Survey of Current Business March 1943...SURVEY OF CURRENT BUSINESS March 1943 arid from the sources as listed. Study of the supply side of table 1 reveals two basic alternatives between

MARCH 1943

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 OFCURRENT BUSINESS

MARCH 1943

ECONOMIC HIGHLIGHTS 2

THE BUSINESS SITUATION 3

Manpower 3

Outlook for National Income 5

Manufacturers' Output 5

Business Inventories 6

Retail Trade 8

NATIONAL INCOME AND NATIONAL PRODUCT IN 1942 10

STATISTICAL DATA:

Income Payments—Table 1 27

Lumber Statistics—Table 2 27

Indexes of Wage Earner Employment and of Weekly Wages in Manufacturing

Industries—Table 3 28

Monthly Business Statistics S-l

General Index Inside back cover

Volume 23

Published by the Department of Commerce, JESSE H. JONES, Secretary, and issued throughthe Bureau of Foreign and Domestic Commerce, GROSVENOR M. JONES, Acting Director

Number 3

Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS, $2 a year. Single-copy price: Monthly, 15 cents; weekly, 5 cents.Foreign subscriptions, 33-50. Price of the 1942 Supplement is 50 cents- Make remittances only to

Superintendent of Documents, Government Printing Office, Washington, D. C.1


SURVEY OF CTRRENT BUSINESS March 1343

Economic HighlightsINDEX, 1926 = 100

5 75

150

125

INDEX, !926 = 100

175

150

125

100

50

25

WHOLESALE PRICES-ALL COMMODITIES

WAR OF 1812

i n 1111111!

MEXICANWAR

CIVIL WAR

j | | 1 | i | j | 1 | [ | 1 | | | | | | il | ! 1 | I ! | I 1 [I.1,

SPANISH-AMERICAN WAR

WORLD WAR I WORLD WAR

1111 I 1 | 1 1 I I I M l ! I | | | | | 1 1 ) | j | | | | | I I Ml I I I j I I I ! I I I 1 1

100

75

50

25

1800 1810 1820 1830 1840 1850 1860 1870 1880 1890 1900 1910 1920 1930 1940 1950a a 43 -77

Price Control at the Cross Roads

If wholesale prices of all commodities were held firmly at Janu-ary level for rest of the year, they would nevertheless be at a highlevel surpassed only by annual averages of 16 previous yearbsince 1800. January farm price level wras surpassed by only 4years in that period and food prices by only 15 years. Variousfactors prevent perfectly accurate price comparisons over longperiods, but those shown in the charts are approximately correctas to the general level of the commodity groups concerned.

The Nation must either stop the price rise at around currentlevels or brace itself for the painful consequences. It ought notto have to learn the evils of inflation the hard way all over againafter having paid for same costly lesson three times since 1800.History of inflation in all countries at all times solidly establishesthree clear reasons for avoiding it: First, spiralling prices imposean unnecessary and inequitable burden on majority of consum-ers; second, they tend to diminish, rather than increase the sup-

INDEX, 1926 = 100

175

150 -

125 -

100

plies coming to market; and third, the certain collapse of result-ing top-heavy price structure brings disastrous depression. Ifinflation occurs despite past lessons, it will almost surely giverise to demands for floors under prices in vain efforts to preventthe subsequent inevitable price collapse.

Majority of individuals cannot protect themselves againstinroads of inflation on their living costs—especially food—andon their savings. Food prices tend to outrun incomes—in 1920at peak of war inflation, they were up 111 percent over 1913compared to 76 percent for per capita nonfarm income—one-fifth more. Inflated prices cut purchasing power of cash savings,while ensuing deflation confiscates sizable portions of most typesof invested savings. Against these results of runaway inflation,effective price controls are our chief defense not only during thewar but also in immediate postwar period.

INDEX, 1926 = !0O175

- 150

- 125

— 100

WHOLESALE PRICES-FARM PRODUCTS AND FOODS

25 -

1800 1810*

1820 1830A

1840 1850*

1860*

1870 1880t

1890 1900A

1910 1920 1930

- 25

41940 1950

D.a 43-78Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

March 1943 SURVEY OF CURRENT BUSINESS

The Business SituationBUSINESS developments during February con-

formed to the now familiar pattern of continuedexpansion in the war-goods sphere accompanied byfurther contraction and restriction of the civilianeconomy. Industrial production, as measured by theFederal Reserve seasonally adjusted index, apparentlyadvanced 1 point to a new peak of 201. The rise, as inall recent months, was concentrated almost entirelyamong the durable-goods manufacturing industries.Nondurable-goods production declined while mineralsoutput was higher because of gains among the fuelscomponents.

Manufacturers7 shipments continued to be in heavydollar volume, attaining an annual rate of 135 billiondollars. 12 percent larger than the record value ofmanufacturing output, 121 billion dollars, attainedlast year.

Retail trade likewise continued in record dollarvolume for this season of the year. The high Februarylevel of the series was attributable to an extraordinarybuying wave as well as price advances.

As income payments continued to flow in a steadilylarger stream the Bureau of Labor Statistics index of889 wholesale prices responded by advancing 1 pointduring February despite the large proportion of allproducts other than farm output which has beenbrought under effective price control. Further farmproduct price increases appeared likely as additionalattention was given to possible methods of increasingfarm production in view of the increasing gravity ofthe outlook for food supplies. Living costs also ad-vanced fractionally during the month with food pricescontinuing to lead the way as has been characteristicduring recent months.

Rationing began in earnest on March first. Its ex-tension to cover canned, dried, and frozen foods as wellas shoes further underlined the magnitude of the dis-parity which now exists between civilian supplies andcivilian purchasing power. With many new rationing-programs certain to come in the next few months, thenecessary wartime process of reducing and equalizingcivilian living standards appeared to be well under way.An indication of the way these living standards mayeventually be cut was furnished by the release of esti-mates of minimum essential civilian requirements pre-pared by the War Production Board's Civilian SupplyDivision.

From the record level of 81.5 billion dollars reached in1941, Civilian Supply estimated that consumer pur-chases might, if necessary, be cut in real terms to 56billions (of 1941 dollars) before reaching " bedrocklevels" or levels considered indispensable to mainte-

nance of effective military output and activity during along war. The details of the so-called " bedrock" es-timates of essential civilian requirements are, of course,controversial and subject to necessarily arbitrary defi-nitions of essentiality. The broad picture outlined bythe above stated aggregates, however, is of interest asan informed view of the amount of civilian curtailmentwhich is feasible for the duration of the war period.

Manpower Problem More Acute

Other economic developments during February andearly March pointed more clearly to manpower as beingthe single problem into which most others on the do-mestic front are being increasingly resolved. The term"mobilization," originally a military term applied tothe assembling of troops from civilian life for armedservice, is nowhere so appropriately used in connectionwith our economic preparations as when applied to themanpower outlook for 1943 and later. The Nation'sneed for men and women is, as shown in table 1, greatand imperative.

Table 1.—Summary of Labor Force and Armed Force Re-quirements, December 1942 to December 1943

Requirements

Increase in armed forcesIncrease in civilian employment:

MunitionsEssential nonagricultural...

Total requirements

Mil

lion

s of

pers

ons

4.3

1.8.3

6.4

Supply

Decrease in less essential civilian em-ployment

Reduction in unemploymentAccessions to labor force required from

nonworker groups.

Total of above manpower sources.

Mil

lion

s of

I

pers

ons

|

3.2

.5

2.7

6.4

Source: War Manpower Commission.

The 1943 manpower outlook is notable for the num-ber of new workers who will have to be recruited for thecivilian labor force and also for the amount of re-shuffling of workers within the labor force. It is quitelikely that the requirement estimates as shown in theleft-hand column of table 1 should be regarded as beingat minimum levels. The sources from which may comethe required 6,400,000 persons needed during 1943, aresuggested in the right-hand column. If they areactually forthcoming from the sources and in theamounts as shown, a tremendous population shuffle isobviously ahead as millions quit jobs to enter the armedforces, as other millions leave nonessential industries toreplace them in essential lines, and still other millionsleave home and school to bolster the work force.

Since Government policy in this matter has not yetbeen fully determined, it is clear that the requiredmillions of persons may not be obtained in the amounts


SURVEY OF CURRENT BUSINESS March 1943

arid from the sources as listed. Study of the supplyside of table 1 reveals two basic alternatives betweenwhich a choice can be made or which can be used incombination. If the requirement estimates be ac-cepted as they stand, these alternatives on the supplyside are: Either secure the needed workers by with-drawing them from less essential industries and thusfurther shrinking civilian supplies, or recruit themfrom the ranks of the nonworkers, or do both. Anotheralternative—drawing on the unemployed—finds thissource almost at a minimum now.

If it be assumed that during this year manpower re-quirements and supply are as shown in table 1, thenby December the size and distribution of our civilianlabor force and armed forces will be as indicated intable 2. A most striking aspect of this distribution isthe sharp gain of women workers relative to men in themunitions and "other" industries. Another is the fur-ther decline of 1,600,000 in the total civilian labor force.

Table 2.—Estimated Civilian Labor Force and Armed Forces,December 1941-43

[Millions of personsj

Group

Civilian labor forceEmployment:

MunitionsEssential nonagricul-

turalAgriculturalOther industries. . -.

Unemploymcn t . . .

Armed forces

Total

De-cem-ber1941

54.0

6.5

6.58.3

28.93.8

2.1

56. 1

December 1942

Total

53.4

8.7

8.926.6

1.5

6.4

59.8

Male

37.9

7.1

6.28.0

15.7.9

6.4

Fe-male

15.5

1.6

1.5.9

10.9.6

(2)

44. 3 j 15. 5

December 1943

Total

51.8

10.5

8.018.923.4

1.0

10.7

62.5

Male

34.6

7.6

6.17.9

12.4.6

10.5

45.1

Fe-male

17.2

2.9

1.91.0

11.0.4

.2

17.4

1 Seasonal peak requirements 12.0,2 Less than 50,000.Sources: U. S. Department of Labor, War Manpower Commission, and Depart-

ment of Commerce.

According to Census estimates, there appeared to bein November 1942 a volunteer United States laborreserve of 5,000,000 persons 14 years old and older.It was composed of people willing and able to takefull-time jobs under certain conditions. The character-istics of this voluntary labor reserve are shown intable 3.

It will be clear from inspection of the table thatthis volunteer reserve is composed largely of women,most of whom are engaged in home housework. Ofthese, 83 percent are married and 40 percent areresponsible for the care of children—largely childrenunder 10 years of age. These family responsibilitiesobviously hinder to some extent their freedom of work.In fact, three-fourths of this volunteer reserve aredefinitely not willing to leave home to work elsewhere.The 5,000,000 volunteers, according to the CensusBureau, are distributed geographically in about thesame way the general population is distributed. The193 war-production centers, including neighboringcommunities, where labor shortages exist now or are

expected later this year, contained in 1940 approxi-mately one-third the total United States population.Hence, a maximum of only one-third of the volunteerreserve resides in or near war-production centers.

Under these circumstances, it is clear that it willnot be an easy task even under the most favorableconditions to recruit the additional 2,700,000 non-workers required at the minimum for the labor force.

Table 3.—Voluntary Labor Reserve, November 19421

[Millions of persons]

Group

Total

Willing to leave home to work elsewhereNot willing to leave home to work elsewhere

Students _ .Unable or too old to seek work under normal conditions.Othernonworkers - . .Engaged in home housework

MarriedSingle separated or divorced widowed

Not responsible for care of children . . .Responsible for care of children under 13 years

Responsible for care of children under 10 years..

Total

5.0

1.23.8

.5

.2

.24.13.4

7

2.51.61.2

Male

0.5

.2

.2

. 1(2)

Fe-male

4.5

. 3

i.l

2.51.61.2

1 Nonworkers who could take full-time jobs.2 Less than 50,000.Source: U. S. Department of Commerce.

In acute labor-shortage areas, however, the factthat an adequate number of people may be induced toin-migrate to meet labor needs does not constitute asimple or complete solution to the problem. Inade-quate housing and other accommodations in such areaspreclude sole reliance upon in-migration. So far aspossible, the problem must be solved on an area basisso as to minimize the necessity of expanding housingand other community requirements of an enlargedpopulation. This means that the utmost reliancemust be placed upon the present inhabitants of theshortage areas.

Either a large number of persons living in thoseareas and not now in the labor force must take localjobs, or less essential civilian industries in the shortageareas will have to be heavily curtailed or even closeddown entirely to release manpower for local war pro-duction. Certainly the production oi civilian productsof a nonessential character in areas of acute laborshortages must stop—perhaps also the production ofessential civilian goods if there are facilities in non-shortage areas where these commodities may bemanufactured.

Neither is curtailment a complete solution. Thedifficulty in recruiting many additional war workersfrom civilian industries in labor shortage areas liesin the fact that these areas are now meagerly serviced.Indeed some actual expansion of service industries maybe necessary if many women are to be induced to leavetheir homes to enter the labor market. Moreover, thenumber of workers that would now be released to warindustries by closing down nonessential civilian indus-


March 1943 SURVEY OF CURRENT BUSINESS

tries in shortage areas is not believed to be large. Con-sequently some further in-migration will probably benecessary to augment the best efforts of the presentinhabitants.

Another basic but partial solution to the manpowerproblem is to make more complete utilization of theworkers already in the labor force. This can be doneby longer hours of work, by reduction of currentlyserious absenteeism, turn-over, discrimination, laborhoarding and other restrictive practices. The Govern-ment has already moved toward a longer work week byExecutive Order requiring a minimum of 48 hours incertain designated labor shortage areas.

The actual contribution of the 48-hour week to ourmanpower supply during 1943 is not as yet clear.Neither is it clear whether the productivity of the newindustrial recruits replacing the skilled men inductedinto the armed forces is equal to that of those they re-placed. If not, current estimates of manpower re-quirements may prove to be low.

The Outlook for National Product and NationalIncome in 1943

The estimates of national income and national prod-uct for 1942, published in a special article in this issue,invite speculation about the probable changes in thesemeasures that will be recorded for 1943. It is well toconsider, before citing possible figures for the presentyear, the peculiar difficulties of forecasting in time ofwar and the type of assumption these difficultiesnecessitate. In one sense the forecasting problem isvery much simplified. Assuming that the current yearwill not see the end of the w ar, we can be sure that therewill be no lack of aggregate demand and that everyattempt will be made to harness our economic resourcesfor maximum output. We need have no concern, as intimes of peace, about the possibility of shrinking in-vestment opportunities or of saturation of consumers'goods markets.

On the other hand, the actual results for 1943 willbe determined much more than in times of peace bylegislative and administrative decisions yet to betaken. Although one may weigh the possibilities inthese matters, it is either impossible or inappropriateto forecast them. Consequently, while such impon-derables as the changes in taxes to be enacted or theeffectiveness of price control are of vital importance,they must be set aside here. Accordingly, it is as-sumed for purposes of the forecast that no furtherprice rise will occur from present levels and that presenttax legislation will remain unchanged. It is left tothe individual reader to modify these assumptionsand change the forecast as he sees fit.

The gross national product in 1943, upon the basisof the above assumptions, will be substantially higherthan the 1942 total of 152 billion dollars. The prob-able level for the year is between 175 and 180 billions.

Involved in this figure, of course, is the price rise thathas already occurred from the 1942 average throughFebruary—approximately 4 percent in terms of theBureau of Labor Statistics' cost-of-living index.

The gross national product of 1943 will be dividedalmost entirely between Government expenditures andconsumer purchases of goods and services. Govern-ment expenditures, State and local as well as Federal,arc likely to exceed 100 billion dollars compared with62 billions in 1942, while consumer expenditures maydecline to approximately 77 billions from the almost82 billions in the previous year. Since nearly nine-tenths of the Government total is accounted for bywar expenditures, there is an obvious judgment herethat production and manpower difficulties will notprevent attainment of a tremendous war output. Pri-vate gross-capital formation should fall to somethingbetween zero and 2 billion dollars, since a small volumeof construction and equipment expenditures will beoffset by a fairly sizable drain on inventories. Grossprivate capital outlay in the previous year was 8billion dollars.

The assumption of constant prices from this pointforward implies maintenance of present wage rates.Upon this basis, the national income in 1943 willreach the neighborhood of 140 billion dollars in contrastto the 1942 estimate of a little less than 120 billions.An earlier forecast of 135 billions for 1943 was basedupon incomplete 1942 data which indicated a nationalincome level for that year of only 117 billions. Incomepayments to individuals should approximate 135 billiondollars in 1943, likewise about 20 billion dollars higherthan in 1942.

Of this tremendous income flow, taxes paid out ofindividual incomes1 "will require a minimum of 14billion dollars on the basis of present legislation, in-cluding State and local as well as Federal. Hence, ifboth prices and consumer*supplies are held so thatconsumer outlays for available goods and services arelimited to about 77 billion dollars, savings of individualswill soar well above 40 billion^dollars. Whatever ad-justments in the above forecasts might be made,therefore, it is clear that severe intensification of thethreat of inflation during 1943 is in prospect.

Value of Manufacturers' Output, 1942

New evidence of the tremendous power of Americanindustry to produce when confronted with a high levelof effective demand for its products is offered by the in-crease in the value of manufacturers' output during 1942.Reports to the Commerce Department's monthlyIndustry Survey indicate that the gross value ofproducts manufactured in the United States soared toa new peak of 121 billion dollars for the year as a whole.This compares with the previous record total of 94billion dollars in 1941 and is more than double the 57billions reported by the Census of Manufactures in 1939.Digitized for FRASER

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

6 SURVEY OF CURRENT BUSINESS March 1943

Value of products represents selling value at the plantor factory. Because the products of some establish-ments are used as materials by others, the gross value ofproducts includes a considerable amount of duplica-tion, estimated roughly at one-third of the total.Higher prices are, of course, reflected in factory sellingvalues and are partly responsible for the rising trend inthe value of manufactured products since 1939. It isestimated that nearly one-half of the 30-percent in-crease in value of products from 1941 to 1942 is ac-counted for by the rise of 10 percent in the averagewholesale price of industrial products.

Chart 1.—Relationship between Inventories and Shipmentsof All Manufacturing Industries

2 0

AR

S)

8 "O

to

o- J . 6

LJh-OC

< | 4oECou_

S,

AV

ER

/:IN

VE

NTO

RIE

o

8

/ . ^ ' ^

AS /94/

/V07T - /7£6TO 04 TASECOND

4®

I

1| - --

RESSION LINE WAS FITTEDFROM 1939 THROUGH THEQUARTER OF 1941

12 16 20 24 28 32SHIPMENTS, TOTAL FOR QUARTER (BILLIONS OF DOLLARS)

Source: U. S. Department of Commerce.

36

DO. 43-83

Table 4.—Value of Products of Manufacturing Industries,1939-42

[Billions of dollars]

Industry group

All manufacturing .Durable goods

Iron and steel and their productsTransportation equipment (except auto-

mobiles)Automobiles and equipmentElectrical machineryOther machineryOther durables 1

Nondurable goodsFood productsTextile-mill productsPaper and allied productsChemicals and allied productsPetroleum refiningRubber productsOther nondurables 2

1939

56.824.90.6

.94.01.73.38.4

31.910.63.92.03.72.4.9

8.4

1910

66.231.8

8.4

1.65.3. 3

4.210.034.411.24.22.34.32.51.08.9

1941

94.149.012.7

4.26.93.66.6

15.045.114.56.33.05.83.11.4

11.0

1 Includes lumber, furniture, stone, clay, and glass products, nonferrous metals,and miscellaneous durable goods industries.

2 Includes tobacco, apparel, leather, and miscellaneous nondurable goods industries.


The shift in the character of manufacturing outputbrought on by wartime expansion is indicated by thedata shown in table 4. Thus production of the durable-goods industries, which constituted only 44 percent of

1942

121.065.814.2

12.67.05.09.9

17.155.218.67.93.16.83.51.5

13.8

total value of products in 1939, made up 52 percent ofoutput in 1941 and 54 percent in 1942. There was,however, a marked contrast between the compositionof durable-goods output in each of these latter 2 years.In 1941 a record-breaking output of consumer durablegoods was superimposed upon the production of a heavyvolume of construction materials and the beginning ofthe armament program. In 1942 the decline in outputof consumer durables was more than offset by the in-crease in production of munitions and of materials forpeak level construction activity.

In 1942 war materials accounted for approximatelyone-half of the estimated 80 billion dollars net value ofmanufacturing output after adjustment for duplications.This figure includes not only the value of finishedarmaments but also equipment and materials for newplants, other construction materials, and all otherproducts used in converting the economy to a full war-time basis during the year.

Business Inventories

Liquidation of civilian inventories during recentmonths has ended the general inventory expansion thatpreviously featured the wartime rise in business activ-ity. Record-breaking consumer purchases reduced theaggregate value of stocks held by manufacturers,wholesalers, and retailers from an all-time peak of 29.3billion dollars on June 30, 1942, to 28.3 billions by theend of December. A drain on stocks through whole-sale and retail channels more than offset a continuedmoderate rise in manufacturers' inventories to producethis net decline of a billion dollars in the aggregate.Replacement of trade inventories has been hamperedby growing military and Lend-Lease requirements andby the dwindling production of civilian goods.

Reductions in the closing months of 1942 did not,however, entirely wipe out the increase in inventoryvalues built up during the first half of the year. As aresult, the total value of business inventories at the endof 1942 exceeded that of the beginning of the year by1.25 billion dollars—a moderate rise compared withthe increase of 6 billions during 1941. Adjustment forthe fact that present stocks are carried at higher pricesthan those of last year indicate that the physical volumeof inventories is now somewhat below its level of oneyear ago.

Table 5.—Value of Business Inventories, End of Month[Millions of dollars]

Year and month

1941:December

1942:MarchJuneSeptember - -December

Total

27, 081

28,45029,31129,03428, 345

Manu-facturers

15, 747

16,46417.18317,43917, 653

f

salers j

4,6971

4,899 !4,632 '4,245 i3,992 i

e t 3 i l e ,

6. 637

7,0877,4967,3506,700

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

March 1943 SURVEY OF CURRENT BUSINESS 7

Manufacturers' Inventories Higher.Manufacturers' stocks were the only types of business

inventories to rise significantly in 1942. For the yearas a whole, the increase amounted to 1.9 billion dollars—85 percent of which was concentrated in the war-stimu-lated durable-goods industries. Even for manufactur-ers, however, the rate of increase showed a pronounceddrop in the final half of the year when additions toinventories amounted to less than $500,000,000 forthe entire 6-month period. This compares with 1.5billion dollars in the first half of the year and with 2.5billions during the last half of 1941.

Growing shortages of basic supplies are, of course,the principal reason for the slower rate of inventoryexpansion. Enormously stepped-up production re-quirements have made the accumulation of protectiveinventory cushions in excess of requirements more andmore difficult. The steady shift of economic resources—labor, plant, equipment, and power to armament pro-duction—has been more to end products than to rawmaterials. This has not resulted in surplus raw mate-Chart 2.—Relationship between Inventories and Shipments

of Durable-Goods Manufacturing Industries

4 8 12 16 20 24SHIPMENTS, TOTAL FOR QUARTER (BILLIONS OF DOLLARS)

DO. 43-84


rials stocks but rather has added to demands formaterials because of generally expanding activity.Thus, while stocks have continued to increase insubstantial volume in the durable-goods industries,output expansion has led to urgent demands both formore materials and for better scheduling of the existingflow of supplies.

Inventories have been increasingly drawn down inthose industries in which civilians have a relativelylarger stake, i. e., most nondurable goods plus suchcivilian durables as furniture, lumber, stone, clay, andglass products (see table 6). Those industries in par-

ticular have felt the pressure of huge civilian-purchas-ing power combined with large military and Lend-Lease demands. Stocks of finished goods held bythese manufacturers have suffered heavy depletion,especially in the final quarter of 1942. By the end ofDecember, for example, finished lumber stocks hadbeen reduced to approximately one-half of their valueat the beginning of the year. The correspondingreduction in the value of finished textile mill productsexceeded 25 percent. In addition, finished goods heldby manufacturers of food products, leather goods,stone, clay and glass products, and furniture were allbelow firs t-of-year values.

Table 6.—Percentage Changes in Value of Manufacturers'Inventories, End of 1942 from End of 1941

Industry group

Total manufacturing

Durable goods -Transportation e<iuipm ont

(except automobiles)Automobiles and equip-

mentElectrical machinery

\ Other machineryNonferrous metalsStone, day, glass products. _FurnitureLumber

Percentchange

+12

+19

-{-48

-1-23+40+22+7- 3- 9

-12

Industry group! Percent[ change

Nondurable goodsChemicals and allied prod-

uctsPaper and allied products. .Textile-mill productsFood productsPetroleum refiningLeather and leather prod-

ucts

+4+11+6

0- 3

-10

-14


Allowances for higher prices indicate thai the declinesin terms of physical quantities were, of course, largerthan those registered by value figures. Finally, replace-ment of supplies as well as expansion of capacities inmost of these industries is difficult and, in some cases,impossible because of the manpower, materials, andequipment shortages generated by the war program.

Charts 1, 2, and 3 show the effect of the inventorydevelopments just outlined on the general relationshipof stocks to sales. They point to the fact that theslower rise in durable-goods inventories and the recentdecline in nondurable-goods inventories have combinedwith the continued advance in shipments to pull inven-tories back toward their more usual relationship withproduction requirements. The charts show the rise ininventories that has accompanied the expansion (tracedby the movement of the points from left to right) ofshipments since 1939.

The dotted line on chart 1 represents the averagerelationship of inventories to shipments based on the2^-year period from 1939 through the second quarter of1941. Deviations from this relationship were smalldining the base period—the expansion of inventoriesbeing generally in proportion to the expansion of ship-ments. In contrast, inventories increased phenomenallyin relation to shipments during the latter half of 1941and the first half of 1942. Protective buying replacedimmediate production needs as a motive for much ofthe inventory accumulation during this second period,



and stocks expanded far out of line with the indicatedrequirements of production. This movement has nowbeen reversed. The important fact today is that ship-ments, especially of war materials, have expanded to apoint where the level of inventories is now nearer to theamount needed to sustain the enlarged volume of out-put. Similar conclusions can be drawn from the chartsfor both durable and nondurable goods.

Chart 3.—Relationship between Inventories and Shipmentsof Nondurable-Goods Manufacturing Industries

9

3

7

6

5

3

j

1940^

r4

1942*.'<•

/

f-Y ^1941

T

/ '

1t

i

NOTE. - RECTO DATASECOND

RESSION LINE \FROM 1939 TH

QUARTER OF 1$

VAS FITTEDWUGH THE)4t.

4 6 8 10 12 14 16SHIPMENTS, TOTAL FOR QUARTER (81LLI0NS OF DOLLARS)

DO. 43-85


This new phase naturally brings its own problems.In the field of arms production it necessitates the useof closer and closer tolerances in the scheduling ofmaterials. In the field of civilian supply it increasinglyemphasizes the need for a fair and equitable distribu-tion of scarce goods. But all of these are sympto-matic of the facts that surplus inventories are beinggradually whittled down and that resources are beingincreasingly put to more effective uses as the wareffort approaches its peak.

Trade Inventories Declining.

Inventories held by wholesalers and retailers havedeclined in recent months as extremely heavy con-sumer purchases have been met by a diminished flowof civilian supplies. Wholesale stocks, currently valuedat less than 4 billion dollars, are lower than at any timein almost 2 years. They have fallen from a wartimehigh of 4.9 billion dollars early last year in a downwardmovement which began in durable goods lines butwhich has gradually spread to practically all civilian-goods dealers in the wholesale field.

Retail inventories have also been reduced. Heavyliquidation in the closing months of 1942 practicallywiped out the huge increases in retail stocks that oc-curred during the first half of the year. In that earlier

period output of civilian goods was still large enoughboth to expand inventories and to enable producersto meet the rising tide of demand. As a result thevalue of retail holdings hit an all-time peak of 7.5billion dollars at the end of June. By the end ofDecember, however, they were down to 6.7 billions-little changed from their value at the beginning of 1942.

As could be expected, trade outlets specializing inirreplaceable consumers' durable-goods have experi-enced the heaviest reductions in inventories. Thiscan readily be seen from the year-to-year percentagechanges in stocks by kind of business, as reported tothe Census Bureau. Figures released by the Censusare shown in table 7 for selected kinds of wholesale andretail business. In both fields the largest declineshave been in durable-goods outlets such as hardware,lumber and building materials, furniture, householdappliances, and the like.

Table 7.—-Percentage Changesventories, End of 1942

Kind of business

Wholesalers:Electrical goodsPlumbing and heating sup-

plies -General hardware -ConfectioneryShoes and other footwear...MetalsFurniture and housefur-

nishings __Clothing and furnishings,

except shoesDry goodsGroceries and foods, except

farm products .._ . - . -Lumber and building mate-

rialsJewelryTobacco and its products,..

Percentchange

-55

-39-33-28-27-25

-22

-17-16

-14

-12-10- 4

in Value of Selected Trade In-From End of 1941

Kind of business

Wholesalers— Continued.Paints and varnishesFresh fruits and vegetables.Drugs and sundriesPaper and its products.

Retailers:Lumber, building mate-

rials dealersHardware stores . . .Filling stationsFurniture, household ap-

pliances, radio storesJewelry storesDrugstores .*. . _ .Food storesDepartment storesApparel stores_

Percentchange

- 4+1+2+2

-16-12-11

- 3- 1+2+3+6

+10


Larger stores were able to maintain a more favorableinventory position throughout 1942 than were thesmaller stores. Census returns for independent re-tailers show that large stores, i. e., those with annualsales in excess of 200,000 dollars, increased the value oftheir inventories by 4 percent during the year. All othersize brackets show a drop over the period with thelargest decrease (6 percent) occurring in the smallestsize bracket, i. e., stores with annual sales under 10,000dollars. In general, larger stores show either largerincreases or more moderate declines than do smallerstores.

Retail Trade

Retail sales, which were well maintained in January,moved forward in February to a record level for thistime of year. The shoe rationing order touched off abuying wave in apparel which lifted the seasonallyadjusted Department store sales index (1923-25 = 100)to 165 in February, compared with 143 in January.Men's clothing sales were probably not much above thehigh level of the preceding year, but sales of women'sclothing showed a large increase over 1942. Furnituresales were well maintained, but hardware stores during



recent months have been reporting substantial declinesover comparable months of the previous year. Lossesin dollar volume are also increasing at filling stationsand at building materials dealers.

Table 8.—Sales of Retail Stores, by Kinds of Business, 1941-43[Millions of dollars]

Kind of business

All retail stores *Durable goods storesNondurable goods stores

By kind of business:Food storesEating and drinking places - -Apparel stores -Filling stationsBuilding materials and hardware deal-

ersHousefurnishings stores . _Automotive stores .Drug storesGeneral merchandise storesOther retail stores

1941

54,17314,87639, 297

12,4114,5684,0923,500

3, 7222,3878,2261,8667,8305,573

1942

56,3849,932

46, 453

15,0925,8245,0583,295

3,8832,3413,0092, 2818,7896,8JL2

1943 2

49,0004,900

44, 100

15,0007. 2004,3002,600

1,2001,3002,2002,1007,2005,900

Percentchange,1942 to

1943

- 1 3

—5i

+24- 1 5- 2 1

- 6 9- 4 4- 2 7

- 8- 1 8

JO

f J Due to rounding, group figures do not necessarily add to totals for all retail stores.2 Forecast based on quantities of goods to be available for civilians in 1943 according

to~present programs, and on price increases from 1942 which are moderate except inthe case of food.


Revised figures now available for 1942 show totalretail sales at 56.4 billion dollars, an increase of 4 per-cent from 1941. After allowing for price rises, retailsales in constant dollars declined 8 percent. Thisfigure, however, does not reflect the full extent of thedecline in physical volume of retail trade. Data bothon production for civilian use and on inventory changes,although not complete, show a considerably larger de-cline in units sold, indicating that trading up or qualitydeterioration or both occurred on a substantial scaleduring the past year.

In 1943, production for civilian use is being furtherrestricted by the requirements of the war program.If prices can be held reasonably well in check a declinein total retail sales seems inevitable. The effect ofcurtailments will, of course, be much greater in somelines than in others. Based on information now avail-able, table 8 indicates roughly the relative cuts to beexpected in each major retail group. Present indica-tions are that building materials and hardware dealerswill be hardest hit, followed by household furnishingsstores, automotive stores, and filling stations. Eating

and drinking places, on the other hand, are expectedto have increased sales.

Table 9.—Retail Sales Tax Base[Billions of dollars]

Item

Sales of retail storesLess:

Sales to other retailers and governmental units, serv-ice receipts of retailers, and trade-in allowances

Equals:Net sales of goods for private use at retail stores

For consumer useFor farm business useFor other business use

Add:Sales of finished goods (not for resale) other than by

retailers .For consumer use 2

For farm business useFor other business use:

Construction materialsProducers' durable equipment privately fin-

ancedNondurable goods

Equals:Sales tax base including commodities now subject to

taxFor consumer useFor farm business useFor other business use .

Supplementary data:Retail value of goods now subject to Federal excise taxes..Food sales

For home consumptionRestaurant meals, etc

Calendaryears

1942 1943

3.0

53.440. 72.44.3

13.24.9

1.5

4.31.6

66. 651.63.311.7

19.420.416. 14.3

49.0

1.9

47.143.01.92.2

8.13.7.8

.6

1.91.1

55. 246.72.7

16.220.515.55.0

Fiscalyear1944 i

45.0

43.340.1

0.93.4.8

1.4.9

50. 243. 52.64.1

14.520.114.95.2

1 Estimated.2 Includes sales of retailers not covered in Census of Retail Trade.Source: U. S. Department of Commerce.

Retail Sales Tax a Possible Revenue Measure.

The question of a retail-sales tax has been broughtto the fore again following the Presidential request for16 billion dollars of additional current revenue. Sucha tax, if enacted, would undoubtedly be applied not onlyto sales of retail stores as here defined, but also to salesnot for resale made by wholesalers, manufacturers,farmers, etc. On the other hand, service receipts andcertain other items which are included in sales of retailstores would probably not be taxed. The estimatesof a retail-sales tax base calculated on this basis areshown in table 9. They indicate that a 5-percent taxwould yield somewhere in the neighborhood of 2.5billion dollars in fiscal year 1944 if no exemptions wereallowed for commodities already taxed by the FederalGovernment.

513019-43-



National Income and National ProductIn 1942

By Milton Gilbert and George Jaszi

The significant developments in the national incomeand national product from 1941 to 1942 all stem fromthe mobilization of the economy for war. Broadlyspeaking, three trends stand out: First, an expansionof the flow of total output and a concurrent fuller utili-zation of the factors of production; second, an addedrise of dollar values due to pervasive inflationary pres-sure; third, a radical shift in the composition of thenational product and in the industrial distribution ofthe income flow.

Changes within the year 1942 were especially pro-nounced. The economic situation was so dynamic thatthe end-of-the-year position of the national product andmost of its components wras far different from that atthe beginning of the year. Whereas before PearlHarbor the rearmament effort was still small enoughto leave the civilian economy essentially undisturbed,by the end of 1942 most of the path to full economicmobilization had already been traveled. For thisreason, estimates for the year as a whole have to be sup-plemented by quarterly data to present an adequatepicture of the economic situation in 1942.

Expansion of the Gross National Product.

Owing primarily to the insatiable demand for warmateriel, the sharply upward trend of the gross na-tional product in the past few years was continuedthroughout 1942. This aggregate, composed of thevalue of the currently produced commodities and serv-ices flowing to government, to business for gross capitalpurposes, and to consumers, reached the record total of151.6 billion dollars last year, rising from 119.2 billiondollars in 1941. The phenomenal advance under therearmament program in 1941, when the gross productincreased 22 billion dollars, was surpassed both inabsolute and percentage terms by the rise in 1942 underthe stimulus of war. Within the year the trend wrasexceedingly steep, gross national product rising from anannual rate of 128.8 billion dollars in the last quarter of1941 to 168.8 billions in the corresponding quarter ayear later, as can be seen from chart 1. The resur-gence of American productive power from the time ofthe outbreak of the European war in September 1939to the end of 1942 is reflected in a more than 90 percentincrease in the value of the gross national productover that period.

This precipitous rise in the value of gross output re-sulted not only from a steadily increasing flow of thequantity of goods and services but, as is wrell recognized,from a continuously rising trend of prices. Accurate

removal of the inflationary influence during a periodcovering the transition from peace to war is exceedinglydifficult for both conceptual and statistical reasons.The very concept of the physical quantity of outputbecomes highly tenuous when the assumption of con-stant wants is inapplicable and when the free market isdisplaced by price control and rationing. Furthermore,price data are not available for the entire range of out-put; they are likely to reflect quality change inade-quately; and they certainly do not reflect the intan-gibles such as limited range of choice, simplification ofstyle, and reduction of complementary services. Specif-ically, lack of data has necessitated the assumption ofconstant average munitions prices, and though thisassumption is supported by existing evidence, it willno doubt be altered to some extent in the light of furtherinformation on the subject. Despite these difficultiesan approximate adjustment for the price rise is fur-nished here because even a rough notion of the change inreal output considerably increases the usefulness of theestimates.

Chart 1.-—Utilization of Gross National Product (SeasonallyAdjusted Annual Rates)

BILLIONS OF DOLLARS200

100


According to these data shown in table 1, the grossnational product in terms of constant prices has risensubstantially during the past few years. In 1942 thereoccurred an increase of 19 percent, in contrast to theadvance in the current value of the gross product of 27percent. Over the entire period from 1939 to 1942the gross product in constant prices rose by 50 percentas against a current value rise of over 70 percent.


Mas 1943 SURVEY OF CURRENT BUSINESS 11

Table I.—Gross National Product in Current and 1939 Dollars,1939-42


Year

Gross national product

Currentdollars

1939dollars

Implicitpriceindex

193&. - . . 8 8 . 6 ! 88,6 1001940 ._ . . 97.0 9G. 2 i 1011941 . ___: 119.2 1 112.3 1C61942 151.6 ! 133.2 \ 114

The extent of the expansion of the gross nationalprodurt in terms of constant prices has been so spec-tacular and so far beyond what most analysts thoughtpossible that a question is raised as to the adequacyof the method of deflation used. It may be noted,however, that actual man-hours worked in civiliannonagrieultural pursuits appear to have increased bymore than 30 percent between 1939 and 1942, thatthe volume of agricultural production rose by 20 per-cent over the same period, and that the armed forcesexpanded greatly and accounted for a significant partof the gross product in 1942. Moreover, it appearscertain that the economies of scale, the increase ofefficiency due to reduced number of models and styles,and particularly the increase in output of munitionsper man-hour have much more than offset any decreasein average skill that may have occurred because of therapid enlargement of the labor force. If, in addition,consideration is given to the fact that a shift of thefactors of production from industries of lower to highervalue of output per worker is taken as an increase inreal output in the conventional methods of price defla-tion, it does not seem that the estimated increase of thegross product in constant prices is unreasonable.

As implied previously, one may, of course, questionthe entire theoretical meaning of a measure of realoutput under the conditions prevailing over this period.That- is another question, however, and one which,incidentally, docs not deny the appropriateness of theusual techniques of price adjustment for problems ofprice stabilization and fiscal policy.Government War Expenditures.

Since the past year was one of economic mobiliza-tion for war, the changes in the components of thegross national product were dominated by the increasein government expenditures for war purposes. (Asexplained more fully in the notes to the tables, thewar expenditures referred to here represent only thosewhich constitute a utilization of current output andnot the total of war outlays as shown in accountingstatements of the Treasury.) The 1942 war expendi-tures were 49.1 billion dollars compared with 12.5billions a year earlier and only 1.4 billions in 1939.During the space of our first year at war, from thefourth quarter of 1941 to the same quarter of last year,Government war expenditures rose from an annualrate of 18.8 billion dollars to 70.1 billions. This rate

of increase is so spectacular as to make commentunnecessary. Since the President's full-war budgetfor the fiscal year 1944 contemplates war expendituresof 100 billions it may be seen how far along the wayto complete economic mobilization the Nation was bythe end of 1942. Of course, there have been inevitabledelays in gearing the economy for a task of this magni-tude. Furthermore, not all the goals of the programwere completely fulfilled—which might have beenexpected with huge objectives decided upon long befoieexperience had been gained on which to judge theirfeasibility. Despite these shortcomings, however, itis evident that during our first year of war a stupendousjob of mobilizing the economy was performed, onewhich is a tribute to the bold planning of government,to the initiative and resourcefulness of industry, andto the discipline and skill of labor.

With war expenditures rising so much more rapidlythan gross output, the war effort has- taken a largerproportion of the gross national product month aftermonth. By the last quarter of 1942, 42 percent of ourgross output was accounted for by war expenditureswhereas in the same period of 1941 this figure was only15 percent. For 1942 as a whole, war expenditures con-stituted 32 percent of the gross product as against10 percent in 1941 and 2 percent in 1939.

Year and quarter

1939.

1940

1941.

I .I I ,

IIIIV-

Gross na-tional prod-uct (billionsof dollars)

1942.

I . .II

I I I .IV_.

88.6

97.0

119.2

109. 4116.0122.6128. 8

134,3] 45. 8157.5168. 8

War expend- i War expend-itures (bil- itures as per-

lions of cent of grossdollars) product

.10.013.618.8

49. 1

41.557. 170. 1

1115

212S

In presenting these percentages of gross nationalproduct devoted to war, reference to their limitedsignificance should be repeated.1 The definition of warexpenditures, it has been pointed out, is arbitrary anddoes not attempt to separate goods essential to theprosecution of the war from those that are not. Forinstance, military use of consumption goods is con-sidered part of war expenditures while consumption byworkers in armament plants is not. Again, a capitalasset purchased by private industry is not included inwar output even though it may be devoted entirely tothe production of armaments, whereas a governmentpurchase of the identical equipment for identical pur-poses is included in war expenditures. Therefore,the more nearly the peak of the war effort is approachedand the more nearly all lines of expenditure not con-

;Cf. Surrey of Current Business .August 1942.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


tributing to the war effort are eliminated, the morethe distinction between war and nonwar expendituresloses significance.

Furthermore, if one is interested in the distinctionbetween production that ministers to the usual needsof a peaceful population and production that is adaptedonly to war needs, the comparison of war expenditureswith total national product may also be misleading.In the case of durable capital goods, for example, theresources engaged in their production are currently notavailable for satisfying consumer wants. Once em-bodied in capital goods, the extent to which theseresources will be devoted to the satisfaction of con-sumer wants will depend not so much on whether thecapital goods have been produced for war purposes ornot, as on their durability and convertibility. It isclear that an analysis along these lines would cut acrossthe present classification of war and nonwar expendi-tures.

Another reason for caution in the use of these ratiosis that they reflect the use of output rather than itsproduction. Inventory changes of both war goods inprocess and nonwar goods can be quite large and movein opposite directions. These possibilities should bekept in mind when using the ratios as indicators of thecurrent allocation of productive effort.

Finally, the magnitude of war expenditures shouldnot be taken as a measure of the amount of civiliangoods which the same factors of production would becapable of producing in the absence of the war effort.There are indications that the remuneration of re-sources engaged in the production of war goods is sub-stantially higher than the remuneration of identicalfactors producing civilian goods.

For these reasons, the percentage of war expendi-tures to national product should not be regarded asmore than an approximate index of the magnitude andprogress of the war-production effort.

Other Components of Gross National Product.

While there was considerable divergence in themovement of other components of the gross nationalproduct, as a whole they fell below the 1941 level in1942. Nonwar expenditures of Government partici-pated in this decline.

Federal nonwar expenditures have declined continu-ously since 1939, with a drop of 18 percent between1939 and 1942, as may be seen in chart 2. This over-all decline hides widely divergent movements in thecomponents. On the one hand, Government expendi-tures related to the Social Security program increased,reflecting mainly the growth in Social Security grantsto States for special types of public assistance. Inter-est payments also increased sharply, due to the growthof the national debt. On the other hand there havebeen declines in aids to agriculture, expenditures onpublic works and on work relief, including the Civilian

Conservation Corps, that more than counterbalancethe increases.

Chart 2.—Percentage Change in Federal Nonwar BudgetExpenditures by Major Types, Calendar Year 1942 from1939 i

MAJOR TYPE -75 -50PERCENTAGE CHANGE-25 0 +25 +50 +75

SOCIAL SECURITYPROGRAMS

INTEREST ONPUBLIC DEBT

OTHER DEPARTMENTALAND MISCELLANEOUS

VETERANS'ADMINISTRATION

AID TOAGRICULTURE

PUBLIC WORKS

WORK RELIEF ANDCIVILIAN CONSERVA-TION CORPS

TOTALNONWAR BUDGETEXPENDITURES-^

1 The width of each bar represents the percent that each major type is of the totalnonwar budget expenditures for 1939.

2 Includes United States contribution to Government-employees' retirement funds.Source: TJ. S. Treasury Department.

Owing to inadequacy of information, the movementand composition of state and local expenditures aremore difficult to trace. Indications are that these ex-penditures decreased because of a decline in reliefexpenditures and in state and local construction.

Private Gross Capital Expenditures.

The most substantial reductions among the majorcomponents of the gross national product were in thearea of private gross capital outlay, the record total of19.0 billion dollars for 1941 falling to 8.0 billions in1942. The decline in this outlay during 1942 was soprecipitous that by the final quarter of the year theannual rate was only 1.3 billion dollars. The ease ofconverting capital goods industries to war production,and the possibility of drawing upon both inventoriesand the foreign balance account for the severe decline ofthis segment of the gross product. As may be seenin chart 3, private construction and private purchasesof machinery and equipment fell drastically in 1942under the impact of material shortages and conversionof these industries to war production. By the fourthquarter of 1942 private construction and purchases ofdurable equipment were about one-third of the lastquarter of 1941. The high rate of inventory accumu-lation which reached its peak in the fourth quarter of1941 but continued throughout the first half of 1942was replaced by a sizable drain on accumulated stocksin the last half of 1942.

Concurrent with the decline in private gross-capitalformation there occurred a substantial increase in



charges to depreciation and depletion accounts, reflect-ing mainly the special amortization provisions that areallowed on the construction of emergency facilitiesunder the Second Revenue Act of 1940, and increaseddepletion charges owing to a record output in theextractive industries. A comparison of the figures ofprivate gross-capital formation with the measure ofdepreciation and depletion might suggest that by thesecond half of 1942 the United States had begun toconsume its total stock of fixed capital. Such a con-clusion, however, is unwarranted. In the first place,depreciation and depletion estimates are in terms ofaccounting dollars and intended to approximate theactual charges made in business records rather thanthe amount of capital consumption. There is reasonto believe that, particularly for recent periods, theyoverstate the current consumption of capital.

Chart 3.—Private Gross Capital Formation (SeasonallyAdjusted Annual Rates)

BILLIONS OF DOLLARS• 2 5

- 2 0

+ 15

+ 10

+ 5

0

- 5

- 1 0

-

-

-$6§§oo8a \ \

H H H H x ^ \^^^^^*-CONSTRUCTION

MBBTOB XNV\ ^338^88^-PRODUCERS' DURABLE EQUIPMENT

W T *K||ggL-C,,.,C.«M B A L A N C E

" ^ liUMIUJiil - *""r CHANGE INV ^ H P B BUSINESS INVENTORIES

4th Quarte1941

4 th Quortei

1942 D D. 43 -97


Secondly, and quantitatively more important, ex-penditures for capital facilities by the Governmenthave been unusually large. According to best indi-cations, nearly one-half of the total output of producers'durable equipment was purchased by the Governmentin 1942. Tims, in spite of the sharp decline in privatepurchases, total production fell only slightly below theall-time records established in 1941. As chart 4 shows,Government accounted for the bulk of the constructionof industrial facilities in 1942. In spite of the declinein private construction, the total in 1942 was nearlydouble that of 1941 and far exceeded any previous level.

This Government construction and equipment is notnecessarily lost permanently to the civilian sector of theeconomy. For, although there can be no doubt thatsome of the structures and equipment are too specializedto be subsequently useful to the civilian economy, this isprobably not true of the bulk of Government industrialfacilities. Just as a significant part of private capitalequipment proved to be readily convertible to warproduction in 1941-42, it may be anticipated that theGovernment capital facilities will be convertible to

civilian use after the war. It does not follow that be-cause it might not have been profitable for private in-dustry to finance these facilities, their operation at theircost to industry after the war will not be profitable.Thus, in spite of the fact that the private stock of fixedcapital might well decline in the course of the war, itwould not be surprising if, after the difficulties of tran-sition are overcome, the Nation had a better capital

Chart 4.—Value of New Industrial ConstructionMILLIONS OF DOLLARS1500

1250

750 -

1939

Source: U. 8. Department of Commerce.

plant after the war than at the beginning of the rearma-ment program.

Consumers' Expenditures.

Of the nonwar components of the gross nationalproduct only consumers' expenditures increased in1942. The 1942 total is estimated at 81.9 billiondollars—an all-time high for the dollar value of goodsand services passing into the hands of consumers, com-pared with the 1941 figure of 74.6 billion dollars. Itmay be noted that consumers' purchases of durablegoods declined fairly sharply but the rise in nondurablegoods and services was large enough to send the totalto the new high level. In further contrast to othertypes of nonwar expenditures, consumers' purchasesremained extraordinarily high throughout the yearwith even the fourth-quarter level exceeding that of theprevious year by a substantial margin.

When the dollar value of consumers' expendituresis adjusted for rising prices, consumers' goods andservices in 1942 seem to have fallen slightly below the1941 volume. As shown in table 2, consumers' expendi-tures in 1942 were 69.7 billion dollars in terms of 1939prices as compared with 70.0 billions in 1941. Even ifone makes all the allowance that may appear reason-able for the possibility that price quotations somewhatunderstate the rise in prices, it is evident from thesedata that the consumer was affected by war restrictionsto only a minor degree in 1942. Consumers' expendi-tures on automobiles and parts dropped to insignifi-cance, and the quantity of motor fuel and householdgoods fell substantially. All other major groups of



consumers' goods and services, however, equaled orexceeded their 1941 level.

Table 2.—Consumer Expenditures for Goods and Services,1939-42 *

[Billions of 1939 dollars]

Item

Total, goods and scrvices

FoodsClothing and related productsTobacco ._ . . . . - . .Gasoline and oilOther nondurable goodsFurniture, furnishings, and household equip-

mentAutomobiles and partsOther durable goodsServices

1939

61.7

18 16.81.82.13.8

3.02 31.1

2? 7

1940

65.1

18 96.91.92 24.1

3.32 81.2

23.8

1941

70.0

20 07.7

l-\4.5

4.02.91.4

25.0

1942

69.7

21 18.22.31 84.8

3.3.4

1.426.2

1 Detail will not necessarily add to totals because of rounding.

Ill appraising the position of the consumer duringthis first year of war, certain aspects of the concept ofconsumers' expenditures used here should be noted.In the first place, it does not include consumption goodspurchased by the Government for the use of our armedforces. Hence, it represents only purchases madedirectly by the consumer rather than the total of con-sumption goods flowing to our population. If accountwere taken of the consumption by the armed forces,provided by Government, the total of goods receivedby individuals in 1942 would more than equal thevolume in 1941. In the matter of food and clothingthere is no doubt that the population as a whole wasbetter off in 1942 than at any time in the Nation'shistory, both in total and on a per capita basis.

In the second place, consumers' expenditures measurethe goods passing into the hands of the consumer in thecurrent year—a concept employed because of its use-fulness in market analysis and similar problems. Fromthe standpoint of the consumers' welfare, however, itis more appropriate to measure the services received inthe current year whether from new purchases or fromthe consumers' existing stock of goods. This is par-ticularly important in the case of durable goods, wherethe stock is large relative to each year's purchases sothat a large decline in current acquisition has onty littleinfluence on current services received. In table 3 are

Table 3.—-Consumer Expenditures and Current Consumption,1940-42 i

[Billions of 1939 dollars]

Year

194019411942

Consumer expendi-tures

Nondu-rable goodsand services

(Column 1)

57.861.764.5

Du-rablegoods

(Column 2)

7.38.45.2

Currentservices

from stockof durable

goods 2

(Column 3)

5.76.25.9

Total con-sumer ex-

penditures,cols. 1+2

(Column 4)

65.170.069.7

Total cur-rent con-sumption,cols. 1+3

(Column5)

63.567.970.4

1 Detail will not necessarily add to totals because of rounding.2 Current services from stock of durable goods represent depreciation of stocks in

hands of consumers, with the following exceptions: Expenditures for books and otherdurable printed matter and for monuments and tombstones are charged to the periodin which they are purchased; value of consumption of passenger cars in the last threequarters of 1942 extrapolated from 1941 by gasoline consumption.

shown estimates of consumers' goods and services forboth these concepts.

It may be noted that the services available to con-sumers from the stock of consumers' durables declinedonly negligibly in 1942. This decline is due entirelyto our counting the services rendered by passengercars in 1942 on the basis of gasoline consumption.Total commodities and services available to consumerson the basis of this "welfare" concept was significantlyhigher in 1942 than in 1941. There is, of course, nointention in these calculations of glossing over the in-soluble problem of defining economic welfare underthe conditions of the past few years. They are de-signed only to stress the fact that the requirements ofwar in 1942 barely touched the consumer standardof living in a quantitative sense.2

How did it prove possible to maintain so high a vol-ume of consumption in 1942 in the face of the hugewar-production program that was carried out simul-taneously? Four factors in the 1942 situation, someof which will be materially altered in 1943, answerthis question: (1) In the existing phase of the wareffort when mobilization on the production front wasdominant, only that part of the consumers' goods out-put which could be converted to munitions productionwas seriously affected. Of course, there were delaysin securing even this conversion, but these delays wereless important in maintaining the total flow of consum-ers' goods than the fact that only a relatively smallsegment of consumers' goods industries could be con-verted—namely, those producing durable goods. (2)The flow of goods to consumers in 1942 was maintained,to some extent, out of previously accumulated inven-tories. Inventory statistics are not available on con-sumers' goods alone, but the existing data indicatethat consumers' expenditures to the extent of 2.5billions may have come out of inventories in the courseof the year. (3) In maintaining the total flow ofconsumers' goods and services, one of the most im-portant factors was the existence of sufficient man-power up until the very end of the year to enable thoseindustries not affected by military requirements tomeet the rising demands of consumers with increasedoutput. (4) It is also important, in contrast to whatthe situation will be this year, that in 1942 the demandsof the armed forces and Lend-Lease for consumptioncommodities remained relatively small.

That we got both guns and butter in 1942, therefore,is an indication of the prior under-utilization of oureconomic resources and not a sign of failure in ourwar-production effort. It is important to recognizethat by the time the fourth quarter of 1942 was reachedthe relatively high flow of goods to consumers was notin itself imposing restrictions on the output of warmaterials. Continued criticism of either business or

2 It may be mentioned, on the other hand, that, inasmuch as the concept of consum-ers' expenditures embraces only goods ordinarily associated with the market economy,it does not reflect the loss of the services of housewives involved in the increasedemployment of women in industry.



the war-production authorities on this score is quitegroundless. Materials and facilities readily convertibleto munitions production were no longer being used toproduce consumers' goods above the almost irreducibleminimum and the flow of such goods to consumers wascoming almost entirely out of irreplaceable businessinventories. This does not mean that substantialcurtailment of consumption is not in prospect in 1943.Such curtailment will result, however, from increasedconsumption goods and manpower requirements on themilitary front and from the manpower requirements ofthe munitions facilities constantly coming into pro-duction.The Real Source of War Output.

One may summarize the changes in the gross nationalproduct during 1942 by reference to chart 5 whichshows the real sources from which war production in1942 was derived relative to the situation a year earlier.It may be noted that the increase in war expendituresat constant prices over this period amounted to 32.7billion dollars. Of this increase 20.9 billions, or two-Chart 5.—Real Sources of Increase in War Expenditures, 1942

from 1941, in 1939 Dollars *91LLI0NS OF DOLLARS5 0

4 0 • -

20

10

c

INCREASEIN WAR

EXPENDITURES1342FROM1941-

t 32.7 BILLION

WAREXPENDITURES

1942-* 44.4 BILLION

!

INCREASE IN GROSSNATIONAL PRODUCT-

* 21.6 BULLION

DECREASE IN GOVERNMENTNONWAR EXPENDITURES-

$0.9 BILLION

DECREASE IN PRIVATEGROSS CAPITAL FORMATION-

*3.8 BILLION

DECREASE IN EXPENDITURES+. FOR CONSUMERS' GOODS

AND SERVICES-S0.4 BILLION

JWAR EXPENDITURES 1941-$ ! 1.7 BILLION

1 Duo to an error the increase in gross national product in the chart is overstatedby 0.7 billion dollars and the decrease in private gross capital formation is under-stated by the same amount.


thirds, was derived from the expansion of total outputwhile 11.8 billions, or one-third, was secured throughthe conversion of output from nonwar to war purposes.

While all types of nonwar output participated inthis conversion, the bulk of the transfer was in thearea of private-capital formation. The adaptability ofthe capital goods industries to war production and theavailability of large inventories at the beginning ofthe year explain this situation. It is not, of course,a situation peculiar to the United States. All belliger-ent countries are foregoing private capital replacementand expansion and drawing heavily upon accumulatedstocks of goods. What is peculiar to this country ascompared with the other major belligerents, is the

moderate decline thus far in consumers' goods. Com-parative lack of manpower stringency and relativelysmaller import requirements explain this favorablesituation.National Income.

The changes in the gross national product that havebeen reviewed naturally involve equally marked changesin the national income generated in the course of thisproduction. These changes resulted not only in arecord total but also in shifts in the relative importanceof the income shares as well as the industrial source ofthe income.

In 1942, the national income, representing the sumof the earnings of the labor and capital resources em-ployed in the productive process, reached the unprec-edented total of 119.8 billion dollars. This exceededthe previous all-time high of the preceding year by 25percent and the 1939 total of 70.8 billions by 69 percent.The 1929 aggregate of 83.3 billions, the peacetime peak,w as less than 70 percent of the 1942 national income.

