JULY 1946

SURVEY OF

CURRENTBUSINE

UNITED STATES DEPARTMENT OF COMMERCE

BUREAU OF FOREIGN AND DOMESTIC COMMERCE

Survey of

CURRENTBUSINESS

VOLUME 26, No. 7 JULY 1946

/"Statutory Functions: "The Bureau of Foreign and Domestic Commerce • • *\I to foster, promote, and develop the foreign and domestic commerce of j\the United States" [Law creating the Bureau Aug. 23, 1912 [37 Stat. 408].] J

ContentsPage

THE BUSINESS SITUATION 1

Transition to Peacetime Production 3

Savings of Individuals • . • 9

THE PROSPECTIVE LABOR SUPPLY , 12

INTERNATIONAL TRANSACTIONS OF THE U. S. DURINGFIRST QUARTER 1946 16

STATISTICAL DATA:New or Revised Series 22Monthly Business Statistics . S-lGeneral Index Inside back cover

| 1 i Ot€3—Contents of this publication are not copyrighted and I\ may be reprinted freely. Mention of source will be appreciated f

Published by the Department of Commerce, HENRY A. WALLACE, Secretary.—Bureau ofForeign and Domestic Commerce, AMOS E. TAYLOR, Director. Subscription price $2 ayear; Foreign $2.75. Single copies, 20 cents. Price of the 1942 supplement, the last issue,50 cents. Make remittances direct to the Superintendent of Documents, United StatesGovernment Printing Office, Washington 25, D. C.

THE BUSINESS SITUATIONBy the Office of Business Economics

The Month in ReviewThe performance of the economy

in June gave further evidence thatthe postwar decline in national pro-duction had bottomed out and thatoutput, employment, and incomewere again moving upward. A criti-cal phase of the postwar transition,involving major adjustments for in-dustry and for labor, has now beenbrought to a close.

As the transition entered an ad-vanced stage, the economic spotlightwas turned on price developments.The consumers' price index, whichhad been increasing at a rate ofone-half of 1 percent a month sinceMarch, rose at a faster rate in June.As was expected, many prices regis-tered large gains immediately follow-ing the expiration of the pricecontrol law at the end of the month.

Preliminary figures place the valueof retail sales in June (after seasonaladjustment) at a new high. Part ofthe May-to-June buying spurt re-flected further advances in prices,but physical quantities also in-creased. Shipments of consumerdurable goods, in particular, havebeen greater.

For the fourth consecutive month,construction activity showed a gainof approximately 100 million dollars.The recent increases have beenpaced by residential building.

Output of steel, coal, and otherbasic materials recovered sharplyduring the month and, at the presenthigh rate of operation, supplies ofthese materials will support a con-siderably enlarged volume of fin-ished goods production.

THE FURTHER ADVANCE in indus-trial output in June stemmed largely

from the resumption of bituminous coalproduction. In the previous month theforward movement under way in the re-conversion industries had been slowed

by the coal shortage and the forcedshut-down of many blast furnaces.

With the resolving of major wage dis-putes, production delays resulting fromwork stoppages have now fallen to apostwar low. This development has notcaused a sudden spurt in over-all eco-nomic activity, however, since, withthe exception of the effect of the coalstoppage on steel operations, the sec-ondary effects of the earlier disputesnever reached major proportions. Onthe whole, production and shipmentsin manufacturing have been well main-tained throughout the first half of theyear.

Uncertainty Regarding Price ControlWhile further progress was being made

toward full peacetime production, con-sumers and businesses were faced withconsiderable uncertainty regarding thefate of price control and, consequently,future prices. That substantially higherprices were in the offing seemed as-sured regardless of the details of anyact which would reimpose the controlsthat expired as of midnight, June 30.But much uncertainty remained as tothe probable extent and rate of futureprice increases of individual commodi-ties and services.

The experience during the periodwhen the price lid was off was not atrue test, price-wise, because marketswere not wholly free of the prospect ofthe reimposition of ceilings and a roll-back to June 30 prices. This factorobviously had a restraining influence onmany buyers and also strengthened theefforts of the business community to in-stitute voluntary controls pending clar-ification of the price situation.9-Percent Rise in 3 Days

Nevertheless, the price rises were sharpand the Bureau of Labor Statisticsprice index of 28 basic commodities ad-vanced 9 percent in the first 3 days ofJuly.

The behavior of hog prices during thefirst week when the price lid was off af-forded an interesting example of theoperation of market forces. In the firstday without ceilings, prices at Chicago

jumped to $18.50 a hundredweight—$3.65 above the old ceiling of $14.85. Bythe end of the week, however, the on-rush of sellers—who had been holdingout for higher prices—to market theiranimals sent the price back to $16. Thisdecline had all the earmarks of a tempo-rary reaction, since hog receipts couldnot be expected to continue for an ex-tended period at the record volumereached at the end of the week.

Chart 1.- -New ConstructionActivity

MILLIONS OF DOLLARS4 0 0

3 0 0

2 0 0

100

0

RESIDENTIAL /(PUBLIC a PRIVATE) /

^ /

/

J

INDUSTRIAL ANDCOMMERCIAL - .

(PRIVATE)

. . , i . 1 1 . 1 1

ALLTHER

/

11/

—1 I 1 . 1 1 1 1 1 >

1945 1946 D. 0.46-457

Sources of data: Joint estimates of the U. S.Departments of Commerce and Labor.

Near-Capacity Rate Restored in SteelSteel operations rebounded sharply to

near-capacity rates following the re-sumption of bituminous coal production,but June output was still considerably be-low this year's peak reached in March.Aggregate production of steel ingots inthe first half of 1946 was approximately27 million short tons, compared with 43million tons in the first 6 months of lastyear when operations were maintainedclose to the peak war levels.

Emergency Distribution Plan for SteelBecause the steel industry has made no

headway in working off its large backlog

696891—46

SURVEY OF CURRENT BUSINESS July 1946

of unfilled orders, the danger of delay inthe manufacture of certain critical prod-ucts has increased. To cope with thissituation, the Civilian Production Admin-istration in June announced a new pro-gram to assist manufacturers of 15classes of farm machinery and 5 typesof building products to acquire neededsteel during the third quarter of thisyear. These products are urgently neededfor the 1946 harvest and for famine re-lief, or are essential for the veterans*housing program.

Under the CPA directive, manufac-turers of the products specified ascritical are instructed to place certifiedorders with steel mills or warehouses.These orders must be given preferencefor production and delivery.

The quantity of finished steel to be al-located under the emergency distributionsystem is not large. It is estimated at300,000 tons, or only about 2 percent ofestimated total production in the thirdquarter, assuming the continuance offull-scale operations. Thus, most usersof steel will be in the same position asthey were in the past.

The total supply of steel is expected toincrease in coming months, but require-ments will also be larger as the heavy in-dustries get into full production. There-fore, a well-balanced distribution of theavailable supply will be necessary to keepfabricators in continuous operation.

Progress in ConstructionConstruction of all types has been

making substantial progress in the pastfew months, as is clearly shown in chart1. Total new construction has increasedby about 100 million dollars per monthsince February. Preliminary estimatesfor the value of total new constructionput in place in June are stated at 920million dollars compared with 830 mil-lion dollars in May.

Nonfarm residential construction, in-cluding public and private, increasedfrom 313 million dollars in May to 344million dollars in June. Seasonal ad-vances may account for further gains inthe summer and fall months, but a de-cline in the rate of increase may be an-ticipated as the volume of constructionapproaches capacity of the industry.

Residential construction continues tobe one of the most active components ofconstruction. Latest estimates for thesecond quarter indicate that 909 milliondollars worth of nonfarm private resi-dential construction was put in place,an increase of more than 80 percentover the volume for the first quarter ofthe year.

In the private commercial and indus-trial category—which includes stores,restaurants, garages, theaters, ware-houses, factories, offices, and loft build-

Chart 2.—Gross National Product, by Major Components

BILLIONS OF DOLLARS BILLIONS OF DOLLARS2 5 0

2 0 0

1 5 0

IOO

ANNUAL TOTALS QUARTERLY TOTALS, SEASONALLY ADJUSTED,AT ANNUAL RATE

GOVERNMENT EXPENDITURES(GOODS AND SERVICES)

EXPENDITURES(GOODS AND SERVICES)

2 5 0

2 0 0

150

100

5 0

1939 1940 1941 1942 1943 1944 1st 2nd 3rd

^ 1945-4th 2nd 3rd

-1946-1/a 0. 46-450

1 Data for the second quarter of 1946 are preliminary estimates.Source of data: U. S. Department of Commerce.

ings—the volume of construction has ad-vanced at a constant rate of about 10percent a month since January. The in-creases occurred despite efforts to givepreference to veterans' housing and theintroduction of a limitation order (VHP-1) in March which requires official au-thorization before most types of buildingmay proceed.

The uptrend in "all other" construc-tion (see chart) since February resultedfrom substantial increases in war-de-ferred highway and conservation anddevelopment work, public-utility expend-itures, farm construction, and privateinstitutional building (hospitals, church-es, community buildings, etc.).

Limitations on Nonresidential ProjectsThe Civilian Production Administra-

tion at the end of May took action toinsure that approvals for deferrable andless essential nonresidential constructionshould be reduced. This was done tobring construction authorizations intobalance with the supply of building ma-terials. For a 45-day period beginningJune 1, 1946, CPA field offices were or-dered to reduce their dollar value ofauthorizations by two-thirds under the2-week base period ending May 23. Thecriteria for approval by the CPA are thatindividual or community hardship mustbe clearly established and must be sub-stantial.

As further insurance against authoriz-ing construction in volume exceeding the

available supply of materials, the Na-tional Housing Agency has slowed downthe issuance of "HH" priorities for newresidential construction. A total of 559,-000 accommodations had been authorizedby June 14, 1946, compared with 531,000on May 31.

Premium Payment Plan

The premium payment plan for build-ing materials, which was authorized un-der the Patman Bill enacted on May 22,has already been put into effect for brick,structural clay products, plywood, andmerchant gypsum liner. In the case ofbrick, payment of $5 for each thousandstandard brick equivalents produced inexcess of established quotas will be madeto operators of individual plants to off-set some of the costs encountered by pro-ducers in reopening their plants or ex-panding production. A premium amount-ing to $40 per ton will be paid for pro-duction up to 105 percent of quotas as-signed to manufacturers of merchantliner, i. e., paperboard manufacturers notowned or controlled by gypsum boardproducers.

Under the plans for increasing theproduction of plywood, manufacturers ofthis product are permitted to pay theirlog suppliers a premium of $7.50 perthousand feet logscale for peeler logsdelivered between June 1, 1946, andMarch 31, 1947. To receive reimburse-ment in full for the premiums paid to thelog suppliers, the plywood manufacturers

July 1946 SUEVEY OF CURRENT BUSINESS

will have to expand their production atleast 25 percent above their quota, whichin general is their output during the firstquarter of 1946. Only partial recoveryof the premium paid for logs will be pos-sible if production exceeds the quotaby less than 25 percent, because plywoodmanufacturers will receive reimburse-ment at the rate of 30 cents per thousandfeet logscale for each 1 percent of pro-duction above their quota.

Premium payment plans for other ma-terials are now being studied. Themethod to be used to stimulate the pro-duction of gypsum liner, which has beena bottleneck in output of gypsum lathand gypsum wallboard, will be announcedsoon. Incentive plans to provide for in-creased production of gypsum board atrates approximating the present capacityof the industry are also near comple-tion.

With few exceptions, production ofbuilding materials was already definitelyon the upgrade in April, which was, ofcourse, before premium payment planswere put into operation. These plansplus substantial price increases grantedby the Office of Price Administration inApril, May, and June, would seem to haveremoved many of the price and profitobstacles to full production.

Transition to Peacetime Production, Second Quarter 1946

In taking stock of the economy as ofmidyear, these facts stand out: (1)The aggregate volume of goods and serv-ices flowing to consumers and to busi-nesses for capital formation has increasedsince the war's end, not only in dollarterms but also in real terms, but thisgain has not been sufficient to compen-sate for the decline in war production;(2) the flow of most goods from recon-verted war plants is still considerably be-low capacity, although the major pro-duction hurdles are now out of the wayand output is rising at a good pace; and(3) the upward pressure on prices isstill strong and is being reflected in astepped-up rate of price increases.

Preliminary results for the secondquarter of 1946 show the following de-clines from data for the comparable quar-ter of last year: Gross national product,down l i percent; manufacturers' ship-ments, down 23 percent; and industrialproduction (Federal Reserve index),down 27 percent. Income payments toindividuals were only fractionally belowa year ago.

Yet not all of the economic compari-sons of this year with last reflect de-creases. Retail sales for the secondquarter, for example, were almost one-third higher than they were a year ago.Postwar Decline Has Been Halted

The gross national product for thequarter just ended is estimated at aseasonally adjusted annual rate of ap-proximately 185 billion dollars, as com-pared with a rate of 181 billion dollarsin the preceding quarter and 208 billiondollars in the second quarter of lastyear, when the all-time high rate wasreached. Quarterly estimates of thegross national product and its majorcomponents for the period since the be-ginning of 1945 are presented in table 1.Data for the most recent period are stillvery preliminary, of course.

The first half of 1946 can be char-acterized as a period of near stabilityin over-all production, with concur-rent shifts in the relative shares ofgovernment, business, and consum-ers in total production. At a sea-sonally adjusted annual rate of 185billion dollars, the gross nationalproduct in the second quarter wasslightly higher than in the initialquarter of the year, the increase be-ing a reflection of continued priceadvances.

This year's first-to-second-quartergain in gross national product reflectsfurther advances in prices. The quar-terly change in the total is significantchiefly because it indicates that the post-war decline in national production hasbeen halted. The performance of theeconomy in June, described in the firstsection of this review, suggests that theupturn was definitely under way by themiddle of the year.

The reversal of the major decline inactivity which set in with the wholesalecancellation of war contracts last Augustand September has not been sudden orsharp. Rather, it has come about gradu-ally as Federal expenditures were shakendown to more nearly a peacetime basisand as the expanding segments of theeconomy slowly emerged as the domi-nating influence.

Changes Held Within Narrow Range

As shown in chart 2, the changes inthe annual rate of gross national product(after adjustment for seasonal factors)since the end of last year have been with-in a very narrow range—from 185 billiondollars in the fourth quarter of 1945 tojust under 181 billion in the first quarterof 1946 and back to 185 billion in the

second quarter. This is a range of lessthan 3 percent.

At the same time, the major com-ponents of gross national product haveshown much larger changes. Govern-ment expenditures for goods and serv-ices, for example, declined from 57 to 38billion dollars (annual rates) betweenthe last quarter of 1945 and the secondquarter of this year. On the other hand,the rate of capital formation spurtedfrom 15 to 25 billion dollars, and con-sumer purchases of goods and servicesrose from 113 to 122 billion dollars.

Compensating Shifts in Relative Shares

While the preceding figures are stilltentative, they throw light upon thecompensating nature of the broad eco-nomic changes during the first half of theyear. This period can be characterizedas being of near stability in over-all pro-duction, with concurrent shifts of majorproportions in the relative shares ofGovernment, business, and consumers.

The extent to which the reductions inGovernment expenditures for goods andservices have been offset by acceleratedprivate spending for capital formationand for consumer goods and services isillustrated in chart 3. In the third andfourth quarters of last year the offsetsin the form of larger private expendituresfell far short of the reduction in the Gov-ernment sector. Thus, the gross nationalproduct declined.

The bars representing the increasingand decreasing segments in the chartmoved considerably closer together inthe first quarter of 1946, although thebalance was still in favor of decliningGovernment expenditures. By the sec-ond quarter, however, the decreases inGovernment were outweighed by the in-creases elsewhere in the economy. As aresult, the downtrend in gross nationalproduct was reversed.

SURVEY OF CURRENT BUSINESS July 1946

Chart 3.—Offsets to Declining Government Expenditures

BILLIONS OF DOLLARS25

2 0

15

10

GROSS CAPITALI FORMATION

CONSUMEREXPENDITURES

DECREASE IN INCREASE INGOVERNMENT PRIVATEEXPENDITURE'S EXPENDITURES

3 rd Qr. 4 th Qr. I st Qr.

1945 1945 1946CHANGE FROM PRECEDING QUARTER

1 Preliminary estimates.2 Seasonally adjusted, change, at annual rate.Source of data: U. S. Department of Commerce.

2nd Qr.

1946^D.D. 46-451

Little Left of War EconomyThe quarterly changes plotted in chart

3 also demonstrate that the war econ-omy had been rather fully liquidated bythe second quarter of this year. In con-trast to quarterly reductions in Govern-ment expenditures ranging between 16and 23 billion dollars (at annual rates)in each of the three preceding quarters,the decrease in the April-June quarterwas only at the rate of about 3 billiondollars. The drop in military pay alonecould account for practically all of thiscut. Clearly, by the second quarter ofthis year, declining Government spend-ing no longer constituted a major down-ward pressure on over-all production.

Further Gains in Consumer ExpendituresNot only did the decline in Government

outlays slacken appreciably in the secondquarter, but consumer purchases of goodsand services were apparently a less dy-namic element than in previous 3-monthperiods. The first-to-second-quartergain in consumer spending is estimatedat an annual rate of about 2 billion dol-lars (after seasonal adjustment), com-pared with quarterly gains of approxi-mately 7 billion dollars in the fourthquarter of 1945 and the first quarter of1946. However, as the problem of cor-recting consumer expenditures for sea-

sonal factors is extremely difficult forthe first and second quarters of this year,only limited significance can be attachedto the smaller rate of increase in the sec-ond quarter.

There are as yet no firm indicationsof a slackening in consumer spending.

In fact, on the basis of preliminary in-formation, the seasonally adjusted indexof retail sales reached an all-time highin June.

Income-Spending RelationshipPrevious analyses of consumer-spend-

ing relationships appearing in the SUR-VEY (for example, see February 1946 is-sue, page 5) suggest that since the endof the war the rate of consumer spend-ing for nondurables has been above pre-war relationships with the disposable in-come of consumers. The changes thatoccurred in the most recent quarter wereslightly in the direction of restoring theold relationships, since spending on non-durables was practically unchanged whiledisposable income was a little higher.

Spending for durable goods, of course,has continued below earlier relationships,since passenger cars, refrigerators, andother important durable goods have notbeen generally available.

Construction: Rapidly Expanding SectorExpenditures for construction were

the most dynamic element in the second-quarter picture. The rise in these out-lays accounted for one-half of the in-crease in gross private capital formationduring the quarter. Changes in con-struction activity were described in theintroductory section of this review.

Part of the gain in construction ac-tivity is reflected in an increase in plantand equipment expenditures, as revealedby the quarterly survey conducted joint-ly by the Department of Commerce andthe Securities and Exchange Commis-sion. Outlays by nonagricultural bus-iness for plant and equipment expendi-tures in the second quarter were recent-

Table 1.—Gross National Product or Expenditure: Seasonally Adjusted at Annual Rate

[Billions of dollars]

Item

Gross national product or expendi-ture _ _

Government expenditures for goods andservices

Federal warFederal nonwarState and local

Private gross capital formation. ._ . „Residential construction..Other constructionProducers' durable equipment 2_. __ ,_.Other _

Consumers' goods and services..Durable goods. __ _ _Nondurable goodsServices 3 _____

Firstquarter

205.1

96.582.95.87.8

3.6.3

1.55.2

- 3 . 4

105.07.4

65.032.6

1945

Secondquarter

208.2

99.885.76.37.8

6.6.5

1.86.1

- 1 . 6

101.87.1

61.533.2

Thirdquarter

198.2

81.066.46.67.9

11.2.9

2.06.71.7

106.07.4

65.133.5

Fourthquarter

185.2

57.242.66.78.0

15.01.42.38.33.2

113.09.0

70.633.3

1946

Firstquarter

180.6

41.125.77.18.3

19.22.03.38.45.4

120.210.775.634.0

Secondquarter

185.0

38.022.07.58.5

25.03.54.79.37.5

122.012.075.534 5

1 Figures for 1945 are revisions of those published on page 7 of the SURVEY for February 1946. Data for the first quarterof 1946 arc subject to further revision and those for the second quarter are tentative. Figures will not necessarily add tototals because of rounding.

2 Figures are based on new sources and are not precisely comparable to prior years.3 Includes expenditures of military personnel abroad, in billions of dollars, as follows: 1945—0.9, 1.2, 1.0, 0.5; 1946—0.8,

0.8.

Source: U. S. Department of Commerce.

July 1946 SURVEY OF CURRENT BUSINESS

ly estimated at an annual rate of between9 and 10 billion dollars. This may becompared with actual expendituresequaling about one-half of that amountin the second quarter of last year andwith expenditures of 8.3 billion dollarsin the peak year 1941. Of course, thecomparison with 1941 does not take intoaccount the sharp increase in prices sincethat year.

Summary of Second Quarter PictureHow preliminary estimates of the gross

national product for the second quarterof this year compare with the peakreached in the second quarter of 1945is illustrated in chart 4 and summarizedbelow (in billions of dollars at seasonallyadjusted annual rates):

Table 2.—Income Payments and Disposition of Income: Seasonally Adjusted atAnnual Rate1

[Billions of dollars]

Item

Government expendituresfor goods and services. _.

Private gross capital for-mation

Consumer expendituresfor goods and services

Gross national product

Secondquarter 1946

38

25

122

185

Change fromsecond quar-

1945

-62

+18

+20

- 2 3

Income Payments Relatively HighIncome payments to individuals were

moderately reduced after the end of thewar but part of this decline was recoveredin the most recent quarter. In termsof seasonally adjusted annual rates, thechange in income payments has been

Chart 4.—Composition of GrossNational Product

BILLIONS OF DOLLARS250

200 -

150 -

100 -

50 -

GOVERNMENTEXPENDITURES(GOODS AND SERVICES)

PRIVATE GROSSCAPITAL FORMATION

CONSUMEREXPENDITURES(GOODS AND SERVICES)

D. D. 46-463

2nd Qr. 1946.^SEASONALLY ADJUSTED,

AT ANNUAL RATE1 Preliminary estimates.

Source of data: TJ. S. Department of Com-merce.

Item

Wages and salaries, total- __ _ _MilitaryCivilian

Transfer payments _. _Net income of proprietorsOther income payments

Total income payments to individuals-Less: Personal taxes and nontax pay-

mentsEquals: Disposable income of individualsLess: Consumer expenditures_._Equals: Net savings of individuals

1945

Firstquarter

115.016.598.55.9

26.316.4

163.7

22.1141.6105.036.6

Secondquarter

113.917.096.86.7

25.816.9

163.2

21.7141.5101.839.7

Thirdquarter

108.817.291.67.7

25.117.0

158.6

20.7137.9106.031.9

Fourthquarter

101.614.187.412.026.017.4

156.9

20.1136.9113.023.9

1946

Firstquarter

98.88.8

90.012.627.617.7

156.7

18.7138.0120.217.8

Secondquarter

103.65.8

97.811.827.518.1

161.0

19.0142.0122.020.0

1 Consumer expenditures and net savings of individuals for 1945 are revisions of estimates published on page 7 ofthe SURVEY for February 1946. Data for the first quarter of 1946 are subject to further revision, and those for thesecond quarter are tentative. Figures will not necessarily add to totals_because of rounding.

Source: TJ. S. Department of Commerce.

from $163 billion in the second quarterof 1945 to $157 billion in the final quar-ter of last year and the first quarter ofthis year. The rate of payments rose to$161 billion in the second quarter.

The major factors sustaining incomepayments relative to the gross nationalproduct have been the rise in "transferpayments"—chiefly veterans' benefits ofall types and unemployment compensa-tion payments—and the reduction in cor-porate taxes. The tax reduction helpedto sustain the level of dividend paymentsdespite substantially lower corporateprofits before taxes.

Within total income payments, aswithin gross national product, there hasbeen considerable shifting about of thecomponents. This is illustrated in thethree panels of chart 5. Detailed datafor income payments are presented intable 2.

Military Pay Down, Veteran Benefits UpThe sharp reductions in Government

expenditures had their main impact ontwo components of income payments—military pay (which is combined withallowances to dependents in the chart)and pay rolls in heavy manufacturing in-dustries. The declines in these segmentsare shown in the chart.

On the other hand, some importantcomponents of income payments expand-ed sharply following the end of the war.Payments to veterans (including pen-sions, mustering-out payments, read-justment allowances, and some otherminor items) rose from less than 100 mil-lion dollars a month before VE-day to apeak in excess of 600 million dollars amonth in the first quarter of this year.This component is now decreasing, chief-ly because of the reduced rate of mili-tary discharges and the accompanyingdecline in mustering-out payments.

Payments by trade establishments (in-cluding pay rolls and net income ofproprietors), in line with the expansionin retail sales, also rose appreciably fol-lowing the war's end. (See bottom panelof chart.) At approximately 2 billiondollars in May, these payments wereabout 30 percent above those of a yearago.

Wages in nondurable manufacturingindustries have been one of the morestable components of total income pay-ments, although they have been risingslowly but steadily since last October. InMay of this year, the volume of suchwages was almost one-tenth higher thanthat of a year ago.

Current Savings CutThe disposition, as well as the sources,

of income has undergone considerablechange during the postwar transition.The nature of this change is broughtout in chart 6.

The upsurge in consumer spendingwhich followed the end of the war madesharp inroads on the rate of saving outof current income. As already noted,total income payments to individuals inthe second quarter of this year wereonly slightly below payments in April-June of 1945. Consumer expenditures,on the other hand, were up approxi-mately 20 percent.

The small decline in total incomepayments was approximately offset bythe reduction in taxes on individual in-comes, so that the disposable income ofindividuals was approximately the samein the two periods. Hence, the substan-tial rise in consumer spending, occurredat the expense of a 50-percent reductionin the current rate of savings. Theestimated figures are as follows (in bil-lions of dollars at seasonally adjustedannual rates):

6 SURVEY OF CURRENT BUSINESS July 1946

Item

Total income payments toindividuals

Personal taxes and nontaxpayments. . .

Consumer expendituresfor goods and services...

Net savings of individuals.

Second quar-ter 1946

161

19

12220

Change fromsecond quar-

ter 1945

2

-2H

+20-19H

All of the reduction in the net cur-rent savings of individuals took placebetween the second quarter of 1945 andthe first quarter of 1946. There was asmall increase in the savings rate inthe quarter just ended. A detailed dis-

Chart 5.—Income Payments toIndividuals, by Selected Compo-nents

BILLIONS OF DOLLARS14.0

13.5

13.0

12.5

12.0

2.0

1.5

1.0

TOTAL INCOMEPAYMENTSJ/

i I I , i I , , , i , I , , I

PAY OF ARMEDS FORCES S/

TT77, I .

-PAYMENTS TO VETERANS h

2.5

2.0

1.5

1.0

MANUFACTURINGWAGES

(DURABLE GOODS)

wPAYMENTS BY

\ TRADE ESTABLISHMENTS -

\

MANUFACTURING WAGES(NONDURABLE GOODS)

1945 1946MONTHLY TOTALS, SEASONALLY ADJUSTED

1 Includes some items of income paymentsnot shown separately in the chart.

2 Includes Government's contribution tofamily allowances paid to dependents ofenlisted personnel.

3 Represents mustering-out payments todischarged servicemen, redemption of ad-justed service bonds (bonus to World War Iveterans), and veterans' pensions, compensa-tion, and readjustment allowances.

4 Represents pay rolls and net income ofproprietors.

Source of data: U. S. Department of Com-merce.

cussion of recent changes in savings ap-pears in the final section of this review.Nonfarm Employment at VE-Day Level

The uptrend in industrial employmentwas clearly reestablished during the lastquarter with the settlement of majorlabor-management disputes and the eas-ing of some materials shortages. Thesupply of labor also increased as veteranscontinued to return to the civilian laborforce. Thus the level of unemploymentand the over-all labor-market situationshowed little change despite rising de-mand for workers.

By mid-May, total nonagriculturalemployment as reported by the LaborDepartment had almost regained thelevel of the comparable month a yearago—when the European war ended.This represented a gain of more than2 million workers from the low in Febru-ary, when man-days idle because of workstoppages were at a peak.

Construction in the LeadConstruction continued to lead the up-

turn in employment, reaching the high-est volume since 1942. Manufacturingemployment also rose during the quarter,largely owing to the resumption of opera-tions in the durable-goods industriesafter the settlement of disputes.

Employment in the non-durable-goodsgroup has been sustained during recentmonths, contrary to the usual seasonaldecline. Government civilian employ-ment has shown only a small change, asseasonal expansion of State and localpay rolls and hiring by Federal postoffices and the Veterans' Administrationslightly more than offset cuts in the Warand Navy Departments.

Redistribution of Employment

Although aggregate nonagriculturalemployment is not very different fromthe total of a year ago, there has been amarked redistribution between manu-facturing and other areas as well aswithin manufacturing itself. The gen-eral effects of the return to peacetimeactivities are indicated in the accom-panying chart. (Changes in employ-ment and in the labor force are analyzedin a special article in this issue.)

Manufacturing industries in which warproduction was concentrated showed thesharpest change—loss of some 2 millionworkers from the past year. As shownin the middle panel of the chart, the dropoccurred entirely in the durable-goods in-dustries, which accounted for most of themunitions output.

Nonwar industries, concentrated in thenondurable-goods field, have been show-ing moderate but steady gains as laborand materials have again become avail-able for civilian production. The textilegroup, for example, added some 120,000

Chart 6.—Disposition of IncomePayments

BILLIONS OF DOLLARS

150

100

50

0

-

• 1• i

I H TAXES /YA NET SAVINGS^ OF INDIVIDUALS

11H CONSUMER• EXPENDITURES• | (GOODS AND SERVICES)

1 D.D. 46-466

2nd Qr. 1945 2nd Qr. 1 9 4 6 ^

SEASONALLY ADJUSTED,AT ANNUAL RATE

1 Represents personal taxes and nontax pay-ments.

2 Preliminary estimates.

Source of data: U. S. Department of Com-merce.

workers during the year ended in May.The shift between manufacturing indus-tries is understated by the classificationshown in the chart, since the durable-goods group includes some civilian-typeindustries, such as furniture, while cer-tain former direct munitions plants, suchas those in the chemical and rubber in-dustries, are included in the nondurablegoods.

The only major subdivision other thandurable-goods manufacturing showing anet loss since the war's end is the Gov-ernment sector, which declined by al-most y2 million during the year.

Declines in manufacturing and Gov-ernment have been offset by gains ofabout l1/^ million in trade and serviceestablishments and about 1 million inconstruction, shown in the lower panel.These segments benefited almost im-mediately by the relaxation of wartimerestrictions, the easing of labor supply,and the record level of consumer ex-penditures.Civilian Labor Force at Record Size

With re-entries and new entries ex-ceeding withdrawals, the civilian laborforce gained almost 5 million in netstrength between the time of the Japa-nese surrender and June 1946, to reacha record size of 59 million, according tothe Census estimate.

More than 3!/2 million of this increaseoccurred between March and June of thisyear. As in previous months, the returnof veterans accounted for a large partof the rise. In contrast to the trendthrough February, however, the numberof women in the labor force rose some-what in the three most recent months.

July 1946 SUEVEY OF CURRENT BUSINESS

While it is evident that the bulk of ex-pected postwar withdrawals from thelabor force have already occurred, it istoo early to tell whether a significant re-versal in trend may now occur with therise in employment opportunities.

Owing to the continued increase in thesize of the labor force during the secondquarter, rising employment was not ac-companied by a corresponding reductionin unemployment. Combined unemploy-ment compensation claims and veterans'claims for readjustment allowances

Chart 7.—Nonagricultural Em-ployment by Selected IndustrialGroups 1

MILLIONS OF PERSONS40

38

3 6

34

10

I I I I I I I I I I I I I I I I I I I

I ITOTAL NONAGRICULTURAL £/

I IMANUFACTURING 2/

DURABLE GOODSINDUSTRIES

OTHER NONAGRICULTURAL

w FINANCE, SERVICE,AND MISCELLANEOUS

19451 Includes all full-time and part-time work-

ers in nonagricultural establishments whoare employed during the" pay period endingnearest the fifteenth of the month. Pro-prietors, self-employed persons, domesticservants, and personnel of the armed forcesare not included. Data for "manufacturing"represent production workers only.

2 Includes some industrial groups notshown separately in the chart.3 Includes Government-operated navy yardsand manufacturing arsenals.4 Includes Federal, State, and local govern-ment. Government-operated navy yards andmanufacturing arsenals, and Federal force-account construction are excluded.5 Includes Federal force-account construc-tion and contract construction.

Source of data: U. S. Department of Labor.

(shown in chart 8) have continued atabout ZV2 million throughout the firsthalf of this year.

The gradual decrease in regular com-pensation claims has been more than off-set by the increase in claims for veteransallowances, which have risen each monthsince the program began. The tapering-off of regular claims since January, andparticularly the drop in the weekly aver-age between March and April, reflectedthe general increase in employment op-portunities and the exhaustion of benefitrights by many claimants. The down-trend was halted in May, however, bothbecause of the impact of the coal strikeand the beginning of new benefit yearsin a number of states.

Since some of the nonveteran unem-ployed are not covered by unemploy-ment insurance and others have ex-hausted their benefit rights, the dis-crepancy between the aggregate claimsfigure of 3M> million and the Census un-employment estimate of about 2V2 mil-lion is particularly striking. The vari-ous factors accounting for the differencein the two sets of figures were discussedin the review of the business situationin the October 1945 SURVEY.

In part the discrepancy is caused bythe fact that the Census definition ofunemployment does not include work-ers temporarily laid off or out of workfor only part of the survey week. Suchpersons may, however, be eligible forunemployment compensation.

Manufacturing Relatively Stable

Although the period since VJ-day hasseen important work stoppages in basicindustries, the over-all volume of manu-facturing production has not undergoneany major fluctuations since the rapiddecline associated with the winding upof war production. The behavior ofthe index of manufacturing production,as compiled by the Federal ReserveBoard, is shown in chart 9.

The seasonally adjusted index of totalmanufactures declined to a postwarlow in February, recovered rathersharply in the next 2 months, and thenfell off again in May. Practically all ofthis up and down movement, however,can be attributed to changes in the steeloperating rate. Steel operations werepractically halted in the latter part ofJanuary and the first half of Februarybecause of the steel strike. Again inMay, many blast furnaces were shutdown because the work stoppage at thebituminous coal mines was prolongedinto its second month.

When the points in the manufacturers'index attributable to iron and steel pro-duction are excluded from the totalindex, the monthly fluctuations described

Chart 8.—Claims for Unemploy-ment Compensation and Veter-

' Readjustment Allowances *ansMILLIONS OF CLAIMS

I 1 I 1 t

1945 1946WEEKLY AVERAGE FOR MONTH

0.0. 46-449

1Data for June 1946 are averages of thethree weeks ending June 22 and are partlyestimated.

Sources of data: Social Security Board andthe Veterans' Administration.

above disappear and the index showsonly very minor changes since lastSeptember. Beginning in February,there is evidence of a slowly rising trend.The effects of the exclusion of iron andsteel are illustrated in the chart.

Comparison With 1941The total index of manufacturing pro-

duction averaged about 173 during thesecond quarter of 1946 (1935-39=100),or about 3 percent above the monthlyaverage for 1941. At the peak of thewar period the index was close to 250.

Chart 9.—Manufacturing Produc-tion, Seasonally Adjusted

POINTS IN TOTAL INDEX300

250

200

150

100

50

jgtmmm

19TOTAL

I |

^ ^ TOTAL MANUFACTURES INDEX^ W M (1935-39 = 100)

41 MO. AVG. \ V > * ^ ^ \MFRS. INDEX ^ " " " ^ ^ i

TOTAL MANUFACTURES,EXCL. IRON AND STEEL

-

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

!945 1946

Source of basic data: Board of Governorsof the Federal Reserve System.

8 SURVEY OF CURRENT BUSINESS

Chart 10.—Percentage Change in Manufacturing Output: Monthly Aver-age in Second Quarter 1946 From Monthly Average in Base Period 1

PERCENTAGE CHANGE-80 -60 -40 -20 0 +20 +40 +60 +80

r I ICIGARETTES

RAYON DELIVERIES

AUTOMOTIVE REPLACEMENT BATTERIES

APPAREL WOOL CONSUMPTION

WASHING MACHINES AND IRONERS

PASSENGER-CAR TIRES

BOOTS AND SHOES, OTHER THAN RUBBER

VACUUM CLEANERS

LUMBER

MOTOR FUEL EXCL. AVIATION GASOLINE

RADIOS

COTTON CONSUMPTION

PORTLAND CEMENT

STRUCTURAL CLAY TILE,UNGLAZED

BRICK, UNGLAZED, COMMON AND FACE

WOMEN'S HOSIERY

ELECTRIC RANGES

REFRIGERATORS

CAST-IRON SOIL PIPE

PASSENGER CARS

_L _L

SEWING MACHINES

I L XDJD. 46- 481

1 The base period represents the average monthly production for the calendar year 1941 for allproducts except refrigerators, washing machines and ironers, vacuum cleaners, radios, andelectric ranges, which represent the monthly average production in the fiscal year 1940-41.Production for the second quarter of 1946 was estimated on the basis of preliminary data forApril and May.

Sources of data: U. S. Department of Commerce, based upon data from various governmentaland private agencies.

The manner in which output of avariety of selected products in the sec-ond quarter compared with that for aprewar base period, generally 1941, isshown in chart 10. In only two groupsof reconversion items—washing ma-chines and ironers and vacuum clean-ers—was production higher in the secondquarter than in the base period. On theother hand, those industries which oper-ated at capacity during the war, fillingboth war and civilian orders, and hadrelatively minor or no reconversionproblems, were still operating at the war-time peaks or at an even higher rateduring the most recent quarter. Out-put of cigarettes, rayon, batteries, tires,and boots and shoes has been runningconsiderably above base period levels.

With few exceptions, products withoutput below the base period were eitherreconversion items, such as passengercars, refrigerators, and sewing machines,

or building materials. Practically all ofthe reconversion items are on a steeplyrising production curve and should ex-ceed base-period production in the nearfuture. As for building materials, theCongress recently appropriated 400 mil-lion dollars to be used as incentive pay-ments to boost production in line withthe requirements for the postwar con-struction program.

Output of women's hosiery was belowprewar volume throughout the war pe-riod, because hosiery manufacturers wereunable to fill the gap created by the dis-appearance of raw silk and the diversionof nylon to military use. The return ofnylon after the end of the war has beenpartly offset by lower production of rayonhosiery, so that total output still fallsshort of the 1941 average.

Narrowing Budget DeficitThe fiscal year 1946—which included

about 6 weeks of fighting war—closed

July 1946

on June 30 with a budget deficit of prac-tically 22 billion dollars. Expendituresfor the 12-month period just ended were65 billion dollars and receipts, 43 billiondollars. These results compare with ex-penditures of 100 billion dollars and re-ceipts of 46 billion dollars during thefiscal year 1945.

The gap between income and outgowas considerably narrowed during thelast fiscal year and in the final quarterwas running at an annual rate of about14 billion dollars. In the preceding quar-ter, however, covering January-March1946, there was a small budget surplusresulting from the heavy concentrationof income-tax collections in Februaryand March.

The Federal budget is rapidly ap-proaching the point where it will ceaseto be a factor tending to increase theinflationary excess of buying power. Forthe first 6 months of this year, the actualexcess of cash outgo over cash income,including net receipts of trust accounts,was only about 2 billion dollars, com-pared with the budget deficit for generaland special accounts of 3.3 billion dol-lars. In the first 6 months of 1945, thecash deficit was 21 billion dollars and thebudget deficit 26 billion.

Progress of Debt Retirement

Revised budget estimates for the fiscalyear just begun have not yet been an-nounced, but it is generally understoodthat the Treasury will not have to bor-row new money to finance its expendi-tures in the period ahead. Actually,substantial progress has already beenmade in retiring outstanding debt, eventhough tax receipts still do not coverexpenditures. The total Federal inter-est-bearing debt, which reached a peakof 278 billion dollars in February 1946,was reduced to about 266 billion dollarsin early July. At the same time, thebalance in the Treasury's general fundwas cut from about 26 billion dollars to12 billion dollars.

Most of the debt repayments havebeen for short-term securities heldlargely by commercial and Federal Re-serve banks. Aside from the reductionin commercial bank holdings of Govern-ment securities, the major effect of thedebt-retirement program so far hasbeen a tightening of the reserve positionof member banks. However, this de-velopment can have little effect on theability of the Nation's banks to expandtheir commercial loans, since the cen-tral banking authorities are committedto support the market for Governmentsecurities. Banks can always unloadsome of their Government securities toacquire funds needed to finance newloans.

July 1946 SURVEY OF CURRENT BUSINESS

Savings of Individuals During the TransitionThe continued rise of consumer ex-

penditures in the face of relatively smallchanges in income payments and taxeshas resulted in a halving of the rate ofsaving out of current income over thepast twelve months. Seasonally ad-justed savings in the second quarter ofthis year are estimated to be 20 billiondollars at an annual rate as comparedwith almost 40 billion dollars a yearago. In the fourth quarter of 1941, whensavings of individuals were running closeto the 20-billion-dollar rate, savings con-stituted almost 20 percent of disposableincome, in contrast to 14 percent in thequarter just ended.

Factors Reducing Savings

A reduction in the net savings of in-dividuals may come about in three ways:(1) the proportion of current incomespent for consumption purposes may beincreased; (2) spending for consumptionmay be augmented by drawing uponsavings accumulated out of past income;and (3) spending for consumption maybe augmented by resorting to borrowedfunds. All three of these influences havebeen operative in reducing the rate ofsavings since the end of the war.

E-Bond Sales Fall Below Redemptions

Recent trends in sales and redemp-tions of United States savings bonds sug-gest that the first of the above factors(i. e., the tendency to spend a largerproportion of current income) has prob-ably been more important than the othertwo (see chart 11 and table 3).

Although sales of Series E bonds havefallen below the volume of redemptionsin each month since last February, thishas resulted because of the marked re-duction in sales rather than any sharpupsurge in redemptions. The peak inredemptions was reached last October.While redemptions have remained muchlarger than during the war, the fact thatthe trend has not been upward since theend of the war indicates that there hasnot been any great rush to cash bonds.

The volume of E-bond sales, on theother hand, has fallen off appreciably.In recent months sales have been muchless than in the inter-drive months dur-ing the war. Clearly, individuals havebecome much less disposed to use incometo purchase savings bonds.

Large Net Sales of F and G Bonds

It is apparent from the lower panel ofchart 11 that sales and redemptions ofSeries P and G bonds have not been

696891—46 2

Although the dollar volume of in-dividual savings out of current in-come has been halved over the pastyear, investors have not been in anygreat rush to cash their savingsbonds. However, sales of E-bondshave slackened.

The concentration of liquid assetholdings, income, and savings ofindividuals, as shown by a recentsurvey, is discussed in this section.

similarly affected since the end of thewar. Redemptions have continued at alow level, although they have been ris-ing steadily in line with the increase inthe amount of bonds outstanding. Salesof P and G bonds have not shown anytendency to decline. In fact, the month-ly average of sales for the first half ofthis year was slightly above the monthlyaverage during 1945.

Chart 11.—Sales and Redemptionsof United States Savings Bonds

BILLIONS OF DOLLARS2.5 1

SERIES E

SALES

-REDEMPTIONS

,1 I I I .,

1.0SERIES F AND G

1943 1944 1945

Source of data: U. S. Treasury Department.

1946a a 4&-4J4

The contrast between E bonds and Fand G bonds is explainable in terms ofthe different classes of investors. Thelatter bonds are held almost exclusivelyby persons in the upper income bracketsor by corporations and institutions. Thefact that these groups of investors havenot reduced their bond purchases dur-ing the postwar transition indicates thatthey have not experienced any sharp re-duction in current savings.

Consumer Debt Rise Augments Spending

The savings of individuals has beenoffset to an increasing extent in recentmonths by the increase in consumer debt.During the first quarter of 1946 this in-crease amounted to about 200 milliondollars. This is the first time since 1936that consumers added to their debt inthe January-March period. Usually, therepayment of holiday-incurred debt dur-ing these months outweighs the exten-sion of new debt.

While Federal Reserve controls on con-sumer credit financing are expected tocontinue as a restraining influence, largeadditions to the volume of consumer debtoutstanding are anticipated as durableconsumer goods, particularly passengercars, become generally available. Thus,the addition to consumer spending fromthis source will become more importantand there will be a correspondingly largeroffset against the savings of individuals.

Composition of Savings

Estimates of the volume and composi-tion of savings through the first quarterof 1946 are presented in table 4. Theseestimates have been prepared by the Se-curities and Exchange Commission andthe totals are not strictly comparablewith the Department of Commerce serieslargely because of conceptual differences.Nevertheless, the trend in savings shownby the SEC estimates is very similar tothe trend indicated by the Commerceseries.

First quarter savings as shown in thetable are down very sharply from the warperiod. In comparison with the firstquarter of 1945, the largest reductionshave occurred in currency and bank de-posits and in United States Savingsbonds.

New Cash Savings LowDuring the first three months of this

year individuals continued to add to theircash holdings, but at a greatly reducedrate. The total increase in that periodamounted to only 1.5 billion dollars as

10 SUEVEY OF CUREENT BUSINESS July 1946

Table 3.—Sales and Redemptions of Savings Bonds[Millions of dollars]

Year and month

1945:JanuaryFebruary.[MarchAprilMay.-JuneJulyAugust - -SeptemberOctoberNovemberDecember

1946:JanuaryFebruaryMarchApril . _.MayJune

Series E

804653712684

1,1951,4681,032

571420510865908

641367371388345321

Sales

SeriesF a n d G

27019517715334571026312894

115319345

319255255280250250

Total

1,074848889838

1,5402,1781,294

700514624

1,1841, 254

960622626668594571

SeriesA-D 2

86

2622222122]614202325

422931312928

Redemptions

Series E 3

306290106359376352375485487562474490

541492550546469439

SeriesF and G

282732222831313028333644

464554445452

Total

341323464404426403428531528616533559

629565634621552519

Excess of sales overredemptions l

Series E

488363306326819

1,11665686

- 6 7- 5 3391418

100-125-179-158-124-118

SeriesF and G

243168146131317680232986681

282301

273211202236195198

NOTE.—Figures are rounded and detail will not necessarily add to totals.1 Minus sign represents excess of redemptions over sales.2 Includes maturing series A bonds beginning March 1945 and maturing series B bonds beginning January 1946.3 Data for Series E include unclassified redemptions which contain small amounts of series A-D.

Source: U. S. Treasury Department.

compared with a net addition of 5 billiondollars in currency and bank deposits inthe comparable quarter of 1945. Cur-rency holdings were actually reducedabout 400 million dollars, a seasonaltrend for that time of year, which hasreappeared in the statistics for the firsttime since the start of the war. Althoughthere was a small increase in demanddeposit holdings, by far the largest in-crease—1.7 billion dollars—occurred insavings and time deposits.

The reduced amount of cash savingsof individuals is a reflection of the im-proved Federal budget situation whichenabled the Government to redeemsome bonds held by the banking system,as well as of the fact that there has beenno substantial shift of cash between thecorporate and consumer communities.As long as the budget picture continuesfavorable and inflationary bank borrow-ing by individuals and business is re-strained, additions to the cash accumu-lation of individuals will play an evenless important role in savings in thefuture.

Insurance Savings HighGross savings of individuals in insur-

ance during the first quarter of 1946was about 600 million dollars less thana year ago, with most of the decline tak-ing place in Government insurance.Savings in the form of private insurancehave been relatively stable for the lastyear after advancing strongly over mostof the war period. There has been aslight but steady decline in savings inthe form of National Service Life Insur-ance since the end of 1944. While thedrop in 1945 was more a result of an in-crease in refunds and benefit payment

than a decrease in premium receipts,both receipts and payments fell sharplyin the first quarter of 1946.

Home Purchases and Debt RiseAlthough there has been a steady in-

crease in nonfarm home purchases fromthe low level of 100 million dollars inthe first quarter of 1945 to 600 millionin the first three months of this year,these new purchases have not absorbeda correspondingly greater amount ofincome, since the greater part of thepurchases were financed from borrowedfunds. The first quarter increase indebt on nonfarm homes was actuallygreater than the total increase in 1945.

Ownership of Liquid AssetsA recent survey of liquid asset hold-

ings, spending, and savings by the Di-vision of Program Surveys of the De-partment of Agriculture for the Board ofGovernors of the Federal Reserve Sys-tem, provides considerable "informationregarding the concentration of liquidasset ownership and the use that mightbe made of these assets. Some of themore important statistical findings ofthis survey are summarized in tables 5,6 and 7.1 Table 5 shows the very greatconcentration of Government bond anddeposit holdings in the hands of a rela-tively small part of the population.When the spending units2 are arrangedin descending order according to theamount of liquid assets owned, it appearsthat, at the one extreme, 10 percent ofthe units owned 60 percent of total liquidasets, and at the other extreme, 50 per-cent of the spending units owned only 3percent of the assets.

The survey results (table 6) show thatabout one out of every four spendingunits held no liquid assets at all. Whileholdings of U. S. discount bonds aresomewhat less concentrated than are de-posits, it is nevertheless striking that 37percent of the spending units possessedno Government bonds at all.

In other words, for the greater portionof the community it is clear that theirspending must be dictated by current in-

1 Currency holdings are not included intotal liquid asset holdings. Attempts madein the Survey to ascertain savings in cur-rency were unsuccessful.

2 The spending unit is defined as all per-sons in a household who depend on a com-mon or pooled income for their major ex-penses.

Table 4.—-Gross Savings of Individuals 1

[Billions of dollars]

Type of savings

Currency and bank deposits 2

Insurance and pension reserves:PrivateGovernmentTotal insurance and pension reserves

Securities: 3U. S. Savings bondsOther U. S. Government _ .OtherTotal securities

Nonfarm dwellings:Purchases . . . _'Change in debtSavings4

Automobiles and other durable consumer goodsLiquidation of other consumer debt

Total gross savings

1945

Firstquarter

+5.2

+.9+1.3+2.2

+1.4- . 1

A

+L0+.1- . 2+.3

+1.7+.2

+10.5

Secondquarter

+3.0

+.9+1.5+2.5

+3.0+2.2- . 7

+4.5

+.2+.1+.1

+1.9- . 1

+ 11.9

Thirdquarter

+7.0

+.8+1.3+2.1

+.9o

+'3+.9+.3+.1+.2

+2.00

+ 12. 1

Fourthquarter

+5.0

+1.0+1.0+2.0

+1.5+ 1.7- .4

+2.8

+.4+.3+.1

+2.4- . 9

+ 11.5

1946

Firstquarter

+1.7

+.8+.8

+1.6

+.1+.6- . 6+.1

+.6+.4+.1

+2.2- . 2

1 Includes unincorporated business savings of the types specified. All data are preliminary. Figures are roundedand detail will not necessarily add to total.

2 Includes savings of individuals in savings and loan associations amounting to +0.2 billion dollars in the first quartersof 1945 and 1946 and +0.3 billion dollars in each of the remaining quarters.

3 Does not include net purchases by brokers and dealers or by other individuals financed by bank loans.< Equals purchases plus reduction in debt or minus increase in debt.

Source: Securities and Exchange Commission.

July 1946 SURVEY OF CURRENT BUSINESS 11

Table 5.—Concentration of PersonalLiquid Asset Holdings, February 1946

Spending unitsranked accord-ing to their hold-

ings

Top 10 percent---Top 20 percent-_.Top 30 percent-..Top 40 percent-__Top 50 percent---Top 60 percent-._Top 70 percent.—

Percentage of total held

U. S,discountbonds

6280909599

100100

Savingsaccounts

719098

100100100100

Check-ing

accounts

799499

100100100100

Totalliquidassets 1

607787939799

100

i Includes all kinds of U. S. Government bonds andsavings and checking accounts.

Source: U. S. Department of Agriculture.

come or credit standing. At the sametime it is apparent that the bulk ofliquid savings is in the hands of peoplewho regularly save and may be disin-clined to part with their liquid assets.

Distribution by Income ClassesBefore any conclusion can be deduced

as to the role of these liquid assets inthe postwar spending plans of the public,it is important to know the incomeclasses of the various holders, since itmay be presumed that lower income re-cipients are more likely to supplementtheir current income with purchasesfrom accumulated assets than are in-dividuals in the upper income brackets.The percentage distribution of liquidassets holdings by income classes andthe median holdings3 in each of thesegroups are shown in Table 7. As mightbe expected, liquid asset holdings arenot as concentrated when spending unitsare ranked according to income, as intable 7, as when the units are rankedaccording to the size of their holdingsas in table 5.4

Persons receiving $2,000 or less a year,who made up almost 50 percent of thespending units, had about one-fifth of

3 See footnote 2 to table 7 for the definitionof the median.

4 Some of the low income people who ownconsiderable amounts of liquid assets areretired people whose former incomes werevery high, and some are farmers whosepresent money income is not indicative oftheir real income.

the total assets. Slightly over half ofthe total liquid assets was in the handsof units with incomes of less than $4,000.While the degree of concentration ofliquid holdings is also apparent in thefact that the very small proportion (3percent) of persons with the largest in-comes owned almost one-quarter of totalliquid assets, it seems clear from the tablethat the low and medium income classespossess a sizable dollar amount of accu-mulated savings which are potentiallyavailable for spending on current con-sumption.

This conclusion is supported by thedata in table 7 showing the median hold-ings of the spending units by incomebrackets. As was noted above, it shouldbe borne in mind that these holdingsdo not include currency. The amountof liquid assets held by the middle spend-ing unit of the lowest income groupamounted to only $20. This very lowsum is to be explained by the fact thatalmost one-half of the units inthis group have no liquid assets and themedian holder is therefore the possessorof only a negligible amount of assets.The median holdings of the $l,000-$2,000income class amounts to the quite sub-stantial sum of $230.

While these median holdings areprobably more representative of thetypical spending unit in each incomebracket, it is worthy of note that if thetotal holdings in each bracket aredivided by the number of units in thatgroup (to obtain the arithmetic mean),the size of the average holdings is in-creased to about 600 dollars in the low-est group and to 900 dollars in the$l,000-$2,000 bracket.

Although the distribution of liquidasset holdings by income classes sug-gests a substantial reservoir of accumu-lated funds in the hands of low andmedium income receivers who may bemore disposed to use these savings, theover-all interpretation still seems to bethat a very large and probably prepon-derant share of accumulated assets arein the hands of groups who are nor-mally large net savers, and who may

Type of Asset

V. S. Savings bonds ! ._ _ _Other U. S. Government bondsSavings accountsChecking accounts

Total liquid assets 3

Percentage of spending units holding—

None

37976166

24

Less than$500

37

1618

29

$500-$l,999

201

1614

29

6272

18

Total

100100100100

100

therefore not be inclined to part withtheir wartime accumulations.

This conclusion appears to augur fav-orably for the immediate period aheadwhen inflation rather than deflation ap-pears to be the most serious threat.But it suggests that for the longer rangeproblem of maintaining high incomesafter the pent-up demands have beenfilled, the backlog of accumulated liquidsavings is negligible or very small forover half the community, most of whomare in lower-income groups having thegreatest propensity to spend.

Owners Inclined to Keep AssetsThe survey of the Department of Agri-

culture also sought to discover the extentto which holders of liquid assets intendedto use these funds to purchase consumergoods and services. In general, it wasfound that "the majority of the holdersof each type of liquid asset intend not todraw upon these assets in 1946," barringunforeseen emergencies.

While this finding suggests that use ofaccumulated funds may not be expectedto add greatly to the inflationary poten-tial in the period ahead, this interpreta-tion must be used with caution. The sur-vey was conducted at a time when pricecontrols were still highly effective. Whilemany spending units sampled expected topay somewhat higher prices for goods in1946, the expectation of substantial priceincreases such as might follow a generalrelaxation of price control was probablynot uppermost in people's thinking.

Inflation May Force Use of AssetsShould prices turn sharply upward in

the remainder of the year, it is quite con-ceivable that many individuals otherwisedisposed to hold their assets may be in-clined or even forced to part with theirassets to meet current living expenses or

(Continued on p. 22)

Table 7.—Liquid Asset Holdings byIncome Classes, February 1946

Table 6.—Size Distribution of Personal Liquid Asset Holdings, February 1946 —-

Money income of spend-ing units l (dollars)

Less than 1,0001,000-1,9992,000-2,9993,000-3,9994,000-4,9995,000-7,4997,500 and over.

Total.._. 430

1 Includes Series A-F savings bonds at their purchase price. Series G bonds are included with other U. S. Govern-ment bonds.

2 Less than one percent.3 Includes Government bonds and bank deposits. Does not include currency holdings.

Source: IT. S. Department of Agriculture.

1 Income distribution is based on 1945 income beforeincome taxes.

2 The median holding in any income class is definedas the amount of assets held by the middle spending unitwhen these units are arranged in order of size of holdings.The arithmetic mean—the more commonly used aver-age—would show a substantially higher total in each in-come class but it was felt that because of the wide rangeof holdings the median would be more typical of theincome groups.

Source: U. S. Department of Agriculture.

12 SURVEY OF CUREENT BUSINESS July 1040

The Prospective Labor SupplyBy David R. Roberts

DURING THE WAR there was a tre-mendous increase in the size of the

total labor force with the entrance intothe labor market of large numbers ofschool-age boys and girls, housewives,and older persons. Hence, it was pos-sible to induct millions of productiveworkers into the armed forces with onlya slight decline in the aggregate size ofthe civilian labor force. Greatly im-proved utilization of this less productiveworking force made it possible to achievephenomenal war production.1

Wartime participation of many per-sons who would not normally have beenin the labor force raised the question ofwhether they would stay on as job seek-ers after the return to a peacetime econ-omy. If they did, the civilian laborforce would assume record-breaking pro-portions; if they withdrew there wouldbe only the normal growth. Many,though not all of the war workers, havetaken the latter course and there is nowspeculation as to whether in the lightof the higher level of demand than ex-isted in the pre-war period we face anover-all labor shortage during the com-ing year. Apart from changes in the de-mand for labor, which are outside thescope of this article, that depends uponwhether the wartime entrants to thelabor force continue to leave it or flowback, how many veterans return to thecivilian labor force, and the amount ofnormal growth.

It is nearly a year since the end ofthe war. Certain changes have alreadyoccurred and certain trends are mani-fest. On the basis of the latter, esti-

NOTE.—Mr. Roberts is a member of theEconomic Programs Division, Office of Bus-iness Economics.

i rrhe labor force data in this article forthe period prior to July 1945 represent theauthor's adjustments to the Bureau of theCensus statistics (published, in the MonthlyReport on the Labor Force) necessitated bythe change in the Census survey proceduresubsequent to that date. Official revisionsof the statistics for this past period will bepublished in the near future by the Bureauof the Census. It should also be mentionedthat this article is not concerned with thebasic labor force concepts which are still inthe process of refinement.

Estimated Increase in Civilian LaborForce, March 1946 to March 1947

[In millions]Civilian labor force, March

1946 55. 7Plus veterans on vaca-

tion 1. 3Plus veterans to be dis-

charged who will be inthe labor f o r c e byMarch 1947 2.0

Plus normal growth . 5Allowance for additional

withdrawals or fo rback-flow of "abnor-mal" entries. —1. 0 to +1. 0

Estimated civilian laborforce, March 1947 58. 5 to 60.5

mates can now be made of the likelylabor supply in the coming months.That will be the subject matter of thisarticle. To approach the problem it isnecessary to sketch briefly the labor forcechanges since 1940 as a background forthe current trends.

Wartime Rise in Labor Force

From March 1940 to March 1945 thestrength of the armed forces was in-creased by nearly 12 million. Some ofthe recruits came directly from schoolbut the majority were young men of themost productive working age who werewithdrawn from the civilian labor force.This threatened a severe drop in produc-tive potential. The fact that, on thecontrary, civilian man-hours worked andoutput rose sharply was due in largemeasure to three factors, one bearingupon the size of the civilian labor force,and the others upon the degree of itsutilization. (Chart 1 depicts the changesin the size of the total and the civilianlabor forces.)

First, the drop in the civilian laborforce was held to one-half million by theentrance of over 11 million people nor-mally outside it. Over the 5-year periodin question population growth wouldhave caused an increase of nearly 3 mil-lion if prewar trends had continued.

This leaves a rise—estimated at over 8million—which is explained in terms ofabnormal war conditions: the draftingof breadwinners, the existence of job op-portunities heretofore unknown, patriot-ism, and other factors. Since most menwithin the usual working years were al-ready in the labor force, the bulk of theincrease had to come from the margins.Charts 2 and 3 depict the sources by ageand sex groups. The bulk were schoolage boys and girls, housewives, and olderpersons of both sexes. As a result ofthese additions and the growth of thearmed forces, there was a strikingchange in the composition of the civilianlabor force. (See Charts 4 and 5.) Theproportion of women to the total rosefrom one-fourth to one-third and theproportion of school age and older peopleincreased markedly, particularly amongthe men.

Second, working hours were length-ened. In manufacturing the increase

Chart 1.—Total Labor Force 1

MILLIONS OF PERSONS8 0

6 0

4 0

2 0

0

MILITARY• • •1 IIH | | ^ H ^ H CIVILIAN

1 II___J^^H_ ^ ^ H ^ ^ H 0.0.46-4171940 19461945

•< MARCH-1 Data include persons 14 years of age and

over, but do not include institutional popula-tion.

Source of data: U. S. Department of Com-merce.

July 1946

was about eight hours per week. Theinclusion of the other industries wherehours do not fluctuate so much yieldsa probable average increase of aboutfive hours per week. Third, the numberof jobless was reduced from about 7million to % million. This raised civil-ian employment by roughly 13 percent.

Incident to war mobilization, therewas a marked shift in industrial distri-bution of workers. This is indicated byTables 1 and 2 and Chart 6. Employ-ment in the manufacturing industrieswhich bore the chief brunt of war pro-duction rose from 21 percent of thetotal in March 1940 to 31 percent ofthe larger total in March 1945. Mostother industrial groups declined abso-lutely and all but the transportation,communications and public utilitiesgroup and government declined rela-tively. Within manufacturing, employ-ment in the production of transporta-tion equipment, ordnance, iron andsteel, chemicals and other war goodsincreased enormously on both an abso-lute and relative basis. Most othermanufacturing lines increased abso-lutely if not relatively, although a fewlike textiles and leather declined byboth criteria.

In the Spring of 1945, then, we hadmobilized a 12-million man army andhad a civilian labor force nearly equalin size to its pre-war level but changedmarkedly in composition by the loss ofyoung men to the military and theirsubstitution by school age boys andgirls, housewives, and older people. Theproduction potential was being realizedthrough full employment, long workinghours, and other means of increasingthe utilization of the labor force.

Reversal of Wartime Trends

Demobilization of the armed forcesand the cutback of war production have

Table 1.—Estimated Industrial Distri-bution of Civilian Employment, March1940, 1945 and 1946 x

SUEVEY OF CURRENT BUSINESS 13

Industrial group

Agriculture - _Manufacturing. _ __ ___MiningConstructionTransportation, communica-

tion and public utilitiesTradeFinance, services and miscel-

laneousDomestic serviceN o n a g r i c u l t u r a l self-em-

ployed and unpaid familyworkers

Government _ __ .__ __

Total

Percent of total

March1940

192123

614

95

138

100

March1945

153112

13

83

1010

100

March1946

142623

715

103

119

100

Chart 2.—Changes in the Male Labor Force, by Age Groups, March 1945from March 1940 1

AGE GROUP - 5(YEARS)

14- 19

2 0 - 24

25 - 3 4

35 - 4 4

4 5 - 54

55 - 6 4

65 AND OVER

MILLIONS OF PERSONS+ .5 +1.0

1 r~+ 1.5

ACTUAL

CALCULATED U

D.O. 46-424

1 See footnote 1, chart 1.2 Change calculated on the basis of prewar population and labor force participation trends.Source of data: U. S. Department of Commerce.

Chart 3.—Changes in the Female Labor Force, by Age Groups, March 1945from March 1940 1

AGE GROUP -.5(YEARS)

14-19

20-24

25 - 34

35 -44

45 - 54

55 - 64

65 AND OVER

MILLIONS OF PERSONS+ .5 +1.0 + 1.5

I .

ACTUAL

CALCULATED^/

O.O. 46-423

i Based on data from the U. S. Department of Com-merce, Agriculture, and Labor.

1 See footnote 1, chart 1.2 Change calculated on the basis of prewar population and labor force participation trends.Source of data: U. S. Department of Commerce.

14 SURVEY OF CURRENT BUSINESS July 1946

initiated the labor force changes sincethe end of the war. Unlike the in-fluences of the war years which operatedconsistently to increase both the sizeand the utilization of the labor force,the influences of the last year have hada mixed effect which on balance has re-sulted in a small drop in civilian man-hours worked.

