Survey of Current Business July 1945 - FRASERm SIM:S VOLUME 25, No. 7 JULY 1945 Statutory Functions "The Bureau of ... full-tim e an d part-tim wag earner salarie worker in manufacturin

JULY 1945

SURVEY OF

CURRENTBUSINESS

UNITED STATES DEPARTMENT OF COMMERCE

BUREAU OF FOREIGN AND DOMESTIC COMMERCE

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

Survey of

CURRENTm SIM:S

VOLUME 25, No. 7 JULY 1945

Statutory Functions "The Bureau ofForeign and Domestic Commerce . • • tofoster9 promote, and develop the foreignand domestic commerce of the UnitedStates" [Law creating the Bureau, Aug.23,1912 137 Stat. 4081.1

Department of CommerceField Service

Atlanta 3, Ga., 603 Rhodes Bldg.Boston 9, Mass., 1800 Customhouse.Buffalo 3, N. Y., 242 Federal Bldg.Charleston 3, S. C, Chamber of Commerce

Bldg.Chicago 4, 111., 357 U. S. Courthouse.Cincinnati 2, Ohio, Chamber of Crnimerce.Cleveland 14, Ohio, 753 Union Commerce Bldg.,

Euclid Ave. at East 9th St.Dallas 2, Tex., Chamber of Commerce Bldg.Denver 2, Colo., 566 Customhouse.Detroit 26, Mich., 1018 New Federal Bldg.Houston 14, Tex., 603 Federal Office Bldg.Jacksonville 1, Fla., 425 Federal Bldg.Kansas City 6, Mo., 724 Dwight Bldg.Los Angeles 12, Calif., 1540 U. S. Post Office

and Courthouse.Memphis 3, Tenn., 229 Federal Bldg.Minneapolis 1, Minn., 201 Federal Bldg.New Orleans 12, La,, 408 Maritime Bldg.New York 18, N. Y., 17th Floor, 130 W. 42d St.Philadelphia 2, Pa., 1510 Chestnut St.Pittsburgh 19, Pa., 1013 New Federal Bldg.Portland 4, Oreg., Room 313, 520 S. W. Mor-

rison St.Richmond 19, Va., Room 2, Mezzanine, 801

E. Broad St.St. Louis 1, Mo., 107 New Federal Bldg.San Francisco 11, Calif., 307 Customhouse.Savannah, Ga., 513 Liberty National Bank and

Trust Bldg., Bull and Broughtin Sts.Seattle 4, Wash., 809 Federal Office Bldg.

ContentsPage

1THE BUSINESS SITUATIONForeign Trade Prospects . . . . . . 4Merchant Shipping 8

New Residential Construction 9

NATIONAL ECONOMIC ACTIVITY IN 1945 . 10

PLANNED CAPITAL OUTLAYS ANDFINANCING 15

STATISTICAL DATA:

New or Revised Series 24

Monthly Business Statistics S-lGeneral Index Inside back cover

±1 OtC—Conten t s of this publication are not copyrighted and

may be reprinted freely. Mention of source will be appreciated.

Published by the Bureau of Foreign and Domestic Commerce, AMOS E. TAYLOR, Director—Department of Com-merce, HENRY A. WALLACE, Secretary. Subscription price $2 a year; Foreign, $2.75. Single copies, 20 cents. Priceof the 1942 Supplement, the last issued, 50 cents. Make remittances direct to the Superintendent of Documents,United States Government Printing Office, Washington 25, D. C.


The Business SituationBy Division of Research and Statistics, Bureau of Foreign and Domestic Commerce

THE drift during June was in thedirection of gradual easing of the

pressure upon the economy, as the ini-tial steps were taken to adjust the warmachine for the final smashing of theJapanese Empire. That it was a drift,rather than a sharp shift, is attributableto the fact that adjustments in the out-put of war goods and in the size of thearmed forces were comparatively minor,only an earnest of the reductions to beexperienced later in the year.

The main impact of the change hasbeen in the volume of new orders flow-ing to manufacturers. Buyers are eagerto place commitments for most lines ofgoods, but considerable confusion nat-urally exists about the ability to deliverenlarged quantities of consumers' dura-ble and nondurable goods over the nextfew months, and adjustments of mili-tary schedules require net cancellations

of substantial size, rather than increasedcommitments.

Adjustments in New OrdersThe general tendency for the durable

goods industries is evident from the ac-companying chart of the flow of neworders in relation to shipments. Themain outlines of the curves for new or-ders since last winter are similar in eachof the four groups of durable goods in-dustries shown in chart 1. The declinessince March are in part a reaction to theinordinate rise in orders that occurredin response to the "Belgium Bulge" psy-chology and which had little relation toanticipated changes in production.

The rapid upswing in orders piled upunreal backlogs that had to be clearedaway if the road to reconversion wasto be opened. The accelerated decreaseof new orders in May—the first sign of

Chart 1.—Shipments and New Orders for Selected Durable Goods Manu-facturing Industries

' SHIPMENTS ORDERS

INDEX, JAN. 1944 = 100>00

50

100

50

0

IRON a STEEL

a PRODUCTS

-

1 1 1 ! 1 1 1 1 1 1 !

11

r

i

iti

-

1 1 1 1 1 1 1 1 t

INDEX, JAN. 1944 = 100200

H 150

H IOO

2 0 0

150

100

50

MACHINERY,EXCEPT ELEC.

ELECTRICALMACHINERY

i i i i i I i i i i i 1 i i i i i I i i i i i 1 0

OTHER DURABLEGOODS^

150

100

5 0

i i I ) 1 i i i i I 1 i i i i i 1 i i i i i 1 1 i i I i i I i i i i i i i i i i ! I i I i I I 1 0

1944 1945 1944 1945 DO. 45-4811 Data do not include aircraft, shipbuilding, nor automobile industries.Source: U. S. Department of Commerce.

649442—45 1

post VE-day cutbacks—was a start inthe direction of bringing the order boardsin a more realistic alignment with thenew munitions outlook. The straighten-ing-out of the order boards is a neces-sary prerequisite for business in plan-ning resumption of civilian output.

An illustration of how quickly the ef-fects of cutbacks are spread can be seenin the antifriction bearings industry.The latter, though a relatively small in-dustry, manufactures products that arevery widely used in combat equipment aswell as in civilian metal goods.

In May, as the growing volume of cut-backs became known, cancellations oforders for ball and roller bearings weremore than 2Y2 times those of the pre-ceding month and amounted to half theMay volume of shipments. This develop-ment, however, v/as only a sign of thetimes and could have little immediateimpact on the disposition of productiveactivity. For, despite the increase incancellations, unfilled orders still repre-sented a backlog of over 6 months at thecurrent rate of shipments.

The same picture holds generally fordurable goods as a whole. Though thedownward swing in new orders has en-croached some on total volume of un-filled orders, the decline has as yet notassumed such proportions as to seriouslyaffect output, as can be seen in the heavylines on chart 1, which measure thedollar value of shipments.Steel the Big Factor

The most important pressure area isseen in the upper left-hand panel ofthe chart. This is the steel producing in-dustry. Orders after the German winterdrive soared to almost double the rateat the beginning of 1944. If order bookscould be cleared of all the future steelnot required by reason of the cutbacksin military production, the relationshipof orders to shipments would be quitedifferent from the deficit tonnages of re-cent months—-a paper deficit that re-flected psychology rather than a reallytight situation produced by armamentneeds.

There will be available in the secondhalf of 1945 large amount of steel toexpand the output of nonmilitary goods.Considerable unscrambling of the ordersis yet necessary to get this freed steelflowing into final products.

The adjustment in machinery has beeneven less prompt than in the case ofsteel products, though in electrical thedecline in the ship program over the pastyear has been reflected in a downwardtendency of new orders. New orders formachinery, other than electrical, in-creased between March and April andshowed a lesser proportional decline inMay than in the case of the otherindustries.


SURVEY OF CURRENT BUSINESS

Chart 2.—Selected Business Indicators

July 1945

INDEX, !939 = !004 0 0

3 0 0

2 0 0

100

0

TOTAL INCOME PAYMENT!(SEASONALLY ADJUSTED)

-

11 i 1 1 111 1 1 i

^ ^

1 1 I! ! ! 1 1 1 1 !

+ •-—

! 1 I 1 1 1 1 II I 1

-

-

i 1 1 1 1 1 1 1 1 1 1

INDEX, 1941-42 = 1004 0 0

3 0 0

2 0 0

100

0

MUNITIONS PRODUCTION

-

\AV1 I! 1 1 | | | 1 M

/

11iii! i II II

-

II111111111

INDEX, 1939 = 100400

- 300 -

- 200 -

100 -

INDEX, 1939 = 1004001

SALARIES AND WAGES(SEASONALLY ADJUSTED)

INDEX, 1939 = 100400

- 300

- 200

- 100

AGRICULTURAL INCOME PAYMENTS(SEASONALLY ADJUSTED)

- 300

- 200

- 100

PRODUCTION OF STEEL INGOTSAND STEEL FOR CASTINGS(DAILY AVERAGE BASIS)

INDEX, 1939 = 1004 0 0

3 0 0

2 0 0

100

0

MANUFACTURING

MUM

y

i ! | ! I | I ! LI 1

TIONS ^/*v

OTHER

M I M 1 i i i i i

EMPLOYMENT^

111II! 11111 II111! i I I 11

0 i II I 1 I I I II I I 1 i I! I I i I I ! I I 1 I I I M I I I I I I . I I I I i I l I I I

INDEX, 1939-100400

INDEX, AV. MO. 1939 = 100400

MANUFACTURERS* SHIPMENTSAND INVENTORIES (

- SHIPMENTS3 0 0

2 0 0

100

INDEX, 1939=100

- 300

- 200

too

COMMODITY TRANSPORTATION(SEASONALLY ADJUSTED)

I I ! ! M ! i I I I I I I ! i I I I I I I I ! I I 1M M

INDEX, 1939= 1004 0 0

3 0 0

2 0 0

100

0

SALES OF(SEASONALLY

-

-

I I M l l l M I t i l l

RETAILADJUSTED)

il l II 11

MX*

II

STORES1

nhii.u,

-

M I M l l M I .

INDEX, S939-I00400 r~

INDEX, 1939 = 100

- 300 -

- 200

100

RETAIL PRICES,ALL COMMODITIES

niiiini 111111111 11111111 II

4 0 0

3 0 0

2 0 0

100

0

CORPORATE PROAFTER TAXES

-

1 I ! . ! 1

FITS,

,i 1 '

-

-

,_., j „ ,.]„.. !

4 0 0

3 0 0

2 0 0

iOO

0

STOCK PRICES(402 STOCKS)

I l l l l l t l l l l

^ ~

,

— * — -

I I . M h . M

i

\

|

-Ii

" J

M . M i i i i n

1942 1343 1944 1945 IS42 1943 1944 1945 1942 1943 1944 19450. 0. 45--1J9

1 Includes all full-time and part-time wage earners and salaried workers in manufacturing industries who are employed during the pay period endingnearest the 15th of the month.

2 Includes all metal-using industries, the rubber industry, selected chemical industries, and government-operated navy yards and manufacturingarsenals.

Sources : U. S. Department of Commerce except for the following : Munitions production, Fads for Industry, War Production Board ; steel ingots,etc,, basic data from American Iron and Steel Institute ; manufacturing employment, U. S. Department of Labor; stock prices, Standard and Poor'sCorporation.Digitized for FRASER

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

July 1945 SURVEY OF CURRENT BUSINESS

New orders for this category of equip-ment, especially metal-working ma-chinery, were bolstered by two factors:Foreign orders and demand for ma-chinery needed for reconversion tocivilian output. This pattern is similarto the period of conversion to war, whendemand for metal-working machinerywas the forerunner of the increasing de-mand for metal goods generally.

For durable goods as a whole, it canbe expected that new orders will continueto go down for awhile. The pick-up willcome again when reconversion really getsunderway. However, except under con-ditions of inflation, the absolute levelof new orders will remain below therecent highs.

Volume of Cutbacks Increase

While the flow of shipments from man-ufacturers through June was maintained,as the armed services did not immedi-ately curb the flow substantially with thecoming of VE-day, the trend during thesecond half of the year will be downwardbecause nonmunitions output cannot risesufficiently to compensate for the dropthat will occur in munitions. Mean-while, of course, the inventories of ma-teriel are piling up, with the currentrate of use much below the rate of outputwhich in turn was ample to sustain oper-ations when two-thirds of our overseasland forces were engaged in Europe.

By the end of June, the munitions pro-gram for 1945 had been reduced to about50 billion dollars, as contrasted with the61 billion scheduled at the beginning ofthe year. Since the declines in the firsthalf of the year were moderate, thismeans a substantial reduction in the finalhalf of this year—probably by close to30 percent in the last quarter from theoutput of the initial quarter. The effectsof the shifting war program are analyzedin the article "National Economic Activ-ity in 1945" in this issue.

The most significant development inthe reductions of schedules introducedin June occurred in the case of combatand motor vehicles. The new schedulescall for halving of output between thefirst and last quarters of this year. Thiswill assure adequate facilities by the lastquarter of 1945 for the proposed resump-tion of passenger car production.

Although one of the most importantimpediments to reconversion of the au-tomotive industry thus was removed lastmonth, the road to large-scale produc-tion is by no means cleared. Adequatesupplies of steel, textiles, plastics, com-ponents, machine tools, and dies and fix-tures, are still not assured. Procure-ment of these supplies and getting pro-duction started this year will dependupon the ingenuity and expediting pres-sure of the individual companies.

June also witnessed another cutbackin ammunition. It was pointed out inlast month's SURVEY that as of the endof May, despite the shift to a one-frontwar, fourth quarter schedules called formore ammunition than had been pro-duced in the first quarter of this year.Further reductions this past month havebrought down projected ammunition

output at the end of this year to 7 per-cent below that of the first quarter. Fur-ther and large cutbacks can be expectedin this field. Such reductions are signifi-cant from the industrial standpoint,since some 15 percent of the heavy am-munition orders are concentrated in theautomotive industry and over 60 percentare widely distributed among manyplants important for reconversion.

Most Indicators Show StabilityThe running out of contracts, and the

decline in production ahead, has causeda reduction in munitions employment of400,000 during the past 2 months. Theseseparations have not resulted in anynoteworthy increase as yet in either thevolume of unemployment or in the claimsfor unemployment insurance benefits.

Aside from new orders for durables andmunitions employment, the general indi-cators of economic activity are charac-terized by the absence of strong move-ment. Where changes are indicated theypoint downward, but the downturns aresmall. This is seen from an examinationof the panels in chart 2. Although mostof the series are plotted only to May, thesame tendency prevailed in June.

The movement of the commoditytransportation index to a wartime highin March is not to be taken as suggestiveof a trend, rather it followed from thedifficulties of the railroads during thesevere winter weather and the conse-quent accumulation of movements inMarch and April. For the year to date,commodity transportation activity isabout the same as in the comparableperiod last year. Manufacturing ship-ments, employment in nonmunitionsmanufacturing, profits, and retail pricesall show movements that are relativelyminor. The shift in the basic pattern is,however, indicated in the series on in-come and consumer expenditures.

Rise in Income Payments RetardedThe persistent rise in income pay-

ments has ended, with April and Maybeing slightly below March. Income pay-ments in May were, however, still at aseasonally adjusted annual rate of 163billion dollars—4 percent above the rec-ord year of 1944 when payments totalled156.8 billion dollars.

Again it is the influences responsiblefor the retardation rather than its mag-niture that is of major interest. Suchimportant factors of the civilian econ-omy as agricultural income payments,manufacturing wages and salaries andincome from trade experienced declinesfrom February to May. The chief offsetto these declines were Federal interestpayments, and payments to the militarypersonnel, including mustering-out payand dependents' allowances.

Although mustering-out payments willincrease under present military dis-charge policies, the planned reductionsin the size of the Army will serve to sta-bilize military payments in the future.This factor, plus the continued decreasein manufacturing employment and thedecline in retail trade discussed else-where suggests that the peak in incomepayments has now been passed.

Consumer Expenditures DropLikewise symptomatic of the slight re-

cession in business activity is the declinein consumer expenditures in recentmonths. Indications are that the sea-sonally-adjusted dollar volume of con-sumer expenditures for goods and serv-ices in the second quarter of this yearwill be off several percent from the 104billion dollar annual rate of the firstquarter.

Evidence of this falling-off is to befound in sales of retail stores (see chart2). The upward trend in sales carriedthrough March, with April and May each10 percent below the first quarter on aseasonally adjusted basis. Althoughpreliminary indications are that sales re-covered somewhat in June, retail salesin the second quarter of this year will beonly slightly higher than the secondquarter of a year ago, and well belowthose of the first quarter of 1945.

The chief factor in the decline in salesof durable goods stores from May 1944was the drop in sales of motor vehicledealers who did not have as much tosell. The 5 percent reduction from ayear ago in sales of the home furnish-ings group reflects the tight supply situ-ation for lumber and textiles.

Among the nondurable goods stores,eating and drinking places recorded thelargest gain, 8 percent more than May ayear ago. Difficulty in setting a goodmeat course on the table at home is en-couraging dining out, and this is holdingup restaurant sales in spite of the factthat restaurant menus likewise do notoffer the variety of yesteryear.

On the other hand, food store saleshave shown a declining trend since theyear-end. The uneven meat supply sit-uation and the inabilit:/ of late shoppersto trade their red points for red meat ledto the announcement of plans designedto increase civilian supplies and to dis-tribute the available poundage moreequitably, but the effect of the programwill not be felt for several months. Ingeneral, the public continues to eat well,with many individual families procuringwith their war-time incomes much moreadequate diets than those which theywere able to maintain prewar.

Inclement weather in May, as well asa reaction from the clothing buying waveof the first quarter, cut sales of appareland general merchandise stores to theMay 1944 level. Sales of women's wearstores alone continued above a year ago.

The decline in retail sales is related toproblems of supplies of desired goodsrather than income. Consumers con-tinue to exercise some discrimination,despite the sellers' market.

In part, the early Easter and the in-crease in sales in the first quarter of theyear may have occurred at the expenseof the second. Although the dollar valueof retail stores' inventories shows littlechange from 1944, consumers experi-enced considerable difficulty in obtainingcertain items. In the case of food, con-sumption is restricted by high rationvalues for some items. It appears alsothat consumers were confused by pros-pects of reconversion and restrainedtheir buying somewhat in anticipation ofnew durable goods coming on the market.


SURVEY OF CURRENT BUSINESS July 1945

Foreign Trade ProspectsThe end of warfare in Europe will

result in major shifts in United Statesexport trade. A decline in total exportshas been underway for some months,as a result of reduced shipments of mili-tary products. Supply and shippinglimitations have also curtailed the ship-ments of nonmilitary products. Not-withstanding the sharp upswing in ex-ports of nonmilitary supplies since earlyspring in 1945, the backlog of demandfor ordinary commercial exports and theadditional demand for relief, reconstruc-tion, and development have hardly beentouched.

The needs of foreign economies pro-vide a potential market for expandingthe exports over a long period ahead. Ina number of areas, notably Latin-America, means of payment have beenaccumulated during the war period forvastly expanded exports to meet de-ferred demands. For the most part, andespecially in liberated Europe, the largerequirements for supplies will be con-verted into effective demand, however,only to the extent that adequatefinancing is available to support reliefand reconstruction or developmentneeds.

With the cutbacks in the military sup-ply program for our armed forces andour Allies, the supply situation for non-military products will improve generally.Nevertheless, supply assistance will con-tinue to be necessary in order to assurea minimum of exports of commoditiesin short supply needed for relief and re-habilitation — more particularly, fatsand oils, meats, textiles, fuel, and lum-

ber. Supply assistance will also benecessary for other products in shortsupply, more especially those which willbe needed for a balanced complement ofproducts essential for large-scale recon-struction and development.

In view of the immediacy of foreignneeds, supplies will in any event fallshort of foreign import requirementsthroughout the coming year regardlessof when the war with Japan is concluded.Assuming adequate supply and financialassistance, total exports are, neverthe-less, unlikely to attain the over 14 billiondollar total of 1944.

Exports of military supplies are cer-tain to remain well below the 1944 total.Any shipping thereby released will carrya much smaller dollar value of non-military supplies, because cargo tonnageper dollar of product is higher for non-military goods than military. Shippingavailability will, accordingly continue tolimit the increase in nonmilitary suppliesuntil the end of the war in the Pacific.

Imports, by contrast, may be expectedto increase as compared with the 1944dollar volume. The extent of the in-crease will be determined in part by theability to route military cargo vessels ontheir return trip from the war theatersso as to pick up the commodities avail-able for shipment to the United States.

The influence of some of the factorswhich will dominate the development ofU. S. export and import trade in the nextyear may be discerned in the trade dataof the recent past. The accompanyingcharts are based on data made publicsince foreign trade trends were discussedin the February issue of the SURVEY.

Chart 3.—Percentage Distribution of United States Imports for Consump-tion, by Economic Classes

PERCENT100

8 0

6 0

4 0

2 0

CRUDE MATERIALSCRUDE FOODSTUFFSMANUFACTUREDFOODSTUFFS U

SEMIMANUFACTURES

FINISHEDMANUFACTURES

1935-39AVERAGE

1940 194! 1942 1943-« ANNUAL TOTALS —

1944 a 0. '45-474

1 Includes beverages.Source: U. S. Department of Commerce.

Import TrendsImports have been rising since 1942,

and reached a total of 3.9 billion dollarsin 1944. Compared with prewar andwith the years 1940-42, the principalchange in the composition of imports asshown in chart 3, has been a marked in-crease in the proportion that crudefoodstuffs are to total imports—fromone-seventh in the years 1935-39 to overone-fifth in 1944. From 1943 to 1944 im-ports rose by almost half a billion dol-lars; crude foodstuffs accounted forroughly half of this increase, but thetotals were also somewhat higher in eachof the other broad economic classes.

The upward trend of imports has con-tinued into 1945, with imports for con-sumption in the first 4 months 6 percentlarger than in the same months of lastyear.

In fiscal 1946 the tendency of importswill continue to be upward. Some de-cline in the imports of materials requiredfor war production is to be expected but,at least until VJ-day, such declines willfor most products be largely or whollyoffset by demands for materials arisingfrom civilian production or from Gov-ernment stockpiling programs. Withcivilian and military requirements con-tinuing high, and with sizable commit-ments for food exports, an increase overthe large 1944 import of crude foodstuffswould be possible. However, since themost serious food deficits are in othercountries, any increase in available worldfood supplies may be channeled prima-rily into foreign rather than UnitedStates consumption.

Large backlogs of United States de-mand have accumulated for the productsof European and Asiatic territorieswhich have been or still are occupied bythe enemy, but imports from the lib-erated areas will for some time be lim-ited by the shortage of supplies availablefor export.

Imports from the United Kingdom andsome of the European neutrals will un-doubtedly increase substantially. Im-ports from the U. S. S. R., potentiallylarge under conditions of expandingpostwar foreign trade, cannot be ex-pected in substantial volume in the nextyear because of the enormous internalrequirements of that country.

The actual increase in imports will de-pend largely on the shipping situation.With war-essential imports declining,realization of larger total imports will de-pend upon the feasibility of routing asufficient number of the inbound cargovessels via ports where additional im-ports can be loaded.

Next year's imports of materials willassist in increasing civilian output andin the reemployment of workers laid offas a result of cutbacks in munitions pro-grams. Moreover, all commodity im-ports (other than for stockpiling) willaid in combatting inflationary tenden-cies in the economy—directly, in the caseof consumers' goods, or indirectlly, in thecase of materials for the manufacturingindustries.

Since world shortages of some basiccommodities will continue over the nextyear, the United States demand will bein competition with the rest of the United



Chart 4.—Exports of UnitedStates Merchandise *

BILLIONS OF DOLLARS

TOTAL EXPORTS

. ^ TOTALNONMILITARY

1944 1 9 4 5 DO 45-427

1 Nonmilitary exports include reexports ; mili-tary exports are domestic merchandise only.Data do not include shipments to United Statesarmed forces.2 Data include lend-lease and "cash" (nonlend-lease) exports ; the latter represent less than 5percent of the total military exports for anymonth.

Source : U. S. Department of Commerce.

Nations for the limited supplies of suchgoods. Unless an equitable allocationsystem is maintained, the domestic de-mand for sugar and leather, for example,might pull an unreasonable portion ofthese products into our markets, whencontrasted with extremely low consump-tion in other importing countries.

Since the countries which have suchgoods available for export are eager toobtain dollars so that they can purchaseAmerican products, the attainment of anequitable distribution of commodities inshort supply will be facilitated by ade-quate financing.

In sum, a moderate increase in our to-tal imports may be anticipated duringthe next year. Not long after VJ-day,imports should increase strongly as thevolume of goods available for export risesthroughout the world.Recent Export Trends

Although commodity exports (otherthan those of the United States armedforces, which are excluded from all regu-lar trade data) reached the record totalof over 14 billion dollars for the year1944, the trend has been irregularlydownward since the pre-Normandy in-vasion peak in May 1944. For April 1945the figure was 1.0 billion dollars.

The decline since the spring of 1944 inthe volume of military products, asshown in chart 4, accounts for the re-duction in total exports. These militaryexports—including specialized combatmateriel, but excluding civilian-typeproducts such as unarmored trucks, radioand radar equipment, or military uni-forms—have been almost entirely onLend-Lease account. Since last May themonthly rate of shipment of these prod-ucts has declined by 350 million dollars.

During the past year, nonmilitaryproducts have consistently representedmore than half of Lend-Lease shipments,and by April of this year they werealmost twice as large, in dollar terms, ascombat materiel in the Lend-Lease ex-ports. A fact not generally understoodis that vast amounts of goods such as wenormally export in peacetime—ma-chinery and tools, trucks, metals, petro-leum products, agricultural products,etc.—have moved abroad during the warvia Lend-Lease.

These shipments were part of our wareffort and represented an allocation ofour goods in accordance with the stra-tegic plans for the speedy defeat of theenemies of the United Nations. Oneresult, however, is that American prod-ucts are even more widely known andapproved throughout the world than be-fore the war. In fact, these Lend-Leaseshipments will entail substantial lastingbenefits in the foreign demand for Amer-ican products, under conditions favoringfull international political and economiccooperation in the years ahead.Cash Exports Rising

A breakdown of the nonmilitary ex-ports between Lend-Lease and the so-called "cash" exports is also shown inchart 4. This category includes all ship-ments other than those on Lend-Leaseaccount; for the most part, it has repre-sented the flow of goods against privatecommercial transactions, althoughUNRRA shipments, which began a fewmonths ago, are also included in thecash exports data.

Commercial exports have been increas-ing since early 1943 and—for areas notunder Axis control—they have been

larger in dollars than they were beforethe war; for 1944 cash exports equalledthe 1935-39 average exports to all areas.Higher export prices, however, make thecomparison with prewar less favorableon a quantity basis. The trend of cashexports has been strongly upward dur-ing the period covered by the chart:The 204 million dollars of cash exportsof nonmiiitary goods in December 1943represented 16 percent of total exportsand the 294 million dollars in April 1945represented 29 percent of the reducedtotal for that month.Finished Manufactures Three-Fourths

The most striking feature of the war-time composition of our trade—as shownin chart 5—is the rapid increase duringthe war in the proportion of total exportswhich represent finished manufactures,other than foodstuffs. This trend, gen-erations old in our export trade, has beenstepped up sharply under the compul-sion of war supply problems. A largerand larger part of our exports have beenfabricated to the point where they wereready for installation and use withoutfurther processing.

The world-wide food shortage tem-porarily reversed the long-time down-ward trend of food exports in relation tototal United States exports. Foodstuffsmade up a somewhat larger proportionof our exports during the past 3 yearsthan before the war—12.5 percent in1944, for example, as compared with anaverage of 10.2 percent in 1935-39.Urgent relief requirements are likely tosustain the current situation for anotheryear at least—until world food produc-tion is restored. Within the foodstuffsgroup, crude foodstuffs have remained at

Chart 5.—Percentage Distribution of Exports of United StatesMerchandise, by Economic Classes

PERCENT100

8 0

6 0

4 0

2 0

19401935-39AVERAGE

1 Includes beverages.Source : U. S. Department of Commerce.

1941 1942 1943ANNUAL TOTALS

1944

CRUDE MATERIALS

CRUDE FOODSTUFFS

MANUFACTUREDFOODSTUFFS 1/

SEMIMANUFACTURES

FINISHEDMANUFACTURES

D. D. 45-473


6 SURVEY OF CURRENT BUSINESS July 1945

about the prewar level, in dollar volume,while processed foods increased rapidlythrough 1943.

Geographic DistributionChart 6 compares prewar and 1944

exports, according to area of destination.Total exports have increased substan-tially to each of the specified areas ex-cept the group of liberated Europeancountries. The bulk of the Lend-Leaseexports, and of total exports, wasshipped to the United Kingdom andU. S. S. R. Including shipments forBritish use in other parts of the world,the United Kingdom received an evenlarger part of all Lend-Lease exports.

Cash exports to Canada, to the Amer-ican Republics, and to Africa and theNear East in 1944 were well above theprewar average. In the Western Hemi-sphere, there were increases in quantitiesas well as in dollar values. It should benoted that for this chart, Italy—whichwas the destination of some 420 milliondollars of lend-lease shipments for theBritish and other allied military forces—has been included among ''all othercountries."

Export ProspectsThe availability of the United States

supplies during fiscal 1946 will continueto be vital to foreign countries. Becauseof the enormous backlog of domestic de-mand which has accumulated during thepast three years, however, most indus-tries can find a vastly enlarged marketfor their products at home during thenext year. In this situation, discontinu-ance of the programming of exports notdirectly related to current and futuremilitary operations is favored by some.This would be an unwise step. Exportpolicies, rather should be guided by ourlonger-run interests and we should con-tinue to share short supplies on an equi-table basis.

RequirementsWith VE-day the needs of our Allies

for lend-lease goods with which to fightthe war have decreased substantially.This was pointed out by the Presidentin transmitting the fiscal 1946 defense aidappropriation estimate to Congress earlyin June. The President's message stated,however, that lend-lease will be avail-able to aid in the redeployment of ourtroops from Europe as well as to supple-ment the war effort of our fightingAllies.

Although lend - lease requirementshave declined, other urgent needs existthroughout the world for all of the goodswhich we shall be able to export duringthe next year—and for some time there-after. Relief goods are required in Eu-rope and the Far East to alleviate physi-cal suffering. Equipment exports, inlarge volume, are needed to permit thereconstruction of war-torn areas.

In other countries, and in some of theareas of war destruction, the develop-ment of basic resources is needed. UnitedStates capital goods are also required toaid the reconversion of areas where theeconomy has been distorted by the re-quirements of war production.

For the solution of these problems,United States cooperation has beenpledged repeatedly in expressions of ourforeign policy; the economic side of ourwar aims is the establishment of condi-tions for enlarged world production andconsumption, supported py enlargedtrade among the nations.

An additional, and often no less im-portant, export demand arises from thefact that all over the world, just as in thiscountry, there is an accumulated short-age of a wide range of commodities im-portant in civilian life, especially of dur-able goods. The United States is the onenation able to produce a large export sur-plus to meet a wide range of these re-quirements, and particularly those fordurable goods. The extent to which for-eign needs are translated into exportswill depend upon the availability offinancing, of supplies of particular com-modities, and of shipping.Shipping

As discussed in some detail in the spe-cial section on Merchant Shipping be-low, the prospects are that export ship-

ping will continue tight during the next12 months. Although an accurate fore-cast is not at present possible, it seemsclear that shipping problems will requirecontinuing careful attention if essentialexport programs are to Be met.

FinancingMost of our exports during the war

have been financed with lend-leasefunds. Estimates of lend-lease exportsfor the next year have not been madepublic but it is clear that a substantialreduction is in prospect, in consonancewith the smaller combined supply re-quirements of the Allies for the one-front war.

The major part of this reduction willbe accounted for by declining shipmentsof military supplies. With respect to thenonmilitary products handled by FEA,the new appropriation as passed by Con-gress, together with the carry-over of un-obligated funds, wrould make an esti-mated 4.0 billion dollars available forobligation during fiscal 1946. This com-pares with 7.8 billion dollars availableand an estimated 5.8 billion dollars of

Chart 6.—Exports of United States Merchandise, by Countries

BILLIONS OF DOLLARS6

LEND-LEASE

UNITED UNION OF CANADA CHINA, AMERICAN AFRICA SELECTED ALLKINGDOM SOVIET INDIA, REPUBLICS^ AND EUROPEAN OTHER

SOCIALIST AUSTRALIA NEAR COUN- COUN-REPUBLICS AND NEW EAST-^ TRIES ^ T R i E S i /

ZEALAND-^ D.C. 45-4791 Data include Burma, British Malaya, and Australian New Guinea.2 The 1935-39 average includes Panama Canal Zone for the years 1936 and 1937.3 Data for Madeira Islands are included in "All Other Countries" for 1935-39 average and in

"Africa and Near East" for 1944.4 Represents European countries other than United Kingdom, Union of Soviet Socialist Republics,Germany, Italy, and the neutral countries.

Source : U. S. Department of Commerce.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


lend-lease funds obligated by FEA infiscal 1945.

Lend-Lease requirements in fiscal 1946are concentrated in the first half of theyear and the actual shipments duringthat period will continue to reflect ob-ligation of funds and other procurementoperations in the latter part of fiscal1945. By the end of fiscal 1946 the car-ry-over of goods in the obligation-to-shipment pipeline will be much lowerthan at present. It appears likely there-fore, that nonmilitary lend-lease ex-ports in fiscal 1946 will fall short of re-cent volumes by a much smaller marginthan the difference in funds available forobligation would indicate.

It may be noted that these data onfunds cannot be related directly to thecharted export data for two reasons:The funds appropriated to FEA are usedto pay for shipping and certain otherservices aggregating a substantial sum,as well as for commodities; and some ofthe lend-iease products classified asnonmilitary are procured with funds ap-propriated to the military agencies ratherthan to PEA.

Few of the nations of the world are ina position to lay cash on the barrel-headfor all of the United States goods thatthey will need during the next few years.Our commodity imports, plus Americantravel and other expenditures for serv-ices, will fall far short of providing thenecessary dollars. Present foreign hold-ings of gold and dollar exchange are con-centrated in certain countries and for themost part are needed as monetary andtrade reserves.

From the longer-run view, moreover,United States as well as world prosperitywill be better served if countries holdingfree gold and foreign exchange can usethese assets to support continuing ad-vances in foreign trade rather than beingforced to dissipate them in meetingemergency requirements.

Thus additional financing is requiredsimultaneously with the drop in Lend-Lease if urgent foreign needs are to bemet. It may be noted that a recentamendment to the Lend-Lease Act spe-cifically prohibits the use of lend-leasefunds to finance postwar relief and re-construction.

United Nations ReliefUNRRA represents one such source of

funds. It will provide some of the relief,and a very limited amount of the reha-bilitation needs of enemy-occupied al-lied countries which have little or no ca-pacity to pay cash currently for imports.The UNRRA Council has thus far recom-mended that each uninvaded membercountry contribute one percent of itsfiscal 1943 national income. On thisbasis, Congress has authorized 1.35 bil-lion dollars for the United States par-ticipation in UNRRA, and probably morethan one billion of this will be used topay for United States merchandise ex-ports. At last report (as of March 31,1945), UNRRA exports of United Statessupplies amounted to about 5 milliondollars. In recent months shipping hasbeen allocated and UNRRA supply workhas been stepped up.

Of the United States authorization forUNRRA, only 450 million dollars hasthus far been appropriated by Congress.Congress has also authorized the trans-fer, upon certification by the Joint Chiefsof Staff, of an additional 350 million dol-lars in funds, supplies, or services avail-able under the Lend-Lease Act.

In order to meet its responsibilitiesfully, it is believed that UNRRA willprobably need about twice as much fundsas will be available under the presentmethod of determining contributions—especially as more and more territory isfreed from the Japanese.

Relief is a special category of needwhich, if not appraised and handledseparately, tends to obscure the scopeand character of financial requirementsarising from other causes. UNRRA wasestablished to furnish supplementarysupplies to the United Nations, as agrant, up to a minimum level of food,clothing, shelter, and medical care.

Given adequate relief, whether throughUNRRA or through other means, the re-construction and development needs canbe handled on a sound commercial basis.Loans of this type are required for longmaturities and with low interest rates,which is consistent both with the needsof the borrower and with the conditionof investment funds and investment op-portunity in this country. The natureof this problem was recognized in therecent Lend-Lease Agreement with theProvisional Government of France,which provides that supplies in pipelineat the termination of lend-lease aid shallbe paid for over 30 years, with interestat 2% percent.

International FundsThe International Bank for Recon-

struction and Development, now beforethe Congress, will eventually be impor-tant in filling the gap between needs forUnited States products and current dol-lar position of foreign countries. How-ever, because of the time which will atbest be required to get this institutioninto effective operation following its es-tablishment, it cannot be expected to aidsubstantially in financing the exports offiscal 1946.

Reflecting the rather extensive gen-eral discussion of recent months, twoproposals to expand the lending powersof the Export-Import Bank are now be-fore Congress. Hearings, however, havenot yet been scheduled. Whether theExport-Import Bank will become theGovernment institution for underwrit-ing or undertaking the large volume ofnecessary reconstruction, reconversion,and development loans is not certain.

A further possible source of funds forexport financing is, of course, the director portfolio investments of private en-terprise and private investors, unaidedby a government agency such as the Ex-port-Import Bank. This will be of majorimportance in future years but, becauseof the unsettled conditions abroad, littlehelp in meeting the most urgent of theforeign needs can be expected from thesesources during fiscal 1946. Purely privateloans to the countries most in need arelikely to be restricted to relative short-term, fully secured loans—such as the

recent commercial bank loan againstNetherlands gold—and the opportunitiesfor such loans are inherently limited.

No estimates have been made public ofthe volume of loans or other specialfinancing which will be necessary to meetthe world's needs during fiscal 1946. Itis certain, however, that for some coun-tries the amount is substantial. Loansarranged during the year will cover, ofcourse, not only the exports of the im-mediate future but also the advanceplanning and the placement of orders forcapital goods having a long productioncycle.

SuppliesThe questions about export supplies

during the Pacific war are still mattersof policy determination. The problemarises from the obvious fact that thesupply of some commodities will fallshort of unrestricted demand for monthsand even years into the future, until fullreconversion to peacetime productioncan be authorized and until new outputhas worked off accumulated backlogs ofdemand. Meantime nonmilitary produc-tion will increase as materials, manpower,and facilities are released from the war.How should export demands be handledduring this period? Under what cir-cumstances should priorities or other"supply assistance" be given to exportprograms?

One posibility for the immediate fu-ture is to eliminate practically all of theprogramming and expediting of exports,maintaining supply assistance only forthe reduced Lend-Lease programs andfor wake-of-battle relief operations bythe military in the Pacific, and main-taining export quotas or set-asides onlyas necessary to protect domestic pur-chasers from exports of the commoditiesin short supply. This would relieve busi-ness and government of most of the workand exasperation involved in present ex-port programming and control.

Since practically every industry has itsprincipal outlets in the domestic marketand since established producers arethreatened with new competition, espe-cially in the war-expanded field of metalproducts, exports would be very smallin volume while producers concentratedon domestic sales. Thus this methodwould permit domestic consumers, whohave been on short or no rations forthree years, to satisfy all of their de-mands at a somewhat earlier date. Thefact that individual products were notavailable for export would prevent theexport of other products—if a countrycannot buy bulldozers it will not wantconcrete mixers and steel for highwayconstruction.

An alternative export policy would pro-vide for programming of exports, withallocations of important commodities inshort supply relative to unrestricted do-mestic and foreign demand, treating theessential civilian economy of other coun-tries on a parity with our own. Require-ments for essential relief and reconstruc-tion, which have no domestic counter-part, would receive supply assistance asnecessary to get the goods for export.Export quotas would prevent an unduedrain into exports, and could also assure



Chart 7.—Merchant Fleet of theUnited Nations 1

MILLIONS OF DEADWEIGHT TONS

20 -

1 Data for 1939 include those countries whichsigned the United Nations Declaration on Janu-ary 1, 1942, and France and Denmark whichsigned later. The figures for 1943-45 includeadditional countries which became members ofthe United Nations ; the merchant fleet of thesecountries, however, did not materially affect thetotals. Data represent dry cargo vessels of1,000 gross tons and over. Troopships andmerchant-type ships owned by or under bare-boat charter to the fighting services areexcluded.

2 Preliminary estimate.Sources : U. S. Maritime Commission and War

Shipping Administration.

availability of goods for the export pro-grams up to the quota limits.

This would be consistent with ourforeign policy; by rebuilding and devel-oping the economies of other countriesit would contribute to the creation ofstability, security, and greater produc-tion and consumption throughout theworld. By the same token this policywould serve to develop the large foreignmarkets which will be sought after thewar, especially for the products of ourgreatly expanded metalworking indus-tries, and thus would contribute directlyto the postwar domestic objective of fullemployment and rising living standards.

Merchant ShippingThe easing of the pressure upon the

economy following VE-day does not ex-tend to the merchant shipping situation,except in the sense that temporary reliefwas afforded in the Atlantic while therealignment of ships and facilities tookplace. The magnitude of the task ofexpanding military operations in thePacific is such—by reason of the greatdistances involved—that there will belittle or no lessening in the proportion ofthe American merchant fleet required forarmy and navy uses.

Merchant Fleet Expands Three-Fold

This is true despite the vast wartimeexpansion of the merchant fleet. TheUnited States fleet of merchant ships isnow the largest to fly the flag of onenation, and comprises two-thirds of themerchant fleet of the United Nations.

Ships currently under the control ofthe United States War Shipping Admin-

istration (dry cargo and tankers) num-ber 4,100 vessels, aggregating 44 milliondeadweight tons. This compares with 12million deadweight tons under the UnitedStates flag in 1939 and with the fleet pos-sessed by the British Empire in 1939 of3,423 ships aggregating 24.2 million.

The growth of the American fleet hasstemmed from a building program costingover 12 billion dollars since the inaug-uration of the defense program. FromJanuary 1942 to June 1945 the UnitedStates construction of new ships wasequivalent to 83 percent of the entiremerchant fleet of all the United Nationsin 1939. The construction program ac-counted not only for the net gain, butreplaced the 6 million deadweight tonsof U. S. ships which were sunk by theenemy or otherwise lost at sea, and in-cludes 3.2 million deadweight tons of newships transferred under lend-lease as wellas vessels built for the armed services.

Under the present shipbuilding pro-gram total new construction in the next12 months will approximate 6.5 milliondeadweight tons, a major portion ofwhich will be added to the existing mer-chant fleet.

Almost two-thirds of the United Statesfleet is composed of dry-cargo vessels.The remainder of the fleet consists oftankers which have a tonnage nearly 3times that of the prewar tanker fleet.United States Dry Cargo Fleet Expands

The new position of the United Statesmerchant fleet is even clearer in the caseof the dry-cargo vessels, which is illus-trated in chart 7. The decline in the totallength of the second and third bars mir-

rors the effect of enemy sinkings uponthe United Nations' fleet. It was notuntil early in 1944, when as a result ofthe cumulative effect of expanded con-struction and the success in reducingsubmarine losses, that the dry-cargomerchant fleet of the United Nations re-turned to its prewar size. By the middleof this year this fleet was about 30 per-cent larger than in 1939.

The major role of the United States inthis development can be seen by the con-tinuous growth of the black portion ofthe bars. While the fleets of the otherUnited Nations are not yet back to their1939 size, the United States dry-cargofleet is now almost four times as large asbefore the war and instead of constitut-ing less than one-fifth it is now morethan half of the total United Nations'dry-cargo fleet.

Military Shipments Predominate

The type of tonnage carried overseasby dry-cargo vessels is shown in chart 8.This chart depicts the striking expan-sion since the first quarter of 1943 inshipments of a military nature—those tothe account of the Army and Navy whichdo not appear in export figures. Suchshipments will contine to dominate themerchant shipping picture during the re-mainder of 1945 as military strength isconcentrated against Japan.

The tonnage of goods moving on mili-tary account from the United States willbe below the levels of the two-front warbecause total army strength in the Pa-cific will be smaller than that employedin the two-front war and because menand materials will be shipped directly

Chart 8.—Ocean-Borne Dry Cargo Shipments From the United StatesMILLIONS OF LONG TONS25

2 0

15

10

1943 1944-45U. S. ARMY AND NAVY

ACCOUNT

ALL OTHER*/(LEND-LEASE

(CASH!/

• I1943 1944

QUARTERLY TOTALS1945 DO. 45-483

1 Data include cargo carried on all vessels except shipments by vessels owned by or under bareboatcharter to the U. S. Army and Navy. Such shipments were 1,284,000 tons, or 3 percent of the total,in 1943 and 2,488,000 tons, or 4 percent, in 1944.2 Data include lend-lease and cash exports which are not available separately prior to 1944.3 Data include some shipments for relief and rehabilitation.

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

July 1945

from Europe to the Pacific. Moreoverlend-lease shipments will decline sub-stantially. Nevertheless, the logistics ofthe Pacific war are such that nearly allof the available shipping will be requiredto haul the needed volume of men andsupplies. Military shipping require-ments will show little or no decline andshipping space for nonmilitary pur-poses will continue very tight.

Commercial Shipping Continues TightAmong the factors that give rise to

this situation are the following:(1) Supply lines from the United

States and Europe to the Pacific are twoto three-and-one-half times the ship-ping distance between the United Statesand the European theater. This meansthat considerably more shipping mustbe employed in any given time period todeliver the same volume of cargo.

(2) Port facilities in the Pacific areinadequate by far to meet the increasedcargo load. Even with the large-scaleexpansion program now in progress, itwill be difficult to prevent frequent un-loading delays.

(3) Considerable tonnage will be re-quired to transport the organizationalequipment of forces moving to thePacific. As much shipping space is re-quired to move the initial equipment ofa unit as to maintain and supply thatunit for 6 months.

(4) As our. full military might isbrought to bear against Japan, Navysupply requirements will increase sub-stantially.

As a result of these factors, the mili-tary use of shipping in the year aheadwill be near the levels attained in theearly months of this year when militaryoperations in Europe reached their peak.

For the year 1945 the volume of reliefand commercial shipments will show theeffects of the temporary easing of theship supply situation at the close of theEuropean war.

From about the end of April, when theend of the war in Europe was imminent,to the middle of June, there was a de-cline in allocation of merchant shippingfor Army and Navy use, freeing con-siderable cargo space for relief and com-mercial shipments. As the move to thePacific assumes full proportions, how-ever, the rise in military shipping re-quirements will become more pressing.

Chart 8 also illustrates the impact ofshipping space on exports. As indi-cated above during the remainder of theyear shipments on military account (theupper section of the bars) will be main-tained or even increased. However, thecomposition of the lower sections of thebars v/ill change.

While lend-lease shipments in dollarvalue are almost four times as large ascash—cargo shipments—they are interms of tonnage almost equal. The dol-lar value of lend-lease tonnage is twoand one-half times the dollar value perton of cash exports. Hence in terms ofshipping space released, the decline inlend-lease will not permit an equivalentoffset of dollar value of commercial ex-ports.


New Residential ConstructionWhile some increase in new construc-

tion of residential housing is in prospect,as a result of the conclusion of the Euro-pean war, the increase will not be sig-nificant compared to the demand. Forthe first five months of 1945, only 57,000privately and 9,000 publicly financedfamily dwelling units in nonfarm areaswere put under construction, or a totalof 66,000.

Attainment of 180,000 privately fi-nanced units assumes that an averageof 17,571 units would have to be com-menced in each of the last seven monthsof this year. This would compare with16,500 units started in May and 13,500 inApril.

Materials Key to ExpansionThe continuation of the low level of

new residential housing activity followsfrom perspectives of shortages of certainraw materials and consequently a con-tinuation of control over production.

Chart 9.—New Dwelling UnitsStarted in Nonfarm Areas x

THOUSANDS OF UNITS8 0 0

600 -

400 -

200 -

1 Does not include trailer units or dormitoryaccommodations for single persons.2 Includes permanent, temporary, and de-mountable units.

3 Estimated as maximum total for the year.Source : U. S. Department of Labor.

Lumber, with a limited supply for con-struction, continues to be the principalbottleneck. The amount used in resi-dential building last year was less thanone-fifth of the quantity consumed in1941 and for the first half of 1945 theproportion will be even lower. However,the supply situation will soon begin toease somewhat -

Recent military cutbacks have permit-ted a substantial increase in the third-quarter allocations of lumber for civilianconstruction over the relatively low vol-ume of the second quarter and an addi-tional quantity may be granted when thefull effects of the cutbacks in militaryprograms are felt. Manpower should bemore readily available later in the year.

The availability of the metal-consum-ing building materials, such as plumbing

9and heating, radiators, and stoves, willnot present a serious obstacle as outputcan be expanded rapidly once War Pro-duction Board lifts, as is expected soon,the production controls over these items.

Because of these limiting factors andthe consequent likelihood that FHA ap-provals must of necessity be conditionedupon WPB allocations of materials, totalresidential construction for 1945 at mostwill increase only about 30,000 units, or18 percent, over the volume reached in1944. Applications already received bythei National Housing Administrationindicate a demand sufficient to absorbthe materials as quickly as they are madeavailable.

Restrictions AlleviatedRestrictions on residential building

were imposed by the War ProductionBoard in order to conserve materials andequipment vitally needed in munitionsproduction. They reduced the volumeof new construction of family dwellingunits in nonfarm areas in 1944 to thelowest total since the depression years of1932-34.

The orders, first initiated in October1941 and then greatly extended andstrengthened in April 1942, brought allbuilding materials under effective pri-ority control. Furthermore, they placeda ban on all residential building exceptthat authorized by National HousingAgency under a specific program to meetthe emergency housing shortage createdby the influx of migrant workers into warindustry localities. Under these controlsonly a relatively small amount of mate-rials has been allocated for residentialconstruction, particularly in 1943 and1944.

The immediate effect of the limitationorders caused a sharp reversal in thetrend of residential building. This isstrikingly revealed in the chart whichshows the rising trend in the immediateprewar years and the rapid decline in thewar years. Construction of 169,000dwelling units last year represented lessthan one-fourth of the 1941 volume andfor the three war years averaged 339,000units as compared with an average of611,000 units in the 1939-41 period. De-spite the low volume in 1944 it was stillconsiderably ajDove the average of 118,-000 units started during the depressionyears noted above.

An additional significant factor re-vealed in the chart is the virtual com-pletion of the publicly financed war.housing program as evidenced by thesharp decline of such building in 1944.The larger Government participation in1942 and 1943 was dictated primarily bythe necessity of providing quickly emer-gency low-cost housing facilities whereprivate builders could not meet wartimeconditions. These facilities, requiring aminimum use of critical materials, con-sisted for the most part of temporary-type structures and comprised more thanfour-fifths of all Government-financeddwelling units started in the 1942-44period.

(Continued on p. 24)

649442—45-Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


National Economic Activity in 1945By Louis J. Paradiso and Lawrence Bridge

THIS year will see the turning pointin national economic activity. In

general, the steady upward trend in pro-duction and income which has continuedsince the beginning of the European warin 1939 will be reversed in the secondhalf of the year.

This downturn from the peak recordsof the first half will follow from cutbacksin the war programs and the necessaryreadjustments which industry mustmake—readjustments which will con-,tinue to characterize the economy for thenext 2 or 3 years.

The effects of these transitionalchanges on purchasing power and em-ployment should not be viewed with toomuch optimism. On the contrary, thetrends must be watched very closely inorder to prevent possible serious adverseconsequences. For this reason a peri-odic analysis of the prospects in somedetail and in quantitative terms providesan indispensable tool in correctly ap-praising the trend of economic develop-ments.

As a guide to the near-term prospects,this article sets forth a quantitative eval-uation of the general economic tenden-cies during the remainder of 1945, withindications of the position at the year-end and its implications on the directionof economic activity during 1946.

These projections are not intended tobe predictions in the sense that analystshave a special insight into the future.Rather they are to be thought of as aseries of judgments based on currentavailable information on government andbusiness plans and on a knowledge ofthe interrelated effects of economic fac-tors as shown by past experience.

Basic Economic Problems

The ending of the war in Europe inMay highlighted two basic economicproblems. First, the necessity for con-stantly reviewing the war productionprogram and tailoring it to the materielneeds for prosecuting a speedy and suc-cessful campaign against Japan. And,second, allocating the resources whichare freed from war use for the produc-tion of civilian goods. The speed andthe manner with which these two prob-lems are solved will shape the trend andcharacter of our national production formany months to come.

At the present time the war programis not firm. In recent months downwardrevisions have characterized the changesin the program and a degree of firmnesscannot be had in its composition and sizeuntil the armed services have completelysurveyed and determined their needs for

the war in the Pacific. As a consequence,the reconversion signals which industryhas been given by the government so farhave been spotty and uncertain in theireffects. For the same reasons consum-ers are confused as to the prospects fornew civilian goods.

These uncertainties, however, are notparticularly important in an evaluationof the trend for the remainder of theyear. Only a quick acknowledgment bythe Japanese government that the timefor unconditional surrender was at handwould alter the general future; in thatcase, of course, the decline in activitywould be accelerated beyond that out-lined in this article.

War ExpendituresThe dominant factor in the economic

picture is the volume of Government warexpenditures. With the trimming ofthese outlays to the demands of one-front war, the question to be answered inevaluating the shift in the national prod-uct is how rapidly new private invest-ment and the output of consumptiongoods in short supply can be expanded.

There is still considerable uncertaintyas to the volume of munitions productionin the last two quarters of 1945. Thelatest available munition productionschedules (as of June 26th) show de-

dines in procurement from the firstquarter of this year of 17 and 26 per-cent, respectively, in the third and fourthquarters of 1945. Further scaling downof requirements are certain to appear.We have assumed in these projectionsthat the cutbacks from the first quar-ter's production, level will turn out to be20 and 30 percent, respectively, in thethird and fourth quarters.

The changes in munitions require-ments as we shift our war resources fromthe European to the Pacific theater ofoperations are shown in chart 1 and intable 1. It is to be noted that cutbacksin the aircraft and ships components areconsiderably sharper than in the "othermunitions" category.

Our recent victories in Okinawa andIwo Jima, providing bases close to theJapanese homeland, permitted cancella-tion of a substantial part of the super-bomber program, as operations can nowutilize the fleet of shorter-ranged FlyingFortresses and Liberators. Sharp cut-backs were also found feasible in mostof our new fighter models now in theexperimental stage.

The decline of about 60 percent in theship program by the end of this yearfrom the first quarter rate is weightedheavily by a drop of almost 80 percentin Maritime vessel construction. Corn-

Chart 1.—Munitions Production(In August 1943 Standard Prices)


20 -

NOTE.—Mr. Paradiso is Chief, and Mr.Bridge is a member of the Business StatisticsUnit, Bureau of Foreign and Domestic Com-merce.

1st Qr 2nd Qr 3rd Qr 4thQr

1945

-* SEASONALLY ADJUSTED, AT ANNUAL RATE *-

Source : War Production Board.

1944 1945•^-ANNUAL TOTAL—*-

D.D.45-45!


July 1945 SURVEY OF CURRENT BUSINESS 11

bat ships, too, will be sharply curtailed—but ship repair and maintenance isscheduled to increase.

In the other munitions group, ex-tremely sharp decreases in the produc-tion of combat vehicles, trucks, and guns,are somewhat obscured by the relativelystable scheduled output of communica-tion equipment, ammunition, and otherequipment and supplies.

Government war expenditures for non-munition items are expected to declineby about 10 percent by the end of 1945—a rate much less than the cut in muni-tions. This decline will occur chieflyin the outlays for pay, travel and sub-sistence for the Army which will re-lease about three quarters of a millionsoldiers by the year end. Large outlaysfor foreign relief and rehabilitation plusthose involved in the redeployment of ourrighting men preclude any sharp reduc-tion in this category.

To sum up, as a result of the defeat ofGermany, Government war outlays areexpected to be reduced from a peak an-nual rate of about 87 billion dollars inthe first half of this year to a rate ofaround 65 billion dollars for the fourthquarter, getting down to a lower rate bythe end of the quarter. Even with thisreduction the Government deficit willcontinue very large.

The volume of war expenditures insubsequent periods is, of course, boundto military events. In every likelihood,however, the downward trend evident in1945 will continue, with only slight re-tardation until the complete cessationof all hostilities.

Gross National Product

The prosecution of a war requires themost intensive utilization of a Nation'sresources. The lengthening of the hoursworked per week in nonagricultural in-dustries from an average of 41 prewar tothe current average of 45, the abnormaladdition of over 7,000,000 persons to thelabor force during the war period, andthe almost continuous capacity opera-tions of our industrial plants are indic-ative of the degree to which the re-sources of this Nation have been mobil-ized.

This mobilization for war was reflectedin three basic changes which have char-acterized the economy since Pearl Har-bor: (1) Sharp increases in the rate oftotal Government outlays for goods andservices, reaching an annual rate of 100billion dollars in the first half of thisyear; (2) sharp declines in private in-vestment outlays from the record an-

Table 1.—Munitions Production, 1945

[Index, 1st quarter 1945=100]

Chart 2.—Gross National Product

First quarterSecond quarterThird quarterFourth quarter

December

Total

10096807066

Air-craft

10096726562

Ships

10088745340

Othermuni-tions

10098857776

BILLIONS OF DOLLARS2 5 0

2 0 0

150

100

50

GOVERNMENT WAREXPENDITURES

GOVERNMENT NONWAREXPENDITURES.PRIVATE GROSS CAPITALFORMATION

CONSUMERS'EXPENDITURES FORGOODS AND SERVICES

1st 2ndHALF HALF

1944

1st 2ndHALF HALF

1945SEASONALLY ADJUSTED, ^

AT ANNUAL RATE

1944 1945^ ANNUAL 3

TOTAL

D.D. 45-449

Source: U. S. Department of Commerce and WarProduction Board.

Source: U. S. Department of Commerce.

nual rate of expenditures of 20 billiondollars for gross capital formation inthe second half of 1941 to only 4 billionin the first half of this year; and (3)a steady rise in the dollar amount ofconsumer expenditures which reached anannual rate of 104 billion in the firstquarter of this year. Recent changesare shown in chart 2.

These trends are the consequences ofthe war economy. However, with themilitary situation such that full mobili-zation of the Nation's resources is nolonger necessary, they must inevitablyreverse themselves. This reversal in thedirection of the peacetime proportionsof the components of the gross nationalproduct cannot, of course, get fully un-derway until complete victory is won.

Thus, the fact that we are prosecutinga major war in the Pacific simply meansthat these changes will be more gradualthan would have been the case if allfighting had ended. If the end of allhostilities should come sooner than ex-pected—for instance, sometime thisyear—deflationary tendencies will be-come serious. In these projections it hasbeen assumed as the more probableeventuality that the Japanese war willcontinue into next year. All Govern-ment programming is, of course, on thatbasis.