While income originating in each industry group in-creased in absolute terms between 1941 and 1942, thelargest relative increases occurred in those industrygroups that have felt the direct impact of wartimedemands. The importance of each industry in the in-come total for recent years is set forth in table 4.Especially noteworthy are the relative increases in agri-culture, manufactures, and contract construction ini-tiated in 1941 and continued in the succeeding year.Thus, the income derived from agriculture accountedfor 9.2 percent of the total in 1942 compared writh 7.7

Table 4.—Percent Distribution of National Income by In-dustrial Divisions, 1939-42

Industrial division 1939

Total national income I 100.0

AgricultureMining, total . .

AnthraciteBituminousMetalNonmetalOil and pas

Manufacturing:, totalFood and tobaccoPaper, printing and publishing -._..Textiles and leatherConstruction materials and furnitureChemicals and petroleum refiningMachinery, transportation equipment, and

other metal productsMiscellaneous and rubber..

Contract constructionTransportation, total

Steam railroads, Pullman and express..Water transportationStreet railways... |Motor transportation, public warehouses, and

other transportationP o we r and g asCommunicationTrade, total

Retail....Wholesale

Finance, totalB ankingInsuranceSecurity brokerage and real estate

Government, totalFederal iState, county, local, and public education...

ServiceMiscellaneous

7.42,0

.2

.7

.3

.2

.624.0

3.32.4

2.22.1

1940

100.0

8.91.22.77.04.0.7.5

1.82.01.3

15.510.15.49.61.41.76.5

14.17.36.89.84.6

(3.82.3.2.8.4. 2'.7

26.03.22.43.72.32.3

10.91.22.77.04.0

'.5

1.82.01.2

15.710.15.69.01.41.56.1

13.36.96.49.64.4

1941

100. 0

7.72.2

.2

.8

.4

.2

.628.92.92.34.02.52.4

13.51.33.66.84.0

[4

1.71.91.1

15.19.75.48.01.51.25.3

12.06.75.38.44.3

1942

100.0

9.22.0. 1.8.3.2.6

30.62.71.93.62.22.3

10.61.34.16.74.1

.6

.4

1.01.4.9

13.18.44.77.01.31.14.6

13.79.44.37.63.7

1 Includes work-relief wages shown separately in table 15: excludes subsistence tomembers of the armed forces.Digitized for FRASER



in the preceding year and 7.4 in 1939. The share ofmanufacturing in the total increased from 24 percentin 1939 to 28.9 and 30.6 in 1941 and 1942, respectively,while in contract construction the comparable figuresare 2.7, 2.7, and 4.1 percent.

Within the manufactures group, however, the shiftswere far from uniform. Indeed, the single large gainwas in the metals and metal products industries whichconstituted 16.6 percent of the national total in 1942but only 8.9 percent in 1939. The chemical productsand petroleum refining group was up slightly from 1939and construction materials and furniture had the samerelative position, though both of these groups declinedbetween 1941 and 1942. All the other subgroups ofmanufactures declined in relative importance between1939 and 1942. This is only another way of emphasiz-ing the extent to which the expansion of output asso-ciated with the war has been a durable-goods expansion.

Other relative declines occurred, not unexpectedly,in the distribution and service industries, more notablyin finance and services proper. In the mining industriesthe share of the total was comparatively stable whilethe income attributable to governmental services, in-cluding the armed forces, was 13.7 percent of the nation-al aggregate in 1942 compared with 12.0 in 1941 and14.1 in 1939. The relative decline from the pre-warlevel is explained by the sharp curtailment in work re-lief. It is somewhat surprising that in the face of theincrease in the armed forces and in Governmentarsenals and navy yards, income originating in Govern-ment was a smaller proportion of national income in1942 than in 1939.Changes in Distributive Shares.

The changes in types of income have been equallystriking. The largest percentage increase between 1941and 1942 accrued to farm proprietors. Their net in-come in the latter year is estimated at 9.7 billion dollars,a gain of 55.5 percent over their net income of 1941and a more-than-doubling of that of 1939. This is thefirst year since the post-war inflation of 1919 that thenet income of farm operators has exceeded 9 billiondollars.

Although farm production increased almost 13 per-cent between 1941 and 1942, the 28. 7 percent increasein prices received by farmers was the much more im-portant factor accounting for the very sharp gain innet income of farm operators. On the other hand,total production expenses rose only by 18 percent.Income from marketings of every commodity increasedat least 20 percent; the largest increases were in thereturns from oil-bearing crops, meat animals, vegetables,poultry and eggs.3

The expansion in the net income of other proprietors,largely restricted to the distributive trades and services,was much smaller. Their estimated net income of 10. 4

3 The figures on production and prices received by farmers adapted from The FarmIncome Situation, January 1943, p. 10, Bureau of Agricultural Economics, II. S. De-partment of Agriculture.

billion dollars in 1942 was 12.0 percent above the pre-ceding year's total. The relatively moderate rise in1942 is explained largely by the shortage of durableconsumers' goods which severely limited or lowered

Chart 6.—Percentage Change in National Income by Distrib-utive Shares, 1942 from 1941

DISTRIBUTIVE SHARE

TOTAL NATIONAL INCOME

NET INCOME OFFARM PROPRIETORS

COMPENSATION OFGOVERNMENT EMPLOYEES

(INCLUDING ARMED FORCES)

COMPENSATION OFPRIVATE EMPLOYEES

NET INCOME OFNONFARM PROPRIETORS

INTEREST, NET RENTS,AND ROYALTIES

CORPORATE PROFITSAFTER TAXES

CORPORATE PROFITSBEFORE TAXES V

PERCENTAGE CHANGE0 +20 +40

1 Corporate taxes are not a part of the national income.


the earnings of the distributors of these goods. The1942 aggregate, however, was some 50 percent higherthan the 1939 total of 6.9 billion dollars.

Wages and Salaries.

There was also a marked expansion in the total salaryand wage component of the national income. Thesepayments amounted to 80. 3 billion dollars in 1942, again of 32 percent over the 60. 9 billions paid out in 1941and an increase of more than 80 percent over the 1939total. These salary and wage totals include the pay ofthe armed forces. Since for many problems it is es-sential to consider only the earnings of the factors ofproduction originating in private business, wages andsalaries in Government and private enterprise are shownseparately in table 15. Wage and salary paymentsmade by privately owned enterprises increased by 27percent between 1941 and 1942. This sizable increasefollowed a nearly equal gain of over 25 percent from 1940to 1941.

Wage and salary totals increased during the firstyear of war in every minor industry group, although theincrease was less than 2 percent in the production ofcrude oil and natural gas and in the production anddistribution of electric light and power and of manu-factured gas. Indeed, larger-than-average increasesoccurred only in contract construction and in the manu-facture of chemicals and allied products, iron and steelproducts, electrical and other machinery, transportationequipment, automobiles, and nonferrous metal prod-ucts.Digitized for FRASER


March 1943 SURVEY OF CURRENT BUSINESS 1"

The phenomenal increase in the wage and salary totalsince 1939, even for private industry alone, is the resultof many factors which are difficult to disentangle statis-tically. The rise in the number employed and thelengthening of the average work week have, of course,been basic factors. From 1939 to 1942 the number ofemployees in private nonagricultural industry rose by23 percent while, inclusive of government, the numberof wage and salary workers increased almost 37 percent.The average hours worked per week in manufacturingindustries increased from 37.7 to 42.9 hours over thesame period. While the work week has no doubt risenless for private industry as a whole, increased hours perman has nonetheless been an important factor in ex-panding the total wage bill.

Another significant factor has been the relative shiftin the composition of the working force in private in-dustry toward the higher paid industries. For example,workers in construction and durable manufacturesconstituted 22 percent of private nonagricultural em-ployees in 1939 and 31 percent in 1942. The influenceof this shift on total wages and salaries is augmentedby the fact that the work week has risen more in thesesame higher-paid industries and by the fact that theoccupational shifts within industries have also beenfrom lower to higher paid jobs. In addition, there hasoccurred a large rise in basic wage rates that has been

Table 5.—Annual Aveiage Salary-Wage Per Employee inNonagricultural Industries, 1939-42

(Dollars)

Industrial division

Total, all nonagricultural industries.-.Total, excluding government

Mining, total.AnthraciteBituminousMetalNonmetalOil and gas --

Manufacturing, totalFood and tobaccoPaper, printing and publishingTextiles and leatherConstruction materials and furni-

tureChemicals and petroleum refining.Machinery, transportation equip-

ment, and other metal products..Miscellaneous and rubber

Contract constructionTransportation, total

Steam railroads, Pullman, and ex-press

Water transportationStreet railwaysMotor transportation, public ware-

houses, and other transportation.Power and gasCommunicationTrade, total

RetailWholesale

Finance, totalBankingInsuranceSecurity brokerage and real estate-

Government, totalFederal1

State, county, local, and publiceducation

Service - -Miscellaneous

1939

1,2841,268

1,3941,3481,2291,4761,3821,7141,3091,2871,637943

1,0511,606

1,5511,3751,1401,654

1,8761,7701,733

1,2171,7661,5631,2201,0801, 6131, 5811, 8671,7011,2841,3931,603

1,308925

1,293

1940

1,3351,327

1,4541,2531,2971,5861,5311,7931,4261,3431,705995

1,1461,814

1,6981,4921,1861,674

1,9081,7021,760

1,2501,7941,5771,2421,0921,6771,5951,8761, 7151,3091,3861,534

1, 313958

1,322

1941

1,4531,485

1,6661,4241, 5821, 7751,7341,8611,6591.4361,8461,158

1,2861,997

2,0211.6991, 3461,779

2,0391,8101,846

1,3161,8961,5981,3331,1551, 8581,6401,8911, 7751,3461,2811,252

1,3081,0431,473

1942

1,6601,733

1,8201, 6421,7082, 0151,9711, 9952,0431,6162,0291,317

1,4422,256

2, 5532,0801,5612,043

2,2902,3622,078

1,4762,0631,6711,4351,2481,9831, 7552,0641,9411,3681,3811,390

1,3641,1601,668

Percentincrease1939-42

2937

31223937431656262440

3740

65513724

223320

21177181623111014

-1-13

42529

1 Excludes subsistence to members of the armed forces and work-relief wages.513019—43 3

of considerable importance in increasing the total wagebill as well as an increase in the total amount paid inpremium-rate overtime work. The data on averagehourly earnings reflect not only both these factors butalso shifts in occupational classifications. The increasethey show is so large, however, as to leave no questionof sizable wage-rate increases. In durable manufac-tures, for example, average hourly earnings advancedfrom 69.8 in 1939 to 94.7 cents in 1942, while in non-durables the corresponding figures were 58.2 and 72.3.

The influence of these factors upon average annualearnings per employee is shown in table 5. In almostall industries the increase between 1939 and 1942 wasvery large, the average for all nonagricultural privateindustry having been 37 percent. The few instancesof relatively small increases reflect mainly the littlechange in the length of the average work week in thoseindustries. In the case of the Federal Government/the decline in average annual salary wage was due to theincrease of the armed forces at rates of cash pay con-siderably below^ the average for government.

Corporate Profits,The data on corporate profits for 1942 are still very

incomplete so soon after the end of the year so that-only approximate estimates of corporate income canbe made at this time. When the bulk of corporationreports for 1942 have been issued, a more completeanalysis of last year's profits will appear in the Surveyof Current Business. With the data now available itappears that corporate profits after taxes were approxi-mately the same in 1942 as in 1941 when the total was7,668 million dollars. This level represents a rise ofmore than 80 percent from 1939. A moderate declinein the profits of manufacturing industries was offset bythe quite sizable increase in the earnings of transporta-tion companies. Changes among the other industries,while often sizable percentage-wise, did not bulk largein absolute terms. The failure of profits after taxesto rise with the substantial increase in output during1942 was due, of course, primarily to the substantialincrease in income and excess profits tax liabilities.While data on profits before taxes are also very in-complete at this time, present indications are that theyrose from 14.6 billion dollars in 1941 to 19.7 billionsin 1942.

That part of corporate profit disbursed to individ-uals in the form of dividend payments is not subjectto the same limitations of statistical data. Thesepayments are estimated at almost 4.0 billion dollars in1942, or 10 percent below the 1941 total and only 4percent above the 1939 level. Of course, the stabiliza-tion of dividends over the business cycle is a corporatepolicy of long standing. However, the increasedneeds of business for working capital and a policy ofbuilding up reserves for post-war adjustments and con-versions were probably additional factors in the moder-



ate rise of dividends since 1939. This small increasein dividends as against the substantial rise of net-profits has raised corporate savings to a relativelylarge figure.

Other types of return to capital arc in the form ofinterest payments and rents and royalties. Theformer payments, very stable in recent years, areestimated at 5.4 billion dollars in 1942, an increase of2.4 percent over the preceding year and only a 5,8-percent gain over the 1939 total. The rise in interestpayments, made by the Federal Government morethan offset the decline by private enterprises resulting jfrom refunding operations. Rents and royalties, onthe other hand, increased by 1G percent between1941 and 1942 and 34 percent between 1939 and 1942.

With the drastic increase in income and excessprofits tax liabilities of corporations in recent years,it is necessary to point out tJiat the distributive sharesexcluding this item no longer adequately reveal whatis generally called the factor costs of current output.For the study of either total or percentage composi-tion of factor costs, therefore, one should use corporateprofits before taxes on income rather than net profitafter taxes. Moreover, as mentioned earlier, incomeoriginating in government should be eliminated inassessing the relative changes among the factor costsof private enterprise output. The data in the tablesare given in sufficient detail to allow statistical adjust-ment to concepts appropriate for uroblcms of this sort.

Rise of Individual Savings.The comb illation of a substantial increase in the

flow of income and a moderate increase in the dollarexpenditures of consumers produced a spectacularrise in individual savings in 1942. As may be seenin table 12, income payments to individuals rose from92.2 billion dollars in 1941 to 115.5 billions in 1942.Since there was only a relatively small increase in theabsolute amount of tax payments out of individualincomes, the sum left to consumers for spending andsaving was also materially enlarged. Inasmuch assupplies of goods were being restricted and priceswere being controlled, the major part of this increase indisposable income of individuals took the form ofincreased savings. Savings of individuals rose from13.7 billion dollars in 1941 to 26.9 billions in 1942; bythe fourth quarter of that year the annual rate ofsavings was 35.2 billion dollars.4

This vast growth of individual savings has some-times been interpreted as minimizing the inflationarydanger and as diminishing the need for anti-inflationarypolicies. No interpretation could be more unfortunatethan this.

In the first place, it is not sufficiently realized thatthe savings figure which is reflected in the statistics isthe actual amount which individuals have saved duringa given period, rather than the amount they intendedto save. This distinction is of crucial importance.

Chart 7.—Disposition of Income Payments to Individuals(Seasonally Adjusted Annual Rates)]

BILLIONS OF DOLLARS150

100 —

• Attention should be called to the direct estimates of saving published quarterlyby the Securities and Exchange Commission. They contain valuable material onthe detailed components of saving. Considering the completely different and inde-pendent approaches used, the Commerce and SEC estimates agree surprisinglywell. After allowing for conceptual differences, the SEC estimates are slightly lessthan the Commerce figures of 7.5 and 13.7 billion for 1940 and 1941, but almost 3billion dollars higher than the Commerce figure of 26.9 billion for 1942.

25


Ill periods of rising prices and incomes, individualswith incomes that are not contractually fixed find atthe end of each period that their actual income has

! exceeded their expected income and that they havedone some unintended saving because their consump-tion during the period was based on an expected incomethat was lower than the actual income they earned.

The savings figure which is registered by the statisticsincludes, therefore, an unknown amount of uninten-tional saving which is merely due to the fact that aninflationary process was in progress that raised incomesabove their expected levels. Should the inflationaryprocess stop, the savings of the next period would, inthe absence of direct controls, fall below the levelsattained during the period of inflation. In analyzingthe inflationary gap, therefore, it is inappropriate torely upon the current volume of saving as an offsetagainst inflation.

Another part of saving is contingent upon the fur-ther intensification of anti-inflationary policies. Apart of increased savings in 1942 no doubt reflects theexcess of individual income-tax accruals for 1942 overcollections of these taxes. Under present income-taxlaws the income-tax liabilities of a given calendar yearare collected during the next year so that in years ofrising incomes and increasing tax rates there is a sub-stantial excess of income-tax liabilities over collections.It is not known to what precise extent individuals setaside tax reserves on an accrual basis. But, with theincrease of income-tax liabilities due only to the increaseof rates imposed by the Revenue Act of 1942 amountingto at least 3 billion dollars, it is reasonable to supposethat some provision for payment was being made.Digitized for FRASER


March 1&43 SURVEY OF CURRENT BUSINESS 19

Continuance of such saving is contingent upon furtherincreases in tax rates.

The case of reductions of consumer debt that werethe result of restrictions on instalment buying is similar.Retirement of consumer debt—exclusive of lines suchas automobiles and other durable goods in which merenonavailability of goods led to a reduction—was quitelarge in 1942. The maintenance of such savings, too,is contingent upon the further intensification ratherthan the mere continuation of the anti-inflationarypolicies that gave rise to them.

Above all. it must be recognized that a substantialpart of the increased savings in no sense represented areally voluntary allocation of income by the consumer.It arose, rather, because the imposition of price controland rationing effectively restricted the amount whichthe consumer was required to spend for the goodsavailable. Since supplies of nondurables are becominggenerally restricted, and since all experience points tothe fact that, in the absence of controls, saving is afunction of nondurable consumption in real terms ratherthan in money terms, the maintenance of this t}rpe ofsaving becomes increasingly dependent upon the con-tinuation of successful and comprehensive price controland rationing. The point is merely that one does notsave easily when his basic appetites are less than nor-mally satisfied. A high level of consumers7 savingsrelative to income should thus be seen as a consequenceof anti-inflationary policies rather than as a factorallowing a relaxation of those policies.

Monetary Sources of War Finance.

Although Federal Government revenues rose sub-stantially in 1942, they were so far outpaced by expen-ditures that the largest deficit in our history was re-corded. The monetary sources from which this deficitwas directly or indirectly financed are shown in table 6.In 1941 the total savings absorbed by the Federal Gov-ernment was still less than the net savings of individualsalone. In 1942, however, individuals7 savings wereinsufficient to meet the Government's requirements sothat other components of the gross-savings flow weredrawn upon.

The decrease in private-capital outlays was, ofcourse, the main factor in increasing the gross flowof non-individual savings available to government.In addition, however, gross corporate savings, Stateand local government surplus, and social insurancereserves all increased. It must not be assumed thatthe increase in the gross-savings flow constitutes anon-inflationary source of financing the deficit. Asmentioned in connection with individuals' savings, theincrease in the gross-savings flow itself reflects in partthe inflationary movement in progress.

Table 6.—Absorption of Gross Savings by Federal Govern-ment, 1939-42l


Lin

e

1•734

5

67

8

910

Item

Net savings of individualsNet corporate savings- -Net business tax accrualsDepreciation a n d d e p l e t i o n

chargesCapital outlays charged to cur-

rent expense ._ _.. __ . .Other business reservesInventory revaluation adjust-

ment . . . _Adjustment for discrepancies

Gross private savingsLess: Private gross capital

formation

1939

6,0.43

6.2

.8

0

14.1

10.9

1940

7.51.81.3

6.4

.9

. :- . 9

17.4

14.7

1941

13.73.34.6

6.9

1.51.0

- 3 . 2- . 8

26. 8

19.0

1942

26.93.65.3

7.8

1.51.0

- 1 . 9- . 9

43.5

8.0

able to government.State and local budget surplusSocial insurance fund savings.

Total gross savings avail-able to Federal Govern- jment |

Net budget deficitNet expenditures in checking ac-

counts of government corpora-tions, etc.

3.2- . 31.0

2.7. 4.9

4.0

7.81.01.6

4.0

- . 817 Increase in general fund balance. _ —.6

3.8

- . 2

Increase in public debtLess: Increase in general fund

balanceEess: Other increase in public

debt not requiring savingIncrease in public debt notf

requiring savingTotal gross savings ab-

sorbed by Federal Gov-ernment

2. 5 | 3.1

- . 6 | - . 5

- . 8 j - . 4

- 1 . 4 | - . 9

3.9 4.0

10.2

1.11.6

1.6

35. i1.62.2

10.4

12.9

2.5

10.4

39. 6

3.67.0

50.2

7.0

4.0

11.0

39.3

i Detail will not necessarily add to totals because of rounding.

Notes to Tables

The following notes to the gross national product and expenditure tables representpartly a consolidation of those accompanying the articles appearing in the Survey ofCurrent Business, May and August 1942. They also cover the revisions that have beenmade in the various series, as well as the new statistical material that has been added.It should be emphasized that the estimates as a whole are preliminary since not allthe components have as yet been calculated in a definitive manner. They are de-signed to show the changes being wrought by the war, not the precise level of eachcomponent. Moreover, in order to issue them early enough to be of use in the analy-sis of current problems, the estimates must be prepared before complete source ma-terial on the most recent years becomes available. Revisions for these years are,therefore, inevitable. Finally, in estimates embracing the entire economy andprepared almost entirely from existing statistical data collected for other purposes,it is to be expected that the primary statistical sources for estimating some of the de-tails are far from adequate.

TABLE 1

War Expenditures.—Deflated by a price index prepared by the Munitions Branchof the Division of Research, War Production Board. The index was obtained bydeflating a detailed break-down of war output, including munitions and non-muni-tions,"by appropriate wholesale-price indexes. It was assumed that price changeswithin the category of munitions were self-cancelling and the index for munitionswas accordingly held constant at 100. \ While this assumption was supported bybest available evidence, it is subject to revision in the light of further work on thesubject.

Federal Nonwar Expenditures.—Components of non-war expenditures not deflatedinclude pay rolls, work-relief wages, interest, and agricultural benefits. Nonwarconstruction was deflated by an appropriate construction-cost index and the re-mainder by the Bureau of Labor Statistics' wholesale price index of commoditiesother than farm products and foods. The book-value change in the inventories ofthe Commodity Credit Corporation was deflated by dividing by a price index con-structed from the relation of book value to value in 1939 prices of most of the com-modities held by the Corporation.

State and Local Expenditu res .—Interest and pay roll components were not deflated.Construction and the remainder were deflated in the same way as were the corre-sponding components of Federal nonwar expenditures.



Table 7.—Gross National Product or Expenditure, Quarterly, 1939-42: Seasonally Adjusted Annual Rates l


Item

Gross national product or expenditureGovernment expenditures

Federal GovernmentWarNonwar

State and local governmentOutput available for private use

Private gross capital formationConstruction . . .Producers' durable equipment-- .Net change in business inven-

toriesNet exports of goods and servicesNet exports and monetary use of

gold and silver" Consumers' goods and services* Durable goods

Nondurable goods*?2T Services

1939

85.715.57.21.26.18.3

70.29.83.55.0

.4.7

.260.46.1

31.922.4

II

86.616.48.31.37.08.1

70.39.23.65.2

- . 4.6

.361.06.2

32.322.5

III

88.616.18.01.46.68.1

72.510.53.75.4

.7

()G2.06.4

32.822.8

I V

1940

93.516.08.01.56.58.0

77.414.23.86.3

2.81.1

63.26.8

33.423.0

I

94.815.6

7.71.76.07.9

79.214.6

4.06.5

2.31 7

I I

93.916.08.22.06.27.9

77.812.84.26.5

. 21.5

III

. 2 I64.67.1

33.823.7

,465.07.2

34.123.7

96.616.28.32.55.87.9

80.414.54.46.8

1.91.2

.165.97.4

34.623.9

1941

109.420.913.17.65.57.8

88.417.45.19.1

2.21.0

()71.09.1

37.024.8

116.023.415.610.05.67.8

92.618.95.49.6

3.1.7

.173.79.7

38.925.2

III

122.626.218.313.64.77.8

96.519.25.68.1

3.81.2

.577.39.5

42.325.5

IV

128.832.124.218.85.47.8

96.720.35.59.0

4.9

.176.48.1

42.126.2

1942

134.339.832.127.74.47.7

94.414.24.27.1

2.0

.280.37.1

46.526.7

II

145.855.548.041.56.57.5

90.310.83.45.9

.179.55.9

46.127.5

III

157.569.061.757.14.67.3

88.55.82.44.3

- 1 . 6

.182.76.3

48.627.8

IV

168.882.375.270.15.07.2

86.41.32.03.1

- 3 . 6- . 3

85.16.4

50.728.1

1 Detail will not necessarily add to totals because of rounding.2 Less than $50,000,000.

Table 8.—National Income by Distributive Shares, Quarterly, 1939-42: Seasonally Adjusted Annual Rates !


| L

ine

f

1

5V"45678

Item

Total national incomeTotal compensation of employees

Salaries and wages ._ ._Supplements

Net income of proprietors . _Agricultural _Nonagricultural

Interest and net rents .Net corporate profits

1939

I

68.246.942.94.0

10.64.26.47.43.3

I I

69.047.143.2

3.910.84.16.77.33.8

I I I

71.248.044.33.7

11.24.37.07.34.6

IV

74.650.046.4

3.612.04.67.47.55.2

1940

I

75.150.446.7

3.711.94.57.57.55.3

II

76.251.147.53.6

12.04.37.77.55.7

III

78.052.849.03.7

12.04.17.97.45.8

IV

81.854.951.33.7

12.84.68.27.56.6

1941

I

85.257.453.63.7

13.45.08.57.66.7

II

93.162.558.73.8

15.06.09.07.97.7

III

99.567.263.63.6

16.36.89.58.08.0

IV

104.671.167.53.6

17.27.2

10.08.18.2

1942

I

109.075.171.63.5

18.48.3

10.18.37.1

II

115.480.577.03.4

19.28.9

10.38.37.4

III

122.486.082.83.3

20.19.8

10 48.57.8

IV

132.393.089.73.3

22.511.810.78.78.1


Table 9.—Disposition of Income Payments, Quarterly, 1939-42: Seasonally Adjusted Annual Rates *[Billions of dollars]

Lin

e

122

567

Item

Income payments to individualsLess: Personal taxes and nontax payments-.

Federal - __ - -State and local

Equals: Disposable income of individuals...Less* Consumer expenditures - -Equals' Net savings of individuals

I

68.3.1.1

65.60.

5.

813q743

II

69.3.11

66.61.5.

1939

413q202

III

71.13.11.31.9

68.062.06.0

IV

73.3.11

70.63.7.

8139725

I

74.23.31.41.9

70.964.66.3

1940

II

75.23.31.41.9

71.865.06.9

III

76.83.31.41 9

73.565.97.6

IV

79.63.31.41.9

76. 367.29.1

I

82.84.02.01.9

78.971.07.8

1941

II

89.74.02.01.9

85.773.712.1

III

95.84.02.01,9

91.877.314.6

IV

100.44.02.01.9

96.476.420.1

1942

I

105.76.64.72.0

99.180.318.8

II

111.56.64.72.0

104.879.525.3

III

117.76.64.72.0

111.182.728.4

IV

126.96.64.72.0

120.385.135.2


Private Construction.--Major components of private construction were deflatedseparately by appropriate construction-cost indexes.

JFProducers' Durable Equipment.—-Deflated by an index of capital equipment, pro-cessed, compiled by the National Bureau of Economic Research.

Net Change in Business Inventories.—-Business inventories are deflated as one stepin obtaining the value of the physical quantity change in terms of current prices.

Net Exports of Goods and Services.—Not deflated.

Net Exports and Monetary Use of Gold and Silver.—Not deflated.

Consumers' Goods and Services.—Price indexes were computed for the eight commod-ity groups shown in table 2 and each group deflated separately. Services were de-flated by the service breakdown of the cost-of-living index of the Bureau of LaborStatistics. Examination of the weights of the component price series of this indexindicates reasonable agreement with relative expenditures on corresponding groupsof services in 1939.

TABLE 6

Line /.—Table 12, line 11.Line 2 —Table 11, line 11.Line 8.—Table B, line 17 plus line 38.

Line *.—Table 13, line 3.Line 5.—Table 13, line 5.Line 6.—Table 13, line 4.Line 7.—Table 13, line 6.Line $.—-Table 13, line 7.Line 9.—Sum of lines 1 through 8.Line JO.—Table 10, line 8.Line 11.—Line 9 minus line 10.Line 12 — Table B, line 36 minus table A, line 23.Line IS.—Table B, line 46 plus line 47 plus line 12, plus table A, line 19 minus line 20,

minus table A, line 27 plus line 28.Line H —Sum of lines 11 through 13.Lines 15 to 18.—Treasury Bulletin.Line 19.—Line 17.Line 20— Line 16 minus table A, line 12 plus line 21, plus table A, line 13 plus line 16

plus line 17, minus table B, line 16. In 1942 these adjustments have to be reduced by96 million dollars, the Government contribution to the allowances for soldiers' de-pendents. These allowances are deducted in deriving government expenditures forgoods and services (table A, line 13), but are included in transfer payments (tableA, line 26).

Line 21 — Line 19 plus line 20.Line 22.—Line 18 minus line 21.



Table 10.—Gross National Product or Expenditure, Quarterly, 1939-42 1

[Biilions of dollars]

Lin

e I

I

1

2

3456

7

8

9101112

13

14

15

16

171819

Item

Gross national product or ex-penditure

Government expenditures forgoods and services..

Federal GovernmentWarNonwar..

State and local govern-ment ._.

Output available for privateuse _ . . . .

Private gross capital for-mation

ConstructionResidentialOther

Producers' durableequipment

Net change in businessinventories

Net exports of goodsand services. .

Net exports and mone-tary use of gold andsilver

Consumers' goods andservices-

Durable goodsNondurable goodsServices

1939

I

20.5

4.01.8.3

1.5

2.2

16.5

2.3.7.4.3

1.3

.1

. 2

14.21.37.35.6

II

21.9

4.22.1.3

1.7

2.1

17.7

2.3.9.5.4

1.3

—. 1

.2

.1

15.41.78.15.6

III

21.8

3.82.0.4

1.7

1.8

18.0

2.81.1.6.5

1.3

.2

. 2

15.21.58.05.7

IV

24.5

4.12.0.4

1.6

2.1

20.4

3.61.0.5.4

1.6

7

.3

.1

16.92.09.25.7

Total

88.6

16.07.91.46.5

8.1

72.6

10.93.62.01.6

5.5

.9

.8

.2

61.76.4

32.622.7

1940

I

22.7

3.91.9.4

1.5

2.0

18.8

3.5.8.4.4

1.6

.6

.4

15.31.57.96.0

II

23.6

4.12.0.5

1.5

2.1

19.5

3.21.1.6.5

1.6

(2)

.4

.1

16.22.08.45.9

III

23.6

3.82.1.6

1.4

1.7

19.8

3.81.3.7.6

1.7

.5

.3

16.11.78.46.0

IV

27.1

4.82.81.21.6

2.1

22.3

4.21.2.7.5

1.9

.7

.3

.1

18.02.39.76.0

Total

97.0

16.78.82.76.1

7.9

80.4

14.74.32.42.0

6.9

1.8

1.4

.3

65.77.4

34.423.9

1941

I

26.0

5.33.31.91.4

2.0

20.7

4.11.0.5.5

2.3

.6

.2

16.61.98.56.2

II

29.3

6.03.92.51.4

2.1

23.3

4.71.4. 7.6

2.4

.8

.2

18.62.69.76.3

III

30.2

6.34.63.41.2

1.7

23.9

5.01.6.9.7

2.0

1.0

.3

.1

18.92.2

10.36.4

IV

33.7

8.16.14.71.3

2,1

25.6

5.11.4.7. 7

2.3

1 2

. 2

20.52.3

11.66.5

Total

119.2

25.717.812.55.3

7.8

93.5

19.05.42.92.5

8.9

3 5

.9

.2

74.69.1

40.125.4

1942

I

32.2

10.08.06.91.1

2 0

22.2

3.4.9.5.4

1.8

.5

.1

.1

18.81.4

10.76.7

II

36.5

14.012.010.41.6

2.0

22.5

2.7.9.5.4

1.5

.2

.1

19.81.5

11.46.9

III

38.8

17.015.414.31 2

1.6

21.8

1.6

'.'iA

1.1

_ 4

.1

20.31.5

11.96.9

I V

44.0

20.718.817.5

1.3

1.9

23.3

.3

.5

.2

.3

.8

- 9

— 1

23.02.0

14.07.0

Total

151.6

61.754.249.1

5.1

7.4

89.9

8.03.01.51.6

5.1

— 6

.4

.1

81.96.4

48.027.5


Table 11.—National Income by Distributive Shares, Quarterly, 1939-42 *[Billions of dollars]

Lin

e

12

345r,7

1011

Item

Total national incomeTotal compensation of em-

ployeesSalaries and wagesSupplements ._.

Net income of proprietorsAgriculturalNonagricultural.

Interest and net rentsNet corporate profit

Dividends _Savings

I

16.6

11.610.6LO2.5.9

1.61.8.7. 8

i

II

17.2

11.910.91.02.6

91.71.9

8.8

1939

III

17.6

11.810.9

.92.91.11.71.81.1.8. 3

IV

19.4

12.811.9

.93.21 31.81.91.61.4

9

Total

70.8

48.144.23.8

11.24 36.97.44 23.8

.4

I

18.3

12.411.5

.92.91 01.91.81.2.93

II

18.8

12.811.9

.92.8.9

1.91.91.3.94

1940

I I I

19.3

13.012.1

.93.11.12.01.81.4.9. 5

IV

21.4

14.113.2

.93.41.42.01.91.91.4. 5

Total

77.8

52.448.73.7

12.24.47.87.55.84.01.8

I

20.8

14.313.31.03.21 l2.11.81 6.9.6

II

23.0

15.714.71.03.41.22.32.11.91.0. 9

1941

III

24.7

16.615.7

.94.21.82.41.92.01.01.1

IV

27.1

18.017.1

.94.7

2.52.12.21.6

7

Total

95.6

64.660.93.7

15.56 29.37.97.74.43 3

I

26.3

18.417.5

.94.21 72.52.01.7.9.8

II

28.5

20.119.3

.94.41 82.62.21.8.9.9

1942

III

30 9

21.620.8

.85.32.72.62.02.0.9

1 0

IV

34 1

23.522.7

.86.23.52.72.32.21.2

9

Total

119 8

83.780.33.4

20.19.7

10.48.47.64.03 6


Table 12.—Disposition of National Income, Quarterly. 1939-42 1


Lin

e 1

1234

5

6

789

1011

Item

National incomeAdd: Transfer paymentsLess: Corporate savings

Contributions to social in-surance funds

Equals: Income payments to in-dividuals

Less: Personal taxes and nontaxpayments

FederalState and local . . .

Equals: Disposable income of in-dividuals

Less: Consumer expendituresEquals: Net savings of individ-

uals

1939

I

16.6.6

- . 1

.5

16.9

1.0.4. 5

15.914.2

1.7

I I

17.2.6

(2)

.5

17.3

.8

. 3

.5

16.515.4

1.1

III

17.6.6.3

.5

17.4

.5

. 3

.3

16.915.2

1.6

IV

19.4.6.2

.5

19.3

.8

. 2

.6

18.516.9

1.6

Total

70.82.4.4

2.0

70.8

3.11.31.9

67.761.7

6.0

1940

I

18.3.7.3

.5

18.1

1.1. 5. 5

17.015.3

1.7

I I

18.8.7.4

.5

18.6

.8

. 3

. 5

17.716.2

1.5

I I I

19.3.7.5

. 5

18.9

.5

.3

. 3

18.316.1

2.3

I V

21.4.6.5

.6

20.9

.9

.3

.6

20.118.0

2.0

Total

77.82.61.8

2.1

76.5

3.31.41.9

73.265.7

7.5

I

20.8

'.6

.6

20.2

1.4.8. 5

18.916.6

2.3

I I

23.0.6.9

.6

22.1

1.0. 5. 5

21.118.6

2.5

1941

I I I

24.7.6

1.1

.7

23.6

.7

.4

.3

22.918.9

4.0

I V

27.1.6

.7

.7

26.3

1.0.4.6

25.320.5

4.8

Total

95.62.53.3

2.6

92.2

4.02.01.9

88.274.6

13.7

1942

I

26.3.7.8

.8

25.4

2.52.0

. 5

22.918.8

4.0

II

28.5.6.9

.8

27.5

1.61.0

. 5

25.919.8

6.1

III

30.9.6

1.0

.8

29.7

1.21.0

.3

28.420.3

8.2

IV

34.1.6.9

.9

32.9

1.3. 7.6

31.623.0

8.6

Total

119.82.63.6

3.3

115.5

6.64.72.0

108.881.9

26.9

* Detail will not necessarily add to totals because of rounding.J Less than $50,000,000.



Table 13.-—Relation of Gross National Products to National Income, Quarterly, 1939-42 ]


t.9

23

4

6

I

! i

National income j 16. 6Business tax and nontax liabilities \ 2. 4Depreciation and depletion ;

charges . . _. - i 1.6Other business reserve^ | 2Capital outlays charged to current ]

expenses > . 2Inventory revaluation adjust- |

ment 1 (2)Adjustment for discrepancies j —.3Gross national product or ex- ;

penditure j 20.5

i i

1 6

1939

I I I

17.62. 7

1.6. 2 | .2

2 ' -9

21.9

— .1— 4

21.8

IV j Total

i19.4 ! 70.82.8 10.4

1.6 I 0.2.2 .8

.2 ' -7

- 3.5

24.5

— 40

88.6

I

IS. 32.8

1.6

.2

— 1

II

18.83.0

1.6

. 2

- . 2

23.6

1940

III

19.33.2

1.60

. 2

IV

21. 43.5

1.62

|

!Total: I

77.8 20.812.4 ; 4.0

6.4 1.7

II

23.04. 5

ft i 9 ! 9

.3 .9 | .3 | .4

— 2 1 — .4 ' — .5 ! — .7- . 8 | .2

23. 6 27.1

- . 9 - . 5

97.0 ; 26.0:

.2

29.3

1941

I I I

24.74.8

1.82

.4

q

- . 8

30.2

IV

27.15.0

1.83

33.7

j

Total I

95.618.3

6.91 0

1.5

- 3 . 2- 8

119.2

26.35.6

1.93

.3

- . 9- 1 . 3

32.2

II

28.55.9

1.9

1942

III

30.96.2

2,03 3

.4

.2

36.5

.4

— 1

38.8

IV

34. 1

2, 0.3

.4

.9

44.0

Total

119.824.2

7.81 0

1.5

151.6


Table 14.—National Income, by Industrial Divisions, 1929-42[Millions of dollars]

Industrial division

Total national income_

1929 1930

83, 326 68, 858

Agriculture 6, 772Mining, total 1,919

Anthracite 273Bituminous coal 656 jMetal 36G INonmetal I 207 |Oilandgas I 417 I

Manufacturing, total 1 20,897Food, beverages and tobacco 2,478 jPaper, printing and publishing 2,191Textiles and leather 3,187Construction materials and furniture - 2,169Chemicals and petroleum refining j 1,833Machinery, transportation equipment and !

other metal products i 8,169M iscellaneous and rubber I 870

Contract construction | 3, 547Transportation, total I 6,982

Steam railroads, Pullman and express \ 4,652Water transportation 470Street railways 661Motor transportation, public warehouses and

other transportation. 1,199Power and gas__- 1,427Communication J 1,046Trade, total I 11,878

Retail ! 7,731Wholesale 4,147

Finance, totalBankingInsuranceSecurity brokerage and real estate

Government, totalFederal1

State, county, local and public education 4,249Serviced .". j 8.315M iscellaneous 4,0(30

1931

54,479

5,1971,361

266526164164241

15. 4712. 2802,0262,1421,5191, 273

5,646 I585 j

2,616 I0,051 I3,871 |

416 i626

1932 1933 1934 1935 1930 1937

39,963 j 42,322 j 49,455

1,1381,3261,0139,7196, 4773, 242

I

10,1361,4541,267 !7,415 i6,407 i2,158

8, 6511,2241,1450, 2826, 5212.1404,38!7, 4613, 471

3,5698112133844910065

10.5441,8281, 6091,837868759

3, 225418

1, 7774, 9022, 975343509

1,0751,242909

7.7945.318 |,470 '

7, 025• 814 ;

1,037 I5,174 I6, 595 I2,214 |4,381 |6.340 I2,971 !

2,354539141247-1245118

6,2171,4191,1101,204346621

1, 290227854

3,6342. 086254128

8661,097726

5, 5523,8121, 740

2,9926051302734324135

8,4101,5801.166i; 869567753

3,4749901604269578231

10,8031.9331,3662,004785899

55, 719 64, 924 71, 5134, 9631,02513244913186227 j

12,790 !2,007 I1,4902,300 j997 I

1,021 !

2,128347541

3,6062,120

280371

3,

32

333483668798230304379

4

2

392583879084409362353

5, 300624955

3,7216, 5572, 2284.3294, 7302, 403

8351,027639

6, 3224,2532,0694, 768485905

3,3786, 6312, 6833, 9484, 5892,192

8851.128680

7, 4285, 0722, 3565,132563 i960

3.6097>>52 j3,720 i3.932 j5.183 I2.519 !

9601,1.53724

8,1535, 4662. 6875, 680711

1, 0263,943 I7,9803,905 i4.075 !5,5962, 692

5,3311, 398136531207134 !390

15, 6112,2491, 6762, 5421,3431,249

5.849' 7031,4474, 7672.835423397

1,1121, 244778

9, 4266. 2563,1700, 483830

1,0974, 5569,2914, 9974, 2946, 2542,894

1938

64, 200

1939 1940 1941 1942

6.1061,729128566339163533

IS, 0162.2841,8762,6101,5901,474

7,403779

1, 7935, 0802,986492382

1.2201, 405862

10,4396. 932 I3, 5076.897967

1.224 !4.706 !9,1144, 6234.4916. 9043,168

4,9731,218104467189117341

13,5702,1921,6192,1751,2441,145

4, 573622

3,7714. 3232, 458396331

1,1381,370865

9, 8236.4843, 3396, 691927 j

1,216 i4,548 j9,869 I5,143 14,726 j6,6573,070 I

70

51

16,2,1,2,1,

829

230418117503244138416965379729711531

77,809 I 95,618 119,791

1, 432

6,292841

1,9424,9502, 830479 I348

1,293 !1,459925

10,9567,1353,8216,796978

1,1934, 6259,9875,1694,8186, 9573,244

5,312 I1,762127615 I299 I158 i563 I

20,254 |2,484 |1,905 !2,849 i1,809 |1.802 j

8.453!'9522,138 !5,4123,096 I540 i379 !

1,397 i1, 587937

12, 2227,8784,3446, 9731,0941,1424,73710,3035,3674,9367.4493,460

7,3382,106152778358202016

27, 6222,8282 175?8022,3682,201

12, 8R&1,300 i3,466 ;6,492 !3.837 !

624 I379 !

1

780017434257177659377173109503433070019182

11,0442,448

180951382241694

36, 6673,1972, 2394, 2912,6282,794

19,9011,6174,8518,0494,912

759450

1.9281,6711,065

15,65910,063

5, 5968, 333I, 5281.2995, 506

16, 39111,2945,0979,1524,461

1 Includes work-relief wages shown separately in table 15; excludes subsistence to members of the armed forces.

Table 15—National Income by Distributive Shares, 1929-42[Millions of dollars]

Type of share

Total national income...

Total compensation of employeesTotal salaries and wages

Salaries and wages in private industrySalaries and wages in governmental

agencies*Total supplements to salaries and wages

Work-relief wages 2

Social Security contributions of employers3-Other labor income *

Xet income of incorporated businessDividendsB usiness savings

Net income of proprietors «AgricultureOther

InterestNet rents and royalties

Addendum: Net income of incorporated businessbefore Federal taxes

1929

83, 326

53,06652. 55647, 546

5,010510

8, 387

1930

68, 858

48,18047, 65042, 510

5,140530

5107,1945. 9441, 250

13, 6305,1748,4565,8673, 569

5301,7235,634

-3 ,91110,018

3, 7580,2606.0482, 889

•441

1931

54, 479

40, 60540, 02131,895

5,12558459

525-1,6144,280

-5,8947,2642,4164, 8485,9572,267

1932

39,963

502-3,6462,727

-6,3734, 8491,4883,3615,6281,471

j-1,221 -3,364I

1933

42, 322

29, 83128, 69824, 246

4,4521,133656

477-6252,193

-2, 8186, 5492, 2244,3255,1101, 457

-208

49, 455

34, 47532, 59627, 979

4,6171,8791,387

1935

55, 719

492549

2, 725-2, 1767,5262,6674, 8595,1761, 729

37. 50935, 61630, 590

5, 0261,8931,329

5641,6682,931

-1,2639, 4764,0885,3885,1061, 960

1,135 ! 2,403

1936

64,924 j 71,513

48, 26244, 98939. 267

43, 02439, 97034, 508

5,4623,0542,155303596

3, 7674,655-888

10, 8704,4016,4695,1302,133

4, 958

5, 7223,2731,6391,020614

3,9434, 745-80211,9195,0866, 8335,1462,243

5,219

1938

64, 200

45,10541,18135,183

5,9983,9242,0941,185645

1,6583,172

-1,51410,1224,0136,1095,0682,247

2, 518

1939

70, 829

48,07544, 23637, 990

6, 2463,8391,8701,286633

4,2283, 806

42211,1514,2916,8605.0852, 290

5, 400

1940

77,809

52, 35248,68641,915

6,7713,6661,5771,358

7315, 8444,0461,798

12,1604,3027, 7985,1292,324

S, 388

95, 618 119,791

04,56100,88252, 625

8, 2573,6791,2131,686

7807,6684,4033, 265

15,4986,2459,2535,2502,641

83, 66880, 29366, 757

13,5363,375

5862,039

7507, 6003,9533,647

20,0749,710

10, 3645, 3783,071

11,408 - 19,700

1 Excludes subsistence to members of the armed forces.2 Includes pay rolls and maintenance of Civilian Conservation Corps enrollees and payrolls of Civil Works Administration, Federal Emergency Relief Administration,

and the Federal Works Program projects plus administrative pay rolls outside of Washington, D. C , for all except the Federal Works Program, Area office employees andtheir pay rolls under the Federal Works Program are included with the regular Federal Government employment and pay-roll figures.

3 Includes contributions to Railroad Retirement and Railroad Unemployment Compensation Funds.* Employer contributions to pension funds under private plans and under systems for government employees, compensation for industrial injuries, etc.* Includes owners' remuneration for personal services and capital.Digitized for FRASER



Table 16.—National Income by Minor Industrial Divisions and Distributive Shares, 1929, 1932, and 1939-42[Millions of dollars]

\^SST\'^SS'Industry and year : Total -

| TotalSal a

only

jI Inter-

Net cst and! income net

" | of pro-1 rentsi I d"Divi-

Total , dends •\ only i

prie-tors

All industries: i \1929 I 83,326 153,006 I 52,55619321939..1940-.1941 .1942..

39,963 31, 60170,829 48,07577,809 152,35295,618 164,561

Agriculture:192919321939194019411942

Mining, total:192919321939 .....194019411942

Anthracite:1929193219391940 --1941.1942

Bituminous coal:192919321939 _'..194019411942

Metal:192919321939194019411942

N on metal:192919321939191019411942

Oil and gas:1929 .19321939194019411942

Manufacturing, total:1929 .19321939194019411942

Food, beverages and to-bacco:

192919321939194019411942

Taper, printing and pub-lishing:

192919321939194019411912

Textiles and leather:192919321939194019411942

Construction materialsand furniture:

192919321939194019411942

6,7722, 3545, 2305, 3127, 33811,044

1,019539

1, 4181, 7622,106

1,286 ;586 !740 |

896 I1,127 |

1,635 I730

1,245 I1,404 I1,694

31,02744, 23648, 68660, 88280, 293

1, 284584738751893

1,124

1,602709

1, 1781,3321, 609

7,194 !-3,646 !

4, 2285, 8447,6687, 600

5, 9442,7273, 8064,0464,4033,953

13, 6304, 84911,15112,16015, 49820,074

A^f LUVI •*• ? W S. I t j \J\J \J j X X*_*

2,448 1,981 1 1,886 | 126

20615

Ml31 I168 j

- 2 0 7 I46 !114145

273141 |117

263149 I

257116120

127 f122 ! 114152 j 140 ! 131180 167 | 156

2-18-18

656247 i503 !015

951

366-12244299358382

20745138158202241 j

417 I118416 I563616694

I20, 8976,21716, 965

652286508599754925

rm59160193240284

154 !69 !110129170 I211 !

350 !167 |339 I361390 j394

16, 3827,67313, 828

20,254 116,06627,622 122, 42436,667 j 31,876

2,4781,4192,3792,4842,8283,197

2,1911,1101,7291.9052,1752, 239

3,1871,2042, 7112, 8493,8024, 291

2, 169346

1, 5311,8092,3682,628

1,8441,202 •'1,754 i1,851 |2,111 !2,477 I

1, 7951,1701,4971.5821, 8061.952

2,9071,5342, 4702,5733,3813,893

1,941644

1,3221, 5051,9772,304

636275477564712876

21257152184229272

15168105124163203

346163324316374379

16, 2997, 59713,18915,37221, 50330, 706

1,8351,1911,6711,761 !2,009 12,367 :

1,792 i1,1671,4421,5261, 743

1,889 |j

2,902 I1,529 t2,3692,474 !3,253 !3,755 !

— 12-45-12

81315

146-747897109 i88

161720IS

-3-43

36581177240291270

166

5,1741, 4884, 2914,3626, 2459,710

i71 |

- 2 293 I

213 !236 '312

9151817

1951195111135126

582118192319

69365592111104

3,885 ! 2,743-1,612 | 1,119

2,588 j 1,8423,531 I 2.0264,454 I 2,1273.989 j 1,759

519154 !

503 |503 !570 j503 i

282- 9 6160230271179

170- 3 0 4

170193325293

1,925636 i

1,260 !

1,439 !1,891 |2, 209

159- 2 8 3

153227293195

402292371366384350

19080

12513314057

21674

109114120114

18142 !

131 !155 |163 ;134

-i66

2- 3 {

i!8 I

- 1 i

56

60- 1 5

87201221295

418- 3 8315423501

68 I298694 |

111123 !

ii

82 I5 I

46677284 |

99 !- 2 6 |

87 !97 I

49- 3 0

426384

116

and

9,436 jj7,099 I!7,375 ||7,453 |7,891 ||8,449 | j

292274184179176176

453834313129

810

666

159

109

212194234234243

473436363634

31 j262626 I24

110

201514141413

^Jsssr »SrIndus t ry and year

M a mif actur i ng— Con.Chemicals and petro-

leum refining:192919321939 .194019411942

Machinery, transporta-tion equipment,and other metalproducts:

1929193219391940..19411942

Miscellaneous and rub-ber:

19291932193919401941.1942.....

Contract construction:192919321939.194019411942

Transi ortation, total:19291932..193919401941 __..1942 .

Steam railroads. Pull-man and express:

19291932..19391940J941.1912

Water transportation:1929. . . . .1932...1939191019411942

Street rai lways:1929.19321939.1940.19411942

Motor transportation,public warehouses,and other transpor-tation:

1929193219391940..-19411942

Power and gas:1929193219391940 .1941 .1942

Communication:1929 . . ..19321939 , .194019411942 .....

Trade, total:192919321939 .194019411942.

Total •ri^™di Told i dead's i t r ' r

; Inter-Net j estand

. j income| net; of pro-1 rents

r.;,.; pric- and

1, 833621

1,4821,8022. 2612.794

1,000611970

1,187 !557

991599912

1,1191, 474

2, 204 I 2 098

8, 169 i 6, 151 |1,290 2,1586,292 5,142 |8,453 6,584 j12,888 110,51419,901 ; 17, 627 I

870227841952

1,3001

744354073784

1,078.,617 j 1,419

3, 547854

1,9422,1383,4664, 851

6,9823,6344,9505,4126, 4928, 049

4.6522,086 :,2,830 !3, 096 I3,837 !

4,912

470 I254 !479 |540 !624 I759 I

661 I428 |348 |379 I379 j450 !

2,995 !846 j

1.6331,7672, 908

742351634737

1,0161, 344

2,947806 |

1,5501,6742,753

4,181

4,8962.8813, 8374,0854, 6985. 743

3,961

4, 7922,7913,6203, 8384,4215, 419

3, 2991,7422,2332,3692,8003,497

419258430469512646

470316326330327390

1,199866

1,2931,3971,6521,928

1,4271,0971,4591,5871,7801,671

1,046726925937

1,017 I1, 065 i

708565848917

1,0591,210

665491709763822831

721550675691766848

11,8785,55210,9561

8,8015,631

-,-_ . 8,05912,222 | 8,69114,434 10,15615,659 11,086

3, 228 i1,686 I2,090 J2,207 i2,612 i3, 266 I

246 I416 !451 I494 I626 !

312312315312374

692547802865

1,0031,153

656483671723783792

534622637 j711792 !

8,784 I5,6137,772 !8,4079,83610,761 '

436535619509 !

6 1122, 1244,9010, 31610.11717,' 044

1,888-9051,1,22

031709190087

97-141135134186163

92-96143995120

1,168-94 !

351519911

1,357

843-166245386658

1, 045

41- 2 03556

100

10122

- 5 3-24-21- 1 2

183 I70 !124 I131 i177 |224 j

404 |159416 j489618 i526 !

I257108185178177149

607-768597767863837 '

, 149307 i679 I838 |880 I735

7073 :61 '

6019 :2923 |2829 !

349259282358365

1 roya' ties

4sG280342350367

•>l

1141821

-1450 i

108 i116 '

-3 !35 |16 j18 !20 j

445 |95289326 '456 i544 j

2.0 |212 !399 j338 '405 i485 !

439 i ....

156 I377190 ;

i3 j4 i

291209305333400480

148 :-82 i.6

173;180 :9 4 ;79 !

124 !120 |

1413449484482475423

|168 |192 :175- 1-175170 ,166 ; !

566 2,411 !214 634 |459 I 2,240 I465 2,702 ;564 j 3,349 i580 3.675

18ISIf

02363o453440478404

510510352341379370

1010

10101014

358447334335340314

6S6805687468

59

See footnotes at end of table.



Table 16.—National Income by Minor Industrial Divisions and Distributive Shares, 1929, 1932, and 1939-42—Continued[Millions of dollars]

Industrv and Tear

Trade, total- Con.Retail:

1929.19321939.1940.19411942

Wholesale:1929.1932.1939.1940.19411942.

Finance, total:1929.1932.1939...1940.1941.1942.

Banking19291932.1939.1910.1941.1942.

Insurance:1929-1932.1939.1940-1941.1942.

Security brokerage andreal estate:

1929 „1932—1939

Industry and year

Finance—Continued.Security brokerage and

real estate—Con.19401941 .1942

Government, total:192919321939 .1940-.19411942 .

Federal:2

19291932 .1939... . .1940 .1941 . .1942

State, county, local andpublic education:

1929-932 . . .193919401941.

Totalincome

1942..

1,

1.1,1,1,

7

3',4,

267 j955193142173299

415721625

Service:1929193219391940

4,7375,1095,506

6,4076, 5579,98710,30311, 50316, 391

2,1582, 2285,1695,3676,43311, 294

4,2494, 3294,818

Compensationof employees

Total

754799823

5,1545,2748,4568,7139,848

14,439

Sala-ries andwagesonlv

1942Miscellaneous:

1929.- „ .19321939194019411942

4,936 !5,070 I5,097

8,3154,7306,9577, 4498,0199,152

4,0002,4033,2443,4604,1824,461

i 1,4891, 5904,1694,2915,2899,842

3,6653,6844,2874,4224, 5594, 597

5, 4183,4744,6404,9885,2746,058

2,2071,4531,9152,0172,4792,686

738782

5,0104,9716,2466,7718,257

13, 536

1,3981,3592,0782,4703,8259,071

3,6123,6124,1684,3014,4324,465

5,3923,4454,5114,8615.1505,925

2,1981,4371,8911,9962,4582,666

Net income ofincorporated

business

Total

132-218

4875

111125

-178-403-298-247-244-235

Divi-dendsonly

147151136

Netincomeof pro-prie-tors

11910776

852176799691

- 9 1-136-121-186-180-170

Inter-est and

netrentsand

royal-ties i

2,7171,4392,2262,3382, 5832,922

1,318812

1,0631,1191,3871,492

3,9274,2484,627

1,2531,2831,5311,5901,6551,952

669638

1, 0001,0761,1441,452

584645531514511500

483543485147

653541564571560518

1 All rents and royalties are included in the "security brokerage and real estate"ndustry. For the estimates of rents and royalties see table 15.

TABLE 10

Line 1.—Figure for year 1939: Table 13, line 8; other figures: Line 2 plus line 7.Line 2.—Line 3 plus line 6.Line 3.—Line 4 plus line 5.Line 4.—-Table A, line 14.Line 5.—Table A, line 22.Line 6.—Table A, line 25.Line 7.—Line 8 plus line 16.Line 8.—Line 9 plus 12 plus 13 plus 14 plus 15.Line 9.—Line 10 plus line 11.Line 10.—Cf. Survey of Current Business, May and August 1942, and current issues.Line 11.— Same source; includes construction by public-service enterprises.Line If.—Annual estimates published in Survey of Current Business, April 1942,

revised. Adjustments were made to eliminate government purchases for 1940, 1941,and 1942. For prior years the amount of government purchases included in thecommodity flow is relatively small. Quarterly data were obtained by interpolatingthe annual data by relevant series on shipments, sales, etc., of groups of producers'durable equipment.

Line 13.—Accounting figures for inventories, except farm inventories, from Statis-tics of Income were supplemented with estimates of inventories held by noncorporateenterprise. Deflated by price indexes representing the lower of cost or market.Changes in the deflated scries were multiplied by annual average price indexes toobtain the current value of the physical change. Farm inventories are from theBureau of Agricultural Economics and also represent changes in physical quantitiesat current prices. The annual estimates (except farm) were distributed among thefour quarters in proportion to the quarterly change in the total book value of inven-tories. The quarterly book values were obtained by interpolating annual year-endestimates by estimates of the book value of manufacturing, wholesale, and retailtrade inventories prepared in the Current Business Analysis Unit of the Bureau ofForeign and Domestic Commerce.

