,160
15, 0922,0983,752
15.84
8.5709.029
6395,761
261
1,4741,015
45819834
14. 450
1,753150, 354
84154,223
272, 52068, 331
188, 15216, 037
3,65512,0132.510
25, 36834, 417
22, 14938, 085
3,9164, 3665, 353
51, 23159, 668
1,108514
.098
8,1666,605
19, 052258
.091
3, 4572, 623
10 5881,031
.190
118
72, 75570, 27315, 870
1, 43325, 4449,7011,360
16, 4652,4824,827
15. 51
8.5398.921
5345,798
323
1 7481,1*2
ffl6227
53
14. 250
1,805154, 146
85161,053
273, 91266, 799
190, 86816, 245
2,87212. 5222.510
25, 19935, 277
17, 57535, 378
4,1484, 5135,063
58, 38163, 576
7111,019
.088
7,3614,577
21, 546181
.084
3, 0062, 752
10 0891,301
.168
114
74, 16171,35115, 747
1, 61425, 6079,8181,376
17, 1892,8104,349
15.52
8.5188. 929
2705, 242
282
1, 7051,077
629228
79
13. 812
2,133147, 098
84154,861
274, 69164, 040
194, 68515, 966
3,07112, 5502.510
23, 13431, 218
16, 50434, 877
4,9874,5775,345
64, 73064, 628
656608
.088
6, 7154, 531
23, 64845
.084
3,8043,0239 922
898
.150
87
69, 11966, 39913, 8961,469
25, 0628,6691,214
16, 0892,7201,923
15.53
8.5318.945
254,911
302
1 9061,077
83024163
13. 250
1,803145, 818
85160, 358
267, 58662, 793
188, 38316, 410
2,86612, 7062.510
25, 87032, 250
18, 79035, 682
5,4784,3294,665
71,55366,084
453730
.088
6, 9745,676
24,82679
.084
3, 5542, 6999, 731
998
.150
85
68, 62165, 77613 604
1, 45425 4588,1961, 152
15 9122,8452,267
15 54
8 5158 964
475,138
304
2 097lio54
97325038
13. 250
1,847148, 192
85162, 485
260, 58560, 760
183, 84915, 976
3,40311, 6472.510
27, 97233, 414
22, 85838, 281
5 4324,0754 837
76, 03766, 843
769599
.083
7, 1756, 315
25, 490111
.084
3,5103,1118,9621, 115
.148
78
62, 06459, 99011, 903
1,42224 1426,6801,029
14, 8142,0741,806
15 69
8 5809.060
294,952
267
1 92697395223643
13. 250
1,984148, 206
86162, 812
251, 68958, 244
177, 57115 874
2 61911, 9642.510
30 04733, 299
22, 47839, 639
5 8104,1844 765
83, 21367,117
627514
.084
8,0936, 799
26, 65093
.088
3,7293,0268 734
886
.140
54
47,16545, 7559,9461,018
19, 7064, 170
9169,9991,410
282
15.89
1 8 640i 9. 358
81,727
293
2 1201,227
89321759
13. 250
1,826154, 908
86166, 568
250, 80958, 653
175, 98416 172
2,91614, 9982.510
31, 02435, 361
23, 14141, 130
6,6564,7554 238
90 64368, 673
7^0817
.088
9, 3398, 269
27, 00943
.090
4, 1162,9278 894
976
.140
71
45, 80444, 35910, 0601,001
18, 5084,094
9079, 7891,4451,101
16 10
8 6679.463
343,471
280
2 0171,200
81716030
13. 250
1,980156, 285
84158, 782
256, 01059, 835
180, 08616 089
3,01013, 6992.510
28, 87135,411
30, 77245, 535
7,3164,3774, 198
88,21265, 112
666852
.088
9, 27311,45425, 267
118
.086
3, 9842,9829 109
754
.140
39
45, 11143, 7219 8931,063
17 7943,849
91210 2101,3901,415
16 32
8 7119.574
805,538
264
1 71499172314036
13. 250
1,877155, 754
88169, 723
253, 35660 405
177, 04915 902
2 72213, 9832. 510
32 00037, 283
44, 75951 302
7 9384,3334 368
75 20760, 193
430751
.088
10, 75514, 97820, 888
97
.088
4, 1002, 0479 2191,291
.140
14
37, 11936, 038
7 087877
15 0663 010
7489 2501,081
557
16 47
8 7679 732
1045, 358
291
1 281807474149
29
13. 250
1,806152, 590
86169, 987
246, 61061 195
169, 21716 198
2 13016, 5372.510
32 48937, 491
43, 40651 334
7 8044,0354 282
2 63 93255 808
649843
.088
11,14013 90618, 200
68
.093
3,9322,8469 323
940
.140
12
24, 58324, 1183,449
52811, 0552,093
4536,540
465197
16 51
8.7959.766
263,956
259
655448207155
24
13. 250
1,671139, 073
84148, 837
243, 75059 965
167 91615 869
2 19611 8912. 510
28 72932 818
39 48447 281
7 4623, 7914 160
2 52 20647 828
1 036644
.090
9, 40911 41316, 126
89
.090
3 5872, 3089 .3411 152
.140
19
28, 05426, 89£4 848
55311 1672, 755
5007,0701,161
776
r 16. 67
r 8. 916f 9. 855
'2484,979
254
550448102112
22
13. 850
2,009151,213
85165, 418
241,09860,515
164, 66315, 920
2, 15314,9242.510
29, 07035, 768
42, 60452, 085
7 8684, 0335 088
2 37, 77741, 860
1,0011, 193
.090
10,10012, 93913, 001
213
.089
4,0863, 2718 9891 110
.140
45
37, 59030 047
7 491668
13 8202,902
69510 4711,543
16 62
i 8 7569 457
4135 663
700581119
14. 250
2.510
5,319
5,048
.090
.089
.140
' Revised.1 Comparability of data is slightly affected in October 1949 and April 1950 by substitutions in reporting companies. Prices on new basis for September 1949 are $8.618 (mine run) and $9.300
(prepared sizes); for March 1950, $8.916 (mine run).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,c?Includes stocks of heavy crude in California.tRevised series. Prices for kerosene (N. Y. Harbor, No. 1 fuel, bulk lots, f. o. b. refineries or terminals, excluding all fees and taxes) have been substituted for those for water white (Pennsyl-
vania) formerly shown; comparable January 1949 figure on the new basis, $0.103. Data for 1935-48 will be available later.
S-36 SURVEY OF CURRENT BUSINESS June 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
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 d o _ _ _
Domestic demand doStocks, gasoline, end of month:
Finished gasoline, total doAt refineries do _ _
Unfinished gasoline _ _ doNatural gasoline and allied products do
Exports thous. of bbl__Prices, gasoline:
Wholesale, refinery (Oklahoma)dol. per gal..
