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FEBRUARY 1950
mmm
U. S. DEPARTMENT OF COMMERCE
OFFICE OF BUSINESS ECONOMICS
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY ©F CURRENT BUSINESS
No. 2
FEBRUARY 1950
PAGE
The Economy in Adjustment • * . 1National Income and National Product in 1949 . . . . . . 3The Trend of Prices 10Industrial Production 12Agricultural Product ion and Income . . . 15Construction Activity . * , • . 17Domestic Business Investment. • . 19Retail Sales 21Foreign Trade . . . • , 24Financial Developments • 26Employment and Labor Conditions 29The Business Population , . . 31
• • •
MONTHLY BUSINESS STATISTICS S-l to S-40Statistical Index . . Inside Back Cover
Published by the Department oj Commerce, C H A R L E S SAWYER,
Secretary. Office of Business Economics, M. JOSEPH M E EH AN,
Director. Subscription price, including weekly statistical supplement, $3 ayear; Foreign $4, This issue 30 cents. Send remittances to any Depart-ment of Commerce Field Office or to the Superintendent of Documents,United States Government Printing Office, Washington 25, D. £ Specialsubscription arrangements, including changes of address, should be madedirectly with the Superintendent of Documents. Make checks payable toTreasurer of the United States.
Contents are not copyrighted and may be freely reprinted,
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By the Office of Business Economics
Jke 0ccom&Tmi ina
A REVIEW OF 194O
INETEEN FORTY-NINE was another year of highproduction, income, and employment. The output of theeconomy was as large as in 1948 in real terms. Majorchanges from the earlier postwar period occurred in thedisposition of output, however, and in the trend of economicactivity—which in the first half moved downward for thefirst time since the reconversion shift from war to peaceoutput 3 years earlier.
Two preceding full-employment years in which an unusualproportion of output was laid aside for capital accretion hadeliminated a great part of the backlog investment demandarising from the war, Swift accumulation of inventoriesfrom 1946 through 1948 had brought aggregate businessstocks into adequate relation with sales by the end of thatperiod, and in many industries the most urgent needs forexpansion in plant capacity and equipment had also been met.
In 1949, the proportion of current output devoted to capitalformation was sharply reduced, to a moderate extent becauseof declining plant and equipment expenditures and netforeign investment, but largely because the inventory buildupof the year before ceased and was succeeded by some liqui-dation of stocks. Lower capital formation, with the con-tinuance of total output at about the same high volume asin the previous year, permitted a small increase in the flow ofgoods and services to consumers, at the same time that therewas a marked expansion in purchases by all levels of govern-ment. On the whole, the consumer on a per capita basis
fared at least as well as in any other year, especially when theintangibles of quality, choice, and the previous difficulties ofmeeting his wants under conditions of short supply areconsidered.
• Better balance between supplyand demand
The reduced need for domestic investment, a lessening offoreign demand in our markets as fewer dollars were availableto foreign countries, and some diminution in the urgency ofconsumer requirements for most types of durable goods andfor some nondurables, reduced the pressure of aggregatedemand. Simultaneously, the improved availability of rawmaterials, the expansion in the labor force, and the continuinglarge volume of plant and equipment expenditures expandedtotal productive capacity. The easing of demand andgrowth of capacity brought a better balance in supply-and-demand relationships which was reflected in a moderatelowering of prices. The beginnings of these developmentshad already been evident before the close of 1948.
The modest extent of the price change—1 percent in con-sumer prices and 6 percent in wholesale commodity priceson a year-to-year basis, although more from monthly peakto trough—was due not only to the maintenance of final de-mand despite the changes noted, but also to the fact that
BILLIONS OF DOLLARS300
GROSS NATIONAL PRODUCT
2 5 0
2 0 0
150
100
5Q
GOVERNMENT PURCHASES*
GROSS PRIVATE DOMESTIC ANDNET FOREIGN INVESTMENT
PERSONAL CONSUMPTIONEXPENDITURES*
•
BILLIONS OF DOLLARS300
2 5 0
2 0 0
150
100
1929 41 46 47 48 49YEARLY TOTALS
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
1948 1949QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES
* INCLUDE GOODS AND SERVICES 50-29
870669—50- -1
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SURVEY OF CURRENT BUSINESS February 1950
major elements in the cost structure remained relativelystable. Labor costs were affected by slightly higher wagerates and increased supplementary benefits, which served tocounteract savings from improved productivity and reducedovertime. Transportation costs were higher and overheadcosts, including business rent, were marked by little or nochange.
Except in agriculture, where prices and income weresharply down from the extraordinary levels of the previousyears, price declines were insufficient to affect business earn-ings from current production very much. Because of theshift in price trends, however, corporate profits and profitmargins were substantially reduced when conventionallymeasured so as to include inventory profits and losses.
® Downward adjustment in first halfThe shift from inventory rebuilding, which had absorbed
output at a high rate in the fourth quarter of 1948, to someinventory liquidation by the second quarter of 1949 provideda severe test of the strength of the economy in the first halfof the year. Business investment in plant and equipmentand residential construction were also sliding off in the firsthalf. During this period industrial production fell, unem-ployment increased from the minimal levels prevailing in thepreceding 2 years of labor scarcity, and many prices yieldedground.
However, the impact of the adjustment was largely limitedto the segments of economic activity directly affected by thedecline in investment—particularly manufacturing, mining,and transportation of goods—although agricultural prices,which were affected by other factors, were also movingdownward. Moderating the investment impact was an ex-pansion in government buying, while government operationsin such fields as farm price supports, lending operations, andunemployment insurance—together with declining tax reve-nues—exerted a supporting influence in many sectors of theeconomy.
Supported by sustained high disposable income of con-sumers and stimulated by an expanding flow of automobilesfor which backlog demand continued unsatisfied, aggregateconsumer spending, comprising two-thirds of gross nationalproduct, held firm. The impact of reduced investmentspending was absorbed without touching off a wave ofsecondary effects elsewhere in the economy such as has atother times instituted a downward spiral of deflation.
• Stabilization of economy insecond half
By midsummer, the decline in aggregate investment hadbeen checked. The rate of inventory liquidation began todiminish as the underlying core of demand made necessarya revival of business orders, and substantial recovery oc-curred in residential construction for which the backlog ofdemand continued large.
During the last half of the year these two favorable factorsapproximately offset further declines in business expendituresfor producers' durable equipment and nonresidential con-struction, and a reduction in foreign investment. Concur-rently with the stabilization of aggregate investment,however, the expansion of government buying ceased. Withthese formerly dynamic factors at comparative rest duringthe second half of the year, sales, production, employmentand prices were nearly stable in most industries. Someincreases were appearing, particularly in industrial segments,and such declines as continued—as in agricultural prices—were taking place at a diminished rate.
The year was thus divided into two dissimilar periods. Thefirst half was one of adjustment from the inflationarymovement of the earlier postwar period which had culminatedlate in 1948. The adjustment is seen in retrospect to havebeen remarkably mild insofar as the over-all situation is con-cerned, though it sharply affected individual business concernsand to some extent whole industries, and brought lessenedemployment opportunities for labor. The second half wasone of over-all stability within which were embraced moderateadvances in some of the earlier declining segments. As awhole the year's results, in terms of real production, werepractically on a par with those of 1948.
• Personal sector stableA feature of the year's developments was the extraordinary
stability of the consumer sector. A slight down trend inpersonal income was associated with the farm component;monthly data for nonagricultural income showed an extremevariation between the high and low month of only 2 percent,and 11 of the 12 months were within a 1-percent range.Consumer expenditures, available only quarterly, showedvirtually no variation at all, while monthly data for totalretail sales confirmed the quarterly stability. Accompanyingthe steadiness of consumer income and outlays, the monthlyindex of consumer prices showed only minor changes duringthe year.
With their January 1949 positions somewhat below the1948 peaks, personal income, retail sales, and consumerprices all averaged a little less in 1949 than in 1948. Dispos-able personal income was maintained, despite the smallreduction in personal income, because of lower personaltaxes. Personal consumption expenditures and personalsavings were also the same as in 1948. The reduction in con-sumer prices was such as to indicate an increase of about1.6 percent in the real flow of goods and services moving toconsumers.
• Diversity of economic movementsAmong the myriad of detailed economic series many were
higher in 1949 than in 1948, while many others were lower.This circumstance is apt to yield an impression of extraor-dinary diversity of economic behavior in this period. Tosome extent this impression is, indeed, valid, for the 1949adjustment struck heavily at some areas of the economywhile leaving others untouched.
Nevertheless, it should be pointed out that if rates ofchange, rather than merely direction, are taken as thesignificant measure of variation, the differences in movementwere not notably greater in 1949 than in previous years.In 1947 and 1948, for example, the dispersion had beenagainst a background of sizable increases in aggregate pro-duction, average prices, and other summary measures. Thesegeneral measures changed relatively little from 1948 to 1949.
It is with this caution as a preliminary that subsequentsections of this review record the diversity of experience invarious fields. Thus, it is pointed out that consumerexpenditures for automobiles and services were higher, butcurrent dollar expenditures on most commodities decreased.In industrial production, manufactured foods, automobiles,and aircraft, among others, were above 1948, but a majorityof industries were lower. In the field of constructionactivity, public, institutional, and utility construction werehigher, residential construction was little changed, and in-dustrial and commercial construction were down. Employ-ment outside manufacturing was above 1948 in the aggregate,but the contraction in manufacturing was sufficient to carrywith it the all-industrv total.
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February 1950 SURVEY OF CURRENT BUSINESS
Prices, both at wholesale and those paid by consumers,displayed a similarly mixed pattern. Price declines werelargest, most pervasive, and most continuous in the volatilefield of farm products and foods, which prices had pacedthe war and postwar rise. Among industrial commoditiesfor which wholesale quotations are available, declinesoutnumbered advances during the period of adjustment inthe ratio of 3 to 2 (with about one-fifth of all quotationsunchanged), and the average for retail commodities wasslightly lower. The predominant movement in the pricesof consumer services was upward. In general, prices whichhad advanced most in preceding years fell farthest in 1949,while those which had previously advanced least continuedupward, so that on the whole the price structure movedcloser to prewar relationships.
Position at year endIn view of the shifting pattern of business behavior over
the course of the } ear and of the divergent trends of variouseconomic indicators, it is desirable to summarize the positionof the economy as the year ended.
In the fourth quarter of 1949, the gross national productin current dollars was 6 percent below the fourth quarter of1948, its peak. The decline in physical terms was muchsmaller. Employment in December was down a little morethan 1 percent from the end of 1948. Retail sales wereslightly below the previous year in dollar amount, but inphysical terms they were a little higher. From December
1948 to December 1949 consumers' prices were off 2 percentand wholesale commodity prices 7 percent.
The year concluded with a tone of firmness in most areasof economic activity. The two largest sources of demandfor the gross national product—government and consumers—were buying at a stable rate. In the offing for consumerswas the non-recurring receipt of the $2.8 billion NationalService Life Insurance dividend and State veterans7 bonuspayments—to be partly offset, however, by an increase inemployee contributions to the Federal Old Age and Sur-vivors' Insurance fund at an annual rate of nearly one-halfbillion dollars.
The most notable expansionary influence was the mark-edly rising trend of residential construction, which wasbeginning to carry commercial construction upward with it.This revival was sufficient to bring total private constructionback to its peak by the fourth quarter of 1949. Further, therate of liquidation of nonfarm business inventories hadslackened. With business buying more closely geared tocurrent sales for final use, this major factor of change in1949 was no longer exercising its retarding influence.
Exerting a contrary force were the steady declines inbusiness purchases of durable equipment, and in industrialconstruction. Surveys of business plans indicated that thesedeclines would continue into 1950 as backlog demands werefurther reduced, despite low costs of financing. Also oper-ating on the down-side was the contraction in foreign trade,notably in exports of agricultural products, and in theexport balance.
National Income and National Product in 1949
VTROSS national product—the market value of theNation's output of goods and services—amounted to $257billion in 1949, as compared with $262 billion in 1948. Thenational income, which measures output in terms of earningsaccruing from current production, showed a similar move-ment, from $226 billion in 1948 to $22l)i billion in 1949.
Production thus continued at a very high rate during thepast year. In neither of these major aggregates was thedecline in dollar value more than 2 percent. Personalincome, which measures all incomes received by persons,including transfers, was maintained even better. The declinewas only 1 percent, from $212 billion to $210 billion.
When allowance is made for lower prices in 1949, it wouldappear that the change in the physical volume of productionwas slight, although evidence is at present insufficient topermit actual measurement. Available data also suggestthat in private nonagricultural industries as a whole increasesin productive efficiency approximately offset small declinesin employment and in the average workweek.
Although aggregate production in 1949 differed little fromthat in 1948, significant shifts occurred in the use of theNation's output. These shifts were reflected in variationsin the pace of economic activity during 1949 and in thechanged pattern of the income flow.
Maintenance of final demandThere were marked differences in movement between the
inventory and noninventory elements of national output.In 1948, $6.5 billion, or 2}/2 percent of gross national produc-tion, was devoted to net additions to business inventories,whereas in 1949 there was a net reduction of $2.3 billion.Four-fifths of the $9 billion swing stemmed from the move-ment of nonfarm business inventories; farm inventories con-tributed about $2 billion.
That the total reduction in the value of national produc-tion from 1948 to 1949 was slight is attributable to the factthat the flow of goods and services to final purchasers—thatis, domestic consumers, fixed capital investors, government,and foreign nations—increased from $256 billion to $260billion. The substantial growth of Federal and State andlocal government purchases was responsible for the increase.But even exclusive of the government component, finalpurchases made a favorable showing. Thus, the dollarvolume of personal consumption expenditures in 1949 wasabout the same as in 1948; and the decline in business in-vestment in fixed capital assets, including residential con-struction, was of moderate proportions.
Reduction in inventoriesOn a quarterly basis also, final purchases showed a high
degree of stability, and fluctuations in inventory investmentwere the immediate cause of the major changes in the paceof economic activity during the year. The shift from a netinventory accumulation of $9 billion at annual rates in thefourth quarter of 1948 to a net reduction of $3 billion in thesecond quarter of 1949 is reflected in the business recessionthat developed during this period.
The mildness of the recession—national income andnational product declined less than 5 percent—is traceableto the sustained strength of final demand. Inventories con-tinued to be reduced during the second half of the year, butno further shifts in the rate of change comparable to thoseof the first half occurred. In turn, over-all economic activ-ity, as measured by national income and product, wasstabilized in the latter part of 1949.
The pattern of the income flow reflected these changes.In the nonfarm sector, the decline in national income wascentered in manufacturing, where reduced inventory re-
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SURVEY OF CURRENT BUSINESS February
quirements resulted in a curtailment of production. Incomeoriginating in other industrial divisions of this sector was, ingeneral, much better maintained. Farm income shranksharply, as a consequence mainly of lower agricultural prices.
These salient features of the economic situation are tracedin greater detail in the following review of the income andproduct flows.
Private Domestic Demand for GrossNational Product
Over-all stability of consumption
Personal consumption expenditures last year, at $179 bil-lion, were about the same as in 1948 in dollar volume andsomewhat larger in real terms. After a decline of modestproportions in the first quarter from the record level of theprevious year end, the total remained almost constant ineach succeeding quarter.
A major cause of this stability, which is depicted in chart2, was that income available for consumer spending andsaving was maintained better than income originating inproductive activity. In contrast to the $5-billion decline innational income, consumer disposable income held up in1949. Stable disbursements of dividends and other prop-erty incomes to individuals in spite of a reduced businessearnings, an increase in government transfer payments, andlower individual income taxes were the major factors ac-counting for the difference.
Chart 2.—Disposition of Personal Income
BILLIONS OF DOLLARS250
2 0 0
150 -
100 -
50 -
TOTAL PERSONAL INCOME
1946 1947 1948 1949QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES
U S DEPARTMENT OF COMMERCE, OFFICE OF BUS/NESS ECONOMICS
1 Includes food and alcoholic beverages, and clothing and shoes.
Source of data: V. S. Department of Commerce, Office of Business Economics.
Also, the ratio of consumption to disposable income firmed,after declining in 1948. In interpreting this evidence of thefirming of consumer demand, it should be noted that largerautomobile purchases underlay the increase of the over-allincome-consumption ratio during 1949. These purchases,still reflecting accumulated shortages, increased in eachquarter except the fourth, when model changes interruptedthe flow to consumers. For the year as a whole, automobilepurchases were $2 billion, or about one-fourth, above the
total for 1948. The ratio of consumption exclusive of automobiles to income was approximately constant during th<year.
The movements of consumer purchases of durables othe:than automobiles were mixed. Furniture and householcequipment sales had sagged in the last quarter of 1948 anccontinued downward through mid-1949. In the second halof the year, however, there was a partial recovery, led b;\television sets, but including refrigerators, other appliancesand—toward the end of the year—home furnishings. Despite these upswings, purchases of durables other than automobiles-declined from $15 billion to $14 billion from 1948 tc1949.
Expenditures for nondurables were $99 billion in 1949more than $3 billion below the 1948 total. Purchases o:most of these items declined throughout the year. Foocand clothing were the major factors in the decrease. Out-lays for other nondurable goods also diminished, but not, orthe whole, very substantially. The reduction in food ex-penditures reflected largely price movements, as aggregatevolume was approximately maintained. However, retaisales data suggest an appreciable shift towards home con-sumption. Grocery store sales were scarcely changed from1948, while sales of eating and drinking places fell 7 percent—nearly twice as much as consumer food prices. Expendi-tures for apparel were reduced 8 percent from 1948 to 1949.with price and volume factors contributing fairly equally tcthe decline.
Consumer expenditures for services rose from $53 billiorin 1948 to $56 billion in 1949, continuing the steady advanceof earlier postwar }^ears. Housing, including the imputedrental value of owner-occupied homes, was the biggest singleelement in the 1949 increase.
Weakening of domestic investmentBoth fixed capital formation and business inventory in-
vestment declined last year, the former moderately and thelatter by substantial proportions. The contrast betweenthem is shown in chart 3, where the solid line indicates totalgross private domestic investment, the dotted line fixedinvestment, and the shaded area between them the change inbusiness inventories. The striking feature of the chart isthe rapid shift from inventory accumulation at the rate of$9 billion annually in the final quarter of 1948 to liquidationin the second and subsequent quarters of 1949.
Fixed investment down moderately
Private fixed investment amounted to $37 billion in 1949,a reduction of $iy2 billion from the previous year. Therewas a marked contrast in movement between residentialconstruction and investment in business plant and equip-ment.
Residential building which, on a seasonally adjusted basis,declined substantially from the third quarter of 1948 into thesecond quarter of 1949, picked up thereafter and was an ex-pansionary force in the economy during the latter half of theyear. Improved opportunities for financing and some suc-cess of the building industry in tapping unsatisfied demandsfor less expensive types of housing appear to have beensignificant factors in the upturn, although it is not clear thatthey provide a full explanation. The rapidly expandingsecondary mortgage market provided by the Governmentthrough the Federal National Mortgage Association un-doubtedly contributed to the easing of financing op-portunities.
Downward tendencies in most types of plant and equip-ment expenditures were evident throughout 1949, reflectingthe gradual completion of war-deferred expansion programsand probably also the effects of lower sales and profits ex-
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February 1950 SUKVEY OF CURRENT BUSINESS
pectations. Industrial building accounted for most of thedecline in plant expansion. Commercial construction alsofell off during the first 3 quarters, but firmed toward theyear end. An exception to the general trend was furnishedby public utility construction, which advanced well beyond1948 levels before tapering off in the fourth quarter.
Business purchases of durable equipment decreased from$21 billion in 1948 to $20 billion last year. Industrial ma-chinery constituted the biggest element of this decline,which was concentrated in manufacturing. Railroad in-vestment in rolling stock and other equipment held up wellfor the year, although it diminished during the latter half.Other transportation industries purchased considerably lessequipment than in 1948. Agricultural machinery, whilebought in larger dollar amounts last year than in 1948, wasin reduced demand during the past several quarters.
Reduced inventory demand
Last year's inventory liquidation of $2.3 billion was inmarked contrast to the accumulation of $6.5 billion in 1948.By the end of 1948 inventories had been rebuilt after the wardepletion to a volume about in line with high post-war sales,and business demand for this purpose dropped.
Chart 3.—Gross Private Domestic Investment
BILLIONS OF DOLLARS50
40
3 0
2 0
10
GROSS PRIVATEDOMESTIC INVESTMENT
J_ I J_ I J_ I I I1946 1947 1948 1949
HALF-YEARLY TOTALS QUARTERLY TOTALSSEASONALLY ADJUSTED, AT ANNUAL RATES
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-33
1 Includes new construction plus producers' durable equipment.Source of data: U. S. Department of Commerce, Office of Business Economics.
A shift from a situation in which part of current productionwas being used to build up inventories to a situation in whichpart of current demand was satisfied by depletion of themiccurred rather rapidly, reflecting more cautious buyingpolicies adopted by business generally in the face of uncer-tainties about prices and sales.
Widespread cut-backs of new orders began in the Fall of1948 and continued on an accelerated scale until Februaryof last year. With the time lag involved in altering busi-ness commitments, production was lowered in response tosmaller orders. As has been pointed out earlier, currentdemand other than for inventory purposes was relativelywell maintained, and as a consequence the part of produc-tion which went into inventory accumulation was greatlyreduced in the first quarter of 1949. In the second quarter,a moderate inventory liquidation occurred as productionwas cut below the prevailing rate of total final purchases.
Maintenance of a high level of final purchases led to anincrease in business purchasing to a volume in line withthis sustained final demand. This was evidenced by thesharp pick-up of manufacturers' new orders in August andSeptember. Despite this firming, production in each of thelast 2 quarters remained lower than consolidated businesssales. This reflected the normal lag in adjusting productionto demand, as well as special factors interrupting production,such as the steel strike. Thus, the drawing down of in-ventories continued, but no fluctuations in net inventorypurchases comparable to those of the first half of the yearoccurred.
Liquidation of nonfarm inventories for 1949 as a wholeoccurred mainly in manufacturers' stocks. Retailers andwholesalers reduced their inventories during the first halfof 1949. In the second half, a further moderate liquidationof retail holdings occurred, while wholesalers more thanrestored their stocks. At the end of the year, trade inven-tories combined were only slightly lower in physical volume(although much lower in book value) than at the close of1948.
The farm inventory change was minus $% billion lastyear, as compared with plus $lK billion in 1948. The shiftin farm holdings reflected an increased physical volume ofcrop marketings, coupled with somewhat lower crop pro-duction. Livestock inventories showed a slight increase.It should be noted that increased price-support acquisitionsby the Federal Government, which are included in farmmarketings, were responsible for part of the difference infarm inventory movements in the last 2 years. Totalcrop carryovers, inclusive of Government holdings, increasedfurther in 1949, although not so sharply as in 1948.
Foreign Demand and the Role of Government
Last year's decline in private domestic purchases of theNation's output was largely offset by expanded purchases ofthe Government sector. The Federal and State and localgovernments absorbed goods and services valued at $43billion in 1949, as compared with $37 billion the previousyear. Net foreign investment, the remaining componentof the gross national product, declined from $2 billion toapproximately zero.
Large-scale financing by the Federal Government of for-eign purchases of American output deprives the conventionaldistinction between "Government purchases" and "netforeign investment" of some of its significance, and makes itdesirable during the postwar years to consider these com-ponents of aggregate demand jointly. For example, ashift from loans to grants in financing foreign aid will causean increase in Government purchases and an offsettingdecline in net foreign investment, because foreign grantsare included in the former category, whereas loan-financedexports are reflected in net foreign investment. While sucha shift would not be without significance, it would notnecessarily reflect changes either in the flow of goods andservices or in the basic sources of effective demand, andwould be misleading if these are the focus of interest. Shiftsof this type were not substantial from 1948 to 1949, butthey were in earlier postwar years, and allowance shouldtherefore be made for them.
This is done in chart 4, which breaks down the sum of theconventional classifications of Federal purchases and netforeign investment (top panel) to show, first, the net inter-national flow of goods and services—irrespective of thesource of financing—as distinct from Government purchasesfor domestic purposes (middle panel); and, second, the netinternational flow of goods and services, exclusive of foreignaid as distinct from Federal purchases inclusive of all for-eign aid, loans as well as grants (bottom panel). The last
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6 SURVEY OF CUKKENT BUSINESS February 1950
panel is the closest statistical approximation to a break-downreflecting the basic sources of effective demand, and henceis best adapted for analyzing the fiscal impact of the FederalGovernment.
Drop in commercial exportsIt is clear from this panel that commercially financed
foreign demand, already far down from earlier postwaryears by 1948, slackened further last year, especially in thelatter half. The exceptional volume of exports character-istic of our postwar foreign trade reflected primarily theenormous needs of war-devastated economies abroad, and
Chart 4.—Break-downs of Federal Government Pur-chases of Goods and Services, and Net ForeignInvestment
NOTE .—U. S. Government foreign aid excludes United States subscriptions to capital ofthe International Bank for Reconstruction and Development and the International Mon-etary Fund, but includes dollar disbursements by these organizations.
BILLIONS OF DOLLARS30
2 0
10
i FEDERAL PURCHASES AND NETFOREIGN INVESTMENT
"^•i^v.v/AV/.vAv/^.;-;^-.-**--** '
FEDERAL PURCHASES
50
2 0
1 0
0
S FEDERAL PURCHASES AND NET> w ^ X FOREIGN INVESTMENT
• ^ ^ I N C L U D I N G FOREIGN A I D ^ ^ ^ ^
_ * FEDERAL PURCHASESEXCLUDING FOREIGN AID
1 1 1 1 1 1
-
1 I 1
3 0
2 0
10
t FEDERAL PURCHASES AND NETFOREIGN INVESTMENT
FEDERAL PURCHASESINCLUDING FOREIGN AID
NET EXPORTSEXCLUDING
FOREIGN AID
I I J_ I1946 1947 1948 1949
HALF-YEARLY TOTALS QUARTERLY TOTALSSEASONALLY ADJUSTED, AT ANNUAL RATES
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-36
Source of data: U. S. Department of Commerce, Office of Business Economics.
was supported not only by large-scale assistance from theU. S. Government, but by a very heavy drawing-down ofgold and dollar reserves. By 1949, these reserves had ap-proached low levels, and a further shrinkage in the secondquarter was followed by nearly world-wide devaluation ofcurrencies in the Fall. As a reflection of these critical de-velopments abroad, there was a large reduction of Americanexports after midyear, with some restoration of foreigncountries7 gold and dollar reserves by the year end.
Expansion of Government purchasesThe dotted line in the lowest panel of chart 4 reflects
Federal Government purchases, inclusive of all foreign aid.It will be seen that an expansion began early in 1948, andthat purchases increased through the first half of 1949,tapering off thereafter. A few major programs were pri-marily responsible for this large growth. Chief among themwere military procurement, foreign aid, and agriculturalprice support activities.
Military expenditures rose rapidly from the third quarterof 1948 through mid-1949, after which they were stabilizedby economy measures in the National Military Establish-ment. Foreign aid, relatively low in the second quarter of1948 after exhaustion of the British loan, expanded againwith initiation of the European Recovery Program, reachinga peak in the second quarter of last year. Farm pricesupport outlays for the calendar year exceeded those for1948, although on a seasonally adjusted annual rate basisthey did not rise beyond the previous fourth quarter.There was also a moderate expansion of public works andpay rolls, with increases in both civilian and military payrates contributing to the latter.
State and local government expenditures advancedthroughout the year, so that total purchases in 1949 were$2 billion above 1948. Principal components of this growthwere increased compensation of employees and a growingvolume of school, highway, and other new construction.
Changes in fiscal position of governmentThe influence of government expenditures and receipts
upon the economy in the past 2 years was not confined tothe expansionary force of increased purchases. Otherexpenditures, such as transfer payments, as well as changesin government receipts, provided significant support toprivate components of aggregate demand through theireffects upon individual and corporate incomes. A com-prehensive summary of all these transactions is provided bythe course of the government surplus or deficit.
Federal, State, and local governments together, aftershowing a combined surplus (as measured in the context ofthe national income accounts) of $8% billion in 1948, incurreda deficit of $3 billion last year. Federal Government com-ponents of this shift are illustrated, in broad outline, inchart 5. The State and local contribution, not shown inthe chart, was of lesser magnitude, but reinforced theFederal movement during the past 2 years.
Some of the changes summarized in the shift from surplusto deficit were such as to provide independent stimulus tothe private economy, while others were linked explicitly to afalling-off of business activity. Only the former type canfully offset downward trends in the private sector. Thelatter may have a cushioning effect, but can occur only tothe extent that the declines with which they are associatedmaterialize.
For example, personal incomes were supported in 1949 b j |a $1 billion rise in transfer payments. This rise, however,consisted mainly of unemployment insurance benefits andwas predicated entirely upon the actual growth in unemploy-ment. It eased the impact of the latter upon personal in-comes, but could not entirely replace the ensuing loss ofwages. Similarly, the fall of $2 billion in corporate profitstax accruals was in response to a decline of book profits.
On the other hand, a reduction of $2.8 billion in Federalpersonal taxes stemmed mainly from year-end settlement ofindividual income tax liabilities at rates lower than thoseapplicable in 1948, and tended to bolster disposable personalincome independently of influences from other sources. Withthe exception of price-support operations activated by falling
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February 1950 SUKVEY OF CUEKENT BUSINESS
Chart 5.—Federal Government Receipts andExpenditures !
BILLIONS OF DOLLARS
bO
4 0
30
2 0
1 0
0
RECEIPTS^
EXPENDITURES INCLUDINGFOREIGN AID
-
-
, I , i 1 < 1 i i i
DEFICIT ^
—
1 1 !1946 1947 1948 1949
HALF-YEARLY TOTALS QUARTERLY TOTALSSEASONALLY ADJUSTED, AT ANNUAL RATES
a S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-40
i Receipts consist of personal tax and nontax receipts, corporate profits tax accruals, indi-rect business tax and nontax accruals, and contributions for social insurance. Expendituresconsist of purchases of goods and services, net foreign loans, transfer payments, grants-in-aidto State and local governments, net interest paid, and subsidies less current surplus of gov-ernment enterprises.
Source of data: U. S. Department of Commerce, Office of Business Economics.
farm prices, that part of the fiscal shift embodied in expand-ing purchases of goods and services also contributed directlyto private incomes regardless of existing trends in the latter.
National Income by Industries
Despite the relative stability of the national income from1948 to 1949, thpre were significant shifts in its distributionby industrial origin. As shown in table 1, there were sizabledeclines in income originating in agriculture, mining, andmanufacturing. Marked increases, on the other hand, oc-curred in government and in communications and publicutilities. Comparatively minor changes were recorded forthe other industrial divisions.
Table 1.—National Income by Major Industrial Divisions, 1948 and1949 l
[Billions of dollars]
Item
All industries, totalAgriculture, forestry, and fisheries
joiningContract construction
ManufacturingWholesale and retail tradeFinance, insurance, and real estate
TransportationCommunications and public utilitiesServices
Government and Government enterprises.Rest of the world
1948
226.2
22.54.9
10.2
68.245.116.7
12.25.9
20.0
20.0.5
1949
2 221. 5
17.94.1
10.3
64.645.317.3
11.86.6
20.9
22.3.5
Absolutechange,1948-49
—4.7
-4 .6- . 8
.1
- 3 . 6.2
- . 4.7
2.30
Percent-age
change,1948-49
—2 1
-20.4-17.1
1.1
-5 .3.5
3.4
-3 .211.34.4
11.50
1 Components will not necessarily add to totals because of rounding.2 See footnote 3 to table 2.NOTE: Estimates of national income by industrial origin for the entire 1929-48 period ma y
be obtained from the National Income Supplement to the July 1947 SUKVEY OF CURRENTBUSINESS and the July 1949 SURVEY (National Income Section), table 13.
Source: U. S. Department of Commerce, Office of Business Economics.
Sharp drop in agricultural incomeThe largest decrease, both relative and absolute, was in
agriculture, where income originating dropped from $22.5billion to $17.9 billion. Farm production in 1949 was downby about 3 percent from 1948, but by far the most importantfactor in the decline of agricultural income was the drop of 13percent in farm prices. The drop was mitigated by large-scale price-support outlays of the Federal Government.
The decline in prices received by farmers appeared to stemprimarily from materialization of a second consecutive year oflarge-volume production, as 1949 output, while below 1948,remained high in comparison with all prior years. Thesupplies thus made available, when added to sizable carry-overs of inventories from 1948, were sufficient to exert adownward pressure on prices. Some diminution in theintensity of consumer demand may also have been present, aswas a prospective weakening of export demand. In fact,although agricultural exports increased for the year as awhole, in the second half they were far below the exceptionalamounts sent abroad in the first.
The proportion of national income accruing from agri-culture in 1949 was substantially lower than in the immedi-ately preceding years of high farm prices, but it comparedfavorably with that prevailing in the prewar period. Itshould be noted in this connection that depreciation chargedin the calculation of income originating is on a current-replacement cost basis for agriculture, but on an original-costbasis for other industries. The application of either pro-cedure, on a consistent basis, to all industries would raiseappreciably agriculture's share of the national income inrecent years, when owing to rising prices there was a wideninggap between replacement cost and original cost.
Decline in manufacturingAmong the nonagricultural industries, the largest absolute
decrease occurred in manufacturing, which accounts forroughly 30 percent of the national income. Income originat-ing in this industry fell by nearly $4 billion, or 5 percent.This reflected primarily the direct effects of the 1949 in-ventory recession upon manufacturing. This industry is in aparticularly sensitive position with respect to businessinventory policies, because it produces the bulk of inventorygoods held in the economy. Both reduction of output andlower prices contributed to the adverse movement of incomeoriginating in manufacturing, although the former wasconsiderably the more important factor.
Apart from manufacturing, the only major nonagriculturalindustries in which income originating declined in 1949 werethe closely allied mining and transportation groups. Thedisproportionate decline in the former is traceable mainly tocoal mining, where output was curtailed by a prolonged 3-dayworkweek and several work stoppages. In transportation,the decrease was accounted for by the railroads. Loss ofincome normally earned in hauling coal was a significantspecial factor.
Favorable showing of other industriesThe maintenance or increase of income originating in other
nonagricultural industries in 1949 was a broad reflection ofthe continued strength of final demand for the Nation's out-put. In trade, services, contract construction, and finance,insurance and real estate, 1949 incomes matched or slightlyexceeded those of the preceding year. In government and incommunications and public utilities, relatively large in-creases, about 11 percent, were recorded. Both the Federaland the State and local governments contributed to the riseof income originating in government, which is measured bycompensation of employees. Continued strong and expand-
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8 SURVEY OF CURRENT BUSINESS February 1950
Table 2.—National Income and Product, 1948 and 19491
[Billions of dollars]
Item
NATIONAL INCOME BY DISTRIBUTIVE SHARES
National income
Compensation of employeesWages and salaries
PrivateMilitaryGovernment civilian
Supplements to wages and salaries
Proprietors' and rental income 2Business and professionalF
1948
FarmRental income of persons
Corporate profits and inventory valuation adjustment-Corporate profits before tax
Corporate profits tax liabilityCorporate profits after tax
Inventory valuation adjustment
Net interestAddendum: Compensation of general Government employees.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product
Personal consumption expenditur*Durable goodsNondurable goodsServices.
Gross private domestic investmentNew constructionProducers' durable equipmentChange in business inventories, totaL
Nonfarmonly
Net foreign investment
Government purchases of goods and services..FederalLess: Government salesState and local
DISPOSITION OF PERSONAL INCOMEPersonal income..
Less: Personal tax and nontax payments. .FederalState and local
Equals: Disposable personal incomeLess: Personal consumption expenditures.Equals: Personal saving
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME,AND PERSONAL INCOME
Gross national product
Less: Capital consumption allowances ._.Indirect business tax and nontax liabilityBusiness transfer paymentsStatistical discrepancy
Plus: Subsidies less current surplus of Government enterprises.
Equals: National income
Less: Corporate profits and inventory valuation adjustmentContributions for social insuranceExcess of wage accruals over disbursements
Plus: Government transfer paymentsNet interest paid by governmentDividendsBusiness transfer payments
Equals: Personal income
226.2
140.3135.3116.1
3.915.25.0
49.524.518.4
32.634.813.621.2
- 2 . 2
3.817.8
262.4
178.823.5
102.253.1
45.017.920.76.55.1
1.9
36.721.5
.615.8
211.9
21.119.02.1
190.8178.812.0
262.4
15.720.3
.6- . 3
.1
226.2
32.65.1.0
10.54.47.9.6
211.9
1949
3 221.5
141.1135.6114.6
4.216.85.5
44.824.014.16.7
3 31.43 28.83 11.4317.3
2.6
4.219.9
257.4
179.424.498.956.1
34.717.319.7
- 2 . 3- 1 . 8
.0
43.425.8
.418.0
209.8
18.616.22.4
191.2179.411.8
257.4
16.821.2
.6- 2 . 5
.3
3221.5
3 31.45.6.0
11.64.78.4
209.8
Quarterly
55.8
34.933.528.31.04.11.4
11.86.04.11.7
8.17.52.94.6
.5
1.04.9
63.2
42.05.0
23.113.9
10.43.55.01.91.7
.2
10.46.4
.14.1
52.1
7.36.6.7
44.842.02.8
63.2
4.15.0.2
- 1 . 8.1
55.8
8.11.5.0
2.81.01.9.2
52.1
Unadjusted
55.2
35.233.728.51.04.31.4
11.36.03.61.7
7.76.62.63.91.1
1.05.0
62.5
44.55.8
24.614.0
6.44.15.0
- 2 . 7- 2 . 6
.4
11.26.7
.14.6
52.5
3.32.7
.649.244.54.7
62.5
4.25.2.2
- 2 . 2.1
55.2
7.71.5
- . 12.91.42.0
.2
52.5
I I I
55.3
35.434.029.11.13.91.4
10.86.03.11.6
8.17.32.94.4
1.14.7
64.2
44.16.3
23.714.1
9.64.94.9
—.2.1
- . 2
10.76.4
.24.5
51.7
4.43.8.6
47.344.13.2
64.2
4.25.5.2
- . 9.1
55.3
8.11.4.0
2.91.01.9.2
51.7
I V
35.734.428.81.14.51.3
10.96.03.21.7
.2
1.15.3
67.6
48.77.2
27.414.2
8.34.84.8
- 1 . 3- 1 . 1
- . 4
11.06.3
.14.8
53.6
3.63.1
.549.948.71.2
67.6
4.35.5.2
)
(1.3.0
3.01.32.7
.2
53.6
Seasonally adjusted at annual rates
224.7
141.9136.5116.1
4.116.35.4
47.124.116.46.7
31.629.411.517.92.2
4.119.3
262.0
178.723.0
100.455.3
40.016.820.72.51.9
1.0
42.325.5
.317.1
212.0
18.616.22.4
193.4178.714.8
262.0
16.420.6
.6
.0
.3
224.7
31.65.6.1
11.24.58.3
.6
212.0
220.8
140.8135.4114.7
4.116.65.5
45.124.114.36.7
30.726.410.615.84.3
4.219.6
257.9
179.323.699.855.9
33.216.420.0
- 3 . 2- 2 . 5
1.2
44.226.7
.317.8
210.0
18.616.22.4
191.4179.312.1
257.9
16.921.2
.6- 1 . 3
.3
220.8
30.75.6
- . 311.74.68.2
.6
210.0
III
220.7
141.1135.6114.4
4.216.95.5
43.124.012.66.6
32.328.911.417.53.3
4.220.1
254.6
179.725.797.656.5
32.117.419.6
- 5 . 0- 4 . 0
- . 3
43.225.8
.818.2
208.2
18.616.22.4
189.5179.7
254.6
16.921.8
.6- 5 . 0
.3
220.7
32.35.6.0
11.94.78.1.6
208.2
IV
1 Detail will not necessarily add to totals because of rounding. -2 Includes noncorporate inventory valuation adjustment. w3 Data for estimating fourth-quarter corporate profits are not yet available. In order to arrive at national income and corporate profits for the year, corporate profits for the fourth quarter
were obtained arbitrarily through averaging the results derived by holding constant, first, third-quarter corporate profits before tax, and second, third-quarter corporate profits and inventoryvaluation adjustment. It is believed that annual totals calculated on this basis will be sufficiently accurate for general purposes.
4 Not available.
NOTE.—Data for prior years are published in the July 1949 SURVEY OF CURRENT BUSINESS and in the National Income Supplement to the July 1947 SURVEY.
Source: U. S. Department of Commerce, Office of Business Economics.
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February 1950 SUEVEY OF CURRENT BUSINESS 9
ing demand for their services underlay the advance in thecommunications and public utility industries. Despite thisimprovement, the share of national income earned in theseindustries in 1949 was smaller than in prewar years.
Distributive Shares of National Income
The changes in the distributive shares of national incomefrom 1948 to 1949 were almost entirely the byproduct of in-dustrial developments, rather than of independent move-ments among the distributive shares as such.
Employee compensation stableTotal compensation of employees, which accounts for
nearly two-thirds of the national income, was virtuallyunchanged from 1948 to 1949. Its composition, however,was altered considerably, and a moderate downward trendwas apparent in the first half of last year.
Private wages and salaries were about $1% billion lowerthan in 1948. This small decline stemmed from reducedemployment and, in lesser degree, from a slightly shorteraverage workweek. Roughly three-fifths of the total re-duction in man-hours, however, was offset by moderate, butfairly general, increases in average hourly rates of pay.
The drop in private wages and salaries in 1949 was materi-ally greater from the high rates of late 1948 than on an annualaverage basis. I t was concentrated in the first half of theyear, however, and confined largely to manufacturing payrolls. As early as May, slight monthly advances began toshow up in nondurable-goods industries, although the falling-trend for manufacturing as a whole continued at a reducedrate through midsummer. By August, the decrease ofdurable-goods factory pay rolls was halted, and during theremainder of the year stability prevailed, except for theeffects of the steel strike.
Steady increases in wages and salaries of governmentemployees during 1949 sufficed to counterbalance most of thedecline in the private sector. These movements, however,were not large enough to obscure the predominance of factorypay rolls in the quarterly pattern of total wages and salaries.
Nonfarm proprietors9 income well maintainedThe proprietors' and rental income share embraces groups
whose 1949 experience diverged widely. Business andprofessional earnings and rental income of persons weregenerally well maintained. Because of the preponderanceof the corporate form of organization in manufacturing, theyear's developments in that industry had little direct impactupon total proprietors' income. Factory proprietors sus-tained a relatively large loss of earnings, as might be ex-pected, but this did not figure heavily in the total.
Nearly all of the decline in total proprietors' and rentalincome occurred in the income of farm proprietors. Thesubstantial reduction in farm proprietors' net income—from$18.4 billion to $14.1 billion—was the principal change in thedistributive shares of national income from 1948 to 1949.
Net income of farmers declined steadily throughout thequarters of 1949. The accuracy of the general downward
movement, which was a byproduct largely of falling prices,is not in doubt; but precision should not be attached to theexact quarterly changes. Because of the discontinuouscharacter of farm production, seasonal adjustments aredifficult in this area; and special problems are encounteredin measuring the inventory component of farm income on aless-than-annual basis.
Change in corporate profits share slightInformation on corporate profits in 1949 is at present con-
fined to published reports for the first 3 quarters of the year,as reviewed in last month's issue of the SURVEY. However,a fairly adequate basis for comparison with the previous yearis provided by the estimates for the first 3 quarters in com-bination with an arbitrary assumption about the fourth, asdescribed in footnote 3 to table 2. It is believed that totalsyielded by this assumption will be near enough to the finalestimates for most general purposes.
The corporate profits component of national income—"corporate profits and inventory valuation adjustment"—was an estimated $31.4 billion in 1949, as compared with$32.6 billion in the preceding year. The decline in thismeasure of corporate earnings was very much less than thatshown by "corporate profits before tax". The sizable dropin the latter measure, from $34.8 billion to $28.8 billion,reflected very largely the predominant corporate practice ofcharging inventories to cost of sales in terms of prior-periodprices, rather than current replacement prices.
In 1948, when prices were rising, the replacement cost ofinventories used in production exceeded the reported "book"cost; and the opposite was true in 1949, when the course ofprices was downward. The "inventory valuation adjust-ment"—the difference between the book cost and the currentreplacement cost of inventories used in production—is addedto reported profits before tax in order to eliminate inventoryprofits and losses and thus secure a measure of earningsfrom current production appropriate for inclusion in thenational income.
The sharp difference between the two profit series helpsto explain one striking aspect of corporate financial policyin 1949—the steady flow of dividend disbursements in theface of the apparent substantial decline in total profits. Notonly were corporate profits including the valuation adjust-ment well maintained in 1949 on a before-tax basis, but theyactually increased on an after-tax basis. Tax liabilitiesdeclined by more than $2 billion because of the substantialdrop in book profits, on which they are based.
Accordingly, after account is taken of reduced dollar re-quirements for inventory replacement and for income taxes,corporate profits available for distribution and reinvestmentactually were higher in 1949 than in the previous year. Inaddition to these, other factors—such as diminished invest-ment needs in many industries and the unusually low pro-portion of dividend distribution throughout the war and inthe postwar periods, when capital outlays by business forexpansion created extraordinary demands for investmentfunds—undoubtedly contributed to the maintenance ofdividend disbursements in 1949.
870669—50 2
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10 SURVEY OF CURRENT BUSINESS
The Trend of Prices
February 1050
PRICES declined moderately in 1949, in contrast with theinflationary upswing in progress from the end of the warthrough the late summer of 1948. The reversal in movementreflected the passing of widespread scarcities typical of theearlier postwar period and the adjustment in business invest-ment and production which characterized the year. Thoughthe reduction in prices had important repercussions uponthe economy—and especially upon the purchasing policiesof business—it achieved no great momentum during the yearand, in fact, left some sectors of the price system entirelyunaffected. Overall, wholesale prices declined by less than7 percent from the end of 1948 to the end of 1949. Consumerprices were down by 2 percent.
In industrial markets the downtrend was halted in Julyand was followed by stability as business purchasing andindustrial production improved. Farm and food pricesyielded ground throughout the year, but at a graduallyretarded rate. Among consumers' prices, moderately risingrents and services nearly offset reductions for most commod-ities.
Limiting the price declines through the year were thefirmness in demand of final consumers, the heavy supportfor farm products provided by the Government, and thestability of important elements in the cost structure of themajority of industrial goods. Labor costs were buttressedby higher wage rates and larger contributions to pensionand welfare funds which served to counteract savings accruedfrom improved productivity and reduced overtime. Trans-portation costs were higher and overhead costs of business,including rent, were marked by little or no change.
The scattering of adjustments in the Nation's markets—illustrated by the wide variety in the dates of price peaksby type of commodity, shown in table 3—was another factorwhich may have minimized the amplitude of the downswing.
Table 3.—Changes in Wholesale and Consumer Prices
Item
Wholesale prices (1926=100)
Farm productsFoods -Othor than farm products
and foodsHides and leather prod-
ucts .Textile productsFuel and lighting ma-
teriaIsMetals and metal prod-
ucts _ _.Building materials._ _ _Chemicals and allied
productsIlousefurnishings goods.Miscellaneous
Consumer prices (1935-39=100)
FoodApparel -
Fuel, electricity, andrefrigeration - -
HousefurnishingsRentMiscellaneous
1939
77.1
65.370.4
81.3
95.669.7
73.1
94.490.5
76.086.374.8
99.4
95.2100.5
99.0101.3104.3100.7
Postwar peak
169.8 (Aug. 1948)
199.2 (Jan. 1948)189.8 (Aug. 1948)
153.6 (Sept. 1948)
203.4 (Dec. 1947)152.1 (May 1948)
137.6 (Nov. 1948)
175.5 (Feb. 1949)204.1 (Sept. 1948)
137.5 (Apr. 1948)148.8 (Jan. 1949)123 6 (Jan. 1948)
174.5 (Aug. 1948)
216 8 (July 1948)201.6 (Oct. 1948)
139.7 (Dec. 1949)198.8 (Oct. 1948)122.2 (Dec. 1949)155.5 (Dec. 1949)
De-cem-ber1948
162.4
177.3170.2
153.1
185.3146.7
137.2
173.8202.2
131.1148. 4118.5
171.4
205.0200.4
137.8198.6119. 5154.0
De-cem-ber1949
151.3
155. 3155.7
145.5
179.9138.4
130.8
167.8190.3
115. 3144.1110.7
167.5
197.3185.8
139.7185.4122.2155.5
Percent change
1939to
post-warpeak
+120.2
+205.1+169. 6
+88.9
+112.8+118.2
+88.2
+85.9+125. 5
+80.9+72.4+65.2
+75.6
+127. 7+100.6
+41.1+96.2+17.2+54.4
Post-
peak
De-cem-ber1949
-10 .9
-22 .0-18 .0
- 5 . 3
-11 .6- 9 . 0
- 4 . 9
- 4 . 4- 6 . 8
-16 .1- 3 . 2
—10.4
- 4 . 0
9 0- 7 . 8
0- 6 . 7
00
De-cem-ber1948to
De-cem-ber1949
- 6 . 8
—12.4- 8 . 5
—5.0
- 2 . 9- 5 . 7
—4.7
- 3 . 5- 5 . 9
— 12 1- 2 . 9—6 6
- 2 3
3 8—7.3
+1.4- 6 . 6+2.3+1.0
Changing structure of pricesAccompanying the modest decline in the general level of
prices, however, was a pronounced alteration in their internalstructure. Essentially, this adjustment mirrored the re-alignment of market forces as the abnormal relations betweendemand and supply characteristic of the postwar periodwere replaced by more balanced conditions. Typicallysensitive prices, which had increased sharply because ofstrong inflationary pressures in earlier years, moved closerto the general level in 1949. Foremost among these, asdepicted in chart 6, were farm prices which had advancedmore than any other major group throughout the war period—and also in the postwar years under the impetus of theworld food crisis.
Chart 6.—Wholesale Prices
INDEX, 1926=100
175
150
125
100
200
175
150
125
100
175
150
125
100
ALL COMMODITIES^.
I I 1 ! 1 1 1 1 M 1II 1 1 1 1 1 1 1 1 1
FARM PRODUCTS ^ / * /
- * ^ ^ / * ^ - FOODS1
II l 1 1 I 1 I 1 1 |II 1 1 1 1 1 II II
OTHER THAN FARM_ PRODUCTS AND FOODS
r4oK>t0T°n M i l l 1 M 1 1 1 1 I I 1 11 9 4 6 1 9 4 7
U S DEPARTMENT OF COMMERCE, OFFICE Of
t l l
1 1 1
1 1 1
11 11 11
i i 11 i i
111 1 111948
| |
| |
| |
1 1 1
1 1 1
1 1 1
' BUS/NESS ECONOMICS
1 1 1 1 1
II 1 M
1 1 1 M1949
-
-
1 1 1
-
-
1 1 1
>o-oo
-
1 1 1
50-27
Source: U. S. Department of Commerce, Office of Business Economics, from data of U. S.Department of Labor, Bureau of Labor Statistics.
Source of data: U. S. Department of Labor, Bureau of Labor Statistics.
Other highly sensitive prices which had advanced mostduring the inflationary rise such as nonferrous metals, scrapsteel, wood pulp, hides, fats and oils and petroleum products,likewise declined materially. Many of these raw and semi-manufactured material prices remained high—and later inthe year some regained part of the ground they had lost—but in general these movements tended to restore relation-ships among prices more in line with those prevailing inprewar years.
Limited reductions in industrial marketsThe downtrend in industrial prices was not only shortlived
—ending in July, as noted above—but it affected less thanhalf of all industrial prices. This is shown in table 4 which
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February 1950 SURVEY OF CURRENT BUSINESS 11
presents a distribution of changes for 777 prices included inthe Bureau of Labor Statistics' wholesale price index.
In August 1949, 53 percent of all commodities, excludingfarm products and foods, were unchanged from, or wereactually higher than, the quotations prevailing in August1948 when the over-all index was at its peak. At the sametime, an additional 4 percent of these commodities wereless than 2 percent below the August 1948 prices. On theaverage, industrial prices w~ere down during this period bysomewhat more than 5 percent, and remained generallystable from this point to the end of the year.Table 4.—Distribution of Percent Changes in
August 1948 to August 1949
Amount of percent change
Total
Precent increases:0.1-1. 9.2-4.95-9.910-14.915-19.920 and over
Total increases
Unchanged
Percent decreases:0.1-1.9 __2-4.95-9.910-14.915-19. 920 and over ___ ._ .
Total decreases
Farm products andfoods
Number ofcommodi-
ties
138
65
14616
38
10
21320148
33
90
Percent oftotal
100.0
4.43.6
10.14.4
.74.4
27.6
7.2
1.59.4
14.510.15.8
23.9
65.2
Wholesale Prices
Commodities otherthan farm products
and foods
Number ofcommodi-
ties
639
4151672299
199
139
255764514460
301
Percent oftotal
100.0
6.48.0
10.53.41.41.4
31.1
21.8
3.98.9
10.08.06.99.4
47.1
Source: U. S. Department of Commerce, Office of Business Economics, from data of U. S.Department of Labor, Bureau of Labor Statistics.
Included among the stable or rising group of prices weresuch important commodities as steel, automobiles, tractorsand other farm machinery, heavy chemicals and constructionmaterials such as brick, tile, and plumbing and heatingequipment. Together, the commodities in this group sharedone or more of the following three characteristics: (1) demandwas sustained at a high rate throughout the period of ad-justment, as in the case of automobiles, cement and certainother types of building materials; (2) price increases fromprewar through 1948 were appreciably smaller than thecorresponding rise in the general price level, as in the caseof steel, many chemicals and most utility rates; (3) pricesare typically sluggish and unlikely to change materiallyexcept under the influence of a revision in the demand orcost situation which is both large and enduring, as in thecase of farm machinery.
Competition increasingIt should be noted, however, that stable price quotations
in 1949 were in some cases coupled with trimming of extracharges, increases in discounts or improvements in quality,all of which reflected the growing pressure of competition andresulted in some reduction in actual net costs to purchasers.There was in addition, particularly among consumer goodssuch as washing machines, some lines of men's apparel,television sets and vacuum cleaners, a more abundantsupply of medium and low-end items which in 1948 wereproduced in only limited volume if at all.
Farm prices weakenFor farm products and foods, the average decline as well as
the proportion of reductions was substantially greater than
for industrial commodities. As indicated in table 4, 63percent of all such commodities were more than 2 percentlower in August 1949 than in August 1948, and in 40 percentof all cases the reductions amounted to more than 10 per-cent. The weighted average of farm and food prices de-clined 15 percent in this period and in contrast to the in-dustrial segment, the downward trend persisted, though ata diminished rate, in the last 4 months of the year.
Chart 7.—Consumers' Prices
INDEX
200
175
150
125
IOO
225
200
175
150
125
IOO
225
200
175
150
125
IOO
150
125
IOO
-
-
mm
I
-
1
-
1
_
—
1935-
/
—s1 1 1 1 1
FOO
Mill
1 1 1 1 1
- 39 = 100
^
^S~~ ^ALL ITEMS
1 1 1 1 1 1 1 1 1 I 1 1 1 1 1 1 1 I 1 i ! 1 1 1 1 1 < 1
^ — v
* ^ HOUSEFURNISHINGS
i i i i 1 i i i i i 1 i i i i i 1 i i i i i 1 i i i i i
APPAREL ^ ^
.-~^m~ ^^MISCELLANEOUS
1 1 I 1 1 1 1 1 1 1 1 1 1 1 I! 1 1 1 1 I 1 1 1 1 1 1 1
AND
".,... r
REFR/GERA TION^^ ~ ^
1 1 1 1 1 1 1 I 1 1 I 1 , 1 1 1 1 1 1 I 1 1 1
1946 1947 1948
" * • • • • •
-
. 1 . 1 1 1 . 1 1 1 1
_
-
1 1 1 1 1 1 1 1 1 1 1
^
- :
-
1 1 1 1 1 1 1 1 1 1 1
1949U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-28
1 Data are available only for March, June, August, and September of 1946.Source of data: U. S. Department of Labor, Bureau of Labor Statistics.
While these declines represented a considerable adjust-ment from the extraordinary supply-demand conditions pre-vailing in the earlier postwar period, even at the end of 1949farm and food prices were high in relation to those for othercommodities when compared with the prewar situation ineither 1939 or 1926, as shown below:
Percent Increase in Wholesale Prices
Item
Farm products .Foods.Commodities, other than farm products and foods
December 1926to
December 1949
63.654.848.5
December 1939to
December 1949
129.7116.673.4
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
12 SURVEY OF CURRENT BUSINESS February 1950
Chart 8.—Retail Prices of Foods Derived From DomesticFarm Products: Actual and Calculated
INDEX, 19352 5 0
200
150
100
50
0
-
-
I i i.1922 24
-39 = 100
^•ACTUAL
\
1 1 1 1 I 126 28 30
U S DEPARTMENT OF COMMERCE,
<
^CALCULATED V
1 1 1 ! 1 | I I 1 1 1 132 34 36 38 40 42
a--
1 ! 1 1 I 144 46 48
OFFICE OF BUSINESS ECONOMICS 50-34
1 Calculated from a linear least squares regression of the logarithms of retail food priceson the logarithms of prices received by farmers for the equivalent physical quantities of foodssold at retail, adjusted for the lag in retail prices, for the years 1922-41.
Sources: Basic data, U. S. Department of Agriculture, Bureau of Agricultural Economics:indexes for Actual and Calculated, U. S. Department of Commerce, Office of BusinessEconomics.
Small reduction in living costsIn the aggregate, living costs were influenced only modestly
by the 1949 adjustment in wholesale prices. The over-allreduction was 2 percent, though some further saving to con-sumers resulted from quality improvements and the greateravailability of low-end items noted above. Rents movedupward slowly over the year, as controls were relaxed inmany areas of the Nation. Persistently strong demandmaintained prices of almost all services, of automobiles andcertain other durables, and of most pharmaceuticals.
Some slackening in demand was reflected in the declinesof about 7 percent in prices of apparel and housefurnishings.
depicted in chart 7. Contributing to these reductionswere lower material costs and also the virtual elimination ofbacklog demands for radios and such electrical appliancesas vacuum cleaners. Furniture prices were also depressedby a lag in expenditures early in the year, but in this casethere was a subsequent firming associated with the rise inresidential building.
Relationship between retail food andfarm food pricesFood costs were only moderately lower—by about 4 per-
cent—in December 1949 as compared with December 1948.When appraised on the basis of historical performance,however, this decline was approximately in line with the 15percent reduction in prices of food at the farm. Changesin retail prices normally follow farm prices only after a lag,and the amplitude of variation is usually smaller becauseof the sluggishness of distribution and processing costs.
The closeness of the relationship between retail and farmprices of food—and the consistency of behavior in this re-spect during 1949—is illustrated in chart 8. The calculatedline depicts the cost of food to consumers as derived from theaverage relationship between comparable retail and farmprices during the years 1922 through 1941. The near coinci-dence of actual and calculated lines—except for the waryears when price controls limited distributive margins—suggests the high degree of consistency with which thishistorical relationship has been followed.
Devaluation has minor effectsExcept for shortlived fluctuations in prices of inter-
nationally traded raw materials, in the short period fromSeptember through the end of the year, the domestic pricelevel was little affected by the devaluation of foreign cur-rencies by Great Britain and 29 other nations in Septemberand October. Domestic demand remained the dominantfactor determining prices of most imported commodities,consumed in large quantities in the United States, with themajor exception of coffee which rose on indications of cropdamage in Brazil. As described in the chapter on foreigntrade, adjustments in international prices are still in progressand it is as yet too early to evaluate the impact of revisionsin exchange rates upon the competitive positions of thenations affected.
Industrial Production
1 HE adjustment in business activity in 1949 was reflectedmore directly in the manufacturing and mining segment thanin any other major area of economic activity except agri-culture. Total industrial production, which reached a peakrate in the fourth quarter of 1948, was reduced significantlythrough the early summer of 1949 and recovered partiallythereafter.
Existing data representing the course of total industrialproduction do not provide exact measures of actual changes inoutput of all of the various industries. An analysis of theproduction data of the Board of Governors of the FederalReserve System and of the data on the value of manufac-turers' sales of the Office of Business Economics, adjusted toa production basis and for price changes, indicates that forthe year 1949 as a whole the decline in total industrial pro-duction was moderate, about 5 percent below the recordpeacetime volume of 1948.
The cut-backs were fairly widespread by industries andwere much sharper for the durable-goods group than the
nondurables. Automobiles provided a major exception tothe trend, as consumers continued to purchase cars in quan-tities limited during most of the year only by the industry'scapacity to produce.
The reduced industrial output which in many cases wasbelow sales was primarily due to: (1) The more cautious pur-chasing policy adopted by business in general during theyear, so that while part of the production in 1948 went foradditions to inventories, this was not the case in 1949, and(2) a reduction in demand for producers' durable goods inline with the reduction of business capital outlays. Manu-facturers' dollar sales—part of which were made from in-ventory in 1949 in contrast to 1948 when all were made fromcurrent production—were only 6 percent below 1948 andabout half of this reduction was due to lower prices. Thepartial recovery in production which occurred in the last 5months of the year reflected the maintenance at a highlevel of final demand.
In contrast to previous postwar years there were no pro-Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SURVEY OF CURRENT BUSINESS 13
nounced raw material shortages, and no problem of fillingdistributive pipe lines. Only in automobiles did productionproblems still retard the attainment of peak output, andin this case the volume of production exceeded the previoushigh of 1929.
Greatest declines in durable goodsThe sharpest decline in manufacturing activity during
1949 was in the heavy-goods industries, which were affectedby both the inventory adjustment and the slackening indemand for producers' durable goods.
The effect of the decline in business outlays for capitalequipment was evident in the production trends of almostall producers' durables, including especially machine tools,most types of industrial machinery, transportation equip-ment, mining and oil-well equipment, and integral andfractional horsepower motors. Over the year, declines inthe value of manufacturers' shipments for these commodi-ties ranged from 14 to well over 25 percent. Notable ex-ceptions to the general downward trend were heavy electricalequipment, reflecting the continued expansion in investmentby electric utilities, and heavy construction machinerywhich mirrored the record volume of building activity.
The magnitude of the reduction in selected segments ofthe transportation equipment industry is depicted in chart 9.
In the case of freight cars, the precipitous fall in monthlyshipments from the peak rate of 12,600 cars in March to3,400 in December followed the sharp reduction in neworders placed by railroads during the year. While outputfor the year as a whole remained high, backlogs were reducedfrom 107,000 units at the beginning of 1949 to 12,500 at theend of December, the lowest in the postwar period.
All of the drop in truck production in 1949—from around1.4 million to 1.1 million—occurred in the middle-weightand heavy duty classifications where volume in the twopreceding years was at an exceptionally high rate. Loweragricultural incomes as well as diminished backlogs werereflected in a substantial reduction in output of tractors forfarm use.
Steel reflects adjustmentThe over-all reduction in activity in the durable-goods
industries was reflected in the operation of the Nation'ssteel mills in 1949. Following a high first quarter in whichoutput totaled a record 24 million tons of steel ingot andcastings, production moved sharply downward in line withthe behavior of the principal consuming industries, exceptautomobiles and construction. At the low point in Julythe weekly ingot rate was 61 percent of rated capacitycompared with over 100 percent of capacity earlier in the year.
Chart 9.—Production of Selected Durable and Nondurable Manufactured Products l
MILLIONS2.0
1.6
1.2
.8
4
PASSENGER
1949**^^
1
AUTOMOBILES
1 )
MILLIONS24
22
20
18
16
TIRES, RUBBER(PASSENGER CAR ANO TRUCK)
1948
MILLIONS1.4
1.2
1.0
.8
.6
REFRIGERATORS, 2/HOUSEHOLD (ELECTRIC)
MILLIONS1.4.
WASHING MACHINES,HOUSEHOLD (ELECTRIC
A N D GAS)"
MILLIONS THOUSANDS THOUSANDS1.6
f.2
.8
A
O
TELEVISION
-
~ 7949^
— —/948*^
•••••••••••I
RECEIVERS y
/ ~
/
* • • " " "1 i
bOO
400
30.0
200
100
TRUCKS AND
>
1949*
\ \
BUSSES
S*I948
i
bO
40
30
20
JO
FREIGHTRAILWAY
V948
1
CARS,
1949
1 1 ^
MILLION DOZEN PAIRS60
50
40
30
20
HOSIERY
y*1948
" 1949 f
1 1
-
1
MILLION PAIRS(40
MILLION SHORT TONS
130
120
110
100
SHOES AND SLIPPERS,LEATHER
. VI948
1949
PAPER,
"" >
1949
1
TOTAL
^1948
1
-
1
MILLION BARRELS520
440
REFINED PETROLEUMPRODUCTS
QUARTERLY TOTALS
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-53
1 Data represent production or shipments,2 Data represent only shipments reported by members of the association.3 Include radio and radio-phonograph combinations. Data represent approximately 100 percent of the industry based upon monthly production reported by members of the
association.4 Include wheel and tracklaying types, but excludes garden type.Sources of data: Passenger cars and trucks, Automobile Manufacturers Association; tires, Rubber Manufacturers Association; refrigerators, National Electrical Manufacturers Associa-
tion; washing machines. American Washer and Ironer Manufacturers Association; television receivers, Radio Manufacturers Association; freight cars, American Railway Car Institute;tractors, Implement and Tractor, Implement Trade Journal Company; hosiery, National Association of Hosiery Manufacturers; shoes, U. S. Department of Commerce, Bureau of theCensus; paper, American Paper and Pulp Association; refined petroleum products, U. S. Department of the Interior, Bureau of Mines.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
14 SURVEY OF CURRENT BUSINESS February 1950
The subsequent recovery was interrupted by the workstoppage in October, but in December output was pushedto an average of 95 percent of rated capacity to meet therising backlog of new orders accumulated during the strike.For the year as a whole, production of steel ingots and cast-ings aggregated 77.9 million tons, about 12 percent below1948.