Line 14.—1939 and 1940: Estimates of the Department of Commerce interpolatedby monthly estimates prepared in the Division of Research and Statistics of theFederal Reserve Board. 1941 and 1942: Federal Reserve Board. Lend-Leaseexports excluded throughout.

Line 15.—Net exports of gold and silver plus changes in the monetary stock ofgold and silver. Changes in the monetary stock of silver were estimated by deduct-ing exports of silver from the acquisitions of domestic and foreign silver by mint andassay offices.

2 Includes work relief wages shown separately in table 15; excludes subsistence tomembers of the armed forces.

Lines 16 to 19.—The method of deriving consumer expenditures has been changedfrom that described in the Survey of Current Business, May and August 1942.Although the bulk of the work of estimating consumer expenditures directly hasbeen completed, the estimates being derived by two methods have not yet beenreconciled and are not in final form. Consequently, it was most convenient to obtainthe total of consumer expenditures for 1939 as previously by deducting governmentand gross capital expenditures from gross national product as estimated in table 13.Consumer expenditures thus obtained as a residual lay between the two preliminaryestimates obtained by direct methods.

Annual estimates after 1939 and the quarterly estimates, however, were obtainedfrom the 1939 figure by means of the changes shown in "Monthly Estimates of TotalConsumers' Expenditures, 1935-42," Survey of Current Business, October 1942, afterthe following conceptual adjustments had been made: (1) Depreciation on owner-occupied houses was deducted, (2) gifts of individuals to nonprofit institutions and asmall allowance for consumption expenditure of institutions out of endowment in-come were added, and (3) personal remittances to foreign countries were added.The break-down of consumers' expenditures for goods was derived by adjusting theestimates for each group obtained by the two direct methods to the totals describedabove.

TABLE 11

This table presents national income by quarters in the form in which annual datahave regularly been published. Quarterly figures were first published and describedin the Survey of Current Business for June 1942.

TABLE 12

Line 1.—Table 11, line 1.Line 2.—Table A, line 29.LineS.—Table 11, line 11.Line 4.—Table B, line 48.Line .5.—Line 1 plus line 2 minus line 3 minus line 4.Line 6.—Line 7 plus line 8.Line 7.—Table B, line 22.Line S.—Table B, line 43.Line 9.—Line 5 minus line 0.Line 10— Table 10, line 16.Line It.—Line 9 minus line 10.


March 1943 SUEVEY OF CURRENT BUSINESS 25

Table A.—Derivation of Government Expenditure Series,Calendar Years, 1939-42 l


13

22

Item

I. Federal budget expenditures:Interest on public debt . . .Social Security programVeterans' AdministrationAids to agriculture ...Public worksWork relief and Civilian Conservation

CorpsOther

Total nonwar expendituresWar expenditures

Total budget expendituresII. Derivation of war expenditure series:

Budget war expendituresWar corporations, net nonloan trans-

actionsNet prepayments, purchase of existing

assets, offshore expenditures, etc.(deduct)

Federal war expenditures on goods andservices

III. Derivation of Federal nonwar expen-diture series:

Budget nonwar expendituresC apital transactions (deduct)Refunds of taxes and duties (deduct)__Relief and veterans' pensions (deduct)Transfers to trust accounts (deduct)_._Government employees' retirement

funds, IT. S. shareCorporations, nonwar, net nonloan

transactions

Federal nonwar expenditures on goodsand services

IV. Derivation of State and local expendi-ture series:

State and local budget expenditures. __Relief (deduct)State and local expenditures on goods

and servicesV. Derivation of transfer payment series:

Pensions and relief included in budgets.Food stamps and veterans' bonusPayments from social insurance funds-

Total transfer payments

1939

1.0.5.6

1.51.1

2,1

7.51.4

8.9

1.4

1.4

7.5.4.1.7.2

6.5

8.9.8

8.1

1.5

2.4

1940

1.1.5.6

1.3

1.8

6.92.8

9.7

2.8

.1

2.7

6.9

. 1

.7

. 3

.1

. 1

6.1

8.6.7

1.5.1

1.0

2.6

1941

1.1

.61.1

1.5.8

6.412.7

19.1

12.7

.6

.8

1942

1.5.7

1.2

.9

12.5

6.4(*)

'.4

.1

.1

5.3

8.5.7

1.4. 1

2.5

6.2

49.9

56.0

49.9

1.9

2. 7

49.16.2.1.1.8.5

.1

.4

5A

8.0.6

1.5.1

1.0

2.6

1 Detail will not necessarilv add to totals because of rounding.2 Less than $50,000,000.

TABLE 13

Line /.—Table 11, line 1.Line 2.—Table B, line 21 plus line 42.Line 3.—Corporate depreciation and depletion charges from Statistics of Income,

raised to cover unincorporated business. Depreciation of rented residences ownedby individuals is based on estimates of Solomon Fabricant published in Capital Con-sumption and Adjustment. Figures on noncorporate agricultural depreciation arefrom Bureau of Agricultural Economics. Quarteily data were derived by straight-line interpolation. Estimates for recent years, for which Statistics of Income are notavailable, were derived by utilizing information on the trend of mineral production,for depletion, and of nonresidential construction and private purchases of durableproducers' goods, for business depreciation. The recent sharp increase in the totalreflects mainly the effects of the special amortization provisions of the SecondRevenue Act of 1940. Estimates of special amortization are based on statistics ofcertificates of necessity approved.

Line 4.—Charges to bad debt reserves based on Statistics of Income, raised to coverunincorporated business. Quarterly figures obtained by straight-line interpolation.Conceptually this item should include certain other business reserves but estimatesof these are not yet available.

Line 5.—Represents the portion of the outlay for producers' durable equipment(cf. table 10, line 12) estimated to have been charged to current expense. Estimatesof the percentages of various types of producers' durable equipment charged to cur-rent expense were made on the basis of the commodity tabulations of the Output ofManufactured Commodities prepared in the National Income Unit. This procedureinvolves a judgment as to the types of durable equipment that are charged to currentexpense rather than depreciated in prevailing business practice. These percentageswere applied to the estimates of expenditures on corresponding types of producers'durable equipment.

Line 0.—This item represents the difference between changes in the book value ofbusiness inventories and the physical-quantity change in those inventories expressedin current prices. Cf. note to line 13, table 10.

Line 7.—This item equals the difference between the estimates of national productderived by adding line 2 to line 6 to national income and those obtained by summingthe estimates of consumer expenditures, private gross capital formation, and govern-ment expenditures. For the year 1939 as a whole this discrepancy is zero, because forthat year total consumer expenditures were obtained as a residual by deducting fromnational product, as estimated by adding line 2 to line 6 to national income, the sum

513019—43 4

Table B.—Derivation of Government ReceiptCalendar Years, 1939-42 *

Series,


Lin

e

12

3

45fi

78q

10

n12

141516

17

18

1920

9122

9 ^

2526

27289Q303132333435

36

3738

39

4041

4?43

44

454647

48

Item

I. Federal budget receipts:Income and profit taxes:

Individual incomeCorporation income and profit

TotalMiscellaneous internal revenue:

Estate and giftCapital stock...Other

TotalEmployment taxesCustoms .Nontax receipts

Total budget receiptsLess: Appropriations to old-age account

Net budget receiptsII. Derivation of Federal tax and nontax series:

Total budget receiptsEmployment taxes (deduct)Capital transactions in nontax receipts (de-

duct)Excess of business tax liabilities over collec-

tions-

Total Federal tax and nontax seriesBusiness tax and nontax liabilities:

Corporation income and profitsAllother

Total . .Personal tax and nontax payments

TotalIII. State and local budget receipts:

State:Sales taxes:

GasolineGeneralOther

TotalTaxes on specific business and licensesIndividual incomeEstate and gift _Corporation incomeOther taxesNontax receipts _ _._

Property taxes (State and local)Other local taxes and nontax receipts

Total budget receiptsIV. Derivation of State and local tax and nontax

series:Total budget receipts .Excess of business tax liabilities over collections.

T otal State and local tax and nontax seriesBusiness tax and nontax liabilities:

Corporation income _All other

TotalPersonal tax and nontax payments

Total . .V. Derivation of contribution to social insurance

fund series:Employment taxes in Federal budgetOther employment taxesGovernment contributions to Government em-

ployee retirement funds

Total contributions to social insurance funds.. .

1939

0.91.0

1.9

.4

.11 8

2 3.8.32

5 5. 6

4 9

5.5

.3

4.9

1.22.4

3.61.3

4 9

8

.3

1.6.8.2.1.1.1.4

4.31.0

8.7.

8.7

8.7

0

6.6

6 81.9

8.7

.81.0

.2

2.0

1940

1.01.3

2.4

.3

.2

2 6.9.33

6 4. 6

5 8

6.40

2

1.3

6.7

2.62.7

5 3~1.4

6 7

95

.3

1.7.92

. 1

!44.41.0

9.1

9.1

9.1

••>

7.0

7 21.9

9.1

.i)1. 1

.2

2.1

1941

1.62.6

4 3

.4

.32. 7

3 41.0.4

5

9 6. 8

8 8

9.61.0

4

4.5

12.6

6.93.7

10.62.0

12 6

1 06

.4

2.0.92

.1

.2

.1

.44.51.0

9.5

9 5. 1

9.6

.37.4

7 71.9

9.6

1.01.4

2.6

1942

4.17.0

11 1

.33. 5

4 41.3. 3

L_17 4

1.0

16 4

17.41.3

1

5.1

21.0

12.14.3

16.44.7

21 0

96

.4

1.9.93

.1

.3

.1

.44.61.0

9.7

9.7. 1

9.8

.47.4

7 82.0

9.8

1.31.7

.2

3.3


of government expenditures and private gross capital formation. For other periodsthe discrepancy is due to the fact that the estimates of gross national product obtainedfrom the product side in the manner indicated in the notes to table 10 differ fromthose obtained by adding line 2 to line 6 to national income.

Line 8.—Sum of line 1 through line 7.

TABLES A AND B

The main function of tables A and B is to show the relation between the variousgovernment series entering the gross national product tables and published statisticson government finance.

The general manner of deriving government expenditures on goods and servicesis to eliminate from total government expenditures all those that either do not enterthe income account of the next recipient or represent transfer payments and henceare not included in national income. It may be noted that subsidies are not deductedfrom government expenditures and are, therefore, implicitly counted as a purchase ofcurrent output. This procedure is not considered the most preferable conceptually,and is adopted mainly because of lack of data.Digitized for FRASER



For purposes of use m the gross national product tables a break-down of govern-ment receipts into business taxes and non-taxes, personal taxes and non-taxes, andcontributions to social insurance funds is found most convenient. Personal taxesand non-tax payments include all taxes and non-tax payments to government, ex-clusive of employment taxes, that are paid out of individual incomes. Businesstaxes and non-tax liabilities include corporation income and profits taxes and ail taxand non-tax liabilities to government that appear as business expense. Table Bindicates tho items included in these categories. Business taxes and non-taxes enterinto the calculation of business incomes on a liability basis. They must, therefore,be added on a liability basis to the sum of factor incomes to obtain a sum that equalsthe value of the product at market price.

TABLE A

Lines 1 to 10.— Treasury Bulletin classification.Line 11.—I Ana 9.Line 12.— Treasury Bulletin. Sources and Uses of Funds of Certain Government

Corporations and Agencies. War Corporations: Expenses, purchase and improve-ment of property owned, interest and dividends paid, and other expenditures minussale of other property acquired, interest, dividends, assessments, and othor propertyincome, and other receipts.

Line I?,.—These adjustments include net prepayments and purchases of existingassets (mainly purchases of land), that do not constitute purchases of current output,and certain olTshore expenditures that do not find reflection in the balance of pay-ments on current account. Also includes Government contribution to allowancesfor soldiers' dependents and several minor items not constituting expenditures ongoods and services.

Line 14.-— Line 11 plus line 12 minus line 13.Line IS.—"LineS.Line 16.— Daily Treasury Statement and U. S. Budget. Includes loan transactions,

and subscriptions to and repayments of capital in general expenditures and revolvingfunds. Purchases of land estimated from U. S. Budget.

Line 17.—Daily Treasury Statement. •Line 18.—Social Security Board and Veterans' Administration. Relief includes

estimated Federal share of special types of public assistance and subsistence pay-ments certified by the Farm Security Administration.

Line 19.—Daily Treasury Statement.Line 20,—Daily Treasury Statemeitt.--Yisc{\\ year figures equally distributed over

quarters.Line 21.— Treasury Bulletin. Sources and Uses of Funds of Certain Government

Corporations and Agencies. Reconstruction Finance Corporation group (includingReconstruction Finance Corporation, .Disaster Loan Corporation, Federal NationalMortgage Association, and RFC Mortgage Company): Expenses, interest and divi-dends paid, and other expenditures minus interest, dividends, assessments, and prop-erty income, and other receipts. Commodity Credit Corporation: Same itoius pluspurchase and improvements of property and loans minus sale of other property ac-quired and repayment of loans. Inclusion of latter items for the Commodity CreditCorporation is due to the fact that property transactions refer to items that are partof current production and that loans by the Commodity Credit Corporation are partof agricultural income.

Line 22.—Lines 15 minus 16 minus 17 minus 18 minus 19, plus 20 plus 21.Line 23— Line 24 plus line 25.Line 24.—Social Security Board. General relief and estimated State and local

share of special types of public assistance.Line 25.—The basic information was obtained mainly from the publications of the

Bureau of the Census, Division of State and Local Governments. The statisticscover fiscal years ended in a given calendar year. It was assumed that all fiscalyears end on June 30. This assumption is satisfactory for school districts, but notfor other units. To derive figures that were comparable for the various years, toeliminate duplication between State and local governments, and to eliminate expen-ditures that do not constitute expenditures on goods and services, numerous modifi-cations had to be made in the published figures of State-cost payments, 1939-41.These included adjustments for local shares of State-collected taxes, grants, relief,pensions, State contributions to pension funds, unemployment compensation bene-fits, and increases in unemployment compensation reserves. Adjustments in 1941differed from adjustments required in previous years owing to changes in the presen-tation of the basic statistics. Local expenditures in 1941 were adjusted for relief,pensions, and unemployment compensation benefits and increases in reserves toobtain expenditures on goods and services. State plus local expenditures on goodsand services in fiscal year 1941 were then broken into four components; Interest,education, construction, and all other, a residual. The same was done for local ex-penditures separately. The interest components were extrapolated by net debt(Indebtedness in Me U. S., 1929-41, Bureau of Foreign and Domestic Commerce) anddistributed equally among quarters. The education components were extrapolatedannually and quarterly by education pay rolls (National Income Unit). Quarterlyconstruction figures were based on estimates of the National Income Unit. The"all other" component for local units was extrapolated annually by pay rolls exclud-ing education. Then (State plus local total expenditures) minus (State plus localconstruction, education, and interest components) equals (State plus local''all other").The total ''all other" component was put on a quarterly basis by State and localpay lolls, with adjustment of quarterly figures secured from pay roll indexes to fiscalyear totals as secured above and adjustment for the break between last and firstquarters of adjoining fiscal years. State and local components were extrapolated todate from fiscal year 1941 by the same series.

In each ease, expenditures from grants are included in expenditures of the levelof government making the grant.

Line 00.—Line 18 plus line 24 plus government contribution to allowance for sol-diers' dependents included in line 9.

Line £7.—Agricultural Marketing Administration and Dally Treasury Statement.These payments are made from trust funds and do not appear as budget expenditures.

Line 28.—Social Security Board, Railroad Retirement Board, Civil Service Com-mission, and data of the Department of Commerce. Comprises benefit paymentsunder Social Security Act and Unemployment Compensation Act, the special mil-road schemes, and retirement payments to Federal, State and local employees.

Line 29.—Sum of line 20 through line 28.

TABLE B

Lines 1 to 13.—Daily Treasury Statement and Reports on Collections of InternalRevenue.

Line i4.—Line 11.I Line 15.—Line 8.I Line 16.—Daily Treasury Statement, Treasury Bulletin, and U. S. Budget. IncludesI return of surplus funds of Government corporations, seignorage, and proceeds of salesI of securities owned by Government.i Line 17.—Corporation income and excess profits taxes: Excess of liabilities as givenI in Statistics of Income, and as estimated from data on corporate profits for 1942, overI current collections of these taxes. Capital-stock tax, fiscal year collections allocated! to previous calendar year. Excise, stamp taxes, and customs: Collections lagged 1I month. Tax on the use of motor vehicles and boats: Fiscal year collections of the

portion of this tax estimated to be paid by business are evenly allocated among thequarters of the fiscal year.

Line 18.—Line 14 minus line 15 minus line 16 plus line 17.Line 19.—Line 2 plus portion of line 17 representing excess of corporation income

and excess profits tax liabilities over collections.Line £0.—Line 5 plus line 6 exclusive of portion of tax on use of motor vehicles and

boats estimated to be paid by individuals plus line 9 plus portion of line 10 estimatedto be paid by business plus portion of line 17 representing the excess of liabilities overcollections of these taxes.

Line 21.—Line 19 plus line 20.Line 22.—Line 1 plus line 4 plus portion of tax on use of motor vehicles and bouts

estimated to be paid by individuals plus portion of line 10 estimated to be paid byindividuals.

Line £1—Line 21 plus line 22 equals line 18.Lines 24. to 36.—For general source reference and assumption regarding fiscal year

endings, see note to line 25 of table A. Calendar-year collections of business taxesfor which annual liability and collections coincide were secured by totaling liabilitiesfor the four quarters of the calendar year. Where annual liability and collectionsdo not coincide, the quarterly liability was shifted to obtain taxes on a collectionbasis. This procedure, although imperfect, gives better results than uniform use ofmoving averages of fiscal-year collections to obtain calendar-year collections. Formethods of deriving quarterly business-tax liabilities and personal-tax collections, cf.notes to lines 40, 41 and 43.

Line 26,—Includes taxes on alcoholic beverages, tobacco, soft drinks, admissionsand other commodities.

Line 27.—Line 24 plus line 25 plus line 20.Line 28.—Includes the group in State Tax Collections: 1941 plus motor vehicle and

hunting and fishing licenses.Line 32.—Includes poll, severance and documentary and miscellaneous taxes.Line 34.—Estimates of rise National Income Unit made in connection with forth-

coming study on housing expenditures.Line 35.—Other local taxes are the residual between total taxes (1941 figure extra-

polated by National Industrial Conference Board estimates of local-tax collections)and property taxes (cf. note to line 34). Local non-tax receipts for years previous to1941 were estimated with the aid of data for cities over 100,000.

Line 36.—Sum of line 27 through 35.Line 37.—Line 36,Line 39.—Line 37 plus line 38.Line 40.—Estimated calendar-year collections distributed over quarters of previous

calendar year according to quarterly corporate profits after taxes.Line 41.—Includes line 27 plus portion of lines 28, 32, 33, 34 and 35 estimated to be

paid by businesses. Wherever possible, fiscal-year collections were put on a quarterl yliability basis by using series corresponding to the incurrence of liability. For exam-ple, in the case of sales taxes, liability for which is measured by receipts, relevantsales series were used

Line 42— Line 40 DIUS line 41.Line 43.—Line 29 plus 30 plus portions of 28, 32, 33, 34, and 35 estimated to be paid

by individuals. Personal-income taxes and motor-vehicle licenses distributedquarterly on the basis of information contained in Tax Systems of the World, Forother taxes fiscal-year totals were distributed approximately equally among thefour quarters of the fiscal year.

Line 44.—Line 42 olus line 43 equals line 39.Line 45.—Line 8. Includes old age insurance tax, Federal unemployment insurance

tax, Railroad Retirement tax, and the 10 percent of the Railroad UnemploymentInsurance contribution which is covered into the Budget of the Federal Government.

Line 46.—Line 48 minus line 45 minus line 47. Includes State unemploymentinsurance taxes, 90 percent of the Railroad Unemployment insurance contribution,and employee contributions to Federal, State and local government employee retire-ment systems.

Line 47.—Includes Federal, State and local government contributions to govern-ment employee retirement systems.

Line 48.—Lines 45 through 47. Social Security Board, Railroad RetirementBoard, Civil Service Commission, and data of the Department of Commerce. Con-tributions to social insurance funds are on an accrual rather than a collection basis.


March 10-13 SURVEY OF CURRENT BUSINESS 27

NEW OR REVISED SERIESTABLE 1.—INCOME PAYMENTS1

Indexes adjusted(1935-39-100) Amount (millions of dollars:

Year and month

1939JanuaryFebruarvMarch.. .April. __._M a yJune. . .JulyAugustSeptember . . . .OctoberNovemberDecember . . .

Total

MomhJv avrrace .

1940JanuaryFebruary...MarohAprilMav. _ . .JuneJulvAugust . . . . . . . . _ . .SeptemberOctober . . .NovemberDecember

Mom hi v ftvc-rase - . .

1941Tan uar vFebruarv__JVf 8TCllApr i lMayJune.July .AugustSeptember^ - . . .OctoberNovember. . . . . . .December.. . .

Tot«i

Monthly average

Totalin-

comepay-ments

102. 4102.2102. 8101.5103.4104.9104. 8105. 8107.0109 0109.7110.8

105. 4

110. 4110.7110 4110 8112. 4112 5113. 1114.1115.6117. 1117 7120. 0

113. S.

121.3123. 519", 1128. 2133.7138. 9140. 3143. 2144. 4146. 3147. 5153.9

.137. 3

Sala-riesand

wages

104. 4104.3104. 5103.1104. 6106.8106. 0106. 7107. 4110.011.1.1112.2

106. S

112.3111.9112 o.112.2114.0115. 3115.9117.2119.1120. 5121 5124.9

.116.5

125. 3128.2130 2133. 0139. 5145.1147.2150. 2152.1154.8150. 4163. 0

143. 8

Totalnon-agri-cul-turalin-

come

102.7102. 8103. 5102. 4103.8106.1105.9

107 4109. 3110.3111.3

106.1

111.4111.1111.6111.6113.4111. 5115.1116. 1.117.3118.3119. 1121.9

115.1

322.6124.&126 4129.0134.0138. 5140.0142. 2143. 5145. 6146.9152.3

137.2

Totalin-

comepay-

ments

5,7635,3095,7865,7165, 5150, 0255,81.15, 4966.0946, 3295, 9597, 026

70 899

5, 902

6.2125, 7346.1516. 1595.9146 4856. 2935, 9566. 0326,85!

7, 632

76 !7 }

•I, 373

6, 7536, 4427 0547, OSO7,0707.9817. 725i, 5538, 3128, 6448.1419, 474

92 9'X)

7, 686

Total

3, 6633,6443,7053,6903, 7523, 8243,6673, 7123, 8594,0424,0214,079

45.658

3,805

3,9243, 9043, 971'$. 994L0724, 1144, 0054. 0754. 2694, 4314, 4204,585

49 764

1,147

[, 4304, 5174 0374, 7434,9955,1925,1255, 2395, 4295. 6455! 6195, 875

61, 416

5,121

Salaries and wages

Com-modityproduc-ing in-dustries

1,258l', 2611,2811, 2711, 3021, 3551,3471, 406l'45O1,5311, 5131, 500

16,475

1,373

1,4221, 4161, 4431' 4021, 5001,5381. 5461,6191,6851. 7491,7461, 793

18 919

1, 577

1, 7461, 8301 8841,9112,1162, 2372,2842, 3722, 4432, 5562, 5232, 558

20, 460

2, 205

Distrib-utive in-dustries

943928956958970990987992012

1,0461, 0371,080

11,905

992

L, 020, 000,023, 025

1,047L, 0541,058I, 064. 095

1,1191,1091,181

12 795

1, 066

1.0991, 0991 1371,1761,1971,2431,2521, 2661,2851.312.312

1, 467

14,845

1,237

Serviceindus-tries

750748750752764772765758773789793805

9, 219

768

798796798801812818817808822824825844

9. 763

814

83483784486988690790S914921936942909

10, 767

897

Gov-ern-ment

524525530530535542424421509548545555

6,188

516

546548555559572580465463552612619639

6 710

620626646866681701595607701762763794

8,161

680

Workreliefwages

188182188179175165144135115128133138

1,870

156

13814415214714112-i119121115127121128

I, 577

131

131125V>ij121115104868079807987

1,213

101

Directand

otherrelief

929495908786858888888890

1.071

89

959593918889908/909194

1,098

92

969698969393909089899092

1,112

93

Socialsecu-rity

bene-fitsand

otherlabor

in-come

13814315914415015714S156147140142144

1, 768

147

156159164159171173176173158155152155

1,951

163

164159159154158159157155151152152159

1, 879

157

Divi-dendsandin-

terest

828432770758462908837423774746467

1, 486

8,891

741

839433804780454

1, 005857425833778407

1,500

9.175

765

790432889784473

1,125871446903886503

1,551

9, 653

804

Entre-pre-neu-rialin-

comeandnet

rentsand

royal-ties

1,042996

1, 0571.0341,0641,0501,0741.1171, 2261, 3131,2411, 227

13. 441

1,120

1,1981.1431,1171,1331,1201,105

l! 1931,2851, 3971. 82:21,298

14,4S4

1, 207

1. 2731,2381 2711, 3031. 3511,4121,4821.6231, 7401,8721,7771,797

18, 139

1, 512

Total |non-agri-cul-turalin- 1

come !

5,3214,9095, 3305.2805, 0485, 5755, 3304,9935, 4895,6525,3706, 476

64,779

5,398

5, 7055, 2765, 7235, 7095. 4716. 0600, 8025, 4500, 0436.1545, 8407, 081

70, 314

5; 860

6. 2435,9756 5586, SOS6, 508

- 7,3077, 0396, 7407, 3847. 5897, 2068,581

83,758

0, 9*

1 Revised series compiled by the U. S. Department of Commerce, Bureau of Foreign and Domestic Commerce. The revisions were occasioned principally by the adjust-ment of the monthly data to the Bureau's revised annual estimates of national income lor 1939-41 and the preliminary estimate for 1942. There have been no revisions in thedata for years prior to 1939 as published in the 1942 Supplement to the Survey. For a description of the data see footnotes 1-12 for p. 6 on p. 177 of that volume. For 1942figuros, see p. 8-1 of this issue.

TABLE 2.—LUMBER STATISTICS[Millions of board feet]

Month

JanuaryFebruarvMarchAprilM a yJuneJuly.. . . . .Augusts. ___SeptemberOctoberNovember .December. .

Total

Monthly average

Production 2

Total

2,5642,4222,6592,8352,8882,8442,9933,1632,9813,0752,6072,445

33,476

2,789

Hard-woods

450404413472472472465472472491452464

5,499

458

Soft-woods

All types (National

Shipments 2

Total

1941

2,1142,0182,2462, 3632,4162,3722,5282,6912,5092,5842,1551,981

27,977

2, 331

2,7332,4602,6382,7712,8892, 9273,1853,3053, 0533,1422, 5502,433

34,086

2,840

Hard-woods

481440454475508502519505511530462450

5,837

486

Soft-woods

2,2522,0202,1842,2962,3812,4252,6662,8002, 5422,6122, 0881,983

28,249

2,354

1937 3

8, 4087,9667,8237,8028,0268, 3518, 5908,8529,0939,2459,4759,627

8,604

1938

9, 5059,4029, 3309,3429,3889,4139, 2369,1919, 3119,2429,153

4 9,132

9,304

Lumber Manufacturers Association)

Total

1939

9, 2229, 1148,9618,9228, 9628,9388, 9318,8138, 5808, 3038, 3328,470

8,795

1940

8, 4638,4788,4488,4508, 4288,4958,4088,3088,0927,8367, 6077,472

8, 207

1941

7,3107,2737,2927. 3787,4367,3777,1947,0476, 9776,9106,9776,976

7,179

1937 3

2,5992,5092,4932,4732,4892,5452,6102, 0812, 7222, 7722,8352,885

2, 634

Stock*

Hardwoods

1938

2,9352,9673,0173,0253,0303,0232,9582,8932, 8802,8172, 773

4 2, 801

2, 927

1939

2,9592,9562,9342,9002,8772,8182, 7862,7712, 7072.6122, 5772,634

2,794

1940

2,6442,6572,6592,6712, 6702,6262,5552,4872,4442,4082,3682,339

2, 544

1941

2, 3072,2722,2302,2282,1922,1622,1082,0742,0351,9971,9872,002

2, 133

Softwoods

1939

6, 2636,1586,0276,0226,0856,1206,1456,0425,8735,6915,7555,836

6,001

1940

5,8195,8215,7895, 7795,7585,8695, 8535,8215, 6485,4285,2395,133

5, 663

1341

5,0035,0015,0625,1505, 2445,2155,0864,9734,9424,9134,9904,974

5,04-3

For footnotes see p. 28.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Table 2.—LUMBER STATISTICS1—Continued[Millions of board feet]

Month

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember.OctoberNovemberDecember

TotalMonthly average

Southern pine

Neworders

Pro-duc-tion

Ship-ments

1941

932815794842924

1,0351,171

847842818732761

10, 513

876

922817886910916809886903855853785770

10,312

859

919784783815858857

1.0431,037

889900762743

10, 390

Western pine s

Pro-duc-tion

Ship-ments

1941

270273353482588632692706681656450368

6,151513

421384425492533560611631639640457426

West coast woods 2

New orders

1938 1939 1940 1941

40542749939443547358948445749849960S

6,219 j 5,

518 472

529450576587604652626706772588470515

616545638629603599734821733713649636

7, 075590

7,916660

680675817765815788793721695739650

I

9,006

751

Production

1938 1939 1940 1941

385345486447417390399522533529466463

5,382

449

531458536552556596547612612632010545

6, 787566

581530626639621638573684633653608611

7,397616

690683768758678711707830749856738642

8,810

734

Shipments

1938

390387515464452460465525526530445457

5,616

468

1939

490455594583581609557710677643548514

6,961

580

1940

564539620633692665619693701681599669

7,675

640

696648772776759766731844751827675626

8,871

739

1 Data for 1941 and 1942 have been revised by the reporting associations to the 1941 Census of Forest Products; in some cases earlier figures have been also revised on thebasis of additional information now available. Stock figures have been revised beginning December 1936 to include for the Southern hardwood region gross stocks (sold andunsold stocks), as for ether regions. Figures for all years as shown in the 1942 Supplement include for this region only net, or unsold, stocks. This revision increased the De-cember 1936 figure for hardwood stocks and total stocks 663,000,000 board feet, or 34 and 8 percent respectively. Stocks were further revised beginning. December 1938 to in-clude "green" stocks for the Appalachian region which was found to have been reporting "dry" stocks only; the effect of this revision on the comparability of the data is indi-cated by a comparison of the figures for December 1938 exclusive of the "green" stocks for this region, as given in the table above, with the revised figures in note 4.

2 Revisions in addition to those shown above have been made as follows: Total lumber and total softwoods—adjustments have been made in the 1934-37 monthly figuresfor production and shipments; the monthly averages were not affected by these adjustments. Western pine—new orders, March 1940, 359 million board feet; stocks, Decem-ber 1941, 1,681. West coast woods—new orders were revised for 1934-37 and adjustments made in the monthly figures for production and shipments for this period. Themonthly averages for production and shipments, in most cases, were not affected by the changes in the monthly figures. All revisions are available on request.

* Figures for years prior to 1937 shown in the 1942 Supplement are not comparable with those shown above (see note 1). December 1936 figures revised to a comparablebasis with figures beginning January 1937 above, and to include a minor revision in softwood data, are as follows: Total stocks, 8,620 million board feet; hardwoods, 2,619;softwoods, 6,001.

* Figures shown are comparable with earlier data beginning January 1937. December 1938 figures revised to include "green" stocks for the Appalachian region (sec note1), comparable with data for subsequent years, are as follows: Total stocks, 9,310 million board feet; hardwoods, 2,969; softwoods, 6,341.

Table 3.—INDEXES OF WAGE-EARNER'EMPLOYMENT AND OF, WEEKLY WAGES INI MANU-FACTURING INDUSTRIES, 1941 l

[1939=100; indexes are without adjustment for seasonal variation]

Industry group

All manufacturing

Durable goods...Iron and steel and their productsElectrical machineryMachinery, except electricalTransportation equipment, except automobilesAutomobilesNonferrous metals and their productsLumber and timber basic productsFurniture and finished lumber productsStone, clay, and glass, and products -

Nondurable goodsTextile-mill products and other fiber manufacturesApparel and other finished textile productsLeather and leather productsFood and kindred productsTobacco manufactures..Paper and allied productsPrinting, publishing, and allied industries __Chemicals and allied productsProducts of petroleum and coalRubber products. _ -

A11 manufacturing

Durable goods.._Iron and steel and their products_Electrical machineryMachinery, except electrical-- _. .Transportation equipment, except automobilesAutomobiles __Nonferrous metals and their productsLumber and timber basic productsFurniture and finished lumber productsStone, clay, and glass, and products

Nondurable goods.. _Textile-mill products and other fiber manufactures..Apparel and other finished textile productsLeather and leather products .Food and kindred products._Tobacco manufacturesPaper and allied products.,.Printing, publishing, and allied industriesChemicals and allied productsProducts of petroleum and coalRubber products

Janu-ary

Feb-ruary March April May June July Au-

gustSep-tem-ber

Octo-ber

No-vem-ber

De-eem-ber |

Monthlyaverage

Wage earners

116.9

132.9129.5139.3138.1253.3138.8136.8110.8108.8111.1104.4105.8104.6102.494.894.4

106.3101.4123.3108.1117.1

120.0

136.5132.8145.5141.6267.8141.4141.0112.9111.5113.0107.0108.0111.7106.293.398.7

108. 0101. 5127.3108.0119.6

122.7

140.2135.3151.2146.2282.1143.9143.4115.7113.1116.6108.9109.3114. 7108.094.397.9

110.3101.8131.4108.8122. 4

125.8

145.2138.2158.5156.6302.3145. 7145.8119.6114.6121.2110.6110.5114.5107. 497.498.2

113.1102.4137. 2108.9125.1

128.6

149.8141.9167.1162.6321.7148. 5147.6122.2117.0125.4111.9112.3113.4105. 2100.8100.4115.6103.1137.9111.5127.0

132.0

154.7146.1173.5168.1346.2150. 2150.1127.0120.3128.0114.2113.7111.9108.1107.4101.5118.5101.5139.9114.1132. 5

135.5

158.5149.1180.1172.0377.0141.6152.2134.4122.8130.3117.3114.7112.7111.2117.0101.4120.8104.0142.8117.0133.4

138.4

159.8151.1186.0174.4399.1123.4155.1138.3124.9133.7121.6114.8119.8111.7128.8101.9123.6104.5147.6117. 5134.3

141.2

164.3152.2188.9176.1438.6139.1156.7139.1124.6134.7123.1114.1121.9109.8132.599.1

125.3105.4154.6117.6134.1

141.8

167.1151.7190.3177. 9477.5145.0159.1139.8124.4134.8121.8114.3120.4109.6123.3104.0125.7107.3160.5117.3134.4

141.3 141.1

168.1151.3191.0178.7508.2147.2158.3134.6124.8134.8120.2114.1116.9107.8117.7105.7126.2106.8163.0116.8134.1

132.1

I

168.5151.5192.3181.9545.1135.2158.0132.6123.7132.6119.5114.3115.6109.9113.4104.3126.4109.0165.5116. 6133.4

153.8144.2172.0164.5376.6141.7150.3127.3119.2126.4115.0112.2114.8108.1110.1100.6118.3104.1144.3113.5129.0

Weekly wages

132.6

155.2146.8163.2163.3305.4160.3158.0118.7114.8117.8110.5113.7109.3111.798.4

100.9112.5104.8133.9108.0127.3

140.3 | 145.9 150.2 | 161.3

164.8154. 7175.8173.5329.3174.2164. 5122.7122.6122.0116. 5120.5126.9122.298.2

104.6117.1105.0139.0108.3131.7

171.8159.8187.1183.3349.2179.2168.8127.7128.0127.3120.6123.9132.41.28.0100. 6106.4122.0107.8145.4110. 2136.8 !

178.8170.3194.4199.5376.6162.8171.2136.3130.7136.0122.2127.7126.0123.5103.499.9

125.3107.5154.6116.1140.2

195.4182.3218.7216.2421.4189.7183.6139.4139.6147.2127.9134.4126. 7122.3111.4114.0131.7109.3163.7122.9147.8

170.5

208.7192.0228.4228.4470.2210.7190.8152.2147.9151.6133.2137.5125..2130.5120.1119.4141.9108.4171.6130. 5162. 4

172.0

207.819*1.1240.0228.7522.4176.2192.2159.0149.0149.4136.9139.9129.4137.9128.0118. 7142.6110. 2176. 9131.9156.3

178.8

214.3197.7249.3237.3570.2154.0202.6176.4156.3159. 3144.0141.5147.3140.2139. 5119.0148.6111.9182.4132.9160.3

184.8

222.4197.1252.9243.0632.7177.7207.6173.0158.9162.0148.1145. 7153.8 I137.2144.7119.7151.6114.2190.9137.1156.0

190.2

233.5201.6257.8250.5712.6198.4210.8177.8162.5167.3147.9148.7145.8136.3137.9127.7154.6115.3204.6138.4159.9

188.6

232.9200.2256.9247.9754.8199.4207.3162.1158.2162.8145.3147.4134.6131.5133.3130.5155.1116.2210.4137.7163.3

!

195.1

242.0205.6271.1266.1866.8177.6217.1159.0162. 2164.4149.3153.0137.7142.7132.5129.9157.8124.6219.4141.4159.3

167.5

202.3183.3224.6219.8526.0180.0189.5150.4144.2147.3133.5136.2132.9130.3120.7115.9138.4111.3174.4126.3150.1

1 Revised series compiled by the U. S. Department of Labor, Bureau of Labor Statistics. The revisions resulted'from adjustment of the industry groups and the totals tofinal employment data for 1941 and preliminary data for the second quarter of 1942 made available by the Bureau of Employment Security of the Federal Security Agency.Indexes for 1939 and 1940 were not affected by the revisions and are correct as published on pp. 23-24 of the December 1942 Survey. Data for individual industries shown inthe December Survey are correct for all years, as no revisions were made in these series.Digitized for FRASER


March 1943 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 asavailable; it also provides a description of each series and references to sources of monthly figures prior to 1938. Series added orrevised since publication of the 1942 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanyingfootnote indicating where historical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used todesignate index numbers refer to adjustment of monthly figures for seasonal variation.

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

Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey

1943

Janu-ary

1942

Janu-ary

Febru-ary March April May June July August Sep-

temberOcto-ber

Novem-ber

Decem-ber

BUSINESS INDEXES

INCOME PAYMENTS!

Indexes, adjusted:Total income payments 1936-39 —100._

Salaries and wages doTotal nonagricultural income do

Total mil. of doL.Salaries and wages:

Totals __._do___.Commodity-producing industries.-doWork-relief wages . do

Direct and other relief . doSocial-security benefits and other labor income

mil. of doL.Dividends and interest . doEntrepreneurial income and net rents and

royalties.. mil. of doL.Total nonagricultural income.. . . . do

AGRICULTURAL INCOME

Cash income from farm marketings:!Crops and livestock, combined index:

Unadjusted .—..1935-39-100..Adjusted . do

Crops _doLivestock and products.._ __do

Dairy products __,do____Meat animals doPoultry and eggs do

INDUSTRIAL PRODUCTION(Federal Reserve)

Unadjusted:Combined index... 1935-39=100.,

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

Steel* ... . . doLumber and products. do

Furniture doLumber. do

Machinery t ._ . . . doNonferrous metals doStone, clay, and glass products.._do_._.

Cement do____Glass containers do. . . .Polished plate glass,.. .do

Transportation equipment doAutomobile bodies, parts and as-

sembly 1935-39=100-.Nondurable manufactures . do . . .

Alcoholic beverages doChemicals doLeather and products.... do

Shoes doManufactured food products do

Dairy products!.. -- doMeat packing do

Paper and products doPaper snd pulp _._ do

Petroleum and coal products doCoke..__ doPetroleum refining do

Printing and publishing doTextiles and products do._>.

Cotton consumption. doRayon deliveries doWool textile production.. do. . . .

Tobacco products _^_.do.._Minerals! do

Fuels J do . . . .Anthracite! _.doBituminous coal! doCrude petroleum.. ___do._.

Metals do. . . .

v 196. 5v 217. 4v 190. 2

v 10,769

v 7, 627v 3,489

9

v 2,089v 9, 643

p 191.0v 225. 5v 237. 0P 217. 5v 171.5v 225. 5v 286. 0

P207*286P 2 2 5v 108P 1 4 0J»91347

*>200

38v 565

v 152v 144

P 2 0 5p 116v 115v 142P 90v 165

v 109v 160171180

132117

102P145

155.5164.5153.08,487

5,7192, 545

7794

173778

1,7237,662

151.5180.5184.0178.5148.0192.5199.0

16617321620912214211225019113813716568305

118137112155

' 1251201249917315115913216112812515816918016112612513110414412991

157.4167.5155.18,094

5,8062,622

7295

171426

1,5967,394

125.5179.5179.5179. 5156. 0194. 5184.0

16717522121112814711825918713213216447

314

105138117161

' 132'127

121109135153160129

'16212412615617417415312112513012114112792

159.3171.1157.88,796

6,0022,705

7594

175890

1,6358,062

135. 5175.0166. 5181.0153.0196.0194.0

168177228218129147120268

' 18114014117643

330

105137113166

'129'ISO

121124131155161122

'16211612615316917514811711812211614011596

163.3175.6161.08,913

6,1822,824

6892

169773

1,6978,112

148.0191.0189. 0192.0163. 0219.0175.0

17218123421913214212727317715116117643

350

104138113lf.8131131123152134151157118162111123157177170153119125121122150109154

165.4179.1163.38,799

6,3902,976

5889

163475

1,6828,004

149.5188.5193.0185.0165.5203.0174.5

175183240219135143131279

'18016317819035

372

107137120

169. 5185.2167.59,782

6,6663,112

5387

1641,119

1,7468,906

161.0191.5166.5208.0163. 0251.5177.0

177185246216138139138287

'18615818317137

396

112136116

166124123130193140144149117163110115156175169150123131121115147111189

166115114139210149133134115164108103152169169151132132121117144113194

172.6189.6170.39,685

6,7233,234

4586

169846

1,8618,677

183.5192.5187. 5196.0161.0226.0180.5

18018925121614013714128918815118615132

425

116139133107114

'1151562U713812212111716311096

154166168160131

'132121122141112191

176.0193.3172.69,571

6,8943,365

3586

164437

1,9908,440

212.5204.5209.5201.5164.0234.0187.0

187196260218138136139299

'19016019516730

458

124144140170115117165192132130130121165114103154169169154135136126118140121193

177.9195.3174.010,453

7,0823,413

3085

176894

2,2169,088

260.0207.5222.5197.5166.0227.0181.0

192202266219135136134306

'19116320016638

478

129150

' 140176112

' 112182

v 143147134132122166116109156172170155144137129129150120183

182.8201.4178.3

10,782

7,3273,459

' 2 685

' 1 7 5752

2,4439,198

295.5211.0225. 0201. 5167.5230.0194.0

194r205

275229135141131316

' 1 9 116320216737

507

135' 1 4 8'123

186117

'13 5157

*>109146138138123166117120156172174156149134127117145121175

189.4208.4183.6

10, 593

7,4633,493

2484

174522

2,3509,141

265.5224.0248.5208.0168.0239.0204.0

194206279224125140118327

'19615718617139

' 5 2 5

140' 147

103194115111150

P 9 1166134

'137123166117

'121158171177161141

'131130124154121

'142

193. 7213.1186.8

11, 524

7,6353,514

2384N

»180P 1,419

2,20610,244

' 225. 5' 226. 5

237.5' 219.0' 177.0' 249. 5

233.5

'193'206'283

221'116'144'101'338'201

13915615939

'548

'146'145

94'201'114'110'150*>88

"186129131119166112

'114'156

163178163137

' 120126105143

'121' 8 3

' Revised.* Preliminary.JTbe total includes data for distributive and service industries and government which have been discontinued as separate series to avoid disclosure of military pay rolls.xScattered revisions in figures beginning January 1940 for dairy products, minerals, and fuels, beginning February 1939 for bituminous coal, and in figures for the firit

half of 1941 for machinery and anthracite, are available on request.•New series, see note marked with an "*" on p. S-2.tRevised series. Data on income payments revised beginning January 1939; see p. 27, table 1, of this issue. Earlier data for the revised indexes on a 1935-39 base for cash

income from farm marketings will be published in a subsequent issue.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

S-2 SURVEY OF CURRENT BUSINESS March 1943


BUSINESS INDEXES—Continued

INDUSTRIAL PRODUCTION—Con.Adjusted:

Combined index § 1935-39 = 100..Manufactures§ „. do

Durable manufactures} _.doSteel* - do~~Lumber and products! do

Furniture! - do 'Lumber _ do

Machinery __doNonferrous metals .. .doStone, clay, and glass products! .do

Cement§ _ do.._.Glass containers .doPolished plate glasst.. -do

Transportation equipment.. doAutomobile bodies, parts and assem-

bly 1935-39=100..

Nondurable manufactures! doAlcoholic beverages!- — , . . .doChemicals .doLeather and products! -do

Shoes! -- doManufactured food products! ...do

Dairy products! doMeat packing do

Paper and products! doPaper and pulp§ do

Petroleum and coal products! doCoke doPetroleum refining! _.do._ _ _

Printing and publishing doTextiles and products. .-.do.___

Cotton consumption doRayon deliveries. doWool textile production __.do

Tobacco products! do

Minerals!. do_.Fuels? ...___do_.

Anthracite? do.Bituminous coal? _ do.Crude petroleum? ,.do

Metals - do.

MANUFACTURERS' ORDERS, SHIP-MENTS, AND INVENTORIES

New orders, total Jan. 1939=-100.Durable goods do. . .

Iron and steel and their products do.. .Electrieal machinery. . ____do—Other machinery ..do.—Other durable goods - »_-do-_.

Nondurable goods. ....do...

8hipments,total average month 1939-100-Durable goods ..do.—

Automobiles and equipment ^° —-Iron and steel and their products do.--Electrical machinery . . _ do. - -Other machinery do._-Transportation equipment (except

automobiles) dO-,_Other durable goods do.—

Nondurable goods _do.--Chemicals and allied products..- .do. . .Food and kindred products. ,._..do --Paper and allied products ..do...-Petroleura refining _.do._-Rubber products .do-_-Textile-mill products ___.do._-Other nondurable goods. _do.-.

Inventories, total . . . . _do . . .Durable goods . „ _,.. do „.

Automobiles and equipment do_..Iron and steel and their products do. . .Electrical machinery.._ „ do. . .Other machinery do.. .Transportation equipment (except auto-

mobiles) average month 1939 = 100.Other durable goods.. do.,_

Nondurable goods do._.Ohemicals and allied products do. . .Food and kindred products ...do.—Paper and allied products... . . . . . do._.Petroleum refining .do. , .Rubber products _do..~Textile-mill products do_ .Other nondurable goods do ___i

r> 200

225* 125•P 140^ 117^347*>200

39* 565

P 152

M50

P206P 1 1 8»»118*159p 141v 140

v 112

171180

140

v 124P 102P1459 118*>139

17117822120914315313825019136516718468

305

118

143137156128

f 12713914914S153159133161129128158169180161134

134131104144129150

268414245347414719174

184234152200211229

829176

161170160171141131184150

161.0179.2190. 8127.2243.9187.5

693.9139.5

146.8147.8163.8134.4113.4149.7151.6145. 4

' 171J7922521114414714325918715816217847

314

105

142130161125124139146141151157129161124125156174171153130

133130121141127153

292463256452648645182

199232133208249260

1,004194

173181171173133144204172

163.0180.8190.0125.5250. 3191.4

709.1140.6

147.4150.9158.9137.8115.5149.6154.1147.3

172180230218134147128268

' 18115816118743

330

105

139119161124122136145144152158122

'162116121153169175148125

126122116140115152

274427256477442673176

199235131211257270

1,018196

1711763 62173130147200180

105. 6183.4193.6125. 7255. 5195. 0

732. 5141.3

150.1155. 6156.8140. 0115.0155.4156.2155. 6

173182234219 |132 |142 !127 I27317715416717643

350

104

139111165130130136150142148154118162111117157177170153127

125121122150109151

292449274548467677192

200239131207259279

1,108196

16S173159165132159213172

167.0186. 6202.5127.5264.2199.1

742.8141.5

149.9157. 7157.9141.1114.5154.3155.8152.8

174183239219130143124279

'18015517217835

372

107 II

138 !111167126 !124134 I142140143

' 147r 116163109112156175169150120

126121115147111156

270432216648669490167

203254129216270297

1, 266206

164170164154139171189156

170.4190. 2217.9130.1270.0202. 9

756. 2140.6

153.1159. 9160. 0145.9113.0161. 2162.0157. 3

176 i184 '244216131139127287

' 186147171163•37396

112

136104172121120138138

' 153 |134135115164108104152169169151122

127121117144113158

314545295570578913166

202256161211249306

1,271199

160108164139136171186147

172.9193. 2222.7132. 3277.8203.1

802.3139.0

155.1162.7160.3149.7111.5165.4165.1160. 7

17818824921613313713028918814016914532

425

116

138122174116115143143140125125118163111106154166168160126

125121122141112154

256399254699411504103

207264172210267311

1,362203

16316917!12614218?.187146

171. 2195. 8226. 1133.9290.3204. S

824.8137. 6

155. 3163. 3159.8152. 7110.3170.2165.0161.3

183193258218129136125299

' 19114517715330

458

124

140' 135173112110143143153131132121165114111154169169154130

130126118140121151

233334222491421377167

212270184215268312

1,466197

167171178131135179191154

175.0198.0229.9134.3299.9204.6

852.8137.5

154.8164.4159.2154.6111.2174.8159. 5161.3

18619626421912513611930619115218216338

478

129

142139174111108149140159132133122166116109156172170155133

131129129150120144

264390250411358636183

224283194216286322

1, 579211

177187187136140205197165

175. 4200. 9241.4134.1307.1207.2

890.3135. 9

153.1161. 0158.0154.6109.6173. 5156. 21G0.8

'191'20227322912914112331619115218416237

507

135

'144126182117115

»146*139145135137123166117116156172174156141

129127117145121138

266387223413387643188

228289207212317333

1,578213

1811S2190146138207203173

176.5204.1243.3135.7320.6210.4

924.2134.0

152.4156.5161.2149.8109.3172.7155.1159.1

104206279224128140122327

'19615318016939»

* 140 I

'147122192116

'116» 151»136147135137123166117118158171177161136

r 130130124154121

' 133

279415264586381619192

232300223214351337

1,692213 '

179183185143154214202171

'177.9207.7244.J137.4 ,326.1213.0

975.0134.2

' 151. 8155.1160.1146.5107. 2174.4153.1

'161.8

r 197'209'285221

'127'144119

'338'20114816517139

' 548

*146

'148111

'200' 116'116P1589 140158132133119166112

163178163160

P127126105143121

'136

255361233355361574187

240320240239408351

'178185

' 184144

'139222204

'166

177.6' 210.1' 232. 9' 139. 2' 324.1'219.6

1.020.8'133.1

r 149. 2' 158. 7' 156. 2' 144.0' 106. 8' 174. 6' 147. 2' 157.4

' Revised.» Preliminary.*New series. The new index of steel production has been substituted for the combined index for iron and steel as publication of the latter index was suspended after

March 1942 until recently. Earlier data are shown in note marked with an "*" on p. S-2 of the December 1942 Survey.§ Revisions have been made in seasonal adjustment allowances for recent periods; for total industrial production, total manufactures, durable manufactures, and non-

durable manufactures, the resulting changes in the indexes do not exceed 1 point for any month before December 1941. Revisions are available on request.{Seasonal adjustment factors have been revised to 100 beginning as follows: Furniture, February 1942; polished plate glass, December 1941; bituminous coal, May 1941;

anthracite, January 1940; crude petrolem, October 1941. See also note marked " } " on p. S-l with regard to additional revisions in the fuel series.


March 1943 SURVEY OF CURRENT BUSINESS S-3


1943

Janu-arv

1942

Janu-ary

Febru-ary March April May June July August j Sep- | October I Novem-

ber ber ber

COST OF LIVING

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

Clothing... .doFood - , . . .doFuel and light doHousing _ . . - doSundries . . .do

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

Clothing... _ doFood... doFuel, electricity, and ice . . .doHouscfurnishings doRent _ ___doMiscellaneous ___ do

PRICES RECEIVED BT FARMERS}

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

Chickens and eggs. doCotton and cottonseed doDairy products— doFruits. do._._Grains doMeat animals ..do__._Truck crops _ .-.doMiscellaneous. _ do ;

iRETAIL PRICES

D. S. Department of Labor indexes:Anthracite 1923-25=100..Bituminous coal doFood (see under cost of living above).

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

Apparel:Infants' _ - doMen's .doWomen's - do

Home furnishings doPiece goods _ d o . . .

WHOLESALE PRICES

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

Economic classes:Manufactured products doRaw materials doSemimanufactured articles ___do

Farm products - doGrains . . . _._M_do.-..Livestock and poultry. do

Commodities other than farm products1926=100..

Foods doCereal products do.Dairy products ..doFruits and vegetables __.do.Meats do

Commodities other than farm products and Ifoods. _..1926« lOO-.j

Building materials.-....- do !Brick and tile .._„, do |Cement do....iLumber do jPaint and paint materials do !

Chemicals and allied products doChemicals . .doDrugs and Pharmaceuticals doFertilizer materials., doOils and Tats do

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

Hides and leather products doHides and skins ..doLeather . _ . . .doShoes do

House-furnishing goods...- . . . _ d o _ .Furnishings doFurniture do

Metals and metal products _.doIron and steel doMetals, nonferrotis doPlum bing and heating equipment- ..do

Textile products.. . . . . doClothing doCotton goods do ,Hosiery and underwear do jRayon do jWoolen and worsted goods.. do i

101.488.6

109.191. 790.8

106.6

120.6125. 9133.0107. 3123. 7(«)113.1

182185104177139134205277217

93.297.9

113.1

108.1105. 3112.6115. 5112.2

v 101. 9

COMMODITY PRICES

94.582.495.2&0. 390.1

102.5

112.0116.1110.2104.3118.2108.4108. 5

149147143148102119134204169

88.898.7

110. 2

104.9101.1109.1112.7107.1

90.0

96.496.191.7

100.895.3

105.7

94.893. 791.196.078.3

101,6

109. 396.993.4

131.699.196.095.3

126. 378.6

106.478.267.676.459.5

114.9115.3101. 4121.1102. 4107. 297.4

103.597.085.493.693.6

101.1110.569.030.3

103.0

95.184.595.790.490.4

.102. 9

112.9119.0116.8104.4119.7108.6109.4

14513515014798121173161133

88.996.7

111.9

106.7102.7111.2114.3110.8

96.7

97.097.092.0

101.395.3

109.3

95.594.691.195.085.2

104.0

94.9110.197.093.4

132.799.997.096.3

126. 579.3

108. 278.067.6 '77.058.9

115. 3115.5101.4121.8102.5107,497.4

103. 697.085.697.995.2

105. 3111.469.030.3

104.3

96.185.897.590.490.7

103.5

114.3123.6118.6104. 5121.2108.9110.1

146130151144111122180136132

88.9 ;96.7

I

I112.5 |

107.5104.2112.1115.1111.8

97.6

97.898.292.3

102.893.8

113.8

96.296.190.694.387.7

109.2

95.2110.597.193.6

133.1100.897.196.4

126.579.5

108.877.765.377.158.3

116.7116.6101.5124.3 |102.6107.797.4

103.897.185.698.296.6

106.6112.669.830.3

108.7

97.188.498.890.191.0

104.1

115.1126.5119.6104. 3121.9109.2110.6

150131158142118120190158136

87=595.9

113.4

108.6105.6113.2115.8112.6

98.7

98.7100.092.8 I

104.5 !91.5 |

US. 3 i

97.2 |98.790.294.1 !97.7 i

112. S II

95.6 !110.2 |98.0 !94.1 i

131.8 i100.6 !97. 1 !96. 4

126.779.2

108. 8 !77.7 !64.4 :78.1 !

58.4 !119.2123.5101.3120.7 i102. 8 I10S.0 I97.5 I

103.8 |97.185.6 !98.597.7 !

107.8 !113.8 i70.6 |30.3 I

111.0 '

97.388.699.190.591.1

104.2

116.0126.2121.6104.9122.2109.9110.9

152134159143131120189152138

88.996.1

113.2

108.3105.2113.0115.7112.2

98.8

99.099.792.9

104. 492.2

117.6

97.498.989.093.596.7

114.8

95. 7110.19S.094.2

131.5100. 697.3 |96. 5 !

129.1 !79.0 |

108.6 !78.0 I63.879.959.1

118.8121.4 I101.3126.6102.9108.197.5

103.997.285.698.598.0

109.6112.971.930.3

111.0

97.388.199.590.491.0

104.1

116.4125.3123.2105.0122.3108.5110.9

151137153141148116191169134

96. e

113.1

108.0105.1112.9115.6112.2

98.6

98.699.892.8

104.488.8

116,9

97.199.387,292.0

105. 4113.9

95.6110.198.194.2

131.7100. 397.296.5

129.178.4

108.578.463.381.259.8

118.2118.5101.3126.4102.9108.197.4

103.997.285.698.597.6

109.1112.770.030.3

111.0

88.0100.390.490.8

105.0

117.0125.3124.6106.3122.8108. 0111.1

154145155144131115193200139

96.8

113.1

108.0105.1112.8115.6112.3

98.7

98.6100.192.8 |

105.389. 1

117.8

97.099.287.290. 098.5

113. 4

95.7 j110 3 |98. 091.2

132. 9100. 79o.7 ,98. 5 |

129. 178.5

104. 2 !79.0 !'62.7 '81.460. 8

118.2118. 5101. 3126. 4102.8108.097.5

103.897.285.694.197.1 .

107.2112.769.730.3

111.0 !

