SCB_081934

AUGUST 1934

SURVEYOF

CURRENT BUSINESS

UNITED STATESDEPARTMENT OF COMMERCEBUREAU OF FOREIGN AND DOMESTIC COMMERCE

WASHINGTON

V O L U M E 1 4 NUMBER 8Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF CHANGES IN STATISTICAL SERIES SINCE PUBLICATIONOF THE 1932 ANNUAL SUPPLEMENT

For convenience there is listed below a tabulation of the changes which have been made in the past 2 years. If back datahave been presented for the new series, a reference to the monthly issues in which such statistics appeared may be found in thefootnotes which are included on pages 22 to 56, inclusive.

NEW SERIES ADDED

DECEMBER 1932

Auto accessories and parts, composite index of ship-ments.

Canadian statistics, electric-power production index.Chain-store sales index (Chain Store Age).Civil service employment, United States.Convection type radiators, new orders.Department-store sales, Philadelphia.Factory employment, Baltimore, Milwaukee, Mary-

land, and Massachusetts.Factory pay rolls, Baltimore, Milwaukee, Philadel-

phia, Maryland, and Massachusetts.Fairchild retail price index.Gas oil and distillates, production and stocks.Gypsum, imports, production and shipments.Hourly earnings, factory {National Industrial

Conference Board).Illuminating glassware, new orders, production,

shipments and stocks.Mechanical stokers, new orders.Net gold imports, including gold released from ear-

mark.Pyroxylin rods, sheets and tubes, production and

shipments.Plumbers' brass, shipments.Plumbing fixtures, wholesale price.Residual fuel oil, production and stocks.Rubber heels and soles, total shipments.Tin consumption in the manufacture of tin and

terneplate.Tin and terneplate production.Trade union members employed, by groups.Weekly earnings, factory, Massachusetts.World prices, foodstuffs and raw materials.

JUNE 1933

Airplane travel, passengers carried, passenger milesflown.

Bond prices, United States Government (StandardStatistics).

Building costs, all types (American AppraisalCo.)-

Employment, miscellaneousFederal and Statehighways, construction and maintenance.

Face brick, machine production.Factory employment, Chicago.Factory pay rolls, New York and Chicago.Farm products, price indexes of dairy and poultry

products.Household furniture, plant operations, all districts.Lard compound, wholesale price, tierces, Chicago.Lard, refined, wholesale price, tierces, Chicago.Leather production (Tanners' Council).Nonmanufacturing employmentbanks, brokerage

houses, etc.; dyeing and cleaning; and laundries.Nonmanufacturing pay rollsbanks, brokerage

houses, etc.; dyeing and cleaning; and laundries.Rope paper sacks, shipments.

DECEMBER 1933

'Cellulose plastic products, production and ship-ments of nitrocellulose and cellulose acetatesheets, rods, and tubes.

Construction wage rates (E.N.R.).Highway construction under the National Indus-

trial Recovery Act.Home Loan Bank, loans outstanding.H. L. Green Co., Inc., stores and sales.Paper board, production and shipments.Pittsburgh employment index.Pittsburgh pay-roll index.Purchasing power of the dollar.Reconstruction Finance Corporation, loans out-

standing.United States Steel Corporation, shipments of

finished products.

JUNE 1934Agricultural loans outstanding (six series).Agricultural products, cash income received from

marketings of.Beverages:

Fermented malt liquors:Production, consumption, and stocks.

Distilled spirits:Production, consumption, and stocks in bonded

warehouses.Cotton cloth (bleached, dyed, and printed), pro-

duction and stocks.Factory employment (Bureau of Labor Statistics).Factory pay rolls (Bureau of Labor Statistics).Imports for consumption.Index of new-passenger-car sales.Indexes of variety-store sales (new index).Milk, receipts, Greater New York.Registrations, commercial truck.Silk machinery activity (Silk Code Authority).Sugar, refined, imports and receipts from Hawaii

and Puerto Hico.Vacuum cleaners (hand type), shipments.

JULY 1934Hosiery (Hosiery Code Authority).Restaurant, total sales and stores (three chains).Silk spindles (machine activity), Code Administra-

tion Committee for the Throwing Industry.AUGUST 1934

Silk cloth, production, shipments, stocks.

SERIES DROPPED

DECEMBER 1932

Applicants at employment agencies, Western States.Binders' board, production.Construction volume (A.G.C.)Copper:

Production, all series.Shipments, domestic, refined.Stocks (North and South America), blister and

refined.Enameled sanitary ware, baths, lavatories, sinks,

miscellaneous, all series.Enameled sheet-metal ware, shipments.Factory operations, proportion full time worked,

miscellaneous group.Galvanized sheet-rnetal ware, all series.Gas and fuel oil, production and stocks (combined

series).Glass containers, unfilled orders.Hides and skins, stocks, all series.Illuminating glassware, orders, production, ship-

ments, and stocks.Industrial production indexes: Copper (mined),

metals, non-ferrous.Iron and steel, boilers (round and square) and

radiators, new orders.Leather, sole and belting, production, stocks, all

series.Leather, upper, production, stocks, all series.Lumber, walnut, orders, production, shipments, and

stocks.Methanol, stocks:

At crude plants.At refineries and in transit.

Milk, condensed and evaporated, total exports,production, and stocks.

Newsprint, production, percent of capacity.Paints, varnish and lacquer products, unclassified

sales, 315 establishments.Pine, North Carolina, production and shipments.Pine-oil stocks.Plumbing fixtures, wholesale price (six pieces),Porcelain, nail knobs, tubes, shipments.Stock indexes, world copper stocks,Stokers, mechanical, large (see new series), new

orders.

JUNE 1933

Bond prices, domestic, United States Liberty (NewYork Trust Co.).

Brick, face, production (brick drawn from kilns)."*Building costs, by types of construction (American

Appraisal Co.).Cotton textiles, production, shipments, stocks, etc.Farm productsprice index of dairy and poultry

products (combined index).Glass containers, net new orders.Gold, held under earmark for foreign account.Hoars of work per week in factories, nominal or

full-time week (National Industrial Confer'ence Board).

McLellan 5- and 10-cent stores (sales and stores).Rope paper sacks, shipments.Rubber, scrap, stocks at reclaimers.Unemployment, applicants, at employment agencies.Wool-machinery activity, sets of cards.

DECEMBER 1933Animal glues, production and stocks.Building cost index of electric light and power con-

struction (Richey).Building material costs, frame and brick house.Castings, gray iron, orders, production, receipts, and

stocks.Explosives, production, shipments and stocks.Fabricated structural steel, orders and shipments

with percent of capacity.Federal-aid highway, work approved for construc-

tion and balance of Federal-aid funds availablefor new construction (new work now paid for byfunds appropriated under N.R.A.).

F. W. Grand, stores and sales (merged with H. L.Green Co., Inc.).

Hoists, electric, orders and shipments.Index, new orders.Index, unfilled orders.Illuminating glassware, percent of full operation of

orders, production, and shipments.Isaac Silver 85 Bros., stores and sales (merged with

H. L. Green Co., Inc.).Paper board, production and shipments.Plumbers' woodwork, orders, shipments, and stocks.Pyroxylin products, production and shipments of

sheets, rods, and tubes.United States Steel Corporation, unfilled orders.Yarn, carded sales, all series.

JUNE 1934Bank suspensions.Cotton cloth finishing.Delinquent accounts, electrical trade.Factory employment (adjusted and unadjusted)

Federal Reserve Board.Factory operations, proportion of full time worked.Factory pay-roll indexes (FederalReserve Board).Highway construction under the Federal Highway

Act.Indexes of five-and-ten (variety) stores sales (old

index).Marketings, forest products.Milk, receipts, Greater New York.Nonmanufacturing employment, canning and pre-

serving.Nonmanufacturing pay rolls, canning and pre-

serving.Paper, stocks, all grades, book paper, writing paper,

wrapping paper, and all other grades of paper.Restaurant sales and stores operated:

Childs Co.J. R. Thompson Co.Waldorf System, Inc.

Rope paper sacks.Sugar, Cuban, raw, receipts at ports and exports.Silk machinery activity (Silk Association of

America).Wood-pulp stocks.

JULY 1934Hosiery, Census Bureau series.

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

Volume 14 A U G U S T 1934W E E K L Y D A T A T H R O U G H JULY 2 8 , 1 9 3 4

M O N T H L Y DATA THROUGH J U N E

Number 8

SURVEY OFCURRENT BUSINESS

P U B L I S H E D B?

UNITED STATES D E P A R T M E N T OF C O M M E R C EB U R E A U O F F O R E I G N A N D D O M E S T I C C O M M E R C E

W A S H I N G T O N

CONTENTSSUMMARIES AND CHARTS Page

Business indicators 2Business situation summarized 3Comparison of principal data, 1930-34 4Commodity prices 5Domestic trade 6Employment 7Finance:

Credit and banking 8Security and money markets 9

Foreign trade 10Real estate and construction 11Transportation 12Survey of individual industries:

Automobiles and rubber 13Farm and food products 14Forest products 15Iron and steel 16Textiles 17

STATISTICAL DATASpecial tabulation:

Internal-revenue collections, fiscal years 1933 and 1934 18New and revised series:

Construction contracts awarded 19Silk cloth production, shipments and stocks; receipts of milk in

New York; refined sugar, imports from Cuba and receipts fromHawaii and Puerto Rico; vacuum cleaner shipments (handtype); nonmanufacturing employment and pay rolls (laundryand dry cleaning); average yield on U.S. Government bonds.. 20

STATISTICAL DATAContinued PageWeekly business statistics 21Monthly business statistics:

Business indexes 22Commodity prices 23Construction and real estate 24Domestic trade 25Employment conditions and wages 27Finance 30Foreign trade. 34Transportation and communications 35Statistics on individual industries:

Chemicals and allied products 36Electric power and gas 39Foodstuffs and tobacco 39Fuels and byproducts 43Leather and products 44Lumber and manufactures 45Metal and manufactures:

Iron and steel 46Machinery and apparatus. 48Nonferrous metals and products 49

Paper and printing 50Rubber and products 51Stone, clay, and glass products 52Textile products 53Transportation equipment 54

Canadian statistics 56General index Inside back cover

Subscription price of the SURVEY OF CURRENT BUSINESS is 31.50 a year, which includes the 12 monthlynumbers, and the 52 weekly supplements. Single-copy price: Monthly, 10 cents; weekly, 5 cents.

Foreign subscriptions, 33, including weekly supplements. Make remittances only toSuperintendent of Documents, Washington, D.C., by postal money order,

express order, or New York draft. Currency at sender's risk.Postage stamps or foreign money not accepted.