Nondurable goods reflect steady demandIn the nondurable-goods segment production in 1949 was
considerably more stable. In clothing and food lines,demand was well maintained during the year and someprice reductions from the high 1948 levels helped to sustainthe volume of consumption. In other lines producing finishedgoods, such as shoes and tobacco, output was typicallystable.
Activity in industries producing semifinished commodi-ties, however, reflected the general adjustment of inventorieswhich retarded output especially during the first 7 monthsof the year. Lines particularly affected included textilefabrics and paper, which declined by nearly 25 percent and15 percent, respectively, to the midsummer low. Never-theless, subsequent recovery was swift and by Decemberoutput was as high as, or higher than, in 1948. In petroleumproducts-—shown in chart 9—plentiful supplies of homeheating oils carried over from the previous year remaineda depressing influence, and even with the increase in outputof refined products in the second half of the year the produc-tion rate at year end was still below that of a year ago.
Consumer goods output highThe record output of passenger cars more than offset the
declines from 1948 peaks in most other consumer durables.Aided, except at the year end, by adequate supplies of steelfor the first time since the end of the war, the industryrolled out over 5.1 million passenger cars in 1949, about 1.2million more than in 1948 and well over 500,000 above theprevious record number produced in 1929. The sharpdecline in assemblies in November and December, depicted inthe chart, was due in large measure to model change-overs aswell as to the effects of the work stoppage in steel.
With backlog demands in most cases materially reduced,production declines of major electrical appliances, outsidethe new and growing television industry, ranged from 7_ tonearly 35 percent below volumes of the previous year. Withthe exception of radios, however, output exceeded the 1941rate by a considerable margin as shown in the table below:
Percent Change in Production of Electrical Appliances
Appliance
Electric refrigeratorsWashing machinesVacuum cleanersE lectric rangesElectric water heatersRadios, including phonograph combinations..Television receivers._._
1948 to 1949
- 3 0- 1 4- 3 4- 3 3- 3 4
+180
It is notable that the reduction in output of refrigeratorswas relatively modest and attributable in the main to thematerial shortage in the final quarter of the year followingthe work stoppage in steel mills. Of additional interest isthe pick-up in shipments of washing machines late in theyear—depicted in chart 9 stimulated by the introductionof lower priced models as wTell as the completion of a recordnumber of new dwelling units.
Smaller decline in manufacturers' salesThe total dollar value of manufacturers' sales in 1949 was
$213 billion, 6 percent below the peak of $228 billion in
1948, as shown in table 5. A large part of the drop in salesreflected lower prices and when adjusted for price changes thedecline in sales was less than that in output.
Dollar sales of the durable- and nondurable-goods indus-tries were lowered in the same proportion, with the sharperphysical output decline in durables roughly balanced by themore extensive price cuts for nondurable goods. Movementsin sales of each group throughout the year were similar tothose of total sales, but in the soft-goods lines the post-summer pick-up was somewhat stronger.
Table 5.—Value of Manufacturers' Sales
[Millions of dollars]
Industry
All manufacturing
Durable-goods industries, total
Iron, steel, and productsNonferrous metals and productsElectrical machinery and equipmentMachinery, except electricalAutomobiles and equipment
Transportation equipment, except automo-biles.. __ . .
Lumber and timber basic productsFurniture and finished lumber productsStone, clav, and glass productsOther durable-goods industries
Nondurable-goods industries, total
Food and kindred productsBeveragesTobacco manufactures.Textile-mill productsApparel and related productsLeather and products, _
Paper and allied productsPrinting and publishing.Chemicals and allied productsPetroleum and coal productsRubber productsOther nondurable-goods industries
1939
61,340
22,454
6,0791,7261,8613, 5713 578
8651,1541,3851, 563
672
38,886
11,2531 8421,3344 0203, 2021, 318
1, 7852, 5124, 3395,2661,072
943
1947
205,105
82,597
20, 6156, 6398,772
13, 54511, 540
3, 7114,6284,5983,9734,575
122,508
36, 5905. 9143,026
13 24611, 2934. 279
6, 2346, 301
13. 60815, 0523,5173,503
1948
228,008
94,713
24,1347, 3689,493
15, 27813, 827
4 8595,4784, 9174,4934,865
133,295
37, 5886, 1613,302
14 69712, 4743,848
6, 6226, 711
14. 62620, 140
3, 5053,623
1949 v
213,100
89,100
21, 2006,3008,800
13, 90016, 400
5, 2004,8003,9004,4004,100
124,300
35,1007,2003,300
12 40010, 3003,400
6,^007,000
13, 90018, 800
3, 20f3,500
p Preliminary.
Source: U. S. Department of Commerce, Office of Business Economics.
Total sales of the non-durable-goods industries in 1949were $124 billion compared with $133 billion in 1948. Allindustries within the group, except beverages, tobacco, andprinting and publishing, reported a lower value of goodsshipped than in the previous year. The largest declines—each in excess of 10 percent—occurred in textile, apparel, andleather.
Durable-goods sales totaled $89 billion. Increases over1948 sales approached 20 percent for motor vehicles and 10percent for other transportation equipment—with aircraftshowing the major increase in the latter group. All othergroups declined.
Order backlogs decline in 1949Orders placed for manufactured goods, where orders are
not measured by sales, were smaller than sales in 1949—the
Table 6.—Ratios of Manufacturers' New Orders to Sales
Item
All manufacturing
Nondurable-goods industries
Durable-goods industries
Iron, steel, and productsNonferrous metals and productsElectrical machinery and equipmentMachinery, except electricalTransportation equipment, except autosOther durable-goods industries
First Secondhalf half
0.99
.99
1.01.96.94.93
1.32.98
Firs t Secondhalf half
0.98
.98
. 97
.98
.971.00
.871.021.00
0.93
.86
.86
.90
.91 i
.80 j
.50 !
.92
1.00
1.01
.99
1.061.05.98.88.70
1.02
Source: U. S. Department of Commerce, Office of Business Economics.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SUEVEY OF CUEEENT BUSINESS 15
difference representing a reduction in the backlog of orders onhand at the end of the year. In 1948, new orders had beenclosely in line with sales, but late in that year incomingbusiness began to decline more rapidly than sales (see table6). The disparity widened during the first half of 1949.After mid-year the trend reversed and orders in the aggre-gate were equal to sales in the second half.
Among the durable-goods industries the improvement inthe order-sales relationships during the second half of 1949was sizable. For each of the industries in this group, exceptin the cases of general machinery and railroad equipment,
new orders in the second half of 1949 were about in line withsales. However, as a result of the unfavorable first halfbacklogs on the average were reduced by one-fourth during1949 and unfilled orders of durables amounted to 2l/2 monthsof sales at the end of the year as compared with 3 monthsin December 1948. The ratio of unfilled orders to salesremained somewhat higher than it was prior to the war.
In the nondurable-goods industries, the relative impor-tance of unfilled orders is typically of much less significance,and fluctuations in the volume of sales followed movementsin new orders closely throughout the year.
Agricultural Production and Incomer A E M production in 1949 was again near the peak rate
attained in the preceding year, but farm income moveddownward primarily as a result of the effect upon prices ofaccumulating supplies and some decline in foreign demand.Agricultural prices, which had been consistently above paritywith nonagricultural prices since 1942, averaged 100 percentof parity for the year 1949 and were 5 percent below parityin December on the revised basis for calculation recentlyadopted by the Department of Agriculture.
New farm legislation during the year provided highersupport prices for "basic" commodities in 1950 than thosepreviously scheduled to go into effect and changed the com-putation of parity in such a manner that many of the principal"non-basic" commodities now have higher parity prices.
Although stocks of agricultural commodities are not yetburdensome, production has been running in excess of con-sumption since the world food crisis of 2 years ago. A sub-stantial proportion of this output has been acquired by thegovernment as a means of supporting prices. As a part ofthe price support program, production controls were an-nounced for all basic commodities by the year end.
The year 1949 thus represented the last of a series of yearsbeginning in 1942 in which production with the majorexception of tobacco was substantially free of governmentalcontrol measures. Farmers planted the largest crop acreagein 15 years and expanded livestock production for the firsttime since the war. With somewhat less favorable weatherthan in 1948, however, yields per acre and total crop pro-duction were lower than in 1948, but both were higher thanin any other year.
Although few crops were of record size in 1949, output ofmost of the principal crops including cotton, corn, wheat,oats, and soybeans was well above average. Of this group,however, only cotton exceeded the harvest of a year earlier.A total of 16 million bales was ginned—the largest cropsince 1937.
Shift in farm outputThe composition of farm output in each of the past 2 years
was very similar, but this pattern represents an importantshift from that prevailing in the late war and early postwarperiod. Expanded crop production in 1948 and 1949 morethan offset a reduction in livestock output from other recentyears. Furthermore, the crop expansion was in nonfoodproducts—chiefly cotton and feed grains—and some declineoccurred in food crops. Thus, although total farm outputhas been at a record rate, food production has been moder-ately lower in the past 2 years than in the preceding 2- to4-year period and this has been reflected in a moderatedecline in food prices than in agricultural prices as a whole.
Nevertheless, the low point in food production was reachedin 1948 and a gradual upswing in the output of meat, dairyproducts, and poultry and eggs occurred in 1949. Both thebeef and pork output were a little higher thus bringing to anend the declining trend in meat supplies which had persisted
since 1944. The rise in output of dairy products and eggs,however, was about absorbed by purchases for price supportby the Commodity Credit Corporation as prices of theseproducts weakened during the year.
Net income lowerAlthough little change occurred in the domestic demand for
agricultural products, farm income declined substantially in1949 from the peak reached in 1948. As indicated in thenational income and product section, disposable income was alittle higher in 1949 than in 1948 and consumer expendituresfor food were only a little lower. Foreign demand for UnitedStates farm products was also less urgent as supplies abroadrecovered further from the low point reached at the end of1947. Despite the curtailment in shipment of farm productsin the latter half of the year, the value of farm exports for
Chart 10.—Income and Expenses of Farm Operators1
BILLIONS OF DOLLARS40
30
20
10
NET FARM INCOMEADJUSTED FORINVENTORY CHANGES \
GOVERNMENT GROSS FARM INCOMEADJUSTED FORINVENTORY CHANGES
INVENTORYDECREASE
INVENTORYINCREASE
II !
i
I I1935-39 40 41AVERAGE
42 43 44 45 46 47 48 49
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-43
i Value of inventory changes include all crops and livestock whether held for sale or iuruse on the farm.
Source of data: U. S. Department of Agriculture, Bureau of Agricultural Economics.
1949 was as great as in 1948 principally because of expandedshipments under the Economic Recovery program in the first6 months of the year. As indicated below, perhaps the mostimportant influence contributing to the decline in farm in-come was the continued accumulation of agricultural com-modities, principally in the hands of the government.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
16 SURVEY OF CURRENT BUSINESS February 1950
Cash receipts from marketings, at $27.5 billion were about10 percent below the record established in the precedingyear. There was little decline in production expenses, how-ever, and net income of farm proprietors registered a declineof nearly 25 percent (see chart 10). At about $14.1 billion,farm proprietors' incomes were lower in relation to totalnational income than during the war or in other postwaryears but remained somewhat higher than the average pro-portion obtained during the years 1929-40. On a per capita
Table 7.—Index Numbers of Volume of Production for Sale andHome Consumption
[1935-39 = 100]
Commodity group
Livestock and products:
Meat animalsDairy productsPoultry and eggs
Alllivestock
Crops:
Food grainsFeed cropsCotton (lint and seed)Truck cropsOther vegetablesTobaccoFruits and tree nutsOil-bearing cropsSugar crops
All crops
Food production
Non-food production
All commodities
1940
118105112
112
11011495111101101110171104
107
111
105
110
1944
155115166
143
1481539413710613512327081
128
140
126
137
1945
147119170
141
1551446814211013711329194
122
139
113
134
1946
145119160
138
16417266158128160133277103
135
140
122
137
1947
145117157
137
19713193141107145129300110
135
140
120
136
1948
134114153
130
19020611714412313612736389
154
135
156
139
1949 1
136117163
134
165182126144115137Io5327
99
148
136
151
139
! Production estimates are based on the December crop report and estimated marketingsand home consumption of livestock and livestock products.
Source: U. S. Department of Agriculture, Bureau of Agricultural Economics.
or a per family basis, the comparison is more favorable forfarmers during the recent period since farm population isnow about 10 percent lower than the 1929-40 average,whereas nonfarm population is about 25 percent higher.
Price decline throughout 1949Declining farm income in 1949 was principally the result
of a continued weakening in farm prices. During the courseof the year, farm prices declined 12 percent, which is aboutthe same extent as that occurring during 1948 but the move-ment during the 2 years followed different patterns. Al-though the highest monthly average in 1948 was in Januaryand the lowest in December, on a quarterly average basisprices rose both in the second and in the third quarter beforedropping sharply in the final months of the year. In 1929,however, prices averaged lower in each succeeding quarter.Furthermore, the decline was general. Of 10 major com-modity groups, only fruit and tobacco registered advances.The rise in fruit prices reversed a 2-year decline which hadoccurred in 1947 and 1948 and was the result of a sharp dropin output of citrus fruit. The rise in tobacco represented amixed price situation in which declining prices prevailed forsome of the principal types of tobacco. For 2 years reducedmarketing quotas have curtailed tobacco output and a sub-stantial portion of total production has been placed undergovernment loan in order to support prices.
For the major livestock and products groups, the price de-cline reflected rising production. Among the crops, in-creased world supplies were important factors in price reduc-tions for cotton, grains, and oilseeds.
The decline in farm prices and in farm income was mod-erated by the largest price-support expenditure made by theGovernment in any one calendar year. During the earlypart of the year, heavy expenditures were made to support
the prices of crops grown in 1948 but not marketed beforethe turn of the year, whereas in the latter part of the yearextensive purchases and loans were made for the 1949 crops.Although support was extended to a number of commoditiesin 1949 which did not require either loans or purchases in1948, support expenditures on the current crop at the end of1949 were running a little less than a year earlier primarilybecause of a reduction in the amount of cotton placed underloan.
Parity revised to include labor costThe Agricultural Act of 1949 provides for higher support
levels for "basic" commodities in 1950 than those containedin the previously existing law and includes wages paid tohired farm laborers in the computation of parity with theresult that most "non-basic" commodities as well as twoof the "basic" group now have higher parity prices.
Chart 11.—Percent Change in Parity Prices, ResultingFrom Revisions in the Method of Computation
COMMODITY
AVERAGE, 24COMMODITIES -!/
-10PERCENT CHANGE
+ 10 +20 + 30
BEEF CATTLE
WOOL
RICE
MILK, WHOLESALE
TOBACCO, BURLEY
BUTTERFAT
SOYBEANS
PEAS, DRY FIELD
HOGS
TOBACCO, FLUE CURED
FLAXSEED
TURKEYS, LIVE
CHICKENS, LIVE
BEANS, DRY EDIBLE
WHEAT
CORN
COTTON
PEANUTS
MOHAIR
HONEY, EXTRACTED
HONEY, COMB
EGGS
RYE
POTATOES
'//////////////////////////AY////X
'//////////////A
//////////A
NO CHANGE
V////A
U S DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
1 Average was weighted on the basis of cash receipts from farm marketings in 1948.Source: Basic data, U. S. Department of Agriculture, Bureau of Agricultural Economics.
In addition to the changes in the formula for calculating"the general parity level, individual parity prices were ad-justed in accordance with price relationships existing duringthe most recent 10-year period, instead of maintaining thepattern existing in the base period, which is 1910-14 for mostcommodities. Any increases in parity which result fromcalculation on this revised basis will be fully effective in 1950,but any decreases in parity prices of the principal basic com-modities are avoided by the use of an alternative calcula-tion, as noted below, and decreases for other commoditiesare limited to 5 percent.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SUEVEY OF CURRENT BUSINESS 17
For the basic commodities, support prices will be basedupon the higher of (1) the old method of calculating parityand (2) the new formula. The revised parity calculationsof the Department of Agriculture show that the old formulais higher for 4 of the 6 basic commodities—wheat, corn,cotton, and peanuts. For the other two "basics"—rice andtobacco—the new formula provides higher parity prices.The new formula is also to be used in computing parityprices for all the nonbasic commodities.
The net effect of the revision in parity calculations for1950 is an increase of about 9 percent in average parity prices,weighted on the basis of cash receipts. As shown in chart 11,substantial increases in parity occur for livestock and mostprincipal livestock products except eggs. On the other hand,there is no change in parity for the big crops—cotton, corn,and wheat and the weighted average rise for all crops is only1 percent.
In contrast to the specific mandatory support levels pro-vided for basics, the nonbasic commodities have a rangewithin which support is provided, either on a mandatory ora permissive basis. Dairy products must be supported atfrom 75 to 90 percent of parity with the provision that thesupport level should assure an adequate supply. The othercommodities in this "designated" group for which supportsare mandatory—wool, mohair, tung nuts, honey, and pota-toes—are to be supported at from 60 to 90 percent of parity.However, there is a special provision that the support priceof wool is to be established at a level that will encourageproduction at a rate of 360 million pounds of shorn wool peryear, which is about two-thirds higher than the currentrate of output obtained with a support level of about 95percent.
Support levels not fixedFor the remaining nonbasic products, support is permis-
sive rather than mandatory at not more than 90 percent of
parity. Price support may exceed 90 percent of parity forany agricultural product, however, if the Secretary ofAgriculture determines after a public hearing that such alevel is necessary to prevent or alleviate a shortage of anessential commodity or to stimulate production of a com-modity in the interest of national security.
The Agricultural Act of 1949 also contains a forwardpricing provision, directing the Secretary of Agriculture toannounce the support price level for field crops in advanceof the planting season and for other commodities before thethe start of the marketing year or season. Although for-ward price support levels announced may later be increased,they are not to be reduced, even though actual parity prices,when determined, are lower than the announced forwardprices.
The law also authorizes loans to cooperatives for theerection of storage facilities and places restrictions on thesale of commodities by the Commodity Credit Corporation,but these restrictions have important exceptions. Foods indanger of deterioration may be (1) exchanged for com-modities not produced in the United States, or (2) givento public welfare programs, including school lunches or toprivate welfare organizations for distribution at home andabroad. This provision for disposition of perishable com-modities will ease the problem created by the rise in price-support purchase of these foods in recent months.
The year 1949 was one of transition in American agri-culture from the former period in which attention had beenfocused upon expanding output to fill world-wide demands toa period in which emphasis has shifted to price-supportoperations and the attendant production controls. Thisshift was reflected in the farm legislation during the yearwhich revised the method of calculating parity, extendedwartime price supports with some changes, and designatedmore specific criteria to be used in curtailing production.
Construction ActivityA MAJOR element of strength in the economy in 1949 was
the rise in public works and residential construction. As aresult of the substantial expansion in public construction,aided during the latter months of the year by the sharprecovery in residential housing, the total value of all con-struction put in place reached a new high of $19.3 * billionin 1949, one-half billion dollars over 1948. Additionalexpenditures by public authorities of more than $1 billionoffset a contraction in the private sector of approximatelyone-half billion dollars.
Housing, after a moderate decline during the first 4 monthsof 1949, picked up in the late spring and reached a recordlevel in the fourth quarter. The value of residential con-struction for the year as a whole was slightly below 1948,partly because of the low volume of starts in the closingmonths of the earlier year. However, its upsurge afterApril was sufficient to bring total private construction closeto its postwar high in the fourth quarter of 1949, despite thecontinued downdrift in private nonresidential construction.
Average construction costs declined only slightly from1948 to 1949, implying that the increase in the physicalvolume of construction was slightly more than that indicatedby the dollar expenditures. The price average for allbuilding materials declined about 3 percent in 1949, duechiefly to noticeable declines in lumber prices. The monthlyaverage of most of the remaining building materials pricesshowed increases over 1948.
1 This differs from the new construction total shown in the private domestic investmentcomponent of the gross national product in that the $19.3 billion includes expenditures onpublic construction but excludes oil well drilling activity and other items discussed in the July1949 SURVEY OF CURRENT BUSINESS, p. 7.
At the year end, construction activity was substantiallyabove the year as a whole, on a seasonally adjusted basis,and for some segments, particularly residential construction,commitments for construction presaged high activity forsome months to come. Private work, because of the contra-seasonal increases in residential building, was progressing ata relatively faster rate than public construction. During thelast quarter most building materials prices, including lumber,were already above their low points for the year, reversingthe pattern of slow declines during earlier months.
Public construction up in 1949
Public expenditures for construction amounted to about$5.3 billion or 25 percent more than in 1948. The largestincrease, dollar-wise, was reported in public nonresidentialbuilding. Highway expenditures were still the largest itemof public construction expenditures although the 5 percentincrease in 1949 was considerably less than the relativeincrease in 1948 over 1947.
Public housing, as indicated in table 8, almost tripled in1949, but comprised only about 3 percent of total housingexpenditures. All of these expenditures were under non-Federal programs which will continue to expand during1950 as the Public Housing Act of 1949 is implemented.
Private construction trends mixed
In the private sector, the pattern for 1949 was rathermixed but the over-all total declined. The industrial com-
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18 SUEVEY OF CUEEENT BUSINESS February 1950
Table 8.—New Construction Activity, 1948-49 3
[Millions of dollars]
Item
Total new construction _
Total private _
ResidentialN"onresidentialIndustrialWarehouses, offices and loft build-
ingsStores, restaurants, garagesOther nonresidential buildings
Farm construction
Public utility
Total public _ _
Residential 2NonresidentialMilitary and naval 2Sewer and waterHighway _ . .Other public
1948
18,775
11 563
7, 2233 5781 397
323901957
500
3 262
4,212
851,057
137481
1,585867
1949
19, 329
14, 059
7,0253,178
974
294707
1,203
450
3,406
5,270
2151,665
120570
1,6701.030
Seasonally adjusted atannual rates
1948
Firsthalf
17, 988
14, 240
7,1763, 4661, 466
294894812
506
3,092
3,748
86886144418
1,448766
Secondhalf
19, 562
14, 886
7,2703, 6901,328
352908
1,102
494
3,432
4,676
841,228
130544
1, 722968
1949
Firsthall
18, 548
13, 498
6,3583, 3541,138
320732
1,164
398
3,388
5,050
1441,642
98572
1, 622972
Secondhalf
20, 110
14, 620
7,6923, 002
810
268682
1.242
502
3,424
5, 490
2861, 6S8
142568
1, 71 s1, OSS
1 Excludes oil well drilling activity and certain other adjustments to gross national prod-uct level.
2 Not seasonally adjusted.Source: U. S. Department of Commerce, Office of Domestic Commerce.
ponent continued the decline apparent in 1948, droppingmore than 10 percent.
Expenditures by the utilities continued to rise because thegas and electric companies, which had not yet completedtheir postwar expansions, increased their expenditures byabout one-sixth over 1948 to $2.4 billion. Expenditures forrailroad construction increased only moderately after thebig expansion recorded in 1948, while telephone and tele-graph companies decreased their expenditures about 20percent.
Construction of stores, restaurants, and garages showedsome increase in the last quarter after declining from thefirst through the third quarter of the year. It is not un-likely that a strong demand for such service establishmentswill continue as a result of the recent trend of residentialconstruction and the new subdivisions which have beendeveloped.
Warehouse, office, and loft buildings also showed a slightimprovement in the last quarter after having declinedsteadily during the first nine months of 1949, resulting inthe yearly total about 9 percent below the total for 1948.
The backlog of demand for institutional services resultedin substantially higher institutional construction in 1949compared with 1948, but with a diminished annual rate ofincrease. Religious edifice construction showed the largestrelative increase in this category.
Residential construction up sharply at year endThe recovery in new residential construction activity from
the low point recorded in April, after allowing for seasonalinfluences, was the most impressive development in con-struction activity during 1949. This rise beginning in thespring was made possible by the large backlogs of the warperiod, but the activation of this demand in its 1949 re-surgence was influenced by: (1) some reduction from thepeak in the unit costs of new houses, (2) easier financingterms, and (3) diminished expectations by prospective buyersthat postponement of purchases would bring savings fromfurther price reductions, a factor in the decline of salesduring the early part of the year. Total dwelling units
placed under construction in 1949, estimated at over 1million, as indicated in chart 12, were well over the numberstarted in 1948 and also above the total for the previousrecord year, 1925, when 937,000 were started. Privatestarts alone in 1949, about 984,000, exceeded the previousrecord which included no public activity.
However, 35,500 publicly financed starts in 1949 werealmost double the 1948 total and will continue to increase asFederal activity approaches the statutory limit of 135,000starts per year. If conditions warrant such action, thislimit could be increased to 200,000 units by Presidentialauthorization.
An important change from 1948 to 1949 in the pattern ofprivately financed starts, indicated in chart 12, is the increasein the number of niulti- and two-family units as well as theproportion it represents of the total, moving from 16 percentin 1948 to 20 percent in 1949. This proportion, however,is still considerably short of the figure in 1925 when approxi-mately 40 percent were of this type.
Chart 12.—Permanent Nonfarm Dwelling Units Started,by Type and Financing1
r~TTHOUSANDS300
250
200
150
PRIVATE, ONE-FAMILYPRIVATE, TWO AND MULTIFAMILY 2/
j PUBLIC, ALL TYPES
.
1925 1947 1948 1949 2/
QUARTERLY AVERAGES
2 3 41948
QUARTERLY
1 2 3 41949 2/
TOTALS
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-23
1 Data represent dwelling units privately and publicly financed and include prefabricatedhousing units. Figures exclude temporary units, conversions, dormitory accommodations,trailers, and military barracks.
2 Data include units in 1- and 2-family structures with stores and units in multifamilystructures with stores.
3 Data for total dwelling units started for the fourth quarter of 1949 are preliminary;components are estimated.
Sources of data: U. S. Department of Labor, Bureau of Labor Statistics, except compo-nents for fourth quarter of 1949, which were estimated by the U. S. Department of Commerce,Office of Business Economics.
The rise in rental type housing from 1948 to 1949 wasundoubtedly aided by the liberal use made of Section 603 ofTitle VI of the National Housing Act by the constructionindustry during the past year.
In contrast, the number of single-family units while in-creasing over last year constituted a smaller proportion ofthe total. It is interesting to note that while the number ofthese units increased in 1948 over the 1947 total, the increasein that year occurred in spite of rising costs and the erectionof a substantial number of expensive units. The decline instarts toward the end of 1948 probably reflected the dimin-ished demand for houses with the high costs and financialdifficulties then prevalent.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1050 SURVEY OF CUKKENT BUSINESS 19
This condition appears to have been adjusted during 1949with a larger proportion of smaller and less expensive unitsdeveloped by the industry. This, coupled with easierfinancing made possible by continued operations of theFederal National Mortgage Association as a secondarymortgage market, facilitated by the recent liberalizationof the Act and additional authorization of funds aided intapping a broadened base of demand in lower incomebrackets.
In addition to the specific aids achieved by legislation,
the general policies of the Treasury and Board of Governorsof the Federal Reserve System have aided in retaining a lowrate of interest and supply of available funds. Further,there also seemed to be a greater flow of private funds intothe mortgage market as the result of somewhat less attractivealternative forms of investment. These factors in combina-tion appear to have created less restrictive policies bymortgage companies both with respect to interest rates andother terms of financing than prevailed during most of 1948.
Domestic Business Investment
A. DROP of $10 billion in gross private domestic investmentwas the largest change among the major components of thenational product from 1948 to 1949. As pointed out in anearlier section, the principal part of the reduction in grossprivate domestic investment represented a shift fromaccumulation of inventories to disinvestment, and practicallyall of the remainder reflected lower outlays by nonfarmbusiness for plant and equipment.
The portion of the decline in total output resulting frominventory changes was very substantial. However, itshould not be overlooked that inventory liquidation in 1949was small, and that in the main it was the elimination ofthe appreciable accumulation characterizing 1948 whichaccounted for the depressing influence of this componentof investment. But since inventories generally were notexcessive early in 1949, liquidation was checked by thefirm demand for final products earlier discussed.
Plant and Equipment Expenditures
Nonagricultural business firms spent $17.9 billion for newplant and equipment during 1949, a decline of 7 percent fromthe $19.2 billion in 1948.l The year 1949 marked the firstdownward movement in annual capital acquisitions since theend of the war (see chart 13). However, outlays for fixedassets were higher than in any year prior to 1948 both in dollarterms and physical volume. Plant and equipment costs,which had reached their highest point early in 1949, declinedsomewhat during the year and average prices for 1949 ap-proximated the 1948 level.
It is interesting to note that the investment programs re-ported by business at the beginning of 1949 were, as a whole,carried out during the course of the year. Anticipated out-lays were only slightly higher—about 1 percent in total—than actual expenditures for new capital facilities.
Quarterly trendsThe high point of outlays for plant and equipment was
reached in the second half of 1948. After rough allowance forseasonal factors, total outlays during the first quarter of 1949
Table 9.—Year-to-Year Percentage Change in New Plant andEquipment Expenditures
Industry-
All industries^ _
ManufacturingMining _ _ _ _ . . _ _RailroadsOther transportationElectric and gas utilitiesCommercial and miscellaneous
1945to
1946
+82
+84+27+4
+106+65
+123
1946to
1947
+34
+26+23+60+21+83+34
1947to
1948
+19
+12+16+45
+41+22
1948to
1949
-14- 9_i_2
- 2 8+18- 6
1948-1949
Firsthalf
+1
0+26-25+27- 2
Secondhalf
- 1 4
- 2 3- 1 7- 1 8- 3 0+11- 1 1
Chart 13.—Business Expenditures for New Plant andEquipment*
ALL INDUSTRIES
BILLIONS OF DOLLARS20
I 5
10
0
10
0
10
5 -
10
5
MANUFACTURINGANO MINING
TRANSPORTATIONAND UTILITIES^/
COMMERCIAL ANDMISCELLANEOUS^/
1939 1945 1946 1947 1948 1949U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-24
Source: U. S. Department of Commerce, Office of Business Economics.
1 Exclude expenditures of agricultural business and outlays charged to current account.Data for 1949 include preliminary expenditures for the fourth quarter.
2 Include railroads, other transportation, and electric and gas utilities.3 Include trade, service, communications, construction, and finance.Sources: Data for 1945-49, U. S. Department of Commerce, Office of Business Economics,
and Securities and Exchange Commission; data for 1939, Board of Governors of the FederalReserve System.
slipped slightly below the previous quarter. During sub-sequent quarterly periods this downward tendency wassomewhat accelerated. The decline in the investment rateduring 1949 and the consistent year-to-year gains which hadpreviously characterized capital outlays are shown in table 9.
New investment during the early months of 1949 wasbolstered by the substantial increases made by railroads andelectric and gas utilities. During the remainder of the yearall major industries except electric and gas utilities showedyear-to-year declines. Even the increases shown by theutilities during the latter half of the year were moderate whencompared to previous gains.
1 These expenditures make no allowance for outlays charged by business to current account.The fourth quarter of 1949 is preliminary.
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20 SUEVEY OF CURRENT BUSINESS February 1950
Industrial trendsExpenditures for new plant and equipment by the com-
bined manufacturing and mining industries were $7.9 billionin 1949 as compared with $9.1 billion in the preceding yearwith both plant and equipment expenditures declining. Theplant segment, however, bore the brunt of the cut-back asindustrial construction activity fell approximately 30 percentbelow 1948.
Within manufacturing, most of the major industriesconsiderably reduced their rate of investment during 1949.It is worthy of note that from 1948 to 1949 there was a fairlyclose correspondence between the changes in profits andsales of the different industries and the changes in capitalinvestment. This was also true in terms of size of firm withboth profits and capital outlays declining relatively moreamong the small firms than among large ones.
Table 10.—Business Expenditures on New Plant and Equipment, 1945-49 1
[Millions of dollars]
Industry
All industries
Manufacturing.MiningRailroadOther transportationElectric and gas utilitiesCommercial and miscellaneous 4
1945
6,630
3,210440550320630
1,480
1946
12, 040
5,910560570660
1,0403,300
1947
16,180
7,460690910800
1,9004,430
January-March
4,170
1,800180270180500
1,240
April-June
4,820
2,140200310190640
1,340
1948
July-Septem-
ber
4,830
2,090200320170690
1, 360
October-Decem-
ber
5,410
2,320220410170850
1,440
Total
19, 230
8, 340800
1,320700
2, 6805,390
1949
January-March
4,460
1,850190360130680
1,260
April-June
4,660
1,880190380140780
1,290
July-Septem-
ber
4,360
1,690180310130790
1,260
October-Decem-
ber 2
4, 430
1,710170290110900
1,250
Total 3
17, 910
7,130730
1,340510
3,1605,040
1 Data represent expenditures of nonagricultural business only and exclude outlays charged to current account.2 Based on anticipated capital expenditures of business in October and November.3 Annual estimates include anticipations for the last quarter of the year.4 Includes trade, service, finance, construction and communication.
Source: U. S. Department of Commerce, Office of Business Economics, and Securities and Exchange Commission.
The rubber, paper, apparel, and lumber products industrieswere among the manufacturing groups showing the largestpercentage declines in plant and equipment expenditures, aswell as in sales and profits. On the other hand, capital out-lays, sales and profits in food and transportation equipment(excluding autos) were close to their 1948 levels. A notableexception was the automobile industry where capital outlaysdid not rise in spite of a sizeable increase in operations. Thiswas due both to the considerably smaller capital outlaysarising from the 1950 model change-over than from the 1949model change-over, and to a decline in outlays for plant. Inaddition, capital expenditures as reported by this industrygenerally do not include a substantial amount of expenditureson special tools which are charged to current account andwhich are closely related to the volume of output.
Since the correspondence between investment and operat-ing experience was not so evident in the earlier postwar years,there is some indication that 1949 marks a return to a morenormal relationship between investment and current opera-tions, reflecting the completion of a large part of the immediatepostwar expansion programs of business. However, analysisbased on the long-term growth in producers' equipmentoutlays suggests that some upward pressure of wartimedeferred demand was still being exerted in 1949.2
Plant and equipment expenditures by the petroleumindustry declined moderately in 1949. The largest relativereduction was in outlays for refining facilities—while invest-ment in pipe lines and oil- and gas-well drilling was littlechanged. In the transportation equipment group, invest-ment was supported by a sharp increase in plant andequipment outlays by the aircraft industry. Despitereductions in over-all outlays by the electrical machineryindustry, expenditures for television production facilitiescontinued at a very high rate during 1949.
Capital outlays by railroads, which increased slightly from1948 to 1949, reached a turning point at the middle of theyear. During the second half of 1949, expenditures declinedabruptly and were approximately one-fifth lower than thecorresponding period of 1948.
Investment of electric and gas utilities reached a record
total of $3.2 billion in 1949, an advance of 18 percent over1948. Both electric and gas utilities shared in this increase.In the gas utility industry, the substantial postwar outlayswere due, in the main, to the expansion of pipe-line facilitiesfrom the Texas fields, arising out of the significant shift tonatural gas consumption.
Examination of investment plans by business for the firstquarter of 1950 gives some evidence of a deceleration of thedownward trend in the rate of investment.3 This may be areflection of the upturn in business expectations whichoccurred in the latter months of the year. However, theyear-end level was well below that of the preceding year.
Inventories
The book value of inventories held by nonfarm businessreached a postwar high early in 1949, and from then to theend of the year moved steadily downward. The value ofbusiness inventories was reduced by $5.1 billion over theyear. Most of this decline was due to price changes, butphysical volume also was lower.
The most important part of business inventories is heldby manufacturing and trade firms, whose stocks of goods onhand had a year-end book value of $53.5 billion (see table 11).Inventories of these companies were reduced by $4.7 billionin 1949 under the effects of declining replacement costs andreductions in physical quantities of goods in stock. Lowerprices were the major factor in this decline. In addition,following the slowing of sales in the early fall of 1948, inven-tory policy turned to physical liquidation rather than toaccumulation.
Table 11.—Book Value of Business Inventories, End of Period, 1948and 1949
[Unadjusted, billions of dollars]
2 See "The Demand for Producers' Durable Equipment" SURVEY June, 1949.3 A detailed analysis of prospective investment trends in 1950, based on the annual survey
of Capital Budgets, will soon be available.
Item
Total _
ManufacturingWholesale t rade. . _Retail trade
1948
FirstHalf
54.6
32 08.8
13.9
SecondHalf
58.2
34 39.6
14.4
1949
FirstHalf
55.4
32 98.8
13.7
SecondHalf
53.5
31 09.2
13.3
Source: U. S. Department of Commerce, Office of Business Economics.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SURVEY OF CURRENT BUSINESS 21Inventory movements during 1949 showed differences in
timing and magnitude in the various sectors. Retailers andwholesalers were the first to adjust their inventories to theshift in business in the fall of 1948. For these groups, inven-tory book values reached their peak late in 1948, and thendeclined through the first half of 1949. During the first 3months of the year lower prices accounted for all of the drop,and there was practically no change in volume of inven-tories. In the second quarter, liquidation became important.
Book values of trade inventories reversed their trend inmid-summer and rose in the third quarter. In the last 3months of the year wholesalers' inventories changed rela-tively little while those of retailers declined, mainly becauseof reductions in the stocks of automobile dealers.
Retailers' stocks at the end of the year were $13.3 billion,about $1 billion below a year ago. Wholesale inventorieswere down $400 million over the year to $9.2 billion.
Major decline in manufacturingThe book value of manufacturers' inventories reached its
post-war high in the middle of the first quarter of 1949.Thereafter book values moved down through most of theyear. The period of the most sizable decline was the thirdquarter, when liquidation was heaviest. In the final monthsof the year declines were small as increases in inventoriesof the nondurable goods industries almost offset the continueddeclines in the durable goods group. The reduction overthe year totaled $3.2 billion, and brought year-end bookvalues to $31.0 billion.
From table 12, it is apparent that the changes in manu-facturing inventories were dominated by the movements ofdurable-goods inventories. Here the decline in book valuesover the year amounted to $2.4 billion, compared with adrop of $900 million in the nondurable industries. Theextent of the reduction in durable goods inventories reflectsin part the year-end tightness in steel supply. However,there are indications that at the beginning of 1949 inventoryholdings were somewhat out of line with sales, so that somedownward adjustment was called for.
Finished-goods inventories of the "heavy goods" indus-
tries continued to increase well into the second quarter ofthe year. In large measure this increase represented invol-untary rather than planned accumulations. During thesecond half of 1949, however, these stocks were substantiallyreduced.
The nondurable-goods industries reduced the book value oftheir inventories during the first 3 quarters of the yearTable 12.—Change in Book Value of Manufacturers' Inventories,
1948 and 1949[Unadjusted, millions of dollars]
Period
1948:First quarter___Second quarter.Third quarter__Fourth quarter
1949:First quarter___Second quarterThird quarter,.Fourth quarter
Durable goods
Total in-ventories
Finishedgoods
446 i439444660
490- 8 8 0
- 1 , 4 7 3
29913883
390
48169
- 5 6 1
Nondurable goods
Total in-ventories
409663761422
- 3 8 8- 5 6 2- 4 4 6
519
Finishedgoods
195644621315
-42-115-152347
Source: U. S. Department of Commerce, Office of Business Economics.
but increased them during the last 3 months. Finished-goods inventories of these industries, which had risen rapidlyin 1948, declined throughout most of the year, but increasedin the final quarter.
Inventories in the hands of manufacturing and trade firmsat the end of the year generally did not appear high in relationto sales when judged by prewar standards. The tendency forliquidation to taper off at the end of 1949 appears to be inline with this inference.
In addition, there was an important difference between thesituations at the beginning and end of 1949. At the start ofthe year, continued accumulation at a substantial rate wouldhave been needed to avoid the deflationary effect of a declinein inventory investment. At the close, maintenance of thesize of stocks would imply no reduction in investment andhence would have no retarding influence on total output.
Retail SalesCONSUMER demand in the aggregate remained firm
in 1949, providing a source of economic strength in a year ofdeclining investment. Although the dollar value of retail-store sales dipped slightly, month-to-month movements weremarked by unusual stability, and the difference between thehighest month—September—and the lowest—December—was only about 3 percent.1
Nevertheless, within the retail sector, many groups con-tributed to and were affected by the business downturn,particularly in the early part of 1949. Also, this was thefirst year since 1938 in which retail-store sales failed to ad-vance over the previous year. Purchases in retail establish-
ments, at $128 billion, trailed 1948 by about IK percent(see table 13). In view of the decline in prices, however,the physical volume of goods moving through retail channelsin 1949 was, roughly, equal to the 1948 total.
Automotive sales sustain totalThe unprecedented number of passenger cars sold in 1949,
which permitted motor vehicle dealers to record an 18-percentincrease in dollar sales for the year, contributed materiallyto the strength of consumer buying. Sales of retail storesother than motor vehicle dealers were 5 percent below 1948.
1 The trend of services is not discussed in this section, though they constitute, of course, asubstantial part of consumer expenditures.
Analysis indicates that in 1949 there remained a substan-tial backlog of demand for autos, and output was large enoughto bring dollar sales above the level which would correspond,on the basis of prewar relationships, to current disposableincome.2 However, other major kinds of retail businessgenerally did not appear to be high in relation to income whenjudged by historical standards. The one exception—food—was in line with prewar behavior in real or quantity terms,but high in terms of dollar sales.
Food sales firmAmong the nondurable-goods groups, the greatest strength
was shown by food stores and filling stations with salespractically unchanged from a year ago. With prices downmoderately, there may have been a small increase in thephysical volume of food sold at retail. Food stores accountfor about a third of all nondurable-goods sales and theirhigh activity has helped to prop up the sales total for thenondurable-goods groups.
The remaining groups of nondurable-goods stores reportedfairly substantial decreases in sales. At both men's wearand women's wear stores, dollar sales were down about8 percent from the previous year. However, part of thesedrops—particularly in women's apparel—reflected the avail-
2 See "Trend of Sales of Consumer Durable Goods", SURVEY, April 1949.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
22 SUE YE Y OF CURRENT BUSINESS February 1950
Table 13.—Sales of Retail Stores by Kinds of Business, 1947-49[Millions of dollars]
Kind of business
AH retail stores_
Durable-goods stores.,
Automotive groupMotor-vehicle dealers-Parts and accessories-
1947
118,908
32,142
15, 52813,8501,678
Building-materials and hardware group..Building materialsFarm implementsHardware
9,092! 5,695
1,180; 2,217
Home-furnishings group__ i 6, 213Furniture and housefurnishings - 3, 746Household appliances and radios i 2, 467
1,309
86,766
Jewelry
Nondurable-goods stores.
130,
38,
19,17,1,
042
008
309530779
10, 7106,8011, 5552, 354
6,4,2,
1,
92,
725045680
264
034
Apparel groupMen's clothing and furnishings---.Women's apparel and accessories-.Family and other apparelShoes
9, 4132,4144,1411,3251,533
3. 65912.03528,38422. 3646.020 I
5,193 |
General-merchandise group • 16,033 jDepartment, including mailorder 10,645 !General, including general merchandise, with food.. 1, 858Dry goods and other general merchandise 1, 538 iVariety !<992
Other retail storesLiquorAll other
Drug storesEating and drinking placesFood group
Grocery and combinationOther food
Filling stations-
9, 8652,4124, 5301, 3861, 537
3, 68712.11230,50624,1116. 395
6, 325
1949
128,183
39,874
22, 72821, 0851,643
9,5096.0201, 4012,088
6. 5373,7442,793
1,100
88, 309
9,1752,2234,1931,2811, 478
3, 60511, 24030, 29824, 1546,144
6, 363
17,11,11,2
015337938609131
16,01910, 618
1, 7691,5092.123
12,0491.916
10,133 !
12,524 S1,854 !
10,670 |
11, 6091, 7609, 849
Source: U. S. Department of Commerce, Office of Business Economics.
ability of goods of equal or higher quality at lower prices thanin 1948, and trading down may also have been important.At shoe stores, where prices were more stable, the 1949 declinein sales was about 4 percent. Drug-store sales were down2 percent, and department stores 6 percent.
Data on tax collections indicate that sales of luxury goodscontinued the downward slide evidenced in 1948. Excisetaxes on furs fell about 28 percent, on cabaret expenditures14 percent, and on jewelry 10 percent. In addition, anexamination of department-store sales by departments pointsto greater decreases in sales in those departments in whichhigher-priced merchandise is carried. The same tendency isshown by the fact that sales in basement stores, which gener-ally display lower-priced items, were down only 3 percent forthe year while for the main store the corresponding figure was7 percent.
Most durables declineAlthough the durable-goods group as a whole showed an
increase in sales because of the large gains of motor vehicledealers, declines were registered by most stores whose majorlines of trade consist of consumers' durable goods other thanautos. In the home-furnishings group, trade was bolsteredby increased purchases of television receivers and some majorhousehold appliances, and by strengthening in demand forfurniture and furnishings in the latter part of the year, butdollar sales declined by about 3 percent in 1949. In buildingmaterials and hardware and in jewelry stores the drop in thedollar value of sales was substantially larger. As in the caseof the nondurables these declines reflected in part decreasedprices and the greater availability of lower price lines.
Improvement in fourth quarterIn most of the store groups the downward drift in sales
continued through the first 7 or 8 months of the year, withsome signs of recovery evident subsequently. The home-furnishings group showed a substantial pick-up as price
reductions in television sets and electrical appliances helpedto stimulate demand for these items, while the high level ofresidential construction contributed to higher activity infurniture and house furnishings.
Some of the increased sales strength in the second half ofthe year may be traced to the influence of easier credit terms.Total installment sales credit for the year was up more thana third, with auto and home-furnishing stores showing thegreatest increases. For these groups installment sales creditat the year end had risen 60 and 25 percent respectively. ^
The renewed impetus in buying evident late in the thirdquarter in many lines of trade was offset, however, by a dropin automobile skies. The decline in this group was primarilythe result of the preparations for model change-overs which,together with some tightness in steel supplies, accounted fora reduction in the number of cars produced in the finalmonths of the year.
Retail trade patterns changeTo appraise the current position of retail store sales,
several bases of comparison with prewar conditions haveproved useful. These include correlation and percentagerelations between retail sales and income, and percentagedistributions of retail sales by kinds of business. Thesemeasures are consistent in their summary of the year 1949,in relation to the change from 1948.
Sales in 1949 declined relative to income, the drop comingat the start of the year and bringing total sales closer in linewith the relationship characteristic of the years before thewar. The downward movement reversed a trend whichhad begun immediately following the war's end and had
Chart 14.—Relationship Between Sales of Durable andNondurable Goods Retail Stores and DisposablePersona] Income
AR
S )
DO
LL
JO
NS
O
F(B
ILL
RE
TA
IL
ST
OR
ES
SA
LE
S O
F
u
!OO
9 0
80
70
60
50
40
30
20
10
0
1 ! I I
N O T E - - L I N E S OF REGRESSION WERETO DATA FOR 1 9 2 9 , 1 9 3 3 , AND 1 9 3 5 -
-
-
- NONDURABLE GOODSSTORES v
/
i I I
FITTED41. 4 8 ^
47# 4 9 • "
/
/ »44
*43
.. / DURABLE GOODS ^ r i l
36^ f39 42
1 ! I40 60 80 100 120
DISPOSABLE PERSONAL INCOME
• 4 6
43 4 4 ~
1 1 1140 160 180 200
(BILLIONS OF DOLLARS)
S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS. 5 0 ~ 2 l
Source of data: U. S. Department of Commerce, Office of Business Economics.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SUKVEY OF CURRENT BUSINESS 23
continued until the middle of 1948. During the early post-war surge in buying, sales of retail stores were higher thanmight have been expected on the basis of the prewar relation-ship between sales and income.
Chart 14 shows how sales of durable- and nondurable-goods stores have moved relative to disposable personalincome since 1929. Both cases reveal a divergence from theprewar pattern during the war and early postwar years,and a recent tendency to revert to the historical relationship.
For the nondurables as a whole (upper curve) sales de-clined relative to income during 1949. The downwardmovement in the nondurables began about the middle of1948 and has become more sharply defined in the past year.
Sales at durable-goods stores, on the other hand, havecontinued their upward trend relative to income whichbegan in 1945, althrough the gains have been getting smaller.The 1949 increase carried, durable sales by the second halfof the year to a point a little above the value indicated bythe prewar relation with income.
Chart 15.'—-Percentage Change in Sales of Retail Stores.,1948 to 1949, by Kinds of Business
INDUSTRY GROUP
ALL RETAIL STORES
DURABLE GOODSSTORESNONDURABLE GOODSSTORES
AUTOMOTIVE GROUP
FILLING STATIONS
FOOD GROUP
DRUG STORES
HOME FURNISHINGSGROUP
GENERAL MERCHANDISEGROUP
APPAREL GROUP
EATING AMDDRINKING PLACES
JEWELRY STORES
BUILDING MATERIALAND HARDWARE GROUP
OTHER RETAIL STORES
PERCENTAGE CHANGE
-5 0 +5 +10
U S. DEPARTMENT CF COMMERCE, OFFICE OF BUSINESS ECONOMICS
Source of data: U. S. Department of Commerce, Office of Business Economics.
Autos take larger share of incomeAlthough the proportion of disposable personal income
spent at retail stores has declined somewhat in the past 2years, it remains higher than before the war. In suchyears as 1929 and 1939 or 1941, about 60 percent of dis-posable income was expended in retail establishments,whereas in 1949 retail sales amounted to two-thirds of suchincome.
A good deal of the extra spending went for autos, and salesof motor vehicle dealers represented a higher percentage ofincome than in any earlier year. At other durable-goodsstores, the proportions of disposable income expended weregenerally close to the values that characterized the years1929 and 1941.
The proportion of income going to retail stores in the non-durable categories has moved downward in the last few years.For most groups the ratios are now little different from thosetypical of the prewar years of high activity.
Increasing importance of durablesThe pattern of retail activity may also be analyzed in
terms of the relative importance of the different groups ofstores in the retail structure. Table 14 gives the snaresof the retail dollar spent at each type of store in selectedyears.Table 11.—Percent Distribution of Retail Sales by Kinds of Business
Kind of business
Durable-goods stores..
Automotive group"Victor-vehicle dealersParts and accessories.
Building materials and hard-ware group.
Building materialsFarm implementsHardware
Home-furnishings groupFurniture and house-furnish-
ings.Household appliances and
radiosJewelry
Nondurable-goods s tores
Apparel groupMen's clothing and furnish-
ingsWomen's apparel and acces-
soriesFamily and other apparelShoes
Drug storesEating and drinking placesFood group
Grocery and combinationOther food
Filling stations..
General-merchandise groupDepartment (excluding mail
order)Mail orderGeneral, including general
merchandise with foodDry goods and other general
merchandiseVariety
Other retail storesLiquorAllother
1929
29.3
14.513.31.2
7.9
5.41.11.5
5.7
3.7
1.91.1
70.7
8.8
2.8
3.11.21.7
3.54.4
22.615.27.5
3.7
18.6
8.1.9
2.21.99.2
9.2
1933
19.8
9.78.7.9
5.5
3.5. 7
1.3
3.9
2.6
1.3
.7
80.2
7.9
2.23.1.9
1.7
4.35.8
27. 620.47.2
6.2
20.3
9.5.9
2.42.88.0.1
1939
24.7
13.212.01.2
6.5
4.2.8
1.5
4.1
2.9
1.3
.9
75.3
7.8
2.03.11.11.53.78.4
24.218.45.8
6.7
15.4
8.41.1
2.2
1.4 1.32.3 2.19.2 9.3
15.414.01.4
7.0
4.4.9
1.6
4.7
3.21.51.1
71.9
7.5
2.0
3.01.11.4
3.38.6
22.717.35.4
6.2
14.3
7.91.1
1948 1949
Firsthalf
Sec- i F i rond 1 [half hdl
Sec-ondhalf
1.47.8 !
I
28.7
14.212.91.4
8.3
5.31.21.8 |
5.2 |
3.2 |
2.11.0
71.3j
7.6 |
1 . 9 I!
3.4 j1.11.22.99.4
23.618.74.9
4.9
13.0
7.71.0
1.5
1.21.69.91.48.4
29.7
15.414.11.4
5.21.21.8
5.1
3.1
2.1• 9 i
70.3 |
7.6 |
1.8 |
3.5 |1.11 . 2 I
9.223.318.44.9
30.4 ; 31.8
17.115.8
1 . 3 ii
7.4
4.6 !1.21.7 ;
4.9 ;
2.9 |
2.0 !.9
69.6 I
7.5
1.8
3.41.01.2
2.98.9
23.718.94.8
4.8 | 4.9
13.2 | 12.6
7.81.0
1.21.79.41.48.0
7.4.9
1.4
1.21.79.11.47.7
18.417.11.3
7.4
4.81.01. 6
5.3
2.9
2.3
.8
68.2
6.8
1.63.11.01.1
2. 88.6
23. 618.84.8
5.0
12. 4
7. 4.9
1. 3
1. 11.69.01.47. 7
Source: U. S. Department of Commerce, Office of Business Economics.
During the past year the percentage of retail store salesgoing to durable-goods stores was the highest on record.This was due entirely to motor vehicle dealers, the groupincreasing its share of the total business at the expense ofsuch lines as building materials and hardware, apparel, eatingand drinking places and department and other general-merchandise stores. It may be noted that because of theexceptional demand for autos, the proportions of total retailsales at the various types of stores in 1949 were still appre-ciably different from the typical pattern of prewar years ofhigh activity. As previously pointed out7 however, theseresults do not imply that the groups other than autos weregenerally out of line with their historical relationships toincome.
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24 SURVEY OF CURRENT BUSINESS February 1950
Foreign Trade
UNITED STATES foreign-traders during 1949 felt theimpact of intensified foreign balance of payments difficultieswhich arose from the swifter pace of postwar readjustmentsin the United States than abroad. Largely because of thewidespread dislocations caused by the war, these difficultiesin foreign countries persisted despite the large flow of aidfunds made in the form of grants and otherwise by the UnitedStates to facilitate economic rehabilitation abroad. It is, ofcourse, only through these programs that foreign countrieshave procured an unprecedented volume of peacetime goodsin United States markets. In 1949, United States foreignaid programs financed 30 percent of the total exports of goodsand services, making possible the continuation of the largedisparity between exports and imports.
In domestic markets, supplies of most goods became ade-quate as production came into a more balanced relationshipwith demand, with a resultant downward movement ofprices. In most foreign countries, the same developmenttoward easing of supplies, though already apparent during1949, was as yet far less advanced than in the United Stateswhere wartime dislocations and accompanying inflation wererelatively far less acute and hence overcome with less of atime lag.
Despite the expansion in output to or even beyond prewarlevels in Europe and the at least partial satisfaction of manydeferred demands both in those areas most directly concernedin the recent war and in other areas, there remained a heavydependence upon United States goods.
The continued large import demands from abroad weremet by United States producers, many of whom becameincreasingly interested in foreign markets as in many fieldsdomestic outlets began to absorb a smaller portion of thegreater productive capacity available.
Concurrently, this country's demand for foreign goods con-tracted with the general economic adjustment described inearlier chapters of this review. Domestic requirements forsome major raw and semiprocessed imports declined andwere filled in part from inventories; and domestic output ofsimilar or competitive materials displaced other imports,many of which now became even less able than previouslyto compete pricewise in the American market.
Inevitably, the unbalanced postwar trade relationshipswere reflected in price disparities in international markets,and widespread foreign currency devaluations in the latterpart of the year were undertaken in an effort to bring aboutadjustments in the external currency values which would
Chart 16.—United States Foreign Trade: Percentage Change in Value, First and Second Halves of 1949 from 1948
EXPORTS17773 FIRST HALF, 1949
B H SECONO HALF, 1949 IMPORTS
COMMODITY _ 4 0 .
EXPORTS OF U. S.MERCHANDISE, TOTAL
GRAINS AND PREPARATIONS
OTHER FOODSTUFFS
RAW COTTON. EXCLUDING LINTERS
COAL AND RELATEDPRODUCTSOTHER CRUDE AND SEMI-MANUFACTURED MATERIALSIRON AND STEEL-MILLPRODUCTS
AUTOMOBILES, PARTS,AND ACCESSORIES
OTHER FINISHEDMANUFACTURES
VALUE, 1948(MILLIONS
0 OF 0DOLLARS)
-40 -30 -20 -10
EXPORTS, INCLUDINGREEXPORTS, TOTAL
CANADA
LATIN AMERICAN REPUBLICS
ERP COUNTRIES
FAR EAST
AFRICA
ALL OTHER
COMMODITY - 4 0 -30 -20 -10
IMPORTS FOR CONSUMPTION,TOTAL
N0NFERR0US ORES AND METALS
WOOL,UNMANUFACTURED
CRUDE RUBBER
WOODPULP AND NEWSPRINT
OTHER CRUDE AND SEMI-MANUFACTURED MATERIALSOTHER FINISHEDMANUFACTURES
COFFEE
SUGAR
OTHER FOODSTUFFS
AREA
GENERAL IMP0RT9TOTAL
CANADA
LATIN AMERICAN REPUBLICS
ERP COUNTRIES
FAR EAST
AFRICA
ALL OTHER
VALUE, 1948
- . 0 O tM 'LoV0NSO +.0 +20 , 3 0DOLLARS)
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
1 Percentage changes are based upon data for the first 6 months of 1949, last 5 months of 1949 (except imports of sugar for which G months data are available), each raised to an annualrate, and 12 months, 1948.
2 Include agricultural, electrical, and industrial machinery, and tractors, parts, and accessories.3 Percentage change is negligible and does not show on chart.Source: Basic data, U. S. Department of Commerce, Bureau of the Census.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SUKVEY OF CURRENT BUSINESS 25relieve balance-of-payments pressures while fundamentaladjustments were undertaken.
Exports high through midyear 1949; imports fallDuring the first half of 1949, exports from the United
States reached an annual rate of $13,400 million, $700 millionabove the rate for the previous year. Since at the sametime commodity imports into the United States providedforeign countries with 300 million fewer dollars at an annual,rate than in 1948, the higher exports were financed chiefly byincreased United States Government foreign-aid paymentsand renewed inroads upon foreign reserves of gold and dollars.
Chart 16 compares changes in the annual dollar rates ofexports and imports by areas and by commodities duringthe first and second halves of 1949 with the rate in 1948.Western Europe and the Far East, to which virtually allUnited States Government foreign-aid expenditures weredirected, accounted for most of the expansion in UnitedStates exports during the first half of 1949.
That foreign economic recovery was progressing under thestimulus of American aid is indicated by the commoditycomposition of the expansion in United States exports tothese areas. The increase during the first 6 months waschiefly in shipments of raw cotton, machinery, and othergoods to be used in foreign production lines rather than forimmediate consumption.
By contrast, United States shipments to Latin Americaand Africa in the first 6 months of 1949 fell below the 1948rate. In many of these countries demand and supply wereequated either through satisfaction of the deferred demand orthrough rising prices and declining currency values. Whiledemands for imported goods had thus receded to some extent,they were subject to further curtailment by tighter importrestrictions (especially drastic in the Union of South Africaand Argentina) imposed to conserve, and if possible,strengthen depleted dollar resources.
The reduction in this country's commodity imports,from an annual rate of $7,500 million in the fourth quarter of1948 to an annual rate of $6,400 million by the second quarterof 1949, was more than could be explained by seasonal factorsand the moderate contraction in the gross national product ofthis country. The drop in imports was due mainly to therelatively serious decline in consumption of some majorimported products such as wool, rubber, wToodpulp, andburlap. A further reduction in imports of these and othercommodities, moreover, resulted from the desire on the partof domestic industry to reduce previously accumulatedstocks in view of the more ample conditions of supply and, insome cases, from expectations of further price reductions.
By midyear it had also become apparent that imports fromEurope, for which prices remained comparatively high andeven increased in some cases, were encountering increasingdifficulties as the trend away from a "sellers" marketgradually developed in this country. Such imports asautomobiles, tractors, textiles, and iron and steel productshad been seriously curtailed (see table 15) as the supply ofmore attractively price domestically produced items becamemore ample.
The net result of the lower imports and high exports duringthe first half of the year was an increase in our export surpluswith practically every area except the Latin AmericanRepublics and Africa.
Lower exports after June; imports registerfurther declineIn July 1949, total United States exports declined to
$10,800 million on an annual basis and remained near thatrate for the remainder of the year. The drop in shipments
870669—50 4
extended to almost every major area and commodity group(see chart 16). This reduction was primarily a consequenceof the tighter import control measures instituted during thesecond quarter of the year, particularly by the UnitedKingdom and other countries in the sterling area, to halt therapid drain on their reserves of gold and dollars.
Also contributing to the decline in foreign purchases fromthe United States was the fact that in some foreign countriessupplies from current production gradually became moreclosely equated with prevailing demands. These countrieswere thus in a position to reduce their imports and also tomarket more goods abroad at prices reflecting relativelyfavorable supply conditions. The less countries weresuccessful in reducing the gap between demand and supply
Table 15.—Imports for Consumption into the United States ofCommodities from the 16 Countries Participating in theEuropean Recovery Program
[Millions of dollars]
Commodity
Total _
WoodpulpNewsprintClocks, watches, and parts_.
Fibers and textiles, totalWoolens and woolen manufactures-Cotton manufacturesSynthetic fibers and manufactures.Flax, hemp, and ramie manufac-
turesOther fibers and textiles
Cigarette leaf tobacco..DiamondsWhiskeyOther beverages
Steel mill products _ _Iron and steel scrap_.Iron ore
1948Quar-terly
average
Automobiles _Tractors
Coal tar products..Other chemicals...
Chinaware, porcelain, earthenware andglassware
Furs and manufactures
SardinesOther fish and fish products.All other imports
242.9
14.85.5
15.0
41.312.77. 37.1
5.68.6
11.110.89.74.3
8.31.72.3
7.43.1
4.03.7
3.84.4
2.41.7
1948Fourthquarter
271.1
7.55.8
17.4
43.014.28.15.0
5.610.1
10.48.7
12.46.0
18.93.52.7
9.53.7
3.53.8
4.62.2
2.22.3
103.0
Firstquarter
238.9
5.66.6
11.6
37.611.87.43.1
5.79.6
10.45.58.03.6
27.810.8
4.53.2
3.44.3
4.03.7
1.92.1
83.4
Secondquarter
177.6
4.62.2
12.3
24.48.75.21.0
4.25.3
10. 55.48.84.4
12.07.63.4
1.1
2.23.5
1.31.5
65.5
Third | Fourthquarter! quarter1
186.2
5.03.1
12.7
29.712.35.41.0
4.76.3
10.87.59.03.3
3.42.28.4
.5
2.01.6
4.23.2
1.8.9
76.9
230.0
13.51.2
15.9
40.614.77.52.7
5.710.0
9.88.9
14.16.1
2.4.3
3.3
2.1
3.64.5
4.12.9
1.52.4
92.8
1 October-November at quarterly rate.2 Less than $50,000.Source: U. S. Department of Commerce, Bureau of the Census.
the more urgent was the need to devalue their currencies asa means of reducing domestic demands for imported goodsand diverting a greater volume of merchandise to marketsabroad.
The generally higher production abroad made possibleanother development which contributed to the fall in UnitedStates exports. This was the increased success of efforts onthe part of most countries to obtain imports from areas otherthan the United States, as evidenced by the numerousbilateral trade agreements concluded between foreigncountries during 1949, and more concretely, by availabledata covering the foreign trade of other countries. WhileUnited States exports to Western Hemisphere countries andto Western Europe registered sizable declines from thesecond to the third quarters of the year, shipments from eachof these areas to the other showed some increase. Thisdevelopment will be further accentuated by the greaterability, since devaluation, of foreign goods to compete inprice with United States products in third markets.
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26 SURVEY OF CURRENT BUSINESS February 1950
Tbe further contraction in United States imports duringthe third quarter, although partially a seasonal movement,reflected in general an extension of developments which hadbecome apparent earlier in the year. Relatively large sup-plies of nonferrous metals imported during previous monthsof 1949 remained unconsumed and hence lessened the needfor current imports. Price uncertainties undoubtedly addedsome further impetus to the decline in import demands,particularly for goods supplied by Western Europe andother countries where currency devaluation was anticipatedin many quarters.