98.188.2

101.1 190.490.8 j

105.0 j

117.5125.2126.1106.2123.0108.0111.1

163156151151126115200256173 I

88.896.9

113.1

108.0 I105.2 i112.7 I115.5 I112.3 I

99.2 i

98.9 i101.292.7 |106.1 !89. 8 f122.6 '

97.5100.887.8100.298.0115.2

95.6110.398.794.2133.0100.19G.296.3129.0 |78.3 j101.6 |79.0 !62.2 !80.4 '-60.7 i118.2 !118.8101. 3126 4102. 7107.997.4

103.897.285.694.197.3

107. 2112.969.730.3

111.7

98.688.4

102.890.590.8

104.7

117.8125. 8126. 6106.2123. 6108. 0111.4

163166150156129119195191172

8S.897.0

113.1

108.0105.2112.7115.5112.2

99.6

99. 2102.292.9

107.893. G

122.1

97.7102. 489.1

105. 597.5

116.0

99.78S.5

105. 490.590.8

105.4

119.0125.9129.6106.2123.6108.0111.8

95.5110.498.794.2133. 2100.496.296.3128. 978.2101. 579.002. 681.160.6118,1118.0101.3120.4102. 5107.497.4103.897.286.094.197.1107.0112.769.730.3111.7

95.5110.498.794.2133.3101.096.296.2128.878.3101.579.061.979.200.6117.8116.0101.3120.4102. 5107.397.4103. 897.286.094.197.1107.0112.470.530.3111.7

100.388.6106.590.590.8106. 2

119.8125.9131.1106.2123.7108.0112.7

101. C88. (

108. o90. (90. S106.4

120.4125. t132.:106. o123.7108. (.112.*

169173158165134117200226185

169178160171127117197238181

88.097.0

113.1

108. 0105.3112.6115. 5112.2

S8.997.1

113.1

108.0105. 3112.5115.5112. 2

100.0

99.4103. 092.7109.091.5123.4

97.9103.489.3109.298.2115.5

100. 3

99.4103.992.6110.592.8121.3

97.9103. 589.5111.2102.0112.0

95.8HO. 198.694.2

133.1100. 790. 596.2

105.478. 6

101. 5 !79.162.378.400. 7

117.8116.0101. 3126.4102.5107.397.4

103. 807. 286.093.297. 1

107.0112.470.5 I30.3 |

111.7 I

17*18o1021751511241%

113. 1

108. 1105. o112.6115.5112.2

•p 101.0

p 99. e106. 192.1

113.6l o o . :123, {>

p 98. 1104. o

80.8111. -S104. o113. t

v 95. Vi110. (98.794.2

133. S100. o99. 596. J

165. 470. <•

101.179. 2

00. 7117. s116. <>101. 8120. 4102. '107. o

97. -1v 103. 8

97.286.090.497. 2

107! (112.4

70. 530. 3

112. 1

» Preliminary. « Not available.§ Data for February 15,1943: Total, 178; chickens and eggs, 170; cotton and cottonseed, 163; dairy products, 179; fruits, 150; grains, 138

miscellaneous, 158.meat animals, 214; truck crops, 301;




1943

Janu-ary

1942

Janu-ary

Febru-ary March April May June July August Septem-

berOcto-ber

Novem-ber

December

COMMODITY PRICES—Continued

WHOLESALE PRICES—Continued

U. S. Department of Labor indexes—Con.Commodities other than farm products and

foods—ContinuedMiscellaneous 1926=100..

Automobile tires and tubes doPaper and pulp____ do . . . .

Wholesale prices, actual. (See under respectivecommodities.)

PURCHASING POWER OF THEDOLLAR

As measured b y -Wholesale prices - ...1935-39 = 100..Cost of living doRetail food pric s . . .doPrices received by farmers do

90.773.0

100.1

78.982.975.157.7

89.371.0

102.8

83.889.386.070.5

S9.371.0

102.9

83.288.685.572.5

89.771.0

102.9

82.487.584.272.0

90.372.5

102.9

81.586.983.570.1

90.573.0

102.8

81.486.282.169.1

90.273.0

101.6

81.685.981.169.6

89.873.0

100. 5

81.585.580.268.2

88.973.098.9

81.185.179.264.4

73.098.8

80.884.878.964.4

88.673.098.8

80.484.077.162.2

90.173.098.8

80.283.576.262.2

90.573.099.0

79.683.175.359.1

CONSTRUCTION AND REAL ESTATE

CONSTRUCTION ACTIVITY*(Quarterly estimates)

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

Residential (nonfarm) do ,Nonrosidential building, except farm and I

public utility, total mil. of dol_.Industrial doAll other do

Farm construction, total _.do 1Residential _.do [NonresidentiaL .,.. - do

Public utility.. doPublic const ruction, total do

Residential do......Military and naval doNonresidential building, total. do

Industrial- doAll other do

Highways doSewage disposal and water supply doAll other Federal . .-__do__..Miscellaneous public-service enterprises

mil. of dol..

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 do_...Contract awards, 37 States (F. W. Dodge

Corporation):Total projects. - —number..Total valuation thous. of doL.

Public ownership... doPrivate ownership „. do

Nonresidential buildings:Projects number.Fioor 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 cumber.-Valuation.... thous. of dol.

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

Indexes of building construction (based onbid?, permits issued, U. S. Dept. ofLabor) :f

Number of new dwelling units provided1935-39=100..

Permit valuation:Total building construction.. _do

New residential buildings. doNew nonresifiential buildings doAdditions, alterations, and repairs.-do„__,

Estimated number of new dwelling units innonfarm areas fU. S. Dept. of Labor):

Total nonfarm (quarterly)*. numberUrban, total do

1-family dwellings. do2-family dwellings doM ultifamily dwellings do

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

P 1 1 2*>67

P137

25,338350,661315,57535,086

6,84227, 913154,004

17. 42824, 920110,813

68238, 254

38647, 530

(a)(a)(a)

()

24, 692i 3,660

1877i 1,323

226,826

6811882

23,862316,846198, 251118,595

3,24521,113123,231

19,83826, 864102,758

56764,428

21226, 429

119.7

120.0112.8132.193.0

r 21, 553' 16,050

1,533'3,970

628,780

111

128100

40,000433,557310,249123, 308

4. 60031,576169. 606

2,556880468

1909505

1951,6761056186836315211728103

22

1259912595

55,843610,799472, 817137,982

5,98242,456231,834

34,492 47,73141, 836 50, 770168,014 219,276

68158,535

22737,402

214.1

183.0184.2216.079.6

' 36,292' 23,838' 2, 709' 10, 745

634,823

1,72592,148

40567, 541

182.9

148.8164.8145.7102.7

138, 300' 31, 948' 25, 550

2,311' 4,087

729,485

1459812882

33,167498, 742354,575144,167

5, 20851, 281234,939

26, 68338,341162, 097

94558, 477

43, 229

209.3

128.8175.793.5100.3

' 33,358' 25, 014

2,970' 5,374

1929015876

40, 557673, 517568, 988104, 529

8,33267, 961297,885

28,02438,147147,964

3, 480127,107

721100,561

164.7

116.7131.1111.2

• 26, 356- 23, 3721,183

' 1,801

1,044,57:

' 3, 459-•873470

124

1982,586

1301, 22?904860441993085

2288319376

51,8631.190,2641,105,41484, 850

14, 372134, 085568, 385

33. 00250. 673185, 471

2,739203, 341

1,750233, 067

102.1

85.385 381.478.2

167, 500' 22.069' 13, 961

1,104' 7,004

968,938

2327520674

33.100943, 796875. 95167, 845

11,093113,134489, 066

18, 92433, 634127. 382

1, 900129, 611

1,123197, 737

90.3

77.575.475.770.3

•17,02710, 2811,314' 5,432

1,201, 561

1946418265

30,055721,028633,18387,845

10,95290. 774

407, 324

17,11026,177100, 551

1,384111,960

609101,193

100.4

63.979.448.470.8

' 17,048' 12,253

'771'4,024

813,077

' 4, 299'695'285

12289

5245191

3, 604175

1,9091,1941,165

292122972

13

1817017970

30, 558723,216660,95362, 263

10, 40597,962466, 860

18, 55629,759126,708

1,11165.811

48663, 837

95. 5

(a)

90.6(a)63.5

87.900' 22.067' 11,694' 1,150' 9, 223

712, 709

175

18583

35, 934780, 396709, 87970, 517

9,94577, 245

372, 991

22, 21837, 444161, 206

3, 035154,795

73691,404

107.7

(a)

98.5(a)50.7

' 21, 772' 16,448

1,133' 4,191

691,979

1748619890

35,872654,184591,94062, 244

12, 28152,615

256, 513

21,82637, 707156,654

1,08094,157

685146, 860

88.7

(a)

77.9(a)

38.2

' 14,522' 10,671

926' 2,925

607,622

» 3, 243v 515

v 19*40p 20*>20

P 152p 2, 728v 190

P 1, 264P 1,054p 1,040

P 1 4p 143*>20p 50

'139'77'175'91

38,797708,716663,81744,899

15,09367, 327278,091

21, 30238,112159,652

1,386142,157

l,01C128,816

(a)(a)

85,80013,1579,7611,0582,338

373,622

' Revised v Preliminary «Data not available.1 Represents construction from private funds only; data for construction from public funds are included in the total but are not yet available by classes.§Data for January, April, July, October, and December 1942 are for 5 weeks; other months, 4 weeks.fData revised beginning January 1940; revisions not shown in the October 1942 issue are available on request.*New series. The new estimates of construction activity are compiled by the U. S. Department of Commerce with the exception of the series on residential (nonfarm)

construction which is from the U. S. Department of Labor. For a description of the data, see pp. 24-26 of the May 1942 Survey and for January-June 1941 figures, p. 8 of the-August 1942 issue; revised quarterly data for 1939 and 1940 will be published later; for 1940-42 annual totals, see p . 11, table 11, of the January 1943 issue. For earlier datafor the estimates of total nonfarm dwelling units, see note marked "*" on p. S-4 of the November 1942 Survey; this series includes data for urban dwelling units shown,above by months and data for rural nonfarm dwelling units which are compiled only quarterly.Digitized for FRASER




1943

Janu-ary

1942

Janu-ary


temberOcto-ber

Novem-ber

Deceraber

CONSTRUCTION AND REAL ESTATE—Continued

HIGHWAY CONSTRUCTION

Concrete pavement contract awards:Total.... „ . ...tuous. sq. yd_.

Airports --doRoads.-. _ - doStreets and alleys.. do

Status of highway and grade crossing projectsadministered by Public Roads Admn.:

Highways:Approved for construction:

Mileage .no. of miles..Federal funds.. ...thous. of dol..

Under construction:Mileage . . . . .__.no. of miles..-Federal funds. thous. of dol—Estimated cost . do

Grade crossings:Approved for construction:

Federal funds .doEstimated cost - do

Under construction:Federal funds -.doEstimated cost - do..-.-

CONSTRUCTION COST INDEXES

Aberthaw (industrial building). 1914«=100.-Aineriean Appraisal Co.:

Average, 30 cities.. 1913=100..Atlanta . . d o . . .New York . . . . . . . . . . .do . . . -San Francisco...-... doSt. Louis d o —

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._.._-. do..- .St. Louis _ . .do

Commercial and factory buildings:Brick and concrete:

Atlanta. . . .doNew York doSan Francisco ..doSt. Louis .„__...._ . . . .do—..

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

Residences:Brick:

Atlanta , doNew York._ doSan Francisco. doSt. Louis.. . . .do

Frame:Atlanta doNew York „ doSan Francisco doSt. Louis . . . . . .do

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

Federal Home Loan Bank Administration:Standard 6-room frame bouse:

Com hired index ..1935-39*100-Materials. . . . . do . . . .Labor.. _ . . . . - do

6,2375,065

541631

1, 36929,042

2,80785,097

139,497

6,7767,439

21, 20122,797

EEAL ESTATE

Fed. Hous. Admn., home mortgage Insurance:Gross mortgages accepted for insurance

thous. of dol—Premium-paying mortgages (cumulative)

thous. of dol_._Estimated total nonfarm mortgages recorded

($20,000 and under)* -thous. of dol..Estimated new mortgage loans by all savings

and loan associations, total...thous. of dol—Classified according to purpose:

Mortgage loans oh homes:Construction doHome purchase , doRefinancing doRepairs and reconditioning do

Loans for all other purposes. -doClassified according to type of association:

Federal thous. of dol...State members doNonmembers .do

249253251230242

213. 7

107.3140.0132.3130.7

107.0141.2135.6133.5

107.8138.9135.7130.4

107.4142.3129.6127.4

107.7144.3125.6126.5

283.5

124.7121. 5130. 9

45, 502

4,626,857

228, 283

4,7262,4901,1391,098

1,96730, 789

7,044117,669228,623

8,5429,314

35,92838, 300

229224240215230

203. 3

101.4137.0124.2123. 8

102.9138.4125.3124.4

102.5136.2127.1124.1

99.9137.9120.0121.4

98.5139.4117.7120.8

269.4

120.6118.6124.5

66,952

3,690,214

321, 396

79, 533

22, 79134,12712,8543,1806,571

31,14235,31213, 079

3,4641,4511,110903

1,79628,344

8,802119,233225,527

8,0478,761

34,75437,140

231225241215230

204.0

101.4137.0124.2123.9

102.9138.4125.3124.5

102.5136.2127.1124.3

99.9137.9120.0122.1

139.4117.7121.7

269.7

121.2119.3125.0

104.566

3,769,496

296,041

76, 756

20,79933, 76912, 3253.1386,725

31,91933,93910,898

7,0913,9721,7271,392

1,56224,612

6,778123,405226,543

7,4908,210

34,57636,913

218

237232247221236

206. 5

101.9137.5125.0124.4

103. 2138.8126.6124.9

102.8136.8128.5124.7

100.3138.3121.9122.5

98.8139.8118.9122.1

271.8

122.0120.0126.0

141,443

3,849,549

335, 636

87,367

21,77540,93013,2253,5477,890

36,32538,03013,012

8,9145,4162,0611,437

1,43124,055

6,817127.195231, 620

7,8068,503

34,4C736,814

238232248221237

207. 3

105.4137. 7125.7124.4

105.7139.0126.7124.9

106.4137.1128.6124.8

103.7139.3122.3122.8

103.2141.1119.5122.5

272.3

122.3120.5125.9

9, 225

3,916,421

359, 968

99,047

20, 48852,19614.5084,0837,772

38, 48443,93716, 626

14,4629,8003,2671,394

1,45527,968

6,672127, 511228,535

8,2018,893

33,65835,838

241233250224238

207.3

105.6138.2126. 6124.8

106.0139.6127.2125.3

106.5137.4130.4125.3

103.8139.7124.8123.5

103.3141.4120.2122.9

274.2

122.8121.0126.4

53,488

3,890,152

350,187

95,009

17,61053,09513,6073,8666,831

36,96643,00515,038

15,26611, 0382,0602,167

1,654

6,071122,402217, 280

7,1087,843

33,41335, 409

223

242242250228238

207.8

105.6138.2126.6129.6

106.0139.6127.2132.6

106.5137.4130.4129.4

103.8139.7124.8126.9

103.3141.4120.2124.8

277.7

123.5121.3127.8

98,800

4,071,838

342,250

84,095

15,93052,11215,1843,5667,303

35,27944,26514,551

14,94711,3661,9271,655

1,71836,170

5, 483114, 897200, 868

6,6967,358

31. 29933, 279

244245250229240

209.9

106.1138.2130. 0129.6

106. 0139. 6132. 3132.6

106.5137.4133.1129.4

104.1139.7125.8126.9

103.6141.4122.0124.8

281.6

123.7121. 2128.5

109, 350

4,155,187

353,511

95, 797

17, 70952,19016, 0973,6716,130

37,00743. 66515,125

13, 94710,0912,6531,202

1,60637,059

4,954109,549189,077

6,6657,327

29,41231,296

245248250229241

213.3

106.1138.2330.0129.6

106.0139.6132.3132.6

106.5137.4133.1129.4

104.1139.7125.8126.9

103.6141.4122.0124.8

281.6

124.0121.2129.4

109,660

4,232,030

336,850

92, 563

12. 56855,30114,0194,1266,549

36,62041, 54914,394

20, 09016, 9351,5181,637

1,53435,534

4,262102, 419174,898

6,7977,458

26, 41728, 231

225

246249251229242

213. 3

106.1138.2130.0129. 6

106.0139.6132.3132.6

106.5137.4133.1129.4

104.1139.7125.8126.9

103.6141.4122.0124.8

282.4

124.4121.5130.2

100, 456

4,311,126

345,964

94, 055

12,44958, 06014, 0633,8045,679

37, 98742,249

' 13, 819

12,4537,6002,8062,047

1,52434,968

3,71498, 230

165,052

5,8526, 512

24,60826,387

240249251229242

213.5

10G. 1138. 5131.3129.6

106.0140.0134.6132.6

106.5137.5134.5129.4

104.1139 9126.8126.9

103.6141.5122.5124.8

283.6

124.5121.6130. 2

89,833

4,393,862

357,083

91, 672

JO, 57256, 52814,6943,4986,380

35,55541,93714,180

8,6715,8211,4061,444

1,53133,435

3,32991,839

153,221

5,9046,564

23,19024,835

247250251229242

213.5

107.0139.8132.0130.6

106.7141.0134.4133.«4

107.2138.5135.3130.2

105.3140.9127.6126.7

105.0142.5123. 3125.6

283.7

124.4121.5130.2

73,768

4,473,021

278,321

73,979

9,27543, 98412,4723,0075,241

28,16335,44110,375

7,7345,0741,4881,171

1,40429, 634

2,95588,028143,983

6,8217,484

22, 24223,853

225

248250251230242

213.5

107. 2139.8132.0130.6

106.9141.0134.4133.4

107.6138.5135.3130.2

106.7140.9127.6126.7

106.8142.5123.3125.6

283.5

124. 5121.4130.7

54,086

4,554,952

265,406

70,628

8,47241,44012,7682,1995,749

27,38132, 75110,496

' Revised• The new series on nonfarm mortgages recorded, compiled by the Federal Home Loan Bank Administration, represents total mortgage legistratio s during the month,

based on reports covering approximately 600 counties and similar political subdivisions, which contain almost two-thirds of the total nonfarm population To relate mortgagerecordings as closely as possible to financing of 1- to 4-family homes, only instruments with a face amount of $20,000 or less on properties in nonfarm areas are included. Fordata for January 1939 to August 1941 see note marked " • " on p. S-5 of the November 1942 Survey.


8-6 SURVEY OF CURRENT BUSINESS March 1943

Monthly statistics through December 1941, to- !gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey

1943 1942

March | April August Bep- {tember

Octo-ber

Noveni-' Decem-ber ] ber

CONSTRUCTION AND REAL ESTATE—Continued

EEAL ESTATE—Continued

Loans outstanding of agencies under the Fed-eral Home Loan Bank Administration:

Federal Savings and Loan Ass'ns, estimatedmortgages outstanding^ thous. of doL.

Fed. Home Loan Bks., outstanding advancesto member institutions thous. of dol..

Home Owners' Loan Corporation, balance ofloans outstanding thous. of dol...

Foreclosures, n on farm:Index, adjusted .....1935-39=100...

Fire losses. - ..thous. of dol —

1,824,376

206,068

1,758,213

32.435, 565

1,829,218

197, 432

1,742,116

30.930,819

1,832,241

191, 505

1,724,229

29.230, 505

1,842,422 (1,846,790

185,288 I 181,165

1,709,064 11,692,197

29.327,D60

27.323, 233

1,849,400

192,645

1,675,888

28.022,410

11,852,972

173,593

1,657,256

27.921,000

1,856,269

160,201

1,640,119

24.3 '19,680 ;

; 1,861,062

| 144,752

! 1,622,087

25.220, 443

1,862,593

131, 377

1,603,106

24.422, 621

, - ... ~ . V . I

121,886;

1,586,709!'

23. J24,144:

DOMESTIC TRADE

129,213

•1,567,367

21.9' 36, 469

90. 882.7

101.387.677.5

118.6146.197.1

11.2843611255460

3,18060949

9041,6063,2751,061

10,940607870401336

2. 608187735270328781

2,6827,1342,033

120,33221,75698, 5752.5811,46719,14775, 381

ADVERTISING

Advertising indexes, adjusted:Printers' Ink, combined index-. 1928-32=0 00__

Farm papers do _..Magazines doNewspapers - doOutdoor do.-,-

Tide, combined index*... 1935-39=100.-Magazines* -doNewspapers* do

Radio advertising:Cost of facilities, total „_.thous. of dol..

Automobiles and accessories doClothing doElectrical household equipment...._do iFinancial doFoods, food beverages, confections doGasoline and oil do :House furnishings, e t c . - do jSoap, cleansers, etc do •Smoking materials . do . . . jToilet goods, medical supplies do . . . !All other _ do |

Magazine advertising:Cost, total ..do . . .

Automobiles and accessories doClothing do. . . .Electrlc household equipment doFinancial do . . . ,Foods, food beverages, confections do . . .Gasoline and oil _ doHouse furnishings, etc __do . . .Soap, cleansers, etc. do . . .Office furnishings and supplies doSmoking materials _ _._ .do . , . .Toilct goods, medical supplies.. doAll other do ,

Linage, total ..thous. of lines .1Newspaper advertising: !

Linage, total (52 cities) _.do....JClassified..- do.. . .!Display, total...._ _ -do !

Automotive _ do \Financial-. ._ _do |General _ do ...IRetail - do

GOODS IN WAREHOUSES

Bpaco occupied In public-merchandise ware- |houses § percent of total..

POSTAL BUSINESS Ij

AJr mail: Pound-mile performance,._millions..|Money orders !

Domestic, issued (50 cities): INumber _._._. thousands..Value . thous. of dol..

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

CONSUMER EXPENDITURES

Expenditures for goods and services:*Total mil. of dol. .

Goods doServices do

Indexes:Unadjusted, total .1935-39=100-._.

Goods doServices ,. _ do

Adjusted, to ta l . . . - doGoods d o . . . .Services _ .do

64. 879.877.3

123.1159. 6103.0

11,151347616776

2,91964660

8101,6043,3921,169

12.631648381199340

2,090146313325166743

2,1645,1162,179

94, 44822, 28572. 204

1, 5131,887

14, 67454,130

4,417

146.0

164.9

80.551.672.374.580.6

117.5134.597.3

10, 285251874541

3,10256766

1,1181,3563,094

728

10, 4S6580383103318

1,93780

318242177733

1,8533,7631,940

89, 34119.06470,2771.3202.20413, 07653,877

83.4

2,594

5,74358, 379

15. 707135, 685

6.393 |4.1432,250

131.1133.2127.6141.9151.1126.3

81.049.372.775.383.1112.0120.195.0

9,382210844541

2,84550259998

1,2152,846537

13,044473660227357

2.648168417515237673

2, 6753,9922,130

87, 94418, 19269. 7521. 5601. 33914,66252,191

83.9

80.447.569.474.894.2

108.5110.991.9

10, 282176835654

3,11247067

1,1251, 2983,122

551

15,811481

1,242237390

2,941277798763242790

2, 9224. 7282, 331

106. 90821.97584. 932

1.9381, 849

16, 2(iS64, 878

85.0

2,553 ! 3,019

5, 31759, 823

14,525138, 264

5, 9093,6902,218

130.4131.5128.6138.9146.0126.6

79.152.667.974.777.7109. 2100. 9

9,3721521154544

2,78538052

1,0581, 2932,843605

14,848710905244402

2,466385815593205 ,736

2,7714,6152,168

107, 05521, 64985, 4062,4161,70417, 82163, 464

78.053.867.972.878.0107.998.9

9,1991381085652

2.54343152

1,005 I1,318 j2,856643

I15,421

772968161403

2,352542851640257809

2,8834,7832,064

107,04422,32684.7182,3341,248

16, 52964, 608

85. 2 84. 5

80.951.777.674.269.2112.2104.691.2

265624541

2,47336742

1,0501,2992,792553

13,932796735213304

2,043392536477171732

2,9284,6041,769

97,66320,60877,0552,5411,37014,84158,303

85.4

88.061.990.379.075.9123.4126. 5100. 5

8,500367554541

2,16234942

1,0131,3292,571527

11,109631 !250 i213257

1,738306208320170609

2,4064,0011,700

89, 41120,08569,3262,3161,616

13, 98751,407

6,99787, 793

19,134210, 702

6,505 I4, 2552, 251

134.8139.0127.6138.9145. 3128.0

2,996

5,67359,746

17,093164, 302

6, 622 !4,339 j

2,283 |

138.4143.1130. 3138.6143.9129.5

3,156 I 3,130 j 3,443

5,411 6,31259, 542 73, 783

15,256137, 629

6,6064,3152,291

138.4143.4129.91S9. 1143.9131.0

16,865162,616

6,5714, 2772,294

137.4141.2130. 8138.1142.1131.3

5. 57365, 221

88.263.284.281.372.5

122.6134.9101.2 I

8,186 i448 |455753 j

2,051342 !51 ;

928 ;1,252 i2,337 !

623 !

12, 415 '765724126280

1,785405266378193671

2, 2684,5542,072

94, 96321,93173, 0322.1461,022

13.195 i56,069 !

3. 661

5,49568, 098

16,071 14,582152,047 142, 851

6,5214,2242,297

134.0136.4130.0142.0148.3131.3

6,7454,442 !2,304 |

139. 2 !144.3 I130.4 !

146.1 I154.0132.5 .

87.669.481.579.486.9122.5140.096.5

8,878429704749

2, 33634643

9291,3472, 659622

15, 394754

1,208232425

2,307422624350275741

2, 4635. 5932, 344

84.2 !69.8 |82.0 S77.9 !65.6 j113.3127.995.8 [

! 0. 332339945349

3. 0274800

853]. 4853,081

815

18,1891, 1431,381443441

2, 947415882445298831

2, 8656,0992, .528

$8.473.991. 782.155.6

117.1134.4100.1

10,

3,

1,3,1,

1 n

716362115675702753254799497136069

.1 £A '

104,506 | 117,44222,65881. 8472,4811,09915, 57262,695

I

81.0 I

3,870

24, 07193. 3712.4041, 233

19, 78169, 953

82,1

9791,144522466

3, 377367757479322983

3,0756. 9792, 650

119,06322, 99696. 0672,7871,470

21, 77570, 035

5,952 6. 022 7, 748 {'8,701 78,748 75,475

16. 308174, 772

7.0154,6982,317

148.2157. 6132,0144. 5151.6132.2

8,20100, 554

17,380 15.649 18,376180,535 102,162 196,067

7,4995,1782,321

'151.8163. 7

'131.3 I'147.7 !'157.4 !'131.1 I

7,1874,8302, 357

154.8'166.9134.1151.4

r 161. 2134.5

8,3265,9662, 360

171.2193.3133.2145.2152.5132.6

' Revised.\ Minor revisions have been made in the data beginning January 1939; data are available on request.§ The number of reporting firms was greatly increased in September and October 1942 and data are now based on reports from over 700 warehousing firms operating nearly

2,000 merchandise warehouse buildings: Comparison of the revised August figure above based on the enlarged sample with the previous figures for August, 83.6 indicates thatthe ratios were not materially affected by the change in the coverage of the reports.

* New series. The new indexes of advertising are compiled by J. K. Lasser & Co. for "Tide" magazine; the combined index includes radio (network only prior to July1941 and network and spot advertising beginning with that month) farm papers, and outdoor advertising, for which separate indexes are computed by the compiling agency,in addition to magazine and newspaper advertising shown above; data beginning 1935 will be published in a subsequent issue. For data beginning 1929 for the series on con-sumer expenditures and a description of the data, see pp. 8-14 of the October 1942 Survey. Minor revisions in data for January through September 1941 are available onrequest.




1943

Janu-ary

1942

Janu-ary

Febru-ary March April May June July A u ^ tember

Octo-ber

Novem-ber

December

DOMESTIC TRADE—Continued

RETAIL TEADE

All retail stores, total salesj. mil. of doi.-Durable poods stores .do . . . .Nondurable goods storesf do

By kinds of business:Apparel doAutomotive doBuilding materials and hardware.-...doDrug doEating and drinking! -doFood stores „._ do. . .Filltng stations .__do.--.General merchandise doHousehold furnishings doOther retail stores!. do. , . .

All retail stores, indexes of sales:Unadjusted, combined indexf ..1935-39=100..

Durable goods stores doNondurable goods storesf do

Adjusted, combined index! doDurable goods stores doNondurable goods storest do

By kinds of business, adjusted:Apparel. doAutomotive |-._ . doBuilding materials and hardware doDrug .-_ doEating and drinkingf do. . . .Food stores do. . . .Filling stations.-. doGeneral merchandise doHousehold furnishings _ doOther retail stores! - - do

Chain-store sales, indexes:Chain-store Age, combined index (20 chains)

average same month 1929-31=100..Apparel chains do

Drug chain-store sales: ,Unadjusted.. 1935-39=100..Adjusted do. . .J

Grocery chain-store sales:Unadjusted .1935-39=100..Adjusted -do

Variety-store salevS, combined sales, 7 chains:Unadjusted .1935-39=100..Adjusted do

Chain-store sales and stores operated:Variety chains:

S. S. Kresge Co.:Sales thous. of dol..Stores operated.. number..

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

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

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

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

Other chains: IW. T. Grant Co.:

Sales ...thous. of dol..Stores operated. number..

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

Department stores:Accounts receivable:

Instalment accounts!.._-Dec. 31, 1939=100..Open accounts:? .do

Collections:Instalment accounts!

percent of accounts receivable..Open accountsJ do

Sales, total U. 8., unadjusted...1923-25 = 100..Atlanta! _ 1935-39=100..Boston .__.„_ .1923-25=100..Chicago .1936-39 = 100..Cleveland f-. - do . .Dallas 1923-25=100.Kansas City 1925=100..Minneapolis . 1935-39 = 100..New York.... „. 1923-25= 100-Philadelphia 1935-39 = 100..Richmond doSt. Louisi-..- 1023-25-100—San Francisco 1935-39-* 100..

4.481'652

3,829

405214235206537

1,303221622157582

139.182.7157.4158.6103.6176.5

197.848.8

163.8179.7236. 3172.8127.6156.7161.5190.7

177.0243.0

v 158.7r- 163. 6

v 106. 4r 145. 1

12,277665

8.063244

4,323202

5,481207

29, 6392,012

9,382496

20, 7291.611

11115092

132155

97112135114

4,355793

3,562

376321266163399

1,216268613170563

131.497.9142.3149.7119.6159. 5

176.973.2178.1141.7175.8155.3155.4148.5168.2172.5

164.0188.0

120.7126.0

170.4175.7

97.0132.3

11,854673

7,274' 243

3,819202

4,804 I20G !

28,345'2,019

8,983496

' 30, 5 %1,606

10899

205010812799121130122100122

' 103'116128110129

3,843694

3,149

290240249152381

1,090240541171489

128.594.3

139.6144.3113.6154. 3

157.960.6

179.8138.7383. 7150.4152.9139.8167.0173.0

165.0178.0

110.8118.5

170.0169.1

108.1136.1

11,750671

7,203242

3.739203

4,469206

27, 4662,019

8,417496

25. 4071,607

10487

4,474804

3,670

440248316167431

1,172270680203548

137.2100.1149.3142.8111.6152.9

171.456.5

174.7141.7175. 0150.9138.913S. 4176.0167.1

169. 0208.0

124.4125.0

170.0168.3

116.1133.6

13,174671

8, 503243

4,373203

5,091206

30, 2662,017

10, 470495

32, 3481, 608

10288

19459912774114120108859594117114101132

4. 592860

3, 733

406240373170446

1,220273700206558

142.0108.1153. 0141.5107.3152.6

152. 55G.6175.4146. 5179.0153.1134.3136.2149.8175.8

164.0174.0

124.6128.9

175.2170.1

123.1127.1

14.437672

8,640244

4,788203

5,934207

33,1362,013

12,363494

36, 5311,609

214711514993133153127111130106132155120149

4,569856

3,712

363247370182473

1,237288659192557

142.8109.7153. 5141.9100.6155.3

146.856.4

162.0151. 7181.0155.8129.6130.7132.5202.6

170.0181.0

129.3133.4

170.7168.2

130.2135.1

14, 219674

8, 573244

4,749203

6,136207

32,6602,011

12, 200493

37,1701,609

225010814489124137126 I10111199128147108142 I

4,503837

3,666

352260354181468

1,248286648174532

139.4105.4150. 5140. 4199.5153.7

142.361.2

153. 4155.6181.0156.3124.6127.2123.4200. 6

171.0172.0

129.5137.0

173.4170.8

129.1136. 2

14, 536673

9,105246

4,833203

6,205207

33, 0252,011

12, 222494

38,4571,609

225810012485121128109981179211613799137

4,433813

3,620

302269336190495

1,285317583162493

134.5101.2145.3146.2103.9160.0

163.161.4157.0162.2188.3159.3141.4139.0136.7

177.0200.0

132.3138.8

169.0172.4

132.2143.4

13,565672

8, 733246

4,504203

5, 775207

31,7052,011

10, 441494

34,6831,610

23608311667971051008894819212087138

4,615846

3,769

365269336195525

1,274 i280662187522

340.7104.4152. 5149.6105.1164.1

180. 761.5156.9168.7190.3166.5115. 3147.1138.2189.9

182.0212. 0

135. 2142.3

167.3174.3

124.8142.3

14,781671

9,607248

5,017203

6,156207

33,6752,012

11,442494

40, 5231,611

71 I53

591031447511713412711411594112147114158

4,840838

4,003

456247342194529

1,275280765193558

152.5108.3166.9146.1103.2160.0

163.558.3

153.1163.9201.0160.4124.8142.0142.3183. 6

183.0220.0

132.7138.2

168.9172.4

137.8143.4

14,997671

245

5. 023'203

6,094207

33,8472,015

12,648494

47,4671,611

2560133171105155161171133145120143174131184

5,284872

4,413

528238351207576

1,377282880219628

156.6104.7173.4150.1100.5166.2

166.054.2

147.0174.0220.9166.7128.1144.3145.7189.3

181.0218.0

'149.3' 147.1

170.9170.0

140.9143.2

17,237671

10, 278245

5,656203

7,335207

38, 4752,017

15,111493

54, 2941,611

2965137183J17154165170146156130160211145191

4,893776

4,116

477215289200532

1,277291846201565

159.0103. 4177.0154.0101.2171.1

182.150.8

147. 5174.9221.8167. 8143.3155.0157.6182.8

187.0228.0

'141.6'141 .0

' 169. 5' 169. 5

161. 6157.0

16,610671

11,046245

5,648203

6,719207

36,3762,018

14,382493

49,4261,611

2963

157206116168187191147144144182203158219

' 5, y&$944

' 5,039

••702215300

'280569

1,421221

1,214261

'801

'181 .9117.7

' 202.7145.1

95.4161.2

' 166. 349.1

149.0' 180. 5

218.0' 164.2

107.4135.6138.6

' 179.9

175.0216.0

208.7153.4

' 167.0' 162.1

263.0120.1

28, 667671

18,397244

10,464203

12,269207

64, 2402,015

25,138493

63, 3201,611

6890

3165

222286

' 1 8 1246252280231

v 216' 2 1 6' 2 6 2

304212296

' Revised. » Preliminary.§Beginning December 1941, seasonal adjustment factors of 100 are being used for this group.IThe index on a 1935-39 base shown in the 1942 Supplement is in process of revision; pending completion of the revision, the index on a 1923-25 base is being continued.tRevised series. Data for sales of "eating and drinking places," "other retail stores," and the totals for nondurable goods stores and all retail stores, have been revised

beginning 1935; revised data beginning August 1941 are shown in the October 1942 Survey; earlier data will be published in a subsequent issue. For revised data beginning1935 for the index of department store sales for the Atlanta district see p. 22, table 19, of the December 1942 Survey. The index for the Cleveland district has been completelyrevised; data beginning 1919 will be shown in a later issue.

JData revised slightly and rounded to nearest percent; revisions prior to November 1941 are available on request.




1943

Janu-ary

1942

Janu-ary


temberOcto-ber

Novem-ber

December

DOMESTIC TRADE—Continued

RETAIL TBADE-ContinuedDepartment stores—Continued.

Sales, total U. S., adjusted 1923-25-100._Atlantat--. _ 1935-39-100-.Chicago doCleveland!.. . . doDallas 1923-25=100..Minneapolis 1935-39 -100 „New Yorkt 1923-25=100-Philadelpbia 1935-39-10G.-Richmond... -_ do8t. Louisi 1923-25=100..San Francisco 1935-39»100._

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

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

Other stores, instalment accounts and collec-tions: *

Instalment accounts outstanding, end of mo:Furniture stores .Dec. 31, 1939-100..Bousehold appliance stores doJewelry stores do

Ratio o' collections to accounts at beginningof month:

Furniture stores.__ percent..Household appliance stores. do.- . .Jewelry stores do.~-

Mafl-order and store sales:Total sales, 2 companies-_-~-_..thous. of dol..

Montgomery Ward & Co do ._ .Sears, Roebuck & Co . . .--do.....

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

East --- -doSouth do___-Middle West -doFar West - . do

Total U. S., adjusted.— » do.—East . _ doSouth „ .doMiddle West „„....„.doFar West... .—_.....do...-

143194

179204

123157199142

*>93v 104

96, 68239, 98356, 699

152.2156.1187.6143. 9155. 4200.0205. 4234.6188.1211.4

138164154177161152

'130' 102182138167

10.5

'84 j'94

105103111

121119

111,48141, 85469,627

l l l .f i162.8173. 5138. 6166.6199.0214.2219.317S.S226.7

126144135150127134116157165117166

11.4

' 9 8102

102100102

111118

69, 64037, 96961, G71

151.1161. 0199. 3129.6135. 9186. 8196. 9218. 5163.0183.6

124150141161133124120149165130161

9.2

111'109

1019698

131319

131, 89455, 85076, 038

185.6204.9224.0165. 2194.5211.4228.2248.1186.4236. 3

117153134151131129110147156120157

8.4

122'118

1009193

131319

133. 90557, 60476, 301

175. 6183. 3202.0155.9200.1191.1192.4229. 3167. 0224. 0

108147123134126112105130147108147

6.9

r 130'127

67F587

131320

119,11750, 76268,356

164.8171.7188.0146.6188.8179. 5186.6221.7154. 8210.0

10414312513412311797122144108149

'129'136

141322

117,59748, 47669,121

160.3162.9179.4144.0203.6176.0177.4223.1152.5213.7

121162139143143133114139170126166

6.2

126140

141322

104,11842. 52161, 587

137.3128.1158. 6118.9193.8188.1179 9233. 5161. 2236. 3

130169148157165131123152194152172

'131'137

161325

113,44748, 74164, 706

160.8153.3178.0135.5207.8196.6192.4246. 9164. 3225.6

123161141146154126112133170122176

7.0

'129'124

161426

142, 02261,49580, 527

214.2201.2262. 8185. 7272.2202.6204.6238.0181.1232.6

128173147158150i31115139170129182

7.8

'127'114

138186i53170171144121142193135

••210

7.8

- 121' 105

125166146146162140119

' 140164129173

735463

181530

705062

1715

' 3 1

174,04576, 06897, 977

250.5245.4362.2210.8276.2192.8190.7244.4166.0230.0

153. 40668,39685,010

253.6266.2334.6216.5298.6194.9206.5243. 7165.2

102

4581

1645

193,41286, 472106, 941

272.7273.2325.8243.0324.5170.5164.1216.9155.8298.8

EMPLOYMENT CONDITIONS AND WAGES

EMPLOYMENT

Estimated civilian labor force, employment,and unemployment:

Labor force (Bureau of the Census)* millions..Employment*. __„ do

Agricultural* doNonagricultural* ...do

Unem ploy ment* . doEmployees in nonagricultural establish-

ments:!Unadjusted (U. S. Department of Labor):

Total thousands...Manufacturing doMining., . do. , . .Construction „ doTransportation and pub. utilities.doTrade do____Financial, service, and misc doGovernuiant - -do

Adjusted (Federal Reserve):Total . . . do

Manufacturings doMining. __ . . .do . . . .Construction.. doTransportation and pub. utilities.doTrade do

Estimated wage earners in manufacturing in-dustries, total (U. S. Dept. of Labor)*

thousands. .Durable goods do

Iron and steel and their products doBlast furnaces, steel works, and rollingmills thousands..

Electrical machinery doMachinery, except electrical do

Machinery and machine shop productsthousands..

Automobiles doTransportation equipment, except automo-

biles thousands..Nonferrous metals and products doLumber and timber basic products..do

Sawmills do

52.451.08.7

42.31.4

37,90615,719

8741, 4583,4786,3924, 2555,730

38,83315,910

8781.8283, 5036, 535

13, 5117, 8861,691

53.248.98.240.74.3

34, 87613, 468

9651,6623, 2886, 7564,1794,558

'35,819' 13, 657

9702.0443. 3656,907

11,4566,1071,515

542493979

374490

958362543304

63.449.48.441.04.0

35, 06213,693

9471.5943, 2706, 6864,1804,692

' 35, 053r 13, 814

9531.9913. 3516,802

11, 6546,2211,537

543503

1,005

383435

1,060367544305

54.550 98.942.03.6

35,41113, 859

9331,6253, 2956,7114,1944,794

' 36, 002'13, 939

9361,8863, 3666, 812

11,8216, 3501, 556

544511

1,028

391421

1,145373545306

53.750.79.3

41.43.0

' 35,908'14,019

9291,7713,3896,6794, 2054,856

' 38, 063r 14, 081

9381,8263.4086,690

11, 9886,5001, 5G9

546520

1,048

400429

1,250370549308

54.251.610.241.4

2.6

36, 34614,133

9281,9093.4426, 6674, 3094,958

' 36, 274' 14, 220

9331,7913. 4356,695

12,1276,6491,579

548523

1,058

409460

1, 345373551309

56.153.311.541.8

2.8

36, 66514, 302

9211,9913,4846,6064,3245,037

'36,461' 14, 320

9291, 7083, 4466,610

12, 2826,8231,599

549528

1,078

418485

1,443378555312

56.854.011.742.32.8

37, 23414,041

9232,1083,5196. 5044, 3555,184

' 37,051' 14, 640

9291,8513,4716,G09

12,5647,0031,612

546542

1,094

425513

1,559381559313

56.254.011.242.82.2

37,80214,980 I

9182,1813, 5336,4964,3715,323

' 37,433'14,819

9181,9163,4906,607

12,8697,1921,620

540564

1,114

435534

1,673387561313

54.152.410.242.21.7

38, 34815, 233

9102,1853,5426, 5614,3975,520

' 37, 645r 15, 006

'9001,9593,4826,523

54.052.410.541.91.6

38, 47815,313

9022,0283,5396,6974,3275,672

' 37,902' 15,162

8881,9023,4666,619

13,079 | 13,1667,313 7,4641,621 1,635

532586

1,126

440556

1,752390546303

525610

1,148

449572

1,836392535295

54.552.89.8

43.01.7

38,53315,434

8941,8963. 5206,7714,2955, 723

38,32515,349

8831, 8893, 5086,673

13,2674,5971,643

517630

1,168

457592

1,909398526290

53.451.98.9

43.01.5

' 38,942' 15, 684

'885' 1,674r 3, 502' 7,107' 4, 279

' 5,811

' 38,842' 15, 687

884' 2, 004' 3, 535' 6, 635

13,4827,7811,676

520649

1,190

467615

1,998405515284

' Revised. * Preliminary. ISee note marked "V' on P- 8-7.JA few revisions in data for 1938-41, resulting from changes in the seasonal adjustment factors, are shown on p. S-8 of the November 1942 Survey.{Revised series. Indexes of department store sales for Atlanta district revised beginning 1935, see p. 22, table 19. of the December 1942 Survey. Revised data beginning

1919 for the Cleveland district will be published in a later issue. The estimates of employees in nonagricultural establishments and in each of the component groups, withthe exception of the trade group and the financial, service, and miscellaneous group, have been revised beginning 1939 and revisions of the earlier data are in progress; therevised data will be published when revisions are completed (data beginning August 1941 are in the October 1942 Survey).

• New series. Indexes of instalment accounts and collection ratios for furniture, jewelry, and household appliance stores beginning January 1940 will be shown in a sub-sequent issue fa new series on amount of instalment accounts outstanding is included on p. S-15). The estimates of civilian labor force, employment, and unemploymentrelate to persons 14 years of age and over employed or seeking work, excluding institutional population and the estimated number of persons in the armed forces; persons onpublic emergency projects are included with the unemployed; data beginning April 1940 will be shown in a subsequent issue. Data beginning 1939 for the new series on wageearners in manufacturing industries will also be shown in a later issue; the figures shown above and on p. S-9 for all manufacturing, durable goods, nondurable goods, and theindustry groups have been revised in this issue and figures previously published for these series are not comparable with the current data.Digitized for FRASER


March 1943 SURVEY OF CUEEENT BUSINESS S-9


1943

Janu-ary

1942

Janu-ary


tember October Novem-ber

Decem-ber

EMPLOYMENT CONDITIONS AND WAGES—Continued

EMPLOYMENT—Continued

Wage earners, manufacturing industries*—-Con.Durable goods—Continued.

Furniture and finished lumber productsthousands-.

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

Nondurable goods doTextile-mill products and other fiber man-

ufactures thousands..Cotton manufactures, except small wares

thousands..Silk and rayon goods .doWoolen and worsted manufactures (ex-

cept dyeing and finishing)-- thousands.Apparel and other finished textile products

thousands..Men's clothing do. . . .Women'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

thousands . .Chemicals and allied products do

Chemicals doProducts of petroleum and coal do

Petroleum refining. doRubber products— do

Rubber tires and inner tubes doWage earners, all manufacturing Industries, un-

adjusted (U. S. Dept. of Labor)t-1939«100_.Durable goods do

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

mills .1939=100.-Electrlcal machinery, .doMachinery, except electrical do

Machinery and machine shop products1939=100.-

Automobiles doTransportation equipment, except auto-

mobiles-... 1939=100--Nonferrous metals and products doLumber and timber basic products, .do

Sawmills. doFurniture and finished lumber products

1939=100..Furniture do

Stone, clay, and glass products doNondurable goods. do

Textile-mill products and other fibermanufactures 1939=100-.

Cotton manufactures, except small wares1939=100..

Silk and rayon goods doWoolen and worsted manufactures (ex-

cept dyeing and finishing). _. 1939 =100..Apparel and other finished textile products

1939=100.-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

1939=100..Chemlcals and allied products do

Chemicals doProducts of petroleum and coaL_ do

Petroleum refining- do.__.Rubber products . . . .do

Rubber tires and Inner tubes doManufacturing, adjusted(Fed. Res.)§ 1923-25=100

Durable goods. .-doIron and steel and their products, not in-

cluding machinery 1923-25=100..Blast furnaces, steel works, and rolling

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

1923-25=100..Tin cans and other tinware do

Lumber and allied products ...doFurniture doLumber, sawmills do

359

3615,625

1,271

882

361

"965

96310

332721

123

183

164.9218.4170.6

254. 7227.7

159.0

1,302.6176.7118.7

109.5

122.9122.8

111.1

111. 7

104.0

113.6

103.0117.0

f101.3250.1

116.1

151.3

392187375

5,349

1,294

100

188

89024725637721792523710017192329165

3454961061227814659

139.8169.1152.8

139.6190.1185.2

185.0121. 7

603.5157.9129.1105.5

119.5117.7127.9116.8

113.1

126.083.4

125. 7

112.8113.094.1

108.799.6

108.3102.874.1

142.398.4

124.1119.9

105. 4172. 2152.8115.3106.3121.1109.3135.7US. 7

398189372

5,433

1,296

502102

180

9442562753842209092389916495327165

3405231071237814658

142.3172.3155.0

139.8194.0190.1

189.1 j108.1 |

667.8160.0129. 4105.9

121. 2118.4126.7118.6

113.3

126.785.3

120.3

119.6116.9101.4110.7100.9106.4103.173.9136.4101.4123.3119.9

103.6181.4154.2116.2106.8120.6106.4135.1146.8

139.0 I 136.5

150110

10814779.210670

397186374

5,471

1,298

503.103

179

9592592773922258902398716095327165

3335511101247914658

144.3175.8156.9

140.0197.2194.6

193. 3104.7

721.4162.8129.7106.2

121.1116.9127.3119.4

113.5

127.086.3

119.7

121.4118. 6102.0112.9103.0104.2103.464.4132.6101.3123.2120.1

101.7191.1157.4117.5107.8121.0107.0134. 7146.9

134. 7

14994

112141

77.9104

68

14894

113122

75.4103

66

387179378

5, 488

1,303

507105

180

952259272386222893237

92160

93326165

331576110125

79142

58

146.3180.0158.3

140.6200.5198.3

197.9106.5

787.4161.6130.6107.0

118.1112.4128.8119.8

114.0

128.187.2

120.9

120.6118.5100.0111.3101.7104.5102.968.6

132.699.7

122.7120.2

100.9199.7158.1118.4108.4117. 0106.5136.0149.2

134.2

14991

116115

73.810164

384177376

5,478

1,298

508105

183

934256263381218906239

95165

91320163

328588110126

79141

59

148.0184.1159.3

141.0201.7200.2

202.2114.3

847.1162.9131.0107.4

117.2111.3128.2119.6

113.5

128.387.9

122.6

118. 3117.296.9

109.899.9

106.0103.870.6

136.997.2

120.5118.9

100.0204.1158.8118.7108.7116.9108.9137.7151.7

134.1

15190

116110

73.210064

381174376

5,459

1,298

509106

183

87324822937721494724512017492312160

3256001121288014662

149. 9188.9161.3

141.3203.6204.0

206.6120.6

909.1164.9132.0108.2

116.2109.6128.1119.2

113.4

128.588.4

122.7

110. 6113.484.3108.698.2110.8106.089.1144.099.0117.7116.6

99.0208.3160.7120.7110.1120.7113.8140.1156.3

135.5

153

117105

7 2.497

374172369

5, 561

1,293

509105

183

866241231374213

1,05225419118094302155

3256131121298015366

153.4193.9162.5

140.4209.1207.0

209.9127.4

982.5166.3133.0108.7

114.0107.9125.7121.4

113.0

128.587.8

122. 5

109.7110.185.0107.797.6123.1110.0142.3149.1100.2113.7112.5

99.3212.8160.2121.5110.3126.3121.2143.9162.1

136.3

15396

11910172.79564

369170370

5,677

1,283

507103

181

915247252367209

1,12525824817997298152

3256231111298115868

157.1199.2163.4

138.9217.8210.7

214.9132.6

1,054.3169.0133.5108.5

112.4107.0126.1123.9

112.2

128.086.0

121.3

115.9113.192.9105.895.6131.7111.8184.5148.6103.5112.3110.6

99.1216.3158.9121.6110.8130.7125.5145.0165.7

135.3

15199

12199

71.29163

367170369

5,766

1,272

50598

180

907246252357200

1,21026332217898297151

3236491111288116470

159.6202.5163.5

137.0226.3213.0

217.5138.2

1,104.0170.3129.9105.0

112.0107.2125.8125.9

111.2

127.781.9

120.3

115.0112.592.1102.891.7141.6113.6239.7147. 3105.2111.9109.7

98.5225.1159.2120.8110.3135.3130.5145.0167.2

133.7

12296

69.48861

368173368

5,702

1,275

505100

177

904242253357199

1,09926519717499300151

3316731111267916973

160.7206.7164.9

' 135. 5235.3217.3

222.0142.3

1,156. 5171.2127.2102.5

112.3108.3125. 2124.5

111.5

127.783.2

118.7

114. 5111.092.5

103.091.3

128.6114.7146.4144.6106.4113.1109.5

100.9233.4158.9119.3108.4139.9136.7

363168368

5,670

1,277

50699

176

887235248363204

1.038263140176100304150

3386931111257817477

161.9210.4165.7

'133.4243.0221.0

226.0147.1

1, 202.8173.5125.1100.6

110.5105.8125.3123.8

111.7

127.782.7

118.1

112. 3107.691.4104.793.4121.5114.1103.9145.8106.8114.7109.3

103.1240.3

r 159. 6117.8107.0143.8

r 141.9

365169368

5,701

1,287

51099

177

237248364203

1,02126411518399309151

3427081131247818080

164.6215.5169.0

'134.0250.3225.1

'230.0152.9

1,258.8176.5122.5

'98.2

111.3' 106.7

125.5124.4

112.5

128.9

'82.7

'118.5

112.2' 107. 8

91.1104.9'93.5119.5114.4'86.6

' 155.0106.3116.4

' 109.6104.2245.7

r 161. 1117.4107.1149.0

' 148.0

r "RoyicoH§Adjusted indexes of manufacturing employment have not as yet been computed on a revised basis corresponding to the unadjusted indexes on a 1939 base which have

been substituted for the indexes on a 1923-25 base formerly shown. The adjusted indexes on the old base shown above will be replaced by revised series when available.*New series. Data beginning 1939 for the estimates of wage earners will be published in a subsequent issue; see also last sentence of note marked on p. b-8.tRevised series. The Department of Labor's indexes of wage-earner employment and weekly wages in manufacturing industries have been completely revised; for 1939-41

data for the individual industries and 1939-40 data for all manufacturing, durable goods, nondurable goods, and the industry groups, see pp. 23-4 of the December 1942 burvey.Further revisions for the totals and the industry groups beginning January 1941 are shown in this issue; see p. 28, table 3, for 1941 data.




1943

Janu-ary

1942Janu-ary


temberOcto-ber

Novem- Decem-ber ; ber


EMPLOYMENT-Continuod

Manufacturing, adjusted (Fed. Res.)5—Con.Durable goods—Continued.

Machinery, excluding transportation equip-ment 1923-25=100.-

Agricultural implements (including trac-tors) 1923-25=100--

Foundry and machine-shop prod...doRadios and phonographs do

Metals, nonferrous, and products doStone, clay, and glass products do

Brick, tile, and terra cotta -doGlass... ..-do

Transportation equipment doAutomobiles do

Nondurable goods doChemical, petroleum, and coal prod..do

Chemicals ...__do.^.Paints and varnishes doPetroleum refining doRayon and allied products . . . . do . . . .

Food and kindred products doBaking .doSlaughtering and meat packing do

Leather and its manufactures -doBoots and shoes...-. -do.. . .

Paper and printing .doPaper and pulp .do.....

It ubber prod ucts doBubber tires and inner tubes ..do. ..

Textiles and their products doFabrics .__ doWearing apparel do

Tobacco manufactures.__.. doManufacturing, unadjusted, by States and cities

State:Delaware... 1923-25=100-.Illinois. .1935-39=100..Iowa .1923-25=100-.Maryland 1929-31 = 100..Massachusetts 1925-27=100..New Jersey.. ..1923-25=100.New Yorkf.——• . „ . 1936-39-100..Ohio , do. . . .Pennsylvania.. „ .1923-25=100.,Wisconsin 1925-27-= 100..

City or industrial area:Baltimore..... „_. 1929-31 = 100.-Chicago..... . .1935-39=100..Cleveland... doDetroit - 1923-25=100..Milwaukee . 1925-27=100..New Yorkf 1935-39=100Philadelphia ,.1923-25=100Pittsburgh do..St. Louis 1937=100..Wilmington 1923-25=100..

Nonmanufacturing, unadjusted (U. S. Depart-ment of Labor):

Mining:Anthracite _ 1929=100..Bituminous coal doMetalliferous doCrude petroleum producing doQuarrying and nonmetallic do

Public utilities:Electric light and power doStreet railways and busses do. . .Telephone and telegraph do. ...

Services:Dyeing and cleaning .doLaundries _ ...doYear-round hotels do

Trade:Retail, total -..do

General merchandising do.Wholesale do

Miscellaneous employment data:Construction. Ohio 1935-39=100..Federal and State highways:

Total t number..Construction (Federal and State)..doMaintenance (State) do

Federal civilian employees:©*United States do. . . .

District of Columbia doRailway employees (class I steam railways):

Total thousands.Indexes: Unadjusted 1923-25=100_.

Adjusted . . .do . - .

LABOE CONDITIONS

Average weekly hours per worker in factories:Natl. Ind. Con. Bd. (25 industries), hours-.U .S. Dept. of Labor, all manufacturingf.do

Durable goods* ..doNondurable goods* do

169. 5186. 3

156. 0

180. 2

160.8

134.0139.0123.0

171.'

73.877.0

189.4

181153220

147.1105.0

81135

211.086

125.2151. 8190145130313

148.415313998.895

125.2130

99.675

112.0104.1125.169.2

137.8137.2158. 2

r 150.099.2145.8138.9335. 3110.3124.9

149.8129.1151.5102.7134. 3121.9117.6118.5121.2127. 7

49.095.180.761.346.8

92.070.490.4

109.8108.894.2

95.4105.194.9

125.6

194, 09249,113105, 920

1,703,099223,483

161155235

146. 7100.1

78126

216.284

123.8154. 7192142131308

147. 615213896.392

123,4130

98.373

U0.0102-2122.866.

" i

138.1137.7153.3153.4100. 5148.3143.4135.4J11. 8125,7

154.1139.0152.8104. 6135. 1129.8120.3118.8124.3

48.894.581.060.646.7

90.570.790.3

109.5107.694.1

94.0103. 294.3

125.1

183, 55944,852101,087

193.1 197.0 j 200.4

160157250

146.896.9

75124

220.781

123,1155.9195141132309

144.4152137

97.403

122.0130

97.573

109.4102.6120.066.1

138.7136.9154.5157.4101. 5150,1145.4140.9112.5127. 4

157.7137.9155.6111.0137.6132.4122.8118.5126.6127.8

48.493.881.959.747.7

89.671.290.5

113.8107.993.5

94.4105.993.9

131.9

191, 44452,975102, 023

1,805,186 1,926.074233,403

1,192 1,1936b. 4 65.468.2 68.0

42.41.43.39.

