SURVEY CURRENT BUSINESS

SEPTEMBER SURVEY OF CURRENT BUSINESS UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 19 NUMBER 9

THE INPUSTIIIAL MARKET DATA HANDBOOK OF THE UNITED STATES Domestic Commerce Series No. 17 s $2.5 (Buckram) The Industrial Market Data Handbook contains complete figures on industrial production, employment, value of products, cost of material, fuel and power, and output per wage earner for the 3,7 counties in the United States, and similar data for every city with a population of 1, and over. Included is a tabulation of the county location of 1,111 manufacturing plants by kind of industry. Parallel tables covering the mining industry of the country including a county location table for each of the 23, mines by type of mine is a part of this Handbook. The data described are for the year 1935. None of these have been available in such detail and a number are presented for the first time. The Handbook is especially valuable in estimating sizes and locations of markets, potential values of markets, for the establishment or reappraisals of sales territories, setting up sales and production quotas, making market analyses, planning sales and advertising campaigns, and in deciding on channels of distribution likely to be most profitable to the manufacturer. It is of special value to: Manufacturers, industrial marketing men, sales executives, finance companies, purchasing agents, advertising agents, economists, and research groups of universities and colleges. DISTRIBUTION COST ACCOUNTING FOR WHOLESALING Domestic Commerce Series No. 16 :15c a copy This manual contains a complete discussion of distribution cost accounting procedure for wholesaling activities, as well as much valuable information for anyone confronted with a distribution cost problem. Particularly valuable is the information explaining how business records may be analyzed to determine the cost of each merchandising department, each commodity, each customer group, and each territory of sales operation. All methods of cost allocations and expense break-wns used in the handbook have been tested and found satisfactory either by the Department of Commerce or by trade associations and accountants of national recognition. With the advent of recent Federal and State legislation relative to distribution, the subject of distribution cost accounting is receiving the keen attention of executives and others interested in distributive fields. This handbook contains detailed explanations and numerous illustrations. Copies of any of the above publications may be obtained at the price stated from either the Superintendent of Documents, Government Printing Office, Washington, D. C, or through any of the District and Cooperative Offices of the Bureau of Foreign and Domestic Commerce located in principal commercial and industrial centers throughout the United States. Full remittance should accompany each order.

Volume 19 Number 9 UNITED STATES DEPARTMENT OF COMMERCE HARRY L. HOPKINS, Secretary BUREAU OF FOREIGN AND DOMESTIC COMMERCE F. H. RAWLS, Acting Director SURVEY OF CURRENT BUSINESS SEPTEMBER A publication of the DIVISION OF BUSINESS REVIEW M. JOSEPH MEEHAN, Chief TABLE OF CONTENTS Business situation summarized. Employment Domestic trade Foreign trade Construction and real estate... SUMMARIES SPECIAL ARTICLES Page 3 Trends in wholesale volume, 19-38 11 Financial aspects of unemployment compensation experience 12 CHARTS Figure 1. Monthly business indicators, 19-39 2 Figure 2. Factory shipments of vacuum cleaners and factory sales of washing machines and electric refrigerators, by months, 1935-39 3 Figure 3. of building materials, by months, 1937-39... 5 CHARTS Continued Figure 4. Distribution of number of benefits for total and partial unemployment, by amount of benefit check, April-June... Figure 5. Unemployment compensation: Cumulative collections and interest, cumulative benefit payments, and funds available for benefits, in 23 states, -June Figure 6. Unemployment compensation benefit payments and contributions collected in the 23 States paying benefits, since 1,, by quarters Figure 7. Unemployment compensation: Cumulative collections and interest, cumulative benefit payments, and funds available for benefits, in Texas and West Virginia, -June... STATISTICAL DATA Page Monthly business statistics 19 General index Inside back cover 12 14 15 16 Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS is $2 a year. Single-copy price: Monthly, IS cents; weekly, 5 cents* Foreign subscriptions, 33.5. Price of the Supplement is 4 cents* Make remittances only to Superintendent of Documents, Washington, D. C. 17349 39 1 1

SURVEY OF CURRENT BUSINESS Monthly Business Indicators, 19-39 14 13 vo LUME INDUSTRIAL (13-25 = 1) PRODUCTION INCOME PAYMENTS AND CASH FARM INCOME MONTHLY INCOME PAYMENTS (19=1) CASH FARM INCOME (14M9 9«1OO) 12 11 12 11 1 9 8 A V * / } A. 1 \, / / V MONTHLY INCOME PAYMENTS 1 9 8 7 6 7 6 tz \ VV 19 193 1931 1932 1933 1934 1935 1936 1937 1.9 CONSTRUCTION CONTRACTS AWARDED** -CASH INCOME FROM FARM MARKETINGS (EXCLUSIVE OF RENTAL & BENEFIT PAYMENTS) 19 193 1931 1932 1933 1934 1935 1936 1937 FOREIGN TRADE * 5 4 14 12 1 8.6 4 2 19 193 1931 1932 1933 1934 1935 1936 1937 19 193 1931 1932 1933 1934 1935 1936 1937 14 FACTORY EMPLOYMENT AND PAYROLLS (l3~25«1) WHOLESALE PRICES AND COST OF LIVING (13-25 =1) 11 12 1 1 8 6 4 2 175 15 125 1 75 5 25 **\ FACTORY EMPLOYMIzNT-^, ^ V ^ ^ (ADJUSTED) ^ J V J] ^FACTORY PAYROLLS (UNADJUSTED) 19 193 1931 1932 1933 1934 1935 1936 1937 RETAIL SALES * AUTOMOBILE SALES (19-31=1) DEPARTMENT STORE SALES (13~25=1OO) rt -DEPAfi?TMEN7 r STORl ' \ A l/l s JEW PA 1SSENGi Eff AUTOMOB 1 I u 19 193 1931 1932 1933 1934 1935 1936 1937 * ADJUSTED FOR SEASONAL VARIATION Figure 1. WHOLESALE PRICES 19 193 1931 1932 1933 1934 1935 1936 1937 (13-25=1) ^-35 JA 1 STOCK PRICES INDU STR1AL COMPAMES \ ^~3O y Is- RAILROAD CZOMPAtWES 19 193 1931 1932 1933 1934 1935 1936 1937 \ 9 8 7 6 5 35 3 25 2 THREE-MONTH MOVING AVERAGE.9*32 15 1 5

SURVEY OF CURRENT BUSINESS Business Situation Summarized DOMESTIC business volumes in were not materially affected by the threatening European political developments and there was a further moderate improvement during the month. Manufacturing production increased seasonally following the considerable gains in the adjusted index during June and but the drop in crude petroleum output reduced the volume of mineral production. General merchandise trade experienced the usual substantial rise; automobile sales dropped as the model change-overs, which came earlier than usual this year, accentuated the normal decline from. Construction operations continued at the high levels reached in the preceding month and contracts for new projects were little changed from the rate. Business in all major lines continued well in advance of a year ago, though industry and trade, generally, did not match the strides made at this time in when the pick-up from the low point of the 1937-38 recession w^as gaming momentum. Mounting European tension, which arose from the immediate prospect of a general conflict, unsettled financial markets throughout the month. Commodity markets were sensitive in some degree to developments abroad, though, through 31, there was not much change in quotations on products likely to be affected by war demands. However, with the outbreak of actual hostilities between Germany and Poland on 1, quotations of a number of commodities advanced sharply. On that day sizable gains occurred in prices of such staples as wheat, corn, rye, cocoa, sugar, lard, tin, and rubber; there was a small rise in copper quotations and a strengthening in prices of other industrial materials. Though did not bring a repetition of the general curtailment of commitments experienced at the time of the European crisis last spring, purchasing by industrial consumers nevertheless was not so aggressive as in the 2 preceding months which witnessed pronounced buying waves in certain staples. Retailers continued to make commitments based upon expectations of a good fall trade, with wholesale volumes well ahead of last year. Primary distribution of commodities, as indicated by freight traffic, held around the rate with little change indicated for the adjusted index of loadings for. The freight movement continues to exceed last year's volume by about oneeighth. The carriers have also benefited from the increase in summer travel this year; record gasoline consumption and high replacement sales of tires are also a reflection of this trend. Further expansion in activity occurred in a number of manufacturing lines during and, in the aggregate, factory production made the usual increase for this period. Automobile assemblies were at a seasonal low of about 1, units, but by the end of the month a number of plants were turning out 194 models and employment in automotive centers was again rising. Steel ingot production, following the marked improvement during June and, expanded at a more-thanseasonal rate in ; finishing operations increased during the month after lagging in the June- advance. Output of ingots averaged about percent of THOUSANDS OF UNITS 2 VACUUM CLEANERS (Floor Types) 15 I 5 2 I 5 1 Jv V WASHING-MACHINES ELECTRIC REFRIGERATORS 1935 1936 1937!939 J daily capacity as compared with percent in. was higher than in any month since 1937, exceeding output last by a small margin. Other durable-goods industries have maintained or improved their position.

SURVEY OF CURRENT BUSINESS In the nondurable-goods industries, production this summer has declined less than seasonally expected and, on an adjusted basis, has been as high as at any time since June 1937, excepting last. By reason of the marked rise in some of the nondurable-goods industries a year ago, preliminary indications point to an output but little in excess of that in. Crude-petroleum output was a major exception to the general trend, as State control agencies in the midcontinent fields endeavored to correct a situation which had produced a marked drop in crude quotations. Crude-oil production in the week ended 26 was reduced to an average of 1.7 million barrels daily as compared with the flow of 3.6 million barrels. Refinery operations were not impaired by the lowered flow of crude and, as in, were exceptionally high. There was a seasonal increase in bituminous-coal production in following the advance which in part went to increase industrial stocks. A further rise occurred in generation of electric energy in and production, up 1 percent from, was at a record figure. Sales of Durable Goods Expand While the output of the nondurable-goods industries comprises a larger portion of industrial output than in 1937, when the two major segments approached a parity on a 19 basis, the expansion since the low point a year ago has been larger relatively in the industries producing durable goods. This is the usual situation during periods of fluctuating business activity, but it is of interest to observe the trends in two major groups of durable commodities building materials and durable products for use in the home. The situation in the latter group is typified by the sales of such products as electric refrigerators. The accompanying figure 2 reveals the sales trend of this and two similar commodities. While no correction has been made for the usual seasonal swings in sales, it is apparent that the underlying trend was wnward from the spring of 1937 to the middle of last year, and that sales of electric refrigerators lagged as business generally moved up in the latter half of. So far this year sales of each of these products have advanced to a point considerably higher than the average experience during the corresponding months of. Although automobile sales are not shown in this figure, it may be seen from figure 1 that passenger-car sales experienced a marked upturn with the improvement in general business during the latter half of, and in recent months have made a relatively favorable showing. No current series on furniture and floor covering sales are available for plotting, but the data on these industries indicate that they have followed a pattern not essentially different from the trends indicated in figure 2. With construction activity advancing to a level which compares favorably with the 1937 peak, building materials have gradually moved into trade channels at an increasing rate. Figure 3 presents the comparative movement of 16 series of data during the past 3 years. In general, the pattern in these industries over this period has been the same, but the current position differs to some extent. Prepared roofing shipments stand out because of the increase in. The others indicate improvement since the early part of ; at that time the construction industry experienced a definite turn for the better particularly in the residential field. of brick, portland cement, tile, and oak flooring at the seasonal peak this year equaled or exceeded the 1937 results for the corresponding months. Paint sales were lower, though sales to the distributive trade have been larger than in the comparable months of 1937 since last April. Air-conditioning-equipment manufacturers have experienced a steady rise in sales this year, though the results fell short of those in 1937. Oil burners are about on a par with the 1937 sales results. Gains in the durable-goods industries, as compared with a year ago, have not been confined to the groups mentioned above. Of the 43 durable-goods industries, for which the Department of Labor collects data, all but 4 showed pay-roll increases of more than 1 percent between and of this year. Aggregate pay rolls in the durable-goods industries at mid- were nearly a third higher than in, an increase which stands out among the year-to-year changes in labor income in various segments of the economy. For, total compensation of employees, according to the Department of Commerce's estimate, was 6 percent higher than a year ago. The index of total income payments, seasonally adjusted, was unchanged in from the June figure of.5 (19 = 1) but was 2.8 points higher than a year earlier. Foreign Exchanges Decline The kaleiscopic European political events of late were climaxed in the foreign-exchange market by the sharp break in quotations for the pound sterling and the French franc. Growing pressure upon the two currencies as a result of the incessant demand for llars led to the withdrawal of official support at previous market rates as a means of conserving gold and foreign-exchange resources. The pound fell to the lowest levels in 6 years, and the depreciation of the French franc in terms of llars was of a similar degree. During the first 7 months of the year, the net export of gold from the United Kingm exceeded 226,,-, although a portion of this outflow ubtlessly represented a further accumulation of gold reserves abroad by the British Exchange Equalization Fund. The net gain of gold by the United States from foreign

SURVEY OF CURRENT BUSINESS MONTHLY AVERAGE 1937 = 1 LUMBER BRASS PLUMBING FIXTURES WINDOW GLASS () 15 1 5 15 1 5 - FLOORING A Maple, Birch and Beech) FLOOR AND WALL TILE BUILDING TILE PREPARED ROOFING PAINT (Safes) PORTLAND^CEMENT/ COMMON BRICK FACE BRICK OIL BURNERS AIR CONDITIONING EQUIPMENT (New Orders) 5 15 1 5 15 1 5 2 15 1 5 ZOO 15 1 5 ZOO 15 1 5 1937 1937 Figure 3 of Building Materials, by Months, 1937-39. DO. 39-24 NOTE. Data are for shipments except where otherwise specified. Lumber shipments of were estimated on the basis of available weekly reports.

6 SURVEY OF CURRENT BUSINESS countries reached $1,6,, during the same period. Receipts from abroad during were not spectacularly large; but the amount of gold held under earmark in the United States for foreign account was reduced during each of the 4 weeks ended 3, thus increasing mestic gold stocks, and capacity shipments were reported en route to the United States from Europe at the close of the month. According to official announcements, foreign short-term balances in the United States aggregated $2,6,, on May 31. Gold held under earmark for foreign account was placed at approximately $1,135,, at the end of. Security prices receded during from the closing levels of, despite the relatively favorable corporate earnings records reported. Industrial-stock "averages" fell to within a few points of their June lows. The reductions in the prices of railroad and public utility stocks during were of lesser magnitude. On 1, the stock market withstood the shock of the outbreak of European hostilities and "market averages" held at the levels of the preceding several days. There were, however, considerable fluctuations in prices of various types of shares during the day, with the gains in some securities being offset by declines in others. Bond prices also weakened during. The market for the highest grade issues continued during the Year and month Monthly income payments Total payments Unadjusted Adjusted i Compensation of employees, adjusted i MONTHLY BUSINESS INDEXES Factory employment and pay rolls Number of employees, adjusted i Amount of pay rolls, unadjusted Cash farm income 2 Unadjusted Adjusted i early part of the month to reflect the large volume of funds seeking investment involving a minimum of risk, and the prices of these securities remained firm. Later, the market was unsettled, with prices of government bonds tending to decline. The yields on short-term issues were not changed materially. In the capital market, the volume of corporate financing during exceeded that of, but it was comprised mainly of refunding operations by public utility corporations. The offering of $123,5, of 3/2 and 4% percent debenture bonds by a large public utility corporation was one of the high lights of this market. On 3, the Federal Housing Administration announced a reduction of one-half of 1 percent on mortgages committed for insurance by that agency. The maximum rate of interest on such mortgages was thus placed at 4% percent. A few days later the Home Owners' Loan Corporation reduced from 5 to 4% percent the interest rate on mortgages held by it. Excess reserves of the member banks continued to rise to new high levels during as Treasury disbursements exceeded revenues and the inflow of gold continued. The rise occurred in the face of further increases in the reserve requirements of the banks accompanying the continued growth of their deposits, a reduction in the volume of government securities held by the Federal Reserve Banks, and an increase in the volume of money in circulation. Total Industrial production, adjusted i Manufactures Minerals Freight-car loadings, adjusted * Total Merchandise, than-carlot less- Retail sales, value, adjusted i Department stores Foreign trade, value, adjusted i Exports Imports contracii Construction types, value, adjust New Bank debits, outside York City Wholesale price index, 813 commodities 19: 1932: Julv 1933-1936: -. 1937: : -.. _. -._. _ March _. _ April _ May June -_ Monthly average, through : 19 _ 1932 1933 1936 1937 _ Monthlv average 19 = 1 14.4.6 59 8.3.8 81. 76.1.5.3 8.9 9.9 84.3 77.8 84.3. 79.6 87.2.9 99. 66 1 56.7 79 5 3 8 4 82.9 11.1 6.7 57 8.7.3 8.7 81.5 82. 82.1.2 84.1.7.5 84.2 82.7 82.8.5.5 11. 5 58. 4 56 2 8.5.8 79.8 81.4 82. 5.1 84. 6.2 85.4 85.1 85..3. 3 84.8 84.6 98.9 64 78 7 6 8 5 84.5 Monthly average 13-25 = 1 18.1.9 77.4 98.4 19. 3 82.9 84.9. 9 87.5 9. 91.6 91.7 91.3 91. 9.8 9.1 91.4 91.7 15. 5 66 9. 94 4 17 85.2 9.6 18.6 4.4 52. 7.4 14.6 7.6 76.9 81..8 84.1.5.4 85.4. 9 84.9 84.4 85.9.8 111. 49 1 43 8 81 14 3 74 85. Monti erage 29 = 1. 35.5 58 5 84. 87.5 72. 72.5 85. 91. 5 78. 72.5.5 51. 57.5. 6. 59.. 9.9 41 8 43 1 64 8 71 6 5 59.1 ly av- 14-1 111.5 4.5 78. 5. 94.5 82.5 72. 72.5.5. 5..5 6. 64. 64.5. 6..5 124 i 58 i 1, 18 114 9 96 13 14 12 99 98 98 12 122 64 74 11 117 79 98 Monthly average 13-25 = 1 125! 116 57 12 i 91 19 12 114 112 1 Adjusted for seasonal variations; monthly averages, except compensation of employees, are based on unadjusted indexes. 3 Average of 6 months,,, and April through. 82 87 95 13 14 1 97 96 91 97 11 124 74 11 118 76 97 93 95 97 98 12 19 11 11 11 95 98 14 18 112 7 77 1 113 95 12 18 1 49 66 ; 8 i 64 66 6 14 78 58 64 16 7 66 6 6 14 73 66 64 6 19 9 84 87 85 98 56 75 82 74 77 New passenger automobiles 19-31 = 1 152. 28. 52.5 14. 5 14. 5 56.5.5 6. 85. 1..5 91. 96.. 79.5 79. 79. 81. 1. 7 43.1 45.2 112.9 123.6 66.1 93. 121 32 43 8 66 6 58 7 64 7 7 114 36 31 5 Monthlv average 13-25 = 1 119 27 48 66 47 49 58 57 117 37 32 6 49 56 124 21 59 59 66 78 82 96 96 73 126 28 18 7 144..4 7.4 94.4 12.2 84.5 81.2.3 91.7. 4 16. 9 9.5 77. 1.3 85.3 9 94.7.6 136.8.6 3 6. 3.2 1.8 84.1.5 2 From farm marketings Monthly average 16 = 1 96.5 64.5.9 8.5 87.9 78.8 7S. 1 78.3 77.6 77.5 77. 76.9 76.9 76.7 76.2 76. 2 75.6 75.4 95.6. 4.6 79.8 87.2 79.2 76.3

SUEVEY OF CURRENT BUSINESS CONFORMING to the usual seasonal tendency, nonagricultural industries employed about the same number of workers in as in June, according to data compiled by the Bureau of Labor Statistics. The gain over a year ago was maintained at 1,2,, practically the same as in June. The largest change in employment from mid-june to mid- was that recorded for retail-trade establishments which released about 1, workers; this decline, however, was less than that usually experienced during when sales are at a seasonal low point. Anthracite and metal mines reported decreased employment and several of the service industries reported seasonal declines. These losses were offset to a large extent by employment gains in construction, transportation, and public utilities, with the result that aggregate nonagricultural employment was reduced by only 3, workers. These figures not include employees on Work Projects Administration and National Youth Administration projects, or enrollees in the Civilian Conservation Corps. Agricultural employment was seasonally lower during, and the number at work on projects operated by the W. P. A. declined further, largely because of the release of workers who had been employed for a period of 18 months or more. Factory employment was slightly lower in than Year and month Unadjusted Employment in June, but the adjusted index recorded a small increase to 91.7 (13-25 = 1). Pay rolls experienced a somewhat larger decline, partly because of the 4th holiday. The adjusted factory-employment index has fluctuated within a range of about a point and a half so far this year, following the rise in the summer and fall of. However, the index for was about 11 percent above the corresponding month a year ago. For the index of the durable-goods group, the gain over amounted to 17 percent; for the nondurablegoods group the increase was 6 percent. Over the year interval, the unadjusted index of total factory pay rolls recorded a gain of nearly one-fifth, in the durable-goods classification of almost one-third, and in the nondurablegoods group of about one-tenth. Employment gains from June to were reported for 5 of the 87 manufacturing industries, and pay-roll increases were reported for 34 industries. For many industries the employment gains were contraseasonal or larger than seasonal. These embraced aircraft, furniture, radios, men's clothing, cotton goods, book and job printing, and woolen and worsted goods. Declines of contraseasonal, or more than seasonal extent, were reported for the rubber footwear, automobile, agricultural implements, wirework, and electric and steam railroad car-building industries. EMPLOYMENT STATISTICS Factory employment and pay rolls 1 Employment All industries Durable goods industries Nondurable indus " tries Adjusted t AH industries Durable goods industries Nondurable goods industries Monthly average 13-25=1 Pay rolls, unadjusted Retail trade, unadjusted All industries Durable goods industries Nondurable goods industries Employment Pay rolls Monthly average 19=1 Average factory wages and hours (National Industrial Conference Board) Weekly earnings Dollars Hourly earnings Hours in worked month per week Industrial disputes Number Strikes beginning Workers involved, strikes beginning in month Mandays idle during month Thousands Thousands of days 19: 1932: 1933: 1936: 1937: : : March April May June Monthly average, through : 19 1932 1933 193 1937 17.3. 76.2 97.1 18. 81.9 85.7.8.5 9.5 91.2.5 9.7 91.4 91.1 9.1 9.6 9.5 15. 5 66.9. 94.4 17. 85.2 9.6 19.2 5.1 59.8 91.7 17.8 7.3 71.7 75.3 79. 82.1.1 81.6 82.6.5 84.1.3.9 82.1 16.7.2 51..2 15.1 76.5. 15.6 71.5 91.8 12. 2 18.2.9 99. 11.7 99.4 98.4 98.8 97.1 98.4 98.9 97.8 96.7 97. 98.5 14.4 78.1 1.3 18.8 93.4 97.8 18.1.9 77.4 98.4 19.3 82.9 87.5 9. 91.6 91.7 91.3 91. 9.8 9.4 91.4 91.7 19.2 5.1 6..4 18.6 7.7 72. 75.7 77.9 81.3.2.6.4..2 82.2.2 82.6 17.1 73. 94.1 14.2 19.9 94.5 97.2 97.6 96.7 98.3 99.5 99.5 98.7 98.6 98. 98.2 99.2 1.3 18.6 4.4 52.7.4 14. 6 7.6 76.9 81..8 84.1.5.4 85.4.9 84.9 84.4 85.9.8 111. 49.1 43.8 81. 11.3 74. 85. 19.8 29.4 39. 6 79.7 17.3 58.6.7.7 75.2 78.3 8.4 76.6 78.4 8.1 8.2 79.5 81.4 76.4 112.9 36.7 3.9 76.7 15. 9 64.5 17. 2 52.8. 3 87.6 11. 7 84.1 91.7 94.9 93.4 9.6 93.4 91. 93.1 94.6 9.2.9 91..1 19..9 58.2 85.9 12.5 84.6 91.7 97.3 73.1 71..2 87.6 81.1 8. 84.7 85.9 82.2 81.5.8 85.5 85.7.2.4 97.5 77.5 71.6...7 84. 98.8 59.2 51..1 72.8.1 66.8.4 7.8 71.5 79.2.7.4.6 71.3 71.5 72.4 7.7 97.5 66.4 51.7 64.3 71.3.6 7.5 28.41 15.36 19.34 24.2 27. 23.93 24.93 25.73 26.14 26.32 26.2 25.95 26.11 26.25 26.27 26.19 26. 79 26. 76 28.72 17.57 16. 75 23.94 27.56 23. 26.33.587.49.456.7.711.713.711.714.714.714.713.713.713.715.717.72.721. 722.5.514.458.3.7.714.717 1 See footnote marked "f" on p. 25. 2 Adjusted for seasonal variations. 48.4 31.9 42.9 39.1 39.2 33.8 35.2 36.2 36.7 36.9 36.6 36.6 36.8 36.9 36.8 36.5 37.2 37. 2 48.7 34.6 37. 38.9 4.7 33.1 36.9 237 173 472 2 222 256 27 177 172 18 1 29 27 21 21 81 77 128 179 46 235 197 37 3 175 38 144 5 48 96 43 38 49 41 39 91 5 145 29 35 66 59 21 59 119 91 1,8 1,775 1,15 3,8 776 1 99 842 8 513 512 591 4,1 3,473 5 1, 566 1,151 799 981 3,124 774 1,7

8 SURVEY OF CURRENT BUSINESS Domestic Trade RETAIL sales of general merchandise recorded the customary marked seasonal increase during, according to available weekly reports. Department-store sales in the first 3 weeks of were above those of, on an adjusted basis. If the mid- volume of sales is maintained, the adjusted index for the month will show a small gain over the figure of (13-25 = 1). Automobile sales recorded a further seasonal decline in. The change-over to new models usually marks the season's low for sales, and since the shift this year took place several weeks earlier than usual it is anticipated that sales will also record an early upturn. No marked changes are indicated for sales of other types of retail outlets, after allowance for the usual seasonal increases. In, the total value of retail sales was estimated to be about 1 percent lower than in June. After adjustment for 1 less working day in and for the usual seasonal change, it is probable that daily average sales on a corrected basis were about the same as in June. Total sales were about 7 percent larger than a year ago, as compared with a gain of 9 percent in June. A sample group of nearly 22, independent retailers reported to the Department a relative gain in over a year ago equal to the average for other retail units. As in other recent months the largest increases among these independent stores were reported by dealers in consumer durable goods motor vehicles, Year and month 19: 1932: 1933: 1936: 1937: :. : March April May June. Monthly average, through : 19 1932 1933 1936 1937 _. Unadjusted a i End of month. Department stores Sales Adjusted a DOMESTIC TRADE STATISTICS Stocks i Unadjusted Adjusted 3 Monthly average 13-25 = 1 79 46 48 58 91 99 156 82 87 6 Q8 56 75 8*> 74 77 19 9 84 87 85 59 56 59 7 74 78 6 RQ 64 6 97 74 1 66 Combined index (Chain Store Age) Avg. same mo. 19-31 = 1 82.8 87.1 19.6 114.5 18. 16. 19.4 18. 19.5 112.9 17. 5 18.8 198 11. 11. 111. 112.. 8.9 12.8 11.8 15. 6 19.9 Retail trade Chain-store sales furniture, household appliances and building materials. For the lines of trade covered by the indexes shown in the table below, retail sales in showed only minor changes from June, after allowance for the usual marked midsummer decline. The index of rural sales of general merchandise declined by somewhat more than the usual amount from the relatively high June figure, but the other series showed small increases or remained unchanged. Gains over a year ago narrowed slightly from the June comparisons as in the case of the Department's sample of independent retailers. Nearly 3, wholesalers reported a sales gain of about 6 percent in over the corresponding month a year ago. Increases of from one-fifth to one-third were reported by wholesalers of clothing, metals, furniture and house furnishings, electrical goods, and lumber and building materials, while dealers in hardware, machinery, and shoes reported gains of from 1 to 15 percent. Sales reported by 1, manufacturing firms were one-eighth larger in than a year earlier. Practically all of the reporting industry groups recorded gains over the year interval. Iron and steel and their products were up about 4 percent, machinery about onefourth, and nonferrous metals, forest products, and stone, clay, and glass approximately one-fifth. For several important lines, the trend of manufacturers' sales is depicted in the chart on page 3. Grocery stores Variety stores Unad- Ad- Unad- Adjusted 2 ed 3 ed 2 ed just- just- just- 3 98.5 82.8 82.3 94.9 91.1.2.5 93. 94.9 96.7 11.1 93.5 98.7 1.5 12. 12.9 1.8 97.7 1.9.3 79.1 94.4 96.8 93.6 99.5 1.5 84.5.9 96.8 93. 91..2 94.9 94.4 96.7 98.1 96.4 98 2 99^5 99. 11.4 99.3 99.6 Rural sales of general merchandise Unadjusted 2 Adjusted 3 Monthly average 19-31 = 1 96. 7.2 74.4 97.2 97.. 85.2 94.1 98.2 12.2 193.6 73.6 79.7 85. 97.6 96.3 95.8 9.5 94.3 75.1 71.6 87.1 9.5 85.2.4 17.9 78.9.6 19.2 19. 98.9 96.3 98.5 96.7 1.2 14.9 98.7 95.5 98.8 97.1 96.3 1.8 11.7 97. 46.7.9.3 91.7 84.8 98.2 121.1 14.9 147.2 1.6 91.3 1.1 115. 12.2 12.5 12. 91.1 19.8 58.8 2 95.7 16.4 96 8 18.3 126. 6.7 71.3 121. 125.6 116.2 12.1 114.6 18. 5 113.1 114.8 12. 123.7 131. 13.8 131.2 131.7 124.8 Value of new passenger-car sales Unadjusted 2 1. 31. 57.5 117.3 122.9.4 49.2 37.1.1 99.1 96.1 7.8 71.2 16.7 16.3 17.1 11.2 87.7 1.7 43.1 45.2 112.9 123. 6 66.1 93. Adjusted 3 152. 28. 52.5 14. 5 14.5 56.5.5 6. 85. 1..5 91. 96.. 79.5 79. 79. 81. Wholesale trade Employment Pay rolls Monthly average 19=1 1.4 75.2 75.1 85.4 9.6 87.6.5.1.8 9..3 87.9 87.4 87.3 87.2.1.1 98.3 77.7 72.9 85.2 91.2 1 Adjusted for number of working days. 3 Adjusted for seasonal variations. 87.7.9.5. 76.9 73.6 73.7 74.3 75.1 75.4 75.7 75.5 74.6 74.7 74.8 74.9 75.7 76. 98.2.1.6. 75.2 74.6 75.2 Commercial failures 1,375 6 1 1,38 1,15 6 997 984 875 1,2 9 1,123 1,14 1,122 952 917 1,984 4 7 1,157 1, Failures Number Liabilities Thousands of l. 22,98 14,318 12, 78 14,7 16, 382 14, 341 13,219 12, 32 36,528 19,122 12, 7 17,915 17, 4 14, 757 11, 14,15 47, 2,133 14,313 21, 9 15,45

SURVEY OF CURRENT BUSINESS 9 Foreign Trade UNITED STATES foreign trade declined in as compared with June, partly as a result of seasonal influences. Nevertheless, both the export and the import totals were above the values of a year ago. The value of imports has been higher in each month of this year than in the corresponding month of, with the exception of. The export trade was smaller in value through May than in the comparable period of, but in June and the export total was higher than last year. As in the preceding months of this year, merchandise exports in were larger in value than merchandise imports, though by not so large a margin as last year. The export balance for the 7 months ending with, of $382,,, though only slightly more than half the figure recorded for the first 7 months of, was none the less a large balance for this period of the year. The decline in the balance of merchandise exports in comparison with last year has resulted in part from the increased import trade this year, principally in crude materials and semimanufactures. The value of total imports for consumption was 15 percent higher in than in last year; crude materials and semimanufactures increased 19 percent. This expansion in the value of materials for mestic industries was approximately the same as the relative increase in the estimated value of industrial production in this country over the same period. Although total exports in were above those of a Year and month 19: 1932: 1933:. 1936: 1937: : : March April May June Cumulative through : 19 1932 1933 1936 1937. _... Indexes Value Value of of total total exportsports, im- adjusted 2 ad-! justed Monthly average 13-25= 1 121 32 43 3 114 3 36 3 31 3 5 3 3 3 119 27 3 117 3 37 3 32 3 49 3 56 Exports, including reexports 42.9 16.8 144.1 18.4 2.2 227.8 23.6 246.3 277.9 252.2 2.8 212.9 218.6 2.4 23.9 249.3 236.1 229.6 3,25.9 946.8 813.4 1,335.4 1,84. 7 1,82. 1, 645.7 EXPORTS AND IMPORTS Total 393.8 14.3 141.6 177. 264.6 225.1 228.1 243.6 274.3 249.7 266.2 21.3 216. 264.6 227.6 245.9 233.4 226.7 2, 972.3 3.9 798.5 1,312.5 1, 772. 1, 796.7 1,4. 5 year ago, shipments of certain staple products were much smaller than in, as they had been in the earlier months of the year. The decline of $12,, in exports of grains and preparations to a value of $,8, in the first 7 months of this year, and the reduction in raw-cotton exports from a value of $129,4, to $74,4, account for a substantial portion of the decrease of $173,, in the value of total exports in the first 7 months of this year as compared with the corresponding months of. The lower level of prices also has been a contributing factor in the reduced value of export trade this year. Exports of manufactured products (including semimanufactures) advanced in above the total of the corresponding month of by a wider margin than in May and June when the trade in these articles began to rise above the declining totals of last year. shipments of these two economic classes amounting to $177,351,, an increase of 15 percent over the figure of $1,58, last, brought the cumulative total for the 7-month period above the figure for the corresponding period of. Exports of manufactured foodstuffs, which were larger in value in the first half of this year than a year ago, principally because of increased shipments of packing-house products, also showed an increase in. The cumulative total of $13,91, for manufactured foodstuffs exports in the period to compares with the total of $97,872, in to. Total 5. 27.6 51.5 3.3 34.3 32.8 43.8 59.6 72.1 59.9 49.4 36.4 36.5 4.1 26. 3.2 25.7 29.7 4.2 2.4 258.8 37.3 345.9 39.7 224.6 24.4 15.9 36.8 1.2 9.4 1.5 1.7 2.5 24.1 25. 19. 15. 13.7 17. 9.2 7.5 6.2 6. 344.2 177.4 177.5 16.8 185.2 129.4 74.4 i General imports through 1933; imports for consumption thereafter. Exports of United States merchandise Crude materials Finished manufactures Unmanufactured cotton Foodstuffs, total 56.1 15.6 15.4 15. 17.4 38. 35.8 31.4 33.3 29.5 28.4 31.1 26.6 28. 23.6 26.9 19.5 19.7 42.6 142.8 95.5 17.1 119.3 274.6 175.4 6.5 14.1 21.4 33.5.9 37.3 35.6 4.2 44.5 4. 5.5 35.5 34.9 45.7 41. 48.2 48.5 46. 443.4 12.8 118.2 225.9 385.5 295.2 299.7 Total Millions of llars 227.2 47..3 98.1 144. 117. 112.9 112.5 124.4 12.4 137.9 17.4 118.1 15.9 137. 14.5 139.7 131.4 1, 574.1 391.9 326. 2.2 1.3 917.2 4.8 56.4 9.6 1.1 29.3 46.1 39.7 39.5 36.6 38.7 34.6 4.9 31.2 34.6 49.4 43.9 44.4 42.2 43.7 358.6 82. 64.4 193.4 272.4 296.5 2.3 Semimanufactures Machinery Automobiles, parts, and accessories 47.4 6.2 7.5 16.9 29.4 17.5 12.3 14.2 17.3 25.4 29.2 21.4 25.3 28.5 24.9 23.8 2.4 18.5 Total 3. 79.4 143. 197.5 2.9 147.8 171.1 172.9 178.5 171.7 1.5 1.3 152.5 191.2 185.8 194.2 178.4 17.5 387.6 2, 9. 4 51.8 826. 2 49.1 735.1 149.7 1, 35.8 25.5 1,4. 7 172.9. 1,91.3 1.8 1,241.9 119. 19.5 46.5 56.1 78. 43.2 49.5 52.4.7 52.4.5.9 48.1 59.5.9.3.7 5. 947.1 225.2 198.7 42.2.7 315. 3.5 Imports i 75.9 26.3 38.8 6.1 77.5 44.1 49.5 49.1 48.4 46.8 44. 43.4 41.6.5 49.1 51.9 5.2 49.6 597. 252.8 242.8 421. 574.7 333.1 34.3 71.8 11.9 31. 42.7 59. 29.6 35. 33.6 35.8 35.2 35.3 37.2 34. 38.8 37.9 39.9 38.6 36.9 528.5 137.2 135.1 278.4 385. 211.1 2.4 Crude materials Foodstuffs Semimanufactures Finished manufactures 2 Adjusted for seasonal variations. 3 Monthly average of unadjusted indexes..2 21.8 26.8 38.6 48.4 3.9 37. 37.9 4.6 37.3 32.8 34.9 28.8 38.4 43.8 4.4 34.8 33.9 566.7 211.1 158.5 249.3 316.3 232. 2.1

1 SUKVEY OF CURRENT BUSINESS Construction and Real Estate BUILDING construction continued active during with operations much higher than a year ago. No basic change has occurred in the trends which were detailed in the review published in last month's issue. In the first 3 weeks of, the value of construction contracts awarded in the area covered by the Dodge reporting service declined slightly from the daily rate. The reduction occurred in privately owned work as public projects were above the daily average. Awards were one-fourth larger than in the corresponding weeks of. Total awards for the month, however, may be little changed from the total last since a large volume of contracts under the Public Works program was let in the final days of. From the beginning of to the middle of, total construction awards amounted to $441,-,, a gain of nearly 28 percent over the corresponding period of, according to the F. W. Dodge Corporation. Kesidential building awards for the same period were up more than one-fourth, nonresidential building and public works, respectively, were 16 and 29 percent larger, while public utilities ubled in value of awards. With the expansion in operations of the United States Housing Administration, about 11 percent of all Year and month residential awards in the first 7 months of the year were publicly financed as compared with only 2 percent in the corresponding period of. A somewhat larger proportion of nonresidential awards has been publicly financed this year than last, although privately financed construction has continued to account for more than one-half of all such work. For the public works and utilities classifications, all but about 11 percent of the work has been under public ownership this year, or almost as large a proportion as in. The Federal Housing Administration, reporting on operations during its first 5 years, revealed that it had transacted a gross volume of business amounting to approximately 4 billion llars, including rejections and withdrawals amounting to about $7,,. Through June 3,, the insurance of home mortgages under Title II of the National Housing Act accounted for $1,9,29,. Under Title I of this Act private lending institutions advanced $9,56, in property improvement loans, and under the rentalhousing phase of the program, 313 mortgages totaling $126,3, had been accepted for insurance. Additional applications for insurance amounted to over one billion llars, of which $231,94, represented mortgages still in process, and $23,, mortgages expired. The balance comprised rejections and withdrawals prior to insurance. CONSTRUCTION, BUILDING MATERIALS, AND REAL ESTATE Federal Reserve index, adjusted i Construction contracts awarded AH types of construction < Residential building Nonresidential building 2 Public utilities 2 Public works 2 Building-material shipments Common brick Lumber Oak flooring Cement Construction costs (Engr. News- Record) 3 Home Loan bank Home Owners* Loan Corp. Loans outstanding Realestate foreclosures (nonfarm) Monthly average, 13-25 = 1 Number of projects Millions of llars Millions of square feet Millions of llars Thousands bd. ft. Thous. bd. ft. Month' Thou- ly avsands of! erage, barrels 1913 = 1 Month-. ly av- Thousands of llars erage 16 = 1 19: 1932: 1933: 1936: 1937: : : March April May June Monthly average, through : 19 1932 1933 1936 1937 _.... 124 27 21 59 59 66 78 82 96 96 73 126 28 18 71 16, 7, 8 8,228 13, 15, 3 17, 648 18,77 16,6 19, 664 17, 772 16,27 13, 281 13,15 2, 233 22, 282 23,244 21,71 21, 15, 571 6,8 6,5 11,214 15, 27 14,38 19, 366 2.4 128.8 82.6 294.7 321.6 239.8 313.1 3.9 357.7 31.7 3. 4 251.7 22.2 3.7 33. 38. 5 2. 3 299.9 523. 5 113. 7 73. 5 218.9 259. 219. 2 3 285. 6 37.8 5.5 7.4 2.5 2.6 21.6 23.6 21.8 27.2 23.4 22.7 2. 19.2 3.7 28.4 32.6 27.5 27.2 37.8 6.7 5.8 16.6 22.5 17.4 26.5 199.9 19.7 23.6 72. 81.. 99.7 99. 6 112.7 95.3 91.5 8.2 79. 125.2 114.4 133.8 111.9 19.3 1. 9 26.1 19.5 58.1 85.3.6 17.7 2. 48.1 41.3 96.6 139.1 72.6 87.3. 131. 116. 139. 5 85.. 5 97.8 94.7 76.7.8.5 29.9 44.5 33. 84.5 1.9 72.3.4 47.6 5.1 2.7 26.8 48.7 13.4 38. 26.2 21.2 19.7 44.3 29.5 18. 5 19.6 35.3 21.8 1. 23.1 43.6 5.7 3.5 15.9 25.5 19.9 22.5 149.9.9 14.9 99.3 52.8.8.1.2.8 7.7 114. 1 57..1 58. 85.6 76.1 i 73.6 79. 17,135 2,141 1,85 2,244 129,338 148, 142, 9 166,471 151,5 133,184 11,56 95, 166, 38 178, 93 29, 716 199, 5.1 37.5 17.5 6.3 4 118,272 47.5 U 158,751 57.3 4 11,732.9 I 4 158,595 1,775 2,33 1,843 1,847 1,7 1,593 1,6 1,581 1, 995 1,828 2,117 2, 1,959 1,959 2,134 1,572 1,8 3,123 28, 28 35,9 41,511 34,497 32,156 31, 56 27, 6 26,916 27, 38 31, 951 3, 64 37,999 37, 41 27, 394 32, 724 29,114 32,728 2,319 9,218 8,7 11,823 12, 237 1,164 11,823 11,716 12, 357 8, 573 6,281 5, 64 5,43 8,4 9,4 12,748 12,715 11, 7 1 Based on 3-month moving average of values adjusted for seasonal variations; the averages, 19-39, are computed from unadjusted indexes. 2 Data revised 19-36; see note marked with a dagger (t) on p. 21 of the issue. 3 Index is as of 1st of month; index for Aug. 1,, is 234.9. 4 6 months average, through June. 12,938 6,217 5,232 8,435 9,2 7,9 9,432 24 8 1.4 1.5 24.8 239. 9 232, 3 232.4 232.7 234.3 234.4 234.9 234.7 234. 3 234.4 234.9 234.7 235. 234.9 26.7 156.1 1.4 23. 23. 237.3 234.7, 736 122,94 1, 5 191, 8 1,415 1, 8 1,217 1, 5 198, 84 178,852 17,4 1, 4 157,176 157,911 1, 9 1, 7 2,1, 294 2, 524.129 2, 248, 982 2, 234, 9 2,221,417 2, 23, 6 2,1,17 2,1, 2,149, 38 2,134,2 2,117,598 2,15,824 2,91,324 I 2,8.512 2,,844 28 232 1 1 1 1 1 159 1 1 173 164 1 1 158 276 243 1 1

SURVEY OF CURRENT BUSINESS 11 Trends in Wholesale Volume, 19-38 By N. H. Engle, Assistant Director, Bureau of Foreign and Domestic Commerce THE estimates of aggregate value and physical volume of goods marketed at wholesale in the United States, which first appeared in the May 1936 issue of the SURVEY OF CURRENT BUSINESS, have been brought wn through, and revised for the years since 19. These estimates represent an attempt to take the measure of the merchandise stream at the one point where the values of the components are all on as nearly the same plane as possible. This point is f. o. b. place of production or port of importation (duties have been added to the declared import values in the accompanying tabulation) and therefore measures the value of the merchandise just as it enters wholesale distribution channels in the United States. This revision and extension has been made to accommodate users of these figures who have requested from time to time more recent data. The total value of goods marketed at wholesale amounted to nearly 84 billion llars in 19. The following years witnessed successive contraction to 35.3 billion llars in 1932, the low point of the depression. The turn came in 1933, which was nearly 2 billion llars better than 1932. Steady improvement continued through 1937, when the total reached 72.6 billion llars. The recession of reduced the figure for that year to but little more than 6 billion llars. The actual physical flow of merchandise into wholesale channels did not fluctuate so widely as did the value of the merchandise because of the changes in wholesale prices. Thus, the drop in the volume of goods sold between 19 and 1932 was but 38 percent, while the value fell 58 percent. The recovery since 1932 carried the physical volume up to 95.5 percent of the 19 high, although the llar value reached but.5 percent of the 19 level. Again the recession was much less severe when measured by price deflated figures, the physical volume index dropping but 9 percent from 1937 as compared with a loss of 17 percent in the value index. The explanation, of course, lies in the fact that wholesale prices change frequently and fluctuate widely, thus coloring llar value figures with their own characteristics. The actual volume flow is apt to be much steadier, a fact which the deflated value index reveals. The Wholesaling Concept It will be recalled that these estimates constitute an attempt to measure the volume of wholesale trade quantitatively at the point where it first enters the channels of distribution in the United States. Wholesaling, according to Beckman and Engle, " Wholesaling, Princip^s and Practice," p. 25, "includes all marketing transactions in which the purchaser is actuated solely by a profit or business motive in making the purchase." Attempts to measure wholesaling on the basis of this definition are difficult, since inadequate data are available. The measure included in these estimates taps the stream of wholesaling at its source, where the component items are on a more nearly comparable basis, with less duplication than elsewhere. On this basis the total volume in 19 w r as.9 billion llars. In the same year, the Census Bureau reported a total volume of wholesale trade conducted by specialized wholesale establishments amounting to billion llars. The total volume of wholesale transactions or turn-over amounted to 139 billion llars in 19, a figure which includes much duplication. Finally the very narrow field of wholesale trade conducted by merchant wholesalers with warehouses, salesmen, and full lines of merchandise, amounted to but 29.2 billion llars in 19. (See chs. 2 and 6, abovementioned book.) All of these estimates have validity for certain purposes. The estimate used in the SURVEY and brought wn to date is the only one available for a long series of years. It is probably of greater utility as a basis for computing an index than for the llar volume estimates. Estimated Aggregate Value and Physical Volume of Goods Marketed at Wholesale in the United States, 19 Year 19 19 191 1 193 194 195 196 197 198 199 191 1911 1912 1913 1914 1915 1916 1917 1918, 1919 1 11 12 13 14 15 16 17 18 19 193 1931 1932 1933... 1934 1935 1936. _.. 1937 1 Aggregate value index (19 = 1) 17.9 19.2 19.1 23.3 22.9 23.1 26. 28.7 3.1 27.8 32.6 35.1 31.6 38.2 37.7 37.5 44.1 57.8 87.5 94.3 94.7 117. 1 64. 3 75. 87.9 82.5 91. 94.5 9.5 97.1 1. 78.5 57.8 42.7 45..3.1 77. 87.4 73.2 2 Aggregate value of mestic production (millions of llars) 14,137 15,1 15,84 18,41 18, 18, 243 2, 4 22, 666 23,772 21, 9 25, 746 27, 721 34,956 3,1 29, 774 29, 6 34, 828 45, 648,14 74, 474 74,79, 48 5, 782 59, 232, 42,1 71. 8 74, 2 71,473 76, 6 78,976,996 45, 5 33, 723 35,576 42, 4 51, 424 6, 812,73 57, 81 3 Imports for consumption including duties paid (millions of llars) 8 1,6 1,42 1,151 1,2 1,24 1,345 1,57 1,744 1,466 1,577 1,874 1,8 1,946 2,8 2,19 1,975 2,573 3,124 3,123 4, 5,428 2,849 3, 525 4, 299 4,17 4, 728 4,998 4, 738 4, 4,4 3, 576 2,459 1.584 1.717 1,937 2,396 2,2 3,48 2,251 4 Total value of goods marketed at wholesale! (2+3) 15, 25 16, 223 16,126 19, 2 19,375 19, 4 21,879 24,173 25,516 23,421 27,323 29,595 26,794 32,115 31, 8 31, 36, 48, 221 72, 228 77, 597 78, 8 97,98, 1, 757 73,719, 2 76,596 79, 76,211 81,36,9,572 48,84 35,37 37, 293 44, 821, 82, 644 72, 5 6, 5 Index of value of goods marketed at wholesale (19= 1) 17.9 19.3 19.2 23.3 23.1 23.2 26.1 28.8 3.4 27.9 32.6 35.3 31.9 38.3 38. 37.9 43.9 57.5.1 5 94. 116.7.9 74.8 87.9 82.6 91.3 94.9 9.8 96.9 1. 78.2 57.3 42.1 44.4.4 64.1 75.9.5 71.6 6 Index of wholesale prices (19 = 1).8 58.9 58..8.5.6. 1 64.8.4 66. 7.9 73.9.1 72.5 73.2 71. 5 72.9.7 123.3 137.8 145. 4 1. 12.4 11. 5 15.6 12.9 18. 6 14.9 1.1 11.5 1. 9.7 76. 6..2 78.6.9 84.8 9.6 82.5 7 Index of physical volume of goods marketed at wholesale (19= 1) (5-^6) 32. 7 32.8 33.1 37.7 37. 37.1 41.4 44.4 44.4 42.3 46. 47.8 46.8 52.8 51.9. 6.2 64. 1.8.1 64.6.9.4 73.7.2 8.3 84.1 9.5 9.7 95.5 1..2 74.8.9 64.2.9 76.4.5 95.5.8 1 Originally appeared in the Survey of Current Business, May 1936, revised.

12 SURVEY OF CURRENT BUSINESS Financial Aspects of Unemployment Compensation Experience By Louis Levine and E. R. Lerner, Division of Research and Statistics, Bureau of Employment Security, Social Security Board THE widespread public interest in unemployment compensation experience of the Federal-State system was reflected in two points of view which were expressed during the recent Congressional hearings. The Special Senate Committee on Unemployment and Relief evidenced interest as to the adequacy of unemployment compensation benefits both with regard to amount and duration and the relation of the unemployment compensation program to other programs affecting unemployed workers. Its proposals were directed toward liberalizing benefits by shortening the waiting period, increasing the weekly benefit amount, and lengthening the duration of benefits, through the establishment of minimum standards in Federal legislation. The Social Security Act es not now prescribe standards for the States relating to various elements of the benefit formula. In the House Ways and Means Committee and the PER CENT 3 25 TOTAL UNEMPLOYMENT AMOUNT OF BENEFIT CHECK AMOUNT OF BENEFIT CHECK PARTIAL UNEMPLOYMENT Figure 4. Distribution of Number of Benefits for Total and Partial Unemployment, by Amount of Benefit Check, April-June. Senate Finance Committee, study was given to the size of unemployment compensation reserves accumulating to the credit of individual States, with a consequent pressure for a general reduction in contribution rates. Table 1 summarizes the financial experience by States as of June 3,. Although most existing State legislation provides for varying individual employer contribution rates (experience rating) in accordance with past employment experience, adjustments of such rates cannot become effective in most States for several years because of requirements in the Federal act. Aside from these provisions, any State-wide reductions in contribution rates would, because of the Federal tax-offset provisions, result in no net reduction in contribution payments made by subject employers. Since the employer is required to pay the difference between the State contribution rate and the 3-percent Federal tax to the Federal Government, merely a larger proportion of the Federal tax would flow into the Bureau of Internal Revenue. The considerations relating to liberalization of the benefit provisions on the one hand and reduction in contribution rates on the other, resulted in the proposal of the so-called Massachusetts or McCormack Plan to the House Ways and Means Committee, which was incorporated in H. R.. This plan made State-wide reduction in contribution rates possible by allowing additional credit in tax-offset provisions of the Federal Act. As a prerequisite to State-wide rate reductions, a State must have accumulated a reserve equivalent to IK times its largest annual contributions or benefit payments, whichever was higher in the preceding 1 years, and at the same time have met certain minimum standards for benefit provisions relating to waiting period, amount and duration of benefits, and partial unemployment benefits. The proposals regarding the establishment of minimum benefit standards in the Federal act as a condition to additional credit under the tax-offset provisions if State contribution rates were reduced, represented a new approach to the problem of financing unemployment compensation. Although the Massachusetts plan was not enacted, the conference committee's report stated that a comprehensive study of the subject matter should be undertaken. The proposal to limit unemployment compensation contributions to the first $3, of annual wages was enacted. This limitation, already in effect in old-age insurance, provides a uniform tax base for both social insurance programs insofar as coverage is the same.