From March 1945 to March 1946 about6 million people dropped out of the laborforce. Of these 2 million were veterans,most of whom had temporarily post-poned their jeturn to the labor force orwere going to school. About 4 millionwere civilians—the extra workers whowere drawn into the labor force duringthe war years. More will be said of theselater. Since discharges from the armedforces exceeded the withdrawals fromthe labor force by 1% million, the civilianlabor force is larger by that number thanit was in March 1945. Also, the gain of5% million veterans and the loss of 4million wartime civilian recruits has gonefar to restore the prewar age-sex com-position of the civilian labor force as in-dicated by Charts 4 and 5.

The increase in the size of the civilianlabor force has been more than offset bythe drop in the degree of its utilizationcaused by the various readjustments in-cident to reconversion. Working hourshave been cut in nearly all lines. Inmanufacturing the drop was about fivehours per week and occurred primarily

Chart 4.—Percentage Distributionof the Civilian Labor Force, bySex1

Table 2.—Manufacturing Employment by Industrial Groups, January 1940 toDecember 1945 l

25 -

Industrial group

Manufacturing:19. Ordnance and accessories20. Food and kindred products21. Tobacco manufactures22. Textile mill products23. Apparel and other finished products made

from fabrics and similar materials24. Lumber and timber basic products25. Furniture and finished lumber products26. Paper and allied products27. Printing, publishing and allied industries28. Chemicals and allied products29. Products of petroleum and coal30. Rubber products31. Leather and leather products32. Stone, clay and glass products ...33. Iron and steel and their products34. Transportation equipment (except auto-

mobiles)35. Nonferrous metals and their products36. Electrical machinery37. Machinery except electrical38. Automobiles and automobile equipment39. Miscellaneous manufacturing industries ..

Total

January 1940

Number(thous.)

(2)1078. 7105.5

1248. 3 .

878.4434.3381.6327.6531.8439. 9143.1153.9377.6331.1

2 1299. 8

225.5300. 3422.4739.3531.8308.2

10259.1

Percentof total

(2)10.51.0

12.2

8.64.23.73.25.24.31.41.53.73.2

12.7

2.22.94.17.25.23.0

100.0

January 1945

Number(thous.)

737.71352. 8102.6

1191.3

1019.8486.1391.0388.6525.1809.5198.2242.9352.8369.6

1662. 9

2913. 8474.9

1021.41364. 7340.8485.7

16432. 2

Percentof total

4.58.2

. 67.3

6.23.02.42.43.24.91.21.52.22.3

10.0

17.62.96.28.32.13.0

100.0

Deceml

Number(thous.)

198.61388.4105.0

1189.3

950.9459.7399. 8395.9568.7660.2206.8239. 4367.2386.5

1426. 2

915.1386. 4719.3

1180.3251.4425.9

12821.0

Percentof total

1.610.8

.89.3

7.43.63.13.14.45.21.61.92.93.0

11.1

7.13.05.69.22.03.3

100.0

1 Based on preliminary estimates of monthly employment of workers covered by state unemployment insurance laws.2 Data for group 19 included with group 33.

1See footnote 1, chart 1.Source of data: U. S. Department of Com-

merce.

in the durable goods industries in whichmunitions production was concentrated.Swings were more violent in manufac-turing than elsewhere and the averagedecline in all nonagricultural establish-ments is estimated to have been aboutthree hours per week. With civilianemployment about the same in March1946 as it was a year earlier, this dropin working time indicates a fall of about6 percent in man-hours.

Unemployment increased by about thesame amount as the civilian labor force.Part of this rise was inevitable. TheMarch 1945 figure was only % million,and this level could not be carried overinto a period of much shifting from jobto job.

Increased movement of employees wasthe necessary concomitant of sharp cut-backs in the production of war goods andthe increases in the output of civilianproducts. The extent of the shifts is in-dicated by Table 1 and Chart 6. Manu-facturing, which gained employees dur-ing the war at the expense of almost ev-ery other industrial division, dropped halfway back to its 1940 percentage of totalemployees. Since manufacturing fluctu-ates cyclically more than most groupsand since 1940 was a year of fairly sub-stantial unemployment, a return to theprewar relative position is not to beexpected as long as economic activity re-mains on a high level.

Trade and services, which were com-pelled to contract during the war, in-creased their share of the total to theprewar level. Mining regained abouthalf its absolute wartime manpowerlosses. Contract construction, though

still small, was already employing morepeople, both absolutely and relatively, inMarch 1946 than in March 1940. Thetransportation, communications a n dpublic utilities group continued the smalluptrend manifest during the war. Apartfrom a 5-percent shift from agricultureto manufacturing, the 1940 industrialdistribution has been approximately re-established. The long-term rise in pro-ductivity and the drop in employment inagriculture, plus accelerated mechaniza-tion during recent years, makes a rela-tive gain in this sector seem unlikely.

Within manufacturing there has beena similar reversal of wartime employ-ment shifts, as indicated by Table 2.(Later data than December 1945 areunavailable on a current product classi-fication basis.) Iron and steel, ord-nance, machinery, transportation equip-ment, nonferrous metals, and chemicalslost about 3 million employees betweenJanuary and December 1945. while theconsumer goods manufacturing indus-tries gained. In consequence of theenumerated wartime trend reversals thepercentage distribution of employees byindustries is back nearly to the prewarpattern. Further large and abruptshifts are not to be expected, with theexception of large gains in construction.

Potential Increase in Labor ForceIn March 1946 we had a civilian labor

force of 55 y2 million. This was 1% mil-lion greater than it had been a yearearlier and more than 2 million greaterthan it had been In March 1940 despitea much larger military establishmentthan on the latter date. The followinginfluences point toward a further in-

July 1946 SURVEY OF CURRENT BUSINESS 15

Chart 5.—Distribution of the Civilian Labor Force, by Sex and Age Groups *MILLIONS OF PERSONS MILLIONS OF PERSONS

50

10 —

FEMALE

2 0 - 4 4 YEARS

1 4 - 19 AND 45 YEARSAND OVER

40

30

20

10

1940 1945 1946 1940* MARCH

1945 1946

1 See footnote 1, chart 1.Source of data: U. S. Department of Commerce.

D.D. 46-425

crease which may range from 3 to 5million by March 1947:

First, 2 million veterans were outsidethe labor force in March 1946. Of these,1.3 million were estimated to be restingand the others were in school, disabled,or otherwise unavailable. By May thenumber temporarily postponing reentryhad already dropped to less than 900thousand, and it is likely that by nextspring all of this group will be back inthe civilian labor force. Many of thosenow in school may be ready to work bynext spring, but the number is difficultto estimate for lack of data on the typeof schooling being taken.

Second, present military plans call fora reduction of the armed forces to astrength of 2 million, which is to bereached by fall. This implies the dis-charge of about 2 y3 million men betweenthe first and fourth quarters of this year.About three-fourths of the veterans dis-charged between March 1945 and March1946 were back in the civilian labor forceon the latter date. A larger percentageof the veterans demobilized betweenMarch 1946 and March 1947 can be ex-pected to have returned by the end ofthat year because those most recentlyreleased from the service will have beenout at least four months. It is estimatedthat 2 million, or about 80 percent, willbe back in the civilian labor force.

Third, if pre-war trends in popula-tion growth and labor force participationcontinue, there will be a normal increase

of one-half million between March 1946and March 1947. This would make agross increase of somewhat less than 4million.

The most difficult influence to forecastis the behavior of the war workers. InMarch 1945 the war-induced increase inthe labor force, i. e., the increase overand above the amount anticipated on thebasis of normal growth, is estimated atabout 8 million. A year later it wasabout 2 million. No sure answer can begiven to the question whether we shalllose the remaining 2 million, but themajor influences affecting the variousgroups whose labor force participationremains above their norms can be ex-amined.

First, the school-age boys and girls,those 14-19 years of age. The war-in-duced increase in this group fell by overtwo-thirds from March 1945 to March1946 but was still about three-fourthsmillion on the latter date. There is achange of about 20 percent per year inthe composition of this group. The newmembers will probably have a lower la-bor force participation record than their

^ar t ime predecessors. This and thestrong downward trend suggest a furtherdrop.

Second, the women 20 to 34 years ofage. The return of the veterans willtend to release many wives of the neces-sity of working. Post-discharge mar-riages will have the same effect. Thequestion is how many will withdraw.

Labor-force participation by women 20to 34 years of age dropped from morethan one-half million above its norm inMarch 1945 to nearly a million below inMarch 1946, chiefly because of an abnor-mal number of wartime marriages. Itis likely that there will be additionaldrop-outs.

Third, men and women over 35. Thechanging degree of labor-force partici-pation by these people has probably beeninfluenced chiefly by the existence of jobopportunities. The war-induced in-crease fell only about 48 percent fromMarch 1945 to March 1946 and it stillamounted on the latter date to about1% million. This compares with a 66percent drop in the school-age group anda break-through to the negative side bythe 20-to-34-year-old women. The im-plication is that many of those over 35would like to stay in the labor force.It is not unlikely that some of those whohave withdrawn would come back if theyhad the opportunity. Whether therewill be additional drop-outs or a back-flow in this group probably depends onthe employment situation. More jobs

{Continued on p. 22)

Chart 6.—Percentage Distributionof Employed Civilians, by Indus-trial Groups1

1 Data represent all employed persons 14years of age and over (including proprietors,self-employed persons, and domestic ser-vants) .2 Includes Government-operated navy yardsand manufacturing arsenals.3 Includes Federal, State, and local govern-ment. Government-operated navy yards andmanufacturing arsenals, and Federal force-account construction are excluded.

Source of data: U. S. Department of Com-merce, based upon Bureau of Labor Statisticsclassification of nonagricultural employees.

16 SURVEY OF CURRENT BUSINESS July 104(5

International Transactions of the UnitedStates During First Quarter 1946

By the International Economics Division

THE WARTIME PATTERN of theUnited States balance of payments

was characterized by unprecedentedtransfers to foreign countries of goodsand services which at their peak in 1944amounted to over $20 billion. Thelarger part of these transfers, however,was made as a contribution to the wareffort under lend-lease. The remainderof the exports which required paymentin dollars, mostly to countries of theWestern Hemisphere, fell short of ourown cash purchases abroad. Some for-eign countries, therefore, were in theposition of accumulating gold and dollarbalances during the years 1942-45. Dur-ing that period, all foreign countriestogether increased their gold and dollarholdings through transactions with theUnited States in the net amount of $5.4billion.

The evolution of the United Statesbalance of payments from a wartime toa postwar pattern, which began in 1945,continued during the first quarter of1946.1 Large net exports of goods andservices were still offset to a substantialdegree by gifts and contributions. Netloans and investments were available tofinance a part but not all of the re-mainder. For the first time since 1941,foreign countries as a group experienceda net loss of gold and dollar balances asa result of their transactions with theUnited States.

Exports of merchandise turned up-ward again at the beginning of 1946 be-cause of the greater availability of civil-ian type goods in this country, togetherwith large foreign demands for reliefand rehabilitation. This represented areversal of the down trend which beganin 1944 after the preparations for theinvasion of France were completed, and

1 The figures presented in this article mayto a significant degree actually representtransactions which occurred during priorperiods. This results from reporting lagsin certain statistical series used, particularlyfor lend-lease transfers and U. S. Govern-ment transactions abroad. The former,being exactly offset within the statement,would not affect the net "balance," i. e.,tke change in gold and short-term balances.Such lags may well explain most of theresidual item shown in table 1.

SummaryThe balance of payments during

the first quarter of 1946 will probablybe typical of the transition periodin showing a large export surplusfinanced partly through gifts andunilateral transfers, partly throughloans, and, to a lesser extent,through the sale of gold and liqui-dation of foreign dollar balances inthis country. For the remainder ofthe year, however, it may be ex-pected that gifts and unilateraltransfers will decline, while loanswill increase.

During the first 3 months of thisyear, unilateral transfers, loans, andpurchases of goods and services bythe United States provided foreigncountries with the means to obtaingoods and services here at the an-nual rate of $12.3 billion. In addi-tion, foreign gold and dollar reserveswere spent here at the annual rateof $900 million. The total value ofgoods and services obtained by for-eign countries from the UnitedStates reached the annual rate of$13.2 billion. This was $2.2 billionless than the rate for the year 1945.

This article presents the first in aseries of quarterly statements of thebalance of international paymentsof the United States prepared by theInternational Economics Division,Office of Business Economics. OtherDepartment of Commerce data usedin making these estimates includethe trade statistics compiled by theBureau of the Census and data onU. S. Government transactions col-lected by the Clearing Office for For-eign Transactions; also used werecertain capital movements statisticscollected by the Treasury Depart-ment.

which was intensified after VJ-Day whenexports of military items virtually ceased.On the other hand, although goods ac-tually imported into the United Statescontinued to increase, total acquisitions

of merchandise from foreign countriesremained practically unchanged fromthe fourth quarter of 1945 as a resultof reduced requirements for foreign sup-plies by our Armed Forces operatingabroad.

Compared to the rate for the entireyear 1945, the net surplus of merchan-dise exports declined during the firstthree months of 1946, but this was com-pensated by an increase in net exportsof services. On goods and services to-gether, therefore, the net balance dur-ing the first quarter of 1946 did not dif-fer significantly from the 1945 rate. Thesharp decline of "straight" lend-leaseas a means of financing our export sur-plus was only partly offset by increasingcontributions through UNRRA and pri-vate channels. Part of the remainderwas covered by Government loans andcredits of several kinds, including Ex-port-Import Bank loans, lend-lease andsurplus property credits, and civilian sup-plies furnished by the Armed Forces. Asshown in table 1, however, $267 millionwas left to be paid for through reduc-tions in foreign gold holdings andthrough short-term capital movements.

Depletion of foreign gold and dollarreserves may not continue at the firstquarter rate for the balance of the year.A large part of total goods transferredwill go to countries which are depend-ent on long-term loans to finance amajor part of their import needs. Onthe other hand, many countries whichare selling us goods and services may beunable to spend all their dollars becauseof supply limitations in the UnitedStates.

Transfers of MerchandiseExports Increase

Although still only two-thirds of thequarterly peak reached during the sec-ond quarter of 1945, the total value ofgoods transferred to foreign countriesduring the first quarter of 1946 in-creased by $115 million over the preced-ing quarter. (See table 2.) A rapid de-cline of exports through governmentchannels, principally lend-lease, wasmore than offset during the first quarter

July 194G SURVEY OF CURRENT BUSINESS 17of 1946 by a significant increase of salesto foreign countries by private businessenterprises. A large part of the exportswas still handled by foreign governmentpurchasing missions, but most foreigncountries either have now reestablishedprivate trading or will do so in the nearfuture.

Compared with the last quarter of1945, the decline in government ex-ports was primarily in credit lend-leasewhich consists of deliveries on lend-lease contracts placed before VJ-dayand financed through special credits."Straight" lend-lease, most of whichwent to China, increased, but consistedalmost entirely of transfers of fieldstocks of the Armed Forces. Sales ofU. S. government corporations, primar-ily the Commodity Credit Corporation,increased as a consequence of largerpurchases of agricultural products byforeign governments. Transfers toUNRRA remained at the relatively highlevel reached at the end of 1945.

The total increase of recorded exportsfrom the last quarter of 1945 to the firstquarter of 1948 amounted to about $450million. To this total increase exports ofcrude materials contributed $50 million,foodstuffs $200 million, and finishedmanufactures the remaining $200 million.Among crude materials, cotton and to-bacco showed the largest rise, and amongfoodstuffs meat and dairy products. Theincrease of the exports of finished manu-factures was scattered among severaltypes of products, but was most promi-nent in machinery and textile lines.Prewar Pattern Changed

The distribution of exports by economicclasses during the first three months of1946 was representative both of the long-run trend and the special conditions aris-ing out of the war. These, to some ex-tent, are similar to those immediatelyfollowing the last war. (See table 3.)According to the long-run trend in thedistribution of our exports, the shareheld by foodstuffs should decline, whilethe share held by manufactured productsshould rise. Assuming that the economicforces which produced these long-runtrends in the United States as well as inthe rest of the world are still active, thenature of our exports during the firstthree months of 1946 must be consideredof only temporary significance.

Larger Shipments to EuropeExports to Europe increased by about

$270 million, of which $85 million wentto the United Kingdom; exports to Asiaby $108 million, most of which went toChina and the Philippines; and exportsto South America by $48 million.Because of extensive loans and pri-orities on certain goods needed for relief

G96891—46 3

Table 1.—International Transactions of the United States, 1945 and January-March 1946[Millions of dollars]

Transaction

Receipts:Goods and services:

GoodsIncome on investmentsOther services.. _ - _ _ _ .

Tota 1 goods and services

Unilateral transfers . .Long-term capital:

Movements of U. S. capital invested abroad..Movements of foreign capital invested in XT. S _

Total long-term, capital

Total receipts

Payments:Goods and services:

Goods _ _ . _ _ _ _ _Income on investmentsOther services

Total goods and services

Unilateral transfers _Long-term capital:

Movements of U. S. capital invested abroad..Movements of foreign capital invested in U. S.

Total long-term capital _

Total payments . __ _ _

Excess of receipts (+) or payments (—):Goods and services . _ _Unilateral transfers _ . . . . __

Goods and services and unilateral transfersLong-term capital

All transactions

Net flow offunds on gold and short-term capital account:Net gold movementNet movement of U.S. short-term capital abroad._Net movement of foreign short-term capital in U. S_

Net inflow (+) or outflow (—)

Errors and omissions

Total

11,861533

3, 009

15, 403

2, 636

47730

507

18, 546

5,515161

3,188

8,864

8,606

2,139143

2,282

19, 752

+6, 539— 5,970

+569-1,775

-1,206

+463— 177

+1,322

+ 1,608

-402

Firstquarter

3,496136762

4,394

1,022

86

86

5,502

1,43134

1,036

2, 501

3,122

21891

309

5,932

+1,893-2,100

-207-223

-430

+159-10

+386

+535

-105

1945

Secondquarter

3,668130915

4, 713

1,064

19230

222

5,999

1,58638

1,128

2,752

3,233

3303

333

6,318

+1,961-2,169

-208-111

-319

+124-176+582

+530

-211

Thirdquarter

2,393135659

3,187

505

62

62

3,754

1,37237

598

2,007

1,322

85829

887

4, 216

+1,180-817

+363-825

-462

+188+113+307

+608

-146

Fourthquarter

2, 304132673

3,109

45

137

137

3,291

1,12652

426

1,604

929

73320

753

3,286

+1,505-884

+621-616

+5

- 8-104+47

- 6 5

+60

1946

Firstquarter

2,419146754

3,319

71

125

125

3,515

1,13538

571

1,744

972

414149

563

3,279

+ 1 , 575-901

+674-438

+236

-269+92- 9 0

-267

+31

Table 2.—Goods Transferred to Foreign Countries[Millions of dollars]

Transaction

Total goods transferred

Through U. S. Government channels _ _ -UNRRA"Straight" lend-lease __ ._ _Reimbursable and credit lend-leaseSurplus property salesSales and transfers bv the Armed Forces. . . .Other sales by U. S. Government corporations and

agencies _ . _ . . _ . _ ._ _

Through private channels

Total

11,861

8,479395

5,4041,455

98777

350

3,382

Firstquarter

3,496

2,7585

2,450157

130

16

738

1945

Secondquarter

3,668

2,95110

2,340179

225

196

717

Thirdquarter

2,393

1,537101530649

222

35

856

Fourthquarter

2,304

1,233279

84470

98200

103

1,071

1946

Firstquarter

2,419

97027819913842

157

156

1,449

NOTE: Recorded total exports for the same periods were (in millions of dollars): 1945—year, 9,805; first quarter, 2,820;second quarter, 3,011; third quarter, 2,145; fourth quarter, 1,830. First quarter 1946, 2,287.

and rehabilitation purposes, exports toEurope and Asia will probably continueto rise faster than exports to other areas.

Decline in Imports StoppedGoods obtained from foreign countries

declined steadily from the second quar-ter of 1945 to the end of the year. (Seetable 4.) This decline was due to the re-duced needs of our overseas forces. Most

of the supplies obtained abroad for thesepurposes was received under reverse lend-lease. Data for the first quarter of 1946indicate that the decline in goods trans-ferred to the United States has been ar-rested. The fact that recorded generalimports show an increase of $130 millionfrom the last quarter of 1945 to the firstquarter of 1946 and that total goods ob-tained abroad increased by only $9 mil-

18lion (see table 4) can be explained in thefollowing way: A part of the recordedimports came from government stock-piles procured during an earlier periodand are, therefore, not shown in theprocurement figures of this period. Fur-thermore, procurement of supplies foruse abroad and not registered in the im-port statistics declined.

Government Purchases ReducedThe ratio of purchases through Gov-

ernment-owned corporations to importsby private enterprises declined from 30percent in 1945 to 22.8 percent duringthe first quarter of 1946. Of the va-rious procurement programs by Govern-ment corporations, only a limited num-ber are being continued in 1946. Theprincipal ones are for the procurementof sugar and rubber. Other continuingGovernment procurement programs in-clude certain nonferrous metals such ascopper, lead, and tin; molasses and al-cohol; certain fibers; hides and skins;and other scarce agricultural commod-ities.

The rise of imports for consumption,amounting to $143 million, was evenlydivided between crude materials andsemimanufactures (49 percent) andfoodstuffs (51 percent). The greatestrise in the first group was shown by cruderubber ($36 million), tobacco ($22 mil-lion), and undressed furs ($22 million),while copper showed a decline of $24million. Among foodstuffs, the rise wasdivided between coffee ($24 million) andsugar ($31 million). Of the total in-crease of imports, Asia accounted for$78 million, Europe for $25 million, andNorth America for $21 million. Importsfrom the USSR and the United Kingdomrose by $36.5 million and were $11.5 mil-lion greater than the increase from allEurope. Imports from Sweden andSwitzerland declined by about $15 mil-lion and $9.5 million, respectively.

The analysis of the rise of imports bycommodities and countries of origin in-dicates that the principal increases camein commodities produced in areas whichwere unable to export to us during thewar. It is likely that such imports willcontinue to rise as reconstruction abroadprogresses and the domestic demand ismaintained.

SUEVEY OF CUEEENT BUSINESS July 1946

Table 3.- -Exports by Economic ClassesPercent Distribution

Economic class

Crude materialsCrude foodstuffsManufactured foodstuffs^Semimanufactures _ . _.Finished manufactures...

Firstquar-

ter1946

13.48.6

20.89.1

48.1

1919

20.948.75

25.3211.9033.08

1929

22.155.239.40

14.1349.09

1937

22.163.175.39

20.2849.00

Chart 1.—-Imports for Consumption, by Economic Classes, in 1939 PricesRelated to National Income in 1939 Dollars 1

i.o

FINISHED MANUFACTURES

£.4

o o

fe.er60 120 160

MANUFACTURED FOODSTUFFS,

•&t*m ••®44

®4S

®42

0 40 80

•6

.4

.2

O

I 1

GRUDE FOODSTUFFS

! !

120

i

43

® *

1

160

-

40 80 120 160 O 40NATIONAL INCOME IN BILLIONS OF 1939 DOLLARS

80 120.4

160D. D. 46-445

1 Regression lines were fitted to data for 1921-38. Data for 1946 are preliminary estimates forthe first quarter, at annual rate.

Source of data: U. S. Department of Commerce.

Income Influences ImportsTo a large extent, the demand for im-

ported goods depends upon businessactivity or national income. Chart 1 in-dicates the relations between imports byeconomic classes and national income,both in terms of 1939 prices. The lines ofregression represent the average rela-tionships between imports and incomein constant (1939) prices for the years1921 to 1938. The proximity of the pointsrepresenting the years 1921 to 1938 tothe line of regression indicates the ex-tent to which there was an interdepend-ence of imports and income. As maybe seen from the charts, the interde-pendence is higher for semimanufac-tured materials and finished manufac-tures than for crude and manufacturedfoodstuffs. Imports of foodstuffs depend

not only upon domestic incomes but alsoupon crop conditions here and abroad.

Imports Declined During War

During the war years, imports declinedin relation to national income. Forfinished manufactures and foodstuffs therelative decline lasted roughly until 1942,when the occupation of territory byenemy forces reached the crest. Importshave not yet recovered from the rela-tively low level reached during that yearmainly because reconstruction of theseareas has not progressed far enough.

Imports of semimanufactures andcrude materials reached the pointfarthest from the line of regression dur-ing 1944, but since that date they haveshown some recovery. The recovery ismost pronounced in the case of crude

July 1046 SURVEY OF CURRENT BUSINESS 19

materials, perhaps because less recon-struction of facilities is needed to in-crease production of unprocessed goods.Imports Not Yet Recovered

Imports which are calculated for thefirst quarter 1946 on the basis of theline of regression, as seen in Chart 1,are translated into current prices andshown next to actual imports for eachcommodity class in Chart 2.

The differences between the two col-umns indicate the extent to which actualimports are below the demand for im-ported goods if prewar relationshipsbetween imports and national incomestill prevailed. The deficiencies appearto be relatively and absolutely greatestin the finished manufactures, one-halfof which came from Europe before thewar. Imports of crude foodstuffs showthe smallest absolute and relative de-ficiency, because most of these imports,such as coffee, came from countrieswhose productive capacity has not beenimpaired by the war.

Imports Likely to RiseAssuming that our real income will

continue at present or higher levels, im-ports can be expected to rise. Chart 2indicates that the rise should be mostpronounced in those commodity classesin which the gap between actual andcomputed imports is greatest. In thenear future, however, imports of crudematerials will probably rise faster thanimports of other commodities becauseproduction of these materials will be re-stored sooner. It will take a longer

Table 4.—Goods Obtained From Foreign Countries[Millions of dollars]

Transaction

Total goods obtained.

Through U. S. government channelsReverse lend-lease and reciprocal aidReimbursable reverse lend-leasePurchases through government corporations and

civilian agenciesMilitary purchases

Through private channels

1945

Total

5, 515

Firstquarter

1,431

2,6821,382

64

853383

2,833

825538

172115

606

Secondquarter

1,586

855581

19480

731

Thirdquarter

1,372

641259

263119

731

Fourthquarter

1,126

361. 464

22469

765

1946

Firstquarter

1,135

251

20051

884

NOTE.—Recorded general imports for the same period were (in millions of dollars): 1945—year, 4,136; first quarter,1,024; second quarter, 1,098; third quarter, 1,050; fourth quarter, 964. First quarter 1946,1,096.

period of time for imports of processedgoods to show a substantial recovery.

Whether the level of imports calcu-lated on the basis of prewar relationshipswill be reached depends upon two factorswhich partly cancel each other: (1) theextent to which changes in technologyhave made us less dependent upon for-eign sources of supply, and (2) the extentto which our own resources have to besupplemented to facilitate operation ofour economic system at full capacity.For these reasons, the deficiencies whichappear in Chart 2 should be interpretedas indications of the direction and roughmagnitude of changes of future importsrather than as firm estimates.

Income on Investments

The Department of Commerce has re-cently inaugurated reporting systemsdesigned to obtain quarterly data on

Chart 2.—Actual and Calculated Imports for Consumption in CurrentDollars, First Quarter 1946, at Annual Rate

BILLIONSI

OF CURRENT

ECONOMIC CLASS

CRUDE MATERIALS

CRUDE FOODSTUFFS

SEMIMANUFACTURES

FINISHEDMANUFACTURES

MANUFACTUREDFOODSTUFFS

1 Calculated on the basis of the relationships used in chart 1, converted to current dollars.Source of date: U. S. Department of Commerce.

income received and paid on private in-ternational investments. Current esti-mates based on these reports are not yetavailable; consequently the figures pre-sented in table 1 are based largely onannual data for 1944 and prior years,adjusted in the light of overall economictrends and known changes in the inter-national investment position. Interestpayments on the large postwar foreignloans and credits of the United StatesGovernment will probably be accruing atan annual rate of $80 million by the endof 1946 although actual receipts to theend of March were relatively small.

Other Services

The war not only increased the inter-national transfer of merchandise be-tween the United States and other coun-tries, but also the transfer of services.The biggest increase, as may be expected,occurred in transportation because of thegreatly increased transfer of goods, andin miscellaneous services rendered andreceived abroad by United States Gov-ernment agencies, mainly the armedforces. During 1945, the total of servicesrendered and received was approximatelyequal. (See table 5.) Since a largerpart of the services was rendered underlend-lease than was received under lend-lease in reverse, we owed foreign coun-tries for all service transactions approxi-mately $800 million.

The total of services rendered did notchange materially with the terminationof hostilities. The end of straight lend-lease, however, eliminated shipping serv-ices without monetary compensation ex-cept on shipments of relief goods forUNRRA. Government services on lend-lease were continued only for China.

Services received declined by about$900 million at an annual rate, pri-marily because of the smaller size of thearmed forces in overseas areas. A largepart of these services was rendered toour armed forces by former allies and co-belligerents and, after VJ-Day, had tobe paid for in dollars. Prior to that time,goods and services furnished directly to

20 SUEVEY OF CURRENT BUSINESS July 1948

the armed forces in most allied coun-tries, as distinguished from purchases'by its individual members, had been ineffect on a reciprocal aid basis. Becauseof these changes, the annual rate of netexpenditures on all services declined inthe first quarter of 1946 to only $80 mil-lion, or one-tenth of the 1945 rate.

Shipping Receipts Down

Shipping receipts declined somewhatin spite of the increase in the tonnageexported, by all methods of transporta-tion, from 187 billion pounds in 1945to an annual rate of 213 billion duringthe first three months of 1946. The de-crease in receipts can be traced to thelower freight rates resulting from thereduction or elimination of war sur-charges, to the shift to exports of com-modities which move at lower rates, andto the lowering of the abnormally highproportion of goods carried in UnitedStates vessels during the war.

The Maritime Commission has an-nounced that as of June 15, 1946 thetemporary reserve fleet of the UnitedStates numbered 1,263 vessels. Most ofthese vessels had been withdrawn be-cause they were not currently needed inactive service, although some wheredamaged or overage.

The increase in payments for shippingservices also reflects the greater partici-pation by foreign vessels in the carriageof United States trade. Foreign fleetswill be rebuilt either by new construc-tion or by purchases of surplus UnitedStates vessels, and net shipping receiptscan be expected to continue to decline.

Postwar Travel ExpandsForeign travel expenditures by United

States residents during the first quarterof 1946 showed an increase of about one-third over the corresponding period of

1945. Restrictions on travel, particularlyfor business purposes, are gradually be-ing reduced, but travel for less essentialreasons, except to Western Hemispherecountries, is still subject to official limi-tations. Sea transport facilities for pas-sengers have not yet been reconverted toa peacetime basis and air transport doesnot at this time have the capacity tocarry all the passengers who wish totravel overseas. In 1945, however, over-sea travel by air exceeded oversea travelby surface vessel. (See table 6.)

Table 6.—Number of Passengers toOversea Areas

192919271945

Year By Air

4,00023, 718

133,822

By Ship

632, 304552, 75290, 319

Food supplies, housing accommoda-tions, and transport facilities abroad arenot yet available to accommodate theprewar volume of tourist travel, not tospeak of the increase that should be ex-pected from the higher incomes in thiscountry and the pent-up demand causedby the interruption of civilian travel dur-ing the war years.

Vacation travel to Canada and Mexico,however, will probably surpass all pre-vious records during 1946. Official Mex-ican statistics place tourists (mostlyfrom the United States) entering thecountry during the first quarter of 1946at 63,600, surpassing the previous highof 42,100 for the comparable period in1940. Canadian resorts are reportedlybooked to capacity for the season, indi-cating that United States travel expend-itures in Canada will well exceed thepost-depression record of $149.5 millionin 1945.

Table 5.—Service Transactions in the United States Balance of Payments[Millions of dollars]

Period

1945TransportationTravelMiscellaneous services:

U. S. GovernmentPrivate - - - . . _ __ . __. . . - -

Total . - -

FIRST QUARTER 1946 (AT ANNUAL RATE1)

TransportationTravelMiscellaneous services:

U S GovernmentPrivate ~ --

Total

Services rendered

Total

1,290158

1,294267

3,009

1,200164

1,338314

3,016

Withoutmone-tary

compen-sation

659

1,128

For cashor credit

631158

166267

1, 787 1. 222

145

780

925

1,055164

558

Services received

Total

400309

2, 367112

3,188

4452G0

1. 485314 ' 94

2,091 1 2,284

Withoutmone-tary

compen-sation

135

1,010

1,145

113

113

For cashor credit

265309

1,357112

2,043

445260

1,37294

2,171

i Unadjusted for seasonal variation.

Military Payments Reduced

Services received abroad by the Gov-ernment consist primarily of foreignlabor and other services used by theArmy and Navy and of personal expend-itures of troops stationed abroad. Theneed for foreign services declined sharplyin recent months because of the cessa-tion of active warfare and the reductionin the number of troops abroad. Thearmed forces, as such, did not have topay for most services rendered by ourAllies as long as lend-lease and reverselend-lease arrangements were in force,that is, until the end of August 1945.Personal expenditures by the troops inAllied countries, however, were alwayscompensated for in dollars. In formerenemy countries, except Italy, Army ex-penditures, including troop pay spentlocally, are in effect borne by the oc-cupied country and do not increase thesupply of dollars in foreign hands.

Services rendered by the United Statesto foreign countries consisted primarilyof various lend-lease transactions, suchas training of pilots and repair of ves-sels, transport of troops, and variousservices by the armed forces in the field.

Gifts and Unilateral Transfers

As indicated above, not all goods andservices transferred to other countriesor received from other countries haveto be compensated for by a movementof goods and services in the other direc-tion, by credit, or by gold shipments. Inorder to determine the net balance ofpayments between the United States andforeign countries, the transactions forwhich such compensation does not haveto be made, here classified as "unilateraltransfers", have to be deducted fromthe value of all transactions. In prin-ciple, unilateral transfers may take twoforms. The commodities or services maybe given or received directly withoutcompensation, or, money may be do-nated with which the foreigner maychoose what—and when—he wants tobuy. Most of the lend-lease transactionsand contributions to UNRRA fall intothe former categoryi while personal andinstitutional remittances ordinarily takethe latter form. During the immediatepostwar period, however, personal aidthrough relief goods sent directly be-came important.

"Straight" lend-lease and lend-leasein reverse, with few exceptions, stoppedafter the cessation of hostilities. Aid todestitute Allies through UNRRA, includ-ing not only merchandise but also theocean freight thereon, increased consid-erably after the third quarter of 1945.It should be noted, however, that only$956 million of the total United States

July 191G SURVEY OF CURRENT BUSINESS 21

Table 7.—Gifts and Unilateral Transfers[Millions of dollars]

Item

To foreign countries''Straight'' lend-leaseUNRRAOther government aid and settlementsPersonal and institutional remittances

From foreign countriesReverse lend-lease and other government trans-

actionsPrivate remittances

Total

8,6067,116

562364564

2,636

2,58452

Firstquarter

3,1222, 971

125

134

1,022

1,01210

1945

Secondquarter

3, 2332,907

60124142

1,084

1,05212

Thirdquarter

1,322870167149136

505

49114

Fourthquarter

92936832386

152

45

2916

1946

Firscquarter

97239439418166

4823

appropriation to UNRRA of $2,700 mil-lion had been transferred by the end ofMarch 1946. Private aid through per-sonal and institutional remittances in-creased steadily throughout the year1945 and the first quarter of 1946.

Long-Term Capital Movements

With the practical cessation of"straight" lend-lease on VJ-Day, theproblem of financing necessary importsfrom the United States faced most ofour European and Asiatic allies. Lend-lease aid had not been limited to militarymateriel but included large amounts offoodstuffs and other goods required forthe maintenance of the civilian economyand hence the productive capacity of therecipient countries. At the end of thewar a large volume of these commoditieswas in the "pipeline"; requisitions hadbeen approved and contract placed butthe goods were somewhere in the processof manufacture or delivery. Allied coun-tries had the option of canceling theserequisitions or accepting delivery andmaking payment over a specified periodof time in accordance with agreementsnegotiated under the authority of theLend-Lease Act, section "3 (c)". Suchagreements were negotiated with France,Belgium, the Netherlands and the SovietUnion, and a special over-all settlementagreement with the United Kingdom in-cluded provisions for delivery of the"pipeline". Although accurate data arenot yet available, estimated transfers oflend-lease goods on credit terms were$300 million in the fourth quarter of 1945and $133 in the first quarter of 1946.(See table 8.)

The Export-Import Bank authorizedloans of $655 million to France, Belgium,and the Netherlands to finance the pur-chase of goods requisitioned under thelend-lease program for which contractshad not been placed as of VJ-Day. Ac-tual disbursements on these loans, whichare generally made on delivery of thegoods, amounted to $15.6 million on De-cember 31, 1945; an additional $117.4million was drawn during the first quar-ter of the present year.

Foodstuffs, medicines, and other essen-tial civilian supplies were distributed bythe armed forces in liberated and oc-cupied countries under arrangementswhereby the countries concerned were tobe billed for the goods. The value ofthese supplies has been entered in thebalance-of-payments statements as along-term credit. (See table 8.)

Private long-term capital movementsduring the first quarter of 1946 remainedsmall, with no decisive movements ineither direction.

Gold and Short-Term CapitalMovements

Loans and unilateral transfers werenot large enough to settle the total ex-port balance on goods and services dur-ing the first quarter of 1946, and foreigncountries, especially France, were com-pelled to draw on their gold and dollarreserves. The loss of dollars was by nomeans universal, however, and somecountries continued to increase theirHoldings. Detailed data for individualcountries are not yet available for thefirst quarter of 1946, but data for thefirst six postwar months indicate thatCanada, the United Kingdom, andFrance suffered a combined loss in goldand dollars to the United States of auout$660 million. Other countries, princi-pally Switzerland, the Philippine Islands,and certain of the American Republics,increased their holdings in the netamount of about $700 million.

Prospects for Remainder of YearThe first quarter of 1946 shows some

of the features which can be expected tocharacterize the year as a whole. Ex-ports from the United States are likely tocontinue to increase during the remain-der of the year. In addition to increasedquantities of some goods, higher pricesmay boost the value of exports for theentire year to $10 billion-$10.5 billion.

In addition to exports, we may sell orotherwise transfer from surplus andother stocks abroad about $2 billion ofmerchandise. For shipping, servicecharges on United States investmentsabroad, travel and miscellaneous services,foreign countries will need about $2.5 bil-lion. Total transfers of goods and serv-ices, therefore, may amount to about$14.5 billion-$15.0 billion in 1946. Ap-proximately $3 billion of these goodsand services, however, will not requirecompensation. This includes about $1.8billion to be financed through appropri-ations to UNRRA. Aid to China and thePhilippines and private remittances willprobably account for the other $1.2billion.

The remaining $11.5 billion-$12 bil-lion would be obtained by foreign coun-tries in part through our own purchasesof merchandise, which may increase to$5.2 billion, and purchases of services,which may reach another $1.8 billion.Most of the remaining $4.5 billion-$5.0billion will be available through loans.Surplus property credits may accountfor as much as $700 million-$800 million;credit under the Lend-Lease Act for $600million; Export-Import Bank loans for$1,500 million-$l,700 million; utilizationof the loan to the United Kingdom, for$600 million-$800 million; and variousprivate and other government loans forabout $600 million.

Loans would thus total about $4 billionto $4.5 billion, leaving about $500 millionto be financed through the sale ofgold or liquidation of short and long-term* foreign assets in this country. Inview of total foreign reserves of over $15billion of gold and about $7 billion inliquid dollar balances, a drain of thismagnitude upon foreign reserves wouldnot be significant.

Table 8.—Long-term Loans and Credits to Foreign Countries by U. S. Government[Millions of dollarsl

Item

New disbursements by Export-Import BankLend-lease credits 1

Surplus property credits l _Credit on civilian supplies furnished by the armed

forcesTotal new loans _

Less repayments of former loansNet Government credit.

1945

Total

35938

83

555

1,61194

1,517

Firstquarter

233

75

1102684

Secondquarter

232

150

18427

157

Thirdquarter

6* 573

180

7599

750

Fourthquarter

25300i 83

150

55832

526

1946

Firstquarter

137133

9

111

39018

3721 Including corresponding items in financial settlement with the United Kingdom.

22 SURVEY OF CUEEENT BUSINESS July 1946

The Prospective LaborSupply

(Continued from p. 15)

will have to become available as veteransreturn in order to avoid pushing thesewar workers out of the labor force.

It is difficult to quantify the foregoinginfluences. If, however, we assume thatthe school age group and those over 65,in continuance of their trends, dropmost of the way back to their norms andthat there are moderate withdrawalsamong the 20 to 34-year old women, afigure of about one million further with-drawals is reached. This is thought tobe a likely estimate. However, it assumesa sufficient increase in the number ofjobs so that returning veterans will notpush older persons up to 65 years of ageout of the labor force; it does not assumea sufficient increase to induce any back-flow by those who have already with-drawn from the labor force. The devel-opment of a better employment situationthan that assumed can cause this esti-mate to be too large. Conceivably, itcould also be too small, but the extentof pent-up demand does not suggest adeterioration of the employment situa-tion below that assumed. In view of theuncertainties, Table 3 which summarizesthe prospective changes in the civilianlabor force, makes use of a range ratherthan a single figure. The resulting pros-pective rise amounts to 3 to 5 million ifwe allow a range from a million addi-tional withdrawals to a million re-entreesby former war workers.

Labor force utilization as affected byworking hours and unemployment couldon balance rise somewhat. No increasein hours is likely but the big post-war drop has a l r e a d y occurred.The level is still above that of the pre-war period, but the decline has slowed tosmall proportions. Necessary frictionalunemployment should be much less thanin the past year because the job shiftingwhich was incident to a restoration of thepre-war industrial distribution has beenvirtually completed. Unemployment wasreduced to % million during the war.Twice that amount would seem to be ade-quate for the frictions of a peacetimeeconomy. On the basis of the Bureau ofthe Census estimates of the current vol-ume of unemployment, such a level offrictional unemployment would permitthe hiring of about a million people.

Included among the employed in March1946, were % million people who wereeither laid off or on strike. The size ofthis group cannot be reduced to zero, butin a less turbulent period it could be low-ered. These potential increases of overa million in labor force utilization havethe same effect as an equal rise in the

New or Revised SeriesDistilled Spirits, Apparent Consumption for Beverage Purposes: Revised Data for

Page S-25 i[Thousands of wine gallons]

Month

JanuaryFebruary..,MarchAprilMayJuneJulyAugustSeptember-OctoberIs ov ember. .December-

Monthly average

1940

16.

10,15911,40911, 75812, 22114,30913, 50112.80713,41316.95010,91813. 77316, 941

1942

16, 23313. 83413,93913. 03712, 57212, 95115.84216, 49019.28527, 00513.20015.860

144, 99212,083

158, 15713,180 !

190, 24815, 854

12, 39012,46413. 88612.01610,3109, 810

10, 54310.40911.3~913,20313, 60315,446

145.529 I12,127

11.57412. 58413. 85511,51312,53011.93412.62514,63913.75115,95516. 52419, 227

166.71313,893

' Compiled by the Distilled Spirits Institute, Inc. The 1940-43 figures include final revisions: there may be furtherrevisions in the iipures for 1944. For a description of the data, see note 2 for p. 114 on p. 221 of the 1942 Supplement tothe Survey of Current iiusiness.

size of the labor force and can thereforebe added to the estimated increase of 3to 5 millions.

The significance of the foregoing isbasically that over the next year or sothere probably will be a leeway for ex-panding employment with the estimatedincrease in the labor force of 3 to 5million by March 1947. Any reductionin unemployment from the present vol-ume will provide further leeway.

At the present time, increases in em-ployment are not restricted to any greatextent by an inadequate supply of labor,but rather by shortages of key mate-rials, the necessity to replenish inven-tories, uncertainties regarding futureprices, and similar influences character-istic of a transition period. If the de-mand for goods were the determiningfactor, the working margin in the pros-pective labor force could be readily ab-sorbed over the next year. Thus, theadequacy of the labor supply will be de-termined by the rapidity with whichworkers can be absorbed as transitionalproblems are resolved and the extentto which output per man-hour is in-creased in the period ahead.

Business Situation(Continued from p. 11)

to purchase durable goods before pricesare forced still higher. Moreover, it* hasbeen pointed out that while the owner-ship of liquid assets is highly concen-trated, medium and low income groupsdo possess a sizable amount of Govern-ment bonds and bank deposits. In theevent that rising prices should bringthese assets onto the market not onlywould the spending of past savings add tothe inflationary pressures, but a largevolume of accumulated savings would bedissipated in price increases and would

Electric Power Production: RevisedData for Page S-26 1

(Millions of kilowatt hours)

Year and month

B Y M,i-rce

Total I

1943:JanuaryFebruary _ _ .MarchAprilMayJuneJulyAugustSeptemberOctoberNovember 1 1December 20

17,0c4 1If, 117 '17171718,18,19

11 210 .2

010 i10, r11, f12,4

14 0"1° "i4 r>-

".404

i H3<, 7( 27.1910 477f,2095 S

5 -02r 0-5Sx '85

Total 1220 °70Monthly average 18, 414

1944:January 19,959February 18, 812March 19, 784April 18, 622May I 19,074June I 18, 789JulyAugustSeptemberOctoberNovemberDecember

C27 ,2 2

134 I021 i614 I

i!18,19,1819,19,19,

989774708233102831

12, 83013.81913, 14313, 29713, 29813,4-12

7^/43(,162

5, Of 9o, 0447, 0167,2977, 2676'2985.9885. 7785,' 3995 7725,' 6990, 206

Total !2?0, 736 !l?4. 7*3Month ly average I 19,228 j 12,81-9

74, 0336,169

1 Compiled by the Electric Power Commissicn. Databeginning January 1944 exclude a small amount generatedby electric railways and electrified steam railroads in-cluded in the earlier data.

not be available for future use by theirpresent owners.

On the other hand, if price changes arecontained in narrow limits, it seemsreasonable to suppose that liquid assetswill be largely retained by their presentowners. In that event, it is conceivablethat holders of liquid assets will be dis-posed to spend a larger share of theircurrent income and thus increase theaggregate volume of consumer spendingin the post-transition period. The re-sults of the survey appear to support thisview since people's expressed intentionspoint toward a considerable reduction ofcurrent savings on the part of owners oflarge liquid assets.

.Tnly 1040 SURVEY OF CURRENT BUSINESS 23

Indexes of the Value of Manufacturers' Shipments and New Orders: Revised Series for Page S-21

[Average month 1939=100]

Year and month

1939:JanuaryFebruary._MarchAprilMayJuneJulyAugustSeptember-.OctoberNovember-December..

Shipments

Monthly average.1940:

January 103February- _ j 105March | 106April 105May 109June 111July 103August 110September.. ! 130October j 130November 133December 136

Monthly average HO1941:

JanuaryFebruaryMarchAprilMay „June .JulyAugustSeptemberOctoberNovemberDecember

Durable goods industries

Monthly average1942:

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober.-.NovemberDecember

181186197199203202208214226229233243

213

226256250255251259251261263269269276

261

257271268274264273263264269278273284

Monthly average 274

Monthly average1943:

JanuaryFebruaryMarchApril __.MayJuneJulyAugustSeptemberOctoberNovemberDecemberMonthly average

1944:JanuaryFebruaryMarch _ _AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

164 1 198

220240245251264267277285299303316342

279

314356350360361369366373371378381393

371

364384377389371383373366372380374390

383

tan

d

a

IssSO CD

<

1081031131119999714574108121148100

137134lo'o14012911882461121G6177180

130

17218318417319220217896134175187173172

152134133134130158169180191203216232172

221240228242259274272282264279298318

270

299301295309290314289292282292302303303

g.fcj

gly—i

8279868386918598117131134129

100

109104102100108121116127146148149165

125

159167176182197206201212223219212220

198

211223228227231228225230235233236257233

226249253248246249245249250249243247250

234247244248235248245243253252249260250

etal

sLu

cts

S o00 On

O-^

g

7984857984858397130137130123

100

107100106101110no101121143145151157121

144181174172174182171185199179185186

176

1712012041952072062132,06219225233246

213

226251248261259249246251263267268262

258

260273275273274272257263267279282292

276

ach-

S

.2.,-.

1

88889094951029492108112120113

100

104113114122127131118122138136150166

129

152173177194206213208201225216229252

205

205241248248257243258261278306334397

276

320406381416390413433419434451437531

427

429483485513452492508483521515492566503

:ss *A

(SCo

7789971031031029595103108113116

100

101110118127130132125123140135138160

129

148167180192192219203209236225235269

207

250280292300323331335338350352362394328

357408397399403425398412410414393414

408

81868390829910199106119124132

128131150157153158161175206200215293

178

256306319374385436446494587636710853

486

8S01,0961,1111,2351,393., 415, 579

1,7111.817,811

2,0072,181

1,540

2,1012, 4282, 3752,4612,501',490:,583

2,6?12,5972,6472,8112,742

2,575

382 2,542407 2,672401 2,561425411427402392389408390416

2,6442,5262,4362,4682,3102,3722,4142,4122,449

410 2,527

8085889097999610612112411499

100

100105114114110120138139135124

116

12S135139156169181174185196190186171

168

171181184193200189193191203?03192189

193

186206210214209214204207209211206209

211

198206207208204219210219213221210215

215

Nondurable goods industries

94969393949199120114110106

100

981011029810210397107123117120118

112121125130134139136148164158158155

140

154166165163161157160166175178175175

168

165187181182175183171184188192191196

186

182193193194190196187193198208203210

199

9291939293979197119121112101

100

105101104109114112104103130122123119

113

132136136150154103154154174166166160

154

165178173168166165165167181175176178

179194195200191199187203203204203202

200

199205206204204208200207207218211214

210

96959697969410012610810197

100

97991009910310799103122112114109

106

107115117122128136131139161151151148

160172164160167166172183192191188188

179202187179176188177192197204202208

194

207214204208200200203206216227217225

214

9293959292949195112118118112

100

103105104110121122114112118117117122

124128131141145150147155166172179176

151

174176175170159144132135141151148148

156

144157161164165168161167167174173172

167

162175176172174179165178172180179177

177

ot-l ( t

li

90878993969610097109112114119100

105100103100104110101102111108114107

105

112112117122133139140149148144152149

135

143137136136144140144139141141154149

142

139141147156158159163166168173169177160

170176178184179192194185187192189203

189

1CD

92869293951079796119114104111

100

9G929610110512595100114126127130

109

122132136151166184166159179174152152

156

133147148156167167179175201204211'219

177

237277267273285285277263271300295319

282

274299290295293316295288297342293341305

92102978584938797120118114110

100

1011029585858788108129129128131

106

130144147153146158152173181175170176

1C0

177198202209189188187193199203202207

199

195221218210201211130197197196193195

205

182200202195185200162184184189189190

192

n

829410094918887104119115116111

100

9210410593939391114125119125122

107

100113121121122119122142158154154148

132

134151155154147140141148159168159154

152

136163161168153159148163170173173178

165

147163169174172180165175181189189196

N e w orders

8789889298959214312310798

100

94949498107"117108111146144139137

147159159162170179175165178168181176

19b216208222209216205198201203207200

207

193207202195193212190199201210204207

201

207191191197222215195205206208223238

Durable goods industries

a.

If

817785828792958915414411599

100

89989495114124123130181183164180

131

187220208204214224230207220198221223

213

253297282297289316284259244241233225

228248249223208255231238234249204236

234

248195202215265227213231230214232276

229

827585768483788417616511895

100

759488114125124117162197173178

209267233233232233234195221195255219

246281254293200285321193211166221259

219239228199220244206260243282214182

228

173185168196304203183245201200212216

207

92

•ica

l er;

o

w

909088929197919012013311898

100

100no106in118142145159176202187215

148

199231226225237266274231243256218281

241

274327359418435552445352394352420?34

380

301383270297280639406313327384261334

350

473392303319383331364237348395375266

349

©

.ascy

o

8079918989918886130139119120

100

100107103104110128129145218213164230

146

197240247212239258248274239222258309

245

364506452391514468307457311358219233

382

293287383282158186264252221195166348253

383145230279247276234280279231264528

281

03

"C oo

3o

78758182881001189515412910892

100

891138793114117112127184149147145

123

156159159165177185205180202173163167175

196198202220226204191202204198202183

202

184199197197200197192189206204198209

198

196177195173202197193191201169196211

192

9392929296102659513611010297

100

9792949910211299100125121124112

106

122122137137143152141140153150157147

142

161166163177160156157161175180191185

169

171183173178184185165175181187204188

181

181188185186196209184188191204218216

196

See footnote on page 24.

24 SURVEY OF CURRENT BUSINESS July 1946

Production-Worker Employment and Pay Rolls in Manufacturing Industries: Revisions for Pages S-10 to S-13 1

T ^ fcJO

Year and month

All

man

ufac

turi

ng

Dur

able

goo

ds, t

otal

Iron

an

d

stee

l an

dth

eir

prod

ucts

Ele

ctri

cal

mac

hine

ry

Ma

ch

ine

ry,

ex

ce

pt

elec

tric

al

Aut

omob

iles

Tra

nspo

rtat

ion

equi

p-m

ent,

ex

cept

au

to-

mob

iles

Non

ferr

ous

met

als

and

prod

ucts

Lum

ber

an

d t

imbe

rba

sic

prod

ucts

Fur

nitu

re a

nd

fini

shed

lum

ber

prod

ucts

Sto

ne,

clay

, an

d g

lass

prod

ucts 1

P Q

R

and

othe

r

%a

Ap

pct

s?t

ile

prod

uis

he

1

u. fto

Lea

t

red

nd

kin

d

C3

Foo

•odu

cts

man

ufac

ti

OO

i

Tob

o

d al

lied

pi

ucts

G03

tf

p

publ

ish

c+3

Pri

ned

ind

ustr

;an

c

lied

Is

and a

l•o

duct

s

§o

•tro

-of

pe

I an

d co

alP

ror

ESTIMATED NUMBER OF PRODUCTION WORKERS (THOUSANDS)

Monthly average:1944... !_. .1945

1944: JanuaryFebruaryMarchAprilMay

14,12612, 250

14, 60914, 58514, 43314, 23414,113

June II.I I 14,110July.AugustSeptemberOctoberNovemberDecember

1945:2 January...February.

14,07814,09313,93613, 80113, 73513,789

13, 73613, 725

8,5066,809

8, 9318, 894!8,7938, 6698, 592i8, 550!8,4688,4278, 2868,1818,1258,154

8,1558,142

1,7341,525

1,7691,7681, 750], 7291,7241, 7341,7361,7401, 7231,7111,7041,721

1,7291,741

765622

780788786778772774766761756746737733

729728

1, 2461,080

1, 2071, 2981,2831, 2631,2511,2541,2411, 2311,2151,2061,1981,209

1,2141,218

732590

781771759746734728718725718701697706

712711

2,3931,454

2,6112,5922,5512, 5132,4792,4182, 3632, 3232, 2642, ""2,1942,188

2,1732,134

436377

466463455444440438432430421414412413

415421

516509

508510512509513520529533520513515511

512516

352333

362'360'357351348352353355346345346349

348351

332318

347344340336331332330329323320322324

5,6215,441

5,6785,6915, 6405, 5655,5215, 5605,6105,6665, 6505,6205,6105,635

323 5,5813221 5,583

1,1301,075

1,1791,1811,1701,1471,1311,1251,1111,1051, 0981,0951,1051,117

1,1091,102

934921

930942948929918934912932930942941944

934941

319316

320322323321318320319318315315317319

319318

1,0901,067

1, 0361,0301,0201,0231,0291,0631,1481,1931,2011,1451,1061,086

1,0471,033

8482

888783838283838282838485

8282

319317

327326324320318318319317312313316321

319320

326;327

3313311329325j322|324|326324319324326328

324 j323!

660611

6906986736561646|637i637 i642|647 j6561663678

131135

125127127128130132134!135!133!132|132133

204197

207208208203202201201202201201204206

133 209134 210

INDEXES OF PRODUCTION-WORKER EMPLOYMENT (1939 = 100;

Monthly average1944..1945

1944: JanuaryFebruary..MarchAprilMayJune. .JulyAugustSeptember.OctoberNovember.December..

1945:2 January...February.

172.4149.5

178.3178.0176.2173.8172.3172.2171.9172.0170.1168.5167. 7168.3

167.7167.5

235.6188.5

247.3246.3243.5240.1237. 9236.8234.5233.4229. 5226.6225. 0225.8

225.8225.5

174. 9153.8

178.4178.3176.5174.3173.9174.8175. 0175. 5173.8172.6171.8173.5

174.4175.6

295. 2240.1

301.1304. 0303, 5300.2298.1298.5295. 81293.8!291.6!287. 71284. 6282.9'

281. 2281.0

235.9204.3

247. 4245. 71242.8239. 0236. 7237.3234. 9233. 0230.0228.2226. 7228.8

229.8230.6

182.0 1,508.0146. 6

194. 2 1,191.7 1,188. 6 1,185. 4|l,182.4 1,181.0 1178. 5 1.180.1178.5

916.4

645.1632. 9607. 5583.5561. 8523. 2489.1463.5426. 5

174.2 1,401.9 180.5173.3H o o n •* '"~r> r

175. 6il, 382.1., 378. 7

190.0164.6

203. 5201.9198.4193.7191.9190.9188. 5187.183.5

179.5180.0

122. 8121.1

120.8121.4121.8121.1122.0123.8125. 9126.8123. 6122.0122.4121. 6

112.9108

118117115114112

4

11947

107.3101.7

110.2109.8108.9107.1106.0107. 3 i 113.2107.6i 112.6108.3'105.6105.1105.6106.4

112.1110.0108.9109.6110.4

176.9ll,369.2| 181.1 121.7} 106.2 109.9 121.8176. 8|l, 344.61 183. 8; 122.7 107. Oj 109.6 121.9

122.7118.8

123. 9124.2123.1121.5120. 5121.4122.5123. 7123.3122.7122. 5123.0

98.894.0

103.1103.3102.3100.398.998.397.196.696.095.796.697.7

97.096.4

118. 2116.7

117.8119.4120.1117.6116. 3118.3115. 5118.1117.8119.4119.1119.5

118.3119.2

91.991.1

92.192.893.292.591.792.2

127.6124.8

121.2120.6119.4119.7120.4124.4

91. 9| 134.391.81 139.790.890.8

140.5134. 0

91.5 129.492.01 127.1

91.8 122.691.61 120.8

87.4

94.193.589.589.488.389.4

88.089. 21

90.290.8

120.3119.5

123.4123. 0122.3120.8119.7119.7120.0119.5117.4118.1119.21120.8

101.1100.9!100.3J

99. 2j98.1!98.8;99. 6198.997.1198.799.3

100.1

L2 120.0 98.8l.2| 120.51 98.5

211.9

239. 5242.3233. 6!227. 51224.11221. 2|221.l|222.8!224.3!

230.11235. 2

123.5 168.5127 2i 163.1

118.4119.6;120.11121.11122.8124.3126.4127.4126.0125.0125.1125.3

238.0 126.3241.9! 126.4

i

171.3172.1171.8168.1167.1165.9166.3167.1166.5166.4168. 4170.5

172.6173.2

INDEXES OF PRODUCTION-WORKER PAY ROLLS (1939 = 100)

Monthly average:1944.1945

1944: JanuaryFebruaryMarchAprilMay .JuneJulyAugustSeptemberOctoberNovemberD ecember

1945:2 JanuaryFebruary.

345.7288.4

351. 6352. 7350. 5345.0345.3346.6339.6343.1341. 9343. 8341. 0346.7

345.6344.8

482. 5366.6

498.7498.3494. 2|488.7486.3485. 8471.8476.0471.0474.1468.8476.1

474.6472.0

324.278.5

327.0328.4324.9320.0321.2324.7321.0323.5326.4325. 4320.9329.7

329.9332.1

529.9426.7

531.6537.1538. 4528. 3528.9537.8525.6527. 0532. 5524.7520.0526. 3

527. 4528. 3

443. 0368.8

464.6459.2455.0447.1442. 6449.5431.1433. 9430. 8434. 6426.4441.0

440.5443.9

335.3 3,133. 9 357. 8 224. 6247. 6 1,865. 9 306.1 218.3

365. 3 3. 285.1 380. 4 204. 6355. 9*3, 287. 8 378.7 213.8351.2|3,254.9 372.2 210.8346.613,245.2 361.4 220.335.2!3,228.9 359.3 225.6337.1 3,136. 8 361. 0 235. 7321.0 3,044.7 349.7 227.5326.13,047.0 350.4 242.4317.912.995.6 344.4 230.4320.4 3,033.0 345.1 235.9320. 5 i 3,020.1 341.0 222.6326.13,027.5 350.1 218.7

333.512.977.5 352.3 219.3333.8t2; 881. 5 358.2 225.1

193.7187.1

189.6192.6193.3188.3190.6194.4191.0198.9193. 4197. 5195.5199.0

199.4202.8

187.7184.3

189.1189.7190.0187.4187.3189.0182.8187.6184. 8188.8186.5189.0

186.1186.8

211.9211.9

207. 8210.3209.9204. 6207. 5210.6210.4213. 2215.6216. 3216.0220. 2

219.6220.4

174.7174.2

174.2176.9176.6172.7174.1175. 4171.7171.5172.4174.1176.0180. 7

178.1177..

203. 4210.6

192.9203. 9209. 5191.2195. 0200.8191. 1204.0212.7

159.4167.6

151.9156. 7158.4157. 7158. 9161. 6159.0159.5161. 9

215.6 161.5211.7 161.1212.6 165.0

217.8227.5

166. 7

203.9206.7

194.0191.0188.9188.8195. 8202.3214.7218.6218.5213.2209.7211.3

202.4195.9

158.8164.7

157.9154.7146.5142.7152.8157. 4157.0157 5163. 0165.7172.8178.0

167.0165.6

195. 3202.1

192.193.194.191.193195.194.195.194.197.199.202.

1

4606023948

200. 9201. 7

134.8 398.1 213. 9144.3! 370.5! 223.2

131.9 411.0131.9 414.3132.4! 401.4!130.8! 391.5132.11 391.1134.7| 387.7135.3; 387.8135.01 388.8136.0! 393.6

196.5201.3203. 9206.6212.6

301.0291.4

295. 7301.9304.8290.1293. g

136.139. 3141.1

139.8138.2

597.5400. 0412.

215.8 293.3223.2 292.9220.91 301.5220.7 305.2224. 3219.2

419.8 222.1

304.7305.8322.1

338. 3426.2! 223. 8 j 339.5

1 Revised data compiled by the 17. S. Department of Labor, Bureau of Labor Statistics. The revision resulted from adjustment of figures for the industry groups and the totals tolevels indicated by 1944 data made available by the Bureau of Employment Security of the Federal Security Agency. Earlier data are available as follows: Estimated number ofproduction workers 1929-43, p. 22 of the December 1945 Survey; employment and pay-roll indexes—1939-40, pp. 23-24 of the December 1942 Survey; 1941, p. 28 of the March 1943 issue;1942-43, p. 20 of the October 1945 issue. Data for individual industries are adjusted to 1939 Census of Manufactures data but not to Federal Security Agency data and are correct aspublished on pp. 23-24 of the December 1942 SURVEY and in the statistical section of subsequent issues.

The term "production worker" has been substituted for the term "wage earner" used previously, to conform with the terminology and standard definition of classes of workersin manufacturing industries formulated by the Division of Statistical Standards, U. S. Bureau of the Budget. This change has no appreciable effect on the data since there is verylittle difference in the definitions.

* For monthly data beginning March 1945, see pp. S-10 to S-13 of the May 1946 SURVEY and current issue.

Footnote for table on page 23.1 Compiled by the U. S. Department of Commerce, Bureau of Foreign and Domestic Commerce. This table presents data for the revised indexes of shipments and new orders shown

on page S-2 beginning in the February 1945 and the November 1945 issues, respectively. (See p. S-2 for 1945 and later data.) The revisions involved the incorporation of late andrevised reports received from cooperators; the use of new weights for combining the component industries or industry groups, based upon shipments derived from final results of the1939 Census of Manufactures (the use of shipments weights for new orders is based upon the assumption that shipments and new orders in 1939 were in balance); the inclusion of com-panies reporting net cancellations, treated as negative items, in the new orders indexes; and a shift of the base of the new orders index to the average month of 1939. Important changesin the reports for shipments resulted from renegotiations of war contracts. The automobile and transportation equipment industries are not included in the new orders indexes.

Except as indicated, the method of calculating the indexes is substantially the same as for the former series described in the 1942 Supplement to the SURVEY.