4782

42,442.444.539.9

238, 801

1,21566.668.5

42.742.745.040.1

157160249

145.894.771124

230. 979

123.3157.4

194137132317

142.3151138

98.195

121.3130

93.773

110. 9104.8119.765.8

139.9136.4153.4160.7102.0151.6145.2142.8113.0129.6

161.2137.6157.3115.7141.8131.9123.8119.4128. 7128.1

47.893.581.958.850.3

88.972.191.2

121.3110.395.2

94.3108.692.7

137.7

218,03772,420105, 441

1,970,969248,100

1,26669.470.0

42.842. 744.940.0

202. 7

162161223

146.590.967122

246.283

124.3159. 1195131133318

143. 7151141

100. 097

119.512S

94.575

112. 3105.5122.763.6

145.2136. 3156.0164.0101.8163.3144.0143.7112.2131. 2

164.2136.6159. 3118.6144.9

' 128.1125.4119.3 j132.0130.8 I

48.292.982.258.151.7

88.072.991.7

127.6113.796.1

94.0109.591.2

142.8

236, 92990,103107,804

206. £

166165195

147.890.865119

268.489

124.7161.7 j

197 j127133324

143.8153146

100.198

118.5126

98.178

112.2107. 2118.564.1

151.4136.0158.5165.3101.5153.1139.4146.2113.6133.2

165. 5136.1162. 7127.1147.8-•116.4127.1119.8135.4137.0

45.592.781.857.651.9

87.774.0 |92.5 i

130.1 !114.8 I95.5 I

!92.8 I108.4 !90.4

137.5

212.3

169 |168 |199 I

150.391.0

65118

295.296

126.6162.4193126133311

149.2159151

95.392

117.3122

103.483

114.6108.1123.864.8

153.5137.5159.8171.6101.8153.3142.3148. 4114.1135. 5

170.4138.7165.0133. 5152.2

'119.0128.7119.9139.0138.1

93.081.557.151.6

86. 974.893.5

126.9119.194.4

90.3103.689,7

124.8

236,102 240,63389.999 94,191

112,000 j 114,361

2,066.873 12,206,070 12,327,932256,457 ; 268,383 ! 274,001

1,29671.170.3

42.742.945.240.1

1,31972.470.8

42.742.945.239.9 I

218.6

173172196

151.389.9

63118

314.499

125.2163.0

193128134306

150.4162152

91.288

116.1120

106.486

111.4106.2118.264.7

166. 7141.5162.0175.9102. 7158.4146. 4151. 5114.7136.9

174.5142.3167. 0137. 9155. 4

'129.3131. 4120.4138.9150.2

46.792.380.356.751.5

85.975.093. S

123. 7117.493.4

89. 4103. 990.3

122.5

238,72290,022117,972

2,450,759275,362

1,343 !73.7 !71.8 I

42.642.644.839.8

74.079 9

219 7

168171193

149.089.562119

329.1103

123 S161.219012713'?308

152 2163151

90. 5

114.41.19

107.488

108. 2103. 5114.164. 9

168. 7141.2163. 6177.2103.3161.7149.7155.4114.7138.8

166.0142. 9167.2176. 5105. 1161.9152.1157. 5115.5141. 1

174.142.167.178.106.163.153.159.115.143.

1s0442639r

' 17ti. 0145. 4173.8

r ISO. 3108. 33 64.2156. 8162. 9116.8145. 1

174.8142.9168.7143.1157.6

' 132. 0132. 5120.4138. 6155. 0

'46.691.678.655.850.7

84.275.793.6

123.0116.493.9

91.7112.089.4

116.5

219, 04780, 836109,076

2,549,474281, 423

1,34974.072. 5

173.4145. 8171.6146.9160.0

' 134. 1134.5122. 5141.4162.6

46.290.677.7

'55.550.0

'82.775.993.3

' 124.8115.995.6

94.6121.190.0

112.8

211,75178,0311C5, 701

2,087,093283,692

1,34874.072. 0

172.3146. 6

' 174. 5149.5163.6134.2136.8122.7143.1172.0

46.289.379.155. 048.5

'81.375. 993,1

119.7114.295.3

96. 8131.889.3

' 108. 1

186, 94258, 947100,898

2,750,101284,158

1, 34373.873.3

r 174.2149.0177.9150.3164.3134.6138.2124.3147.2177.9

'45.888.579. I54.646.8

r 80. 5r 77.0r 09 7

' 115. 7113.3' 04. 9

106. 2' 165. 5' 88. 8

96.6

161,01040, 58894,108

2,810,871284,068

1,35173.975.8

43.243.045.340.2

43.42.44.39.

4467

43.6 j43.6 i45.8 |40, 8 '

43.7 !44.0 |46.1 141. 3 1

44.244.446.242.1

r Revised. § See note marked "§" on p. S-9. t Total includes State engineering, supervisory, and administrative employees not shown separately.1 Data for years prior to 1940, comparable with data beginning with that year published in the 1942 Supplement and currently, will be shown in a subsequent issue.cf Data for December 1942 exclude about 80,000 excess temporary Post Office substitutes employed only at Christmas.f Revised series. Earlier data for the revised employment index for New York City not shown in the July 1942 Survey and subsequent issues will be published later.

For revision of the Department of Labor's series on average weekly hours, see note marked with " t" on p. 3-12.* New series. Earlier data will be published in a subsequent issue.Digitized for FRASER


March H»43 SURVEY OF CURRENT BUSINESS S-ll

Monthly statistics through December 1941, to-gether with explanatory notes p,nd referencesto the sources of the data, may be found in the1942 Supplement to the Survey

1943

Janu-ary

1943

Janii- j Febru-ary ary March April

IMay Juno July August Sep-

temberOcto- Novem-1 Decem-ber bor 1 be i"


LABOR CONDITIONS—Continued

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

Beginning in month thousands.-In progress during month do

Man-days idle during month.., doEmployment security operations (Soc. Sec. Bd.):

Placement activities:Applications:

Active file thousands..New and renewed do

Placements, total doUnemployment compensation activities:

Continued claims _. thousands..Benefit payments:

Individuals receiving payments § .-doAmount of payments thous. of doL.

Labor turn-over in manufacturing establishments;Accession rate..mo. rate per 100 employees..Separation rate, total _ ___do

Discharges.-. ____doLay-offs. .doQuits do, . . .Miscellaneous do

195225

90100450

i 1, 6781,384

727

1,227

22712,182

PAY ROLLS

Weekly wages, all manufacturing industries,unadjusted (U. S. Dept. of Labor)t-1939=100..

Durable goods doIron and steel and their products do

Blast furnaces, steel works, and rollingmills 1939=100..

Electrical machinery __.doMachinery, except electrical do

Machinery and machine shop products1939= 100_-

Automobiles doTransportation equipment, except auto-

mobiles 1939=100..Nonferrous metals and products doLumber and timber basic products.--do

Sawmills doFurniture and finished lumber products

1939=100.-Furniture do

Stone, day, and glass products .doNondurable goods „. do

Textile-mill products and other fiber manu-factures 1939=100-.

Cotton manufactures, except small wares1939=100.-


cept dyeing and finishing)-._ 1939=100._Apparel and other finished textile products

1939=100-.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

1939=100..Chemicals and allied products.. do

Chemicals doProducts of petroleum and coal. .do

Petroleum refining .doRubber products do

Rubber tires and inner tubes doManufacturing, unadj. by States and cities:

8tate:Delaware.. 1923-25=100..Dlinois... .1935-39=100..Maryland.. . _ 1929-31 = 100..Massachusetts .1925-27=100..New Jersey.. .1923-25=100..New York} 1935-39=100.-Ohio doPennsylvania 1923-25=100.-Wisconsin 1925-27=100..

City or industrial area:Baltimore..-. 1929-31 = 100..Chicago 1935-39«100-.Cleveland doMilwaukee _ .1925-27=100-New Yorkf - -.1935-39=100-PhiJadelphia —1923-25=100-Pittsburgh doWilmington..__ do

355. 4

264.5

350. 9

208.0233. 6187.0

L283. C

155255

3349

390

4,8991,956

439

4, 584

79741,056

6.875,10

.301. 612.36

.83

200. 7255. 9211.0

181.8279.2 I282.0 !

l277.9 '188.0

1,042.4223.0154.5126.5

190275

5780

425

4,8881,532

427

4,103

83839,884

6.024.82

.291.392.41

.73

208.2265.8219. 8

187. 3288.0295. 9

2S9.4167.1

.144.6228. 7163.5135. 2

151.9 I150.8153.3140.8 I

151.2 Ii

181.2 |111.7 j180.0 I

133. 4138. 6107.4142.3 !133.7130. 0117. 5

170.03 23.6155.6155.8 !

115.4231.7199.3138.4126. 6149.1131.2

187.9188.4

r 241.4129.3205.3197.8203.6139.4175.2

247, 5189.1243.7182.0156.7160.6153. 3169.2

159.9157. 8159. 9151.9

153.7

185. 6118.9169.1

155.1150.1133. 6151.3142.5126.3118.6

101.0151.6122.7156. 0157.9

112.9245. 4200.3144. 3131.9149.8129.5

188.7192.4251.5132.6210.2210.0210.9144.7182.2

256.0189.1254. 7187. 0176.6168.6157.5169.4

240320

6580

450

4,5591,567

511

3,977

80343,035

5.36.33

1.193.02

.82

215.1270. 2226.6

189.8296.3307. 8

300. 6167.4

1,237.0237.5165.6137.1

161.7156.7162. 2155. 4

155.1

187. 2122. 3171. 2

163. 5 j157.9136.8156.7 I148.5125.3 !

119.3

85.6149.0119. 4156. 9159.2

112.5263.4206.7145. 4132.9 ,156.5135.5 j

193. S194.3259.7136.4219.2216.4223.3146.8188.1

263.8191.0256.5195.0183.1174.6168. 4173.9

310405

55 !85 I375 '

4,3981,576606

275375

72325

4,2541,565784

350440

100117550

4,2801,841

925

400520

100450

1 3, 2541,6561,006

3,512 ! 2,970 i 3,159 I 3,207

66836,311

7.126.12.351.313.59.87

221.4287. 2230. 5

188.2303.6315.4

311.1169.8 i

1,370.7240.7170. 6143.1

161. 2153.4165.3157.0

157. S

190.1127.2177.1

156. 8155.9128. 3154.8146.1126. 5119.0

91.8151.4124.7154.3156.0

111.8282.1210.6144.9131.8149.9 I135.3 I

199. 4195. 9276. 7137.6224.2218.0227.4148.9191.3

281.3192. 5263.6204. 4181.4179.2159.5178.1

CIO31,704

i7.29 |6. 54 !.381.43 !3.77 |.96

228.7300.0236. 3

55330, 226

8.256.46

.381.213.851.02

234.5312.1241.5

191.310.0325. 8

575 ,32,625 |

8.286.73

.431.054.021.23 |

350475

80100450

" 1,403982

54328, 252

7.907.06

.42

.874.311.46

242.7323.9245. 7

290400

80 |

i 2, 4001,2131', 39S

2, 026

22, 395

9.158.10.44.18

5.191.79

235 ;320 |

60 !66325

!

"']' 2671,531

1, 517

31016, 895

8.697.91.45. 78

4.652.03

7 | 192.9 197.2 !317.2 j 325.7j337. 9 i 339.1 \

321.4 !183.2 |

335.2193. 4

1,481.3 i 1,585.5245.9 j 253.0177. 8 190. 2147. 9 158. 9

162.7156.6168.9 |159.0 |

1160. 0

196.1127.8184.0

150.9156.6118. 2151.7141.2131.5123.6

94.7158.3124. 6152.7154.8

111.0295. 6217.5147.1132. 7157.6148.3

214.2198.6279.5141.4230.0219.4233.5151.1197.8

282.2193. 5273. 6216. 2

' 175. 5"?184. 6^161.8190. 3

161.3153.1167.6158.7

161.1

195. 9128. 2186. 9

132. 9143.892.3

148.3136. 8139.7129. 9

123. 5171.8132. 0149. 4152. 8

110.2306.1221.0150.0134.7164.5151.1

220.0200.0285.3142.1230.2212.0239.6154.6206.4

288.1196.4286. 2222.7

' 156. 5190.3165.4196.0

' 337.1202. 5

1. 753. 2260. 0189.4157.4

157.1r 149. 8

163. 2163.3 |

162.0 I

193.0 j126. 2 |200.6 |

135.2 !138.6 !101.2 !148.7 |136,9 i153.7 I135.2 |

213.7175.4133.8144.1147.1

254. 8342.0251.5

196.6343.9352.6

352.1218.0

1,920.8268.5 i199.1 |164.1 J

159.8 j154.3 ;169.6 ;169.5 !

166.3

202.2126.9198.1

151.4146.4119.6146. 3134.9161. 6138. 5

266.2173.4144. 3147.1149. 7

110.0317.2225.0154. 0137. 6176. 3166. 8

233.2201. 2307.0146.9234.3220.3251.5155.2206.0

305.1200.1295.1229. 2165. 2198.2161. 9206.6

110.2326.4 1221.6 i156. 4139. 9184.4172.9

251.2210.3310.1150. 5243.0229. 8255.3160.3216.0

310.2206. 7300. 9244.1

M84.3205.2168. 4244. 6

261. 8352.4255.4

199.7368.6352.3

354.8225. 2

2.053.3 !

273.3 I192. 2158.4

158.1.154.1168.4173.3

166.8

208. 2126.5196.3

147. 4142.5115.8145. 6134.9173.2140.7

373.4173.0144.1147.0148. 5

111.2338. 5222.1160.5144.3189.9178. 6

264. 8210.3322.3154.8255. 4239.9261. 2161.8212. 3

320. 6209.0300. 0247. 0

' 192. 3212. 1171.5255. 1

165225 !

|

i 1,8951,139

931

160200

bl200

1,152712

1,128 I 1,130

270.9366.2 :264.1 !

222 ,11,574 |

8. 14 !7.09

.43

.654.211.M0

2bO. 4382.8270.1

19311,558

f>. 926.37

.46

.703.711.50

287.7391.2278.7

200. 7 j r 204. 1 i T 204. 7382.7 j 402.8 415.5371.5 ! 381.5 392.9

371.5235.3 !

2,116.3 '282. 7 !398.2 i163.0 i

168.2 !164. 5178.9177.7

173.0 I

210.6 j130.8 !308.2 I

157. 0148.4 |127.1 j149.2 I134.5 I164.4 |143.5 |

228.7176. 8153.7158.9158.9

136.3351. 4230.6160.8145.7201. 9190. 0

271. 9220. 4330.5160.4261. 5248.4275.0168.2228.7

329. 4218.4325.8261. 1

r 198.4217.9177,0271.3

381.9 j263.4

* 394. 6255.6

j 2,275.9 2,342.1292. 2188. 7152. 8

105. 0158.2179. 2180.3

175.4

212 8131.3 i201.0 I

152.7 |144.7128.1 !153.4 |137.4 I160.5144.0 !

163.9181.3157.4163.5161.1

122. 4365. 3

' 235. 6165.4

r 150.9213.3 j

r 204. 0

288.8223. 7339.4162.7269.3252. 8

' 285.1172. 2236.5

336. 2223. 0

' 339. 0271.3200. 7226.9181.2288. 9

301. 2181. 9

r 144. 5

170. 5' 163. 9

181.3186. 5

180. S

r 217. 7' 133.7r 207.9

154.0' 145. 7r 124.0

159.5r 144.5

165.7r 149. '£

M39.2r 213.6

159.7168.3

' 163. 6

126. S382. 9

r 242 2165.' 1

* 151.5228.6

'219.7

r 2S0.7233. 1335.0168. 9274.7261.1294.5174.3243. 5

' 333. 1231.9345. i277. 3203. 6231.1184. 4298. 3

r Revised. § Weekly average of number receiving benefits, based on an average of the weeks of unemployment compensated during weeks ended within the month.i Not comparable with data prior to July 1942, owing to change in active file definition (see note 1 on p. S-li of the December 1942 Survey). The July 1942 figure is also

not comparable with figures for later months, as data for July were not completely revised to the new basis.^ Data for years prior to 1940, comparable with data beginning with that year published in the 1942 Supplement and currently, will be shown in a subsequent issue. ^t Revised series. Indexes of weekly wages (formerly designated pay rolls) in manufacturing industries have been completely revised, see note marked " t " on p. S-9;

indexes for January 1943 are not as yet available. January data will be published in an issue of the weekly Supplement to the Survey. Earlier data for the revised payrollindex for » w York City not shown in the July 1942 Survey and subsequent issues will be published later.Digitized for FRASER



Monthly statistics through December 1941, to-gether with explanatory notes and referencesto the sources of the data, may be found in the1942 Supplement to the Surrey

1943

Janu-ary

1942

Janu-ary

Febru-ary March April May June July August Septem-

berOcto-ber

Novem-ber

December


PAY EOLLS—Continued

Nonmfg., unadj. (U. S. Dept. of Labor):Mining:

Anthracite. _ 1929=100-.Bituminous coal . doMetalliferous.... doCrude petroleum producing.. __doQuarrying and nonmetallic do , - . .

Public utilities:Electric light and power doStreet railways and busses.. doTelephone and telegraph do

Services:Dyeing and cleaning doLaundries _ doYear-round hotels do

Trade:Retail, total- d o , . . .

General merchandising doWholesale. do

WAGES

Factory average weekly earnings:Natl. Ind. Con. Bd. (25 industries) ..dollars..U. S. Dept. of Labor, all manufacturlngf-do

Durable goods doIron and steel and their products...do

Blast furnaces, steel works, and rollingmills. dollars.


Machinery and machine-shop productsdollars..

Machine tools doAutomobiles doTransportation equipment, except auto-

mobiles dollars..Aircraft and parts (excluding engines)

dollars -.Shipbuilding and boat building._do

Nonferrous metals and products doLumber and timber basic products.do

Sawmills doFurniture and finished lumber products

dollars..Furniture do

Stone, clay, and glass products doNondurable goods do

Textile-mill products and other fibermanufactures dollars

Cotton manufactures, except smallwares dollars..


cept dyeing and finishing) dollars..Apparel and other finished textile prod-

ucts dollars..Men's clothing doWomen's clothing do


Food and kindred products doBaking do.Canning and preserving doSlaughtering and meat packing..do

Tobacco manufactures 1..doPaper and allied products do

Paper and pulp do . . .Printing and publishing and allied indus-

tries dollars. _Chemicals and allied products do


Petroleum refining doRubber products do

Rubber tires and inner tubes doFactory average hourly earnings:

Natl. Ind. Con. Bd. (25industries) do. . . .U. S. Dept. of Labor, all manufacturingf.do

Durable goods doIron and steel and their products.-.do

Blast furnaces, steel works, and rollingmills . dollars..


Machinery and machine-shop productsdollars. .

Machine tools . .doAutomobiles doTransportation equipment, except auto-

mobiles dollars .Aircraft and parts (excluding engines)

dollars.Shipbuilding and boatbuilding...do....

Nonferrous metals and products.. . do....

39.4117.194.364.848.9

114.680.5

120.9

86.5103.891,5

105.791.8

37.4733.4038.9837. 51

38.6339. 5843.99

43.1450.8149.79

50.22

46.7252.4337.2722.6221.77

24.8625.4728.42

22.44

20.4021.39

27. 60

21.1823.3422.0324.9923.6428.6429.3020.6533.0221.0329.8932.82

35.6033.2839.1838.7741.0934.5940.05

.801

.890

.891

.992

.868

.907

.9261.158

1.044

.9631.085.851

49.6118.298.464.852.0

113.783.7

120.9

85.6102,592.6

93.9104.193.7

37.5334.0539. 6938.53

39. 6939.8144.97

44.0050. 8749. 74

49.92

44.9953.3737.5823.8823.20

25.7326.4630.0327.49

22.90

20.8022.32

27. 13

22.9624.3425.5526.0524.8628.4329.4121.9630.7020.3530.20

35.4033.3239.0240.1042.6434.9640.62

.880

.803

.892

.890

.995

.873

.914

.904

.9281.154

1.040

.9511.091

50.9116.999.162.654.4

113.584.7

121.8

92.7104.391.6

93.7105.293.9

6S. 1434.6340. 4639.32

40.1240. 2545. 67

44.7551. 4351.35

49.96

45.1852. 2838.3224. 2023.47

26.1426. 7530.3127.91

22.98

20.9222.74

27.63

23.5525.2926.1226.3225.3228.7729.4821.3531.0419.8730.29"33.50

36.5234.1039.5239.9442.5736.3142.27

.888

.811

.899

.904

.997

.875

.919

.901

.9431.154

1.043

.9561.078.869

!

44.7118.399.163.258.1

113.584.4

122.2

105.7108.693.5

93.6108.092.2

38.6835.1040.9539.44

39.7140.5845.90

45.2050.7951.23

50.65

45.9053.2838.9424.7823.97

26.6627.2630.4728.12

23.26

21.0523.40

28.31

23.2825.0425.0926.3725.2128.8929.5221.5231.4921.0929.9832.84

36.0034.9839.9739.5541.9735 9342'. 55

.896

.822

.912

.915

1.003.884.931

.922

.9441.146

1.053

.9711.083.881

51.5122.1100.862.063.0

113.686.8

125.0

113.1113.895.4

94.0108.5

39.0035. 8241.8140.15

40.3041. 2146. 98

52.2451.52

51.02

46.2253.2739.4725.7925.05

27.0628.0530.8628.55

23.74

21.0723.28

28.97

22.8225.3123.8726.0624.8429.6530.4521.5631.8721.5330.2432.94

36.0436.1241.0739.9242.0737.7644.05

.006

.835

.925

.923

1.007.892.949

.934

.9651.163

1.063

.9831.091.893

56.0140.3102,063.165.1

113.689.4

125.3

117.7115.296.6

93.4109.091.0

39. 5236.2542.2640.42

40. 3441.8147.71

46.4452.4751.55

50.80

46.6752.7340.3227.0026.26

27.1027.9130.9628.65

23.84

21.6323.24

29.43

21.5624.0621.4225.8324.4830.1731.3422.1932.8622.3730.1333.14

36.2136.7241.2140.0542.1838.2244.42

.917

.845

.935

.927

1.008.901.960

.944

.9741.161

1.065

.9931.088.904

1

45.9112.7'99.3

62.465.9

113.491.0

126.0

109.2117.896.5

91.8105.191.3

39.8036.4342.5140.16

41.6741.7247.04

46.0951.4150.98

51.86

46.0151.1140.9426.9826.14

26.9527.8430.5428.94

24.02

21.3222.98

31.59

21.7623.9223.2825.9124.7130.1731.4324.1332.6122.4330.1933.09

36.0637.3242.0140.7343.0039.0546.08

.928

.856

.949

.934

1.013.907.964

.949

.9751.164

1.094

.9911.138.920

48.2118.6

' 102.162.467.4

112.893.8

127.4

106.4116.896.6

91.4104.991.8

40.87 I37.3843.8441.56

41.9942.3248. 26

47.0452.1252. 72

53.17

46.2456.8241.8028.3027.33

27.3728.9531.5229.36

24.82

22.3723.62

31.43

22.9524.7026.3826.2324.8929.6531.6923.1432.4023.4231.1934.18

36.0637. 7641.7341.6343.5839.4746.10

.940

.870

.969

.951

1.038.912.977

.963

.9871.169

1.124

.9931.193.933

50.2122.2'99.1

64.967.5

112.593.6

130.5

107.9117.398.5

93.1112.492.3

41.7937.8044.4542.14

43.2143.6547.71

46.9550. 7252.26

54.22

46.5558.6042.1627.9627.22

27.6828.9031. 4029.53

24.98

23.1224.69

30.40

22.5124.1825.6725. 7625.9329.8931.7224.8832.6223.0431.2934.10

36. 6737.6241.7042.9845.1939.3145.80

.957

.892

.997

1.077.949.994

.979

.9901.185

1.161

1.0111.247.956

48.3124.8

'99 .864.1

111.295.3

128.4

112.5118. 9103.2

96.4121.694.6

42.1038.8945.3143.45

43.9343.7349.34

48.3052.3252.97

53.34

45.7557.5443.4329.5228.69

29.3330.5033.5230.66

25.84

23.3925.31

31.13

24.1725.5628.1727.5826.0330.9731.9025.3434.0224.3233.4636.59

37.5137. 7443.3843.8046.5640.3946.55

.958

.893

.990 i

.979

1.073.936.997

.983

.9981.172

1.132

.9911.208.956

4U. 2123. 9104.162.666.4

109. 497.8

129.0

107.9118.5103.9

99.2130.896.3

42. o039.7846.2744.20

45. 5744. 2449. 64

48.6553.1854.65

55.49

46.5360.6744.1528.5827.44

29.3430.0533.5331. 25

20.17

23.6225.46

31. 53

23.9725. 6627.4827.7925.9731.8432.3225.5734. 5224.8234.0137.18

38. 0638.1044.1845. 6148.8041.4848.45

.966

. SOS1.005

.984

1.081.942

':. 003

. 9861.0071.202

1.103

.9971.204. yr>9

r50.3' 128.1r 104.4'64.1' 61.4

r 109. 9r 101.3' J28.2

r 104. 8r 120.1r 107.0

r 107. 2' 103. 2

' 95. 4

42. 9940.2740.1844.62

45.4944.3750. 25

49.2853.7352.29

54.02

46.6858.0944.7028.0326.34

30.0230.8633.9432.08

26.73

24.0425.88

32.62

24.2725.7027.6028.9827.5233.3033.4625.9238.4625.2634.5737.83

39.4938.9844.8645. 7549.1142.8949.93

.970

.9071.004.985

1.088.944

1.011

.9911.0131.202

1.142

1.0031.220.976

'Revised.t Revised series. The Department of Labor's series on hourly earnings and hours per week have been revised and differ from those previously published owing to the

inclusion of additional data for industries not heretofore covered and extensive corrections, on the basis of Census and Social Security data, in the employment estimates ofthe Bureau which are used for weighting purposes. The series of average weekly earnings has been recomputed; this average is obtained by taking the product of the averagesof hourly earnings and hours worked per week. The industry classifications have been revised for all series to agree with definitions of the 3939 Census of Manufactures andthe Standard Industrial Classification Manual. Comparable data for earlier years will be published in a subsequent issue.




1943

January

1942

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

temberOcto-ber ber

Decem-ber


WAGES—Continued

Factory average hourly earnings f—Continued.U. S. Department of Labor—Continued.

Durable goods—Continued.Lumber and timber basic products

dollars. _Sawmills . do

Furniture and finished lumber productsdollars,.

Furniture doStone, clay, and glass products do

Nondurable goods doTextile-mill products and other fiber

manufactures dollars. _Cotton manufactures, except small

wares dollars..Silk and rayon goods doWoolen and worsted manufactures (ex-

cept dyeing and finishing).... dollars..Apparel and other finished textile prod-

ucts dollars..Men's clothing doWomen's clothing do


Food and kindred products doBaking do. . . .Canning and preserving doSlaughtering and meat packing ...do

Tobacco manufactures doPaper and allied products . do

Paper and pulp doPrinting and publishing and allied indus-

tries dollars. _Chemicals and allied products do


Petroleum refining.... doRubber products do

Rubber tires and inner tubes doFactory average weekly earnings, by States:

Delaware 1923-25=100-.Illinois 1935-39=100-Massachusetts.. __ 1925-27 = 100-New Jersey 1923-25=100-New York.. _ 1935-39 = 100.Pennsylvama--- 1923-25=100..Wisconsin 1925-27=100..

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

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

FBrm wages without board (quarterly)dol. per month.

Railway wages (avj»., class I)..dol. per hour..Road-building wages, common labor:

United States, average doEast North Central _ . doEast South Central do .Middle Atlantic do. . . .Mountain. do. . . .New England __ do._._Pacific.-. doSouth Atlantic .doWest North Central do. . .West South Central do

PUBLIC ASSISTANCE

Total public assistance and earnings of personsemployed under Federal work programs

mil. of dol.Assistance to recipients:

Special types of public assistance doOld-age assistance.. _ do

General relief doEarnings of persons employed under Federal

work programs:Civilian Conservation Corps...mil. of dol..National Youth Administration^1 doWork Projects Administration do__.

Earnings on regular Federal constructionprojects mil. of dol. .

169,6

.8321.61

.63

.89

.47

.84

.95

.811.03

52.66.49

0.589.570

.623

.641

.740

.571

.507

.551

.700

.612

.663

.627

.644

.616

.702

.697.583.791.555.710.760

.920

.802

.9491.0231.107

.8781.085

131.5137.3130.3169.3142.4144.8140. 3

.7761.53

47.77.841

.45

.65

.36

.63

.63

.57

.85

.35

.55

.40

162

88

62

166

0.597.584

.629

.649

.749

.689

.571

.510

.556

.697

.624

.663

.654

.653

.629

.702

.696

.587

.786

.550

.714

.764

.922

.799

.9501.0231.104.8741.074

131.6140.3131.9170.3146.4148.9145.0

.7801.54

.860

.43

.69

.37

.59

.62

.52

.82

.36

.51

.43

157

644919

7758

186

0.605.594

.636

.655

.752

.696

.573

.511

.561

.700

.628

.670

.655

.658

.633

.707

.698

.595

.791

.543

.716

.769

.961

.810

. 9631.0241.104.8901.080

134.6141. 8134.4175.4148.8150.2147.7

.7801.54

.840

.47

.68

.37

.57

.62

.62

.82

.37

.52

.42

159

644819

6762

194

0.618.606

.647

.667

.758

.703

.580

.514

.578

.710

.624

.671

.638

.671

.649

.715

.706

.613

.800

.561

.719

.769

.940

.823

.9741.0221.103.8961.084

137. 2144.0134.9177. 7150.1151.3147.7

.7881.54

50 54.834

.49

.65

.37

.64

.63

.62

.89

.40

.52

.44

150

644817

5756

237

0.632.620

.652

.677

.762

.712

.589

.528

.575

.715

.620

.687

.608

.675

.650

.725

.717

.617

.800

.571

.727

.777

.946

.846

.9901.0211.098.9121.096

142.0147.9138.9180.5152.4153.6150.8

.7881.54

.835

.53

.67

.41

.60

.68

.65

.90

.43

.55

.42

141

644915

4651

287

0.657.645

.653

.673

.772

.718

.593

.528

.572

.729

.609

.682

.581

.678

.652

.727

.731

.599

.806

.581

.742

.797

.953

.858

.9901.0271.102.9211.103

139.0148.9140.0180.9152.1155.4154.9

.7961.55

.826

.56

.71,42.61.68.64.92.46.57.43

135

'654914

4647

314

0.658.647

.651

.673

.779

.725

.602

.528

.577

.769

.620

.683

.617

.680

.654

.720

.738

.601

.801

.581

.751

.809

.949

.8721.0041.0391.114.9321.107

146.3148. 4144.3184. 0154.8155.4152.1

.8031.56

56. 97. 825

.59

.75

.41

.69

.71

.69

.95

.48

.60

.41

120

655014

0)042

368

0.677.663

.661

.682

.786

.730

.616

.549

.590

.774

.634

.697

.631

.683

.657

.718

.732

.611

.807

.593

.757

.814

.949

.8761.0011.0541.130.9331.105

145.0150.9146.5184.7157.0159.8157.8

.8231.59

.828

.61

.76

.43

.66

.77

.65

.97

.50

.60

.46

no655013

0)031

423

0.682.671

.675

.700

.799

.743

.634

.575

.611

.779

.645

.701

.647

.702

.677

.715

.733

.612

.813

.597

.767

.825

.960

.8811.0141.0881.165.9451.114

150.9151. 3150.0190.1160. 3161.9153.1

.8231.59

.839

.63

.77

.46

.64

.74

.661.08.50.66.44

105

655013

0)(a)

26

426

0.694.684

.685

.707

.812

.751

.639

.576

.615

.783

.652

.702

.663

.708

.683

.744

.740

.664

.821

.602

.771

.828

.973

.8661.0191.0811.160.9471.115

157.4156. 7152.6194.5163. 3166.9162.0

.8261.59

59 25.832

.66

.83

.48

.72

.82

.701.04.52.72.47

104

665113

0)(•)

25

439

0.685.670

.685

.703

.810

.756

.642

.577

.619

.789

.648

.705

.651

.713

.683

.751

.749

.671

.823

.611

.772

.831

.976

.8671.0271.0931.174.9551.125

159. 4159.8152.9198. 8104. 7169. 7164. 9

.8321.60

.850

.66

.83

.47

.75

.87

.751.06.54.77.46

101

665212

0)1

22

435

0.677.657

.687

.706

.810

.762

.644

.578

.619

. 789

.649

.707

.651

.719

.692

.762

.758

.673

.839

.613

.770

.829

.980

.8761.0321.0921.176.9661.131

159.7163.3156.0201.6167. 6171.1167.8

.8321.60

.845

.67

.88

.46

.82

.88

.801.02.56.69.48

101

675212

0)122

432

FINANCE

BANKING

Accepcances and com'l paper outstanding:Bankers' acceptances, total mil. of dol..

Held by accepting banks, total.. .do_...Own bills ...doBills bought do

Held by others* . doCommercial paper outstanding.... .do

12095603524

220

1971541035243381

190144925346388

183146895737384

177139865338373

17413382514.1354

163122784441315

156119774238305

139108713731297

12397643326282

11994633125271

11690612926201

11893603425230

' Revised. » Preliminary. •None held by Federal Reserve banks. a Less than $500,000.« No data available for small amounts expended after June 1942 for the CCC now in process of liquidation as directed by Congress.^Beginning with July 1942 only amounts expended for the student work program are included; need is no longer a criterion for enrollment in the ont-of-school work

program, which is focused on training inexperienced youths for war industries, and the program is therefore dropped from this series.1 Construction wage rates as of Feb. 1,1943: Common labor, $0,832; skilled labor, $1.61.t See note marked "t" on p. S-12.




1943

Janu-ary

1942Janu-

aryFebru-

ary March I April I May June July A n a r _ t | Sep- | Octo-August | t e m b e r j b e r! Novem-! Dceern-; ber ! her

FINANCE— Continued

BANK13 G - Continued

Agricultural loans outstanding of agencies supervised by the Farm Credit Adin.:

Total, excl. joint-stock land bks.. mil. of doL.Farm mortgage loans, total -do.

Federal land banks do.Land Bank Commissioner do

Loans to cooperatives, total doBanks for cooperatives, including central

bank mil. of dol..Agr. Mktg. Act revolving fund do

Short term credit, totaL. doFederal intermediate credit banks, loans

to and discounts for:Regional agricultural credit corps.,

prod, credit ass'ns, and banks forcooperatives^1 mil. of dol._

Other financing institutions doProduction credit associations. doRegional agr. credit corporations...doEmergency crop loans - .do. . . .Drought relief loans do

Joint-stock land banks, in liquidation..doBank debits, total (141 centers) do

New York City . . . do . . . .Outside New York City ...do

Federal Reserve banks, condition, end of mo.:Assets, total mil. of doL.

Res. bank credit outstanding, totaL .doBills discounted doUnited States securities do

Reserves, total doGold certificates do

Liabilities, total doDeposits, total do

Member bank reserve balances doExcess reserves (estimated) .do

Federal Reserve notes in circulation^ doReserve ratio percent..

Federal Reserve reporting member banks, con-dition, Wednesday nearest end of month:

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

Individuals, partnerships, and corpora-tions mil. of doL.

States and political subdivisions doUnited States Government .do

Time, except interbank, total doIndividuals, partnerships, and corpora-

tions mil. of doL.States and political subdivisions...do . . .

Interbank, domestic doInvestments, total do . . .

IT. S. Qovt. direct obligations, total, .doBills t-- - - do. . . .Bonds . doNotes _ do. . . .

Obligations guaranteed by U. S. Govern-ment mil. of doL.

Other securities.. _ ...doLoans, total - do

Commerc'l, indust'l, and agricult'L...doOpen market paper doTo brokers and dealers in securities..doOther loans for purchasing or carrying

securities . .mil. of doL.Real estate loans... doLoans to banks.. . . .doOther loans do

Money and interest rates:§Bank rates to customers:

New York City percent..7 other northern and eastern cities do11 southern and western cities, d o —

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

Prevailing rate:Acceptances, prime, bankers, 90 days

percent..Com'l paper, prime, 4-6 months...doTime loans, 90 days (N. Y. S. E.)..do.__.

A verage rate:Call loans, renewal (N. Y S. E.)—do—.U. S. Treasury bills, 3-mo do

A verage yield, U. S. Treasury notes, 3-5 yrs.:Tax-exempt percent..Taxable* _ do.. . .

Savings deposits:Savings banks in New York State:

Amount due depositors mil. of dol..F . 8. Postal Savings:

Balance to credit of depositors. doBalance OD deposit in banks do

2. 6082,0801,579

501146

13212

382

265381853

1134420

50,14019, 87730,. 203

28, 5566, 339n

5,96920, 93120. 52028, 55614,80513,6302,38712.265

77.3

29. 434i; 8885.2455'. 408

5,268112

9,19731,91826, 7409,53513,1174, 088

1, 9083, 2709, 7905.921229637

3751, 184

461, 398

1.004.001.50

1.00.367

1.29

5, 594

1,44516

2, 8732,3431,753590130

11116

400

225401915

1184832

44 27517,24727,028

24, 2882, 369

42. 24320, 90220, 53324, 28814,71512,9273, 3478,30390.8

24, 747

24, 2061,8201, 4515, 2595, 058181

9,08819. 08712, 6891,2409,0872,362

2, 7093,68911,2556, 77842444S

1,24837

1,911

2,8782,3321,746586129

11017

417

235412034

1224732

37, 78514, 24223,543

24, 3222, 412

52,262

20, 84620,53524, 32214,44112,6192,9698, 55990.6

24,712

24,5951,8041,6715,205

5,005180

9,03319,55113,1321,2069, 5892,337

2,7233,696

11,3926,902

422471

4101,250

371,900

1.004,001.50

Me

1.00.214

.47

.96

5,433

1,31025

1.004.001.50

MeH

1.00.250

5,401

1,30725

2,8762,3111,731

580125

10616

440

24743

2194

1274730

44.82017, 05627, 764

24,1872,355

92,24420.82120,49524,18714, 26812, 5753,0738,63590.9

24,197

23, 6731,9161,8695,137

4,953164

8, 88519,10012,705

6809, 6712, 354

2, 6843,71111,3947,003424408

4071,245

291,878

1.852.483.201.004.001.50

1.00.212

i .44.93

5,392

1,30525

|

2,8872,2961,721575121

10216

470

258442454

1304729

42,47416,02326,451

24,3592,468

72,35720,82420,51024, 35914,20412,6582,7918,82190.4

25. 358

24, 6362,0961, 5065,128

4, 929189

8,68720,11113, 730

1,6699,7052,356

2,6753,706

11,0946,726

409441

3951, 246

301,847

1.004.001.50

MeH

1.00.299

5,373

1,30625

2,869 !2,2881, 715

572114

9913

468

25745

2414

1314728

44, 22616, 98527, 241

24.4682,634

72, 489

20.79920.52224, 48814, 09412, 4052,4869,07189.8

25, 483

24, 9221, 9711, 3015,109

4, 014175

9,17520, 77414,5591, 953

10, 3092,297

2, 6673, 54810, 9056, 542

382528

4031,243

281,779

2,8642,274I, 706568115

10113

475

26047

2484

1294727

45, 68617, 39428, 292

24. 6722,775

32,645

20,83020. 56624, 67213, 95712, 3052,3629,37689.3

25, 502

25, 3431,8031, 4425,112

4, 955137

9,09021, 64216, 2002,918

10,3832, 899

2,0323,410

10, 7406, 469

341519

3931, 236

361,746

1.004.001.50

Me

1.00.364

1.03

5,374

1,30724

2.072.563.341.004.001.50

MeH-H

1J4

1.00.363

1.15

5,422

1,31624

2, 8682,2741,706

568117

10412

477

26147

2495

130

45, 61517,11028, 505

25,1393,245

43,153

20, 80220, 54625,13914,15912, 4922.1309,72187. 1

26, 670

28, 2361,8111,7825, 115

4,975120

8, 44422,81617,3523, 376

11,1182, 858

2, 0353,429

10, 6966, 432

336

26. 8181,8061,5115,158

5,019115

8,68124, 07518,4934,512

11, 2282,753

2, 0953,487

10,3826,282

313569

4071,230

291, 693

1.004.001.50

MeH

1.00.368

1.20

5, 411

1,32921

2,8182,2321,679

553117

10412

469

25547

2435

1284626

• 44, 89817,05127,847

25,29S3, 565

3,42620, 80320. 57525, 29813, 95212,3382,14310,15786.3

27, 217

3811,230

261,657

1.004.001.50

MeH-H1U1.00.370

1.25

5, 427

2.7762,2071,663544126

11212

443

24943225" 512446

2 2548, 12318, 59329, 530

25, 7543; 774

83, 567

20, 80820. 57625; 75413, 66011,5921,690

10, 65880.6

27,424

27, 3441,9092, 0185, 285

5, 038121

8. 52725. 59319, 9485, 36611, 2573, 325

2. 1063'. 53910. 3616,270

282526

3811,221

651,616

2,282.663.251.004.001.50

Me-H1H

1.00.370

1.27

5, 449

1,344 | 1.35820 i 19

2,733 12,179 I1,645

534145

13013

409

39202

511845

2 2449, 95018,32331,627

2,1481, G25

26. 9534, 959

II4,667

20, 81320.56926. 95314,313 j12, 735 !2.644 j

11.220 I81. 5 !

1,9472, 69b5, 215

S. SP8

11,4, .?0

756 !

3601,217

461, 578

1.004.001.50

'A «H-%

IK

1.00.372

1

nc,

0»'7

:i'JO

L'65yj9 7

'1

v<5')24*s•SO

1.28 !

2, 0592,1151.603

512159

!4013

14513

384

] 144523

16,05617,01629,040

27,748 i5,714 j

5,399 I20,799 I20. 573 '27,748 j14,534 j13,208 !2,909 l

H.756 !79. t !

27339

1854

1134421

• 59, 48323,921

• 35, 562

29, 019r G, 679

60,189

20, 90820, 55429. 019Jo, 19413,117

1, 98812.193

76.3

2*, 257

2S, 7091, 7596, 7575, 256

5,130100

9,141r31,148

25, 895r 8, 744

r 12,985' -1,1G9

1,937'3,31310.3216,074

239850

3991,199

531,507

•"'OH ;( : tfl

2. 633.261.004.001.50

1.00.363

1.34

5,459 j ', tr> 5,570

' 1,377 I :. <'*: : 1.415r 18 I 4 17

r Revised.§For bond yields see p. S--19.1 No tax-exempt notes outstanding within maturity range after Mar. 15, 1942. Average shown for March 1942 covers only first half of month.J Amount estimated for one bank.e?To avoid duplication these loans are excluded from the totals.t Bills and certificates of indebtedness beginning April 1942.*New soriVs. Earlier data for the series on taxable Treasury notes appear on p. S-14 of the April 1942 Survey.



Monthly statistics through December 1941, to-gether with explanatory nctes and referencesto the sources of the data, may be found in the1942 Supplement to the Survey

1943

Janu-ary

1941 1942

January

Febru-ary March April Mav June July August Sep-

temberOcto-ber

Novem-ber

Decem-ber

FINANCE—Continued

CONSUMER SHORT-TERM CREDIT

Total consumer short-term debt, end of month*mil. of doL-

Instalment debt:Pale debt, total*-- do

Automobile dealers*.------ .doDepartment stores and mail order

houses*. mil, of doi._Furniture stores* doHousehold appliance stores* doJewelry stores* _ doAll other* do

Cash loan debt, total* do-.. .Commercial banks, debt* do., ._Credit unions:

Debts - _doLoans made .doRepayments§ do

Industrial banking companies:Debt .do. . . .Loans made-. doRepayments-.-. do

Personal finance companies:Debt doLoans made doRepayments do

Repair and modernization debt*.__doMiscellaneous debt*--. do

Charge account sale debt* doOpen credit cash debt*... doService debt* do

Indexes of total consumer short-term debt, endof month:*

Unadjusted 1935-39=100-Adjusted do

INDUSTRIAL AND COMMERCIALFAILURES

Grand total number-Commercial service, total -doConstruction, total doManufacturing and mining, total- do

Mining (coal, oil, miscellaneous)...._do._.Chemicals and allied products ..doFood and kindred products doIron and steel products doLeather and leather products doLumber and products . . . .doMachinery ___doPaper, printing, and publishing doStone, clay, and glass products doTextile-mill products and apparel doTransportation ecjuipinent doMiscellaneous.. - do

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

Liabilities, grand total. thous. of doL.Commercial service, total._ do. . . .Construction, total _.doManufacturing and mining, total... do

Mining (coal, oil, miscellaneous) doChemicals and allied products.......doFood and kindred products.. doIron and steel and products. doLeather and leather products .doLumber and products ._ doMachinery doPaper, printing, and publishing doStone, clay, and glass products. doTextile-mill products and apparel doTransportation equipment do. . . _Miscellaneous do . . .

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

LIFE INSURANCE

Association of Life Insurance Presidents:Assets, admitted, totalt mil. ofdol—

Mortgage loans, total doFarm doOther do. . . .

Real-estate holdings doPolicy loans and premium notes doBonds and stocks held (book value), total

mil. ofdol—Gov't. (domestic and foreign), total.do

U. S. Government doPublic utility do. . . .Railroad doOther _ do

Cash -. doOther admitted assets do

*343

y 132v 11* 20

p 403

45828

7207

31

5, 51 5396698

2,249206

34469105

52139333498

4252

42115

1,800372

26, 8175,023

6714,3521,4832,241

16, 5287,6135,7794,3092,6871,919

955587

"•9,132 I

' 3, 509r 1, 812

438590294108267

2,100- 652

2051830

46

5276674

325101

1,709• 1, 202

612

151151

9625365

15946

395

113

131

443

25604

81

9, 916589851

3. 550184200

1, 378173

99176

5170

4615100500

3,6411. 285

8,766

3.2991,668

416573285100257

2,036618

1981926

2853540

5216470

313101

1,6241,193614

145147

916595714158315513815224223

58970

9,631927920

2,52518273

470116119456662143331922455

4,2321,027

26,9285,047672

4,3751,4742,228

16,7067,8165,9814,3042,6801,906884589

' 8, 591

' 3, 104' 1, 513

40656727295251

2,005601

1962527

2824245

5218585304101

1,680' 1,186

616

142144

1, 0484877188644378251024436318

65085

12,0111.194'8963,73929922

1,10216620439019149312442725296

4.8131,369

27,0805,071673

4,3981,4522,216

16, 7547,8305,9834,3512,6711,902986601

I

' 8, 334

' 2,919' 1, 369

390561258

91244

1,967586

1901925

2773742

5177175

297100

1,660r 1,171

617

138139

9383865

14648

3645

152

183

293

19624

65

9,282335

1,0332,953

48156936

6453

26358

42998

316204328

3,8291,132

27,2095,105

6814,4241,4362,202

16,9448,0146,1564,3692,6591,902

921601

' 7, 961

T 2, 706' 1, 239

36754324085231

1,908564

1841824

2683443

5045871

28999

1,575r 1,151

621

132132

95542631347517342052032052564769

9,839471

1,1752, 924234496229569246635623962348274

4,392877

27, 3415,134684

4,4501,4232,188

17,3918.4536,5954,3782,6501,910597608

7,547

' 2,475' 1,120

33261221979213

1,858546

1792025

2613643

493687928198

1, 466r 1,125

623

125125

8044867135142356181118723217

48868

9,906673945

3,327222118632996382930040312418078279

3,7521,209

27,4625,164685

4,4791,4102,176

17, 4318,4536,5924,3962,6301,952712569

' 7, 096

' 2, 248' 1,004

300475202

71196

1,789521

1731824

2533442

4816375

26497

1,322r 1,112

625

118119

7645263

12055

1983

115

205

241

14465

64

8,548915584

2,07885

177265161

18191156224129

1773,9501,021

27, 5985,194

6884,5061,4002,158

17, 4158,4436,5874,4052,6231,944

876555

' 6, 761

2,032874

27744918367182

1,716491

1661623

2463340

4666075

25295

1,285r 1,102

626

112114

69847661195523541081252022040561

6,781638520

2,2492373342176502071633415326222

3842,475999

27,7255,212687

4,5251,3922,144

17,8438,8887,0934,4092,6161,930574560

' 6, 559

' 1,862'769

' 26142816963172

1,642460

1601622

2363141

4526074

24094

' 1, 336r 1. 095

628

109110

5562754775452Q

1051151501335543

5,473268646

1,661519289017292171311101002800

1402, 276622

27,9095,220685

4,5351,3822,129

17,9058,9087,1324,4442,5971,956690583

' 6, 337

' 1, 704r 664

'25340815461164

1, 551421

1521422

2243044

4375974

22792

1,365'1, 088

629

105105

67340611020717I3971332041840505

7,181525756

2, 3740

1463527218169580125628170195

2, 660866

28, 0835,225680

4, 5451,3702,110

17,9048,9387,2044,4342,5811,951868604

<• 6, 102

r 1, 572"573

r 24739214261157

' 1,483393

1451421

2112536

42859m'21590

1.330' 1,085

G32

101101

5852763984r,10521821631621535245

5, 245"2G7717

1,8231980417629749185121326246717164

2,009429

28, 2365, 230675

4,5551,3562,092

17,8828,9297,1964,4322,5661,9551, 074602

p 6, 076

1,495482

25439112979160

1,428370

1411822

'20231

'40

424828620091

1,450v l, 071

632

10197

506224786231143114124193103')744

6, 950526

1,1891, 997

712195120402722887749216525196

2, 392846

r Revised. $36 companies having 82 percent of the total assets of all United States legal reserve companies.§ Revisions in 1941 data for credit unions are shown on p. S-15 of the January 1943 Survey.*New series. Earlier figures and description of the data appear on pp. 9-25 of the November 1942 Survey; subsequent revisions in 1941 data for total short-term debt (dol-

lar figures and indexes), total cash loan debt, and commercial banks are shown on p. S-15 of the February survey. Minor revisions in service debt are available upon request.




1943

Janu-ary

1942

Janu-ary


temberOcto-ber

Novem-ber

Decem-ber

FINANCE—Continued

LIFE INSURANCE—Continued

Association of Life Insurance Presidents—Con.Insurance written:®

Policies and certificates, total numberthousands. .

Group do--_-Industrial - doOrdinary... _ do

Value, total -thous. of dol_.Group.. „ doIndustrial do.. .Ordinary » do. . . .

Premium collections, total®.. . . -.do--..Annuities 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..-. - -doEast North Central _..._ do. . . .West North Central . . . . . d o . . .South Atlantic do. . .East South Central . . . .doWest South Central do.._.Mountain.... doPacific . _ .do.-,..

Lapse rates... 1925-26-100..

MONETAEY STATISTICSForeign exchange rates:

Argentina > ,_,_dol. per paper peso..Brazil, official dol. per mfireis..British India dol. per rupee..Canada, free rate dol. per Canadian dol..Colombia... .dol. per peso..Mexico. ..doUnited Kingdom, free rate. dol. per £. .

Gold:Monetary stock, U. S._. .mil. of dol..Movement, foreign:

Net release from earmark*...thous. of dol..Production, estimated world total, outside

U. S. S. R thous. of dol..Reported monthly, totalf do

Africa doCanada.. do....United States do

Currency in circulation, total— mil. of dol..Silver:

Price at New York dol. per fine oz..Production:

Canada thous. of fine oz..United States do....

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

BUSINESS INCORPORATIONSNew incorporations (4 States) number..

PROFITS AND DIVIDENDSIndustrial corporations (Federal Reserve):

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,).doOil producing and refining (45 cos.)..doIndustrial chemicals (30 cos.) doOther nondurable goods (80 cos.) doMiscellaneous services (74 cos.)... do

Profits and dividends (152 cos.):*Net profits do. . . .Dividends:

Preferred do —Common do

Electric power companies, net income (28 cos.)(Federal Reserve)* mil. of doL

Railways, class I, net income (Interstate Com-merce Commission) mil. of dol-.

Telephones, net operating income (FederalCommunications Commission)...mil. of dol.

281,07733,98419,31257,639170,142

485,78239,396137,295108,31646, 68443, 66118,13134,13312, 79845,368

.298

.061

.301

.896

.572

.2064.035

22,683

-76,063

15, 590

.448

1,032

77033404334

955,41449, 076119, 820786, 518295, 82738, 92117, 84261, 281177, 783

215, 94987, 46424, 4278,87816, 36740, 41938, 394

,001,65383, 056309, 292220, 73987, 33291, 27238,27367, 60221, 69482, 393

.298

.061

.301

.878

.570

.2064.035

22, 747

-38,506

104, 37088, 59847,53314,19814, 98211,175

.351

1,5384,844

4,382

1, 353

67732418227

852,43450, 231126, 492475,711272, 77825, 37815, 04057. 578174, 782

186, 50574, 05721, 0617,58112, 66434, 28636, 856

634,53851, 310175,355141, 93960,21860, 75424,74244, 57715, 34560, 298

72455

456213

657,32797, 826140, 735418,766291, 53824,130IS, 78964, 257184, 362

222, 92792, 55823, 9318,48913, 75938, 89145. 299

552, 04442,030138, 708126, 33063, 18262,17324,96046, 53414, 53353, 594

.061

.301

.884

.570

.2064.035

22, 705

-109.277

90,33575,65344,46213,14710,03411,485

.351

1,4784,470

3,224

1,172

.061

.301

.877

.570

.2064.035

22, 687

-65. 525

100, 48585,03147,51815, 37210. 95911, 566

.351

1,6065,285

3,1552

1,279

423523846

'55

193235393932

204

21134

33

96.7

64.1

72168454200

632,347124,823139,021368. 503276, 00723. 11314,96866, 272171,654

227, 51292, 40923, 4047,94313, 69446, 64743, 415

462,76137,131118, 591106,48744,93145,96818,95032,60411,99846,101

.298

.061

.301

.872

.570

.2064.035

22,691

-20,068

0)79,92646,36614, 72811,05811,767

.351

1,6135,606

2,930

1,194

70548461196

589,56487, 773141,378360, 413270, 51625, 36314, 49659,133171, 524

188, 89475, 53321, 6447,60012, 72731, 18740, 203

457,92636. 248114, 230106. 44548, 83344, 67917,75831, 82512,18845, 720

.298

.061

.301

.886

.570

.2064. 035

22, 714

-38 ,196

80,60347, 34714, 88110, 80712,074

.351

1,6244,948

3,270

1,094

71087425198

657,597161, 061129. 863366, 673277, 57825,65415, 78364,014172,127

203, 88280, 70222, 4788,82314, 17337, 22140, 485

463,32537, 029

117.577106,79647, 66044,40719,18232, 24712,28846,139

.298

.061

.301

.900

.570

.2064.035

22, 737

-14, 792

• 78, 453• 46,6fi514,85210,14712, 383

.351

1,5374,528

2,685

369523525

»5332183227352734

174

23136

25

199.2

66.0

63066366199

631, 391151,343112,917367,131278,01130, 99916, 29756, 368174, 347

204, 39689, 70720, 4448,36014,54932, 252

459,49937,051115,844105, 59946, 74644, 69618,54932,19913,16545,650

.298

.061

.301

.899

.571

.2064.035

22,744

-24 ,383

• 82,858' 47,46014,86412,39612, 739

.351

1,9665,048

3,744

59242364186

529,52583, 304112,240333, 981247,85218, 93514,29158,855155,771

165,86671, 78517,4497,93010, 60724,85133,244

430,29734,983100, 69597,92944, 69344. 28517,51532, 78512,12345, 289

.298

.061

.301

.895

.572

.2064.035

22, 756

-21, 763

77,55346,05214,1009,80613,200

.351

1,5054,412

4,510

832

59455

356184

527,16884,799111,795330,574253, 73520,09215, 38258, 805159,456

176,10476, 72620,2837,02112,97827, 51031,586

432,67933, 590101,12596,14845, 20346,42618,41335,44512, 39043, 939

.298

.061

.301

.878

.571

.2064.035

22, 754

-27,759

1 76,94845,04413,21211,47913, 703

.448

1,7584,561

2,922

818

'467' 5 1••36

46!'58

34' 2 2' 4 2' 4 2' 4 1' 3 5' 5 9

215

21127

28

284.1

67946

428204

582, 68878,094

135, 727368,867262, 368

21, 75316, 07356, 836

167,706

189,32684,11422,4648, 053

13,96827, 25833,469

467,81437,408

118,351106,057

47, 51847, 72018,86732, 23413,05946, 600

.061

.301

.876

.570

.2064.035

22, 740

-56,440

77,63945,45913. 365l i ; 65614, 210

.448

1,8703,819

3,505

62872

358197

577, 536114,180111, 801351, 555260,427

22.1281G, 85758, 539

162,903

176, 24780,10922,132

7,21812, 76325.88028,145

477,74934,767

119,590100,774

44, 35745,18817,41030,56512, 70342,395

298.061.301.881.570.206

. 4. 035

22, 743

-10,752

'70,933> 43, 54512.6937,471

14,805

.448

1,6233, 292

3,128

679165315200

811,710317, 372

97, 863396,475387, 033

60,57717, 77597, 855

210, 826

244,90997, 82621,802

7,41413,19268,31436,361

521,52436,426

143,961114, 554

52, 56350,30720, 22038,14216,06949, 282

77

.298

.061

.301

.879

.572

.2064.035

22,726

-30 ,974

'43,01712, 5975,852

15,410

.448

3,673

3,150

939

7152

56

23158

• Or increase in earmarked gold (—)."Revised. 'Preliminary. * Discontinued by compiling source. J Partly estimated.® 39 companies having 81 percent of the total life insurance outstanding in all United States legal reserve companies.JMexieo not included beginning April 1942 as data are not available. Figures for Mexico included for earlier months are as follows (thousands of dollars): 1941—December

1,832; 1942 -January, 3,790; February, 563; March, 3,457.•New series. The series on payments to policyholders and beneficiaries, compiled by the Institute of Life Insurance, represents total payments in the United States, in-

cluding 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 De-ginning September 1941 are available in the November 1942 Survey; earlier data will be shown in a subsequent issue. For data beginning 1929 for profits and dividends for152 companies, see p. 21, table 10, of the April 1942 Survey. Earlier data for net income of electric power companies will be published in a subsequent issue.