Wholesale, tank wagon (N. Y . ) _ _ do. _ _Retail, 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 tons..Stocks, 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. _
77, 157
68, 43212, 346
3,6216,399
75, 279
117, 02070, 8178,3317,2533,364
.099
.196
.204
3,9753,1067,3573,500
651, 1001, 510, 000
69,160134, 680
4,650
1,189976
2,484180
45, 341
82, 162
72, 90512, 476
3,2197,241
81, 622
113, 16465, 9888,4387,4183,668
.099
.196
.204
3,9513,1256,8523,088
798, 9001, 500, 000
72, 520140, 560
4,196
991897
2,308166
38, 012
79, 383
70, 60311, 964
3,1847,296
83, 338
106, 06860, 871
7,9737,0313,205
.100
.196
.204
4,1323,0396,8413,144
899, 1001, 354, 000
73, 080148, 680
4,596
9771,0342, 584
19043, 153
82, 953
73, 74012, 479
3,2667,269
82, 118
103, 86758, 7407,3507,6681,913
.100
.196
.204
3,6142,7356,5843,156
934, 0001, 247, 100
64, 120148, 400
4,273
988990
2,296181
42, 232
82, 232
73, 06913, 054
3,8917,319
84, 632
97, 72455, 2817,1557, 3913,277
.100
.196
.204
4,0362,9546,1792,782
1, 018, 7001,044,700
66, 640139, 720
5,482
1,2671.3092,906
22553, 387
80, 310
71, 04613, 270
4,0067,470
80, 760
94, 44553, 7277,3547,6072,271
.100
.196
.203
3,7182,8056,1712,817
952, 200830, 000
72, 800125, 160
5,968
1,4181,4373,113
27253, 911
83, 185
73, 62613, 965
4,4068,301
79, 253
96, 19455, 1177,0936,9232,476
.100
.196
.203
3,9552,8446,6063,117
902, 500798, 400
99, 680130, 200
6,101
1,5161,5023,084
28959, 277
79, 733
70, 36914, 265
4,9017,449
76, 270
97, 17354, 2007,5347,1411,809
.098
.195
.201
3.8482,5296,8222,902
684, 700790, 400
71,960126, 000
5,177
1,2691,2542,655
25758, 198
83, 515
74, 28614,711
5,4827,325
75, 553
103, 58662, 1167,8576,8311,611
.098
.192
.201
4,0862,9577,4443, 338
530, 200894, 200
92,400132, 440
3,021
751720
1,550170
41, 228
82, 075
72, 55615, 116
5, 5977,279
66,908
116, 62473, 8808,6747,3631,201
.097
.192
.200
3,0441,8067,9403,341
535, 1001, 027, 800
87, 920133, 840
3,538
936834
1,768189
41, 485
r 73, 549
64, 685r 13, 608
4,7446,773
T 63, 366
124, 17781, 4578,619
r 8, 0981,410
.096
.192
.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
.095192
.197
3 3482,3357 7583,075
602, 7001 238 700
79 800137, 760
3,816
883860
2,072158
43, 746
.095
.193
.200
4,447
979962
2 506121
45 693
PULP, PAPER, AND PRINTING
PULPWOOD AND WASTE PAPER
Pulpwood:Receipts thous. of cords (128 cu. ft.)--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. _ -do _Soda _ _ d oOroundwood doDefibrated, exploded, etc do
Stocks, own pulp at pulp mills, end of month:Total, a l l grades . _ _ _ . _ _ _ _ _ _ .short tons. _
Bleached sulphate doUnbleached sulphate doBleached sulphite doUnbleached sulphite doSoda doGroundwood do
Exports, all grades, total _ do _ _ _Imports, all grades, total do
Bleached sulphate do . _ _TJnbleached sulphate doBleached sulphite doUnbleached sulphite do _.Soda 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 doBuildins board.. ._ do
1,2261,5725,112
509, 123525, 914439, 983
r947112, 324344, 744156, 712
T 57, 48339, 405
165, 32232, 376
r 151, 96012, 86617, 00340, 803
* 23, 6743,463
44, 171
10, 92397, 51724, 39311, 52225, 19319, 1552,197
14, 461
r 1, 570r827r694
49
1,3111,5374,876
492, 256511, 138418, 706
951116, 830343, 235155, 35358, 98838, 061
166, 00632, 282
161, 18814, 45913, 22445, 44326, 7113,631
46, 778
17, 750142, 32838, 23516, 84437, 52824, 9412,100
21, 939
1,543807683
54
1,4511,5024,877
491, 700512, 582397, 963
920112, 129347, 366135, 30256, 30933, 256
160, 91733, 592
158, 49617, 65012, 04339, 82328, 8315,116
43, 840
21, 154129, 61136, 63514, 30933, 68627, 0201,695
15, 629
1,556801699
56
1,3881,3304,918
427, 149419,348405, 228
806104, 061307, 177117,95539, 24932, 128
142, 10128, 475
145, 52217, 59310, 19037, 28823, 1734,488
40, 584
6,266113,68526, 56216,33135, 02721,9271,907
11,443
1,34871757953
1,7781,6705,015
552, 539586, 250367, 874
1,019119, 599408, 055149, 96757, 50540, 654
157, 05735, 463
139, 65818.2379,634
38, 04521,5154,668
36, 024
6,068135, 22837, 40913, 54935,31130, 5982,351
15, 548
1,74986282364
1,6831,6844,995
588, 734591, 334367, 980
1,030112, 819400, 941149, 49654, 21938, 844
155, 65852, 441
121,39515, 4429,650
33, 35117,9173,883
30, 863
4,989118, 63228, 0097,848
35, 49126, 1872,357
18 193
1,79388182885
1,8411,8694,964
655, 365639, 735379, 549
1,146128, 507445, 225165, 55363, 04342, 506
167, 39576, 925
114, 94812, 0478,445
33, 35119, 8083,364
27, 492
4,510174, 92241, 73918, 43346, 12542, 4362,774
21 346
1,95396089698
1,7721,8414,875
615, 578625, 182368, 121
1, 136128, 443436, 025169,31359, 60143, 341
165, 96976, 907
114, 01812, 8968,355
32, 41219, 4362,992
27,634
3,937244, 75540, 84554 01466, 64456, 6242 763
23 169
1,92094388492
1,7181,7264,879
606, 410573. 516397, 307
1,077117, 099404, 018162, 46856, 88942, 232
168, 34473, 261
98, 4809,2407,331
25, 62115, 1042,099
29, 490
5,628212, 63033, 06340, 35959, 23351,9872, 805
24 572
1,80789982385
1,7531,8844,753
588, 946589, 046394, 077
1, 181139, 514465, 558173, 75959, 53445, 120
165, 15274, 566
109, 0109,7098,770
29, 64415, 2591,771
33, 984
4,344T 237, 094
31, 74464, 49650, 42363, 2602,566
23 995
1,88193685986
1,6621,7684,675
557, 634572, 188372, 234
1,089131, 186422. 223160, 266
57, 02542, 179
154, 43971, 989
108, 50310, 4708,206
26, 93717, 2031,456
34, 044
5,629183, 55339, 66628 32551, 53140, 1482 683
20 396
1,79689881087
r 1, 735r 1 936r 4, 473
r 632, 344r651 142r 355, 615
1, 199146, 640
r453 072r 183, 146
r 64, 60146, 096
174, 00576, 188
r 107, 7339,926
T 8, 463r 25 808r 18, 615
1,41433, 885
5, 528201 36642, 62033 82958 57538, 9042 983
23 943
r 2, 032r 1, 029
901101
1 3861 8593 998
604, 873601 161361, 607
1, 167139. 388450 022172, 61457, 23244, 575
172, 67276, 694
116, 49112, 8348, 587
28 12517, 7401, 735
37, 697
1,90396084894
r Revised.