July 1040 SURVEY OF CURRENT BUSINESS S-l

Monthly Business StatisticsThe data here are a continuation of tbe statistics published m the J942 Et-pplemeKt to the PURVEY OF CURRENT BUSINESS. That

volume contains monthly data for the years 19S8 to 1941, and ncnthly averages for earlier years Lack to 1913 insofar as available; italso provides a description of each series and references to source** of monthly figures prior to 1938. Series added or revised since publica-tion of the 1942 Supplement are indicated by an asterisk (*) and a dagger (1), respectively, the accompanying footnote indicating wherehistorical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers referto adjustment of monthly figures for seasonal variation.

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

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

1916

May

1945

May June July I August Sep-tember

BUSINESS INDEXES

Octo-ber

Novem-ber

Do com-ber

1946

Janu-ary

Febru- March April

INCOME P A Y M E N T S !

Indexes, adjusted: ITotal income payments 1C«35-39«1OO__|

Salaries and wages __...do ITotal nonagricultural income . do

Total __ -mil. of doL.ISalaries and wages: I

Total . . . ..doCommodity-producing industries „ do IDistributive industries do.Service industries do_G overrun ent do

Public assistance and other relief. do . . .Dividends and interest . do....Entrepreneurial income end net rents and roy-

alties.— mil. of dol_-Otber income payments do.Total nonagricultural income do.

F E E M MARKETINGS AND INCOME

Farm marketings, volume:*Indexes, unadjusted:

Total farm marketings. _,._ 1935-39»100,Crops do_._Livestock and products . d o

Indexes, adjusted:Total farm marketings - d o . . .

Crops doLivestock and products do

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

Income from marketings* d o . . .Indexes of cash income from marketings:!

Crops and livestock, combined index:Unadjusted . 1935-39-100.Adjusted d o . . .

Crops . doLivestock and products do

Dairy products.... . . . d o . . .Meat animals . . . . . . . d o . . .Poultry and eggs d o . . .

PRODUCTION INDEXES

Indus t r i a l P roduc t ion—Federa l Reserve Index

Unadjusted, combined index!. 1935-39-100-Manufacturesf „_.-_. do. _„_

Durable manufactures! _ doIron and steelt . _ . . . - . . doLumber and products! . . . .—do

Furnituref -doLumber! _ . .do

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

Fabricating* ...___doSmelting and refining* do

Stone, clay, and glass products! doCement . . .doClay products*.,. _ doGlass containers! d o . . . .

Transportation equipment! doAutomobiles! do

Nondurable manufactures!—. . . doAlcoholic beverages! . . . . . . d oChemicals! do

Industrial chemicals* _.__.. doLeather and products!. _ . .do

Leather tanning* .doShces d o . . . .

240.2240. 0283.1

12,737

8, CC63, 4092,2271,4711,489

94558

2,579ceo

11,388

12699

146

159189137

1,6571,551

233315411250221258264

v 159v 167v 176P108v 131v 141*126v 231p 132

v 109v 182

135v 143

228*238P 157v 160

'235••395

24 3.9265, 8237. 7

12,835

% 5183,8881,8311,2772, 672

81498

2,252486

11,646

12487151

152167141

1,5261,454

219293356252236246308

225240323204120138112405248272•JQQlay16789115235610218172147318407121115126

I

244. 6266.3241.214,397

9,5723,8311,8591, 2922,590

811,853

2, 275616

13,175

12187147

148159139

1,5511,529

230287331258235261307

220234308192121138113393219234-ICJOlOtJ

166102120221672207173162315412126110132

243.42C5. 5240.3

13,585

9, 4453,7461,8861, 3142,499

81955

2,523581

12,100

141144139

140142139

1,9051,805

272282330250235241317

211223292187116134107371196202182168102115230535188167214303409107103109

236. 02M. 9?32. 712,674

9,0213,4231,8621, 2982,488

82495

2,504572

11,200

144156135

139135142

1,8701,820

274274310249228234341

18819624015511312410831016616217116511011322740514215917526136810797114

229.0243.4226.713,424

8,7083,1061,8901,2962,41683

1,383

2,586664

11,868

155181135

130122135

1,9771,961

295256293231213211330

17117719516310411598230139135150166112114247273105161199239386118110123

231.4239, 5229, 513, 531

8,6743,0481,9281,3162,38285870

3,042860

11, 588

184224154

134128139

2,5332,418

364261299236206228323

1641711871469412082232144143148167123122242258120168214232371113108116

228. 5232. 213,075

8, 5433, 0441, 9661, 3G32,170

87535

2, 9091, 001

11,312

162171155

148152146

2,2502, 210

333282325253201260340

1671731921679512381231148148148162122123237252137158201220370117113120

234.1236.1230. 5

14, 272

8,5253, 0462, 0731,3912,015

882,056

2,5991,00412,846

139137140

144143144

1,8021,786

268282331250201252345

161167184164861316323214715014115910812822721795154188231378111113109

233. 5231.1229.313,047

8,1792,9382,0181,3961,827

901,122

2,6091,047

11, 719

131135129

150170135

1,6481, 534

231281351235187235330

1561601641029913580217151155140163107134242220107157198

' 233••384

117115118

231. 7227.8226. 1

12, Of.8

8, 0412. 9172, 0211, 4311,672

92525

2, 415995

10, 930

120107130

155162150

1, 4551, 383

208S05SCO2G8194317278

148' 151' 1374311013995190139144128

r 174113138247

••199

••98162211

••233••379137

"136138

234.7235.1230.413,199

8, 3603,2222,0751,4761, 587

941,386

2,402957

12, 059

11897134

149104138

1, 4201,370

206285348243207258281

164170182109120142108206141148123184125143251

••210'115161102

'234'382134119144

236. 42S9. 0232.6

12,960

8,5413,3182,1081, 4951,500

93'892

r 2. 507'927

11, 098

' 78'146

'131'119'140

'1,509' 1,419

'214'276'302' 259' 223'284'269

' 103174

' 191159

'129144

'122'225' 132

141109188145

' 144243

'249' 164M60

164'237'392

129114141

v Preliminary, r Revised.•New series. For a description of the indexes of the volume of farm marketings and figures for 1929-42, see pp. 23-32 of the April 1943 Survey; indexes since 1942 are from the

Department of Agriculture. Data for 1913-41 for the dollar figures on cash farm income are shown on p. 28 of the May 1943 Survey; revised monthly averages beginning 1940 based onannual data are as follows (millions of dollars). Cash farm income, total including Government payments—1940, 759; 1941, 979; 1942,1,335; 1943,1,668; 1944,1,753; income from market-ings—1940, 095; 1941,930; 1942,1,276; 1943,1,612; 1944,1,680; the monthly figures have not as yet been adjusted to the revised totals. Data beginning 1939 for the new series under indus-trial production are shown on p. 18 of the December 1943 issue.

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

G96891—46 4

S-2 SURVEY OF CURRENT BUSINESS July 1946

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

1946

May

1945

May June July August ^TeT1946

Janu-ary

Febru-ary March

BUSINESS INDEXES—Continued

PRODUCTION INDEXES—Continued

Jnduetria! Production—Continued

Unadjusted—Continued.Manufactures—Continued.

Nondurable manufactures—Continued.Manufactured food productst 1935-39

Dairy productstMeat packing _ _ _ _ __ _ _ _ .Processed fruits and vegetables*

Paper and productst - - - - -Paper and pulpt

Petroleum and coal productstCokePetroleum refiningt

Printing and publishing! - - - - - . -Bubber products!Textiles and productst- - - -

Cotton consumptionBayon deliveries"Wool textile production, _ _

Tobacco products

Minerelst------ .Fuels!

Anthracitet . . _._ . . „ _ _Bituminous coaltCrude petroleum._._ _ . . . _

Metals _ .

Adjusted, combined index!Manufactures _

Durable manufactures _ _ - - .Lumber end products .

Lumber _ _ . _ .Nonferrous metals _

-100. .dodo .

dodododododododododododo

dodododododo

dodododododo

Stone, clay, and glass products .doCement _ _ . . . doClav products*.. - «Glass containers . . . _ -

Nondurable manufactures _ _ »Alcoholic beveragesChemicals . _Leather andrproducts

Leather tanning*.. . _

dodo

dodododofin

Manufactured food products doDairy products doMeat packing . _ .Processed fruits and vegetables*

Paper and products .Paper and pulp

Petroleum and coal productsPetroleum refining

Printing and publishingTextiles and productsTobacco products _

Minerals _ _ _ >Metals .

Munitions ProductionTotal munitions*. ___ _ 1643

Aircraft*Ships (work done)*__ .Guns and fire control*Ammunition*Combat and motor vehicles*Ccmmunication and electronic equipment*Other equipment and supplies*

Manufacturers' Orders, Shipments, cInventories

New orders, index, totalt avg. month 1939Durable goods industries .

dodo. . . .dododododododo .

dodo

«100__dododod o -do

do

ind

=100-do

Iron and steel and their products... _ doMachinery, including electrical doOther durable goods

Nondurable goods industriesShipments, index, totalf

Durable goods industries

dodododo

Automobiles and equipment doIron and steel and their products . do"Norforrous metals and products

Machinery, including electrical - .Transportation eq uipment (exc. autos)Other durable goo ds industries

dododo

P 1 3 5

J>1201-64

9143P139

1269 2199 163

149246

164

*11691239 125

v 148

M60p 167•p 1 7 5

v 128v 122P 132

128P 1 4 3

213

P161

*236

P142

9 120P 1 4 4

9 138

1249 163'

163

»116

205218232278157198206209138183192233578220

146J-178

13297

142137273168289106224150142221146128

14114347

145152

22524032311810824816285

115220

173136319121115153

*133132149141136273289105150128

138110

104109

7575

15087

124132

186177191168170192269361287272288438

1,779230

150* 209

139107142137269163285105222150144220144145

147150129153151129

2?02333081161042191C695

121223

173139318127119151

9 143141139142137269285106150139

144109

95996966

12784

109127

195182177226154202268356270262277451

1, 735232

157*>212

131174134130

*'2G7165

99218132123220117133

145148117M6153125

2"!0222292110

196169

93117240

165193307109109147

» 148140134135131

»267

105132128

143109

84856353

1087194

117

186179176205162190247320247238232399

1, 594214

151#185

119165131129

*>240153

107193134123213127155

143146102144152124

18610423910798

16516097

110218

157173265108£8

138*146

133101131129

9 240

111134150

140105

5653463759403797

1335383

631812°2262182198191330

1 233199

166

134242144138

P 1 8 4152

110172144138215142169

137139114148138123

1671731949889

13916197

110243

156192239119112144

9 148141109143138

9 184

109144160

134106

269

3723118

1659

166121119111130194210216118194157272796190

153*• 120

133165143139

»156116

117191141128215147173

12o126120110133116

1621681869176

144161106116235

154201230112107143

9 145129128143139

9 156

115141167

124109

180160176158144193204203102182167267592197

151

171118142138

148

118192146133226150157

13414311215914180

168173191

9683

148158113119235

158216228116109150

155128142138

j? 174

114146154

138109

1831711811881461912022001191841922r-0529178

149

182108134131

v 172154

114205143125228149104

12613794

14213961

1631691856272

147164119124244

156212230111114153

9 131155138134132

9 172

112143112

133108

182r 173

174217137188197199' 9 4191183263626161

143

15563

133130

J - 1 6 6116

114215151138233153142

13414611415914460

1601631661C895

151172131144247

161231

' 224117115154

» 116131143183130

9 1C6

118151143

108

' 1 8 8' 1 7 6

165215156196

' 169' 8 8

' 140172199572176

144x>8517188

141137

9 16191

199

' 216159146234171148

13414912116014749

152154

' 1 3 9119108139

' 1 8 5149144255

' 166238

' 2?2133

1 f•<)9 1 1 7

17F140140

9 1G1

1°3If 9156

Ml

' 186r 179' 163

235' 152

189

r 1 ^' 8 1r Q2

' 163198492188

''1389 101

12984

148143

9 168151

129

102147241173152

1311451251CS13848

168173

' 1 8 3125117141

' 192152150251

' 165f 176' 232

134120155

9 122140153148143

9 1CS

127162161

138

' 193203

r 2 2 l240

' 155' 188r 199

98174107202

199

K138

120' 9 2146141

113

129' 219' 160

144' 2 4 5

168147

r 100' 108' 121

10144

9 52

' 165' 176r 191' 130r 123

132•; 191

152148243

r 163! 169

1301115' 1 5 2

" '9 129U30' ' 151:" 146

141

126160154

104v 82

20C21422£26S15C19.20C20413519C18492*5

547211

' EeviFed. » Preliminary. * Value of orders cancelled exceeded new orders received.•New series. Data beginning 1939 for the new series under industrial production are shown on pp. 18 and 19 of the December 1943 Survey. Indexes of munitions production have

been revised to incorporate corrections in the basic data and weights changed to unit prices in 1945 instead of 1943, as formerly; except for this change in weighting, the descriptionof the indexes published on p. 24 of the February 1945 Survey is applicable to the revised data; revised monthly averag es for 1940-45 are shown on p. 32 of the February 1946 Survey,revisions in monthly data published prior to the January 1946 Survey will be publjshed later.

tEevised series. For revisions for the indicated unadjusted indexes and all seasonally adjusted indexes shown above for the Industrie, production series, see table 12 on pr 18-20Of the December 1943 issue. Seasonal adjustment factors for a number of industries included in the industrial production series Fhown in th e Survey have been fmjd et 100 beginningvarious months from January 1939 to July 1942: date for these industries BTV shown only in the unadjusted series BF t i e "adjusted'" indexes are the same as the unadjusted TheIndexes of new orders were revised In the November 1945 Survey and the indexes of shipments were revised in the February and March 1945 issues; da ta for electrical machinery andother machinery, which were shown separately in the May 1946 and earlier issues of the Survey have been combined; data for 1939-44 for all serie s, except the combined indexesfor machinery are shown on p. 23 of this issue.

July 1040 SURVEY OF CURRENT BUSINESS S-3

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

1946

May

1945

May June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

BUSINESS INDEXES—Continued

MANUFACTURERS' ORDERS, SHIPMENTS,AND INVENTORIES—Continued

Shipmerttsf—Continued.Nondurable goods industries._avg. month 1939*= 100_.

Chemicals and allied products doFood and kindred products „ doPaper and allied products.. . .doProducts of petroleum and coal doRubber products ._._doTextile mil] products __ doOther nondurable goods industries do.,...

Inventories:index, total do

Durable goods industries _ doAutomobiles and equipment _ doIron and steel and their products... -doNonferrous metals and products* - .do . . . .Machinery, including electrical t doTransportation equipment (except automobiles)

avg. month 1939-= 100.Other durable goods industriesf - _do__._

Nondurable goods _ doChemicals and allied products .__. do.. _.Food and kindred products _.do_._.Paper and alHed products doPetroleum refining doRubber products _,._ do. . . .Textile-mil) products... .doOther nondurable goods industries do

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

204213206204178

200204

170.6184. 6230.8118.3148.1245.6

609.3112.1158. 4166.1153.8158.1116.8

156.0178.9

16,960

206217208182196333188203

163.1189.2223.0117.5145.5247.4

779.9105.3140.3152.8143.2133.6107.4178.3139.6157.7

16, 212

207217217186196333198192

162.7188.7217.4118.8145.4241.3

794.7104.9139.9153.5143.7136.0107.3178.7116.5156.5

16,167

196214221166199274154177

164.1187.3215.0121.2145.6239.6

791.5102.1143.7156.1154. 6140.0108. 8183.3118.1156. 3

16, 307

194201213173183255165184

164.3184.9171.4122.5145. 9237.3

821.6101.9145.7158.8156.1144.0110.8182.4115.7161.4

16,301

206199241183183200167197

164.6184.7173.2123.3145.6235.1

819.1102.7147.1159.9158.0144.9109.1177.4115.5166.2

16,364

205192

-236178153260167208

165.6181.7177.9123.0136, 3230.3

792.1103.1151.5161.2164. 5148.3111.7167. 7121.1172. 4

16,457

204201230183165212165207

166.5177.4175.3124.0134.1229. 9

686.7103.1157.0162.2177.1150.7113.6167.1127.6175.8

16,554

196189218167178292166189

163.9r 170. 5r 186. 9

119.6136.3218.3

594.0104.6158.0165.1177.1155.0111.7169.0130.2176.4

16, 295

195203218182161229178184

' 164. 7r 171. 2

190.8118.0135.2222.6

578.5106.2159.0164. 8169.7156. 6111.4173. 7135.9183.8

16, 399

••204213

••225185154242

' 187' 199

' 166.9' 174 .3

200.1120.2139.0226.2

587. 2106.0160. 5166.6166.6160.6112.4179.9

r 140. 7

' 186. 4

16, 559

'206'221' 216

196-•167

260M95••203

' 109. 3' 180.6

209.7•• 122. 3r 145. 4

235.8

615.4108.4159.4

'166.3' 161.3r 163. 4r 114. 0

186. 4147. 5180.7

16,829

221214199173

197208

169. 2181.6221.3119.9145.6240.6

593.3109.7158.3106. 9157.7161.1114.3

152. 5176.6

16,813

BUSINESS POPULATION

OPERATING BUSINESSES AND BUSINESSTURN-OVER*

(U. S. Department of Commerce)Operating businesses, total, end of quarter.. . thousands. -

Contract construction ._ . do __ManufacturingWho4esale tradeRetail tradeService industriesAll other

New businesses, quarterlyDiscontinued businesses, quarterlyBusiness transfers, quarterly

. do .do . . .dodododo . . . .do_ .do ___

INDUSTRIAL AND COMMERCIAL FAILURES(Dun and Bradstreet)

Grand total __ number .Commercial service .Construction . . . .Manufacturing and miniDg . .Retail tradeWholesale trade

Liabilities, grand totalCommercial service _ _ . . . .Construction. . _Manufacturing and miningRetail trade _Wholesale trade _

.dodo .dododo. .

thous. of doL-. . do .

dododo. .do

BUSINESS INCORPORATIONS

New incorporations (4 states) . . . number.. 4,634

7257

26286

2,20861

1021,771

17599

1,662

3,065.61C6.4249.4133.2

1 417. 7591.7507 287. 835.184.4

6155

19284

3,19813481

2,42051548

1,659

7299

19305

3,65982

1,1351,665

468309

1,631

5658

2117

51,166

21718659513335

1,817

3,134.1176.4255.5137.4

1,450.1602.6512 11C6.037.483.2

64165

24172

1,65842487

780347

20

2,072

623

1324148

3,114344225

2,194209142

2,861

6078

211410

1,26860

225721135127

3,010

i»3f 234.8v 189.1v 262. 5i»141.8

vl, £04. 2^619.8v 517. 4» 337.4v?S. 7»82.1

4252

23102

1,824372107

1,14112579

3,507

80128

35223

4,3722,279

1551,677

24516

5,521

92131429279

2,983748215874258888

4,191

868

10411710

4,421902436

2,285269529

4,774

8157

342510

3,78540

1332,734

249629

4,843

COMMODITY PRICES

PRICES RECEIVED BY FARMERS!

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

Crops doFood grain doFeed grain and hay doTobacco doCotton .doFruit _ .doTruck crops _ _ doOil-bearing crops do

Livestock and products doMeat animals doDairy products doPoultry and epgs do

2112151981883f.9194248177214207226198173

200198172161363165227193216202217192179

206210173162364169237269217203216191189/

206207169161364171237244221205215192197

204202167158367172214240215206212195207

197191167157365175217159213203207197201

1S9186175160373180219181210202202199204

205203178161375182217235213206203202218

2072061781623781842302232132C7204204222

2062071791643751802252492132C4206203197

207213180166368186233275212202214202168

2092151851713671832292832082032192011C7

212220185171368190244282210205225199166

r Revised. » Preliminary.tData for electrical machinery and other machinery, formerly shown separately, have been combined; data back to 1939 for the combined index are available on request.•New series. Data for inventories of nonferrous metals and their products were included in the "other durable goods" index as shown in the Survey prior to May 1943 issue,

revised figures for the latter series and the index for nonferrous metals beginning December 1938 are available on request. For the estimated values of manufacturers' inventoriesfor 1938-42. see p. 7 of the June 1942 Survey and p. S-2of the May 1943 issue. The series on operating businesses and business turn-over have been revised beginning 1940, see pp.21-23 of the May 1946 issue for data prior to 1945.

tRevised series The indexes of shipments were revised in the February and March 1945 issues; data for 1939-44 are on p. 23 of this issue.. The indexes of prices receivedby farmers arc shown on a revised basis beginning in the March 1944 Survey: data back to 1913 will be published later. Data for June 15, 1946, are as follows- Total 218: crops, 223;food grain, 200; feed grain and hay, 195; tobacco. 370; cotton, 210; fruit, 261: truck crops, 185; oil-bearing crops, 219; livestock and products, 213; meat animals, 230; dairy, 207; poultryand eggs, 178. See note marked " • " in regard to revision of the index of inventories of "other durable goods" industries.

S-4 SURVEY OF CURRENT BUSINESS July 1946

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

1946

May

J945

May June July August Septem-ber

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

COMMODITY PRICES—Continued

COST OF LIVING

National Industrial Conference Board:$Combined index.. ..... 1023 = 100..

Clothing . . . ..doFood , . . . doFuel and light doHousing....' ____ ...do.....Sundries _ . . . . ... _ do.._

Consumers' price index (TJ. 8. Dept, of Labor):§Combined index . . . . . __] 935-39=100...

Clothing _._.do_. . .Food.. _. .__-_-..._ do___.Fuel, electricity, and iee_-, do

Gas and electricity* doOther fuels and ice* do

Housefurnisbings.. , doBent '.___—_-•_„„ __._. doMiscellaneous. , do

RETAIL PRICESD. S. Department of Commerce:

All commodities, index* .-1935-39*100.U. S. Department of Labor indexes:

Anthracite _ 1923-25=100..Bituminous coal doFood, combined index 1935-39=100..

Cereals and bakery products' _ doDairy products* _ _ do__.Fruits and vegetables*..-. do_._Meats* .___.. _ cio

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

Apparel:Infants' doMen's. -_._._..._ ____I._____do___Women's „„__ do. . .

Home furnishings doPiece goods _,_. _______ IldoIII

131.5155.4142.6

WIIO L ESA LE PR IC E SU. B. Department of Labor indexes:

Combined index (889 series) 1926=100...Economic classes:

Manufactured products do.Raw materials ...do.___Semimanufactured articles do

Farm products do.Grains doLivestock and poultry .____._____do____

Commodities other than farm products »_.do_I._Foods _ do.

Cereal products. do.Dairy products doFruits and vegetables .doMeats „ do

Commodities other than farm products and foods1926 -100-

Building materials _ _ .—.do.Brick and tile ______~"do~Cement lido'.Lumber _____I_-___do_Paint and paint materials lllllllldollll

Chemicals and allied products! doChemicals.. do__I_Drugs and pharmaceuticalsf l.llldollllFertilizer materials.... ._ doOils and fats d o "

Fuel and lighting materials ~""doElectricity..... doGas ____do___.Petroleum products... »__do

Hides and leather products doHides and skins _ doLeather """do""""Shoes ._ llllllllldol'll

Housefurnishing goods doFurnishings.. l.llllldoFurniture I.doIIII

Metals and metal products do""""Iron and steel II_do___~Metals, nonferrous. doPlumbing and heating equipment.. I*. IlldoIII"

Textile products.. doClothing _._I"~doCotton goods __ do____Hosiery and underwear doRayon. _. llldo'll'Woolen and worsted goods do

Miscellaneous " d o " "Automobile tires and tubes. I do

xxru i Paper and pulp I___-_-_II__do____Wholesale prices, actual. (See respective commodities )

110.392.2

152!(0126.3

145.6

108.7108.6142.6115. 2138.6185. 7133.4

114.5

108.1106. 2114.7117.0113.1

111.0

106.1123.6101.9137.5148.1134.9105.1111.5100.3117.0140.6110.5

103.9127.8120.5102.6172.5108.296.597.9

112. 481.9

102.186.1

63.5120.4120.7104.0128.9108.3113.4102.9109.4107.889.0

100.8108.8119. 6138.675. 730.2

112.797.073.0

115.3

IOC. 294.9

112.796.291.0

115.5

128.1144.6138.8110.095.2

124.4145.4(')123.9

141.0

98.7106.6138.8109.0133.5.182.6131.6

113.4

108.2105.4113.5115.6112.0

106.0

101.8117.795.0

129.9129.1135.5100.6107.095.4

410.6131.4108.6

99.4117.3110.799.4

154.9106.494.995.8

106.881.9

102.083.758.576.464.2

117.9117.0101.3126.3104.5107.5101.5104.398.485.992.499.6

107.4119.771.530.2

112.794.873.0

109.0

106.9P4.7

114.896.391.0

115.5

129.0145.4141.1110.095.2

124.5145.8

1 108. 3124.0

142.1

98.9107.1341.1109.1133. 4192.6131.6

113.4

108.2305.4113.5115.6112.0

106.1

101,8118.295.4

130.4130.2134.4100.7107.595.5

110.5134.7108.3

99.6117.4110.999.4

154.9106. 395.095.9

.=.09. 5feO.4

102.083.959.678.064.2

118.0117.3101.3126.3104.5107.5101.5104.799.185.992.699.6

107.4119.771.530.2

112.794,873.0

109.0

106.994.6

114.997.3C1.0

115.3

129.4145.9141.7111.295.2

126.7145.60)124, 3

142 4

106.0107.2141.7109.1133.4191.8131.6

113. i

108.2105. 4113.7115.5112.0

105.9

101.8117.595.3

129.0128.6133.3100.7106.995.3

110.5130.3108.0

99.7117.5111.799.4

155.1106.195.396.1

110.281.1

102.084.360.377.864.2

118.0117.6101.3126.3104.5107.5101.5104.799.185.992.699.6

107.4119.771.530.2

112794.873.0

109.0

106.694.6

113.997.591.0

115.4

129.3146. 4140.9111.495.2

127.2146.00)124. 5

142.2

106.1107.4140.9109.1133.4183. 5131.8

133.5

108.1105. 4113.8115.6112.0

105.7

101.8116.395.5

126.9126.4130.7100.9106.495.1

110.6124.3107.9

99.9117.8111.699.4

155.3107.395.396.1

110.281.1

102.084.861.578.064.2

118.0117.8101.3126.3104.5107.5101.5104.799.185.893.499.6

107.4119.771.530.2

112.794.873.0

109.3

106.294.6

112.997.491.0

115.3

128.9148.2339.4130.795.2

125. 7146.8

» 108.3124.6

142.0

106. 3107. 4139.4109.1133. 4172.5131.6

113.5

108.1105.4113. 9115.7112.0

105.2

101.7114.896.5

124.3126.6128.5100.9104.995.1

110.3117.5107.9

99.8118.0112.499.6

155.0107.695.396.1

110.281.1

102.084.165.580.262.6

118.7118.1103.8126.3104.6107.7101.5104.999.685.795.0

100.1107.4121.371.530,2

112.794.873.0

109.3

106.3?4. 9

112.81*7. 4

n.o115.4128.9148. 5189.3110.5' 94.8125.7146.90)124.7

141.8

106.2107.5i39.3ioe.1133.3172.5131.0

113. 6

108.1105.4133.9115.7112.0

105.9

101.9116.696.8

127.3130.2130.5101.0105.795.3

110.4116.3107.9

100.1118.3115.299.9

155.2107.695.596.4

120.381.9

102.084.266.779.862.1

118.6117.6103.8126.3104.7107.9101.6105.099.885.795.0

101.0107.4125.071.530.2

112.794.873.0

109.3

106.794.9

113.fi96.991.0

115.5

129.3148. 7140.1110.194.0

125.8147.60)124.6

142.2

106.2107.5140.1109.1135.9172.3131.0

133.5

108.1105.3113.8115.7112.0

106.8

102.2118.996.9

131.1132.9131.8101.3107.995. 5

113.2123.8107.9

100.2118.7116.7100.1155.5107.795.796.7

110.781.9

102.084.668.079.161.7

118.8117.6103.8126.7104.7107.9101.6105.2100.285.895.0

101.1107.4125.171.530.2

112.794.873.0

109.3

107.194.9

114.997.191.0

115.7

129.9149.4141.4110.394.0

126.1148.3

i 108.3124.8

143.1

107.2107.6141.4109.2136.2177.3131.2

113. 6

108.1105. 3113.8115.7112.0

107.1

102.5119.297.6

131.5133.2129. 6101. 6108.695.7

113.8128.7107.9

100.5119.5116.7100.5157.8107.896.197.1

112.381.9

102.084.868.777.761.6

118.9117.6104.1126.9104.7107.9101.6105.6101.085.895.0

101.4107.4125. 573.530.2

112.794.873.0

109.3

129.9149. 7141.0110.893.8

' 127. 3148.80)125.4

r 143. 1

108.2108. 6141.0109.4136.4180. 8131.4

133.5

108.0105.3113.8115.7111.8

107.1

102.9118.397.6

129.9133.8131.5101.9107.395.8

115.0125.7108.1

100.8120.0116.9101.1158.5107.896.097.1

112.181.9

101.784.969.277.461.5

119.4117.6103.8127.9106.2109.7102.8105.7101.285.795.0

101.6107.4125.675.230.2

112.795.373.0

112.0

129 6350.5139.6111.093 8

127.8140.70)125.6

r 142. 9

108.6308.6139.6109.8136.6181.1131.3

113.5

108.1305.3113.7115.7111.8

107.7

103.4118.998.8

130.8133.9132.7102.5107.896.1

115.8127.5108.1

101.3120.9116.9101.5160.1107.895.997.0

111.581.9

101.885.171.379.161.6

119.6117.6103.9128.2106.5110.1102.9106.6103.385.795.1

102.2109.4125.875.330.2

112.795.673.0

113.7

106.7m 8 i

113.897.491.0

115.9

130.2153.1140.1110.592.9

127.7150. 2

not A125.9

' 143.7

108.6108. 6140.1 I110.3137.0183.4131.3 I

113.6

108. 2105. 3113.7115.9112.0

108.9

104.5JL-.U. O

100.4133.4136.7133.5103.4109.496.2

116.1133.1109.6

102.2124.9117.4102.5167.6107.896.097.0

111.781.9

102.185.068.379.661.2

119.8117.6104.0128.6106.9110.9102.9108.4107.086.195.1

104.7109.5132.9

75.530.2

112.795.673.0

113.7

101.135. <137. (135.104.,110. \99.^

116.^138..no.:103.:126. £119. £102.4171.41C8. C96.197.1

112.481. €

102.186.1

79.762.8

119.S117.6104. C128. C107. _112.1102. _108. .107.4

87.1100. .107. .117.4137. €

75. £3 0 . .

112.795.773. C

113. S

held constant in cities not surveyed during quarter.

August 1943 Survey; minor revisions have been madei'"gl923for the indexes of retail prices of the food sub-

, , ^ shown separately. Data

July 1043 SURVEY OF CURRENT BUSINESS S-5

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

1946

May

1945

M a y June July A t s Septem-August | b e rOcto-ber

iNovein-ber

Decem-ber

1946

January

Febru-ary March April

COMMODITY PRICES—Continued

PURCHASING FOWER OF 7HE DOLLAR

As measured by—Wholesale prices 1936-39=100—Consumers' prices _ doRetail food prices . do.__.Prices received by farmers!-- do

72.76.70.50.

5004

75.078.171.953.2

75.77.70.51.

9586

7577.70.61.

9356

76.177.370.952.1

7677.7154.

5661

75.77.71.53.

9f>75

75.377.371.351.9

75.177.070.651.4

75.77.70.51.

1086

74.777.271.551.4

73.876.871.350.9

73.076.470.550.2

CONSTRUCTION AND REAL ESTATE

CONSTRUCTION ACTIVITY*

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

Residential (nonfarm) doNonresidential building, except farm and public

utility, total mil. of dol._Industrial do

Farm construction doPublic utility . . . do . . . .

Public construction, total doResidential.. _ -_.._._doMilitary and naval _ doNonresidential building, total- _do

Industrial. do._._Highway-.- - doAll other.. do

CONTRACT AWARDS, PERMITS, ANDDWELLING UNITS PROVIDED

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

Residential, unadjusted doTotal, adjusted _ ._ ...do

Residential, adjusted _. do..Contract awards, 37 States (F. W. Dodge Corp.):

Total projects number__Total valuation.__ thous. of dol_.

Public ownership doPrivate ownership do

Nonresidential buildings:Projects number..Floor area thous. of sq. ft__Valuation. _ _ thous. of dol_.

Residential buildings:Projects— number..Floor area -thous. of sq.ft._Valuation. thous. of dol_.

Public works:Projects number..Valuation _ thous. of do]..

Utilities:Projects number..Valuation thous. of dol__

Indexes of building construction (based on buildingpermits, U. S. Dept. of Labor):}

Number of new dwelling units provided-1936-39=100..Permit valuation:

Total building construction doNew residential buildings __doNew nonresidential buildings. do__~_Additions, alterations,.and repairs do

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

Total nonfarm* number. .Urban, total K do

Privately financed, total do1-family dwellings do2-family dwellings doMultifamily dwellings do

Publicly financed, total doEngineering construction:

Contract awards (E. N. R.)§ thous. of dol__

HIGHWAY CONSTRUCTION

Concrete pavement contract awards:!Total ..thous. of sq. yd_.

Airports __doRoads ._ doStreets end alleys _ do

828689299

290134307013914142364840

*217*>247*181v 209

63,188952, 418196,832755, 586

4,87845,285290,963

56, 26474,992

463, 600

1,684156, 626

362"41, 229

264.7

207.2319.7116.5189.0

71,77045,90942, 87635, 6452,7394,4923,033

560, 244

5,15299

3,3551,698

38917837

6644205521196097832421

70245820

12,916242,523147,62694,897

3,00413, 56987,414

7,43610,23747,206

2,03171,239

44536,664

72.9

77.1'70.1'67.4118.1

18,70012, 65011, 2229,517934771

1,428

164,956

2,0661,030690345

41020147

7550235620995989732923

59245022

12,751227,29881,717145,581

4,22413,744

• 90,479

6,1847,71641,779

1,91540, 454

42854, 586

78.3

83.378.957.7159.1

22,30013, 62611,98810,437

5501,0011,638

190, 614

2,0921,123592377

42122658

8053305819576776602926

61245423

12,289257,691108,447149, 244

4,08921,350121, 561

6,2778,38546,273

1,56652,855

35737, 002

91.8

96.789.683.3147.1

23,30015,91312,95610, 464

9821,7102,957

170,984

4,1972,901554743

43524365

8758316019275666493429

65246124

11,416263,60867,452196,156

4,11322,656143,353

5,8957,613

42, 711

1,14344,379

26533,165

75.3

99.084.188.6159.1

20,40013,05912,91511,206

6261,083144

213,960

1,981248703

1,030

40725671

9863246315134241223629

70266926

12,004278,26243,346234,916

4,73132, 700181,033

6,1408,58742, 580

89335,875

24018,774

84.3

109.691.599.3176.6

21,80014,61914,61912, 567

8452070

235,155

1,18725734428

42427081

11370146215434241203632

78358336

13,342316, 57160, 554256,017

5,01235,330195, 626

7,32511,75459,886

76840.908

23720,151

112.4

152.3137.5142. 5210.8

' 30,10019, 49619, 49616, 582

8572,057334

23S, 436

1, 56358

1,087418

43830998

13880106312923431123131

83429444

15,481370,08760,819309, 268

5,33239,871207,671

9,29715,91188,374

59043, 214

26230,828

117.7

149.4143.4141.7181.9

' 31, 90020, 41720, 41717, 4211,0691,927450

315, 709

2,071242

1,121708

443345116

162915659521826102128

864810856

14, 298330,68561,821268, 864

4, 45037,656193, 589

9,19017,11586,134

47836,126

18014, 836

111.0

172.3149.5195.4163.8

' 29,50019,25619, 25615,4941,2412,521780

238, 009

2,13065

1,829237

477389136

19110285488218'2591826

875010761

15, 332357, 50146, 715

310, 786

4,70036, 335217, 587

10, 07118, 57289, 715

36626,841

19523, 358

159.2

175.2187.6159.7187.9

'43,28430,09725, 91821,7861,3092,8234,179

348, 277

1,641209946486

510432159

21411285178'313

'21719

'22

1178513695

16,772387,39956,449330,950

4,64837,839220,598

11,46918,423102,079

41537,687

24027,035

189.9

205.9215.0190.8224.9

' 48,10033,12628,50324,0721,7922,6394,623

248,025

1,81943

1,475301

602504195

236118145998513248

'27'29

148135147129

42, 573697, 593146, 404551,189

7,41650, 631278, 725

34, 06649,198275, 241

815120, 230

27623,397

319.1

423.6407.7444.3406.5

82, 881' 55, 394r 50,066' 41, 785' 2,683r 5, 598' 5,328

383,981

2,90670

2,211626

706589244

2621252063

1178

1522

63834

••194' 2 0 1'170'172

52, 733734, 911127, 016607,895

4,76941, 676

236,182

46,652' 65, 530370, 590

1,03995,964

27332,175

'294 .0

' 235.6' 352. 7r 140.7' 218.5

' 77, 300' 50,974

45, 41839, 000

2,5713,847

' 5, 556

536,190

4162,510'

978-

v Preliminary. ' Revised. § Data for May, August, and November 1945 and January and May 1946 are for 5 weeks: other months, 4 weeks.% Data published currently and in earlier issues of the Survey cover 4- and 5-week periods except that December figures include awards through Dec. 31 and January figures begin

Jan. l; beginning 1939 the weekly data are combined on the basis of weeks ended on Saturday within the months unless a week ends on the 1st and 2d of the month when it isincluded in figures for the preceding month (exceptions were made in the case of weeks ended Apr. 3, 1943, and Feb. 3,1945, which were included in the preceding month).

1 Revised 1942-43 data for urban dwelling units are available on request. Data for publicly financed units, shown separately beginning in the May 1946 issue of the Survey,were formerly included in the 1-family classification; they have not been reported by type of dwelling since April 1943 but have been almost entirely 1-family since that date. Thesedata and the indexes of building construction above, based on permits issued or Federal contracts awarded during the month, prior to 1945, are considered a measure of constructionstarted during the month; in recent months critical shortages of building materials and limiting orders have caused considerable delays in the start of construction, or, in some cases,abandonment of the work; the data since the beginning of 1945 should therefore be considered as volume of construction for which permits were issued or contracts awarded ratherthan volume started during the month.

•New series. Estimates of total nonfarm dwelling units include data for urban dwelling units given above and data for rural nonfarm dwelling units which are not shown sepa-rately; monthly estimates are now available corresponding to the quarterly estimates shown in the November 1942 to October 1945 issues of the Survey; the monthly figures beginningJanuary 1939 and annual totals for 1920-38 will be published later. The data on new construction activity since the beginning of 1944 are joint estimates of the U. S. Departmentsof Commerce and Labor; several of the component series have been revised recently, the revisions extending in some cases back to 1929; data beginning May 1945 have been revisedabove; monthly data for January 1939-April 1945 and annual estimates for 1915-38 are available upon request.

tRevised series. The index of purchasing power of the dollar based on prices received by farmers has been shown on a revised basis beginning in the April 1944 Survey. Theinstruction have been revised for January 1940 to October 1944; revisions are available on request; see also note marked "\" concerning recent data.indexes of building con

S-6 SURVEY OF CURRENT BUSINESS July 1946

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

1946

May

1945

May June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary

jMarch j April

CONSTRUCTION AND REAL ESTATE—Continuedi

CONSTRUCTION COST INDEXES

Abertbaw (industrial building) 19*4«=100American Appraisal Co.:

Average, 30 cities - . 1913«=10O__Atlanta - do___.New York . - do......San Francisco - doSt Louis do

Associated General Contractors (all types) -doE. H. Boeckh and Associates, Inc.:

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

Atlanta _ U . 8. average, 1026-29-100..New York - d o . . . .San Francisco - --doSt Louis - . do .

Commercial and factory buildings:Brick and concrete:

Atlanta - - do

Pan Francisco - doSt Louis . . . . ___-d(>.

Brick and steel:Atlanta - - -.doNew York .._—_ - . . d o . . .San Francisco - ----doSt Louis -- - - . - . do

Residences:Brick:

Atlanta - - - do ....

St Louis do_._.Frame:

Atlanta doNew York . _ ... ... doSan Francisco - do. _St Louis _ . . . . . - do

Engineering News Record:Building cost* . . .-.-1913=100.-Construction (all types) do

Federal Home Loan Bank Administration:Standard 6-room frame house:!

Combined index 1935-39*= 100 -Materials doLabor do

REAL ESTATE

Fed. Tious. Adisn., home mortgage insurance:Gross mortgages accepted for insurance ..thous. of dol.Premium-payiog mortgages (cumulative).mil. of dol._

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

Estimated new mortgage loans by all eatings and leanassociations, total thous. oi doL

Classified according to purpose;Mortgage loans on homes:

Construction , _._.-..--..do. ...

Refinancing . _ doRepair? an< reconditioning „ _ do

Loans ff>r HU otb^T purposes doloans outstanding of agencies under the Federal ilon>e

Loan Bank Administration:Federal Savings eud Loan Associations, estimated

mortsa^es out^tapdirifrt mU of dolFederal Home Loan Banks, outstanding advances to

member Institutions . - - - mil. of do]. .Home Owners' Loan Corporation, balance of loans

ont-t^nd^DP mil . of do'1 _Foreclosures nonfarm index adjustedf 1935-39—100Fire losses---- . _ . , - thons. of dol_.

310332318283300

249.0

133. 5177.9156.2159.9

131. 2179.7156.9163.8

131. 5175.1156. 6159. 5

144.91R0. 71 f,8. 0165.8

147. 4181.03 5fi. 5165. 0

264. 2347. 9

143. 5139.2152.3

46,1136,679

964, 438

361, 298

62,189243, 45824, 4516, 954

24, 246

173

753

46, 094

268274270243259

229.3

122.6155.8145.0146.8

122.2157.5147.2149.2

123.0154.9147.9145.1

131.6159.5146. 3153.2

133.6161.1144.4154. 3

239.4309.0

136. 8133.4143.8

41,8396,262

487, 435

163,079

13,032120, 244

15,8873, 396

10, 520

51

9859.1

34,153

232

269275271243259

229.4

123.6156.6145.0147.6

123.0158.1147.2149.8

123.8155. 5147.9145.7

132.4160.1146.3153.8

134.4161. 7144.4154.9

239.6309.0

137.0133.5143.9

38,7036,302

487,041

167,311

17, 567116,79817,147

3,36412, 435

2 165

132

£0510.0

34,099

270276271244266

230.0

123.6156.4145.0147.6

123.0157.9147.2149,8

123. 8155.0147.9145.7

132.4160.1146.3153.8

134.4161.7144.4154.9

239.9309.1

137.2133.8144.0

20,2366,339

469,269

160,399

17. 058112, 76115,622

3, 35111,007

122

9458.3

34, 054

271276272245268

230.0

123.6157.1145.0147.6

123.0158.6147.2149.8

123.8155.7147.9145.7

132.4161.1146.3153.8

134.4162.3144. 4154.9

240.0309.3

137.4133.9144..4

28,7616,372

489,389

173,C63

20,730120, 55717,1463,971

11, 259

112

9258.9

34,096

232

272279272245270

231.0

124.8157.9145.0149.1

124.2159.4147.2150.9

124.0156.7147.9148.0

134.1162.6146.3154.8

135. 3163.0144.4155.4

240.4309.3

138.0134.1145.9

23,6676,401

464,157

162, 433

16, 375113,10316, 7863, fc80

12,1S9

2, 255

100

8.532,447

276285275248275

232.5

124.8159.2145.7149.6

124.2ICO. 6147.6151.3

124.0158.1148.6148.4

134.1164. 5147.3155.2

135. 3164.1144.9155.8

240.6309.3

138.4134.6146.1

35,1026,436

555,893

196, 379

23,085135 224

IS, 7514, 857

13, 562

87

8878.2

34, 470

278287275248275

238.0

125.1159.4145.9149.9

124. 4160 7147.7151.5

124.4158. 2148. 7148.8

135.5165.1148 0156.6

137.1165. 0145.8157.6

240.8313.5

139.0135.0147.1

32, 7106,468

560,180

198,159

24, 481135 68519,4114, 48.7

14, 095

97

8G99.0

37, 3C3

248

282292280248278

239.0

127.4169.8146.7150.8

127.3170 4148.3152.6

127.0167.0149.3149.5

137.9173.1148 6157.7

138.4173. 7146.4158.3

242.2316.3

139.2135.2147.3

32, 5986,499

527,424

187, 710

22, G22129' 557

17 8483,958

13, 425

2 389

195

8527 9

49, 4*78

283293280249278

241.0

130.4169. 8149. 2150.8

128.9170 4151.1152.6

128.9167.0150.3149.5

140.8173.1150 6157.7

142.6173.7147.7158.3

243.9319.5

139.6135 5147.8

38, 7226,538

634,117

216,842

30, 807145 34221 372

3, 80315, 518

174

8318.8

40, 808

286303281261280

245.0

133. 6172.1151 8151.1

129.3172 9151.8152.8

129.3169.0152 3149.9

141 2174 91*4 0158 8

143 0175.6153 0159.5

245.4323.8

r 140 3r 136 3

148.! 3

34,5436, 569

618, 763

225, 519

30, 866154 21919 8014, 217

10, 416

165

8137.8

51, 759

258

294314298273288

247.0

131.3172.9153 8152 7

129.5173 5154 6155. 0

130 1169. 6154 5152.1

141 2175 5155 3159 5

143 0176 215? 7159. 8

334. 6

141 0r 127 -[

148.8

42, 3776, G03

765, 973

300,163

45, 391209 C:f>524 244

0', ] 9821,835

9 572

153

7948.3

53, 252

303325313279296

247.0

133. 2177 4155 7154 3

131 0179 3156 5155 8

131 3174.7156 2J53 1

144 7180 3157 6162 2

147 2180 6156 1163.0

257 3339.7

142 1138 0150.3

45, 513•• 6, 639

8S7, 266

342 999

53, 202235 877

24 8820, 796

22, 242

156

773

52,153

DOMESTIC TRADE

ADVERTISING

Advertising indexes, adjusted:!Printers' Ink, combined index 193B-39-=lC0.

Farm papers _.._._ ... do. . . -Magazines „ , . ,_do_.._Newspapers.— - -doOutdoor ..._._ doRadio- . do.__.

Tide, combined fndex* doRadio advertising:

Cost of facilities, total _. , tbous. of do!..Automobiles and accessories „ . . . . . . do . . . . .1Clothing.. . . _ - . _ . . . - . - . . . _ - « . . . _ . . . .do.-_JElectrical household equipment.... do |Financial do jFoods, food beverages, confections.... do>.__|

157.8179.9

16. 808

192301345

4, C77

127.9145.1158.7100.0140.0289. 5141.6

16, 343803193204233

4,513

131.0158.6170.6100.3156. 7801.5147.2

15, 217711176197263

4,002

144.9170.6205.5111.0154.7315.1165.8

14, 762645125218229

3,034

151.7173.4214.0117.7158.7317.0179.8

14, 521516128210261

3,933

144.11S5. 3189.5110.7175.1321.1171.8

15, 317501211296308

4,079

141.3180, 4200. 3111.5153.3268.2162. 9

16,689779208314287

4,502

149.1192. 2193.2118.4202.0283. 3168.4

16,776788214266327

4,420

139.4201.9207.4105. 3218.1273.7162.5

17,179928257S01305

4.312

157.7177.6203.8127.2222.6279.8183.0

17, 449884224351308

4,473

151.9161.5176. 2122.8216. 7298. 5175.0

15,758815209325293

4,102

If2. G159.6173.1127.2Ifi7. 2273. 8104. 5

17, 273922ISO803?-43

4,483f Revised. JMinor revisions for January 1939-July 1942 are available on request."New series. F d i t i f th i f t d d d

h

y y a o equest.For a description of the scries on nonfarm mortgages recorded and data for January 1939 to September 1942 see p. S-5 of the November 1942 Survey. For a brief

description of the Tide index of advertising see note marked "*" on p. S-6 of the April 1946 Survey; data beginning 1936 are available on request. The Engineering News Recordi d f b i l d i cost is computed in the same manner as the construction cost index which is described in the 1942 S u p p l e m t t the S t t h t ki l ld l b i b t i t t d

p g a e d on p. S 6 of the April 1946 Survey; data beginning 1936 are available on request. The Engineering News Recordindex of building cost is computed in the same manner as the construction cost index which is described in the 1942 Supplement to the Survey, except that skilled labor is substitutedfor common labor; data beginning 1913 will be shown later.

f Revised series. The index of nonfarm foreclosures has been revised for 1940 and 1941; revisions are shown on p. S-6 of the May 1943 Survey. IndexInk have been published on a revised basis beginning in the April 1944 Survey; revised data beginning 1914 will be published later. The indexes of cohouse are shown on a revised basis beginning in the April 1946 Survey; see note in that issue; revisions beginning 1936 will be shown later.

July 1946 SURVEY OF CURRENT BUSINESS S-7

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

1946

May

1945

May June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March | April

DOMESTIC TRADE—Continued

ADVERTISING—Continued

Radio advertising—Continued.Cost of facilities—Continued.

Gasoline and oil .thous. of dol.Housefurnishings, etc do___Soap, cleansers,""etc do__.Smoking materiaIs do_ _ _Toilet goods, medical supplies do_._All other do._-

Magazine advertising:Cost, total 1 d o . . .

Automobiles and accessories d o . . .Clothing do___Electric household equipment do__.Financinl do___Foods, food beverages, confections do___Gasoline and oil do.__Housefurnishings, etc do__.Soap, cleansers, etc do_ _ _Oflice furnishings and supplies do___Smoking materials do___Toilet goods, medical supplies doAll other do

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

Lineage, total (52 cities) doClassified do . . . .Display, total do

Automotive doFinancial doGeneral doRetail do_I_.

GOODS IN WAREHOUSES

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

POSTAL BUSINESS

Money orders:Domestic, issued (50 cities):

Number thousands..Valuo ..thous. of dol—

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

CONSUMER EXPENDITURES

Estimated expenditures for goods and services:*Total mills, of doL.

Goods doServices (including gifts) do

Indexes:Unadjusted, total _._ 1935-39= 100Goods doServices (including gifts) do

Adjusted, tots 1 doGoods __do__I.Services (including gifts) do

R E T A I L T R A D E

Ail lot ,il s t o es fK s t r i . i U U«!o, f total mi l l , of d o l . .

U u t b l e g o >u^ sf<>ie d o

\ t 1! m i l l ' H l O , . p d O . " I

v i o i o i \ < > ' ) u " -> d o

i ' ) K u i d t v««-M)ru ' s d o

t u i i H i i i L T>K t v n l s . M d H a u l " d i e . . . d o

l j ' i i 1 i i ' i g i . i i t c n «li> d o

1 a i r ' i , i - | i » ' i • , [ S d o

I I i ' \ " . d o —

III) 'H Ml.n Mi " s 'M(,l,'-) dOJ ii ' iut I I 1 u r n iVM^fCrr j i i -h in^s d olln i • ' ol I d p p n u i i L a i i d r . i l io d o

Jo\v( li \ st >'ts d oN o ' w i i. l ^ i r o j ' i s t > i o _ d o

A ' D ' - ' i ' i " ! ' 1 ' d o — _\ ' i n ' - 1 lot u i n ° a i i d f inn^iM' iwS d o

Vv') IH u s i[)p • ( ! ' i n l ' U t e s v j i K s d oi i " i ' l . , a n d oiMei j p j u u L d oSlioos do

Drug ^ ms do1 . i i ' ig i 1 di i il pig pi ite5- . doI \ . » K r . > >•) d ) _d'K ^ uid i Uilun iAu i doOl1 (i K) j i . do

Fi'ln1 ^ uris do

535173

1,4821,33 65, 3001,688

31, 9931,7713,276855583

3, 893559

2,420655618754

5,15411,4534,271

143,69135,143

108, 5483,4792,159

22,31580, 595

86.0

4,729105, 671

14,154190, 934

7,8531, 561

5414171245363226215238528210399

6, 20270417032093

97(1,4>4

581173

1,0901,4895, 0082,056

24, 9872,0052,092

779474

3,306535

1,520677495826

4,1408,1393,753

117, 31827, 59489, 724

2,5231,836

20, 38864, 978

87.8

5, 990161, 378

13, 392224, 562

6,15493826218279

357209481002371904882

5, 21650712227778902H( >1

1,0!)

J'M

562162

1, 0591, 3634,8591, 774

23,9562, 0411,544826441

3, 056523

1, 344554405662

4,2808,2813,315

107, 53226, 33881,1942, 2311,46618, 97358, 524

87.!

5,371147, 207

13, 409216, 969

25, 48017,175r 8, 305

604148

1,1471,2964,5391,877

20, 3352,005706576355

3,277481569407306660

3,7367,2573, 528

101,83226, 62975, 2032,3782,22317, 77652, 826

173. 3183.5155. 6172.8182.7155.5

6,113199, 536

12,142202, 383

571148

1,1851,2354, 4951,839

22, 0282,1241,732699408

2,822471806463347635

3,6457,8764,124

110, 94227, 52583,4172, 5801,581

18, 00661, 251

5,847196,041

12,161209,346

6,30496528319489

368216

471042321844982

5, 339' 604

148209

86- 121")

1 ,'i1, '

2 i

5, 98592127718789

3542104698

2191085172

5, 064484105223

6987

211

1 < *)

i i* '

2 S

6, 3209402901949635922240972181655373

5, 38155*5110206

1 711, «>

584164

1,1921,2594,7471, 976

28, 7012,3972,970'886506

3,605561

1,630497639829

4,4319,7504, 745

121,09427, 92193,1733, 0331,726

21, 89066, 524

90.4

4,383171,036

11, 606195, 669

26, 26017, 930r 8,330

'178.7191.5156.1180.:193.4156.9

6, 39894628619393

3632283898

2241715372

5, 45265615030892106

943724298425282

610149

1, 3471,3375,4621,994

31, 6492,6833,0261,135622

3,962430

1,969520674

1,0615,315

10, 2515,094

136, 95029. 626

107, 3233,9472,272

26,03275, 072

90.4

5,956214,157

13, 482218,155

592166

1, 3061,2735,3182,076

30, 5972, 3442, 5791,187

5243, 944436

1, 761554617

1,0315,197

10, 4234,804

140, 76128,120

112, 6415,3632, 003

26, 02279, 253

91.1

5,612180, 573

13, 562223,874

7,1241,13832721910844028445112283223GO88

5, 986784207355113108

9891,7801, 349431296

7,1811,1613442361084012484111230623374110

6, 020781208340114118256953

1, 7091, 355414276

1711,2731,3225, 5132,102

30, 4462, 4562,1251,136' 5284,008

3391, 690442637

1.1044,930

11,0504,037

130, 75626, 321

104, 4353,9041, 999

21, 30477, 228

6,292143, 954

12, 926206, 329

30,05621, 775' 8, 281

204.5232. 6155. 2191. 6212.4155.2

8,4891,3153262051213812153613036126596240

7, 174986275421153137375968

1, 99C1,527469278

650164

1,4:1,3425, 6601,921

' 21, 4041,5471,612469488

3,124233935371326836

3,5077,9534,139

115, 74628, 64887, 0982, 8552,74118,91662, 585

5,111143, 366

14, 925224, 455

620149

1,3191,2114, 9201,796

26, 4031,416

r 2, 336783588

3, 983••3061,227606486805

4,8898,9764,604

121,17729, 67791,4992,0922,076

21, 05766, 274

88.4

5, 571123,104

12, 954187, 773

6, 695108

'357246111401262409927319677

5, 58757612927483JO274951

1, 8231, 375448296

6, 4301, 060

321

381244381002842107374

5, 370566125

90

8801, 7131, 297416270

696170

1,4021,3285, 3742,001

31, 7521,4453, 499797624

4,472'•3461, 964765657929

5,330' 10, 924

4,910

146, 53936, 097

110, 4422,7842,365

23, 08382,210

5,559135, 593

15, 473233,141

27,89719, 335' 8, 562

189. 8206.5160. 4204. 5230. 4159.1

7,4731, 267

377261116475295501293342488682

6,20676010438298116283088

1,9151,456459300

537153

1,4451,2705,145

' 1, 728

' 33, 6101, 5223, 645893647

4,416524

r2,105702695870

5,62411,9734,775

144,01335,147

108,8663,4272,388

23,93481,117

5,518120,882

15,094208, 273

7,7071,430

454333121525322581453622689589

6. 277814193375107139284967

1,8801, 408472297

V \ m d. note m i 'ud ' § ' on p -.-' < f f L* V I M I i R S ] 0 , v j i i ' a V,M c o ' i ^ 1 1 P < r t . v « 1 h t u n > ) 1111 1 \ r>

' t i - r i d ' . , h ) M i l i i » o U v . i . u i i f i i l i o c r d 1 1 t 1 , 1

01 t i > " v ' I ' M ^ ' H \ L \ i m i ii 1 i ( > 4 i J l , > s , 1 \ W <>, o l i t , 1 i »

1 i n n » \ 1 »lt» " u \ t » \ H I 1 i " r l , . 1 i - v i c a o 1 t o t ( 1 i d - m f i 1 1

1 > i l l > t - l i l e o n p * o l t h e F e b r u 1 \ u)'() - w < ) 1

. i l 1 r <* in re i l f ) I1 r t v - i t of t ' - e r e p o r i ' n a r a u ' V i e i.i Aun:<- ' t ;'.)12.Iv i i l i t u i ( l,vr ]')\2 ' irvc'v (•)!). S- i - i i , ; . t e uo'.1 e\>m[ iied q u a r t e r l y o n l y (d: . tn r r e

< ii on ! )1 t1 < » n a t i o n a l , l o d u c t Vi-i '".'<; for <.. 1: ir i k n r e - for 1939 10 HH- p . 1*3, t i J ' l e 10,t i i ti i I ~»k el tl ( v ' a b JVC ;ire on a r e \ i.vid bas i« . i he1}7 diiTe.r f rom f igures j>i: l<li>I)ceMn t l i e

f i { i i i t ' i ,\ 1 i n i'hi' u . Ml a n d s r \ i-vs (<1>\\A- i i n . i o s fdr t h i s i t e m a r e e i v e n in t h e foot-i ' i 1 i i e x c 1 ( !i}' c " i » o n d i t " r c s IA i i ' I l i f . r y I t r s o n n e l a b r u a d . i.re ju j i i l n r . l c o n r o q u e ^ t .

H« N i l ' i - ie> foi ,n ,r ( j r a r t e r of r j t i * n n m t ( r ' l ) i s oi » ' i ) - i o I, »»,(•> •>, lf),*M s a \ i c > b, 2 2 , ; indv-\v.-s, L i i m d i ' ^ t e d — t o t a l , 167.7; g o o d s , 175.5; s e r \ ices , 151.2; n d -ju'-ti* 1—to* il, i~s 1, -ood-., 195 0, ^e>r( K . ^ , I >_> /

t i v ( " i s J d ' -cue- 1 or r o \ ] s e d (L 11 (d >lhr i i ^ u r e ^ l i d n d c ) Oi s i ^ o f t «^Mu u r l i ' n P 10 ( 3 t > T u n e 1911, a n d e( r l i e r r e \ i s i e n s for a n u m b e r of ser ie^ , s^c t : i l ; le on p p .19 r i d 20 of t n e - ' p t e m b e r 1915 rV«r \ e \ ( u j n u t u i r foi p M t i 1 J . 1 I i 1 H >— 11 l id 1 / i n l t i i i l ^ n d l i a r d w a r e s t o r i v , 14^.6; j ev oirv :-«orcs t 400.7; J u n e 1941 index for a p p ; i r e lst<^re-,, 2i)l 0, 19K) l o U i r f m n r t s a l l r e t d l s u m —J in » >r \ , 3 1 »S I d> ' i r i n s) (^ce t t ^ l t n in t l i 1 i b V , d a t a for 19:29, WH3, a n d 193.V12 a r e c o r r e c t a s p u b l i s h e d on p >. 7 a n d11-11 of t h e V(v e i i b e r 1913 S u r \ e y . D\t\ h u e b ^ I re ^ ^ d be nn u . i , J \ , i i . i r \ 1 1), 1 ^ e l y t o a a u s t t h e e s t i m a t e s t o s a l e s t a x d a t a for 1945; r e v i s i o n s n o t s h o w n a b o v e w i l l bop n b h s h e d l i t e r .

S-8 SUKVEY OF CURRENT BUSINESS July 1946

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

1946

May

1945

May June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

DOMESTIC TRADE-Continued

RETAIL TRADE—Continued

All retail stores—Continued.Estimated sales—Continued

Nondurable goods stores—ContinuedGeneral merchandise group mil. of dol._

Department, including mail order doGeneral, including general merchandise with

food mil. of doL-Other general mdse. and dry goods doVariety do - . .

Other retail stores do.._Feed and farm supply do-__Fuel and ice do-_.Liquors do - . _Other do.._

Indexes of sales:Unadjusted, combined index 1935-39=100--

Durable goods stores doNondurable goods stores do

Adjusted, combined index doIndex eliminating price changes do

Durable goods stores doAutomotive doBuilding materials and hardware doHomef urnishings doJewelry do

Nondurable goods stores doApparel doDrug doEating and drinking places doFood doFilling stations doGeneral merchandise doOther retail stores do

Estimated inventories, total* mil. of doL.Durable goods stores* doNondurable goods stores* do

Chain stores and mail-order houses:Sales, estimated, total* do

Automotive parts and accessories* d o —Building materials* doFurniture and housefurnishings* doApparel group* do

Men's wear* doWomen's wear* doShoes* do-__

Drug* doEating and drinking* doGrocery and combination* do- _ _General merchandise group* do

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

Mail-order (catalog sales)* do_. _Variety* do

Indexes of sales:Unadjusted, combined index* 1935-39=100-Adjusted, combined index* do

Automotive parts and accessories* do--_Building materials * do - - .Furniture and housef urnishings* doApparel group* do__-

Men's wear*... do_-_Women's wear* do.__Shoes* do.__

Drug* do-._Eating and drinking* do-_-Grocery and combination* do--.General merchandise group* do- _ -

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

Mail-order * do _ - _Variety* do---

Department stores:Accounts receivable:

Instalment accounts§ 1941 average=100-O pen accounts § do _

Ratio of collections to accounts receivable:Instalment accounts § percent-O pen acco unts § do. . .

Sales, unadjusted, total U. S.f 1935-39=100-Atlantaf do. _ .Bostonf do . . .Chicagof do.._Cleveland t do. . _D alias t do__-Kansas Cityf do___Minneapolis t do . . .New Yorkf do.._Philadelphiaf do. _.Richmond f do _ _ _St. Louist do._.San Francisco d o . . .

1,154763

141118132831233111154333

240.2193.9255.3234. 9162.6181.4120.9231.2257.7402.0252.4265.8248.2388.3248.9138.4223.0267.67,1372,2344,903

1,66943692321334103596848490449

25965114

220.8217.0227.2227.7197.259.253.7342.5180.1228.208. 5217.3222.