75086-34-Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CURRENT BUSINESS August. 1934

Business Indicators1923-25 = 100

160INDUSTRIAL PRODUCTION

100

160

100

FACTORY EMPLOYMENT AND PAYROLLS

160

100

40

eoo

100

TOTAL FREIGHT CAR LOADINGS

UNADJUSTED

DEPARTMENT STORE SALES

200

100^

VALUE OF EXPORTS

200

100

BANK DEBITS OUTSIDE NEW YORK CITY

160INDUSTRIAL PRODUCTION

40

200

!00

CONSTRUCTION CONTRACTS AWARDED

160FREIGHT CAR LOADINGS L.C.L

40

160

100

40

200

WHOLESALE PRICES

'FARM PRODUCTS

VALUE OF IMPORTS

100ADJUSTED

imilmiii i i i i i l i i in

FEDERAL RESERVE MEMBER BANK LOANS*

100

* ADJUSTED FO'R SEASONAL VARIATION *REPORT/MG MEMBER BANKS D.D. 76-55Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

August 1934 SURVEY OF CURRENT BUSINESS

Business Situation SummarizedBUSINESS activity declined moderately duringJune from the spring peak, and the downwardtrend has continued during July. The recession inmanufacturing activity in June was in excess of theusual seasonal trend, the adjusted index receding 2points to 84 percent of the 1923-25 average. Thismovement was reflected in a slight reduction (less than2 percent) in the number of factory workers, and asomewhat larger drop (3.1 percent) in factory pay rolls.Freight-car loadings improved slightly, while exportsrecovered from the set-back of the preceding monthand imports declined by more than the estimatedseasonal amount. Construction contracts awardedshow only a slight improvement in this basic industry,with operations continuing at a low level.

The movement of the weekly indicators during Julyindicate a rather pronounced downward adjustment ofactivity in the early part of that month which wasfeatured by the much greater-than-seasonal decline insteel-ingot production which dropped below 30 per-cent of capacity. The adjusted indexes of electricpower production and freight-car loadings have alsodeclined, while textile mill activity continues on arestricted scale. Automobile production in July alsois expected to be well below the June total.

During June, a major factor in the decline in indus-trial production was the wide-spread curtailment oftextile mill activity. More moderate declines occurredin the food products, lumber, and plate glass industries.The drop in production of iron and steel, automo-biles, and rubber tires and tubes was less than the

usual seasonal declines for the month. Output of themineral industries varied only slightly from thepreceding month.

Passenger-automobile sales were an exception to thegeneral trend in retail sales during June, the adjustedindex of such sales moving upward following the dropof the preceding month. As there is usually no changein the daily average volume of freight-car loadings inJune from the preceding month, the slight gainrecorded last month was reflected in a similar move-ment in the adjusted index. Merchandise loadings inless-than-carload lots showed the usual seasonalrecession for the month.

Wholesale prices averaged slightly higher duringJune than in the preceding month. The weekly indexin the first 3 weeks of July moved irregularly, but inthe week ended July 21 it advanced to 75.1, a newhigh for the year. Prices of farm products have maderather substantial gains.

Financial indicators have moved in a narrow rangein recent weeks. The banks continue in possession oflarge amounts of usable fundsexcess reserves of themember banks, for example, have recently exceeded$1,900,000,000but commercial loans outstandingcontinue to shrink. Short-term money rates remainextremely low. Stock prices have been weak recently,but the bond market has in general maintained a firmtone. New capital issues do not indicate any appre-ciable improvement in the long-term capital market.Commercial failures, although increasing to a smallextent in June, continue to show a favorable trend.

MONTHLY BUSINESS INDEXES

Year and month

1931: June ..-1932: June1933:

JuneJuly . . .AugustSeptemberOctober _NovemberDecember . _ .

1934:JanuaryFebruaryMarchApril....MayJune

Monthly average,January throughJune:

193219331M4

Industrial production

Unadjusted *

1

1i &\ |

C1

on

I

Adjusted

3

I

1CsiX

M

1

9

Factory em-ployment

and pay rolls

o^s

S2*.if1:fc

!1ssI1

Freight-car loadings

Total

irt

P

1eS3

Merchan-dise, I.C.I.

o

as9

1fl

o

003

33

Foreigntrade, value,adjusted *

P

I03

;:

I

Ban

k de

bits

o

uts

ide

New

Yor

k Ci

ty

Con

stru

ctio

n co

ntr

acts

, all

i

type

s, v

alu

e, adju

sted

2

Monthly average, 1923-25=100

8359

91969085787269

778387888984

667185

8358

92978984

1 777067

758286898984

657184

8662

82899493888480

858891818788

717487

8359

921009184777275

788285868684

8258

931019184767173

768082858683

8764

84909187818185

8891

100908988

78.861.667.472.576.478.077.875.975.075.178.481.082.282.481.4

66.762.080.1

69.743.4

47.250.856.859.159.455.554.554.060.664.867.367.165.0

50. 240.963.1

7752

61666568666056

586163606364

565362

775262656160585963646466626364

8971

69706970706764

656567676765

746666

8971

69706968666668

706766656565

9266

644959737775

121

575973737770

685868

9669

68707770706569

697177777774

5534

36433840424248

444750504550

393148

5736

4048 i5048464042

4242 i4442 I47 i44

3830 i44

98.465.4

65.770.462.761.966.060.567.4

66.959.771.472.471.574.8

69.556.769.5

6327

18! 21

2430374858

i 49i 44

33i 32i 26

29

1 27i 17i 36

op ^

o

g : W

hole

sale

pr

ice

inde

x, 78

4" I?

.

co

mm

odi

ties

H *a>

5

|!-

<

'1

72.163.9

65.068.969.570.871.271.170.8

72.273.673.773.373.774.6

65.661. 5

! 73.5Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CURRENT BUSINESS August 1934

Comparison of Principal Data, 1930-34MONTHS X///////A REMAINDER OF YEAR

BANK DEBITS OUTSIDE NEW YORK CITY- (BILLIONS OF DOLLARS)50 100 150 200 250 300 350

CONSTRUCTION CONTRACTS AWARDED - (BILLIONS OF DOLLARS)

STEEL INGOT PRODUCTION -(MILLIONS OF TONS)

AUTOMOBILE PRODUCT ION - (THOUSANDS OF CARS)1000 2000 3006 4000 5000

V//////A

FREIGHT CAR LOAD INGS -(MILLIONS OF CARS)

D.D.7654Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Commodity PricesWHOLESALE prices for the week of July 21reached a new high for the past 3 years, theindex of the Bureau of Labor Statistics being slightlyless than 25 percent below the 1926 level. The recentincrease has resulted principally from the rise in theprices of farm products which advanced from 60percent of the 1926 level in the last week of May to66 percent of that level in the week indicated. Theprices of foods also advanced during this 8-weekperiod, rising from 67.4 to 71.2 percent of the 1926 foodprices. Hides and leather, textiles, metals and metalproducts, and housefurnishing goods declined duringthis time, and the prices of the remainder of the 10group components of the index rose slightly.

Moody's index of spot prices of 15 commodities,which have an international market, advanced on July19 to 144.8 percent of the December 31, 1931, average,a new high for the year. This was approximately thesame as the peak for the recovery period reached inJuly 1933. This index advanced from 121.2, the lowreached in December, to 135.6 at the close of January,after which there was but little change until the middleof June. During that month the index rose 4 points,followed by a slight recession during the early part ofJuly. From the 9th to the 19th of the latter monththe index rose 6.2 points.

Fairchild's index of retail prices, exclusive of foods,declined fractionally in June for the third consecutive

month, being 88.2 percent of the January 1931 level atthe end of the month as compared with 89.6 at the endof March. During these 3 months declines were regis-tered in four of the five groups of articles composingthe index. Piece goods, men's apparel, women'sapparel, and home furnishings declined and infants'wear advanced. Of the individual items in the index,shirts and neckwear in the men's apparel group showedthe greatest change, declining 5.5 points (6 percent) inthe 3 months.

Retail prices of foods, as reported by the Bureau ofLabor Statistics, have advanced consistently since thefirst of the year, from 104.5 percent of the 1913 levelto 109.6 percent for the 2-week period ended July 3.Cereals, meats, and dairy products, three of the groupcomponents of this index, rose during this period 2.9percent, 19 percent, and 5.6 percent, respectively.Prices of pork chops, sliced bacon, and sliced hams arereported as 43 percent, 23 percent, and 20 percent,respectively, above the prices of a year ago, while theprices of beef cuts show increases of from 7.7 to 10percent. Of the 42 individual items in this index, theprices of only 4 decreased, 3 were unchanged, and 8increased more than 20 percent during this period.The two largest increases other than pork chops were37 percent in oranges and 32 percent in rice. Theprice of white potatoes fell 39 percent, and the priceof cabbage 33 percent during this 12-month period.

INDEXES OF COMMODITY PRICES

Tear and month

1931: June1932: June1933:

JuneJulyAugust _SeptemberOctoberNovember

. December .-1934:

January .FebruaryMarchAprilMayJune

Monthly average,H January through

June:193219331934

Wholesale (Department of Labor)oo

+5

ft

'!Is52

72.163.965.068.969.570.871.271.170.872.273.673.773.373.774.6

65.661.573.5

Economic classes

3

1

I1

76.070.069.072.273.474.875.475.274.876.077.077.277.177.878.2

71.166.777.3

313

Ij1

Groups and subgroups

12S* O 1 i !i 1 J1 1M 6

tJD

1dflee3

i*

1S

1dS

bflfi

12

%1

g

ij^aS3

03

M

1

aa

1

"SSS

Monthly average, 1926 = 100

64.753.256.261.860.661.761.862.461.964.166.065.965.165.167.3

55.751.365.6

69.357.665.369.171.772.972.871.472.371.974.874.373.973.773.9

60.259.073.6

65.4i 45.7

53.260.1

i 57.657.055.756.6

! 55.558.761.361.359.659.663.3

49.2i 45.7

60.6

56.037.757.473.464.663.958.261.360.463.763.262.358.863.973.4

43.542.864.1

73.358.861.265.564.864.964.264.362.564.366.767.366.267.169.8

61.456.866.9

71.356.052.450.851.051.551.048.246.048.953.356.557.360.063.3

59.250.956.4

74.170.168.972.274.176.177.277.277.578.378.778.578.678.978.3

70.966.678.5

79.370.874.779.581.382.783.984.985.686.386.686.486.787.387.8

72.771.186.9

79.473.173.773.273.172.772.773.473.774.475.575.775.575.475.6

74.672.175.4

62.971.661.565.365.570.473.673.573.473.172.471.471.772.573.8

69.462.773.3

88.070.882.486.391.792.389.088.289.289.589.688.788.987.987.1

75.572.388.6

86.474.773.474.877.679.381.281.081.080.881.081.481.682.083.0

76.372.381.5

84.479.979.380.681.282.183.082.783.585.587.087.187.989.187.7

80.677.887.4

66.652.761.568.074.676.977.176.876.476.576.976.575.373.673.7

56.753.975.3

69.764.260.864.065.465.165.365.565.767.568.569.369.569.870.3

64.759.569.1

Cos

t of

livin

g (N

ation

al In

-

dust

rial

C

onfe

renc

e B

oard

)