Since the decline in imports during the third quarter wassubstantially smaller than the corresponding contraction inexports, there occurred a substantial reduction in the UnitedStates export surplus, especially with Western Europe. InOctober and November, moreover, there was a further dropin the trade deficit of other countries with the United Statesas a result of an upswing in imports and a continued fallin exports.
While the heavier United States foreign buying during thelast months of the year included a substantial amount forthe Christmas trade and larger seasonal shipments of pro-ducts such as coffee, it also reflected the general recovery inUnited States consumption of raw materials in the latterhalf of 1949, and the more limited ability of consumers todraw upon inventories, many of which had now becomerelatively low.
Currency devaluations abroad late in yearWhile the currency devaluations had been in effect for
only about a quarter of the year, and it is too early to statedefinitive conclusions as to the effects in United Statesmarkets, certain generalizations can be made upon theobserved effects to date. Devaluations have had littleeffect on prices of major United States import commodities,most of which are determined by demands prevailing in this,the principal market. Prices of items such as whiskey, forwhich foreign supplies remained low relative to UnitedStates import demands at pre-devaluation prices, alsoremained unaffected.
For numerous products supplied by Europe (such astextiles, brandy, automobiles, olive oil, and leather goods)the drop after devaluation in delivered dollar prices, althoughgenerally not in full proportion to the reduction in foreigncurrency values, was nevertheless substantial. More im-portant, delivered dollar prices currently being quoted byEuropean producers of some items, such as certain iron andsteel products, are below those prevailing for similar itemsproduced in the United States.
As a result of such adjustments and the efforts on thepart of these and other countries to improve techniquesof marketing abroad and to reduce costs in both homeconsumption and export industries, foreign competition willpresumably assume a gradually more prominent role inregulating world trade. At the same time, it should befeasible to eliminate many of the import and foreign exchangecontrols by means of which foreign countries are currentlyattempting to achieve closer balance in their internationalaccounts.
Financial DevelopmentsJL INANCIAL developments in 1949 differed in several
important respects from the pattern which had prevailedthroughout the greater part of the postwar period. One ofthe most significant changes from 1948 was the sharp re-duction in the demand for new capital funds by business—a reflection of the reversal of the expansionary forces whichhad previously dominated the general economic situation.
The terms on which funds were made available to bothbusiness and consumers were eased during the year and in-terest rates were generally lower. This was in part the resultof actions taken to cushion the recessionary tendencies whichemerged early in the year. The reduction in business de-mand for funds was, however, also important in this respect.
Some moderation in the terms of equity financing was alsoindicated by developments in the stock market in 1949. Thegenerally downward trend of stock prices which began in thelatter part of 1946 persisted with some interruptions throughthe spring of 1949. A strong upward surge of stock prices,however, occurred in the second half of the year at a timewhen corporate earnings were well below and corporate divi-dends only slightly above the postwar peak reached in 1948.
Business requirements lower; those ofGovernment higher
With gross private domestic investment lower in 1949,there was less reliance by business on external financing.There was, however, a substantial increase in the financingneeds of the Federal Government as a result of a shift froma surplus in 1948 to a deficit in 1949. This shift largelycounter-balanced the reduction in business investment whichoccurred last year.
With the Federal Government shifting from a surplus todeficit position and thus increasing its outstanding debt,
sales of Federal securities were channeled largely into thehands of nonfinancial business and consumers. Althoughcommercial banks also added to their holdings, there was acoffsetting reduction at Federal Reserve banks, and hencelittle net change in the over-all banking system's ownershipof Federal securities.
Increased liquidity characterized most of nonfinancial busi-ness but was especially pronounced in manufacturing. Inthis sector financial developments permitted not only anincrease in cash and U. S. Government securities at a timewhen prices and sales were lower, but also allowed a sub-stantial reduction in short-term debt.
At the consumer level the net change in cash and U. S.Government security holdings was small, and in contrast tobusiness, indebtedness continued to rise with the increasedhousing and greater availability of durable consumer goodsand the easing of credit terms. On an over-all basis, in-debtedness of both business and consumers at the end of1949 was not abnormally large, if viewed in historical per-spective, with reference to the relation of servicing chargesto the level of incomes currently earned.
Business Financing
Recent changes in the financing of business are picturedin table 16 showing the principal sources and uses of funds ofnonfinancial corporations. In this table, expenditures forfixed assets and additions to other assets are classed as"uses" of funds; corporate savings, depreciation allowances,net sales of new corporate securities and increases in otherliabilities are classed as "sources". Decreases in assets orliabilities are, for convenience, shown as negative uses orsources respectively.
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February 1950 SUEVEY OF CURRENT BUSINESS 27
Table 16.—Sources and Uses of Corporate Funds 1946—49 1
[Billions of dollars]
Item 1940 1947
15.08.95.74.2
1 1.7' - . 2i 1.3
- 1 . 5- . 1
29.3
11.44.9
! 2.62.7
.62.61.51.2.8
4.41.33.1
30.0
- . 7
1948
17.36.32.3
L 42
- ! i. i
(3)
25.9
12.55.5
.9
.9(3)
1.2.5. 6. 7
6.01.24.8
27.7
— 1.8
1949 2
16.0- 3 . 7
—. 7- 1 . 6
. 9(3)
.91.9
- . 2
14.2
7.86.2
- 1 . 6- 2 . 3
.3- 1 . 8- 1 . 4- . 4
.55.11.33.8
14.2
0
Uses:Plant and equipment \ 11. 6Inventories (book values) j 11.2Receivables 4.8
From business ! 5.1From consumers 1.From government —2.0 |
Cash and deposits* I 1.1U . S . Government securities 4 —5.8Other current assets I
iTotal | 4 22.2
Sources: IRetained profits •> i 7.7Depreciation 4.2 !Payables (trade) | 4.0 |Federal income tax liability j —1. 6Other current liabilities j 1. 8Bank loans (excluding mortgage loans) i 3. 3
Short-term | 1.9 jLong-term 1.4
Mortgage loans I . 6Net new issues i 2.3
Stocks I 1.3Bonds | 1.0
Total ! 4 22.3
Discrepancy i —. 1
1 Excluding banks and insurance companies.2 All data for 1949 are partly estimated,s Less than $50,000,000.4 Previously published tables, cash and U. S. securities were classified as sources of funds
since unusually large wartime accumulations made possible a substantial reduction of theseliquid assets to finance expansion in the early postwar period. In view of the substantialincrease in these assets in 1949—reverting to a more normal status as a use of funds—theseitems were changed to the "uses" side. The shift in classification affects particularly totalsources and uses in 1946 which were reduced by $4.7 billion. Totals for the years 1947 and 1948were changed but slightly since there was little or no net change in these assets.
5 Retained profits include depletion. Actual fourth quarter data on corporate profits arenot yet available. In deriving retained earnings and Federal income tax liability estimatesfor 1949, estimates of corporate profits for the year were obtained in the manner described infootnote 3 of table 2.
Source: U. S. Department of Commerce based on Securities and Exchange Commissionand other financial data.
$12 billion reduction in corporate requirementsTotal uses of corporate funds in 1949 amounted to about
$14 billion, or $12 billion less than in 1948. As may be seenfrom the table, there was only a moderate decline in plantand equipment outlays of corporations from $17.3 billionin 1948 to $16 billion in 1949.l In contrast, the book valueof corporate inventories fell by $3.7 billion in 1949 reversingthe sharp upswing which was maintained throughout theearlier postwar period. The reversal of inventory trendsalone, centering primarily in manufacturing corporations,accounted for a net reduction of about $10 billion from 1948to 1949 in the total demand for new capital; for whereasthe expansion of inventories in 1948 required about $6.3billion of new financing, the 1949 contraction—a negativeuse or a source of funds—actually freed about $3.7 billionfor other uses.
Reduced requirements also prevailed in corporate financ-ing of customers. Throughout the first three full years ofthe postwar period, expanding sales of corporations wereaccompanied by increased credit granted to consumers andother customers. During 1948, the credit expansion, whilebelow that of the previous year, amounted to the sizeabletotal of $2.3 billion. In 1949, corporations reduced theircustomer credit outstanding by $700 million.
A more meaningful picture of the financial requirementsassociated with the changes in corporate receivables is obtainedif viewed in connection with corporate payables, since alarge part of the movement of these items reflects inter-corporate business financing. (For example, if one corpora-tion sells its product on credit to another corporation,corporate receivables and payables both rise by an equalamount and no new outside financing is required at thattime.) Referring to the table, it may be noted that the
1 Unlike related data in the gross national product accounts, these estimates of plant andequipment expenditures exclude capital outlays charged to current account.
drop of $1.6 billion in corporate receivables from businessfirms was equal to the reduction of corporate (trade) pay-ables. Thus, net receivables (total receivables less pay-ables) rose by about $0.9 billion, largely reflecting the furtherextension of credit to consumers. This increase was, how-ever, somewhat lower than that which occurred in 1948.
Corporations add to liquid assetsThe shifting emphasis in corporate financing in the post-
war period is clearly reflected in the trend of liquid assetholdings. Emerging from the war in an unusually liquidstate as a result of the limited private capital investmentoutlets during the war years, corporations helped financetheir heavy initial postwar capital requirements by drawingon their accumulations of U. S. Government securities.Liquidation of these securities in 1946 exceeded additionsto cash by about $4.7 billion. In 1947 and 1948 on the otherhand, holdings of liquid assets—cash and U. S. Governmentsecurities—underwent little change. Relatively, however,the liquidity position of corporations continued downwardin these years as the volume of activity and prices continuedto rise. By way of contrast, in 1949 corporations were ina position to add almost $3 billion to their liquid assets, anincrease which occurred while sales and prices were fallingmoderately. As a result of these changes, there was a sub-stantial increase in corporate liquidity in 1949.
Lower business savings and borrowingIn meeting the reduced financial requirements in 1949,
corporations continued to rely primarily on such sources offunds as retained profits and depreciation allowances. Cor-porate dividend payments were up slightly from 1948 to1949; hence the full impact of the lower profit levels in 1949was reflected in retained corporate earnings which fell byabout $5 billion from 1948. Taking into account the mod-erate increase in depreciation, the total for these sources in1949 amounted to $14 billion as compared with $18 billionin 1948. With total requirements showing a larger per-centage decline, internal financing, including changes intax reserves as well as retained earnings and depreciationallowances, was relatively more important in 1949 than inthe preceding year.
With working capital requirements reduced, corporatebusiness liquidated about $1.8 billion of outstanding bankloans during 1949, thus reversing the steady upward trendof business borrowing from banks which had been under waysince the end of the war. The reduction was largely confinedto the first half of the year, and as might be expected fromthe change in financing requirements, was centered in loanswith maturities of less than a year.
Long-term corporate debt continued to expand throughout1949 reflecting the still heavy fixed capital requirements ofbusiness corporations. Despite the substantial postwar in-crease in interest-bearing indebtedness, corporate interestpayments in 1949 continued low in relation to corporateearnings. These payments represented, for example, ap-proximately 8 percent of corporate profits before taxes andinterest payments in 1949, as compared with 20 percent in1940 and 30 percent in 1929.
Net new securities issues of $5 billionSales of new securities (less retirements) by nonfinancial
business corporations continued to be an important source ofcapital funds in 1949, although the total of $5 billion wasabout $1 billion lower than in the peak year 1948. The $1.3billion sales of equity securities was at about the same levelas in each of the three preceding years. Net sales of debtissued were about $1 billion lower than in 1948 but stillsubstantially higher than in 1946 and 1947. While the
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28 SURVEY OF CURRENT BUSINESS February 1050
proportion of equity to total new issues rose somewhat in1949; the equity share of total funds raised in the securitiesmarkets has, since 1947, remained below the ratios duringcomparable periods of economic activity in the past.
If, however, account is taken of the considerable volume offinancing from retained earnings in recent years, the shareof total equity financing relative to total requirementscompares favorably with the prewar proportions.
In view of their still heavy financing needs, public utilitiesmaintained their net sales of securities in 1949 at the volumeof the preceding year. It may be noted that these corpora-tions placed more emphasis on stock issues in 1949 than inprevious postwar years and their increased offerings largelyoffset reduced sales of equity issues of other major corporategroups.
Reduced Cost of Raising FundsA general easing of terms of financing for both business
and consumers occurred in 1949. This was a result ofdirect government actions towards easier credit coupled withthe lower investment demand of business. Following thedownturn of general business activity earl}7 in the year, legalreserve requirements of banks were lowered thus freeingbank resources for income-yielding investments. At theend of June, the Federal Reserve Board announced a changein policy related to its investments in U. S. securities whichaimed at moderating terms of borrowing and preventing anypressure on bank lending activity which might be associatedwith a downturn in business activity.
Consumer borrowing—both long and short-term—wasstimulated by the elimination of controls on instalmentpurchases which, after a temporary lapse, had been reimposedin late 1948, and by a broadening of the secondary marketfor "G-I" mortgages. Action was also taken to increasethe availability of credit for stock purchases by reducing
Chart 17.—-Corporate Bond and Common Stock Yields,and Earnings/Price Ratios
PERCENT14
10
I I I I I II9S9 21 23 25 27 29 31 33 35 37 39 41
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
47 49
50-20
1 Based upon data for common stocks listed on the New York Stock Exchange; totalreported earnings for the year expressed as a percentage of the total market value (num-ber of shares times average prices) of these stocks.
2 Data are averages of daily figures.3 Based upon data for common stocks listed on the New York Stock Exchange; total div-
idends for the year expressed as a percentage of the total market value (number of sharestimes average prices) of these stocks.
Sources of data: Bond yield, Moody's Investors Service; earnings/price ratio and divi-dend yield through 1938, Common Stock Indexes, Cowles Commission Monograph No. 3,and for the following years extrapolated on the basis of movements shown by Moody'searnings, stock prices, and dividend series.
margin requirements to 50 percent, a rate not much higherthan in the late prewar and wartime (through 1944) periodwhen a 40 percent requirement was in effect.
With reserve requirements reduced, banks increased theirholdings of short-term U. S. securities, which were for themost part purchased from the Federal Reserve System. Thestimulus to find investment outlets for funds freed by thereduced requirements served to increase the availability offunds to private borrowers. In 1948, banks found it neces-sary to sell U. S. securities to the Federal Reserve in order tosecure funds for business and consumer loans.
Yields on U. S. Government securities reacted quickly tothe easier monetary conditions. Prices of governmentissues, especially those with intermediate and short-termmaturities, rose substantially in the middle months of theyear and thereafter steadied or continued slowly upward tolevels which involved, for the year as a whole, sizable reduc-tions in yields on both long- and short-term securities.
The easier financing terms for corporate business arereflected in the trends shown in chart 17. Already low inhistorical perspective at the start of the year, though higherthan in the immediate postwar years, the yield on corporatebonds declined from 3.1 to 2.9 percent in 1949, bringing theaverage to the lowest point since early 1947. Terms ofequity financing were also down in 1949, after reaching a3-decade high in 1948. A decline in corporate earnings in1949 coupled with a sharp upturn of stock prices in thesecond half of the year reduced the earnings-price ratio to9.7 percent by the last quarter of the year as compared withan average of 12.6 percent in 1948. By the end of the year,the relation of earnings to stock prices was down to the 1947level. Dividend yields also turned down in the second halfof 1949.
At the close of the year, terms of equity financing ingeneral did not compare unfavorably with those which pre-vailed in the prosperous period of the middle twenties. Sinceinterest rates are currently well below those prevailing inthat earlier period, however, the relative attractiveness ofborrowed funds has been increased considerably.
Consumer Financing
The major factor in determining the level of consumerspending is, of course, the current income received by indi-viduals. Since the end of the war, however, spending out ofcurrent income has been buoyed by record holdings of liquidassets and by the relatively low volume of consumer debt.Actually holdings of U. S. Government securities by indi-viduals and unincorporated businesses continued to increasethrough the postwar period, although in 1948 and 1949 thenet purchases amounted to only about $1.0 billion a year.During each of the last 2 years, holdings of cash were reducedby an approximately equal amount. Individuals have, ofcourse, continued to add to their savings in the form ofinsurance reserves, shares in savings and loan associations,and to an increasing extent in the most recent period, in theform of purchases of securities other than Federal issues.
At the same time, consumers increased their outstandingdebt. During 1949, their mortgage debt rose by about $3.5billion and their short-term instalment indebtedness by $2.0billion. The latter rise was accounted for almost entirelyby increased buying of consumer durables, particularlyautomobiles. While easier terms, following upon the re-moval of all government restrictions by mid-1949, undoubted-ly contributed to the high volume of new consumer short-term borrowing, a major influence in the 1949 rise, as inprevious postwar years, was the expanded flow of goodsavailable to consumers. Despite the rapid postwar rise in con-sumer debt, however, the amount outstanding at the end ofthe year was not unusually high relative to consumer incomecurrently being earned.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SURVEY OF CURRENT BUSINESS 29
Employment and Labor Developments1_ HE demand for labor continued strong throughout most first half of the year, largely because of more favorable
of 1949. However, with activity reduced from the peak weather conditions, but by the year's end the number ofreached in late 1948, notably in manufacturing, and with the farm workers was about 600,000 below December 1948.more effective organization of production, job opportunities After midyear, nonagricultural employment rose for a timewere fewer. and, apart from the adverse effects of the coal and steel
The average number of civilian workers employed during strikes, remained at the higher level. In each of the lastthe year was 58.7 million—670,000 below 1948 but exceeding four months of 1949 nonagricultural employment was aboutthe employment in any peacetime year except 1948. With 300,000 below the corresponding months a year ago.1
the labor force larger, unemployment rose above the minimum The most marked decline in nonagricultural employmentlevels characterizing the earlier postwar years, expanding occurred in manufacturing in which the number of employeesfrom an average of about 2 million workers in 1948 to 3.5 averaged 14.1 million in 1949, about 1.2 million under 1948.million in 1949. With the improvement in economic condi- Even so, average employment in manufacturing in 1949 com-tions around midyear, total employment increased somewhat prised a slightly higher proportion of total private non-although it showed no further significant gains after August. agricultural employment than in 1929 and 1939. Lcss-In the closing months of the year employment was moderately severe losses were experienced in transportation and mining,below the postwar highs of a year earlier. Trade, services, and construction remained virtually un-
Along with reduced employment, weekly hours worked changed at the high 1948 average. Government employ-were also cut, due in part to the increase in involuntary part- ment, especially at the State and local levels, and financetime work and the lessened necessity for overtime work as increased slightly.production overtook demand in more and more lines. Thus, Thus the commodity-producing industries which had beenthe man-hour input in 1949 in the private sector of the operating at unusually high levels decreased their employ-economy was below 1948. Real private national output was ment as postwar backlogs were replenished. Two majornot materially different from 1948 so that output per man- exceptions, the construction and automobile industries,hour in this sector apparently increased moderately. This con- held their workers while increasing output indicated im-clusion is necessarily based on an approximate measure of the proved efficiency and better-balanced materials supply duringreal output and man-hours because of the inadequacy of the most of the year,basic data and the difficulties in the problems of measurement.
The productivity gain in 1949 is attributable in part to the The trend within manfacturinglarge volume of new and more efficient equipment installed as T h e l o g s i n e m p l o y m e n t i n manufacturing, both in absolutereflected by the extraordinarily high expenditures of pro- a n d r e l a t i v e terms, was generally much greater in the durable-ducers of capital goods in the postwar years Another d s industries than in the nondurable group, as is evidentcontributing factor was the greater availability of resources f r o m c h a r t 1 8 T h i s c h a r t s h o w s a c o m p a r i s o r ] L of t h e
during most of the year in relation to output, which had the employment change by percent and in numbers for 20 majoreffect of removing most production bottlenecks and providing manufacturing industries arranged in the order of the volumean adequate now ol materials. o f c h a n g e from September 1948 to September 1949. Sep-
Maior labor force trends tember was selected as the month of comparison rather thanJ J some later month since employment was at or near the post-
The labor force, including the military services, averaged w a r peak in September 1948 and the volume of employment63.6 million in 1949, more than 800,000 over 1948. The in some major industries in the months after September 1949increment was only moderately in excess of the normal w a s influenced temporarily by the effects of the steel strike,increase based upon population growth. About a fourth of Because of the marked increase in activity in nondurablethe gain in the labor force between 1948 and 1949 originated g o ods beginning in June, employment in these industries asin the entry of veterans of World War II who had not been a whole during the last quarter was only about 3 percentjob seekers m 1948, a fact which accounts for the more than below the 1948 peak. The decline in the durable-goods in-normal increase in the labor force last year. It is to be noted dustries was deepened in October and, to a lesser extent, inthat the growth of the civilian labor force in 1949 was November by the direct and indirect effects of the steelroughly half that of the preceding year. strike. The decline in employment from September 1948
Women, youngsters, and older workers continued working to September 1949 was about \2 percent which representedin proportions above the prewar pattern with the result that a loss of about 1 million jobs,the labor force as a whole remained larger than is implied inthe labor-force projections based on the trend in prewar Unemployment higher during the yearparticipation rates. As a group women comprised 29 percent Unemployment reached a seasonal peak of 4 million inof the labor force in 1949; in 1940 they accounted for a little J u l a n d r e m a i n e d a r o u n d 3.5 million during the last fivemore than 25 percent. About 1 million more boys and girls mo
Jnths o f t h e Unemployment among men rose rela-
t e d 14 to 17, were both employed and enrolled in school at t i v e l m o r e t h a n a m w o m e n , but unemployment ratesJie beginning of the school year than at the time of the 1940 d u r i n g t h e k g t q u a r t e r w e r e a b o u t t h e g a m e ? 5 6 p e r c e n t o f
census. ^ j l e respectjve labor force for both groups.At the same time relatively fewer young men between the Unemployment and its relative incidence as a percent of
ages of 20 and 24 were in the labor force, mainly because of t h e c i v i l i a n l a b o r f o r c e f o r t h e l a g t t h r e e a n d f o r 1 9 4 Q
the extended schooling 01 veterans, bimilarlv, the propor- • «ilowT1 belowtion of working women, aged 20 to 34, was well below the AVumm™m& ^ M Zprewar pattern because of increased responsibility for home Y e a r : (millions) forceand child care. 1940 8. 1 14. 6
1947 2. 1 3. 6Employment in 1949 1948 2.1 3.4
r J . 1949 3.4 5.5Tota l civilian employmen t averaged a b o u t 58.7 million,
670,000 Under 1948, b u t 700,000 above 1947. Agricul tural l Because of a change in sample in August 1949, the data are not strictly comparable, and\ , .1 7 v 1 ,-i i • -1 1 • a according to census reports nonagricultural employment was probably closer to half a million
e m p l o y m e n t On the average Was Slightly h igher dur ing t he below the level of December 1948. The labor-force data were similarly affected.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
30 SURVEY OF CURRENT BUSINESS February 1050
Chart 18.—Absolute and Percent Change in Employmentfor Major Manufacturing Industries, September 1948to September 1949 *
CHANGE IN THOUSANDS OF PERSONS B B I-300 -250 -200 -150 -100 -50 0 +50 +100 +150
PERCENT CHANGE r~-30 -25 -20 -15 -10 - 5 0 +10 +15
ABSOLUTE CHANGEPERCENT CHANGE
PRINTING, PUBLISHING, 8ALLIED INDUSTRIES
AUTOMOBILES
APPAREL a OTHERFINISHED TEXTILE PRODUCTS
AIRCRAFT 8 PARTS
I
MACHINERY(EXCEPT ELECTRICAL)
PRIMARY METALINDUSTRIES
TEXTILE-MILLPRODUCTS
FABRICATED METALPRODUCTS
ELECTRICALMACHINERY
LUMBER a WOOD PRODUCTS(EXCEPT FURNITURE)
FOOD a KINDREDPRODUCTSTRANSPORTATION EQUIP-MENT (EXCEPT AUTOMO-BILES, a A I R C R A F T aPARTS)CHEMICALS aALLIED PRODUCTS
RU8BER PRODUCTS
STONE, CLAY, aGLASS PRODUCTS
INSTRUMENTS aRELATED PRODUCTS
PAPER a ALLIEDPRODUCTS
FURNITUREFIXTURES
LEATHER a LEATHERPRODUCTS
PRODUCTS OFPETROLEUM a COAL
TOBACCO
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
1 Include all major industry groups, except ordnance and miscellaneous.Source of data: U. S. Department of Labor, Bureau of Labor Statistics.
The average duration of unemployment in December 1949remained low, although somewhat above December 1948.Furthermore, of the 3.5 million unemployed in December1949 about 2.7 million had been without work less than 15weeks.
The concentration of unemployment in manufacturingcenters in New England and a few other centers of specializedproduction became sufficiently serious to receive specialattention from Federal and State authorities beginning aboutmid-1949.
Fewer job opportunities in 1949Labor turn-over in manufacturing furnishes further evidence
of the loosening of the job market in 1949. The rate of hiringremained below 1948, and about equal to 1939. Separationrates for all causes were about as high as 1948 and well above
1939, a year of increasing employment. The quit rate,which measures the rate of persons voluntarily leaving jobs,was well below 1948 and for the first time in the postwarperiod began to approach the prewar figure. During thefirst six months, the lay-off rate reached the highest level ofthe postwar period.
Decline in hoursNot only did nonagricultural employment decline, but
average weekly hours dropped about half an hour between1948 and 1949. Part-time employment, especially of theinvoluntary type, increased. The average number ofworkers, 38.5 million, who were employed 35 hours per weekor more was down 5 percent from 1948, although total civilianemployment was off only 1 percent.
Weekly hours worked in manufacturing averaged 39.1 in1949, 1 hour less than in 1948. Rather sharp declines inhours worked occurred in the lumber and primary metalmanufacturing industries. Many industries, including thetextile, apparel, furniture, and rubber groups, however,raised hours rather sharply in the fall of the year, apparentlyin an effort to meet increased orders.
Most nonmanufacturing industries, including trade, con-struction, services, communication, and transportation re-duced hours worked moderately during the year. In coaland metal mining, especially copper, average hours weredown markedly.
Average hourly and weekly earnings higherBecause of moderately lower consumers' prices the average
worker was better off in 1949 as a whole than in 1948. Inmanufacturing, real weekly earnings were up about 3 percentin contrast to the movement between 1947 and 1948 whenthe increase was negligible. Utilities workers fared evenbetter. Coal miners, on the other hand, experienced a re-duction in real weekly earnings with the shortened week,though their hourly earnings continued to rise.
Average hourly earnings for all wage earners increasedbetween 2 and 3 percent from November 1948 to November1949. Only workers in the transportation, communication,and gas and electric industries, with about a 12-percent gain,obtained substantially more than this. Establishment ofthe 40-hour week on railroads without loss of pay was animportant factor. The rise in average hourly earnings inmanufacturing during the period was slight.
These comparisons cover cash wages paid and do not in-clude the income secured by employees in the form of insur-ance and retirement benefits. Settlements of labor disputesinvolved substantial increases in so-called fringe benefits ofboth contributory and noncontributory nature, includingpensions, and various types of insurance became of increasingimportance in 1949. These settlements will mean a signifi-cant rise in non-wage income although many of them did notbecome effective until 1950, especially those concerned withlarge numbers of workers in the steel and automotive in-dustries.
Because of reduced hours worked, average weekly earning'increased less than the hourly rates—between 1 and 2 percenton an all-industry basis. The largest gains were obtained intransportation and public utilities, and trade and service.The fall pick-up in hours worked in manufacturing wassufficient to raise weekly earnings for the year to an averageabove 1948 and about equal to the peak reached in the lastquarter of that year—although there was considerable varia-tion in movement among individual manufacturing indus-tries. Construction workers averaged slightly more inaverage weekly earnings in 1949 than in 1948. Wage rateincreases were sufficient to offset slightly reduced hours,Both wholesale and retail trade reported relatively stablehours and moderately higher average hourly and weeklyDigitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SURVEY OF CURRENT BUSINESS 31earnings. Telephone workers added about $3.00 to theirweekly earnings and utilities workers gained about thesame increase.
Wage rates in manufacturing, as indicated roughly bystraight-time hourly earnings, increased by about 1.4 percent(September to September), slightly more in durable goodsmanufacture, less in nondurable goods. For the year as aw^hole, however, the increase in average straight-time hourlyearnings in 1949 over 1948 was 5 percent, reflecting wagerate increases obtained in 1948 and maintained during thepast year as well as some 1949 increases.
Labor relations and negotiationsWith the moderate decline in the cost of living and reduc-
tion of employment and profits in many industries, no patternof money wage increase emerged and the number and size ofwage increases fell sharply. In a large number of industriesthe emphasis shifted from wage increases to pension and
welfare benefits, resulting in protracted negotiations in whichthe steel and automobile industries set the pace.
A number of industries, including men's clothing and seg-ments of the shoe and textile industries, agreed to the con-tinuation of the existing wage rates. Concurrently, wageincreases were extended to some workers in the public utilities,paper, printing, transportation, and the metal-working in-dustries. In a few instances some workers accepted wagecuts for the first time in the postwar period, in accordancewith previous agreements tying wages with the cost of living.
After more than 7 months during which industrial disputesresulting in work stoppages reached the lowest levels of thepostwar period, the combined effect of the steel and coalstrikes brought the total time lost for the year up to almosthalf that of 1946 and higher than any other postwar yearexcept 1946. Man-days idle because of industrial disputescomprised 0.6 percent of estimated working time in 1949,more than twice the rate of the 1935-39 average.
The Business Population1 HE business population during 1949 followed the course
of business activity, declining in the first 2 quarters and thenleveling off in the later months. Fewer businesses werestarted and discontinuances increased. Firms in operationduring the year averaged approximately 3,900,000, about 2percent lower than in 1948 but 18 percent or 600,000 morethan in 1939.
Seasonal influencesAlthough the number of firms in operation has shown a
steady decline since mid-1948, it is necessary to take accountof the fact that the business population is subject to seasonalinfluences. Characteristically the number of new businessesformed is relatively high in the first half of the year; this wastrue even in years like 1946 and 1947. In this earlier period,however, the number of firms in operation was so low relativeto the general level of business activity that births weresubstantially in excess of deaths and the seasonal declinesin births in the second half of the year were still insufficientto cause a drop in the business population. Now that this"deficit" in firms has been made up, births and deaths aremuch more nearly in balance and these seasonal movementscannot be ignored.
On a seasonally adjusted basis the peak in the businesspopulation was reached about the end of 1948, even thoughthere was an actual drop in the number of operating firms inthe latter half of 1948.
The slackened pace of business activity in the first half of1949 dampened the rise in new firm formation and theincreasingly competitive market situation which accompaniedthe easing in prices and output took heavier toll of existingbusinesses. The 50,000 decline in the number of firms inoperation was clearly counter-seasonal in character. Tenta-tive estimates for the last 6 months of the year indicate littlemore than the usual seasonal decline in births while thestabilization of activity in the remainder of the year hadthe effect of reducing slightly the number of discontinuances.Consequently, the number of firms in existence at the closeof 1949 was substantially unchanged from the mid-yearlevel if seasonal influences are taken into account.
Change in factors affecting births and deathsIn 1949, to a greater extent than in other postwar years,
movements in births and deaths were governed by changes inthe general business situation. The trend in the numberof new and discontinued businesses since 1944 is illustratedin chart 19, which brings out the initial rise and subsequent
fall in the number of new firms and the steady upwardmovement in discontinuances.
During the war the number of firms fell quite sharply,while the immediate postwar years saw an extraordinaryexpansion of the business population until its normal rela-tionship with gross national product was reestablished earlyin 1948. The decline in births between 1946 and 1948 wasa reflection of the fact that a decreasing number of firmswas required to make up the "deficit" in the businesspopulation which had been caused by the war. Althoughthe number of discontinued businesses has shown a steadyrise since 1944, the rise up to 1948 for the most part reflectedthe fact that a large proportion of the firms in the businesspopulation was very young and the mortality rate of suchfirms is ordinarily quite high.
Fewer operating firms in most industriesMore firms were discontinued last year than were formed in
each of the major industry divisions. In terms of the averagenumber of firms in operation during the year, however, thereappears to have been a small rise over 1948 in contractconstruction, as indicated in table 17. With the exceptionof mining and quarrying and manufacturing, however, thepercentage declines in the major industries were quite small.
The excess of deaths over births in manufacturing repre-sents a continuation of the 1948 trend. The decline in thedemand for the products of manufacturing plants in the firsthalf of 1949, which was evident in the sharp drop in manu-facturing output, was accompanied by a marked rise indiscontinuances in a number of industries, notably lumberand wood products, paper, chemicals and metals and metalproducts. Although detailed data on discontinuances in thesecond half of 1949 are not yet available for these industries,what information is at hand suggests that a drop in discon-tinuances accompanied the third and fourth quarter rise inmanufacturing output.
Manufacturing loses much of postwar gainManufacturing represents the interesting case of an indus-
try which has lost a large portion of its postwar growth. Ascan be seen from table 17, the number of manufacturingfirms in operation during 1949 was fractionally below thenumber in existence during 1946, although it was about one-third greater than in 1939, or well above the all-industryaverage increase of 18 percent. In a few manufacturingindustries there have been substantial declines from postwarpeaks—food, tobacco, lumber, chemicals, stone and trans_
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32 SURVEY OF CURRENT BUSINESS February 1950
Chart 19.—Number of New and Discontinued Businesses
THOUSANDS OF FIRMS800
600 -
400 -
200 -
1944 1945 1946 1947 1948 1949-1/YEARLY TOTALS
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 5i
portation equipment have declined approximately 15 percentor more from the peak level of firms in operation. Mostother manufacturing industries have experienced rather smallrelative declines while a few-—-petroleum, for example—haveshown a fairly steady rise throughout the postwar period.
One reason for this behavior in the manufacturing popu-lation is traceable to the fact that, unlike the other majorindustry divisions, the business population in manufacturingincreased steadily throughout the defense and war period.As can be seen in table 17, manufacturing firms in operationduring 1943 averaged 7 percent above 1939. The manu-facturing population has typically been much more volatilethat other industries and the postwar demand for goods andhigh profits stimulated a very pronounced expansion in thenumber of manufacturing firms. Data on manufacturingprofits indicate that profits of the smallest firms have under-gone the greatest relative decline since 1947—just as earlierthey had risen the most—and this has had adverse reper-cussions on new firm formation and business discontinuances.
Failures higher
1 Data are preliminary; include estimates tor the last half of year.Source of data: U. S. Department of Commerce, Office of Business Economics.
Not only was there an increase in total discontinuancesbetween 1948 and 1949 but in addition there was a sharpincrease in the number of failures as reported by Dun andBradstreet. As has been pointed out in previous issues of
Table 17.—Average Number of Firms in Operation and Percent Change, by Major Industry Divisions, Selected Years, 1939—49
Industry group
All industriesMining and quarryingContract construction .ManufacturingTransportation, communication, and other public utilities.-Wholesale tradeRetail tradeFinance, insurance and real estateService industries
Average number of firms in operation(Thousands)
1939
3,305. 6
36.0199.7223.0143.2137.0
1, 558. 9306. 0701.8
1943
3,045.1
32.3157.5238.8121.0141.5
1. 400. 3301.2652. 5
1946
3, 605. 4
32.4242.6301.9163.0181.1
1,574.0337. 6772.8
1947
3,879.0
33.8289 3330. 5180. 8196. 6
1, 672. 8344. 7830.5
1948
3, 976.1
35. 0318.4327. 9187.5202.1
1, 704. 7346. 3854.2
1949 p
3, 907. 7
33.1321.8297.1187.0201.9
1, 676. 7345. 4844.9
1939-1943
- 7 . 9
-10 .3— 21.1+7.1
-15.5+3.3
- 1 0 . 2— 1.6- 7 . 0
Percent change
1943-1948
+30.6
+8.4+102. 2+37.3+55.0+42.8+21.7+15.0+30. 9
194S-1949
- 1 . 7
- 5 . 4+1.1-9.4
!i-1.6
q
-LI
1939-1949
+18.2
-8.1+61.1+33.2+30. 6+47.4+7.6
+ 12.9+20.4
•p Preliminary. Source: U. S. Department of Commerce Office of Business Economics.
the SURVEY the Dun and Bradstreet failures represent onlya small fraction of discontinuances, being confined primarilyto bankruptcies.
For the year as a whole failures were about 75 percentgreater than in 1948, although by prewar standards failuresin the aggregate were still quite low, being 20 percent belowthe 1941 level. In terms of the business population increasesince 1941 the comparison of failures over this period appearseven more favorable. It is interesting to note, however,that all the decline in the number of failures since 1941 isconcentrated in retail trade. In manufacturing and mining,wholesale trade, construction, and commercial service thenumber of failures in 1949 averaged higher than in 1941,but for the most part failure rates—failures relative to thebusiness population—were lower than before the war.
Loiver demand for capital goods by new firms
In previous issues of the SURVEY it was pointed out thatthe rapid expansion of the business population in the earlypostwar years gave rise to a considerable demand for newinvestment. In 1946 it is estimated that expenditures onnew plant and equipment and inventories by new nonfarm
business were 10 to 15 percent of the corresponding volumeof investment by all nonfarm business. In a period ofdeclining business population such as has occurred in thepast year the demand for capital goods stemming from newfirm formation has been of slight proportions. The risein discontinuances has resulted in an increasing stock ofcapital goods—in the form of used plant and equipment—available for new businesses.
This is not to suggest that there is no positive demand forinvestment by new firms with a declining business populationsince the used equipment of the discontinuing firms may notbe of the kind required by the new firms; in addition, theremay be geographical differences in the areas where usedplant or equipment is available and where new firms arebeing formed. Moreover, of the large number of new firmswhich came into existence in the 1945-47 period, many arestill in a process of growth and are making new outlays forexpansion.
Nonetheless, with new businesses some 45 percent lowerthan in 1946 and actually lower than deaths, new capitalexpenditures by new firms have shrunk considerably in thepast few years and this has been an important element inthe weakening of aggregate business demand for new invest-ment.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
gU S I N E S S STATISTICSTHIIE DATA here are a continuation of the statistics published in the 1949 Statistical Supplement to the SURVEY OF CURRENT BUSINESS.
That volume contains monthly data for the years 1945 to 1948, and monthly averages for earlier years back to 1935 insofar as available; it alsoprovides a description of each series and references to sources of monthly figures prior to 1945. Series added or revised since publication of the1949 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating where historical data anda descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers and dollar values refer to adjust-ment of monthly figures for seasonal variation.
Data subsequent to December for selected series will be found in the Weekly Supplement to the SURVEY.
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April May June July August October Novem-
berDecem-
ber
GENERAL BUSINESS INDICATORSNATIONAL INCOME AND PRODUCT
Seasonally adjusted quarterly totals at annual rates:National income, total bil. of dol
Compensation of employees totalWases and salaries total
PrivateMilitaryGovernment civilian
Supplements to wages and salaries
dodododododo
Proprietors' and rental income, totals doBusiness and professionalc? dr»FarmRental income of persons
dod o
Corporate profits and inventory valuation ad-justment total bil of dol
Corporate profits before tax totalCorporate profits tax liabilityCorporate profits after tax
Inventory valuation adjustmentNet interest
Gross national rvrodnct totalPersonal consumption expenditures, tota
Durable goodsNondurable goodsServices
Gross Drivate domestic investmentNew construction
dododododo
do1 do
dodododod o
Producers' durable equipment doChange in business inventories do
Net foreicrn investmentGovernment purchases of goods and s
total bilFederal (less Government sales)State and local
Personal income total
doervices,of doldodo
d nLess: Personal tax and nontax payments-__doEquals: Disposable personal income doPersonal saving§ do
PERSONAL INCOME, BY SOURCE
Seasonally adjusted, at annual rates:Total personal income bil. of dol
Wage and salary receipts, totalEmployer disbursements, total _ _
Commodity-producing industries. _Distributive industriesService industries _ __. .Government
" d o " "
"do..do
doLess employee contributions for social insur-
ance _ . .-_ bil. of dolOther labor incomeProprietors' and rental incomePersonal interest income and dividendsTotal transfer payments
Total nonagricultural income _
do
" d o : : ; :do
NEW PLANT AND EQUIPMENTEXPENDITURES
All industries, quarterly total mil. of dol__Manufacturing, ._. _ _doMiningRailroadOther transportationElectric and gas utilitiesCommercial and miscellaneous _.
dodododo
- - d o . . . .
234.3144.9139 8119.6
4.116.15.0
49.724.518.56.7
35.734 513.620.9
1.24.1
270 3180.922 9
103.354 848 017.921.29.01 0
40.323.416.9
216 620.4
196.215.3
217.0137.1139. 462.340.016.920.2
2.32.0
50.316.910.7
193.6
5,4102.320
990410170850
1,440
' 214.6' 135. 9' 138. 2' 60. 5MO. 3'17.1
20.3
2.32.0
M8. 517.0
' 11.2
' 192. 0
'211.3' 134. 0'136.3' 59. 4
39.5'17.0'20.4
2.32.1
M6.6'17.0' 11.6
' 191.0
' 224. 7' 141.9' 136. 5' 116.1
4.1' 16.3'5 .4
' 47.1'24.1' 16. 4
6.7
'31.629.411.517.9' 2 . 2M . I
' 262 0' 178. 7'23.0
' 100. 4' 55 3' 40.0
16.8'20.7' 2 . 5
1 0
42.325.2
' 17.1
' 212. 0'18.6
' 193.4' 14.8
' 210. 2' 132. 3' 134. 6'57.4
39.4' 17.3'20.5
2.12.1
M6.2'17.0' 12.6
' 190.5
4,4601, 850
190360130680
1,260
' 210. 5' 133. 9' 136. 0' 57. 4M0. 7'17.3
20.6
2.22.1
'45. 0' 17.1' 12.4
' 191.8
' 210. 2' 133. 7' 135. 9' 57. 0MO. 9' 17.4'20 .6
2.32.1
' 45. 2'17.0'12 .2
' 191.4
1
' 220. 8' 140 8' 135 4' 114 7
M. 116.6' 5 5
r 45 124 1
' 14. 36.7
'30 .726 410 615.8' 4 3M.2
' 257. 9'179.3' 23. 6'99 .8
55 9' 33 2
16.4'20 .0' - 3 . 2
1.2
'44. 2' 26. 4
17.8
' 210. 0'18 .6
'191.4' 12.1
' 209. 4' 132. 9' 135. 2' 56 7
40.3'17 .3'20 .9
2.2' 2 . 1
' 45. 1' 17.0' 12.3
r 190. 5
4, 6601.880
190380140780
1, 290
' 207. 2'133.0' 135. 2
' 56. 440.5
' 17.1'21 .2
2.22.1
M2.8' 16.9' 12.4
' 190. 2
' 209.1' 133.4' 135. 6' 56. 9
40.517.1
'21 .1
2.2' 2.1
r 43. 9' 17. 1' 12. 6
'191.4
' 220. 7' 141 1' 135 6' 114 4
M.2' 16.9
' 5 . 5' 43 1' 24 0' 12. 6
' 6. 6
'32 .328.911.417.5' 3 3M.2
' 254 6' 179. 7
r 25 7
'
' 97. 6r 56 5r 32 1r 17.4r 19. 6— 5 0' - . 3
43.225 018.2
' 208.2' 18. 6
' 189. 5' 9 . 8
' 208.3' 133. 7' 135. 9
' 57.1M0. 5
17.1'21 .2
2.2' 2.1
M2. 7' 17.2' 12. 6
' 192. 2
4, 3601,690
180310130790
i 1,260
' 207. 0' 132. 7' 134. 9' 55. 5M0. 2' 17.5'21.7
2.2' 2 1
'42. 9' 17.3' 12.0
' 190.3
r 209. 4r 132. 5' 134. 7' 56. 0' 39. 5
17.4'21.8
2.2' 2 2
'44. 9'17.4'12.4
' 191.3
140.9135. 3113.5
4.517.35.6
43.724.012.96.8
.74.3
255. 2179.825. 297.756 933. 718.718.7
- 3 . 7- 2 . 0
43.725. 018.8
209.318.6
190.710.8
211.5134.1136.357.43 9 . <>17.421.9
2.22 2
43.419.112.7
194.1
i 4, 4301 1,710
i 170l 290i 1101900
U.250r Revised. 1 Estimates based on anticipated capital expenditures of business.cf Includes inventory valuation adjustment.§ Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.
S-l
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-2 SURVEY OF CURRENT BUSINESS February 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April M a y June July August Septem-
ber October Novem-ber
Decem-ber
GENERAL BUSINESS INDICATORS—Continued
FARM INCOME AND MARKETINGS
Cash receipts from farming, including Governmentpayments, total % .mil. of dol__
Farm marketings and CCC loans, total doCrops _' doLivestock and products, total do
Dairy products doMeat animals doPoultry and eggs do
Indexes of cash receipts from marketings and CCCloans, unadjusted:%
All commodities 1935-39=100_ _Crops doLivestock and products do
Indexes of volume of farm marketings, unadjustedrt-All commodities '. _ .1935-39 = 100__
Crops doLivestock and products do
INDUSTRIAL PRODUCTION
Federal Reserve Index
Unadjusted, combined index 1935-39=100.
Manufactures do
Durable manufactures doIron and steel doLumber and products do
Furniture doLumber do
Machinery doNonferrous metals and products do
Fabricating doSmelting and refining do
Stone, clay, and glass products doC emen t*_ doClay products doGlass containers do
Transportation equipment doAutomobiles (incl. parts) do
Nondurable manufactures do..Alcoholic beverages do..Chemicals products do-.
Industrial chemicals do..Leather and products do-.
Leather tanning do..Shoes do..
Manufactured food products do..Dairy products do.Meat packing. do_.Processed fruits and vegetables do..
Paper and products do_.Paper and pulp . _ do_
Petroleum and coal products do..Coke do..
Printing and publishing do..Rubber products do-Textiles and products do..
Cotton consumption do..Rayon deliveries do..Wool textiles.. do..
Tobacco products do..
Minerals do..Fuels d o -.
A nthracite do..Bituminous coal do..Crude petroleum do^
Metals do.
Adjusted, combined index d* . . d o . .
Manufactures do...
Durable manufactures do..Lumber and products do.
Lumber do..Nonferrous metals do-.
Smelting and refining do..Stone, clay, and glass products do-.
Cement d o -.Clay products do.Glass containers do_.
Nondurable manufactures do_.Alcoholic beverages. do..Chemical products do..Leather and products _ do -.
Leather tanning do..Manufactured food products do..
Dairy products do..Meat packing-. do_.Processed fruits and vegetables do..
Paper and products do..Paper and pulp do..
2, 7062, 6961,3041,392280789312
406457367
157182138
190
197
229223132168113277184185183199193178171246208
171174258450991029715392181111
153149231184158200156114317151136
15116410314517777
192
199
231143131184183205212173184
173197257100103158144154142153150
2.3832, 3671,0801,287305752223
356378340
145160135
187
195
225228118154100268183182186192169166185244209
17015325544710810411114892179
163158228184149193160123313150158
1431568814516768
191
227129117183186204208180189
175181257108103160144152138163158
1,7831, 768689
1,079283589200
266241285
113103120
185
193
22323211515496262185180200187168166179241
16815925143511611511714610414986
158154221185152188157125305143153
14315574142168
189
196
225123107185200202222176184
173177250113107162145156136158154
1,9731,946677
1,269327692242
293237335
12094139
181
190
221233124150110252183172210185171163178240204
1641732484271139912314512414185
151148213178156182142120275122163
1311375293163
184
193
223129119183210195208171178
16818724511399162150153154151147
1,8501,823592
1,231326623265
275209325
11481140
177
183
212219126144116240167151209186202160179235203
1591632394171069611314816013494
146142209182157177129111240112153
14614888144156134
179
184
212126118167209189213164179
16216423710696162154145155146141
1,9441,915
6391,276
361627259
288224337
12389149
174
179
202204129139124232145123200190206156202220184
16018223340610195105156203138102
144139207175158178123103214118170
148149105144155142
174
179
201126120145200185196157189
16117423410195163153137156144139
2,0532, 036
7571,279
359647239
306265338
132110148
170
176
195177129139124225133108192188209151204240211
16119023040410495110165223139133
143138202159148178126105217120179
13713578104153150
169
194123114133193186195152206
16016923310597165151141173143
- 138
2,1772,168972
1,196347592233
326340316
141145138
163
169
156121136113217127105179187209140214249225
1561882253929480104172222140181
128'12519813913317512087238109152
128126
147140
161
168
185115104127180185190140223
1541652289684161151150139129
r 126
2,4172,4111,1621,249328661245
363407330
162190140
••174
181
194178134148126216141128174190207149212246225
17017922638811090123189197134287
155'148203146143178140111259134184
13413482108149135
170
178
193126115141174183183145204
165172
r 22911191166152153151155148
2,6082,6011,3271,274304705250
392465336
168209138
"179
-189
200179141
- 158132224157150175191219
- 151199252231
- 179179
'23840511498125
- 190159145
-267
169160208145159
-202155127
- 294139185
1231225060154128
174
184
199
- 132119157175183189
-146195
- 173174236115100
- 167151158
- 137169160
3,1393,1271,7731,354298787255
471621357
202270150
169
179
- 176-102- 138- 165125226164162167192211154210238216
181180
-245414108- 99115
- 177121155
-192
176168
169-197169134318161171
112- 12011831
- 15661
166
176
175133116164167
-184182146204
177167240108-98- 165 |146155
- 149176 !168 i
3 0503, 0381,7221,316
266- 735-303
M57-603'347
-193-246-153
-174
179
180144144163134217163161170188206153195206
-176
- 178-171-247-418
-9995
- 101-162
97172
-121
177168
-204102167
-195-174
138-340
160172
-141- 152
117133
- 16369
-173
-179
-181- 147
139-163- 169-183
191147193
-177- 187
243-97
92- 159
147154
- 131177168
2, 3262,3171,1751,142
267603262
349411301
155170144
» 177
v 186
P 2 0 0198
v 144*>167M 3 2*226v 167v 164v 174v 181
187P 1 5 4
177P 2 1 8*186
P 1 7 4151
*>249P 4 2 5
*>15396
186P 9 4
166159
?213
162*192v 174
134350
138
v 128*13G
63103
v 157J » 7 9
»179
*187
*>202^ 157v 153* 167v 174P 1 8 7
206P 1 5 0
190
v 175173
*>245
P 1 5 7148157
* 121167160
' Revised. v Prel iminary.% Da ta have been revised beginning January 1947 to incorporate revisions in reports on production and sales of farm products; revised figures for Janua ry 1947-July 1948 are available upon
reques t . c? Seasonal factors for a n u m b e r of industries were fixed at 100 during 1939-42; data for these industries are shown only in the unadjusted series.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1050 SURVEY OF CURRENT BUSINESS S-3
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January-Febru-
ary March April M a y .1 uno July August Septem-ber October Novem-
berDecem-
ber
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION—Continued
Adjustedcf—ContinuedManufactures—Continued
Nondurable manufactures—ContinuedPetroleum and coal products . _ .1935-39=100.Printing and publishing d o . . .Tobacco products do - . .
Minerals do .Metals do-
B U S I N E S S SALES AND INVENTORIES *
Business sales (adjusted), total bil. of dol.Manufacturing, total do - _.
Durable-goods industries d o . . .Nondurable-goods industries do _ _ _
Wholesale trade, total d o . . .Durable-g x>ds establishments do__.Nondurable-goods establishments do_. -
Retail trade, total do__.Durable-goods stores. do _. _Nondurable-goods stores do . - -
Business inventories, book value, end of month(adjusted), total bil. of dol..
Manufacturing, total doDurable-goods industries doNondurable-goods industries do
Wholesale, total doDurable-goods establishments doNondurable-goods establishments do
Retail trade, total d o . . . .Durable-goods stores-.- doNondurable-goods s to res . . - do
Manufacturing inventories (unadjusted), bystage of fabrication, total bil. of doL
Purchased materials d o . . .Goods in process doFinished goods d o . . .
MANUFACTURERS' SALES AND INVEN-TORIES—VALUE (ADJUSTED)*
Sales, to ta l . . . . . . .m i l . of dol . . .Durable-goods industries, total do_
Tron, steel, and products do.Nonferrous metals and products clo.Electrical machinery and equipment .doMachinery, except electrical do.Motor vehicles and equipment do_Transportation equip., except autos doLumber and timber basic products doFurni ture and finished lumber products . .doStone, clay, and glass products doOther durable-goods industries do.
Nondurable-goods industries, total do.Food and kindred products doBeverages do.Tobacco manufactures do.Textile-mill products do.Apparel and related products doLeather and products. do.Paper and allied products do-Pr in t ingand publishing do.Chemicals and allied products do.Petroleum and coal products doRubber products do..Other nondurable-goods industries do.
In ven lories, book value, end of month, total doDurable-goods industries, total do.
Iron, steel, and products do.Nonferrous metals and products do.Electrical machinery and equipment doMachinery, except electrical do.Motor vehicles and equipment do.Transportation equip., except au tos . . doLumber and timber basic products doFurni ture and finished lumber products.-doStone, clay, and glass products doOther durable-goods industries do
Nondurable-goods industries, total do.Food and kindred products doBeverages . - -doTobacco manufactures . . . d oTextile-mill products doApparel and related p r o d u c t s . . . . . . d oLeather and products doPaper and allied products . . doPrinting and publishing doChemicals and allied products doPetroleum and coal products doRubber products doOther nondurable-goods industries. do
231154146
156110
38.219.18.3
10.78.22.0
' 6 . 111.03.37.7
58. 534.116.217.99.53.36.2
15.05.79.2
34.214.18.1
12.0
19,0658,3412, 251
640812
1, 3401,235
510411355382405
10, 7243,036
537272
,116894272538571
1,1671,742
280298
1,
34,06616,1823, 5231,0782,0183, 6182,133
998666780577792
17, 8843,0151,0521,6192. 4661, 564
609889640
2,4352,432
650513
228155159
149104
36.217.97.6
10.37.71.7
••6.010.63.07.6
58.534.416.517.99.53.46.1
14.75.7
34.614.18.2
12.3
17, 8807,5502, 033
595729
1, 2381,176
406351299358
10,3303,028
498272986958256502588
1,1381,554
260290
34,40916, 5393, 5861,0622, 0593, 6662,212
996737814593814
17, 8703,0111,0521.5982. 5211,540
634909645
2,4282,446
661425
221153160
149113
••36.618.27.8
10.47. 71.85.9
10.73.27.5
58.434.416.617.89.53.46.1
14.55.78.8
34.613.98.3
12.4
18,1757,7572,081
602716
1,2701.217
483349302373364
10, 4183,040
482274
1,014978288497619
1,1291,545
251302
34,40916, 6293, 6331.0292.0883, 6882,217
976744835605813
17, 7802, 9751,0821,5772. 5091,494
606906045
2,4112, 495
661420
213153172
136129
'37 .118.57.8
10.67.91.96.0
10.73.37.4
58.234.216.517.79.33.45.9
14.75.8
34.413.68.2
12.5
18, 4517,8052, 054
567742
1,3251, 222
453384337371351
10, 6462,923
601292
1,0281,043
294486641
1,1521, 584
260342
34, 22316, 5283, 6321,0962, 0633, 6912,194
951698817572815
17, 6953,0101,1181,5682, 4821,436
598919628
2, 3552.516
653412
209152162
148145
35.917.67.4
10.27.41.75.7
10.83.37.5
57.834.016.517.69.33.45.9
14.55.78.8
33.913.38.2
12.4
17,6437, 4451, 883
488720
1,2611,289
426370316332361
10,1982,942
607266943895291461596
1.0861,540
257314
34,01816, 4663. 6541.1232,0243, 6282,201
926737795570808
17, 5523,0281,1141. 5952 3951. 363
595911616
2,3462, 527
648414
207155170
145126
36.017.77.5
10.37.51.85.7
' 10.83.37.4
56. 933. 616.017.69.23.35.9
14.15.48.8
33. 412.88.3
12.4
17, 7417,4881,768
452741
1,2291,389
484381328367350
10, 2533,027
671284936807279451573
1,1441.523
248310
33,56515. 9943,6291,1201,9413, 5332, 008
909725787557785
17, 5722,9931,1081,6142, 4041,404
617894611
2,3162, 539
650420
202149172
133124
36.418.07.7
10.2
L85. 9
10.73.3
56. 433.315.717.59.03.25.8
14.25.4
32.912.48.1
12.4
17,9907, 7451,811
512730
1,1951, 553
454417339369366
10,2443,006
701279984685303461592
1,1431, 525
266300
33, 25015, 727
3, 5641,1361,8883,4841,977
915652786563762
17, 5243,0261,0951,6332. 3611,4! 2
624872609
2. 2782,544
644427
198144146
123105
34.817.17.29.97. 21.65. 5
10.53.37.2
55. 332.415.217.19.13.16.0
13. 95.38.6
32.312.28.0
12.2
17,1147,2071,703
418669
1,0631,558
487362288349310
9,9072,774
674271968770282497555
1,1061,511
271227
32. 36715, 2253,4591,1151,8063,3861,904
903617757548731
17,1422,8421,1021,6112.3161,421
590832580
2,2642,546
625415
151178
129102
37.118.98.0
11.07.51.85.7
r 10.73.57.2
54.631.614.716.99.13.06.0
13.95.38.6
31.712.07.7
11.9
18,9457,9821, 850
546749
1,1301,739
492410336395335
10, 9642, 969
740298
1,111995316583573
1,2391, 598
295245
31, 63814, 7413, 3371, 0641. 7373,3291,824
860586754527724
16, 8982,8841,0621, 6682.2191, 359
598793568
2,2472,513
586400
208159175
37.218.97.9
11.07.51.95.6
r 10. 93.5
r 7. 4
54.631.1.14.316.89.23 06.2
14.45.68.8
31.011.8
' 18, 865' 7, 877r 1.894
579802
1, 1301, 579
365436346388358
10, 9882,989
589285
1, 164964294644596
1,2741,618
277294
"31,076' 14, 282
' 3, 2021,0351, 6483, 2391, 769
869558744506712
16, 7942,8061, 1241.7282.1981,332
614756561
2,2282, 497
562390
198165165
11257
34.616.8' 6 . 510.3
' 7. 11.75.4
' 10. 73.57.1
54.430.713.916.9' 9. 1
2.96.2
14.55. 78.8
30.711.87.2
11.7
r16,805' 6, 542' 1, 088
500756
1,0531,371
359409324354327
10, 2632,890
528256
1,089791274623509
1,1741, 575
262291
r 30, 744r 13, 876' 3, 062
1, 0231,6033,1521,678
839598717492712
16,8672, 9551,0991,7152,2181, 332
611739559
2,2222,507
537373
r204160169
'141r 74
' 35. 5' 17.3
7.2' 10. 3
J.' 8
i a o3.37.3
' 53. 9r 30. 5
13.6r 16.8' 9. 1
2 9' 6 . 214.35.58.8
' 3 0 . 612.0' 6 . 811.7
' 17, 341' 7, 041r 1, 457
'512r 767
' 1,081' 1,258
'410'454' 345' 393'363
' 10, 300' 2, 834
' 522'280
' 1.133'688'254'618'512
r 1, 182r 1, 654
' 3 3 3
' 30, 494' 13,646
' 3, 048T 1, 028r 1. 568' 3. 082'• 1, 626
' 809r602'723'474'687
' 16. 848' 2, 983r 1, 0S2r 1,697r 2. 254r 1.357
'• 616
r 589r 2, 223' 2,472
" V302
P 213159149
P 131p 103
34. 316.66.79.97.21. 75.5
10. 53.17.4
53. 830.813. 817. 09.12.96.2
13.85.08.8
31.012.26.8
12.1
16, 6066, 6751, 657
539687
1, 0641,064
377436303341311
9, 9302,777
544259
1,065644242548635
1, 0691, 583
" " " " 2 7 2 "
30,81713, 8183,1201,0491.5943, 0671,656
806635718488686
16, 9993. 0711,0931, 6932, 3021, 380
610758590
2.2122, 435
359 ~r Revised. *> Preliminary. cf See note marked "d"" on p. S-2.•New series. Except as otherwise stated, seasonally adjusted dollar sales and inventories have been substituted beginning with the October 1949 SURVEY for the unadjusted dollar values
«nd indexes formerly shown; for earlier figures and details regarding the new series, see pp. 12-24 of the October issue. Salos and inventories of service and limited-function wholesalers onlvare publhued currently on p. S-10.and
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-4 SURVEY OF CURRENT BUSINESS February 1950
Unless otherwise s ta ted, stat ist ics th rough1948 and descriptive notes are shown in the1949 Statist ical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary- March April May June July August Septem-
ber October Novem-ber
Decem-ber
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' NEW ORDERS, NET *Value (unadjusted), total mil. of doL.
Durable-goods industries, total... doIron, steel, and products doNonferrous metals and their products doElectrical machinery and equipment doMachinery, except electrical doTransportation equipment, except autos - _doOther durable-goods industries do
Nondurable-goods industries do
18,0507,5702,023
582786
1, 075444
2, 66010, 480
16, 8606,7032, 034
594699918
1-1552,613
10,157
16, 5346,7341,832
514612
1, 016384
2,3769,800
17, 9627,1851,816
570754
1, 151296
2, 59810, 778
15, 9686,1271,425
437619985160
2,5019,841
15, 7345,9931,328
358584986495
2,2419,742
16, 3006,5441,504
418702
1,017217
2,6869,756
15,4966,1951,284
365561858263
2,8659,301
18, 6977,4071,776
615687938244
3,14611,290
' 19, 441* 7, 634' 1, 513
583810996377
3, 35511,807
' 18, 359r 7, 432r 1, 837
566841970246
2,97210,926
' 18,165' 7, 402' 1, 771
••525-724-953-711
' 2, 718- 10, 763
BUSINESS POPULATION
OPERATING BUSINESSES AND BUS1TURN-OVER
Operating businesses, total, end of quarter-Contract constructionManufacturingService industriesRetail tradeWholesale tradeAll other
New businesses, quarterly totalContract constructionManufacturingService industriesRetail tradeWholesale tradeAll other
NESS
thousdodododododo
dododododododo
Discontinued businesses, quarterly total doContract construction r>ManufacturingService industriesRetail trade"Wholesale tradeAll other
Business transfers, quarterly total
BUSINESS INCORPORATIONS
New incorporations (48 States)* _. . . . n
INDUSTRIAL AND COMMERCEFAILURES
Failures, totalcT - nCommercial serviced1
ConstructionManufacturing and miningRetail tradeWholesale trade
Liabilities, totald" thousCommercial serviced1
Construction . _Manufacturing and miningRetail tradeWholesale trade
dododododo
..do-—
jmber. .
imber. do
do..do
dodo
ofdoL.do
. do_-_dododo
3,964. 73*>3 8319 8851? 1
1 690 9202.7569. 4
77.611 37.5
16 428.83 99.8
102.012 915 320 638 0
4.011 2
70.6
7,421
5313664
15521759
31,731924
2.39621.9804.2472,184
- - - - -
7,906
5664153
12926776
19,1591.1741,8928, 6254,8412,627
6,362
6854463
17031890
27, 567896
2,47615. 009
5, 7283,458
3,938.1323 2307 9848 8
1 688 3202 2567.5
95.016 19.1
19.834.54 4
11.1
121.6lfi. 621.023 243 14.7
12 9
102.2
7,637
-847-87
77215366102
'37,118' 4, 792
3.01817, 0757,2695, 034
7,273
8777668
22940698
31, 9305,7741.519
14,5236.1393,975
7,445
- 775-58
63202351101
' 24,583' 1, 599
1,43411,1826.0344. 334
3,911.9322.8296.1845. 7
1 679 5202.1565.7
99.016.99.0
20.037.94.2
11.0
125.217.320.823 146.74.4
12.8
83.6
7,260
8287574
21537292
28,1611,8622,476
13, 5006,2344,089
6,424
7194961
188344
77
21, 8041,3931,845
10,1835,6292,754
6,828
8105355
221385
96
31,1751,1872,272
16, 0086,4245,284
6,867
7326771
18332982
20, 5981,2892,1489,3794,9292,853
6,
23,1,1,
11.52,
877
8025890
181364109
894?,4R989897833927
6,755
8356383
197395
97
22, 7991, 2814,3628,4195,9292,808
7,857
7705080
201349
90
19, 251668
1,8147,4656.2843.020
COMMODITY PRICES
PRICES RECEIVED AND PAID BY FARMERS
Prices received, all farm products t§—1910-14=100..Crops do
Food grain doFeed grain and hay doTobacco doCotton doFruit doTruck crops doOil-bearing crops do
Livestock and products doMeat animals doDairy products doPoultry and eggs do
266229236183408249181181303299330285259
247250244
257
104
265239233186404246199256294289323275239
246248242
256
104
255234223171404245198267262275309265216
242245238
252
101
25S232226176403242207235261281327254215
245247243
255
101
256234229177403251225196256276324241220
244246242
254
101
253235229174403252239194245271319235215
244245242
253
100
249225213168404253235155232271323233212
242245239
252
99
246221209171404253217168219269316237213
240244235
250
98
244214205165400246181170241271310244225
238242234
249
98
247212211166393250160188227279319251236
238240234
248
100
242210213161396241180174221271301258230
237239235
246
98
237210215157369233172213220262286261216
236238234
245
97
Prices paidrfAll commodities 1910-14= 100..