261.4184.4184.1

45129

3462

248313211234243322272244214223274272285

885557

11796116706217124127238

188.7116.5212.2184.6132. 7108.358.5153.5156. 7332.4209.5215.2202.0355.9208.5106.3170.2227.96,6541,9324,722

' 1, 2772351141742393445544

'380327

17543100

' 169. 7' 167.3119.4169.9122.212.2169.4311.5133.6183.2188. 3

' 170.3163.0

177.3121.8161.6

35

3264183238158170177

'246205164

'149'164209209218

904563

119100122699205124129242

192.4120.5215.8189.6134.9113.861.8160.9170.8314.5214.3231.6206.1358.6206.7111.9178.3235.06, 5471,8914, 656

' 1, 3282753141912996515743

'394340

18739106

'171.9' 170. 2127.0180.8144.0223. 4182. 0315.3152. 9190.9194.4

' 168. 9165.1182.7118.3162.0

3488

3264186233165178187228200172155167207198215

792471

11491115685204128126227

187.8118.0210.5198.4140.8119.761.8169.9180.8372.6224.0261.3202.3348.8212. 2118.4190.7258.56,3631,8244, 539

' 1, 22528501314617764257

r 44'369313

17333

' 167. 4' ISO.9

142.9183.0143.5241.8182.3319.6197.1193.2195.4

' 177.1181.3

£06.9127.8170.5

3276

3162163225127154161228192149118137181185211

846521

11694116724212137142232

180.5113.3215.7196.2139.7114.763.7165.8158.8334.5222.8262.1200.1347.1216.3124.4180.0254.46,6531.8784,775

' 1, 2673054131541782455645

'375324

18035100

' 164. 9' 178.4145.4174.5114.7253.9188.8332. 4214.1189.9193.8

r 175. 9172.6

199.2110.9164.3

3276

3363168244125158165237201160120136194194210

919588

117100113687191123136237

203.7125.5229. 2195.2139.4121.767.5169.9179.5346.6219.2238.9201.6353.8214.7130.8177.1243.46, 7221,9694,753

'1,3192858141752686495544

'390345

1964298

' 179. 5' 175.3156.8174.5132.7223.6200.0311.6148.9187.3185.1

'179.8166. 4

189.0119.8155.7

3385

3563209279176197199292239207171178239234243

1,105734

128115129778209144148277

215.0137.2240.3207.8148.4132.274.9182.2197.5354.4232.5260.9213.3376.8226.1135.3188.0256.96,7881,9354,853

' 1,51630702021040102506048

'426422

23467112

' 198.4' 188.5

167.2198.8151.0247.0245.3333.8161.3195.2192.6

' 193. 7179.7

203.5128.4169.6

3699

4066230307196213224318253210196208271255254

1,190810

130120137790208128159294

227.2149.8252.4220.1156.5142.580.7190.2223.9375.5245.4279.7224.4397.6235.6134.9200.0278.76,8261,8924,934

' 1, 55733rQ

2121136101566146

'447445

24573119

' 212. 4'201.9191.2202.3165.326?. 0224.4339.0212.1206. 5196.2

' 206. 9194.6

224.8149.4172.2

41113

4067

273348225254264352286243235255319303320

1,5771,017

152173235693198168225402

260.1168.1290.1216.8153.6141.172.9199.8225.2379.1241.5251.1249.5376.6240.8140.2191.6276.05,8251,6204,205

'1,91141432526541133699149

'511601

32463203

' 250. 2' 198.1207.0195.4166.1234.6187.9305.6190.8228.1185.5

'214. 6179.8

207.2127.1G3.

3661352466323320338467366305307328399365407

874566

111921047932031951352C0

206.5137.6228.9237.6168.3166.188.5

247.4248.0394.7260.9289.3240.6418.9252.0164.9209.4292.25,9741,7144,260

'1,415'3555151612581416248

'464339

17665

' 189. 6' 223.4' 227. 0243.8

' 182.3298. 6215. 0

' 399. 2245. 0211.5209.8' 222.9222.3

251.1222.8177.3

45108

3261179246147167167248199158155158197192214

899588

11090110779207178137258

215.2143.2238. 7243.3172.6172.087.7262.1260.0412.3266.6317.7243.2415.8246.4164. 5225.0303.26, 2291,8644,365

' 1,375'3252

' 171622483436144

'442337

1755995

' 198.0' 225. 8' 224. 4270.1

' 206. 0315.4241.1414.8' 258.6220.02Uy. b

'217.9222.3

254, 2208.0180.1

43100

3160

207292156193194299238183174174227236253

1,118754

128110125842238151149302

225.9157.2248.3241.6170.1173.589.6257.8265.7429.2263.8320.8242.8401.0244.6155. 4232.6288.1

' 6, 542'2,0164,526

' 1,651'38'5820

'228'34'121'53'65'50'504439

23784108

213.3230.8240.0251.1204. 4328.2264.6471.8219.2216.12U8. 4217.4241.5

272.6243.4193.5

43114

356423831519722623'316255223206219264264258

' Revised. §Minor revisions in the figures prior to November 1941 are available on request.*New series. Revised 1940-43 dollar figures and indexes for total chain store sales and furniture and house furnishings, 1942-43 indexes for all series in the general merchandise group

except mail-order, and scattered revisions in the 1942 or 1943 data for a few other series are available on p. 20 of the September 1945 Survey. Except as given on that page, data for 1929,1933, and 1935 to March 1943 are correct as published on pp. 15 to 17 of the February 1944 Survey. Data for grocery and combination stores and the total (dollar figures and indexes)have been revised beginning January 1945; revisions for January-April 1945 will be shown later. Data beginning 1939 for the estimates of retail inventories will be published later;data shown in the Survey beginning with the June 1944 issue are comparable with estimates published currently.

tRevised series. See note marked "f" on p. S-7 for sources of data through June 1944 for sales of all retail sotres; data have been revised beginning January 1945; revisions for 1945not shown above will be published later. The indexes of department store sales for the United States and the indicated districts have been revised for all years. The revised Bostonindex is from the Board of Governors of the Federal Reserve System. Revised data beginning 1919 or 1923 for the United States, Dallas, and Richmond are published, respectively,on p. 17 of December 1944 Survey, p. 20 of February 1944, and p. 22 of June 1944 issue (further revisions in the 1943-44 data for Richmond and the 1942-43 data for the United Statesare in footnotes on p. S-8 of the March 1946 and April 1946 issues). Complete data for other districts will be published later (see also note in April 1946 issue regarding recent revisionsin the New York and St. Louis indexes). The adjusted index for Kansas City has recently been revised beginning 1938.

July 104G SURVEY OF CURRENT BUSINESS S-9

Unless otherwise s tated, statist ics through 1941and descriptive notes may be found in the1942 Supplement to the Survey

1946

M a y

1945

May June July August Septem-ber

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

DOMESTIC TRADE—Continued

RETAIL TRADE—Continued.

Department stores—Continued,Sales, adjusted, total U. S.t —-1935-39=100-

Atlantat - - - - - - - - - _ do. __Boston! doChicago! - - .- - _do. __Cleveland! doDallasf _ _ . „ do _Kansas Cityt doMinneapolisf _ do _New York! doPhiladelphia! doRichmond! . . _ _ do, _.St. Louisf doSan Francisco - . _ _ _ _ _ - do.

Sales by type of credit*Cash sales - percent of total sales...Charge account sales - . -do . . .Instalment sales do

Stocks, total U. S., end of month:!Unadjusted _ 1935-39=100. _Adjusted do

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

Furniture stores .percent..Household appliance stores doJewelry stores do

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

Montgomery Ward & Co .do. _Sears Roebuck & Co do

Rural sales of general merchandise:Total U. 8., unadjusted — 1929-31=100-

East . do -South _ doMiddle West - doFar West do _

Total U. 8 , adjusted doEast _ - . . . . do .South doMiddle West doFar West . ._ do .

WHOLESALE TRADE

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

Durable goods establishments __ do _.Nondurable goods establishments do

All wholesalers, estimated inventories* _ - d o

257319213234245342280254226232276277314

5937

4

*>200v 200

285433

211,41885,065

126, 353

233.8217.6311.2169.43C0. 0254.7237.13C6.9210.5400.4

4,3431,2343,1094,434

188243160170179

•• 262' 218

171156170210213234

6334

3

173173

234033

129, 54052,08077,460

164.9155.4220.5141.5193.1179.7168.9260.0149.4214.8

3,535605

2,6303,883

1

202277177184197268218181169185235220233

63343

175179

234333

130,51550,00380,513

159.6150.2216.7136.4198.5175.2163.6269.6144.5208.3

3,572886

2,6863,844

218300183197220300

'226184177198252237255

66313

175176

244231

118,13547,15870, 977

140.8121.1192.2118.6188.4192.9170.1283.0160.7229.8

3,569834

2,7353,744

200274166189189272

•"216178165175236225231

65314

182169

234831

121,45548,68772, 769

144.0115.4194.6125.8187.4176 0144.8269 9152 5203.5

3,584869

2,7153,759

200268167193187278

•"239191161175225232232

63334

184166

234930

136,93055,17481,757

195.3168.5281.3166.6230.2184.7171.4254.8162.5196.8

3, 3£9813

2,546S,898

213292177199209289241190172184248238245

63334

185164

275231

184, 70477,295

107,409

246.5249. 6357.3208.7255.1189.7193.9241.1164.3212.4

3.933944

2,9894,113

225298183208220288

'238203182202251240272

62344

179165

275135

196,05277,013

119,040

275.7279.3396.3230.0317.2211.9216.7288.7175.4261.5

3,889954

2,9354,196

216288188206211287

""244199179184237239256

64324

136158

244846

218, 21683, 232

134,984

267.8246.0370.2226.0330.1167.5147.7246.5144.9202.2

3.820919

2,9014,275

228308186209214306

'249212194206262234269

64324

146167

255232

158,85253,007

105, 846

208.7209.3300.4177.1220.1274.2275.4379.8231.5299.5

' 4,058987

3,0714,258

254339200241242339

'2612362102212S3281300

61354

158171

245129

150,29255,23195,061

227.1218.2348. 1195.3222.7280.7266. 7381.7245.7300.9

' 3.786••966

2,8204,254

263335229243271

r 336275246232244294286297

59374

172176

275332

207, 05578, 454

128,601

303.4313.2449.1261.9280.3345.5348.8497 4295.6340.6

4,0551,0762,9794,375

r250

210f 237I 236r 352r,272

224219

r 224276267291

59374

188189

2856

r 32

209, 84380,073

129,770

283.7277 0374 1243 6321.7308 7290 6424 6260 8360 2

' 4,183r 1,180' 3, 00314, 413

EMPLOYMENT CONDITIONS AND WAGES

EMPLOYMENT

Armed forces*.. . . . thous_.Estimated civilian labor force (Bureau of the Census):*

Labor force, total . . thous. .Male doFemale .- __-do

Employment . . .doMale doFemale doAgricultural. _ _ doNonagricultural —.do

Unemployment doEmployees in nonagricultural establishments:!

Unadjusted (U. 8. Department of Labor):Total . . _ do

Manufacturing doMining.. _ doConstruction doTransportation and public utilities . doTrade - doFinancial, service, and miscellaneous doGovernment do

Adjusted (Federal Reserve):Total do

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

3,430

57, 63040,95016,68055, 32039,06016, 2608,880

46, 4402,310

37, 43512, 645

7631, 7553,8857,C925,1475,548

37,48012,709

7671,7213, 8857,731

12,218

i 52, 030i 33,790i 18, 240i 51, 300i 33,360t 17,940i 7,950

i 43,3501730

37,67914,811

728798

3,8027,0214,5136,006

37, 74614,885

732782

3,8027,056

12,297

i 53,140i 34,380118,760152,060« 33,800118,26019,090

i 42,97011,080

37,54914,534

794845

3,8307,0044,5895,953

37,46514,534

798828

3,7927,039

12,3C0

55, 22035,14020,08054, 27034, 66019,6109,840

44, 430950

37,27314,130

784911

3,8586,9754,6725,943

37,23114,130

784868

3,8017,117

12,160

54, 35035, 02019,33053,52034, 59018,9309,050

44, 470830

36,98413,831

784927

3,8606,9794, 6665,937

13,762780858

3,8037,121

11,890

52, 90034, 25018,65051, 25033,32017,9308,800

42,4501,660

35, 32112,082

784945

3,8317,1434,6036,933

35,16112,022

780883

3,7747,215

10, 640

53,11034,59018,52051,56033, 66017,9008, 76042, 7701,550

35,23111,952

7181,0063,8257,3314, 6985,701

35,02911,893

714940

3,8067,258

9,180

53,44035,28018,16051,73034,10017,6308,42043,3101,710

35,65911,970

7931,0143,8717,5714,8455,575

35, 33811,910

789984

3,8717,315

7,850

53, 31036,13017,18051, 36034,65016, 7107,190

44,1701,950

36, 31411,910

8021,042

7,9594,9365,769

35, 60511, 851

7981,0853,9167,335

6,170

53, 71037,55016,16051, 42035, 79015, 6306,760

44, 6602,290

35, 81512,038

8101,1323,8977,4814,9845, 473-

36, 33312,098

8141,2303,9567,673

5,210

54,34038,34016,00051,69036,20015,4906,990

44, 7002,650

' 35,374• 11,401

8081,260

' 3,9077,5055,0315,462

35,92411,450

8121,3853,9867.692

4,380

55, 66039, 37016, 29052,95037,17015, 7807,580

45, 3702,710

• 36, 281• 12,014

801r 1, 3453,929

r 7, 6225,0765,494

' 36, 737r 2, 074

8011,4663,989

' 7,762

3,840

56, 90040, 31016, 59054, 55038,42016,1308,19046,3602,350

•••36,928r J 2 , 551t '505r 1, 549' 3, 922r 7,759r 5,140' 5, 502

' 37,138' 12,614

r 508r 1, 631' 3. 942r 7,775

r Revised. v Preliminary.1 Not comparable with data beginning July 1945, see note 1 on p. S-9 of the April 1946 Survey.*New series. For data beginning June 1943 for the series on department store credit, see p. S-9 of August 1944 Survey; data beginning 1941 will be published later. Data begin-

ning February 1941 for the collection ratios for furniture, jewelry, and household appliance stores are on p. S-8 of the April 1942 Survey; data back to January 1940 are available onrequest. Annual estimates of wholesale sales beginning 1939 are available on p. 22 of the February 1945 Survey and p. 32 of the February 1946 issue and monthly figures beginningJune 1943 are on p. S-9 of the August 1944 and later issues; for estimates of wholesalers' inventories for 1938-42, see p. 7 of the June 1942 Survey and p. S-2 of the May 1943 issue. Es-timates of civilian labor force for 1940-1943 are shown on p. 23 of the February 1945 issue (see note 1 on p. S-9 of the April 1946 Survey with reference to revisions in progress). Datafor armed forces through June 1945 are from the U. S. Department of Labor and are as of the first of the month; data beginning July are from the Bureau of the Census, based on firstof the month figures projected to the end of the Census week for the Civilian labor force data; officers on terminal leave are excluded beginning September; all data are based on re-ports from the War and Navy Departments.

! Revised series. See note marked " !" on p. S-8 regarding revisions in the indexes of department store sales. The index of department store stocks has been completely revised;the index is computed by combining revised indexes for the 12 districts; the sample of reporting stores has been enlarged in each district and now includes for the entire United Statesaround 900 stores which account for about 64 percent of estimated total department store stocks. The estimates of employers in nonagricultural establishments have been revised backto 1929; data for 1929-43 for the unadjusted series are available on p. 24 of the July 1945 Survey; revisions beginning 1939 for the adjusted series will be published later, the estimatesfor manufacturing have been adjusted to data through 1942 from the Federal Security Agency and are not comparable since 1942 with the series on production workers in manufac-turing industries on p. S-10 which have been further adjusted to data through 1944.

S-10 SURVEY OF CURRENT BUSINESS July 1946

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

1946

May

1945

May June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

EMPLOYMENT CONDITIONS AND WAGES—Continued

11,2275,5831,329

972

362

3805,644

1,184

1,012

354

1,017

86358

EMPLOYMENT—Continued

Estimated production workers in manufacturing indus-tries, total (U. S. Dept. of Labor)* thousands..

Durable goods industries do._Iron and steel and their products do__

Blast furnaces, steel works, and rolling millsthousands

Electrical machinery do_.Machinery, except electrical-. do.. .

Machinery and machine-shop products do...Machine tools§ do__.

Automobiles do__.Transportation equipment, exc automobiles.do

Aircraft and parts (excluding engines) § doAircraft engines. § . doShipbuilding and boatbuildings do

Nonferrous metals and products do.Lumber and timber basic products do.

Sawmills (incl. logging camps) do.Furniture and finished lumber products do

Furniture -doStone, clay, and glass products do

Nondurable goods industries do . - . .Textile-mill products and other fiber manufactures

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

and finishing) thousands..Apparel and other finished textile products.__do

Men's clothing. doWomen's clothing ..do

Leather and leather products doBoots and shoes do

Food and kindred products doBaking doCanning and preserving do jSlaughtering and meat packing.. do

Tobacco manufactures doPaper and allied products do.___

Paper and pulp doPrinting, publishing, and allied industries do

Newspapers and periodicals doPrinting, book and job do

Chemicals and allied products doChemicals-- do

Products of petroleum and coal. doPetroleum refining do

Rubber products doRubber tires and inner tubes do

Production workers, unadjusted index, all manufactur-ing (IT. S. Dept. of Labor)!-- ...,-1939=100.

Durable goods industries doIron and steel and their products -_do

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

Electrical machinery doMachinery, except electrical do

Machinery and machine-shop products doMachine tools§ do

Automobiles doTransportation equipment, exc. automobiles.do

Aircraft and parts (excluding engines)§ doAircraft engines! „ doShipbuilding and boatbuilding! do

Nonferrous metals and products doLumber and timber basic products do

Sawmills doFurniture and finished lumber products do

Furniture doStone, clay, and glass products. do

Nondurable goods industries doTextile-mill products and other fiber manufactures

1939 = 100..Cotton manufactures, except small wares.__doSilk and rayon goods doWoolen and worsted manufactures (except dyeing

and finishing) •_ 1939=10bl_Apparel and other finished textile products-.-do

Men's clothing doWomen's clothing „ do

Leather and leather products doBoots and shoes do

Food and kindred products.. . doBaking.-- do jCanning and preserving do jSlaughtering and meat packing-. do i

481

147

223

137.0154. 6134.1

188. 6183.9

159. 9311.2

148.4136. 5

110. 3

129. 6123. 2

103. 5

128. 2

102.0

119.0

13, 0907,6391,683

474704

1,16243273

6651,830

575193784420519217340148316

5,451

1, 06541186

141917196200312170

1,007255991248031014332010913168211413492

201f 2

159.8•211.5" 169. 7

122. 0271.6219.9213.7198.4165.3

1,153.01. 450. 42, 167. 01,131.6183.4123. 475. 3

103. 792.9107.7 i119.0 !

93.1103.9 ;71.4 '

12, 8557,3821,630

470691

1,14342472642

1,681509173739409523217341148322

5,473

1,071414

140915196194317172

1, 029255100123803151443201091316711151359319990

156. 9204.4164. 4

121.0266. 6216.3209.6195.2159. 4

1, 059. 11. 283. 61, 949. 71. 066. 8

178. 4124. 575.4

103. 992.7109. 6119. 5

93. 6104.572.1

94.2116.289.573.790. 077.8

117.9110.473.4

103. 3

94. 1115.98971.91.78.

120110

78106

83374480

12, 4597,0541,555

462659

1,10541069601

1,577473166691384522215334144317

5,405

1,05140985

135869188175313169

1,0892501671277830914231710713164311313693194

152.1195.3156.8

118.8254.1209. 2202.7187. 7149. 3993. 9

1, 191.71, 869. 5

997. 9167. 6124.274.7

101.790.4

108. 1118.0

G1.8103. 370.5

90.5110.086.064. 690.177.7

127.5108.4123.8105.7

12,1796,7791,490

457640

1,07639967556

1,468430154647378524215330141317

5,400

1,04940785

134897186190313169

1, 10224918012479

31114332211013360011213593

• 191

148.7187.7150.3

117.6246.8203.7197.1181.813S. 3925.2

1, 084. 41, 732. 9

931.7165. 1124.774.7

100. 588. 6

10S. 1117.9

91.7102.970.9

90.0113.685.070.190.277.6

129.0107.9133. 5103.2

10, 5295,2341,240

42244591333360

42678815733445301508208303128310

5,295

1,05140785

136911181202305165

1,183251237127833121423241131334961121318816572

128.5144.9125.1

108.8171.5172.7164. 6163.1105. 9496. 5394.5372. 2643. 3131. 2120. 872, 192.480. 6

105. 7115.6

91.9102. 870.9

91.3115. 382.574.483. 075.513S. 4108. 8176. 3105. 0

10, 4505,1511,241

4264679093305846066712729368305476192307131319

5,299

1, 05740485

140928180205313170

1,1162531681278632114633611513948610913189187

127.6142. 6125.2

109.7180.1172. 1163.2158.1114.4420. 4319.9331.1531.8133. 0113.366.593.782.0108. 8115.7

92.4102.171.1

93.5117.582.475. 590.377. 7130.6109. 6124. 8105.3

10, 5035,1801,255

4324799113255252557312127286319484193321136313

5, 323

1,06339985

143930177203321174

1, 085254125133833261483471201434871111399519491

128.2143.5126.6

111.1184. 9172.4160.7142.4130. 5361. 3305.6300. 3413. 0139.3115.067.197.785.3

100. 5116.2

92.9100. 770.5

95.8117.881.174.892.579.6127.0110.2192. 7110.0

10, 5195,0971,294

44648491432553

38853612122265326499197336143320

5,422

1,11342487

148938177204330178

1,0782531071488233515335512214648811314095

20396

128. 4141.2130.5

114.9186.9172.9160.5145.696.4

338.0304.1246. 2382.3142.2118.668.5

102.690.1

109. 1118. 4

97.3107.072.7

98.8113.981.175.195. 281.6

126.2109.879.8

122. 6

10, 6665,2051,308

44947695633458

4165191192124933351420234S150335

5,461

1,12742988

149956181207338182

1, 051^5493153813411573591221494891151429620999

130.2144.1131.9

115.5183. 7180 9164.9158.6103. 5326.9208. 9239.73o9.6145. 3122.370. 0

106. 094.0114.3119.2

98.6108. 373. 0

99.9121.082.676.397.483.5123.0110. 2' 08. 8126. 7

9,9894,417843

17034883329558

401469

' 11821

228291521202355152356

5,586

1,157437

151993187214348187

1. 0452539015181348160307125153 |49111514296214101

121.9• 122.6

85.0

43.7134.2

'157.2145. 8• 159.5' 103. 0' 294. 4' 296. 2239. 0328.7126. 8121.070.2108,195. 4121.4• 121.4

101. 2110.4

103. 1125.88r> 378.7100.485.8122. 2wi 7fin 6125.5

' 10, 643«• 5, 0031,268

46736788031457

'445'464•"120

22220317534207361154307

r 5, 640

1,17644290

1581,016190219355192

1, 034255851478235316237212715449411514597

220104

r 129. 9' 138. 5

127.9

120.3141.8166. 5155.1

r 156. 4r 110. 7r 292. 6'301.9

24S. 6318.3138. 4 I

109.997.0

124. 9123. 1

102. 8111.7

105.9128.

8010287

121110

63

684490

2I 122.0 I

p Revised.§ For 1941-43 data for shipbuilding see p. 19 of December 1944 Survey; 1939-44 data for aircraft and aircraft engines are on p. 20 of the August 1045 issue. For data for December

1941-July 1942 for machine tools, see note marked " t " on p. S-10 of the November 1943 Survey.* New series. Data beginning 1939 for the estimates of production workers for individual manufacturing industries will be shown later; data published in the Survey beginning

with the December 1942 issue, except as indicated in note marked " § " , are comparable with figures published currently. Data for 1929-43 for all manufacturing, total durable goodsand total nondurable goods industries, and the industry groups are shown on p. 22 of the December 1915 Survey, and revised data for January 1944—February 1945 are on p. 24 ofthis issue revised to adjust the series to Federal Security Agency data for 1944; revisions through February 1945 will be published later.

t Revised series. The indexes of production-worker employment and of production-worker pay rolls (pp. S-12 and S-13) have been completely revised; for 1939-41 data for theindividual industries ("except as indicated in note marked "§") and 1939-40 data for the unadjusted series for all manufacturing, total durable goods and total nondurable goods in-dustries, and the industry groups, see pp. 23-24 of the December 1942 Survey; for 1941 data for the totals and the industry groups see p. 28 of the March 1943 issue and for 1942-43, p.20 of the October 1945 issue, and for January 1944-Febraary 1945, p. 24 of this issue; all revisions through February 1945 for the adjusted totals (p. S-ll) will be shown later.

July 1946 SURVEY OF CURRENT BUSINESS S-ll

L iile»« otherwise stated, statistics through 1941and descriptive notes may be found in the1942 Supplement to the Survey

1946

May

1945

May June July August Septem-ber

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

EMPLOYMENT CONDITIONS AND WAGES—Continued

I MPI.OYM £NT—Continued

Production workers, index, unadjustedf—Continued.Nondurable goods industries—Continued.

Tobacco manufactures 1939=100Paper and allied products __ _ do

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

Newspapers and periodicals! doPrinting, book and 'ob§ do

Chemicals and allied products ___ doChemicals do

Products of petroleum and coal . doPetroleum refining do

Rubber products _ _ . do"Rubber tires and inner tubes do

Production workers, adjusted index, all manufacturing(Federal Reserve)!-- - - 1939=100

Durable goods industries! doNondurable goods industries! do _

Nonmanufacturing, unadjusted (TJ. S. Dept. of Labor):Mining:!

Antnr*icitp 1939*= 100Bituminous coa' doMetalliferous . . . do.. .Quarrying and nonmetailic do

Crude petroleum and nntural gas! doPublic utilities:!

Electric light and power „ . . . _ doStreet railways and busses doTelegraph doTelephone do

Services:!Dyeing and cleaning doPower laundries - doYear-round hotels . __ . . d o . .

Trade:Retail, total!... . . . ._ „ . . . do.

Food* doGeneral merchandising! . _ do

Wholesale! . do._Water transportation* _ do

Miscellaneous employment data;Federal and State highways, totalt «. number..

Construction (Federal and State) _.- » _ doMaintenance (State) do

Federal civilian employees:^United States thousands

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

Total thousandsIndexes: Unadjusted! ._ 1935-39«=100

Adjusted! do

LABOR CONDITIONS

Average weekly hours per worker in manufacturing:Natl. Indus. Conf. 13d. (25 industries) hoursU. S, Pe.pt. of Labor, all manufacturing!.. do

Durable goods industries* _ _ do .Iron and steel and their products* do

Blast furnaces, steel works, and rollingmills* „ . . _ hours

Flectrical machinery* _„..» . __ doMachinery, except electrical* do

Machinery and machine-shop products*_.do .Maohine tools* , do

Automobiles* doTransportation equipment, except autos*_ - do

Aircraft and parts (excluding engines)' doAircraft engines*... . . . . _ doShipbuilding and boatbuilding* do

Nonferrous metals and nroducts* doLumber and timber basic products* doFurniture and finished lumber products*...doStone, clay, and glass products* „ . do

Nondurable eroods industries* _ doTextile-mill products and other fiber manu-

factures* ..._ . h o u r sApparel and other finished textile products*

boU^sLeather and leather products*... „_..__ _ doFood and kindred products*._. . . _ _ doTobacco manufactures* doPaper and allied products* . . . doPrinting and publishing and allied industries*

hoursChemicals and allied products*.. . - . .doProducts of petroleum and eoal* „ doRubber products* . . . . . . . do

91.9135.0

114.8

167.0

138.7

184.4

v 138.1154.6125.1

81.960.7

98.8128.2

165 6

128 6110.2119.5

107.2

105.1256.1

* J 2, 360v 236

p 1, 335P 128.1P 128. 6

v 39. 8» 39. 5

P 40. 0

85.6116. 9103.897.592.1

103.9236.8164.1126.8126,5166.6169.2

1C0. 8211.5120.8

f9. 788.277.378.382.8

[82.0117.8117.4127.8

119.8104.9108.5

96.7103.0112. 794.5

303.5

131,86119,66788,128

2,898253

1,455139.8140.4

45 044.145.546.0

46.645.646.646.647.743 945.946. 545.145.846 042,943.643.642.3

40.7

36.440.444.541.645 4

41. 245.747 544.2

86.1118.5104.997.592.2

103.8232.8164.8127.4127.3164.5166.7

157.2204.3120.1

78.989.276.080.583.6

82.8117.3117.9129.5

122.0107. 2109. 5

96.2101.0111.294.4

303.0

144,18224, 36695,006

2,915258

1,482142.5140.6

45.244.645.846.0

45.645.747.747.848.943 846.246.944.246.346.244.044.143.843.1

41.8

37.242.145. 642.846 4

41.645.4

! 47 8! 45.2

83.4116.4103.496.890.5

103.8223.2162.4128.0127.6160. 5162.1

151.7195.2117.4

77.687.174.681.383.8

83.6116.8119.3131.9

121.2108.3109.4

94.9100.0107.994.9

310.0

144,08224,15794, 730

2,900256

1,480142.2139.2

44.341044.945.2

45.145.346.746.647.742.345.845.943. 640.645.741.443.343.442.8

41.3

36.741.745.841.046.3

41.545.147 7

1 45.5

84.3117.0104.198.392.6

105.4208.3161.2128.0127.5158.0159.3

147.6187.5116.1

77.487.173.181.784.2

84.1117.3119.4133.1

117.3106.1109.9

93.899.9

104.795.8

313.4

153, 22328, 41999, 512

1 2,851251

1,476141.9139.0

43.440.741.141.7

42.241.242.742.745.633.541.740.737.243=643.340.540.641.640.3

38.4

33.239.343.339.044.0

40.743.446.941.8

• 89.5117.5103.398.894.8

105.4172.1160. 5123.3120.4136.5132.7

127.8144.8114.5

77.687.672.282.584.0

84.5118.0121.2133.5

122.3106.6112. 2

97.6102.0110.497.0

320.5

151,47430,81295, 722

i 2, 613240

1,439138.3135.0

42.341.441.040.4

41.240.843.042.644.736.538. 838.136.738.742. 540.842.341.841.8

40.6

36.240.644.742.345.9

42.243.444.943.0

92.2120.9105.8102.597.2

110.0168.5157.0123.6121.5154.4163.0

127.2142.6115.1

78.170.872.283.984.9

85.7119.2123.2135.6

124.7107.4115.0

101.2104.6115. 999. 4

311.0

151,49030, 68494,992

1 2, 513233

1,424136. 9132.4

42.341.641.642.1

40.441.143.043.144.138.439.140.139.038.243.242.242.742,541.5

40.4

36.740.944.142.045.8

41.643. 342.641.4

89.2122.9107.8105.9101.0112.9169.1159.0131.3130.6160.1168.9

127.8143.3115.6

78.288.273.285.086.7

88.1121.7124.8139.4

120.6106.7116.5

106.2106.5127.4101.8315.1

145,06824,89493, 548

i 2,456230

1,435137.9136.6

41.941.241.142.1

40.841.342.642.943.937.837.439.737.635.043.240.542.042.041.3

40.3

36.139.644.440.445.7

41.742.544. 040.2

87.8126.3111.4108.1102.7115.5169.2162.2132.3130.6168.2177.8

128.1141.2117.8

79.089.875.283.888.4

90.7122.7126.4143.0

119.9107.8117.6

116.0108.0152.5104.1315.7

139,96416,67495,317

2,411229

1,428136.9139.1

41.741.541.442.5

41.041.542.942.844.436.039.740.840.338. 343.339.042.541.941.5

40.7

36.440.645.339.145.6

41.542.542.940.9

87.0128.6113.9109.4103.1117.6169.7164.7134.0131.9172.7182.4

130.7144.4119.8

79.391.276.383.390.0

92.9123.7112.4146.3

120.3109.3117.3

104.1106.6116.8104.7314.8

139,38114, 90895, 458

i 2, 406233

1,422136.5142.0

40.641.040.841.1

38.541.342.042.544.437.540.041.140,938.843.338.841.840.741.2

40.4

36.739.944.939.344.3

41.142.041.741.7

87.3131.0116.3112.1105.3120.9170.3

' 165.1' 130. 8

132. 3177.1187.3

' 122. 4' 122.9' 122. 0

81.192.072.084.391.0

94.7125. 7124. 7153.7

121. 5109.0118.7

104. 3106. 8114.6105. 5316. 9

112, 07416, 27795, 696

i 2, 402236

1,393' 133.9'137.3

39.240.540.039.1

30.440.341.442.3

'43.3r34.5'39.0' 40. 8

42.137.343.240.1

'42.3' 41.1

40.9

40.5

30, 540.444. 338. 543.9

40.8'41.7' 41. 6'40.8

87.9132.9117.9113.5107.0122.1171.4165. 9

* 136. 7133.1181. 5191.6

' 130. 3'138.7' 123. 7

81.792.263.188.890.8

96.4126.1

158.6

124.3109.6119.3

106.1' 106. 9

118.6106.6297.8

150,01321, 00097,814

i 2, 379237

' 1,397v 133. 9v 137. 3

40.740.840.6

'40.0

37.940.441.641.7

' 43. 6'37.3'39.9

41.041.938.842.441.1

' 42. 6' 41. 0

40.9

40.4

37.540.842.939.743.9

'41.2' 41. 6

40.8'40.8

'90.8' 134. 5

119.4' 114.2

108.1122.2

' 170.9169.6

' 138. 2133.7

' 182. 0192.8

v 136. 9P 152. 3' 124. 7

81.4r20.1r58.8

94.591.8

'97.7r 127.0

' 163. 5

' 130. 3'110.0' 118. 9

' 109. 0100. 3125.3

' 106. 7' 275. 3

165, 76231,871

100, 683

i 2, 394'238

p 1, 377p 132. 0v 134.2

40.440.640.539.9

37.640.241.442.242. 638.039. 941. 541.838.542.041.342.341.640.6

40.3

37.240.542.739 243.5

41.041.440.240.3

' Revised. *» Preliminary. 1 See note marked " 1 " .f Data beginning August 1942 are available in the November 1943 Survey; earlier data will be published later.t'Total includes State engineering, supervisory and administrative employees not shown separately.€, United States totals beginning August 1945'indude approximately 53,000 clerks at third-class post offices and substitute rural carriers not reported previously; see also note In

July 1944 Survey regarding changes in the data beginning in 1948. December figures do not include excess temporary post office substitutes employed only at Christmas.•New <nries. Indexes beginning 1939 for employment in retail food establishments and beginning 1940 for water transportation are shown on p. 31 of the June 1943 Survey. Data

beginning 1929 for all series on average hours will be published later; data beginning March 1944 for the aircraft engines industry and beginning March 1942 for other series are availableIn previous issues of the Survey.

! Revised series. See note marked "f" on p. S-10 regarding revisions in the. Indexes of employment in manufacturing industries and sources of revised data. Data for 1937-43 forthe index of employment and pay rolls in the telephone industi y are on p. 20 of the May 1945 Survey and data beginning 1937 for the telegraph industry will be published later; data for1939-41 for the other Department of Labor series on nonmanufacturing employment and pay rolls are on p. 31 of the June 1943 Survey. The index of railway employees has beenshown on a revised basis beginning in the May 1943 Survey; earlier revisions will be published later. Data beginning January 1944 for the series on average weekly hours in all manu-facturing industries are available in the March 1943 and subsequent issues of the Survey; revised data prior to 1942 have not been published in the Survey and will be shown in alater issue.

S-12 SURVEY OF CURRENT BUSINESS July 1946

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

1946

M a y

1945

M a y June July August Sep-tember

Octo-ber

Novem- Decem-ber ber

1946

Janu-ary J?™*! March April

EMPLOYMENT CONDITIONS AND WAGES—Continued

LABOR CONDiTIGNS-Contirmed

Average weekly hours per worker in nonmanufacting industries (U. S. Department of Labor) :•

Building construction _ hours.Mining:

Anthracite do.Bituminous coal , do.Metalliferous _. do.Quarrying and nonmetallic -do

Crude petroleum and natural gas do. . .Public utilities:

Electric light and power . do—.Street railways and busses do. . .Telegraph do. . .Telephone*! _ do.--

Services:Dyeing and cleaning.._ do. . .Power laundries . do___

Trade:Retail.- _ do_ —Wholesale . do~.

Industrtal disputes (strikes and lockouts): •Strikes beginning in month:

Strikes number-Workers involved - thousands—

Man-days idle during month doU.S. Employment Service placement activities:

Nonagrieultural placementst thousands..Unemployment compensation (Social Security Board):

Initial claims* __,thousands..Continued claimsO doBenefit payments:

Beneficiaries, weekly average - doAmount of payments thous. of do!....

Veterans' unemployment allowances:*Initial claims thousands..Continued claims ___ _ do..Number receiving allowances, weekly average do..Amount of payments.-- thous. of dol...

Labor turn-over in manufacturing establishments:^Accession rate monthly rate per 100 employeesSeparation rate, total do—

Discharges.-. - do...Lay-offs . . .do ...Quits do. . . .Military and miscellaneous do . .

PAY ROLLS

3G0560

11, 500

457

1,1206,497

i 1,315103,888

7417,690

155,175

39.3

36.442.445.047.246.1

44. 551.745.741.1

43.043.4

39.442.9

'433' 333

r2.219

220618

987,044

2414428

2,501

5.07.0.6

1.24.8.4

40.4

41.146.245.448.246.3

44.452.246.241.4

43.843.4

40.742.8

••482••332

' 1,886

1,042

269810

129

3216032

3, 572

5.97.9.7

1.75.1.4

40.1

39.440.843.948.045.0

43.451.646.041.8

44.244.0

41.943.1

' 523••325

'1,769

1,014

2681,081

18514, 352

4220338

3,777

5.87.7.6

1.55.2.4

Production-workers pay rolls, unajdusted index, allmanufacturing (U. S. Dept. of Labor)t—1939=100— 318.7 314.6 298.7 267.3 224.2 222.9

Durable goods industries _ d o . . 427.6 414.2 387.1 335.4 246.2 243.7Iron and steel and their products d o . . 318.6 308.3 289.7 255.8 206.9 207.3

B l a s t f u r n a c e s , s t e e l w o r k s , a n d r o l l i n gmills 1939 = 100.. 227.1 222.8 217.3 199.2 175.3 169.4

Electrical machinery do . ._ . 500.5 490.0 460.6 399.2 268.5 289.1Machinery, except electrical do 404.7 407.0 384.4 338.4 285.7 284.1

Machinery and machine-shop products do 386.4 386.4 365.9 323.6 266.4 268.4Machine toolsj --do 347.6 353.4 328.8 303.9 260.5 254.9

Automobiles do 292.2 281.6 253.1 183.5 151.2 171.8Transporta t ion equipment , except automo-

biles 1939=100.. 2,396.0 2,223.5 2,068.0 1,742.2 844.1 713.5Aircraft and parts (excluding engines)}:. do 2,837.0 2,546.2 2,310.4 1,854.8 624.5 537.4Aircraft engines* d o — 3,703.0 3,231.9 3,042.5 2,375.9 469.7 444.3Shipbuilding and boatbuilding*. do . . . . 2,433.6 2,327.7 2,193.4 1,919.9 1.115.9 893.4

Nonferrous metals and products._ .do 347.3 337.9 313.1 292.2 223.3 230.4Lumber and timber basic products .do 230.5 239.7 222.1 219.3 215.3 199.0

Sawmills (incl. logging camps) .do 142.4 147.6 133.9 133.8 130.3 117.4Furniture and finished lumber products do 194.2 195.9 188.2 171.5 164.0 168.8

Furniture .do 173.0 173.3 165.7 150.4 140.8 147.1Stone, clay, and glass products _.do 185.5 189.8 185.6 179.8 175.7 183.2

Nondurable goods industries do 212.2 217.3 212.1 200.6 202.6 202.6Textile-mill products and other fiber mfrs do 168.3 177.3 172.6 162.1 169.7 171.3

Cotton manufactures, exc. small wares do 200.2 210.3 209.8 192.9 201.0 198.6Silk and rayon goods __do 133.7 142.1 138.4 133.9 138.2 143.0Woolen and worsted manufactures (except dyeing

and finishing) .1939=100— 178.9 186.7 177.2 167.2 175.4 178.3Apparel and other finished textile products do 204.5 207.6 191.2 180.6 208.4 213.5

Men's clothing do . . . . 156.6 164.2 151.5 135.0 141.4 141.0Women's clothing.. do 131.1 125.1 109.2 108.4 138.4 141.9

Leather and leather products.- .do 163.6 173.1 167.8 159.9 160.2 165.0Boots and shoes... do 143.2 154.1 149.0 141.2 140.3 144.2

Food and kindred products do 193.7 202.6 212.7 205.6 226.6 215.9Baking do 171.4 174.1 174.6 170.9 173.6 176.8Canning and preserving do 144.4 156.9 250.2 249.4 351.6 251.7Slaughtering and meat packing._ do 162.5 177.9 175.0 158.2 177.6 173.1

Tobacco manufactures do 157.2 164.5 151.9 149.3 176.0 181.7Paper and allied products do 194.5 202.0 198.0 189.2 200.7 206.9

Paper and pulp do 177.5 183.8 180.7 171.7 180.5 186.7Printing, publishing, and allied industries do _. 138.9 139.6 137.8 140.0 147.7 150.7

Newspapers and periodicals* do 122.4 121.7 119.7 128.6 130.3 132.9Printing, book and job* do.. 154.4 155.6 155.1 151.9 166.5 168.6

r Revised. * Partly estimated.tSee note marked " § " on p. S-10. ©Small revisions in the data for January 1940 to May 1944 are available on request.•1946 data are preliminary estimates.^Data beginning April 1945 are not comparable with earlier data. See note for hours and earnings in telephone industry at bottom of p. S-13 of April 1946 Survey.cfRates refer to all employes rather than to wage earners and are therefore not strictly comparable with data prior to 1943 published in the Survey.•New series. Data on average hours for the telephone industry for 1937-43 are shown on p. 20 of the May 1945 Survey (see also note "J" above) and data for the telegraph industry

beginning June 1943 (the earliest available) are given in note on p. S-ll of the January 1945 issue; data beginning March 1942 for all other series on average hours are available in theMay 1943 Survey and data back to 1939 will be published later. The new series on veterans' unemployment allowances relate to readjustment allowances payable under the Service-men's Readjustment Act of 1944: data beginning September 1944 will be shown later. Indexes of pay rolls for the printing and publishing subgroups beginning August 1942 are onp. S-12 of the November 1943 Survey; data back to 1939 will be published later. Data beginning 1939 for the series on initial unemployment compensation claims will be shown later(see note in April 1946 Survey for definition of initial claims).

tRevised series. Data beginning June 1942 for nonagricultural placements are available in the August 1943 Survey; earlier data will be published later. For information regardingthe revised indexes of production-worker pay rolls in manufacturing industries, see note marked "f" on p. S-10.

40.3

37.140.142.046.646.8

44.352.348.244.1

41.542.4

41.242.4

'447'271

' 1,712

825

1.2301,532

23117, 948

7426144

5,013

5.917.9

.710.76.2

38.1

37.042.343.046.545.4

43.051.345.941.5

43.143.4

40.742.4

••573'526

' 4,341

1, 0864,724

61250, 439

11240073

7, 457

7.412.0

.64.56.7.2

38.7

41.232.244.347.244.4

43.350.945.441.9

43.543.2

40.342.6

'474'551

'8,611

601

9186,671

1,272106, 449

260774123

14,088

8.68.6.5

2.35.6.2

37.2

35.844.943.046.143.9

42.750.345.042.1

42.442.7

40.042.3

'358"120

' 6, 935

484

7796, 502

1,313108, 555

4261,415

21825, 770

8.77.1. 5

1.74.7. 2

222.9241.8210.4

173.6301.9283.3263.4233.0192.2

583, 5506.6389.7637.9243.5194.8114.0173.2151.1175.9204.5174.8199.9142.0

184.0208.0136.9136.4165.3145.7214.9181.4179.4185.2172.2211.0190.0158.5138.3178.1

37.1

39.645.742.044.241.0

42.050.744.541.1

43.043.3

40.142.0

••134' 50

' 7,718

380

7456,564

1,319106,624

5672,401

40542, 217

6.95.9.4

1.34.0

. 2

226.2240.0220.5

181.2308.5288.7265.4244.5135.5

577.2520.4346.3641.2250.4199.4114.1188.1164.3181.7212.7188.0216.2148.8

200.0215.0140.7140,9179.2157.1220.4181.2167.3214.9164.1219.0196.6163.2141.9184.7

37.7

36.443.341.143.341.1

42.749.244.040.1

43.143.6

40.541.8

3251,400

19,200

412

1, 2348,258

' 1,624133, 246

1,0304,594

69583, 322

8.56.8

. 51.84.3

. 2

229.2243.0216.1

173.2302.6297.5272.8262.3153.5

559.1514.3356.6602. 5256.1207.7118.2192.9169.3185.4215.7190.7217.0149.4

206.6228.0148.0149.4185.2164.0215.0180.1144.1217.9166.7221.7198.4165.7143.5188.8

37.3

41.245. 5

' 35. 844.1

'40.7

42.449.244.140.7

42.543.3

40.541.9

260130

21, 500

359

9467,327

i 1, 632121,000

9085,8531.071

112, 195

6.86.3

.51.73.9.2

' 210. 5' 199. 6

127.2

47.6211.1

' 255. 3239.4256. 8

' 142. 4

'491.5' 520.7

369.1530. 4228.7

' 219. 9123.0200.4176.7

' 204 6' 221.3

203.7230.0158.3

226.9240.2158.1153.3194.5174.1211.5181.2136.6199. 4165.2226.2203.6

'171.2148.9193.9

!

37.5

41.045.9

'40.245.140.8

41.649.443.740.2

43.443.5

40.541.9

385130

14,000

421

774' 7, 464

' 1, 592'127, 013

8017,3531,507

148, 958

' 7 . 16.6

.41.84.2

.2

' 233.1' 237.1

211.1

181.5225.1277.9258.0

' 256.8' 166. 2

' 512. 5' 537. 3

379.7553. 5250.8

' 234. 5131.9209.0184.3

'217.2' 229. 2

212.6242.3163.6

234.2263.6170.0172.6202.1182.7206.6182.8132.1191.1171.3233. 3208.1

' 177. 2154.4200.2

July 1946 SURVEY OF CURRENT BUSINESS S-13

islees otherwise stated* statistics through 1941 i _and descriptive notes may be found in the i1942 Supplement to the Survey i May

1945

M a y June July ) August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

EMPLOYMENT CONDITIONS AND WAGES—Continued

PAY ROILS—Continued

Production-worker pay rolls, mfg., uredj.t— Con.Kendurable goods industries—Continued.

Chemicals and allied products 1939=100.-Chemicals do

Products of petroleum and coal doPetroleum refining do

Rubber products . . . doRubber tires and inner tubes do

Nonmaimfjicturir.p M ••ktijusitri {V..»? Pept ot labor;;Mining:!

Anthracite .1939=-100_.Bitumincu? coal doM et alliferous „ doQuarrying and nonmetnllic do

Crude petroleum and natural gast---- doPublic utilities:!

Electric llpht and power doStreet railways end busses ~ doTelegraph.... . d o . . .Telephone ___._ do . . .

Services:!Dyeing end cleaning. do . . .Power laundries I . . . do . . .Year-round hotels . . d o . . .

Trade:Retail, total! . . . d o . . .

Food* do . . .General merchandising t — do . . .

Wholesale! . - - do . . .Water transportation* .. ._ do . . .

WAGES

Manufacturing industries, average weekly earnings:Natl. Ind. Con. Ed. (25 industries) dollars.V. S. Dept, of Labor, all manufacturingt-- —-do...

Durable goods industries.-.._.,. do , . .Iron and steel and their products! do

Blast furnaces, steelworks, and rollingmills! ._ - - ._ . . . dollars.

Electrical machineryt do . . .Machinery, except electrical! do . . .

Machinery and machine-shop products!--do__.Machine tools „ _ __do...

Automobiles! „ doTransportation equipment, except autosf. do . . .

Aircraft end parts (excluding engines)... do.._Aircraft engines* ___do.->Shipbuilding and boatbuilding.. . . .do

Konferrous metals and products! doLumber and timber basic products! . . . . do . . .

Sawmills (incl. logging camps) do...Furniture and finished lumber produetst-do...

Furniture! - do...Stone, clay, and glass products!.... . do...

Nondurable goods industries do...Textile-mill products and other fiber

manufactures!^ . dollarsCotton manufacturers, except small wares!

dollars.Silk and rayon goods! .do..,Woolen and worsted ffianufactures

(except dyeing and finishing)! dollarsApparel and other finished textile products!

dollarsMen's clothing! .do...Women's clothing § _. do_.

Leather and leather products!.. do..Boots and shoes do..,

Food and kindred products! do_.Baking do__.Canning and preserving! do__,Slaughtering and meat packing ..do...

Tobacco manufactures! do. .Paper and allied products! do_..

Paper and pnlp _do...Printing, publishing, and allied industries!

dollarsNewspapers and periodicals' do...Printing, book and job* _ ...do...

Chemicals and allied products! do..,Chemicals . do...

Products of petroleum end coal! do_.,Petroleum refining _do...

Rubber products! do...Rubber tires and inner tubes. do_.

p 42.67v 45. 46

v 39.91

425.7295. 2227.8222.6299.8288.6

14.3204. 5128.6150.8132,4

117.5176.2174.0166.1

191.4161.9167.9

131.0139.0144.0M0. 8746.2

49. 6246.0251.5651.14

56. 2448.7353.6852.8256. 5055.7459.5665. 3258.9263.2649.5234. 9733.9037.6138.2340.4638.18

30.38

27.5229.84

35.38

30.8132.8938.8134.6932. 7238.9638.8231.7242.7431.0439.7743.14

46.6351.0944.6545.2654.0357.2459.8050.0957.32

417.6268. 5230.6224.4204.3293. S

145.4227.6128. 5158.8136.1

119.2178.2175.3172. t;

199.8166. 3171. 5

134. 2142.8148.3141.9744. 5

50. 3346. 3251.7451.14

55.3948.5354.9153.7858.2355.5560.0356.0757.1664.1549.5536.2035. 2237.5488.0140.6938.95

31.67

29.0131.38

36 93

31.2634.3838.1536.1234.7440.0139.3732.29 I45.6832.3640.7444.30

46.9350. 5345.1845.2454.2357.7259.8951. 4559.20

397.8291.8234.6227.72S8.7286.8

142.7190.7121.1161.9135.7

119.6177.1175.0177.7

197.7169. 7171.2

136.4145.5148.0144.7755.5

49. 0045.4550. 6660. 41

54, 8947.9153. 5852. 5756. 3753.2959.6354.8756.1664.6248.8133. 5232. 2036, 8937. 3540. 3838. 59

31.50

29.3831.26

£6.39

30. 2833. 3236.7235. 4734.0039.9840, 2732.6345. 0830. 7340. 7844.26

4G. 6250.6445. CO45.0354.1158.0160.5761.8159.59

357.2288.2229.8224. 3205. 7249.7

148.0188.0114.2155.9139.2

120.7178.7200.4195.7

179.91C0. 5172.0

132.0144.7141.2141.3664.0

47.7341. 7245. 7246.31

50.7442.7548.4147. 8153. 6341.7054.0748.4347.3160. 4646.1532.9132.1333. 8934.49S9.0836.63

29. 60

27.13SO. 07

34.59

28.0630.1033.7533. 6232.2438.1639.6630.1141.5729. 8538.6941.86

46.6053.1343. 4443.5353.9657.2859.7746.7652. 81

292.2273.6212.1203.5231.3211.4

149.8199. 7116.4159.2138. 4

120.6177.1177.2181.7

109. 21C8.1177. 2

138. 7145. 7150.0145.6669.6

45.7440.8743.9545.48

47.5141.3748.1247.1551.2344.6548.9844.8143.5651.0644.4133.4132.3835.2135. 3939.1237.80

31.01

28.3231.05

35.84

31.8132.4040.8734. C232.9539.3639.8332.2445.8133. 2140.9644.46

48.8952.5447.3943.0151.4654.7057.3747.2053. 59

284.9261.3198.0189.7254. 2239.8

170.8120.5118.4164.3133.6

120. 9178.1177. 6189.0

207. 6169.1184. 6

144.2149. 7157. 7150. 7566.8

45.5040.9744.2345.40

46.2242.3948.1247.6051.6546.8648.9247.6046.3749.5045.3033. 0831.8635.8936.5939.6137.76

31.25

28. 2131.86

35. GO

32.1232.3841.4534.8232.8639.5040.2132.7144.5433.3541.1044.86

48.0152.1945.9042.9550.0351.3353. 0345.5749.48

281.8260.8222.9215. 5257.8240.2

144.15212.8117.2103. 2140.0

126.7179.1177.9200.3

193. 5168. 9190.6

151.9154.9172.4155.2582.1

45.4240.7743.7145.51

46.8142.9847.9047.5852.3545.9946.5646.9844.9145.5645.7131.9830.6935.4436.2138. 9537.89

31.65

28.7231.92

35.71

31.1631.9840.1133. 9332.3740.3141.3731.5645.7832.6541.2344.81

48.8352.2647.2542.1049.2553.5456.2144.6847.78

283.4267.0222.2212.6275.5256.7

167.1222.0117.6155.0135.9

129.8•184.0178.8203.5

196.9174.3196.1

167.6159.5209.2159. 2583.1

45.7241.2144.0846. 38

47. 3343.5848.6347.9853.8043.8949.1848. 4048.6749.4446.0831.7830.1536. 5037.2139.3338.52

32.41

29.2532.48

37. 64

31.8832.7741.0735.7434.1341.4941.2833.8747.5131.5341.4644.67

49.2852.7047.9242.5549. 5653.0555.4245.4848.54

285.2276.8220.9210.6290.1272.6

149.3209.9118.0150.9139.0

133.7181.4155.3205.2

201. 7178. 7196.4

154.9159.7165.8161.2575.3

44. 6241.1543.6744.95

44.9343.5247.8447.8153.0746.1949. 2948.8451.4849.4446.1332.1530.5836.0736. 5638.3338.75

32.44

29.0132.42

38.52

33.2433.8842.9536.0334.7141.3740.9533.8646.6832.36

«• 41.1744.08

49.3652.9548.1842.6150.6652.0654.5946.7150.29

«• 284.7--272.5' 221. 3

217.4292.1271.9

178.3222.8' 96.1157.2142.0

138.3187.2176.9230.7

199.1177.0199.8

r 157. 1«• 161. 7

165. 5165. 0577.3

43. 56r 40. 58' 42. 57' 42.45

36. 7541.49

'47.6347.91

r 52. 19r 43. 01•• 48. 09r 49. 91

53.4347.6147.13

r 33. 5231.91

r 36. 8637.46

r 39. 76r 39. 01

33.76

30.1433.74

41.04

r 33. 7034.94

r 42. 5036. 69

r 35. 9940.9341.1533.1843.2331.98

r 41. 1544.34

' 49. 80' 53.67r 48. 30r 42. 53' 49. 91«• 53. 45

56. 25' 46.85r 49. 21

' 2S0.0r 276. 3

231.0217.9302.8281.1

178.5227.2' 9 5 . 8172.6144.4

140.4187.2

237.0

213.4181.3201.1

160. 9163. 9173.3167. 5550.6

46.44r 42. 16' 44.78' 46. 74

r 48. 9341.86

' 48. 6948.29

«• 52.92' 46. 80»• 50. 46r 50. 53

52.8251.4647.31

' 34.88«• 33. 47r 37. 80

38.46r 41. 03r 39. 84

<• 34. 69

31.36r 34. 74

41.29

r 36. 0137.04

«• 46.8337.37

r 35. 95r 40. 47

41.4933.7142.5632.95

' 41.9644.80

r 50.9754.9949. 51

r 42. 94' 50. 25r 53. 30r 55.86' 46. 46

49.72

291.2282.7233. 5221.3324. 9312.9

165.126.090. 5

191. 6144.0

142.5191.4

246.1

231.0183.3201.1

1G7.8165. 7186. 2169.8509. 0

46.9042.9245.8047.25

48.9244.0348.7149.2651.9249.4252.6351.5154.0053.8647.5535. 3334.0238.2539.1641.7340.11

34.97

31.7935.10

41.81

35.9037. 5046. 2937.5836.0340.7541.7435.5142. 6832.4842.0244.75

50.9455.4549.3543.2850.5853.5556.7049.6854.60

' Revised. v Preliminary.t Sample was changed in November 1942; data are not strictly comparable with figures prior to that month.§ Sample was changed in July 1942; data are not strictly comparable with figures prior to that month.* New series. Indexes of pay rolls beginning 1939 for retail food establishments and 1940 for water transportation are shown on p. 31 of the June 1943 Survey. Data beginning

1932 for the newspapers and printing, book and job, industries will be published later; see November 1943 Survey for data beginning August 1942. Data for the aircraft engine industrybeginning 1939 will also be published later.

t Revised series. See note marked " ! " on p. S-10 regarding revisions in the indexes of pay rolls in manufacturing industries and sources of revised data and note marked "f onp. S-ll for sources of revised data for pay rolls in nonmanufacturing industries. The indicated series on average weekly earnings and average hourly earnings (p. S-14) have beenshown on a revised basis beginning in the March 1943 Survey and data are not comparable with figures showTn in earlier issues (see note marked " t " on p. S-13 of the July 1944 Sur-vey): data prior to 1942 have not been published in the Survey and will be shown in a later issue; there were no revisions in the data for industries that do not carry a reference tothis note.

S-14 SURVEY OF CURRENT BUSINESS July 1946

Unless otherwise s ta ted, stat ist ics th rough 1941and descriptive notes may be found in t h e1942 Supplement to the Survey

1946

May

1945

May June July August Septem-ber

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

EMPLOYMENT CONDITIONS AND WAGES—Continued

WAGES—Continued

Manufacturing industries, average hourly earnings:Natl. Ind. Con. Bd. (25 industries).. . . .dollars..U. S. Dept. of Labor, all manufacturing! do

Durable goods industries!Iron and steel and their products!..

Blast furnaces, steel works, and rollingElectrical machinerv! -

Machinery and machine-shop prodMachine tools

Automobiles!

dod o . . . .

do

. . .do .dn

Transportation equipment, except autos!___doAircraft and parts (excluding engines)..doAircraft engines* doShipbuilding and boatbuilding .do

Nonferrous metals and products! doLumber^ and timber basic products! . .do

Sawmills (incl. logging camps) • doFurniture and finished lumber products!..do

Furniture dnStone, clav, and glass products!

Nondurable goods industries^Textile-mill products and other

manufactures!.. . . .Cotton manufactures, except

Filk and ravon goods!

dodo

fiberdollars

smalldollars..

dnWoolen and worsted manufactures

(except dyeing and finishing)! dollars..Apparel and other finished textile products!

dollars..Men's clothing! .„._. . . doWomen's clothing!

Leather and leather products!Boots and shoes _.

Food and kindred products!Baking . . . . .Canning and preserving!Slaughtering and meat packing

Tobacco manufactures!Paper and allied products! .

Paper and pulp . .

dododo . .do

. . . . do .do

. d o . . . .do . .do

_. do .Printing, publishing, and allied industriest dn

Newspapers and periodicals*.Printing, book and job*

Chemicals and allied products!Chemicals _

Products of petroleum and coal!Petroleum refining . .

Rubber products!Rubber tires and inner tubes

. dodododo .dodo .dodo

Nonmanufacturing industries, average hourly earnings(17. S. Department of Labor):*

Building construction dollarsMining:

AnthraciteBituminous coal _ .Metalliferous _Quarrying and nonmetallic .

Crude petroleum and natural gasPublic utilities:

Electric light and powerStreet railways and bussesTelegraphTelephone^.-- _

Services:Dyeing and cleaningPower laundries M_ .

Trade:Retail.—Wholesale _

do . .do

. . . . dododo

. . do .dodo

. . do

dodo

do . .do

Miscellaneous wage data:Construction wage rates (E. N. R.):1

Common labor dol. per hrSkilled labor.. do

Farm wages without board (quarterly).dol n A r rnrrnth

Railway wages (average, class I)Road-building wages, common labor:

United States average...

dol. per hr__

_ do

PUBLIC ASSISTANCE

Total public assistance mil. of doL-Old-age assistance, and aid to dependent children and

the blind, total. mil. of dol..Old-age assistance do

General relief.. do .

v 1.150

v .997

1.0181. 77

.78

*94

1.1001.042.134,112

1.208.068

1.152L. 131.183

1. 269L. 297L 189.308.382.077.814.800.859.883.928.903

.745

, 667.732

.869

.847

.8821.073.859.830.874.858.811.937.747.878.002

1.1331.2911.064

.9901.1411.2041.2651.1321.284

1.366

1.0391.2561.038.879

1.172

1.132.965.839.926

.765

.662

.7641.018

.9091.65

.952

.77

81

7460

7

1.1111.0381.1301.1121.2141.0611.1501.1261.1911.2681. 3001.1961.2931.3851.072

.822

.809

.852

.872

.929

.904

.759

.692

.747

873

.839

.8941.043.857.832.877.861.797.953.757.879.906

1.1281.2871.058

.9971.1491.2071.2661.1401.307

1.374

1.1701.2851.045.879

1.184

1.136.970.833.941

.773

.666

.7691.027

.9161.66

2 93 10.948

.80

81

74607

1.1061.0331.1271.1141.2181.0571.1481.1281.1821.2601.3011.1971.2871.3881.068

.810

.794

.852

.874

.931

.902

,763

.705

.753

.869

.829

.8911.022.851.823.874.871.782.946.749.881.913

1.1231.2921.052

.9991.1491.2171.2771.1381.296

1.387

1.2191. 2541.039

8951.209

1.146.979.826.944

1.7501.656

.7731.037

.9161.67

99 00.957

.83

81

75607

1.1031.0241.1131.1091.2041. 0381.1341.1181.1761.2451.2971.1901.2711. 3861.067

.813

.799

.835

. 858

.939

.909

.770

.708

.766

.877

. 846

.8961.052.857.832.882.874.823.940.765.880.911

1.1441.3171.0631.0031.1601.2221.2801.1191.269

1.383

1.3271.2491.048.885

1.187

1.139.974.901.977

1.7461.649

.7731.013

.9161.67

.943

.79

82

7561

7

1. 085.987.072

1.089L. 1711.014

119.103

1.152.224

1,2641.1761.1881.3191.044.819.804.833.850.937.903

.763

.698

.761

.866

.878

.8971.119

.853

.821

.880

.874

.795

.958

.786

. 893

.9301.1581. 3091.092

.9921.1481.2171.2811.0981.243

1.392

1.3451.2611.055.900

1.222

1.149.983.825.959

1.7781.661

.7831.025

.9171.67

.963

.82

83

76617

1.079.985

1.0631.0781.1431.0311.1181.1031.1721.2191.2501.1881.1881.2971.048

.784

.762

.841

.862

.932

.909

.773

.698

.762

.882

.875

.8831.130

.852

.817

.895

.881

.837

. 954

. 703

.897

.9311.1551.3161.079.991

1.1431.2041.2851.1001.231

1. 396

1. 3681.2421.043.902

1.189

1.127.982.822.972

1.7941.662

.7931.045

.9171.67

95.70.940

.81

85

78628

1.088.990

1.0641.0821.1461.0391.1241.1091.1931. 2171.2441.1831.1941.3011.058.789.765.844.866.928.918

.786

.713

.777

.884

.864

.8811.113

.857

.821

.908

.901

.834

.964

.807

.902

. 9351.1711.3341.098

.9911.1481.2171.2871.1121.249

1.397

1.3331.2631.048

.9091.231

1.162.981.820

1.002

1.7861.673

.8001.056

.9171.68

.957

.80

87

79638

1.102.994

1.0661.0911.1551. 0501.1341.1201.2101.2201.2391.1871.2081.2921.063

.814

.790

.859

.879

.939

.927

.795

.721

.788

.900

.875

.8881.126

.881

.848

.915

.904

.849

.951

.806

.910

.9451.1881. 3461.1181.0011.1591.2361.3151.1131.247

1.397

1.3801.2811.051.90S

1.251

1.1861.013.822

1.011

1.7891.676

.7961.058

.9381.68

.967

.75

88

8063

8

1.1071.0041.0701.0951.1691.0531.1391.1231.1951.2301.2311.1881.2581.2731.066

.830

.804

.864

.882

.942

.941

.803

.724

.790

.922

.906

.9121.166

.904

.877

.921

.904

.846

.961

.824

.928

.9691.2001. 3641.1301. 0151.1801.2491.3301.1211.255

1.402

1.3391.2591.036.907

1.257

1.1771.007.813

1.030

i. 7931.675

.8281.070

.9531.70

95.30.953

.69

90

8164

9

1.129' 1. 002r 1. 064

1.084

1.0291.1471.129

r 1. 206r 1. 248r 1.234

1.2221. 2681.2781.091

.836

.810r.871.891.967.953

.833

. 753

.812

.988

.922

.947r 1.168

.907

.890

.924

.913

.844

.939

.832

.937

.982r 1. 221r 1.379r 1.155

1.0211.198

r 1. 2861. 3691.1291.266

1.422

1.3761. 265

' 1.059.913

' 1. 284

1.1951.011

.8331.095

1.7931.675

r. 8351.095

.9681.73

.973

.75

92

826410

r 1. 1461.034

' 1.1021.1681.2901.0371.1691. 154

r 1.214T 1. 256* 1. 264

1 2311.2581. 3251.116

.848

.826

.888

.913

.985

.975

.858

.788

.838

.999

'. 961.981

' I . 222.917

' .892' .943.920.859

' 1.051.830

r. 9561.0011. 236

' 1. 4031.1671. 033

r 1.2111.307

r 1.3831.1381.275

1.411

1. 3761.274

' 1.071.930

r 1. 308

1.2221. 001

.8511.105

1.8151.684

.8411.101

.9881.74

.949

.75

93

836510

1.16£1. 0551.1311.1851.29*1.0951.17c1.1631.2211.30C1.3191. 24f1.2921.3941.132

.856

.90S

.9301.00'

.988

.868

.799

.845

1. 010

.966

.9931.23".928.899.953.93C.889

1. 074.830. 965

1.00S1.2441.4231. 1631.0441.2201.3311.4191.2341.422

v 1. 423

1.3521.2391.089

.9551.291

1.2191.025

.8861.132

1.8331.688

.8541.121

1.0041.76

97. 4C

.76

92

846.