Mo.average,

1023 =100

85.977.2

72.875.276.977.978.077.877.377.578.378.578.478.678.8

79.272.378.4

Farm

,

co

mbi

ned

inde

x, 27

co

mm

odi

ties

(Dep

artm

ent

jo

f Agr

icul

ture

)

Mo.average,1909 to1914 =

100

8052

64767270707168

707676747477

595575

Retail

"flo>|

1o

9O5*

Mo.average,1913=

100

11810097

105107107107107104105108109107108109

10493

108

1

|11*

1ofi

Dec.1930(Jan. 1,

1931) =100

92.075.172.376.182.586.087.188.088.088.589.589. 089.488.688.2

78. 570. 589. 0Digitized for FRASER

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

6 SURVEY OF CURRENT BUSINESS August 1934

Domestic TradeSALES through department stores during June wereless satisfactory than in the preceding month,while sales through other stores (rural sales excepted)showed little change. Retail sales of automobiles werelarger, the improvement in this field being traceable tothe price reductions which were followed up by aggres-sive sales efforts. Department-store sales in NewYork City the first half of July barely topped the 1933figures when liquor sales are eliminated from this year'stotal for comparative purposes.

After holding unchanged at 77 percent of the 1923-25average for a period of 3 months, the seasonally ad-justed index of department-store sales fell to 74 inJune. This reflected an 8-percent drop in actual sales.Only the Philadelphia, Richmond, and Atlanta FederalReserve districts were able to maintain as large gainsin June over a year ago as were reported in the earliermonths of the year. In the first two districts Junegains of 13 and 21 percent, respectively, were equal tocorresponding increases for the first 6 months of theyear over the comparable 1933 period, wiiile in Atlantathe June increase of 33 percent was not far below the36 percent gain for the 6-month period. The largestrelative drop was in Chicago, where June sales exceededthose of a year ago by 8 percent, whereas the 6-monthgain was 25 percent. In the San Francisco area theJune increase over a year ago was only 1 percent.

Variety-store sales declined 4 percent during June,compared with the usual seasonal recession of about5 percent. General-merchandise sales in small towns

and rural areas fell off 8.5 percent in June; in 1932 and1933 increases were reported in this period. Lastmonth's sales were 10 percent above 1933, whereas inthe first 6 months they were up 27 percent. All com-parisons for the first half of the year over the sameperiod of 1933 reflect wide gains in the first quarterover the extremely low level of the initial few monthsof last year. Chain-grocery sales were about the samein June as in May.

Advertising showed a seasonal decrease in June.Total newspaper linage in 52 cities fell off 7.6 percent,a larger decrease than was reported in the same periodof the 2 preceding years, when the linage was below thecurrent figure. Linage in the first half of the year,while higher than a year ago, was less than in 1932.The June decline was the result of the falling off in dis-play advertising, as classified linage showed an increaseover May for the first time in a period of 7 yearsoras far back as the data of the Media Records go.

While a moderate decline in national-magazine ad-vertising was also reported, June expenditures (Julymagazines) were 46 percent higher than a year ago.Expenditures in each of the 24 groups into which thelinage is classified were larger than a year ago. Receiptsfor advertising over the radio networks during Junewere the largest ever recorded for that month. Thedollar volume of such advertising in the first half of theyear was 44 percent higher than a year ago and for Mayand June was in excess of the 1932 totals, in which yearadvertising revenues of the networks reached their peak.

DOMESTIC TRADE STATISTICSRetail trade

Year and month

1931: June-1932: June___1933:

June... _ _ _JulyAugustSeptember -_OctoberNovemberDecember ... -

1934:January .February. - _MarchAprilMayJune

Monthly average Januarythrough June:

19321933-1!>?4

Sales

Unad-just-ed^

Ad-just-ed 2

Stocks 3

Unad-just-ed

Ad-just-ed '

Monthly average, 1923-25=100

9266

644959737775

121

575973737770

685768

9669

68707770706569

6971777777n

8065

56566273777862

5963676867

6955

8267

57606470706965

6666656566

Com-binedindex(19 com-

panies)Avg. samemo. 1929-

31 = 100

848286848584838889xr>ss8685

"88"77"87

Variety stores

Unad-just-ed i

Ad-just-ed

Monthly aver-age, 1929-31=

100

91.077.479.174.476.782.586.986.8

153. 770.273.087.282.590.086.3

75.971.181.5

95.881.583.283.686.786.485.685.583.394.287.594.887.290.090.8

Mailorderandstore

sales, 2houses

Thou-i sands of

dolls.

49, 48039, 889

38, 92533, 56640, 32743, 21953, 55052, 03761, 971

36, 70536, 01643, 59'X

New passen-ger car sales

Unad-just- Ad-just-ed 2

Monthly aver-age, 1929-31 = 100

80.856.565.257.558.351.242.733.017.322.845.7

61.542.549.052.552.052.053.553.030.533. 554. 5

68. 4 64. 546,037 ! 87.9 59.051, 072 78. 1 ! 55. 546,330 | 85.1

36, 144 | 45. 132,177 1 43.243,292 ! 64.7

63.5

Wholesaletrade

Em-ploy-ment

Payrolls

Monthlv aver-age, 1929=100

87.177.075.776.9

i 79.782.183.583.4

! 83.3i82.483.083. 683.984.684.1

79.474.383.6

84.166.2

57.359.160.862.366.064. 164.5

63.964.665. 766.866.366.5

70.558.065.6

Freight-carloadings, mer-chandise l.c.l.

Unad-justediAd-just-ed

Monthly aver-age, 1923-25=

100

8971

69706970706764

656567676765

746666

897169706968666668706766656565

Commercialfailures

Fail-ures

Num-ber

1,9932,6881, 648,421,472,116,206,237,132,364,049,102

1,052977

1,033

2,9062,1211,096

Liabil-ities

Thou-sands

of dolls.

51, 65676, 93135, 34527, 48142, 77621,84730, 58225, 35327,20032, 90519, 44527,22825, 78722, 56133,868

89, 54754, 59925, 2M

1 Corrected to average daily sales. " Adjusted for seasonal variation. 3 End of month figures. 0 5-month average.



EmploymentEMPLOYMENT in manufacturing industries de-clined moderately in June for the first month sincelast January, according to data compiled by the Bu-reau of Labor Statistics. As the decline of 1.7 per-cent from May to June was in excess of the usual sea-sonal recession, the adjusted index also declined. Payrolls fell 3.1 percent, following the slight decline ofMay. As a result of the larger relative drop in payrolls than in employment, per capita earnings of fac-tory workers moved slightly lower in June for thesecond successive month.

The declines in employment and pay rolls were con-fined to about two-thirds of the reporting manufactur-ing industries. Twenty-three industries reported em-ployment declines in excess of 5 percent. Increaseswere shown in 35 of the 90 industries, and pay-rollincreases were reported for 36 industries. Of the 14major groups into which the reporting industries areconsolidated, a higher level of employment was re-ported in only fourthe iron and steel, railroad repairshops, food and kindred products, and tobacco manu-facturing. Pay-roll gains were reported for three ofthese groups.

The largest relative gain in employment was in thefoodstuff group and was primarily the result of seasonalincreases in the canning, ice cream, beet sugar, andbeverage industries. The increase in the iron andsteel group may be traced in part to the pressure forsteel deliveries, but a seasonal increase was reported inthe tin can industry and slight gains were also reportedfor the building supply groups, excepting hardware.All the industries in the food products group reported

larger employment and pay-roll totals, with the excep-tion of the confectionery industry. The widest gainsfor the month for any industry was in this group,namely, 34 percent in employment and 23 percent inpay rolls for the canning and preserving industry. Thiswas a seasonal movement.

Of the 15 nonmanufacturing industries surveyed bythe Bureau of Labor Statistics, 11 reported an increasein employment in June as compared with May, and 9recorded pay-roll increases. Changes in most of theseindustries, however, were small. In the group withthe largest number of employeesthe retail-tradegroupfractional declines in both employment andpay rolls were recorded. The largest declines were inthe anthracite industry.

Although the labor situation has continued to causeconcern, major interruptions to production from thissource have so far been averted. June statistics onman-days lost are not available, but June declines inemployment in the felt-hat, cash-register, and cotton-mill groups were attributed wholly or partly to strikes,and the employment gain in the aircraft industry re-flected primarily the termination of a strike. TheBureau of Labor Statistics reports about 3,500,000man-days lost from strikes during May, bringing thetotal for the first 5 months of the year up to about10,000,000. The May total, which is preliminary, wasthe largest for any month since September 1933, andexcept for that month was the largest since September1928. The most serious disturbance of the pastmonth was the general strike in San Francisco which,however, was speedily terminated.

STATISTICS OF EMPLOYMENT, PAY ROLLS, AND WAGES

Year andmonth

1931- June1932: June1933:

JuneJulyAugust -.September ._OctoberNovember. .December _-_

1934:JanuaryFebruary __ . .MarchAprilMayJune

Monthly aver-age, Januaryt h r o u g hJune:

1932

Factory employmentand pay roils

EmploymentUnad-justed j. Ad-usted5

Payrolls

Unad-justedMonthly average,

1923-25=10078.461.266.971.576.480.079.676.274.4

73.377.780.882.382. 481.0

1933 61.61934 79.6

78.8 i61.667.472.576.478.077.875.975.0

75.178.481.082.282.481.4

69.743.447.250.856.859.159.455.554.554.060.664.867.367.165.0

KO 9I 40. 9!| 63.1

Nonmanufacturing employment and pay rolls(Department of Labor)Anthracite

miningEm-ploy-ment

Payrolls

Bituminouscoal miningEm-ploy-ment

76.153.039.543.847.756.856.961.054.564.1

i 63.267.558.263.857.5

Jf8. 550.063.4

66.737.434.338.246.660.761.647.844.3

73.265.882.451.764.053.3

57.950.165.1

78.460.561.363.268.671.868.074.875.475.876.177.872.276.776.7

70.365.575.9

Payrolls

Mont

27^329.233.643.344.144.150.750.851.354.658.951.454.455.1

i 38.8i 31. 1I 54.3

Power andlight !