June 1950 SUEVEY OF CURRENT BUSINESS S-37
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
PULP, PAPER, AND PRINTING—Continued
PAPER AND PAPER PRODUCTS— Continued
Paper, excl. building paper, newsprint, and paper-board (American Paper and Pulp Association) : f
Orders, new short tons.-Orders, unfilled, end of month doProduction _ doShipments _ _ _. do._Stocks, end of month do
Fine paper:Orders, new ... do _.Orders, unfilled, end of month. doProduction _ doShipments do _Stocks, end of month. . ._ __do
Printing paper:Orders, new doOrders, unfilled, end of month doProduction doShipments - do.-_Stocks, end of month doPrice, wholesale, book paper, "B" grade, Eng-
lish finish, white, f. o. b. rnilL _dol. per 100 lb_.Coarse paper:
Orders, new .. short tons.Orders, unfilled, end of month doProduction _ _ _ doShipments doStocks, end of month do
Newsprint:Canada (incl. Newfoundland) :cf
Production doShipments 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 tonsOrders, 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 editions.New books doNew editions _.do _
634, 122347, 140664, 594664, 179323, 662
86, 81142, 76283, 70685, 52085, 997
230, 668163, 885240, 199240, 900100, 225
11.30
195, 00674, 100
217, 475215, 15083, 700
442, 448428, 999191, 190
368, 94575, 45973, 930
11, 309381, 86579, 724
362, 996100.00
688, 000260, 300696, 700
79
f 4, 725
396.2426.3
1,074822252
629, 197342, 763639, 482634, 219328, 690
80, 04538, 44384, 82284, 28686, 545
241, 155167, 170238, 088238, 60098, 480
11.30
193, 67272, 425
201,355195, 34389, 700
442, 730459, 129174, 791
392, 21279, 98780, 162
11, 134373, 04171, 404
414, 526100. 00
686, 700238, 700692, 300
78
r 4, 623
385.7408.5
945755190
637, 622343, 370631,906626, 312334, 556
84, 13537, 16885, 36385, 56386, 336
229, 847159, 569225, 219230, 05893, 925
11.30
208, 61681, 068
206, 055196, 50699, 250
437, 043447, 961163, 873
349, 94480, 41778, 460
13, 091384, 872
75, 863397, 741100. 00
692, 000243, 300696, 800
75
r 4, 843
412.6436.4
760570190
593, 334368, 430560, 472568, 772327, 093
71, 20541, 74066, 60366, 48386, 583
217, 290173, 400202, 468204, 10893, 000
11.30
198, 51387, 200
187, 236192, 38094, 100
421, 475412, 127173, 221
313,11876,21877, 133
12, 176416, 59576, 848
377, 409100. 00
618, 100268, 500583, 800
64
'4,354
355.6332.1
863669194
719, 898407, 215684, 243679, 984330, 664
87, 52941,35587, 84787, 88785, 969
261, 590190, 945248, 153243, 04398, 000
11.30
248, 105108, 500225, 676226, 79592, 980
446, 834435, 007185, 048
318, 04678, 94476, 941
14, 179446, 96486, 044
404, 129100. 00
890, 200365, 600821, 600
86
' 5, 735
450.7449.5
704554150
764, 640463, 553699, 796706, 642324, 990
87, 25240, 50086, 98387, 87085, 805
268, 975206, 538251,456251,87898, 000
11.30
280, 775146, 500236, 977242, 74787, 210
415, 179437, 658162, 569
356, 52870, 60069, 614
15, 165444, 33585, 333
356, 129100. 00
873, 000360, 900833, 800
87
r 5, 688
516.6470.8
763597166
803, 535497, 820765, 612768, 592321, 449
100, 17345, 27093, 23596, 34282, 864
274, 594215, 785266, 393263, 717100, 500
11.30
288, 365166, 300267, 024268, 57785, 650
435, 651433, 039165, 181
399, 26273, 35075, 013
13, 502412, 80575, 708
399, 910100. 00
945, 000400, 600888, 500
94
- 6, 244
478.5507.5
1,129944185
754, 993496, 770762, 099755, 367328, 285
91, 98543, 27093, 24892, 98783, 125
260, 080218, 400265, 313257, 785108, 140
11.30
269, 096165, 040268, 903270, 35884, 195
436, 766460, 977140, 970
378, 62672, 13072, 417
13, 215378, 57887, 677
386, 639100. 00
887, 000429, 800882, 800
93
r 5, 753
452.2492.8
1,019758261
729, 665486, 860739, 789739, 566328, 508
86, 35539, 30091, 90890,32284, 710
252, 560209, 880263,049261, 078110, 115
11.30
260, 710166, 595254, 841259, 153
79, 883
414, 872434, 652121, 190
372, 49769, 85472, 255
10, 814371, 131
74, 732418, 496100. 00
801, 200359, 300827, 400
83
' 5, 230
412.9449.3
1,4981,114
384
785, 948509, 545775, 846763, 256341, 090
96, 26841, 52593, 73494, 03384, 411
281, 470232, 255264, 983259, 094116,004
11.30
267, 149163, 950275, 762269, 794' 85, 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
673524149
' 747, 742' 519, 060r 736, 448' 738, 634' 340, 315
r 100, 628' 50, 2COr 92, 899' 92, 368' 86, 350
' 249, 075r 234, 200' 244, 781r 247, 125' 113, 660
11.30
' 262, 560' 161, 845r 264, 135' 264, 665' 85, 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