Commodities used in living doCommodities used in production do
All commodities, interest, taxes, and wage rates1910-14=100—
Parity ratiot - doi Minus denotes excess of cancellations over new orders, d1 For comparability with data prior to 1945, figures for certain subsequent months have been revised to exclude railroad failures.
Revisions are as follows (for December 1945, November 1946, July 1947, and October 1948, respectively): Total number of failures—41; 103; 297; 459; number of commercial failures— 4; 12; 28; 50;total liabilities (thous. of dol.)—1,654; 9,511; 20,701; 25,114; commercial service liabilities (thous. of dol.)—202; 202; 3,427; 1,763. Revisions for 1949 are as shown above.
*New series. Beginning with the December 1949 SURVEY, dollar values of manufacturers' new orders have been substituted for the indexes shown prior to the October 1919 issue; figuresback to January 1946 and details regarding the new series are given on pp. 18-24 of the December 1949 SURVEY. Data on new incorporations are compiled by Dun and Bradstreet, Inc.; theyare available for the 48 States beginning 1946, and for 47 States (excluding Louisiana") beginning July 1945.
§ January 1950 indexes: All farm products. 23/). crops, 219; food grain. 218, feed grain and hay, 170: tobacco, 382; cotton, 222; fruit, 185; truck crops, 261; oil-bearing crops, 228; livestock andproducts, 249; meat animals, 286; dairy products, 254: poultry and cge.s, 158.
tRevised series. Beginning with this issue of the SURVEY, data are revised (effective back to 1910) to reflect changes prescribed in the Agricultural Acts of 1948 and 1949; revisions prior toDecember 1948 will be shown later.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SURVEY OF CURRENT BUSINESS S-5
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April M a y June July August Septem-
ber October Novem-ber
Decem-ber
COMMODITY PRICES—Continued
RETAIL PRICES
All commodities (U. S. Department of Commerceindex) 1935-39=100.
Coal (U. S. Department of Labor indexes):Anthracite Oct. 1922-Sept. 1925-100..Bituminous do
Consumers' price index (U. S. Dept. of Labor):All items 1935-39=100-.
Apparel doFood do___
Cereals and bakery products do_ __Dairy products do_._Fruits and vegetables do___Meats, poultry, and fish do._-
Fuel, electricity', and refrigeration do . . .Gas and electricity do_._Other fuels do . . .
House furnishings do___Rent do__.Miscellaneous do
WHOLESALE PRICES tf"
U. S. Department of Labor indexes:tAll commodities 1926=100.
Economic classes:Manufactured products doRaw materials do__.Semimanufactured articles do
Farm products doGrains doLivestock and poultry do
Commodities other than farm products._do
Foods do_.Cereal products do.Dairy products do.Fruits and vegetables do_.Meats, poultry, and fish do..
Commodities other than farm products andfoods 1926=100.
Building materials do . . .Brick and tile do._.Cement do . . .Lumber do___Paint and paint materials do
Chemicals and allied products doChemicals do . . .Drug and pharmaceutical materials, .doFertilizer materials do.__Oils and fats do . . .
Fuel and lighting materials do_Electricity do.Gas do_Petroleum and products do_
Hides and leather products do_Hides and skins do.Leather do_.Shoes do..
Housefurnishing goods doFurnishings doFurniture do
Metals and metal products doIron and steel doNonferrous metals doPlumbing and heating do
Textile products doClothing do-.. .Cotton goods doHosiery and underwear doRayon and nylon. doSilk do.-. .Woolen and worsted goods do
Miscellaneous doAutomobile tires and tubes doPaper and pulp.- do
PURCHASING POWER OF THE DOLLARAs measured b y -
Wholesale prices 1935-39=100..Consumers' prices doRetail food prices do
192.5
145.5159.2
171.4200.4205.0170.2199.2192.3241.3137.895.3
191.3198.6119.5154.0
162.4
157.6172.2160.8177.3171.1204.6158.9
170.2150.0171.2139.8220.8
153.1202.2160.5133.5305.9161.2
131.1123.4151.5120.1179.4
137.267.791.1
122.0
185.3197.2186.5188.0
148.4153.6143.1
173.8165.4172.5157.3
146.7148.8189.2103.741.846.4
159.6
118.566.2
169.5
49.558.348.8
191.5
147.0159: 5
170.9196.5204.8170.5196.0205. 2235.9138.295.5
191.8196.5119.7154.1
160.6
156. 2169.3160.4172. 5167.7194.7157.8
165.8148.0163.6145.3214.2
152.9202.3162.5133.9299.5166.3
126.3122.2150.4120.8146.1
137.167.788.1
121.3
184.8198.7185.4187.8
148.8153.6142.8
175.6169.1172.5156.9
146.1147.7186.9102.541.850.1
161.6
117.365.5
168.3
50.158.548.8
149.1160.0
169.0195.1199.7170.0192.5213. 7221.4138.896.1
192.6195.6119.9154.1
158.1
154.0165. 8159.6168.3157.2187.2155.7
161.5146.7159. 8152.3205.1
151.8201.5162.4133.9296.9165.3
122.8119.5148.9120.8131.7
135. 968.591.9
118.7
182.3185. 9183.9187.8
148.3154.2142.3
175.5169.1172.5156.1
145.2147.3184.8101.341.850.1
162.1
115.364.7
168.0
50.959.250.1
189.4
149.1160.0
169.5193.9201.6170.1190.3214. 5229.6138.996.1
192.5193.8120.1154.4
158.4
154.1167.3156.9171.5162.6195.0155.3
162.9146. 5154. 8151.7214.8
150.7200.0162.4133.9294.7162.3
121.1118.4142.4119.6129.3
134.367.992.8
115.9
180.4181.8178.9187.8
148.0153.9142.1
174.4168.3168.4155.3
143. 8147.1180.1101.241.850.1
161.8
115.764.6
167.2
50.859.049.6
144.9158.1
169.7192.5202.8170.3184.9218.6234.4137.496.8
187.8191.9120.3154.6
156.9
153.0165.8153.1170.5163.8189.0153.7
162.9145.3147.2158.1216.0
148.9196.5160.8133.7290.6157.9
117.7117.2123.0119.7121.2
132. 067.992.3
113.3
179.9183.4177.8186.9
147.0152.4141.6
171.8166.2156.4154.9
142.2146.4176.2101.241.850.1
160.9
115.664.6
165.1
51.258.949.5
140.7154.7
169.2191.3202.4170.1182.6220.7232.3135.496.9
182.7189. 5120.4154.5
155.7
151.5165.9149.4171.2159.9191.5152.1
163.8145.1145.9167.3215.2
146.8193.9160.8133.7285.2157.4
118.2116.9123.6118.9127.0
130.168.290.9
110. 7
179.2188.2177.4184.0
146.2151.9140.3
168.4165.1138.2154.7
140.5146.0172.6100.440.850.1
159.7
113.564.5
163.3
51.659.149.4
188.3
142.3154.8
169.6190.3204.3169.7182.0217.9240.6135.696.9
183. 0187.3120.6154.2
154.5
150.7164.5146.5168.8154.9193.3151.2
162.4145.6145.5157.5215.5
145.6191.4160.8133.7280.7153.6
116.8116.9124.3117.5116.9
129.968.990.1
110.4
178.8186.0177.1184.1
145.1150-9139.3
167.5164.7128.8154.7
139.2145.6169.799.639.649.2
159.7
111.062.1
159.6
52.059.048.9
186.8
143.0154.8
168.5188.5201.7169.5182.2210.2236.0135.696.9
183.1186.8120.7154.3
153.5
149.7163.2146.0166.2154.1188.5150.5
161.3146.1149.2145.4212.2
145.0189.0161.5133.1277.4145.2
118.1118.1124.7120.7118.5
129.970.089.5
110.2
177.8184.7175.4183.8
143.0149.1136.8
167.9164.2132.1154.7
138.0144.8167.398.539.649.2
157.6
111.360.6
156.8
52.459.3
186.6
143.4154.9
168.8187.4202.6169.4184.9201.9239.5135.897.1
183.1184.8120.8154.8
152.9
149.4161.3147.9162.3150.4186.3150.6
160.6142.8152.7130.3210.7
145.0188.2161.5133.0277.4143.8
119.7118.0125.0121.8130.3
129.768.588.9
109.7
178.9194.5173.7183.8
142.9149.1136.6
168.2163.8135.9154.7
138.1144.8170.298.439.649.2
152.6
109.8•6t.6156.8
52.659.249.4
187.2
145.4156.4
169.6187.2204.2169.7185.3199.8243.6137.097.1
185.9185.6121.2155.2
153.6
150.1162.0147.8163.1156.4186.6151.2
162.0143.7153.5126.9215.1
145.3189.4161.8133.0279.7143.9
117.7117.4125.0120.4118.4
130.068.989.3
109.1
181.1204.8175.5
142.9149.1136.6
168.3164.0135.7154.6
139.0144.8174.898.439.649.2
150.4
109.660.6
156.5
52.459.049.0
185.6
147.4158. 5
168.5186.8200.6169.1186.7194.5235.1138.497.0
188.3185.2121.5155.2
152.2
149.1160.3145.3159.6155.3177.7150.3
159.6144.6154.6128.1205.0
145.0189.2161.8134.5281.9141.1
116.0115.5123.1120.2115.6
130.570.187.8
109.9
181.3205.6176.5183.4
143.0149.2136.7
167.3163.3131.5154.6
138.0144.6176.598.439.649.2
145.1
109.060.7
156.5
52.859.349.9
r 185. 7
148.3160.5
168.6186.3200.8169.2186.4202.0229.1139.197.0
190.0185.4122 0154.9
151.6
148.1160.4145.1156.8156.4169.6150.2
158.9144.6154.7130.8
145.0189.5
'161.9134.5283.4139.9
'115.9115.2123.0
'118.3118.3
130.0
88.3108.5
180.8199.5177.0184.3
143.4' 149.9136.8
167.3163.4131.7154.6
138.0' 144. 2r 177.9
98.439.649.5
146.0
109.762.5
156.5
53.259.349.8
184.4
148.4162.7
167. 5185.8197.3169.2186.2198.2223.2139.797.2
191.6185.4122.2155.5
151.3
147.9159.9144.7155.3160.9168.2150.2
155.7144.6154.4132.5193.4
145.5190.3161.9134.5285.1139.3
115.3114.6121.6117.9118.2
130.8
108.5
179.9192.8178.1184.3
144.1151.2136.8
167.8165.4129.2154.6
138.4144.0178.498.439.649.9
146.9
110.764.3
156.0
53.259.750.6
r Revised, cf For actual wholesale prices of individual commodities, see respective commodities.JThe Department of Labor is currently reviewing and revising the samples of commodities and of reporters for the indexes, subgroup by subgroup, to reflect postwar changes
in production and distribution. As subgroup revisions are completed, the revisions are incorporated in the pertinent group indexes and the all-commodity index and the subgroup indexesare revised retroactively for the entire period covered by the revision; however, to avoid repeated revisions of the group indexes and the all-commodity index, these are not revised retroactivelymore than 2 months. If introduction of a revised subgroup into the calculations changes significantly the levels of the group indexes and the all-commodity index, the latter indexes computedwith the original sample for the first month of the revision will be provided in a footnote. In some instances, it is necessary to correct previously published indexes because of late reports,incorrect reports, or other errors in prices previously used. Indexes for the latest 2 months are preliminary and are currently revised to incorporate corrections received in the 2 months fol-lowing. Any additional corrections received are incorporated in final annual summaries issued in the middle of the year. Indexes for June-December 1948 were corrected in the August 1949SURVEY. Corrected indexes for January-May 1948 are available upon request.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Sr-6 SUEVEY OF CURRENT BUSINESS February 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
January Febru-ary March April M a y July October Novem- Decem-
ber
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 rail, of dol..Commercial* doIndustrial do
Farm construction doPublic utility do
Public, total do_Residential do.Military and naval do.Nonresidential building d o.Conservation and development* do.Highway do.Allother do.
CONTRACT AWARDS
Construction contracts awarded in 37 States (F. W.Dodge Corp.):
Total projects number.Total valuation thous. of dol
Public ownership d o . . .Private ownership do._.
Nonresidential buildings:Projects number-Floor area .thous. of sq. ft.Valuation thous. of doL
Residential buildings:Projects number.Floor area thous. of sq. ft.Valuation thous. of dol.
Public works:Projects number-Valuation thous. of dol.
Utilities:Projects number _Valuation thous. of dol.
Value of contract awards (F. R. indexes):Total, unadjusted 1923-25=100-.
Residential, unadjusted doTotal, adjusted do . . .
Residential, adjusted doEngineering construction:
Contract awards (E. N. R.)§ thous. of dol.Highway concrete pavement contract awards:d*
Total thous. of sq. yd.Airports do.__Roads do. _ _Strects and alleys d o . . .
NEW DWELLING UNITS AND URBANBUILDING
New permanent nonfarm dwelling units started(U. S. Department of Labor) number..
Urban building authorized (U. S. Dept. of Labor):New urban dwelling units, totalt number.
Privately financed, total doUnits in 1-family structures doUnits in 2-family structures doUnits in multifamily structures do
Publicly financed, total doIndexes of urban building authorized:
Number of new dwelling units 1935-39=100..Valuation of building, total do
New residential building doNew nonresidential building doAdditions, alterations, and repairs do
CONSTRUCTION COST INDEXES
=100..Aberthaw (industrial building) 1914American Appraisal Company:
Average, 30 cities 1913 = 100Atlanta do_.New York do. .San Francisco do. .St. Louis do
Associated General Contractors (all types)...doE. H. Boeckh and Associates, Inc.:
Average, 20 cities:Apartments, hotels, and office buildings:
Brick and concreteU. S. avg. cost 1926-29 = 100..
Brick and steel doBrick and wood do
Commercial and factory buildings:Brick and concrete doBrick and steel doBrick and wood doFrame doSteel do._...
Residences:Brick doFrame do
1.4471.129
547
30593
11413
264
31879
110508359
24.143694. 023278,147415. 876
3. 37428, 335
266, 399
19. 52931,500
256, 746
956125, 581
28445, 297
145123180145
843, 544
1 5,217i 228
1 2, 9511 2, 038
52, 900
28. 90425, 55319, 2291.9954.3293,351
r 166. 7r 249.5r 298.1r 218 . 9r 219.7
323
501532520457491341
209.0211.3221.1
212.5210.3216.5227.1197. 5
221.4221.5
1,2931,002
475
28582
11012
230
29187
110406858
15, 597482.984159,942323,042
1.172905400
27178
10410
224
7108395253
16. 510568,467 ]
251,866316,601
2.90121,685221, 883
11,85519. 892
159,128
62074, 528
22127, 445
142110174133
565,826
2, 56041
1, 736784
50,000
27, 08023. 42016. 7391,9194,7623,660
156.1234.1263. 4221.8200.0
502532520459491341
208.9211.0220.7
212.8210.4216.4226. 8197.7
221.1221.0
2.92921, 646221,895
12. 77026. 665
193, 073
573117,325
23836,174
146109169123
563,084
1,15137601513
50, 400
29, 00226, 52218. 3311.3456, 8462, 480
157.5221.3265. 3190. 6201.8
499529516452488339
209.3211.5220.9
213.2210.6216. 5226.3197.7
221.2221.1
1,267951420
262799618
251
31610
9122456862
24.281747,619281.947465.672
3.69527. 953
327, 441
19. 28828, 282
251, 770
954120,210
34448,198
176136175130
743, 529
3.30259
2,1641, 079
69, 400
46, 22542,31532. 909
2. 3917.0153?910
267. 5333.4467. 0248. 6265. 0
319
496525513448485339
209. 3211.0219.2
213.3210. 3215.5223. 8197.5
219.7219.1
1.370989445
251768930263
381148
1345610069
31,570842 586318,506524, 080
4,15431,929316, 370
25. 54137, 087
303, 825
1,513169,700
36252, 691
201165177141
589, 693
3, 65353
1,6331,968
88, 300
53, 70450, 96637, 6802.99210,2942,738
308. 7362. 9523. 5257. 0277.0
494521510447482340
20S. 6210.0218.2
212.0209. 5214.5222.5196.7
218.7217.8
1,5761,108530
257838240281
468159
1416716076
33.474880, 344368. 551511,793
4,13830,166320,630
27.18742, 392346, 251
1.737179.396
41234,067
218187181159
601, 709
4,410327
2,1981,885
95, 400
58. 03754, 66736. 5632. 58815, 5163, 370
330. 5380. 4583. 5240. 2287.3
492518508446480340
207.1208.0214.9
209.3207. 5
'211.2219.0194.7
215.6214.3
1,7351,229600
268927650
311
506179
1447418577
37, 203945, 676375. 431570, 245
4, 5'-7832, 961335,961
29, 94945, 804
370,752
2,197175,861
47963,102
226194195176
896,128
7. 966787
4,7922,387
95, 500
59, 07355. 41636, 9472.131
16. 3383, 657
338. 5427. 5578. 3334.8329.0
313
489510501445477343
208.2208.1214.6
211.1208.3211.3218.2195.1
215.4213.6
1. 8331,301650
269917260
322
5322010
1487520079
32, 579943, 560410, 352533, 208
4, 38433, 283350, 282
25, 57042, 950
340, 593
2.142207,130
48345, 555
228202209200
619, 442
5, 03595
2,9501,990
96,100
51, 67948. 52534. 3241,765
12, 4363,154
295. 3342. 3495. 9234.0277.7
488509497445477343
206.5206.2210.8
210. 2207.1208. 6212.6194.1
211.4208.7
1, 9031,343675
264857175
329
560231215277
21581
1,9221.368710
263837065330
55427141557720081
37, 662 46, 925905,748 11,093,724316,409 288,754589, 339 804, 970
4,31825.746278,031
31.07948,146
393, 434
1,892173, 714
37360, 569
238226229228
781. 416
5. 22489
2,8542,281
99,000
58, 59457, 05140, 3402,282
14, 4291, 543
337. 7390.8570. 4267. 5306.9
486506495446474342
207.1206.1210.0
210. 6207. 3208.2211.3194.4
210.6207.6
4,18632, 448345, 023
40.34265,715
1,8791, 343715
261826850
317
53627141587418578
43, 7821, 061, 751331, 892729, 859
4, 52832, 004
357. 085
37. 28960, 801
525,572 I 500.702
1,947171, 576
45051, 553
247254246254
810, 309
3.927208
2,1541,565
' 102, 900
65, 29063.17443, 9982.189
16, 9872,116
377.3412.6627. 5278.2279.0
307
485503493443471343
207.4206.3211.1
210. 7207.6208.9212.7194.4
211.7208.9
1, 566128, 860
39975,104
251260263269
553, 482
2, 648487
1, 0371,124
100, 000
59, 43657,18241, 789
2. 85112. 542
2, 254
343. 5387. 8592. 8253. 6276.5
484505492442471345
207. 9207.2212.9
211.1208. 4210.1215.2194.4
213. 4210.8
1.7671, 295
715
266866825
289
4722412
15165
14575
40,132957, 761315. 683642, 078
3. 51825, 495
266,103
35, 22453, 262
435, 235
1,032125, 891
358130, 532
r240' 245'265r256
498939
1, 891
93,000
53.60451. 60941.4622,0748,0731, 995
'313.7- 354. 2r 556. 0' 233.7' 213.8
484503493442471345
208.3207.5213. 7
211.4208.7210.9
79,000
44, 73643.36531.3271.99610,0421,371
258. 0319.1434. 5271. 7183. 4
307
483503493442471345
208.6207.9213. 4
211.6208.9210.9
216.3194.6
214.0211.6
' Revised. * Data include some contracts awarded in prior months but not reported.* New series. Monthly averages for 1915-38 and monthly figures for January 1939-July 1948 are available upon request.§ Data for December 1948 and March, June, September, and December 1949 are for 5 weeks; other months, 4 weeks.cf Data for December 1948 and March, June, August, and November 1949 arc for 5 weeks; other months, 4 weeks.% Minor revisions in figures for number of dwelling units beginning January 1947 are available upon request.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SURVEY OF CURRENT BUSINESS S-7
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April M a y June July August Septem-
ber October Novem-ber
Decem-ber
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES—Con.
Engineering News-Re cor d:c?BuildingConstruction
Bu. of Public Roads—Highway construction:Composite, standard mile_ 1925-29=100.
.1913 = 100..
CONSTRUCTION MATERIALS
Production of selected construction materials, index:Unadjusted 1939=100-.Adjusted do
REAL ESTATE
Home mortgages insured by Fed. Hous. Admin.:New premium paying mortgages.-.thous. of doL.
Loans outstanding of agencies under the HomeLoan Bank Board:
Federal Home Loan Banks, outstanding advancesto member institutions mil. of doL.
Home Owners' Loan Corporation, balance ofloans outstanding mil. of doL _
New mortgage loans of all savings and loan associa-tions, estimated total thous. of dol..
By purpose of loan:Home construction doHome purchase doRefinancing doRepairs and reconditioning doAll other purposes do
New nonfarm mortgages recorded ($20,000 andunder), estimated total t thous. of doL.
Nonfarm foreclosures,adjustedindex_-1935-39=100_.Fire losses thous. of doL _
•• 355.0477.4
165. 3
132.7150.1
214,407
515
249,828
70,011114,09023,54911,50630,672
• 958, 7649.2
69,397
352.9475.4
117.0137.0
208,312
427
206, 577
56, 42889,19223,19810, 50227, 257
• 802, 4109.4
57,926
352. 5474.8
108.2131.2
183,152
386
214, 931
59, 61190, 34824,18111,82228, 969
"770, 5619.7
62,424
351.4473.5
161.4
129. 9137.5
188,634
357
344
269,128
76, 666111.52330, 56214, 24236,135
896, 79010.3
67,218
348.9472.1
130.5131.3
162,187
339
279, 606
84, 277116,05129, 38315,66334, 232
»• 922, 0239.7
55, 290
349.3473. 8
132.6125. 3
156,122
333
293, 215
87, 517125,073
28, 84917, 37534, 401
* 959,6539.7
54,162
97.141, 674
31, 83817, 71437, 44S
1,018,42710.9
51,787
353.5480.4
148 7
148.7138.3
173, 970
333
291
354,194
108, 280155, 91533,18818, 36238, 449
1,065,43111.9
49, 678
352. 8480.0
' 139. 8' 126.2
198, 235
347
353, 909
102,151159, 05031,81417, 79643, 098
1,117,212
48,914
353.1480.3
v 142.1v 143.4
199, 841
371
343, 260
105, 784150, 87733.44115, 73537, 423
1,114, 041
53,116
356.1484.7
145 3
211, 758
427
342, 028
112, 463141, 059
33, 35814, 38440, 764
1,125, 200
67, 279
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:Printers' Ink, combined index__ 1935-39=100-.
Magazines doNewspapers doOutdoor doRadio . do
Tide advertising index do
Radio advertising:Cost of facilities, total thous. of dol..
Apparel and accessories doAutomotive, incl. accessories doDrugs and toiletries doElectric household equipment doFinancial do
Foods, soft drinks, confectionery do-.Gasoline and oil do_Household furnishings, etc do-Soap, cleansers, etc do_Smoking materials do_All other do.
Magazine advertising\%Cost, total do..
Apparel and accessories do-Automotive, incl. accessories. do-Building materials§ do_Drugs and toiletries do_Foods, soft drinks, confectionery do-Beer, wine, liquors§ _.do.
Household equipment and supplies§ do..Household furnishings§ do.Industrial materials§ do_.Soaps, cleansers, etc do..Smoking materials do_.All other do_.
Linage, total thous. of lines.
Newspaper advertising:Linage, total (52 cities) _. do..
Classified - do_.Display, total do..
Automotive do-.Financial do-.General.. do..Retail do..
284322237255319
253.5
17,951117772
4,760651364
4,948613186
1. 9551,9661,618
39, 2093,4882,756775
4,6815,2423,420
3,1661,7251,584729
1,35110, 284
3,015
204, 42837, 624166, 8045, 8432,112
25, 703133,146
302277314310
277.8
' 17, 704146782
4, 650624347
4,768636201
1, 708' 2, 0901,752
29,1151,7482,309963
4, 0374,8451,744
1,095965
1,389574
1,0988,349
3,410
163, 97738,498125, 4797,3622, 952
21, 95593, 210
301334274310303
287.6
r 16, 119123612
4,042601320
4, 493570162
1,707r 1,9151,573
39, 0693,3733, 2271,2865, 2036,5842,066
1,9981,6171,6481,0271, 2059,834
3,921
163, 37935, 559127, 8207,3351,744
26, 92091, 820
318350306296307
301.2
' 17, 700124657
4, 616702342
5. 006620164
1, 936' 1, 9481,585
46, 3655,2243,9231,8425,6106,2992, 435
3,0072,2721,9101,3001, 334
11.208
4,301
202,07042,195159, 8759, 6982, 236
34, 029113,914
310346280279309
284.6
' 16, 763119729
4,240653349
4,690530169
1,818r 1, 9601,506
51,1705,5094, 7052,5455,5846,4792,413
3,8612,9782,1651, 3871, 356
12, 187
4,350
205, 46643, 404162, 0629,7912, 143
32, 453117,676
309338290289308
286.4
' 17,074114809
4,470683364
4,608460197
1, 852' 1, 9901,526
50, 6594, 9374,5622,4275, 4636, 3962,432
3,7813,3322, 0751,4781, 455
12, 320
3,806
210, 67745, 386165, 2919, 5542,001
33, 758119,978
302314286296305
283.2
' 15, 42575
6634, 285644336
4,127408158
1, 698' 1, 9661,067
40, 6423,1853, 8561,7745,1625,6782,215
2,9701,7121,9961,0981,3459,651
2,814
193, 28741, 476151,8119,2652,039
31, 045109,462
276284264274252
257.6
r 12,08589332
3,473222318
2,994379148
1,148r 1, 844T 1,139
28, 582771
3,481956
4,5384,9381,755
1,318489
1,456833
1,1916,858
2,854
164,04040, 082123, 9598,1152,252
24, 53489, 057
270297252284256
272.2
r 12, 16071
3353,544
208287
3,073376103
1, 255r 1, 743r 1, 165
31, 4953,4363, 330
9174,2844,8121,614
1,025956
1,2861,0401,3487,447
3,494
170, 50440,713
129,7918,8871, 609
21,87997.416
292301286299278
293.2
14, 08296
4043,829
247298
r 4, 006377112
1,467' 1, 782r 1, 465
41, 7295, 2733, 4901, 7895, 0935, 6652,002
2,1292,6331,8221, 4411, 2529,139
3,921
197, 85840, 050
157, 8088,2241,752
29, 766118,066
306294305323289
284.5
? 16, 423117485
4,494189282
r 4, 597416128
1,547* 2,126
2, 041
51,2134,9194,2162,0016,3977,5682,815
3,3263,3892,1331,6061,634
11,208
4,464
214,93542, 295
172, 64010, 0332,140
38, 417122, 051
»304*308*291J -320*287274.1
15, 856101463
4,382198278
4, 463407139
1, 5832, 0891, 753
45, 8823,8133, 4381, 3466, 0206, 6932,790
2,8062,8271, 8291,2951,416
11, 549
3,645
207, 90938, 306
169, 6039,8912,337
33, 689123,686
2, 838
207, 86536, 061
171, 8057, 3302,139
26, 337135,999
r Revised. v Preliminary. cfData, reported at the beginning of each month, are shown here for the previous month.fRevisions for 1944-November 1948 are available upon request.{Comparable data on magazine advertising cost (Publishers' Information Bureau, Inc.) are available back to January 1948 only. Beginning with the October 1949 SURVEY, five new com-
ponents are shown (marked with "§"); the total of the two components "household equipment, etc." and "household furnishings" covers all items formerly incl.ided in "electric householdequipment" and "housefurnishings, etc." Data for January-July 1948 for the new components are available upon request.
§See note marked "J" above.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-8 SUEYEY OF CURRENT BUSINESS February 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
JanuaryFebru-
ary March April M a y June July AugustSeptem-
ber October Novem-ber
DOMESTIC TRADE—Continued
POSTAL BUSINESS
Money orders:Domestic, issued (50 cities):
Number thousands _.Value thous. of dol
Domestic, paid (50 cities):Number thousands..Value thous. of doL.
PERSONAL CONSUMPTIONEXPENDITURES
Seasonally adjusted quarterly totals at annual rates:Goods and services, total bil. of dol..
Durable goods, total do_.Automobiles and parts do..Furniture and household equipment..-do.Other durable goods do.
Nondurable goods, total doClothing and shoes do.Food and alcoholic beverages do_Gasoline and oil do.Semidurable housefurnishings do_Tobacco do_Other nondurable goods do_
Services do..Household operation _ do..Housing do.Personal service do..Recreation do..Transportation _ do_.Other services do..
5,22998, 629
17, 235265,659
180.9
22.98.5
10.43.9
103.320.561.74.31.94.1
10.8
54.87.
16.33.74.15.3
17.6
4,72994, 492
14, 395227,123
4,42287, 275
13, 245209,374
5,105101,312
16, 680264, 621
' 178. 7
'23 .0' 9.0
' 10.33.7
' 100.419.3
' 60.1' 4. 3
2.0' 4.3
r 10.5
r 55. 38.1
16.63.6
4,71891,387
14.106218, 673
4,31884,477
13, 971197,015
4,74384, 583
14,711207,673
'179.3
'23 . 6' 9 . 9
'10.0' 3 . 7
' 99 .8"19.3
59. 5' 4 . 6
1.8' 4 . 3
' 10.4
' 55. 9' 8 . 1
r 16.8
4,04281, 320
12,822185, 481
3,96785,093
13,749203,946
4,17583, 785
13, 592201,534
4, 557 4, 40988, 798 83. 938
14, 005207, 377
179.7
'25.711.
'11.2'3.5
' 97 .6'17.9'58 .8' 4 . 6
1.8' 4 . 3
MO. 1
' 56. 5' 8 . 3
'17.03.7
r 4.1' 5.218.3
14,397205, 209
4.05.2
' 17. 7
4.0' 5 . 2
r 18. 0
RETAIL TRADE
All types of retail stores:!Estimated sales, unadjusted, total9__mil. of dol _
Durable-goods stores 9 do.Automotive group 9 do.
Motor-vehicle dealers 9 do_Parts and accessoriesd* do.
Building materials and hardware group d"mil. of doL.
Building materialscf do.Farm implements do.Hardware cf do_
Homefurnishings groupd" do -Furniture and housefurnishingsd" do.Household appliances and radios d1..-do
Jewelry storesd" do_
Nondurable-good stores9 do..Apparel groupcf _.do_.
Men's clothing and furnishingsd" do..Women's apparel and accessories do..Family and other apparelcf do..Shoes do..
Drug stores do..Eating and drinking places9 do..
Food group 9 do.Grocery and combination 9 do_Other food 9 do.
Filling stations do.General-merchandise group§ do
Department, including mail-order§...doGeneral, including general merchandise
with food mil. of doLDry goods and other general merchandise d"
mil. of dol. .Variety do.
Other retail stores© do.Liquor© do.Other§ do_
13,1363,4971,6671,493
174
832480109243727419308271
9,6391,270
359539198174394
1,023
2,7622,180
582531
2,3091,527
196
218368
1, 349265
1,084
10,9873,2541,7421,595
147
855531191554331223103
9,3492,5631,4351,324
111
6213879414043425218272
6,78668718630395102293
2,4391,944495468
1,050
129
101131915132783
"•10,611' 3, 023' 1, 571' 1, 433'138
'805496
'185'547327
'220'100
8,9192,5921,5221,420102
5823579013542024517568
6, 3275781382708089
280853
2,2841,822
462442
1,013657
123
97137877126750
' 10, 706' 3, 207' 1, 783' 1, 645
138
' 797' 4 9 4
181'530
316'214' 9 7
10, 5263, 2801,9891,864
126
728438132159489288201
73
7,246754163369103118
2,5122,002
510500
1,242832
140
116153
1,003137
Estimated sales (adjusted), total do.Durable-goods stores do
Automotive group do_Motor-vehicles dealers do.Parts and accessories___ do.
Building materials and hardware groupmil. of dol. .
Building materials do.Hardware do.
Homefurnishings group doFurniture and housefurnishings doHousehold appliances and radios do
Jewelry stores do
* Eevised.t Revised series. Dollar estimates of sales for all types of retail stores and for chain stores and mail-order houses have been revised for various periods back to 1943; specific periods for which
the series have been revised are as stated in the notes below. Adjusted dollar values for sales and inventories of all types of retail stores have been substituted beginning with the October 1949SURVEY for the index numbers formerly shown; monthly data for 1946-48 for both the unadjusted and adjusted series appear on pp. 21-23 of that issue. Unpublished revisions are availableupon request.
9 Revised beginning 1943. o*Revised beginning 1948. §Revised beginning 1947. ©Revised beginning 1945.
r 10, 724' 3, 309' 1, 902' 1, 764
138
'792492171
'519306
'213' 9 6
11,1373, 4692,0591,925
134
81848214818851530720878
7,668" 934
203437124170300952
2,5832.072
512524
1,401920
162
136184974146828
' 10, 814'3,314' 1,914' 1, 779
' 135
' 788'483' 177'516301
'215'96
10. 7633, 5202,0391,898141
85552313519754232821484
7, 243757178348103127296944
2,4611,961500550
1,303864
156
126157932132799
' 10, 759' 3, 328' 1,885' 1, 746r 139
'813'507' 183'538311
'227'92
10,8093, 6012.0931,945148
87454413919254332022391
7,20873619231597
132297932
2,4911, 973
518552
1,270836
154
123157930130800
' 10, 684' 3, 346' 1.933' 1, 798'135
'792496
' 177'528306
'222'93
' 10, 2103, 3702,0261,880146
486128173
'490'27421666
6, 8395301322267398296945
103151863130733
' 10, 549' 3, 333' 1, 949' 1,813
' 136
' 766'473
177' 533'306'227
r 8 5
' 10, 6303, 6312,1652,019
145
85156312116754130723475
' 6, 9985631182687899293972
2, 5181,997521
' 5631,190783
144
107156899126774
" 10, 669' 3. 480' 2, 081' 1,947
134
783501165
'529'299'230
i, 526!, 006.,872134
88059111417456431624777
' 7,472788171373107136288
2,5662,036
529'5511,347913
146
125162974138836
p 10, 856' 3, 504' 2, 074' 1,942
132
' 786515
'168'546302
' 244'88
' 11, 1253.5962,0111,868143
60611617660333327084
' 7, 529806186385112122295961
2, 5632,040
522'5671,377' 928
145
130173960148812
' 10, 678' 3, 551' 2. 094' 1. 955
'139
'781'507166
'583'318' 265'93
i,872:, 348,794,650144
83556910016762135027197
\ 524835209390121115286895
2,4841,978506
'533' 1, 504' 1,040
143
136184989
' 157832
' 10,630' 3, 334r 1.867' 1, 729
138
798532165579
'318'261' 90
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SURVEY OF CURRENT BUSINESS S-9
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary
March April M a y June July AugustSeptem-
ber October Novem-ber
Decem-ber
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
All types of retail storesf— ContinuedEs t imated sales (adjusted), total—Continued
Nondurable-goods stores mil. of doLApparel group do _ _ _
Men ' s clothing and furnishings do.__Women 's apparel and accessories do.__Fami ly and other apparel do___Shoes do___
Drugstores do___Eating and drinking places do
Food group do_._Grocery and combination do__.Other food do___
Filling stations do___General-merchandise group do_-_
Department, including mail-order do__.Other retail stores do___
Estimated inventories (adjusted), total doDurable-gopds stores do
Automotive group do__.Building materials and hardware group
mil. of dol.Homefurnishings group doJewelry stores do. . .
Nondurable-goods stores do__.Apparel group do___Drug stores doEating and drinking places do.__Food group do___Filling stations do.__General-merchandise group do___Other retail stores do__.
Chain stores and mail-order houses:!Sales, estimated, total? do
Apparel group doMen's wear doWomen's wear doShoes do
Automotive parts and accessories doBuilding materials doDrug doEating and drinking places doFurniture and housefurnishings doGeneral-merchandise group do
Department, dry goods, and general merchan-dise mil. of dol_.
Mail-order (catalog sales) doVariety do
Grocery and combination doIndexes of sales :f
Unadjusted, combined index 9 — -1935-39=100..Adjusted, combined index 9 do
Apparel groupd71 doMen's wearcf doWomen's weard1 doShoesd1 do
Automotive parts and accessoriescf doBuilding materialscf doDrug doEating and drinking placesq* doFurniture and housefurnishingsd1 doGeneral-merchandise groupd1 do
Department, dry goods, and general mer-chandised1 1935-39=100..
Mail-order cf doVariety d1 do
Grocery and combination do
Department stores:Accounts, collections, and sales by type of
payment:Accounts receivable, end of month:
Charge accounts 1941 average=100_-Instalment accounts do
Ratio of collections to accounts receivable:Charge accounts percent--Instalment accounts do
Sales by type of payment:Cash sales percent of total sales. _Charge account sales. doInstalment sales do
Sales, unadjusted, total U. S 1935-39=100-.Atlanta doBoston doChicago doCleveland doDallas doKansas City doMinneapolis doNew York doPhiladelphia doRichmond doSt. Louis doSan Francisco do
r Revised. » Preliminary.fSee note marked " | " on p . S-8. • 9 Revised beginning 1943.
7,733862212386126138301
1,008
2,5642,028
536520
1,458954
1,020
14, 969,5, 7461,996
1,9351,372
4439,2231,838
566458
1,529337
3,0671,428
3,02837566
179986280975539
1,024
556144310850
406.4316.3340.4316.5434.2262.1256.2355.1227.0222.4248.9323.2
378.2301.0254.6359.6
281176
5323
53416
495635428460491
••646502431
'416480
' 5 7 1517
••583
' 7, 588'876••236'381
124135
'308979
' 2, 515' 1, 994
521520
' 1,393'920'997
14,6595,7342,122
1,9301,241
4418,9251,746
591449
1,497326
2,9381,378
1,9681853586482961665119
430
23179
110807
264.8306.2337.2327.8429.1252.6239.0300.0228.4222.5243.5298.8
351.6276.5232.6366.5
219163
5122
52417
226287187216230306223203194209224238272
' 7, 499791
'196'357
111127313
'992
' 2, 552' 2,026
526534
' 1,340'873'977
14, 4795,6752,169
1,8571,215
4348,8041,747
599428
1,511329
2,8751,315
1,85617328854529546448
' 1 8424
22476
116740
267.7300.6316.3284.7409.2242.2238.6292.2232.2226.4222.7291.3
345.4256.1229.9361.1
187157
4921
51427
227314180212227315252202192199239261266
' 7, 415'776
184'352
111129305
'955
' 2, 560' 2, 040
'520528
' 1,317'859'974
14, 7005,7512,150
1,9041,234
4638,9491,833
602465
1,523329
2,9251,272
2,186238
38120
593870685222
530
29892
129816
286.8' 302.0
315.1271.2413.0243.0241.8300.2225.2218.1214.9
' 289.8
' 348. 8246.8226.3367.1
180152
5523
5142
7
254339194239254353280241209249274287289
' 7, 500' 8 0 1
180'380
111130310
'973
' 2, 540' 2, 027
513534
' 1, 367'905'975
14,4585,6692,038
1,9381,235
4588,7891,794
588426
1,458328
2,8471,348
2,401308
46148904285675424
620
36886
155848
310.6' 304. 5
328.8273.4441.1246.9240.8306.5229.8233.2229.4
' 288.3
' 349.3244.3221.2366.3
190152
5323
5141
8
295393256280304377311295237284309327
'332
' 7, 431800
'194'366
112128
'297'920
' 2, 539' 2, 033
506524
' 1,376'909'975
14,1395,3751,841
1,9351,139
4608,7641,798
581423
1,488333
2,7871,354
2,240238
37116664693665126
581
35186
132'789
306.9r 308. 4
315.4291.1404.5241.1248.2325.1225.2221.4236.6
r 303.4
' 368. 2269.6226.0368.7
191153
5322
5042
8
287365241277292373306279230277310328323
' 7, 338' 7 7 2
188'355
105124303
'923
' 2, 527' 2, 009
'518526
' 1, 336'885'951
14,1825,3571,914
1,9041,086
4538,8251,810
596423
1,530347
2,7331,386
2,226235
38108
704799665125
573
34782
132' 7 7 3
300.5' 300.9
304.3271.3392.5235. 7235.2325.6225.3223. 7231.8
' 293.1
r 356.3258.7218.0358.4
187152
5321
5142
7
268323232262265331284255224256287283314
' 7, 216'708' 179'315
99115299
'926
' 2, 500' 1, 939
511526
' 1, 304'868'953
13, 8625,2891,917
1,8821,039
4518,5731,716
571402
1,543347
2,6461,348
2,0951762288524987695223
501
'30062
127797
274.7' 296.7
284.9250.1368.8220.9248.0306.6233.8221.2244.2
«• 285. 6
r 344.0256.7215.0358.0
163151
4919
5239
9
218294155212214310249211155188236254280
'695167
'314' 9 7117296
'915
' 2, 502' 1, 989
'513'528
' 1, 317' 8 8 1'936
13,9325,3332,051
1,840993449
8,5991,752
583398
1,529324
2,6751,338
2,14418021935247102665326562
33090132754
281.0' 300. 5
291.0245.1374.9232.5238.2321.8223. 9224.9242.5
r 294. 5
' 358.4' 262. 9
217.9360.8
161155
5121
504010
238324173229234333275242171201243280313
7, 352'738
173'337
104'124'293'916
2,5402,032'508'534
1,342'897'989
14, 3555,5802,222
1,8691,047
4428,7751,806
596411
1,552327
2,7671,316
2,307249' 4 0117
7141
112645026
622
369105137778
314.9306.9313.0291.9396.6240.6222.5340.5222.4214.5229.4299.3
363.8261.8225. 6368.1
182165
5220
4942
9
299381248296282404328307243280328335331
' 7,127'709
165334' 9 9
'111295
'904
' 2, 465' 1, 964
501'535
' 1, 274'851'945
14, 4755,7252,317
1,8701,112'426
8,7501,809
563396
1,550301
2,8431,288
' 2,358239
381196244
11367
' 5 129
637
381100145812
r 306. 0' 294.0
283.7228.5387.8210.6244.0336.3220.0211.8
' 248. 7' 272. 5
' 328. 5232.3212.1358.8
191175
5320
484210
293395234271274414325314243279314331
'339
' 7, 296762
'179'360
104119296
'900
' 2, 539' 2, 027
512'536
' 1, 297'859'966
' 14, 339' 5, 548' 2,116
r 1, 865' 1,130
'437r 8, 791T 1, 780
' 555'411
r 1, 496'287
r 2, 950'1 ,312
' 2,339236' 4 3113' 5 9' 4 3
99' 6 3
4929
669
378126155789
' 321. 5'301 .0
297.8264.7390.5224.8
' 223.9351.8215.7210.7
' 229. 3' 286. 9
' 342. 2255.8223.1365.6
213189
5420
4843
9
339'425'292
324332442
'347310293355
'378378
'358
7,358747182342104119290937
2,5192,024
495538
1,356911971
13,8395,0501,681
1,8101,122
4378,7891, 846
589431
1,461278
2,9221, 262
3,068358
651689&6478945240
1,041
570140317906
389. 7302. 5301. 0282.3383. 0231.1258.8345.5218.1209.0244.9295.4
346.7269.4235.4361.9
285214
5220
5042
P48O642
M i l438465661
P506-436401472541504
*>564
d"Revised beginning 1948.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-10 SURVEY OF CURRENT BUSINESS February 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April M a y June July August Septem-
ber October Novem-ber
DOMESTIC TRADE—Continued
RETAIL TRADE—Cont inued
Department stores—ContinuedSales, adjusted, total U. S.J 1935-39=100
Atlanta^ do^.Boston do _Chicago! do_.Cleveland!.._ _ do_.Dallast do_-Kansas City! do__
Minneapolis! do__.New York do._Philadelphia t._ do._.Richmond! do__St. Louis do__San Francisco! do__
Stocks, total U. S., end of month:!Unadjusted do._Adjusted do__
Mail-order and store sales:Total sales, 2 companies thous. of dol
Montgomery Ward & Co do . .Sears, Roebuck & Co d o . .
Eural sales of general merchandise:!Total U. S., unadjusted 1935-39=100
East do__South do,_Middle West do . .Far West. do__
Total U. S., adjusted _..do__.East do_.South _ __do._Middle West . . d o . .Far West __do__
WHOLESALE TRADEService and limited-function wholesalers:!
Sales, estimated (unadj.), total mil. of dolDurable-goods establishments do_..Nondurable-goods establishments do _ _.
Inventories, estimated (unadj.), total do. . .Durable-goods establishments do. _.Nondurable-goods establishments do._.
'302378245295300
'396320
247284
-•329338
'350
'259
431,601150, 960280,641
446.8422.9513.8427.8517.2334.4316.3386.9316.0346.4
6, 3221,9974,3257, 3253,1244,201
295378246289311387
265243283309290
'342
'249278
205,90266, 689139,213
239.6229.3294.2221.4242.6316.5302.5367.8295.2329.6
5,4721,6103,8627,4123,2324,180
'283374234272284393311
274229265306310
'314
265276
278365208266279392301
267220272294309
'329
287283
196,656 258,69268,316 89,179
128,340 169, 513
237.0218.1278.4219.8233.5283.2254.2302.6274.8312.6
5,2341,6153,6197,4873,3424,145
260.5248.8290.4251.1268.2261.3248.8305.7264.3298.0
5,7371,8393,8987,4133,3924,021
' 293389251277301374314
292242274303321
'335
285278
295,754101,110194,644
278.4265.7302.5264.8290.0290.9267.3329.5271.3310.2
5,2361,7653,4717,2173,3413,876
292'376243275295384309
273239271315335340
277273
292,936100,334192,602
272.4264.0287.7262.6283.2303.7294.0347.0296.4316.1
5,2201,7543,4666,9923,2223,770
285368242262281385309
266238269311314
'335
256265
284, 28990, 678193,611
260.1244.1273.1251.5300.0293.2281.2333.5
' 274. 6331.5
5,2471,7353,5126,8543,0923,762
377227258274387304
261222261326325
'329
245256
240,12677, 005
163,121
209.1183.1228.2202.9249.9283.7274.1326.5271.8306.2
4,8561,5253,3316. 8392,9703, 869
283360234276269366299
269234268304326
r333
251253
280,23395, 517
184, 716
263.5235.9289.4250.3305.4287.4269.0322.3270.3313.2
5,5511,7373,8146,8732,8484, 015
367241282279378312
276241277306332
'326
274264
316, 387106, 735209, 652
317.3285.3354.6305.1338.4286.9275.1311.6283.6295.8
5,8511,8434,0087,0022,8204,182
'276376211258259398301
278219260295309337
297270
315, 329112, 398202,931
318.4278.7384.0297.6352.1266.2232.2300.5253.3313.3
5,7691,8423,927
' 7, 0072,736
' 4, 271
276367234262266362
'299
267226267
'305300
'319
305273
327, 785115, 727212,059
369.4371.7445.2345.5363.6285.0266.1325.4262.9
' 290.0
' 5,9041,762
' 4,142'7,0192, 733
' 4, 286
EMPLOYMENT AND POPULATION
POPULATION
Population, continental United States:§Total, including armed forces thousands..
Civilian population do . . . .
EMPLOYMENT
Employment status of noninstitutional population:Estimated number 14 years of age and over,
total thousands __Male doFemale do
Total labor force, including armed forces doArmed forces doCivilian labor force, total do
Male doFemale doEmployed do
Male doFemale doAgricultural employment doNonagricultural employment do
Unemployed do
147,838146, 381
109,03653, 62455,412
62, 8281,453
61,37543, 57317,80259, 43442,16217, 2727,375
52,0591,941
46,208
45, 28215,1748,2586,9161,002
9980461
26499
2,2004,1581,50416264458505
148,051146, 578
109,11753,65855,459
61,5461,46860,07843,16116.91757, 41441,15016, 2646,763
50, 6512,664
47,571
43,44914,7828,0446,7389919881458
26094
2,0164,0541,44016164157503
148, 245146, 731
109,19553, 68955, 506
61, 8961,508
60,38843, 22917,15957,16840,81216, 3566,993
50,1743,221
47,298
43,06114,6497,9236,72698610180455
25893
1,9264,0241,41416164456504
148,430146, 921
109, 29053, 73055, 560
62,3051,491
60,81443,52517, 28957, 64741,09216, 5557,393
50, 2543,167
46,985
42,91814,4757,8196,65698110279448
25795
1,9473, 9751,370160644.55505
148, 639147,145
109,37353, 76455,609
62,3271,492
60,83543, 66817,16757, 81941, 46316, 3567,820
49, 9993,016
47,046
42,96614,1777,6566,52198410378446
25997
2,0363,9911,38716164155507
148,823147,354
109,45853, 79955,659
63,4521,469
61,98343, 88618,09758, 69441, 52117,1738,974
49, 7203,289
46,006
42, 73113,8777,4416,43697410177438
26098
2,1374,0211,41615963955509
149,014147, 546
109, 54753,83755, 716
64, 8661,468
63,39844, 83218, 56659, 61942, 23317,3869,696
49, 9243,778
44,683
42,83513,8847,3926,49296810077431
26298
2,2054,0311,41015963753515
149,215147, 752
109,66453,89855, 766
65, 2781,463
63, 81545, 26718,54859,72042, 42217, 2989,647
50, 0734,095
44,385
42, 57313, 7577,2556,5029439576410
26499
2,2774,0071,38115863852520
149,452147, 983
109, 76053, 93955, 821
65,1051,46863, 63745,16318, 47459,94742,64417, 3038,507
51, 4413,689
44,655
42,99414,1L47,3026,8129569476425
26399
2,3413,9921,37515763352521
149, 703148, 244
109,86053,98455,876
64, 2221,459
62, 76344, 31918,44459, 41142, 08517,3268,15851, 2543,351
45,638
' 43, 46614, 312' 7, 409' 6,903
9489276
'421
'261'99
2,3413,9591,33915762550519
149, 947148, 502
109,97554, 03655, 939
64, 0211,445
62, 57643, 98818, 58859, 00141, 42617, 5757,710
51, 2903,576
45,953
' 42,590'13,888
• ' 6, 984r 6,904
593'6576
'100
'25796
' 2, 313'3,8721,258' 15661949514
150,183148,747
110,06354,07555,988
64,3631,436
62, 92744,09918,82859, 51841, 78317, 7357,878
51, 6403,409
45, 701
' 42, 743' 13, 776' 7, 023' 6, 753'914'8577
'402
255'96
' 2, 246' 3, 8931,28315461648514
Not in labor force ± do_
Employees in nonagricultural establishments:!Total, unadjusted (U. S. Dept. of Labor)
thousands __Manufacturing do
Durable-goods industries doNondurable-goods industries do
Mining, total- _ doMetal doAnthracite doBituminous coal doCrude-petroleum and natural-gas production
thousands __Nonmetallic mining and quarrying do
Contract construction doTransportation and public utilities do
Interstate railroads _doLocal railways and bus lines doTelephone doTelegraph doGas and electric utilities do
' Revised. » Preliminary.!The adjusted indexes of department-store sales have recently been revised; unpublished revisions available upon request are as follows: Atlanta, 1944-April 1948; Chicago, 1945-April
1948; Cleveland and Minneapolis, 1946-March 1948; Kansas City, 1945-March 1948; Philadelphia, 1944-March 1948; Richmond, 1946-May 1948; San Francisco, 1940-November 1948. Currentrevisions for Dallas are tentative, pending completion of the revision for earlier periods. Department-store sales indexes for the United States reflect all revisions in the districts and, there-fore, are subject to further adjustment. Recent revisions of data on department-store stocks, by districts, are reflected in the U. S. total which is also subject to further revision. The indexesof rural sales of merchandise have been recomputed on a 1935-39 base; data through 1948 appear in the 1949 STATISTICAL SUPPLEMENT. The series on wholesale trade have been revised backto 1939; monthly figures for 1946-48 and annual data beginning 1939 are shown on pp. 18-20 of the October 1949 SURVEY; unpublished revisions are available upon request.
§Data for 1947 and 1948 (shown in the 1949 STATISTICAL SUPPLEMENT) have been revised; revisions prior to August 1948 are available upon request.fRevised series. See note marked " t " on p. S-ll.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1050 SURVEY OF CURRENT BUSINESS S-ll
Unless otherwise stated, statistics through i_1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948 1949
D - f • ! January Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
EMPLOYMENT AND POPULATION—Continued
EMPLOYMENT—Continued |
Employees in nonagricultural establishmentsf— IContinued
Unadjusted (U. S. Dept. of Labor)—ContinuedTrade thousands..
Wholesale trade doRetail trade do
General-merchandise stores doFood and liquor do . . . .Automotive and accessories dealers... do ..
Finance doService . do
Hotels and lodging places doLaundries doCleaning and dyeing plants do
Government do
Total, adjusted (Federal Reserve) doManufacturing doMining doContract construction doTransportation and public utilities doTrade doFinance doService.-. doGovernment do
Production workers in manufacturing industries:!Total (U. S. Dept. of Labor), thousands..
Durable-goods industries. doOrdnance and accessories doLumber and wood products (except furni-
ture) thousandsSawmills and planing mills do
Furniture and fixtures do |Stone, clay, and glass products do
Glass and glass products doPrimary metal industries.... do
Blast furnaces, steel works, and rollingmills thousands..
Primary smelting and refining of nonfer-rous metals thousands _
Fabricated metal prod (except ordnance, ma-chinery, transportation equipment) ..thous
Heating apparatus (except electrical) andplumbers' supplies... thousands..
Machinery (except electrical).. doElectrical machinery _doTransportation equipment__. do
Automobiles doAircraft and parts doShip and boat building and repairs doRailroad equipment do
Instruments and related products^. doMiscellaneous mfg. industries do.
Nondurable-goods industries do.Food and kindred products. do_
Meat products do.Dairy products do.Canning and preserving do.Bakery products do iBeverages do
Tobacco manufactures doTextile-mill products do. _.
Broad-woven fabric mills doKnitting mills do
Apparel and other finished textile prod-ucts thousands..
Men's and boys' suits and coats doMen's and boys' furnishings and work
clothing __. thousands. _Women's outerwear do
Paper and allied products doPulp, paper, and paperboard mills...do
Printing, publishing, and allied indus-tries thousands..
Newspapers doCommercial printing do
Chemicals and allied products doIndustrial organic chemicals doDrugs and medicines doPaints, pigments, and fillers do
Products of petroleum and coal doPetroleum refining do
Rubber products doTires and inner tubes do
Leather and leather products doFootwear (except rubber) do
Manufacturing production-worker exmploymentindex, unadjusted (U. S. Dept. of Labor) f
1939=100-.Manufacturing production-worker employment
index, adjusted (Federal Reserve)! 1939=100--' Revised. * Preliminary.
5,
44, 27615, 0551. 0032,2454,1589, 5371,7414,7815. 756
12,5786,845
24
720420297451117
1,101
551
46
801
1311,179643
1,048670186lu672196385
5,7331,171247luu14719615793
1,236607220
1,040135
236315409210
509139170526165604618914920693354228
153.5
9,3882, 5596,8291.4231,186653
1,7314,723447351144
5,764
43, 88114, 816
9972,2154,0909,4791,7404,7715,773
12,2016,640
24
667387284436112
1,090
550
46
767
1171,155623
1,03866519010272190366
5,5611,0972409911819014690
1,200590212
1,015135
225314398208
500136169519163624518714920191354233
148.9
149.3
9,2922,5416,7511,3861,184647
1,7354,712447346142
5,737
43, 65714, 671
9952,1644,0599,4651,7444,7845,775
12,0746,523
23
655380278429110
1,077
553
46
752
1121,133607
1,02164919010072185363
5,5511,0732311U010818914588
1,190582214
1,055139
241324391204
497137166513162624518815019789359235
147.4
147.6
9,3102, 5236,7871,4111,193648
1,7494,720445346144
5,761
43, 44514, 501
9872,1404,0089,4971,7494,7925,771
11,9046,417
23
659385274423107
1,062
552
47
729
1081,108585
1,0176461929872183354
5,4871,06922610311018514985
1,150558211
1,051137
242318386201
496139164511157614418714919489358234
145.3
145.6
9,4782, 5046,9741,5151,204658
1,7574,768451347150
5,775
43, 26314,316
9872,1214,0089,5161,7484,7925, 775
11,6166,262
23
659389268416105
1,028
545
47
706
1031,066560
1,0126491929369181343
5,3541,07121710812518614082
1,100530207
1,008134
241289377196
495140163495148614418814919089348228
141.8
143.4
9,3422, 4S26.8601,4341,203661
1,763
9,3362, 4916, 8451,4011,208670
1,774
464353153
5,813
43,02714, 095
9752,1164, 0249,4751, 7544,8045,784
11,3246,057
21
672399259414106991
534
45
683
971,0145389556011879267177333
5,2671,09522111513118814882
I,u87526202
956118
239257372194
494141162476142604318814918587332216
138.2
140.8
487361154
5,803
42, 89614, 007
9652,1004,0039,4561, 7564,7865,823
11,3376,022
21
686410257409105971
523
45
679
949775189956461878866176333
5,3151,15322612216919215284
1,083525203
959122
236258369192
494142163464139604318915018186339223
138.4
139.9
9,2202,4726,7481,3561,201679
1,7804,851511364151
5,738
42, 71113,917
9392,1283,9689,3681,7554,7775,846
11,2115,894
19
676407253400101934
506
42
671
92939505
1,0146701928659170313
5,3171,22422712222019116982
1,057518200
942116
221263365188
485141162453136594118915017782342226
136.9
138.9
9,2132,5156,6981,3371,181688
1,7804,836504358144
5,763
42. 86413, 979
9492,1673,9479,4201,7624,7885,852
11, 5615,947
18
686414263412107932
498
41
688
1009275079986781858047169347
5,6141,35022911633919416591
1,092530211
1,040131
235306371191
486141161458135604219015018081356234
141.1
139.6
9,4092,5386,871
'1,432' 1, 192
692' 1, 771' 4, 833'475356147
5,893
43, 068' 14.108
r9432,1883,9399. 453
' 1, 780' 4, 7855,872
'11,775'6,060
18
' 684416277
'414107938
'499
42
708
' 110935531
1,0176861917456172366
'5,715' 1, 340
23011032219615794
' 1,132547219
' 1,082133
246'319384197
'4951441634781406142
'189149
'16764354230
143.7
141.3
' 9,496' 2, 5516,954
' 1, 490' 1, 201
696' 1, 768' 4, 794' 451350147
5,866
• 42,154• 13, 704
'591' 2, 203' 3, 878' 9, 377' 1, 786' 4, 7705,845
•11,367' 5, 653
18
' 689' 413284
'411'108'562
'134
39
116'922549
'9856651886953174383
'5,714' 1, 271
236104
'231' 19914992
' 1,169565227
' 1, 082129
251'308'392'200
' 500145
' 1664881416244185148
' 18681
'349224
' 138. 8
' 136. 6
' 9, 597' 2, 538' 7, 059r 1, 589' 1, 208
'703' 1, 767' 4, 767
444347145
5,783
' 42, 343' 13, 664
'913' 2, 202' 3, 896'• 9, 296
p 10,118p 2, 538p 7, 580p 1,986p 1,221
p 713p 1,771p 4, 741
p 6, 061
p 42, 684p 13, 893
P 9 2 7p 2,179p X 9079, 391
1,7854,7675,820
11, 2565,689
17
'690411
'283'411108
'731
315
38
'666
113'908'547'8815681817251174
'381
' 5, 567' 1,182
24399158194146'89
' 1, 185572230
' 1, 029120
250279393201
'4991451654851436244
'187148
' 18681
'332208
' 137. 4
' 136.1
v 1, 789p 4, 765v 5, 829
v 11, 482P 5, 971
p 17
P O 7 8
P 2 8 5P412
P973
P678
P921P552P920
P 173P 3 6 2
v 5, 511P 1,125
P 8 8P 1,183
p 1, 038
P391
P501
P482
v 184
P 1 8 6
P 3 3 3
P 140. 2
p 138. 7
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-12 SURVEY OF CURRENT BUSINESS February 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1918
Decem-ber
1919
January Febru-ary March April M a y June July August Septem-
ber October Novem-ber
Decem-ber
EMPLOYMENT AND POPULATION—Continued
EMPLOYMENT—Continued
Miscellaneous employment data:Federal and State highways, total§— number-.
Construction (Federal and State) doMaintenance (State) do
Federal civilian employees:United States _ _ thousands - -District of Columbia do
Railway employees (class I steam railways):Total thousands--Indexes:
Unadjusted 1935-39=100--Adjusted do
PAY ROLLS
Manufacturing production-worker pay roll index,unadjusted (U. S. Dept. of Labor)f.—1939 = 100..-
LABOR CONDITIONS
Average weekly hours per worker (U. S. Dept. ofLabor) :f
All manufacturing industries hours.-Durable-goods industries do
Ordnance and accessories doLumber and wood products (except furni-
ture) hours..Sawmills and planing mills do
Furniture and fixtures doStone, clay, and glass products do
Glass and glass products doPrimary metal industries do
Blast furnaces, steel works, and rolling millshours-
Primary smelting and refining of nonferrousmetals hours. -
Fabricated metal prod, (except ordnance, ma-chinery, transportation equipment)- .hours.
Heating apparatus (except electrical) andplumbers' supplies. hours. _
Machinery (except electrical) doElectrical machinery doTransportation equipment do
Automobiles doAircraft and parts doShip and boat building and repairs. ..doRailroad equipment do
Instruments and related products doMiscellaneous mfg, industries do
Nondurable-goods industries doFood and kindred products do
Meat products doDairy products doCanning and preserving doBakery products doBeverages do
Tobacco manufactures doTextile-mill products do
Broad-woven fabric mills doKnitting mills do.
Apparel and other finished textile productshours. _
Men's and boys' suits and coats doMen's and boys' furnishings and work
clothing hours..Women's outerwear. _ do
Paper and allied products doPulp, paper, and paperboard mills__._do
Printing, publishing, and allied industrieshours..
Newspapers doCommercial printing do
Chemicals and allied products doIndustrial organic chemicals doDrugs and medicines __ doPaints, pigments, and fillers do
Products of petroleum and coal doPetroleum refining- do
Rubber products doTires and inner tubes do
Leather and leather products doFootwear (except rubber) do
Nonmanufacturing industries:M ining:
Metal doAnthracite doBituminous coal doCrude-petroleum and natural-gas production:
Petroleum and natural-gas productionhours. -
Nonmetallic mining and quarrying doContract construction do
Nonbuilding construction doBuilding construction do
227, 80869,381
112,519
1,899212
1,339
127.9129.9
360.7
40.140.741.4
41.040.841.241.039.740.3
39.8
41.0
40.241.140.440.139.741.439.041.540.041.0
39.341.944.144.736.541.941.238.338.438.736.5
35.735.3
34.835.242.643.3
39.638.540.741.840.341.241.340.440.438.535.637.136.5
43.034.039.0
40.044.338.540.737.8
207, 94352.207
110,216
1,901212
1,285
123.0127.9
345.'