Em-ploy-ment

Payrolls

Telephone n^na +,*and telegraph Betai1 tradeEm-ploy-ment

Payrolls ploy- ! jjjjjment roils

hly average, 1929=100 j97.283.277.377.578.180.382.282.681.882.281.281.782.483.184.0

85.777.283.4

98.3 i80.569.970.070.971.8 '76.274.574.4

73.874.475.676.877.677.8

84.571.076.0

86.9 179.969.268.568.168.368.768.969.470.269.870.070.270.270,4

81.4| 72.21 70.1

95.082.166.666.766.164.667.0 I67.7 167.769. 0 !67.970.468.871.471.3

85.969.769.8

89.179.478.374.678.186.089.691.6

105.484.683.887.288.288.888.3

81.475.986.8

87.6 i68.260.558.162.769.272.372.680.368.867.769.571.571.871.6

72.959.470.3

Trade-unionmem-ers em-ployed

Percentof total

members756869696971737271727475767675

696775

Wages

Factory s

Average i Averageweekly j hourly

earnings earningsDollars

23. 0716.2418.6019.3419.3419.4119.5018.4418.5718.8919. 8120.4921.0020. 7930.71

18.0216.3220.28

.567

.500.451.456.507.536.542.546.550

. 551

. 558

. 561

. 579

. 586

.586

.517

.459

.570

Com-monlabor

Centsper

hour37333334353737383837:vt4i

4;

334

i Adjusted for seasonal variations, t- u

2 National Industrial Conference Board,



F i n a n c e C r e d i t a n d B a n k i n gTOTAL loans and investments of reporting mem-ber banks increased approximately $445,000,000during June and the first half of July. The increase ininvestments, simultaneously with farther liquidationof loans other than those on securities, reflected thecontinuation of a general trend of recent months.

Changes in the amount of Federal Reserve bankcredit outstanding during the period were compara-tively unimportant. During the third week of June,reporting member-bank reserve balances were reduced$126,000,000 through the transfer of funds to theTreasury, while the Treasury account with the Re-serve banks showed an increase of $149,000,000.During the same week United States Government-bond holdings by the Reserve banks rose approxi-mately $66,000,000, but these new investments wereoffset by the liquidation of an approximately equalamount of short-term Treasury issues. By the thirdweek of July, reserve balances of reporting memberbanks had risen to a new high record of $3,987,-000,000, with excess reserves of $1,900,000,000, alsoattaining a new high level.

An evidence of the improvement in the bankingsituation is seen in the continued reduction in the totalof loans outstanding to banks and trust companies bythe Reconstruction Finance Corporation. This classof borrowers had repaid up to June 30, $1,007,647,802,or 63 percent of the $1,606,571,866 obtained since theestablishment of the Corporation in February 1932.

Bankers' acceptances outstanding fell to $534,000,-000 at the end of June, a decline of 22 percent as com-

pared with the total of June 1933, and a new low forrecent years. Gold imports of $65,000,000 in Junewere higher than any monthly inflow since the abnor-mally large imports of February and March whichresulted from the official gold devaluation of the dollar.This inflow of the metal has contributed to the growthof both reserves and deposits of the banks in theprincipal financial centers.

Up to June 30, withdrawals of banks from the Fed-eral Deposit Insurance Corporation aggregated 188,with estimated gross deposits of $5,525,000,000. Ofthese banks, 167 were mutual-savings institutions, ofwhich all but 34 are located in the State of New York.As of March 31, total insured deposits of all banks inthe fund were approximately $16,000,000,000 out ofestimated gross deposits of about $40,000,000,000.As of July 1, deposits up to $5,000 (instead of $2,500)were insured so that the volume of insured deposits ismuch higher than during*March. Actual figures, how-ever, are not available for a later period.

In the first weekly statement issued by the FederalReserve banks during July the investment of $139,-299,000 in the stock of the Federal Deposit InsuranceCorporation, previously included in the weekly report,was eliminated and a corresponding deduction wasmade from the reserve item under liabilities. Thewriting off of this item resulted from a technicalaccounting problem which arose from certain pro-visions of the loans-to-industry act approved by thePresident on June 19.

CREDIT AND BANKING STATISTICS

Year and month

1931:JuneJuly

1932:JuneJuly

1933:June _JulyAugustSeptemberOctoberNovember _December

1934:January.- __February.MarchAprilMay . . . ..June .

i

Hankdebits

outsideNewYorkCity

Reporting m e m b e rbanks, Wednesdayclosest to end ofmonth *

Loanson

securi-ties

Allotherloans

Invest-ments

Condition of Federal Reserve banks, end ofmonth

Reserve bank credit outstanding

TotalBillsdis-

count-ed

i

Billsboughtin theopenmar-ket

UnitedStates

Govern-mentsecuri-

ties

Totaldeposits

Mem-ber

bankreserve

ac-count

Totalbank-ers* ac-cept-ancesout-

stand-ing,

end ofmonth

Netgoldim-

portsin-

cludinggoldre-

leasedfromear-

mark2

Moneyin

circu-lation

De-posits,NewYorkState

savingsbanks

Millions of dollars

19, 40618, 44412, 90112,51112, 96913, 87812, 37512, 21513, 02711,92713, 288

13, 19811, 78414, 07714, 27814, 10514, 754

4,1854,0803,7483,7723, 7663,6873, 6043, 5693,6203, 6093,5203,5143,5773,4763, 529

5,5635,4264,7044,7744,7674,8534,9894,9994,7654,7404,6654,6474,5594,5504,485

9,7489,5068,2138,0118,0747,9898, 1568,1048,2008,7729,2159,3119,3269,2809,733

943976

2,3102,4392,2202,2092,2972,4212,5492, 5812,6882,6302, 5672,5452,4852,4632,472

14919544053816416715312811611998

1 836454

i 39! 31

25

10673

6743

48977

24133

1116229955

668678

1,7841,841

1,9982,0282,1292,2772,4212, 4322,4372,4342,4322,4472,4312,4302,432

2,5042,5272,0282,158

2,4942,5442,6752,7482,8852, 7962, 865

3,0353,2653,6533, 9824,0234,138

2,3812,3671,9822,0522,2922,2942,4092,4382, 6852, 5732,7292,6523,0933,4573,5993,7463,840

1,3681,228

747705

1 687

738694715737758764

771750685613569534

156.1-10.2

-234.852.8

.3

.6-.9

-7.4-5.5-.52.79.4

521.2236.753.634.165.0

4,7504,8365,5305,7525,7425,6755,6165,6325, 6565, 6815,8115,669

*5, 339*5, 368*5, 366*5, 355*5,341

5,1565,1495,2825,2535, 1305,0855,0595,0795,0495, 0295, 0645,0675,0765,1225,0975,0905,134

PostalSavings,balanceto credit

of de-positors

Thousandsof dollars

347, 417372, 457784, 821829, 505

, 187, 186, 176, 669, 177, 667, 180, 667, 188, 871, 198, 656, 208, 847

, 200, 771, 200, 023, 199, 983, 197, 485, 197, 300,198,223

2 Net exports indicated by (). > Exclusive of $287,000,000 gold coin reported in circulation prior to Jan. 31,1934.Digitized for FRASER http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis


FinanceSecurity and Money MarketsON an extraordinarily small average daily turnoverstock prices showed little net change on the aver-age during June and the first half of July. Weaknesspredominated in the second half of the latter monthand the "averages" dropped to a new low for the yearin this later period. After the volume of trading fellon June 4 to the lowest point in about a decade, dailyactivity remained on an unusually low level and onthe final day of the month the market prepared forFederal regulation, July 2, by the dullest Saturdaysession in 10 years. During July, the volume of trad-ing remained low, but increased as prices declined.

Security trading during the half year ending withJune resulted in a comparatively unimportant netchange in stock prices. The 12-month period endingJune 30 showed a decline of 11 percent in the generalmarket "averages" from the relatively high level ofa year ago when the market was in the throes of apronounced speculative rise. Among individualgroups, however, the year's changes were more pro-nounced. Public-utility issues dropped 29 percent,as compared with a decline of only 5 percent in theaverage of industrial stocks, wiiile rail shares declined20 percent. The change in market activity this year,as compared with June 1933 when speculative activitywas at a high pitch, is indicated by the fact that salesin that month amounted to 125,627,000 shares whereasthis June the turnover was limited to 16,802,000shares.

The almost steady gains of bond prices since Janu-ary continued through June and the first 3 weeks of

July. State and municipal issues also showed steadystrength. General bond "averages" for June wereapproximately 24 percent higher than in the corre-sponding month of 1933. Bond sales reported by thestock exchange for the respective months showed ahigher turnover in June 1933, but sales of UnitedStates Government issues taken alone were muchhigher in June of this year than in 1933.

New bond financing continued on a comparativelylow level during June and the first 3 weeks of July.However, a refunding issue of $131,400,000 in Federalland-bank bonds during the third week of June placedthe week's flotations at the highest point since theweek ending June 26, 1931.

An occasional impulse to stock-mark'et activity hasbeen given by favorable dividend announcements, butprices in general are high relative to current yields.Standard Statistics' compilation covering 90 stocksshows an average yield for June of 3.55 percent com-pared with 3.27 percent a year ago.

Brokers' loans showed an appreciable rise duringJune as well as during the early weeks of July. Moneyrates remained unprecedentedly low. Call rates con-tinued at 1 percent while the time-money market hasbeen virtually dormant, especially since the end ofJune. Bankers' bills continued to be quoted at three-sixteenths of 1 percent, as compared with one-half of1 percent a year ago. The acceptance market wasunusually quiet during the whole period until thesecond week of July when it showed some activity,though far below normal.

SECURITY AND MONEY MARKET STATISTICS

Year and month

1931:JuneJuly _ . . .

1932:JuneJuly . .