T Revised, P Preliminary. §Sample was changed in November 1942; data are not strictly comparable with figures prior to that month.a The average for workers who were employed in February was $1,217; this average is affected by strike conditions, since maintenance workers were left on during the strike

while low-paid production workers were out; the average is therefore omitted from the table above to avoid misinterpretation.i Not comparable with data prior to July 1945; comparable June 1945 figures: Dyeing and cleaning, $0,757; power laundries, $0,657.» Data as of June 1.JData beginning April 1945 are not comparable with earlier data; see note for hours and earnings in telephone industry at the bottom of p. S-13 of the April 1C46 Survey.f Rates as of June 1, 1946: Construction—common labor, $1,034; skilled labor, $1.80.*New scries. Data on hourly earnings for 1937-43 for the telephone industry are shown on p. 20 of the May 1945 Survey (see also note marked "+" above regarding a change in the

data in April 1945) and data for the telegraph industry beginning June 1943 are on p. S-14 of the January 1945 issue. Data on hourly earnings beginning Merch 1942 for the otheruonmanufacturing industries and beginning August 1942 for the printing and publishing subgroups are available, respectively, in the May 1943 and November 1943 issues, and databack to 1939 will be published later.

See note " ! " on p. S-13.

July 1946 SURVEY OF CURRENT BUSINESS S-15

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

1946

M a y

1915

M a y June July August Septem-ber

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

FINANCE

BANKING

Agricultural loans outstanding of agencies supervisedby the Farm Credit Administration:

Total.— . _ mfl. ofdol.-Farm mortgage loans, total . do

Federal land banks . doLand Bank Commissioner do.

Loans to cooperatives, total doBanks fcr cooperatives, incl. central bank..doApr. Marketing Act revolving fund do_...

Short term credit, total doFederal intermediate credit bankscT doProduction credit associations . do .Regional agricultural credit corporations doEmergency crop loans . _ _ doDrought relief loans.._ _ do

Bank debits, total (141 centers)! doNew York City . . . _ . . . . . . doOutside New York City . do

Federal Reserve banks, condition, end of month:Assets total do

Reserve bank credit outstanding, total do.....Bills discounted do. ._United States securities ..do

Gold certificate reserves <g> doLiabilities, total do

Deposits, total . do _Member bank reserve balances . d o . . . .

Federal Reserve notes in circulation . . . . doReserve ratio percent..

Federal Reserve weekly reporting member banks, con-dition, Wednesday nearest end of month:

Deposits:Demand, adjusted... . mil. of dol..Demand, except interbank:

Individuals, partnerships, and corporations.doStates and political subdivisions doUnited States Government do. _.

Time, except interbank, total doIndividuals, partnerships, and corporations.doStates and political subdivisions do

Interbank, domestic doInvestments, total do

V. S. Government direct obligations, total...do.Bills .. do. . . .Certificates . . . doBonds . . . . . doNotes do

Obligations guaranteed by U. 8. Government-do......Other securities do

Loans, total _ . _ _ . . do _-•Commercial, industrial, and agricultural! aoTo brokers and dealers in securities _ _ doOther loans for purchasing or carrying securities

mil. of dol._Real estate loans doLoans to banks . . _ doOther loans . do

Money and interest rates:^Bank rates to customers]:

New York Citv percent7 o*'jer northern and eastern cities do11 southern and western cities do

Discount rate (N. Y. F. R. Bank) • . doFederal land bank loanst doFederal intermediate credit bank loans .doOpen market rates, New York City:

Prevailing rate:Acceptances, prime, bankers', 90 days doCommercial paper, prime, 4-6 months. doTime loans, 90 days (N. Y. S. E.) do

Average rate:Call loans, renewal (N. Y. S. E.) .doT7. S. Treasury bills, 3-mo ...do

Average yield, U. S. Treasury notes, 3-5 yrs.:Taxable* do

Savings deposits, New York State savings banks:Amount due depositors mil. of dol..

TJ. 8. Postal Savings:Balance to credit of depositors . . . . doBalance on deposit in banks .. .do

CONSUMER SHORT-TERM CREDIT

Total consumer short-term debt, end of month*..doInstalment debt, total* . do

Sale debt, total* doAutomobile dealers*. . _ . d oDepartment stores and mail-order houses*..doFurni ture stores* _ . doHousehold appliance stores*.. . . . do .Jewelrv stores* doAllother* . . . . . . do

1,7771,1881, 009

179124119

3466

32291

410632

77,51835, 08542, 433

43,80723,518

25422,93218, 09243, 80717,36515, 653

J> 8012 4 , 0 6 4

43.7

38,941

38, 6692, 433

11,37710,0309,851

1289,153

48, 98345, 586

1,01410,38327, 4756,714

3, 3S014, 9047,4822,167

2,1131,228

741, 840

1.004.001. 50

.47

.751.25

1.00.375

i 1.18

8,634

3,088

5

v 7, 513v 2, 779v 1, 002

v 205J-293

P 01v 107

1,9691,3771,068

309148145

2445

30257

911236

74, 32133, 67840,643

42,16822,131

87520,95418,11242,16817,24715,2961,038

22, 88545.7

40, 378

40,1902,3745,5018,4678,314

1099,303

45, 90542,5001,195

10,66323,2767,366

3423,063

11,6365, 7652,345

9641,049

1171,396

1.004.001.50

.44

.761.25

1.00.375

1.16

7,578

2,6088

5,5411,961

718184154238104884

1,9621,3701,061

309138135

245430

26710

11236

89,44141, 72547,716

42, 21222,304

4621,79218,05542, 21217,18814, 9201,585

23,01944.9

86,367

36,5251,909

14,9788, 5678,415

1099,799

49, 70246, 523

1,88910,61124, 5579,466

203,159

13, 8355,9182,727

2, 5901,052

781,470

2 202.552 801.004.001.50

.44

.751.25

1.00.375

1.16

7,711

2,6598

5,6971,987

719188150237

114984

1,9401,3511,049

302133131

245529

27010

11136

71,87633, 59038, 286

42,19522,359

30221,71717,98142,19516, 89614, 7941,037

23,31444.7

37,533

37,6261,904

13, 7418, 7868,637

1079,399

50,30346,992

1, 65610, 58125,1909,565

83,303

13,3935,9262,421

2,4091,055

941,488

1.004.001.50

.44

.751.25

1.00.375

1.16

7,791

2,7207

5,6541,992

712192145235

114782

1,9081,3351,044'292

126124

2447

2826410

10935

66,15529,38836,767

42,89623, 207

36222, 53017,92642,89617,13915,011

92023,864

43.7

38,140

38,1151,864

11,7399,0088,853

1119,655

49,70546,3601,463

10,19625, 2539,448

113,334

12,8415,9822,263

1,9931,058

771,463

1.004.001.50

.44

.751.25

1.00.375

1.17

7,893

2,785

8

5, 6491,988

706196142232

114580

1,8761,3161,040

275130127

2430

2725210

10635

64, 26328, 54535, 718

43,83524,082

33423, 32817,89843,83517,86115, 5201,153

24,00342. 8

38,690

38,5771,9759,4069,1609,008

1109,762

48,44445,133

1,3109,803

24,8409,180

103,301

12, 5866,2182,194

1,5501,063

761,485

2.052.532.811.004.001.50

.44

.751.25

1.00.375

U . 19

8,003

2,836

8

5, 7022,010

717202144235

114481

1,8461,2941,036

259152149

240025

23010

10134

73, SSO34,98439,006

43 88923,987

43923, 27617,87943,88917 52515,723

90424, 215

42.8

3P, 592

?9,7262,1378,0989 2969,148

1049 977

48 43545,133

969• 9 86325,1336, J§8

93,293

12, 51C6,3282,177

1,3061 060

1201 519

1 004.001.50

.44,75

1.25

1.00.375

*1 17

8,078

2,880

6

6,0002,086

754210156247

' 114486

1,8081,2721,030

242165161

3372

25207

89834

71, 50132, 24639, 255

44,61124,697

77523,47217,87044, 61118,09716,0221,024

24,36542.1

40, 247

40,2302,1818,5479,3479,194

11010, 46348, 74945, 489

9759,832

25,7298,953

123,248

13,6326, 77S2,481

1,6381,073

661,596

1.004.001.60

.44

.751.25

1.00.375

U.14

8,144

2,909

6

6,3442,190

805219173262

124792

1,7821, 2561,028

228162158

3363

28199

69734

92,80945, 03547, 774

45,06325,091

24924, 26217,86345,06318, 20015,9151.471

24,64941.7

37,066

37, 6741,949

16, 6609,4479,304

9911,09252, 05848, 664

1,76112,13026, 7378, 036

103,384

15,8907, 2492,791

2,9581,095

831,714

1.712.232 381.004.001.50

.44

.751.25

1.00.375

U . 1 5

8,283

2,933

6

6,7342,365

903227198283

1474

107

1,7701, 2361,022

214161156

3373

29208

59733

80, 79638, 81941, 977

44, 26823,976

29423, 26417, 98344, 26817,82215, 682•-1,08924,153

42.8

38,026

37,9332,123

16, 2279, 5669,416

10610,16253, 02149, 648

1,74212, 77827,1847,944

83,365

15,1907,3002,337

2,6871,107

561,703

1.004.001.50

.44

.751.25

1.00.375

U . 1 0

8,357

' 2,9815

6,505' 2, 364

877235189272

1466

101

1,7721,2261,022

205154148

3391

28226

410033

' 66, 70S30, 498

' 36, 210

44, 09323,648

34722, 90418, 04943, 48717. 55915,537

T1, 01424,131

43.3

r 37,610

37, 7412,160

16, 4819,6959.526

12310, 05652, 97049, 511

1,51712,86027, 2347,900

3,45215,1?87,3822, 345

2,5201,129

551,747

1.004.001.50

.44

.751.25

1.00.375

U.03

8,419

3,0135

' 6, 564' 2, 408

••879245

'184274

146199

1,7761,2091,015

194144138

3423

29252

410533

79,11835, 67043, 448

43, 88923,630

62622, 60118,07543, 27717,65914,853

02723,993

43.4

37,116

36,9902,243

14,5369,7569,582

1279,381

50, 28546, 812

78511,94427,0347,049

63,467

15, 6907,4642,823

2,3821,152

681,801

1.752.342.931.004.001.50

.44

.751.25

1.00.375

1.99

8,502

3,043

5

' 6,978' 2, 507

'905P 264v 188*279v 14P 59

p 101

1,7701,1981,012

186125120

344831

2744

10632

79, 33037, 20842,122

43, 65223, 357

27922, 73218, 09743,03017, 45115, 606

95923,925

43.7

38, 242

38,0412,456

12,3639,8819,704

1299,533

49, 38045,986

1,05210,62627, 4026,906

73,387

15,0537,4732,204

2,2241,195

911,866

1.004.001.50

.44

.751.25

1.00.375

i 1.12

8,560

3,0625

v 7,312r 2, 651

'957p 289

P288p 15P 60

P 105f Revised. *> Preliminary. § Includes open-market paper. ^ For bond yields see p. S-19 .i For Sept. 15-Dee. 15 includes Treasury notes of Sept. 15, 1948, and Treasury bonds of Dec. 15, 1950: Beginning Dec. 15, includes only the bonds of Dec. 15, 1950.d* Excludes loans to other Farm Credit Administration agencies.t Rate on all loans; see note on item in April 1946 Survey.® Effective June 12, 1945, only gold certificates are eligible as reserves; for total reserves through May 1945, see April 1946 Survey and earlier Issues.• A rate of 0.50 was in effect from Oct. 30, 1942-April 24, 1946, on advances to member banks secured by Government obligations maturing or callable m 1 year or less.•New series. Data beginning December 1940 for the series on taxable Treasury notes are available on p. S-14 of the April 1942 and later issues of the Survey. For information

regarding the series on consumer credit see note marked "*" on p. S-16.tBank debits have been revised beginning May 1942 to include additional banks; see note in the April 1946 Survey for source of 1942 data.

S-16 SURVEY OF CURRENT BUSINESS July 1046

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

1946

May

1945

May June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

FINANCE—Continued

CONSUMER SHORT-TERM CREDIT—Cont.

Consumer short-term debt, end of month—Continued.Instalment debt—Continued.

Cash loan debt, total* mil. ofdoL.Commercial banks* doCredit unions rioIndustrial banks* doIndustrial loan companies* doSmall loan companies doInsured repair and modernization loans* doMiscellaneous lenders* do

Charge account sale debt* doSingle payment loans* doService cred it * GO

Consumer instalment loans made by principal lendinginstitutions:

Commercial banks* mil. of dol__Credit unions doIndustrial banks* doIndustrial loan companies* doSmall loan companies do

p 1,777p 657v 142

p 2. 1 ^2p l.Ti'O

* 28»19v 10

LIFE INSURANCE

Life Insurance Association of America:Assets, admitted, total! A . mil. of do)..

Mortgage loans, total . doFnrm. .„ , do. . .Other . . . „ do . . . -

Real-esfate holdings - do . . . .Policy loans and premium notes . . . . doBonds and stocks held (book value), total do

Govt, (domestic and foreign), total do17. F Government do

Public utility do . . . ."Railroad doOther do—

Cash d o . . .Other admitted assets do

Premium collections, total® thous. of del..Annuities . . . d o . . .Group -.- doIndustrial doOrdinary do

I nstitute of Life Insurance:*Payments to polfcybolders and benefciar'es,

total thous. of dol_."Peath claim payments . . . . doMatured endowments do . . .Disability payments. doAnnuity payments .doDividends.I doSurrender values, premium notes, e t c . . . _ do

Life Insurance Agency Management Association:Insurance writ ten (new paid-for insurance): t

Value, total thous. of dol_.Group doIndustrial doOrdinary, total do

New England . . do -Middle Atlantic do.- .East North Central do . . . .West North Centra! do.__South Atlantic .. . . do._V.ast South Central do . . . .West South Central do . . .Mountain ._ . . . doPacific do . . . .

MONETARY STATISTICS

Foreign exchange rates:Argentina ._ dol. per paper peso.Brazil, official dol. per cruzeiroBritish India dol. per rupee..Canada, free rate § dol. per Canadian doL.Colombia dol. per peso.Mexico doUnited Kingdom, free rate!-- - dol. per £

Gold:Monetary stock, TJ. S mil of dol. _Net release from earmark* thous. of dolGold exports 1 do. .Gold imports J __do_..

37, 2745,189' 5814, COS608

28,82319,55118, 2394, 3322, 5832,3,465701

368, 98747.04721.97566,580

233, 385

1,956,796145.517359, 3691,451,910103, 6653G3, 065314.327136, 475158,82259, 598121,87843, 772150,308

.298• CGI.302.907.570. 206L033

1, 2433881206901

384334 j87

1.4SS I1,348 |

744 I

34, 5265, 201586

4.615778

1,59225.13816,02114.0294, 4062,5932,1181,031786

335,61437,66323, 07563, 852211,024

1, 2684001227063

389

88 I1, 5441,

225,076111, 15235, 7607,20215,15336, 78319,026

, 267,474112. 307284,780870. 38760,811227, 478188,16780, 82280, 43333, 89564, 69425, 80299. 255

.298

.061

.301

.908

.570

.2064.035

20, 270-66, 857

22, 3884,122

34, 8645,205588

4,617760

26. 24217,14015, 7844, 4002,6062, 096459617

357, 54538, 75920,87074,147

223, 769

221, 804102,02633,3177,39416,21843, 56219, 287

1, 216,264136,264258,971821,029

56, 306211,774175,712

79, 38690. 01336, 65861, 75525, 41083, 955

.061

.301

.908

.570

.2064.035

20, 21396,02686, 3882,631

1,2804061227003

39114088

1. 4591, 452

751

7518131276

1,2824061217063

38914588

1,4411,466

754

7318131171

35, 0705,202

5884, 014

7441,569

26,36717,21215,8944,4082,6042,143

533655

318,98049, 56621,47955,831

192,104

218,972110,39032,492

7,08915,71334, 52518, 763

1,127,506109,833235, 258782, 415

55,114200, 391171,205

75, 52886. 77930, 47058, 77023, 88880, 270

.298

.061

.301

.907

.570

.2064.030

20,152-100, 347

20, 79513,816

35, 2315,182

5874,595

7341,558

26, 61617,28715, 9584,4552, 5882, 286

437704

316,84331, 06621,69164,143

199, 943

210,706105,12331,4287,097

15,10833, 99717, 953

1,035,76771,016

224, 762739,98949,846

ITS, 761160,039

74, 35583, 25229,12560, 83123, 76880, 012

.298

.061

.301

.905

.570

.2064.027

20, 088-62 ,990

15. 8713,531

1,2934131207064

38715287

1,4701, 466

756

35,4335.166

5844,582

7231,548

26, 72117, 37216,0504,4962, 6322,221

514761

320.12832; 81518,87468, 395

200, 044

1G4,4G889, 34430,0116, S13

14,13834, 30919,853

1,001,20895,179

222, 083684, 006

45, 735166, 967149, 584

68, 70675, 82429, 28453! 09122,88571,930

.298

.061

.301

.899

.570

.2064.025

20. 073-19,009

26113, 757

1.3324281217164

S95J6588

1, 6661,490

758

8820161489

35, 6315,153

5834, 570

7141, 539

26,70217,43816,1234,4522,6132,199

722801

313,80335,79022,16462,088

193, 761

228,153109, 53140,3508,266

15,69031,93422,382

1 221,83188,981

208, 599864, 251

61, 722228,896186,316

82, 84995, 21632, 50264, 01326, 00586, 732

298.061.301.904.570.206

4.032

20, 03634, 6476,7422,425

1,3854481247367

40917490

1,8351, 556

763

9421151497

35, 8285,165

5804, 585

6991,531

26, 73317, 67216, 3284,3912,5972,073

893807

324,43733,13217,62964, 772

20S, 904

212, 755101,319

34, 3736, 300

15, 95031, 69923,114

1,179,29464, 534

250, 253864, 507

60, 088228, 549186, 772

83, 41892, 09933,19166, 55225, 54488,294

.298

.061

.301

.907

.570

.2064.034

20, 030- 3 8 , 2 0 2

2, 3573,146

1, 4624711287670

44517993

1,9811,616

772

101231816

133

36, 2575,163

5774, 586

6781,523

27, 55618, 70517,368

4, 2492,5582,044

526811

440, 69487, 49525, 25088, 207

239, 742

239,748101,343

30, 7317, 269

14, 52358, 90626,976

1,449,014244, 760263,151941,103

63, 267235, 875202,162

94, 64595, 80837, 23178, 74731, 561

101,807

.298

.061

.301

.907

.570

.2064.034

20,065- 4 , 25720,14639, 399

' 1, 4874941277670

446MSI

931,7011,659

782

10419*141476

36, 5025,152

5744, 578

6671,514

28,04319,15717, 837

4, 2552, 5842,047

527599

352,39749, 02626,97868, 278

208,115

261, 549120,377

40, 3448,294

21,07446,10425, 356

1,350,91549, 780

275, 6471,025,488

78, 235288,146230,310

96.091101, 263

36,00870, 74929,10795, 579

.298

.061

.301

.907

.570

.2064.034

20,156-12 ,529

116154,186

1,529522128

7871

45218494

1, 6921,671

793

10519141480

36, 6605,138

5734, 565

6561,507

28,26019, 24917,9374,2902, 5952,126

275824

350,14742, 06322,94365, 579

219, 562

221,902104, 642

32, 5877,179

15, 59738,17923, 718

1,516,83388, 416

307,0741,121,343

83, 573311,753247, 889100,841113,212

41, 64286.87032,159

103,404

.298

.061

.301

.907

.570

.2064.034

20,232—5, 770

46782,906

, 6025641328273

462M94

132

16103

36. 8825,148

5694, 579

632 j1.500 I

28,3671H. 35718.0354.2982,5632,149

383852

390. 87943. 66124,09071,010

252,118

vl, 694J>608P 1 3 7

p 85p 76

M82*>209

v 97* 2.138p 1,710

* 813

138

v 16J-105

37,0805.163

5754. 5S8

6221,494

28,54519,41318,0904,3122. 5492, 271

571685

328, 58640, 28321,66359, 268

207, 372

254,13116, 356

35, 7937. 987

16.22749.559 I 38,69028, 213 29, 596

236. 574110.072

34, 4797, 459

16.278

1,816,315113, 803355,691

1,346,82199,114

364.915296, 874123. 992142, 648

52. 01399,12038, 662

129, 483

.298

.061

.301

.907

.570

.2064.034

20, 25619, 729

36131, 757

1,971,219138,376359, 3241473,519109, 744395,030321, 302135,065159, 507

57, 384109,59743,983

141, 907

.298

.061

.301

.908

.570

.2064.034

20, 25115,09028, 423

f Revised. v Preliminary. % 36 companies having 82 percent of the total assets of all United States legal reserve companies.4 In January 1944 one company was replaced by a, larger one and the 1943 data revised accordingly; revisions for January-September 1943 are available on request.<8> 39 companies having 81 percent of the total life insurance outstanding in all United States legal reserve companies. • Or increase in earmarked gold (—).§ Data for the United Kingdom through June 1945 shown above and data back to February 1943 shown in earlier issues are the official rate; there was no free rate during this

period. The official rate for Canada has been $0,909 since first quoted in March 1940.5 Publication of data was suspended during the war period; data for November 1941 to February 1945 will be published later.* New series. Estimates of consumer short-term credit as originally compiled are published in the November 1942 Survey, pp. 16-20, and the general estimating procedure described

in that issue; data for various components have subsequently been revised from time to time; revisions that have not been published are indicated in the note marked "*" on p. S-loof the April 1946 Survey. Data for industrial banks and industrial loan companies were formerly shown combined as industrial banking companies. The series on payments to policy-holders and beneficiaries represents estimated total payments in the United States, including pavments by Canadian companies (see also note marked "*" on p.*S-16 of the April1946 Survey).

t Revised series. All series for insurance written are estimated industry totals and, with the exception of data for ordinary insurance, are revised series not comparable with datapublished in the Survey prior to the March 1946 issue (see note in that issue for the basis of the estimates). The data for ordinary insurance continue the data from the Life InsuranceSales Research Bureau which have been published regularly in the Survey; revised data for 1940-44 for industrial, group, and the total will be published later.

July 1940 SURVEY OF CURRENT BUSINESS S-17

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

1946

M a y

1945

M a y June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1946

Jan-uary Febru-

aryMarch April

FINANCE—Continued1

MONETARY STATISTICS—Continued

Gold—Continued.Production, reported monthly, total1.._.thous. of dol..

Africa doCanada^ doVnited States^ do

M oney supply:Currency in circulation mil. of dol..Deposits adjusted, all bfsr.ts, snd currency cutsidt

bark^ total* mi oi doiDeposits, adjusted, total, including V. 8. deposits*

mil. of dol..Demand deposits, adjusted, exel. U. 6.* doTime deposits, including postal savings*...do

Silver:Exports A thcus. of del..ImportsA . .-doPrice at New Ycrfc del. ppr fre c?Production:

Canada thous. of fine oz.United States do

PROFITS AND DIVIDENDS (QUARTERLY)

Industrial corporations (Federal Reserve): <?Net profits, total (629 cos.) mil. of dol

Iron and steel (47 cos.) . _ .doM achinerv (69 cos.) doAutomobiles (16 cos ) doOther transportation eouip (68 cos ) doNonferrous metals pnd prod. (77 cos.) . doOther durable goods (75 cos ) doFoods, beverages and tobacco (49 cos.) ..doOil producing and refining (45 cos.) do _Industrial chemicals (30 cos ) doOther nondurable goods (80 cos ) doMiscellaneous services (74 cos.) do

Profits and dividends (152 cos.):*Net profits doDividends:

Preferred doCommon do

Electric utilities net income (Fed "ResJ* doRailways class I net income (I C. C.) doTelephones, net operating income (Federal Communi-

cations CommisQion) mil of dol

PUBLIC FINANCE (FEDERAL)

U. S. war program, cash expenditures, cumulative totalsfrom June 1940-* . _ mil. of dol

U. S. Savings bonds:*A mount outstanding do

Redemptions do.. .Debt gross, end of month® do

Interest bearing:Public issues doSpecial issues § __ . _ do

N on interestbearing ._ doObligations fully guaranteed by U. S. Gov't:

Total amount outstanding (unmatured)__. doExpenditures and receipts:

Treasuiy expenditures, total . . .do . . .War activitiest doTransfers to trust accounts! do, . .Interest on debt doAll other! do

Treasury receipts, total .....doReceipts, net do

Customs doInternal revenue, total. _ . __ do

Income taxes doSocial security taxes do

Net expenditures of Government corporations andcredit agencies*... _ .mil. of dol_.

Government corporations and credit agencies:*Assets, except interagency, total mil. of dol.

Loans receivable, total (less reserves)... .doTo pid pgriculture doTo aid home owners doTo aid r°ilroads doTo aid other industries doTo aid banks doTo aid other financial institutions doForeign loans doAll other . . .do

28,116

*173, 400

*147,CC0p 78, f COv 51,110

930. 70S

337,110

48, C36j 5 0 4

552| 272,583

249, 8f 021,4811,143

542

3.6772,182

95106

1,2942,C982,733

422, 3081,407

285

181

53,93439, o2l

7,6142,503

26, 528

152, 600

127,80076,00043, 600

7791,872

448

1,1 P83,153

282 531

43, 7671,540

427238,832

217 16QIS 592

2 3,071

1,151

9, 2758 156

26666

7573, 3983 085

362,9?12 027

337

- 1 5 4

53,21339,0207,4262,516

26, 746

' 162, 784

137,68769,053

'44,253

26, f P41, 808

.448

1,1001,655

508534277

i 4727214664453847

269

22145123

' 189.8

59.8

290 417

45,5862,178

403258,682

237 54518 8122,326

409

9, 6417 837

3351 009

4605,9165,914

335,3844,757

69

778

' 33, 472' 5, 467

2 9711 027

243'185

46163

' 432'850

53, 34039,600

7, 3572,078

27,108

163,600

138,10072, 20045,100

518

448

9512,074

297,826

46,5081, 295

428262,045

240,22319, 5582,264

484

8, 5577, 324

530158547

2, 7542,695

332, 5271,743

66

222

53, 56037, 477

7,4113, 528

27, 685

163,200

137,30074,00046, 000

3,1511,059

. 44S

1,055V, 802

304,286

46,715700531

263,001

240,71320,033

2, 255

515

7,3546,398

16299

6953,2812, 997

322,8491,665

306

—26

52, 95338, 603

7, 4042,926

27, 826

162,900

136,80075,60046, 900

841,509

. 529

9632, 300

439378546

23206061433753

224

21143116

123.0

60.6

309,754

46,741514528

262,020

239, 11120, 518

2,391

527

6,6115,365

34647564

5,1925,189

304,8474,208

69

51

'34,159»5,321

2 94896123218543

132'432'845

55,93740 083

8,0343,836

28,049

163,900

137, 60078, 20047, 700

2305, 708

.707

1,0362,780

314,872

46,786625616

261,817

238,86220, 577* 2,378

541

5,9505,124

38172617

2, 5812,530

362,3401,593

58

- 2 7 4

54,88339, 000

7, 7264,020

28,211

167, 300

141, f CO80, COO47, 9i 0

9,5282,835

.708

1,0962,654

319,063

47,4731,184

533265,342

242,14020, 710« 2,492

536

4,6564,224

084

3482,6092,374

352,3831, 524

257

- 7 9

55,09338,110

8,3913,832

28,515

175,401

148,91175, 85148,452

12, 5923,173

.708

1,1532,031

48549

' 4758

i 3627265837514058

246

22182145

^20.0

99.2

323,416

48, 2241,254

559278,115

255,69320,0002,421

553

5,4454,244

0817384

4,1224,118

323,9483,366

69

—395

33, 741' 5,187

2,87889622323240

227'423'707

39,0868, 3463,984

27,917

P176, 300

P150, 200v 76,600v 49,000

20, 9372,490

.70S

1,2052,153

326,961

' 48, 617960630

278,887

256, 80120, 6551,431

545

4,8913,417

684309482

3,8483,819

423,4512,755

51

- 9

36, 0548,018

* 3,669

27, 954

P177, 000

v 150, GOOv 76, 200v 49, 700

4,7943, 679

.708

' 1, 042

329, 773

48,7186?2565

279, 214

257, 01620, 897

1,301

539

3,5102,702

148118543

3,8753, 678

333, 6842,790

310

9

v 34, 090' 8, 694' 4,157

27, 879

P173 , 700

*147, 600v 75,100P 50,100

8881,602

.708

1,166

31225

d 17

1 d 1019126554626476

112

20146176

13.7

72.7

332, 432

48, 756626634

276,012

253, 61321,1351, 264

542

4, 6022,550

23646

1,3835, 7025,747

425, 5834,838

100

-635

33, 3255,069

' 2,816825196200

25185545

'715

v 3,944

' 27, 885

*174, 200

1-148, 000p 77,400* 50, 600

1192,918

.708

334,995

48, 849*• 668r 621

273, 898

251, 48721, 2231,188

533

4, 2512,560

200174

1,3162,7342,677

452,3101,603,. 65

- 4

' Revised. * Preliminary. * Deficit. § Special issues to Government agencies and trust funds. <g> Data are on basis cf Daily Treasury Statement (unrevised).! Partly estimated. 2 Includes prepayments on securities sold during loan drive beginning in the month but issued after the close of the month.1 The total excludes Mexico included in the total as published through March 1942; January-May 1942 and 1943 revisions for the United States and the total, and 1941 revisions

or Canada and the total are available on request; see also note in April 1946 Survey regarding revisions for 1944.A Publication of data suspended during the war period; data for November 1941 to February 1945 will be published later.cf The totals for 629 companies, the miscellaneous group, and net profits of 152 companies have been revised beginning 1941, transportation equipment beginning 1942, and other

series for some quarters of 1943; revisions through the second quarter of 1944 have not been published and are available on request.tFor 194! revisions see p. 17 of the November 1942 Survey; debt retirements which have been comparatively small in recent years are excluded.•New series. For data for 1929-40 for profits and dividends of 152 companies see p. 21, table 10, of the April 1942 Survey (see note marked "cf" above regarding 1940-44 revisions).

See note on p. S-17 of September 1944 Survey regarding the series on net income of electric utilities and data beginning third quarter of 1943, and p. S-16 of the August 1944 Surveyfor a brief description of the new series on bank deposits and currency outside bank and figures beginning June 1943; earlier data for these series will be published later. Data begin-ning July 1940 for the scries on the war program are shown on p. 29 of the June 1943 Survey; beginning July 1945 data are from the Treasury Daily Statement; earlier figures were sup-plied by'the War Production Board. See note in April 1946 Survey for a brief description of the series on war savings bonds and p. S-16 of the October 1942 Survey for sales beginningMay 1941; beginning December 1945, amount outstanding includes matured bonds not turned in for redemption. See p. S-18 of the November 1943 Survey for an explanation ofthe "data on net expenditures of Government corporations and credit agencies and figures beginning August 1942. See note marked " t " on page S-18 regarding revisions of theseries on assets and liabilities of Government corporations and credit agencies.

S-18 SURVEY OF CURRENT BUSINESS July 1946

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

1946

M a y

1945

May June July | August Sep-tember

Octo-ber

No vein-1 Decem-ber I ber

1946

Janu-ary

Febru-ary March

FINANCE—Continued

PUBLIC FINANCE (FEDERAL)—Continued

Government corporations and credit agenciesf—Con.Assets, etc.—Continued.

Commodities supplies, and materials mil of dolIT S Government securitiesOther securitiesLand structures, and equipmentAll other assets

Liabilities except intera?encv, totalBonds, notes, and debentures:

GuirTnteod bv the United StatesOther

Other liabilitiesPrivatelv owned interestsU S Government interests

dododododo

dodo

. do.. __dodo

Reconstruction Finance Corporation, loan** outstanding,end of month totalt mil. nfdnl

Hank.* and trust cos., incl. receivers.. __Other financial institutions „Railroads, including receivers - __.

-do._. . .__do—.

Loans to business enterprises, except to aM In national(|,ifprjs;g mil, of dol

National defenseOther loa^s and authorizations... . .

SECURITIES ISSUEDccct?ri'iits m \ T \ c ' an'-n *"'oTT'Tic"'icn:+

"Cstimat-d {. r<>« nrnc« eds, t * 1 :* 11i;y tjr^es ••' <-cvrrity:

B o n d s P'^j>s arid del e o r n r ^ '• >trJ

T'r^'^Ted cro kCommon v^ock . . . __

Corporate, totalIndustrial -Publ ic u t i l i t y . „,PailOther freal estate and financial)

Non-corporate, total® . . .TJ S. GovernmentState and municipal _

New corporate security issues:Fstimated net proceeds, total

Proposed uses of proceeds:New money, total

Plant and equipmentWorking capital

Retirement of debt and stock .Funded debtOther debtPreferred stock __

Other purposesProposed uses by major groups:§

Industrial, total net proceeds _New money _Retirement of debt and stock

Public utility, total net proceeds . .New money- - ....Retirement of debt and stock

Railroad, total net proceedsNew moneyRetirement of debt and stock

Commercial and Financial Chronicle:Securities issued, by type of security, total

capital and refunding)}. thous.New capital, total* _

Domestic, totaltCorporate^Federal agenciesMunicipal, State, etc

ForeignRefunding, totalt - -

Domestic totaljCorporate!Federal agenciesMunicipal, State, etc _ ._ _

Foreign _.Domestic issues for productive uses (Moody's):

Total .mil.CorporateMunicipal, State, etc

Bond Buyer:State and municipal issues:

Permanent (long term) thous.Temporary (short term) —

do. do. -

of dol

dodo

—do- d o -

dodo

..dodo

..do- d o . .

- d o

do

do..do

dodododo

..dodo

do. do

dodo

- d odododo

-do ._

(newof dol. „dodododododododododododo

of dol._do

. do .

of d o l -- d o — _

1, 689219

85171

143

416

119, 47314, 584

9.6S8296127217

318, 325

641

3,176

3,057378102

IT

497

18776

32,6792,637

42

485

1364988

343278

12536

223117101184

1183

751857

587, 400192,013186,113158, 460

027, 6535,900

395, 387395, 387367, 086

19,1809,121

0

977126

39, 53831, 747

2, 5071, 679

37520,164

r 3 2&1r 5, 747

5021, 163

' 4, 083459

27, 266

9,712292123214

308,417

636

18, 203

18,19685

16

92603002

18,11118,060

50

91

513

8072

176

593

50300

30000

168,80651,91851,918

1,3528.000

42, 5660

116.888116,88879. 08530,010

7,7930

42

42

55, 83213,842

2.105' 285

118212

s'l 6637

2,789

2,48664021985

94449°30410641

1, 8451,602

66

925

19014743

724581

5138

11

480163306301

4297105

1293

1,229,396248,647248,647211,614

1 83035,203

0980, 749980,749749,921199, 58031,248

0

1329735

66,742146,379

2, 036280115203

35767636

1, 330

1. 256PM6eo14

440

1178513

890845

45

433

804139

347278

50196

22163

157115

1110841074

510,132144,446144, 446107, 244

037, 202

0365, 686365, 686

si 338, 26820, 060

7,3590

1228636

45,72728,700

2,4871, 75fi

36820,816

?. 411r 6, 084

5511, 135

' 4, 397465

27.610

2,012277113/.02

40746633

1, 452

1, 3396K2

7935

795136374

657606

47

780

995049

669634

13512

1308738

3710

364270

4266

878,824142, 242142. 242104,820

037,422

0738, 582732,082705, 441

17,1809,4614,500

966333

51,98545,992

1,826275111202

40755

2,130

1, 95390510804

1, 07792857224928

1,054961

67

1, 057

1509753

873798

195634

21889

114565

15533246

27220

1,338,316242, 521237, 979209,087

028,892

4,5431,095.7951,069,702988, 931

42, 44038, 33126, 093

14511728

82, 42264.913

1,847273108201

144682442

4, 372

4, 321

12151420

284. 2524, 210

42

117

20

1374514

1922

49173042

235000

246,92894,43893, 93859, 776

034,162

500152 491128, 99178 04943,810

7,13223, 500

562234

40,7621,970

2, 2881, 683

32521,016r 3 211

r 5,778

5551,113

r 4, 109472

27, 492

1,861268104198

145707440

14, 437

14, 32435S4171

470171203

m13, 96613 670

82

462

1037527

340286

124119

16651

108200

23177681950

"840,149243,977240,744161,061

7579,608

3,232596,172594,102337,010254, 505

2,5872,070

1519061

83,67450,925

1,827234100192

145694461

1, 585

1,40674

11168

25318844

713

1, 3331 261

71

245

1116349

12456

56210

181987443

143

770

346,113200, 347200,347131,170

74568,432

0145,766145, 766112,95429,900

2,9120

1468264

75,934131,086

1,80722999

171

146703459

1,180

1,122239

2533

10433

1539

883803

80

291

371720

240222

21615

100265932

131

1501

148

429, 614122, 29165,36947,08918 280

056,922

307,323284, 322264, 262

20, 0600

23,001

782256

76,16459, 710

1 9181, 789

28520 784

r, a-?s

1 1334, 959

47926, 218

1,776223^9

172

175p.sq427

1,305

1.1682*0

0,3

41713479

19410

888805

83

405

995544

2572

3017

126941578

1

1922

190

557, 427223 308222, 408127, 315

15 97079,123

900334 119310,919284 21522. 980

3 72423 200

1176750

88, 97423, 909

1,680

~87171

140642420

1, 937

1, 080425154103

0824941409919

1,255

71

666

21314865

433320

575621

412198195138

613298

197

1,096,711373 340373, 340289, 60022 42061, 321

0723 371698, 371362 663325, 685

10 02425 000

' 85,176' 57, 582

' Revised. • Less than $500,000.<g> Includes for certain months'small amounts for nonprofit agencies not shown separately.§ Small amounts for "other corporate," not shown separately, are included in the total net proceeds, all corporate issues, above.t See note in the April 1946 Survey regarding revisions in the data for 1944.t Revised series. Data for Government corporations and credit agencies have been shown on a revised basis beginning in the May 1946 Survey and the 1945 figures for certain

items have been further revised in this issue to take account of recent changes in the classifications. The classifications are those currently used in the revised form of the TreasuryDaily Statement. All asset items, except the detail under loans receivable, are on a net basis (after reserves for losses); reserves against loans are not completely segregated as to thetype of loans to which they are applicable and the detail of loans by purpose is, therefore, shown before reserves; most of the reserves are held against agricultural loans. Reviseddata beginning with the third quarter of 1944 will be published later; earlier data cannot be revised to a comparable basis. The classification of Reconstruction Finance Corporationloans was revised in the November 1943 Survey (see note in that issue); the figures include payments unallocated, pending advices, at end of month. There have been unpublishedrevisions in the 1941-44 data for security issues compiled by the Securities and Exchange Commission as indicated from time to time in notes in the Survey: data beginning October1944 were revised in the December 1945 issue; all revisions in the 1941-44 data will be published later. 4

July 1946 SURVEY OF CURRENT BUSINESS S-19

fTnlean[i nd1942

otherwise stated, statisticsdescriptive notes may beSupplement to the Survey

throughfound in

1941t h e

1946

May

I1

May June July August

1945

Kr Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

FJNANCE-~Continued

SECURITY MARKETS

' rokers* Balances (N, Y. S. E. members carryingmargin accounts)^

Customers' debit balances (net) mil. of dol_.Cash on hand and in banks.. . . do. . . .Money borrowed— ....--. —__.._._ doCustomers' free credit balances ^__...do

BondsPrices:

Average price of all listed bonds (N. Y. S. E.) .dollars..Domestic ._._doForeign _._.do

Standard and Poor's Corporation:Industrial, utilities, and rails:

High grade (15 bonds) dol. per $100 bond..Medium and lower grade:

Composite (50 bonds) . ,__ doIndustrials (10 bonds) . . . . .doPublic utilities (20 bonds) ._„_ .doRailroads (20 bonds) . do

Defaulted (15 bonds) doDomestic municipals (15 bonds)f do

U. S. Treasury bonds (taxable)t do.__.i -ftles (Securities and Exchange Commission):

Total on all registered exchanges:Market value ..thous. of dol.Face value _._do...

On New York Stock Exchange:A? arket value ..do...Face value do._.

Exclusive of stopped sales (N. Y. 8. E.), facevalue, total thous. of dol

U. S. Government do...Other than U. S. Government, total. . .do..

Domestic do...Foreign do..,

Value, issues listed on N. Y. S. E.:Face value, all issues ..mil. of dol...

Domestic doForeign , do.

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

Yields:Domestic municipals:

Bond Buyer (20 cities) percent..Standard and Poor's Corp. (15 bonds) . . .do.

Domestic corporate (Moody's) ___do.By ratings:

Aaa do.Aa do.A do.Baa . do.

By groups:Industrials do.Public utilities do.Railroads do.

U. S. Treasury bonds, taxable t do

Stocks

Cash dividend payments and rates, Moody's:Total annual payments at current rates (600 com-

panies) mil. of dol._Number of shares, adjusted-. millionsDividend rate per share (weighted average) (600 com-

panies) dollars-.Banks (21 cos.) doIndustrials (492 cos.) doInsurance (21 cos.) do ._Public utilities (30 cos.) _. _ ..doRailroads (36 cos.) do

Dividend payments, by industry groups:*Total dividend payments mil. of dol..

Manufacturing ...doMining ...doTrade doFinance .doRailroads doHeat, light, and power doCommunications doMiscellaneous do

Prices:Average price of all listed shares (N. Y. 8. E.)

Dec. 31, 1924=100 . . .Dow-Jones & Co. (65 stocks) dol. per share._

Industrials (30 stocks) do .Public utilities (15 stocks)... __do._..Railroads (20 stocks). do

New York Times (50 stocks) .__ doIndustrials (25 stocks) doRailroads (25 stocks) do

5476G9

104.03104. 4083.16

123.7

119.5123. 9116.0118. 681.8142.1104.8

93, 9524,29989, 65384,3105,343

138,364135, 9682, 396

143,944141,9511,992

1.361.542.71

2.512.582.733.02

2.602.692.842.19

1,911.77941. 47

2.033.211.972.581.812.65

133. 669.02.05.717.17.6

29.3.3

2.6

103. 276.98

206. 6343.0364.77143. 47236. 1150.84

1,094

742583

103.01103. 5481. 23

122.3

117.9122.1116.5115.077.5141.3101.7

209,766327,148

198,182311,891

263,495514

262,98!254,2468,735

111,506108,8512,655

114,857112,7012,157

1.431.582.89

2.622.722.883.32

2.682.933.052.39

1.870. 66941.47

1.992.931.922 571.802.67

119.165.62.74.512.21.9

30.0.22.0

80.662.19165. 5830.8556.36119.10194.0944.11

1,223220853549

103.45104.0080.73

122.1

118.1122.2116.7135. 581.4

141.5102.4

186,322260, 711

174,869244,585

223,113601

222,512214,8437,669

110.939108,2992.641

114,768112, 6362,132

1.401.582.87

2.612.692.863.28

2.682.893. 032.35

1,871.06941.47

1.992.941.922.571.802.69

505.9283.442.926.537.346.238.415.116.1

80.764.24167 3332.4660.48121.15194. 5347.77

1,141

824580

102.97103. 4680.07

122.3

117.9122.2116.4115. 2

80.4141.6102.5

100,984140, 213

99, 878131, 470

110, 849419

110.430105, 9224,508

126,317123, 6792. 638

130,075127, 9622,112

1.461.572.85

2.602.682.853.26

2.682.873.002.34

1, 871. 62941.47

1.992.941.922.571.802.69

347.1138.23.219.679.216.436.348.26.0

78.863.03163. 9632.9658.64117. 76189. 9745.56

1,100

758573

102.49102. 9779.94

121.7

117.2121. 7115.5114.4

75.6138.8102.2

1,084

762594

102. 60103. OS80.60

121.6

117.1121.4115.6114.474.5137.0102.0

101,995 89,387143, 293 120, 572

94, 819134, 911

118, 9371,000

117,937113,1304,827

126, 593123,9562. 637

129, 748127, 6402,108

1.641.702.86

2.612.702.853.26

2.682.863.022.36

1, 872.04941. 47

1.992.941.922.571.802.69

135. 464.71.04.028.74.629.3.22.9

82.662.33166.1632.3955.16

118. 69194. 6642.74

82,146111,792

109, 778517

109, 261104, 0425, 219

125.252122,616

2, 635128,511126, 3872,124

1.721.792.85

2.622.702.853.24

2.672.853.052.37

1,871.55941. 47

1.992.951.922.571.802.69

396. 2246. 321.226.526.317.232.015.111.6

86.065.97177.9633.9557.11126. 33208. 5044.17

1,063

743632

103.16103 6181.88

121.9

117.7122.0115.7115. 376.6137.7102.4

122, 343172, 496

112,871159,809

143,9711,268

142,703132, 56310,140

124.802122, 1972, 605

128, 741126. 6082,133

1.561.762.84

2.622.702.843.20

2.652.843.032.35

1,870.94941. 47

1.992.951.922.581.802.69

320.3138.24.018.453.312.339.348.46.4

89.268.70185. 0735 4559 61130.72215. 0644.39

1,095

711639

103. 28103. 7182.50

122.0

118.3122.5116.0116.6

78. 9139. 0102. 6

137,749192,680

127, 551177,107

163, 452742

162,710147, 62915,081

125,055122, 4942,561

129,156127,0442,113

1.511.702.82

2.622. 682.813.15

2.642.812.992.33

1, 868.08941.47

1.982.971.922.581.792.65

136.571.91.27.019.12.7

32.0.22.4

93.071.57190. 2238. 1063.06132. 71216. 7448.69

1,138313795654

103. 64104.0482.65

121.9

119.0123.1116.2117.582.1

140.1102.7

138,499185, 652

128,617175, 083

141,431745

140.686131, 3299,357

138,085135, 5292, 556

143,111140, 9982,112

1.421.642.80

2.612.682.793.10

2.642.792.962.33

1,880.22941.47

2.003.111.942.581.802.64

768.2418.665.346.781.063.351.716.924.7

93.572.36192. 7438.2663.67135.05220.6749.43

734727

104. 75105.1482.32

123.8

119.7123. 9116.3118.984.9141. 6104.6

165, 360217,071

155,270204,041

186, 9231, 060

185,863175, 74210,121

138, 961136, 5502,411

145, 556143, 5711,984

1.311.572.73

2.542.622.733.01

2.572.712.892.21

1,886.00941.47

2.003.171.942.581.802.64

358.4129.62.724.087.519.738.548.38.1

98.274.78199. 0039.9465.58138. 72226. 0051.45

645755

105.19105. 5982.11

124.5

120.0124.4116. 1119.685.4

143. 4106.0

119,650154,582

110,162146,310

129,337605

128, 732122, 5336,199

139,299136,890

2, 409146, 524144, 5461,978

1.291.492.68

2.482.562.702.95

2.542.652.832.12

1,900.31941.47

2.023.211.952.581.812.77

149.565.7.69.229.67.2

35.6.11.5

92.674.74199.4640.0165. 12136.88223. 2550.57

622712

105. 29105. 6982.69

124.5

120.1124. 5115.9119. 9

82.7143. 4106.5

98, 956121, 413

91, 234113, 002

105, 018720

104, 29895, 9128,386

138,831136,4232,407

146,181144, 1901,990

1.291.492.66

2.472.542.692.94

2.542.642.802.09

1,908. 54941. 47

2.033.211.962.581.812.81

396.3237.622.529.924.222.533.313.013.3

96.973.01194. 3740.3862.89136. 03222. 7949.27

895

575697

103.89104. 2582.88

124.3

119.9124.4115. 8119.683.6144.1106.6

107, 506131, 595

100,481123, 634

122,33710,318112,019104, 9687,051

138,519136,1432, 375

143,904141, 9361,969

1.371.452.67

2.462.562.692.96

2.572.652.782.08

1,919. 71941. 47

2.043.211.972.581.812.81

338.8128.63.719.850.429.347.651.77.7

100.276.63205.8142.9364.30141.86233. 8549.88

' Revised.} Since February 1945 data are from the New York Stock Exchange; except for June and December, data are estimates based on reports for a sample group of firms.* New series. Data for 1941 for dividend payments are on p. 20 of the February 1944 Survey. Final revisions for 1942 and 1943 will be published later. For revisions for all

months of 1945, see p. S.-19 of the May 1946 Survey.t Revised series. The price series for domestic municipal bonds was revised in the April 1943 Survey; see p. S-19 of that issue for data beginning February 1942 and an explanation

of the revision; earlier data will be published later. Data through December 1943 for the revised series on prices and yields of U. S. Treasury bonds are shown on p. 20 of the September1944 Survey; these series include all issues not due or callable for 15 years. Yields through December 1945 for partially tax-exempt Treasury bonds are shown in the April 1946 andearlier issues of the Survey; there were no partially tax-exempt bonds due or callable in 15 years or over after December 15.

S-20 SURVEY OF CURRENT BUSINESS July 1946

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

1946

May

1945

May June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

FINANCE—Continued

SECURITY MARKETS—Continued

Stocks—Continued

Prices—Continued.Standard and Poor's Corporation:

Combined index (402 stocks) 1935-39= 100,.Iudustria;s (354 stocks) do

Capital goods (116 stocks) doConsumer's goods (191 stocks)——.-. do

Public utilities (28 stocks) do-__.Raiiroads (20 stocks) _ . . . . do

Other issues-Banks, N . Y. C. (19 stocks).. do.._.Fire and marine insurance (18 stocks) do._.

Siles (Securities and Exchange Commission);Total on all registered exchanges:

Market Value thous. of doLShares sold . -..thousands-..

On New York Stock Exchange:Market value.. .thous. of doLShares sold _.thousands..

Exclusive of odd lot and stopped sales (N. YTimes) .thousands..

Shares listed, N. Y. 8. E.;Market value, all listed shares mil. of dol_.Number of shares listed millions..

Yields:Common stocks (200), Moody's.. _..percent..

Banks (15 stocks) doIndustrials (125 stocks).. doInsurance (10 stocks) doPublic utilities (25 stocks). do . . . .Railroads (25 stocks) _ _..do. _.

Preferred stocks, high-grade (15 stocks), Standard andPoor's Corporation _ _ ..-percent..

154.3158. 8141.7172.0129.3157.2

118.9141.8

30,410

84,0431,666

3.43.73.23.03.74.5

3.47

118.2120.3108.8127.2101.2134.5

113.4129.1

1,420,05058, 373

120.?121.8109.9J29.3105. 9144.0

119.4129.7

1,506,96470,838

1,195,164 1,256,14042,373 I 50,398

32,024 41,310

62, 4311, 536

4. 23 44.13.34.75.5

3.66

62,6371,540

4.23.34.13.44.65.3

3.67

118.4118.8107.0126.1107.9140.1

117.0125.7

1,002,35249, 560

841, 30835,836

19, 977

61,2421,544

4.33.44.13.44.55.6

3.69

117.9118. 9107. 6128.1107.2130. 0

113.0122.2

943, 40439, 700

794. 43328, 846

21, 714

64,3151,548

4.13.43.93.44.55.7

3.72

126.1128.2117.2139. 3110.6137.5

115.0125. 9

1,105,30746, 334

922, 58432, 465

25,135

67, 0651,554

3.93.43.83.34.35.3

3.75

132,0134. 5122.0145.9114.4145.1

124.6134. 2

1,589,14574, 975

1,290,51347, 709

35, 476

69, 5611,573

3.83.13.73.14.25.2

3.72

136,9138.7124.8150.7120.8154.2

125. 2136.5

1,796,416106,471

1,438,50054, 218

40,406

72, 7301,577

3.73.23.63.24.04.8

3.65

139.7142.2127.9154.0120.2157.1

124. 3133.9

1,745,46887.068

1,410,63548, 656

34,151

73,7651,592

3.73.33.63.14.14.8

3.59

144.8147.5133.1161.9124.0164.3

126.1139.2

2,373,016112. 908

143.3145.8133.6159.5123. 7159.8

121.3143.8

1,930.31490,883

1,947,730 jl,574,139",2,60471,761

51,510

78,4681,614

3.53.43.42.93.84.5

3.54

34,093

74,1651,620

3.83.73.63.04.05.1

3.49

141.8144.5130.8159.2122.8153. 6

116.6141.6

151.7155. 9139.4170.1127.5156.8

120. 2144.2

1,479,956 !l,869,13060,203

1,217,01936, 600

72, 096

1,504,77147, 002

25,604 ! 31,427

77, 9321,628

3.63.63.4 ,3.0 !4.05.1

3.45

80,9431,645

3.53.63.33.03.95.1

3.42

FOREIGN TRADE

INDEXES

Exports of U. S. merchandise:Quantity ...-1923-25= 100.Value _do__.Unit valua _ ..__ _._do...

Imports for consumption:Quantity... ___ do.__Value — do._.Unit value do._.

Agricultural products, quantity:§Exports, domestic, total;

Unadjusted. ._.1924-29=100.Adjusted __do___

Total, excluding cotton:Unadjusted .doAdjusted .do

Imports for consumption:Unadjusted do. . .Adjusted do

SHIPPING WEIGHT*

Exports, including reexports mil. of lb.General imports do.__

VALUE §

Exports, total, including reexports -thous. of doL.Lend-lease* do

By geographic regions:Africa doAsia and Oceania doEurope doNorthern North America. __ doSouthern North America doSouth America do

Total exports by leading countries:Europe:

France . . .doGermany doItaly,, doUnion of Soviet Socialist Republics (Russia)..doUnited Kingdom do

North and South America:Canada __..doLatin American Republics, total .do

Argentina __ doBrazil do . . .Chile do.__,Colombia* •_ doCuba___ doMexico doVenezuela* do

13,31310,918

851, 24567, 406

261301115

130114

69

107130

18, 86410, 380

1,135,486790, 293

46, 616127,152728, 267112,68459,94960, 819

29, 0960

21, 551341, 489290, 250

111,532110, 3261,60219,9125,1499,57715,15023, 67013,425

227114

122106

88109

18, 50210, 680

870, 282532, 561

37, 796163,411434, 697110, 05267, 32856, 998

46, 984804

15,199131,487179, 050

103, 814114, 6613,08219,1184,2668,55917, 87527, 81912, 967

201228113

12510887

77119

106135

IS, 15211, 276

893,150538, 818

44, 716130, 906495, 632108, 82055. 94957,126

55, 50311

15,656167, 570195, 415

106, 671104, 3063, 43618, 6375,2058,14115,14124, 93211,919

173192111

126111

57

92104

15, 96611, 094

737, 398413, 398

29, 524104, 500396,128103,15950, 77847,310

40, 656168

9,800137, 441138, 322

99,10195, 8224,51914, 6103,7656,97015, 65625, 0218,053

135135100

11910387

10690

17, 6659,031

514,351158, 484

46, 69044, 077212, 83795,02763,13252, 589

41,438240

17, 31415,16667,872

92, 285105, 5453,12816, 6463,5856,94016, 42723, 96513, 904

119118

12310887

10479

16, 00910,617

455, 20474,850

25,18337, 001188, 04599,42265, 80539, 808

37, 991117

19, 3226, 724

42, 394

96,11796, 6702,37211, 8633,0127,20916, 27832, 4239,381

166164

1139887

130114

17, 82011, 544

638, 937115, 250

42, 92782,907265, 45596, 42770, 28780, 935

79, 483354

15, 8686,16533, 537

93, 797140, 9075,80928, 3105,7639,60220, 96728, 03818,033

19819297

99

10492

173158

15, 3599,093

736,139187, 438

34,18977, 563

389, 90495, 84072. 61266,029

53, 672531

26, 56399, 97872, 741

91, 740127, 0507,72423,8724,6727,65618,18431,68112, 583

214210

13912591

127123

206204

10393

17,61010,162

799,982130, 375

38, 765111, 282405. 36687, 79472, 60383, 886

' 73, 2501,266

30, 803' 52, 75881, 676

85. 676146,4719,198

31, 373' 5,401

19, 31231, 74316, 931

17617599

1079690

108124

174203

16,830' 9,099

671,10499,597

42, 47381,050320,41383,53572, 24671,511

r 67, 9362, 05634,887

r 29,89860,013

82, 216132, 2379,029

22, 4414, 94610,70820,47931,64313,103

211212101

12811792

118128

185200

<• 1 0 690

19, 02610, 099

815, 063116, 353

48,335110,372391,675101, 54482, 93680, 200

89, 4241,646

42,04432, 08185, 863

98,124154,1369, 295

26, 4946,28011,61420, 03137, 90915, 353

194'199103

13512392

105128

100186

106

15, 4339,870

757, 785' 80, 304

46, 933104, 279340, 240106, 64177, 59482, 098

78, 3247,020

35, 36930, 34063, 225

103, 680150, 75410, 53722, 4425,25612,43523,49133,91017.777

' Revised.§ See note marked " § " on p. S-21.* New series. Data on shipping weight of exports and imports are compiled by the U. S. Department of Commerce, Bureau of the Census; they represent gross weight of mer-

chandise exports and imports, including weight of containers, wrappings, crates, etc. Data beginning January 1943 will be published later. See p. 32 of the February 1946 Surveyfor annual totals for lend-lease exports for 1941-45; complete monthly data will be published later; all supplies procured through lend-lease procurement facilities are shown as lend-leaseexports although, since the program officially ceased to operate at the end of the wai, the recipient nations had, with few exceptions, arranged to finance them prior to the exportationof the merchandise. Monthly data prior to February 1945 for Columbia and Venezuela will be shown later.

July 1046 SURVEY OF CURRENT BUSINESS S-21

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

1946

May

1945

May June j July i August Septem-ber

Octo-ber

Novem-ber

December

1946

Janu-ary

Febru-

FOREIGN TRADE—Continued

March April

VALUE §—Continued

Total exports—Continued.Other regions:

Australia thous. of doLBritish Malaya do.._China do._.Egypt d o . . .India and dependencies d o . . .Netherlands Indies do___Philippine Islands do. _.Union of South Africa do . . .

General imports, total d o . . .By geographic regions:

Africa do . . .Asia and Oceania d o . . .Europe do . . .Northern North America do_._Southern North America d o . . .South America do

By leading countries:Europe:

France d o . . .Germany do.__Italy do.__Union of Soviet Socialist Republics do . . .United Kingdom do__.

North and South America:Canada do . . .Latin American Republics, total d o . . .

Argentina do__.Brazil do . . .Chile d o . . .Colombia* do . . .Cuba do . . .Mexico d o. _.Venezuela* do . . .

Other regions:Australia do . . .British Malaya do . . .China do . . .EgyptIndia a

gypIndia and dependencies doNetherlands Indies doPhilippine Islands doUnion of South Africa do

Exports cf U. S. merchandise, total doBy economic classes:

Crude materials doCrude foodstuffs doManufactured foodstuffs aDd beverages doSemimanufactures doFinished manufactures do

By principal commodities:Agricultural products, total do

Cotton, unmanufactured doFruits, vegetables and preparations doGrains and preparations doPacking house products do

Nonagricultural products, total doAutomobiles, parts and accessories doChemicals and related products doIron and steel and their products doMachinery do

Agricultural doElectrical doMetal working doOther industrial -do

Copper and manufactures doPetroleum and products do

Imports for consumption, total doBy economic classes:

Crude materials doCrude foodstuffs doManufactured foodstuffs and beverages doSemiman ufactures -doFinished manufactures do

By principal commodities:Agricultural, total do

Coffee doHides and skins doRubber, crude including guayule doSilk, unmanufactured--. doSugar doWool and mohair, unmanufactured do

Nonagricultural .total doFurs and manufactures doNonferrous ores and metals, total do

Copper including ore and manufactures..-doTin, including ore do

Paper base stocks doN i t d

396, 709

pe e s t c sNewsprint doNewsprintPetroleum andd products do

815, 831

388, 841

35,4750

5, 89921, 99862,993

0174

10,901372,130

20, 27953,62836,315110, 97874,97475,956

1,0946

42913, 6927,415

108, 772141,73411,74222, 75014,0096, 56731,52722,9708,227

9,49304499

13,07694

(°)5,443

1.118,680

88, 63020, 543140, 64579, 345789, 518

224,06521,57926,84422,11732,052894,61588,42443,95948, 702149. 24916, 70538,33522, 32969, 3527,519

95, 757362,080

106, 58157, 48140, 08674, 84183, 091

147,16626, 5704,7268, 249

8616,49617,762214,91415, 25240, 24017,4702,7847,62712, 82814, 066

50,9750

6,05811, 25579,397

102188

10, 394359,555

37, 92740, 40638.111107,59465, 46070, 056

1,42349874

7,38112,089

104, 694127,19710, 78917,08610,3899, 54528,191.18,7316,840

10, 254040

1,6349, 822294

(°)13,135

848, 352

78,60629,86392,02961, 643586, 211

173, 73032,63824,81831, 51514,108674,62356, 25331,96036,36099, 78815, 69923, 61812,17946,0284,418

86, 337338, 838

92, 25655,46237,09371, 22382,805

126,60226, 3083,4916,331217

14, 04116, 722

212, 2369, 69839,89315, 5994,2348,94912,18912,220

38,5600

7, 93813, 26057, 653

01,8039, 986

355,698

29, 32443,64639,15999, 34455,12589,100

1,037102511

6,7216,798

96,899135,61514,51728,08617,0749,51220,65517,5428,990

9,854

2975,31814,337'26226

5,486858, 792

93,71931, 593123,31664, 240545,924

221.16636, 22024,99330, 91429,056637,62665,92533,71942, 62594, 747IS, 59427,1806,22240,3775,23560,967345, 629

97,95756, 30830, 25680,68280,426

130, 21330,1774,5177, 565288

11, 23520,099215,41610,10747,96623, 9584,24911,38213, 90414, 473

33,2600

8,2126, 299

43, 204(a)1,3418.757

359,655

21,10544,37734, 97896, 54164, 20498, 451

2,26322527

5, 0478, 958

94, 207155,31219,64626,0349,39315, 24331,24917, 7907,952

14,1950

298465

14, 4022869

5, 220716, 568

73, 90233. 44786, 84357,872

464, 505

164, 72022, 56920, 52532, 31420,494551,84965, 43433, 43435,49977, 27715, 94019, 6994,86134,8172,544

32, 548354,983

90.48868,84840, 91882, 79871,931

156, 23243, 0653,8297,795399

18, 80322,165198, 75110, 75735,94114,1042, 061

14, 61913,68213, 629

8, 9530

4,7928, 43111, 267

06,4609,985

334,673

25, 02863,49727, 91577, 89953, 49986,835

55580141

1, 2596, 587

75, 786136,17617, 05531, 7708,1556,06826,45916,3216, 633

9,3890

142526

21, 6571

10010,273500,137

84, 05554, 31567, 59648, 928245, 242

171,42928,02616, 79553,89810,039

328, 70919, 27029,37828,32853, 7239, 99411,0255,104

25, 2972, 262

32, 227329, 271

103,14956, 38438, 64072,95958,139

140,91230, 4914,0427,869127

17,65519,165188,35917, 89236,80714, 5952,52013,97512, 5398,174

5,193(•)1,4292,1206,3423, 2917,5849,471

344,416

29, 33645,14047, 54484,26946,02192,106

1,89311489

2,4845,444

81,717131,87620, 57929, 602

' 11,9308, 48816,61916,8317, 348

10, 5030

2061,51212,526

24317

11, 594440, 511

81, 25765, 77337, 63254,466201, 382

153.17022,01212,10067, 4684,568

287,34216,13527,18925, 78450, 5578,0319, 6694,36926,1682,828

24, 691343, 714

103, 09856, 59931, 72586, 74265, 549

139, 51630,172-3,5958, 225261

9,01925, 560204,19712, 65544, 26618, 5654,15819, 58715,12913, 694

9,204(a)

19,1023,95413,8429,28212, 66316,124

322,419

19, 05856. 58942,34376,44948,39779, 584

1,75214

1,505855

3,434

74, 408117, 36418,63424, 2707, 95410, 59114, 56217,4267,775

10,4680

179352

17,182106161

10, 038612, 332

88, 22762,17284, 06770, 203

307, 663

205. 59934,08216, 94770,76524,130

406, 73324, 07338,02837, 94878,71511, 07013, 8666, 53144,0843, 727

28, 536312, 565

95,79150,99526, 57980,12759, 072

121,00723, 2914,2208,484156

5, 64421,787

191,55815, 36532, 68111,2532,42116,65014, 80917, 006

11,4121,044

20, 7213,40512, 6408,27412, 053'0.119

297,187

21,85146,41947, 55573, 62745, 32362,412

1,63210429

1,41411,743

70, 948101, 90216, 78419, 6077,7855,99916,00118,9227,402

12, 7735, 723204

1,20010,386

334473

10,418715,176

70, 40766, 582140, 22667,448

370, 512

247, 57725, 21826,79969,69150,716

467, 59923, 63435, 27834,446135, 40510, 79227, 47028, 69665, 5032,753

28, 814279,478

88, 89042, 44324, 52968,17155, 446

108, 79918, 2053,152

10, 021196

4, 59520,070170, 6809, 59923, 26712, 464

94418,09813,15211, 708

8,2772,456

33, 1053, 26612, 6786.13531,32810, 646

393,809

' 24, 833r 82,362' 67, 365'67,911«• 51,453' 99, 884

1,9273

17018,03010, 403

65,471145, 29616,74441,9148, 92512, 10118, 37921,46210, 595

10,9835,1053, 575405

24,48159298

12, 42S780, 571

94, 74370, 263177, 52173, 397

364,575

309, 61434, 69425,61883, 51479, 863

470, 88523, 69137,91941, 931106,47512, 76124, 05413, 94351, 9244,042

35, 034400, 394

157,37875, 25132, 55176, 01157, 751

192, 68341, 9835, 03514,1511,214

11, 49929,040206, 25835, 004

' 22,78813,0211,17916,94214, 99613,421

8,873120

24,1464,1247,1723,888

24, 72414, 991

••318,719

rl4, 115' 78, 79345, 61357, 804

r 48, 41873,069

1,47815732

8,5979,299

56, 721116, 2909,05623,1368,221

11, 50918, 24717,1108. 587

11,4649,9474, 8291,051

22, 66740945

5,320650, 438

90,08158, 304

134, 96459, 795

307, 409

250,84428,95430, 36172, 65241, 595399, 70926, 63735, 67626, 58282, 22010,03116, 5329,638

42, 2813,65529,642306, 694

108, 79058, 55828, 72353,01557, 607

149,20129,9883,18524,1161, 354

12,91321,794157, 49313,99214,2242,8574,35211,69114, 93011, 200

4,7441,720

36, 8563,969

12, 4877,65823, 39018, 391

383,705

38, 74273,34451, 95267, 88071, 68080,106

3,55124

1,2464,107

14, 497

65, 510146, 92215,12429, 4982,440

13, 07836, 43419, 7047,921

13,1969,1126,264550

21, 2721,381524

21, 626788, 265

112, 96962, 051148, 55068,611

396, 085

284, 91537, 71528, 40868, 72248, 072503, 35029, 73044, 32928, 972

109, 36211,17220, 36516, 42357, 3282,794

36, 971373, 362

133,86364, 57846, 71064, 94663, 266

189, 51735,9844,49122,937

86225,41430, 076183, 84611, 47216,3891,9973, 8899,70016, 79510, 235

9, 3191,363

38, 3702,938

13, 5045,580

18, 79819, 599

405, 662

29, 01684,45265. 34770, 87463,01092, 964

5,00729

4,3237,765

11, 375

70,356151, 26918, 33933, 4266, 93112,00223, 28525, 35510, 021

11,2119,0207,4692,182

23, 9361,8731,55212,435

741,162

106, 57449,166125,24380,190

379, 989

253, 67938,62228, 96557,01130, 496

487, 48336, 27746, 25838,108100,1559,776

17, 94413, 34454, 9062,418

36, 082392, 969

145,42669, 20438, 53267, 63872,169

194, 64737, 5455,580

20, 27312.47314,80930,449198, 32217, 27319,1345,4583,5949,85418, 07311, 095

' Revised. * Less than $"00.§ The publication of practically all series on foreign trade included in the 1942 Supplement but suspended during the war was resumed in the May Survey. Export statistics

include lend-lease exports shown separately on p. S-20 (see note, marked "*" on that page), shipments by UNRRA and private relief agencies, and since June 1945 comparativelysmall shipments consigned to United States Government agencies abroad; shipments to U. S. armed forces abroad are excluded. Revised 1941-42 figures for total exports of U. S.