SURVEY OF CURRENT BUSINESS 13 It is estimated that this new limitation, if apted by all States, would result in savings to employers and a reduction in unemployment compensation revenues of approximately $,,, or about 7.5 percent of total annual contributions. The Federal-State program of unemployment compensation, coordinated with employment service facilities, is the permanent Federal program aimed at meeting the problem of intermittent unemployment. Consequently, the unemployment compensation program Table 1. State Unemployment Compensation Funds Available for Benefits, Cumulative Collections and Interest, and Benefits Charged, by States Collecting Quarterly, as of June 3, [Amounts in thousands] State Month and year benefits first payable Total funds available for benefits as of June 3, Amount i Index 2 Cumulative collections and interest credited as of June 3,. Total collections and interest 3 Collections, - June 4 Benefits charged Cumulative total through June 3, - June Relation of payments to contributions (percent) Total benefits to cumulative collections and interest Cumulative payments to contributions received since benefits first payable benefits *t to contributions Total, all States. _ States collecting quarterly, total. Alabama 6. Alaska Arizona - - Arkansas, California 6. - - Colora Connecticut Delaware... Florida Idaho Indiana Iowa -- Kansas. Kentucky 6 _._ Maine Maryland Massachusetts 8 Michigan.-- Minnesota. Mississippi 7 Missouri Nebraska.-.--. N evada New T Jersey 6 -. New T Mexico. New York 7 -- Ohio _. Oklahoma. -... Pennsylvania Rhode Island 6.- - South Dakota. Tennessee - Utah.-..-... - Virginia Washington 7. Wyoming...-.. _- _. States collecting monthly, total _. District of Columbia. -. Georgia Hawaii Louisiana 6 - _ New Hampshire 8 North Carolina _. North Dakota Oregon South Carolina...-- Texas Vermont West Virginia _ Wisconsin -. -..... April... -.. _-.. _..- --_... April.--- - _.. -...-..-... d....-.-- --_... - -._....- 1936. $1,139,376 956, 5 9,514 842 2,248 6,135 127, 242 9,4 21, 743 4,773 12, 8 2,412 27,2 12, 51 11,9 21, 97 2,6 12, 95 6, 9 44,479 18, 224 3,429 41, 3 8, 336 1,598 81,419 2, 594 143,977 114,3 12, 95 78, 952 7,6 2,2 1, 781 2, 5 13, 4 19, 2 2,376 182, 1 13, 4 18, 78 4,39 14, 4 4,814 14,1 2,81 6,644 9,95 38, 9 2,4 9,84 43, 742 135.4 136.1 17.6 95.1 111.6 115.6 1.4 15.8 142.1 121.9 128.6 8.2 1.6 12.9 114.2 116.. 133.5 145.9 7.3 152. 8 117.6 122.9 117.7 14.6 122.1 15.5 146.4 116. 9 12.4 111.9 96.4 115.9 138. 6 12.1 166. 4 12. 99. 1.9 231.3 12.7 124.3 1. 113.4 15.5 19.7 113.5 145.1 197.4 174.7 96.5 144.4 s $1, 764, 444 1, 5,42 19, 4 1, 4,9 7,135 171, 216 11,6 37, 52 5,171 13,473 4,581 49, 9 18, 327 13,148 24, 974 9,41 25, 5 98,193 1, 938 31,8 5, 726 44,498 9,198 2,2 9, 243 3,24 276, 491 126, 875 15, 77 182, 393 19, 7 2,582 19, 36 6, 22, 24 22, 3,135 264, 24 16,159 2, 27 4,127 21,995 8,418 25,15 2,457 15, 294 1, 877, 221 3,2 24, 241 57, 271 $3, 527 316,151 4,25 172 1,124 1,756 38,422 2, 5 8,294 1,22 3,4 972 1,495 4,16 2,1 5,782 2,22 6,47 18, 66 22, 817 7,127 4 9,9 2,23 472 22, 6 727 48, 44 27, 6 2,34 39, 331 3, 426 578 4,4 1,351 5,159 3, 776 75 51, 376 3,8 4,56 3 5,25 1,2 5,4 5 3,226 2,318 11, 6 7 4,5 7,257 $5, 3,725 1, 37 225 2,74 1, 43, 974 2,159 15, 39 398 775 2,1 22, 73 6,276 1,519 3,4 6,485 13, 493 37, 228 56,459 13, 394 2,297 2,6 8 422 8,824 646 132, 514 12, 4 2,82 13, 441 12,113 29 8,525 3,4 8,28 3,3 759 81, 343 2,525 1,499 7, 3 3,64 1,936 376 8, 1,782 15, 235 1,185 14, 41 13, 529 $229,135 24, 716 2,242 225 8 1, 2, 259 2,159 3, 398 775 1,82 6,395 3, 1,519 3,4 1,95 3,349 1,129 16,6 5,233 2,6 8 422 8,824 7 45,1 12, 4 2,749 31, 5 2,82 29 2,381 1,6 2,644 3,3 759 24, 419 8 1,499 3,526 872 2,72 376 2,733 1,187 5.1 3 2,336 1,975 35.4 36.2 52.2 21.1.9 14. 25.7 18.6 41.3 7.7 5.8 47.3 45.4 34.2 11.6 12. 71.7 52.7 37.9.9 42.4 4.1 6. 9.4 2.9 9.8 19.9 47.9 9.8 17.9 56.7.3 11.2 44.2 57. 37.3 15.9 24.2 3.8 15.6 7.4 2.1 34.2 42.8 43.6 15.3 56.6 16.4 28.1 32.4 59.4 23.6 73.5 76.3 96.4 13.8 94.2 56. 9 43.7 84.2 72.3 33.1 22.4 144. 12.7 77.5.7 52. 125..3.2 1.4.8 84.5 26.7 42.6.4 38.9 76.3 45.1 97.3 94.7 14.5 5.2 75.9 1.7.5 96.2 17.7 58.4 25.5 33.3 1.6..5 71.4 7.3 93.6 4.3 45.6.4 14.4 9 48.4.3 64.8 52.8 13.8 74.6 56.9 52.7 84.2 36.8 33.1 22.4 185.4 6.9. 7.7 52. 96.4.4.3 72.6 73.4 95.5 26.7 42.6.4 38.9 87.6 93.3 45.1 117.5 81.1 82.3 5.2.3 74.5 51.3 96.2 17.7 47.5 24. 33.3 1.6 7.2. 49.1 7.3 84.7 51.2 5.5 47.6 48. 27.2 1 Represents sum of balances at end of month in State clearing account, benefit-payment account, and unemployment trust fund account maintained in the IT. S. Treasury. 2 For all States except Wisconsin, index is based upon funds available for benefits as of end of month prior to that in which benefits were first payable; Wisconsin index is based on funds available as of Dec. 31, 1937. 3 Includes refund of $4,5,8 by Federal Government to 13 States, Alaska, and Hawaii, collected on pay rolls for year 1936 under title IX of the Social Security Act. 4 Employer contributions of 2.7 percent are collected in all States except the District of Columbia, Michigan, and New York. In these States the rate is 3 percent. 5 Does not include collections and interest of $1,175, for Illinois and $6,224, for Montana, because benefits not payable until. 6 Employee contributions of 1 percent are collected in Alabama, California, Kentucky, and New Jersey; of.5 percent in Louisiana; and of 1.5 percent in Rhode Island. Employee contributions in Massachusetts were suspended from 1, -June 3,. 7 Mississippi, New York, and Washington changed to a quarterly collection basis as of Apr. 1,. 8 New Hampshire will make quarterly collections as of 1,, although some contributions have already been made on that basis from selected employers. 9 Based on contributions received and payments charged since.

14 SURVEY OF CURRENT BUSINESS should be viewed as a long-range approach to the unemployment problem with regard to present needs and future obligations. This consideration, perhaps more than any other, led the Social Security Board to point out that unemployment compensation experience was so limited as to provide no satisfactory basis for reducing contribution rates, especially when increasing recognition of the need for more adequate benefits is becoming widespread. 1 Unlike many other forms of social insurance, unemployment compensation is highly dynamic, because it must be adjusted to a changing labor market in which sharp employment fluctuations occur within relatively brief periods of time. Since the unemployment risk is current, the necessity for providing a reserve against the time when the unemployment fund will experience severe drains has never been questioned. The unemployment compensation reserve fund is regarded as a contingency reserve to meet the impact of unemployment during periods of declining business without having to reduce benefit payments or increase current contribution rates. This view of the unemployment compensation reserve explains the provisions in the Federal act which required that contributions be collected for 2 years before benefit payments were inaugurated. If the concept of the unemployment compensation reserve is sound, it may be questioned 1 Figure 4 shows the distribution of weekly benefit amounts. whether the financial structure of unemployment compensation should be greatly modified before experience extending over a period equivalent to that comprehended by the business cycle is accumulated. When, in addition to the need for a reserve, account is taken of the wide diversity in economic resources and patterns of employment among the several States, the desirability of a cautious approach to general wnward revisions of contribution rates becomes even more evident. In this connection, a review of the brief history of the unemployment compensation system is illuminating. By the middle of 1937, all States, the District of Columbia, Hawaii, and Alaska had enacted unemployment compensation laws, but only Wisconsin, which had begun benefit payments in 1936, had experience with both contribution collections and benefit payments. Not until, when benefits became payable in 22 additional States, did the comprehensive unemployment compensation program begin to get underway. Other States entered the benefit-paying group at different times during, so that by the close of the year 31 jurisdictions were paying benefits. In, 18 others began paying benefits. Illinois and Montana, the remaining 2 States, began in. The financial experience in unemployment compensation can be examined best by analyzing the records of 23 States which have paid benefits for at least 18 months. Figure 5 shows the summary experience, and MILLIONS 12 OF DOLLARS 1 8 6 EXCESS OF CONTRIBUTIONS OVER PAYMENTS 4 2 ^v:vx ;^ FUNDS AVAILABLE FOR BENEFITS AS OF DEC. 31J 937 vv ;/; : ><;/>: : FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. JAN. FEB. MAR. APR. MAY JUNE 1937 D.D. 39-2/4- Fifture 5. Unemployment Compensation: Cumulative Collections and IntercNt. Cumulative Benefit Payments, and Funds Available for Benefits, as of End of Month in 23> States, -June.

SURVEY OF CURRENT BUSINESS 15 figure 6 the quarterly experience of these States. At the close of 1937, these States 2 had approximately $45,, available for benefits with over half of this amount credited to 3 States California, New York, and Pennsylvania. Table 2 lists the States and the amount of funds available for benefits in each, prior to 1,. Except for relatively small amounts in transit or on deposit in State clearing accounts, practically all of these funds had been deposited with the United States Treasury in the unemployment trust fund to the credit of the respective State unemployment compensation agencies. In addi- Table 2. Funds Available as of 31, 1937, for States Paying Benefits as of creased benefit payments which would have been paid to unemployed individuals had the entire employment experience during the period normally used for calculating benefit rights been available to State agencies. If all States had paid benefits throughout the year, it is estimated that an additional $225,, would have been paid out even on the basis of the incomplete period of earnings. Moreover, it is not improbable that if certain States lacking diversified industries had paid benefits throughout the year, their funds would have been almost depleted. During the first 6 months of, the 23 States paid out approximately $176,,, or an average of about $29,4, per month. 3 Payments by these States States paying benefits as of Funds available for benefits as of Dec. 31, 1937 Dec. 31, June 3, MILLIONS OF DOLLARS 51 Total _. Alabama Arizona California. Connecticut District of Columbia Louisiana Maine Maryland._ Massachusetts Minnesota New Hampshire New York North Carolina Oregon. _ Pennsylvania Rhode Island. Tennessee.. Texas Utah Vermont Virginia West Virginia. _ Wisconsin $45,98,446 8 8 347 2,13,6,172,7 15.34,439 5, 3, 2 7, 1. 4 3, 758, 947 9,57, 378 41,775.282 11, 3, 982 4, 247, 39 98, 3, 76 9, 412, 5 5, 8, 276 7,9, 642 7, 939. 285 7, 775, 93 19, 752, 71 2,56,19 1,412,16 8 3 459 1, 199,77 3 282 9 $576,3, 77 7,42, 66 1,937.97 17, 5, 982 16, 266, 321 1,782,16 12, 84, 82 2, 4, 727 9,2,231 51.73,133 16,127, 426 4, 35,16 138,959, 357 11,195.373 6,79, 756 7, 585,21 6, 96, 2 8, 577,9 32,782,512 2, 24, 445 2,41,8 11, 2, 2 7, 216, 9 37 959 $6, 25, 518 9,514,3 2, 247, 8 127, 241, 5 21, 743, 495 13, 4,414 14,4,113 2, 6,122 12, 95, 74 6, 964, 75 18, 224,356 4,813,598 143, 976, 85 14,1,2 6, 3. 952 78, 951, 7, 5, 764 1,781,1 38, 9, 245 2,5,421 2. 4, 26 13, 4,97 9. 9,7 43, 742. 85 tion to the deposits of contributions, the State agencies are credited with interest earned on such funds which by 1,, amounted to $6,5,. The decline in employment during the latter half of 1937 was one of the sharpest experienced in this country, with the volume of unemployment still increasing when benefits first became payable in. More than 2 million claims were filed during the first month, and with employment opportunities restricted, many unemployed workers were destined to draw benefits until their wage credits were exhausted. It was subsequently contended, therefore, since unemployment compensation funds remained solvent despite the severe drains, that some consideration might reasonably be given to a reduction in the contribution rates. In this connection, there is a tendency to overlook the fact that benefits paid in did not represent what the benefits would have been in that year if all States had been paying benefits and if the employees covered by the State laws had had complete employment experience to have established their full benefit rights. No accurate estimate can be made of the in- 2 Wisconsin by the end of 1937 had paid out about $2,2, in benefits. 125 IOO 25 March June Sept. V777A Contributions Dec. March June Benefits Figure 6. Unemployment Compensation Benefit Payments and Contributions Collected in the 23 States Paying Benefits Since 1,, by Quarters. NOTE. The data on contributions collected represent the amounts the States have collected from employers and employees. Except for the District of Columbia, New York, and Wisconsin, the employer State contribution rate was.9 percent in 1936; 1.8 percent in 1937; and 2.7 percent of taxable wages in and thereafter. Employee contributions were collected in 1936 in three of these States for all or a portion of the year; in 1937, six States; in, five States; and in, four States. were made at the rate of cents for each llar of contributions received during this period. In some of these States, however especially in Maine, Rhode Island, 4 Utah, and West Virginia, where a few industries determine the State employment pattern severe drains were made on the funds. (See figure 7 showing the cumulative experience of West Virginia.) Current disbursements of benefits far exceeded current collection of contributions in these States. Maine paid out $2.7; Rhode Island, $1.; Utah, $1.87; and West Virginia, $1.84 for each $1 in contributions received during this period. By the end of June funds available for benefits in these 4 States had been reduced to between and 75 percent of the reserves wlrieh had been accumulated prior to the initiation of benefit payments. In other words, about half the contribu- 3 Because of waiting-period requirements, only negligible amounts were paid out in. 4 Rhode Island, unlike most States, has an employee contribution which by the end of June amounted to $3,443,.

16 SURVEY OF CURRENT BUSINESS tions collected on pay rolls covering nearly 2 l / 2 years were paid out for benefits in a little more than 5 months. 5 Although these States experienced the most severe drains, New Hampshire, Oregon, Alabama, Arizona, Tennessee, Connecticut, and Maryland also had to draw substantially upon their reserves in order to meet benefit-payment obligations. In sharp contrast with MILLIONS OF DOLLARS 6 5 4 3 COLLECTIONS TEXAS EXCESS OF CONTRIBUTIONS WEST VIRGINIA 3 I r i i i r i DEC. 31 COLLECTIONS. P.P. 39-2/J Figure 7. Unemployment Compensation: Cumulative Collections and Interest, Cumulative Benefit Payments, and Funds Available for Benefits in Texas and West Virginia. -June. the experience of these States was that of the District of Columbia, Louisiana, Texas, and California, which added substantial amounts to their reserves because contributions currently exceeded benefit payments. (See figure 7, showing the Texas experience.) In the second half of, the drain on funds was somewhat reduced, with payments by the 23 States averaging about $26,, per month, as compared with $29,4, in the first 6 months of. Part of the decline was attributable to partial suspension of 5 The full employer contribution rate of 2.7 percent did not go into effect until. These States had employer contribution rates of.9 and 1.8 percent of pay rolls for 1936 and 1937, respectively. In Rhode Island, the contributions of both employers and employees were equivalent to 2.8 and 4.2 percent of pay rolls for the years 1937 and, respectively. payments in New York, pending clarification of administrative procedures. The major reasons underlying the reduction in benefit payments, however, w^ere the exhaustion of wage credits by workers who had drawn the maximum amounts allowed under the State laws, and the reemployment of claimants during the fall improvement in business activity. An instance reflecting a rapid decline in reserves is afforded by Michigan, which began to pay benefits in. In that State, despite the expansion of production in its major industries, benefit payments far exceeded contributions, with nearly $3 in benefits being paid for each $1 in contributions received during the latter half of. 6 By the end of, Michigan's reserve had been reduced about 4 percent, or, expressing this another way, 5 months of benefit payments approximated over half of the collections made at the graduated contribution rates for a 33-month period. Other States in which the reserve at the end of was 1 percent or more below the amount of funds available when benefit payments first began w^ere Rhode Island, 7 West Virginia, Alabama, 7 Indiana, Maine, and Utah. Substantial increases in reserves, on the other hand, had been accumulated by the close of the year in the District of Columbia, Louisiana, 7 New York, Texas, Vermont, and California. 7 Benefit payments by the 31 benefit-paying States during totaled more than $394,,. Of this amount, $332,5, was accounted for by the 23 States in which benefits were paid throughout. In these States, 74 cents in benefits was paid for each $1 in contributions currently received. The States initiating benefit operations in began under conditions quite different from those prevailing in. Employment w^as at a higher level, procedures had been worked out carefully on the basis of the experience of earlier benefit-paying States, and personnel had been better trained. Aggregate payments for the 49 benefit-paying jurisdictions during the first 6 months of totaled $229,1, with monthly payments averaging $38,2,. The 18 new jurisdictions accounted for 33 percent of the total paid out during the first half of this year. In all, about cents was paid out for each $1 in contributions collected during this period. Benefit payments for the group of 23 States during the first half of continued at the same level as in the last half of. Improving employment conditions during the first half of are reflected in table 3, which shows changes in the status of funds of the 49 benefit-paying jurisdictions for the first 6 months of the year. Idaho was the only State in which the funds available for benefits 6 The ratio was somewhat inflated because Michigan shifted to a quarterly collection basis on 1,. During the period -, therefore, contributions w T ere collected on pay rolls for June through in addition to some delinquent receipts, but no contributions were received on fourth-quarter pay rolls until. The ratio is therefore based on 5 months of payments (only a negligible volume of payments being made in ), and more than 4 months of collections. 7 These States had employee contributions.

SURVEY OF CURRENT BUSINESS 17 were reduced significantly during the first 6 months of. On the other hand, Rhode Island and West Virginia, which had drawn on reserves rather heavily in, increased their reserves throughout the period, and by the end of June the total was within 5 percent of the reserve available when benefits first became payable. In Maine, however, little recovery from the drain on reserves occurred. In the year and a half ended June 3,, during Table 3. Funds Available for Benefits, by States, as of 31,, and June 3, [Data corrected to Aug. 16,] States Total.. Alabama Alaska.. Arizona Arkansas California Colora Connecticut Delaware District of Columbia. Florida Georgia Hawaii Idaho Illinois... Indiana Iowa Kansas Kentucky. Louisiana.. Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska., Nevada New Hampshire.. New Jersey New Mexico New York North Carolina.. North Dakota... Ohio Oklahoma Oregon Pennsylvania... Ehode Island South Carolina- South Dakota. _ Tennessee Texas Utah Vermont Virginia Washington West Virginia... Wisconsin Wyoming Funds available for benefits as of Dec. 31, June 3, $987,912,81 7, 42, 66 4, 1,937,97 5,39,341 17, 5,982 8,944,314 16, 266,321 3,915,184 1, 782,16 9, 87,515 15,51,5 3, 249,3 3,211, 246 22, 8, 7 11,445,979 1,18, 746 18,936,338 12, 84, 82 2,4, 727 9, 2, 231 51, 73,133 37, 723, 4 16,127,426 3,347,137 34,35,738 7,81. 5 1, 528, 287 4,35,16 66,, 9 2, 472, 138,959,357 11.195,373 1, 7, 266 97, 4,134 13, 22,196 6,79, 756 7, 585, 21 6,96, 2 7, 8, 7 1,977,66 8, 577,9 32, 782, 512 2, 24, 445 2, 41,8 11,2,2 18,,971 7, 216,9 37,959, 2, 41, 2 $1,139,396,32 9,514,3 842, 2, 247,8 6,134,933 127,241,5 9,4,417 21, 743, 495 4,772, 81 13, 4, 414 12,7,3 18,78,85 4,49,37 2,411,9 27, 2, 857 12,51,441 11, 8, 9 21,9, 5 14,4,113 2,6,122 12,95,74 6,964, 75 44,477,33 18, 224,356 3,428,946 41,845,19 8,336,384 1,598,11 4, 813,598 81,419,23 2,593, 528 143,976, 85 14,1,2 2,8, 87 114,3,7 12.95, 2 6, 643, 952 78.951, 7, 5, 764 9,95,126 2, 2, 32 1, 781,1 38,9, 245 2, 5, 421 2,4, 26 13,4,97 19, 2,9 9, 9, 7 43, 742, 85 2,376, 25 Percentage change +15.3 +28.5-4.8 +16. +15.5 +18.2 +5.8 +33.7 +21.9 +26.5 +28.6 +2.7 +24.6-24.9 +19.3 +5.3 +14.2 +16. +12.9 +4.1 +3.5 +17.9 +17.9 +13. +2.4 +22.9 +17.7 +4.6 +1.7 +22.1 +4.9 +3.6 +26.6 +9.7 +16.9-1.9 +9.3 +11.9 +1. +15.7 +15.9 +25.7 +18.9 +16. 7 +2.8 +23.7 +2. +36. 3 +15. 2-1. which 49 agencies paid benefits for a varying number of months, over $5,, had been paid to unemployed individuals. About $236,, of the total was paid in two States New York and Pennsylvania. Despite this necessarily limited analysis of the brief unemployment compensation experience, several observations having a bearing on considerations relating to modification of the financial structure may be made. The extreme differences in the financial drains within the same period clearly indicate that the problem of 17349 39 3 the unemployment compensation reserve can be solved only by careful analysis of the labor market and employment pattern of the area to which an unemployment compensation plan applies. (See table 4, which gives a comparison of receipts and payments.) Since the reserve is determined by the inflow of funds (contribution rate related to pay rolls) as compared with disbursements in the form of benefit payments (related to levels and trends of unemployment), any modification of the financial structure must give consideration to both influences. The differences among the States in the condition of their reserves after a year and a half of benefit experience bear a close relation to fluctuation in employment and earnings of workers in those States. Benefit payments in the first few months of were frequently made to workers who had become unemployed during the latter months of 1937 and had failed to be reemployed. Consequently, it is difficult to draw an exact relation between employment fluctuations and benefit payments during this period. The initial stages of benefit payments are always influenced by a backlog of unemployment already accumulated. Unfortunately, adequate employment and pay-roll data by industries and by States for purposes of this analysis are not now available for an extended period. As part of the information needed in connection with administration of unemployment compensation laws, the State agencies have been obtaining these data from subject employers. The Social Security Board has provided in its statistical reporting program for the collection, tabulation, and analyses of these employment and pay-roll data. This information is now available by months for from almost all States. An examination of these reports reveals wide variations in the stability of employment among the States during. Those States which added large increments to their reserves during the period of benefit payments were also the States where the declines in employment were least marked. During the first half of, for example, employment in the District of Columbia, California, Louisiana, and Texas remained at relatively high levels. It is quite probable that were data available for a longer period, such slight declines as did occur would be found to be essentially seasonal in character. In contrast to this experience, steady declines in employment occurred from the already greatly reduced levels reached at the close of 1937 in the States confronted with severe drains on reserves. Furthermore, while fairly sharp State-wide reductions were registered in many instances during the first half of, the declines in some of the major industries were somewhat more pronounced. In Rhode Island, for example, average employment during the first 6 months of was 2 percent lower than for the corresponding period of 1937. Employment in textile mills in, however, representing nearly a third of total employment in the State, was,

18 SURVEY OF CURRENT BUSINESS during the first 6 months of, 24 percent below the monthly average for 1937. The decline in the level of employment would be even more sharply emphasized, if comparison could be made with the first half of 1937 for which data are not available. In Maine, over half of the employment is concentrated in manufacturing, which is minated by the textile, paper, and shoe industries. These groups comprised about 4 percent of total employment in this State. Employment in textile and paper declined almost continuously throughout the first 6 months of, the average for the last 3 months representing a decrease of 14 percent from. Although the shoe industry showed a relatively sharp pick-up in the spring months, employment in this industry had receded to the low point for the 6 months, by June. The Utah experience reflected mainly the steady reduction of employment in the metal mines and in the railroad industry. The level of employment in metal mining during the first half of was 15 percent below the corresponding period in 1937. In West Virginia, the pattern of employment is minated by bituminous mining, chemicals, stone, clay, and glass, and the iron and steel industries, these groups comprising over half of the employment in the State. Rather sharp reductions in employment occurred in these groups in the fourth quarter of 1937, but decreases were most pronounced during the first half of. Employment in the bituminous-coal industry was nearly 14 percent lower than in the first half of 1937; in chemicals, 34 percent lower; in stone, clay, and glass, 26 percent lower; and in iron and steel the decrease amounted to nearly 17 percent. Wage losses were even more pronounced, particularly in the coal, iron, and steel industries, where spread-work programs had been developed, wliich accounted for a considerable volume of benefits for partial unemployment. In State systems of unemployment compensation, therefore, the size of the reserve must be determined by the character of the employment pattern in a given State. This approach clearly indicates that certain States with stable or expanding employment may look forward to a reduction in contribution rates, but only if provisions for adequate benefit payments have been made. In other States the present 2.7 percent of pay rolls may prove to be inadequate to meet the drains resulting from sharp and frequent fluctuations in employment, especially if industrial diversification is lacking and if benefit payments are liberalized. A plan which permits variations in contribution rates among the several States gives rise to a serious difficulty in that it may develop competitive disadvantages between States and industries and so destroy the major objective of the tax-offset device. An equally important consideration is that such a plan tends to perpetuate existing benefit standards, if not to lower them, so that rigidities are introduced in a system which should be characterized by flexibility. Finally, such a plan makes difficult the establishment of some kind of broad equalization or reinsurance scheme to assure the continuation of benefit payments in States where severe unemployment, occurring during certain phases of the business cycle, might quickly exhaust the fund which had been accumulated to meet just such an emergency. Indeed it may be contended that a prerequisite to reduction in contribution rates might well be the creation of an equalization fund for reinforcing the solvency of State systems. Table 4. Comparison of Contributions Deposited and Benefits Charged, by Quarters, -June, for 23 States in Which Benefits Were Payable in [In thousands] State Total -June Contributions Benefits - March April-June Contributions Benefits Contributions Benefits - Contributions Benefits - Contributions Benefits - March April-June Contributions Benefits Contributions Benefits Relation of benefits charged to contributions deposited Janu- ary- June Janu- ary-de- cember June - Total Alabama Arizona California Connecticut District of Columbia Louisiana Maine Maryland Massachusetts Minnesota New Hampshire New York North Carolina Oregon Pennsylvania Rhode Island Tennessee Texas Utah Vermont Virginia West Virginia Wisconsin $8, 3 $4, 7 $82,8 $64, 3 $118, 48 $111,911$126, 213 $96,949 $119, $59, 321 $129,135 $75,91 $12,131 $78, 352 1,757 2,98 1, 58r 21,178 9, 13,942 5,1 16, 22, 1 19,194 4,29 3, 173,641 132, 513 15,325 1,'" 9,24 8, 19, 287 13,441 11,593 11, 235 33, 45 3,444 2,179 13,4 13,793 23, 526 1,37 2,74 43,974 15, 39 2,526 7,3 6,485 13, 4 37, 229 13,394 12,113 8,526 15, 235 3,4 1,185 8,28 14, 41 11,382 966 523 8,231 1,858 1,348 2,199 352 2,222 6,1 1,841 21,14 2,245 1,3 15,9 1,872 4 5, 293 219 282 1,31 2,117 4,1 1,322 3 2,94 3,7 24 34 1 2,399 5,645 1,2 4 13,852 1,46 1,51 14, 771 3,293 1,145 1,1 729 2 797 2,713 2,876 1,8 244 16,9 3,642 1,815 2,1 9 2,456 1, 8 3,234 6 33,347 2,39 1,439 17, 8 2,31 1,914 5,378 598 39 2,223 2,29 3,9 2,644 6 6,974 3,7: 571 1,16 1,6 3,3 7,115 3,6 1,4 32, 985 3, 3Q1 2,33^ 22, 49 3,147 2,22' 2,528 81 256 1,811 5,251 2,245 1,5 516 18, 3 3,: 1,58 2,232 917 2,727 1, S 3,46 3 38, 34 2,491 1,581 17, 9 1,991 1,9 5,785 3 352 2,336 2,1 4,5 2,512 518 7,76 3,3 436 1,332 974 2,1 8,991 1, 4 26, 518 2,299 1,184 21, 8 1,912 1,7 2, 913 4 16 2,32 2,933 2,481 1,852 51 18, 6 3, 75: 1,1 2,294 99" 2,75 8,3 3, 5 75' 32, 6 2,5 1,! 18, 213 2,273 2,6 5,2 3 3 2,418 2,441 4,148 1, 423 6,7 1,321 426 1,1' 972 1,78 5,349 1,413 41 13,975 1,157 12,7 941 1,, 2,728 278 117 996 1,1 l,8j 2,223 593 2, 598 4,3 1,9 2,6 1,66 3,2 9,796 3,, 771 32, 581 2,824 1,8 2, 6 1,129 2,398 6,19 735 394 2,735 2,732 4,17 1,117 43 9,741 1,715 5: 1,816 1, 1, 5,2 3,1 22, 739 1,51 1,2 13,172 1,1 1,132 3,223 572 22 1,259 1,284 1,21 2,27 1 17, 824 3,911 1,8 2,399 956 2,759 8,4 3,2 512 15, 823 2,72 1,5 18, 6 2,297 2, 5,473 6 3 2,424 2,133 3,24 1,125 48 1, 518 1, 34 346 1,71 8 1,519 5,19 2,78 484 22, 444 1,219 1,81 18, 723 1,1 1,249 2,6 434 1 1,381 1,52 7 87.6 14.6 125.3 39.2 137.2 25.6 34.2 26.8 123. 75.9 95.8 127. 9.2 12. 137. 11.4 1. 122. 34.7 187.3 81.1 73. 184.1.1 74.3 124.9 16.6 38.2 95.1 26. 3 44.9 143.2 99.9 75.4.6 99.5.7 84. 98.4 12.3 113.8 9.8 43. 117. 6 58.1.! 135.ll 57.8! 71.7 96.4 94.2 43.7 72.3 25.5. 125..3.2 76.3 71.4 93.6 94.7 14.5 75.9 45.6 1.7.4.5 14.4 48.4

SURVEY OF CURRENT BUSINESS 19 Monthly Business Statistics The data here are a continuation of the statistical series published in the supplement to the SURVEY OF CURRENT BUSINESS. That volume contains monthly data for the years 1934 to 1937, inclusive, and monthly averages for earlier years back to 1913 insofar as available; it also provides a description of each series, and references to sources of monthly figures prior to 1934. The supplement may be secured from the Superintendent of Documents, Government Printing Office, Washington, D. C, for 4 cents per copy. A few series have been added or revised since the Supplement went to press. These are indicated by an asterisk (*) for the new series and by a dagger (f) for the revised series. A brief footnote accompanying each of these series provides a reference to the source where the descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers refer to the adjustment for seasonal variations. Data subsequent to will be found in the Weekly Supplement to the SURVEY. Monthly statistics through 1937, together Supplement to th,e Survey BUSINESS INDEXES INCOME PAYMENTS t Adjusted index. _._ 19=1...5 8.7 81.5 82. 82.1.2 84.1.7.5 84.2 82.7 82.8 '.5 Unadjusted index.9 81. 76.1.5. 3 8.9 9.9 84.3 77.8 84.3. 79.6 '87.2 Total. mil. of L. 5,494 5,34 4,985 5,4 5,1 5,32 5,9 5,517 5,93 5,521 5,438 5,29 5, 713 Compensation of employees: Adjusted index 19=1,. 79.8 81.4 82.5.1 84.6.2 85.4 85.1 85..3.3 Total mil.ofl. 3,9 3,357 3,418 3,57 3,5 3,5 3,718 3,58 3.575 3,4 3, 59 3,7 ' 3, 5 r Mfg., mining, and construction 1,15 1,2 1,56 1,12 1,137 1,145 1,166 1,125 1,146 1,16 1,123 1,13 1,1 Transportation and utilities 391 366 373 374 3 377 378 373 3G3 381 372 384 ' 391 Trade and finance 644 5 9 2 641 646 3 9 1 7 644 645 r Government, service, and other 1,22 1,175 1,173 1, 2 1,35 1,298 1,2 1,25 1,247 1,2 1,266 1,2 ' 1, 315 Work relief 1 1 197 197 26 29 23 193 1 1 185.18 '17 Dividends and interest 794 7 412 6 739 45 1,79 779 42 735 72 435 879 Entrepreneurial withdrawals and net rents and royalties mil. of l_. 1,7 1,25 1,15 1, 1,18 1, 1,3 1,14 957 1,4 99 1,6 995 Direct and other relief 85 84 84 85 95 96 98 94 9 9 Benefit payments under Social Security Act mil. of L. 46 52 45 37 36 39 45 6 44 51 INDUSTRIAL PRODUCTION {Federal Reserve) Combined index, unadjusted 13-25=1.. 81 87 91 97 14 98 1 99 1 95 94 Manufactures, unadjusted 79 85 95 13 98 99 98 1 96 94 '97 Durable goods* 58 66 79 85 84 84 78 '85 Automobiles v 66 45 26 26 115 117 15 98 15 16 91 Cement 1 87 87 91 64 42 48 79 98 Glass, plate._... 78 17 1 1 1 147 133 138 91 93 112 Iron and steel P97 57 75 1 91 93 79 Nondurable goods* v 16 97 14 19 19 113 18 111 111 111 16 17 ' 18 Leather and products 113 12 121 119 111 12 14 115 126 125 112 14-14 Petroleum refmingf 199 23 26 29 28 22 25 2^ 21 '28 211 215 Rubber tires and tubesf 81 9 95 99 1 112 11 19 114 14 12 112 Slaughtering and meat packing 79 77 9 94 14 11 11 84 81 Textiles ~~ 9 13 14 13 116 111 114 115 112 1 14 15 Tobacco manufactures 1 172 177 1 1 145 157 147 156 151 172 1 Minerals, unadjusted 93 97 12 16 15 13 15 15 12 97 15 Anthracite... 39 38 51 6 66 74 66 5 73 51 Bituminous coal 76 79 82 77 26 4 ' Iron-ore shipments 78 76 78 35 82 132 Lead 52 44 48 52 58 71 75 7 7 8 71 Petroleum, crude 1 17 1 1 1 164 164 166 171 174 177 173 Silver.... 84 14 97 11 18 94 12 Zinc -. 64 15 71 78 96 94 93 96 94 9 Combined index, adjusted 87 9 96 13 14 12 99 98 Manufactures, adjusted 82 '98 Durable goods* 58 87 95 13 14 1 97 96 91 '97 64 94 Automobiles.... 43 8 76 71 '82 45 46 84 96 99 15 98 91 87 73 Cement 71 81 8 84 82 Glass, plate 77 8 9 81 75 79 17 1 1 1 147 133 131 Iron and steel 124 7 75 9 18 11 94 87 79 73 Nondurable goods* 12 18 17 16 11 114 11 19 11 Leather and products 13 '16 18 '11 19 13 11 17 123 124 124 121 Petroleum refiningf... 2 '115 113 ' 18 Rubber tires and tubesf- 111 81 23 26 28 28 21 25 21 22 29 211 215 9 95 99 1 112 11 19 114 14 12 Slaughtering and meat packing 112 98 Textiles... v 111 97 95 94 87 9 94 87 Tobacco manufactures... 158 1 no 13 1 112 117 19 19 11 97 14 111 93 1 16 15 164 179 1 1 164 164 17 17 Minerals, adjusted *> 18 47 95 97 98 12 19 11 11 11 95 98 ' 14 Anthracite P Bituminous coal _ v 76 6 38 5 49 '58 ' 8 73 59 38 64 71 72 76 78 75 79 77 31 46 '71 Iron-ore shipments 74 Lead... 37 41 5 42 1 46 5 5 66 57 7 73 71 82 7 Petroleum, crude.. * 176 99 1 158 1 1 1 171 1 173 174 175 17 Silver -.. 15 12 12 51 85 1 11 71 17 Zinc... _. 91 74 75 8 94 87 9 91 9 ' Revised. v Preliminary. New series. For indexes of durable and nondurable goods production beginning 1919, see table 8, p. 14 of the March Survey. frevised series. Petroleum refining, unadjusted and adjusted, revised beginning 1934, and rubber tires and tubes, unadjusted and adjusted, beginning 1936; see table 36, p. 17 of the Survey. For revised income payments beginning 19, see pp. 15-2 of the Survey.

2 SURVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey 193S BUSINESS INDEXES Continued 94 8S 133 91 38 11 4 78 184 49. 5 51. 74.5 77. 73.5 75. 245 98 115 85 136 6 79 487 1 19 81 25 72. 82 5. 5 78.5 82. 8. 75. 221 287 316 184 218 115 12 129 1 72 73 317 96 8 1 46 72.5 72. 81. 84.5 82. 75.5 222 281 38 1 221 118 14 146 117 137 75 76 152 235 9 11 87 85. 72 5. 84.5.5 87. 75.5 27 241 3 172 195 119 15 1 131 114 85 76 139 174 2 113 128 91.5.5.5 8.. 77.5 77.5 21 217 294 179 199 126 15 1 99 87 78 116 16 18 1 79 85 78..5.5 84. 85.5.5.5 1 22 284 172 1 129 12 1 76 81 91 116 71 78 85 72.5. 82..5 78. 81. 1 21 2 164 1 127 15 1 77 97 73 8 41 37 82 51 77.5.5.5 8..5 79.. 1 22 2 144 184 132 111 1 56 64 94 56 7 5 46 34 78 38 78 51. 6 44.5 76.5 85.5 77.5 56.5 1 24 258 12 187 126 126 151 78 14 14 45 57 35 93 5 17 57.5 64 49.5 79.5 8. 84 71.5 181 21 248 111 191 118 127 151 81 13 123 77 5 22 95 5. 64 5 51.5 78. 76. 75 7. 182 25 241 11 187 11 129 1 81 99 135 72 145 193 8 16 6. 49. 82 7.5 5 8. 182 211 239 84 184 16 119 166 81 14* MARKETINGS Agricultural products (quantity): Combined index _ 13-25=1.. Animal products _ Dairy products. Livestock Poultry and eggs Wool --. Crops. Cotton Fruits - - Grains Vegetables Agricultural products, cash income from farm marketings: Crops and livestock, combined index: Unadjusted 14-29 = 1 Adiusted Crops... Livestock and products Dairy products.._ Meat animals Chickens and eggs _ WORLD STOCKS Combined index (quantity) f 13-25 = 1.- Cotton adjusted Rubber, adjusted f. Silk adjusted Sugar adjusted - Tea, adjusted Tin unadjusted Wheat, adjusted 11-38 2 8 1 11 59. 6 45. 75 77 76 73. 19 22 22 8 18 1 11 18 COMMODITY PRICES COST OF LIVING (National Industrial Conference Board) Combined index - 13=1 Clothing Food Fuel and light _- Housing Sundries - PRICES RECEIVED BY FARMERS (U. S. Department of Agriculture) Combined index -. 199-14=1._ Chickens and eggs.. Cotton and cottonseed Dairy products Fruits -- Grains.. Meat animals -- Truck crops Miscellaneous RETAIL PRICES U. S. Department of Labor indexes: Coal: AnthrnpHp 13 ^5 1 Bituminous Food _. Fairchild's index: Combined index Dec, 31, 193=1_. Apparel: Infants' Men's - Women's Home furnishings - Piece soods WHOLESALE PRICES U. S. Department of Labor indexes: Combined index (813 quotations)-16=1 Economic classes: Finished products Raw materials - Semimanufactures _ Farm products Grains - Livestock and poultry Foods - Dairy products Fruits and vegetables Meats --.- Commodities other than farm products and foods 16=1 Building materials.- Brick and tile Cementt _ Lumber -... 84.9 71.9 78.1.8.3 96.9 73 96 8 6 17 11 76. 5 S9. 3 95. *S. 4 Ss. u W. 6 81. ' 75. 4 79 2 7. 8 74.4 2. 52. 3 9. 7 7. f> 1.. 75.3 gn 2. 7 9. 91. 5 91.8.5 73.5 81.7 84.1.6 97.4 95 13 71 11 79 72 123 99 87 8.. 96.8.9 8. 9!. 5 M.$ 78.8 82.5 72. 3 74.3. 4 58 3 84.4 74.3.5 56. 4.7 81.4.2 9.7 91..8 85.9 73.4 8.1 84.4.6 96.9 15 12 78 115 99 78.4. 9. 6..4 91. 3 84.5 78,1 81.8 71.4 74.4 7.3.4 8. 73. OS. 8 57.3 8. 81.4.4 9. 6 91. 9.2 t Revised series. Combined index of world stocks revised beginning 1; see table 5, p. 17 of the Survey. For subsequent revisions in the combined index and in the rubber index, see p. 2 of the June issue. Cement price index revised beginning 16. and data not shown on p. 2 of the May Survey will appear in a subsequent issue; the building materials group and the combined index of all commodities have not been revised, as the effect of the change in cement prices on Data for Aug. 15,: Total, chickens and eggs 9, cotton and cottonseed 71, dairy products 1, fruits 7, grains 64, meat animals 11, truck crops 11, miscellaneous 1. 85.9 73.3 8.4 85..6 96.8 95 118 14 75 117 17 98 78 4. 78.7. 96.5.7 4 91.1 84. 5 78.3 81.8 72. 74.7 6S.1. 81. 74.5 71.1. 5 87.3 81.3. 5 9.9 9.7 9.4 85.8 73.2 79.8 85.6.6 96.8 95 124 72 17 7 6 111 17 17 78.1. 96.4.7. 4 9.9 84.5 77.6 81.1 7.9 75. 9 66.8 5.8 7.2 73.5 71.6 57.5.3! 81.1.8 91.1 9. 7 9.3 85.6 73.2 79.5 85.9.4 96.8 94 131 73 19 71 6 111 12 95 77.8.9 96.4.7.2 9. 4 84.4 77.5 8.5 71.5 7.2 7.8 5. 9 75.2 74.1 72.5 3. 81.9 8.6.2 91.5 9.6 9.2 85.8 73. 8.3..2 96.8 96 127 7 112 73 19 18 18 81 8.3 78.6.9 96.3.7. 9.4 84.3 77. 8.2 7.9 75.2.6.4 74.4 73.1 73.9 6.4 79.9 8.3.4 91.5 9.6 9.9 85.4 72.7 79.2 85.9.2 96.8 94 97 71 19 76 66 112 96 19 77.5.1 96.3.7. 9.5 84.3 76.9 8. 7. 9 74.9.2 56.3 78. 71.5 71.8 6.9 81.6 8.2.5.4 9.6 91.7 85.1 72.4 78.4 85.9.1 96.7 91 7 17 78 66 116 18 76.8.1 96.2.5.9 9.5 84.3 76.9 8.2 7.9 74.4.2.7 79.2 71.5 71.6.1.2 8.2.6.4 91.2.6 84.9 72.3 78. 85.8.1 96.7 91 71 1 81 66 116 114 8 8.4 76.4.1 96.2.4.8 9.5 84.3 76.7 8.2 7.1 74.6.8. 5 78.2 7.2 64.8.2 82.5 8.4.8.5 91.5.1 85. 72.2 78.2 85.2.2 96.7 87 7 95 82 114 12 76.6.1 96..4.8 9. 5 84.1 76.2 8.1.5 74.4.7.2 75. 5.6 58.1 64.3 81. 8. 5.6 93. 91.5 91.5 84.8 72.1 78.1 84..2 96.6 9 85 72 85 72 112 11 76.5.1 95. 9. 4.8 9. 5 84.1 76.2 79.9 8. 9 74.3 3. 7 59. 6 G&2 58.6.8 78.6 8.6.5 91.7 91.5 91.2 84.7 72. 77.9.4. 96.6 73 94 93 73 17 15 81 75 1 85.2 76.3.1 95.9.4.1 9. f 84. 75.6 79.6 7. 7 74.1 2.4 58. 2 9.4 7.6 6..5 75.7 8. 2 S9.5 91.1 91.5 9.7

cost of permits issued was increased by only.2 percent in 1937. Data beginning 193 will appear in a subsequent issue of the Survey. SURVEY OF CURRENT BUSINESS 21 Monthly statistics through 1937, together Supplement to the Survey Mo vein-1 ber COMMODITY PRICES Continued WHOLESALE PEICES Continued U. S. Department of Labor indexes Contd. Combined index Contd. Commodities other than farm products and foods Continued. Chemicals and drugs 16=1.. Chemicals Drugs and Pharmaceuticals... Fertilizer materials.. _ Fuel and lighting materials Electricity Gas Petroleum products Hides and leather products Shoes Hides and skins....... Leather House-furnishing goods.. Furniture Furnishings... _ Metals and metal products _ Iron and steel Metals nonferrous... Plumbing and heating equipment 16=1.. Textile products Clothing Cotton goods. Hosiery and underwear Silk and rayon Woolen and worsted goods Miscellaneous Automobile tires and tubes Paper and pulp World prices, foodstuffs, and raw materials: Combined indexf 13-25=1.. Cotton Eubber» Silk Sugarf. Tea Tin Wheat.... Wholesale prices, actual. (See under respective commodities.) PURCHASING POWER OF THE DOLLAR Wholesale prices 13-25=1.. Retail food prices... Prices received by farmers. ^ Cost of living. _ 75. 78.2 71.8.5 72.8 52.2.5 1.8 76.9 84.1 85.6 81. 9. 93.2 95.1 73.3 79.3.6 81.2.1 6.2 4.2 75.4 73.4 6.5 79.9 39.6 35.7 38.7 37. 37.7.5 96.5 34.3 133. 5 13.7 1.3 119.8 77.7 81.7 74.8 66.9 76.8 84.7 91. 56.8 91.5 11.2 7.8 82.5.4 82.2 9.5 95.2 97.2 71.8 79.5 66.1 81.7.1 59.8 29.9 75.9 72.7 57.4 82.8 41.2 32.7 36. 25.3 28.2 7.5.3.4 127.8 125. 1.8 117.5 77.7 81 4 74.8.3 76.8 81.6.1 56.7 91.9 1.8 75.6 82.1.4 82.2 9.5 95.4 97.3 72.9 79.2.9 81.7 64.4 59.8 29.2 76.3 72.4 57.4 82.4 39.1 3.9 37.7 24.3 28.1 76.3.1.9 128.9 127.6 159.7 118.3 77.3 81. 74.8.2 76.6 81.8.7 56.4. 1.8 75.7 82.4.2 82.1 9.2 95.5 97.3 73.5 78.5.8 81.6 64.1 59.9 29.5 76.3 72.4 57.4 81.9 38.3 29.8 37.8 25.2 28.9 78.4.3 5.2 128.6 127.1 1.8 118.3 77.1 8 5 74.9.5 75,4 81.8 87.1.8 93.4 1.3 82.1 84.6 85.7 82.1.3 95.3 96.9 76.2 78.5 66.2 81.6 64.6 59. 9 3.9 76.3 72.6 57.4 81.7 37.8 31.6 39.6 25.9 26.8 72.9 9. 46.7 129.8 128. 1. 8 118.5 76.6 8 2 73.6.7 73.7 81.8 84 6 51.5 94.6 1.4 85.5.9 85.8 81.9.7 94.9 96. 9 77. 6 78.7 66.2 81.6.1 59.9 3.3 76.4 73. 58.8 81.5 37.5 33.5 38. 25.2 28.8 66.. 42.3 129.9 128.5 156. 5 118.8 76.7 8 73.5.6 73.2 82.7 81 6 5. 9 93.1 1.6 78.8 85.9. 81.6 9.3 94.6 96.8 76.8 78.7.8 81.6 64.6 59.3 3.8 74.8 73.1 58.8 8.9 36.5 32. 37.6 25.3 3.4.2 91.9 38.1 13.8 127.2 1.1 118.5 76.7 79 7 73. 7.2 72.8 82.9 82 2 5.4 93.1 11.2 78.4 85. 85.4 8 5 9.1 94.4 96.4 76.7 78.7.9 81.5 64.3 59.1 32.1 74.5 73.2 58.8 81. 37.2 32.7 36.9 26.5 31 3 66.7 3 39.3 13.9 129. 156. 5 119. 76.3 79 4 72.7. 3 73. 82.8 81 8 5.7 91.9 11.1 72.8 84.2 85.2 8.5.8 94.3 96.1 76.5 79.2 66.1 81.5.7 58.8 34.7 74.7 73.5 59.7 81.1 37.8 33.1 37.3 29.5 3.9. 9.8 41.1 13.9 13.2 159.7 119.5 76.5 79 9 72.2.7 73.1 8.3 82 2 5.9 91.8 11.2 73.8 82.7 85.2 8.5.7 94.3 96.1 76.6 79.3 66.6 81.5.7 59.9 36.1 75.1 74.1 6.5 81.3 37.3 33.1 38.1 31. 31.9 66.6 91.9 36.8 131.3 13.9 1.6 119. 8 76. 79.3 71.9.6 73.4 84.1 51.9 9.9 11.2.3 82.8 85.4 81..6 94. 96.1 74.7 79.3 66.9 81.6.4 6.2 37.8 75.2 74.4 6.5 81.1 38.4 32.4 37.2 33.4 35.2.6 93.9 38.5 132.1 13.5 1. 3 119.6 75.9 79.4 71.9.7 73.9. 52.5 91.6 11.3 72.1.1 85.5 81..8 93.5 95.7 73.1 79.3.5 81.7.3 6.2 4.7 75.4 74.2 6.5 8.4 41.3 35.3 37.6 37.6 4.5.9 95.7 4.4 132.1 13.7 1.4 119.9 75.7 79 2 71.9.5 73..9 52.5.3 11.3 75.3.8 85.6 81. 9. 93.2 95.2 72.9 79.3.3 81.7 64.1 6.1 39.1 75.6 73.8 6.5 79.9 41. 36.4 38.3 35.4 37.4.8 97.2 4.8 '133.2 131.1 1.3 12. CONTRACT AWARDS, PERMITS, AND DWELLING UNITS PROVIDED Value of contracts awarded (F. R. indexes): Total, unadjusted 13-25=1.. Residential, unadjusted Total, adjusted Residential, adjusted F. W. Dodge Corporation (37 States):f Total projects number.. Total valuation thous. of L. Public ownership Private ownership Nonresidential buildings: Projects number.. Floor area^. thous. of sq. ft_. Valuation '. thous. of L_ Residential buildings, a^l types: Projects number... Floor area thous. of sq. ft.. Valuation thous. of L. Public utilities: Projects number.. Valuation thous. of L. Public works: Projects number._ Valuation thous. of L. Building permits issued in 1,79 cities:t Total buildings number. _ Total estimated cost thous. of l._ New residential: Buildings number.. Estimated cost thous. of l._ New nonresidential: Buildings number.. Estimated cost thous. of l._ Additions, alterations, and repairs: Buildings number... Estimated cost thous. of L. r Revised. CONSTRUCTION AND REAL ESTATE P73» * P 21, 299, 8 136, 3 1,34 3,823 17, 1, 51 16, 287 27,181 19,33 2 23, 1.442 78,96 64,7 185, 19 17,,«84 96,114 11,214 59, 794 35, 439 29, 111 49 59 49 17, 648 239, 799 97, 8 141, 9 3,1 11, 579 72, 12, 757 21, 579 87, 978 151 13, 431 1, 2, 827 57, 2 1,1 14,214 9,722 9,57 45, 39 33, 8 27,1 52 66 18, 77 313,141 171.99 142.42 3, 416 14, 744 87, 316 13,4 23,574 99, 732 274 37, 98 1, 5,113, 4 159, 4 16,16.117 11, 43, 313 37,7 28,25» Preliminary. 79 56 78 56 16,6 3.9 1,125 14,775 3, 3 15, 599 91, 997 11, 6 21,781 99, 574 2 26,1 1, 5,1 64.23 158, 4 15, 58 85,. 79 12,3 47,18 37,142 26, 233 78 56 82 57 19, 664 357, 8 23, 359 1, 339 3, 594 23, 223 131, 2 13, 7 27,177 112, 3 335 21,176 1, 828, 829 9, 15 164, 244 15, 71 78,394 13,11 56,81 4,843 29. 85 96 56 17, 772 31, 79 178,948 122, 731 3, 585 21, 515 116, 8 12,515 23, 45 95, 2 33 19, 726 1,342 7, 6, 5 148,48 14,121 74, 1,459 51, COO 29,35 22, 7 77 48 96 57 16,27 3, 439 279, 43 11, 36 3,495 25, 139, 513 1,413 22, 7-91,9 5 44, 312 1, 9 114,75 38, 247 147, 791 11,59 2, 7 6, 91,115 2, 227 21, 99 7 45 13, 281 251, 73 147,916 13, 757 2, 456 14, 351 84, 999 9, 75 19, 981 8,13 258 29, 59 817 57,2 38, 15, 74 11, 52 7,78 6,449, 399 2,81 24, 7 51 73 58 13,15 22,197 11.975 19, 22 2, 348 12, 7, 4 9, 6 19,176 79,2 273 18,518 725,115 37, 721 149, 572 11, 476 85, 719 5, 9 37, 73 2. 5 26,123 58 2, 233 3, 6 127, 77 172, 5 3. 5 17, 944 97, 785 15, 438 3,725 125, 225 25 19, 64 944 58, 1, 33 177, 93 18, 35 94, 374 1. 49 52, 8 33,172 3,643 76 58 22, 282 33.3 159, 56 17, 374 3,4 16,5 94, 6 17,387 28, 3S2 114, 45 323 35,336 1,172 85, 3 2, 775 1,978 17, 7 87,441 11, 52 44, 36,8 33, 76 75 23,244 38,487 134,757 173,73 3,457 12, 7 76, 749 18,2 32, 133,818 251 21,779 1,274 76,141 77,913 24,437 2,9 119, 6 13,711 51,1 43, 241 33, 4 73 '64 58 21,71 2,316 127,595 16,721 4,52 15,418,845 15,942 27, 52 111,6 234 1,473 73, 71,4 22,429 19,224 99,775 12,85 7,974 39, 731 31,

