NOVEMBER 1937 SURVEV

NOVEMBER 1937

SURVEVOF

CURRENT BUSI

UNITED STATESDEPARTMENT OF COMMERCE8UREAU OF FOREIGN AND DOMESTIC COMMERCE

WASHINGTONVOLUME 17 NUMBER 11

The usual Periodic Revisionof material presented in the Survey of Current Business has been madein this issue. A list of the new data added and of the series discontinuedis given below. The pages indicated for the added series refer to thisissue, while the pages given for the discontinued data refer to the October1937 issue.

DATA ABB EDPage

Slaughtering and meat-packing indexes(Board of Governors of the Federal Re-serve System added in the October 1937issue) * 22

Bituminous coal; retail price index 23Construction contracts awarded, classified

by ownership. 24Grocery chain store sales indexes (Bureau

of Foreign and Domestic Commerce)... 26Department store sales indexes (computed

by District banks):Kansas City Federal Reserve District 27St. Louis Federal Reserve District 27

Industrial disputes (strikes and lockouts):Number of strikes beginning in month.. 29Number of workers involved in strikes

beginning in month 29United States Employment Service:

Percent of PRIVATE placements to activeMe 29

Admitted assets of life insurance com-panies:

Real estate, cash, and other admittedassets 33

Gold production, Union of South Africa.. 33New securities effectively registered with

the Securities and Exchange Commis-sion, classified by industries 35

Bond sales on the New York Stock Ex-change, exclusive of stopped sales (NewYork Stock Exchange) 35

Bond yields (Moody's) 36Bond yields, U. S. Treasury 3-5-year

notes 36Manufactured tobacco production, by

types 44Gasoline, refinery production, by types.. . 46Copper; production, deliveries, and stocks

(Copper Institute, Inc.) 50

DATA DISCONTINUEDPage

Business activity indexes (Annalist) 22Industrial production indexes (Board of

Governors of the Federal Reserve Sys-tem); food products (discontinued withthe August 1937 issue) and shipbuilding* 22

Grocery chain store sales, Chain Store Ageindex 26

Department store sales indexes (computedby Survey of Current Business):

Kansas City Federal Reserve District.. 27St. Louis Federal Reserve District 27

U. S. Employment Service:Percent of TOTAL placements to active

file 29New securities effectively registered with

the Securities and Exchange Commis-sion, number of issues 35

Bond sales on the New York Stock Ex-change exclusive of stopped sales (Dow-Jones) 35

Bond yields (Standard Statistics Co., Inc.). 36

Refined sugar; shipments and stocks, twoports* 44

Porcelain enamel flatware; new orders forsigns and table tops* 48

Safes; orders and shipments 49

Steel sheets, black, blue, galvanized, andfull finished; orders, production, ship-ments, and stocks* 49

Waste paper, stocks in transit and un-shipped purchases 52

Rayon, deliveries index, adjusted for sea-sonal variation* 55

* Discontinued by the reporting source.

It is important that the tables printed monthly in the SURVEY, presenting back data for the newcud revised series, be retained for reference purposes.

UNITED STATES DEPARTMENT OF COMMERCEDANIEL C. ROPER, Secretary

BUREAU OF FOREIGN AND DOMESTIC COMMERCEALEXANDER V. DYE, Director

SURVEY OFCURRENT BUSINESS

Prepared in the

DIVISION OF ECONOMIC RESEARCH

LOWELL J. GHAWNER, In ChargeM. JOSEPH MEEHAN, Editor

WALTER F. CROWDER, Acting Editor

Volume 17 NOVEMBER 1937 Number 11

CONTENTSSUMMARIES AND CHARTS

PageBusiness indicators 2Business situation summarized 3Graphic comparison of principal data 4Commodity prices 5Domestic trade 6Employment 7Finance 8Foreign trade 9Real estate and construction 10Transportation 11

SPECIAL ARTICLE

Farm mortgage credit, 1930-37 12

STATISTICAL DATANew or revised series:

Table 45. Moody's bond yield averages, 1919-37 19,20

Weekly business statistics through October 23 21

Monthly business statistics:Business indexes 22Commodity prices 23Construction and real estate 24

STATISTICAL DATA—Continued

Monthly business statistics—continued: PageDomestic trade 25Employment conditions and wages 27Finance 31Foreign trade 37Transportation and communications 37

Statistics on individual industries:Chemicals and allied products 39Electric power and gas 41Foodstuffs and tobacco 41Fuels and byproducts 45Leather and products 46Lumber and manufactures 47Metals and manufactures:

Iron and steel 48Machinery and apparatus 49Nonferrous metals and products 50

Paper and printing 51Rubber and products 52Stone, clay, and glass products 53Textile products 53Transportation equipment 55

Canadian statistics 56General index Inside back cover

Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS is 31.50 a year. Single-copy price: Monthly, 10 cents; weekly, 5 cents.Foreign subscriptions, #3. Price of the 1936 Supplement is 35 cents. Make remittances only to

Superintendent of Documents, Washington, D. C.

23491—37 1 1

SURVEY OF CURRENT BUSINESS November 1937

Business Indicators1923-25=100, except as noted

15012 5

100

75

5025

0

125100

75

50

250

INDUSTRIAL PRODUCTION

zz.M 1 I 1 1 1

Adjusted

i 11 i 1 1 1 1 i i 1 1 1 1 1 i 1 1 i i i 1 1 1 1 i i i 1 1 1 1 i 1

FREIGHT CAR LOADINGS

I 1 1 I I 1 I

LCLfi

TOTAL

n . . i l n .

d/usted)

(Adjusfe

i i 11 11 I I 1. i i

• — * —

1 i l I i I I I 1 I i i I i

FACTORY EMPLOYMENT & PAYROLLS *

250 II 1 1 11 1

EMPLOYMENT (Adjusted) . ^ - *

- FAMOUS (Unadjusted)

I I . , l l n . l l l . M , l l l l . I l l . , l I I I . M l •

CONSTRUCTION CONTRACTS AWARDED

TOTAL (Adjusted)

Ji^C^s/OTNT/AL (Ac/Jus fed) *i i 1 1 i 1 1 1 1 i i 1 1 1 1 ) i 1 1 i i i 1 1 1 1 i i i 1 1 1 1 1 i

150

125

100

75

50

25

0

125

100

75

50

250

RURAL SALES OF GENERAL MERCHANDISE

1 1 1 I [ I 1

Adjusted

1 1 M i I i 1 1 i i 1 1 1 ) i i I 1 1 1 1 i I 1 1 1 1 1 I 1 1 1 i

DEPARTMENT STORE SALES

i i i i i i i

A djusfeat

i 11 i i 11 11 i t 1 1 1 i i t 1 1 1 1 1 i 1 1 1 i 1 1 1 1 i n

CASH INCOME FROM FARM MARKETINGS

250

125100

75

5025

0

1 1 I I 1 1 I

Adjusted J\*»*s

Mi l l 1 111 N I \\ M 1 I ! I 1 1 I I I I 1 I 1 I I

WHOLESALE PRICES

I I 1 I I 1 1

ALL COMMODITIES?

^-FAtfM PRODUCTS

1111 i 1111ii 111i1111111i1111 11 111 ii

150

125

100

7550

FEDERAL RESERVE MEMBER BANK LOANS BANK DEBITS OUTSIDE NEW YORK CITY150125100

nT i i i i i I i

7550

i i n l m i i l i i i i i l i i i i i l i i i n l i i i i ot I 1 I 1 1 I 1 1 1 1 1 l t1930 1935 1935 1936 1937 1930 1935 1936 1937

ADJUSTED FOR SEASONAL VARIATION # REVISED * REPORTING MEMBER BANKS ^ 1 9 2 9 - 3 1 = 100 " # " l .924 - 29 = 1 0 0

NOTE: Indexes are based on dollar f igures, except industrial production, freight-car loadings, and factory employment

November 1937 SURVEY OF CURRENT BUSINESS

Business Situation SummarizedINDUSTRIAL production in October as indicated by

available weekly reports from several major indus-tries was sharply lower than in September, on a season-ally adjusted basis. During the past 2 months thedecline has been approximately 9 percent. Steelactivity showed a particularly severe curtailment duringthe month, the scheduled rate of operations beingreduced from 74 percent of ingot capacity in the lastweek of September to approximately 50 percent in thefinal week of October. Early reports indicate thatcotton-mill activity declined contraseasonally, afterhaving advanced less than is usual in September. Auto-mobile production, however, expanded more thanseasonally, even though one of the leading producershad not started volume production of its 1938 models.Production of bituminous coal increased seasonallywhile crude oil output declined.

Manufacturing production as contrasted with min-eral production declined sharply in September, accord-ing to the seasonally adjusted index of the Boardof Governors of the Federal Reserve System. Thisindex dropped to 110 (1923-25 = 100) in Septemberfrom 118 in August. Under the influence of a sharpadvance in output of anthracite and bituminous coal,a gain was recorded in the adjusted index of mineralproduction. The index for total industrial production,

which is a composite of manufacturing and miningactivity, dropped from 117 in August to 111 in Sep-tember.

Factory employment in September declined, contraryto the usual seasonal movement, and pay rolls droppedmore sharply than employment. Employment in non-manufacturing industries showed some gain due mainlyto increases in the number at work in retail establishments.

Retail sales of general merchandise in Septembershowed a sizable advance, after allowance for seasonalinfluences-and also maintained a gain over sales in thecorresponding month last year of about 5 percent. Pri-mary distribution as indicated by freight-car loadings, de-clined during the early part of October although some sea-sonal increase is usually experienced during the month.

Extending the declines of the preceding 2 months,security prices dropped sharply during the first part ofOctober. In the wide fluctuations of October 19,industrial, railroad, and utility share prices fell to thelowest points since May 1935. At the bottom of themovement, the New York Times' index of 50 stockswas down 40 percent from the March high. Second-grade bond prices were also sharply lower but theprices of high-grade issues and Government bondswere generally firm. Some recovery in the prices ofstocks and bonds was experienced following the break.

MONTHLY BUSINESS INDEXES

Year and month

Industrial production

Unadjusted 1 Adjusted 2

Factory em-ployment

and pay rolls

1%.s •£

PV

Freight-carloadings

TotalMer-chan-dise,I.e. I.

ICfi

fz

Retail sales,value,

adjusted 2

Monthly average, 1923-25=100

11II

1929-31 = 100

Foreigntrade, value,adjusted 2

I

in sMonthly average, 1923-25=100

Cash farmincome 3

a

Monthlyaverage,

1924-29=100

.£.2

IMonthlyaverage,1926 = 100

1929: September1932: September1933 September1934 September1935: September1936:

SeptemberOctoberNovemberDecember

1937:January _.FebruaryMarchApril.MayJune .JulyAugust ._.September

Monthly average, January through September:

1929...19331934193519361937

12367857390

107111115114

11211712212212211511111?109

122778188102116

12366847089

107110115114

113118122125123114110114106

124778088102116

12774948793

110115115111

105111118105117117115120125

115818689101115

12166847191

109110114121

114116118118118114114117111

12165836992

110111115121

115116117118118114114118110

11871878287

102105112117

109115128115116114112112115

106.063.481.278.186.3

93.894.496.298.6

98.899.7100.9101.6102.2101.4103.0102.4100.7

105.169.482.885.190. 1100.9

112.843.560.659.173.7

83.689.090.795.2

90.795.8101.1104.9105.2102.9100.4103.8100.1

110.246.763.069.679.3100.5

10854606064

75778283

808283848078807978

1085762627280

10569686464

67666769

676869696967686867

1056766646568

11367

134s 461.873.998.8

104.8

123.6127.1122.6131.0

106.7103.7126.2121.2127.1124.4119.1115.1131.7

112.557.572.486.998.7

108. 2

11033404850

55575257

576767758179807974

1123246465169

11532484353

70646176

748786828693897976

1153643526183

138.359.661.965.376.1

89.1102.193.7117.8

1C3.389.3109.5101.697.8101.5102.293.394.5

137.659.568.977.788.999.2

11030302943

59575866

636256535661686357

1252033325662

122.046.558.073.576.5

89.0104.088.586.0

75.559.570.569.068.071.587.590.596.5

96.845.453.858.068.676.5

103.041.550.062.566.0

77.56.0

77.578.5

75.070.581.589.078.084.594.585.081.0

9611651 370.877; 680.781.681.582.484.2

85.986.387.888.087.487.287.987.587.4

95.764.374.479.880.287.3

1 Adjusted for number of working dajTs. 2 Adjusted for seasonal variations. 3 From marketings of farm products.

SURVEY OF CURRENT BUSINESS November 1937

Graphic Comparison of Principal Data

193719361935193419331929

193719361935193419331929

I FIRST S MONTHS YZZZZ1 REMAINDER OF YEAR

BANK DEBITS OUTSIDE NEW YORK CITY (BILLIONS OF DOLLARS)

o193719361935193419331929

CASH2

INCOME FROM FARM4-

-

MARKETINGS *(BILUONS OF DOLLARS)6 8 IO 12

•

CONSTRUCTION CONTRACTS AWARDED (BILLIONS OF DOLLARS)

<19371936

193419331929

ZZl

t i5 6

STEEL INGOT PRODUCTION (MILLIONS OF TONS)20 30 50 6 0

AUTOMOBILE PRODUCTION (MILLIONS OF CARS)<

193719361935193419331929

\I 3 AV I> 6

FREIGHT CAR LOADINGS (MILLIONS OF CARS)IO 20 3 0

* INCLUDES BENEFIT PAYMENTS BEGINNING AUGUST 1933, AND AGRICULTURE CONSERVATION PAYMENTS BEGINNING OCT. 1936D.D.9O28

November 1937 SURVEY OF CUREENT BUSINESS

Commodity PricesTHE general average of wholesale prices moved

lower in October after having experienced onlyslight change during the past 7 months, as shown bythe weekly index of prices compiled by the Bureau ofLabor Statistics. The "all commodities" index de-clined from 87.5 (1926 = 100) late in September to 85.2by mid-October, but was 7 percent above that of ayear ago. The price indexes for each of the "eco-nomic classes" of commodities declined during themonth. The raw materials and semimanufacturesindexes, which have been receding since the first weekof April, moved sharply lower in October. The indexof finished products which had advanced almost withoutinterruption from the fall of 1936 to a recovery peak of89.5 in the week ended September 25, showed a definiterecession in the next 3 weeks, declining to 88.2 by mid-October.

Farm products also experienced severe price declinesin October, after fluctuating rather moderately inSeptember and August. The index for this group ofproducts compiled by the Bureau of Labor Statisticsfell to 80.3 in mid-October from 87.3 at the close ofSeptember and 96 in April. Prices received by farmers

in local markets as measured by the Department ofAgriculture index continued to decline; the index was112 (1909-14 = 100) on October 15 as compared with118 a month earlier and 121 at this time last year.

During the first half of October, copper and zincprices were reduced to approximately those prevailingat the beginning of the year, but new lows for 1937were established by tin, lead, steel scrap, silk, and rubber.

The cost of living rose slightly in September aftershowing no significant change for several months,according to the index of the National Industrial Con-ference Board. Advances of 0.9 percent in the indexesof rents and clothing accounted for the increase.

Wholesale price indexes in most foreign countriesadvanced through March 1937, receded in April andMay, then advanced to new highs in June and July.From these peaks, prices in nearly all countries declinedrather sharply in July or August. Prices in France,however, showed a different movement from the gen-eral trend, due largely to currency depreciation; aminor recession in April and May was followed by arapid increase, with average prices in September thehighest since June 1929.

INDEXES OF COMMODITY PRICES

Year and month

1929: September . -1932* September1933: September __1934: September _ _ __ _1935* September1936:


1937:January _. .FebruaryMarchAprilMayJuneJuly.. __AugustSeptember - --

Monthly average, Januarythrough September:

1929.._19331934193519361937

Wholesale Prices (U. S. Department of Labor)

*̂ . r

Co

mb

ine

d

Ind

ex

,co

mm

od

ity q

uo

tati

oi

96.165.370.877.680.7

81.681.582.484.2

85.986.387.888.087.487.287.987.587.4

95.764.374.479.880.287.3

Economic classes

Fin

ished

pro

du

cts

95.070.474.880.183.1

82.382.082.683.8

84.985.486.487.487.587.788.889.089.1

94.968.977.982.181.787.4

Raw

mat

eria

ls

98.956.261.773.977.3

81.882.183.185.6

88.188.390.188.787.186.186.584.884.4

98.054.767.576.978.787.1

Sem

iman

ufa

ctu

res

94.560.772.971.874.4

75.976.278.682.3

85.485.589.689.587.586.887.086.685.3

94.163.173.272.874.887.0

Farm

pro

du

cts

106.649.157.073.479.5

84.084.085.188.5

91.391.494.192.289.888.589.386.485.9

105.649.963.578.979.389.9

£

101.637.463.988.183.5

102.0102.1102.9109.0

113.0111.5113.2119.2113.9105.7105.292.091.9

97.350.970.483.182.6

107.3

05

©

Mea

ts

Groups and subgroups

Oth

er

than

fa

rmp

rod

uct

s an

d

food

s_

_

__

Monthly average

103.361.864.976.186.1

83.382.683.985.5

87.187.087.585.584.284.786.286.788.0

100.059.669.183.281.486.3

113.160.951.576.6

102.9

87.384.485.287.2

90.690.392.094.995.998.0

106.0112.1113.4

110.850.960.893.988 599.2

91.670.476.178.377.879.680.181.082.2

83.484.185.586.586.386.186.386.185.9

91.869.178.577.779.185.6

Bu

ild

ing m

ater

ials

Chem

ical

s an

d

dru

gs

1926=100

95.870.582.785.685.9

87.187.387.789.5

91.393.395.996.797.296.996.796.396.2

95.774.486.685.186.195.6

93.772.979, 776.580.2

81.782.282.585.3

87,787.887.fi86.984.583 683,982.281.4

94 472.475.580.279.485.1

Fuel

an

d l

igh

tin

g

Hid

es a

nd l

eath

er

82.71110. 670.870.474.673.0

76.176.876.876.5

76 676.876.276.8

77.578.178.478.7

8?, 964.173.073.476.177.4

72.292.384.190.9

94.695.697.099.7

101.7102.7104.2106.3106.7106.4106.7108.1107.6

109.178.287.387.994.7

105.6

Ho

use

-fu

rnis

hin

ggoods

94.373.779.381.880.5

81.782.082.383.2

86 587.988.489.089.389.589.791.191.1

94 174.081.680.681.489.2

Met

als

and

meta

lp

rod

uct

s

100.380.182.186.686.6

86.886.987.989.6

90 991.796.096.595.895.996.197.097.1

101.179.087.286.386.795.2

Tex

tile

pro

du

cts

89.855.676.971.171.8

70.971.673.576.3

77 577.578.379.578.778.278.377.175.3

91.060.373.970.270.677.8

Mis

cell

aneo

us

83.164.765.170.267 1

71.371.573.474.5

76.277.379.581.180.579.479.077.377.0

82.561.369.568 769.578.6

i

5̂ a

Cost

of

liv

ing

(Nat

ion

?tr

ial

Co

nfe

ren

ce B

M o .average,

1923 =100

101.176.678.280.882 7

85.985.785.886.1

86.987.287.988.388.888.988.989.089.4

99.874.079.182 384.488.4

ex, 4

7p

art-

Farm

pri

ces,

co

mb

ined

com

mo

dit

ies

(U,

S.

men

t of

Ag

ricu

ltu

re)

M o .average,1909-14= 100

1506680

103107

124121120126

131127128130128124125123118

1466887

107111126

Retail prices

"S

Foods

(U.

S. D

epar

tnn

of L

abo

r) i

M o .average,1923-25= 100

108.066.771.977.180 1

84.382.882.582.9

84.684.585.485.686. 586.285.985.585.8

104.065.073.380.181.985.6

1

Dep

artm

ent-

sto

re a

rtic

(Fai

rch

ild

's)2

Dec.

(Jan.l,1931) =

100

73 686 087.786 6

89.390.090.891.7

93.093.794.595 295 696.096.396.696.3

74 288.686 188 395.2

1 Middle of month. 2 Index is as of the 1st of the following month.

SUKVEY OF CURKENT BUSINESS November 1937

Domestic TradeTHE sustained high level of retail trade at a time

when many other lines of business activity showslackening tendencies is one of the bright spots in thecurrent economic situation. The largest farm incomesince 1929 and the well-maintained volume of indus-trial pay rolls, have been chiefly responsible for thecontinued favorable showing.

Retail sales of general merchandise increased morethan seasonally in September. Purchases of passen-ger automobiles, however, experienced a larger declinethan usually occurs during that month. The declinemay be accounted for, in part, by the difficulty of mak-ing proper statistical allowance for the changing buy-ing and producing habits in the industry.

Department-store sales increased somewhat morethan seasonally during September and were about6 percent above those for the corresponding month lastyear. The widest gains (13 percent) over Septembera year ago were made in the Dallas and ClevelandFederal Reserve districts, while activity in the Bostonand San Francisco areas was approximately the sameas last year. Rural general merchandise sales showeda gain of about 7 percent, while variety and grocerystores recorded more moderate increases.

Total sales of more than 8,000 independent retailmerchants in 14 States were approximately 14 percentlarger in September than in August, on a daily averagebasis, and were 8 percent above those in September ayear ago. Dollar sales of independent stores duringthe first 9 months of the year were about 8 percent

above those for the corresponding period in 1936. Theincrease during the 9-month period was relativelyequal in both urban and rural communities but variedamong the different regions of the country. In the15 major lines of trade, for which figures are available,sales at jewelry stores recorded the largest relativeincrease for the 9-month period, the dollar volumebeing about one-fifth greater than for the same periodof 1936. Gains recorded in other lines of trade wereas follows: Lumber and building material, 17 percent;furniture and household appliances, and hardware,12 percent each; new passenger automobiles, about10 percent; sales at apparel and at general countrystores, about 9 percent each; and grocery and drugstore sales, about 5 percent each.

Wholesale sales reported to the Bureau of Foreignand Domestic Commerce by a sample group of 1,260firms were about 8 percent higher in September thanin August and were slightly more than 7 percent abovethose of September 1936. In August, sales of reportingfirms showed a gain over the corresponding month ayear ago of about 6 percent; the gain in July was 4 per-cent. Total dollar sales of 560 reporting manufac-turers in September were 4 percent above August andmore than 11 percent above those in the correspondingmonth a year ago. Outstanding increases over Sep-tember a year ago were shown by manufacturers ofmachinery, especially electrical, stoves and ranges,and rubber products, while decreases were recordedby manufacturers of flour and cereals, and knit goods.

DOMESTIC TRADE STATISTICS

Year and month

Retail trade

Department store

SalesUnad-just-ed i

Ad-just-ed 2

Stocks 3

Unad-just-

ed

Ad-just-ed 2

Com-binedindex

(ChainStore Age)

Monthly average, 1923-25=100

Chain-store sales

Avg. samemo. 1929-

31 = 100

Variety storesUnad-just-ed i

Ad-just-ed 2

Rural sales ofgeneral mer-

chandise

Unad-just-ed i

Ad-just-ed 2

New passen-ger-car sales

Unad-just-ed i

Ad-just-ed 2

Monthly average, 1929-31 = 100

Wholesa letrade

Em-ploy-ment

Payrolls

Monthly aver-age, 1929=100

Commercialfailures

Fail-

Num-ber

Liabil-ities

Thou-sands

of dolls.1929: September1932: September1933: September1934: September1935: September1936:

SeptemberOctober _.NovemberDecember

1937:JanuaryFebruaryMarchApril.MayJuneJuly.August— _Septem ber

Monthly average, January throughSeptember:

1929193319341935 _.1936...1937 _

11771737986

94100105161

7276908995906572100

995967697783

11367687481

88909492

939593939393949294

10463736767

71768067

667278797873697480

975864626474

10060706464

68697171

747676767675747877

82.587.595.399.7

110.0109.5111.0113.0

106.4110.0108.6110.0112.0114.0114.5113.2116.0

102.678.082.585.587.7

97.8100.4104.5195.7

70.381.397.189.098.3100.797.090.699.6

82.391.795.6104.3111.6

95.573.481.681.788.391.5

107.481.786.489.591.8

102.498.9103.0106.1

94.497.4103.396.298.3105.9109.0102.4104.3

133.061.273.297.9103.7

122.3155.1150.8186.1

117.4116.4119.4117.591.799.0130.4

112.557.572.486.998.7108.2

134.461.873.998.8104.8

123.6127.1122.6131.0

106.7103.7126.2121.2127.1124. 4119.1115.1131.7

133.830.551.251.950.1

71.056.5113.1130.4

90.185.5146.5141.3144.6134.3122.9112.673.2

162.347.364.084.9106.0116.8

141.531.052.053.079.0

83.085.5151.0175.0

129.5139.5123.5102.5104.099.0104.5120.5105.0

80.383.583.7

88.089.089.791.0

90.792.092.191.990.890.390.691.193.1

99.174.282.183.285.691.4

103.360.158.763.667.2

70.571.573.172.8

72.674.175.075.476.176.376.979.178.2

99.055.462.464.968.476.0

1, 075771787

586611688692

811721820786834670618707564

1,821986961799726

16, 66315,55217,002

9,8198,26611, 53212, 2888,6619,77110,9228,9068,3648,1917,76611,9168,393

43, 02020, 20815,08412, 7969,210

1 Adjusted for number of working days. 2 Adjusted for seasonal variations. End of month.


EmploymentEMPLOYMENT in manufacturing and nonmanufac-

turing industries in September was larger than forany other month of the recovery period, according to theregular monthly survey of the Bureau of Labor Statistics.The gain over August, which amounted to about 190,000workers, was due to increases in the number employed innonmanufacturing establishments, particularly in retailstores. However, the margin of gain in employment overthe corresponding month a year ago continued to narrowin September. In industries covered by this survey, thenumber at work in that month was 930,000 larger thanin September last year, while in August the gain wasapproximately 1,100,000, and in March 1,600,000.

The employment statistics for manufacturing indus-tries shown in the table below reflect the moderaterecession in production activity during recent weeks.However, since these data are for the pay period endingnearest the 15th of the month, the recessions whichhave occurred in certain lines subsequent to mid-Sep-tember are not reflected in the current data. Thedecline in factory employment in September was con-trary to the usual seasonal movement, reducing theseasonally adjusted index 1.7 points to 100.7 (1923-25 =100). Pay rolls recorded a somewhat sharper declinethan employment, probably indicating a reduction inthe average number of hours worked.

Gains in employment in the nondurable goodsindustries more than offset the declines and the totalnumber of workers in these industries recorded a new

high for the recovery period. The food industriesreported the largest gains, but the group as a wholerecorded a less-than-seasonal rise. Chemicals andallied products other than petroleum refining alsorecorded marked gains, and paper and printing andtobacco manufactures were somewhat higher. Wear-ing apparel industries recorded many gains in employ-ment but for the group the increase was less than thatusually experienced at this season. Manufacturers oftextile fabrics reported small declines in the number atwork instead of the customary seasonal gains.

Employment in the durable goods industries wassomewhat lower in September than in August, but thenumber of individual industries showing gains waslarger than the number showing declines. The largestincreases were in nonferrous metals and their products.These gains, however, were less than is usually ex-perienced. In the automobile industry a seasonalrecession in employment took place. In the variousbranches of the iron and steel industry gains offset losseswith virtually no change in the group over this period.

In the 16 nonmanufacturing industries for which dataare collected, gains in employment in September ascompared with August were generally small. Leadingincreases were shown in retail and wholesale trade, andin anthracite and bituminous coal mining. Buildingconstruction recorded a small decline over the monthinterval, as did crude petroleum refining and quarryingand nonmetallic mining.

STATISTICS OF EMPLOYMENT, PAY ROLLS, AND WAGES

Year and month

Factory employmentand pay rolls

Employment

Unad-justed

Ad-justed

Payrolls

Unad-justed

Monthly average,1923-25=100

Nonmanufacturing employment and pay rolls(U. S. Department of Labor)

Anthracitemining

Em-ploy-ment

Payrolls

Bituminouscoal mining

Em-ploy-ment

Payrolls

Electric lightand power

and manu-factured gasEm-ploy-ment

Payrolls

Telephoneand tele-

graphEm-ploy-ment

Payrolls

Retail trade

Em-ploy-ment

Payrolls

Monthly average, 1929=100

101.758.358.760.662.5

66.668.370.1

68.067.970.571.973.574. 472.872.274.6

98.152.860.161.064.571.8

Trade-unionmem-

bers em-ployed

Percentof total

members

WagesFactory

(National Indus-trial Conference

Board)Averageweekly

earnings

Averagehourly

earnings

Dollars

Com-monlaborrates(roadbuild-ing)Centsper

hour1929: September1932: September1933: September1934: September1935: September1936:


1937:JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember.

Monthly average,January throughSeptember:192919331934193519361937

108.765.183.280.188.1

95.596.796.998.1

96.599.0101.1102.1102.3101.1101.4102. 3102.1

105.169.482.85.190.1

100.9

106.063.481.278.186.3

93.894.496.298.6

99.7100.9101.6102.2101. 4103. 0102.4100.7

112.843.560.659.173.7

83.689.090.795.2

90.795.8

101.1104.9105.2102.9100.4103.8100.1

110.246.763.069.679.3

1C0. 5

101.955.856.856.946.0

47.649.951.554.8

54.152.748.954.051.051.145.041.148.2

98.149.859.452.951.849.6

103.847.060.747.038.2

34.948. 540.355.4

42.741.037.863.944.450.935.227.031.5

92.144.057.747.844.941.6

97.262.471.878.277.1

78.281.182.383.9

84.684.885.972.677.877.975.878.980.3

99.966.376.476.777.879.8

98.630.244.151.460.1

71.079.280.785.0

79.982.488.454.467.871.266.473.777.1

97.734.253.054.967.273.5

105.581.080.385.886.9

93.594.093.593.2

92.192.092.292.994.496.496.098.398.4

98.677.783.483.989.494.7

106.674.771.879.384.5

91.492.791.893.8

92.393.394.595.297.6

100.1101.9102.3103.9

98.370.977.480.387.597.9

102.577.468.370.970.4

73.773.873.773.6

74.474.875.476.677.778.579.779.879.9

99.470.970.470.271.777.4

100.475.964.672.273.8

78.883.181.682.4

83.682.287.286.389.588.692.192.092.4

98.968.470.874.377.888.2

100.674.280.681.781.8

86.688.790.199.6

85.485.288.588.889.990.587.686.390.7

98.073.080.880.783.388.1

29.0116.4419.4119.5522.54

25.1825.5125.9826.63

26.1126.6827.5028.0328.3628.3927.8327.7637.43

28.7317.3320.0721.9524.1727.57

.594

.480

.536

.591

.601

.619

.619

.624

.637

.642

.659

.707

.711

.713

.716

.589

.472

.577

.598

.614

.685

4132374142

42424139

373536373941

1 Adjusted for seasonal variations.

8 SURVEY OF CURRENT BUSINESS November 1937

FinanceTHE spectacular fall in security prices, following

the precipitous decline of the previous 2 months,was an outstanding development during October.Railroad share prices showed the largest percentagedrop, but the prices of industrial and public utility sharesalso recorded large decreases. On October 19, the NewYork Times' average price of 50 stocks fell to the levelof May 1935. The market was the broadest in thehistory of the New York Stock Exchange and theapproximate number of shares traded on October 19(7,287,000) was the largest since July 21, 1933.

Corporate bonds were also under steady selling pres-sure during the month, with second-grade bond pricesshowing the most severe declines. On October 19, thedollar volume of bonds traded was the largest attainedsince March of this year. On the following day bondprices reacted from their low levels. Treasury bondsin general were little affected by market fluctuations incorporate bonds, and the prices of some Governmentissues showed slight gains. Although a few fairly largesecurity issues were offered to the public during earlyOctober, the fall in security prices caused many pro-spective borrowers to postpone flotations. Loans tobrokers and dealers in securities by the weekly reportingmember banks declined by more than $200,000,000during the 5 weeks ended October 20.

Late in September the Board of Governors of theFederal Reserve System revised and broadened itsregulations covering discounts and advances by theFederal Reserve banks. This action made eligible fordiscount the paper of commission merchants and financecompanies, including paper drawn to finance installment

sales of a commercial character and, with certainrequirements, short-dated notes representing loans madeto finance the construction of residential or farmbuildings.

Treasury deposits with the Federal Reserve bankswere drawn down $266,000,000 during the 5-week periodended October 20, and the excess reserves of memberbanks increased by $140,000,000 during the sameperiod. Reporting member banks continued to reducetheir investments and to increase the volume of theirloans. Their holdings of Government securities fell$200,000,000 in the 4-week period ended October 13,while the volume of loans to industry, commerce, andagriculture rose $113,000,000.

Statistics of capital movements between the UnitedStates and foreign countries during the second quarterof 1937, released by the Treasury Department, showthat while the net inflow of capital into the UnitedStates almost doubled in the second quarter as com-pared with the first quarter of the year, net purchaseof securities by foreigners amounted to only $69,-940,000 as compared with $161,219,000 in the firstquarter. The net inflow of short-term balances,however, was $537,239,000 as against $170,554,000 inthe first quarter.

Quotations for the French franc reached new lowsduring the early part of October and then rallied.Other foreign exchanges, including the far eastern, weresteady or showed slight rises over the previous month.Imports of gold during October were substantiallybelow the level of recent months as a result of thevirtual cessation of shipments from European countries.

FINANCIAL STATISTICS

Year and month

FederalReservebankcreditout-

stand-ing,

end ofmonth

Mon-etarygold

stocks

Moneyin cir-cula-tion

Excessreserves

ofmemberbanks,end ofmonth

Reporting member banks, Wednesday,closest to end of month

Loans

1

Total

Com'l,Indus-trial,

and ag-ricul-tural i

Invest-ments

Deposits

De-mand,

ad-justed

Time

Bankdebits,outside

NewYorkCity

Millions of dollars

Stockprices

(Stand-ard

Statis-tics)

Bondprices(do-

mestic)

1926 = 100 Dollars Thous. ofdollars

Securityissues(new

capital)

Dividendrate,

average,per

share(600

com-panies)

Interestrates,com-

mercialpaper

(4-6months)

Dollars Percent

1929: September..1932: September..1933: September..1934: September..1935: September..1936:

SeptemberOctoberNovember....December

1937:JanuaryFebruaryMarchAprilMayJune— _,.July._._AugustSeptember. .

1,4582,2332,4212,4642,477

2,4732,4762,4532,500

2,4972,4652.4582,5052, 5852,5622,5742,5772,581

4,0813,8534,0407,9719,246

10, 76410,98311,11611, 220

11,31011,39911,50211, 68611,90112,18912, 40412,51212,653

4,5245,3985,3455,4275,651

6,2586,3216,4016,563

6,4006,3696,3916,3976,4266,4356,4756,5006,558

375713

1,7272,600

1,8402,1752,2361,984

2,1522,0781,3981,594918865791773

1,038

17,42810,7069,0668, 2698,030

8,7538,7218,8129,189

8,9419,1219,3669,4289,5719,7609,78410,02710,004

4,2704,3314,4254,63?4,810

5,4018,2018,38210, 75712, 390

13,92913, 79613,64713, 742

13,63813,59712, 90712,77412, 58712, 53012,49912, 29212,022

10,94013, 246

15,11615, 34015, 46415, 571

15, 49315,50115,12615,38815, 27415,18715,03314, 92414,864

6,8255,6404,9304,8684,890

5,0635,0655, 0375,067

5,0775,1675,1445,1585,2315,2355,2685,2685,293

27, 27411, 76712, 21512, 88815,01617, 58620,14218, 47523, 238

20, 38317, 62021, 60520,05119, 29220,01920,15218, 40918,642

225.258.475.567.485.0

114.1118.7124.2122.8

126.0129.5129.9124.5116.3113.6117.8120.5106.4

95.5883.9385.8290.0592.65

99.2799.41

100. 55100. 76

100. 0599.8396.8696. 2796.7995.8496.8295.6494.54

1, 308, 78288.51564,19739, 293172, 745

177,860189,512158,071265,850

248, 526168,188184, 594151,810149, 747359, 208250, 24975, 597156,282

2.951.241.061.231.34

1.671.701.982.03

2.042.042.042.052.092.092.122.132.13

2-2M

i This item was first reported by the Federal Reserve in May. See footnote marked " ® " on p. 32 of this issue.

November 1937 SURVEY OF CURRENT BUSINESS 9

Foreign TradeEXPORTS in September were about 7 percent larger

' in value than those in August and were 35 percentabove those of the corresponding period in 1936. Thegain during the month, however, was of less-than-seasonal proportions and the adjusted index droppedto the lowest point since March. The larger shipmentsof agricultural products were mainly responsible for theincrease in the export total in September. Shipmentsof iron and steel products, machinery, implements, andcrude petroleum declined somewhat, although theyremained relatively large following the heavy movementof these items in the early months of the year.

Import trade showed a further recession in Septemberafter having recorded declines each month since March.The reduction in value of imports was more than sea-sonal and the adjusted index, continuing the decline ofthe 3 preceding months, reached the lowest point sinceJanuary. The lower value of imports in Septemberthan in August was chiefly due to decreased imports ofagricultural products.

Exports during the third quarter of 1937 were 45percent larger in value than those for the correspondingperiod in 1936. The margin of gain was expanded inthe third quarter, exports in the first half of the yearhaving been 33 percent above those of the similar periodin 1936. Both agricultural products and manufacturedarticles were shipped abroad in larger volume than inthe third quarter of 1936, when the former moved inunusually low volume.

Imports during the first half of 1937 were 45 percentabove those of the corresponding period in 1936, butduring the third quarter the margin of gain slackenedto 23 percent. The continued rise in exports and thedecline in imports during the past few months hasreduced the net import balance of merchandise from$147,000,000 for the 6-month period ended in June to$48,000,000 for the 9-month period ended in September.

The same factors which operated to expand trade inthe first half of the year continued to influence develop-ments in the third quarter. These included, as far asexports were concerned, the maintenance of favorableeconomic conditions in most of our major foreign mar-kets, the influence of the trade agreements with anumber of countries, and the increased demands forour products that developed as a result of rearmamentprograms. The marked increase in imports during thefirst half of 1937 and the subsequent decline in the thirdquarter, reflected in part the substantial imports ofagricultural products, particularly grains and feeds,during the former period and the subsequent decline insuch imports following the large harvests this year. Itreflects also the changes in demand of domestic industryfor imports of crude rubber, raw wool, raw silk, and othercrude materials, and in imports of tropical foods, suchas cocoa and coffee, and in luxury items, such asdiamonds and furs.

EXPORTS AND IMPORTS

Year and month

Valueof

totalex-

ports,ad-

justed i

Monthly aver-age. 1923-25=100

Valueof

totalim-

ports,ad-

justed'

Ex-ports,

in-clud-ing

reex-ports

Exports of United States merchandise

Total

Crudematerials

TotalRawcot-ton

Food-stufls,total

Semi-man-ufac-tures

Finishedmanufactures

TotalMa-

chin-ery

Auto-mo-biles,partsand

acces-sories

Imports 2

TotalCrudema-

terialsFood-stufis

Semi-man-ufac-tures

Millions of dollars

Fin-ishedman-ufac-tures

1929: September1932: September1933: September.1934: September.1935: September1936:

September.-.OctoberNovemberDecember

1937:JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember

Cumulative, Januarythrough September:19291933 _1934193519361937

11033404850

55575257

576767758179807974

3 1123 323 463 463 51

11532484353

70646176

748786828693897976

3 1153 363 433 523 613 83

437.2132.0160.1191.3198.8

220.1264.7225. 8229.7

221.6232.5256.4269.2289.9265. 4268.2277.7296.7

3,843. 71,105.01, 561. 01, 568. 31, 731.12, 377. 5

431.8129. 5157. 5188.9196.0

217.5262.0223.3226.6

217.9229.1252.3264.9285.1256.5264.6274.2293.5

3, 778. 61,085.31, 536.01, 536. 71, 702. 82, 338.1

112.347.463.666.168.7

72.8100.482.267.4

60.654.452.250.452.042.034.446.080.9

697.3364.4443.6404.9418.0472. 9

76.432.145.332.231.8

38.258.447.040.2

37.534.134.328.624.616.89.4

15.939.0

444.5250.9255.1213.2215.4240.0

70.920.418.720.122.4

23.324.913.713.1

13.122.517.516.516.316.017.427.426.8

557.0131.1171.0145.8150.2173.4

57.715.921.329.729.5

31.936.732.834.9

34.237.953.056.171.863.368.967.255.4

558.2159.9252.3253.4289.5507.7

190.945.953. 973.075.4

89.5100.094.6

111.2

110.1114.2129.6141.9145.0135.2144.0133. 6130.4

1,966.1429.9669.2732.5845.1

1,184. 0

48.49.1

11.718.820.5

27.331.826.430.8

31.531.537.043.542.340.846.140.839.0

457.687.2

160.0193.8246.0352.5

33.64.98.3

14.013.3

12.515.821.228.8

27.626.028.830.833.229.729.423.123.3

457.165.4

154.4171.6174.5251.9

351. 398.4

146.6149.9168.7

218.4213.2200.4239.8

228.7260.3295.9281.7278.8278.7263.4249.0234.1

3,360.01, 036. 61, 222. 41, 506. 51, 767.02, 370. 7

122.127.348.338.649.8

69.462.861.275.4

77.090.991.688.791.892.577.679.676.0

1,195. 0297.8356.5425.3533.7765.8

73.031.331.257.544.4

64.261.358.373.3

68.476.397.491.084.580.177.566.956.9

745.0309.3375.5500.7539.4699.0

70.614.633.524.238.5

40.840.540.649.0

46.552.257.954.555.858.959.654.852.6

678.8203.7232.7291.8359.3492.8

85.925.333.629.536.0

43.948.640.542.2

36.740.949.047.646.747.248.847.748.6

741.2225. 8257. 7288.6334.7413.2

i Adjusted for seasonal variations.

23491—37 2

2 General imports through December 1933; imports for consumption thereafter. 3 Monthly average.


Real Estate and ConstructionTHE DOLLAR value of construction contracts

awarded during the first half of October, accordingto the data compiled by the F. W. Dodge Corporationfor 37 States, showed little change from the dailyaverage rate in September, although some seasonaldecline is usually expected at this time of the year.

The total value of construction contracts awardedin September recorded a considerably more thanseasonal decline. Each of the major classes of con-struction showed a lower dollar volume of awards, andthe aggregate for the month was 12 percent below thatof September last year.

For the first 9 months of 1937 total constructioncontracts awarded were 13 percent above the figure forthe corresponding period of last year. The largestrelative increases were recorded in the Pittsburgh,southern Michigan, and metropolitan New York areas.A decrease of 20 percent occurred in the St. Louis area,due mainly to a decline in the volume of public works.

The value of permits issued for new residentialconstruction in 1,521 cities, with a population of 2,500or over that report to the Bureau of Labor Statistics,was $53,584,547 in September, a decline of 14 percentfrom the corresponding month of last year. Therewere 13,218 dwelling units provided by the permitsissued in these cities, a decrease of 2.3 percent as com-pared with August. During the first 9 months of 1937,the number of dwelling units covered in these reports

totaled 140,557, a gain of 12 percent over the correspond-ing period of 1936. This increase was much less thanthat expected by some observers at the beginning ofthe year and was actually quite small when it is realizedthat activity last year, which was approximately275,000 units in all nonfarm areas, was only 40 percentof the annual average of about 680,000 in the period1920-29.

Rising costs of construction, high taxes and interestrates, and unsettled security market conditions havehad an adverse effect on the rate of building. Althoughthe effects of these factors have been partially offsetby a rising trend of rentals, speculative builders havenot found it profitable to initiate new housing venturesin any large number.

Public interest in the real estate and constructionfield has recently centered on the United States HousingAuthority, which was created by the last session ofCongress. During the past 3 years the Federal Gov-ernment has been directly responsible for the construc-tion of 26,500 dwelling units for families of low income.Of these units approximately 22,000 were built by thePublic Works Administration and 4,500 by the Resettle-ment Administration and Subsistence Homesteads.The new authority is expected to initiate low-renthousing projects which will result in the creation ofapproximately 150,000 new dwelling units during thenext 3 years.

BUILDING MATERIALS, CONSTRUCTION, AND REAL ESTATE

Year and month

Construction contracts awarded

FederalReserveindex

ad-justed i

Monthlyaverage,1923-25=

100

All types ofconstruction

Num-ber ofproj-ects

Mil-lions ofdollars

Residentialbuilding

Mil-lions ofsquare-

feet

Mil-lions ofdollars

Nonres-identi al

building

Publicutili-ties

Publicworks

Millions of dollars

Building-material shipments

Com-monbrick

Thou-sands

Lum-ber

Mills,of ft,b. m.

Oakfloor-

ing

Thous.of ft.b. m.

Ce-ment

Thou-sands ofbarrels

Con-struc-tion

costs,Eng.

News-Rec-ord 2

Monthly av-erage,1913=

100

Thousands of dollars

Loansoustanding

Home-LoanBank

HomeOwners*

LoanCorp.s

Real-estatefore-clo-

sures(non-farm)

Month-ly average,1934=

1001929: September... .1932: September1933: September1934: September... .1935: September1936:

SeptemberOctober .__NovemberDecember

1937:JanuaryFebruary. __MarchAprilMayJuneJuly —AugustSeptember

Monthly average,January throughSeptember:

19291933.193419351936—1937...

11030302943

59575866

636256535661686357

12520333256

14, 2627,1527,5947,6639,978

12, 05612, 96611, 2699,6058, 7319,74613, 35516,16213, 75613, 88413, 23912, 99012,649

15, 4797,0927,6949,400

11, 49612, 724

444.4127.5120.1110.2167.4

234.3225.8208.2199.7

242.8188.3231.2269. 9244.1317.8321.6285.1207.1

510.982.3133.7132.4226.8256.4

25.66.56.34.812.0

21.221.620.019.0

18.418.724.229.523.023.820.618.917.0

35.56.05.310.518.021.6

117.422.821.517.941.8

80.779.768.465.5

78.463.090.2108.083.993.181.073.4

172.320.020.937.765.381.9

186.036.037.842.349.4

69.179.165.973.0

96.065.688.696.293.4

124.8138.1117.2

75.7

202.432.848.047.181.799.5

57.54.58.46.5

12.5

15.714.218.019.1

21.832.420.321.010.829.950.031.312.9

49.36.1

10.28.0

17.225.6

83.564.257.343.563.7

52.955.842.1

46.727.332.244.856.070.152.563.152.9

23.454.639.762.649.5

62, 40591,127

173, 723189,104163, 246141, 080

108,169113,598163,801191,040191, 275184, 625167, 085158,277

1,3521,810

2,1322,3371,7721,919

1,7972,0422,2882,1692,1002,1382,0281,9882,013

56, 06074, 031136, 249

1,2941,6191,9272,063

35, 23311,7399,5639,00317, 402

33,43233, 93529, 98835,878

38,84734,39136,42735, 25330, 45525, 48928, 20833,16630,101

40, 57710, 651

15,15728,40033,037

19, 9509,7296,5177,3887,799

12, 61913, 0898,9426,246

4,6895,1637,87910, 27211,89012, 64512, 23712, 29112,773

14,8415,4596,5226,1839,365

207.6158.0175.5200.6195.1

208.1211.5212.7220.1

223.5223.5225.3230.3233.3238.2241.8243.0244.0

206.7163.6197.0195.3203.6233.7

66, 32186, 04090,428

129, 752134,929137,250145,394

143, 738141,198142, 716146,146153, 488167, 054169, 568175, 604179,508

3,8181,811,9312, 765, 238

2,870,4802,834. 6102,801', 8272,765,098

2,729, 2742, 698, 6112, 661, 5422, 625, 4932,591,1152, 556, 4012, 524,1292, 497. 2242,472,421

101.891.1

85.777.875.184.4

69.965.174.073.374.776.368.557.7

97.8102.981.669.2

1 Based on 3-month moving average of values and adjusted for seasonal variations.3 See footnote marked "* " on p. 25.

2 Index is as of 1st of month; index for Oct. 1, 1937, is 244.6.

November 1937 SURVEY OF CUREENT BUSINESS 11

TransportationFREIGHT-CAR loadings recorded a contraseasonal

decline during the first half of October, this move-ment reflecting the curtailed activity in numerous in-dustrial lines. As a result, the weekly totals havedropped below those of the corresponding weeks of1936 when the volume of traffic hauled was expandingvigorously.

In September the volume of freight carried by therailroads rose to the highest level of the recovery period,but since the gains recorded were of less than seasonalproportions, the seasonally adjusted index shown inthe table below declined 1 point to 78 (1923-25 = 100).Of the major classes of freight, miscellaneous and mer-chandise 1. c. 1. loadings recorded declines in Septemberon the seasonally adjusted basis, while coal loadingsrecorded a gain. Shipments of grain and grain prod-ucts recorded a somewhat more than seasonal declineand the movement of livestock increased slightly morethan is usual but remained relatively small.

Although daily average loadings increased in Sep-tember as compared with August, gross freight revenuesremained about the same, due to the smaller numberof working days in the latter period. This statementis based on reports received from the class I roadswhich in September last year accounted for more thanfour-fifths of total operating revenues of all class Iroads. These data also indicate that gross freightrevenues in September were about the same as in thecorresponding month last year. Passenger revenues

were approximately 7 percent larger, while combinedpassenger and freight revenues were about 1 percentabove those of September 1936. Data on net operat-ing income for September are not yet available, but inJuly and August the totals were below those of a yearago in reflection of the marked rise in operating expensesin recent months. The Interstate Commerce Com-mission on October 22 granted in part the railroads'petition for increased rates on certain classes of freight.According to an estimate made by the carriers, theseincreases, on the basis of 1936 traffic, will add approxi-mately $47,500,000 to annual gross revenues of theclass I roads.

Despite the slackening tendency evidenced in thevolume of freight traffic hauled, the regional shippers'advisory boards have estimated that car requirementsin the fourth quarter will be about 6 percent largerthan in the corresponding quarter last year. Of the29 commodities listed, increased car needs are indi-cated for all but 6. In July the advisory boards esti-mated that car requirements for the third quarterwould be 8 percent higher than in the same period of1936; actually, the gain amounted to about 5 percent.

Reflecting the steady rise in operating costs and thetendency for the traffic movement to level off duringrecent months, equipment buying has been sharplycurtailed. Thus, orders were placed for only 1,200freight cars in September as compared with a seasonalhigh of 13,000 in the month of April.

RAIL AND WATER TRAFFIC

Year and monthUnad-I Ad-jus tedijjusted.

Freight-car loadings

F. R. index

Monthly aver-age, 1923-25=

100

TotalCoalandcoke

For-est

prod-ucts

Grainand

prod-ucts

Live-stock

Mer-chan-diseI.C.I.

OreMis-cel-

lane-ous

Freightcar

surplus

Thousands of cars *

Pull-manpas-sen-gerscar-ried

Thou-sands

Financial sta-tistics, class I

railways

Oper-atingreve-nues

Net rail-way op-eratingincome

Thousands ofdollars

Canal traffic

SaultSte.