' 854, 627' 532, 750r 837, 187r 840, 905r 336, 593
' 112, 240' 56, 785
r 103, 703r 105, 655' 84, 398
T 286, 740' 238, 650' 284, 652p 282, 262' 116, 050
11.30
r 304, 230r 161, 610' 300, 895' 304, 464' 81, 750
451, 635426, 960182, 276
396, 92380, 57179, 027
8,896318, 03686, 765
382, 399100. 00
952, 600371, 800908, 600
91
6,112
529.5521.6
846671175
779, 500543, 100774, 000768, 000342, 523
102, 50056, 286
103, 000103, 00084, 398
259, 000243, 650259, 000254, 000121, 000
11.30
280, 000165, 500276, 000276, 00081, 750
422, 774425, 660179, 390
403, 80182, 56485, 340
6,120284, 01091, 075
100. 00
847, 100343, 700858, 300
92
5,685
443.0456. 1
1,107872235
RUBBER AND RUBBER PRODUCTS
RUBBERNatural rubber:
Consumption long tonsStock", end of month doImports, including latex and guayule doPrice, wholesale, smoked sheets (New York)
dol. per l b _ _Chemical (synthetic) :
Production long tons-Consumption 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 ._ doReplacement equipment doExport do
Stocks, end of month __ doExports do
Inner tubes:Production doShipments _ _ doStocks, end of month doExports . . . do
47, 859112,91650, 623
.185
35, 44536, 529
114, 944509
18, 46318, 64932, 825
6,7596,6092,7703,717
12113, 191
171
5,9775,344
11 748110
46, 128111,87553, 434
.178
32, 33535, 528
112, 739622
18, 18418, 32332, 326
6,9346,8222,3794,322
12113, 301
169
6,0055,237
12, 410127
47, 117103, 62651, 217
.163
31, 95337, 211
106, 813587
18, 84919, 31630, 684
7,3927,5343,2334,185
11613, 135
130
6,3436,345
12, 30689
40, 597103,01746, 187
.164
34, 27030, 094
113, 595691
14, 62615, 96629, 126
6,2647,6953,0994,488
10811, 717
120
5,2306,297
11 36480
45, 30799, 85049, 579
.167
33, 88534, 419
111,333384
17, 81319, 29727, 526
6,2287,7693,1924,463
1149,970
134
5 1656,6009 858
72
43, 978100, 61845, 620
.176
30, 87832, 443
110, 848425
18, 30418, 51726, 257
5,6236,7563,0793,564
1138,930
123
4 8915 8528 875
81
51, 24390 73347, 285
.163
28, 01533, 687
103, 955425
20, 68319, 63826, 619
6,4896,7822 9373, 689
1568,698
151
5 2615 4898 609
105
52, 09399, 20867, 152
.167
28, 61931, 684
101, 430478
19 38218, 51227 801
6,0375,2621 7463,417
999,542
109
5 1414 1639 645
53
52, 919106 61967, 934
.177
27, 23431, 77198, 042
674
19 72318 21028 263
6 2725,2292 1582,940
13110 638
120
5 3254 179
10 65760
59, 992108 76958, 251
.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 47753, 393
.195
29, 33631 86088, 381
596
20 42419 74127 256
6 6916 2163 2472 870
10011 797
92
5 8035 610
11 Oi950
r 60, 859r 101 691
61 481
.197
33 003r37 647r 86 824
635
r 23 037r 22' 151r 27 602
7 3146 7942 8303 858' 106
12 355
6 2235 733
11 432K151
57 816105 737
.238
34 82138 03783 578
22 67121 46328 189
7 5837 5262 9754 439
11212 341
6 2856 094
11 710
_ »• Revised. cf Revised to include figures for Newfoundland; data for 1937-48 are shown on pp. 22 and 23 of the May 1950 issue of the SURVEY. Further revisions for stocks at mills, end of1 'ecember, are as follows (short tons): 1946, 146,524; 1947, 93,405; 1948, 109,195.
tRevised data for 1948 are shown on p. 23 of the May 1950 issue of the SURVEY.§Revised data for shipments of shipping containers for January 1948-March 1949, respectively, are as follows (mil. of sq. ft. of surface area): 5,208; 5,045; 5,553; 4,973; 5,025; 5,097; 4,591; 5,345-
^'405; 5,750; 5,528; 4,936; 4,786; 4,437; 5,006.
S-38 SURVEY OF CURRENT BUSINESS June 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments. reams. _
PORTLAND CEMENT
Production thous. of bbL.Percent of capacity
Shipments thous. of bblStocks, 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 tons__Shipments do
Structural tile, unglazed:Production doShipments - do.
GLASS PRODUCTS
Glass containers:Production thous. of grossShipments, domestic, total do
General-use food :Narrow-neck food doWide-mouth food (inch packers' tumblers)
thous. of gross _ _Beverage (returnable and nonreturnable)
thous. of gross. _Beer bottles . __ ___ do.Liquor and wine -doMedicinal and toilet do _Chemical household and industrial doDairy products doFruit iars and jelly glasses ... ... _ _ do_
Stocks, end of month doOther glassware, machine-made:
Tumblers:Production thous. of dozensShipments _ -do .Stocks -do
Table, kitchen, and household-ware, shipmentsthous. of dozens..