As the liquidation of war requirementsbecomes more pronounced, two divergenttendencies will become apparent. Thefirst will be the attempt on the part ofproducers and consumers to replenishtheir holdings of scarce goods, such asproducers' plant and equipment, housing,and many types of consumer goods. Thesecond tendency will be the decline indemand for goods now in plentiful supply

as the Federal Government's withdrawalfrom the market results in contractingincomes.

In the first half of this year the grossnational product was at an annual rateof 206 billion dollars, two-thirds morethan in 1940 after allowance for the priceadvance. This represents the top for thewar period. The decline from the firstto the second half of this year is esti-mated at about 7 percent, to about 192billion dollars, at seasonally adjusted an-nual rates. The gross national productfor 1945 as a whole, therefore, is expectedto be about equal to the 1944 total of 199billion dollars. Table 2 shows the ex-pected changes in the gross nationalproducts by categories.

The only major change between thetwo halves of the year is in governmentexpenditures, offset in part by increasedprivate expenditures for capital goods.Government expenditures in total willnot go down so sharply as war expendi-tures, since Federal nonwar and stateand local expenditures will increase fromnow on because of larger Federal interestpayments and a resumption of govern-ment outlays for deferred public works.

Most important will be the changes inhousing, business investment in plantand equipment, inventories, net foreignbalance and consumer durables, sincetheir expansion will determine the extentto which the gap created by the reductionin war expenditures will be filled.Private Gross Capital Formation Outlook

For some time, the rate of capital ex-penditures will be dependent upon theability of industry to meet the needs forhousing and for business capital goods.In other words, the problem will be oneof supply of wanted goods. In addition



to problems of conversion of plant andequipment, continued difficulties in se-curing materials, such as steel, lumber,and paper, will delay the expansion inthe output of goods for civilian use.

Despite the limitation on output, totalexpenditures on pirivate gross capitalformation in the second half of the yearare expected to exceed those in the firsthalf by two-thirds, although this wouldstill be only one-third of the peak rate of1941.

Even in the face of the huge demandexisting for private housing and plant,the increase in construction expenditureswill be limited this year. Shortages ofmaterials, the continued needs by thearmed forces for other resources utilizedin such projects and the difficulty of get-ting plans out of the "blue print" stage solate in the year, are the factors that willprevent a substantial increase in privateconstruction activity.

These factors will also limit the vol-ume of expenditures on producers' equip-ment. The total of construction expen-ditures (other than housing) and pro-ducers' durable goods is expected to in-crease from an annual rate of 6 billiondollars to about 7.5 billion by the end ofthe year, of which about 3 billion repre-sent outlays by manufacturers. Morewould be spent in the absence of supplylimitations as is clearly indicated by theDepartment's survey reviewed elsewherein this issue.

A significant shift in the trend of in-ventories is indicated in view of the cur-rent deficiencies in business inventoriesrelative to the volume of business beingdone. For over a year manufacturers,particularly those engaged in war pro-duction have been liquidating their rawmaterials and goods in process stocks.This ]iC! l i da t i on was halted in recentmonths,*

Further reduction in inventories ofwar goods accompanying contract can-cellations will be more than offset by thebuilding up of inventories of civiliangoods including transferring war in-ventories for civilian use. Thus in thesecond half of this year the value ofbusiness inventories is expected to in-crease on a net basis by one-half billiondollars and the accumulation will bemore rapid in 1946. For a more detailedanalysis of changes in inventories basedon the manufacturers' survey see thearticle in this issue.

The final component of gross capitalformation is the net change in foreignbalance. The net exports of goods andservices on current account are esti-mated at a debit of 1.2 billion dollars (atannual rates) in the first half of thisyear. Since the adjusted1 cash exportsand imports were almost exactly in bal-ance, the debit reflects the net Govern-ment transactions abroad.

The return of a sizable number of ourtroops from the European theater to thiscountry for redeployment or dischargewill result in a decline in the net militarydisbursements abroad in the last half of

1 Adjusted for transactions (such as cashreimbursable lend-lease) not recorded as cashexports or imports in the official U. S. Tradestatistics.

Table 2.—Gross National Product orExpenditure *

[Billions of dollars]

Total

Government expendi-tures for goodsand services

Federal govern-ment

WarN on war

State and local gov-ernment

Private gross capitalformation

ConstructionProducers' durable

equipmentNet change in busi-

ness inventories _Net exports of goods

and servicesConsumers' goods

and servicesDurable goodsNondurable goods..Services

1944

Firsthalf

Sec-ondhalf

1945

Firsthalf

Sec-ondhalf

Seasonally adjustedannual rates

197.4 200.1 206.01192.0

100.6

93.287.45.8

1.21.6

3.8

- 1 . 6

95.76.5

58.630.6

98.1

90.785.25.5

2.31.6

4.2

- 1 . 9

- 1 . 5

6.961.431.3

100. 5

93.287.06.3

4.52.0

4.4

- 1 . 2

6 101.0 100.0

62.031.8

84.5

77.070.07.0

7.52.3

5.3

.5

Year

1944

198. 7

99.4

91.986.35.6

1.81.6

4.0

- 1 .

97.68.0

60.0! 60.032.0 30.9

199.0

92.5

85.078.56.6

7.5

6.02.2

4.8

- . 1

- 1 . 0

100.57.6

61.031.9

1 Detail will not necessarily add to totals because ofrounding.


1945. The trade balance is expected tobe slightly favorable in the latter part of1945, although the extremely tight ship-ping situation during this period makesany large changes in the balance un-likely. As a result of these shifts the netforeign balance will show a smaller debitin the second half of the year.

Consumer ExpendituresThe volume of consumer expenditures

for goods and services in the remaining

months of this year will be conditionedalmost entirely by the available supplies.Only in certain limited areas such as themore expensive items of food and cloth-ing and goods now in plentiful supplywill demand be an influencing factor inlimiting purchases. There is no question,however, that for the bulk of the con-sumption items demand will exceed thesupply.

Two distinct tendencies can be ex-pected to develop in the expendituresfor durable goods and for nondurablegoods. Expenditures for durable goodswill increase as new supplies of scarcecommodities become available. In thesecond half of this year, however, theincrease in these expenditures will berelatively small. The total output of newpassenger automobiles this year, for ex-ample, will represent a very small frac-tion of peacetime production. More elec-trical household appliances and furni-ture will be available but these itemswill not be produced in significant quan-tities until 1946. Consequently, whileconsumer durable goods expenditureswill increase during the second half ofthe year the gain is not expected to bemore than 10 percent.

The aggregate dollar expenditures onnondurable goods will vary in accord-ance with consumer incomes. This is inconformity with past experience. Thedecline in the gross national productduring the second half of the year willbe reflected in reduced incomes receivedby individuals. A cut in incomes of con-sumers will result in a decrease in thosenondurables that are in plentiful supplyor are high-priced. Demand for othertypes of nondurables will continue strong.In total, only a moderate decline of about3 percent is expected in the second halfof the year from the yearly rate of 63billion dollars in the first half.

Consumer expenditures for services, onthe other hand, are expected to continueat about the same rate as in the first half

Chart 3.—National Income


150 —

I O O -

1 st 2ndHALF HALF

1944SEASONALLY

1 st 2 ndHALF HALF

1945ADJUSTED,

"* AT ANNUAL RATE "

1944 1945ANNUAL

* ~ TOTAL *"

D.D. 45-450




Chart 4.—The Labor Force 1

MILLIONS OF PERSONS80

60 —

UNEMPLOYMENT

ARMED FORCES

AGRICULTURALEMPLOYMENT

40 —

20 —NONAGRICULTURALEMPLOYMENT

1st 2ndHALF HALF^ — 1 9 4 4 — * »

1st 2ndHALF HALF-«—1945—*

1944 1945 D. 0.45-457

1 Data are monthly averages for all periods and include all persons 14 years of age and over, butdo not include institutional population. Agricultural employment for the half-year periods is ad-justed for seasonal variation.

Sources : U. S. Department of Commerce, except data for the "Armed forces" through May 1945which are from the U. S. Department of Labor.

of the year since the demand for suchservices as laundry, transportation, anddomestic help will exceed the supply forsome time to come.

Thus, the retail and service trades canbe expected to experience a volume ofbusiness in the second half of this yearwhich will be almost as large as in thefirst half.

Two important factors which will af-fect consumer expenditures are the trendin retail prices and the prospective shiftfrom purchases of higher-priced goods.

Table 3.—National Income by Distribu-tive Shares *


Total.

Total compensation of em-ployees

Salaries and wagesSupplements

Net income of proprietorsAgricultureNonagricultural

Interest and net rentsNet corporate profits

DividendsSavings

1944

160.7

116.0112.8

3.24.111.812.310.6

1945

Firsthalf

Sec-ondhalf

Seasonallyadjusted an-nual rates

166.0

119.0115.8

3.225.512.712.11.410.04.65.4

155.0

111.0108.0

3.124.311.512.711.58.04.53.5

Year

160.5

115.0111.9

3.125.012.112.811.59.04.54.5

1 Detail will not necessarily add to totals due torounding.


No attempt has been made in this studyto analyze price movements in detail.However, no significant change is ex-pected in the general price level fromthe current position. This does not im-ply stability of all prices but rather thatthe price changes which occur will bealmost offsetting.

During the war, the shift toward thepurchase of higher-priced goods or trad-ing-up has been responsible for a con-siderable amount of fluff in the dollarexpenditures of consumers. As incomesdecline and as lower-priced goods be-come available consumers will tradedown to prewar patterns. It is this lat-ter development which will account fora large part of the expected decline inthe dollar expenditures, particularly fornondurable goods.

National Income

Since the national income essentiallyreflects the accounts on the income sideof the national ledger, its behavior in thetwo halves of this year will parallel that'of the gross national expenditures.

However, because national income ismeasured exclusive of Federal corpo-rate income taxes, the extent of thedecline will be cushioned during the sec-ond half of the year. This is due to thefact that the major part of the tempo-rary losses that will be realized by thosecorporations undergoing extensive re-conversion will be reflected in reducedFederal excess profit taxes.

National income in the first half ofthis year reached an estimated annualrate of 166 billion dollars. The annualrate for the second half of the year isexpected to fall to 155 billion dollars,being less than this at the year-end.

13

It is estimated that wages and salarieswill fall about 7 percent from the firstto second half of 1945. About half ofthis drop is attributable to increased un-employment, while the remainder willreflect the elimination of part of theovertime pay, and the movement out ofhigh income war occupations.

The major decline in total wages andsalaries will be in manufacturers' payrolls, while slight declines in wage pay-ments in the Federal Government, min-ing and transportation are expected tobe offset by increases in construction,trade, and the service industries. Fur-ther notes on the derivation of these es-timates are presented in the final sectionof this article.

The drop in the expected volume offarm marketings will find reflection inthe net income of farm proprietors. Inview of the decline in production, cor-porate profits in the second half of theyear are expected to drop although theirvolume will continue to exceed that ofthe most prosperous peacetime years.The remaining share of the nationalincome, interest and net rents will bemoderately higher in the second halfas the Federal Government continues tooperate at a deficit and thereby increasesits debt charges, while net rents andand royalties will be fairly well main-tained.

Disposition of IncomeThe flow of income payments to indi-

viduals is expected to be reduced by about9 billion dollars (at annual rates) be-tween, the two halves of this year—some2 billion dollars less than the decline inthe national income. This divergenceis due chiefly to the increasing volume ofmustering cut pay to discharged soldiers,larger unemployment benefit payments,and to the fact that reduced corporateincome will not be reflected in a corre-sponding shrinkage in dividend pay-ments.

The decline in the disposable incomeof individuals from the first to second 6

Table 4.—Disposition of NationalIncome 1


National Income _Add: Transfer paymentsLess: Corporate savings

Contributions to socialinsurance funds

Equals: Income payments toindividuals .

Less: Personal taxes and non-tax payments

Equals: Disposable income ofindividuals

Less: Consumer expenditures.Equals: Net savings of in-

dividuals

1944

160.75.35.4

3.9

156.8

19.3

137.597.6

39.9

1945

Firsthalf

Sec-ondhalf

Seasonallyadjustedannualrates

166 06.05.4

3.9

162.7

23.0

139.6101.0

38.5

155. 06.74.5

3.7

153.5

18.0

135. 5100.0

35.5

Year

160. 50.35.0

3.8

158.0

20.5

137.5100. 5

37.0

i Detail will not necessarily add to totals because ofrounding.



14months of this year will also benefit froma cushioning factor. This factor is theanticipated sharp reduction in personaltaxes between the two periods. This de-crease will be caused more by the non-recurring exceptionally high paymentsin the early months of 1945, then to thereduced liabilities concomitant withlowered incomes.

For the year as a whole, income pay-ments to individuals will be slightly morethan in 1944, but higher tax paymentswill leave them with the same disposableincome.

Net savings of individuals for the yearwill be less because they will spendabout 3 billion dollars more out of aboutthe same disposable income (see table 4).Changes in the Labor Force

Throughout the two-front war phase,the major emphasis in the utilization ofthe labor force was channeling our un-employed, nonworkers, and workers inless-essential civilian pursuits into themunition plants and armed services.The urgency of the war production pro-gram necessitated the implementationof this policy by a sharp increase in thelength of the workweek.

The economic readjustments follow-ing victory in Europe require a reversalof this policy. The size of our armedforces is above that needed for theJapanese war. Some of our heavy man-ufacturing industries have been ex-panded far beyond the productive ca-pacity that can be utilized in the civilianmarket. Other war industries requireextensive and time-consuming recon-version before they can be adapted topeacetime needs.

On the other side of the ledger, ex-pansion is made possible in those indus-tries which had been shunted aside bythe full-war economy. Long deferreddemand for housing and other construc-tion can now become effective. Tradeand service establishments must gradu-ally restore the efficient services andcourtesies to which consumers had be-come accustomed in prewar years. Theaccelerated downward trend in agri-cultural employment will be somewhatabated. And it must be rememberedthat a pervading factor in all civilianindustries will be the gradual reductionin hours worked per week.

However, on balance, these changes(shown in chart 4) will result in low-ered employment, both civilian andmilitary, and increased unemployment.The actual volume of unemploymentwill be difficult to measure because of thelarge number of workers now in the laborforce who will eventually withdraw. Thedecline in employment in war manufac-turing industries from the first to secondhalf of this year is indicated in chart 5.

To sum up, unemployment will riseuntil industry gets well underway on re-conversion to peacetime products andthe supernormal entries into the war-time labor force have withdrawn. Thedecline in employment by the end of thisyear, however, will be relatively less thanthe fall in income. The problem of un-employment, however, will become some-what more serious after VJ-day whenthe rate of demobilization of the armedforces is stepped up.


Conclusion

Although some deflation in productionand income will occur during the last 6months of this year, business conditionsand profits will continue favorable. Thisyear as a whole will show about the sametotals of product and income, with littlechange in the relative income shares andno striking changes in the distributionof the final product. The trend duringthe year will, however, have been re-versed—from rising to declining. Howfar the decline will carry will not beanswered this year, and probably not in1946. The major policy problem con-fronting business and government, re-lated to the volume of output and in-come, is how reconversion can bespeeded. More goods for civilians is theanswer to the reemployment problem.

Notes and MethodologyThe key to the estimation of trends in pro-

duction, income and employment in thecoming months is in the effect of the cur-tailment of military requirements on waremployment, the length of the work week,the industrial redistribution of workers, andovertime premium payments. The measure-ment of these factors permits not only thedetermination of the extent of transitionalunemployment and wage deflation, but alsoprovides a measure of the human and mate-rial resources available for civilian goodsoutput.

Studies conducted by several governmentaland private organizations—among the moreimportant were the War Production Board,Bureau of Labor Statistics, and the Depart-ment of Commerce—aided in these calcula-tions.

The methodology, in brief, was as follows:Manhours in the current period were derived

July 1945

for the 20 major manufacturing industries,the 5 major mining industries^ and the con-struction industry, by use of Bureau of LaborStatistics data on employment and averagehours worked per week. The industrial dis-tribution of the amount of work devoted towar purposes (estimated by the Departmentof Commerce) made possible the determina-tion of war manhours.

The next step was to translate the prob-able cutbacks in munitions production andwar construction, and the decline in the sizeof the armed forces into the loss (by indus-tries) of war manhours. For example, theWar Production Board's Survey of PlantsManufacturing Metal Products WPB Form732 tabulates the shipments of the productsof these industries (on 1939 plant classifica-tion) in such detail that they can be dis-tributed into the major munitions groups:Aircraft, ships, combat and motor vehicles,communications and electronics, and so on.Other examples are the distribution of thesteel industry's output into end products,and the consumption of lumber by war andcivilian users (both studies of the War Pro-duction Board—the latter in cooperationwith the U. S. Forestry Service).

These calculations yield the industrialcomposition of war manhours in the periodsfollowing VE-day. Dividing these manhoursby the probable length of the work week re-sults in the measurement of war employ-ment.1

Two additional steps were necessary forthe determination of the changes in wagesand salaries. One was the assumption as tochanges in basic wage rates and, the second,the estimation of loss in overtime premiumpayments. The latter was determined by useof adjustment factors for elimination of over-time premiums determined by the Bureauof Labor Statistics. In the former case, it

2It was assumed that, by the end of thisyear, one-third of the present overtime hourswould have been eliminated.

(Continuped on p. 23)

Chart 5.—Employees in All Manufacturing Industries 1

MILLIONS OF PERSONS

5 —

1stHALFt 1944

2ndHALF

».

1stHALF^ 1945

2ndHALF

1944 1945

D.D. 45-456

1 Data are monthly averages for all periods and include all full-time and part-time wage earnersand salaried workers who are employed during the pay period ending nearest the 15th of the month."Munitions" includes all metal-using industries, the rubber industry, selected chemical industries,and Government-operated navy yards and manufacturing arsenals.

Sources: U. S. Department of Labor through May 1945 ; thereafter, estimates of the U. S. Depart-ment of Commerce.



Planned Capital Outlays and FinancingBy D. Stevens Wilson

Part II, Planned Outlays and Financing of Manufacturers

rr the process of shifting from war tocivilian output, manufacturing indus-

tries will be faced with the problem ofreconverting the marketing and distribu-tion phases of their operations as well asactual production facilities. During thewar nearly half of our total output hasbeen sold to the Government—not onlythe specialized war materials but muchof the civilian-type products.

As our economy reverts to peacetimeoperations and Government demands lessof the total output, inventories of non-military goods must be built up whilethose of war goods will decline. Tradereceivables will increase as sales to civil-ian markets rise. A general expansionof working capital will be needed as man-ufactured products flow back into normalchannels.

In addition to the record volume ofcapital outlays for plant, equipment andalterations discussed in Part I, the surveyof planned outlays and financial require-ments of manufacturers revealed thatindustry also plans large outlays for in-creased inventories of nonmilitary goodsand trade receivables in the next 12months.

The firms cooperating in the surveywere asked for their planned increasesin these two items. They were also asked

NOTE.—Mr. Wilson is a member of theNational Economics Unit, Bureau of Foreignand Domestic Commerce.

Chart 1.—Manufacturers' Sales andOutlays for Repairs and Mainte-nance

1939 1944-—ACTUAL »

ANTICIPATED& PLANNED

1 "Anticipated" sales are at the annual rateexpected within the 12- to 18-month period,and "planned" outlays for the first 12 months,following the end of the war in Europe.


to indicate how much of their total out-lays in the next 12 months—for fixedcapital as well as working capital ex-pansion—will be financed out of cashresources on hand or will be obtainedfrom current operations and how muchthey expect to get from external sources.

The methods used in this survey andthe adequacy of the sample were dis-cussed in the first article of this series.Briefly, the following summary of thereported plans as applied to all manufac-turers seems to be based on the con-sidered judgment of a cross-section ofbusiness managements adequate to givethe aggregates validity.

Total Planned OutlaysPlanned outlays for the next year, as

derived from the survey, aggregate over9 billion dollars—the 4.5 billion in capitaloutlays previously discussed, 2.8 billionfor increasing inventories of nonmilitarygoods and 1.9 billion for increasing re-ceivables. The outlay total must be con-sidered as an aggregate or gross amountfrom the standpoint of the economy sinceit is not offset by any reduction whichmay take place in inventories of wargoods, by payments incident to war con-tract termination, or, in the case of plantand equipment, by the extent to whichoutlays may be made for government-owned rather than new facilities.

Outlay Variations by Industry

The planned outlay total and its dis-tribution as between industry groups isshown in table 1. This table also givesthe purpose for which the expendituresare contemplated as well as the 1939 ex-penditures for plant and equipment andthe anticipated sales volume as indicativeof the comparative importance. It mustbe emphasized again that these figuresare based on the manufacturers' ownplans which have been developed intoaggregates for all manufacturing. Theyare necessarily approximations and sub-ject to change as actual conditions mayalter plans.

The largest absolute amounts are inthe textile, apparel and leather groupand in the machinery groups which in-cludes electrical machinery. In both ofthese groups the increases in inventoriesassume major proportions.

Planned outlays by the machinerygroup are equal to over 11 percent ofthe planned sales objective. In terms ofanticipated sales, gross planned expendi-tures of the lumber group, the stone,clay and glass industries and miscellane-ous manufacturing companies, are alsohigh—over 10 percent. The average forall manufacturing firms is just over 7percent.

At the request of business and finan-cial groups the Department of Com-merce recently conducted a Nation-wide survey of capital outlays andfinancing plans of manufacturers,railroads and electric and gas utilities.The Interstate Commerce Commissionand the Federal Power Commission co-operated in the survey on railroads andutilities respectively.

The June issue presented the firstof three parts of the results of thissurvey: "Planned Capital Outlays byManufacturers." That report dis-cussed planned outlays of manufac-turers for plant, equipment, and alter-ations in the fiscal year 1946 togetherwith the projected sales.

Part II completes the manufacturers'survery, discussing inventories andreceivables, and sources of the fundsfor all capital outlays.

Part III in this issue covers theplanned outlays by electric and gasutilities and railroads, and the sourcesfrom which these will be financed.

Inventories of Nonmilitary GoodsThe distinction between nonmilitary

and military goods relates to products,not to the market or end use. A sub-stantial part of the inventories of firmsengaged entirely in war program, there-fore, might still be of nonmilitary typeor adaptable to nonmilitary use depend-ing upon the nature of the finished prod-uct and how far along in the proc-ess of production the goods-in-processmight be.

In the questionnaire, only planned in-creases in nonmilitary inventories overthe next year were asked for, not thelevel which might be reached. In de-veloping the aggregate increase of 2.8billion dollars for all manufacturing, itwas assumed simply that nonreportingfirms would, if schedules had been filed,show increases as a percent of antic-ipated sales in the same ratio as did thereporting firms. For those reportingfirms which did not indicate inventoryincreases, no change from current levelswas assumed.

In appraising the importance of theplanned increase, it cannot be empha-sized too strongly that the 2.8 billiondollars does not imply anything as tothe aggregate volume of manufacturers*inventories at the end of the period.

In view of the composite opinion ofmanufacturers that the war with Japanwill be in its final stages by the Summerof 1946, there will undoubtedly be a con-siderable reduction in inventories of warproduct. Since war production may wellbe down by 50 percent at that time, it isconceivable that inventories, on balance,will show no net increase.



Chart 2.—Manufacturers9 Planned Outlays and Sources of Funds

BILLIONS OF DOLLARS— 10 —

INCREASEDRECEIVABLES

INCREASED INVENTORIESOF NONMILITARY GOODS

ALTERATIONS

EQUIPMENT

PLANT

OTHER EXTERNALSECURITY ISSUES

BANK LOANS

PLANNED OUTLAYS^ SOURCES OF FUNDS D.D. 45~472

1 "Planned" outlays are for the first 12 months following the end of the war in Europe.Source : U. S. Department of Commerce.

Industry Variations in InventoriesAlthough, from an economic point of

view the probable net change in totalmanufacturers' inventories may not belarge enough to be significant, theplanned increases in nonmilitary goodsinvolve managerial problems for the in-dividual firms and require financing.They indicate the intentions of manu-facturers to step up stocks of civilian-type goods and materials to accommo-date a higher output for civilian sales.From table 1 a comparison can be madebetween the planned increases and thesales objectives for the various industrygroups.

Nearly 60 percent of the planned in-crease is accounted for by three groups:Textile, apparel and leather; machinery;and transportation equipment. Currentinventories in the textile field are lowparticularly when measured against thesales objective which is more than 10percent above 1944. However, the indi-cated increase is nearly one-third of thestocks held by these manufacturers atthe end of 1944.

The machinery group includes mostof the consumers durable manufacturesas well as such things as office equip-ment, in both of which inventories forcivilian use are virtually nonexistent.The contemplated renewal of the manu-facture of automobiles accounts for mostof the increase in the transportationequipment group.

Inventories Related to Sales

Inventories in several industries atthe end of 1944 appear very low in rela-tion to sales in view of past experience.Table 2 presents a comparison, by in-

dustry groups, of sales and inventoriesfor 1939 and for 1944. Inventories haveno rigid ratio to sales, but they do tendto rise and fall with the sales volume.

At the end of 1944, inventories had in-creased less than 60 percent while salesrose by over 160 percent from 1939.While a rise in inventories comparableto that of sales is not to be expected,the difference in rate of gain is verymarked and indicates that inventoriesare, on the average, low—only 10 per-cent of sales in 1944 against 17 percent

in 1939. In every industry group thepercent of inventories to sales in 1944was substantially under that of 1939.

Planned increases in inventories forthe lumber and furniture group and iniron and steel products, for example,must be intepreted against the sharplyreduced inventory-sales ratios. Both ofthese groups include some consumer-durable manufactures in which goodsmust be accumulated to renew their pro-duction and sale, yet in lumber, inven-tories were actually below 1939, and iniron and steel they showed a less than10 percent gain. Thus, even the plannedincreases, if achieved, would leave a lowratio to sales based on prewar experience.

While the planned increases may wellmirror the intentions or desires of man-ufacturers to renew their peacetime linesas quickly as possible, and reflect a rela-tively low level of nonmilitary invento-ries currently, it is doubtful if the aggre-gate rise can be achieved. The low in-ventory-sales ratio is in large part dueto shortages of basic materials and facil-ities for producing the goods. This situ-ation cannot be fully remedied while thewar continues.

Furthermore, in view of the magni-tude, it is quite possible that the desiredlevel could not be reached within theyear period under optimum conditions.It is highly probable, also, that the ag-gregate may be further overstated to theextent that present materials and goodsscheduled for war production may betransferred to peacetime production inthe process of contract termination—ata figure less than the present statedvalues.Carrying Increased Trade Receivables

The aggregate planned increase intrade receivables of 1.9 billion dollars(see table 1) was derived from the surveyresults in the same manner as the in-crease in inventories. No distinctionwas made between receivables from theGovernment and from trade sources.The indicated rise compares with an in-

Table 1.—Manufacturers' Planned OutlaysNOTE.—The break-down by industry groups is necessarily tentative and approximate. It does present, however,

a picture of the general magnitudes.[Millions of dollars]

Industry group

Food and kindred products (including beverages) andtobacco

Textile-mill products; apparel and other finishedproducts; leather and products _ _ _

Lumber and timber basic products; furniture andfinished lumber products

Paper and allied products; printing, publishing, andallied industries

Chemicals and allied products; products of petroleumand coal; rubber products _ _.

Stone, clay, and glass productsIron and steel and their productsNonferrous metals and their products .-- - .Machinerv, including electrical.. . _ _ _Transportation equipment, including autosMiscellaneous industries

Total

1939 out-lays forplantand

equip-ment

239

145

61

136

33468

19245

14018131

1,572

Plant,equip-

ment, andaltera-tions

665

550

160

530

80020034013045060075

4,500

Planned outlays 1

Increasedinven-

tories ofnonmili-

tary goods

165

615

220

80

19535

30070

600410120

2,810

Increasedreceiv-ables

135

400

145

80

9045

16040

500210110

1,915

Totalplannedoutlays

965

1,565

525

690

1,085280800240

1,5501,220

305

9,225

Plannedsales

objec-tives i

28, 200

17,100

5,000

8,150

19, 0502,800

11, 3504,900

13, 70015, 3002,900

128, 450

i Planned outlays are for the first 12 months, and planned sales objectives are the annual rates anticipated during the12-to-18-month period, following the end of the war in Europe.




crease of a little more than a billion in1940 over 1939 and of 3 billion in 1941over 1940. The total of manufacturers'trade receivables in 1939 was just over 8billion dollars. By 1941 they had in-creased to over 12 billion dollars.

At the end of 1944, despite the sharprise in sales from 1941, receivables wereabout 13 billion dollars, up only a bil-lion. That is, the war business did notresult in a corresponding increase in re-ceivables. As the proportion of out-put going to civilians increases duringthe next year, there should be a netincrease in receivables.

The extent of the rise will dependsomewhat on the speed with which pay-ment on Government account offsets ex-panding civilian business. The projectedincrease will also be too large if a strongsellers market exists. However, it wouldappear to be the opinion of managementthat, despite the anticipated lower sales,the larger amount going to civilians willresult in increased demands for tradecredits. This is further apparent in thedistribution of the expected increase.The smaller sized companies which havehad relatively lower direct war businessare expecting a higher increase in re-ceivables than are the larger companies.This reflects the fact that increasingreceivables for civilian goods anticipatedby larger companies will be offset to agreater extent by decreases in receivablesfrom the government on sales of warproducts.

Industry Variations in Receivables

In terms of industries, the largest in-crease is projected for the machinerygroup. This, however, is in conformancewith the prewar experience when re-ceivables in these industries were com-paratively heavy, equalling nearly 20 per-cent of the total sales volume. Most ofthe consumer durable goods, whose pro-duction is included in this group, aresold on a credit basis. This large in-crease, therefore, merely indicates theexpected renewal of the manufactureand sale of these peacetime products.

Another large increase in receivables isexpected in the textile, apparel andleather group where higher sales are an-ticipated. This is also a field which nor-mally does a large credit business. Thesetwo groups account for 47 percent of theaggregate planned increase but less than25 percent of the expected sales.

Repairs and MaintenanceIn addition to the questions on planned

capital outlays, the questionnaire alsoasked for expected expenditures for re-pairs and maintenance. This was de-signed to get the opinion of managementas to the need for increased repairs andmaintenance expenditures to offset de-ferments during the war. Some com-panies stated specifically that expendi-tures in the next 12 months would in-clude deferred maintenance. Others,however, indicated that expendituresduring the war had been very adequateand that in general, facilities were inexcellent operating condition.

In general, the returns confirm thatWar Production Board policies have been

649442—45 3

liberal in terms of supplying prioritiesfor maintenance work. Expenditures forsuch purposes have been high through-out the war.

On an over-all basis, judging from therelation of maintenance and repair ex-pense to sales, it is clear that no appre-ciable requirement for deferred mainte-nance exists for the manufacturing in-dustry as a whole. This is evident fromchart 1 which shows the relationship ofmaintenance outlays to sales. There isa usual tendency for maintenance andrepairs to absorb a decreasing portion ofsales revenues as volume increases sincethey are in part fixed expenses.

This experience held for the prewaryears and throughout all of the waryears. Planned outlays for this purpose,however, are lower relative to anticipatedsales than in any previous year althoughsales are expected to decline from 1944.Thus manufacturers expect that theprojected sales volume can be achievedwith a less-than-usual amount of plantand equipment upkeep.

To some extent the decreased propor-tion of maintenance is a reflection oflarge outlays for new equipment. In 1939and again in 1944, for example, mainte-nance expenditures exceeded outlays fornew facilities. In contrast the amountscheduled for maintenance and repairsover the period covered by the survey isbelow the amount scheduled for new fa-cilities.

Expenses for the upkeep of plant andequipment are normally considered a costof current operation and not a capital

outlay. Therefore since oulays for de-ferred maintenance, which might be con-sidered capital outlays, did not appearan important item, the expenditures forgeneral maintenance and repairs as re-ported have been excluded from the con-sideration of capital expenditures andthe funds necessary to meet these ex-penditures.

Sources of FundsThe aggregate, or gross nature of the

outlay total applies also to the financing.The questionnaire, however, specificallyrelated the financial requirements fromexternal sources to the gross plannedoutlays. In appraising the survey re-turns, consequently, it can be assumedthat the indicated need for funds fromoutside the business itself will be littlechanged whether the total is expressedas a gross aggregate or a net figure.

While the use of gross figures resultsin an inflation of the totals, the bulk ofthe difference derived in reducing out-lays to a net figure merely reduces theamount to be obtained from internalsources. Since the extent of the differ-ence cannot be determined, the analysisis best treated in its aggregate form.Strong Financial Position Indicated

The strong financial position built upwith high sales and high profits duringthe war is reflected in the financingplans. Despite the high planned outlays,nearly 75 percent of the aggregateplanned outlays of over 9 billion dollars,or 6.8 billion, is expected to be financedby the manufacturing companies them-selves.

Chart 3.—Planned Financing From External Sources as Percentages ofTotal Planned Outlays, by Industry Groups x

PERCENT0 10 20 30 40 50

INDUSTRY GROUP\

PAPER PRODUCTS, ANDPRINTING AND PUBLISHING

TEXTILES AND APPAREL, ANDLEATHER AND PRODUCTS

METALS AND PRODUCTS

FOOD AND KINDRED PRODUCTS,AND TOBACCO

STONE, CLAY, AND GLASSPRODUCTS

MACHINERY, INCLUDINGELECTRICAL

LUMBER AND LUMBERPRODUCTS

CHEMICAL, PETROLEUM ANDCOAL, AND RUBBER PRODUCTS

TRANSPORTATION EQUIPMENT,INCLUDING AUTOMOBILES

MISCELLANEOUS INDUSTRIES

BANK SECURITY OTHERLOANS ISSUES EXTERNAL

1 See table 1 for more fully defined industry-group titles.Source: U. S. Department of Commerce.

D.D. 45-470



Chart 4.—Planned Financing From External Sources as Percentages ofTotal Planned Outlays for All Manufacturing Industries, by Size Groups 1

PERCENT40

30 —

OTHER

SECURITYISSUES

UNDER$250

$250 TO$999

— SIZE GROUP

$1,000 TO $2,500 TO$2,499 $9,999

(THOUSANDS OF DOLLARS)

$10,000AND OVER

a D. 45-469

1 Size groups are based upon sales reported for 193


As shown on chart 2, manufacturersplan to raise only 2.4 billion from ex-ternal sources. About two-thirds of thiswill come from bank loans and most ofthe remainder from the issuance of newsecurities. In other words, manufac-turers expect to go to outside sources,other than banks, for less than one-ninth of their requirements. Financing,therefore, will place no undue burden onthe companies, nor will the financial in-stitutions serving them encounter anydifficulty in meeting such a need.Internal Funds

The companies themselves will haveseveral sources of internal funds. Profits,depreciation allowances during the year,and the cash assets (including govern-ment securities) accumulated prior tothe period are the more important. Inaddition, during the period in question,a significant part of the cash from op-erations will come from the liquidationof war inventories and from contracttermination payments.

The volume of profits is subject to aconsiderable variation. However, cor-porate savings after dividends, includ-ing postwar refunds, during the past twoyears have amounted to about 3.8 billiondollars a year and they will continue highover the next year. Depreciation allow-ances for manufacturing companies ag-gregate around 2.5 billion dollars a year.Allowing for some increase in these fig-ures for noncorporate retained incomeit would seem quite possible that manu-facturing firms themselves could gen-erate well over 6 billion dollars withinthe year during which these expenditureswould be made.

This is without considering paymentsfrom the government on war business

and inventory liquidation. For example,should the rise in the inventory of non-military goods be offset by a reduction inmilitary goods, cash to meet this outlaywould come directly from receipts fromthe liquidation. Thus, for manufactur-ing as a whole, the entire amount indi-cated as coming from internal sourcesmight be obtained from current opera-tions during the period.

In consequence of the probable highcash generation, very little drain on theaccumulated cash assets appears likely.Meanwhile, at the end of 1944, cash andgovernment securities held by manufac-turing firms approximated 25 billion dol-lars, an increase of 19 billion over 1940.

It is the apparent intention of manage-ments to retain, as far as possible, thepresent strong financial position.

It must be recognized that much ofthis cash accumulation will be necessaryfor current business operations while thepresent high levels prevail, and will notbe available for capital use. For ex-ample, a good part of the accumulationat the end of 1944 represents accrued in-come tax liabilities which were more than10 billion dollars, a rise of 9 billion fromthe end of 1940.

External FundsThe indicated size of the funds to be

secured from external sources is small incomparison with the resources of our fi-nancial institutions. Thus while theamount expected to be financed throughbank loans is about 20 percent as muchas the business loan total of all insuredcommercial banks at the end of 1944, itis small in comparison to the ability ofthe banks to expand credit based on theircurrent reserve position.

The volume of new securities contem-plated by manufacturing companies isonly one and a half times the amountof new financing by industrial corpora-tions during 1944. It is less than theamount raised in 1937.

Some Industry VariationsWhile the aggregate picture shows that

manufacturing industry as a whole iswell able financially to carry out its pro-jected plans, with some industry groupsthe picture is not so clear. This is par-ticularly true with the textile, appareland leather group which shows the larg-est total planned outlays. In this groupare many small companies and thefruition of these plans will depend ingood part on their ability to turn plansinto definite commitments.

One of the problems with the textilegroup in the past has been the relativelylow profit margin. It is less favorablysituated, therefore, from the standpointof ability to finance the indicatedamount from internal sources of over 900million dollars. (See table 3.) During

Table 2.—Inventories of Manufacturing Companies Related to SalesNOTE.—The break-down by industry groups is necessarily tentative and approximate. It does present, however, a

picture of the general magnitudes.[Values in millions of dollars]

Industry groin

Food and kindred products (including beverages) and ]tobacco

Textile-mill products; apparel and other finished pro-ducts; leather and products

Lumber and timber basic products; furniture andfinished lumber products

Paper and allied products; printing, publishing, andallied industries ,

Chemicals and allied products; products of petroleum |and coal; rubber products j

Stone, clay, and glass products jIron and steel and their products iNonferrous metals and their products |Machinery, including electrical jTransportation equipment, including automobiles !Miscellaneous industries j

Total S

14,428 j

8,659 |

2, 539 j

4,362 j

10,761 !1,5636,3061,8075,4404,5751,292

1,968

1,587

544

306

1, 514275

1,531443

1,414626451

13.6

18.3

21.4

7.0

14.217.624.324.526.013.734.9

61,642 i 10,659 17.3

30, 094

15,176j

5,482 |

8,114

22, 7422,87215,7985, 025

24, 06932, 0633, 494

3,138 j

1,898 I

492

382

2,074350

1,684676

3,1762,161706

10.4

12.5

9.0

4.7

9.112.210.713. 513.26.720.2

164,929 i 16,737 \ 10.1

1 End of year.Source: U. S. Department of Commerce.



the past 3 years, with operations at veryhigh and profitable levels, corporate sav-ings for these industries amounted toonly about 300 million dollars a year.

The annual charges for depreciationfor this group are about 150 million dol-lars a year. In other words, perhaps halfof the internal funds could be generatedwithin the year from current operationsleaving the other half to be derived fromaccumulated cash assets. At the end of1944 these amounted to approximately1.5 billion dollars, only a part of whichcould be used for capital outlays.

On the other hand, the transportationequipment industry and the chemical,petroleum and rubber group, both ofwhich include many of our largest cor-porations, expect to rely very little onexternal resources to finance the ex-pected outlays.

Chart 3 shows a comparison by indus-tries of the proportion of planned out-lays which must be financed from exter-nal sources. The largest amounts areindicated for the paper and printing andthe textile groups in both of which thevolume of business done by small com-panies represents a substantial fractionof the total.

The smaller-sized companies have in-dicated relatively more ambitious plansfor outlays than have the larger com-panies. Partially as the result of thisthey also expect to secure a larger volumeof the necessary financing from externalsources. This is pointed up graphicallyin chart 4 which shows that the smallercompanies will need a substantiallyhigher amount of outside financing thanthe larger ones. The difference is almostentirely in terms of lower indicated de-mand for bank loans. This would seemto reflect, also, a better cash position onthe part of the larger companies. Thelatter group also expects to do morefinancing through security issues, whichis to be expected because of market ac-ceptance of their issues.

SummaryIn addition to the 4.5 billion dollars

which manufacturers plan to spend inthe next 12 months for plant, equipmentand alterations, they plan increases of2.8 billion dollars in inventories of non-military goods and 1.8 billion in tradereceivables. The total of more than 9billion dollars is a gross, not a net figure,since it must be offset by any reductionwhich may occur in inventories of wargoods, or in payments due from the Gov-ernment for contract termination.

Even so, the planned outla3/s arelarge—larger than appears possible toachieve within the next year in view ofmaterial and manpower restrictionslikely to exist while the war with Japanis continuing.

Manufacturers' appraisal of theirprobable financial requirements reflectsthe generally strong cash position. Theyexpect to finance nearly 75 percent of thetotal planned outlays from cash re-sources on hand or to be obtained fromcurrent operations. This apraisal ap-pears conservative since an analysis ofthe probable operating results for theyear in question suggests that virtuallyall of the amount expected to come from

Table 3.—Manufacturers' Planned Outlays and External Sources of Funds, byIndustry Groups *

NOTE.—The break-down by industry group is necessarily tentative and approximate. It does present, however,a picture of the general magnitudes.

[Millions of dollars]

Industry group

Food and kindred products (including beverages) and tobacco...Textile-mill products; apparel and other finished products;

leather and productsLumber and timber basic products; furniture and finished

lumber productsPaper and allied products; printing, publishing, and allied

industriesChemicals and allied products; products of petroleum and coal;

rubber productsStone, clay and glass productsIron and steel and nonferrous metals and their productsMachinery, including electricalTransportation equipment, including autosMiscellaneous industries

Total-

Totaloutlays

9G5

1,565

525

690

1,085280

1,0401, 5501.220305

9, 225

External funds

Total

295

620

95

280

16080

35037565

105

2, 425

Bank Securityloans issues

180

390

75

170

4050

260275

5060

1. 550

85

160

10

95

50256070

35

590

30

70

10

15

705

30301510

1 Planned outlays are for the first 12 months following the end of the war in Europe.

Source: U . S . Department of Commerce.

internal sources would be met from cashgenerated during the period withoutdrawing on accumulated cash assets.

Bank loans account for nearly two-thirds of the funds indicated as neces-sary from external sources. The needfor such external financing depends, ofcourse, on whether actual outlays exceedor fall short of plans. Should expendi-

tures be substantially less than theplanned amounts, the need for outsidehelp could shrink very rapidly.

Since financial resources are notspread evenly, some companies will un-doubtedly need financial help. Thesmaller companies have indicated rela-tively more ambitious plans and a largerdependence on outside help.

[ PartpII. Planned Outlays and Financing of Utilities and Railways

During most of the wartime period thefacilities of both the utilities and therailroads have been under constantpressure to handle the greatly increasedvolume of business.

Labor and materials have been madeavailable for urgently needed additionsand replacements of structures andequipment, so that capital outlays dur-ing the war have been maintained at afairly high level. Nevertheless there aresome deferred projects, since the re-sources made available were not as largeas could have been utilized under thedemands for service with a gross na-tional product rising to 200 billiondollars.

With the end of the war in Europe,and the easing of restrictions on newconstruction and the purchase of newequipment, many companies in these in-dustries are planning considerably en-larged capital expenditures. The in-creases, however, are not comparablewith those of manufacturers whoseplants require much more extensive re-habilitation and extension.

Capital outlays of the electric and gasutilities and railroads before the warconstituted roughly one-eighth of the to-tal civilian market for producers' goods.Together with the manufacturing in-dustries they accounted for almost 40percent of the total for producers' goodsoutlays in the prewar period, 1937through 1940. The balance was largelyspent by farmers and by a wide varietyof commercial and service industries.

Expansion of this market from thereduced 1944 level will be a significant

offset to declining war production. It isimportant, therefore, to get some meas-ure of the present thinking of business-men as to the expenditures they arelikely to make during the next year.

Similar to Survey of Manufacturers

The survey of planned capital outlaysmade in the electric, gas, and railroad in-dustries was similar to that made of themanufacturing industries, the results ofwhich were published in part in the JuneSURVEY and in part in this issue.1 It wasdesigned to secure a quantitative expres-sion of management plans for outlays onstructures and equipment and for in-creasing inventories of materials andsupplies in the first 12 months afterVictory-in-Europe. The means of fi-nancing these expenditures, and reve-nues estimated for the period were alsocalled for.

Outlays for repairs and maintenancehave been excluded from the considera-tion of capital expenditures. The ques-tionnaire asked for planned maintenanceto get̂ the opinion of management as tothe importance of deferred maintenance.As with the manufacturing companies,however, there is no indication thatplanned expenditures are being increasedto make up for deferments. Some of thenew structures or equipment, of course,

1 The Federal Power Commission made thesurvey and tabulated the results for the elec-tric and gas utilities; the Interstate Com-merce Commission handled the schedulesfor the railroads.



may be expected to obviate the need formaking up undermaintenance.

Sample Practically CompleteMost of the sampling problems present

in the manufacturing survey wereavoided in making this survey. Thereare only a very few companies in theseindustries when compared to manufac-turing. Returns were received fromcompanies comprising over 90 percent ofthe industries.

The returns from the electric utilitiescover privately and municipally ownedsystems, but not cooperatives or Federalprojects. The gas utilities includemanufactured-gas companies plus thenatural-gas distributors and pipe lines.The railroad survey covered class 1 car-riers and lessor companies.

Planned OutlaysPlanned outlays by electric and gas

utilities and railways for structures andequipment in the next 12 months totalnearly 1.5 billion dollars. This is one-third of the contemplated outlays bymanufacturers for plant and equipment.It is a much lower proportion than in1929 when these utilities and the rail-roads spent almost 75 percent as much asmanufacturers, or in 1939 when theyspent about half as much (see table 4).

During the war period most of the ex-penditures in the manufacturing fieldwere made with public funds for war pro-duction facilities which have limitedutility for peactime output. Meanwhile,private manufacturers' outlays weresharply curtailed. Utility and rail out-lays, however, were made largely by theprivate companies for facilities very nec-essary to the winning of the war butequally useful in peacetime.

The importance of utilities and rail-ways in contributing to capital formationfollowed a declining trend before the war.However, the reduced influence over thenext year can be attributed primarily tothe increased capacity built during thewar. Since the peak demands forced bythe war are not expected to be equalledduring the next year, planned outlaysneed provide for only a minimum of ex-pansion over recently reduced levels incontrast to the situation in many non-war manufacturing industries.Outlays Above Prewar

Despite the comparatively smallerpart of capital outlays expected fromthese fields, planned expenditures arealmost 40 percent higher than in 1944and 90 percent above 1939. In both in-stances, however, the projected totals arefar below 1929 outlays in contrast toplanned expenditures of manufacturerswhich, as set forth in the article in theJune SURVEY were more than half againlarger than in 1929.

Revenues of the reporting companiesfor the next year are expected to declineby perhaps 7 percent which would stillleave them 40 percent higher than in1929. This revenue objective differsfrom the planned sales objective re-quested in the survey of manufacturersin that it is for the same period as theoutlays rather than relating to a levelof activity beyond that period. There

Table 4.—Outlays for Plant and Equip-ment, Electric and Gas Utilities, Rail-roads and Manufacturers

[Millions of dollars]

Year

192919371938193919401941-194219431944Planned

Electricand gasutilities

1,140616547523614732681540

*>500700

Rail-roads

875549262255448552672475

P 5 8 5785

Utilitiesand

railroads

2,0151,165

809778

1,0621,2841,3531,015

v 1, 0851,485

Manufac-turers

2,7392,1601,3931,5722,3032,7501,8501,0501,2404,500

v Preliminary.


is no reconversion problem in either util-ities or railways—no time interval nec-essary to change from war to peacetimeoutput. The outlays, therefore, relateclosely to expected demands for servicewithin the same period.

Electric and Gas CompaniesDuring the next fiscal year the electric

and gas companies plan outlays of over700 million dollars for structures, im-provements and equipment. Chart 5shows this volume to be about two-thirdsof the peak years of 1929 and 1930 andabout the same as in 1941. It is, how-ever, nearly 40 percent above 1944, one-third greater than 1939 and more than20 percent above the prewar, 1937-40,average.

The electric utilities which account forthree-fourths of the combined electricand gas total are planning outlays only25 percent above the 1939 level. The

largest dollar amounts are indicated forthe East North Central power region,although proportionately the South Cen-tral regions expect the largest percentageincreases.

The gas companies, which account forone-fourth of the total, are planningoutlays 70 percent above 1939. Onereason for the larger increase is theplanned expansion of natural gas andgas pipe lines. The largest amount indollars and the greatest increase over1939 is scheduled for the West SouthCentral region where planned outlayscomprise more than 25 percent of thetotal, considerably more than this re-gion's share of the anticipated revenues.

The projected sales of the electric andgas utilities, presented in table 2, are lessthan 5 percent below the 1944 high andare larger than for any other year. Theelectric companies expect their revenuesfor the next 12 months to drop a littlemore than 5 percent from the 1944 peakwhile the gas companies are planning ona decline of only 3 percent.

These revenue estimates indicate thatboth.the electric and gas industries ex-pect the end of the European war to haveonly a minor effect on their operations.As most of the load lost through cur-tailed output will be industrial users thatare served at a low rate the revenue losswill not reflect a corresponding decline.

While this question was not coveredspecifically in the survey it is evidentfrom the reports of expected revenuesthat the utility industry expects the Jap-anese war will continue throughout thecoming 12 months.

Prom the size of the planned outlays,however, which are higher than those of1944 with a lower revenue projection, it

Chart 5.—Outlays of Electric and Gas Utilities for Structure andEquipment1

BILLIONS OF DOLLARS1.2

J_ I I I J_ J_1929 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 '43 44*/ PLANNED^

0. D. 45-4661 Electric utilities include both privately and municipally owned companies ; cooperatives and Fed-

eral projects are excluded. Gas utilities cover both manufactured and natural gas, including gaspipe lines.2 Data for 1944 were partly estimated.3 "Planned" outlays are for the first 12 months following the end of the war in Europe.

Source : U. S. Department of Commerce, based upon data from Federal Power Commission, EdisonElectric Institute, and American Gas Association.



Chart 6.—Planned Outlays and Sources of Funds, Electric and GasUtilities 1

MILLIONS OF DOLLARS800

INCREASED INVENTORY

— 600

400-

200

BANK LOANS

SECURITY ISSUES

CASH FROMCURRENT OPERATIONS

ACCUMULATEDCASH ASSETS

PLANNED OUTLAYS?/ SOURCES OF FUNDS D.D.45-4671 Electric utilities include both privately and municipally owned companies; cooperatives and Fed-

eral projects are excluded. Gas utilities cover both manufactured and natural gas, including gaspipe lines.2 "Planned" outlays are for the first 12 months following the end of the war in Europe.


is evident that an easier material andlabor situation is contemplated.Financial Requirements of Utilities

In addition to the 700 million dollarsin capital outlays, the companies alsoindicate plans to increase inventories ofmaterials and supplies by 34 million dol-lars. Chart 6 compares the total plannedoutlays, including this item, with thesources of funds from which these ex-penditures will be made.

A major reliance will be placed uponcash assets accumulated prior to the pe-riod, including holdings of Governmentsecurities. Over 60 percent of the out-lays are expected to be financed fromthis source which would still leave thesecash assets well above the prewaramount. At the end of 1944 the utilitieshad accumulated almost 1.25 billion dol-lars in cash assets, almost double theholding at the end of 1940.

The next most important source offunds is cash from current operationsduring the 12-month period. This is pri-marily from depreciation and retirementreserves and from retained earnings.Over the past few years the retirementaccruals for the electric and gas indus-tries have been about 350 million dollars.Retained earnings have approximated50 million dollars. This would provide acash generation of about 400 million dol-lars during the year against the indicatedallocation of these funds of just over 200million dollars for capital outlays. The

remainder is not entirely an addition toaccumulated cash; a part of this will gofor debt-retirement and sinking-fundoperations and to cover tax accruals.

Very little external financing is con-templated by the utility companies. Lessthan 1 percent is expected to be securedfrom bank loans. New security issuesanticipated aggregate only about 60 mil-lion dollars or about 8 percent of totaloutlays. This volume of new issues isdouble the amount raised in new moneyin 1944 but substantially below the 300million dollars secured by new financingin 1941 which was the last peak year ofutility outlays.

There is very little difference betweenthe electric and gas companies as to theirexpected method of financing. The pro-portions in terms of sources are veryuniform.

The RailroadsThe total capital outlays of 785 million

dollars planned by the American rail-roads for the next fiscal year is highin comparison with the decade of the30's but, as previously indicated, is notup to past peak amounts (chart 7). Theplanned expenditures are 35 percentabove 1944, three times the rate of 1939and double the prewar, 1937-40, average.

As indicated in chart 7, about 60 per-cent of the outlays are planned for newequipment which, if achieved, would con-stitute the largest total for this segment

since sometime before 1929. On theother hand, the expectjed outlays forrailroad and structures are well belowthe 1929 amount.

Over 40 percent of the planned outlaysfor equipment are allocated for the pur-chase of new freight cars. Another 35percent is for locomotives, predominatelyof the Diesel type. Outlays for new pas-senger cars constitute only about 16percent of the total equipment outlays.Regional Differences

Reflecting the impetus provided by theshifting of the war to the Pacific front,the western district roads expect thelargest increase in revenues and plan tomake the largest expenditures. To han-dle the increased traffic, the westernroads plan to spend almost half of thetotal for all carriers or about 370 milliondollars. Over half of this amount is forequipment.

Roads in the eastern district plan ex-penditures of about 260 million dollars—35 percent of the total. Over two-thirdsof this is for equipment. In contrastroadways and structures are expectedto absorb the larger part of the 155 mil-lions of planned outlays in the southerndistricts.Gross Revenues

Railroad managements are expectinggross revenues in the next fiscal year todecline 10 percent from 1944 (table 5).This would be more than double the 1939amount, and well above the 1929 total.

It would seem apparent from the rela-tively high anticipated revenues, thatrailroad management expects that wardemands upon their facilities will stillbe very large during the year. The vol-ume of traffic necessary to achieve theanticipated revenues would necessarilyimply a continuation of the war in thePacific throughout this period and con-tinued restrictions on alternative typesof transportation.

During the past few years the rail-ways have handled a large amount ofboth freight and passenger traffic whichwould normally have used other means.Coastwise shipping has been restricted,thus diverting heavy traffic such as pe-troleum products to the rails. Gasolineand tire shortages have cut into truckhauling and passenger travel. Travel byairlines has also been restricted. As aresult, railway revenues have been andare expected to remain for the next 12months well above the level which corn-Table 5.—Gross Revenues of Electric and

Gas Utilities and Railroads[Millions of dollars]

Year

192919371938 - - ..1939 -19401941194219431944Planned

Electric andgas utilities

2, 6892,9622,9303,1043,3123.5793,8514,142

p 4, 3914,186

Railroads

6,3734,2263,6164,0504, 3555,4147,5489,110

p 9, 5008,600

v Preliminary.Source: XL S. Department of Commerce.


22 SURVEY OF CURRENT BUSINESS

Chart 7.—Capital Outlays of Railways 1

BILLIONS OF DOLLARS1.0

. 8

. 6

ROADWAY AND STRUCTURE

I9?9 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 '43 '44*/ PLANNED!'

D.D. 45-4681 Includes class I and II railways and their lessor companies ; does not include independent switch-

ing and terminal companies.2 Data for 1944 were estimated, in part, by the U. S. Department of Commerce.3 "Planned" outlays are for the first 12 months following the end of the war in Europe.Sources : U. S. Department of Commerce, based upon data from the Interstate Commerce Com-

mission and the Association of American Railroads.

petitive forces are likely to sustain in thepostwar period.O. D. T. Expects Higher Traffic

While the expected revenues are rela-tively high, they do indicate a drop fromthe 1944 amount. This point of view isapparently not shared by the Office ofDefense Transportation, which is bas-ing its plans and policies on the expecta-tion that freight traffic will decline about3 percent from 1944 during the fiscalyear period and that passenger revenueswill be about 10 percent higher, reachinga peak about the end of this year. Adiscussion of the transportation prob-lems incident to shifting the war front tothe Pacific appears in the ''Business Sit-uation'* in this issue.

Financial Requirements of RailroadsThe railroads were also asked for plans

to increase inventories of materials andsupplies. On balance, virtually nochange from present levels is anticipated.Thus the total planned outlays are whollythe expenditures for roadways, struc-tures and equipment. Chart 8 comparesthese outlays with the indicated sourcesof funds.

In contrast to the utility industry, therailroads contemplate drawing very littleon the accumulated cash or equivalentassets (including Government securities).At the end of 1944, holdings of cash andGovernment bonds were nearly 3 billiondollars in contrast to only 800 millionat the end of 1940. Apparently, how-ever, the composite judgment of railroadexecutives is that future uncertaintieswarrant a strong cash position—much

stronger than they were able to achieveduring the prewar years.

The major source of funds is cash fromcurrent operations. The railroads plan

July 1945

to pay for 65 percent of total outlays bythis means. During the past 3 yearsretained earnings of railroads have ap-proximated 500 million dollars per year.The depreciation reserves contributedanother 350 million annually.

Cash generation from current opera-tions in the railroad industry is pecu-liarly sensitive to the trend of revenuesbecause even small variations produceextreme fluctuations in net profit figuresby reason of the heavy fixed charges.Nevertheless, the planned expendituresof 500 million of cash from operationsappear well within reason, even assum-ing a rather sharp reduction in the profitfigures.

The railroads expect to finance over 25percent of the total outlays with long-term indebtedness. This would be aboutdouble the 1944 amount of new moneyraised from security issues but would beslightly less than the amounts securedin 1941 and again in 1937. Only a verysmall part of the total is expected tocome from short-term indebtedness, in-cluding bank loans.Regional Differences in Financing

As might be expected, in view of thelarge anticipated traffic, the western dis-trict railroads expect to finance over 70percent of their planned outlays withcash from current operations. This isat variance with roads in the easterndistrict which plan to obtain just over50 percent from current operations, andthe southern roads, with 60 percent.

The eastern companies, on the otherhand, expect to raise 40 percent of theneeded funds by issuing new long-termsecurities. In both the other districts,new long-term indebtedness accounts foronly 20 percent of the contemplatedexpenditures.

Chart 8.—Planned Outlays and Sources of Funds of Railways 1

BILLIONS OF DOLLARS

— 1.0 —

OTHER EQUIPMENT

PASSENGER CARS

FREIGHT CARS

LOCOMOTIVES

ROADWAY ANDSTRUCTURE

SHORT-TERM DEBT

LONG-TERM DEBT

ACCUMULATEDCASH ASSETS

CASH FROMCURRENT OPERATIONS

PLANNED OUTLAYS!/ SOURCES OF FUNDS D.D.45-4711 Includes class I and II railways and their lessor companies ; does not include independent switch-

ing and terminal companies.2 "Planned" outlays are for the first 12 months following the end of the war in Europe.Source : U. S. Department of Commerce.