Marie

NewYorkState

Thousands ofshort tons

Pana-ma 3

Thous.of longtons

1929: September..1932: September..1933: September..1934: September..1935: September-


1937:JanuaryFebruary __.MarchAprilMay . . .JuneJulyAugustSeptember

Monthly average, Januarythrough September:

192919331934193519361937

12360676771

84868477

73768079

10857

10854

1,135. 6576.5641.8625.5657.1

765.6819.1753.4693.9

663.4694.6750.9738.8779.5744.1762.4778.9795.7

1,023. 5554.2599.0592.6671.1744.5

199.8113.4129.6121.3117.6

142.4168.7167.4167.4

163.4169.2179.2128.9129.0120.6119.8127.7U9.0

181.4110.5122.9120.2134.5142.5

63.017.824.922.130.9

34.735.734.033.0

29.734.937.737.039.739.140.340.537.5

65.020.922.626.131.637.3

49.936.831.033.840.5

31.832.232.832.5

29.629.328.829.927.330.750.343.735.6

47.733.032.929.935.434.1

30.921.320.733.417.4

18.221.919.214.8

13.611.311.412.613.511.010.514.317.3

25.916.320.212.613.212.8

262.2171.2168.0158.5158.8

166.1171.2162.7158.1

152.7160.1170.5172.6171.2163.3161.0167.8166.4

254.7162.5159.8154.9157.0164.7

68.66.1

38.323.734.9

56.452.828.38.3

9.910.510.930.272.573.276.874.469.7

47.814.817.520.631.048.0

461.1209.9229.3232.6256.9

315.9336.7308.9279.7

264.4279.4312.3327.5326.3306.3303.6310.5320.3

401.0196.1223.0228.1268.3305.0

119599380318229

125112121133

131113113134147137137127

212535361291173127

3,0311,3391,3921,3541,364

1,5191,4691,3511,497

1,6051,3851,4751,4191,3641,4781,5501,636

5 2, 814« 1,0855 1, 2485 1, 273» 1,4205 1, 489

560,701269, 533292,159275, 540

357,058391,457358, 548372, 265

331,685321,927377,813351, 573352, 613351, 704365,148359, 612363,071

524, 706255,351273, 797279,086325, 539352, 795

132, 29148, 94760, 60941,71357, 349

70,09689,85172,41170, 520

38,43738,35969, 37947,80743,66358, 94060, 55850, 30859,305

105,03037,94638, 28735, 68848,27251,973

13,3583,8078,4526,1457,148

11,04110, 7897,094

373

000

4,62014,11014,16114,13713, 93712,585

H2.329e 4,993« 5, 7196 6,0526 8, 545612, 258

389478517465574

8217227170

000

305577792630611753

6 342«4696 4766 5066 5966 611

1,194638961

1,045907

1,054962485214

281467

1,2551,0051,0771,018

9561,041

865

1,223769957842957

1 Adjusted for number of working days.2 Adjusted for seasonal variations.

3 American vessels, both directions.4 Average weekly basis.

6 8 months' average, January through August.6 6 months' average, April-September.


Farm Mortgage Credit 1930-37"Norman J. Wall and Frederick M. Gone

Total farm-mortgage indebtedness decreased 17 percent from 1930to 1935.

The reduction in the number of mortgaged farms was relativelygreater for tenant farms than for those operated by owners.

Ratio of debt to value of mortgaged farms increased sharply from1930 to 1935, but has since been reduced.

Refinancing program of Farm Credit Administration resulted ina marked shift in the farm-mortgage holdings of leading lendingagencies.

Farm-mortgage loans of life insurance companies have beenreduced by more than one-half since 1930.

Joint stock land banks and three State credit agencies are inprocess of orderly liquidation.

Commercial banks were the only important lending-agency groupto show an increase in outstanding farm-mortgage loans during firsthalf of 1937.

Mortgage Debt Sharply Reduced.2

TOTAL mortgage debt on farm land and buildingsreported for January 1, 1935, was $7,645,091,000,

representing a decline of 17 percent from the total of$9,214,278,000 reported for April 1, 1930. As indicatedby data for individual lending agencies, presented insubsequent sections of this report, it is probable thattotal farm-mortgage indebtedness has shown a furtherslight decline in the last 2 years.

Debt on owner-operated farm land in 1935 amountedto $4,895,811,000, or 64 percent of the reported total.Mortgage debt on rented land, plus a much smalleramount of debt on manager-operated farms, was $2,749,-280,000, or 36 percent of the total. As compared with1930, debt on owner-operated farms showed a decline of13.7 percent and on farms operated by tenants andmanagers, a decline of 22.3 percent.

Marked regional differences in the trend of totalmortgage indebtedness were show n̂ in the 5-year period.The largest percentage decline, 23.6 percent, wasrecorded for the West North Central group of States,while the East North Central group reported a declineof 17.2 percent. The reduction of $1,144,085,000 inmortgages secured by farms in these 12 States ac-counted for 73 percent of the total reduction in mortgageindebtedness for the United States during this period,

1 This article is based primarily upon a report of the cooperative survey by theBureau of the Census and the Bureau of Agricultural Economics entitled "Farm-Mortgage Indebtedness in the United States" and a preliminary report by the seniorauthor, entitled ''Outstanding Farm-Mortgage Loans of Leading Lending Agencies",to be issued by the Bureau of Agricultural Economics.

2 Information on mortgages secured by owner-operated farms was first collectedby the U. S. Bureau of the Census in 1890, and since 1920 has been a regular feature ofits quinquennial censuses of agriculture. No effort has ever been made to obtainmortgage data by the census method for farms operated by tenants or hired managers,it being held unlikely that such operators would know the amount of mortgage in-debtedness resting on farms they did not own. However, for certain years the volumeof mortgages secured by rented and managed farms has been estimated by the Bureauof Agricultural Economics. For 1935 these estimates are based upon a survey whichthat Bureau conducted in cooperation with the Bureau of the Census in which ques-tionnaires were mailed to every farm owner in 100 selected counties and to every fifthfarm owner in 400 additional counties. A similar but less extensive questionnairesurvey had already been conducted by the Bureau of Agricultural Economics for 1930and the resulting estimates have now been revised on the basis of certain significantrelationships emerging from the 1935 survey.

although farm-mortgage indebtedness in this areaaccounted for but 58 percent of the total debt in 1930.Iowa and Missouri showed the largest reductions amongthe States during this period, 31.5 percent for the formerand 30.3 percent for the latter State.

The relatively sharp reduction in the North CentralStates is largely explained by the high ratios of mort-gage debt to land values in 1930. In that year mort-gage debt covered 44 percent of the value of mortgagedfarms of full owners in these States as compared witha ratio of 35 percent for the rest of the country. Hold-ing a comparatively small equity in their property,farmers in this region were particularly vulnerable tothe substantial reduction in farm income that beganin 1930.

Table 1.—Number of Mortgaged Farms and the Amount of Farm MortgageDebt, by Geographic Divisions: 1935 and 1930

Geographic division

United S t a t e s -

New EnglandMiddle AtlanticEast North Central-

West North Central-South AtlanticEast South C e n t r a l -

West South Central. .MountainPacific—

Number of mortgaged farms

1935

2,350,313

68, 633144,876416,356

495, 575277, 609325,005

386,166102, 649133,444

1930

2,523,223

56,483144, 576438,141

563,061298,212317, 958

451, 492117, 850135, 450

Percent oftotal farms

1935

34.5

43.436.438.4

42.024.228.6

34.037.844.6

1930

40.1

45.240.445.3

50.628.229.9

40.948.851.8

Farm mortgage debt

1935

$7,645,091,000

181,952,000409, 730,000

1,532,935,000

2, 676,067,000401, 946,000348, 966,000

877, 537,000462, 431,000753, 527,000

1930

$9,214,278,000

151, 584,000460, 582,000

1,851, 305,000

3, 501, 782,000454,934,000378,579,000

1,044, 304,000534,056,000837,152,000

In New England the increase of 27 percent in thenumber of farms canvassed in 1935 was so great as tomore than offset the relatively small3 degree of debtliquidation experienced during the depression period ii)this area, with the net result that reported farm-mort-gage debt rose by $30,000,000. None of the othergeographic divisions recorded a rise in mortgage debt,but in the State of West Virginia a 26.7 percent in-crease in the number of farms canvassed was associatedwith a nominal increase in debt. Slight increases inmortgage debt were also recorded for Delaware andWyoming.

Number of Mortgaged Farms Smaller in 1935 than in 1930.

The total number of mortgaged farms in 1935 was2,350,313, representing a decline of 172,910, or 6.9percent, from the 2,523,223 mortgage-encumbered

3 The Bureau of Agricultural Economics estimates that for a 5-year period approxi-mately coinciding with that covered by the two censuses, a yearly average of 17 farmsper thousand of all New England farms changed ownership through forced sales orrelated defaults. For the United States as a whole the comparable number is 38per thousand.


farms for 1930. This 6.9 percent decrease in thenumber of mortgaged farms was the net result of an8.3 percent increase in the number of all farms reportedfor 1935 over those reported for 1930, and a drop from40.1 to 34.5 in the proportion of mortgaged farms to allfarms reporting.

Farms operated by their owners were more oftenencumbered by debt than those operated by tenantsand managers. For every 1,000 farms operated bytheir owners, 415 were mortgaged in 1935 as con-trasted with 446 in 1930, or a decline of about 7 percent,whereas for every 1,000 farms operated by managersand tenants, the number mortgaged in 1935 was 251and in 1930 was 342, or a decline of nearly 27 percent.In general, the frequency of mortgage debt is closelyrelated to the proportion of owner-operated farms toall farms, such frequency being consistently high inthose States in which a relatively large proportion offarms are owner-operated. Thus, in 1935 owner-operated farms constituted 68.9 percent of all mortgagedfarms, although representing but 57.2 percent of allfarms. Since the average debt per farm was smallerfor owner-operated than for tenant-operated farms, theformer bore but 64.0 percent of the total mortgagedebt in 1935. In 1930 only 61.6 percent of the totalwas secured by owner-operated farms.

Of the various geographic divisions, the SouthAtlantic States were lowest in the proportion of totalfarms mortgaged. Only 24.2 percent of all farms inthat group of States were mortgaged as compared with44.6 percent in the Pacific States, 43.4 percent in theNew England States, and 42.0 percent in the WestNorth-Central States. The variations in frequency ofdebt among the States cover a wider range, the lowbeing 16.5 percent for West Virginia, and the highsbeing 53.1 percent for North Dakota, 52.8 percent forWisconsin, 51.8 percent for Massachusetts, and 49.0percent for Vermont.

In general, the largest percentage decreases in thenumber of mortgaged farms were reported for thoseStates in which agriculture is a relatively importantfactor in the local economy. For the 24 States inwhich farm population constituted 30 percent or moreof the total population in 1930, the number of mort-gaged farms decreased by 154,068, or 9.3 percent ofthe 1,658,611 mortgaged farms reported for 1930 inthese States. For the remaining 24 States the dropin the number of mortgaged farms was 18,842, repre-senting a decline of but 2.2 percent from the 1930figure of 864,612. This relatively small decrease in thenumber of mortgaged farms in States where agriculturalpopulation is relatively small, is associated with a com-paratively large increase in the number of farmsreported for 1935 in these States. The percentageincrease since 1930 was 13.9 percent for this group as

compared with 5.7 percent for the States in whichfarm population constituted 30 percent or more of thetotal population.

The marked increase in the number of farms reportedin 1935 over those reported in 1930 raises a questionas to the character of the one-half million additionalfarms included in the 1935 census and their possibleeffect upon the comparability of the mortgage-debtfigures for 1930 and 1935. While the larger numberof farms reported in the 1935 census probably reflects,to some extent, a more complete enumeration as com-pared with 1930, other factors likely contributed tothis expansion in the number of reported farms. Theearly part of the intercensal period was characterizedby a marked rise in industrial unemployment whichtemporarily retarded the farm-to-city movement socharacteristic of the preceding decade. By 1936 thefarm-to-city movement of population had returnedto its 1927-29 level and for that year the Bureau ofAgricultural Economics estimated a net decrease of80,000 in farm population, the first since 1929. It isalso believed that a number of persons who had beenliving on tracts of land in the country on which theyhad conducted little or no farming operations madeuse of their enforced leisure, or of the unemployedlabor that was returning to the land, to produce enoughfrom the soil to classify their lands as farms.

Proportion of Tenant-Operated Farms Little Changed.

In spite of the numerous foreclosures and otherforced sales that characterized the depression period,the proportion of farms operated by tenants droppedfrom 42.4 to 42.1 percent of all farms between 1930and 1935, halting the upward trend that had persistedsince 1880 when farms were first classified by tenure ofoperator. The slight decline in the tenancy rationoted for the United States conceals very significantdifferences as among the geographic regions of thecountry. The proportion of tenant-operated farmsdeclined in all the Southern States south of Kentuckyand Virginia, owing in part to the reduction in thenumber of colored tenants and croppers.

West and north of the Cotton Belt the abnormalnumber of foreclosures in the years following 1930resulted in an increase in the ratio of tenant- to owner-operated farms in all but one State, the increase beinglargest in the West North-Central States. In the 2years following the census of 1935 the proportion offarms changing ownership through forced sales orrelated defaults has continued to decrease. It is stillhigh, however, particularly in the drought States ofthe West North-Central and Mountain areas.

Ratio of Mortgage Debt to Land Values Increases. .Since the value of farm real estate declined by 31.4

percent over the 5-year period as compared with a


decline of 17 percent in mortgage debt, the relativeweight of the outstanding debt, as measured by theratio of mortgage debt to total value of land and build-ings, was greater in 1935 than in 1930. The accom-panying map indicates how widely this ratio varies asamong the individual States and geographic divisions.There is, however, a tendency for this ratio to clusterabout the 20-percent mark, with 18 scattered Stateshaving a ratio of between 17.5 and 22.5 percent of thevalue of their farm real estate covered by mortgagedebt. Of the remaining 30 States, those east of the

of farm land were reported for the East North-Centraland the South Atlantic States (12 percent), as com-pared with a rise of only 4 percent for the West North-Central States.Activity of Principal Agencies Supplying Farm-Mortgage

Credit, 1930-37.

As a result of the extensive liquidation of farm-mortgage debt, the effects of which have already beendiscussed at some length, and of the refinancing activi-ties of the Farm Credit Administration, the years since1930 have witnessed marked changes in the volume of

PERCENTAGE

I I LESS THAN 17.5

17.5 TO 22.5

22.5 TO 27.5

MORE THAN 27.5

RATIO OF FARM MORTGAGE DEBTTO VALUE OF

FARM LAND AND BUILDINGS

JANUARY 1, 1935

Figure 1.—Farm Mortgage Debt a n d Land Values, by Sta tes .

Mississippi show markedly lower ratios. In stateswest of the Mississippi, mortgage debt represented amuch larger proportion of the value of farm real estate,approximating 30 percent in five of the seven statesconstituting the West North-Central group.

The ratio of mortgage debt to value of farm land andbuildings was lower in all geographic divisions in 1937than in 1935. According to the Bureau of AgriculturalEconomics, the value of farm land increased by7.6 percent between March 1, 1935, and March 1,1937, and as outstanding debt has probably shownsome further reduction, the ratio of farm-mortgageindebtedness to the value of the land upon which itrests has since decreased. In general, the geographicdifferences in land values noted for 1935 were widenedin the following 2 years, as the largest gains in the value

farm-mortgage loans held by those agencies which con-stitute the farmers' principal sources of mortgage credit.Annual figures are not available for all types of lendinggroups, but the agencies included in table 2 have helda large and growing share of the outstanding farmmortgages over the period studied. On January 1,1930, the aggregate holdings of these agencies approxi-mated $5,000,000,000, or about 54 percent of the totalmortgage indebtedness; 5 years later the farm-mortgageholdings of the same group of agencies amounted to$4,577,783,000, fully 60 percent of the estimated totalfor that date.4

* Of the farm mortgages unaccounted for by these agencies, by far the largest portionwas held by individuals in both years, approximately 30 percent of the total mortgageindebtedness in predepression years and 25 percent in 1935. Of these individuals,more than one-third were retired farmers in 1928 and about 12 percent were activefarmers.

November 1937 SURVEY OF CURRENT BUSINESS 15Table 2 .—Outs tanding F a r m Mortgage Loans of Pr incipal Lending

Agencies, J a n u a r y 1, 1929-37

[Thousands of dollars]

Year

192919301931193219331934193519361937

Farm Credit Ad-ministration

Federalland

banks l

1,183,1641,185, 7651,175, 8321,151, 6591,105, 6101,203,1421,885,0872, 059,8452,053,105

Landbank

Commis-sioner i

70, 738616, 737794,121835, 807

Lifeinsurancecompanies

2,138,9802,105,4772,059, 2212,007,3611,869,1601, 661, 0461, 258, 9001,054,770

936, 454

Joint-stockland

banks 2

656,516626,980590,811536, 644.459,183392,438255,931175, 677133,499

Commer-cial banks

(3)(3)

* 945,172(3)(3)

* 555,885498,842487, 505487,534

ThreeStatecredit

agencies

95,90693, 27492,69893,01484,07579, 57462, 28648,09132, 657

1 Excluding Puerto Rico.2 Including banks in receivership.3 Comparable data are not available for these years. Farm-mortgage loans of

deposit banks have been estimated by Donald C. Horton for January 1, of the years1929 to 1936 as follows (in millions of dollars): 1929,1,150; 1930, 1,120; 1931, 1,090; 1932,1,040; 1933, 970; 1934, 740; 1935, 580; 1936, 566. Cf. a Department of Commerce studyentitled, ' 'Long-Term Debts in the United States." These figures include savingsand private as well as commercial banks.

* June 30.

Many of the changes occurring in the early years ofthe depression represent merely the continuation oftrends that were apparent in the predepression years.Farm-mortgage loans of commercial banks, for ex-ample, had been declining since the drop in farm pricesfollowing the war. Life insurance companies and jointstock land banks had steadily increased their farm-mortgage investments during the early twenties, butholdings had been declining since 1927. Land banks,on the other hand, continued to increase their holdingsof loans until 1930, although at a progressivelydiminished rate after 1927.

In analyzing the effect of the depression upon thefarm-mortgage investments of leading lending agencies,the period may conveniently be divided into twophases: The periods before and after the inaugurationof the emergency refinancing program of the FarmCredit Administration in the middle of 1933. Prior to1933 all of the lending groups with the exception of theState credit agencies had effected a steady reduction intheir farm-mortgage holdings, reductions during the3-year period ended December 31, 1932, ranging from7 percent for the Federal land banks to 26.8 percentfor the joint stock land banks. Life insurance com-panies reduced their farm-mortgage loans by 11.2 per-cent and deposit banks by 13.4 percent in these 3 years.

The reduction in the farm-mortgage holdings of lifeinsurance companies during this period reflects largelythe liquidation of debt through foreclosures and otherforced sales, as the volume of new loans was not large.In the case of deposit banks, two other factors are ofimportance. Commercial banks have always been thefarmers7 chief source of short-term credit, and even aslate as the middle of 1931 they had outstanding nearly$2,000,000,000 in personal and collateral loans tofarmers. As the sharp break in farm prices that oc-curred in 1930 impaired the security of many outstand-

ing personal and collateral loans, banks followed thepolicy of strengthening the security behind these loansby taking real estate security. Mortgage loans ac-quired in this manner tended to sustain the outstand-ing volume of such loans in spite of the large volumeof foreclosures. On the other hand, the period follow-ing 1929 witnessed a marked reduction in the numberof operating commercial banks, particularly in theearly months of 1933. This was an important factorin the 24-percent reduction in the farm-mortgage hold-ings of deposit banks during the calendar year 1933. Thedrop, insofar as it is due to this factor is, of course, largelyfictitious, as the published statistics for deposit banks donot include the assets of failed institutions. With theprogressive liquidation of closed banks and the disposal

MILLIONS OF POLtA RS60001

5OOO

4000

3000

2000

1OOO11II Mil 111929 1930 1931 1932 1935 1934 1935 1936

— Federal Land Bonks ESS3 Deposit BonksE8S8 Land Bonk Commissioner ESS] Joint-Stock LoadBanksITim Li/e Insurance Companies

Figure 2.—Outstanding Farm Mortgage Loans of Leading LendingAgencies, January 1, 1929-37.

through foreclosure or refinancing of their farm mort-gages, the figures for recent years have become morecomparable with those for the predepression period.

Expansion of Lending Operations After 1933.

The enormous expansion5 in the lending activities andin the volume of outstanding farm-mortgage holdingsof the credit agencies acting under the supervision of theFarm Credit Administration is indicated in figure 3.

During the first half of 1933 the mortgage holdingsof the Federal land banks continued to decline, and bythe end of July recorded a low figure of $1,101,000,000.New loans were being made at an accelerated rate during

* The emergency legislation that permitted the rapid expansion of 1933 and 1934may be briefly summarized. The Emergency Farm Mortgage Act of 1933 authorizedthe Federal land banks to make loans on the basis of "normal" values. Provisionswere also authorized for making direct loans to farmers in areas where the facilitiesof a national farm loan association were not available. At the same time the LandBank Commissioner was authorized to make loans upon the security of first or secondmortgages in an amount which, together with all prior mortgages or other evidencesof indebtedness against the property, would not exceed 75 percent of the normalagricultural value of farm property including personal property. The Federal landbanks, in contrast, are restricted to loans on first-mortgage security and to amountsnot in excess of 50 percent of the normal value of land and 20 percent of the value ofpermanent improvements. As the bond market was unable to absorb land bankbonds in the amount and at the rate of interest that the refinancing program calledfor, the Federal Farm Mortgage Corporation was created early in 1934 and authorizedto issue obligations in the amount of $2,000,000,000 to be fully guaranteed by theUnited States Government. A part of the proceeds from the sale of Federal FarmMortgage Corporation securities was used to purchase land bank bonds.


the last 5 months of 1933, amounting to almost$200,000,000 as compared with less than $23,000,000for the first 7 months. However, as indicated in fig-ure 3, the bulk of the Farm Credit Administration'srefinancing program was carried out in the year 1934.Loans were still being closed in an unusually largevolume in 1935 by both the Federal land banks and theLand Bank Commissioner. In 1936 loans closed bythe Federal land banks amounted to only $109,170,200,but due to repayments of principal and the reductionsoccasioned by foreclosures, land bank holdings declinedby over $7,000,000 during that year. During 1937mortgage holdings of the land banks have continued todecline and at the end of August stood at $2,048,000,-

MILLI0N5 OF DOLLARS

2,^00

,500

£00

I LOANS CLOSED BY FEDERAL LANO BANKS

Wft LOANS CLOSED BY FEDERAL BANK COMMISSIONER

Loans Outstanding—Af End Of Vear

1917 '18 '19 '20 "21 •ot -o-r 'on 'oa 'an '•» I'£2 '2? '24 '2? "26 '27 '28 '29 #aO ")I ")Z '?? " H '?? '?6

Figure 3.—Loans Closed and Outstanding, Federal Land Banks and LandBank Commissioner, 1917-36

000—$20,000,000 6 below the October 1936 peak. TheLand Bank Commissioner closed an additional $77,257,-795 of mortgage loans in 1936, but holdings increasedby only $42,000,000. After reaching a peak of$837,000,000 at the end of 1936, Land Bank Commis-sioner loans outstanding declined slightly to $826,-000,000 6 at the end of August 1937.Table 3.—Estimated Amount and Percentage Distribution of Proceeds of

Federal Land Bank and Land Bank Commissioner Loans Used forVarious Purposes May 1, 1933-Jan. 1, 1937

Item

For refinancing first and junior mortgages held by:Life insurance companies..Commercial banksJoint-stock land banks ___ __Others1 -- -

Total -For refinancing other indebtedness owed to:

Commercial banks .- -TaxesOther indebtedness - _ _

TotalPurchase ofland and redemption from foreclosureGeneral agricultural uses including buildings and improve-

mentsStock in association or bank and loan fees

Grand total

Amount

$305,818,000351,052,000142, 547 000704, 742, 000

1, 504,159, 000

128, 440,00061, 279, 000

172, 591, 000362, 310, 000103,085, 000

69,169,00084, 334, 000

Percent-age dis-

tribution

14.416.56.7

33.270.8

6.02.98.1

17. 14.9

3.34.0

2, 123. 058, 000 | 100. 01 Includes Federal land banks and Land Bank Commissioner.

6 According to the Farm Credit Administration voluntary repayments were animportant factor in these reductions. During the 12 months ended June 1, 1937,farmers repaid over $95,000,000 on the principal of mortgage loans owing to the Federalland banks and the Land Bank Commissioner, $61,400,000 to the former and$34,300,000 to the latter agency. The reduction in loans from the end of 1935 was alsoinfluenced by the segregation of loans called for foreclosure into a new account. Thisaccount amounted to $27,551,177.75 on Dec. 1936, as compared with no entry for theend of 9135.

Data contained in table 3 indicate the effect of theexpanded lending activities of the Farm Credit Admin-istration upon the farm-mortgage investments of theother leading lending agencies.

Mortgage Holdings of Life Insurance Companies Decline.

Life insurance companies reduced their farm-mort-gage holdings by $208,000,000 during 1933, 48 percentof which occurred during the first 6 months of the year,before the refinancing activities of the Farm CreditAdministration got under way. From January 1, 1934to January 1, 1937, such holdings were further reducedby over $700,000,000. During this 3-year periodroughly $300,000,000 of the proceeds of land bank andLand Bank Commissioner loans were devoted to theretirement of mortgage indebtedness owing to suchcompanies. Foreclosures evidently continued to playan important part in the rapid reduction in the farm-mortgage holdings of life insurance companies, evenafter 1933. As late as 1936, investments in acquiredfarm real estate increased by $66,886,000, indicatingthat acquisitions of real estate during that year exceededthat amount. At the end of 1936, life insurance com-pany investments in acquired farm real estate stood atthe high figure of $713,166,000. This was equivalentto 34 percent of the amount of their outstanding farmmortgages on January 1, 1930, and to 61 percent of thedecrease in their outstanding farm loans since that date.

Since the beginning of the current year farm mort-gages of life insurance companies have continued theirsteady decline. For the first 8 months of 1937, the 37companies reporting to the Association of Life Insur-ance Presidents recorded a decline of 9 percent.

In spite of the steady reduction in holdings since1930 there is no evidence that life insurance companiesare retiring from the farm-mortgage field. For thefirst 6 months of 1937, data compiled by the FarmCredit Administration show that recordings of farmmortgages held by insurance companies aggregated$69,492,000 as compared with $56,619,000 for the sameperiod in 1936 and $37,668,000 for the first 6 monthsof 1935.Commercial Bank Holdings of Mortgages.

Farm-mortgage holdings of commercial banks de-clined by $457,667,000 between June 30, 1931, andJanuary 1, 1936. The reduction in 1935, however, wasvery slight. As indicated in table 2 and the attachedfootnote, most of the decrease in commercial banks7

holdings of farm-mortgage loans took place beforeJanuary 1, 1934. The decline from that date to theend of 1936 has been less than $200,000,000. On theother hand over $350,000,000 of the proceeds of Fed-eral land bank and Land Bank Commissioner loansdevoted to the refinancing of commercial bank mort-gage loans in the period from May 1, 1933, to the endof 1936. The relatively small decrease in mortgageholdings in the face of the large-scale refinancing of


loans is explained by the fact that such refinancingincluded loans held by closed banks and also by thefact that during this period commercial banks wereactively making new loans on farm real estate security.Commercial banks are the only important lendinggroup that increased their farm-mortgage investmentsduring 1937, such investments aggregating $504,138,000on June 30, 1937, an increase of approximately $17,000,-000 since January 1. This increase represents, in part,a seasonal expansion in mortgage loans obtained forfinancing crop production, particularly in some of theSouthern States.

Joint Stock Land Banks and Three State Credit AgenciesBeing Liquidated.

Joint stock land banks have been in the process ofliquidation since May of 1933 when legislation requir-ing liquidation became effective. As a consequencefarm-mortgage loans of these banks were reduced by$258,939,000 between January 1, 1934, and January 1,1937. Of these loans $130,508,703 were refinanced byor sold to the Federal land banks or the Land BankCommissioner at an- investment loss of $11,009,210,or S.5 percent. The purchase by the joint stock landbanks of their own bonds at less than their par valueenabled them to offset, in part, such losses. Fore-closures on mortgages held by joint stock land bankshave been heavy all through the depression, particu-larly during 1932, as evidenced by the increase inacquired farm real estate from $37,957,000 on Decem-ber 31, 1931, to $71,741,000 on December 31, 1932.During 1937 farm-mortgage loans of joint stock landbanks were further reduced to $113,000,000 at theend of August.

The State credit agencies of Minnesota, North Da-kota, and South Dakota, whose loans were rapidlyexpanded in the twenties, showed relatively smalldeclines in farm-mortgage holdings during the earlyyears of the depression. Since 1934, however, mort-gage loans have been liquidated rapidly, aided by therefinancing program of the Farm Credit Administra-tion. These agencies have discontinued making newloans except in connection with the sale of acquiredfarms, and acquired farm real estate now constitutesfully 68.0 percent of their assets.Geographic Distribution of Farm-Mortgage Loans.

Table 4 shows the geographic distribution of farm-mortgage loans of the Federal land banks and the LandBank Commissioner for January 1, 1930, and January1, 1937. As of the latter date 55.3 percent of theseloans were secured by farms in the predominantly corn-and wheat-growing area comprising the North CentralStates and an additional 26.2 percent by farms in thecotton- and tobacco-growing States of the South. Thisis in rather marked contrast to the geographical dis-tribution of land-bank loans in January of 1930, when

78 percent of the system's loans were rather evenlydistributed between the same two groups of States.

Table 4.—Amount and Percentage Distribution of Farm-Mortgage Loansof Federal Land Banks and Land Bank Commissioner, Jan. 1, 1930,and Jan. 1, 1937, by Geographic Divisions

Geographic division

New EnglandMiddle Atlantic _. .East North CentralWest North CentralSouth Atlantic . _East South CentralWest South CentralMountain _Pacific _

United States _ ___

1930

Amount

1,000 dollars20,31646,952

179,194292,847103,186130,706224,043108, 94579, 576

1,185, 765

Percent-age dis-

tribution

Percent1.74.0

15.124.78.7

11.018.99.26.7

100.0

1937

Amount

1,000 dollars42, 44291, 646

586, 2061,011,471

191,833181,441383, 718172, 630227, 525

2, 888,912

Percent-age dis-

tribution

Percent1.43.2

20.335.0

6.66.3

13.36.07.9

100.0

Kelative to the total volume of mortgage debt owedin each of the agricultural regions, land-bank loanshave always been and continue to be of much greaterimportance in the Southern States than in other areas,as indicated in table 5. In 1930 the land banks held24.4 percent of the mortgages secured by farm propertyin the Southern States as compared with 12.9 percentfor the country as a whole. Land-bank loans were alsorelatively important in the Mountain States. Due tothe higher rates of interest charged by other lenders inthe South and West, land-bank credit had always beenrelatively more attractive in these States than in theNortheastern and North Central States. This differ-ential also existed in the Pacific States, but land-bankcredit was not correspondingly important there in 1930.

Table 5.—Amount of Federal Land Bank and Land Bank CommissionerLoans Compared With Estimated Amount of Total Mortgage Indebted-ness, by Geographic Divisions, Jan. 1, 1930, and Jan. 1, 1935

Geographic divi-sion

New EnglandMiddle Atlantic._E. North Central..W. North Central.South AtlanticE. South Central __W. South Central-MountainPacific

United States.

Estimated amountof farm-mortgagedebt

1930

1,000 dol.151, 584460, 582

1,851, 3053, 501, 782

454,934378, 579

1, 044, 304534, 056837,152

19,214,278

1935

1,000 dol.181, 952409, 730

1, 532,9352, 676, 067

401,946348, 966877,537462,431753, 527

7,645, 091

Amount of farm-mortgage loans ofthe Federal landbanks and LandBank Commis-sioner

1930

1,000 dot.20, 31646, 952

179,194292, 846103,187130, 706224, 043108, 94579, 576

11,185,765

1935

1,000 dot.35, 34181, 890

474, 977807,962192, 891183, 612361,990158, 210204,951

12, 501,824.

Percentage amountof farm-mortgageloans of Federalland banks andLand Bank Com-missioner to totalamount of esti-mated farm-mort-gage debt

1930

Percent13.410.29.78.4

22.734.521.520.49.5

12.9

1935

Percent19.420.031.030.248.052.641.331. 227.2

32.7

i Excluding $11,416,000 in Puerto Rico.

By 1935 the land banks and the Land Bank Com-missioner held 45.3 percent of the total farm-mortgagedebt in the Southern States, with more than 50 percentin 9 of the 17 States in this area. The largest relative

23491—37-


increase, however, occurred in the North Central Stateswhere the proportion held by the federally sponsoredcredit agencies jumped from 8.8 in 1930 to 30.5 in 1935.The relatively large increase in this region is explainedby the heavy liquidation that occurred or was threat-ened in this area, and by the fact that in other regionswhere the decline in prices was relatively severe, the landbanks already held a large proportion of the eligiblemortgages. Since 1935 there has been a further increasein the outstanding loans of these agencies and this factor

PERCENT

tool

State CreditAgencies

IlllllllllMiddle E.North orth South E South W South Mountain Pacifi

England Atlantic Central Central Atlantic Central Central

Figure 4.—Percent of Total Farm Mortgage Loans Held by PrincipalLending Agencies, January 1, 1935.

combined with a probable decline in farm-mortgageindebtedness is thought to have brought approximately40 percent of the outstanding volume of mortgage loansinto the portfolios of the Federal land banks and theLand Bank Commissioner.

The farm-mortgage loans of life insurance companiesare largely concentrated in the North Central andSouthern States as shown in the accompanying figure.During the years since 1930 roughly 75 percent of suchloans have been secured by farm property in the formergroup of States, with an additional 20 percent securedby farms in the latter group. In relative importance

as a source of mortgage credit, life insurance companieshave been most active in the West North Central Stateswhere 26 percent of all mortgage indebtedness in thoseStates was held by such companies in 1935. In Iowa,for example, 37 percent of the total mortgage debt washeld by life insurance companies in that year.

Farm-mortgage loans of commercial banks are rathermore evenly distributed than are land bank or insurancecompany loans, and in relative importance are dispro-portionately large only in the Pacific States due to thelarge holdings in California. More than 20 percent ofthe total real-estate loans of commercial banks in theUnited States are held by banks in California—chieflyby branch banking systems. It should be emphasized,however, that commercial bank loans have been dis-tributed on the basis of the location of the bank ratherthan on the basis of the farm land securing the mortgage.At the end of 1934, 65 percent of commercial bank loanson farm property were held by banks in places of lessthan 15,000 population. In general, commercial bankloans on farm real estate are relatively large in thoseareas where deposits supply local banks with loan fundsin excess of current production-financing needs. In thepast, excess funds, particularly in the case of New Eng-land banks, have found their way into other agricul-tural regions. "With the entry of the land banks intothe farm-mortgage field and with the growing volumeof mortgage credit offered by life insurance companiesafter the war this practice has become less common.

The relative importance of each of the principal lend-ing agencies as a source of mortgage credit to farmers invarious geographic divisions is brought out in figure 4.Because of the concentration of the loans of importantlenders in the South Atlantic and Central States a muchhigher proportion of the outstanding farm-mortgagedebt can be accounted for in these States than in theremaining States of the Northeast and the West. Fromthe data available for 1937 it is evident that the impor-tance of the land banks and Land Bank Commissioner isnow greater in all areas, with that of life insurance com-panies and joint-stock land banks considerably decreased.


NEW OR REVISED SERIES

Table 45.—MOODY'S BOND YIELD AVERAGES l

[Percent per annum]

19

Month

1919 1920 1921 I 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932I

1933 1934 1935 1936 1937

120 Domestic Corporations

JanuaryFebruary...March.AprilMayJuneJulyAugustSeptember..OctoberNovember-December..

Monthly average..

JanuaryFebruary...MarchApril. _MayJuneJuly-AugustSeptember-OctoberNovember..December..

Monthly average-.

JanuaryFebruary...MarchApril.MayJune. -July..August.SeptemberOctoberNovemberDecember..

Monthly average

JanuaryFebruary-MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Monthly average.

JanuaryFebruaryMarch...AprilMay _JuneJuly-AugustSeptemberOctoberNovemberDecember..

Monthly average.

6.166.206.206.226.156.106.136.256.356.336.486.66

6.27

6.656.816.867.027.267.297.297.297.126 997.097.34

7.08

7.207.157.197.207.217.277.237.147.026.926.576.36

7.04

6.356.246 176.015.895 925 845.785.715.765.885.89

5.95

5.875.906.036.096.046.056.106.046.086 116.096.08

6.04

6.015.985.965.945.885.795.705.725.725.675.635.61

5.80

5.605.545.545.545.455.405.445.485.455.435.425.40

5.47

5.345.295.315.255.175.165.175.185.185.185.145.10

5.21

5.065.075.034.984.985.005.004.954.934.894.864.83

4.97

4.834.834.824.834.884.995.025.045.025.004.975.01

4.94

5.045.085.165.165.165.255.255.305.345.325.275.17

5.21

5.175.185.085.055.045.055.024.974.925.025.175.38

5.09

5.205.205.205.355.485.575.475.656.006.626.607.43

5.81

6.876.836.627.317.948.017.696.456.086.126.246.31

6.87

5.986.136.466.646.025.635.355.345.575.646.025.93

5.89

5.525.105.024.874.854.814.814.965.034.924.864.79

4.96

4.684.604.664.644.554.474.404.394.364 344.274.19

4.46

4.043.953.953.973.963.943.903.853.793 753.713.67

3.87

5.355.355.395.445.395.405.445 565.605.545.665.73

5.49

3.673.753.873.983.923.923.913.924.04

30 Domestic Corporations, Rating, AAA

5.755.865.926.046.256.386.346.306.226.056.086.26

6.12

6.146.086.086.066.116.186.125.995 935.845.605.50

5.97

5.345.295.235.155.135.085.004.964.934.975.095.08

5.10

5.045.075.185.225.165.155.145.085.125.115 095.09

5.12

5.095.095.105.085.044.994.954.954.954.924.944.95

5.00

4.954.954.914.874.834.834.874.904.874.854.844.85

4.88

4.824.774.794.744.714.724.714.724.724.714.684.68

4.73

4.664.674.624.584.574.584.604.564.544.514.494.46

4.57

4.464.464.464.464.494.574.614.644.614.614.584.61

4.55

4.624.664.704.694.704.774.774.794.804.774.764.67

4.73

4.664.694.624.604.604.574.524.474.424.424.474.52

4.55

4.424.434.394.404.374.364.364.404.554.994.945.32

4.58

5.205.234.985.175.365.415.264.914.704.644.634.59

5.01

4.444.484.684.784.634.464.364.304.364.344 544.50

4.49

4.354.204.134.074.013.933.893.933.963.903.863.81

4.00

3.773.693.673.663.653.613.563.603 593.523.473.44

3.60

3.373.323.293.293.273.243.233.213 183.183.153.10

3.24

3.103.223.323.423.343.283 263.253.30

30 Domestic Corporations, Bating, AA

5.755.795.765.805.755.715.765.855.965.906.026.21

5.86

6.196.286.426.546.786.796.696.766.656.566.636.84

6.59

6.646.606.596.68C.696.766.786.646.566.476.185.95

6.55

5.945.805.795.716.625.645.575.445.355.365.455.41

5.59

5.425.495.625.735.665.665.695.635.655.655.635.63

5.62

5.555.525.575.565.495.435.385.385.385.355.325.31

5.44

5.305.255.245.245.195.155.175.215.185.175.145.14

5.20

5.075.045.054.994.944.924.954.954.974.954.934.89

4.97

4.874.874.834.804.794.804.804.734.734.694.654.62

4.77

4.614.614.594.604.644.754.794.824.794.784.754.77

4.71

4.794.864.924.914.914.984.974.995.015.014.944.84

4.93

4.864.894.804.784.774.764.744.884.654.674.754.85

4.77

4.704.704.674.764.764.814.814.855.085.575.616.26

5.05

6.086.135.856.116.386.606.515.835.545.515.575.60

5.98

5.305.355.615.815.405.094.834.774.964.975.355.27

5.23

5.004.704.554.434.374.304.284.344.424.364.284.27

4.44

4.214.134.114.084.033.993.893.873.853.823.733.65

3.95

3.573.553.553.573.533.513.483.443.413.373.313.28

3.46

3.303.403.503.583.493.453.453.453.51

30 Domestic Corporations, Rating, A

6.426.456.486.406.356.266.266.446.566.526.706.91

6.48

6.887.157.117.347.607.587.627.697.487.347.457.71

7.41

7.527.507.537.537.507.587.537.437.237.036.626.39

7.28

6.416.336.226.055.935.975.885.855.795.915.996.04

6.03

6.046.076.246.256.176.196.216.066.156.236.226.20

6.17

6.166.186.106.096.005.905.795.845.835.785.725.72

5.93

5.705.615.665.635.465.445.515.565.535.545.515.46

5.55

5.385.335.345.275.185.185.215.235.235.235.175.16

5.24

5.115.135.125.065.055.065.045.015.014.974.944.92

5.04

4.914.924.924.914.965.075.095.105.075.044.995.08

5.01

5.105.145.245.235.245.315.325.395.435.385.335.21

5.28

5.235.255.155.125.075.085.065.004.945.065.215.43

5.13

5.265.295.305.525.655.755.645.886.296.886.907.70

'6.01

7.067.066.807.488.408.508.196.846.456.446.536.61

7.20

6.166.306.646.856.295.885.585.515.705.766.226.21

6.09

5.725.245.124.974.964.964.935.095.175.004.934.86

5.08

4.744.634.674.694.594.524.464.494.484.494.454.35

4.55

4.214.124.104.124.114.094.053.993.943.903.853.78

4.02

3.773.853.984.053.993.993.973.984.07

30 Domestic Corporations, Rating, BAA

7.127.207.157.237.097.047.067.137.277.347.547.77

7.25

7.787.947.978.178.398.398.528.398.147.998.218.56

8.20

8.508.428.558.538.528.568.488.518.348.347.887.61

8.35

7.707.557.457.146.896.976.896.856.756.786.987.02

7.08

6.986.977.097.177.177.217.347.387. 387.467.407.38

7.24

7.247.147.087.036.976.826.676.696.736.626.546.46

6.83

6.446.366.366.416.306.186.206.246.206.176.176.15

6.27

6.096.026.055.985.865.805.795.815.795.815.775.68

5.87

5.615.595.545.485.505.555.555.485.425.385.355.32

5.48

5.355.335.325.335.425.555.585.615.595.585.555.60

5.48

5.635.665.795.805.805.945.956.046.126.116.035.95

5.90

5.925.895.735.705.725.785.775.735.655.946.256.71

5.90

6.416.386.446.727.157.367.087.478.079.048.9310.42

7.62

9.138.878.8310.4611.6311.5210.798.227.617.878.248.42

9.30

8.018.378.919.127.747.076.626.777.277.497.987.75

7.76

7.016.276.266.016.056.066.136.496.576.406.376.23

6.32

5.985.956.206.135.945.775.675.585.535.545.435.30

5.75

5.004.804.864.914.944.904.844.744.624.544.524.53

4.77

4.504.544.694.864.874.974.975.005.27

i See footnote on p. 20.


Table 45.—MOODY'S BOND YIELD AVERAGES—Continued[Percent per annum]

Month

1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937

40 Industrials

JanuaryFebruaryMarchAprilMay__ -JuneJuly.._AugustSeptember.OctoberNovember _December

Monthly average..- --

JanuaryFebruaryMarch. —AprilMayJuneJulyAugustSeptember -OctoberNovemberDecember

Monthly average-

JanuaryFebruary -..MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Monthly average.

6.196.226.206.216.156.046.026.116.146.156.266.42

6.18

6.396.576.666.787.017.1J7.127.157.056.977.117.39

6.94

7.277.147.227.217.167.197.177.137.066.936.616.36

7.04

6.376.316.256.085.965.995.915.885.795.885.986.03

6.04

5.955.976.046.055.996.016.076.076.056.106.076.06

6.04

6.036.016 006.005.945.895.865.865.845.815.765.75

5.90

5.725.665.685.665.645.595.58a. 6i5.595.545.545.53

5.61

5.495.465.485.435.355.345.355.345.345.335.325.26

5.37

5.215.205.155.105.105.115.125.105.075.025.015.00

5.10

5.015.005.015.005.075.145.195.185.165.145.135.15

5.10

5.145.185.245.245.275.345.325.345.415.405.455.35

5.31

5.345.325.235.165.175.215.175.125.085.245.375.58

5.25

5.415.405 445.655.895.975.795.936.336.866.797.51

6.08

7.207.026.717.027.557.687.406.375.965.895.9J05.85

6.71

5.665.836 106.105.605.214.954.844.874.874.995.03

5.34

4.874.734 654.534.474.414.394.474.524.474.404.37

4.52

4. 3*4.244.204.184.114.073.953.943.913.833.733.71

4.02

3.593.573 563! 573.553.543.523.483.443.423.373.37

3.50

40 Public Utilities

6.086.116.146.096.086.086.106.196.306.286.436.58

6.21

6.636.766.837.037 307.357.377.487.407.287.317.49

7.19

7.437.357.357.347.387.417.427.347.086.956.586. 37

7.17

6.406.316.206.055.875.875.835.785.685.675.775.76

5.93

5.725.735.905.935.885.895.895.775.855.855.855.66

5.83

5.825.775.765.745.675.595.525.515.524.485.495.46

5.61

5.445.415.395.355.225.205.255.285.265.245.245.25

5.29

5.205.155.175.125.085.065.085.095.105.115.075.05

5.11

5.025.055.034.984.994.984.984.944.924.894.884.84

4.96

4.794.774.754.754.794.904.934.974.964.934.904.95

4.87

4.965.005.075.095.095.155.165.225.275.255.245.17

5.14

5.175.205.105.085.045.035.004.944.874.935.055.21

5.05

5.095.094.994.974.975.045.005.015.245.795.726.31

5.27

6.206.366.106.666 987.216.976.035.695.725.845.80

6.30

5.565.906.416.826.345.995.785.906.316.386.826.82

6.25

6.245.585.505.315.275.245.235.375.435.305.225.15

5.40

4.974.764.654.604 434.374.264.284.274.244.174.12

4.43

4.023.983.983.973 953.913.863.853.833.803.743.69

3.88

40 Railroads

6.206.266.256.346.216.196.286.446.606.556.756.97

6.42

6.937.097.087.267.467.407.397.236.916.726.867.15

7.12

6.916.976.997.067.087.227.106.976.906.886.526. 37

6.91

6.286.116.075.915.855.885.775.665.655.725.895.88

5.89

5.946.006.166.306.266.276.336.286.336.396.346,31

6.24

6.186.176.146.096.025.885.735.785.815.725.655.63

5.90

5.635.565.575.605.485.415.485.545.505.525.465.42

5.51

5.335.265.285.185.095.065.085.115.105.105.025.00

5.13

4.964.954.904.864.854.904.894.8€4.794.754.684.66

4.83

4.704.734.724.744.784.914.944.984.944.934.874.95

4.85

5.005.065.175.165.125.265.285.345.365.305.114.99

5.18

5.005.024.894.924.914.914.894.864.804.915.105.34

4.96

5.095.115.175.455.605.705.626.016.437.207.288.46

6.09

7.207.107.048.249.309.148.706.966.586.757.007.27

7.61

6.716.656.877.006.115.685.315.285.545.676.255.95

6.09

5.454.994.914.784.814.784.805.055.154.994.964.86

4.96

4.754.815.145.145.124.994.974.954.914.974.904.73

4.95

4.504.314.324.384.404.354.314.224.094.024.003.96

4.24

40 Foreign

JanuaryFebruary...March.AprilMay -.JuneJulyAugustSeptember-OctoberNovember-December. .

5.965.915.875.895.985.996.036.036.046.03

6.086.116.206.206.226.276.316.376.426.43.54

6.506.476.276.216.286.356.396.376.45

7.066.916.636.727.147.367.898.55

10.5812.3711.44

13.6912.9812.5713.3014.4914.3912.1211.2810.3610.0510.31

10.4310.8410.729.939.629.049.109.419.20

8.217.537.317.237.217.427.417.337.186.836.57

6.206.046.216.075.855.815.996.366.596.706.496.37

6.186.055.875.845.905.915.785.765.685.645.605.63

3.363.463.553.653.553.513.503.473.55

3.683.763.903.993.953.973.923.893.96

3.954.044.174.294.274.294.314.404.60

5.395.165.305.355.325.145.165.205.35

6.53 7.5 15.03 10.42 8.82 6.38

Monthly average 5.99 6.31 6.54 8.97 12.16 9.67 7.22 6.22 5.82

i These data, compiled by Moody's Investors Service, are presented in the Survey for the first time and replace similar statistics compiled by the Standard Statistics Co.,Inc. In the compilation, daily yields for each individual bond are computed on the basis of closing prices. Unweighted arithmetic averages are then computed to obtaineach of the series shown here. Comparable weekly data will be shown regularly in the monthly Survey, p. 21, and in ihe Weekly Supplement, p. 2. The monthly seriesare arithmetic averages of the daily figures. In addition, averages by ratings, are calculated for the industrial, public utility, and railroad groups.

Occasional substitutions in the bond list have been made when ratings have been changed, when a bond is called, when a bond sells too far above its call price, or becauseof approaching maturity. Suitable adjustments (usually small) which are gradually amortized, are introduced to prevent such substitutions from impairing the compara-bility of the series. No convertible or other unusual issues are included, and the average maturity is close to 30 years.

Only 60 bonds were used in the averages from 1919 to 1927, inclusive. From 1928 to 1933, inclusive, 120 bonds were used, no adjustment being required to connect the 2series. Since 1933, it has not been possible to find a sufficient number of representative bonds for the industrial Aaa and the industrial Aa groups; they contain, respectively,3 and 4 issues. However, the averages for these groups are given equal weighting in combining them with other group averages.

The series on foreign bonds is for 30 issues beginning in January 1934, adjusted to a comparable basis with previous averages of 40 bonds.


WEEKLY BUSINESS INDICATORS*[Weekly average, 1923-25 = 100]

Business activity:New York Times§Business Week§.._

Commodity prices, wholesale:Dept. of Labor, 1926=100:

Combined index (784)Farm products (67)Food (122)All other (595)

Fisher's index, 1926=100;Combined index (120)

Copper, electrolytic^Cotton, middling, spot—

Construction contracts}:—Distribution: CarloadingsEmployment: Detroit, factory..Finance:

Failures, commercial-Bond yields**Stock pricesj

1937

Oct.23

97.9

84.980.785.085.0

89.385.531.3

51.180.7

46.974.299.0

Oct. Oct. Oct. Sept,16 9 2 25

100. 2 101. 3 103.69.4

85.280.385.485.2

89.585.531.6

51.984.5

120.8

42.8.72.4

102.9

71.7

86.082.786.985.3

85.0

35.971.2

110.4

74.0

86.985.487.885.6

90.794.31.6

51.988.4

110.4

40.071.2

115.3

104.6

87.587.388.785.9

92.2i.O

31.32 100.

87.7

9.170.2

1936

Oct. Oct.24 17

101.175.3

81.184.82.180.1

84.068.844.9

50.985.1

39.364.8

102.376.0

81.284.782.579.9

83.868.846.0

57.!88.2

34.265.0

114. 7 141. 6 142. 2 113. 3 110. 8

1935Oct. Oct.

26 19

67.4

80.378.84.78.4

85.365.241.5

74.1

57.578.2

89.367.0

80.779.585.678.4

85.565.241.5

53.576.4

53.18.5

Finance—Continued.Banking:

Debits, outside N. Y. C . t -Federal Reserve reporting

member banks:Loans, total

Interest rates:Call loans*Time loansf __.

Money in circulation $Production:

AutomobilesBituminous coaljCotton consumptionÊlectric powerfLumber __PetroleumtSteel ingots*

Receipts, primary markets:Cattle and calvesHogsCotton—Wheat

1937

Oct. Oct. Oct. Oct. Sept.23 16 9 2 25

111.

79.3

24.228.6

135.0

120.592.7

137.053.1

173.591.6

.26.045.5>70. 461.2

98.6

80.0

24.228.6

135.5

117.593.8

110.7136.6

53.172.9104.5

104.3

79.8

24.28.6

135.

94.392.5

114.8136.55.271.8

91.2

80.0

24.228.6

134.8

58.194.2

9 136.10.9

.75.1108. 6 122. 2 125. 0

106. 3 112. 7 119. 5 128. 237.7 38.0 37.4 33.9 64.2

300.0 330.0 342.3 275. 4 286. 257.2 85.8 81.6 82.5 50.8

102.2

80.1

24.:28.6

134.6

36.792.