GYPSUM AND PRODUCTS
Crude gypsum:Imports thous of short tonsProduction do
Calcined production doGypsum products sold or used:
Uncalcined short tonsCalcined:
For building uses:Base-coat plasters doKeene's cement doAll other building plasters doLath thous of sq ftTile doWallboard cf do
Industrial plasters short tons
132, 813
17, 68285
17, 77922, 9777,560
420, 477407, 003
24. 021
125, 128112, 584
114, 878100, 093
7,0356,869
649
1,763
538480841
1,612587251148
9,763
4,6214,9058,270
3,264
120, 863
18, 62286
19, 42622, 170
7,440
459, 671433, 772
24. 002
126, 612117, 523
112, 150112, 997
7,6637,811
715
2,020
816567840
1, 666628227333
9,374
5,2425,0558,615
3,672
123, 343
18, 27987
20, 66719, 7856,922
488, 860464, 536
24. 000
125, 012121,010
111,533111,846
8,0367,928
701
2,084
1,025646837
1,584553242255
9,270
4,6084,9938,154
3,368
5111,5891,313
" 488, 923
446, 06911, 341
105, 400393, 725
6, 991574, 797
51,610
111,262
18, 85687
19, 32119,3136,212
449, 182444, 523
23. 964
105, 703111, 298
120,780105, 648
8,1087,746
748
2,022
911538874
1,526561253311
9,425
4,1484,1977,689
2,528
132, 950
18, 71587
23, 63314,3815,798
506, 890507, 886
24. 045
126, 139132, 431
121, 209118,388
8,6628,933
1,108
2,528
486443942
1,992728346359
8,906
4,9075, 1577,715
3,323
144, 716
19, 18192
22, 76310, 7974,461
492, 123500, 344
24. 043
123, 021129, 811
109, 675115, 559
7 5507,981
1,164
1,965
206317
1 1211,975
687341205
8,318
4,7704,7347,618
3,349
9911 6151,418
472, 804
514, 53112 659
118,814538, 427
7 341610, 334
49, 644
148, 461
19, 07088
21, 2788,5693,610
511, 501526, 164
24. 010
122, 020136, 580
111,161107, 601
8,2837,737
760
i 2, 157
164298
1,3592,024
652308i 15
8,602
5,5215,4367,676
3,801
126, 936
18, 04086
17, 2699,3413,356
491, 254499, 371
24. 075
126, 101120, 750
107, 355101, 739
7,3756,963
6321 1, 871
176304
1,2271.887
611255
(i)8,735
4,9404,9617,615
3,647
124, 653
16, 93678
11, 60614, 6864,597
454, 704400, 418
24. 053
119, 19693, 183
100, 67684, 221
6,9636,321
5211 1, 694
228333975
1,823444304
C1)9,145
4,8533,7568, 584
2,617
7341,8211,552
500, 302
464, 02210 909
122 092568 165
8 134719, 627
57 Oil
145, 157
15, 17470
9, 59320, 2676,068
377, 675345, 485
24. 035
108, 58092 740
97 45679, 119
7,9527,379
640
1 2, 291
231325826
2, 127669256i 14
9,352
6,1254,9819,825
2,644
144, 609
13, 07067
9 77523, 579
7 372
345, 731322, 320
>• 24. 103
105, 03285, 668
91 12483, 238
7 2906,748
680
i 1, 968
290263785
1,809667253i 33
9,595
5,5785,5529,820
3,179
157, 524
14, 23866
14 613r 23 205
r § 747
397 905433, 816r 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
414, 901
459 7fi613 066
112 038610 422
8 807723, 788
55 163
154. 385
18, 08885
18 37522 9188 470
24.207
8 4207? 649
876
1,871
592475964
1 856633228154
10, 006
6 5156,1689 938
3,266
TEXTILE PRODUCTS
CLOTHINGHosiery:
Production _ _ _ _ . thous. of dozen pairs. .Shipments doStocks end of month _- do
COTTON
Cotton (exclusive of linters) :Production:
Ginnings§ thous of running balesCrop estimate, equivalent 500-lb. bales
thous of balesConsumption! balesStocks in the United States, end of month,
totall thous. of bales. .Domestic cotton, total _- - -do
On farms and in transit doPublic storage and compresses . doConsuming establishments _ __do
Foreim cotton, total do
11, 15511,72123, 820
598, 502
7,8777,786
5595,8421,385
91
11, 05210 93423, 938
580, 476
6,8366,753
4805,0571,216
83
11,92611,30325, 800
600, 651
5,7815,705
3194,388
99876
9,9819,752
26, 029
298
454, 426
5,2835,214
2514,128
83469
12, 38112, 84425, 566
1,247
664, 133
19, 25719, 19914, 6223,942
63558
13, 02813, 95024, 644
5,309
709, 958
18, 47218,40811, 5906,120
69864
13, 60714, 58023, 671
9,544
725, 602
17, 34817, 2737,8528,3441,077
75
13, 98714, 50423, 153
13, 976
771, 833
16, 65716, 5924,685
10, 5011,405
65
12,73111,59324, 138
14, 716
734, 013
15, 36915, 3043,036
10, 6641,604
65
12, 86812, 40824, 598
15, 641
734, 186
14, 04013, 9742,3159,9511,708
66
13, 04212, 95024, 690
739, 438
12, 81212, 7331,7579,2041,771
79
14, 07214, 12624, 636
2 15, 9082 16, 127898, 228
11, 63711, 5281,4538,2711,805
108
12, 23111 48025 386
711,511
10, 38810, 2701,2597,3321,679
118r Revised. * Data for wide-mouth food containers include jelly glasses in October, January, and February and both jelly glasses and fruit jars in November and December.2 Total ginnings of 1949 crop. §Total ginnings to end of month indicated.cf Includes laminated board, reported as component board.1 Data for January, February, and April 1950 cover 4 weeks and for March, 5 weeks; prior to 1950, calendar months are represented; stock data are for end of period covered.
June 1950 SURVEY OF CUKEENT BUSINESS S-39
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October ' Novem-
berDecem-
ber
1950
January Febru-ary March April
TEXTILE PRODUCTS—Continued
COTTON— Continued
Cotton (exclusive of linters)— ContinuedExports _ _ _ bales--Imports doPrices received by farmers dol. per lb__Prices, wholesale, middling, i^e", average, 10
markets dol. per lb__Cotton linters :f
Consumption thous. of balesProduction _ _ _ _ _ d oStocks end of month do
COTTON MANUFACTURES
Cotton cloth:Cotton broad-woven goods over 12 inches in width,
production quarterly mil of linear yardsExports thous of sq ydImports _ doPrices, wholesale:
Mill margins _ cents per IbDenims, 28-inch dol. per yd-_Print cloth 38 1A -inch, 64 x 60 __ do _Sheeting, unbleached, 36-inch, 56 x 60 do
Cotton yarn, Southern, prices, wholesale, mill:22/1, carded, white, cones __dol. per lb_-40/1, 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 spindle in place hours-Consuming 100 percent cotton mil. of hr__
Operations as percent of capacity _
RAYON AND MANUFACTURES AND SILK
Rayon yarn and staple fiber:Consumption:
Fil^vmfvnt. yarn 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^ denier doRayon broad-woven goods, production, quarterly
thous. of linear yardsSilk, raw:
Imports thous. of IbPrice, wholesale, Japan, white, 13/15 (N. Y.)
dol. perlb.-WOOL
Consumption (scoured basis) :§Apparel class thous. of IbCarpet class __ do
Imports doPrices, wholesale, Boston:
Raw, territory, 64s, 70s, 80s, scoured. -dol. perlb__Raw, bright fleece, 56s, greasy doAustralian, 64s, 70s, good topmaking, scoured, in
bond dol. perlb_.