39.540.140.9
40.740.839.440.139.340.0
40.0
41.0
40.1
38.140.539.739.939.840.539.040.840.040.2
38.741.542.944.836.840.940.236.237.537.735.7
35.335.4
34.235.141.642.7
38.636.940.141. 139.640.740.941.241.537.935.337.2
42.136.039.2
41.142.737.539.537.0
I
203,08848, 744
109,014
1,900213
1,261
120.6123.6
340.4
39.439.941.3
39.539.339.840.439.939.8
39.9
40.8
39.7
37.240.439.639.839.541.238.540.739.840.3
38.841.341.245.038.242.140.335.437.737.836.3
36.236.5
35.635.841.242.0
38.637.139.641.039.940.640.739.939.937.735.437.737.3
42.426.137.9
39.842.337.339.736.5
214,40559, 507
108,618
1,908214
1,228
117.3120.3
332.8
39.139.539.6
40.340.239.639.939.139.0
39.5
41.0
39. 5
37.639.939.138.637.740.738.939.939.740.2
38.640.940.344.437.241.440.836.137. 236.836.5
36.336.7
36.435.441.041.7
38.637.139.640.939.440.740.540.040.037.035. 837.537.2
43.325.036.4
39.642.536.939.536.1
238, 60580, 881
111, 169
1,922215
1,245
119.1121.0
38.439.036.7
40.540.638.739.338.238.4
39.4
41.3
38.7
36.639.138.538.738.639.438.238.639.339.0
37.640.639.944.636.542.040.934.735.735.235.1
34.434.5
35.233.440.341.2
38.437.639.340. 638.840. 141. 140.139.836.935.435.835.1
42.630.637.4
39.943.337.340.136.4
268, 525106,743113,965
1,933216
1,267
121.2121.7
312.1
38.639.040.3
41.141.138.539.639.138.0
38.7
40.7
39.0
37.139.238.838.237.340.538.139.239.539.0
38.141.340.745.237.442.141.835.735.434.635.3
35.534.2
36.135.040.441.1
38.737.839.740.739.240.440.740.740. 537. 736.335.134.0
42.234.137.5
40.644.338.541.737.2
295. 071124, 025120,469
1.929217
1,261
120. 6119.0
' 315. 7
38.839.239.7
40.740.739.039.438.937.6
37.7
40.5
39.2
37.339.239.039.539.440.538.439. 039.239.4
38.541.640.445.838.342.242. 138.036.335.736.2
35.433.3
35.834.640.741.1
38.737.440.040.839.240.241.240.239.938.236.636.536.0
40.623.430.7
39.743.838.541.937.1
314,414137,965124, 931
1,923217
1,238
118.4116.0
38.838.840.3
39.439.338. 638.737.936.9
36.4
39.1
39.3
37.739.038.739.940.339.938.437.739.039.0
38.742.241.845.739.742.242.737.436.636.336.3
35.433.4
36.133.941.141.8
38.637. 139.840. 639.340.040.940.740.438.436.637.036.8
39.435.025.1
40.343.438.642.237.1
327, 536146,144128, 631
1, 915214
1, 231
117.8115.4
323. 0
39.139.339.7
40.740.840.539.639.037.6
37.6
39.6
39.539.139.139.7
• 39. 840.237.340.039.038.9
38.941.741.045.040.841. 541.438.737.637637.0
35.733.5
36.4'34 .2
41.842.6
38.536.839.640.539.240.041. 140.339.838.336.037.236.7
39.523.426.1
40.144.338.742.437.2
• 320,842• 143.585125. 032
213
1,196
114.2111.5
335.1
39. 6'39.6
40.3
40.740.6
^ 41. 0r 39. 6' 38. 2' 37. 6
'37.1
••40.2
40.339.340.040.140.440.637.738.139.540.2
39.6Ml . 8' 41. 6
44.4'40.1'42.1'40.7
38.938.638.537.8
' 3 6 . 8' 3 5 . 4
' 36. 935. 8
'42.6'43.0
39.137.5
'39.941.439.840.441.541.140.540.339.136.836.0
39.6'31 .8'27.0
40.4' 43. 2
37.740.936.4
302, 399129. 7G4122, 022
1,846211
r 1,116
' 106. 9' 103.4
' 320. 8
39.7' 39.9r 40. 3
'41.6Ml . 6
41.8' 40. 3
39.0'37.5
34.1
MO.O
Ml. 3'39 .2
40.439.139. 0
MO. 536.538.5
'39.8M0. 7
39.6Ml . 7' 41.0
44.240.041.540.538.239.539.639.0
' 36. 4'34 .1
37.434.343.143.7
'38.6' 37. 5' 39. 5
41.739.9
' 40. 641.441.040.339.437.336.435.1
M0.1'39.2'31 .8
Ml . 2' 44.1
38.341.836.9
271,129100. 219120.798
1.S3.5211
'109.15 108. 2
39.2r 39, 2
Ml . 141.341.3
' 39. 938. 636.6
34.7
' 39 .2
40.138. 5
' 39. 9r 38. 0
37. 241.334.938.2
r 40.0M0. 8
39.241.442.744.130.941.240. 1
r 38. 039. i
' 35 .73.3.0
36.933.7
' 43. 043.7
' 3S. 537.239. 3
' 41. 640.140.741.0
'39 .939.8
' 38. 536. 9
'35.133.3
35.235. 035.3
40.042.837.139.936.1
' Revised. v Preliminary. ! Includes all of Fairfax County, Virginia, and Montgomery and Prince Georges Counties, Maryland.§Total includes State engineering, supervisory, and administrative employees not shown separately.tKevised series. See note marked "f" on P- S-ll.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SURVEY OF CURRENT BUSINESS S-13
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April M a y June July August Septem-
ber October Novem-ber
Decem-ber
EMPLOYMENT AND POPULATION—Continued
LABOR C O N D I T I O N S — C o n t i n u e d
Average weekly hours per worker, etc.f—ContinuedNonmanufacturing industries—Continued
Transportation and public utilities:Local railways and bus lines hours . .Telephone doTelegraph doGas and electric utilities do
Trade:Wholesale trade doRetail trade:
General-merchandise stores doFood and liquor doAutomotive and accessories dealers_._do
Service:Hotels, year-round doLaundries doCleaning and dyeing plants do
Industrial disputes (strikes and lock-outs):Beginning in month:
Work stoppages number. _Workers involved thousands. _
In effect during month:Work stoppages number__Workers involved thousands._
Man-days idle during month doPercent of available working time
U. S. Employment Service placement activities:Nonagricultural placements thousands. _
Unemployment compensation (Soc. Sec. Admin.):Initial claims thousands. .Continued claims doBenefit payments:
Beneficiaries, weekly average doAmount of payments thous. of doL
Veterans' unemployment allowances:Initial claims thousands. .Continued claims do
Claims filed during last week of month___doAmount of payments thous. of dol . .
Labor turn-over in manufacturing establishments:Accession rate monthly rate p er 100 employees..Separation rate, total thousands. .
Discharges doLay-offs doQuits doMilitary and miscellaneous do
WAGES
Average weekly earnings (U. S. Department ofLabor): f
All manufacturing industries dollars. .Durable-goods industries do
Ordnance and accessories doLumber and wood products (except furni-
ture) dollars,.Sawmills and planing mills do
Furniture and fixtures doStone, clay, and glass products do
Glass and glass products doPrimary metal industries do
Blast furnaces, steel works, and rollingmills dollars.
Primary smelting and refining of nonferrousmetals dollars..
Fabricated metal prod, (except ordnance, ma-chinery, transportation equipment). dollars..
Heating apparatus (except electrical) andplumbers' supplies dollars..
Machinery (except electrical) doElectrical machinery doTransportation equipment do
Automobiles do .Aircraft and parts doShip and boatbuilding and repairs, . .doRailroad equipment do
Instruments and related products doMiscellaneous mfg. industries do
Nondurable-goods industries doFood and kindred products do
Meat products doDairy products doCanning and preserving doBakery products doBeverages do
Tobacco manufactures-__ doTextile-mill products do
Broad-woven fabric mills _-doKnitting mills do
» Be vised, » Preliminary. fRe vised series.
45.938.744.141.8
41.0
37.540.245.4
44.242.041.2
14441
283
713.1
339
1,3235,175
93979,966
3831,578
35527,997
2.74.3
.32.21.7.1
56.1459.6758.62
51.1351.2450.7655.7257.4564.12
65.87
61.01
59.57
59.5862.8058.1066.2166.8264.7963.3468.8955.2451.78
51.8453.8461.5253.3742.4550.7462.3437.5045.9346.1341.65
45.138.444.341.8
40.8
36.539.845.4
44.142.140.9
••275' 7 7
••385r 100'725
.1
1,5546,544
1, 213103,011
4502,206
57139,849
3.24.6
.32.51.7.1
55.5058.8358.08
49.8250.5948.3454.5057.3063.72
66.24
61.91
58.23
55.9761.7257.0166.2367.7463.1863.3066.5055.3650.77
51.3553.6259.5954.3442.6149.8260.9035.6944.8944.7940.88
45.138.644.541.4
40.5
36.340.045.5
44.041.540.0
' 240'77
'370' 105' 675
.1
276
1,3007,111
1,468115,268
3722,551647
47,103
2.94.1.3
2.31.4.1
55.2058.4959.22
48.0348.7348.9955.0258.5363.16
65.64
61.16
57.72
54.9461.5757.0265.7966.9164. 5261.9965.5355.2850.86
51.3353.0755.7054.5943. 8951.2861.5434.9445.0144.8341.09
45.238.344.741.5
40.6
36.139.745.7
44.541.540.5
'290500
- 4 4 0
' 530' 3, 500
.5
327
1,4588,754
1,786152,204
3763,130
67860, 766
3.04.8
.32.81.6. 1
54.7457.8357.90
50.2150.8548.8754.1856.9761.70
64.90
61.09
57.35
55.5760.8556. 5063.1962.9663.4162.9864.7655.1860.17
61.0752.8055.2553.7742.8950.3462.7536.2144.1943.2841.39
45.238.245.341.3
40.6
36.640.045.7
44.241.842.4
'365'160
' 535r210
' 1,900.3
363
1,8007,886
1,598136, 558
2992,608'592
50, 423
2.94.8
.22.81.7.1
53.8057.2154.13
51.5252.2947.6053.3755.39
64.69
61.95
56.19
53.9959.5555. 5963.5864.7760.9962. 5062. 4254.5148.95
49.6752.3354.9854.1043.0751.0762.2935.1542.2041.0839.87
44.938.645.241.3
40.7
36.339.745.8
44.742.442.7
' 455'235
' 680' 310
r 3, 450.5
403
1,6628,366
1,718146,712
3312,358' 539
44,618
3.55.2
.23.31.6.1
54.0857.2159.32
52.9453.7647.5953.9056.8160.08
63.24
61.05
56.67
54.6159.7055.9963.0363.2262.9861.6163.3954.8348.83
50.4153.4456.1754.4743.6551.6164.5436.2741.9140.5240.07
See note marked " t" on p. S-ll.
46.038.445.041.3
40.6
36.840.445.5
44.141.642.3
'385575
' 635' 675
' 4, 500.6
400
1,5228,778
1,809154,695
4462,486'586
45, 797
4.44.3.22.51.5.1
54.5157.8258.72
52.9153.5648.3653.5855.9859.82
62.21
60.71
57.39
54.7259.9456.1665.4966.9462.9462.8262.7154.6149.72
50.9753.6255.8755.2342. 6352.2965.5938. 5742.9842.0940.73
45.138.545.441.3
40.8
37.241.145.6
44.141.541.0
'350110
'600r250
' 2, 400'.4
369
1,3837,467
1,717148,767
2, 569'582
48, 939
3.53.8.2
2.11.4.1
54.6357.3159.64
50.7551.2547.8652.9455. 2258. 63
59.88
59.00
57.61
54.8559.7156.0066.2768.6762.0861.9460.3254.3748.75
51.5554.6958.0255.7143.5952.6268.7938.1943.2642.8740.44
44.738.445.141.4
40.7
37.241.145. 6
44.240.839.5
'380' 140
'625'240
' 2,100,3
452
1,2528,353
1,952170, 629
52936
' 11324,135
4.44.0.31.81.8.1
54.7057.8958.44
52.8753.5349.6954.1756.0859.45
61.33
58.39
58.13
57. 6359.8656.7365.9067.7862.0760.0564.6454.254S.51
51.3153.0056.8754.7244.2751.8366.2438.5844.3744.4141.11
44.338.644.541.4
40.7
36.640.2
' 4 5 . 5
'44 . 141.2
' 4 1 . 7
' 2 9 0' 4 7 5
'525r 505
r 6, 550.9
1,0137,084
1,744154, 079
31385' 8 3
8,775
4.14.2
2L 82.1
.1
55.72r 58. 69
59.76
' 52.83' 53. 35r 50. 72' 54. 73r 55. 89' 60. 42
' 62. 07
59.24
r 59. 25
59.5660.4457.8867.1369.3363.5861.0061.84
r 55. 26' 50. 57
52.59' 53. 63' 57. 78
55.28' 44. 79«• 52. 88r 64. 92' 38. 39«• 4.'. 82' 45. 74r 42.22
44.438.744.541.7
40.8
' 3 6 . 340.345.9
' 4 4 . 341.2
' 4 1 . 2
250600
4251,000
19, 0002.7
416
1,3638, 363
1,528135, 707
31265' 6 2
5,462
' 3 . 7M . I
.22.3
' 1 . 5.1
55.26' 58.17r 59.97
r 53. 96r 54. 54r 51. 50' 55. 37r 56. 32' 58. 31
' 55. 96
59.87
r 58.28
r 61. 08r 60.17
58.0164.7565.87
r 63. 67' 59. 28' 62. 52' 56.08' 51. 53
r 52. 55' 53. 92' 56. 38' 54.90r 45. 96r 52. 37' 64. 48
37.8647.1647.60
r 43. 72
44.038.843.741.6
40.6
36.240.145. 6
44.040.940.9
20070
360875
7, 5001.0
350
1, 5457,584
1,698152,170
29268
605, 291
3.33.7
.22.21.2
.1
' 54.53' 57. 00' 57. 82
' 52. 4053.24
' 50. 72r 55. 14
56.24r 57. 32
55.87
58 28
' 56. 80
59.5159.17
•" 57.26' 63.08
62.7966.0457. 0363.07
' 56 64' 51. 57
' 52.02' 54. 07
60.5554.4241.1452.1663.68
' 38.49r 47.16
47.6843.27
P 1 2 0M0
M00' 1,200
p. 2
312
1,6308, 259
1 1,8921 170, 573
2928061
5,474
p 56. 20*> 59. 31p 60. 67
p 53. 25
~V51.~66~p 55. 22
~p~6l.~73~
p 61. 06p 58.87» 66. 46
» 57.37*> 52. 56
53. 02v 54.76
P 39. 21P 47.52
i Includes estimate for Ohio.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-14 SURVEY OF CURRENT BUSINESS February 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April M a y June July August Septem-
ber October Novem-ber
Decem-ber
EMPLOYMENT AND POPULATION—Continued
WAGES—Continued
Average weekly earningst—ContinuedAll manufacturing industries—Continued
Nondurable-goods industries—ContinuedApparel and other finished textile products
dollars..Men's and boys' suits and coats doMen's and boys' furnishings and work
clothing dollars..Women's outerwear do
Paper and allied products doPulp, paper, and paperboard mills do
Printing, publishing, and allied industriesdollars..
Newspapers doCommercial print ing do
Chemicals and allied products doIndustrial organic chemicals doDrugs and medicines doPaints, pigments, and fillers-^ do
Products of petroleum and coal doPetroleum refining do
Rubber products doTires and inner tubes do
Leather and leather products doFootwear (except rubber) do
Nonmanufacturing industries:Mining:
Metal doAnthracite doBituminous coal doCrude-petroleum and natural-gas production:
Petroleum and natural-gas productiondollars.
Nonmetalic mining and quarrying doContract construct ion do
Nonbuilding construction doBuilding construction do
Transportation and public utilities:Local railways and bus lines doTelephone doTelegraph doGas and electric utilities do
Trade:Wholesale trade doRetail trade:
General-merchandise stores doFood and liquor doAutomotive and accessories dealers.._do
Finance:Banks and trust companies do
Service:Hotels, year-round doLaundries doCleaning and dyeing plants do
Average hourly earnings (IT. S. Department ofLabor) :f
All manufacturing industries dollars. -Durable-goods industries do
Ordnance and accessories doLumber and wood products (except furni-
ture) dollars.Sawmills and planing mills do
Furniture and fixtures doStone, clay, and glass products do
Glass and glass products doPrimary metal industries do
Blastfurnaces, steel works, and rolling millsdollars..
Primary smelting and refining of non ferrousmetals dollars..
Fabricated metal prod, (except ordnance, ma-chinery, transportation equipment;).dollars. -
Heating apparatus (except electrical) andplumbers'supplies _ dollars. .
Machinery (except electrical). doElectrical machinery._. doTransportation equipment do
Automobiles doAircraft and parts doShip and boat building and repairs...doRailroad equipment do
Instruments and related products doMiscellaneous mfg. industries do
Nondurable-goods industries doFood and kindred products do .
Meat products. do .Dairy products doCanning and preserving doBakery products doBeverages do
Tobacco manufactures-. doTextile-mill products do
Broad-woven fabric mills doKnitting mills do_.. .
r Revised. v Preliminary. fRevised series.
42.9548.01
32.5052.5256.6660.79
69.3079. 3968.5858.3560.0556.3659.1471.5975.0257.6761.2042.4140.22
65. 3663. 2776.28
69. 5256. 7971. 6569.6472.33
63.8549.8561.1762.41
56.87
34.4648.4857.07
42.04
32.3534.9940.62
1.4001.4661.416
1.2471.2561.2321.3591.4471.591
1.655
1.453
1.4821.5281. 4381.651 i1.683 !1.565 |1111
111
624660381263
319285395
1.1941.1.1.
1*1.1.
163211513979 |196 i 1192 I 1141
43.1048. 07
32.0553.8155.5459.91
67.5974.8367.7757.7059.3656.4558.4573.2977.0256.8960.7242.3040.63
64.7567.3976.32
73.3254.9170.1467.5470.88
63. 8249.8461.5863.08
57.24
34.4249.0757.25
43.92
32. 4135. 4940. 37
1.4051.4671.420
1.2241.2401.2271.3591.4581.593
1.656
1.510
1.452
1.4691.5241.4361.6601.7021.560.623.630.384.263
.327
.292
.389
.213
.158
.218
.515
.986
.197
.188145
43.8749.42
32.8953.8454.8458.72
68.3275. 6567.9157.8160. 3756.5258.9770.8273. 8956.5560. 9942. 8341.07
64.7447.9773.56
70.3754. 3669.9668. 0670.53
64.1850.8461.9462.60
56.82
34.0149.1257.15
32. 4734.9039.32
1.4011.4661.434
1.2161.2401.2311.3621.4671.587
1.645
1.454
1.4771.5241.4401.6531.6941.5661.6101.6101.3891.262
1.3231.2851.3521.213 i1.1491.2181.527.987
1.1941.1861.132
43.4150.13
33. 8251.6854.4558.17
69.5676.7269.2657.5159. 6956. 3758.8170.9274.0055. 4361.5042.5640.96
66.1646.1570.54
69.5454.4069.2267. 2569.83
64.1850. 8262. 3162.54
56.88
33.6848.8758.18
43.24
32. 5335. 0739. 93
1.4001.4641.462
1.2461.2651.2341.3581.4571.582
1.643
1.490
1.452
1.4781.5251.4451. 6371.6701.5581.6191.6231.3901.248
1.3231.2911.3711.2111.1531. 2161. 5381.0031.1881.1761.134
39.5346.30
32. 4945.4253. 4857.35
69.3978.4368.4257. 4559.1755.7859.9271.2673.9555. 5060.9240.7438.68
64.7156.8272.33
70.3056. 3869.8668.4770. 33
64.6450. 5863. 3762.82
57.12
34.2649.0859.50
43.49
32. 3535. 2442.15
1.4011.4671.475
1.2721.2881.2301. 3581.4501.584
1.642
1.500
1.452
1.4751. 5231.4441. 6431.6781.5481.6361.6171.3871.255
1.3211.2891.3781.2131.1801.2161. 5231.0131.1821.1671.136
39.9446.00
33. 3645.6153. 7357.58
70.4080.0269.5158.2060.0956.6859.2272.1275.2157.0863. 2040.0537.37
63.7263. 6372.98
71.7858.1771.7071.4271.81
64.4851.8463. 6963.40
57.83
34. 8548.9960.00
32.9936. 0443.17
1.4011.4671.472
1.2881.3081.2361.3611. 4531.581
1.634
1.500
1.453
1.4721. 5231.443.650.695.555.617.617.388.252
.323
.294
.380
.205
.167
.226
.544
.016
.184
.171
.135
40.1143.86
32.7646.3354.5457.95
70.4778.7370.8059.0860. 5656.2859.9071.8474. 7358.2964.0941.4639.24
60. 5345.2859.90
70.5957.8271.4171.3471.44
66.0151.4662. 9663. 6457.49
35. 6250. 2659.70
43. 10
32. 8535.3242.17
1.4051. 4751.479
1.3001.3161.2401.3601.4391.591
1.650
1.499
1.464
1.4671.5291.4401.6581.6991.5541. 6361.6081.3931.262
1.3241.2891.3831.2061.1131. 2391.5581.0151.1841.1791.125
41.0344.93
33.0348.5155. 5759.65
70.4578.0270.0559.4461.5056.4059. 3173.5976. 6058. 3764. 4541.7439. 93
58.7566.0847.94
72.5456.7771.5572. 2071.28
65.2151.9063. 9764.02
58.18
35.8651.1359.83
43.80
32.9035. 0340. 43
1.4081.4771.480
1.2881.3041.2401.3681.4571.589
1.645
1.489
1.466
1.4551.5301.4471.6611.7041.6071.6131.6001.3941.250
1.3321.2961.3881.2191.0981.2471.6111.0211.1821.1811.114
41.9544.96
32.8050.4056. 2660.32
70.6977.8069.6658.7760.6856.3259.5172.3875. 1057.7262.3242. 0040.04
58.1842.8049.51
70.7457.8672. 1372. 5671.95
' 64. 4651. 5763. 6463.92
57.10
35.7551.0059. 55
43. 10
32. 9334. 2738.63
1.3991.4731.472
1.2991.3121.2301.3681.4381.581
1.631
1.482
1.468
1.4591.5311.4511.6601. 7031.5441.6101.6161.3911.247
1.3191.2711.3871.2161.0851.2491. 600.997
1.1801.1811.111
' 44. 01' 47. 90
' 33.87' 53.13' 57. 64' 61. 06
' 72. 0280.14' 70. 2259. 66
' 62.33' 56. 9660.88
' 74. 47'77.11' 61.01' 69. 9541.99
' 39. 74
' 58. 96' 59. 24' 52. 46
72.40' 56.6870. 7370.8270. 69
' 64. 55' 52. 6162 83
' 64. 75
'57.35
' 35.1750. 57
'59. 51
' 43. 62
' 32. 90' 34. 69' 41.28
1.4071.4821.483
' 1. 298' 1. 314r 1.237r 1. 382' 1. 463
r 1. 607
•• 1.673
1.496
1.474
1.4781. 5381.4471.6741.716
r 1. 5661.6181.623
r 1. 399r 1. 2581.3281. 283
' 1. 3891.2451.117
' 1. 256' 1.595'.987
r 1.187' 1.188'1.117
' 42. 70'45.90
' 34.30' 49.8458.31
' 62.10
'71.41' 80.18' 70.19' 59. 5162.08
' 57.16' 60.8674.0976.13
' 59. 6164. 83
'41.61' 38. 65
r 59. 55' 75.81' 63.06
' 74.24' 57. 51' 72. 06' 72. 71' 71. 80
' 64.6553.3362.97
r 65.80
58.26
' 34. 74' 50.33' 59.44
43. 96
' 32.87' 34.69' 40. 38
1.3921.458
' 1. 488
1.297' 1.311' 1.232' 1.3741.444
' 1. 555r 1.641
1.471
' 1. 457
1.4791.5351.4361.6561. 6891.5721. 6241. 6241.4091.266
1.3271.2931. 3751. 2421.1491. 2621. 592.991
1.1941.2021.121
' 40. 6344.19
34.0246. 30
' 58. 2262. 05
' 70. 9679. :i569.84
' 59. 5762. 4057.5960.27
'71.9475. 10
' 58. 1064.02
' 40. 0836. 43
51 7867^8270. 67
71. 3656.9270.1769. 9070.27
63. 9354.4462.0165.44
57.81
34.4650. 4958.92
43. 78
33.2234.4040. 25
r 1.3911.454
r 1. 488
' 1. 2751. 289
" 1. 22Sr 1.382
1. 457' 1. 566
1.610
1.483
' 1. 449
1.4841.537
' 1.435' 1. 660
1.6881.5991. 6341. 651
' 1.416' 1. 264
'1.327' 1. 306
1.4181. 2341.1151. 2661. 588
' 1. 013' 1. 194
1.1981,124
See note marked "f" on p. S-ll
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SURVEY OF CUERENT BUSINESS S-15
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Novem-ber
1949
January Febru-ary March April M a y June July August Septem-
ber October Novem-ber
Decem-ber
EMPLOYMENT AND POPULATION—Continued
WAGES—Continued
Average hourly earnings, etc.f— ContinuedAll manufacturing industries—Continued
N ondurable-goods industries— C ontinuedApparel and other finished textile products
dollars-_Men's and boys' suits and coats doMen's and boys' furnishings and work
clothing dollarsWomen's outerwear
Paper and allied productsdodo
Pulp, paper, and paperboard mills_..doPrinting, publishing, and allied industries
dollars __Newspapers doCommercial printing._
Chemicals and allied productsIndustrial organic chemicalsDrugs and medicinesPaints, pigments, and fillers
Products of petroleum and coalPetroleum refining
Rubber products _ _Tires and inner tubes. _ _
Leather and leather productsFootwear (except rubber) __
Nonmanufacturing industries:Mining:
MetalAnthracite . .Bituminous coal
. . .do.. .do
...dodo
. . .do. . . .dodod o
. . .do. .. do..do
do. do
doCrude-petroleum and natural-gas production:
Petroleum and natural-gas productiondollars
Nonmetallic mining and quarrying._Contract construction
Nonbuilding construction - __Building construction._ _
Transportation and public utilities:Local railways and bus linesTelephoneTelegraphGas and electric utilities
Trade:Wholesale trade _Retail trade:
General-merchandise stores.. _Food and liquorAutomotive and accessories dealers
Service:Hotels, year-roundLaundriesCleaning and dyeing plants
Miscellaneous wage data:Construction wage rates (E. N. R.):§
Common labor _dolSkilled labor
. . . d o -dodo
..do
— d o -dododo
..do
. . . d o —-dodo ._
dodo
..do
per hr..dn
Farm wage rates, without board or room (quar-terly)* dol. Der hr
Railway wages (average, class I)Road-building wages, common labor
. - d o . . . .
. . d o
1.2031.36C
.9341.4921.3301.404
1.7502.0621.6851.3961.4901.3681.4321.7721.8571.4981.7191.1431.102
1.5201.8611.956
1. 7381.2821.8621.7121.915
1.3911.2881.3871.493
1.387
.9191.2061.257
.732
.833
.986
1.4132.347
1.338
1.2211.358
.9371.5331.3351.403
1.7512.0281. 0901.4041.4991.3871.4291.7791.8561.5011.7201.1371.101
1.5381.8721.947
1.7841.2861.8691.7101.918
1.4151.2981.3901.509
1.403
.9431.2331.261
.735
.843
.987
1.417r 2. 354
.771.3521.00
1.2121.354
.9241.5041.3311.398
1.7702.0391.7151.4101.5131.3921.4491.7751.8521.5001. 7231.1361.101
1.5271.8381.941
1.7681.2851.8771.7141.930
1.4231.3171.3921.512
1.403
.93?1.2281.256
738.841.983
1.4172.3E3
1.370
1.1961.366
.9291. 4601.3281.395
1.8022.0681.7491.4061.5151.3851.4521.7731.8501.4981.7181.1351.101
1.5281.8461.938
1.7561.2801 8751.703I.-933
1.4201.3271.3941.507
1.401
.9331.2311.273
731.845.986
1.4242.376
1.337
1.1491.342
.9231.3601.3271.392
1.8072.0861. 7411.4151.5251.3911.4581.7771.8581.5041.7211.1381.102
1.5191.8571.934
1.7621.3021.8721.7091.934
1.4301.3241.3991.521
1.407
.9361.2271.302
732.843.994
1.4242.378
.711.3801.06
1.1251.345
.9241.3031.3301.401
1.8192.1171.7511.4301.5331.4031.4551.7721.8571.5141. 7411.1411.099
1.5101.8661.946
1.7681.3131.8641.7121.930
1.4361.3431.4091.535
1.421
.9601.2341.310
738.850
1.011
1.4312.384
1.389
1.1331.317
.9151.3391.3401.410
1.8212.1051.7701.4481.5451.4001.4541.7871.8731.5261.7511.1361.090
1.4911.9351.951
1.7781.3201 8561.7041.924
1.4351.3401.3991.541
1.416
.9681.2441.312
745.849.997
1.4412.394
1.375
1.1591.306
.9151.4311.3521,427
1.8252.1031.7601.4641.5651.4101.4501.8081.8961.5201.7611.1281.085
1.4911.8881.910
1.8001.3081.8561.7121.922
1.4461.3481.4091.550
1.426
.9641.2441.312
.746
.844
.986
1.4652 412
.741.3921.16
1.1751.342
.9011.4651.3461.416
1.8362.1141.7591.4511. 5481.4081.4481.7961.8871.5071.7311.1291.091
1.4731.8291.897
1.7641.3061.8621.7121.932
1.4421.3431.4111.544
1.403
.9611.2441.306
' 745'.840'.978
1.4702 434
1. 373
' 1.196r 1.353
' . 9 1 8' 1.484
1.3531.420
' 1.8422.137
' 1. 7601.441
' 1.566'1 .410
1.467'1 .812' 1 904' 1. 514' 1. 789
1.141' 1.104
' 1.489' 1.863' 1.943
1.792' 1.312' 1 874' 1.730' 1.938
' 1.457' 1.363
1 412' 1. 564
' 1.409
' .9611 258
' 1.308
' 746' 842'.990
1.4782 453
1.565
' 1 . 1 7 3' 1.346
' .917' 1.453
1.353' 1 . 4 2 1
' 1.850' 2.138
1.777' 1.427
1.556' 1.408' 1. 470
1.8071.889
'1 .5131.738
' 1 . 1 4 3' 1.101
' 1.4851. 934
' 1.983
1.8021.304
' 1.881' 1.741' 1. 944
' 1. 4561.3781.415
' 1. 578
1.428
' .957' 1. 249r 1.295
742' .842.980
1.4782 458
.641. 562
1.17
' 1.1381.339
.9221.374
' 1.3541.420
' 1.8432.1331.777
' 1.4321.5561.4151.470
' 1.8031 887
' 1. 5091. 735
'1 .1421.094
1.4711.9052.002
1.7841.3301 8911. 7511.948
1.4531. 4031 4191.573
1.424
.9521 2591.292
755841
.984
1.4782 462
1.569
1.172
r 1. 356
* 1.855
' 1.437
p 1.808
p 1. 518
p 1 136
1.4782 462
° 75
FINANCE
BANKING
Acceptances and commercial paper outstanding:Bankers' acceptances... mil. of doL.Commercial paper do
Agricultural loans outstanding of agencies super-vised by the Farm Credit Administration:
Total mil. ofdoL-Farm mortgage loans, total do
Federal land banks doLand Bank Commissioner do
Loans to cooperatives doShort-term credit do
Bank debits, total (141 centers) doNew York City doOutside New York City do
, Federal Reserve banks, condition, end of month:Assets, total mil. of doL-
Reserve bank credit outstanding, total - d oDiscounts and advances doUnited States Government securities. . .do
Gold certificate reserves doLiabilities, total do
Deposits, total doMember-bank reserve balances do
Excess reserves (estimated) doFederal Reserve notes in circulation do
Reserve ratio— -percent--
259269
1,677932857
75311435
109, 90846,19463, 714
50, 04324, 097
22323, 33322, 96650, 04322, 79120, 4791,202
24,16148.9
262268
0)0)0)0)
299444
94, 08038, 42955,651
48, 58522, 914
45622,10923, 02548, 58522, 24819, 540
47723,609
50.2
228268
0)0)0)0)
289466
80,18031, 98248,198
48, 44822, 855
25122, 34223, 04548, 44822, 23519,617
80823,528
50.4
215257
1,710936866
70270504
98, 33539, 69858, 637
48, 05122, 267
24621,68823,07748, 05121, 75419,118
68623,383
51.1
204249
( i )( I )(i)
0)262
2 537
89, 20635, 83253,374
47, 39621, 737
30321, 09423,09947,39621, 30419,076
63823,327
51.8
195219
(1)( l )(1)
0)252
2 565
88,96936, 97451, 995
45, 48320, 092
24719, 70423,11645, 48319, 58218, 024
79423, 346
53.8
198199
1,786946880
65250
2 591
98, 27642, 89055,386
45, 50219,696
10319, 34323, 24545, 50219, 24617, 867
94823,373
54.5
194211
(00)0)(0
2582 600
88,35336, 46751,886
44, 93719, 239
31718,52923, 28544, 93718,96817, 437
75223, 305
55.1
189230
1)1)1)
2612 590
88, 53636, 07052,466
44,19218, 225
53117,52423,36244,19218, 03616,5121,175
23, 27356.6
207265
1,791951890
62281
2 559
90, 26637,19153,075
44,32318,415
10918,01023, 35044, 32318,17315,947
77123,278
56.3
215278
0)h0)0)
3062 506
90, 79236, 33454, 458
43, 51317, 860
28317,31623,32043, 51317, 63215, 850
58923,247
57.0/
251'278
80)0)
3132 471
88, 58835, 24953,339
44,27218, 2fi7
32217, 68223, 23244, 27217, 79316,038
'67123,373
56.4
272257
1,71295689957
3062 450
106, 27445, 78160,493
45,64319,499
7818, 88523,17645, 64318, 90616, 568
* 1,03023,483
54.7
' Revised. *> Preliminary. « Rate as of January 1,1950.1 Beginning July 1,1948, farm mortgage loan data are reported quarterly.2 In accordance with Public Law 38,81st Congress, the Regional Agricultural Credit Corporation of Washington, D . C , was dissolved and as of April 16,1949, its assets were transferred to the
Farmers Home Administration.jRevised series. See note marked "f" on p. S-ll .§Rate as of February 1,1950: Common labor, $1,485; skilled labor, $2,466.*New series. Comparable data prior to January 1948 are not available.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-16 SURVEY OF CUREENT BUSINESS February 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April M a y June July August Septem-
ber October Novem-ber
Decem-ber
FINANCE—Continued
BANKING—Continued
Federal Reserve weekly reporting member banks,condition, Wednesday nearest end of month:
Deposits-.Demand, adjusted mil. of doL.Demand, except interbank:
Individuals, partnerships, and corporationsmil. of doL
States and political subdivisions doUnited States Government do
Time, except interbank, total doIndividuals, partnerships, and corporations
mil. of dol_.States and political subdivisions do
Interbank (demand and time) doInvestments, total do
U. S. Government obligations, direct andguaranteed, total mil. of dol
Bills do___Certificates do....Bonds and guaranteed obligations doNotes do
Other securities doLoans, total do
Commercial, industrial, and agricultural .doTo brokers and dealers in securities doOther loans for purchasing or carrying securities
mil. of doL.Real-estate loans doLoans of banks doOther loans do
Money and interest rates:cfBank rates to customers:f
In New York City percent..In 7 other northern and eastern cities doIn 11 southern and western cities do
Discount rate (N. Y. F. R. Bank) do.__.Federal land bank loans doFederal intermediate credit bank loans doOpen market rates, New York City:
Acceptances, prime, bankers', 90 days doCommercial paper, prime, 4-6 months doTime loans, 90 days (N. Y. S. E.) do___.Call loans, renewal (N. Y. S. E) do___.Yield on U. S. Govt. securities:
3-month bills do3-5 year taxable issues do___
Savings deposits, balance to credit of depositors:New York State savings banks mil. of doL.U. S. postal savings do
CONSUMER CREDIT
Total consumer credit, end of month_._mil. of doL.Instalment credit, total do
Sale credit, total doAutomobile dealers doDepartment stores and mail-order houses
mil. of doLFurniture stores doHousehold-appliance stores doJewelry stores doAll other retail stores do
Cash loans, total do—Commercial banks do_._Credit unions do__-Industrial banks do__.Industrial-loan companies do__.Insured repair and modernization loans
mil. of dol.Small-loan companies do__.Miscellaneous lenders do. _.
Charge accounts do_.Single-payment loans do_.Service credit do_.
47,794
48,2143,2821,274
15,028
14,403540
10, 60237,192
32.9871,8074,742
24, 5941,8444,205
25, 55915, 5771,331
6794,062
2413,930
2.342.683.021.504.042.00
1.191.561.631.63
1.1541.64
10,3263,330
16,3198,6004, 5281,961
874750387152404
4,0721,709
312204160
739817131
3,8542,902
963
46,945
46,5763,4081,476
15,087
14, 419582
10,17437,452
33,2681,9875,364
24,8901,0274,184
25, 24415,318
1,297
6634,079
2583,918
1.504.082.02
1.191.561.631.63
1.1601.59
10,4023,334
15,7488,4244,3701,965
815704366141379
4,0541,705
309202159
737812130
3,4572,904
963
46,112
46,0143,4181,706
15,132
14,452593
10,16337,359
33,0692,0005,048
24,9921,0294,290
24,617.15,147
947
6304,082
2663,837
1.504.082.02
1.191.561.631.63
1.1631.57
10,4463,333
15,3258,3394,3061,996
778685353130364
4,0331,695
308201159
734806130
3,1692,865
952
44,909
44,3413, 5882,095
15,151
14, 458602
9,36436,137
31, 7501,0634,624
25,136927
4,38725,03414,9041,548
6384,083
3083,851
2.422.683.121.504.082.02
1.191.561.631.63
1.1621.54
10, 5183,327
15,3358,4294,3642,105
756675348124356
4,0651,720
315203161
729807130
3,1212,816
Consumer instalment loans made during the month,by principal lending institutions:
Commercial banks mil. o fdoL. 251 236 215 287 278 288 303 282 294 278 272Credit unions do 57 42 44 58 58 60 68 59 66 65 59Industrial banks d o . . . . 37 31 28 36 33 35 38 35 37 34 34Industrial-loan companies d o . - . - 31 26 25 30 29 28 28 28 29 27 26Small-loan companies d o . - . . 180 112 109 142 146 135 140 155 143 128 134
FEDERAL GOVERNMENT FINANCE
Budget receipts and expenditures:Receipts, total mil. of d o l - 4,062 3,675 3,935 6,133 2,306 2,751 4,928 2,061 2,917 4,885 1,
Receipts, net — do 4,014 3,579 3,381 5,435 1,340 1,945 4,767 1,946 2,479 4,832 1,881Customs d o . . . . 38 30 29 34 29 28 28 25 32 33 35Income and profits taxes do 3,042 2,762 2,690 5,100 1,308 1,544 3,819 1,209 1,568 3,893 1,060Employment taxes do 134 54 438 168 81 410 137 65 404 144Miscellaneous internal revenue d o . . . . 702 638 654 720 644 656 704 653 749 714 753All other receipts d o . . . . 146 192 '122 111 244 114 240 110 165 101 79
Expenditures, to ta l . d o . . . . 3,603 2,968 2,646 3,621 2,748 2,822 4,579 3,434 3,585 3,995 3,111Interest on public debt do 1,112 319 141 589 178 125 1,570 322 125 544 255Veterans Administration do_ — 555 528 547 640 548 614 525 494 522 859 502National defense and related ac t iv i t i e s - . .do .— 1,017 1,043 930 1,109 1,043 950 1,159 987 1,134 985 959All other expenditures _.do_.._ 920 1,078 1,027 1,283 979 ' 1,133 1,325 1,631 1,804 1,607 1,395r Revised. v Preliminary. * Beginning September 12, series changed from one to two bond issues (2 percent December 1952-54 and 2J^ percent March 1956-58)
series for September is 1.25 percent. 2 Beginning November 1949, data represent interest due and payable; previously, interest paid. cf For bond yields see p . S-19.fRevised series. Bank rates to customers have been revised to reflect a change in the reporting form; for the series shown here no revisions were made prior to June 1948.
46,175
45,7373,5481,188
15,226
14, 485648
9,20336,945
32,9511, 8274,712
25,458954
4,35424,01014,1621,328
6174,078
2633,863
1.504.082.04
1.191.561.631.63
1.1551.53
10, 5503,314
15, 5958,6304,9172,241
760683351123359
4,1131,749
323207163
727815131
3,2322,764
46,364
46,1283,683
79015, 283
14, 513667
9,70338, 525
34,0352,1055, 225
25, 734971
4,49023, 81113,4761,678
4,092333
3,904
1.504.082.04
1.191.561.631.63
1.1561.49
10,6003,294
15,8438,8884,7182,386
771704367123367
4,1701,788
333213165
722818131
3, 2352,739
981
46,093
45,8053,3611,356
15, 375
14, 596664
9, 52638,699
34,1491,7935,274
26,132950
4. 55023,88313,1811,955
6574,118
2923,981
2.352.863.171.504.082.04
1.191.561.631.63
1.1581.42
10,7183,277
16,1249,1234,8702,499
774718382124373
4,2531,836
346219167
726827132
3,2742,752
975
46, 282
45, 6853, 4321,591
15, 282
14, 520641
10, 03240, 637
35, 7732,6035,716
26, 3941,0604,864
23,15912, 8261,520
6634,143
2644,049
1.504.082.04
1.061.561.631.63
1.26
10, 7533,266
16,1989,3355,0102,610
766730405121378
4,3251,866357225169
732843133
3,1232,768
972
46,737
46,4163,3672,196
15, 270
14, 502647
10, 09542, 288
37, 3073,2606,39226, 5361,1194,981
23, 49112,9651,609
6654,185
2734,102
1.504.082.04
1.061.441.631.63
1.0271.26
10, 7863,248
16, 4539,6225,2232,761
781755417121
4,3991,897369230171
747851134
3,0642,799
46, 457
46, 4653,1652,636
15, 255
14, 501632
10,06542,064
37,0042,6087,181
26,0911,1245,060
23, 99813, 3841,668
6384,207
2334,178
2.322.643.071.504.082.04
1.061.381.631.63
1.062U. 37
10, 8303,228
16,8019,8975,4382,876
818784435121404
4,4591,922379235172
761855135
3,1232,808973
46,848
46,8673,2992,335
15, 228
14, 500605
10,68742,341
37, 3882,6187,273
26, 3471,1504,953
24, 32513, 6941,618
5974, 246
2074,266
1.504.082.04
1.061.381.631.63
1.044i 1.38
10,860r 3, 214
r 17, 221r 10, 164
5,6612,986
855822454123421
r 4, 503r 1, 936
385239172
'•778858135
3,197r 2,866
'994
47, 648
48, 0373,2552,117
15, 162
14, 431608
10, 30542, 226
37, 2482,3457,257
26. 4701, 1764,978
24, 61313, 7751,623
6264,299
2144,393
1.504.082.04
1.061.381.631.63
1.0731 1 3 7
10, 296' 3,199
v 17, 810p 10, 439p 5, 882P 3, 085
M65P 127
P 4, 557P 1.944
P 394
*>790*>875
* 3, 454P 2, 926
"269
2,7272,344
371,489356722124
3,1272 306547
1,0241,251
Average for old
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SURVEY OF CURRENT BUSINESS S-17
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April M a y June July August Septem-
ber October Novem-ber
Decem-ber
FINANCE—Continued
FEDERAL GOVERNMENT FINANCE—Con.
Debt, gross:Public debt (direct), end of month, total
mil. of dol__Interest-bearing, total do
Public issuesSpecial issues _ _ _ _ _ _
Noninterest bearing
do-_do_ —
doObligations guaranteed by U. S. Government,
end of month mil. of dolU. S. savings bonds:
Amount outstanding, end of monthSales, series E, F, and G __ __Redemptions
do. .do . . .
do
Government corporations and credit agencies:Assets, except interagency, total mil. of dol
Loans receivable, total (less reserves)To aid agricultureTo aid home ownersTo aid railroadsTo aid other industriesTo aid banksTo aid other financial institutionsForeign loansAll other
Commodities, supplies, and materialsU S Government securitiesOther securities
All other assets
Liabilities, except interagency, totalBonds, notes, and debentures:
Guaranteed by the United StatesOther
Other liabilities.. .
Privately owned interestTT S Government, interest
dodododododododododododododo
__do__._
dodo
_.do
dodo
Reconstruction Finance Corporation, loans andsecurities (at cost) outstanding, end of month,total mil. of dol
Industrial and commercial enterprises, includingnational defense _ _ _ mil. of dol
Financial institutions doRailroads, including securities from PWA._doStates, territories, and political subdivisions .doUnited Kingdom and Republic of the Philippines
mil. of dol._Mortgages purchased doOther loans do
LIFE INSURANCE
Assets, admitted:All companies (Institute of Life Insurance), esti-
mated total . . . . mil. of dolSecurities and mortgages do
49 companies (Life Insurance Association ofAmerica), total .mil. ofdol..
Bonds and stocks, book value, total doGovt. (domestic and foreign) total
U. S. GovernmentPublic utilityRailroad __Other _ .
CashMortgage loans, total
FarmOther
Policy loans and premium notesReal-estate holdings.Other admitted assets
dododo
. .dodo
. .dodo
_-dodo
.-dododo
Life Insurance Agency Management Association:Insurance written (new paid-for-insurance):
Value, estimated total mil. of dol__Group -. doIndustrial.. _ .Ordinary, total
New EnglandMiddle At lant icEast North Central.
dododo
__dodo
West North Central doSouth Atlantic doEast South CentralWest South CentralMountainPacific
do- do
dod o
Institute of Life Insurance:Payments to policyholders and beneficiaries,
estimated total thous. of dolDeath claim paymentsMatured endowmentsDisability payments _ _ __ _Annuity paymentsPolicy dividendsSurrender values
. -dododododo
-do__._
252, 800250, 579218,865
31, 7142,220
55
55,197540432
21,71811, 6923,632
768140310
5520
6,102• 584
6271,8543,5183,060
967
2,666
38964
1,663
16618, 886
1,282
321129138134
19433137
55,38350,265
49,48336,12517, 23515, 2048,2892,8637,737
7318,893
8378,0571,788
9321,013
2,303664321
1,31885
29828913314754
10747
158
333,180131,22942,9758,812
18, 64180, 72750,796
252, 620250, 435218, 675
31, 7602,186
36
55, 467647476
1,323
330127138137
19236337
55, 74650, 465
49, 77836,19117,18915,1518,3222,8617,818
8029,009
8428,1671,800
9471,029
1,821335357
1,12986
292254103118428733
113
296,940123,02446,0768,580
24, 20754,39940,654
252, 721250,603218,799
31, 8042,118
26
55, 763599369
1,362
340126138135
19139537
55, 98450, 735
49,99936,31917,13415,0978,3882,8567,942
7119,128
8558,2731,809
9711,061
1,711193375
1,14378
29825099
123469734
118
269,380117,83938,101
7,82517, 63046, 23941, 746
251, 642249, 573217, 647
31, 9262,068
24
55, 982590440
22, 32412, 2284,209
851141337
5367
6,098589674
2,0773,5153,048
782
2,834
23884
1,927
17019,320
1,411
349125139138
18543837
56,30950,995
50,27836,40417,00514, 9578,4672,8578,076
7279,275
8678,4091,822
9801,070
2,224454433
1,33789
33529012414755
11141
145
326,028143, 48444,4268,142
20, 50058,88950,587
251, 530249, 509217, 67631, 8332,021
23
56,103454398
1,465
362124138138
18248337
56,58951,323
50,51936, 53716,79214,7488,5852,8558,304
6949,404
8828,5221,833
9951,057
1,852182414
1,25684
30226712214152
10641
141
285,303124,88937,9608,013
19, 25646,34848,837
251, 889249,890217,97531,9142,000
23
56,195433415
1,419
38012313830
179531
37
56,87251,498
50, 76336, 54816, 57514, 5298,6782,8538,442
7309,532
8998,6331,8451,0071,100
1,861185431
1,24583
29425811814153
10843
147
274,398119,04337,318
7,38519, 99842,06148, 593
252, 770250,762217, 98632, 7762,009
27
56, 333485451
22,23211, 7703,847
980120364
4368
6,108488
1,1402 0043,5082,946
865
2,377
26865
1,487
17219,682
11,458
384123
U1730
17459237
57, 23351,921
51,07336, 77916,36114,3248.9682,8658,585
6759,687
9128,7751,8591,0281,044
1,890242396
1,25281
28926312713552
11445
145
304,428124,88842,6368,347
20, 86856,11851,571
253, 877251, 880218,83133, 049
1,996
26
56, 522511425
11,522
399122
111730
17364337
57, 50352,251
51,29236, 92116,13314,0939,0822,8618,846
6489,804
9258,8791,8701,0421,008
1,657179356
1,12273
263235113124469940
130
267,451115,81034,227
7,47519,97042,99046,979
255, 852253, 921220, 563
33, 3581,931
27
56, 602449439
11, 603
416123
U1730
17670338
57, 76852,390
51,52036,88316,00113,9629,1272,8558,900
7029,946
9359.0111,8841,0451,060
1,778250381
1,14769
24924311613250
10842
138
286,065130,18835,505
7,91218, 73943,82849,893
256, 680254, 756220, 842
33, 9141,923
29
56,663398411
22 59411 7203 6171 123
120407
4347
6 090494
1 5962 0693 5012,933
775
1,957
28856
1,074
17720,460
11,670
434122
U1730
16776237
58,08252,640
51, 78936, 95715, 97213, 8719,1452,8568,983
69010,092
9449,1471,8961,0591,095
1,718249384
1,08567
23423111212349
10138
128
276, 238115, 71136,027
7,64119, 85647,32949,674
256, 778254, 876221, 06633, 810
1 901
28
56, 729388396
i 1, 737
443121
111730
16582437
58, 40752, 903
52, 06537, 03815, 89113, 7709,1892,8579,101
72110, 209
9559,2541,9071 0771,114
1,861267416
1,17877
277251111137539940
134
276, 422121, 36538, 5658,136
20, 07839, 72948, 549
256,982255,124221, 29533, 829
1,858
29
56,774383415
i 1,825
472118
111729
16189137
•" 58,699' 53,171
52,32137,13615, 78313, 6729,2542,8599,240
69410, 363
9639,4001,9171 0901 121
1,901308395
1,19883
27825611314052
10241
133
276,654120,82838, 559
7,86719,68938,63851,073
257,130255, 019221.12333 8962,111
29
56.910495466
11,874
481114
111229
14995137
59,28053,652
2,195504360
1,33186
28928013315658
11752
160
339,057132,67337, 9338,534
17, 09783, 64059,180
•" Revised. 1 Excludes securities from PWA.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-18 SURVEY OF CURRENT BUSINESS February 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
FINANCE—Continued
LIFE INSURANCE—Continued
Life Insurance Association of America:Premium collections (39 cos.), total.thous. of dol_.
Accident and health doAnnuities .-doGroup doIndustrial doOrdinary do
MONETARY STATISTICS
Gold and silver:Gold:
Monetary stock, U. S mil. of dol_.Net release from earmark! thous. of dol__Gold exports doGold imports doProduction, reported monthly total j do
Africa doCanada ___ doUnited States! do
Silver:Exports. doImports doPrice at New York dol. per fine oz__Production:
Canadad" thous. of fine oz_.Mexico doUnited States do
Money supply:Currency in circulation mil. of dol__Deposits, adjusted, all banks, and currency out-
side banks, total© mil. of dol__Currency outside banks doDeposits, adjusted, total, including; U. S. de-
posits O mil. of doL_Demand deposits, adjusted, excl. U. S__doTime deposits, incl. postal savings do
Turn-over of demand deposits, except interbank andU. S. Government, annual rate:
New York City ratio of debits to depositsOther leading cities do
PROFITS AND DIVIDENDS (QUARTERLY)
Manufacturing corporations (Federal Reserve):*Profits after taxes, total (200 cos.) mil. of doL.
Durable goods, total (106 cos.) doPrimary metals and products (39 cos.)..doMachinery (27 cos.) doAutomobiles and equipment (15 cos.)_.do
Nondurable goods, total (94 cos.) doFood and kindred products (28 cos.).-doChemicals and allied products (26 cos.).doPetroleum refining (14 cos.)__ do
Dividends, total (200 cos.) doDurable goods (106 cos.) doNondurable goods (94 cos.) _. do
Electric utilities, profits after taxes (Fed. Res.)mil. of dol_.
Railways and telephone cos. (see p. S-23).
SECURITIES ISSUED
Commercial and Financial Chronicle:Securities issued, by type of security, total (new
capital and refunding) mil. of dol__New capital, total do.
Domestic, total do-Corporate do.Federal agencies do_Municipal, State, etc do.
Foreign do_Refunding, total do_
Domestic, total „ do_Corporate do_Federal agencies _._do.Municipal, State, etc do_
Securities and Exchange Commission: JEstimated gross proceeds, total _do
By type of security:Bonds and notes, total do
Corporate doCommon stock . doPreferred stock do
By type of issuer:Corporate, total do
Industrial doPublic utility doRailroad doReal estate and financial do
Noncorporate, total doU. S. Government doState and municipal doForeign governments doNonprofit do
622, 75237, 742
114, 93944, 75998,231
327,081
24,244-45 ,945
24,123r 112, 141
60,20837,68211,444
4,832
1,4194,908
.700
1,2063,6002,281
28, 224
170, 57026,079
145, 49185, 52057, 520
32.121.0
95856424010517639471119141499274225
176
8317537536270
126078783723
1,992
1,9107006814
783231497459
1,2091,0801290
0)
449, 86527,81776,34839,00072,171
234, 529
24, 271-2,6906,399
52, 33358,35837, 45610, 8433,864
5812,116.700
9764,4002,761
27, 580
170,20025,200
145,00085, 40057,600
29.319.3
452,16929,18554,43037,03667, 507264,011
24,290-22,201
4,49925, 97856,33535, 52910,7663,869
2613,278.708
9694,1002,821
27, 557
169,30025,100
144, 20083, 40057,800
27.118.6
6906336184197
1921557571
551
1,408
1,33627365
3451691203620
1,0638701930
0)
50043643623114191064647534
r 1, 275308
3211291065532
••968763
'2040
0)
527,36834,26767,86440,82478,615
305, 798
24,314-16,725
5,10824, 87962, 22739,27511, 9945,544
2146,444.715
1,2984,8002,743
27, 439
167, 60025,100
142, 50081,10058,000
27.219.2
8234982207218032552105119343196146
206
6956005843832617416969639551
1,395
1,3143304140
4111171838823985792175161
406,92326, 39147,37732,18258, 935
242,038
24,332-17,74112,01925,61560, 75537, 94111, 4425,674
4,7832,825.715
1,2464,0003,341
27, 417
167, 50024, 900
142,60082, 40058,100
27.618.6
437, 73931,65546,49734,90568, 541256,141
24, 34237,7751,61211,14263,10938, 90211, 6355,623
51412,190
.715
1,4994,4003,614
27, 507
167, 60025,000
142, 60082, 50058,200
28.318.5
949904904681331900
45451
441
1,606
1,42351513350
340281
1859
908717190
02
757681681295
51335
076763138
7
' 1, 493
••1,3512466082
3881021984939
' 1,105759
-•34600
499,84332,95563,10234, 69075,606
293,490
24, 466121,6325,483
12,38964,76139, 30712,0155,529
1,81810,237
.715
2,1984,3002,676
27, 493
167,93025, 266
142, 66481,87758,483
29.818.7
75049116170229259548792354
180
1,6441,5501,5351,196
2431515949431
2,672
2,5411,126
7457
1,2572119254576
1,4151,09931600
373, 62828,17114, 31630, 36261,015
239, 764
24, 520-19,936
6,890137, 98663,10739, 96611, 4215,728
11, 9106,824.715
1,7353,5002,349
27,394
p167, 900v 24, 900
v 143,000* 83,100p 58,400
28.718.5
76568544143290
244797822560
2,327
2,2684154614
4752511385134
1,8521,60624501
435, 09032, 92750,96537, 53566, 277
247,386
24,608-208,540
11, 563268, 936
40,38012, 5696,505
2,0906,056.719
1,1964,6002,909
27,393
p 170,000* 25,100
v 144,900P 83,400v 58,400
25.517.1
6173092911170
17418
3082048
1951
2,079
2,0121054621
1734799206
1,9071,6081981001
466, 66929, 96452, 86530,48576,015
277,340
24, 602-154, 79915,857114,002
39, 366' 12, 735
6,239
1605,628.732
1,1444,7002,167
27,412
170, 300P 24, 900
p 145, 400p 83, 300p 58,400
28.018.6
P799P504P130
P 7 1P267P295
P 1 0 9
P 3 3 2P 1 8 4p 148
70751951012769
31410188188381464
' 1, 612
r 1, 5501133527
17436991624
r 1, 438894
r32701
414, 82031,11653,96432, 97363,806232, 961
24, 584-89,1172,39758, 527
39,01212, 7987,306
7,508.733
2,884
27,407
171, 500p 24,900
146,600p 84,600v 58,400
27.318.5
8236756394050
2343614814891534
1,667
1,5623456145
4511662034142
1,21697823801
435, 49931, 62751, 97331, 60661, 410
258, 883
24, 479-63, 939
2,998' 10, 629
7,385
1846,370.733
27, 543
p171, 800p 25,100
p 146, 700p 85, 500P 58, 000
27.219.1
4893793791500
2290
109109355222
1,183
1,1021434436
22355
1481011
95970725101
p 24,427-59,39910,111
4,060.733
P27, 596
P173, 100P25, 000
P148, 100P86,700P58,400
32.520.0
1,759
1,60233612335
49389
3123161
1,2661,0112550
0)' Revised. * Preliminary. i Less than $500,000.§Or increase in earmarked gold ( - ) . ^Revisions for January-May 1948 for United States and total gold production are shown in the August 1949 SURVEY p S-18 Revisions for Januarv-
July 1948 for securities issued (SEC data) are available upon request. " y
cfRevised data for January-August 1948 are shown in the November 1949 SURVEY, p. S-18.©U.S. Government deposits at Federal Reserve banks are not included.•New series on large manufacturing corporations (assets end-of-year 1946, $10,000,000 and over); annual data beginning 1939 and quarterly data beginning 1946 are available upon request
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SURVEY OF CURRENT BUSINESS S-19
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April M a y June July August
FINANCE—Continued
Septem-ber October
Novem-ber
Decem-ber
SECURITIES ISSUED—Continued
Securities and Exchange Commission!— ContinuedNew corporate security issues:
Estimated net proceeds, total mil. of dol__Proposed uses of proceeds:
New money, total doPlant and equipment doWorking capital do j
Retirement of debt and stock, total, .do jFunded debt do |Other debt__ do__.Preferred stock do_.
Other purposes do . .Proposed uses by major groups:
Industrial, total do_.New money do_.Retirement of debt and stock do__
Public utility, total do_.New money do._Retirement of debt and stock do . .
Railroad, total do__New money do__Retirement of debt and stock do__
Real estate and financial, total do._New money do__Retirement of debt and stock do_ -
State and municipal issues (Bond Buyer):Long-term thous. of dol _ jShort-term do j
COMMODITY MARKETS
Volume of trading in grain futures: \Corn mil. of bu_.jWheat do I
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. MembersCarrying Margin Accounts)
Cash on hand and in banks mil. of doL_Customers' debit balances (net) doCustomers' free credit balances doMoney borrowed do
BondsPrices:
Average price of all listed bonds (N. Y. S. E.),total § dollars.-
Domestic doForeign do
Standard and Poor's Corporation:Industrial, utility, and railroad:
High grade (11 bonds) dol. per $100 bond. .Medium grade:
Composite (12 bonds) doIndustrial (4 bonds) doPublic utility (4 bonds) doRailroad (4 bonds) do
Domestic municipal (15 bonds) doU. S. Treasury bonds, taxable do
Total, excluding U. S. Government bonds:All registered exchanges:
Market value thous. of dol._Face value do
New York Stock Exchange:Market value doFace value do
New York Stock Exchange, exclusive of stoppedsales, face value, total§ thous. of dol__
IT. S. Government doOther than IT. S. Government, total § do
Domestic doForeign do
Value, issues listed o n N . Y . S . E . :Market value, total, all issuescT- mil. of dol__
Domestic doForeign do
Face value, total, all issuescf doDomestic doForeign do
Yields:Domestic corporate (Moody's) percent. _
By ratings:Aaa doAa doA doBaa do
By groups:Industrial doPublic utility doRailroad do
Domestic municipal: ]Bond Buyer (20 cities) _.doStandard and Poor's Corp. (15 bonds) do i
U. S. Treasury bonds, taxable do i
67758691807
703
14
22816650
4894612745450952
131, 72084, 614
301337
349550586257
100.18100. 6968.41
90.994.793.684.5
127.8100.89
63,47089, 347
60,15284, 620
78,06321
78,04269, 9418,018
131,306129, 660
1,401131,068128,771
2,048
3.09
2.792.883.163.53
2.853.063.36
2.202.262.44
336
312274389072
16
162139
9118118
036360
2019
0)199, 063126, 809
250328
537573247
100. 47100.9669.82
100.5
92.196.193.886.4
129.9101.16
60,68680, 599
57, 07375, 419
69, 72565
69,66062,1887,301
131, 897130, 230
1,419131, 276128, 994
2,032
3.02
2.712.813.083.46
2.802.993.26
2.172.152.42
318
22017248327
250
1283923
104102
254504
32293
203,674120,198
395445
527565225
100.45100.9370.26
100.5
92.797.094.786.6
128.5101. 51
52,00970,080
49,03866,056
63, 661202
63,45955,1508,043
131, 863130,188
1,426131, 272128, 993
2,030
3.00
2.712.803.053.45
2.792.993.24
2.212.232.39
403
3192536681374403
1148526
1791255487870
23211
171, 704133,002
254357
530551254
100. 58101.0471.35
100.7
91.997.195.583.1
128.8101. 67
56, 22580, 637
52,35975,821
67,82013
67, 80759, 5238,155
132, 065130, 368
1,447131, 304129, 027
2,028
3.00
2.702.793.053.47
2.782.973.27
2.172.212.38
553402151127
1126
07
336215118276270
717170
58512
198, 762110, 200
209368
100. 56101.0172.18
101.0
91.798.095.681.6
129.0101.65
53,18976, 590
50,45972,458
66,8393
54, 95311, 804
132, 098130,392
1,455131,360129,094
2,016
3.00
2.702.793.053.45
2.782.963.27
2.132.202.38
380
3402548533131557
100927
192 ,1 7 1 I2149490
39
349, 55761, 224
173380
537355
100.49100.9372.20
101.0
91.998.995.781.2
129.0101. 62
50, 76767,997
47, 43163,601
62, 2845
62,27954,8477,350
132, 029130, 326
1,452131, 381129,120
2,011
3.00
2.712.783.043.45
2.782.953.26
2.21 !2.20 |2.38 i
1,244
1,0749581161614011649
207113919168565445450766016
324, 825120, 040
169552
280681528493
100.98101.4571.40
100.9
91.798.796.380.0127.5
101. 72
49, 00467,171
46,16563,433
64, 25730
64, 22758,1336,035
131,686130,0001,432
130, 402128,1462,006
3.00
2.712.783.043.47
2.782.933.29
2.202.282.38
468
4303933730181218
2492361113613425151033916
244,17367,450
199660
690530399
101.40101.8671.77
102.0
91.898.696.979.9127.9103.29
72,61587,224
69,94184,074
64, 02131
63,99058, 7795,166
132, 813131,1241,436
130,975128,7242,001
2.98
2.672.753.033.46
2.752.893.29
2.132.262.27
168
140119212471704
462814979342013765
0)218,662196, 516
216420
699548404
101. 82102. 2872.07
103.0
92.698.297.781.9129.1103.63
60, 73778, 549
57,10873, 916
66, 22352
66,17159,3886,769
133,643131, 9561,432
131, 254129,0171,988
2.92
2.622.712.963.40
2.702.863.21
2.122.202.24
171
1188731401922012
352729754371616023221
332, 957105,586
153371
740584418
101.80102. 2771.82
103.1
93.399.098.882.1128.6103.86
47,46859, 560
44,46955, 721
55,41361
55,35247,1698,166
132, 210130, 5351,422
129, 874127, 6441,981
2.90
2.602.692.953.37
2.682.843.19
2.162.222.22
445
27222943885829184
1631182319910865414104150
230, 82246, 514
128244
783586416
101. 81102. 2772.48
102.8
93.799.999.282.0128.8103. 90
51, 48068, 959
47, 93864, 706
63, 93412
63, 92256, 4947,412
132, 221130, 5091,458
129,870127, 6082,012
2.90
2.612.702.943.36
2.682.833.20
2.132.212.22
219
16313429381820018
532323144120161010011100
r 265,519119,155
237294
813596445
102.00102.4572.92
103.2
93.5100.399.580.8129.6104.22
64, 64684,467
60,15779,064
74, 6920
74,69267, 0657,598
132,445130,7261,463
129,854127, 5972,007
2.89
2.602.682.933.35
2.672.813.20
2.112.172.20
484
336226111827561
87775
3061737231274
6069
0)
250, 254125,851
198284
306881633523
102.43102.8973.70
103.7
94.5101.0100.182.2
130.3104.36
84,642111, 120
80, 274105, 909
99, 08022
99,05891,0637,938
128,464126,755
1,452125, 410123,190
1,970
2.86
2.582.672.893.31
2.652.793.14
2.082.132.19
* Revised. 1 Less than $500,000.JRevisions for January-July 1948 are available upon request.§Sales figures include bonds of the International Bank for Reconstruction and Development not shown separately; these bonds are included also in computing average price of all listed
bonds.cfTotal includes bonds of the International Bank for Reconstruction and Development not shown separately.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-20 SURVEY OF CURRENT BUSINESS February 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
FINANCE—Continued
SECURITY MARKETS—ContinuedStocks
Cash dividend payments publicly reported:Total dividend payments mil. of doL.