112.5 119.9 120.3i. 6 136.0

57.5176.0

1936

Oct. Oct.24 17

103.8

70.0

24.228.6

130.2 130.3 117.4

78.395.9

130.163.5

148.0122.6

108.9

99.2

24.228.6

63.095.2

39.5

1935

Oct. Oct.26 19

84.3

63.5

81.381.3

124. 0 102.0130.361.5

147. 7 134. 386.0125.4

114.156.4 ____

279.2 277. 3 266. 243.9

67.1

97.5

6.15.7

117.6

58.281.096.4

113.8 111.853.4

133.683.7

120. 6 128. 334.9

86.3

•Data do not cover calendar weeks in all cases. §Computed normal= 100. {Daily average, t Weekly average, 1928-30= 100. ^Seasonally adjusted.* New series. See pp. 19 and 20 of this issue for bond yields. Steel ingots compiled by the American Iron and Steel Institute instead of Dow Jones and

viously.Co., Inc., as pre-

WEEKLY BUSINESS STATISTICS*

1937

Oct. 23 Oct. 16 Oct. 9 Oct. 2 Sept. 25 Sept. 18

1936

Oct. 24 Oct. 17

1935

Oct. 26 Oct. 19

1934

Oct. 27

COMMODITY PRICES, WHOLESALECopper, electrolytic, New York dol. per lb.Cotton, middling, spot, New York __do___Food index (Bradstreet's) _ . do . . .Iron and steel, composite dol. per ton.Wheat, No. 2, hard winter (Kansas City).dol. per bu.

Banking: FINANCEDebits, New York City. mills, of dolDebits, outside of New York City doFederal Reserve banks:

Reserve bank credit, total doU. S. Government securities do

Member bank reserve balances doExcess reserves, estimated do

Federal Reserve reporting member banks:Deposits, net demand, adjusted __doDeposits, time doInvestments, total do

U. S. Government direct obligations doObligations fully guaranteed by IT. S. Govern-

ment mills, of dol._Loans, total do

Commercial, industrial, and agricultural loans:On securities mills, of dol._Otherwise secured and unsecured do

Interest rates, call loans percent..Interest rates, time loans do.

Exchange rates:French franc (daily av.) cents..Pounds sterling (daily av.) dollars..

Failures, commercial number. _Money in circulation mills, of doL.Security markets:

Bonds sales (N. Y. S. E.)..Ahons. of dol. par value..Bond yields (Moody's) (120bonds)* percent..Stock sales (N. Y. S. E.) thous. of shares..Stock prices (N. Y. Times) . . .dol. per share__Stock prices (Standard Statistics) (420). 1926=100—

Industrials (348) ..doPublic utilities (40). . .doRailroads (32) do.PRODUCTION, CONSTRUCTION, AND

Production: DISTRIBUTIONAutomobiles. number..Bituminous coal (daily av.) thous. of short tons. .Electric power mills, of kw.-hr..Petroleum thous. of bbL.Steel ingots* . - pet. of capacity..

Construction-contract awards (da. av.).-thous. of dol_.Distribution:

Freight-car loadings, total cars..Coal and coke doForest products doGrain and products doLivestock _ . . .doMerchandise, 1. c. 1 .doOre ._ .doMiscellaneous __ do

Receipts:Cattle and calves - . . thousands..Hogs doCotton into sight thous. of bales..Wheat at primary markets -thous. of bu_.

0.118.0852.80

39.471. 04

4,3775,170

2, 5652, 5236, 9391,021

14, 7895, 28511, 9777,896

1,1329, 913

5994, 2411.001.25

3,3834.95191

6,555

84, 3004.28

22,16696.1086.9101.979.132.5

91,9051,5782,2823,61355.8

8,206

773, 353165, 01432,88336, 95822, 395169, 23137,990308,882

295703

4,871

0.118.0862.82

39. 601.03

2,6493,811

2, 5582,526G, 919992

11, 8015,270

12, 0057, 917

1,1339, 994

6054, 2361.001.25

3,3554.96174

6,582

42, 4604.189,85599. 9689.0104.679.334.1

89, 6351,5972,2763,60263.68,326

809, 944168,71037,22735, 92321,840169, 79150,103

326, 350

336245780

4,551

0.122.0812.86

39.731.07

3, 8654,836

2,5832,5267,0031,090

14, 6285, 2,58

12, 0037,911

1,1319, 972

6004, 2311.0.01.25

3,3004.95146

6,582

41,8904.116,924107.2595.4112.383.537.9

71,9581, 5752,2803,57966.1

815,122166, 27434, 00135, 82320, 572173, 65458,477326,321

356247858

6,829

0.130.0862.88

39.811.11

3,2344,231

2, 5732, 5267, 0331,062

14, 8645, 29312, 0227, 903

1, 13110, 004

6014, 2091.001.25

3,4004.95163

6,545

42,1304.116,875111.9599.7117. 486.540.2

44,3301,6052,2763,64774.48,337

847, 245173, 69838, 59536,80421,801174,85362,189339, 305

378243890

6,490

0.138.0852.92

39.981.09

3, 7744,741

2,5782,5266, 9771,020

14, 7885,291

12, 0367, 930

1, 13610, 010

5944,1841.001.25

3,4114.95159

6,534

44, 2904.058,110111.37102.2120.787.141.5

28, 0301,5752,2663,66676.17,751

840,446166,69039, 28436, 21921, 224173,42265, 725337,882

405220716

6,565

0.138.0912.8940.19

3, 9764,732

2,5982, 5236, 865880

14, 8275, 28012,1838, 122

1, 12310, 049

5964, 1621.001.25

3,4434.95139

6,564

43, 5104.047,623116.12105.3124.989.240.9

30,1501,5112,2813,67180.48,519

826, 565156, 33439, 63636,18019, 033

172, 63969, 021333, 722

331199537

8,162

0.095.1222.75

34. 661.22

3,8904,814

2, 4632,4306,6932,127

15, 2285, 07213, 8209, 286

1, 2548,751

1.001.25

4,6514.89160

6,322

70,9203.749,298137. 51121.3139.2110.259.9

59, 7401,6342,1673,08374.28,178

816,242164, 94936,30133,02222, 264171, 09349, 766

338, 847

344417744

4,040

0.095.1252.76

34. 641.25

2,8483, 834

2,4852, 4306, 61.72,072

15, 0525, 068

13, 8739, 323

1, 2,588,695

1.001.25

4,6614.89139

6,325

66, 6603.758,698138.10119.6136.8109.360.2

48, 0951,6222,1703,07775.99,290

826, 525167, 72636, 03332, 57922, 611169, 31755, 281342,978

360366726

3,145

0.090.1132.74

32.851. 14

3,8333, 914

2,4722,4305,5752,900

13, 4634, 963

12, 3918,130

1,1287,931

0.090.1132.7432.831.16

3, 3443, 770

2,4962,4305,5342,878

13, 2684, 921

12, 3255, 118

1, 1197, 975

.25

.25

6,5924.91234

73, 5704.51

14,275110. 0789.1103.184.635.7

62,0151,3841,8962,79851.8

710, 621139, 05130, 69633,93220,931165,91432, 636287,461

381285721

5,338

.25

.25

6,5904.91216

5,711

61, 7504.53

10, 460107. 5986.7100.381.934.9

44, 4161,3791,8632,78350.48,594

732, 304145, 72131, 37636,11822,970166, 28333, 602

296, 234

405227692

0.088.1252.3732.121.01

2, 6283,187

2, 4522, 4303, 9851,733

11, 2624,877

10, 7607,183

5058,310

1.00

6, 6054.94225

5,455

67, 9404.873,99182.0268.277.463.137.0

31,0301,2021,6772, 33623.94,564

624, 808124, 69621,92332,16425, 543

161, 70414, 655

244,123

401453451

2,542

* Data do not cover calendar weeks in all cases. * New series. See note marked " • " under Weekly Business Indicators.


Monthly Business StatisticsThe following table represents a continuation of the statistical series published in the 1936 Supplement to

the Survey of Current Business. That volume contains monthly data for the years 1932 to 1935, inclusive, andmonthly averages for earlier years back to 1913 insofar as available; it also provides information as to the sourcesof the data and sufficient descriptive material for a proper interpretation of each series. These notes also indicatethe source from which monthly figures prior to 1932 may be obtained. It is essential that all users of the SURVEYhave this base book which may be secured from the Superintendent of Documents, Government Printing Office,Washington, D. C , for 35 cents per copy.

A few series have been added or revised since the 1936 Supplement went to press. These are indicated byan asterisk (*) for the added series and by a dagger (f) for the revised series. A brief footnote accompanyingeach of these series provides a reference to the source where the descriptive note may be found.

The terms "unadjusted" and "adjusted" used to designate index numbers refer to the adjustment for seasonalvariation. Data subsequent to September will be found in the Weekly Supplement to the SURVEY.

Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey.

1937

Septem-ber

1936

Septem-ber October Novem-

berDecem-

ber

1937

Janu-ary

Febru-ary March April May June July August

INDUSTRIAL PRODUCTION(Federal Reserve)

Combined index, unadjusted 1923-25=100__Manufactures, unadjusted . _ do

Automobiles doCement _ doSlaughtering and meat packing* do ._.Glass, plate doIron and steel doLeather and products! doPetroleum refining _ do _Rubber tires and tubes doTextiles doTobacco manufactures _ . _ do

Minerals, unadjusted! _ doAnthracite! doBituminous coal _ . . _ doIron-ore shipments doLead . ._ _ . doPetroleum, crude doSilver doZinc do

Combined index, adjusted _ doManufactures, adjusted- _ _ . do

Automobiles doCement.. . ._ _ _ _ _ do __.Slaughtering and meat packing* doGlass, plate doIron and steel . _ . . doLeather and products! _ do -Petroleum refining doRubber tires and tubes doTextiles doTobacco manufactures . do

Minerals, adjusted! doAnthracite! doBituminous coal . . . _ doIron-ore shipments doLead doPetroleum, crude doSilver doZinc _ . _ _ . _ do -_.

MARKETINGS

Agricultural products (quantity), com-bined index 1923-25=100

Animal products doDairy products doLivestock _ _ . _ do _Poultry and eggs doWool. do

Crops doCotton _. doFruits _ _ doGrains doVegetables do...

»109

539283

123P 115

p 107179

v 125

21873

p 182

110p 111v 110

1357387

125v 100

v 108162

P 11553

p 8611377

p 176

116

123

89786764

1692888896

103

10710742

10194

2361171301891221201731105887

17857

15010693

10911010781

10023611911218912212015710258829360

14611197

1108090807299

140259894795

BUSINESS

in1106599

1042421231231921181171571156794

16773

153118

981101119387

10524212711219111811414610552869871

152119101

1278996937391

16530410458

112

11511512790

121164127112189126125153115

71106

9377

15010610011411510591

1091641371161881261211501126995

11074

15299

100

106958291

115117116200

785477

INDEXES

114114147

7111789

125114192123132149111

72103

8115611410012112112291

10089

1431341911231391831177397

8016111398

83898082

1204677

106714972

11211312052

10077

134126189123130156105

6193

7715810085

114115120868777

1391361891231241651095683

761649980

6774767381395962784279

1171181205185

244135136194133134153111

54103

7216510289

1161161208586

2441291341941331261681155098

701689483

5662755967185154683180

1221221406784

24114213619013213214611867

112

771711021131181171219389

22912613219013212915312881

112

7517393

107

66798769

106585458743089

1221251588583

26514412819513312714510510161

841741041141181181308793

2411301311951331241581159772

85174103110

64819065

123814743673185

1221231639274

2341461222001321231571176370

23875

17798

1171181181357876

2231341332001321231551166380

15976

176101116

6687

11363

13117645287932

103

1151141479176

2341191142011231191641176572

24072

175105111114114130

7477

260119118202123126150114

7480

12270

172107115

7292

14965

112311

51255950

1111101329267

1851301132061021031781153872

24579

1771261041141141297570

2061401152061021111641124779

12182

174148112

8677

1255684

273951565

20069

1151141169470

216' 139'120

207

10817012037

' 7 7257

79' 184

1381031171181577378

216' 1 4 2

109207

1151591123778

12682

181139110

9079

1027272

1941019574

13647>les QO-.- 103 95 112 77 72 79 80 «y 85 103 VM W I 47

$ries. For data for period 1919-37, see table 42, p. 20, of the October 1937 issue. *> Preliminary. r Revised.d series. Data revised for 1936. For 1936 revisions of the Federal Reserve indexes, leather and leather products, unadjusted and adjusted, combined index ofladinsted and adinsted. anthracite, nnadinsted and adiusted. see, n. 22 of the March 1937 issue.

*New serie^.fRevised series. Data revised for 1936. For 1936 revisions of the Federal Reserve indexes, leather an

minerals, unadjusted and adjusted, anthracite, unadjusted and adjusted, see p. 22 of the March 1937 issue.

November 1937 SUKVEY OF CURRENT BUSINESS 23


1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


BUSINESS INDEXES—Continued

MARKETINGS—Continued

Agricultural products, cash income from farmmarketings:

Crops and livestock, combined index:Unadjusted - 1924-29=100-Adjusted— doCrops, adjusted . d o —Livestock and products, adjusted do

Dairy products, adjusted. doMeat animals, adjusted... doPoultry and eggs, adjusted do

COMMODITY STOCKS

Domestic stocks, combined index (quantity)1923-25=100-

Manufactured goods doChemicals and allied products doFood products .doForest products doPaper, newsprint. doRubber products do

Raw materials doChemicals and allied products. _ doFoodstuffs doMetals doTextile materials d o —

World stocks of foodstuffs and raw materialscombined index (quantity)f~ 1923-25=100..

Coffee, adjustedf d o —Cotton, adjusted t doRubber, adjustedf - doSilk, adjusted!- d o —Sugar, adjustedf doTea, adjusted! doTin, unadjusted!- d o —Wheat, adjusted! do

96.581.072.090.588.094.089.5

130108144791238297145107135111191

179253186

93109

89.077.565.090.091.092.581.0

1221031258611265911369512896181

186422

-"178'266187

'16814065

'127

104.076.060.093.094.095.577.5

13210312390112

153108132106220

r 185427' 174264183

'17513669

' 121

88.577.561.594.091.599.080.5

135104121991136195158110127103240

'186428

'174'259187

'17813593

'117

86.078.564.592.591.5100.577.5

1321081311121165494150104118107232

' 183'432'171251196

'174124100

'113

75.575.063.587.089.589.078.5

12711114311411671941399311198214

184'418'174'245'187'178'118101

'119

59.570.563.078.584.583.059.5

120110153110109611011278410483195

'183'429M71'240188

'178'110

95'119

70.581.574.588.590.589.585.5

11111015410310973102111788580174

'182'457'164244

'187'177'9997

'116

69.089.088.590.088.091.086.0

102107148991104710498757070154

174'460'160235

'184'163'9098

'102

68.078.074.581.588.575.080.0

1071449611248

'10593757083136

'169'466'155225

'192' 163'9493

71.584.585.583.085.582.078.5

991081411031175710491747893121

'166445

'148'239'190'166

9487

'81

87.594.5108.080.085.577.578.0

106'10914198120509710473120105108

'171'443144242188

'16888100109

90.585.086.084.586.086.077.5

'111'109'143'92'122

68'95'112

80'126'118117

173442

'148'24919015693

'101120

COMMODITY PRICES

COST OF LIVING

(National Industrial Conference Board)

Combined index ___1923=100_Clothing do. . .Food do-_.Fuel and light do. . .Housing ___do._-Sundries do

PRICES RECEIVED BY FARMERS

(U. S. Department of Agriculture) §

Combined index. 1909-14=100..Chickens and eggs doCotton and cottonseed doDairy products doFruits. _ _.doGrains doMeat animals doTruck crops doMiscellaneous do

RETAIL PRICES

U. S. Department of Labor indexes:Coal:

Anthracite! 1923-25=100..Bituminous* do

Food ! doFairchild's index:

Combined index Dec. 1930=100..Apparel:

Infants' wear doMen's doWomen's do

Home furnishings doPiece goods do

WHOLESALE PRICES

U. S. Department of Labor indexes:Combined index (784)___ 1926=100__

Economic classes:Finished products doRaw materials _doSemimanufactures __ do

Farm products doGrains doLivestock and poultry do

89.478.587.685.088.697.1

11811974123121111144117115

85.8

97.191.595.298.189.2

87.4

89.184.485.385.991.9106.7

85.973.686.185.680.394.5

124119106128105130123153141

82.85.914. 3

89.3

94.587.790.789.985.4

81.6

82.381.875.984.0102.083.8

85.773.884.686.280.894.9

121127104125104128120131133

82.8

90.0

94.587.890.990.385.6

81.5

82.082.176.284.0102.181.2

85.874.084.386.581.495.1

12014110312697127118104133

94.687.991.090.985.7

82.4

82.683.178.685.1102.979.7

86.174.184.786.681.895.3

1261331051279313412299168

84.288.282.9

91.7

94.988.191.491.886.1

84.2

83.885.682.388.5109.085.0

74.386.486.482.295.8

131110107128105143128115182

84.6

93.0

88.492.293.187.0

85.9

84.988.185.491.3113.091.4

87.275.086.386.582.896.1

127101108126127146126143147

93.7

95.189.092.594.087.6

86.3

85.488.385.591.4111.589.9

87.975.987.286.184.296.4

128102116125133145129131140

84.3

94.5

95.389.493.094.788.2

87.8

86.490.189.694.1113.293.7

88.376.287.485.085.296.6

130104117120142154130127139

85.6

95.2

95.789.993.495.3

87.88.89.92.119.

88.876.788.483.786.1

12896112116152149133139133

86.5

95.6

95.890.193.696.388.9

87.4

87.587.187.589.8113.995.9

76.988.283.786.696.8

12495107113157139137124119

76.086.86.2

96.0

96.090.494.196.889.2

87.2

87.86.86.88.105.98.

76.987.784.187.196.9

12510210611614513914496113

85.9

96.3

96.490.794.897.489.2

87.9

88.886.587.089.3105. 2105.0

89.077.887.384.487.897.0

12310990119123119151104128

85.5

91.495.198. 189.2

87.5

89.084.886.686.492.0

108.2Revised.Data for Oct. 15, 1937: Total 112, chickens and eggs 127, cotton and cottonseed 67, dairy products 128, fruits 99, grains 93, meat animals 136, truck crops 130, miscella-

neous 113.! Revised Series. Retail prices of anthracite coal for period 1929-37, see table 44, p. 20, of the October 1937 issue; retail food prices, for period 1923-36 see table 9, p. 20, of

the February 1937 issue. World stocks of foodstuffs and raw materials for period 1920-37, see table 19, pp. 17 and 18, of the May 1£37 issue; revisions shown in this issuewere occasioned by recomputation of seasonal adjustment factors for 1936 and 1937. Data beginning 1936 will be shown in a subsequent issue.

• New series. For bituminous coal, retail price index, see table 44, p. 20 of the October 1937 Survey.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


COMMODITY PRICES—Continued

WHOLESALE PRICES-CofitinuedU. S. Department of Labor indexes—Contd.

Foods 1926=100..Dairy products doFruits and vegetables doMeats do

Commodities other than farm products andfoods ..1926=100..

Building materials.-- doBrick and tile - doCement doLumber -do

Chemicals and drugs - -doChemicals doDrugs and Pharmaceuticals .-doFertilizer materials. .do.

Fuel and lighting materials -do.Electricity.. - do.Gas - do.Petroleum products do.

Hides and leather products -do.Shoes.. _. _- -doHides and skins doLeather...- , do.

House-furnishing goods doFurniture _ —do.Furnishings do

Metals and metal products doIron and steel doMetals, nonferrous^ doPlumbing and heating equipment

1926=100-Textile products. do.

Clothing —do.Cotton goods -doKnit goods doSilk and rayon doWoolen and worsted goods do

Miscellaneous doAutomobile tires and tubes -doPaper and pulp do

Other wholesale price indexes:Bradstreet's (96) do....Dun's (300) do....

World prices, foodstuffs and raw materials,combined index 1923-25=100..

Coffee do.—.Cotton .-do—Rubber do__.Silk - . d o -Sugar do—Tea.. d o -Tin.. do—.Wheat do....

Wholesale prices, actual. (See under respec-tive commodities.)

PURCHASING POWER OF THEDOLLAR

Wholesale prices 1923-25=100..Retail food pricesf do—Price received by farmers doCost of living t do—

88.084.864.0

113.4

85.9

95.095.599.081.485.778.371.878.7

62.2107. 6107. 5120.798.991.187.194.997.199.892.6

80.675.389.776.866.532.492.477.056.493.4

84.0102.

56.56. 433.143.625.962.186.4

116.6

115.2116.6124.5113.8

83.389.571.587.3

79.687.189.095.584.981.788.675.367.676.183.287.257.594.699.393.384.281.778.085.486.888.171.4

76.570.980.880.060.830.280.971.347.580.7

79.597.1

55. 247.545.238.423.766.172.389.072.2

123.4118.6118.5118.3

82.687.473.884.4

80.187.388.395.586.182.289.076.567.476.882.886.057.995.699.397.285.482.078.385.6

71.7

76.671.681.282.061.131.180.571.547.5

79.197.8

55.048.445.238.624.561.667.789.575.8

123.6120.8121.5118.6

83.988.274.885.2

81.087.788.895.586.682.589.277.968.076.882.781.958.197.099.3

101.288.482.378.885.787.988.975.4

76.773.581.585.561.233.484.373.450.181.5

83.5102.3

56.950.944.942.227.068.363.0

102.173.2

122.3121.2122.5118.5

85.588.975.487.2

82.289.588.595.589.685.393.377.468.676.582.783.158.099.799.4

110.492.683.279.486.989.690.978.6

76.776. 383.190.363.033.890.574.550.182.9

86.2109.5

60.654.947.146.827.571.366.9

103.181.8

119.6120.6116. 7118.1

87.188.982.490.6

83.491.389.795.593.087.796.479.070.676.681.082.258.3

101.799.7

116.094.386.584.089.090.991.784.8

77.177.583.991.964.434.591.976.251.884.8

86.9107.7

62.355.947.850.128.773.870.8

101.284.2

117.2118.2112. 2117.1

87.088.787.890.3

84.193.391.095.599.087.895.683.070.776.880.880.759.1

102.7101.4114.995.587.984.591.291.792.089.4

77.477.584.291.364.733.793.177.353.187.5

87.8108.8

60.358.348.249.927.866.374.0

103.379.5

116.7118. 3115.7116.7

87.590.286.592.0

85.595.991.895.5

102.187.595.383.070.376.277.879.858.6

104.2102.3118.5

97.188.485.091.796.097.5

101.1

77.678.384.894.064.933.692.679.555.090.2

91.4109.0

64.255.453.356.428.164.678.0

124.886.5

114.7117.1114.8115.7

85.578.583.594.9

86.596.794.995.5

103.086.994.282.970.776.877.180.759.8

106.3103.8121.4100.789.085.892.196.599.697.0

78.779.586.895.165.933.893.581.156.4

89.1108.7

65.255.452.654.827.663.880.7

117.495.3

114.4116.8113.1115. 2

84.273.184.195.9

86.397.295.095.5

103.084.591.179.270.677.278.883.060.9

106.7106.1117.7100.689.386.192.595.899.691.7

78.778.787.292.665.732.593.380.556.494.6

87.7106.8

62.057.848.949.425.862.381.6

110.789.9

115.2115. 6114. 8114. 5

84.772.084.598.0

86.196.995.095.5

102.283.690.178.070.577.579.584.261.5

106.4107.5114.698.889.586.692.595.999.791.9

78.778.289.189.764.632.593.279.456.495.0

87.2107.3

59.857.846.745.225.562.676.4

111.184.8

115.5116. 0118.5114.4

86.276.471.2

106.0

86.396.795.495.5

101.383.989.978.271.378.180.084.061.8

106.7107.4116.298.789.786.892.696.199.892.7

78. 778.390.186.864.833.994.479.056.494.2

86.6102.8

61.357.345.644.3 I27.164.177.9

118.091.0

114.6116.4117.6114.4

86.779.765.3

112.1

86.196.395.595.599.582.287.078.271.778.479.482.662.0

108.1107.4122.1100.091.187.195.097.099.993.3

78.877.190.082.265.732.993.977.356.494.1

84.8102. 2

58.356.437.943.126.266.183.9

118.285.7

115.1117.0119.5114.3

CONSTRUCTION AND REAL ESTATE

54415743

101,231124, 537

12, 966225, 768

3,31914, 36179,071

21414,171

1,14352, 861

8,29021, 55379,664

220,142

51395840

89,086119,118

11,269208, 204

2,99714, 62365,895

22218,029

87055, 839

7,18019,98668, 441

162, 743

53386645

82, 461117, 235

9,605199, 696

2,46714, 37072, 956

16719,117

58242,135

6,38918,96965, 487

266, 301

51376345

112,345130,482

8,731242, 827

2,62914, 69195, 969

18121, 788

51546, 664

5,40618,42778, 407

173, 077

54426247

69, 382118, 875

9,746188,257

2,92210,70165, 626

20532, 364

39527, 264

6,22418,73963,004

189,197

56475645

66, 355164, 891

13,355231, 246

3,36116, 57988, 602

19520, 256

60432, 221

9,19524, 24490,168

156, 788

61515344

74,164••195,770

16,162269, 934

3,74118, 46296,179

24120, 985

1,09944, 757

11,08129, 483

108,013

216,955

68525644

92, 585151, 528

13, 756244,113

3,22516, 71093, 433

18810, 763

1,06955, 980

9,27423, 03883, 937

235,012

72476142

'137,458••180,384

13,884317,842

3,56621, 794

124, 837

30929, 863

1,18370,064

8,82623, 84593, 078

274,399

75456844

130, 776190, 826

13, 239321, 603

3,72924, 512

138, 064

27549, 992

1,22152, 501

8,01420, 58081, 046

260,001

' 6 6M 0' 6 3M 0

107, 530177, 574

12, 990285,104

3,57421,154

117, 210

29531,343

1,38663,103

7,73518, 92073, 448

170,068

CONSTRUCTION CONTRACTSAWARDED

Value of contracts awarded (Federal Reserveindexes):

Total, unadjusted 1923-25 = 100- 57 60Residential, unadjusted do 38 47

Total, adjusted do 57 59Residential, adjusted do 38 47

F. W. Dodge Corporation (37 States):By ownership:*

Public thous. of dol_. 79,623 115,561Private d o . — 127,464 118,711

By type of project:Total, all types:f

Projects n u m b e r - 12,649 12,056Valuation thous. of d o l - 207,072 234,272Nonresidential buildings:

Projects n u m b e r - 3,296 3,079Floor space.- thous. of sq. ft— 14, 494 13,639Valuation. thous. of doL. 75,660 69,099

Public utilities:Projects _ number. . 229 224Valuation- thous. of dol . . 12,949 15,735

Public works:Projects.. number . . 1,307 1,169Valuation thous. of doL. 52,873 68,767

Residential buildings all types:Projects n u m b e r - 7,817 7,584Floor space thous. of sq. ft-. 17,028 21,181Valuation - t h o u s . of dol . . 65,590 80,671

Engineering construction:Contract awards (Engineering News Record)^

thous. of dol— 210,511 197,372' Revised.* New series. For data on the value of contracts awarded classified as to ownership, see table 29, p. 18 of the August 1937 Survey.S Data for October and December 1936 and April, July, and September 1937 are for 5 weeks; other months, 4 weeks.f Revised series. For data on purchasing power of the dollar, cost of living for period 1914-36 and retail food prices, for period 1923-36, see tables 5 and 6, p .

February 1937 issue and for construction contracts awarded in 1936, see table 28, p . 18, of the August 1937 issue.19 of the

November 1937 SUEVEY OF CURRENT BUSINESS 25


1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


CONSTRUCTION AND REAL ESTATE—Continued

HIGHWAY CONSTRUCTION

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

Roads only doHighways and grade crossing projects admin-

istered by Bureau of Roads:Highways:

Approved for construction:Mileage number of miles..Allotments: total thous. of dol..

Regular Federal aid do1934-35 Public Works funds do—.Works Program funds do

Under construction:Mileage number of miles..Allotments: Total thous. of doL.

Regular Federal aid doPublic Works Program:

1934-35 funds do___.Federal aid do

Works Program funds doEstimated total cost do

Grade crossings:Approved for construction:

Eliminated and reconstructed*.number..Protected by signals* doWorks Program funds alloted

thous. of doL.Estimated total cost do

Under construction:Eliminated and re constructed*, number..Protected by signals* doWorks Program funds allotted

thous. of dol..Estimated total cost do

CONSTRUCTION COST INDEXES

Aberthaw (industrial building) 1914=100-_American Appraisal Co. (all types)..1913=100..Associated General Contractors (all types)

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

1913=100.-E. H. Boeckh and Associates, Inc.:

Apartments, hotels, and office buildings:Brick and concrete:

Atlanta U. S. av., 1926-29=100..New York doSan Francisco doSt. Louis do

Commercial and factory buildings:Brick and concrete:

Atlanta U. S. av., 1926-29=100-.New York doSan Francisco .-doSt. Louis do

Brick and steel:Atlanta doNew York doSan Francisco doSt. Louis do

Residences:Brick:

Atlanta doNew York doSan Francisco doSt. Louis do

Frame:Atlanta doNew York doSan Frarcisco doSt. Louis do

REAL ESTATEFire losses thous. of dol..Foreclosures:

Metropolitan cities* ___ 1926= 100. _Nonfarm real estate* 1934=100_.

Loans of Federal agencies:Federal sayings and loan associations:

Associations, total number. .Associations reporting do.

Total mortgage loans outstanding*thous. of doL _

Federal Home Loan Bank:Outstanding loans to member institutions

thous. of doL-Home Owners' Loan Corp.:

Loans outstanding* do.

6,0594,499

2,74639, 84933, 4042,3434,102

8,135137, 56299, 913

8,7200

28, 929238,739

165417

12,71313, 291

581357

63, 60065, 526

198

191

244.0

94.3127.3117. 6115.0

96.8128.5120.5119.3

95.1127.6117.5119.4

85.9123.9110.6109.0

79.6118.4104.2100.6

19,350

18063.0

1,3071,200

761,114

179, 508

2,472,421

7,6135,196

3,17349,12330, 6014,04414, 479

11,949194,47769,488

22.92932

102,028266, 528

289624

26, 57527,817

1,23833

110, 865112,930

183165

179

208.1

83.3108.4107.3104.5

86.2112.0114.5106.0

84.6109.3107.7106.2

74.5104.098.699.2

67.698.488.390.9

20, 414

27885.7

1,1831,062

507, 574

129,752

2,870,480

6,0824,482

2,75046,10329, 3604.148

12, 595

10,335174,78170, 586

20, 37932

83, 784248, 024

254620

23,61524,185

1,192

111,326113,915

166

180

211.5

84.8108.4107.8105. 2

87.0112.0114.9106.6

85.6109.3108.1106.8

76.1104.099.0

68.098.488.791.5

20, 439

25977.8

1,1921,080

532, 064

134, 929

2,834,610

3,7692,550

2, 57442, 09327, 0343,80911, 250

8,881158, 53769, 368

17, 20632

71,931229, 527

228615

20, 23320, 826

1,14942

109,016111,614

167

180

212.7

85.1108.3108.2106.2

87.2112.0115.2107.4

108.5108.9107.6

76.3104.199.2100.6

70.098.488.992.3

22,808

23575.1

1,2061,046

531, 078

137,250

2,801,827

5, 4684,026

2,63542, 09029,0593,6719,360

8,003141,06965, 664

13, 46111

61, 934207.315

206542

17, 97118, 606

1,081

104, 876107, 645

195169

180

220.1

85.21.Q8. 4lb8.2106.2

87.3112.1115.2107.4

86.0108.7108.9107.6

77.0104.899.2100.6

70.799.188.992.3

30, 134

26884.4

1,2121,065

544,107

145, 394

2,765,098

3,3852, 836

2,88043, 89932, 7103,2917,898

7,617133, 55365, 222

12. 5610

55, 770199, 498

173542

16,03716, 621

1,039100

101, 381103,808

171

181

223.5

86.9109.5111.8108.4

88.6111. 7118.1112,1

88.3111.1112.7109.7

80.1106.5102.4104.1

75.0101.192.296.1

25, 070

22269.9

1,2281,143

576, 299

143, 738

2,729,274

2,3711,456

2,99344, 47234. 2472,9027,323

7,923136,03969,809

12, 4910

53, 738205, 239

157419

13, 52614,049

1,014309

100, 593102, 853

174

184

223.5

88.1110.1108.4109.8

90.5112.0113.0112.9

112.2108.8112.8

82.0108.598.1105.0

76.6103.592.297.2

28, 655

19665. 1

1,2401,157

611, 212

141,198

2,698,611

3,3522,564

3,32346, 74336, 3152,8837,545

8,041139, 68376,168

12, 5400

50, 975214, 697

150396

12, 84213,257

341

98, 464100, 718

203178

184

225.3

91,8111.3109.4110.6

95.3113.3113.8113.5

94.0113.9110.7114.4

84.3109.699.8105.4

78.1104.994.097.6

29,319

23074.0

1,2491,168

142, 716

2,661,542

4,3403,155

3,42646, 72435, 2973,1088,319

8,278144, 53185,155

11,8420

47, 534228, 204

142397

13,38114,079

935345

95, 69098,004

181

186

230.3

93.3111.5109.7113.0

95.8113.4114.0117.1

94.8114.8111.6117.6

88.4109.6101.3106.0

82.7104.995.898.0

26, 664

23773.3

1, 2571,157

644, 068

146,146

2,625,493

6,6395,495

4,48248,18938, 5502,4367,203

149, 53592,071

12,0750

45, 389239,730

132393

13, 48414, 321

873346

92,21194, 452

182

186

233.3

93.2111.7109.7113.0

95.7113.6114.0117.1

94.6115.1111.6117.5

88.4110.0101.3105.9

82.7105.095.8

21, 438

23074.7

1,2701,166

679,949

153, 488

2,591,115

6,5754,861

3, 58249, 26339, 4182,5967,249

9,215152, 050

10,9100

42,172248,187

167360

15, 73016, 881

824375

87. 67790, 671

201184

192

238.2

94.3121.8110.7114.4

96.7122.2114.8118.8

95.4120.5113.1118.8

88.3119.4104.9107.8

82.3115.096.499.2

19, 525

24376.3

1,2861,181

703,996

167,054

2,556,401

5,1873,562

3.14243, 41734, 8852, 2666,267

8,970148, 745101,062

9,9590

37, 724253,914

164350

12, 32313, 374

704363

79,11082, 229

185

191

241.8

93.8126.2110.7114.3

96.4127.6114,8118.7

94.7126.4113.1118.6

85.5121.6104.9107.0

79.2116.296.498.3

19, 812

21468.5

1,2931,168

718,927

5,7834,216

2,98640, 60632, 8612,7544,990

8,583143, 603102, 524

9,2290

31,850250,171

154356

11,76112,697

650368

71,16774,123

185

191

243.0

94.1126.5117.4114.5

127.8120.4118.8

94.9126. 6117.5118.6

85.7121.8111.2106.4

79.4116. 4104.997.6

19, 767

17657.7

1,296T 1 , 200

746,958

169, 568 175,604

2,524,129 2,497,224

§Index as of Oct. 1, 1937, is 244.6.*New series. Data on number of grade crossing projects represent a breakdown of the total projects shown in the 1936 Supplement. For earlier data on the foreclosures

indexes, see table 18, p. 20 of the April 1937 issue. Total mortgage loans outstanding of Federal Savings and Loan Associations represent the combination of loans of "newassociations" and "converted associations" which were shown separately in the 1936 Supplement to the Survey. The Home Owners' Loan Corporation data are for loansclosed through June 12, 1936, when lending operations ceased, and for loans outstanding thereafter. For loans outstanding, data beginning September 1933 will be shown ina subsequent issue. The June 1936 figure, which was $3,092,871,000, represents the total of all loans made during the full period of lending operations

'Revised.

23491-


Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey

1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


DOMESTIC TRADE

ADVERTISINGPrinter's ink indexes (adjusted for seasonal

variation):Combined indexf 1928-32 = 100..

Farm papers ._ doMagazines doNewspapers doOutdoorf - doRadio do

Radio advertising:*Cost of facilities, total thous. of dol.

Automotive doClothing doElectric home equipment doFinancial doFoods _ do__.Home furnishings, etc do__.Soap, cleansers, etc doOffice furnishings, supplies do._.Smoking materials. doDrugs and toilet goods.__ do__.All other. do_._

Magazine advertising:*Cost, total _ do__.

Automotive doClothing. doElectric home equipment do.._Financial doFoods doHome furnishings, etc do_._Soap, cleansers, etc doOffice furnishings, supplies doSmoking materials do.._Drugs and toilet goods.._ do_._All other do.__

Lineage, total.. . _ .thous. of lines-Newspaper advertising:

Lineage, total (52 cities) ___do___Classified doDisplay, total d o . . .

Automotive.-. do__.Financial doGeneral doRetail d o . . .

GOODS IN WAREHOUSESSpace occupied, merchandise in public ware-

houses _ .percent of total.

NEW INCORPORATIONSBusiness incorporations (4 States) number.

POSTAL BUSINESSAir mail:

Pound-mile performance. thousands.Amount transported.. . pounds.

Money orders:Domestic, issued (50 cities):

Number thousands.Value thous. of dol.

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

Foreign, issued—value doReceipts, postal:

50 selected cities thous. of dol.50 industrial cities do

RETAIL TRADEAutomobiles:

New passenger automobile sales:Unadjusted ..1929-31 = 100..Adjusted do

Chain-store sales:Chain Store Age index:

Combined index (20 chains)ay. same month 1929-31=100.

Apparel chainsav. same month 1929-31=100.

Grocery chain-store sales:*Unadjusted 1929-31 = 100.Adjusted d o . . .

Variety store sales:Combined sales of 7 chains:

Unadjusted d o . . .Adjusted d o . . .

H. L. Green Co., Inc.:Sales.. _ thous. of dol.Stores operated number .

S. S. KresgeCo.:Sales.. . . thous. of dol.Stores operated .number.

S. H. Kress & Co.:Sales .thous. of dol.Stores operated number.

McCrory Stores Corp.:Sales thous. of dol.Stores operated number.

95.079.099.189.179.1

277.0

4,971692

263436

1,4410

5220

5671,289

365

12,8191,359

978220373

1, 460869383374825

2,0703,9092,383

117,25623,71593, 5414,0521,302

19, 82968,357

30, 0423,412

73.2105.0

116.0

128.0

94.696.5

99.6104.3

2,638137

12, 097738

231

3,108197

1,

91.476.891.686.973.3

268.2

4,894770242744

1,33329

3146

4391, 273

635

11,1041,365

695191358585665446286593

1,9382.9822,084

114,38722, 52191, 8664, 2571,641

21,05364,916

61.7

2,026

998, £.,528,942

3. 66537, 237

12, 772103.480

2,720

• 29, 2853,242

71.083.0

110.0

117.2

93.094.9

97.8102.4

2,501132

11, 753••730

6,785235

3,096195

93.471.789.690.674.2

253. 7

6.7231,164

511

531, 559

65400

17359

1,4751,579

14, 2841,364

895477425

2,1981, 051

531304657

2,8423,7402,637

136, 63523,984

112, 6526,1831,860

27,41177,198

2,156

1,060,4881,629,711

4,07140,616

14,921119,437

2,319

32, 8803,678

56.585.5

109.5

123.0

94.293.7

100.498.9

3,027133

13, 540730

7,307235

3,511194

94.975.397.191. 174.1

239.2

6,1261,031

562270

1,67091

41013

3911, 659

713

14,7582,290

696325421

2,452798501263648

2,9263,4382,736

131,98622, 646

109, 3409,8121,848

24, 22773,452

61.7

2,114

984,$,511,117

3,90738,315

13,316105, 703

2,633

29,2173,226

113.1151.0

111.0

127.0

95.895.8

104.5103.0

2,905134

12, 214731

7,321235

3,209194

99.292.9

101.195.275.6

244.4

6,185944

391685

1,82151

4576

4041,752

610

12, 2031,419

535545310

1,977561236341674

2,1223,4822,731

130,76222, 945

107,8174,2462,151

18,18683, 234

61.6

2,489

1.166.9141,778,912

4, 59643. 849

16, 221122.826

5,712

41,3454,846

130.4175.0

113.0

130.0

195. 7106.1

5,847135

24,351734

14, 748235

6,714196

86.570.389.381.474.8

241.5

6,0611,094

303574

1,7515

3550

4211,699

597

9,0421,579

297124306

1,312228220165677

1,6752,4592,031

99, 58821, 52178, 066

3, 3482,970

17,17654, 572

62.0

2,620

907,0031,410,974

4,11640,019

12, 59695, 7522,429

< 27, 8923,418

90.1129.5

106.4

112.0

95.097.9

70.394.4

2,017135

9,349729

5,109235

2,510195

91.976.794.388.368.5

234. 8

5,714654256569

1,63111

4050

4361,575

843

12, 6341,471

393290329

2,122498459186696

2,8933,2972,399

103,09220, 61582,4773,8961,986

22, 81453,784

62.4

2,228

,003,256,538,470

4.04638,383

11,82690,41?2,502

27, 7543,312

85.5139.5

110.0

117.0

97.897.4

81.397.4

2,018136

9,843729

5,595235

2,662194

94.172.097.890.175.7

228.6

6,3451,099

2510876

1, 72810

5170

5101, 759

513

15, 5372,019

770610397

2,164901414245732

3, 2354,0502,762

126,13424,632

101, 5025,4132,390

24,40669, 292

64.8

2,608

,174,070,799,916

4,63844, 581

15,374116,518

3,167

33, 763

146.5123.5

108.6

126.0

100.199.1

97.1103.3

2,774136

12, 635731

7,447235

3,556194

96.578.0

102.191.482.5

230.7

5,9801,018

1013373

1,7219

5930

5701,517

336

17, 0612, 602

881882438

2,1091,167

403201691

3,1444, 5433,206

131.05225, 758

105, 2946,9562,218

24,13571, 985

65.7

2,417

1,097,6081,665,256

4,26941, 867

14,055107,985

2,744

31,1293,646

141.3102.5

110.0

130.0

99.7

89.096.2

2,454136

11,199732

6,400235

3,023196

82.697.889.085.4

247.0

5,8761,070

2614161

1,6307

5280

6211,484

307

17,8292,8241,028

868451

2,1991,230

580315724

3,0874,5223,258

130,83527,132

103,7027,4621,807

24,01970,414

67.9

2,122

,104,137,690,041

4,05539, 735

13. 349103,410

2,348

29, 8433,376

144.6104.0

112.0

124.0

98.396.9

98.3

2,826136

13,001733

7,007234

3,5196

98.382.5

101.992.579.5

289.4

5,555904

32101

711,508

4560

0616

1,492266

14,6052,452

850596399

1,789832461188689

2,7823,5683,023

121,78425, 79895,986

7,3322,065

22, 77563, 814

69.1

2,171

1,129,7431,729,836

4,26541, 750

13,918108, 575

2,601

29, 6233,453

134.399.0

114.0

117.0

' 9 5 . 3' 9 3 . 9

100.7105.9

2,805136

12, 650735

6,899234

3,365197

94.869.7

103.587.782.8

283.4

4,761683

279768

1,3370

4540

5581,312

224

10, 6882,134

279253290

1,521325348113693

2,1602, 5722,235

99,20622,61476,5935,9031,992

17,16051, 538

••68.8

1,943

,124,012

4,04240, 847

12,928104,192

2,607

26, 6003,292

122.9104.5

114.5

124.0

91.193.0

97.0109.0

2,702136

12, 349735

6,559235

3,133197

96.286.4

101.988.884.4

298.3

4,807735327852

1,3440

4750

5511,275

265

9,7301,582

41492

2761,385

257353157608

1,9642, 6432,018

103,69923,71079,9895,3711,279

16, 53156, 808

1,840

3,92539, 571

12, 426102, 567

2,717

26, 2873,262

'112.6r 120. 5

113.2

123.0

' 8 9 . 6' 9 3 . 3

90.6102.4

2,368135

11, 013729

6,797234

2,977197

' Revised. ° Receipts for Louisville. Ky., not included.fData revised beginning January 1934. Revisions not showrn on p. 25 of the July 1937 Survey will appear in a subsequent issue.* New series For radio advertising beginning May 1932 see table 38, p 20 of the September 1937 Survey; for magazine advertising for period 1932-36, see table 40, p. 18 of

the October 1937 issue. For data on grocery chain-store sales beginning 1929, see pp 14-16 of the May 1937 issue.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


DOMESTIC TRADE—Continued

RETAIL TRADE-ContinuedVariety store sales—Continued.

G. C. Murphy Co.:Sales thous. of doL.Stores operated number..

F. W. Woolworth Co.:Sales thous. of dol_.Stores operated number..

Resturaant chains (3 chains):Sales thous. of doL.Stores operated number..

Other chains:W. T. Grant & Co.:

Sales thous. of doL.Stores operated number..

J. C. Penney Co.:Sales thous. of doL.Stores operated. number..

Department stores:Collections:

Installment accountpercent of accounts receivable..

Open accounts doSales, total U. S., unadjusted.. 1923-25= 100..

Atlanta d o —Boston- - d o —Chicago t - d o —Cleveland d o —Dallas do.. . .Kansas City* 1925 = 100,.Minneapolis 1929=100-.New York 1925-27=100-.Philadelphia— - 1923-25 = 100-.Richmond . . . d o —St. Louis* d o —San Francisco d o —

Sales, total U. S., adjusted - . . do . . . .Atlanta doChieagot --- - d o —Cleveland d o —Dallas doMinneapolis 1929=100..New York 1925-27 = 100..Philadelphia 1923-25=100-.St. Louis* doSan Francisco do

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

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

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

Montgomery Ward & Co doSears, Roebuck & Co __do

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

Middle West* do . . . .East* - do . . . .South* _ . . d o . . . .Far West* do . . . .

Total U. S., adjusted do . . . .Middle West* ._. . . d o . - .East* . d o . - .South* . . d o . . . .Far West* do . . . .

3,335197

24, 2712,008

355

7,819480

24,8061,516

10012082

10510312194

1039174

1151019794

12810299

1149588749594

11.0

77

90, 24037,45952, 781

130.4115.1126.1160.4157.0131.7115.7134.9156. 5134.2

2,907192

• 23, 4331,993

3, 652349

7,443472

• 22, 5241,491

16.542.8941168297891099095877110490978812395861038884798493

10.8

80,97433,35747, 617

122.3107.0112.0160.6147.8123.6107.5119.7156.7126.3

3,637194

26,7331,994

3,800346

9,333474

28,9521,494

17.848.41001199210498120102112978413797989010095921049485748695

10.9

76

103,59045, 45558,135

155.1137.7149.6225.0148.4127. 1116.2126.2163. 6126.8

3,268194

23,8911,995

3,542346

8,492477

26,0721,496

17.047.110512085JO110011390891069112097101941059395979190798395

9.7

8071

85, 99336,97949,014

150.8136.0154.8195.4150.4122.6110.5135.2146.9124.8

6,379195

45, 5061,997

3,943346

16, 867477

37,1331,496

17.347.016118713816415817515313915613620414917192110

10894887690100

6.3

6771

118,22251.78966,433

186.1150.5195.9212.4208.7131.0106.0137.5153. 9134.2

2,519195

18,6491,998

3, 581346

5,626477

15. 9281,498

16.447.4728570786978677169547966809310797919379897583

10.6

54,42722, 57831,849

88.681.088.4

107.595.6

106.798.7

105.3129.5128.3

2,550195

19, 7582,000

347

5,617477

14, 2441,499

16.444.0

76955778828972647257777281951089710110586857683

12.0

7276

53,83122,16131,671

85.295.2123.192.0103.798.5104.1123. 1116. 4

3,379195

24, 8152,003

3,774348

7,616477

19,8231,500

18.146.89011474

102959892907874

1118997931161041039890858091102

9.6

7876

78, 62534.93143,694

117.4107. 1120.4147 5119.0126.2119.0128.1158.6136.0

3,082195

21,8581,996

3,677347

7,176477

20, 2301,503

17.346.98910675979810088878169100899093107989110684876890

9.7

7976

89,68140,09649,585

116.4106.5122.0138.8121.2121.2108.1122.6150.2131.0

3,626195

24, 5622,002

3,654348

8,614477

20, 8201,503

17.047.0951167710110510592

9393115100981018890799097

9.0

7876

92, 62739,14053, 487

119.4109.9127.0132.0131.2127.1113.2130.3148.3145. 8

3,502195

24, 2372,006

3,462346

8,463479

22, 2541,508

16.346.4901007998959381918575

110798693111100981019488758697

6.7

7375

89,25837.06052,198

117.5109.6132.8124.6134.9124.4112.4136.2144.9142.7

3,460195

24, 7272,008

346

7,706479

20, 4091,508

15.445.1

658053717174656764517661799411498931058985738897

8.5

6974

73,65530. 43943,216

91.783.289.3100.1115.4119.110fl. 7113.7144.0139.1

3,142197

22, 7952,008

3,651354

6,780479

19, 7611,511

72103547880857875

'65568166

'94921329595118

14.7

74'78

71.25429, 67941,575

99.090.397.7103.1127.2115.1103.2110.4135.6138.3

EMPLOYMENT CONDITIONS AND WAGES

EMPLOYMENTFactory, unadj. (B. L. S.)f 1923-25=100..

Durable goods groupf doIron and steel and products! . .do

Blast furnaces, steel works, and rollingmills -1923-25=100..

Structural and ornamental metal work1923-25=100..

Tin cans, etc doLumber and products do

Furniture doMillwork do . . . .Sawmills do

Machinery t doAgricultural implements! doElectrical machinery, etc doFoundry and machine-shop products

1923-25=100..Radios and phonographs do

Metals, nonferrous doAluminum manufactures . . .doBrass, bronze, and copper products

1923-25=100..Stamped and enameled ware do

Railroad repair shops doElectric railroad doSteam railroad do

102.197.3

108.7

121.2

82.3113.371.789.055.554.6

130.7147.2121.3

121.0208.1114.1131.0

114.7153.460.463.460.2

95.585.797.2

107.2

75.3111.668.285.052.651.9

107.593.996.5

94.3216.3102.9111.5

107.1143.459.362.459.1

96.789.298.9

107.9

74.9102.769.286.953.452.4

109.697.599.6

95.6218.3108.3117.2

111.3154.360.463.460.2

96.991.099.3

107.7

73.295.867.888.353.449.9

111.493.2

103.0

97.0210.6110.0118.8

112.9156.060.663.360.4

98.192.7

100.4

109.3

70.194.467.187.854.149.0

114.1102.9105.8

99.4202.7111.6117.7

116.2162.461.263.461.0

96.590.4

100.0

111.5

70.895.865.085.953.846.8

114.9111.3104.0

101.3187.1106.9118.9

118.5154.861.263.461.0

99.093.2

103.4

113.6

71.898.465.886.155.047. fi

118.6119.0109.3

104.4170.6111.5122.2

121.7159.161.663.361.5

101.196.4

106.8

117.1

74.2100.269.887.556.752.3

121.2131.5111.2

108.8163.0114.6124.2

124.1165.362.264.062.1

102.198.6

108.9

120.2

75.7102.270.686.957.753.4

124.3137.5114.6

109.7158.4115.5124.4

127.6162.463.363.863.3

102.399.9

110.1

122.0

76.9104.971.687.457.354.7

126.1139.7117.8

111.7139.9115.5125.8

125.7162.863.663.463.6

101.198.8

101.4

106.2

78.7109.272.989.157.555.7

129.2140.6119.9

112.7182.3113.9129.5

122.3159.264.062.764.1

101.498.9

107.6

119.9

80.6114.872.987.957.356.3

129.9138.6121.0

112.5196.8111. 5131.5

119.0151.063.863.363.8

'102. 398.1

' 108.7

' 121.4

'81.4'117.9

r 73.0'89.2

57.1'55.9

' 130. 2r 141.0r 121.0

' 112. 5' 203.5' 112.8

132.6

'116.9' 153.1'62.0

63.0'62.4

' Revised.*New series. For earlier data on department store sales in the St. Louis Federal Reserve district see the July 1937 issue, p. 16, table 22; for rural sales of general merchan-

dise by geographic districts see the September 1936 issue, pp. 14-17. Data on department store sales in the Kansas City Federal Reserve district prior to those shown abovewill appear in a subsequent issue.

t Revised series. For factory employment revisions beginning January 1934, see table 12, p. 19, of the March 1937 issue. Indexes of department store sales in the ChicagoFederal Reserve district, both unadjusted and adjusted, were revised for the period 1923-36. See table 23, p. 16, of the July 1937 issue.


Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may he found in the1936 Supplement to the Survey.

1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary

Febru-ary March April May June July Augus

EMPLOYMENT CONDITIONS AND WAGES—Continued

EMPLOYMENT-Continued

Factory, unadjusted (B. L. S.)—ContinuedDurable goods group—Continued

Stone, clay, and glass products.l923-25=100-Brick, tile, and terra cotta do.Cement do.Glass do.

Transportation equipment § doAutomobiles doCars, electric and steam railroadf_.doShipbuilding do

Nondurable goods group § doChemicals, petroleum products do

Chemicals. do_Druggists' preparations do.Paints and varnishes do.Petroleum refining doRayon and products do.

Food and products do_Baking do.B e verages do.Slaughtering and meat packing do

Leather and products do.Boots and shoes .do.Leather do.

Paper and printing. doPaper and pulp d o —

Rubber products d o —Rubber tires and tubes do

Textiles and products doFabrics. d o —Wearing apparel d o —

Tobaccq manufactures doFactory, adjusted (Federal Reserve)f§

1923-25 = 100-.Durable goods group§ do__.

Iron and steel and products§ d o —Blast furnaces, steel works, and rolling

mills 1923-25=100.Structural and ornamental metal work

1923-25=100-Tin cans, etc do . . .

Lumber and products do_._Furniture _ do__.Millwork do_._Sawmills . do . . .

Machinery§ do . . .Agricultural implements! do . . .Electrical machinery, etc do__.Foundry and machine-shop products

1923-25=100.Radios and phonographs do__.

Metals, nonferrous do-_.Aluminummfrs do__.Brass, bronze, and copper products.do-..Stamped and enameled ware d o , . .

Railroad repair shops do . . .Electric railroads— doSteam railroads do

Stone, clay, and glass products. doBrick, tile, and terra cotta doCement doGlass do

Transportation equipment § doAutomobiles doCars, electric and steam railroads §-doShipbuilding do

Nondurable goods groups § doChemicals, petroleum products do

Chemicals doDruggists' preparations doPaints and varnishes doPetroleum refining doRayon and products do

Food and products doBaking doBeverages doSlaughtering and meat packing do

Leather and products doBoots and shoes—_ doLeather.._ _ ___do

Paper and printing. doPaper and pulp do

Rubber products— .doRubber tires and tubes. do

Textiles and products doFabrics doWearing apparel _do

Tobacco manufactures. .doFactory, unadjusted, by cities and States:

City or industrial area:Baltimore 1929-31 = 100..Chicago .1925-27 = 100..Cleveland.. .1923-25=100..Detroit ._ doMilwaukee 1925-27=100..New York doPhiladelphia f 1923-25=100..Pittsburgh doWilmington _ do

72.752.370.0

111.1107.0112.368.5

105.9107.3128.5137.4114.1132.4127.4407.1137.7136.8223. 366.892.794.092.5

107.7119.198.088.3

101.694.9

114. 562.1

100.798.5

108.4

122

80103

69.2865553

130.2151121

113179

113.7131117153

60.16360

70.54966

111123.9

13567

106102.9127A

137112134126407

114.713420988

90.09093

107.8119

99.491

100.995.9

109.60.2

103.488.4

102.0110.4114.4

88. 7104.092.9

105.2

68.250.265.199.387.390.357.3

102.4105.9119.5127.1103.1126.7122.3360.1135.9131.3209.690.994.194.597.4

102.6110.494.386.6

103.495.8

118.463.6

108

73101

65.8825250

106.89697

95186

102.5112109143

59.16259

66.1476199

100. 810956

102101.6118.5

126101129120360

113.312919692

91.49198

102.7110

95.889

102.696.8

113.661.7

91.577.696.483.9

101.480.4

100.384.897.4

69.149.665.5

103.6102.1110.058.7

102.7104.7120.3129.9104.4128.6120.6361.5124.2132.6190.791.892.892.997.2

104.0110.797.989.0

104.397.1

118.364.5

94.488.298.4

109

73100

66.2815350

108.4102100

96176

105.2115110153

60.16360

67.24764

103105.0

11361

102101.2117.9

129100129119354

112.713118791

92.09296

103.1111

98.392

101.795.5

113.461.1

92.178.8

102.0103.0104.082.2

101.786.198.0

67.349.664.297.6

115.0128.357.597.4

103.3119.7130.0105.9125.3121.1364.0114.1133.0183.096.989.087.898.4

105.0111.9100.090.9

104.898.8

116. 065.9

96.2

109

7398

66.2845449

110.495

103

171106.7

118111154

60.66360

66.3486596

112.31236498

102.9118.1

129102127121357

113.413219796

94.99599

103.6112

99.493

104.497.3

118.462.4

91.580.2

102.2117.7106.181.9102.782.999.3

67.148.862.0100.6122.1138. 756.889.9104.0119.3129.1106.6127.5119.5362.4110.6132.2181.099.494.094.198.4106. 0112.8101.992.5106. 4101.7114.863.3

98.692.7101.0

110

7097

67.9865551

114.0103106

100188

110.7118115166

61.76362

69.05168101

118.71336289

104.9118.6129105130120355

115.013219795

98.810098

104.0113

102.295

106.8100.1119.862.0

92.281.3102.0126.1107. 081.1103.484.399.0

62.545.657.192.8112. 7125.255.794.5103.0120.2130.8106.5128.0119.4367.6105.2130.5182.396.497.599.097.0104.3113. 7101.392.7107.1102.3115.657.1

92.4102.3

113

7310368.8895750

116.0109104

102201

109.6121120163

62.36362

69.5546898

110.21206295

105.4120.7133105131120364

114.813320393

99.110197

104.0114

102.395

108.3101.7120.962.0

93.081.593.0

126.0110.081.1

103.083.6

67.246.658.2

107.6116.0127.462.998.7

105.2121.9131.4110.0131.2119.6370.4105.1132.2182.191.399.9

101.997.5105.7116.1101.693.4110.2103. 6122.660.5

99.793.9103.7

112

7510568.1875750

118.9113109

104196

111.7121122159

61.96362

72.65568109

113.012366

100105.8121.6133109133121363

116.713520291

98.110097

105.5116

101.794

107.3100.7119.861.8

95.483.2105. 5127.5109.084.1103.488.6100.6

70.349.363.5110.1121.0131.670.2106.8106.1124.9134.0112.2134.6120.5373.3105.7133.7192. 590.7100.8102.798.8107.1117.696.781.2111.2103. 8125.560.8

100.996.3106.4

116

7610471.4885854

121.1125111

106190

113.2119122161

62.26462

72.65470109

117.312771106

105.9122.5135111135122370

117.013620593

97.49997

107.4118

96.080

107.0101.1117.961.7

98.884.9106.387.3113.886.6105. 390.8104.3

73.053.366.9110.9125.4136. 275.1109.0105.9126.6135.6111.5138.2122.0378.1107.7132.7196.788.498.399.3100.0107.2119.196.781.4109.9103.7121.860.2

101.697.4108.0

118

7810571A905853

123.7130115

108189

114.3121126158

62.46462

71.85466108

118.12870106

106.2124.4136113136123378

116.113419991

96.597100

107.119

95.879

107.9103.8115.061.1

102.185.2108.6130.0115.84.4106.391.5108.0

74.455.068.5112.3128.3140.0

106! 7104.8124.5137.5108.3140.2124.1384.0107.9134.6207.489.395.195.399.1107.7120.2103.693.7107.3102.2116. 5

102.298.4108.7

120

77107

71.7915654

125.6136118

110155

115.4123124160

62.46362

71.35262110

122.213371104

106.2126.0138112134125392

114.813520;90

96.096100

108.0120

101.789

107.6103.2115.361.2

103.486.5

108.4129.1113.683.8

100.793.3

108.8

74.054.569.7112.4126.4137.876.5103.3103.5123.9138.5108.8138.9126.0391.4112.6136.6224.488.993.894.098.0106.9120.5101.292.7103.499.7109.360.1

101.497.8100.7

106

7810772.3925654

129.4143120

113190

115.0132123159

63.76364

70.45062109

122.613470104

105.3127.5137114134125408

114.713520689

96.19799

108.2121

100.089

105.4101.3112.060.2

101.986.2102.125.4116.282.1103.493.8111.3

71.753. 869.7107.9119.9130.471.6100.2104.1124. 3139.5106.2136.3127. 5401.0124.9136.7234.489.996.398.094.7106.0119.596.289.7100.098.0102.060.6

103.0100.1108.3

121

7911072.9915656

131.5147121

114214

115.413812115364.46364

70.45161110

123.513669102

106.2127.138112136126413

119.413620991

95.29795

107.312096.687

106.2102.0113.161.3

102.786.7105.383.5115.879.4102.593.3109.6

"71.9'52.069.9

• 109.6• 111.8• 118.7••72.7102.4

• 106. 9124. 9

' 137. 2• 111.8

132.8' 128. 2' 403. 4

132.5-- 135. 3' 230.7'86 .8'96.6'98.6

93.9106.3119.1'97.9'88.4

' 102. 897.3

'113.061.8

' 102. 4'99 .3

' 108. 7

122

' 79'109

'71.3' 8 8

5554

'131.3'148

121

'114'201

'115.9138121

'156'62.4

6362

'70.34864

112'121.3

'13269

106' 105. 6' 127. 2

'137'114

136127407

116.2134210'88

'93.09494

107.4119

'99.890

' 105. 9100.8

'115.1

' 102. 887.399.783.6

111.485.4

' 103. 5' 93 .0

' 104. 6

' Revised.t Revised series. For revisions on factory employment, seasonally adjusted (Federal Reserve), see tables 1 and 3, pp. 14-20, of the January 1937 issue; for Philadelphia

factory employment, revisions for 1935-36, see table 35, p. 20*: of the August 1937 issue.^Revised series. For revisions beginning January 1934 see table 12, p. 19, of the March 1937 issue.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary



EMPLOYMENT—Continued

Factory, unadjusted, by cities and States—Con.State:

Delaware 1923-25 = 100..Illinois 1925-27=100-Iowa 1923-25 = 100-Maryland 1929-31 = 100..Massachusetts 1925-27 = 100..New Jersey 1923-25=100, _New York 1925-27 = 100..Ohio 1926=100..Pennsylvania t 1923-25 = 100..Wisconsin 1925-27 = 100-_

Nonmanufacturing, unadjusted (B. L. S.):Mining:

Anthracite 1929=100..Bituminous coal doMetalliferous doPetroleum, crude, producing doQuarrying and nonmetallic do

Public utilities:Electric light and power, and manufac-

tured gas 1929 = 100.Electric railroads, etc doTelephone and telegraph .do

Trade:Retail, total do

General merchandising d o . . .Other than general merchandising

1929=100-Wholesale do.

Miscellaneous:Dyeing and cleaning do.La undries doYear round hotels do.

Miscellaneous employment data:Construction employment, Ohio..1926=100. _Hired farm employees, average per 100 farms

number. _Federal and State highway employment:

Total number..Construction do. . .Maintenance do. . .

Federal civilian employees:!United States do. . .

District of Columbia.. do. . .Railway employees:

Class I steam railways:Total. thousands.Index:

Unadjusted 1923-25=100.Adjusted do. . .

Trades-union members employed:All trades percent of total. .

Building do.Metal do.Printing do.All other do.

On full time (all trades) do.

LABOR CONDITIONS

Hours of work per week in factories:Actual, average per wage earner hours..

Industrial disputes (strikes and lockouts) :fBeginning in month* number..In progress during month doWorkers involved in strikes:

Beginning in month* _ __doIn progress during month do

Man days idle during month doEmployment Service, United States:

Applications:Active file.. do.New do.

Placements do.Private do

Private placements to active file* percent. _Labor turn-over in mfg. establishments:

Accession rate. .mo. rates per 100 employees..Separation rate:

Total do.Discharge do.Lay-off doQuit do.

PAY KOLLS

Factory, unadjusted (B. L. S.)t—1923-25=100..Durable goods groupf do

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

mills _ ...1923-25 = 100.Structural and ornamental metal work

1923-25=100. _Tin cans, etc.- do.

121.998.1133.5110.081.187.791.4

92.3112.2

48.280.383.977.854.7

98.473.679.9

90.7103.9

87.293.1

87.193.687.7

107

346,444179, 416167, 028

63.462.2

'105, 000'185, 000'1,400,000

4,636,744278, 946346, 029239, 596

5.2

3.78

4.62.19

2.841.59

100.199.4113.0

129.9

83.9123.5

118.486.6121.898.979.883.183.3101.287.095.2

47.678.263.174.554.9

93.572.873.7

86.698.5

83.588.0

86.789.684.2

111

414,147262, 375151. 772

1,114

61.760.5

40.7

234379

65,994130, 8751,063,100

355,800434, 648167,809

2.5

5.09

3.30.261.471.57

77.287.1

97.7

66.0112.5

105.786.9121.9100.280.482.784.7103.188.296.8

49.981.164.273.654.6

94.073.173.8

88.7103.9

84.789.0

86.587.685.4

49.3

107

389,966240, 249149,717

1,121

62.160.4

41.1

192335

100, 845148, 5701,053,878

6,897,446357,455399, 095173, 407

2.5

4.83

3.25.241.721.29

89.085.393.2

101.8

68.597.2

105.687.9124.199.581.683.484.8103.687.696.9

51.582.362.973.252.6

93.573.073.7

90.1109.3

85.189.7

81.387.084.6

52.1

95

353, 971200, 283153, 688

1,104

61.160.7

8877909090

41.5

136252

70,116157, 0071,940,628

6,841,989339,309330, 986158,833

2.3

4.60

3.04.211.701.13

90.788.995.8

105.0

65.592.2

105.289.1128.599.183.684.785.5105. 388.497.4

54.883.964.472.449.4

93.272.573.6

99.6143.4

88.191.0

77.787.684.0

49.2

90

288, 248149,708138, 540

1,095

60.662.1

867490908865

41.8

132258

72, 639184, 8592,065,733

6,311,159307,182303, 275171, 974

2.7

4.41

3.41.22

2.141.05

95.293.4103.2

115.4

65.793.5

104.889.4126.2100.184.083.985.5102.688.099.7

54.184.666.872.745.7

92.172.574.4

85.495.1

82.990.7

88.585.5

46.5

69

210, 02792, 451117, 576

60.262.8

857189908864

41.0

169269

107, 587213, 2342,075,711

6,282,615292,304242,136143, 969

2.3

4.60

3.38.211.901.27

90.786.699.8

115.9

63. 394.4

107.291.6128.7102.485.285.387.3107.090.4101.8

52.784. 869.673.546.7

92.072.574.8

85.293.9

82.992.0

76.288.686.4

51.2

190, 33669,550120, 786

1,112

61.463.8

866989908965

41.5

207345

'112, 476•238, 8991,515,555

6,115,443262, 290250, 241157, 738

2.6

4.71

2.85.221.441.19

95.892.5103.9

118.5

67.599.4

111.293.6

130.8105.786.786.289.7108.791.4105.4

85.973.174.249.1

92.272.675.4

88.5100. 3

85.492.1

81.188.786.9

72

200, 79481, 748119, 046

1,114

61.663.4

877191909068

'600-•742

'286, 297-353, 265'3,258,887

5,495,209282, 587294, 308193,641

3.5

4.74

3.20.241.531.43

101.1100.0112.6

127.2

72.2104.2

115.194.3

130.9108. 687.287.089.5

110.092.2

106.6

54.072.676.275.853.1

92.972.976.6

88.899.6

86.091.9

84.988.588.4

57.7

226, 286101, 525124,761

1,144

63.363.8

40.9

'504••744

'217, 467'385, 258'3,310,221

5,519,754288,049348,915219, 456

4.0

4.04

3.09.231.481.38

104.9106.4124.5

145.6

78.5108.2

116.595.3133.5109.886.287.389.6112.492.3105. 3

51.077.878.276.754.9

94.473.377.7

102.1

86.790.8

88.690.3

87.7

62.5

87299,063139,896159,167

1,167

64.663.8

40.6

'549'812

'320, 280'435. 762'2,905,505

5,309,545272, 035379,972240, 753

4.5

3.56

3.37.211.791.37

105.2107.5124.7

145.6

78.5111.7

'119.395.1

135. 4108. 683.487.589.4

102.392.2

104. 8

51.177.979.079.155.4

96.073.378.5

102.9

87.290.3

92.193.586.9

65.1

101

313,149164, 757148, 392

870, 262112,118

1,185

65.664.2

8979949191

40.2

'568'875

r280, 628'470, 836•4,934,90^

5.016,023r337, 917'374, 038'224, 629

4.5

3.69

4.02.19

1.941.89

102.9104.6110.4

123.4

82.4116. 6

' 120. 795.7138.1108. 983.787.788.3108.391.9113.2

45.075.881.479.655.5

97.373.479.7

87.695.9

85.490.6

86.095.286.1

66.8

107

334,536184,629149,907

849,176111,287

' 1,193

65.764.1

897894909169

39.2

'400'730

139,976'347, 814'3,074,901

4,940,578295, 078341,187207,613

4.2

3.36

3.52.21

2.061.25

100.4100.7113.5

132.4

82.3122.0

' 128. 596.8136.7' 109.984.288.989.9108.0'91.7'110.4

41.178.982.480.255.0

98.373.479.8

86.394.1

84.291.1

85.794.186.4

70.0

108

351,853191,710160,143

848, 243111,770

1,182

65.163.5

887893909068

38.9

H15

175, 000-270, 000

*>2,295,000

'4,853,345283, 562357,951227, 999

4.7

3.36

3.99.19

2.571.23

'103. 8'104.0'120.4

'142.3

'84.7'128. 8

' Revised. p Preliminary.*New series. Data on percent of private placements to active file have been substituted here for series previously shown, which was percent of total placements to active

file. Earlier data for the new series will be shown in a subsequent issue. Earlier data on strikes beginning in month and workers involved in strikes beginning in monthappeared in table 25, p. 19 of the July 1937 Survey.

fRevised series. For factory pay rolls beginning January 1934, see table 13, p. 19, of the March 1937 issue. For industrial disputes beginning 1927, see table 25, p. 19, ofthe July 1937 issue. For J 935-36 revisions in Pennsylvania factory employment see table 35, p. 20, of the August 1937 issue. Data on Civil Service employment has been revisedbeginning June 1937. Figures on old basis were last shown through July 1937 in the October 1937 issue. Data on the new basis prior to June 1937 will be shown when available.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary F6aryU" March April M a y June July August

EMPLOYMENT CONDITIONS AND WAGES—Cont inued

PAY KOLLS-Continued

Factory, unadjusted (B. L. S.)—-Continued.Durable goods group—Continued.

Lumber and products 1923-25=100..Furniture -doMill work __doSawmills do

Machinery t doAgricultural implementst doElectric machinery, etc doFoundry and machine shop products

1923-25 = 100..Radios and phonographs do

Metals, nonferrous doAluminum mfrs doBrass, bronze, and copper products

1923-25=100..Stamped and enameled ware do

Railroad repair shops. doElectric railroads doSteam railroads do

Stone, clay, and glass products doBrick, tile, and terra cotta doCement doGlass do

Transportation equipment! doAutomobiles doCars, electric and steam railroad t—. doShipbuilding do

Nondurable goods groupt-.- doChemicals, petroleum products do

Chemicals doDruggists' preparations doPaints and varnishes doPetroleum refining doRayon and products do

Food and products.. doBaking doBeverages... doSlaughtering and meat packing do

Leather and products doBoots and shoes doLeather do

Paper and printing doPaper and pulp do

Rubber products doRubber tires and tubes do

Textiles and products doFabrics doWearing apparel do

Tobacco manufactures. doFactory, unadjusted, by cities and States:

City or industrial area:Baltimore _ 1929-31=100..Chicago 1925-27 = 100.Milwaukee do. . .New York do. . .Philadelphia! 1923-25=100.Pittsburgh ._ . . do . . .Wilmington do.. .

State:Delaware do. .Illinois 1925-27=100Maryland 1929-31 = 100.Massachusetts 1925-27=100.New Jersey ...1923-25=100.New York 1925-27=100Pennsylvania! 1923-25=100..Wisconsin 1925-27=100.

Nonmanufacturing, unadjusted (B. L. S.):Mining:

Anthracite ___ 1929=100.Bituminois coal do._.Metalliferous doPetroleum, crude, producing doQuarrying and nonmetallic do

Public utilities:Electric light and power and manufactured

gas _. .1929=100.Electric railroads, e t c . . d o . . .Telephone and telegraph . . . d o . . -

Trade:Retail, total d o . . .

General merchandising. . d o . . .Other than general merchandising.do

Wholesale do.Miscellaneous:

Dyeing and cleaning do.Laundries _ do.Year round hotels _ do.

68.178.353.152.5

134.3189.2124.1

114. 1173.7110.2135.7

113.2149.363.167.962.969.946.573.0

118.8104.3105.479.7

118. 1100.9139.1150.9127.3131.6143.4393.6133.0138. 1252.998.071.664.598.6

103.8117.697.490.487.185.387.056.5

123.475.4

117,781.4

101.7124. 9106.6

101.885.2

123.578.785.086.598.3

110.3

31.577.182.071.349.8

103.971.592.4

74.692.770.878.2

73.784.275.7

60.371.146.545.894.787.184.3

85.0160.988.098.9

95.2123.059.261.359.158.239.461.091.276.377.352.699.491.6

112.0120.1107.2114.0116.3302.4116.5117.9227.185.175.770.795.592.095.292.291.983.980.587.053.3

98.958.490.369.089.398.390.5

90.566.9

100.270.371.872.482.682.7

34.971.050.060.444.8

91.466.478.8

82.863.370.5

66.176.667.5

63.576.949.847. 1

102.7105. 992.7

90.2177.999.7

110.6

102.9154.463.963.564.062.541.362.0

103.095.8

101.559.7

103.293.7

114.4124.7112.6119.6115. 9307.6111.5119.0198.988.774.067.499.096.5

101.996.893.888.585.191.554.7

61.2103.171.595.0

105.1

87.370.4

103.171.475.575.387.891.7

48.579.253.759.646.2

92.767.783.1

68.387.264.471.5

66.775.3

60.877.649.642.7

105.6102.096.8

93.3169.4102.0114.9

103.8155.065.265.565.461.141.163.199.4

113.4125.857.697.392.9

114.7127.5112.7116.8119.1298.2108.3120.4191.399.867.358.2

100.898.6

104.5101.298.987.286.784.654.8

101.962.7

103.670.995. 1

101.096.4

71.9103.073.677.375.286.592.7

40.380.754.660.143.5

91.869.781.6

70.191.465.773.1

60.274.569.6

60.578.350.741.6

113.6121.5103.1

100.2167.5105. 5114.7

111.6164.265.567.465.659. 140.958.895.1

120.9135. 759.990.697.5

118.3132.5112.5121.6119.5321.3105. 7119.8187.6101.578.371.4

105. 0102.6108.6104. 899.794.696.886.355.4

104.065.0

103.972.497.8

110.998.9

91.474.6

106.079.981.679.391.293.7

55.485.057.761.339.4

93.869.382.4

75.9116.267.672.8

57.376.1

54.971.447.137.2

111.0131.697.0

98.7146. 097.1

114.7

113.1148.461.264.561.152.736.449.984.6

100.7108.258.896.896.0

119.4131.8113.1120.3119.5338.1100.5118. 4187.895.886.382.4

102.598.7

109.999.494.694.696.088. 147.1

104.065.8

104.672.298.1

106.196.7

89.474.7

106.480.379.178.889.593.9

42.779.958.461.034.6

92.368.083.6

68.083.864.772.6

55.676.470.4

58.275.050.439.7

118.2139.6107.3

105.0124.2103. 5121.7

120.2154.963.464.863.459.837.952.6

107.2112.3121. 866.797.999.9

123.6135.2119.3127.2122.7344.5101.3121.9189.388.490.987.9

104.6100.5113.5104.4101.3100.197.6

100.952.6

108.668.4

108.275.5

100.3117.898.6

91.378.2

110.382.081.581.194.2

100.7

41.082.463.463.837.8

93.368.782.2

67.982.964.874.1

54.676.372.5

64.676.952.648.0

125.5162.1112.1

111.6127. 1111.8130.4

127.8163.265.867.165.966.142.662.5

115.1123.6132.279.1

116.0102.6128.1140.2121. 2133. 1125.6349. 7104.1124.1211.091.592.489.0

107.3104. 1116.599.890.4

103. 297.5

110.452.4

118.370.6

118.181.0

104.2122.8104.6

97.081.2

119.385.384.486.198.0

105.9

37.888.470.663.741.3

94.569.287.2

70.587.667.075.0

61.777.572.7

68.378.555.652.0

133.9180.0121.0

118.5126.8114.2130.7

132.7164. 167.467.667.671.149.268.5

120.2128. 6136.089.1

122.7102.9136.4150.6119.8142. 1137.0364.8108.2123. 4220.298.787.781.6

111.4104.8119.6100.390.5

100.2100.395.752.3

127.674.6

123.076.5

108.1134.9112.7

104.585.9

127.387.787.886.5

104.0108.9

63.954.476.967.448.1

95.269.486.3

71.989.168.375.4

78.574.5

68.276.754.952.9

134.9183.9123.5

119.4108.5113.1134,8

126.5166.067.166.467.472.049.171.4

118.9134.1143.889.9

118.7102.3136.7152.5118.0145.0138.3382.0111.6130.3236. 999.081.674.1

110.0105.9121.8109.2102.796.298.088.953.6

128.175.9

120.575.1

100.5137.1113.5

105.486.2

127.886.288.986.4

103.8108.0

44.467.8

67.951.4

97.670.189.5

73.591.5

73.981.473.6

72.378.757.557.4

137.2182.7126.1

119.5156.2111.5135.6

125.3162.468.767.169.071.449.175.0

119.4127.8135.291.4

114.5100.8137.4153. 5121.3142.7143.0391.8115.8133.8260.599.280.673.3

108.4104.9124.3103.897.991.393.882.555.7

124.676.4

123.773.9

104.4137.4113.6

' 104. 586.3

125.083.588.086.4

103.3107.4

50.971.277.370.552.6

100.171.1

74.492.570.676.3

79.285.574.0

67.373.954.852.8

133.6172.5124.1

114.8166. 1105.3134.5

116.7146.263.567.063.368. 146.272.4

108.6117. 5123.683.4

111.7100.0136. 8153.9112.0138.3143.1392.9128.3134.9284.8

104.0101.6119.296.893.685.589.673.8

55.8

121.975.4

118.872.3

103.5128.2110.9

* 103.983.9

121.783.585.784.9

'98.8110.7

35.266.477.370.950.8

101.970.892.1

72.887.369.876.9

68.086.973.3

'71.4'79.2

56.1'56.2

'137.1' 184. 2'126.8

'118.9'175.8' 109. 9'141.2

' 116.6' 157. 0'67.3'68.7'67.4'70.5

46.277.1

' 120. 3'112.8'115.3'87.4

'118.8' 103. 5' 140. 7

156. 1' 123. 0' 135. 4' 150. 5' 400. 7

131.2' 132. 4' 273. 4'96.6'83.7'78.7

' 103. 8102.6123.8'97.0'89.8'92.1'90.0' 9 2 . 4' 5 7 . 2

' 124.476.2

118.680.0

' 105. 2138.9

' 106.5

' 105. 686.1

' 125.182.689.087.2

' 104.0'113.0

27.073.782.570.953.4

102.373.592.0

72.285.769.479.1

70.085.973.7

' Revised.tRevised series. Factory pay rolls, for revisions beginning January 1934, see table 13, p. 19, of the March 1937 issue. Pay-roll indexes for Philadelphia and Pennsylvania

revised for 1935 and 1936. Stee table 35, p. 20 of the August 1937 issue.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary



WAGES-EARNINGS AND BATES

Factory, average weekly earnings (25 industries)(N. I. C. B.):

All wage earners _ dollarsMale:

Skilled and semiskilled doUnskilled do

Female.. _ . do _..All wage earners 1923=100

Male:Skilled and semiskilled do _..Unskilled do

Female . d o . . .Factory average hourly earnings (25 industries)

(N. I. C. B.):All wage earners dollars..

Male:Skilled and semiskilled do _ _Unskilled do

Female doFactory, weekly earnings, by States:

Delaware 1923-25 -100Illinois . . 1925-27=100Massachusetts do . .New Jersev 1923-25=100New York 1925-27=100 .Pennsylvania 1923-25=100..Wisconsin 1925-27-100

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

Common labor dol. per hour..Skilled labor do ._

Farm wages, without board (quarterly)®dol per month

Railways, wages (average) dol. per hour..Road-building wages, common labor, on

public works projects:United States dol. per hour

East North Central __ . doEast South Central do . .Middle Atlantic doMountain States doNew England do . .Pacific States doSouth Atlantic . doWest North Central __doWest South Central do

Steel industry wages:U. S. Steel Corporation 1 doYoungstown district percent base scale. .

27.43

31.2223.08

103.1

.716

.800

.590

87.694.296.9

108.094.7

102.595.4

.6731.37

( b )

(b)

( 6 )

( b )

.625125.0

25.18

28.2620.4615.9594.6

91.791.892.5

.619

.687

.497

.431

80.583.188.096.487.093.486.3

.5691.16

.672

.42

.58

.31

.47

.56

.48

.56

.32

.50

.34

.470117.0

25.51

28.5720.7316. 0995.9

92.793.093.3

.619

.689

.498

.431

86.987.288.7

101.988.997.594.0

.5831.18

32 84.667

.42

.60

.33

.48

.55

.51

.53

.33

.50

.35

.470117.0

25.98

29.2421.2816.5097.6

94.995.595.7

.624

.697

.505

.432

89.088.090.1

103.588.797.395.1

.5831.18

.686

.41

.63

.30

.48

.53

.47

.52

.31

.51

.34

.498125.0

26.63

30.2121.9016.96100.1

98.198.398.4

.637

.711

.518

.437

91.689.895.4

107.692.7

101.395.8

.5861.18

.683

.39

.61

.30

.50

.50

.45

.51

.31

.50

.32

.525125.0

26.11

29.8821.6516.7298.1

97.097.297.0

.638

.715

.515

.438

90.090.995.4

105.392.299.494.1

.6031.24

31 37.688

' . 3 7'.47'.26'.46'.48'.52'.60'.25'.44'.30

.525125.0

26.68

30.0221.9417.00100.3

97.498.598.6

.642

.718

.518

.440

89.692.696.1

106.792.9

102.498.8

.6031.24

• .696

.35

.51

.26

.45

.49

.56

.61

.25

.43

.29

.525125.0

27.50

30.8322.4217.24103.3

100.1100.6100.0

.659

.734

.535

.444

91.894.198.3

109.395.9

104.8100.2

.6121.25

.674

.36

.54

.27

.47

.51

.56

.59

.25

.37

.29

.575125.0

28.03

31.7023.3817.37105. 3

102.9104.9100.8

.685

.764

.564

.463

95.598.6

100.5112.796.6

109.9101.9

.6121.26

34 16.671

.37

.53

.28

.45

.51

.53

.59

.26

.39

.29

.625125.0

28.36

31.9623.6317.49106.6

103.7106.1101.5

.689

.780

.574

.471

95.298.3

100.0113. 796.4

109.7102.1

.6271.30

.670

.39

.51

.27

.48

.52

.46

.59

.26

.42

.29

.625125.0

28.39

32.2323.6317.63106.7

104.6103.1102.3

.707

.793

.582

.475

92.298.4

100.1112.396.7

108.9101.4

.6441.33

.662

.41

.53

.27

.46

.53

.45

.54

.26

.45

.31

.625125.0

27.83

31.5423.3217.45104.6

102.4104.7101.2

'.711

.796

.584

.475

'90 .595.299.7

109.096.1

104.897.6

.6621.35

36 14.662

(b)

(b)

( b )

.625125.0

' 27. 76

' 31. 4 2r 23. 12

17.18' 104. 3

101.9103.799.7

.713

'.799.587.477

'86.296.698.0

111.597.0

109.6'99.6

.6681.37

.696

(b)

(b)(b)(b)(b)(b)(b)(b)(b)

.625125.0

FINANCE

BANKINGAcceptances and com'l paper outstanding:

Bankers' acceptances, total.. ..mills, of doL-Held by Federal Reserve banks:

For own account _ doFor foreign correspondents do

Held by group of accepting banks:Total mills, of dol—

Own bills . . .doPurchased bills. do

Held by others doCom'l paper outstanding do

Agricultural loans outstanding:Grand total*. do

Farm mortgage loans, total doFederal land banks. doLand bank commissioner do

Loans to cooperatives, total.. doFederal intermediate credit (direct)

mills, of dol.-Banks lor cooperatives incl. Central

Bank . . _ mills, of dol._Agricultural Marketing Act revolving

fund mills, of dol..Short term credit, total* do

Federal intermediate credit banks, loansto and discounts for:

Regional agricultural credit corps.', prod,credit ass'ns and banks for coopera-tives _ mills, of dol__

Other financing institutions* doProduction credit ass'ns __doRegional agr. credit corp doEmergency crop and seed loans doDrought relief loans- _ do

Joint stock land banks in liquidation do0 Less than 1 million dollars.' Revised.TBasic rate for common labor.b Data will be shown when available.§Construction wage rates as of October 1, 1937, common labor, $0,676; skilled labor $1.38•Data revised for period of March-October 1936; see p. 32 of the July 1937 issue.<g>Farm wages, without board (quarterly) for October are $36.71.

344

(a)

27414812769

331

3,3962,8692,045

823115

1

67

47402

16747

15419

12358

111

315

00

27613913739

197

3,3822,9022,068

834105

(a)

56

49375

13950

12231

10962

142

330

00

29615014734

199

3,3782,9032,068

835123

1

71

51352

13644

11129

10761

139

349

00

30915715240

191

3,3712,9022,066

836130

1

73

56340

13241

10526

10561

136

373

00

31515116457

215

3,3622,9012,064

837125

2

70

54336

13041

10525

10460

133

387

00

32515417162

244

3,3522,8982,061

836120

1

64

54334

12640

10624

'10360

130

401

00

34116018061

268

r 3,3522,8962,060

836114

1

60

52'342

13041

11524

10360

129

396

00

31715016680

290

3,3742.8922,058

834110

1

57

52'372

14442

13224

11560

126

395

11

31814717176

285

r 3,3852,8882,055

83399

1

49

49'398

15444

14424

'12759

123

386

32

29513715986

287

' 3, 3892,8852,054

83294

1

45

48'410

15945

15223

13059

120

364

14

27313014387

285

r 3, 3942,8832,052

83193

1

45

47419

16547

16023

13059

118

352

(a)3

26514412183

325

' 3,3992,8792,051

82999

1

52

46421

17048

16422

'12859

115

344

26314312079

329

' 3, 3932,8742,048826102

56

44'417

1714816321

'12859113



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


FINANCE—Continued

BANKING-Continued

Bank debits, total mills, of doL_New York City doOutside New York City do

Brokers' loans:To N. Y. S. E. members doBy reporting member banks. (See Federal

Reserve reporting member banks, below.)Federal Reserve banks, condition, end of mo.:

Assets (resources) total mills, of doL_Reserve bank, credit outstanding, total

mills, of doL.Bills bought doBills discounted doUnited States securities do

Reserves, total doGold do

Liabilities, total doDeposi ts, total do

Member bank reserve balances, totalmills, of doL_

Excess reserves (estimated) doNotes in circulation do

Reserve ratio percent-.Federal Reserve reporting member banks,

condition, end of month:Deposits:

Demand, adjusted mills, of doL.Time do

Investments, total doU. S. Government direct obligations.doIT. S. Government guaranteed issues.doOther securities do

Loans, total <S> doCommercial, industrial, and agricultural

loans:On securities mills, of dol__Otherwise secured and unsecured-_do

Open market paper doLoans to brokers and dealers in securities

mills of dol.__Other loans for purchasing or carrying secur-

ities mills, of doL-Real estate loans doLoans to banks doOther loans do

Interest rates:Acceptances, bankers' prime percent--Bank rates to customers:

In New York City doIn eight other northern and eastern cities

percent-.In twenty-seven southern and western cities

percent-_Call loans, renewal (N. Y. S. E.) doCom'l paper, prime (4-6 mos.).._ -doDiscount rate, N. Y. F. R. Bank doFederal Land Bank loans doIntermediate credit bank loans doTime loans, 90 days (N. Y. S. E.) do

Savings deposits:N. Y. State savings banks mills, of doL-U. S. Postal Savings:

Balance to credit of depositors doBalance on deposit in banks do

FAILURES

Commercial failures:Grand total number..

Commercial service, total doConstruction, total doManufacturing, total do

Chemicals and drugs doFoods doForest products doFuels do.Iron and steel do_Leather and leather products doMachinery do.Paper, printing, and publishing doStone, clay, and glass do.Textiles do.Transportation equipment doMiscellaneous do

Retail trade, total do_.Wholesale trade, total do._

Liabilities:Grand total thous. of dol

Commercial service, total doConstruction, total do.Manufacturing, total do.

Chemicals and drugs doFoods do.Forest products -.do

33, 36014,71818,642

1,039

12,786

2,581322

2,5269,4529,13812, 7867, 529

7,0141,0384,26380.1

14,8645,29312,0227,9031,1312,988

10, 004

6014, 209

472

1,227

6821,165

971,551

Me

2.39

3.33

4.181.00

11.004.002.00IK

5,291

1,270122

5642636

1178

3010133694

138

2233649

8,393822431

3,006196529

33, 24215, 65617, 586

972

11,862

2,47339

2,4308,6598, 39711,8626, 844

6, 3571,8404,04979.5

15, 1165,06313,9299,3361,2563,3378, 753

1,194

1,139112

3/16

2.40

3.45

4.291.00

u1.504.002.00IK

5,223

1, 251162

5863943

1072

33141836

1202

10328

9,819557

1,1483,212

148487377

37,31317,17120,142

975

12, 057

2,47636

2,4308,9148,66212, 0577,035

6,7532,1754,116

15, 3405,06513, 7969,2741,2573,2658,721

1,153

1,14353

3/6

2.46

3.50

4.231.00

1.504.002.00

IK

5,210

1,255158

61135341056239233414617414

38255

8,266501573

3,469423

1,391378

35, 86917, 39418, 475

984

12, 208

2,45337

2,4309,0488,81012, 2087,068

6,7882,2364,19980.3

15, 4645,03713, 6479,1731,2463,2288,812

1,181

1,15263

3/6

2.43

3.47

4.241.00

1.504.002.00IK

5,201

1, 257145

68829461392

43113428115

1440965

11,532287

2,7813,631

271,273254

45,89622, 65823, 238

1,051

12, 525

2,50033

2,4309,1218,86512, 5257,109

6,6061,9844,28480.1

15,5715, 06713, 7429,2411,2383, 2639,189

1,289

1,156

2.43

3.46

4.141.00%

1.504.002.00

m5,2461,260145

3243141536154

11327213

39878

12, 288478

1,6013,121

27774329

39, 47919, 09620, 383

1,026

12, 297

2,49733

2,4309,1568,86212, 2977,257

6,7812,1524,16080.2

15, 4935,07713,6389,1491,2143.2758,941

1,204

1,15160

2.50

3.36

4.161.00

%1.504.002.00IK

5,244

1, 266136

8114245

1368

34

103

251

2249890

8,661326

1, 0152,502

81575188

34, 52616, 90717, 620

1,075

12, 330

2,46535

2,4309,1348,85912, 3307,177

6, 6952,0784,19080.4

15, 501• 5,16713, 5979,0671,2083, 3229,121

1,263

1,149

2.41

3.43

4.151.00%

1. 504.002.00IK

5,248

1,270133

72152431207333654820516310

43868

9,7711,1691,2792,711

661,017

49

42, 00320, 39821, 605

1,159

12, 339

2,458312

2, 4309,1418,85612,3397,186

6, 6391,3984,17480.5

15,1265,14412, 9078,3961,1993,3129,366

1,305

1,15781

2.50

3.34

4.151.00%- l1.504.002. 00IK

5, 278

1,272132

8205172

1264

40816

105

221

1648190

10,922529

2,1382,744

109958115

37,13317,08220, 051

1,187

12, 449

2,5654

122,5259,1358,85312, 4497,257

6, 8811, 5944,20579.7

15, 3885,15812,7748, 3701,1753,2299,428

1,297

1,15684

9/16

2.53

3.36

4.211.00

11.504.002.00IK

5,250

1,270134

2862

1357

41151

106485

221

1547091

8,906440

1,9432,165

270

34, 40615,11419, 292

1,152

12, 448

2, 5856

172,5269,1358,85012, 4487,261

6, 915918

4,22379.5

15, 2745, 23112, 5878,2871,1563,1449,571

5703,700483

1,333

7201,161123

1,481

3.45

4.171.00

11.504.002.00

5,245

1,268134

8342750153337165655147

39313

518

8,364493550

2,46514

588313

36, 45316, 43420, 019

1,186

12, 496

2,5624

102,5269,1598,850

12, 4967,278

6,900865

4,20679.7

15,1875, 235

12, 5308,3011,1523,0779,760

5663, 765

467

1,447

7141,169

981,534

M6-K2

2.34

3.32

4.181.00

11.504.002.00IK

5,275

1,268136

6702442

134

433103

136253

402

13404

66

8,191408499

2,88345

452405

36, 90316,75120,152

1,174

12, 462

2,5743

152,5269,1608.843

12, 4627,288

6,753791

4,22179.6

15.0335,268

12, 4998,2831,1883, 0289,784

5813,844

464

1,363

7011,163

1501,518

Me

2.36

3.32

4.191.00

11.504.002.00IK

5,267

1,271'133

6182531

131A

3310

1536

124

364

13379

52

7,766401473

2,98813

577152

31,88613, 47618, 409

1,186

12, 394

2,577322

2,5269,1358,84012, 3947, 228

6, 751773

4,25279.6

14,9245, 26812, 2928,1931,1302, 696

10, 027

5954,043

1,392

7031,164

1351,529

Me

2.41

3.29

4. 181.00

1a 1.00

4.002.00IK

5,270

1,272118

7073049

1485

3111

10212

306

1040377

11,916437634

5,603103743146

a In effect beginning Aug. 27, 1937.0 Form of reporting member bank loans revised beginning May 1937; the new items, which are self-explanatory, are not available prior to that date. For a more detailed

discussion of the significance of the new series, see the Federal Reserve Bulletins for May 1937, p. 440, and June 1937, p. 530.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


FINANCE—Continued

FAILURES-ContinuedCommercial failures—-Continued.

Liabilities—Continued.Fuels thous. of dol.Iron and steel _._ ._do.--Leather and products doMachinery do.-.Paper, printing, and publishing do. . .Stone, clay, and glass do.._Textiles .do . . .Transportation equipment do _. _Miscellaneous do. . .

Retail trade, total do. . .Wholesale trade, total do

LIFE INSURANCE(Association of Life Insurance Presidents)

Assets, admitted, total. mills, of dol.Mortgage loans, total do. . .

Farm .do. . .Other d o -

Real estate loans* doPolicy loans and premium notes do. . .Bonds and stocks held (book value), total

mills, of dol.Government (domestic and foreign) . .do . . .Public utility doRailroad do. . .Other do. . .

Cash* do. . .Other admitted assets* do. . .

Insurance written:Policies and certificates, total number

thousands-Group do--_Industrial do. . .Ordinary do__-

Value, total thous. of doLGroup do. . .Industrial do. , .Ordinary do

Premium collections, total _. . -do. . .Annuities . .do . . .Group do. . .Industrial do. . .Ordinary do. . .

(Life Insurance Sales Research Bureau)*Insurance written, ordinary, totalt mills, of dol..

New England f ..doMiddle Atlantic f. doEast North Central f do. . .West North Central f--- doSouth Atlantic t doEast South Central t - .-doWest South Central f... doMountain f do..Pacific f _ do

Lapse rates _ _ 1925-26 = 100..

MONETARY STATISTICS

Foreign exchange rates:ArgentinaA - dol. per paper peso..Belgium _dol. per belga..Brazil $ dol. per milreis-.Canada _dol. per Canadian dol..Chile dol. per peso__England ...dol. per £ . .France dol. per franc.Germany dol. per reichsmark..India dol. per rupee..Italy dol. per lira..Japan dol. per yen_.Netherlands dol. per florin.-Spain § ..dol. per peseta..Sweden ..dol. per krona..Uruguay _dol. per peso

Gold:Monetary stocks, U. S_ ..mills, of dolMovement, foreign:

Net release from earmark^—thous. of dolExports doImports do-IIINet gold imports including net gold re"-"

leased from earmark^ .thous. of dol..Production:

Union of South Africa * fine ouncesWitwatersrand (Rand) t do

Receipts at mint, domestic do.IllMoney in circulation, total mills, of dolll

• Largely nominal.§ Quotations nominal beginning July 31, 1936.1 Or increase in earmarked gold (—).• Or exports (—•).<? Official rate.

10581715512151

1,187158354

3,0741,060

87125646200

637, 59549,921197, 339390,335

50034127113524923421447

.330

.168

.0871.000.0524.95.035.401.374.053.289.551.065.255.791

12, 653

9,343129

145, 623

154, 837

246, 2216,558

451902084032585

84827216

3,3911,511

19,9974,172733

3,4391,7692,661

10, 0984,4372,1832,647831816481

95230725198

630,83135, 601

208,001387,229225, 48625, 55510,10952,490137, 332

50736138112485022421444

.3361.169.0861.000.0525.04.0631.4011.3801.0791.2941.662.123i. 260.797

10, 764

-28,80542

171,866

143, 019

966,163894, 790237, 6306,258

43893365

40510321194234

835

20,1194,167726

3,4411,7782,653

10,2274,5342,2302,640823811483

1,06735

809223

715,26140, 507232,465442, 289239, 31327,1019,04654,734148,432

57742167131565424421647

.327

.168

.0871.000.0524.90.047.402.3701.055.286.536.090.253.799

10, 983

-11, 253117

218, 929

207, 559

977,100904, 392273, 3186,321

1229628386582221371107164

3,901932

20, 2394,158720

3,4381,7812,647

10,3464,6062,2412,645854824483

1,09029853208

709,05143,124236,846429,081240, 380?5, 5929, 26157,440148,087

56242161125535223441547

.326

.169

.0871.001.0524.89.046.402.369.053.286.540.088.252

11,116

2,956127

75, 962

78,791

944, 052874, 294220, 6456,401

574869623414414547769121

3,1353,953

20,3804,166

7183,4481,7322,641

10,6424,7892,3642,641848710

1,05854777227

805,07780, 570216,363508,144360,24267,68711,892

100, 271180, 392

4718315466632854195497

.327

.169

.0871.001.0524.91.047.402.371.053.285.546.077.253

11,220

57, 070

56,303

967, 376894, 653196, 2486,563

033913965148276746

2603,7461,072

20, 5164,142708

3,4341,7542,632

10,7094,8712,3232,652863791

89325670197

670, 39042,051195,405432,934262,03735, 51210, 00057, 286159, 239

54847166125504920381439

.327

.169

.0871.000.0524.91.047.402.371.0531.285.548.071.253

11,310

-48, 33011

121, 336

72, 995

981,499909, 485193,0796,400

291286325127236197311130

3,5711,041

20, 6094,127703

3,4241,7602,623

10,8674,9692,3402,678880740492

28711212

711, 47840, 246212,231459,001252,16227, 29711,18656,917156, 762

57748177133525419391441

.326

.169

.0871.000.0524.89.047.402.370.053

3.285.547.067.252

11, 399

- 8 , 000(2)

120, 326

112, 326

923, 727854, 815155, 3326,369

15012362340243993193

2233,9271,584

20, 7184,116696

3,4201,7582,617

11,1035,0752,4242,721883637487

1,17451

862262

917,44277,956

258,087581,399285,22131,80712,92566, 397174, 092

72357211167666328531958

.326

.168

.0871.001.0524.89.046.402.369.053.285.547.061.252

11, 502

-39939

154, 371

153, 933

982, 304908, 268185, 7686,391

7731447

8661

28365211

3,3131,045

20,8134,113691

3,4221,7612,614

11, 2635,1672,4482,760888577485

1,08536

807241

834,36657,022

246, 589530, 755274,45025,73010,84074,637163,243

69251204155656527501956

.328

.169

.0871.001.0524.92.045.402.371.053.286.548.057.253

7,21713

215, 825

223, 029

980, 227906,890150, 4046,397

56561469815713172181104

3,5681,288

20, 9144,116689

3,4271,7612,614

11, 3215,1912,4642,777889611491

1,06639789237

803,12174, 766

239,733488,622247, 64025,83010, 31954,556156,935

63147178144616026491750

.329

.169

.0871.001.0524.94.045.402.373.053.288.549.053.255.787

11, 901

21,1964

155, 366

181, 558

971, 720898, 634236, 7636,426

2031551623013337

1,1461798

3,2921,109

20, 9924,128688

3,4401,7532,614

11,4475, 2672,4882,777915587463

1,02751

735241

824,47087,861

224,113512,496265,17926, 38911,40062,120165, 270

6464818114764602650175395

.329

.169

.087

.999

.0524.941.044.401.372.053.287.550.052.254.791

12,189

-15,86581

262,103

246,157

975,197902, 024198,1746,435

27315367184210

1,16374

4372,8611,043

21,1204,144686

3,4581,7632,611

11,5705,2692,5262,7651,010581451

94559

668217

743,71693, 863

204,121445, 732253,19127,98711,03756, 097158,070

58941163132605524451750

.331

.168

.087

.999

.0524.97.038.402.375.053.289.551.051.256.794

12, 404

-35, 544206

175, 624

139,874

997, 013919, 487216, 3216,475

2,67554

24534825729548237218

2,8962,346

21, 2214,155

6833,4721,7672,609

11,6515,3002,5272,7721,052587452

93840687212

703,12362,186210,898430,039245, 56124,16710,98961,131149, 274

54637143126565324411447

.332

.168

.0871.000.0524.98.038.402.376.053.290.552.063.257.792

12, 512

-5, 288169

105,013

99, 556

320, 9926,500

Quotations partly nominal. 2 Less than $1,000.No quotation from Sept. 22 to 30, and from Nov. 1 to 13, 1936.

3 Largely nominal.

* New series. With the addition of the 3 new series on admitted assets of life insurance companies, the complete record, as reported by the Association, is here presented;earlier data for the new series will be shown in a subsequent issue. Data on the production of gold in the Union of South Africa beginning 1913 will be shown in a subsequentissue.«. t Revised series. For earlier data on ordinary life insurance written see table 36, pp. 18 and 19 of the September 1937 Survey. Revised data on gold production inthe Witwatersrand beginning 1913 will be shown in a subsequent issue.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


FINANCE—Continued

MONETARY STATISTICS-Continued

Silver:Exports _thous. of dol._Imports doPrice at New York dol. per fine oz_.Production, world thous. of fine oz._

Canada doMexico _ doUnited States.__ do

Stocks refinery, end of month:United States.. . doCanada _ do

CORPORATION PROFITS

(Quarterly)

Federal Reserve Bank of New York:Industrial corporations, total (168 cos.)

mills, of dolAutos, parts, and accessories (28 cos.)__do_.Chemicals (13 cos.) _ do__Food products and beverages (19 cos.).doMachinery and machine manufactures

(17 cos.) mills, of dol_.Metals and mining (12 cos.) do__.Oil (13 cos.) d o -Steel (11 cos.) _ do...Miscellaneous (55 cos.) do . .

Telephones (net op. income)* .do . .Other public utilities (net income) (53 cos.)

mills, of dol.Railways, Class I (net income)1f .do_.

Standard Statistics Co., Inc.:fCombined index, unadjusted (161 cos.)