.merchandise and total imports are shown on p. 22 of the June 1944*Survey; revised figures for 1941 and later data through February 1945 for other series will be shown later.'"Monthly data prior to February 1945 for Colombia and Venezuela will be shown later.

S-22 SURVEY OF CURRENT BUSINESS July 194<?

Unless otherwise s ta ted , statistics through 1941and descriptive notes may be found in tlie1942 Supplement to the Survey

1946

May

1945

May June July Aueust ' F e p ' i O c t o "August , t e m b e r | b e rNovem-

berDecem-

ber

1946

Janu-ary

Febru-ary March A pril

TRANSPORTATION AND COMMUNICATIONS

TRAN SPORTATIONCommodity and Passenger

Unadjusted indexes:*Combined index, all types! 1935-39»100.-

Kxcluding local transit linesf dnComroodityfPassenger!

Excluding local transit linesBy types of transportation:

PassengerIntercity motor bus and truck, combi

For-hire truckMotor bus

Oil and gas pipe lines!

ComTPodit vPassenger

Waterborne (domestic), commodity!Adjusted indexes:*

Combined index, all types!Excluding local transit iinesf

CommodityPassengert

Excluding local transit linesBy type of transportation:

Air combined indexCommodityPassenger

Intercity motor bus and truck, comb

For-hire truck . ..Motor bus

Local transit linesOil and gas pipe linesRailroads

Commodity

Waterborne (domestic), commodity..Express Operations

Operating revenueOperating income

. do ._

do

dodo

ned index1935-39=100

do. do

dodododododo

dododododo

do. _ . . do

doned index1935-39=100..

do .do

.-dodododododo

thous. of dol_-rio

Local Transi t LinesFares, average, cash rate cents..Passengers carriedt . - _ thousandsOperating revenues! -

Class I Steam RailwaysFreight carloadings (Fed. Reserve indexe

Combined index, unadjustedCoalCokeForest products _Grains and grain productsLivestockMerchandise, 1. c. 1OreMiscellaneous

Combined index, adjusted!Coal!Coke!Forest products . _Grains and grain products!Livestock!Merchandise, 1. c. 1Ore!Miscellaneous!

Freight carloadings (A. A. R.)'.^Total cars

CoalCokeForest productsGrains and grain productsLivestockMerchandise, 1. c. 1OreMiscellaneous ._ .

thous. of dol..

0:1935-39=100.-

dodo .dodo

• dododododo .dodo

. _ - dodo . . . .dodododo

thousandsdododo.

. . . . . . . . do . . . .dodododo

Freight-car surplus and shortage, daily average:Car surplus! . thousandsCar shortage* dn

Financial operations (unadjusted): XOperating revenues, total thous. of doL-

Freight doPassenger - do __

Operating expensesTaxes, joint facility and equip, rents . .Net railway operating incomeNet income _

do. . . do .

do. . . d o . . . .

7. 88071,630, 373

1076861

13011110374

1031251066862

1251261147466

123

2,616327

1915915459

468108

1,322

1062

532, 553399, 215

92, 233492. 201

45,132«* 4,780

229235217269370

8411,095

674

225206288186267248

39484

232238218276385

8291,095

654

230210296185273254233415

71

22,95251

7.8115'1,661,950' 120, 800

14212619114314710869

26815214012619313716712069

204151

' 3, 45660060

17420962

'439303

' 1,610

169

'822,568'625,975

138. 935' 547, 454r171,481'103,634

64, 649

235242218291418

8921,127

737

238211328186264255230444

89

233240218283400

8631,127

689

233209314187274254231427

71

22,87958

7.8115'1,610,120'117,600

1451431781491589968

26315014014318114415512168

170146

4,365855

7022827469

530371

1,967

137

820, 390611,110152,185541,707182, 56796,11565, 755

225232206288423

8981,091

771

23520035217525424221643889

223229207278392

8761,091

734

231204321183265239218408

71

23,14472

7.8115'1,558,370'114,500

1431361871401889767

27314813913619314015712167

171146

3,37863557

165257

52406300

1,506

117

796,129589, 583150. 734549,017149,98597,12662,990

218225197286422

9161,093

800

239205350173251229202437

87

212216194272383

8801,093

740

230205310181262221198399

70

22, 62391

7.8115'1,539,370'113,100

13212816014017610965

24913312812816713316311564

166132

3,240604

51173248

59408285

1,412

85

755, 218547,629153, 254547, 263121, 27286,68351,152

209214188272396

'8861,031

790

22720131117021621919441597

2012061S2266381

8511, 031

732

216191295172224211186403

76

22,48475

7.8198'1,458,400' 106,100

13714315413516315069

26113612714315512514611466

174126

4,117842

5920528799

524356

1,745

114

679,178488,612140,146621,193

13.99043,9948,849

202205179277395

8931,001

822

2342202821801S8206178427

86

196199171282406

8791,001

798

22520528917920320117044274

23,59563

7. 8198'1,595,440'116,000

12810911111515818972

21513611810911310915812369

134125

3,151505

34142223106456250

1,436

207

696,991492,288146,504626, 652

15,90054,43920,224

205209184273389

835904789

222211258178232213185432.88

204208180283411

860904831

218203268178229212180458

86

24,82680

7.8198'1,533,470'111,200

13614816710816418375

11413913314816711016714574

134133

3,207688

50129223100455148

1,414

1110

661,181463,682145, 555548, 550

51,31061,32134, 384

195198168283414

775862718

202183264175230202106472

91

197200172279410

823862797

201183260170223204170462109

29,14183

7.8198'1,563,470'117,300

11913317294

1441357136

12312713316410615314074

117130

3,54679466

14325396

54454

1,597

157

613,691401,256161,134963,331

d812, 7884 86,902* 74,656

198200177266

'370

738691770

216202

'26017923920017440299

203207183269

'380

796691865

229213

' 280177228204178403124

24, 53272

7. 8641'1,615,570'118,600

1231481331091521207429

12313314812712215212678

118134

2,884685

43128207

65448

341,273

188

640, 872453, 399137, 602490,059

79, 96470, 84833, 887

201203183260351

773648855

221206270184252201180362104

205209188263367

812648920

231213292177234206184372128

23,91964

7, 8641'1,486,560' 106, 900

1191521141211471267524

1131261521071261501587894

121

2,86774032

146209

73471

251,171

239

579,136421, 243114,655450, 228

71,10457, 80528,589

202204187

'252'329

'823' 633'949

225211271188231

'204189

'321' 9 4

207' 210

192' 957'347

'841635

'978

235218291183223209192

115

24, 33392

7. 8641'1,669,880' 118, 700

1321551661341301117935

13613915516513414114078

121143

3,982938

66208237

79620

501,785

165

646, 099483,776114, 562627, 890

38, 669d 20,459d 48, 826

176174152254331

930663

1,106

241230280190234153133310

93

179178155255342

916663

1,084

248234291183231158137323

95

35,11582

7. 80691,631,980118,882

1072693

14399

1278250

141' 109

2695

14311214381

' 6 6143

2,60512630

177140

71516

531,491

981

566, 702411,819106, 082508, 097

48, 47610,128

d 20, 993

' Revised. <* Deficit. ^Datafor June, September, and December 1945 and March 1946 are for 5 weeks; other months, 4 weeks.•New series. For data beginning 1929 for the transportation indexes, see pp. 26 and 27 of the May 1943 Survey (scattered revisions have been made in the series marked "f" as

published prior to the December 1943 Survey; revisions are available on request). Comparable data beginning January 1943 for freight-car shortages and surpluses and an explanationof the change in the latter series are available on p. S-21 of the December 1944 Survey.

tSee note marked " • " regarding revisions in the transportation indexes and car surpluses. The indicated seasonally adjusted series for freight carloadings, as published prior to theOctober 1943 Survoy, have been revised beginning 1939 or 1940: all revisions are available on request. Beginning in the April 1944 Survey, revenue data for local transit lines cover alllocal transit lines, including all common carrier bus lines except long-distance interstate motor carriers; similarly, data for passengers carried, beginning in the May 1945 issue, repre-sent estimated total revenue passengers carried by all local transit lines; revised data beginning 1936 will be published later. Revisions for 1945 not shown above: Passengers carried—Jan., 1,649,550; Feb., 1,515,200: Mar., 1,706,400; Apr., 1,590,160; operating revenues—Jan., 119,000; Feb., 108,800; Mar., 120,100; Apr., 115,900.

jlJnpublished revisions for 1945: Total operating revenues, Mar., 812,918; Apr., 778,574; freight revenues, Mar., 622,778; Apr., 593,907; operating expenses, Mar., 544,589; Apr.,531,487; net railway operating income, Feb., 74,841; Mar., 102,004; Apr., 95,065; taxes, etc., Feb., 138,323; Mar., 166,326; Apr., 152,022; net income, Feb., 39,940; Mar., 65,853; Apr., 59,422.

July 1946 SURVEY OF CURRENT BUSINESS S-23

Unless otherwise stated, statistics through 1.941and descriptive notes may be found in the1942 Supplement to the Survey

1946

May

]<)45

May June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

TRANSPORTATION AND COMMUNICATIONS—Continued

1 KANSFORTATION—Continued

Class I S team Railways—Continued

Financial operations, adjusted:fOperating revenues, total mil. of dol.

Freight _ __ .do_._Passenger do

Railway expenses __..do___Net railway operating income doNet income do

Operating results:Freight carried 1 mile mil. of tons.Revenue per ton-mile cents.Passengers carried 1 mile millions.

Waterway Traffic

Clearances, vessels in foreign trade:JTotal, U. S. ports thous. net tons..

Foreign doUnited States do

TravelOnornMcn^ on scheduled air lines:

Miles flown . . . thous. of miles..Express carried thous. of lb._Passengers carried number..Passenger-miles flown thous. of miles..

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

Foreign travel:U. i>. citizen?, arrivals ^.—number. .V. S. citizens, departures doEmigrants ..__doImmigrants ——do——Passports issuedcf ----- -- -do

National parks, visitors number..Pullman Co.:

Revenue passenger-miles thousands..Passenger revenues thous. of dol..

COMMUNICATIONSTelephone carriersil

Operating revenues thous. of dol_.S tat ion revenues doTolls, message do

Operating expenses do . . .Net operating income doPhones in service, end of month thousands.

Telegraph and cable carriers:!Operating revenues, total tbous. of dol.

Telegraph carriers, total do . . .Western Union Telegraph Co., revenues from

cable operations thous. of dol.Cable carriers _ .do. - .

Operating expenses doNet operating revenues do—.Net income trans, to earned surplus do . . .

Radiotelegraph carriers, operating revenues do

3 9593

235

22,091

795.9598. 5140. 5704.191.857,4

68,647.976

7,347

9,612 ,3, 3466,266

17, 6078, 309

612,912289, 846

3.7690

194

15, 6749,837935

3,67416.04368,903

2,258,27713,169

176,48892,95569,121113,33020,30124,666

17, 57516,319

9611,25613,1362,4761.1961,851

830. 9626.4147.0724.7106.271.2

66, 598.977

8,015

9,6293,6495,980

18,0427,973

659, 861306,873

4.0191

212

15, 41910,992

1,1493,734

15,393138, 586

2,319,66713,520

176,63792, 65269,816

115, 24419,91624,703

17,51116,035

8031,476

13,2652,3351,4631,704

791.0597. 2138.2695.6

95. 461.4

64, 732.971

8,185

8, 9283, 4035,525

19,4107,677

713,382331, 639

3.9987

207

20,28112,401

9353,6779,275

289,094

2,266,51212,498

175.67791, 69569,617

118,51019,01524,761

16,69415,419

7371,275

13,1941.635. 5191,772

704.9514.0136.7648.2

56.722.5

60, 509.904

8,201

8, 3593, 5H04,829

r 20, 2446,710

' 753,147'343, 928

4.2892

229

18,1°312,881

1,8794,0659,993

449, 111

2,361.25012, 316

179, 42492, 32372, 468

120, 66721,05824, 794

19, 22417, 947

7411,277

15,3711,879

8631,971

661.1500.8140.7654. 736*4

3.7

56, 058.928

7, 567

7, 5063,1234,383

19, 6444, 939

714,562329,276

4.1693

211

14, 86511, 648

2, 0254, 3809,056

478,258

2,289,32412,120

174,48792,14167,918

114,66620, 51824,834

17,03315,897

7081,137

17,268

* t, m* 6,0661,952

657.0453.1149.7619. 637.4

3.3

53,156.989

7,963

7,5872,7764,811

20, 8886,031

707,190353, 527

4.1995

204

17, 30413,649

1,4994,608

21,416327, 843

2.422.01613,214

184,38096, 70073,493

128. 49522,35324,994

18. 35917,099

7611,260

15,1661,419

6542,031

668.5465. 0152.2607.860.629. 7

53,492.932

7, 956

7,5792,3595,220

20,1035,109

723, 247328, 600

4.3194

223

16,07914,185

1,8384,421

12,913132, 316

2,526,31413, 217

181,32596, 52370,768

125, 32923, 74425,184

17, 36616,197

7501,169

19,187dS, 685*6,81t1,966

628.3423.2158.1674.0*86.0*56.0

49,843, 867

8,572

6,0611,7914,270

19, 6406,273

647, 518308, 736

4.1288

198

18, 74017, 556

1,2894, 644

11,97262,090

2,419,03312,855

187,18399,12773.711

138,95553, 07425, 446

19,19117,667

9611,524

14,7892,1552,5092,274

654.6459.9143.6566. 787.960.9

52,076.940

7,454

6,3781,7224,656

20,4525,746

727, 279331,056

4.1792

204

21,08020,865

1, 0275, 604

10,70878, 221

2,563,74413,488

187.610100, 993

72, 357130.473

27, 96225, 747

14,75413, 583

5071,171

14,877d 2, 001d 2, US

1,908

635.2458.7127.1555.3

79.951.2

48, 735.935

6, 079

5,8441, 5554,289

19, 7835,429

723,187332, 315

4.1293

205

27, 34026,795

8599,5758, 667

99, 338

2,082,68311,084

179,32798, 82266,340

' 129, 44223,54826,067

13,89112, 777

5871,114

13, 654d 1,602d 2,075

1,787

651.2485.8115. 9667.4

d 16.2d/4-8

56, 510. 924

5,955

G, 4831,7354,748

23,1647, 232

917, 9454C8,201

3.9795

210

35, 09225,912

1,13818,04712, 986

12P,250

2,196,05512, 094

187,727101,773

71, 7G2141,197

21, 22620, 435

15,81514, 496

7121, 319

14,514d 558d?952,119

565.7405.2109. 8561.6

4.0d 24.6

39, 8411.1015,472

6,1992, 029|4,170

24,1088, 204

1,057,641463, 294

4.3894226

' 15,047187, 377

1,899,12010, 928

16. 06414, 807

6781,25714,078

70d 3862,077

CHEMICALS AND ALLIED PRODUCTS

CHEMICALS

Selected inorganic chemicals, production:*Ammonia, synthetic anhydrous (100% NH3)

short tons.. 34,511 48,244 45,072 47,431 46,787 42,685 38,292 45,298 45,557 41,384 39,738 44,271 43,358Calcium arsenate [100% Ca*(AsO4)2] thous. of lb__ 3,496 2,493 5,157 4,582 2,227 906 1,304 1,403 (i) 952 1,139 1,610 3,256Calcium carbide (100% CaCj) .short tons.. 36,761 64,805 63,134 62,480 55,090 45,384 47,353 44,610 41,364 45,192 40,316 44,460 40,014Carbon dioxide, liquid, gas and solid (100% C02)O

thous. of lb__ 75,176 83,246 84,361 88,758 88,566 79,983 68,810 57,923 51,427 56,078 54,169 65,337 '75,334Chlorine short tons.. 89,960 110,332 106,699 105,189 97,659 89,602 89,392 91,461 94,784 89,707 84,741 96,439 94,865Hydrochloric acid (100% HC1) do 26,331 37,152 37,348 35,891 33,839 30,552 29,691 30,026 28,990 26,822 26,791 26,805 '26,867Lead arsenate thous. of lb__ 7,956 7,892 5,485 3,802 4,723 2,313 2,869 4,225 5,514 6,421 7,567 8,755 8,665Nitric acid (100% HNOa) short tons.. 32,538 41,757 39,662 38,944 37,088 32,025 34,262 31,352 33,033 34,769 31,123 30,899 31,311Oxygen mil. cu. ft.. 835 1,333 1,234 1,190 978 893 916 873 891 716 606 951 885Phosphoric acid (50% H1PO4) shorttons.. 62,674 58,981 61,438 59,957 57,952 63,941 61,500 70,409 68,231 68,452 69,525 74,600 ' 70,740Soda ash, ammonia-soda process (98-100% Na2 CO3)

short tons.. 303,174 388,044 358,782 358,217 363.802 333,453 381,468 355,639 379,786 387,012 342,625 380,489 342,749Sodium bichromate do 7,096 6,955 5,951 6,244 6,537 6,561 7,347 6,999 6,769 7,735 7,134 7,777 7,837Sodium hydroxide (100% NaOH) do____ 139,290 169,878 160,435 157,644 152,318 139,969 146,374 148,194 153,395 154,349 143,248 160,009 151,332Sodium silicate, soluble silicate glass (anhydrous) •

shorttons.. 29,198 43,955 43,733 32,060 34,806 24,864 27,321 28,781 29,276 34,524 32,494 32,182 29,914Sodium sulfate, Glauber's salt and crude salt cake

shorttons.. 45,150 67,322 61,559 62,519 61,464 57,378 66,410 67,047 60,022 42,811 40,932 43,856 M l 115Sulfuric acid (100% HjSO 4)e d o . . . . 780,702 '868,435 '822,025 '841,747 '782,594 '677,053 '726,291 --705,953 '745,554 743,904 665,177 764,996 804,285

Alcohol, denatured:!Consumption thous. of wine gal 16,119 47,245 37,393 37,088 32,530 26,113 19,012 15,473 12,753 11,486 10,817 13,530 15,717Production . .do 13,852 46,618 40,893 36,774 31,786 26,555 19,261 13,060 12,313 11,617 10,017 11,894 13,229Stocks do 10,007 18,170 21,657 21,307 20,539 21,031 21,257 18,844 18,396 18,549 17,802 16,224 13,306

r Revised. <* Deficit. d"Includes passports to American seamen. 1 Not available for publication.5 Data relate to Continental United States; the original reports for recent years include also data for 3 companies operating outside of the United States.§ Compiled on a new basis beginning 1943; see April 1944 Survey for 1943 data and sources of 1942 data on the new and the old basis.©Data have been shown on a revised basis beginning in the March 1945 Survey.©For 1944 revisions see August 1945 Survey. Revisions for 1945 not shown above: Jan., 853,434; Feb., 805,652; Mar., 859,931; Apr., 834,028.• Data were revised in the September 1945 Survey; see note in that issue for a description of the series.JData continue series published in the 1942 Supplement but suspended during the war period; data for December 1941-February 1945 will be shown later.fData have been shown on a revised basis beginning in the June 1944 Survey; revisions for January 1937-February 1943 are available upon request.•New series compiled by the Bureau of the Census; see pp. 23 and 24 of the December 1945 Survey for data through December 1943 except for carbon dioxide, sodium silicate,

calcium arsenate, and lead arsenate; data beginning 1941 for these series will be shown later.

S-24 SURVEY OF CURRENT BUSINESS July 1946

Unless otherwise atated, stat ist ics through 1941and descriptive notes may be found in the1942 Supp lemen t to the Survey

1946

M a y

1945

M a y June July August 1 Scp- i O c t ° -August , t e m b e r ; b e rNovem-

berDecem-

ber

1946

Janu-ary

Febru-ary March April

CHEMICALS AND ALLIED PRODUCTS—Continued

CHEMICALS -Continued

Alcohol, ethyl, incl. spirits and unfinished spirits: •Production, total (net) thous. of proof gal.

Ethyl alcohol _ . . . d o . . .Spirits and unfinished spirits ^ d o . . .

Stocks, end of month, total.. d o . . .Ethyl alcohol, total d o . . .

In industrial alcohol bonded warehouses..-do___In denaturing plants d o . . .

Spirits and unfinished spirits do__.Withdrawn for denaturing d o . . .Withdrawn tax-paid, ethyl alcohol. d o . . .

Glycerin, refined (100% basis):*High gravity and yellow distilled:

Consumption thous. of lb .Production.. _ . d o . . .Stocks d o . . .

Chemically pure:Consumption _ _ doProduction d o . . .Stocks . do

Other selected organic chemicals, production:Acetic acid (synthetic and natural)* . d o . . .Acetic anhydride* do.__Acetyl salicylic acid (aspirin)* d o . . .Creosote oil* thous. of gal.Cresylic acid, refined* thous. of lb .Ethyl acetate (85%)* d o . . .Methanol: §

Crude (80%) thous. of gal.Synthetic (100%) d o . . .

Phthalic anhydride* . . . thous. of lb .

25, 27323, 692

5, 946143, 979113,169

36, 36976, 79930, 81025, 6433,809

6, 4405, 687

18,297

5,8008,024

20, 881

FERTILIZERS

Consumption, Southern States thous. of short tons..Exports, total ® ..long tons..

Nitrogenous <g> doPhosphate materials ® doPrepared fertilizers ®._ do

Imports, total <g> doNitrogenous, total ®_ ._ do

Nitrate of soda ® dcPhosphates ®. __doPotash ® ..do

Price, wholesale, nitrate of soda, crude, f. o. b cars, portwarehouses 0 dol per lai b .

Potash deliveries short ton?..Superphosphate (bulk) :f

Production doStocks, end of month. d"

260

99, 90758, 00145, 615

146,050123, 541

39, 08884, 45422, 50986, 6051.558

7,2948. 189

29, 449

7. 7898,114

27, 997

27. 50940, 845

404

MISCELLANEOUS

Explosives (industrial), shipments thous. of lb._Gelatin: cf

Production, total* doEdible . . . . d o . . . .

Stocks, total* doEdible .do

Rosin (gum and wood):Price, gum, wholesale " H " (Sav.), bulk

dol. per 1001b_.Production* drums (520 lb.)--Stocks* __ do

Turpentine (gum and wood):Price, gum, wholesale (Savannah)t dol. per gal..Production* bbl. (50 gal.)..Stocks* .do

Sulfur:*Production long tons—Stocks do

OILS, FATS AND BYPRODUCTS

Animal, including fish oil:Animal fats:J

Consumption, factory .thous. of lb._Production doStocks, end of month do

Greases :jConsumption, factory doProduction __ doStocks, end of month do

1.650

687, 969514,989

43, 584

3,8252,2716,3212,695

6.76

.84

117,782201, 757204, 982

49, 93347, 63395,171

16,0732,2739,929

3420,71512,330

43173, 2993,594

59, 2124,352

202, 875185, 969142, 6533,675

0

1. 65053, 801

657, 575733, 286

37, 023

3,3452,113

'5,6122,523

5.81

319,9763,838,084

140,148200, 604261, 768

60, 80646,82973, 812

87, 58149,16640, 792159,855141.20042. 68298, 51818, 65776,1492,096

8,1358,92026,998

7,7576, 69528,103

26, 34946,414

88313,6152,0777, 902

3136, 01211,802

16366,1972, 951

55, 5951,316

139, 392118.30480, 06813, 0541,722

1. 65083, 465

671,074803,939

38,942

3, 2332,2855, 6932,526

5.81376, 750383, 979

139, 046184, 777

309, 5703,776,738

123, 734189,914230, 218

55,82644,11771,615

67, 21350, 77717, 739

157, 814133, 50840, 83092, 67824, 30668,0143,401

9, 2405.999

22, 564

7,3874.59927, 634

23, 35643, 867

81412, 8922, 3759,456

2916, 31810,934

14877, 8472, 633

62, 2934,753

83, 98579, 21947, 016

0984

1. 65067, 444

666,848836, 580

37,370

2,2721,5595,2612,322

5.81

313,3913,698,357

98, 309175, 763239, 521

40,20341, 45577,866

75, 74047, 27531,122

162, 504136, 78542. 76494. 02125, 71959, 2333,103

8,7997, 323

19, 876

7,8345. 850

22, 282

2,3, 82242, 729

81512,1182, 539

10, 970

2986,169

11, 284

192141, 9827,265

123, 0995, 851

91. 58484,14658,1604,392

0

1.65072, 079

694,908884, 061

37, 876

2,7882,1834,7362,139

6.52

346, 3493,711,311

119, 747177, 093208, 952

52,01641,00578, 392

39, 92534, 3606.621

161,357139. 58647, 55692,02921, 77148, 6533,297

7,2296,49418,109

7, 5237. 079

22, 271

20,81237, 789

96212.1982,4316,849

2436,1129,507

29286, 6473, 581

66,8785,705

70, 73866, 49222, 861

7320

1.65062, 568

651.140914,147

38, 205

2,5952,1206,1362,343

6.76397, 731473,146

.77142,078165, 326

341, 0603,682,511

106, 522155, 031189, 392

54,95337, 56971, 094

31, 78026, 7377,462

153, 632132, 01543, 63588,38021, 61735, 5154,153

8,4517, 54417, 562

8,1427,170

19, 067

18, 47838. 5351,011

13, 5502,1337,329

2784, 7368, 066

37995, 2575,847

75, 2914,021

79, 61568, 54325, 7777,538

0

1. 65066,158

732, 814897, 532

38, 795

3,4522,2924,5612,187

6.76

.80

348, 3653,858,728

116, 707164, 949179,667

49, 72941,12766,052

28, 01622,1846, 769

148, 261126,19040, 56985, 62122, 07124, 0704,080

6,3955,61215,901

7,1437. 750

18, 346

22, 06346, 241

96613, 7472, 573

2535, 6807,881

370115,01525, 70979, 0262,757

65, 48957, 09114, 5564,444

0

1.65068, 408

718, 023898, 541

37,543

3,3042,2574,8232,367

6.76

.82

323, 7383,916,334

111,115232, 665200,043

43, 59044, 51665, 397

28, 46423, 7826,586

134, 780111,49342, 03069, 46323, 28737, 9653,023

5,8255, 23415,135

6,1096, 39117, 596

24, 32244, 294

91012, 0592,1087,110

2956,8238, 555

55298,14832,44855, 026

36269, 44756, 67213, 0304.4543,000

1.65081,185

656, 425904, 994

34, 745

3,3502,1425,3302,459

6.76375, 501479, 890

121, 099150, 098

331,8434,003,917

95, 487258, 941231, 504

35, 55745, 67372,316

29, 51623,5147,461

148, 738122, 89140, 32082, 57125, 84721, 3935,118

6,0105,01015,864

6,3367,636

16, 941

22, 98345, 733

98611, 7551,7446,421

2647,2379,061

1,13685, 68810, 43665,032

716120, 210100,91947,8628,9583,929

1.65095, 769

717, 426915, 458

35,935

3, 3832,0575,4132,346

6.76

.84

318, 7224,060,461

112,173236,879255,195

40, 55848,14181,423

SO, 98223,8238, 448

152, *M123,95143,13180, 82128,60318,5324,276

5, 5885,323

17, 591

5,4467,741

19, 028

23,14338, 330

9348,4431,5176,412

2316,2597,094

1,365114, 52028, 45474,787

34884,36166, 49322, 43710, 438

200

1.65073, 577

702, 564847,990

36, 268

3,6122,4395,6472,505

6.76

.84

286,3164,063,286

117,133291,151274, 512

40,34853, 21391,807

32, 39627, 2776, 787

151,066121, 65437, 57084,08329,41222, 0814,561

6, 4315, 373

19, 347

8, 992IS, 631

26, 74644,027

97613, 2952,4657,751

2486,9919,777

i 1, 30983, 30412, 34763, 789

558128, 051112, 38065, 227

9711,350

1.65085, 314

716, 775675,130

38, 069

3,9192,541

r 6,139r 2, 763

6.76302. 054388, 682

.8485, 908

100, 749

281, 490

115,984208, 385204, 817

50,01249, 36092,996

r Revised. * Excludes data for M ississippi which has discontinued monthly reports; May 1945 figure excluding this State, 390,000, February 1946,1,272,000.O For a brief description of this series see note in April 1946 Survey. tSee note marked "+" on p. S-25.% Includes production for beverage purposes, reported separately through October, as follows (thous. of proof gallons): May, 96; June, 112; July, 14,685; Aug., 6,042; Sept.,

4,414; Oct., 6,954. These amounts and total production shown above after October are included also in data for production of distilled spirits shown on p. S-26.§ See note in the April 1946 Survey with regard to differences between these series and similar data published in the 1942 Supplement to the Survey.• Data for ethyl alcohol, except stocks at denaturing plants, continue data published in the 1942 Supplement to the Survey but suspended duringthe war period; stocks at denatur-

ing plants were not reported prior to 1942. The data for spirits and unfinished spirits are production at registered distilleries and represent primarily production for industrial purposesunder the acts of January 24 and Mar. 27,1942, but include amounts produced for beverage purposes (see note marked \). Total production of ethyl alcohol and spirits shown aboverepresents net amount after deducting unfinished spirits used in redistillation. Tax-paid withdrawals of spirits and unfinished spirits are not shown here since they are included intotal tax-paid withdrawals of distilled spirits shown on p. S-26.

cf Data for gelatin cover all known manufacturers; the series for edible gelatin continue data published in the 1942 Supplement; the totals include technical, pharmaceutical andphotographic in addition to edible gelatin; data prior to March 1945 will be shown later.

<g> Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.*New series. For a brief description of the series on glycerin, see note in November 1944 Survey. For data through December 1943 for the other indicated chemical series, see p. 24

of the December 1945 Survey. Data for production and stocks of rosin and turpentine are from the Department of Agriculture and represent total production of gum and woodproducts and stocks held by producers, distributors and consumers. These series have been substituted for data formerly shown for three ports, which have declined in importance;data beginning in li..'42 will be published later. Data for 1940-43 for sulphur are shown on p. 24 of the May 1946 Survey. See note marked ' V regarding the new series for gelatin.

t Revised series See note in November^ 1943 Survey regarding change in the turpentine price series beginning in the April 1943 Survey and superphosphate beginningSeptember 1942.

July 1946 SURVEY OF CURRENT BUSINESS S-25

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

1946

May

1945

May June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

CHEMICALS AND ALLIED PRODUCTS—Continued

OILS, FATS, AND BYPRODUCTS—Continued

Animal, including fish oil—Continued.Fish oils:*

Consumption, factory.. _thous. of lb_.Production __ -_ doStocks, end of month do.. .

Vegetable oils, total:Consumption, crude, factory mil. of lb_.Exports^1 thous. of Re-imports, totalc?-. do

Paint oilsd* doAll other vegetable oilscf do

Production mil. of lb_.Stocks, end of month:

Crude doRefined do

Copra:Consumption, factory! short tons_.ImportscT1 doStocks, end of inonth^ do

Coconut or copra oil:Consumption, factory:!

Crude thous. of lb__Refined ...do

Importscf do. . .Production:

Crude! do. . .Refined __. do

Stocks, end of month:!Crude doRefined do._.

Cottonseed:Consumption (crush).. thous. of short tons.Receipts at mills . . d o . . .Rtocks at mills, end of month do

Cottonseed cake and meal:Production _ .short tons..Stocks at mills, end of month do

Cottonseed oil, crude:Production thous. of lb_-Stocks, end. of month do

Cottonseed oil, refined:Consumption, factory! - - d o —

In oleomargarine doPrice, wholesale, summer, yellow, prime (N. Y.)

dol. per lb_Production _ thous. of lb .Stocks, end of month do . . .

Flaxseed:Importscf - thous of bu.Duluth:

Receipts _ _ do__.Shipments d o . . .Stocks _. do.__

Minneapolis:Receipts do . . .Shipments do . . .Stocks.. do . . .

Oil mills:!Consumption. _ d o . . .Stocks, end of month do

Price, wholesale, No. 1 (Minneapolis)__-dol. per bu.Production (crop estimate) thous. of bu.

Linseed cake and meal:Shipments from Minneapolis-.. thous. of lb .

Linseed oil:Consumption, factory! do__.Price, wholesale (N. Y.) dol. per lb.Productiont thous. of lb_Shipments from Minneapolis do . . .Stocks at factory, end of month do . . .

Soybeans:Consumption, factory! ..thous. of bu .Production (crop estimate) . . . d o . . .Stocks, end of month do

Soybean oil:Consumption, factory, refined! thous. of lb__Production:!

Crude do . . .Refined do . . .

Stocks, end of month:!Crude do.__Refined do . . .

Oleomargarine:Consumption (tax-paid withdrawals) § doPrice, wholesale, standard, uncolored (Chicago)

dol. per lb_Production! thous. of lb_

Shortenings and compounds:Production do . . .Stocks, end of month do___Vegetable price, wholesale, tierces (Chi.)._dol. per lb.

14. 5252,173

55,484

266

261

546499

17, 488

15, 432

19,6957,161

22, 3538,504

108,4935,475

1039

147

44, 25245, 738

32, 62643,994

84, 768

.14348,258

353, 322

114751496

1,042

2,0462,4953.27

48, 938.155

41, 371

117, 589

13, 984

27, 799

94, 936

124. 587114,395

148, 334111, 749

.165

123, 84746, 233

.165

22, 3161,620

112,043

35623,62122, 7063,684

19,022317

726448

12,4406,520

16,969

14,8146.7177,935

16,0146,251

119,0251,914

228' 3 6397

104,449r 68,595

* 72, 484r 95. 547

108,40523,005

.143r 94, 716312.574

248

135232173

43598

223

1, 5662,032

3.11

28,200

41,190.155

30, 90417, 220

187,973

15,101

30, 743

87, 351

133, 501116,742

90,87288,014

r 41, 658

.16554, 325

130, 66544, 460

.165

19,70111,263

103,749

2926,524

37, 2351,525

35, 710257

692442

9,1386,576

10, 277

13,8595,1274,761

11,9385,515

119,3592,208

13722

283

72,266

44,49865,019

87,14119,816

.14367,159

295,806

281

78222

28

432113109

1,3841,8263.11

36, 600

39, 218.155

27,53120,340

159,854

13,257

26,387

78,617

118,26398,123

97, 24199,994

31,383

.16548,621

105,16046,026

.165

19, 06917, 53598, 200

24210,89211,0484,8956,153

233

427

5,4964,570

12,712

9,1703,902

217

7,1952,620

122,8191,479

11552

220

53,51352,258

37,76055,121

73,69321,982

.14343,492

275,625

23

17310893

32119861

1,3681.6823.11

17,940

37,547.155

28,21415,180

145, 377

12,809

21,319

66,682

114,50884,644

120,091105,975

37,846

16553,693

98,17642,349

.165

25,05229,424

115,115

2898, 555

59,34725,41333,934

258

391

12,71110, 3649,093

11,6494,3575,745

16, 3644,498

135,2581,993

122109206

54,44240,069

37,24736,980

88, 27720,123

.14353,043234,177

207

7074

1,649155

1,8782,0413.1Q

14, 400

39,934.155

38, 24519.380151,035

12, 536

12, 886

90,060

111,342111,576

102, 607112,582

39, 785

.16550,199

128,07845,857.165

24, 44440,146128,806

2705,76634,73020,89113,839

295

695352

8,7629,4159,947

10, 8595,0862,717

11,2364,446

138, 5101,983

246468427

108,88749, 561

76,01050,036

74,70917,808

.14355,086207,918

0

884545428

7,251588

2,489

2,6264,9553.10

41,580

40,486.155

52, 74227, 360168,695

12,083

3,547

86, 344

92,048

104,094105,165

34, 556

.16544,632

115,53539, 551. 165

30, 54937, 324141,017

3639,17523, 72710,07613, 651

379

705359

15,4178,4283,483

13,2645,624

0

20,1235,395

145,8962,038

550955833

240,44956,375

171,06093, 325

76,74818,650

.143108,363232,457

123

2,9011,2472,082

6,003866

5,033

2, 8655,5833.10

54,840

49, 687.155

56, 76935,820167, 526

9,912

26,778

99, 626

101,132

86, 56492,562

46,438

.16549, 720

137, 33835,265.165

28,11416,955132,246

38722,9025,0341,1983,836431

725413

2,8401,4372,083

12,5454,671594

3,5974,635

133,7132,199

563789

1,059

251, 62552, 741

176, 006109,820

73, 76016,482

.143150, 092305, 238

592

2,5662,4172,231

1,6701,2185,026

3,6065,5463.10

49, 920

42, 881.155

71,87228,800171,872

14, 040

50, 834

94, 726

124, 25188, 675

116,91273,395

41, 063

.16546, 027

121, 93039, 725.165

22, 5776,105

118,149

3453,30137,25323,72213,532

374

740463

(08,5910)

11,4904,307

0

()3,679

125,1692,038

443328944

194, 22752,827

137,976114, 477

64, 00815,042

.143119,752359,143

286

4961,3361,175

783. 1654,594

3,2395, 7513.10

3 36,688

35, 220

39, 069.155

63, 43826, 2S0180,056

13, 8603 191,722

46, 255

81,680

118,14691, 396

133, 93771,090

43, 008

.16544, 443

101,86733, 095

.165

19, 4933,71897,468

3696,8292,9061,1021,804407

724

8,94311,4268,925

12,9195,323229

11, 4304,689

120, 6941,505

462152634

203, 31961,072

143, 349128,166

84, 00418, 794

.143112,067386,122

179

11617

1, 274

36268

4,078

2,7774,2603.10

32, 340

44, 257.155

56, 01627, 720173,693

16, 310

42, 777

90, 770

.143,436112, 617

140, 35279, 522

47, 644

.16548, 099

118,79745, 719.165

16,072903

83,822

3653,490

22, 28319,1493,134327

669535

9,39315,9656,122

14,2434,804

133

12, 0165,043

114,1031,882

285133482

125, 54256,001

105,255

84, 56818, 034

.143109,495406, 486

400

1,315

323248

3,355

2,3172,6363.10

29, 220

43,054.155

45,74924, 600152,812

15, 319

39, 371

86,023

135,103121, 887

149, 41095, 906

43, 636

.16545, 503

119, 34343, 635

.165

16, 224648

73, 676

33514,10317, 3929,4457,947318

647548

13,9211], 72412,180

12, 7484,179

0

17, 557L 3, 371

120,0451,832

228f 136370

100.54455, 571

72, 34791. 650

'77,41618, 491

.14377, 837

404, 645

432

175210

1,279

638225

2,576

2,0152, 8463.10

30, 960

46, 888.155

40, 62226, 580138, 748

15, 241

37.249

88, 478

134,747119,199

150, 589110.079

45, 014

.16546, 677

108, 43439, 793

.165

14, 931831

60,842

3309,91513,4925.0778,415287

'604544

18, 87122, 78813,889

2G,3347.758

546

23, 9888,737

119.0903,125

16333241

48, 616

50, 83463, 563

84, 41416, 542

.14369, 571

394, 368

142288

1,134

365210

1,691

2,0912,3063.10

34,080

51,297.155

42,12923, 880

r132,346

14, 214

34,087

90,566

125.990112,155

153,079114,637

41,837

.16543, 495

113, 82944,002

.165T Revised.1 Not available for publication separately.2 Included in total vegetable oils but not available for publication separately.3 December 1 estimate.! Revisions for 1941-42 for coconut or copra oil production and stocks and linseed oil production and for 1941-43 for other indicated series are available on request; revisions were

generally minor except for fish oils (1941 revisions for fish oils are in note on p. S-22 of the April 1943 Survey).1 Data for January 1942-February 1945 will be shown later; publication of these data was temporarily discontinued in 1942.§ For July 1941-June 1942 revisions see February 1943 Survey, p. S-23; revisions for July 1942-June 1944 are on p. 23 of November 1945 issue.c? Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be shown later.

S-26 SURVEY OF CURRENT BUSINESS July 1946

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

1946

M a y

1945

May June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary ^ • | March April

CHEMICALS AND ALLIED PRODUCTS—Continued

PAINT SALES

Calcimines, plastic-texture and cold-water paints:!Calcimines thous. of dol.Plastic-texture paints do. . .Cold-water paints:

In dry form do. . .In paste form for interior use do.._

Paint, varnish, lacquer, and fillers, total. de-classified, total do. . .

Industrial _ _ do. . .Trade do. . .

Unclassified . . .do . . .

CELLULOSE PLASTIC PRODUCTS

Shipments and consumption^Cellulose acetate and mixed ester plastics:

Sheets, rods and tubes thous. of lb.Molding and extrusion materials do. . .

Nitrocellulose, sheets, rods, and tubes .do_—

9691

439280

72,46365,13424, 47540,659

11554

225298

59,84853, 51526, 25827,2586,333

7964,8881,384

17050

266361

58,36852,26626,25526,0126,102

1,3865,1511,267

8750

246236

52,62347,17524,48522,6895,449

1,2945,0181,104

10150

250262

51,10145, 59522,16823,4275,506

1,4325,4651,417

9048

208243

48,02042,86216,85126,0115,158

1,3135,3441,222

7868

281190

57,54051,83820,82031,0185,702

1,5336,1141,426

27]200

50, 29845, 03918, 99626,0435,259

1,6606,1711,498

190187

43,38238,07216,61421,4585,311

1,1655,3951,289

11175

199269

56,55650,41519,98330,4326,141

1,5646,6901,514

10087

262240

54, 57348,89117,64331,2485,682

1,5496,0251,435

85

305274

64,697' 58, 27920, 94037,3396,418

1,7526,5041,521

ELECTRIC POWER AND GAS

ELECTRIC POWER

Production, totaled mil. of kw.-hr.By source:

Fuel do. . .Water power do

By type of producer:Privately and municipally owned utilities do. . . .Other producers . . . do

Sales to ultimate customers, total (Edison ElectricInstitute) 1 . mil. of kw.-hr.

Residential or domestic . doRural (distinct rural rates) doCommercial and industrial:

Small light and power 1 . do _Large light and power 5 . do

Street and highway lighting J doOther public authorities^ . . . doRailways and railroads f doInterdepartmental 1 . . . . . . . do

Revenue from sales to ultimate customers (EdisonElectric Institute) thous.of doL-

GASf

Manufactured and mixed gas:Customers, total . . . . thousands..

Residential doResidential central heating -doIndustrial and commercial do

Sales to consumers, total _ mil. of cu. ft.Residential _. doResidential central heating do _Industrial and commercial do

Revenue from sales to consumers, total thous. of dolResidential _ _ _. .doResidential central heating -doIndustrial and commercial do

Natural gas:Customers, total . . - . ..thousands..

Industrial and commercial doSales to consumers, total _ - mil. of cu. ft.

Residential (incl. house heating) doIndl., coml., and elec. generation. ..do

Revenue from sales to consumers, total thous. of dol.Residential (incl house heating) do _Indl . , coml., and elec. generation _ do

17,673

10- 5727,101

15,1622,511

19,409

11,8037,606

16,5792,830

16, 6412,672

283

2,4779,726

157670604

51

275,132

» 41,429

>174, 398

18,834

11,8596,974

16,1452,688

16,6052,656

403

2,4789,641

14665657460

277,255

10, 6599,797

379472

1 38,7882 56,475* 16,9832 46,918

n i l , 7482 73, 451211,1191 26,586

9,1798,516

6611167,5092135,2172 378,2672164, 670

2 88,0882 75, 264

18,954

12,2526,702

16,1302,824

16,2672,603

375

2,439'6,463

14964056045

••274,356

i 33,757

U44,630

18,625

12,2806,344

15,7052,919

'16,1392,612

478

2,497' 9,147

16163256250

••275,022

131,206

1148,515

17,008

10,9806,028

14,5102,498

' 14,8952,693

383

2,477'8,028

17556253345

••267,943

10,7429,869

395469

» 31,9822 53,421

2 5,1912 37,5222 97,5342 70,518'4,287

2 22, 273

9,1888,537

649i144,254

2 75,7462 350,5802121,176

2 54,5122 65,199

17,671

11,2086,463

15,1082,563

14,6022,789

390

2,5097,826

19755558848

271,413

136,466

»150,641

17, 358

11,0266,332

15,0942,264

14,9083,026

258

2,5667,657

20953560850

276, 718

141,463

1174, 743

18,109

11,5236,586

15,6982,410

15,2833,275

264

2,6637,561

22354070256

284,845

10,6859,777

440458

i 48,8722 57, 7032 26,9522 40, 925

8117,6692 75,1302 16,4252 25,464

9,4828 761

7181197,6342156,2282 312,2202171,5882 95,1412 75, 707

18,403

11,2927,110

15,9012,501

15, 7573,658

242

2,7557,596

22951270857

297,601

53,234

233, 502

16,193

9,9676,226

13,9002,294

14,9203,505

243

2,7087,083

198518614

51

288,746

51,291

224,179

17,800

10, 5217, 278

15, 2882,512

15,0913,282

249

2,6227,592

193486613

53

282,543

46, 754

200, 780

' 17,477

' 10, 797' 6,680

15,076r 2, 402

15, 2333,094

328

2,5957,916

17448359152

278,337

41,802

183, 736

FOODSTUFFS AND TOBACCO

ALCOHOLIC BEVERAGES

Fermented malt liquor:fProduction thous. of bbL.Tax-paid withdrawals doStocks, end of month do

Distilled spirits:Apparent consumption for beverage purposesf

thous. of wine galImports • thous. of proof galProduction! thous. of tax gal_.Tax-paid withdrawals! - - doStocks, end of monthf . do

7,4626,7969,116

14,2543, 5781,3018,020

328,085

8,1047,3409,262

15,2171,7871,1299,038

321,957

8,1497,7439,043

14, 536933

41,7969,660

341, 234

8,1048,1498,447

14, 234921

15, 2229,938

342, 761

7,7587,4378,225

14, 3071,00716,07210,607

341, 521

8,0817,3818,322

18,6091,189

29,74913,643342,686

6,8007,855

19, 0301,366

25,69312,239345,580

6,9666,2288,189

20,2501,155

25, 5789,901

357,248

7.5086,8568,449

18,7191,194

26,715'11,356366, 406

7,2366,5278,710

18,9161,159

24,82410,816375,117

5,4525,5818,429

19, 4701,580

20,91811,272

380, 812

' Revised. f For revisions for the indicated series, see note at bottom of p. S-23 of the May 1945 Survey.i Original estimates adjusted to agree with quarterly totals based on more complete reports. 2 Total for quarter.X Data for some items are not comparable with data prior to 1945; see note for calcimines, plastics and cold-water paints at bottom of p. S-23 of the December 1945 Survey.§ Data for sheets, rods and tubes cover all known manufacturers and are comparable with the combined figures for consumption and shipments of these products shown in the 1942

Supplement. Data for molding and extrusion materials does not include consumption in reporting company plants prior to June 1945, but amounts reported beginning that monthare comparatively small; this series includes, beginning June, data for one additional company which accounted for 7 percent of the total in that month and 4 percent for July.

cf See p. 22 of this issue for 1943 and 1944 revisions for total electric power production and production by source; revisions by type of producer are available on request.• Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.t S e e n o t e m a * - • » • " • • • • - « ~~ » •- » _ _ . , . « , / , « - _ _ _ _ . •>• •_.___.__ , 1 -, . . - -, . . -. , ., , . * . - —

See note marked 'beginning Novem. , _ . _ ._ .... _ _ . . , . . . . . . x._ . .on that page. Amounts of ethyl alcohol produced for beverage purposes through October 1945 are given in note marked "J" on p. S-25 of the April 1946 Survey. Stocks of high proofspirits and unfinisheds pirits are not included in the stock figures above but are shown on p. S-24.

July 1946 SURVEY OF CURRENT BUSINESS S-27

Unleseand1942

otherwise stated, staticdescriptive notes maySupplement to the Sui

iticsbe

•vey

throughfound in

1941t h e

1946

.May May

FOODSTUFFS

June

AND

1945

July August Sep-tember

Octo-ber

Novem-ber

TOBACCO—Continued

Decem-ber

1946

Janu-ary

Febru-ary March April

ALCOHOLIC BEVERAGES—Continued

Distilled spirits—Continued.Whisky:

Importsf thous. of proof galProduction! thous. of tax gal_.Tax-paid withdrawals! -do.Stocks, end of month! -do.

Rectified spirits and wines, production, total!thous. of proof gaL.

Whisky do__Still wines:

Imports§ thous. of wine galProduction (including distilling materials)! doTax-paid withdrawals! do.Stocks, end of inonthf do.

Sparkling wines:Imports§ do.Productiont do_Tax-paid withdrawals! do.Stocks, end of month! do.

DAIRY PRODUCTS

Butter, creamery:Price, wholesale, 92-score (N. Y.)t dol. per lb_Production (factory)! thous. of 1b.Stocks, cold storage, end of monthcf . .do.- .

Cheese:Imports! do.. .Price, wholesale, American Cheddars ("Wisconsin)

dol. per lb_Production, total (factory)! thous. of lb_

American whole milk! do. . .Stocks, cold storage, end of monthcf do

American whole milk do.._Condensed and evaporated milk:

Exports :§Condensed doEvaporated- do.. .

Prices, wholesale, U. S. average:Condensed (sweetened) dol. per case-Evaporated (unsweetened) , do. . .

Production:Condensed (sweetened):

Bulk goods* thous. of lb_Case goods! _do.-_

Evaporated (unsweetened), case goods! do.-.Stocks, manufacturers', case goods, end of month:

Condensed (sweetened) thous. of lb_Evaporated (unsweetened) do. . .

Fluid milk:Price, dealers', standard grade dol. per 100 lb_Production mil. oflb.Utilization in manufactured dairy products!._.do.__

Dried skim milk:Exports! thous. oflb.Price, wholesale, for human consumption, U. S.

average dol. per lb_Production, total! thous. of lb_

For human consumptionf do.__Stocks, manufacturers', end of month, total do

For human consumption do.. .

FRUITS AND VEGETABLESApples:

Production (crop estimate) thous. of bu_.Shipments, carlot no. of carloads..Stocks, cold storage, end of month thous. of bu_.

Citrus fruits, carlot shipments no. of carloads..Frozen fruits, stocks, cold storage, end of month

thous. oflb..Frozen vegetables, stocks, cold storage, end of month

thous. oflb..Potatoes, white:

Price, wholesale (N. Y.) dol. per 100 lb__Production (crop estimate)! thous. of bu_.Shipments, carlot no. of carloads..

GRAINS AND GRAIN PRODUCTS

Exports, principal grains, including flour and meal§thous. of bu__

Barley: ,Exports, including malt§ doPrices, wholesale (Minneapolis):

No. 3, straight dol. per bu._No. 2, malting do

Production (crop estimate)! thous. of bu._Receipts, principal markets doStocks, commercial, domestic, end of month do

8,1225,013

371,863

13, 37810, 462

.473113,69526, 292

.270126, 73091,680101,00185, 727

6.334.21

106, 89412, 650

377, 600

7,748150, 579

3.3212, 3014,640

.14592,42590,17572, 57271,448

458606

17,109

279,094

144,148

3.894

1.401.43

230, 5594,1165,'"

7530

4,280313,845

10,044' 8, 820

2635,8667,377

110,717

117187

1,043

.423160,41370, 375

606

.233131,976107, 722148,271134, 590

10,24431,246

6.334.15

86,25715,925

474,336

13,012206. 309

3.2512,4485,894

22, 769

.14288,90086, 500

' 83, 692' 82, 339

1,9961,684

17,013

159,436

77,131

3.671

"22," 956"

i,470

475

1.181.27

9,62416,982

7680

4,655307, 588

10, 7679,259

1684,8446,202

102,725

218184

1,132

.423171,717131,669

.233138,617111,813182,831166,739

7,88962,871

6.334.15

81,61315, 527

472,640

11,868210,193

3.2512,9896,191

21,073

.14288,13285, 57588,13086,121

401586

14, 302

169,518

91, 029

3.780

22, 976

561

1.181.28

11,26414,479

59324,9044,483

326,608

9,5567,952

1004,1574,998

97,563

215090

1,190

.423155,905184,759

863

.233125,70499,917

213,198196,335

10, 46970,899

6.334.15

61, 76914,632

431,256

13,987204,368

3.2512,3015,617

21,480

.14271,03068,90077,61576,058

953599

11,288

239,839

134, 512

3.428

19,711

12,170

409

1.171.27

9,60212, 998

5667,5364,704

328,063

10, 7858,696

1374,5105,382

93,003

13125124

1,179

.423133.289206,501

542

.233107,685

87, 596229,310208,558

4,41455,177

6.334.15

45,07213,925

360,704

14,310192,455

3.2511,0584,794

11,335

.14353,24551, 92056, 74555,683

1,165764

8,970

288,829

163, 927

3.179

21,350

15,634

578

1.141.26

22, 59816, 575

6746,1455,157

327,356

11,4169,792

13465,885

5,196109,492

7104125

1,137

.423100,071189,888

859

.233' 89, 268

70,964227,354207,438

7,29446,873

4.15

34, 78911,938

267,044

11,753172, 386

3.269,6223,662

22, 396

.14039, 70038,65039, 98538,857

3,0854,5858,929

360, 230

189, 033

2.431

26, 018

26,450

720

1.191.27

19,93122,922

9169,5826,655

328, 729

14, 78512,677

224167,396

7.785169,007

21145174

1,107

.42388, 741

164,646

1,054

.23378,51759,118

213,054193,965

1,62523,988

6.334.14

27, 27011,217

211,513

7,842131,226

3.269,0793,196

10, 247

.13731,44030, 77023,71222,996

11, 53418,99414,106

381,267

204,093

2.445

29, 291

32,585

1,464

1.271.31

15, 24323,618

89710, 3736,345

330,927

13,90912,074

30383,0429,878

183, 357

42132211

1,000

.47368,834

108, 501

569

.23360,85644, 774

173,736159,284

6,31363, 449

6.334.14

24,3119,469

162,657

7,26189,844

3.278,2642,492

18,225

.13924,10023, 70012,82512,430

7,92219,94016,111

377,126

198, 545

2.744

23," 840

32,699

467

1.301.32

9,83222, 707

80315,9234,780

341, 235

11,171

24718,3619,057

174,502

43113210877

.47366,64053,127

1,967

.23358,08541.697

127,011112,896

5, 52583, 779

6.334.14

27,4618,840

164,379

5,35771, 762

3.278,3822,428

26,684

.14333, 53033,00014,04213, 736

i 64,4004,507

16,15521, 217

375, 773

191,218

3.000425,131

19, 994

31,871

857

1.301.31

263, 9617,537

21,287

96017.1286,053

350,063

13,42511, 582

2745,3068,680

163,965

24155126896

.47369, 52032,135

1,533

.23362,88044,440

106,62395, 725

13,62691, 591

6.334.15

32,3018,800

180,000

4,99154,098

3.278,6152,570

25, 285

.14438,29037, 65012,78612,474

5,17510,96320,851

362, 314

172,512

3.060

26,124

42, 572

609

1.301.32

6,87917, 652

84514, 9745,394

358,857

12,48610,432

1532,9249,785

152,622

167421

47366,03019,462

.27062,76543,86591,37281,913

7,185103,114

6.334.15

37,0378,200

181,200

5,04446,245

3.288,2922,489

27,164

.14440,16039,35014,55114,313

4,3766,308

19,751

344,026

156,2-74

3.000

21,873

38,544

475

1.301.31

5,08914,624

97012, 8565,557

364, 539

13, 57910,874

2993,551

12,809139,139

15215145

• 1,000

.47376,81514, 925

1,464

.27077,66553,16086,99874, 420

112,217

6.334.15

55, 0769,965

234,000

4,41559,045

3.299,7962,997

15, 856

.14556,14055, 25021,01420, 778

2, 6713,522

19, 229

321,765

147, 394

3.844

30, 954

33,417

871

1.341.35

93212,5535,239

370, 268

13,86010, 905

321

43

.473' 91,140'14,052

1,461

.270" 98,145" 62,185' 84, 845' 73, 054

10, 89982,005

6.334.14

70,10810, 200

296,600

5,55180, 577

3.3010, 540

r 3, 663

8,358

.14470,83069, 37035, 40234,832

' 1, 530' 1, 497

•" 21,123

291,148

140,277

4.115

-•"247282

28,664

814

1.341.36

5,06211,300 8,335

r Revised. cfSee note marked "d"" on page S-29. i Dec. 1, estimate. 2 June 1 estimate.JSee note in June 1945 Survey for explanation of this price series. November average excludes sales at old price ceiling in effect through October.§Data continue series published in the 1942 Supplement which were suspended during the war period; data for October 1941-February 1945 will be published later.•Revised 1943 data are shown on p. 13 of the March 1945 Survey; see note on item in February 1945 issue regarding earlier data: 1944 revisions will be shown later.!Revisions for consumption of distilled spirits for beverage purposes for January 1940-December 1944 are available on p. 22. See note marked "f" on p. S 25 of the April 1946

Survey for sources of 1941-42 and July 1943-January 1944 revisions for other alcoholic beverage series; revisions for fiscal year 1945 are snown on p. S-27 of the May 1946 issue. Revisionsfor ,1920 to March 1945 for the series on utilization of fluid milk in manufactured dairy products are available on request; see note marked " !" on p. S-26 of the April 1946 Survey forsources of 1941-43 revisions for dried skim milk production and note marked " ! " on p. S-25 of that issue for sources of 1941-43 revisions for the other indicated dairy products series.Crop estimates for barley and potatoes have been revised for 1929-41; for 1941 revisions, see February 1943 Survey, p. 25; 1929-40 data are available on request

S-28 SURVEY OF CURRENT BUSINESS July 1946

Unlessand1942

otherwise stated, statisticsdescriptive notes may beSupplement to the Survey

throughfound in

1941t h e

1946

May May

FOODSTUFFS

June

AND

1945

July August Sep-tember

Octo-ber

Novem-ber

TOBACCO—Continued

Decem-ber

1946

Janu-ary

Febru-ary March April

GRAINS AND GRAIN PRODUCTS-ContinuedCorn:

Exports, including mealc? thous. of bu._Grindings, wet process __ doPrices, wholesale:

No. 3, yellow (Chicago) __ __dol. per bu_.No. 3, white (Chicago)... doWeighted average, 5 markets, all grades do

Production (crop estimate)!- thous. of bu_.Receipts, principal markets.._ _ .doStocks, domestic, end of month:

Commercial.. .doOn farmsf do

Oats:Exports, including oatmeal c? doPrice, wholesale, No. 3, white (Chicago)_dol. per bu__Production (crop estimate)! -thous. of bu__Receipts, principal markets. doStocks, domestic, end of month:

Commercial doOn farmsf - - do

Rice:Exportscf f pockets (100 lb.)__Importsd" doPrice, wholesale, head, clean (N. O.)...dol. per lbProduction (crop estimate)! -thous. of bu_.California:

ileceipts, domestic, rough bags (100 lb.)__Shipments from mills, milled rice doStocks, rough and cleaned (in terms of cleaned),

end of month bags (1001b.)_Southern States (La., Tex:, Ark., Tenn.):

Receipts, rough, at mills thous. of bbl. (162 lb.)_.Shipments from mills, milled rice

thous. of pockets (100 lb.).-.Stocks, domestic, rough and cleaned (in terms of

cleaned), end of mo thous. of pockets (100 lb.)_Rye:

Price, wholesale, No. 2 (Minneapolis) dol. per bu_.Production (crop estimate)! ..thous. of bu._Receipts, principal markets doStocks, commercial, domestic, end of month do

Wheat:Disappearance, domestic! doExports, wheat, including flourcf do

Wheat onlycf _. doPrices, wholesale:

No. 1, Dark Northern Spring (Minneapolis)dol. per bu-_-

No. 2, Red Winter (St. Louis)._ do ___No. 2, Hard Winter(K. C.)___ doWeighted av., 6 mkts., all grades do

Production (crop est.), total! thous. of bu . .Spring wheat doWinter wheat __ __do

Receipts, principal markets.... .doStocks, end of month:

Canada (Canadian wheat) doUnited States, domestic, totali ! do

Commercial .doCountry mills and elevators!. doMerchant mills doOn farms! do .

Wheat flour:Exports cT doGrindings of wheatf doPrices, wholesale:

Standard patents (Minneapolis) § dol. per bblWinter, straights (Kansas City)f .do

Production (Census) :JFlour -_.thous. of bbl_.