Finance doManufacturing doMining doPublic utilities:
Communications doHeat, light, and power do
Railroad doTrade do.__.Miscellaneous do
Dividend rates, prices, yields, and earnings, 200common stocks (Moody's):
Dividends per share, annual rate (200 stocks)dollars..
Industrial (125 stocks) do___.Public utility (25 stocks) doRailroad (25 stocks) do___.Bank (15 stocks) doInsurance (10 stocks) do
Price per share, end of month (200 stocks)..doIndustrial (125 stocks) doPublic utility (25 stocks) doRailroad (25 stocks) do___.
Yield (200 stocks) percent..Industrial (125 stocks) doPublic utility (25 stocks) do_._.Railroad (25 stocks) doBank (15 stocks) do . . . .Insurance (10 stocks) do
Earnings per share (at annual rate), quarterly:Industrial (125 stocks) dollars..Public utility (25 stocks) do . . . .Railroad (25 stocks) do
Dividend yields, preferred stocks, high-grade, 11stocks (Standard and Poor's Corp.) percent..
Prices:Average price of all listed shares (N. Y. S. E.)
Dec. 31, 1924=100-.Dow-Jones & Co., Inc. (65 stocks) dol. per share..
Industrial (30 stocks) doPublic utility (15 stocks) do___.Railroad (20 stocks) do . . . .
Standard and Poor's Corporation:Industrial, public utility, and railroad:§
Combined index (416 stocks),..1935-39=100..Industrial, total (365 stocks) do. . . .
Capital goods (121 stocks) .doConsumers' goods (182 stocks) do
Public utility (31 stocks) doRailroad (20 stocks) do. . . .
Banks, N. Y. C. (19 stocks) do_._.Fire and marine insurance (18 stocks) do
Sales (Securities and Exchange Commission):Total on all registered exchanges:
Market value mil. of doL.Shares sold thousands..
On New York Stock Exchange:Market value mil. of doLShares sold thousands.
Exclusive of odd lot and stopped sales(N. Y. Times) thousands..
Shares listed, New York Stock Exchange:Market value, all listed shares mil. of dol_.Number of shares listed millions..
1,318.9111.5838.7119.8
14.545.968.584.535.5
3.043.143.302.402.341.99
46.3046.3354.2331.31
6.576.786.097.674.743.34
7.653.956.29
4.15
73.064.24176. 3133.0953.27
119.4125.5115.9120.292.9105.890.3135.7
1,07749,092
91435, 534
27, 963
67,0482,018
532.1103.8223.314.0
55.548.022.455.010.1
3.073.173.302.422.351.99
46.4046.3654.6231.14
6.626.846.047.774.673.33
4.09
72.965.37179.7534.4353.16
121.0127.3117.6122.894.2105.992.6138.6
85437,069
71626, 471
18, 825
67, 4782,030
204.037.999.12.1
.436.89.715.82.2
3.073.173.312.422.351.99
44.7944.5254.34
6.857.126.098.394.703.33
4.04
63.15174. 4634.5149.37
117.2122.7113.2120.494.4
140.9
72031, 509
60122,153
17,180
65,3252,045
705. 638.0440.665.2
14.140.837.550.219.2
3.083.183.312.462.351.99
46.2246.2154.6429.60
6.886.068.314.663.27
6.603.841.72
4.07
72.063.29175. 8835.0848.19
118.0123.7113.1120.995.397.493.4
141.5
75436, 915
26,182
21,136
67,5182,051
474.468.3217.76.8
57.552.119.741.810.5
3.093.183.322.462.351.99
45.3745.2854.3128.52
6.817.026.118.634.713.34
4.07
70.563.47175. 6535.7348.27
118.5124.2111.6121.296.197.193.9
140.9
85340, 684
72230, 293
19, 314
66, 2382,060
193.327.0102.01.6
.438.812.67.53.4
3.083.173.322.462.351.99
43.7743.4653.0527.60
7.047.296.268.914.753.38
4.04
67.962.79174.0335.7345.90
117.7123.5110.4121.295.395.893.3139.7
76537,411
63926, 709
18,179
64,1472,072
825.868.8515.070.5
13.749.739.546.622.0
3.053.143.312.462.332.03
43.5843.4852.2826.52
7.007.226.339.284.763.52
6.003.734.04
3.98
67.059. 25165. 5934.3142.89
112.0117.0104.3116.793.088.491.0134.5
70539,437
58728, 776
17,767
63, 9212,140
493.6105.4226.35.3
54.843.413.734.710.0
3.043.123.302.462.332.03
45.7646.0153.4827.43
6.646.786.178.974.703.35
3.97
70.161.61173.3435.3144.31
117.8123.8110.5123.995.490.692.5138.1
62637, 950
52629,139
18,752
67, 2792,150
189.635.193.91.3
.440.95.99.13.0
3.033.103.292.462.332.03
46.6446.9154.2927.52
6.506.616.068.944.513.26
3.90
71.363.79179. 2436.5446.14
121.8128.0114.5127.498.594.295.5144.9
80739, 057
67228, 977
21,785
68,6682,154
725.743.7448.763.7
24.7'47.827.748.520.9
3.013.083.302.452.332.10
47.7248.1854.4428.30
6.316.396.068.664.523.21
»6.25
' 3." 40
3.85
73.164.68180. 9337.6546.65
123.8130.3116.0129.2100.095.196.8
149.0
87140,437
72929, 937
23, 837
70, 7002,162
463.570.4207.36.6
55.557.515.642.38.3
3.013.093.312.362.372.11
49.2549.9455.2328.26
6.116.195.998.354.413.10
3.88
75.966.66
186.4738.25
127.3134.4119.7133.0101.297.699.5157.2
1,08351,455
90638,474
28,891
72,6312,145
190.828.7102.11.5
.442.83.78.03.6
3.263.423.312.302.392.11
49.2749.8955.8728.37
6.626.865.928.114.613.00
3.89
76.267.98191.6139.2248.46
129.1136.5123.8135.2102.696.299.3160.1
1,22255, 245
1,03540,464
27, 244
73,1752,152
1,497.4143.0
1,015.4100.1
26.261.151.765.334.6
3.273.443.282.242.472.34
51.3952.2856.0230.42
6.366.585.867.364.543.18
3.88
79.170.35196. 7840.5551.21
132.7140.3128.6140.2104.1101.099.6
168.1
1,48068, 535
1,25252, 028
39,293
76, 2922,166
INTERNATIONAL TRANSACTIONS OF THE UNITED STATESBALANCE OF PAYMENTS (QUARTERLY)J
Goods and services:Receipts total mil <~>f<ni
For goods exportedIncome on investments abroadFor other services rendered
Payments, totalFor goods importedFor foreign investments in U. SFor other services received
Unilateral transfers (net) totalPrivateGovernment
Long-term capital movements (net) totalPrivateGovernment
dododododododo
dododo
dododo
Gold and short-term capital movements (net), totalmil nf r\n\
Gold and foreign short-term capital in U. SU. S capital abroad
Errors and omissions...
do
4,2013,306
415480
2,6832,028
85570
—1,149- 1 7 4- 9 7 5
- 6 9 5- 1 7 3- 5 2 2
+184+139+45
+142
4,2663,453
263550
2,6081,963
81564
— 1 , 420- 1 4 7
— 1 , 273
- 5 1 9- 2 2 3- 2 9 6
+100+70+30
+181
4,4143,494
350570
2,4221,741
57624
— 1 , 631- 1 4 1
—1,490
- 2 8 3—171—112
- 2 3 6- 3 7 2+136
+158
3 6312,817
298516
2,4701,620
64786
— 1,339- 1 2 4
— 1,215
+32+61- 2 9
—404- 2 8 9- 1 1 5
+550r Revised. * Preliminary.§Number of stocks represents number currently used; the change in the number does not affect the continuity of the series.JBalance-of-payments revisions for the first two quarters of 1948 are shown on p. S-20 of the October 1949 SURVEY.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SURVEY OF CURRENT BUSINESS S-21
1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April M a y June July August Septem-
ber October Novem-ber
Decem-ber
INTERNATIONAL TRANSACTIONS OF THE UNITED STATES—Continued
FOREIGN TRADE!
Indexes
Exports of U. S. merchandise:Quantity 1023-25=100.Value do__.Unit value do_._
Imports for consumption:Quantity 1 do___Value do___Unit value do. . .
Agricultural products, quantity:Exports, domestic, total:
Unadjusted 1924-29=100.Adjusted do___
Total, excluding cotton:Unadjusted do___Adjusted do__.
Imports for consumption:Unadjusted do___Adjusted do
Shipping Weight
Water-borne trade:Exports, including reexports--thous. of long tons.General imports _do___
Value
Exports, including reexports, total mil. of doLBy geographic regions:
Africa thous. of doLAsia and Oceania do---Europe do—Northern North America do___Southern North America do—South America do
Total exports by leading countries:Africa:
Egypt doUnion of South Africa do—
Asia and Oceania:Australia, including New Guinea doBritish Malaya do- —China do_._India and Pakistan do.-.Japan do.. .Indonesia do__-Republic of the Philippines do—
Europe:France do—Germany do..-Italy d o -Union of Soviet Socialist Republics do__-United Kingdom do
North and South America:Canada.. do.. .Latin-American Republics, total do.-.
Argentina do—BraziL.ChileColombia..CubaMexicoVenezuela..
Exports of U. S. merchandise, total mil. of dol._By economic classes:
Crude materials thous. of dol-Crude foodstuffs do—-Manufactured foodstuffs and beverages. _do__.Semimanufactures doFinished manufactures do
By principal commodities:Agricultural products, total! do
Cotton, unmanufactured doFruits, vegetables, and preparations^-_do—Grains and preparations do..-Packing house productsQ? do.. .
Nonagricultural products, totalj doAircraft, parts, and accessories doAutomobiles, parts, and accessories^--doChemicals and related products^1 doCopper and manufacturescf doIron and steel-mill products doMachinery, totalcf do
Agricultural cf doTractors, parts, and accessories* doElectricalcf doMetal working doOther industrial cf do
Petroleum and products doTextiles and manufactures do
266350131
166221133
130108
181163
130129
5,6545,657
«• 1,318
78,189273,544437, 815165, 451155, 831205, 819
6,28245,602
18,1107,06943,18835, 88230,07716, 75453,132
55,92667, 36248,211
60558, 406
161,043340,19427,15556, 76921, 48218, 66046, 79151,19458, 440
'1,306
183, 943116, 619122, 709128, 860752,131
383,59791, 62327, 060142, 62218, 849
920, 66615, 88990,16685,1215,625
69, 374239, 94411,11927, 26255, 37019, 238112, 27956, 77091,397
222293132
137181133
115114
169175
109104
4, 9755,315
1,104
53,012227,051375, 213148, 961124, 683174, 745
6,56722,345
14, 2625,7669,98235, 93935, 00818,19744, 411
52,16683, 28536, 786
18653,392
146,696281, 09818,17051, 30713, 21017, 74536, 67642, 52451,162
1,092
141,465120, 72594, 594127, 345607,406
324,60568, 88318,372
140, 44013,447
766, 93113, 48672,01563, 99610, 26066,027
209, 38910, 69722, 78541, 62414, 864
107, 45055, 44371, 507
214277130
132174133
120145
165207
97
4,7004,978
1,043
35, 763212, 567380,461156, 634113,956143,770
4,87414,840
13, 4313,592
12,07626, 85446,19015,07235, 454
54, 92771, 36655, 487
17659,415
154,196240, 9599,34444, 82811,21515,15334, 38643, 25544,998
1,033
153,848130, 40584,165119, 230545, 221
338,36785,04918,136
143, 35613, 558
694, 50214,13570,09667, 2625, 358
59, 316190, 66610, 53526,80937, 33815, 56690, 64149, 65160,599
243312129
150196131
125143
165192
109
5,4645,228
1,177
74,087233,399424,668166, 393125, 588152,613
6,65131,036
15, 2034,293
15, 92135, 36246, 82012, 99134, 423
61, 24477,16153, 9801, 901
62, 246
163,390262, 2369,90942, 90010,15319, 57534,18349, 04549,706
1,164
170, 551144, 72376, 915
138,809632, 726
362, 86498, 53823,642
148, 70117, 690
800, 86015, 28277, 59876, 5037,738
68, 449220, 32412, 46131,86742, 98617, 048
103,82853, 23565,218
242310128
131165126
117147
148174
7, 2515,443
1,164
58,187240,487406, 275188, 470115,026156, 021
5,40627,849
10,8223,561
26, 83234, 49236,38512,64741,595
56, 79272, 54254,1883,077
61, 770
187, 550254,0579, 858
36, 02314, 52719, 33629, 52744, 40354,372
1,155
196, 20698, 53897, 030133, 125629, 801
341,983100, 67418,352
114, 23924, 751
812, 71615,09473, 35973, 8345,719
76,711230, 58814,01031, 59343, 36417, 475
112, 74954,04261, 525
230290126
133167126
116146
162180
92
8,2735,683
1,089
51, 745214,262397,947196, 900102, 767125, 594
4,07628, 766
13, 9243,0477,225
33, 26847,81910, 59337,624
40, 98481, 74252, 919
38476,160
194,130213,6765,794
28, 95912, 34614, 69827, 24042, 09245,973
1,079
173,496139, 07586,136127, 212553,399
343,40780, 65315,469
161, 08317, 901
735, 912i 8, 67364,96863,7127,396
70, 440* 205, 299
14, 785l 25, 938l 34, 61015, 31594,69554, 25255,413
233294126
134166124
115159
154181
97104
7, 9455,829
1,104
77,054211,842392, 005185,624104, 906132, 511
4,50129,136
12, 5992,9382,091
36,11241,4719,711
31, 847
62, 06359,18651, 872
8978, 266
184, 482221, 241
8,28233, 93814, 23014,11529, 24136,02344, 265
1,093
179,646111, 52186, 971
125, 932589, 346
320,15790,19113, 813
118, 56521,715
773, 260i 7, 44961, 38064, 3797,832
78, 761* 222, 687
13,041i 26, 644i 36, 663
17,109107.51847, 19357, 964
194238123
117144123
84118
133164
91100
4,9075, 750
898
55, 202194, 633278, 506151, 695
89, 306128, 012
4,29523, 416
12, 9362,9652,433
22, 73841, 0898,434
36, 348
25, 42364, 13723, 370
42250, 248
150, 700202, 819
13, 28628, 69012, 63913, 33525, 53132, 86643,356
889
97, 997r 97, 738
71,635104, 687515, 457
234, 86338, 72910,008
110, 90714,140
652, 651i 7, 891
i 59, 36058, 8124,243
67,795' 201,455
11,344i 24,374i 33, 719
19,19488,36539, 96545, 760
191234123
132161122
91104
154155
97105
' 5, 4595,975
37,641172, 717280.370170, 726106.371112,867
3,63617, 525
7,9382,816965
16, 48934, 3337,953
28, 954
22,86863,33119,139
12853,203
169, 715204,29813, 87625, 02510, 0719,645
26, 60831, 40938,426
872
108, 786124, 54950,013100, 593489, 213
244, 22728, 3819, 389
125, 40512, 778
628, 926i 6, 776i 53, 42158, 5503, 53964,107
1179,38810,199
l 20, 952l 35, 29014, 83679, 34348, 70844,082
196240123
135166123
152124
102108
4, 553' 6, 247
904
49, 814184,540285, 806152, 775104, 725126, 903
3,58918, 076
10, 6062,616
70513, 67742, 5866,605
32, 821
26, 88563, 37920, 420
8052,095
151, 851217, 07211, 46432, 91812, 92011, 72130, 96330, 62641, 791
895
122, 821102, 40053, 054
104, 353512, 765
245, 95036,12611, 299
105, 94912, 429
649, 442i 6, 865i 56, 63558,1905,514
67, 6621190, 458
8,924l 24,1921 31, 05015, 79290, 29840,39750, 270
189226120
144176123
136106
99
3,082
849
42, 604172, 551284, 313146,890104, 65697, 520
2,99120, 480
11,4192,165
28014, 67531,8385,81338,969
29, 27959,10728, 407
6055,210
145, 840190, 31010,17719,4648, 95211,64434, 78535,84734, 287
843
133, 22383, 99263, 50886, 757
474, 576
259,53069, 35818, 40293,11710, 225
582, 525115,128i 53, 36758, 3973,727
37, 7841 175, 294
7,8971 20, 700i 34, 04816, 04675,38942, 65449,872
836
33, 878149,136277, 746149, 686128, 43496, 630
3,54613, 952
8,0641, 839
7149,977
24, 3994,243
35,190
32,17564,17723, 873
2142, 530
149, 111207, 8699,419
18, 9159,289
12, 45332, 87135, 67133, 014
130, 47693, 72559,19883, 561
461,164
258, 39971, 70416,12998, 80412, 599
569, 726i 7, 702
1 44, 44162,1085, 053
26, 2271169, 082
6, 838i 19, 5401 31, 82416, 23874, 94335, 40943,853
T Revised. * Data are not comparable with earlier figures because of the exclusion of "special category" exports not shown separately in the interest of national security.^Revisions for various periods in 1947 and 1948 have been made (since publication of the 1949 STATISTICAL SUPPLEMENT) in most of the foreign-trade items and there will be further changes
beginning 1946 as final data are completed by the Bureau of the Census; moreover, the revaluation of tin imports and the transfer of certain "relief and charity" food items from the nonagricul-tural exports group to the agricultural group have affected the pertinent series back to 1942. Revisions are available upon request.
c?Data beginning 1948 have been adjusted in accordance with the 1949 commodity classifications. Revised figures for January-July 1948 are available upon request.*New series; included with agricultural machinery prior to 1948.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-22 SURVEY OF CURRENT BUSINESS February l!)50
1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January F ^ March April - May June July August Septem-ber October Novem-
berDecem-
ber
INTERNATIONAL TRANSACTIONS OF THE UNITED STATES—Continued
35,177178,851113, 201148, 80383, 476160,239
35010,849
13,17134, 20613,73626, 9767 482
15,23525,081
7,3433,49111,8316, 592
29,698
145, 955228, 9369, 830
62, 32718,32728. 69926. 63025, 23224,946704,140
26, 418124,15190,053127, 06578,146
144, 355
2619, 558
9, 38717.15911,83926. 5447,1449,99214.963
FOREIGN TRADE§—Continued j
Value—Continued II
General imports, total thous. of doLJ 719,748 | 590.1S8By geographic regions:
Africa doAsia and Oceania doEurope doNorthern North America doSouthern North America 1 doSouth America __. do
By leading countries:Africa:
Egypt doUnion of South Africa do
Asia and Oceania:Australia, including New Guinea doBritish Malaya doChina doIndia and Pakistan doJapan doIndonesia doRepublic of the Philippines do
Europe:France doGermany doItaly doUnion of Soviet Socialist Republics doUnited Kingdom do
North and South America:Canada doLatin-American Republics, total do
Argentina doBrazil doChile doColombia doCuba . . doMexico doVenezuela do
Imports for consumption, total doBy economic classes:
Crude materials do____ 201,472Crude foodstuffs do 145,154Manufactured foodstuffs and beverages...do 63,862Semimanufactures _. do 165, 627Finished manufactures- do 127,945
By principal commodities:Agricultural products, total d o . . . . 313,886
Coffee do 85,764Hides and skins do_.._ 6,331Rubber, crude, including guayule do j 37,862Silk, unmanufactured do 1, 543Sugar do 21,003Wool and mohair, unmanufactured do j 18, 531
Nonagricultural products, total do j 390,175Furs and manufactures do j 11,932Nonferrous ores, metals, and manufactures, I
total thous. of doL.j 88,028Copper, incf. ore and manufactures. ._do i 22,804Tin, including ore do | 24, 706
Paper base stocks do. —I 22, 562Newsprint do 39,081Petroleum and products do 1 43,907
6, 4594,6487, 9031,613
24, 835
122,013209,143
15,23447.41815.08421.74925,06724, 20924, 566
578, 920
181,419109,62250,414
127, 995109, 469
252,31871, 5555,646
27. 6692, 51719.79221,307
326. 6026,764
74, 59923,3139. 591
17,86935, 44244,004
566, 600
28,997124.420 !89,376119, 42991,716
114,552
3427,567
11,77213,63915,75725, 9499,2067, 26015,159
5, 8474,9945. 7883,257
20,550
115,739195, 24911,13333,46718,55216.20237,40424, 66420,820
554, 700
158. 23599, 43458,105131. 896108, 904
238,28457,3964,780
22, 5803,12932,65921,820
318, 2907,012
66, 57126,12011.00722, 32234, 21036,820
(532, 399
47. 397128,17390, 532133,071108. 795124,431
36712, 693
9, 57025.1858.011
25, 2787, 6258. 758
17, 029
5, 4646,1546, 39S4, 293
22, 695
128. 306221, 7063, 869
39, 27019, 53021, 92347, 45825, 96320,755623,862
164, 599131, 10573, 308137, 502117, 288
275,18173, 6715,465
21,6981.006
44,27816,428
348, 68111, 457
86,95928,96726, 68317, 94837. 40435, 875
21,100128, 24666, 793122,13986,131
109, 962
2316,295
5,31825. 7455, 987
29, 5826, 355
12,11715,075
5, 2474, 3714,4181,318
14,097
119,974185, 063
4, 50041,91913, 52816,19836,51421,72522, 628
526, 769
146,104109,90960,917110.11199, 728
227, 05058, 9065, 439
19,38734
35,20910,813
299, 7199,127
73, 76721,57428, 38312, 42734, 20038, 244
534,371 | 540,077 | 526,806 j 450,083 j 490,569
24.845126, 67067, 287129,58181, 601
110, 093
4297,277
13,91313,8086, 501
20,9495, 535
10.83322, 856
3, 7934, 0063, 7894. 20915,232
126, 522181,9096, 79034,16318.76014,16837,45319,91823,114533,052
154, 82490.28169, 052113,636105, 260
216,25548, 9957.051
19, 93342
39, 77010.629
316, 79811,936
72,04120,55817,51817, 92539,19536,855
27, 625106.20269, 054130,65783. 233109.975
765, 053
11.8129, 9015,888
21,8346, 635
11.33520,441
3, 6722, 8966. 3264. 609
14, 707
127, 664182. 680
7, 54336, 94414, 36718,32435, 06923. 76121,022
530, 346
150,119103,70168.121
109, 60798, 797
234,87856,0386,173
19.198 i86 !
38,276 !15.605
295, 4688,072
66, 37417,76313,49517, 83837,26137, 473
23,47294,11058,425107,445 i68,529 j104,103
1899,339
2, 72610, 8227, 74914,140 |5, 574 j8,904 I
21.874 |
3,926 '1,4995, 4303. 53115,106
105,366 I162,273 !
5, 6'w i34,037 |7. 648
22,63430, 45113. 35623, 620458,614 I
126.868 '92, 46065, 22484, 30089, 762
205, 20758, 5966,15716,649
2336, 52511,671
253, 4079,270
39, 52811, 00711, 68514, 25335, 94236. 490
19. 960101,59464,268120,74568.611115, 391
628, 852
5,18317,0828,878
17, 2525, 7668,932
20, 569
4.9722, 83(56,8172, 96016.122
117,386174, 6!575,044
39,86611,95821,84433,35115.08021,680
512, 744
138,47691.69569,248113.69899, 628
225 27755^ 2947,044
17,17145
37,68320,734287,4678,270
59, 26615,19618, 89216,47838,19235,417
529, 900
29,18198, 08779, 090118,95768. 456136. 787
6,9079, 658
4, 64715, 4846,470
18, 5736,79210, 08616, 543
4,8442, 4844, 4067,090
20, 546
116, 987193. 4206,716
53, 78410, 04620, 64832, 30415, 96323. 357
528,100
161,150103, 25460, 023105, 44199, 445
240, 37066, 0376,66115,165
7128, 29722, 553
288, 94211, 002
51, 04313,17921, 37013, 67733,394 I38.191 I
559,100
27,105110, 05879. 554139, 27869, 664132, 933
17012, 439
5.15315,4759, 430
20, 5456, 275
12, 09017. 043
4, 5962, 5887, 5182,577
18, 919
136, 951188, 6808, 767
48, 8516,519
23, 75432,01416, 09427, 045
561, 478
160, 393110, 49564. 850121, 045104, 696
241, 64065. 8126, 045
15, 892156
29, 27622, 472
319, 83813, 651
59, 71113, 02426, 70719,13237, 49846, 314
592,720 i
7111889
15768
131,
14
61813
81014
0,4.
•/14°r>7385379
502
010
5875S9304070035628962
580 1010
6,6-M I1
22
153.188
661
929 7iV22
591,
15413961
106
270
522
2322
3204
561417?43543
766718 1
564457079334416716586569231568
773567783114339
854359646
595.100
339 i115 ;758 i138714542
367377967136735 . . .036
TRANSPORTATION AND COMMUNICATIONS
TR AN SPORTATION
Airlines
Operations on scheduled airlines:Miles flown, revenue thousandsExpress and freight carried short tons.Express and freight ton-miles flown ..thousands.Mail ton-miles flown do_.-Passengers carried, revenue do. _ _Passenger-miles flown, revenue do
Express Operations
Operating revenues thous. of doLOperating income do. __
Local Transit Lines
Fares, average cash rate cents_Passengers carried, revenue millions.Operating revenues:}: thous. of doL
Class I Steam Railways
Freight carloadings (A. A. R.):d"Total cars thousands..
Coal doCoke doForest products doGrain and grain products doLivestock doOre doMerchandise, 1. c. 1 doMiscellaneous do
26, 25017.63611.085
5. 098978
473, 636
28. 58561
9.13381,475
143,700
' 3, 535'745
r 74'179'230' 5 5' 8 2
'444'1 ,725
23,14112.176
7, 8593, 292
821418,212
23,10528
23,14611,8197,5983,207
868420,147
22,02720
9.1727 | 9.19221,396 1,271
128, 700 117, 300
' 2,844'632' 6 3
'145'179
' 4 3' 5 0
'360'1 ,372
2,767607
631311563452
3691,356
26, 85215,87110,763
3, 6331,092
519,072
20,23542
9.20921,421
130,000
«• 3,345'498
' 7 0'180'226' 4 3
'105'480
r 1, 743
26, 8S416, 48910, 991
3, 5541,226
561, 312
19,99244
9.22871, 358
130,400
' 3,078'634
' 5 9'148'174' 39
'266' 378
' 1,381
28, 25714, 7648,9213,3201,311
591,198
21,81019
9.28951,331
127,700
3,09963354
15918837
303374
1,350
28,08913, 9518,9383,2331,389
659, 605
20, 8771
9.31141,268
122,000
' 3,603'560'57
'191'279'38'396'445
' 1, 637
29, 25713,0828,1772,9151,342
621, 449
19, 736dX5
1,169116,400
' 2, 762••393
' 3 5'139'291' 3 3
'311'329
' 1, 232
29,37115, 73410,1773,1161,326
607,332
19,324
U6
9. 45011,193
121,600
2,923459
3816321641
277364
1,364
28, 08418,16111, 3813,0941, 339
616,559
20, 48751
9. 47931,220
116, 800
r3,391' 4 1 0' 49
' 1 9 3'240' 69
' 299'416
' 1 ,714
28,11619, 01411, 791
3,2481,286
593, 402
19,8
9. 51581,265
125,100
' 2,339'205
' 16'162'217' 75' 3 3
'353' 1, 277
26, 03718, 70911,425
3, 3101,080
490,167
20,07718 I
z \
9. 55231,226
124,200
2,63855926
1602065252
3341,250
r Revised. d Deficit.§See note marked " t " on p. S-21. JData for 1947 revised; see note marked "X" on p. S-22 of the September 1949 SURVEY.cfData for December 1948 and March, June, September, and December 1949 are for 5 weeks; other months, 4 weeks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SURVEY OF CURRENT BUSINESS S-23
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
TRANSPORTATION AND COMMUNICATIONS—Continued
THAN SPORTATION—Continued
Class I Steam Railways—Continued
Freight carloadings (Federal Reserve indexes):Total, unadjusted 1935-39=100--
Coal - doCoke doForest products .. doGrain and grain products doLivestock - do jOre.. _ do jMerchandise, 1. c. 1 do !Miscellaneous do i
Total, adjusted doCoal doCoke doForest products do. _Grain and grain products doLivestock doOre.. doMerchandise, 1. c. 1 ___-do. . .Miscellaneous do
Freight-car surplus and shortage, daily average:Car surplus, total number..
Box cars doCoal cars do
Car shortage, total- doBox cars doCoal cars___ do
Financial operations (unadjusted):Operating revenues, total thous. of dol__|
Freight do jPassenger --do j
Operating expenses --do |Tax accruals, joint facility and equipment rents |
thous. of doL- jNet railway operating income do !Net income! do I
Financial operations, adjusted: JOperating revenues, total mil. of dol__j
Freight do iPassenger do ;
Railway expenses do jNet railway operating income do \Net income do i
Operating results: |Freight carried 1 mile mil. of ton-miles-_|Re venue per ton-mile cents _ -1Passengers carried 1 mile, revenue millions
Waterway Traffic
Clearances, vessels in foreign trade:Total U. S. ports thous. of net tons..
Foreign doUnited States do
Panama Canal:Total thous. of long tons..
In United States vessels do
TravelHotels:
Average sale per occupied room, dollars. _Rooms occupied percent of total-.Restaurant sales index....same month 1929 = 100..
Foreign travel:IT. S. citizens, arrivals number..U. S. citizens, departures doEmigrants doImmigrants doPassports issued do
National parks, visitors thousands.._Pullman Co.:
Revenue passenger-miles millions._Passenger revenues thous. of dol. _
128131201123138
62601391371311921391478520162148
11,5731,9024,7811, 561791670
806, 597648, 06790, 071
649, 013r 93, 082r 64, 50249, 890
810.6659. 489.2738.672.140.0
52,5411.3123, 538
6,5673,1013,466
1,827909
5.2573204
44, 07136, 2802, 300
20, 94112, 669
150
COMMUNICATIONS
Telephone carriers:fOperating revenues thous. of doL.
Stationre venues doTolls, message do
Operating expenses, before taxes doNet operating income do _Phones in service, end of month thousands_.!
Telegraph, cable, and radiotelegraph carriers:Wire-telegraph:
Operating revenues thous. of dol._Operating expenses, incl. depreciation doNet operating revenues do
Ocean-cable:Operating revenues doOperating expenses, incl. depreciation___doNet operating revenues do
Radiotelegraph:Operating revenues doOperating expenses, incl. depreciation doNet operating revenues ._do
8,417
246,660139,08090,172
201, 62320, 46133,462
15, 95917,154d 1,989
2,3621,837315
2,1212,020
47
1201301981161257644571291311301891291257917560141
31,8316, 03116.221
657212429
730, 686594, 74781, 522
616, 269
81,17333,24411, 884
767.8627. 285.1703.464.434.2
49,1971. 2923,368
5,8923,0152,876
2,3411,179
5.4183222
39, 34840,0481,569
12, 61216, 744
155
1,18710, 814
242,267139, 85585, 361193,15121, 51733,686
14,02414,124
1, 9391,611123
i 1, 820U,783
1171241981071116046581281261241871121137518561136
60, 06314, 93034,917
549103320
675, 749559, 18667, 374567, 778
78, 21729, 7544,635
739.7609.074.7
688.551.320.4
45,3591.3142,740
5,5672,7972,768
1,981877
222
47. 54048,1611,46110,96521,975
177
9438, 600
232,667137,06578,603184, 62921,05933,894
13,22713,171*756
1, 9311,584137
11,844U,747
127
111791751171286168611311207917411713977
23660138
114,92617, 80387, 579
510165198
739, 058616, 07467, 608587, 933
85, 70865, 41741, 494
721.6596. 068.4662. 659.026.4
46,7161.3972, 744
6, 6493,4013,248
2, 5541, 280
5.1585210
55, 90754, 6811,88316,66234, 761
243
9418,663
247, 769141,27088,969198,13022,16434,129
14, 95514,345*166
2,0901,662232
i 2,06711,856
i 148
1.25 i129 I18411912168 i2286013012712918811913876
21559132
78,336r 28, 60039. 994
2363574
747, 259620, 29368, 659594, 270
88, 22664, 76339, 989
741.9610.471.0
689.152.821.3
50,1991.321
125 j130 I171128 •
13266
2675912712413017312315073
21559126
49,195 i34,3654,321 I
375 !71 I164
741, 069615, 92367, 858
600, 852
82, 62157, 59532,209
736.9 I611.7 I68.6
676. 260. 629.2 !
|j
1199814712715954
28257126115981501221567018258122
r 60,08335,263 j
r 14, 786'388 i184 ir 32 |
735, 439599, 50777. 076
588, 177
85. 99861, 26342, 476
748.3614. 574.4
677.071.337.8
2,770 | 2,735
51,607 ! 47,9641.283 I 1.332O "9K
7,7513, 9333,819
2,5251,174
5.6284228
50,39753,8992,15217,07432,319
433
7,883
245,937141, 95586, 591
193,09423, 95834,318
14,35414,167
1,9441,696
55
i 1, 896i 1, 862i dgs
8,3054, 4253,880
2,4261,049
5.1684234
47. 74353.9662, 078!, 038
34, 602803
7967,370
250,363143, 75088, 844197,13824, 26634, 493
14,81914,228
2,0781,675180
i 1,979i 1, 843
i 52
3,111
8,3894,5793,810
2,3301,116
5.4884233
51,06271.6952, ."(58
20. 80932, 2941, 732
8878,135
253, 432146, 74488, 828196, 85626, 45834, 635
15,09813, 901
360
2,0191,822
*1
11,950i 1, 845
i 16
1157911511721260
284551211107911811717770
17755120
86,41817, 83959, 8341,7411,632
5
700, 648562, 81182, 564
569, 818
80, 49350, 33726, 861
700.9570.175.7
C49. 851.1 I19.0 !
44, 9911.3453,385
7,2823,9893,294
2,3871,047
5.2778
211
64, 5882 77, 419
19, 6883,333
8417,731
249,852144, 57687, 490195,61724, 67134,766
13, 58213, 939d 1,123
1,8261,764d 127
i 1, 793i 1, 809
M20«• 1 0 31191311497324057128
M17r 1031231251387716057127
63,82211,10343.5702. 4512. 254
113
742, 877606, 20178, fiOfi
587,116
90, 03465,72739,061
697.3569. 070.1
659.138.25.2
47,1071.3383, 256
7,4894,0763,412
1,979928
5.8481222
79. 4592 53, 058
19, 8473,120
8257,587
258,353146,89193, 449199, 77227, 43334, 902
14, 87013, 964
156
1,8921, 733
'*20
i 1,9251 1,800
146
'6012813014010421855135
' 105'601301211257914552125
»• 74, 745"• 7, 69762.109r 3,582r '.\. 173
104
694, 969569, 491
69,833540, 988
90, 44463,53838,131
685.2560.270.1
633.152.118.9
44, 2191.3632,910
7, 2323,8903, 342
2,1251,166
5.5986
223
73.1712 41, 927
15, 5011,446
8337,732
257,096149, 62989,507
196, 78028, 82735,059
14, 52313, 420
314
1,9481,617
149
] 1, 957i 1, 696
i 185
994253
1311531313556
121924254
124153852854
111
190,9783, 451
183. 59410, 92410, 346
132
648, 924534, 88560. 993
520, 920
81. 21946, 78623,592
622.9511.062.3
'591.931.0
0
40,5541.4002,533
6,4563,3783,077
2, 2971,313
5.7186
213
54,0392 37,141
13, 592678
8077, 512
262, 534154,01890, 258
195,13733,11935,231
13,94412, 984
253
' 120r 131
96135149955155
124' 117r 131
96137152754254
119
100, 2082, 368
92, 9385,9643, 9181, 909
704, 806587. 06063,776
537, 354
91,86975, 58254, 425
70H, 558S 86(> 7
636. 472.039.8
46,0361, 3562,488
6,3493,4142, 934
2,0791,079
5.8180
218
39, 2462.31,601
13,608298
7857,260
262, 745156, 36788,159
196, 80926, 33835, 408
13,41312, 673
62
10797
155119123694550
120r 115
9714813413172
14652
127
44,3828, 303
25,8331,021
448517
710, 830575, 66474, 379
568, 292
73, 22969, 309
6, 4623, 4832, 979
2, 6381,576
5.2567
194
13, 932188
1,1,
1,1,1
8175C6145
938741126
11
i 11 1
,788, 548
74
, 938,827i 46
r Revised. d Deficit. {Revised data for November 1948, $62,117,000.1 Beginning January 1949, data are compiled from reports of carriers having operating revenues of $250,000 or more; however, the one company excluded on the new basis accounted for only
0.3 percent of total revenues in December 1948.2 Beginning July 1949, data exclude departures via international land borders; land-border departures during the 12 months ended June 1949 amounted to less thanl percent of total de-
partures.fRevised series. The coverage has been reduced from 100-120 to 53 carriers; however, the comparability of the series, based on annual operating revenues, has been affected by less than
3.0 percent. Also, data are now shown after elimination of intercompany duplications for the Bell System; figures prior to August 1948 on the revised basis will be shown later. Data relate tocontinental United States.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-24 SURVEY OF CURRENT BUSINESS February 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:Ammonia, synthetic anhydrous (commercial)
short tons..Calcium arsenate (commercial) thous. oflb__Calcium carbide (commercial) short tons__Carbon dioxide, liquid, gas, and solid
thous. of lb__Chlorine short tons. .Hydrochloric acid (100% HC1) doLead arsenate (acid and basic) thous. of lb__Nitric acid (100% HN03) short tons. .Oxygen mil. of cu ft._Phosphoric acid (50% H3PO4) short tons..Soda ash, ammonia-soda process (98-100% Na2
C03) short tons..Sodium bichromate and chromate doSodium hydroxide (100% NaOH) doSodium silicate, soluble silicate glass (anhy-
drous) short tons_ _Sodium sulfate, Glauber's salt and crude salt
cake short tons. _Sulphuric acid (100% H2SO4):
Production doPrice, wholesale, 66°, tanks, at works
dol. per short ton. .Organic chemicals:
Acetic acid (synthetic and natural), productionthous. of lb._
Acetic anhydride, production doAcetyl salicylic acid (aspirin), production.,doAlcohol, denatured:
Production thous. of wine gal__.C on sumption (withdrawals) doStocks do
Alcohol, ethyl:Production thous. of proof g i l . .Stocks, total do
In industrial alcohol bonded warehouses, doIn denaturing plants do
Withdrawn for denaturing doWithdrawn tax-paid do
Creosote oil, production thous. of gal__Ethyl acetate (85%), production thous. of lb._Glycerin, refined (100% basis):
High gravity and yellow distilled:Production thous. of lb_ _Consumption doStocks do
Chemically pure:Production doConsumption doStocks do
Methanol. production:Natural (100%) thous. of gal._Synthetic (100%) do
Phthalic anhydride, production thous. of lb_.
FERTILIZERS
Consumption, (14 States) t thous. of short tons..Exports, total short tons..
Nitrogenous materials doPhosphate materials doPotash materials do.__
Imports, total doNitrogenous materials, total do
Nitrate of soda doPhosphate materials doPotash materials do
Price, wholesale, nitrate of soda, crude, f. 0. b. cars,port warehouses dol. per short ton_.
Potash deliveries short tons..Superphosphate (bulk):
Production doStocks, end of month do
NAVAL STORES
Rosin (gum and wood):Production, quarterly total drums (520 lb.)._Stocks, end of quarter doPrice, gum, wholesale, "WG" grade (Saw), bulk*
dol. per 100 1b__Turpentine (gum and wood):
Production, quarterly total bbl. (50 gal.)__Stocks, end of quarter doPrice, gum, wholesale (Savannah)..dol. per gal_.
MISCELLANEOUS
Explosives (industrial), shipments:Black blasting powder thous. of lb__High explosives do
Sulfur:Production long tons__Stocks do
99,3030)57, 971
59, 668154, 46939,2371,648
95,0991,409
109,149
406,0268,328
221, 479
38,049
71, 868
17.00
43,49667, 9411,113
15,76515, 2572,191
30,79534, 91734, 317
60129,3393,15912, 5918,279
7,2036,65213, 692
10.6007,55120,565
18115,95015, 873
779200, 85893, 86982,14912, 283116,63593, 86949,9139,774241
51.50103,032
822,517, 407, 694
539, 310670, 550
7.87
163, 400262, 670
.37
2,40547, 704
438, 5273,225,014
99,0570)61, 918
60,371152, 83839, 3783. 86697, 8541.403
112, 257
372, 2248,913
209,891
35, 914
72, 477
964, 506
17.00
41,36666, 5201,180
12,85512,9292,193
26, 56737,15436, 587
56723, 6612,94313,1376,379
5,9206,28913, 905
10, 5307,907
21, 987
19814, 50616, 295
1167,42,102.
840, 2761, 387,127
7.66
.37
2,95343, 832
416, 6783, 274, 313
90,9170)56, 480
58,183136, 43138,9944,08990,5451,364
107,134
329, 0767,987
188,340
31, 683
67,539
868, 584
17.00
34, 73957, 8071,069
11,12110,1123,232
22, 37637, 72737,434
29320,1P-53, 18413, 4353,646
4,6895,774
12, 679
8,9566,92121, 764
17212, 78312, 815
1,478214,59197, 58792.2428,116
144, 203130,33988,559
4645,962
54.5090,604
856, 8351,234, 569
.40
1,73044, 985
351,0863,234, 481
103, 418129
58,123
73,255148, 69342, 2972, 833
85, 6801,471
113, 927
349,8498,116
192, 947
35, 423
65, 623
978, 251
17.00
30, 49648,157
609
15,12114,0884,248
28,42637,74137, 454
28827, 8342,94413,8616,374
6, 2346,30512, 400
9,9737,621
21, 307
18714, 03812, 470
1,950254,928104, 414123. 7997,993
170,937150,46682,1238,4011,964
54. 50100,338
1,015,320984, 456
362, 650618,230
6.22
114,860229, 690
.41
r 1,28643, 362
402, 7113, 202, 481
109, 3061,159
50,763
75. 758140,79140,2671,627
101,7901,367
108.045
312,6477,105
175,850
32, 579
60,834
908,599
17.00
29, 61739, 459
804
14, 46812, 9965,708
36, 23243,84243,373
46927,0272,54113, 2506,416
6,2136,182
12, 936
8,9107,065
20, 685
16611,41710.192
1,234250,05899, 590138, 7899.133
152.777123. 80961,3413,21513,130
54. 50114,673
994, 691802, 638
.40
1,33353, 208
396, 4473,181,199
110,1291,515
45, 804
103,665143, 71837,825
71199,8001,286
111,040
285,7415, 286
176, 703
43,277
54, 485
937,255
17.00
29, 52139, 775
940
13.88312, 9756,604
33,855r 49, 94249,441r 502
25,7703,02213, 7285,368
6,0896, 34112,110
9,2467,189
20, 393
2238,8649,507
739207, 80963,127129,6437,828
176, 584141, 30286,54413, 333
548
54.5078,290
928, 882824,080
6.41
.39
1,26957, 992
417, 5263,168,051
103,2171,871
47, 424
116, 758134, 57234, 833
78497,4761,048
97,252
309, 3794,648
170,283
37, 658
48,393
859, 275
17.00
25, 42035, 3341,009
16, 57514,4308,746
31, 79651,01550,544
47130,5933,04013, 2155,479
7,9076, 66813,596
8, 6176,94718, 211
1467,0238,018
375258, 99658,420161,0629, 824
110,04993.06166, 7914,4302,198
54.50114,025
960, 752
521,050719,140
6.42
181,810218, 490
.37
1,08150, 982
399,0253,168, 312
109, 5053,070
44, 227
131,141139,16335, 9780)90, 3821,042
101, 682
289, 9434,029
163, 678
26, 446
42,176
833, 063
17.00
29, 69840, 528
250
10, 09710, 5568,266
23, 76053, 78853, 273
51518, 6632,66410, 5425,798
4,6925,70011,316
6,2586,28614, 926
1367,6097,104
308264, 57579, 592
172, 8418,410
69, 45454,25432, 6818,130
1
54.5077,015
829,0831,161,919
6.49
.36
1,06845,443
88,8113,142,845
113,8942,969
42, 009
132, 266147, 82539, 7090)93,3081,184
109,100
305, 4695,575
175, 933
28, 284
58, 794
871, 458
17.00
31,63850, 785
908
12,31312, 4448,126
26, 66056, 58853,5273,06125,1763,57210,0056,424
6,7817,06811,580
11,5918,18115, 674
1578,05910,103
279351. 94787, 853229, 7848,103
120, 479100, 69952, 37713,570
0
54.50103, 936
876, 8021, 264, 676
6.53
.38
1,50953,158
397, 0243,156, 752
105, 4430)40, 286
95, 085147, 21441,0300)95, 7211,174
111, 224
317, 4065,552
182,143
37,159
49, 377
840, 955
17.00
34, 78862,927
813
13, 94715, 3416,732
22, 77052, 42650, 6521, 77524,3623,67210,4925,339
7,5287,397
11, 790
11,1657,729
15, 479
1469.32312, 602
511289,75498.064162, 59815,392117,352106, 24152,6165,066
0
54.5092, 825
820, 111
574, 840840, 920
6.70
194.110225.070
.39
1, 60648, 548
108, 6040)
47, 27482,139151,12843, 6160)85, 208
829124, 479
328, 8995,938
189, 367
49, 912
56, 166
891, 334
17.00
39. 66768, 704
927
14, 84515, 2596,313
' 22, 68043,13341,9191,214
27, 1173,9365,6366,852
7, 5506,91312,123
11,6558,054
17,214
16511,14316, 284
520300, 301114, 804155, 912
9,98597, 23686, 96147, 6954,737
2
52.25105, 678
816, 7241, 259, 932
6.60
.39
1,59540,130
115, 6671,151
55, 212
66,259155,943
44, 668676
91,832'990
• 118, 217
360, 9715,781
196, 575
46,073
59,012
934, 916
17.00
39, 92370, 853
843
14, 61215,5745,358
23,18137,19236, 223
96926, 8384,2896,0866,469
7,8796,545
13,103
12, 4267,916
17,838
1659,789
16, 340
489391,164150, 907186, 581
11,54084, 42867, 52123, 1478,389
20
51.5072, 787
• 850, 5631,311,085
124,1,
55,
66,166,
45,
99,1,
114,
354,6,
201,
41,
55,
996,
r
900548836
861812655890925306871
412726012
974
339
565
'.00
13, 61815, 077
3, 899
22, 54933, 94933,
24,2
6
204745907288
8346,214
13 591
12, 3357 209
20,071
169
6.58
.39
2,43647, 608
389,682 392,805 ] 400,564 392.6563,139,785 3,097,331 13,115,865 3,099,305
r Revised. 1 Not available for publication.fRevised series. Beginning in the January 1950 SURVEY, data for fertilizer consumption in 14 States have been substituted for the 13-States series formerly shown; revised figures prior
to November 1948 will shown later.*New series. The series for rosin "WG" (window glass) grade, which is compiled by the U. S. Department of Labor beginning November 1948, and prior to that month by the Oil, Paint,
and Drug Reporter, has been substituted for the " H " grade formerly shown. Data beginning 1935 will be shown later.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SURVEY OF CURRENT BUSINESS S-25
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru- M arch April M a y June July AugustSeptem-
ber October Novem- Decem-ber ber
CHEMICALS AND ALLIED PRODUCTS—Continued
FATS, OILS, OILSEEDSBYPRODUCTS
Animal fats, greases, and oils:Animal fats:
ProductionConsumption, factoryStocks, end of month
Greases:ProductionConsumption, factoryStocks, end of month
Fish oils:ProductionConsumption, factory.Stocks, end of month
, AND
thous. of lbd o . . . .do
dod o . . . .do
dod o . . . .do
Vegetable oils, oilseeds, and byproducts:Vegetable oils, total:
Production crude • tnil oflhConsumption, crude, factoryStocks, end of month:
CrudeRefined
Exports fImports total
Paint oilsAll other vegetable oils
Copra:Consumption, factoryStocks, end of monthImports
Coconut or copra oil:Production:
CrudeRefined
Consumption, factory:Crude __Refined
Stocks, end of month:CrudeRefined
ImportsCottonseed:
Receipts at mills thous.Consumption (crush)Stocks at mills, end of month
Cottonseed cake and meal:ProductionStocks at mills, end of month .
Cottonseed oil, crude:ProductionStocks, end of month
Cottonseed oil, refined:ProductionConsumption factory
do
dod o . . . .
thous. of lbdododo
._ short tons .dodo
thous. of lbdo_
. . . . dodo
do. do
do
of short tonsdo -do
short tonsdo._
thous. of lb. do
. . . . . d o . .do
In oleomargarine doStocks, end of month doPrice, wholesale, summer, yellow, prime (N. Y.)
dol. per lb__Flaxseed:
Production (crop estimate) thous. of bu__Oil mills:
Consumption finStocks, end of month
Importsd o . .do
Price, wholesale, No. 1 (Minn.) dol. per bu__Linseed oil:
Production thous. of lbConsumption, factoryStocks at factory, end of month..
dod o . .
Price, wholesale (N. Y) dol. per lb_.Soybeans:
Production (crop estimate) thous. of bnConsumption, factoryStocks, end of month..
Soybean oil:Production:
CrudeRefined
Consumption, factory, refinedStocks, end of month:
Crude _ . . .Refined
dod o . .
thous. of lbdodo
d o . . _do
Price, wholesale, edible (N. Y.) dol. per ib__
366,883117, 992402, 332
53,14449,474
104, 308
5,64916, 227
134,465
529453
692279
19, 76761, 35016, 85544, 495
33, 34326, 35958, 361
42, 65721, 203
47, 36921, 842
52,1808,976
24, 930
602670
2,067
300,89181, 515
211,964157, 722
182,062117,05638, 569
168,081
.199
3 54, 529
3,1787,744
126.00
62, 64531,331
226. 403.290
3 223, 00616,67755, 564
160,081110,90897, 934
101,10086, 576
.237
i 361,417i 97. 264
i 464, 820
i 52, 050i 55, 887
i 111,489
2.06414,102
108, 537
2 5062 434
2 7692 395
16,39731, 83411,33522, 500
29, 95920, 57421, 824
38, 45421, 453
43,62019, 962
73, 28010, 05910, 049
212614
1,665
272,678100,297
195,053188,390
156, 949130,37844,065
202, 869
.174
2,6606,775
586.00
6 52, 794e 26, 208
8 209, 559.288
16, 83049, 721
162,648124,10099, 891
134, 229109,463
.209
i 303,420i 94,838
i 485, 516
i 50, 232i 45, 023
i 107, 603
74110, 733
104, 404
2 4492 414
2 8082 423
29, 59630, 54511,49219,053
17, 62419, 55920,638
23, 01420, 545
38, 59217, 838
63,97811,4236,950
115520
1,260
231,63992,253
167,157198,729
141,105122, 99538, 635
220, 937
.155
3,0065,313
206.00
« 58, 5426 27,663
6 239, 449.288
15, 52044, 415
151,137125, 950103,591
140,245119, 744
.173
i 306, 947i 111,062i 446, 760
i 51,138i 48, 539
i 109,933
87913,39588,713
2 4692 450
28122448
47, 74123,1265,739
17,387
25,14816, 61826,006
32,68221, 522
42, 56622, 533
64,2247,8937,796
94473881
209,42295,907
153,918184, 758
150,595133,36140,819
242,512
.143
3,1773,142
466.00
6 60,9496 31,966
6 270, 035.288
17,03236,305
167,689137,081130,314
132, 959123, 562
.154
i 270, 742i 94,188
i 408. 634
i 46, 852i 43, 564
1 110, 882
1,0639,653
80,946
2 3812 405
2 7362 462
97, 2688,8272,8026,025
19, 75414,33722,677
25, 76228,162
46,90325, 224
47, 8808,8052,330
30325586
143,33895, 806
107,085168,447
119, 975124, 75032, 771
236,197
.136
2,2412,104
136.00
6 43, 5106 25, 432
6 310, 827.288
15, 93729,029
156,088127,425130, 934
105,365112, 523
.158
i 272,1921 109, 734i 368, 929
i 49,170i 38, 425
1 113,706
4,71710, 75378.176
2 3742 384
2 7352 376
115,01713, 9552,168
11, 788
30, 20315, 53632, 655
38,93324,473
42, 58522,827
56,1329,0637,852
19262343
117,678104, 700
87,873118,896
115,419125, 58430, 560
227, 587
.134
2,3931,960
10
«45, 4976 23,734
6 321, 765.288
15, 45922, 992
154,183118,045123,969
88,631102,045
.154
i 275,069i 105, 502i 319, 521
i 50. 505i 41,590
i 124,927
13,59912,37778. 442
2 3792 368
2 7392 319
60,17324, 378
1,60922,769
36, 77315, 03440, 940
47, 23125, 022
44, 90524, 483
71,3188,4778.442
15197162
85,66088,354
65, 56976,240
97, 996138, 63932, 728
186.268
.122
3,5281,513
7
« 70,9276 26,402
6 363, 431.276
15,26418,333
150,583124, 209120, 798
82. 79393,929
.141
1 254,8421 61,981
1 322.974
1 45. 7021 32,951
1129, 265
12 73511,12669,511
2 3382 307
2 7322 266
73,12332, 5892,811
29, 778
26,91412,76927,909
34,36823,139
36,01419,689
82,3658,728
14,512
117147132
66,34065, 949
48,65652, 233
61, 255110,95928,882
132,766
.125
3,5052,227
03.86
6 69, 9496 35,262
6378,788.25C
15,30212,477
155,148110,19097,345
90, 88192,807
.142
1 264,3941120,1431 292, 421
1 46, 7531 41,895
1 124,518
18 36212, 82379,062
2 380
2 7182 188
31,00131,0964,505
26, 592
34,93210,01038,594
44,96129,168
53, 21928,147
83,1246,723
14,485
353207278
94,08152, 759
64,80540,908
71,976142, 40937, 53072,590
. 158
3,9854,932
03.91
e 77, 0716 42, 723
6 407, 230.216
13,5516,549
136,015135,106141,462
71,92576,384
.175
1 248, 8881 119, 516' 265, 758
1 44, 7061 46, 031
1 117, 852
21 96217, 66792, 245
2 4642 417
2 7762 171
29, 98238, 5164,925
33, 591
38, 3068,333
51, 251
48, 89230, 374
54, 53826, 248
101,0427, 945
17,020
1,248586941
253, 76398, 076
184, 29188, 766
113, 309115, 28232,07669, 708
.140
3,8868,139
03.94
6 72, 9236 49, 884
6 421,115.208
11,99610, 606
120, 756127, 703136,199
56,22356, 790
.157
1 288,3181 117, 5191 240, 962
1 48,1101 42,016
1 116, 477
24, 90820, 865
102,849
2 6012 480
2 8562231
36, 63028 78510,61618,169
46, 20618, 71060,027
58, 97929,169
55, 24825, 914
112,9778,2838,442
1,382748
1,575
334, 030116, 912
242, 687123, 462
178, 666129, 42435, 728
125,176
.129
3 4687,553
03.85
8 67, 8036 44, 411
6 433, 921.192
17 52263,581
172 491125, 902119, 778
67,31455,410
1 338,0091106, 0271 251,195
» 54, 8611 42, 911
1 112,412
8 43815J 36494, 776
r 2 601*2 496
2963' 2 28871,98635 65411,68923,966
43, 72321,99852,913
55,48225,363
48, 53223,287
134,5708,676
11,158
1,322785
2,112
355,146123, 518
252,640162,355
188, 938144.79936,049
174,981
.118
3 2546,982
03.93
6 62,8566 36,376
6 462,934.186
17,13970, 914
165 473133, 442129,801
69,40557,976
.142
1 378, 4691 96, 214
1 316, 248
1 55, 9351 43. 794
1 111, 379
10,07614, 777
106, 261
2 5532 456
2 1 , 0472338
33,18022,328
42, 72624,304
45, 22222, 344
146, 7399,016
450677
1,884
309. 772142, 801
217,619181, 587
172,940133, 830
218. 210
. 123
* 43, 664
3 1945,412
3.92
661,6816 30. 518
6 485,112.185
4 222 30517, 29066, 948
166, 855119, 251104, 727
90,11659,985
.148
r Revised. * Beginning January 1949, data include for animal fats, 45 plants and for greases, 23 plants not previously reporting; operations at these plants in January (thous. of lbs.): Animalfats—production, 3,290; stocks, 3,804; greases—production, 953; stocks, 1,949. 2 Beginning January 1949, data on original reports show further details on certain refined oils which are believedto have been included formerly in the crude oil figures. January 1949 figures for the items excluded beginning in that month (thous. of lbs.): Sesame—consumption, 29; stocks, 142; rapeseed—consumption, 550; stocks, 2,763; linseed oil—production, 8,900; consumption, 15,062: stocks, 45, 560; other vegetable oils—production, 955; consumption, 1,503; stocks, 1,604.
3 Revised estimate. 4 December 1 estimate. 5 No sales. 6 See note "2" for this page.t Revised series. Beginning in the September 1949 SURVEY, data include oleomargarine of vegetable or animal origin.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-26 SUEVEY OF CUREENT BUSINESS February 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April M a y June July August Septem-
ber October Novem-ber
Decem-ber
CHEMICALS AND ALLIED PRODUCTS—Continued
FATS, OILS, ETC—Continued
Vegetable oils, oilseeds, etc.—ContinuedOleomargarine:
Production thous. of lbConsumption (tax-paid withdrawals) doPrice, wholesale, vegetable, delivered (Chicago)
dol. per lb__Shortenings and compounds:
Production thous. of lbStocks, end of month do _ _
PAINT SALES
Paint, varnish, lacquer, and filler, totalthous. of dol__
Classified, total do _Industrial _ __ do___Trade do
Unclassified do . . .
SYNTHETIC PLASTICS AND RESINMATERIALS
Production:*Cellulose acetate and mixed ester plastics:
Sheets rods and tubes thous of lbMolding and extrusion materials, do
Nitrocellulose, sheets, rods, and tubes doOther cellulose plastics. _ ___ __ _ _ doPhenolic and other tar acid resins doPolystyrene _ __. doUrea and melamine resins doVinyl resins ___ __ __doAlkyd resins doRosin modifications doMiscellaneous resins do
74,30869, 918
.303
129,34166,390
65,82459, 38628, 79730, 5896,438
1,7453,951
7521,034
21, 58813, 209(0
20,110
210,247
81,65280,336
.283
114, 91773,773
76,96169, 85327, 95041,9037,108
1,8264,077
810784
21, 42812, 83010,86822, 46716, 9187,279
18,115
76,04575,305
.269
112,15070,850
70,19063, 96826,12437, 8446,222
1,5214,322
691890
20,19514, 92010,64119,06515, 2427,098
17,095
80,18578, 964
.256
125,60772,800
84,12475, 93830,17845, 7608,186
1, 5634,548
7281,010
20, 58517. 2579,248
22, 21916,0387,848
16,084
65, 75464, 719
.229
119,57680, 436
86,23677, 85228, 47349,3798,384
1,3294,610
7501,022
18,26017, 5488,500
23,61316, 0698,182
14, 547
59, 61360, 415
.224
125,90884, 851
89,08379, 91327, 58252,3319,170
1,6503,449
754709
14, 82816,3318,049
20,40717, 853
7, 51614,162
63, 59061, 978
.224
122, 21385,821
88, 46579, 54628, 75550, 7918,919
1,2424,303
626176
14,95215,029
7, 93120,63619, 1497,584
14, 825
56,11855,366
.224
83,35564,438
74, 21567, 61325, 77541, 8396,601
1,3323,431
372433
11,23215,9056,273
18,85317, 3046,631
14,877
79,10679, 346
.248
156, 69652, 851
87, 91179, 37530,82148, 5548,537
1,4054,626
517113
17,83419,749
9. 56923,66319 2588 103
16,646
74, 40871,172
.249
133,84959, 315
84, 37675, 45330, 22745, 2258,923
1,5305,798
431712
22, 56920, 72310,29929.09821 1149 912
19,399
75, 47173, 938
.224
123,17862, 860
76,21969,01628, 68240,334
7, 203
2,1386,904
453749
25, 05622,15613, 23931, 786
r 20 787r 10 728
18, 896
71,27873, 072
.224
139,96561, 889
r 67,128T 60, 719r 25,215T 35, 503r 6, 409
1,9925,183
440423
29,25620, 90113.31233.50320 619
18, 709
.224
125, 78381, 722
57, 59852,18423, 66428, 550
5, 383
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), totalmil. of kw.-hr__
Electric utilities, total doBy fuels doBy water power doPrivately and municipally owned utilities
mil. of kw.-hr__Other producers _ - do __
Industrial establishments, total doBy fuels __ _ _ doBy water power __ . do
Sales to ultimate customers, total (Edison ElectricInstitute) mil of kw.-hr
Commercial and industrial:Small light and power doLarge light and power do __
Railways and railroads doResidential or domestic doRural (distinct rural rates) doStreet and highway lighting _ doOther public authorities doInterdepartmental do
Revenue from sales to ultimate customers (EdisonElectric Institute) - __. _ thous. of dol _
GAS
Manufactured and mixed gas (quarterly):Customers, end of quarter, total. _ thousands. _
Residential (incl. house-heating) doIndustrial and nommprrial do
Sales to consumers, total mil. of cu. ft__Residential doIndustrial and commercial do
Revenue from sales to consumers, totalthous of dol
Residential (incl. house-heating) doIndustrial and commercial do
Natural gas (quarterly):Customers, end of quarter, total thousands..
Residential (incl. house-heating) doIndustrial and commercial do
Sales to consumers, total mil. of cu. ft..Residential (incl. house-heating) doIndustrial and commercial _ do
Revenue from sales to consumers, totalthous. of dol. _
Residential (incl house-heating) doIndustrial and commercial do
30, 47825, 71618, 2507,467
21,9853, 7314,7624,340
422
21, 465
3,82310,720
6134,959
472270557
52
390,128
10, 5379,844
686143, 721
94, 45647,938
143,338105, 36837,089
11, 77310, 894
869749,156216,009501, 618
259,309136, 622117, 423
30, 37425, 57017,8037,767
21,8383,7334,8044,355
449
21,831
3,83410,647
27, 46322, 99615, 7017,295
19, 5063,4904, 4674,027
440
21,143
3,83510. 220
595 \ 5325,424
45926656046
398, 487
5, 26945623355048
389, 527
29,51424, 72116,5858,136
21,0283, 6944,7934,327
466
20,882
3,70910,304
5805,006
46522953<6
52
382,150
10, 5909,885
697186,071128,942
55, 576
176, 698131,379
44, 272
11,97110, 9611,000
924, 244390,136511, 640
358,296224,031130,165
27, 74523, 21515,0578,158
19, 7493, 4664, 5304,053
478
20,420
3,68510,141
5254,763
53120552248
374, 713
27,87523, 34815,2908,058
19,7853, 5634,5264,048
479
19, 914
3, 6119,967
4994,464
62719051046
368, 578
28, 02523,61716, 3937,224
20, 0343, 5834,4074,012
395
19, 904
3, 7599, 888
4734, 375
66417852246
371,446
10, 5419, 842
691139, 23190, 22947, 875
144, 513107,05836, 725
12, 32811. 2931,026
715, 282192, 659501,154
246, 490127, 776115,064
27, 94623, 68416, 3557,330
19,9733,7114,2623,881
381
19, 960
3,9759, 533
4624,419
82518451646
375, 419
29, 49225,02117, 6727,349
20, 9654,0554,4714,067
404
20, 769
4,03310,130
4704,422
87320259246
382,161
28, 35823, 92216, 9466,976
19. 9343,9874.4364,055
382
20, 895
4,04610,158
4524,618
80922454146
387, 529
10, 2629,582
672101, 73060 28840 077
113, 39082, 66329 641
12, 66311 649
1,004615, 33891,452
492, 683
183, 48774, 47198,181
28,11024, 28817. 3536,936
20, 4303,8583,8223,465
357
20, 293
3,8769,693
4704,749
62625158146
383, 250
28. 53924, 32817,4676,861
20,7813, 5484,2113, 837
374
20, 690
3,8919, 835
4995,031
541
31, 09626, 32118, 705
7, 616
22, 4563. 8654,7754,310
465
272 !57249
391, 078
r Revised. 1 Not available for publication. 2 Not comparable with data beginning January 1949 because of the inclusion at that time of some companies not previously reporting.*New series. The data for production, compiled by the U. S. Tariff Commission beginning July 1948, are essentially comparable with the series for shipments and consumption (reported
by the Bureau of the Census) previously shown here, except for inventory changes (which tend to balance out over a short period) and the inclusion of a few companies not formerly covered.Unpublished figures for July 1948 are shown on p. 26 of the October 1949 SURVEY. Data for alkyd resins and rosin modifications are not available prior to 1949.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SURVEY OF CURRENT BUSINESS S-27
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April M a y June July August Septem-
ber October Novem-ber
Decem-ber
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:Production thous. of bbl_.Tax-paid withdrawals doStocks, end of month do
Distilled spirits:Production thous. of tax gal__Consumption, apparent, for beverage purposes
thous. of wine gal__Tax-paid withdrawals thous. of tax gal__Stocks, end of month doImports thous. of proof gal._
Whisky:Production thous. of tax gal__Tax-paid withdrawals doStocks, end of month doImports thous. of proof gal_.