1926=100..Industrials (120 cos.) do.Railroads (26 cos.) do.Utilities (15 cos.) do.___

Combined index, adjusted (161 cos.). doIndustrials (120 cos.)_ do.Railroads (26 cos.) do.Utilities (15 cos.) do.

PUBLIC FINANCE (FEDERAL)

Debt, gross, end of month mills, of doL.Obligations fully guaranteed by the U.

Government:Amount outstanding by agencies, total

mills, of dol_.Federal Farm Mortgage Corporation.doHome Owners' Loan Corporation doReconstruction Finance Corporation.do

Expenditures, total (incl. emergency)thous. of dol. .

Revenues, total do.Customs doInternal revenue, total do

Income tax do.Taxes from:

Admissions to theaters, etc do.Capital stock transfers, etc doSales of produce (future delivery)._doSales of radio sets, etc do . . .

Reconstruction Finance Corporation loans out-standing end of month :f

Grand total thous. of dol_-Section 5 as amended, total do

Bank and trust companies includingceivers thous of doL_.

Building and loan associations doInsurance companies doMortgage loan companies doRailroads incl. receivers doAll other under section 5 do

Total Emergency Relief Construction Act,as amended thous. of dol..

Self-liquidating projects doFinancing of exports of agricultural sur-

pluses thous. of doLFinancing of agricultural commodities

and livestock thous. of doL.Amounts made available for relief and

work relief thous. of dol.-Total, Bank Conservation Act, as amended

thous. of doL.Other loans and authorizations do

2858,427

448

P96.4v 113.0p 33.3

v 106. 8P 9 1 . 0

v 106.8y 11.6

p 120. 7

36,875

1,4102,937

296

765,251858, 58536,173

738, 564494, 405

1,7221,235416633

1,992,975662,493

159,7541,8213,382

124, 540356, 27916, 717

516,343229,105

47

4,287

282, 904

597, 076217, 063

204

.44821, 8461,7267,0785,524

779545

217.254.742.624.3

10.83.518.428.534.456.4

44.466.5

80.089.929.6103.375.683.77.9

127.2

33,831

4,6671,4222,993252

712, 560528,12935,554467,642284,421

1,6701,932

457683

r2r202,826'746,604

225,193' 3,345' 4,421128, 790349, 261' 35, 594

577, 578184,415

47

' 97,121

295,995

26826,931

.44821,6142,0835,4176,391

1,247510

33,830

4,6671,4222,993252

739,979301,96841,342199, 24831, 634

1,7972,182309

'2.196,442-•737,584

217,381' 2,895' 4, 259128,079353,787' 31,182

584,019189,058

4114,451.454

21,3391,3576,4005, 561

403

33,791

4,6621,4222,988252

591,016259,96335,452176, 52628, 034

1,6062,954271640

'2,173,557716, 753

207,374' 2,698' 4,133127,091345,157' 30, 300

•587,825• 192,483

47 47

19,156 ' 99, 638

295, 759 295, 657

701,385 '693,502 '686,407177,259 ''181,295 ''182,572

2362,267.454

19,5941,6193,7486,165

1,0501,023

283.597.250.922.4

11.36.3

13.039.243.269.2

55.2126.0

109.3115.155.0

154.5112.7127.041.8

146.1

34,405

4,6621,4222,988

252

684,821552,607

478, 633281,178

2,1953,178

325

'2,135,186710, 261

199,384' 2,462' 4,007

• 130,668•345,978r 27, 762

• 588,883•193,247

47

6122,846

.44923, 223

1,2528,7655,409

1,3471,512

34, 503

4,6621,4222,988

252

607, 418320,034

40, 518207, 48345,246

1,5063,367

423684

•2,149,380•697,382

190,134' 2,358' 3,978129, 803345, 500' 25, 609

629, 7991198, 335

47

61114,080.448

20,8491,5396,6844,965

970754

100,006 '136,063

295, 583 295, 354

654,619 •641.092

34, 601

4,6621,4222,988252

645, 053330,31041, 726237,82664, 035

1,4733, 743506465

2,129,186•689,403

183, 400' 2,197' 3,925129,532345,373' 24, 976

624,158•204,835

47

• 123,922

295, 354

632,179181,795 I'181,107 1'183, 446

3465,589

.45122,6121,6617,5095,488

821507

250.669.137.016.5

14.27.2

14.551.40.559.9

53.614.1

'90.9' 104. 3

15.7131.2'98.0

'109.842.0

123.4

34,732

4,6621,422

251

971, 6631,120,513

52, 503934, 555689,003

1,5393,045

392361

2,064,942668, 585

178,3162,0963,863

126,330340,367

17, 613

576,984206, 607

47

81,101

289, 228

629, 522189,852

4682,821

.45520, 505

1,3465,7315,431

766929

34,944

4,6601,4222,987

250

784,813423, 88646,252

300,38055,444

1,5903,226

528332

2,045,756664, 670

173,0932,2483,844

122,057345, 084

18, 344

559, 248213, 067

47

56,906

289, 228

624, 077197, 761

3413,165

.45021, 536

1,4676,5435,280

1,303

35,216

4,6601,4222,987

250

624,015392, 50946,252

281,05842,949

1,5372,169

639329

2,028,897656,445

167,3882,0723,820

120,467344,823

17,875

551,431216, 576

47

51,726

283,082

619,840201,181

2446,025

.44824,851

1,22810,1405,487

862735

310.698.446.921.1

16.2

17.758.4

*45.658.2

P 53.421.2

' 104.4' 128. 6

' 8 . 7' 124.4

3'117.4' 1 7 . 3

' 126. 7

36, 425

' 4,694' 1, 431' 3,007

'256

1,386,931966,90541,716

827,483556,946

1,8751,556

454395

2,033,375662,594

163,8002,0763,703

121,177354,320

17, 518

551, 725219, 903

47

48,695

283, 080

613, 943205,113

2144,476

.44823,5592,3176,2746,805

1,127537

36,716

4,7031,4202,987

295

675,811464,05740, 649

376,07442,464

1,6331,232

571433

2,048,344662,165

166, 9151,9533,681

120,422351,936

17, 258

568, 928223, 374

47

62, 427

283, 080

608, 468208, 783

2784, 964

.448

2,367

~7~441

1,296439

37,045

4,6431,4102,937

296

617, 578547, 57038, 790

336,12534, 831

1,5991,492

589762

1,981,146658,876

164, 5451,8723,626

120,142351,855

16,836

511,100225, 071

47

2,902

283, 080

599,104212, 066

• Number of companies included varies.p Preliminary.' Revised.1 Figures shown on p. 54 of the 1936 Supplement are in thousands of dollars instead of in millions as the box head indicates.t Revised series. Revisions on Standard Statistics index of corporation profits for 1935 and 1936 not shown on p. 34 of the May 1937 Survey will appear in a subsequent

issue. Minor revisions in the Reconstruction Finance Corporation data on loans outstanding beginning January 1936 will appear in a subsequent issue, the revisions wereoccasioned by small accounting adjustments.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


FINANCE—Continued

CAPITAL FLOTATIONSNew Security Registrations

New securities effectively registered with theSecurities and Exchange Commission:

Estimated gross proceeds, totalthous. of doL.

Common stock doPreferred stock _ doCertificates of participation, etc doSecured bonds doDebentures and short-term notes do

Industrial classificaton:*Extractive industries— _.- -doManufacturing industries ..doFinancial and investment doTransportation and communication..doElectric light and power, gas, and water

thous. of doL.Other

Securities Issued

(Commercial and Financial Chronicle)Amount, all issuesf thous. of dol..

Domestic issues! - doForeign issues doCorporate, total _ _ do

Industrial _. doInvestment trusts doLand, buildings, etc., total do

Long-term issues doApartments and hotels doOffice and commercial do

Public utilities _ do—.Railroads __ doMiscellaneous do

Farm loan and Gov't agencies doMunicipal, States, etc.f do.. . .

Purpose of issue:New capital, totalf do

Domestic, totalf._ __do_...Corporate doFarm loan and Gov't agencies doMunicipal, State, etc.f do., . .

Foreign _ ...doRefunding, totalf do

Corporate doType of securities (all issues):

Bonds and notes, totalf doCorporate— do

Stocks _ . . .do(Bond Buyer)

State and municipal issues:Permanent (long term) thous. of doL.Temporary (short term) do

COMMODITY MARKETSVolume of trading in grain futures:

Wheat thous. of bu_.Corn do

SECURITY MARKETS

Prices:Average

Bonds

156,39582, 62110, 2631,624

13,88748,000

2,310130,375

8,3952,127

12,497691

223, 027223,027

0151,568138,012

Q

756756

00

11,5001,300

020,00048, 210

156, 282153, 032112,182

040,8503,250

66, 74539,386

159, 26287,80363, 765

66,375113,612

848, 376174,061

91.5194.5465.60

90.79103. 8495.60

118. 5564.36

96.6109.0

108.1

159,293212, 856

134, 842183, 850

182, 07815, 698

166, 380140, 30526,075

260,08076,14029, 27117, 212

127, 9189,539

2,958116,05256,4563,861

79, 998754

-•409,335••409,335

0250, 05088,142

Q

4,500000

121,05024,47511,983

0'159, 285

'177,860' 177, 860

74, 5900

r103, 2700

'231,475175,460

'363, 910204, 62545,425

159,48151, 748

662,183213,787

95.7999.2768.00

101.19105.18101.55128. 3780.74

104.3112.5

111.1

287, 861378, 520

240,020322, 466

305,01530, 875

274,140250,571

23, 569

526,330112, 77755,64329,245

104,752223,913

3,238109, 92390,347

190,918

119, 77512,130

465, 771450, 771

15,000381,40264,462

Q

6,320000

264, 2889,150

37,1821,000

83,194

189, 512174,51294,885

079,45215,000

276,258271,517

393, 683309,314

72, 088

82,3118,389

514, S93113,037

95.9299.4168.16

102. 59105. 62102. 22129. 4983.21

104.9113.1

111.0

329,488420, 739

274,094353, 830

337, 91922, 380

315, 539284,42231,117

266,02647,42130, 2017,192

159,03622,176

1,904110, 646

7,2493,723

78,54363,961

380,934357,43423,500

264,00491,386

Q

100000

109,33716,37946, 82028,45464,816

158, 071158, 071109,077

048, 833

0222,863129,927

358, 696241, 76622, 238

75, 54422, 627

518, 782230,599

97.01100.5568.63

102. 70106. 78102.17130. 6882.34

105.4114.6

111.8

293, 709353, 380

246,072297, 521

290, 69542,198

248,497213,55634, 941

698,408167,12634,53139,548

234, 635222,568

14, 27479, 23489,565

198,393

193,571123,370

724, 220724, 220

0625,91288,875

i fififtJ, UUU3,249

000

395,59449,23687,9582,660

%, 998

265, 850265, 850218, 206

048,994

0458,371407, 707

592, 927494,619131,294

02,83889,120

1,164,158258,319

97.35100.7669.10

103.04107. 41101. 68132.3282.51

105.4116.3

112.3

317, 484446, 393

261, 214379, 805

355,87923, 378

332, 501282,03350,468

429,99085, 622

134,71911,082

146,50952,057

5,431185,53348,3744,658

86, 69799, 297

622,486537,48685,000

305,973132,641

ntf|881881

00

77, 73563,33631,13026,000

205, 513

248, 526248, 526102,456

0146,070

0373,960203,517

475, 509158,996146,977

226, 23828, 797

777, 857199,166

96.83100.0569.78

102. 91107. 50101. 32131.2882.75

106.3115.8

111.6

309,610428,010

255,434365, 679

342, 68725, 638

317,049267,56849,481

491,400168,47438, 21552, 249

212,56019,902

3,643205,49137, 211

0

143,963101,092

522,360423,36099,000

354,363131,313

A

17, 87317,873

00

145,68846,63512,85425, 20043, 798

168,188168,188129,842

4,00034,346

0354,173224,521

382,004214,006140,357

r 42, 751133,475

775, 898129,969

96.6499.8370.02

101. 32105. 54100. 73126. 3882.22

105. 4112.7

111.2

276, 698346,260

234,188300,608

285, 45919, 647

265,812229,15736,655

469,907231,00636,36416,543

164,46821, 527

10, 43897,428

154,17927,766

134, 80045,298

381,515381,515

0318, 64554,459

A

1,6061,606

00

161,50073, 82327, 2574,067

58, 804

184, 594184,594137,589

047,004

0196, 922181,055

323,799260,92957,716

91,31325, 077

1,170,136151,721

93.8896.8668.48

98.86103. 7998.21

122. 7080.05

103.3108.9

109.1

438,960494, 965

389,143442,002

422, 794125,133

297, 661266, 72830,933

288,076139,39749,4979,167

52,19837, 818

4,457159, 78213,89323,005

10,54776,392

287,394252,39435,000

171, 76266,954

A

690690

00

9,50078,12716,491

65679, 976

151,810151,81085, 227

066,583

0135,58486, 535

229, 299113,66758,095

' 95, 72122,057

1,245,324296, 282

93.3396.2768.45

95.81101. 8895.17

120. 4176.20

101.1108.0

107.2

321,274363,730

279, 814318,934

294,86662,070

232,796204,12728,669

238,068114,78934,44211,1802,778

74,879

2,985155,13114,98543,375

2,49219,099

260,932260,932

0165,36481,139

A

600600

00

52,58025, 2205,825

44,89150, 677

149,747149,74778,15328, 50043,093

0111,18587, 210

208,860113,29252,072

' 53,92975, 555

923, 787223,622

93. 8996.7969.30

96.60104. 6095.90

122. 2975.49

101.7109.6

108.0

206, 518238, 348

176, 477204,294

179, 64920,601

159,048137,94521,103

369,06567,05578,59216,983

136,34070,095

9,572117, 68552,73226,100

142,34020, 637

559,650559, 650

0418, 288188,647

AU

3,4453,445

00

155,32415,41055,46230,000

111,362

359,208359,208268,946

090, 261

0200,442149,341

467, 222325, 86092,428

r 10, 60684, 466

1,544,605324, 350

92.9895.8469.11

95.56105. 4093.39

123. 6973.62

101.1110.1

108.3

174, 732210, 859

146, 794178, 41G

178, 89814,020

164, 878139,89224,986

266,886122,28985,69025,39029, 9293,588

6,782165,52145,566

0

35,16713,850

343,577343,577

138, 732103,031

AU

350350

00

29,1502,9503,251

118,0€086, 846

250, 249250, 24981,95189,00079, 297

093, 32956, 781

264,14659,30079, 432

'51,65315, 980

1,639,153335,946

93.9396.8269.81

96.71106. 0497.32

124. 5373.41

100.9110.8

108.7

173,585207,044

146,991175, 800

160,50411,632

148,872124,02824, 844

302,343171,54766,1946,696

30,45327,453

6,063214,65830,541

0

36, 21614,865

183,827183,827

0105,53427, 265

02,6252,625

00

50, 2516,039

19,35427,40050,893

75,59775,59749,398

026,199

0108, 23056,136

162,108105, 53421, 719

56,469• 14,039

,160,679307,440

price of all listed bonds (N. Y. S. E.)dollars. _

Domestic _ __doForeign __do

Domestic (Dow-Jones) (40 bonds)percent of par 4% bond..

Industrials (10 bonds) doPublic utilities (10 bonds) doRails, high grade (10 bonds) doRails, second grade (10 bonds).. _ do.

Domestic (Stand. Stat.):Corporate (45 bonds) dollars..Municipal (15 bonds)f do..

U. S. Government (Stand. Stat.):7 bonds do..

Sales (Securities and Exchange Commission):Total on all exchanges:

Market value .thous. of doL.Par value doOn New York Stock Exchange:

Market value thous. of doL.Par value do

Sales on N. Y. S. E., exclusive of stopped sales(N.Y.S.E.)* Par value:

Total thous. of dol__IJ. S. Government doOther than U. S. Government:

Total ".doDomestic _ do | U0, 305Foreign... do

'Revised.fRevised series. For 1936 revisions on securities issued, see p. 35 of the March 1937 issue. For domestic municipal bond prices, revised data prior to that shown on p 35

of the October 1937 issue will appear in a subsequent issue.•New series. Data beginning July 1933 on new securities effectively registered, by industrial groups, are shown in table 30, p. 19, of August 1937 issue. Data

sales on the New York Stock Exchange, exclusive of stopped sales, as compiled by the Exchange are here substituted for the series previously shown, which was comDow-Jones & Co., Inc. Earlier data for the new series will be shown in a subsequent isûe.

92.7695. 6468.44

95. 85106. 70100.50123.0470.03

100.4111.8

108.9

158,165187,459

134,439160, 722

147,60119,174

128, 427105, 63322, 794

on bondpiled by



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


FINANCE—Continued

SECURITY MARKETS-Continued

Bonds—Continued

Value, issues listed on N. Y. S. E.:Par, all issues mills, of dol.

Domestic issues doForeign issues do . . .

Market value, all issues do . . .Domestic issues do . . .Foreign issues do___

Yields:Moody's: *

Total (120 bonds) percent.By ratings:

Aaa (30 bonds) do . . .Aa (30 bonds) do . . .A (30 bonds)... . do . . .Baa (30 bonds) do.._

By groups:Industrials (40 bonds) do___Public utilities (40 bonds) d o . . .Railroads (40 bonds) do_._

Foreign (30 bonds) .doStandard statistics:

Municipals (15 bonds) f doBond Buyer domestic municipals (20 bonds)

percent.U. S. Treasury bonds doU. S. Treasury 3-5 year notes* do__-

Cash Dividend Payments and Rates

Dividend payments (N. Y. Times):Total thous. of doL.

Industrials and misc doRailroads do

Dividend payments and rates (Moody's):Annual payments at current rates (600 com-

panies) mills, of dol.Number of shares, adjusted millions.Dividend rate per share (weighted average)

(600 cos.)- dollars-Banks (21) do . . .Industrials (492 cos.) doInsurance (21 cos.) doPublic utilities (30 cos.). do .Railroads (36 cos.) do. . . .

StocksPrices:

Dow-Jones:Industrials (30 stocks) dol. per share..Public utilties (20 stocks) do_...Railroads (20 stocks) do

New York Times (50 stocks) do___.Industrials (25 stocks) doRailroads (25 stocks) do

Standard Statistics:Combined index (419 stocks) 1926=100..

Industrials (347 stocks) do. . . .Public utilities (40 stocks) doRailroads (32 stocks) do.._.

Banks N. Y. (19 stocks) doFire insurance (18 stocks) do

Sales:Market value of shares sold (S. E. C ) :

On all registered exchanges, totalthous. of doL.

On New York Stock Exchange doNumber of shares sold:

On all registered exchanges, total (S. E. C.)thous. of shares..

On N. Y S. E. (S. E. C.) do.__.Exclusive of odd lot and stopped sales

(N. Y. Times) thous. of shares..Shares listed, N. Y. S. E.:

Market value all listed shares..mills, of doL.Number of shares listed millions..

Yields (Moody's):*Common stocks (200) __.percent..

Industrials (125 stocks) do. . . .Rails (25 stocks) do. . . .Utilities (25 stocks) do. . . .Banks (15 stocks) doInsurance (10 stocks) do

Preferred stocks, Standard Statistics:Industrials, high grade (20) do

Stockholders (Common Stock)

American Tel. & Tel. Co., total number..! Foreign doPennsylvania Railroad Co., total doi Foreign doU. S. Steel Corporation, total do

Foreign doShares held by brokers percent of total..

47,28442,3344, 95043,27140,0243,247

4.04

3.303.514.075.27

3.553.964.605.35

3.18

3.052.671.50

288, 290280, 9537,337

1,963.9923. 50

2.133.072.142.372.051.77

160.124.942.8

114. 24195. 8632.64

106.4126.289.242.668.285.6

1,601,7931,432,863

65, 76249,838

33, 860

49,0341,398

5.15.14.95.73.94.2

5.13

637,8757,111

214,8672,946

158,9523,10325.81

45,21140,1785, C33

43, 30539, 8833,422

3.79

3.183.413.944.62

3.443.834.095.68

2.862.411.09

231, 730226, 6425.C88

1, 539. 6923. 99

1.673.041.582.131.991.21

167.834.555.8

133.48222. 5444.42

114.1130.2107.755.475.194.1

1,594,4111,387,439

59, 62744, 535

30,872

55,1051,348

3.53.52.44.63.33.1

5.03

645,4577.540

221,3273,076

173,6333,86623.51

45,01839,9885, 031

43,18039, 7513,429

3.75

3.183.373.904.54

3.423.804.025.64

2.94

2.852.421.12

233, 697226,2697,428

1, 568. 2923. 99

1.703.041.622.142.011.21

175.035.158.7

138. 39230.4046.38

118.7136. 0109.158.475.393.8

2,241,4621,948,171

79,99260, 019

43,998

58, 5071,349

3.43.32.24.43.43.0

5.06

45,02640, 0384,988

43,68040, 2573,423

3.71

3.153.313.854.52

3.373.744.005.60

2.85

2.692.29

880, 262814,40665,856

1,825.6923. 99

1.983.041.962.142.041.55

182.134.956.7

141.46238. 8844.04

124.2144.3108.957.970.496.1

2,530,4642,188,579

94, 29968, 306

50, 470

60, 0201,356

3.93.93.04.43.42.8

5.04

46,28041,3014,979

45, 05441,6133,441

3.67

3.103.283.784.53

3.373.693.965.63

2.76

2.622.271.04

437, 541407, 95729, 584

1,876.2923. 50

2.033.072.012.212.091.77

180.034.953.9

136. 46231.1141.81

122.8142.6110.654.470.698.3

2,358.9562,025,678

99, 75671,123

48, 605

59, 8781,360

4.04.03.54.63.43.0

641,1687,382

218, 7203,055

170, 4483,78123.92

46,59241,6304,96145,11341, 6513,462

3.67

3.103.303.774.50

3.363.683.955.39

2.79

2.742.291.18

233, 330212,83720, 493

1,884.0923. 50

2.043.072.022.252.091.77

183. 536.455.1

139. 48235. 4143.56

126.0146.3113.255.678.9

2,663,0642,246,887

117,09781, 687

58, 676

61,9121,367

3.93.83.54.63.13.1

4.94

46, 57241, 5934,979

45, 00741, 5213,486

3.75

3.223.403.854.54

3.463.764.045.16

2.96

2.902.311.22

358, 909332,406

26, 503

1,886.9923.50

2.043.072.022.252.091.77

188.035.057.4

138. 67231. 7745.58

129.5151.7110.757. 990.698.4

2,701,2262,332,408

107,06172, 004

50, 255

62,6181,374

3.83.83.34.72.83.1

4.96

46,99442,0454,949

44,11640, 7263,389

3.87

3.323.503.984.69

3.553.904.175.30

3.19

3.152.501.42

249,402244,089

5,313

1, 885. 7923. 50

2.043.072.022.252.081.77

188.433.161.7

137.19225. 7348.70

129.9152.6105.762.888.097.1

2,977,5702,628,767

117,43683, 720

50, 344

62, 4681,380

3.83.15.02.83.2

5.07

639, 2277,265

217,0163,020

164,2713,13024.81

47,05842,0954,963

43,92040, 5253,395

3.98

3.423.584.054.86

3.653.994.295.35

3.24

3.092.741.59

222,278216,136

6,141

1, 892.2923.50

2.053.072.C32.422.071.77

179.330.759.5

130. 89215. 2346.56

124. 5146.5100.760.181.491.7

2,052,3181,803,427

72,14052, 533

34, 613

57,9631,387

4.24.23.35.33.23.9

5.15

47,04542,0864,959

44,17140, 7343,436

3.92

3.343.493.994.87

3.553.954.275.32

3.14

3.042.671.48

521, 082494, 60126,482

1,926. 8923.50

2.093.072.082.422.081.77

173.128.358.4

129. 41212. 9245.90

116.3136.794.157.176.8

1,267,5431,113,925

43,99231,336

18, 565

57, 3241,389

4.34.33.55.43.23.9

5.17

47,32142,2685,054

44,00140, 5093,492

3.92

3.283.453.994.97

3.513.974.295.14

3.11

3.062.641.54

342, 749312,100

30, 648

1,933. 7923. 50

2.093.072.082.372.101.77

170.126.754.3

125.13208. 4641.81

113.6134.091.353.973.288.7

993,772869,953

38,09927, 554

16, 443

54,8821,400

4.54.53.95.53.53.8

5.18

638,6277,194

215,4982,954

161,4873,20525.33

47,15942,1165,043

44,29640, 7763,520

3.91

3.263.453.974.97

3.503.924.315.16

3.07

2.942.591.44

253,111244,116

8,995

1,959. 7923. 50

2.123.072.122.382.101.77

180.328.853.9

131. 44221. 0441.84

117.8139.495.952.176.593.6

1,242,8581.096,396

41,86430, 045

20, 715

59, 3941,404

4.24.23.85.13.33.6

5.16

47, 22742,2265.0G1

43,80940,3863,423

3.92

3.253.453.985.00

3.473.894.405.20

3.01

2.952.591.45

384, 779368,814

15, 965

1,964. 8923. 50

2.133.072.132.382.101.77

184.428.452.2

131. 06221. 6840.45

120.5143.597.050.974.492.1

1,119,358984, 955

38, 56326, 265

17, 221

56, 6241,398

4.44.44.15.43.33.6

5.10

*New series. For earlier data on Moody's yield series, see table 45 pp. 19-20 of this issue for bonds, and p. 18 of the September 1936 issue for stocks. Data on yield ofU . S . Government 3-5 year notes beginning August 1932, will appear in a subsequent issue.

f Revised series. Revisions prior to those shown on p. 36 of the October 1937 issue will appear in a subsequent issue.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


FOREIGN TRADE

INDEXESExports:

Total value, unadjusted 1923-25=100.Total value, adjusted . .do . . .

U. S. merchandise, unadjusted:Quantity do. . .Value doUnit value. _ do. . .

Imports:Total value, unadjusted do. . .Total value, adjusted do

Imports for consumption, unadjusted:Quantity 1923-25=100.Value doUnit value do. . .

Exports of agricultural products, quantity:Total:

Unadjusted 1910-14=100.Adjusted do—.

Total, excluding cotton:Unadjusted.. do.._Adjusted do. . .

VALUE

Exports, incl. reexports thous. of dol_.By grand divisions and countries:

Africa doAsia and Oceania do

Japan doEurope do

France , doGermany doItaly _ doUnited Kingdom ...do

North America, northern doCanada do

North America, southern doMexico .do

South America— .doArgentina doBrazil... doChile. ._ do

By economic classes (U. S. mdse. only):Total .thous. of dol..

Crude materials ..doCotton, unmanufactured do

Foodstuffs, total _ doFoodstuffs, crude doFoodstuffs, mfgd— do

Fruits and preparations... .doMeats and fats doWheat and flour. do

Manufactures, semi doManufactures, finished do

Autos and parts doGasoline... _ doMachinery do

General imports, total doBy grand divisions and countries:

Africa doAsia and Oceania _ do

Japan _ .doEurope. do

France „ doGermany doItaly doUnited Kingdom do

North America, northern _.doCanada do

North America, southern doMexico do

South America doArgentina doBrazil doChile do

By economic classes (imports for consump-tion) :

Total... thous. of doL.Crude materials.. doFoodstuffs, crude doFoodstuffs, manufactured doManufactures, semi.. doManufactures, finished do

7874

1117971

7276

1217361

296, 729

293, 52580, 93038,96126, 7759,98416,7917,7662,9935,36455, 425130, 39423,29610,34039, 017233,361

234,07675,98428, 51628,40952, 56448, 603

58

6770

1246855

63

220,149

9,45143, 65421,32898,93714,92910,2132,868

47, 49832,14231, 49819,3706, 38116, 5964,9463,5161,051

217, 53572, 81938, 22123, 3495,697

17, 65210, 4383,0132,42431, 86089, 50812,4515,495

27, 307215, 645

3,58567, 73316, 01766, 2915,9057,2123,17117, 52436, 01534,99817,1033,05524,9186,5469,4551,476

218,37069, 43731,06333,14940,81743, 904

10470

6664

1236754

74

264, 740

10, 91951,06526, 663122, 69717,10210,9055,69959, 51139,18038, 44221, 4566,67019, 4235,2965,0321,272

261, 963100,41858,40224,9237,49017,43311,8313,4092,541

36, 66899,95315, 7664,534

31, 760212, 464

3,58161,18915,93070,7226,8078,7674,75618, 54839,06838, 53213,1663,691

24, 7397,5858,7581,601

213,20962, 75833, 80227, 51240, 53648, 601

5952

896067

6161

1146355

225, 766

8,20844, 20024,10098, 23611,4109,5505,401

43,83936, 53935, 90519,7716,79918,8125,3204,8671,288

223, 32182,17346,96913, 6974,3699,3284,5793,5601,429

32,82694,62621, 2185,307

26,408196,491

3,80053, 69815,34064,6956,1656,5674,41616, 62538, 77538,33112,3773,43523,1467,5838,466

200,39161, 22630, 58227, 70540, 63840, 241

76

1357556

229,739

12, 65141,18016,43399,86315,8088,9955,907

40, 62333,13732, 55622,6167,723

20, 2916,3174,2371,579

226, 60567, 38340, 22013,1123,6449,4683, 7763,3251,931

34, 901111,20828, 7693,99330.788244,321

6,28466, 80516,42780,8907,1377,6164,81226,44339, 55039, 01017,6074,64033,1848,18111,4622,520

239, 83575,38340,22133,03648, 96742, 228

1257157

221, 550

10, 09449, 28122,36488, 67713, 4927,0566,63335, 28231, 68731, 29722,0476,96519,7635,3124,1621,668

217,94960, 58737,46113,0623, 5989,4644,2632,9801,894

34.156110,14427, 5865,882

31, 532240, 396

7,57376,84317,68367,2135,8597,7174,29118,45333,97533,08922,3615,088

32, 4318,46711, 534

228,68277,04538, 72729,64846, 53336, 729

1408158

232, 504

10, 60449,81624, 74595,47413,1018,8826,07138,84731, 92631,64324, 5917,877

20, 0935,9283,9791,554

229.05054,41034, 06622, 5243,52219,0029,9032,6241,81537,937114,17925,9745,062

31, 475277,805

9,35092,11218, 38273,2096,8006,3944,16219, 05630,81130, 56827, 7875,509

44, 53616,19910, 9995,119

260,32090,93041,39934,92952,18740,875

1559360

256, 390

10,04961,57929,97197,06012, 4-.09,2926,979

34, 03638, 26637,63126, 5949,401

22, 8425,8395,3191,538

252,26852,15234, 27217, 4754,10013, 3755,5103,1511, 92753,005129,63528, 8195,34936,985306, 699

11, 38995, 86317,66080, 5227, 5597,9783,87820, 60637, 62537,09635,1256,98146,17518,16610, 5455,110

295,92891,61645,25152,16257, 85349,046

7175

1007172

8982

1458861

269,170

13,54757,79426,92899,36212,23312,3087,48729,84046, 01345,14628, 23410,61624, 2216,6564,7702,002

264, 85250,39328,57216,4964,14312, 3534,9593,3202,21256,058141,90530, 7915,372

43, 547287,252

12, 55392,18820,42373,8806,5967,5134,32917,35335, 32735,19834,9097,03938,39511, 40810, 0047,512

281, 71788, 68139, 54151,41054, 53547, 550

81

1077772

86

1418762

289,928

13, 46768,90736,177101,90512,4667,0976,325

35, 50152,00851,14427,1828,87926,4587,7855,9271,839

285,08751,99624, 64316, 3423,58412, 7583,7273,9972,618

71, 752144,99733,1696,768

42, 252285, 038

9,228100, 50318,24472, 3866,2497,7144 3751S[ 00236,88936, 47929, 2845,150

36, 74813, 7328,1815,469

278,77791,80037,36247,09055, 84746, 679

1408762

265, 363

12,16955,45225,19498,85611,2218,9736,953

34, 03747, 91447,01326, 0389,96824,9348,3134,7641,903

256, 50342,00416, 83515,9704,42511,5454,2253,2692,645

63, 321135, 20829,7216,52940,814285, 946

8,47098,01018, 63769,0735, 5457,5793,59318, 04439,11338,35027, 5215,611

43,75918, 06010, 6425,349

278,74292, 54741, 61838, 46258.87147, 244

7080

987173

8289

1348262

268,185

14, 95263,08926,50986, 8609,9187,5824,74932,10346, 25345,11628,19611, 00728, 8358,1645,9472,439

264, 61534, 3599,35617,4125,92211, 4903,7763,1624.53168,865143,97829, 4146,71946,093265, 349

7,39485,98316,46770,1666.1038,2023,33215, 23437,45836,47225, 5614,457

38, 78716, 5329,6942,626

263, 43877, 55437, 75039, 77459, 58148, 778

7379

1037471

7679

1277862

4556

5657

277, 695

13,32857, 34524, 644104,07510, 71310, 2045,498

42, 39548,40647, 55326,8719,094

27, 6709,3155,6272,174

274,22446,04515,90327, 36213,12414, 2386,9792,9948,882

67, 227133,59123,1498,48340, 761245, 707

6,14582,93516, 29767, 8945,6758,6423,47715, 90234, 79733, 43821,3594,793

32, 57710, 96210, 7992,976

249,02579,60634, 01832, 92554, 80747, 669

TRANSPORTATION AND COMMUNICATIONS

TRANSPORTATION

Express Operations

Operating revenue thous. of doLOperating income do

Electric Street Railways

Fares, average, cash rate t centsP i d t h dPassengers carried thousands..Operating revenues thous. of dol._

p Revised.

7.954741,211

8,809115

8.025737,523

54, 701

8,975120

8.02514, 25459,900

8,930124

8.025777,157

57,047

10,021125

8.025847, 77562,446

8,752130

8.025803, 620

57, 834

8,749129

7.991757, 518

55,042

9, 344135

7.991859,898

62, 529

9,177130

7.991819,952

59,459

9,441137

7.991815,109

59, 684

6,762122

7.984772, 604

56,924

8,954123

7.984721,837

54, 224

' 7.968710, 081

53, 385

fData revised for period July 1935-March 1937. See p. 37 of the June 1937 issue.

38 SUKVEY OF CURRENT BUSINESS November 1937


1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


TRANSPORTATION AND COMMUNICATIONS—Continued

TRANSPORTATION—ContinuedSteam Railways

Freight-carloadings (Federal Reserve): tCombined index, unadjusted... 1923-25=100.

Coal do...Coke. _do_.-Forest products do...Grain and products _ do...Livestock. ___ do...Merchandise, 1. c. 1 do...Ore do...Miscellaneous do...

Combined index, adjusted do...Coal _ .do...Coke _ do._.Forest products.. .do...Grain and products . .do.. .Livestock doMerchandise, 1. c. 1 .do...Ore do...Miscellaneous _ do...

Freight-carloadings (A. A. R.):Total carsi thousands.

Coal _ do._.Coke do._.Forest products _do...Grain and products _do._.Livestock doMerchandise, 1. c. 1 do._.Ore do—.Miscellaneous do__.

Freight-car surplus, total do...Box cars _do...Coal cars _do.__

Financial operations (Class I Railways):Operating revenues, total thous. of dol.

Freight . . .do...Passenger do...

Operating expenses do—Net railway operating income do...Net income do._.Operating results:

Freight carried 1 mile mils, of tons.Revenue per ton-mile cents.Passengers carried 1 mile millions.

Canals: Waterway TrafficCape Cod... thous. of short tons.New York State . . . .do. . .Panama, total... thous. of long tons.

In U. S. vessels __doSt. Lawrence _ thous. of short tons.Sault Ste. Marie. . . . .do. . .Suez _ thous. of metric tons.Welland thous. of short tons.

Rivers:Allegheny do...Mississippi (Government barges) do...Monongahela doOhio (Pittsburgh district) do..-

Clearances, vessels in foreign trade:Total thous. of net tons.

Foreign _ do._.United States do...

TravelOperations on scheduled airlines:

Express carried pounds..Miles flown .thous. of miles..Passenger-miles flown _ doPassengers carried number..

Hotels:Average sale per occupied room dollars..Rooms occupied.. .percent of total..Restaurant sales index... .1929=100..

Foreign travel:Arrivals, U. S. citizens number..Departures, U. S. citizens doEmigrants doImmigrants.. doPassports issued do

National Parks: tVisitors doAutomobiles do

Pullman Co.:Revenue passengers carried ..thousands..Revenues, total thous. of dol.

COMMUNICATIONSTelephones: §

Operating revenues thous. of doLStation revenues do...Tolls, message do...

Operating expenses.. do...Net operating income do...Phones in service end of month___thousands.

Telegraphs and cables:Operating revenues thous. of dol.

Commercial telegraph tolls doOperating expenses do...Operating income do...

878488547956701829678819349714467104

3,1835554115014269665279

1,2811045621

363,071293,81138,734262, 71259,305

276753

2,385865

1,30412,585

1,566

257163

2,2981,120

6,6774,8531,825

720,4796,214

54, 230130, 296

3.316592

6,533

8480835071577015195757787466344678685

' 3, 0625313913912773

••664226

1,2641257123

357, 058291, 632' 36, 340248, 450' 70,09626,406

33, 049.9642,064

258821

2,5261,0541,13011,0412,1721,407

378127

2,5691,425

4,6062,061

652,9305,75643,510101,239

3.096691

63,57548,6932,6124,6066,564

258,49577,712

1,5194,929

90,66858,44124,09560,92319,27715,762

10, 3218,0108,6081,300

86908749696569134977782874769466690

4,09679153178161109856264

1,6831126517

391,457326,05633,914261,21289, 85146, 234

37,148.9551,913

281722

2,463962

1,38610, 7892,1721,645

428129

2,6611,452

5,9734,2091,764

799, 2665,91344,411102,917

3.146995

33,17636,2462,4365,1015,659

77,78324,926

1,4694,959

93,97960,78124,98461,91022,14215,880

10, 5648,1348,6001,438

8493964973596973928285965078496713390

3,0136254513613177

651113

1,2361216323

358, 548298,22032,083248, 28572, 41130, 083

33, 865.9571,798

255717

1,747485999

7,0942,3021,309

134129

2,4461,355

4,8813,6311,249

751,8905,63942,89196, 019

3.2865

16,97322,9832,7083,8715,865

46,12714,102

1,3514,309

92,39360, 28523,84361,36321, 27415,961

7,5418,3101,070

838288548346699292

2,776625451321305963233

1,1191336530

372, 265299, 23139, 262257,42470, 52049, 678

33, 980.9632,164

01,53921422373

2,346232

260103

2,6011,372

4,3513,2551,096

663, 7215,30137,95282,022

3.106091

19,57321, 2222,6534,0826,104

43,71513,019

1,4974,772

96,63862,04626,34063,89123,82216,067

11,8939,3269,8001,481

974265426426788078834873436711790

3,317759581491486876449

1,3221316426

331,685268, 65137,441253. 66438,437<* 4, 598

33,130.898

2,030

3250

1,856281

00

2,6890

12979

1,896854

4,1993,1561,043

554, 0304,19921,37946,012

3.127092

19,68621,7571,8972,9587,046

50,30714,211

1,6055,697

94,27761,45724,42061,45320, 77416,160

10, 3268,0498,854878

76911024964346627828277765170416811495

2,778628481401174564042

1,1171135419

321,927264,16733,016244,14638,359* 5, 727

32, 212.9081,797

2750

1,84046700

2,3770

19389

2,4961,325

4,2442,9971,248

500, 0044,60026,10858,008

3.226690

27,68030,6551,4133,2247,716

40, 60811,530

1,3854,973

91,26360,13822, 65860,30119,07216,259

9,6537,4198,441634

8092965262346929908387925168426911494

3,003670471511154668244

1,2491135817

377, 813313,88134, 952266, 27269, 37924,461

36, 651.9381,921

3170

3,0161,255

00

2,7950

236131

2,6891,337

5,3843,8981,486

580,6025,48634,58474,972

3.0968

33,37030,4101,4223,72015,151

59,67317, 021

1,4755,439

97,04962,28626,15664,86220, 04316, 375

11,3058,8179,1531,527

79

516339701029484811024970436924991

2,955

148172

1,998845

5,7314,1541,577

540,3105,35033,13676,199

3.2471107

30,70825,4042,0854,74224, 784

73, 07922,056

1,4195,004

96,13362,43225,25963,95920,10616,497

10,4377,9949,061795

80668555583969187938077885364446913390

47342

14812050

690121

1,3101346332

351, 573288, 63133,733

262,01947, 8072,667

32,266.979

1,856

286305

2,6531,005

3914,6203,151

667

59352

19813668

856363

1,6321478030

352, 614287,91934,042

267, 29643.663

d 4 8

34,093.928

1,902

319577

2,9511,0771,244

14,1102,7801,623

314179

2,3971,237

6,2384,4951,744

591,0115,78442,01998,035

3.056797

23,16824,5011,4125,03333,202

172,93851,391

1,3644,660

96,41562,55725, 29665, 03519,15116,604

10,5188,0839,335597

79658255723368192907876895274416711387

2,9774433915612344653293

1,2251377031

351, 704281,87838, 510265, 57958,94018,560

31,866.9652,164

301792

2,6701,0181,31014,1612,6281,660

1552,1981,089

7,0415,1071,934

650,7095,81147,290110,842

3.1565100

27,38734, 8572,3145,44531,491

340,550101,466

1,4785,085

96,67862, 37925,72865, 76118,93416,641

10,7558,2739,443727

82648857111326720390807610457813768107

3,8125485120125153

805384

1,51813765

365,148293,10742.061266,64160, 55819,007

33,753.9572,438

282630

2,476956

1,28614,1372,9291,634

357154

2,2981,166

7,3385,3332,006

611, 5626,23950,798120, 571

3.196293

16,498

723, 690197,287

1,5505,411

95, 37060, 83525,96866, 67517,02716,670

10,1547,7719,323325

816880559342681908979779853774268103

3,1164723916217557671298

1,2421276333

359,612289, 23741, 565268,19050,3086,347

33,703

240611

2,7811,0411,33313,9372,7891,613

276'1812,4021,210

7,4825,4851,998

618,1136,31251,942123, 550

3.326395

8,916

720,790167,066

1,6365,697

95,37760,52526, 28966,36017,01616,931

10, 2767,9269,070634

r Revised. d Deficit. H Data for October 1936, January, May, July, and August 1937 are for 5 weeks; other months, 4 weeks.§ While the number of telephone carriers reporting has varied somewhat, the coverage has shown very little change, and the series are comparable for all practical purposes,t Revised series. For freight-carloadings indexes revisions for period 1919-36 see table 24, pp. 17 and 18 of the July 1937 issue. For revisions of National Park data for

period 1919-36 see p. 20 of the December 1936 issue.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary

Febru-ary March April M a y June July August

CHEMICALS AND ALLIED PRODUCTS

CHEMICALS j

Alcohol, denatured:Consumption thous. of wine gaL.Production _ _._doStocks, end of month do

Alcohol, ethyl:Production thous. of proof gal..Stocks, warehoused, end of mo doWithdrawn for denaturing doWithdrawn, tax paid do

Methanol:Exports, refined. gallons..Price, refined, wholesale (N. Y.)-dol. per gal..Production:

Crude (wood distilled) gallons..Synthetic do

Explosives, shipments thous. of lb._Sulphur production (quarterly):

Louisiana long tons..Texas. do

Sulphuric acid (fertilizer manufactures):Consumed in production of ferilizer

short tons..Price, wholesale, 66°, at works

dol. per short ton..Production short tons..Purchases:

From fertilizer manufacturers doFrom others. _ do

Shipments:To fertilizer manufacturers doTo others do

11,30611, 5111,915

17,21925, 78319, 5522,506

10, 230.36

404,1123,018,333

34,310

FERTILIZERS

Consumption, Southern Statesthous. of short tons..

Exports, total - long tons..Nitrogenous _.do_Phosphate materials do.Prepared fertilizers do

Imports, total. doNitrogenous do

Nitrate of soda doPhosphates do—Potash do

Price, wholesale, nitrate of soda, 95 percent(N. Y.) dol. per cwt..

Superphosphate (bulk):Production short tons.Shipments to consumers do...Stocks, end of month _ do

NAVAL STORES

Pine oil, production gallons.Rosin, gum:

Price, wholesale, "B" (N. Y.)dol. perbbl. (280 lbs.).

Receipts, net, 3 ports bbl. (5001b.).Stocks, 3 ports, end of month do._.

Rosin, wood:Production ..do...Stocks, end of month do...

Turpentine, gum, spirits of:Price, wholesale (N. Y.) dol. per gal.Receipts, net, 3 ports bbl. (50 gal.).Stocks, 3 ports, end of month do...

Turpentine, wood:Production do...Stocks, end of month do._.

OILS, PATS, AND BYPRODUCTS

Animal Fats and Byproducts and FishOils (Quarterly)

Animal fats:Consumption, factory thous. of lbProduction do__Stocks, end of quarter do._Greases:

Consumption, factory do._Production _ _ do._Stocks, end of quarter do..

Shortenings and compounds:*}Production do...Stocks, end of quarter do._

Fish oils:Consumption, factory do__Production do__Stocks, end of quarter do._

Vegetable Oils and ProductsVegetable oils, total:

Consumption, crude, factory (quarterly)thous. of lb

Exports _ do,_Imports do . .Production (quarterly) _ do. .Stocks, end of quarter:

Crude do . .Refined do__

» Revised.

143,929

16.50188, 252

34,45426,173

38,83061,629

134111,90124,75574,904

127141, 74440,9025,4758,54587,673

1.450

353,649125, 7721,048,636

469,093

8.8371,252134,649

66,295145, 767

.3522,85591,626

10,32015,401

162,380265,832252,018

49,66672,10964,724

424,46837,324

71, 910124,158211, 248

679, 508776

96, 862604,180

745,069388,453

r 8, 505r 8,6322,756

16,89326,363

r 15,330r 2, 391

34,976.38

429, 5002,695,59134,151

73, 605436,338

16,10315,0341,682

22,08618,84226, 2582,952

.38

511,5413,278,05236,472

120,370

15.50135, 717

32,30422,918

24,10351,118

145150,75314,470121, 554

79972,38232,6511,3832,494

32, 310

1.325

299,065127, 378876, 563

404,932

7.2395, 693194,883

57,78977,767

.4221, 894114,127

8,57810, 228

245, 453375,493358, 645

53, 26582,13964, 321

438, 60640,619

77, 07482, 201155, 492

718, 747362

62, 429484, 565

551. 613288,572

12,94612, 5841,311

20,17013, 36022,1613,215

.38

520, 7223,417,75537, 453

163,265

15.50169,814

43,43931,710

23, 47756,538

138173,42637,286127,067

269167,050

19,5132,83757,967

1.375

369,33572,254985, 632

405,527

7.2981, 814194,175

57,80977, 718

.4118, 533113, 702

8,73112, 634

69, 228

175,123

15.50176, 500

39,20344, 523

27, 38857, 756

100123,60912,00499, 750

45099,00149,1262,6833,95140,884

1.375

389,36932,137

1,117,011

404,105

8.2570, 372192,780

58,023

.4314, 457109,955

8,86614,840

18983, 079

11, 24311,0791,131

19, 9439,70219, 4563,315

146, 621.38

548,9822,009,95235,055

62,700513,286

180, 560

15.50182,217

43,84434,272

37,84044,860

17868,72112,10653, 393

119161,11267,34529,4313,52687,983

1.375

393, 60023,502

1,133,640

413, 078

10.3271, 307190,325

57, 26165,416

.4711, 620105, 431

9,16016,906

229, 922463, 972

6,7156,8101,509

18, 70714,03511, 5532,272

48,891.37

525,0701,835,81527,894

402, 244

58,41389,33260,731

432, 20944,930

82,502123, 684216,156

1,114,164190

86,164962, 462

5,4105,4771,273

17, 57219,8219,3342,094

205,156

500,6851,849,30228, 273

164,320

15.50176,492

34,20140, 372

38,73947,169

41461,0028,006

49, 340173

199, 31280, 51352,6335,580

111, 929

1.375

377, 20035,023

1,125,576

H04, 052

10.9548, 861167, 947

60,62063,924

.485,646

96,090

9,63218, 768

29082,753

164,880

15.50178,979

24,49435, 749

30, 55141,864

74459, 28615,40540,418

122233, 207182,851105,7114,16433,349

1.375

375,03968,832

1,075,640

405, 642

25, 296128,241

5,8, 06862,392

.472,00485, 070

9,06121,196

360130, 545

575,893 _ _ 564,757486,208 655,726

6,5346,5421,275

19, 88325, 21811, 2532,926

30,149.36

546,6622,071,74742,838

53,915475,924

196,134

15.50193,979

24,78247,680

21,13750,985

1,752106,29723,43077,396

224260,223181,21397,97915,75255,193

1.375

218,159

439, 006

9.1327, 818109,057

60,94775, 725

.444,577

76, 986

9,84023,535

239,164393, 281426, 068

65, 35681,84556,166

357,32846,503

90, 49628,950218,106

989,620747

89, 745783,648

6,7167,1051,659

16,82326, 65112,3002,740

148,197.36

531, 7272,138,89541,870

7,5117,4421,578

16,93827,42813,0132,684

72, 540.36

522, 9612,353,497

31, 972

172, 936

15.50180,040

20,26736,149

17,60050,239

1,356122,86315,47097,380

450253,005200,927137,008

7,86932,951

1.375

376, 356263,078644, 530

429,182

8.2553,433

105,132

61,74294,311

.4114,68869, 802

9,84020, 035

591113, 895

146, 301

15.50176, 703

15,99338, 569

35,14950, 692

255166,234

15, 562142,037

421180,101130,05085,12112,97213,992

1.375

340,532114,429649,076

463,993

8.5183, 76399,931

62, 399113, 020

.4123,37770,173

9,63718, 325

114,689

8,2338,3251,657

18, 65428,46515,1732,392

51,344.36

485, 943},263,507

29,327

63,385569, 967

121, 716

16.00154,275

20,94239,880

21,65862,464

115120,301

12, 79284, 654

247122,48392,31152,57813, 687

1.375

291,27331,248

751,413

424,182

98, 076104,307

63,428130, 502

.3927,57973, 250

9,20815, 423

208,420342, 708376, 211

58, 31678,13258, 390

345, 00845, 585

75, 63212, 563

6,5846,7531,822

18, 25430, 92213,0102,242

12,113.36

465,2052,564,783

27,291

149,489

737,509408

135, 291504, 491

. . _ . 587,563617,942

141,935

16.50166, 927

29,43832,937

29, 95857,853

58150,58318,001

116, 651907

80,97040,9782,7668,784

29,091

1.430

282,07525,575

849,634

443,367

105,477124,105

65,561139,542

27,06684, 627

10, 02215, 554

762125,913

8,0527,9321,724

17,06730, 97614, 4142,375

68,421.36

462, 584!, 735,963

30,811

168,015

16.50179,008

40,25731,865

35,13856,418

40151,20416,872

125,094303

115,96137,2381,8654,135

69,094

1.450

372,73025,924

958,397

475,920

8.9790,391

110,497

68,332145,365

.3724,06686,171

10, 41014,884

307128,408

J Title changed from "Lard compounds and substitutes."

40 SURVEY OF CUREENT BUSINESS November 1937

Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1936 Supplement to the Survey.

1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


CHEMICALS AND ALLIED PRODUCTS—Continued

OILS, FATS, AND BYPRODUCTS—Con.