1943

Janu-ary

1942

Janu-ary


temberOcto-ber

Novem-ber

Decem-ber

FIN AN CE—Continued

PROFITS AND DIVIDENDS—Con.

Corporate earnings (Standard and Poor's):Combined index, unadjusted* 1926=100.-

Industrials(115cos.) _ . . . . .doRailroads (class I)9 doUtilities (13 cos.)- do

PUBLIC FINANCE (FEDERAL)

War program In the United States, cumulativetotals from June 1940: *

Program... mil. of dol_-Commitments. doCash expenditures— do. . . .

War savings bonds, sales* _. ..doDebt, gross, end of month... do

Public issues:Interest bearing doNoninterest bearing. do

Special issues to government agencies andtrust funds mil. of dol__

Obligations fully guaranteed by U. S. Gov't:Total amount outstanding (unmatured)cf

mil. of dol . .By agencies :d"

Commodity Credit Corp. doFederal Farm Mortgage Corp. doHome Owners' Loan Corporation.. _ doReconstruction Finance Corp do

Expenditures, total doWar activities! ---doAgricultural adjustment program doUnemployment relief _ doTransfers to trust accounts t— doInterest on debt.. doDebt retirements. _ doAllothert_._ do

Receipts, total. doReceipts, net do

Customs doInternal revenue, total do

Income taxes _ do_.Social security taxes do._

Qovernment corporations and credit agencies:Assets, except interagency, totnl-.mil. of dol..

Loans and preferred stock, total doLoans to financial institutions (incl. pre-

ferred stock) mil, of doLLoans to railroads doHome and housing mortgage loans . d oFarm mortgage and other agricultural

loans. mil. of dol.All other . .do . . .

U. 8. obligations, direct and fully guaran-teed mil. of dol.

Business property . . . do . . .Property held for sale do. . .All other assets do. . .

Liabilities, other than Interagency, totalmil. of dol..

Bonds, notes, and debentures:Guaranteed by the U. S_._ do.Other . do

Other liabilities, including reserves.-.doPrivately owned Interests do. . .II. S. Government interests do. -.

RecoDstrnction Finance Corporation, loans outstanding, end of month: J

Grand total tbous. of <iol_.Section 5, as amended, total do

Banks and trust companies, includingreceivers thous. of doll-

Buiidine and loan associations do. . .Insurance companies doMortgaee loan companies. do. . .Railroads, including receivers do-._AH other tinder Section 5 ..do.._

Emere. Rel. and Constr. Act, as amended:Self-liquidating projects (including financ-

ing repairs) thous. of dol..Financing of agricultural commodities

thous. of dol. .Loans to business enterprises (including

participations) thous. of dol.-National <1efen«?e§ . — ...do ...Total, Bank Conservation Act, as amended

thous. of doL.Drainage, levee, irrigation, etc doOther loans and authorizations. do

'242,402

P 71,1521,240

111,069

100,8521,045

9,172

4, 277

782930

1,533896

6,3725,947

86293554

(a)222824788

25724306

52

22,643

920489

2,237

2,8782,168

1,2841,0415,6385,989

10, 533

4,2911,4134,829

43911, 671

5,604,641723,906

63,8764,315

529200.686453,432

1,069

16,954

204

117,5363,853,321

683,06965, 469

144,181

20, 5861,061

60,099

52, 555481

7,063

5,673

701937

2,4091,4922,6312,104

106944232

3251614578

35555133

53

14,9089,063

1,079497

2,430

3,1231,934

1,027751

1,9642,104

9,219

5,7051,4022,111

4325,256

2.988,673725,943

69,4632,897

795189,837461,792

1,158

17,527

431

148,591853, 203

719. 87372,068

451, 036

23,121703

62,434

54, 759486

7,190

5,673

701937

2,4091,4922,6302,208

9792

912

1210937758

27879283257

15, 2249,059

1,060498

2,380

3,1172,004

1,058782

2,017

0,418

5,6971,3962,325

4345,372

3,166,909729,730

69,1175,817

752190,490462,426

1,128

17,515

431

146,360993,473

715,12172,051

492, 226

P85.4.0

' 5 6 . 4v 143.2

26, 278558

62, 464

54, 652479

7,333

5, G66

701930

2,4091,4923,4362,809

819622

20515

2083.5483,547

333,4933,083

49

15, 7509,065

1,046500

2,392

3,1002,026

1,060792

2,2622,571

9,620

5,6901,4332,497

4355,694

3,361,947734,696

68, 2655,792

725193.993464,842

1,079

17,452

403

142,9151,191,436

710,02971,859

493,156

29,864531

65,018

57,196464

7,358

5,666

701930

2,4091,4923,7553,238

66914877

2234732695

32684335

43

16, 6560,218

1,030502

2,372

3,2722,041

1,076815

2.7172,830

0,776

6,6881,4312,656

4366,444

3,556,094738, 384

67, 5146,434

714196. 512466,182

1,028

17, 415

368

140.2901,395,212

702, 40871, 168

490,849

33, 808634

68,617

60,637462

7,518

5,667

701930

2,4091,4923,9553,560

6282

(•)19

2230764563

30708216222

17,3439,005

1,020498

2,352

3,0922,042

1,088833

3,0673,349

10,078

6,6871,4402,950

4376,828

3,819,280733,596

66,4205,817

702197,401462, 316

939

17, 382

368

139. 4651,670,157

700,69370, 464

487,154

0)72.6

115.0(0

179,621138,04438,135

63472, 495

64,156454

7,885

4,548

701930

1,5631,2194,5313,829

3172

1390

1206

2,4942,492

282,4242,086

42

17,9620,026

1,029498

2,357

3,0762,067

1,097859

3,5123,468

9,275

4,5681,4423,265438

8,249

4,085,264734,070

65,8035,630688

198,926"" 088

937

17,310

352

135,9611,940,499

699,70870,359

487,004

224,861149,36442,943

90177,136

68,569442

8,125

4,551

738930

1,5331,2165.162

'4,49847'68249352

2637947472474227353

18,4828,948

1,002497

2,344

2,067

1,113879

3.8083,735

9,482

4.5811,4433,457

4388,562

4,273,373733, 316

65, 5755,037

669199, 280461, 826

928

17,195

349

134. 2782,129,933

698. 49468. 794

491, 014

225,496157,02148,192

2 73481,685

72,982441

8,262

4,567

754930

1,5331,2165,215

'4 ,884305219

7C)

22479768722

748155232

19,4018,859

974497

2,297

2,9942,096

'1,144924

4,1774,295

9,728

4,5921,4453,691439

9,234

4,545,609735, 862

67,4494,705659

200.562461.563

924

17,194

349

132,9422,409,243

693, 21369,357

487, 450

167.6

225,565164,14353,716

83886,483

77,338637

8,509

4,552

738930

1,5331,2165,9315,384

35405

224

2422,5282,527

202,4762,126

19,9748,813

964498

2,286

2,9492,117

1,197952

4,2874,725

10,161

4, 5741, 4344,154439

9,373

4,628,502735,093

66, 7934,574600

199,737462, 470

920

17,153

349

131.3492,484,112

690, 85169, 076500, 519

241,868172. 30659, 492

81492,904

83,680639

8,585

4,243

749930

1,533896

5.9375,481

48355670

(a)24764860724

60320648

20,5348,781

949497

2,286

2,9252,124

1,219976

4,7104.848

9,863

4.2651,4134,185442

10, 230

4,848.279735. 685

66,4345,17C597

200, 522462, 050

912

17, 133

349

129.1873.082,347

6*9. 42967.115127, 034

241,678181,90565,660

73596,116

86,671657

8,787

4,244

749930

1,533896

6,3636,042

6631328

19483060123784199248

20,9928,779

953496

2,265

2,9162,149

1,2221,0014,7015,288

10, 268

4,2641,4044,601

44310, 281

4,916,226735, 209

65, 7115,060

529202,044460,968

17,056

349

126.5163,136,522

688. 20866, 832

145, 533

* 234.5

'241,953'187, 794* 71,843

1,014108,170

98,276862

9,032

4,283

788930

1,533896

6,5015,825

701225

3531

2152,7022,701

242,6491,972

50

21,7158,746

957486

2,241

2,9122,151

1,2731,0205,1875,489

10,345

4,3011,4144,630

43910,931

5,312,352723,554

65,0824,671

529201,689450,499

1,085

16,960

339

123,7753,548,003

687,42166, 665

145,635

*• "Revised. » Pre l iminary .1 The index for the utilities and the composite have been discontinued becaiuse several of the utility companies included in the indexes no longer report their earnings

quarterly.2Revised to include reports received first few days of September on account oi August sales.a Less than $500,000.§ Covers all loans for national defense beginning October 1942; prior to October some defense loans are included in "other loans and authorizations."•Number of companies varies slightly.cPThe total includes guaranteed debentures of certain agencies not shown separately.^Includes repayments unallocated, pending advices, at end of month.JFor revisions beginning July 1941, see p. S-17 of the November 1942 issue.*New series. For explanation of the new series on the war program see the footnotes to table 9, p. 21 of the April 1942 Survey. Figures have been revised since publi-

cation of data in the April Survey. Revised monthly data for program and commitments prior to June 1942 are not yet available. The series on war savings bonds is fromthe Treasury Department and represents funds received during the months from sales of series E, F, and G; for earlier data see p. S-16 of the October 1942 Survey.




1943

Janu-ary

1942

Janu-ary

I Febru- !ary I March { April May June * July j August Octo- ! Novera-

ber I berDecem-

bcr

FIN AN C E—Continued

SECURITIES ISSUED

(Securities and Exchange Commission) J

Estimated gross proceeds, total mil. of dol..By types of security:

Bonds, notes, and debentures, total..doCorporate do

Preferred stock... doCommon stock do

By types of issuers:Corporate, total d o —

Industrial -do—Public utility __do.--.RaiL. - .do... .Other do.-.-

Non-corporate. total . . . . . . d o —U. 8. Government and agencies doState and municipal _. . do—Foreign Government— doNon-profit agencies .do

New corporate security issues:Estimated net proceeds, total do....

Proposed uses of proceeds:New money, total d o —

Plant and equipment.- d o —Working capital .-do

Repayment of debt and retirement ofstock, total -.mil. of dol..

Funded debt do.. . .Other debt do..-.Preferred stock ..do.._.

Other purposes do_...Proposed uses of proceeds by major groups:

Industrial, total net proceeds-.mil. of dol..New money d o —Repayment of debt and retirement of

stock mil. of dol..Public utility, total net proceeds..-do,...

New money doRepayment of debt and retirement of

stock _.._ mil. of dol..Railroad, total net proceeds . .do . . .

New money do.. .Repayment of debt and retirement of

stock ..mil. of dol..Other corporate, total net proceeds.do

New money doRepayment of debt and retirement of

stock mil. of dol..

(Commercial and Financial Chronicle)

Securities issued, by type of security, total (newcapital and refunding)., thous. of dol..

New capital, total d o —Domestic, total do. . . .

Corporate, total.. _ d o —Federal agencies d o —Municipal, 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 ._ do.._Municipal, State, etc -do

(Bond Buyer)State and municipal issues:

Permanent (long term),.. thous. of dol_.Temporary (short term).. . .do....

COMMODITY MARKETSVolume of trading in grain futures:

Wheat mil. of bu.Corn do...

SECURITY MARKETSBrokers* Balances (N. Y. S. E. members

carrying margin accounts) 1

Customers' debit balances (net) mil. of dol_.Cash on hand and in banks. do....Money borrowed doCustomers' free credit balances do...

BondsPrices:

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

Domestic .do....Foreign do

1,389

1,389900

99000

1,3801,240

4990

1

170, 4206, 6706,6702,798

03,872

0169, 750

79, 7507,517

26, 80545, 42890, 000

60, 349145, 439

212103

540

290280

97.4798.7268.88

1,345

1,2901103717

16444109101

1,1811,06111802

161

713833

89

C)

4343

)10718

320, 240168, 053168,05372. 92011,17583, 958

0152,187152,18782.84633, 77535, 566

0

1376770

118,470119,070

253154

547219.308274

95.2497.3158.45

2, 335

2,31558190

78393540

2, 2572. 216

410

(•)

76

40345

261221111

3811

163425

1044

000

0

180, 282123, 775123, 77556, 70936, 89030,176

056, 50856, 50818,90126, 58011,027

0

473314

46,56438,277

14077

534203307262

95.1397.1857.40

('

(

1

709

6938616

•)

102474960

6075584901

100

39354

6141155

•)

4625

21488

4066

000

0

197, 359109,10979,

749749085

8,86021,

87,87,392127,

51183

8040

6106102093150850

785820

235744

178111

531195306249

95.9797.9858.95

11011

00

687531

5600

118

701555

481236

0

10759

481111

000

000

265, 603158, 579158, 57997,1149,72051, 745

0107, 025107,02518, 52780, 5407, 958

0

501040

61, 308113,745

249148

708

70111542

121

2, 965

2, 952'112103

126

809

79212697

142

3,099

3,099520

(•)

5310421 i

2, 8392, 809

30

124

2733

64115301

10249

532110

1100

181, 961129, 500129, 500103. 8422,715

22, 9440

52,46152, 4615,807

38, 8007, 855

0

3520

637091

6666343200

139

725715

6655552

6151

201, 42296. 51696, 51676, 8272,06017, 628

0104, 906104, 90661,68628, 45514, 766

0

3

2 i0 i

3,046 !2,998 !

47 |0 I1 !

i52 j1 4 |1 1 i

3 I

3729

8

46

142, 32240, 75040, 75027,5102,51510, 725

0101. 572101, 57232, 71932, 26036, 593

0

281810

2,068

2,0668720

196820

1, 9791,932

470

161, 739103,133103,13358, 600

044, 533

058, 60658, 6066,01849,9252,663

0

26179

28,759 | 36,72359,916 I 75,400

48,096 60,862133, 530 53, 672

226 i126 i

267 i145 i

390 i104

515195300247

502177300238

496180309240

491172307238

257141

490 i

95.6397.5460.29

95.6497.4661.16

95.5097.2861.72

95.7697.4961.68

300240

96.0897.7562.51

2, 531

2, 5195093

62164510

2,4692,444

2401

60

23S15

292612

1514

C)447

2811

000

100, 97745, 08545, 08528, 446

016, 639

055,89355, 39330, 43718. 4006,556500

743

28,811203, 704

26185

500

310240

96.1897.8362.97

4,975

4,973153

186390

4,9584,919

3800

17

115,00128,14528,1452,434

025, 711

086,85686, 85643,84630, 64512,365

0

26125

36. 03679, 815

19081

510

310'250

96.4898.0863.16

778

(a)

27121500

75273517

(a)

(a)

(a)

10 I15 !

97, 87129, 02929, 0294, 67917,1257, 225

068, 84268, 84213, 53145, 5209,792

0

24,1886, 905

320'250

96.1197.5965.24

6,951

6,95126

6,9256, 900

18

1713

1744

000

144,80*36, 6%36, 69f>10, 62116, 7209, 355

0108,113108,113

64, 82934, 245

9, 039a

14

•• 34, 486' 45, 464

3 46 j94

520

224125

543160378270

96.7098.0466.11

' Revised. • Less than $500,000.tFcr revised data for August-December 1941 see p. S-17 of the October 1942 Survey. Revisions for January-July 1941 are available upon request.^Complete reports are now collected semiannually; data shown for August-November 1942 and for January 1943 are estimated on basis of reports for a small number of large firms.




1943

Janu-ary

1942

Janu-ary

Febru-ary March April May June July I August Sep-

temberOcto-ber

Xovem- iDoceni-ber her

FINANCE—Continued

SECURITY MARKETS-Contlnued

Bonds—Continued • |

Prices—-Continued. jStandard and Poor's Corporation: j

Industrial, utilities, and rails: jHigh grade (15 bonds)..dol. per $100 bond_Medium and lower grade:

Composite (50 bonds) ..doIndustrials (10 bonds) _...._doPublic utilities (20 bonds) do ...Kails (20 bonds) — .do....

Defaulted (15 bonds) do... .Domestic municipals (15 bonds) do

U. S. Treasury bonds do.. .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 doFace value do....

Exclusive of stopped sales (N. Y. S. E) ,face value, total thous. of dol..

U. S. Government .doOther than U.S.Govt., total. __do—.

Domestic doForeign .do

Value;, issues listed on N. Y. S. E.:Face value, all issues mil. of dol_.

Domestic . -doForeign .do

Market value, all issues doDomestic . . . doForeign. do

Yields:Bond Buyer:

Domestic municipals (20 cities) percent..Moody's:

Domestic corporate doBy ratings:

Aaa doAa do. . . .A d o —Baa do

By groups:Industrials doPublic utilities doRails do

Standard and Poor's Corporation:Domestic municipals (15 bonds) do

U. S. Treasury bonds:Partially tax-exempt doTaxable* do

Stocks

Cash dividend payments and rates (Moody's):Total annual payments at current rates (600

companies) mil. of doL.Number of shares, adjusted. .millions..Dividend rate per share (weighted average)

(fiOOeos.) dollars..Banks (21 cos.) . do. . . .Industrials (492 cos.) ._.. . .doInsurance (21 cos.) doPublic utilities (30 cos.) _„ .do. . .Rails (38 cos.) . do. . . .

Dividend payments, by industry groups:*Total dividend payments mil. of doL.

Manufacturing doMining doTrade doFinance doRailroads doHeat, light, and power -doCommunications doMiscellaneous do .

Prices:Average price of all listed shares (N. Y. S, E.)

Dec. 31,1924*= 100..Dow-Jones & Co., Inc. (65 stocks)

dol. per share..Industrials (30 stocks).. do..,..Public utilities (15 stocks).. do. . . .Rails (20 stocks) do

New York Times (50 stocks) doIndustrials (25 stocks) doRailroads (25 stocks)._ do. . . .

Standard and Poor's Corporation:Combined index (402 stocks). 1935-39=100—

Industrials (354 stocks)-. doCapital goods (116 stocks) doConsumer's goods (191 stocks) do. . . .

Public utilities (28 stocks).— do. . . .Rails (20 stocks) do. . . .

Other issues:Banks, N. Y. C. (19 stocks) -do.. . .Fire and marine insurance (18 stocks)

1935-39=100..

119. 5

105.4115.7110.589.931.7

109. 4

144,737329, 565

132,378310,531

302.817251

302, 566290, 890

11,676

72, 88069,8313,049

71,039C>,9392,100

2.12

3.27

2.792.933.204.16

2.903.053.86

2.27

2. 062.32

, 082. 83942. 70

1. 792.821.712.041.752. 12

286. 489.7

1.415.363.334.333.246.72.5

56.1

40. 73121. 52

15.5728. 5984.67

147. 7521.59

79.782.381.179.769.373.7

77.9

108.4

117.5

99.2106.7104.186.924.1

124.4110.1

125,744256, 089

111,536237, 263

219, 9551,138

218.817206,14512, 672

59. 07655, 9243,152

56. 26154; 4191,842

2.36

3.35

2.832.(6

i.h2.973.133.93

2.33

2.012.37

1,926. 59938.08

2.052.882.092.691.811.77

291.095.32.015.160.528.039.147.13.9

49.2

37.86111.1114.4128.0177.09133. 7720.41

72.674.378.668.866.169.0

73.8

107.6

117.1

99.6106.9104.487.725.6120.1108.9

89,449178,409

78,643165, 002

158,357944

157,413148,5518,862

60, 53257,4113,121

57,58455,7931,791

2.51

3.35

2.852.983.294.29

2.983.153.94

2.55

2.092.39

857. 45938.08

1.982.881.992.691.811.77

148.461.73.18.730.37.731.22.13.6

47.8

36.79107.28-13.8327.8574.46128.6720.26

69.971.074.866.264.568.4

70.9

101.7

116.7

98.8106.1101.888.627.6119.7110.2

137,003306,812

121,066286, 211

263, 055879

262,176249,19212, 984

60, 57957, 4713,10858, 14056, 3081,832

2.38

3.37

2.863.003.324.30

3.003.173.94

2.58

2.002.35

I, 850.15938. 08

1.972.811.982.691.801.77

347.9212.923.028.318.39.331.916.57.7

44.5

34.54101. 6212.1526.0969.17119. 6518.69

66.067.270.863.960.565.0

62.6

95.9

117.8

99.3 j107.1102.388.426.7

122.1110.5

117. 7 j

98.9 !107.4 !102.287.126.4

122.1110.7

118.0

98.1107.7103.583.0 !

24.0123.3110.7

99,075 ! 91,838 I 81,804202,862 i 179,690 I 151,865

86, 629 I 80, 772 72, 623186,165 I 165,276 139,586

174,011545

173,467162,31111,156

60, 57257, 4663,10557,92456,0511,872

2.33

3.34

2.832.983.304.26

2.963.133.95

2.44

1.982.34

1,805. 62938.08

1.922.811.932.691.771.77

313.9134.44.615.842.620.643.647.74.6

42.6

32.9297.7911.0624.5667.52117.4517.59

63.364.867.861.856.561.1

60.4

156, 658953

133, 776407

155,705 133,369138, 597 124, 67617,109 8, 694

61,95658,8523.10559, 25857, 3591,899

2.33

3.36

2.3.003.314.27

2.973.133.97

2.45

1.972.35

I

61,89958,8043,09659,11257, 2011,911

2.21

3.37

2.853.013.314,33

2.973.124.03

118.9

108.4104.583.925.5124.4110.2

80, 306155, 111

71,249142, 932

125,605299

125,306119,0686,238

63, 99260, 9033,08961,27859,372

1,905

2.15

3.35 I

2.832.99S.284.30

2.943.094.02

2. 38 2.32

1.972.33

1,701.40 1,675.01938.08 938.08

1.812.811.792.691.751.66

123.466.61.83.811.91.9

32.11.43.9

44.6

33.1298.4211. 6824.2968. 30119.2517.35

63.264.766.362.957.260.3

62.5

9.5 I 90.6 j

1.792.811.762.691.741.66

404.5224.130.230.626.332.337.715.08.3

45.3

34.20103. 7511.9323.5971.07

125.0517.10

66.168.269.067.658.859.0

66.3

97.2

2.00 !2.34 j

1,675.81938.08

1.792.811.752.691.741.75

335.8139.7

3.414.054.930.039.847.8

6.2

46.6

35.54106.9411. 7525.6373.26129. 4218.71

68.270.671.569.258.462.9

67.9

98.5

118.7

99.3108. 7104.185. 227.1125.4109.9

83, 842173,629

75, 610162,734

159,938449

159,490152,4187,072

65, 27762,1983,079

62, 72060, 7961,924

2.15

3.34

2.812.993.274.28

2.943.093.98

2.28

2.022.34

1.646.14938, OS

1.752.811.712.691.741.75

153.071.83.53.929.38.930.91.43.3

47.2

35.46106. 0811. 5126.1973. 10126. 9319.26

68.370.571.068.958.865.4

70.5

98.5

119.0

100.7109.8105.886.429.4125.9109.8

124,075316,526

112,301300, 306

276,812245

276,567268, 6437,924

65, 25662,1823.074

62. 76660,8301,936

2.16

3.33

2.802.983.264.26

2.953.083.95

2.25

2.032.34

119.3

102.1111.2107.188.030.3126.5109.5

134, 771303,128

122,448285, 683

266, 931248

266,684258,3618, 323

67, 20764,1393,068

64. 84462, 9061,938

2.13

3.31

2.953.214.24

2. 943.073.92

2.22

2.052.33

1,643.75 1,645.97938.08 I 938.08

1.752.811.702.691.731.79

335.0199.925.631.220.010.829.910.97.5

48.2

36.00107. 4111.7626.76 I74.40128. 6520.16

69.471.671.869.659.566.7

74.1

100.6

1.752.811.702.691.731.85

295. 9128.24.914.343.217.835.647.34.6

119.5

103. 2113.8108.387.629.6126. 9109. 4

98, 513207, 713

87, 421192, 439

169, 301229

169,072157. 26911,803

67,15664, 0883,067

64, 54462, 5432, eoi

2. 16

3.31

2.792. 943.244.25

2.933. 063.93

2.20

2.062.34

11*. 9

103. 0115.3109. 186.529.9125.7108.9

114, 94S233, 873

101, 54t)214, 320

207, 079199

206,880195,83411,046

72,99369,9343,05970, 58468, 5622, 022

2.17

3.32

2.812.963. 2'A4.28

2.943.073.96

2.2ft

2.09

1,647.36 il,677.2O938. 08

1.762.811.692.691.741.96

159.0101.33.54.411.73.231.01.4

i

51.1 !

38. 37113. 5113.3528.6579. 06136. 5621.55

74.276.577.672.763.772.7

75.7

104.7

50.6

38.81115.3114.1628. 1380.13139.2321.03

75.277.277.374.166.273.0

73.1

104.4

942. 70

1.782.821.712.641.752. 12

650. 0360. 253. \43.945.9CA. I42. 012. 6

52. t>

38.81117.1614. 0226. 8381. 51142.8620.18

75.978.577. 775.865.269.3

104.9

•New series. The new bond series represents the average yield of taxable Treasury bonds (interest subject to both the normal and surtax rates of the Federal incometax) neither due nor callable for 12 years; this average started Oct. 20, 1941, following the issuance of the second series of such bonds; the 2H percent bonds of 1962-67 and the2\i percent bonds of 1963-68 are excluded because of restrictions on their purchase and negotiability. For available earlier data for the new series on dividend payments anda description of the data, see pp. 26-28 of the November 1942 issue, except for revisions in 1941 data shown on p. S-19 of the January 1943 Survey.Digitized for FRASER




1943

Janu-ary

1942

Janu-ary


temberOcto-ber

Novem-ber

December

FINANCE—Continued

SECURITY MARKETS—ContinuedStocks—Continued

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

Market value ..thous. of doL.Shares sold .thousands..

On New York Stock Exchange:Market value .tbous. of doL.Shares sold thousands..

Exclusive of odd lot and stopped sales(N. Y. Times)..._„._ .thousands.

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 (IS stocks) doIndustrials (125 stocks) do. . . .Insurance (10 stocks) doPublic utilities (25 stocks) do. . . .Rails (25 stocks) do. . . .

Preferred stocks, high-grade (15 stocks),Standard and Poor's Corp .percent..

Stockholders (Common Stock)American Tel. & Tel. Co., total number..

Foreign doPennsylvania R. R. Co., total do.. . .

Foreign... doU. S. Steel Corporation, total „ do. . .

Foreign doShares held by brokers percent of totaL.

507,44028,067

432,97421,682

18,032

41,4111,470

5.44.55.04.16.87.9

4.17

512,50328,359

466, 93222,236

12, 994

36, 2281,467

7.25.37.44.57.67.2

4.21

296,40814,018

251,18710,610

35,2341,467

7.15.67.24.67.77.4

4.24

341,23016, 391

287, 78512,175

8,580

32,8441,469

7.76.07.75.08.58.2

4.38

637,0205,230

205,3041,409

164.0132,59624.90

272,88913,613

226,18710,079

7,589

31, 4491,469

7.86.17.75.38.98.3

4.52

265,45512, 625

226,1029,685

7,229

32,9141,469

6.95.76.74.98.27.8

4.48

273, 27912,838

232,9479,932

7,466

33,4191,470

6.65.66.44.88.47.8

4.40

639,1525,214

205.2591,374

164,0392,58024.90

302,18114,033

258, 53510, 964

8,374

34,4441,471

6.45.56.14.78.27.7

4.32

253.21112, 553

214,217

7,387

34, 8721,471

6.35.16.04.78.07.5

4.27

284, 99515, 381

241,51711,903

9,450

35, G051,471

6.14.95.84.57.97.3

4.27

641, 3015.184

205, 4051,367

163, 7542,57724.88

465. 93724, 753

400, 47519, 610

15, 933

37, 7381,471

5.86.05.54.47.27.0

4.23

411,31222,053

352, 28317.. 310

13,437

37,3741,471

5.95.25.54.57.18.0

123

629,40333, 651

536, 50925,160

19,313

38, 8121,471

5.75.05.34.27.28.6

4.19

642,6,315,159

205,9651,360

163, 2962,57725.45

FOREIGN TRADE

INDEXESExports of U. S. merchandise:

Quantity 1923-25 «= 100...Value doUnit value do

Imports for consumption:Quantity. doValue doUnit value do

VALUEExports, total incl. reexports thous. of dol -

Exports of U. S. merchandise doGeneral imports . doImports for consumption do

148127

11780

479,464473, 521253, 522255.996

14512888

1077570

478, 355474,7202S3, 546239, 529

19016285

1107972

610,973604,945272,111252,050

20518590

957073

695,355687,658234,085222.819

15313991

785875

183165

525,116 618,965519,1fi8 613.572190,609 214.919186,159 205,024

195'16886

628,681623,801214,384210,257

19918593

694,466688,124184,432191,759

215191

718,187712,135195,689199, 221

776. 03676SV9I2199.392224,012

749,623743,806173,745193, 555

1 853,226844,994

1356,280405,345

TRANSPORTATION AND COMMUNICATIONS

TRANSPORTATIONCommodity and Passenger*

Unadjusted indexes:Combined index, all types* 1935-39=100-_

Excluding local transit linest doCommodity J doPassengert . . do

Excluding local transit linest doBy types of transportation:

Air, combined index doCommodity do

* Passenger do . . .Intercity motor bus and truck, combined

indexj 1935-39=100..Commodity, motor truckj .. .doPassenger, motor bust do

Local transit lines, passenger doOil and gas pipe lines, commodity doRailroads, combined index .do

Commodity doPassenger do

Waterhorne (domestic), commodity t-doAdjusted indexes:

Combined index, all typest doExcluding local transit linest— do

Commodity t - .-doPassengert do

Excluding local transit linest doBy type of transportation:

Air, combined index doCommodity. doPassenger,._ do

Intercity motor bus and truck, combinedindext 1935-39=100..

Commodity, motor truckt doPassenger, motor bust- do

Local transit lines, passenger .. .doOil and gas pipe lines, commodity do

149152151141163

261258263

17017814912414015715616464

153158156146175

332279367

172171173122137

152156155143161

270273268

16317812712814216416317353

158163160149180

321276350

169175156124133

158162161148169

311292324

16416515913113017317416559

163169166154189

336282372

176173184125125

174172163197

349303380

171'15919913612618518518492

173180176165207

353298388

182172206130123

176183179169210

326311337

169154206135123197196205108

179186181174222

316308321

183167222134123

182189182181233

287324263

184166228137123202198234113

1801871S2176222

261316225

184'171215139128

189197

193264

349270

'210'181280134122209203256114

187193187186232

286363236

195'185221148128

196205194203284

326372296

215'192

273136129218209289113

191197189195249

296372245

'206'194

220151132

201210198208289

343406301

215'197

259142131224214304110

193200190204272

313407251

'203190233147135

'205213

•"204208276

3434122§8

'215'207

234151135230221296104

'198205

'194211286

315403253

'210'194

248140

'139

•"198'207'195

209'284

321398270

'215'210'226

147'140'221

209'314

87

'197'206'191'218'308

339409293

'214'200'248

144'139

193199183224303

306430224

22421325016014621119533449

197201187225296

331412277

250203246151141

' Revised.* Figures overstated owing to inclusion in the December statistics of an unusually large volume of shipments actually exported and imported in earlier months.* New series. For a description of the transportation indexes and earlier data, except as noted, see pp. 20-28 of the September 1942 Survey.X Revised or added since publication of data in the SeDtember Survey; earlier indexes will be published in a subsequent issue.


March 1943 SUKVEY OF CURRENT BUSINESS S-21


1943

Janu-ary

1942

Janu-ary


temberOcto-ber

Novem-ber

Decemher

TRANSPORTATION AND COMMUNICATIONS—Continued

TRANSPORTATIONCommodity and Passenger*—Con.

Adjusted indexes—Continued.By type of transportation—Continued.

Railroads 1935-39=100-Commodity. _ - . . do-_.Passenger do__.

Waterborne (domestic), commodityt-do...Express Operations

Operating revenue -thous. of doLOperating income.. d o . . .

Local Transit LinesFares, average, cash rate.. cents.Passengers carried. _..thousands-Operating revenues..., thous. of dol.

Class I Steam RailwaysFreight carloadings (Federal Reserve indexes):

Combined index, unad justed . . . 1935-39=100..Coal doCoke doForest products -doGrains and grain products .doLivestock . .doMerchandise, 1. c. 1 doOre do___.Miscellaneous _ -do

Combined index, adjusted - . doCoal -doCoke doForest products . . - .doGrains and grain products. . . doLivestock -doMerchandise, 1. c. 1 . . .doOre doMiscellaneous... do

Freight-car loadings (A. A. R.):1Total cars . . . ..thousands..

Coal doCoke do.—Forest products . . -doGrains and grain products. doLivestock .doMerchandise, 1. c. 1 .-doOre do-_.Miscellaneous _ -do

Freight-car surplus, total doBox cars. do. . .Coal cars __..do_..

Financial operations:Operating revenues, total thous. of dol

Freight do. . .Passenger do. . .

Operating expenses do.Taxes, Joint facility and equip, rents.. .do.. . .Net railway operating income doNet income do. . .Operating results:

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

Financial operations, adjusted:Operating revenues, total.. _.mil. of dol.

Frpight.-. -do.. .Passenger do

Railway expenses do.....Net railway operating income doNet income do

7. 8060,251,028

124135193117138985550

13213511916113015710257

202149

3,531790

75172237

66421

711,698

673520

3.6081

131

Waterway TrafficCanals,New York State, .thous. of short tons..Rivers, Mississippi (Gov. barges only)...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 sale3 index ..1929=100.

Foreign travel:U. S. citizens, arrivals „._ number..U. S. citizens, departures.. doEmigrants .doImmigrants doPassports issuedd". do

National parks:Visitors. . . . . -doAutomobiles . . .do

Pullman Co.:Revenue passenger-miles.._ thousands..Passeneer re venues thous. of dol..

' Revised. ° Not available.tSee note marked "t" on p. S-20.IData for January, May, August, October 1942, and January 1943 are for 5 weeks; other months, 4 weeks.cfBeginning February 1942 data include passports issued to American seamen•See note marked with an "*" on p. S-20.

160159165112

11,80979

7.8005946,315

68,637

129136184140125959346

1341401191531561429997

186152

3,858797

71208

' 2 0 865

71165

' 1,733602222

480,691392, 571

55, 697348, 781

62,94468,96626,130

46, 666.914

3,078

495.3406.6

53.6413.1

82.340.0

081

11,1272,531

300, 900113,135

3.4071

107

9, 4567,871

4081,9545,145

60, 76717,477

1,273,8226,929

168167182101

11, 58290

7.8033885,128

65,004

129132184153110769647

13513911615015913195

100187151

3,123629

5718515442

59752

1,407592220

462.486377,593

54,746327.653

68, 34766. 48623, 716

44,109.926

2,895

518.9423.9

60.1420.398.657.7

065

9.9792.170

286,435104, 220

3.3970

101

6,7235,754

4481,9246,020

59,33816,821

1,208,1626,421

17717618199

11,97677

7.80331,003,196

72, 561

129125175149102779273

1391361221681491199792

282143

3,171610

5518414643

58472

1,477582317

540,118445,490

59,106360,011

87, 74992,35946,888

51,853.924

3,070

541.7443.063.0

445.796.162.4

0100

11,3522,560

371,398139, 061

3.3070

100

8,74510, 222

5321,5606,881

60,80817, 760

1,288,8586,935

192191197'89

12,13479

7.80601,004,698

72,668

1361351761591009081

21814214316020015911710180

267141

3,35164566

19614160

525235

1,503662812

572,531468,007

66,116366, 756103^741102,034

57', 890

63,631.937

3,427

684.2474.8

71.3471.5112.770.3

201206

11,3402,884

428,153158, 218

3.6471

121

7,2986,807

4621,6997,923

94,19228,203

1,380,2557,784

20119921684

12.31261

7. 80601,034,361

75, 512

138139181161998962

3031441431641971551159862

289142

4,171830

7024517462

492420

1,878704210

601,002487,982

74,345375,440115,933109,62863,668

58,517.900

3,822

617.8499.481.0

486.5131.287.9

401251

10, 8473,076

369, 776144, 947

3.2672

121

7,56911,145

3891,6737,880

137,18741,196

1,445,5068,092

202199

'22584

12,16872

7.80601,015,722

76, 494

1391351791651118160

31814514116019915911310360

183144

3,386661

6720415445

378359

1,62882559

623,687601, 343

82, 268378, 472126,484118,731

77, 691

67, 304.931

4,238

627.4608.679.4

499.5127.984.2

462225

7,3533,097

2-10,916109,253

3.4371

128

7,4505,147

5852,593

16, 244

221,69767,454

1,496,0488,509

20820423884

12,17076

7. 80601,023,167

77, 400

1421321771731387657325148142155205172959057180149

3,3226055420319440346363

1, 5176743

665,182533, 08691, 939390, 477141. 703133, 00189, 632

60, 713.9364,765

642.8519.482.0518.7124.079.2

584257

8,0793,534

262, 715116,104

3.4569125

9.2634,935419

2,19515, 042

342, 04398,147

8,903

'21420526484

12,10677

7.80601,038,784

78,399

1441361751731291005730815214315420816510610657176152

4,3518256927022868449440

2,00159405

683,807537,412103,463399,292149,250135, 26489,243

62,405.9175,395

668.9534.292.3539 3129.584.6

461247

8,4513,927

283,145127, 393

3.7475143

7,0315,005344

1,93211,635

330,54094,102

1,471,500 1,843,326 1,925,4598903 9638 1 0 99,638

21620629484

12,922

7.80601,048,97778, 782

1521421841671391355730416213613518815412610255174146

3,5046615619918871347336

1,64739255

697, 792546, 791.104, 971399, 706143, 455154, 632105,190

61, 934.9415,500

662.6517.9100.4534.7127.981.8

544196

8,0994, 375

273, 022125, 327

3.7078134

10, 3934,400423

2,33619,128

210, 02062, 910

10,169

22221030780

13, 31956

7.80601,157,62185, 257

1501381801581391695826016313312118014913011050221144

4,51283771244247118460373

2,16230175

745, 584587, 612108, 322416,430144,439184,715135, 538

66, 019.9465, 508

660.8501.9113.0533.3127. 580.9

436222

8,4084,341

273,162128, 329

3.7380135

7,9025,190463

2,14714, 667

76, 65924,178

1,961,986 1,906,71410444 100510,444

'221205' 340

81

14, 773153

7. 80601,086,38881,356

14013918613812314459

20615013412517614012611458221144

3,2366495716416878356230

1, 534532814

690,108534,762108,060406,389134,770148,949111,310

60,464

722.5553.5120. 4563. 2159.3120. 3

451140

7,7773,974

240, 705112,488

3.7979137

7,4744,904503

1,91511,173

51,976()

10,052

214199323

18,071157

7. 80601,222,61794, 248

126132193122130113565913513411611713714311759210146

2,834612571481766334066

1, 371683520

702,995531,918119,151431,873100,271170,851

58, 356

708.4551.0109.2553. 6154.9

7,2923, 634

202, f>2396, 308

3.5674

132

8, 247

11,865




1943

Janu-ary

1942

Janu-ary

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

ber IOcto-ber

Novem- Decem-ber ber

TRANSPORTATION AND COMMUNICATIONS—Continued

COMMUNICATIONSTelephone carriers:

Operatir.fr revenues tbous. of dol_.Station revenues doTolls, message.. do

Operating expenses.. ..doNet operating income.. do. . . .Phones 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... - doOperating income. - doNet income do

Radiotelegraph carriers, operating revenuesthous. of dol..

128,25779,97437,44182,93521,16621,362

12, 73211,563

6201,16911,054

58561

1,163

123, SCO77,77134,96179,41421,30721,481

11,69710, 724

565972

10, 246465

1,092

130,34779,69839,47184.36521,64721,595

13,07411,940

6631,13410,889

918480

915

131,72780,26440,20784,37221, 59621,702

13, 58712,553

6611,03511.1881,088672

1,032

133,07680,07041,61685. 65522, 26421,815

13,87712,824

6581,05311, 639

905380

1,108

134,21680,07842, 37985, 54222,16721,888

14, 39813,151

6781,24811,7181,216787

1,204

135.65279,41544, 57989, 37021, 33921,941

14, 37513, 296

7091,08011, 967

958454

993

135, 32878,89744, 66686,43922,63222,048

14, 28213, 254

7121,02811,9321,031501

138, 01580,41345, 68087, 83222, 84622,146

14.61713, 600

7551,01811,9121,384946

|981 i

142, 86482, 50748,16189, 26020, 33722, 284

14,95613,875

8191,08212,1791,336812

998

140,44781,57646, 56687, 94024, 31022,400

14, 25013,151

8631, 09911,6251,237658

1, GOT

CHEMICALS AND ALLIED PRODUCTS

CHEMICALSMethanol:

Prices, wholesale:Wood, refined (N. Y.) dol. per gallon..Synthetic, pure, f. o. b. works -...do

Explosives, shipments thous. of lb_.Sulphur production (quarterly):

Louisiana long tons..T>xas do

Sulfuric acid:Price, wholesale, 66*, at works

dol. per short ton..

FERTILIZERSConsumption, Southern States

thous. of short Urns .Price, wholesale, nitrite of soda, crude

f. o. b. cars, port warehouses*.-dol. p?r ewt..Potash deliveries short tons..Superphosphate (bulk):

Production _ doShipments to consumers...„-..» doStocks, end of month.._ do

NAVAL STORESRosin, gum:

Price, wholesale " H " (Savannah), bulkdol. per cwt..

Receipts, net, 3 ports bbl. (500 lb.)._Stocks, 3 ports, end of month do

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

0.58.28

33, 392

16.50

1,006

1.650

3.507,817

278. 791

.642,102

57, 627

OILS, FATS, AND BYPRODUCTSAnimal, including fish oils:

Animal fats t jConsumption, factory thous. of lb_.Production ,doStock?, end of month do

Greasp.s.tConsumption, factory. doProduction doStocks, end of month do

Fish oils.tConsumption, factory. .do._. _Production doStocks, end of month. . do

Vegetable oils, total:tConsumption, crude, factory .mil. of lb__Production doStocks, end of month:

Crude doRefined do

Coconut or copra oil:.Consumption, factory:!

Crude thous. of lb._Refined. do

Production:Crudet . . _. doRefined do

Stocks, end of month:!Crudo . .doRefined __ _. . .do

Cottonseed:Consumption (crush) thous. of short tons. .Receipts at mills do.Stocks at mills, end of month do.

528178

1,049

0.58.28

36,720

16.50

1,030

1.65057,113

437,16477,725

,082,860

3.1630,214

269, 496

.766, 357

26, 594

0.58.28

37,681

16. 50

1,170

1. 65051, 402

457, 302146,846

1,017.817

3.2219, 862

257,926

.761,127

20, 495

0.58.28

(6,453

110,115725,579

16.50

1,061

1.65056, 386

480,018204, 855911,507

3.063,733

250,110

.73784

16, 675

1395,9671776, 5421445, 114

'125,047U40, 105UOO, 330

0.58.28

41,045

16.50

678

1.65044,994

431,634254,239730,135

2.8ft16, 353

239,817

.654. 550

17,010

i 50,1761 7,128

U71, 398

1 1,048i 1,018

»895» 513

'476r 221

1,037

413144768

113, 64349,437

45, 39265, 072

135, 79015,131

31752

503

22422

301

0.58.28

40, 545

16.50

287

1.65029, 714

440, 685147, 473760, 761

2.8213. 449

245,085

.616,554

17,758

0.58.28

42,101

163, 810774,706

16.50

148

1.65062,959

453,09578, 577

915,172

2.Q521, 686

237,420

.638,021

22,817

1379. 2561699, 6731365, 870

1135,020i l l l . 1871102,044

i 42.798i 11,7131160. 540

l 744'710

»761* 521

16.50

70

1.65059, 224

445,60372, 332

1,067,747

3.1026,872

229,436

.6411,46632,164

104,890247. 889393, 452

39,94546, 259

106, 004

16, 06710, 342

162, 869

210214

729458

14421

177

i 35. 085i 12,995

i 17.740i 13, 512

1126, 087i 10, 017

8827

116

9,3163,294

C)3,715

129, T039,325

622781

0.58.28

41, 709

16.50

1.65059,371

501, 59298,287

1,070,785

2.9135,415

245,937

.6110, 42139, 821

120, 265213.963368, 527

46. 24541,313

107, 787

14, 57027, 575

178, 219

212212

726373

10, 0265,218

(a)

4,289

128, 6026,988

93157145

0.58.28

42, 571

148, 570739, 665

16.50

169

1.65056, 439

2520. 5582150. 599'1,175,835

3.3021, 713

250, 079

.669,29045, 705

137, 997220, 217311,526

42, 54942,086104, 028

15.31927, 291178, 247

266333

764312

7,3522,742

(*)1,822

121, 2628,141

5291,085701

0.58.28

41, 407

16.50

200

1.65059,846

504,852179, 2521,158,092

3.5018, 922

263, 434

.706,47449, 525

136, 624223, 747289, 743

51, 23945. 08496, 432

14, 49620, 895207,131

342432

834299

8,0582,259

9,1112,370

126.7397,243

7381,6351,598

1

0.58.28

41, 477

16. 50

221

1. 65054, 855

525,960160,7991,120,646

3.4619,432

267,144

.706,04751,913

108,682255. 989286, 358

41,33345, 693104, 916

11.56823. 845

208, 237

355419

884354

7, 6392,151

5, 2082, 684

138,1427,243

714833

1,714

0.58.28

30,626

147,850645, 380

16. 50

340

1.65067,876

545,936126,632

1,094,877

3.4320,108

277, 546

.706, S06

55, 000

114,436290, 597306,055

44.71650. 942

108,570

16, 54915. 373

215,619

362416

914407

7,4423, 900

7,4724, 293

134,9716, 415

052340

1,401

«Not available. ^Deficit. 'Revised.1 Quarterly data. Data compiled monthly beginning July 1942.2 Data beginning September 1942 include a certain amount of superphosphate formerly reported in dry and mixed base goods not previously included with bulk super-

phosphate. Th*» stock fijmiv as of August 31, comparable with September data is 1,129,790 tons; no other data are available for comparison. Data are currently reported onan 18% A. P. A. basis and are here converted to a 16% basis so that they are comparable with prior figures.

•This price has been substituted beginning 1935 for the one shown in the 1942 Supplement. Revisions for January 1935-July 1937 will be shown in a subsequent issue.Therp ha-* bpen no change in data bpjnrmin? with August 1937. Pricp" 8rp quoted per ton, in 100-lb. bags, and have been converted to price per bag.

fData for last two quarters of 1941 revised. Revisions for fish oil production are as follows: Quarter ending September, 99,308; quarter ending December, 94,4.50.Revisions for consumption and stocks of fish oils and for all other indicated series are minor and are available on request.




1943

JJanu-ary

1942

Janu-ary


temberOcto-ber

Novem-ber

Decem-ber

CHEMICALS ANI> ALLIED PRODUCTS—Continued

OILS, FATS, AND BYPRODUCTS-Con.

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 . . . d o . . .

Cottonseed oil, refined:Consumption, factoryt - do . . .

In oleomargarine do_._Prlce, 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 do . . .Stocks do

Minneapolis:Receipts- do . . .Shipments do—_.Stocks do—

Oil mills tConsumption.. do—Stocks, end of month do . . .

Price, wholesale, No. 1 (Mpls.)--dol. per bu.Production (crop estimate) thous, of bu.

Linseed cake and meal:Shipments from Minneapolis thous. of lb.

Linseed oil:Consumption, factoryf_ doPrice, wholesale (N. Y.) dol. per lb.Production! thous. of lb.Shiprnents from Minneapolis.. doStocks at factory, end of month! do

Soybeans:Consumption! thous. of bu.Price, wholesale, No. 2, yellow (Chicago)

dol. perbu.Production (crop estimate) thous. of bu.Stocks, end of month. do . . .

Soybean oil:Consumption, refinedf - thous. of lb.Price, wholesale, refined, domestic (N. Y.)

dol. per lb.Production:

Crudef thous. of lb.Refined.. __ ..do

Stocks, end of month:Crude - doRefined f do.._.

Oleomargarine:Consumption (tax-paid withdrawals) t_.do.._.Price, wholesale, standard, uneolored (Chi-

cago) dol. per lb.Production! thous. of lb

Shortenings and compounds:Production ...thous. of lb.Stocks, end of month! doVegetable price, wholesale, tierces (Chicago)

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 u s e . . do

Paint , varnish, lacquer, and fillers."Total _ .do

Classified, total . . . d o . . . .Industrial . doTrade .do

Unclassified... do

234, 95275, 866

165, 824153, 873

.140151, 406

240

940

581186

1, 865

60, 660

.134

"26," 280

.150

.165

'207, 252'369, 734

1-146, 657181,830

14, 427

:. 137• 21.085•320, 317

1,292311

3.430

2.23

51,840

.113

"227666"

.132

35,864

.15435,109

.164

19046

185428

47,04442,03219,19022,842

176,833372,208

128,843170,913

14,738

.139130,622351,683

3249

1,067

704141

3,105

2.33

37,640

.119

"227250'

1.95

.135

31,800

.15333,015

5.012

.165

17236

196323

45.17639.74517,01922,1265,431

139, 742338, 711

101, 526137,975

1292,88213,837

.140127,442389,010

546

1,026

708154

2,634

113,42518,4772.60

34,400

»153, 620.133

*258, 72022,400235,897

»20, 500

1.86

119,907

1118, 285

.135

1188,8051151,998

«86,231156, 639

29, 679

.15030,700

»329, 867160, 790

.165

16243

183412

48, 07042, 61718. 89823, 7195,453

97,180311,403

72, 671105, 714

11,883

.140100,548402,540

4105925

490144

2,120

28,880

.141

"23,~666"

1.83

.135

26,760

.15028,659

.170

16151

261466

50. 53044,84919,00925, 8405,681

62,361286,844

47, 05880, 989

10, 235

.14171, 502

394, 580

56455527

58590

1,078

2.58

25,840

.141

"3O,"66o"

1.80

.135

23,081

.15027, 611

.170

19349

260594

49,20444,14118,14026,0005,064

38,269250,715

27, 53451,291

> 232,48210,352

.13852,807

369,745

31,384192, 910

20,99634,167

90, 05410, 400

.14036,661310,433

129 241233 566423

633 j130

112,52613,9652.54

23,440

1151,183.139

* 241,01522,100

»225,615

* 18,497

1.72

447164468

3,9814,1972.46

111,624

1123,400

.135

167,945147,269

i78,719176,098

23,099

.15027,143

246, 304163,208

.165

17332

268517

43,98239,51317,08222.4304,469

31,440

46, 826.137

76, 78227,900211,087

6,595

1.72

10, 244

42, 629

.135

59, 84348,061

78,35073,099

22, 535

.15029, 883

95,47756, 823

.165

10329

235406

42, 22137,98717,17320,8134,234

40,845133, 495

28, 23327,907

99, 52211,312

.13932,942

230, 569

517236379

6,438483835

5,4672.40

34, 200

44,407.136

76, 30821,850

230, 252

6,218

1.715,931

58,478

.135

57,41362,407

68,89667, 761

24, 379

. 15038, 495

125,91860, 953

.165

11736

219385

41,10636,93516, 74820,1874,170

224, 921146,533

161, 74890, 601

129,95213,487

.13680, 512199, 396

2,438750

2,066

5,678465

2,734

3,77810, 3472.43

54, 640

46, 726.134

72,02322, 750

242,879

6,081

1.711,120

63,940

.137

55,38960,879

52,45655,134

29, 537

.15039, 604

158,10743, 583

.165

14733

196410

43,02837,78217, 24320, 5405,246

330, 025134,136

232, 888133, 726

135, 37715,612

.137169, 490201, 427

2,6462,3982,304

5, 564554

2,780

4,44511,9382.46

47,240

44, 383.131

84, 78524, 850

273,101

6. 983

25, 213

60, 393

.138

64,45155, 435

51,3G451,234

35, 403

.15046, 283

130,33641,142

.165

10045

190481

44,12239.18617,90621, 2804,935

317,338117, 778

217,103157, 849

119,37419,126

.140181, 960254, 713

8281, 6951,437

1,320252

2,535

3.99311,2542.43

56, 820

40,198.127

77, 04525, 560

291, 212

8,145

35, 356

49, 691

.138

75, 39358, 061

62, 26851, 476

39, 371

.15047, 635

96, 22937, 853

.165

7737

177456

38,12234. 31516. 22118, 0943,807

291, 92292, 672

200, 882157, 212

137, 46921, 035

.140185, 433300, 519

366887916

744110

2,269

3,81711,6822.56

2 40, 660

64, 740

40, 879.129

73, 56927, 780

297, 244

10, 058

2 209," 55934, 938

53, 608

.138

92, 32665, 414

83, 41657, 080

42, 151

.15042, 099

117, 91542, 648

. 105

9033

153

37,14133, 51816, 90516, 6123,623

ELECTRIC POWER AND GAS

ELECTRIC POWEE

Production, total . . . . . . .mil. of kw.-hrBy source:

Fuel. ..doWater power _ do

By type of producer:Privately and municipally owned electric

utilities mil. of kw.-hr__Other producers do . . . .

17, 651

11, 2426,408

15,646

11,0504,595

14,102

9,6644,438

15, 053

9,4385, 615

14,588

8,9796,609

14,991

9,6325,360

15,182

9,8315,352

16,005

10,8775,128

16, 262

10,9465,315

16,114

10, 8955,219

16, 753

11,2445,609

16, 459

10, 7265,733

•17,681

•11,571r 6,110

15,170 14,110 12,612 13,322 12,949 13,326 13,394 14,047 14,047 13,804 14,282 14,086 15,2372,480 1,536 1,491 1,731 1,639 1,665 1,788 1,958 2,214 2,310 2,470 2,373 '2,444

' Revised.* Quarterly data. Data compiled monthly beginning July 1942.2 December 1 estimate.8 Superseded effective October 1942, by regulated price paid by crushers under Government program, operated by Commodity Credit Corporation. The October price

was $1.60.!Data on oleomargarine revised beginning July 1941; see p. S-23 of the February 1943 Survey. Data for the indicated series on oils and oilseeds revised for the last two

quarters of 1941. Revisions are minor and are available on request.




1943

Janu-ary

1942

Janu-ary


temberOcto-ber

Novem-ber

Decem-ber

ELECTRIC POWER AND GAS—Continued

ELECTRIC POWER—Continued

Sales to ultimate customers, total (EdisonElectric Institute) mil. of kw.-hr..

Residential or domestic doRun*] (distinct rural rates) doCommercial and industrial:

Small light and power doLarge light and power. do

Street and highway lighting doOther public authorities do"Railways and railroads doInterdepartmental do

Revenue from sales to ultimate customers(Edison Electric Institute) thous. of dol__

GASManufactured gas:

Customer?, total - thousands..Domestic doHouse heating doIndustrial and commercial do

Sales to consumers, total mil. of cu. ft_.Domestic. . . . doHouse heating doIndustrial and commercial do

Revenue from sales to consumers, totalthous. of dol_.

Domestic . . ._ doHouse heating doIndustrial and commercial do

Natural gas:Customers, total _ thousands..

Domestic doIndustrial and commercial do

Sales to consumers, total mil. of cu. ft..Domestic . . doInd'l., com'l., and elec. generation...do

Revenue from sales to consumers, totalthous. of dol._

Domestic doInd'l., com'l., and elec. generation . . .do

13,2422,673

145

2,4506,777

217307597

76

250, 526

10,4349,616

344465

43, 70518,26812,29412, 786

38,68023,016

7,7287,739

8,1717,554

614178,028

67, 790107, 521

67, f 6542,00025, 241

12,5722,405

156

2, 3036,590

187306550

74

237,957

10,4829,651

359463

42, 35717,67211,91712,425

37, 75921,9247,9607,684

8.1837,572

609174.389

62, 485108,679

63,76038,43324,816

12, 5582,244

168

2,1996, 828

181306560

72

230, 766

10,4549,626

343471

41, 29617, 62910,22413,129

26, 52621, 6636,9377,734

8,2307,610618

171,97961,451107, 491

61, 84837, 31221,901

12, 5362,139206

2,1566,988

158294525

227,610

10,4639,621359470

38,16116,8757,72213,280

34,28621, 5744,8817,649

8,2727,656613

152,97146,305105,232

52, 55230,08422, 253

12,4872,047216

2,1247,07414329452069

225,602

10,5449,694372466

34.87316, 5345,29612,794

33,14322, 4073,0837,506

8,2867,676607

133,66533,40097, 756

43, 73823,24320,135

12,6702,025270

2,1607,205

13230250966

227,057

10, 5429,706359466

31, 98317,1252,60412,035

31,24522, 2101,9186,996

8.1927,615575

120,78323,89894,151

36,89318,01818, 525

13,1662,053335

2,2477,482

13732252269

232,460

10,6089,785344467

SO, 38316,4751,71911,919

30,20221, 7401,3327,007

8,2427,664574

119,94020,18097, 251

34,90915,70818, 760

13, 6502,104386

2,3287,727

15136552266

238,059

10,6569,830348466

29, 60815,9541,34412,105

29,65621, 3751,1197,023

8,2317,667562

118,13618, 48596, 742

33, 75414,68318,695

13, 7122,157355

2,3227,735

15737352392

240, 253

10,6889,850366464

31,10017,1911,41812, 267

13,9702,224269

2,2727,957185385560118

243,094

10, 6679,819387450

34,92618,1523,29613,195

31,19622, 5741,3167,178

8,2687,702

564123, 041

19, 558100,, 828

34, 76614,99319,424

33,97823, 576

2,5717,667

8,3407,746

591137,07126,637

107, 813

40, 91619,12221, 428

14,0972,343197

2,3087,948

197391568144

246, 749

FOODSTUFFS AND TOBACCO

ALCOHOLIC BEVERAGESFermented malt liquors:!