Rectified spirits and wines, production, totalthous. of proof gal__
Whisky doWines and distilling materials:
Sparkling wines:Production thous. of wine gal_Tax-paid withdrawals doStocks, end of month doImports do
Still wines:Production doTax-paid withdrawals doStocks, end of month do,Imports do
Distilling materials produced at wineries.__doDAIRY PRODUCTS
Butter, creamery:Production (factory) % thous. of lb-.Stocks, cold storage, end of month doPrice, wholesale, 92-score (New York)_dol. per lb_-
Cheese:Production (factory), total %__ thous. oflb__
American, whole milk $ doStocks, cold storage, end of month, total do. .
American, whole milk doImports. doPrice, wholesale, American, single daisies (Chi-
cago) dol. per lb_-Condensed and evaporated milk:
Production: tCondensed (sweetened):
Bulk goods thous. of lb._Case goods do
Evaporated (unsweetened), case goods.--doStocks, manufacturers', case goods, end of month:
Condensed (sweetened) thous. of lb_-Evaporated (unsweetened) do. -
Exports:Condensed (sweetened)-. doE vaporated (unsweetened) do
Prices, wholesale, U. S. average:Condensed (sweetened).. dol. per case..E vaporated (unsweetened)_._ do
Fluid milk:Production. mil. of lbUtilization in mfd. dairy products do._Price, dealers', standard grade dol. per 100 lb--
Dry milk:Production: t
Dry whole milk thous. of lb.Nonfat dry milk solids (human food) do
Stocks, manufacturers', end of month:Dry wThole milk do_Nonfat dry milk solids (human food) do_
Exports:Dry whole milk do_Nonfat dry milk solids (human food) do
Price wholesale, nonfat dry milk solids (humanfood), U. S. average dol. per lb_.
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. of lb._Frozen vegetables, stocks, cold storage, end of
month thous. of lb_.Potatoes, white:
Production (crop estimate) thous. of bu_.Shipments, carlot no. of carloads._Price, wholesale, U .S . No. 1 (New York)
dol. per 100 lbs.
6,8076, 5688,212
29, 391
20,1757,379
635, 6881,507
17,5723, 965
559, 8231,329
9,7588,798
71168
1,52597
5, 41311,194
223, 774294
13,476
84, 88833,615
.645
71, 61352,142
148,100126, 534
2, 272
.410
11,767r 9, 933
143,359
12, 576424, 619
8,71349, 058
9.605.95
8,2152,866
5.25
9,15350,180
18, 491r 44, 375
11,43919, 704
1 88,4073,505
17,81315,334
335, 940
281.825
i 454, 65426, 43'
3.699
6,0505,5968,410
21, 863
11, 6906, 549
646, 272941
14, 8783,970
569, 734836
7,4216,627
100
1,54523
9, 856213, 595
2121,060
92, 98018, 737.630
78, 76058. 325135,110116, 7791,423
.371
14, 47010,800155,350
9,504297, 463
11, 44231,152
9.605.81
8,6713,1435.16
10, 85055, 500
16, 09849, 627
11,43126, 496
3,29712, 97112, 633
317, 695
262, 047
21, 394
4.628
5,7215,475
19, 631
12, 7417, 264
654, 589874
14,1484,229
578, 342783
8,4747,739
571,530
25
8339, 696
203,618217491
92, 7808,718.633
78, 57058, 030126, 503111, 0731,533
.348
12, 96510, 250160,300
7,759206, 464
7,32231, 795
8,2763,1135.04
8,54059, 500
14, 92863, 320
8,2295,620
3,2299,02810, 319
301, 249
229, 506
25, 415
4.474
7,7617,0848,708
20, 232
14, 0389.334
661, 7281,109
14, 4624,720
586, 592994
10, 2029,207
7465
1,51521
82111, 709191,799
2531,802
112, 5256,318.616
94, 37570, 945120, 563105, 6082,035
.336
15,14514,100215, 750
8,350177, 077
11, 02121, 688
9.105.45
9,5583,8334.89
11,150' 80, 00015, 47971, 784
4,6168,288
3,1615,49111,571
266, 581
206, 061
35,867
4.568
7,3146,5079,248
16, 922
12, 9197,755
668, 421
11,5363,884
593, 094752
8,3067,345
18853
1,64732
6409,585
182,156238405
124, 61515,338.599
111,16586, 845125, 903109, 9202,393
.337
22,91012, 250266,250
9,511189, 735
9,90120,971
9.105.18
10, 2264,3944.67
12, 27598,350
14,19876,114
6,66626, 248
.117
2, 0653,31810, 210
237,419
191, 666
26, 059
4.623
8,3317, 5679,646
16,823
13, 3007, 826
674, 6611,097
10,9713,732
599, 5611,017
8, 9317,908
621,673
6588,885
173,518221929
160, 62551, 056.597
143, 283116,365134, 765117, 0212,402
.341
39,45012,350
361,150
11, 390298, 661
7,65724, 517
9.105.05
11, 8885,6404.58
13,715122, 400
16, 09695, 387
10,01416, 226
1,7761,29410, 051
237, 856
186,821
22,999
5.258
9, 2588, 6299,879
13,732
13,0787,632
677, 3441,111
7,8523', 537
602, 9261,027
9, 069
16377
1,743
5848,815
162, 586177513
157, 325102,701
.590
137,125112, 545162, 256140, 8592,794
.343
34, 27510,550
350,650
13, 059379, 000
8,90324,391
9.105.09
12, 3035,4824.56
12, 225112, 200
17.377104, 868
5,87314, 042
764343
9,002
255, 787
219,515
24, 226
3.546
9,3828,72210, 147
8,818
12, 3238,067
676, 337878
5,0994,048
602, 865803
8,0086,864
5449
1,74213
4357,763
155,034148713
136, 390136, 786
.599
118, 73596, 760185, 517162, 3462,206
.330
22, 4908,650
306,750
11, 778454, 397
6,20522, 967
9.105.12
11, 5444,8284.61
12, 62088, 360
19, 05998, 020
5,4992,857
.117
549175
7, 902
327,090
237, 847
12,045
3.287
9,1828, 90110, 033
11,581
12,3368,072
675,217
5,9594, 383
603,231914
9,0437,681
12862
1,80814
r 1,3358,788
145, 702145
4,900
128, 440153,855
.618
108, 41087, 370210,411183,2081,804
.352
26,1308, 800
273,650
8,559477, 812
4,50011,209
9.105.11
10,5464,4754.66
10, 89076,750
17, 80896, 994
7,33620, 579
.118
507412
6,390
339, 588
315, 788
14,641
3.498
7, 3927,2859,836
16, 704
14,1219,471
673, 7011,329
8,7035,311
604, 7681,226
10, 2289,250
4799
1,73435
19, 08511, 303154, 365
18837, 979
113,770154, 455
.622
94,15074,135
213, 433188, 259
2, 442
.358
22,3205,750
212, 750
6,758484, 246
5,69212,368
9,3903,862
4.71
10, 72563,050
18, 29180,060
5,44944, 267
.121
2, 56414, 7774,790
355, 552
368, 552
19, 864
3.236
6,1226,4389,252
26, 093
15, 21311,438
671, 3091,529
9,2466,101
606, 2101, 413
12, 40011, 247
47175
1, 63343
58, 45113,112
203, 831286
150, 382
102, 800144, 819
.625
82,15562, 355
209, 515185, 839' 4,003
.356
16,3004,675
167,750
6,925426, 836
1,98418, 903
9.105.08
9,0043,395
4.74
9,15054,150
16, 63957, 037
5,90928, 897
6,41935, 224
5,521
342, 565
387, 681
18, 602
2.873
5,7746,0958,686
19,770
17, 67312,070
669,8841,607
9. 7056, 965
606.0151,461
12,00111,473
54154
1, 77186
14, SSfi13, 540
205, 005342
35,142
r 90, 480130, 452
. (;25
r 71, 875r 51, 395
• 196,1251 175, 764
.356
11,5503,200
134, 000
5,795333, 264
1,61814, 862
9.105.09
8,392' 2, 943
4.75
7,41049, 000
14,18047,100
4,3832,814
4,707r 33, 405
r 7, 524
r 326, 934
• 383, 658
T 17, 411
3.601
6.3126, 2468.484
8, 351676, 016
10-6725 197
610, 365
7, 9167,101
95, 875113,166
.631
74,81553, 005
188, 2f>3168, 037
.353
11, 6756, 300
151, 000
7,386243, 491
1.10
8,5503,1484.75
10, 30058, 700
11.10548, 393
.121
2 133,1813, 990
26, 82611, 406
303, 202
365, 965
2 401, 96216, 314
4.134
'Revised. ] Revised estimate. 2 December 1 estimate. t Revisions prior to October 1948 are available upon request.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-28 SURVEY OF CURRENT BUSINESS February 1056
Unless otherwise s ta ted , stat ist ics tlircmgh1948 and descriptive notes are shown in the1949 Stat ist ical Supplement to the Survey
1948 1949
Decem-ber January Febru- | March April M a y June July August Septem-
ber October Novem-ber
Decem-ber
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and mealthous. of bu.
Barley:Production (crop estimate) doReceipts, principal markets doStocks, domestic, end of month:
Commercial doOn farms do
Exports, including malt doPrices, wholesale (Minneapolis):
No. 2, malting dol. per bu_.No. 3, straight do
' 54. 232 !
i 315, 894 I.11.300
58,612 60,184
8.323
15,214 | 12,426
65,849
8,991
11,19716, 457156,357 I '_..._i I 111,408
1.162 I 2.614 2,653 2,864
Corn:Production (crop estimate) mil. of bu_-Grindings, wet process thous. of b u . .Receipts, principal markets doStocks, domestic, end of month:
Commercial doOn farms mil. of bu_.
Exports, including meal thous. of bu__Prices, wholesale:
No. 3, white (Chicago) dol. per bu__No. 3, yellow (Chicago) doWeighted average, 5 markets, all grades..do
Oats:Production (crop estimate) mil. of bu-_Receipts, principal markets thous. of b u . .Stocks, domestic, end of month:
Commercial do jOn farms do 1
Exports, including oatmeal do iPrice, wholesale, No. 3, white (Chicago) j
dol. per bii--iRice: j
Production (crop estimate) thous. of bu . -California:
Receipts, domestic, rough . . . . thous. of lb._Shipments from mills, milled rice do. . . jStocks, rough and cleaned (cleaned basis), end j
of mon th . . thous. of lb-- |Southern States (Ark., La., Tenn., Tex.): !
Receipts, rough, at mills.thous. of bbl. (162 lb.)~Shipments from mills, milled rice- thous. of lb--Stocks, domestic, rough and cleaned (cleaned
basis), end of month thous. of lb_.Exportsf - - doImports - doPrice, wholesale, head, clean (N. O.)-.dol. per lb--
Rye
1.4801.346
i 3, 6829,927 !
45,269 I
' 50, 330 ':. 547. 9
1.4741.375
1.3441.242
9,35738, 281 20.139
50,639 | 43,903 !
1.3121.200
9,90223,694
25,895r 1, 797. 5
45,380
491
1,390
11,906
10,057
8,81319,646
15. 266
11,040 I 11.355 ! 13.081 21,267 11,251
1,636
1.2491.184
8,63221,198
r 11, 589
1.4431.4241.329
' 1, 4939, 335
11,434 I928,377 L
2,936 !
1.464 |1.428 j1.303
(1.2711.160
1.4271.3371.224
.866
i 85. 056
40, 83342. 987
9.321
9,544
~2.~988'
.819
53,67721. 904
5,311
5,916
~2.~539
.741
27,300 |18.049 I
8,915
4,215• 578, 832
1.392
.753
1. 4031.3701.322
10,175
3,635
"T809"
.741
37,216 55, 691 48, 91319,003 ! 61,988 30,421
8,209
1.4101.3581.279
9,874
r 4,129
"""503
.701
45,769 j 56,962 ! 56.651
1.485219. 803
519, 213146. 866
534.103
Production (crop estimate) thous. of bu_- 1 26.449Receipts, principal markets do 1,858Stocks, commercial, domestic, end of month .do. . . . I r 4, 740Price, wholesale, No. 2 (Minn.) dol. per b u . . 1. 676
Wheat:Production (crop estimate), total .mil. of bu .
Spring wheat doWinter wheat do
Receipts, principal markets thous. of bu.-Disappearance, domestic doStocks, end of month:
Canada (Canadian wheat) doUnited States, domestic, totalcf do
Commercial doInterior mills, elevators, and warehouses
thous. of bii-.Merchant mills doOn farms do
Exports, total, including flour doWheat only - . . do
1 1,313.51 305. 7
1 1. 007. 930. 397
293. 936
544149,711
434,16792.254
215
'7353,9801.632
17, 923
Prices, wholesale:No. 1, dark northern spring (Minneapolis)
dol. per bu. -No. 2, hard winter (Kansas C i ty ) . . doNo. 2, red winter (St. Louis). doWeighted avg., 6 markets, all grades do
Wheat flour:Production:!
Flour thous. of sacks (100 lb . ) - .Operations, percent of capacityOffal short tons . .
Grindingsof wheatf thous. of bu . -Stocks held by mills, end of month
thous. of sacks (100 lb.) - -Exports doPrices, wholesale:
Standard patents (Minneapolis)dol. per sack (1001b.)
Winter, straights (Kansas City) do
166,144 1 155,367'868,474
166, 348 150,165
' 203, 933'103,113' 391, 379
39,09425, 917
2.3972.2872.4442.308
22,69574.6
431,00051.986
5,1185,897
5.7125.231
684130, 522
379, 90669.715
103.093
59,154 ! 38. 289
841 665141.767 120,202
2452.9711.364
14,067
142, 276
" 125, 504
40, 57229,123
2.3512.2502.2942.286 I
* 22, 620'•74.1
• 429, 293'51.816
5,062
5. 4455.135
41,38930, 771
2.3372.1962.2872.246
r 19, 969' 74.1
381, 285• 45. 779
332.12151,418
439.093
4312,0751.352
36, 604280,287
130, 737• 585, 572124, 656
148,28763, 229
• 246, 02439,09532,358
2.3482.2412.3292.278
4,784
5.469 j5.119 I
r 20, 391r 64.1
r 392.149' 46. 910
286,353117.042
458.092
3,3483,6181.361
27. 560
118, 551
"Il6. 806
29,81223.020
2.3422.2602.3662.285
17,187'56.3
5.4283, 041
5.4005.106
• 333, 615' 39, 581
3.044
5.2694.980
37, 944
412134,241
202,235106.781
809.091
7272,7321.362
49,082
89, 097
114,242
46,55540, 617
2.3282.2212.3442.254
'• 17,33359.2
• 337, 890r 39, 990
2,623
5.2554. 938
47, 295
19,312
14,92259,3082,111
1.2531.163
8,91021,977
10, 8881, 255. 24,611
()1.3531.276
13, 988
6,167270, 5013,182
.673
45, 78526, 728
39,358
377132, 777
113,17360, 952
772
7482,9931.346
64, 749274, 325
70,146' 307, 347128,158
75,85932, 361
r 67,17236, 66730,313
2.3671.9511.8282.160
20,11666.1
390, 72146,344
4,5002,727
5. 5124.869
46,059
24, 843
24,659
4,199
1,2901.236
8,65819,683
4,744
8,926
1.4511.4021.327
33,804
17,745
562
46, 99431,908
35,752
18378,233
57,291
59,045
24, 940
33,056
6,410
1.3271.299
10, 63722, 064
5,711
8,369
1.3401.3071.256
24,804
30,095
"6,719
.637
909.087
1,7724,0911.454
130,305
' 55,199
"234," 493
31,79624,789
2.3792.0041.8722.096
18, 99465.3
380,59744,222
3,007
5. 5754.915
68, 74164, 909
13,806
78181, 631
65, 55439. 932'606.084
3,1316,1701.384
76,031
86, 400
"260,412
37, 36634, 230
2.2852.0601.8652.185
19,95763.5
405, 07146, 561
1,346
5.3404.869
46.153
14, 954
33,976148,9733,382
1.5231.455
10, 50123,967
9,614' 708. 47,116
1.2621.3121.238
26, 706'1,053,296
1.765
678
48, 951
16,508
4,315194,961
316, 54063.013
423.071
1,0435,4351.428
50,170304,149
162. 5241,159,159261,109
r 282, 881' 133,688' 472,209
33,49530,082
2.3742.1522.0132.253
20,35770.2
413,63947,541
4,7571,465
5.6005.069
' 37, 905
11, 003
35, 942
1.5561.502
11, 20643, 947
20, 020
7, 513
1.3901.1521.134
5,953
25, 254
1,045
.687
236, 47248, 435
114, 029
4,188265,382
489, 341r 136, 387
310.070
2,1955,4011.465
27,586
176, 459
244,664
' 26, 58922, 693
2.4312.1882.0832.282
20, 89569.0
424,90748, 740
r 1, 672
5.715' 5.165
49, 150
9,015
34,109
1,468
1. 5601. 451
10,C4758, 975
46, 400
20,238
1.3081.1571.142
5, 460
21,218
"2,430
.759
2 238.1046,820
32, 630107, 532
1. 5091.41S
2 3.3789, 554
33, 364
51.6882,401.3
1.4501.2961.248
39,42722,610
2 1.3237,163
19,029819,701
.762
2 89.141
65. 20781, 654
115,691 81.914
3,703226, 358
650, 284108, 470
252.077
1. 596262. 745
566, 941
5,07110,0051.418
24,296
165,267
~227,~502
24, 06720, 482
2.3952.2022.1612.274
19,22168.9
• 389, 30444,852
1,539
5.7445.119
. 082
2 18. 697569
9. 3381. 457
2 244. 82 901. 718, 492
251,063
165,657908,106219,038
236, 284117, 749327,230
2.3752. 2212.2002.269
18, 67961.8
378,00043, 542
4,948
5.6695.115
r Revised. 1 Revised estimate. 2 December 1 estimate. 3 No quotation.cf The total includes wheat owned by the Commodity Credit Corporation and stored off farms in its own steel and wooden bins; such data are not included in the break-down of stocks.tRevised series. Data for rough rice, included in rice exports, have been revised using a new conversion factor supplied by the U. S. Department of Agriculture, which takes into ac-
count changes in milling practices; revisions for 1933 to July 1948 are available upon request. Revised data for January 1947 to July 1948 for wheat-flour production and grindings of wheatwill be published later.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 19;">0 SURVEY OF CURKENT BUSINESS S-29
Unless otherwise stated, statist ics through1948 and descriptive notes are shown in the1949 Statistical Supplement t o the Surrey
1948
Decem-ber
1949
January Febru-ary
March April M a y June July August Septem-ber October Novem-
berDecem-
ber
FOODSTUFFS AND TOBACCO—Continued
LIVESTOCK
Cattle and calves:Slaughter (Federally inspected):
Calves thous. of animals.Cattle d o . . .
Receipts, principal markets d o . . .Shipments, feeder, to 8 corn-belt States d o . . .Prices, wholesale:
Beef steers (Chicago) dol. per 100 lb .Steers, stocker and feeder (Kansas City)__do.__Calves, vealers (Chicago) do.._
Hogs:Slaughter (Federally inspected)
thous. of animals.Receipts, principal markets do___Prices:
Wholesale, average, all grades (Chicago)dol. per 100 lb .
Hog-corn ratiobu. of corn equal in value to 1001b. of live hog.
Sheep and lambs:Slaughter (Federally inspected)
thous. of animals.Receipts, principal markets do_ _.Shipments, feeder, to 8 corn-belt States d o . . .P rices, wholesale:
Lambs, average (Chicago) dol. per 1001b.Lambs, feeder, good and choice (Omaha) .do._.
MEATS
Total meats (including lard):Production (inspected slaughter) mil. of l b . . .Stocks, cold storage, end of month doExports do
Beef and veal:Production (inspected slaughter) thous. of lb_.Stocks, cold storage, end of month doExports doPrice, wholesale, beef, fresh, steer carcasses, good
(600-700 lbs.) (New York) dol. perlb..Lamb and mutton:
Production (inspected slaughter) thous. of lb . .Stocks, cold storage, end of month do
Pork, including lard, production (inspectedslaughter) thous. of lb_.
Pork, excluding lard:Production (inspected slaughter) doStocks, cold storage, end of month doExports doPrices, wholesale:
Hams, smoked (Chicago) dol. p e r l b . .Fresh loins, 8-10 lb. average (New York).do
Miscellaneous meats and meat products, stocks, coldstorage, end of month:
Edible offal thous. of lb_.Canned meats and sausage and sausage-room
products thous. of lb . .Lard:
Production (inspected slaughter) doStocks, cold storage, end of month doE xports doPrice, wholesale, refined (Chicago).._dol. per lb . .
POULTRY AND EGGSPoultry:
Receipts, 5 markets thous. of l b . .Stocks, cold storage, end of month doPrice, wholesale, live fowls (Chicago) .dol. per lb._
Production, farm millions..Dried egg production thous. of lb._Stocks, cold storage, end of month:
Shell thous. of cases. .Frozen thous. of l b . .
Price, wholesale, extras, large (Chicago) fdol. per doz_.
MISCELLANEOUS FOOD PRODUCTS
Candy, sales by manufacturers thous. of dol_-Cocoa:
1 mports long tons._Price, wholesale, Accra (New York) .dol. per lb_.
Clearances from Brazil, total thous. of bags..To United States do
Visible supply, United States .doImports doPrice, wholesale, Santos, No. 4 (New York)
dol. per lb.-Fish:
Landings, fresh fish, 5 ports thous. of lb_.Stocks, cold storage, end of month do
5721,1971,855
195
26.7823.2630.75
6,089
3,528
21.01
r17.6
1,3291,439133
25.1223. 31
1,890879C-l
671,468170, 5811, 928
.443
58, 33526, 209
1,159, 741
851, 366469,1533,345
.579
.415
58, 081
38,863
225, 748116, 39741,112. 195
54, 511160,834
.346
4,008
554
159104, 932
64, 926
24,698.317
1,8051,1981,0822,560
29, 535150,974
4841,1261,786
94
24.3522.1532.50
5,3773,316
19.46
16.1
1,2351,386151
24.750)
1, 7571,049
46
649,195170, 784
935
.406
55, 52022, 466
1,052,632
762, 355585, 2153,027
.571
.429
64,021
46,065
212, 810160, 61033, 821.171
22,069148, 418
.340
4,5672, 431
15271, 532
.463
55,187
13,863.266
1,214843
1,0362,113
.270
28, 077127, 635
476994
1,52672
22.2521. 2530.38
2,562
19.44
17.5
1,0461,092
74
24.750)
1,4081,083
52
583, 486158, 240
984
47, 54819, 571
777,258
563, 446611,1233,076
.546
.457
62,136
51,980
156, 573179, 62842, 517.152
19,959131,496
.328
4,8156,846
14458, 621
51,876
23, 276.203
1, 359890929
1, 667
.268
29, 033104,138
6191,1021,895126
24.1424.3727.63
4,315
2,615
20.16
16.9
94984561
30.500)
1,5191,018
69
664,174143,1371,709
.392
43,15614, 268
811, 293
593, 593586, 4292,943
.570
.502
61,269
55, 683
159, 474156, 78255, G04. 152
24, 937108, 732
.353
6,13713, 993
530
77, 319
55, 507
44, 434.185
1,4881, 0581,1272,086
.265
r 40, 70582, 722
562996
1, 733100
24.2023. 6627.94
3,8942,471
18.32
15.2
67682463
29.50
(0
1,353930115
606,020119,431
2,388
.404
30,7619,864
715,895
527, 859545, 231
3,866
.550
.518
58, 535
58, 348
137, 441138,21692, 304
.136
26, 79889, 205
.339
6,10513, 285
954107, 058
.483
43,851
26, 698.199
1,294811906
1,782
.261
49,61274, 94l> '
5101, 0251,827
92
24.8824.0226.45
3,7212,438
18.49
14.7
7611, 243
163
29. 250)
1,362779
623, 53694,035
1, 302
.410
33, 5617,007
704, 543
517,974466,108
5, 855
.520
.515
54, 707
50,941
136,470125, 82363, 282
. 147
31, 64477, 823
.298
5. 8457, 875
1,943141,361
.483
34. 642
24, 963.190
1.572942796
1,477
.270
69, 89091, 453
5331,0951,896
140
26.4722.5325.94
3,7452,406
19.08
15.5
8981,164
138
27.120)
1,43871697
645, 24981,148
1,227
.433
37, 4276,761
754, 870
556,838419,590
12, 105
.556
.533
55, 322
49, 570
144, 798103, 89076, 508
. 136
38, 05474. 733
.268
4,9057,640
2,290166, 582
.493
36,028
32,103.187
1,326906808
1,685
.272
71,117114,031
5011,0901,833
164
25.8620.6224.88
3,1652,072
18.23
15.4
9761,202
144
24.500)
1,35864365
038,25275,6271,482
.431
40,9756,651
678,466
495,142367,043
6,102
.586
.546
56,671
41,209
134,17896,25552,293
.132
34, 76971,261
.241
4,3346,118
1,936168, 394
. 533
25, 580
21, 845.211
1.672933859
1,687
.277
66,145127.217 i
5491,2322,470
384
26. 2820.0625.70
3,4172,314
19.09
16.4
1,1261,650
335
23. 6222.66
1,44152145
716, 73772,0532,511
.438
48, 2576, 869
675, 735
500,186283,178
6,749
.613
.558
54, 958
34,310
128,25768, 81928,305
. 166
38, 99183, 466
.260
3,8533, 963
1, 4%146, 868
.559
40, 928
22,119.226
1,8681,129
7961,603
.284
77, 219146,344
552r 1. 224
2.528586
28.1119.7427.25
3,8792,395
19.74
17.2
1,1801,932
534
23.0023.21
1,43641145
698,99371, 475
2. 260
.464
50, 4147, 268
686,365
518,143204. 678
4. 342
.569
.551
51, 245
27,374
122, 74348, 76832, 682
.152
49, 399132, 380
.238
3,5761,778T 810
121, 476
.628
66, 713
11,253.200
2,3321,403
7981,932
.302
64,091150, 608
5681,1563,061
869
28.9320.5727.15
4,9593,055
17.87
16.1
1,1722,054
572
23.7523. 28
1,56440941
660, 89078, 7631. 070
.476
51, 3388,222
851, 970
634,343209, 687
2,479
.489
.453
47, 642
26, 094
158, 86138, 32031, 503
.158
58,185211, 517
.236
3,749933
50196, 382
.564
69, 382
9,936.205
1,9451,280
7631,929
.355
156,077
5851.1162,280r432
28.2121.4526.75
6,0033,618
15.87
15.3
1,0601, 296
212
23. 3823.25
1,763"•532
58
640,589r 103, 582
1,167
.476
47, 893' 10, 534
1,074,324
801,460r 297, 205
3,878
.468
.386
r 51,174
r 30, 014
199, 237r 39, 808
49, 467.130
82, 866r 267, 508
.217
3,8511,207
r 250r 72, 556
.527
65,913
21,019.246
2,1851,507
8502,010
. 496
158, 719
5111,0641,676
198
26.4721.4427.25
6,4773, 813
15.05
13.1
1,0581,139
71
22.3822.88
1,864804
616,302138, 713
.445
48, 99213, 680
1,198, 884
880, 945478, 447
.469
.351
62, 914
37, 854
232, 48372, 617
.128
73,034292,085
.213
4,4998, 579
9753, 888
.381
52, 730
.259
1,439874992
.490
146, 813r Revised. , : No quotation.jRevised series. U. S. Department of Agriculture data replace the series for U
% are available upon request.S. standards published prior to the October 1949 issue of the SURVEY. Data for September 1944 to July
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-30 SURVEY OF CURRENT BUSINESS February
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru- March April M a y June July
FOODSTUFFS AND TOBACCO—Continued
AugustSeptem-
ber October Novem-ber
MISCELLANEOUS FOOD PRODUCTS—Con.
Sugar:Cuban stocks, raw, end of month
thous. of Spanish tons..United States:
Deliveries and supply (raw basis):Production and receipts:
Production short tons..Entries from off-shore do
Hawaii and Puerto Rico doDeliveries, total do
For domestic consumption doFor export do-_._
Stocks, raw and refined, end of monththous. of short tons..
Exports, refined sugar short tons__Imports:
Raw sugar, total doFrom Cuba doFrom Philippine Islandscf do
Refined sugar, total doFrom Cuba do
Price (New York):Raw, wholesale dol. pe r lb . .Refined:
Retail do__.Wholesale do
Tea, imports thous. of lb
'326
275,318210,06079,992
564,079556.439
7, 640
1,4938,447
• 216, 954• 208, 396
5,6001
.056
.092
.0769. 332
Leaf:TOBACCO
Production (crop estimate) mil. oflb.__Stock, dealers' and manufacturers', end of quarter,
total mil. of l b _Domestic:
Cigar leaf doAir-cured, fire-cured, flue-cured, and miscel-
laneous domestic mil. of lb.Foreign grown:
Cigar leaf doC igarette tobacco do
Exports, including scrap and stems thous. of lb__Imports, including scrap and stems do
Manufactured products:Production, manufactured tobacco, totaL__do
Chewing, plug, and twist doSmoking doSnuff do
Consumption (withdrawals):Cigarettes (small):
Tax-free millions..Tax-paid do
Cigars (large), tax-paid thousands. _Manufactured tobacco and snuff, tax-paid
thous. of lb_.Exports, cigarettes millions..Price, wholesale (composite), cigarettes, f. o. b.,
destination dol. per thous_.
21, 980
3,875
307
3,416
24128
57, 7736,035
17,5177,1526,8303,535
3,18524, 897
440, 267
16, 4922,368
6.862
434
125,201245, 436
56, 243563, 238558, 390
4,848
1,3483,149
197, 907174, 95215,2366,4526,450
.057
.092
.0787,689
46, 9497,209
18,0317.2187,3863,427
2,20827, 967
438,286
18, 2141,280
6.862
1,091
54,358485,090138.038504, 622503, 222
1,400
1,4164,095
313,176287. 96625.17626.20425, 950
.056 |
.092 '
.0787,606
36,1676,713
17, 5766,7687, 5483,260
2,57025,024
410,170
17,1381,237
6.862
2,490
0)681.532225, 273619,578611,382
8,196
1,4423,657
386, 786329, 91350,84968,58568,147
.057
.093
.0788,128
3, 851
345
3, 350
22134
25,1559,287
20, 8807,6189, 5673,695
3,16831,448457,149
20, 4901,649
6, 862
3,728
0)567.82923C\ 686537, 449535,1022,347
1,5252,785
318, 647264,13352.84542,32841,820
.056
.093
.0799,774
22, 2496,905
18,7296,9408,5353,254
3,56827, 307428, 452
18, 3922,446
6.862
3,678
0)577, 439156,084608,479604,6983,781
1,4921,863
382,265267, 999114,26625,95125,901
.058
.093
.0787,465
20,4007,521
20,5917,22610,1203,246
3,17230, 691428, 357
20, 3621,937 |
6.862 I
3,215
0)509, 595123,322792,936789,8783,058
1,2521,997
346, 792253, 34888,40939,18036, 555
.059
.093
.0788,411
2,599
0)471, 23784, 350747, 453743, 6983,755
9561, 879
342,089232,097104,07223, 40123,398
.058
.093
.0776,129
3,509
367 |_i
2,970 I.
23149
33, 4028,217
i
21, 7408,5589,7473,435
3,23632, 849519, 509
20,5831,611
30, 5636. 606
16, 6256,9187,3112,396
2,15525, 806
422, 496
16, 6251,449
6.862 ! 6.862
2,022
43, 899642,038132, 227924, 533921, 3913,242
6172 379
342,392272, 69061,90128, 25423,684
.059
.093
.0777,877
61,875
22, 9868,83910,3083,838
3,04135, 347516, 208
22, 8691,476
116, 207391, 859165, 4417o3.977729, 9204,057
4042,403
248, 878227, 2178,54928, 27228, 259
.060
.093
.0778,443
3, 690
330
3, 206
20134
76, 7687,483
22, 5658,34510, 5793,641
2,68031, 743532, 446
22, 6741,720
6. 862
1,021
548, 576402, 253133,168523, 702519, 3584,344
8791, 475
250, 846242. 2781,416
27, 76326, 639
.060
.093
.0797,702
55, 7817,261
22, 4347,774
10, 9973,664
2,77729,194
534, 274
21, 9751,523
6.862 I
I
766, 441252, 30799, 018539, 902537, 2572, 645
1,4461,133
197, 959190, 8787,070
24, 52124,511
.059
.093
.0799,327
37, 6756,903
19,6757,0729,0553,547
2,215 S 2,432'29,657 ! 24,776508, 626 386,169
19,324 • 16,5561,341 |
6.862
LEATHER AND PRODUCTS
HIDES AND SKINS
Imports total hides and skins thous. of lbCalf and kip skins thous. of piecesCattle hides doGoatskins doSheep and lamb skins do
Prices, wholesale (Chicago):Calfskins, packers', 8 to 15 lb _ _ .dol. per lb . .Hides, steer, packers', heavy, native . d o
LEATHERProduction:
Calf and kip thous of skinsCattle hide - thous. of hidesGoat and kid thous. of skinsSheep and lamb do
Exports:Sole leather:
Bends, backs, and sides thous. of lb__Offal including belting offal do
Upper leather thous of sq. ftPrices, wholesale:
Sole, bends, steer, f. o. b. tannery dol. per lb__Chrome calf, black, B grade, composite
dol. per sq. ft__
14, 32051
1043, 4331,011
.410
.267
1,0532,2393,2322, 665
57122
3,676
.701
1.046
13, 73882
1472,497
885
.398
.267
9432,0733,0132,564
314527
6,080
.681
1.051
9, 9006797
2,722925
.385
.229
8862,1242,9822,537
466890
6,314
.657
1.036
10,2816765
3,221991
.421
.209
9472,1633,4572,463
189704
6,035
.592
1.030
10,7145885
3,2941,477
.422
.200
7661,8912,8592,154
6185
3,329
.578
1.025
15, 3024753
3,6312,629
.414
.213
7971,9422,7642,214
56151
3,113
.578
1.023
11,94244
1034,005
965
.398
.214
8771,9763,0182,419
93116
3,153
.568
1.024
14, 0822327
3,3192,705
.385
.209
5711,5662,3641,834
87106
2,906
.564
1.016
16, 95111835
2,6574,076
.410
.238
8671,9822,7302,619
7073
3,462
.555
.975
15, 56914541
2,3123,276
.421
.246
8311,9592,9972,532
9249
2,886
.559
.977
16, 02812047
2,7712,571
.425
.244
8861,870
' 2, 9562,694
6041
3,938
.559
.975
16, 499116
2,6882,723
.425
.245
8581, 8692, 7472,691
96
2,882
.549
.975
.445
.232
.549
.988
' Revised.1 Corrected monthly figures are not available; January-July 1949 total (including revisions for January and February) is 218,055 short tons.2 Revised estimate. 3 December 1 estimate.cf This series continues data in the 1942 STATISTICAL SUPPLEMENT to the SURVEY; there were no shipments for 1942 to 1947 except for January, February, and May 1942 (12,136,1,120, and
8,618 short tons, respectively). Data for January-July 1948 are shown on p. S-30 of the October 1949 SURVEY.NOTE FOR LUMBER SERIES, p. S. 31.—Exports of sawmill products for 1948 have been adjusted to exclude box shooks, in accordance with the revised commodity classification effective
January 1949. Revisions for January-July 1948 are shown in a footnote on p. S-38 of the October 1949 SURVEY.Minor revisions for total lumber production, shipments, and stocks for 1946-47 (since publication of the 1949 STATISTICAL SUPPLEMENT) are available upon request. Revised data for total
lumber for January-July 1948 and revised data for Western pine for January 1947-March 1948 are also shown in the above-mentioned note.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SURVEY OF CURRENT BUSINESS S-31
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April M a y June July August Septom- October Novem-
berDecem-
ber
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES
Shoes and slippers:§Production, total thous. of pairs..
Shoes, sandals, and play shoes, except athletic,total thous. of pairs. _
By types of uppersrcfAll leather doPart leather and nonleather do
By kinds:Men's doYouths' and boys' doWomen's doMisses' and children's doInfants' and babies' do
Slippers for housewear doAthletic doOther footwear do
E xports doPrices, wholesale, factory, Goodyear welt, leather
sole:Men's black calf oxford, plain toe._dol. per pair..Men's black calf oxford, tip toe doWomen's black kid blucher oxford do
35, 508
31, 639
30,1101,567
8,9011,319
13, 8754,5203, 0243,357271241
9.6536.7505.150
36, 921
34,327
32, 2672,058
8,6771,18116, 4854,8293,1552,177236181336
9.6536.7505.150
37,089
34,180
31, 6972, 506
8,1411,07717,1514,6293,1822,497227185341
9.6536.7505.150
44, 818
41, 266
38,0373,183
9,6231,407
20, 8185,6343,7843,068261223358
9.6536.7505.150
37, 626
34, 262
31,1714,454
7,7901,20917, 5374, 4973,2292,931216217392
9.6536.7505.150
35, 098
31, 429
28,0183,351
7,2831,21716,1493, 9562,8243,212246211323
9.6536.6005.150
38, 509
34,152
32, 6225,911
8,4311,63916, 7484,2673,0673,877255225287
9.6536. 6005.150
32, 987
28, 845
26, 3602,580
6,3831,46415, 2343,5412,2233, 706
221215334
9.6536. 6005.150
44, 969
38, 926
35, 6303,405
8,7021,797
20, 7914, 7822, 8545,476306261527
9.6536.6005.150
41, 538
34, 858
32, 2932,660
8,4091,710
18, 0524,1562,5316,067299314406
9.6536. 6005.150
r 38,208
' 31,225
29,4741,802
r 8, 249r 1,608
r 14,8183,9412,609
r 6,379'304'300413
9.6046.6005.150
33, 610
26, 994
25, 4571,617
7,2021,131
12, 3403,7492,5726,127264225365
9.5556. 6005.150
9. 5556.6005.150
LUMBER AND MANUFACTURES
LUMBER—ALL TYPESExports, total sawmill products! M bd. ft..Imports, total sawmill products doNational Lumber Manufacturers Association:
Production, totaU mil. bd. ft-_HardwoodsJ: doSoftwoods^ do
Shipments, totalj doHardwoods X doSoftwoods % do
Stocks, gross (mill and concentration yards), endof month, totalj mil. bd. ft_.
HardwoodsJ doSoftwoods J do
SOFTWOODS
Douglas fir:Exports, total sawmill products M bd. ft_.
Sawed timber doBoards, planks, scantlings, etc do
Prices, wholesale:Dimension, No. 1, common, 2" x 4" x 16'
dol. per M bd. ftFlooring, B and better, F. G., 1" x 4", R. L.
dol. per M bd. ft_.Southern pine:
Orders, new mil. bd. ft__Orders, unfilled, end of month doProduction doShipments doStocks, gross (mill and concentration yards), end
of month mil. bd. ft__Exports, total sawmill products M bd. ft__
Sawed timber doBoards, planks, scantlings, etc do
Prices, wholesale, composite:Boards, No. 2 common, 1" x 6" or 8" x 12'
dol. per M bd. ftFlooring, B and better, F. G., 1" x 4" x 12-14'
dol. per M bd. ft..Western pine:
Orders, new mil. bd. ft__Orders, unfilled, end of month doProduction! doShipments^ doStocks, gross, mill, end of month doPrice, wholesale, Ponderosa, boards, No. 3 com-
mon, 1" x 8" dol. per M bd. ft_.West coast woods:
Orders, new mil. bd. ft._Orders, unfilled, end of month doProduction doShipments doStocks, gross, mill, end of month do
SOFTWOOD PLYWOOD
Production thous. of sq. ft., W equivalent..Shipments doStocks, end of month do
HARDWOOD FLOORING
57, 641126, 299
2, 541539
2,0022,318
4851,833
7,4112,3035,108
32, 8638, 83624,027
133.650
605332732645
1,7039,8421,7438,099
69.872
152.151
438638422411
1,675
69.59
592448609573983
155, 286156,01363, 688
45, 09294,181
2,258609
1,6492,220576
1,644
7,4552, 3385,117
24, 572i 7, 97016, 602
66.330
133.650
597303694626
1,7719,0762,5556,521
67.292
149.144
589223299
1,599
68.00
641547526541966
118, 284107, 83775,894
51, 42198, 673
2,057450
1,6071,946378
1,568
7, 5152,4065,109
25, 943i 12,32613,617
67.815
133.650
539282598560
1,8099,2993,2186,081
65.400
148.409
306531238288
1,548
68.05
621610577559940
143,180133,19284, 534
54,161123, 435
2,658568
2,0902,533463
2,070
7,6792,5125,167
28, 9141 17, 40711,507
68.310
738307706713
1,80211,3904,3307,060
64.167
146.650
457466381400
1,529
67.48
770650761743979
176,061179,02181, 526
49, 924103, 852
2,613377
2,2362,625407
2,218
7, 6712,4825,189
24,231i 11, 83712, 394
68.310
660276661691
1,7727,3462,9304,416
62.001
144.513
545492579523
1,586
66.80
705584743760981
153, 516158, 27976,148
Maple, beech, and birch:Orders, new M b d . ft_. 3,925 3,475 4.025 5,000 3,950 3,400 4,299 4,275 4,200 4,300 4,800 4,525 4,325Orders, unfilled, end of month do 10,025 9,300 8,750 7,575 8,500 7,325 6,872 6,875 6,300 6,6C0 6,850 7,125 5,900Production do 5,550 4,200 4,200 5,000 4,175 4,275 5,246 4,650 4,900 4,325 4,175 4,375 4,450Shipments do 4,700 3,900 3,700 5,200 3,950 3,675 4.651 4,000 4,550 3,950 4,575 4,200 4,250Stocks, mill, end of month d o . . . . 7,425 7,300 7,850 8,550 7,725 8,000 8,843 9,300 9,700 10,150 9,650 10,000 10,025
r Revised. v Preliminary. i Beginning 1949, data include some treated sawed timber which cannot be segregated.§ 1948 data for production of shoes and slippers have been revised; revisions January-July are shown in the September 1949 SURVEY on p. S-31.cfThe figures include a comparatively small number of "other footwear" which is not shown separately from shoes, sandals, etc., in the distribution by types of uppers; there are further
small differences between the sum of the figures and the totals for shoes, sandals, and play shoes, because the latter, and also the distribution by kinds, include small revisions not availableby types of uppers. JSee note at the bottom of p. S-30 of this issue regarding revised lumber series.
59, 784117,351
2,731414
2,3172,653
4062,247
7, 7432,4905,253
29,617i 4, 30725, 310
68.310
725261728740
1,76010,2023,7976,405
60.380
142.865
568498619561
1,644
65.84
642524709701984
154, 677152,13777, 811
60, 234121,115
2,778426
2, 3522,729368
2,361
2,5485,228
27, 606i 9, 68117, 925
67. 568
690228703723
1,7409,8483,4576,391
59.033
139.374
684539712643
1,713
65.20
646403683751904
151, 386160,85668. 742
44, 549100,176
2,432413
2,0192,371379
1,992
7,S592,5825, 277
20, 594i 4, 85215, 742
64.680
114.660
697247670678
1,7329,0283,0166,012
59. 479
139. 200
643607628578
1,763
62.54
612476513534903
96, 538102, 57862, 947
61, 796123, 722
2,938471
2,4682,901450
2,451
7,9142,6035,311
31, 062i 5, 47425, 588
63. 896
913340744820
1, 6569,2182,7376,481
61.173
136. 484
673629721655
1,829
59.21
570735720936
169, 274172,47859, 756
74, 447146, 880
2,874469
2,4052,951478
2,473
7, 8512,5945, 257
42, 275i 9, 05433, 221
62. 720
114. 660
842372782810
1, 6288,8692,4886,381
63.326
138. 542
693699627626
1, 840
57. 02
813582725
168, 747169, 83258, 881
52, 426170,493
2,790501
2,2892,903500
2,402
7, 7772,5945,183
24, 305i 5, 00819, 297
62. 720
765374701763
1,5668,3802,3766,004
139. 583
643734617610
1,847
57.56
790607723769
176,197178, 76455,984
62, 363200, 848
2,947538
2,4093,209603
2,606
7,3062,5294,777
30, 7847, 8«4
22, 900
62. 720
105.448
711304760781
1, 5459, 2263,2985,928
65. 008
140.256
630759563627
1,724
58.00
573824922643
176, 501180, 94551, 316
2,956654
2,3022,985656
2.329
7,2792,5424,737
63. 210
104. 860
627253756678
1,623
65. 467
140. 256
624767477569
1,632
59.18
776517820832631
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-32 SURVEY OF CURRENT BUSINESS February
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April M a y June July August Septem-
ber October Novem-ber
Decem-ber
LUMBER AND MANUFACTURES—Continued
HARDWOOD FLOORING—Continued
Oak:Orders, new M bd. ftOrders, unfilled, end of month do_.Production do..Shipments do_.Stocks, mill, end of month do
51,80634, 73067, 84958, 23749, 230
54, 85132, 38962,04356, 37854, 895
50,08632,96454, 46051, 20458,151
61, 26434, 74465, 50464, 86958, 786
54,15634, 93361,44160, 36059, 867
58, 74931,87964, 40961, 80362, 473
56, 87631, 90866, 58462, 82566, 232
62, 72230. 22958, 25061, 69162, 791
78, 06635, 02970. 60673,26657,135
' 87, 382-• 47, 846' 71, 309' 74, 565r 53, 879
85, 52555,91872,16277, 45347, 202
74, 61555, 71572, 95374, 81844, 201
METALS AND MANUFACTURESIRON AND STEEL
Foreign trade:Iron and steel products (excl. advanced mfrs.):
Exports, total short tons.Scrap do.. .
Imports, total doScrap do-_-
Iron and Steel Scrap
Consumption, total thous. of short tons.Home scrap d o . . .Purchased scrap d o . . .
Stocks, consumers', end of month, total d o . . .Home scrap d o . . .Purchased scrap d o . . .
463, 37616,010
181, 716
436, 7379,971
284,14276,214 I 166,448
Ore
Iron ore:All districts:
Production thous. of long tons..Shipments doStocks, end of month do
Lake Superior district:Shipments from upper lake ports doConsumption by furnaces doStocks, end of month, total do
At furnaces doOn Lake Erie docks do
Imports doManganese ore, imports (manganese content)
thous. of long tons..
Pig Iron and Iron Manufactures
Castings, gray iron:Unfilled orders for sale thous. of short tons._Shipments, total do
For sale doCastings, malleable iron:
Orders, new, for sale short tons..Orders, unfilled, for sale doShipments, total do
For sale doPig iron:
Production thous. of short tons..Consumpti'on doStocks (consumers' and suppliers'), end of month
thous. of short tons..Prices, wholesale:
Composite dol. per long ton..Basic (furnace) doFoundry, No. 2, f. o. b. Neville Island...do
Steel, Crude and Semimanufactures
Steel castings:Shipments, total short tons..
For sale, total doRailway specialties do
Steel forgings, for sale:Orders, unfilled, total do
Drop and upset doPress and open hammer do
Shipments, total doDrop and upset doPress and open hammer do
Steel ingots and steel for castings:Production thous. of short tons..
Percent of capacity!Prices, wholesale:
Composite, finished steel dol. per lb__Steel billets, rerolling (producing point)
dol. per long ton..Structural steel (Pittsburgh) dol.perlb..Steel scrap, heavy melting (Pittsburgh)
dol. per long ton..
Steel, Manufactured Products
Barrels and drums, steel, heavy types:Orders, unfilled, end of month thousands.-Shipments doStocks, end of month do
5,6152,8192, 7966,0651,5504, 515
3,6752,6985,433
5017,351
39, 46034, 5574,903
58
2,2841,111625
34, 360137, 38579, 88243, 397
5,5955,420
1,212
47.5946.0046.50
157,395116, 28538, 730
600, 500493, 487107, 013131, 54494, 48737, 057
7,78198
.0415
58.24.0350
42.75
10,0412,461
27
5,7592,9152,8446,0301,4854,545
2,9201,4986,835
07, 590
31, 90427, 8824,022371
43
2,0651,040573
26, 948126, 39371, 87638,040
5,7325,610
1,262
47.6546.0046.50
140, 577103,50331,891
570,665469, 059101, 606124, 58290, 09334, 489
8,183100
.0420
58. 24.0350
42.05
9,0882,065
33
388, 67110,157
293, 209199, 846
5,3462,6582,6885,8821,4034,479
2,8821,6108,107
06,992
24, 98121,8113.170
391
55
1,857987 !535 i
5, 9252,9762,9495,8421, 4664,376
4, 3352, 7999,643
7, 73517, 30815, 0502, 258
1,6391,075567
26,999 i 22.204118,318 j 102.37966,744 72.05235,074 | 38,143
5,223 i5,135 I
1.295 !
5, 8205.771
1. 350
47.67 i 47.6746.00 I 46.0046. 50 46. 50
135, 04299, 42532, 545
539,717439, 79099, 927111.21779, 75831, 459
7,481101
.0420 j
58.24.0350
39. 50
7,5821.801 I
31 i
138, 889102,02730, 313
504,142410, 24893, 894120, 03585, 98634,049
8,388103
.0420
58. 24.0350
37.25
7,6931,917
34
457,025 ! 565,14012.244 I 33,217
298,844 j 184,289239,226 ! 118,839
5, 2232,7222,5015,7711.5554,216
10, 9108,623
8,8687,322
17, 80315, 7702,033
560
38
1,446929467
24, 30794, 95861. 32931, 728
5, 5315, 406
1,525
47. 5546.0046.50
119,95383, 27723,834
464. 782379, 67385, 109
104. 30576,11628,189
7,785
.0420
.'8. 24
. 0350
6,6931,745
22
553.696 I 599,09353.114 j 50,866
161, 729 ! 109,133127, 675 91, 838
4,9682,7192,2495, 7451,6264,119
11,86512, 549
11, 6567,277
21. 50819, 2732, 235
650
37
1, 243867439
11, 62978, 94454, 57227, 643
5,5175,290
1, 775
46.6246. 0046.50
106,17875,53722,165
411, 601338, 91272, 68991, 77567, 58024,195
7,590
.0420
58.24.0350
23.25
6,2001,921
32
4,3982,5001,8985.8241,7514,073
12, 92313, 7507,112
12,1626,249
27, 69624, 9572,739642
1,087906455
23, 56069, 86559, 59732, 639
4,8194,573
1.942
46.6246.0046. 50
116, 05284,11226, 940
376, 761310,18266, 579100, 75677, 87722, 879
6,49882
.0420
58.24.0350
23.00
5,1972,087
29
507, 212184,05256,13352,359
3,8002,2411,5595,7481,8203,928
12, 53113, 6966.172
12, 7685.258
35, 06431, 4933,571946
42
1,032697342
24,14770, 79644, 36023, 216
4,1734,054
2,013
46.6246.0046. 50
78, 71050,12414, 625
348, 239293,20655,03370,12955, 07215,057
5,77971
.0420
58.24.0350
21.00
5,8151,833
30
509, 64427, 34250. 66743, 207
4,7562,7472,0095,3511,7893,563
11, 98612, 5825, 576
11,3155,711
40,81136, 0844,7281,025
46
1,048872446
20, 86161, 33058,12130, 327
4,4774,604
1,847
46.6246.0046.50
89, 96459, 41213,348
311, 923257,25954,66495, 79473, 63022,164
6,71582
.0420
58.24.0350
21.00
5,6451,990
33
521, 55322, 43319, 3275,618
4,6312,6581,9734,8241,5313,293
10,16410, 4215,319
9,4615. 541
45, 35639, 3466,010
50
881459
57,51260, 48830,646
4,3504,495
2,230
46.6846.0046.50
86, 50255,85311,823
294, 240250,23944,00188,41771,78116,636
6,59084
.0420
58.24.0350
' 27. 75
5,4012,419
28
255, 78720, 22225, 24617, 086
1,664765899
5,3401,7373,603
' 7, 0921,5914,456
1, 575877
47, 01739,5857, 432461
44
955716398
25, 39254, 32257,15028, 582
612753
1,616
46.6846.0046.50
70, 69048, 2638,964
280, 291231, 84948, 44281, 27865, 65115, 627
'92511
.0420
58.24.0350
' 29.38
5,3711,712
31
187, 45117, 55756, 04911,924
3, 4011, 7951,6065,4971,6933,804
2,0492,0794,407
1,1033, 520
44, 78637, 8486, 939
654
719395
26, 72355, 79549, 43925, 250
2,7222,773
1,446
46.6846.0046.50
76, 43750, 6857,270
286, 897240,71546,18272. 85956, 45516, 404
T 4, 216' 5 3
58.24.0350
31.38
5.2981,682
26
*• Revised.JFor 1949, percent of capacity is calculated on annual capacity as of January 1, 1949, of 96,120,930 tons of steel; 1948 data are based on capacity as of January 1,1948, 94,233,460 tons.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SURVEY OF CURRENT BUSINESS S-33
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru- March rApril i May
June July August Septem-ber October
METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Steel, Manufactured Products—Continued
Cans, metal, shipments (in terms of steel consumed),total short tons..
Food doNonfood do
Shipments for sale doCommercial closures, production millions.-!Crowns, production thousand gross..-!Steel products, net shipments: j
Total thous. of short tons_. jBars, hot rolled—Carbon and alloy do
Reinforcing doSemimanufactures doPipe and tubes doPlates doRails doSheets doStrip—Cold rolled do
Hot rolled doStructural shapes, heavy doTin plate and terneplate doWire and wire products do
NONFERROUS METALS AND PRODUCTS
Aluminum:Production, primary short tons..Imports, bauxite long tons_ _Price, wholesale, scrap castings (N. Y.)
dol. per lb__Aluminum fabricated products, shipments, total
mil. of lbs..Castings doWrought products, total do
Plate, sheet, and strip doBrass sheets, wholesale price, mill dol. per lb_.Copper:
Production:Mine production, recoverable copper
short tons..Crude (mine or smelter, including custom in-
take) short tons_.Refined do
Deliveries, refined, domestic doStocks, refined, end of month doExports, refined and manufactures doImports, total do
Unrefined, including scrap doRefined do
Price, wholesale, electrolytic (N. Y.)__dol. per lb_.Lead:
Ore (lead content):Mine production short tons..Receipts by smelters, domestic ore do
Refined:Production, total do
Primary doShipments (domestic) doStocks, end of month do___Price, wholesale, pig, desilverized (New York)
dol. per lb..Imports, total, except mfrs. (lead content)
short tons..Tin:
Production, pig long tons..Consumption, pig doStocks, pig, end of month, total § do
Government § doIndustrial do
Imports:Ore (tin content) doBars, blocks, pigs, etc do
Price, wholesale, Straits (N. Y.) dol. per lb_.Zinc:
Mine production of recoverable zinc_.short tons..Slab zinc:
Production doShipments, total do
Domestic doStocks, end of month do
Price, wholesale, prime Western (St. Louis)dol. per lb_.
Imports, total (zinc content) short tons,.For smelting, refining, and export doFor domestic consumption:
Ore (zinc content) doBlocks, pigs, etc do
HEATING APPARATUS, EXCEPTELECTRIC
Boilers, radiators and convectors, cast iron:Boilers (round and square):
Shipments thous. of lb.Stocks, end of month.__ do_-_
Radiation:Shipments thous. of sq. ft.Stocks, end of month do___
266,139186, 54479. 595230, 872
93221, 889
6. 056745136294637658190
1,476155143394400430
53, 474218, 591
.1325
157. 731.8125.994.5.346
50,668
64, 45196,117102, 29296, 08013, 72552, 22223, 89828, 359. 2320
36, 99738,357
52,31549, 66744, 45640, 647
.2150
52,809
3,4365,203
2 39, 3142 24, 32214, 992
4,1947,1111. 0300
55,141
76, 69675, 33267, 99620, 848
.175020,1654,057
5,91910,189
14,19269,092
3,3215,101
186, 272119, 81066, 462157, 631
94323, 824
5,762708139289611608181
1,462164155356299428
53,356171,918
.1263
148.429.1119.390.2.346
«" 50,178
69, 43878, 29894, 07091, 05321, 04148, 32925, 92022, 409.2320
* 33, 01032, 307
50, 66448, 77550, 44038, 656
.2150
64,286
3,5414,696
39, 27423, 92915, 345
3, 977587
I. 0300
r 51, 656
75, 81576, 23462, 61420, 429
.175024, 9524, 966
8,039II, 947
10,63281, 260
2,4047,179
190,755126,377f>4, 378163, 389
83322, 316
5, 520655133308584590179
1,365150146359300404
49, 749175, 704
.1022
137.327.2110.080.7.346
' 56, 576
76, 94180, 27597, 86183, 84110, 65359.16027, 86131, 299.2320
' 32, 56232, 285
44, 75142, 25441,652
38, 514
.2150
30, 8593,5454, 461
39, 82725,19914, 628
2,4432,5261.0300
r 52, 963
69,19368, 52260, 82721, 100
.175013, 0442,211
5,0145,819
8,23990,152
1,8239,226
208,188131, 00477,184172, 320
90525, 496
6, 306757150308721684207
1,562170169394333451
54,852254, 512
.0847
152.927.5125.492.4.345
' 77, 906
97,12388,165113,15468, 45015,41564, 41431, 82232, 592.2318
r 39, 71443;558
53, 94751,37328, 36856, 737
.1891
33, 250
3,3824,723
41, 60227, 90313, 699
3,1748,7951.0300
' 62, 049
78,12171,01751, 38128, 204
. 170621, 2134,090
7,6069,517
7,127100, 759
1,41211,896
204,353126,89877, 455169,194
76823, 408
5 597677141223635619199
1,437144155375295365
54.076180, 765
. 0702
129.523.8105. 773.1. 331
* 72. 568
91, 58993, 87376,13476,49411,24848,45727,13121, 326.2145
' 36.97938; 715
50,15048, 95716, 74372, 347
. 1515
26,430
3.0664, 228
43, 32231,11612? 206
4, 2058,4931.0300
* 59.185
75, 92153,14335. 94850, 982
. 140620, 0665, 447
7,9946, 625
6.042105, 574
1,30513, 833
230.167147. 80882, 359189,024
73723.422
5. 235597134202618590193
1. 330132142378292338
56, 909182,760
.0630
110.421.489.056.9.295
•' 67, 343
81, 25898,13932, 566128, 44114.91046, 54819. 04427, 504.1776
' 36. 73138, 347
51.60551.20619, 79294.132
.1372
48, 731
3,2414,18641,13030, 55010, 580
3. 8014,2101. 0300
• 55. 925
77, 53752, 68935, 56475, 830
.118836, 4849,025
19, 8687, 591
8,528112,115
1,51014,803
303, 921208, 63395,288
259, 026779
27, 559
5,177564141139623517211
1,355121150327387347
54,184262? 247
.0605
103. 923.380.748. 1.276
r 61, 314
72, 05192,11845, 653166, 92517, 06646, 57020, 22126, 349.1634
r 36,06936, 654
46, 42945, 45530,017100,117
.1200
71, 661
3,3464,16143, 43133, 7049, 727
2,1084,0491.0300
* 54. 271
73, 98966. 90044, 82082, 919
.095530, 5346,873
15,0938, 568
13,155109, 624
2,22113, 706
314,372219, 06795.305282. 977
74626,984
4, 535432125125550464182
1,29076125290418241
55, 777182,171
.0575
90.418.671.742.8.277
r 56,735
62, 44985, 63845,316212, 81710, 34933, 82914, 41419, 415.1706
' 29, 77832,126
J 39, 28238, 332
! 34, 894
1 94, 201
.1356
9,2873.1293,99040,67931,1469, 533
2,2103,3181.0300
r 40, 256
74, 56972, 08062. 44385, 408
.093621,1135,669
5,7479,697
14, 265101, 842
2,74712,068
489, 794383,603106,191444, 976
92029, 709
4,918465156136648481196
1.377106153300322334
52,001276, 727
.0651
104.224.080.249.3.282
* 55, 851
62,27985, 57790, 739217,1678,695
45, 37224,37221,000.1733
r 33,85232, 255
1 39,36237, 754
1 36,059
1 76, 782
.1503
30,856
3,3075,04531,41621, 7039,7132,3326, 4341.0300
' 45, 068
73, 81974, 33968,65984, 888
.100024, 7563,839
9,94110,976
27. 27089, 724
4,13010,485
416, 974312,538104,436371, 691
91025,511
r 5, 236524162125655467162
1,497122179309
49, 742245, 978
.0725
123.427.695.865.3.282
' 58, 013
64, 87079, 949103,115193, 89014,21438,17715,74522, 432. 1733
'30, 54930,161
35. 92434, 92829. 56661,433
.1505
19, 240
3.1714,852
30, 28720,8739;414
3,2846, 4581.0209
' 41,887
' 70, 368' 70. 228r 60, 371r 85. 028
.100123,1981,692
8,26513, 241
33, 83974, 863
5,3638,548
285, 644188,09297, 552
252, 522874
19, 936
9358931181215112
316643888171
45,790252,431
.0737
135.329.1106.275.9.282
' 60,108
69,05286, 882108,192164, 4649,38837,23125,10212,129.1733
' 29, 73429, 497
47, 21046, 24623, 73866, 005
.1342
28,159
3,2462,411
32, 07022,4039,667
4,8997, 558.9572
' 38, 823
64,39951, 76143, 998
' 97, 666
.093220,5471,109
4,93114,507
36,98961,511
5,9706,491
227, 359150,98776,372198, 034
81119, 554
r 3, 297'325••125'104M00'290'31'990'78'90' 215'246
35, 865243, 748
.0775
107.126.380.754.1.286
62, 243
' 80, 598' 92, 602-117,133" 139, 199 I
.0775
119. 826.893.161.2.287
62, 565
80,00494, 947107, 662116,027
41, 78621, 79319, 975.1820
31,18636, 329
49, 22348, 50037, 77965, 954
.1252
25,951
3, 3133,92535,16523,12912, 036
4,1224,881.9119
40,112
65, 05573, 70263, 85989, 019
.097528, 454
935
9,93117,588
25,18556, 796
.1820
33, 86837, 888
49, 74348, 89623, 48671,412
.1200
"22," 452"
. 8300
41, 687
71.327<-t\ 12557. 80194, 221
. 0975
4,190 '5,602
r Revised. v Preliminary. ! Beginning July 1949, figures exclude data for one secondary plant included previously. 2 See note marked " § . "§Government stocks represent those available for industrial use; data for December 1948 reflect a considerable transfer of pig tin to strategic stock piles.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-34 SUEVEY OF CURRENT BUSINESS February 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April M a y June July August Septem-
ber October Novem-ber
Decem-ber
METALS AND MANUFACTURES—Continued
HEATING APPARATUS, ETC.—Continued
Boilers, range, shipments number..Oil burners:
Orders, unfilled, end of month doShipments doStocks, end of month do
Stoves and ranges, domestic cooking, exc. electric:Shipments, total number..
Coal and wood doGas (inc. bungalow and combination) doKerosene, gasoline, and fuel oil do
Stoves, domestic heating, shipments, total_._doCoal and wood do.Gas do.Kerosene, gasoline, and fuel oil do.
Warm-air furnaces (forced-air and gravity-air flow),shipments, total number.
Gas do.Oil do._.Solidfuel do. . .
Water heaters, nonelectric, shipments do__.
MACHINERY AND APPARATUSBlowers, fans, and unit heaters, quarterly:
Blowers and fans, new orders thous. of dol_.Unit heater group, new orders do
Foundry equipment (new), new orders,net 1937-39=100..
Furnaces, electric, industrial, new orders:Unit kilowatts. .Value thous. of dol..
Machine tools, shipments 1945-47 = 100..Mechanical stokers, sales:
Classes 1, 2, and 3 number . .Classes 4 and 5:
NumberHorsepower
Pumps, steam, power, centrifugal and rotary, neworders thous. of doL.
ELECTRICAL EQUIPMENT
Batteries (automotive replacement only), shipmentsthousands. .