Vegetable Oils and Products—Continued

Copra:Consumption, factory (quarterly)

short tons..Imports doStocks, end of quarter do

Coconut or copra oil:Consumption, factory:

Crude (quarterly) thous. of lb_.Refined (quarterly) do

In oleomargarine doImports doProduction (quarterly):

Crude doRefined do

Stocks, end of quarter:Crude doRefined do

Cottonseed:Consumption (crush) short tons..Receipts at mills doStocks at mills, end of mo ..do

Cottonseed cake and meal:Exports doProduction doStocks at mills, end of mo do

Cottonseed oil, crude:Production thous. of lb__Stocks, end of month do

Cottonseed oil, refined:Consumption, factory (quarterly) do

In oleomargarine doPrice, summer, yellow, prime (N. Y.)

dol. per lb._Production thous. of lb__Stocks, end of month do

Flaxseed:Imports thous. of bu__Minneapolis and Duluth:

Receipts. doShipments doStocks, end of month do

Oil mills (quarterly):Consumption doStocks, end of quarter do

Price, wholesale, No. 1 (Mpls.)--dol. per bu._Production (crop est.) thous. of bu_.Stocks, Argentina, end of mo do._

Linseed cake and meai:Exports.. .thous. of lb__Shipments from Minneapolis do

Linseed oil:Consumption, factory (quarterly)

thous. of lb_.Price, wholesale (N. Y.) dol. per lb_.Production (quarterly) thous. of lb__Shipments from Minneapolis -doStocks at factory, end of quarter do

Oleomargarine:Consumption (tax-paid withdrawals)

thous. of lb_.Price, standard, uncolored (Chicago)

dol. per lb__Production thous. of lb__

Vegetable shortenings:Price, tierces (Chicago).. dol. per lb..

PAINTS

Paint, varnish, lacquer, and fillers:Total sales of manufacturers thous. of doL.

Classified— doIndustrial.. doTrade do

Unclassified doPlastic, cold-water paints, and ealciirmes:

Sales of manufacturers:Calcimines. dollars..Plastic paints - doCold-water paints.. do

CELLULOSE PLASTIC PRODUCTS

Nitro-cellulose, sheets, rods, and tubes:Production _-. thous. of lb__Shipments __ do

Cellulose-acetate, sheets, rods, and tubes:Production thous. of lb._Shipments -do

ROOFINGDry roofing felt:

Production _ short tons...Stocks, end of month do

Prepared roofing shipments:Total .thous. of squares..

Grit roll do....Shingles (all types) doSmooth roll do

59,49624,99132,466

107, 08368, 0089,05426, 740

76,10368,179

132,13411,553

793, 3471,538,087988, 590

9,126344,496103, 397

230,305108,070

412, 82713,282

.074127, 311311,862

2,009

1,84272

1,493

7, 6662,8562.13

• 7, 6433,543

55,58619, 787

93,817.109

151, 2787,678

142,818

35,588

.13534,843

.106

33,06222, 9759,93113,04410,087

250, 59148, 611252,810

1, 5061,692

1,2241,102

26, 3909,308

3,368907978

1,484

49,16424,93314,865

169,41693, 64813, 96415, 689

63,00495,678

77,12114, 241

594, 6451.257.908834,834

549264,755125, 212

176, 799' 93,182

332, 2169,081

.102r 95, 218228,451

1,813

336318783

4,8172,0832.14

5,512

32,5813,205

79, 705.101

91, 0983,53898,411

34,426

.13833, 711

.125

33, 45022,3389,56412, 77411,112

292,07147, 268149, 333

1,787J,532

1,2041,027

23, 0837,523

4,3061,1811,1192,005

22,185

13, 61923, 500

748,1261,178,3221,274,173

331, 248190, 068

222, 294121, 398

10, 042

.099179, 721307, 369

1,747

7033,466742

2.13

~~3,~ 937"

37, 62511,313

3,686

35,144

.14035, 586

.120

34, 04923,19210,62812, 56410,857

279,19341, 672

138, 903

1,8061,648

1,4621,316

25, 9075,853

1,1401,760

5,085

10, 27132, 712

686, 254791, 0361,378,955

827310, 738209, 660

203, 416143,182

10, 373

.100183,558385, 250

2,707

746264709

2.16

"2," 756"

40, 40312, 229

.093

34,365

.14034, 209

.120

28.50320, 03710,01810,0198,466

222, 96535,90295, 783

1,5941,420

1,4381,313

25, 6285,753

2,592633626

1,333

41, 7394,54010, 671

143, 56580, 67610, 91629,186

53,14273,900

59,55115,458

656, 240535, 5111,258,226

160296,173214, 731

195, 763142, 021

333,09912,689

.110168,381418,087

1,489

484310470

6,9312,8642.21

*>5,9084,331

56, 56910, 068

78,114.096

131, 8994,784

117, 268

38, 806

.14238, 773

.130

29,46519,75910,2239,5369,705

251,06833, 89598, 048

1,3981,479

1,2551,112

21, 3616,381

1,462327385750

8,900

5,71339,345

582, 373209, 533885,386

251, 586224,460

175,942146, 396

13, 752

.114167,362460,448

1,139

36811

501

2.29

35,4689,163

.101

"5,319"

34,025

.15030,956

.137

30, 20220, 7269,08011, 6469,476

295,40532, 091119, 937

1,7151,561

853742

24, 5479,546

2,386516549

1,321

41,966

6,58721,463

417, 753102,577570,210

321191, 874198,768

129, 311128,164

12,911

.110141,777529, 781

3,727

1781

2.23

"~6,~299"

40, 7657,256

.099

.15030, 638

.135

29, 74920, 2579,51810,7399,492

302,41434,768135, 676

1,9761,687

1,2701,397

27, 0316,228

3,589774785

2,030

47, 58815,19212, 517

128, 64457, 5995,197

17, 651

61, 94566, 228

62, 71912,170

319,88264,086314,179

181144, 532138, 668

99, 701100, 950

322,39014, 643

.111134,254579, 427

4,084

74011

541

8,1753,0482.20

7,874

61, 74112, 289

94,981.104

156, 8777,954

137, 472

35, 739

.15035, 994

.136

37,86626, 20212, 21413, 98911, 664

332, 59151, 533180,436

1,7953,639

1,6211,764

31,0156,324

2,329540587

1,202

4,669

4,09636,110

179, 00522,439157, 613

18584, 682101,199

59, 428

14, 789

.10692,139

586, 597

2,280

558

2.21

7,480

61, 78111, 880

.113

~~8,~428"

32,407

.15034, 349

.133

44,56231,04312,46218, 58113, 519

366, 04965, 321221,917

1,6921,628

1,4111,313

30,9098,240

2,423521

17,8

4,09424, 280

111,30638, 85185,158

14654,24984, 223

35, 87149,139

12, 557

.10554,025566, 704

3,662

1,346827773

2.11

6, 299"

74, 2099,586

.113

"8,"343"

29, 726

.14928, 741

.129

43,35530,34612, 73417, 61213,010

357,14363,104321,731

1,6271,450

1,1701,099

27,1609,711

2,517610984924

44, 38025, 82210, 294

112,88355,4605,614

32, 677

56, 35369,448

94, 83113, 337

70, 21130.89345, 840

134, 51573,169

22.89421,373

336, 37510,961

.10050,105

517, 334

2,661

1,125516630

10,3722,4841.92

6,693

70, 7156,772

118, 260.111

206, 5128,314

142,411

26,245

.14027, 945

.130

39,83828, 21412, 25315, 96011, 624

330,14462,092

303,474

1,5361,600

1,1131,043

21,98810, 811

2,280619783878

20,141

6,56826,178

37, 54931, 49239, 783

•7520, 32141, 084

13, 6989,684

9,282

.09222,386440, 947

2,063

211528

2.03

6,693

67, 03214,151

.111

"~8~567~

27, 724

.13526, 215

.129

34, 49524, 45211,21713, 23410, 043

290,19355, 270261, 351

1.2811,396

831

22,37710, 323

2,152588717847

41,955

7,71431,637

179, 272380, 728241, 239

15578, 44233, 700

51,81231,112

10, 027

.08028,116342, 350

1,254

1,453205642

1.97

4,724

50, 74714,082

.111

"7,652

27, 629

.13528, 679

.120

33, 78523, 67410, 43113,24310, 111

226, 010r 53, 236268, 693

1,6421,558

1.4161, 467

25, 59510,143

2,671755833

1,083

*> Dec. 1 estimate. c Oct. 1 estimate. 'Revised.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


ELECTRIC POWER AND GAS

ELECTRIC POWER

Production, totalf mills, of kw.-hr._By source:

Fuelsf--. doWater powerf do

By type of producer:Central stationsf doOther producers do

Sales to ultimate consumers, total (EdisonElectric Institute). mills, of kw.-hr._

Domestic service doCommercial—retail doCommercial—wholesale doMunicipal street lighting doRailroads, electrified steam doRailroads, street and interurban do

Revenues from sales to ultimate consumers(Edison Electric Institute) thous. of dol..

GAS

Manufactured gas:fCustomers, total thousands..

Domestic doHouse heating doIndustrial and commercial do

Sales to consumers mills, of cu. ft..Domestic doHouse heating doIndustrial and commercial do

Revenue from sales to consumersthous. of doL.

Domestic doHouse heating doIndustrial and commercial do

Natural gas: fCustomers, total thousands..

Domestic doIndustrial and commercial do

Sales to consumers mills, of cu. ft__Domestic doIndustrial and commercial do

Revenues from sales to consumersthous. of doL.

Domestic doIndustrial and commercial do

10, 231

7,0623,168

9,725505

9,722

6,6953,027

9,178544

7,9101,2611,4024,540

19799

338

175, 597

9,7309,121

139462

25, 75316,682

5418,378

27,82421,583

4975,640

6,6106,162

44687,86913,98072, 637

24, 66711, 45613,047

10,176

6,7753,401

9,641536

8,0931,3241,4214,574

214110374

179, 972

9,7629,142

155453

28, 86318,1561,580

30, 21322, 946

1,1845,959

6,6906,208

48095,10719,10574,956

28, 64514, 33014,172

9,785

6,4243,362

9,182603

8,0001,4191,4594,315

225112392

183, 066

9,7379,103

165460

30,82416, 3354,9659,323

30, 70021,6392,6836,236

6,78

514112, 41030, 40380, 938

36, 82720, 50116,165

10,528

3,649

9,910618

8,1541,4821,5014,298

235124433

187,094

9,7549,110

172462

33,85316, 5027,458

32,42521,5794,1576,547

6,8056,282

521125, 40940, 98883, 016

43,92626, 32817, 389

10,151

6,3153,835

9,556595

8,3591,6681,6164,258

218118410

194, 554

9,7699,131

161468

32,47017, 3736,1348,750

31, 96721, 8343,7996,197

6,7546,236

514129, 31247,15980, 892

47, 84730,08817, 558

9,247

5,7623,485

8,690557

7,9731,5731,5344,11518495401

183, 586

9,162166464

31, 86016,4436,1739,046

30, 72420, 3964,0296,172

6,7646,251512

135,17948, 15285, 627

48,97530, 52518,162

10, 228

6,3823,846

9,626602

8,2171,4251,4514,553181120414

177,579

9,168158470

32, 78716,9935,8439,740

31, 37920, 9193,8606,458

6,8166, 295519

127,63342, 24983, 791

45, 23427,16217,841

5,7534,115

9,293575

8,2701,4181,4664,672162111367

177,861

9,8589,212164471

33, 05117,1915,24410,439

35, 50221, 6393,1386,585

6,7906,278510

125, 83239, 56384, 903

42, 67125, 19417, 247

9,976

5,6244,352

9,442534

8,1141,3231,3994,727147104346

174, 287

9,9379,288166470

30, 75816, 8583,56110, 169

30, 76622, 3031,9106,426

6,9116,410499

105,16826. 45977, 242

34,13818, 70215,192

10,071

6,3363,735

9,544527

8,3271,3421,4634,88913698327

178, 539

9,9769,332160472

29,17917, 5221,29910, 209

29, 90822, 559

9456,299

6,7696,296472

95, 28518, 84875,080

28, 73814,53614, 018

' 10,342

r 6, 9853,357

' 9,824518

8,4561,3711, 4974,944

140100333

179, 637

9,9469,313

151470

26, 94116,174

7249,794

27, 90621, 281

5525,970

6,7726,309461

92, 56315, 72975, 782

26, 44312, 43813, 823

T 10, 632r 7, 369' 3, 262

r 10,115'517

8,6451,3821,5395,072

15497

326

182,057

9,9469,313

152469

25, 52715,167

5519,673

26, 54320,179

4495,805

6,8176,351464

94, 96514, 66178,860

26, 31911, 79314, 312

FOODSTUFFS AND TOBACCO

BEVERAGES

Fermented malt liquors:Consumption (tax-paid withdrawals)

thous. of bbl._Production doStocks, end of month do

Distilled spirits:Consumption, total (tax-paid withdrawals)

thous- of proof gal..Whisky do

Production, total doWhisky do

Stocks, total, end of month doWhisky do

Rectified spirits:Consumption (tax-paid withdrawals)

thous. of proof gal__

DAIRY PRODUCTSButter :

Consumption, apparent! thous. of lb__Price, wholesale (N. Y.), (92-score)

dol. per lb__Production creamery (factory)f. . thous . of lb_Receipts, 5 markets doStocks, cold storage, creamery, end of month

thous. of lb_.Cheese:

Consumption, apparent t doImpor t s . - . doPrice, No. 1 Amer. (N. Y.) dol. per lbProduction (factory) f thous. of lb__

American whole milkf doReceipts, 5 markets doStocks, cold storage, end of mo do

American whole milk do

5,1235,1178,488

7,9206,342

13,8538,343

469, 732450, 961

3,251

142, 046

.35125, 74242,886

118, 753

63, 7484,811

.1954,16042, 53315,084

117, 765101, 321

' 4,980' 5,173' 8, 083

6,931' 5, 953

' 23, 70219, 063

r 352,452r 341,454

2,783

r 136, 768

.35' 133,021

44, 637

108, 835

T 55, 5915,796

.20r 66, 983<• 44, ms

12, 098114,990

98, 206

4,2494,0977,722

9,7248,20)2

27, 62520, 299

364, 023352,639

4,074

' 139, 549

.33' 135,493

47,202

105,368

r 60, 9555,675

.19' 68, 741' 45, 629

13, 386118, 907102,847

3,6403,3997,319

11,5679,643

22, 97318,868

373,330361,318

4,858

r 129,349

.34r 111,535

39,587

88,866

' 54, 7365,881

.18' 53, 670r 33, 088

12, 524114, 706

98, 975

3,8313,6656,945

10, 6098,907

25,18822, 289

387,322374,629

5,044

' 137,281

.34' 108,550

39,310

61,234

'50,6116,229

.18'49,118' 29, 296

11,311110,40095,418

3,0563,6577,407

5,3144,528

21,10919,174

402,099388,416

2,123

' 127,308

.34' 106,528

37,067

42, 734

' 51, 7395,022

.1841, 599

' 27,34611,548

102,11288, 091

3,1403,5377,660

6,8045,779

14, 20312, 836

408,598394,947

2,497

' 126, 865

.34' 101,983

36, 236

20, 678

' 50,9474,697

.1839, 622

' 26, 62711,54593,11480, 713

4,1765,0548,345

7,0455,835

22, 38520, 255

422, 883408, 510

2,907

' 136,031

.36' 119,601

42, 896

6,700

' 58, 5456,347

.1847, 553

' 31, 35911,79085, 216

732, 822

4,5075,4829,098

6,6425,450

21,73419,119

437,159421, 546

3,238

'133,471

.33'132,107

44, 402

6,406

'58,6135,365

1754, 448

' 37, 15011, 93983, 09670, 584

5,1555,6699,408

6,2025,139

20,17717, 986

450, 752434, 262

2,727

'163, 752

.32' 179,918

57, 352

22, 904

' 70, 4823,958

.1766, 503

' 52, 77811,40185, 00871, 603

6,0046,4379,570

5, 9214, 519

18, 48615,975

462, 608445, 286

2,437

' 136, 809

.31' 196,860

75, 063

83,119

' 63, 2054,808

.1782,491

' 62, 34217,096

105,31889,191

6,4506,3619,244

5 2984,1219,2857,522

465,871447,983

1,891

131, 360

.32172, 007

61, 636

123, 863

55, 2173,490

.1864, 78151,43017, 220

118,235100, 418

6,1755,8468,678

5,7924, 6588,9086,843

468,105449,794

2,193

135, 860

.33146, 752

48, 749

134,885

57. 2383, 677

.1958,10146, 04317,863

122,647105,026

T Revised.f Revised series. Manufactured and natural gas revised for period 1929-36. For revisions see tables 20 and 21, pp. 19 and 20 of the May 1937 issue. For 1936 revisions

on production of electric power, see p. 41 of the May 1937 issue. Revisions for 1936 for butter and cheese consumption and production not shown above will appear in asubsequent issue.



1937

Septem-ber

1936

sptem- O f > t n h p r Novem- Deceiber u c tober b e r b e r

1937

Janu- Febru-ary ary March April May June July August

FOODSTUFFS AND TOBACCO—Continued

DAIRY PRODUCTS- Continued

Condensed and evaporated milk:Exports:

Condensed (sweetened) .doEvaporated (unsweetened) do

Prices, wholesale (N. Y.) (case goods):Condensed (sweetened) dol. per case..Evapqrated (unsweetened) do

Production:Condensed (sweetened):

Bulk goodsf. thous. of lb_.Case goodsf do.

Evaporated (unsweetened) t doStocks, manufacturers, end of month:

Condensed (sweetened):Bulk goods . thous. of lb_.Case goods do

Evaporated (unsweetened), case goodsthous. of lb-_

Fluid milk:Consumption in oleomargarine doProduction (Minneapolis and St. Paul)

thous. of lb._Reeeipts:

Boston (incl. cream) -thous. of qt_.Greater New York __do

Powdered milk:Exports thous. of lb_.Productionf doStocks, mfrs., end of mo. do

FRUITS AND VEGETABLES

Apples:Production (crop estimate) thous. of bu_.Shipments, car-lot no. of carloads..Stocks, cold storage, end of month

thous. of bbl_.Citrus fruits, car-lot shipmentst-.no. of carloads..Onions, car-lot shipments! doPotatoes, white:

Price, wholesale (N. Y.) dol. per 100 lb._Production (crop estimate) thous. of bu._Shipments, car-lotf . . .no . of carloads..

GRAIN AND PRODUCTS

Exports, principal grains, including flour andmeal -.thous. of bu_.

Barley:Exports, including malt doPrice, wholesale, No. 2 (Mpls.):

Straight dol. per bu_.Malting__, . . — . . — — . do.

Production (crop estimate) thous. of bu . .Receipts, principal markets doStocks, commercial, domestic, end of mo.

thous. of bu._Corn:

Exports, including meal . .doGrindings --doPrices, wholesale:

No. 3, yellow (Kansas City)._-dol. per bu . .No. 3, white (Chicago) doProduction (crop estimate)---thous. of bu_.

Receipts, principal markets doShipments, principal markets doStocks, commercial, domestic, end of mo.

thous. of bu_-Oats:

Exports, including oatmeal doPrice, wholesale, No. 3, white (Chcago)

dol. per bu._Production (crop estimate) thous. of bu_.Receipts, principal markets doStocks, commercial, domestic, end of mo.

thous. of bu._Ricc.

Exports.-- pockets (100 lb.)_.Imports _ - .do—Price, wholesale, head, clean (New Orleans)

dol. per lb . .Production (crop estimate) thous of bu . .Southern States (La.,Tex., Ark., and Tenn.):

Receipts, rough, at millsthous. of bbl. (16? lb.)-.

Shipments from mills, milled ricethous. of pockets (100 lb.)_.

Stocks, domestic, rough and cleaned (interms of cleaned rice) end of month

thous. of pockets (100 lb)-_California:

Receipts, domestic rough bags (1001b.)__Shipments from mills, milled rice doStocks, rough and cleaned, end of mo.

bags (1001b.)-.

1,2211,539

4.853.25

15, 9144,019

135,137

10,8628,699

227, 710

6,411

17918,13237, 545

206,7166,128

2,3525,5214,726

.925'398,785

18,408

9,366

2,962

.68

.83232, 878

13, 018

13, 386

294,330

.861.08

'2,561,9368,1713,804

4,512

942

.32'1,152,433

14, 487

28,401

325, 205151,841

.030«52,073

1,282

949

1,256

263, 332195,138

159,654

2042,904

4.853.40

• 19, 059' 4,334184,136

12,36312,109

160, 709

6,357

26,245

16,149113,031

291• 28, 456

26,835

7,775

2,4807,4583,418

1.795

"167846"

4,844

1,006

1.30

1.28

"~9,~ 68 3"

17, 732

306,778

1.121.27

"9,~2l34,375

4,325

.44

"47667"

50,973

1,325121, 670

.042

1,375

754

962

259,027134, 336

151,619

931,633

4.853.40

• 16, 626' 3 . 1 5 3186,141

11,23311, 689

251, 751

6,732

27, 235

17,066114,971

327' 29, 689

30, 612

15, 923

8,4829,0103,667

2.006

"227630"

3,036

461

1.291.32

"9," 584"

20,012

645,615

1.121.10

4,058

4,277

75

.42

"~3,"569"

48, 639

17, 534120,830

.039

2,289

1,213

2,116

513, 65577, 742

378,038

128

4.853.40

r 12,422r 3, 359129,736

7,78710,190

278, 511

6,351

25,447

17,141111,544

322r 24, 012

33, 270

7,495

8,82914,7172,096

2.050

14,476

1,573

1.271.28

~~5; 625

20, 541

215,525

1.141.07

"l7," 559"5,268

8,185

65

.46

"27517

42, 571

52,12179,586

.039

1,761

1,110

2,848

379,02834,985

676,647

1891,489

4.853.30

• 13,189' 3, 737114,004

5,6709,071

258,904

7,189

28,609

16, 016113,935

216r 26,802

35,171

6117,5065,169

7,45216,452

1,933

2.505* 329,997

14,942

1,806

19

1.291.32

>147, 4524,741

18,848

' 4 05,786

1.151.09

1,529,32718,2005,855

13, 454

65

.50789,100

3,753

37, 392

54,199181,638

.038HQ, 833

736

980

2,654

90,45147,150

190,290

174

4.853.30

17,4144,827

116,230

5,6857,124

208,911

5,772

31,743

16,128115, 606

216' 23, 271

38, 998

4,726

5,78718,2612,540

2.881

17," 122

1,690

1.321.33

" 3 , " 179'

14,990

425,641

1.191.14

13,162

5,652

15, 080

64

.54

" 4 , 1 2 0

31,066103,852207,204

.038

1,799

1,327

3,178

416, 75698, 382

714,982

2612,010

4.853.19

16,5354,027

123,441

5,353

4,958

176, 912

5,385

31,00014, 553

106, 972

282' 20, 266

39, 906

4,492

4,06415,4492,869

2.744

"l7,~ 501'

1,781

144

1.321.37

" 3 , " 299"

13, 703

375,957

1.201.13

9,5674,692

13,901

78

.51

~~37 448

25,807

130, 507123,495

.038

973

1,109

3,139

317, 467265, 629

579,552

226

4.853.15

14.9633,739

156, 762

5,5944,203

152,575

6,774

36,443

16, 054119,816

326r 24, 520

38,881

3,647

2,45318,412

1,581

2. 240

20,571

2,261

574

1.19(a)

"2,"808

12,154

476,395

1.231.22

9,304

5,428

12, 381

75

.51

'~~3758l'

20,22533,610

163, 562

.040

309

765

2,721

431,945250,402

523, 512

1242,019

4.853.15

17,8243,664

178,244

6,0034,400

161,208

6,359

35,352

15, 631118,158

40227,84637,179

2,994

1,17613,5772,720

2,094

" 197603"

2,274

513

1.17(a)

"277I3

207,268

1.371.35

8,082

4,778

6,697

61

.54

" 4 ~ 578'

11, 78531,896

179,868

.040

241

569

2,393

99,21667,471

513,927

457

4.853.15

26,5564,972

247, 838

11,3998,669

242,390

5,244

42, 597

17,150128, 088

27236,14543,129

1,640

46012,6003,961

1.708

"21^929'

2,499

93

1.141.28

"§,"332'

5,873

306,701

1.351.35

9,650

3,745

4,316

82

.52

"47836"

5,64821, 440

192,394

.040

240

549

2,092

70,24252,737

463, 584

1,3311,595

4.853.15

25,1074,481

242,981

15, 55010, 920

302, 435

5,102

43,134

17,195129, 016

24835, 48848, 390

779

2,445

2.031

"297563

2,494

105

.81

.91

"27644'4,711

355,882

1.221.18

11,5124,710

5,380

79

.48

"27812"

2,338

85,343181,620

.038

149

502

1,741

213, 59074,202

482, 536

7011,819

4.853.20

16,3084,496

202,367

16,02911,173

227, 696

4,743

34,421

18,975124,455

3C129,43542,902

1,657

6,7771,570

1.163

"l67627~

4,079

265

.79

.78

1,151

5,22735

3,433

1.251.23

10, 6824,701

7,425

101

.39

""77612"

3,359

160,895177,972

.037

100

576

1,271

237,364118,257

434,471

7412,265

4.853.25

16,1703,992

155,477

' 13,37310, 572

263, 324

5,254

27, 070

19,126123, 064

409' 21,030' 40, 219

1,253

5,2061,749

.930

11,172

2,118

.63

.72

"l6,"952

9,967

323,848

7,1964,697

6,191

761

.30

25,170

18,556

247,900176,431

.035

152

520

910

367, 221235,262

316, 503a No quotation.«• Revised. b Dec. 1 estimate. • October 1 estimate.t Revised series. For revisions of production on powdered milk for 1935 see p. 90 of the 1936 Supplement. Data for 1936 on car-lot shipments revised. See p. 42 of the

May 1937 issue. Revisions for 1936 for production of condensed and evaporated milk and powdered milk not shown above will appear in a subsequent issue.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


FOODSTUFFS AND TOBACCO—Continued

GRAIN AIND PRODUCTS-ContinuedRye:

Exports, including flour thous. of bu.Price, wholeslae, No. 2 (Mpls.)-.dol. per bu_Production (crop estimate) thous. of bu.Receipts, principal markets doStocks, commercial, domestic, end of mo.

thous. of bu-Wheat:

Exports:Wheat, including flour. doWheat only do

Prices, wholesale:No. 1, dark, northern, spring,

Minneapolis-- dol. per bu . .No. 2, red, winter (St. Louis).. doNo. 2, hard, winter (K. C.) . .doWeighted av., 6 markets, all grades-do

Production (crop est.), total...thous. of bu._Spring wheat doWinter wheat - do

Receipts, principal markets ..doShipments, principal markets doStocks, end of month, world estimated

thous. of bu.Canada (Canadian wheat) doUnited States (domestic wheat) do

Held by mills (end of quarter)thous. of bu.

Wheat flour:Consumption (computed by Russell's)

thous. of bbl.Exports . . .doGrindings of wheat thous. of bu.Prices, wholesale:

Standard Patents (Mpls.) dol. per bbl.Winter, straight (K. 0.)-- do

Production:Flour, actual (Census) thous. ofbbLFlour, prorated, total (Russell's) doOffal (Census) thous. of lb_

Operations, percent of capacity (Census)Stocks, total, end of month (Russell's)

thous.of bbl_Held by mills (end of quarter) do

LIVESTOCKCattle and calves:

Receipts thous. of animals.Disposition:

Local slaughter . . . d o . . .Shipments, total do

Stocker and feeder do . . .Price, wholesale, cattle, cornfed (Chicago)

dol. per 100 lb.Hogs:


Local slaughter __do__-Shipments, total do . . .

Stocker and feeder do.__Price, wholesale, heavy (Chicago)

dol. per 100 lb_Sheep and lambs:


Local slaughter do_._Shipments, total. _ do__.

Stocker and feeder do_._Prices, wholesale (Chicago):

Ewes dol. per 100 lb.Lambs do

Total meats: M E A T S

Consumption, apparent mills, of lb_.Production (inspected slaughter) ..doStocks, cold storage, end of month do

Miscellaneous meats doBeef and veal:

Consumption, apparent thous. of lb_.Exports doPrice, wholesale, beef, fresh, native steers

(Chicago) dol. per lb_-Production (inspected slaughter)

thous. of lb_.Stocks, cold storage, end of mo do

Lamb and mutton:Consumption apparent doProduction (inspected slaughter) doStocks, cold storage, end of month do

Pork (including lard):Consumption, apparent doExports, total do

Lard doPrices, wholesale:

Hams, smoked (Chicago) dol. per lb_.Lard, in tierces:

Prime, contract (N. Y.) . .doRefined (Chicago) do

Production (inspected slaughter), totalthous. of lb_.

Lard do.Stocks, cold storage, end of month__.do.Fresh and cured _do_Lard. ..do.

721.78

'51,8694,752

5,676

4,7122,678

1.341.091.101.09

*886, 895•• 198, 750e688,14535,19918, 964

59,198141,014

163, 363

433

6.075.24

9,234

761,~784

5,001

2,360

1,2471,094

437

16.53

1,533

1,071454

32

11.83

2,9941,1631,806. 6334.0310.16

1,03089144144

502,1621,026

485, 88938,816

64, 05164, 0641,911

463, 90613, 0169, 717

.254

.114

.132

341, 23143,510355,822283, 28772, 535

0.87

1,658

6,515

2,415487

1.461. 191.22

' 1.37

10,62110,658

315, 760126,06682,849

153, 521

8,198410

40,055

6.965.67

8,7089,182

723, 97856

6,5004,677

2,264

1,339928380

9.52

1,939

1,26367394

10.25

2,766

1,1261,5974803.368.91

1,0751,02962575

558, 6781,483

.145

571, 787

60,11660, 8943,374

455,96012, 0837,856

.246

.118

.126

396, 37159, 627

463,404361, 608101, 796

0.85

1,375

6,209

2,436926

1.481.211.221.29

15, 23713,978

305, 590117,41276,423

9,631321

41, 770

7.065.57

9,1209,831

749,12154

6,000

2,439

1,3681,060

516

9.91

2,613

1,782830

62

10.00

2,8711,1911,7237213.498.50

1,1951,21063877

580, 9041,536

.150

595, 095104,961

65, 06867, 6545,930

549, 32414, 78410, 454

.225

.117

.125

546,90780, 568

449, 698354, 95094, 748

1.92

1,735

5,983

1,28821

1.441.231.221.28

10, 71210,945

292,87093,92470, 314

8,510269

36, 844

6.845.49

8,0198,829

666. 24053

6,050

2,176

1,246893449

11.08

3,148

2,234900

41

9.67

2,149

1,0711,0833673.678.40

1,0591,24282895

466,1941,021

.163

510,943152, 769

58,90461,4438,450

534,07816,4849,563

.223

.119

.126

669,115103, 020572,165463,400108, 765

11.10

* 25,5541,084

5,008

1,68150

1.591.351.341.39

^626,461107,448^519,01310, 38911,601

312, 48082,62563,453

135,189

7,912358

37,832

7.265.94

8,2168.333

687, 72751

6,0964,686

1,811

1,145695277

12.05

3,145

2,21693440

10.25

1,761

1,082692110

3.838.47

1,0471,3371,149132

482,171

.168

521,965193,760

62, 69264, 55310, 228

502,45613, 6189,384

.226

.135

.139

750, 815118, 420812, 700666,891145,809

01.13

715

4,476

1,57633

1.661.401.381.44

7,7668,676

336, 50074,73752, 251

8,114328

37, 586

7.546.16

8,1808,246

681, 27653

5,900

1,691

1,097560184

12.91

2,500

1,78571229

10.38

2,063

1,200852115

5.529.94

1,0081,1091,245132

483, 312879

.182

469, 582180,916

69, 30069, 57010,491

455, 09812, 3778,804

.225

.139

.144

570,17390, 443

921, 231738, 522182, 709

01.11

334

1,52238

1.591.431.371.39

6,1167,089

316, 77068,01043,709

7,924316

34, 630

7.45

7,5368,038

628,00553

5,700

1,342

916419121

13.24

2,084

1,44363828

10.18

1,591

933661

5.7710.06

860903

1,282126

401,1741,071

.183

384, 817167,438

54, 86454,1629,807

404, 3349,1614,456

.227

.126

.131

464, 29972, 324978,164775, 688202, 476

11.09

737

3,215

1,56561

1.531.431.391.42

7.5927,512

288,22065, 70036, 850

82,134

32038,605

7.446.15

8,4028,274

697, 45150

5,5004,074

1,727

1,143564184

14.06

2,224

1.59561942

10.26

1,576

96062060

6.5911.49

1,0401,0061,240117

484, 6161,497

.192

453, 740142, 691

56, 40653, 8337,174

499,03912,4877,324

.209

.127

.132

498, 79476, 584

973, 004755, 777217, 227

11.12

794

2,550

1,679137

1.561.441.401.41

8,941

234,72050,68326,253

32838,468

7.266.02

8.3408,808

704, 61852

1,634

1,058569192

14.30

2,036

1,44858936

10.11

1,882

1,05283092

6.2512.13

9571,181

484, 0411,528

.200

443, 712111,653

56, 68854,1514,574

457,43713, 7378, 245

.214

.119

.128

458, 73468,328

965, 798756, 354209,444

186

1,878

2,034

2,108395

1.461.321.321.32

7,62110, 629

184,15045, 64317,088

36434,892

6.985.95

7,542

642, 59549

1,751

1,067663239

13.00

1,526

1,074444

32

11.01

2,209

1,1211,0881366.0511.55

941813

1,03083

444,9081,008

.200

412,06186,168

55, 74954,1542,950

439,93320,05513, 565

.215

.121

.130

346, 41750, 732

858,134663, 657194,477

5,9

495

1,442

2,217770

1.451.221.211.23

19,39111,175

157, 78036, 31411, 677

67,874

30835, 548

6.915.69

7,637

656,83447

3,773

1,902

1,184703217

13.43

1,513

1,075432

29

11.46

1,8791,022852133

4.2511.47

1,00488089869

491,360

456, 71963, 522

55,07254, 3242,171

457, 31713, 3778,288

.229

.123

.133

368, 50852, 410763, 548578, 424185,124

293.85

1,073

1,187

3,3852.145

1.511.221.221.19

111,91327, 726

229, 52926, 26789,334

26438,872

7.445.76

8,415

701, 64252

1,675

1,013660224

15.08

1,157

79036632

12.11

1,908

9001,012177

4.3810.47

92777173658

443,2821,064

.228

421, 26751,466

52,91352, 6391,840

430, 73913, 2217,746

.242

.126

.138

297, 00041, 701624, 232467, 273156, 959

1,031.77

5,989

4,223

7,2305,453

1.331.121.121.08

62,24125,102

269,87024,970131,239

37839,993

6.485.28

8,678

717,65854

2,245

1,1841,020

381

15.68

1,275

885380

35

12.19

2,752

1,0471,6775494.7510.43938792

••58249

472, 9111,179

.248

459, 706r 44, 582

57, 50157, 634r 1, 928

407,98611, 8317,175

.252

.117

.136

274, 50135, 278485,689367,595118.094

• Oct. 1 estimate. 6 Dec. 1 estimate. r Revised.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary

Febru-ary March April May j June July August

FOODSTUFFS AND TOBACCO—Cont inued

POULTRY AND EGGSEggs:

Receipts, 5 markets thous. of cases..Stocks, cold storage, end of month:

Case - thous. of cases.._Frozen thous. of lb . .

Poultry:Receipts, 5 markets doStocks, cold storage, end of month do

TROPICAL PRODUCTSCocoa:

Imports ..long tons..Price, spot, Accra (N. Y.) dol. per lb_.Exports from the Gold Coast and Nigeria,

Africa long tons..Coffee:

Clearances from Brazil, total -thous. of bags..To United States do

Imports into United States doPrice, wholesale, Rio No. 7 (N. Y.)

dol. per lb_.Receipts at ports, Brazil thous. of bags..Stocks, world total, incl. interior of Brazil,

end of month thous. of bags..Visible supply, total, excl. interior of Brazil

thous. of bags._United States do

Sugar:Raw sugar:

Cuba:Stocks, total, end of month

thous. of long tons..United States:

Meltings, 8 portsf long tons. .Price, wholesale, 96° centrifugal (N.Y.)

dol. per lb_.Receipts:

From Hawaii and Puerto Ricolong tons..

Imports doStocks at refineries, end of monthf-do

Refined sugar (United States):Exports, including maple doPrice, retail, gran. (N. Y.) dol. per lb_.Price, wholesale, gran. (N. Y.) doReceipts:

From Hawaii & Puerto Rico..long tons..Imports:

From Cuba doFrom Philippine Islands do

Tea:Imports thous. of lb_.Price, wholesale, Formosa, fine (N. Y.)

dol. per lb_.Stocks in the United Kingdomf.. thous. of lb_.

MISCELLANEOUS FOOD PRODUCTSCandy, sales by manufacturers._thous. of doL.Fish:

Landings, fresh fish, prin. ports.thous. of lb_.Salmon, canned, shipments cases..Stocks, total, cold storage, 15th of month

thous. of lb_.Gelatin, edible:*

Monthly report for 7 companies:Production d o —Shipments doStocks d o —

Quarterly report for 11 companies:Production - d o —Stocks . . .do

TOBACCOLeaf:

Exports thous. of lb_.Imports, unmnfrd., incl. scrap doProduction (crop estimate) doStocks, total,, incl. imported types, end of

quarter thous. of lb_.Flue-cured, fire-cured, and air-cured_doCigar types do

Manufactured products:Consumption (tax-paid withdrawals):

Small cigarettes millions..Large cigars thousands..Manufactured tobacco and snufT

thous. of lb_.Production (by types) :*

Total . . .do . - - .Fine cut chewing doPlug. . do . . . .Scrap chewing doSmoking doTwist. _ do

Exports, cigarettes thousands..Prices, wholesale:

Cigarettes dol. per 1.000..Cigars - d o —

791

7,058148,129

23, 23761, 709

25, 247.0786

18, 781

993470842

949

7,312870

1,129

180,842

.034

73, 631154, 535168,014

4,265.054.050

5,4151,286

8,008

.275

32, 255

37,474

72, 389

1,0461,1705,025

4,3127,550

53, 2266,033

'1,474,683

14,854498,835

29, 597

510, 590

5.51346.056

782

5,81796, 660

27, 58082,096

22,816.0750

17,241

1,090603970

.0811,238

7,754953

1,009

278, 660

.036

128,439217,897334,202

5,647.054.047

21, 5392,393

9,036

.275220,958

30,033

42,8211, 747,920

84, C

7631,1145,042

3,7017,317

48,1676,231

2,146,6001,729,515

342,766

14, 342489,293

30,096

27,025562

5,5393,749

16 639536

371,146

5. 38045.996

3,78882, 029

34, 434104, 981

23, 012.0843

28, 074

1,192642920

1,124

(07,905

862

844

258, 713

.034

70,83982, 527

283,559

7,198.054

12, 7351,121

9,727

.275227, 395

31,163

45,092596,139

86,145

1,0781,2805,840

66, 2386,129

13, 204551,114

32, 046

28, 395435

5,3283,99218,036

603297, 358

5.38045.996

482

1,75566,309

77, 297149,391

22, 564.0954

38, 263

1, 230

.0851,293

7,815

741

230, 819

.036

76,682102, 207222, 753

5,185.052.046

1,116

8,10491

5,710

.275236, 037

30, 328

41,12966,100

92, 702

1,417982

5,275

49,4534,697

11, 557489,180

26, 611

23, 976409

4,4993,37115,203

493361, 836

5.38045.996

687

65151,837

72, 999187, 887

40, 268.1134

54, 571

1,447889

1,454

.0881,459

31,421

7,822768

376

249,110

.038

45,15995,833147,832

3,696.053.047

19, 5422,866

8,158

.275234, 464

30, 567

32, 79245, 597

94, 695

1,2971,1754,397

5,3687,958

41,4634,162

1̂,153,083

,209,8421,831,451313,607

13, 246371, 231

26, 302

24, 369522

4,4553,44015,375

577513, 538

5.38045.996

1,076

46939,104

23,122178, 304

.1221

47, 744

1,289687

1,370.0891,437

(0

7,954851

489

230, 650

.039

50,015189,647167,019

4,567.054.049

6,117

10, 834590

7,544

.275225,444

25,068

24, 256352,432

87, 576

1,3861,1835,599

35,9215,877

13, 436356, 996

25, 759

22, 093382

4, 6243,14713,436

503463,017

5. 43545.996

32234, 390

17,318157,858

26, 500.1032

57,266

948523

1,563

1,166

(0

7, 993969

1,336

313,517

.036

117,279222,734227,047

6,137.055.049

15, 775

16, 5832,966

9,370

.275205, 569

24, 468

27,1531,198, 620

69, 629

1, 4451, 3555,689

24,0526,057

12, 328362, 935

26, 444

23,913372

4,9093,81014, 328

494499, 483

5.51345. 996

1,645

1,41353, 074

19,993120,328

34, 337.1143

49, 211

1,233654

1,365

.0931,096

34, 249

8,016975

2, 221

511,841

.035

180,985386,962180,784

6, 664.055.047

19,187

91,1444,623

9,567

.275174,343

26. 260

34, 964860, 551

51, 588

1, 5511,7975,442

6,3118,200

26, 7325,711

2,279,113•1,812.966''377,698

12, 792466.831

31,084

28,099435

5, 3484,12917, 535

653488, 721

5. 51346.020

2,009

4,40588,186

18, 56094, 888

33,181.0990

43,036

979501

1,138

.0911,183

8,2871,079

2,187

555,866

.035

232, 622412,827153, 703

5,680.056.047

16,110

42, 39848, 208

6, 787

.275148,013

22,940

35, 596313,110

42,957

1,5991,3425,699

24, 0017,908

12, 210453, 008

30.028

27.029530

5 0023,76017,124

613481, 754

5. 51346. 056

2,134

7,300133,132

20, 26082, 340

22,165.0782

27,364

935456925

.093

8,0671,035

1,929

410,039

.034

234, 875326,885254,340

7,736.056.047

18,716

47, 81413,383

6,693

.275148,669

20,819

39, 535305, 394

40, 589

1,4361,3765,759

29,1467,373

13, 070430, 628

27, 557

24, 579414

4.7323,70115,182

548510, 511

5.51346.056

1,701

8,54S164,830

21,92777,173

17, 557.0740

10, 203

937499

1,032

.094915

30, 451

7,8861,133

1,707

330, 222

.034

153,554219,935305, 460

4,034.055.046

16, ISO

31, 7557,905

7,373

.275144,613

21,814

41.039302, 442

48,178

1,3921,4615,690

6,1278,421

24,0347,907

2, 025,1231, 580, 166365,360

14, 259472,404

28,730

27,185598

5,2523,90416,840

591477,167

5.51346.056

1,188

8,718

20,81070, 040

18,130.0790

8,214

756376865

.094794

7,6211,107

1,454

476,988

.035

109, 937293,422320,817

3, 907.052.046

331

11,5165,763

7,044

.275131,167

13, 524

40, 727203, 374

i9, 330

1,0541,2545,490

15,9907,367

15, 290476,489

29 519

405, 768

5.51346. 056

r 8, 390r160, 258

20,885' 63, 733

27,633.0837

18,961

444733

.093880

7,5891,099

1,245

420,024

.035

104, 646246,556147, 244

3,550.053.046

1,563

28,7763,248

6,487

.27144,839

18,571

39, 069360, 321

66, 209

9391,2795,150

25, 3227,201

15,098452,898

28,361

428, 888

5.51346.056

r Revised. h Dec. 1 estimate. c Not available. « October 1 estimate.* The quarterly report for gelatin is complete for the industry; the new monthly data are for 7 companies, for data for the latter series for period 1930-36, see table 8, p. 20,

of the February 1937 issue For new series on production of manufactured tobacco, by types, for period 1934-37 see table 33, p. 20, of the August 1937 Survey.tRevised series. Series on stocks of tea in United Kingdom revised for 1913-36. See table 32, p. 20 of the August 1937 issue. For revisions on sugar meltings and stocks,

see table 39, p. 17 of the October 1937 issue.

November 1937 SUEVEY OF CUREENT BUSINESS 45


1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


FUELS AND BYPRODUCTS

Anthracite: COALExports thous. of long tons..Prices, composite, chestnut:

Retail* dol. per short ton._Wholesale do

Production! thous. of short tons..Shipments doStocks, end of month:

In producers' storage yards doIn selected retail dealers' yards

number of days' supply.-Bituminous:

Exports thous. of long tons__Industrial consumption, total

thous. of short tons. .Beehive coke ovens doByproduct coke ovens doCement mills doCoal-gas retorts doElectric power utilities doRailways (class I) doSteel and rolling mills doOther industrial do

Other consumption:Vessels (bunker) thous. of long tons..Coal mine fuel thous. of short tons_.

Prices:Retail, composite, 38 cities

dol. per short ton..Wholesale:

Mine run, composite doPrepared sizes, composite do

Production! thous. of short tons..Stocks, industrial and retail dealers, end of

month, total thous. of short tons._Industrial, total do

Byproduct coke ovens doCement mills doCoal-gas retorts doElectric power utilities doRailways (class I) doSteel and rolling mills doOther industrial do

Retail dealers, total doCOKE

Exports thous. of long tons..Price, beehive, Connellsville (furnace)

dol. per short ton..Production:

Beehivef thous. of short tons..Byproduct! doPetroleum coke do

Stocks, end of month:Byproduct plants, total do

At furnace plants doAt merchant plants do

Petroleum coke do

PETROLEUM AND PRODUCTS!

Crude petroleum:Consumption (run to stills) thous. of bbL.Imports doPrice (Kansas-Okla.) at wells.--dol. per bbl._Production thous. of bbL.Refinery operations pet. of capacity.-Stocks, end of month:

California:Heavy crude and fuel thous. of bbL.Light crude do_.

East of California, total do...Refineries do. .Tank farms and pipe lines do._

Wells completed numberRefined petroleum products:

Gas and fuel oils:Consumption:

Electric power plants! thous. of bbL.Railways (class I) do_Vessels (bunker) do_

Price, fuel oil (Oklahoma) dol. per bbL.Production:

Residual fuel oil thous. of bbl__Gas oil and dist. fuels do_.

Stocks, end of month:Residual fuel oil. east of California

thous. of bblGas oil and dist. fuels do. .

Gasoline:Consumption, domestic thous. of bblExports do._Price, wholesale:

Drums, delivered (New York)dol. per gal._

Refinery (Oklahoma) do.Price, service station, 50 cities do.

118

9.448p 3, 5963,229

2,391

1,332

28,198401

6,284478136

3,8726,8671,0009,160

147324

4.3054.550

v 38,620

38, 8967,761400300

8,9446,9291,29213, 270

49

4.438

2544,426

2,298889

1,409

2. 5601.160

1,340

3,494.925

3,668

.135

.060

120

11.629.7213,8743,440

2,347

62

954

26, 080262

5,499534153

3,6706,7831,0598,120

134329

8.31

4.2294.49837,192

34, 60427, 2646,562241283

5,9614,964973

7,340

67

3.875

1543,837

123

2,034650

1,383423

90,8722,6291.040

90,97280

64, 56434,123253, 96950, 469

203, 5001,583

1,2614,0583,248.750

23,15410,095

20,18227, 871

44, 3462,216

.150

.055

.141

139

9.8574,6083,942

2,473

51

1,201

3795,844553152

3,7357,5471,1689,600

164383

4.2244. 557

43, 321

0)29,4037,296238288

6,4734,8651,0339,2100)

66

3.875

2234,077

1171,886578

1,308408

93,1462,9561.040

95, 795

64, 74533, 901250, 72449, 604201,1201,708

1, 2644,6272, 724.750

25. 28510, 266

20, 53627, 659

44,2531,902

.150

.056

.140

126

9.9144,3343,783

2,515

55

1,222

29, 550384

5,811486152

3,5067,6651,196

10, 350

151368

4.2284.551

41, 879

C1)31, 6688,146

261301

6,8595,1381,1039,8600)

60

3.875

2264,054

1111,806519

1,287400

89,1422,6621.040

91,01879

64, 83633,815247,45248.503198,9491,545

1, 3564,5221,868.765

23, 67111, 201

20,25526, 414

39,9192,212

.150

.057

.140

129

11.819.9054,9474,317

2,259

38

494

31, 995417

6,242418157

3, 7598,2291,283

11, 490

132371

8.53

4.2334.548

45, 756

43, 49935, 0268,535263295

7,1626,8471,26410, 6608,473

44

3.938

2454,354

1091,684487

1,197389

93,0513,0011. 040

97, 65280

65,48134,189246, 40949,823196, 5861,448

1,3744,8462, 375.775

25, 67011,875

18, 71822, 719

39,3931,768

.150

.058

.141

122

9.8274,0253,674

1,833

37

344

31, 409435

6,262327157

3,5868,1401,222

11, 280

128341

4.2184.497

40, 940

0)35, 3908,031307274

7,5707,3541,374

10,4800)

27

4.000

2724,358

102

1,533464

1,069384

94,179945

1.12598, 567

64,88433, 535245,168«39,008*206,160

1,580

1,7745,0772, 540.775

25, 45313,319

18, 39219,088

33,6962,505

.142

.057

.141

107

9.8243,3683,042

1,299

26

392

30,146468

5,738302144

3,2137,7221,219

11, 340

106351

4.2364.51042,110

46, 78538, 5748,687357267

7,922

1,60211,1508,000

26

4.000

2923,991

921,307446861380

84,984606

1.16093,173

79

63, 76833,417248, 47439, 901208,5731,366

1,1334,422

22, 22211,206

16, 80318, 211

32,0002,356

.130

.058

.145

129

11.829.4154,7814,235

24

474

33, 293568

6,453422152

3,5908,4041,374

12, 330

113427

8.57

4.2354.49051,315

0)45,1539,638546278

8,71711, 0561,898

13, 0200)

24

4.131

3554,495

1071,254467787403

94, 4002,1991.160

106, 72479

62,11032, 969256, 50642, 360214,1461,815

1,2084.7203,186

.870

25, 08111,005

16, 32516, 724

40, 5612,101

.130

.057

.145

263

8.7496,7365,981

621

31

871

30,452490

6,247450143

3,2947,4721,22611,130

142217

4.3014.494

26, 010

0)39, 7218,544464255

8,5048,2061,748

12,0000)

29

4.481

3064,349

1021,473570903412

93, 5732,5121.160

104, 97981

61, 37433, 253263,13745,134

218, 0031,937

4,4513,175.913

23,89610, 674

15, 94416,889

43,4092,322

.130

.060

.146

172

8.9534,2073,791

859

49

1,320

29, 377520

6,434494140

3,2867,2201,153

10,130

163250

'4. 3154.436

30, 010

0)38,1698,188397249

8,4467,3911, 58811,9100)

41

4.825

3254,479

1101,741706

1,035399

100, 4522,6351.160

110,91183

61,68533,373266,86545,885220,9802,192

8154,3433,209.925

26, 01511,158

17, 47318,451

45, 4842,771

.130

.061

.146

136

10.668.9734,4754,040

1,483

1,388

27, 367439

5,788476124

3,5056,653982

9,400

162264

1.39

4.3184.422

31, 726

43, 93637, 7367,770429249

8,4577,7011,540

11, 5906,200

4.625

2744,024

100

1,843776

1,067391

99, 3232,6351.160

105, 81285

61,93332, 730

268, 08748.215219,8722,178

9374,3353,395.913

25, 76911,088

19, 29120, 657

48, 5802,623

.134

.061

.144

103

9.1992,6612,422

1,895

1,462

27, 795450

6,281479121

3,8436,7591,042

166266

4.3164.445

31, 912

43, 37136, 9917,433387238

8,5237,1951,485

11, 7306,380

49

4.500

2854,422

1102,009817

1,192380

104, 7833,1481.160

110,72187

62, 37632, 432268,23848,049220,1892,446

r 1, 1514,4033,357

26,89312, 654

21, 77823, 637

• 50, 7042,542

.135

.060

9.2332,5932,437

2,261

71

1,350

• 28,181409

6,492513120

' 4,034r 6, 738

1,0858,790

143'283

4.3064.479

33,984

43,87137, 0517,456

365230

8,558' 7,174

1,38811,8806,800

55

4.500

2594,571

113

2,236859

1,377376

105, 2512,7711.160

115,09087

62,43331,442

271, 34047, 778

223,5622, 131

r 1,3124, 2613,281

.900

25, 93G12,558

23, 98725, 952

49,5973,077

.135

.060

i Data will be shown when available. v Preliminary. r Revised.*New series. Data on retail price of anthracite for period 1929-36 are shown in table 10, p. 20 of the February 1937 issue.!Revised series. Anthracite and bituminous coal production revised for years 1935 and 1936. Revisions not shown in the March 1937 issue will be published in a subse-

quent issue. Series on petroleum and products revised for 1935. See table 14, p. 19 of the April 1937 issue. Series on consumption of gas and fuel oil in the production of elec-tric power revised for 1936. See p. 45 of the May 1937 issue. Production of beehive and byproduct coke revised for 1936, revisions not shown in the September 1937 issue,p. 45, will appear in a subsequent issue.

a Data on stocks of crude petroleum east of California revised in January 1937, certain stocks formerly included in "refineries" being transferred to "tank farms and pipelines." December 1936 figures comparable with those shown for January 1937 are, refineries, 39.912; tank farms and pipe lines, 206,497.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


FUELS AND BYPRODUCTS—Continued

PETEOLEUM AND PRODUCTS-Con.Refined petroleum products—Continued.