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§ doWeaving! doCarpet and other § do _
Price, wholesale, worsted yarn (Bradfordweaving system) 2/32s dol. perlb__
590, 1784 497.299
.330rl!9
99660
79, 3721,188
29.94.303.138.170
.612
.789
20, 86419, 8017,776
3277,44297.9
47.96.2
44.119.1718
.770
.370
12
2.60
20, 15212, 83924, 511
1.800.560
1.862
731,543
26
15875
68, 20159, 803
110
45, 9365,052
27, 05913, 825
3.395
463, 9783,014.300
.329r!27
80588
74, 3171,616
28.76.303.131.168
.604
.776
20, 93619, 8627,737
3257,35893.8
52.17.8
49.820.4297
.746
.362
48
2.60
21,57712, 26522, 118
1.781.556
2 1. 675
791,669
28
14374
75, 64163, 969
115
49, 3564,995
31, 25513, 106
3.375
508, 2464,057.301
.328
12258
503
2,00481, 115
649
27.75.303.126.163
.598
.764
20, 56819, 4647,975
3377,50695.8
56.810.9
49.718.9106
.710
.350
435, 699
460
2.60
28,78511, 41629, 878
1.725.545
2 1. 675
801,746
25
12060
76, 25769, 738
123
60,4936,650
41,12212, 721
3.375
r 221,94111,218
.301
.321
r 10444
r457
65, 886822
28.18.303.128.161
.600
.764
' 20, 13419,0125,988
2555,63779.6
58.813.7
48.616.8
32
.710
.350
90
2.60
22, 6346,521
23, 082
1.600.545
2 1. 675
671,620
25
7041
72, 03062, 884
122
42 8844, 917
31 1246,843
3.375
167, 6165,324.293
.310
13663
385
60, 05l1,057
30.61.303.144.160
.610
.772
20, 94119, 7478,827
3778,267102.5
69.219.4
41.912.8468
.710
.350
27
2.60
29, 24510, 58938, 046
1.525.545
2 1. 675
831,960
30
12465
88, 83181,906
145
56 0976,542
38, 42011, 135
3.375
211, 37255 889
.297
.300
141182411
1 94366, 3841,198
34.70.303.163.165
.620
.799
21, 18019, 9759,287
3968,725115.2
74.822.7
31.17.8257
.710
.350
452, 096
25
2.60
36, 15813, 34839, 252
1.525.545
2 1. 675
791,926
26
12565
82, 77890, 413
151
68 8948,631
46 23414, 029
3.244
415, 08813 789
.287
.296
143227468
60, 3832,167
36.08.303.166.167
.639
.823
21,45020, 2159,540
4098,978123.3
74.925.2
24.74.5767
.710
.350
164
2.60
33, 51313, 03146, 456
1.525.545
2 1. 675
902,283
36
14168
91 983110, 119
176
62 3527,621
41 23413 497
2.850
433, 59612 419
.278
.298
132235531
52, 8112,310
38.17.303.170.169
.647
.823
21, 55720, 31410, 021
4299,442124.8
75.724.3
18.93.5
2,952
.710
.350
133
2.65
29,04313, 29046, 158
1.525.545
1.375
832,267
30
13869
85, 79897, 635
166
57 2936 675
36, 68913, 929
2.912
656, 89712 896
.265
.303
131203568
2,31555, 9182,290
38.05.303.170.170
.647
.823
21, 47620,2419,781
4199,206124.7
79.723.9
14.32.9
4,317
.710
.350
529, 163
370
2.68
35, 67917, 37157 517
1.562.552
1.375
692,186
25
14172
76 65395, 066
172
66 6007 550
41 89917, 151
2.975
528, 31610, 982
.265
.310
132193576
36, 5032,845
37.90.303.166.172
.647
.823
21, 46320, 2179,663U96
9,091133.0
78.124.1
14.63.3
4,016
.710
.350
539
2.72
31, 35215,71677, 890
1. 588.559
1.465
772,175
29
154r79
77 59793, 207
185
56 7806,628
34 79615 356
2.975
654, 94870 575
.275
.320
128158580
34 9704,283
37.48.303.160.174
.632
.823
21, 66320, 4179,7651 496
9,181133.4
71.522.5
13.33.3
4,969
.710
.350
583
2.71
r 34 684r 15 724
74 652
1.625.570
1.575
86r 2 172
27
16687
r 79 834r 104, 027
209
r 60 324r 6 664
r 37 Q08r 15 752
2.975
685, 77562 076
.281
.319
156147561
2 44449, 2667,481
36.69.303.152.172
.627
.821
21, 59620, 34011, 808
i 47211, 130127.3
r81.0r 25.3r 12.3
3. 66,710
710.350
588, 257
628
2.65
41 74019, 70066 630
1.625.570
1.575
832 096
27
16983
77 204103 917
207
74 gio7 845
46 49520 270
2.975
.287
.325
131107580
33.08.303.140.172
.620
.799
21, 30120, 048
9, 2991473
8, 764127.8
71 522.9
13.34.3
710.350
2.65
1.629564
1 600
2.975r Revised. * Average per working day. 2 Nominal price.^Data for January, February, and April 1950 cover 4 weeks and for March, 5 weeks; prior to 1950, calendar months are represented; stock data and number of active spindles are for end of
period covered.§Data for June, September, December 1949, and March 1950 are for 5 weeks; other months, 4 weeks.
S-40 SURVEY OF CURRENT BUSINESS June 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
April May June July August Septem-ber October Novem-
berDecem-
ber
1950
January Febru-ary March April
TEXTILE PRODUCTS—Continued
WOOL MANUFACTURES— Continued
Woolen and worsted woven goods, except wovenfelts:
Production quarterly total thous of lin. ydApparel fabrics, total do
Government orders doOther than Government orders, total do
Women's and children's doUnclassified _ _ _ do
Blanketing doOther nonapparel fabrics do
Prices, wholesale, f. o. b. mill:Suiting, unfinished worsted, 13 oz_.dol. per yd..Women's dress goods, flannel, 8 oz, 54-inch
dol. per yd_.
MISCELLANEOUS
Fur sales by dealers thous. of dol
3.589
2.722
1,487
3.589
2.722
1,981
91,92375, 9393,218
72, 72133, 22730, 3469,1485,704
10, 280
3.589
2.722
1,769
3.459
2.475
3.069
2.475
106, 94590,2503 613
86, 63734 50744, 277
7,8536,330
10 365
3.069
2.475
3.069
2.475
3.069
2.475
r 118 220r!02 801
r 3 733r 99 068r 43 061T 48 250
7 757r 5 866r 9 553
3.069
2.475
3.069
2.475
3.069
2.475
108 32990,9232,471
88, 45242 02440, 8365.5925,263
12 143
2.995
2.475
2.970
2.475
TRANSPORTATION EQUIPMENT
AIRCRAFT
Civil aircraft, shipments <? -- number--Exports do
MOTOR VEHICLES
Factory sales, total number--Coaches, total ._ do
Domestic - - doPassenger cars, total __do
Domestic doTrucks total _. do
Domestic do
Exports total -. doPassenger cars .. doTrucks .- do
Truck trailers, production, total _ doComplete trailers do
Vans - - do .All other do
Chassis shipped as such . doRegistrations:
New passenger cars _. _.doNew commercial cars 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 on line .
Orders, unfilled __ _ numberE quipment 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 doRailroad shops do
Exports of locomotives, total doSteam _ _ _ doOther do .