Summary

The electric and gas utilities and therailroads are planning large outlays forconstruction and equipment in the next12 months. The total of 1.5 billion dol-lars is almost 40 percent above 1944 andmore than half again as large as theprewar, 1937-40, average. Planned out-lays by railroads, which account for justover half the total, are more than dou-ble the prewar average.

These plans are less ambitious thanthose reported by manufacturing com-panies. The railroads and utilities arealready handling a very large volume ofbusiness—larger than is anticipated inthe next year. The shift to peacetimemarkets will involve less new investmentthan in many manufacturing industries.

Nevertheless the indicated civilianmarket for producers goods will be animportant offset to declining war pro-duction. When combined with the re-ported plans of manufacturers it raisesthe question whether any such volumeof materials and equipment will actually

be available for purchase in the next 12months.

Almost half the total planned outlaysare expected to be financed out of cur-rent operations during the next 12months. Even so this will not exhaustthe funds available from this source. Al-most 30 percent is to be paid for out ofcash assets already accumulated. Lessthan 20 percent is expected to be financedby increases in long-term indebtedness.

There are important differences, how-ever, in the financing plans of the rail-roads as compared with the electric andgas utilities. The railroads expect to payfor almost two-thirds of their outlays outof current operations as against 30 per-cent for the utilities. The railroads areplanning to use very little of the morethan 2 billion dollars of cash assets theyhave been able to accumulate since 1940but are depending more on new long-term indebtedness. The utilities, whichwere in a better financial position beforethe war, expect to finance more than 60percent of their outlays in the next yearfrom cash accumulations.

Survey Results SummarizedThe Department of Commerce survey of planned capital outlays and sources of

funds in the next fiscal year covered only the manufacturing industries, the electricand gas utilities, and the railroads.

The capital outlays by the industries discussed comprised less than half of thetotal in the prewar period. The communication, transit and water companies, allthe distributive and service industries, the trades and professions, and the farmerswere in the aggregate equally important. Outlays for plant, equipment, and altera-tions planned by the industries included in the survey total 6 billion dollars for thenext 12 months. This is 25 percent above the dollar volume in 1929 and more thandouble the prewar—1937-40—average. These projected outlays are based on plans—not commitments. While they represent the considered judgment of businessmanagement as to their requirements, it is, of course, by no means certain that anysuch quantity of facilities can be purchased within the period while the restrictionsattendant on the continuation of the war with Japan still hold.

There is considerable difference between industries as to plans, depending in par-ticular upon the size and character of wartime outlays, on the extent of conversionnecessary in the shift to civilian markets, and on the planned sales objectives incomparison to sales actually achieved during the war. For example, the basic steelproducers are not planning any large additions to capacity beyond those built in thepast 3 years, and will spend relatively moderate amounts on reconversion.

Similarly, the electric and gas utilities and railroads are planning small increasesin outlays over the prewar level. During the war these industries made substantialexpenditures to enable them to handle a volume of business which is still abovetheir projected revenues for the next fiscal year. In contrast, those industries whichhave been curtailed by the war or which must reconvert to produce an entirelydifferent product are planning large outlays relative to the prewar level.

Most of the fields not included in the survey are similar to the nonwar manufac-turing industries in that they have been severely curtailed in their purchases ofnew construction and equipment and have a large backlog of accumulated needs.

The survey confirmed the fact that industries generally are in a strong financialposition. Despite the very high planned outlays, a comparatively small proportionof the funds needed to accomplish them are expected to come from sources outsidethe business. In fact, management plans to meet a large part of the expendituresfrom cash derived from current operations during the period when the outlays aremade.

Nevertheless, the amount of external financing indicated is significant in relationto the volume of the past few years. Planned financing through bank loans presagesthe first important increase since 1941. The prospective flotation of new securitiesimplies an amount almost equal to 1941 and about 10 percent below 1937, the prewarpeak.

Very little drain on accumulated cash assets is expected by reason of the capitaloutlays. Although sales anticipations are well above prewar totals and will necessitateenlarged working capital, business savings during the war have also been large.While industry, for the most part, has large cash resources, it apparently intendsto hold them in the initial reconversion period.

National EconomicActivity in 1945

{Continued from p. 14)

was assumed that there would be no generalwage rate change this year.

Adjusting current salaries and wages forthe multiplicative effects of reduced man-hours, basic wage rate changes, and the lossin overtime premiums yields the estimate ofthe war portion of wage and salary paymentsin coming months. It may be noted thatthis method automatically adjusts for theredistribution of employment and wages byindustries, and for the reabsorption of work-ers through reduced hours of work. It wasfelt that intra-industry downgrading wouldnot be significant in 1945.

Reabsorption of War Workers

Having determined the reduction in thewar portion of the labor force, it is necessaryfor the completion of the employment pic-ture to estimate the number of these dis-placed workers that can be absorbed into thecivilian market.

This problem is much more complex thanthe former. We know that we will produceall the weapons necessary for the successfulprosecution of the Japanese war. But theoutput of new civilian goods is dependentprimarily on the speed and proper allocationof resources freed from war use. At this stage,it is extremely difficult to determine the speedof reconversion, the geographical distributionof cutbacks, the availability of critical mate-rials, parts and components, and to solvemany other problems related to the resump-tion of civilian goods production.

Another difficult phase of this problem isthe determination as to the immediate avail-ability of workers accustomed to relativelyhigh wage rates in munitions plants to suchlow-paying industries as agriculture, tradeand service, and manufacturing plants withrelatively low wage scales.

Despite these difficulties, estimates weremade of the reabsorption of munition work-ers and discharged soldiers into civilian in-dustries. These estimates were based onmany available surveys, estimates of supplyby the War Production Board and other in-terested agencies, opinions of industry ana-lysts, and on relationships to consumer in-come and demand.

In general, however, supply rather thandemand was the controlling factor. For ex-ample, in such industries as food manufac-turing, clothing and textiles, shoes, and lum-ber, where the reconversion problem was rel-atively small, and the civilian demand great,it was assumed that the resources employedby these industries which are released by themilitary would be absorbed for civilian pro-duction.

Having estimated the major determinantsof income—total employment, and wages andsalaries—and the gross national expendi-tures, the next step was the reconciliation,wherever possible, of these income and out-lays. For example, employment in the con-struction field, in lumber, and in stone, clay,and glass were examined for consistency withour estimates of construction expenditures.Outlays for consumers' and producers' dura-ble goods were compared with nonwar em-ployment in the metals fabricating and con-suming industries. Consumers' expendituresfor nondurable goods and services were con-sidered in relationship to the trend in thedisposable income of individuals. These andseveral other comparisons were made to en-sure the inner consistencies of the expendi-ture and income estimates.



The Business Situation(Continued from p. 9)

NHA Housing ProgramsUp to the present time, private con-

struction has been restricted largely tothe NHA war housing program knownas H-l, i. e., war housing specificallyprogrammed by NHA and built for ex-clusive occupancy by essential in-migrantwar workers, such housing to be sold fornot more than 6,000 dollars or rentedfor not more than 50 dollars a month.

Under these restrictions, approxi-mately 475,000 family dwelling units werestarted with priority assistance from 1942through 1944. Most of the differencebetween this figure and the estimatedprivate total of 624,000 is accounted forby small units built without priorities as-sistance. In addition, nonwar housing

priorities were issued for an unknownnumber of units to cover individual hard-ship cases and rehabilitation of housesdestroyed by fire, flood, etc.

In the fall of 1944, the National Hous-ing Administration, recognizing the needfor additional housing in war congestedareas, supplemented H-l housing withmore attractive H-2 and H-3 plans andmade it possible to obtain priority as-sistance under any one of the threeprograms.

Under H-2 program, housing is pro-grammed and built under local quotasestablished by NHA to relieve congestionin war areas. It removes the restric-tions as to occupancy (although con-tractors are asked to give preference toservice families and returning veterans)and enables builders to construct largerand better quality houses—structuresapproximating prewar standards—by the

establishment of higher sales and rentalceilings.

Although these ceilings vary depend-ing upon the locality, the top price hasbeen fixed at 8,000 dollars for sale and65 dollars a month for rental. Thus, anyveteran or individual located in an areawhere NHA has authorized the construc-tion of a specified number of units maypurchase or rent a unit directly from thebuilder at the sale price or rental desig-nated for the particular community.

The H-3 program further liberalizesthe H-2 plan in that any individual inany area may file an application directlywith FHA for priority for building a homeas a veteran, relief of personal hardship,or to replace a home damaged or de-stroyed by fire, flood or other hazard.Approval by FHA permits the erectionof a home at a cost up to but not ex-ceeding 10,000 dollars, excluding the costof land.

New or Revised SeriesEmployees in Nonagricultural Establishments: Revised[Data for Page S-9 l

[Thousands of employees]

Year and month

Monthly average:1929193019311932,193319341935.193619371938

1939:JanuaryFebruary.. .MarchApril.MayJune . . .JulyAugustSeptember..OctoberNovember,.December..

Monthly average

1940:JanuaryFebruary,..March,.. .AprilMayJuneJulyAugustSeptember-OctoberNovember..December..

Monthly average 31, 7i

Total

31,14928, 99626,12522, 92123,06025, 44926, 59928, 80930, 627

28,91429,02529, 30829,47029,84230, 32630, 34930, 71331, 44531, 70031. 45631, 688

30, 353

30, 44730,37930, 63930, 75531,15831,51331,57032,10332, 79233, 00733, 22833, 814

Manu-factur-

ing

10, 5349.4018,0216,7977,2588,3468,9079,65310, 6069,253

9,5359,6719,7879,7879, 7329,7759,817

10,11710, 48910, 78010,74610, 694

10,078

10, 45310,47510, 43910, 34310, 29810,35310, 41110, 83011,18211,40511, 52311,647

10, 780

Min-ing

1,0781,000864722735874888937

1,006882

879875875590701842836853883931943

[845

918916916899902894907919927934934931

916

Con-struc-tion 2

Trans-porta-tionand

publicutili-ties

2,1221,7211,4701,008

8811,0381,1811,6231,5751,382

1,4681,4531,4371,6771,8221,9742,065

2,0271, 8511,6811,491

1,753

1,2911,2311,2721,4831,6741,8751,9841,9991,9861,9161,9711,986

1,722

3,9073,6753,2432,8042,6592,7362,7712,9563,1142,840

2,7872,7922,8132,8472,8722,9342,9412,9472,9943,0473,0092,960

2,912

2,9252,9342,9302,9462,9963,0283,0393,0603,0853,1023, 0693,045

3,013

Trade

6,2465,9325,4394,8614,9165,4295,6105, 9836,4246,354

6,3256,3136,4066,5106,5506,5996,5246,5136,7036,7696,8377,368

6,618

6,6226,5856,7876,7206, 8136,8656,7576, 7976, 9867,0757,1847,677

6,906

Fi-nance,serv-ice,andmis-cella-neous

4,2034,0793,8303,5173,4623,6673,7974,0264,1954,117

4,0374,0404,0794,1324,1994,2444,2324,2234,2524,2004,1464,135

4,160

4,1534,1764,2214, 2814,3574,3864,3774,3714,3844,3574,3514,305

4,310

Gov-ern-

ment 3

3,0593,1883,2583,2123,1493,3593,4453,6313,7073,835

3,8833,8813,9113,9273,9663,9583,9343,9724,0974,1224,0944,112

3,988

4,0854,0624,0744, 0834,1184,1124, 0954,1274,2424,2184,1964,223

4,136

Year and month

1941:JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..OctoberNovember,.December..

Monthly average.1942:

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember..December

Monthly average1943:

JanuaryFebruaryMarchAprilMayJune _ . . .JulyAugustSeptemberOctoberNovemberDecember,.

Monthly average

Total

32,87833,16233, 71234, 25035, 21035, 93936, 42536, 95037, 47137, 43937, 23037, 349

35, 668

36, 25036, 41936, 82237, 45438,00138, 29638, 76039,38639, 65339, 90039,95240, 47538, 447

39, 36439,34439, 55139, 72439, 67439, 85939, 92139, 86039, 67839,71839, 84740,197

39, 728

Manu-factur-

ing

11,60311,87412,11312, 39412, 64812, 96713, 27513. 54013, 78413, 84713, 82113, 81712,974

13,74013, 97114,18414, 39114, 57614, 79115,14315, 51915, 80015, 95616,12816,41515,051

16, 42316,59916, 74716, 77416, 75316, 90817, 05917,18217,13617,19417, 23817,080

16, 924

Min-ing

933930943637944

1,0021,0101,0131,0091,007

947

991976976977977976982978967959949938

970

922919915903

888882880873863867

891

Con-struc-tion *

1,9291,8951,9212,0262,2202,3732,5272,6192,6302,4562,2701,967

2,236

1,8081,7561,7671,9512,0892,1392,3062,4372,3472,2862,1581,898

2,078

1,7471, 5781,4761,4021,3851, 2881,2221,1691,0911,002918829

1,259

Trans-porta-tionand

publicutili-ties

3,0113,0203,0683,1453,2243,2873,3413,3803,3983,4053,3693,333

3,248

3,3053,2903,3143,3853,4193, 4533,4853,5003,5173,5193,5033,507

3,433

3,4873, 4853,5203,5703, 5973,6563,6893,6943,6883,6893,6833,669

3,619

Trade

6,9097,0277,2887,2657,3887,3457,4277,5487,6127,7148,123

7,378

7,2947,2297,2587,2467,2447,1707,0667,0787,1557,2967,3827,7437,263

6,9556,8876, 9327,0416, 9536,9826,9206,8756, 9367.0767,2457,554

Fi-nance,serv-ice,andmis-cella-neous

4,3014,3084,3534,4384,5084,5304,5094,5034,4994,4724,4344,403

4,438

4,4524,4244,4784,5414,5894,6234,5884,5634,3824,3304,2124,187

4,447

4,1054,1054,0804,0894,1024,1744,2304,1724,0794,0374,0784,127

Gov-ern-

ment s

4,2134,2264,2874,3224,4014,4344,4474,4794,6024,6344.6134,699

4,446

4,6604,7734,8454,9635,1075,1445,1905,3115,4855,5545.6205,787

5,203

5,7255,7715,8815,9455,9955,9625,9135.8865,8685,8475,8226,071

7,030 j 4,115 5,890

1 Revised series, compiled by the U. S. Department of Labor, Bureau of Labor Statistics. Data represent the estimated number of persons working at any time during the weekending nearest the middle of each month. The estimates include all wage and salaried workers in nonagricultural establishments. They do not include persons in the armed forces,agriculture, proprietors and self-employed persons, unpaid family workers, nor domestic servants. Emergency employees (W. P. A., N. Y. A., and C. C. C.) are excluded from allestimates of employment. Persons having more than one employer during a single pay-roll period are counted more than once.

Manufacturing estimates, adjusted in an earlier revision to final unemployment compensation figures for 1940, have been adjusted to similar data through 1942; trade, finance, andservice industries, never before adjusted to unemployment compensation data, have now also been so adjusted; appropriate changes have also been made in the other componentgroups.

This revision goes back only to 1939. For previous years the only estimates available are from earlier series adjusted to the Censuses of Manufactures, Business, and Population.In the years for which both sets of estimates are available the new series has a much higher level than the old. The old and new series were linked together to derive continuous andapproximately comparable employment estimates back to 1929. The methods and sources used in constructing the composite series are described in detail in a mimeographed reportof the Department of Labor.

For later data, see p. S-9.2 Includes Federal force account construction (formerly included in the Government total) and contract construction. Private force account construction is included with the

regular industrial activity of the establishment as in the old series.3 Federal, State, and local Government. Government-owned and operated transportation, public utilities, arsenals, navy yards, etc., are included in Government employment.

Armed forces and Federal force account construction are excluded.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

July 1945 SURVEY OF CURRENT BUSINESS S-l

Monthly Business StatisticsThe data here are a continuation of the statistics published in the 1942 Supplement to the SURVEY OF CURRENT BUSINESS. That

volume contains monthly data for the years 1938 to 1941, and monthly averages for earlier years back to 1913 insofar as available; italso provides a description of each series and references to sources of monthly figures prior to 1938. Series added or revised since publica-tion of the 1942 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating wherehistorical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers referto adjustment of monthly figures for seasonal variation.

Data subsequent to May for selected series will be found in the Weekly Supplement to the Survey.

Unless otherwise s ta ted, statist ics t h rough 1941and descriptive notes may be found in the1942 Supplement to t he Survey

1945

May

1944

May June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary

Febru-ary March April

BUSINESS INDEXES

INCOME PAYMENTS !

Indexes, adjusted:Total income payments - 1935-39=100

Salaries and wages doTotal nonagricultural income do

Total - - .- mil. of dolSalaries and wages:

Total § doCommodity-producing industries. _ _ do

Public assistance and other relief doDividends and interest _ do. _Entrepreneurial income and net rents and roy-

alties - mil. of dolOther income payments „ . . _. do _Total nonagricultural income __do

FARM MARKETINGS AND INCOME

Farm marketings, volume:*Indexes, unadjusted:

Total farm marketings 1935-39=100.Crops doLivestock and products do

Indexes, adjusted:Total farm marketings do

Crops doLivestock and products -do. _

Cash farm income, total, including Government pay-ments* mil of dol

Income from marketings* doIndexes of cash income from marketings:!

Crops and livestock, combined index:Unadjusted 1935-39=100Adjusted do

Crops . . doLivestock and products do

Dairy products doMeat animals doPoultry and eggs do

PRODUCTION INDEXES

Indust r ia l Production—Federal Reserve Index

Unadjusted, combined index! 1935-39=100..Manufactures! do

Durable manufactures!. _ _ doIron and steel! doLumber and products! ---_ do

Furniture! doLumber! do

Machinery!. _ _ doNonferrous metals and products!. do

Fabricating* do . .Smelting and refining* do

Stone, clav, and glass products! doCement . . . . do .Clay products* _ doGlass containers! do

Transportation equipment! __do ._Automobiles! . . do

Nondurable manufactures!.. doAlcoholic beverages! - doChemicals! . . . . do

Industrial chemicals* doLeather and products! - - - do

Leather tanning* __ doShoes do

242.8266.9238.4

12, 856

9,5443,857

80498

2,252482

11,667

12387

151

152167141

1,5291,451

218293356251236244308

P 2 4 2

205"117

v 411P248

n?ov 118

236"626

P172147

"318^406»123

"125

232.1259.1229.2

12, 387

9,2234,008

78494

2,175417

11, 242

13380

173

154139165

1,5461,452

218276284271219308278

23625235721012714211943727928227316579

122225726226168127323410112110114

233.9261.7231.1

13, 573

9,3444,051

781,554

2,189408

12, 396

12780

163

141116160

1, 5581,504

226275283270213316261

23625235420413314412744226326825216990

125228716228169143316411114111117

233.2263.0232.3

12, 928

9,2844,045

78914

2,241411

11, 681

131114145

135117150

1,6491,602

241252264244207266260

23224834820213014312343524324324416594

124213704223167151310408103107100

234.0263.1232.3

12, 586

9,3044,056

78486

2,300418

11,269

138131143

133105154

1,7411,690

254261272254202288265

235251349203135146129434245252226167100125213707229171198310408111107114

232.5262.0231.9

13, 670

9,3754,039

781,317

2,474426

12,178

159180143

129109144

2,0071,954

294244259234200240288

234249343202128139123427238252205164100120204695226173159307400121118122

235.5263.4233.6

13, 684

9,5414,066

79829

2,801434

11,877

189238153

142142142

2,4602,427

366263308233198236299

234250346206125143117428233246200167102122218704229173168309395115112117

237.5264.7235.3

13, 253

9,5084,010

79509

2,716441

11, 583

164178154

150155147

2,2562,188

329267298247191265309

23224834120112014110942223425219116395

121210699230173159308394118116119

239.0266.9236.9

14,405

9,6534,002

801,827

2,396449

13,082

136131139

137127144

1,7471,697

255264295243192255313

23024834219811314297

43122924718615982

120202709235171146313396113114113

241.9268.6238.7

13, 357

9,5163,954

80936

2, 369456

12,124

131126135

144147142

1,6581,571

237278327246196267290

23024834319711314299

43125328018715671

116196706235170191316396114113114

245.2269.8239.6

12,743

9,5263,957

80490

2,190457

11,678

113105119

144150140

1,3991,351

203312408248207264285

232'249

34520211414697

43625728419115666

118201

' 6 9 5242172

'158319400125128123

244.1269.7239.7

13, 686

9, 5853,944

801,344

2,212465

12, 591

11693

132

151169138

1,4451,385

208294377239223235293

232249344210116144101

'431266296194

' 16171

119216

'676'236'172'139' 3 2 1' 4 0 2

122116120

' 242 3' 267. 5' 238.1

r 13,194

' 9,560'3 ,897

80808

' 2,276r 470

' 11, 987

11791

'137

' 148171130

' 1, 570' 1,420

'214'296' 3 8 5

236228

'231278

229245

'336' 206' 1 1 9'140'108'420

26629219416581

'119225

' 6 5 1' 2 3 1' 1 7 1'148'320-405' 1 2 2

118124

» Preliminary* ' Revised.§The total includes data for distributive and service industries and government not shown separately.*New series. For a description of the indexes of the volume of farm marketings and figures for V,r o «, r 1929-42, see pp. 23-32 of the April 1943 Survey; indexes through 1942 were computed

by the Department of Commerce in cooperation with the Department of Agriculture; later data are from the latter agency. Data for 1913-41 for the dollar figures on cash farm incomeare shown on p. 22 of the May 1943 Survey but the annual totals have been revised beginning 1940; revised monthly averages based on the new totals are as follows (millions of dollars):Cash farm income, total including Government payments—1940, 759; 1941, 979; 1942,1,335; 1943,1,668; income from marketings—1940, 695; 1941, 930; 1942,1,276; 1943,1,612; the monthlyfigures have not as yet been adjusted to the revised totals. Data beginning 1939 for the new series under industrial production are shown on p. 18 of the December 1943 issue.

!Revised series. Data on income payments revised beginning January 1939; for figures for 1939-41, see p. 16 of the April 1944 Survey and for 1942-44, p. 20 of the May 1945 Survey.The indexes of cash income from farm marketings have been completely revised; data beginning 1913 are shown on p. 28 of the May 1943 Survey. For revisions for the indicated serieson industrial production, see table 12 on pp. 18-20 of the December 1943 issue.


S-2 SURVEY OF CURRENT BUSINESS July 1945

Unless otherwise stated, statistics through 1941and descriptive notes may be found in the1942 Supplement to the Survey

1945

May

1944


Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary


BUSINESS INDEXES—Continued

PRODUCTION INDEXES—Con.

Industrial Production—Continued

Unadjusted—Continued.Manufactures—Continued.

Nondurable manufactures—Continued.Manufactured food products! 1935-39=100-

Dairy productsf do—Meatpacking do.. .Processed fruits and vegetables* do

Paper and products! -- do—Paper and pulp! do._.

Petroleum and coal products! do—Coke do__.Petroleum refining! do

Printing and publishing! do. . .Rubber products! do.._Textiles and products!.. do__.

Cotton consumption do.__Rayon deliveries do.__Wool textile production.. do_._

Tobacco products _ do-._Minerals! do. . .

Fuels! do. . .Anthracite! do. . .Bituminous coal! do. . .Crude petroleum do___

Metals - - do.._Adjusted, combined index! do._.

Manufactures do. . .Durable manufactures _ do. . .

Lumber and products do.__Lumber do. . .

Nonferrous metals do.__Stone, clay, and glass products do. . .

Cement doClay products* do. . .Glass containers do.. .

Nondurable manufactures do-._Alcoholic beverages do.. .Chemicals do.. .Leather and'products do...

Leather tanning* do...Manufactured food products do - _

Dairy products . do._.Meat packing do...Processed fruits and vegetables*.. . . .do. . .

Paper and products.. . . .do-.-Paper and pulp .do.. .

Petroleum and coal products do...Petroleum refining do...

Printing and publishing.. do...Textiles and products do...Tobacco products.__ _ do...

Minerals . . .do. . .Metals.. do...

Munitions Production

Total munitions* 1943=100.Aircraft* do__.Ships (work done)* doGuns and fire control* doAmmunition* doCombat and motor vehicles* doCommunication and electronic equipment* do. . .Other equipment and supplies* _ .do.. .

MANUFACTURERS' ORDERS, SHIPMENTS,AND INVENTORIES

New orders, index, total ._ ...Jan. 1939—100,.Durable goods do

Iron and steel and their products doElectrical machinery.. doOther machinery doOther durable goods do

Nondurable goods doShipments,index, total! avg. month 1939=100.

Durable goods _ do.. .Automobiles and equipment , do.. .Iron and steel'and their products do.. .Nonferrous metals and products. do. . .Electrical machinery do.. .Other machinery do. . .Transportation equipment (exc. autos) do.. .Other durable goods. __. do. . .

Nondurable goods ._.do.._Chemicals and allied products do. . .Food and kindred products _do.._Paper and allied products doProducts of petroleum and coal do. . .Rubber products doTextile-mill products doOther nondurable goods do

»146*>178

132

»106p 229P 1 4 9

142219

128P141

P 1 5 2»127P 2 2 7^242z>327p 115P103*247p 165

221P 1 7 4

136

154133132

r 156

P105*>149

128»138*109

148

M25v 119

29643838630751051520427136428727128498397

1,888230206217206180199

187205

147*1851809414213723717524610023014714219515212414614613415914214423625335612411527916176122210169116324112110154

*13918014514213723724698147124143120

1111431128811273122105

293436330395441621201264371290235274452411

2,526204190204200174179293185172

153*22517210514113724217225210022814514119614812614614612815814314823525135412711826316884127230169119319115113153

v 153173136140136242252100145121142120

103' 1361058411376125107

445366398450589208273383314248272492427

2,436219196208200179192316200180

163*2211621691321282471722598922713913919313112714314311815114214223024634712411424416586124222165128314105113153

p 15117513013312924725995139122139117

' 105' 1291038511675116101

314487439396501592202263373289245257508402

2,468210187200203165194295162165

165p 1781472131411372511712649823114114018914012914714712415414614523224834812711824516288122204168186314112108147

*>139169112142137251264102141126142114

1081271038612282118111

302455429326407590204264366292243263483392

2,310219193207206178185288184175

166*>15514823614113725S16827210023014714819614413114714812915114913823024634212011123815986116200168156307121120146

v 14716112114213725827299147124143113

107'1181018112379118112

299429381339370595215269372282253267521389

2,372213198207216172187297184181

159*12515618014313926617028110523114614019915012514414813315214812323224834412010923316188115212169166307115111156

p 152154139143139266281103146120143111

110'1141038412582122

'125

316455415401439556226278380292252279515408

2,414221208218227180192342189189

1551081751331431382681702831072311491492091431371401481261551488923224834112211223416088116208173184307116112154

p 165158145143138268283103149135143112

106109

79125

121'120

316461416316440613223273374302249282492390

2,412210203211217179189293189189

150*>941841141341322681672831062391521462151521211311411091381466823224934312211122916390116218173169312114115155

*145158146135132268283104152131137111

1041089279

12995117

' 114

326469409266510614234284390303260292566416

2,449215210214225177208341190196

143P 8 817110513613227316728999247150145215146121134145961511486823425134512611825316287125200

' 175213317113113155

*132146162136132273289102150121140111

••10411285

-•379'135

83'125' 120

344529504386497657225261354278242275434385

2,190207196209212171184311176180

141P 9 8139103138134276168292104247155152215151118135146112150148

68236

••252••346

123112257163

87'122

207176

'170318121119158

*132146163137134276292105155123141111

100107

7980

135'84

'119'114

369600567501569723220287394322273303532429

2,314223213228224183194351198200

142p 116

13599

141137272171

'287107236153150

'214149117136147115149150

72235252345121110266166

86124216176

'148'319

122117161

P138146180141137272

'287105153123142111

107'118r 77

84147' 9 2

'133'130

353574574448550647211281382314288295504

'410r 2,046

229210228214184195351189205

' Revised. » Preliminary.*New series. Indexes of munitions production for 1940-43 are shown OD p. 24 of the February 1945 Survey; subsequent revisions in the 1943 data are available on request.!Revised series. For revisions for the indicated unadjusted indexes and all seasonally adjusted indexes shown above for the industrial production series, see table 12 on pp. 18-20

of the December 1943 issue. Seasonal adjustment factors for a number of industries included in the industrial production series shown in the Survey have been fixed at 100 beginningvarious months from January 1939 to July 1942; data for these industries are shown only in the unadjusted series as the "adjusted*' indexes are the same as the unadjusted. Theindexes of shipments have been revised beginning 1939 to incorporate corrections in company reports due to renegotiations and other revisions and to take account of changes in theweighting factors; the series "products of petroleum and coal" has been substituted for "petroleum refining" shown prior to the March 1945 Survey; data for other series are shown onthe revised basis beginning in the February 1945 Survey and annual totals back to 1939 are on p. 22 of that issue; complete monthly revisions are available on request.


July 1945 SURVEY OF CURRENT BUSINESS S-3


1945

May

1944


Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary


BUSINESS INDEXES—Continued

MANUFACTURERS' ORDERS, SHIPMENTS,AND INVENTORIES—Continued

Inventories:Index, total avg. month 1939=100..

Durable goods doAutomobiles and equipment doIron and steel and their products -doNonferrous metals and products* doElectrical machinery doOther machinery _doTransportation equipment (except automobiles)

avg. month 1939=100..Other durable goodsf do

Nondurable goods doChemicals and allied products... doFood and kindred products . . .doPaper and allied products doPetroleum refining _ doRubber products doTextile-mill products... doOther nondurable goods do

Estimated value of manufacturers' inventories*mil. of. dol_.

162.8189.1222.6117.7147.9314.8219.8

782.2103.1139. 8162.1143.4134.3106.9

118.9157.2

16,181

173.7204.0240.3126.7163.6341.2226.9

943.7107.4147.2163.6166.2138.8112.0188.1118.6162.0

17,268

173.3203.6234.1126.7154.6338.9224.9

954.1106.5146.9164.9170.7139.8108.1182.1116.1149.3

17, 229

173.2201.9229.9129.0152.7335.5225.1

910.2106.2148.1164.2177.7143.4108.3174.7116.2147.5

17,215

173.7200.9228.0128.1153.0334.8218.4

929.3107.4149.9162.5185.7144.7109.0172.9115.0147.9

17,266

172.4198.8229.8127.5148.6327.8218.9

907.0105.5149.4159.2187.0142.7109.7174.3112.5147.9

17,139

172.0197.1229.6126.3145.8318.6219.4

895.2105.9150.1156.8188.3139.9110.9174.3115.6149.0

17,100

170.8194.6220.2124.4146.7320.5216.2

873.8106.4149.9154.8184.7136.2110.8176.1118.3151.8

16,973

168.4192.3232.5120.8148.1313.7213.9

837.1107.3147.5157.1173.6134.3109.7169.6119.5153.3

16, 737

166.9189.6228.1117.9145.0316.9217.8

793.6104.4147.0152.1164.4131.8108.1170.6123.8162.2

16, 589

165.7188.7229.9116.1145.9309.3218.5

786.4105.1145.6151.8154.4133.0108.5176.7123.5165.8

• 16,468

164.8188.9230.8113.7149.9317.3221.0

768.3105.0143.7151.3148.4

r 134.3108.7175.5123.2

r 164.4

• 16,378

163.7' 189.0' 231.1••114.4r 150.0«• 317.3' 220.5

«- 772.9' 103.9' 141. 5r 150.5' 144.2' 134. 2«• 107. 9

175.3r 120. 3r 162. 6

• 16,270

BUSINESS POPULATION

OPERATING BUSINESSES AND BUSINESSTURN-OVER*

(XJ. S. Department of Commerce)Operating businesses, total, end of quarter... thousands. _

Contract construction doManufacturingWholesale trade _. __ . . .Retail trade..Service industries __All other _ .

New businesses, quarterlyDiscontinued businesses, quarterlyBusiness transfers, quarterly

do. do

do. .do

_ . dododo

_ do __

INDUSTRIAL AND COMMERCIAL FAILURES(Dun and Bradstreet)

Grand total _ nnmhprCommercial serviceConstruction. _Manufacturing and miningRetail t rade.Wholesale t rade . .

do. do . .

dodo

___ do_Liabilities, grand total thous. of doL.

Commercial service _ . d oConstructionManufacturing and miningRetail tradeWholesale t r ade . . .

BUSINESS INCORPORATION

New incorporations (4 states)

do__.do

. dodo . . .

S

number.. 1,662

1481426346311

2,697102249

1,293903150

1,248

2,893.9137.4226.4116.0

1,355.1553.8505.181.436.848.6

1109

123151

71,854

224159

1,07130595

1,222

91109

23418

3,559614144

2,451291159

1,142

7739

28325

1,05416

12355727286

1,146

r2,936.8128.8224.3117.4

«• 1,385.1560.7520.1'83.9MO. 9

38.9

758

122426

54,065

155273

3,288161188

1,159

744

1130254

3,8194380

3,521156

19

1,460

75121818216

3,0081,663

482513115235

1,506

v 2994. 0

»1415. 3

? 95 4*>38. 2"41.1

9364

363611

1,8046741

1,076385235

1,520

808

103426

25,8832,622

8552,128

25424

1,682

66118

17264

1,55780924130114264

1,341

855

102637

73,880

69175

3,067409160

1,552

9087

2643

6980

54140464215107

1,562

COMMODITY PRICES

PRICES RECEIVED BY FARMERS!

U. S. Department of Agriculture:Combined indexf 1909-14=100.

Crops doFood grain do . . .Feed grain and hay do . . .Tobacco doCotton do . . .Fruit do_._Truck crops do . . .Oil-bearing crops do

Livestock and products do . . .Meat animals do . . .Dairy products doPoultry and eggs do . . .

COST OF LIVING

National Industrial Conference Board:§Combined index 1923=100.

Clothing -do—Food . do . . .Fuel and light do—Housing doSundries ._ do . . .

200198172161363165227193218202217192179

106.294.9

112.796.291.0

115.5

194198170173350160232225208190201194153

104.692.3

110.695.990.8

113.5

193197165170350163228231210189200192154

104.592.5

110.595.790.8

113.5

192194161168350164230195209190197194165

105.092.5

111.795.790.9

113.6

193191156166355162214186209194201196171

105.093.0

111.695.790.9

113.6

192188155162358170206166207196200198179

105.093.2

111.395.890.9

113.8

194187164161357171205153211199201201190

105.093.6

110.895.891.0

114.2

196189165157368168195188215202200203207

105.393.9

111.195.891.0

114.6

200196167160364168206228215202198203211

105.794.0

112.39.1.891.0

114.8

201200169163365163205262214202203202199

105.794.2

112.195.891.0

114.9

199197169164360161211223215201209200183

105.594.3

111.296.191.0

115.1

198196171166359163211203215200211198175

105.494.5

110.896.191.0

115.2

203204172162362163221259215201215194176

105.894.8

111.696.091.0

115.3r Be vised. » Preliminary.§Beginning in the April 1945 Survey, indexes are computed with fixed budget weights; the wartime budget weights used in computing indexes shown in the June 1943 to March

1945 issues have been discontinued, as indexes computed with these variable weights differed only slightly from those with fixed budget weights.•New series. Data for inventories of nonferrous metals and their products were included in the "other durable goods" index as shown in the Survey prior to the May 1943 issue;

revised figures for the latter series and the index for nonferrous metals beginning December 1938 are available on request. For the estimated value of manufacturers' inventories for1938-42, see p. 7 of the June 1942 Survey and p. S-2 of the May 1943 issue. For earlier figures for the series on operating businesses and business turn-over and a description of thedata, see pp. 9-14 and 20 of May 1944 Survey, pp. 7-13 of July 1944 issue, and pp. 18 and 19 of May 1945 issue; these issues provide more detailed figures than those above.

t The indexes of prices received by farmers are shown on a revised basis beginning in the March 1944 Survey; revised data beginning 1913 will be published in a subsequent;issue. Data for June 15, 1945, are as follows: Total, 206; crops, 210; food grain, 173; feed grain and hay, 162; tobacco, 364; cotton, 169; fruit, 237; truck crops, 269; oil-bearing crops, 217;livestock and products, 203; meat animals, 216; dairy products, 191; poultry and eggs, 189. See note marked "$" in regard to revision of the index of inventories of "Other durablegoods" industries.



Unless otherwise stated, statistics through 1941and descriptive notes may he found in the1942 Supplement to the Survey

1945

May

1944


Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary


COMMODITY PRICES—Continued

COST OF LIVING—Continued

U. S. Department of Labor:Combined index 1935-39=100..

Clothing - doFood . doFuel electricity, and ice -doHousefurnishings _ - doRent doMiscellaneous . _.do

RETAIL PRICES

U. S. Department of Commerce:All commodities, index* 1935-39=100

U. S. Department of Labor indexes:Anthracite 1923-25=100Bituminous coal __ do .Food, combined index 1935-39=100.-

Cereals and bakery products* -doDairy products*. „ doFruits and vegetables* doMeats* do

Fairchild's index:Combined index Dec. 31,1930=100

Apparel:Infants' doMen's.- „ do. __Women's do

Home furnishings _ doPiece goods _ do

WHOLESALE PRICES

U. S. Department of Labor indexes:Combined index (889 series) 1926=100

Economic classes:Manufactured products doRaw materials .doSemimanufactured articles do

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

Commodities other than farm products _ doFoods do

Cereal products doDairy products. _ _. __ _. doFruits and vegetables doMeats __ ._ _ ._ do _

Commodities other than farm products and foods1926=100..

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

Chemicals and allied productsf. doChemicals doDrugs and pharmaceuticalsf doFertilizer materials do. .Oils and fats do

Fuel and lighting materials _ do _Electricity . doGas doPetroleum products do ._

Hides and leather products doHides and skins doLeather doShoes . do

Housefurnishing goods ___doFurnishings doFurniture . . d o

Metals and metal products doIron and steel „ „ doMetals, nonferrous doPlumbing and heating equipment do___.

Textile products . doClothing doCotton goods doHosiery and underwear doRayon__ _ doWoolen and worsted goods do >

Miscellaneous doAutomobile tires and tubes do. . .Paper and pulp do

Wholesale prices, actual. (See respective commodities.)

PURCHASING POWER OF THE DOLLARAs measured b y -

Wholesale prices 1935-39-100Cost of living... doRetail food prices _ doPrices received by farmersf » do

128.0144.4138.8110.0144.90)123.8

140.9

98.7106.6138. 8109.0133. 5182.5131.7

113.4

108.2105.4113.5115.6112.0

p 106. 0

117.795.0

129.9129.1135.5

P 100. 6107.095.4

110.6131.4108.6

117^3110.799.4

154.4106.494.995.8

106.881.9

102.083.7

64.2117.9117.0101.3126.3104. 5107.5101.5

P 104.398.485.992.499.6

107.4119.771.530.2

112.794.873.0

109.0

75.978.171.953.2

125.1137.4135.6109.8135.0108.1121.3

137.0

99.3104.3135.5108.1133.5172.8130.3

113.4

108.2105.3113.7115.6112.2

104.0

100.9113.093.7

122.9129.7122.699.7

105.095.0

110.3126.8106.6

98.5115.7100.596.4

154.0104.795.596.3

112.081.4

102.083.259.078.464.0

117.0111.9101.3126.3104.3107.2101.4103.797.185.892.497.8

107.0113.970.530.3

112.593.573.0

107.2

77.480.073.754.8

125.4138.0135.7109.6138.4108.1121.7

137.5

98.6104.4135.7108.4133.5174.0129.8

113.4

108.2105.3113.7115.6112. 2

104.3

100.9114.293.8

125.0127.2123.099.6

106.594.7

110.3137.7106.1

98.5115.9100.696.4

154.0105.795.396.2

112.079.9

102.083.359.379.364.0

116. 4108.4101.3126.3104.3107.2101.4103.797.185.892.497.8

107.0113.970.630.3

112. 593.573.0

107.2

77.179.773.655.1

126.1138.3137.4109.7138.7108.2122.0

138.2

98.5104.5137.4108.6133.6176.9129.3

113.4

108.2105.3113.7115.6112.2

104.1

100.9113.693.9

124.1125.2123.499.6

105.894.3

110.3129.9105.9

98.5115.9100.796.4

154.2105.595.596.2

112.081.1

102.083.259.678.964.0

116.2106.8101.3126.3104. 3107.2101.4103.797.185.792.498.0

107.0114.070. 630.3

112.993.673.0

107.2

77.379.372.755.4

126.4139.4137.7109.8139.3108.2122.3

138.6

98.5104.6137.7108.5133.6175.7129.0

113.4

108.2105. 3113.7115.6112.2

103.9

100.9112.794.1

122.6122.5125.499.7

104.894.3

110.5122.8105.9

98.6116.0100.796.4

154.4105.595.596.2

112.081.2

102.083.259.076.063.9

116.0105.7101.3126.3104.4107.4101.4103.897.185.892.498.4

107.0115.970.630.3

112.993.673.0

107.2

77.479.1

I 72.555.1

126.5141.4137.0109.8140.7108.2122.4

138.9

98.5104.6137.0108.6133.6169.9129.0

113.4

108.2105.3113.7115.6112.2

104.0

100.9112.894.7

122.7121.7127.699.7

104.294.4

110.7115.9106.0

98.6116.0101.596.9

154.0105.594.996.0

106.981.2

102.083.060.376.863.8

116.0106.1101.3126.3104.4107 4101.4103.897.285.892.499.2

107.0118.770.830.3

112.993.673.0

107.2

77.479.172.955.4

126.5141.9136.4109.8141.4

122.8

138.8

98.6104.7136.4108.6133.6162.9129.4

113.4

108.2105.3113.6115.6112.2

104.1

101.0113.294.8

123.4125.1127.199.8

104.294.7

110.7112.7106.0

98.7116.3104.897.5

153.8106.095.096.0

106.981.8

102.082.959.676.063.8

116.2107.3101.3126.3104.4107.4101.4103: 797.185.892.499.4

107.4118.871.530.3

112.993.673.0

107.2

77 379.173.254.8

126.6142.1136.5109.9141.70)122.9

139.0

98.6104.7136.5108.6133.6160.7129.7

113.4

108.2105.3113.6115.6112.2

104.4

101.1113.894.8

124.4124.8127.099.9

105.194.7

110.7113.7106.1

98.8116.4105.097.7

153.8106.394.895.5

106.981.8

102.083.160.177.363.8

116.2107.1101.3126.3104.4107.4101.5103.797.185.892.499.4

107.4118.871.530.2

112.994 073.0

107.2

77.179.073.254.3

127.0142.8137.4109.4143.0

i 108.3123.1

139.6

98.7104.8137.4108.6133.5164.2129.9

113.4

108.2105.4113.5115.6112.2

104.7

101.1114.694.8

125.5127.5126.9100.0105. 594.7

110.7116.2106. 2

98.9116.4105.397.5

153.8106.394.895.6

106.981.8

102.083.159.974.663.8

117.4114.0101.3126.3104.4107.4101.5103.897.285.892,499.5

107.4119.271.530.2

112.994.273.0

107 3

76 878 772 753.2

127.1143.0137.3109.7143.60)123.3

139.7

98.7104.8137.3108.7133. 5168. 9130.2

113.4

108.2105.4113.5115.6112.2

104.9

101.3115.194.9

126 2129 3131.1100.1104 794 7

110.8114 4106 4

99.1116 8110 497 4

153 8106 394.995 8

106.981 9

102 083 360 075 764 3

117. 5114 8101 3126 3104.5107 5101 5104.097 785 992.499 6

107 4119 771.530 2

112 7^4 273.0

107 6

76 778 772 753.0

126.9143.3136.5110.0144.0(0123.4

139. 6

99.7105.0136.5108.7133.5168.9130.7

113.4

108.2105.4113. 5115.6112.2

105. 2

101. 5115.695,0

127.0129.8133.8100.2104 794.9

110.8118.1106.5

99.2117 0110.599 0

153.9106.494.995 8

106.981.9

102.083.361.176 964.3

117.6115 4101 3126.3104.5107 5101. 5104.298.085 992.499.7

107 4119.971.530 2

112 794 673.0

108 0

76 578 873 253.5

126.8143. 7135.9110.0144.5

*108. 3123.6

139.6

99.5105.1135.9108.7133.5169.5130.8

113.4

108.2105.4113.5115.6112.2

105.3

101.6115. 795.0

127.2129.8135.6100.4104. 695.1

110.8115.9107.7

99.2117 1110.7

99 4153 8106.394.995 8

106.881.9

102 083.459. 077 764. 3

117.8116 4101 3126 3104.5107 5101 5104.298 185 992.499 7

107 4119 971.530 2

112 794 673.0

108 0

76 478 973 553.7

127.1144.0136.6109.8144.70)123.7

139.9

98.8105.0136.6108.9133.5173. 3130.8

113.4

108.2105.4113.5115.6112.2

p 105.7

116.895. C

129.C130.5136.4

v 100.fi105. £95.4

110.7123.4108.2

117.1110. i99 A

153. c106.194. {95 I

106.?81. J

102. (83.t

77 (64.1

117.(

117 (101 i126.;104.,107 ,.101

P 104.988592.99

107119.

71.30

1129473.

109

7678

52.

p Preliminary. ' Revised.1 December 1944 index based pn rents in 20 large cities, March 1945 index on rents in 15 cities, assuming no change in cities not surveyed; rents not collected for other months.*New series. For a description of the Department of Commerce index of retail prices of all commodities, see p. 28 of the August 1943 Survey; minor revisions have been made in

the figures published prior to the Februaryl945 Survey; 1939-43 revisions are available on request. Data beginning 1923 for the indexes of retail prices of the food subgroups are avail-able on request; the combined index for food, which is the same as the index under cost of living above, includes other food groups not shown separately.

t Revised series. The indexes of wholesale prices of chemicals and allied products and drugs and Pharmaceuticals have been revised beginning October 1941 owing to a changein the method of computing the net tax applicable to the quoted price of undenatured ethyl alcohol and a reduction in the weight assigned to this commodity; revised figuresfor 1941-43 will be published later; the revision has not been incorporated in the all-commodities index, which woula be affected only fractionally, or in the indexes for manufacturedproducts, commodities other than farm products, and commodities other than farm products and foods. The index of purchasing power of the dollar based on prices received byfarmers has been shown on a revised basis beginning in the April 1944 Survey.Digitized for FRASER




1945

M a y

1944

May June July H& Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary

Febru-ary March | April

CONSTRUCTION AND REAL ESTATE

CONSTRUCTION ACTIVITY*

New construction, total mil. of doL.Private, total do_.. .

Residential (nonfarm) __ doNonresidential building, except farm and public

utility, total mil .ofdol-Industrial do

Farm construction . doPublic utility do

Public construction, total doResidential d o . . . .Military and naval _._doNonresidential building, total do

Industrial doHighway . do . . . -All other d o . . . .

CONTRACT AWARDS, PERMITS, ANDDWELLING UNITS PROVIDED

Value of contracts awarded (F. R. indexes):Total, unadjusted .___..___-1923-25=100._

Residential, unadjusted . doTotal, adjusted _.do

Residential, adjusted doContract awards, 37 States (F. W. Dodge Corp.):

Total projects number-Total valuation thous. of dol..

Public ownership . . . doPrivate ownership do- . - .

Nonresidential buildings:Projects . number..Floor area... thous. of sq. ft._Valuation . thous. of dol..

Residential buildings:Projects number. _Floor area _. thous. of sq. ft._Valuation _ thous. of dol._

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

Utilities:Projects number..Valuation thous. of dol..

Indexes of building construction (based on bldg. permits,U. 8. Dept. of Labor):f

Number of new dwelling units provided.l935-39=100._Permit valuation:

Total building construction.. , d o . . . .New residential buildings . . . . . .doNew nonresidential buildings doAdditions, alterations, and repairs do

Estimated number of new dwelling units in nonfarmareas (U. S. Dept. of Labor):

Total nonfarm (quarterly)* number..Urban, totali . do

1-family dwellings . .do2-family dwellings doMultifaiaiiy dwellings d o . . . .

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

HIGHWAY CONSTRUCTION

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

Airports _ . doRoads doStreets and alleys do

CONSTRUCTION COST INDEXES

Aberthaw (industrial building) 1914=100..American Appraisal Co.:

Average, 30 cities 1913=100..Atlanta do .New York do.".ISan Francisco doSt. Louis do . . , "

Associated General Contractors (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. . . "

*>370

12,916242, 523147, 626

94, 897

3, 00413. 56987, 414

7, 43610, 23747, 206

2,03171,239

44536, 664

72.0

76.369.367.7

113.9

12, 49010,786

933771

164,955

2, 0661,030

690345

268274270243259

229.3

122.6155.8145.0146.8

33313045

28181443

2031967

40193316

10,115144,20297,95846,244

2,8888,02753,897

5,4997,251

34,476

1,35536,137

37319,692

64.3

62.251.4

90.1

10,9238,161956

1,806

138,857

2,6071,352672583

260267266236252

223.8

116.8150.8139.6135.3

34013846

30201547

202176267573224

41163415

8,309163,866121,92441,942

2,72610,26562, 520

3,9426,47730,622

1,26438, 929

37731, 7S5

67.5

66.355.164.197.5

48, 27811, 5589,1391,3931,026

157,811

5,7433,2891,611843

227

260267266236252

223.8

118.0151.4140.5135.7

34314145

31201847202166862503422

43143814

8,830190,539148,19142,348

3,43514,50884,199

3, 8544,96425,813

1,20347,143

33833,384

50.3

51.742.041.998.5

9, 8308,253860717

158, 561

3,9662,736808423

260267266237252

223.8

118.0151.4140.5135.7

35714242

202146

215136875633425

43134113

8,204169,341124, 91344,428

2,83112,12776, 637

3,8864,902

23, 273

1,16848,693

31920,738

47.5

48.939.741.388.5

8,7386,908655

1,175

211, 251

2,8121,0461,124642

261267266238252

223.8

118.4151.7140.8136.7

34414139

35201948

20395979643224

40133913

9,105175, 739127,00148, 738

3,14815, 67487,175

4,2174,444

24, 4/0

1,37140, 353

36923, 741

38.6

46.431.939.197.6

38, 6087,7736,493575705

117, 919

2, 712962

1,186564

227

262268268239254

224.2

119.0151.9142.0138.1

13635

3721164819285278653122

39134213

9, 266144, 845101,61243, 233

3,09911.48568,841

4,7646,298

23,805

97334,462

43017,737

43.7

57.032.561.4100.2

7,4695,873735861

127,195

1,204456238510

263268268239254

224.2

119.0151.9142.0138.1

31113032

23134618184981672519

40134613

8,848164,850102, 52262,328

3,27117,17393,604

4,4814,734

23, 288

72022,686

37625, 272

46.1

51.432.946.8104.7

8,4606,978612870

129, 740

2,6441,497713435

265270269241255

225.0

121.6153.4143.2140.0

28412630

4427104215874077651717

40125114

7,441188,481114,17574, 306

2,78819,19397, 933

3,3934,872

23, 902

83138, 784

42927, 862

46.4

39. 832.533.073.6

33,1748,0457,029

13, 257

2,342839

1,092411

231

266271270241256

225.7

121.8153.1143.2142.4

289127

5032

16274381701417

39114814

7,210140,94974, 96065,989

2,22711, 37481, 614

4,2683,70319,536

44523, 836

27015, 963

29.1

38.321.836.380.4

5,0464,095213738

88,193

1,070541342187

266271270241256

226.8

121.8153.1143.2142.4

'297'130

23

' 57398431677

4685761316

50125913

6,853146,95774,15372,804

2,11411,87395,681

4,2214,139

19, 300

30211,407

21620,569

35.6

44.930.347.470.9

6,1685,168368632

109, 516

8287082098

267273270241258

227.4

122.1154.8143.5143.2

'327'147'26

-63'431147

r 180' 7' 51'92'8115

'15

71167215

9,894328, 874221, 448107, 426

4,08825, 407211,317

4,6505,331

26, 943

82938, 431

32752,183

46.4

05.340.573.1100.6

29,0618,0396,422899718

182, 498

1,066464429173

232

267273270241259

227.8

122.6155.8143.5144.1

'350'166'34

'70'491448

'184'8'52'89'76'1817

'21'70' 18

11,188395, 798309,00486,794

3, 65220, 602241,107

5, 55510,75342, 745

1,45343, 901

52868, 045

' 67.9'59.6' 54.1

r 121.8

12,48910, 021

8641,604

140, 379

252118397

267273270242259

228.8

122.6155.8144.5144.1

v Preliminary. ' Revised.._ , - . , §Data for June, August, and November 1944 and March and May 1945 are for 5 weeks; other months, 4 weeks.JData published currently and in earlier issues of the Survey cover 4- and 5-week periods, except that December figures include awards through December 31 and January figures

begin January 1; beginning 1939 the weekly data are combined on the basis of weeks ended on Saturday within the months unless a week ends on the 1st and 2d of the month when itis included in figures for the preceding month (exceptions were made in the case of weeks ended Apr. 3,1944, and Feb. 3,1945, which were included in the preceding month).

IThe data for urban dwelling units have been revised for 1942-43; revisions are available on request.•New series. Data beginning January 1944 for the series on new construction are revised joint estimates by the U. S. Departments of Commerce and Labor and the War Produc-

tion Board; see note marked "•" on page S-5 of the January 1945 Survey for sources of earlier data. The series on residential (nonfarm) construction has been revised back to January1939 to exclude additions, alterations, and repairs, and the revision incorporated in the totals (for revised annual data for 1939-43, see p. 22 of February 1945 issue). Except for thisrevision, data for 1929-43 are correct as published in issues of the Survey referred to in the footnote on p. S-5 of the January 1945 issue; however, additional minor revisions in the 1942and 1943 data are expected. The quarterly estimates of total nonfarm dwelling units include data for urban dwelling units shown above by months and data for rural nonfarm dwell-ing units which are compiled only quarterly; for 1940 and 1941 data, see p. S-4 of the November 1942 Survey (revised figures for first half of 1942—1st quarter, 138,700; 2d quarter,166,600); annual estimates for 1920-39 are available on request.

fRevised series. Data have been revised for 1940-43; revisions beginning March 1943 are shown in the June 1944 Survey; earlier revisions are available on request.649442—45 5




1944

May June August Sep- |t ember I

Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary


CONSTRUCTION AND REAL ESTATE—Continued

CONSTRUCTION COST INDEXES—Continued |

E. TT. Boeckh and Associates, Inc.—-Con. jCommercial and factory buildings: j

Brick nnd concrete; \Atlanta .._._. U. S. average 1926-29«100_. jNew York ... —_ — . . — do... 'S'3rs Francisco „ . „__._„ doSt. Lonis . . „ _ —do—

Brick and steel:Atlanta — — —. do....New York.._ __ do___. jSan Francisco „ do , <St. Louis.— — . -„ —..—- do—-j

Residence?:Brick:

Atlanta . . . . , —..do.___•New York.. _.. — — d oSan Francisco . . .doS«. Louis.. -. . — . . do. — .

Frame:Atlanta-. - doNew \ork ..._ ....... do . . . .San Francisco*. . do..._St. Louis . „ do

Engineering1 News Record (all types) 1913=100.-Federal Home Loan Bank Administration:

Standard 6-room frame bouse:Combined index.... — 1935-39=100..

Materials . —_do—_Labor....— ...„_._ _ -do

122. 2 | 118.8is? -r. 154.4

149.2

REAL ESTATE

Fed. Hous. Adron., home mortgage insurance:Gross mortgages accepted for insurance-thous. of dol__Preininra-paying mortgages (cumulative).mil. of dol__

Estimated total nonfarm mortgages recorded ($20,000and under)*... thous. of dol».

Estimated new mortgage loans by all savings and loanassociations, total . thous. of dol.

Classified according tn purpose-Mortgage loans on homes:

Construction. ._..._._--.._doHome purchase ____-_-__ ._do_Refinancing do.Repairs and reconditioning do

Loans for all other purposes , do jLoans outstanding of agencfes under the Federal Home j

Loan Bank Administration: jFederal Savings and Loan Assns., estimated snort- |

gages outstanding! ____mil. of doL.jFed. Home Loan Banks, outstanding advances to j

member institutions -.mil. of do!.. IHome Owners' Loan Corporation, balance of loans

outstanding „ . „..___.mil. of dol. jForeclosures, nonfarm :f I

Index, adjusted ——.1935-39=100..Fire losses thous. of dol—i

123. 0154.9147.9145.1

1 ',:•If'-.

i. -i: ! . 3r^1. o

135,0132.3140. 5

41.SS9

6, 262

487, 435

163,079

13,032120,24415, 8873.S9G10, 520

51

985

34,153

136. 7

118.2151.0142.4136.8 |

122, 5152. 6137, 5187. 7

123.8153.1134.7137.7298.7

132.7130.3137.3

57,9265,601

405,095

132,523

7,33898,872U, 4152,9678,931

72

1,240

10.9 I32,815

118.4 I154.8 |143.8 ;136.9 j

119.1 I151.6 |143.4 j137.1

124,1154. 2140. 0138. 6

125, 4155.1137.8138.9299.9

133.0130.8137. 5

65, 3335,653

421,631

140,. 709

103,27614, 9632,9579,850

118.4154.8143.8136. 9

119.1151.6143.4137.1

124.1154.2140. 0138.6

125. 4155.1137. 8138.9300. 4

133.1131.0137.3

118.6 !lf.5.0 j144.0 i137.9 I

119.6152.0143.8137.8

126,2155.7141. 4140. 9

128. i.57.3139.6141.8300.5

133.3131.3137.3

41,429 42,4575,713 I 5,782

139. 3155.2145.0138.1

119.8152. 4145.1139.4

128. 5156. 5143. 4141.8

128. 3157 9141. 2142.330 J.I

133.7131.2188. 5

119.3 I155.2 •145.0 j138.1 I

119.8 j152,4146.1 !139,4

126. 5156. 5143.4141.8

128. 3157.9141.2142,3SOL 1

133. 9131. 3139.1

33,865 i 37,9825,845 | 5,910

411,136

125, G36

7, C7893. 23213, S712,8418,014

430,776 j 416,185 | 422,839

j 134,465 135,228138,674

7,589105,05014,1523,0678,81.6

I1,973 !

128

1,220

11,430, 555

136

1,189

101- 88414,4953, lf>08,993

J, 025

114

1,177

10.3 i 9.832,706 \ 30,618

95

1,155

11.231,448

6,095101,46115, 2532,6999,720

121. 4156.3145.0139. 6

122.1153.6147.1141.1

129, 9158. 6145. 3144. 7

131.6360.3143. 4145.0302.0

134. 4131. 5139.9

29, 66 i5,970

293,639

118,374

4, 63590,18213, 2652, 5077,785

121.5155.9 |145. 7144.9

122.1153. 3147. 2143. 2

129.4 !157.9 j145.3 i146.7 !