22 SUKVEY OF CURKENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey CONTRACT AWARDS, PERMITS, AND DWELLING UNITS PROVIDED-Con. Estimated number of new dwelling units provided in all urban areas :f Total number.- 1-family dwellings 2-family dwellings Multifamily dwellings -- Engineering construction: Contract awards (E. N. R.)1 thous. of L. HIGHWAY CONSTRUCTION Concrete pavement contract awards: Total thous. sq. yd.. Roads _--. Streets and alleyscf Status of highway and grade crossing projects administered by the U. S. Bureau of Public Roads: Highways: Approved for construction: Mileage no. of miles. Federal funds thous. of l. Under construction: Mileage no. of miles. Federal funds thous. of l. Estimated cost... Grade crossings: Approved for construction: Federal funds _. _ Estimated cost. Under construction: Federal funds _._ Estimated cost _._ CONSTRUCTION COST INDEXES Aberthaw (industrial building)...1914=1- American Appraisal Co.: Average, 3 cities 1913=1.. Atlanta... New York San Francisco... St. Louis Associated General Contractors (all types) 1913=1. E. H. Boeckh and Associates, Inc.: Apartments, hotels, and office buildings: Brick and concrete: Atlanta U. S. av., 16-29=1. New York. San Francisco... St. Louis... Commercial and factory buildings: Brick and concrete: Atlanta New York _._ San Francisco... St. Louis... Brick and steel: Atlanta _... New York... San Francisco.... St. Louis... Residences: Brick: Atlanta... New York... San Francisco...... St. Louis... Frame: Atlanta... New York... San Francisco...... St. Louis... Engineering News Record (all types) 1913=1 Federal Home Loan Bank Board:* Standard 6-room frame house: Combined index 193=1. Materials... Labor... CONSTRUCTION AND REAL ESTATE Continued 81,4 5, 713 3,82 1,3 3,71 37,82 8, 522 124,975 244, 11, 12,414 4, 336 42,52 18! 1 193 1 185 1 94.8 13.9 116.8 118.3 97.2 133.8 121.2 119. C 93.3 13.2 114.4 118.2.5 123. 6 14.7 18. 9.3 122 98.7 15. 234. S 15.3 12.4 111. 25,9 15, 384 1,56 9,523 223, 333 5,194 3, 511 1,2 4,728,137 9,278 134, 9 257,78 12, 6 13, 6 41,31 42,58 181 1 191 164 184 96.4 128.2 116. 118.3 98.5 13.3 12.9 119.6 97.8 128.1 116.2 119.4 85.3 121.1 15. 4 17.4 82.2 119.3 97.5 13.3 232.3 16.8 14.2 112. 25, 818 17, 2 1,416 7,14 236, 271 7,247 4, 8 2, 9 4,19 48,958 9,521 135,158 26, 494 11,416 12,136 4, 399 41, 298 181 1 191 164 184 1 96.1 129.8 115.9 118.5 98.2 132.7 12. 119.8 96.7 128.9 115.6 119.8 85.6 122.3 15.4 18.8 82.3 12. 97.5 15.1 232.4 16.4 13.4 112.3 REAL ESTATE Federal Housing Administration, home mortgage insurance: Gross mortgages accepted for insurance thous. of l. 52, 6S 6,41,878, 344 64, 7 58, 25 51,58 42, 2 41,224,4 64,! 73, 71 82,322 Premium-paying mortgages (cumulative) thous. of l l,8,3(: 1,38,7 1,82,4 1,131,44 1,1,823 1,244,141 1,3,446 1,3,829 1,4,212 1,45,57. 1,496,79' 1,6,237 1,,147 r Revised. Index as of 1,, is 234.9. *New series. For data beginning 1936, see table 3, p. 17 of the June Survey. tmonthly data for the period 1937 through June are in process of'revision and will be shown when available. Revisions in data for 1937 to 1937 are minor; revisions infiguresfor the period 1937 to June, available at the present time on a quarterly basis only, are as follows: Fourth quarter, 1937 total, 39,518; 1-family, 26,8; 2-family, 2,52; multifamily, 1,7; first quarter, total, 42,352; 1-family, 28,585; 2-family, 3,142; multifamily, 1,5; second quarter, total,,9; 1-family, 45,5; 2-family, 3,9; multifamily, 12,39. cfdata for streets and alleys, formerly shown separately, are available in total only subsequent to. IData for and and March and June are for 5 weeks; other months, 4 weeks. 25. 4 16)115 1,1 8,41 2, 725 5,64 3, 213 1,851 3, 4 43,373 9, 418 133,337 256, 5 12, 5 13, 37 37, 6 38, 5 1 181 1 191 164 184 1 96.1 129.9 116. 118.5 98.2 132.7 121. 119.8 96.7 129. 116. 2 119.8 85.6 122.8 15.4 18.8 82.3 12. 5 97.5 15.1 232.7 16. 4 13.4 112.4 23, 648 16, 857 1,29 5,51 235, 8 4,1 2,871 1,8 3,337 38, 572 8,872. 13, 841 252,852 12,112 12, 877 35,451 36,387 182 1 1 166 184 1 96.2 129.7 115.9 118.7 98.2 132.4 12.9 119.8 96.8 128.9 115.6 12.1. 122.6 15.4 19.9 82.8 12.4 97.5 16. 5 234.3 16.2 13.3 112.1 22,64 14, 781 1,42 6,241 217,23 4,.5 2,1 2,582 3,122 36, 231 7,9 12, 4 234, 256 13, 93 15,159 35, 8 36, 182 1 1 166 184 1 96.5 13.1 115.9 119.1 98.4 132.8 12.9 12.1 96.5 129. 3 115.6 12.5 87. 122.4 15. 111. C 84.6 121.2 97.5 18.1 234.4 16. 13. 112. 18,3 11, 517 796 6,42 139, 25 4,27 2,7 1, 3,39 37, 7 7, 514 113,828 221, 12, 794 13, 8 35, 23 36,26 1 182 1 1 166 184 1 96.1 13.1 116. 119.1 98. 132. 8 121. 12.1 96.2 129.3 116.2 12.5.3 122.4 15.4 111..1 121. 97.5 18.1 234.9 16.1 13.1 112.1 22,97 ' 13, 24 ' 1,27 r 7, 311, 3 3,19 2,85 1,15 3,36 36,294 7, 113, 466 218,9 13, 572 14, 587 36,44 37,932 1 1 1 1 185 95.3 13. 117.6 119.1 97.4 132.6 122.3 12.1 96. 129. 117. 12.4 85. 122. 5 16. 6 11.7 81.6 121. 3 98.7 17.7 234. 16. 13. 111. 26,147 12, 278 r 1, 212 12, 7 23, 843 1,245 6 56 3,177 35,9 7,721 114,185 221,46 13,3 14, 285 37,93 39, 777 1 1 1 1 185 1 95.2 13.1 117.6 119.1 97.5 132.7 122.3 12.1 96.2 129. 117. 12.4 85.7 122.2 16.6 11.7 82.5 121.1 98.7 17.7 234.3 16. 13. 112.2 28,526 19, 5 ' 1,385 r 7, 516 285, 566 2,143 1,2 3,81 34,9 7,8 115,212 222, 12,96 13, 374 38. 817 4,747 1 1 1 1 1 185 95.3 13. 117. 119.1 97.4 132.7 122.3 12.1 96. 129.4 117. 12.6 85. 122.2 16.6 11.3 81.6 121. 98. 17.2 234.4 16. 13. 112.4 27,11 19, 45 1.418 6,1 24, 735 3,385 2,81 1, 34 3, 81 35, 6 8.31 12, 232, 772 12,17 12, 529 4, 4 42,4 182 1 193 1 185 1 95.3 13. 117.6 119.1 97.4 132.7 122.3 12.1 96. 129. 117. 12. 6 85. 122.5 16. 6 11.3 81.6 121. 98.7 17.2 234. S 15. 12. 111. 35,796 25,76 1,95 8,131 252,9 4,458 2,179 2, 28 3, 5 4, 7 29,997 21,7 1,417 6,812 2, 395 6, 8 4, 232 2,3 3, 8 41,24 8, 4 8, 57 122, 758 123, 5 238, 7 24, 218 1, 224 1, 5 43,771 45, 723 182 1 193 1 185 1 95.3 13.6 117. 118.6 97.6 133.4 121.4 119.7 95 6 129. 8 115.3 118.5.1 123.1 1.4. 7 1-1. 3 82.8 121.9 98.7 17.2 234.7 15.6 12. 111.5 11,312 12,191 42, 299 44,94 187 182 1 1 185 187 95.4 13. 6 116.9 118.5 97.6 133. 4 121.3 119.7 95. 7 129. 9 114.7 118.5.8 123.1 14. 7 11.. 7 121.9 98.7 16.8 235. 15.4 12.5 111.3

SUEVEY OF CURRENT BUSINESS 23 Monthly statistics through 1937, together Supplement to the Survey CONSTRUCTION AND REAL. ESTATE Continued REAL ESTATE-Continued Estimated new mortgage loans by all savings and loan associations:! Total loans thous. of L. 85,172,9 74, 79 71,647 72,931 64,7,934, 5 58,39 73,378,425,123 94,1 Loans classified according to purpose: Mortgage loans on homes: Construction 26,5 19, 96 22, 575 21, 18 22,99 18,7 19,152 16, 99 16, 27 21, 2 23, 727 26, 646 29,919 Home purchase 29, 8 21, 4 23, 3 25, 8 24, 7 21, 25 2, 826 17, 19,118 24, 75 29, 93 31,2 32, 228 Refinancing 15, 3 13,194 14, 71 12,416 12, 913 12,182 12, 85 11, 749 12, 1 14,871 15, 384 15,7 17,123 Reconditioning 5,133 5,397 5,528 4,791 5,727 4,821 4,25 3,3 3,593 4,211 4,974 6, 5,82 Loans for all other purposes 8,1 8,28 8,72 7,724 7,515 7,235 7,126 6,827 7,2 8,337 9,437 9,432 9,82 Loans classified according to type of association: Federal thous. of l.. 34, 23,823 26, 858 25, 26, 4 24, 22 25, 19 2,4 22, 298 29,811 33, 4 36,358 39,94 State members 34,146 28, 973 29, 56 29, 2 3, 6 26,115 26, 23, 71 24,191 3,124 32, 5 35,426 36,4 Nonmembers 16,971 14, 843 18, 345 16, 742 15,851 13, 735 12,411 11, 11, 82 13, 443 17,4 17,339 18, 595 Loans outstanding of agencies under the Federal Home Loan Bank Board: Federal Savings and Loan Associations, estimated total mortgages outstanding thous. of L- 1,157,6 Federal Home Loan Banks, outstanding advances to member institutions 9, 3 976, 74 994, 218 1,11,87 1,2,873 1,34,1 1,4,77 1,51,19 1,,7 1,,879 1,117,228 1,136,2 thous. of L_ Home Owners' Loan Corporation, balance of 1, 7 191,8 1,415 1, 8 1,217 1, 5 198,84 178,852 17,4 1,4 157,176 157,911 1,9 loans outstanding thous. of L. 2,,844 2,248,982 2,234,9 2,221,417 2,23,6 2,1,17 2,1, 2,149,38 2,134,2 2,117,598 2,15,824 2,91,324 2,8,512 Foreclosures: Nonfarm real estate 16=1. _ 158 1 1 1 1 1 159 1 1 173 164 1 1 Metropolitan communities 152 1 1 157 142 1 151 145 138 157 141 1 1 Fire losses thous. of l 22, 4 2,435 2, 821 23, 373 24, 798 28, 9 32, 758 27, 5 29, 34 3, 2 27, 27,32 24,191 ADVERTISING DOMESTIC TRADE Printers' Ink indexes (with adjustment for seasonal variations): Combined index.18-32=1.. Farm papers Magazines Newspapers Outor Radio. Radio advertising: Cost of facilities, total thous. of L, Automobiles and accessories- Clothing _ Electric household equipment Financial Foods, food beverages, confections House furnishings, etc Soap, cleansers, etc Office furnishings, supplies Smoking materials Toilet goods, medical supplies All other Magazine advertising: Cost, total.._. Automobiles and accessories Clothing... Electric household equipment Financial Foods, food beverages, confections House furnishings, etc Soap, cleansers, etc Office furnishings, supplies Smoking materials Toilet goods, medical supplies All other Lineage, total thous. of lines. Newspaper advertising: Lineage, total (52 cities) Classified Display, total Automotive Financial General Retail... GOODS IN WAREHOUSES Space occupied, merchandise in public warehouses percent of total.. NEW INCORPORATIONS Business incorporations (4 States) number._ POSTAL BUSINESS Air mail: Pound-mile performance millions Money orders: Domestic, issued (5 cities): Number thousands.. Value thous. of L..8 8. 74. 5,812 496 32 97 1,6 23 771 1, 1,5 141 1,131 1,5 246 17 337 2,72 266 311 64 2 1,91 2,57 1,5 85,47 2, 57 64, 8 3,496 2,12 13,999 45, 222 1,724 3,97 36,858 77.4.8 74.7 72.5 74.7 2. 4,493 374 33 1 22 1,434 58 6 1,236 1 8,411 1,2 257 98 311 1,4 217 284 41 1 1, 2,9 1,, 3 2, 31,352 3,31 1,9 13,28 45. 424.2 1,774 1,199 3,72 35, 8 8.3 79.3 74.5 75.2 77. 274.7 4, 352 37 27 1,38 4 2 1,242 195 7,38 8 341 19 266 1,3 13 275 116 75 1,344 1,943 1,472,12 2,, 293 2,3 1,21 12,175 49, 295 1,818 1, 273 3,842 37, 238 82.1 58.8 73.5 78.9 76.9 26. 4,781 447 3 21 1,3 1 5 1,38 166 9,846 7 822 136 341 1,516 599 3 228 734 1,642 2,73 2,112 13, 9 21, 376 82,493 2,366 1,29 15,8,31 9.3 1, 4 1,235 3, 775 36,1 r Revised. treviscd series. For revised data on estimated new mortgage loans by all savings and loan associations, 1936-37, see table 12, p. 16, of the March Survey. 78.4 64.7 73.6 73.8 77.7 242.3 6,59 6 18 19 2,13 48 6 8 1,851 3 13, 6 1, 1,22 342 444 2,73 8 398 223 8 2,2 3,524 2,318 113, 8 22,411 91,147 4,932 1,732 18,411 66,73.9 1,723 1,299 4,17 39, 485.6.7 82. 79.9.9 257.6 6,713 6 18 26 2,157 39 4 1 1,99 349 13,412 2,142 6 312 426 2,143 9 3 225 829 2,21 3,394 2,251 113,457 2,233 93,314 6, 1,449 18,749 66, 59 7.9 1,793 1,252 4, 37,996. 7.3 78.8. 71. 2.7 6,7 6 1 21 2,31 39 3 8 1,977 273 11, 529 1,295 1 47 299 1,931 59 234 266 7 1,815 3,424 1,8 118,96 2,372 97, 723 3,581 1,574 14.28 78, 6.5 1,943 1,431 4.4 42,22 76.4 57.6 72.6 71.5 72.2 273.6 7,23 647 25 41 2,318 49 714 6 2,45 348 8,23 1,1 272 32 1,457 194 211 122 4 1,266 2,274 1,9 87,418 19, 6,1 2,446 2,31 12,771 5,343 7.8 2,21 1,244 4,234 39,227 79.5 59.9 78.4 74.2 73.8 2.6 6,5 7 33 2,194 39 1 796 1,859 285 11, 6 1,475 495 195 376 2,99 377 5 148 591 2.1 3,96 2,294, 1 18,318,333 3, 458 1,43 14,24 49,448 7.4 1,821 1,221 4,14 36,9 84.4 56.4 8.4 79.8 82. 2.7 7,44 747 5 64 2,51 38 818 5 2,2 281 14, 243 2,1 829 395 431 2,2 6 421 22 748 2,7 3,7 2,591 111,815 22,147, 6 4,7 1, 5 17,414,7 7.4 2,226 1,447 41,1 82.2 66.2 8.6 76.. 2. 3 6,8 7 25 2,241 39 746 87 1,781 264 16, 818 2,997 1,2 58 2,18 1,25 4 23 4 2,58 4,419 2,715 111,16 22, 824, 335 6, 2,15 17, 5, 52 7.2 1,874 1,356 4.171 38,119 84.4. u 8.3 78. 9.5 29.8 7,34 745 66 74 2,277 857 1 1,844 1 15,715 2,8 1 757 435 2,13 1,35 471 233 6 2,249 4,56 2,356 112,377 22, 6, 5 6,75 1,5 18,8,456 '7.4 2,19 1, 435 4,248 39, 229 85.5. 82. 79.8 76.6 329.7 6,471 64 37 129 2,11 18 7 7 1,718 148 13,279 2,216 715 4 1,3 759 4 1 6 2,187 3,231 1,796 15, 21,785,31 5,345 1,6 17,48 58,8 4,17 38,1

24 SUEVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey POSTAL BUSINESS Continued Money orders Continued. Domestic, paid (5 cities): Number Value thousands.. thous. of L. Foreign, issued value. Receipts, postal: 5 selected cities.. 5 industrial cities RETAIL TRADE* Automobiles: Value of new passenger automobile sales: Unadjusted _ 19-31 1 Adjusted Chain-store sales: Chain-Store Age Index: Combined index (2 chains) av. same month 19-31 = 1.- Apparel chains Grocery chain-store sales: Unadjusted 19-31 = 1.. Adjusted... Variety-store sales: Combined sales of 7 chains: Unadjusted. _ Adjusted H. L. Green Co., Inc.: Sales. thous. of l Stores operated number S. S. Kresge Co.: Sales thous. of L. Stores operated number S. H. Kress & Co.: Sales thous. of L. Stores operated number._ McCrory Stores Corp.: Sales.. thous. of l Stores operated number G. C. Murphy Co.: Sales thous. of L. Stores operated... number F. W. Woolworth Co.: Sales thous. of l.. Stores operated number Restaurant chains (3 chains): Sales thous. of l Stores operated _. number Other chains: W. T. Grant & Co.: Sales thous. of l.. Stores operated number J. C. Penney Co.: Sales thous. of l Stores operated... number Department stores: Collections: Installment accounts percent of accounts receivable Open accounts Sales, total U. S., unadjusted...13-25 = 1-. Atlanta Boston _ Chicago Cleveland Dallas Kansas City 15=1 Minneapolis 19-31 1 New York. 13-25 = 1 Philadelphia Richmond. _ St. Louis San Franciscof.... Sales, total U. S. f adjusted.. Atlanta. Chicago Cleveland Dallas _ Minneapolis 19-31 1 New York 13-25 = J Philadelphia St. Louis _. San Franciscof Installment sales, New England dept. stores percent of total sales.. Stocks, total U. S., end of month: Unadjusted 13-25=1.. 12,142 91,79 25,464 3,271 87.7 81. 112. 129. 97.7 99.6 9.5 11.7 2,52 132 1, 3 5 6,225 24 3,158 21 3,564 21 24,34 2,15 ) 7,298 493 19, 52 1,4 6 49 46 73 81 126 97 98 DOMESTIC TRADE Continued 11, 975, 785 2,151 24, ' 3, 34.4 56.5 ' 18. 12..2 91.. 98 9 2,366 133 1,4 1 5,822 239 2,946 '2 3,31 21 22, 733 2,1 3,17 343 '6,9 484 ' 18, 2 1, 14.9 43 5 58 79 46 ' 59 59 72 r 44 72 58 '78 113 78 13 '95 85 95 9.4 12, 3 98,6 2,97 26, 3,446 49.2.5 16. 116..5.2 85.2 96.3 2,315 133 1,179 2 6,336 238 2,96 2 3,87 21 22, 566 2,11 3,193 338 6,4 484 19, 1,3 15.9 42.4 1 72 74 81 64 48 81 128 87 78 18 93 97 14.7 12,846 99,47 2,66 29, 517 3,472 37.1 6 19.4 122. 93. 94.9 94.1 98 5 2,513 132 11,125 5 6,179 238 2,9 2 3,38 21 23,491 2,13 3,2 34 7,3 484 22, 381 1,7 15.8 42. 91 12 73 96 117 17 94 11 93 127 93 15 98 9 87 11.5 *>6 7 74 78 6 64 Adjusted 66 66 Mail-order and store sales: Total sales, 2 companies thous. of l.., 3 72, 7 87, 722 1, 12 93, 51 125,76 58, 32 59,5 85, 497,1 11,936 98,7 Montgomery Ward & Co 33,452" 29, 75 32, 849 38, 6 46, 6 42, 295 57,85 24, 7 24, 964 35, 73 41, 595 42,323 41,32 Sears, Roebuck & Co... 36, 316 39, 934 49,1, 345 51, 215, 2 33, 1 34, 91 49, 7 51,236 59,3 56, 7 ' Revised. * Preliminary. 1 Discontinued pending receipt of revised data from one cooperator. Reports showing percentage changes in sales of chain drug stores and chain men's wear stores are available from the Washington, D. C,office of the Bureau of Foreign and Domestic Commerce. The Bureau of the Census has available percentage changes for (1) Independent stores in 27 States and 4 cities, by kinds of business, (2) Whole* salers' sales, by kinds of business, (3) Manufacturers' sales, by kinds of business. trevised series. Indexes of department store sales in San Francisco area revised beginning 1919; data not shown on p. 24 of the Survey will appear in a Subsequent issue. 13,9 17,933 1,985 3,85 3,728.1 85. 18. 12. 94.9 94.4 98.2 96 7 2,3 132 12, 3 5 6,827 238 3,294 2 3,811 21 26, 774 2,17 3,46 337 8,97 487 26, 82 1,8 17. 46.6 126 91 87 113 19 98 75 127 97 84 16 82 82 1 85 81 93 11.1 14, 28 16,97 2,28 31,426 3,5 99.1 1. 19.5 121.2 96.7 96.7 12.2 1.2 2,819 133 11,972 6 6,3 238 3,1 2 3,594 21 25,295 2,18 3,275 336 8,5 4 27,196 1,9 17. 47.1 99 126 96 93 118 96 16 82 118 95 18 111 15 96 82 13 1.3 15, 793 113, 841 7,717 42,47 5,1 96.1.5 112.9 127. 11.1 98.1 193.6 14.9 5,952 133 24,114 7 14,429 238 7,3 2 7,223 21 5,379 2,17 8 17,996 491 38,8 1,9 17.2 46.4 156 23 138 157 152 182 151 147 164 127 29 143 17 119 94 93 15 97 7 87 1 7.1 12,939 94,176 2,142 28, 7 3,6 7.8 91. 17.5 118. 93.5 96.4 73.6 98.7 1,998 133 8,81 5, 238 2,5 22 2,6 21 19,3 2,14 (*) ) 5,1 4 16, 523 1,9 16.4 47.1 91 64 87 75 49 77 81 115 114 91 87 99 11.6 12, 371, 734 2,27 27, 71 3,493 71.2 96. 18.8 112.7 98.7 98.2 79.7 95.5 1,959 132 9,58 1 5,1 238 2,738 22 2,752 21 2,6 2,11 C 1 ) C 1 ) 5,748 4 14,3 1, 16.2 43.9 11 71 64 71 52 75 87 115 84 87 15 79 99 11.8 15, 37 19,98 3,17 33,478 3,979 ' 16. 7 '. 19.8 13. 1.5 99.5 85. 98.8 2,442 133 1, 66 3 5,9 238 3,196 22 3,25 21 23,14 2,12 ) ) 7,164 4 18, 736 1,2 18.6 46.6 82 116 82 99 87 97 8 15 82 125 98 15 96 91 7 99 1.2 13,164 95,9 2,79 29, 3,8 ' 16. 3 79.5 11. 117.6 12. 99. 97.6 97.1 2,9 133 11,94 3 6,315 239 3,648 22 3,848 21 25,919 2,8 (*) ) 8,376 4 21,281 1,4 17.2 45.3 119 75 14 82 97 12 95 115 84 14 95 98 8.5 13,724 99,757 2,66 3,2 3,7 17.1 79. 11. 119. 12.9 11.4 '96.3 96.3 2,733 133 11,41 2 6,818 239 3,3 22 3,741 21 24,725 2,5 ) C 1 ) 8,496 491 22,233 1,5 17.3 46.9 87 118 75 15 94 85 7 115 ' 85 116 84 15 94 71 '97 9. 13,918 11,345 2,791 3,7 ' 11.2 '79. 111. 118. ' 1.8 '99.3 '95.8 1.8 2,712 132 11,293 3 6,46 239 3,42 22 3,758 21 24,6 2,13 ) ) 8,3 493 22, 235 1,3 16.7 46.8 18 76 82 9 74 95 87 '15 75 119 91 85 11 95 9 66 82 97 7.7

SURVEY OF CURRENT BUSINESS 25 Monthly statistics through 1937, together Supplement to the Survey RETAIL TRADE Continued Rural sales of general merchandise: Total U. S., unadjusted 19-31=1.. Middle West... East South Far West Total U. S., adjusted! Middle Westf Eastt Southf.. Fer Westt EMPLOYMENT 91.1 81.8.3 13.8 115.2 124.8 11.9 124.1 152.8 14.5 DOMESTIC) TKADE Continued 84.8 77.7 82.2.9 15.8 116.2 15.3 115.5 136.8 129. 98.2 9. 95. 14.1 125.7 12.1 19.1 119.2 144.3 136.4 121.1 17.9 117.6 148.9 141.6 114.6 15.3 119.6 134.9 121. 14.9 123.3 139.8 1.3 1.4 18.5 97.1 18.6 127.7 127.7 147.2 135.7 144.1 177.8 1.5 113.1 13.5 111.8 129.5 133.1 1.6 166.4 195.9 22.8 211. 114.8 16.7 117.6 135. 129.3 91.3 84.1 87.8 111.3 1.2 12. 19.9 115.6 14.7 136.4 EMPLOYMENT CONDITIONS AND WAGES Factory, unadjusted (U. S. Department of Labor)t 13-25=1.. 9.5 81.9 85.7.8.5 9.5 91.2.5 9.7 91.4 r 91.1 9.1 '9.6 Durable goods... 82.1 7.3 71.7 75.3 79. 82.1.1 81.6 82.6.5 84.1.3 '.9 Tron and steel and their products, not incl. machinery 13-25=1...8 76.7 79.4 81.7.9.5 87.4 85.9 87.2.3.3 87.3 '87.5 Blast furnaces, steel works, and rolling mills 13-25=1... 82.2.8 84.7.1.8 91.1 9.9 91.5.2.3 91.3.3 Hardware 66.9 56.5 6.6 66.9 79.5 84.4.3 84.7.2. 8.7 76.1 '.5 Structural and ornamental metalwork 13-25=1...3 59.1 59.8 6.5.1 6.7.9.7 64. 66.2 66.9.2 '.8 Tin cans and other tinware._._ 96. 91.4 99.5 97.6.2 84.6 84.1 82.8.7 85.5.2.1 '93. Lumber and allied products.3 6.7 64..8.7.2 64.1.9.6.6 64.3.3 '66 8 Furniture... 8. 71.2 76. 79. 79.7 79.5 79.8 76.3 78.8 78.9 77.9 77. 78.7 Lumber, sawmills..7 49.8 52.4.5.1 52.3 5.9 49.1 49.1 49.1 51.8.7.4 Machinery, not incl. transportation equipment 13-25=1.. 95.6 82.9 84.1 85.5 87.2.5 91.8 91.4 93.4 94.7 95.1 94.9 95.6 Agricultural implements (including tractors) 13-25=1.. 18.1 1.6 99.8 9.3 93.7 96.6 15.5 111.4 121.5 124.8 123.8 117.5 '113.6 Electrical machinery, apparatus, and supplies 13-25=1... 73. 74. 77.4 8.7.2.9 82.1.6 85.2.1 85.9 '85.8 Engines, turbines, water wheels, and windmills 13-25=1.. 96.6 82.1 82.6.1.4.5 85.3 87.1 9.6 93.8 96.3 98. '99.6 Foundry and machine-shop products 13-25=1.. 85.1 75.8 77.1 77.7 77.5 78.9 81.7 81.8.4 84.1 84.5 84.6 85.1 Radios and phonographs 117. 81.6.9 93.5 18. 118.8 118. 18.4 12.5 98.9 94.6 96.4 '18 5 Metals, nonferrous, and products 91.6 79.1. 87.9.2 95.4 95..2 93.6 94.3 93.5.4 '91.6 Brass, bronze, and copper products- 98..1..7 96.4 1.5 1.2 98.3 98.8 99.2 98.4 99.1 '98 7 Stone, clay, and glass products 73.6 64.6 66.3.8 7.1 71.6 7.5 66.4 66.6.6 72.7 72.5 '74.4 Brick, tile, and terra cotta 57.3 48.8 49.9 51.2 52. 52.4 51.3 48.9 48.1 49.7.6.6 '57 1 Glass 9. 74.7 78.7 82.1 87.5.1 93..6.5 9.6 91.9 91.5 '93. Transportation equipment 78.4.5 51..7 79.4 91.6 96.1 95.8 95.9 95.7 95.2 9.3 '.9 Automobiles 75.6.1 48. 64.9.3 11.9 16.8 16.1 14.4 13.8 11.8 93.3 '91.6 Nondurable goods 98.5.9 99. 11.7 99.4 98.4 98.8 97.1 98.4 98.9 '97.8 96.7 '97. Chemicals and petroleum refining 19.6 15. 18.1 113. 113.4 113. 112.7 112. 112.1 114.5 '114.8 '111.5 '19.2 Chemicals 115. 17.8 11.3 112.5 114.8 117.2 116.9 115.5 116.1 116.5 '115. 114.5 '114.5 Paints and varnishes 117.1 11.8 11.6 112.5 112.9 112.4 112.4 111.8 112.5 114.9 117.6 118.4 119.3 Petroleum refining... 12.9 121.8 121.9 121. 119.5 118.9 118.1 117.1 116.4 116.3 116 1 117. '119.4 Rayon and allied products 313.7 27.5 293.9 315.2 314.4 312.8 311.3 313.2 319.1 316.9 315.4 38.5 '33.6 Food and kindred products 129.5 128.6 138.3 142.7 128.8 123.4 12.1 113.7 111. 112. 114. 116.8 '122.8 Baking 147. 145. 144.5 145.6 144.3 144.6 143.5 14.3 141.5 142 1 142. 145.4 '146.7 Slaughtering and meat packing 99. 94.7 94.2 95.5 97.4 1.7 12.4 99.8 94.6.5 91.8 95.4 «97.8 Leather and its manufactures 93.2.3.7.3.6 84.8.6.9 96.7 97.6 94. 87. '.1 Boots and shoes 93.5 91.4 94.6 93.8.9.3 87.6.7 97.2 98.5 94.5.4 '87.4 Paper and printing 15.5 11.5 12.7 14.3 15.5 17. 18. 15.7 15.9 15.9 15.9 16. '14.7 Paper and pulp 16.2 11.6 12.8 14. 14.8 15.9 16.3 15.5 16.3 15.9 16.3 16.7 '16.1 Rubber products 78.7.7 72.5 75.9 77.7 82.4.6 81.1 81.5 82.8 82.1 81.2 '8.2 Rubber tires and inner tubes.3 6.7 6.6.9.5 66.1.2.1 66.1.2.2.2 ' 66.7 Textiles and their products 94.9 6 95.1 97.9 97.5 96.9 98.6 97.5 11.2 11.4 98.6 96.1 '94.9 Fabrics.... 8.4 85.1.6 87.2.5 91.8 9.8.1 91.2.8 '.3 '87.8 Wearing apparel 16.6 98.9 116.3 122.1 119.6 112. 112.2 111. 12.1 123. 119. 112.2 '19.3 Tobacco manufactures 64..5 64.3 66.3 66.3 66.9.2 59.2.4 59.5.7.8.8 Factory, adjusted (Federal Reserve)t 91.7 82.9 84.9.9 87.5 9. 91.6 91.7 91.3 91. 9.8 9.4 '91.4 Durable goods 82.6 7.7 72. 75.7 77.9 81.3.2.6.4..2 82.2 '.2 Iron and steel and their products, not incl. machinery 13-25 = 1.. 87.6 77.3 79.4 8.9.1.2.1 87.7 87.6 87.7 87.6.7 87.4 Blast furnaces, steel works, and rolling mills 13-25 = 1.. 93 84 85 9 91 91 91 91 93 Hardware 57 79 84 85 82 8 76 ' Structural and ornamental metalwork 13-25=1.. 58 58 58 6 6 Tin cans and other tinware 91 9 84 87 9 9 91 9 91 Lumber and allied products 66.7 6.2.9.2.9 64.5.3 66.3.6.7 64.6.2.9 Furniture 82 73 75 76 75 76 79 79 8 8 81 8 81 Lumber, sawmills 49 5 51 51 5 51 Machinery, not incl. transportation equipment 13-25=1.. 96..3 84.7 85.2.8.1 91.6.1 93.9 94.9 94.9 94.4 95.4 Agricultural implements (including tractors) 13-25 = 1. 11 13 16 96 99 99 15 19 118 118 116 114 '112 Electrical machinery, apparatus, and supplies 13-25 = 1,. 73 74 77 8 84 84 85 85 Engines, turbines, water wheels, and windmills 13-25 = 1.. 95 81 93 93 96 Foundry and machine-shop products 13-25 = 1.. 76 77 78 78 79 82 82 84 84 84 85 Radios and phonographs 118 82 82 81 16 111 114 116 118 113 11 '111 Metals, nonferrous, and products 94.9 82. 84.4.7..3 93.5 93.7 94. 93.9 93.7 93.2 '93.3 Brass, bronze, and copper products. 99 87 9 93 95 11 1 99 99 98 97 98 99 Stone, clay, and glass products 72.3.4 64..4.8 71.1 72. 73.6 71.5 71.8 72.2.7 '71.6 Brick, tile, and terra cotta _. 46 46 48 49 52 57 51 Glass 76 79 82 87 93 94 9 91 9 Transportation equipment 8.3 56.9.9 74.2 81.5.9 93.9 93.3. 9.4 9.3.3 '. Automobiles.. 78 79 99 14 12 98 97 96 ' ' Revised. trevised series. Rural sales of general merchandise adjusted for seasonal variations revised beginning 1934; see table 37, p. 17 of the issue. Data on factory employment, unadjusted (U. S. Department of Labor), revised beginning 1933; see table 76, p. 13 of the issue and table 1, p. 15, of the issue. Factory employment, adjusted (Federal Reserve), revised in its entirety; data not shown in table 76, p. 13, of the Survey, or in table 1, p. 15, of the issue are available upon request. 17349 39 4 1.1.1 97.9 134.8 15.7 123.7 112.1 119.6 147.8 142.9 115. 15.2 118.6 141.5 118.5 131. 118.7 132. 156.6 144. 12.2 11.2 116.6 144.8 125.8 13.8 118. 122.4 164.3 14.9 12.5 113.3 118.8 137.6 131.8 131.2 119.6 129.1 1.2 146.6 12. 19.9 122.8 133.3 137.3 131.7 116.4 133.8 1.8 144.1

26 SURVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey EMPLOYMENT Continued Factory, adj. (Federal Reserve)f Continued. Nondurable goods 13-35=1.. Chemicals and petroleum refining Chemicals Paints and varnishes Petroleum refining Rayon and allied products Food and kindred products Baking Slaughtering and meat packing Leather and its manufactures Boots and shoes Paper and printing Paper and pulp Rubber products Rubber tires and inner tubes Textiles and their products Fabrics Wearing apparel Tobacco manufactures Factory, unadjusted, by cities and States: City or industrial area: Baltimore 19-31=1.. Chicago 15-27=1-- Cleveland 13-25=1.. Detroit Milwaukee 15-27=1.. New York Philadelphia 13-25= 1.. Pittsburgh Wilmington State: Delaware Illinois 15-27= 1.. Iowat 13-25=1_. Maryland 19-31 = 1. _ Massachusetts 15-27=1.. New Jersey 13-25=1.. New York 15-27=1.. Ohio 16=1.. Pennsylvania 13-25=1.. Wisconsinf 15-27=1.. Nonmanufacturing, unadjusted (U. S. Department of Labor): Mining: Anthracite 19=1.. Bituminous coal Metalliferous Petroleum, crude, producing Quarrying and nonmetallic Public utilities: Electric light and power, and manufactured gas 19=1.. Electric railroads, etc Telephone and telegraph Services: Dyeing and cleaning Laundries -... Year-round hotels Trade: Retail, total... General merchandising Other than general merchandising. Wholesale Miscellaneous employment data: Construction employment, Ohio..16=1.. Federal and State highway employment: Total number _. Construction (Federal and State)_. Maintenance (State). Federal civilian employees: United States District of Columbia..,... Railway employees (class I steam railways): Total thousands.. Index: Unadjusted 13-25=1.. Adjusted Trade-union members employed: All trades percent of total.. Building Metal Printing All other On full time (all trades).. LABOR CONDITIONS EMPLOYMENT CONDITIONS AND WAGES Continued 1.3 112.4 113 117 12 315 123.8 146 99.3 17.1 16 79.8 1.7.4 117.8 64.4.5 7.9 8.3 59.5.2 «3.1 91.7.4.7 94.2 78.3 129.2 96.7 73.3 78.1 8.6 87. 76.8.8 44.7 8.3 59.1.5 47.4 93.5 7. 76.4 16.6 99.8 9.4.4 91.6 81.2.1 51. 264, 52 138, 345 126,157 56.1.7 94.5 18.3 16 11 121 272 122.2 144 95.4 9 13. 12.5.1.4 19. 8.9.6 64.7 7. 47.8 85.3 73.1 8.7 59.8 76.4.6 7. 123.9.1.2 72.5 72.3 75.4.2 91.3 44.6 78.5 49.7 72.3 44.1.3 7.1 74.9 18.6 97.8 9.7 81.1 87.9 79.3 36.5 322, 58 1, 1, 96 4,827 116, 231 945 52.1 5.8 82 75 87 97.2 111. 11 113 121 2 123. 144 95.6 91 13.7 13 73.4 96.4 87.2 115.7.9 85.1.4 74. 56.8 85.9 81.7 82.9 6.8 77.6 99.5 72. 125.1 9. 7. 74.7 76.5 77.6 71.7. 37.6 8.1 51.4 72.4 44.6.7.5 74.8 15. 97.5 9.4 8..4 78.3 87.6 36.1 323, 1,59 17,141 872, 347 117, 9 52.6 51.3 64 75 87 97.6 111.4 111 114 12 312 122.2 143 96 91.3 14. 14 76. 97. 87.1 117.9 64.3 87.2.2 76.9 72.1 84.4 87.7 84.4. 1 94.2 73.7 126.9 91.9 71.8 75.7 8.3 8.8 73.4.1 46.4.4.2 71.5 44.6.5.3 74.9 17.8 96.5 91.8 84.7 97. 81.5.5 35.8 337, 8 164, 444 173,194 872, 644 118,172 979.9 52.9 84 73 Average weekly hours per worker in factories: National Industrial Conference Board (25 industries) hours.. 37.2 33.8 35.2 36.2 36.7 36.9 36.6 36.6 36.8 36.9 36. 8 36.5 37.2 U. S. Department of Labor (87 industries)! hours.. 34.7 36.3 36.9 37.4 36.5 37.1 36.3 36.9 37.1 36.4 36.7 37.2 ' Revised. frevised series. Iowa employment revised beginning 1937; revisions are shown on p. 26 of the March Survey. Wisconsin employment and pay rolls have been adjusted, beginning 19, to trends indicated by Census data. Indexes not shown on p. 2 of the Survey will appear in a subsequent issue. P"or data on factory employment, adjusted (Federal Reserve) revised, sec footnote marked with a "t" on p. 25. For average weekly hours per worker in factories, see note marked with a"t" on p. 29. 96.7 111.2 113 113 119 313 119.2 142 97 9.8 91 14.3 15 76.8 64 95.6.3 115.4.2.8.7 79.4. 85.4.3.1 64.4 81. 87.7 74.4 13.5 91.3 72.4 75.2 8.8 82.3 74.4 81.4 52.4 87.2 57.9.5 44.4.5.9 74.7 16.8 94.4.9 85.9 99 4 82.3.1 34.7 35, 9 164, 6 185, 394 873, 8 118,4 9.7.2 85 74 66 98.3 111.8 117 114 118 31 122.8 143 99 91.4 15.4 16 81.7 66 96.7.6 113.6.7.5.6 8.6 97.6..1.1.9 82.2 87.8 75.3 127.9 9.8 72.6 76.9 8.3 84.9 75.4 81.5 51..6.9.3 44.4 91.9.5 74.4 12. 5 93.7.-5.9 14. 5 82.3.8 35.2 341,2 138,512 23, 32 9, 3 119,17 977.8.4 99.5 112.3 117 114 118 31 124.2 144 99.1 16. 16.2 98.9 9.3 116.4 64.2 87.2 7.6 82.3 12.9.4.9 9.9 66.4.9 91.9 76.1 131. 91.6 73.8 77.7 81.3.4 76.2 82.4 51.3.3.3.8 41.4 91.4.4 74.3 97.9 93.4. 98.1 144.1. 9. 32. 266, 9 13,491 1,138 919,1 12,852 9 52.8. 85 78 99.5 112.4 117 115 118 31 124.2 143 96.8 93 16. 16 81.3 98.4 9. 116. 64.5 84.8.7 81.8 1.8 9.6 85.4.6.3 87.7.7 75.2 127.6.4 73. 76.7 8. 84.9 74.6 5..7.6. 38.3 9..2 74.1 94.2 93.3 91.8 82.2 9.7 8..3 28.7 21, 37 73,116 128,191 4,342 12,229 948 52.2.4 98.7 111.7 118 114 118 314 121.3 144 95.9 93 15.9 16 81.3 66 98.5.8 116.6.5.7 7.4 81.8 99.3 93.6.1 91.5 66..3 94.3 76.8 128..4 74.6 77.6 81.9. 76.3 82.7 52.2.6 6.9 66.4 37.9.6.3 73.3.1.8.6 81.5.8 79. 6 87.9 28.6 176, 79 58, 815 117, 264 875, 1 12, 445 958 52.7.8 85 66 79 87 9 66 98.6 112. 118 115 117 312 122.5 144 94 93.2 93 16.3 16 82.3 97.7.2 115.5 6.3.2 7.6 82.3 97.7 94.8 9.5 91. 66.7 9.6 95.2 77.8 129. 94.5 74.8 77.9 82.7 87.1 76.5.6 51,7 87.4. 66.2 4.1.6.5 73.4 95.4.9.7.8 93.2 81.3 87.4 32.4 19,1 58, 2 11,3 879, 12, 873 966.1.6 82 91 98. 112.9 115 116 117 322 122.3 143 95 91.7 16.3 16 81.4 96.4.3 112.8.2 9.3.8 82.2 96. 94.5. 9.8.2.1 97. 77.6 131.1 95.5 73.1 77.5 82..6 76.2.7. 25.9.5.8 43. 9.3.1 74.1 12. 2 93.5 93.2 85.5 96. 9 82.5 87.3 35. 187, 523 78, 394 19,129 5,76 122,3 9.2.6 87 71 9 91 98.2 113.1 115 114 118 315 123.7 145 97.1 16. 3 17 81.2 96.4. 111.7.7 91.7 7. 81.8.4.9 85. 5 9..8 91.6 96.7 77. 6 131.9 95. 8 71. 6 78. 8.4 85.2 * 75. 84.5 52. 6 '47.9 '.9 ' 66. 1 45.6 '91. ' 9. 6 '75. 5 17. 95. 5 ' 93. 9 85.7 '96.8 '82.8 '87.2 43. 22,3 14, 84 116,119 '93,112 '122, 7 974.6. 75 9 91 7 99.2 112.2 115 115 119 313 124.6 146 98 '9.9 91 f 15. 9 16 '81.1 r r 98. r9.1 r 114. 64.2 '91.7 7.5 81.4.7 94.3. 6 '91. '.6 '.4 '93.7 78.1 133.2 r 95. 8 71.2 78.9 8.9 85. 5 ' 75 7.8 51.2 '79.1 ' 2 '. 47.4 '.2 ' 9. 9 7. 1 MOO. 9 r 98. 7 r 93. 2 ' 8. 2 ' 97. 2 r S3. 3 r.1 43.6 252. 31 13,743 121, 573 5, 2 123, 1,1 r. '.4 78 84 9 7

SURVEY OF CURRENT BUSINESS 27 Monthly statistics through 1937, together Supplement to the Survey LABOR CONDITIONS Continued Industrial disputes (strikes and lockouts): Beginning in monfh number.. In progress during month Workers involved in strikes: Beginning in month thousands.- In progress during month Man-days idle during month Employment Service, United States: Applications: Active file New Placements, total Private Ratio of private placements to active file percent.. Labor turn-over in mfg. establishments: Accession rate.,.mo. rate per 1 employees. _ Separation rate: Total Discharge Lay-off Quit PAY ROLLS EMPLOYMENT CONDITIONS AND WAGES Continued *21 v 345 r> 1 v 2 * 1, 6,11 494 28G 213 3.5 4.19 2.72.12 1.91. 28 387 5 776 8, 75 228 156 1.9 4.81 3.81.9 3.13.59 2 434 48 81 1 8,119 3 271 19 2.3 5.29 3.8.1 2.33. 222 384 96 133 99 7,966 523 281 23 2.5 4.51 3.56 12 2..82 Factory, unadjusted (U. S. Department of Labor) t 13-25=1.-.8 7.6 76.9 81..8 84.1.5.4 85.4.9 84.9 84.4 '85.9 Durable goods 76.4 58.6.7.7 75.2 78.3 8.4 76.6 78.4 8.1 8.2 79.5 '81.4 Iron and steel and their products, not incl. machinery 13-25 = 1.. 77.2 57.4.3.6 74.9 79.1 8.8 77.7 79.8 81.6 8.1 '78.4 8.7 Blast furnaces, steel works, and rolling mills 13-25 = 1.- 79.7 56.8.3.6 73.9 81.9.2 82.1.4 84.8 82.8 ' 79 9 '.4 Hardware.6 48.3 57.6.7.3 93.2 9.1 81.8 78.9 81.9 76.7 75.1 '71.4 Structural and ornamental metalwork 13-25 = 1.- 6.8 48.8 51.2 49.7 5.5 5.1.2 51.8.6 57.6 59.5 59.1 '6.6 Tin cans and other tinware 15. 94.4 17. 13..2 87.5 87.9.6 85.8.6 94. 96.8 ' 12. 4 Lumber and allied products 56.7 48.7 58.1 6. 6. 56.2 56.1 52...9.7 58.2 ' 6.4 Furniture 64.7 51.3.5.1.4 64.9.8 6.3 66. 66.1.5.1 ' 64. 9 Lumber, sawmills 46.7 41.6 5.2 5.6 5.4 46.4 44.9 42.4 41.1 42.4 46.3 5.3 '51.9 Machinery, not incl. transportation equipment 13-25 = 1.. 94.6 72.7 76.1 78.6 81.9.9.4 87.4 91.7 94.2 93.7 94.9 Agricultural implements (including '96.4 tractors) 13-25 = 1-. 114.6 98.6 95.6 87.1.4 95. 114.4 112.7 131.9 136.7 134.9 126. Electrical machinery, apparatus, and '118.9 87.2 supplies 13-25 = 1.. 64.1.7 73. 78. 8.4 82.7 8.6.5.5 87. 85.7 '. Engines, turbines, water wheels, windmills 13-25 = 1.- 112.4 85.9.9 9. 9.4 91.6 98. 98.4 16.9 112.1 115.1 117.2 '117.5 Foundry and machine-shop products 79.9 13-25 = 1.. 11 8.7.2.1.4 7.6 75.9 74.8 78. 79.5 78.8 8.4 '82.4 Radios and phonographs 84 1 '95.2 84". 9 72.4 75.5.5 97.9 16.9 17.6 96.8 87.7 85.1 8.8 OC Q Metals, nonferrous, and products OO. O '.7 98 6. 74.1 81.4.5 9.2 9.3 84.6.3.2. qq A Brass, bronze, and copper products. yy. 4 '99. 77.9.4.1 96.2 99.8 98.9 93. 96.4 98.6 '95.9 Stone, clay, and glass products. 5.1 56.5 58.3..8.5 56.8 58..7. '64.1 '66.9 Brick, tile, and terra cotta 43.3 35.4 37.2 38.6 4.6 39. 39.4 36.7 35.6 37.2 39.6 4.4 46.2 Glass '96. 87..1 78.6 82.6.9 98.6 99.4. 93.3 95.3.4 91. 7 Transportation equipment '.2 75. 51. 49.9 64.7.8 95.9 97.9 93.5 91.8. 94.4 87. 6 Automobiles '.6 7. 8 47.4 47. 66.3 91.3 17.6 17.4 11.3 97.3 97. 99.5. Nondurable goods 91..1 84.1 91.7 94.9 93.4 9.6 93.4 91. 93.1 94.6 9.2.9 Chemicals and petroleum, refining. r 119.8 118. 6 111.1 116.9 118.9 12.1 119.1 12.1 119.8 119.9 121.7 ' 12. 4 ' 12. 4 Chemicals ' 129.1 128.1 114.5 121. 121.4 128.1 128.1 129.8 127.9 129.6 13.9 127.9 128.9 Paints and varnishes ' 126. 4 121. 4 111. 111.2 114.5 116.3 113.8 115.4 113.1 115.7 12.4 123.2 127. 3 Petroleum refining r 134. 4 131. 2 135.3 138.1 134.6 132.8 133.6 134.1 134.5 132.4 131.5 128.5 132.1 Rayon and allied products 311. 3 249.5 2. 38.2 32.6 32.7 32.4 39.5 314.4 313.4 34.4 298. 3 r 31. 8 Food and kindred products 13. 128.5 131.1 136.7 127. 122.4 12.9 115.3 112.1 113.8 113.9 12. 9 < 125. 6 Baking 145. 9 142.8 139.8 143.5 139.5 139.7 138.2 136.1 136.6 138. 135.7 143.4 ' 145.1 Slaughtering and meat packing 112.3 17.9 14.8 18.7 11. 11. 112.5 111.1 11.3 1.6 99.5 17.7 ' 19. 8 Leather and its manufactures 76. 8.4 7. 74..6.4 7. 77.5.3.2 74.5 64. 2 '.3 Boots and shoes 73.1. 75.1 7.9 64.5.4.3 72.6 79.6 8.1 7.1 57. 9 '.2 Paper and printing 11. 95.9 98. 11.1 13.7 13.3 17.3 12.2 12.3 14.2 13.3 13.9 ' 12. 2 Paper and pulp 11.4 96.9 11.9 11.5 16.5 12.9 13.4 12.6 15.1 15.5 14.6 15.5 ' 14. 4 Rubber products 82.8 64.1.5 76.7 79.7 85.2..9. 85.4 '.1 82.1 '84.2 Rubber tires and inner tubes 78.1 6. 6.6.3.1 75.3 79. 76.2 72.9 76.1 73.6 73.5 '76.8 Textiles and their products 77.5 66.6 8. 84..1 78.4.3 81. 87.8. 79.8 77.8 '77.6 Fabrics 75.6.7 73.4 74.7 76.5 77.3 81.1 78.9 81.2 79.4 73.9 74.3 '74.6 Wearing apparel 78.7 66. 9.4 99.5 93. 78. 84.6 82.4 97.7 14.8.8 '82.1 '8.9 Tobacco manufactures 59.8 57.1 59.. 6.7 59.8 59.6 49.7 5.9 51.5.2.8 58.9 Factory, unadjusted, by cities and States: City or industrial area: Baltimore 19-31 = 1. 11.5 87.1.3 94. 96.7 96.8 99.4 96. 99.5 13.2 12.5 17.2 11.5 Chicago 15-27= 1.. 59.1 5.8 52.2..2.9 58.5 57.1 57.3 59. 57.3 57.8 58.7 Milwaukee.4 79. 84.3 81.1 84.7.9.8.8 95.4 94.7 94.7.8 96.5 New York 76.3 66.7 75.5.6 8.6 76. 79. 77.6 82..9 79.5 77.7 76.9 Philadelphia 13-25= 1.. 93. 76.1 79.3 82.7.8 84.5.6 87.7 9.2 91.1 87.3.4 91.9 Pittsburgh 8. 58. 66.4 66.7 73.6 78.6 8. 79.1 82.8.5 81.1 79.8 '85. Wilmington.3 72.9 74.1 75.4 75.9 76.4 84.2 84.9 85.8.2 9..1 '.5 State: Delaware 78.3 7.2 74.7 74.4 71.7 71.6 78.5 79. 79.6 81.7.4 82.3 '82. Illinois 15-27=1 66.6.9 58.9 6.3.2.6 64.9.2.1.3 66.2 66.4.3 Maryland 19-31=1.. 11.3. 93.9 95.7 98.7 98.7 11.9 97.9 12.2 15.3 14.5 17. 11.4 Massachusetts 15-27=1.. 7.1 57.1 64.5.1.6 66.3.5.3 7.9 71.2.2..5 New Jersey 13-25= 1 78.6.4 7.9 72.6 74.6 75. 77.8 75.9 77.2 79. 77.1 78.3 8. New York 15-27=1.. 75.8 64.9 7. 75.3 75. 72.9 75.8 74.4 76.8 79.4 76.4 74.4 75.9 Pennsylvania 13-25= 1.. 75.9.3 66.9.9 72.3 73.3 75.6 73.5 76.2 77.6 74.2 '73.9 '77.9 Wisconsinf 15-27= 1.1 81.3 8.3 77.7 8.9 81.6.8 79.5 85.7.7 85.3.1.2 ' Revised. v Preliminary. t Revised series. Data on factory pay rolls (U. S. Dept. of Labor) revised beginning 1933; see table 77, p. 17 of the Survey and table 2, p. 16 of the issue. For Wisconsin pay rolls, see footnote marked with a "t" on p. 26. 256 46 113 842 7,743 5 2 28 2.7 5.19 3.3.12 2.4.78 27 372 43 75 8 7, 529 251 178 2.4 4.24 3.14.1 2.44.6 177 31 38 513 7,216 477 23 1 2.2 3.22 3..9 3.21.58 '172 '2 49 7 512 7,434 644 199 13 1.7 4.9 3.19.1 2.24.85 ' 18 ' 35 ' ' ' 7,8 4 181 126 1.8 3.6 2..1 1.87.64 ' 1 '312 41 ' '591 6,749 5 2 185 2.7 3.34 3.18.13 2.23.82 '29 '342 '39 '418 ' 4, 1 6,5 478 27 195 3. 2.95 3.46.1 2.6.76 '27 '345 '91 '45 ' 3, 473 6,382 516 333 242 3.8 3.29 3.48.13 2.. *338 11 ' 6,2 57 344 251 4. 3. 3.31.12 2.46.73