Gasoline—Continued.Production:

At natural gas plants thous. of bbl_.At refineries:

Total doStraight run* doCracked* _doNatural gasoline blended* -do

Retail distribution!! thous. of gal..Stocks, end of month:

Finished gasoline, total thous. of bbl_.At refineries __ .do

Natural gasoline d o —Kerosene:

Consumption, domestic thous. of bbl..Exports doPrice, water white 47, refinery, (Pennsyl-

vania) dol. per gal_.Production thous. of bbl_.Stocks, refinery, end of month do

Lubricants:Consumption, domestic doPrice, cylinder, refinery (Pennsylvania)

dol. per gal..Production thous. of bbL.Stocks, refinery, end of month .do

Asphalt:Imports.._ thous. of short tons_.Production doStocks, refinery, end of month do

Wax:Production thous. of lb_.Stocks, refinery, end of month do

759

.054

.175

3,584

44,02419, 83020,8533,341

1,815,342

51,39431, 2304,945

4,305590

.0504,4288,217

2,059

.1552,5676,544

3468305

34,440113,359

3,830

45,88720, 37221, 7663,749

1,796,605

51, 23831,9364,555

4,370565

.0504,7127,976

1,911

.1512,6326,576

2475302

42,840113,049

3,816

43,13818,32521,0053,808

1,649,380

52,50933, 2424,153

4,943841

.0504,7886,966

1,938

.1502,6536,628

1344330

42, 840119, 307

3,965

44,65819,07821, 9553,625

1,622,953

56,35337,0574,055

6,148

.0515,5005,633

1,821

.1552,7676,942

2244368

41,160115,434

3,732

43, 63019,75120,9512,928

1,314,492

64, 29344,1444,032

5,297

.0525,9235,622

1,763

.1602,6497,168

0226444

41, 720'107, 490

3,565

40, 78218,69019, 5762,516

1,306,303

71, 45350, 9194,290

4,226805

.0534,8665,443

1,518

.1732,7287,115

5184445

41, 720109,012

3,908

44, 62120,33121, 7202,570

1,648,097

74,17152,8874,799

4,786437

.0535,1875,396

2,490

.1902,8636,771

5284497

41, 720104, 653

3,911

44, 47520,31121,4692,695

1,718,236

73, 41951, 4745,292

4,465762

.0514,9075,047

2,224

.2003,0486,556

1330528

43, 680100, 275

3,988

46, 76921, 57122,5562,642

1,875,175

' 72, 396' 48, 307

5,989

4,150652

.0505,3435,576

2,078

.2003,1416,478

4413547

47,320103, 614

3,869

45, 74821,25021,9272,571

1,948,728

' 67, 839• 44,1426,257

3,259

.0505,0876,781

2,039

.1952,9886,447

3462522

41,160103, 761

4,128

48, 27122, 20523,0852,981

2,070,479T 62, 956' 39, 441

6,918

3,5941,084

.0505,4827,553

' 1,984

.1802,9806,566

2484501

43, 680107, 903

4,237

49,00221, 89823, 5473,557

59, 41335, 8077,041

3,667956

.0515,7268,637

1,924

1752,9006,426

1524529

42,000115, 266

LEATHER AND PRODUCTS

HIDES AND SKINSImports, total hides and skins thous. of lb__

Calf and kip skins doCattle hides doGoatskins doSheep and lamb skins do

Livestock (inspected slaughter):Calves __thous. of animalsCattle doHogs doSheep do

Prices, wholesale (Chicago):Packers, heavy steers dol. per lb__Calfskins, packers', 8 to 15 lb ___do

LEATHERExports:

Sole leather thous. of lb__Upper leatherf thous. of sq. ft__

Production:Calf and kip thous. of skins__Cattle hides thous. of hides..Goat and kid thous. of skins__Sheep and lamb do

Prices, wholesale:Sole, oak, scoured backs (Boston)

dol. per lb__Upper chrome calf B grade, composite

dol. per sq. ft__Stocks of cattle hides and leather, end of month,

total thous. of equiv. hides__In process and finished doRaw ___do

LEATHER MANUFACTURESGloves and mittens:

Production (cut), total dozen pairs..Dress and semidress doWork do___.

Shoes:Exports thous. of pairs,.Prices, wholesale, factory:

Men's black calf blucher dol. per pair..Men's black calf oxford doWomen's colored calf. do

Production:!Total boots, shoes, and slippers

thous. of pairs..Athletic doAll fabric (satin, canvas, etc.) doPart fabric and part leather doHigh and low cut, total do—

Boys' and youths' doInfants' doMisses' and children's doMen's doWomen's do___

Slippers and moccasins for house wearthous. of pairs.

All other footwear do. . .

22,0471.3639,8985,0264,159

537939

2,0331,671

.195

.193

1934,532

.423

.426

210, 847117. 36293, 485

114

6.005.003.35

33, 617213345586

27,1261,4281,6952, 5828,08613, 335

4,971376

22,4421,9679,4295,1834,354

5531,0722,4031,593

.147

.172

1766,077

1,0511,8063,9473,059

.350

.378

17,19811,118

245,115156,14088,975

149

5.504.503.15

40,975204165255

33, 2411,6031,8773,3999,54616,815

6,146964

20, 6171,5717,3255,5934,077

5851,1243,4921,742

.149

.177

3006,204

1,0832,0513,8623,692

.360

.379

17,19011, 2455,945

274.853179. 56195,292

134

5.504.503.15

39,916252229229

31,1521,7711,9693,38810, 07213,953

7,163891

23, 8381,421

12, 4654,3684,172

477988

4,2921,544

.153

.201

2964,953

9662,0073,6633,314

.370

.383

17,43611,5225,914

242,106152,62789,479

90

5.504.503.15

30, 343216303187

22,1711,3761.7532.6768'. 3817,984

6,628

29, 7222,39314,1426,5524,705

494987

4,6811,573

.156

.215

1336,928

1,1802,1544,3153,494

.390

.399

17,17311, 2945,879

206, 559119,04987, 510

83

5.504.503.15

33,381258239463

26, 8411,4591,8903,1239,26611,103

4,4491,131

23, 3631,575

10, 5545,7912,375

484867

3,5191,700

.162

.228

2646,494

9822,0943,8103,151

.400

.416

16, 91311, 2145,699

183,109104, 52578, 584

71

5.504.503.15

36, 867223541721

31, 6281,4602,1233,4109,38115, 255

2,4351,318

27, 5001, 72511,6227,1434,291

437708

2,8421,315

.160

.213

2246, 245

1, 0352,0303,7433,163

.410

.419

16, 52311,1325,391

211,0C6133,89777,159

137

5.604.693.23

39,362202

1,1872,224

31, 4771,5002,2333,6529,90114,190

2,8431,430

41, 0962,34517,14710, 7467,205

592825

3,0331,312

.166

.241

2936,119

1,1032,2344,3933,326

.418

.431

16, 29611,1645.132

225, 941140, 59285, 349

153

5.604.813.25

45,946259

1,4202.557

35, 8651,7102,5373,987

11, 23216, 399

4.003l|841

33, 6281,600

15, 9818,6424,845

588802

2,8101,334

.172

.242

2035,875

1,1612,0954,2303,519

.445

.442

15,99711,1484,849

230, 941143, 54487, 397

160

5.604.853.25

40,186252

1,1061,442

31, 4071.5512,3333,4189,95114,153

4,1691.808

28, 7502,5236,9419,5607,208

561745

2,0991,371

.169

.221

3305,148

1,0181,9714,1703,216

.450

.434

15,62911,1534,476

224, 544136, 79787, 747

114

6.005.003.25

35,304231

1,0701,097

27, 3351,7001, 9382,9878,69712,012

4,1311,439

29,8331,19610, 41311,3234,842

579840

2,1101,425

.168

.216

4,185

1,1211,9444,6013,076

.430

.431

15,37211,0694,303

228,612142,269

86, 343

90

6.005.003.35

34, 383233507633

27,1751,4972, 0442. 9019,03111, 703

4,575L260

27, 8951,5409,8108,3896,443

520790

1,6431,390

.180

2115,343

1,081r 1,728' 4,160' 3, 012

.410

.429

15,13410,940r 4,194

214,960130, 603

' 84, 357

111

6.005.003. 35

34, 756172283541

28, 5051,3711,8422,6318, 066

14, 594

4,406849

21,5131.2329,0385,5024,148

538880

1,5901,498

.196

.210

1764,103

1,0621,8144,3863,066

.430

.429

14,75510, 7034,052

231, 828133, 215

98, 613

126

6.005.003.35

' 38, 563'209'268

678' 31,873

r 1, 5731,900

' 2, 951r 8, 694

r 16, 755

r 5,050••484

' Revised.* New series. For data on refinery production of gasoline, by types, see table 41, p. 19, of the October 1937 Survey.^ Number of States reporting varies slightly from month-to-month, but the comparability of the series is not seriously affected.° One company ceased reporting after December 1936. Figure for December 1936 comparable with January 1937 is 110,634.t Revised series. Production of boots and shoes, for 1936 revisions see p. 46 of the March 1937 issue. Series on retail distribution of gasoline revised for 1935 and 1936.

Revisions not shown on p. 46 of the May 1937 Survey will appear in a subsequent issue. Series on exports of upper leather revised beginning 1922. Revisions not shown inthe October 1937 Survey will appear in a subsequent issue.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


LUMBER AND MANUFACTURES

LUMBER—ALL TYPES

Exports (boards, planks, etc.) M ft. b. m.National Lumber Mfgrs. Assn.f

Production, total mill. ft. b. m.Hardwoods do__.Softwoods do._-

Shipments, total doHardwoods do. . .Softwoods do_-_

Stocks, gross, end of month, total do__.Hardwoods . do. . .Softwoods do. . .

Retail movement (yard):Ninth Federal Reserve district:

Sales M ft. b. m.Stocks, end of month do. . .

Tenth Federal Reserve district:Sales do. . .Stocks, end of month.. do. . .

FLOORINGMaple, beech, and birch:

Orders:New M ft b. m._.Unfilled, end of month do

Production. . . d o —Shipments _ -doStocks, end of month do

Oak:Orders:

New doUnfilled, end of month do

Production doShipments doStocks, end of month do

SOFTWOODSFir, Douglas:

Exports:Lumber - M ft. b. m_.Timber do

Prices, wholesale:*No. 1, common boards-dol. per M ft. b. m_.Flooring, 1x4, " B " and better, V. G.

dol. per M ft. b. m_.Southern pine:f

Exports:Lumber M ft. b. m_.Timber _ do

Orders:New. mill. ft. b. m_.Unfilled, end of month do

Price, wholesale, flooringdol. per M ft. b. m.

Production mill. ft. b. m.Shipmentsf doStocks, end of month! do

Western pine:|Orders:


Price, wholesale, Ponderosa pine, 1x8 no. 2,common (f. o. b. mills) .dol. per M ft. b. m_

Production _ ..mill. ft. b. m_.Shipments _ doStocks, end of month do

West Coast woods: 1Orders:

New ..mill. ft. b. m_Unfilled, end of month do

Production _ doShipments _ doStocks, end of month do

Redwood, California:Orders:

New _..M ft. b. m_.Unfilled, end of month. do

Production doShipments do

FURNITUREAll districts:

Plant operations percent of normal..Grand Rapids district:

Orders:Canceled— percent of new orders..New .no. of days' production..Unfilled, end of month do

Outstanding accounts, end of monthno. of days' sales..

Plant operations percent of normal..Shipments no. of days' production..

Prices, wholesale:Beds, wooden 1926=100..Dining-room chairs, set of 6 doKitchen cabinets.._ doLiving-room davenports. do

Steel furniture (See Iron and Steel Section).

77,042

2,256341

1,9152,013

2831,7308,3942,0626,332

12, 63780,096

2,83432,186

7,60011,4007,4007,600

20, 200

32,30231, 29233,35930,10174,842

21, 6369,925

20.580

42.140

21, 2642,752

555325

45.37601581

2,059

285215

27.78536395

2,110

525346620615

1,109

26,27936,61937,93529,848

81.0

7.02244

3172.0

16

83.1101.587.695.4

82,409

2,151351

1,8002,132

3421,7917,9662,0385,928

12,84272, 208

3,53631,349

10,10013,6008,6009,000

21,000

40,67136,64732, 37833,43264,336

28,92031, 776

19. 502

40. 964

19, 9556,587

653346

37.29640671

1,875

428321

23.92477424

1,859

530452516539

1,202

34,42633,78138, 92836, 390

81.0

5.02333

3073.0

18

71.184.083.587.5

89, 934

2,352351

2,0012,337

3561,9827,9242,0295,895

14, 35567,785

4,64830, 756

7,40012, 6009,0008,500

21,500

39, 21041, 92233,86433,93564, 265

21, 24822, 625

19.600

41.160

24, 7974,213

705342

38.31671709

1,837

455325

23.91471454

1,876

726520679658

1,222

34,32733,00041,88433, 814

86.0

5.02033

3176.0

19

70.585.583.587.5

62, 036

1,816314

1,5021,772

3401,4327,9511,9915,960

10, 72663,934

3,99130,197

6,80012,9007,3507,050

22,500

56,47168,40531,75229,98866,029

2,5091,465

19. 600

41.160

25,3224,310

707396

38.59661653

1,845

329329

24.28365362

1,879

418661336277

1,282

32, 66839, 87334, 56425,998

85.0

5.02639

3078.5

17

71.785.583.588.9

51,803

1,827311

1,5161,919

3191,6017,9191,9765,943

4,78567,976

3,40831,299

15, 50019,7008,1008,900

21,700

41,58974,11635,48935,87865,640

3,50562

20. 286

42.532

17,8225,573

813498

39.28671711

1,805

529442

24.46264351

1,792

642907444397

1,329

45,01360, 50331,11924,382

82.0

10.51531

3177.0

19

76.085.583.588.9

63,169

1,571301

1,2691,797

3441,4547,6191,8955,724

4,26479,170

2,04732, 079

8,90021,3007,3008,100

20,800

30, 56965,83834, 01238,84760, 805

1,72352

20.825

43. 610

25, 2655,163

696535

41.68584659

1,730

327445

25.77179314

1,657

4401,021

354326

1,357

48, 39381, 66335,10827, 622

81.5

5.02944

3078.5

16

'78 .297.0

'87 .694.0

84,644

1,596270

1,3262,042

3671,6747,1951,8105,385

2,76586, 584

1,99032,811

9,60021,000

7,6009,300

19,600

26, 40957, 85631,85334,39158, 267

12, 7508,522

21. 560

45.080

32,1844,978

612464

44.56595683

1,642

334423

26.80163311

1,509

424926422519

1,260

32,14280, 28134, 79133,435

81.5

5.51840

3183.0

18

78.297.0

'87 .694.0

112,807

2,152332

1,8202,288

3491,9397,1061,8135,293

4, 65289,716

2,56633, 319

10, 34621, 0159,746

10, 34818, 757

29, 73751,16639,00636, 42760,846

31, 39719, 811

21. 854

45.080

25, 8136,941

570409

46.49675625

1,692

411411

28.05297395

1,411

714908684732

1,211

39,43774,42139, 78343, 870

84.5

7.02138

3384.0

20

78.297.087.6

• 94.0

99,663

2,168339

1,8302,169

3421,8287,1061,8105,296

6,91989,883

3,16832,769

8,80320, 2249,9069,475

19,550

28,39944, 31237, 37035, 25362, 763

31, 24811, 042

22.050

45.080

27, 7517,050

572391

46.22676590

1,778

448393

28.86392402

1,401

643884599667

1,143

34, 57074, 64538, 91136, 766

84.5

9.01633

3282.5

16

78.598.487.695.4

129,315

2,332327

2,0042,100

3071,7937,3281,8265,502

10, 08288,887

3,34633,014

5,80017, 2008,3008,500

19,800

24,85638, 71334, 43830,45566, 746

49, 33939, 477

22.050

45.080

32,8136,766

529359

45.69665561

1,882

403359

28.91535449

1,486

531786637629

1,151

34, 74669,88240, 81138, 668

80.5

6.02440

3078.0

15

78.598.487.695.4

107,661

2,472337

2,1352,138

2741,8647,6541,8825,772

13, 24986,035

2,87632,918

5,85013,8509,2008,800

20, 400

20,45833, 68230, 63725,48971,894

39,95937, 529

22.050

44.100

26,8235,442

475334

44.69644500

2,026

365302

28.69570405

1,651

607591750803

1,098

29, 25156, 77944, 32640,422

78.5

7.01435

2975.0

14

82.498.487.695.4

93,751

2,282342

. 1,9402,028

2681,7607,9001,9495,951

12, 35483,438

3,36932, 619

6,20012, 3007,8007,850

19, 900

25,63331,10728, 24428, 20871,930

33, 76142,146

21. 805

43. 200

22, 6033, 555

624359

44.59625599

2,052

401287

28.68570425

1,796

471474578588

1,088

27,27850, 45142,00637, 289

74.0

4.02341

2968.0

15

83.199.487.695.4

102, 527

2,266356

1,9101,988277

1,7118,1712,0286,143

12,52482,018

2,96332,137

7,50011,4508,2008,60019,750

31,15029,09132,82033,16671, 584

42, 35435, 773

21. 364

42.140

21,1057,532

630351

45.45625638

2,039

386272

28.65585407

1,969

484437538521

1,105

25, 87042, 98243, 70433,611

85.0

5.01940

3176.0

17

83.1101.587.695.4

' Revised.fRevised series. For 1935 and 1936 revisions, see table 16, total lumber production, and table 17, southern pine and western pine lumber, p. 20 of the April 1937 issue.

Later revisions for total lumber, shipments, and stocks, and southern pine orders, shipments, and stocks for, 1934-36, inclusive, not shown on p. 47 of the October 1937Survey, will be published in a subsequent issue.

* New series; for data for period 1922-36 see table 7, p.^ Data for October and December 1936 and March, June', and September 1937 are for 5 weeks; other months, 4 weeks.

êw series; for data for period 1922-36 see table 7, p. 19, of the February 1937 issue.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


METALS AND MANUFACTURES

IRON AND STEELForeign trade, iron and steel:

Exports (domestic) long tons..Imports do

Price, iron and steel, compositedol. per long ton..

OreIron ore (Lake Superior district):

Consumption by furnacesthous. of long tons..

Shipments from upper lake ports doEeceipts:

Lake Erie ports and furnaces doOther lower lake ports do

Stocks, end cf month, total doAt furnaces, doLake Erie docks do

Imports. doManganese ore, imports (manganese content)

thous. of long tons..

Pig Iron and Iron Manufactures

Castings, malleable:Orders, new short tons_.Production. do

Percent of capacityShipments ..short tons..

Pig iron:Furnaces in blast, end of month:

Capacity long tons per day..Number

Prices, wholesale-Basic (valley furnace)—dol. per long ton-.Composite doFoundry, no. 2, northern (Pitts.)

dol. per long ton..Production. -__thous. of long tons..

Cast-iron boilers and radiators:Boilers, round:

Production.. thous. of lb._Shipments... doStocks, end of month do

Boilers, square:Production doShipments doStocks, end of month do

Radiators:Convection type:

Sales, incl. heating elements, cabinets,and grilles

thous. sq. ft. heating surface. _Ordinary type:

Production doShipments doStocks, end of month .do

Boilers, range, galvanized:Orders:

New number of boilers..Unfilled, end of month, total ...do

Production doShipments doStocks, end of month do

Boiler and pipe fittings:Cast iron:

Production short tons..Shipments do

Malleable:Production doShipments do

Sanitary WarePlumbing and heating equipment, wholesale

price (8 pieces) dollars..Porcelain enameled products: A

Shipments, total do—Signs do....Table tops ..do

Steel, Crude and Semimanufactured

Castings, steel:Orders, new, total.._ short tons..

Percent of capacityRailway specialties short tons..

Production, total... doPercent of capacityRailway specialties short tons..

Ingots, steel :fProduction thous. of long tons..

Percent of capacity^Bars, steel, cold finished, shipments

short tons..

542, 70527,071

40.16

5,1579,174

6,7492,834

39, 95434. 8275,127

188

41,65252. 728

47. 738

110,260181

23. 5024.06

25.893,410

1,2725, 807

27, 127

21,08840,915

156,563

4,9729, 122

40, 507

39, 54914,41245, 06942, 15745, 721

5,9906,939

4, 3813,616

236. 12

1,039,844251,121238, 394

57, 41448.1

21, 95883,047

69.636, 812

4,30275

52, 000

235, 77759, 993

34.15

4,0277,481

5,3831,904

31, 97827, 5554,422

258

36

44, 36146, 552

57.040,194

94,140155

19.0019.80

21.392,730

4,7935,809

38, 706

29,06233, 549

137, 671

750

7,9179,190

38, 216

91,14244, 51896, 75796, 68839, 233

8,2119,613

5,2005, 454

221.95

1,192,520316,116338, 500

56, 87747.7

16, 68676, 617

64.234, 304

4,15173

41, 049

261, 89764, 509

34.63

4,3857,301

5,3881,989

35,15630, 3774,780

193

40

55, 52151, 778

61.948,338

97, 740161

19.0019.80

21.392,992

4, 2568,633

34, 338

32, 74845, 960

123, 005

789

9,91412,45235, 990

151, 23057, 842

133, 848137, 90635, 175

9,98910,170

5,6395,794

222.12

1,298,152295,440385, 569

59, 43149.8

17, 96274, 775

62.730,006

4,53476

47,105

203, 30261, 970

34.65

4,2693,758

3,0141,430

35, 37830, 4604,918

204

58,15250,934

62.350,041

99, 205164

19.2520.00

21.642,947

2,7485,202

31,681

22, 99228, 642

122,143

656

7,1119,475

34, 032

91,31739, 310

111,534109,849

8,9028,134

5,2704,618

222. 35

911,011214, 742221, 318

76, 39464.1

35, 71468, 874

57.828, 094

4,32379

41, 638

244,18652, 484

35.15

4,5510

6237

31, 40227,0224,380

189

48

67, 03561, 674

73.557,609

102,195170

20.0020.82

22.393,115

2.5843.562

29, 965

23, 82119, 765

125, 090

633

7,6897, 444

33, 020

129, 64483, 94991, 45185, 02843, 326

9,1937,365

5,6014,584

222.47

1,109,110285,187320, 743

159,430133. 7

85, 07683, 615

70.135, 309

4,42477

52,467

201, 51243, 063

4,6940

00

26, 74722,9863,761

186

29

54,07053, 638

67.451. 754

104,060170

20.5021.30

22.893,212

3,1232,244

30, 090

24,08413, 616

135, 356

427

7,1804,572

37, 069

122, 930103, 694100, 364103,18540, 505

8,542

5,5445,952

223. 86

1,003,919263,992260,120

114, 95996.4

62,10289, 649

75.240, 867

4,72583

60, 363

291, 07941, 628

4,4430

00

22,41819, 0813,337

210

20

60,18757, 295

72.055, 742

108, 720176

20.7521.44

23.142,999

3,6891, 897

31,857

24,49711, 306

148, 420

478

7,6923,613

41, 210

60,14956, 498

109,168107,34539, 622

8,6938,719

5,9226,338

224. 82

964,995230, 595232, 766

80.251, 90892, 678

77.742,849

4,41484

65, 668

570, 66951, 702

39.92

5,1420

00

17,43714, 5852,852

215

41

68,50267, 559

82.267, 262

112, 790182

23.1023.80

25. 493,459

3,8552,131

33,800

25, 65313,947

159,185

465

7,6694,343

44, 609

86, 43951, 41894, 89991, 51943, 002

10, 4329,520

6,095

226.91

1,179,518258, 868298,690

158, 079132.6

86, 557111,525

93.550,911

5, 21788

84,858

671, 77768,197

40.39

5,1143,771

1,830770

14,63212, 2952,337

197

62,910G3, 377

78.262,905

114. 665187

23.5024.06

25.893,392

2,8351,808

32, 953

27,12914, 345

170, 516

554

7,7974,624

48, 003

85, 72056,13280, 39381, 00642, 389

9,8029,093

6,9656,864

227.97

1,293,326264,390358,622

99, 67283.6

41, 995105,475

88.445,896

5,07289

73,951

969,19149, 050

40.06

5,34010, 044

6,6953,241

18,80016, 2552,544

215

55

46,01855,960

69.657, 327

103,960170

23.5024.06

25.893,537

2,4301,622

33, 731

23,14312,710

180, 844

613

5,2664,416

48, 972

37, 09937, 36656, 24755, 86542, 771

8,2656,426

5,9074,661

227.96

1,238,476299, 389242,862

68, 68857.6

24,45895, 995

80.5

5,15491

62, 329

826, 53844, 771

39.82

4,64010,108

7, 5622.293

24, 39521,0663,329

198

33

43,14154,026

64.856,921

105, 975181

23.5024.06

25. 893,108

1,8932,130

34, 278

20,17715, 252

186,531

640

4,5385,360

48, 371

39, 21024, 45349. 07652,12339, 724

7,4726,177

5,6104,350

228. 06

1,069,610278, 658206, 263

71,81760.2

31,460101, 239

84.944,462

4,18474

53, 044

889,45147, 012

40.03

5, 23610, 704

7,5553,117

29.15125, 3003,851

231

58

41, 35345. 479

54.744, 719

115. 445192

23.5024.06

25.893,499

1,8582,325

33, 777

16,19817, 471

185, 090

855

4,3695,543

47,433

30, 80919, 70735, 20835, 55539, 377

5,9785,899

4,6013,716

228. 29

1,196,996283, 917277,413

57, 79948.5

18, 92886, 978

72.939,186

4,55780

52, 614

886,35361,489

40.34

5,37310, 811

7,1963,139

35, 34330, 861

4,482207

50

49, 37649,022

60.143, 801

115, 420191

23.5024.06

25.893,606

1,2593,386

31, 663

16, 36225,149

176, 399

1,082

4,4427,178

44, 607

• 31, 76717,02037, 886

1 34,454• 42, 809

6,3466,922

4,6024,043

229.37

1,178,304289, 751309,801

54, 75345.9

16, 70492, 089

77.243, 313

' 4, 87685

51, 493

A Data on new orders for porcelain enameled products shown through June 1937 in previous issues have been discontinued by the reporting source.r Revised. a Less than 500 tons. t Data revised for 1936; see p. 48 of the June 1937 issue.1 Beginning January 1937, the American Iron and Steel Institute computes the percent of capacity on a weekly average basis, with no allowance for Sundays or holidays;

the figures shown here have been carried forward on the old basis (which relates daily average output to daily average capacity with allowance for Sundays, July 4, andChristmas) in order to keep the series comparable.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary

Febru-ary- March April M a y June July August

METALS AND MANUFACTURES—Continued

IRON AND STEEL-ContinuedSteel, Crude and Semimanufactured—

Continued

Prices, wholesale:Composite, finished steel dol. per lb__Steel billets, rerolling (Pittsburgh)

dol. per long ton. .Structural steel (Pittsburgh) dol. per lb._Steel scrap (Chicago) dol. per gross ton__

U. S. Steel Corporation:Earnings, net thous. of dol__Shipments, finished products long tons..

Steel, Manufactured Products

Barrels, steel:Orders, unfilled, end of month number__Production do

Percent of capacityShipments number..Stocks, end of month do

Boilers, steel, new orders:Area thous. of sq. ft..Quantity number..

Furniture, steel:Office furniture:

Orders:New thous. of dol—Unfilled, end of month do

Shipments doShelving:

Orders:New doUnfilled, end of month do

Shipments doSpring washers, shipments doPlate, fabricated steel, new orders, total

short tons__Oil storage tanks do

Track wTork, shipments do

MACHINERY AND APPARATUS

Air-conditioning equipment:Orders, new:

Fan group thous. of doL.Unit-heater group do

Electric overhead cranes:Orders:


Shipments doElectrical equipment. (See Nonferrous metals.)Exports, machinery. (See Foreign trade.)Foundry equipment:

Orders:New 1922-24 = 100.-Unfilled, end of month do

Shipments doFuel equipment:

Oil burners:Orders:

New number.-Unfilled, end of month do

Shipments doStocks, end of month do

Pulverizers, orders, new doMechanical stokers, sales: §

Classes 1, 2, and 3 . .doClasses 4 and 5:

NumberHorsepower

Machine tools, orders, newav. mo. shipments 1926=100—

Pumps:Domestic, water, shipments:

Pitcher, other hand, and windmill—units—Power, horizontal type do

Measuring and dispensing, shipments: fGasoline:

Hand-operated units. .Power do

Oil, grease, and other:Hand-operated doPower.. do

Steam, power, centrifugal, and rotary: fOrders, new thous. of dol—

Water-softening apparatus, shipments, .units.-Water systems, shipments doWoodworking machinery:

Orders:Canceled thous. of dol—New doUnfilled, end of month do

Shipments:Quantity machines..Value thous. of dol__

0. 0290

37.00.022517.56

46, 8901,047,962

640,154599,157

43.9600, 55018,828

661

1,9701,4472,084

563550576234

31, 4844,4768,101

1,1891,187

1,2165, 325975

32,8604,20333,71123, 823

18, 769

42458, 252

210.7

37, 5081,378

69913, 561

11, 5563,191

1,4381,10913,817

0.0241

30.40.019016.15

28,967961,803

456, 682697, 783

51.9694,33123, 658

8921,233

1, 5871,0331,550

433394425201

35, 0339,4465,722

9831,013

4792, 275412

161. 0162.8150.5

35, 2524, 07135, 40516, 538

22

16,139

49975,106

118.5

47, 454826

9,320

8,7952,441

1,183954

15, 537

9652819

358490

0. 0246

32.00.019016.25

1,007,417

343,347835,177

62.1836,98321,852

9691,201

1,8411,0971,777

436395435242

33,7916,6325,547

1.0781,624

4161,908783

174.4174.0162.9

33,3553,467

33, 95914,102

23

17,909

46289,130

136.5

47, 5481,306

8368,630

11, 7643,658

1,1981,00113,112

10561816

314557

0.0246

32.00.019016.50

882, 643

351,888653,971

48.6658,10317,720

937837

1,7341,1861,646

459418436247

40, 4656,3684,756

1,0441,279

5291,999436

200.4223.4150.9

15, 4372, 55716, 34715,174

38

8, 687

32462,680

147.1

33,0221,330

7488,306

13,5662,502

1,046990

11, 074

14737

1,050

280470

0.0252

32.40.019917.15

35,3651,067,365

800, 546804, 526

59.9793,67028, 500

1,872915

2,2271, 3632,113

670426571299

51, 0179,3205, 579

9601,141

1,1362,472664

283.3319.6187.1

11,1352,39211,30016, 082

133

5,513

30979,226

257.7

32, 6021,134

7679,035

14,1721,824

1,5351,01810,864

7744

1,195

367619

0. 0257

34.00.020518.06

1,149,918

826, 510824, 073

61.2825,40627,167

651682

2,4441,7272,175

574434567309

41,41910, 6657,246

1,137871

8832,893462

190. 9333.3177.2

10, 3333,4519,27416, 335

59

2,899

20346,914

200.3

66, 0891,242

3938,487

10, 2204,926

1,271960

15, 562

21744

1,339

314571

0. 0258

34.00.020519.44

1,133,724

623,803622, 338

46.3627,75521, 750

855757

2,0791,7342,072

599404628289

32, 3759, 0418,153

1,204711

9213,427387

249. 5380.0201.8

9,4013, 0249,82816, 000

17

3,121

16537, 241

165. 2

59, 2011,349

6588,316

11,3384,224

1,2861,012

16, 082

9564

1,342

324553

0.0283

36,40.022120.85

44, 0101,414,399

722, 659855, 889

63.6853, 62524, 014

1,5491,343

2,6011,8202,515

697467633420

71, 25031, 23910, 720

1,6831,023

1,0793,994578

294. 2408. 5285.6

14, 2422,83814,42816, 016

79

5,326

25962, 783

211.6

53, 5771,382

1,31310, 961

15, 9504,991

1,9831,14115, 788

2904

1,508

397763

0.0290

37.00.022520.56

1,343,644

516,975851, 681

63.2851,11224,583

674722

2,7882,1462,463

728552643430

42, 45513,1869,888

1, 631895

1, 4154, 674728

208.3365. 4232.5

15, 3613, 51714, 68217, 098

32

5, 868

22660, 249

56, 5341,478

1,21613, 989

19, 2826,319

1,7211,316

20, 601

24748

1,437

425796

0.0290

37.00.022517.38

1,304,039

419, 786684,356

50.9686,14422, 795

1,006755

1,9161,7592,302

503503552268

28,9137,2718,807

1,872758

7514,666749

242.0376.8226.2

15, 2334,34414, 40620, 866

25

6,580

20247, 770

208.5

41, 8691,721

1,13614, 363

16, 0525,252

1,5331,098

17, 759

10602

1,353

361676

0. 0290

37.00.022515.95

52, 3941,268,550

836,618828, 300

61.6832, 07619, 019

719832

2,3251,9352,183

570534513281

34,83313, 6289,194

963

5344,507692

228.2372.8232.1

14, 4984,11814, 72422, 276

19

8,482

23546, 414

191.8

46, 0391,689

73418, 080

20,4916, 574

1,448919

17,468

9578

402733

1,186,752

767, 021636,890

47.0637,81018,099

9791,181

2,0081,8712,071

564533565249

27, 4807,7268,252

1, 621812

6384, 469676

204.0360.3216. 5

16, 2743,98816,40423, 730

12

7,249

33063, 460

171.1

37, 6571,721

86316, 322

14, 6954, 011

1,8991,070

17, 425

6503

1,090

332590

0.0290

37.00.022519.70

1,107,858

674,921596, 980

43.9594, 85820,221

9181,356

1,7141,5622,023

521562491229

'31, 763' 4, 7507,530

1,260'1,012

1,4525,084728

257.5351.1266.6

23,4795,054

22, 41327,147

' 3 4

13,007

45275, 094

179.8

39,7021,620

74014, 451

12, 9663,518

1,949987

15, 526

5637

1,148

380579

'Revised.Classifications changed starting in January 1937, but for all practical purposes the series shown are comparable. Classes 4 and 5 are practically equivalent to former

class 4; changes made in classes 1. 2. and 3 do not affect the total for the 3 classes as shown here.t Revised series. Measuring and dispensing pumps revised beginning January 1936, figures not shown in the October 1937 Survey will be shown in a subsequent issue.

For steam, power, centrifugal, and rotary pumps revisions for period 1919-36, see table 15, p. 19, of the April 1937 issue.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary



NONFERROUS METALS ANDPRODUCTS

MetalsAluminum:

Imports, bauxite longtons..Price, scrap, cast (N. Y.) dol. per lb__

Babbitt metal (white-base antifriction-bearingmetals):

Production, total thous. of lb._For own use ..doFor sale do

Copper:Exports, refined and mfrs short tons..Imports, total do

For smelting, refining, and export doProduct of Cuba and the Philippine Is-

lands short tons__All other.. _ do

Price, electrolytic (N. Y.) dol. per Re-production:*

Mine or smelter (incl. custom intake)short tons..

Refinery doDeliveries, refined, total*. . do

Domestic doExport do

Stocks, refined, end of month* doLead:

Imports of ore, concentrates, pigs, bars, etc.short tons..

Ore:Receipts, lead content of domestic ore. doShipments, Joplin district— _.do

Refined:Price, wholesale, pig, desilverized (N. Y.)

dol. per lb_.Production from domestic ore..short tons..Shipments, reported doStocks, end of month do

Tin:Consumption in manufacture of tin and

terneplate long tons..Deliveries doImports, bars, blocks, etc. _ doPrice, Straits (N. Y.) dol. per lb__Stocks, end of month:

World, visible supply long tons..United States do.

Zinc-Ore, Joplin district:

Shipments short tons..Stocks, end of month do

Price, prime, western (St. L.) dol. perlb..Production, slab, at primary smeltersf

short tons..Retorts in operation, end of mo number..Shipments, totalf short tons..

Domestic! do.Stocks, refinery, end of mo.f do.

Electrical EquipmentFurnaces, electric, industrial, sales:t

Un i t . . . kilowatts..Value thous. of dol

Electrical goods, new orders (quarterly)thous. of dol._

Laminated phenolic products, shipmentsthous. of dol_.

Motors (1-200 H P.):Billings (shipments):

A. C thous. of dol._D. C . . . do.

Orders, new:A. C doD. C do!

Power cables, paper insulated, shipments:Uni t . . . . thous. of ft..Value .thous. of dol..

Power switching equipment, new orders:Indoor.. dollars..Outdoor do

Ranges, electric, billed sales thous. of dol..Refrigerators, household, sales number..Vacuum cleaners, shipments:

Floor cleaners __ do.Hand-type cleaners do.

Vulcanized fiberConsumption of fiber paper thous. of lb._Shipments _ thous. of dol__

46,101.1283

2,159560

1,599

25,14215, 59115, 341

50200

.1353

83, 74590,98272, 84566, 2296, 616

144,321

965

40,9936,129

.064037,98953,85090, 742

3,5608,2456,158.5862

23, 0143,538

40, 70515, 926.0719

50, 02751, 80947, 73747, 73713, 517

215,964

1,179

3,083743

3,014741

8611,321

2,019

110, 08028,944

2,137503

22,836.1198

2,654678

1,977

22, 73712, 93911, 225

131,701.0953

66,84262, 65579, 67275, 8923,780

188, 719

382

30,8922,970

.046029,78850, 685

200, 517

3,3006,2005,626.4474

16,8962,860

35, 78030, 590.0485

42,21140, 67251,77551, 77576,482

5,098

277

191,319

1,086

2,466661

2,691882

655671

75,90622?, 8321,746

80,050

'102,944--39,934

2,185517

19,178.1222

2,491695

1,796

28, 5779,5168,093

241,399.0956

72,07472,89583, 59675,9197,677

178, 018

1,742

30,9104,880

.046339,31759, 210183, 430

3,3006,0056,327.4494

19,0483,315

46, 50031.200.0485

46, 22541,73353,96353, 96368, 744

3,899191

1,131

2,735727

2,508573

67767?

99, 621267,0981,708

44, 380

109, 63632, 944

2,382579

27, 496.1263

2,362570

1,792

24, 56023, 58922, 321

251,243.1016

73,97868, 68275, 40967,3798,030

171, 291

31,0966,390

. 051140, 27350,313176, 960

2,9405,3455,098.5132

23,1483,030

40,83029, 990.0497

45,67043,10356,88756, 88757, 527

5,761291

1,138

2,243558

518607

89, 517192, 9671,425

78, 265

100, 98338,860

2,235510

29, 744.1274

2,706602

2,104

23, 49016, 70212, 599

2,9741,129.1076

69, 65678, 85389, 07682,4096,667

161, 068

1,073

32, 0524, 954

. 055543, 61352, 032171, 856

3,2006, 9308,339.5285

23, 7875,095

44, 24522, 785.0527

46,94042, 96559, 51259, 51244,955

4,578303

228, 062

1,229

3,266811

3, 955

577815

124,562284,3081,719

123, 208

114,89240, 921

2,446599

28,363.1281

2,364518

1,846

22, 0467,1335,994

251,115.1242

75, 21268, 09786, 79180, 8125, 979

142,374

249

35,7604,722

.060041, 22345,718169, 776

3,0707,6158,509.5089

26,1795,478

41, 26214, 288.0585

40,04740, 28551,22751, 22733, 775

6,367356

1,005

2, 476634

3,274

732868

77, 303341,3951,840

171, 405

92,05632, 520

2, 367640

41, 603.1281

2,290579

1,712

29, 09921, 95218,358

2,1331,460.1343

72, 02371, 23377, 48674, 6102, 876

136,121

402

32, 2865,398

.062434, 98650, 375156, 832

3,1307,6757,238. 5194

23, 7744,956

43, 8379,501.0647

37, 79442, 78646,95346, 95324, 616

4,129293

1,059

2,648742

3,3011,074

9551,023

113,645374,719

1, 699245, 718

112,78738, 477

2,321633

43, 016.1281

2,999546

2,453

31, 72814, 55312,905

461,602.1578

91,11883, 67698. 34994, 8303,519

121, 448

602

41, 3727,173

.071941, 42263, 425137, 204

3,6809,08010,468.6271

24,1275,731

40,02110, 980.0738

53,20243, 63559,63559, 63518,183

5.8S3393

271, 064

1,451

3, 670941

4,6261,284

8481,090

138, 367597, 8043,402

352, 58?

148.11352. 301

3,007652

35, 250.1283

2,499599

1,900

26,85014, 54711, 336

2,0711,139.1512

94, 59683,178105, 05095, 8849,166

99, 576

593

37,7755,115

. 061843, 90855, 200128, 462

3,5506,9956,430

24, 5934,741

39,19014, 690.0701

52,00943,66056, 22956, 22913,963

6,619458

1,292

3,4501,018

4,276965

9791,533

209, 894754,8273,159

335, 214

140, 51650,020

2,780

29, 570.1275

2,206621

1,585

34, 43613, 28110, 717

412,523.1378

87, 57995, 26586, 25681, 3364,920

108, 585

848

37, 2936,623

.060040,19255, 212115,843

3,6806,4256,557.5563

23, 7215,144

44, 63218, 358.0675

55,01243, 72455, 20155, 20113, 774

3,491325

1,226

3,599660

3,260695

1,234

148,916335,9372,842

333, 061

125,92142, 688

2,616679

35, 734.1252

2,593586

2,007

25,92719, 65715,942

2,5381,177.1378

89,88286, 01683, 58177, 7255, 856

111,020

41, 6295,427

.060037, 32142, 710113, 370

3,2606,6456,344.5584

23, 2914,810

35,04420, 624.0675

50, 52644,18650, 21950, 21914, 081

8,290547

260,836

1,190

3, 5601,038

3,642984

8841,295

123,697433,2193,092

267, 770

102,15334, 386

2,809620

51, 026.1238

2,099516

1,584

32, 24131, 73529,161

1,5081,067.1378

85, 24379, 61172, 89067, 3565,534

117, 741

186

38, 8724,602

.060042,48047,727111, 103

3,3304,9806,558.5931

25, 6466,193

46, 52411,070.0692

49,18146,19949, 70149, 70113, 561

3,440257

1,135

3,222793

2,9511,655

1,370

141,314497, 8902,271

192,906

83, 72527, 508

2, 509520

23, 857.1265

2,387777

1,610

26, 47322,94620,867

1,967112

.1378

90, 94782, 83574, 39268, 0196,373

126,184

935

38,7194,465

.064542,46054, 551

103,518

3,4607,5806,312.5940

26, 0165,850

36,83915,451.0719

48,30950,16350, 64350, 64311,227

4,134255

1,042

3,334769

3,176481

1,1071,527

127,128361, 758

1,840120,543

88, 45627, 786

2,471517

r Revised.*New series. For earlier data on production, deliveries, and stocks of copper see table 26, p. 20. of the July 1937 issue. These data differ from the figures shown on p. 123

of the 1936 Supplement, for which monthly data for 1936 were given in table 27, p. 20 of the July 1937 issue.t Data on the production, shipments and stocks of zinc revised for 1936; see p. 50 of the May 1937 issue. Data on industrial electric furnaces revised by the Industrial

Furnace Manufacturers Association, Inc.: data formerly collected by the National Electrical Manufacturers Association. The present series is based on the reports of 12manufacturers which represent 85 to 95 percent of total sales of electric furnaces for industrial purposes. Data beginning January 1936 will be shown in a subsequent issue.

November 1937 SUKVEY OF CURRENT BUSINESS 51


1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary



NONFERROUS METALS ANDPR ODU CTS- ContinuedMiscellaneous Products

Brass and bronze (ingots and billets):Deliveries. net tons__Orders, unfilled, end of mo do

Plumbing fixtures, brass:Shipments number of pieces..

Radiators, convection type:Sales:

Heating elements only, without cabinetsor grilles...thous. of sq. ft. heating surf..

Including heating elements, cabinets, &grilles thous. of sq. ft. heating surf..

Sheets, brass, price, mill dol. per lb._Wire cloth (brass, bronze, and alloy):

Orders:New _ _ thous. of sq. ft..Unfilled, end of mo. do

Production _ doShipments ___doStocks, end of month do

6,68318, 641

1,419,541

90

484.196

28779J5426376637

6,78323,796

1,561,410

106

448.155

455528433442740

8,02532,411

1,657,418

141

459.157

505567501457764

7,77330,436

1,539,774

103

426.162

517672428418771

7,93933,077

1,804,702

168

328.168

689774521508749

10,02229, 309

1,929,150

47

343.178

1,1911,355

535512774

9,43330, 286

1,878,903

33

236.189

2151,362

488477781

10, 62626,408

2,109,679

34

448.210

1,1072,051

557558790

10,10120, 549

1,863,871

47

422.207

3551,763

580628732

8,21018,037

1,554,575

116

336.196

1701,414

525510729

6,58415, 784

l.P49,582

56

446.198

2361,176

455467698

7,08717, 542

1,409,558

51

352.198

3361,010

493512654

7,H522,311

1,565,938

103

410

320876431453633

PAPER AND PRINTING

WOOD PULP

Consumption and shipments:! •Total, all grades. _ short tons..

Groundwood doSulphate doSulphite, total do

Bleached doUnbleached do

Soda doImports:

Chemical doGroundwood do

Production:!Total, all grades do

Groundwood doSulphate doSulphite, total do

Bleached doUnbleached do

Soda _doStocks, end of monthf:

Total, all grades doGroundwood doSulphate doSulphite, total do

Bleached. doUnbleached _do

Soda doPrice, sulphite, unbleached dol. per 1001b-_

PAPERTotal paper:

Paper, inch newsprint and paperboard:Production^ short tons.-

Paper, excl. newsprint and paperboard:Orders, new short tons..Production doShipments do

Book paper:Coated paper:

Orders, new doOrders, unfilled, end of mo doProduction- do

Percent of potential capacityShipements. short tons.-Stocks, end of month do

Uncoated paper:Orders, new. doOrders, unfilled, end of mo doPrice, cased, machine finished, at mills

dol. per 1001b..Production short tons..

Percent of potential capacityShipments- short tons..Stocks, end of month do

Fine paper:Orders, new.- .doOrders, unfilled, end of mo doProduction! doShipments _doStocks, end of month do

Wrapping paper:Orders, new doOrders, unfilled, end of mo doProduction. doShipments doStocks, end of month do

539,553121,299193,327171,713103,78267, 93153, 214

209,69217,136

522,106104,839195,083169,12999,31369,81653,055

100,73832,47613, 80250,39033,88316,5074,0703.75

6.25

481, 745120,190157,116156,13198,35557, 77648,308

208,93328,183

464,735109,463154, 947151,38194,12057, 26148,944

85,31029, 2806,203

45,17028, 56516, 6054,657J.94

843,417

459, 373442, 692449,087

18,8957,40719,23977.7

18,98312,157

91,45234,208

5.2595, 79383.2

94,14194,548

31, 8659,995

30, 62531,72766,100

159,71287,212150, 952153, 243110, 704

529,035137,945168, 533169,416106,99462, 42253,141

201,28423,572

519,909130, 383167,030170,089105,93564,15452,407

77, 65622,7424,784

45,99927,65118, 3484,1311.98

984,688

560,150543,763538, 340

20, 5546,634

22,22583.4

22,04812, 334

101,41334,270

5.25103,417

83.5101, 64889,724

50, 57813, 80047,41646, 61066, 771

207. 06295, 934195,874199, 369108,163

504, 627132,914161, 442157, 897

59,88952,374

198,19527,031

501,810130,436161, 604159,26598, 40260,86350, 505

75, 72220, 6004,98547,31728, 04719, 2702,820

864, 309

505, 593462,837457, 044

28, 28712, 65922, 76183.4

22, 53113, 386

115,47754,829

5.3898,93984.3

98,44892, 607

40, 03316,46837, 98636,61068, 325

170, 910116,625155, 605151, 785111,912

511,019134,039158, 782161,91299,94661, 96656, 286

215,61226, 333

512,057138, 470159, 420158,16196, 38061, 78156,006

76, 61424,6345,474

43,86724, 86818,9992,6392.33

956,779

613,669547,958563, 997

28,11912, 78326,83591.0

28, 95212, 785

127, 83466, 239

5.50112,689

86.2119,23186, 067

53, 67921, 47048,11248,30867,972

230,499153,811196, 998200, 433110, 612

526, 747131,041172, 386165,192100,25564, 93758,128

192, 78820, 735

540,822139,109172, 559170,968103,67667, 29258,186

71,71222, 9266,014

40,09124, 24615,8452,6812.63

953,283

529, 312508,256515,417

26, 67611,11627,21094.0

27, 93911,884

114,64364, 372

5.75111,733

90.6114,08580, 267

48, 62024,77843,48245,63263, 068

175,286145, 838171,170172, 644108, 325

504,031122,003160,859165, 61399, 37366, 24055, 556

214,11517,093

513,703130,067161, 343166,958104,71362, 24555, 335

78, 58627, 9706,435

41, 64028,48913,1512,5413.01

944,049

519,798498,546497, 810

21, 7469, 257

23, 043103.022,86311,029

111,11269, 703

5.75104,795

95.7103,82984,191

44, 63823, 96044, 51645, 05062, 534

180, 618151, 786166,827169,767104,241

563,062138,800179,091183, 588116,30167, 28761, 583

170, 03817,296

576,097148,927179,091186,766115,18471, 58261,313

87,82087.4036,435

44,58028.40416,1762,4023.34

1,102,273

647,063591,191595, 070

24, 70910, 85521,46594.5

21,18810, 230

131, 53782,244

5.75109, 260

94.8112, 74177, 743

66,31735,13253,89853,24659,947

220,843164, 719212, 608215,170102, 383

548,147137, 217183, 586167,89898,00369,89559, 446

121,59722,029

566,723148,182182, 673176,243102, 51473, 72959, 625

101, 03641,2845,663

51, 57132, 80718,7642,5183.75

1,028,290

517,972531, 006521, 707

23, 87512, 01622, 70998.5

23,10310, 041

111,83483, 565

6.13116,969102.6

111,63483, 785

38, 70333, 22443,32742,29359,775

171,669156,564176,880177, 970101,838

570,846139,806186, 648184, 749106,23178, 51859, 643

214,58124, 062

580,880152, 627188,153180,217103, 53976,67859,883

106, 87649, 5417,022

47, 63330,18217,4512,6803.63

1,010,852

470, 029523,448507,459

15, 0827,907

21,12393.5

20, 34510,819

97, 98176, 930

6.25111,959

98.3108,82887, 658

32, 61328, 45040, 66639,08066 123

153,148143, 532176,092169,437104, 521

567,210134,425189,037185, 836106,43379,40357,912

269,14622,079

579,096144,233191,916184, 627108, 71675,91158, 320

116,09655, 7349,761

47, 62832,44615,1822,9733.65

1,017,237

• 509, 205' 575,347•567,935

14,4595,31918, 56384.6

17, 64611,456

91, 34464, 540

6.25101,288

94.099,16887, 454

26,28045, 36844,32467,279

185, 604123,420211,436206, 864108,129

550,945127, 483191,148177, 862106, 52771,33554, 452

226,49227, 508

547,611121,877191,916179,037106, 54272, 49554,781

114,08352,11110, 39548, 38732,44615, 9413.1903.75

910,023

409, 9294S7,238468,454

13,8494,94017, 42577.3

16, 55712, 615

78, 74054, 212

6.2599,68487.9

94, 01294, 490

26, 24720, 97834,22032, 65369, 509

136,379101, 208165, 597158,991113,393

565, 649128, 427203, 297179, 787103, 92275,86554,138

201, 01915,504

559, 239113,955205, 350184,408109, 73874,67055, 526

112,54942, 73112,21453,43038,28615,1444,1753.75

928,082

422, 062482,250451,877

14,4264,20216, 65175.9

14,72514,178

81,85949,609

6.2597,40987.1

89, 395102, 457

25,77115,19136, 21832, 00873,504

140, 50186, 667162, 727153, 787120, 908

1See note marked' ' V on next page. r Revised. • Comprises pulp used in the producing mills and shipments to the market.fRevised series. Production of wood pulp, except soda pulp, for 1936 has been revised to conform with the industry totals reported by the 17. fif. Pulp Producers' Associa-

tion for that year. See p. 51 of the March 1937 issue. For these items consumption and shipments have been adjusted to the revised production figures by the Survey of CurrentBusiness. For the same items, data on production and consumption and shipments for 1935 adjusted to census data for that year will appear in a subsequent issue. Pendingpublication of these figures, data shown in monthly issues starting with March 1937 can be used in conjunction with earlier data shown in the 1936 Supplement without seriouserror. Figures on stocks have not been adjusted to industry totals. All wood-pulp data except soda pulp, are based on the reports of 162 identical mills through 1936, 145mills for period January 1937 through July 1937, and 147 mills since that date, adjusted to a comparable basis. Data on soda pulp (production and consumption and ship-ments) have been adjusted to the 1935 census by the Survey; earlier figures appeared in the 1936 Supplement.