121.5 ! 121. 7155.9 1 156.714^.7 ! 14S. 9144.9 j M45.9

131.159.143,146.302.

134131140

25425

450

122.1153. 3147. 2143.2

129. 4157.9145. 3146. 7

131. 2159.2143.4146. 2303.7

134. 5131.7140.1

' 147.1r 143. 8

180.9158,7 I145.5145. c148. 6

133.2160.3143.6148. 6304, 5

' 134.7131 S140.1

81

1,133

10. 232,173

100

1, 111

11.433,847

6, 025 6, 082

I26,960 I 29, 998 j 35, 001

6,128338,697

100,009

360, 227 354, 578

111,138 102,301

5, 24481, 50813, 5552,1278, 704

2,058

131

1,091

10.948, 694

3,77276,49512,1671,8687,999

106

1,069

3, 08178,14012. 524i; 994

10, 270

157. o j145.9 ]14-;. g ;

123. 0 I154.0 !147.4 i144. £

131.6150.514o. o150.1

133.6161.1143. 6149.3306. 4

134,8r 132. ir 140- 3

24,1036,174

433, 337

141, 431

7, 406105, 30715,0222, 55910, 287

122.2157. 5146.7146. 8

123.0151. 9148.2144. 8

131.6150.5146. 3150.1

133. 6161.1144. 4149.3307. 4

r 135.0132.1

r 140.6

51,0706, 216

455, 790

153, 754

9.541113.68410, 8002,951

10, 778

1,049

i9.3 11.444,865 41,457

52

1,007

61

1,0271

10.8 I40,876 37,950

DOMESTIC TRADE

. ADVERTISING

Advertising indexes, adjusted :fPrinters' Ink, combined index.. 19S5-3Q«100__

Farm papers.._ - . -- - do,Magazines . doNewspapers. _ _ . — — _do____Outdoor _. _-__„. doRadio . . . _do._._

Tide, combined index* ....1935-39•=100..Radio advertising:

Cost of facilities, total thous. of doL.Automobiles and accessories—.. „„ doClothing.. .doElectrical household equipment ..... -.doFinancial.... • . . .doFoods, food beverages, confections— doGasoline and oil. doHousefurnishings, e tc . . . . .doSoap, cleansers, etc . doSmoking materials „__„__.doToilet goods, medical supplies..— doAll ether__-„ do

Magazine advertising:Cost, total _ do

Automobiles and accessories do. . . -Clothing.... „-.—_.. doElectric household equipment do

127.9145.1158. 7100. 0140.0290.1

16,407803227204233

4,455581173

1,1591,4895,0122,072

24,7851,6952,095

779

124.7137.3141.8100. 4113.22S5.3142.6

16,13881915988153

4,662640115

1,0171, 6574, 5732, 265

24,2801,8441,724713

131.7153.4160.8105.1107. 5299, 9149.4

15,12879611589162

4,409588122944

1,5554,2122,136

21,1,1,

703773192609

137.1166. 3183.4105.9112.8326.8161.2

15,340893119111180

4,158612164635

1,5804,2932,296

20,0271.831609531

143.5169.2184.7112.3114.0339.5176.4

15,54378413689167

4,194628158

1,1331,6234,5632,067

19,9211,6941,382627

135.6165.81C0. 31C5.1154. 5329.2166, 2

15,712716!:"!97189

4,272589161

1,0911,5514,4J92,476

25,1271,8592,445694

128.9162.1158.2103.1123.7275.8149. 4

17,470821150106192

4,671643155

1,1511, 5174,7463,317

27, 2472,0382,351871

133.6159.4152.1107. 9155.5280.6150.3

16,62677916191169

4, 575604155

1,1091,5114,5372,936

24,9521,9061,932832

127.0154.2168.498.0167.2270.0145.3

16,94777215G114213

4,679715178

1,0831,5694,9522, 516

23,1741,5731, 530801

136. 3148. 0171.9107.6200.0267.8161.5

756 I16,756769147172175

4, 699567142

1,1261. 5185, 2402, 201

18, 6411, 559894509

132.1140.4161.1102.9193.3288. 4151. 5

15, 223709141221182

4,264584155

1, 0181, 3684. 5502, 023

22, 9521,957

r 1,692628

128.1142. 9146.1103. 3167. 7262.8143.1

16,G48760169234203

4,682663181

1,1551.5024,9642,136

r 25, 7972,1102, 553778

122 2m 6143.796.7153. 0268. 3

15,015799193206232

4, 036593130

1,0331,2744, 5361, 982

r 26, 2742,055

r 2, 241855

r Revised. {Minor revisions in the data for 1939-41; revisions not shown in the August 1942 Survey are available on request; data are now collected quarterly.*New series. The series on nonfarm mortgages recorded is compiled by the Federal Home Loan Bank Administration; regarding the basis of the estimates and data for January

1939 to September 1942, see note marked " • " on p. S-5 of the November 1942 Survey. The new index of advertising is compiled by J. K. Lasser & Co. for "Tide" magazine; the indexincludes magazine and newspaper advertising, radio (network only prior to July 1941 and network and national spot advertising beginning with that month), farm papers, and outdooradvertising, for which separate indexes are computed by the compiling agency; the newspaper index is based on linage and other component series on advertising costs; data beginning1936 are available on request.

t Revised series. The index of nonfarm foreclosures has been revised for 1940 and 1941; revisions are shown on p. 8-6 of the May 1943 Survey. Indexes of advertising from Printers'Ink have been published on a revised basis beginning in the April 1944 Survey; revised data beginning 1914 will be published later.



Unless otherwise stated, statistics through 1941and descriptive motes may be fourad in the1942 Supplement to the Survey

1945

May

1944 1945

M a y June I A u 8 u s t | temberOcto-

berj Novem-

berDecem-

berJanu-ary

Febru- ! March April

DOMESTIC TRADE—Continued

AD V ERTI SIiNG—Continued

Magazine advertising—Continued.t;ost—Continued.

Financial..- — - —._thous. of doL.Foods, food beverages, confections doGasoline and oil .__doIlouscfurnishings, etc.— — .doSoap, cleansers, etc...... doOffice furnishings and supplies. ___._._._doSmoking materials. doToilet goods, medical supplies doAllother ..._ — do

Linage, total..— -»thous. of lines...Newspaper advertising:

Linage, total (52 cities).. ..._ .-..doClassified __.^.-_ _ _ do _Display, total . . do. — .

Automotive— - . do--._.Financial . .,_..._.. . do_..-._!General ._ ... „_. do ..Retail . „_ — d o — .

GOODS IN WAREHOUSES

Space occupied in public-merchandise warehouses!percent of total..

POSTAL BUSINESS

Air mail, pound-mile performance. - - millions..Money orders:

Domestic, issued (50 cities):Number.. __ „ thousands...Value..-. ->__thous. of doL.

Domestic, paid (50 cities):Number __„ thousands..Value . —- —..thous. of doL.

4703,279

5301, 520' G77

488807

4, 0948, 0903,753

117,'27,80,2,1,20,64,

_

318594724523830388978

5,990161, 378

13,392224, 562

COIN SUMER EXPE1NDITURES

Estimated expenditures for goods and services:1Total

Imil . of doL.

4763,619

5931,154

69?440959

4,0867,6733,456

117,77027, 85489. 922

3,52?1,327

22,16462,904

86.6

4173,153

4989857223138S0

3,8637,348% 993

112,63125,92986, 7023,2561, 497

21,00260,887

87.4

8,078 j 8,379

5,639111,672

13, 715171,884

Goods. . _ — .Services (includinggifts) — do I- --

Indexes; jUnadjusted, total —3935-39 = 100-.!----

Goods..-.- _. do——! --Services (including gifts) do j - - - -

Adjusted, total— - do.—J----Goods- __do i--_-Services (includinggifts).. " . d o " — !- —-

RETAIL TRADE

Ail retail stores:fEstimated sales, total mil. of do!

Durable goods stores do . . .Automotive, group . .do

Motor vehicles.- ___ doParts and accessories — Idol—.

Building materials and hardware. _ — _„ ._ .do . -Building materials doFarm implements ...doHardware. „ do

Homefurnishings group . .doFurniture and housefumishlngs—. do—Household appliance and radio do. . .

Jewelry stores ..__ __doNondurable goods stores.. . _ . do"I."

Apparel group , doMen's clothing and furnishmgg _ doWomen's apparel and accessories..— do-.I-Family and other apparel-__ doShoes . d o —

Drugstores — d oEating and drinking places-_, .„.. doFood group __ . . . - ——do

Grocery and combination.__ do.Other food „ —do...

Filling stations-. . . . . doGeneral merchandise group — -do.™"

Department, including mail order doGeneral, including general merchandise with"

food _ — —-mil. of doL.Other general merchandise and dry goods

mil. of dol..Variety _„._ do

Other retail stores doFeed and farm supply. „_ do—.-Fuel and ice ._— _ . . d o —Liquors-...-,-- doOther „ . . _ . . .do

5,880869236162

73338204

3896

215174

SO5,011

564122276

7890

240836

1, 5671,182

385238886556

117

97116680224102126229

5,8569142862147233319341992261844170

4,94156012825679

5,481112,130

13,3181.75,852

24, 04516,3277,718

163. 6174. 4144.6162. 5172. 7144.5

74.70 i

233774

1. 5791,397382231884543

120

102119681226118109227

5,71089227319578

3402054294

2091884270

4,8175081302167290

230769

1,6121,229

382235819494

116

114644196117112219

365,,0^8

493 '3 \l\

37!3

4s:55825 \

"M6 v3

in0!3,

5 r !

ro1hu5M') K,'A I

1,

j<

3!

14-r -,r>2 ,

9ul11J

497 !3,8'5 .

1 ;!*'I

72, l V i ! K».«2,923 _.,

50, C7t> ' ^,

I

a. i3,0504, 744h,f734, 08^

12,', 177

411

i o:o iti l l I456 I

1,00!

8 Ml) '3, TT2

3793. 293

97Q

1,051487

L4J

, 7V , Id J ()26 j

19 ^ "C3 . ;

87.5

8,672

5, 297110, 964

11,915161, 568

87.9 I 86. 4 88,4

9, G07 j 9, 245 9, 792

5, 532126, 553

12, 964179, 272

5,51384825817880

3402173786

1891494061

4,665421931886179

235778

1,6611,267

394232735416

118

111604181101116206

5, 383 5,783120.021 i 129,732

13.195 j 13, 639185,190 I 194, 334

24, 499

3.977 18,395 !3,212 I

121,75124,058 I97,693 j1.949 '1, 534

20,63173, 578

87.3

4222,864

183599444326771

2,9337,13:53, 572

97, 92724.09073,8371,8082,004

17,12452, 841

86.3

4353, 452

345656676394688

4,278r 7, 7513,916

95,804

4843, 6S0388

3,144688440769

4, 210r 8.5534U9

116, 62822.735 I 26; 48073.070 90,1471.607i; 366

17,41152, 687

86.9

5,879129, 781

14,281200.810

5, 71783824717077

3141923388

2081654370

4,8784871022407075

237818

1,6411,248

393227833508

116

94115635176116123220

16,7417, 758

166. 7178. 8145.4168. 2180.6146. 5

5, 98183022915673

3121923188

2141714375

5,1506051352918594

241812

1> 6871,284

403224940593

121

1G5122642181107125229

6,13589824416777

3362113392

2361884882

5,2376371543029190

246840

1,6041,209

394225

1,011651

120

110130675188116128243

8,21487622815177

3071872990

24019249

1015,338

68017330810099

239805

1,5821,193

389220

1,116744

121

117135695195117131253 i

6, 639144, 872

14,120197, 557

26, 64618. 8397,807

181.3201. 2146. 3170,4183.8146.8

7,4451.004

22314281

2861582610328222656

213

6, 441940267406146126328844

1,7991,356

443223

1.464929

143

168224836 |174 |144 ;179 I339 i

7,166153, 951

15,141208, 793

6,001128, 977

13, 566189, 330

2, 3541,837

20,04565,911

4563,498

6461, 539

755436686

r 4, 5718, 5344,039

114,08526', 77787, 3082,8691,778

21,08061,531

86.4

5,46274222910366

2681692574

1821443962

4,7205091102497179

228802

1,5391,162

378207773488

101

84100661170170122199

5,16668920714562

2441502568

1781413760

4,4774841002440773

216746

1,4681, 003

375190764487

96

80101611162140118191

7,051188, 365

16, 503264,121

p 24,380v 16,410v 7, 970

v 165. 9p 175. 0v 149. 4v 176. 5v 192. 8y 147 0

6, 3478402401657531618735942141724370

5, 507756159380102117243838

1, 6651,240425232

1,041683

118

110130732218138139236

6,022152,010

IB, 846220, 527

' 5, 460'•SOS222153703221913794

••202' 103

3962

r 4, 6525061082506978223787

1, 4641, 097366217

"•813»• 511

109

88105643209103120211

*> Preliminary. r Revised. § See note marked " § " on p. S-6 of the April 1943 Survey in regard to enlargement of the reporting sample in August 1942.*New series. The series on consumer expenditures, originally published on a monthly basis in the October 1942 Survey (pp. 8-14), are now compiled quarterly only (data are

quarterly totals) and have been adjusted to accord with the annual totals shown as a component of the gross national product series (see p. 5 of the February 1945 Survey for 1941-44dollar totals and p. 13, table 10, of the April 1944 issue for 1939-40 totals); the quarterly data are shown on the revised basis beginning in the February 1945 issue; quarterly data begin-ning 1939 are available on request.

tRevised series. The following unpublished revisions have been made in the data on sales of retail stores as shown in the Survey prior to the February 1945 issue: Dollar salesand indexes—all retail stores, total nondurable goods stores, total "other retail stores," and liquor stores, 1940-43; total durable goods stores, all series in the home-furnishings groupand feed and farm supply stores, 1941-43; filling stations, 1942-43; general merchandise group and department stores, 1943 (general merchandise group index revised also for 1941-42) ;indexes only—automotive group, 1942-43; apparel group, November and December 1942; jewelry stores, November and December 1942 and November 1943. Revised 1941-43 datafor drug stores are shown on p. 16 of the November 1944 Survey. The unpublished revisions listed and January-May 1943 revisions for other series, also unpublished, are availableon request. Revised figures for 1929, 1933, and 1935-42, except as indicated above, are available on pp. 7 and 11-14 of the November 1943 Survey.



Unlessand1942

otherwise stated, statisticsdescriptive notes may beSupplement to the Survey

throughfound in

1941t h e

1945

May May June

1944

July August Sep-tember


Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary


RETAIL TRADE—Continued

All retail stores—Continued.Indexes of sales:!

Unadjusted, combined index.„ 1935-39=100__Durable goods stores . doNondurable goods stores do

Adjusted, combined index doIndex eliminating price changes do „

Durable goods stores doAutomotive. _ do tBuilding materials and hardware do .Bomefurnishings __ _...__doJewelry . do

Nondurable goods stores . __do_._.Apparel doDrug do____Eating and drinking places . . .doFood.. _ __doFilling stations _, doGeneral merchandise doOther retail stores __.do

Estimated inventories, total* ___ mil. of dol__Durable goods stores* doNondurable goods stores1^ . do

Chain stores and mail-order houses:Sales, estimated, to ta ls _ _ do

Automotive parts and accessories* do____Building materials* . ___.doFurniture and housefurnishings* do____Apparel group* do

Men's wrear* ._.._ . doWomen's wear* doShoes* . _ do

Drug* , doEating and drinking* .__ ____doGrocery and combination* doGeneral merchandise group*.„ do____

Department, dry goods, and general merchan-dise* ..mil. of doL.

Mail-order (catalog sales)* ....doVariety*. __._do._._

Indexes of sales:Unadjusted, combined index* „ 1935-39=100._Adjusted, combined index*...... __„<_<)

Automotive parts and accessories* __doBuilding materials*. doFurniture and housefurnishings* „ do.Apparel group* 1 do.

Men'ss wear*... do . . .Women's wear* . __doShoes* . „ __do

Drug* doEating and drinking* _doGrocery and combination* ___doGeneral merchandise group* do

Department, dry goods, and general merchan-dise* 1935-39= 100_.

Mail-order* „ doVariety* _ do

Department stores:Accounts receivable:

Instalment accounts! 1941 average=100__Open accounts! .do

Ratio of collections to accounts receivable:Instalment accounts! percent..Open accounts! _. do

Sales, unadjusted, total U. S.f 1935-39=100..Atlantaf . .do.....Boston! doChicago! - . _ doCleveland! doDallasf do.IIIKansas City! .doMinneapolisf _ do.New York! do.IIIPhiladelphia! doRichmond! __ doSt. Louis! I___doIIIISan Francisco _ do

Sales, adjusted, total U. S.f _do_II_Atlanta! . __do____Boston! _ _ —IllldoIIII1

Chicago! _ ...doCleveland! doDallas! _ __ _._ doIIIZKansas City!.. __doMinneapolis! do.IIINew York! _ doPhiladelphia! . doIIIIRichmond! __ doSt. Louis! —I___doIIIISan Francisco _ _ do

3587

32G4183239157170177248

v 2051651481G2210209218187244159166179253

?203163156168211209233

I

179.4113.6200. 9175. 5129.6106.363.8

145.6148.5285.7198.0211.8192.82QG 2399.' 9103.3168. 4218.36. 3611,9104,451

1, 296244514

1782690485543S97340

18742103

172.4169.9127.4150.6120. ?,217.2190.9301. 4145.8182.7184. 2178.7lfiS.7

188. 6116.1165.5

'3782

3364178228162170179228194

' 162142161

'211197203181233164167181228192

'160r 149

16Sr212

197216

177.7111.6199.3175.0129.0106. 059.7

151. 2153.8275.1197.5201.0195. 3299.1203.2104.8163.5218.76, 3141,8694,445

1,26627491316525SO465442400320

1753999

169. 7168.1126 7166. 6133.0199.9169.0272.2144.1184.7189.2182.1161. 7

179.1114. 3159,1

34783163163199144160157203177151132143183170193176237151163166 124519*2151144159207189210

169. 5108.5189.4178.7130.8109.657.7163.5156.0310. 2201. 2.216.8192.9294.6203.3101.2173.4225.36,1661,8494,317

1,2142752121341670385542405297

16231; i

159. 9172.2140.5190.7132.4213.5162.6283.8170.7186.7188.6182. 6165.2

184.3126.3155,6

3267

3061142197110139140194168130100117151154185192263160187191266212165149170211208223

172.7101.1196.1178.5130.1102.554.3

144. 5151.4321.1203.3233. 2193. 5291.7204.798.1176. 6223.56, 5211,9064,615

1, 2392646131431680355543387332

17450

162. 2175.8127.3149.4114.1235.5187.1329.4165.1186.5187. 5183. 4178.5

194.0158.5164.0

3270

3464157218118151159220191154110123177178202187245154180182250204173151158214207221

185.3106.9210.8177.4129.3103.553.3138.7164.5347.3201.5212.9199.3304.8204. 5100.7172.6218.86, 6021,0094, 693

1, 3382648141802694455643404370

19760105

176.4 |172.7141.8146.3127.4223.6196.2326.4132. 8187.6 I182.7 |179.6 j173.1

182.7163.3161.8

3381

3564196257170185191265220184158173231212226183247156168180241200162149170218193217

189.7111.6215.1183.6133.9107.456.5143.2171.0345.4208.4218.7207.3320.2208.1105.4178. 6230.76.7791, 9144,865

1,3922754171863296425844399404

21568113

187.1178.0153. 4159.7134.0226.8200.4324. 0141.7190.1177.9186. 5177.3

192.2135.6175.7

65209273184197204272226179173190249221238194260165192190252215158152168227215

197.3113.1224.7191.5139.5107.653.7147.0175.6345.3218.9245.8209. 5336.1212.1108.5190.2246.06,6651,8694. 796

1,4043048181933298465742383429

22876116

192.8182. 6173. 6163.9139.7242.2200.0330.7177.0190.4180.9179.4188.1

210.6157.2169.6

40102

3967248315207231244314264218207231294268299208269177201203264244189162183231235253

227.1128.5259.3187.9136.4105.048.9

148.8176.3327.0214.9240. 5218.0328.1215.4112.3176.3234.25,8691,6274,242

1,726313921

26043

131647846

444560

29660

194

225.7177. 3156.1178.1141.0229. 7197.1300.1177.7195.4174.0183.6168.9

191.0123.3157.8

46128

3661

320418300295303421339269270305369333373194258174180190263208175158171220207233

168.792.2

193.6193.9140.6111.556.7

164.0168.4317.4220.8256. 5200.4353.3212.8114. 9186.0242.35,9061,6864,220

1,168204011

1452178355344

374290

1455187

156.9185.4131.0180.0135.2270.2181.1385.2204.8181. 5193.1180.3190.7

208.4174.1171. 2

4397

3261

156215132147145211178136124133174173197199268162193186261241181150173231211247

173.093.1199.0195.2141.9111.856.7165.9164.5332.3222.4270.8200.3352.2211.3115.8192. 0237.16,1631,7814,382

1,1201934111401976335040359284

1405087

161.3183. 7137.0179.2134.1271.4195.4382.6200.2180.3189.6177.0186. 8

204.0174.6165.2

4084

3061171235130162163239194144137149191187217211274166200204284

166189238236257

188.0104.1215.4 I195.6142.1116.063.3165. 4164. 6355.1221. 5258. 7206. 6339.9209.1117.5198. 6240. 66. 4061,9344, 472

1,442234315

24936136

45406392

20862113

181.1185. 6139. 5179.2141. 7270.7220. 7403. 9161.4189.4188. 8170. 8197.5

223.5173. 2170.5

3996

3666

212282187200214269232187176200250233232223274201213222283240205189204250235249

» Preliminary. r Bevised. § Minor revisions in the figures prior to November 1941 are available on request.* New series. Data for 1929, 1933, and 1935-42 for the new chain store series are available on pp. 15 to 17, tables 2, 3, and 4, of the February 1944 Survey except for subsequent

revisions as follows: The totals and furniture and housefurnishings (dollar figures and indexes) have been revised back to January 1940 and the indexes for all series in the generalmerchandise group, except mail-order, back to January 1942; indexes for the apparel group and women's wear for November and December 1942; the latter revisions and revisionsbeginning December 1943 for other series are in the February 1945 Survey; earlier revisions for the series listed and January-March 1943 revisions for other series, which have not beenpublished, are also available on request. Data beginning 1939 for the new estimates of retail inventories will be published later.

!Revised series. See note marked " ! " on p. S-7 regarding revision of the indexes of retail sales and the source of earlier data. The indexes of department store sales for the UnitedStates and the indicated districts have been revised for all years. The Boston index is a new series from the Board of Governors of the Federal Reserve System. Revised databeginning 1919 or 1923 for three series are published as follows: United States, December 1944 Survey, p. 17; Dallas, February 1944, p. 20; Richmond, June 1944, p. 22 (further revisionsin May 1943-March 1944 adjusted index for Richmond: 1943—May, 183; June, 201; July, 197; Sept. 196; Oct. 194; Nov. 199; Dec, 197; 1944—Jan., 202; Feb., 198; Mar., 213). Completedata for other districts will be published later; indexes for Atlanta have been shown on the revised basis beginning in the February 1944 Survey and for other districts beginning inttcJune 1944 issue (further revisions in 1943 data for New York: Unadjusted, July, 92; adjusted—Mar., 132; Apr., 129; June, 133; July, 137; Nov., 143; Dec, 133: March 1944 adjustedindex revised, 153Digitized for FRASER



Unless otherwise stated, statistics tlirough 1941and descriptive notes may be found in the1942 Supplement to the Survey

1945

May

1944

May June July August temLrjO<*°ber Novem-ber

Decem-ber

1945

Janu-ary



RETAIL TRADE—Continued

Department stores—Continued.Sales by type of credit:*

Cash sales. _ percent of total sales-Charge account sales doInstalment sales do

Stocks, total U. S., end of month:fUnadjusted 1936-39-100..Adjusted _ do

Other stores, ratio of collections to accounts receivable,instalment accounts:*

Furniture stores _ percent.-Household appliance stores..-.__.._ doJewelry stores— _ 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.f unadjusted 1929-31=100..

East -.___ doSouth _ doMiddle West , do . . . .Far West ___ _. do . . . .

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

WHOLESALE TRADE

Service and limited function wholesalers:*Estimated sales, totaL__ mil. of doL.

Durable goods establishments. .doNondurable goods establishments.. do

All wholesalers, estimated inventories* do.

C334

3

»169P165

234034

129, 54052,08077,460

164.9155.4220. 5141. 5198.1179.7168. 9260. 0149.4214.8

3, 559896

2, 6633,886

6234

4

151147

252630

131,97150,16081,810

161.4151.8205.4143.0181.1175.8165.0242.2151.0201.4

3,465868

2,5974,146

6334

3

150157

242830

123,96947,10576,864

155.4141 5198,4138.2194.4170.6154.1246.8146.4204.0

3,486882

2,6044,088

65314

148165

232931

111,68743,88867, 799

133.9109.7171.2120.4173.6183.5154,1252.2163.1211.7

3,282813

2,4694,043

6432

4

163170

243231

131, 23452,20879,026

180.3169. 9224.4162.5210.0220.4213.1311.2197.0228.1

3,490893

2, 5973,987

6333

4

167161

243332

153, 34963,68689,662

222. 7210.3324.5186.2250.8210.7213.9294.0181.6214.4

3,430854

2,5763,995

6333

4

172154

263634

172, 49970, 475

102, 024

246.1246.6345.0212.4258.3189.5191.6232.8167.2215.1

3,610878

2,7323,999

62344

166144

243734

184,43474,749

109, 684

285.0286.1294.9245.0324.3219.0221.9287.6186.9267.4

3,551861

2, 6903,987

6432

4

127136

233949

196, 29176,468

119,823

245.5213.7327.1217.8296.7153.5128.3217.8139.6181.8

3,505802

2,7034,002

6333

4

133148

213531

120,12745,63374, 494

183.2174 4258*. 9158.1203.4240.8229.5327.3206. 7276.8

3,548807

2,7413,978

6333

4

141148

2132

' 2 9

114,46344, 56269, 901

199.6200. 6304.1168.1199.1246.7245.2333.5211.4269.1

3,213796

2,4173,927

6334

3

150147

243633

158, 57465, 57293,002

233.3234. 8320.9205.0236.2265.7261.5355.4231.4287.0

' 3, 636••909

2,7273,923

6235

3

162156

2236

••31

126, 54750,90575,642

184.2182.4245.5158.4200.7200.4191.3278.7169.6224.7

' 3,382871

' 2, 5113,946

EMPLOYMENT CONDITIONS AND WAGES

EMPLOYMENT

Estimated civilian labor force (Bureau of the Census):*Labor force, total _thous~

Male -doFemale.. .___ do

Employment . . . doMale... . .do. . . .Female do___Agricultural doNonagricultural do

Unemployment..- _ doEmployees in nonagricultural establishments:!

Unadjusted (U. S. Department of Labor):Total ...thous..

Manufacturing ,__ doMining _ doConstruction „ do. . . .Transportation and public utilities doTrade.. .do. . . .Financial, service, and miscellaneous—..... doGovernment ...do

Adjusted (Federal Reserve):Total .do

* Manufacturing _ .doMining doConstruction _.doTransportation and public utilities doTrade do

Estimated wage earners in manufacturing industries,total (U. S. Department of Labor) * thous.-

Durable goods doIron and steel and their products -do

Blast furnaces, steel works, and rolling millsthous,.

Electrical machinery „ doMachinery, except electrical __do

Machinery and machine-shop products do {Machine tools . do I

Automobiles do____|Transportation equipment, exc, automobiles..do j

Aircraft and parts (except engines) § do !Aircraft engines!-. do •Shipbuilding and boatbuilding^ __ do !

Nonferrous metais and products . . . .do . . . . !

52, 03033, 79018, 24051,3C033, 30017,9407,950

43, 350730

37, 65414, 853

726747

5, 8057,0104, 5106, C03

37, 72314,928

730732

3, 8057,045

12, 4427,2871, 6C8

0711,104

6431,772

400

52,84034,91017,93061,96034,49017, 4708,600

43, 360880

38,67216,122

839686

3,7686,9624,3636,932

38, 74916, 203

843673

3, 7686,997

13,6528,3151,669

482747

1,21147079

7102,401

742255

1,179426

54, 22035, 54018, 68053, 22035,04018,1809r 560

43,6601,000

38, 84616,093

844691

3,8036,9774,6425,896

38, 76616,093

848677

3,7657,012

13, 6108,2461,672

482745

1,210468

79703

2,334710251

1,152423

55, 00035,89019,11054,00035,41018, 5909,670

44,3301,000

38,73116,013

833686

3,8096,9424,6185,830

B8,70016,013

833653

3,7537,084

13, 5448,1441,669

481736

1,194462

77691

2,275692248

1,117416

54, 01035, 57018, 44053,17035,14018,0308,570

44,600840

88, 74416,023

834700

3,8186,9184,5826,869

38, 65415,943

830648

3, 7627,059

13, 5628,1051,675

482732

1,183461

76697

2,236688241

1,092415

53,03034,59018,44052,25034,19018,0608,670

43, 580780

38,57115,843

826671

3, 7916, 9944,4885,958

38, 40015,764

822627

3,7357,065

13,4067,9681,659

477726

1,169454

76691

2,179660234

1,074405

52, 87034, 41018, 46052, 24034,10018,1408,750

43, 490630

38, 36015, 692

816652

3,7677,1484,3405,945

38,15915, 614

812609

3,7487,077

13, 2507,8541,646

474716

1,158450

75673

2,139648226

1,054398

52,21034,06018,15051,53033, 71017,8208,140

43, 390680

38, 34715, 607

812629

3,7717,2994,3155,914

38,04415, 529

808611

3,7717,052

13,1617,7891,637

474707

1,149446

74669

2,108633219

1,046395

51, 25033, 72017, 53050, 57033, 32017, 2507,090

43, 480680

38,88915,632

806594

3,7707,6114,3046,172

38,16415, 554

802619

3,7897,015

13,1917,8041,651

475702

1,159450

74677

2,096636215

1,037397

50,96033,65017,31050,12033,16016,9606,690

43,430840

37,95215,555

801582

3,7407,0304.3505,894

38, 42615,633

805633

3,7977,210

13,1177,7971,657

475698

1,163452

74682

2,082640213

1,021398

51,43033, 66017, 77050, 55033,17017, 3806,790

43, 760880

' 37,96815, 517

798'599

3,7716,9854,3605,938

' 38, 46915, 595

802••658

3,8487,164

13, 0817,7701,666

478696

1,165454

75680

2,042646214973403

51,66033, 72017,94050, 83033,23017,6007,290

43, 540830

' 38,062' 15,368

796'636

3, 788' 7,084' 4,394' 5,996

' 38,456' 15, 445

796'691

3,846' 7, 214

12,9407,6611,658

479693

1,152450

75' 6 6 8

1,970638211917407

51, 93033, 84018,09051,16033,41017, 7507,750

43,410770

• 37, 804' 15,102

' 7 6 1' 690

' 3, 795' 6, 995' 4, 458

6,003

' 37, 975' 15,178

' 765'726

' 3, 814' 7, 009

' 12, 6787,471

' 1, 638

476'682

1,130441

74' 659

1,874619204853404

•• Revised. v Preliminary. § For 1941-43 data for shipbuilding, see p. 19 of December 1944 Survey; revisions prior to March 1944 for aircraft will be shown later.•New series. The new series on department store sales by type of credit have been substituted for the series relating to instalment sales of New England stores shown in the Survey

through the July 1944 issue; data beginning January 1941 will be published later. Collection ratios for furniture, jewelry, and household appliance stores represent ratio of collectionsto accounts receivable at beginning of month; data beginning February 1941 are on p. 8-8 of the April 1942 Survey; data back to January 1940 are available on request; the amountof instalment accounts outstanding are shown on p. S-16 under consumer credit. Data beginning 1939 for estimates of wholesale sales will be published later; for estimates of whole-salers' inventories for 1938-42, see p. 7 of the June 1942 Survey and p. S-2 of the May 1943 issue. Estimates of civilian labor force, employment, and unemployment are shown on arevised basis beginning in the May 1944 Survey; revisions for 1940-1943 are shown on p. 23 of the February 1945 issue. See note marked "*" on p. S-10 regarding the new series on wageearners in manufacturing industries.

tRevised series. The index of department store stocks published on a 1923-25 base through the May 1944 Survey has been recomputed on a 1935-39 base. The estimates ofemployees in nonagricultural establishments have been revised beginning 1939, by months, to adjust figures to levels indicated by data through 1942 from the Bureau of EmploymentSecurity, Federal Security Agency, and to other data collected by government, agencies; annual data for 1929-38 have been revised to a comparable basis; monthly averages for 1929-38and monthly figures for 1939-43 for the unadjusted series are available on p. 24 of this issue of the Survey. The estimates for manufacturing employees are not comparable since De-cember 1942 with the series on wage earners in manufacturing shown above, since the latter have been further adjusted to preliminary 1943 data from the Federal Security Agency.




1945

May

1944

May June July

EMPLOYMENT CONDITIONS

August

AND

Sep-tember

Octo-ber

Novem-ber

Decem-ber

WAGES—Continued

1945

Janu-ary


EMP LOYMENT—Continued

Estimated wage earners in mfg. industries—Continued. *Durable goods—Continued.

Lumber and timber basic products thous.-Sawmills do

Furniture and finished lumber products doFurniture - do

Stone, clay, and glass products doNondurable goods .do

Textile-mill products and other fiber manufacturesthous.-

Cotton manufactures, except small wares.-.doSilk and rayon goods .- doWoolen and worsted manufactures (except dyeing

and finishing) thous—Apparel and other finished textile products.--do

Men's clothing doWomen's clothing _do

Leather and leather products ...doBoots and shoes -do

Food and kindred products -doBaking __.doCanning and preserving doSlaughtering and meat packing. do

Tobacco manufactures. - ---.doPaper and allied products do

Paper and pulp . . - doPrinting, publishing, and allied industries do

Newspapers and periodicals doPrinting, book and job do

Chemicals and allied products doChemicals do

Products of petroleum and coal doPetroleum refining -do

Rubber products doRubber tires and inner tubes do

Wage earners, all manufacturing, unadjusted (U. S.Department of Labor)t-- 1939=100-

Durable goods --doIron and steel and their products do

Blast furnaces, steel works, and rolling mills1939=100-

Electrical machinery doMachinery, except electrical _ do

Machinery and machine-shop products doMachine tools%-- .do

Automobiles doTransportation equipment, exc. automobiles.do

Aircraft and parts (excluding engines) §___doAircraft engines § doShipbuilding and boatbuilding § do

Nonferrous metals and products doLumber and timber basic products-- do

Sawmills doFurniture and finished lumber products do

Furniture doStone, clay, and glass products do

Nondurable goods -doTextile-mill products and other fiber manufactures

1939=100-Cotton manufactures, except small wares —doSilk and rayon goods doWoolen and worsted manufactures (except dyeing

and finishing) 1939=100-Apparel and other finished textile products...do

Men's clothing _ doWomen's clothing do

Leather and leather products.. doBoots and shoes do

Food and kindred products doBaking doCanning and preserving doSlaughtering and meat packing —do

Tobacco manufactures -doPaper and allied products do

Paper and pulp doPrinting, publishing, and allied industries do

Newspapers and periodicals§ doPrinting, book and job§ do

Chemicals and allied products. - doChemicals do

Products of petroleum and coal _—doPetroleum refining do_

Rubber products do.Rubber tires and inner tubes do.

Wage earners, all mfg., adjusted (Fed. Res.)f doDurable goods ^ do.Nondurable goods _—do.

440

"329

3205,1551,035

801

303

"967

80299

326

627

~133

"189

151.9201.8162.2

258.9208.9

159.91,116.4

174.6104.6

100.2

109.2112.5

90.5

101.5

87.3

"11372

85.2112.6

99.4

217.4

"12676

156.4

152.8201.8114. 3

474233342156335

5,337

1,11043890

152862213213312174

1,005254100155823111453291101315921201308719590

166.7230.3168.3

124.0288.4229.2232.1216.0176.5

1,512.71,869. 92,872.31, 703. 2

185.7112.980.7

104.397.9

114.2116.5

97.1110.674.8

102.0109.297.378.689.979.7

117.6110.174.3

128.388.3

117.1105.4100.292.7

103.6205.4172. 5122.7120.0161. 2166.5167.7230. 3118.3

476235345158338

5,364

1,10443690

151867214217313175

1,0382571111588331114633011013258412013289193

166.1228.4168.7

124.0287.7229.0231.3214.4174.6

1,470.71, 789. 32,822.11.664. 2

184.5113.381.7

105.399.0

115.0117.1

96.6110.074.7

101.4109.897.879.790.380.2

121.5111.682.2

130.989.4

117.0106.2100.793.1

104.6202.7171.8124.2121.8159. 2164.8166.7228.2118.3

238346157337

5,400

1,088434

146838208205312174

1,120258177159833111463331101355841191349119290

165.3225.5168.3

123.8284.0225.9228.4210.2171.8

1,433.41, 744. 72,787.91,612.7

181.4114.282.5

105.398.3

114.7117.9

95.1109.673.9

97.8106.195.275.590.079.8

131.1112.0131.8131.788.6

117.2106.4101.592.5

106.9202.5170.9126.6124.3158.8165.6165.2225.3117.9

240348157335

5,457

1,083431

145858211215312174

1,163259220156823101473311101335891181359119391

165.6224.5168.9

124.1282.4223.9227.7207.4173.2

1,408.81,733.12,708. 51, 577.1

180.9115.183.4

106.093.8

114.2119.1

94.7108.974.1

97.0108.796.379.089.979.7

136.1112.0163.4129.788.2

116.8106.8101.092.9

105.5204.5170.0127.2125.5159.5168.5164.1224.1116.8

471234339153329

5,438

1,076428

146856208216309172

1,170256244151823041453251091305931171339119292

163.6220.7167.3

122.7280.4221.2224.3206.5171.8

1,373.21,663.42,626.41,551.4

176.8112.181.1

103.496.3

112.2118.7

94.1108.073.7

97.7108.495.279.688.978.9

137.0110.8181.8125.088.0

114.7105.799.292.1

103.2205.6168.1126.1124.6159.0170.6162.6220.4117.0

462227337153325

5,396

1,072424

146861208219308171

1,113262180148833061443311101336011161329019292

161.7217. 5166.0

121.9276.3219.2222.3204.0167.4

1,347.81,632. 52, 545.81, 522. 5173.6109.878.9102.895.8110.9117.8

93.7107.173.6

97.8109.095.380.588.878.5130.3113.3133.9122.789.2115.1104.7100.892.9105.5208.7166.6125.0123.6158.5170.6161.0217.3116.6

459226338153327

5,372

1,08142989

147854206218310172

1,074265134149843081453331111356071151329019293

160.7215.7165.2

122.0272.9217.5220.2202.2166.3

1,327.81, 594.82,466.11,510.2

172.1109.278.5

103.195.9

111.4117.3

94.5108.374.4

98.4108.194.180.189.479.0

125.7114.899.9

123.790.1

116.0105.5101.493.3

106.4210.6165.5125.1124.0159.1171.4160.3215.6116.7

452221340154330

5,387

1,09243490

148851205217312173

1,054265114155853121473351111366211161339119594

161.0216.1166.5

122.2271.1219.2222.2202.8168.3

1,320. 71, 603.52,422. 01,498.0

173.1107.676.7

103.696.5

112.3117.6

95.5109.575.0

99.4107.893.579.889.879.5

123.3114.884.6

129.090.7

117. 4107.1102.393.8

107.2215.4166.0125.3124.7161.6174.1160.7216.1117.0

450219339153328

5,320

1, 083433

147837201215311173

1,013257105155823091473311101346281151339119797

160.1215.9167.1

122.2269.2220. 0223. 3202.8169.4

1,311.71,612.72, 394. 81,474. 2

173.6107.175.9

103.396.1

111.6116.1

94.7109.374.1

98.3106.092.079.089.579.4

118.6111. 478.3

128.488.1

116.5107.2100.892.3

106.2217.8165.5126.0125. 5163.2178.5161.0216.3117.3

450219341154327

5,311

1,075429

1468382022143101739972571011458231014833010913463811513492198

159.7215.2168.0

123.1268. 6220.4224.5204.3169.1

1,286. 61.629.12, 403. 51,405. 2

176.0107.076.0

103.996.8

111.3115.9

94.0108.274.1

97.8106.192.578.689.279 2

lie! 7111.575.2

120.388.1

116.7107.3100.591.7

106.0221.3165.7126.1125.6163.4178.0160.2

r 215. 6116.5

448218338153327

5,279

1,067424

14583620121330917297925796136823071463291091326391151349219796

158.0212.2167.3

123.2267.5218.0222.3203.8

r 166. 11, 240. 91, 607.02, 368.81,324. 5

177.6106.575.8

102.995.8

111.4115.2

93.2107.173.5

97.3105.992.178.388.979.0

114.6111.371.2

113.187.6

115.7106.3100.292.1

104.8221.6165. 7126.2126.1162 9176.8158.4212.5115.8

r Revised. t For data for December 1941-July 1942 see note marked "t" on p. S-10 of the November 1943 Survey.§ For revised 1941-43 data for shipbuilding see p. 19 of the December 1944 Survey; data for aircraft and parts have also been revised beginning 1941; revisions through February 1944

for this industry and data for 1939 to February 1944 for aircraft engines, not included in the Survey prior to the May 1945 issue, will be published later. Data beginning 1939 for theprinting and publishing subgroups will also be shown later (see November 1943 Survey for data beginning August 1942).

•New series. Data beginning 1939 for the new series on wage earners in manufacturing industries will be shown in a later issue; data for the individual industries shown in theSurvey beginning with the December 1942 issue, except as indicated in note marked "§" on p. S-9, are comparable with figures published currently; the figures for all manufacturing,durable goods, nondurable goods, and the industry groups are shown on a revised basis beginning in the March 1945 issue and are not comparable with data in earlier issues.

fRevised series,individual industries

The indexes of wage-earner employment and of wage-earner pay rolls (p. S-12)>in manufacturing industries have been completely revised; for 1939-41 data for the(except as indicated in notes marked "X" and "§" above) and 1939-40 data for all manufacturing, durable goods, nondurable goods, and the industry groups, see

shown on a revised basis beginning in the March 1945 Survey; the adjusted indexes are available only for the totals shown.


July 1945 SURVEY OF CURRENT BUSINESS S-ll


1945

M a y

1944

May June July


August

AND

Sep-tember

Octo-ber

Novem-ber

Decem-ber

WAGES—Continued

1945

Janu-ary


EMPLOYMENT—Continued

Nonmanufacturing, unadjusted (U. 8. Dept. of Labor):Mining:f

Anthracite _ 1639=100.Bituminous coal doMetalliferous _ d o . . .Quarrying and nonmetallic do

Crude petroleum and natural gasf do . . .Public utilities:!

Electric light and power _._ do__.Street railways and busses _ d o . . .Telegraph .do___Telephone do

Services:!Dyeing and cleaning... d o . . .Power laundries d o . . .Year-round hotels d o . . .

Trade:Retail, total! . . . d o . . .

Food* ... d o . . .General merchandising! d o . . .

Wholesale! . doWater transportation* _ _do___

Miscellaneous employment data:Federal and State highways, to ta l t . . . number-

Construction (Federal and State) do . . .Maintenance (State) do

Foderal civilian employees:Ûnited States.. _..thousands.

District of Columbia d o . . .Railway employees (class I steam railways):

Total thousands.Indexes: Unadjusted! 1935-39=100-

Adjusted! do . . .

LABOR CONDITIONS

Average weekly hours per worker in manufacturing:Natl. Indus. Conf. Bd. (25 industries) hours..U. S. Dept. of Labor, all manufacturing! do

Durable goods* .doIron and steel and their products* do

Blast furnaces, steel works, and rollingmills*.._ _ hours.

Electrical machinery* doMachinery, except electrical* do

Machinery and machine-shop products*_.doMachine tools*.. do.

Automobiles* do.Transportation equipment, except autos*__do_

Aircraft and parts (excluding engines)•__.doAircraft engines* do___Shipbuilding and boatbuilding*.. ___do

Nonferrous metals and products* doLumber and timber basic products* doFurniture and finished lumber products*.__doStone, clay, and glass products* . . . . do

Nondurable goods* doTextile-mill products and other fiber manu-

factures* .hours.Apparel and other finished textile products*

hours.Leather and leather products* .doFood and kindred products* .doTobacco manufactures* doPaper and allied products* doPrinting and publishing and allied industries*

hours.Chemicals and allied products* .doProducts of petroleum and coal*..., doRubber products* do

Average weekly hours per worker in nonmanufacturingindustries (U. S. Department of Labor):*

Building construction hours..Mining:

Anthracite doBituminous coal _ doMetalliferous _._ doQuarrying and nonmetallic .do

Crude petroleum and natural gas doPublic utilities:

Electric light and power doStreet railways and busses doTelegraph doTelephone do

Services:Dyeing and cleaning doPower laundries do

Trade:Retail do.__.Wholesale do

12.188.278.3

82.1116.7117.2(a)

119.4102.8108.1

94.1301.2

2,867253

139.8140.3

82.796.093.684.582.5

82.8119.1121.9128.2

124.8110.1109.0

96.9107.3108.594.4

233.5

136,05024,80287,446

2,866264

1,453139.6140.2

45.545.346.646.8

46.146.348.748.450.845.547.446.846.148.146.643.344.443.743.2

41.6

38.141.345.842.046.0

40.946.047.045.1

40.4

41.944.044.447.445.5

43.450.646.342.0

44.743.9

39.942.8

83.096.191.185.8

83.1119.1123.1128.5

126.9112.4109.4

96.6106.3107.795.0238.9

150,13316,103109,546

2,918270

1,476141.8139.9

45.945.446.846.8

46.446.649.148.751.045.947.347.146.847.447.144.544.643.843.3

42.0

38.241.645.942.346.3

41.345.846.845.2

40.2

40.944.044.647.745.6

43.850.946.542.2

44.343.6

42.443.0

77.994.787.686.484.1

83.2118.8123.9129.7

122.3112.1109.2

95.5106.4104.595.1249.1

156,86533,52898,190

2,941271

1,471141.4138.4

45.444.645.746.0

45.945.747.546.850.243.746.847.244.947.146.042.443.642.443.0

41.7

37.341.245.642.445.7

41.245.546.945.0

40.6

35.839.542.946.345.3

42.750.746.542.6

44.444.1

41.742.8

77.995.085.586.784.1

83.2118.9122.8129.6

118.4109.0109.4

94.1104.6102.495.5

255.3

159,94433,828100,724

2,909265

1,477142.0139.1

45.645.246.646.7

46.346.348.348.150.445.147.447.146.847.846.544.744.844.043.0

41.8

37.741.245.042.346.2

41.145.646.945.6

40.0

40.844.044.747.946.1

43.951.046.842.6

43.943.8

41.943.1

81.593.982.484.383.0

82.6118.6122.2128.2

118.4106.8109.0

106.3109.295.0

258.7

154,83631, 39298,458

2,881259

1.454139.7136.3

45.644.846.146.6

46.346.247.947.649.943.546.946.245.847.646.343.344.043.443.0

41.8

38.141.544.543.446.2

41.445.646.445.7

40.1

39.942.043.946.845.9

43.750.246.543.0

44.343.9

40.442.9

80.592.380.483.082.7

82.1117.7122.1127.1

119.8108.0109.6

99.7108.8116.796.0257.2

153,91330, 22899,742

2,878258

1,438138.2133.7

45.745.547.147.2

47.146.348.848.751.245.648.147.146.149.147.244.745.044.743.3

42.2

38.241.644.843.346.7

40.945.947.945.9

40.7

42.644.145.048.944.9

43.150.245.842.9

43.843.7

40.443.2

79.991.879.282.282.1

82.1117.7121.7127.1

117.1107.6110.3

103.2109.0127.496.8

267.7

144,36822,98197,246

2,876257

1,435137.9136.7

45.645.346.746.8

46.646.348.248.250.545.547.847.245.248.846.943.044.444.143.2

42.3

38.041.245.244.246.5

41.345.746.945.7

39.7

38.642.643.746.845.9

43.450.845.342.3

43.543.4

39.443.0

79,291.378.579.682.1

82.0117.7121.7126.7

114.5107.8110.5

111.9110.2152.297.1

274.5

41.445.747.146.6

39.4

41.543.144.844.945.4

43.351.845.442.7

43.443.5

39.843.3

79.091.178.475.682.1

82.0117.3120.2126.1

112.0106.3110.2

98.3107.2114.295.7

272.6

126, 31216, 95985, 559

2,860255

1,431137.2139.4

45.845.647.147.4

47.046.648.948.751.845.748.447.646.049.347.642.344.344.143.5

42.8

37.741.646.045.046.6

125,12211,99489, 512

2,889256

1,421136. 6142.0

46.245.446.846.9

46.246.548.748^551.645.248.047.746.348.747.242.644.443.643.4

42.3

38.241.845.643.446.2

41.545.746.647.3

38.8

38.944.944.044.645.7

43.4'51.6

45.042.4

43.643.5

39.642.7

79.290.878.175.482.4

82.2118.4119.2

'126.8

112.8105.4109.6

97.2106.7111.495.7

281.6

122,43510,85388,006

2,919256

1,441138. 5142.0

46.0'45.4r46.8

46.346.7

MS. 848.7

'51.046.5

'47.247.3

'47.4'47.1'47.1' 43.3

44.8'43.8

43.4

42.3

'42.244.9

'43.046.3

41.045.547.347.3

39.1

41.7' 45.1

45.045.5

'46.4

44.051.544.742.5

43.443.4

39.742.8

79.090.278.476.682.6

82.1'118.9

118.9' 127.1

117.4105.5109.0

99.3105.7117.595.3

290.4

117, 61211,30582, 553

2,920256

1,451139.4

' 143. C

'46.1'45.4'46.747.1

'47.046.6

'48.6'48.7'50.9'46.1'47.147.1

'47.1'47.0'47.343.144.7

'44.243.5

42.4

'39.0'42.545.1

'42.9'46.3

'41.645.9

'47.445.3

40.0

41.4'43.8'45.046.5

'46.2

44.2'51.244.742.8

44.343.8

39.342.9

76.1'82.3'77.8

77.782.7

'82.0'118.3'117.9

'119.7' 104.7'108.0

96.8103.6112.4'94.9' 295. 5

123, 74015,03384,906

2,915254

1,448139.3141.6

45.445.246.547.0

47.146.748.148.250.245.546.846.845.847.147.143.644.344.543.2

41.9

37.842.045.042.346.5

41.245.748.545.7

40.0

39.736.645.648.045.2

43.751.044.8

()

43.943.8

39.543.2

' Revised. tTotal includes State engineering, supervisory, and administrative employees not shown separately. a Not available.ISee note marked "f" on p. S-ll of the July 1944 Survey regarding changes in the data beginning June 1943 and November 1943. Data cover only paid employees. Excess tem-

porary Post Office substitutes employed only at Christmas are not included in the December 1944 figures.•New series. Indexes beginning 1939 for retail food establishments and beginning 1940 for water transportation are shown on p. 31 of the June 1943 Survey. Data beginning

March 1942 for all series on average hours, except for the telephone, telegraph, and aircraft engines industries, are available in the May 1943 Survey and data back to 1939 will be pub-lished later; data back to 1937 for the telephone industry are shown on p. 20 of the May 1945 Survey; data back to 1939 for the aircraft engine industry, will be published later;data for the telegraph industry are available only from June 1943 (for data beginning that month see note on p. S-ll of the January 1945 issue).

tRevised series. For data beginning 1939 for the Department of Labor's revised indexes of employment in nonmanufacturing industries (except for the telephone and telegraphindustries), see p. 31 of the June 1943 Survey. Separate data for the telephone and telegraph industries have been computed beginning 1937; for the former, see May 1945 issue, p. 20.For revision in the Department of Labor's series on average weekly hours in all manufacturing industries, see note marked " ! " on p. S-13 of the July 1944 Survey. The indexes ofrailway employees have been shifted to a 1935-39 base and the method of seasonal adjustment revised; earlier data not shown in the May 1943 Survey will be published later.




1945

May

1944


Octo-ber

Novem-ber

Decem-ber

1945

Janu- Febru-ary | ary March April

EMPLOYMENT CONDITIONS AND WAGES—Continued

LABOR CONDITIONS—COD tinnedIndustrial disputes (strikes and lockouts):

Strikes beginning in month:Strikes ....number--Workers involved thousands.-

Man-days idle during month doU. S. Employment Service placement activities:

Nonagricultural placements! thousands.-Unemployment compensation (Social Security Board):

Continued claims© thousands.-Beneflt payments:

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

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

Discharges - doLay-offs doQuits _.doMilitary and miscellaneous do

I

PAY ROLLSWage-earner pay rolls, all manufacturing, unadjusted

(U. S. Department of Labor) f 1939=100. _Durable goods do

Iron and steel and their products doBlast furnaces, steel works, and rolling mills

1939=100...Electrical machinery doMachinery, except electrical do

Machinery and machine-shop products doMachine toolst do

Automobiles doTransportation equipment, except automobiles

1939=100..Aircraft and parts (excluding engines) A doAircraft enginesA doShipbuilding and boatbuilding A do

Nonferrous metals and products doLumber and timber basic products do

Sawmills . . .do_._Furniture and finished lumber products do

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

Nondurable goods doTextile-mill products and other fiber manufactures

1939 -100-Cotton manufactures, exc. small wares doSilk and rayon goods doWoolen and worsted manufactures (except dyeing

and finishing) 1939=100-.Apparel and other finished textile products..do

Men's clothing ..doWomen's clothing do

Leather and leather products. doBoots and shoes __do

Food and kindred products doBaking doCanning and preserving doSlaughtering and meat packing ...do

Tobacco manufactures doPaper and allied products do

Paper and pulp ...doPrinting, publishing, and allied industries do

Newspapers and periodicals* doPrinting, book and job* . . do

Chemicals and allied products doChemicals „..__.. do

Products of petroleum and coal doPetroleum refining , do

Eubber products doRubber tires and inner tubes do . .

NTonmanufacturing, unadjusted (U. S. Dept. of Labor):Mining:!

Anthracite 1939=100..Bituminous coal doMetalliferous ..doQuarrying and nonmetallic do

Crude petroleum and natural gast do.Public utilities:!

Electric light and power _doStreet railways and busses doTelegraph.. doTelephone _. .do

ServicesifDyeing and cleaning doPower laundries doYear-round hotels _ do

Trade:Retail, totalf do. . . .

Food* _.doGeneral merchandising! do

Wholesale! - doWater transportation* do

425310

2,025

952

61898

7,044

589319

1,443

833

51487

5, 771

6.397.08.63.50

5.27

334.3470.9310.9

221.1512.2428.8426.1381.3324.4

!, 127. 3i, 557. 3:, 946. 3!, 645.0

347.9208.4152.1187.7175. 7189.8200.7

171.0202.4136.1

192.9182. 8166.4128.1156.1139.8191.6163.8143. 2216.9152.8188.8177.2134.9116.1144.8358. 7296. 5212.4205.2283.3283.0

155. 8215.5148.5157.4127.9

112.8168. 5176.1153.5

194.2161.3155.3

124.2135. 2132.4133.4552.6

441145727

973

423

785,225

17.67.1.7.55.4.5

334.6469.0313.3

224.5518.9434.1429.1383.8325. 3

3. 028.83. 433. 24. 093. 33, 497. 7

349. 0215.8159.3190.8177.9191.9203.2

172.3204.7135.8

194.8186.4166. 5134.8158.6142.8197. 6166.8156.7217.5157.4191.2179.8137. 3117. 1149.5355.1296.5215. 5207.5281.4278.5

151.8217.9145.7162.2131.1

114.8170.4177.9153.2

195.7163.6157. 2

127.4139.6136. 6135.4571.7

409172652

1, 093

397

664,343

6.36.6.7.55.0.4

326.8453.8308.5

224.9505. 2414.7408.6370.6308.8

2, 930. 93, 337. 84, 761.13, 386. 5

336.6206.4151. 5187.1173. 9186.2202.6

168.3206.6130.7

184.3175.6154.6125. 6155.8139.8209.2168.0242.8219.6157. 0189. 4178.6137. 9117.1151. 9355. 2297.6222.8215.6279.7280.9

130.61S4.4135.1160. 7136. 5

114.6170. 3179.3156.8

187. 3165.1157. 4

128.3142. 4136. 7135.9585.6

501198959

1,259

407

724,808

6.37.8.7.5

6.2.4

330.3458.1311.5

222.7507.2417. 5415.1369. 2313.7

2,933.13. 334. 44, 819. 73,379.1

338.1220.6164.8194.8181.0191.2205.2

168.1203.7133. 7

181.1187.4160.6139. 6150.0140.2213.1167.5306.2210.7157.6190.6180.6137.8118.4149. 4356. 6295.1220. 5214.0287.9294.3

145.8215.6136. 6165.3132. 7

115 4171. 5177.9156. 6

178.6159.8158.8

126. 8141.7132.7136.3585.2

408207786

1,172

348

634,246

6.17.6

.6

.66.1

. 3

329.1453.3314.3

226.7512.1414.3410. 3366. 8305.9

2, 883. 73, 175. 44, 628. 33, 399. 3

331.7209.8154. 3189. 6175.0188.4207.5

169.0204.4132. 8

185.1195.6166.3148.4158.5143.1212.8168.7336.4200.3163.0189.8180. 0138.9119.6151.5360. 8292.8220.8213. 3291.4300.8

150.1207.8130.8158.2135.4

115. 6168.9177.9159.4

185.5159. 5159.0

128.0139.2138.9136.4602.6

430222756

1,127

370

644, 350

6.06.4

.6

. 55.0

. 3

330.3455. 6313.2

225.3503.7417.4415.5372.6307.8

2, 916.13,185.84, 460. 33, 468. 7

332.2212.8156. 5193.1178.5192.1207.8

170.4203.5138. 5

188.0196.9169.6147.4158.0142.7207.4171.4262.3200.2165.7192.9182. 6139. 5119.3153.7364. 5288.6224.4219.7290.2297.5

159.8210.2130.7163.7129.6

114.3168.3174.9159.0

188.0161.3161.9

132.0141.6147.1140.4599.0

345201789

1, 034

417

714,918

6.16.0

.6

.54.6

. 3

327.3450. 3308.8

221.9498.7409.0408.4363. 2307.6

2, 905. 93,135.84, 278. 43,497.8

326. 9199.3143.8190.7177.2189.5207.0

172.2206.8139.4

189.4192.3169. 2141.1157.4141.9203.8174. 5188.7211.4172.7194.0182. 0142.2120.8156.8366. 2289.2219.2214.2289.9298.2

137.7197.7125.0153.8130.9

114.2170.1172.1156.9

181. 9160.7164.6

134.2141.9155.9140.0651.9

26492

387

883

453

755,194

4.95.7

.6

.54.3

. 3

331.8455.9316.7

225. 5504.3422.9419.4381.0312. 6

2, 893. 73, 197. 64, 294. 63,446.4

336. 2193. 7138. 8194.0179.7192.2210. 5

176.6212. 3142.3

194.9191. 8164.5143. 5160.8145.7205. 0176.5162.9227.6177.8197.0185.0144.1121.5159. 6377.8291.1220.4214.9305. 2319.4

148.8199. 8127.7144.3131.7

114.6173.5174.0158. 6

176. 7162.3169.5

146.8145.0190.7142.3672.9

24044

228

1087

593

1057,299

7.06.2

.7

.64.6

. 3

330.5454. 3316. 3

224.4504.8421.9421. 3378.6319.3

2,852. 53, 257.11, 334.53,313.4

337,7192.9137.9194.0180.4189.0209.4

173.9210.3138.4

193. 5195. 2165. 3149.1162. 5147.9195.8168.2153. 9221.9166.4194.9183. 3142.8118.4159.9384.2293.2221.7215.7319. 8342. 4

137. 7214.3125.7135.0132.2

1L5.2175.1172.3157.8

175. 3161. 5166.8

130. 7141.4144.3139.1685.2

310109412

910

508

1006,435

5.06.0

.7

. 74.3

. 3

329.0451.1318.0

223.6505.0424.6423.7381.9319.2

2,757. 33,234. 64,368.43,107. 6

343.0196.5140.4196.9184.0189.6209. 6

173.1207. 3140.0

193.1202. 6170.7154.3164. 3149.9189.1168.6149.0188.1165. 3195.3182. 8141.1118.3156,5389.9295.3223.3218.2320. 2339.8

150.221? 6129.7137.0133.7

117.3178. 9171.4

'169.0

' 175.9159.4167.9

130.5141.6141.8

"141.5708.5

I

400210860

973

543

1037,242

' 4 . 96.8

. 7, 7

5.0.4

' 325. 5' 444. 0

319.1

229.1504.7419. 2419.8382.0

'310.9

2, 645. 43,190.3

'4, 279. 72, 906. 6

348.1195.9140.4195. 8182.3193.2209.7

173.0206. 5139.3

193.4206.2174.4157. 21G7.7153.6187.3170. 2142.6178.2165. 2195. 2183. 4142.4120.2157.2394. 1296. 7223. 9220.6296. 7301.9

149.7' 204. 3' 130. 9

142. 5132.8

116.8' 175. 7

170.8' 162. 4

' 192. 3162. 2166. 7

132. 9141.0147.5

'141.4724.7

* Revised. © Small revisions have been made in the data for 1940-43; these are available on request. l Data computed to tenths only beginning June,d" Rates beginning January 1943 refer to all employees rather than to wage earners only and are therefore not strictly comparable with earlier data.