28 SURVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey EMPLOYMENT CONDITIONS AND WAGES Continued PAY ROLLS Continued Nonmanufacturing, unadjusted (U. S. Department of Labor): Mining: Anthracite 19=1.. Bituminous coal Metalliferous Petroleum, crude, producing Quarrying and nonmetallic Public utilities: Electric light and power, and manufactured gas 19=» 1.. Electric railroads, etc. Telephone and telegraph. Services: Dyeing and cleaning...... Laundries. Year-round hotels.. Trade: Retail, total -. General merchandising. Other than general merchandising.. Wholesale.... WAGES 25.2.4 45.7.4 4.8 1. 7.9 93.7 77.3 87.8 79.4 7.7.8. 76. 2.2 56.8 38. 66.7 37. 98.3. 9.9 77.5. 77.4.1 8.4.6 73.6 2. 64.2 43.7 66.8 39.2 98.9.5 91.3 74.3.1 77.4 66.8 78.8 64.3 73.7 29.4 71.9 46.1 66.5 38.4 98.4.4.6 81.7 81.4 78.9.4 85.3 66.1 74.3 43.4 78.3 49.2.7 39.2 99.9.9 95.3 78. 79.5 8.8 7.8.3.2 75.1 36.2 81.4 52.3.3 37.2 98.6.8 93. 73.9 79.3 81.3 71.5 91.8.3 75.4 42.5 8.9.1.5 33.7 98.2.7.5.3 8. 81.1 79.2 122.9 7.1 75.7 38. 78.2.3 6.9 3.2 95.9 71.1..8 79.6 8.2.7 84. 66.7 75.5 45.2 81.2.4.7 29.7 96.4.9 91.7.2 78.6 82.8.4 81..8 74.6 34.2 77.8.6.3 33.1 96.8 7.5 91.9.7 79.3 81.1.6.4 66.8 74.7 43.4 «17.6 52.6 6.8 35.9 "96.9.6.1 73.3 79.9 81.9 71.3.6.1 74.8 57. ' 2.4 ".1.2 39.7 '98. 8 7.1 '93.7..9 '82.4 71.5 '.7.3 74.9 36.1 '7.6 '.9.4 '41.8 '1.2 '71.2 '93. '84.1 '8(>.y '82.1 72.4 '87.9.2 '75.7 Factory average weekly earnings: National Industrial Conference Board (25 industries) llars.. 26.76 U. S. Department of Labor (87 industries)! llars.. Durable goods... Iron and steel and their products, not including machinery llars.. Blast furnaces, steel works, and rolling mills llars.. Hardware.-... Structural and ornamental metalwork llars.. Tin cans and other tinware Lumber and allied products Furniture Lumber, sawmills Machinery, not including transportation equipment llars.. Agricultural implements (including tractors) llars... Electrical machinery, apparatus, and supplies llars.. Engines, turbines, water wheels, and windmills llars.. Foundry and machine-shop products llars.. Radios and phonographs Metals, nonferrous, and products.. Brass, bronze, and copper products llars.. Stone, clay, and glass products... Brick, tile, and terra cotta_ Glass... Transportation equipment Automobiles... Nondurable goods... Chemicals and petroleum refining... Chemicals... Paints and varnishes... Petroleum refining... Rayon and allied products. Food and kindred products... Baking Slaughtering and meat packing.. Leather and its manufactures... Boots and shoes... Paper and printing... Paper and pulp Rubber products... Rubber tires and inner tubes... Textiles and their products... Fabrics Wearing apparel Tobacco manufactures... Factory average hourly earnings: National Industrial Conference Board (25 industries) llars...722 U. S. Department of Labor (87 industries) t llars. Durable goods -.. Iron and steel and their products, not including machinery llars. Blast furnaces, steel works, and rolling mills llars- Hardware... Structural and ornamental metal work llars.. Tin cans and other tinware.... Lumber and allied products... Furniture... Lumber, sawmills.. ' Revised. trevised series. See note marked with "t" on p. 29. 23.93 22.6 23. 21.91 21.7 2.77 26.1 22.44 18.64 17.87 18.29 24.34 27.5 24.33 27.5 23.99 22.11 22.93 24.74 21.9 18. 22.15 29.43 29.56 2. 28.48 29.4 27.38 34.6 22. 24. 25.79 28. 18.51 17.48 27.1 23.37 24.84 28.43 15. 15.72 15.5 17.18.713.5.74.7.84.2.728.5.511.522.52 24.93 22.9 24.98 24.11 24.7 23.6 26.94 23.4 21.2 2.43 2.9 25.8 26.43 25.28 28.13 24.87 21.2 24.14 25. 22.77 19.56 23.95 31.22 32.33 21.25 29.2 3.39 27.39 35.25 24.16 23.18 25.33 27.93 19.8 18.85 27.48 24.26 25.39 28.73 16.87 16.56 17. 16..9.72.7.5.7.731.597.523.522.519 25.73 23.32 25.8 24.59 25.25 23. 25.93 22.85 21.31 21.5 2. 25.57 26. 26.7 28. 25.2 22.21 25.14 26.32 23. 19.77 24.13 32.64 33.81 21.33 28.36 29.9 27.7 34.58 24.2 23.43 25. 28.66 18.98 17.87 27.91 23. 26.91 31.27 17.3 16.43 18. 16.96.714.2.78.7.9.726.599.526.524.525 26.14 23.95 26.95 25.94 26.79 26.32 26.12 22.5 21.9 2.77 2.94 26.7 27.11 26.71 28.1 25. 22. 26.6 27.28 23.96 2.37 25.47 33. 34.98 21.35 28.41 3. 27. 34.45 23. 24.11 25.3 28.51 18.32 16.97 28.14 24.85 27.27 31. 25 17. 16. 18.1 16.84.714.7.71.7.9..72.66.52.518.52 26.32 23.82 27.11 26.64 28.48 26.79 26.7 22.5 19.91 19.75 19.57 26.4 27.8 26. 28.35 25.51 22.4 25.7 27.14 23.82 19.46 25. 33.64 34. 2.85 28.26 3.22 27.34 34. 23.74 24.22 25.21 27. 17.22 15.41 27.58 23.78 27.58 32.77 16.35 16.35 16.35 16..714.645.724.757.842.6.725..3.524.7 26.2 24.31 27.34 26.91 28.49 25.31 27.18 22.76 2.14 2.6 19.27 27. 29.85 27.26 29.73 26.48 22. 25.81 26. 24.3 2.6 25. 76 32.72 33.22 21. 28.52 3.72 27.8 35.3 23.8 24.75 25.26 27. 18. 17.11 28. 23.85 28.4 33.76 17. 16.82 17. 16..713.648.726.757.842.6.727..2.526.3 25.95 23. 26. 26.37 28.18 23.42 26.59 22.78 19.81 19.13 19. 26. 27. 27.17 29.21 26.11 22.15 24.85 25.79 22.98 19. 24.72 31.32 31. 21.28 28. 3. 27.34 35.75 24.22 24.96 25.47 28.5 19.71 18. 27.8 23.82 27.72 32.59 16.75 16. 17.38 15.59.713.1.729.757.5.66.731.3.1.521. 26.11 24.6 26.85 26.7 28.47 23.4 26.93 22.33 19.8 2.26 18. 27.27 29.96 27. 3.5 26. 21.15 25.48 26.42 23.43 19.47 25.4 3. 3.8 21.49 28. 3. 27.84 35.23 24.15 24. 25.4 26.98 2.19 19.13 27. 24.16 27.28 31. 17.35 16.81 19.3 15.19.713.649.726.7.5.1.729..525.523.523 26.25 24.23 27.1 27.1 28.81 23.93 27. 23.57 2.2 2.2 19.34 27. 3.19 28.9 3. 27.2 21.14 25.6 26.98 23.72 19.59 25.3 3.81 3.87 21.6 28.36 31.8 28.3 35.2 24.24 25. 25.52 27.32 2.12 19.17 28.37 24.43 27.4 32. 17.38 16.56 19.91 16.22.715.1.727.752.5.5.731..3.527.3 26.27 23.85 27. ' 26. 46 28.7 23.5 28.6 23.19 2.8 19.74 19.94 27.45 3. 27.57 3.94 26.7 21.19 24.9 26.43 22.96 19.46 23.37 r 31. 8 32.33 2. 27.9 r 3. 66 28.24 34.39 23.64 24.57 25.11 27.23 18.73 17.58 28.8 24.11 27. 31.48 16.36 15. 17.84 16.8.717.648.726.7.5.5.731.1.9.2.2 26.19 23.9 26.93 ' 26.17 ' 27. 4 23.87 27.71 23.66 2.73 19. 21. 27. 29.56 28.11 3.95 27.23 21.73 25.38 27.18 23.48 19.91 24.15 31.4 31.18 ' 21. 11 28.81 31. 29.12 35.1 23.7 ' 25.48 ' 25. 91 28.39 17.43 15.93 28.22 24.25 26.81 31.46 ' 16. 35 ' 16. 1 17.43 16.6.72.649.724.7 '.5.1.727 '..3..2 26.79 24. 25 27.43 26. 28.3 25.21 28.13 24. 2.96 19.91 21.26 27.97 28.85 28.42 3.57 27.71 21. 25.52 27.32 23.94 21.25 24. 32.31 32.75 21.31 29.48 31.7 28. 34.87 24. 25.13 25.96 28.25 18.85 17.44 28.4 24.13 27. 33.6 16.49 16.18 17.46 17.19.648.724.757.842.5.721..3.527.2

SURVEY OF CURRENT BUSINESS 29 Monthly statistics through 1937, together Supplement to the Survey EMPLOYMENT CONDITIONS AND WAGES Continued WAGES Continued Factory average hourly earnings Continued: U. S. Dept. of Labor (87 industries)! Contd. Durable goods Continued: Machinery, not including transportation equipment llars.. Agricultural implements (including tractors) llars.. Electrical machinery, apparatus, and supplies- llars. Engines, turbines, water wheels, and windmills llars. Foundry and machine-shop products llars.. Radios and phonographs Metals, nonferrous, and products Brass, bronze, and copper products llars.. Stone, clay, and glass products Brick, tile, and terra cotta Glass Transportation equipment Automobiles Nondurable goods Chemicals and petroleum refining.. Chemicals Paints and varnishes Petroleum refining Rayon and allied products... Food and kindred products _ Baking _._ Slaughtering and moat packing_... _ Leather and its manufactures Boots and shoes Paper and printing Paper and pulp Rubber products Rubber tires and inner tubes Textiles and their products Fabrics Wearing apparel. Tobacco manufactures Factory average weekly earnings, by States: Delaware 13-25=1.. Illinois 15-27 = 1.. Massachusetts New Jersey 13-25=1.. New York 15-27=1.. Pennsylvania 13-25=1.. Wisconsinf 15-27=1. Miscellaneous wage data: Construction wage rates (E. N. R.): Common labor l. per hour. Skilled labor... Farm wages without board (quarterly) f l. per month.. Railway wages (average, class I) l. per hour Road-building wages, common labor: United States, average East North Central East South Central Middle Atlantic Mountain New England Pacific South Atlantic West North Central West South Central ALL PUBLIC BELIEF l. per hour... _..............8.3 95.8 112.1 94. 97.6 95.8.4 1.44 36.26.724.781 742.785.71..714.3.511.74.8.93.5.773.787.77.9.645.599.2.1.515.4.7.9.774.945.482.58.46 84.7.7 9.4 15.4.7.7.3.7 1.43 37.2S.726.42..28.49..44.66.27.46.37.72.7.738.787.79.595.715.4.511.712.8.936.578.7.785.7.9.9.5.5.6.516.493.76.7.76.941.4.464.1.4 78.4.7.3 15.9 91.4 91.9 93.5.7 1.43.714.43..28.49..44.66.27.47.39.721.771.737.7.71.594.6.713.2.516.77.7.933.577.744.781.9.984.8.576..6.524.51.7.3.758.946.4.4.9.458 82.5.9 93.6 16.9 93.8.5 93.5.7 1.43.727.42.59. 28.5..45.66.27.46.38.717.777.732.785.79.577.9.79.64.526.716.878.96.579.736.775.4.976.9.598..5..56.764.3.756.944.4.459.1.456 85.5 9.7 93.5 11.5.8 96..2 1.43 36.9.725.41.59.28.5..46..28.47.36.72.794.73.7.711.582.6.71.645.1.722.96.932.58.744.776.5.979.641.2.1.5.3.58.7.2.756.952.478.46.51.4 85.2 9.1 91.5 18.6 9.7 96.7 99.4 1.43.735.4.59.29.5..47.7.27.46.36. 721..736.793.712.582.6.77. 1.7.723.8.4.584.743.781.9.974.641.9.5.9.526.499.771.3.764.9.482.4.521.6 94.3 111.5 93.3 98.8 11..2 1.43.735.38..27.51..5.66.26.43.36.724.794.744.7.713.591.6.71.1..728.9.1.585.744.78.9.98.7.8.7.3.525.498.7.6.7.957.484.4.525. 91.3 93.8 11.2 93. 98.1 97.8 1.43 34.,74.37.59.28. 52..51.66.27.4?.35.725.84.743.787.711.577.6.74.648.2.72.7.4.5.742.78.7.97.64.2.5.4.52.4.7.1.76.9.4.4.9.474.3. 95.3 11.8 93.7 1.3 12. 7. 1.43.75.35.6.28.56.51.48..27.41.38..745.7.715.578.6.75.1.4.716.8.6.5.734.78.8.973.643.9.5.6.517.4.771.4. 7.957.491.4.1.474.6 93.9 95.4 112.8 95.9 11.2 12.9..144.726.35.6.27.57..5..27.4.37 '. 727.795.742 '.7.714.5 r. 6.74.648.5.77.582.732 '.777.7.973.647.7.3.4 '.525 '.51.77.2.7.947.479.457.517 '.474.8. 5 93.4 11.7 93.1 96.9 1.7.3 1.44 35.42.732.39..3...57..28.42.37.725.787.744.787.71.5.2.78.646.4 '.76.5.931.584.749.776.71.97.647.2 '.7.6.52 '..772.6.742.944.477.459.51.472.8 93.5 111.8.6 97.5 1.6.2 1.44.72.4.6.28.51..52..28.45.37.725.78.744.782.716.5..77.647.8.711..93.582.7.777.7.9.64.2.8.1.527.52.77.8.7.947.472.458.498.474 '91.4 93.4 94.9 113. 93.8 11. 11.4.4 1.44.719.41..29.51.56.49..28.45.37 Total, exclusive of transient care and administrative expense t mil. of l.. Obligations incurred for. Special types of public assistance General relief Subsistence payments certified by the Farm Security Administration mil. of l _ Earnings of persons employed on Federal work programs Civilian Conservation Corps. mil. of L. Works Progress Administration: Operated by W. P. A.f... Operated by other Federal agenciesf. National Youth Administration: Student aid - Work projectsf Other Federal work and construction projects! mil. of L. 299 2 151 4 4 2 1 5 19 1 5 32 2 171 5 38 326 172 5 39 325 19 1 5 37 156 5 36 31 21 15 4 318 18 158 ' 5 35 2 146 6 2 141 7 46 35 47 37 134 7 ' Revised. a Less than $5,. ^Construction wage rates as of 1,, common labor $,5, skilled labor $1.44. trevised series. For classification changes, factory weekly and hourly earnings, and hours worked per week, see note marked with a "f" on p. 29 of the Survey. Farm wages revised beginning 1913; data not shown above will appear in a subsequent issue. Data on all public relief revised beginning with 1933; figures not shown on p. 29 of the April Survey will appear in a subsequent issue. Meanwhile, the historical record can be obtained from the Social Security Bulletin for April. The revised series differ from those previously published in that they include, in addition to earnings of persons certified as in need of relief, the earnings of all other persons employed on work or construction projects financed in whole or in part from Federal funds. Wisconsin weekly earnings revised beginning 1937; data not shown on p. 29 of the Survey will appear in a subsequent issue.

3 SURVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey FINANCE BANKING Acceptances and com'l paper outstanding: Bankers' acceptances, total mil. of l_. 236 2 258 2 27 273 27 2 Held by Federal Reserve banks: For own account For foreign correspondents U 1 (a) ( a ) ( a (a) ) (*) Held by group of accepting banks: Total mil. of l._ 1 217 216 221 223 222 212 24 Own bills 119 133 129 129 13 124 121 122 Purchased bills 9 84 87 93 98 91 82 Held by others 48 47 42 4 46 51 58 52 Commercial paper outstanding 194 211 29 212 213 26 187 195 Agricultural loans outstanding of agencies supervised by the Farm Credit Administration: Grand total mil. of l_. 3,148 3,319 3,37 3,29 3,257 3,229 3,21 3,185 Farm mortgage loans, total 2, 647 2,795 2,7 2,776 2,764 2,751 2,735 2,719 Federal land banks 1,934 2,14 2,9 2,4 1,998 1,99 1,982 1,973 Land Bank Commissioner 713 782 777 772 7 76 7 746 Loans to cooperatives, total 85 1 12 11 116 112 112 15 Banks for cooperatives incl. Central Bank mil. of l.. 75 76 87 87 8 Agricultural Marketing Act revolving fund mil. of l.. 25 26 27 28 25 24 24 Short-term credit, total 424 42 44 377 366 3 3 Federal intermediate credit banks, loans 417 to and discounts for: Regional agricultural credit corps., prod, credit ass'ns, and banks for cooperatives^ mil. of L. 1 199 197 19 175 1 1 164 Other financing institutions 41 43 43 41 36 35 34 33 credit ass'ns. 1 184 181 171 1 148 148 148 Regional agr. credit corps. 1 14 14 13 12 12 11 11 Emergency prop loans. 125 127 126 123 119 117 116 115 Drought relief loans _ 56 56 56 Joint Stock Land Banks in liquidation._ 93 91 9 87 85 Bank debits, total (141 cities) mil. of l_. 3, 477 3, 28, 27 29, 525 33,235 29, 4 39, 966 32, 393 New York City.. 12, 794 13,828 12, 247 13,85 15,14 12,425 18, 879 14,3 Outside New York City.. 17, 3 16,7 16,23 16,44 18,96 17,39 21,87 17, Federal Reserve banks, condition, end of mo.: Assets (resources) total mil. of l 17, 348 14,285 14,2 14, 573 14,1 15,293 15,581 15,9 Reserve bank credit outstanding, total mil. of l._ 2,4 2,5 2,585 2,6 2,5 2,584 2, 2, Bills bought. 15 17 17 1 1 1 1 1 Bills discounted _ United States securities. 2,4 2,564 2,564 2,58 2,5647 2,5647 4 5 2,564 2,574 Reserves, total. 14,23 11,49 11,26 11,295 11,9 11,97 12,166 12,382 Gold certificates. 13,878 1, 642 1,64 1, 918 11,272 11,3 11, 798 11,948 Liabilities, total. 17, 348 14, 285 14,2 14, 573 14, 1 15, 293 15, 581 15,9 Deposits, total. 11,952 9,27 9,212 9,46 9,2 9,935 1, 1,42 Member bank reserve balances, total mil. of l.. 1. 57 8,164 8,179 8,198 8,713 8,876 8,724 9,215 Excess reserves (estimated). 4'. 5 3,22 2,941 2,9 3,227 3,3 3,25 3,644 Federal Reserve notes in circulation.. 4. 4,135 4,1 4,2 4,315 4,385 4,452 4,339 Reserve ratio percent...3 82.4 82.4 82.7.2.6.7.9 Federal Reserve reporting member banks, condition, Wednesday nearest end of month: Deposits: Demand, adjusted mil. of L_ 17,4 14, 951 15, 3 15, 58 15, 766 16,13 15, 9 16, 48 Time 5, 243 5,193 5, 21 5,18 5,1 5,124 5,16 5,1 Domestic interbank 7, 12 5,7 5, 958 5,799 6,219 6,212 6, 6, 359 Investments, total 1 14,78 12, 395 12, 591 12. 999 13,81 13,8 13,219 13, 29 U. S. Government direct obligations, 8, 515 7,5 7,7 8,111 8,132 8,16 8,266 8,173 Obligations fully guaranteed by U. S. Government mil. of l. 2,241 1,646 1, 5 1,5 1,6 1,2 1,732 1,7 Other securities 1 3,322 3,94 3,147 3,213 3. 2 3,22 3,221 3,247 Loans, total ^ 8, 166 8,1 8,27 8,241 8,327 8,317 8,43 8,233 Commercial, industrial, and agricultural loans 1 mil. of l.. 3,7 3,5 3, 8 3,1 3,2 3,6 3,843 3, 7 Open market paper. 313 336 339 344 347 338 328 324 To brokers and dealers in securities mil. of L. 5 649 728 712 848 7 Other loans for purchasing or carrying securities mil. of L. 526 574 579 576 571 572 56 5 Real estate loans _. 1, 1 1,1 1,16 1,1 1,164 1,1 1,1 1,174 Loans to banks 74 111 19 118 11 117 115 99 Other loans 1._ 1,3 1,516 1,57 1,52 1,515 1,3 1,5 1,2 Money and interest rates: Bank rates to customers: In New York City percent 2.27 2.16 2.25 2.29 2.33 2.33 2.29 In eight other northern and eastern cities percent.. ) 3.28 3.26 3.3 3.37 3.28 3.47 3.41 In twenty-seven southern and western cities percent._ ) 4.12 4.12 4.7 4.6 4.5 4.4 4.1 Bond yields (Moody's): Aaa. 2. 3.22 3.18 3.21 3.15 3.1 3.8 3.1 Baa. 4.84 5. 5.49 5. 5.36 5.23 5.27 5.12 Discount rate (N. Y. F. R. Bank) 1. 1. 1. 1. 1. 1. 1. 1. Federal land bank loans 4. 4. 4. 4. 4. 4. 4. 4. Federal intermediate credit bank loans.. 1.5 2. 2. 2. 2. 2. 2. 2. Open market rates, N. Y. C* Acceptances, prime, bankers. Me Me Me Me Ms Me Me Call loans, renewal (N. Y. S. E.) 1. 1. 1. 1. 1. 1 1. 1. Commercial paper, prime (4-6 months) percent.. 5 A- 3 A H H Time loans, 9 days (N. Y. S. E.) Treasury bills, 91 days (yield).. 4 m VA \\i ṃ8.6.5 ṃ 4 ṃ 3 ṃ 3 Treasury notes, 3-5 years (yield)..45.7.71.82..71...7 Less than $5,. cfto avoid duplication, these loans are excluded from the totals. Includes a small amount of Federal intermediate credit bank loans (direct) not shown separately. ^See note marked with a "f" on p. 3 of the issue. 1 Discontinued by reporting source. New series on somewhat different basis will be substituted when available. 248 198 122 76 5 195 3,178 2,71 1,9 741 98 74 24 37 1 34 1 11 116 85 27, 581 12,38 15, 21 15,8 2,598 1 4 2,564 12, 5 12,125 15,8 1,571 8,936 3,387 4,3 84.2 15, 9 5,22 6,414 13, 48 8,143 2,19 3,246 8,1 3,773 313 799 523 1,136 1, 2.24 3.33 4.9 3. 5.5 1. 4. 1. Me 1. V2-H 11/4.3. 245 191 117 74 191 3,173 2,4 1,96 734 91 66 23 3 175 35 1 1 121 34, 4 16,274 18,211 16,1 2,587 1 4 2,564 12,951 12,5 16,1 1,919 9,157 3,9 4,38 84.7 15,991 5,217 6,466 13, 3 8,96 2,26 3,266 8,191 3,814 35 764 1 1,14 94 1,3 ) ) ) 2.99 4. 1. 4. 1.5 Me 1. H-H VA.3.51 238 1 118 72 49 1 3,172 2,3 1,9 728 23 43 1 36 178 1 125 82 3,143 13,311 16,2 16,766 2,595 1 3 2,571 13,476 13,13 16,766 11,376 9,9 4,98 4,458 85.1 16, 66 5,248 6,7 13, 714 8,341 2,26 3,347 8,71 3,841 32 648 9 1,148 6 1,3 ) ) ) 3.2 5.15 1. 4. 1.5 Me 1. H-H VA.3.5 1 124 1 3,16 2,1 1, 948 723 84 6 23 411 187 38 1 1 125 8 31,8 14,1 17, 7 16, 2 2,573 14 2,564 13,3 13, 326 16, 2 11,5 1,29 4,218 4,477 85.4 16,9 5, 235 6, 5 13,5 8,237 2, 3,2 8,126 3,822 38 721 9 1,156 59 1,521 ) ) ( 2.97 5.7 1. 4. 1.5 I.'OO VA.3. 42 191 122 181 3,158 2,8 1,941 718 6 23 417 19 4 1 1 125 79 33, 9 15,312 18, 6 17,172 2,579 15 2,1 13, 874 13, 524 17,172 11,71 1, 18 4, 14 4,511 85.6 17, 22 5, 237 6, 747 13, 8 8, 423 2,148 3,291 8, 3,3 33 648 3 1, 1 51 1, ) ( 2. 4. 91 1. 4. 1.5. 3.39

SURVEY OF CURRENT BUSINESS 31 Monthly statistics through 1937, together Supplement to the Survey BANKING Continued Savings deposits: Savings banks in New York State: Amount due depositors mil. of L U. S. Postal Savings: Balance to credit of depositors Balance on deposit in banks -_. COMMERCIAL FAILURES! Grand total number. Commercial service, total Construction, total... Manufacturing, total... Chemicals and drugs.._ Foods Forest products Fuels. Iron and steel... Leather and leather products... Machinery... Paper, printing, and publishing._. Stone, clay, glass and products._. Textiles... Transportation equipment. _. Miscellaneous... Retail trade, total. Wholesale trade, total._. Liabilites: Grand total thous. of L Commercial service, total. Construction, total... Manufacturing, total... Chemicals and drugs... Foods... Forest products. Fuels... Iron and steel... Leather and leather products._. Machinery Paper, printing, and publishing._. Stone, clay, glass and products. Textiles. Transportation equipment. Miscellaneous Retail trade, total Wholesale trade, total LIFE INSURANCE (Association of Life Insurance Presidents) Assets, admitted, total:t mil. of l Mortgage loans, total Farm Other Real estate holdings Policy loans and premium notes Bonds and stocks held (book value) total mil. of l. Government (mestic and foreign) Public utility... Railroad Other Cash Other admitted assets Insurance written: Policies and certificates, total number thousands.. 7 Group 26 Industrial 427 Ordinary 234 Value, total thous. of L_. 56,38 Group 23, 8 Industrial 118,218 Ordinary 364, 3 Premium collections, total 248,77 Annuities 27,712 Group 1,497 Industrial, 5 Ordinary 1, 314 (Life Insurance Sales Research Bureau) Insurance written, ordinary, totalf thous. of l. New England Middle Atlantic..._ East North Central West North Central South Atlantic East South Central West South Central. Mountain Pacific Lapse rates 15-26=1 5,519 1,2 57 917 26 37 1 3 49 1566 5 14 196 4 1 24 574 14,15 331 3 6, 72 32 2,3 212 1,17 213 773 26 2 1,13 58 323 4,6 2, 4,423 36,3 124, 598 12,981 48, 575 42, 233 18, 277 37, 8 13, 9 38, 412 5,329 1,252 11 1,38 51 45 21 7 32 242 14 7 13 2 6 5 24 9 13 14, 7 7 376 5,957 1 2,143 3 295 258 221 291 293 35 991 15 476 5,385 2,426 22, 29 4,291 2 3,9 1,8 2,6 12, 349 5,56 2,7 2,752 1,248 774 33 72 12 511 197 528,452 18,9 1, 3 356, 41 287,11 66, 779 1,423 56, 737 1,171 457, 224 31, 795 118,748 99,159 51, 227 42, 17, 5 41, 4 13,99 4,1 FINANCE Continued 5,332 1,252 1,15 34 57 173 8 37 122 11 6 129 7 41 6 22 9 122 16,382 344 1,128 6,147 91 747 37 76 764 256 434 9 2,2 34 24 5,93 2, 22, 32 4,313 3,643 1,81 2,6 12,3 5,57 2,847 2,7 1,28 334 712 18 518 176,96 33, 443 156, 34 3, 213 245, 298 22,2 1, 6, 73 151,9 47,917 3,7 123, 97,4, 82 46, 18,4 41,235 14,85 44,136 5,3 1,248 6 33 49 184 6 31 148 11 6 18 18 9 33 4 26 528 72 14,341 347 782 5,227 1,56 48 6 24 57 2 415 124 981 77 3 6,45 1,5 22,413 4,334 4 3,66 1,7 2,6 12, 5 5,598 2,5 2,7 1,316 732 339 76 16 582 1 519,932 24, 4 173,641 321, 3 237,7 19,366 1,48 6, 5 147, 228 428,482 28, 648 112,49 9, 2 45,4 42, 111 19, 36,175 13, 428 4,1 5,3 1,25 96 997 47 43 172 1 38 1448 5 12 16 7 3 7 21 7 18 13,219 575 4,11 245 1,31 478 316 81 26 64 35 341 16 343 5,251 2,6 22, 52 4, 35 4 3,6 1,79 2,9 12,8 5, 2,9 2,752 1,349 727 336 822 24 598 2 5,432 32, 2 179, 5 38, 591 234,12 2,95 9,98 57,2 145,982 4,956 35,15 139,5 13,323 49,9 46, 3 18,941 4,218 13, 41,819 5,359 1,25 87 984 48 196 6 44 13 1 1 12 15 7 51 8 2 5 99 12,32 1,158 713 4,434 9 73 99 429 1 333 27 2 149 45 4,513 1,484 22, 4,3 3 3,8 1,79 2, 12,9 5, 2,95 2,726 1,35 821 5 34 223 1, 2 43, 7 182, 444,818 248,595 28,515 1,1, 34 1,45 57, 648 44, 7 17, 752 12,493 56, 6 51,957 23, 8 4, 575 14, 934 47,177 5,45 1,252 875 37 48 175 11 33 21 38 5 11 84 44 3 24 527 36, 528 1,8 797 6,285 185 1,743 4 156 524 1 74 116 1,26 364 4,142 23, 6 22, 729 4,381 3,711 1,751 2,6 12,9 5,794 3,4 2,649 1,422 5 457 1, 71 7 264 974, 91, 294 226,85 7, 1 3, 5,28 12,148 96,493 196, 7 7,8, 39 279,319 187, 742 93, 2 79,4 34,198, 32 22, 75 73, 995 11 5,417 1,259 1,2 218 7 43 179 12 12 17 15 8 41 3 34 82 135 19,122 1,912 5 6, 81 1,6 387 357 1,9 575 713 2 335 26 6 7.731 2, 22,85 4,395 3,725 1,743 2,8 12,4 5,857 2,957 2,3 1,417 747 4 3 357 2 729,937 51,9 99, 3 578,5 277, 35,95 12.914,146 1,5 729, 766 58,827 194,457 174,37 76,498,3 27,11, 22 17, 64, 25 5,431 1,2 81 9 32 45 177 12 42 18 11 16 4 31 19 8 91 12, 7 2 9 4,985 125 1,482 237 36 2 118 2 512 112 1, 528 5,251 1,322 22,9 4,43 6 3,734 1,74 2,1 12,95 5,5 2,974 2,7 1,424 759 456 5 23 399 252 57, 491 4, 3 19,871 42, 2 25, 374 22,491 11, 6 56,981 159, 235 2,32 43,2 14,911 122, 242,148 48,38 2,3 42, 233 13,7 46, 7 5,478 1,266 1,123 52 21 7 51 2 3 127 15 15 8 18 3 124 17,915 1,113 1,228 7,875 3,248 742 7 36 32 1 1 1,4 145 279 5,6 2,37 23,18 4,41 6 3,743 1,738 2,1 12,999 5,93 2,995 2,1 1,43 81 45 842 33 499 31 645,19 45,25 138, 396 4,418 287, 9 25,817 13, 19,96 185, 743 577,23 44,852 159, 747 13,647, 913,5 22, 845 45,997 15, 848 48, 34 5,4 1,264 76 1,14 46 51 219 6 18 11 12 9 17 13 1 41 2 27 8 136 17, 4 495 744 8,294 1 1,444 34 1,164 3 1,7 5 666 8 1,24 3 395 5,566 2,393 23,1 4,416 6 3,749 1, 743 2, 13, 5,952 3,3 2,5 1,435 827 444 716 2 464 232,666 35,981 129, 51 385,4 243,414 19,8 1,45, 2 151,3 495, 37, 14, 19, 49, 45, 19, 38, 13, 42, 5,471 1,2 73 1,122 44 66 26 6 56 21 1 1 59 11 8 6 4 15 136 14,757 876 1,158 4,3 19 1, 852 525 1 316 28 281 47 212 813 44 26 5,878 1,952 23,199 4,424 666 3, 758 1, 746 2,598 13,127 5, 977 3, 7 2, 4 1, 459 858 446 812 33 496 2 64, 445 43,278 137,73 424, 94 257, 9 22, 11,32 59,846 164, 8 frevised series. Data on commercial failures revised beginning June 1934; see table 3, pp. 17-18 of the issue. Data for insurance written, ordinary (Life Insurance Sales Research Bureau) include a block of intermediate insurance beginning. Earlier data on a comparable basis will be shown in a subsequent issue. J37 companies having 82 percent of total assets of all United States legal reserve companies. 4 companies having 82 percent of total life insurance outstanding in all United States legal reserve companies. 2, 4, 148,84 117,143, 372 5,14 21, 59 42, 221 14, 46 44, 372 5, 514 1, 2 64 952 6 5 166 7 4 125 13 11 8 12 5 32 4 17 585 91 11, 59 1,15 4, 4 97 1, 57 215 341 313 199 276 216 79 1,147 45 4 3,849 1,3 23, 275 4,435 664 3, 771 1, 745 2,585 13,358 6, 57 3,139 2, 9 1,4 727 425 841 134 4 245 729,749 ]94, 223 128, 5 46, 958 2, 472 25, 496 11,528, 2 17,193 524, 5 41,314 142, 293 116,6,78 51,134 21,811 4,791 14, 935 42, 93

32 SUEVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey MONETARY STATISTICS Foreign exchange rates: Argentina l. per paper peso.. Belgium l. per belga. Brazil l. per milreis British India l. per rupee.. Canada l. per Canadian L_ Chile l. per peso. France... l. per franc. Germany l. per reichsmark.. Italy l. per lira. Japan l. per yen. Netherlands l. per guilder.. Spain l. per peseta.. Sweden l. per krona.. United Kingm l. per Uruguay l. per peso.. Gold: Monetary stock, U. S mil. of l.. Movement, foreign: Net release from earmark^ thous. of L. Exports. Imports. : Union of South Africa, total fine ounces.. Witwatersrand (Rand) Receipts at mint, mestic (unrefined).- Currency in circulation, total mil. of l_. Silver: Exports thous. of l Imports.... Price at New York l. per fine oz._, world thous. of fine oz. Canada._. Mexico... United States... Stocks, refinery, end of month: United States... Canada... CORPORATION PROFITS (Quarterly) Federal Reserve Bank of New York: Industrial corporations, total (1 cos.) mil. of l.. Autos, parts, and accessories (28 cos.). Chemicals (13 cos.) Food and beverages (19 cos.) Machinery and machine manufacturing (17 cos.) mil. of L. Metals and mining (12 cos.) Petroleum (12 cos.) Steel (11 cos.) Miscellaneous ( cos.) Telephones (91 cos.) (net op. income) Other public utilities (net income) (52 cos.) mil. of l_- Interstate Commerce Commission: Railways, class I (net income) Standard Statistics Co., Inc. (earnings): Combined index, unadjusted*! 16=1.. Industrials (119 cos.) Railroads (class l) t Utilities (13 cos.) Combined index, adjusted*t Industrials (119 cos.) Railroads (class l)*t Utilities (13cos.) PUBLIC FINANCE (FEDERAL) Debt, gross, end of mo mil. of l.. Public issues: Interest bearing* Noninterest bearing* Special issues to gov't agencies and trust funds* mil. of l - _ Obligations fully guaranteed by the U.S. Government :c? Amount outstanding by agencies, total. mil. of L. Federal Farm Mortgage Corporation-.312.17..349.998. 52. 26. 41..273.3.11.241 4. 1.6 16,182-166, 212 9 278, 645 281, 317 7,51 64 5, 1.349 4, 6 36,196 8 3,918.329.1.59.3.994.52.28.42..287..57.2 4.9.649 12,985-2,942, 1,34,8 952, 995 35, 487 6,464 193 18, 326.428 24, 71 2,112 9,19 4, 7,843 3 37,194 33,4 9 2,81 FINANCE Continued.325.1.58.364.996.52.27.41..284.6.57.252 4.1.642 13,57-28, 785 17 1,99 1,46,338 9, 757 2. 493 6,482 41 4,9S5.428 25, 9 2,528 9,224 5,596 7,7 4 37, 596 34,112 1 2,943.32.1.59.358.994.52.27.4..28.9.52.248 4.84.2 13, 441-13,2 11 52, 97 1,35,341 952, 31, 593 6,57 1,4 24,98.428 2, 64 2,22 4,4 5,73 6,396 2.8 <*6.2 24.2 19.9 4.1 1.5 1.7 d 7. 3 14.9 5.5 3.4 38.5 34.4 2. 9.7 38.4 32.2 1.5 14.8 38, 395 34, 3 2,933.318.1.58.356.991.52.27.4..278.4.51.246 4.7.7 13,94-11,177 16 5, 382 1,41,394 96, 5 277, 5 1,259 25, 72.428 2,1 2,4 4,16 5,441 6,824 1.314.1.59.352.9.52.26.4..274.3.51.243 4.78. 14,1-7, 375 14 177,782 1,24,57 944,35 333, 27 6,75 823 24,987.428 16,159 2,23 2,781 2,879 4,4 3.311.1.59.349.991.52.26.41..272.4.5.241 4..5 14,416 -,387 16 24, 2 \ 1.28,774 946, 5 235, 337 6,8 1,344 21, 3.428 19,511 1,2 4,2 4,4 2,49 187. 78.4.1 2.4 5.6 4.1 4.7 1.3 25.4 56.5 76.7.3 31.9 123. 76. 79. 29.2 113.2.311.1.59.349.9.52.26.41..272.2.46.24 4.6.4 14, 599 14,16 81 156,427 1,33,939 9, 916 233, 6,712 1,1 1, 328.428 19,18 1,575 4,281 4,6 4,75 6.312.1.59.35.995.52.26.41..273.6 ).241 4.6.6 14, 778-48, 5 15 223, 296 985,843 91, 84 195, 78 6,7 2, 9,7.428 21, 822 1,4 6,794 5, 2 4, 2.312.1.59.351.996.52.26.41..273.1 ).241 4.5.7 15,14 1,72 3, 436 1,73,84 9, 974 29, 778 6,764 1,3 7,27.428 2,7 1,7 4,96 5, 7,432 5 1.3.5 31.7 15.8 6.2 2.1 4.5 6.2 17.3 56.4.5 d 43. 6 6.4. * 25.4 124.7.4.7 * 19.8 113.4.312.1.59.35.995.52.26.41..273.1 ).241 4.1.6 15,59-114,842 231 66,27 1,17,58 938, 9 227, 642 6,8 2, 7,143.428 17, 4 1,411 2,515 5,336 8,6 2.312.17 ( 2 ).349.996.52.26.41..273.6.11.241 4.1.6 15, 878-251, 579 36 429, 44 1,84,859 1,,181 219,1 6, 919 5,48 5,64 5,15 5,9 5,1 4,993 4,9 4,987 5,41 5,41 5,41 5,49 1,379 1,41 1,41 1,44 1,395 1,3 1,3 1,3 1,381 1,381 1,38 1,379 Home Owners' Loan Corporation 2,958 2,937 2,8 2,8 2, 8 2,8 2,8 2,8 2,8 2,8 2,8 2,8 Reconstruction Finance Corporation. 82 51 511 511 511 511 59 59 819 819 819 82 Expenditures, total, including recovery and relieff thous. of l 87, 325 7, 7 2,823 764, 59 77,311 8, 5 87, 278 3, 385 6,464 879, 3 7, 517 744, 9 General (including recovery and relief)* t 9 232 2,146 2, 58 6,115 716,36 2,5, 351 649, 573, 971 796,139 722.342 6,824 Revolving funds, net* ' 856 5,38 12,743 1,249 r 9,3 ' 6, 842 ' 3, 742 ' 4,5 1,3 5,599 7,9 7,451 Transfers to trust accounts* 1,13 135,17 47, 5 44, 5 43, 5 48, 5 48, 5 38,5 5,,, 5, 94 Debt retirements* 134 137 13, 645 1,772 745 8,5 6 127 9,5 1,182 Receipts, totalf 37, 846 311, 487,487 71, 331, 9 381,644 74,494 38,152 417,349 737,391 2.343 396, 781 Customs 25, 528 23,11 28,3 28, 59 3, 797 27,338 25,121 24, 318 22, 3 29, 266 29,437 25, 318 Internal revenue 3.91 35,426 3, 2 2, 4 315, 34,572 6, 252 315,845 333,518 1,41 279,987 315, 37 Income taxes 43,23 41,66 33, 978 487,132 41,78 35, 912 473, 84 5,764 56,872 495,96 38,2 43, 3 Social security taxes* 72, 7 77, 77 85. 736 2,4 81, 58 81,979 2,939 125,87 3,8, 4 93, 44 r Revised. d Deficit. *> Preliminary. ^Or increase in earmarked gold ( ). Number of companies included varies slightly. 1 Quotations not available 25-May 14,. 2 Quotations not reported April 1,, through June 8,. 38, 426 34, 95 526 2,949 38, 34,981 5 3,9 39,439 35, 7 528 3,156 39, 641 35,2 4 3,215 39,4 35, 949 3 3,382 39, 99 35, 994 3 3,4 4, 36,38 8 3,4 1 6,152.428 1,9 3,7' 9,93 1 4, 282 36,85 1. 312.17..349.998.52.26.41..273.2.11.241 4.2.6 16, 28-12, 596 19 24, 45 21,111 6,966 33 14, 77.42 1,766 "5," 493 4,935 316 p.2 v.7 *> d 29. 3 v 116.1 P56. 5» 6.7 P d 24. 6 v 118.5 *New series. New items for Federal gross debt beginning June 1916 appear in table 21, p. 16, and for Federal expenditures beginning 1931 in table 22, p. 17, of the April Survey. Data on receipts from social security taxes beginning June 1936 will appear in a subsequent issue. frevised series. The Standard Statistics Co. index of railroad earnings and the combined index have been revised beginning 1932; see table 25, p. 18, of the April Survey. Total Federal expenditures and receipts revised beginning 1931; see tables 22 and 23, p. 17, of the April Survey. Revised series. Data revised for 1937, see table 19, p. 14 of the April Survey. cftotal includes $26,174, in guaranteed debentures of the Commodity Credit Corporation beginning with May. Also included is a small amount of guaranteed debentures of the Federal Housing Administrator, and in Feb., $114,146, for the U. S. Housing Authority which amount was increased to $114,157, beginning with Mar.. {"General" and "recovery" relief not reported separately by Treasury Department after June. 4, 44 36,116 5 3,77 5,45 1,379 2,8 82 972, 5 8,856 8,474 56, 4 21, 235 2, 522 24, 517 5, 646 351, 958 16, 252

SURVEY OF CURRENT BUSINESS 33 Monthly statistics through 1937, together Supplement to the Survey Novem- ber Febru- ary FINANCE Continued PUBLIC FINANCE (FEDERAL)-Con'd. Beceipts, total Continued. Internal revenue Continued. Taxes from: Admissions to theaters, etc.-thous. of L. Capital stock transfers, etc Sales of radio sets, etc Government corporations and credit agencies:f Assets, other than interagency, total mil. of L. Loans and preferred stock, total Loans to financial institutions find, preferred stock) mil. of l Loans to railroads Home and housing mortgage loans_. Farm mortgage and other agricultural loans mil. of l All other U. S. obligations direct and fully guaranteed mil. of l Business property Property held for sale All other assets Liabilities, other than interagency, total, Bonds, notes, and debentures: Guaranteed by the U. S Other. Other liabilities inch reserves Privately owned interests Proprietary interests of the U.S. Government mil. of l-. Reconstruction Finance Corporation, loans outstanding, end of month:f Grand total thous. of l Section 5 as amended, total Banks and trust companies, including receivers thous. of l Building and loan associations Insurance companies Mortgage loan companies Railroads, incl. receivers All other under Section 5 Emergency Relief and Construction Act, total, as amended thous. of l Self-liquidating projects (including financing repairs) thous. of l Financing of exports of agricultural surpluses thous. of l Finaneing of agricultural commodities and livestock thous. of l Direct loans to business (incl. participations) thous. of L- Total Bank Conservation Act, as amended thous. of l-. Drainage, levee, irrigation, etc.* Other loans. _ CAPITAL FLOTATIONS New Security Registrationsi (Securities and Exchange Commission) New securities effectively registered under the Securities Act of 1933, total... thous. of l Estimated gross proceeds (total registration, less securities reserved for conversion), total thous. of l~ Type of security: Common stock Preferred stock Certificates of participation, etc..1" Secured bonds Debentures and short-term notes.. I"l... Type of registrant: Extractive industries Manufacturing industries Financial and investment Transportation and communications Electric light and power, gas, and water l"ll'."-~ thous. of l Other Securities not presently intended to be offered for cash sale for account of registrants: Registered for account of others thous. of l.. Registered for options and for other subsequent issuance thous. of l.. Other securities not intended for cash sale thous. of l Selling and distributing expenses: Commissions and discounts thous. of l Other selling and distributing expenses thous. of L- 1,4 813 2 1,775,7 8, 491 13,857 3,2 2,799 126,126 438, 3 3,5,164 4,119 21,29 7 121, 84 578, 431, 359 251,9 232, 712 227, 5 16,385 48, 35 1, 759 39, 5 112,421 72, 942 24,1 28, 4 82, 914 1, 9 1,999 28 37,178 5,6 1,9 1,429 35 11,3 8,452 1,357 475 2,346 3,466 87 4 432 979 7,229 5,64 1,378 7 372 3,764 1,1,4 1,6,212 1,77,18 647, 34 2, 527 6, 5 132, 72 2,218 3,526 1, 232 398,34 1, 1 1,1 185,3 47 81,16 5, 6 79,511 122, 37 223, 7 222, 595 19, 443 2, 9 51,51 64,181 84, 5 117,,?,2 29,978 3, 2 3,415 31 2,2 13 7, 7 1,425 2,52 4 11,317 8,476 1,333 491 2,34 3,491 821 7 438 666 91 7,129 5,1 1,372 7 374 3,815 129, 76 2,194 3,51 96, 287 414, < 5,91 198,39 187, 3 1,47 85,24 2, 47 79,376 121, 5 394, 433 315, 9 26, 477 4, 7 18. 431 1,2 97, 24 417 38, 319 29,956 243, 412 3,4 4,278 23,114 5 6,5 1,6 1,21 345 11,319 8,496 495 2,335 3,499 7 843 447 6 6 7,112 5,1 1,3 737 377 3, 127, 2,126 3,481 13, 24 419, 364 5,943 199,1 1, 748 1, 47 6 91, 4 1, 2 79, 584 123, 2 125, 27 16, 7 2,932 7, 7 23, 38 35, 75 6, 341 59, 1 39,944 8 5,9 56 1 5,412 1,596 1,1 466 11,359 8,57 1, 327 52 2,33 3, 494 8 844 451 3 8 7,75 5,1 1,352 722 379 3,95 1,735,1 9,78 126, 4 2,93 3,459 114, 741 426, 46 5,8 25,913 19,152 15, 47 715 97,945 9,484 79,6 123, 17 411, 878 45, 14, 423 4, 438 8, 179 2, 93 11, 93 377 57, 226 7, 787 275,173 1,5 1,3 45,311 8,293 1,985 2, 226 5 11,335 8,52 1,321 2,326 3,4 5 845 452 9 856 7,16 1,323 7 382 3,936 1,75, 6,3 124, 427 2,29 3,8 126, 416 428, 41 5,1 25,848 19,15 15, 47 13, 287 7, 4 8,4 123,124 33, 28 249,9 51,526 21,441 1,3 46, 5 119,84 4,8 31,981 42, 528 4,239 13, 219, 475 7,334 23,931 24 6,287 2,2 1, 7 593 11,451 8,5 1,344 511 2,335 3,4 8 8 456 6 8 7,48 4,9 1,317 739 381 4,22 1,, 78, 484 12,778 1,98 2,9 14, 644 436, 94 6, 21, 64 18,8 2, 47 17, 412 585,16 8,991 124,97 144, 14, 79 23,124 18, 566 12, 9 57, 413 16, 8,281 11,96 36,9 82, 28 2,414 1, 215 4,387 1,564 1, 57" 11,515 8,527 1, 314 512 2,329 3,4 8 46 8 9 7,117 4,987 1,327 757 3 4,15 1,77,93 666,999 118, 1, 959 2,964 1,28 437, 7 5,94 27,948 182,149 25, 47 752 19,39 579,3 82, 276 125, 28 139,2 139,75 5, 7 38, 7 22, 573 9 7,913 523 7, 21 22, 391 18,512 45 3,135 4,13 94J 1, 1,394 44 11, 8, 59 1,291 58 2,327 3, 46 3 874 4 78 1,95 7,5 5, 41 1,3 384 3,8 1,766,111 1, 782,31, 722, 571,727,285 664,17 4, 5 3, 218 7, 4 116,12 1,1 2, 915 11,216 436,139 5,797 25, 598 181,814 23,47 738 11,432 576,23 82, 4 127,4 21, 6 21, 366 9, 645 2, 7: 3. 875 5,139 6,821 6. 6 1,827 5, 9 9 971 42 3,5 1,19 1, 1, 3 11, 6 8,523 1,278 2, 324 3,456 96 5 4 712 1,18 7,5 5,41 1,374 3 3,718 113, 873 1, 9 2,91 11,587 439,56 5,3 24,811 181,28 23, 47 737 112,48 576,117 82, 757 132,1,2,242 12,393 1,741 4, 8 28, 4 22,3 28 35, 76o 4,758 27,56 935 4,8 17 1,93 2,7 1,385 1,259 287 11, 8 8,497 1,2 59 2,323 3,459 913 849 472 712 1,157 7, 5 5,41 1,379 387 3,79 111,44 2, 9 2,871 117,326 443, 84 5,175 131, 3 134, 496 17, 578 18, 995 23, 47 764 112, 1 114,498 579, 774 82, 966 132, 9 37, 7 277, 7 47,438 27, 9 1, 766 116.991, 5 342 146, 45 6,271 5,35 117,712 1,577 11, 525 2, 28,379 4,9 1, 66 1,273 279 11, 73 8,511 1,297 51 2,325 3,447 941 85 476 713 1,151 7,581 5,41 1,382 79 3 3,732 18,4 3, 37 2,8 121,75 436, 2 5,56 24, 737 764 58, 238, 84 137, 476 57,, 5 2, 473 22, 26 3, 46 9, 449 234 3, 779 17, 24 25 31, 2,6 3,777 219 2, 3 2,128 1,491 735 258 11, 76 8,4 1,311 493 2,331 2 8 481 78 1,199 7, 1 5,471 1,3 791 387 3,6 1,752,8 9, 278 14, 872 3,328 2, 2 125,372 439,199 3,5, 78 39,464 23,48 764 117, 79 58,7,19 228, 8 275, 49 271, 72 r 29, 37 12, 5 1, 5 144, 872 74, 279 942 1,51 2, 1 2,16 1,18 1 215 7 1,443 235 1,1 r Revised. «The total includes $12,576, of face amount installment certificates. [Series differ from current presentation of the Securities and Exchange Commission, due to a reclassification of certain items, bur data as shown on p. 33 of the Survey are comparable throughout. When earlier data are available on the new basis, they will be presented in the Survey. *New series. Data for drainage, levee, irrigation, and similar districts, beginning 1933 not shown above will appear in a subsequent issue of the Survey; this series was formerly included with "Other loans." frevised series. Data on Government corporations and credit agencies have been revised beginning June 1937 due to changes in the underlying U. S. Treasury Department compilations and are not comparable with the series shown in the Supplement. Several new series on loans and other assets have been brought out, but no changes have been made in the series on liabilities. Data not shown on p. 33 of the Survey will appear in a subsequent issue. For Reconstruction Finance Corpora* tion loans outstanding, minor revisions beginning 1934 will appear in a subsequent issue. 12, 2 93, 97 21, 941 3,1 124,971 15, 5 13, 9 3,1 2, 6,8