Operations, percent of capacityOffal thous. of lb._

Stocks held by mills, end of month thous. of bbl. _

LIVESTOCKLivestocK slaughter (Federally inspected):

Calves.. thous. of animals.Cattle d o - . -Hogs doSheep and Iambs ..do

Cattle and calves:Receipts, principal markets _doShipments, feeder, to 8 corn belt States! doPrices, wholesale:

Beef steers (Chicago) dol. per 1001b_.Steers, stocker and feeder (K. C.) doCalves, vealers (Chicago) . . .do

* 9, 294

1.45

29, 383

28, 780

3,62111,420

1.161.201.08

44, 706

16,132

2,9799,941

1.180)1.13

31,832

11,208738, 591

8109,849

1.181.321.13

29,138

7,100

8916,996

1.18

0)1.17

14,482

3,714

3047,609

1.18

0)1.17

22,119

4,674'303,138

2926,841

1.18

0)1.12

18, 714

4,723

2179,446

1.171.321.04

28, 931

7,780

62411,002

0)1.31.97

23,018,41031, 671

11,1271,931,180

• 7,633

1.170)

.92

31, 962

16, 493

417• 5, 699

0)(0

.94

"33,"l96

565• 11,190

0)0)

16, 581

23, 6081,071,900

0)31,492,783

5,478

6,578

332

.68

"5,~697"

11,181

5490)

7,865

9,604^209,400

1680)

" 12," 269*

11,127

273.62

~42,~097"

28,651

.066

498,7520

.066

337, 6330

.066

251, 841125

.066

109, 44121, 674

.066

.63

~ 32," 784"

43, 5551,290,931

234, 91724

.066

.68

~ 23," 028

48,361

1,719

.77

" 187 308*

45,043

449, 4360

.066

845, 68022,009

.066

372, 348216, 602

275, 655

87

460

822

2.8420,759

270461

649, 518268,989

387,067

144

559

684

1.39

594'

463,410410,587

309,1E4

101

326

457

1.55

406, 683323.. 789

252, 667

86

324

189

1.53

250, 267383,717

65,460

453

288

343

1.44

89,18065,446

55,544

2,249

1,275

1,421

1.51

1,028,143341,989

363, 538

4,220

2,088

3,699

1.64

1,023,332593,683

428,849

4,211

2.645

5,458

1.84

1.810)(01.79

1,025,509250.921

6,4701,922

1.701.801.671.67

1,1866,599

282,0979,8094,726

1.721.761.681.70

6394.095

12,1707,450

1.721.671.581.62

2,1734,433

15, 63411,114

1.711.681.601.64

2,3584,732

373, 65726, 45022,184

1.691.711.621.65

1,1454,209

"32758526, 912

1.731.781.681.70

1,3014,769

32, 69923,637

1.73C1)

1.691.70

774, 58840, 268

63, 529

1,055.80

21,547,66316,158

46, 695988, 435

856, 52613, 234

.0662 70,160

610,109468, 991

358, 408

1,069

1,899

4,774

1.752 26, 354

8964,544

-•340,51931,87124, 057

1.730)

1.691.71

21,123,1432- 299,966

3,021 5,527.81

2,010(0

21, 762

38, 775

13,104

28,921

941, 4888,807.066

815,915

16, 473

23, 890401, 325

920,815' 7, 817

.066

493, 561361, 417

330, 0/8

510

1,678

3,759

1.98

412,082357,147

241,973

314

1,506

2,577

2.13

394, 471224,996

272, 359

240

1,092

1,768

2.36

4803,868

38,19627, 733

1.74

0)1.691.72

4043,340

31, 76418,476

1.75()1.691.72

4763,113

351, 20029, 55121, 485

1.770)1.721.75

49,516

263,984

30,517

58,325

239,0373 280,8773 67,185» 42,1243 58, 4633 89,405

100,199

206,960

88,625

171,740

132, 278 I67,539

6.556.49

402676

4,1491,374

1,783106

16.7715.8215.63

54, 541

6.556.38

11,92678. 1

954,507

5221,0453,3751,824

2,111103

16.3814.2315.75

1,08153, 435

6.556.39

11,65876.1

942, 8233,068

4861,0603,3821,906

2,015114

16.5813.7315.69

1,00452,281

6.556.22

11,35077.2

924,648

96254, 460

6.556.22

11,83974.5

957, 241

4821,0502,7521,742

2,207104

16.6413.5415.38

6091,2922,2061.563

2,585203

16.4213.0815.34

62,138

181, 2921,030,363170,305181,390128, 261528, 218

51,885

6.556.31

11,33380.0

906,1062,634

1,35S1,9221,658

2,791339

16.6212.2514.44

54,857

202.718

147,301

42,048

175, 257

121,712

823,17729,185

152,823689, 844

r 102,130108, 83995, 276

268, 820

26,938

141, 796

"72," 202

21, 457

122, 374

50, 011

31,111

102, 441338,64434, 31737, 47655,899

203, 991

1,20757, 752

6.556.42

12,65679.5

1,003,713

1,92852, 403

6.556.36

11,47377.8

914,928

8771,5842,3302,018

3,816669

16.8612.6214.48

7831,4084,3501,772

3,024404

16.9113.1914.63

1,66352, 974

6.556.44

11, 59878.5

925,1093,399

5481,1185,5371,806

2, 073187

16.5913.4114.63

2,22659, 591

6.556.46

13, 06485.3

1,038,080

2,82759, 361

6.556.46

13,01691.3

1,032,900

4401,0124,9111,440

1,96197

16.4913. 5614.69

4271 0154,6982,196

1,960

16.1414.7114.81

1,71644,975

6.556.49

10, 68069.4

622, 9802,385

484904

3,6361,978

1, 92091

16.2615.2215.66

r Revised. « For domestic consumption only; excludes grindings for export.1 No quotation. 2 Dec. 1, estimate. 3 June 1, estimate.3 Includes old crop only; new corn not reported in stock figures until crop year begins in October and new oats and wheat until crop year begins in July.cf Data continue scries published in the 1942 Supplement which were suspended during the war period; data for October 1941-February 1945 will be published later.t Data relate to regular flour only; in addition data for granular flour were reported for January 1943 to February 1946 and are given in notes in the May 1946 and previous issues

of the Survey; data were not collected after February 1946.§ Prices since May 1943 have been quoted for sacks of 100 pounds and have been converted to price per barrel to have figures comparable with earlier data.*| The total includes wheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden bins not included in the breakdown of stocks.f Revised series. The indicated grain series have been revised as follows: All crop estimates, 1929-41; domestic disappearance of wheat and stocks of wheat in country mills and

elevators, 1934-41; corn, oat and wheat stocks on farms and total United States stocks of domestic wheat, 1926-41; see note marked " t " on p. S-26 of the April 1946 Survey for sourcesof revisions for 1941; all revisions are available on request. The series for feeder shipments of cattle and calves was revised in the August 1943 Survey to include data for Illinois1 seep. S-26 of that issue for revised data for 1941-42.

July 1946 SURVEY OF CURRENT BUSINESS S-29

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

1946

May

1945

May June July August Septem- Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

FOODSTUFFS AND TOBACCO—Continued

LIVESTOCK—ContinuedHogs:

Receipts, principal markets thous. of animals..Prices:

Wholesale, average, all grades (Chicago)dol. per 1001b_.

Hog-corn ratiof. .bu. of corn per 100 lb. of live hogs..Sheep and lambs:

Receipts, principal markets thous. of animals__Shipments, feeder, to 8 corn belt Statesf do.Price.. wholesale:

Lambs, average (Chicago) dol. per 1001b..Lambs, feeder, good and choice (Omaha) do

MEATS

Total meats (including lard):Consumption, apparent . . .mil . of lb.Exports § do . . .Production (inspected slaughter) do . . .Stocks, cold storage, end of rnonth©c? do__.

Edible offal0 ' do . . .Miscellaneous meats and meat products© do . . .

Beef and veal:Consumption, apparent thous. of lb.Exports! do__.Price, wholesale, beef, fresh, native steers (Chicago)

dol. per lb .Production (inspected slaughter) thous. of lb.Stocks, cold storage, end of month© c? do . . .

Lamb and mutton:Consumption, apparent do. . .Production (inspected slaughter) _ . . . d o . . .Stocks, cold storage, end of month©cf do._.

Pcrk (including lard):Consumption, apparent ._ _doProduction (inspected slaughter) do.._

Pork:Exports§ d o . . .Price?, wholesale:

Hams, smoked (Chicago) dol. per lb_Fresh loins, 8-10 lb. average (New York) do__-

Production (inspected slaughter) thous. of lb.Stocks, cold storage, end of month© cT do

Lard :Consumption, apparent.. doExports § do.. _ _Price, wholesale, refined (Chicago) dol. per lb .Production (inspected slaughter) thous. of lb.Stocks, cold storage, end of monthd" do . . .

POULTRY AND EGGSPoultry:

Price*, wholesale, live fowls (Chicago) dol. per lb.Receipts, 5 markets thous. of lb.Stocks, cold storage, end of monthd"-- do__.

Eggs:Dried, production* do . . .Price, wholesale, fresh firsts (Chicago)J..dol. per doz.Production millions-Stocks, cold storage, end of month:cf

Shell thous. of cases.Frozen thous. of lb-

MISCELLANEOUS FOOD PRODUCTS

Candy, sales by manufacturers thous. of dol._Cocoa, imports§ long tons.Coffee:

Clearances from Brazil, total thous. of bags.To United States d o . . .

Imports§ doPrice, wholesale, Santos, No. 4 (N. Y.)-,_dol. per lb_.Visible supply, United States thous. of bags..

Fish:Landings, fresh fish, 4 ports thous. of lb._Stocks, cold storage, end of month ._ . . . . do

Sugar:Cuban stocks, raw, end of monthf

thous. of Span, tons , .United States, deliveries and supply (raw value):*

Deliveries, total short tons.-For domestic consumption doFor export do

Production, domestic, and receipts:Entries from off-shore areas doProduction, domestic cane and beet. . .do

Stocks, raw and refined do

2,431

14.8110.6

1,61056

16.00(a)

1,2246153838

.203409, 953110, 776

(6)57,16711, 296

(»)757, 222

.265

.266606, 017369, 814

.148109, 563

46, 508

.27434, 765

209, 424

17, 556.336

6,216

8,665249, 304

1,8291,510

.1342,105

84, 998

2,902

524, 662451, 99472,668

501, 7778,345

,065,183

2,027

* 14. 7113.1

2,57997

15.35

1,190133

1,35967323

' 4 4

584,341560

.200604,143220, 761

74,88477, 29013,870

530, 777677,425

64,082

.258

.258528, 725305, 996

56, 22941, 599

.146108,45864, 339

.27217,683

102, 236

12,906.343

6,311

5,432231, 930

36, 44623,122

678519

1,554.134

1,321

55, 29840, 516

'2,119

621,694583,264'38,430

476,8668,805

828,167

14.6912.7

2,41952

15.29

1,26560

1,4017672748

569, 208369

.200617,147275,154

72,65676, 91818,121

623,138706,956

13, 903

.258

.259545, 395333, 019

80,34835, 953

.146117,86165,899

.26020, 24597, 211

9,177.351

5,304

6,120255,936

30, 97932, 574

1,4771,2441,537.134

1,338

69,32358,438

1,777

578, 590560,85817,732

417,4899,549

684,020

1,610

14.5412.5

2,165100

15.55

1,19896

1,2937902753

608,407356

.200601,405270,834

75,61172, 33514, 842

514,384619,372

11,476

.258

.259474,830344,812

50,91840,836

.146105,140

79, 285

.25127,688

103, 203

8,031.356

4,593

5,926248, 675

24,16422,690

1,3871,1611,804.134

1,928

61,11380, 523

1,516

514, 500492, 56121,939

441, 5948,644

604,140

1,292

14.5112.4

2,270354

13.8114. 53

1,32062

1,2816962754

727, 3991,173

.200707,488250,886

71, 54766, 6849,918

521,062500,858

3, 353

.258

.259387,806285, 216

71,83724, 965

.14686, 506

.25138,041

114,192

7,858.378

3,940

4,771218, 010

29, 72218,448

1,6431,1742,530.134

1,976

54, 254108,999

975

540,129513,69526,434

464,03716,161

542, 231

1,191

14.5412.6

2,811932

13.2614.51

1,35640

1, 2525592447

810, 4091,561

.200754,398208,926

71,89671,1799,177

473,889426,044

1,312

.258

.259332, 064211, 004

45,61232, 647.146

68,26858,998

.23956,772157,077

2,674.3463,397

3,724203, 209

35, 36922,873

1,6441,3801,868.1342,352

38, 493127, 055

795

490,761471,46619,295

412,12856,654513,294

1,469

14. 7512.5

3,6401,072

14.0214.66

1,50919

1,4424912744

901,3891,903

.200869,459187,807

82,41386, 42313, 066

525, 288485, 849

1, 585

.258

.259390, 754168,028

66,39710,662.146

68,97550,914

.22894, 226238,936

544.4013,118

1,666182,322

43, 50422, 699

1,181715

1,803.1342,396

43,356138,434

471,266468, 7552,511

270,089420,480728,489

2,935

14.6712.8

2,270315

14.0014.76

1,498125

1,6885563137

746,48915, 221

.200750, 723177, 033

74, 59876, 95115, 394

676,895859, 844

11,190

.258

.259679, 582235,894

95, 46527,350.146

131, 25059, 349

.23299, 208320,745

159437

2,936

314155,934

40, 45914,133

5671,353.1342,251

33, 247148, 286

296

420, 708411,4919,217

210,392644,1611,167,026

3,459

14.6613.0

2,100129

13.8914.33

1,426202

1,7396874139

521,90069,602

.200599,635186, 365

74,06080,49117, 406

829,9911,058,969

12,721

.258

.259810,106320, 571

134,46222,862.146

180,80182,826

.24389, 018355,914

183.4293,400

113129,424

36,81814, 249

1,6181,233998.1342,558

21, 640140, 208

205

354,447347,402• 7,045

196,476414,4651,418,532

3,344

14.7212.8

1,663102

14.3014.46

1,368325

1,5817724738

466, 89690, 526

.200557, 516187, 392

62,12466, 01019,189

839, 051957,453

16, 559

.258

.259747, 282396, 740

127,00225, 063.146

152,72883,489

.25547,157363,954

264356

4,214

272111, 721

42, 70916, 898

1, 286973

2,093.1342,276

10, 821115, 398

299

516, 244514, 7241,520

182,93798, 526

1,794,764

2,952

14.7712.8

2,481154

14.7015.50

1, 478173

1,5957914944

543, 84350, 214

.200569, 746i64,872

102,496100, 93416, 533

831,492924,170

8,222

.258

.258708, 566423,55

102,41747, 975.146

157,08790, 184

.25331, 034356, 730

7,449.3314,954

1,578117,903

38, 86530,162

1,030718

1,478.1342,143

12,45590, 051

1,111

285,341276, 7158,626

•263,34524, 771

1,174,644

1,211

14.8012.5

1,75390

15.2315.38

()191

1, 2967504946

()94, 545

.202526,166162, 098

()89, 62915, 513

()680, 480

20, 718

.264

.264533, 909396, 753

(*)42, 323

.147106, 53880, 438

.26831, 348320,027

18, 335.3326,696

' 3, 771149, 710

39, 25437, 361

1,145748

1,844.1342,044

24,05684, 265

476, 316425, 74250, 574

465,83419, 305

1,184,341

2,472

14.8112.2

1,98467

15. 5115. 30

1361 226r 696

4444

30, 945

.203431,517

' 140,157

(*)75,86512,171

()718, 345

27, 321

.268

.266573,027379,373

()55, 435

.148105, 369r 71,153

.27237, 278

' 256,822

20, 924.333

6,721

' 6, 425200,176

38, 46942, 688

1,5771,1891,824.134

1,964

1 75, 318

2,702

556, 466500, 60855,858

433,19018, 254

1,080,908

' Revised. 5 For data for December 1941-July 1942, see note in November 1943 Survey.% Compiled by the U. S. Department of Labor; see note in April 1944 Survey. • No quotation. b Temporarily discontinued; data under revision.cf Cold storage stocks of dairy products, meats, poultry and eggs include stocks owned by the D. P. M. A., P. M. A., and other Government agencies, stocks held for the Armed

Forces stored in warehouse space not owned or operated by them, and commercial stocks; stocks held in space owned or leased by the Armed Forces are not included.§ Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.© Data for edible offal are comparable with figures beginning June 1944 shown as "miscellaneous meats" through the April 1946 Survey (see note in that issue). "Miscellaneous

meats and meat products" shown above include sausage and sausage room products and canned meats and meat products which were not reported prior to June 1944. Stocks shownunder beef and veal are combined figures for beef and veal; the latter also has been reported only beginning June 1944. Data for June 1944 to February 1946 for veal and for the itemsaow shown as miscellaneous meats and meat products are given in notes in the August 1944 to April 1946 issues of the Survey. Stocks for the several meats include trimmings whichwere included as "miscellaneous meats" prior to June 1944.

* New series. Data for 1927-43 for dried eggs are shown on p. 20 of the March 1945 Survey. The new sugar series include raw and refined in terms of raw (see also note in thekpril 1945 Survey).

t Revised series. The hog-corn ratio has been shown on a revised basis beginning in the March 1943 Survey; revisions beginning 1913 will be shown later. The series for feedeshipments of sheep and lambs has been revised beginning 1941 to include data for Illinois; revisions are shown on p. S-27, of the August 1943 Survey.

S-30 SURVEY OF CURRENT BUSINESS July 1946

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

1946

May

1945

May June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

FOODSTUFFS AND TOBACCO—Continued

MISCELLANEOUS FOOD PRODUCTS-Con.

Sugar, United States—Continued.Exports, refined sugar § _ ._ _- short tonsImports: §

Raw sugar, totaL _ _ . . doFrom Cuba. _ _ . __ do

Refined sugar, total . doFrom Cuba. . ._ _ __ do.

Receipts from Hawaii and Puerto Rico:Raw. . . doRefined do

Price, refined, granulated, New York:Retail . dol. per lbWholesale. _ . . .do

Tea, imports § thous. of lb.

TOBACCOLeaf:

Exports, incl. scrap and stems § thous. of lbImports, incl. scrap and stems §. _ doProduction (crop estimate) mil of lbStocks, dealers and manufacturers, total,

end of quarter mil. of lbDomestic:

Cigar leaf doFire-cured and dark air-cured doFlue-cured and light air-cured doMiscellaneous domestic do

Foreign grown:Cigar leaf doCigarette tobacco do

Manufactured products:Consumption (tax-paid withdrawals): ^

Small cigarettes . . . ._ ._ __ millionsLarge cigars thousandsManufactured tobacco and snuff thous. of lb__

Exports, cigarettes § - . . . .thousands..Price, wholesale (list price, composite):

Cigarettes, f. o. b., destination.. - dol. per 1,000Production, manufactured tobacco, total thous. of lb

Fine-cut chewing d o . . .Plug_ _ . doScrap, chewing. . . . do . . .Smoking doSmifiL _ _ . . . do .Twist

1.073. 059

6,580

29. 972497, 297

21. 223

6. 255

18, 882

238, 394229, 32827,40026, 880

155, 68010, 481

.066

.0547,611

70, 3655,049

21, 280413, 69328,074

452, 021

6.00629, 774

3295,2744,383

15,1064,076

606

15, 344

195, 571191,66528, 35928,125

183,17319,300

.064

.0541,476

32, 7085,101

2,766

372236

2,0512

2678

24, 311403,023

26, 266355, 973

6.00628, 529

3335,0604,311

14, 8203,400

605

15, 531

138,085130, 86437, 21037, 210

188, 35421, 960

.064

.0543,304

44, 4234,312

21, 815350, 756

24, 482372, 713

6.00626, 276

3015,0194,094

13,1853,153

523

16,991

221, 391217, 70661, 85861,858

171,32112, 629

.065

.0546,834

37, 2035,849

28, 478420, 922

28,905405, 535

6.00630, 049

3605,7204,271

15, 4013,674

623

9,690

266,947256, 230

5,0935,093

166,7058,198

.064

.0548,987

33, 8324,996

2,928

338192

2,2942

2775

26, 360420, 623

27, 553582, 295

6.00627,730

3385,1983,516

14, 6703,462

547

5,406

98, 39677, 88234,92028, 372

144, 804265

.064

.0549,015

39, 7886,112

31, 340512, 72731,150

879, 853

6.00631,096

374' 5, 607

3,62516, 8494,009

634

3,484

76, 87176,87110, 97910,856

115, 2260

.064.054

9,881

26, 5044,892

25, 406468, 404

27,0901,106,903

6.006' 26, 608

'392' 4, 703

2,95714, 6163,427

513

18,972

68. 37468,3744,3874,243

91, 0760

.064

.0543,686

27, 2263,119

2 2, 042

3,275

324175

2,6683

3175

16,061364, 671

15,4531,002,748

6.00616,655

2793,0663,069

' 6,9542,953

335

4,322

172,125172.125

10, 32410, 324

20, 6870

i .067.054

14, 975

47,33522, 371

25, 226468, 59220,806

2,660,699

6.00620, 521

3314,1063,9767,9793,706

423

7,003

191, 214191, 214

1950

38, 7740

1.068.056

12, 569

43,9024,043

23,637455,024

17, 7761,048,525

6.00618,065

2624,3173.9485,9443,128

466

33,945

310, 519310,51933,81633, 656

«>58, 722*10,416

1.073.059

6,139

52, 2305,129

3,342

377223

2, 6272

2885

26, 401480, 479

18, 5191,448,618

6.00619, 065

2824,3734,0996,3863,419

508

58, 321

155, 409155,40838, 78538, 735

* 112, 975*23, 654

1.074.059

6,580

60,4014,727

25, 452484, 318

20,0231,996,922

6.056

LEATHER AND PRODUCTS

HIDES AND SKINS

Livestock slaughter (see p. S-28).Imports, total hides and skins § thous. of lb_.

Calf and kip skins thous. of pieces..Cattle hides doGoatskins doSheep and lamb skins do

Prices, wholesale (Chicago):Hides, packers', heavy, native steers dol. per lb_.Calfskins, packers', 8 to 15 lb do

LEATHERExports: §

Sole leather:Bends, backs and sides thous. of lbOffal, including belting offal do

Upper teather doProduction: t

Calf and kip thous. of skins..Cattle hide thous. of hides..Goat and kid thous. of skins.Sheep and lamb do

Prices, wholesale:Sole, oak, bends (Boston)f dol. per lb.Chrome, calf, B grade, black, composite.-dol. per sq. ft.

Stocks of cattle hides and leather, end of month:Total__ thous. of equiv. hides

Leather, in process and finished doHides, raw do

LEATHER MANUFACTURESGloves and mittens, production, total*. thous. doz. pairs.

Dress and semi-dress, total doLeather do

Leather and fabric combination doFabric . . . . do

Work, total doLeather doLeather and fabric combination doFabric do. _ _

. 155

.218

821

1,773

. 440

. 533

17, 7306184

2,5913,881

.155

.218

25599

1.338

1,000' 2, 468

2. 266' 4,602

. 440

.529

11,9176,9055,012

2,33970814890

4701,631

230238

1, 163

13,1497952

2,1482,491

.155

.218

412123

1,992

1.0832,3532, 0154,172

.440

.529

11, 7296,7614,968

2,35170515182

4721,646

226231

1.189

1

18,4105592

1,8253,340

.155

.218

247

"~"2,~58f

858- 2, 150

1.745' 3. 794

.440

.529

11,9516,9654,986

1,904545122

59364

1,359177188995

15, 5222625

1,0103,677

.155

.218

336176

2,036

950r 2, 132' 1, 780' 4, 507

.440

.529

12, 2457,0725,173

2,18764815540

4531,538

206227

1, 105

14,5161512

1,9733,333

.155

.218

392

1.324

942' 1, 985

1,676r 4,132

.440

.529

12, 5777,2235,354

2,071650152

29469

1,422175208

1,039

14,0732421

1,5743,349

.155

.218

15791

2,741

1,070' 2, 337' 1, 742' 4, 784

.440

.529

13,0477,3465,701

2,47677517333

5681,701

198242

1,261

15, 7364949

2,2012,774

. 155

.218

154163

2,864

••946' 2, 320' 1, 780' 4.639

.440

.529

13, 0377,4735,564

2,26673417126

5371,531

175212

1,144

11,30116429

1,6561,912

.155

.218

3,062275

6,705

937' 2, 237

1, 659' 3, 949

.440

.529

13,1777,8495,328

1,89363214420

4681,261

155186921

' 16,0843952

3,1372,883

.155

.218

791,1943,206

1,031' 2, 502

1,997'4,418

.440

.533

13. 6228,4335,189

2,228656151

18488

1, 572177231

1,164

10, 870(•)

202,2971,968

.155218

1,818296

2,853

1.0322,5442,1434,288

.440

.533

13, 5938,2025,391

2,21868815420

5131,530

169220

1.141

15,3313

682,3322,818

.155

.218

721573

3,324

8982,5002, 1904,256

.440

.533

13, 0778,0595,018

' 2, 432r794-•185

23'586

' 1, 638176225

' 1, 237r Revised. "Less than 500 pieces. bData for Puerto Rico; data for Hawaii not yet available.1 Data reflect a change in the sample of reporting stores and in the method of summarizing reports; January 1946 figure comparable with earlier data is $0,064.2 Dec. 1 estimate.5Tax-paid withdrawals include requirements for consumption in the United States for both civilians and military sei vices; withdrawals for export and for consumption outsic

the United States are tax-free.§Data continue series published in the 1942 Supplement but suspended during the war period (it should be noted that data for sugar are shown in long tons in that volume

data for October 1941-February 1945 will be published later.tRevised series. The price for sole oak leather is shown on a revised basis beginning in the October 1942 Survey; revisions beginning July 1933 arp available on request.•New series. Data on gloves and mittens are from the Bureau of the Census and cover all known manufacturers; data for January 1943-March 1945 for leather and combinatic

leather and fabric, and for May 1944-March 1945 for fabric gloves and mittens will be published later. The series for leather gloves are not comparable with similar data shown ithe 1942 Supplement which covers only around 85 percent of the total.

tRevisions for 1945 not shown above: Cattle hide—Feb., 2,395; Mar., 2,460; Apr., 2,33.5. Sheep and lamb—Jan., 4,540; Feb., 4,538; Mar., 4,499; Apr., 4,294.

July 1946 SURVEY OF CURRENT BUSINESS S-31

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

1946

May

1945

May June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

LEATHER AND PRODUCTS—Continued

LEATHER MANUFACTURES—Continued

Boots and shoes:Exports § thous. of pairs__Production, total X do

Government shoes doCivilian shoes, total do

Athletic doDress and work shoes, incl. sandals and playshoes:

Leather, uppers, total thous. of pairs..Boys' and youths' _ doInfants' doMisses' and children's doMen's doWomen's _ do

Part leather and nonleather uppers doSlippers and moccasins for housewear doAll other footwear do

1,27743,8185,494

38,324346

20,432961

2,4423,7214,2929,017

12,1905,224

132

1,10043,9855,440

38, 544271

19,893985

2,3863,6814,1848,657

12,9296,184268

86036,3384,65431,684

178

17,320998

2,0423,0623,8247,3949,3724,608206

1,14941,6334,43237,201

238

19,830-1,0712,3263,4544,6708,30910,6546,249230

27337,2401,495

35,745355

21,4111,2062,2343,2745,7578,9407,7446,046188

52742,1631,055

41,108466

28,8391,5792,7283.9077,70112,9243,6308,009165

99539,998

81339,185

452

28, 5681,5932,7303,7607,54712, 9392,6127,380173

4,19234, 583

63233,950

396

26, 3491,4212,3463,3706,94412,2682,6044,494105

1,32640,744

47140, 274

512

31,0121,4922,8553,9137,81514,9374,0074,607136

74443, 694

'464'43, 230

561

'33,1631,777

'3 067'4,3898, 51515,414••4,6244, 751

131

1,095 981

LUMBER AND MANUFACTURES

LUMBER—ALL TYPES

Exports, total saw mill products § M bd. ft.Sawed timber § doBoards, planks, scantlings etc § do

Imports, total sawmill products § doNational Lumber Manufacturers Association:!

Production, total mil. bd. ftHardwoods , _ _ _ d oSoftwoods do

Shipments, total do __Hardwoods __.do___Softwoods do

Stocks, gross, end of month, total do___Hardwoods doSoftwoods _ _ do -_-

FLOORING

Maple, beech, and birch:Orders, new _ _ _ M bd. ftOrders, unfilled, end of month _ doProduction _ _ . _ _ . _ _ doShipments doStocks, end of month do

Oak:Orders, new doOrders, unfilled, end of month . . _ doProduction doShipments _ _ . _ . doStocks, end of month do

SOFTWOODSDouglas fir:

Exports, total sawmill products § M bd. ft__Sawed timber § doBoards, planks, scantlings, etc.§ -, do

Prices, wholesale:Dimension, No. 1, common, 2 x 4—16

dol. per M bd.ft. .Flooring, B and better, F. G., 1 x 4, R. L. . do . . .

Southern pine:Exports, total sawmill products § M bd. ft

Sawed timber § doBoards, planks, scantlings, etc § do

Orders, new t mil. bd. ftOrders, unfilled, end of month t doPrices, wholesale, composite:

Boards, No. 2 common, 1" x 6" or 8" x 12'tdol. per M bd.ft.-

Flooring, B and better, F . G., 1" x 4" x 12—14' fdol. per M bd.ft._

Production! mil. bd. ftShipments! doStocks, end of monthf _ _ _ _ do

Western pine:Orders, newf doOrders, unfilled, end of monthf-- - ~. _ doPrice, wholesale, Ponderosa, boards, No. 3 common,

1" x 8" dol. per M bd. ft__Production! mil bd ftShipments! _ doStocks, end of month! do

West coast woods:Orders, new! doOrders, unfilled, end of month doProduction! _ _ . _ _ d oShipments! doStocks, end of month do

2,6686S9

1,9692,621

6911,9303,481

8752,606

3.7006,1752,9503,8752,475

19,43433, 37120,11920,9827,270

38. 22053. 900

672~746

46.029

65.091635657

1,060

515280

40.65584529765

518601527526368

30, 8512,274

25, 58783,386

2,706600

2,1062,734

6302,1043,571

8522,719

2,7757,0503,1752,7502,500

14,21041,48716,89718, 1861,925

8,2681,5956,673

34. 39844.100

6,717524

6,193639876

41.144

56. 371712728

1,131

465398

34.79570519820

618954566597381

24,1481,665

20,18491,597

2,707583

2,1242,637

6062,0313,648

8382,810

2,7757,2003,3252,9752,775

11,56637, 57815,68815, 4772,475

7, 6871,1756,512

34. 70044.100

3,912344

3,568633850

41.144

56. 371682659

1,154

548421

34.84600542877

597951588578393

38,1965,930

29,09489,128

2,341560

1,7812,316

5471,7693,653

8372,816

2,9007,2002,9252,6003,050

10,04733,49414,03414,1292,380

14,5654,9689,597

34.79044.100

7,326649

6,677613808

41. 428

56. 371614655

1,113

514440

34.75570510935

431964392394409

44,2806,795

34, 765100,707

2,574634

1,9402,494

5791,9153,705

8852,820

2,9756,5252,9253,5752,375

12,59530,85815,50015,2312,463

14, 2785,7758,503

34. 79044.100

6,950745

6,205532695

42.018

56. 371660645

1,128

412351

34.88548517965

557685509531375

41,4467,507

31,09591,293

2,191612

1,5792,148

5161,6323,741

9582,783

2,9006,5002,8752,9502,375

14,60833,99215,04915,1302,804

18, 8075,829

12,978

34.79044.100

7,6841,3916,293

577676

42.018

56. 371555596

1,087

422360

35.30418412971

414672406413378

43, 5902,772

38,922109,730

2,089673

1,4161,991

5951,3963,7921,0182,774

3,6007,1503,3252,9752,600

23, 50638,79719,19718, 4943,507

21, 5451,254

20,291

34. 79044.100

6,3551,2415,114

607653

42. 018

56. 494629630

1,086

276305

35.78341332980

288694261253370

39, 4292,874

33,80398,964

1,891615

1,2761,819

5811,2383,8451,0402,805

2, 2757,3002, 5251,9503,125

18,34339,09718,97017,3645,113

11,313554

10,759

34.79044.100

7,2021,8535,349

550650

42. 018

56. 494600553

1,133

307302

36.46279310949

261723233217385

49,2573,312

44,01295,432

1,638443

1,1951,688

4721,2163,8161,0222,794

1,1507,0502,4251,2004,350

12,20137,96216,00413,3367,781

26,0381,127

24,911

34.79044.100

5,7981,9043,894

472646

42. 782

59.811472476

1,129

240294

36.07206248908

377738368357400

64,7956,405

56,08980,528

1,840516

1,3242,081

6041,4773,555

9062,649

2,8756,7003,0503,0754,250

15,63242,12018, 52311,47414, 830

41,5283,820

37,708

34. 79044.100

9,0762,2686,808

626696

42.837

60. 056512576

1,065

293298

35.99206290824

455703450460392

52, 57411, 70839,19479, 434

1,887498

1,3891,911

4791,4323,482

8772, 605

2,6256, 7252, 8502,6754,300

17, 32937, 69417, 45322, 8929,391

31,3758,242

23,133

34. 79044.100

9,0933,2285, 865

555698

43. 465

61.131554553

1,066

299299

36.16234297761

42368344944]398

71,09421.00648,09195, 354

2,279640

1,6392,307

5821,7253,397

8862,511

3, 0256,8753,1002,7254, 650

15, 9713.5, 52918, 95818,1369,661

42,20713, 22528, 982

37. 36251.450

13,8165,7438.073

664738

46, 029

65,091629624

1,071

480417

35.77296373684

527636532556375

63, 57321,27840,04897,136

2,538681

1,8572,517

6741,8433,421

8732,548

4, 3256,5503,1004, 3503,200

16,81734, 28018. 75720, 996

7, 425

40,19717,07623,121

38.22053.900

11,9733,5068,467

655731

46, 029

65,091673662

1,082

445293

39.15457461710

543632532532362

'Revised.§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.f See note for boots and shoes at the bottom of p. S-23 of the July 1945 Survey regarding changes in several classifications and note marked "$" on p. 28 of that issue regarding

other revisions; revisions for January-May 1943 and January-April 1944 have not been published and will be shown later.!Revised series. The following lumber series have been recently revised to adjust the monthly figures to 1944 totals for production compiled by the Bureau of the Census.: Data

beginning January 1944 for production, shipments, and stocks for total lumber, total hardwoods, and total softwoods and production shipments, and new orders for Southern pineand western pine and 1944 data for production, shipments, and stocks of West Coast woods (1945 data for West Coast woods are subject to further revisions). Earlier lumber datawere previously adjusted to 1941-43 Census data and revisions have been published only in part (see note in April 1946 Survey). All unpublished revisions through February 1945will be shown later. The Southern pine price series are shown on a revised basis beginning in the February 1946 Survey; each represents a composite of 9 individual series; the speci-fications given above apply to data collected beginning February 1945; earlier data were computed by linking slightly different series to the current data.

S-32 SURVEY OF CURRENT BUSINESS July 1946

Unless otherwise stated, statistics through 1941and descriptive notes may be found in th«1942 Supplement to the Survey

1946

May

1945

May June July August Sep.tember

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

LUMBER AND MANUFACTURES—Continued

~ SOFTWOODS—Continued

Redwood, California: tOrders, new M bd. ft.Orders, unfilled, end of month do._.Production . . d o . . .Shipments __. -do . , .Stocks, end of month do . , .

SOFTWOOD PLYWOOD

Softwood plywood:*Production -thous. of sq. ft., %" equivalent.Shipments _ do . . .Stocks, end of month do.._

FURNITURE

All districts, plant operations percent of normal.Grand Rapids district:

Orders:Canceled .percent of new orders.New no. of days' production.Unfilled, end of month do . . .

Plant operations percent of normal.Shipments no. of days' production.

4,16097,769

3,9124,275

73, 520

127, 284129, 599

27, 543

63

153

1467041

30, 301'97,58136, 34337,19161,640

122,163121,018

30, 103

51

516784617

36,653100,34235,10834,43660,145

121, 283124,79525, 907

51

316744617

38,071107, 55230,69530,84358,321

85, 57981,96628,055

47

49

704513

30,96679,02534,64535,86455,495

113,633112,05029,612

51

312704913

30,59980, 23532, 77329,58156,569

89,65691,54727,942

52

316675117

30,89281, 40734,01232, 50855, 459

67,46266,34229,235

55

521646020

31, 70985, 57233,44228,01960, 335

58, 23757,86229, 292

56

730646018

20, 57281, 94726, 72421, 49576,006

75, 46275,90427,807

56

217686115

20,24891,979

9,85811,20775,231

107, 347104,14430,637

59

131846422

8,17998, 314

7951, 854

74,165

98,09698, 61929, 896

62

136

1086931

4,370100, 288

1,2862,267

73, 298

109,200105, 99932,983

64

138

1157037

METALS AND MANUFACTURES

IRON AND STEELForeign traded

Iron and steel products:Exports (domestic), total short tons.

Scrap d o . . .Imports, total.. d o . . .

Scrap do___

Iron and Steel Scrap

Consumption, total* thous. of short tons.Home scrap*.. do . . .Purchased scrap* do. . .

Stocks, consumers', end of month, total*. do. . .Home scrap* do._.Purchased scrap* __do.--

OreIron ore:

Lake Superior district:Consumption by furnaces thous. of long tons..Shipments from upper lake ports doStocks, end of month, total I do

At furnaces doOn Lake Erie docks _ do

Imports § doManganese ore, imports (manganese content)!-..do

Pig Iron and Iron ManufacturesCastings, gray iron:* ,

Shipments, total... _ short tons..For sale _ _ do

Unfilled orders for sale doCastings, malleable:©*

Orders, new, for sale doOrders, unfilled for sale , doShipments, total _ _ do

For sale- doPig iron;

Consumption*... thous. of short tons..Prices, wholesale:

Basic (valley furnace) dol. per long ton..Composite do..Foundry, No. 2, f. o. b. Neville Island* .do

Production* thous. of short tons,.Stocks (consumers* and suppliers'), end of month*

thous. of short tons..

Steel, Crude and Semimanufactured

Steel castings :fShipments total short tons..

For sale, total doRailway specialties . . .do

2,9903,61623,90521, 0752,830

757, 041454,1942,491,811

37,211277, 34562, 54034,921

26.0026.6726.502,275

129, 21194, 63028, 547

538, 41411,286149, 2883,032

5,3472,9492,3984,1741,3272,847

6,87211,12120,71518,5842,131

10156

866, 951542, 3372,031,318

34, 839328,47179, 56552, 789

4,918

24.5025.1725.005,016

1,275

192,921••149,62326, 077 j

403,91210, 266148,4606,828

4,9442,7042,2404,1201,312

6,39710,62124,84722,4192,429

10346

849, 449543,7882,015,625

4,249285, 21071, 99247, 510

4,505

24.5025.1725.004,605

1,318

173,685129,19327,173

470,98711,502156,4084,383

4,6862,6082,0784,0441,2782,766

6,53211,37229,48526,6772,808

12569

748,790468, 0172,015,005

34, 246284, 01755,81335, 4394,594

24.5025.1725.004,801

1,346

139,315102,42825, 778

407, 2258,448

119,9152,717

3,9892,1691,8204,2251,3542,871

5,65810, 73234,78131,5333,24818751

750,050462, 3641,817,801

1-18,642232,13652, 64733, 239

3,969

24.5025.1725.004,249

1,527

344, 6979,397

102,1632,531

3,9952,2281,7674,1441,3192,825

5,83710, 54339,54935,6843,865

11856

717,768434,4161,754,515

16,275219, 90546,96028,506

4,062

24.5025.1725.004,227

1,527

114, 613' 83,75126,071

327,8055,480

123,4358,065

4,3312,2832,0483,9501,2042,746

4,4919,82745,09040, 5374,553

19951

767,209461,7201,741,981

47,020229,61859,09637, 307

3,525

24.8025.4025.193,388

1,247

130,34499,49529,391

487, 2406,397

104,1164,770

4,3782,3462,0323,9431,2392,704

5,6124,145

44, 70639,8914,815

11646

751,092445,9521,847,468

227, 30957, 31536, 007

4,080

25.2525.9225.754,026

1,124

123,04891,40928,160

451,0468,56892,6381,607

4,1292,2331,8963,7421,2152,527

6,09971

39,05934,6604,399

10951

678,091397,5291,877,095

44,507236,64851, 96335,168

4,090

25.2525.9225.754,323

1,192

115, 23985, 39125,939

557,3604,768

78, 5841,208

3,7190

35, 34231, 2154,127

7833

706, 319446,567

2,076,994

47,411245,87854,19138,181

25.2525.9225.752,645

99,05877,07122, 645

314, 7979,322

85, 7953,459

2 4, 5382 2,3262 2,212

4,4911,3763,115

1,7480

33, 64729, 6064,041

7524

541,177368, 384

2,152,766

31,104247, 64440,15629, 338

2 3, 664

25. 2525. 9225.751,148

1,257

57,42345,151

8,879

349,31710, 662

212,1389,584

6,0210

27, 60124,1003,501

8160

796, 068505, 431

2,265,336

r 49,561263, 227

r 50, 23533,978

25.6326.3226.204,424

101,39680,84321,905

131,411r 98,080

27, 652r Revised. J Cancellations exceeded new orders by the amount shown above. 2 Total for January and February. ° Data not available.X All but 2 of the reporting mills have been closed by strikes since the middle of January.§Data continue series shown in the 1942 Supplement but suspended during the war period (it should be noted that data for iron and steel are shown in Ion? tons in that T

data for October 1941-February 1945 will be published later.d1 Since Jure 1944 the coverage of the malleable iron castings industry has been virtually complete (see note in April 1946 Survey regarding earlier data); total shipments include

shipments for sale and for use by own company, an affiliate, subsidiary or parent company. New orders for sale has been substituted for total new orders which has been discontinued-data beginning November 1944 for unfilled orders and beginning 1936 for new orders and shipments for sale will be published later.

*New series. Data beginning September 1941 for softwood plywood are shown on p. 16 of the September 1944 Survey. For a description of the series on scrap iron and steeland pig iron consumption and stocks and 1939-40 data, see note marked "*" on p. S-29 of the November 1942 Survey; later data are available on p. S-30 of the April 1942 and subsequentissues. The series on pig iron production is approximately comparable with data in the 1942 Supplement (data in the Supplement are in short tons instead of long tons as indicated)-see p. S-30 of the May 1943 Survey for further information on this series and data for 1941-42. The pig iron price series replaces the Pittsburgh price, delivered, shown in the Surveyprior to the April 1943 issue. Data for gray iron castings represent industry totals beginning in the June 1946 Survey; see note in that issue.**! f Revised series. Data for steel castings have been adjusted to industry totals based on monthly reports for the larger foundries which account for around 95 percent of the totaltonnage shipped and annual reports for 1945 from the smaller foundries; data include high manganese and high alloy heat or corrosion resistant steel castings not included in earlierfigures for commercial castings shown in the Survey; comparable industry totals for January-April 1945 are as follows: Total shipments—Jan., 210,212; Feb 191 361- Mar 222 591*Apr., 197,737; shipments for sale, total—Jan., 165,116; Feb., 152,082; Mar., 173,506; Apr., 154,883; railway specialties—Jan., 24,163; Feb., 22,163; Mar., 26,173; Apr.,' 23,093. Data forJanuary-September 1945 for shipments for sale are based on production but production and shipments for this period were very nearly equal. Data reported prior to 1945 for total steelcastings for sale, or commercial steel castings, were estimated to represent around 95 percent of the total tonnage shipped for sale; the coverage for railway specialties was practicallycomplete. The series on total shipments, which includes shipments for sale and for own use, is a new series; data on new orders have been discontinued.

July 1946 SURVEY OF CURRENT BUSINESS S-33

Unlessand1942

other-wise stated, statisticsdescriptive notes may beSupplement to the Surrey

throughfound in

1941t h e

1946

May

METALS

May

AND

1945

June July August Sep-tember

Octo-ber

Novem-ber

MANUFACTURES—Continued

Decem-ber

1946

Janu-ary

Febru-ary March April

IRON AND STEEL—ContinuedSteel, Crude and Semimanufactured—ContinuedSteel ingots and steel for castings:

Production.. thous. of short tons._Percent of capacity§

Prices, wholesale:Composite, finished steel _ __dol. per lb. .Steel billets, rerolling (Pittsburgh). _.dol. per Ion? ton.Structural steel (Pittsburgh) dol. per lb__Steel scrap (Chicago) dol. per long ton..

Steel, Manufactured Products

Barrels and drums, steel, heavy types:®Orders, unfilled, end of month thousands..Production. doShipments doStocks, end of month . . .do

Boilers, steel, new orders:%Area thous. of sq.ft--Quantity .number..

Porcelain enameled products, shipmentst thous. of dol_.Spring washers, shipments. do8teel products, net shipments:©

Total thous. of short tons. .Merchant bars doPipe and tube doPlates . d o — .Rails. doSheets doStrip—Cold rolled . . .do

Hot rolled . . .doStructural shapes, heavy doTin plate and terneplate doWire and wire products .do

NONFERROUS METALS AND PRODUCTSAluminum:

Imports, bauxite 1 long tons.Price, wholesale, scrap castings (N. Y.)_.dol. per Ib._

Aluminum fabricated products, shipments*-mil. of lb_.Bearing metal (white-base antifriction;, consumption

and shipments, total _ thous. of lb_.Consumed in own plants* do . . .Shipments* do .

Brass sheets, wholesale price, mill .dol. per lb .Copper:

Exports, refined and manufactures 1. short tons.Imports, total 5 do

For smelting, refining, and export 5 doFor domestic consumption, total 1_. .do

Unrefined, including scrap 1 do.Refined 1 do.

Price, wholesale, electrolytic, (N. Y.) dol. perlb.-Production :<?

Mine or smelter (incl. custom intake)-.short tons..Refinery do

Deliveries, refined, domesticcT doStocks, refined, end of monthcf - -.do...

Lead:Imports, total, ex-mfrs. (lead content) 1_ do___Ore, domestic, receipts (lead content)©". do . . .Reflned:

Price, wholesale, pig, desilverized (N. Y.)~dol. per lb. .Production, totalcf _ short tons..

From domestic ored* doShipmentsd*-- — .do . . .Stocks, end of months do . . .

Tin:Imports: 1

Ore (tin content).. . long tons.Bars, blocks, pigs, etc do

Price, wholesale, Straits (N. Y.) . . . . dol. per lb_.Zinc-

Imports, total (zinc content) J short tonsFor smelting, refining, and export 1 doFor domestic consumption: f

Ore (zinc content) do...Blocks, pigs, etc.. . do...

Price, wholesale, prime, Western (8t.Louis). dol. per lb.

Productiond" short tons_.Shlpmentscf do.

Domesticd1' - do_Stocks, end of monthcP do.

4,07352

.030139.00. 023518.75

8,6321,8611,875

24

1,7251,9205,777

.0475

.221

.1178

31,71220, 55193,64775, 754

.065019, 53018, 39321, 72039, 563

.5200

. 082562, 41669, 68060, 571241, 442

7,45292

.027234.40.021018.75

7,1302,1432,145

51

1,202828

3,178476

5,417526560686200969112116316261381

52,942.0375229.7

5,1851,3043,881.195

18, 94580,8194,35376,0] 831,88244,135.1178

74,46985, 319139, 20363,841

28,39834,652

.065045,84842,12640,58538,488

4,166100

.5200

31,962178

26,6075,177

.082569,44066,972

171,007

6,84287

.027536.00.021018.75

8,9852,0282,036

43

1,628946

3,196500

4,022481531572181907111120297287350

104, 515.0375194.5

4,9981,303

.195

10,32072,4701,90670,56421,62648,938.1178

72,27174,37794,03170,738

31,86131,803

.065038,62634,51339,65837, 452

3,3401,600.5200

36,229161

5,982

.082566.60754, 47754,023183,137

6,98786

.027536.00.021018.75

8,6461,8511,851

43

1,6261,0752,893397

4,697463519518202872101113309269314

77,566.0375172.3

4,4041,1873,218.195

10,259114, 5621,774

112,78859,46953,319.1178

72,85572,99588,66176,166

37,69831,616

.065040,30033,23236,59741,145

4,0001,450.5200

50, 2370

42, 4467,791

.082565,83051,90951.803

197,058

5,73671

.027536.00.021018.75

4,1321,9031,902

44

1,4321,1933,381375

4,12439843643718684194100287245314

106,260.0375106.5

5,4451,2934,152.195

64,7104,30960,40131,11829,283.1178

68,25369,127

80,316

28,64431,668

.065032,69127,55233, 51740,310

6731,000.5200

42,000560

26,75714,683

.082564, 75348,25548,084

213, 556

5,98376

.027536.00.021018.75

3,7561,5511,557

38

1,5791,3713,303316

3,9554344293892208388492272213303

42,444.037560.9

3,9681,1012,868

.195

6,21970,4234,58865,83527,90937,925.1178

64,09145,14583,47868,675

40,75426,945

.065035,92334,69939,70136,514

3,9170

.5200

46,908621

38,0558,232

.082561,60041,88141,410233,275

5,598

.027536.00.021018.75

4,0121,6941,693

40

1,3561,2984,049386

4,267447426375203979104114333211343

54,947.037557.9

4,7601,0733,687

.195

9,51182,3665,39276,97422,98253,993.1178

69,32270,363104,10473,913

27,16432,978

.C65047,46242,00544,347

5,2770

.5200

21,052

12,0058,164

.082565, 61453, 22452,052245,665

6,20179

.027536.00.021018.75

4,6451.8231,825

38

1,2951,2224.013

374

4,367450454367204993108120324209350

40,967.037565.2

4,9751,3353,640.195

10,90850,8602,40748,45211,86936,584.1178

65, 58670,218119,97374,425

22,94232,812

. 065047,82439,99144, 76642,671

3,76394

.5200

39,4811,881

28,3659,235

.082564, 33754,44951, 326

255, 553

6,05975

.027536.00.021018.75

5, 3531,8101,821

27

1,5971,2593,355325

4,298435417387204931104111331210338

38,213.037566.5

4,4351,1703, 265.195

7,30156,4692, 2.H2

54,21712,48041, 737.1178

62, 64166,062

103,46476, 512

25,19931, 580

. 065045,39938, 29844, 30443, 746

8110

.5200

31,522735

20,45010,337

. 082566,16262, 32456,180

259,391

3,87250

.027536.00.021018.75

r 5,465' 1,695r 1, 7(5

19

1,6061,3815,070

382

66.794.037580.8

5,5441, 4934,051

.195

12, 42760,02635,65744,36920,36824,001.1178

58,17869,008

115,60172, 799

17,66931, 550

.065051,05449.79544,80651,929

1,151' 2 2

.5200

31,8261,111

13,06917,646

.082565,90158, 63547,169

266, 657

1,39320

37.50.022318.75

5,989839839

20

1,6451,1544,496

317

i 4,379145314011341i 149

11,044U 3 7U 3 8127812671356

38,322.037563.8

4,5411,0463,495.195

10,96613,5601,76011,8005,7826,020.1178

41,66749,92386,08974,339

12,291

.065041,64340,07048,25745,312

7,5400

.5200

27,662312

14,30013,050

.082561, 27454,85641, 349

273, 075

6,50783

. 030139.00. 023518.75

6, 7331,428' 1,424

24

1,9481,5314,788355

4,214454418371177924106117327249327

52, 329.038599.4

6,2511,3334,918

.195

7,3368,1943,4814,712814

3,898.1178

41, 83220,13958, 59070, 249

7,506

. 065025,33624,17928, 70241,939

5,0740

.5200

44,7662,993

29,03112, 742

.082571,61283, 69366,159

260, 994

' 5, 86078

.030139.00.023518.75

7,8861,9991,988

38

F **' 1, 993' 2,049\&,151

407

4,336439457361166973118100340265351

55, 598.0475109.2

6, 26725,164

1,10424,0603,701

20, 358.1178

' 29, 28018,98975, 75665, 448

6,526

.065023, 76622, 72623, 94141, 758

4.483213

.5200

33,8783,102

18, 29112, 485

,082560, 903

' 73,191r 60, 809•248,706

r Revised. l Total for January and February. < Discontinued by reporting source. ® Beginning 1943 data have covered the entire industry.§ For 1946 percent of capacity is calculated on annual capacity as of Jan. 1,1946, of 91,890,540 tons of open-hearth, Bessemer, and electric steel ingots and steel for castings; 1945 data

are based on capacity as of Jan. 1, 1945 (95,501,580 tons).X Based on information recently available it is estimated that data beginning 1945 represent substantially the entire industry; in prewar years the coverage was about 90 percent.• See March 1944 Survey for comparable data for 1942; the series now covers 57 manufacturers (two formerly reporting discontinued production of bearing metal).0 Total shipments less shipments to members of the industry for further conversion; data prior to 1944 were net production for sale.1 Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later,cf For data for January 1942-April 1944 for the indicated copper, lead and zinc series, see p. 24 of the June 1944 Survey.*New series. Data for aluminum fabricated products cover total shipments of castings, forgings, sheet, strip, plate, rods, bars, and other wrought products, exclusive of products

shipped to other manufacturers for further fabrication into other wrought products; data were compiled by the War Production Board through September 1945 and by the Bureau of theCensus thereafter. Data have been revised beginning January 1945 to include estimated industry totals for castings based on monthly reports from the larger founderies and annualreports for 1945 from the smaller ones. Data for castings included in the totals prior to 1945 are estimated to cover about 98 percent of the industry but the small amount omittedaffected the combined total for castings and wrought products only slightlysince the former represented only about one-fifth of the total. The coverage of wrought products is virtuallycomplete; weights for some wrought products were gathered at a different stage of manufacture beginning October 1945, but it is believed that the comparability of the totals is notseriously affected. For revised figures for early months of 1945, see p. S-33 of the June 1946 issue.

S-34 SURVEY OF CURRENT BUSINESS July 1946

Unless otherwise s ta ted, stat ist ics th rough 1941and descriptive notes may be found in t h e1942 Supplement" to t he Survey

1946

M a y

1945

May June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

METALS AND MANUFACTURES—Continued

MACHINERY AND APPARATUS

Electric overhead cranes:§Orders, new._ thous. of dol..Orders, unfilled, end of month doShipments - do

Foundry equipment:New orders, net total 1937-39=100...

New equipment _.doRepairs do

Heating and ventilating equipment:Blowers and fans, new orders thous. of dol-.Oil burners:©

Orders, new, not number..Orders, unfilled, end of month doShipments . doStocks, end of month do

Mechanical stokers, sales:JClasses 1, 2, and 3 doClasses 4 and 5:

NumberHorsepower

Unit heater group, new orders* . . . thous . of dol.Warm-air furnaces (forced air and gravity flow),

shipments* number.Machine tools, shipments* thous. of doLPumps and water systems, domestic, shipments:^

Pitcher, other hand, and windmill pumps units..Water systems, including pumps do

Pumps, steam, power, centrifugal, and rotary:Orders, new thaus. of dol..

ELECTRICAL EQUIPMENT

Battery shipments (automotive replacement only),number* _ thousands-

Electrical products :tInsulating materials, sales billed 1936«=100.Motors and generators, new orders.. d o . . .

Furnaces, electric, industrial, sales:Unit kilowatts-Value thous. of dol.

Laminated fiber products, shipments d o . . .Motors (1-200 hp):

Polyphase induction, billings d o . . .Polyphase induction, new orders d o . . .Direct current, billings d o . . .Direct current, new orders d o . . .

Rigid steel conduit and fittings, shipments! short tons.Vulcanized fiber:

Consumption of fiber paper thous. of lb .Shipments thous. of dol.

577.3621. 7426.2

14, 688

30380, 586

26, 580

23,58745,150

2,856

8504,587

569

404.7347.6606.6

14, 85459, 29010,3387,312

7,525

34172, 926

29, 49439, 825

28, 80733, 730

3,177

1,326

396••323

4,513353

5,795

5,6167,5774,7605. 739

r 9, 793

4,2371,322

1,3315,032

746

375.4306.7618.2

14,151

24, 90371, 53512, 658

8,512

32767,8274,199

32, 76441,040

24, 57033, 840

3,220

1.325

••371••243

8.431783

5,329

6,3046,7374,8662,699

' 10, 882

4,1471,321

1,1335,622

549

411.7386.9499.2

24, 20184, 57511,1615,990

8,531

425105,311

27, 54032, 504

25,56631, 364

3,871

1,213

294

9,952889

4,301

5,3205,9923,7102,801

' 8, 362

3,1201,029

1,8987,016411

532.2539.1508:4

81, 766151, 82214,5196,670

10, 575

44683.491

33,41032,500

25,08832, 259

2,258

1,567

252'214

4,192386

3,336

5,2246,0123,6211,315

' 8. 624

3,3721,067

1,7958,274461

577.2617.2436.9

10, 338

80,100211, 79920,1236,422

14, 352

42890,0885,581

34,87127, 300

22,99532,400

2,171

1,675

164'256

7,092701

2,005

4,4626,6241,6952,663

3,017

746

2,0339,597

709

457.8456.8461.6

50, 895235, 07327, 6215,435

19,493

465

94, 777

40,16531,200

25,47038,927

2,975

1,926

206'323

8,104690

2,659

5,41710,6911,6781,335

11, 383

2,490825

1,79910, 690

675

416.6419.4406.8

58, 075266, 97626,1725,279

21,434

40076, 520

41,46526,084

24,05036, 529

2,482

1,834

202'254

5,856624

2,556

5,6337,2601,7201,352

• 12,732

3,152

875

1,36611, 365

640

547.6600.8360.8

12,262

32,150277,21121,9156,166

13, 746

33163, 3808,526

33, 25323, 276

23,60033, 718

1,925

1,685

227345

7,626613

3.144

6,14310,8131,3582,067

• 12, 900

4,093921

1,60712,185

757

392.8391.1391.7

'82,489330.206' 29.494' 6, 531

14, 007

24659,382

37,78930, 263

27. 56346,094

2,836

1,768

217213

6.343570

2,694

3,3655,818565779

14,109

4,3591,265

1,38612, 772

786

432.8458. 7342.6

138,828•442,220' 26, 814' 6, 256

14, 328

24869,070

39,66426, 949

24,09337, 528

2,728

1,706

187222

6, 589614

2,216

3,2436, 530456894

10, 887

4,2221,104

1,42213, 396

781

536.6576.7351.8

' 78, 941498, 600' 30,681' 4, 691

16, 038

27573, 717

47,10027, 326

27, 23144, 870

2,489

1,686

224429

' 5, 786604

2,759

5,92412, 767

868 .1,840 |6,590 I

701.2779.8427.7

127, 285590, 94234,9435,785

14, 399

345

88, 485

43,186

28,108

28,15744,887

2,803

1,672

6,105527

2,738

4,72610, 222

6001,41412,940

4, 474 3, 3891,211 1,138

PAPER AND PRINTING

PULPWOOD AND WASTE PAPER

Pulpwood:*Consumption thous. of cords (128 cu. ft.)-_Receipts, total doStocks, end of month do-..~

Waste paper:*Consumption short tons.Receipts doStocks do.-...

WOOD PULP

Exports, all grades, totalj short tons_Imports, all grades, total % do

Bleached sulphate t do-._Unbleached sulphate % doBleached sulphite % doUnbleached sulphite \ do I"Soda % doGroundwood t do

1,5241,3422,856

620, 285637, 231399, 938

1,5181,4612,330

612, 713632, 093331, 740

15, 41482, 8883,8777,685

23, 21429, 9851,437

16, 690

1,4711,5932,420

597,137589, 702324, 211

18. 720

3,6297,071

26, 42331, 6791,740

15, 547

1,3491,5802,627

520, 824534, 585330, 473

24, 339127, 6033,758

29, 58030, 34046,8431,595

15. 487

1,4651,5353,017

6,37'177,3604,11739,117

T4573,7541,707

19, 920

1,4011,2252,877

568,048566,858330,919

3,461230,0246,84655,92238, 60999, 5292,17026,948

1,3141,0702,627

500,546496, 036326, 689

1,095271,8567,817

100, 74536, 77999, 4801,740

25, 295

1,2941,3542,687

590,097589, 511326,238

2,906232, 9635,780

88, 44737, 29978, 4831,943

21,011

1,2861, oil2,913

555, 229545, 602316, 488

1.058142.0695,21331.74138, 67245, 242

1,69919, 502

1,5111,7163,117

616, 542637,199337, 518

3,198109, 7695,32211,43536,19437, 7151,99017,113

r 1, 512'1,433' 3, 038

'606,662'653,188'382,992

1,359118,2764,78310, 50542, 63836, 085

1,71722, 548

Revised.§ Revisions in unfilled orders for April-July 1942 are available on request; data cover 9 companies since September 1944; earlier data back to March 1943 covered 8 companies.

© Data are based on reports of 124 manufacturers accounting for practically the entire production of oil burners; in prewar years the reporting concerns accounted for around 90percent of the industry.

f Data cover almost the entire industry; in prewar years the reporting concerns represented over 95 percent of the total.• Includes unit heaters, unit ventilators, and heat transfer coils; the designation has, therefore, been corrected from "unit heaters" to "unit heater group" to avoid misinterpre-

tation.cf It is believed that data shown currently and also earlier data for these products are substantially complete.t Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.*New series. The series on automotive replacement battery shipments are estimated industry totals compiled by Dun and Bradstreet; data beginning 1937 are available on

request. For 1940-41 and early 1942 data on machine tool shipments, see p. S-30 of the November 1942 Survey; data beginning August 1945 are estimated industry totals compiled bythe National Machine Tool Builders Association; earlier data were compiled by the War Production Board. The new series on shipments of warn:. - , ^ rf — - ^ . ;varm-air furnaces is compiled by theBureau of the Census from reports by manufacturers accounting for almost the entire production; data beginning January 1944 will be published later. Data through August 1945for the pulpwood series and for receipts and stocks of waste paper were compiled by the War Production Board; data beginning October 1945 for all series and earlier data for waste

ber . . _ . . _ . .proportion of the data is estimated.

fRevised series. The index for motors and generators includes adjustments for cancellations reported through December 1945; data published for this index prior to this issueof the Survey and for the index for insulating materials prior to the April 1945 Survey, have been revised (revised April 1945 figure for the index of sales of insulating materials, 378);all revisions are available on request. Data for rigid steel conduit and fittings have been revised to cover domestic sales only (some manufacturers formerly included export sales);revisions through April 1945 will be published later.

aper consumption are compiled by the Bureau of the Census (waste paper consumption through September 1945 were compiled from reports to the War Production Board); Septem-ier data for all series were estimated by that agency from partial reports to the War Production Board. Data cover all known producers of pulp, paper, and paper board; a small

July 1946 SUKVEY OF CUKRENT BUSINESS S-35

Unlessand1942

otherwise stated, statisticsdescriptive notes may beSupplement to the Survey

throughfound in

1941t h e

1946

M a y May

PAPER

June

AND

1945

July August Sep-tember

Octo-ber

PRINTING—Continued

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

WOOD PULP—ContinuedProduction :f

Total, all grades short tonsBleached sulphate do._.Unbleached sulphate do__.Bleached sulphite do...Unbleached sulphite do__.Soda _do__.Groundwood do...

Stocks, end of monthifTotal, all grades do_.

Bleached sulphate do_.Unbleached sulphate do_.Bleached sulpnite do...Unbleached sulphite do__.Soda do...Groundwood do__.

PAPER AND PAPER PRODUCTS

All paper and paperboard mills:*Paper and paperboard production, total-.short tons..

Paper doPaperboard do

Building board doPaper, excl. building paper, newsprint, and paperboard

(American Paper and Pulp Association):!Orders, new short tons__Production doShipments do

Fine paper:Orders, new doOrders, unfilled, end of month doProduction doShipments doStocks, end of month do

Printing paper:Orders, new doOrders, unfilled, end of month doProduction doShipments doStocks, end of month do

Wrapping paper:Orders, new doOrders, unfilled, end of month doProduction doShipments doStocks, end of month do

Book paper, coated:Orders, new percent of stand, capacity-.Production doSlijpments do

Book paper, uncoated:Orders, new doPrice, wholesale, " B " grade, English finish, white,

f. o. b. mill dol. per 100 lb_.Production percent of stand. capacity-Shipments do

Newsprint:Canada:

Production _..short tonsShipments from mills doStocks, at mills, end of month ..do

United States:Consumption by publishers __.do.Imports^ do.Price, rolls (N. Y.)___ dol. per short ton..Production short tons..Shipments from mills do.Stocks, end of month:

At mills do.At publishers.. do.In transit to publishers do.

Paperboard (National Paperboard Association):%Orders, new doOrders, unfilled, end of month do.Production do.