» Not available.

t See note marked " i " on p. S-10. A See note marked " § " on p. S-10.vfew series. Data beginning 1939 for the indexes of pay rolls for the newspapers and periodicals and printing, book and job, industries will be shown in a later issue. Indexes of

pay rolls beginning 1939 for retail food establishments and beginning 1940 for water transportation are shown on p. 31 of the June 1943 Survey.! Revised series. The series on placements by the U. S. Employment Service has been revised beginning in the August 1943 Survey to exclude agricultural placements which are

now made only in cooperation with the Department of Agriculture extension service; comparable earlier data are available on request. For information regarding the revised indexesof wage-earner pay rolls (or weekly wages) in manufacturing industries, see note marked " ! " on p. S-10. For revised data beginning 1939 for the nonmanufacturing industries, seep. 31 of the June 1943 Survey (data for the telephone and telegraph industries were subsequently revised; revised data for the telephone industry are on p. 20 of the May 1945 Survey).


Julv 1945 SURVEY OF CURRENT BUSINESS S-13


1945

May

1944

May June July


August

AND

Sep-tember

Octo-ber

Novem-ber

Decem-ber

WAGES—Continued

1945

Janu-ary


WAGES |

Factory average weekly earnings:Natl. Ind. Con. Bd. (25 industries) dollars..U. S. Dept. of Labor, all manufacturing! do |

Durable goods!-.. do .Iron and steel and their products!. do ,

Blast furnaces, steelworks, and rollingmills! ..dollars.

Electrical machinery!--- do. . .Machinery, except electrical! do. . .

Machinery and machine-shop products!..do__.Machine tools do

Automobiles! do__.Transporation equipment, except autos! do__.

Aircraft and parts (excluding engines) do .Aircraft engines* doShipbuilding and boatbuilding do .

Nonferrous metals and products! do.Lumber and timber basic products!- __do.

Sawmills ___do.Furniture and finished lumber products!_do.

Furnituret doStone, clay, and glass products!- do .

Nondurable goods! doTextile-mill products and other fiber

manufactures! -dollars.Cotton manufacturers, except small wares!

dollars.Silk and rayon goods!-- doWoolen and worsted manufactures

(except dyeing and finishing)! dollars.Apparel and other finished textile products!

dollars..Men's clothing! __.doWomen's clothing! do

Leather and leather products! .doBoots and shoes ...do

Food and kindred products! doBaking _doCanning and preserving!._. __ doSlaughtering and meat packing do

Tobacco manufactures! doPaper and allied products! do

Paper and pulp.. . doPrinting, publishing, and allied industries!

dollars.Newspapers and periodicals* doPrinting, book and job* _ .do

Chemicals and allied products! _ doChemicals do

Products of petroleum and coal! doPetroleum refining do..

Rubber products! do..Rubber tires and inner tubes do..

Factory average hourly earnings:Natl. Ind. Con. Bd. (25 industries) do..U. S. Dept. of Labor, all manufacturing! do

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

Blast furnaces, steel works, and rolling mills!_do..Electrical machinery! Tdo_.Machinery, except electrical! do..

Machinery and machine-shop products!.do..Machine tools do..

Automobiles!.. _ do..Transportation equipment, except autos!. ..do.

Aircraft and parts (excluding engines)_.do .Aircraft engines* do_Shipbuilding and boatbuilding do..

NoDferrous metals and products! ...doLumber and timber basic products! do .

Sawmills.. do .Furniture and finished lumber products!.-do .

Furniture do .Stone, clay, and glass products!- -do .

Nondurable goods! do.Textile-mill products and other fiber

manufactures! , dollars._ .Cotton manufactures, except small

wares! dollars.Bilk and rayon goods!- doWoolen and worsted manufactures

(except dyeing and finishing)!. -dollars.. .A pparel and other finished textile products!

dollars. J.Men's clothing!... ...do !.Women's clotbing§ do

Leather and leather products! do. _. .Boots and shoos ..do

I18.4646.0251.8960.41

53.4347.2854.3753.1857.0857.6859.8754.1059.7364.0248.8334.5433.5936.0436.7238.9837.03

29.51

26.3329.13

35.50

29.4532.2834.3933.0230.9539.0838.0631.2746.4129.3438.7742.49

43.8448.2942.0943.9151.4255.1458.2748.9857.11

1.0621.0171.1121.0771.1601.0211.1161.099t.122L. 266L.264L. 1581.296L.332L.047.798.788.812.834.893.858

.710

.634

.697

.842

.772

.817

.918

.800

.766

19.3046.2452.1450.65

54.3247.8855.0653.7057.7758.4859.6654.6161.3562.8049.3335.5634.7236.2636.7139.1937.30

29.87

26.7629.07

36.04

29.9532.2935.8933.3531.4339.0938.2130.8445.7329.8239.1742.83

44.3748.4542.9743.8651.6555.3057.9849.3056.78

1.0691.0171.1131.081L.170L.026L. 122L. 103L.1311.275L.2621.1591.312L.3241.049.799.792.813.833.894.861

.712

.637

.691

.845

.784

.821

.946

.802

.767

48.8645.4351.0750.01

54.5847.2253.3351.8556.8056.4359.2954.4359.2162.6948.3433.7432.7335.3935.9438.1237.05

29.64

27.1228.33

35.35

29.2830.8635.4633.0130.9938.5238.4229.7545.8730.0438.7242.42

44.1248.6542.7044.0052.1556.2759.0849.1757.01

1.0721.0181.1161.0861.1891.0321.1231.1051.1311.2911.2671.1551.3181.3311.051.796.788.812.832.899.862

.710

.639

.693

.840

.785

.811

.963

.801

.765

48.9845.8851.8450.25

53.8047.7654.1552.9457.3356.9060.3654.7361.5163.9648.6935.7835.2136.5837.1539.3337.15

29.74

26.9028.92

34.95

30.4431.6537.7733.1631.1837.9538.3130.2744.6930.2739.1042.67

44.4348.8842.6743.7951.9055.2758.0050.2458.62

1.0701.0161.1121.0751.1631.0321.1211.1001.1381.2611.2721.1611.31.71.3391.047.801.793.816.835.895.864

.711

.637

.689

.841

.807.823.999.806.771

49.4246.2452.1851.27

55.4348.5554.4753.1057.1855.9860.8054.3260.9265.2348.9934.8233.9136.5136.8339.5237.66

30.10

27.2628.89

35.51

31.7432.9339.82

.34.0232.1537.6738.9329.9843.9831.4339.6543.07

45.6049.9244.2644.0852.2255.7058.2450.9959.33

1.0801.0321.1321.1011.1981.0511.1361.1161.1441.2871.2971.1771.3301.3701.058.803.795.829.847.910.876

.721

.646

.700

.849

.832

.8461.035.820.788

49.3946.9453.1851.48

55.4648.4255.4854.3758.9557.8562.5355.3960.6467.6949.9936.1135.2937.4837.8140.8237.97

30.49

27.3730.20

35.96

31.8333.5439.1234.0632.2938.3938.5831.6744.6831.5340.2644.24

45.0649.2143.9343.9451.9956.9960.3750.9258.54

1.0791.0311.1291.0911.1761.0461.1371.1161.1501.2701.3011.1771.3151.3791.059.807.798.833.849.912.878

.723

.647

.706

.849

.832

.8571.027.819.789

49.4246.8553.0450.98

54.5548.5454.7253.8458.0558.2363.0455.6459.9068.6849.6634.0032.6636.9737.5140.1037.87

30.54

27.4930.04

36.00

31.3433.9537.6733.7031.8738.8638.8630.4946.8132.4940.1143.73

45.5649.6344.5243.7052.4855.6158.6650.5958.30

1.0791.0351.1361.0891.1701.0491.1341.1161.1501.2801.3181.1781.3261.4071.058.791.776.833.853,910.877

.722

.646

.707

.849

.824

.8641.001.819.787

49.9147.4453.6851.84

55.3349.3756.0554.7660.8158.4163.3356.4561.1868.2250.8633.6232.2837.4037.8740.3038.39

30.99

27.9130.41

36.63

31.3533.2538.4534.2732.5539.8039.2431.1048.1633.2040.2243.72

45.8449.8544.7544.0652.6456.5259.2852.6461.62

1.0861.0401.1401.0951.1791.0591.1461.1241.1731.2791.3091.1871.3301.3841.069

.794

.779

.844

.864

.913

.883

.725

.648

.708

.8£2

.831

.8611.017

.824

.794

50.8047.5053.5451.65

55.0449.6455.9264.9260.2159.4262.6157.1962.4166.1260.9233. 7232.4337.4838.1639.9338.66

30.78

27.7829.76

36.73

32.4233.9040.3534.6633.0039.5138.5731.6947.1831.9340.1843.19

46.0349.2045.1044.4153.3156.2058.5554.4964.29

1.0951.0461.1441.1011.1911.0691.1491.1321.1721.3141 3041.1981.3501.3671.079

.791

.773

.845

.866

.917

.891

.729

.652

.709

.856

.849

.8671.054

.829

.798

50.58' 47.37' 53.30' 51. 56

54.5849.85

' 56.1355.02

' 60.34' 59.49' 61. 56' 56. 22

62.67••65.12' 50. 76' 34.40' 33.11' 37.95

38.94' 40.10r 38.69

' 30.88

27.6330.17

36.79

' 33.4134.69

' 42. 70' 35. 23

33.56' 38.69' 38.18

32.0542.80

«• 31.71'40 .05

43.03

' 45.7449.39

' 44.40' 44.27

53.6356.5859.1454.4064.04

1.0951.043

'1 .1391.0981.1811.067

••1.1511.129

'1 .183' 1. 279'1 .304'1 .189'1 .323'1 .382'1.078' . 7 9 4' .777' . 8 4 7

.872

.916' . 8 9 2

.731

.652

.711

.858

' . 8 6 2.867

' 1.106' . 8 3 5

.807

50.99'47 .43' 53. 25

52.09

' 56.1050.02

' 56.07' 55.06

60.49' 59. 01' 61. 22' 56. 25' 62.29

64.63' 51.13'34 .38' 33.15' 37. 99' 38. 78r 40. 77' 38.95

31.07

27.7930.33

36.95

' 34.0635.65

' 43. 71'36 .00

34.46' 38.95' 38. 51

32.2842.94

'31 .80' 40.35

43.60

' 46. 5850.15

' 45.1444.7853.78

' 56.65' 59.43

50.6257.29

1.101' 1.044' 1.140

1.107' 1.195

1.073' 1.153

1.130' 1.188

1.280' 1. 300' 1.194' 1.321' 1. 376'1 .081

' 798' . 7 8 0' . 8 5 0' . 8 7 4' . 9 2 3' . 8 9 6

.733

.654

.713

.862

' . 8 7 4.885

' 1.122.848.820

50.1147.1652.9952.07

56. 6449.8455. 5154. 8259.5358.2160.8655.6959.6264.8950.9435.1834.0537.8138.6741.3638.81

30.84

27.7029.83

36.52

32.6434.9041.1535.7434.0539.1838.8632.1042.6231.2240.6343.95

46.5050.6044.9644.7753.8358.3061.2651.9359.75

1.1011.0451.1301.1081.2031.0681.1531.1351.1871.2801.3001.1931.3001.3841.081.807.790.853.878.929

.735

.655

.716

.865

.862

.885

.851

.823r Revised.+ Sample changed in November 1942; data are not strictly comparable with figures prior to that month.§ Sample changed in July 1942; data are not strictly comparable with figures prior to that month.* New series. Data beginning 1932 for the newspapers and periodicals and printing, book and job, industries will be published later; see November 1943 Survey for data beginning

August 1942. Data for the aircraft engine industry beginning 1939 will also be published later.! Revised series. The indicated series on average weekly and hourly earnings have been shown on a revised basis beginning in the March 1943 Survey and data are not compa-

rable with figures shown in earlier issues (see note marked " t" on p. S-13 of the July 1944 Survey); there were no revisions in the data for industries which do not carry a referenceto this note. Data prior to 1942 for all revised series will be published later.




1944


Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary

Febru-ary March

EMPLOYMENT CONDITIONS AND WAGES—Continued

WAGES—Continued

Factory average hourly earnings—Continued.U. S. Dept. of Labor, all mfg.f—Continued.

Nondurable goods—Continued.Food and kindred productst - - - dollars

Baking doCanning and preserving! doSlaughtering and meat packing do

Tobacco manufacturest doPaper and allied productst do

Paper and pulp _. . _ doPrinting, publishing, and allied industriest-do

Newspapers and periodicals* doPrinting, book and job*... . do

Chemicals and allied productst doChemicals do

Products of petroleum and coalt - - doPetroleum refining do

Rubber productst doRubber tires and inner tubes _ _ do

Nonmanufacturing industries, average hourly earnings(U. S. Department of Labor):*

Building construction dollars..Mining:

Anthracite doBituminous coal doMetalliferous doQuarrving and nonmetallic - do

Crude petroleum and natural gas doPublic utilities:

Electric light and power . doStreet railways and busses doTelegraph doTelephone . _ . . do

Services:Dyeing and cleaning doPower laundries do

Trade:Retail doWholesale do

Miscellaneous wage data:Construction wage rates (E. N. R.):1

Common labor dol. per hr_Skilled labor do

Farm wages without board (quarterly) 0dol npr month

Railway wages (average, class I)_ dol. per hr._Road-buiiding wages, common labor:

United States average ..do _

PUBLIC ASSISTANCE

Total public assistance mil. of dolOld-age assistance, and aid to dependent children and

the blind, total mil. of dolOld-age assistance do

General relief - do

0.9091.65

'93 10

. 77

»80

P 7 3*>59v 7

0.854.839.777.934.698.842.879

1.0721.248.994.954

1.1011.1741.2421.0871.257

1.310

1.1591.1751.005.849

1.131

1.094.928.807.907

.725

.620

.697

.979

.8741.63

.943

.68

78

7157

7

0.851.841.770.924.706.845.884

1.0751.2481.001

.9581.1011.1811.2481.0921.254

1.300

1.1441.1821.009.857

1.138

1.097.933.804.900

.724

.617

.701

.986

.8771.64

.939

.76

78

71577

0.845.839.743.921.709.847.886

1.0721.253.997.966

1.1141.1991.2651.0941.256

1.302

1.1941.1991.010.871

1.187

1.118.935.805.903

.722

.621

.732

.989

.8821.64

89 54.947

.77

78

7158

0.844.839.765,922.715.847.884

1.0801.2581.001.961

1.1061.1791.2451.1021.264

1.323

1.1791.1901.003.861

1.130

1.102.939.802.902

.719

.626

.730

.981

.8821.64

.938

.79

78

7158

7

0.847.850.764.921.724.858.891

1.1011.2651.030.966

1.1191.2021.2681.1171.273

1.339

1.1871.2131.016

.8711.172

1.120.942.812.921

.736

.637

.736

.994

.8831.64

.955

.80

78

71587

0.857.849.790.930.728.862.901

1.1021.2621.037

.9571.1171.1901.2571.1081.263

1.342

1.1971.1911.015.881

1.156

1.127.945.809.928

.745

.641

.7411.008

.8861.64

86 80.952

.79

79

71587

0.859.855.773.933.735.863.899

1.1041.2681.037

.9561.1211.1861.2531.1071.258

1.349

1.1561.1731.015.871

1.146

1.116.946.809.930

.747

.641

.736

.996

.8861.64

.959

.78

79

7258

7

0.865.854.786.933.738.864.897

1.1081.2681.042.964

1.1251.2001.2701.1301.290

1.359

1.1761.1871.020.884

1.162

1.119.955.815.935

.746

.644

.7281.002

.8901.64

.966

.74

80

7259

7

0.867.848.796.927.736.869.897

1.1091.2641.048

.9721.1361.2061.2711.1511.317

1.364

1.1541.2041.023' .8681.171

1.116.962.826.934

.754

.649

.7511.006

.8911.64

88 90.961

.70

80

7259

7

' 0.861' . 843

.794

.917

.737r .865

.891r 1. 115

1.2711.049' . 9 7 21.1341.1961.2611.1491.314

1.352

1.164' 1.190

1.035.860

' 1.183

1.122.965.832.938

.758

.653

.7561,013

.8911.64

.981

.74

80

7259

7

' 0. 864'.846.788.930.741

'•.871.899

1.1211.275

r 1. 057.975

1.1371.1951.2601.1171. 260

1.363

1.179' 1.197' 1. 042

.868' 1.175

1.123-.947.832.951

. 775

.660

.7591.016

.8951.64

.950

.72

80

7359

7

0.87(.85;.79.93(.73*.87 '.90

1.12<1.28*1.06.98(

l.I3<1.20,1.26*1.13*1.29'

1.36

1.1511.1811. 04(

.87'1.19

1.13*.95.83

.76

.66

.761.03

.901.6

92.7.95

.7

8

5

FINANCE

BANKING

Agricultural loans outstanding of agencies supervisedby the Farm Credit Administration:

Total, excl. joint-stock land banks . . mil. of dol._Farm mortgage loans, total . do

Federal land banks doLand Bank Commissioner do

Loans to cooperatives, total doBanks for cooperatives, including central bank

mil. of dol__Agr. Marketing Act revolving f u n d . . . do

Short term credit, t o t a l . . . _..doFederal intermediate credit bankscf doProduction credit associations doRegional agricultural credit corporations...doEmergency crop loans. _ .doDrought relief loans _ do

Joint-stock land banks, in liquidation do _Bank debits, total (141 centers)! do .

New York City doOutside New York City do

Federal Reserve banks, condition, end of month:Assets, total . . .mi l . of dol._

Reserve bank credit outstanding, total doBills discounted doUnited States securities do

Reserves, total . .doGold certificates <ô

1,9691,3771,068

309148

1452

44530

2579

11236

174,31333,67840, 635

42,16822,131

87520,95418,36018,112

2,2601,6301,258

372155

1523

47536

26021

11939

260,75724, 70836,049

35, 54214, 759

23714,26119, 36219,097

2,2431,6141,245

369146

1433

48235

26921

11939

276,19233. 56342,629

36,13215, 272

1314,90119, 28719, 010

2,2141,5911,228

363143

1403

48135

26920

11838

266,06228. 47437,588

35,81515, 325

3714,91519,10418, 823

2,1721,5671,211

357135

1323

46932

26320

11638

262,49726,16536, 332

36, 67816, 201

9515,80619,02818,759

2.1241,5441,194

351135

1323

44530

24619

11238

263,62526, 86036, 765

37,49217,113

4916,65318,91518,647

2,1051,5181,175

343176

1723

41228

22118

10738

266, 89428, 55838,336

38,70018,325

34517,64718, 80218, 552

2,0791,4601,155

336207

2033

38228

19815

10437

270,39730,01640,381

39,85419,357

47318,38818, 77018, 528

2,0581,4671,137

330217

2133

375.31192

1210237

183,16837, 67845, 490

40, 26919, 745

8018, 84618,68718, 444

2,0411,4431,119

324220

2163

37830

19711

10337

1• 75, 287

34,990• 40, 297

39,92919,552

17619,00618, 66618, 373

2,0391, 4301,109

321218

2152

39130

20910

10637

1r 63, 782

29,065r 34, 717

40,43420,158

32119, 43918, 61018, 346

2,0331,4071,091

316211

2415

30229

911036

173, 599

"31,88441, 715

40,54420,311

24519,66918,51918, 261

p Preliminary. »• Revised. 0 Weighted averages for 1942-43 revised as follows: 1942, $55.91; 1943, $72.51. b Farm wages as of June 1.IRates as of June 1: Construction—common labor, 0.916; skilled labor, $1.66. d*Excludes loans to other Farm Credit Administration agencies.* New series. Data on hourly earnings beginning August 1942 for the newspapers and periodicals and printing, book and job, industries and beginning March 1942 for the non-

manufacturing industries, except the telephone and telegraph industries, are available, respectively, in the November 1943 and May 1943 issues; figures beginning 1937 for the tele-phone industry are shown on a revised basis on p. 20 of the May 1945 Survey; data back to 1939 for other series, except the telegraph industry, will be published later; data forthe telegraph industry are available only from June 1943 (for data beginning that month see p. S-14 of the January 1945 issue).

tRevised series. See note marked " f on p. S-13 in regard to the series on hourly earnings in maEufacturing industries. Bank debits have been revised beginning May 1942 toinclude additional banks in the 141 centers; see p. S-15 of the September 1943 Survey for revised f gure-s beginning that month and note marked " t" on p. S-15 of the July 1944 Surveyfor monthly averages for 1942 on the new basis.




1945

May

1944


Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary


FINANCE—Continued

BANKING—Continued

Federal Reserve banks, condition, end of month—Con.Liabilities, total - mil. of dol_.

Deposits, total __.doMember bank reserve balances ._ .do—

Excess reserves (estimated) doFederal Reserve notes in circulation ...do

Reserve ratio percent..Federal Reserve reporting member banks, condition,

Wednesday nearest end of month:Deposits:

Demand, adjusted.. _ mil. of doL.Demand, except interbank:

Individuals, partnerships, and corporations, do.. _States and political subdivisions._ do_._United States Government. do. . .

Time, except interbank, total.. do. . .Individuals, partnerships, and corporations-doStates and political subdivisions do.

Interbank, domestic -do.Investments, total do.

U. S. Government direct obligations, totaL.-doBills do.. .Certificates do. . .Bonds do.. .Notes.. do.. .

Obligations guaranteed by U. S. Government.do...Other securities do

Loans, total do. . .Commercial, industrial, and agricultural^ .-doTo brokers and dealers in securities . . .do.Other loans for purchasing or carrying securities

mil. of dol_.Real estate loans _doLoans to banks doOther loans do

Money and interest rates:1Bank rates to customers:

New York City... percent.7 other northern and eastern cities do11 southern and western cities do

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

Prevailing rate:Acceptances, prime, bankers', 90 days do. . .Commercial paper, prime, 4-6 months doTime loans, 90 days (N. Y. S. E.) do. . .

Average rate:Call loans, renewal (N. Y. S. E.) .do.-.U. S. Treasury bills, 3-mo do. . .

Average yield, U. S. Treasury notes, 3-5 yrs.:Taxable* do.. .

Savings deposits, New York State savings banks:Amount due depositors _ mil. of dol.

U. S. Postal Savings:Balance to credit of depositors _.doBalance on deposit in banks. do. . .

CONSUMER SHORT-TERM CREDIT

Total consumer short-term debt, end of month•_.do...Instalment debt, total* do

Sale debt, total* do.. .Automobile dealers* . .do . . .Department stores and mail-order houses*

mil. of dol.Furniture stores* doHousehold appliance stores*._ do. . .Jewelry stores* doAllother* do__.

Cash loan debt, total* do_._Commercial banks, debt* -doCredit unions:

DebtJ do. . .Loans made ,_ do. . .

Industrial banking companies:Debt do. . .Loans made do. . .

Personal finance companies:Debt do. . .Loans made do

Insured repair and modernization debt* do.. .Miscellaneous debt* do__.

Charge account sale debt*. doSingle-payment loans, debt* do___Service debt* do,. .

Index of total consumer short-term debt, end of month:*Adjusted 1935-39=100-

42,16817, 24715, 2661,035

22,88545.7

40, 378

40,1902,3745, 5018,4678,314

1099,303

45,60542,500

1,19510,66323, 2767,366

3423,063

11, 6365,7652,345

9641,049

1171,396

1.004.001.50

.44

.751.25

1.00.375

1.16

7,578

2,6

v 5, 509P 2 , 0 1 2

I>722

v 156

P 851, 290p 388

177

P 3 8 4VTL

P138P87

v 1,482p 1, 272

p 743

35, 54215,29913,046

71118,532

57.2

36, 208

36,1842,0544,9346,7536,575

1308,146

39,90736,4132,2998,886

18,1347,094

6162,878

10,0815,8461,192

5891,073

551,326

1.004.001.50

.44

.751.25

1.00.375

1.35

6,464

1,994

5,1481,859

700181

141235

164582

1,159325

11820

16535

36272

10485

1,3901,189

710

81

36,13215,38612,8661,306

18,89956.3

33,008

33,1701,765

12, 5896,8106,643

1198,796

42,87239,2882,942

10,34118,7437,262

6292,955

12,1646,0272,032

1,6161,073

531,363

2.232.5531.004.001.50

.44

.751.25

1.00.375

1.34

6,570

2,034

5,2091,1

707192

138237

15448i

1,175335

11922

16938

36575

10285

1,3701,241

716

82

35, 81515,02212,8551,188

19,12755.9

33,597

33,6501,777

13,602

6,798119

8,69145,43041,8753,881

11,05719, 4357,502

6132,942

11,4876,0151,446

1,5471,071

871,321

1.004.001.50

.44

.751.25

1.00

.375

1.31

6,623

2,084

5,1481,889

706204

132234

144379

1,183339

11919

17033

36773

10385

1,2871,250

722

82

36,67815,20613,072

84619,735

54.5

35,097

35,1111,756

11,1007,1206,952

1228,515

44,63541, 0753,077

11,05719,5377,404

6002,960

11,0655,9841,393

1,2551,071

541,308

1.004.001.50

.44

.751.25

1.00.375

1.30

6,709

2,140

5,1921,896

709210

132233

134279

1,187343

11820

17235

36370

10685

1,3301,239

727

83

37,49215, 50813, 5481,035

20,21552.9

35,435

35,4991,7629,2217,2997,131

1228,691

43,69340,1402,473

10,75719, 5697,341

5842,969

10, 9806,0761,523

9571,062

321,330

2.182.823.141.004.001.50

.44

.751.25

1.00.375

1.31

6,810

2, If 8

5,2721,912

720210

138236

134380

1,192342

11819

17233

36467

11185

1,4021,231

727

83

38,70016,01714,148

99020,792

51.1

37, 587

37,8081,9545,8047,6027,436

1209,105

42, 54339,0571,774

10, 24719,7627,274

5992,887

11, 3716,2471,806

8511,060

811,326

1.004.001.50

.44

.751.25

1.00

.375

1.35

6,897

2,257

5, 4121,937

743210

148244

134484

1,194344

11718

17234

36168

11585

1,5161,231

728

84

39,85416,42714,7281,179

21,39149.6

38,8232,0395,7577,6117,450

1169,688

43,42839,920

1,76810,39220,3667,424

5942,884

11,6656,2742,118

8361,061

641,312

1.004.001.50

.44

.751.25

1.00.375

1.34

6,97

2,305

5,5951,973

773208

162253

134889

1,200345

11618

17234

36577

11785

1,6641,231

727

87

40,26916,41114,3731,773

21,73149.0

34, 667

35,2191,735

13,8707,7417,584

1129,875

47,25743, 7082,864

10,09921,4719,305

6152, £03

12, 6306,4151,969

1,7701,054

1071,315

1.932.612.651.004.001.50

.44

.751.25

1.00.375

1.35

7,116

2,342

5,7902,083

836200

184269

1370

1001,247

357

11923

17537

388106120

881,7581,220

729

87 1

39,92916,16513,884

98221, 748

49.2

36,076

36,2511,859

12,3147,8607,697

1178,856

47,13943,6572,5539,971

21,9379,196

6002,882

12,1076,3501,869

1,4621,049

721,305

1.004.001.50

.44

.751.25

1.00.375

1.31

7,204

2,404

5,4812,013

778192

172249

126192

1,235358

11616

17233

37858

12487

1,5281,206

734

85

40,43416,27014, 228

94922,162

48.4

37, 018

37, 3471,939

10, 5238,0527,883

1258,915

46, 86743, 5552,1409,994

22, 2159,206

3572,955

11,6346,2511,737

1,2451,044

711,286

1.004.001.50

.44

.751.25

1.00.375

1.22

7,295

2,458

5,3261,968

743186

163240

125488

1,225357

11416

16830

37256

12886

1,4321,188

738

40,54416,17414,166

78622,319

48.1

37,347

37,1982,0779,2228,1978,028

1258,944

46,61743,2282,082

11,31222, 3847,450

3373,052

11,1806,0881,614

1,0841,040

631,291

1.992.732.911.004.001.50

.44

.751.25

1.00.375

1.18

7,408

2,513

-• 5, 576' 1,992

••732184

163238

11r 5 0

861,260

374

11623

17142

38194

13187

1,6621,181

741

41,30116,81314,818

88622, 598

46.8

39,147

38, 9072,2896,4848,3428,190

1089,157

45,86042, 526

1,53010,84522, 7827,369

3183,016

11,3165,9041,894

1,047105

1,378

1.004.001.50

.44

.751.25

1.00.375

1.14

7,500

2,562

v 5,447v 1,992

J>724184

*>237v 11

v 1, 268378

11618

p 172

70P 1 3 4

87v 1, 500p 1,213

*>742

' 8 6

' Revised. p Preliminary. includes open market paper. KFor bond yields see p. S-19. JSee note marked "•".•A rate of 0.50 became effective October 30, 1942, on advances to member banks secured by Government obligations maturing or callable in 1 year or less.c? The temporary rate of 3 ^ percent established by legislation for instalments maturing after July 1,1935. expired July 1,1944; effective that date the banks voluntarily reduced

their rates to 4 percent on all loans in the United States, some of which bore a contract rate as high as 6 percent.*New series. Earlier data for the series on taxable Treasury notes are available on p. S-14 of the April 1942 and succeeding issues of the Survey. Data on consumer credit begin-

ning 1929 are available in the November 1942 Survey, pp. 16-20, and subsequent issues, except for unpublished revisions as follows: Total consumer short-term debt (dollar figures and

wuuic is esseiumiiy me same as mat usea onginany; revisions resuneu largely uvus aujuo^cu^ v̂ ̂ v, ^»^v^j — *— — ^., ~ r _ ~ ~"r~ --—,—*; vrr — r ~~ ,~reporting consumer credit by commercial banks. Recent revisions are explained in detail in the December 1944 and January 1945 issues of the I ederal Reserve Bulletin.




1945

May

1944


FINANCE—Continued

Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary


LIFE INSURANCE

Life Insurance Association of America:©Assets, admitted, totalj • mil. of doL

Mortgage loans, total .do. . .Farm . do. . .Other do. . .

Real-estate holdings. do. . .Policy loans and premium notes do. . .Bonds and stocks held (book value), total do. . .

Govt. (domestic and foreign), total do. . .U. S. Government do. . .

Public utility do. . .Railroad do._.Other do. . .

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

Insurance written:®Policies and certificates, totalf .thous.

Group do-..Industrial! ..doOrdinary! do.. .

Value, totalf --- ..thous. of dol.Group doIndustrial! doOrdinary! do

Premium collections, total® .doAnnuities doGroup ...doIndustrial ..doOrdinary ._do

Institute of Life Insurance:*Payments to policyholders and beneficiaries,

total thous. of dol..Death claim payments ..doMatured endowments. _ _. doDisability payments doAnnuity payments doDividends .doSurrender values, premium notes, etc ..do

Life Insurance Sales Research Bureau:Insurance written, ordinary, total .do

New England ...doMiddle Atlantic. do... .East North Central . . .do. . . .West North Central.. .do.. . .South Atlantic... doEast South Central _ do....West South Central do....Mountain ..doPacific do....

MONETARY STATISTICS

Foreign exchange rates:Argentina dol. per paper peso..Brazil, officials1 __dol. per cruzeiro..British India dol. per rupee..Canada, free rate§ dol. per Canadian dol..Colombia. dol. per peso..Mexico ...doUnited Kingdom, official rate§ dol. per £

Gold: *mMonetary stock, IT. S mil. of doL.Net release from earmark* thous. of dol._Production:

Reported monthly, totalt doAfrica doCanada? _ do_United States!.. --- do

Money supply:Currency in circulation. _ mil. of doL.Deposits adjusted, all banks, and currency outside

banks, total* mil. of doL.Deposits, adjusted, total, including U. S. deposits*

mil. of dol..Demand deposits, adjusted, other than U. S.*

mil. of dol. .Time deposits, including postal savings* do

Silver:Price at New York .dol. per fine oz.Production:

Canada thous. of fine o:United States do..

Stocks, refinery, U. S., end of month ..do..

34, 5265,201

5864,615

7781,592

25,13816, 02114, 6294,4062,5932,1181,031

786

70147

367287

861, 66886, 588

132,102642, 978

225,076111, 15235, 760

7,20215,15336,78319,026

859, 80060, 879

226, 229186, 77180,46385, 63434, 39460, 51226,082

.298

.061

.301

.908

.570

.2064.035

20, 270-66, 857

26, 528

.448

31,85,252

6184,634

9761,762

22, 29613, 36511,7624,4762,4731,982

811751

69354

376263

820, 098136, 333136,127547, 638308, 760

29, 63321,07063, 752

194, 305

208, 273101, 59731,101

7,74614, 09933, 30420, 426

717, 34151,019

190, 254159, 81470, 09372, 40027, 60548, 77721,50375, 876

.061

.301

.905

.573

.2064.035

21, 264-93 ,110

57, 22740, 245

2,881

22,160

128, 000

107, 500

65,10035,300

.448

1,0303,5110)

32,1025,263

6204,643

9541,746

23,05514,14912, 5754,4642,4561,986

39S686

69889

340269

842,991125, 675125,183592,133339,60035,31921, 68070,116

212,486

210,97295, 73929,807

7,62615, 46041, 35720, 983

771,83254, 219

196,325161, 59276,04874,90030,37254, 66423, 274

100,438

.298

.061

.301

.904

.573

.2064. 035

21,173—6,395

54, 77539, 4018,3972,431

22, 504

136,172

115,291

60,06535,720

.448

1,1602^892

32, 2955,261

6204,641

9361,733

23, 24214, 34612, 7974,4542,4521,990

457666

58642

304241

722, 96080, 220

112, 395530, 345285,072

33, 84219, 25857, 309

174,663

189, 58991, 62925, 9206,976

14, 42932, 59818, 037

696,04649, 896

178, 969150, 976

71, 31170, 82628,08246, 73422,59576,657

.298

.061

.301

.902

.573

.2064.035

20, 996—96, 627

55, 87939, 5938,2472,959

22, 699

139, 300

118,100

61,50036, 300

.448

1, 0723,538

32, 4545,259

6174,642

9211,719

23, 38114, 44712, 9044,4662,4731,995

466708

62770

313244

746,819110,319115, 490521.010312,031

39, 56721, 33059. 522

191,612

199, 500103, 80226,162

7,06814, 33529,01419,119

701, 70548, 553

165, 996157, 72674, 81675, 31528, 94550, 45622,10377, 795

.298

.061

.301

.900

.573

.2064.035

20, 9262,690

57, 22640, 2248,2902,779

23, 292

139, 200

117,500

64, 30037,100

.448

8303,119

32,6585,258

6164, 642

9021,707

23,53114, 57413,0544,4712,4921,994

521739

56235

300227

648, 37664,796

111,226472, 354306,311

27,13920,53269,974

188,666

188,02690,14825, 591

6,75814,79133,15317,585

636,51844,821

152, 249143,62067,35566,39827,17247,76120,32266, 820

.298

.061

.301

.894

.573

.2064.035

20,825- 2 7 , 378

54,82639, 0748,2743,028

23, 794

139,100

116,900

65, 50037,900

.448

9052,291

32, 8645, 249

6124,637

8931,693

23,61914, 64613,1724,4972,4712,005

665745

67846

367264

777, 79397, 910

134,171545, 712292, 69332,66520,83361,419

177, 776

200, 236101,61230,5157,083

13, 95529.07217,999

724, 84051,959

187, 461159, 62971, 44276, 66927, 55050, 45022, 23077, 450

.298

.061

.301

.897

.573

.2064.035

20, 727—22,647

54, 46139,1108,0512,863

24, 425

139, 900

117,100

69, 50038, 900

.448

1, 0542,889

33,0635,239

6054,634

8763,678

23,56914, 63113,1654,4682,4602,010

947754

64544

344258

776,801101, 755124,976550,070309, 28436,89820,40757, 036

194,943

201,985101,74031,133

6,97214,94230,16717,031

726,45252, 499

192,674159,73472,17474, 90129, 26850,11921,35673, 727

.298

.061

.301

.898

.573

.2064.035

20,688- 3 4 , 669

53,67538, 525

7,8092,974

25,019

143, 200

119,900

' 72,50039,200

.448

1,1923,105

_.

33, 4185,257

6024,655

8541,662

24,40915, 54714,0904,4342,4621,966

490746

58970

290230

908, 377222, 532140, 421545, 424458, 763120, 99024, 56684,430

228, 777

224, 886101, 77329,4376,188

13, 33954, 07120, 078

740, 32952,148

181, 927161, 27875,12976,08331,87055, 33925,42381,132

.298

.061

.301

.897

.572

.2064.035

20, 619- 4 6 , 255

53, 40438,1968,0122,769

25, 307

150, 988

127,483

66, 93039, 790

.448

1,2273,247

33, 6835,235

5954,640

8441,646

24, 70415, 77214,3384,4382,5291,965

549705

57337

299236

747,85364, 376

123, 724559,753351,354

49,06931,31268,424

202, 549

241,157115,09637, 5968,104

19, 39042,92318,048

737, 56458,092

204, 556159,39970,45071,94827,46649,99122,60873,054

.298

.061

.301

.900

.572

.2064.035

20, 550-58 ,160

' 55,199' 39. 500

* 8,1662,463

25, 290

P151 , 100

P127,400

v 68, 600p 40, 500

.448

1,0192,564

33, 8655,225

5914,634

8311,632

24, 91115,93814, 5184,4432,5341,996

534732

61735

334' 2 4 8

739,16260, 212

123,130555,820333,056

37,89723, 59863,992

207, 569

210,979106,100

30, 3757,215

14, 23236. 22916,828

730,92654,244

193,730160,472

70,97974,25827,01452,67622,97074, 583

.298

.061

.301

.906

.571

.2064.035

20, 506-37 ,392

r 50, 782r 36,883

7,4322,342

25, 751

»150, 900

P126, 700

v 69, 700v 41,400

.448

9522,157

34,1035,218

5814,637

8041,618

25.11416,14114. 7354,4312.5362.0G6

587762

75266

398288

892,667103,202145, 258644, 207378, 659

44, 95625,30273,077

235,324

244, 825117, 58437, 823

7,84114,91846, 67719,982

869, 49063,176

225,674191,39583, 79289,70035,29063,30928,24988,905

.298

.061

.301

.903

.570

.2064.035

20,419- 4 6 , 924

p 54, 457p 39, 678

r 8, 0042,446

25, 899

P150, 700

P126,500

P 71,100P 42,000

.448

1,200r 2, 789

34, 3085,218

5844,634

7871,604

25, 25416, 23614, 8644.4112, 5532,054

667778

71047

379284

859, 97895,334

136.537628,107306, 273

34, 41321,06856,633

194,159

218,662110,65932. 4137,011

14, 92334, 52819,128

837, 53661, 888

223,899181, 74481,77986,83130,97258,63624, 54187, 246

.298

.061

.301

.905

.570

.2064.035

20,374-53 ,191

p 53,381p 39,157

7,8312,328

26,189

^151,000

P126,500

v 73, 800p 42,900

.448

2, 873

' Re vised. * Preliminary. J36 companies having 82 percent of the total assets of all United States legal reserve companies. i Discontinued by compilers.A In January 1944 one company was replaced by a larger one and the 1943 data revised accordingly; revisions for January-September 1943 are available on request.039 companies having 81 percent of the total life insurance outstanding in all United States legal reserve companies. #Or increase in earmarked gold (—).d" Prior to Nov. 1,1942, the official designation of the currency was the "milreis." ©Formerly "The Association of Life Insurance Presidents."§The free rate for United Kingdom shown in the 1942 Supplement was discontinued after Feb. 1,1943; the official and free rates (rounded to thousands) were identical from January

1942 to January 1943. The official rate for Canada has been $0,909 since first quoted in March 1940.^Data for Mexico, included in the total as published through March 1942, are no longer available. For revised monthly averages for 1941 and 1942 for the total and Canada and for

1942 for United States, see note marked *T' on p. S-17 of the March 1944 Survey. Monthly revisions for 1941 and January-May 1942 are available on request.•New series. The series on payments to policyholders and beneficiaries, compiled by the Institute of Life Insurance, represents total payments in the United States, including

payments by Canadian companies; data are based on reports covering 90 to 95 percent of the total and are adjusted to allow for companies not reporting; data beginning September1941 are available in the November 1942 Survey; earlier data are available on request. The new series on bank deposits and currency outside banks are compiled by the Board ofGovernors of the Federal Reserve System and are partly estimated. Demand deposits adjusted exclude cash items in process of collection. The figures for time deposits include postalsavings redeposited in banks and amounts not so deposited. The amount of U. S. deposits can be obtained by subtracting the sum of demand and time deposits from figures for totaldeposits. Monthly data beginning January 1943 and earlier semiannual and annual data will be published later.

!Data for the indicated series have been published on a revised basis beginning in the February 1944 Survey and are not comparable with data in earlier issues (see note inMarch 1945 Survey for explanation of the revision, which extended back to January 1941, and the effect on the 1941-42 data); revisions for January 1941-October 1942. also earliersmall revisions in value data for ordinary and the total back to December 1938, are available on request.




1945

M a y

1944 j 1945

M a y June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

Janu-ary


FINANCE—Continued

P R O F I T S AND DIVIDENDS (QUARTERLY) •

Industrial corporations (Federal Reserve): c?Net profits, total (629 cos.)- mil. of dol._

Iron and steel (47 cos.) doMachinery (69 cos.) doAutomobiles (15 cos.) doOther transportation equip. (68 cos.) doNonferrous metals and prod. (77 cos.) doOther durable goods (75 cos.) doFoods, beverages and tobacco (49 cos.) d o , . . .Oil producing and refining (45 cos.) d o . . . .Industrial chemicals (30 cos.) doOther nondurable goods (80 cos.) „ doMiscellaneous services (74 cos.)---- — --- do

Profits and dividends (152 cos.) :*Net profits. _ d o . . . .Dividends:

Preferred doCommon - do

Electric utilities, class A and B, net income (FederalReserve)* mil. of dol_.

Railways, class I, net income (I. C. C.)G <3°Telephones, net operating income (Federal Communi-

cations Commission)© mil. of dol.

r r C L I C FINANCE (FEDERAL)

U. P. war program, cumulative totals from June 1940:*Program mil. of dol._Cash expenditures .do

U. S. Savings bonds:*Amount outstanding doSales, series E, F, and G . . . doRedemptions .do

Debt, gross, end of month® . . . doInterest bearing:

Public issues doSpecial issues§_ ___do

N on interest bearing . . . doObligations fully guaranteed by U. S. Gov't:

Total amount outstanding (unmatured) doExpenditures and receipts:

Treasuiy expenditures, total .doWar activitiest doTransfers to trust accounts} . . . doInterest on debt doAllotherJ do

Treasury receipts, total doReceipts, net _ .do

Customs doInternal revenue, total do

Income taxes .doSocial security taxes do

Net expenditures of Government corporations andcredit agencies* mil. of dol_.

Government corporations and credit agencies:Âssets, except interagency, total__ .do

Loans and preferred stock, total doLoans to financial institutions (inch preferred

stock) .mil. of dol . .Loans to railroads _ doBorne and housing mortgage loans doFarm mortgage and other agricultural loans, doAll other.._ do

U. S. obligations, direct and guaranteed .doBusiness property.__ .doProperty held for sale .doAll other assets do

Liabilities, other than interagency, t o t a l . . doBonds, notes, and debentures:

Guaranteed by the U. S doOther do

Other liabilities, including reserves. .doPrivately owned interests . .doU. S. Government interests do__II

Reconstruction Finance Corporation, loans outstanding,end of month, totalf-- mil. of dol . .

Banks and trust cos., incl. receivers doOther financial institutions._ doRailroads, including receivers . . . d o . . I "Loans to business enterprises, except to aid in national

defense . .mil . of dol._National defense do. . I IOtber loans and authorizations.._. ___do

407,084282, 531

43, 7671,540

427238,832

217,16918, 5922 3,071

1,151

9,2758,156

29666

7573,3983,085

362,9212,027

337

-154

1,638296127217

31;,325

641

341, 605191,926

32,987751279

186,366

170,75314,1221,492

1, 529

8,2927,879

2652334

3f2562,950

383,0242,167337

148

31,1537,656

632406

1,7322,6532,2331,7501,6858,04212,0208,722

1,6721,4275,623435

21,996

9,330372222372

7,627702

••456464055

M630

227

22149

123168.4

58.2

343, 514199,883

34,6061,842

248201,003

185,25614,2871,460

1,516

8.6257,567

40747271

6,2496,247

285,7345,241

75

31,6667,621

674405

1,7062,5912,2441,7011,7028,392

12, 2509,364

1,7661,4136,185443

21,858

9,428357222372

347,749694

362, 377207,238

36, 5382,125227

208,574

192,15614,9611,456

1,468

8,1107,20145186372

2,2122,163

281,9851,247

56

193

31,0977,504

667405

1,6812,5322,2191,5783,7428,4969,7768,663

1,5711,2295,863444

21,990

9,473351218371

347,807

392, 453215,035

602279

209,802

162.82715, 4611, 514

1,475

8,1197,571

5777415

2,8592,568

232,7021,552319

254

32,6907,370

631387

1,6432,4742,2351,5923,7479,22010, 7619,131

1,5711,2006,360444

23,114

9,607342209354

337,977

692

' 4 7 347 !3855

U 6282145564937

' 5 2

242

20137

111173.3

58.3

392, 479222,140

37, 323692283

209,496

191,87315, 9761,645

1,480

7,9306,998

22581329

5,9275,926

255,7495,174

65

- 3 5

31,9597,405

606388

1,6363,4071,3681,603

15, 7763,0504,1269,690

1,5651,2046,921

49821, 771

9,711338208353

338,089

391,096229, 586

37, 645695401

210, 244

192, 43816,1701,636

1,480

8,0247,479

47133365

2,0542,001

291,8801,240

60

95

9,704335208343

328,104681

390,389236,682

38,3081,023382

215,005

194,19216,5832 4,230

1,470

7,8287,401

1856353

2,5062,240

272,3001,501293

-71

9,846330207340

318,265674

'517555559

1422825496453

'50

271

• 184

130164.8

390,506244, 516

40,3612,386365

230, 630

212,56516, 3261,739

1,470

8.4167,503

22560332

5,4185,416

294,9454,347

164

32,0287,228

621343

3,3851,3111,63016, 2752,9933,9017,667

1,5371,3954,736504

23,857

9,865322205312

318,329665

390,350252,036

41,1401,074341

232, 408

213,98416, 6881,736

1,496

8,2027,551

69191390

3, 5878, 556

363,0422,422

-21

9,867314204287

5,370664

389, 0f6259,000

41,698848323

233, 707

214,72417,1301, 853

1,114

7,4606, 948

4891373

3,9873,767

233,8152,922341

313

307196276

258,387657

471503954

14732213962483941

239

20142

139139.4

62.5

388,856267, 320

42,160889464

233,950

214,45917,5671,923

1,119

9,4338,246

45628513

6,9086,892

336,4315,818

96

-407

31,7826,602

502281

1,4563,0371,3271,75616,7613,0183,644' 7,821

1,1501,237

' 5,435451

r 23, 510

9,713302182251

338,294651

•390,872274,366

42, 626838404

235,069

215,14017,9232, 006

1,132

7,9687,139236139455

2,9672,929

332,7462,167

46

71

9,648299170240

338,260646

' Revised. §Special issues to government agencies and trust funds. ® Figures are on the basis of Daily Treasury Statements (unrevised).1 Partly estimated. ©Revisions for first quarter of 1944—Railways, 151.6; telephones, 59.0.2 November 1944 and May 1945 data include prepayments on securities dated Dec. 1, 1944, and June 1, 1945, sold in the Sixth and Seventh War Loan drives, respectively.• In addition to data shown above, quarterly estimates of profits of all corporations are published in special tables in the Survey; see note in March 1945 Survey for references^Revisions for first quarter of 1944 (millions of dollars): Total, 442; foods, beverages, and tobacco, 38; other transportation equipment, 50. The latter series and the total have

been revised also for 1942-43 and scattered revisions have been made in the 1943 data for other series; all revisions are available on request.JFor 1941 revisions see p. S-17 of the November 1942 issue. Data for the agricultural adjustment program, shown separately through the February 1944 issue, and unemployment

relief, shown separately through the July 1944 issue, are included in the "all other" item. Debt retirements, which have been comparatively small, are excluded^Beginning September 1944 data are reported quarterly and for some items (notably farm mortgage and other agricultural loans, all other loans, business property property held

for sale, all other assets) are not comparable with earlier data owing to changes in regulations governing reports from the agencies and to shifts between classincations*New series. For data beginning 1929 for profits and dividends of 152 companies, see p. 21, table 10, of the April 1942 Survey. Data for net income after taxes of class A and B

electric utilities have been substituted for data for 28 companies; they include affiliated nonelectric operations and cover 95 percent of all electric power operations Data beginning1939 are available on request. Data beginning July 1940 for the series on the war program are shown on p. 29 of the June 1943 issue; a comparatively small amount of intercomDanvduplication in the figures for R. F. C. and its subsidiaries has been eliminated beginning October 1943; see footnote marked " • " on p. S-18 of the April 1944 issue. The series on war-savings bonds is from the Treasury Department; amounts outstanding are at current redemption values except series G which is stated at par; this item and redemptions cover allsavings bonds series, including pre-war issues; sales represent funds received during the month from sales of series E, F, and G, the series issued since April 1941 (for sales beginningMay 1941, see p. S-16 of the October 1942 Survey). The series on expenditures of Government corporations and credit agencies includes net transactions on account of redemptionsof their obligations and other net expenditures by the Reconstruction Finance Corporation, the Commodity Credit Corporation, and other lending agencies* transactions oftheseagencies are not included in Treasury direct budget expenditures and receipts shown above; since October 1941 funds for these agencies are provided by the Treasury

t Re vised series; see note in the December 1943 Survey regarding changes in the classifications; the figures include payments" unallocated, pending advices at end of monthDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis



1945

May

1944


Octo-ber

Novem-ber

December

1945

Janu-ary


FINANCE—Continued

SECURITIES ISSUED

Securities and Exchange Commission:!Estimated gross proceeds, total mil. of dol..

By types of security:Bonds, notes, and debentures, total ..-do

Corporate - -.-doPreferred stock. ...doCommon stock.._ .do

By types of issuers:Corporate, total _ -do

Industrial _ ...doPublic utility _ -.doRail - .do. . . .Other (real estate and financial) do

Non-corporate, total® _ doU. S. Government-. ..doState and municipal. do

New corporate security issues:Estimated net proceeds, total _ do

Proposed uses of proceeds:New money, total .do

Plant and equipment _ doWorking capital .do

Retirement of debt and stock .doFunded debt doOther debt -doPreferred stock _ ...do

Other purposes ...doProposed uses by major groups:§

Industrial, total net proceeds doNew money -doRetirement of debt and stock do

Public utility, total net proceeds doNew money. .doRetirement of debt and stock do

Railroad, total net proceeds. ...doNew money ___.doRetirement of debt and stock.. do

Commercial and Financial Chronicle:Securities issued, by type of security, total (new

capital and refunding) .thous. of dol._New capital, total .do

Domestic, total _ . . .- .doCorporate doFederal agencies _ ...doMunicipal, State, etc. ..do

Foreign doRefunding, total do

Domestic, total .doCorporate .__doFederal agencies _ .doMunicipal, State, etc _ _. ..-do

Foreign doDomestic issues for productive uses (Moody's):

Total mil. of dol..Corporate doMunicipal, State, etc do

Bond Buyer:State and municipal issues:

Permanent (long term) thous. of dol_.Temporary (short term) do

SECURITY MARKETS

Brokers' Balances (N. Y. S. E. members carryingmargin accounts)^

Customers' debit balances (net) .mil. of doL.Cash on hand and in banks.._ doMoney borrowed doCustomers' free credit balances do

BondsPrices:

Average price of all listed bonds (N. Y. S. E.) .dollars..Domestic _.doForeign do... .

Standard and Poor's Corporation:Industrial, utilities, and rails:

High grade (15 bonds).. _dol. per $100 bond-Medium and lower grade:

Composite (50 bonds) do.._Industrials (10 bonds) ___do___Public utilities (20 bonds) .do. . .Railroads (20 bonds).- do. , .

Defaulted (15 bonds) do. . .Domestic municipals (15 bonds)f do.._

U. S. Treasury bonds (taxable)t -do.,.

2,078

1,96037810117

496231187763

1,5821, 540

42

485

1364888

3422781253

223117100184

1183751857

585,900190, 513184,613156, 960

027,6535,900

395, 387395,387367,086

19,1809,121

0

977126

36,22631, 307

1,094

122.3

117.9122.1116.5115.077.5141.3101.7

1,069

1,045125159

148875821

920751160

146

23176

123115

18, 58754,09154, 09132, 616

60520, 871

0364,495355,345L84,09132, 27038,9849,150

3327

.66,13820, 292

790

550400

100. 62101.4175.29

120.9 j

114.7121.5116.0106.558.9135.6100.2

12,109

12,097151

39

16360244534

11,94611,914

31

160

238

15135103

1813

1

58174024

023454

41

238,98263, 48142,48115, 3734,125

22,98321, 000

175, 501170, 251

78, 75483,0258,4715,250

199

10

37,39145,354

887196619424

100. 53101.2676. 32

120.9

114.5121.5115.9106.261.2

135.5100.2

2,353

2,3121522020

1921125921

C)2,1612,125

36

188

603624

122109

0136

109347058

55221210

274, 42070, 42568,92557, 328

011, 5971,500

203, 995203, 795153, 91727, 45522, 423

200

5345

8

32,695122, 700

940

660420

100. 71101. 4075.50

121.3

114.7121.1116.3106. 861.3

136.11 100.2

897

882214

122

2296826

1350

668602

65

226

572433

166147

(°)193

66382726

(°)24

13419

115

331,720145,073145,073105, 573

039, 500

0186, 647186, 647140, 60820,31525, 724

0

935538

56,7335,100

940

630410

100.74101.4176.04

121.2

114.8120.9116.2107.357.3

136.5100.4

1,148

1,085375

549

43888

153191

6710692

18

429

271710

396357

138

5

851075

1495

13918910

179

478, 27141, 87441, 87429,208

012,666

0436, 397436, 397400. 717

30. 0105,670

0

301713

23, 44128,199

940

640420

100. 61101. 2975.55

121.2

114.5120.1116.5107.055.5

136.2100.4

1,538

1,489686

3910

735191505

372

803695108

722

1239

114592566

2247

18611373

4988

484362

35

898,654177,599177, 599130, 618

046,981

0721, 055714. 055610, 535

42, 37061,1507,000

561640

113,95768, 661

950

670430

100. 71101.3876.11

121.1

115.5119.9116,9109.659.1

135, 5100.3

1,441

1,410315

1813

34731

26253

11,0951,023

71

340

241113

316207

109(°)

291612

2594

255524

48

479, 67039, 27039, 27022,81610, 090

6, 3640

440,401440,401335,894

39, 42565, 082

0

17116

97, 4317.700

940

640430

100.92101.6076.15

120.9

115.9119.9116.8111.161.7

135.2100.3

14, 732

14,685107245

15418108342

14, 57914,544

34

152

54450

193,29638,23138,23118, 681

019, 550

0155,065155,065114,10426, 71514, 246

0

25718

48,28819, 366

1,041209726472

101. 35101. 9776.33

121.4

116.9120.7116.8113.265.8 |135.5 I100.3 I

1, 583

1,5312293715

281846612110

1,3021,074113

275

3514212402210190822854650651190

119

633, 217142, 943135,90042, 7411, 505

98, 6970

490, 274490. 274

i 272,280195,46022, 534

0

1172790

117, 473131, 434

1,070

730530

101.91102. 5177.27

121.6

117.3121.2117.0113.768.6

136. f>101. 0

1,093

1,080202

211

2152761

10918

878

212

281612

182160

517

1

279

16

10812

244,58041,93641,93626,925

8, 6706,341

0202, 645162, 645136,33217,9508,363

40,000

2216

12,47015,449

1,100

730540

102. 58103.1579.22

121.9

117.6121.9116.5114.368.1

138.7101.8

1,289

1,2361734112

22696

12504

1,063889174

221

482819

172158

1132

934150

1242

122000

557,26986,04686,04662,044

024, 002

0471,223471, 223295, 76625,475

149,9820

493415

178,12593, 780

1,034

722 i553 i

102.53103.0979. 30

122.7

118.122.116.114.