1933:JuneJuly_-AugustSeptemberOctober . __November ._ ._December -

1934:JanuaryFebruary _ . _ _MarchApril _ _ _ _ _ - .MayJune

Stocks

Prices(aver-

ageweek-

ly)

1926=100

95.19.8.2

34.035.9

74.980.475.174.869.569.170.4

75.680.577.179.671.873.5

Salesreport-

ed

Thou-sands ofshares

58, 71933, 540

22, 99823, 056

125, 627120, 30042, 46643, 31939, 37933, 64634, 878

54, 56756, 83029, 91629, 84725, 34316, 80S

Yieldon

com-mon

stocks

Per-cent

5.965.66

10.308.853.273.023.253.373.593.653.593.363.103.333.253.583. 55

Bonds

Prices(do-mes-

ticbonds)

Dollars

95.8695.49

75.6679.25

86.8488.0387.9185.8284.7082.9885.1188.7790.1291.0992.5492.3293.1(5

Yields(60is-

sues)

Per-cent

4.454.43

6.646.42

5.375.155.125.285.395.72 15.635.254,90 14.744.61 i4.564.47

Capital issues

TotalNew

capitalissues

1

Long-term ireal-

estate ;bonds

i

Dividendpayments l

Total

Indus-trialand

miscel-laneous

Thousands of dollars

402, 307267, 137147, 683155, 557

223, 927161, 99052, 90194, 17659, 36390, 27974, 566

90, 24386, 984

146, 879236, 245141, 872305, 2^5

251, 163222, 564

83, 872105, 381

109, 482117, 08345, 60063, 81458, 70288, 25757, 000

47, 77579, 12197, 276

143, 404102, 73312-2, 506

!

3,425 !800 |

80 ;0 ,0 1o !00 ;0 i0o

000000

399, 518212,819

216, 662122, 561

211, 890116,211211,432164, 629123, 492259,518191,995

201,854212,413177, 807162, 170264, 155217,544

330, 688199, 836187, 801113,820

191,066105, 160197, 493158, 577117, 263243, 742165, 023174, 709188, 244172, 416155,651240, 149182,794

Aver-agedivi-dendper

share(600

com-panies)

Dollars

2.362.311.341.311.051.051.051.061.061.101.11

1.121.151.161.161.181. IS*

Open-marketmoney rates,

New York |

Callmon-ey-re -iiewal(aver-age)

Timeloans

(range)

Com-mer-cial

paper(range)

Percent

1.501.502.502.08

1.001.00.98.75.75.75.94

1.001.001.001.001.001.00

1M-1M1M-1M

1Miy-iiAA-iA-ilAi-iXA-Yi-%A-iy-m1-1M

-i&-iM-iM-i3/4-l

222^-32X-2H

1H-2iiA-iyVA

1M-1Hi#1M

1M-1^i^-iM1M-1H

1-iMi-iM1

3/4-l

Brokers* loans

Re-portedby theNewYorkStockEx-

change2

Mil-lions ofdollars

1,3911,344

244242

780916917897776789

I 845903

1 938981

1,0881,0161, 082

Ra-tioto

mar-ket

value

Per-cent

2.933.031.561.182.152.802.502.742.582.432.552.422.562.672.993.003.11

Madeby re-port-ing

mem-ber

banksN.Y.C.3

Mil-lions ofdollars

1,4791,390

342332

764876881806749720837888858886974915

1,017

i New York Times compilation.7508634 2

2 Wednesday closest to end of month. 3

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


Foreign TradeEXPORTS of merchandise, measured in value, in-creased in June contrary to the usual seasonalmovement, while imports declined sharply. The in-crease in exports, amounting to 6.5 percent, comparedwith a normal seasonal decrease of about 5 percent,caused the adjusted index to advance to 50 percent ofthe 1923-25 average, or to about the same level re-corded in March and April of this year. The declinein imports amounted to 12 percent in comparison withthe usual decline of about 7 percent, thus causing theadjusted index of the value of imports to decline from47 percent of the 1923-25 average in May to 44 percentin June.

In comparison with the same month of 1933, thevalue of exports and imports in June 1934 was 42 per-cent and 11 percent greater, respectively. Substan-tial advances in prices were responsible for about one-third of the increase in exports and for all of the increasein imports. The estimated increase in the volume ofexports in June over a year ago was about 25 percent,while for imports the volume index was about the sameas in June 1933. From April to June 1933, the quan-tity of imports increased greatly as a result of forwardbu}diig in anticipation of a decline in the exchangevalue of the dollar.

Exports and imports for the first half of 1934 in-creased 55 percent and 46 percent, respectively, invalue as compared with the same period of 1933. Forthe fiscal year ended June 30, 1934, the value of exports,aggregating $2,009,000,000, was 42 percent greaterthan in the preceding 12-month period, and about 5

percent greater than in the year ended June 30, 1932.Imports, totaling $1,721,000,000 for the year 1933-34,showed a gain of 47 percent over the preceding fiscalyear and were slightly below the value for 1931-32.

Shipments of unmanufactured cotton, which droppedoff considerably in May, increased in value by $11,-300,000 during June. Although the value of leaf-tobacco exports, another important commodity in thecrude materials group, declined during June, the in-crease in crude material exports accounted for aconsiderable part of the increase in the value of ourtotal export trade.

Finished manufactured exports reached a total valueof $78,108,000 in June in comparison with $76,191,000in May and $83,440,000 in April. Principal finishedarticles responsible for the June increase included min-ing, oil-well, and pumping machinery, gasoline, kero-sene, agricultural machinery and implements, electricrefrigerators, and rubber manufactures. Automobileshipments, including parts and accessories, radio appa-ratus, and cotton, wool, and silk textile manufacturesdeclined slightly in value during June.

The principal changes among the foodstuff exportsincluded declines in lard, fish, wheat, wheat flour, andvegetables and increases in condensed and evaporatedmilk and dried and canned fruit.

A considerable part of the decline in total importsduring June was due to a reduction in imports of sugarfrom the Philippine Islands and of meats, fruits, coffee,textile manufactures, raw silk, undressed furs, hidesand skins, flaxseed, and sodium nitrate from all sources.

EXPORTS AND IMPORTS

Year and month

1931: June _1932: June1933:

JuneJulvAugust-.. . _SeptemberOctoberNovember. _December

1934:JanuaryFebruaryMarch.A prilMavJUilC-

Cumulative, Januarythrough June:

193219331934

Indexes

Valueof

totalex-

ports,ad-justed^

Valueof

totalim-

ports,ad-justed

Monthly aver-age, 1923-25=100

5534

36433840424248

444750504550

339331348

5736

40485048464042

424244424744

338 i3 30 !344 :

Ex-ports,in-

clud-ing

reex-ports

Exports of United States merchandise

I Total

ii

Crudematerials

Total1 Raw !

cot-ton

Food

Total

stuffs

Fruitsand

prep-ara-tions

! Semi- :i man-

ufac-tures ;

Finishedmanufactures

TotalMa-

chin-ery

Auto-mo-biles,parts,and

acces-sories

Imports a

jTotal

Crudema-

terialsFood-stuffs

Semi- iSSd

Xc" 2-?: ufac-tures tures

i

Millions of dollars187.1114.1119.8144.2131.5160.1193. 9184.3192.6172.2162. 8191.0179.4160.2170.6

840. 0669. 3

1, 036. 3

! 182. 81 109. 5

i 117. 5! 141.7I 129. 3! 157. 5i 191.7i 181.31 189. 8

169. 5159. 7

; 187. 51 176. 5i 157.2i 168, 0

819.7! 656. 81,018.3

29.124.2

40.351.542.063.682.571.373.1

60.454.255.345.938.047. 0

240. 9 i207.4300.8

13. 513.4

29.3 !36.8 i28.2 362

142'83

79.8106.972 675.3

126.5146 475.7

102.0118.2

9110214479

108399816265

100103

50 068 583.053.056.552.047.0

13410110710994

10481

1858474

15410515987

18984

183267334247353242317164192219

85.3114.079.695.0

130.2157 075.7

113.5121.3

9195

1307384

534876273

13151

58 080 0

105.053.560.048.552.5

14010410912110010182

1677477

15312316785

21692

175266338245357216308159183232

80.7108.476 488.3

130.0143 580.0

105.1110 3

851001269276

3446969727649

48 549 544.055.064.048.550.5

1421081121261099981

1548280

16712316788

213103174262323253341221294151161233

83.8115.280.689.3

139.5131 083.5

100.4109.2

11811110912466

167126194927989

55 549.045.053.566.544.0

48.5

15310912011911010082

1537386

163151185104?16112215256321242346233274148145233

80.7111.779 083.5

134.2113 883 585.8

107 4

12687

1028770

11516628810677

108

65 548 545.052.066.542.0

54.0

1671091171051139982

1497396

152177209116224122270248337225340228278148134219

71.0107.078 075.6

127.4115 686.791.5

108 5

105929682

12084

119209

775671

59 552 548.556.568.044.560.0

1711101111021179684

15375

105153185215121218124294

J> 253*349

216340236334144125202

75.799.477.577.0

120.0108.289.372.294.6

81859875

1134276

112664565

48 046.545.047.566.035.048.5

1701101211021179482

1597199

152192213120213124295

v 248i>367

220339215291140114205

76.297.178.777.8

119.8128 691.074.399 5

7488949278286061714293

50 052.054.050.560.543.551.0

1621111261031179683

16768

107151167199111201129273

T 250p 343

214348

T 255303135108214

89.3108.288.688.9

130.3140 2107.688.7

119 2

6072846881364738574378

45 554.556.052.561.545.056.0

15511112992

1179980

16284

117157166187102192115252

P 243P360

193347

*293296134104198

90 5108.185 087.1

122.5138 285 786.4

106 4

6780

10067

1112455507137

104

48 057 060.553.065.043.562.0

14810812681

1169980

16271

11616016717695

188108231

p 247J>367

209347

29629714498

192

96 0127. 7

90 192.3

126.8143 o80 20

105. 3109 6

66849472

119224742702990

45 058 063.552.063.545.063.0

14210912381

11610481

15985

111160167

a 16690

18298

213

v 257v 369

211347"309

33215285

197

a 102 10 137. 1092 3

"95.90 125. 7143 0

a 81 3 107. 3a ICQ 0

7797

12383

120915642

10837

102

a 50 0a 57 5

59.5

"55.0

65.049.0

54.5

136108

11784

11610580

15078

113 159

16315788

17193

198

v 261*376

225"347"295

32814783

202

COMMODITY PRICES

COST OF LIVING (N.LC.B.)Total, all groups 1923=100-

Clothing 1923=100 .Food 1923=100Fuel and light 1923 = 100 .Housing-. 1923=100Sundries 1923=100

FARM PRICES (Dept. of Agri.)Total all groups 1909-14=100

Cotton and cottonseed _ . 1909-14=100Dairy products * .1909-14=100Fruits and vegetables 1909-14=100Grains 1909-14=100Meat animals 1909-14=100Poultry products * 1909-14=100Unclassified 1909-14=100-

78.877.374 585.864.692.5

779476

10889646957

72.861 666 282 263.489 3

6469657463665548

75.263 971 782 663.290 3

768471

10394666751

76.970 073 084 363.291 8

727172

12081636754

77.975 673 285 963.692 3

706976

10178627753

78.077 773 487 063.291 4

7071788668639456

77.877 873 087 462.891 5

717678817459

10562

77.377 471 787 562.891 5

6877768373529563

77.577 372 087 162.791 9

7082739275558260

78.377 574 187 162.892 1

769377

10178647762

78.577 774 387 163.192 2

769479

10878657258

78.477 973 586 563.792 4

749476

10577637056

78.677 874 185 764.292 4

749076

10578636959

Revised.* New series. See p. 18 of the March 1933 issue (marketings-quantities), p. 20 of May 1933 issue (prices), and pp. 16-19 of the May 1934 issue (cash income for marketings

of agricultural products). Data for July 15: Total, 80, cotton and cottonseed 99, dairy products 77, fruits and vegetables 103, grains 92, meat animals 66, poultry products 73, unclassified 61.v Preliminary.