34 SURVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey CAPITAL FLOTATIONS Cont'd New Security Registrations Cont'd.l (Securities and Exchange Commission) Estimated gross proceeds (total registrations less securities reserved for conversion) Con. Estimated cash proceeds to be used for: Total thous. of l.. 182, Organization development Purchase of: Plant and equipment* 1, Other assets Securities for investment Securities for affiliation Increase of working capital Ketirement of preferred stock Repayment of bonds and notes Repayment of other indebtedness. _ Miscellaneous Securities Issued (Commercial and Financial Chronicle)] Securities issued, by type of security, total (new capital and refunding) thous. of l_. New capital, total Domestic, total Corporate, total Bonds and notes: Long term... Short term Preferred stocks _ Common stocks Farm loan and other government agencies thous. of L. Municipal, States, etc. Foreign, total. Corporate. Government. United States possessions. Refunding, total Domestic, total. Corporate, total._.. Bonds and notes: Long term. Short term. Preferred stocks. Common stocks. Farm loan and other Government agencies thous. of l. Municipal, States, etc Foreign, total Corporate Government "United States possessions Securities issued by type of corporate borrower, total thous. of l._ New capital, total Industrial Investment trusts, trading, and holding companies, etc thous. of l_. Land, buildings, etc Public utilities Railroads Shipping and miscellaneous Refunding, total Industrial Investment trusts, trading, and holding companies, etc thous. of ll Land, buildings, etc Public utilities... Railroads. Shipping and miscellaneous (Bond Buyer) State and municipal issues: Permanent (long term)...thous. of L. Temporary (short term). -. COMMODITY MARKETS Volume of trading in grain futures: Wheat mil. of bu,_ Corn... SECURITY MARKETS Brokers' Balances (N. Y. S. E. members carrying margin accounts) 585,732 317,525 317,525 49, 464 4, 29 4,98 4,266 22, 5, 58 2, 27 2, 27 176, 523 128, 3 9, 39,158 74, 5 17, 4 225, 987 49, 464 9,4 1,1 25, 2 12, 435 176,523 95, 875 51 77, 122 3, 475,4 6,7 6 1 211,172 26 18,238 8,979 5, 25, 1, 7, 4, 7 39,3 39,133 13, 276 127,826 6 1,85 216,45 43, 47 5 5 79.64 79,64, 5, 5 2, 25 3,2 185, 821 13, 276 12,3 1 17 9, 74, 5 5, 5 4, 46, 45 5, 649 142, 76 725 18 FINANCE Continued 279, 42,33 27, 241 4 5,29 13,819 175,812 15, 436 37 417.936 182,2 181,6 127,14 123,34 3,143 5,822 45 45 235, 235, 211,141 211,141 13, 5 11, 9 338,1 127,14, 3. 1,35 49,9 3,148 211,141 41, 9 1 1, 382,22, 4 764 26 94, 257 49 5,36 6 31,4 123 5,5 18 5,12 2 238, 3 146,33 146, 33 84, 937,99 82 1,18 8,4 52, 6, 335, 335,136 64, 956 18 5, 6 21, 599 15,73 84, 937 8, 8 747 2,2 74,136 16,18 7,132 41, 824 C,959, 347 71 139 347, 77 9 1,139 21, 745 8,716 447 27, 494 36,139 766,1 166,98 166, 98,2, 484 3 1, 95 1 12,9 599,28 599, 28 274, 237 273, 76 1 322, 8 2,181 338,159, 2 4, 5 1,42 2,441 1,5 274,237 14, 458 12 259, 9 132, 234 1, 875 38 133 211,52 858 38,17 38,375 798 2,997 18,1,743 36 23,6 395, 22,3 195,3 43,521 37,385 4 1,344 4,7 152,373 25, 25, 174,914 134,914 17,72 85, 266 4, 18,436 21, 7 5,513 4, 4, 151, 223 43. 521 18, 284 24 21,2S5 3,712 17,72 44, 6,46 1, 736 47,31 336 147 125, 424 1, 1,142 18 27, 6 8,4 1,494 64, 5 2,36 16 529,182 241,1 241,1 59, 4 43,995 11, 752 3,798, 126,457 2,181 285, 6 25,493 239,52 1,974 2, 25 14, 813 2,5 2,5 31,38 59,4 48, 81 394 6,4 3,8 25,493 56, 44 416 139, 795 46, 378 7,5 128,4 43,764 Customers' debit balances (net) mil.ofl 9 843 4 95 939 991 Cash on hand and in banks 1 29 2 213 196 1 19 Money borrowed... 5 528 571 9 7 6 7 Customers' free credit balances... 238 284 272 25' 27 252 24' r Revised. 1 See footnote marked "1" on p. 33. Includes reimbursement of corporate treasuries for capital expenditures. t Revised series. Data revised beginning 1937; see table 26 on pp. 15 and 16 of the May survey. 325 138 131,22 291 1,915 2,399 1,5 35, 523,58 r 2, 1 277,339 22,1 2, 1 5,827 2,3 2,6 7 118,146 76, 7 2, 2, 56, 56, 1,3 5,2 5, 1 19, 25 27,172 16,213 5,827 1,27 5 1,17 2,5 1,3 3,9 85 3 5, 25 14,966, 6 3 14 971 1 713 235 14,956 22 3,4 13 2,416 4,239 3,33 1,331 2,723 377, 377, 23, 571 16, 722 1,278 5,571 31,9 43, 1,173 1,173 136,115 11, 2 34,829 17,5 1,8 159, 6 23,571 2,171 375 2,475 136,115 12 111, 29 12, 1,5 6, 49 17, 7 1 71 1 79 222 36, 239,9 1,272 1, 272 52,979 42, '936 r 9, 234 4,325 14,9 77,8 74, 8 46,366 2 123 15,23 12, 946 3, 3, 99, 6 52, 979 18, 572 4,22 3,135 71 46,6 15, 31 31,3 49,336, 336 22 81 9 9 225 229, 6 19 1,936 24 3,9 7, 1,34 147,471 4,9 28 3,941 142, 1 142,171 77,6 46, 3 1,2 29, 57 1,95,1 45 45 213, 32 16,82 129,249 15,913 23,336 2, 75 1, 82 52, 5 52,5 258, 77,6 75, 981 5 579 181,749 6,175 12,7 72 16, 5 77,513 15, 332 326 16 1 19 579 236 28,5 25 213 15,278 46 r 3, 643 239 8,641 5 r 126,312,257 116,873 116,873 21,24 17,8 1,97 1, 1, 94,,195,3,179,3 151,2 126,12 4,5 2,4,21,414 7,217 15,75 1,5 5,25 182, 742 r21, 24 3,987 1 43 12, 666 1,5 2,7 ' 15, 25 2,7 1,52 251,798 2, 79, 81 22 1,4 4,9 r 114,8 '11,11 721 137 828 1 5 23 244, 1 857 7,4 32 11,756 194 22, 824 1 187,648 5,47 8,4 64, 38 2,576 2, 326 3, 241 21,128 45 5,579 3,84 2,85 9,25 9,25 311,84 311,84 251, 798 249,4 2,336 2,95 39, 282, 39 3,241 12,198 16,185 9,438 1,6 26,49,82 6 133 4 178 57 23

SUEVEY OF CURRENT BUSINESS 35 Monthly statistics through 1937, together Supplement to the Survey SECURITY MARKETS-Continued Bonds Prices: Average price of all listed bonds (N. Y. S. E.) llars. _ Domestic Foreign Standard Statistics Co., Inc. (6 bonds) l. per $1 bond.. Industrial (2 bonds). Public utilities (2 bonds). Eails (2 bonds). Domestic municipals (15 bonds) U. S. Treasury bondsf... Sales (Securities and Exchange Commission): Total on all exchanges: Market value thous. of l Face value.. On New York Stock Exchange: Market value thous. of L. Face value Sales on N. Y. S. E., exclusive of stopped sales (N. Y. S. E.) par value: Total thous. of l.. U. S. Government Other than U. S. Government: Total. Domestic Foreign Value, issues listed onn.y. S. E.: Face value, all issues mil. of l_. Domestic issues Foreign issues Market value, all issues Domestic issues Foreign issues... Yields: Bond Buyer: Domestic municipals (2 bonds)...percent. Moody's: Domestic (12 bonds)... By ratings: Aaa (3 bonds)... Aa (3 bonds) A (3 bonds)... Baa (3 bonds)... By groups: Industrials (4 bonds)... Public utilities (4 bonds)... Eails (4 bonds).._ Standard Statistics Co., Inc.: Domestic municipals (15 bonds) U. S. Treasury bondsf... Stocks Cash dividend payments and rates (Moody's): Annual payments at current rates (6 companies) mil. of l_. Number of shares, adjusted millions,. Dividend rate per share (weighted average) (6 cos.) llars. Banks (21)... Industrials (4 cos.)... Insurance (21 cos.)... Public utilities (3 cos.)... Rails (36 cos.). Dividend declarations (N. Y. Times): Total thous. of L Industrials and misc... Railroads. Prices: Average price of all listed stocks (N. Y. S. E.) Dec. 31,14=1 Dow-Jones & Co., Inc.: ( stocks) l. per share- Industrials (3 stocks) _. Public utilities (15 stocks)... Rails (2 stocks).. New York Times (5 stocks),.. Industrials (25 stocks) Railroads (25 stocks)... Standard Statistics Co., Inc.: Combined index (42 stocks) 16=1. Industrials (35 stocks)._ Capital goods (17 stocks)*... Consumer's goods (194 stocks)*. _... Public utilities (4 stocks). Rails (3 stocks)... Other issues: Banks, N. Y. C. (19 stocks)... Fire and Marine insurance (18 stocks)... Sales (Securities and Exchange Commission): Total on all exchanges: Market value Sharessold mil. of l. thousands. 93.15 96.46 58.46 81.6.3 12.1 56. 4 118.3 18. 9 121,42 1, 425 87,7 123,949 119,431 52, 48, 32 4, 578 49, 7 46, 331 2,6 2. 3.66 2. 3.7 3. 4.84 3.17 3. 39 4.42 2. 2.16 1,391.46 935. 3 1.49 3.1 1.38 2. 39 1. 94.87 181,33 1,16' 13, 6.2 46. 82 139.26 24. 96 28.29 99.74 178. 3 21.45.1 1. 6 12.9 96.2 84.9 25.7..8 774 3, : 9.19 93.32 6.76 85. 97.3 6.2 114.2 13.8 157,37 232,147 127,133 194,877 178,2 7,518 17,747 152,58 18,1 49,49 44, 7 4,752 44, 5 41, 4 2,7 3.1 4.17 3.22 3. 4.21 5. 3.48 3.79 5.25 2.87 2.52 1, 2.8 9.1 1.39 3. 1.23 2.24 1.94 1.9 1,17 157,175 9,995.2 46.5 139. 47 21.64 28.16 98.9 175. 95 21.85. 15.3 127.8.2 76.5 27.3 51.2 85.5 1,1 7,1 FINANCE Continued.4. 59. 81.3 85.7 98.1 6. 115.2 14. 117,1 1,2 93,6 13,647 12,3 6,1 114,22 96,6 17, 51 49,424 44,6 4,748 44, 1 41,339 2,844 2. 4.9 3.18 3.57 4.13 5.49 3.43 3.76 5.9 2.82 2.51 1, 295. 2 9.1 1.39 3. 1.24 2.24 1.94 1.9 24,9 23, 994 9,97 6.6 46.13 14.97 2.1 28.49 99.74 177. 21.95.5 18. 129.3 97. 75. 27.8 49.9 85.5.1 59.72 78.7 84.2 96.3.7 111.7 13. 11,826 148,9,3 126,27 133,9 17,1 116,791 94,417 22,374 5,331 45,649 4,2 44,7 42,41 2,796 2.98 4.17 3.21 3.6 4.2 5. 3.5 3.82 5.18 3.2 2.58 1, 293. 9.1 4,515 r Revised. New series. For data beginning 16 see table 24, p. 18, of the April Survey. frevised series. Revised data for U. S. Treasury bond prices beginning 1931, and U. S. Treasury bond yields beginning 1919, appear in tables 17 and 16, p. 18, of the March Survey. 1.39 3. 1.24 2.24 1.93 1.9 185,428 182, 735 2,3 6.6 43.98 137.4 18.49 25. 95. 171. 7 19.. 13.9 126.1 94. 72.2 25.5 46.7 82.8 943 4,2 9. 93.7.2 81.8.8 98.6 59.9 115. 2 14.3 166,812 237,245 133,4 195,775 185,179 7,3 177,56 1, 8 21, 5,225 45,6 4,9 45, 9 42,5 2,4 2.9 4.3 3.15 3. 4.8 5.36 3.43 3.73 2.82 2.48 1, 293. 59 9.1 1.39 3. 1.24 2.24 1.93 1.9 18,56 1, 91 1,.4 49.64 15. 36 22. 3. 16. 81 1. 23.95 91.1 19.6 136. 98.7 77.4 28.1 51. 87. 1,573, 4 9.34 93.33.2 82.1.9 99.3 6.2 116.6 14. 139,76 27, 719 17,3 1,415 1,8 4,419 151,449 13,133 21,316 5,31 45,64 4,6 45,442 42,597 2,844 2. 3.95 3.1 3.46 4.2 5.23 3.39 3. 4. 2.74 2.5 1, 328.16 9.1 1.43 3. 1.29 2.24 1.94 1.5 59,16 4, 396 22, 7 64.1 5.32 151. 96 23.35 31.29 15. 29 1.99 23.59 94.7 113.6 142.6 12.1 8.9 3. 49.6 87.4 1,36, 496 91.27 94.35 6.11 81.1. 98.7 58.6 116.5 14.1 146,1 259,364 116, 221,4 217, 6,5 211,74 185,528 25, 6 51, 5 46, 4,4 47, 44,2 2,785 2.78 3.95 3.8 3.42 4.2 5.27 3.4 3. 4.82 2.75 2.49 1, 315. 4 935. 3 1.41 3.1 1.28 2.31 1..85 247, 5 229,916 17, 3 66.2 49.32 15.12 21.94 3.52 15. 36 1. 99 23.74. 11. 139.4 98.5 77.9 28.8 47.7 85.3 1,225 52,913 91.3 94.25 58. 81.9.2 99.7 59.7 117.3 14.4 157,278 224,2 119,16 178,731 159,1 7,581 152,3 131,49 2, 51, 587 46,933 4,4 46,958 44, 233 2,725 2.76 3. 3.1 3.32 3.97 5.12 3.31 3.57 4.7 2.7 2.47 1, 316. 25 935. 3 1.41 3.1 1.28 2.31 1.91.9 194,118 181, 48 12, 8.6 49.13 146. 87 23.3 31.2 12. 73 181. 82 23.64 91.8 19.3 136.4 97.8 81.2 29.8 5..1 1,129 47,393 91.85 95.1 59. 82.1.4 1.7 59. 117.3 14.8 126,7 166,8,93 121,222 118,993 4,871 114,122 96,722 17,4 51,466 46,8 4,64 47, 271 44,524 2,748 2.8 3.81 3. 3.26 3.94 5.5 3.29 3.52 4. 2.7 2.44 1, 329.91 935.3 1.42 3.1 1.3 2.31 1.91.9 2, 412 14, 427 64.4 48. 144.6 24.94 3.31 12. 22 181. 21 23.24 9.1 16.3 13.9 96.5.8 28. 51.1 85.7 5 26,57 91.8 94.99 58.43.1 87.1 11.3 6.9 117.9 16. 179,44 245,123 137,21 195,394 185,513 11,8 173,4 139,99 33,715 52, 48,71 4,599 48,352 45,6 2,7 2.72 3.74 2.99 3.22 3.87 4. 3.29 3.48 4.46 2. 2.34 1,334.15 935.3 1.43 3.1 1.3 2.31 1..9 1,95 182, 522 3,573 57. 48.99 145.6 24.84 31.7 1. 59 178. 1 23.18 91.7 18. 133.3 98.7 85.8 29.7.5 87. 1,58 4,384 91.56 94. 57.4 79.4.8 99.7.5 116.4 16.6 119,57 1,5,21 133,5 122,84 7, 459 115,345 93,396 21.949 52,564 47,975 4,5 48,128 45,493 2,4 2.78 3.84 3.2 3.22 3.97 5.15 3.35 3.51 4.66 2.75 2.3 1, 337. 76 935.3 1.43 3.1 1.31 2.33 1..9 1,76 147, 5 6,44 56.6 42. 127. 73 22. 5 25.75 9.46 1.51 19.41 81.9 95.9 115.4.7 8. 24.8 5.4 81. 2 42, 4. 96.9 59. 73 8.2 84.8 11..8 118.1 18.3 125, 737 1, 1 93,6 13,243 123,14 7,39 115, 714 98, 423 17, 291 52, 647 48,56 4, 591 48,1 46,179 2,742 2.66 3.78 2.97 3.16 3. 5.7 3.3 3.45 4.6 2.66 2.17 1,339.27 935.3 1.43 3. 1 1.31 2. 33 1..9 377, 394 358,417 18, 976 6.2 44.43 132. 56 23.5 27.2 94.19 1. 73 2..1 97. 115.5 91.5 82.4 25..7 84.3 23,131.8 95. 34 57.79 81.4.2 11.6 56.2 118.6 19.1 127,73 1, 641 91,785 129, 26 126, 57 6,821 119,749 12,1 17, 56 52,751 48,166 4, 585 48,571 45, 1 2, 649 3.71 2. 3.13-3. 4.91 3.23 3.42 4.47 2. 2.13 1,382.43 935.3 1.48 3.1 1.37 2.39 1.94.9 22,175 2, 8 19,477 57. 45. 66 136. 52 23. 66 27.59 96 95 173.12 2.79. 1. 5 12. 95.4 84.7 25.9.2.3 6 21, 916

36 SURVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey FINANCE Continued SECURITY MARKETS Continued Stocks C ontinued Sales (S. E. C.) Continued. Total, on all exchanges Continued. On New York Stock Exchange: Market value mil. of l 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 l_. Number of shares listed milions Yields: Moody's, common stocks (2) percent.. Banks (15 stocks) Industrials (125 stocks).--. Insurance (1 stocks) Public utilities (25 stocks) Rails (25 stocks) Standard Statistics Co., Inc., preferred stocks: Industrials, high-grade (2stocks)...percent. Stockholders (Common Stock) American Tel. & Tel. Co., total number,. Foreign Pennsylvania Railroad Co., total Foreign... U. S. Steel Corporation, total _. Foreign._ Shares held by brokers percent of total 7 24, 519 18,(36 44, 7 1,43 4.1 4.4 3.8 4. 5.2 3.5 1.474 57, 6 38,7 44,784 1,427 3.7 4.7 3.1 4. 6.1 4.1 5.17 1 32,151 2,723 43, 526 1,425 3.8.4.9 3.3 4. 6.2 4.4 5.7 85 32,35 23,826 43, 527 1,425 3.8 5. 3.2 4.1 6.2 4.5 5.8 648,56 7,18 216, 847 2,! 171,198 3,96 23. 1,397, 5 41, 5 47,2 1,426 4.8 3. 5.7 3.9 T 1,157 41, 3 27,3 FOREIGN TRADE 46, 81 1,427 3.8 5. 3.3 3.9 5.9 3. 6 4. 1, 39,9 27,49 47, 491 1,424 3.6 4.8 3.1 4.1 5.7 2.9 4.94 646,1 7,173 214, 2 2,874 1, 399 3,84 24. 9 37,51 25,1 44, 4 1,425 3.8 4.8 3.4 4.1 5.6 3.5 4.94 5 19, 8 13,877 46,271 1,426 3.7 4.6 3.3 4. 5.3 3.2 4.94 916 31,15 24,5 4,1 1,427 4.2 4.8 3.8 4.3 5.8 3.9 4. 645,33 7,1 213,143 2,8 1, 2,998 24.78 779 33, 775 2, 247 4,3 1,427 4.2 4.8 3.9 4.4 5.7 4. 4.99 523 17,7 12, 933 43,23 1,427 4. 4.4 3.7 4.1 5.4 3.7 4 94 474 16, 5 11,9 41, 5 1,429 4.4 4.5 4.1 4.2 5.7 4.1 4.87 642, 293 7,14 212, 358 2. 2 1, 79 3, 2 25. VALUE INDEXES Exports: Total value, unadjusted 13-25=1. Total value, adjusted.._ U. S. merchandise, unadjusted: Quantity _._ Value -_- Unit value --_ Imports: Total value, unadjusted Total value, adjusted. Imports for consumption, unadjusted: Quantity 13-25=1. Value.-. Unit value... Exports of agricultural products, quantity: Total: Unadjusted 191-14=1. Adjusted._- Total, excluding cotton: Unadjusted... Adjusted,_..... Exports, incl. reexports thous. of L. By grand divisions and countries: Africa Asia and Oceania Japan Europe France Germany Italy United Kingm North America, northern - Canada North America, southern Mexico South America Argentina Brazil..-. Chile By economic classes (U. S. mdse. only): Total thous. of L. Crude materials Cotton, unmanufactured Foodstuffs, total Foodstuffs, crude Foodstuffs and beverages, mfrs._ Fruits and preparations Meats and fats Wheat and flour... Manufactures, semi- Manufactures, finished Autos and parts Gasoline... Machinery General imports, total By grand divisions and countries: Africa Asia and Oceania Japan... 226, 737 29, 6 5, 97 19,719 4, 1 15, 48 4, 423 5, 221 3, 7 45, 994 131,357 18, 52!) 7. S 43, 4 1, 5 4. 497, 4 8,716 12 113 227, 78 9,194 43,118 13,938 9, 2 9,473 5, 4,931 32. 231 43, 4 42, 79 17.9 3, 66 23, 746 6, 48 4, 9 2,117 225.111 32, 1,46 38, 29 24,6 13, 473 5, 914 4, 49 11,436 37, 27 117,3 17. 4 9,42 39,719 14, 6 4.416 36, 99 8,594 23 1 7 4, 13, 12 H, 1. 3 41 39. 38, 66 96 64 51 12 76 11 12 271 579 7 995 381 27 CM 432 5 829 2, 34 4, 13 2, 196 4, 318 4, 222 2, 72 5, 851 44, 394 1, 13 12 64 52 12 246,321 7, 45,17 19, 112, 72 11,235 12, 57 4, 132 5, 737 36, 752 36,17 21,156 4,4 22, 7 5. 944 4, 849 1,913 22,8, 143 243, 1 43. 7 59, 1, 2,511 35, 82 31,391 22 14 14, 2 13 2 17,137 7, 519 1, 3 3, 15 3,944 9, 1 4,38 35. 15 4, 159 1 19 112.4 12,299 j 14,171 9, 572 i 8, 37 39,41 I 36. 26 1, 1, 1 3, 799 4, 9 11,9 73 116 74 14 56 11 87 277,8 1, 38 5,99 19, 52 127,71 12, 322 1,16 5, 385 56,14 42,971 41,5 23, 285 4, 51 22, 664 6 T 34 5, 382 2,123 274, 319 72,132 24, 5 33, 29 12, 59 2, 781 13, 2 4, 11 4, 3 44, 4 124,443 17,33 9, 85 38, 177, 979 5, 81 49,131 11,8 Revised series. Data revised for 1937; see tables 19 and 2, pp. 14 and 15 of the April Survey, 66 58 17 99 252, 231 9,7 48, 494 19,14 11,1 13, 7 8, 5, 91 43, 238 38, 9 38. 513 21,473 5, 239 23.314 6, 796 5,143 1,741 249, 4 59, 87 25,16 29, 474 12,45 17,429 1,116 4,113 4, 473 39,9 j 12,39 I 25,417 8,516 j 34,! 17, 181 ' 71 111 71 64 99 52 2,756 13,185, 591 28, 528 112,2 11,134 8,317 5,141 4. 825 29, 7 28,458 23, 75 5, 829 28, 8 7, 736 6.749 2,139 266,171 49, 376 19, 48 28, 422 11,17 17, 252 1, 4,24 4, 5 5, 499 137,874 29,1 12, 2 4, 9S 171,474 1 99 212,98 8, 75 42, 445 17,6 95, 1, 818 6, 395 4, 381 42, 42 27, 1 2, 84 2, 81 5, 581 18, 5 3,114 4,98 1,736 21, 258 36, 391 14, 975 31,51 16, 443 14, 7,227 4, 596 8, 21 35, 452 17, 35 21,396 7,449 31,217 178, 21 4, 4,145 3, 741 5,33 52,13 51,818 14, i 12.2 11,285 218, 9 8, 523 46, 46 17,484 95, 445 1,3 5, 176 3, 8 38, 78 26, 258 25, 764 2, 4 5,8 21,472 4, 5, 12 1,48 216,36 3, 485 13, 732 26, 5 11,42 15,151 6,44 4,145 7, 43 34, 8 118,128 25, 335 6, 37 34, 158, 35 6, 479 42, 78 7, 6 7 7 113 71 59 112 6 2, 364 11,56 6, 23, 573 18,143 12,4, 446 5, 56 41, 874 33, 32, 298 27, 598 7,991 27,47 5,281 6,64 2,1 264, 578 4, 72 16,958 27, 966 12, 287 15, 9 7, 17 4,724 6, 4 45, 58 15,2 28, 8, 378 49,39 19, 437, 964 59, 952 9,77 58 17 58 23, 947 1,11 49, 243 16,147, 12,48 4, 4,13 31,311 35, 34, 5 23, 4 6, 32 24, 277 4. 6, 7 1,479 227, 597 26,16 9,185 23, 1 9, 81 13,811 6, 6 3, 8 5,459 41,8 136,951 24,1 6,813 43, 2 1S6,195 8,571 51,1 1, 66 7 17 66 111 249,259 8,,1 21,394 97, 9 12, 944 6, 294 4, 4 37,41 43, 5 42, 7 22,356 6, 296 22, 6 4,918 5,417 1,1 245, 913 3,243 7, 458 2, 7 1, 16,119 5,844 4, 851 7, 48, 247 14. 495 23, 7 1,119 44,41 22, 52 8,64 59, 4 1, 747 7 11 12 56 35 46 56 236, 58 9,996 49, 971 14, 7 85,711 1,87 5, 299 4, 2 3, 64 4, 452 39,874 23, 358 7, 2 26, 571 6,113 5,193 2,1 233, 359 25,713 6,157 19, 521 6,26 13, 495 3,523 4, 997 4,79 48, 4 139.664 2, 387 9,4 42, 191 178,9 4, 4 57,8 11, 237

SURVEY OF CURRENT BUSINESS 37 Monthly statistics through 1937, together Supplement to the Survey FOREIGN TRADE-Continued VALUE Continued! General imports Continued. By grand divisions and countries Continued. Europe thous. of L. France Germany Italy United Kingm North America, northern Canada North America, southern Mexico South America _ Argentina Brazil Chile... By economic classes (imports for consumption): Total thous. of L. Crude materials Foodstuffs, crude Foodstuffs and beverages, mfrs Manufactures, semi- Manufactures, finished. 44,496 5,146 3,975 2,264 11,81 26,993 25, 7 18, 3.7 21,37 3, 27 6,7 1,822 17, 451 5, 41 21, 759 27, 799 36,912 33,939 39, 781 3,5 4,393 2,587 7,2 22, 21,973 17,964 4,66 18,9 1,6 7,564 1,171 147, 797 43, 236 2, 344 23, 711 29, 3,9 49,366 4,357 5,7 2, 824 1,143 23,9 23, 334 21, 329 3,295 2, 71 2,5 7,432 1,571 171, 49,498 21, 6 27, 829 35, 3 37,33 52,15 5,397 5,794 3,17 1,445 24,1 23, 5 17,4 2,44 22,3 3,2 8,82 1,1 172,947 52,377 2, 473 28,9 33, 591 37,8 58, 714 5,9 7,2 4,52 13,81 27,49 26, 249 16,1 3,134 21,821 3,1 8,6 1,648 178,46, 78 21,12 27, 24 35, 7 4,9, 3 5,191 6,3 3,6 12, 8 25,9 25, 232 12, 566 3,84 23, 51 3,566 9,15 1,5 171, 2 52, 3 23, 7 22, 995 35,172 37, 342, 5, 5 6,256 3,397 12, 251 24, 3 23, 5 12,7 4,748 24, 8 4, 252 9,191 2,457 1, 522, 4 23, 93 2,7 35, 2 32,812 51,273 4,73 5,231 3, 266 11,331 26,136 25, 222 17,4 5,429 27,39 6,3 8,42 3,277 1, 323, 26, 774 16, 8 37,158 34, 4 47, 722 5,234 4,93 2,6 1,995 2, 32 2,129 18, 5,27 22,12 6. 7, 6 2,272 152, 528 48, 73 22, 947 18, 5 34, 47 28,827 52, 298 5,6 5,171 3,976 11,971 23, 9 23,128 22, 732 6,326 24,932 5.46 9, 421 2,5 191, 226 59, 57 28, 25 26, 296 38.822 38, 396 57, 574 5,411 13,829 3,2 11, 572 26,1 25, 1 19,46 4,442 23, 319 4,357 7,8 3,813 185, 8,94 24, 25, 36 37, 936 43,6 58, 946 7,122 2,5 3,2 15,1 28, 85 28, 323 22, 178 3,995 24, 434 4,3 7,42 2,75 194,193, 277 25, 8 26, 39, 857 4,411 46, 9 4, 93 3,349 2, 711 11,664 26, 964 26, 3 19, 299 4,3 25,132 3,952 9,16 2,4 178, 45, 725 22,518 27, 725 38, 3 34, 84 TRANSPORTATION Express Operations Operating revenue. thous. of L. Operating income _ Electric Street Railways Fares, average, cash rate Passengers carried t Operating revenues Class I Steam Railways cents.. thousands thous. of l Freight-carloadings (Federal Reserve): Combined index, unadjusted.._ 13-25=1 Coal _ Coke Forest products Grains and grain products _. _ Livestock Merchandise, 1. c. 1.. Ore _ Miscellaneous. _ Combined index, adjusted._ Coal _.. Coke Forest products Grains and grain products._ Livestock -_ Merchandise, 1. c. 1. _. Ore Miscellaneous... Freight-carloadings (A. A. R.):^ Total cars -. thousands _ Coal Coke....... _ Forest products _ Grains and grain products» Livestock _,_ Merchandise, 1. c. 1 - Ore Miscellaneous Freight-car surplus, total Box cars Coal cars Financial operations: Operating revenues, total thous. of L. Freight.. Passenger. Operating expenses Net railway operating income Net income Operating results: Freight carried 1 mile mil. of tons.. Revenue per ton-mile certs Passengers carried 1 mile millions TRANSPORTATION AND COMMUNICATIONS 7.4 71,1 7 64 52 43 111 34 112 74 76 43 8 39 59 72 2, 9 429 24 118 2 44 5 1 9 166 79 332,436 2, 41,2 241,9 49, 12 8,251 19 7.8, 2 49, 5 52 36 37 123 34 59 6 66 43 37 39 6 32 2,273 3 17 14 223 44 5 9 879 256 15 112 299,59 '238, 132 < 38, -222,1 r 38,431 d 3,9 26.312.998 2,118 8,49 123 7.8 7, 5 51,132 56 38 41 11 37 46 4 84 37 6 34 2,3 382 18 12 191 49 598 98 936 229 1 315,387 2, 5 36, 33 229, 2 45. 377 1,97 25, 236 1.3 1,976 9,497 115 7.8 729, 6 52, 229 71 71 49 43 5 64 72 78 64 51 4 74 39 41 2,5 4 22 12 148 64 16 1,22 1 49 322, 595 2,33 34, 427 232, 4 5, 3 6,277 29.11.977 1, 825 9,44 127 7.8 7, 5 56, 582 75 76 5 43 95 71 82 5 42 95 44 48 72 3,2 6 31 159 221 12 799 141 1,422 144 42 3, 441 293,7 31,459 242, 49, 566 24, 32, 757.977 1, 6 9,24 131 7.8 775,4,274 7 76 58 39 76 41 76 7 58 4 81 44 74 74 2, 511 26 19 137 594 1,18 175 85 51 319, 2 264, 135 3.211 231,257 49, 6 7, 422 28, 471 1. 4 1, 564 11,338 7.8 8, 77 6, 28 64 78 58 37 72 4 59 23 43 41 74 2,949 664 35 131 1 78 44 1,138 221 16 71 318,336 251, 32 37.913 232, 74 49, 373 22, 225 28,133.981 1,8 Waterway Traffic Canals: Cape Cod thous of short tons 3 27 2 27S 328 327 348 New York State 8 524 7 48 4 845 Panama, total thous. of long tons.. 2,318 2,26 2,172 1,998 2, 36 2,224 2,374 In U. S. vessels 81 81 779 8 7 87 r Revised. * Deficit. ^Data for,, April and June are for 5 weeks; other months, 4 weeks. JFor comparable monthly figures, 19-1936, see table 1, p. 15 of the March Survey, revised; see p. 37 of the April Survey. Revised series. Data revised for 1937; see tables 19 and 2, pp. 14 and 15 of the April Survey. 8,5 71 7.8 79,12 56, 9 76 64 37 71 4 59 22 42 79 41 12 76 2,32 515 3 13 129 5 33 878 218 16 35, 7 246. 34, 785 232, 946 32.1 d 8, 721 28,152.964 1,79 342 2,393 7 8,499 72 7.873 737,164, 3 76 35 64 31 6 22 64 46 36 7 38 93 75 2,297 529 3 99 116 42 577 34 87 29 12 276, 94 224, 819 3, 237 22,9 18. 591 d 24,364 25,5.972 1, 5 326 2,27 6 9,17 76 7.873 5,136 59, 72 66 57 36 32 21 7 66 36 73 4 73 2, 39 478 29 15 125 42 2 33 9 22 95 315, 91 257, 49 31,21 24. 359 34,317 d 1, 28,1.9 1,8 317 2, 664 873 9,1 7.4 7, 941 56,8 58 36 47 39 37 31 72 6 43 56 38 76 4 75 7 2,2 35 29 14 159 775 58 1,2 2 146 282,118 224, 5 31,791 227, 2 15, 257 d 27, 6 23, 9 1.35 1, 1 3 11 2,473 2 9,4 59 7.4 811,584 58, 222 44 4 41 73 36 81 73 51 42 4 81 4 58 7 2,372 297 19 121 137 49 2 121 1,16 211 9 87 32, 8 243, 1 31, 758 237,411 25, 11 d 18, 594 25, 737 1.45 1,725 3 735 2, 9 1 7.4 7 38, 3 58 47 42 3 18 74 51 4 9 36 64 71 3,149 28 151 22 5 744 29 1, 2 175 79 321, 7 r 2, 7 r 38, 436 241, 7 39, 95 d 1, 5 28, 4 396 5 2, 437 95 Data shown in that table beginning 1937 have been

38 SURVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey 193S TRANSPORTATION Continued Waterway Traffic Continued Canals Continued St. Lawrence thous. of short tons.. Sault St. Marie Suez thous. of metric tons.. Welland thous. of short tons.. Rivers: Allegheny... Mississippi (Government barges only).. Monongahela Ohio (Pittsburgh district) Clearances, vessels in foreign trade: Total, U. S. ports thous. of net tons Foreign United States _.. Travel Operations on scheduled airlines: Passenger-miles flown thous. of miles.. Passengers carried number._ Express pounds. _ Miles flown thous. of miles.. Hotels: Average sale per occupied room llars.. Rooms occupied percent of total.. Restaurant sales index 19=1- Foreign travel: Arrivals, U. S. citizens number. Departures, U. S. citizens..... Emigrants... Immigrants... Passports issued... National Parks: Visitors... Automobiles... Pullman Co.:* Revenue passenger-miles thousands. ~ ;er revenues thous. of l. COMMUNICATIONS Telephone: Operating revenues thous. of l.. Station revenues Tolls, message. Operating expenses Net operating income Phones in service end of month thousands.. Telegraph, cable, and radiotelegraph carriers: Operating revenue, total thous. of l_. Telegraph carriers, total. Western Union Telegraph Co., revenues from cable operations thous. of L. Cable carriers Radiotelegraph carriers Operating expenses _ Operating income. Net income CHEMICALS TRANSPORTATION AND COMMUNICATIONS Continued j 9, 598 242 177 1,74 1,4 72,918 185, 643 725,2 7, 1 3.29 57 85 1, 393 916,175 249, 95 1,178 5, 2 2,58 1,529 246 226 1,141 7 6,731 4,91 1, 5, 859 127, 59 1, 346 6,271 3.19 82 32,414, 528 2,6 6,385 13,94 857. 238,127 739,39 4,47 94, 9, 587 24, 8, 16, 458 17, 335 1, 8 9,49 529 76 9,1 39 <*764 1,215 6, 237 2, 482 1, 5 2 256 1,279 6,958 5,28 1,749 56, 45 143,4 3, 77 6,36 3.29 57 56,96 51, 646 2,2 7, 357 9,59 811,29 226,12 3,593 4,49 96, 482, 29 25. 984 66. 239 17, 2 17,373 11, 9, 524 485 791 111 9,935 431 <*48 1,296 6, 4 2,248 1,7 223 224 1,422 9 6,516 4,816 1,7, 139, 297 877, 564 6,151 3.28 85 58,27 31.848 2,227 8,226 5,138 428, 827 125, 436 715, 529 4,5 96, 725, 85 25, 428, 3 16, 791 17, 4 11, 9,851 5S6 8 9,9 9 199 1,429 7,141 2, 46 2,3 249 19 1,595 1. 5.7 4,13 1,666 56, 828 143,993 8,151 6,32 3.32 31,71 19,931 2,81 8. 825 5,122 236, 771 71,416 1,851 4, 239 99.,15 25, 9, 4 18, 7 17, 528 11,156 9,491 5 1 84 9,93 8 <*356 1, 4,466 2,27 1,2 244 215 1,71 991 5. 8 4,37 1,641 46,9 113, 1 5, 3 5,776 3.47 6 94 15, 649 16,13 2,157 6, 844 5,5 77, 75 23, 7 585, 2 3,912 98, 1 64, 7 24, 959, 434 18, 946 17, 593 1, 751 9,114 522 87 9,991 <*774 5 323 2,422 181 18 171 1,798 1,74 5, 3,813 1,249 41, 594 99,119 7,9 5,6 3.26 16, 4 18, 7 2,6 8,42 5,184 57, 7 16, 798 7, 3 4,4 11, 2 66,1 26, 591. 444 18, 5 17, 74 12, 48 1, 5 57 976 879 1, 756 1,41 291 2,166 175 1 1, 5 1,3 4, 3, 9 1,132 38,43,2 577, 982 5,4 3.21 64 19, 6 24,37 2,344 5,6 5,7 74, 4 2, 587 793, 229 5,2 CHEMICALS AND ALLIED PRODUCTS Alcohol, denatured: Consumption..thous. of wine gal_. 7,395 r 6, 642 7,648 9,124 11,1 1, 39 1, 433 6,72 6,5 7,578 7,523 8,23 7,944 7,437 ' 6, 71 7,846 9,181 11,11 1,195 5,5 6,828 6,4 7,6 7,719 8,49 8,166 Stocks, end of month 2,15 ' 1, 2 1,416 1,466 1,364 1,233 1 285 1,379 1,26 1,294 1, 485 1,766 1,982 Alcohol, ethyl: thous. of proof gal _. 17,643 16, 37 17, 284 15, 8 17,17 15,164 16, 772 17, 14, 1 17, 423 17, 859 18, 5 16, 827 Stocks, warehoused, end of month 32, 232 33. 717 35,176 32, 736 28, 319 23, 277 2, 5 24, 433 26, 72 27, 741 29, 5 31,78 3, Withdrawn for denaturing. 13,823 12, 35 14, 4 16,72 18, 9 17, 249 17, 3 11,327 11,198 13, 22 13, 2 15,32 15.29 Withdrawn, tax paid 1,7 1,4 1,59 1,9 2,111 2,439 1,841 1,1 1,35 1,851 2,76 2, 9 1,858 Methanol: Exports, refined gallons.. 195, 34 1, 7,743 22,716 8,431 12, 648 25, 99 24, 3 26, 359 1, 24,195 18,441 18,84 Price, refined, wholesale (N. Y.).l. per gal-.36.36.36.36.36.36.36.36.36.36.36.36.36 : Crude (wood distilled) thous. of gal._ 378 282 33 335 344 357 352 336 3 3 3 344 Synthetic 2,495 1,45 1,8 1,93 2,295 2, 8 2,844 2,4 2,2 2,47 2,276 1, 779 2, 295 Explosives, shipments thous. of lb 27, 2 23,136 27, 6 3, 443 32,151 29, 385 28, 415 29, 258 26, 5 27, 81 26, 341 29, 315 3,21 Sulphur production (quarterly): Louisiana long tons.. 72, 52, 9, 26 15, 5 Texas 472, 9 478, 774 45, 2 357, 819 Sulphuric acid (fertilizer manufactures): Consumed in production of fertilizer short tons..,1 128, 312 126, 974 151, 147, 5 148, 2 142, 451 138, 273 119, 81 112, 593 16,137 Price, wholesale, 66, at works l. per short ton.. 16.5 16.5 16.5 16.5 16. 5 16. 5 16.5 16. 5 16.5 16. 5 16.5 16.5 16.5 short tons._ 19, 9 131,16 133, 266 1. 285 171,16 176, 3 181, 3 1,7 1, 952 145, 6 1, 14, 58 Purchases: From fertilizer manufacturers 18, 498 3, 3 38, 1 4,284 31,182 2,64 2,418 18, 751 11.951 15,21 8, 8 1, 5 From others. 24, 249 25, 97 18, 56 21,564 18, 494 27, 515 22, 343 23, 778 17, 58 16, 2 2, 771 25, 4 : To fertilizer manufacturers.. 22, 312 27, 422 26, 32 28, 971 37, 752 33, 8 38.85 39,1 35,1 33, 22 38,123 36, 966 Toothers _.. 33,112 33, 4 34. 973 4, 94 38, 447 4,915 4, 85 35, 5 42, 4 35, 528 38, 5 43,3 «Revised. d Deficit. Less than $5. *Now series. Data for Pullman Co. revenue passenger miles beginning 1915 and passenger revenues beginning 1913 are given in table 7, p. IS, of the Survey. Revised series. Data revised for 1937; see table 19, p. 14, of the April Survey. 99, 234,815 24, 731, 281 18,527 17, 735 1, 9 8,829 527 856 4 9,816 15 <*4 2,277 135 124 1,7 4,734 3, 1,127 35, 2 81,131 564. 8 5,32 3.28 25, 59 28, 224 1,479 5, 959 4,5,848 17, 8 4, 6 4,473 96,64 64, 22,9 64.1 18, 438 17, 8,436 4 756 795 9,319 d 17 2,5 199 136 1, 742 1,114 5,424 4,16 1,2 49, 445 117,71 5, 274 6,125 3.15 64 31, 99 21, 3 1,72 8,76 8,3 72, 28 21, 779 715, 42 4,7 11. 66, 491 26, 498, 456 19,479 17, 7 11, 577 9,717 91 96 1, 31 814 (a) 2 11 1 348 4 5,28 4,38 1,242,4 133,4 6,4 6,2 3.37 1 25, 374 21, 575 1,851 7, 8,9 164,736 48,2 4, 444 4, 447 1. 66,1 25, 275, 3 2, 576 17,974 11,12 9,3 52 7 1 9. 512 <*387 1,1 5,799 1,324 136 6 5 6,241 4, 766 1,475,3 1,2 725, 7,122 3.2 9 19, 8 19,11 2,77 6,49 16,8 248, 75 73, 42 1, 529 4,147 12, 646 66, 875 27,11, 9 19,2 18, 11,735 1, 514 79 1,2 9 d 229 1,1 8,2 1,58 23 r 145 1,8 1,2 6,6 4,971 1,6 7,199 179, 824, 7,1 3.34 2,8 24, 7 3,1 4,512 21,13 471,4 136,576 7, 819 4,842 12,119 66. 521 26.3,184 2,27 18,72 11,721 1,113 51 774 4 1,142 8 43

SUEVEY OF CURRENT BUSINESS 39 Monthly statistics through 1937, together Supplement to the Survey FERTILIZERS Consumption, Southern States thous. of short tons.. Exports, total ~ long tons.. Nitrogenous! Phosphate materials! Prepared fertilizers! Imports, total Nitrogenous, total!... Nitrate of soda!..._. Phosphates! _. Potash Price, wholesale, nitrate of soda, 95 percent (N. Y.) l.percwt- Potash deliveries* short tons.. Superphosphate (bulk): short tons.. to consumers Stocks, end of month. NAVAL STORES Rosin, gum: Price, wholesale "H" (Savannah) l.perbbl. (28 lbs.) ~ Receipts, net, 3 ports bbl. (5 lbs.) Stocks, 3 ports, end of month _. Turpentine, gum, spirits of: Price, wholesale (Savannah) l. per gal- Receipts, net, 3 ports bbl. (5 gal.) Stocks, 3 ports, end of month.. OILS, FATS, AND BYPRODUCTS Animal Fats and Byproducts and Fish Oils (Quarterly) Animal fats: Consumption, factory thous. of lb- _.. Stocks, end of quarter... Greases: Consumption, factory...... Stocks, end of quarter... Shortenings and compounds:... Stocks, end of quarter... Fish oils: Consumption, factory...... Stocks, end of quarter... Vegetable Oils and Products Vegetable oils, total: Consumption, crude, factory (quarterly) mil. of 1b. Exports thous. of lb._ Imports, total _._ Paint oils!... All other vegetable oils... (quarterly) mil. of lb. Stocks, end of quarter: Crude... Refined... Copra: Consumption, factory (quarterly) short tons. Imports... Stocks, end of quarter... C oconut or copra oil: Consumption, factory: Crude (quarterly) thous. of lb_. Refined (quarterly) In oleomargarine._... [mports! _ (quarterly): Crude _._ Refined... Stocks, end of quarter: Crude do-._ Refined... Cottonseed: Consumption (crush)..-thous. of short tons. Receipts at mills.. CHEMICALS AND ALLIED PRODUCTS Continued 1, 8U 8, 137, 446 447 9.12 45, 2 18, 479 2, 321 41, 234 1.45 5.19.3 2,9 79,4 9,841, 5 19, S 1,9 21, 215 72 52 12 '38 112,944 3,378 13, 228 497 6, 235 36,3 8,9 738 19,414 1. 45 25,9 219, 936 6,5,58,452 4. 121, 396 42,121.23 28,877 14,147 2,359, 48 14, 779 74, 2 24, 35 6, 331 31,1 127 7 337 44 146, 6 27, 18, 6 1 79, 2 48,977 24, 45 1,827 27,98 1. 45 45,957 2,15 21, 34.,57,215 4.48 121, 475,13.23 29, 48 116,859 1,824 84, 6 11, 85 72, 7 17,7 7,282 22,52 22? 2 371 Stocks at mills, end of month... Cottonseed cake and meal: Exports short tons_ 46 4,422 1,727 3.745 2,2 1,235 4,4 47 1 3S9 56 81 io... 34, 293 56, 99, 4 256, 39 294, 48 284, 458 237.933 25, 49^ 1, 766 1, 51 115, 729 93, 845 Stocks at mills, end of month. 12, 794 214, 1 216, 879 259,9 295, 38 313, 8 313, 348 2, 2 245, 221 196, 4 177,134 173, 19 Cottonseed oil, crude: thous. of lb. 23, 1 41, 843, 178, 2 23, 746 195, 1, 35 145, 77 116,438 129,2 84,7, 322 Stocks, end of month._. 73, 3 33, 4 46, 382 111, 78 151, 57 1, 457 175, 377 178, 23 18, 666 177, 466 164, 945 137, 785 Cottonseed oil, refined: Consumption, factory (quarterly)... 35, 99 31, 398 285,23 In oleomargarine... 5,522 8,181 9, 1, 246 1, 381 1, 87 1, 577 9, 4 9,412 9, 7, 58 6,781 Price, summer, yellow, prime (N. Y.) l. per lb_...81.78.76.74.74.71...66.66.thous. of lb. 41, 519, 829, 996, 352 1, 7 1, 3 143, 823 138, 22 11,4 131,956 98, 82,11 Stocks, end of month _ 8, 8 487, 8 49, 781 397, 382 446, 739, 5, 794, 95 3, 329 642, 4 8, 332 9, 328 *New series. Data are on basis of potassium oxide content;figuresbeginning 18 not shown on p. 39 of the Survey will appear in a subsequent issue. Revised series. Data for 1937 revised; see tables 19 and 2, pp. 14 and 15 of the April Survey. 137 116, 828 24,47 87, 824 3 131, 47 75,849 2,829 8,276 42,47 1.45 47,1 279,381 18,47 1,16,299 4.14 119,818 2,1.21 31, 745 13,7 238,82 395, 795 296,157 48, 6 79, 787 56, 4 411,949 45,27 51,95 97, 7 26,96 3,27 8,424 11,33,121 58 714 494, 2, 44,9 1, 327 77, 3 8,711 32, 579,33 82, 56 184, 342 13,1 576 1,274 1, 121 134,9 2,271 93, 58 2 158,14 82, 576 32,971 9,337 64,124 1. 45 72, 299 314, 359 46, 98,249,272 5.12 87, 935.22 17, 128,334 3,798 9,1 9,372 8,817 23,15 8,42 26,824 6 1,1 1,9 146 147, 587 2, 27 123,339 413 116, 298 5, 231 4,851 6,46 58, 73 1. 45,798 326, 794 17, 717,322,36 4. 97, 664 66, 252.29 18, 364 134,46 2,24 94,982 15,414 79, 5 15, 437 7,23 39, 7 1 1,56 217 133, 295 25,119 11,1 72 149, 798 78,124 32,336 3,421 66,7 1. 45 11,438 343, 24 17,147,3,127 4.34 48,95 8, 731.28 1, 593 133,1 222, 46, 816 312, 725 44, 48 87, 2, 276 37, 759, 6 71, 664 12,193 256,352 997 2,6, 3 1, 525 82, 977 87 6 58, 414 26, 745 36, 525 15, 2 78, 573 7,24 34, 725 73, 5 82, 743 22, 37 13,332 4 327 1, 3 436 85, 2 11,317 71,45 141,8 118,159,8 93 2,1 1. 45 2,4 322,211 29,34,298,8 4.9 2, 473 7, 9.31 2,39 123, 584 2,815 91,6 11,414 8, 278 2,96/ 7,244 23,11 451 152 1, 7 85,95 15, 645 66, 2 34 19,932 11,396, 2 9 6,795 1. 45 2,2 312, 284, 3,2,6 5. 21 13,757 642, 825.32 1,98 118,9 4,136 85, 466 8,1 77, 298 17,491 5, 295 29, 122 3 95 782 1,476 123, 7 6,723 97,9 476 138, 782 116, 42, 3,599 17, 235 1. 45 5,25 31,4 1, 22,16,9 5. 19, 3, 52.35 3, 256 19, 6 233, 456 51,1 346, 321 48,182,419,17 3, 6 51,1 66, 512 47, 713 242, 725 952 3,994 98,1 1, 78 87, 32 2 76 59, 473 22, 35, 816 1,48 64, 957 4,729 41, 37 75, 457 75, 64 2?, 322 13, 735 399 136 518 1,271 136,328 5, 3 123, 27 343 191, 57 1, 8 115,1 1,4 16, 58 1. 45 8,379 2, 747 216, 1 815,911 4. 43, 81 5, 381.3 9,799 17,339 4,22 6, 4 12,13G 48, 319 11, 643 3,428 256 73 336 148,95 12, 142 112, 773 32 145, 432 99, 74, 1 7,33 1,415 1.45 8, 4 277, 437 139,648 778, 758 4.94 57, 79 5,138.3 14,8 14, 759 4,314 97, 275 9,382 87, 4 2, 2, 964 38, 45 199 58 194 136, 16 12, 5 15, 934 2 19, 737 9, 1 59, 332 594 16, 425 1.45 17, 337 243, 42 34, 2 871,19 4.96, 744 9, 914.3 15,4 12,941 217,9,947 43, 47,438,964,943 3, 76, 35 66, 138 8, 9 18, 364 816 3, 3 91, 3 1, 7 8, 878 593 732 759 52,114 12, 514 36, 81 137,1, 74 2,129 37, 6 66, 3, 213 226, 4 12,315 45 14 124 43, 272 151, 259 32,817, 828 272, 97 6,78.5 78, 3 4, 47