INDUSTRIAL ELECTRIC TRUCKS ANDTRACTORS
Shipments, total numberDomestic do _ _Export do
456223
543, 118514494
436, 392422, 149106, 21291, 808
30, 00414, 59815, 4062,7602,5681,2311,337
192
390, 93278, 857
11, 1848,8968,4992,288
8585850
1,767
985.7
53, 97530, 85023,125
2,6028.3
381721
1,1341,134
01134370
19914257
474178
481,467564511
394, 703380, 48986, 20075, 518
25, 09412, 42012, 6742,7522,6311,4261,205
121
446, 25186, 375
9,5326,8866,8792,646
9595770
1,770
1096.4
45, 05723,81621, 241
2,7378.8
301020
1,0431,043
0907
83
20817929
439189
593, 640632522
493, 882480, 00999, 12689, 174
22, 64812, 02810, 6202,8172,6861,5751,111
131
432, 47079, 069
9,1485,8325,8053,316
9898940
1,771
1136.6
36, 33119, 36816,963
2,6658.7
291019
1,0981,098
01236954
20517530
301156
579, 048439399
483, 261471, 75295,34885,427
i 24, 39713, 035
1 11, 3622,1972,1091,314
79588
448, 47776, 866
6,6453,8663,6552,779
6868660
1,769
1267.4
31,74616, 47415, 272
2,8339 3
257
18984984
0731756
16813335
272188
657, 664444420
557, 370544, 63099, 85089, 989
i 20, 23410, 853i 9, 381
2,6012,5041,4821,022
97
478, 55685, 539
7,1844,2514,2452.933
7070650
1,767
1257.3
26, 59913,47313, 126
2,9499.8
236
17873873
o651253
20218319
284143
626,180298274
534, 493521, 52491, 38982, 487
i 21, 38912, 32619,063
459, 64789, 253
6,2013,9963,9362,205
9393870
1,766
1247.3
20, 6099,419
11, 190
2,99210.0
215
16775775
0804
76
18516817
228170
572, 917322275
487, 891476, 46184,70476, 584
i 20, 06311, 197i 8, 866
465, 76586, 398
4,5372,8332,8281,704
909084
0
1,765
1327.7
16, 1836,4429,741
3,18910.8
172
15816816
0622537
25423519
158161
455, 008308279
381, 951373, 83872, 74966,090
1 17, 1059, 145
i 7, 960
409, 70279, 699
4 4562,7292 6491,727
8585760
1 763
1307 7
12 6614,1228 539
3,29711 3
151
14954954o655
60
22719730
116129
358, 471369353
291, 358284, 09766,74460 784
1 12 5456,957
i 5, 588
414, 57978, 805
3 4322,0521 9501,380
8080750
1,750
1348.0
12 8612,447
10, 414
3,20411.1
13o
13885885
o1073176
23218646
167139
r 581, 366219194
r 487, 824475 495
T 93, 323r 84 3781 14, 760
8,5241 6, 236
r 381, 562r 67, 925
2,3951,0061,0061,389
6161610
1,745
1418.4
17, 7664,550
13, 216
3,45412 2
12o
121 1301,130o
1024854
19918019
225''52
r 475, 465133128
r 385, 361377, 185r 89, 971
80, 939
1 17, 9658,345
1 9, 620
r 408 990r 71 698
2,051922917
1,1296464640
1,742
1398.3
25,6478,455
17, 192
3,49812 5
12o
121,0991,099o
482
46
18314637
326J52
r 580, 660199170
r 469, 618461, 119
r 110, 843r99 8091 16, 907
7,7671 9, 140
1 7128308308828787870
1 739
1287 8
27 Oil10, 71516 296
3,40712 3
Ho
H1 0881,088o
1075552
22919633
329
559, 31126S234
455, 193446, 524103, 85C93 294
983235223748828282
0
1 733
1277 7
30 17013, 76616 404
3,30812 1
10o10
1 1011,101o
20417200
r Revised.i Excludes "special category" exports not shown separately in the interest of national security.cf Publication of data for military shipments and the total, formerly shown here, has been discontinued by the Civil Aeronautics Administration.§Not including railroad-owned private refrigerator cars.
U. S. GOVERNMENT PRINTING OFFICE 1950
-INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40-Pages marked S
Abrasive paper and cloth (coated) 38Acids 24Advertising 7Agricultural income and marketings 2Agricultural wages, loans 15Airline operations 22Aircraft 11,12,14,40Alcohol, denatured and ethyl 24Alcoholic beverages 2,27Aluminum 33Animal fats, greases 25Anthracite 2,5,10,12,14,15,34Apparel, wearing 5,7,8,9,11,12,14,15,38Armed forces 10Asphalt and asphalt products 36Automobiles 2,3,7,8,9,11,12,14,18,21Balance of payments , 20Banking 15,16Barley 28Barrels and drums 32Battery shipments 34Beef and veal 29Beverages, alcoholic 2,27Bituminous coal 2,5,10,12,14,15,34,35Boilers 33,34Bonds, issues, prices, sales, yields 19Book publication 37Brass 33Brick — 5,38Brokers' loans 16,19Building contracts awarded 6Building costs 6,7Building construction (see Construction).Building materials, prices, retail trade 5,7,8,9Business, orders, sales, inventories 3Businesses operating and business turn-over.. 4Butter 27Candy - 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, 5,11,12,14,15,18, 21, 24Cigars and cigarettes _ 30Civil-service employees ; 12Clay products (see also Stone, clay, etc.) 2,38Clothing 5,8,9,11,12,14,15,38Coal 2, 5,11,12,14,15,34,35Cocoa 29Coffee 22,29Coke 2,35Commercial and industrial failures_ _ _ , 4Construction:
Contracts awarded 6Costs 6,7Dwelling units started 6Employment, wage rates, earnings, hours. _ 10,
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,
4,5,11,12,13,14,21,38,39Cottonseed, cake and meal, oil 25Crops 2,4,25,28,30Currency in circulation 18
Dairy products 2,4,5,27Debits, bank 15Debt, short-term, consumer 16Debt, United States Government 17Department stores 8,9,10,16Deposits, bank 15,16,18Disputes, industrial 13Distilled spirits 27Dividend payments and rates 1,18, 20Drug store sales 8,9Dwelling units started 6
Earnings, weekly and hourly 13,14,15Eggs and poultry 2,4,29Electrical equipment 3,4,7,34Electric power, production, sales, revenues 26Employment estimates 10,11,12Employment indexes 11Employment security operations 13Emigration and immigration 23Engineering construction 6Expenditures, United States Government 16Explosives 24Exports (see also individual commodities) 21Express operations 22
Factory, employment, pay rolls, hours, wages.. 10,11,12,13,14,15
Failures, industrial and commercial 4Farm income and marketings 2Farm wages 15Farm products, and farm prices 2,4Fats and oils 5,25,26Federal Government, finance 16,17Federal Reserve banks, condition of 15,16Federal Reserve reporting member banks 15,16Fertilizers 5,24Fiber products 34
Pages marked SFire losses 7Fish oils and fish_. 25, 29Flaxseed 25Flooring 31,32Flour, wheat 28Food products 2,3,
4,5,7,8,9,11,12,13,14, 27, 28, 29,30Footwear 2,5,8,9,11,12,14,31Foreclosures, real estate 7Foreign trade, indexes, shipping weight, value
by regions, countries, economic classes, andcommodity groups 21,22
Foundry equipment 34Freight cars (equipment) 40Freight carloadings, cars, indexes 22, 23Freight-car surplus and shortage 23Fruits and vegetables 2,4,5,21,27Fuel equipment and heating apparatus 33,34Fuel oil 35Fuels 2,5,35Fur 22,40Furnaces. 34Furniture 2,5,7,8,9,11,12,13,14Gas, customers, sales, revenues 26Gasoline 36Glass and glassware (see also Stone, clay, etc.). 2,38Generators and motors 34Glycerin 24Gold... 18Grains 4,19,21,28Gross national product 1Gypsum 38Heating and ventilating equipment 33,34Hides and skins 5,22,30Highways 6,7Hogs 29Home-loan banks, loans outstanding 7Home mortgages 7Hosiery 5,38Hotels 11,13,15,23Hours of work per week 12,13Housefurnishings 5, 7,8,9Housing 5,6Immigration and emigration 23Imports (see also individual commodities) 21,22Income, personal 1Income-tax receipts 16Incorporations, business, new 4Industrial production indexes 2,3Instalment loans 16Instalment sales, department stores 9Insulating 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,
4,5,11,12,13,14,21,32,33KeroseneLabor forceLabor disputes, turn-over.Lamb and mutton ,_LardLead.