Monthly statistics through December 1931,together with explanatory footnotes and refer-ences to the sources of the data, may be foundin the 1932 Annual Supplement to the Survey

1934

June June

1933

July August Septem-ber OctoberNovem-

berDecem-

ber

1934

January Febru-ary March April May

COMMODITY PRICESContinued

RETAIL PRICESDepartment of Labor indexes:

Coal 1913 100Food# .1913 = 100.-

Fairchild's index:*Combined index Dec 1930=100

Apparel:Infants' wear Dec. 1930=100..Men's... Dec. 1930=100-Women's - Dec. 1930=100

Home furnishings Dec. 1930=100.-Piece goods.. -Dec. 1930=100

WHOLESALE PRICESDepartment of Labor index:

Combined index (784) 1928=100--Economic classes:

Finished products -1926=100-.Raw materials 1926= 100Semimanufactures 1926 =100

Farm products - .1926=100 -Grains - - -1926=100Livestock and poultry. _ _ _ .1926 = 100

Foods 1926=100Dairy products 1925 = 100-Fruits and vegetables _. _ 1926=100Meats 1926=100..Qther products. 1926= 100Building materials 1926=100

Brick and tile 1926=100..Cement 1926100Lumber 1926=100-

Chemicals and drugs 1926=100Chemicals 1926= 100-Drugs and Pharmaceuticals. 1926 =100Fertilizer materials 1926=100-

Fuel and lighting I96 100Electricity 1926= 100Gas -1926=100-Petroleum products 1926 =100

Hides and leather.. 1926=100..Boots and shoes... 1926=100Hides and skins . 1926 = 100Leather 1926=100..

House furnishing goods 1926=100..Furniture 1928=100Furnishings 1926=100-

Metals and metal products. .. 1926 = 100- .Iron and steel. 1926=100Metals, norferrous 1926=100Plumbing and heating equip-

ment 1926=100..Textile products 1926= 100

Clothing ...1926=100..Cotton goods 1926 = 100Knit goods 1926 = 100..Silk and rayon 1926=100..Woolens and worsted 1926=100

Miscellaneous 1926 = 100Auto tires and tubes 1926 = 100Paper and pulp 1926=100

Other wholesale price indexes:Bradstreet's (96) 1926=100-Dun's (300) 1926 100

World prices, foodstuffs and raw materials:*Combined index 1923-25=100..

Coffee 1923-25 = 100-Copper 1923-25 = 100..Cotton 1923-25 = 100--Rubber .1923-25 = 100 _Silk 1923-25 = 100-Sugar 1923-25 = 100-Tea 1923-25 = 100..Tin ...1923-25=100..Wheat 1923-25 = 100-

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

PURCHASING POWER OF THEDOLLAR *

Wholesale prices 1923-25 = 100..Retail food prices 1923-25 100Farm prices. 1923-25 = 100..Cost of living...-. 1923-25 = 100--

157109

88 293.887.790 888.185.5

74 678.267.372.96'i 3

48 369. 873.070 162.278.287. 891.19^ 80. 375. 678.673.167.97^ 8

50.687.198. 470. 175. 382.079.085.187.788.66S. 575.172.782.686.062.825.080.870.244.683.571.588 643.655. 9fi2. 145.231. 616.832.969.0

101.942.7

135. 0137 4179. 2129.2

15297

72 378.771.873.772.869.6

65.069.056.265.353.257.446.661.263.163.952.468.974.777.081 867. 473. 781.555.568.061.591.4

101. 734.482.485.581.474.373. 473.473.679.37f>. 263 2

67.461.564.567.150.935.268.860.840 173. 5

64.579 1

37.645.556.235.314.430.134.742.387.939.9

155. 0154 8215.5139.9

155105

76 1

80.775.178.277.874.8

68.9

72.261.869.160. 173.447.465.566.175.650.872.279.578.288 275.973. 280.356.868.665.389.4

100.241.386.388.300 i-r

78.074.874.675.180.677.767 669.488.070.680.255.237.972.364.041 478.169.782 842.845. 562.539.718.831.838.452.192.350.3

146.2142 9181.5135.3

160107

82 585.480.485.781.780.2

69. 573.460.671.757.664.645.964.865.771. 151.074.181.381.590 379.473.179.657.669.065 588.899.540.991.796. 191.582.577.676.878.681.27.668 270.374.674. 493. 569.434.678. 965.443 281.069. 685 039.745.063.435.317.126.336.963.289.042.8

j

144.9140 4191.6132.5

166107

86 091.282.989.383.781.8

70.874.861.772.957.063.946.764.965.866.851.576.182.782.690 882.072.778.856.866.670 490.4

101.549.692.398.984 185.479.378.480.582.180.368 574.776.981.191.374.834.582.765.143 982.270.086 241.545.063.335.717.026.439.977,192.846.3

142.2140 1197.2130.7

167107

87 191.385.690 585.082.8

71.2

75.461.872.855 758 245.464.266.062 551.077.283.984.691 284.272.778.656.867.673 692.3

100.552.789.098.971 283.281.279.882.883.082.467 074.777.184.888.874.732.084.565.343 282.468.585 137.644.557.535.717.923.033.772.895.334.8

141.4139 7197.2130.5

168107

88 090.586.290 585.984.8

71 175.262.471.456 661 341 264.367.261.748.277.284.984.791 286.573.479.258.467.873 593.894.651 688.299.070 179.381.079.482.882.781.568 073.776.888.086.072.530.484.465.543 282.568.284 639.344.557.036.820.320.530.473.7

105.643.4

141.6140 4194.6130.9

167104

88 090.486.290 385.882.8

70 874.861.972.355 560 438 062.565.163 04&077.585.685.791 288.073 779.259.068.173 494 092.251 689.298.674 980.181.079.382.983.583.666 672.576.487.985.571.229.684.365.743 282.568.486 139.346.557.037.520.819.830.275.2

105.241.6

142.2144 1202.8131.8

167105

88 591.086.589 586.584.2

72 2

76.064.171.958 763 741 164.365.068 048.978.386.386.693 987.474 478.865.268.473 192 390 851 189.598.577 279.980.878.882.985.583.666 172.576.587.586.570.629.784.367.543 283.069.787 241.250.457.041.521.820.329.978.4

103.244.1

139.5142 5197.2131.4

168108

89 593.288.490 287.585.6

73 677.066.074.861 363 248 266.769.171 753.378.786.687.293 987.375 578.871.569.272 491 889 350 389.698.478 080.181.079.283.087.086.365 872.776.987.288.667.031.084.368.543 582.771.787 543.257.356.345.224.521.733.278.2

102.742.1

136.8138 3181.5130.0

168109

a 8Q ft

93.688.90 91 2

"88.7"85.9

73 777.265.974.361 362 349 567.368.971 656.578.586.488.5o^ g86.475 779.071.969.571 488 589 448 788.798.573 479.781.479.883.287.186.366 372.776.587.289.165.629.484.069.344 682.771.086 642.457.856.345.225.819.627.776.3

106.942.6

136.6138 1181.5129.7

164107

cq 4

93.9^87.9

a Q1 488. 285. 5

-73 3

77.165.173.9rn KC QAQ O

66.266.567 957.378.686.790.7CO 787.27* 578.672.268.771 788 392 249 488.998.576 778.481.679.983.587.987.368 0

76.275.385.788.264.228.482.069.544 683.6

70.985 5

40.955.959.143.828.318.419.576.8

110.643.2

137.4139 186. 6129.

August 1934 SUEVEY OF CUEEENT BUSINESS 25


1934

June

1933

June July August Septem-ber October jNobverm"Decem-

ber

1934

January *$?' March April May

CONSTRUCTION AND REAL, ESTATEContinued

CONSTRUCTION CONTRACTSAWARDED Continued

F. W. Dodge Corporation (37 States):Total, all types:

Projects numberValuation thous of dol

Nonresidential buildings :fProjects _ .number..Floor space thous. of sq. ftValuation thous. of dol

Public utilities:#Projects. ._ number..Valuation . thous. of doL.

Public works :#Projects . . - number.Valuation thous. of dol

Residential buildings:Projects numberFloor space .thous. of sq. ft..Valuation thous of dol

Engineering construction :1Total contracts awarded (E.N.R.)

thous. of dol..HIGHWAY CONSTRUCTION

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

Roads only thous. of sq. yd,_Highways:

Approved for construction (NJ,R.A.~):*Mileage number. _Public works funds allotted, thous. of dol.

Under construction (N.I.R.A.):*Estimated total cost - thous. of doLPublic works funds allotted. _thous. of doL.Federal aid funds allotted.. .thous of doL.Mileage _ _ _ _ ... ..number.

CONSTRUCTION COSTSBuilding costs all types (American Appraisal

Co.)* 1913=100..Building costs all types C4.G.C.)~1913=100__Building costs all types (E.N.R.) .1913=100,.Building costs factory (Aberthaw) .1914 -=100..

MISCELLANEOUS DATAConstruction employment and wages:

Employment, Ohio. (See Employment.)Wages, road building. (See Employment.)

Fire losses, United States thous. of doL.Ship construction. (See Trans. Equipment.)Real estate:

Home Loan Bank, loans outstanding *thous. of doL.

Market activity . each month 1926=100New financing. (See Finance.)