4 SURVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey March April May- June OILS, FATS AND BYPRODUCTS-Con. Vegetable Oils and Products Continued Flaxseed: Imports^ thous of bu 1,123 7 1,2 Minneapolis: Receipts _... 7 1,9. _. 28 27 221 Stocks 231 4 795 Duluth: Receipts ) 14 357 _ 58 128 Stocks 2 24 2 Oil mills (quarterly): Consumption Stocks end of Quarter Price, wholesale, No. 1 (Mpls) l. per bu 1.57 1. 1.73 (crop est.) thous. of bu 15, 75 Linseed cake and meal: Exports 44, 5 27, 216 28, 6 from Minneapolis. _. 6, 3G 6,32 5,776 Linseed oil: Consumption factory (quarterly) Price, wholesale (N Y ) l. per lb.9..84 (quarterly) thous. of lb from Minneapolis _. ~~~5,~8~ "~6\5~ ~"~5,~ 436" Stocks at factory, end of quarter Oleomargarine: Consumption (tax-paid withdrawals) 2,114 25, 1 28,371 Price, wholesale, standard, uncolored (Chicago)... l. per lb _.135.145.158 thous. of lb 19,2 25,512 28, 718 Vegetable shortenings: Price, wholesale, tierces (Chi.) l. perlb...9.16.18 FAINT SALES Plastic paints, cold water paints, and calcimines: Plastic paints _ thous. of l Cold water paints: In dry form - In paste form Calcimines Paints, varnish, lacquer, and fillers: Total Classified, total _ Industrial Trade Unclassified CELLULOSE PLASTIC PRODUCTS Nitro-eellulose, sheets, rods, and tubes: Consumption* thous. of lb.. cf Cellulose-acetate sheets, rods, and tubes: Consumption* thous. of lb. Shipment-sc? - Moulding composition:* ^ - - - ROOFING Asphalt prepared roofing, shipments: Total thous. of squares Grit roll Shingles (all types) Smooth roll ~ ELECTRIC POWER CHEMICALS AND ALLIED PRODUCTS Continued 44 156 227 26 29, 472 2,7 8,199 12, 5 8,73 221 979 847 6 5 7 645 64 43 148 225 213 26, 73 18,512 6, 11,99 8,218 158 4 731 5 8 385 33 2,44 9 811 4 44 159 244 242 28,821 19, 747 7,249 12, 499 9,74 282 977 1,17 7 6 8 484 3,212 9 1, 75 1.237 1,346 1,2 76 1,499 3 416 5,43 3 19 1.79 41, 577 11, 9 8 736.84 98, 47 8,2 113,12 32,.1 32, 387.13 42 1 219 282 29, 7 2,114 7,879 12, 235 9,5 296 974 1,3 8 5 6 759 4,12 1,13 1, 2 1,7 1,381 45 87 1,416 241 324 5 1.84 44, 746 11,.87 ~~~6,~8~ ""4,77l" 31,824.1 31,.1 47 156 2 245 28, 773 29, 4 8,481 12,6 8,287 316 1,51 1,124 1 945 1,48 1,44 9S9 4, 95 1, 1,41 1, 2 1,5 25 152 732 152 152 1.84 47, 32 7,913. 29,812.15 3,221.98 34 115 19 226 25, 28 18, 3 8,397 9,97 6,914 228 1,18 1,8 14 1,332 1, 251 1,31 956 2. 5 6 1,117 1,474 136 8 7 1 8 112 7,26 2 3 1.9 / 8,171 51,82 9,76 72, 419. 139,16 3,29 141,785 29,991.143 3, 373.96 3 113 1 222 2, 515 15,36 7,417 7,9 5,478 ELECTRIC POWER AND GAS 246 7 937 7 1.112 1,32 758 1 2,76 515 527 1,35 2,111 17 47 524 (i) 2 11 1.99 5, 734 8,32.85 ""","966" 3, 35.14 3, 319.93 82 126 211 235 24, 229 17,828 8,18 9,648 6,41 242 3 956 6 6 856 725 2 1,439 359 358 721 2,248 38 3 452 1 111 1. 5,18 5,72.85 """3,166" 27, 774.14 27,71.91 33 144 219 251 24, 415 17, 395 7,982 9,413 7,21 257 1,49 977 9 9 1,14 871 77 1,41 374 391 645 2,31 64 319 1 82 29 7,112 2,521 1.97 17,219 7, 76,4. 139, 29 7,2 1,251 29,32.14 29,417.95 44 187 316 28 31, 5 23,3 9, 6 13,377 8,1 342 1,315 1,171 14 1,78 1.29 9 81 2,91 6 1 1,327 1,416 35 58 2 1 29 2 1. 5,396 8,28. ""~9,"7" "~6~4~ total! mil of kw.-hr 1,1 9, 596 1,246 9,8 1, 27 1, 33 1, 2 1, 641 9, 4 1,5 9, 9 1, 341 r 1,529 By source: Fuel 7 175 5, 8 6,42 6,377 6, 8 6, 76 6,976 6,9 5, 828 6,116 5, 5 6,176 r 6, 743 Water power. 3,476 3.78 3,845 3, 52 3,42 3,3 3,96 3,742 3,826 4, 45 4,393 4,1 r 3, 7 By type of producer: Privately and municipally owned public utilities mil. of kw.-hr 9, 846 8, 9 9. 5 9, 238 9,5 9, 6 1, 25 9, 9 9,43 9,9 9,321 9,6 9,82 Other producers 85 3 6 66 5 643 7 6 1 6 4 5 '79 Sales to ultimate consumers, totalf (Edison Electric Institute) mil. of kw.-hr._ 7, 5 8.93 8,19 8, 335 8. 475 8.779 8, 8,324 8,398 8,24 8,282 8,577 Residential or mestic 1, 52 1, 527 1.1 1, 38 1.723 1, 843 1,987 1.815 1, 719 1,7 1, 64 1,7 Commercial and industrial 5, 26 5, 773 5, 7 5, 5 5,849 5, 94 5. 85 5,5 5,751 5, 74 5,8 6,1 Public street and highway 3tg 13 144 156 178 197 26 1 166 159 134 121 111 Other public authorities 1 199 194 196 194 25 23 194 22 1 193 194 Sales to railroads and railways 41 413 47 449 479 7 1 493 524 473 4 441 Interdepartmental 36 36 37 38 34 38 42 42 41 39 36 35 r Revised. 1 Less than 5 bushels. 1 estimate. / 1 estimate. New series. For data on nitro-cellulose consumption, cellulose-acetate consumption, and molding compositions beginning 1935, see table 15, p. 18 of the March Survey. ffor electric power sales, see note marked with a "f" on p. 41 of the Survey. Revised series. Data for 1937 revised; see tables 19 and 2, pp. 14 and 15 of the April Survey. cf Includes consumption in reporting company plants. ^Excludes consumption in reporting company plants. JFor electric power production, see note marked with a "1" on p. 41 of the 19*9 Survey. Revised data on production "by type of producer," referred to therein, are shown beginning June on p. 4 of the Survey; data beginning 1 will be published when available. 23, 2.14 23,325.93 46 21 317 282 32, 666 23. 9,4 14, 36 8,6 287 1,116 95 12 58 522 736 6 3,2 785 1,15 1, 3 1,1 38 28 (1) 2 1. 4 849 7,28 22, 827.135 22, 9.93 45 23 338 35 4,138 28, 6 9, 1 18, 935 11, 5 249 1,36 94 1 491 59 782 74 2,714 72 1,57 938 1,82 73 2 225 99 41 59 6,27 1 958 1.81 48 733 7, 91, 36 93 124,823 6, 36 13 31 2, 745.135 21, 111.9 43 26 39 281 36, 8 2,6,197 9,781 16,416 1, 297 957 1, 9 446 378 795 73 2,7 1 1,58 998

SURVEY OF CURRENT BUSINESS 41 Monthly statistics through 1937, together Supplement to the Survey ELECTRIC POWER AND GAS Continued ELECTRIC POWER Continued Revenues from sales to ultimate consumers (Edison Electric Institute) thous. of l GAS Manufactured gas: Customers, total thousands.. Domestic House heating Industrial and commercial Sales to consumers mil. of cu. ft Domestic. _. House heating Industrial and commercial Revenue from sales to consumers thous. of L. Domestic House heating Industrial and commercial Natural gas: Customers, total thousands.. Domestic Industrial and commercial Sales to consumers mil. of cu. ft_. Domestic Indl., coml., and elec. generation Revenues from sales to consumers thous. of L. Domestic Indl., coml., and elec. generation 176,99 9,849 9,21 176 4 25,136 15, 949 856 8,1 27, 484 21, 35 8 5,336 6,944 6,459 4 78,312 16,95,19 25, 12,93 11,9 182, 38 9,8 8,212 18 46 23, 842 14, 642 2 25, 4 19, 4 5 5,312 6,973 485 79,487 14, 373, 756 24,82 11,5 11,99 185,948 9,947 9,284 196 458 26, 325 16, 466 8 8, 28, 3 21, 84 819 5,2 7,21 6,1 4 84, 378 15,513,466 25,216 12, 279 12, 737 1,19 9,936 9,264 212 45 29,18 17,5 2.147 9,179 3, 573 22, 9 1,6 5,919 7,82 6,571 59,958 19, 485 72,12 29,24 14, 8 13, 974 1,178 9,6 9,241 22 456 3, 459 16, 41 4,847 9,3 3, 1 21, 87 2,79 6,151 7,194 6,7 5 17, 6 29,135 77, 3 36,226 2,28 15, 81 198, 991 9,947 9, 2 227 458 34, 6 16,196 8,36 9,8 33, 31 21, 3 4,7 6,478 7,22 6, 5 5 126,93 42,1 81, 74 45, 9 27, 751 17, 21, 33 9,8 9,21 212 4 34, 7 17, 211 8,11 9,25 33, 734 22,125 5,196 6,2 7,156 6, 129, 398 49,177 78, 736 5,279 32,141 17, 9 19,219 9,914 9,225 219 4 33, 6 16, 7 8,4 8,785 32, 811 21,38 5,429 6,227 7,1 6,5 6 134, 515 51, 291 81, 77 51,197 32, 9 18, 331 1, 714 9,97 9,218 21 4 33, 6 16,647 7,122 9,641 32, 45 21, 4, 6, 3 7,194 6,6 5 127, 377 46,791 79, 33 47, 979 3,218 17, 52 185, 987 9,4 9,197 218 4 32, 6 16, 242 6,74 1,144 31, 5 21, 252 3,84 6,3 7,178 6,6 9 113, 379 36, 51 75, 4 41, 34 24, 845 15, 958 1,112 9,9 9,285 224 466 3,33 15, 7 4,421 9,9 3, 77 21, 845 2,519 6, 231 7,19 6,5 3 11,438 27,415 72,581 34,644 19,873 14, 1,166 9,979 9,29 214 4 27,917 16, 6, 1,587 9,66 29, 5 22, 2 1,232 5,99 7,1 6, 51 87,413 18,8,378 28,9 15,197 13,193 BEVERAGES Fermented malt liquors: thous. of bbl_. Tax-paid withdrawals _ Stocks.. Distilled spirits; thous. of tax gal_. Tax-paid withdrawals Imports* thous. of proof gal.. Stocks. thcus. of tax gal Whisky:. Tax-paid withdrawals Imports* thous. of proof gal_. Stocks... thous. of tax gal_. Rectified spirits and wines, production, total thous. of proof gal Whisky* _.. Indicated consumption for beverage purposes: All spirits*! thous. of proof gal.. Whisky*!.. Still wines: * thous. of wine gal Tax-paid withdrawals*.. Imports* _. Stocks*.. Sparkling wines: *.. Tax-paid withdrawals*.... Imports*. Stocks* DAIRY PRODUCTS Butter: Consumption, apparentf thous. of lb Price, wholesale -score (N. Y.) l. per lb_., creamery (factory)f.thous. of lb._ Receipts, 5 markets^ Stocks, cold storage, creamery, end of month thous. of lb-. Cheese: Consumption, apparentf Imports. Price, wholesale, No. 1 Amer. (N. Y.) l. per lb._, total (factory)f thous. of lb American whole milkf Receipts, 5 markets Stocks, cold storage, end of month. American whole milk _ Condensed and evaporated milk: Exports: Condensed (sweetened) thous. of lb._ 5, 7 5,8 9,33 5,381 5, 2 52,429 3,711 4,343 4 477,149 1 145,71.24 179, 275 77,46 1,94,978 3,134.15 73, 4 58, 4 13, 7 119, 291 99,179 215 2,338 FOODSTUFFS AND TOBACCO ' 5, 14 ' 5, 3 ' 9,19 r 5, 5 r 5, 758 745 496,93 3,915 ' 4, 339 647 47, 4 2,9 2, '8,9 '6,7 87 4,25 149 97, 7 9 14 18 6 132, 391.26 184, 275 77, 74 173, 257 64,441 3,1.15 8,2 '64,66 16, 134, 351 114, 22 1,8 5,337 5,748 8, 6,95 5,2 641 496,12 4,217 4,226 5 4, 451 2,772 1,879 '8,15 r 6,266 2,382 4,229 145 94, 716 23 14 16 664 138,.26 1,215,25 21, 252 57,8 4,42.14,8, 14, 718 15,248 127,8 8 1,2 4,313 4,428 8,242 9,294 7,491 4 495,1 4,997 5,7 818 4, 48 3, 2,71 '7,4 '5,9C3 28,198 5,123 181 99,166 18 23 35 9 14,216.26 149,914 78,843 21,73,2 4,445.13,4 42,791 16, 345 14, 7 121, 423 279 2,38 3,595 4,134 7,57 18,3 1, 23 1,2 495,3 8,119 8,173 1,46 466, 376 4,48 3,6 '9,1 '8,36,432 6,843 322 127,66 18 4 6 6 152,48.26.27 136,132 j 116,42 64,457 5,495 194,285 i 159,2, 23 7,18.15,877 41,2 15,764 132, 326 115, 351 356 2,335 3,731 3,774 7,3 22,147 11,745 1,381 51, 27 1, 5 9,571 1,215 466,176 5,3 4,445 '12,95 '"11,328 73, 578 7,215 46 137,224 26 S3 15,912 52, 5,5.14 41,47 3,251 1, 7 127,44 19, 738 259 2,34 3,7 3,6 7,81 16,956 9,724 1,1, 1, 78 7,3 1,459 466, 4,774 3,8 '15,38 '13,351 24,1 8,644 476 128,47 37 78 138 5 1,152.28 121, 79, 2 128,872 5, 428 4,.15 38, 728 27, 9 1,998 12,174 12, 5 3 2,198 3,642 3,13 7,4 11,829 6,246 6 51,194 9,193 5,8 571 47, 251 2,973 2,375 '13,118 '11,425 5,8 5,33 247 122, 15 16 23 8 145,.26 128, 33, 75 111,3 56,72 4,1.14 39,1 28,171 1, 7 16, 411 9, 41 14 1,522 3,482 3,31 7,774 1, 72 6,91 6 513, 4 8,735 5,3 582 472, 7 2,3 2,1 '8,1 '6,9 1,8 5,18 194 117,94 9 11 19 6 139, 5.26 121,, 9, 78 57,11 4,425.14 37,9 27,175 11,4 91,485 77, 27 91 2,7 4,4 3,816 8,2 13,19 8,5 1 516, 7 9,984 6,794 76 472,143 3,817 3,78 '7,743 '6,816 1,26 5,8 2 111,357 25 13 22 8 1,1.24 139, 331 6,91 78,99, 356 4,1.14 47, 775 34, 281 11, 96 81, 3,812 36 1,785 4,6 3,985 8,746 1,876 7, 776 519,158 8,443 5,737 8 477,135 3, 2,8 '1,771 1,3 5,157 31 15, 776 43 13 26 587 1,9.23 145,123 59, 385 7,99 64, 71 3,7.14,6 41,145 11,157 75, 345,6 142 1,71 5, 5,79 9, 1,743 6,878 845 521,773 7,971 4,878 73 479, 271 3,425 2,496 '9,775 '8,122 1,13 4,994 229 1,933 7 17 37 9 179, 419.24 193, 71 77, 966 84, 437 77, 7 4,3.14 77,3 6, 64 14,42 79,272 64, 75 148 2,58 6,23 5, 2 9,442 8,35 6,4 772 522,4 5,782 4, 666 478, 875 2,96 1,977 '9,137 '7,142 7 4, 2 27 94,1 37 23 36 647 152, 1.24 2,135 84, 566 131, 7,66 3, 781.15,17,32 14,322 r 98,85 ' 81, 2 Evaporated (unsweetened). Prices, wholesale (N. Y.): Condensed (sweetened) l. per case.. 5. 5. 5. 5. 5. 5. 5. 5. 5. 5. 5. 5. 5. Evaporated (unsweetened) 2.9 3. 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 'Revised. See note marked with a "t" on p. 41 of the June Survey. *New series^ Earlier data for the new series on alcoholic beverages appear in tables 2-8, pp. 15-18 of the Survey. frevised series. For 1937 revisions in consumption and production of butter, consumption of cheese, and production of American cheese, see p. 41 of the issue. Total production of cheese has been revised beginning 1 to exclude cottage, pot, and baker's cheese; revisions not shown on p. 41 of the Survey will appear m a subsequent issue. Total indicated consumption for beverage purposes of all spirits and whiskey revised in entirety; exports should not have been deducted from the tables as stated in footnote 1, table 6, p. 17 of the Survey. JFor comparable monthly figures beginning 1919, see table 14, p. 17, of the March Survey. 195 1,799

42 SURVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey FOODSTUFFS AND TOBACCO Continued DAIRY PRODUCTS Continued Condensed and evaporated milk Continued. :! Condensed (sweetened): Bulk goods thous. of lb_ C ase goods,... Evaporated (unsweetened)... Stocks, manufacturers' end of month: Condensed (sweetened): Bulk goods thous. of lb. Case goods... Evaporated (unsweetened), case goods thous. of lb. Fluid milk: Consumption in oleomargarine. Price, dealers', standard grade*,l. per 1 lb_ (Minneapolis and St. Paul) thous. of lb. Receipts: Boston (incl. cream) thous. of qt. Greater New York (milk only). Powdered milk: Exports? thous. oflb_. }:._. Stocks, mfrs., end of mo.$.-_ FRUITS AND VEGETABLES 16, 5 2,4 223, 9 12, 8,57 341, 6 3,87 2.1 34,51 129,851 7 28,999 27, 17,129 3,2 224, 1 21,85 1,249 3, 641 4,787 2.23 34, 641 16, 579 12, 412 1, 396 35, 5 59, 764 14, 752 3,238 1, 57 2,119 9,932 419,142 5,4 2.22 29, 9 17, 727 127, 352 1,36 27, 35,459 14,178 3,21 146,9 17, 777 9,278 398, 287 6,216 2.22 25,3: 12, 291 115,943 7 26, 87 52, 14, 4 3,5 122,5 15, 248 8, 521 344,316 6,247 2.23 26, 377 14, 936 12,748 751 25,95 41, 24 11,296 3,529 1,723 11,71 7,8 284, 375 5,8 2.23 26, 7 15, 327 118, 582 3 2,419 37,194 11, 2 3, 21 119,4 9,235 7,139 25,73 5, 2.23 32,2 14,342 118, 277 9 21, 2 33, 259 12,847 3,421 129,452 8,6 6,11 15,311 5,856 2.23 36,421 13,9 123, 8 473 25,6 32, 11, 3,36 137, 2 7,22 4,985 12,397 5,422 2.21 34,829 12, 1 112,51 519 22, 32, 318 15,48 3,75 181,94 5, 4,959 19,2 5,1 2.2 4,237 13, 96 125, 57 6 28,233 3, 972 15,42 3,2 22,9 6,135 4, 134, 5 4,5 2.15 39,31 13, 322 121, 2 6 31,19 32,12 22, 7 2, 9 2, 957 7,91 6,437 29, 44 4,498 2.11 44,144 14,648 132, 1, 38, 877 31,982 21, 59 2,7 2, 5 11,416 7,764 2,393 4,112 2.1 41, 873 13, 7 134, 712 739 * 38, 572 ' 25, 1 Apples: (crop estimate) thous. of bu._, carlot no. of carloads._ Stocks, cold storage, end of month thous. of bbl Citrus fruits, carlot shipments-.no. of carloads. _ Onions, carlot shipments Potatoes, white: Price, wholesale (N. Y.) l. per 1 Reproduction (crop estimate) thous. of bu, carlot no. of carloads._ 1, 1,93 1,813 356, 4 944 11,4 1,197 1.144 14, 6 1,177 1,198 1,447.77 ',244 5,817 2,3 9,772 3,244 14, 493 13,194 1. 9 12, 8 2,996 1.1 15,56 7, 3 1,272 14, 399 2,3 1.95 12, 564 / 131,2 6,738 8, 736 18, 8 2,1 1.456 / 371,7 12, 356 5,595 93 726 433.595 46 4,776 5,79 18, 4 2,139 1.519 17,196 4,844 3,46 22, 827 2, 356 1.375 25, 21 3,25 1, 5 2, 395 3,71 1.8 18, 3 2,41 5 17, 5 3,376 22, 759 16,377 2,133 1.575 23,912 GRAINS AND GRAIN PRODUCTS Exports, principal grains, incl. flour and meal thous. of bu Barley: Exports, including malt Prices, wholesale, No. 2 (Mpls.): Straight l. per bu.. Malting (crop estimate) thous. of bu._ Receipts, principal markets Stocks, commercial, end of mo Corn: Exports, including meal Grindings Prices, wholesale: No. 3, yellow (Kansas City) -l. per bu._ No. 3, white (Chicago)... Weighted average, 5 markets, all grades* l. per bu. _ (crop estimate) mil. of bu Receipts, principal markets thous. of bu..., principal markets Stocks, commercial, end of mo Oats: Exports, including oatmeal Price, wholesale, No. 3, white (Chicago) l. per bu._ (crop estimate) mil. of bu._ Receipts, principal markets thous. of bu Stocks, commercial, end of mo Rice: Exports^ pockets (1 lb.). Tmports... Price, wholesale, head, clean (New Orleans) l. per lb.. (crop estimate) thous. of bu._ Southern States (La., Tex., Ark., and Tenn.): Receipts, rough, at mills thous. of bbl. (1 1b.)_. from mills, milled rice thous. of pockets (11b.) Stocks, mestic, rough and cleaned (in terms of cleaned rice) end of month thous. of pockets (11b.).. California: 8, 3.45.47 ', 8 4, 823 8, 2 4,31.46 e 2, 46 11,4 12.759 23, 145 11.29 e 8 6, 3 5,1 22,315, 257. 33 5, 822 178 75 3,22 1.48. 2,9 7,5 15, 664 5, 2..59.58 26, 573 27.7 15,4 6 9.73 6, 7 322. 27 4J 452.34 28,323 2,744.47.56 16, 817 15,96 12, 4 6,79.. 17,419 18, 1, 4 24, 6 2, 597 39, 6 5,5.34 27 485 6 1 Receipts, mestic rough basis (11b.).. 27. 9 16." 48 i 2 219 from mills, milled rice 13,25 119,712 i 135,8 Stocks, rough and cleaned (in terms of cleaned rice), end of mo...bags (1 lb.) 2, 2 19,5 177, 142 Rye: (a) Exports, including flour thous. of bu_.. 116 58! Price, wholesale, No. 2 (Mpls.).. l. per bu...43.48.41 (crop estimate) thous. of bu _ 4.4 Receipts, principal markets 1,47 1, 147 I 6,785 Stocks, commercial, end of mo._. 7. 78 1, 195 I 6, 825 851 15, 749 1,9..56 12, 335 17,25 7,8 6,564 ).. 52 17. 24 9, 942 9,9 1, 128 22, 26 215,914 46, 4.34 1, 5 9 1, 5 26,721 118,298 179, 446 2S3.41 12, 5 1,749.5. 1,522 18.4 4,119 6, 915.44.45.45 45,157 18, 994 23, 81 7,77 22, 351, 826 39, 3 3, 191 1,437 3, 5 15,111 736.5.56 5, 764 16,187 6, 32 6, 7.46.47 32, 8 16, 356 46, 645 1,45 4, 199 17,6 223, 4 34, 816 11,495 649.52.57 252,139 5, 846 15,15 3,729 6,724.48.5 / 2. 2 2, 2 1, 9 52, 644 147.29 / 1. 5, 8 16, 919 298, 935 39, 991. 33 / 52, 33 1.458 911 1,158 i 978 i 2,385 3..6 6, 13, 752 7. 5 6, 34..51 14,373 8,827 5, 8.31 6,221 15, 5 36, 1 46, 344 2 1,2-18 3, 979 3, 5 15,521 724.. 3, 846 12, 2 2,721 5,256.46.51.47 1, 216 5, 398 49, 181 13.3 4, 34 14, 958 32, 32 41, 296.33 8 1, 3 3, 5 477. 6! 444.297 I 212,4 2, 2 1. 184 1, IS! 182. 438 136, 3 129,3 118,478 3. 452 i 2. 19 7,7! 3,31 31,1 I 3S2,4f, j 366,12 j 393,811 375, 56 37.41.4 949 j 8, 12 i 1,248 8, 39 I.46 942 8, 126 15,435 436..56 5,9 1,182 3,798 5,78.46.51 13,85 8,473 43, 741 114 5, 7 12, 2 32, 12,.33 6 9 3,244 229. 76 143, 7 35, 435 511 1,241 7,724 I 7, " Revised. a Less than 5 bushels. c No quotation. 1 1 estimate. f Dec. 1 estimate. JFor comparable monthly figures beginning 1918, see table 13, p. 17 of the March 13 issue. *Ncw series. Data for price of milk beginning 12 and average price of corn beginning 1918 appear in tables 38 and 39, p. 18 of the Survey. trevised series. For revisions in condensed and evaporated milk production beginning 1137, see p. 41 of the Survey. Revised series. Data revised for 1937; see tables 19 and 2, pp. 14 and 15 of the April issue. r 11,3 124.51.57 4,579 8,874 1, 6 5, 798 )..49 12, 5 8, 6 39, 2.32 4, 4 1,312 274, 3 PO, 116 418 79 2, 3 16, 345 136, 287 31, 497 (a).43 795 7,1 16, 772 4..56 4,474 5, 745 1,27 r 6, 51..52 23,333 2, 17 34, 5 6. 33 6, 784 2,341 84,857 4 1,17 2, 595 23, 447 144,414 264,3 ( a ).51 r 6,6 26..6 3,791 6, 21 2 5, 945 17, 381 17,42 3, 4, 5, 5 241,7 75, 647.33 36 2, 197.332 97, 7 258. 494 (a) 6,813 I 7,384

SURVEY OF CURRENT BUSINESS 43 Monthly statistics through 1937, together Supplement to the Survey GRAINS AND GRAIN PRODUCTS- Continued Wheat: Exports: Wheat, including flour thous. of bu_. Wheat only Prices, wholesale: No. 1, Dark Northern Spring, (Minneapolis) l. per bu_. No. 2, Red Winter (St. Louis)... No. 2, Hard Winter (K. C.)... Weighted av., 6 markets, all grades,. (crop est.), total mil. of bu_. Spring wheat Winter wheat Receipts, principal markets thous. of bu_-, principal markets Stocks, end of mo. world est Canada (Canadian wheat) United States, total*... Commercial Country mills and elevators* Merchant mills* On farms* Wheat flour: Consumption (Russell) thous. of bbl. Exports Grindings of wheat thous. of bu^- Prices, wholesale: Standard patents (Mpls.) l. per bbl. Winter, straight (Kansas City) : Flour, actual (Census) thous. of bbl. Operations, percent of capacity Flour (Russell) thous. of bbl. Offal (Census) thous. of lb_. Stocks, total, end of month (computed by Russell) thous. of bbl. Held by mills (Census) LIVESTOCK Cattle and calves: Receipts, principal markets thous.of animals Disposition: Local siaugh ter total Stocker and feeder Prices, wholesale. (Chicago): Beef steers* l. per 11b.. Cattle, corn fed Calves, vealers Hogs: Receipts, principal markets, thous.of animals-. Disposition: Local slaughter, total Stocker and feeder._. Prices: Wholesale, heavy (Chi.) l. per 1 lb_. Hog-corn ratio* bu. of corn per cwt. of live hogs.. Sheep and lambs: Receipts, principal markets..thous.of animals_ Disposition: Local slaughter, total Stocker and feeder Prices, wholesale (Chicago): Ewes l. per 1 lb_. Lambs MEATS Total meats: Consumption, apparent mil. of lb-_. Exports* (inspected slaughter) Stocks, cold storaue, end of month Miscellaneous meats Beef and veal: Consumption, apparent thous. oflb_^ Exports Price, wholesale, beef, fresh, native steers (Chicago) _..l. per lb^ (inspected slaughter) thous. oflb_- Stocks, cold storage, end of mo Lamb and mutton: Consumption, apparent (inspected slaughter) Stocks, cold storage, end of month Pork (includinglard): Consumption, apparent Exports, totalf Lardf Prices, wholesale: Hams, smoked (Chicago) l. perlb_. Lard, in tierces: Prime, contract (N. Y.) Refined (Chicago) FOODSTUFFS AND TOBACCO Continued 7,414 2,977.78... 731 e 181 «1 99, 6 3, 84,281 349,372 944 4.74 3.41 «9,193 1, 6 971 664 242 9.3 9. 9. ],948 1,394 6 35 6.3 13.1 2, 42 9 1, 4 2 3.17 8.85 1, 48 1,33 9 425, 95 1, 525.156 445,8 33, 491,11, 73 1, 2 7,199 42, 223 25, 339..71 12, 764 1, 844.7 11, 195 26, 726 26, 18, 726 8, 49 39, 29 5.43 4.25 8,57. 9. 573 72, 336 5, 1, 952 9 242 1.71 11.1 9.25 1, 57 1,122 444 32 8. 94 15.9 1, 964 979 9 177 3.19 8. 56 9 28 937. 174 444.7 35, 5. 6. 3 1.972 tf)o. 647 22. 187 12,1.95.16 11, 498 9,3.78.66., 8 25, 258 33,93, 457 133, 725 9,45 399 42, 98 4.97 4.1 9,16.8 1, 94 743, 993 6,49 1,946 1,13 821 335 1.31 1.91 1.2 1,797 1, 323 4 35 8.45 16. 1 2, 664 1,146 1,495 438 3.27 7.93 972 8 6.17 4, 1f> 34, 4,1,112 1,1 4, 157 17, 329 1, 842. 226. %.98! 5,358 3,4.76..66. 38, 477 23, 291 42,11 15, 6 845, 2 139, 273 174,41 13, 198 41,411 9,239 399 44, 234 4.91 3.91 9,9. 1,8 77, 77 6, 56 4.314 2,17 1, 95 4 1.42 11.11 1.84 1,1 1,397 479 26 8.96 16.8 2, 9 1,174 1.7 1 3.28 7.56 1,7 31 1,5 459 498,91 1, 2.17 45. 8 36. 943. 3, 8S 2, 318 56,164 25, 193 18,79. 212..97 5,72 3,14.73... 27, 345 23, 797 437, 34 173, 2 141, 914 9, 737 7 43, 6 4.81 3.79 9,4 6. 5 1, 484 7, 6,75 2.36 1,122 1,12 594 1.33 1. 1.7 2, 2 1, 66 587 28 8.8 17.4 2,85 1,124 1, 3 856 3. 35 7. 1, 97 34 1,73 413 5 479, 5S8 1, 248 174 477^ 452 41, 218, 276. 5 2, 66 5, 66 28, 332 21, 71 248 oso 6,917 4,3.73.66.. 19, 11 21, 6 439, 82 1, 375 136, 24 9,445 431 4, 324 4.91 3.8 8.8 59. 2 9, 2 74, 995 6, 2 9 7 473 1. 3 1 75 1. 29 2, 1,93 1 33 7. 18. 1 1,9-45 996 9 415 3.73 8. 38 1. 33 1,177 4,485 1,1. 172 4, 9?n 52, 7 56, 375 56, 7 3,171 574, 112 27. 75 16. 9.77. 9 6,97 4,43.77.7.. /931 /244 /7 14, 2 18, 252 484, 15 1, 1 6, 242 128, 748 138, 598 17, 76 281,19 9, 226 38, 357 5. 6 3.84 8,416. 9, 266 2,15 5, 7 4,317 1, 4 843 2 39 1.13 11. 9. 41. 58. 2, 57 1, 848 726 43 7.17 16. 1, 2 3 1 3.7S 8. 59., 3,, 57.: 19/.2!.74 I.S6 I 12, 3 1, 217.73.71.73 11,9 12, 758 4, 36 1, 325 118, 936 8, 351 51 38, 7 5.1 3.82 8,476 57.2 8,711 1, 4 5, 1,5 975 259 1.35 11.59 1.38 2,9 1, 8 7 41 7. 18 15.4 1,746 1. 7 113 42", -. 3.97 8..22 71 76, 23, 15 73. 84 11, 946 8,782.78.73 9, 512 9,251 412, 39 144,817 1,119 8,11 3 35, 447 4.95 3.66 7, 757 57. 8, 512 5, 8 5, 3 1,294 87 496 213 1.17 11. 36 11.19 1,398 566 38 7. 66 16.4 1, 6 4f;3.! 32,' 9 595 82 4.38 8. 37 7 784 ', 33 841. 73.81 11, 87 8,487.77.73..71 13,748 11, 113 379, 82 139, 71 446, 96 82, 6, 646 82, 481 1, 9 5 41, 4. 79 3. 8,951 56. 9,142 73, 2 3, 5 9»2 579 1.29 11.44 1.31 2, 25 1, 4 ' 7 45 7.3 16. 1, 76 1, 46 72 11 4. 78 8. 66 '. - 112 2^ 22 157 2 7 81 5,874.78.76.7 16, 11,174 359, 73 134, 85 74,851 7 37, 8 4.87 3.47 8,244.7 8.916 6, 4 1, 4 9 581 233 1.2 11.22 9. 56 1,59 485 44 6.91 14.5 1,993 1,82 251 5. 66 9. 36 43 3 42. 87 71. 18 3.23 3 51, 198 5, 79 1 5 4 17 4 SO."1 1 23 7 77 14, 4 1, 2...76.8 25, 525 16, 851 319, 112,987 64,178 812 39, 66 5.23 3.6 8, 516. 4 «9,424 3,372 1, 647 24 9. 1. 59 9. 2, 41 1,822 575 48 6. 13.2 1, 951 1,7 '4 235 4 6 9.38 1,15 42 1,127 71 5 I 47, 125 r Revised. a Estimated. e 1 estimate. / 1 estimate. *New series. For data on United States wheat stocks beginning 123, see table 2, p. 17 of the June 139 Purvey. For data on hop-corn ratio beeinnins: 1913, see table 33, p. 18 of the June 13 Survey. Data on exports of meat beginning 113 not shown on p. 43 of the Ausrust 139 Survey will appear in subsequent issue. For price of beef steers beginning 1913 see table 4, page LS of the 19.^9 issue. trovisod series. Data on exports of lard revised for period 113-37 to include neutral lard; revisions, which also affect total exports of pork, will appear in a subsequent issue. ^Revised series. Data revised for 1937; see table 19, p. 14 of the April Survey. 1,3 I. 1 ' 4, 3*5 34, f,, 1,7 1 57, i 7 3,1 25, ;< 3.2 7. 9. 7 6,33 3,9.73.71.75 44, 16 14,423 318,34 98,123 295, 4 ' 81, 334 38, 291 85, 29 9,8 448 38, 7 5.16 3.58 8,44. a 8, 43 9,737 3, 641 1, 476 934 6 187 9.22 9.66 9.13 2,15 1, 5 56 43 6.39 11.9 1,711 913 84 1 2.97 9. 25 '1,73 43 1, r 74 8 '452,721 1,114. 159 444,337 r 33, 591 r, 193, 238 1, 7 5.7, 2 37, 43 22,OSS 2. 5. 75

44 SURVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey MEATS Continued Pork (including lard) Continued. (inspected slaughter) total thous. of lb._ Lard... Stocks, cold storage, end of month Fresh and cured Lard... POULTRY AND EGGS Poultry: Receipts, 5 markets thous. of lb Stocks, cold storage, end of month.. Eggs: Receipts, 5 markets thous. of cases.. Stocks, cold storage, end of month: Case thous. of cases.- Frozen thous. of lb.. TROPICAL Cocoa PRODUCTS Imports long tons.- Price, spot, Accra (N. Y.) _.l. per lb_. Cofiee: Clearances from Brazil, total.-thous. of bags.- To United States. Imports into United States. Price, wholesale, Rio No. 7 (N. Y.) l. per lb.. Receipts at ports, Brazil thous. of bags.. Visible supply, total, excl. interior of Brazil thous. of bags- United States... Sugar: Raw sugar: Cuba: Stocks, total, end of month thous. of Spanish tons.. United States: Meltings 8 ports long tons.. Price, wholesale, 96 centrifugal (N. Y.) l. per lb.. Receipts: From Hawaii and Puerto Rico long tons.. Imports Stocks at refineries, end of month... Refined sugar (United States) : Exports, including maple Price, retail, gran. (N. Y.) l. per lb.. Price, wholesale, gran. (N. Y.) Receipts: From Hawaii & Puerto Rico-.long tons.. Imports: From Cuba From Philippine Islands Tea: Imports thous. of lb_. Price, wholesale, Formosa, fine (N. Y.) l. per lb.. Stocks in the United Kingm.-thous. of lb.. MISCELLANEOUS FOOD PRODUCTS Candy, sales by manufacturerst-thous. of l. Fish: Landings, fresh fish, prin. ports_thous. of lb.. Salmon, canned, shipments cases. Stocks, cold storage, total, 15th of month thous. of lb. Gelatin, edible: Monthly report for 7 companies: FOODSTUFFS AND TOBACCO Continued 4,284 94,4 594,9 4,958 139,941 27, 712,138 1,1 7,17 143,21 16,93.433 1,217 724 1,.51 1, 6 8,79 781 1,846 3,129.29 115,75 316, 242 351,5 8,723.5.43 3,846 32,145 1,451 6,798.28 11,185 41,6 59, 985 436,978 72, 938 52,8 378,981 123,7 22,96 52, 64 1,35 6,411 135, 329 21,18.526 1, 35 3 1,19.49 1,214 727 448,18 74,1 451, 397 334, 777 116, 23,747,941 5,942 125,18 4,.2 1,591 819 1,145. 1,4 7,276 71 1,8 1,5 382, 948 391, 3.28.28 158, 276 211,77 282, 876 4,958.5.44 2,98 4, 44 6,1 5,27.28 17,197 1, 359 39, 2 3,12 66,716 113, 822 347, 381 334. 246 5,134.5.43 59,872 6,5 6,2.28 182, 8 13, 46, 8 814, 8 75,2 443,756 75, 8 3,177 277, 231,946 5,9 ), 942 4, 7 11,244 18,147.524 1,526 818 1,1.56 1,7 7,1 858 1,316 425, 5.3 142. 271 311,574 38, 6,428.49.45 1,335 11,791 2,995 7, 528.28 1, 9 22, 945 37, 46 1,112,4 9 1, 1, 56 4 1,82 1,364 1,518 1,5 1,437 1,8 1,6 1,641 1,3 1,4 1,994 1,397 1,445 1,226 1,242 1,31 1,335 1,7 1,178 1,418. 6,96 6,5 6,14 5,2 5,179 5,317 5,593 5,845 5,948 5,9 6,296 6,52 _._ Stocks... 3,99 5,234 6,34 Quarterly report for 11 companies: 7,956 8,4 8,99... Stocks TOBACCO. Leaf: Exports thous. of lb. 15,94 13, 4 35, 219 6, 379 82,34,1, 217 28,13 37, 52 44, 333 21, 777 24, 52 Imports, incl. scrap... 6,4 1,435 6,284 5,324 6,2 5,641 4,797 5,82 (crop estimate) mil. of lb. e 5,4 6,5 4,7 7,7 1, 6 /I, 379 Stocks, total, incl. imported types, end of quarter mil. of lb _ 2,343!,3 Flue-cured, fire-cured, and air-cured... 1,946 1,912 Cigar types _._ 323 r 334 Manufactured products: Consumption (tax paid withdrawals)^ Small cigarettes millions. 14,26 13, 784 15,2 14,711 13,264 13, 56 12, 6 13, 3 11, 782 14, 244 12, 2 Large cigars thousands- 427, 2 42,51 477, 596 4, 482 525, 6 515, 859 333, 982 349,497 3, 233 437, 584 43,42 Manufactured tobacco and snuff thous. of lb. 26, 246 27,4 3,473 3,577 27,9 3, 94 27,126 26,914 25,425 29,594 25, Exports, cigarettes! thousands- 1, 6 466,5 52, 491 41,493 1,23 518, 943 576,21 451,194 3, 8 5, 225 424, 857, manufactured tobacco: Total thous. of lb. 24, 9 27, 756 27. 327 24, 9 28,111 24, 825 23,26 22, 571 26,52 22, 5 27,15 Fine cut chewing 378 49 43 358 3 382 372 319 423 325 395 Plug 4,71 5,14 5,23 4,344 4, 266 4,29 3,419 4,145 4,322 4,76 4,974 Scrap chewing 5,443 3,79 3,5 2,151 4,5 4,133 3,419 2,4 3,3 3,23 3,51 Smoking 14, 5 17,9 17, 812 17, 1 18, 15, 58 15, 14, 711 17, 451 15,45 17, 747 Twist 426 7 433 444 415 44 4 471 491 426 4 Revised. * 1 estimate. / Dec. 1 estimate. JFor monthly data beginning 18, corresponding with monthly averages for 18-33 shown in the Supplement, see table 7, p, 17, of the issue Revised series. Data revised for 1937; see tables 19 and 2, pp. 14 and 15 of the April issue. 1,, 319, 251,, 7 716 312 645 6 36 7 77 6 646 3 244 94 35 12 117.499 1 1 1 7 598 1 147 5 4 721 1 14 375 935 31 116,173 213.84 2, 978 5, 5.49.46 1,28 2,293 4,287 7,959.28 214,17 1, 6 15, 3 373,641 299,142 74, 499 74,32 118, 574 1,439 78,91 8,93 1,218 775 1,3. 1,421 7,49 784 2, 36.3 56,139 111,17 215, 3 5,3.5.45 1,339 2,2 231, 8 21,41 I 23,6 4,276 9, 579 85, 6 34,71 9, 9 93, 24 756, 2 134,776 7, 525 43,14 17, 421, 8 139,18 76 32.93 15, 7.4 1,451 785 1,325. 1,7 7,6 914 75 247, 226.29 98, 38 46,66 194, 732 4,472.5.44 9,479 328 987 7,.28 243, 223 21,243 27,112 716,458 715,179 132, 3 8,4 526, 411 132,78 23, 2 133,1 1,41 136 5,345 18,143.437 1,191 6 1,423. 1,295 7,816 8 725 2, 257.29, 317, 481 199, 56 4,18. 5.42 4,1 1,413 6.28 252, 4 17,717 23,7 524, 25 77, 5, 7 9,38 6,419 2,138 125, 281 16, 744 116,229 1 44, 476 33, 297.46 1,222 7 1,.52 1,33 7,74 1,47 247,112.28 122,9 116,14 241, 39 5,344.49.42 17, 734 5,187 2, 223 7,931.28 234, 4 18,195 25, 2 487, 357,2 5, 9 " "1,442 2, 456 523, 24 129,252 17, 825 9,987 1,15 6, 4 43, 7.4 1,35 4 1,497.51 1,279 7,757 8 2,58 371,979.28 1, 228, 236, 666 5, 2.49.44 16, 6 18, 23 2,979 8,576.28 25,84 18,8 3, 9 525,6 4,423 513,16 91, 858 6, 746 527, 213 129, 3 16, 217 7,5 2, 3,357 32, 52.448 1,232 1,17.51 1,341 7,916 85 2,1 41, 523.29 184, 44 2, 84 271,36 3,641.49.44 18, 76 1, 336 6,495 6,6.28 182, 1 16, 223 41, 5 524, 393 29, 756,478 16, 945 9,587 52,251 139,336 24,427 66,796 2,311 5, 117,9 28,8.446 1,8 7 1,187.52 1,498 8,249 2,2 328, 213.29 137,11 184, 364 357,25 14,529.5.44 23, 352 18, 87 9,191 8,785.28 1, 38 15,1 43,6 257, 564 35, 295 585,84 16, 218 645,173 496, 796 148,377 28,494 ',47 r 6,977 141,456 14,13.436 1,5 774 1,32. 1,29 7,96 857 2,38 34, 1.29 127, 764 256,2 382,443 6,7.5.44 24, 599 9,393 6,724.28 1,2 12. 6 38,323 221, 785 r 46, 9 1,444 1,4 6,496 6,323 9,478 17,146 6,5 2,136 1,73 318 15,445 16,595 47, 58 4, 721 3,499 3,17 5, 851 593, 218

SURVEY OF CURRENT BUSINESS 45 Monthly statistics through 1937, together Supplement to the Survey FOODSTUFFS AND TOBACCO Continued TOBACCO Continued Manufactured products Continued Prices, wholesale: Cigarettes l. per 1,.- Cigars.- 5.513 46. 56 5 46 513 56 5 513 46 56 5.513 46.56 5 513 46. 56 5.513 46.56 5.513 46.56 5 513 46. 56 5.513 46.56 5.513 46.56 5.513 46. 56 5.513 46.56 5.513 46.56 COAL Anthracite: Exports thous. of long tons.. Prices, composite, chestnut: Retail l. per short ton Wholesale. thous. of short tons.. Stocks, end of month: In producers' storage yards In selected retail dealers' yards number of days' supply.. Bituminous: Exports! thous. of long tons.. Industrial consumption, total thous. of short tons.. Beehive coke ovens Byproduct coke ovens Cement mills Coal-gas retorts Electric power utilities Railways (class I) Steel and rolling mills Other industrial Other consumption: Vessels (bunker) thous. of long tons.. Coal mine fuel thous. of short tons,. Prices: Retail, composite, 38 cities l. per short ton.. Wholesale: Mine run, composite Prepared sizes, composite thous. of short tons.. Stocks, industrial and retail dealers, end of month, total thous. of short tons.. Industrial, total Byproduct coke ovens Cement mills. _ Coal-gas retorts Electric power utilities Railways (class I) Steel and rolling mills Other industrial... Retail dealers, total COKE Exports thous. of long tons.. Price, beehive, Connellsville (furnace) l. per short ton.. : Beehivet thous. of short tons.. Byproduct! Petroleum coke Stocks, end of month: Byproduct plants, total At furnace plants At merchant plants Petroleum coke PETROLEUM AND PRODUCTS t Crude petroleum: Consumption (runs to stills).-.thous. of bbl- Imports Price (Kansas-Okla.) at wells-_.l. per bbl. thous. of bbl._ Refinery operations pet. of capacity.. Stocks, end of month: California: Heavy crude and fuel.thous. of bbl. Light crude East of California, total Refineries Tank farms and pipe lines Wells completed number.. Refined petroleum products: Gas and fuel oils: Consumption: Electric power plantsf thous. of bbl. Railways (class I) yessels (bunker) Price, fuel oil (Oklahoma) l. per bbl_ : Residual fuel oil thous. of bbl. Gas oil and distillate fuels, total 16 8.6 2,913 2,1 716 1,1 21,7 72 4.748 9 124 3,8 5,93 6 6,16 97 22 4.243 4.275 29, 49 29, 575 24, 5 4, 5 342 191 6,9 4,243 511 7,84 4,95 39 3.75 47 3,3 2,772 945 1,827 3, 1,6 3,27.85 FUELS AND BYPRODUCTS 112 9,231 r 2, 58 2,3 1,757 956 18, 8 3,85 478 127 3,38 5,482 5 6, 1 172 4.297 4.434 23, 3 33,5 27, 2 5,364 275 277 7,95 4,2 2 8,26 6,35 39 3.75 ' 42 2,177 138 3,564 1,46 2,14 99, 856 2,6 1.16 12, 8 79 84, 724 33,138 247, 3 43, 4 23, 7 1,9 1,26 3,811 2,9.5 23, 7 12,8 1 9.431 2,729 2,336 1,4 1,93 2,346 79 3,4 478 128 3,315 5,6 66 6,49 99 211 4.296 4.4 28, 6 34, 579 27, 719 5, 299 279 7,4 4,6 1 8,56 33 3.75 5 2,494 148 3,79 1,4 2,256 1 11, 352 1,72 1.16 16,1 85,132 33, 8 243, 952 42, 724 21, 228 1,648 1,27 3,8 2,916.5 24, 232 12, 1 129 11.2 9. 3,337 2,8 2,121 44 1,32 21,116 3,77 43 13 3,338 5,938 2 6,77 95 237 8. 4.299 4.524 32, 2 36, 57 29, 377 5,952 313 2 8,29 4,2 8 9,51 7,13 3.75 56 2,5 111 3,5 1,3 2,2 3 96, 99 1,584 1.16, 75 33, 975 24, 251 42, 979 197, 272 1, 1,94 3,815 2,5.5 24, 2 13, 74 ' Revised. trevised series. Petroleum and products revised for 1937; see table 9, p. 15 of the March Survey. Beehive and by-product coke production revised for 1937; see p. 45 of the Survey. Gas and fuel oils, consumption in electric power plants, revised for ; see p. 45 of the June Survey. Revised series. Data for 1937 revised; see tables 19 and 2, pp. 14 and 15 of the April Survey. 149 9. 4,1 3,519 1,917 1,17 23, 734 1 4,36 4 134 3, 575 6,6 736 7, 112 258 4.299 4.576 34, 9 39,24 31, 324 6,459 33 258 8,195 5,52 1,41 7,7 4 3.75 3,93 147 3,716 1,334 2,382 4 1, 787 2,647 1.4 11, 79 87, 222 34,999 233, 4 41,131 1, 332 1.715 1,11 4,199?,7.5 25,487 13,82 127 9.713 3,728 3,1 1,91 51 1, 24, 1 11 4,2 441 138 3, 6,597 8, 129 2 4.299 4.5 35,5 4,821 33, 321 7,173 346 264 8,413 5, 315 11,16 7,5 38 3.75 7 3,278 1 3,745 1,37 2,438 8 97, 39 2, 3,8.96 98, 5 79 87, 399 36,64 228, 741 4, 3 1, 3 1,572 1,193 4,1 2,771.5 24, 573 12, 793 143 11.49 9.76 4,471 3,849 1,458 37 4 26,3 123 4,742 342 144 3,4 7,1 7 9,5 81 4.298 4.7 36,1 4,72 33, 7,4 349 252 8,491 5,9 7 1, 8 7,5 27 3.75 79 3,3 142 3, 1,291 2,319 78 97, 964 2,8.96 12, 287 77 87, 222 37,193 229,14 41, 221 187,919 1,419 1,243 4,111 2,5.5 25,197 13, 873 1 9.731 4,9 4,47 1,46 29 277 26,185 121 4,751 212 149 3, 595 7,149 858 9,35 2 4.29 4.4 35, 39, 72 33, 27 7,374 35 236 8,379 5,819 742 1, 37 6,45 25 3.75 77 3,3 126 3,33 1,241 2, 717 99, 4 1, 371.96 12,49 78 87, 595 36,7 227,134 42, 184, 594 1,385 1,236 3,957 2,587.5 25, 8 14,135 1 4,114 3,382 7 25 282 24,1 111 4,346 244 137 3,51 6,5 759 249 4.2 4.52 33, 91 39, 7 34,87 7,373 43 22 8,456 6,736 879 1,2 5,8 23 3.75 71 3,78 117 3,116 1,242 1,874 75 87, 797 1,343.96 93, 475 76 87,2 38, 323 227,98 41, 777 185, 321 1,338 1,116 3,64 2,94.85 21, 476 12, 797 143 11 35 L642 3,64 3,232 48 22 348 25, 7 17 4,8 3 143 3,1 6,97 85 9,37 15 259 ;. 4.2 4.491 35, 29 4, 35, 225 7,222 414 217 8,76 7, 1,29 9,98 5,28 21 3.75 3,439 128 3,37 1,198 1,9 4 98,917 1,736.96 16,7 77, 294 39,3 229,79 41,1 187, 5 1,252 1,134 4,33 3,76.85 25, 4 13, 9 137 9.78 5,296 4,842 35 27 22, 39 31 4,114 42 131 2,827 6,42 823 8,2 4.421 4.345 1, 747 31, 746 28, 226 4,434 321 179 7,642 6,387 8,46 3,52 18 3.75 2 2,915 142 2,9 1,91 1,876 734 99, 33 2,7.96 15, 51,75 39, 9 23, 6 4,18 19, 746 1,419 1,242 3, 3.341.85 24,75 13, 31 336 9.1 5,73 4,26 238 25 2, 518 39 3,3 416 125 3,32 5,915 8 6,93 79 122 4.464 4.3 17, 25, 413 22, 3 2,598 275 129 6,74 5,196 5 7,13 2,8 37 3.75 25 2,396 132 2,751 951 1,8 716 15, 7 4,1.96 11, 1 85, 58 39, 878 23, 279 4, 445 1, 4 1,6 1,346 3,87 3,52.85 27,22 12, 3 194 1. 9.148 r 3, 2,959 9 71 21, 521 81 4,3 r 123 '3,317 r 5, 748 1 6, 195 8.28 4.246 4.238 27, 9 26, 991 22, 7 3,8 2 17 ' 6, 5 r 4, 484 '518 7,6 4,23 43 3.75 52 3,9 142 2,7 931 1,726 71 14, 7 3,279.96 14, 85 85,49 38, 226, 4 41, 4 184, 999 1, r 1, 3 3,999 3,343.85 24, 6 13,