_ _ 351013292933
Leather and products 2,3,5,11,12,14,30,31Linseed oil, 25Livestock 2,4,29Loans, real estate, agricultural, bank, brokers'
(see also Consumer credit) 7,15,17,19Locomotives 40Looms, woolen, activity 39Lubricants 35Lumber 2,5,11,12,14,31,32Machine activity, cotton, wool 39Machine tools 34Machinery 2,3,4,11,12,14,18,21,34Magazine advertising 7Mail-order houses, sales 10Manufacturers' sales, inventories, orders 3,4Manufacturing production indexes 2,3Meats and meat packing 2,4,5,11,12,13,14,29Metals 2,3,4,5,10,11,12,13,14,18,32,33Methanol 24Milk 27Minerals 2,3,12,14,15Money supply . 18Mortgage loans 7,15Motor fuel 36Motor vehicles 8,40Motors, electrical 34
263110298
16
National income and product 1Newspaper advertising 7Newsprint 22,37New York Stock Exchange 19, 20Oats 28Oil burners 34Oils and fats 5,25,26Oleomargarine 26Operating businesses and business turn-over. _ 4Orders, new, manufacturers' 4
Paint and paint materials 5,26Paper and pulp 2,3,5,11,12,14,36,37Paper products 36,37Passports issued 23Pay rolls, indexes 12Personal consumption expenditures 8Personal income 1Personal savings and disposable income 1Petroleum and products 2,3,
5,10,11,12,14,15, 21, 22,34,35,36Pig iron. 32 Zinc.
Pages marked SPlant and equipment expenditures 1Plastics and resin materials, syntheticPlywoodPopulationPorkPostal business __Postal savingsPoultry and eggs 2,4,5,29Prices (see also individual commodities):
Consumers' price index 5Received and paid by farmers 4Retail price indexes 5Wholesale price indexes 5
Printing 2,3,11,12,15,37Profits, corporation 18Public utilities.-. 1, 5,10,11,13,14,15,17,18,19, 20Pullman Company 23Pulpwood 36Pumps . 34Purchasing power of the dollar 5Radio advertising 7Railways, operations, equipment, financial sta-
tistics, employment, wages 111,12,13,14,15,17,18,19, 20, 22, 23,40
Railways, street. (See Street railways, etc.)Rayon, and rayon manufactures 2,5,39Real 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, pay rolls, hours,earnings 2,3,11,12,14,15
Rye 28Savings deposits 16Savings, personal 1Securities issued 18,19Service industries, employment 11Sewer pipe, clay 38Sheep and lambs 29Shipbuilding 11,13,14Shoes 2,5,8,9,11,12,14,31Shortenings 26Silk, imports, prices 5,22,39Silver-. _ ... __ 18Skins 5,22,30Slaughtering and meat packing 2,
11,12,13,14,29Soybeans, and soybean oil 25Spindle activity, cotton, wool 39Steel ingots and steel manufactures (see also
Iron and steel) 32,33Steel, scrap 32Stocks, department stores (see also Manufac-
turers' inventories) 10Stocks, dividends, issues, prices, sales, yields.. 20Stokers, mechanical 34Stone, clay, and glass products 2,
11,12,13,14,38Stoves 34Street railways and buses 13,14,15, 22Sugar 22,30Sulfur 24Sulfuric acid 24Superphosphate 24Tea 30Telephone, telegraph, cable, and radio-tele-
graph carriers 10,13,14,15,23Textiles 2,3,5,11,12,13,14,21,38,39,40Tile 38Tin 22,33Tires and inner tubes 5,11,12,14,15,37Tobacco 2,3,4,7,11,12,13,14,30Tools, machine 34Trade, retail and wholesale.. 3,4, 8,9,10,11,13,14,15Transit lines, local 15, 22Transportation, commodity and passenger 22, 23Transportation equipment 2,3,4,11,12,13,14,40Travel 23Truck trailers 40Trucks 40Turpentine and rosin 24Unemployment and unemployment compensa-
tion 10,13United States Government bonds 17,18,19United States Government, finance 16,17Utilities 1,5,10,11,13,14,15,17,18,19, 20Vacuum cleaners 34Variety stores 8, 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 5Wholesale trade 10Wood pulp 36Wool and wool manufactures 2, 5, 22, 39, 40
33
A REVIEW OF 1949
J/V&(DC
ANNUAL REVIEW NUMBER OF THE
SURVEY OF CURRENT BUSINESS
For quick over-all appraisal of the national economy in ayear of marked business adjustments this special annualreview number of the Commerce Department's SURVEY OFCURRENT BUSINESS j meets every businessman's require-ments.
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Forty pages of business statistics compiled from commercialand governmental sources provide a month-by-month prog-ress report—from January through December—on morethan 2,600 series including general business indicators, com-modities, securities, trade, employment, and population.
The Economy in Adjustment—the February AnnualReview Number of the SURVEY OF CURRENT BUSINESS—is priced at 30 cents. A 25-percent discount is given forquantity orders of 100 or more copies for classroom or otheruse.
• National Incomeand Product
• The Trend of Prices
• Industrial Production
• Agricultural Productionand Income
® Construction Activity
• Domestic BusinessInvestment
• Retail Sales
e> Foreign Trade
• Financial Developments
© Employment and LaborConditions
• The Business Population
ORDERS may be placed with the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C., or the nearestDepartment of Commerce Field Office. Annual subscriptions to the SURVEY OF CURRENT BUSINESS are available at $3 per year; foreign $4.