Production.. , thous. of bbL.Tax-paid withdrawals doStocks, end of month do

Distilled spirits:Apparent consumption for beverage pur-

poses. thous. of wine gal...Production^ thous. of tax gal_.Tax-paid withdrawals! do... .Stocks, end of month^ do

Whisky tProduction.. doTax-paid withdrawals doStocks, end of month do

Rectified spirits and wines, production, totalfthous. of proof gal..

Whisky. do_...Still wines:!

Production ...thous. of wine gal_.Tax-paid withdrawals _ ..doStocks, end of month do

Sparkling wines:!Production. doTax-paid withdrawals doStocks, end of month do

DAISY PRODUCTSButter, creamery:

Price, wholesale, 92-score (N. Y.) dol. per lb._Production (factory)t thous. of lb. .Stocks, cold storage, end of month do

Cheese:Price, wholesale, American Cheddars (Wis-

consin) dol. per Re-production, total (factory)t thous. of lb_.

American whole milk! doStocks, cold storage, end of month do

American whole milk . . . . do . . .Condensed and evaporated milk:

Prices, wholesale, U. S. average:Condensed (sweetened) dol. per case...Ev aporated (unsweetened) do

Production, case goods:!Condensed (sweetened) thous. of lb_.Evaporated (unsweetened) do

4,4214,2368,121

87610,273479,196

07,114

461, 686

5,1774,619

.48122, 88015, 600

.23360,15546, 545113,81597,154

5.844.15

8, 250203, 786

4,4593,9917,676

15, 59314,3999,284

538,909

13,0896,514

516, 466

6,0204,651

r 2, 4408,150

176,429

45689

.35119,82583,106

.232' 76,12562,350165.018137, 276

5.643.67

3.187313, 517

4,4543,7768,150

13,86112, 4169,423

542,113

11,4866,412

519, 791

6, 2294,865

1,8468,985

167,089

9136

r 742

.35118,02063, 701

.22272.10562, 505160,073133,140

5. 043,64

4,270300, 003

5,2274,6528,491

13,74911,06611,304542,881

10, 5157,493

520, 762

6,7215,865

1,8439,450

158,030

7529780

.35135, 92045, 045

.20888. 77077.215

•190,158165,704

5.643. 62

6,105339, 522

5, 7785,0778,947

12, 9849,1049,626

543, 525

8,4456,631

521,485

4,7584,029

1, 3108,131

150,019

15732

894

.38149, 585

37, 228

.202103,03088.810

208,171182,613

5.653.55

5,518358, 443

6,1575,9908,837

12, 7627,8819,163

543,095

6,9705,848

521,017

4,7003,982

1,0637,027

142, 542

12033

978

.38203, 360

64, 720

.202136, 280117,085

'227, 689••200, 460

5.653.52

5,051449, 330

6,2125,8608,935

12,8917,3319,212

538, 910

6,5366,324

516, 919

4,4783,843

5557,538

133,195

11544

1,050

.37203, 860117, 111

.202131,100110. 430261,935228, 478

5.653.49

6,782402, 584

6,8036,8148,651

15,8297,96812,801

537, 737

7,0398,585

515,847

6.199r 6,499

3,5427,916

124, 765

4454

1,037

188, 665148, 504

.205115,38597,005296,763261, 535

5.653.49

8,970326,332

6.8648,487

16,611.6,89315,380

529, 089

5,74410,144507,493

7,5486,652

3,9408,416

116,168

5569

1,019

.41169, 620152,198

.210104,00887, 225279,905243,596

5.653.50

9,832277, 969

6,5876,2088,593

19,2846,52615,129

521, 243

4,94510,068500,147

7,7566,753

19, 22510, 747113,962

5893979

.44140,130123,599

.21786,10070, 675259, 078224, 861

5.833.66

8,589226, 695

5,7705,6268,483

r 20,4217, 52816,596507,226

1, 79711,439

487, 550

7,9526,926

85, 75311,473

142, 851

64121

.47126, 26586, 981

.27175, 30058, 800195,378169,913

5. 833.75

7,364208, 445

4,7054,7178,253

4, 0718, 583

499, 350

05,656

480,325

4,9824,228

48,3609,963

152, 288

68119854

.47107,48045,937

.23357, 66043,170153, 806134,332

5,833.73

5,506 !163,648 i

4,8134,6998,159

1,57110,100

489, 418

06,873

471,026

5,3994,628

12, 45811,498141, 403

75159761

.47116, 735' 24,979

.23356, 65042, 040131,398112,348

' 5. 833.85

7,033178,024

' R e v i s e d .1 N o t including da t a for unfinished and high-proof spiri ts , which are n o t available for publ icat ion. D a t a for J a n u a r y to N o v e m b e r 1941, revised to exclude these i tems, are

shown on p . S-24 of t he F e b r u a r y 1943 Survey .t D a t a for the indicated series on alcoholic beverages revised for the fiscal year beginning J u l y 1941; revisions, which in most cases are minor , not shown above and in t h e

F e b r u a r y 1943 Survey are available on request . F inal revisions for 1941 for the indicated dai ry products series, superseding those previously shown, are as follows ( thous .of lbs . ) : Bu t te r—Jan . , 135,143; F e b . 129,804; Mar . , 147,507; Apr . , 162,490; M a y , 214,206; J u n e , 210,250; Ju ly , 194,611; Aug. , 168,787; Sept. , 146,430; Oct., 133,695; Nov . , 112,566;D e c , 116,694. Cheese, tota l—Jan. , 53,456; Feb . , 52.447; Mar . , 64,287; Apr . 74,232; M a y , 103.017; J u n e , 104,930; Ju ly , 95,377; Aug. , 91,888; Sept. , 86,806; Oct., 83,827: Nov . , 71,510:D e c , 74,237. Cheese, American—Jan. , 38.329; Feb., 37,830; Mar . , 47,086; Apr. , 56,155; M a y , 81,960; June , 85,022; Ju ly , 78,050; Aug. , 75,972; Sept. , 70,824; Oct., 66,996; N o v . ,56,347; D e c , 58,551. Condensed milk—Jan. , 7,243; Feb . , 7,238; Mar . , 10,526; Apr. , 10,819; M a y , 11,747; J u n e , 10,939; Ju ly , 11,802; Aug. , 11,052; Sept., 10,105; Oct., 10,236; N o v . ,8,603; D e c , 6,796. Evapo ra t ed milk—Jan. , 172,262; Feb . , 169,493; Mar . , 208,296; Apr. , 254,215; M a y , 354,803; J u n e , 350,063; J u l y 310,791; Aug., 307,855; Sept. , 290,634; Oc t . .281,683; Nov . , 259,768; D e c , 286,684.




1943

Janu-ary

1942

Janu- February ary

March April May June July August Novem- i Decem-ber ber

FOODSTUFFS AND TOBACCO—Continued

DAIRY PRODUCTS—Continued.

Condensed and evaporated milk—Continued.Stocks, manufacturers', case goods, end of mo:

Condensed (sweetened) thous. of lb_.Evaporated (unsweetened) do

Fluid milk:Price, dealers', standard grade.dol. per 1001b..Production mil. of lbUtilization in manufactured dairy productsf

* mil. oflb-.Dry skim milk:

Price, wholesale, for human consumption,U. S. average del. per lb..

Production, total f thous. of lb_.For human consumption f do

Stocks, manufacturers', end of month, totalthous. oflb..

For human consumption doFRUITS AND VEGETABLES

Apples:Production (crop estimate) .thous. of bu . .Shipments, carlot . no. of carloads..Stocks, cold storage, end of mo..thous. of bu_.

Citrus fruits, carlot shipments.-.no. of carloads.Frozen fruits, stocks, cold storage, end of month

thous. oflb...Frozen vegetables, stocks, cold storage, end of

month . . . .thous. of lb . .Potatoes, white:

Price, wholesale (N. Y.) dol. per 1001b..Production (crop estimate)____.thous. of bu_.Shtpments, 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, end of month .do

Corn:Grindings, wet processf... .doPrices, wholesale:

No. 3, yellow (Chicago).. dol. perbu..No. 3, white (Chicago) ._ doWeighted avg., 5 markets, all grades.do

Production (crop estimate) thous of bu.._Receipts, principal markets do . .Stocks, domestic, end of month:

Commercial do_.On farms do. .

Oats:Price, wholesale, No. 3, white (Chicago)

dol. per bu._Production (crop estimate) thous. of bu_.Receipts, principal markets do_.Stocks, domestic, end of month:

Commercial do. .On farms _ do. .

Rice:Price, wholesale, head, clean (New Orleans)

dol. per lb__Production (crop estimate) thous. of bu._California:

Receipts, domestic, rough...bags (1001b.)..Shipments from mills, milled rice doStocks, rough and cleaned (in terms of

cleaned rice), end of mo .bags (100 lb.). .Southern States (La., Tex., Ark., and Tenn.):

Receipts, rough, at millsthous. of bbl. (1621b.)..

Shipments from mills, milled ricethous. of pockets (100 lb.) . .

Stocks, domestic, rough and cleaned (interms of cleaned rice), end of month

thous. of pockets (100 lb.).Rye:

Price, wholesale, No. 2 (Mpls.).-dol. per bu . .Production (crop estimate) thou3. of bu . .Receipts, principal markets. . . . . doStocks, commercial, end of month do

Wheat:Disappearance, domestic doPrices, wholesale:

No. 1, Dark Northern Spring (Minneapolis)dol. per bu. .

No. 2, Red Winter (St. Louis) do . . . .No. 2, Hard Winter (K. C.) do . . . .Weighted av., 6 markets, all grades..do

Production (crop est.), total . . . . thous. of bu_.Spring wheat doWinter wheat do

5,28694,071

3.008,820

3,713

.13730, 80029,000

27, 72926,673

3,84023, 56919,005

172,130

90,346

2.379

"21,048

.80

.96

"""7,7279,771

2 10, 619

1.09.92

35,929

42,829

.59

"6,353

7,649

.067

484,751319, 526

410,053

1,297

1,730

2,769

80219,924

1.391.541.371.36

9.000252, 532

2.73r 8, 739

4,007

.13140,00035,800

22, 93121,068

3,70420,162

20,329

157, 973

82,638

2.13121,738

.37

"87827"' 9,244

10,849

.82

.90

29,494

50,311

.58

I," 519'

!,625

.068

465,182137, 749

343,001

1,231

1,766

2,508

.80

2,11516, 785

1.281.341.261.20

6,223218,410

2.74r 8, 299

3, 934

.13141,80037,164

28, 78926,102

3,95114,238

18, 052

142,192

73, 245

2.04416,556

.73

.87

'7,2209,656

9,908

.82

.96

30,357

59,884

.56

~5~670"

7,483

.068

229,40497,631

374, 565

1,342

1,323

2,598

.78

1,91317,029

1.251.311.231.21

0,469213,550

2.75r 9, 641

4,589

.12854,00048,470

38,48234,988

4,0018,207

20,831

119, 982

61,781

1.920

21,989

' . 6 9.86

~~5,"770"8,324

11, 228

.82

.97

.80

24,098

60,9731,289,588

.54

""5," 253"

5,893432, 020

.070

278.245162,316

364, 795

664

1,397

1,8

.75

499,885420,205

242,690

198

1,256

844

.72

70

471

439

49336, 666

70, 919

1, 295

781

677

.65

2,717

1,947

2,787

.59

1,09117, 551

190, 319

X.241.301.211.19

56617,333

1,13317, 240

1.191.211.151.14

1.201.201.151.16

86117,034

'178,980

1.141.191.111.11

1,26917, 2J2

2,50817, 288

3,84619, 295

1,57719, 761

543,339383,414

428, 358

2,293

2,091

3,100

.70i 57,341

1,06119, 889

212,806

1.321.481.311.28

981,327278,074703,253

' Revised, i December 1 es t imate . 2 For domest ic consumpt ion only, excluding grindings for export . 3 Inc ludes old crop only.f D a t a for the uti l ization of fluid milk in manuiac tu red dai ry products have been revised beginning 1920 to include the milk equivalent of d r y whole milk; revisions are

minor th roughou t . F ina l revisions for 1941 for product ion of d r y sk im mi lk , superseding those shown on p . S-25 of t h e N o v e m b e r 1942 Survey , are as follows ( thous. of lbs . ) :Total—Jan. , 35,514; Feb . , 35,604; M a r . , 43,473; Apr . , 48,223; M a y , 59,616; June , 56,143; Ju ly 41, 777; Aug. , 36,913; Sept. , 33,003; Oct., 29,183; Nov . , 26,316; D e c , 31,272. Forh u m a n consumption—Jan. , 25,714; F e b . , 25,715; Mar . , 31,142; Apr . , 34,449; M a y , 43,781; June , 41,780; Ju ly , 31,953; Aug. , 29,293; Sept., 27,016; Oct., 25,253; Nov . , 22,816; D e c ,27,543. D a t a for corn grindings revised beginning October 1941 th rough December 1942 to include grindings for export .

8,292222,485

2.75' 10, 305

5,036

.12761,40055, 780

47,45942,378

3,3153.521

19, 592

101,810

53,416

1.89419,827

.71

4,8136,344

11,023

.82

.97

.81

8,178294,579

2.75r 12,124

6, 694

.12678,10070,500

CO, 59554,305

1,8401,259

19,312

106, 538

49,548

2.581

30,570

63,363

.55

"5," 614"

4,642

.080

21,016

.76

.92

6,0644.541

11, 067

.85

.98

.84

25,

64,

755

408

.55

5,813

3,,776

073

422,998195,996

290, 831

7,445330,810

2.75' 12, 555

6,546

.12679,60074, 200

61,60454,855

7830

15, 894

129, 334

65,358

2.88324,473

.68

.89

6, 9163,600

10, 752

.85

.96

.84

22,448

57,012761,363

.49

3,671

2,1093192,398

.070

469,837392,090

187,381

105

253

282

6,733292, 911

2.75r 11, 765

5,894

.12761,00056, 300

48, 59742, 822

012,140

186, 003

88,248

2.919

11,294

.65

4,1183,015

10,679

.861.00

.85

23,578

51,774

6,642

2,191

.070

194,148166,373

152,048

14

187

109

.61

1.141.221.081.10

5,412211,001

2.76' 10,766

5,280

.12955,10051,400

41,16036,331

7240

9,701

207,767

102,186

2.150

9,909

.64

.82

18,8725, 514

10, 749

.841.02

20,126

43,697

.49

16,918

5,132

40,29369,944

107, 281

253

158

1.131.261.111.11

4,124136,985

2.82' 9,4G8

4,367

.13144,00040, 600

32, 01728,084

5,26711,1058,758

225,104

117, 796

1.615

14, 928

.64

.85

15, 5669,632

10, 642

.85

"22," 183"

38, 6413423,758

.49

17, 414

10,1231,132,933

.067

2,39318, 477

237,957

1.191.331.201.18

2,44597, 706

2.85«• 8, 903

3,933

.13336,00034,000

2,58690,678

2.93r 8,172

3,240

.13229,00027, 300

19,063 17,56716,847 16,066

11,03432, 70611, 476

221, 727

115, 810

1.950

22, 564

.61

.88

14,96311,887

11,276

.104.77

27,835

40,112

.47

13,125

12,106

.062

394,06260,150

247, 027

2,902

1,764

1,908

.59

1.191.381.211.15

7, 29435, 76112, 227

200, 396

115,845

2. 206

15,606

.65

.90

9.43612; 154

11,175

.811.07

30,999

40,834

.50

6, 209

10,451

.067

531, 917111,630

457, 565

1.201.321.231.17

4,22682, 672

2.95' 8, 473

3,478

.13432,00030,000

27,06025, 728

127,6554,744

' 30,577

19,231

188,041

103,3332. 275

1 371,15015,564

.74

.95426.150

9,96710, 743

10,922

.891.08.85

13,175,15441,388

43,4072,277,332

.541,358,730

6,783

9,534887, 575

.067




1943

Janu-ary

1942

Janu-ary


temberOcto-ber

Novem-1 Decem-ber ! ber


35, 398

447, 094

230," 639

6.336.12

GRAINS, ETC.—Continued

Wheat—Continued.Receipts, principal markets thous. of bu_.Stocks, end of month:

Canada (Canadian wheat) doUnited States, total 1 do

Commercial _.doCountry mills and elevators .doMerchant miils _ do.. . .On farms do

Wheat flour:Grinding of wheat -do.. .Prices, wholesale:

Standard patents (Mpls.) dol. per bbl.Winter, straights (Kansas City) do. . .

Production (Census):Flour, actual thous. of bbl.

Operations, percent of capacityOffal thous. of lb-1

Stocks held by mills, end of month Ithous. of bbl._

LIVESTOCK

Cattle and calves:Receipts, principal markets

thous. of animals-.Shipments, feeder, to 7 corn belt States

thous. of animals.Prices, wholesale:

Beef steers (Chicago) ..dol. per 100 lb. .Steers, stocker and feeder (Kan. City) doCalves, vealcrs (Chicago) do

Hogs:Receipts principal markets thous. of animals..Prices:

Wholesale, average, all grades (Chicago)dol. per 100 1b..

Hog-corn ratiobu. of corn per cwt. of live hogs..

Sheep and lambs:Receipts, principal markets

thous. of animals..Shipments, feeder, to 7 corn belt States doPrices, wholesale:

Lambs, average (Chicago)__dol. per 100 lb. .Lambs, feeder, good and choice (Omaha)

dol. per 1001b..

MEATS

Total meats (including lard):Consumption, apparent mil. of lbProduction (inspected slaughter) doStocks, cold storage, end of month do

Miscellaneous meats__„ _ .doBeef and veal:

Consumption, apparent .thous. of Ib._Price, wholesale, beef, fresh, native steers

(Chicago) ..dol. per lb..Production (inspected slaughter) thous. of lb__Stocks, beef, cold storage, end of mo do

Lamb and mutton:Consumption, apparent ^_.doProduction (inspected slaughter).. doStocks, cold storage, end of month do

Pork (including lard):Consumption, apparent . . .doProduction (inspected slaughter) - do

Pork:Prices, wholesale (Chicago):

Hams, smoked .dol. per lb_.Fresh loins, 8-10 lb. average. do

Production (inspected slaughter) thous. of lb..Stocks, cold storage, end of month do

Lard:Consumption, apparent doPrices, wholesale:

Prime, contract, in tierces (N. Y.)dol. per lb..

Refined (Chicago) __ doProduction (inspected slaughter) thous. oflb..Stocks, cold storage, end of month do

1,613

87

14. 8412.6714.25

3, 431

14.78

16. 0

1, 939159

15. 86

13. 59

J,

522,

63291681

220960

106, 515

71,24,

225675

1,037,942

.293

.284793, 048591, 385

POULTRY AND EGGSPoultry:

Price, wholesale, live fowls (Chicago)dol. per lb. .

Receipts, 5 markets .thous, of lb. .Stocks, cold storage, end of month do

Eggs:Price, wholesale, fresh firsts (Chicago)

dol. per doz..Production millions-Stocks, cold storage, end of month:

Shell thous. of cases. .Frozen thous. of lb—

.139

.146178, 549112,077

.24528, 484

142,128

(a)

3, 769

20559, 828

19, 665

465, 608

258, 570

43,611

6.485.86

9,53263.5

756,199

1,789

12.6010.5714.09

3,704

11.36

14.5

1, 791116

12.34

11.35

1,5031,7281,097123

617, 671

.198605,041142, 599

68,45168, 7818,228

816, 538,053,759

.299

.206775, 656613, 659

144, 963

.112

.130203,306209, 470

.22427, 302

206,120

.333' 3,381

33176,293

17, S03

458, 692

249," 891"

38,621

6.335.74

8,47963.8

663,743

1, 467

61

12.3910.6913.50

2,463

12.58

15.2

1, 53582

12.03

10.92

1,2131,2711,097

116

518,851

.196513,157150,410

61,81361, 7018,122

17, 457

446,983810,834237, 777181,451122, 461269,145

38,194

6.175.63

8,37855.7

657,985

4,002

1,741

12.5911.4713.80

2,694

13.37

15.7

1,80687

12.00

10.92

1,2821,3451,046

118

560,617

.200545,801147,514

73,31173,4228,180

632, 393 648, 483696,100 I 725,295

i

.303

.240520,156616,604

92, 053

.121

.136128,465206, 565

.23318.624179,083

3,836

52973, 766

.315

.262544, 368590, 416

72,194

.125

.138132,114182, 004

.23520, 509139,677

.282

1,798107,397

12, 669

420,880

"229~407~

36,878

5.955.40

8,05853.6

641,182

1,815

126

13. 2611.9313.13

2, 638

14.18

16.9

1,866 I118

12.78

11.24

1, 3381,376941108

59S, 990

.214566,213126,884

69, 43368, 3317,108

669,803741,802

.321

.288567, 754572, 799

103, 281

.126

.144126, 877126, 284

.23023,12396,716

.2935,992

4,638159,585

17, 354

398,177

~22i,"896~

23, 416

384,746631,854224, 441142. 58396,837

61, 645

390, 572

261,122

38, 951

378, 091

266,149

36,141

5.845.26

7,90354.6

628,939

163, 584

37,842

5.515.09

8,27955.0

656, 814

3,619

41, 465

5.005.01

9,07560.4

718,093

53,694 j 45,416 j 32,261 \ 31,811

386,956 I 425.6141,375,224 .269, 290 268. 658257,765151,927 I644,146 .

40,920

5.735.13 |

8,96859.6

705, 516

1,684

91

13.2212.0013. 50

2,630

14.07

16.3

1,855163

14.64 I

11.76 j

1,953

13.1111.8313.00

2,896

14.19

16.3

1,832105

14.75

1,3281,374893110

562, 214

.213530, 20089,075

62, 49761,1585,711

702,864782,338

.300

.291597,129559, 849

86, 333

.126

.143135,081117,995

1,4471,531823112

632, 756

.210609,84081, 556

58, 96458, 8995,313

755, 213861,804

.295

.293654, 697522,173

85,093

.127C)

151,017102, 260

. 218 .20629,762 j 32,49380,242 I 79,200

.3015,769

6,94523831223,831 ' 278,499

.3044,731

7,93578499

1,831 I

74 I13.63 j11.09 I13.13 !

2,398

173 |

14.8712.0513.70

2, 452 i 2,187

14. 25 j

16.6

2,138135

14.18 |

12.52 i

14. 37

16.9

2,772387

14.60

12.94

1,4031,447

729109

606, 544

.209606, 51682, 647

66, 73466.9165,487

729, 544773, 247

.295 |

.294 i582,774 '433. 547

86, 356

.128

.139139,04298,349

.20934, 43579,346

.3214,092

1,3261,32960794

614,900

.210613,620

70, 79072,8217,602

640,169 687, 628642,827 I 720,437

.303

.298498, 360336,634

82,097

.129

.139106, 66085, 274

.325

.310557, 953270, 287

87,170

.129

.139118,23662, 143

.22437, 30786, 645

.3423,534

7, 754 6, 751 5, 421290, 529 272,042 234,876

.23046, 666115, 505

.3553,013

44, 563

5. 95 !5.45 |

9,79367.9

765,128

3, 838

294

14.8411.6414.00

2,529 :

14. 45

16.4

3, 657720

14. 16

12. 89

1,4061,44951980

634,822

.210641, 53195,146

83,40786,98211,260

47, 703

6.045.60

10, 49767.4

817,014

2,995

486

15.2111.8313.50

2, 087

14.98 i

18.2

3, 741976

14. 30

12.20

1,4131, 532

521

675, 290

.210686,028116,892

84, 00490.73317,896

653, 932755, 565

.325

.311590,541257,445

66, 631

.136

.142119,978

57, 547

259, 487

435,180 | 447, 90011,162,418245.150235,221139, 385494, 662

43,307 j 46,009

G.095. 60

9, 51668.8

743,560

2,535

314

15.12.13.

306250

3, 310

6. IS5. 60

10, 15267.9

787, 020

3. 92o

l,S4o

ISO

14. So12.2413.50

2, 780452

14. 53

12. 35

1,4041, 553

57973

535,969 i 557,014

2, 370175

15. 3y

13.12

1, 5571, 887'829

.210 r. 216548, 612 I 547,100130,454 !'127,034

72,380 ! 76,38982,547 | 87,88126, 462 j r 34, 810

795,162 I 923, 2^2

.293 ! .293

. 284 • . 284721.781 I 952,397291,841 •• 490,47*5

108, 432

.139

.146145, 578

57, 434

153, 44S

.139

. 140218,107

' 9 1 . 333

5$,161,

210910011

78193,

209661263

CA,'187

23-t495943

.397' 2, 707

.400 j .4002,515 I 2,910

3.117 1,170 r 273180', 329 126, 321 l r g2,948

' Revised.* No quotation^Data beginning with June 1942 include comparatively small amounts of wheat owned by the Commodity Credit Corporation stored on" farms in its own steel and woodon

bins, not included in the break-down of stocks. June figures include only old wheat; new wheat not reported In stock figures until crop year begins in July.




1943

March April May June July August Septem-ber

Octo-ber

No vein-! Decem-ber I ber


TEOPICAL PRODUCTS

Cocoa, price, spot, Accra (N. Y.)_dol. per 1b...Coffee:

Clearances from Brazil, total., thous. of bags..To United States do~.--

Price, wholesale, Santos, No. 4 (N. Y.)dol. per I n -

visible supply, United States.thous. of bags..Sugar, United States:

Raw sugar:Price, wholesale, 96° centrifugal (N. Y.)

dol. perlb..Refined sugar, granulated:

Price, retail (N. Y.) do..-.Price, wholesale (N. Y.) _do

MISCELLANEOUS FOOD PRODUCTS

Candy sales by manufacturers thous. of dol_.Fish:

Landings,fresh fish, prin. ports..thous. of lb..Stocks, cold storage, 15th of month do

Gelatin, edible:Monthly report for 7 companies:

Production __._ doShipments . . . do...._Stocks... _do...

Quarterly report for 11 companies:Production. doStocks. . . . . . .do . . .

TOBACCO |Leaf:

Production (crop estimate).-. mil. of lb..!Stocks, dealers and manufacturers, total, end

of quarter mil. of lb_.Domestic:

Cigar leaf .doFire-cured and dark air-cured. doFlue-cured and light air-cured do____Miscellaneous domestic do

Foreign grown:Cigar leaf doCigarette tobacco. _do

Manufactured products:Consumption (tax-paid withdrawals):

Small cigarettes _.. _.millions..Large cigars _.. thousands..Mfd. tobacco and snuff thous. of lb_.

Prices, wholesale (list price, composite):Cigarettes, f.o.b. dcstination-.dol. per 1,000...Cigars, delivered.. do

Production, manufactured tobacco:Total _„_ ..thous. oflb..

Fine-cut chewing .do.._.Plug do.. . .Scrap chewing doSmoking doSnuff,. _.do_ .Twist .do

414248

.134247

.037

.068

.055

28,812

1 74, 714

1, 9131,9272,400

20, 370436, 744

25, 297

6,006(3)

0. 0950

1,0731,001

.1341,471

.037

.064

.053

27, 007

16,35599, 979

2,2452,0943,542

19,503458, 27727,938

5.76046.056

27, 365415

4,0453,67314, 9903,763479

0. 0892

766665

.1341,102

.037

.066

.053

27, 277

13,80382, 677

2,1022,1263,518

16,628441,80524,426

5.76046.190

25,072358

3,6973,41113, 8543, 265486

0. 0890

680609

.134850

.037

.066

.053

28, 914

39,15302,160

2,2692,1473,640

8,5495,139

3,510

437303

2, 6634

2181

17,016489, 72727,919

5.76046. 592

28, 656411

4,4454.11715,2403,916528

0.0890

1, 006842

.134852

.037

.066

.055

27, 179

42,49349,079

2,1642,1623,642

17,380503,53627,825

5. 76046. 592

27, 745398

4,3473,91314, 7823,827478

0. 0890

773635

.134825

.037

.065

.055

22, 830

48,87955,036

2,1161,9403,819

18,455457, 76725,181

5.76046.592

25, 950420

4,2973,76813, 7053,302459

0. 0890

453348

.1341,079

.037

.066

.055

19,177

40,19563,411

1,8602,1513,528

8,0354,782

3,177

426280

20,004532,39027,807

5.76046.592

28, 207481

4,8784,04714,9123,366522

0. 0890

560418

.134973

.037

.066

.055

20,136

48,88781,496

1, 962

0.0890

269136

.134795

.037

.066

.055

23,962

49, 307100,088

1.7152, 292 2,1303, 188 2,783

20, 875510, 82327, 013

5. 76046. 592

29, 443446

4,9335, 243

15, 0253,264

534

20,941498,87225, 329

5. 76046. 592

26, 475437

4,7494,72413, 2592,799506

0.0890

519366

.134539

.037

29, 234

40,021109, 428

1, 7121,9072, 588

6, 8613, 301

' 3, 260

-"381'249

r 2, 519

21,978519, 97627, 329

5. 760

27, 535437

5,1284,26014, 0353,169507

0.8090

716508

.134381

.037

.058

.055

35, 665

38, 659115,128

2,128• 2, 0502, 666

23,075633, 35030, 956

5. 760

29,845426

5,0364,62415, 9803,252526

0.890

510384

. 134361

.037

.068

.055

32,099

28, 449114,198

2. 2172,3392, 544

20,447474, 34825, 882

6, 006)

0. 890

506378

.134703

.037

. 068

.055

32, 741

13, 370105, 343

2,0142, 0542, 504

2 1,417

3, 432

336242

2, 7523

19,716685, 00224,081

6. 006(3)

LEATHER AND PRODUCTS

HIDES AND SKINSLivestock slaughter (Federally inspected):

Calves .._ .thous. of animalsCattle doHogs _ doSheep and lamb ...do

Prices, wholesale (Chicago):Hides, packers', heavy, native steers

dol. per lb..Calfskins, packers', 8 to 151b .do. . . .

LEATHERProduction:

Calf and kip ....thous. of skins.Cattle hides. thous. of hides..Goat and kid thous. of skins..Sheep and lamb do

Prices, wholesale:Sole, oak, bends (Boston) f dol. per lb..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

340928

5, 4311,724

.155

.218

.440

.529

4401, 0575,8311,611

.155

.218

6222, 6664, 2264,163

.440

.631

14,2238,9585,265

8913,8921,407

.155

.218

9742,5024,0054,555

.440

.531

14,0528,9235,129

491929

4,1341,669

.155

.218

1,0402,6294,4144,462

.440

.531

13,4138,9004,513

502956

4,1961,570

.155

.218

1,0062,6844,3204,552

.440

.529

12,7478,8793,868

" Revised.a Discontinued by the reporting source.» Data are as of the end of the month.'* December 1 estimate.* No quotation.4Revised series; revised data beginning July 1933 will be shown in a subsequent issue.

471885

4,3201,475

.155

.218

2,5773,6314,998

.440

.629

12,3898,8983,481

4751,0394,5541,481

.155

.218

1,0312,5343,4904,614

.440

.529

12,1398,9253,214

4611,0483, 8861,705

At>5.218

1. 0532,6013,0374,147

.440

.529

11,6228,7622,860

4601,1033,2231,840

.155

.218

1,0932,3642,4234,287

.440

.529

11,7068,6793,027

5131,1593, 8432, 223

.155

.218

1,4,2,

572280218344

155218

1,0292,3842,7284,150

.440

.529

11,8098,6913,118

1, 0732,6422,9294,462

.440

. 529

11,8618,8113, 050

5011,0185,0232,126

. 155

.218

1,009r 2, 4432, 655

f 4, 860

.440

.529 !

r 11,9108,904

' 3,006

476982

0. 77S2,175

[21S

1, 0452,6413,1694, 543

.440

. 529

11, 7798, 905




1943


temberOcto- j No vein-1 Decem-ber ber ! ber

LEATHER AND PRODUCTS—Continued

LEATHER MANUFACTURESGloves and mittens: |

Production (cut), total. dozen pairsDress and semidress. _doWork do..

Boots, shoes, and slippers:!Prices, wholesale, factory:

Men's black calf blucher -dol. per pair..Men's black calf oxford, corded tip.-.doWomen's colored, elk blucher._ do

Production, boots, shoes, and slippers: XTotal . ..thous. of pairs..

Athletic doAll fabric (satin, canvas, etc.) doPart fabric and part leather doHigh and low cut, leather, total do

Government shoes... .doCivilian shoes:

Boys' and youths' doInfants' doMisses' and children's doMen's do. . . .Women's do

Slippers and moccasins for housewearthous. of pairs..

All other footwear do

6.754.603.60

208,838123,93184,907

8.404.553.58

40, 035451565

1.35235,0842; 223

1, 4032,0783, 8759. 84415, 660

], 893090

i

253,033158, 253'94,780

6.404.603.60

40,390454560

1,36334,4602, 351

1.4182, 0303,7589, 37315, 530

2. 663'890

283,112180, 237102,875

6.404.603.60

45, 487576643

1, 24738. 4862, 954

1,4742,3403,8109, 625

18, 282

3, 3991,137

206, 6531 S3, 210113,343

6.754. 653.60

45, 816620535

1,05638, 5393, 869

1,5362,3723, 7519, 69817,314

313,765198, 438115,327

289,850178, 452111,398

6.754.613.60

40, 982512478892

34,190 !3. 014 |

1,422 ;2,187 !3,344 !8,530 i15,098 \

3,621 j1,283 i

6.754.603.60

39, 694492395555

33.4113,675

1,467 ,2,1243, 6038, 20314,280

3,8231,018

295, 243177, 707117, 536

6.754.603.60

41, 800460147671

36,0223, 763

1, 5712,1613,6028,55216,374

3, 850650

272, 256159,056113, 200

6.754.603.60

38, 812424175613

33, 0543,879

1,4012,1363. 2247,41015, 003

4,083462

268,191150,656117, 535

8.754.603.60

37,119460227727

31,0923, 333

1,3792,0793,0807,56113,660

4,219395

295,715166,831128, 884

6.754.603.60

39, 986475368

1,00733,0413,900

1,5492,0483. 2598,31013,916

4,447647

260, 337146,021114, 316

6.754. 603.60 j

35,247 !415305901

28,9743,424

1,1642,0032, 7437,11912, 521

274, 695156,680118.015

6. 754,603.60

*,501453317

1.0032. 351Z, 831

1,3232.1013, 2367.8141 4.047

3,9b9 ?,. 6S2661 ! 695

LUMBER AND MANUFACTURES

LUMBER-ALL TYPESNational Lumber Manufacturers AssnVTf

Production, total mil. bd . f t -Hardwoods do.Softwoods . , ._ . . .do.

Shipments, total -__.do.Hardwoods do.Softwoods .__-.. do.

Stocks, gross, end of month, total do.Hardwoods do.Soft woods do.

FLOORINGMaple, beech, and birch:

Orders, new M bd. ft-.Orders, unfilled, end of month doProduction. doShipments doStocks, end of month. do

OakrOrders, new __doOrders, unfilled, end of month doProduction doShipments doStocks, end of month.... do

Douglas Hr: SOFTWOODSPrices, 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.dol. ijerM bd. ft..

Southern pine:Orders, new! mil. bd. ft..Orders,unfilled, end of month .doPrices, wholesale:

Boards, No. 2 common, 1x8dol. per M bd. ft..

Flooring, B and better, F. G., 1x4.. .doProduction!-- _ mil. bd. ft_.Shipments! .doStocks, end of month do

Western pine:Orders, new. _ 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 month! do

West coast woods:Orders, new!__._ 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

15, 79720, 82415, 94815, 02665. 428

32. 340

44.100

370512

31. 54244374

1, 062

2. 385'4541,9312, 552458

2,0946,8021,9984,804

7,7759,9757,1757,07514,075

40, 74946, 23541, 64736,54960,673

32.095

44.100

1,010796

30. 62054. 330

785835

1,375

519520

30.73266421

1,526

747929668642991

41, 25249,87335,64232, 292249,176

2,335450

1,8852,537443

2, 0946, 5992,0044,595

7,1509.6007,5507,10014,250

39, 36948,09736, 71937, 78858, 601

32. 340

44.100

832858

30.65354. 708

702770

1,307

352465

31.46292407

1,411

680897690713968

40,94261,10433,12830,208249,377

2,494440

2,0542,801458

2,3436,3081,9864, 322

8,57510,5507,2757,50014,000

34,97245,48138,69137, 58859,704

32.340

44.100

936940

3C. 77053.798

749854

1,202

482473

31.52374474

1,311

765891717771929

55,56675,00938, 80843, 560240, 342

2,768473

2,2953,186470

2,7165,9581,9913,967

7,30010,1257,5007,700

13, 850

32, 56042, 67340, 65637,02763, 333

32. 340

44.100

957943

30.00055.000

759954

1,007

684614

31.04484543

1,252

1,0621,029819939875

39, 40766,07337,96046, 562228,068

2,763431

2,3323,C33496

2,5375, 7171,9253,792

7,2008.7507,1508,85012,000

27,73237, 48836, 28332,91766,699

32. 340

44.100

758887

30.00055.000

745814938

575635

31.35522553

1,221

9771.097825893835

39, 44564,15237,39741, 205220,602

2,921423

2,4983,106501

2,6055,5341,8463, 688

7,8758,9507, 6257,67512,100

17,91130, 47930, 56224, 92072, 341

32. 340

44.100

794871

30.00055.000

753810881

664671

31.51691628

1,284

8671,067806887756

44, 63165, 35941, 66643, 307213,124

3,047465

2, 5823,293538

2,7555,2801,7733,507

7, 3258,6507,5007.675

12, 000

17,61624, 95725, 49121, 07176, 763

32. 340

44.100

826840

30.00055. 000

807857831

597626

31.36695642

1,337

1,0751,171818945622

50, 04773,13742, 00846, 673

207, 588

2,936471

2,4653,057510

2,5475,1481,7343,414

6,9508,1006,8507,500

11, 500

22, 72027, 77119, 28818,90676, 422

32.340

44.100

731793

30.00055.000

738778791

564578

31.53666612

1,391

8421,145820858572

58,13587,15438, 79048.647195, 721

2,842451

2,3912,971523

2,4485,0461,6623,384

5,9007,2008,0006,95012, 500

22,60922, 63118,63321, 21473,841

32. 340

44.100

740794

30.00055.000

706739758

586562

31.53637602

1,426

8471,150812830578

44,98388,08638,46248, 738182, 697

2,782442

2.3402,941541

2,4004,8981, 5633,335

6, GOO5,7006, 5007, 50011,500

23, 24919,1G120,17426.77965, 236

32.340

44.100

755818

30.GOO55.000

705731732

640578

32.01641624

1, 443

7111,095757768578

58, 27890,99741,16351,567170,197

2, 395410

1.9852,562490

2,0724,7591,4853,274

5, 8505, 5006, 2506, 30011, 275

18,62619,47618,400 ,18,251 I63,563 |

32. 34U ;

i•44. 100 !

!600 I736 |

30.000 j55.000

675682725

474566

31.38 i432486

1,389

6841,106669673596

44,86891, 54235, 39940,979163,457

r Revised! Lumber statistics for 1941 and 1942 have been revised to data from the 1941 Census of Forest Products. Revisions have been made also in earlier figures for total

stocks, hardwood stocks, and softwood stocks, and new orders, production, and shipments of west coast woods, on the basis of additional information now available;27 and 28, table 2, of this issue.

t Statistics for 1942 have been revised to include data received too late for publication in the current monthly reports.

2, 080381

1, 6992,362434

1,9284,4811,4323,049

6,6006,1505, 0505,75010, 650

17,64120, 05318,00717,06464, 506

32. 340

44.100

615726

30. 000f-5. 000

640625740

439539

31.83343466

' 1,192

1,057524624497

38,86485,12833, 57138,830158,153

lumbersee pp.




1943

Janu-ary

1942

Janu-ary


temberOcto-ber

Novem-ber

Decem-ber

LUMBER AND MANUFACTURES—Continued

FURNITUREAll districts:

Plant operations percent of normal,.Grand Rapids district:

Orders:Canceled ...percent of new orders..New .. .no. of days' production._Unfilled, end of month do

Plant operations .percent of normal..Shipments... no. of days' production..

Prices, wholesale:Beds, wooden.. 1926=100..Dining-room chairs, set of 6. . ..doKitchen cabinets doLiving-room davenports do

Steel furniture (see Iron and Steel Section).

66.0

2.05685

71.021

100.9118.9102.6104.2

79.0

8.02259

81.024

101.2118.9102.6104.2

83.0

7.02058

82.022

101.0118.9102.6104.2

79.0

8.01850

75.025

101.0118.9102.6104.2

79.0

5.02958

79.021

101.0118.9102.6104.2

78.0

10.02353

78.022

101.0118.9102.6104.2

78.0

8.02150

75.020

101.0118.9102.6104.2

74.0

5.02352

73.019

101. 0118.9102.6104.2

72.0

4.02555

60.018

101.0118.9102.6104.2

72.0

5.03063

51.020

101.0118.9102.6104.2

74.0

2.02658

58.026

101.0118.9102.6104.2

73.0

8.02454

69.026

101.0118.9102.6104.2

67.0

7.02246

73.025

101.0118.9102.6104.2

METALS AND MANUFACTURES

IRON AND STEEL

Iron and Steel Scrap

Consumption, total* thous. of short tonsHome scrap* do_.Purchased scrap*... . . . . . .do . - ,

Stock, consumers', end of mo., total*...doHome scrap* do.Purchased scrap*... do_

Iron Ore

Lake Superior district:Consumption by furnaces

thous. of long tons.Shipments from upper lake ports do. . .Stocks, end of month, total do. . .

At furnaces do. . .On Lake Erie docks do. . .

Pig Iron and Iron Manufactures

Castings, malleable:Orders, new.net short tons.Production.. „ do. . .Shipments do. . .

Pig iron:Consumption*.. thous. of short tons.Prices, wholesale:

Basic (valley furnace) dol. per long ton.Composite _ do__.Foundry, No. 2, northern (Pitts) do. . .

Stocks, consumers', end or montn*thous. of short tons.

Boilers and radiators, cast-iron:Boilers, round:

Production thous. of lb.Shipments do. . .Stocks, end of month do. . .

Boilers, square:Production do. . .Shipments - do. . .Stocks, end of month do. . .

Radiators and convectors:Production.thous. of sq. ft. heating surface.Shipments do. . .Stocks, end of month.. _ do. . .

Boilers, range, galvanized:Orders, new, net. .number of boilers..Orders, unfilled, end of month do. . .Production .doShipments doStocks, end of month .do

Steels Crude and SemimanufacturedCastings, steel, commercial:

Orders, new, total, net short tons.-Railway specialties do

Production, total... .doRailway specialties „ ...do

Steel ingots and steel for castings:Production thous. of short tons_.

Percent of capacity §Prices, wholesale:

Composite, finished steel ..dol. per lb_.Stee! billets, rerolling (Pittsburgh)

dol. per long ton..Structural steel (Pittsburgh) dol. per lb..Steel scrap (Chicago) dol. per long ton..

U. S. Steel Corporation, shipments of fin-ished steel products thous. of short tons..

7,7650

39,74333, 8155,927

73, 52463, 57259, 557

23.5024.2324.00

55, 23956, 68741, 67540, 9267,668

7,409

.0265

34.00. 021018.75

1,686

4,9562,8222,1343,5031,1452,358

7,1580

33,91929,6274,292

4,7082,6432,0653,4551,1702,285

6,4030

27, 52623,8353,691

106,04569, 20365, 640

4,997

23.5024.1525.89

1,473

7321,48410.146

18,75617,04494,832

6,7176,17518,106

42, 78172,36650, 55751, 25917, 212

150, 55135,723134,77846,357

7,12595

.0265

34.00.021018.75

1,739

66,29265,14062, 724

4,554

23.5024.1525.89

1,400

7541,4089,493

17,77319,08193, 525

6,1996,78117, 524

53,80977,19049,21748,98517,444

179,88054.409133, 72645,013

6,521

.0265

34.00.021018.75

1,617

|

5,221 I2,9562,2653,4601,1142,346

7,109793

20,16017. 5612,629

62,97969. 73765.866

5,100

23.5024.1725.89

1,286

1,0121,0839,421

16,21415,78993,950

6,4455,65618,313

62,01076,75064,84762,45019,841

211,08143,997146,50748,335

7,393

.0265

34.00.021018.75

1,781

5,1562,9192,2373,6821,1052,577

7,0077, 857

20,06517, 5362,529

60,39871, 25668,459

4,944

23.5024.2025.89

1,232

1,071938

9,554

15. 02616,30192, 675

5,3996,384

17, 328

38, 01468, 88442, 42745, 88016, 388

191,19526. 558

149, 62545,158

7,12298

.0265

34.00.021018.75

1,759

5,2252,9322,2933,9721,0772,895

7,23012,67725,19922, 3102,889

54,21960,69661,783

5,030

23.5024.2025.89

1,221

905539

9,673

11, 4948,546

93,749

4,3174,131

17,062

31,45862. 70933,62737,63312,382

199, 61911,025

131.49225,644

7,38798

.0265

34.00.021018. 75

1,834

5,0002,7632,2374,2971,1853,112

7,03412, 62530,93127, 6643,267

55,03259,99059,144

4,869

23.5024.2025.89

1,257

504842

9,325

10, 53212,47491, 807

4,3335,168

16,149

30,48152,65239,17140, 53811,015

' 208,88511,218

' 132,05321,658

7,02296

.0265

34. 00.021018.75

1,774

5, 00G2, 7922,2144,5791,2863,293

7,17613,40537, 32733,2894,038

5,0152,8122,2034,7801,3373,443

7,15513, 23643,23638,1245,112

I

63, 65161.43459,120

4,959

23.5024.2025.89

1, 296

6901,4798,546

9,92416.64485,090

4,4576,28414, 322

22,95534, 67240,18140,93510, 561

202,3343,610

135, 700IP, 251

63,97856,30456,651

4,935

23.5024.2025.89

1,272

9762,0947,428

11,31218, 70277, 700

4,3846,29112,414

46,02539,32440,45441,3739,646

-•141,2391—13,480'•139,18412,988

7,149 7, 23395 ! 95

.0265

34.00.021018.75

1,706

4,9552,8462,1094,9931,3883,605

7,14011,84848,42242,5485,874

87, 69761,02158, 977

4,836

23.5024.2025.89

1,284

(2)

34. 00.021018.

1.7

75

89

41, 77935,87943,41045,2247,832

r 177,47813,546

••139,77412,051

7,06797

.0265

34.00.021018.75

1,704

5,3423,0342,3085, 5301,4604,070

7,59911,41752, 66745, 8836, 784

70,90768, 25165,457

5,145

23. 5024.2025.89

1, 206

,

43,82942, 59735, 68137, 1116,402

179, 3907,708

151,95213,979

7, 585100

. 0265

34. 00.021018.75

1, 7SS

4, 9302,7962,1346,0781,5444,534

7,4567, 582

53, 70346, 5527,151

74,08059,28758, 484

4,883

23. 5024. 2025. 89

1,334

40,13045. 73737, 35336, 9906, 765

172, 8629,278

139,21310, 744

7.18598

.0265

34. 00. 021018.75

5,0372,7792,2586,2741,6004,674

7,759636

47, 42440, 6046,821

93, 82466,17763, 703

5,001

23.5024.2325.89

33, 70036, 47442, 91342, 9636,715

161,14714, 901130,2078, 775

7,30397

.0265

34.00.021018.75

1,850f Revised.1 Cancelations exceeded orders booked during the month by 13,480 short tons.2 Data reported beginning September 1942 are not comparable with earlier data; the series has therefore been temporarily discontinued in the Survey.§ Beginning July 1942, percent of capacity is calculated on annual capacity as of July 1, 1942, of 89,194,520 tons of open-hearth, Bessemer, and electric steel ingots and steel

for castings.*New series. The data on scrap iron and steel and pig iron consumption and stocks are estimated industry totals compiled by the 17. S. Department of Interior, Bureau

of Mines, based on reports from consumers accounting for 96 to 99 percent of the industry total beginning in the latter half of 1941 and 93 to 95 percent in the earlier period.Data for January-October 1941 are shown on p. S-30 of the April 1942 Survey. Prior to 1941 data were collected only for the last month of each quarter. For available1939 and 1940 data, see note marked "*" on p. S-29 of the November 1942 issue. Consumers' stocks of pig iron include suppliers' and producers' stocks.




1943

Janu-ary

1942

Janu-ary

Febru- March April May June July August Sep-tember

Octo-ber

Novem-ber

Peconher

METALS AND MANUFACTURES—Continued

IRON AND STEEL-Continued

Steel, Manufactured Products

Barrels and drums, steel, heavy types:Orders, unfilled, end of month thousandsProduction _ _do...

Percent of capacity..Shipments ...thousands.Stocks, end of month . „ _.do . .

Boilers, steel, new orders:Area thous, of sq. ft.Quantity _ number.

Furniture, and shelving, steel:Office furniture:

Orders, new, net thous. of dol.Orders, unfilled, end of month. .do. . .Shipments do. . .

Shelving:Orders, new. net do.. .Orders, unfilled, end of month .do...Shipments . . . do -. -

Porcelain enameled products, shipments}thous. of doi.

Spring washers, shipments do . .

NONFERROUS METALS

MetalsPrices, wholesale:

Aluminum, scrap, castings (N. Y.) -dol. por lbCopper, electrolytic (N. Y.) do.. .Lead, refined, pig, desilverized (N. Y.)- do ..Tin, Straits (N. Y.) do....Zinc, prime, western (St. Louis) do....

Miscellaneous Products

Bearing metal (white-base antifriction), con-sumption and shipments, total (59 manufacturers)§ _ thous. of lb

Consumption and shipments, 37 mfrs.§Consumed in own plants doShipments do

Sheets, brass, wholesale price, mill.-dol. per lb..

MACHINERY AND APPARATUS

Blowers and fans, new orders thous. of dol..Electric overhead cranes:

Orders, new doOrders, unfilled, end of month . do.. . .Shipments .do

Foundry equipment:New orders, net total 1937-39=100..

New equipment do. „. _Repairs _ ...do

Fuel equipment and heating apparatus:Oil burners:

Orders, new, net. number..Orders, unfilled, end of month doShipments _doStocks, end of month. ..do

Pulverizers, orders, new doMechanical 3tokers, sales: \

Classes I, 2, and 3.._ — - doClasses 4 and 5:

Number ._Horsepower . .

Unit heaters, new orders thous. of dol..Warm-air furnaces, winter air-conditioning

systems, and equipment, new ordersthous. of dol..

Machine tools, shipments * doPumps and water systems, domestic, shipments:

Pitcher, other hand, and windmill pumpsunits..

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 replacementonly):

Unadjusted 1934-36 = 100..Twelve-month moving total do . . .

Electrical products: fInsulating materials, sales billed...1936=100..Motors and generators, new orders doTransmission and distribution equipment,

new orders _ ...1936=100..

3, 4481.269

65. 6I 279

48

2, 464917

2692,254

361

86203122

2,460

.0813

.1178

. 0650

.5200

. 0825

3,453

6411,526

.195

429.8304. 9534. 9

9.61722, 877

7, 50337,118

091, 764

58378, 541

117,432

17,026163

8,106

8, 318

2,1491,952107.01,954

• 1 ,005

4,4907,3354,236

1,0821,4051,042

5,143290

.0873

.1178

.0628

. 5200

. 0825

5,506

6972,795.195

5,92718,4] 52,079

532.7570.6418. 5

19, 67418,41819,15927,601

107

6, 350

24667,011

3, 547

41, 5341,150

23, 788

4,138

111154

254.8396.1

206.0

% 2301,845101.11,848

34

' 2,146'965

3,1946,3404,188

1,0941, 490994

5,289295

.1178

.0650

.5200

.0825

3,745

5621,885.195

5, 57721,6222,197

567.9636.6361.4

1,8932,416132.42, 420

29

' 9, 636' 2,699

3,7515,5304,560

1,5101,8701,130

5,841341

.0875

.1178

.0650

. 5200

. 0825

4,599

5942,198.195

10,205

9,62428, 5632,577

1,122. 31,352.7428.8

16,006 | 14.844,16,42817,99628,124

227,808

31681,890

84, 432

40, 528359

24, 437

5,784

180162

245.9311.7

213.1

17.05114,41229,947

41

10,972

29477, 3845, 754

7,42398,358

43,117167

26, 721

8,668

161169

279.1

768.6

279.9

i

1, 7972, 067113.32, 046

50

' 3, 663' 1, 558

2, 5513, 9514,130

1,4182,2731,015

5,560334

.0875

.1178

. 0650

.5200

.0825

3,578

6671,484.195

6,37832, 2652,561

1,033.81,233.7432.1

10, 88316, 33431, 60034,509

61

9,573

41588,938

103, 364

42,179219

27,989

4,334

91169

281.9689.5

289.4

1,5511,78097.61,796

34

r 3, 192' 1, 308

2,8173,1194,204

1,6062,7631,115

4,521317

.0875

.1178

.0650

.5200

.0825

3,541

5281,711.195

6, 23634, 4712,511

653. 6730. 2423. 3

10. 68017, 8439,171

41, 27736

4, 722

33177, 635

'107,297

33,23497

24, 204

4,634

65167

285.3696.6

236. 9

1,6521,74995.91,741

42

r 2, 130r 1, 162

1,2031,8202, 256

1,4592,7881,434

4,239302

.0875

.1178

.0650

.5200

. 0825

3,163

4631,646.195

22,500

2,83534,1902,768

774.0884.4441.5

9,809' 19,176

8,44140,170

31

11,365

41998,0274,507

5,463111,090

29,95886

22,662

5,703

66161

312.3779.0

215.3

1,4021,76096.51,760

42

r 2, 298' 1,076

1,7071,7441, 784

6382,3851, 040

4,023324

.0875

. 1178

.0650

.5200

.0825

3,605

6571,828.195

4,05834, 9582,722

800.8909.1474.0

8,48419,0008, 66039,122

37

7,040

428105, 278

113,596

42. 932131

22, 459

5, 797

90155

325.9627.0

223.4

1,5061, 53684.21,538

40

' 1,812'888

1,2781,8981,124

i -2251, 565596

3,357317

. 0875

.1178

.0650

.5200

.0825

2,907

6491,310.195

3,35535, 0722,701

510.8636.7433. 0

8,10019,0668,03439, 323

21

7,961

38990, 344

117,342

32,163126

18, 610

6,417

151148

330.6805.4

198. 5

1, 7041,838100.71,823

56

' 3,956' 2, 338

5371, 456979

i -512935118

3,104321

.0875

.1178

.0650

.5200

.0825

3,296

6991,453.195

' 13, 658

1,16032,8833,002

440. 4452.4428.4

8, 58918, 4309.22536, 858

38

8,723

37381,9916,094

5,956119,883

24,14868

20, 052

5,494

205145

371.7366.7

212.8

1. 2151, 49882.11.504

49

' 2, 772' 1, 086

3791,279554

1 -379393158

3, 195382

.0857

.1178

.0650

. 5200

. 0825

3,459

7441, 760.195

2,17031,4363,030

540.6552. 2505. 5

10,76120, 7998,392

37, 41658

5, 548

43876, 208

130,008

26,192104

19, 792

5,243

221142

390.0322.0

' 186 0

1. 0711,38876.01,386

49

r 1,914S74

4431,223

•190

144

. 0813

. 1178

. 0050

. 5200

. 0825

3., I?*;

5901, 023. 195

1,22829, 1182, 9S2

33S. 6286.1497.7

7, 94521. 5381, 006

' 37, 14928

1,994

453109, 598

120, N7I

7, 04167

3, 393

8,229

202144

376.0394. 0

i

1.' 42078.21.419

50

2. 201

5831.345

52.39135

2, 489

.0813

.1178

. 0050

. ."200

. 0825

3, 605

5281,970.195

332. 5319.8571. 3

7,91020, 7138, 3353«i. 513

1. 147

39570.0875 28°

'5 452131,900

i 14, 305188

4, 905

9, 421

1 211116

3*8.0

; 7oo. o: iQi.o

r Revised. i Cancelations exceeded new orders by the amounts shown above as negative items. 2 Collection of data discontinued.§ One manufacturer previously reporting went out of business in 1941.^ Of the 101 firms on the reporting list in 1941,18 have discontinued the manufacture of stokers; some manufacture stokers only occasionally; for December 1912 and Janu-

ary 1943 only 47 firms reported sales.•New series. The series for machine tools covers total shipments as reported to the War Production Board beginning December 1941; earlier data, available beginning

January 1940, are estimated industry totals, compiled by the National Machine Tool Builders' Association from reports covering around 95 percent of the industry. Pressesand other metal-forming machines are not included. For 1940 data and 1941 through August, see note marked "*" on p. S-30 of the November 1942 issue.

t Revised series. A new method has been employed in the construction of the Indexes for electrical products to overcome a strong upward bias in the two series on ordersreceived, and, in addition, the number of products composing the individual indexes has been increased. Earlier data will be published in a subsequent Issue.

t Of the 99 manufacturers on the reporting list January 1,1942, 21 have discontinued shipments of these products for the duration of the war.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis



1943

Janu-ary

1942

Janu-ary

Febru-ary March April Mav June | July August Septem- |

ber IOcto-ber

Novem-! Decem-ber i ber

METALS AND MANUFACTURES—Continued

ELECTRICAL EQUIPMENT—Con.

Furnaces, electric, industrial, sales:Uni t . . . . . kilowatts.. | 10,54.1Value..-- thous. of doL. j 928

Electrical goods, new orders (quarterly)thous. of dol

Laminated fiber products, shipments.-.-do 5.015Motors (1-200 hp.):

Polyphase induction, billings.. doPolyphase induction, new orders. doDirect current, billings do. . , .Direct current, new orders ...do

Power cable, paper insulated, shipments:Unit .thous. of ft.. 1,250Value . - ..thous. of doL. 1,173

Rigid steel conduit and fittings, shipmentsshort tons..