68.140.101.

1958976

r Revised. « Less than $500,000.®Includes for certain months small amounts for nonprofit agencies not shown separately.§Small amounts for "other corporate", not shown separately, are included in the total net proceeds, all corporate issues, above.^Beginning March 1945 data are from the New York Stock Exchange; earlier data were compiled by the Board of Governors of the Federal Reserve System and except for June

and December, data are estimates based on reports for a sample group of firms.fRevised series. For an explanation of changes in the data on security issues compiled by the Securities and Exchange Commission and revised 3943 monthly averages for selected

series, see p. S-18 of the April 1943 Survey; there have also been unpublished revisions In the January-July 1943 and January-May 1942 figures and in the July-December 1942 figuresfor XJ. S. Government and the totals that include this item (July-December 1942 figures for other items are correct in the August 1943 Survey); all revisions are available onrequest. The price index for domestic municipals is converted from yields to maturity, assuming a 4 percent coupon with 20 years to maturity; revised data beginning February 1942are on p. 8-19 of the April 1943 Survey; earlier data will be shown in a later issue. Revised data beginning November 1941 for the price series for U S Treasury bonds are shownon p. 20 of the September 1944 issue.




1945

M a y

1944


Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary


FINANCE—Continued

SECURITY MARKETS—Continued

Bonds—Continued

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

Market value thous. of dol.Face value .do . . .

On New York Stock Exchange:Market value _ _..do--_Face value do . . .

Exclusive of stopped sales (N. Y. S. E.), facevalue, total thous. of dol.

U. S. Government do__-Other than U. S. Government, total . . .do. . .

Domestic— .do--.Foreign.. do . . .

Value, issues listed on N. Y. S. E.:Face value, all issues mil. of dol.

Domestic do . . .Foreign do . . .

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

Yields:Bond Buyer:

Domestic municipals (20 cities) .percent.Moody's:

Domestic corporate do . . .By ratings:

Aaa . . - do . . .Aa do . . .A do . . .Baa do . . .

By groups:Industrials _ do._.Public utilities do . . .Railroads -do. . .

Standard and Poor's Corporation:Domestic municipals (15 bonds). . . d o . . .

U. S. Treasury bonds:Partially tax-exemptf . . d o . . .Taxable! do . . .

Stocks

Cash dividend payments and rates, Moody's:Total annual payments at current rates (600 com-

panies) mil. of doL- 1,870.66Number of shares, adjusted- millions.. 941.47Dividend rate per share (weighted average) (600 com-

panies) ..dollars.. 1.Banks (21 cos.) do 2. 93Industrials (492 cos.) do 1. 92Insurance (21 cos.) do 2. 57Public utilities (30 cos.) do 1.80Railroads (36 cos.) do 2.

Dividend payments, by industry groups:*Total dividend payments mil. of doL. 115. 5

Manufacturing do 65. 0Mining. . d o . . . . 2. 5Trade— do 4. 2Finance do 11. 2Railroads do 1Heat, light, and power. . . . .do 28. 7Communications.. do . 2Miscellaneous.. ... _ do 1.

Prices:Average price of all listed shares (N. Y. S. E.)

Dec. 31, 1924=100.. 80.6Dow-Jones & Co. (65 stocks) dol. per share.. 62.19

Industrials (30 stocks) do 165.58Public utilities (15 stocks) .do 30. 85Railroads (20 stocks) do 56.36

New York Times (50 stocks) _.do 119.10Industrials (25 stocks) .do 194. 09Railroads (25 stocks) do 44.11

Standard and Poor's Corporation:Combined index (402 stocks) 1935-39=100__ 118. 2

Industrials (354 stocks) _do 120.3Capital goods (116 stocks) .do 108.8Consumer's goods (191 stocks) .do 127. 2

Public utilities (28 stocks) . . .do 101. 2Railroads (20 stocks) . . .do 134. 5

Other issues:Banks, N. Y. C. (19 stocks) d o . . . . 113.Fire and marine insurance (18 stocks) .do 129.1

Sales (Securities and Exchange Commission):Total on all registered exhanges:

Market value thous. of doL. 11,420,050Shares sold thousands.. 58, 373

On New York Stock Exchange:

209,766327,148

198,182311,891

263, 495514

262,981254, 2468,735

111,506108,8512,655

114,857112,7012,157

1.43

2.622.722.883.32

2.682 933! 05

1.682.39

Market value thous. of dol_.Shares sold thousands..

Exclusive of odd lot and stopped sales (N. Y.Times) thousands..

,195,16442, 373

32, 024

166,046234, 544

153, 442218,886

213, 749915

212,834204,161

8,673

93,27290,4422,830

93,84991, 7192,130

1.65

3.06

2,732.813.073.63

2.812.973.41

1.86

1.942.49

1,818. 36941.47

1.922.811.882.541.802.42

118.466.9

1.04.1

11.01.4

31.2.2

2.6

67.449.85

139.2222.7439.3696.95

164.0429.88

97.299.087.8

103.687.899.3

100.7113.3

686, 23729, 409

578,18321, 633

17, 228

184,358296,029

169,220267,881

243, 784436

243,348231,087

12, 261

95, 72992,9292,799

96,23594,099

2,137

1.64

3.05

2.732.813.073.59

2.792.963.40

1.87

1.912.49

1,818.13941. 47

1.932.811.882.541.802.42

460.7264.643.425.730.837.332.714.511.7

70.251.85

145.4623.4740.58

101.46171. 8831.04

101.5103.992.7

110.289.6

100.8

103.9112.3

1,159,17959,069

997,80545, 854

37, 713

170, 406258,532

158, 655243,004

193, 748503

193, 245182,523

10, 722

101, 559

2,703102, 285100, 244

2,041

1.59

3.04

2.722.803.053.57

2.792.953.37

1.84

1.892.49

1, 817. 90941. 47

1.932.811.882.541.802.42

350.5144.3

3.917.678.514.837.746.57.2

69.253.03

148. 3723.9641.85

103. 34173. 5931.73

104.3106.796.1

113.191.3

105 3 j

115,386164, 549

104,051149, 718

137, 613331

137, 282130,104

7,178

101, 58198,8812,700

102, 329100, 276

2,053

1.59

3.02

2.712.793.043.55

2.792.943.34

1.82

1.902.48

1,819.87941.47

1.932.811.882.541.802.42

133.761.4

1.23.8

25.97.9

31.4.1

2.0

69.852.60

146. 7224.7441.12

102. 25173. 4231.09

102.7104.794.3

111.792.1

102.5

106.7 ! 106.2116. 9 116. 4

53,995 38,826

28, 220 ' 20, 753

100, 214143,273

90, 966131, 764

132, 211461

131, 750124,941

6,809

101, 39998, 7042,694

102, 017

2,036

3.03

2.722.793.053.56

2.792.943.35

1.83

1.932.47

1, 822. 01941. 47

1.942.821.882.541.802.42

379.6239.220.825.724.211.931.914.011.9

69.551.81

145. 2024.6739.75

100.60171. 2429.97

100.7102.692.6

110.791.498.7

105.0115.5

623,19428, 275

518, 52120, 284

15, 946

141, 242197, 373

130,747185, 232

166,619247

166,372160, 202

6,170

101,08898, 400

101, 80199, 7562,046

1.64

3.02

2.722.813.013.55

2.792.963.32

1.87

1.932.48

1, 833. 24941.47

1.952.821.892.541.802.55

300.4127.5

4.717.248.512.838.146.5

5.1

69.753.15

147.6825.6141.52

103. 03174. 7231.33

103.5105.695.6

113.292.7

103.4

107.3117.7

749, 41133, 554

617,18723, 480

138,318208,588

129,013196,075

196,864365

196,499189,948

6,551

100,45097,7652,685

101,37899,3332,044

1.63

3.02

2.722.803.013.53

2.772.983.29

1.902.48

1,860.07941.47

1.982.821.92

, 2.54' 1.80

2.56

129.270.92.95.4

12.92.9

31.9

70.353.11

146.8825.4542.11

102. 71173. 5231.89

102.7104.694.5

112.092.1

104.9

109.4118.0

742, 74631,371

617,30722,139

17,534 ! 18,019

237, 830411,818

223, 579384,803

341,960788

341,172332, 366

8,806

111,885109, 219

2,667114, 020111,959

2,060

1.53

2.97

2.692.762.983.46

2.732.973.23

1.81

1.812.44

1, 843. 52941. 47

1.962.821.902.571.802.57

299.799.1

1.819.877.216.635.445.9

3.9

73.857.11153.9526.5348.87107. 79179. 0736.51

108.4110.499.4116.393.8120.7

114. 4120.8

194,057308, 571

183, 545293,799

266,532349

266,183257,8408,343

111,116108,4382,678

112,621110, 5772,044

1.62

2.98

2.702.762.983.49

2.742.963.25

1.87

1.872.48

, 843. 45941.47

1.962.821.902.571.802.56

794.8451.468.545.872.059.552.716.128.8

72.655.32150.3525.8046.34106.45177.3835.52

104.7106.496.0113.492.4113.9

114.6117.8

1,154,13451,026

985,806 1,248,351 1,049,411 1,060,08538,418 51,208 41,887 j 38,516

31,260 I 38,995 32,613 ' 27,492

156,187226, 548

143,104201,689

191,747395

191, 352177,92213,430

111,995109, 329

2, 667114,882112,7692,113

2.93

2.652.732.943.41

2.692.953.16

1.752.38

1,851.69941. 47

1.972.821.912.571.802.63

139.260.31.07.924.27.0

36.1.22.5

77.858. 64157.1327.9050. 39110.96183. 3038.63

113.0115.2103.6121.096. 8125.3

113.3124.6

1,481,383 >1,266,858' 69, 213 r 60, 069

177, 485249, 721

165,095231, 927

206, 776585

206,191197, 883

8,308

112,001109,331

2,670114,832112,714

2,118

1.38

2.91

2.622.722.923.38

2.682.943.11

1.702.40

941. 47

1.982.931.922.571.802.66

373.9235.021.123.523.310.031.113.710.2

74.758. 62

157. 2227.8951.43

110. 43182. 0238.84

111.8114.0103. 2119.396.1

123.6

110.9125.4

1,254,928r 54,999

176,998259,930

165,137243, 584

246,476534

245,942235,86910, 073

111,819109,1612,658

115, 280113,137

2,143

1.35

2.90

2.612.732.903.36

2.692.943.07

1.57

1.682.39

1, 868. 26941. 47

1.982.931.922.571.802.66

'300.1r 130.1

4.4r 18. 1' 4 5 . 2»" 12. 1••38.4

46.4r 5 . 4

80.059. 89160. 4729.0953. 97114. 70188. 1941.33

114. 4116. 5105. 5122.298.0

129.3

110.6123.5

1,151,042' 47,316

967,14734, 454

f Revised.•New series. Data for 1941 and 1942 for dividend payments are shown on p. 20 of the February 1944 issue.tRevised series. The revised yield series above and the price series on p. S-18 for long-term Treasury bon

through December 1943 are shown on p. 20 of the September 1944 issue.ids consists of all issues not due or callable for 15 years; revised data



nlessand1942


throughfound in

1941t h e

1945

M a y

1944


FINANCE—Continued

Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary


SECURITY MARKETS—Continued

Stocks—Continued

Shares listed, N. Y. S. E.:Market value, all listed shares mil. of dol_.Number of shares listed millions..

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

Banks (15 stocks) doIndustrials (125 stocks) doInsurance (10 stocks).-. doPublic utilities (25 stocks).... do.. . .!Railroads (25 stocks) do

Preferred stocks, high-grade (15 stocks), Standard and j|? Poor's Corporation ._ .percent..!

62,4311,536

4.23.44.13.34.75.5

3.66

50,9641,493

4.83.64.73.75.46.7

4.04

53,0681,493

4.63.54.43.75.26.6

3.98

52,4881,497

4.73.64.53.75.36.6

3.94

53,0771,499

4.73.54.53.75.26.7

3.96

52, 9301,481

4.73.54.53.75.36.7

3.95

53,0871,481

4.73.54.53.65.37.0

3.95

53,5921,483

4.83.34.63.65.36.8

3.92

55,5121,492

4.63.34.53.75.26.1

3.87

56, 5861,496

4.63.34.43.65.26.3

3.82

59, 6801,498

4.33.34.23.45.05.9

3.78

57,3831,504

4.63.64.43.55.16.2

3.73

FOREIGN TRADE

INDEXES

Exports of U. S. merchandise:Quantity 1923-25=100.Value _..do.. .Unit value do.. .

Imports for consumption:Quantity do.. .Value do. . .Unit value do. . .

VALUE

Exports, including reexports, totalj .thous. of dol_.Lend-lease* do

Canada! doLatin American Republics § _.do

Argentina! doBrazil§ doChile§_. do. . . .Cuba§._ ...doMexico§ do

Exports of U. S. merchandiset - -doGeneral imports, totalj do

Canada§-_ d o . . .Latin American Republics!... __ do

Argentina! - -doBrazil§ - doChile§ . „ do. . . .Cuba§ doMexico? -do

Imports for consumptionj do

301

1,138.048792, 646

1,121,238371,417

362, 932

348379109

136117

1,455,3971,193,139132,22385, 5892,680

14, 0884, 529

11,38724,884

1,446,084385, 988120, 818157,17913,39133,65111,98039, 58118,040

372, 210

305339111

11810186

1,295,3361,035,397

131, 54195, 870

2, 33814, 9515, 206

16, 02225, 638

1.286,840330,280102, 952128, 360

11,94221,23413,95233,10215, 359

322,061

290320110

10690

1.197,188936,478130,19782,003

1,83914, 9494, 656

13, 44219, 537

1,190,137293,18490, 873

126, 79318,41522, 8107,745

33, 01013, 435

276320116

11193

1.187,725927,576133,13897,832

1,67726, 712

4,01613,39723, 763

1,180,515302,445121,281131,31517,54524,44918,17927,57914,479

297, 417

276319116

1048784

1,192,680953,923116, 50580, 7523,242

13,9013,353

11, 74521,639

1,186,502280, 365

99, 342101,05815,28221,65211,08824, 81513, 541

278, 503

259304117

12210385

1,142,274895, 234122, 35987,053

2,88520,183

3,60113,34919, 299

1,136,901327,187114, 239136,985

11,68323,76310,00032,18516,242

330, 278

269316117

12110184

1,184,849901,890115,145110.825

2,10921, 533

5,60118,80524,252

1,176,439321, 922102,909128,265

16, 51325, 6789,025

33, 86215,266

323, 779

216248115

124104

-"686, 20391, 64293, 306

2,95718, 8555, 556

16, 31921, 855

••927,923336, 08294, 698

138, 73212,80426. 29021, 46733,71417,119

332, 721

204240117

12911187

901, 407649, 672

88, 27688, 646

1,92613, 6903,836

17.13323, 211

895,465333,97398,492

146,42011,46133, 28210, 00437, 89618, 627

353, 215

198234118

12310385

881, 638658, 987

86, 95071, 460

1,72311,3213,869

12. 43219, 215

872,762323,78396,003

135,01010,50424,27712, 61133,10520, 871

329, 697

231271117

131'115

1,022,728724, 298105, 332101,094

2,30513, 7624,563

15,14724, 616

1,009,719364, 680116, 518146,162

5,62921, 66615.19839,37422, 730

365, 627

TRANSPORTATION AND COMMUNICATIONS

TFAN SFORTATION

Commodity and Passenger

Unadjusted indexes:*Combined index, all typesf— ...1935-39=100..

Excluding local transit linesf -doCommodityt - - doPassengerf... _ . ...do

Excluding local transit lines - doBy types of transportation:

Air, combined index _ doCommodity.-. .doPassenger. ..do

Intercity motor bus and truck, combined index1935-39=100..

For-hire truck doMotor bus. _ .do

Local transit linesf doOil and gas pipe linesf ...doRailroads, combined index.... do.. . .

Commodity _ _ doPassenger. do

Waterborne (domestic), commodityt doAdjusted indexes:*

Combined index, all typesf _ ...doExcluding local transit linest do

Commodity .doPassengerf -do

Excluding local transit lines doBy type of transportation:

Air, combined index.. . . .doCommodity _ _ .doPassenger do

Intercity motor bus and truck, combined index1935-39=100..

For-hire truck doMotor bus do

226233212272383

731421

22320229218023925222942883

229237214279400

537731409

229206300

231237212288418

594791464

23520932118124925422746584

228235212281401

576791434

229207306

226234208287426

613797492

22619133817224625122346783

224230208277394

599797469

221195308

232241216286424

670884529

24121133917225025622946188

225232211272384

646884489

231211300

225238214260409

674874542

236216303179261250225447

87

'222228206277389

650874502

225206288

••230236216272379

696910556

'240••226

283183

'259248226417

87

••223229206

••277391

687910539

'230' 2 1 2

290

225231211270373

679917522

' 2 4 1'230

275184271241218414' 7 3

223'229

206279394

696917549

' 2 3 6'221

286

'214'218'196

272378

647906475

'225'210' 2 7 5

185276229204424

46

216'222'201

267373

679S06528

'224'210

271

222215196

'263354

659919487

'223213257189271225203395

48

218223203267363

695919547

237224277

223228209269366

685981489

228218262188296241218412

51

229235215274382

707981526

238224284

226231214

'265'353

584

'236'213

278192280246228

'37850

'233'239'221'272' 3 7 2

7961,088

602

'246'230

298

'Revised. t See note marked "•".• New series. For data beginning 1929 for the transportation indexes, see pp. 26 and 27, table 5, of the May 1943 Survey (small scattered revisions have been made in the data

beginning 1940 for the series marked "f", as published in the Survey prior to the December 1943 issue; revisions are available on request). See p. 22 of the February 1945 Survey forannual totals on lend-lease exports for 1941-44; monthly data prior to December 1943 will be shown later.

t For revised data for 1941 and 1942, see p. 22, table 4, of the June 1944 Survey.§ Revised security regulations now permit publication on a 2-month delayed basis of many of the foreign trades series which have been suspended during the war period; publica-

tion of totals for the selected Latin American countries formerly shown in the Survey and for Canada and New Mexico was resumed beginning in the August 1944 issue and other serieswill be included later.Digitized for FRASER




1945

May

1944


Octo-ber

Novem-ber

Decem-• ber

1945

Janu-ary


TRANSPORTATION AND COMMUNICATIONS—Continued

TRANSPORTATION—Continued

Commodity and Passenger—ContinuedAdjusted indexes*—Continued.

By type of transportation—Continued,Local transit l ines. . . 1935-39=100.Oil and gas pipe lines do_._Railroads do . . .

Commodity d o . . .Passenger d o . . .

Waterborne (domestic), commodity—_ do

Express OperationsOperating revenue thous. of doL.Operating income .do

Local Transit LinesFares, average, cash rate cents..Passengers carried! thousands..Operating revenues! „_..thous. of dol..

Class I Steam RailwaysFreight carlo ad ings (Fed. Reserve indexes):

Combined index, unadjusted 1935-39=100 _-Coal ---_ doCoke _ do-.--Forest products doGrains and grain products do , . . -Livestock doMerchandise, 1. c. 1 doOre doMiscellaneous ._ _ _.do

Combined index, adjustedf doCoalf _._ _.doCokef -- .doForest products doGrains and grain products! doLivestock! _- .doMerchandise, 1. c. 1 _ doOre! . d o . . . .Miscellaneous! . .do

Freight carloadings (A. A. R . ) : |Total cars .thousands. _

Coal doCoke .doForest products _ _.doGrains and grain products doLivestock doMerchandise, 1. c. 1 _. doOre _ _doMiscellaneous do

Freight-car surplus and shortage, daily average:•Car surplus _ thousands..Car shortage do

Financial operations:Operating revenues, total _.-thous. of dol..

Freight doPassenger do

Operating expenses..- doTaxes, joint facility and equip, rents.. doNet railway operating income doNet in comet .doOperating results:

Freight carried 1 mile mil. of tons..Revenue per ton-mile cents..Passengers carried 1 mi le . . . millions..

Financial operations, adjusted:!Operating revenues, total mil. of dol..

Freight doPassenger.- do

Railway expenses doNet railway operating income doNet income do

TravelOperations on scheduled air lines:

Miles flown thous. of miles..Express carried . . . thous. of lb_.Passengers carried number..Passenger-miles flown thous. of miles..

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

Foreign travel:U. S. citizens, arrivals _..__ .number...U. S. citizens, departures doEmigrants ._ doImmigrants doPassports issuedc? . . .do

7. 81151,650,745

1421261911431471086926815214012619313716712069204151

3,4536006017420962

-438303

1,607

169

823,025626,427138,935547, 664175,43599, 226

16,043

17924425823245167

20,78379

7.81431,608,130116,600

1411471881461131066728114513814719014012811867195144

' 3, 442'705

5918116060

'423318

' 1, 535

241

804,056600,069150,066526,767178,783r 99,17559,020

68,376.9347,979

778.8573.3152.2687.791.252.6

11, 2364,536

181,038

3.6988178

12,2066,749844

2,2098,396

182257253228447

65

20,61378

7.81431,558,280

113,100

14414819115413710066

29114713914819414813512467

187143

3,44571060

18318055

410328

1,520

261

799, 475585,128159, 584518, 467181,18799,82261, 337

65, 695.948

8,405

808.8599.8153.7700.7108.170.6

11, 6745,331

389,017193,289

3.8988

198

11, 7107,925

7352,391

10,195

180256249225434

63

20, 22275

7.81431,526,710

111, 700

14714318815717210266

30215114314319415614412466

189150

4,361838

7223629569

505412

1,934

172

809,038593, 829162,198525,057185, 348

98, 63357,362

66, 754.950

8,706

803.5601.5149.2705.9

97.659.0

12, 7705,756

441, 712211, 704

3.8482

193

16,4988,283

4872,499

15,855

179260247225421

20,83874

7. 81431,527,760111,300

1461461781621411156828115114214618515513112168188149

3,5807105720320364427324

1,593

123

836,183617,348162,070538,489196,329101,36660,346

68,454.958

781.3579.5145.0710.371.029.7

13, 5556,730

476,808227,351

3.7789214

16,2978,221619

3,19910, 094

181269241216434

21,69275

1,527,520111,200

1501471811481421517027615813914718213712611467184146

4,42886269222241100534379

2,022

104

799,229591,104152,971521, 264188,83889,12655,545

65,065.9678,067

789.9581.4154.0709.880.140.1

13,5706,149

464,536225,472

4.1689194

16, 6118,307458

3,26112,163

18226524221743371

22,092123

7. 81981,616,870117, 100

1481431781401471846923715613714318213314712066153143

3,59969557173208104435272

1,654

818,737612,020146,369539,157182, 23497, 34659,822

67,679.6597,790

791.2584.7150.0709.581.743.3

14, 5966,763

497,664239,022

4.0490194

15,1368,091716

3,24610,694

184269239213439' 7 4

22,82675

7.81151,567,130113,600

14414318113514717070

138155141143181138150135

05

153149

3,36666556

163204

93424176

1,585

115

780,672585,432140 288524,450164, 64491,57963,506

63,203.983

7,468

788.5587.2147.1697.2

91.353.5

13,9426,202

455,726217,338

4.0788

192

14,8147,016

4583,402

10,302

180268232208416

69

26,95393

7.81151,634,230

122,100

1281271751201261246541

142137127166135134128

DO

133151

3, 69975567

18121988

49958

1,833

143

756,858555,810146,412555,775131,499

69, 58441, 474

61,107.971

7,908

780.3586.2144.1711.3

69.029.8

13,6516,449

414,992204, 513

3.9683

174

15, 5238,101

4902,794

13,111

27122920739677

23,18371

7. 81151,648,350117, 500

132141185128128115634014314314117614212812066161157

3,002661561501766338345

1,467

149

751,337558,874139, 243530, 232148,08973,01639, 048

60, 681.9847,372

766.4566. 9345.3673. 293 259.5

14,2906,850

430, 233209,239

3.9790174

12,820

4292,75113,434

185281246223423

80

23,25376

7.81151,517,610

107,900

130139188128117976442

14213913917813311912166

168152

3,050671

59160167

5439546

1,499

1316

712,806536,821125,857499,643140,000

73,16337,378

58,954.968

6,694

781.2584.6139.5678.3102.967.7

12,9856,813

401,563r 190,102

3.9288

167

13,1697,652

4552,703

14,819

189273251232

'39675

23, 831

7.81151,704,580

119, 400

1361371921341241026863

15114513919013413412967

218159

4,019828

76207218

7253688

1,994

1019

813,328623,184133,630544, 810168, 63399,88562,931

68,315968

7,048

796.3602.8135.1698.4

97.9' 6 3 . 1

16,132. 8, 627

532,286251,103

3.8590

169

9,9527,803

5573,156

13, 883

18228725223339871

22, 51632

7.81151,588,850115,400

1391261761331411117120315114112618013316012471

r 204153

3,374613

5616420062

451228

1,600

1315

778,985594,314129,202531,689

1155,39191,90555, 558

65,286968

6,826

799.2608.0133.7703.695.660.8

15,9657,716

543, 755256, 823

4.1789

190

12,9789,652

6893,7907,218

<* Deficit.' Revised. cf Includes passports to American seamen. {Revised data for April 1944, 50,338.IData for July, September, and December 1944 and March 1945 are for 5 weeks; other months, 4 weeks.!The indicated seasonally adjusted series for freight carloadings have been shown on a revised basis beginning in the October 1943 Survey, and for financial operations of railroads

beginning in the June 1944 issue (see those issues for periods affected); all revisions are available on request. Beginning in April 1944 Survey, revenue data for local transit lines coverall common carrier bus lines except long-distance interstate motor carriers; similarly, data for passengers carried, beginning in the May 1945 issue, represent estimated total revenuepassengers carried by all local transit lines; revised data beginning 1936 for both series will be published later.

*New series. For data beginning 1929 for the transportation indexes, see pp. 26 and 27 of the May 1943 Survey (scattered revisions have been made in the indexes for localtransit lines, oil and gas pipe lines and waterborne transportation beginning 1940, as published in the Survey prior to the December 1943 issue; revisions are available on request).

•Data for freight-car surplus and shortage are daily averages for weeks ended within the month. Comparable data beginning January 1943 for surpluses, shown only for thelast week of the month prior to the December 1944 issue of the Survey, and for the new series on shortages are shown on p. S-21 of the December 1944 Survey.




1945

May

1944

May

TRANSPORTATION

June

AND


Octo-ber

Novem-ber

Decem-ber

COMMUNICATIONS—Continued

1945

Janu-ary


TRANSPORTATION—Continued

Travel—Continued

National parks, visitors number..Pullman Co.:

Revenue passenger-miles thousands...Passenger revenues thous. of dol._

COMMUNICATIONS

Telephone carriers:Ôperating revenues _ -thous. of doL.

Station revenues .doTolls, message . . .do

Operating expenses doNet operating income doPhones in service, end of month thousands..

Telegraph and cable carriers: §Operating revenues, total thous. of dol..

Telegraph carriers, total doWestern Union Telegraph Co., revenues from

cable operations thous. of dol..Cable carriers _ .do

Operating expenses _ doNet operating revenues .doNet income trans, to earned surplus do

Radiotelegraph carriers, operating revenues do

58, 903 50,990

2,301,96412, 992

162, 26088,74161,054

104, 58419, 42724,147

17, 54316,016

1,0281,527

13,5442,097

7331,346

10, 304

2,344,94913, 291

161, 29788,47360, 313

103, 39919, 37124,161

17,07215,654

9511,418

13,0791,913

6991,376

192,694

2,321,04712,893

159, 38586, 43060, 313

105, 02118,96424,183

16,42915,091

9381,337

13,407965530

1,386

174, 076

2,339,03613, 247

164,16987, 70963, 852

105,61719,97224, 231

17, 20215,805

9351,397

13, 3651,940

8301,397

114, 622

2,406,23713,403

161, 35287, 65460,920

104. 97319, 35624, 264

16, 51515,163

9411,352

13, 0931,515

7141,368

69, 816

2,414,80813,672

166,85790,40563,110

105, 48520, 66324, 303

16, 94315,668

1,0411,274

13,0332,029

8481,552

34, 705

2,249,02712, 790

165,24489,91662,179105,08119,98724, 340

16,21814,876

1,0121,34112,8661,4831, 6911,657

21,230

2,240,87512,909

171,04491,08866,396117,03623,34824,382

17, 76716,190

1,0851, 57713,1042,4381,3631,766

20,075

2,282,40713, 445

174,06393,14067, 455107, 27120, 78524, 515

17,12015,651

9641,46912,9172,2651,0141,675

22,893

2,015,31611, 695

166, 03990, 20462, 402103, 86621,14724, 580

15,14613, 902

8781,24411,8421,445585

1,692

34, 520

2,069,22712, 427

176,14291, 96470, 359112, 53920, 56824, 613

17,42916, 018

1,0161,41012,8292,6661,5021,882

CHEMICALS AND ALLIED PRODUCTS

CHEMICALS*

Ammonia, synthetic anhydrous (100% NH3):Production short tons__Stocks, end of month do

Calcium carbide (100% CaCj):Production doStocks, end of month do

Carbon dioxide, liquid, gas, and solid (100% COj):0Production _ thous. of lb_.Stocks, end of month .do

Chlorine:Production short tons..Stocks end of month .do

Hydrochloric acid (100% HC1):Production .doStocks, end of month _ do

Hydrogen, production _ mil. of cu. ft._Nitric acid (100% HN0 8 ) :

Production. short tons. .Stocks, end of month. do

Oxygen, production mil. of cu. ft_.Phosphoric acid (50% HiPO<):

Production short tons..Stocks, end of month- do

Soda ash, ammonia-soda process (98-100% NajCO»):Production, crude.. .short tons..Stocks, finished light and dense, end of month., .do

Sodium hydroxide (100% NaOH):cfProduction doStocks ,end of month _ do

Sodium silicate: •Production short tons..Stocks, end of month. do

Sodium sulfate, Glauber's salt and crude salt cake:Production... .short tons..Stocks, end of month _ .do

Sulfur:Production.. long tons..Stocks, end of month .do

Sulfuric acid (100% HSS Oi):Production _ short tons..Stqcks, end of month _ .do

Acetic acid: tProduction thous. of lb_.Stocks, end of month .do

Acetic anhydride:Production -doStocks, end of month -do

Acetylene:Production- thous. of cu. ft._Stocks, end of month . .do

Acetyl salicylic acid (aspirin):Production thous. of lb._Stocks, end of month __ do

48,2443,997

110,7466,705

37,1523,068

41,7575,789

59,09114, 528

35,607

168,8901 55,886

868,682238,465

42,3083,766

67,48129, 707

83,48722, 570

109, 4159,053

31,4512,5752,068

7,0471,556

60,52614,647

393,82332, 209

158, 28646,869

70, 41877,421

278,7514,200,031

765,922266, 448

28,66310,731

41,64812,026

463, 20011, 790

819961

40,0712,488

63,04329, 643

86, 67615,997

104,6416,414

31,1702,5331,879

39,2756,5551,490

56,74315, 636

371, 75435 959

152,10645, 713

66,62579,800

280, 5454,168,394

722,000232,213

26, 3039,156

40,04810, 867

452,46510,955

7441,012

42,9273,614

64,13128, 484

90,06011,202

106, 6576,028

32, 3253,1261,998

38,9746,7951,505

58, 52915,067

373,92141, 737

159, 40350,646

63,62983,976

305,0644,154,349

742, 526218,811

25,2547,621

39,1139,958

456,34711, 323

691972

44,9313,579

65,68530,043

90,6979,005

104,0744,812

31, 5192,9022,102

38,4716,1891,582

52,25514,438

368,83336,445

156,66351, 761

68, 52679, 931

306,1464,161,012

767,413202, 785

26,5317,594

41,36111, 746

453, 64011, 386

738916

45,2922,764

62,59181,078

84,9639,437

102,1905,023

32,1313,1622,085

39,3495,9051,568

52,03914, 360

365, 36238, 260

152,14749,821

65,18577, 693

293,9634,140,976

744,944204, 393

25, 3318,513

40, 83812, 295

438,82911, 397

786929

49,1134,802

67,80731,706

76,1349,108

103, 5174,966

34,4543,2612,075

41,9555, 7951,551

52,48712,892

379, 47237,113

153,9291 59,226

67,83878,905

312, 0604,110,395

814,871213, 457

27, 5729,281

42,08412,083

482,40811,615

834819

49, 7215,064

65,80632, 705

65, 2259,397

101,9995,059

35,1063,5902,114

42, 5716,2491,530

54,62611, 684

374,45339,725

155,2191 57,479

68,10983,735

293,551

820, 958216, 230

29.99911, 235

42, 32712,380

450,1659,966

774910

50,8336,120

63,71330,382

58,7478,940

107,0656,506

34,3463,7512,086

41,3287,3801,497

58,23712,973

368, 58858,161

166,029163,932

67,49087,283

280, 5804,100,320

853, 254253, 479

27,9419,113

43,90012,108

450,9919,910

49,8637,409

61,75928,307

57, 7169,066

103,9538,127

35,1553,0042,071

40, 8767,0271,395

51, 26413, 378

365,71876,658

161,1001 64, 204

64, 33686, 665

275, 7224,034,453

853,930262, 681

29, 52612, 410

44,83310, 977

453,005

8871,114

44,7566,766

56,72925,734

58,42410,688

92, 0666,169

33, 6713,1101,944

40,0676,8251,346

51, 32814, 285

331,95293,748

146, 2551 63,799

58, 64972,960

260, 6773,996,432

806,081265, 002

24, 70810,061

41,73212,146

453,5918,907

816980

49,0894,649

62, 75322,649

71, 59912,462

107,4665,634

37, 6393,3002,063

37,9635,3141,476

53,29012,197

380, 37164,187

167,4431 58,104

66,92966,902

290, 2683,923,373

860,403243,014

26, 0778,681

47,67511, 252

443,98710,049

924959

r Revised. d Deficit. * Not comparable with earlier data, see note marked "<?." ©Revised: not comparable with data shown in the Survey prior to the March 1945 issue.cfProduction figures represent total production of liquid material, including quantities evaporated to solid caustic. Stock figures represent stocks of liquid sodium hydroxide

only prior to October 1944 (comparable figure for October, 46,839); beginning that month they include stocks of both liquid and solid sodium hydroxide.• Data are being revised: the new data will be shown in a later issue.§ Beginning 1943 data have been compiled on the basis of a new accounting system; available comparaDle data for 1942 are shown in footnotes in the September 1943 to April

1944 Surveys; 1942 data on the old basis, comparable with figures for earlier years, are available in the March and April 1943 issues.1 Data for 3 companies operating outside of United States, included in original reports for 1943 to date, are excluded to have all figures cover the same companies.* The new monthly series for sulfur are compiled by the Bureau of Mines and cover total production and producers' stocks of native sulfur (Texas and Louisiana have been the

only producing States since 1942 and the production figures are therefore comparable with the quarterly figures formerly sbown). The new series for acetic acid, acetic anhydride,acetyl salicylic acid, creosote oil, cresylic acid, ethyl acetate, naphthalene and phthalic anhydride are compiled by the Tariff Commission; the other new chemical series are compiledby the Bureau of the Census. The monthly data for a number of the chemicals are reported quarterly only. See also note marked "*" on p. S-22 of the November 1944 Survey.

t Includes synthetic acetic acid and acetic acid produced by direct process from wood and from calcium acetate; statistics of recovered acetic acid arp, confidential and are notincluded.



Unless otherwise s tated, statistics t h rough 1941and descriptive notes may be found in the1942 Supplement to the Survey

1945

May

1944

May June July August Sep-tember October Novem-

berDecem-

ber

1945

Janu-ary f


CHEMICALS AND ALLIED PRODUCTS—Continued

CHEMICA LS—Continued

Creosote oil:*Production thous. of gal-Stocks, end of month d o . . .

Cresylic acid, refined:*Production... --_ thous. of lb .Stocks, end of month . .do.. . .

Ethyl acetate (85%):*Production doStocks, end of month d o . . .

Glycerin, refined (100% basis):*High gravity and yellow distilled:

Consumption do-_.Production doStocks, end of month _ d o . . .

Chemically pure:Consumption doProduction _ . d o . . .Stocks, end of month do

Methanoi§:Natural:

Production (crude, 80%) ..-thous. of gal-Stocks (crude, 80%). end of month* do , . .

Synthetic (100%):Production do . . .Stocks, end of month* do . . .

Naphthalene, refined (79° C and over) :*Production. thous. of lb.Stocks, end of month do

Phthalic anhydride:*Production. ._ d o . . .Stocks, end of month. _ do,._

Explosives, shipments _ do-_.Rosin, gum:

Price, wholesale " H " (Sav.) bulk dol. per 100 lb .Receipts, net, 3 ports . . .bbl . (500 lb.)_Stocks, 3 ports, end of month d o , . .

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

FERTILIZERS

Consumption, Southern States thous. of short tons,.Price, wholesale, nitrate of soda, crude, f. o. b. cars, port

warehouses • -dol. per 100 lb_.Potash deliveries ...short tons..Buperphosphate (bulk):f

Production do.Stocks, end of month _do_

OILS, FATS AND BYPRODUCTS

Animal, including fish oil:Animal fats:|

Consumption, factory -thous. of lb_.Production do.Stocks, end of month do.

Greases :jConsumption, factory. do.Production _ do.Stocks, end of month . . . d o .

Fish oils:tConsumption, factory do.Production do.Stocks, end of month. do

Vegetable oils, total:tConsumption, crude, factory mill, of lb . .Production, crude _ do.Stocks, end of month:

Crude do.Refined do.

Coconut or copra oil:Consumption, factory:t

Crude thous. of lb_.Refined do.

Production:Crudet do.Refined do.

Stocks, end of monthjCrude do.Refined do..

Cottonseed:Consumption (crush).. thous. of short tons..Receipts at mills do.Stocks at mills, end of month do.

7,2948,18929,449

7,7898,11427, 997

341538

6,715(a)

37,023

5.81

.81

431

1.650

140,148200,604261, 768

60,80646,82973,812

22,3161,620

112,043

356317

726448

14,8146,717

16, 0146,251

119,0251,914

22834397

13,99928,307

3,7822,016

8,2145,397

5,8617,69438,475

6,9228,28144, 549

364312

6,6946,768

7,0771,786

10,7142,40438,158

4.927,91978,313

.777,21185,536

373

1.65037,398

685,990839,121

129,998349,799867,192

60,43863,383154,656

16,3711,615

160,227

314

857527

17,1486,123

13, 4705,830

114,0993,392

'135'26••178

13, 72626, 361

3,2572,230

8,7726,571

6,4887,452

38, 588

6,5797,17344,497

341331

6,5636,834

7,2951,357

9,6642,909

38, 564

5.6210,32661,165

.784,14782,867

131

1.65081,359

620,957872,025

113,703308,435903,454

58,03459,138168,949

15,89612,928156,067

271270

845493

13,6335,369

17, 6525,334

119, 2693,536

7434140

11,76224,043

3, 5535,859

7,7716,135

6,2406,71337, 590

6,3755,50142,411

315286

5,8385,496

6,3511,454

10.6442,95437.645

5.529,87657,190

.763,69676,973

90

1.65065, 743

567,891874,797

107,053263,085876,121

57,43952,164185,421

16,28223,622169,906

237273

427

13, 2565,164

8,2674,755

113,0503,366

5534119

12, 44318,880

3,4322,720

9,0746,766

7,6118,73038,517

7,0859,82342,874

319240

4,8492,344

6,1231,972

10,6003,24439,916

5.4810, 40653,202

.793,74577,131

138

1.65071,981

601,487861,334

150,650254,417810,479

71,68552, 293167,454

16,97624,857176,846

283269

779359

19,0646,712

0)6,451

100,013

100163182

11,05513,584

3,3692,242

7,7675, 222

6,8148,74538, 598

7,4707,78540,026

334201

5,4351,926

5,9791,815

10,6113,154

38, 921

5.499,345

48, 609

.792,79868,675

285

1.65067, 511

529, 229870,437

139, 595193,700697,159

60,44043,921159,946

18,98132,688196, 646

791316

15,6136,654

(05,953

103, 2972,457

354908735

M,C8112,696

3,4242,023

9,6835.721

6,7929,26239, 443

8.8J58,77937,423

382264

5,6711,851

5,9071,462

10,7923,78238,042

5.717,881

43, 512

.792,32468, 222

246

1.65061, 296

604,519875, 992

152,060204,820

63,98745. 240147,824

24, 70052,995222, 733

341361

784294

15, 7946,506

8,3926,740

101, 2752,996

5231,3211,534

13,48410,931

3,2791,905

10,2664,873

6,23610, 83440, 515

9,0847,68436,605

361260

6,363

6,3942,535

10,4262,83536,276

5.817,75536,657

.792,23667,320

474

1.65070,630

604,673879,452

137, 546268,802542,129

65, 46252,410136,001

28,88625,843236,552

378413

787305

15, 2536,268

11,8076,008

94,1522,714

615934

1,852

14,23410, 712

3,0771,694

9,8526,241

5,9827,58739,348

7,5488,80037,237

350272

5,8512,382

6,2172,091

10r7791,74932,863

5.816,34631,900

.791,92966,759

540

1.65079,916

599,861887,921

118,906259,130533, 508

59, 59849, 777123,245

30,53914,696

228,228

371371

812353

14,2765,827

13,0325,676

98, 4122,640

528361

1,676

12, 5739,695

2,6761,472

9,0276,873

6,4977,774

38,005

7,7128,008

36,089

317278

6,4553,166

5,3812,099

10,3201,512

34,124

5.814,194

25,876

.791,369

65,195

1,189

1.65078,650

676, 507936, 431

135,755243,439467,490

73,17950, 275

111, 169

31,3477,293

214,442

396412

815397

14, 5378,756

18, 7208,394

102, 4962,372

576244

1,345

13, 51511, 395

2,7351,512

9,1457,034

7,2148,719

36,053

7,0487,077

34,179

279287

5,8273,743

5,3561,767

9,5311,655

34,543

5.812,159

18,250

.81357

61,467

1,076

1.65075,658

638,009934,482

135,378205,830390, 736

62,85445,42599,249

33,4581,791

183,062

370377

833411

12, 5665,681

14, 0805,348

109, 6252,278

436156

1,067

16,03211, 529

2,5741,255

9,2445,536

7,3739,694

34,336

7,4708,249

32, 725

314389

6,791(a)

5,7461,476

11,3752,015

34,865

5.814,400

11, 741

50550,762

1,332

1.650

642,796865,469

136, 391194,041332,341

60,26347,36192, 733

39, 885579

151,751

376358

444

14,0745,826

17,1615,603

116, 7082,307

376105796

14, 26511, 634

2,7301,324

9,7934,785

7,4798,789

31,894

6,8846,576

30,132

293446

6,378(a)

6,1582,905

11, 5822,356

36,117

5.81

819

1.650

633, 515721,917

131.019182, 786298,433

60,96145,06885, 590

23, 427766

129.020

345308

780447

13,4875,358

12,8475,065

111, 7492,455

62592

•Not available for publication. i Included in "total vegetable oils" but not available for publication separately. § See note on item in Novemberr Revised.1944 Survey.

• Price of crude sodium nitrate in 100-pound bags, f. o. b. cars, Atlantic, Gulf, and Pacific port warehouses. This series has been substituted beginning 1935 for the series shownin the 1942 Supplement; figures for August 1937 to December 1941 are the same as published in the Supplement; for data for 1935-36 and all months of 1937, see note marked "«"on p.8-23 of the May 1943 Survey. Prices are quoted per ton and have been converted to price per bag,

{Revisions in the 1941-43 data for the indicated series are available on request (coconut or copra oil production and stocks and linseed oil production were not revised for 1943);revisions are generally minor except for fish oils (1941 revisions for fish oils are in note on p. S-22 of the April 1943 Survey).

*New series; see note marked "*" on p. S-22 of the November 1944 Survey.tRevised series. The turpentine price shown beginning with the April 1943 Survey is the bulk price; data shown in earlier issues represent price for turpentine in barrels and

can be converted to a comparable basis with the current data by deducting 6 cents. Superphosphate is reported on a revised basis beginning September 1942, covering all knownmanufacturers of superphosphate, including TVA; the new series include all grades, normal, concentrated, and wet base, converted to a basis of 18 percent available phosphoric acid;see note on p. S-23 of the July 1944 Survey regarding data prior to September 1942 published in the Survey.

NOTE FOR BOOTS AND SHOES, P. S-28.—Beginning January 1945 data for beach sandals, formerly included in"all other footwear" are included under the "part leather and non-leatheruppers" classification (the latter was shown as two items 'all fabric" and "part fabric and part leather" prior to this issue of the Survey); play shoes, also included in "all other foot-wear" through 1942, have been distributed to the "all fabric", "part fabric and part leather," and the various categories under leather uppers since the beginning of 1943. The 1945data for athletic shoes include all types; prior to 1945, only those with all leather uppers are included in data shown for this item while athletic shoes with part-leather and nonleatheruppers are included with data for part-leather and nonleather dress and work type shoes.Digitized for FRASER




1945

M a y

1944

May- June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary


CHEMICALS AND ALLIED PRODUCTS—Continued

OILS, FATS, AND BYPRODUCTS—Continued

Cottonseed cake and meal:Production short tons.Stocks at mills, end of month _ do_._

Cottonseed oil, crude:Production thous. of lb.Stocks, end of month do_._

'Cottonseed oil, refined:Consumption, factory * -do

In oleomargarine do_._Price, wholesale, summer, yellow, prime (N. Y.)

dol. per lb.Production thous. of lb_.Stocks, end of month._. do

-Flaxseed:Duluth:

Receipts-.. ...thous. of bu_.Shipments doStocks do

Minneapolis:Receipts doShipments doStocks do

Oil mills:*Consumption doStocks, end of month do

Price, wholesale, No. 1 (Minneapolis) dol. per bu_.Production (crop estimate) thous. of bu..

Linseed cake and meal:Shipments from Minneapolis- thous. of lb_.

Linseed oil:Consumption, factory! doPrice, wholesale (N. Y.) dol. per lb_.Production! thous. of lb._Shipments from Minneapolis doStocks at factory, end of month do

Soybeans:Consumption* thous. of bu_.Production (crop estimate) doStocks, end of month do

Soybean oil:Consumption, refined* thous. of lb._Production:*

Crude. doRefined _.do

Stocks, end of month:*Crude doRefined do

Oleomargarine:Consumption (tax-paid withdrawals)! doPrice, wholesale, standard, uncolored (Chicago)

dol. per Re-production § thous. of lb_.

Shortenings and compounds:Production -doStocks, end of month doVegetable price, wholesale, tierces (Chi.)-dol. per lb..

PAINT SALES

Calcimines, plastic and cold-water paints:Calcimines.. » thous. of doL.Plastic paints doCold-water paints:

In dry form doIn paste form for interior use... do

Paint, varnish, lacquer, and fillers, total. doClassified, total do

Industrial doTrade do

Unclassified _ do

105, 075

72, 52495, 305

108,405

.14396, 615310, 944

135232173

43598223

1,5662, 0323.11

28, 200

41,190.155

30, 90417, 220187, 973

15,101

30, 743

87, 351

133,501116, 742

90, 87288, 014

.165

130, 66544, 460.165

59, 82653, 49326, 29227, 2016,333

* 62, 590r 49, 494

' 43, 340' 65,143

100,09213,728

.140r 67,224333,188

121805

1, 266

614123884

3,8709,1503.05

47,880

49, 575.151

74,13724,360308,077

12, 506

27,429

93,620

107,944107, 265

144, 287138,226

31,846

.16544,480

112, 56965, 361.165

11948

233590

57, 26451,63022,49729,1335,634

33, 87737, 741

22, 54840, 627

91, 70511, 482

.14243, 871294,678

207567905

990152646

4,4967,0763.05

54,120

48, 952.151

87, 72929, 400

335, 902

11,082

23, 712

86, 525

96, 298.95, 050

129, 373140, 714

26, 998

.16540,191

100,08959, 755.165

12437

252538

58,97052, 96423, 61729, 3486,006

25, 21327, 776

17, 96430,186

75, 74610,911

.14325,138

241, 270

143466583

944147551

5,1235,9643.05

45, 600

45, 566.151

98, 64539, 960

320, 267

11,153

19, 250

72,852

96, 37988,179

134, 000131,117

28,121

.16534, 720

93, 74563, 921.165

43

216398

51,70446,87821, 30525, 5734,825

44, 33430, 353

29,76229, 589

85, 29113, 755

.14330, 720183,448

271606249

2,540494582

4,5405,5413.10

44, 640

51, 379.151

87, 78345,180322,952

11,261

11, 260

97,856

97, 220108,807

106, 858126,923

34,353

.16537,665

130, 29262, 331

.165

9838

215459

58, 71252, 93524,94527, 9905,777

158,01460,523

105,40264, 957

73, 59819,629

.14358,351164,802

805572

4,409533

1,647

3,6616,2953.10

44, 640

49, 447.151

70,19234.800310,686

9,399

5,214

90,827

82,86291, 561

91, 502105,252

48,773

.16551,083

117,84156,802.165

9541

196378

52,11046, 74121,66125,0S05,369

239, 58669,977

159,09794,089

95,39324,116

.143111,825182, 570

1,393444

1,443

3,519290

2,651

3,3277,4563.10

42, 000

49, 431.153

63, 37029, 640

303,378

9,043

31,748

89,277

79,44986,197

78, 00772,845

56, 496

.16557,182

122,18950,485.165

8544

174329

53, 57148, 07123, 60124,4715,500

284,20173,674

190, 543125,483

105, 76623,318

.143146, 507220,122

5841,311715

2,8427,6453.11

39,240

47, 585.155

54, 27324,960274,832

11,713

48,785

89,259

101,18982, 572

81,88251,068

53,830

.16555,272

133,02647,627

.165

93

137311

48,15243, 36521, 37821,9874,787

244,41777,085

164,171139, 528

83,50222,348

.143145,640270, 767

65343436

44353

2,494

2,3646,8253.12

i 23, 527

30, 540

47, 548.155

44,12622, 500

263, 917

11,097192, 86347,429

73,917

95,85686,104

71, 26747, 592

52,407

.16552,424

111,34943,108.165

37643,99239,77420,27619,4984,218

264, 55984, 326

179, 201159, 993

105, 36126, 331

.143150, 878313, 968

1322371

13787

1,871

2,3064,8003.12

28, 440

45,180.155

43, 29120, 340

252, 366

12, 717

47,765

78, 256

111, 09891, 791

77,80748,229

59, 430

.16559, 330

132,18648, 688.165

9038

126372

53, 66048, 26223, 05825, 2045,398

201, 767 172, 60194, 327 104, 593

137, 246157, 802

104,08124,448

.143131,046324, 250

)13

358

571,324

2,1922,7703.11

17, 760

37,401.155

42, 48916, 260

239, 754

13, 709

37, 309

81, 840

119, 997104,199

86, 64749, 607

51,048

.16551,752

131, 87250, 346.165

51, 48846, 50522,43024,0754,983

118, 694142, 790

110,27324, 486

.143123, 930342, 247

66294

14789817

1,9302,0923.11

18, 3U0

42, 015.155

37, 76516, 260

227, 143

13,868

32, 640

83, 341

120, 696107, 657

86, 43960,129

50, 462

. 16554, 887

122, 52144, 710

.165

59, 70853, 87826,11827, 7565,833

ELECTRIC POWER AND GAS

ELECTRIC POWER

Production, totald" ...mil. of kw.-hr..By source:

Fuel _..doWater power do

By type of producer:Privately and municipally owned utilities doOther producers do

Sales to ultimate customers, total (Edison ElectricInstitute) f mil. of kw.-hr_.

Residential or domestic doRural (distinct rural rates) doCommercial and industrial:

Small light and powers _doLarge light and power ^ _do

Street and highway lighting 1 doOther public authorities^ doRailways and railroads^.—-.. _ doInterdepartmental 5. __ do

Revenue from sales to ultimate customers (EdisonElectric Institute) thous. of dol..

19, 372

11,7947,578

16, 5792,793

18,873

11,6147,259

16,1532,720

16, 2532,472

2,3499,659

155723584

43

267,132

18,595

12, 3056,290

16,0112,584

16, 2512,422

371

2,4549,641

145614562

41

268,612

18, 792

12,8135,980

16,0232, 769

16, 0662, 403

304

2,4749, 53514959556639

265,778

19,573

13, 8035,770

16, 5852,988

16, 6752,402

432

2, 5209,910

160642569

39

271,054

18,516

13,1245,392

15, 8232,693

16, 2602,483

358

2,5279,504

17462455336

270,242

19, 027

13, 2635,763

16, 3202,707

16, 4602,547373

2,5029,559

19365659337

273,700

18,947

13, 2565,691

16, 2582,689

16, 5002,685

242

2,5479,487

207664

276,959

19, 602

13, 4026,201

16, 8012,802

16,9442,896

224

2,6429,481

220696

279, 633

20, 280

13,8226,457

17, 3842,895

17, 6303,172

207

2,7089,754

219721751

295,187

18, 021

12,1085,913

15, 5692,452

16, 8003,052

218

2,6429,315

192701641

39

287, 557

19, 526

12, 0477,479

16, 6062,920

16. 8772,889

204

2,5019,718

187687641

50

280, 722T Revised. a Less than 500 bushels. i December 1 estimate. tSee note marked "*" on p. S-23.IFor revisions for the indicated series see note at bottom of p. S-23 of the May 1945 Survey.§For July 1941-June 1942 revisions, see February 1943 Survey, p. S-23; revisions for July-December 1942 and June 1943-March 1944 are available on request,cf For 1943 revisions for total electric power production see p. S-24 of the January 1945 issue; the revised 1944 figures above and 1945 data exclude a small amount generated by

electric railways and electrified steam railroads included in the 1944 figures and earlier data published in the Survey through the May 1945 issue.



Unless otherwise stated, statistics through 1941and descriptive notes may be found in the1942 Supplement to the Surrey

1945

May

1944


Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary


ELECTRIC POWER AND GAS—Continued

GAS tManufactured gas:

Customers, totalDomesticHouse heatingIndustrial and commercial

Sales to consumers, totalDomesticHouse heatingIndustrial and commercial

thousandsdo .dodo

mil. of cu. ft__dodo.dn

Revenue from sales to consumers, total thmis. nf dolDomestic _House heatingIndustrial and commercial

Natural gas:Customers, total.

DomesticIndustrial and commercial

Sales to consumers, totalDomesticIndl., coml., and elec. generation

Revenue from sales to consumers, totaDomesticIndl., coml., and elec. generation

dododo

thousandsdodo

mil. of cu. ftdodo

thous. of doldodo .

10,5099,669

382446

39, 70517, 5007,224

14,68736, 27323, 619

4,0778,401

8,9468,300

643173, 63542,606

127,41152, 64527, 54824, 638

10,5009,678

366445

35, 25218,1502,988

13,84034,01923, 755

2,2307,886

8,9198,294

623156, 40729,379

123,33944,11920,80922,889

10, £649, 754

351447

32, 08717,047

1,77512,95831,54722, 667

1,3847,359

8,9738,337

633151,26624,6S9

123,14741,43018,15422, 766

10, 6149,801

353448

31,38616, 221

1,47513,46030,90121,975

1,2117,560

8,9558,335

618152, 67923,041

125, 56040,03016, 62722,950

10, 6099,787

869445

32, 58017, 406

1,47213,44232,06722, 889

1,3617,668

9,0038,377

624155, 666

23, 924128,162

40, 77916, 95323,403

10, 5789,743

389435

36, 43018, 5313,350

14, 23434, 99824,095

2,6618,055

9,0438,397

643r 166, 390

30, 094••133,024

46,60521,03825,153

10,5759,736

400430

40,85417,5538,090

14,86437,40223,9074,6668,620

9,1628,478

682184, 21143,897

136, 90756, 22828, 57327, 204

10, 6399, 784

411436

48,11518,42313, 88415, 38941, 76924, 5277,9689,043

9,1898,503

684216. 731

69, 889142, 673

70, 52040, 37329, 602

52, 582

234,035

51,481

222, 770

1

46, 714

203,311

40, 402

188, 260

FOODSTUFFS AND TOBACCO

ALCOHOLIC BEVERAGES

Fermented malt liquonfProduction thous. of bbl.Tax-paid withdrawals do . . .Stocks, end of month do_._

Distilled spirits:Apparent consumption for beverage purposes!

thous. of wine gal.Production^ thous. of tax gal.Tax-paid withdrawals! d o . . .Stocks, end of months do__.

Whisky:fProduction . . . d o . . .Tax-paid withdrawals. do._.Stocks, end of month do . . .

Rectified spirits and wines, production, totalfthous. of proof gal.

Whisky do. .Still wines:f

Production thous. of wine gaLTax-paid withdrawals. _.do.__Stocks, end of month _ do._.

Sparkling wines:fProduction _ do . . .Tax-paid withdrawals do . . .Stocks, end of month _ . _ „ do . . .

DAIRY PRODUCTS

Butter, creamery:Price, wholesale, 92-score (N. Y.)t dol. per lb_.Production (factory)t thous. of Ib_.Stocks, cold storage, end of monthc* do

Cheese:Price, wholesale, American Cheddars (Wisconsin)

dol. per lb.«Production, total (factory)f thous. of lb . .

American whole milkf doStocks, cold storage, end of monthd1— ..do

American whole milk doCondensed and evaporated milk:

Prices, wholesale, U. S. average:Condensed (sweetened) dol. per case..Evaporated (unsweetened) do

Production:Condensed (sweetened):

Bulk goods* thous. of lb._Case goodsf do.