8,368127 131

3,0617,147

43, 142

23213, 0691,344

44, 3403 7317,504

26 580

109, 993

2,6281,572

1,71831, 149

283, 506263, 042

8, 63413, 674

158180

199. 6177

20, 006

86, 248

9, 174102 342

3,0767 051

50, 186164

5,046933

19 392

5 0018, 295

27 718

104, 200

1,8611, 547

141161

163.4168

21, 579

47, 57944 9

8,22882 5542,8016 920

39, 983160

4,132

91014 8094 3577,383

23 830

50, 368

1,428879

148162

165.5

20,004

53, 74541 5

8,186105 989

2,7776 337

32, 708

15719, 3951,251

32 0034 0016,369

21 884

74, 063

5,6505,300

150165

167.0

23, 627

59,80647 4

7 594120 134

2,3026 470

37 836173

3,4251,591

57 3243 5286,296

21 549

106, 677

5,7644,826

4,64872, 778

34 96232, 893

1,0632,305

151166

175.5173

20,448

66, 32942 2

7 476145 367

2,3878 330

31 117

2106,9951,718

85 7293 1616,868

21 526

141, 622

7,9706,409

5,14774, 73192, 21585, 9893,1775,910

151166

187.7

21, 465

73, 11045 8

6 232162 341

2 0725 053

27 645215

6,9381,445

104 1412 5006, 433

23 616

147, 446

5,5424,171

4,74876, 619

134, 491124, 652

5,0718, 813

152167

190.1

22, 454

80, 69954.1

7 677207 210

3,1895 185

50 040322

34, 0432,446

99 227

1 7205,890

23 900

102, 563

5,9184,107

5, 60793, 439

159, 575147, 264

5, 56110, 504

153168

192.1175

27, 626

88, 44253.8

7 729186 464

3,4195 470

57 616358

10, 5962,222

103 141

1 7303,943

15 110

101, 581

3,9212,131

4,49180, 795

197, 088180, 944

7,04212, 084

153168

191.3

28, 003

92, 49751.5

5,50796 7162,2564 271

29 015185

6,4431,101

46 7391 9653,634

14 520

79, 261

3,5862,356

4,33380, 456

216, 291198, 759

7,57412. 827

154169

194.0

31, 443

94, 04046.3

7,927178 346

2,9597 673

57, 329245

21, 0031,761

71 9372 9628,046

28 076

122, 204

3, 3532,143

4,26777, 283

239, 974221, 169

7,95513, 062

156172

194.0176

31,312

93, 12546.3

8 114a!31 225

3 HI7 991

38 737193

12 372

1 18457 5353 5965,985

29 QQg

101, 192

2,4591,463

3 27962 216

OAQ 99Q248 942

8 435M i i i

ISO195. 9

22, 029

88, 92245.2

9 153a 134 439

3 2108 093

52 797

2055 599

1 53751 202

4 2016, 159

a 94 R4.0

116, 743

3, 7522,200

9 40



1934

June June

1933

le July August Septem-ber OctoberNovem-

berDecem-

ber

1934

January Febru-ary March April May

DOMESTIC TRADEContinued

ADVERTISING ContinuedMagazine advertising Continued.

Cost, total- Continued.Foods - thous. of dol _Garden - - thous. of dol. .House furnishings thous. of dolJewelry and silverware thous. of dol_.Machinery thous of dolOffice equipment thous. of dol._Paints and hardware thous. of dol__Petroleum products. _. -thous. of dol_.Radios thous. of dol..Schools - - thous. of dol. _Shoes and leather goods thous. of dolSoaps and housekeepers' supplies

thous. of del-Sporting goods thous. of dolStationery and books thous. of dolTobacco manufactures thous. of dolTravel and amusement thous. of dolMiscellaneous thous. of dol

Lineage total f thous. of lines -Newspaper advertising:

Lineage, total (22 cities) thous. of lines..Lineage, total (52 cities) thous. of lines

Classified thous of linesDisplay thous. of lines .

Automotive thous. of lines..Financial thous of linesGeneral thous. of linesRetail . thous. of lines. -

GOODS IN WAREHOUSESSpace occupied, public merchandising ware-

houses percent of totalNEW INCORPORATIONS

Business incorporations (4 States) number. _POSTAL BUSINESS

Air mail weight dispatched poundsMoney orders:

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

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

Foreign, issued value thous. of dol..Receipts, postal:

50 selected cities thous of dol50 industrial cities thous. of dol

RETAIL TRADEAutomobiles:*

New passenger car sales:Unadjusted 1929-31 ] 00Adjusted 1929-31 = 100

Chain store sales:Chain Store Age index:*

Combined index (19 companies)!av same month 1929-31 100

Apparel index (3 companies) fav. same month 1929-31 = 100

Grocery (6 companies)av. same month 1929-31 = 100

Five-and-ten (variety) stores:*Unadjusted 1929-31 100Adjusted 1929-31 = 100H. L. Green Co., Inc.:*

Sales thous. of dol..Stores operated number

S. S. Kresge Co.:Sales thous. of dolStores operated.. _ _ _ _ number _ _

S. H. Kress & Co.:Sales thous. of dolStores operated . _ number.

McCrory Stores Corp.:Sales thous. of dolStores operated. _. .number..

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

F. W. Wool worth Co.:Sales _. thous. of dol_.Stores operated _ .number..

Grocery chains:A. & P. Tea Co.:

Sales, value total thous. of dolWeekly average _ thous. of doL.

Sales, tonnage, total (estimated).. .tons..Weekly average tons..

1,56841

7802363999

13530385

133222643223137486418580

2,271

103, 64618, 68984, 9579,5031,528

19, 53154, 395

2, 185

3,45233,896

10, 95388,088

85.163.5

91

86.390. 8

2,287131

11, 523724

5,757229

2,820202

i 2, 466181

22, 0001,949

(2)

(2)

1,51322

45271143579

26847

126154

666177109377337175

1,544

61, 25893, 16816, 34576, 823

7, 9911,722

16, 44850, 663

61.9

2, 933

643, 449

3,24033, 129

10, 02788, 7212,330

24, 9882,701

65.249.0

82

81

79

79.183.2

10, 305718

4,830231

2,551230

1, 808179

19, 3441, 935

79, 50315, 901

507, 361101, 472

1, 34110

19947232538

23658

12085

515 140"98

"322 229"1621,272

49, 36478, 31916, 06462, 2556,1392,396

14, 27239, 448

62.3

2,402

644, 172

3,06130, 957

8,86381, 7592,109

57.552.5

86

79

83

74.483.6

1,857135

9,407719

4, 929231

2,546227

1,804179

19, 5831,937

63, 44515, 861

382, 75195, 688

1,0185

1292624132

32010113613

44013195

364130127

1, 184

53, 71086, 33918, 15868, 1816,7971,392

15, 19844, 794

62.7

2,392

690, 177

3,07830, 894

9,59887, 281

2,072

1, 155 i10

27036141853

22585

14358

51776

123337131178

1,407

62, 32792, 61817, 28775, 3315,4081,259

16, 33752, 326

63.5

3,839

643, 621

3,05730, 959

9,42687, 5712,619

58.352.0

84

91

80

76.786.7

1,782135

9,921719

5,417231

2,619225

1,803179

20, 3571,936

76, 00515, 201

458, 60691, 721

51.252.0

85

84

81

82.586.4

1,994135

10, 635720

5,406230

2,800210

1,912179

21, 6421,937

60, 66115, 165

357, 63889. 4.10

1,68515

6631272576

117202103116140

64581

237453220228

1,870

70, 271105, 97019, 46786, 5034,6831,497

20, 07160, 252

64.2

2,304

665, 458

3,33833, 146

11, 106102, 877

1,998

42.753.5

84

88

80

86.985.6

2,082135

10, 848720

5,771230

2,867209

1,994179

22, 0351,942

63, 85615, 964

376, 06994. 017

1,9587

594160297082

168273105134

58246

202399246218

1,899

66, 35799, 82316, 19983, 6245,5651,500

18, 76957, 791

65.2

2,384

631, 748

3,25032, 232

11, 17398, 6302,279

33.053.0

83

82

79

86.885.5

2,106133

10, 465721

5,586230

2,837209

1,976180

20, 9961,942

77, 63115, 526

460, 52592, 105

1,7778

367176298332

19023884

106

371102325370291224

1,791

63, 96296, 71615, 54881, 1683,9361,506

12, 27563, 451

67.4

2,525

657, 203

4,01335, 487

12, 11898, 5515,110

17.330.5

88

88

83

153.783.3

4,071134

19, 732721

11, 441230

5,664209

3,591180

36, 9961,936

64, 47916, 120

386, 94796. 737

1,17350

22911923

11017

16723512454

33693

166421283312

1,375

55, 46282, 45515, 04567, 4095,9312,159

13, 97745, 343

67.6

2,864

3,61134, 551

11, 28289, 7612,030

22.833.5

89

93

80

70.294.2

1,619132

8,825721

5,107231

2, 492209

1,555179

18, 1371,937

59, 92314, 981

356, 51489. 129

1,78576

34834328345

11965

11039

58355

161439284319

1,765

80, 78813, 68167, 1264,3581,643

16, 74544, 381

67.2

2,106

3,41931, 743

10, 05679, 1922,006

45.754.5

85

90

79

73.087.5

1,525132

8,797722

5,083231

2,497205

1,584180

17, 8601,937

64, 27216, 068

377, 78294. 446

1,91659

53533279191

14511510162

57672

187449343414

2,013

103, 64816, 57787, 0716,1792,010

19, 38459, 498

67.4

2,507

3,82236, 183

11, 99994, 176

3,047

68.464.5

88

100

81

87.294.8

2,377133

12, 321723

6,331230

3,257204

2,246180

24, 0351,940

81, 29216, 258

477, 82595. 565

1,96975

86710940

110163258108113 !198 ;717114198523459574

2,469

107,49117,80889,6838,1801,808

20, 18359,512

65. 9

2,393

3,51934, 225

10, 47685, 2192,118

87.959.0

86

103

78

82.587.2

1,903133

10, 146724

5,732230

2,582204

2,060180

19, 7881,944

62, 4641 15, 616

364, 46791.117

1,71161

1,03919045

102203228100128213

711184149425521652

2,501

112, 12217,93294, 1909,2961,481

21, 79861,616

66.0

2,320

3,55334, 097

11, 25789, 684

78.155.5

85

98

78

90.090.0

2,218132

11, 680723

6,096230

2,745204

2,367181

22, 0051,946

a Revised. 2 Discontinued.

* New series. For description of Chain Store Age indexes see p. 19 of the December 1932 issue. Comparable data of H. L. Green Co., Inc., sales prior to July 1933 notavailable. For earlier data on automobiles see p. 19 of the April 1934 issue and variety store sales p. 18 of the March 1934 issue.

t Revised series. For revisions refer to the indicated pages of the monthly issues as follows: Magazine advertising, p. 20, October 1933; combined sales index and apparelsales index of Chain Store Age, p. 26, October 1933.Digitized for FRASER

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

August 1934 SURVEY OF CURRENT BUSINESS 27


1934

June

1933

June July August Septem-ber OctoberNovem-

berDecem-

ber

1934

January F- March April May

DOMESTIC TRADEContinued

RETAIL TRADE Continued

Restaurant chains (3 companies) :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 tbous. of dol_.Stores operated _ . number

Department stores:Sales, total value, adjusted 1923-25= 100. .Sales, total value, unadjusted.. 1923-25=100..