Vulcanized fiber:Consumption of fiber paper thous. of lb_. 5,056Shipments thous. of dol.. 1,050

21,5201, 882

3,370

6,0617.0862,1403,974

9581,475

22, 834

3,4541,024

23, 9C12,491

3,151

6,4177,4092, 2943,056

9281,119

22,838

3,681956

45,6744,551

759,0633,641

6,74313,1893,0978,313

6051,062

25, 572

3,9871,107

148, 55610, 367

3,699

7,60412, 6974,41810,196

578934

26,499

3,9001,145

34,2103,177

3,722

7,47111,1743, 395

12, 761

576978

22, 987

4,2281,215

70, 5075,100

1,057,9544,116

7,85511,9323, 22513,494

1,3751,716

22,656

4,3031,378

24, 7902,133

4,557

8,05210, 9493.4138,407

1,5492,050

21, 449

4,0671,204

31, 3102, 378

4,475

7,7109,2723,857

10, 377

8991,123

21, 420

4,2191,351

26, 5282,237

965,1205,028

8,2574,5844,341

1,0741,435

17, 452

4, 3641,581

20, 2971,534

5,279

8, 2877, 2914.4333,614

9421,269

14,509

4, 8321,614

13, 3211,357

5,163

7,484C, 0985, 3006, 946

888978

12,389

4,314

29, 8791,845

,095,5055,302

8, 7539, 2966, 8929, 214

879928

12,126

4,7071,465 | 1,595

PAPER AND PRINTING

WOOD PULPProduction:

Total, all grades short tons.Chemical:

Sulphate, total.- do. . .Unbleached do. . .

Sulphite, total do. . .Bleached... .do-..

Soda.... do. . .Ground wood — do. . .

Stocks, end of month:Total, all grades do.. .

Chemical:Sulphate, total do. . .

Unbleached do. . .Sulphite, total. __.do...

Bleached. do. . .Soda _ do.._

Ground wood do. . .Prices, wholesale:

Sulphate, Kraft No. 1, unbleacheddol. per 1001b.

Sulphite, unbleached.._ do. . .

PAPER

Total paper, incl. newsprint and paperboard:Production short tons..

Paper, excl. newsprint and paperboard:Orders* new _ ...short tons~.Production-. doShipments do

Fine paper:Orders, new.. doOrders, unfilled, end of month __ doProduction... ..doShipments doStocks, end of month ...do

Printing paper:Orders, new doOrders, unfilled, end of month doProduction_ _ _.doS hipments doStocks, end of month do

Wrapping paper:Orders, new doOrders, unfilled, end of month do..._Production. _ doShipments _ doStocks, end of month do

Book paper:Coated paper:

Orders, new percent of standard ca]Production. _. _<Shipments do_.

Cncoated paper:Orders, new do..Price, wholesale,"B" grade, English finish,

white, f. o. b. mill dol. per 1001b..Production..percent of standard capacity..Shipments do..

Newsprint:Canada:

Production .short tonsShipments from mills . . .do . .Stocks, at mills, end of month do..

53.754.455.9

86.3

7.3089.990.1

233,544215, 016110, 514

939,719

405,729350, 651274, 355156, 25256, 505181,127

111, 300

16,70011.10039,70023, 9003,400

50,300

3.6253.713

1.407,718

570,366584, 728579,162

66,766115, 70861, 76662, 79239, 674202,304145,159205, 556203,95472, 359

205, 436167, 838211, 630211,88070, 689

73.587.687.4

104.4

7.30108.8107.5

311,904291,998143,477

848,380

371, 572318,629246,792141,54452,124157,185

112,600

14,90010,60037,80024, 6003,600

55,100

3.6253.713

1,267,666

490, 358525,743524,645

53,211112,77555.69957,92637,024

166,106133,418182,115180, 55572,891

181,150161,842187,990185,34870,039

57.276.277.3

93.5

7.30109.3108.7

278,101264,621156,957

967, 031

425, 643370, 357277,408158,44057,120184,039

136, 400

19,70014,60042,80028,2003,600

69,100

3. 6253.713

1,372,288

535,913565,900549,851

55,029104,91562,46861,05238,120

176,103124,637190, 205183, 47379,897

203,361160,881208,188203,32374,091

49.061.560.9

94.0

7.30105.0102.6

295,835308,166144,626

933,764

412,155358,804265, 639150, 65754, 368

179, 643

132,400

16, 20012,10029, 40016,1003,300

82,100

,321,529

480,905561,402544,116

46,50579, 75762,16759, 69340, 529

151,901101, 239184, 042173,37390, 258

199,272151, 056210, 318209,12075, 598

47.955.355.1

84.1

7.3098.296.1

277, 741238, 346184,021

925,230

428,479374, 412259,072147, 79152,461166,037

163, 600

23, 50017, 70041, 80025, 7004,400

92, 300

1,223,478

435,152533. 859515, 417

40, 33964,36058,95356, 50543,205

130, 50685, 432105,640157,24499, 299

187, 460131,933207, 863204, 40279, 244

31.840.139.9

69.7

7.3089.487.0

854,880

394, 702342,983253,057148, 76745,484147, 325

170,000

29, 70023,30040,10023,700I 4,60094, 200

,088,755

424, 740485, 561473, 482

35,47949,48552,85050,40346,064

137,68987,107141,414139,881100,832

167,470111,161191,899187,53781,080

30.237.035.1

7.3073.974.7

251,831 242,762266, 443 253, 283169,409 I 158,888

769,364

361, 272310, 525225,818132, 65142,584124,955

175, 400

41, 30037, 40042, 30027, 3004,300

85, 800

092, 225

404, 474436, 465431,633

39, 48640, 78246, 76345, 07147,002

135,46878,511133,608141,16692, 740

160,105100, 290176, 864167, 49788, 239

32.330.732.7

74.9

7.3072.776.7

241,178243, 620156, 446

813, 237

385, 750328, 767241, 701145,69344, 651123, 968

192, 500

64,90060, 30048, 60032, 4005,000

72, 200

1,078,823

426, 672465, 571438,299

40, 80536, 35445,91744, 28548, 775

143,83780, 572143, 658141.88994; 690

158, 61893, 863184,113164, 092105, 018

36.434.035.8

78.6

7.3079.279.5

253, 239255, 563154,122

771, 499

363,177303,155227,033133,13544, 562119, 270

182,400

76,10069, 40042,00026, 4005,100

57, 200

1,067,366

452, 930457, 707452, 597

43, 61235, 65745, 36044.44849, 553

152, 70981.449148, 520151,88491, 502

165, 70899,334169, 643161, 266111,204

47.445.248.8

7.3085.386.6

834, 604

383,037321,417241, 687148, 23151,025

137, 701

166,400

75, 90070,00036, 40021,7005. 000

45, 400

1,206,488

555, 334514,846511,572

04, 58844, 98352, 78753, 935

r 48, 614

192, 50999,025177,924175,12190, 829

195,215116,100183, 488180,037116,007

59.751.351.8

105.3

7.3096.395.0

257, 618 271, 555292,405 I 295,625119,335 i 95,205

758, 326

336,174278, 510210, 797134, 46948,544130, 023

157, 200

08,10059, 40037, 00020, 3004, 500

44, 400

720, 772

320,751206,138207,841127,14640, 572134,067

146, 300

61, 70052,80033, 60014,8004,00044, 300

1,097,893 1,102,920

512,018407,538472,130

' 52,100r 48, 101r 48, 274' 47, 885r 49, 017

170,407111,031100,450"164,174' 80, 651

187, 773138,215103, 393104, 521118,742

62.750.354.0

97.5

7.3090.792.9

251,147255, 08791, 325

492,453468,535485, 574

50,49549, 89248, 54549, 57845, 092

175,911121, 551157, 532167,94975, 524

174,198140,841100, 015172,137112,001

55.352.653.0

97.5

7.3086.191.4

244,191243,53091,986

1\( u n j f i f th


S-32 SUEVEY OF CURKENT BUSINESS March 1943


1943

Janu-ary

1942

Janu-ary


temberOcto-ber

Novem-ber

Decem-ber

PAPER AND PRINTING—Continued

PAPEE—Continued

Newsprint—Continued.United States:

Consumption by publishers short tons.Price, rolls (N. Y.) dol. per short ton.Production short tons.Shipments from mills do. . .Stocks, end of month:

At mills..- _ do. . .At publishers do. . .In transit to publishers.. do. . .

Paperboard:Orders, new .do. . .Orders, unfilled, end of month.__ doProduction do

Percent of capacityWaste paper, consumption and stocks:

Consumption short tons.Stocks at mills, end of month do..-

PRINTING

Book publication, total no. of editionsNew books do. . .New editions._ _ do

Continuous form stationery, new ordersthous. of sets.

Sales books, new orders. _ thous. of books.

226, 74150.0069, 79269, 691

9, 702391,10266, 707

629, 900413. 084576, 376

344, 388374, 301

67160269

231,96150.0084,62880, 787

11, 427366, 23646, 362

746,832528, 698738, 362

102

425, 878181, 456

753645108

262, 61324,979

216,10950.00

76, 23475, 247

12,414370,10155,336

640, 269493, 947665, 689

101

390, 276198, 659

674130

257, 79122,806

251,04250.00

80,92382,176

11,161368,52047,376

673,880436,029725, 465

101

438, 591241,178

238, 49350. 00

82, 66981,182

12,648383, 38444,843

611, 967371, 365677, 458

93

411,110308, 963

743586157

300,71722,878

206,10,

782657125

078672

242, 37250.00

80, 04076,612

16, 076384,75839,025

528,026288, 516C09, 579

82

352,972371,086

1,036818218

169,90418,101

222, 24450.00

79,38678,413

17,049402,40136,442

466,173223,809523,808

69

296,938414, 775

637537100

188,43720,051

210,54950.00

76, 95276,181

17,820418, 985

35, 454

464,293213,443478,808

68

283,040428,067

709537172

150, 39216,450

223,18950.00

79,88579,556

18,149430,40940,270

527,964212,953533, 367

75

304,215422,658

809642167

227,72217, 235

231,69150.00

77, 96283, 560

12, 551455, 263

52, 538

550, 755236,208531,697

76

312,279420, 465

739582157

1238,529i16, 047

254,34950.00

84, 21785, 458

11,310470, 852

58, 655

660, 890272,006607, 425

81

343, 460424, 451

969821148

1283,1081 21, 602

260, 54250.00

75, 06576, 207

10,168447, 39660,108

613, 746321, 885555, 290

82

316, 454408, 753

842693149

1236, 362i 23, 229

252, 39950.00

74, 65575, 222

9,601429, 25550, 094

615,184379, 573559, 730

77

331, 895394, 527

702594108

PETROLEUM AND COAL. PRODUCTS

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

number of days' supply. .Bituminous:

Industrial consumption and retail deliveries,total. thous. of short tons..

Industrial consumption, total.. doBeehive coke ovens doByproduct coke ovens.. doCement mills doCoal-sjas retorts doElectric power utilities -doRailways (class I) _doSteel and rolling mills .. .doOther industrial do. . . .Retail deliveries.. do

Other consumption, coal mine fuel doPrices, composite:

Retail (35 cities). dol. per short ton_.Whqlesale:

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 .do. . . .Cement mills.. doCoal-gas retorts doElectric power utilities ..doRailways (class I) doSteel and rolling mills do..__Other industrial do

Retail dealers, total do . . .

COKE

Price, beehive, Connellsville (furnace)dol. per short ton..

Production:Beehive... thous. of short tons.Byproduct doPetroleum coke do

Stocks, end of month:By product plants, total do

At furnace plants. _ doAt merchant plants _ do. . . .

Petroleum coke._ . do

13.0910, 6614,314

542

53, 40041, 430

1,0427,681

572157

5,97611, 4431,049

13,51011, 970

228

9.63

5.18047,029

79, 36971, 0699,958

851414

19, 27611,5751,085

27, 9108,300

6.000

6635,395

1,257804453

12.4810. 2884,532

915

42

52,41638,476

1,0167,404

564148

5,9139,6851,046

12,70013,940

347

9.52

4.7324.926

' 49,032

58.68150,9518,179

647343

12,660

18,3707,730

8.125

'6715,224

140

1,510817692246

12.4810. 2884,772

755

34

47,08135,091

9576,685

497142

5,1548,879

93711,84011,990

313

9.51

' 4.736' 4.92544, 374

56,88550,6357,888

652333

13,4559,662

99517,6506,250

6.000

'6324,716

121

1,386869513259

12.48' 10.281

5,085

656

54

46, 53336, 4431,0247,372

543153

5,0119,723

95711,66010,090

251

9.51

4.7534.897

' 47,796

57, 22151, 7617,881

743293

13,8919,9101,013

18,0305,460

6.000

'890' 5,226

108

1,430920509252

12.29r 10. 124

5,153

466

27

43,30634, 526

1,0297,173

571 !144 |

4,7179,189

86310, 8408,780

260

9.43

4.7744.819

' 48,332

61,83655, 7468,409

813301

14, 76710,8161,050

19, 5906,090

6.000

'682' 5,055

91

963485201

12.4910. 3144,843

292

24

42, 59134, 5011,0997,451

647144

5,1039,398

8199,8408,090

256

9.46

4.7734.858

47,860

67,41860, 6189,179

876331

15,85411,4791,099

21,8006,800

6.000

'696' 5,260

83

1,432975457191

12.48' 10.346

5,122

140

28

40, 26933,289

1,0597,229

640139

5,1758,921

7669,3606,980

257

9.49

4.7754.939

' 48,220

73, 27165,6919,866

972369

16,87612,2231,145

24,2407,580

6.000

'714' 5,100

88

1,405969435182

12.48' 10.346

5,341

181

35

39,85634, 306

1,0807,504

660125

5,7129,077

7589.3905,550

253

9.52

4.7824.989

' 47,832

77,58369,0039,9221,040

38617, 33912,8981,178

26, 2408,580

6.000

6885,278

101

1,469999470175

12.48' 10. 344

5,180

40, 29634,686

1,0877,508

663139

5,6729,368

7699,4805,610

250

9.52

4.7875. 021

' 47,851

82,68673,18610,2381,074

40218,16513,4621,235

28, 6109,500

6925,315

111

1,5641,026

539179

12.4810. 3445,426

472

45

12.49' 10. 344

5,101

608

60

12.49r 10.344

4,795

792

64

42, 22835, 0381,0887,294

678137

5,6619,465

7759,9407,190

258

9.54

4.7975.050

49,843

87,31177,26110,5661,081

40919,87213, 5421,251

30,54010, 050

6.000 ! 6.000

6935,163

108

1,6141,021

593173

45, 50037, 800

1,1267,542

714149

5, 78710, 279

84311,3607, 700

247

45, 40737, 707

1,0417, 334

678146

5,57010, 271

86711,800

7, 700229

9.54

4. 8055. 097

' 51, 791

89, 98779, 05710, 9981,092

41320,45213, 6631,239

31, 20010, 880

7185,339

123

1,606955651184

9.55

4.8155.131

"47, 474

90. 87479, 24411.151

1, 052435

20, 60713, 2931,206

31, 50011,630

6.000 ! 6.000

6635,191

122

1,646917728198

12.49• 10, 383

4,611

798

33

' 52, 272'141,142

1,0717,583[645|155

'6,159' 11, 155r 1, 03413, 34011,130

234

9.56

4.8585.177

' 49, 595

r 85, 889>• 75, 699

10, 721998439

19,982' 12, 579

' 1,14029,84010,190

6.000

6825,368

142

1,511882629234

' Revised. 1 Da ta incomplete.t Data revised for 1941 and 1942. Revisions not shown above as as follows: 1941—Ja;

Aug., 47,013; Sept., 47,691; Oct., 51,703; Nov., 44,748; and D e c , 48,943.,n., 45,087; Feb., 42,606; March, 48,926; Apr., 0,110; May, 43,603; June, 43,455; July, 44,264;




1943

Janu-ary

1942

Janu-ary

Febru-ary March

PETROLEUM AND COAL.

April May June July August

PRODUCTS—Continued

Sep-tember

Octo-ber

Novem-ber

December

PETROLEUM AND PRODUCTS

Crude petroleum:Consumption (runs to stills).._thous. of bblPrice (Kansas-Okla.) at wells._.dol. per bbl._Productionf_, _. thous. of bblRefinery operations. pet. of capacityStocks, end of month:

Refinable in U. S. f._ thous. of bblAt refineries do. .At tank farms and in pipe lines doOn leases! -- - do

Heavy in California -doWells completed t number..

Refined petroleum products:Qas and fuel oils:

Consumption:Electric power plants thous. of bbl. .Railways (class I) do

Price, fuel oil (Pennsylvania)..dol. per gal..Production:

Gas oil and distillate fuel oilthous. of bbl

Residual fuel oil _do-Stocks, end of month:

Gas oil and distillate fuel oil doResidual fuel oil do

Motor fuel:Prices, gasoline:

Wholesale, refinery (Okla.).dol per gal..Wholesale, tank wagon, (N.Y.) doRetail, service stations 50 cities do

Production, totaltt thous. of bbl..Benzolt.. _,_.__doStraight run gasoline doCracked gasoline. _ doNatural gasolinett do

Natural gasoline blended doRetail distribution... . . .mil . of gaL.Stocks, gasoline, end of month:

Finished gasoline, total thous. of bbl. .At refineries do

Unfinished gasoline doNatural gasoline. do

KerosenePrice, wholesale, water white, 47°, refinery

(Pennsylvania) dol. per gal .Production thous. of bbl.Stocks, refinery, end of month.. do

Lubricants:Price, wholesale, cylinder, refinery (Penn-

sylvania) dol. per gal .Production thous. of bbl -Stocks, refinery, end of month.. do

Aspnalt:Production __doStocks, refinery, end of month do

Wax:Production ._ . . . thous. of lb . .Stocks, refinery, end of month.. do

Asphalt prepared roofing, shipments:Total thous. of squares..

Grit surfaced doReady roofing.. doShingles, all types do

1.110

.059

.059

.161

.145

.063

.160

119,0321.110

128, 26282

253. 53153, 208188, 43711, 88610, 5431,373

1,8676,495.050

16,90229, 405

40, 80178, 386

.060

.150

.14160,035

20822, 72530, 3247,4885,3511,982

93, 48964, 9967,7244,802

.0646,6346,987

.1603,4978,266

382,000695. 000

55,16072,800

2,743675

1,307761

105,7761.110

113,96181

260. 84451, 821196, 72812, 29511, 229

953

1,5325,949.052

15,19427, 254

33, 71175, 386

.060

.152

.14151,612

18919,22626.0U66,7684,4561,739

100,18672.9908,1115,209

.0636,1336,193

.1603,1748,429

382. 700765,400

52. 92075,600

3,085782

1,441862

110, 5651.110

114,47376

261, 83250, 050199, 24012, 54211, 737

778

1,3046,595.055

16, 21428, 095

30. 20570,098

.055

.153

.14352, 902

20020, 60925, 6297,0204,4141,979

99,18473, 5567,5495,620

.0636,0355,460

.1603,5338,470

428, 200740,700

61,f>0075,040

3,092969

1,5921,132

104,8821.110

105,05375

257, 76149, 525195. 93712, 29911, 434

825

1,0126,399.057

14,00229,440

28, 79267, 658

.054

.157

.14447,528

018,33923,5046,2574,0462.015

94,12767,1827,6956,043

.0635.529

.1603,4388,470

452,900719, 400

52.08069, 720

4,1981,1781, 5091,511

106,8831.110

110,19274

254, 57748, 454193. 33412, 78911,168

847

9466,624.058

13, 43630, 971

30, 28168,388

.055

.161

.14448,938

019, 57323,1306.7184,2722.092

87, 46162, 5977,220

.0645,3026,419

.1603,4398,768

500. 500617, 300

51,80069,160

4,3011,2271, 4671,697

105, 3761.110

108, 59577

251, 42147. 551191, 35312. 51710, 892

726

9231,427.059

15, 21028, 352

32, 50166, 341

.056

.166

.15445,887

017.40422, 4236,5584,4232,079

80,08055.2137.4376,571

.0644.9296,940

,1603,2318.756

517,800513.800

57.96069.720

4,3971,2861, 5281, 582

111,5551.110

111,78278

245, 02646,919185, 79712, 31010,950

833

1,2116,747.059

16,14930,096

37, 72966,935

.058

.186

.15349, 302

019,08823,9466,8044,5772,202

71, 65748, 5857,7896,588

.0635,1347,480

.1603,1338,945

629,300436,000

50,68068,040

4,9081. 7261. 7511.431

114,1351.110

120, 42980

244,12546,435184. 75712, 93310, 706

745

1, 3496,985.059

17,05230,446

42, 91867,613

.059

.166

.14451,105

019,19225, 3877,0284,9091,998

71, 40347, 9248,1236,405

.0635, 3408,261

.1603,1419,301

619. 500396, 500

61,04077, 000

5,1521,8231,9181,411

113,4741.110

115,801

240,04344,569182,82512.64910,167

1,4317,131.059

18,06230,402

45.81769,264

.059

.161

.14449,289

019.08823,882

5,108'2,038

69.29346, 7368,8536,056

.0635,4218,203

.1602,9519,278

631.800366,900

57,12077,840

5,4401,8022,0911,547

116, 3811.110

120, 31182

237, 36143, 552181, 20312, 60610,868

817

1,3317,798.059

18, 85831, 239

49, 70168, 873

.059

.161

.14451, 495

019, 99724, 9057,2565,455

' 2,058

67, 66946,1588, 9535,424

.0635,9078,599

.1603,0579,421

656,900343,100

75, 32086, 240

5,7741,8472,2831,644

112, 3681.110

116,10182

234,10042, 699178, 40512, 99610,724

765

1,1127,808.059

17, 56231,311

50, 70966, 664

.059

.161

.14450,018

019,11624, 4337,156

2,097

64, 22444, 6238,9924,996

.0635,7598,770

.1602,9839,336

549,100340, 200

59,92086, 520

4,9261, 5552,0601,311

113,3421.110

120, 519

234, 35443,620177. 90412,83010,865

804

1,2848,341.059

18,07331,890

44,94061, 783

.059

.161

.14548,800

018,89123, 2257,5164,929

70,77249,0549,3544,632

.0635,3517,537

.1603,0499,424

545,800411,000

64,96085, 400

5,4001,5472,6661,187

ABRASIVE PRODUCTS

Coated abrasive paper and cloth;Shipments .reams.-

PORTLAND CEMENT

Production thous. of bblPercent of capacity ~. . .

Shipments . _ thous. of bblStocks, finished, end of month doStocks, clinker, end of month ... . do

CLAY PRODUCTS

Common brick, price, wholesale, compositef. o. b. plant . dol. per thous.

Floor and wall tile, shipments:Quantity thous. of sq. ftValue _ thous. of dol..

Vitrified paving brick:Shipments thous. of brick-Stocks, end of month do

STONE, CLAY,

125, 258

13 243

111, 700

12, 36059

9,11523,1685,020

13 070

3,5841,077

1,04617,948

130, 525

10,79757

8,29325. 668

5,840

13.115

3,6891,047

78518,823

AND

109, 568

12,73361

12,56325,8326,571

13 187

3,9441,119

2,07518,992

GLASS PRODUCTS

105,808

14,06769

14,77425,1126,656

13 249

3,9051,147

1,98319, 615

110, 645

16,11977

16 34924, 8866,241

13 216

3 290939

2,68019. 647

115,910

16,02279

18. 25022,6095,809

13 224

2,792773

3,68219,461

121,187

16, 83380

20. 50118,9795,528

13 263

2, 589667

3,71118,760

135,030

17, 60585

21 28215. 2684 493

13 265

2,558675

3,68219, 215

142,985

17, 52787

20,14512, 6973,595

13 255

( i )( i )

120,953

18, 25887

20. 34510, 6172,723

13 213

126,874

16, 24180

14 62712, 2342,831

13 215

157, 573

14,09067

8 92317, 4013 450

13 236

1 Discontinued by compiling agency. f Revised.tBeginning January 1942 figures for the production of natural gasoline include total sales of liquefied petroleum gas as follows fthous. of barrels): Jan., 710; Feb.. 577; Mar.,

556; Apr. 572; May, 483; June, 498; July, 536; Aug., 502; Sept. ,579; Oct.. 6fi3; Nov., 687; Dec, 832; data for such sales have not been included in the total for motor fuel; data for1941 are available on request. Prior to 1941 an indeterminable amount of liquefied petroleum gas has been included in total motor fuel and natural gasoline production.

t Data revised for 1941. Revisions are as follows: Crude petroleum production—Jan., 119.446; Feb., 100.659; Mar., 112,648; Apr., 110,550; May, 116,941; June, 114,854; July,117,843; Aug., 121,159; Sept., 119,320; Oct., 125,891; Nov. 123,483; Dec, 128,434. Stocks, refinable in U. S.—total, Jan., 263,881; Feb., 265,062; Mar., ?67,005; Apr., 266,637; May,262,731; June, 259,695; July, 255,998; Aug., 250.240; Sept., 246,731; Oct., 244,355; Nov., 244,299; Dec, 247,499; on leases, Jan., 11,650; Feb., 11,587; Mar., 11,78(5; Apr., 11,750; May11,618; June, 11,709; July 11,809; Aug., 12,079; Sept., 12,006; Oct., 12,030; Nov., 12,617; Dec, 12,188. Wells completed—Jan., 1,368; Feb.. 1,150; June. 1,599; Aug., 1,829; Sept,1,913; Dec, 1,447. Motor fuel production—total, Jan., 53,384; Feb., 49,155; Mar., 54,221; Apr., 54,493: May, 59,072; June, 57,689; July, 60,594; Aug., 61,578; Sept., 61,067; Oct.63,273; Nov., 62,187; Dec, 64,581; benzol, Jan., 310; Feb., 278; Mar., 314; Apr., 275; May, 286; June, 273; July, 269; Aug., 267; Sept., 264; Oct., 294; Nov., 284; Dec, 321; naturalgasoline, Jan., 6,277; Feb., 5,843; Mar., 6,259; Apr., 6,225; May, 6,475; June, 6,324; July, 6,772; Aug., 6,966; Sept., 7,057; Oct., 7,452; Nov., 7,501; Dec , 7,704.




1943

Janu-ary

1942

Janu-ary

Febru- !ary j March April May June July August Sep-

temberOcto-ber

Novem-ber

Decem-ber

STONE, CLAY, AND GLASS PRODUCTS—Continued

GLASS PRODU

Glass containers:Production .

Percent of capacityShipments total

Narrow neck, foodWide mouth foodPressed food war©

CTS

thous. of gross.-

thous. of gross..dododo .

Pressure and non-pressure do , . . .Beer bottles .- doLiquor warpMedicine and toiletGeneral purposeMilk bottlesFruit jars and jelly glasses-

Stocks, end of monthOther glassware, machine-made

Tumbleis:ProductionShipments -Stocks

Table, kitchen, and household

Plate glass, polished, productio

Window glass, productionPercent of capacity

do __do

. . do .do.....do

. . . . do . .:

_ thous, of doz__. . „ do . . . .

doware, shipments

thous. of doz -Q

thous. of sq. ft.,thous. of boxes.-

GYPSUM AND PRODUCTS

Gypsum, production:Crude short tons__Calcined < n

Gypsum products sold or usedUncalcinedCalcined:

For building uses:Base-coat plastersKeene's cementAll other building plasterLathTileWallboard

Industrial plasters

. . do

dodo

s dothous. of sq. ft

dodo

short tons

7,361112.87,246

4911,841

41366849796

1,924551267100

7,775

4,4753, 7637,877

4,9103 1,166

71.8

6,75596.5

5,877271

1,19145

352524005

1,88439925729

10,228

r 5, 406r 4.306' 8, 860

2,587

9,1431,639100.9

5,96596.1

6,141352

1,31937

408601917

1,74142922497

9,950

4,5953,9219,376

3,112

5,6001,45789.7

6,935103.17,073

5881,517

49503737983

1,806514243106

9,450

4,8044,4829,260

3,278

5,5651,58397.5

1/566,362817,856

285, 755

275,8865,904

76.430348,061

6,490256,75534,114

6,921102.96,830

4541,554

51479868838

1,757448234125

9,417

4,5584,6109,156

2,876

5,5701,644101.3

7,192111.26,997

4191,489

49508

1,158814

1,733441259104

9,489

4,1344,3158,879

2,927

4,3101,55795.9

6, 72399.9

6,356331

1,40543

4511,065

7591,482

43327290

10,008

3,7793,8459,140

2,494

4,7261,22375.3

1,234,293829,206

399,192

252,8603,781

80, 320254,690

7,523365,166

35, 736

5,94688.4

6,333383

1,57740

416837853

1,379328295195

9,528

3,1833,9158,411

2,397

4,1941,27478.5

6,58597.9

6,902546

1,82833

320723

1,1641, 253

329270401

9,139

4,4984, 5328,196

3,048

3,8631,07566.2

6,29797.3

6,879815

1,62931

315636

1,0951,286

361286395

8,490

3,8803, 8298,239

3,606

4,7411,09767.6

1,213,817754 911

384, 730

199 0612,905

77, 483197, 84511 577

404 89636, 399

6,83797.9

6,975505

1, 83049

350618

1,1711,662

45527629

8,299

4,5004,8887,837

4,608

4,9243 96059.2

6,20699.9

6,252449

1,64539

331672816

1,508520236

138,119

3,7783,5358 076

3,909

4,6123 98460.6

6,20-593.2

6, 528418

1,71.'*39

36281486?

1,491516272

167,774

3,8373, 7467 177

3, 744

5,001n , 297

79.9

lf119,8ti3658 053

38*, 62o

129 4662 258

61, 695159 12312 328

408 04438, 301

TEXTILE PRODUCTS

CLOTHINGHosiery:

Production thous. of dozen pairs.Shipments do...Stocks, end of month....._ do. . .

COTTON

Cotton (exclusive of linters):Consumption ..bales..Prices received by farmers dol. per lb_.Prices, wholesale, middling, 1HQ", average,

10 markets -dol. per lb__Production:

Ginnings (running bales)§..thous. of bales..Crop 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 monthj__ .do

COTTON MANUFACTURES

Cotton cloth:Prices, wholesale:

Mill margins.- ...cents per lb_.Denims, 28-inch dol. per yd..Print cloth, 64 x 60 ...doSheeting, unbleached, 4 x 4 do

Finished cotton cloth, production:Bleached, plain thous. of yd..Dyed, colors doDyed, black doPrinted do

915, 479.197

.204

12,100

13,0692,507

111162

20.32.192.090

13,14712,86922,292

947, 539.169

.190

10,225

12,8572,498

116143

20.26.190.086.103

192,229133, 624

8,54782,267

12, 20412, 75921,720

892,288.178

.192

12, 2122,582

108124

20.27.190.087.104

176, 227126, 465

6,55383,791

12,95113, 50621,160

967,406.181

.196

110,495

i 10, 742

11,3492,654

13297

854

20.25.193.088.105

191, 654145,169

6,01088,674

12,72913, 53320,346

999,

.202

131

20.28.196.089.107

194,328148,023

5,33875,962

11,91311,50020,748

957,864.192

.200

9,4032,585

13241

732

20.95.196.090.108

192,142145,423

5,57372,813

12,03310,99021,781

967, 523.183

.189

8,4572,443

12726

653

21. 82.196.090.108

192,091147,654

5,19661, 287

I12,06711,25122, 598

994, 552.186

.194

49

7,6332,252

12222

577

21.27.196.090.108

189,214150,832

5, 73055, 732

11,98212,11822,462

925,089.180

738

7,5021,848

12227

490

22.17.193.090.108

178,185149,159

5,12160,073

12, 33512, 64922,148

.186

.187

5,009

9,6761,711

115154505

22.03.192.090.108

179, 363157,074

5,47265, 606

12, 65013,01221, 786

972, 490.189

.189

9,726

12, 6742,118

116221

21.85.192.090.108

182,176167, 390

5,50370, 935

» Revised.1 Total ginnings of 1941 crop.3 December 1 estimate of 1942 crop.3 Partially estimated.§Total ginnings to end of month indicated.JFor revised figures for all months of the cotton year 1941-42, see p. S-34 of the November 1942 Survey

July 31,1942, including stocks on farms and in transit, was 10,455,000 bales.

11,71112,05921, 438

913,038.192

.193

11,539

13, 6372,441

114215

21.47.192.090.108

168, 349143,165

5,86063,144

12,17812, 44121,17."

935,511.196

.197

11,743

2 12,982

13, 5762,567

108200810

21.08.192.090.108

182, 559147,667

5,32184, 568

The total stocks of American cotton in the United States on




1943

Janu-ary

1942Janu-

aryFebru-

ary March April May June July August Sep-tember

Octo-ber

j Novem- Decem-I ber bsr

TEXTILE PRODUCTS—Continued

COTTON MANUFACTURES-Continued

Spindle activity:!Active spindles.- thousands..Active spindle hours, total mil. of hrs..

Average per spindle in place -hours..Operations percent of capacity..

Cotton yarn, wholesale prices:Southern, 22/1, cones, carded, white, for knit-

ting (mill)t dol. per lb_.Southern, 40s, single, carded (mill) do

RAYONConsumption:

Yarn mil. oflb..Staple fiber do

Prices, wholesale:Yarn, viscose, 150 denier, first quality, mini-

mum filament dol. per lb..Staple fiber, viscose, V/i denier. do

Stocks, producers', end of month:Yarn _ mil. oflb-.Staple fiber do.-..

WOOL

Consumption (scoured basis)\]Apparel class... _ -thous. oflb.Carpet class do

Machinery activity (weekly average) :Looins:

Woolen and worsted;Broad __.thous. of active hours..Narrow .do

Carpet and rug:Broad.._ _„._ .doNarrow do

Spinning spindles:Woolen -doWorsted _ -do

Worsted combs doPrices, wholesale:

Raw, territory, fine, scoured. „ dol. per lb_.Raw, Ohio and Penn., fleeces doAustralian (Sydney), 64-70s, scoured, in bond

(Boston) dol. per lb..Suiting, unfinished worsted, 13 oz. (at mill)

dol. per yd-.Women's dress goods, French serge, 54" (at

mill) dol. per yd_.Worsted yarn, Ha's, crossbred stock (Boston)

dol. per lb..Stocks, scoured basis, end of quarter:!

Total thous. oflb-.Wool finer than 40s, total .do.—

Domestic. __doForeign _do

Wool 40s and below and carpet do

MISCELLANEOUS PRODUCTS

Fur, sales by dealers thous. of dol-.Pyroxylin-coated textiles (cotton fabrics) :

Orders, unfilled, end of mo.. thous. linear yd..Pyroxylin spread, thous. oflb-.Shipments.jbilled.._ thous. linear yd-.

22, 89010, 820

455138.8

.414

.515

38.212.5

.550

.250

8.03.0

55, 8952, 665

2,66763

6340

123, 830112,578

205

1.205.535

.765

0)

1.559

1.800

10, 2123,7474,283

23,08711,367

471137. 0

.409

.500

41.212.5

.550

.250

4.81.9

44,4805,828

2,85089

122105

118,654120,806

243

1.135.490

.755

2.228

1.411

1.800

3,192

6,6066,2107,033

23, 08810,478

436136.3

.408

.504

36.011.3

.550

.250

4.42.1

40,9725,784

2,61686

11596

117,130101,015

231

1.161.615

.755

2.320

1.411

1.800

6,0975,6516,699

23,10911, 379

473134.3

.414

.506

40.012.6

.550

.250

4.12.3

53,8806,555

2,60295

79

116,99699, 935

231

1.175.515

.755

2.599

1.559

1.800

247,083172,43866,182106, 25674, 645

6,947

6,6175,3876,667

23,10211,459

476135.2

.420

.516

37.613.0

.550

.250

5.41.7

44,7402,544

2,75486

7759

125,659114,464

241

1.195.516

.790

2.599

1.559

1.800

4,980

6,4965,5546,384

23,11711,197

465138.5

.421

.515

37.612.7

.550

.250

6.92.1

44,320

2,78981

8064

125,175116, 750

239

1.195.515

.790

0)1.559

1.800

1,460

5,7985,3715,877

23, 09511, 295

471133. 7

.421

.515

39.013.7

.550

.250

7.02.3

53, 5104,280

2,66878

7653

119,375115,368

233

1.195.503

.790

0)

1.556

1.800

351,485'276,295141,409134,88675,189

1,313

5,5634,6055,279

23,11011, 484

479130.2

.421

.515

39. £12. €

.550

.250

6.53.1

45, 8963,236

2,85370

7159

127,143122,324

243

1.195.496

.790

1.552

1.800

1,518

4,9374,4304,530

22, 97410,981

458136.4

.421

.515

38.212.7

.550

.250

7.43.9

45, 3722,000

2,74470

7245

125, 473120,250

237

1.195.499

.790

0)

1.552

1.800

3,197

4,6864,2754,734

22, 95611,191

468134.9

.420

.515

38.412.5

.550

.250

8.04.3

52, 3053,045

2,65765

6640

121, 812112,150

217

1.199.527

.790

1.558

1.800

335,796254,817126,612128,20580,979

2,630

5,752r 4, 855' 4, 720

23,01211,429

478136. 9

.414

. 515

41.112.6

.550

.250

7.74. 1

45,1003, 240

2, 70375

6944

128, 423118, 676

217

1.205.535

.790

1.559

1.800

22, 948 22, 88710, 558 10, 731

443 450133.4 127. U

. 414 |

. 515 |

38.8 I 41.012. 4 13. 2

.550

. 250

2, 65071

6642

125, 194115, 344

207

1. 205.535

1. 559

1.800

2,626

8, 913T 4, 621r 4. 9~0

2, 178

9,9593.5704,248

. 550

.2508.73.3

44, 388 r 45, 5043,036 | r 3, 16*

<• 2, 711

'•6442

126, 337114,958

r 205

1. 205.535

.790

0)

1.559

1.800

265, 535194, 16795, 79098, 37771, 368

9,6583,77(54. 510

TRANSPORTATION EQUIPMENT

AUTOMOBILES

Indexes of retail financing:Passenger car financing, volume:!

Total Jan. 1942=100-.New cars - doUsed cars _ do

Retail automobile receivables outstanding,end of month . Dec. 31, 1939=100..

Automobilerims, production thous. of rims.. .Accessories and parts, shipments:

Accessories to wholesalers Jan. 1935=100-.Service parts to wholesalers -doService equipment to wholesalers do

RAILWAY EQUIPMENT

American Railway Car Institute;Shipments:

Freight cars, total number..Doinestic do

Passenerer cars, total doDomestic. _ do

171119

31567

3,0611,447

00

100100100

1391,271

144229217

6,2406,240

4242

632273

128823

139231201

7,7527,652

2420

734681

116669

141234202

7,7817,781

2828

584262

105665

130205198

7,9577,273

1010

566055

95617

128174183

7,5735,700

4141

585560

86664

126111187

5,2532,851

2323

595760

77573

118117176

2,8601,370

1616

535454

67586

110119173

955574

1010

424542

59633

112135180

1,5751,408

00

322634

51547

97144165

2,1421,970

00

261628

44488

2,2021,896

81

201122

37554

2, 2441,428

00

» Revised. i No quotation.1 For revised figures for all months of the cotton year 1941-42, see p. S-35 of the November 1942 Survey.1 Data for March, June, and September 1942 and January 1943 are for 5 weeks; other months, 4 weeks.f Revised series. The yarn price series for Southern, 22/1, cones, has been substituted beginning January 1941 for the Northern, mulespun, series formerly shown; for

data for all months of 1941, see p. S-35 of the November 1942 issue. Figures for wool stocks are compiled on a revised basis beginning 1942 and data are not available compa-rable with figures shown in the 1942 Supplement and in monthly issues through June 1942. 1942 data shown above cover all known stocks of wool in commercial channels,including stocks in the hands of country dealers and in country warehouses; stocks in the hands of country dealers and in country warehouses are not included in the earlierdata. All figures exclude stocks afloat which are no longer available for publication. For data for March and June 1941 for wool finer than 40s, see p. S-37 of the October1942 Survey. The indexes of retail automobile financing shown above on a January 1942 base may be linked to the indexes on a 1939 base shown in the 1942 Supplement byapplying the current series to the January 1942 index on a 1939 base given in footnote 5 to p. 170 of the 1942 Supplement.




1943

Janu-ary

1942

Janu-ary


temberOcto-ber

Novem-ber

Decem-ber

TRANSPORTATION EQUIPMENT—Continued

RAILWAY EQUIPMENT—Continued

Association of American Railroads:Freight cars, end of month:

Number owned .thousands. ~Undergoing or awaiting classified repairs

thousands. -Percent of total on line

Orders, unfilled - . .cars-Equipment manufacturers -doRailroad shops do

Locomotives, steam, end of month:Undergoing or awaiting classified repairs

number. .Percent of total on line

Orders unfilled number.Equipment manufacturers doRailroad shops do

U. S. Bureau of the Census:Locomotives, railroad:

Orders unfilled end of mo., total doSteam doOther do

Shipments total . doBteam - doOther --- do

Locomotives, mining and Industrial:Shinmpnts (onarferlv) total number

Flpotric total doFor mining us© - . do

Other do

INDUSTRIAL ELECTRIC TRUCKSAND TRACTORS

Shipments, total number..Domestic - do"Exnorts do -

1,740

462.6

19, 28115, 0694,212

1,9575.0835322

13

1,701

613.6

66, 87045,79821, 072

3,3788.624922920

1,197522675

891970

330327

3

1,709

613.6

69,40249,93919,463

3,2318.2300282

18

1,2735517221002872

309303

6

1,718

603.5

68, 31647,98520,331

3,2288.242637254

1,332689743125

5768

177847193

371336

35

1,726

623.6

58,12939,80418, 325

3,1147.940835751

1,425669756132

6270

400383

17

1,731

633.7

48.35131. 44016,911

2,9307.539534847

1,586716870111

5061

384373

11

1,736

573.3

37, 89125,06212,829

2,4777.035030446

1,554658896142

5983

205104102101

400391

9

1,737

553.2

35, 44224, 97410, 468

2,6696.833428450

1,720854866132

5676

360343

17

1,737

533.1

34,19524, 6269,569

2, 5936.632325667

1,6497838661476186

382344

38

1,737

462.7

35,63728, 3527,285

2,3816.131423876

1,9321,065

8671778394

266116112150

438415

23

1,737

422.4

29, 20422,4196,785

2,1435.5289216

73

1,839979860177

9681

420418

2

1 739

452.6

27, 30822,1675,141

2,0985.4369356

13

1,8229388841248143

367352

15

1 739

422.4

27, 06120. 065

6, 996

1,9324.9355263

Q9

1,9671 139

828146

6383

261136122125

411380

31

CANADIAN STATISTICS

Physical volume of business, adjusted:Combined indext-- 1935-39=100-

Industrtal production:Combined indexf do

Conetructiont- do —Electric power --doManufactunngt do

Forestry f .do- . . .Miningt do

Distribution:Combined indexf do —

Tons carried* doAgricultural marketings, adjusted:!

Combined index doGrain do.—Livestock do

Commodity prices:Cost of living . doWholesale prices 1926 = 100..

Employment (first of month, unadjusted):Combined index -do

Construction and maintenance doManufacturing, -.doMining doService. __ doTrade -do —Transportation- do

Finance:Bank debits --- mil. of doL.jCommercial failures number .ILife-insurance sales, new paid for ordinary I

thous. of dol-.|Security issues and prices: \

New bond issues, total. do ..Bond yields 1935-39=100..Common stock prices do

Railways:Carloadines--. thous. of carsFinancial results:

Operating revenues thous. of dol .Operating expenses do —Operating income do —

Operating results:Revenue freight carried 1 mile.mil of tonsPassengers carried 1 mile mil. of pass..

Production:Electric power, central stations

mil. of kw-hr..Pig iron thous. of long tons-.Steel ingots and castings do . . .Wheat flour thous. of bbl.

117.196.9

25

40, 420

227. 33498.876.3

192.3

216 5' 119.1

142.9222.7138.1258.5

142.0169.3

136.3110.4112.3

115.494.3

165.8124.7187.1177.8168.0172.4101.1

3,23177

43, 081

90,87299.466.8

272

45, 42235, 1117,789

4,246283

3,226146231

1,556

192.9

216.3'98.3137.6226.3147.6248.2

144.4169.3

70.6100.9

115.794.6

165.4118 1191.2176.8167.0156. 8

2,89364

39. 357

100, 23299.364.7

249

44,04435, 2816,046

4,031271

2,864129217

1, 585

189.3

207.7' 145. 0

141.7212.6148.0234.2

151.2177-4

81.674.9

110.8

115.995.1

165.1103.7195. 7176.4169.1151797.5

4.17756

35,876

1,043 28199.662.3

271

50,85837,33810,036

4,580325

3.221149237

1,807

198.1

220.8'143.0

144.3231.0137.8226.9

151. 3189.3

84.884.287.0

115.995.0

165.298.0

199.4175.0172.8153.099.0

3,73346

36, 232

396, 20399 661.1

273

50, 59736, 52610, 303

4,439361

143237

1,961

195.5

217.3'95 8146.1232. 5132.7211.3

150. 2182.3

83.784.380.9

116.195.2

167.4109.3202.3173. 5176. 3153.5104.1

3,79153

40. 336

• 92, 34199.562.0

283

53,03637, 60611,510

4,891375

3,175153243

1,481

200.0

222.1' 157.1146.6235.7131.2196.3

153. 9188.1

82.8113.8

116.795.8

171.7123.3205. 9173. 1180.6153 7106.4

3,76746

43,898

298, 65398.862.8

287

55,24739,41911. 696

4,807412

3,043150227

1,335

203.7

229.4' 118. 7145.8246.2128.5213.3

150.5176.2

237. 7270.993.4

117.996.0

175. 7137.7209.5174. I184. 81*2. 8108.1

3,70447

44, 8f>«

226, 5299s. 762.4

294

57. 52942,00410,582

4, 705511

2,966154229

1. 590

205.7

232.5'114.3

142.8248.8120.7216.6

150. 4163.0

99.698.8

102.9

117.795.5

177.814G. 8212.4172.3189.4152. 5110.4

3,48042

39. 963

340, 75599.061.6

282

58,88143, 37110, 753

4, 593532

2,990145222

1,820

206.1

23M' 127.8140.0253.3116.2225.8

145.8127.1

43.633.985.7

117.496.0

179.3146.5215.6166.8188.2152.3110.0

3, 51639

55, 798

255, 22399.462.6

290

58, 59042,67011,803

4,550452

2,947139219

1,737

207.2

238.6'97.8138. 5262.6126.7195.7

142.1134.5

106.6112.978.9

117.8

181.3149. 6218. 3164.3185.1153. 5111.7

4,07347

57, 795

271, 66099,665.0

323

61, 28143, 74215, 424

5,171404

3,166157242

1,851

207.8

293.3' 106.9137.3263.4116.7192.0

142.7137.2

95.490.4117.0

118.6

183.3154. 9218.6163.0182.6156. 5110.6

4, 96756

52, 042

1,082,18799.667.6

291

56, 92641. 88511, 509

5, 077385

r 3,181152242

1,973

221.2

250.8101.5140.1276.2124.7209.6

160.6

141.7146.4121.2

118.8'97 .0

4, 10536

45, 576

92. 55299.471.3

273

3,249147241

2,063

' Revised.fRpvisod series. The revision of thp index of physical volume of business is riue mainly to a ohange in the weighting and in the list of components, so as to present a

picture of the expansion in industries engaged on war production. Revised data were first shown on p. S-36 of the December 1942 Survey; there has been a subsequent revision,however, in the construction index as shown in this issue. Revised indexes beginning January 1940 will be published in a subsequent Survey. The index of grain marketingsis based on receipts at country elevators instead of receipts at head of Lake and Pacific ports, as formerly. For data beginning February 1941, see p. S-38 of the April 1942Survey. Revisions for January 1941 are as follows: Total, 168.8;grain, 185.4. Earlier data will be shown in a subsequent issue.

*NTew series. The index of tons carried has been substituted for the index of carloading*; data beginning 1928 will appear in a subsequent issue. Components includedIn the distribution index other than tons carried are retail sales, wholesale sales, exports, and imports.

U. S . G O V E R N M E N T P R I N T I N G O F F I C E : 1 9 4 3Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S36

CLASSIFICATION, BY SECTIONS

Monthly business statistics:Business indexes ___ . .Commodity prices _Construction and real estateDomestic trade-Employment conditions and wages.FinanceForeign tradeTransportation and communica-

tions .Statistics on individual industries:

Chemicals and allied products.. _Electric power and gasFoodstuffs and tobaccoLeather and productsLumber and manufacturesMetals and manufactures:

Iron and steelNonferrous metals and prod-

uctsMachinery and apparatus

Paper and printingPetroleum and coal productsStone, clay, and glass products._Textile productsTransportation equipment

Canadian statistics

PageS - lS - 3S - 4S - 6S-8

S-13S-20

S-20

S-22S-23S-24S-27S-28

S-29

S-30S-30S-31S-32S-33S~34S-35S-36

CLASSIFICATION, BY INDIVIDUALSERIES

Pages marked SAbrasive paper and cloth (coated) 33Acceptances, bankers' 13Advertising. 6Agricultural cash income 1Agricultural wages, loans 13,14Air mail and air-line operations 6, 21Aircraft . 12,13Alcohol, methyl - 22Alcoholic beverages 1,2,24Aluminum-.., 30Animal fats, greases 22Anthracite 1,2,3,10,12,32Apparel wearing 3,6,7,9,10,11.12,13,34,35Asphalt 33Automobiles—.-. 1,2,6, 7. 8,9,10,11,12,13,16,35Automobile accessories and parts 35Banking 13,14Barley ,- 25Bearing metal 30Beef and veal_______ . - 26Beverages, alcoholic It 2, 24Bituminous coa! 1,2,3,10,12,32Boilers __ — 29,30Bonds, issues, prices, sales, yields 18,19Book publication 32Brass, bronze, and copper product* 12, 13,30Brick 3,9,10,12,13,33Brokers' loans . 14,18Building contracts awarded 4Building costs 5Building expenditures (indexes) 4Building-material prices, retail trade 3, 7Butter 24Canadian statistics 16,36Canal traffic 21Candy 27Capital flotations 18

For productive uses 18Carloadings .„ 21Cattle and calves 26Cement 1,2,3,33Chain-store sales 7Cheese — 24Chemicals 1,2,3,9,10,11,12,13,15,16,22Cigars and cigarettes 27Civil-service employees - 10Clay products 1,2,9,10,11,12,13,15,33Clothing (see also hosiery) 3,

6,7,9,10,11,12,13,34,35Coal , 1,2,3,10,12,32Cocoa— 27Coffee - 27Coke . . 1,2,32Commercial failures 15Commercial paper 13Construction:

Construction estimates.- „ 4Contract* awarded 4Costs - 5Highways and grade crossings— 5Wage rates 13

Consumer credit 15Consumer expenditures 6Copptrr __„ 30Copra or coconut oil . 22Corn __ . 25Cost-of-living index 3,4Cotton, raw, and manufactures- 1,2,3,9, 10,21,34Cottonseed, cake and meal, oil 22, 23Crops . . . . 1,23,25,27,34Currency in circulation 16Dairy products 1,2,3,24,25Debits, bank _ 14Debt, United States Government . . . 17Delaware, employment, pay rolls, wages. 10,11,13Department stores: Sales, stocks, collec-

tions - .- 7,8

Pages marked SDeposits, bank 14Disputes, industrial 11Dividend payments and rates 1,19Earnings, factory, weekly and hourly 12,13Eggs and chickens 1,3,26Electrical equipment 2,6,12,30,31Electric power production, sales, revenues.. 23,24Employment, estimated 8Employment indexes:

Factory, by cities and States 10Factory, by industries 8,9,10Nonmanufacturing 10

Employment, security operations 11Emigration and immigration 21Engineering construction 4Exchange rates, foreign 16Expenditures, United States Government.. 17Explosives 22Exports 20Factory employment, pay rolls,hours, wages. 8,

9,10,11,12,13Fairchild's retail price index. . 3Farm wages 13Farm prices, index 3,4Fats and oils . 3Federal Government, finance 17Federal Reserve banks, condition of 14Federal Reserve reporting member banks— 14Fertilizers 3,22Fire losses 6Fish oils and fish 22,27Flaxsecd . . 23Flooring , 28Flour, wheat 26Food products 1,

2.3 4, 6, 7, 9,10,11,12,13,15,16, 24,25, 26, 27Footwear 1,2,3,9,10,11,12,13,28Foreclosures, real estate 6Foundry equipment _ 30Freight cars (equipment) 35,36Freight carloadings, cars, indexes 21Freight-car surplus 21Fruits and vegetables 3,25Fuel equipment and heating apparatus 30Fuels 1,2,3,32,33Furniture 1,2,3,9,11,12,29,30Gas, customers, sales, revenues 24Gas and fuel oils . 33Gasoline 33Gelatin, edible 27Glass and glassware 1, 2,9,10,11,12,13,15,34Gloves and mittens 28Gold 16Goods in warehouses , 6Grains 3,17,18,25,26Gypsum 34Hides and skins . - 3,27Highways, and grade crossings. Federal aid__ 5Hogs 26Home-loan banks, loana outstanding 6Home mortgages 5Hosiery 3,34Hotels 10, 12,21Housefurnishings - 3, 6, 7Housing 3,4Illinois, employment, pay rolls, wages 10,11,13Immigration and emigration 21Imports - - 20Income payments 1Income-tax receipts 17Incorporations, business, new 16Industrial production, indexes 1,2Instalment loans 15Instalment sales, department stores 8Insurance, life.- 15,16Interest and money rates 14Inventories, manufacturers' 2Iron and steel, crude, manufactures 2,

3,8,9,11,12,15,16,29,30Kerosene 33Labor, turn-over, disputes 11Lamb and mutton . 26Lard 26Lead 30Leather 1,2,3,9,10,11,12,13,15,27,28Linseed oil, cake, and meal 23Livestock 1,3,26Loans, real-estate, agricultural, bank, brokers'

(see also Consumer credit) __. 5, 6,14,17.18Locomotives 36Looms, woolen, activity 35Lubricants 33Lumber 1,2,3,8,9,11,12,15,28Machine activity, cotton, wool 35Machine tools 12,13,30Machinery 1,2,8 9,10,11,12,13,15,16,30Magazine advertising 6Manufacturers' orders, shipments, inven-

tories „ 2Manufacturing production indexes ,_ 1,2Maryland, employment, pay rolls 10,11Massachusetts, employment, pay rolls,

wages 10,11,13Meats and meat packing. 1,2,3,9,10 11,12,13,26Metals. __. 1,2,3,8,9,10,11,12,13 16,29Methanol . 22Milk __ 24,25Minerals. 1,2,10,12Naval stores . 22New Jersey, employment, pay rolls, wages.... 10,

11,13Newspaper advertising 6Newsprint.™ __„ , 31,32

Pages marked SNew York, employment, pay rolls, wages.. 10,11,13New York canal traffic 21New York Stock Exchange 18,19, 20Oats 25Ohio, employment, pay rolls 10,11Oils and fats 3,22,23Oleomargarine 23Orders, new, manufacturers' 2Paint and paint materials 3,10,12,13,23Paper and pulp... 1, 2,4,9,10,11,12,13,15,31,32Passports issued 21Pay rolls:

Factory, by cities and States 11Factory, by industries 11Nonmanufacturing industries 12,13

Pennsylvania, employment, pay rolls, wages. 10,11,13

Petroleum and products 1,2,3,9,10,11,12,13,16,33

Pig iron 29Porcelain enameled products 30Pork . 26Postal business 6Postal savings 14Poultry and eggs 1,3,26Prices (see also individual commodities):

Retail indexes 3Wholesale indexes 3,4

Printing 1,2,9,10,11,12,13,15,32Profits, corporation 16,17Public relief _ _ 13Public utilities 4,10,12,16,18,19, 20Pullman Co _ _.- 21Pumps 30Purchasing power of the dollar 4Radiators 29Radio-advertising 6Railways, operations, equipment, financial

statistics, employment, wages 10,13,16,17,18,19,20,21,35,36

Railways, street (see Street railways, etc.).Rayon 1,2.3,9. 10,11,12,13,35Receipts, U. S. Government 17Reconstruction Finance Corporation, loans. 17Rents (housing), index 3Retail trade:

All retail stores, sales 7Chain stores 7Department stores 7,8Mail order 8Rural, general merchandise 8

Rice 25River traffic 21Roofing, asphalt 33Rubber products 2,4,9,10,11,12,13Savings deposits 14Sheep and lambs 26Shipbuilding 12,13Shipments, manufactures 2Shoes 1,2,3,9,10,11,12,13,28Shortenings 23Silver- _ 16Skins 27Slaughtering and meat packing 1,

2,9,10,11,12,13,26Soybeans and soybean oil 23Spindle activity, cotton, wool 34,35Steel and iron (see Iron and steel).Steel, scrap 29Stockholders — 20Stocks, department store (see also manufac-

turers' inventories) 8Stocks, issues, prices, sales, yields 18,19,20Stone, clay, and glass products 1,

2,9,10.11,12,13,15,33,34Street railways and busses 10,12Sugar 27Sulphur _ 22Sulphuric acid - 22Superphosphate 22Telephone, telegraph, cable, and radio-

telegraph carriers 10.12,16,22Textiles. ... . 1,2,3,9,10,11,12,13,15,34,35Tile 1 33Tin _ 30Tobacco 1,2,9,10,11,12,13,27Tools, machine 12. 13. 30Trade, retail and wholesale 7, 8,10,12, 15Transit lines, local 21Transportation, commodity and passenger 20,21Transportation equipment 1,

2,9.10,11,12,13,15.35,36Travel _ 21Trucks and tractors, industrial, electric 36United States Government bonds 19United State* Government, finance 17,18United States Steel Corporation 20, 29Utilities _ 4,10,12,15,16,18,19, 20Variety-store sales index 7Vegetable oils 22Vegetables and fruits 3,25Wages, factory, and miscellaneous 12,13War program and expenditures 17War Savings bonds 17Warehouses, space occupied 6Waterway traffic 21Wheat and wheat flour 25,26Wholesale price indexes 3,4Wisconsin, employment, pay rolls, wages 10,

11,13Wood pulp 4,31Wool and wool manufactures _ . 1, 2,3,9,10,11,35Zinc 30