7,4336,7679,117

1,2008,016

328, 073

04,280

313,850

10,0518,820

.423160,68569,926

.233130,750106, 920147, 771134,091

6.334,15

75, 66615, 934

474, 327

13,012206, 309

3.2512, 5845,876

7,2617,0158,585

12, 557733

7,182368,411

05,365

355,261

6,0115,212

4,3457,701

103,081

133106864

.423171,46769,663

.233116,05194,713

162,733137,244

6.334.15

61,77216, 500

412,315

12,968240, 577

3.2411,9085.750

8,1717,3748,862

11.909663

6,925361,560

04,956

348,646

5,9915,044

4,4817,054

94,313

17086

936

.423177,905103,164

.233121,066102,971203,785167,173

6.334.15

60,59216, 400

412, 500

15,023307,697

3.2412, 4985,956

8,0928,0748,637

12,627695

8,221353, 900

05,930

341,137

6, 6956,054

4,4126,362

88, 733

13485

985

.423153, 722138,050

233104,94688,129

223,254190,804

6.334.15

46, 21012, 600

358, 277

12,811321, 083

3.2411, 5705,132

8,2758,1008,240

14,64415,1519,784

361,063

13, 5855,610

347, 868

8,1817,195

6,4107,176

82, 780

140122

.423130,547137,907

.23391,47776,002

230,332187,289

6.334.15

Evaporated (unsweetened), case goodsf doStocks, manufacturers', case goods, end of month:

Condensed (sweetened) thous. of lb__Evaporated (unsweetened) _._ do

Fluid milk:Price, dealers', standard grade dol. per 100 lb._Production _ ..mil. of lb_.Utilization in manufactured dairy productsf...do

' Revised. cfSee note marked "cf" on p. S-27. {Reflects all types of wholesale trading for cash or short-term credit. See also note on item in June 1945 Survey.Âugust and September 1944 and January and February 1945 production figures include whisky, rum, gin, and brandy (whisky and gin included for September 1944 and Febru-

ary 1945 represent completion of operations authorized during August 1944 and January 1945); the total production for beverage purposes for January through May 1945, includingadditional spirits produced by registered distilleries and production by industrial alcohol plants for beverage purposes was 46,308,000, 7, 746,000, 8,983,000,1,638,000 and 1,345,000 tax

rely, i

32,14711,650

312, 000

10,825291, 496

3.2410,3224,390

7,6837,1278,293

13,7493,7759,778

353,845

7655,753

340,971

8,8157,306

41,0746,640

92, 258

97120961

.423113,354140,276

.23381, 50265, 797

186, 268164, 615

6.334.15

23,81610, 475

275,176

9,584272, 613

3.259,3343,865

7,5616,7338,573

16, 0649,241

10, 830345, 511

06,113

333,144

10, 3358,846

135,0997,524

144,310

84132904

.423100, 332123, 596

.23375, 78159, 672

164,690148,416

6.334.15

18,3379,660

246,652

7,404254, 721

3.259,0223,473

6,6976,2288,505

16,4665,20611,615337, 512

06,335

324,453

11,5169,668

56, 4787,840

156,018

81168818

.42385, 89790, 303

.23363, 71948, 795151,414138, 647

6.334.15

17,9988,811

212, 362

7,125190,465

3.268,3722,957

6,1745,7018,429

18, 9902,60610,925

330, 970

05,789

317, 404

11, 5689,600

21, 2227,825

150, 263

85152739

.42387,99360, 767

.23362, 52947, 704144, 553131,379

6.334.15

22, 7768,620

229,488

6,725143, 308

3.268,6583,045

6,2955,5278,608

16, 03128, 28111.116

350, 316

25, 8585,523

336,092

11, 7289,579

11,1547,673

142, 742

15661

817

.42399, 00338, 926

.23367, 74051,149

133, 773124, 627

6.334.15

23,9489,550

252, 000

7,328131, 743

3.268,8923.380

6,1065,3288,903

13,8752,3608,406

344, 514

1,3034,907

330,599

9,3627,719

7,1688,299

134,457

8398

799

.42392,37231, 062

.23367,80151, 778

127,052118,087

6.334.15

27,5298, 550

255, 500

6,559122, 546

3.268,5283,246

6,7986,2898,863

15,1201,2988,166

338,733

04, 564

324, 532

9,3228,038

9,6068,274

125, 638

16288865

.423109, 62329,833

.23385, 25065, 954106, 96598, 766

6.334.15

40, 71811, 250

326, 500

7,951107, 702

3.2510, 0623,984

7,0666,3539,037

1,1388,080

333,135

04,477

318,927

9,1948,051

7,6987,452

118, 232

17772

968

.423122, 715r 45,139

.233102,171' 82, 401118,432108,675

6.334.15

54, 83513,975

386, 750

11,299154,511

3.2510, 842

r 4, 598

imates by the American Gas Association based on sales reports of 21 utilities distributing manufactured and mixed gas, which account for about 33 percent of total sales

and wines, and still and sparkling wines are shown on p. S-23 of the June 1945 issue. 1943 revisions for indicated dairy products series are shown on p. 13 of the March 1945 issue-see note marked " t " on p. S-25 of the February 1945 Survey for sources of 1941-42 revisions, except for the series on utilization of fluid milk in manufactured dairy products which hasbeen revised for 1920-42; these revisions arc available on request.

*Revised data for 1943 are shown on p. 13 of the March 1945 issue; see note marked "*" on p. S-25 of the February 1945 Survey regarding earlier data.


S-26 SUEVEY OF CUERENT BUSINESS July 1945


1945

May

1944

May June July August Sep.tember

Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary


FOODSTUFFS AND TOBACCO—Continued

DAIRY PRODUCTS—Continued

Dried skim milk:Price, wholesale, for human consumption, U. S.

average _ dol. per lb__Production, totalt thous. of lb,_

For human consumptionf . doStocks, manufacturers', end of month, total do.

For human consumption _ do.

FRUITS AND VEGETABLESApples:

Production (crop estimate) thous. of buShipments, carlot no. of carloads..Stocks, cold storage, end of month thous. of bu__

Citrus fruits, carlot shipments no. of carloads..Frozen fruits, stocks, cold storage, end of month

tbous. of lb._Frozen vegetables, stocks, cold storage, end of month

thous. of lb._Potatoes, white:

Price, wholesale (N. Y.)_ , . dol. per 100 lb_.Production (crop estimate)!- thous. of bu . .Shipments, carlot no. of carloads..

GRAINS AND GRAIN PRODUCTSBarley:

Prices, wholesale (Minneapolis):No. 3, straight.. dol. per bu._No. 2, malting do

Production (crop estimate)!-- ..thous. of bu . .Receipts, principal markets doStocks, commercial, domestic end of month do

Corn:Grindings, wet process doPrices, wholesale:

No. 3, yellow (Chicago). _ _dol. per bu . .No. 3, white (Chicago).. doWeighted average, 5 markets, all grades do

Production (crop estimate)! . . . thous. of bu._Receipts, principal markets doStocks, domestic, end of month:

Commercial doOn farms!. do

Oats:Price, wholesale, No. 3, white (Chicago)_dol. per bu . .Production (crop estimate)! thous. of bu._Receipts, principal markets doStocks, domestic, end of month:

Commercial- _ -doOn farms! - - do

Rice:Price, wholesale, head, clean (New Orleans)

dol. per lb . .Production (crop estimate)! thous. of bu_.California:

Receipts, domestic, rough ...bags (100 lb.)_.Shipments from mills, milled rice doStocks, rough and cleaned (in terms of cleaned),

end of month bags (100 lb.).Southern States (La., Tex., Ark., Tenn ):

Receipts, rough, at mills thous. of bbl. (162 lb.),_Shipments from mills, milled rice

thous. of pockets (100 lb.)-_.Stocks, domestic, rough and cleaned (in terms of

cleaned), end of mo thous. of pockets (100 lb.)_Rye:

Price, wholesale, No. 2 (Minneapolis)___dol. per bu . .Production (crop estimate)! thous. of bu._Receipts, principal markets . do____Stocks, commercial, domestic, end of month. _ -do

Wheat:Disappearance, domestic! .thous. of bu . .Prices, wholesale:

No. 1, Dark Northern Spring (Minneapolis)dol. per b u _ .

No. 2, Red Winter (St. Louis)-. doNo. 2 Hard Winter (K. C.) ___do.__.Weighted av., 6 mkts., all grades.. do

Production (crop est,), total! thous. of bu__Spring wheat _ doWinter wheat _ .do

Receipts, principal markets . . . .doStocks, end of month:

Canada (Canadian wheat) .do.__.United States, domestic, totals !--- ~do

Commercial doCountry mills and elevators! doMerchant mills doOn farms! do

22, 703

1.181.27

2 257,7889,624

16, 982

10,953

1.161.201.08

0.14289,15086,47583, 53181, 714

1,9651,667

24,101

160, 655

77, 689

3.671

44,706

16,132

21,334,3765,097

11,181

.066

649, 518

268, 989

387,067

148

557

675

1.392 28,123

5948,089

1.701.801.671.67

21,084,652" 287, 397797, 25549, 516

263,984

65, 000

0.14681,95078, 77568,06966,077

463908

21, 377

116,930

98, 910

3.35521, 683

1.351.38

8.3468,948

9,244

C)C)1.13

15, 200

7,696

8~340~

8,031

.067

464, 543321, 373

380,196

74

509

729

1.19

2,19521, 635

1.67()1.631.67

49, 552

261,092

95, 640

0.14482,28579, 73575,49272,810

1820

17, 547

129,494

114,455

3.056

27, 694

1.351.38

7,8506,923

9,449

()1.13

22,065

11,819561,181

C)7,557

6, 547185,293

.067

590,470573,966

191,378

124

458

1.12

66420,150

228, 762

1.631.611.561.61

57,404

265. 7511 316,05582,912

» 29, 7123 67, 308"103,742

0.14469,85067,45079, 25875, 844

8620

12,730

214, 460

138, 772

3.744

15, 517

1.311.35

11,1348,261

9,258

C)C)1.14

14,607

12, 392

.77

4,440

.067

264,815275, 232

102,421

37

301

193

1.13

51518,052

1.611.571.521.55

101,057

279,746

"176," 786

0.14253,10051, 30066, 52763, 594

26111, 216

246,472

166, 355

4.116

18,847

1.231.31

22, 92117,620

10,125

1.14

~"ll,~4G8~

10, 296

.73

"23," 669"

13, 213

.067

143, 465154, 521

48,047

442

220

427

1.12

87515,664

1.541.551.511.52

266, 402

'206," 736

0.14442, 35041,00059, 34256. 660

4,8308,4377,739

298, 059

178, 394

3.960

26, 313

1. 121.30

21. 51526,032

9,411

C)C).1.11

12,311

7,4781206,621

.64

20, 356

17, 328950,861

.067

84. 69257, 482

44, 313

1,288

1,110

1,207

1.03

1,15514, 728

303,333

1.541.581.531.52

62, 836

284,1181,091,369

199, 475199,441137,818532,270

0.14236,85035, 77549,89247, 373

12, 26530, 35812, 959

301, 590

3.101

24,086

1.151.31

17,61231,421

10,557

1.14

1.08

14, 665

5,469

13,522

17,377

.067

899,123156, 354

499,366

4,073

1,826

3,608

1.15

1,09013, 218

1.611.691.611.56

55, 675

323, 297

184,983

0.13830,85030,00039, 28336, 781

8,31634, 95115,395

291,204

182,623

2.988

20,939

1.161.31

14,32333,728

11,200

1.091.281.02

1 37,888

13,682

8,105

16,674

.067

602,864300,102

620,139

3,641

2,331

5,047

1.13

1,17613,021

1.641.711.591.60

39, 832

330,633

166, 705

0.13937, 57536.80039.80137,873

124,2126,670

32, 68623, 600

268,407

166,910

3.156379,43620,756

1.201.30

284,42610,09530,886

11,064

1.14(°)1.01

'3,228,36131,291

11,6982,145,520

.741,166,392

9,280

14,982750,454

.067* 70,237

394, 584316, 633

593,109

1,313

1,767

4,707

1.141 25,872

63912,207

255, 379

1.641.741.621.60

1,078,6471314, 574

764,07328, 629

327,046835, 990152,043160, 290114,387392,423

0.14143,47542,35038,71637,342

5,42825,37719,818

242, 253

145,622

3.569

22,260

1.241.30

6,74127,542

11, 721

1.151.271.01

47,437

19, 591

.79

13,062

.066

611, 763416,632

567, 268

1,710

3,819

1.23

52911,116

1.671.761.641.63

19, 262

335,057

133,905

0.13944, 00043,10041,95540,970

19, 541

1.241.30

4,59926,070

10,826

1.151.26

36. 275

22, 487

12, 837

.066

569,195490, 353

446,146

379

1,562

2, 697

1.23

22510,951

1.681.761.661.66

15,311

328, 962

0.14057, 75056, 50044, 56243, 279

4,66511, 57321, 347

193,786

99,967

2.875

26, 095

1.27r 1.30

6,35821,858

11, 965

1.151.271.01

39,036

20, 8721,339,780

(a)

9,086

8, 597430,477

632, 972548, 510

317, 617

934

1,931

1.27

26610, 252

272, 735

1.69()1.661.66

117,440

15, 502

322, 966• 563,25599, 644129, 20879,

0.14171, 35069,75059,98558,706

' 3, 031r 5, 527

' 19, 323

168, 871

' 84,120

3.592

15, 613

1.19a. 30

10,81420, 638

*> 11,181

1.151.231.04

39,038

17,886

.70

14,179

12,381

601, 900399, 898

295, 525

142

880

1,104

1.34

7058,975

1.69()

' 1.661.66

28,946

301, 005

77,351

550J 239,083

r Revised. 1 December 1 estimate. 2 June 1 estimate. ° No quotation. * For domestic consumption only; excluding grindings for export.8 Includes old crop only; new corn not reported in stock figures until crop year begins in October and new oats and wheat until the crop year begins in July.^ The total includes comparatively small amounts of wheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden bins, not included in the

breakdown of stocks.fc* t Revised series. The indicated grain series have been revised as follows: All crop estimates beginning 1929; domestic disappearance of wheat and stocks of wheat in country millsand elevators beginning 1934; corn,, oat, and wheat stocks on farms and total stocks of United States domestic wheat beginning 1926. Revised 1941 crop estimates and December 1941stock figures are on pp. S-25 and S-26 of the February 1943 Survey; revised 1941 quarterly or monthly averages for all series other than crop estimates are given on pp. S-25 and S-26of the April 1943 issue, in notes marked " ! " . All revisions are available on request. For 1941 and 1942 revisions for production of dried skim milk, see p. S-25 of the March 1943Survey and p. S-35 of the March 1944 issue (correction—total, Feb. 1942, 35,064); 1943 revisions are shown on p. S-26 of the March 1945 Survey.



Unlessand1942


throughfound in

1941t h e

1945

May May

FOODSTUFFS

June

AND

1941

July August Septem-ber

Octo-ber

Novem-ber

TOBACCO—Continued

Decem-ber

1945

Janu-ary


GRAINS AND GRAIN PRODUCTS—Continued

Wheat flour:Grindings of wheats thous. of bu.Prices, wholesale:

Standard patents (Minneapolis) § dol. perbbl..Winter, straights (Kansas City)§ do

Production (Census) :̂Flour tbous. of bbL.

Operations, percent of capacityOffal thous. of lb_.

Stocks held by mills, end of month thous. of bbl_.

LIVESTOCKCattle and calves:

Receipts, principal markets thous. of animals...Shipments, feeder, to 8 corn belt States!-.. do . . .Prices, wholesale:

Beef steers (Chicago) dol. per 100 lb.Steers, stocker and feeder (K. C.) do. . .Calves, vealers (Chicago) -do

Receipts, principal markets.. thous. of animals.Prices:

Wholesale, average, all grades (Chicago)dol. per 100 lb.

Hog-corn ratiof.bu, of corn per 100 lb. of live hogs.Sheep and lambs:

Receipts, principal markets thous. of animals.Shipments, feeder, to 8 corn belt Statesf do. . .Prices, wholesale:

Lambs, average (Chicago) dol. per 100 lb.Lambs, feeder, good and choice (Omaha) do

MEATS

Total meats (including lard):Consumption, apparent mil. of lb_.Production (inspected slaughter) do.__-Stocks, cold storage, end of month®cf do

Miscellaneous meats©cf • doBeef and veal:

Consumption, apparent thous. of lb._Price, wholesale, beef, fresh, native steers (Chicago)

dol. perlb. .Production (inspected slaughter) thous. of lb._Stocks, beef, cold storage, end of month©cf do

Lamb and mutton:Consumption, apparent. _ doProduction (inspected slaughter) .doStocks, cold storage, end of month 0 c? do

Pork (including lard):Consumption, apparent doProduction (inspected slaughter) do

Pork:Prices, wholesale:

Hams, smoked (Chicago) dol. perlb..Fresh loins. 8-10 lb. average (New York) do

Production (inspected slaughter) thous. of lb. .Stocks, cold storage, end of month©cf- - d o —

Lard:Consumption, apparent- --doPrices, wholesale:

Prime, contract, in tierces (N. Y.) dol. perlb..Refined (Chicago) do

Production (inspected slaughter).. .thous. of lb. .Stocks, cold storage, end of monthcf. do

POULTRY AND EGGSPoultry:

Price, wholesale, live fowls (Chicago) dol. per lb_.Receipts, 5 markets thous. of lb._Stocks, cold storage, end of monthc? do

Eggs:Dried, production * doPrice, wholesale, fresh firsts (Chicago) t-dol. per doz_.Production .millions..Stocks, cold storage, end of month.'d"1

Shell.-- thous. of cases..Frozen _ .- thous. of lb..

MISCELLANEOUS FOOD PRODUCTS

Candy, sales by manufacturers.. thous. of dol..Coffee:

Clearances from Brazil, total thous. of bags..To United States. do

Price, wholesale, Santos, No. 4 (N. Y.)—dol. per lb. .Visible supply, United States... thous. of bags..

Fish:Landings, fresh fish, principal ports thous. of lb. .Stocks, cold storage, end of month. d o —

6.556.38

2,104103

16.3814.2315.75

2,019

14.7113.1

2,57697

15.35

1,35966723

.200604,142213, 504

77, 29013, 593

677, 425

.258

.258528,725303,005

().346

108,45864, 289

.27217, 683

101, 550

12, 523.3436,300

5,425231,192

36,446

678519.134

1,321

43,43140, 516

41,984

6.556.25

9,24361.2

728, 569

•• 2,01574

15.4412.8414.00

r 4,169

12.9111.0

2,455118

15.0412.37

1,6131,8361,650133

593,052

.200566, 583243,508

69,36568,33514,479

950,105,200,891

.258

.255871,665769,138

182,625

().146

240,789490, 281

.25028,982122,729

34,579.308

' 6, 735

9,632292,445

31,062

1,207955.1341,472

47,88869,672

41,360

6.555.98

60.2713, Q023,423

2,030106

16.0611.6514.00

12.6611.0

2,70490

14.55

1,6001,7541,531

77

588,776

.200556,169207,400

68,78069,00014,616

942,9011,128,596

.258

.255811,276803, 357

155,005

().143

231,877420, 301

.21938, 578130,817

32,712.3325,437

11,335354, 223

28, 266

742563.1341,235

49,6C688,842

42,342

6.555.92

9,32263.9

725, 248

2,219105

16.0610.9313.60

3,231

13.2510.9

2,563103

13.19

1,6681,5541,250

72

645, 730

.200575, 794168,446

73,47971, 59512,721

948,907906,752

.258

.255649,075

154,814

C).138

188,897342,450

.22842, 059141,654

31, 272.3484,631

9,351388, 547

23,461

731607.1341,609

52, 542

46,671

6.576.03

10, 27965.2

798,575

2,681236

16.0711.5013.75

2,704

14.3211.5

2,765382

13.5112.71

1,6341,57296965

709,042

.200704, 481161,486

73,00675, 46915,027

852,196791,913

.258

.255582,012478, 224

152, 400

().138

153,220240,298

23338, 688160,689

34,149.338

4,010

7,653371, 627

29,795

1,2471,039.134

1,514

46, 585109,841 I 123,255

46, 463

6.556.26

10, 23570.1

795, 7833,469

2,863367

15.7811.3414.66

2,304

14.4211.7

3,421770

13.5112.43

1,4761,42678453

713, 631

.200690,170143, 530

78, 76280,11416,069

683, 753655, 519

.258

.257503,292359,023

95, 010

.138111,344168, 251

.22846, 753187, 959

25,000.368

3, 515

5,427332, 505

34,860

1,123893.1341,778

43,015131,584

49,424

6.556.22

10,87871.6

849, 492

3, 587525

15.9511.5015.08

2,743

14.4912.2

3,732835

13.8412.36

1,6371,60564640

793,076

.200762, 573127,119

87, 69489,67517,882

756, 573752, 481

.258

.258586,853296,815

109, 644

().140

120,115118, 072

.22762, 047244,075

23,946.389

3, 278

2,905279,175

39,043

1,185972.1341,516

35,891130,914

48,011

6.556.20

10,55172 A

828, 573

376

15.7811.9614.81

3,390

14.1412.7

2,801420

13.8712.49

1,6431,715

61735

725, 715

.200694,348114, 589

79,88781,06218,874

837,517939,194

.258

.258728,945318,055

125, 590

( ).146

152,95690, 536

.24262,046

268,128

16,835.423

2,998

1,045220,180

40,214

1,215996

.1341,352

25, 746128,223

46,485

6.556.30

10,19269.8

807,1833,570

2,211170

14.8711.4914.75

3,365

14.1912.6

2,134169

14.1412.50

1,5891,761

67537

676, 618

.200658, 443107,171

79,08081,20020,183

833, 2621,021,414

.258

.258785,370371,393

105,039

().146

171,92498,484

.24660,236

269,021

10,610.418

3,387

411165, 933

37, 399

1,6451, 395.134

1,450

17,297111,956

51,287

6.556.24

11, 22373.7

894,085

2,372113

14.7112.4014.75

3,361

14.6612.9

2,297132

15.0212.99

1, 5751,747

69934

680, 247

.200678, 745116, 093

91,21190, 26318, 258

803, 728977, 737

.258

.258761,150407,202

128,966

C).146

158,06981, 494

.25533, 085

215, 532

15,192.380

4,146

296

40, 391

1,118957

.1341,418

" 16, 79478,971

46,893

6.556.30

10,27476.1

815,807

1,95172

15.1213.0014.88

2,013

14.7013.2

1,64377

16.0013.83

1,1401,311

65629

619,118

.200632, 564133,132

69,34671,11917,195

451, 085607,032

.258

.258480,460366,185

31,802

C).146

91,81364, 770

.26018,917

183,889

14,134.349

4,786

52185, 499

38, 775

951831

.1341, 380

20,073• 52,360

51,284

6.556.49

11, 25171.0

593,8343,377

2,101113

15.6413.6015.66

2,082

14.7013.1

1,725103

16.3113.90

1,2581,424

61426

669,407

.200685,274152, 629

77, 69276,47015,264

511, 280662, 521

.258

.258524, 383325, 503

14,304

.146100,179

49, 728

.26420, 842

141, 708

17,845.343

6,558

1,784114,814

44, 204

1,014844

.1331,352

' 36, 78639,830

50,627

6.556.43

11, 07275.3

886, 299

2,194136

16.1413.9016.33

1,932

14.7113.2

1,73780

16.3014.00

1,0231,229••621' 2 3

529,081

.200561,247

'190,224

70, 34566,942

' 11,541

423,791600,377

.258

.258471, 559

'298,448

12,849

.14693,622

' 53,766

.26820,435

'117,755

15,716.343

6,670

' 3,823' 169, 526

37,573

889717

.1341,407

36,35632, 509

«• Revised. • No quotation. ^Compiled by the U. S. Department of Labor; see note in April 1944 Survey.§Prices since May 1943 have been quoted for sacks of 100 pounds and have been converted to price per barrel to have figures comparable with earlier data.tThe hog-corn ratio has been shown on a revised basis beginning in the March 1943 Survey; revised data beginning 1913 will be published later. The series for feeder shipments

of cattle and calves and sheep and lambs have been revised beginning January 1941 to include data for Illinois; revisions are shown on pp. S-26 and S-27 of the August 1943 Survey.•New series; annual figures beginning 1927 and monthly figures for 1941-43 are shown on p. 20 of the March 1945 issue.©Miscellaneous meats includes only edible offal beginning June 1944; trimmings formerly included in "miscellaneous meats" are now distributed to the appropriate meat items.

The total includes veal, shown as a new item in the original reports beginning June 1944 (some of this veal formerly may have been included with trimmings in "miscellaneousmeats") and also, beginning September 1944, data for sausage and sausage products and canned meats and meat products which were not reported previously; separate data for theseitems through March 1945 are given in notes in earlier issues; April and May 1945 data are as follows (thousands of pounds): Veal—April, 5,892; May, 5,706; sausage and sausageproducts—April, 25,382; May, 25,603; canned meats and meat products—April, 16,640; May, 18,239.

SData relate to regular flour only; in addition, data for granular flour have been reported beginning 1943; see note in previous Surveys for data through March 1945. Granularflour data for April 1945; Wheat grindings, 3,609,000 bushels; production, 788,000 barrels; offal, 62,920,000 pounds; percent of capacity, regular and granular flour combined, 80.6.

cf Cold storage stocks of dairy products, meats, and poultry and eggi' include stocks owned by the D. P. M. A., W. F. A., and other Government agencies, stocks held for theArmed Forces stored in warehouse space not owned or operated by them, ^nd commercial stocks; stocks held in space owned or leased by the Armed Forces are not included.




1945

M a y

1944

May June July August Sep- October Novem-ber

Decem-ber

1945

Janu-ary


FOODSTUFFS AND TOBACCO—Continued

MISCELLANEOUS FOOD PRODUCTS—Con.

Sugar:Cuban stocks, raw, end of month§

thous, of Span, tons...United States, deliveries and supply (raw value) :*

Deliveries total short tons..For domestic consumption doFor export do.i_.

Production, domestic, and receipts:Entries from off-shore areas total do

From Cuba doFrom Puerto Rico and Hawaii. doOther - -. do

Production domestic cane and beet doStocks, raw and refined do

Price, refined, granulated, New York:Retail - dol. per lb._Wholesale - . . .- do

TOBACCOLeaf.

Stocks, dealers and manufacturers, total, end ofquarter mil of lb

Domestic:Cigar leaf doFire-cured and dark air-cured do

Foreign grown:

Manufactured products:Consumption (tax-paid withdrawals) :1

Small cigarettes millionsLarge cigars - - thousands..Mfd. tobacco and snuff thous. of lb_.

Prices, wholesale (list price, composite):Cigarettes, f. o. b., destination dol. per 1,000..

Production, manufactured tobacco, total.-thous. of lb._Fine-cut chewing ^.. - . _. . . - doPlug . . . doScrap, chewing . ._ ..doSmoking . doSnuff. _ -doTwist -

2,101

614,071578, 71635, 355

476, 866270, 886197, 999

7,981

. 066

.054

21, 280413,69328,074

6.006

3,164

591,487546,92744, 560

673,458465,193207,137

1,1284,001

1,343,620

.066

.055

21,065399,99223,968

6.00624,862

3655,2174,323

10, 7203,675

561

2,945

686, 001654, 592

31,409

638,100418,773219, 206

1217,702

1,287,717

.066

.055

2,702

360253

1,9912

2768

21,166384,171

23, 350

6.00623, 848

3715,4064,5089,8353,199

531

2,666

760,031743,815

16, 216

437, 600270,188159,821

7,5914,377

972, 577

.066

.055

20, 278352,131

21, 338

6.00622,853

2884,6834,187

10, 0923,122

480

2,392

748, 282737,665

10, 617

489, 798273,140208,808

7,85010,003

715, 572

.066

.055

22,305418,20526,971

6.00627,978

3745,4965,047

13,2903,207

564

2,181

662,419653, 568

8,851

378, 550282, 04488, 3868,120

49,873464, 564

.066

.054

2,731

323231

2,0852

2465

20,021391,492

25, 335

6.00626,364

3494,8904,407

12, 9443,231

543

1,913

649,792640, 706

9,086

455, 075376,11072,1726,793

391, 506642,165

.064

.054

19. 771411,89428, 793

6.00630,637

3485,3655,015

15, 4913,809

610

1,027

592,731580,186

12, 545

417,485353,656

57,0366,793

605, 5151,054,005

.054

20, 554446,325

30, 729

6.00632,168

3715,6874,720

16,9733,850'567

1,127

615, 732589, 50726, 225

462, 960357, 39687, 54818,016

325, 7391,226,474

C).054

i 1,835

3,047

298225

2,4362

3056

17, 826395,49926,017

6.00627,039

3414,7764,207

13, 9343, 281

499

1,130

599, 417559, 15940, 258

471, 258439, 055

27, 6784,525

53, 6171,147,957

C).054

20, 077379, 420

27, 519

6.00629, 770

3735,1154,532

15,0964,072

582

1,386

497, 486477, 45622,030

392, 680340,75238, 69813, 23014,139

,053,052

.065

.054

16. 673388, 62925,089

6.00626,421

3094,4504,216

13,4043,516

526

1,776

653,706605, 089

48, 617

579,633477,15794, 2418,235

15, 9521,003,723

.066

.054

3,168

3722(5

2, 4422

2749

18, 679417,52127,045

6.00629,905

3305,4164,564

14,7584,214

624

2,359

589,226552,100

' 37,126

540,355399,052137, 736

3,5673, 946

961, 330

.066

.054

17,090388, 436

25, 212

6.006

LEATHER AND PRODUCTS

HIDES AND SKINS

Livestock slaughter (Federally inspected):Calves thous. of animalsCattle do -.Hogs _ . d o .Sheep and lambs do

Prices, wholesale (Chicago):Hides, packers', heavy, native steers dol. per lb_-Calfskins, packers', 8 to 15 lb . . . do . . .

LEATHERProduction:

Calf and kip _ thous. of skins.Cattle hide thous. of hidesGoat and kid . _ thous. of skins.-Sheep and lamb do

Prices, wholesale:Sole, oak, bends (Boston)f dol.perlb__Chrome, calf, B grade, black, composite, dol. per sq. ft-

Stocks of cattle hides and leather, end of month:Total thous. of equiv. hides..

Leather, in process and finished doHides, raw _ _ . _ . do

LEATHER MANUFACTURES

Boots and shoes:tProduction, total . thous. of pairs. _

Government shoes do__Civilian shoes, total do

Athletic® doDress and work shoes, incl. sandals and playshoes:

Leather, uppers, total®. -thous. of pairs..Boys' and youths' doInfants' _. . do.Misses' and children's doMen's doWomen's do

Part leather and nonleather uppers® _.do__Slippers and moccasins for housewear do._All other footwear ® do

5221,0453,3751,824

.155

.218

1,0002,4562,263

.440

.529

11,9146,9025,012

541989

6,6431,694

.155

.218

9522,2513,1324,572

.440

.529

10, 8486,4694,379

40,0253,862

36,163199

21,8021,3662,3543,0405,5279 5158,8434,638

682

5941,0036,0951,823

.155

.218

9982,2663,1584,328

.440

.529

10, 6056,4554,150

41,0213,892

37,129223

22, 6251,4082,4703,0845,8219.8418,8654,836

580

6341,0794,7951,898

.155

.218

8022,0572,7113,771

.440

.529

10, 8766,7924,084

31,9763,298

28, 678175

18,0381,0512,0592,5634,4957,8706,0064,104

355

7561,3394,1451,924

.155

.218

1,0292,274

' 2,914'4,791

.440

.529

11,1786,8624,316

41,1664,254

36, 912216

22, 7431,2772,6723,1485,438

10 2087,3696,264

320

7531,3103,5212,003

.155

.218

9402,2222,7354,334

.440

.529

11,1936,9704,223

38, 5144,041

34,473208

21,8881,3462,4882,9745,1539,9276,1265,981

271

9201,4514.2232,238

.155

.218

1,0062,2242,9004,532

.440

.529

11, 4766,9744,502

40, 3024,284

36,017256

23,0441,3362, 7283,1635,423

10 3945,4876,964

266

8741,3365,2582,013

.155

.218

94.82,2922,7944,523

.440

.529

11, 6587,0414,617

39, 1114,191

34,921241

22,1571,2572,6772,9835,4239,8175,1477,022

354

6691,2755,6631,934

.155

.218

8792,1782,4654,122

.440

.529

11,8577,0704,787

35,3663,884

31,482224

20,6241,1532,4182,8635,0389,1525,1625,101

372

5601,2845,2992,073

.155

.218

9572,3952,5434,433

.440

.529

11,9787,0574,921

39,6704,326

35,344300

23,3551,2062,8073,3725,475

10 4956,6754,865

149

4421,1493,2671,522

.155

.218

9252,3912,1044,350

.440

.529

11,9917,0514,940

38,8714,265

34,606265

21,9271,1822,6343,3275,2809,5057,6174,641

157

5751,2133,4741,723

.155

.218

9962,4752,5364,332

.440

.529

11, 9676,9555,012

43,9354,937

38,998332

23,3841,0742,9003,6185,373

10 4199,9685,199

115

4797

3,061,50

.15

.21

97'2 ,33'2 ,19

4,12

.44

.52

' 11,93'6 ,86' 5,07

41,424,97

36,4431

20, 5690

2,633,444,509 07

10,614,81

' Revised. i December 1 estimate. ° Not available. § For data for December 1941-July 1942, see note marked "§" on p. S-28 of the November 1943 Survey.*New series compiled by U. S. Department of Agriculture; represents both raw and refined sugar in terms of raw sugar (see also note in April 1945 survey).^Tax-paid withdrawals include requirements for consumption in the United States for both civilians and military services; withdrawals for export and for consumption outside

the United States are tax-free.t Revised series. The price series for sole oak leather is shown on a revised basis beginning with the October 1942 Survey; revisions beginning July 1933 are available on request.<g> See note for boots and shoes at the bottom of p. S-23 for explanation of chances in the classifications.% The 1944 data have been revised to include reports received too late for inclusion currently and to exclude reconstructed Government, shoes which are not included in the 1945

data; revisions for January-April 1944, and earlier revisions for January-May 1943, which have not been published, will be shown later. The manufacturers reporting the revised1943 and later data account for practically the entire production of footwear other than rubber; earlier data were estimated to cover about 98 percent of the total.



Unless otlierwise stated, statistics through 1941and descriptive notes may be found in the1942 Supplement to the Survey

1945

M a y

1944


Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary


LUMBER AND MANUFACTURES

LUMBER—ALL TYPES

National Lumber Manufacturers Assn.:fProduction, total mil. bd. ft.

Hard woods do.-.Softwoods do.. .

Shipments, total do___Hardwoods doSoftwoods do._.

Stocks, gross, end of month, total doHardwoods .do. . .Softwoods do

PLYWOOD AND VENEER

Hardwood plywood, production:*Cold press thous. of sq. ft,, measured by glue line..Hot press _.do

Hardwood veneer:*Production thous. of sq.ft., surface area..Shipments and consumption in own plants doS'ocks, end of month do

Softwood plywood:*Production thous. of sq. ft., %" equivalentShipments do_.Stocks, end of month.. __.do_..

FLOORING

Maple, beech, and birch:Orders, new M bd. ftOrders, unfilled, end of month doProduction . . .do.Shipments _.do.Stocks, end of month _ . .do.

Oak:Orders, new doOrders, unfilled, end of month doProduction do. . .Shipments . . . . do . . .Stocks, end of month do. . .

SOFTWOODS

Douglas fir, prices, wholesale:Dimension, No. 1, common, 2 x 4—16

dol. per M bd. ft.Flooring, B and better, F. G., 1 x 4, R. L do. . .

Southern pine:Orders, newt mil. bd. ft.Orders, unfilled, end of montht doPrices, wholesale, composite:

Boards, No. 2 common, 1" x 6" and 8"tdol. per M bd. ft.

Flooring, B and better, F. O., 1 x 4f . . .do. . . .Production! _ mil. bd. ft.Shipmentsf doStocks, end of month! - - do

Western pine:Orders, newf.. _ doOrders, unfilled, end of month! doPrice, wholesale, Ponderosa, boards, No. 3 common,

1" x 8" dol. per M bd. ft..Production! mil. bd. ft..Shipments! - doStocks, end of monthf do

West coast woods:Orders, newf doOrders, unfilled, end of month doProduction!.. doShipments! doStocks, end of month _.do

Redwood, California:Orders, new M bd. ft..Orders, unfilled, end of month _ doProduction _doShipments .doStocks, end of month _ .do

FURNITURE

All 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

Plant operations percent of normal..Shipments no. of days'production..

2,7757,0503,1752, 7502,500

14, 21041,48716, 89718,1861,925

34.39844.100

626876

()699715

1,131

465398

34.79553504820

618954566597381

30, 30197, 58136, 34337,19161,640

2,972589

2,3832,911687

2,2243.732884

2,848

157,01068,887

785, 759789,832525, 483

126, 798128,15730,131

3,2507,7004,0003,3003,050

16, 28221,87616,43817,4914,938

34. 79044.100

654946

41.39455. 233

737755

1,259

564529

34.91612552824

5851,073788678414

28, 724151,44741, 39039, 30168,128

56

2,730591

2,1392,869

6022,2673,794

8812,913

153, 51969,129

817,392805, 604542,463

129,821132,16727,367

3,6507,3503,9503,9503,150

13,01019,42415,11615,4624,736

34.79044.100

749970

41.17255. 233

704725

1,238

568514

34.77646583887

6731,057

561718440

38,162146, 60740,18137,81866,682

57

427894717

2,740652

2,0882,668

5622,1063,880

9582,922

144, 27666,828

766, 521774, 719568,019

98, 76294, 76730,804

3,5507,8253,6503,0503,725

19, 39725, 68713,36113,1344,963

34.79044.100

712936

41.17255.233

702746

1,194

524502

34.70612538961

5461,006

567594439

19, 305111,51832,48536, 21162, 216

54

324864714

3,107735

2,3722,893

5672,3264,0511,0902,961

167,18480, 604

844,009850, 483589,154

133, 616132, 27430,910

3,8257,8004,0753,0754,500

27,10732,19615,94218, 2814,075

34. 79044.100

734887

41.17255. 233

742783

1,153

578468

34.64685613

1,033

7841,075

704692449

38,51099, 79341,16138, 20259, 043

58

423775118

2, 682581

2,1012,575

5362,0394,1851,1253,060

154,29268,671

758, 512778, 558592,612

124, 989126,60630,487

2,7257,0753, 7753,7754,750

17,63537,16915,79016,4644,095

34.30044.100

634873

41.17255.480

654648.

1,159

557504

34.52573521

1,085

6401,070

652654482

34,653101,12139, 09234,90162, 521

57

341785015

2,686598

2,0882,617

5712,0464,2411,1433,098

153,16371,533

785,800808,669601,127

127,368126, 71731,351

3,9006,5003,7754,3754,325

17,64436,84317,13517,9703,791

33.81044.100

664876

41.172(2)

666661

1,164

496475

34.71556526

1,115

604983652656478

31, 20877,85140, 74735,34863,521

58

335765217

2,429544

1,8852,455

5581,8974,1771,1053,072

147, 50571,762

762,116786,856603,668

127,192127,37131,080

4,6757,3003,3754,0503,650

17,10036, 55417,54717,3893,949

33.81044.100

545809

41.172(2)

644612

1,196

417420

34.62413472

1,057

602926633624475

26, 33070, 47837, 26533,04966,123

56

625685117

2,170484

1,6862,267

4901,7774,0311,0303,001

138,91565,652

667,067707, 387598.447

112,028114, 77428,439

3,6506,9253,3753,6503,325

15,13536,92115,41814, 7164,456

33.81044.100

668909

41.172(2)

559568

1,187

386378

34.61367428997

529884589600470

29,63170,18629, 56228,87174, 311

53

165725015

2,133374

1, 7592,373

5221,8514,0371,0822, 955

158,10678, 022

828, 697873, 681602, 339

126, 886123,96530,952

4, 6257,9253,5253,6502,900

16,75537,82316, 63015,9055,197

33.81044.100

676936

(2)(2)

650649

1,188

394383

34.42306388915

735982638623495

53, 79590, 79734, 53533, 51272, 074

54

425845017

2,110457

1,6532,270

4981,7723,684

9322,752

145, 44070,770

764,182809, 627600,726

118,564117,99630, 553

3,6758, 5503,1002,8752,900

16, 38238, 24815,65615,9574,696

33.81044.100

609952

(*)(2)

585593

1,180

346362

34.73305368852

614993596614432

36,49794,15531,05733,03768,566

54

223875018

2.311471

1,8402, 529

5791,9503,471

8252,646

T162, 818r 78, 882

829, 247881, 774576,310

128, 572129, 418

28, 913

3,2258,4753,1253,4252,550

22, 99645, 34516,00016, 8993.797

33.81044.100

707981

(2)(2)

665678

1,167

505433

34.84371434789

6871,015

616635417

38, 75296,62833, 23433, 71266,105

54

417875018

2, 276440

1,8362,366491

1,8753,361774

2,587

155, 26876, 342

778, 337822,205577, 832

114, 895116,00027, 414

2,5757,6253,0003,2752,200

16, 79945,46214,52215, 6812,638

33. 81044.100

641965

()637657

1,147

449437

34.79427445771

532971570538429

41, 523103, 24533, 71934, 29964,121

53

316824917

r Revised.*New series.

ot vailable.The plywood and veneer series are from the Bureau of the Census and are practically complete.emb 1944 S d t b i i S t b 1942 f h d d b l i h d 14

Data beginning September 1941 for softwood plywood are shownth N b 1944 i Th h d d l d fi b

py e e uu a e p r a c t i y p g g p o p yon p. 16 of the September 1944 Survey; data beginning September 1942, for hardwood veneer are published on p. 14 of the November 1944 issue. The hardwood plywood figures pub-lished prior to the May 1945 Survey have been revised owing to corrections received from one company; the revised figures will be published later.

tRevised series. Data for the indicated lumber series as published in the 1942 Supplement and in the statistical section of the monthly Survey prior to April 1945 issue have beenrevised as follows: Total'lumber stocks, total softwood stocks, and Southern pine stocks and unfilled orders beginning 1929; hardwood stocks, beginning 1937; Western pine new orders,unfilled orders and stocks beginning 1942; West Coast woods new orders, production, and shipments beginning 1938, and all other series beginning 1941. The revisions reflect largelyadjustment of the monthly series to 1941-43 annual data collected by the Bureau of the Census. Revisions through 1939 for total lumber stocks and total softwood and hardwoodstocks and through 1941 for other series are available in a special table on pp. 27 and 28 of the March 1943 Survey except that 798,000,000 should be added to the published stock figuresfor total lumber, total softwoods and Southern pine, and 111,000,000 to Southern pine unfilled orders (these additions are to carry back a revision to include data for concentrationyards); all revisions are available on request. The Census for 1942 and 1943 included many mills in the Eastern States not previously canvassed; this affects the comparability ofcurrent statistics with those for years prior to 1942 for Southern pine and for total lumber, total softwoods, and total hardwoods. U. S. Forest Service estimates of total lumber pro-duction for 1939-41, based on census data adjusted for incomplete coverage, and census total for 1942 are shown in the table on p. 22 of the February 1945 issue (revisions for 1943 and1944 totals in that table, 34,289 and 32,554, respectively. The revised price series for Southern pine each represents a composite of 9 series; for comparable data beginning August 1942,see note at bottom of p. S-35 of the June 1944 issue.Digitized for FRASER



Unlessand1942


throughfound in

1941t h e

1945

May May

METALS

June

AND

1914


Octo-ber

MANUFACTURES

Novem-ber

Decem-ber

1945

Janu-ary


IRON AND STEEL

Iron and Steel Scrap

Consumption, total* thous. of sbort tons-Home scrap* doPurchased scrap* do . . .

Stocks, consumers', end of month, total* . do~..Home scrap* do ' .Purchased scrap* do j .

Iron Ore j

Lake Superior district: jConsumption by furnaces thous. of long tons.. 6,872Shipments from upper lake ports do I 11,121Stocks, end of month, total do 20,715

At furnaces ___ _ __do I 18,584On Lake Erie docks do~~I 2,131

Pig Iron and Iron Manufactures

Castings, gray iron, shipments* short tons _. |Castings, malleable:d"

Orders, new, net d o - . . .Production - . . .doShipments - do

Pig iron:Consumption* thous, of short tons_.Prices, "wholesale:

Basic (valley furnace) dol. per long ton. .Composite doFoundry, No. 2. Neville Islarid*_ _ do

Production* thous. of short tons. .Stocks (consumers' and suppliers'), end of month* j

thous. of short tons..! .-•Boilers, range, galvanized: j

Orders, new, net number of boilers. J 74,641Orders, unfilled, end of month . . .do i 341,121Product ion. . . . do— I 59,986Shipments do 58, 506Stocks, end of month . . .do 8,470

83,42183,01379,565

24. 5025.1725.005,016

Steel, Crude and Semimanufac tured

Castings, steel, commercial:Orders, new, total, net short tons,.

Railway specialties doProduction, total__ . do

Railway specialties- doSteel ingots and steel for castings:

Production thous. of short tons. .Percent Gf capacity!

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 long ton. .

D. 8. Steel Corporation, shipments of finished steelproducts.. _-__ thous. of short tons.

Steel, Manufactured Products j

Barrels and drums, steel, heavy types:1Orders, unfilled, end of month. . . . thousands..!Production . . . d o - . .Bhipments doStocks, end of month . . _ do

Boilers, steel, new orders:Area „ thous. of sq. ft.Quantity number.

Porcelain enameled products, shipments}: thous. of do]_Spring washers, shipments .. do-- .Steel products, production for sale:*

Total thous. of short tons.Merchant bars d o . . .Pipe and tube d o . . .Plates d o . . .Rails do._.Sheets d o . . .Strip—Cold rolled d o . . .

Hot rolled .. . .do -Structural shapes, heavy d o . . .Tin plate and terneplateO---- do . . .Wire and wire products ____do-..

7,47792

.027234.40.021018.75

1, 798

1,211832

3,178

NONFERROUS METALS AND PRODUCTS j

Aluminum:Price, wholesale, scrap castings (N. Y.) --dol. per lb . 0375Production:*

Primary ..mil. of lb.. 104.0Secondary recovery do

Aluminum fabricated products, shipments* do I

5,245

2,2575,3691,6073,762

7,55812,11421, 47418, 3563,117

790,674

92, 28570, 55572, 279

5, 218

23.5024.1724.005,343

1,658

69, 56068.10666.10769,04716, 782

176, 99337,807161, 78329,974

7,70397

. 026534.00.021018.75

1,777

3,4321,5391,531

49

1,155849

2,664379

5,313533521

1,04222079097115318231369

.0425

152.959.9

221.2

4,9952,8642,1315,3761,6133,763

7,11211, 97526, 65523,2893,366

763, 459

103,69270,99371,758

4,960

23.5024.1724.005,057

1,663

57,96666, 27254, 90359,80011,885

181,81628,147157,44430, 309

7,23494

.026534.00.021018.75

1,738

3,7671,5091,518

40

1,608839

2,868382

5,164512504

1,01019276897119298256363

.0425

132.855. 9187.9

4,9542,8642,0905,3431,5923,751

7,37212,90932,06928, 2373,832

689,744

106,62661, 32061,704

5,062

23. 5024.1724.005,157

1,649

61,09969,63259,41667,73913,562

169,92119, 248131,94024,756

7,49894

.026534.00. 021018.75

1,755

3,6491,4391,427

51

1,122728

2,870319

5,08249850696920176388117300246337

.0425

135.153.5199. 6

5,0772,9312,1466, 4441,6703,774

7,34212, 28837, 24332, 7274,516

778, 205

71,30774, 29770,172

5,159

23.5024.1724.005,210

1,639

68,00980, 69658,15456,94514, 771

171,30929,921154,91131,864

7,49994

.026534.00. 021018.75

1,743

5,2761,6111,619

43

1,6491,0703, 152361

5,15951051885819583995121298238377

.0420

123.355.9

223. 6

5,0082,8902,1185,3701,7153,655

6,95011, 32941,94336, 6845,259

744, 954

49, 50274, 62872,821

4,893

23. 5024.1724.004,988

1,617

51, 28876, 43254, 58955, 55213,808

129,84714,371144,45827,660

7,23594

.026534.00.021018.69

1,734

6,6661,3941,390

47

831757

3,060347

5,15749751093621482897121311204360

. 0362

94.947.0

211. 2 i

5,2463,0992,1475.0801,6353, 445

7,32010.59545. 34339, 5465, 797

780, 453

76, 536SO, 50576, 882

5,108

23. 5024.1724.005,200

1,590

74,08583, 63769, 38966,88016,317

146,11616, 173

150,71928, 949

7,62196

. 026534.00.021016.90

1,775

6,8241,5751,565

57

904692

3,302383

5,18447150195721484198127306205309

.0327

96.843.4

199.2

5,0702,9992,0714,7911,5283,263

6,8834,67244,72239,2495,473

760,383

48,14979, 62977, 528

4,887

23. 5024.1724.004,904

1,536

71,16391,61663,02263,18416,253

120, 66720, 937146,41126,939

7,27994

.026534.00. 021017.00

1,744

6,7421,6591,665

52

914699

3,155414

5,161499512900204833100121312202354

.0317

88.948.0208.2

5,0252,8842,1414,4251,4532,972

7,0900

37,82432,8834,941

741,534

69, 97276,18776,831

4,959

23.5024.1724.004,999

1,492

76,249112,63852, 08956, 60611,736

138, 66630, 259144,16225,660

7,366

.026534.00.021018.69

1,768

6,7471,5841,594

41

925538

2,818464

4,965474503819209802103113302234342

.0312

93.746.3165.1

5,0482,8832,1654,1731,4452,728

6,9830

30,88926,4454, 444

791, 395

97,153

83, 742

4,911

23.5024.1724.004,945

1,447

112,726170, 72754, 55055,01411,228

210,18239,121157,17625,267

7,20689

.026934.00. 021018.75

1,569

7,5221,8371,809

70

r 2, 235' 1,1423,029477

4,940451506743199843109118259237348

. 0358

97.362.3200.3

4,7142,6582,0564,1161,4652, 651

6,3710

24, 57720,8153.761

752, 266

79,91378, 38575, 220

4, 528

24. 0024.7124. 504,563

1,379

111.640219,77563,15262, 59211,788

214, 40838, 537146,16523,159

6,65591

.027134.00.021018. 75

5,4763,0782,3984,0811,4062,678

7, 0820

17,30414.9902,307

857,616 ! 77;

98,97986,17585, 307

5. 205

24. 5025.1725.005,228

1,363

131,632281, 48S66,16569, 9198.034

203,17028, 746166,89627, 268

7,70895

. 027134.00.021018.75

1,562 I 1.870

7,2511,6841. 698

51

1,1391,026 I2,743419

4,776465461664194825107119262207330

.0375

91.361.8195.8

6,9171,9451,944

53

1,385910

3,207495

5,632532578736212984121127296288393

106.267.6

231.3

r Revised. 1 Beginning 1943 data cover virtually the entire industry. ©Designated "tin plate" prior to the July 1944 Survey but included terneplate.^Beginning July 1944 the coverage of the industry is virtually complete.; the coverage was about 97-98 percent for September 1942-June 1944 and 93 percent prior thereto.§ Beginning January 1945, percent of capacity is calculated on annual capacity as of Jan. 1, 1945, of 95,501.4^0 tons of open-hearth, Bessemer, and electric steel ingots and steel for

castings; data for July-December 1944 are based on capacity as of July 1, 1944 (94,050,750 tons) and earlier 1944 data on capacity as of Jan. 1, 1944 (93,648,490 tons).J Of the 99 manufacturers on the reporting list for Jan. 1.1942, 30 have discontinued shipments of these products for the duration of the war.• Beginning 1944 data represent net shipments (total shipments less shipments to members of the industry for further conversion) instead of net -production for sale outside the

industry, as formerly. For 1912 data, except for April, see the October 1942 and July 1943 Surveys; for April data see note at bottom of p. S-31 in the September 1943 issue.* New series. For a description of the series on scrap iron and steel and pig iron consumption and stocks and 1939-40 data, see note marked " * " on p. S-29 of the November 1942

Survey; later data are available on p. S 30 of the April 1942 and subsequent issues. The new series on pig iron production is from the American Iron and Steel Institute and is approxi-mately comparable with data from the Iron Age in the 1942 Supplement (data in the Supplement are in short tons instead of long tons as indicated); see p. S-30 of the May 1943 Surveyfor further information on this series and data for 1941-42. The new pig iron price, f. o. b. Neville Island, replaces the Pittsburgh price, delivered, shown in the Survey prior to theApril 1943 issue. For data beginning January 1942 on aluminum production see p. 24, table 6, of the June 1944 Survey. Data for aluminum fabricated products cover total shipmentsof castings, forgings, sheet, strip, plate, rods, bar, and other shapes, and are available beginning January 1942; data for gray iron castings are based on reports of foundries accountingfor about 98 percent of the total tonnage of the gray iron castings industry for January-November 1943 and 93 percent thereafter. Both series are from the War Production Board.



Unlessand1942


throughfound in

1941t h e

1945

May May- June July

1944

August Sep- jtember |

Octo-ber

Novem-ber

Decem-ber

1945

Janu-aiy


METALS AND MANUFACTURES—Continued

NONFERROUS METALS AND PRODUCTS—Con.

Bearing metal (white-base antifriction), consumptionand shipments, totalj thous. of lb__

Consumed in own plants .doShipments -- do

Brass sheets, wholesale price, mill dol. per lb__Copper:

Price, wholesale, electrolytic, (N. Y.) dol. per lb .Production:^

Mine or smelter (incl. custom intake)..short tons.Refinery .do

Deliveries, refined, doinestied" doStocks, refined, end of monthd" do

Lead:Ore, domestic, receipts (lead content)cf- doKefined:

Price, wholesale, pig, desilverized (N. Y.)_ .dol. per ]b_.Production, totalcf1 short tons..

From domestic orecf doShipments^1 doStocks, end of monthcf do

Magnesium production:*Primary ...mil. of lb_.Secondary recovery- do

Tin, wholesale price, Straits (N. Y.)_ .dol. per lb..Zinc, slab:

Price, wholesale, prime, Western (St.Louis).. dol. per lb..

Product ion c? short tons..Shipmentsc? do

Domestled* doStocks, end of monthcf - - do

MACHINERY AND APPARATUSBlowers and fans, new orders... thous. of dol.Electric overhead cranes:§

Orders, new do.-_Orders, unfilled, end of month do.-_Shipments _ d o ~ .

Foundry equipment:New orders, net total ..1937-39=100..

New equipment... d o . . .Repairs . d o . . .

Fuel equipment and heating apparatus:Oil burners:©

Orders, new, net number-Orders, unfilled, end of month. _ doShipments doStocks, end of month. do

Mechanical stokers, sales:1!Classes 1, 2, and 3 d o . . .C lasses 4 and 5:

NumberHorsepower _

Unit heaters, new orders thous. of dol.Warm-air furnaces (forced air and gravity flow),

shipments* number.Machine tools:*

Orders, new, net doOrders, unfilled, end of month doShipments do

Pumps and water systems, domestic, shipments:Pitcher, other hand, and windmill pumps units..Power pumps, horizontal type doWater systems, including pumps . . .do

Pumps, steam, power, centrifugal, and rotary:Orders, new thous. of dol..

ELECTRICAL EQUIPMENT

Battery shipments (automotive replacement only),number* thousands.

Electrical products :fInsulating materials, sales billed-. 1936=100..Motors and generators, new orders.. do

Furnaces, electric, industrial, sales:Unit . kilowatts-.Valuo _thous. of doL.

Laminated fiber products, shipments doMotors (1-200 hp):

Polyphase induction, billings doPolyphase induction, newT orders doDirect current, billings doDirect current, new orders do

Rigid steel conduit and fittings, shipments-.short tons..Vulcanized fiber:

Consumption of fiber paper thous. of lb__Shipments thous. of dol_.