46 SURVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey March. April May June FUELS AND BYPRODUCTS Continued PETROLEUM AND PRODUCTSf Con. Refined petroleum products Continued. Gas and fuel oils Continued. Stocks, end of month: Residual fuel oil, east of California thous. of bbl_. Gas oil and distillate fuels, total Motor fuel:! Demand, mestic thous. of bbl., total Benzol Straight run gasoline Cracked gasoline Natural gasoline Natural gasoline blended Exports Gasoline - 1 Price, wholesale, tank wagon (N. Y.) l. per eal Price, wholesale, refining (Okla.)._. Price, retail, service stations, 5 cities- Retail distribution! mil. of gal _ Stocks, end of month: Finished gasoline, total thous. of bbl At refineries... Natural gasoline Kerosene: Conqimption, mestic.. _ Exports Price, wholesale, water white 47, refinery (Pennsylvania) l. per gal. thous. of bbl. Stocks, refinery, end of month ^ Lubricants: Consumption, mestic... _ Price, wholesale, cylinder, refinery (Pennsylvania) l. per gal thous. of bbl _ Stocks, refinery, end of month.._ Asphalt: Imports short tons..... Stocks, refinery, end of month _._ Wax: thous. oflb. Stocks, refinery, end of month _._.17.5 7.51.15 1, 726 32, 285 26, 47, 474 48,913 114 21,2 23,2 4 127 2, 935 3.597 127 '.. 141 1,9 7, 224 43,1 7,4 3,752 21. 4 8 1,112 1, 844.16 2. 1 8,194 1.28 475. 8 3,2 3. 24 135,911 32, 874 28,841 5, 459 5, 71 133 21, 524 24,1 4,226 2, 95 3, 998.124..14 2, 64,599 4, 137 8,22 4,2 597. 52 4. 933 1, 149 2,2. 15 2, 576 7, 9 2. 844 514,4 566, 4 31,2 131,13 33, 6 3, 46, 58 48, 28 144 2, 934 23, 49 4,81 3,329 3,.124. 51.138 1, 99,1 38, 819 8,159 4,187 797.51 5, 348 1,497 2,127.15 2.^15 7, 1.3 456, 3 471,1 36, 4 129.18 33, 344 33,17 46, 272 49,7 1 21, 3 23,8 4, 375 4,432 3, 572.124. 46.131 1,. 2 38, 739 6, 771 5,185 646 5] 32 9, 949 1, 85.15 2 2 7'. 718 1, 649 464. POO 442, 2 42, 128,6 3,935 32, 44,991 48, 21 181 2, 397 23, 379 4,244 4,222 3,25.124. 46. 133 1, 7 64, 39, 376 5, 742 5, 3 323.5 5,419 9, 6 1, 735. 15 2, 5 7,817 3, 4 322, 7 447. 6 37, 52 131,772 26,991 27, 873 41, 649 48, 26 1 2, 794 22. 71 4, 345 4, 285 4,.119. 43.134 1,745. 949 41,85 4, 6,813 7.49 5,739 1,1. 15 2, 384 7, 5 2, 78 242, 4 4S. 9 36,12 129,34 24, 39 24, 37, 7 49,12 185 21,125 23, 6 4, 264 3.7 2,764.119.41.133 1,8 73,817 49,419 4, 647 5,98 776.49 5. 72 6,711 1,.15 2. 527 7, 7 2.9 244. 4 2, 35, 28 128,7 21,952 21, 731 34, 595 43, 49 17 18,4 21, 37 3,747 3,229 2,5.119.42.133 1,427 79,1, 5 4, 78 5,91 516.52 5,174 5,452 1, 3.15 2, 522 7,951 9,6 1, 3 572, 33, 32 117,711 19, 2 2,115 42, 52 48. 3 1 2, 6 23, 28 4,232 3,243 3,523.118.45.133 1,734 81,1, 464 4,721 5,21 523. 5,9 5. 1,987.15 2, 664 7, 8 ' 3, 232 38, 2, 44.8 117,7 19, 4 21, 58 43,977 48, 7 1 2, 2 23, 521 4,232 2.9 2,9.114.47.134 1,796 81, 3,172 5,484 5,42 1. 5,813 5, 6 1,77.15 2,2 7,8 ' 1.521 374,9 8, 35, 119, 31 21, 397 22, 49, 7 51, 384 13 22. 7 24, 27 4,28 2.646 3,915.118.49. 135 2, 42 78, 342 52, 76 6,212 4, 3 1. 5,99 6,1 2, 132. 115 2, 856 T 7, 2, 477. 8 2, 34, 44 113,5 22, 48 25, 9 49,812 5, 1 174 21, 782 24. 81 4.95 2, 2 3,4.111.5. 136 74, 395 47, 972 6,749 3,57 46. 5,439 7,949 1,.15 2,8 7, 427 3.24 485. 8 642, COO 39, 48 111.64 HIDES AND SKINS Imports, total hides and skins thous. of lb. Calf and kip skins Cattle hides... Goatskins Sheep and lambskins Livestock (inspected slaughter): Calves thous. of animals.. Cattle... Hogs Sheep Prices, wholesale (Chicago): Packers', heavy, steers l. perlb.. Calfskins, packers', 8 to 15 lb LEATHER Exports: Sole leather thous. of lb_. Upper leather thous. of sq. ft.. : Calf and kip thous. of skins.. Cattle hides thous. of hides.. Goat and kid thous. of skins.. Sheep and lamb Prices, wholesale: Sole, oak, scoured backs (Boston) l. per lb_. Upper, chrome, calf, B grade, composite l. per sq. ft.. Stocks of cattle hides and leather, end of month: Total thous. of equiv. hides.. In process and finished Raw LEATHER MANUFACTURES Gloves and mittens: (cut), total zen pairs. Dress and semi-dress.. Work... r 22. 2 2. 5 7,128 5. 236 4,9 417 782 2,778 1, 399. 115. 1 3,428.35.38 LEATHER AND PRODUCTS 14,93 2,144 5,393 4, 795 1,941 436 82 2, 2 1,4.111.139 3, 6 1,222 1,47 2,394 2,38.315.377 13, 5 1,14 3,851 15, 48, 2 58, 225 16,266 3,175 2,716 5,223 4,341 457 848 2,4 1,.119.145 6 3,738 1, 349 1,764 2, 7 3, 226.318.378 13,331 9,666 3, 6 181,791 112,736, 16, 7 2,133 5, 5,498 2,282 4 917 2,1 1,4.12.143 41 3,79 1,114 1,717 2,336 2,716.32.378 13,244 9, 3,74 173, 2 16, 7,121 Revised. ffor petroleum and petroleum products, see note marked with a" t" on p.45. Retail distribution of gasoline revised for 1937-38; data not shown on p. 46 of the June Sur vey will appear in a subsequent issue. 1 The gasoline statistics in the above table have been rearranged and data on the production of benzol have been added. With this series included, it is possible to derive figures or total production of motor fuels, as shown here. Earlier data for benzol production will appear in a subsequent issue. Revised series. Data revised for 1937; see tables 19 and 2, pp. 14 and 15 of the April Survey. 19, 2,116 7,527 4,945 3,641 47 4 3,311 1,8.134.1 49 4,1 1,1 1,7 2,525 2,822.32.385 13.44 9, 6 3,775 1, 6 115,942, 725 24,399 3,44 1, 725 6,122 2,5 457 858 3,913 1,4.141.1 42 3,42 1,138 1,7 2,4 2,872.324.3 13,5 1, 74 3,811 1, 797 12, 725 6,72 25, 7 3,972 9.5 6,75 4,4 417 758 4,346 1,347.123.157 26 3,6 1,284 1,2 3,245 2,9.318.39 13,996 1, 31 3,5 135, 759 74,. 4 32, 826 3,5 13,528 6,317 7,91 415 7 4,43 1,456.121.1 6 3,97 1,319 1,936 3,185 2,9.315.393 13, 9,8 3,734 119,257,177 56,8 28,1 2, 13, 2 6,1 3,975 385 3 2, 1,3.14.1 14 3,4 1,326 1,943 3,17 3,236.33.39 13,375 9, 9 3,6 1, 49 93,123 6, 2 29,196 2,38 11,771 6,7 4,436 478 774 3,229 1,473.17.1 4,197 1,329 1,9 3,3 3,115.291.38 13,9 9,229 3,78 174,937 13, 739 71,198 25, 4 2, 11,374 5,26 4, 858 457 7 2,931 1,224.97.145 46 3,585 1,1 1,2 3, 4 2,774.29.38 12,813 9,26 3,787 148, 42 81, 85 66,57 27, 26 1,939 1, 3 6, 332 5, 1 59 814 3.416 1,3.15. 156 82 3,816 1,187 1, 736 3, 473 3,15.29.38 12,95 '9, 178 3,827 149, 591, 48,111 22, 5 2,32 8, 34 5, 214 4, 385 448 778 3,185 1,41.11. 164 47 3,64 1,226 1,718 3,595 3,41.294.38 13, 2 9,18 3,822 184, 99 111,7 72,172

SURVEY OF CURRENT BUSINESS 47 Monthly statistics through 1937, together Supplement to the Survey LEATHER AND PRODUCTS Continued LEATHER MANUFACTURES-Continued Shoes: Exports thous. of pairs.. Prices, wholesale, factory: Men's black calf blucher l. per pair.. Men's black calf oxfordf Women's colored calf, boots, shoes, and slippers: Total thous. of pairs_. Athletic All fabric (satin, canvas, etc.) Part fabric and part leather High and low cut, total Boys' and youths' Infants' Misses' and children's Men's Women's Slippers and moccasins for housewear thous. of pairs.. All other footwear 184 5.75 4.7 3. 33, 4 2 256 38 28, 6 1,456 1, 826 3,377 7, 8 14, 381 3, 594 323 136 5.75 '4.7 3. 3, 742 187 314 22 26,6 1,426 1,576 3,314 7,27 13, 24 3,18 384 164 5.75 '4.7 3. 42, 252 295 291 45 36, 247 1,958 1,845 4,9 1, 18, 287 4,6 322 191 5.75 '4.7 3. 38,28 2 319 331 31,987 1, 1,818 3,859 9, 5 14,94 5,115 264 2 5.75 '4.7 3. 35,12 282 33 315 27, 799 1,8 1,878 3,5 9,25 11,451 6,78 236 138 5.75 '4.7 3. 3, 34 35 3 22, 6 1,5 1,8 3,132 8, 1 7,295 6,422 114 113 5.75 '4.7 3. 29,9 331 3 476 24,359 1,426 1,775 3,399 8, 43 9,3 4,297 17 18 5.75 '4.7 3. 33,5 26 457 2 3,149 1, 414 1,987 3,74 8,876 14,132 1,5 348 195 5.75 '4.7 3. 35, 457 237 778 31, 4 1,32 1,94 3,711 8,645 15, 81 1,9 31 5.75 '4.7 3. 42, 375 281 76 2 37,132 1,5 2,256 4, 9,93 18, 4 2, 1 721 223 5.75 '4.7 3. 32, 578 275 591 641 27, 842 1,47 1,951 3,122 7, 13,3 24,464 7 34 5.75 '4.7 3. 32, 222 37 526 3 27. 1 1,44 1, 825 3. 435 7,739 12,757 3, 2 871 5.75 '4.7 3. 31,776 295 '4 '291 " 26, 326 1, 39 1,971 ' 3, 579 ' 7,8 11,498 ' 3, 72 '78 LUMBER ALL TYPES Exports, total saw mill products* M bd. ft. Sawed timber * Boards, planks, scantlings, etc Imports, total saw mill products* National Lumber Mfrs. Assn.:, total mil. bd. ft_. Hardwoods Softwoods. _ -, total Hardwoods Softwoods. -_ Stocks, gross, end of month, total Hardwoods Softwoods FLOORING Maple, beech, and birch: Orders, newt Orders, unfilled, end of month Stocks, end of month Oak: Orders, new Orders, unfilled, end of month Stocks, end of month M bd. ft.. 115,264 19, 8. 51, 21 1,938 272 1.6C6 1,959 324 1,5 7,979 1,844 6,135 8,1 11,9 6, 2 8, 3 16, 6 36, 713 39, 523 34,126 36, 985 76, 1 LUMBER AND MANUFACTURES 77,3 13,66 64, 857 36, 9 1,66 24 1, 42 1, 775 2 1,58 8,511 2, 259 6,252 7,9 9,6 5,4 6,4 2, 58, 516 59,96 3, 7 35,9 78,6, 217 6, 96, 257 49,128 1,998 222 1,776 2,33 2 1,75 8,481 2,2 6,281 7, 45 9,85 7, 7,25 19,95 36,943, 338 42, 4 41,511 79, 76, 825 8,827,998 58,22 1,91 237 1,664 1,843 293 1, 8, 56 2,1 6, 45 5,4 8,8 6,3 5,95 2,35 26, 575 47,416 39,35 34, 497 84,158 SOFTWOODS Fir, Douglas: Exports, total saw mill products*._m bd. ft 48, 15 26, 847 16, 25 2, 77 24, 66 18, 5 3, 8 24, 5 25, 972 34, 5 29,4 36, 57 45, 28 Sawed timber 11,57 8, 6 2,222 4. 3 5.322 4,,15 5. 9 5, 6 14, 95 11, 485 12, 193 1, 9 Boards, planks, scantlings, etc 36, 598 18, 211 14, 28 15,712 19, 284 13, 21, 18, 5 2, 276 19, 595 18, 1 24,377 34, 36 Prices, wholesale: No. 1. common boards,, l. per M bd. ft.. 18. 17. 64 17.64 17.64 18.8 18. 424 18. 18. 18. 18. 18. Flooring, 1x4, "B" and better, V. G. l. pvt M bd. ft. 37. 24 35. 77 36. 26 36. 26 35. 77 35. 28 35. 28 35. 28 36. 34. 3 35. 28 35. 28 36. Southern pine: Exports, total saw mill products*_m. bd. ft.. 3, 28 23, 332 26, 156 25, 479 26, 46 22,166 26, 5 19, 18, 496 25, 314 2,857 24, 74 23, 476 Sawed timber 7,916 4,245 4,2 4,197 4, 527 5,19 4,12 4,326 4,79 6,76 4,9 6,1 6, 6 Boards, planks, scantlings, etc 22,112 19,87 21, 524 21, 282 21,933 16. 976 22,913 15, 2 13, 787 18, 15,93 18, 572 16, Orders, newt mil. bd. ft._ 5 724 2 2 71 9 473 7 491 64 8 4 Orders, unfilled, end of month 341 343 34 296 364 323 37 33 327 343 36 346 347 Price, wholesale, flooring,.l. per M bd. ft_. 39. 38 4.78 41.41 41.46 41.22 42.9 41.1 4. 76 39. 4.3 3 7 4. 3 39. f mil. bd. ft.. 571 57 9 578 58 495 57 8 4 578 f 575 6 6 64? 58 4 4 494 5 1 2 3 Stocks, end of month 2,52 2, 21 2,17 2,1 2,125 2,75 2, 94 2,1 2,11 2, 2 2, 99 2, 91 2,56 Western pine: Orders, new 432 442 399 333 347 3 391 279 248 313 3 41 444 Orders, unfilled, end of month 2 276 2 21 ISO 2 2 247 213 211 236 233 2 Price, wholesale, Ponderosa pine, 1 x 8, no. 2, common (f. o. b. mills)._dbl. per M bd. ft.. 25.42 21.32 22.49 22.17 21.91 22.4 22. 24.3 25.24 25.13 24. 81 24. 9 25. 8 f rail. bd. ft.. 484 432 6 4 43 35 238 181 1 233 349 498 52 t 418 374 475 411 3 335 322 299 2 316 339 45 428 Stocks, end of montht 1,943 2.37 2, J9 2,139 2,14 2, 14 1,782 1,C99 1, 79 1,82 1,8 West Coast woods:^ Orders, new 7 524 7 411 444 5 451 445 426 513 66 572 Orders, unfilled, end of month 487 381 334 2S2 264 324 3 3 3 373 376 42 437 477 3 578 466 471 518 416 446 434 5 482 522 487 413 584 4 471 495 414 413 431 2 59 4 5 Stocks, end of month 946 5 95 935 9 1,21 1,24 982 97 9 95 r Revised. IData for and and March and May are for 5 weeks: other months, 4 weeks. *New series. For the new series on total lumber exports and imports, data for earlier years not shown on p. 47 of the Survey will appear in a subsequent issue. For Douglas fir and southern pine, the new series on total exports represent a total of the items regularly shown. Note that the more definitive title "boards, planks, and scantlings, etc." has been substituted for "lumber." trevised serifs., shipments, and new orders of southern pine lumber for 1937-38 and production, shipments and stocks of western pine, 1937-? Q. have been adjusted to the 137 Censu> of Manufactures; data for southern pine not shown on p. «7 of the 193 issue, and for western pine not shown on p. 47 of the March 19'* issue, win appear in a subsequent issue of the Survey. These revisions have not been carried into the totals shown on this page under the heading "Lumber All Types." Revisions for the latter series, embodying certain changes in addition to those occasioned by the adjustment of the southern pine and western pine figures, will be shown when available. Wholesale prices of men's black calf oxfords revised because of style change. Price of slightly different type of shoe substituted beginning. Revised data for not shown above are: -March, 4.8; April, 4.78; May-June, 4.7. 78,184 1,77,17 6,977 1,79 239 1, 2 1,847 295 1,2 8,56 2,99 6,47 7, 1, 6 5,4 5,2 21, 41,133 56,393 36,1 32,156,19 66,934 1, 25 56, 729 5, 232 1,5 246 1,429 1,7 311 1,478 8,442 2,58 6,384 6,2 11,2 6,1 5,5 21,6 3, 1, 724 35,139 31, 56 91, 7 93, 247 13, 2 79,958 46,4 1, 233 1,271 1,593 2 1,33 8,373 2, 6,34 6,5 13, 6,2 4,9 23,35 26,9 52, 7 31, 72 27, 6 94,181 7, 2 1, 3 57, 9 49, 521 1,582 295 1,287 1,6 38 1,3 8,39 2, 6, 2 7,45 14, 7 6, 5,9 23,8 36,8 6,649 28, 4 26,916 95, 228 7, 727 1,879 59,228 47, 1,493 293 1,2 1,581 282 1,3 8,29 2, 6,148 5,4 15, 2 5, 58 4,85 24,35 26,91 56, 482 27, 64 27, 38 94,73,98 21, 766,, 591 1, 32 1,56 1,995 1,6 8,38 2.21 6,17 6, 14, 5,3 7,4 22, 6 28,144 51,5 29,9 31,951,445 82, 956 16, 5, 726 58, 2 1,771 266 1, 1, 828 37 1,521 7,997 1,984 6,13 8,1 14, 5,6 7, 2 21, 26,128 47,199 28,5 3, 64 87,191 98, 932 18.819 73, 43 48, 941 2,132 271 1. 1 2,117 37 1,81 8, 24 1, 48 6, 75 7, 14. 2 5, 7, 6 18, 85 32, 937 41,137 35. 447 37, 999, 5 112, 13 17,984, 2, 6 2, 36 27 ], 766 2, 328 1,733 8, 6 1,6 6, 31 6, 85 12, 4 7, 4 8, 2 18, 4 36, 58 39, 793 34, 2 37, 41 79,

48 SURVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey LUMBER AND MANUFACTURES Continued SOFTWOODS-Continued Redwood, California: Orders, new M bd. ft. Orders, unfilled, end of month......... Stocks, end of month._. FUBNITURE All districts: Plant operations percent of normal- Grand Rapids district: Orders: Canceled.-...percent of new orders_ New no. of days' production. Unfilled, end of month... Plant operations percent of normal. no. of days' production. Prices, wholesale: Beds, wooden 16=1. Dining-room chairs, set of 6... Kitchen cabinets... Living-room davenports... Steel furniture (see Iron and Steel Section). 23,1 28, 377 25, 421 23,497 296, 426 51. 4. 16 3 5. 13 77.6 12.3.1 87,2 26,978 25. 116 26. 6 23. 333 282, 291 47. 5. 21 26 46. 12 8.3 12.3 87.6 87.2 29, 218 26. 599 34, 229 27, 5 287, 243. 3.5 21 27 5. 16 8.3 12.3 87.6 87.2 23,49 23, 322 34,8 28,26 296,177 58. 4. 2 23. 18 8.4 12.3 87.6 87.2 25, 35 25,111 3. 722 24, 427 299,3 6. 5. 2 2 6. 16 8.4 12.3 87.6 87.2 25, 939 24, 4 33,16 25,28 34,859 57. 6. 19 18. 15 79.3 12.3 87.6 87.2 22,134 25.31 27, 284 19,9 313,47 58. 7. 12 13. 13 77.6 12.3 87.6 87.2 34, 27 34, 5 25,2 23, 811 39. 31 56. 4. 19 21 58. 12 77.6 12.3.1 87.2 2, 875 3,647 26, 272 24, 243 37,494 56. 5. 14 19. 13 77.6 12.3.1 87.2 32, 98 32. 485 28,585 3, 822 3, 378 57. 5. 14 16. 15 77.6 12.3.1 87.2 26,387 29,6 27.93 28.96 298, 52. 6. 1 13 42. 12 77.6 12.3.1 87.2 26, 846 28,181 31,4 27, 299,7. 7. 11 13 47. 11 77.6 12.3.1 87.2 24,498 24, 5 28, 2 27,4 295, 1 5. 2. 25 28 47. 13 77.6 12.3.1 87.2 IRON AND STEEL Foreign trade: Exports (mestic) total longtons.. Scrap. Imports, total. Scrap. Price, wholesale, iron and steel, composite l. per long ton._ Ore Iron ore: Lake Superior district: Consumption by furnaces thous. of long tons.- from upper lake ports.. Stocks, end of month, total._ At furnaces.. Lake Erie cks._ Imports, total.. Manganese ore, imports (manganese content) _ thous. of long tons.. Pig Iron and Iron Manufactures Castings, malleable: Orders, new short tons.. Percent of capacity short tons. _ Pig iron: Furnaces in blast, end of month: Capacity long tons per day Number Prices, wholesale: Basic (valley furnace) l. per long ton Composite Foundry, No. 2, northern (Pitts.) l. per long ton.. thous. of long tons.- Cast-iron boilers and radiators: Boilers, round: thous. of lb_. Stocks, end of month Boilers, square: Stocks, end of month Radiators: Convection type: Sales, incl. heating elements, cabinets, and grilles.thous. sq. ft. heating surface.. Ordinary type: Stocks, end of month Boilers, range, galvanized: Orders: New number of boilers... Unfilled, end of month, total Stocks, end of month Steel, Crude and Semimanufactured 513, 664 35,66 3, 851 3,335 METALS AND MANUFACTURES Castings, steel: Orders, new, total short tons.. 34,84 36, 641 24, 814 25, 5 25,418 Percent of capacity 31.1 32.7 22.2 22.8 22.7 Railway specialties.short tons_. 7,721 16, 5 4,411 5,4 4,127, total 34,1 22, 9 36, 4 28, 478 28,19 Percent of capacity 3.5 2.5 32.5 25.4 25.1 Railway specialties short tons.. 6,111 12, 9 8,3 5,9 r Revised. Revised series. Data revised for 1937; see tables 19 and 2, pp. 14-15 of the April issue. 35.82 3,143 6,31 28, 57 24,196 4,311 222 24 29,2 28, 6 35.3 26,1 79,45 129 2.5 21.15 22. 2,356 1,387 1,749 19,56 15, 284 16,87 124, 581 811 4,187 5,28 33,,22 19,1 47,494 5, 596 28, 37 2, 9 126,423 14, 728 4 36.32 1,5 3,2 35,846 3, 6 5,19 26 21 16,95 16, 2.2 17, 5 41, 4 77 19.5 2.15 21. 1,22 2,135 2,15 2, 7 14, 1 17,841 122, 6 4,958 5,219 26, 216 5, 377 14, 279 51,9 52, 251 3, 93 242,139 18, 29 2,41 1,7 36.5 2,77 3,326 37, 5 31, 759 5,2 172 31 25, 752 25, 799 31.3 21,12 51,37 19.5 2.15 21. 1,494 2,277 2,287 2, 9 2, 3 17,84 125,446 73 6,23 5,214 27, 98 57, 721 15,414 56, 595 56, 5 3,912 346, 149, 3 27,958 4,218 36.48 2,314 3,285 37,874 32, 516 5,358 1 35 29, 29, 46 34.8 26, 941 57, 5 19.75 2.29 22.14 1, 2,391 4,78 18, 5 25, 336 3, 852 119,841 7,199 6,387 28,3,337 18, 16, 2, 735 3, 799 425,421 223,9 26, 445 5,524 36.48 2,781 3,4 38, 594 33,173 5,421 226 15 32, 77 29, 97 36.4 28, 717 7, 115 2.5 21.14 22. 2,52 3, 5 4, 17,71 22, 851 34,18 18, 445 4 6,97 7,9 27, 2 18, 427 46,2 77, 5 79, 5 28, 7 4,596 273,44 27, 7 4,749 36.39 3,15 1,481 37, 456 32,166 5,29 26 36, 643 35,351 43. 35, 5 75, 795 121 2.5 21.15 22. 2,27 2,233 3, 16,877 15, 3 2, 27 14, 21 4,7 5,7 26, 394 7, 8 37,17, 716 8, 574 31, 819 3, 428 27.2 7,128 29, 994 26.8 7,27 49,95 323, 1 28, 7 6,519 36.37 3,41 34, 579 29,456 5,123 187 3 35, 3 38, 82 46. 36, 434 71,315 117 2.5 21.15 22. 2,211 1,338 2,182 16,114 1,128 15, 81 98, 1 498 3,9 4,815 25, 4 47, 2 2, 6 7, 232 64,426 37, 5 38,342 34.2 14,749 36,13 32.3 11,282 3, 2 227,4 27, 664 3,333 36.36 2,7 31, 6 26, 646 5,43 18 1 38,15 35, 372 43.5 36, 43 7, 235 118 2. 5 21.15 22. 2,175 1,573 1,642 15,9 12, 1 12, 276 99,128 442 4,6 3,814 28, 279,3 15, 26 64, 94 66, 35, 317 42, 24 37.5 12, 66 38,8 34.8 12,84 359, 224, 913 19,149 1,413 36.37 2,8 28, 84 23, 912 4,8 179 33, 234 34, 7 42.9 34, 8 74, 285 121 2.5 21.15 22. 2,6 1,87 1,376 16,491 13, 81 9,246 14,33 35 4,711 2,95 3,8 5,876 12,64 56, 476, 298 38, 495 3, 36 27.1 6,848 36, 471 32.6 1, 6 474, 36 312, 2 25, 3 78 36.4 3,317 25,872 21, 4,818 23 21 35, 997 39, 5 47.5 39, 87 77, 46 123 2.5 21.15 22. 2,395 2,198 1,113 17, 579 19, 96 1, 46 114, 878 34 5,593 2,7 33, 2 57,8 1,145 6, 421 6, 387 38, 4 41, 3 36.9 11,125 4, 219 35.9 1,173 394,8 24,124 44, 2,7 36.34 2,8 57 22, 791 18, 36 4,485 1 11 29,1 31, 64 38.8 33, 666 6,16 12 2.5 21.15 22. 2,56 1,916 1,23 18,31 15,339 9,448 119,9 476 4,35 3,13 34, 875, 772 19, 442, 4 6, 475 31, 442 34,1 3.4 9,5 35, 944 32.1 9,751 2, 641 384, 1 28,142 3,971 35.8 2,246 3, 23, 71 18, 5 4,236 217 17 27, 72 3,84 37.8 32, 7 6, 515 17 2.5 21.15 22. 1,718 1,93 1,51 19,84 16, 429 11, 744 124,4 6 4,276 4,27 34,9,191 2, 8, 66, 995 32, 57 41, 66 37.2 12,1 41, 359 36.9 12, 56 5. 856 398, 8 32, 587 2,7 35. 2, 5,573 25, 1 21, 4,251 1 15 29, 41 3, 781 37. 32, 566 72,' 2.5 21.15 22. 2,118 1,95 1,427 19,421 16,194 14, 577 126,13 729 4,5 4,73 34, 975 59,277 16, 245,996, 31,472 37, 774 33.7 11,872 4, 272 36. 11,6

SURVEY OF CURRENT BUSINESS 49 Monthly statistics through 1937, together Supplement to the Survey IRON AND STEEL-Continued Steel, Crude and Semimanufactured Continued Ingots, steel: thous. of long tons.. Percent of capacity Bars, steel, cold-finished, carbon, shipments short tons.. Prices, wholesale: Composite, finished steel l. per lb._ Steel billets, rerolling (Pittsburgh) l. per long ton.. Structural steel (Pittsburgh) l. per lb_. Steel scrap (Chicago) l. per gross ton. U. S. Steel Corporation: Earnings, net thous. of l, finished steel products thous. of long tons_. Steel, Manufactured Products Barrels and drums, steel, heavy type: Orders, unfilled, end of month number... Percent of capacity number. _ Stocks, end of month Boilers, steel, new orders: Area thous. of sq. ft.. Quantity number.. Furniture, steel: Office furniture: Orders: New thous. of l... Unfilled, end of month Shelving: Orders: New... Unfilled, end of month. _ Plate, fabricated steel, new orders: Total short tons.. Oil storage tanks Plumbing and heating equipment, wholesale price (8 items) llars. Porcelain enameled products, shipments 1 thous. of L. Spring washers, shipments Steel products, production for sale (quarterly): Merchant bars thous. of long tons. Pipe and tube _. Plates... Rails Sheets, total Percent of capacity. Strip: Cold rolled thous. of long tons. Hot rolled Structural shapes, heavy Tin plate Wire and wire products.. Track work, shipments _. ~~ short tons.. NONFERROUS METALS AND PRODUCTS Metals Aluminum: Imports, bauxite long tons.. Price, wholesale, scrap, castings (N. Y.) l. perlb_. Babbitt metal (white-base antifriction bearing metals): Consumption and shipments, total thous. of lb._ Consumed in own plants Copper: Exports, refined and manufactures!. _. short tons. Imports, total... For smelting, refining, and export.... Product of Cuba and Philippine Islands short tons Allother _... Price, wholesale, electrolytic (N. Y.) l. per lb. : Mine or smelter (inch custom intake) short tons METALS AND MANUFACTURES Continued 3,2 57 32,.2 34..21 13.56 6 235, 772 719, 45. 1 725, 6 33, 25 772 1,33 1,737 1,382 1,5 4 358 36 31, 364 8,1 234. 71 951 149 5,33 44, 85 1,3 517 1.96 35,1 21,123 18, 646 135 2, 342.998 1,974 35 18,166 34..21 12. 442 3, 75 9, 448 39.1 2,1 41, 287 1 1,5 1,22 1,48 321 32 247 27,773 15, 382 235. 42 6 84 2,395 34,446.6 1,35 4 7 42, 3 22,166 19, 9 2,1 6.959 2,7 41 28, 327.2 34..21 13.75 9 378, 5 766, 374 47.6 771, 2 35, 756 7 1, 1,8 1, 1,7 3 2 378 22, 3,646 235.3 749 123 3,36 18, 8.736 1,8 58 1,3 36, 984 12, 976 11. 3 42 1,26.99 2,647 44 3,93.2 34..21 13.5 1,26 578 445, 31 7, 5 48.7 759,1 6,16 579 1,124 1, 1,26 1,6 411 3 317 18, 1 3,3 234.1 736 137 434 564 384 116 1,131 43.1 214 3 331 528 2,6 36, 24.813 1,474 4 1,21 4, 441 13,1 12,42 91 7.13 3,16 52 35,16.266 34..21 12. 6 374,4 841,3 52.3 5, 572 36, 241 717 1,125 1, 958 1,718 318 3 342 21, 793 5,379 233. 796 164 26, 795.813 1,366 59 857 4,915 1,439 77 9.176 3,8 6 37, 3.2 34..12 14.2 248, 376 7,4 49. 799, 8 24, 5 947 1,813 1,64 1,77 335 2 442 2, 213 3,9 233.97 5 1 2,514 33, 737. 1, 596 597 31, 285 16,1 15, 5 172 413.113 3,131 36, 315.2 34..21 13.75 19, 7 4 519, 375,979 51.7 822, 746 32,6 2 1,12 1,852 977 1,982 315 25 357 28, 218 5,95 233.97 645 177 6 1 452 15 1,812. 16 384 395 374 7 2,84 41,6.8 1,66 648 4, 741 22,132 21, 731 156 244.113 ' 3,174 ' 39,648.2 34..21 13.85 7 438, 746 749,7 47.5 746,51 34, 717 1,131 1,264 1,966 1,132 1,813 2 318 2, 511 4,81 233.99 185 2,99 33, 66.75 1,725 644 1,8 25, 18, 1 18,76 1 374.113 r 2,9 38, 571.2 34..21 14.6 8 421,37 2,1 35. 6, 3, 5 817 2 1,782 1,14 1,775 2 349 22,93 7,41 234.64 771 18 4,25 35, 397.713 1,46 359 1,11 23,87 11,4 1, 59 146 979.113 r 3, 45 42,.2 34..21 14.25 15,1 351,23 79, 252 44.4 71, 228 29, 7 66 1,798 1,52 1,8 499 317 474 29, 784 7,723 234.82 215 2 595 491 293 1,4 6.1 125 243 459 422 4 6,481 4,39.713 1,7 1 1, 252 27, 364 19, 3 18, 45 15 81.113 ' 2,974 52 36, 287.2 34..21 13.38 277,719 8, 2 5.1 799,44 3,498 7 4 1,9 952 1,77 399 327 35,844 5,429 234. 82 8 184 6,819 38, 2.73 1,38 338 1,42 28,1 2,1 19, 728 18 742.127 r 2, 3 47 34, 287.264 34..21 12.8 257, 9 814,298 51.1 812, 843 31,8 877 9 1, 78 1,16 1,716 57 387 447 34,36 1,976 851 171 6,8 51, 27.8 1, 425 1,177 36, 33 19, 4 18,128 9 93.9 r 3,125 35, 5. 2 34..21 13.56 15,8 733 28, 3, 378 52.3 822, 8 42, 587, 2 31,1 44, 8 49, 316 73, 25 72, 79,17 6,77,752, 8 58, 6 r 59, 2 57, 339 Refinery 35, 596 38, 45, 56, 824 66, 846, 71 66, 316 59, 452 66, 718 58,3, 6,719 75, Deliveries, refined, total.... 597, 2,919 82, 64, 7 47, 84. 827 51, 577. 25 46. 6, 4, 8 59, 1 Domestic.I" 41, 249 48,71, 7, 827 51, 397 38, 977 51,59 48, 2 5, 42. 484 51,225, 573 16,127 Export 13, 348 14,7 14, 282 12,778 13,26 8,827 3,7 3.31 4,222 43 12, 6 1, 2 316, 3 Stocks, refined, end of month 339,97 315,191 293,8 2, 299 2, 7 31, 244 39.119 32, 812 332, 513 337,1 335, 12 Lead: Imports, total, except manufactures (lead content) short tons 3,4 4,34 4,476 4,443 4,482 4,241 11,998 15, 485 13, 257 16, 593 1, 9 5,179 Ore: Receipts, lead content of mestic ore. 31,2 25, 2 25, 941 27, 28,193 34, 716 35, 5 37, 4 31, 593 31, 748 3, 4 33,5 32, 3, Joplin district! 4,7 4,33 3,744 3,576 5,113 3,911 6,52 9,5 6,314 3,264 4,396 3,9 4,152 r Revised. Data are for 46 identical manufacturers; beginning data are available from the reports of the Bureau of the Census for 26 additional small establishments. ^As reported by 21 manufacturers through ; subsequently, 2 of these ceased operations. For 1937 and. data are available from the reports of the Bureau of the Census for 34 additional establishments, and, beginning, for 8 additional establishments. JData for,, and, April and are for 5 weeks; other months, 4 weeks. Revised series. Data revised for 1937; see tables 19 and 2 pp. 14 and 15 of the April Survey. 1, 32 1,98 1, 1,27 1,714 42 36 '451 33,95$ 13, 481 826 1 595 3 1,4 52.7 11 21 474 6 6, 2 43,9. 8 1, 749 1 1,137 39, 35 23, 248 21,9 184 1, 72.978

5 SURVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey METALS AND MANUFACTURES Continued NONFERROUS METALS AND PRODUCTS-Continued Metals C ontinued Lead Continued. Refined: Price, wholesale, pig, desilverized (N. Y.) l. perlb.. from mestic ore short tons.. (reported) Stocks, end of month Tin: Consumption of primary tin in manufactures long tons,. Deliveries Imports, bars, blocks, etc Price, wholesale, Straits (N. Y.)--l. per lb Visible supply, world, end of month, long tons.. United States Zinc: Ore, Joplin districts: short tons. _ Stocks, end of month Price, wholesale, prime, western (St. L.) l. per Reproduction, slab, at primary smelters short tons.. Retorts in operation, end of mo, total Stocks, refinery, end of mo number.. short tons... Miscellaneous Products Brass and bronze (ingots and billets): Deliveries short tons.. Orders, unfilled, end of month Plumbing fixtures, brass, shipments thous. of pieces,. Radiators, convection type, sales: Heating elements only, without cabinets or grilles thous. of sq. ft. heating surface Including heating elements, cabinets, and grilles thous. of sq. ft. heating surface-. Sheets, brass, wholesale price, mill.l. per lb_. Wire cloth (brass, bronze, and alloy): Orders, new thous. of sq. ft.. Orders, unfilled, end of month Stocks, end of month MACHINERY AND APPARATUS Air-conditioning systems and equipment: Orders, new: Totalf thous. of L. Air-conditioning group Fan-groupf. Unit-heater group Electric overhead cranes: Orders: New Unfilled, end of month S h ipments Exports, machinery. (See Foreign trade.) Foundry equipment: Orders: New 12-24 = 1.. Unfilled, end of month Fuel equipment: Oil burners: Orders: New number.. Unfilled, end of month Stocks, end of month Pulverizers, orders, new Mechanical stokers, sales: Classes 1, 2, and 3 Classes 4 and 5: Number Horsepower Machine tools, orders, new av. mo. shipments 16=1-. Pumps and water systems, mestic, shipments: Pitcher, other hand, and windmill pumps units.. Power pumps, horizontal type "Water systems, incl. pumps Pumps, measuring and dispensing, shipments: Gasoline: Hand-operated units.. Power Oil, grease, and other: Hand-operated Power. 485 34,6 42, 6 124, 17 5,14 5,275 6,179.4852 29, 5 5,339 33, 99 7,.452 39,6 35, 491 43,128 131, 782 5,35 14, 5 7.1 4 823 3 4 3 1, 917 28 114. 135. 6 135. 5 17,8 6, 952 17, 337 18,851 11 9,246 279 56,419 23. 9 52,336 964 19,29 875 9, 419 14, 2,11.4 27,976 4,49 1,1 3,93 3,775 3,5.4337 31, 97 4,71 28, 25, 2.475 3, 3 25, 596 33,825 146, 28 3,936 17, 466 1, 373 72 417.164 3 7 322 1 3, 96 1,484 1. 135 477 156 1,246 498 75.3 18. 6 15. 8 11,121 3,139 1, 6 27,96 18 8,825 236 42, 2 32, 426 931 15, 24 484 9,77 1, 257 2,333. 49 23, 723 38,343 142,8 4,1 3,775 4,.4326 32, 251 5,232 38, 14 13,149.475 32, 296 29, 7 36, 57 141,997 5,18 14, 237 1,8 6 5.1 47 712 47 59 3, 79 1,293 1,144 642 144 1,147 243.4 12.8.1 15,2 3,3 15, 373 26, 8 18 12, 5 34 44,19 12.9 43, 3 98 17,196 6 9,198 1, 42 2,934.5 24,994 39, 26 131, 3 3,77 4,4 3,5.4338 32, 476 4,573 31,4 14,5.485 32, 328 31, 5 43, 582 13, 743 4,487 16, 2 1,382 495.1 8 712 439 511 3,19 1,27 941 113 1,17 243 78.7 97.3 84.2 26, 43 3, 3 26, 45 23, 75 2,126 326 45, 3 117.4 35, 8 17, 25 5,72 9,2 2,75.51 27,9 45, 726 117,476 4,6 4,96 4,643.4522 3], 9 4,5 39,14 18, 745.51 36, 74 32, 427 43, 3 124,128 5,159 17, 19 1,446 58 494.173 497 385 3, 352 1,228 9 1, 225 171 1, S 1S 91.8 93.4 2,346 2, 3 21,59 22,6 17,339 342 59, 118.1 25, 6 997 13,934 2 7,752 12. 246 1,729.59 35,958 42, 5 115,134 4,16 3,5 4,448.43 3, 598 5,6 34,827 17, 299.4 4, 343 36, 243 43, 3 12, 778 4,759 13, 74 1,359 57.175 419 78 458 446 2,5 819 7 1,228 179 1,52 27.7 87. 94.5 11,49 2. 564 11,518 21,421 12 7,6 228 34, 3 112.2 26, 572 3 12, 858 8,412 14, 3 2,3.484 33,98 115, 4,33 3,4 3,5.48 3, 5 5,157 42, 237 12, 251.45 45, 345 38, 793 39, 3 126, 7 4,347 11,4 1,218 19 491.174 36 752 3 45 3,211 1,112 871 1,228 377 1,171 257 141.9 126. 12.8 8, 435 2,1 8,824 21, 326 19 4,752 219 4,117 146.5 24, 8 5 1,42 649 7,2 1, 78 1,48.4 38,299 4,1 117, 214 4,23 4,33 3,971.48 34, 24 4,4 27,452 12, 31.45 44, 277 39, 5 42, 9 128,47 4,6 9,24 1,391 37 41.173 8 3 478 3,349 1,747 812 79 1 1,173 166 122.5 151.4 96.3 9,6 3,33 8, 738 21, 5 16 3,398 1 34, 99 15.8 41,191 464 14, 738 74 5,858 1,297 2,71.481 36,391 34,421 122,112 4,41 4,15 5,97.45 35, 245 5,4 33, 22 8,4.45 39, 3 39, 459 39,828 128,1 4,6 8,1 1,419 418.173 352 85 44 2,8 1,446 821 2 21,131 244 135.5 175.1 112.2 7,981 3,34 7,4 22, 85 1 2,375 1 38, 932 1.1 31,485 74 14,259 1,5 6,156 11,982 2, 981. 482 37,79 4,871 122, 35 5,27 4,7 5,28.41 33, 5, 28, 33 1,.45 45, 84 38, 251 45, 291 127,985 5,818 14, 571 1, 47 497.173 484 8 427 2 4,7 2,845 1,73 284 993 27 146.6 193.6 128.1 11, 4,475 1, 1 21, 79 33 3,6 1 34, 811 185.4 42, 3 732 16, 222 1,582 13,78 4,35.478 36, 74 37,93 123, 394 5,19 5,98 3,814.472 33,873 3,385 37, 98 9,294.45 43, 36 38, 7 4, 641 13, 38 4,7 14,37 1,33 6.17 347 7 422 9 4,528 3,15 9 8 823, 312 146.2 28.6 131. 11,346 5,181 1, 64 21, 9 3,427 164 32, 1.6 38, 4 1, 4 16, 8 1,346 9,7 13,919 3, 4. 475 43, 26 4,124 129, 27 5, 5,95 5,118.4 3, 6 3,387 32,126 7,498.45 42, 32 36, 331 39, 133, 75 4,3 12, 8 1,5 717.1 481 413 56 4,91 3, 115 1,318 4 438 1, 7 18.9 173. 1 144.3 15, 284 5, 456 15, 9 2,214 23 5, 23 215 I 49,2 44, 216 731 2, 773 1, 12, 17 17, 85 3,332. 48 37, 237 38, 71 129,6 ' Revised. {Revised series. Data for "driving mechanisms for general fan use" have been removed from the fan group beginning 1936. Revisions not shown on p. 5 of the May issue will appear in a subsequent issue. Beginning 193*/, data on air-conditioning systems and equipment are available for from 252 to 2 manufacturers; figures shown here are for 125 of these whose orders in amounted to more than 85 percent of the total for 252 manufacturers. IData for,, and, April and are for 5 weeks; other months, 4 weeks. 5,78 4,5 6,2.45 3, 4,3 31,77 6,749. 45 39, 45 36, 291 37, 284 135, 241 5, 26 11, 1,577 138 814.1 366 75 444 582 5, 46 3,377 1, 59 521 274 1,813 215 134.9 159. 2 148.5 17,91 6,451 16, 96 19,947 2 7, 599 2 56, 419, 48 9 23, 1,129 11,43 15,2 3, 18

SURVEY OF CURRENT BUSINESS 51 Monthly statistics through 1937, together Supplement to the Survey MACHINERY AND APPARATUS Con. Pumps, steam, power, centrifugal, and rotary: Orders, new thous. of L. Water-softening apparatus:, mestic units.. 1,36 Woodworking machinery: Orders: Canceled..thous. of l-. 5 New 438 Unfilled, end of month _.. 98 : Quantity number of machines... 157 Value.thous. of L. 357 ELECTRICAL EQUIPMENT Battery sales (replacement only) :* Unadjusted 1934-36=1-. Adjusted Electrical products:* Industrial materials, sales billed 1936=1. Motors and generators, orders received., Transmission and distribution equipment, orders received 1936=1-. Furnaces, electric, industrial, sales: Unit kilowatts.. 1,332 Value thous. of l_ 97 Electrical goods, new orders (quarterly) thous. of L. Ironing machines, sales* units.. 7,741 Laminated products, shipments.thous. of l 85 Motors (1-2 hp.): Billings (shipments): A. C - D. C, Orders, new: A. C.,-. D. C... Power cable, paper insulated, shipments: Unit thous. offt- 716 Value thous. of l-. 773 Power switching equipment, new orders: Inor llars- 9, 32 Outor -. 2,4 Ranges, billed sales thous. of l-. Refrigerators, household, sales number-. 164,211 Vacuum cleaners, shipments: Floor,4 Hand-type 15,197 Vulcanized fiber: Consumption of fiber paper thous. of lb_. 1, 725! thous. of L. 437 Washing machines, sales* units.. 14,817 WOOD PULP Consumption and shipments** Total, all grades short tons.. Chemical: Sulphate Sulphite, total " Blear-hed Unbleached Soda Ground wood Imports' Chemical Groundwood - Total, all grades Chemical: Sulphate Sulphite, total Bleached Unbleached Soda Groundwood Stocks, end of month: Total, all grades Chemical: Sulphate Sulphite, total Bleached... Unbleached Soda Groundwood. Price, sulphite, unbleached l. per 1 lb... PAPER Total paper: Paper, incl newsprint and paperboard: short tons.. Paper, cxcl. newsprint and paperboard: Orders, new short tons.. METALS AND MANUFACTURES Continued 495, 35 28,187 143,487 91, 428 52,59 28,33 115,413 137, 431 19,4 472, 95 26,479 132,46 82,527 49,933 26,846 16,31 2, 33, 93,5S4 58,99 34,594 4, 376, 34 1.95 1,34 822 18 3 64 15 2 111 115 52. 4 59.1 73. 4 35 7,9 521 1,75 296 1,9 4 515 5 195.487 221, 8 1, 476, 772, 22 13, 3 1,73 36 74,19 45, 1 2,282 125, 749 73, 113 52, 6 25, 6 98, 964 121,919 12, 4 429, 1 2,93 115,733, 146 46, 587 24, 71.187 228, 794 26, 9 118, 4 84.1 34, 277 4, 75 79, 3 2.29 79, 379 443, 7 42, 758 428,13 2,6 1,244 14 337 6 164 298 1 122 64.3 6.2 9.8 1,914 144 11, 977 5 1,738 458 1, 5 358 66 7 118, 938 19, 36 1, 3, 956 73, 39 17, 248 1,45 35 129,1 1,4 1,78 1 381 714 25 332 198 128 74.2.7 87. 829 58 158, 959 11, 272 S 1,742 325 1,733 472 7 764 121,481 12, 784 1,272,148 79,18 22, 4 1,1 38 125,821 1,449 1,191 4 34 6 1 394 1 111 78.. 76.3 1,324 78 1, 523 8 1,8 3 1,641 347 587 5, 331 128, 45 1, 257 34, 345 95, 4 24, 121 1,495 372 115,19 97 1,38 3 456 72 172 3 1 12 81.9.6 73.1 1,176 8,226 851 1,56 35 1, 1 5, 7 124, 7 1,47 32,13, 772 29, 734 1,5 422 84,1 PAPER AND PRINTING,181 216, 739 144, 32, 43 57,917 3, 7 111, 159,99 14, 957 485, 217,4 138, 457 78, 826 59, 1 3, 718 99, 1 211,443 26. 814 112, 76, 1 35, 991 4,851,176 2.2 9, 9 521, 5 528, 246 529.198 495, 97 211,591 146, 4, 5 57, 729 31.118 15, 774 142, 47 2,576 475, 356 212, 664 139,22 82, 373 56, 649 3. 995, 5 191,72 15,1 7, 99 34,911 4,728, 77 2.7 874, 2 4, 4 4, 7 456, 235 525, 85 227, 151, 56 91. 575 59, 481 31, 115,4 142,1 15,175 231,84 1. 21 94, 729 59, 481 31, 5 15, 1 1, 442 32, 8 18,164 73, 2 34,911 4,848 43, 82 2.2 6, 6 479, 97 482,812 475, 85 522, 3 214, 796 151,5 9, 4,149 32, 575 123, 857 166,91 17, 491 3, 423 217,8(6 157,724 93, 782, 942 32, 2 125,171 2, 2 35, 728 114, 2 76, 9 37, 74 4,95 45, 116 2. 957, 377 514, 21 4, 2 2,175 1,1 1,77 4 2 91 236 418 149 132 79.2 72.1 79.4 2,356 11 16, 374 9, 21 876 1,713 446 1,733 9 476 52 91, 72 138,84 1,6 47, 599 95, 521 3, 2 1,385 3, 52 9, 211,4 174.6 115,442 59,14 31,996 12, 5 171, 52 17. 366 522, 22 212, 4 152, 498 95, 845 56, 3 31,917 124,1 1, 1 36, 728, 25 56, 952 35, 2 4, 826 49, 42 2. 849, 764 437,128 444, 728 441,194 1,24 1,18 13 3 3 19 397 1 127 79.6.2 81. 3,147 195 8,28 8 1,436 33 1,574 271 273 51, 124 19, 799 2, 23 15,18 78, 7 23, 846 1,41 458 19,99 499, 76 196, 419 145, 4.511, 529 32, 643 124,974 15,51 2, 76 3,442 27, 259 158,913 1. 337 58, 576 32, 2 135,15 217,526 47,5 16, 78, 778 38, 3 4,437 59, 443 2. 843, 436, 48 442, 45 446, 2 1,282 1,82 14 41 6 216 422 78 122 79.2.8 18.3 1,235 98 8,16 812 1,58 449 1,7 44 3 312 47, 458 223, 2 2,13 198, 528 87,14 25,182 1, 5 47 129,5 484, 57 199,931 136, 6 85.12 51, 7 31, 526 116,3 13, 7,312 484, COS 2, 52 132,6 79, 8 52. 964 31, 75 12,366 217, 4 48,139 12, 73, 356 39, 717 3,9, 426 2. 873, 441 4, 274 4, 77 46, 19 1,258 1,8 1 445 6 29 384 73 121 9.8 99.3 4,1 215 197, 4 11, 9 2,5 7 2, 356 739 7 6 87, 19 197,175 2,2 251,644 122, 785 29, 47 2,7 528 152.725 6, 949 228, 156,17 97, 156 58, 951 34, 75 127,457 117,8 17,326 3,411 228, 2 149,19. 729 56, 29 34, 5 131,199 214, 85 48,91 94, 985 57. 9 37. 56 3,842,1 1.95 1,36,734 2, 497 5, 229 2, 734 1,23 1,122 5 393 3 152 36 72 132 8.5 77.5 13. 1,934 1 9,47 4 2, 6 7 6 75,1 279, 93 1,939 26, 24 1, 487 24, 9 1,575 466 116,199 527, 37 221,196 148, 81 93, 498, 33 32. 946 124,364 78, f>34 9. 8 521. 59 212, 9 142, 41, 25. 151 32, 7 133,8 28, 3 3, 4, 585 52, 1 35, 94 3, 664 76,666 1.95 912, 6 436, 98 4,299 447, 5 1,236 1,217 (a) 484 8 216 51 84 151 84.1 > 77.5 117.2 2,7 194 8,433 849 2, 519 2,319 428 566 4, 346, 2, 395 273, 96 91, 23, 322 1, 749 458 15, 26 524, 391 24, 22 152, 18 94, 398 57, 71 33,713 134, 35 14, 131 IN, 52 5, 149 21,123 1, 13,44 58, 137 34,748 137. 7 r Revised. Less than $5. Pulp used in the producing mills and shipments to the market. * New series. Data on battery sales beginning 1934 appear in table 35, p. 17 of the issue. Sales of washing machines and ironers beginning 19 not shown on p. 51 of the Survey will appear in a subsequent issue. For data on electrical products beginning 1934, see table 32, p. 18, of the June Survey; data are furnished by both member and nonmember companies rather than member companies alone as therein stated. Revised series. Data revised for 1937; see table 2, p. 15 of the April Survey. f Revised series. Data on vulcanized fibre shipments revised beginning 1934; data not shown on p. 51 of the Survey will appear in a subsequent issue. 219,127 36, 357 98, 78, 747 36,331 4, 9 79, 993 1.95 9, 576 475, 8 51,932 479, 116 1,3 1,282 417 95 224 411 111 1 87.1 87.8 12. 3,228 213 25, 5 7,216 91 2,41 574 2, 9 2 718, 347 217,846 2,25 2, 848 8, 66 19, 14 1, 735 441 12,76 52, 7 22, 24 146, 993 91,164, 829 3, 31 123,59 152,719 17,43 57, 857 21,364 1,526 97, 38 56, 218 31,164 121, 224. 97 35,517 14, 1, 1 3, 72 5, 2 78, 137 1. 95 8, 938 444, 9 441,8 443,29