Monthly statistics through December 1935, to-gether with explanatory notes and referencesto the sources of the data may be found in the1936 Supplement to the Survey

1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


PAPER AND PRINTING—Continued

PAPER—ContinuedNewsprint:

Canada:Exports short tons..Production! doShipments from mills! doStocks, at mills, end of mo.f do

United States:Consumption by publishers! doImports doPrice, rolls, contract, destination (N. Y.

basis) dol. per short ton_.Productioni ...short tons..Shipments from mills doStocks, end of month:

At mills do....At publishers! doIn transit to publishers! do

Paper board:Consumption, waste paper doOrders, new do—Orders, unfilled, end of mo doProduction! do

Percent of capacityStocks of waste paper, end of month:

At mills short tons..PAPER PRODUCTS

Abrasive paper and cloth, shipments:Domestic reams..Foreign do—

Paperboard shipping boxes:Shipments, total mills, of sq. ft.

Corrugated do—Solid fiber. do...

PRINTINGBlank forms, new orders thous. of sets..Book publication, total no. of editions.

New books d o . . .New editions do—

Operations (productive activity)...1923 = 100.Sales books, new orders thous. of books.

308, 655312,351306, 54889, 553

183,185303,351

42.5077, 63573, 838

21, 473420, 82559,489

67, 4227,724

111,485942831111

16, 049

278,368269,074268,909

65, 718

175, 801238, 317

41. 0072, 20675, 599

16, 878232, 20442, 881

281, 046353,197135, 732328, 519

79.1

191, 408

79,4697,455

2,8092,485

324

107,42180969011994

16, 920

280, 733301, 096307, 250

59, 439

203.198260; 135

41.0081, 07681,771

16,400236, 743

42,106

306, 874357, 783138, 830359, 849

82.7

189, 590

85, 8249,377

2,6502, 392

258

129, 0341,195

96622998

18, 513

295, 833286, 235293, 539

51, 986

223, 813249,153

41.0079,84880,469

15,988214, 568

56,425

274, 332308, 732127,193321, 624

79.6

182, 822

69, 9527, 327

2,2812,092

189

140, 638841732109101

16,166

286, 233289,312316, 723

24, 506

r209,109278,991

41.0080, 04881,910

14, 239251, G91

54, 294

279, 068350, 452130, 472328, 773

75.6

199, 404

74,71311, 492

2,4882,276

212

166, 9701,074

868206

9819,139

259, 543286,991261,992

49, 505

183,106238, 426

42.5079, 36275, 046

18,673257, 241

49, 013

295, 554407, 716221, 409365, 665

82.0

211, 295

81,9456,294

2,3082,074

234

106, 9447816948799

16, 959

222,945275, 532251, 256

73, 769

••175,617204, 689

42. 5072, 07274,941

15, 995243, 951

54, 013

295, 477386, 781236, 011373, 431

90.0

196, 570

80, 2949,972

2,4282,195

233

149.1941, 011

815196103

16, 057

294,935302, 068290,96884,902

'199,057270,478

42.5082, 57679, 582

19, 001246, 873

57, 071

339, 242453, 621265, 575428, 506

91.6

197, 977

90, 36513, 971

3,0182,712

306

129, 377889740149100

19,711

252, 790298,678311,584

72, 223

199,355263,620

42.5078,61985,915

12, 406258, 740

59, 427

341, 597404,108200, 833418, 665

92.8

211, 628

135, 45110, 919

2,7782,506

271

127, 262885724161100

18, 996

294, 726309, 210313,414

69, 357

-206,695279,937

42.5078,90777, 647

12, 645' 278, 820

49, 612

330, 250356, 687154, 379408, 497

90.7

234, 239

103, 8629,104

2,5492,292

256

123, 341945800145102

15, 799

306, 646311,017311,824

67,438

'189,297288, 291

42.5078, 50076, 255

14,944298, 597

50, 550

287, 504315, 787100, 785363, 390

80.2

257,185

81, 8138,556

2,6322,385

247

115,14168958010995

16, 633

305,163314, 529301, 850

79, 993

' 170, 455302,982

42.5078, 20579, 759

13, 090344,147

52, 964

274, 463326, 334

90, 391344, 080

72.9

254, 554

76, 2098,498

2,3442,114

230

91, 80584674110590

16, 506

283,128318, 713313,435

85, 256

173,338260,158

42.5080, 31175, 724

17, 676•380,070r 55, 769

287, 443346, 009

72,944365, 521

79.3

258, 064

66, 0397,711

2,4842,225

258

106,989826702124

"I6~69~

RUBBER AND RUBBER PRODUCTS

CRUDE AJVD SCRAP RUBBERCrude:

Consumption, totaltt long tons.For tires and tubes! do...

Imports, total, including latex do...Price, smoked sheets (N. Y.) dol. per lb.Shipments, world long tons.Stocks, world, end of month! do...

Afloat, total do—For United States do...

London and Liverpool do...British Malaya doUnited States! do...

Reclaimed rubber:%]Consumption doProduction do...Stocks, end of month do

Scrap rubber:Consumption by reclaimers (quar.)__.do

TIRES AND TUBES*Pneumatic casings:

Production thousands.Shipments, total do...

Domestic do...Stocks, end of month do...

Inner tubes:Production do...Shipments, total do...

Domestic do._.Stocks, end of morth do

Raw material consumed:Crude rubber. (See Crude rubber.)Fabrics thous. of lb_

MISCELLANEOUS PRODUCTSSingle and double texture proofed fabrics;

Production thous. of yd.Rubber and canvas footwear:!

Production, total thous. of pairs.Tennis do...Waterproof do...

Shipments, total do...Tennis do—Waterproof do...Shipments, domestic, total do...

Tennis do—Waterproof do—

Stocks, total, end of month do—Tennis do...Waterproof do...

43,8930)

57, 024186

106,000469, 768140,00083, 28849, 80787, 579190,00013,68116,41021, 597

0)0)0)0)

0)0)0)0)

0)

3,975

1,5575,0407,3161,1346,1827,2541,0936,161

20,0465,43114,615

46, 44935,09350,033.164

71, 343493, 58596,00062, 240103, 96260,287233,336

11,42412, 22113,874

33, 741

4,9813,8363,7689,005

5,1614,2314,0318,627

20, 974

4,849

6,0031,1504,8538,0631,4816, 5828,0391, 4656,57414, 5673,28611,281

49, 63736, 52040,965.165

80, 552486,159106, 00067, 82596, 62559, 534

224, 000

12,89213,89814, 673

5,1254,0814,01210,089

5,3974,1084,0559,977

21, 690

4,650

6, 7511,2805,4717,897

7967,1027,844751

7,09313,4303,7809,651

50,43337, 21538, 414.180

77,000466,491105,00073, 69188, 78160, 230211,480

12,30213, 54015, 643

4,9694,2324,16210,814

4,7393,9953,94810,732

21, 744

3,672

6,4961, 4615,0356,502

5885,9146, 464557

5,90813, 4254,6548,771

49, 75437,17951, 382.200

79,000466,576103,00056, 56778,46262,114223, 000

13, 28015,03119,000

36, 347

5,3115,0164,92611,114

5,1214,8194,75410,985

22, 649

3,953

7, 5991, 9515,6487,4091,2956,1147,3731,2656,10813,6155,3108, 305

48, 74436, 77743,339.214

71, 000454, 24998,00055, Q9671,06278, 276

206, 911

13, 36615,12919,010

4.9804,5094,42111,377

4,8014,3914,32711,100

22, 207

3,884

5,8982,4183,4806,0182,6393,3795,9542,6033,351

13, 4545,1088,346

50,28237, 03044, 715.213

71, 000445, 26594,00053, 53863, 76086, 478201, 027

13, 48515,19219, 017

5,2464,3714,27612, 308

5,0914,5364,46911, 734

23, 426

4,342

5, 9353,2412,6944,5203,3081,2124,4863,2911,195

14,8695,0419,829

54, 06442, 63840, 898

.246101, 000447, 856125, 00056, 99452,07782, 802187, 977

14,80114, 45818, 839

42, 398

5,9165,7875,687

12, 448

5,8235,5715,499

11, 904

26, 542

5,255

7,5954, 2693,3275,4394,3611,0785,3774,3091,06816,9984, 94512.053

51,79741,47943, 024

.23490, 000428. 249124,00072, 53048, 74877, 255

178, 246

15,60713, 88414,010

5,7305,5605,438

12, 629

5, 6275,3255, 242

12, 218

24, 6

4,626

7,1974,0533,1445,0273,7841,2435,0273,7841,24319,1675.21313, 954

51, 73337, 95148, 898.213

87, 000413,134117,00058, 54246, 62874, 487175,019

14.61215, 79314, 647

5,3525,3755,281

12, 592

4,9565,0284,95912,107

23,268

3,991

6,7343,6353,0984,7843,7781,0064,7353,736999

21,1165,07116,045

51,79837, 90249, 635.193

95,000433,257125, 00057,21543, 42793, 630172,193

14,41416,05214, 535

45, 495

5,3395,3895.297

12, 529

4, 7165,0274,95711, 746

23,033

4,259

6,4552,7653,6904,7882,9471,8404,7062,8741,832

22, 8144,89517,919

43,65030,28943, 414

.189111,000445, 782144, 00075,77942,17588, 046171, 561

11,92416, 24117, 992

4,2925,1905,11211,654

4,0195,0464,99310,869

18, 494

3,380

4,6791,5843,0955,7642,0753,6895,7382,0553,683

21, 7294,40417, 326

41,4560)49. 820. 184

102, 000457, 462140,00080, 439

r 45, 21192, 661179, 590' 13, 227r 16,543• 19, 706

0)0)0)0)

0)0)0)0)

0)

3,802

6, 4541,7894.6667,4241,1906.2347.3631,1426,22220.7464, 99015. 757

T Revised. * Monthly data no longer available; quarterly figures will be shown starting September 1937.UFor data raised to industry totals, see the 1936 Supplement. Figures shown here are as reported; these were also given in the 1936 Supplement.f Revised series. Data on total rubber consumption, world and United States stocks of rubber, consumption, production and stocks of reclaimed rubber revised for 1935

and 1936. Revisions not shown in the May 1937 Survey, will apper in a subsequent issue. Data for newsprint (Canada), except exports, revised for 1936. See p. 52 of theApril 1937 issue. Newsprint stocks at publishers and in transit to publishers revised back to 1926. Revisions not shown on p. 52 of the April 1937 Survey will be shown in asubsequent issue. Revisions in consumption of newsprint by publishers was occasioned by errors in computations. Earlier revisions will be shown in a subsequent issue.

JData are raised to industry totals; see the note explaining these series in the 1936 Supplement.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


STONE, CLAY, AND GLASS PRODUCTS

PORTLAND CEMENT

Price, wholesale, composite dol. per bbL.Production thous. of bbl..

Percent of capacityShipments thous. of bbL.Stocks, finished, end of month doStocks, clinker, end of month do

CLAY PRODUCTS

Bathroom accessories:Production number of pieces..Shipments doStocks, end of month do

Common brick:Price, wholesale, composite, f. o. b. plant

dol. per thous._Shipments thous. of brick_.Stocks, end of month .do

Face brick:*Shipments doStocks, end of month do

Vitrified paving brick:Shipments doStocks, end of month do

Terra cotta:Orders, new:

Quantity short tons..Value thous. of doL-

Hollow building tile:Shipments short tons..Stocks, end of month do

GLASS PRODUCTS

Glass containers:Production thous. of gross-.

Percent of capacityShipments thous. of gross..Stocks, end of month do.

Illuminating glassware:Orders:

New and contract number of turns..Unfilled, end of month do_

Production do.Shipments do_Stocks, end of month do.

Plate glass, production thous. of sq. ft_.

G Y P S U M A N D P R O D U C T S

Crude:Imports short t o n s . .Production do .Shipments do .

Calcined, production doCalcined products, shipments :

Board, plaster, and lath thous. of sq. ft. .Board, wall doCement , Keene's short tons. .Plasters, neat, wood fiber, sanded gauging

finish, etc short tons. .For pottery, terra cotta, plate glass, mixing

plants , etc short tons. .Tile, part i t ion thous. of sq. ft.

1.66711, 223

53.112, 77321, 3895,894

745,035725, 444426, 387

12.076

133

4,54882.54,4007,843

2,8292,8242,8862,7315,04316,479

1.66712, 34757.1

12, 61918, 7384,838

792, 220747, 459441. 989

11.813173, 723419,872

58, 797269,206

10,80071,400

1,120134

89,264309,960

3,99472.6

4,3457,015

2,7832,5912,6843,05619,553

251,668863,234265,849617,487

147, 81883,8109,776

421, 740

52,6924,946

1.66712, 47056.0

13, 08918.0794,980

938,135908, 603434, 296

11.788189,104433, 730

60,877269, 685

11,61468,319

982120

92, 643315,242

4,25072.24,310

3,4333,0573,1063,0953,10320,843

1.66710, 97750.98,94220,1175,180

973, 750964, 479427,509

11.777163,246450,194

46,991276, 793

9,73864,034

1,492128

71,919333,108

3,88074.2

3,6117,006

3,1503,1023,0872,9803,23613,084

1.6678,97140.36,246

22,4415,564

726,183679,623442, 507

11.818141,080456,543

36,970289, 657

5,09962,554

1,372171

62,418344,131

4,03371.2

3,6757,291

2,9262,9533,3543,0753,4217,371

248,109723, 319206,586523,389

134,96282, 3637,948

340,463

47,7334,413

1.6676,61630.44,68924,3946,160

793, 568768, 774416, 742

11.889108,169444,247

30,042299,122

3,14661,369

819103

51, 338354, 608

4,03971.33,8817,393

3,5153,5183,1932,8303,7396,373

1.6675,83729.65,163

25, 0596,788

652, 251633,059415,324

11.941113, 598414, 723

29,094296,411

3,25759,133

3,645248

51,082354,210

3,88073.83,7677,459

2,4732,8942,8492,6883,93518,676

1.6678,44338.67,879

25, 6227,554

,077,319,092,424397,351

11.915163,801386, 919

46,667297, 654

4,03857, 691

1,060127

79,793358,256

4,19871.0

4,4617,145

2,7112,5033,3693,1194,14020,743

26,542606,523148,756540,500

149,33788,3829,181

355,199

51,9744,964

1.66710,40248.8

10, 272p 25, 7477,544

956, 547885,696422,837

12.030191,040385, 276

58,214297,426

6,71656,727

1,750223

100,381351,509

4,54379.74,3757,243

2,8852, 6213,2782,8644,56421,956

1.66711, 634

53.211,89025, 4937,540

1,161,3821,117,265

395,303

12.103191,275401,852

298,114

6,87760, 271

1,077140

96,246359,881

4,84488.4

4,7957,215

2,9072,8483,1522,6584,96519,437

1.66711,163

52.812,64524,0117,360

1,071,1201,005,581

414,774

12.110184, 625435,318

61,557297,703

9,43161,249

916128

84.932367,022

4,98987.1

5,1526,981

2,6812,8702,9472,6525,260

19,392

299,655897,114256,864664,616

187,896107, 330

10,563

446,885

63,4274,273

1.66711, 597

53.112,23723,3706,771

1,195,9721,153,450

374,334

12.125167,085463, 531

57,120297,406

8,58063, 646

' 1,082••122

•80,317' 362,455

4,97886.9

4,6477,259

2,2662,6922,0312,2895,038

15,345

1.66711,894

54.412, 29122,940' 6,347

1,268,2181,181,549

411,516

12.116158,277473,347

54, 516300,310

7,70766,533

'1,495••177

80,776365,689

5,25991.8

4,6637,776

2,4582,7202,3122,4264,923

17,898

TEXTILE PRODUCTS

CLOTHINGHosiery:

Production thous. of dozen pairs..S hipments doStocks, end of month do

COTTONConsumptionf thous. of bales..Exports (excluding linters)f doG innings (total crop to end of month indicated) f

thous. of bales..Imports (excluding linters) doPrices:

To producer dol. per lb_.Wholesale, middling (New York) do

Production (crop estimate) thous. of bales..Receipts into sight doStocks, end of month:

Domestic, totalf doMills do.__.Warehouses do

World visible supply, total doAmerican cotton do

602617

8,2595

.090

.090; 17, 5733,075

7,918991

6,9266,4214,863

10,82812,11719,263

630570

6,0329

.125

.123

2,950

7,501848

6,6526,3784,578

11,56612, 23518,801

651861

.122

.123

3,451

9,4471,4138,0347,6795,845

10,71610,84618,879

626690

11,4939

.120

.122

2,245

10,1871,8018,3868,1516,271

11, 28p11,05419,312

695594

11,69916

.123

.128• 12,3991,190

9,7922,0067,7878,0026,038

11,3649,84520,974

679538

11,95615

.124

.130

695

8,8522,0746,7797,8125,525

11,31111,47420,954

666486

23

.124

.131

622

8,0232,0615,9627,4574,984

12,11612,55520,659

777

12,14145

.135

.145

697

7,1142,0785,0366,7874,348

11,54711,37620,972

719373

.137

.143

519

6,2021,9874,2156,2943,858

10,9209,759

22, 277

670324

.129

.133

327

5,3981,8153,5845,5963,361

11, 2549,93623,738

681230

36

.124

.127

295

4,6401,5493,0904,9042,837

9,3029,38123,659

583124

14319

.124

.124

175

4,0991,2862,8134,3612,549

r Revised.*New series. Data on face brick shipments and stocks, compiled by the U. S. Department of Commerce, Bureau of the Census,

>rior to the January 1937 issue. Data beginning January 1934 are shown in table 34 p. 20 of the August 1937 issue.b Total crop.

9,91510,71822,856

604220

1,871

.107

.103

1,064

4,465961

3,5044,3742,763

supersede those shown in the Surveyhe Jan

Total crop.As of October 1.

id i« As of October 1.t Revised series. For revisions for cotton year 1936-37, see p. 53 of the October 1937 issue.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


TEXTILE PRODUCTS—Continued

COTTON MANUFACTURES

Cotton cloth:Exports .thous. of sq. yd_.Imports _'.>_doPrices, wholesale:

Print cloth, 64x60 dol. peryd_.Sheeting, brown, 4 x 4 do

Finished cotton cloth:fProduction:

Bleached, plain thous. of yd._Dyed, colors doDyed, black . . . . doPrinted do

Stocks, end of month:Bleached, dyed colors and dyed black

thous, of yd__Printed do

Spindle activity:!Active spindles thousands..Active spindle hrs., total mills, of hrs._

Average per spindle in place __.hours..Operations pet. of capacity..

Cotton yarn:Prices, wholesale:

22/1, cones (Boston).. dol. per lb__40/1, southern spinning do

RAYON AND SILKRayon:

Deliveries! 1923-25=100..Imports thous. of lb__Price, wholesale, 150 denier, "A" grade

(N. Y.) dol. per l b . . .Stocks, producers, end of mo.f

no. of months' supply-.Silk:

Deliveries (consumption) bales..Imports, raw thous. of lb__Price, wholesale, raw, Japanese, 13-15 (N. Y.)

dol. per lb_.Stocks, end of month:

Total visible supplyt bales..United States (warehouses) do

WOOL

Consumption of scoured wool:1fApparel class thous. of lb_.Carpet class do

Imports, unmanufactured .doOperations, machinery activity:

Combspercent of active hours to total reported..

Looms:Carpet and rug doNarrow doBroad do

Spinning spindles:Woolen doWorsted do

Prices, wholesale:Raw, territory, fine, scoured dol. per lb_.Raw, Ohio and Penn., fleeces .doSuiting, unfinished worsted, 13oz. (at fac-

tory) dol. per yd_.Women's dress goods, French serge, 54" (at

mill) dol. per yd . .Worsted yarn, 32's, crossbred stock (Boston)

dol. per lb._Receipts at Boston, total thous. of lb . .

Domestic doForeign do

Stocks, scoured basis, end of quarter, totalthous. of lb__

Woolen, total doDomestic doForeign do

Worsted, total doDomestic- doForeign do

MISCELLANEOUS PRODUCTS

Buttons, fresh-water pearl:Production _.pct. of capacity..Stocks, end of month thous. of gross..

Fur, sales by dealers thous. of dol..Pyroxylin-coated textiles (artificial leather):

Orders, unfilled, end of mo.-thous. linear yd. .Pyroxylin spread thous. of lb . .Shipments, billed thous. linear yd. .

17, 5115,560

.051

.069

112, 74178, 3637,154

262, 006102,843

23,8877,658285

124.1

.257

.407

5601,573

.63

0.5

36, 3724,958

1.851

152,85743,957

17, 3047,25916, 896

76

562758

7247

.97

.42

1.999

1.213

1.3812,1298,439

135,25949,91537, 69912, 21685,34463,78821,556

42.67,196

v 2,164

3,1795,4814,962

14, 3877,098

.060

.075

148,115139, 2987,740

111,118

237,240113,614

23, 5198,077

125.8

.303

.444

7132,072

.60

0.6

45, 7096,900

1.698

155,25329,553

21, 4779,20719, 639

95

65

1.074

1.2616,15613,1533,004

126,84644,57435,3509,224

82, 27265,16117, 111

56.07,5502,808

2,6686,0875,232

15, 3598,034

.077

167,411147,46410,437128,227

231,751117,209

23, 6628,336300

123.9

.304

1,113

0.5

43,0936,953

1.756

157, 50030, 300

25, 86111, 88023,550

97

4672

9074

.90

.39

1.652

1.064

1.2515,47812,0603,418

61.07,4612,297

2,4106,0815,408

12,8439,648

.077

148,811124,4467,107

122, 237

243, 369115,491

23,8148,000289

130.4

.311

.452

7141,513

0.4

40,4017,214

1.935

165, 71340, 713

23, 9279,937

25, 548

109

644282

83

.98

.43

1.782

1.101

1.3420,28015,5154,766

62.27,3952,850

2,6845,3215,094

13, 75015,123

169, 520140,5088,416

134,003

253,413122,114

24,0838,698315

135.4

.341

.483

7131,540

.60

0.2

41, 6277,275

180,11444,414

27,85111,35529,037

123

10092

1.06.49

1.955

1.139

1.4718,9116,13912, 772

129, 20445,76335, 22310, 54083,44144,48438, 957

66.37,3493,941

3,6335,6485,495

14, 50215, 591

.081

158,507136,4937,595

135,817

248,338115,428

24,4008,582313

136.9

.347

.513

7171,494

.60

0.2

44,1987,413

2.051

160, 94450, 544

28, 81412, 80246,890

116

645697

105

1.11.52

1. 955

1.151

1.4928, 6025,12623,476

58.46,7253,983

4,1105,9655,618

15,89219, 278

.076

151, 363122, 2326,415

120,758

250,148114,852

24, 5188,352307

144.2

.344

.482

7202,095

0.1

38,4846,472

152, 80849, 408

25, 72212, 81446, 292

123

7259100

111

1.07.50

2.005

1.188

1.5038,6182,407

36, 212

64.76,6124,444

4,7316,4985,806

20, 33922, 257

.079

166, 600135, 5606,677

130,393

260,013113,050

24,6409,607355

146.6

.364

.482

6912,467

.60

0.1

39, 9345,026

2.012

146, 33141, 731

26, 32812, 51148,528

124

745897

10487

1.05.45

2.030

1.188

1.4634, 7307,745

26, 985

120, 52646, 31531, 75114, 56474,21126, 94047, 271

64.16,4655,228

5,1677,8037,412

16,32023,931

.076

.095

155, 279125,1547,172

120, 262

262, 864119,571

24, 7279,175339

146.4

.363

.490

4,240

.63

0.1

40, 5615,742

1.975

142, 38240,882

28,98212, 84238, 201

122

705492

9882

1.08.46

2.079

1.207

1.4525,32210, 69714, 625

63. 26,5054,839

4,4147,1566,766

17, 38615,090

.090

140,065108,8887,729

104, 410

276, 273125, 754

24, 6568,562316

137.6

.336

.479

7152,917

.63

0.1

35, 2785,148

140,80241,302

22,86210,35029,990

113

10082

1.04.42

2.079

1.213

1.4537,97823,34014, 638

60.46,7464,855

2,8765,5555,727

15,55410,743

.065

.085

119, 67292,1906,555

88, 294

280, 983129,359

24, 5588,595318

136.6

.311

.452

6862,389

.63

0.1

35, 7835,521

1.827

130, 25645, 556

20,0459,571

28, 518

101

654589

73

1.00.43

2.079

1.213

1.4353,14941,31511,833

142,554'48,890• 33,603r 15, 287' 93, 664' 64, 853' 28,811

49.07,0023,223

2,8864,9585,018

14,41810, 576

.063

.081

118,95688, 355

6,95986,089

268,428118,383

24, 3947,665

284121.9

.293

.439

.63

0.2

31,3994,015

141,09441, 494

20, 5107,903

19,302

84

503273

7957

1.00.43

2.079

1.213

1.4138,90436,186

2,718

30.57,0023,185

3,0244,3174,121

16,4187,896

.058

.075

115,01386,792

7,73291, 578

272, 709120,338

24, 3538,185

304130.5

.272

.413

' 6 9 11,954

0.2

33, 5575,174

1.873

152,08344,183

20,0448, 668

21,116

613474

59

1.01.43

2. 035

1.213

1.4029,23725, 7963,442

44.57,099

' 3,994

3,1175,9824,804

» Preliminary. r Revised.f Revised series. Data on finished cotton cloth revised beginning 1934; see table 31, p. 19 of the August 1937 issue; for spindle activity revisions for cotton year 1936-37,

see p. 54 of the October 1937 issue. For revised series on rayon deliveries 3nd stocks, see table 43, p. 20 of the October 1937 issue. For revised data on total visible supply ofsilk for period July 1930-December 1936, see table 11, p. 20, of the February 1937 issue

1 Data for October 1936, January, April, and July, 1937 are for 5 weeks.; other months, 4 weeks.

November 1937 SURVEY OF CUEEENT BUSINESS 55


1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


TRANSPORTATION EQUIPMENT

AIRPLANES

Production, totalf number.Commercial (licensed)t do___Military (deliveries) t do.__For exportf do___

AUTOMOBILESExports:

Canada:Assembled, total „ ___number_.Passenger cars do

United States:Assembled, total do

Passenger cars _ doTrucks do___.

Financing:Retail purchasers; total thous. of dol_.

New cars doUsed cars doUnclassified do___.

Wholesale (rnfrs. to dealers) doFire-extinguishing equipment, shipments:

Motor-vehicle apparatus number..Hand-type do

Production*Automobiles:

Canada, total doPassenger carsf do

United States, totalf doPassenger carsf do__..Trucks! —do___.

Automobile rims ___thous. of rims..Registrations"

New passenger carst number..New commercial cars do

Sales (General Motors Corporation):To consumers in U. S doTo dealers, total doTo U. S. dealers do

Accessories and parts:Shipments, combined index__Jan. 1925=100__

Accessories for original equip doAccessories to wholesalers doReplacement parts doService equipment do

RAILWAY EQUIPMENT

(Association of American Railroads)

Freight cars owned and on order, end of mo.:Owned:

Capacity mills, of lb .Number ..thousands.

In bad order number.Percent in bad order

Orders, unfilled _ ears.Equipment manufacturers._ doIn railroad shops do . . .

Locomotives owned and on order, end of mo.:Owned:

Tractive effort mills, of lb.Number

Awaiting classified repairs number.Percent of total _

Installed number-Retired do.,_Orders, unfilled do

Equipment manufacturers do__.In railroad shops—_ do

Passenger cars:Owned by railroads _do_._Unfilled orders do__.

(17. S. Bureau of the Census)Locomotives:

Orders, unfilled, end of mo., total do..Domestic. do..

Electric . . .do . .Steam do..

Shipments, domestic, total. do..Electric do..Steam _ do..

Industrial electric (quarterly):Shipments, total do..

Mining use .do..(American Railway Car Institute)

Shipments:Freight cars, total._ _ do..

Domestic do..Passenger cars, total do..

Domestic do..

(Railway Age)New orders:

Freight cars do..Locomotives .do..Passenger cars do.,

3,9692,376

21, 4046,181

15, 223

7940,377

4,4171,926

171, 203118,67152,532

1,470

225,44253, 216

82,31758,181

170, 5841,732

188,03211.0

24,22514,15510,070

2,16043, 5436.22614.3

7613321218329

39, 599256

163153

6,5306,143

4646

1,19580

2121246820

3,5142,153

10,9394,5646,375

122,15876, 56341, 768

82855,341

5931,105

4,6552,223

135,16590,10145,064

1,104

54, 611

85, 20119, 2884,669

114

153105

171, 7001,763

241, 57313.9

18, 43411,7876, 647

2,17944,451

18.81062155044

39, 705183

1131023963132

11

7979

4,9644,963

11

3,100240

247120

31

2,8861,822

16, 7209,894

100,69658, 48641, 580

63072, 086

6434,309

5,3614,448

224, 688190, 24234, 446

1,847

171,31941, 207

44, 27490, 76469, 334

13814499

158109

171, 7101,762

226,09513*0

13, 2917,2516,040

2,17644, 3147,92917.9

5722367643

1251173681

743

5,2055,205

4040

1,310225

207997632

5,1324,715

27, 42820, 0327,396

107,83770, 57236, 598

667129,829

6031,440

10,81210,086

394, 987341,085

53, 9022,173

223, 56030, 222

155, 552191,720156, 041

15016796

139103

171, 5861,759

217, 24312.5

16, 57910,9745,605

2,17344, 2087,78217.6

58157111102

9

33032134

287

3,7993,799

1616

1,55017450

2671079565

3,9042,772

35 28924̂ 78810, 501

141, 03694, 07546, 055

906180,442

7135,106

20, 24815,957

498, 710425,36573,3451,942

327, 30342, 205

173, 472239,114197, 065

16419883

11391

170,4101,745

205,14611.9

23, 42117,7555,666

2,16744,0357,35016.7

57250297279

18

39, 932177

36431

333213

18

109104

3,5133,483

1212

17, 2308834

2091253846

5,2503,330

32, 69120,09912, 592

102, 02161, 43740, 045

539154, 260

5039,001

19, 58314, 697

380, 051309, 63770,414

2,124

280,61547, 609

92, 998103, 66870,901

15417893

116

170.1091,741

205, 50011.9

33, 60827, 4146,194

2,16643,9817,22816.5

9511936233923

38738430

354163

13

2,8462,766

22

10,8814670

1811123435

4.4242,339

27, 52817, 01410, 514

98, 43755, 42142, 528

488123,118

5839,654

19, 70714,173

363, 991296, 63667, 3552,022

214,97341,815

51, 60074,56749, 674

152166124131106

169,8871,738

201,96011.7

39, 72931, 2148, 515

2,16443,8757,14216.33013237535223

41641231381

2,6442,615

28

10, 53233154

1821083341

7,0785,040

33, 76222, 63311,129

163. 891102, 49960, 665

727193.721

8541, 869

24, 90119, 127494, 276403, 87990, 3972,166

363, 57360,291

196. 095260. 965216,606

15717496134139

169, 6821,733

187, 22711.0

44, 70834,31410, 394

2,16243,7907,08316.23912635933425

39, 737403

4174153338228523

92

5,5415,520

33

6,20029162

2441444753

5,7393,932

35, 08222,82712, 255

171,842105, 03966, 077

726176, 572

7449,638

17, 08112,927536, 334439, 98096, 3542,270

385, 27767,882

198,146238,377199, 532

17819992155160

169, 6651,732

188,48911.1

46,19735,81410, 383

2,16143, 7666,95615.9749634531134

4033822835447542

6,7116,711

33

13,0468452

3592574854

5,0473,636

38, 27023, 44714,823

181, 021113,18567, 062

774188,371

7244,162

23,45817,980

516, 899425, 43291, 4672,190

391, 69765,857

178,521216,654180, 085

181202103152157

169,8391,731

192, 28611.3

44, 39731,80212, 595

2,15943. 7006,78715.56212632928841

3683472632143241

6.0306,030

3,90314

4483375457

6,7994,758

33, 58718, 40815,179

184, 397114,19569, 432

770175,215

59, 629

23, 84117,919

497, 298411,39485, 9042,142

360, 23658, 626

153, 866203,139162, 390

17419099167154

169, 8831,729

184,31310 9

41,89529,57712,318

2.16043, 6736,67615.3679429625937

' 39, 577424

37233146285381

37

142135

5,7205,705

7373

5282210

8, 0975,478

34,33319, 27515,158

165, 438102,91961,845

674167, 509

7060,100

17, 94112.513

438. 9G8360, 40378, 5651,702

357,53159,451

163, 818226, 681187, 869

148153116154127

170,1021,730

186, 22510.9

37,41123,95213,459

2,15943, 6026,40614.78214328324835

33529541254385

33

6.4016,397

9999

1,030314

8,7785,570

28,96912, 08616, 883

154, 57895, 37358,585

620157,199

6253, 035

10, 7425,814

394, 322311,45682,8661,343

300, 41458, 681

156.322188,010157, 000

141140118164131

170. 4091,732

188, 20,711.0

31,12319, 52511, 598

2,160• 43 600

6,32614.5

25222032

31127038

232275

22

6,3966,383

7575

1,49039

1r Revised.t Revised series. For 1936 revisions for airplane production see p. 55 of the March 1937 issue, for automobile production in the United States for 1936, p. 55 of the June 1937

issue, and for Canadian production of passenger cars during 1936, p. 55 of the August 1937 issue.K Wisconsin not included since June 1937.



1937

Septem-ber

1936


berDecem-

ber

1937

Janu-ary


TRANSPORTATION EQUIPMENT—Continued

RAILWAY EQUIPMENT—Continued(17. S. Bureau of Foreign and Domestic Commerce)

Exports of locomotives, total number._Electric do_Steam _ do.INDUSTRIAL ELECTRIC TRUCKS

AND TRACTORSShipments, total number..

Domestic do.Exports do.

SHIPBUILDINGUnited States:

Vessels under construction, all typesthous. gross tons...

Steam and motor do..Unrigged do.

Vessels launched, all types —gross tons..Powered:

Steam doMotor. do

Unrigged _ doSteel do

Vessels officially numbered, all typesgross tons..

Steel doWorld (quarterly):

Launched:Number ships..Tonnage. thous. gross tons..

Under construction:Number ships..Tonnage thous. gross tons..

116113

31627343

9,608

1,590200

7,818

24, 27518, 889

291676

7882,902

11210111

21015951

23, 282

9,3000

13,98223, 282

5,9532,857

258516

5812,111

12411311

20115150

24,007

7,451810

15, 74624,007

44, 09133, 423

U l103

22315370

12, 298

9,874250

2,17412, 098

31,87122, 607

1291227

24818068

24,048

16, 614297

7,13724, 048

44, 73714,879

253684

6182,251

1521466

23716373

22,100

17, 5710

4,52922,100

36, 59120, 791

14213111

28119091

4,060

00

4,0604,060

66,62817,557

141135

32322598

18,018

010,0178,00117,793

186, 67324, 765

195479

703!,452

162156

34224399

7,178

0140

7,0387,178

54, 02010,022

1621584

380276103

8,675

7250

7,9508,675

17,3086,786

1531494

26Q99

r 15,124

010. 2564,86815,014

54, 69320, 798

720

8152,883

1641586

31928039

13, 950

7,550114

6,28613,836

23,73814,306

CANADIAN STATISTICS

Physical volume of business:!Combined index 1926 = 100..

Industrial production:Combined index. do

Construction doElectric power doManufacturing doForestry doMining do

Distribution:Combined ind ex.-. do

Carloadings doExports (volume) doImports (volume)... doTrade employment do

Agricultural marketings:Combined index _ do

Grain ..doLivestock do

Commodity prices:Cost of living doWholesale prices do

Employment (first of month):Combined index —do

Construction and maintenance doManufacturing doMining doService doTrade doTransportation do

Finance:Banking:

Bank debits mills, of dol..Interest rates.. 1926=100..

Commercial failures__ number..Life insurance sales, new paid for ordinary*

thous. of dol_.Security issues and prices:

New bond issues, total doBond yields percent..Common stock prices 1926=100..

Foreign trade:Exports, total thous. of doL.Imports doExports:

Wheat.. ...thous. of bu__Wheat flour .thous. of bbL-

Railways:Carloading thous. of cars.Financial results:

Operating revenues thous. of dol__Operating expenses do...Operating income do._.

Operating results:Freight carried 1 mile mills, of tons.Passengers carried 1 mile mills, of pass

Production:Electrical energy, central stations:

mills, of kw-hr__Pig iron thous. of long tons..Steel ingots and castings _ doWheat flour thous. of bbl~

123.8

127.556.1

226.9122.9153.3203.8

113.085.1

103.9101.6132.9

86.179.3116.4

83.485.0

123.2144.5121.2159.1146.6130.989.7

2,734

27, 514

54,2713.44118.9

95, 21670, 240

5,903307

262

2,19577115

120.0

123.944.5211.0126.5128.2171.7

108.581.6108.785.3129.1

116.6120.1100.9

81.176.4

107.1109.0105.9140.2137.5126.389.4

3,134

26, 090

177,8703.35119.5

89, 58252, 983

20, 720378

251

33,10325, 5746,Q09

3,055165

2,0415286

1, 516

121.5

125.544.0216.3129.0132.4163.0

109.978.0115.896.6130.2

90.389.992.2

81.177.1

110.1103.9109.0147.9127.4129.688.3

72.294

29,402

124,6653.46126.9

113,00365,159

26, 917

464

263

33,84024, 7008,2552,721127

2,2817098

1,701

118.0

121.742.7215.6125.5133.0157.2

107.474.4106.195.7129.0

72.767.994.0

81.477.2

111.099.6107.7151.8124.9132.087.1

71.894

36,710

51,0183.44131.8

122,86666,169

33, 309409

220

29,03422,1605,884

2,376107

2,2627499

1,459

118.4

121.140.8219.4123.1150.416J5.5

110.685.0107.693.5129.5

51.040.1

81.779.6

110.180.1107.0150.3122.4136.086.5

3,40569.7102

34,146

94, 2793.34129.2

99,40752,996

20, 428475

208

31,10822, 5796,385

2,161169

2,32668104

1,090

116.9

119.437.7223.5122.8149.9156.8

109.879.4107.493.3131.1

42.029.697.2

81.681.3

103.861.2102.4145.6124.8136.981.4

3,22770.482

27,699

207, 2823.37137.4

83,41651, 883

9,789314

192

25,14022,8901,146

2,053131

2,31866

1151. 009

115.0

117.745.5225.3116.4138.1170.1

107.277.797.984.4130.5

31.417.991.7

81.782.9

104.157.2105.3147.6119.1128.480.7

2,73274.392

30,604

100, 5393.56142.4

75, 69148,681

5,362348

186

24, 71022,1991,451

1,936132

2,14762112

1,000

118.7

122.483.0237.7115.4138.0161.1

107.980.689.085.0131.3

37.324.594.7

82.085.5

102.852.8107.6145.8118.9126.179.6

3,19078.585

31,998

81,3553.76147.2

89, 35970,990

4,749390

214

28, 69124,3523,106

2,209161

2,41271125

1,099

124.0

128.885.7239.3120.3138.0185.2

110.280.2106.399.0130.4

62.356.5

82.286.1

103.053.7110.8146.0122.7127.579.5

3,37677.983

32, 919

46, 2923.73136.2

66,907

3,618

208

29,45824, 4793,857

2,362131

2,32368121

1,052

122.0

126.156.4232.3122.3133.6191.4

110.478.9108.090.8132.8

53.146.781.5

82.885.1

106.371.4113.8147.4125.2128.485.1

74.5

31,858

158,3643.57132.2

101, 57776, 707

8,027349

209

29,25725,1992,901

2,104144

2,30178121900

126.0

130.664.0

239.8125.1142.5201.3

112.578.5

121.399.6

133.5

29.312.7

103.6

82.784.6

114.3105.2117.9151.9129.0131.586.7

2,89272.9

37, 658

105,0333.49

129.4

108,85775,669

12,180390

214

28,25325, 6491,466

1,832165

2,25578

1191,001

126.5

130.948.7

233.7127.2139.2215.3

113.685.8

108.197.5

133.8

45.726.6

131.0

83.087.5

119.1128.5119.0153.6137.5133.489.4

2,72173.1

32, 364

109, 7633.50

133.0

100,14271, 996

335

219

29,40526,381

1,811

1,919212

2,18880

1231,087

r Revised.fRevised series: for 1936 revisions, see p. 56 of the March 1937 issue.*New series. For data beginning 1930, see table 37, p. 19, of the September 1937 issue. U. S. GOVERNMENT PRINTING OFFICE: 1937

INDEX TO MONTHLY BUSINESS STATISTICS

PageAbrasive paper and cloth 52Acceptances 31,32Accessories —automobile 55Advertising 26Africa, United States trade with 37Agricultural products, cash income received

from marketings of 23Agricultural wages, loans 31Air-conditioning equipment 49Air mail — 26Airplanes 38,55Alcohol, denatured, ethyl, methanol 39Aluminum . 50Animal fats, greases . 39Anthracite industry 22,29,30,45Apparel, wearing 23,28,30,53Argentina, United States trade with; ex-

change; flaxseed stock 33,37,40Asia, United States trade with 37Asphalt - - 46Automobiles _- 22,26,28,30,55Babbitt metal 50Barley ._ 42Bathroom accessories 53Beef and veal - - 43Beverages, fermented malt liquors and dis-l tilled spirits 41Bituminous coal 22,29,45Boilers 49Bonds, prices, sales, value, yields 35,36Book publication 52Boxes, paper, shipping 52Brass 51Brazil, exchange; United States trade with,

coffee _ - 33,37,44Brick 53Brokers' loans 32Bronze 51Building contracts awarded 24Building costs - - 25Building materials. 24,47Business failures . 32,33Butter 41Canadian statistics 56Candy 44Canal traffic 38Capital issues 35Carloadings 38Cattle and calves 43Cellulose plastic products 40Cement — - 22,28,30,53Chain-store sales 26,27Cheese _ 41Chile, exchange; United States trade with__ 33,37Cigars and cigarettes 44Civil-service employees 29Clay products „_ 27,28,30,53Clothing 23,24,28,30,53Coal 22,29,30,45Cocoa 44Coffee _ 23,24,44Coke 45Collections, department stores 27Commercial paper - 31,32Construction:

Contracts awarded, indexes 24Costs 25Highways 25Wage rates 31

Copper 50Copra and coconut oil 40Corn 42Cost-of-living index 23Cotton, raw and manufactures 23,24,53,54Cottonseed, cake and meal, oil 40Crops 23,40,42,43,53Dairy products 41,42Debits, bank. 32Debt, United States Government 34Delaware, employment, pay rolls 29,30Department-store sales and stocks 27Deposits, bank. _ 32Disputes, labor 29Dividend payments 36Douglas fir 47Earnings, factory 31Eggs 23,44Electrical equipment 50Electric power, production, sales, revenues— 41Electric railways 37Employment:

Cities and States 28, 29Factory 27,28,29Nonmanufacturing 29Miscell aneous 29

Emigration 38Enameled ware 48Engineering construction 24England, exchange; United States trade

with 33,37Exchange rates, foreign 33Expenditures, United States Government 34Explosives 39Exports 37Factory employment, pay rolls... 27, 28, 29,30,31Failures commercial 32,33Fairchild's retail price index 23Fares, street railways 37

Farm employees™ _. ____Farm prices, indexFederal Government, finances,Federal-aid highways 24,Federal Reserve banks, condition of_Federal Reserve reporting member bank

statistics .FertilizersFire-extinguishing equipment .Fire losses . _ _Fish oils and fish _FlaxseedFlooring, oak, maple, beech and birchFlour, wheatFood prod-acts . 23,28Footwear ,Foreclosures, real estate.. ,__.Foreign trade, indexes, values ~Foundry equipment ,France, exchange; United States trade with-Freight cars (equipment).Freight carloadings, cars, indexes .Freight-car surplusFruits 22Fuel equipment .FuelsFurnitureGas, customers, sales, revenues .Gas and fuel oilsGasolineGelatin, edible -General Motors sales. „ ,Glass and glassware 22,28,Gloves and mittens. ____GoldGoods in warehouses „Grains . . . . 23,24,35,Gypsum „ . ,_Hides and skinsHogs ._Home loan banks, loans outstanding.__Home Owners' Loan CorporationHosiery , _ _.Hotels . 29,Housing _ „ _Illinois, employees, factory earnings 29,I mports .Income-tax receipts"ncorporations, business _ .industrial production, indexesnstallment sales, New England.insurance, life

Page292334

25,2932

32395525

39,44404743

30,4146,52

253749

33,37553838

24,4249

45,46474145

45,464455

30,53463326

42,4353

24,4643252553

30,3823

30,3137342622273332

3222,4833,3733,37

46294343

22,5030,46

5440

23,4331,3255,56

5446

29,47475449

49,50262222

interest ratesinvestments, Federal Reserve reporting

member banksIron, ore; crude; manufacturesItaly, exchange; United States trade with..Japan, exchange; United States trade with_KeroseneLabor turn-over, disputesLamb and muttonLard „Lead.___Leather..! ______________________ 22,24,28,Leather, artificial ,Linseed oil, cake, and mealLivestock 22,Loans, agricultural, brokers', real estateLocomotives . .__„Looms, woolen, activity .LubricantsLumber 24,27,28,Lumber yard, sales, stocks ___Machine activity, cotton, wool. ,__.Machine tools, ordersMachinery, . 27,28,30,M agazine advertising .Manufacturing indexesMarketings, agricultural .__Maryland, employment, pay rollsMassachusetts, employment, pay rolls 29,30Meats ___„___ 22,43Metals 24,27,30Methanol ... 39Mexico:

Silver production . , 34United States trade with 37

Milk 42Minerals 22,29,30,45,50Money in circulation 33Naval stores .. 39Netherlands, exchange 33New Jersey, employment, pay rolls 29,30Newsprint 52New York, employment, pay rolls, canal

traffic 29,30,38New York Stock Exchange 35,36Notes in circulation 32Oats__ 42Oceania, United States trade with 37Ohio, employment 29Ohio River traffic 38Oils and fats 39,40Oleomargarine 40Paints 40Paper and pulp 23,24,28,30,51,52Passenger-car sales index 26Passengers, street railways; Pullman. ._ 37,38

Passports issuedPay rolls:

Factory .Factory, by cities and StatesNonmanufacturing industries

Pennsylvania, employment, pay rollsPetroleum and products 22,24,28,29,30,Pig iron „ _Pork .Postal business . .Postal savings .Poultry „ .Prices:

Cost of living, indexesFarm indexesRetail indexes „ , _ _.Wholesale indexes .World, foodstuffs and raw material

Printing . 28,Production, industrialProfits, corporation ,Public finance .Public utilities 29,Pullman Co ___„PumpsPurchasing power of the dollarRadiators . .Radio, advertisingRailways; operations, equipment, financial

statistics . 38,Railways, street „Ranges, electricRayon .Reconstruction Finance Corporation, loans

outstandingRefrigerators, electric, household.Registrations, automobilesRents (housing), indexRetail trade:

Automobiles, new, passengerChain stores:

5-and-10 (variety)..Grocery

Department stores .Mail order._, . .Rural general merchandise

RoofingRiceRubber, crude; scrap; clothing; footwear;

tires _ 22,24,28,Rye.,Sanitary ware ,Savings depositsSheep and lambsShipbuilding 28,Shoes 24,28,Silk „_ __ 23,SilverSkinsSlaughtering and meat packingSoftwoodsSpain, exchangeSpindle activity, cottonSteel, crude; manufactures 22,StockholdersStock indexes, domestic and worldStocks, department storesStocks (see individual commodities).Stocks, issues, prices, salesStone, clay, and glass products 28,Sugar . 23,Sulphur , .Sulphuric acidSuperphosphateTeaTelephones and telegraphsTernepl ateTerra cottaTextiles, miscellaneous products

29,30 Tile, hollow building

23

TimberTin and terneplate 23Tires 22,24,28Tobacco ._ 22,25,26,28Tools, machineTrade unions, employmentTravelTrucks and tractors, industrial electricUnited Kingdom, exchange; United States

trade withUruguay,exchangeUnited States Government bondsUnited States Steel Corporation 31Utilities 29,30,34,35,36Vacuum cleanersVariety-store sales index .Vegetable oilsV egetablesWacjesWarehouses, space occupiedWaterway trafficWheat and wheat flour . . . 23,Wholesale pricesWire clothWisconsin, employment, pay rolls 29,Wood pulp_ _ _ __Wool__ .Zinc .

Page38

293030

29,3045,4622,48

432632

23,44

232323

23,2424

30,52223434

30,363849244826

55,56375054

34505523

26

26,27262727274042

30,5243483243

30,5630,4624,5422,34

4622473354

48,49362327

3630,5324,44

393939

24,44385053545347

24,5030.5230,44

49293856

33,373335

36,4941,55

5026

39,4024,42

312638

24,4323.24

5130,31

5154

22,50

N INVESTMENTSIN THE UNITED STATES

This report covers the first comprehensive study o£ foreign

investments in the United States. It is an important con-

tribution to our knowledge o£ international investments.

ISc a copy109 Pages

12 Illustrations65 Tables

TOTAL. 4 ,

MILLIONS OF DOLLARS

TOTAL 5,109TOTAL 6,106

COMMON STOCKSPREFERRED STOCKSBONDSDIRECT INVESTMENTSOTHER INVESTMENTS

Figure 1.—Foreign long-term investments in the United States, by type of investment, 1934-36.

timely interest, not only because it deals with an important factor in the balance ofinternational payments of the United States, but also because of its direct bearing on the heavyisovements of foreign capital into the United States during recent years.

• The basic data assembled are classified as direct investments, common stocks, preferredstocks, bonds, and miscellaneous. Foreign-held investments under each category areswiimarized by principal countries and by types of business enterprises>

• The report will be of interest to students of world finance and, particularly, to persons orinstitutions engaged in foreign trade, banking, investment, and foreign exchange.

Copies Available From the Superintendent of Documents

A special discount of 25 percent is allowed on all orders for 100 or more copies to be mailed, in bulk, to a single address.Full remittance should accompany all orders. Remittance should be by check or money order, payable to the Superintendentof Documents. Orders may be sent either directly to the Superintendent of Documents, Government Printing Office,Washington, D. C , or through any of the district and cooperative offices of the Bureau, located in principal cities throughoutthe country.