5,1841,3043,881.195

.1178

74, 24985,319139, 20363,841

34, 652

. 065045,84842,12640, 58538,488

6.42.8

. 5200

.082569, 44066, 98266, 849170, 997

404.7347.6606. 6

14, 08356, 99910,1706,742

7,523

34774, 049

29, 422

26,198275, 25639, 825

28, 807641

33, 733

3 177

1,326

5.795

10, 505

4,2371,322

4,7741,1543,621.195

. 1178

94,53498,580 •165,88737,074

36,931

.065045, 90342,66348,14237,586

34.32.8

.5200

.082580,49780,82580, 540

217,671

7663,841

810

503.9477.0

4,97012,2005,253

21,419

2,515

27951, 737

21,051

69,922185.74641,819

36, 701300

25, 299

4,815

1,324

393434

20, 6081,3285,727

6,1996,3786,6549,9077,904

3,9531,240

5,2831,2184,065

.195

.1178

89,07093, 958

141,13942,467

34,255

.065039, 75534, 41343,48533,847

29,42.1

.5200

.082573,06765, 78565,488

224,953

13, 370

8224,032

630

466.1426.8604.8

7,04912,6306,619

20,192

3,235

35257,0072,591

22, 637

49, 658194,45041,471

29, 988262

28,126

3,096

1,368

408346

11,156810

5,861

5,5575,9356,9946,6028, 395

4,2731,276

5,1611,2293,932.195

.1178

86, 22493, 650

121,89848,050

29,982

.065040,47133,43442,96631, 344

30.12.0

.5200

. 082572, 94763,19363,193

234, 707

4733,837

663

375.8327.5546.4

5,65313,3414,942

18,996

3, 293

37070, 453

21,022

31,889191, 29532, 753

26,671409

30,142

3,497

1,485

338365

11, 743843

4,921

5,0486,2216, 3857,0427,967

3,7731,079 |

5,3361,2044,133.195

.1178

82, 76991,047

139,51550,991

34, 873

.065038, 43635, 93440, 88428, 890

25.02.8

. 5200

.082571,28164, 29564,158

241, 693

6803,796

700

450.5416.3571.4

7,16214,4436,060

17, 802

4,368

47483, 689

25,101

41,079196, 76035,177

32,050418

25,561

4,175

1,938

387416

12, 7811, 0055,519

6,0057,1336,8395,8038,531

4,1841,174

4,6881,2153,373.195

.1178

82,77688,384

118,05451,412

31, 266

.065038,61435,71743, 58623,911

18.52.7

.5200

.082566,89165,15064,927

243, 434

11 780

6223,714

698

388.0336.5569.7

5,98813,8356,596

16,061

3,996

40670, 8543,848

27,193

33,152194,12535,889

22,494292

23,865

3,635

1,857

351314

8,094711

4,936

5,4204,8996,5336,7438,173

4,1301,156

5,3001,1294,171.195

.1178

82, 65389,068

126. 59049, 358

31,489

. 065042,99734, 64242, 30324, 595

16.62.8

.5200

.082568, 78167, 87167,820

244,344

1,1464,579

597

526. 5504.0605.9

9,02914,3988,466

13,110

5,183

41874,188

28,684

57, 206213,675

37, 516

31,229354

32,171

4,016

1,934

357242

6,970688

5,006

5,6755,4026, 3722.9928,838

4,4161,275

4,780971

3,809.195

.1178

76,46687,145

127, 51758,051

31,395

.065042,84236,11243, 51323,915

12.52.1

.5200

.082567,43265,55965,519

246, 217

5184,292

795

369.5301.7609.4

15,86622,4417,823

12,679

4,768

36263,288

28,265

58,706235,39636, 277

29,843392

29,040

2,207

1,741

340432

9,531927

4,854

5,9655.2106,1909,2938,811

4,0381,170

4,3021,2213,082.195

.1178

76, 79982,649

156,80066, 780

30, 498

. 065046,05240, 26450,42019, 536

8.51.8

.5200

. 082570, 03578, 73278,710

237, 520

8,788

6024,226

683

397.4351.7558.4

12,32627, 2147,553

11, 221

4,849

38070,3904,653

22,146

62, 504260,880

36, 784

22,838248

20,427

2,242

1,635

323328

6,152491

4,779

6,6777,4906,0103,9339,266

3,8451,149

5,4391,3144,125.195

.1178

73, 75467, 726

145, 90459, 715

33, 867

. 065049, 09945, 46340, 88727, 738

2^5.5200

. 082570, 49292,45389,949

215, 559

8894,530

581

422.4362.2634.7

14, 26839, 3319,0078,S97

5,091

22844, 322

23, 739

58, 619281, 25237, 353

32, 955556

29, 086

3,579

1,450

371352

10, 653870

5,546

5,0736,2004,7304, 575

11, 276

3, 9011,166

4,8861,1133,773

.195

.1178

67, 49669, 950

172, 58557,142

31,046

.065046, 61638, 69944, 21330,141

6.02.1

.5200

.082564, 72382, 85582,650

197, 427

8074,738

599

465.3423.5612. 9

13, 61843, 749

7, 9658,109

4,914

21943, 075

22,401

58, 024302, 612

36, 018

26, 279476

27,911

3,326

1,158

380393

11,193883

5,666

5,9116,5355,2314.343

14,141

3,8251,272

6,0161,3034,713.195

.1178

76, 53776,395

218, 48851,861

34, 841

.065048, 02939, 07747, 24930, 909

6.72.8

.5200

.082571,73994, 49494, 296

174, 672

10,195

4104,493

655

604.7586.8667.8

14, 57849,7159, 8637,583

6,491

34472, 2483,778

28, 285

r 47, 488••310,052r 39,977

31, 408773

30,993

3,284

' 1, 243

414398

15,9041,7416,085

6,1686,6395,5154,7779,842

4,4071,428

5,7921,2824,510.195

.1178

r 74,39275, 436161,11155, 453

33,925

.065046, 51139, 72544,17933,234

6.42.8

.5200

.082568,22374, 35674,313168, 539

6404,630522

325.0232.0653.5

12,85953,0869,4887,177

6,737

25749,042

26, 617

r 19,009289,089«• 40,170

r 23, 848••783

r 28,362

3,237

1,158

329328

5,671

5,5416,5414,7633,52810,300

4, 0941,284

r Revised. JThe total and the detail cover 59 manufacturers; see March 1944 Survey for comparable data for 1942.dTor data beginning January 1942 for the indicated copper, lead, and zinc series, see p. 24, table 6, of the June 1944 Survey.§ Revisions in unfilled orders for April-July 1942 are available on request; data cover 8 companies beginning March 1943.©1944 data based on reports of 124 manufacturers (see note in April 1945 Survey); 20 of these reported no production, shipments, orders, or stocks in 1945.^ Of the 101 firms on the reporting list in 1941, 20 have discontinued the manufacture of stokers: some manufacture stokers only occasionally. The manufacture of class 1 stokers

was discontinued Sept. 30,1942, by order of the War Production Board; this accounts for the large reduction after that month in figures for classes 1, 2, and 3.*New series. For magnesium production beginning January 1942. see p. 24, table 6, of the June 1944 Survey. The series on automotive replacement battery shipments represents

estimated industry totals'compiled by Dun and Bradstreet: data beginning 1937 are available on request. For 1940-41 and early 1942 data for machine tool shipments see p. S-30 ofthe November 1942 Survey; for new and unfilled orders for 1942 and the eariy months of 1943, see p. S-31 of the August 1944 issue. The data for machine tools cover virtually the en-tire industry through June 1944; thereafter, reports were no longer requested from 150 small companies which formerly accounted for about 4 percent of total shipments. The new serieson shipments of warm-air furnaces, which replaces the new orders data formerly shown, is compiled by the Bureau of the Census from reports to the War Production Board by 126manufacturers accounting for almost the entire production; shipments for January and February 1944, the earliest data available, 23,418 and 21,699, respectively.

fRevised series. The index for motors and generators includes an adjustment for cancelations reported through December 1944; data for all years for this index and the index! orinsulating materials, as published prior to the April 1945 Survey, have been revised; revisions are available on request.Digitized for FRASER




1945

M a y

1944

M a y June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary


PAPER AND PRINTING

WOOD PULPProduction :f

Total, all grades . short tons..Bleached sulphate doUnbleached sulphate doBleached sulphite doUnbleached sulphite doSoda . . doGroundwood -do

Stocks, end of month :fTotal, all grades -do

Bleached sulphate... doUnbleached sulphate. doBleached sulphite doUnbleached sulphite doSoda doGroundwood do

PAPER AND PAPER PRODUCTS

All paper and paperboard mills (U. S. Bureau of theCensus):*

Paper and paperboard production, total...short tons.-Paper doPaperboard do

Paper, excl. building paper, newsprint, and paperboard(American Paper and Pulp Association) :t

Orders, new short tons..Production. _. doShipments do

Fine paper:Orders, new do.Orders, unfilled, end of month ..-doProduction _ -doShipments. doStocks, end of month . . .do

Printing paper:Orders, new doOrders, unfilled, end ©f month doProduction.. doShipments _ doStocks, end of month _ ..do

Wrapping paper:Orders, new. doOrders, unfilled, end of month doProduction doShipments doStocks, end of month.. _ do

Book paper, coated:Orders, new percent of stand, capacity..Production doShipments do

Book paper, uncoated:Orders, new doPrice, wholesale, "B" grade, English finish, white,

f. o. b. mill dol. per 100 lb._Production percent of stand, capacity..Shipments. do

Newsprint:Canada:

Production short tons..Shipments from mills doStocks, at mills, end of month do

United States:Consumption by publishers -doPrice, rolls (N. Y . ) ~ ~ -dol. per short ton..Production short tons..Shipments from mills -doStocks, end of month:

At mills doAt publishers doIn transit to publishers do

Paperboard (National Paperboard Association) :JOrders, new _ doOrders, unfilled, end of month doProduction do

Percent of capacity _ _Waste paper, consumption and stocks:§

Consumption .short tons..Stocks at mills, end of month do

Paper products:Shipping containers, corrugated and solid fiber, ship*

ments* mil. sq. ft. surface area..Folding paper boxes, value:*

New orders _ 1936=100.Shipments _ do...

PRINTING

Book publication, total . . .no. of editions..New books do.New editions do.

852, 3C574. 912

335i 923139, 620

73, 89140,000

139,140

86, 2287,6417, 689

15,4118, 0633,128

41,416

,515,682722,122793, 560

554,520571, 272567, 750

78, 450166,818

83, 52481,41541,470

155,447164,327165, 947165,14852,465

228, 819230,188229,468229,064

63, 451

56.461.355.5

74.9

7.3081.278.3

264,464264, 767

89, 653

205, 79761.0063,76863,498

6,403240, 43743, 539

705, 924546, 211706,479

416, 605194, 395

4,112

267.4278.9

55746592

811,10664,365319,009131,542r 76,618r 35, 99J140,884

r 90,4795,0849,794

' 16,093r 9,128r 2, 040' 45, 734

,484,667703, 610781,057

535,046566,863561,519

73, 010137,27282, 83480, 34644, 816

174,088146,152175,980177,41752, 484

206,671185,416216,847210,30665,611

51.352.354.4

77.5

7.3078.178.4

262,467276,05497,377

197,42758.0060,90962,319

6,916275,80950,636

695, 585599,322697,674

411,870122, 779

4,078

258.4262.4

61052486

795,84066,617323,855129,16573,12435, 306125,599

88, 2043,9669,75114,13110,1262,02746,158

,460,305690,840769, 465

541,318555,732573,946

79,192136,94679, 70984,11540,675

153,024133,592168,098169,56049,755

216,870188,512218,969225,72062, 430

51.957.056.5

73.7

7.3079.580.0

246,864268,21376,028

191,07758.0061,10660,648

7,374300,07046,388

635,256544,454673,808

389,217129,777

3,968

241.2260.3

538432106

743,90469, 222308,015117, 37663,14130, 591112,241

82, 2815,3508,60612,8499,2462,216

41,560

,326,206621, 394704,812

495,761495,226489,987

75,015145,86869, 94168,28244,170

142,565132,904146,031145,63651,022

206,675203,012197,810192,14167,964

48.846.247.6

70.1

7.3071.171.5

244,406249,97970,455

174,86658.0059,87559,946

7,303325,36544, 336

645,895570,626608,458

85

344,457157,290

3,756

201.2228.4

562462100

833, 43369,071341,152138,40473, 32936,500125,443

72.5614,040

10. 70412, 3788,5361,886

32,075

,518,922720,152798, 770

567,268582,877580,379

78, 331140,65085, 95983,91445,796

186,100151,756179,078175,08154, 808

223,754195,169228,478229,93364,161

53.355.753.6

80.4

7.3081.379.7

262,695274,70658,444

182, 43258.00

60,63161,217

6,717342,12246, 642

683,881549,114708,973

406,115164, 211

4,316

256.4267.6

46139764

775, 53064,872316,288127, 01768,16734, 211119,011

66,6434,73410,16211,7178,9712,122

26, 344

,421,869679,898741,971

541,544545,247551,964

86,106139,16481,93183,84042,955

160,533147,125167,223169,81252,148

218,068194,213210,978212,40662,105

57.253.455.7

78.8

7.3080.782.8

244, 209252,92849, 725

189,61258.0061, 52961,069

7,177345,04951, 997

605, 367482,896654,104

93

378, 499174, 556

4,105

223.3261.1

656544112

844, 28873,484

339, 840137, 24772, 59437, 356134, 858

64,7805,2768V71711,9898,5292,468

24, 351

,501,175715, 596785, 579

583,179579,085571,262

96, 447151,86387, 43289,03942, 817

169,203143,812173,069171,92953,565

224,213202,187226,253219,72270, 292

52.756.557.7

80.3

7.3080.380.2

258,301

45,028

218,13758.0061,99462, 537

6,634332,39346, 575

704, 746486, 882680,288

95

398, 559186,949

4,271

261.2276.1

49142863

819,37672,190

327, 587130,48171,72036,523135, 584

66,5525,3068,69012, 5059,2251,94525,002

,464,762699,872764,890

535,120564, 717566,418

78,520144,53785,97087, 65641,269

165,532130,962172, 273172,87351,446

204,435184,563218,007218,30367,558

53.661.756.3

80.4

7.3084.283.0

256,762259,40942,381

211, 57258.00

62, 54661,697

7,483325,11249, 256

651,974484,811672, 212

95

4S7,039187,697

4, 078

266.0271.7

555114

734,98765,811

276, 294122, 26467,36735,188128, 253

66,8444,16210, 64512,3608,1692,33625, 580

1,328,965655,550673,415

565,495526,309530,948

100,100159,62279, 66980,37140, 313

171,885144,231162,936163,22453,329

206,392197,146199,132204,49567,572

52.254.250.6

81.6

7.3078.377.7

244, 970230,78056,571

205,95258.0061,16961,295

7,357296, 78445,496

610,859471, 289596,214

85

353,103186, 383

3,858

281.0257.2

651552

801,024T 70, 099302,599134,18274,90836,984136,861

75, 9557,2119,47112,99810,0152,854

29, 718

1,443,310696,984746,326

623, 564563,920554,383

96,150171,47585, 67084, 61443, 781

206,665154,712172,189170,36455, 542

228,665217,040215,582207,77874, 521

56.752.457.4

80.7

7.3076.376.8

264,766232,11089,227

185,19358.00

60, 38160,120

7,618272,89750,160

733, 751565,064652,913

91

393,004164, 576

4,231

322.4272.5

487

739, 570' 67,705283,144122,48965,42934, 004124, 587

72, 2075,2129,09411,8948,4993,648

31, 090

.,325,247639,477685, 770

524,310515,279521,704

r 75, 692169,553' 78, 508r 78, 967r 43,154

157,147152,991156,385159,849r 50, 612

207,122230,043197,329200,385* 73,143

53.055.657.9

83.2

7.3079.880.7

239,661217,220111,668

175,06258.0058,22859, 095

6,751259,14753,740

620, 084558,285603,191

95

353,704163,918

3,813

281.0250.6

392346

834, 62871, 589322,951138, 23074, 26139. 268143, 667

74, 8795.24710, 05512, 0507,2522,7483.5, 386

•1,527,254• 725,103802,151

577, 261580, 940583,010

r 92,456173, 589r 88,134' 89, 905r 41, 986

181, 844152, 663178, 771177, 982r 50, 280

213, 038207,137222, 210224, 537r 65, 904

54.557.056.3

83.3

7.3082.583.0

263, 776267,163108, 281

202,80258.00

64, 73366,166

5,318253,136

45, 532

714, 741549, 631702,416

97

426, 213172, 933

4,264

273.3295. 5

720574146

'Revised. JFor revisions for 1942 and the early months of 1943, see note for paperboard at bottom of p. S-35 of the July 1944 Survey.§Computed by carrying forward March 1943 figures on the basis of percentage changes in data for 59 identical companies reporting to the National Paperboard Association.tRevised series. Revised wood pulp production data for 1940-43 and sulphite stocks for all months of 1943 are shown on page 20 of December 1944 Survey; revised 1942 stock figures

for all series are on pp. 30 and S-31 of the June 1943 issue. The data exclude dcfibrated, exploded, and asplund fiber. The paper series from the American Paper and Pulp Associa-tion beginning in August 1944 Survey are estimated industry totals and are not comparable with data shown in earlier issues; there have been further small revisions in the data aspublished prior to the June 1945 issue; revisions for 1943 and January-March 1944, together with earlier data, will be published later.

mNew series. The new paper series from the Bureau of the Census cover production of all mills including producers of building paper and building boards; for comparable 1942monthly averages and data for the early months of 1943, see p. S-32 of the August 1944 issue. For data beginning 1934 for shipping containers and a description of the series, see p.20 of the September 1944 Survey. The indexes for folding paper boxes are from the Folding Paper Box Association, based on reports of members accounting for around 50 percent otthe industry totals; earlier data will be published later.




1945

May

1944


Octo-ber

PETROLEUM AND COAL PRODUCTS

Novem-ber

Decem-ber

1945

Janu-ary


COALAnthracite:

Prices, composite, chestnut:Retail dol. per short ton..Wholesale do

Production thous. of short tons..Stocks, end of month:

In producers' storage yards doIn selected retail dealers' yards.No. of days' supply..

Bituminous:Industrial consumption and retail deliveries, total

thous. of short tons..Industrial consumption, total do

Beehive coke ovens doByproduct coke ovens doCement mills doCoal-gas retorts _ doElectric power utilities doRailways (class I) _ doSteel and rolling mills.. do . . . .Other industrial do

Retail deliveries do. . . .Other consumption, coal mine fuel doPrices, composite:

Retail (35 cities).. dol. per short ton..Wholesale:

Mine run doPrepared sizes.._ _ do

Productionf 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 do. . . .

COKE

Price, beehive, Connellsville (furnace)dol. per short ton.

Production:Beehive f thous. of short tons.Byproduct i do . . .Petroleum coke do . . .

Stocks, end of month:Byproduct plants, total.. . do . . .

At furnace plants . . . d o . . .At merchant plants _ do....

Petroleum coke do_._

1,110

PETROLEUM AND PRODUCTS

Crude petroleum:Consumption (runs to stills)t thous. of bbl__Price (Kansas-Okla.) at wells... dol. per bbl . .Production! thous. of bbl._Refinery operations _ pet. of capacity..Stocks, end of month:

Refinablein U. S.f thous. of bbl . .At refineries doAt tank farms and in pipe lines doOn leases! _- do

Heavy in California _ doWells completed! number..

Refined petroleum products:Gas and fuel oils:

Consumption:Electric power plantsf thous. of bbl . .Railways (class I) _ do

Price, fuel oil (Pennsylvania) dol. per gal..Production:

Gas oil and distillate fuel oil thous. of bbl . .Residual fuel oil ._ do.

Stocks, end of month:Gas oil and distillate fuel oil do.Residual fuel oil . . .do .

Motor fuel:Prices, gasoline:

Wholesale, refinery (Okla.) dol. per gal .Wholesale, tank wagon (N. Y.) do . . . .Retail, service stations, 50 cities do

Production, totalf thous. of bbl. _Straight run gasoline doCracked gasoline—. doNatural gasoline and allied products^! do

Used at refineries! - doRetail distribution§_.. mil. of gal..

13.8711. 4762,124

46,06237, 234

8447,868313129

5,98210,689

85910, 5508,828229

10.50

5.3615,64050,030

44,00840,0444,428456181

12,6209,309681

12,3093,964

7,000

5425,528

724514210

.059

.161

.146

13.9611.5745,848

35315

44,26036,7461,0068,134293126

5,84710,834

8299,6777,514257

10.27

5.2425.50853,930

55, 29350,5915,892472205

15,71311,737

76115,8114,702

7.000

6455,728145

756569186141

139, 5371.110

141, 29392

235,17650, 407171,46713,3026,2541.033

1,5167,956.066

21, 21538,026

32,48444,682

.060

.161

.14661,19122,35231, 5108,4775,1982,235

13.8511.4355,623

15

43,07235,295

9587,778311112

6,16710,230

7788,9617,777248

10.28

5.2395.51052,712

59,68054, 2596,152491206

16, 45713,329

78516,8395,421

7.000

615H. 473135

784554231127

139,9371.110

137,251

229,63150,190166,22713,2146,1181,177

1,6407, 579.066

20,02837, 902

35, 24246,649

.060

.161

.14661,71922, 51031,9598,3875,4292,305

13,8411.4194,962

37818

43,17135,254

9447,967

316117

6,41410,248

7808,4687,917

228

10.29

5.2385.512

48,986

61,41355,5375,711

508216

16,96513,797

81117,5295,876

7.000

6055,664

158

921589332130

143, 4341.110

141, 28796

223,50348,895

160,93813, 6706,1861,098

1,530'7,877

.066

21,31638, 332

38,33550, 589

.060

.161

.14663,48022, 74833,0628,7676,1652,163

13.8411.4195,623

41322

46,58536,958

8967,978

358115

7,04610,445

8319,2899,627

252

10.31

5.2395.514

54,177

63, 90958,2335,928

537239

17,50514,633

77518,6165,676

7.000

5735,670

158

986596390116

143,0471.110

145,29695

223,90150,150

160,16213,5896,2911,200

1,5057,970.066

20, 59337,291

40,71253, 506

.059

.161

.14664,06422,65533, 7698,7926,0842,264

13.8411.4195,443

44220

45,71035,967

8057,606336121

6,65710,095

8079,5409,743233

10.31

5.2375.50950,480

64,90559,1506,174550250

17,77314, 773

79118,8395,755

7.000

5165,412155

995565430116

140,4531.110

142, 98995

222,86848,919160,21613,7336,4691,357

1,6507,750.066

19,11037,903

43,68757,849

.059

.161

.14663,67423,82732, 2838,6485,7992,223

13.8511.4195,603

46222

49, 51639,003

8227,985364128

6,75410,940

Sb711,14310,513

235

10.31

5.2375.50951,813

65, 07459, 2566,397592243

17,96214,691

79618, 57c5,818

7.000

5275,672181

1,040586454137

143, 7201.110

146, 93894

223,50050, 323159,44713, 7306, 4871,194

1,7468,284.066

21,69739, 322

47, 35257,420

.059

.161

.14665, 51424,42133,1909.0906,0202,194

13.8611.424

49225

49,68439,644

7597,748360129

6,82410,714

90812,20210,040

229

10.32

5.2375.51650,819

64,02058,3306,737582261

17,67114,427

78317,8695,690

7.000

4815,507164

1,198688509162

140,0451.110

142,40494

222, 75949,039159, 58214,1386,4821,154

1,8258,314

18,87039,370

45, 58455, 643

.059

.161

.14664,84224,01933,0559,0246,1092,155

13.8611.4304,570

44519

55,18641,813

6327,984352138

7,06611, 7581,02212,86113, 373

204

10.33

5.2375.516

45, 774

57,20452,4706,112538243

16,30512,918

70115, 6534,734

7.000

4055,640172

1,149655494187

145,1251.110

145, 28295

1220,66348, 377158,18114,1056,1071,099

2,0128,863.066

19,05841, 278

38, 33350, 383

.059

.161

.14665,80024,08134,0209,197

2,076

13.8711.4304,195

32211

59, 08242, 780

7147,934

296145

7,11912,0141,080

13, 47816, 302

239

52, 54938, 252

7087,216

245133

6,21010,749

94212,04914,297

214

10.33

5.2375.513

52, 200

49, 46546,1275,695494214

14,09811,312

66513, 6493,337

7.000

4575,576181

913609304174

2,1488,488.066

20, 55641, 862

31, 69544, 347

.059

.161

.14666, 66224, 26734, 2629,8436,3807 2,135

14.0011.4304,445

10.35

5.2375.51346,900

45,77342, 6435,610448189

12,91610,189

66612,6253,130

7.000

4545,060163

779584195131

145, 0711.110

147,18693

221, 73749,620

157,80814, 3096,0261,022

134,1.

133,

882110238

96

220, 22148,

157,14,

5,1,

609449163791024

1,6987,726.066

20,26737,141

27,21039, 760

.059

.161

.14663,50323,73332,2558,9935,4571,891

13.9811. 4305,238

28513

51, 69339, 583

8288,060265138

6,18711,407

93811, 76012,110

239

10.36

5,2375,51352, 360

45,49541,8395,452441175

12, 5199,965725

12, 5623,656

7,000

5315,646172

677499178125

146, 2851,110

148, 75894

223, 98851, 904157, 75514, 3295,5671.235

1,5708,571

.066

20, 93439, 471

26, 72935, 451

.059

.161

.14667, 95525,03734, 6559,7636,1382, 319

13.8811. 433

r 5, 309

27716

43, 998• 36,198

'5887,454

281129

r 5,91010,592

'86010, 3847,799

198

10.34

5,2415,513

43, 350

• 43, 793• 39,841

4,456416167

' 12, 350' 9, 509

69512, 2483,952

7,000

'3775,227

184

633429204141

143,2211,110

144,02595

224, 22952, 754

156,95514, 520

5,4151,151

1,379S, 152.066

20, 44338,660

29,14834,418

.059

.161

.14665, 77024, 55333,1779,4986,077

18; Apr., 615. Byproduct—Jan., 5,663; Feb., 5,361; Mar., 5,693; Apr., 5,582.1 Revisions for 1944 not shown above are as follows (thous. of short tons): Beehive—Mar., (.„, __,._., ___. _„ r , _,__, , „, „_ , ,' Revised. l Stocks on new basis comparable with 1945 data; see March 1945 Survey for December 1944 figures comparable with earlier months.§ See note marked " § " on p. S-33 of the March 1945 Survey. For revisions for 1941-42 see p. S-33 of the August 1943 Survey and p. S-34 of the July 1944 issue, respectively.tlncludes production of natural gasoline, cycle products, and liquefied petroleum gases at natural gasoline plants and, since the beginning of 1942, benzol. Sales of liquefied petro-

leum gases for fuel purposes and transfers of cycle products are excluded from these figures before combining the data with production of straight run and cracked gasoline to obtaintotal motor fuel production. Separate figures through March 1944 for the items excluded are given in notes in previous issues of the Survey; April 1945 data are as follows: Sales ofliquified petroleum gases for fuel, 1,376,000 barrels; transfers of cycle products, 82,000 barrels.

fRevised series. For source of 1939-41 revisions for bituminous coal, see note marked "f" on p. S-32 of the April 1943 Survey; revisions for 1942-43 are shown on p. S-33 of theApril 1945 Survey. For 1941 revisions for the indicated series on petroleum products, see notes marked "f" on p. S-33 of the March and April 1943 issues (correction for crudepetroleum production January 1941,110,683), and for revised 1942 monthly averages, see note marked "f" on p. S-33 of the July 1944 issue; 1942 monthly revisions and revisions for1943 are available on request. Revised April 1944 figure for wells completed, 982.




1945

May

1944

May- June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary


PETROLEUM AND COAL PRODUCTS—Continued

PETROLEUM AND PRODUCTS—Continued

Refined petroleum products—Continued.Motor fuel—Continued.

Stocks, gasoline, end of month:Finished gasoline, total thous. of bbL_

At refineries doUnfinished gasoline.-. doNatural gasoline do

Kerosene:Price, wholesale, water white, 47°, refinery (Penn-

sylvania) dol, per gal.Production thous. of bbl_.Stocks, refinery, end of month do

Lubricants:Price, wholesale, cylinder, refinery (Pennsylvania)

dol. per gaL.Production. thous. of bbL.Stocks, refinery, end of month do

Asphalt:Production short tons..Stocks, refinery, end of month do

Wax:Production thous. of lb._Stocks, refinery, end of month do

Asphalt prepared roofing, shipments:!Total__ thous. of squares..

Smooth-surfaced roll roofing and cap sheet.-.doMineral-surfaced roll roofing and cap sheet doShingles, all types do

0.074

I i

74,51949,04712,1934,436

.0746,7104,969

.1603,3377,771

!9, 500

65,52093,800

4,1341,3371,196 |1,602 i

70,24645,46811,7384,477

.0746,2465,949

.1603,4537,590

690,700844,600

60,48091,560

3,9761,1971,1571,622

68,92143, 63911,5814,425

.0746,2776,665

.1603,3647,426

711, 600735,600

63,56093,800

3,6241,1331,0351,457

66, 54241, 75211, 9244,211

.0746,3587,583

.1603, 3567,169

800, 200590,000

64,12096, 040

4,2161,3181,2001,699

64, 91440, 60812, 0724,141

.0746, 3397,985

.1603,4587,364

750,400495,100

62,16094, 920

4,0041,0991,1941,711

65,88642,14512,3884,160

.0746,5157,847

.1603, 6727, 452

677,600465,800

67, 48096,880

4,1921,1731,2211,797

68,10743,52712,4674,334

.0746,5056,977

.1603,5877,562

553,600534,400 |

63,560 !94,920 i

4,1161,2951,2151,606

73, 62248, 21713, 208i 4,451

.0746,4615,765

.1603,5817,815

481,100626,200

67, 20093,800

3,6621,456

78,87753, 21012, 7894,160

.0746,6144, 674

.1603, 5047,796

471, 200730,000

71,96088,480

3,8791,518

9431,263

85,47359, 63511, 9844,618

.0746,2914,181

.1603,0627,641

420,900808, 200

64,96086, 240

85,65459, 61611,7934,644

.0747,0564,215

.1603,5897,423

467,100862,000

81,48087,360

3, 799 4, 6791, 573 T 2, 039

i; 082 | 995 ! 1,1761,279 j 1,231 | 1,465

STONE, CLAY, AND GLASS PRODUCTS

ABRASIVE PRODUCTS

Coated abrasive paper and cloth, shipments reams..

PORTLAND CEMENT

Production thous. of bbl__Percent of capacity.

Shipments thous. of bbi_.Stocks, finished, end of month ...doStocks, clinker, end of month do

CLAY PRODUCTSBrick, unglazed:

Price, wholesale, common, composite, f. o. b. plantdol. per thous..

Production* thous. of standard brick..Shipments*.. doStocks end of month* do

GLASS PRODUCTS

Glass containers:fProduction thous. of gross.

Percent of capacityShipment?, total . thous. of gross.

Narrow neck, food doWide mouth, food d o . . .Pressure and nonpressure. do . . .Beer bottles do . . .Liquor ware do . . .Medicine and toilet do_..General purpose doMilk bottles do__.Home canning do___

Stocks, end of month doOther glassware, machine-made: t

Tumblers:Production . . . . thous. of doz_Shipments.. do . . .Stocks do___

Table, kitchen, and householdware, shipmentsthous. of doz_

Plate glass, polished, production? thous. of sq. ft_Window glass, productions" thous. of boxes.

Percent of capacity cf

8,08640

9, 27219, 600

5,816

15.384

9, 295

GYPSUM AND PRODUCTSGypsum, production:

Crude short tons...Calcined _ do

Gypsum products sold or used:Uncalcined _. doCalcined:

For building uses:Base-coat plasters doKeene's cement _ doAll other building plasters doLath. thous. of sq. ft..Tile do jWallboarde do—J

Industrial plasters short tons..!

9,069701

2,430685

1, 068784

2, 008720302372

4, 444

G, 2375, 8395,502

2, 6568,637

142,604 I 123,538

7,18135

8,78422, 4556,378

14. 008155, 065181,649379,011

8,866127.18,766562

2,415679982785

1,806915239

4,710 I

5,9125,8517,600

2,3119,391

7,90640

9,35021,0086,172

14. 095157,357179,104355, 727

8,966128.58,431594

2,106679

1,061695

2,008728251309

4,947

4,6795, 2547,063

2,0149,265

980,401593,985

260,867

142, 6552,93265,282152,7483,553

361,41847, 566

114,484 128,464 117,325 128,272

8,51641

9,28320, 2335,577

9,00344

10, 75818, 4825,287

I

14.159157, 870177,815335, 347

8,075120.47,784624

1,909657871738

1,785708 !251241

5,082

5,1205,4346,752

2,3018,246

14.109176, 585198, 845312,176

8,73944

10,12117,1445,096

14. 586164, 682183,078293.616

8, 692120.08,514809

2,179611811891

1, 963700271278

5,097

7,0276,5917,077

3, 2029,746

9,19445

10, 26316,0494,862

14.830185, 573206, 368272, 569

!

7, 737115. 47, 522894

1, 873497661904

1,640642251159

5,164

6, 5616,2907,148

2,8209,046

917,395588, 878

248,199

140,7753,67154,289165,0301105

338, 52753, 571

8,601123.38,187774

2, 287536749947

1, 90869724741

5, 394

122,485 j 122,517

8,30442

7,38016,9934,856

15.059174,069183,506261,743

7,967118.87,787

5292,310

508874908

1,73265224232

5,346

5, SCO5, 0247,280

3,3539,105

I

4,697 i4,481 !7,370 |

3,271 !

7,619

7,38736

4,59519, 8635,329

15.055151,426134,374277,884

7,667114.37,390

4762,246

457919866

1, 5455862G6

295,097

4,6574, 6067,385

2,9017,013

936,423552,394

308, 302

115, 5073,379

48, 491146,133

3,929364, 57554,947

117,087

6,37931

4,87321,3675,739

' 15.298142, 206136, 992281, 111

8, 031

i

8,071521

2,339569

1, 032863

1,823593208

635, 301

3,6824, 3245, 978

2. 705

132,499

5,37129

4. 57422,171

6,023

137,714

6,39831

6,98821, 588

6,185

15.377131,504127, 287285, 795

7,304

8^915 i

7, 425572

2, 057490917823

1,69452326585

5, 359

3,220 !3.979 |5,000 I

2, 3117. 363

15.354157,220166, 191276,312

8,812

9, 0P>3652

2,449578

1,117778

"' 701288176

i, 803

5,8155, 2155, 550

3,027S, 996

I I

848, 323539,848

2C6, 237

108, 684. . . _ "I 2 , 5 4 9

! 50,436! ! 116,041

4,183! . I 373,025j ! 53,984

•• Revised. ! See note 1 p. S-33. Âccording to the compilers, data represent approximately the entire industry. ^Collection of data temporarily discontinued.©Includes laminated board reported as component board; this is a new product not produced prior to September 1942. {Data for 1945 are partly estimated.fRevised series. See note marked u t " on p. S-34 of the July 1944 Survey regarding changes in data on glass containers and comparable figures for 1940-42; beginning January 1945

data are compiled by War Production Board. Data on asphalt prepared roofing cover all known manufacturers of these products and are total direct shipments (domestic and ex-port); shipments to other manufacturers of the same products are not included; for data for September 1943-January 1944, see note at bottom of p. S-23 of April 1945 Survey.

*New series. Data are compiled by the Bureau of the Census and cover all known manufacturers; data beginning September 1942 are shown on p. 24 of the February 1945 issue.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

July 1945 SURVEY OF CUREENT BUSINESS S-35


1945

May

1944

May June July August Septem-ber October Novem-

berDecem-

ber

1945

Janu-ary


TEXTILE PRODUCTS

CLOTHINGHosiery:

Production thous. of dozen pairs..Shipments doStocks, end of month _ do

COTTON

Cotton (exclusive of linters):Consumption bales..Prices received by farmersf dol. per lb._Prices, wholesale, middling *W, average,10 markets

dol. per Re-production:

Girmings§ thous. of running balesCrop estimate, equivalent 500-lb. bales

thous. of bales. _Stocks, domestic cotton in the United States, end of

month:?Warehouses thous. of bales.Mills. ._ _. d o . . . .

Cotton linters:Consumption doProduction doStocks, end of month do

COTTON MANUFACTURES

Cotton cloth:Cotton broad woven goods over 12 in. in width, pro-

duction, quarterly* mil. of linear yardsPrices, wholesale:

Mill margins cents per lb...Denims, 28-inch dol. per yd...Print cloth, 64 x 56cf „ do.._.Sheeting unbleached, 4 x 4 O do

Spindle activity:Active spindles thousands..Active spindle hours, total . mil. of hr__.

Average per spindle in place hours...Operations percent of capacity,.

Cotton yarn, wholesale prices:Southern, 22/1, cones, carded, white, for knitting(mill)f

dol. per lb_.Southern, 40s, single, carded (mill) do

RAYONConsumption:

Yarn „ mil. oflb...Staple fiber do

Prices, wholesale:Yarn, viscose, 150 denier, first quality, minimum

filament dol. per lb_.Staple fiber, viscose, 1}£ denier do

Stocks, producers', end of month:Yarn mil. oflb..Staple fiber do

WOOL

11,98412,19413,456

830, 568.205

.226

10,0722,091

12967

415

20.02.209.090.114

22,1689,634

416114.8

.451

.568

51.513.8

.550

.250

5.92.7

Consumption (scoured basis):?Apparel class thous. of lb__Carpet class , do

M achinery activity (weekly average): JLooms:

Woolen and worsted:• IBroad thous. of active hours..!Narrow do

Carpet and rug:*Broad doNarrow do

Spinning spindles:Woolen do jWorsted do j

Worsted combs do_._.|Prices, wholesale: i

Raw, territory, 64s, 70s, 80s, fine, seoured*__dol. per lb._Raw, bright fleece, 56s, greasy* _.__doAustralian (Sydney), 64-70S, scoured, in bond

(Boston) dol. per lb_.Women's dress goods, French serge, 54" (at mill) i

dol. per yd__|Worsted yarn, J£a's, crossbred stock (Boston) i

dol. perlb__!Stocks, scoured basis, end of quarter:f j

Total thous. of ib . JWool finer than 40s, total do !

Domestic do.Foreign _do.

Wool 40s and below and carpet do.

1.190.545

750

1.900

12, 76312, 65716,942

832,812.198

.210

9,5152,054

12340

661

19.81.199.087.108

22, 38510,058

431119.0

.414

.515

45.414.6

.550

.250

8.32.5

48,8924,008

2,51263

5337

120, 333111,253

207

1.190.545

.765

1.800

12,12611,97416,970

805,823.202

.215

8,7881,931

12221

545

2,413

19.28.199.087.108

22, 3809,711

417118.5

.414

.515

44.014.3

.550

.250

-8.82.6

51,8904,435

2,38163

5035

113,128103,880

195

1.190 !.545

.765

1.559

1.800

339,369287,276164, 283122,99352,093

10,0529,982

17,040

723, 402.203

.216

48

8,2211,820

13323

454

10.81.206.092.108

22,2918,603

369115.4

.414

.515

41.313.6

.550

.250

8.83.0

38, 7522,916

12, 76712,96616,840

841,490.202

.214

576

7,8721,662

12529

357

20.35.209.092.108

22,2419,952

428116.3

.414

.515

44.814.4

.550

.250

9.33.2

42,3963,516

2,08054

4329

99, 78089,154

172

1.190.545

.765

1,559

1.600

2,32763

5034

115,25695,724

191

1.190

.545

.765

1.559

1.900

11, 46611,76416, 542

.210

.214

3,985

9,7031,672

121100328

2,294

21.30.209.092.114

22, 2809,381

404122.3

.451

.568

44.813.0

.550

.250

3.0

52, 1703, 795

2,322

110,238100, 396

188

1.190. 545

1. 559

1.900

373, 6CS314, 824189, 277125, 54758. 842

11, 69712,11816, 122

795, 379.213

.216

8,282

11, 9261,927

126152342

11,97712,60315, 496

836, 541.208

.214

10, 274

13,1222,162

122180373

21.12.209.092.114

22, 2289,487

410117.4

.451

.568

47.814.6

. 550

.250

8.42.7

45,7523,700

2,42663

117,659103,819

1.190.545

,765

1. 559

1.900

21.31.209.092.114

22, 2579,707

420120.6

.451

.568

48.313.9

.550

.250

8.62.7

45,2884,192

2,288 j62 !

i5036

114,096101, 520

191

1.190.545

!

10, 43210,90114,672

760,740.209

.216

10, 538

13,3432,269

120156414

' 2, 316

21.41.209.092.114

22,2208,763

379118.5

.451

.668

49.013.6

.550

.250

6.12.7

54,415 I4,915 !

12, 36112, 38914,645

849,945.202

.217

11,118

12,9412,244

129170440

21.32.209.092.114

22, 2619,956

431119.7

.451

.568

47.814.4

.550

.250

8.43.1

60, 7154,490

11,14411, 39814,391

781, 559.200

.216

12, 3592,232

119128464

2,30463

4633

110, 62998, 886

189 (

1.190 j

. 545 |

.754 '

1.5591.900 I 1.900

1

361, 595304, 219171,617132, 602

2,35074

4532 !

112,287 I99,166

200 I

l.ion

. 545

.750 |

1. 559

21.33.209.092.114

22, 2248,925

122.2

.451

45.512.8

.550

.250

7.43.2

51,1803,196

2,48077

4633

116,91596, 973

201

1.190 |.545 |

11, 80612, 26313,934

857, 693.202

.218

i 11,839

i 12, 230

11, 6812,194

131110462

2,373

21.19.209.092.114

22, 2329,914

429121.8

.451

.568

53.013.7

.550

.250

5.73.5

'54,8443, 1%

!, 49579

"96, 758

.190

.545

.750 j

1.559 i

.750

1.559

j

57,370 |

1.900

302, 395i 294,065j 153,046

141, 019I 68,330

11,00111, 26913,666

769, 678.202

.221

10,9852,143

12680

441

20.48.209.091.114

22,1599,021

390116.9

.451

.568

••48.8' 13.6

.550

.250

' 6 . 12.7

64, 2703,400

2,41577

4329

107^1994,280

210

1,190

. 545

.750

1. 559

1.900

r Revised. i Total ginnings of 1944 crop. §Total ginnings to end of month indicated.^Production of 64 x 60 for which prices through June 1943 were shown in the Survey has been discontinued. ©Price of 56 x 56 sheeting.JFor revised figures for cotton stocks for August 1941-March 1942, see p. S-34 of the May 1943 Survey. The total stocks of American cotton in the United States on July 31.

1944, including stocks on farms and in transit, were 10,626,000 bales, and stocks of foreign cotton in the United States were 118,000 bales.IData for June, September, and December 1944, and January 1945 are for 5 weeks; other months, 4 weeks.• Data exclude carpet and rug looms operating on blankets and cotton fabrics and, through October 1943, woolen and worsted looms operating entirely on cotton yarns (no separate

data for the latter have been collected since October 1943); for weekly averages for 1942 and 1943, including such looms, see note marked " • " on p. S-35 of the May 1944 SurveyfRevised series. For monthly 1941 data for the yarn price series see p. S-35 of the November 1942 issue (1941 monthly average, $0,355). The farm price series has been revised

for August 1937-July 1942; for revisions see note marked "f" on p. S-35 of the June 1944 Survey. Wool stocks have been published on a revised basis beginning 1942 (see p S-35 ofthe May 1943 Survey); data include wool held by the Commodity Credit Corporation but exclude foreign wool held by the Defense Supplies Corporation.

•New series. The series on cotton goods production is from the Bureau of the Census and covers practically total production of cotton broad woven goods (except tire fabrics)containing by weight 51 percent or more cotton; for data for first half of 1943 see p. S-35 of the August 1944 Survey; earlier data will be shown later. The new wool prices are com-piled by the Department of Agriculture; they replace similar, but not identical, series formerly shown in the Survey, compiled from the Boston Commercial Bulletin which discon-tinued quotations after 1943; earlier data are shown on p. 24 of the February 1945 Survey.




1945

May

1944


Octo-ber

Novem-ber

Decem-ber

1945

Janu-ary


TEXTILE PRODUCTS—Continued

WOOL MANUFACTURES

Woolen and worsted woven goods (except woven felts):'Production, quarterly, total._.thous. of linear yards.

Apparel fabrics. _ - - doMen's wear — doWomen's and children's wear .doGeneral use and other fabrics .do. . . .

Blankets - - doOther nonapparel fabrics ._.do

MISCELLANEOUS PRODUCTS

Fur, sales by dealers thous. of dol__Pyroxylin-coated textiles (cotton fabrics): §

Orders, unfilled, end of month thous. lin. yd~Pyroxylin spread - thous. of lb_.Shipments, billed thous. linear yd—

4,903 2,381

12, 7734,8285, 517

135,589113,28156,67543,87912, 72720,4401,868

3,016

12,9874,9005,111

2,620

13,0273,9154,591

1,796

12,4784,2325,145

125,064103,24850,19439,96213,09219,3072,509

' 1,623

12, 5944,1185,117

2,321

12, 7394,9395,904

2,842

14,2664,4795,517

-•126,647•104,123

49,442'40,409«• 14, 272'20,119'2 ,405

' 6,139

15,1184,1265,079

6,925

10,0294,6445,492

4,423

9,7394,3395,930

134,948109,33855,11737, 58516,63623, 6171,993

5, 411

10, 4634, 3035, 662

TRANSPORTATION EQUIPMENT

MOTOR VEHICLES

Trucks and tractors, production, total* number.Civilian.- do._.Military - do...

Light: Military d o -Medium:

Civilian - do...Military do...

Heavy:Civilian- — - - - do—Military - do...

RAILWAY EQUIPMENT

American Railway Car Institute:Shipments:

Freight cars, total number.Domestic --- do.-.

Passenger cars, total-- ! >_do...Domestic -! -.do.. .

Association of American Railroads:Freight cars, end of month:

Number owned thousands.Undergoing or awaiting classified repairs...do...

Percent of total on lineOrders, unfilled __.cars.

Equipment manufacturers do...Railroad shops do...

Locomotives, steam, end of month:Undergoing or awaiting classified repairs.number.

Percent of total online -Orders unfilled _ number.

Equipment manufacturers do...Railroad shops do...

INDUSTRIAL ELECTRIC TRUCKS ANDTRACTORS

Shipments, total.. .number.Domestic. do—Exports.. do...

70,95822, 31548, 64318, 633

12, 0033,526

4,62426, 484

3,6322,540

1414

1,77066

3.929,38724, 5094,878

2,4076.11198930

35232428

56,9209,298

47, 62219, 338

7,3107,007

1,98821, 277

7,0341,501

00

1,75353

3.142, 24432,8599,385

2,1825.520316835

42137546

61,18611,92649, 26020,830

9,3196,625

2,60721,805

6,0901,698

00

1,75451

3.041,23633,1668,070

2,1205.417914633

36732146

61, 54011,24350, 29720,269

8,5826,031

2,66123,997

6,1512,197

00

1,75554

3.137,98530,9557,030

2,1905.517213933

30727136

68,54512,51156,03423, 441

10,2485,746

2,26326,847

4,8372,662

00

1,75652

3.034,06428,0705,994

2,1945.615011832

43141318

65,04212,27752, 76521,367

10,0346,300

2,24325,098

4,1302,807

00

1,75851

3.030,15325, 2854,868

2,1875.51249628

36134120

64,12913,07551, 05418, 534

9,4326,144

3,64326, 376

4,7413,5i;

00

1, 75950

2.928, 38523, 8854,500

2,2545.71027725

44341528

69,01314,67754,33619,765

10,1536,503

4,52428,068

4,5953,244

55

1,76251

2.928,91025,1543,756

2,3005.8906525

33630333

70, 68215,65355,02920,433

9,5655.326

6,08829,270

4, 3953,098

1212

1,76451

3.034,41729,6754,742

2,1615.5664125

42039327

67, 06515,01952, 04621, 621

11,1833,527

3,83626, 898

3,9433,074

1818

1,76751

3.034, 57929, 3865,193

2,3335.9803248

36834226

64, 21314,03250,18120, 641

10, 5343,378

3,33926,162

4,1373,211

2020

1,76951

3.035, 03128,0806,951

2,3315.91389246

420385

3 5

74, 73218, 33956, 39321, 925

12,8293,994

3,72630, 474

4 3783,' 708

2525

1,77052

3.034,16227,1966,966

2,3025.81389741

44541035

CANADIAN STATISTICS

Physical volume of business, adjusted:Combined index! -..1935-39=100..

Industrial production, combined indexf .doConstruction! doElectric power _. _ doManufacturing! _ do

Forestry! doMining! do

Distribution, combined index! _ . doAgricultural marketings, adjusted:!

Combined index . . doGrain . . . . . do .Livestock do

Commodity prices:Cost of living do .Wholesale prices 1926=100..

Railways:Carloadings - thous. of cars..Revenue freight carried 1 mile mil. of tons..Passengers carried 1 mile mil. of passengers

119.0103.0

241.8272.3109.2165.0297.3119.3238.8178.6

217.6238.8125.3

119.2102.5

3185,769

535

238.8266.8111.8160.2292.2121.1225.5180.8

270.4307.8108.3

119.0102.5

3155,457

638

232.2262.198.8

154. 8287.6112.8225.4170.3

361.7420.6106.0

119.0102.5

2975,640

714

233.1263.591.6

156.4291.5121.9214.5170.1

101.794.8

132.0

118.9102.3

3175,520

702

231.0260.4104.1153.4284. 5116.4205.5170.3

81.576.9

101.6

118.8102.3

3175,563

591

228.0259.7113.4152.4285. 8128.5208.9162.4

110.7111.1108.9

118.6102.3

3305, 815

532

227.9255.492.7

148.5284.7124.6191.7171.1

133.4135.0126.7

118.9102.4

3275,597

487

233.0256.0122.6144.7283.7126.1189.3185.5

167.7168.9162.5

118.5102.5

2725,192

662

228.8245.897.7

151.6274.3116.8174.0193 7

255.1278.0155.8

118.6102.8

2794,750

471

216.7240.3110.9150.1270.0127.3147.9167.7

142.8143.1141.4

118.6102.9

2644,612

420

225.2248.0172.3154.2271.1137.7173.5177.9

129.0128.4131. 6

118.7103.0

3005,175

497

232.2252.2211.3165.5271.1118 5183.2190 9

238 9269 3106.8

118.7103.4

292

' Revised.§For 1945, pyroxylin spread includes amount spread on nonfabric materials. Shipments and unfilled orders include custom coating of nonfabric materials but not other non-

fabric coating.!Revised series. The indicated Canadian indexes have been shown on a revised basis beginning in the December 1942, Survey, except for construction and mining which were

further revised in the March 1943 and April 1944 issues, respectively; the revisions affected principally indexes beginning January 1940; the agricultural marketings indexes and thedistribution index were revised back to 1919 and minor revisions were also made in data prior to 1940 for other series. All series are available on request.

*New series. The new series on woolen and worsted goods are compiled by the Bureau of the Census from reports of manufacturers who account for 98 percent or more of totalproduction; the statistics include estimates for a few manufacturers from whom reports were not received; yardage is reported on an equivalent 54-inch linear yard except blanketswhich are on a 72-inch linear yard. Data on trucks and tractors are from the War Production Board and cover the entire industry. Jeeps, military ambulances, and wheel drivepersonnel carriers are included but not half-tracks, full-tracks, or armored cars. Light trucks are defined as those up to 9,000 pounds gross weight, mediums, 9,000 up to 16,000 pounds,and heavy, 16,000 pounds and over. There were some differences in the definitions employed in collecting these statistics and the truck statistics shown in the Survey through theOctober 1942 issue; it should also be noted that the latter were "factory sales." Available data for 1937-43 for woolen and worsted goods are on p. 19 of the May 1945 Survey; datafor other new series will be published later. u. s. SOVERNMENT PRINTING OFFICE* m s


INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S36

CLASSIFICATION OF SECTIONS

Monthly business statistics: PageBusiness indexes. S-lBusiness population . S-3Commodity prices S-3Construction and real estate S-5Domestic trade „ S-6Employment conditions and wages.. S-9Finance S-14Foreign trade S-20Transportation and communications. S-20Statistics on individual industries:

Chemicals and allied products- S-22Electric power and gas S-24Foodstuffs and tobacco S-25Leather and products S-28Lumber and manufactures _. S-29Metals and manufactures:

Iron and steel S-30Nonferrous metals and products. S-30Machinery and apparatus S~31

Paper and printing S-32Petroleum and coal products S-33Stone, clay, and glass products. S-34Textile products S-35Transportation equipment S-36

Canadian statistics.- S-36

CLASSIFICATION BY INDIVIDUAL SERIES

Pages marked SAbrasive paper and cloth (coated) 34A d d s - 22, 23Advertising - 6, 7Agricultural income, marketings 1Agricultural wages, loans 14Air mail and air-line operations - 7, 21Aircraft 2, 9,10,11,12,13Alcohol, methyl 23Alcoholic beverages.,..— 1,2,25Aluminum - - 30Animal fats, greases —. 23,24Anthracite . . . 2,4,11,12,14,33Apparel, wearing 3,4, 6, 7, 8,10,11,12,13, 35Asphalt — 34Automobiles 1, 2,3, 6, 7, 9,10,11,12,13,17Banking 14,15Barley 26Bearing metal.- . . - 31Beef and veal 27Beverages, alcoholic 1,2,25Bituminous coal 2,4,11,12,14,33Boilers— 30Bonds, issues, prices, sales, yields 18,19Book publication 32Brass and copper products.. . . . 31Brick. „.«. 4,34Brokers* loans. 15,18Building contracts awarded . . 5Building costs — 5, 6Building construction (see Construction).Building materials, prices, retail trade 4, 7, 8Businesses operating and business turn-over.- 3Butter 25Canadian statistics 16,36Candy.. 27Capital flotations 18

For productive uses 18Canoadings 21Cattle and calves 27Cement - - - 1,2,4,34Cereal and bakery products 4Chain-store sales 8Cheese *. 25Chemicals... 1, 2, 3,4, 10,11,12,13,14,17, 22, 23, 24Cigar* and cigarettes 28Civil-service employees. . 11Clay products (see also Stone, clay, etc.)---- 1, 2,34Clothing 3,4, 6, 7,8,10,11,12,13, 35Coal__ 2,4,11,12,14,33Coffee - 27Coke 2,33Commercial and industrial failures 3Construction:

New construction, dollar value 5Contracts awarded 5Costs... _ - 5,6Highway- 5,11Wage rates, earnings, hours 11,13,14

Consumer credit 15Consumer expenditures 7Copper 31Copra or coconut oil 23Corn 26Cost-of-living index 3,4Cotton, raw, and manufactures 2,4,10,12,13,35Cottonseed, cake and meal, oil 23, 24Crops 1, 23, 24, 25, 26Currency in circulation 16Dairy products —. 1, 2,3,4, 25, 26Debits, bank 14Debt, short-term, consumer. 15

Pages marked SDebt, United States Government — 17Department stores, sales, stocks, collections-. 8, 9Deposits, bank 15,16Disputes, industrial 12Dividend payments and rates 1,19Earnings, weekly and hourly , 13,14Eggs and chickens 1,3,4,27Electrical equipment 2,3,6,31Electric power production, sales, revenues., 24Employment estimated 9,10Employment indexes:

Factory, by industries 10Nonmanufacturing industries 11

Employment, security operations—., 12Emigration and immigration - . 21Engineering construction «. 5Exchange rates, foreign 16Expenditures, United States Government 17Explosives . 23Exports _ —- 20Factory, employment, pay rolls, hours, wages. 9,

10,11,12,13,14Failures, industrial and commercial - 3Fairchild's retail price index . 4Farm wages . 14Farm prices, index 3,4Fats and oils __ 4, 23, 24Federal Government, finance 17Federal Reserve banks, condition of 14,15Federal Reserve reporting member banks 15Fertilizers 4, 23Fire losses «. 6Fish oil* and fish 23, 27Flaxseed » 24Flooring 29Flour, wheat m 27Food products.* 2,

3, 4, 6, 7,10,11,12,13, 14,17, 25, 26, 27, 28Footwear 2, 4, 7,8,10,12,13, 28Foreclosures, real estate . 6Foundry equipment „ 31Freight cars (equipment) 36Freight carloadinfs, cars, indexes *_- 21Freight-car surplus 21Fruit* and vegetables 2,3,4,26Fuel equipment and heating apparatus 31Fuels 2,3,4,33Furniture. 1,4,10,11,12,13, 29Gas, customers, sales, revenues - . 25Gas and fuel oils 33Gasoline _ 33,34Glass and glassware (see also Stone, clay, etc.). 1, 2, 34Glycerine - 23Gold 16Goods in warehouses * 7Grains 3, 26Gypsum . 34Hides and skins _ 4, 28Highways _ 5,11Hogs 27Horns-loan banks, loans outstanding 6Home mortgages ._ - 6Hosiery - 4, 35Hotels 11,12, 21Hours per week - 11Housefurnishlngs 4,6, 7,8Homing 3,4,5Immigration and emigration . 21Imports 20Income payments . 1Income-tax receipts 17Incorporations, business, new 3"ndustrial production indexes . . 1, 2nstalment loans 15instalment tales, department stores , 8insurance, life 16ntere«t and money rates 15

Inventories, manufacturers' and trade . 3,8Iron and steel, crude, manufactures 2,

3,4,9,10,11,12,13,17,30Kerosene 34Labor force... 9Labor disputes, turn-over. 12Lamb and mutton 27Lard _. 27Lead. _ 31Leather 1, 2,4,10,11,12,13, 28Linseed oil, cake, and meal 24Livestock . _ . 1,3,27Loans, real-estate, agricultural, bank, brokers'

(see also Consumer credit) 6,14,15,17Locomotives » 36Looms, woolen, activity . 35Lubricants m 34Lumber 1, 2, 4,10,11,12,13, 29Machine activity, cotton, wool 35Machine tools 9,10,11,12,13,31Machinery 1, 2,3, 9,10,11,12,13,17, 31Magazine advertising . 6, 7Manufacturers' orders, shipments, inventories. 2,3Manufacturing production indexes 1,2Meats and meat packing._ 1, 2, 3, 4,10,12,13,14, 27Metals- 1, 2,3, 4, 9,10,11,12,13,17,30, 31Methanol 23Milk 25, 26Minerals 2, 9,11,12,14Money supply „ „ 16Motor fuel. . — 33,34Motor vehicles 7,36

Pages marked SMotors, electrical 31Munitions production.— 2Newspaper advertising 6, 7Newsprint 32New York Stock Exchange _ 18,19, 20Oats- 26Otis and fats 4, 23, 24Oleomargarine 24Operating businesses and business turn-over 3Orders, new, manufacturers' 2Paint and paint materials 4, 24Paper and pulp 2,3,4,10,11,12,13,14,32Paper products 32Passports issued „- . 21Pay rolls, manufacturing and nonmanufactur-

ing industries 12Petroleum and products - 2,

3,4,10,11,12,13,14,17,33,34Pig iron 30Plywood and veneer 29Porcelain enameled products 30Pork _ 27Postal business 7Postal savings 15Poultry and eggs 1,3,27Prices (sec also Individual commodities):

Retail indexes 4Wholesale indexes 4

Printing 2,10,11,12,13,14,32Profits, corporation— 17Public assistance 14Public utilities.. 4, 5,11,12,14,17,18,19, 20Pullman Company 22Pumps 31Purchasing power of the dollar 4Radio advertising . „«, . 6Railways, operations, equipment, financial sta-

tistics, employment, wages 11,12,14,17,18,19, 20, 21, 22,36

Railways, street (see Street railways, etc.).Rayon 2,4, 10,12,13,35Receipts, United States Government 17Reconstruction Finance Corporation, loans 17Rents (housing), index 3,4Retail trade:

All retail stores, sales - - - 7,8Chain stores „ 8Department stores 8,9Mail order. 7,8,9Rural, general merchandise 9

Rice 26Roofing, asphalt..„ _. 34Rubber products 2,3,4,10,11,12,13,14Savings deposits 15Sheep and lambs - 27Shipbuilding. 2,9,10,11,12,13Shipments, manufacturers' 2Shoes___ 1,4, 7, 8,10,12,13, 28Shortenings 24Silver 16Skins 28Slaughtering and meat packing-_ 2,10,12,13,14, 27Soybeans and soybean oil 24Spindle activity, cotton, wool 35Steel and iron (see Iron and steel).Steel, scrap — 30Stocks, department stores (see also Manufac-

turers' inventories) 9Stocks, issues, prices, sales, yields 19, 20Stone, clay, and glass products. 1, 2,10,11,12,13,34Street railways and busses 11,12,14Sugar - 28Sulphur.. - . - 22Sulfuric acid 22Superphosphate - _ 23Telephone, telegraph, cable, and radio-tele-

graph carriers _. 11, 12, 14,17, 22Textiles 2, 3,4,10,11,12,13,35,36Tile 34Tin 31Tobacco 2, 10,11,12, 13,14, 28Tools, machine. _ 9,10,11,12,13,31Trade, retail and wholesale 7, 8, 9,11,12,14Transit lines, local 20, 21Transportation, commodity and passenger 20, 21Transportation equipment 1,

2,3, 9,10,11,12,13,17,36Travel 21, 22Trucks and tractors 36Unemployment 9United States Government bonds 17,18,19United States Government, finance 17United States Steel Corporation 30Utilities 4, 5, 9,11,12,14,17,18,19, 20Variety stores 7, 8Vegetable oils 23Vegetables and fruits... 2,3,4,26Wages, factory and miscellaneous 13,14War program, production and expenditures 2,17War Savings Bonds - 17Warehouses, space occupied 7Water transportation, employment, pay rolls. 11,12Wheat and wheat flour 26,27Wholesale price indexes 4Wholesale trade 9Wood pulp —- 4,32Wool and wool manufactures. 2,4,10,12,13,35, 36Zinc- 31


Domestic Commercewritten for

BUSINESSMEN..

• Here is an authoritative monthly periodical written

in the language of the American businessman. It is one

of the principal organs of the Department of Commerce

for disseminating information deemed of importance in

maintaining a vigorous and dynamic free enterprise system.

• Domestic Commerce gives the reader an understanding

of the progress and changing conditions of industry and

business of the United States. Its writers are officials of

this and other Government agencies, and specialists in the

various subjects covered.

• Particular attention is given to developments in the field

of post-war planning.

{ A sample copy will be sent you upon request to the Bureau Tof Foreign and Domestic Commerce, Washington 25, D. C. I

per year . . . from the Superintendent of Documents

U. S. GOVERNMENT PRINTING OFFICE • WASHINGTON 25, D. C,