52 SURVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey PAPER Continued Book papenf Coated paper: Orders, new short tons- Orders, unfilled, end of month...... Percent of potential capacity short tons. Stocks, end of month... Uncoated paper: Orders, new... Orders, unfilled, end of month..- Price, wholesale, "B" grade, English finish, white, f. o. b. mills_l. per 1 lb. short tons. Percent of potential capacity short tons. Stocks, end of month.._. Fine paper: Orders, new._. Orders, unfilled, end of month... - _.. Stocks, end of month... Wrapping paper: Orders, new._. Orders, unfilled, end of month....... Stocks, end of month... Newsprint: Canada: Exports.-- _.-_ from mills -_. Stocks, at mills, end of month... United States: Consumption by publishers.._ Imports... Price, wholesale, rolls, contract, destination (N. Y. basis). l. per short ton. short tons. from mills... Stocks, end of month: At mills._. At publishers! -_. In transit to publishers!... Paperboard: Consumption, waste paper... Orders, new. Orders, unfilled, end of month -_. Percent of capacity Stocks of waste paper, end of month: At mills short tons. PAPER PRODUCTS Coated abrasive paper and cloth: reams. Paperboard shipping boxes:, total mil. of sq. ft. Corrugated - Solid fiber _. PRINTING Book publications, total no. of editions. New books - - _ New editions Continuous form stationery thous. of sets. Operations (productive activity) 13=1. Sales books, new orders thous. of books. 15, 744 3,647 14, 36.9 15,97 14, 211 79, 21 3, 324 5.45 79, 345.8 82, 516 57, 77 227, 221, 743 22, 51 172, 1 21,991 5. 74, 932 75, 3 17, 6 252, 7 43, 459 2, 382, 2 18, 427 366,.9 257, 8 76, 93 798 6 129 112,194 16,9 PAPER AND PRINTING Continued 14,4 2,571 14,73 56.1 14,526 12, 8,11 34, 573 5.45 74,919.4 76, 8 17,36 3,94 9,7 28, 29, 71, 3 1,193 7, 1,273 157,12 125,22 2,7 22, 6 25,49 179, 282 151,875 175, 441 5., 278, 718 22, 7 316, 5 26, 2 221,218 322,948 93, 7 36,343 59.7 3,917, 22 2,193 1,982 211 6 143 78, 393 78 14, 578 16, 3,76 16,6 59.3 16,138 13, 528, 2 34, 2 5.45 91, 791 7.8,8 11,2 39,13 11,717 4, 1 39,418 72,813 191,38, 336 195, 2 195, 822 122,122 219,1 22,33 24,6 194,917 151,324 19, 344 5.,436 66, 6 23,987 314,5 34, 6 264,418 3, 323 96, 5 358,977.3 296,7 71, 85 2,78 2,466 243 787 5 152, 385 77 16, 995 16,29 2,7 17, 445 66.4 16,8 14,144 91,466 36,141 5.45,518 73.7 9,518 16,23 32, 522 11,157 32,457 33,5 71,1 149, 372 66,278 152, 152, 281 122,17 195, 5 231, 94 23,346 196, 511 1, 457 2,144 5., 315 74,336 17,966 33, 32, 3 2,24 3, 2 19,2 351,51.5 284, 239 82, 91 2,5 2, 372 217 8 72 8 113,132 8 15, 522 17, 7 3,16 17, 741 64.9 18,194 13, 1,878 35,123 5.45, 758 74.3, 345 17,281 34,2 11, 587 36,1 34, 7 73,166 159,243 66,181 1,933 1,271 123,36 248, 2, 872 2,1 196, 2 187, 45 23, 278 5. 72,827 72, 23 18, 59 2, 48 47, 57 2,193 37, 4 17, 235 37,977 72.4 275,746 79, 7 2,9 2, 43 1, 196 1,74 122 116,14 81 16, 28 16,2 3,41 17,57.4 16,73 14,18 87,3 33,73 5.45,187 73.8, 321 19,975 48, 225 16,174 45,149 46, 526 71,948 1,, 322 191,15 1, 5 124, 3 245,813 245, 295 264,421 177,157 176,322 229,284 5. 78,39 76, 278 2,72 291,477 44,8 243,4 327,1, 5 344,445 66.3 274,951 72, 29 2,7 2,385 1 9 79 11 119,93 84 16, 256 15, 7 2,714 17,96.6 17,5 12, 776,84 34,958 5.45 85,779.7,76 19,64 32, 75 12,6 37,813 35,158 74, 378 142, 22 151,76 149,33 126, 3 211,452 29,7 225,472 1,438 177,134 29,782 5. 75,8 77,974 18, 5 284, 6 3, 7 221, 7 334,711 94, 411 329,181 6.1 29, 648, 39 2,239 2,81 158 1,118 9 157 125,811 14, 7 16,9 3,71 16,845.3 17,319 12,7 94,16 4,314 5.45,642 72.5 91, 6 17,518 34, 511 11,4 36,1 35,,48 148, 5 64,3 151, 374 149, 126, 1 193, 4 28,382 21,852 1,9 16,916 1,5 5. 77, 264 72, 9 22, 2,1 36,872 233,311 342,48 19,99 323,394.2 282,95 RUBBER AND RUBBER PRODUCTS CRUDE AND SCRAP RUBBER Crude: Consumption, total long tons.. 43, 34, 219 4, 2 4,1 42, 85 49, 5 48,143 46, 234 42, 3 5,1 44,166 44, 377 47, 259 For tires and tubes (quarterly)... _. 79, 8, 21 99, 39 Imports, total, including latex 37, 222 22, 45 31, 4 35,66 34, 325 32, 4 37, 294 36, 857 3, 826 45, 496 31, 8 45, 784 34, 272 Price, smoked sheets (N. Y.) l. per lb_..1.1.166.1.1.1.1.158.159.1.159.166.164, world long tons.. 79, 74, 7, 75,, 58,, 77, 75, 74, 7, 66, Stocks, world, end of month 58, 4 5, 394 1, 447, 976 512,176 482, 852 497, 6 479, 578 46, 723 438, 252 429, 979 49, Afloat, total. 15, 11, 96, 99,, 8, 15, 16, 12, 99, 96, 9, For United States 4, 4 47, 772 48, 7 51, 51,114 45,15 48, 21,814, 981 57, 918, 46 51, 274 Lonn and Liverpool 95, 252 99, 4 98,14 93, 272 9, 73, 8 8, 643 75,517 72, 5, 931 66, 2,878 British Malaya 97, 7 9, 939, 213, 87, 1 84, 499 9,142 87, 9 81, 274 77, 3 74, 38 75,49 United States 282, 785 273, 841 2, 94 259, 74 242, 5 231, 5 221, 21,93 25, 214 1, 8 193,1 18,343 Reclaimed rubber: Consumption 13, 2 8,1 11,4 12,41 12, 599 13, 522 13, 96 13, 12, 6 15, 322 13, 391-13,517 14, 87 12, 5 7,2 11,317 12, 985 14, 2 15,124 15, 9 13, 7 13, 93 14, 528 14, 527 14,7 15,871 Stocks, end of month 21, 339 15, 418 13, 918 14, 2 15, 845 17, 23, 21, 96 21, 39 19, 9 22, 8 22, 771 23, 58 Scrap rubber: Consumption by reclaimers (quar.) 25,44 36, 248 36, 496 r Revised t-for book paper, see note marked with a "t" on p. 51 of the Survey. Stocks of newsprint, at publishers, and in transit to publishers, revised for 19317 and revisions not shown on p. 52 of the April Survey will appear in a subsequent issue. Data revised for 1937: see table 2, p. 15 of the April Survey. Change in inventory due to physical check-up. Figures prior to May not comparable with later data. 81, 8 2,222 2,75 146 9 57 111,211 87 15, 998 17,911 3,2 17, 796 71.6 17,642 12,472,218 36,931 5.45 9,5 81.1,377 17, 35, 64 11,187 36, 36,22, 384 1,2 71, 599 1, 51 159,334 129,5 152,437 2,1 178,236 19, 3 1,346 144,38 5. 7,8 71, 6 21, 822 251,41 13,449 247, 71 338, 3 112,81 338,.8 2,344 77, 477 2,34 2,145 159 1 185 17, 7 16, 2 19, 5 4,6 2,28 71.7 19,919 12,581 12,81 38, 5.45 12,7 79.9 14,196 16,435 48,124 14, 227 45,46 46, 511, 976 1,433, 718 194,28 195,5 126,936 217, 1 22, 648 25,99 25, 912 174,96 1,36 5. 79,9 81,6 2,135 223,4 32, 58 2,474 429,5 124,42 421, 576 73.4 248, 595 85, 778 2, 827 2,64 187 945 142 128, 58 16, 8 16, 35 3,238 17, 7.6 17, 12,433, 712 39,252 5.45 9,2 77.7 16,381 33, 294 12,28 38,75 36,935 66, 573 145, 74 58,9 159, 3 152, 2 132,148 1, 352 22, 843 214, 2 212, 5 179,2 29,597 5. 77, 393 77,4 2, 26, 727 37, 2 2,918 347, 575 97, 34 372,984.1 2,3 85, 2 2,395 2,218 177 1,222 1,43 179 18, 597 87 16, 41 17,126 2,1 18, 579 66.5 17, 49 13,7, 6 28,179 5.45 96, 77.4, 393 a 58, 282 37, 272 r 9, 229 ' 43,43 Ml, 166 r, 7 1, 71 64, 5 184, 727 18, 344 136,7 244, 4 25, 15 274,5 187, 178,3 25,6 5. 85, 872 84, 443 21, 494 229,142 39, 251 264,348 372, 3 93, 643 375, 772 64.2 259, 423 8, 246 2,7 2,43 197 5 78 127 116, 935 84 16, 498 17, 276 3, 9 15, 4 64.9 15, 771 15,139, 1 32, 7 5.45 87,9 73.9 84, 8 1 6,981 31, 8 9, 357 33,491 32, 216, 146, 747, 843 142, 224 147, 2 131, 244, 5 24, 5 232, 2 196,164 17,98 216, 58 5. 8,5 84, 8 17, 428 23, 443 47, 737 259,996 3, 371 95, 58 376, 59 66.6 2, 7 2, 4 2, 38S 236 6 7 99 128,5 81 16,466'

SURVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey RUBBER AND RUBBER PRODUCTS Continued TIRES AND TUBES Pneumatic casings:f.... thousands., total Original equipment* _.. Replacement equipment* Exports*. _. Stocks, end of month Inner tubes:f, total _... Exports* Stocks, end of month _. Raw material consumed: Crude rubber. (See Crude rubber.) Fabrics (quarterlv) thous. of lb 4,51 5,56 4,1 85 8,3 4,43 4,285 7,819 3,287 3,87 494 3,29 85 8,41 2,936 3, 519 7,723 4,38 3,991 266 3,646 79 8,217 4,26 3,744 49 8,29 3, 916 3,8 8 3,123 8,22 3,2 3,98 7,859 49, 441 4,1 4,126 1,287 2,729 19 8,237 3,98 4,11 57 7,746 4,139 4,45 1,777 2,4 84 7,4 4, 29 4,138 7, 6 4,729 4,1 1.77 2,348 99 8,451 4,351 3,859 8,166 58, 376 4,581 4,1 1,5 2,397 81 8,932 4,98 3,936 71 8, 4,344 3,739 1,472 2,156 111 9,573 3,1 3, 335 8,415 5,137 4,5 1,747 2,723 113 1,19 4,47 4,15 74 8,91 59, 81 4,211 4,356 1,529 2,719 18 9,998 3,841 3,7 82 8,7 4,418 4,7 1,415 3,239 1 9,919 3,848 4,1 8,84 ' 4, 87 r 5, 75 1,37 ' 4, 2 113 r 8, 99 r 4, 32 r 5, 123 66 ' 8, 44 RUBBER AND CANVAS FOOTWEAR, total, total Stocks, total, end of month thous. of pairs.. 2,719 4 41 19, 4 4,2 5, 17, 7 4,79 6, 36 16,246 5, 4,991 16, 321 5, 513 6,139 15, 5 5,523 5,35 16,1 4, 87 4, 778 16,157 4,9 4,9 16, 582 5,7 5,214 17, 281 5, 216 4,414 18, 5,33 4.17 19, 4,6 4,1 19, 729 STONE, CLAY, AND GLASS PRODUCTS PORTLAND CEMENT Price, wholesale, composite Percent of capacity Stocks, finished, end of month Stocks, clinker, end of month CLAY PRODUCTS l. per bbl_. thous. of bbl_. thous. of bbl_. Bathroom accessories: thous. of pieces.. Stocks, end of month Common brick: Price, wholesale, composite, f. o. b. plant l. per thous.. thous. of brick.. Stocks, end of month Face brick: Stocks, end of month Floor and wall tile shipments:* Quantity thous. of sq. ft.. Value thous. of L. Vitrified paving brick: thous. of brick... Stocks, end of month Hollow building tile: short tons.. Stocks, end of month GLASS PRODUCTS Glass containers: thous. of gross. Percent of capacity thous. of gross. Stocks, end of month.... Uluminating glassware:, total thous. of l. Residential.._ Commercial... Miscellaneous... Plate glass, polished, production, thous. of sq. ft Winw glass: thous. of boxes. Percent of capacity GYPSUM AND PRODUCTS Crude: Imports short tons.. Calcined production Gypsum products sold or used: Uncalcined Calcined: Lath thous. of sq. ft_. Wallboard Keene's cement short tons_. All building plasters For manufacturing uses Tile thous. of sq. ft_ ) 12, 644 57.9 11,7 22,366 5,939 1,27 98 3 12.59 4,581 73.6 4,136 8,5 () 6,212 42.6 1.6 1, 9 5.2 1,164 23, 2 778 751 243 11. 972 129, 338 43,1 46, 512 271, 4 4,134 1,195 11,418, 6, 4 35, 782 3,56. 3,847 8,3 357 1 13 72 5,56 33 2.3 1.6 11, 7 5.4 11, 823 22, 4 5, 1, 1,15 2 11. 148, 428, 78 51,915 2, 844 4,7 1,381 1, 778, 423, 1 349, 271 4,31. 4,178 8,149 421 2 141 8 7,6 434 26.7 1.6 1, 9 49.9 11,716 21, 374 5.56 841 215 11. 5 142, 9 4, 393 47, 828 2. 5 4,2 1,235 8,46, 396 58, 998 345, 3,3.6 3,971 7,641 57 266 148 93 8,873 522 32.1 313,12, 957, 84 228, 375 251, 764, 994 6,591 432, 779 34, 523 4,991 1.6 11,6 52.9 12, 357 2, 5 4,7 1,119 1,13 193 11. 5 166, 471 482, 52, 42 2,16 4,331 1,243 9,591 52, 999, 41 333, 782 3,6 64.7 3,9 7,493 1 285 1 113 641 39.5 1.6 1,184 48.2 8,573 22,179 4,9 1,1 1,7 195 12. 39 151, 5 482,32 45, 71 272, 2 3,996 1,129 7,26 51, 323, 7 335, 77 3,79 64.6 3,491 7,643 2 2 133 111 12, 8.4 1.6 8,66 36.9 6,281 23, 9 5,282 9 1 219 12. 46 133,184 478, 26 37, 37 2,17 3,2 956 7,191 48,127 46,815 347,147 3,515 58.8 3,42 8,29 443 227 125 91 12, 1 1,3.7 247, 3 3,127 4, 415 1, 931 214,151, 8 4,4 333, 73 36, 517 4,5 1.6 5,31 24.3 5,64 23,1 5,5 1 795 2 ' 12. 23 11,56 476, 359 34, 499 2, 5 3,9 981 4,276 48, 7 5, 24 342, 48 3,5.8 3,473 8,179 443 217 13 97 12, 29 943 58.1 1.6 5, 56 27.9 5,43 24, 5,9 728 3 321 «12. 24 95, 4, 859 28, 785 3, 6 3,5 959 2,7 48, 585 43, 643 348, 7 3,3.7 3,323 8,1 357 185 17 1,1 ) 8,171 37.4 8,4 23, 7 6,447 72 35 ' 12. 32 166, 38 397, 8 57, 4 29, 96 4,9 1,285 3,994 47, 336 72, 6 34, 348 4,129.4 3,933 8,318 396 21 116 79 11, 8 912 56.1 4, 423 1,1 3, 44 139, 248 27, 418 95, 981 5,56 331, 72 26, 233 5,228 ) 9,4 45.7 9,4 23, 7 6,5 5 2 374 ' 12. 26 178,93 374,572,982 277, 291 4,9 1,28 3,2 45, 7 81, 994 327, 847 4,71.4 3,978 8,336 () 7,2 74 45.6 ( 11,185 5.9 12,748 22, 251 5,728 7 7 377 r 12.77 29, 716 351,1 r 79, 349 256,825 4,737 1,282 6,647 43,2 15,713 37,81 4,516.7 4,485 8,293 () 8,36 729 44.8 ) 11,9 56.5 12, 715 21,477 ' 5, 7 814 819 382 r 12. 118 199, 5 358,82,482 244, 5,16 1,417 6,844 44, 796 96,1 36, 75 4,6 72. 4,8 8,29 () 9,2 72 44.3 291, 81 845, 524 773, 4 244,1 297, 2 113,721 7,781 4, 494 25, 515 8,581 ' Revised. 1 Discontinued by compilers; data on an index basis appear on p. 2. 2 Discontinued by reporting source. *New series. Fer data on floor and wall tile beginning 1935, see table 31, p. 18 of the June Survey. For the new series on pneumatic casings and inner tubes, see tables 27 and 28, pp. 16-18 of the May Survey. frevised series. Data for pneumatic casings and inner tubes revised for 1936, 1937, and ; see tables 27 and 28, pp. 16-18 of the May Survey.

SURVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey CLOTHING Hosiery: thous. of zen pairs Stocks, end of month COTTON C onsumption bales _ Exports (excluding linters) thous. of bales. Imports (excluding linters)... Prices: Received by farmers l. per lb_ Wholesale, middling (New York) : Ginnings (running bales) # _-thous. of bales. Crop estimate, equivalent 5-lb. bales. _. Receipts into sight._- Stocks, world, end of month*... American cotton In the United States.. On farms and in transit Warehouses _._ Mills. In foreign countries Foreign cotton -_. COTTON MANUFACTURES Cotton cloth: Exportst thous. of sq. yd Imports! _. Prices, wholesale: Mill margins* cents per lb Print cloth, 64x6 l. per yd-. Sheeting, brown, 4 x 4 Finished cotton cloth:% : Bleached, plain thous. of yd Dyed colors Dyed, black Printed Spindle activity: Active spindles thousands_. Active spindle hrs., total mil. of hrs Average per spindle in place hours. _ Operations! pet. of capacity.. Cotton yarn: Prices, wholesale: 22/1, cones (Boston) l. perlb.. 4/s, southern, spinning. RAYON AND SILK 9,819 9,482 25,19 521, 45 17 16.97 137 11,412 5 21, 952 14,15 13,82 6 11,2 85 1, 7,82 27,8 6, 75 1.52.47. 21,915 6, 2 2 81.5.238.346 8,8 21, 2 448, 4 196 25.84. 158 211 22, 9 13, 712 11,446 5 9,598 1, 223 2, 266 8, 7 2, 993 4,31 11. 52.47. 11, 5 74, 6 5,?2 8.5 21,915 5, 9' 5 225 7.2.23.338 TEXTILE PRODUCTS 11, 34 11,712 21,33 5, 46 21 18.81.84 1,336 4 47, 584 24, '.97 22,15 11,3 9, 782 1,15 2,147 23, 287 21, 964 5, 11.42.44. 13, 498, 3 6, 741 96,417 7'375 28 76.2.223.335 Deliveries, unadjustedt 13-25=1^ 5 877 91 74 595 1 745 735 664 6 8 Imports thous. of lb.. 3, 2,74 4,49 3,145 3,147 2,31 1,781 2,877 3,395 3,9 3,457 3,322 4,159 Price, wholesale, 15 denier, first quality! (N. Y.)-._ l. per lb...51.49.51.51.51!.51.51.51.51.51.51.51.51 Stocks, end of mo.* mil. of lb.. 25..6 41.1 34.6 36.1 4. 39.5 39.4 39.5 41.1 43.4 41.5 32. 6 Silk: Deliveries (consumption) bales _. 26,142 32,593 38, 38, 844 35.1 41, 599 35, 24 4, 816 33, 219 37, 3 27, 82 26,15 26. 256 Imports, raw thous. of lb.. 2,4 4, 73 4,975 5,524 5, 417 6,437 5, 2 5,39 3, 4 3,5 3,943 3, 5 4, 5 Price, wholesale, raw, Japanese, 13-15 (N. Y.) l. per lb_. 2. 648 1.729 1. 8 1.81 1.9Q 2.114 2.218 2.393 2. 6 Stocks, end of month: Total visible supply bales_. 73,348 138, 15 135, 347 142,511 151,311 15,718 1 149,778 124, 3 98, 78,816 77, 238, 6, 79 United States (warehouses) 25, 748 42, 35 39, 747 4,711 43,811 46,218 ;,278 48, 5 38,178 23,116 2,738 24, 21 19,29 WOOL Imports (unmanufactured) thous. of lb.. 14, 7,14 9,727 j 12,281 15,373 j 16,32 j 18,1 i 21,938 17,274 I 25,441 16, 826 2,2 I 14,771 Consumption (scoured basis) :1 Apparel class... 27, 4 22, 746 23,136 19,9 I 24,9 j 23,512 29,8 25, 941 22.449 i 21,11 19, 5 2, 244 23, 772 Carpet class 7,984 4,996 6,25 6,3 j 8,66 7,716 9,51 9,784 8, 776 9, 856 8,159 5,852 6, 291 Operations, machinery activity (weekly average) :1 Looms: Woolen and worsted: Broad thous. of active hours. 1, 759 1,174 1,499 1,339 1,335 1,529 i 1,759 1,4 1,942 1,58 1, 338 1, 573 1,791 Narrow _ ^ _ 58 8! 81 79 78 75 f 9 73 Carpet and rug... 1 16 143 I 164 1! 171 177 1 29 213 198 17 178 Spinning spindles: i Woolen _._ 73,739 57, 438 74,71 i 66, 22 66,84 ' 71,11 I 73, 277 73, 48 73,13 6. 41 74 248 72, 4 Worsted... 71, 36, 6,644!, 851 7, 25 85,9 I 97, 19 87, 77 82, 226 77, 747 3 79 174 82,819 Worsted combs... 132 119 145 I 117 12 146 i 149 129 137 124 95 117 136 Prices, wholesale: I i I Raw, territory, fine, scoured l. per lb..:.71.7.71.74!.73.73.73.72...71 Raw, Ohio and Penn. fleeces....32.29 I.3 I.29.32.31.31.32.3.3 Suiting, unfinished worsted, 13 oz. (at factory) --- l. per yd. 1.3 1.5! 1.5 I 1.5 1.4 1.4 1.4 1.646 1.3 1. 3 1.3.31 I.28 Women's dress goods, French serge. " (at 1.5 I 1. 6S3 mill) l. per yd 1.15 1.4 I 1.4 I 1.4 1.4 1.15 1.15 1.15 1.15 1.15 1.15 Worsted yarn, 32's, crossbred stock (Boston) 1.4 I 1.15 l. per lb. 1.13 1.3 I 1.5 I 1.5 1.12 1.11 1.1 1.13 1.13 1.13 1.13 1.6! 1.13 «- Revised. Total crop. b As of 1. Total ginnings to end of month indicated. t Revised series. Cotton spindle activity revised beginning 1933; see table 18, p. IS, of the March issue. Data on rayon deliveries revised beginning 1936; revisions not given on p 94 of the survey will appear in a subsequent issue. Data on cotton th exports revised beginning 1913; revisions not shown on p. of the Survey will appear in a subsequent issue. t See note marked with a "J" on p. of the Survey.. *New series. The data on cotton stocks shown here are compiled by the New York Cotton Exchange and replace the data compiled by the Commercial and financial Chronicle. Data beginning 1 appear in table 34, pp. 15 and 16 of the Survey. For cotton cloth mill margins, data beginning 15 not shown on p. of the Survey will appear in a subsequent issue. Data on rayon yarn stocks, poundage basis, have been substituted for the series formerly shown, which was on basis of number of months' supply. Figures beginning 193 not shown on p. 94 of the Survey will appear in a subsequent issue. Revised series. Data revised for 1937; see tables 19 and 2, pp 14 and 15 of the April Survey. 1 Data for,, and,, April, and are for 5 weeks, other months, 4 weeks. 11,146 12,44 19, 1 4,37 3 11.82.81 6,577 2,5 45, 3 23, 428 21,29 7,244 12,975 1,71 2,138 21,5 26,342 4,981 11. 23.43. 128, 642, 9 5.877, 396 22,1 6,3 252 76.1 11,848 11.957 19, 933 2, 778 4 11.85. 1,125 2,9 43, 75 22, 5 2,33 3, 15, 2 1,47 2,232 2, 27, 93 5,818 1..45. 134,9 95, 372 6,379 12, 278 22,114 7,118 273 81.9.23.337 11,731 11,973 19, 843 596, 2 481 14.85.91 11, 231 1,712 4,71 21, 573 19, 242 2,24 15, 9 1,9 2,331 19,128 28, 4 4,912 1.78.45. 134, 6 1,1 6,7 19,136 7,575 291.6.24.341 1,3 1, 641 2,217 5, 37 3 11.82.87 11,412 1 11, 944 4 38, 35 2, 647 18, 345 1,39 15, 294 1, 6 2,32 17, 73 3,24 6,1 1..43.51 141,266 12, 6,3 118,6 22, 445 7,187 277 82. 3.2?5.338 11, 235 1, 211 21, 31 591, 991 29 12.. 11,5 417 35,9 19, 9 17,475 1,141 14,745 1,5 2, 24 16, 39 2.1, 742 8,4 1. 46.43.5 127,1 91,115 4,78 17,96 22,44 7, 641 295 85.7.2:.335 11, 374 1, 5 22, 21 5, 293 264.82.9 391 33, 7 18, 7 16, 647 1,93 14,34 1,5: 2,17 14,946 28,145 9,21 1.5.42.5 126, 641 93,4 5,13 16, 396 22, 525 7,171 277 87.8.224.335 13,198 13,142 22, 317 649, 237 33 1..9-11,3 394 31,23 17, 722 15,79 873 13,458 1,378 2,13 13, 58 34, 1,18 1.11.43.5 144,21 19, 2 6, 3 127,815 8^236 319.6.225.335 11,24 1, 577 22, 823 6, 72 178 13.82. 246 29,15 16, 817 15,21 827 12, 94 1,2 1, 796 12,333 3, 6,566 1.1. 42.49 127,858 974,27, 9 19,25 22,19 g,3 2 84.6. 225.335 11, 796 1, 1 23, 7, 3 143 14 266 26,87 15, 14, 291 82 12,339 1,132 1,5 1, 7 24,17 5, 581 9.33.42.49 131,715 98, 2 5,782 18,736 21,975 7,575 295 81.4.335 11,218 1, 294 24, 773 578,448 114 12.87.99 31 24,133 14, 936 13, 721 11,915 973 1,327 9, 197!8, 287 7,151 9.84.45.52 127,14,2 5,843 9, 2 21,7 7, 395 2 82.2.235.335

SURVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey TEXTILE PRODUCTS Continued WOOL Continued Receipts at Boston, total thous. of lb Domestic Foreign...... Stocks, scoured basis, end of quarter, total thous. of lb Woolen wools, total Domestic Foreign _... Worsted wools, total Domestic Foreign, 3 51, 247 4,19, 322 64, 582 74 44, 56 42, 2,437 16,47 1,21 6,26 147, 597 48. 276 4, 224 8,52 99, 321 84, 3 14,938 22, 222 18,487 3,735 24,341 21, 239 3,13 13, 8 9,9 4, 115, 5 46, 6 37, 9,1,9 52, 517 16, 452 15, 9 5,374 1,164 11,82 6,66 5,16 13, 5,939 7,6 94, 56 39,19 29,458 9,5,487 33,452 22,35 17,173 1, 241 6,932 31, 4 25, 641 5,82, 4 51,41 4,213 122,915 39,421 31,191 8,23,494,128 2, 366 MISCELLANEOUS PRODUCTS Buttons, fresh-water pearl: pet. of capacity. Stocks, end of month thous. of gross Fur, sales by dealers thous of l Pyroxylin-coated textiles (artificial leather):! Orders, unfilled, end of mo..thous. linear yd.. Pyroxylin spread thous. of lb, billed thous. linear yd 26.3 5, 873 p 1,878 2,243 4.351 3,971 22.4 6,8 '5.1 1,5 3,2 3,785 32.2 6,91 4,1 1, 4,849 4,429 41.3 7,37 1,4 2,196 4,998 4,3 37.8 7,1 1,515 1,98 4,2 4,516 36.3 7,229 1,242 1,917 4,2 4,1 r 3.4 7,1 1, 524 2,145 4,6 4,1 23. 6,48 ' 2,477 2,451 5,27 4,785 39.2 6,57 r 2, 9 2,223 5,79 5,119 r 39.2 6, 3, 1 2,1 5,42 5, 34.6 6,641 ' 2, 26 2,252 4,643 4,576 25.2 6,379 r 2, 5 1,7 4,727 4,759 r 28.4 6,352 2, 375 2,87 4,71 4,387 TRANSPORTATION EQUIPMENT AIRPLANES, total 1 Commercial (licensed) For export number._... AUTOMOBILES Exports: Canada: Assembled, total number,. Passenger cars United States: Assembled, total Passenger cars Trucks Financing: Retail purchasers, total thous. of l_. New cars Used cars Unclassified Wholesale (mfrs to dealers) Fire-extinguishing equipment, shipments: Motor-vehicle apparatus number Hand-type : Automobiles: Canada, total Passenger cars United States (factory sales), total Passenger cars Trucks... Automobile rims thous. of rims Registrations: New passenger cars number.. I\ew commercial cars Sales (General Motors Corporation): To consumers in U. S To dealers, total To U. S. dealers Accessories and parts, shipments: Combined index. Jan. 15=1.. Original equipment to vehicle manufacturers Jan. 15=1.. Accessories to wholesalers Service parts to wholesalers Service equipment to wholesalers 19, 1 8,375 1, 75 35, 527 9,135 5, 112 29, 343 15,738 58, 1 12, 31 1, 32 71, 211 139 72 4,76 3,376 16,443 9,222 7,221 77, 39 39,16 37, 3 493 58,951 77 29,122 9,7 5,273 141, 443 16, 841 34, r 46 148, 6 33, 476 78, 758 9,3, 826 6 1 125 264 19 74 3,912 2,8 11,142 5,347 5,795 SO, 847 4, 347 39,7 572 4, 37 32, 321 6,452 3, 9,494 58, 4 31, 87 4 127, 9 34, 231 64, 5, 431 34,752 58 14 143 246 1 3,46 2,399 1, 8 2, 8,8, 5 29,174 32,948 439 26, 7 57 32,124 4,29, 4,159 18,375 819 93, 2 26, 57 4, 796 36, 335 16, 4 91 136 1 91 182 128 2,946 1, 7 17,24 1,93 6,94, 385 3, 344 31,3 428, 359 3,816 5,774 5,412 29, 512 187,494 22,18 1,312 119, 19, 5,6 123,5, 133 129 133 1 24 159 45 2,747 2,46 29,43 2,172 8,871,47 51,266 r 34, 26 521 126, 44 28,59 17,9 15, 423 372, 413 32, 344 52, 1,723 2, 8 23,943 131,387 2, 256 159,573 136 15 126 142 276 174 12 5,24 3,5 34,978 21,322 13,6,452,933 37, 9 564 158, 2 73 27,479 18,4 14,198 3, 346 326, 6, 34 1,818 226, 73 31, 474 118,8 187,99 15,5 138 157 129 121 8,499 5, 23,958 15,126 8,2 76,39 4,4 35, 281 415 134,15 44 3,649 14,794 11,44 342,156 281,415 r 6, 741 1,714 23, 212 37, 715, 5 152, 746 116, 964 148 16 131 129 91 6,43 4,222 27, 351 16,193 11,158 76, 776 4, 374 35,975 427 124,21 58 29,878 ' 14,3 1,914 33,217 ' 243, r 6, 217 1, 443 164,942 33,279,251 1,8 115, 139 14 14 129 95 6,315 4,526 3,48 17,984 12, 64 113, 847 64, 35 48,915 582 1, 7 35, 331 17, 9 12, 6 371,94 299,73 72, 237 1,73 248, 38 45, 142, 182,2 142, 743 1 142 141 15 2,274 1,5 27,87 16,213 1,874 114,6 66,64 48,14 8 15, 433 34,79 16, 1 12, 791 337, 372 273, 49,9 1,348 2, 335 46, 132, 2 158,9 126, 275 129 132 15 15 5,48 4,75 25, 22 14, 43 1, 79 133, 77 75, 34 57, 649 7 14, 284 76 35, 51 15,76 11,585 297, 58 237, 87 59, 8 1,244 28, 4 45, 381 129, 145, 7 112,8 12 115 1 18 6,27 4, 27, 87 16,213 1, 874 13, 1 73, 22 57, 28 1 118,2 9 37, 66 14,515 1, 585 39,72 246, 74,16 1,2 243, 741 4, 482 124,8 156,959 124,48 115 113 166 18 RAILWAY EQUIPMENT {Association of American Railroads) Freight cars owned and on order, end of mo.: Number _ thousands.. Undergoing or awaiting classified repairs thousands. _ Percent of total on line Orders, unfilled. cars Locomotives owned and on order, end of mo.: Owned: Undergoing or awaiting classified repairs number.. Percent of total on line Orders, unfilled number 1,3 229 14. 8,448 8, 59 2.3 72 1,75 241 14.3 1, 234 7,984 18.6 26 1,71 238 14.2 8,2 8,18 18.9 14 1,1 231 13.8 7,459 8,75 18.9 14 (U. S. Bureau of the Census) Locomotives:! Orders, unfilled, end of mo., total-,.number 148 64 51 82 Domestic, total 144 56 52 5 73 Electric 84 38 34 34 Steam 6 18 18 16 11 1 rloo r 123 ' 132 r 148 '1 151 r 113 r 122 ^ 138 '16 143 84 ' ' '78 8 45 6 6 r Revised. *> Preliminary. trevised series. ^_Data on^ pyroxylin-coated textiles revised beginmngjranuary to include figures for 2^small establishments not previously reporting, and to exclude which are for trolley or third-rail and storage-battery locomotives. ^Exclude military planes for mestic use. Federal Reserve Revised Bank series. of St. Louis Data revised for 1937; see table 19, p. 14 of the April Survey. 1, 235 14.1 5,1 8,1 19.1 7 233 13.9 4,335 8,133 19.1 17 1,2 231 14. 5,8 7,1 18.6 3 1,2 225 13.7 6,7 8,84 19.1 25 1,6 225 13.7 6,7 8, 19.1 1,664 214 13. 6,52 8,149 19.3 1,6 221 13.5 6, 391 8,175 19.4 1,7 231 14.2 9, 2 8, 64 2. 6 1,4 223 13.7 1, 8,382 2.1 6

56 SURVEY OF CURRENT BUSINESS Monthly statistics through 1937, together Supplement to the Survey RAILWAY EQUIPMENT Continued (U. S. Bureau of the Census) Locomotives Continued.1, mestic, total Electric number... Steam Industrial electric (quarterly):, total For mining use (American Railway Car Institute) : Freight cars, total number,_ D omestic Passenger cars, total Domestic (U. S. Bureau of Foreign and Domestic Commerce) Exports of locomotives, total number.. Electric Steam INDUSTRIAL ELECTRIC TRUCKS AND TRACTORS, total number Domestic.. Exports.. WORLD SHIPBUILDING (Quarterly) Launched: Number ships Tonnage Under construction: Number Tonnage Physical volume of business: Combined index Industrial production: Combined index Construction Electric power Manufacturing Forestry Mining Distribution: Combined index Carloadings Exports (volume) Imports (volume) Trade employment Agricultural marketings: Combined index Grain Livestock Commodity prices: Cost of living Wholesale prices Employment (first of month): Combined index Construction and maintenance Manufacturing Mining Service Trade Transportation Finance: Banking: Bank debits thous. gross tons ships. thous. gross tons. J.16 = 1. mil. of l._ Commercial failures* number.. Life insurance sales, new paid for ordinary! thous. of L. Security issues and prices: New bond issues, total Bond yields 16=1.. Common stock prices Foreign trade: Exports, total thous. of l_. Wheat thous. of bu_. Wheat flour thous. of bbl._ Imports Railways: Carloading thous. of cars.. Financial results: Operating revenues thous. of l_. Operating expenses.._ Operating income Operating results: Freight carried 1 mile mil. of tons.. Passengers carried 1 mile mil. of pass.. : Electrical energy, central stations temb'er TRANSPORTATION EQUIPMENT Continued I 877 877 18 18.1 72.6 115.8 133.1 111.3 164.1 147.6 137.4 87.6 93 32, 244 73,3 6.1 97.3 43 47 47 6 19.1 19.8 5.6 212.3 11.3 11.4 1.1 17. 71.5 14.3 79.8 133.7 573 22 22 2,336 2,38 19 19 1,6 1,5 3 3 1,136 1,23 9 21 18 3 12 11 1,198 1,198 249 75 74 2,712 I 2,6 CANADIAN STATISTICS 4.3 29.7 87.3 84.2 78.6 113.5 124.9 111.8 1.5 146.1 133.3 98, 451.7 16.9 78, 72 7,248 2, 823 1 25, 773 24, 515 1,6 1 11.5 11.8 52.5 218.3 1.9 12.2 198.6 19.5 76.3 127.1 82.6 131.9.2 91.9 77. 84.9 76. 112.1 128. 11. 1.6 143. 5 132.1.9 2,466 2,371 2,5 72 12 81 3, 5 < 28, 446 ' 27, 8 51, 399.7 15.2, 8 6,266 2 57, 26 213 28, 439 26,13 1,95 2, 172 119.2 12.7 52.8 223.6 114.2 11.2 22.1 114.9 81. 1.6 84.4 134. 123.9 135.1 74. 84.1 74.5 115.1 133.8 113.8 157.4 146.7 131..7 51, 474.3 98.6 18, 2 12, 5 32 56, 412 25 34, 26, 919 6,375 3,3 1 us. 6 121.1.7 22.9 113.2 17.1 21.4 111.5 76. 132..1 133.7 145.6 1.7..9 74.1 116.7 143.5 112.5 16.8 136.1 134.5 9.1 2,976 r 32, 372 18, 958.2 19.7 12, 719 24. 579 529, 99 257 37, 25, 1 1, 4 3,4 119 123.4 128.3 48.4 226.4 125.3 112.8 26.6 19.2 74.2 122.7 85.7 132.5 11.6 16.6 79.1.8 73.5 114.6 122.5 11.9 1.4 132.8 135. 6 87.9 2,9 122 r37,1 14, 93.5 11.4 94, 75 21, 74 478, 34 219 3, 431 22, 6 6,52 2,6 11 115.6 118.1.7 221.6 111.3 111.7 1.1 18.6 73.7 1. 75.8 137. 85.7.4 73.6.6 73.3 114. 112.8 11.1 1.3 131.7 139.7 85. 2,95 71 > 36, 475,142.8 16.8 7, 452 15, 9 3 44, 2 178 27, 521 22, 3 3,597 2,1 1,148 1,148 r7 r 7 113. 114.2 4.3 23. 111.1 12.7 176.8 19.3 7.7 141.2 77.6 133.8 52. 46.3 77.9.3 73.2 18.1 96.4 14.3 16.4 131.7 144.8 79.9 2,512 12 3, 434 139, 515.1 12.9 81, 773 7,879 38 43, 743 171 23, 798 22, 3 <*382 1,871 123 1,917 1,917 111.7 114.1 56.2 232.3 15. 111.6 19.9 14.9 66.7 11.1 71.7 133.4 32.3 23.5 71.7.1 73.2 16.5.4 16. 16.5 129.5 131. 79.4 2,5 121 3, 879, 7.9 14.1, 399 5,746 291 4, 38 16 22, 2 22, 1 <* 1, 49 1,77 122 mil. of kw-hr.. 1,9 2,76 2,164 2,329 2,376 2,35 2,387 2,214 2,3 2,197 2,333 2,245 Pig iron thous. of long tons.. 6 51 5 51 46 58 41 41 46 58 Steel ingots and castings 111 84 74 76 9 79 78 96 1 121 18 Wheat flour thous. of bbl 1,16 9 1.13 1, 9 1,96 1,66 1, 52 1, 98 1.37 1,194 1,114 1,1 1.1 ' Revised. d Deficit. *New series. Data compiled by Dm and Bradstreet, Inc., have been substituted for those compiled by the Dominion Bureau of Statistics; data beginning 1934 will appear in a subsequent Survey. Revised series. Data revised for 1937: see table 19. p. 14 of the April Survey. tdata on life insurance sales revised; revisions not shown above in thousands of llars, are, 31,287;, 31,796; March, 33,4; April, 3,2; May, 31,16, and June 35,66. Earlier revisions will be shown in a subsequent issue. ISee footnote marked with a "t" on p.. 2,194 2,174 247 716 2,74 113.2 115.2 47.5 233.1 17.6 11.4 196.7 17.4 71.8 18.4 73.9 135. 48.1 4.7 81.2.1 73.2 16.5 94.3 17. 16.9 128.5 128.9 8.3 2,428 33, 578 128, 34.1 13.7 77,199 6,564 3 58, 381 191 25, 7 24, 333 193 2, 127 1,312 1,312 '12 '12 116.7 119.1 51.3 226.4 19.5 12.2 219.6 19.6.2 126.9 78. 137.2 6.3 58.5.1.1 73.4 14.9 91.6 17.1 157.4 131.4 131.1 79.3 2,473 28,229 151,. 96.2 56, 57 2,2 275 41, 98 179 25,191 22, 96 1,29 1,957 129 U. S. GOVERNMENT PRINTING OFFICE: 1 9 3 9 279 279 15 15 121.4 123.3 48.6 235.5 113.3 112.6 232.7 115.9 81.1 138. 91.2 138. 12.6 15.9 87.5.1 73.7 16.2 94.2 18.4 1.8 133.2 135.1 81.4 2,9 33,7 21, 421.4 99.2 94, 8 13, 5 516 72,958 215 29, 25,2 3,19 2,431 134 31 31 97 96 2,149 2.148 '9 '9 1 8 121.4 124.4 59.4 238. 8 112.9 12.6 228.9 112.9 71.3 145.8 87.7 137.5 4.5 33.8 7.5 82 9 73.3 113.1 115. 3 111.4 16.5 141.8 136.6.5 2,1 35, 766 112,4 6.1 97. 94.51 14, 7 41, 79 195

ENDEX TO MONTHLY BUSINESS STATISTICS CLASSIFICATION, BY SECTIONS Monthly business statistics: Business indexes - - - Commodity prices - - _ - _ - - Construction and real estate Domestic trade Employment conditions and wages.. Foreign Finance trade ~ Transportation and communications. Statistics on individual industries: Chemicals and allied products Electric power and gas. Foodstuffs and tobacco Fuels and byproducts Leather and products Lumber and manufactures Metals and manufactures: Iron and steel Nonferrous metals and products Machinery and apparatus Paper and printing Rubber and products Stone, clay, and glass products Textile products Transportation equipment Canadian statistics. _ Page 19 2 21 23 25 3 36 37 CLASSIFICATION, BY INDIVIDUAL SERIES Abrasive paper and cloth (coated) Acceptances - Accessories Automobile Advertising Agricultural products, cash income received 38 4 41 45 46 47 48 49 5 51 52 56 Page 52 3 23 from marketings of 2 Agricultural wages, loans 29, 3 Air-conditioning equipment _ - 5 Air mail _ 23 Airplanes 38, Alcohol, denatured, ethyl, methanol. _ 38 Aluminum 49 Animal fats, greases -.-.- 39 Anthracite mining... 19, 26, 28, 45 Apparel, wearing 2, 24, 25, 26, 27, 28, 29, Asphalt.-. _ 46 Automobiles 19, 23, 24, 25, 27, 28, 29, Babbitt metal - _ -_- 49 Barley _ 42 Bathroom accessories. Beef and veal 43 Beverages, fermented malt liquors and distilled spirits 41 Bituminous coal 19, 2, 26, 28, 45 Boilers _ 48,49 Bonds, prices, sales, value, yields 3,35 Book publication 52 Boxes, paper 52 Brass. 5 Brick Brokers' loans 3 Bronze 5 Building contracts awarded 21, 22 Building costs. 22 Building materials.. _ 2, 47, Building permits issued 21, 22 Butter 41 Canadian statistics. 56 Canal traffic 37, 38 Candy. 44 Capital flotations. _ 33, 34 Carloadings. 37 Cattle and calves 43 Cellulose plastic products 4 Cement _ 19, Chain-store sales 24 Cheese 41 Cigars and cigarettes 44,45 Civil-service employees 26 Clay products 25, 27, 28, 29, Clothing 2, 24, 25, 26, 27, 28, 29, Coal.. 19, 2, 26, 28,45 Cocoa _ 44 Coffee. 44 Cokc. 45 Collections, department stores, 24 Commercial failures 31 Commercial paper 3 Construction: Contracts awarded, indexes 21, 22 Costs. 22 Highways 22 Wage rates 29 Copper 49 Copra and coconut oil. 39 Cost-of-living index. 2 Cotton, raw and manufactures 2, 21, Digitized for Cottonseed, FRASER cake and meal, oil _. 39 Page Crops 19,2,42,43,44, Currency in circulation -- 32 Dairy products ----- 19,2,41,42 Debits, bank. 3 Debt, United States Government.. - 32 Delaware, employment, pay rolls 26, 27, 29 Department-store sales and stocks. 24 Deposits, bank. _ 31 Disputes, industrial...-- 27 Dividend payments.. - 35 Earnings, factory, average weekly and hourly - 28, 29 Eggs _.. - 19, 2,44 Electrical equipment 51 Electric power, production, sales, revenues.. 4, 41 Electric street railways. 37 Employment: Cities and States,.. - 26 Nonmanufacturing..» 26 Emigration.. 38 Enameled ware.. 49 Engineering construction_ _,. 22 Exchange rates, foreign. 32 Expenditures, United States Government. _. 32 Explosives.- 38 Exports _ 36 Factory employment, pay rolls 25, 26, 27, 28 Fairchild's retail price index -. 2 Fares, street railways 37 Farm prices, index. _- 2 Federal Government, finances.. 32,33 Federal-aid highways 22, 29 Federal Reserve banks, condition of 3 Federal Reserve reporting member bank statistics... 3 Fertilizers _.. 39 Fire-extinguishing equipment Fire losses -. 23 Fish oils and fish 39, 44 Flaxseed._ 4 Flooring, oak, maple, beech, and birch 47 Flour, wheat - 43 Food products 2, 25, 26, 28, 29, 41 Footwear 46,47, Foreclosures, real estate 23 Foundry equipment 5 Freight cars (equipment) Freight carloadings, cars, indexes 37 Freight-car surplus - 37 Fruits 2, 42 Fuel equipment 5 Fuels. _ 45,46 Furniture 48 Gas, customers, sales, revenues 41 Gas and fuel oils...... 45,46 Gasoline -. 46 Gelatin, edible._ -_._ _ 44 General Motors sales.,, _ Glass and glassware.. 19, 25, 27, 28, 29, Gloves and mittens 46 Gold... 32 Goods in warehouses..._ 23 Grains - 2,34,42,43 Gypsum _ Hides and skins 21,46 Hogs.. _ 43 Home loan banks, loans outstanding, 23 Home mortgage insurance 23 Hosiery - Hotels.. 26,28,38 Housing.- 2, 22, 23 Illinois, employees, factory earnings 26, 27,29 Imports 36,37 Income-tax receipts 32 Income payments-... 19 Incorporations, business 23 Industrial production, indexes 19 Installment sales, New England 24 Insurance, life.. 31 Interest and money rates 3 Iron ore, crude, manufactures 19, 48 Kerosene.. 46 Labor turn-over, disputes 27 Lamb and mutton, 43 Lard 43 Lead_ 19,49,5 Leather 19, 21, 25, 26, 27, 28, 29, 46 Leather, artificial Linseed oil, cake, and meal 4 Livestock 19,2,43 Loans, agricultural, brokers', real estate.. 23,3, 33 Locomotives.., 56 Looms, woolen, activity Lubricants 46 Lumber 2, 25, 27, 28, 47 Machine activity, cotton, wool Machine tools, orders 5 Machinery 25, 27, 28, 5 Magazine advertising. 23 Manufacturing indexes 19 Marketings, agricultural - 19, 2 Maryland, employment, pay rolls... 26, 27 Massachusetts, employment, pay rolls 26, 27 Meats..- 19,2,43 Metals-...,------ 19, 21, 25, 27, 28, 29, 48, 49, 5 Methanol.._ 38 Mexico, silver production - 32 Milk.-_ 41,42 Minerals.. 19, 26, 28, 45, 49 Naval stores..- - 39 Netherlands, exchange rates 32 New Jersey, emp^ Newsprint -_.,' New York, emp traffic _ New York Stock 1 Oats. Ohio, employmentsl'^^^fi' f S"^^lti t Ohio River trafficl,»^«*>;'ii»v*»i i ** i **'% i^l*'^' " Oils and fats. ^^U^^^C* Oleomargarine Paint sales Paper and pulp..***.- Passenger-car sale* II Passengers carried, J Passports i Pay rolls: Factory- Factory, by dttim L Nonmanufactuifilll^ij Pennsylvania, empjioffloi Petroleum and producte. Pig iron * ^ Porcelain enameled p Pork. Postal business.^,^^^ Postal savings--**^.* Poultry * ',!,.. Prices: Retail indexes -4,^^^ World, foodstu^ Printing- Profits, C( Public relief- Public utilities *»;«.«Pullman Co mm Pumps m~m*{***i Purchasing power of t Radiators._.-^ Radio, advertising.,* Railways: operatt statistics,^ Railways, street-** ^ ^ *»»^ Ranges, electric-^-w*-**^^^^ Rayon.,. Reconstruction outstanding...* FtfJ J'iw Refrigerators, el«m " Registrations, auto Rents (housing), \ Retail trade: Automobiles, new, ] Chain stores: "' > " 5-and-1 (variety) --- Grocery. - *. * ;»(((!g#^*..» Department atoftcjy f r»^. ^ ^ Mail order.-.*,ii.'*^^i**^ Rural general merchandiie. Rice ---+,^-"4'*. Roofing ^*.^!»ii Rubber, crude,!,p«^ ^ tires.- ^..^it«' 19,2, 3 Savings deposits...-^,"' OilCCO Q.OQ. lditxko># a* $**&' Shipbuilding ^*i!«shoes,. U#V Silk.*»»W* 1^ Skins Slaughtering Spindle activity* < Steel, crude, mam,, Steel, scrap, expflftojlt Stockholders.,. ^ r Stock indexes, imd Stocks, departmfnt^ff Stocks, issues, price*, i Stone, clay, and gla»sj Sugar.--^^^-A Sulphur _----«. m m*,*^*,^ Sulphuric acicl*^^ Superphosphate--^.. Tea.-^---^-*,»-.---*--- Telephone, telegraph, cabte, and graph c a i r i e i i ^ ^ ^ Textile Tile, Tin Tobacco Tools, n Trade unions, Travel.. Trucks and trac a Uid S Q United State* Qj^g United States Steel < Utilities i~u Vacuum cleaner*.. Variety-store ^ Vegetable il Wages. Warehouses, space c Waterway bra Wholesale pric, Wire cloth- II4 Wisconsin, wages _ Wood pulp---ul.j. Wool.