Atlanta 1923-25 = 100Boston.. 1923-25=100.Cbicago 1923-25=100..Cleveland 1923-25=100Dallas _ _ _ 1923-25 =100..Kansas City 1923-25=100Minneapolis 1923-25=100New York 1923-25=100..Philadelphia* 1923-25=100Richmond 1923-25=100..St. Louis 1923-25 = 100San Francisco 1923-25= 100. _

Installment sales, New England dept. stores,ratio to total sales percent. _

Stocks, value, end of month:Unadjusted , 1923-25=100Adjusted.. 1923-25=100.

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

Montgomery Ward & Co... thous. of dol..Sears, Roebuck & Co thous. of dol._

7,361458

16, 7971,465

a 7470737071696763598065906267

6365

46, 33019, 26627,064

3,012376

6, 510452

14, 6281,478

6864546566585457557758745766

5.7

5657

38, 925 16, 104

22, 821

3, 045373

5,784454

13, 5641,478

7049464648454444404939514267

7.9

5660

33, 56613, 61519, 951

3,298376

5,752454

14, 2041,477

7759655765616061586150665776

12.7

6264

40, 32715, 65724, 670

3,218375

6,423454

16, 2881,471

7073677375646768707860796373

9.8

7370

43, 21916, 60026, 619

3,444375

7,113454

18, 6431,468

70

797676668174589373947072

9.3

7770

53, 55023, 01730, 533

3,141375

6,900456

19, 2161,468

6575717469617567548966877069

7.0

7869

52, 03720, 74231, 295

3, 068374

12, 451457

25, 8241,467

6912111711411410312011393

1401051471061314.2

6265

61,97125, 02236, 949

3,472374

4,833457

12. 4441,466

69575761GO525652466349615363

7.4

5966

36, 70514, 73421,971

3,146373

4, 550457

11, 7451,466

7159644661516154435843575259

9.4

6366

36, 01615, 42220, 594

3, 678373

6, 774457

16, 4971,467

7773837375738475738569927182

6.6

6765

43, 59218,31225, 280

3,541372

5, 950457

15, 4771,465

7773746476707270657758816769

6.5

6865

46, 03720, 87225, 165

7, 180457

17,0801,407

7777

8271

80a 7879

a 7467

81(579775

a 74

7.5

6766

51,07220, 93530, 137

EMPLOYMENT CONDITIONS AND WAGES

EMPLOYMENT

Factory, unadjusted (B.L.S.)* 1923-25=100..Chemicals and products 1923-25= 100__

Chemicals 1923-25=100..Druggists' preparations 1 923-25 = 100_ _Paints and varnishes 1923-25=100..Petroleum refining 1923-25=100..Rayon and products _. 1923-25=100..

Food and products 1923-25=100..Baking... _._ 1923-25 =100..Beverages 1923-25 =100..Slaughtering, meat packing. .1923-25= 100. _

Iron and steel and products 1923-25=100.-Blast furnaces and steel works. 1923-25= 100..Structural and metal work. _ .1923-25= 100..Tin cans, etc 1923-25=100..

Leather and products. _. 1923-25=100Boots and shoes 1923-25=100Leather 1923-25=100..

Lumber and products 1923-25=100..Furniture 1923-25=100Millwork 1923-25100Sawmills 1923-25=100Turpentine and rosin 1923-25=100

Machinery 1923-25=100..A gricultural implements 1923-25 = 100. .Electrical machinery, etc 1923-25 =100_.Foundry and machine shop products

1923-25= 100. _Radios and phonographs 1923-25= 100. _

Metals, nonferrous 1923-25=100Aluminum manufactures 1923-25 = 100. .Brass, bronze, copper prod_ _ _ 1923-25 =100. .Stamped and enamel ware-_1923-25=100_.

Paper and printing 1923-25= 100. _Paper and pulp 1923-25=100..

Railroad repair shops _ _ , 1923-25 100Electric railroad 1923-25=100-.Steam railroad 1923-25=100

Rubber products . _ _ 1923-25100Rubber tires and tubes 1923-25=- 100. _

Stone, clay, and glass products 1923-25=100..Brick, tile, and terra cotta.._ 1923-25 =100..Cement 1923-25=100..Glass _ 1923-25=100..

Textiles and products ...1923-25=100Fabrics 1923-25=100..Wearing apparel 1923-25 =100

Tobacco manufactures 1923-25= 100..Transportation equipment 1923-25= 100. _

Automobiles 1923-25=100Cars, electric and steam 1923-25=100..Shipbuilding. 1923-25=100..

Factory adjusted * 1923-25=100..Chemicals and products 1923-25=100..

Chemicals 1923-25=100..Druggist preparations 1923-25=100 _Paints and varnishes 1923-25=100..Petroleum refining . 1923-25=100Rayon and products 1923-25=100..

81.0104.5111.796.9

106.1111.4273.8105.1114.6183.0101.476.479.159.796.787.786.891.550.062.437.935.198.680.873.366.273.1

206.075.976.078.293.094.7

106.059.866.759.385.681.757.134.459.193.691.090.089.362.494.3

105.753.976.6

81.4108.9113.9101.4102.2110.4273.8

66.987.980.582.989.496.9

260.189.798.1

160.482.955.754.642.078.083.484 081.142.759.434 927.381.154.238.548.0

48.9135.058.467.761.875.382.384.948 465.647.169.365.045.927.946.571.189.788.489.061.251.758.219.848.0

67.491.982.186.886.196.0

260.1

71.592.387.986.492.096.9

281.494.599.5

166.685.261.862.145.581.889.590 386.346.662 438 730 883.558.140.151.4

52.9138.061.772.369.180.084.189.951 765.250.777 473.249.333.350.272.095.496.788.360.358.365.924.752.3

72.596.590.191.292.294.8

281.4

76.499.196.888.793.598.9

316.1105.4102.7162.794.268.469.849.389.892.993 292.250.468 739 833 689.464.543.555.0

59.4158.769.280.376.289.388.797.654.264.753.386 678.052.835.653.177.897.899.390.362.261.668.729.457.5

76.4103.0100.390.596.197 1

316.1

80.0106.0101.295.194.1

104.9330.3120.9108.9161.1102.271.471.853.992.390.790 392.554.377.239 935.697.669.848.258.4

62.4195.974.384.578.392.492.7

103.155 165.154 388 876.352.934. 848.080.498.297.695 661.764.371 628.564.2

78.0105.5101.793 195.2

103 0330.3

79.6109.1103.299.894.0

108.8331.3115.9110.1150.6101.569.870.254.685.088.988 391.455.278.538 736 2

103.973.052.460.6

63.6238.275 683.277.593.394.5

104.155 065.854 188 774.751.631.841.481.197.796.795 864.659.164 227.966.1

77.8106.9102.195 493.7

109 0331.3

76.2108. 4104.0101.991.1

110.0332.0104.8109.1136.398.967.967.953.383.979.177 087.852.372.437 234 7

101.173.356. 160.3

62.5248.372 681.774.879.894.2

102. 254 868.653 986 772.550.329.241.282.292.993.587 766.053.556 628.563.5

75.9106.6101.998 491.8

111 1332. 0

74.4107.6103.5103.090.1

111.2322.099.2

107.7140. 598.066.667.052.786.478.775 890.849.865.936 333.3

107.771.861.259.4

61.4219.469.880.972.178.294.5

101.153 566. 752 583 971.849.027.136.682.988.089.780.462.161.166 131.867.3

75.0106.6101.4101 491.6

112 6322. 0

73.3107.9104.8101.993.9

110.3319.494.1

106.4140.596.563.565.051.679.182.980 891.445.660 033 330 797.870.065.857.8

61.2181.767 378.070.972.792.4

100.352 865.951 882 071.547.324.735.683.888 289.481 454.571.280 331.664.4

75.1107.7103. 499 796.1

112 4310^4

77.7110.6104.8102.497.6

110.6325.293.9

308.4141.595.566.667. 352.879. G90.389 693.647.162 436 131 398 672.975.659.2

64.1177.570 979.672.779.893.1

102.553 465.852 584 G74.649.825.64.1.089.596.896.493 4G2. 184.797 438. 566.0

78.4109.6103. 1101 497.7

112 1325. 2

80.8112.8107.7103.198.4

110.2321.996.2

110.3147.792.870.070.153.985.492.792 295.148.563 037 632 6

101.476.875.901.8

68.3187.675 181.578.187.593.7

104.455 566.354 787 178.152.126.942.493.9

100.098.499 464.493.4

108 440.869.3

81.0110.9106. 5100 997.7

111 3321.0

82.3113.3110.8100.6102.6107.8319.097.2

111.2156. 692.472.672.956.088.292.392.293.249.460.839 434.3

101.280.387.203.7

71.6200. 276.982.279.194. 095. 1

106. 857 866. 357.290 082. 155.330.548.095.999.196.8

100 064.799. 1

114.943.971.7

82.2109.4110.1102 4102.2107 8319. 0

82.4106. 1111.297.7

107.4109.5267. 799.6

113.21G9. 196. 7

75. 276. 858. 591.291.491 392.151.061.340 436. 1

102.481.383. 005. 4

73.6201.277.878.181.295.695. 9

107.259.6

66. 759. 1sy. i82.757.733.157.695.196.194.994.761.399.4

114.448. 5

73.182.4

107.9113. 1101.3103.6109.7267.7

Revised.* New series. For earlier data see p. 20 of the December 1932 issue, department store sales, Philadelphia, and pp. 16 to 20, inclusive, of June 1934, and pp. 10 and 19 of


28 SURVEY OF CURRENT BUSINESS August 1934Monthly statistics through December 1931,

together with explanatory footnotes and refer-ences to the sources of the data, may be foundin the 1932 Annual Supplement to the Survey

?4 I

le i June July

1933

August I8* October Novem-berDecem-

ber January

1934

~) March April May

EMPLOYMENT CONDITIONS AND WAGESContinued

EMPLOYMENTContinuedFactory adjustedContinued.

Food and products 1923-25=100.. 107.3 91.7 92.0 97.4 103.2 104.6Baking _ _ _ . 1923-25 = 100.. 113.4 97.0 98.0 102.4 107.0 108.4Slaughtering, meat packing_.1923-25=100-_ 101.9 83.3 85.7 j 96.1 103.2 100.7

Iron and steel and products-1923-25=100.-- 76.3 55.6 62.8! 68.7 70.9 69.4Blast furnaces and steel works 1923-25=100,_ 79.3 54.8 63