Percent of capacityWaste paper, consumption and stocks:§

Consumption short tons..Stocks at mills, end of month do

Paper products:Shipping containers, corrugated and solid fiber, ship-

ments* mil. sq. ft. surface area..Folding paper boxes, value:*

New orders .1936=100..Shipments ...do

PRINTING

Book publication, total no. of editions..New books _doNew editions do

848,62378,670

307, 975149, 72965, 51838,486

161, 044

88, 4467,3588,05517,48111,1812, 976

37, 983

1,620,157820, 510799,647106, 515

655, 812

687, 827

88, 502151, 26597, 75099, 03656,153

216, 328232, 661231,180231, 29256, 497

255, 402196, 099260,109257,88473,172

8.00

359, 943367, 251111,759

261, 484

67.0065, 92765, 699

6, 846210, 27659, 257

717,331567, 068703, 422

94

408,173259, 832

379.6338.4

682553129

861, 85073,592337, 513139,620' 73,97740, 000149, 555

' 86,9106,3219,00915,411' 8, 5523,128

M l , 609

1,513,408720,074793,33496,212

559,490580,668572,147

79, 783168,74584, 87382, 53143, 816

161,686160,167176,460170,09257,817

226,983228, 340227,612227,22562,942

56.461.355.5

74.9

7.3081.278.3

264,464264, 76789,653

205. 797224, 29561.0063,76863,498

6,403240, 43743, 539

705, 924546, 211706, 479

416, 605194,395

4,112

268.3279.4

55746592

813,10069,397326,053131, 38070, 80933, 567134, 207

81, 5884,7497,135

13, 0998,0483,469

42,025

1,476,679702,025774, 65496,072

566, 387566, 214569, 281

92,031180,09282,16384,842

r 43, 348

170, 041156,175174, 398176,61056, 443

220,428217,174223, 410222, 677' 61, 575

55.853.755.4

81.9

7.3082.483.0

266, 417258, 34897,722

190, 511212,814

61.0060,82856,492

10, 739245, 51840, 459

657,211499, 505683,957

405, 773191, 285

4,124

250.8272.0

590502

739,08066,984

298,165112,92765,98633, 270117, 648

78, 3714,2387,616

14, 5278,7422,146

38, 294

1,350,681645,786704,89594,117

551,732520,970513,142

76, 291176, 47775, 53874. 86344,013

170, 215169, 262154,752152,12558, 819

224, 378242, 766210,973207, 25568, 713

55.250.352.7

81.2

7.3077.275.8

270, 640282,06586, 297

177,905239,974

61.0057,08158, 311

9,509263. 27746, 865

655,365507,758610,126

86

351,805198,554

3,751

235.2239.6

36531550

772, 67769. 294311,639124,20565, 35535, 538

123, 214

72, 4214,534

10. 30913, 3388,0532.104

31, 358

1,454,218711,451742, 767101, 763

558, 309580,980580,713

71.972158,80383. 47182, 41844, 745

179, 339176,948179, 770178,47860,239

217,128227,045227. 472228. 50367,955

56.155.656.2

77.0

7.3080.480.3

287,028304,11469, 211

202, 911236, 378

61.0056,51858, 201

7,826275, 33847, 399

665, 380494.699659.672

90

383,116190, 810

4,141

240.4262.5

40131289

730,42665,963

285,689117,85564,13035,147118,905

67,8404,010

14,0459,1212,27926,209

1,409,470690,643718,82791, 716

552, 798559, 251559,923

71,047145,12581, 46479, 946

«• 47, 064

185,158193, 236172,037174, 66458,676

207,059219, 338217,861216, 83067, 395

58.158.157.1

89.5

7.3083.584.3

277,01862,156

213, 294218,399

61.0056, 72259, 802

4,746258, 75255, 215

629,899492, 880619, 388

91

366. 642187,185

4,147

243.6254.5

58248399

820, 91377,440

317,101136, 79367,01139,218136,623

65,6806,0097,542

13, 6059,7042,218

23, 024

1,570,975783,339787,63698,648

659, 293639,950628,677

92,405135,49891,91686, 11149, 509

223, 472212, 356205, 359202,85761, 288

242,857209, 772242, 786240,02666,090

69.268.166.9

100.0

7.3093.892.0

310,975308,09065,041

236,939263,45761.0062,26760,101

6,912254,834

704,867511,022704,564

97

412, 472203,657

4,774

273.4303.7

53444391

799,09271,683

300, 726132,87866,10538, 408144,913

69,2535,471

14,40010,0331,959

24, 321

1,503,923760,310743,61389,293

587,104619, 717616, 249

83, 498140, 43893,47993,01755, 904

184, 014196,654200, 557198,47662,627

228,184213.983233, 507232.984

60.567.766.7

89.2

7.3097.296.1

299,158298,00566,194

236,090206,65961.00

62,60262,186

7,328246, 22747, 556

653,196472, 568664, 076

95

385, 249204, 675

4,421

302.7288.3

53647759

706,37664, 504246,570119, 76159, 71535,905143,036

71,1953,9998,89417,1059,4611,93326,481

1,369,516709,444660,07287,831

553,553580,487563, 008

79, 761129,59885, 74379,314

' 62, 335

171,937179,989191,434187, 42064,962

216,125207,920214, 719209,99372,490

62.664.767.0

92.9

7.3096.493.5

276,931262, 76580,360

225,378232,61861.00

61, 56362, 551

6,340222, 26644,078

601, 526462, 446583,569

85

347,495199,353

4,047

274.5260.7

731609122

727,22459, 004230,809136,81364, 51339, 553155,756

67,0263,8557,34015, 3979,3742,041

25, 638

1,508,961782,844726,11796,874

682,014644,266653,559

101,382135,89692,35194,43155,963

247,377247,788219.785221, 40657, 996

231,270192,175232, 704238,18667,047

7.58

328,414316,32092,454

221, 054244, 46967.0067,81966,102

8,057221,95755,206

685,788516, 776624,862

90

397,534204,736

4,800

347.7301.3

34828167

720,23963,011250,454127,99158, 98935,886143, 333

74,2956,9706,55618, 56110,1052,18126, 253

1,428,745720, 336708,40994,495

593,256591,121592, 627

83,681136,51384,45085,59657,412

203, 257250,553198,199198,89756, 942

215,089190, 398217,692217,85968,273

8.00

308, 382285, 304115, 532

223, 244238,88867.00

60, 56459,015

9,606216,24160,277

641,342533,794614,867

97

372,489193,885

4,345

324.8283.1

46536897

855,13978,144320,300140, 66964, 54641,320163,110

74,9065,2037,11917,3628,7862,645

29, 870

1,638,097819, 320818, 777106, 443

700,693681, 001682, 398

104,902149,408* 92, 218r 96,129r 53, 721

234, 395261,171227,104223,972r 58, 298

262, 247205,926262, 799264, 054' 75,122

8.00

334,127320, 351129, 308

267, 711269. 79567.00

65, 30467, 658

7, 252198,12255, 341

754, 872549, 929710, 987

100

412,718211, 335

4,923

397.0322.1

638

849, 77276,411

316, 854141, 87662,34741,612164, 589

77,1736,2657,624

14, 8348,4512,711

34, 089

1,628,857"813,674•815,183• 108, 287

•680,612•666,902664,648

• 108, 272163,415»• 95, 711r 92, 544«" 57, 226

• 228, 008•259,559227,113•228,357r 56,963

246,971• 199, 605•246,838247,315r 71, 004

8.00

337, 862348,103119, 067

258, 984285,017

67.0067, 06467,698

6,618201, 77656,332

747,907553. 274716, 274

99

413,131238, 597

5,078

389.5338. 0

664539125

<• Revised. §See note in April 1946 Survey for basis of data.{For revisions for January 1942-March 1943, see note for paperboard at bottom of p. S-36 of July 1944 Survey.^Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.fRevised scries. Revised woodpulp production for 1940-43 and sulphite stocks for all months of 1943 are shown on p. 20 of the December 1944 Survey; revised,1942 stock figures

for all series are on pp. 30 and 31 of the June 1943 issue. The data exclude defibrated, exploded and asplund fiber stock data are stocks of own production at mills. The paper seriesfrom the American Paper and Pulp Association beginning in the August 1944 Survey are estimated industry totals and are not comparable with data shown in earlier issues; therehave been further small revisions in the 1943-44 data as published prior to the June 1945 issue; these revisions and earlier data will be published later.

*New series. The new paper series are from the Bureau of the Census and cover production of all mills including producers of building paper and building boards; for 1942 monthlyaverages and data for the early months of 1943, see p. S-32 of the August 1944 issue. For data beginning 1934 for shipping containers, see p. 20 of the September 1944 Survey. Fordata beginning June 1943 for folding paper boxes, see p. S-32 of the August 1944 Survey; earlier data will be published later. Minor revisions in the January-May 1944 figures forfolding paper boxes and January 1943-May 1944 data for shipping containers are available on request.

S-36 SURVEY OF CURRENT BUSINESS July 1946

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

1946

May

1945

May June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

PETROLEUM AND COAL PRODUCTS

COALAnthracite:

Exports § thous. of short tons_.Prices, composite, chestnut:

Retail dol. per short ton_.Wholesale . . .do

Production:}: thous. of short tons..ptocks, producers' storage yards, end of mo do

Bituminous:Exports § doIndustrial consumption and retail deliveries, total

thous. of short tons..Industrial consumption, total do

Beehive coke ovens doByproduct coke ovens doCement mills doElectric power utilities doRailways (class I) doSteel and rolling mills doOther industrial do

Retail deliveries doOther consumption:

Vessels (bunker) § doCoal mine fuel do

Prices, composite:Retail (34 cities)^ dol. per short ton._Wholesale:

Mine run doPrepared sizes do

Production! thous. of short tons..Stocks, industrial and retail dealers, end of month,

total thous. of short tons..Industrial, total do

Byproduct coke ovens doCement mills doElectric power utilities doRailways (class I) doSteel and rolling mills doOther industrial do

Retail dealers, total „__ do

COKE

Exports § thous. of short tons.Price, beehive, Connellsville (furnace)

dol. per short ton. .Production:

Beehive thous. of short tons..Byproduct do.Petroleum coke do.

Stocks, end of month:Byproduct plants, total do.

At furnace plants do.At merchant plants do.

Petroleum coke _ do.

PETROLEUM AND PRODUCTS

Crude petroleum:Consumption (runs to stills) f. thous. of bbl__Exports § doImports § doPrice (Kansas-Okla.) at wells.. ..dol. per bbl__Production! _ _ ..thous. of bbl__Refinery operations _ pet. of capacity..Stocks, end of month:

Reflnable in U. S.f thous. of bbl__At refineries doAt tank farms and in pipe lines doOn leasesf do

Heavy in California _ doWells completed! number..

Refined petroleum products:Gas and fuel oils:

Domestic demand :§Gas oil and distillate fuel oil thous. of bbl___Residual fuel oil . do

Consumption by type of consumer:Eloctric power plantsf doRailways (class I) doVessels (bunker oil) § .do

Exports :§Gas oil and distillate fuel oil doResidual fuel oil do

Price, fuel oil (Pennsylvania) dol. per gaL.Production:

Gas oil and distillate fuel oil thous. of bblResidual fuel oil do__

Stocks, end of month:Gas oil and distillate fuel oil do. .Residual fuel oil do. .

Motor fuel:Domestic demand§ thous. of bblExports§ do-_Prices, gasoline:

Wholesale, refinery (Okla.) dol. per gal..Wholesale, tank wagon (N. Y.) doRetail, service stations, 60 cities. do

15.2712. 4845,469

28, 49325, 027

323,647

4374,5857,904

5467,8763,466

10.70

5.4545.715

20,420

31, 64229, 936

2,565289

9,9496,201

46010, 4721,706

7.500

202,572

292172

1.210

3,513

.058

.054

.149

.142

127

13.8711.476

r 2,083219

2,763

46,08037,252

8677,868

3135,984

10,683859

10, 5508,828

185229

10.50

5.3615.640

49,483

44,02040,056

4,428456

12,620

68112, 3213,964

152

7.000

' 5 6 0' 5, 573

179

724514210150

152, 2953,4326,5141.110

150,98597

223,15153,172

155, 55714, 4225,0631,146

18, 26745,053

1,2718,6498,043

4,002693

21,94141, 569

29, 51134, 333

60, 82811,585

.059

.161

.146

322

13.8911.764

r 5,667180

2,902

42, 85035,046

8697,343

3215,971

10,066762

9,5907,804

176236

10.54

5.3885.655

50,987

47, 71543,152

5,128497

13,7369,872

70313,0114,563

160

7.500

5595,166

172

872598275148

149, 682

6,0901.110

145, 610

218, 21851, 790

151,90914, 5195,0441,350

14, 71943,151

1,2808,3617,897

4,764909

.066

21,89140, 527

32, 44035, 606

60, 5979,784

.059

.161

.146

334

14.9012. 214' 4,944

174

2,929

41, 73334, 553

8527,695

3366,065

10,061747

8,6797,180

187217

10.55

5.3935.670

47,217

49,90645,024

4,753503

14,28210,222

65614,4164,882

133

7.500

5495,430

185

926569357154

155, 0403,9587,4801.110

151,606

216, 63853,053

149, 24714,3384,7931,233

15, 35341, 434

1,4468,3007,740

3,2021, 106

.066

22, 09941,881

36, 27638, 341

66, 2186, 312

.059

.161

.146

311

14.9112.233' 4, 656

198

2,838

41, 44433,553

7077,181

3796,0169,727

6938,8507,891

175218

10.57

5.4305.696

47,658

51,14145, 966

4,503528

14,69010,387

68015,1785,175

137

7.500

4555,071

180

1,102674428160

152, 7713,3987,3871.110

150,96596

215,13552,967

147,80714, 3614,8211,158

14, 99840,350

1,3867,7996,694

1, 995416.066

21, 74041, 200

41, 24542, 227

70, 0272,779

.059

.161

.146

336

14.9312. 281r 4,640

203

3,681

39, 48531, 547

4647,130401

5,3159,254673

8,3107,938

168212

10.57

5.4335.70846,938

53,35048,0254,624608

15,53410,880

74615,6335,325

142

7.500

2974,997

1481,177658518162

128, 2363,3805,6731.110

132, 38685

220,31954,469150,98414,8664,4371,389

14, 20735, 469

1,5406,9535,775

1,566240.061

19, 20434, 183

45, 05942, 822

64, 5504,181

.060

.155

.142

365

14.9212. 281«• 5,304

140

2,898

41,05432,124

3115,617434

5,5669,692

7989,7068,930

145169

10.58

5.4335.70839,192

48,01543, 7343,666569

15,13810,072

54813,7414,281

118

7.500

1973,942

144963481482159

131, 5673,9367,5471.110

132,59784

221,24651, 773154,98814,4854,6061,089

16, 54640, 627

1,8557,4205,694

2, 254267.058

19, 00936, 452

45, 47942, 068

55, 7432,300

.060

.149

.142

404

14.9312. 281' 4, 559

132

3,471

44,08934, 596

5716,798477

5,4809,870

81110, 5899,493

129222

10. 59

5.4335.708

50, 772

48,91944, 6894,607670

15,13710, 056

60213,6174,230

156

7.500

3674,789

1521,002490512159

138, 7053,4557, 5771.110

135, 25292

218, 91652, 756151, 75314, 4074,6101,156

19,10242, 713

2,0437,2746,131

2,421239.058

19, 96437, 937

44, 56241, 322"

53, 5812,794

.059

.149

.142

15.0612. 389r 3,998

130

2,208

51, 67938,446

6127,333467

5,80411,005

92112,30413, 233

103202

10.59

5.4365. 70846,798

45, 66542,4504,804641

14,6688,985

59312, 7593,215

168

7.500

3925,166163927498429158

141, 7792,5366, 7891.110

138, 49592

218, 76350, 276153, 95714, 5304,4961,330

28, 62645, 726

2,5707,8045, 346

2,017317.058

21, 17638, 609

35, 77837,158

50,1294,524

.056

. 149

. 142

317

15.2012.4544,982

157

2,813

51,82636, 542

6315,299471

5,70610, 976

55212, 90715, 284

237

10.69

5.4435.70954,075

46, 52844,0495,661594

14,3789,393626

13,3972,479

160

7.500

4053,800

161970666305146

140,1301,4958,3021.110

143, 36891

223,44251, 819156, 79014,8334,5541,291

29, 47344, 966

2,2617,6256,049

2,456374

.058

24, 39037, 940

28, 99034, 573

51,1865,332

. 055

.149

.142

314

15.2612. 4694,788

192

3,130

46. 24431, 281

5703,744

4414,9299,827

68311,08714, 963

10.69

5.4475. 709

• 49,975

51,15848,047

6,393608

14,80211,070

70514, 4693,111

219

7.500

3662,632

149

1,161934227147

130, 2322,6887,1021.110

132,12994

227, 22055, 430

157, 31514, 4754,6071,112

25, 34139, 332

1,9686,5844,874

1,797363

.058

23,04734. 791

25, 51134,008

47, 8894.452

.053

.146

.142

382

15.2612. 4695,492

214

3,633

43, 62735, 382

7197,101

5035,110

10, 391815

10, 7438,245

111

249

10.69

5.4545.709

• 56, 54058, 53155, 3868,269

67715, 70513, 235

1,00516, 4953,145

162

7.500

4625,000

167

1,016' 8 1 4' 2 0 3

142

144, 4882,4186,5781.110

136, 83595

221, 40053,128

153,41914, 8534,5281,333

19, 80442, 229

<• 2,1416,935

1, 723507

.058

25, 29837, 598

29, 92232, 995

56, 8015,258

.050

.145

.141

' Revised. JRevisions for 1945 not shown above: Jan., 4,219; Feb., 4,471; Mar., 5,269; Apr., 5,124.§ Data continue series published in the 1942 Supplement put suspended during the war period; data for October 1941-February 1945 will be published later.S Average for 35 cities through April 1945; the comparability of the average was not affected by the omission of data for the city dropped.f Revised series. For source of 1939-41 revisions for bituminous coal production, see note marked "f" o n P- s~3 2 o f t n e April 1943 Survey; revisions for 1942-43 are shown on p.

S-33 of the April 1945 issue. For 1941 revisions for the indicated series on petroleum products on this page and p. S-37, see notes marked "f" on p. S-33 of the March and April 1943issues (correction for crude petroleum production January 1941, 110,446), and for revised 1942 monthly averages, see note marked " t " on p. S-33 of the July 1944 issue; 1942 monthlyrevisions and revisions for 1943 are available on request.

July 1946 SURVEY OF CURRENT BUSINESS S-37

Unless otherwise s tated, statistics th rough 1941and descriptive notes may be found in t he1942 Supplement to the Survey

1946

M a y

1945

May June July August Sep-tember

Octo-ber

Novem-ber

Decem-ber

1946

Janu-ary

Febru-ary March April

PETROLEUM AND COAL PRODUCTS—Continued

PETROLEUM AND PRODUCTS—Continued

Refined petroleum products—Continued.Motor fuel—Continued.

Production, totalf thous. of bbl_.Straight run gasoline doCracked gasoline doNatural gasoline and allied productstt- do

Sales of 1. p. g. for fuel and chemicals doTransfer of cycle products doUsed at rofineriesf do

Retail distribution & mil. of gal..Stocks, gasoline, end of month:

Finished gasoline, total thous. of bbl. .At refineries- -do

Unfinished gasoline ___ . doNatural gasoline do

Kerosene:Domestic demand§ doExports§ doPrice, wholesale, water white, 47°, refinery (Penn-

sylvania)-- . -dol. per gal.-Production. thous. of bbl,.Stocks, refinery, end of month _._do

Lubricants:Domestic demand§ doExports^ doPrice, wholesale, cylinder, refinery (Pennsylvania)

dol. per gal.Production _ _.-thous. of bbl,.Stocks, refinery, end of month do

Asphalt:Imports§ short tons,.Production _ doStocks, refinery, end of month. do

Wax:Production thous. of lb,.Stocks, refinery, end of month —-do

Asphalt prepared roofing, shipments:!Total . . _ - thous. of squares.

Smooth-surfaced roll roofing and cap sheet—doMineral-surfaced roll roofing and cap sheet.__doShingles, all types do.-..

.070

5,1001,7381,0652,296

69,76627,00634,4279,9471,541

736,1142,306

77,15149, 74111,1794,873

5,459639

.0746,4455,347

3,370779

.1603,8827,026

16, 237631,100915,500

71,12081,200

4,1891,3071,1111,771

66,96824, 64434,2639,5211,384

766,0652,339

74,08946,35712,0394,723

4,741556

.0746,3375,737

3,132678

.1603,5676,770

18, 542681,100835,300

70,28071,400

4,1821,2601,1331,789

72,50528, 45735,6969,7571,328

776,5512,366

74,46047,82211,1224,338

4,402543

.0746,5205,860

3,261819

.1603,6456,321

8,748790,200730,700

71,40078,680

3,8161,0921,0431,681

72,31829,26334,8299,6511,369

566,2362,599

74,27046,3469,7334,048

3,789540

.0747,0897,571

3,120389

.1603,7126,505

9,206772,600592,200

73,36082,600

4,1701,1941,1451,831

60,07723,60029,307

1,35940

5,0812,416

65,48938,1469,0853,985

5,254815

.0685,8588,082

2,327453

.1603,1286,840

23, 612662,900524,200

54,04084,280

4,0761,1121,1861,778

60,60423,14129,9189,2671,671

515,4832,290

68,03941,6138,7663,959

6,775605

.0666,4477,564

2,577297

.1603,2657,221

7,864650,000503,100

58,24084,280

4,6651,2691,3502,045

66,87324, 76134, 4969,4741,782

765,4252,118

78,09147,5858,4494,325

7,613505

.0667,5647,355

2,532571

.1603,4857,595

30, 040564,400558,400

66,64083,160

4,3471,1471,2991,901

66,05823,88534, 5049,8712, 115

875,3172,006

89,36056, 7848,3164,322

9,830423

.0668,5436,212

2,606517

.1603,3127,773

376491,100692,700

63,84082,040

3,314892937

1,484

62,12623,23431,06710,1222,217

805,0372,047

94,11563, 2038,2795,034

11,176586

.0669,6884,666

2,689775

.1603,3957,694

9,065459, 500786, 500

65, 52080,640

4,5631,3501,2261,987

55,49220,91527,3889,2511,973

894,4481,937

96, 29363, 9998,5435,843

370

.0709,5064,304

2,275603

.1603,1597,966

665479, 300889, 600

64,96081,480

4,0601,2291,0731,759

61,89924,38529,9109,5631,866

934,6192,307

95,18663,5328,9756,658

8,006394

.0709,8524,981

2,5621,225

.1603,7867,951

9,925540, 500948, 400

77, 28085,400

4,6801,5261,1022,052

655

.070

721

.160

8,985

5,1511, 6961,2242,231

RUBBER AND RUBBER PRODUCTS

RUBBERNatural rubber:

Consumption^ long tons.Imports, including latex and Guayule§ do . . .Stocks, end of monthj _do_-.

Synthetic rubber:*Consumption do . . .Exports do-_.Production do . . .Stocks, end of month do__.

Reclaimed rubber:^Consumption do_._Production do . . .Stocks, end of month . . _ do . . .

T I R E S AND T U B E S

Pneumatic casings :JExports thousands.Production d o . . .Shipments . . d o . . .

Original equipment d o . . .Stocks, end of month _ - d o . . .

Inner tubes:§Exports . d o . . .Production doShipments d o . . .Stocks, end of month___ d o . . .

10,16411, 487

102, 478

62, 8373,961

83, 309193,663

22, 45922, 24935, 035

2463,3633,184

5681,574

1883,0073,0692,438

8,9959,358

103, 219

58, 6277,851

78, 702203, 018

19, 87320, 18734, 353

1913,4343,327

4521,689

1133,1043,0082,601

7,69810, 509

103, 504

52, 57111, 96978, 650

218, 539

15,97617, 03334, 574

1903,0542,941407

1,799

1253,0502,9592,597

7,39211, 206

105, 594

54, 43910, 91469, 703224,117

18, 66318, 80433, 881

1243,6563,332382

2,072

1033,2403,0442,784

5,79911,164111,385

45, 4793,839

63, 754239, 683

17, 36517, 24632, 439

943,4323,446

3462,003

923,0613,0632,708

7,20611,606118,085

58, 6671,621

47, 317226, 550

22,18522, 04431,103

644,7004,369

4502,352

4, 2743,9243,175

7,57512, 213

117, 543

56, 2278,024

48, 634214, 289

20, 26320,56030, 541

904,6604,436

6342,992

834,2454,0233,387

8,18514,045

118, 715

56,1125,403

46, 593203, 454

19,59020, 63.228,155

4,8184,297

3783,003

993,9593,6383,671

19, 595

5, 675

5,9735,547

5763,338

5,2964,2864,048

33,008

6,430

1115,8015,468476

3,487

1084,8744,3864,418

31,757

17, 726

2066,6866,621730

3,392

1555,8405,6494,519

8,109

12,931

1966,8836,9891,1053,304

1696,1146,0794,190

STONE, CLAY, AND GLASS PRODUCTSABRASIVE PRODUCTS

Coated abrasive paper and cloth, shipments reams..

PORTLAND CEMENT

Production thous. of bbl_-Percent of capacity

Shipments thous. of bbl_.Stocks, finished, end of month doStocks, clinker, end of month do

12,17259

16,08312, 0615,095

142,069

8,08840

9,27519,599

5,834

140,312

8,93445

10,08818,5355,273

123,662

9,23745

10,28317,4864,808

116,468

9,92149

11,46715,9664,556

99,700

9,82650

11,21114,5954,572

98,121

11,10455

13,30312,3854,109

100,311

10,70554

10,34212, 7634,022

97,395

9,77248

6,11216,4264,463

115,440

9,63347

7,39118, 6535,304

129,204

9,25050

7,85320,0335,824

143,919

11, 29955

12, 69818, 6516,330

161,776

12, 65064

15,369r 15,972

r 6, 013

' Revised, cf See note in April 1946 Survey.6Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1946 for exports and January 1942-February 1945

for the other series will be published later.^Includes natural gasoline, cycle products, and liquefied petroleum gases at natural gasoline plants, and benzol. Sales of liquefied petroleum gases for fuel and for chemicals

and transfers of cycle products, shown separately above, are deducted before combining the data with straight run and cracked gasoline to obtain total motor fuel production.IData are from the Civilian Production Administration and continue similar series from the Rubber Manufacturers Association published in the 1942 Supplement; the coverage

is complete. Data for November 1941-February 1945 will be published later.•New series. Exports are from the Bureau of the Census; other series are compiled by the Civilian Production Administration and the coverage is complete. Data prior to

March 1945 will be shown later.fSee note marked "f" on p. S-36 regarding revisions in the indicated series for petroleum products. Data for asphalt roofing have been published on a revised basis beginning in

the April 1945 Survey; see note in that issue.

S-38 SURVEY OF CURRENT BUSINESS July 1946

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

1946

May

1945

M a y June July August Sep-tember October Novem-

berDecem-

ber

1946

January Febru-ary March April

STONE, CLAY, AND GLASS PRODUCTS—Continued

CLAY PRODUCTS

Brick, unglazed:Price, wholesale, common, composite, f. o. b. plant

dol. per thoiis.Production* thous. of standard brick.Shipments* — do.. .Stocks, end of month* do._,

Unglazed structural tile:*Production short tons.Shipments-- - -- . --do. . .Stocks do.. .

Vitrified clay sewer pipe:*Production _.do—Shipments- do. . .Stocks -do.. .

GLASS PRODUCTS

Glass containers^Production thous. of gross.Shipments, domestic, total __do___

Narrow neck, food do—Wide mouth, food (incl. packers tumblers) _>_do..-Beverage— do. . .Beer bottles.. - - do....Liquor and wine do. . .Medicinal and toilet . — do....General purpose (chem., household, indus.)--do—Dairy products d o —Fruit jars and jelly glasses do....

Stocks, end of month — - -do—Other glassware, machine-made:

Turn biers; tProduction thous. of doz..Shipments _ do.. . .Stocks - d o —

Table, kitchen, and householdware, shipments fthous. of doz—

Plate glass, polished, production thous. of sq. ft..GYPSUM AND PRODUCTS

Crude gypsum:Importscf- - short tons..Production do

Calcined, production. - -doGypsum products sold or used:

Uncalcined _ - -do—Calcined:

For building uses:Base-coat plasters d o —Keene's cement do. . .All other building plasters do. . .L&th _ thous. of sq. ft..Tile - doWaliboarde... do. . .

Industrial plasters short tons.

8,9619,218

8122,844

558389

1,0082, 219

727315345

3,643

18,863

15.406159,862188,379218, 507

68, 44470, 23297, 820

50, 29967, 789

180, 431

9,2709,081

7162,431

6841,056

7822,013

725302372

4,335

6,3256,0124,971

2,7558,637

15.415183,310197,987203,413

62, 02467, 55891, 889

53, 33768, 348166, 597

8,7118,832694

2,298690933835

2,084671303323

3,985

6,0916,2804,773

3,1026,081

88,039906,796603, 491

256,707

152,9613,293

50,182130,990

4,388,09458,249

15.621191,489203,676191.640

58,49767, 94482,401

56, 36370, 649152, 369

8,7108,534817

2,224561852838

1,821691307423

3,988

5,6304,468

2,4768,481

15.568211,331228,832174,462

61, 59172, 56971, 351

58, 50472, 190138, 712

9,2709,2531,0732,568548757891

1,945740329402

3,806

5,8655,8844,461

3,4748,966

16.036210, 210211,088172,832

62, 40669, 48864,423

60,10571, 070127,858

8.9958,7431,1702,420450744865

1,963687305139

3,835

5,8265,7864,551

2,86710,354

180,257959,097628,871

276,969

174,4973,591

54,580145,356

4,717374,43052,485

16.881250,467267,775158,800

67, 83573, 77959, 469

71, 92780, 222

121, 270

9,8859,693

8712,998

607719

1,1232,109

838337

903,815

6,6536,4584,876

3,1037,335

17.051263, 441258, 591160,563

71, 47174, 97453,844

73, 80172, 585

119,196

8,978

5922,707

505624

1,1262,006

74231252

3,857

6,1535,3775,640

2,968543

17. 081238, 668216, 65818], 158

62, 04661, 54954, 429

71, 05562, 329128, 470

8,6037,968561

2,533467564

1,0871,77364830234

4,331

5,6825,9255,281

3,203429

233,0591,087,495701, 797

340, 697

204, 7914.59669,614206,823

5, 047365,18335,660

17. 196271, 639271, 601179,875

70,11475, 29849, 399

84,02178, 084

137, 583

9,8909,644679

3,041415801

1,1612,35575235389

4,392

5,7535,5164,882

4,4024,355

17.213279, 265271, 763188, 343

67,05970,10246,434

5450

, «04, 174

142.. 248

8,8,

2,

1,2,

4;

,985,847

615,775

399801

,152052667317

67294

6,4656,1384,

3,13,

879

681849

17. 328332,904332,519190,118

' 84,107>• 82,90747, 542

'55,812r 54, 072145,718

9,8729,614

7252,904

524791

1,1562,229

772342171

4,287

7,7707,6725,007

4,15319, 292

42, 7211,143,238828, 731

358, 643

265, 6756,589

85,952242, 9175,164

408,14948, 568

TEXTILE PRODUCTS

CLOTHINGHosiery:

Production ^ thous. of dozen pai rs . .Shipments^ - doStocks, end of m o n t h . . do

COTTON

Cotton (exclusive of linters):Consumption _ ba les . .Exportsd" - . - doImportsd"-- - doPrices received by farmerst dol. per lb__Prices, wholesale, midd l ing , l Hi" , average, 10 markets

dol. per Re -production:

Ginnings§ thous. of running balesCrop estimate, equivalent 500-lb. bales

thous. of bales. .Stocks, domestic cotton in the United States, end of

month:%Warehouses thous. of bales.M i l l s . . . do.___

Cotton linters:Consumption doProduction doStocks, end of month do

13,98513, 34416,461

871, 559

.241

.274

6,3452,239

8531

443

12,04712, 27512,777

830,414193, 378

61, 663.205

.226

10,0452,090

13166

410

• 11,256•11,639

12, 303

785, 945295, 416

12, 978.209

.227

9,1171,989

11940

351

' 9, 627' 9, 256

•12, C60

672,973309, 501

9,947

.213

.226

133

8,3061,909

10439

292

11,25111,29012, 506

739,811187, 851

14, 587

.213

.224

461

7,7781,778

8436

278

11,04210,80312, 609

701,000244, 318

57, 595

.217

.225

2,176

8,2501,690

7774

274

• 12, 450• 12, 008-12, 886

759,806194,616

21, 792

.223

.231

5,154

9,1451,852

85166333

11,44310,704

' 13. 551

743,450297, 023

9,823

.225

.239

7,384

10,5562,137

84171408

-9,999'9,13714, 355

651, 784214, 928

19,199

.228

.245

7,734

10,4472,311

134451

13,13112, 75114, 734

811,368293,16635,899

.224

.247

8,027

9,9002,295

140475

12, 23511,93815, 032

746, 594250, 482

25, 845.230

.258

9,3482, 305

482

12,97612,61315, 394

803, 937318,948

39, 609

.227

.268

i 8, 813

19,014

8,5592,319

9571

480

* Revised. i Total ginnings of 1945 crop.. . . _ . . w _ § Total ginnings to end of month indicated.cf Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.© Includes laminated board reported as component board; this is a new product not produced prior to September 1942.t For revised figures for cotton stocks for August 1941-March 1942, see p. S-24 of the May 1943 Survey. The total stocks of American cotton in the United States on Julv31 194«5

including stocks on farms and intransit, were 11,040,000 bales, and stocks of foreign cotton in the United States, 124,000 bales.t Revised series. See note marked " t" on p. S-34 of the July 1944 Survey regarding changes in the data on glass containers and comparable figures for 1940-42; data for January-

October 1945 were compiled by the War Production Board; subsequent data are from the Bureau of the Census. Data for tumblers have been revised to include data for 8 companiesand for table, kitchen, and household ware to include 6 companies; comparable data beginning January 1944 will be shown later. The farm price of cotton has been revised for Anpn<rf1937-July 1942; for revisions see note marked "f" on p. S-35 of the June 1944 Survey. s

New series. Data are compiled by the Bureau of the Census and cover all known manufacturers; data beginning September 1942 for brick are shown on p 24 of the Februaryita beginning that month for other series will be published later. " J1945 issue; dal . . .

^Revisions for 1945 not shown above; Production—Jan., 12,368; Feb., 11,250; Mar., 11/ 4; shipments—Jan., 12,356; Feb., 11,562; Mar., 12,359.

July 1946 SURVEY OF CURRENT BUSINESS S-39

Unless otherwise s ta ted, stat ist ics through 1941and descriptive notes may he found in the1942 Supplement to the Survey

1946

M a y

1945

May June July August Septem-ber October Novem-

berDecem-

ber

1946

January Febru-ary March Apri:

TEXTILE PRODUCTS—Continued

COTTON MANUFACTURERS

Cotton cloth:Cotton broad woven goods over 12 inches in width,

production, quarterly* mil. of linear yards-.Cotton goods finished, quarterly:*

Production, total _ doBleached .- _ _._doPlain dyed__. doPrinted do

Exports§ _ thous. of sq. yds_.Imports§ doPrices, wholesale:

Mill margins... cents per lb_.Denims, 28-inch... _ _dol. per yd._Print cloth, 64 x 56tf doSheeting, unbleached, 36-inch, 66x560 do

Spindle activity:Active spindles thousands.-Active spindle hours, total mil. of hr___

Average per spindle In place hours..Operations percent of capacity..

Cotton yarn, wholesale prices:Southern, 22/1, cones, carded, white, for knitting(mill)t

dol. per lb._Southern, 40s, single, carded (mill) do

RAYON AND MANUFACTURESYarn and staple fibers:

Consumption:Yarn mil. of lbStaple fiber.. - . .do ..

Imports§ .thous. of lb_.Prices, wholesale:

Yarn, viscose, 150 denier, first quality, minimumfilament dol. per lb_.

Staple fiber, viscose, 1H denier . .doStocks, producers', end of month:

Yarn .mil. oflb. .staple fiber do

Rayon goods, production, quarterly:*Broad woven goods thous. of linear yards..Ficished, total do

White finished.. do.Plain dyed do.Printed do.

WOOL

Consumption (scoured basis) :1Apparel class. thous. of lb._Carpet class.. do.._.

Imports § doPrices, wholesale:

Raw, territory, 64s, 70s, 80s, fine, scoured*..dol. per lb.Raw, bright fleece, 66s, greasy*. do . . . .Australian, 64-70s, good top making, scoured, in bond

(Boston)f dol. per lb._Stocks, scoured basis, end of mo., totalf thous. of lb._

Wool finer than 40s, total -do.Domestic do.Foreign . ._ _ _do.

Wool 40s and below and carpet. .do.

WOOL MANUFACTURES

Machinery activity (weekly average) :tLooms:

Woolen and worsted:Broad .thous. of active hours..Narrow do.

Carpet and rug:#

Broad _ do.N arrow do.

Spinning spindles:Woolen.. . do.Worsted.. do.

Worsted combs do.Woo lea and worsted woven goods (except woven felts):*

Production, quarterly, total...thous. of linear yardsApparel fabrics 1 do . .

Men's wear doWomen's and children's wear do.General use and other fabrics - do.

Blankets. . . .do.Other nonapparel fabrics do.

Wool yarn:Production, total* thous. of lb_.

Knitting*.. do.Weaving*. do.Carpet and other*.. _ do.

Price, wholesale, worsted yarn, 2/32s (Boston)dol. per lb—

23.73.256.114.138

21, 9589, 558

401110.5

. 543

.672

56.515.9

.550

.250

2.2

.995

.465

.745

1.900

51,9357,595

20.02.209.090.114

22,1689,637

416114.8

.451

.568

53.014.3

.550

.250

6.23.0

50,8843,032

36,865

1.190.545

.749

2,35578

3728

107,38288, 743

203

71,12813,928

'63,159*4,041

1.900

2,270

1,738822617298

56,7308,343

19.92.209.090.114

22,1899,240

399118 8

451.568

50.613.4

0

.550

.250

6.03.0

390, 383397, 035

54, 547263, 680

51, 4562.980

41,997

1.190.545

.745406,603332, 576194,450138,12674,027

2,42479

4431

113,80993,426

205

127, 78698,50061,42022, 34214,73827,6961,590

73, 35214, 436

r 54,646'4,270

1.900

62,9277,850

20.04.209.090.114

22,0297,926

343102.0

.451

.568

48.613.7

.550

.250

6.13.8

48,9203.010

42, 501

1.190.545

.745

1,86564

3224

87,14276,017

175

69,48014, 490

"•51,065'3,925

1.900

56, 99911.169

20.28.209.090.114

22.1708,793

370100.5

.451

50.512.7

0

.550

.250

5.64.4

37,7884,332

45,708

1.190.545

.755

2,045

4934

101,41984, 616

170

63,66012, 756

'46,286'4,618

1.900

' 2,008

1,428723459246

57, 9519,452

22.41.216.092.117

21,9128,371

35211L8

.470

.593

47.911.9

3

.550

.250

6.04.8

354, 498360, 549

48, 723232,78569, 041

39,0045,82839, 303

1.190.545

.755443, 434359,935208,246151,689

2,05075

8250

105,34095,919

193

107, 9637,81844,06332,911,65817, 9772,168

63,50412, 000

'45,052'6,452

1.900

49, 0317,610

21.85.223

.120

21, 7229,143

105.0

.470

.592

53.215.11,000

.550

.250

7.34.6

51,5408,60058, 399

1.190.545

.755

2,18275

7864

107,360103, 739

195

81, 60014, 780

'57,324

1.900

68, 7895,934

21.16.223.099.120

21,6058,672364

104.6

.470

.592

52.814.8

0

.550

.250

7.73.9

40,3326,36850, 365

1.190.545

.755

2,183787159

108,656100,415

'64,508' 11,700'45,416'7,392

1.900

2,080

1,555778

'457320

52,7562,920

20.61.223.099.120

21, 5527, 733325

101.5

.470

.592

50.714.51,441

.550

.250

7.33.1

397,300•380,194'43,541•259,718'76,935

7,43645,988

1.035.485

.758483, 019360, 224211.826148, 398122, 795

2,175787967

105, 38897,801

186

124, 501107,163' 44,566' 49,587'13,010' 11,387'5,951

62, 24010,864

'43, 639'7,737

1.900

59, 6183,131

20.68.223.099.120

21, 6309,489399

110.7

.470

.592

55.714.01,492

.550

.250

8.34.1

53,99510,100106,619

1.035.485

2,27672

83

109,462102, 327

197

82,77514,775

'57,272' 10,728

1.900

60,4742,532

19.49.223.099.120

21,6298,497357

113.1

.476

.592

50.213.31,426

.550

.250

10.04.0

47,7089,91678,514

1.025.480

.755

2,48081

9574

120,378112,677

220

74,20413,46050,656'10,088

2,251

1,732839477416

71,4724,840

22.53.248.110.133

21,9579,103

1 382'101.7

.504

.627

58.316.82,943

. 550

.250

9.21.9

434,300433,578' 53,127286, 851r 93, 600

' 50,42410, 352113,543

.995

.465

.755491,512377,658221,188156,470113,854

' 2, 582'85

122,334115, 501

226

142,135121,914' 51, 94855,037•14,929• 12, 774' 7,447

77,17613,93652,732

' 10, 508

1.900 I 1.900

65,1547,100

23.09.256.114.138«l

21,9739,133r'383109.7

.525

.646

'56.614.82,141

.550

.250

''9.3'2.3

61, 68511,460126, 519

.465

.747

2, 58077

10384

119, 558113,955

222

94, 50017,00064, 50013,000

1.900

' Revised. l See note marked "c?J". IData for July and October 1945, January and April 1946 are for 5 weeks; other months, - weeks. 2 Less than 1,000 pounds.§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.cf Data beginning October are for 64 x 60 cloth and continue the series for which prices through June 1943 were shown in the October 1943 Survey (this construction was discon-

tinued during the war period); the price of 64 x 56 cloth was $0,096 for October 1945-February 1946 and $0,107 for March 1946.©This series was substituted in the November 1943 Survey for the price of 56 x 60 sheeting, production of which was discontinued during the war period.•Data through August 1945 exclude activity of carpet and rug looms operating on blankets and cotton fabrics.tRevised series. For 1941 data for the yarn price series, see p. S-35 of the November 1942 issue. Wool stocks have been published on a revised basis beginning 1942 (see p. S-35

of the May 1943 Survey); data include wool held by the Commodity Credit Corporation but exclude foreign wool held by the Defense Supplies Corporation.*New series. For data beginning 1943 for production of cotton cloth and a brief description of the data, see p. S-35 of the August 1944 Survey; earlier data will be shown later.

The new series for cotton and rayon goods finishing, rayon broad woven goods production, and wool yarn production are from the Bureau of the Census and represent virtually com-plete coverage; data beginning in 1943 will be shown later. Data beginning 1939 for the price of raw territory wool are shown on p. 24 of the February 1945 Survey. Data beginning1936 for the price series for Australian wool, which is from the Department of Agriculture, will be shown later; prices are before payment of duty. For available data for 1937-43 forwoolen and worsted goods production, see p. 19 of the May 1945 Survey.

S-40 SURVEY OF CURRENT BUSINESS July 1946

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

1946

May

1945

M a y June July August t e m b e r

O c t o "b e r Novem- Decem-b e r b e r

1946

Janu-ary

Febru-ary March April

TEXTILE PRODUCTS—Continued

MISCELLANEOUS PRODUCTS

Fur, sales by dealers thous. of dol__Pyroxylin-coated textiles (cotton fabrics): §

Orders, unfilled, end of month thous. lin. yd. .Pyroxylin spread- _ _ _ « . -_ - thous. of lb.Shipments, billed " thous linear yd

5.685

10, 2674,5655,824

5,263

10,1814,5235,539

3,992

10, 6463,9385,147

3,787

10,6C44,8056,673

3,210

12,6705,5056,119

7,699

11,9086,3987,973

5,778

12,0386,6868,485

11,9096,0366,864

12, 7866,7548,345

13,1376,1297,571

13,0356,3017,713

13,6066,8118,650

TRANSPORTATION EQUIPMENT

MOTOR VEHICLES

Exports, assembled, total V _ number-Passenger cars 1 .-- _do_._Trucks 1- _ -__ d o . . .

Production:*Passenger cars _ _ d o . . .Trucks and truck tractors, total— do_._

Civilian, total d o . . .Heavy d o . . .Medium ._. do . . .Light. d o . . .

Military d o . . .

RAILWAY EQUIPME1NT

American Railway Car Institute:Shipments:

Freight cars, total number..Domestic . . .do

Passenger cars, totaU doDomestic^ _ do

Association of American Railroads:Freight cars, end of month:

Number owned ___• thousands..Undergoing or awaiting classified repairs...do ...

Percent of total on lineOrders, unfilled cars..

Equipment manufacturers doRailroad shops . .do

Locomotives, end of month:Steam, undergoing or awaiting classified repairs

number..Percent of total on line _

Orders unfilled:Steam locomotives, total- . . .number. .

Equipment manufacturers . . .doRailroad shops. .do

Other locomotives, total* doEquipment manufacturers* doRailroad shops* ._ do

Exports of locomotives, total 1 doSteam 1 doOther 1 do

INDUSTRIAL ELECTRIC TRUCKS ANDTRACTORS

Shipments, total number-Domestic _. doExports do . . .

152, 94874, 65074,6504,823

37, 42732, 400

0

3,3402,816

181181

1,74983

4.935,95428,1847,770

3,2608.5

634320

522512

10

23,549100

23, 449

071, 26722,3154,624

12,0035,688

48,952

3,6322,540

1414

1,77066

3.929,38724,5094,878

2,4076.1

1198930

385383

227223240

"•351'323

28

15,001124

14,877

066,45623,1315,592

12,0175,522

43, 325

4,9333,428

3131

1,76965

3.827,96823,4294,539

2,3035.9

1118625

397370

2713610234

372355

17

18,911129

18, 782

35954,56321,3944,843

12, 5583,993

33,169

4,2562,316

3737

1,77368

3.932,05825,9886,070

2,4206.2

1098227

38736423

1169026

24622917

15,688174

15,514

1,38144,77927, 5325,398

16,8515,283

17,247

4,3482,414

2424

1,77170

4.137,39831,6745,724

2,5146.4

1078027

40538817856322

322313

5,370196

5,174

58031,57230,1066,036

17,830e,2401,466

2,2632,046

8

1,76975

4.437,46831,6875,781

2,5626.5

1298445

40638917401525

246239

7

4,331238

4,093

16,83942, 22540, 9005,654

25,9829,2641,325

2,6052,361

6060

1,76770

4.137,13631, 5875,549

2,6626.8

1177542

403389

14462917

325319

7,956430

7,526

34,61253,63453,1035,437

30, 75416,912

531

2,0191,689

186

1,76569

4.135,17229, 3345,838

2,6626.8

1046737

380367

1314412222

195191

4

8,604824

7,780

30,02229,54228,7925,054

11,13212,606

750

2,3551,674

491491

1,76072

4.336, 42630,911

5,515

2,5556.6

926428

379369

10270160110

'159r 156

3

• 10.2662,962

' 7.304

58, 57554,86454, 7916,278

23,95624,557

73

3,4742,202

494494

1,75771

4.236, 47129,0027,469

2,8347.3

815724

373363

1022215666

r 12,2892, 350

' 9.939

47, 96528, 69228, 5944,4/09,880

14,244

2,4111,664

1, 75774

4.437, 57230,345

7,227

2,9447.6

855728

37836810

16312538

r13, 2854,001

90,04539,35939, 348

2,43316,99019,925

11

2,4602,325

2121

1,75575

4.438, 65029, 9478,703

3,0758.0

5725

412402

1021617244

CANADIAN STATISTICS

Phvsical volume of business, adjusted:Combined indext 1936-39-= 100..

Industrial production, combined indexf -doConstruction t—- doElectric power _ .doManufacturing! do

Forestry t doMiningf do

Distribution, combined indexf- doAgricultural marketings, adjusted:!

Combined index doGrain doLivestock do

Commodity prices:Cost of living . . .doWholesale prices 1926=100..

Railways:Carloadings thous. of cars..Revenue freight carried 1 mile .mi), of tons..Passengers carried 1 mile .mil. of passengers..

218.6238.0

' U6.8165.4256.1123.5188.9178.6

177.5190.8119.8

119.0' 103.6

3105,739492

219.5236.2

' 198.4164.1252.5124.5174.6191.0

165.0176.4115.6

119.6' 104. 0

3225,919622

213.7230.1

r 172, 2161.3248.9125.0160.9

.179. 7

312.7351.1144.4

120.3' 1C4. 6

5,692735

212.7226.5

r 147.1154.6247.6125.2156.2184.0

84.274.0128.6

120.5' 104. 0

3145, 251706

205.3223.9

' 163.514b. 3244.1123.8150.4166.8

51.335.7119.0

119.9' 103.3

3005,159569

194.5210.8

r 138.5144.8231.9133.2132.9160.7

70.659.4

136.6

119.7' 103.6

3415,495498

189.9197.7

' 195. 7139.7211.0135.1130.6173.7

117.1105.6166.9

119.9r 103.9

3225,298

425

193.0194.5

'231.0141.8206.3134.5114.0

100.082.5176.1

120.1r 103.9

2724,803465

195.4193.9

r 247. 8151.8202.8138.4119.7198.7

163.7168.9140.9

119.9r 104. 6

2834,644424

181.2188.2

' 252.1152.9197.9150.798.1

166.7

68.852.5

139.2

119.9' 105.2

2634, 215

392

r 191.4199.0

r 425. 4155.6190.7146.9143,5175.9

6P.054.3

117.0

120.1' 105.6

3024,981

412

' Revised.X Data for October 1945-January 1946, and April 1946, include converted troop kitchens and troop sleepers.§ Data for several additional companies are included beginning July or August; see note in the April 1946 Survey for July and August figures excluding these companies anc

information regarding an earlier revision in the series.1 The export series, except data for total locomotives and other locomotives, continue data formerly published in the Survey but suspended during the war period; "other locomo

tives" has been revised to include internal combustion, carburetor type, Diesel-electric and Diesel in addition to electric locomotives and the total revised accordingly. The serieinclude railway, mining and industrial locomotives. Data through February 1945 for the revised series and for October 1941-February 1945 for other series will be published later.

*New series. See note in September 1945 Survey for a description of the series on production of trucks and tractors; data beginning 1936 will be published later. Data on passengecar production are from the Civilian Production Administration and cover the entire industry; there was no production April 1942-June 1945. Data for unfilled orders cf "othelocomotives" are for class I railroads and include electric, Diesel-electric, and Diesel; data beginning 1939 will be shown later.

tRevised series. The Canadian index of construction has been shown on a revised basis beginning in the August 1945 Survey, the mining index beginning in the April 1944 issueand the other indicated indexes beginning in the December 1942 issue; see note in April 1946 Survey for the periods affected.

• . S. 60VEBNHEMT PRINTING OFFICE: 1941

INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40

CLASSIFICATION OF SECTIONS

Monthly business statistics:Business indexes . — . . __.__-_._

Commodity prices _ .Construction and real estateDomestic trade. _Employment conditions and wages-Finance _ _ . . . . . . . __ . . . .

Transportation and communica-tions . . . . . . . . . . .

Statistics on individual industries:Chemicals and allied productsElectric power and gasFoodstuffs and tobaccoLeather and products . . . .Lumber and manufacturesMetals and manufactures:

Iron and steelNonferrous metals and productsMachinery and apparatus -

Paper and printingPetroleum and coal productsRubber and rubber productsStone, clay, and glass productsTextile productsTransportation equipment

Canadian statistics . -

PageS-lS-3S-3S-5S-6S-9

S-l 5S-20

S-22

S-23S-26S-26S-30S-31

S-32S-33S-34S-35S-36S-37S-37S-38S-40S-40

CLASSIFICATION BY INDIVIDUAL SERIES

Pages marked SAbrasive paper and cloth (coated) 37Acids. 23Advertising 6, 7Agricultural income, marketings 1Agricultural wages, loans 14,15Air mail and air-line operations 7, 23Aircraft - 2,10,11,12,13, 14Alcohol, denatured, ethyl, and methyl 23, 24Alcoholic beverages _ 1, 2, 26, 27Aluminum 33Animal fats, greases 24, 25Anthracite-. _ 2,4,11,12,13,14,36Apparel, wearing 4, 6, 7, 8,10,11,12,13,14,38,39Asphalt.- _ 37Automobiles 1, 2,3, 6, 7,10,11,12,13,14,17Banking 15Barley 27Bearing metal 33Beef and veal 29Beverages, alcoholic 1,2,26,27Bituminous coal.. _. 2,4,11,12,13,14,36Boilers 33Bonds, issues, prices, sales, yields 18,19Book publication 35Brass 33Brick 4, 38Brokers' loans 15, 19Building contracts awarded 5Building costs - . 5,6Building construction (see Construction).Building materials, prices, retail trade 4, 7, 8, 9Business operating and business turn-over 3Butter . . 27Canadian statistics 16,17,40Candy 29Capital flotations 18

For productive uses 18Carloadings 22Cattle and calves 28Cellulose plastic products 26Cement... 1,2,4,37Cereal and bakery products 4Chain-store sales 8Cheese 27Chemicals 1, 2, 3,4,10,11,13,14,17, 23, 24Cigars and cigarettes 30Civil-service employees 11Clay products (see also Stone, clay, etc.) 1,2,38Clothing _ 4, 6, 7, 8,10,11,12,13,14,38Coal 2, 4,11,12,13,14, 36Coffee 29Coke _ 2,36Commercial and industrial failures.. 3Construction:

New construction, dollar value 5Contracts awarded 5Costs 6Highway 5,11Wage rates, earnings, hours. 12,14

Consumer credit 15,16Consumer expenditures 7Copper 33Copra and coconut oil 25Corn 28Co9t-of-living index 4Cotton, raw, and manufactures 2,

4,10,12,13,38,39Cottonseed, cake and meal, oil 25Crops _. 1, 25, 27, 28Currency in circulation . 17Dairy products 1,2,3,4,27Debits, bank ... 15Debt, short-term, consumer 15,16Debt, United States Government 17

Pages marked SDepartment stores, sales, stocks, collections.. 8, 9Deposits, bank 15, 17Disputes, industrial 12Distilled spirits 24, 26, 27Dividend payments and rates . 1, 19Earnings, weekly and hourly 14Eggs and chickens 1, 3, 4, 29Electrical equipment 2, 3, 7, 34Electric power production, sales, revenues 26Employment, estimated 10Employment indexes:

Factory, by industries 10, 11Nonmanufacturing industries 11

Employment, security operations 12Emigration and immigration 23Engineering construction 5Exchange rates, foreign 16Expenditures, United States Government 17Explosives 24Exports 20, 21Factory, employment, pay rolls, hours, wages. 9,

10, 11. 12, 13, 14Failures, industrial and commercial 3Fairchild's retail price index 4Farm wages 14Farm prices, index 3, 4Fats and oils 4, 24, 25Federal Government, finance 17, 18Federal Reserve banks, condition of 15Federal Reserve reporting member banks 15Fertilizers , 4, 24Fire losses 6Fish oils and fish 25, 29Flaxseed 25Flooring 31Flour, wheat 28Food products 2,

3, 4, 7,10,11,12,13,14,17, 27, 28, 29Footwear 2,4,7,8,10,12,13,14,31Foreclosures, real estate 6Foreign trade, indexes, shipping weight, value

by regions, countries, economic classes, andcommodity groups 20,21

Foundry equipment 34Freight cars (equipment)— 40Freight carloadings, cars, indexes 22Freight-car surplus . 22Fruits and vegetables . . . 2,3, 4, 27Fuel equipment and heating apparatus 34Fuels _ 2,4,36,37Furniture 1,4,10,11,12,13,32Gas, customers, sales, revenues 26Gas and fuel oils . 36Gasoline. 37Glass and glassware (see also Stone, clay, etc.).Gelatin _ 24Gloves and mittens 30Glycerine 24Gold 16,17Goods in warehouses 7Grains.. 3, 27, 28Gypsum 38Hides and skins 4,30Highways 5,11Hogs 29Home-loan banks, loans outstanding 6Home mortgages . 6Hosiery... 4,38Hotels 11,13, 23Hours per week . 11,12Housefurnishings . 4, 6, 7, 8Housing 4, 5Immigration and emigration 23Imports 20, 21Income payments 1Income-tax receipts 17Incorporations, business, new 3Industrial production indexes 1, 2Instalment loans 16Instalment sales, department stores. . . 8,9Insurance, life 16Interest and money rates 15Inventories, manufacturers' and trade 3,8Iron and steel, crude, manufactures 2,

3,4,10,11,12,13,17,32,33Kerosene 37Lebor force 9Labor disputes, turn-over 12Lamb and mutton 29Lard 29Lead. __ 33Leather __ 1, 2, 4,10, 11,12, 13, 30, 31Linseed oil, cake, and meal 25Livestock.. _ 1, 3, 28, 29Loans, real-estate, agricultural, bank, brokers'

(see also Consumer credit) 6,15,17Locomotives 40Looms, woolen, activity 39Lubricants 37Lumber. 1, 2, 4,10,11,12,13,31,32Machine activity, cotton, wool 39Machine tools . . . _ 10,11,12,13,34Machinery 1, 2,3,10,11,12,13,17,34Magazine advertising 7Manufacturers' orders, shipments, inventories. 2,3Manufacturing production indexes 1, 2Meats and meat packing. 1, 2, 3, 4,10,12,13,14, 29Metals 1, 2,3,4,10,11,12,13,17,32,33Methanol 24Milk _ 27Minerals 2,10,11,12,14Money supply . 17Motor fuel 36,37Motor vehicles —_ 7,40

Pages marked SMotors, electrical 34Munitions production 2Newspaper advertising . 6, 7Newsprint 35New York Stock Exchange 19, 20Oats 28Oils and fats 4, 24, 25Oleomargarine . 25Operating businesses and business turn-over.. 3Orders, new, manufacturers' 2Paint and paint materials 4, 26Paper and pulp 2,3,4,10,11,12,13,14,35Paper products 35Passports issued 23Pay rolls, manufacturing and nonmanufactur-

ing industries 12,13Petroleum and products 2,

3,4,10,11,12,13,14,17,36, 37Pig iron 32Plywood , 31Porcelain enameled products.. . 33Pork 29Postal business 7Postal savings 15Poultry and eggs 1,3,29Prices (see also Individual commodities):

Retail indexes 4Wholesale indexes 4

Printing 2,10,11,12,13,14,35Profits, corporation 17Public assistance ._ . . 14Public utilities 4, 5,11,12,13,14,17,18,19, 20Pullman Company 23Pumps 34Purchasing power of the dollar 5Radio advertising 6, 7Railways, operations, equipment, financial sta-

tistics, employment, wages 11,12,13,14,17,18,19, 20, 22,23,40

Railways, street (see Street railways, etc.).Rayon, and rayon manufactures 2,4,10,12,13,14,39Receipts, United States Government 17Reconstruction Finance Corporation, loans 18Rents (housing), index 4Retail trade, all retail stores, chain stores,

department stores, mail order, rural sales,general merchandise 7,8,9

Rice ._ 28Roofing, asphalt 37Rubber, natural, synthetic and reclaimed,

tires and tubes 37Rubber industry, production index, employ-

ment, pay rolls, hours, earnings 2,3,4,10,11,13,14

Savings deposits 15Sewer pipe and clay 38Sheep and lambs 29Shipbuilding 2,10,11,12,13,14Shipments, manufacturers' 2Shoes 1,4, 7, 8,10,12,13,14,31Shortenings 25Silver _ 17Skins ___ 30Slaughtering and meat packing.. 2, 10,12,13,14, 29Soybeans and soybean oil 25Spindle activity, cotton, wool 39Steel and iron (see Iron and steel).Steel, scrap 32Stocks, department stores (see also Manufac-

turers' inventories) 9Stocks, issues, prices, sales, yields 19, 20Stone, clay, and glass products 1,

2,10,11,12,13,14,37,38Street railways and busses 11,12,14Sugar _ 29,30Sulphur 24Sulfuric acid 23Superphosphate 24Telephone, telegraph, cable, and radio-tele-

graph carriers . 11,12,14,17, 23Textiles 2,3, 4,10,11,12,13,14,38,39Tile 38Tin.. 33Tobacco. _ 2,11,12,13,14,30Tools, machine _ 10,11,12,13,14,34Trade, retail and wholesale 7, 8, 9,11,13,14Transit lines, local 22Transportation, commodity and passenger 22, 23Transportation equipment 1,

2,3, 9,10,11,12,13,14,17,40Travel _ _ 22, 23Trucks and tractors 40Unemployment 9United States Government bonds.. _ 17,18,19United States Government, finance 17,18United States Steel Corporation . 33Utilities 4, 5,9,12,13,14,17,18,19, 20Variety stores 8Vegetable oils 25Vegetables and fruits 2,3,4, 27Veterans' unemployment allowances 12Wages, factory and miscellaneous 13,14War program, production and expenditures... 2,17War Savings Bonds 17Warehouses, space occupied 7Water transportation, employment, pay rolls. 11,13Wheat and wheat flour 28Wholesale price indexes 4Wholesale trade.- 9Wood pulp — 4,34,35Wool and wool manufactures 2,4,10,12,13,14,39Zinc 33

Department of CommerceField Service

Albany, N. Y., Room 409, County Courthouse.

Atlanta 3, Ga., P. O. Box 1595.

Baltimore 2, Md., 803 Cathedral St.

Boston 9, Mass., 1800 Customhouse.

Buffalo 3, N. Y., 242 Federal Bldg.

Charleston 3, S. C , 310 Peoples Bldg.

Charleston 1, W. Ya., 612 Atlas Bldg.

Chattanooga 2, Term., 924 James Bldg.

Chicago 4, 111., 357 U. S. Courthouse.

Cincinnati 2, Ohio, 1204 Chamber of Com-merce Bldg.

Cleveland 14, Ohio, 1286 Union Commerce Bldg.

Columbus, Ohio, 1037 N. High St.

Dallas 2, Tex., 602 Santa Fe Bldg.

Denver 2, Colo., 302 Midland Savings Bldg.

Des Moines 9, Iowa, 518 Grand Ave., Room 300.

Detroit 26, Mich., 1028 New Federal Bldg.

Duluth 5, Minn., 310 Christie Bldg.

El Paso 7, Tex., Chamber of Commerce Bldg,

Fargo, N. Dak., 207 Walker Bldg.

Grand Rapids 2, Mich,, 736 Keeler Bldg.

Hartford 6, Conn., 436 Capitol Ave.

Houston 14, Tex., 603 Federal Office Bldg.

Jacksonville 1, Fla«, 425 Federal Bldg.Kansas City 6, Mo., 600 Interstate Bldg., 417

E. 13th St.

Little Rock 5, Ark., 312 Pyramid Bldg.

Los Angeles 12, Calif., 1540 U. S. Post Officeand Courthouse.

Louisville 2, Ky., 631 Federal Bldg.

Manchester, N. H., Beacon Bldg., 814 Elm St.

Memphis 3, Tenn., 229 Federal Bldg.

Miami 32, Fla., 701 Congress Bldg.

Minneapolis 1, Minn., 1234 Metropolitan l ifeBldg.

Mobile 5, Ala., City Hall Annex*

New Haven, Conn., 152 Temple St.

New Orleans 12, La., Masonic Temple Bldg.,333 St. Charles Ave., Room 1508

New York 1, N. Y., Empire State Bldg., 350Fifth Ave., 60th Floor.

Oklahoma City 2, Okla., 901-905 PetroleumBldg.

Omaha 2, Nebr., 918 City National Bank Bldg.Peoria, 111., 531 First National Bank Bldg.Philadelphia 3, Pa., 1612 Market St.Phoenix 8, Ariz., 234 N. Central St.Pittsburgh 19, Pa., 1013 New Federal Bldg.Portland 3, Maine, 142 High St.Portland 4, Oreg., 520 S. W. Morrison St.Providence 3, R. I., 631 Industrial Trust Bldg.

Richmond 19, Va., 801 E. Broad St., Room 2,Mezzanine.

St. Louis 1, Mo., 107 New Federal Bldg.Salt Lake City 1, Utah, 321 Atlas Bldg.San Antonio 5, Tex., 101 Transit Tower Bldg.

San Diego, Calif., 906 Columbia St.San Francisco 11, Calif., 307 Customhouse.Savannah, Ga., Room 6, U. S. Courthouse and

Post Office Bldg.

Seattle 4, Wash., 809 Federal Office Bldg.

Sioux Falls 6, S. Dak., 310 Policyholders Na-tional Bldg.

Syracuse, N. Y., Kemper Bldg.

Texarkana 5, Tex., 817 Texarkana Nat'l BankBldg.

Wichita 2, Kans., 205 K. F. H. Bldg.

Worcester 8, Mass., 340 Main St.