Domestic electrical appliances, sales billed:Refrigerators, index 1936=100..Vacuum cleaners, standard type number . .Washers do
Insulating materials and related products:Insulating materials, sales billed, index. 1936=100..Fiber products:
Laminated fiber products, shipmentsthous. of dol._
Vulcanized fiber:Consumption of fiber paper thous. of lb._Shipments of vulcanized products
thous. of dol._Steel conduit (rigid) and fittings, shipments
short tons . .Motors and generators, quarterly:
New orders, index 1936=100..Polyphase induction motors, 1-200 h p . : ^
New orders thous. of dol__Billings do
Direct current motors and generators, 1-200 h p . : ^New orders thous. of dol__Billings do
33,810
51, 22527, 09045, 501
175, 61516, 536
136, 68322, 396
234,43479, 62883, 00471, 802
51,16313, 04415, 56322, 556
114,817
12, 98411,201
243.7
4,96069096.9
2,851
24563, 206
4,263
1,906
217'273, 890
183, 700
391
4,862
4,328
1, 525
28,113
301
24, 69729,090
34, 513
45, 94726, 20143, 781
136, 32114, 440107,14814, 733125, 56324,11440, 07661, 373
31,8558,8769,71413, 265116, 402
149.9
9,328948
1,949
19352, 677
3,390
1,243
254228, 769172, 400
359
4,462
4,424
1,518
22, 705
31, 892 36, 295
47, 72223, 87843, 581
154, 23016, 285118,17119, 77498, 80015, 10232, 98650, 712
33, 1258, 5438,83415, 748108, 485
3,80240270.3
1,820
14443, 781
3,247
826
224241.267201, 300
329
4,077
4,227
1. 454
21,630
47, 67325, 89547,112
189,38817,107
152, 21720, 064112,21211,10742. 03859, 067
41,37612,14610. 33.018, 900133,674
12, 6726,549
190.8
4,24243675.8
1,784
13347, 957
560
245309.897242, 500
366
4,702
4,324
1,496
24,590
262
21,14822, 421
27, 799
51, 23125, 50456, 430
177, 96212,610
150, 73714,61589,12512, 98634, 35441, 785
34, 59512, 2639, 66812, 664
140, 597
5,47354374.7
1,524
11737, 836
499
216252,656192, 500
315
4,170
3, 844
1,247
21,931
24,867
51, 38834, 90654,684
177, 29210, 797
152, 38214,11399,69117, 71645,82136,154
42, 42717,13112,61312, 683150,111
76272.8
1,552
15830, 910
2,775
685
220222,850211, 700
285
3,697
3,966
1,133
17, 566
29, 250
51, 21046, 86248, 050
187, 29410, 477163,11513,702
187, 62642,24962, 69282, 685
55, 85724, 57316, 82014, 464
165, 597
16,2666,075
2,27819679.0
2,676
25258,142
3,019
1,059
179207.354260, 700
282
3,646
3, 649
982
13, 240
240
18, 67920, 542
27, 587
55,06041, 58946, 910
149,39911, 780126, 61911, 000
288,10275, 257104, 603108, 242
48, 55120, 05915, 23713, 255
144, 701
146.6
2,40132960.7
2,378
19131, 703
3,358
1,637
210161, 920200, 900
240
3,329
2,776
810
12, 568
39, 273
60, 80174,11642,004
241, 97717,144
207, 52117,312563, 694146, 962220, 861195, 871
84, 25036, 49226,14321,615
180, 632
127.1
1,892210
67.3
4,214
34365,118
3,767
2,648
205219, 909323, 789
273
3,649
2, 678
947
12, 400
41, 492
65, 36494, 80535, 451
262,19318, 926
229, 24414, 023
734, 975213, 955263, 859257,161
111,58248, 23530, 85232, 495191, 787
17,02911,432
166. 6
3,03331867.6
6,671
26850,693
2,914
2,786
206250,036357,281
318
4,380
3,038
1,013
14,992
221
r 17, 71519, 655
44,164
56, 51896, 96329,014
291,03016, 718
257, 50616, 806
666, 940206, 025263,134197, 781
102, 98944, 60634, 67623, 707
200, 959
133.5
4,948565
62.3
4,257
23940, 923
2,539
2,573
168272,520333, 700
330
4,479
3,201
1, 063
17, 683
37, 937
47, 75360, 34232, 785
269,61615,012 I238,780 I15,824
505,989140,391 ;243,369122,229
78, 82838. 47224, 65015,706 ,184,147 !
270.4
2,312293
r 67. 6
' 2, 257
20952, 631
' 2,132
147253, 516298, 700
345
4,723
3,231
1,112
5,0166,708
5,266 ! _5,236 I
4,9974,833
r 2, 8903,248
PETROLEUM, COAL, AND PRODUCTSCOAL
Anthracite:Production thous. of short tons..Stocks in producers' storage yards, end of month
thous. of short tons._Exports doPrices, composite, chestnut:
Retail dol. per short ton..Wholesale do
Bituminous:Production thous. of short tons..Industrial 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 do
4,499
964
20.1016.389
50,385
46, 91338,014
9998,655
7778,5087,710
85910, 5068,899
3,722
305
20. 30i 15. 982
47, 802
47, 29137. 814
9818,654
7338,2517,498
87810, 8199,477
2,927
837338
20.60i 16. 029
45, 342
42, 27033. 703
9837,835
6407,1676,628
8129,6388,567
2,373
442301
20.59i 16. 029
33, 096
44, 33734, 553
6958,513
6667,3476,565
8499,9189,784
3,722
573424
20.01i 15. 695
46, 417
37, 49431, 363
9958,253
6496,3306,121
7148,3016,131
4,403
584617
19.44i 15. 565
47,945
34, 76429, 718
8258,305
6706,1425,892
6217,2635,046
3,403
450610
19.65115. 615
35,170
32, 60826, 891
4177,523
6336,3385, 274
5596,1475,717
3,921
661358
19.75i 15. 759
26, 748
29, 88425, 842
447,008
6296,1684,974
5056, 5144,042
3,707
879382
19.8015.814
37,153
33, 59128,005
797,384
6416,7325,133
5517,4855,586
2,112
601399
20.081 16.102
19, 370
36, 53727,292
477,161
6256,3414,709
5277,8829,245
4,975
724510
20.361 16.165
10, 469
28,06821, 569
162,466
6546,2794,584
1927,3786,499
4, 653
1,090421
20.49i 16.185
43, 755
' 34, 948T 26, 343
525. 033r675
6,4165,080
521' 8, 566
8,605r Revised. " Preliminary. 1 Data beginning January 1949 are not strictly comparable with earlier figures because of a reduction in the number of reporting cities; December 1948
figure strictly comparable with January 1949, $15,844.d"The number of companies reporting beginning the second quarter of 1949 is as follows: Direct current, 28; polyphase induction, 32.§Data for coal-mine fuel are included in "other industrial."
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SUEVEY OF CUEEENT BUSINESS S-35
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April M a y June July August Septem-
ber October Novem-ber
Decem-ber
PETROLEUM, COAL, AND PRODUCTS—Continued
CO A L—Con ti nued
Bituminous—ContinuedConsumption on vessels (bunker fuel)
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 doEailways (class I) doSteel and rolling mills doOther industrial do
Retail dealers doExports doPrices, composite:
Retail dol. per short ton_.Wholesale:
Mine run doPrepared sizes do
COKEProduction:
Beehive thous. of short tons.B yproduct do _ -.Petroleum coke do_ _ _
Stocks, end of month:Byproduct plants, total do__.At furnace plants do.-_At merchant plants do.__Petroleum coke do.__
Exports do_._Price, beehive, Connellsville (furnace)
dol. per short ton.
PETROLEUM AND PRODUCTS
Crude petroleum:Wells completed number.Production thous. of bbl_Refinery operations percent of capacity-Consumption (runs to stills) thous. of bbl__Stocks, end of month:
Gasoline-bearing in TJ. S., total ___do_At refineries_ _" do.At tank farms and in pipe lines do_On leases do_
Heavy in California do_
Exports doImports doPrice (Kansas-Oklahoma) at wells_-dol. per bbl._
Refined petroleum products:Fuel oil:
Production:Distillate fuel oil thous. of bbl__Residual fuel oil do
Domestic demand:Distillate fuel oil doResidual fuel oil do
Consumption by type of consumer:Electric-power plants do jRailways (class I) do |Vessels (bunker oil) do
Stocks, end of month:Distillate fuel oil doResidual fuel oil do
Exports:Distillate fuel oil doResidual fuel oil do
Price, wholesale, fuel oil (Pennsylvania)dol. per gal__
Kerosene:Production thous. of bbl__Domestic demand doStocks, end of month doExports doPrice, wholesale, water white, 47°, refinery
(Pennsylvania) dol. per gal__Lubricants:
Production thous. of bbl.Domestic demand doStocks, refinery, end of month ... _.. doExports - doPrice, wholesale, cylinder, refinery (Pennsyl-
vania) del. per gal__
51
69,37366.66712,1041,291
24, 8129,4111,052
17, 9972,7062,316
15.96
8.7569.250
r 670r 6,100
279
r 1, 561r 1, 073
48812938
14. 500
2,036176, 329
98177, 335
246,19960,783169,32116,09510,055
3,06814,1662.510
34, 27440, 276
41, 24347,300
4,3345,7335,805
75,95376,942
1,153
821
.110
10, 85112, 38424, 010
246.120
4,3682,9539,8431,142
.300
32
67,79565, 55212, 4811,184
24,1509,5511,01717,1692,2432,083
15.99
8.8169.276
6246,076
1,5411,113428154
14. 500
1,737167,072
94175, 295
2 258,6482 64, 857
2 176,3162 17,057(2)
2,12714, 6832.510
33,01641,999
41, 61548,097
5,3565,3804,923
3 61, 7293 62, 585
1,376774
.110
10, 53812, 917
4 21, 261189
.120
4,1932, 59710,3261,068
.274
46
68,83466, 92713,7591,103
24,1209,8611,12116,9631,9072,021
16.04
8.8329.303
6235,475
253
1,5041,12238215832
14. 500
1,397150,519
90153,440
2 265, 2162 66, 317
2182, 4232 16. 476
(
1,94212, 8542.510
28,11535, 904
34, 89942, 911
4, 6514, 6874,604
3 53,937s 59,398
1,121562
.108
8,78910,593
418, 953489
.118
3,6382,195
10,856870
.222
49
60,51159,04811, 452
98422,1278,9081,023
14, 5541,4632,016
16.04
8.7789.237
4375,958276
1,31395236117442
14. 500
1,771161,955
87165, 919
2 269,3412 66, 203
2187,034216,104
(2)
1,86611, 5542.510
28,91438, 996
32,49044, 344
4, 6154,9065,370
3 48,9233 58,190
1,344
.103
8,9749,913
417, 801148
.112
3,6982,426
10, 9311,138
.200
99
65,16463,06612, 9141,105
23,4999,2961,16015,0922,0983,752
15.84
8.5709.029
6335,761
261
1,4731,01545819834
14. 450
1,726150, 354
84154,223
2 272, 5202 68,331
2188,1522 16,037(2)
3,65512, 3322.510
25, 36834, 417
22,14938,085
3,9164,3665, 353
3 51,2313 59, 668
.098
8,1666,605
419,052258
.112
3,4572,62310,5881,031
.190
118
72, 7557C, 27315, 8701,433
25,4449,7011,36016,4652,4824,827
15.51
8.5398.921
5285,798323
1,7481,18256622753
14. 250
1,763154,146
85161,053
2 273, 9122 66, 799
2190, 868216, 245(2)
2,87212, 9442.510
25,19935, 277
17, 57535,378
4,1484,5135,063
3 58,3813 63, 576
7111,019
.088
7,3614,577
4 21, 546181
.112
3,6062,752
10,0891,301
.168.
114
74,16171,35115, 7471,614
25,6079,8181,37617,1892,8104,349
15.52
8.5188.929
5, 242282
1,7051,07762922879
13. 812
2,090147,098
84154, 861
2 274, 6912 64,0402194, 685215, 966(2)
3,07113,0922.510
23,13431, 218
16, 50434,877
4,9874,5775,345
3 64, 7303 64, 628
656608
6,7154, 531
4 23, 64845
3,8043,0239,922
.150
87
69,11966, 39913, 8961,469
25, 0628,6691,214
16, 0892,7201,923
15.53
8.5318.945
244,911
302
1,9061,077
830241
63
13. 250
1,731145, 818
85160, 358
2 267,5862 62, 793
2 16,410(2)
2,86613,0612. 510
25, 87032, 250
18,79035, 682
5,4784,3294,665
3 71,5533 66,084
453730
.088
6,9745,676
4 24,82679
3,5542,6999,731
998
.150
85
68,62165,77613,6041. 454
25,4588,1961,15215,9122,8452,274
15.54
8.5158.964
455,142304
2,0271,05497325038
13.250
1,840148,192
85162, 485
2 260, 5852 60, 760
2 183, 8492 15, 976
3,40312, 0912. 510
27, 97233, 414
22, 85838, 281
5, 4324,0754, 836
3 76, 0373 66, 843
769599
.083
7,1756,315
4 25, 490111
3,5103,111
1,115
.148
78
62, 06459, 99011, 9031,422
24,1426,6801,029
14, 8142,0741,806
15.69
8.5809.060
304,952
267
1,92697395223643
13. 250
1,967148, 206
86162, 812
2 251, 6892 58, 244
2 177,5712 15 . 874
2,61912, 3482.510
30,04733, 299
22, 47839, 639
5,8104,1844,765
3 83,2133 67,117
627514
.084
8,0936, 799
4 26, 65093
3,7293,0268,734
.140
54
47,16545, 7559,9461,018
19, 7064,170
916
1,410282
15.89
i 8. 6401 9. 358
1, 727293
2,1201,227
89321759
13. 250
1,822r 154, 908
86166, 568
2 250, 8092 58, 653
2 175, 9842 16,172
2,91615, 061
2.510
31, 02435, 361
23,14141,130
6,6564,7554,238
3 90, 6433 68, 673
750817
9,3398, 269
4 27, 00943
4,1162,9278,894
976
.140
71
r 45. 804' 44. 359
10, 0601,001
18, 5084,094
907r 9, 789
1,4451,101
16.10
1 8. 653r 1 9. 463
' 3 43,471
2,0171,200
81716030
13. 250
1,994156, 285
84158, 782
2 256, 0102 59, 835
2180, 0862 16, 089
(2)
3,01013, 6992.510
28, 87135,411
30, 77245, 535
45,07343, 683
9, 8551, 063
17, 7943,849
91210, 2101,390
16.32
i 8. 814i 9. 569
805, 538
1,714991723
13. 250
7, 3164. 3774,198
3 88, 2123 65,112
666852
.088
9,27311,454
4 25, 267118
(5)
3,9842,9829,109
754
.140
7,938
.088
(5)
.140r Revised.1 Because of substitutions in the reporting companies, data beginning October 1949 are not strictly comparable with earlier figures. September 1949 figures strictly comparable with October:
Mine run, $8,618; prepared sizes, $9,300.2 Beginning January 1949, stocks of heavy crude in California are included in gasoline-bearing figures.3 Beginning January 1949, data exclude cracking stocks (formerly included with finished stocks in California) and stocks held in distributors' tanks in California (formerly included with
bulk terminal stocks). Comparable figures for December 1948 (thous. of barrels): Distillate fuel oil, 71,381; residual fuel oil, 63,993.4 Beginning January 1949, stocks held by distributors in California (formerly included in bulk terminal stocks) are excluded; comparable figure for December 1948, 23,895,000 barrels.s No quotation.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-36 SUEVEY OF CUEEENT BUSINESS February 1050
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary M arch April M a y June July August Septem-
ber October Novem-ber
Decem-ber
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS—Continued
Refined petroleum products—ContinuedMotor fuel:
All types:Production, total thous. of bbl__
Gasoline and naphtha from crude petro-leum thous. of bbl__
Natural gasoline and allied products._.doSales of 1. p. g. for fuel, etc., and transfers
of cycle products thous. of bbl__Used at refineries. do
Domestic demand doStocks, gasoline, end of month:
Finished gasoline, total doAt refineries do
Unfinished gasoline doNatural gasoline and allied products do
Exports thous. of bbl__Prices, gasoline:
Wholesale, refinery (Oklahoma)dol. per gal_.
Wholesale, tank wagon (N. Y.) doRetail, service stations, 50 cities do
Aviation gasoline:Production, total thous. of bbl._
100-octane and above doStocks, total do
100-octane and above doAsphalt:
Production short tons. -Stocks, refinery, end of month do
Wax:Production ... thous. of lb_.Stocks, refinery, end of month. .do
Asphalt products, shipments:Asphalt roofing, total thous. of squares..
Roll roofing and cap sheet:Smooth-surfaced doMineral-surfaced do
Shingles, all types doAsphalt sidings doSaturated felts short tons__
83,279 j
74,268 I13,476 !
4.465 I7.143
72.162
95, 42255, 051
8, 2755, 5792.975
.103
.188
.201
4, 3733, 7136,0682,603
601. 500, 028, 500
78. 960154. 280
3. 231
935860
1,437226
29, 500
71,357
72,310 ! 63,22412.998 I 12,081
4.5296,49763, 083
108, 54465, 3418, 3946,2173,501
.102
.191
.201
4.1573, 297
i 6, 790i 3,170
556.4001, 224. 200
77, 560151, 760
3,077
908810
1.360208
27.563
3,9486. 31457, 934
117,49673. 2128. 5587.0283, 374
.100
.191
.201
3,6762.7467, 4013, 430
455. 8001, 351. 500
61,600138. 600
3.108
936843
1, 330184
27, 403
79, 025 77,157 I 82,162
69. 984 68, 43212,783 | 12,346
3. 7426, 57773,118
118. 82274, 7068.6217, 4053, 406
.099
.191
.201
3, 8053,078
i 7, 056i 3,123
526 7001.445,800
76, 720136,640
3, 695
3, 6216.39975, 279
117.02070.8178,3317,2533,364
.099
.196
.204
3,9753,106
i 7, 357i 3, 500
1, 510, 000
69,160134,680
4, 650
1.023 1,189865 976
1.807 2,484207 j 180
32,256 ! 45.341
72, 90512, 476
3,2197,241
SI, 622
113, 16465, 9888,4387,4183,668
.099
.196
.204
3,9513,125
i 6, 852i 3,088
798, 9001, 500. 000
72. 520
140, 560
4,196
991897
2,308166
38, 012
79,383
70, 60311, 964
3,1847,296
83, 338
106,06860,8717, 9737,0313,205
.100
.196
.204
4,1323,039
> 6. 841i 3,144
899,1001, 354, 000
73,080148, 680
4,596
9771,0342,584190
43,153
82, 953
73, 74012, 479
3,2667,269
82,118
103, 86758, 7407,3507,6681,913
.100
.196
.204
3,6142,735
i 6, 5841 3,156
934,0001, 247,100
82, 232
73,06913,054
3, 8917,319
84,632
97, 72455. 2817.1557,3913,277
.100
.196
.204
4,0362,954
i 6,179i 2, 782
1,018.7001,044,700
64,120 66, 640148,400 i 139,720
4, 273
990 ;2,296
18142,232 !
5. 482
1.2671,3092,906225
53,387
80,310
71,04613, 270
4,0067,470
80, 780
94, 44553, 7277,3547,6072,271
.100
.196
.203
3,7182,805
1 6,171i 2, 817
952, 200830,000
72.800125,160
5,968
1,4181,4373,113272
53,911
83,185
73, 62613, 965
4,4068,30179, 253
96,19455,1177,0936,9232,476
.100
.196
.203
3,9552,844
i 6, 606i 3,117
902, 500798, 400
99, 680130, 200
r 1,516r 1,502r 3,084'289
r 59,277
79, 733
70,36914,265
4,9017,449 |
76 270
97,17354,200
7, 5347,1411,812
.098
.195
.201
3,8482, 529
i 6, 8221 2, 902
684.700790, 400
71, 960126, 000
5,177
1.2691, 2542, 655
58,198
.098
.192
.201
3.021
751720
1,550170
41,228
PULP, PAPER, AND PRINTING
PULPWOOD AND WASTE PAPER
Pulpwood:Receipts ..thous. of cords (128 cu. ft.)..Consumption doStocks, end of month do
Waste paper:Receipts . short tons..Consumption ... doStocks, end of month do
WOOD PULPProduction:
Total, all grades thous. of short tons..Bleached sulph ate . - short tons -.Unbleached sulphate doBleached sulphite doUnbleached sulphite doSoda doGroundwood doDefibrated, exploded, etc do
Stocks, own pulp at pulp mills, end of month:Total, all grades short tons..
Bleached sulphate doUnbleached sulphate doBleached sulphite doUnbleached sulphite doSoda doGround wood do
Exports, all grades, total do__.Imports, all grades, total do_-_
Bleached sulphate do_ - -Unbleached sulphate do.- .Bleached sulphite do.--Unbleached sulphite do_..Soda do . . .Groundwood do....
PAPER AND PAPER PRODUCTS
All paper and paperboard mills:Paper and paperboard production, total
thous. of short tonsPaper (incl. building paper) do . . .Paperboard do. _ _Building board do . . .
1,7061,6885, 622
591,356571.176516, 620
1.023103,714373, 350146, 467
70, 69841,286
181.17856, 692
104.12611.19214. 53521. 71316. 8522,880
28,186
7.946167.107
21, 33921, 31249.10044. 079
1. 49828, 724
1, 753'889
761102
1,7881,8245,604
497, 232509, 269504.084
1,117118,969428, 796158.635
70, 48242, 328
177.71963, 973
114, 57712, 58216.84224. 74419, 3563,088
29, 942
24, 451127, 036
25, 38518,09436, 28529. 908
1, 51715,035
1,74788776298
1.6441,6195, 575
498. 892513,396488. 811
979109,373366. 048150, 924
61, 41839. 692
160,75957, 802
123.56915.58417. 58027. 80920. 4863.008
30,311
5,147141. 36632.12724. 02436. 52331, 5722,497
13, 979
1. 595821700
74
1.6281.7395. 465
545.024545, 882481, 050
1,057120, 949381,575164. 23567.14043, 891
180. 19752, 375
139, 62612, 81917, 98234. 65322, 477
3, 38838,616
11, 321126. 685
27, 69013, 45939. 87228, 764
2, 35213, 784
1.712895735
81
1.2261,5725.112
509,123525, 914439, 983
946112,324344, 744156, 712
56, 96339, 405
165, 32232, 376
151, 92012, 86617, 00340, 80323, 6343.463
44,171
10. 92397, 51724, 39311, 52225,19319,1552,197
14, 461
1, 571826695
49
1,3111.5374,876
492, 256511,138418.706
951116, 830343, 235155,353
58, 98838, 061
166, 00632, 282
161,18814, 45913. 22445, 44326, 711
3, 63146, 778
17, 750143, 365
39. 27216. 84437, 52824, 941
2. 10021, 939
I. 543807683
54
1, 4511,5024,877
491,700512,582397. 963
920112,129347, 366135, 302
56, 30933, 256
160, 91733, 592
158, 49617, 65012, 04339, 82328, 831
5, 11043,840
22, 487129, 611
36, 63514,30933, 68627, 020
1, 69515, 629
1.556801699
56
1,3881,3304,918
427,149419,348405, 228
806104,061307,177117,955
39, 24932,128
142,10128,475
145, 52217, 59310,19037, 28823.1734,488
40,584
6.266113,977
26. 39415, 99435,02723.435
1,90710, 784
1,348717579
53
1,7781,6705,015
552,539586. 250367, 874
1,019119,599408,055149,967
57,50540,654
157.05735,463
139,65818, 237
9. 63438.04521,5154,668
36,024
6,068135, 280
37, 40913, 54935, 53130,430
2,35115, 548
1.749862823
64
1,6831,6844,995
588, 734591, 334367, 980
1,030112, 819400, 941149, 496
54, 21938. 844
155, 65852, 441
121,39515,4429,650
33,35117,9173,883
30,863
4,989118,63228,009
7,84835, 49126.1872,357
18,193
1. 793r881r 828
85
1,841-• 1, 869
4,964
r 655, 365' 639, 735r 379, 549
1,146128, 507445, 225165,553
63, 04342, 506
167, 39576,925
114, 94812, 0478,445
33,35119, 8083,364
27, 492
4,510174, 922
41, 73918, 43346,12542, 436
2.77421, 346
r 1. 953r 960-896
98
1,7721, 8414, 875
615,491625, 420367, 840
1,137r 128.443* 436,166
169, 203r 59. 742r 43 341
r 165, 99176, 907
113,93612, 8968,117
32, 41219, 4392,992
27, 626
r 3 937237, 797
40, 84549, 34665, 66655, 534
2, 76322, 947
1,920943884
92
1.810899825
85r Revised. i Beginning January 1949, data exclude slocks of unfinished aviation gasoline; comparable figures for December 1948 (thous. of bbl.): Total, 5,915; 100-octane, 2,504.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SURVEY OF CURRENT BUSINESS S-37
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
Decem-ber January Febru- March April M a y June Julv August Septem-
ber OctoberNovem- | Decem-
ber ber
PAPER AND PAPER PRODUCTS—-Continued
Paper, excl. building paper, newsprint, and paper-board (American Paper and Pulp Association):
Orders, new short tons..Orders, unfilled, end of month doProduction doShipments doStocks, end of month 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 doPrice, wholesale, book paper, **B" grade, Eng-
lish finish, white, f. o. b. mill. _dol. per 100 lb'__Coarse paper:
Orders, new short tons..Orders, unfilled, end of month doProduction doShipments doStocks, end of month do
Newsprint:Canada:
Production doShipments from mills doStocks, at mills, end of month _ do
United States:Consumption by publishers doProduction doShipments from mills doStocks, end of month:
At mills doAt publishers doIn transit to publishers do
Imports doPrice, rolls (New York) dol. per short ton..
Paperboard (National Paperboard Association):^Orders, new short tons__Orders, unfilled, end of month doProduction, total doPercent of activity
Paper products:Shipping containers, corrugated and solid fiber,
shipments mil. sq. ft. surface area..Folding paper boxes, value:
New orders 1936=100.Shipments do
PRINTING
Book publication, total number of editions..New books do.New editions do.
PULP, PAPER, AND PRINTING—Continued
716,171431, 978720,715717,139288,089
77,96643, 36486,19682,27587, 638
250,963203,008253,493248,61390,416
11.30
257,401117,930251,800257,02961,207
385,819406, 678
54,391
363, 69874, 81773, 584
8,946373, 590
84, 555407, 527100,00
• 942, 800•313,900• 766,100
84
4,942
451.4
1,226987239
707,112416,125735,997724, 647300,816
83,76237, 74087,64989,86885, 400
240,315192, 520248, 708243,89096, 344
11.30
254,792119,000270, 069261, 48570,000
385,961375, 66764,685
332,67175, 62675, 096
9,476382, 69198,165
369, 223100.00
783, 700304,100769,400
88
4,710
386.9433.6
675541134
643, 472385,086676,795662,996307, 643
80,65038,15581,44779,30083, 510
221,004181,840231, 686229,00097, 683
11.30
218, 65097, 225239, 403232,06176,000
372,344356, 96380,066
308, 75368, 62169, 235
8,862391, 58092, 609
360,047100.00
656,300267, 700694,300
85
4,346
390.2414.4
714550164
726, 594381,980732,694720, 730321,039
86,61039,07087,48484,42286,075
258,988178,880255,393252, 550100,365
11.30
244,15096,165
252, 040246,50981, 500
415, 792388,148107, 710
366, 88778,32277,404
9,780392, 60182, 380
392,317100.00
727,300272,000731, 800
430.7480.2
748586162
640,445354,868664, 594665,185323,650
86,23443, 28083, 70686,12885,970
237,156169, 705240,199240, 920101,015
11. 30
195,35074,950
217, 475215,04383, 500
404,973403, 542109,141
368, 94575, 45973,930
11,309381,86579, 724
362, 996100.00
688,000260,300696, 700
79
4,646
397.2424.8
1,074822252
629,447344, 235639,482634,235330,495
80,14538,79584, 82284,30289, 250
241,305166, 870237,088238,60098,480
11.30 |
193,67272,425
201,355195,34389,700
404,869425. 67588, 335
392, 21276, 72376,898
11,134373,04171,404
414, 526100.00
686, 700238, 700692, 300
78
4,555
390.3408.0
945755190
638,617347,135631,906626, 319335, 220
84,21538,50085,36385, 56589,000
230,732161, 569225,219230, 05893,925
11.30
208,61681,068
206, 055196, 50698, 250
399, 891401, 53886, 688
349, 94476,31674,359
13, 091384,87275, 863
397, 741100.00
692,000243, 300696,800
4, 773
407. 5436.2
760570190
594,904376, 893560, 472568, 696327, 440
71,14545, 39066, 60366, 40788, 500
218, 920177.400202, 468204,10893,000
11.30
198, 51387, 200187, 236192, 38094,100
385,027382, 05989, 656
313,11869,90370, 818
12,176416, 59576, 848
377,409100. 00
618,100268, 500583,800
64
4,324
360.5335.4
863669194
721,374417, 250684, 243680,005332,135
87, 44545,79087, 84787, 90888,440
263,150194, 945248,153243,04398,000
11.30
248,105108, 500225, 676226, 79592, 980
408, 761399,22399,194
318,04675, 74973, 746
14,179446, 96486, 044404,129100.00
890,200365,600821,600
86
5,681
447.6452.4
704554150
768,425475,159699, 796706, 642326, 385
87, 25045, 50086, 98387, 87088,160
272, 762211, 538251, 456251, 87898, 000
11.30
280, 775146, 500236, 977242, 74787, 210
377,147396, 31380, 028
356, 52868, 91967, 933
15,165444, 33585, 333353,410100. 00
873, 000360,900833, 800
87
5, 668
513.9472.0
763597166
• 804, 756500, 630765, 612768, 592322, 760
100,172' 45, 270' 93, 235r 96, 342' 85, 085
• 275, 816217, 785266, 393263, 717• 100, 500
11.30
• 288, 365• 166, ?00• 267, 024• 268, 577
85, 650
395, 766390, 01685, 778
399, 26273, 35075, 013
13, 502412,80575, 708
399,910100. 00
945, 000400, 600888, 500
94
6,171
482.0506.6
1,129944185
• 756.845• 485, 020• 762,172• 756, 345• 326, 935
' 92.150r 44, 500r 93, 339r 92, 850' 85, 200
' 261, 265' 208,195' 265, 228• 258, 455• 107,140
11.30
' 269, 340' 161,400' 269, 166' 270, 600r 84, 215
400, 288423,15162, 915
378, 62672,13072, 417
13, 215378, 57887, 677
386, 639100. 00
887, 000429, 800882, 800
93
5,665
453.9493.5
1,019758261
727, 500466, 365744, 000744, 000327.920
88, 00039, 50095, 00093, 00087, 200
243, 000195, 000258, 000255, 000110,000
11.300
266, 000161,500260, 000265, 00079, 200
381,312394, 56949, 658
372, 49769, 85472, 255
10, 814371,13174, 732
100. 00
801, 200359, 300827, 400
4,565
411. 7448.3
1,4981,114384
RUBBER AND RUBBER PRODUCTS
RUBBERNatural rubber:
Consumption long tons.Stocks, end of month do__.Imports, including latex and gnayule do...Price, wholesale, smoked sheets (New York)
dol. per lbChemical (synthetic):
Production long tons.Consumption do__Stocks, end of month do__.Exports do__.
Reclaimed rubber:Production do__.Consumption do__Stocks, end of month _do__.
TIRES AND TUBES
Pneumatic casings:Production thousands.Shipments, total do__.
Original equipment do_.Replacement equipment do__Export do...
Stocks, end of month do...Exports do__.
Inner tubes:Production do__.Shipments do...Stocks, end of month do__Exports do...
45,985141, 54187, 635
.189
42,13335, 446
115, 111486
21, 43021,37732,630
5,7025,4412,2992,953
18910,698
188
5,0324,7239,641
135
50,188125,05067, 680
.192
36, 765118, 357
632
19,74119,03132,868
5,8965,2852,3042,855
12711, 339
179
5,0624,9269,815
130
46,285118, 80357,176
.185
36,10334, 611
118,932342
18, 27017,71232, 738
5,8914,8662,1722,589
10512, 385
161
4,9224,406
10, 442142
53,108117, 66456,679
.191
36,06338, 746
116, 843975
19,99119, 50833, 397
6,5785,9032,5193,229
15513,091
142
5,9485,174
11, 231113
47,859112,91650,623
.185
35, 44536, 454114,944
509
18, 46318,64932,825
6,9596,6112,7713,718
12113,191
171
6,0595,39611,748
no
46,128111,87553,434
.178
32,33535, 267112, 739
622
18,18418, 32332, 326
6,9346,8242,3804,323121
13,301169
6,0885,296
12, 410127
47,117103, 62651,217
.163
31,95336, 949106,813
587
18,84919, 31630,684
7,3927,5353,2344,185116
13,134130
6,4306,40912, 466
89
40,597103,01746,187
.164
34,27030, 014113,595
691
14,62615,96629,126
6,2647,6943,0984,488
10811,717
120
5,2306,30011,364
80
45,30799, 85049, 579
.167
33,88534,419111,333
384
17, 81319, 29727, 526
6,2287,7683,1914,463
1159,970
133
5,1696,6039,858
72
43,978100, 61845,620
.176
30, 87832, 443110, 848
425
18, 30418, 51726, 257
5,6046,7463,0563,576
1148,936
123
4,9025,8438,916
81
51, 24390, 73347, 285
.163
28,01533, 687
103, 955425
20, 68319, 63826, 619
6,5006,8402,9423,740
1588,675
151
5,2965,5578,644
105
* 52,093r 99, 20867,152
.167
28,619' 31, 664
r 101, 430478
' 19, 382' 18, 512r 27, 801
6,0405,2671,7463,422
999,542
109
5,1554,2169,645
53
52, 681105, 039
.177
27, 23431, 44398, 205
19, 68418, 24728, 452
6,2755, 2342,1582,944
13110, 651
5,3394,22210, 713
T Revised.cf Revised data for 1948 are in accordance with those published in the Yearbook of the National Paperboard Association; comparable data prior to November 1948 arc shown in the 1949
STATISTICAL SUPPLEMENT to the SURVEY OF CURRENT BUSINESS.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-38 SURVEY OF CURRENT BUSINESS February
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments, reams. -
PORTLAND CEMENT
Production thous. of bbLPercent of capacity
Shipments thous. of bbLStocks, finished, end of month do_._Stocks, clinker, end of month do
CLAY PRODUCTS
Brick, unglazed:Production thous. of standard brick._Shipments doPrice, wholesale, common, composite, f. o. b. plant
dol. per thous. _Clay sewer pipe, vitrified:
Production short tons..Shipments do
Structural tile, unglazed:Production doShipments do
GLASS PRODUCTS
Glass containers:Production-.. _____.___.___._- .thous. of gross..Shipments, domestic, total do
General-use food:Narrow-neck food doWide-mouth food (incl. packers' tumblers)
thous. of gross._Beverage (returnable and nonreturnable)
thous. of gross..Beer bottles - - doLiquor and wine ..doMedicinal and toilet doChemical, household and industrial doI)airy products doFruit jars and jelly glasses do
Stocks, end of month doOther glassware, machine-made:
Tumblers:Production thous. of dozens. _Shipments doStocks --do
Table, kitchen, and householdware, shipmentsthous. of dozens. _
GYPSUM AND PRODUCTS
Crude gypsum:Imports _-. thous. of short tons..Production - d o
Calcined, production doGypsum products sold or used:
Uncalcined ..short tons_.Calcined:
For building uses:Base-coat plasters doKeene's cement doAll other building plasters doLath thous. of sq. ft__Tile doWallboardc?-- do
Industrial plasters
122, 239
17, 42584
12, 74111, 0843,781
483, 574413, 324
23.868
124, 647100, 836
103, 51494, 289
6,7516,026
569
1,731
250332872
1,564417281
118,745
4,8354, 3478,245
2,785
8951,8271, 607
612, 919
490, 29712,419
139, 265649, 924
6, 991729, 939
125,701 i 131,393
15,26173
8,75617, 5915,475
389,199307, 702
24.085
116,01583, 965
100, 39885, 222
7,3026,203
601
1,761
159278811
1,79250727716
9,459
4,7224,2888, 366
2,959
13, 75173
9, 13422, 2066,752
345, 696289, 331
24.060
114,31180, 815
101,05989, 899
6,5016,029
589
1,667
218327799
1,60554024439
9,713
4,7074,4508,693
3,084
143, 753
15, 43974
14, 53923,104
7,764
399, 729380, 361
24.050
124, 781112, 870
117, 742105, 978
7,2886,929
645
1,822
396464
1,0351,678
56326264
9,801
4,7965,0388,474
3,645
1,4061,382
397, 76310, 263
108, 453512,0156, 05.
132, 813
17, 68285
17, 77922, 9777,560
420, 477407, 003
24.021
125, 128112, 584
114, 878100, 093
7,0356,869
649
1,763
538480841
1,612587251148
9,763
4,6214,9058,270
3,264
120, 863
18, 62286
19, 42622,1707,440
459, 671433, 772
24.002
126, 612117, 523
112,150112, 997
7,6637,811
715
2,020
816567840
1, 666628227333
9,374
5,2425,0558,615
3,672
123, 343
18, 27987
20, 66719, 7856,922
488,860464, 536
24.000
125,012121,010
111,533111,846
8,0367,928
701
2,084
1,025646837
1,584553242255
9,270
4,6084,9938,154
3,368
1, 5901,313
485, 097
443, 06911,734
108, 400393, 7256, 991
111,262
18,85687
19,32119, 3136,212
449,182444,523
23. 964
105,703111,298
120, 780105,648
8,1087,746
748
2,022
911538874
1,526561253311
9,425
3,8994,1977,689
2,528
132,950
18,71587
23. 63314,3815, 798
506, 890507, 886
24. 045
126,139132,431
121,209118,388
8, 6628, 933
1,108
2,528
486443942
1,992728346359
8,906
4,9075,1577,715
3,323
144, 716
19,18192
22, 76310, 7974,461
492,123500, 344
24.043
123, 021129, 811
109, 675115, 559
7, 5507,981
1,164
1,965
206317
1,1211, 975687341205
8,318
4, 7704,7347,618
3,349
9911, 6151,418
473, 462
514, 53112, 659
118, 814538, 4279, 341
148, 461
' 19, 06988
21, 2778,5693,610
511, 501526,164
24. 010
122, 020136, 580
111,161107, 601
8,2837,737
7601 2,157
164298
1,3592,024652308i 15
8,602
5,5215,4367,676
3,801
126, c
18, 04086
17, 269'9,341' 3, 356
491,254499, 371
' 24. 045
126,101120, 750
107,355101, 739
' 632
1 1, 861
176304
1,227' 1,887
' 611255
' i 108,681
4,9404. 961
522
1 1,701
228333968
1,823444304
0)9,039
7, 615
3, 647
.short tons. 55, 067
629, 052
57, 575
574, 797
57, 052
610,334
54, 958I
TEXTILE PRODUCTS
CLOTHINGHosiery:
Production thous. of dozen pairs.-Shipments _____ doStocks end of month do _.
COTTON
Cotton (exclusive of linters):Production:
Ginnings§ thous of running balesCrop estimate, equivalent 500-lb. bales
thous of balesConsumption balesStocks in the United States, end of month, total
thous. of bales._Domestic cotton, total _ - _ _ do. _-
On farms and in transit do _Public storage and compresses _ do.Consuming establishments do
Foreign cotton, total do
11, 2809, 663
25,051
13,430
675, 466
'12,526'12,410
' 2, 0508,7851,575
116
11,16510, 93925,420
14,140
674, 283
11,47011,361' 1, 603
8,2031,554
110
11, 24311, 40825,234
640,179
10,34610, 247
' 1, 1677,5321,548
99
12, 00912, 80824, 386
2 14, 580
2 14, 868721, 378
9,0198,925' 775
6, 6571,492
95
11,15811,71423,820
598, 502
7,8777,786
5575,8421,385
91
11,02410, 89823,938
580, 476
6,8366,754
4795,0571,216
83
11, 78611,20525,800
600,651
5,7815,705'319
4,388998
76
9,6939,450
26,044
298
454, 426
5,283'5 ,214
' 2 5 14,128
83469
12, 35412,80925, 589
1,247
664,133
18, 829' 18,771
14,194' 3,942
'635' 5 8
12, 99713, 88324, 703
5,309
709, 958
18, 36918, 30511, 4876,120
69864
13, 56414, 52623, 741
9,544
725, 602
' 17, 403' 17, 328
7,9078,3441,077
75
13, 90514, 43423, 212
13, 976
771, 833
16, 548' 16, 483
4,57610, 5011,405
65
12, 65311, 63524, 230
15, 641
316, 034734, 013
15, 36915, 3043,036
10, 6641,604
65
«• Revised. i Data for wide-mouth food containers include jelly glasses in October and November 1949 and both jelly glasses and fruit jars in December 1949.2 Total ginnings of 1918 crop. 3 December 1 estimate of 1949 crop.^Includes laminated board, reported as component board. §Total ginnings to end of month indicated.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1950 SUEVEY OF CURKENT BUSINESS S-39
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1948
Decem-ber
1949
January Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
TEXTILE PRODUCTS—Continued
COTTON—Continued
Cotton (exclusive of linters)—ContinuedExports bales..Imports doPrices received by farmers dol. per lb.-Prices, wholesale, middling, 1Me / /, average, 10
markets dol. per lb__Cotton linters:
Consumption thous. of bales..Production doStocks, end of month do
COTTON MANUFACTURES
Cotton cloth:Cotton broad-woven goods over 12 inches in width,
production, quarterly mil. of linear yards..Exports thous. of sq. yd-_Imports doPrices, wholesale:
Mill margins cents per lb._Denims, 28-inch dol. per yd. .Print cloth, 38^-inch, 64 x 60 doSheeting, unbleached, 36-inch, 56 x 60 do
Cotton yarn, Southern, prices, wholesale, mill:22/1, carded, white, cones do!, per lb._40/1, twisted, carded, skeins do
Spindle activity (cotton system spindles):Active spindles, last working day, total.__thous__
Consuming 100 percent cotton doSpindle hours operated, all fibers, total. _mil. of hr_ _
Average per spindle in place hours..Consuming 100 percent cotton mil. of hr__
Operations as percent of capacity
RAYON AND MANUFACTURES AND SILK
Rayon yarn and staple fiber:Consumption:
Filament yarn mil. of lb__Staple fiber do
Stocks, producers', end of month:Filament yarn doStaple fiber do
Imports thous. of lb._Prices, wholesale:
Yarn, viscose, 150 denier, first quality, mini-mum filament dol. per lb__
Staple fiber, viscose, 1H denier doRayon broad-woven goods, production, quarterly
thous. of linear yards. _Silk, raw:
Imports thous. of lb__Price, wholesale, Japan, white, 13/15 (N. Y.)
dol. perlb_.WOOL
Consumption (scoured basis) :§Apparel class thous. of lb__Carpet class do
Imports doPrices, wholesale, Boston:
Raw, territory, 64s, 70s, 80s, scoured__dol. perlb__Raw, bright fleece, 56s, greasy doAustralian, 64s, 70s, good topmaking, scoured, in
bond dol. per lb__
WOOL MANUFACTURES
Machinery activity (weekly average) :§Looms:
Woolen and worsted:Pile and Jacquard thous. of active hours..Broad doNarrow do
Carpet and rug:Broad doNarrow do
Spinning spindles:Woolen doWorsted do
Worsted combs doWool yarn:
Production, total § thous. of lb__Knitting§ doWeaving! doCarpet and other§ do
Price, wholesale, worsted yarn (Bradfordweaving system) 2/32s dol. perlb__
521,5685,443.296
.322
114204
2,261116, 046
2,216
33.99.338.158.172
.666
22, 04320, 7769,102
3838,544104.1
75.021.2
11.14.6
4,344
.770
.370
542,401
614
2.60
37, 09919, 00039, 495
1.790.560
1.801
772,106
159103
84,11391,989
165
66, 8986,958
41,16618, 774
3.350
402,92312, 244
.293
.326
123188671
102,3212,270
32.78.338.155.170
.659
.882
22,18620,9278,940
3768,425112.0
69.817.815.26.2
2,824
.770
.370
1,018
2.60
29, 62416, 92842, 870
1.800.560
1.925
852,153
23
17297
82, 54785,177
164
54, 6885,584
32, 76016, 344
3.410
496, 5788,533.291
.326
119159667
88,1721,765
32.30.338.152.170
.642
.862
21,95020, 7588,425
3557,966112.3
63.514.7
20.39.7
1,827
.770
.370
1,215
2.60
27, 68815, 67639, 745
1.800.560
1.925
801,987
27
172
78,00680,209
156
52,2085,232
31,17615, 800
3.425
576,8467,595.287
.326
134144
' 2, 25793, 5252,411
31.35.317.146.170
.629
.827
21,51520, 4259,352
3938,922106.8
'57.97.8
32.916.2
1,433
.770
.370
512, 663
423
2.60
29,11018, 57531, 272
1.800.560
1.925
24
171
67,40473,066
142
59,4356,485
34, 36018, 590
3.425
591,1054,497.299
.330
12099
660
79,3551,188
29.94.303.138.170
.612
.789
20,86419, 8017,776
3277,44297.9
'47.96.2
44.119.1718
.770
.370
20,15212, 84024, 511
1.800.560
731,543
26
15875
68, 20159, 803
110
45,9365,056
27,05613, 824
3.395
463, 9783,014
.300
.329
126
74,3171,616
28.76.303.131.168
.604
.776
20,93619, 8627,737
3257,35893.8
52.17.8
49.820.4297
.746
.362
48
2.60
21,57612, 26422,118
1.781.556
11. 675
791,669
14374
75,64163,969
115
49,3564,996
31, 25613,104
3.375
4,057.301
.328
12258
503
' 2,00481,115
649
27.75.303.126.163
.598
.764
20, 56819, 4647,975
3377,50695.8
56.810.9
49.718.9106
.710
.350
435, 699
460
2.60
28, 78511,41529, 878
1.725.545
11.675
1,74625
120
76,25769, 738
123
60, 4956,650
41,12012,725
3.375
221,94111,218
.301
.321
10344
456
65,886822
28.18.303.128.161
.600
.764
20,13719,0125,988
2555,63779.6
'58.813.7
48.616.8
32
.710
.350
90
2.60
22, 6366,520
23,082
1.600.545
11.675
671,620
25
7041
72,03062,884
122
42,8844,916
31,1246,844
3.375
167,6165,324.293
.310
13663
385
60,0181,057
30.61.303.144.160
.610
.772
20,94119,7478,827
3778, 267102.5
69.219.4
41.912.8468
.710
.350
27
29, 24410, 58838,046
1.525.545
11.675
831,960
30
12465
88,83181, 906
145
56,0966,544
38,41611,136
3.375
211,37 255,88 9
.297
.300
141182411
1,94266,384
1,198
34.70.303.163.165
.620
.799
21,18019,9759,287
3968,725115.2
74.822.7
31.17.8257
.710
.350
451, 903
25
2.60
36,16013,35039, 252
1.525.545
11.675
791,926
26
12565
82, 77890,413
151
46, 23514,030
3.244
415,08813, 789
.287
.296
143227468
60,3832,167
36.08.303.166.167
.639
.823
21, 45020, 2159,540
4098,978123.3
74.9'25 .2
24.7' 4 . 5
767
.710
.350
164
2.60
' 33, 51213,03246,456
1.525.545
11.675
90r 2, 283
'91,983110,119
176
62,3567,624
41, 23213,500
2.850
433, 59612,419
.278
.298
132235
'531
52, 8112,310
38.17.303.170.169
.647
.823
21,55720,31410,021
4299,442124.8
'75 .7'24 .3
' 18.93.5
2,952
.710
.350
133
2.65
29,12014,02046,158
1.525.545
1.375
2,25130
139
86, 07398, 298
167
57, 5806,808
36,87613, 896
2.912
.265
.303
131203
38.05.303.170.170
.647
.823
21,47620,2419,781
4199,206124.7
79.923.9
14.32.9
.710
.350
2.68
1.562.552
1.375
2.975r Revised. *> Preliminary. l Nominal price.§ Data for December 1948 and March, June, and September 1949 are for 5 weeks; other months, 4 weeks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-40 SUBVEY OF CURRENT BUSINESS February 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
194S*
Decem-ber
1949
January Febru-ary March April May June July August Septem-
ber October Novem-ber
Decem-ber
TEXTILE PRODUCTS—Continued
WOOL MANUFACTURES—Continued
Woolen and worsted woven goods, except wovenfelts:
Production, quarterly, total thous.of lin. yd_.Apparel fabrics total do
Government ordersOther than Government orders tota
Men's and boys'"Women's and children'sUnclassified
BlanketingOther nonarjnarel fabrics
dododododododo
Prices, wholesale, f. o. b. mill:Suiting, unfinished worsted, 13 oz-.dol. per yd._Women's dress goods, flannel, 8 oz, 54-inch
dol. per yd.,
MISCELLANEOUS
Fur sales by dealers thous- of dol
115,48399,7673,651
96,11639,71149,1307,2755,9909,726
3.589
2.698
1,416
3.589
2.722
3,033
3.589
2.722
2,471
102,25087,5564,953
82,60334, 42040, 6347,5495,5559,139
3.589
2.722
1,532
3.589
2.722
1,487
3.589
2.722
1,981
91, 92175, 9373,218
72, 71933, 22730, 3449,1485,704
10, 280
3.589
2.722
1,769
3.459
2.475
3.069
2.475
108, 27391, 7453,613
88 13235, 26945 0147,8496,165
10,363
3.069
2.475
3.069
2.475
3.069
2.475
3.069
2.475
TRANSPORTATION EQUIPMENT
AIRCRAFT
Civil aircraft, shipments J1 - _. - number-Exports do.--
MOTOR VEHICLES
Factory sales, total number..Coaches, total do
Domestic doPassenger cars, total do
Domestic doTrucks, total do
Domestic..- do
Exports, total doPassenger cars doTrucks do
Truck trailers, production, total doComplete trailers do
Vans doAll other. do
Chassis shipped as such doRegistrations:
New passenger cars doNew commercial cars do
RAILWAY EQUIPMENT
American Railway Car Institute:Shipments:
Freight cars, total number..E quipment manufacturers, total do
Domestic d o —Railroad shops, domestic do
Passenger cars, total doEquipment manufacturers, total. do
Domestic doRailroad shops, domestic do
Association of American Railroads:Freight cars (class I), end of month:§
Number owned thousands..Undergoing or awaiting classified repairs
thousands-.Percent of total on line
Orders, unfilled number..Equipment manufacturers. doRailroad shops do
Locomotives (class I), 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 doSteam doOther do.__.
INDUSTRIAL ELECTRIC TRUCKS ANDTRACTORS
Shipments, total number-Domestic doExport... do
235183
486,981824763
378,455360, 986107, 70290,667
42,47618, 82223,6543,4263,2991,9351,364
127
311,41970,282
10,4917,8887,3642,603
1,755
804.7
84,16153,11831,043
2,4397.5
726012
1,5611,561
0871077
23719443
160139
431,276658618
326,019312,199104, 59991,282
29,13113, 53615, £952,7662,6951,4901,205
71
273,16166,423
9,4276,6446,1302,783
9182719
1,757
5.281,68351,00730,676
2,4797.7
736211
1,4901,490
0811467
20418420
257161
426,665418326
324, 547310,343101, 70088,540
27,16612,67614, 4902,2962,1811,095
115
258,21867, 537
10,8007,9067,4212,894
8075
1,761
915.4
73,38446,40326,981
2,5047.8
433310
1,4521,452
050842
27025515
399196
518,118545423
402,402385,834115,17199,925
31,71715,67316, 0442,6342,5101,2541,256124
360, 58487,165
12,6269,6748,9582,952
7674
1,763
945.5
63,41038,65424,756
2,6508.3
35269
1,2871,287
0481038
24721433
452223
543,118514494
436,392422,149106,21291,808
30,00414, 59815, 4062,7602,5681,2311,337192
390,93278,857
11,184
8,4992,288
8585850
1,767
5.753, 97530,85023,125
2,6028.3
381721
1,1341,134
01134370
19914257
474
481,467564511
394, 703380,48986,20075, 518
25, 09412,42012, 6742,7522,6311,4261,205121
446,25186,375
9,532
6,8792,646
9595770
1,770
1096.4
45, 05723,81621,241
2,7378.8301020
1,0431,043
0907
83
17929
439189
593,640632522
493,882480,009
99, 12689,174
22,64812, 02810, 6202,8172,6861,5751,111
131
432,47079,069
9,1485,8325,8053,316
1,771
1136.6
36,33119,36816,963
2,6658.7
291019
01236954
20517530
301156
579,048439399
483, 261471,75295,34885, 427
i 24,27512, 993
i 11,2822,1972,1091,314
795
448, 47776, 866
6,6453,8663,6552,779
1,769
1267.4
31,74616, 47415, 272
2,8339.3
257
18
16813335
272
657, 664444420
557,370544, 63099,850
i 20, 23410,853i 9,3812,eoi2,5041,4821,C22
97
478,55685, 539
7,1844,2514,245
1,767
1257.3
26, 59913,47313,126
2,949
236
17873873
0641252
20218319
284143
626,180298274
534, 493521, 52491,38982,487
i 21,38712, 326i 9,061
459, 64789, 253
6,2013,9963,9362,205
9393870
1,766
1247.3
20,6099,419
11,190
2,99210.0
215
16775775
0804
76
18516817
228170
572,917322275
487,891476,461
84, 70476, 584
i 20,06711,21618,851
465,765
4,5372,8332,8281,704
909084
0
1,765
1327.7
16,1836,4429,741
3,18910.8
172
15816816
0622537
25423519
455,008308279
381,951373,838
72, 74966,090
i 17,1059,145
i 7, 9f)0
409, 70279,699
4,4562,7292,6491,727
8585760
1,763
1307.7
12,6614,1228,539
3,29711.3
151
14954954
0655
22719730
r Revised.i Data beginning May 1949 for aircraft exports, and beginning July 1949 for truck exports and total motor-vehicle exports are not comparable with earlier figures; see note " i " for p. S-21.cf Publication of data for military shipments and the total, previously shown here, has been discontinued by the Civil Aeronautics Administration§ Not including railroad-owned private refrigerator cars.
U. S. GOVERNMENT PRINTING OFFICE: 1 9 5 0
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40-
Abrasive paper and cloth (coated). _AcidsAdvertisingAgricultural income and marketingsAgricultural wages, loansAirline operations.
Pages marked S382472
1522
Aircraft 11,12,14,40Alcohol, denatured and ethyl .- 24Alcoholic beverages 2,27Aluminum 33Animal fats, greases 25Anthracite 2,5,10,12,14,15,34Apparel, wearing 5,7,8,9,11,12,14,15,38Armed forces 10Asphalt and asphalt products 36Automobiles 2,3,7,8,9,11,12,14,18,21
Balance of payments 20Banking 15,16Barley .__ 28Barrels and drums 32Battery shipments 34Beef and veal 29Beverages, alcoholic 2,27Bituminous coal 2, 5,10,12,14,15,34,35Boilers 33,34Bonds, issues, prices, sales, yields 19Book publication 37Brass 33Brick _ 5,38Brokers' loans 16,19Building contracts awarded 6Building costs 6,7Building construction (see Construction).Building materials, prices, retail trade 5,7,8,9Business, orders, sales, inventories 3Businesses operating and business turn-over __ 4Butter 27Candy 29Cans, metal 33Capital notations 18,19Carloadings 22,23Cattle and calves 29Cement _- 2,5,38Cereal and bakery products, price 5Chain-store sales 9Cheese 27Chemicals 2,3,5,11,12,14,15,18,21,24Cigars and cigarettes 30Civil-service employees 12Clay products (see also Stone, clay, etc.) 2,38Clothing 5,8,9,11,12,14,15,38Coal 2,5,11,12,14,15,34,35Cocoa 29Coffee _ 22,29Coke 2,35Commercial and industrial failures 4Construction:
New construction, dollar value . 6Contracts awarded 6Costs 6,7Dwelling units started 6Highway 6,12Employment, wage rates, earnings, hours __ 10,
11,12,13,14,15Consumer credit 16Consumer expenditures 1, 8Consumers' price index 5Copper - 21,33Copra and coconut oil 25Corn 19,28Cost-of-living index (see Consumers' price
index) 5Cotton, raw, and manufactures 2,
4,5,11,12,13,14,21,38,39Cottonseed, cake and meal, oil 25Crops 2,4,25,28,30Currency in circulation 18
Dairy products 2,4,5,27Debits, bank _ . . 15Debt, short-term, consumer. 16Debt, United States Government 17Department stores : 8, 9,10,16Deposits, bank 15,16,18Disputes, industrial ___ 13Distilled spirits . 27Dividend payments and rates 1,18, 20Drug store sales 8,9Dwelling units started _, 6
Earnings, weekly and hourly 13,14,15Eggs and poultry 2,4,29Electrical equipment 3,4,7,34Electric power, production, sales, revenues 26Employment estimates 10,11,12Employment indexes 11Employment security operations 13Emigration and immigration 23Engineering construction 6Expenditures, United States Government 16Explosives 24Exports (see also individual commodities) 21Express operations 22
Factory, employment, pay rolls, hours, wages. _ 10,11,12,13,14,15
Failures, industrial and commercial 4Farm income and marketings 2Farm wages 15Farm products, and farm prices 2,4Fats and oils 5,25,26Federal Government, finance 16,17Federal Reserve banks, condition of 15,16Federal Reserve reporting member banks 15,16Fertilizers 5,24Fiber products 34
Pages marked SFire losses 7Fish oils and fish 25, 29Flaxseed 25Flooring 31,32Flour, wheat 28Food products 2,3,
4, 5, 7,8,9,11,12,13,14,27,28,29,30Footwear 2,5,8,9,11,12,14,31Foreclosures, real estate 7Foreign trade, indexes, shipping weight, value
by regions, countries, economic classes, andcommodity groups 21,22
Foundry equipment 34Freight cars (equipment) 40Freight carloadings, cars, indexes 22, 23Freight-car surplus and shortage 23Fruits and vegetables 2,4,5,21,27Fuel equipment and heating apparatus 33,34Fuel oil ___ 35Fuels 2,5,35Fur 22,40Furnaces 34Furniture 2,5,7,8,9,11,12,13,14
Gas, customers, sales, revenues 26Gasoline . 36Glass and glassware (see also Stone, clay, etc.)- 2,38Generators and motors 34Glycerin 24Gold . . . 18Grains 4,19,21,28Gross national product 1Gypsum 38
Heating and ventilating equipment 33,34Hides and skins 5,22,30Highways 6,7Hogs __., 29Home-loan banks, loans outstanding 7Home mortgages 7Hosiery 5,38Hotels 11,13,15,23Hours of work per week 12,13Housefumishings 5,7,8,9Housing 5,6Immigration and emigration 23Imports (see also individual commodities) 21, 22Income, personal 1Income-tax receipts 16Incorporations, business, new 4Industrial production indexes 2,3Instalment loans 16Instalment sales, department stores 9Insulating materials 34Insurance, life 17,18Interest and money rates „., 16International transactions of the U. S 20, 21, 22Inventories, manufacturers' and trade 3,9,10Iron and steel, crude and manufactures 2,3,
4,5,11,12,13,14,21,32,33
KeroseneLabor forceLabor disputes, turn-over.Lamb and muttonLardLead.
_. 3510
__ 13292933
Leather and products 2,3,5,11,12,14,30,31Linseed oil, 25Livestock 2,4,29Loans, real estate, agricultural, bank, brokers*
(see also Consumer credit) 7,15,17,19Locomotives 40Looms, woolen, activity 39Lubricants 35Lumber 2,5,11,12,14,31,32Machine activity, cotton, wool. _. 39Machine tools 34Machinery 2,3,4,11,12,14,18,21,34Magazine advertising 7Mail-order houses, sales 10Manufacturers' sales, inventories, orders 3,4Manufacturing production indexes 2,3Meats and meat packing 2,4,5,11,12,13,14,29Metals 2,3,4, 5,10,11,12,13,14,18,32,33Methatiol 24Milk 27Minerals 2,3,12,14,15Money supply 18Mortgage loans . 7,15Motor fuel 36Motor vehicles 8,40Motors, electrical 34National income and product. 1Newspaper advertising 7Newsprint 22,37New York Stock Exchange 19, 20
Oats 28Oil burners 34Oils and fats 5,25,26Oleomargarine 26Operating businesses and business turn-over. _ 4Orders, new, manufacturers' . 4
Paint and paint materials 5, 26Paper and pulp 2,3,5,11,12,14,36,37Paper products 36,37Passports issued 23Pay rolls, indexes 12Personal consumption expenditures 8Personal income 1Personal savings and disposable income 1Petroleum and products 2,3,
5,10,11,12,14,15, 21, 22,34,35,36Pig iron 32
Pages marked SPlant and equipment expenditures 1Plastics and resin materials, synthetic 26Plywood 31Population 10Pork 29Postal business. _ 8Postal savings 16Poultry and eggs 2,4,5,29Prices (see also individual commodities):
Consumers' price index 5Received and paid by farmers 4Retail price indexes 5Wholesale price indexes 5
Printing 2,3,11,12,15,37Profits, corporation 18Public utilities... 1,5,10,11,13,14,15,17,18,19, 20Pullman Company 23Pulpwood 36Pumps 34Purchasing power of the dollar 5
Radio advertising 7Railways, operations, equipment, financial sta-
tistics, employment, wages __ 1,11,12,13,14,15,17,18,19,20,22,23,40
Railways, street. (See Street railways, etc.)Rayon, and rayon manufactures 2,5,39Real estate 7Receipts, United States Government 16Reconstruction Finance Corporation, loans 17Refrigerators 34Rents (housing), index 5Retail trade, all retail stores, chain stores, de-
partment stores, mail order, rural sales, gen-eral merchandise 3,4,8,9,10
Rice 28Roofing and siding, asphalt 36Rosin and turpentine 24Rubber, natural, synthetic, and reclaimed,
tires and tubes 22,37Rubber industry, production index, sales, in-
ventories, employment, pay rolls, hours,earnings 2,3,11,12,14,15
Rye 28
Savings deposits 16Savings, personal 1Securities issued 18,19Service industries, employment 11Sewer pipe, clay. 38Sheep and lambs 29Shipbuilding 11,13,14Shoes 2,5,8,9,11,12,14,31Shortenings _. 26Silk, imports, prices 5, 22,39Silver _ 18Skins 5,22,30Slaughtering and meat packing 2,
11,12,13,14,29Soybeans, and soybean oil 25Spindle activity, cotton, wool 39Steel ingots and steel manufactures (see also
Iron and steel) 32,33Steel, scrap 32Stocks, department stores (see also Manufac-
turers' inventories) 10Stocks, dividends, issues, prices, sales, yields.- 20Stokers, mechanical 34Stone, clay, and glass products 2,
11,12,13,14,38Stoves 34Street railways and buses 13,14,15, 22Sugar 22,30Sulfur . 24Sulfuric acid 24Superphosphate 24Tea 30Telephone, telegraph, cable, and radio-tele-
graph carriers 10,13,14,15,23Textiles 2,3,5,11,12,13,14,21,38,39,40Tile 38Tin : 22,33Tires and inner tubes. __ 5,11,12,14,15, 37Tobacco „ 2,3,4,7,11,12,13,14,30Tools, machine 34Trade, retail and wholesale.. 3,4,8,9,10,11,13,14,15Transit lines, local 15,22Transportation, commodity and passenger 22, 23Transportation equipment 2,3,4,11,12,13,14,40Travel 23Truck trailers 40Trucks 40Turpentine and rosin 24
Unemployment and unemployment compensa-tion 10,13
United States Government bonds 17,18,19United States Government, finance 16,17Utilities 1,5,10,11,13,14,15,17,18,19, 20
Vacuum cleaners 34Variety stores 8,9Vegetable oils 25, 26Vegetables and fruits 2,5,21,27Vessels cleared in foreign trade 23Veterans' unemployment allowances 13
Wages, factory and miscellaneous 13,14,15Washers 34Water heaters 34Wax 36Wheat and wheat flour 19, 28Wholesale price indexes 5Wholesale trade 10Wood pulp 36Wool and wool manufactures 2.5,22,39,40
Zinc. 33
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
for 1949rummaru
MAJOR BUSINESS INDICATORS, 1939-49Item
National Income and Product
Gross national product, total (bil. of dol.)_Personal consumption expendituresGross private domestic investmentNet foreign investmentGovernment purchases of goods and
servicesNational income (bil. of dol.)
Personal IncomeTotal (bil. of dol.) .
Wage and salary receipts, totalTotal employer disbursements
Commodity producing industries. _Distributive industriesService industriesGovernment
Less employee contributions for so-cial insurance
Other labor income.Proprietors' and rental income-Personal interest income and dividendsTotal transfer payments
Total nonagricultural income _New Plant and Equipment ExpendituresAll industries, total (mil. of dol.)
Electric and gas utilitiesManufacturingMining —Railroad and other transportation.Commercial and miscellaneous.
ProductionFarm marketings, physical volume, total
(1935-39=100) - . . -CropsLivestock _
Industrial production, total (1935-39=100)
ManufacturesDurable manufactures _Nondurable manufactures
Minerals. -Selected commodities, production:
Coal, bituminous (thous. of short tons).Crude petroleum (mil. of bbls.)Electric power, industrial and utility
(mil. of kw. hrs.)Lumber (mil. of board feet)Steel ingots and steel for castings
(thous. of short tons)Motor vehicles, factory sales, total
(thous.)
Trucks and coaches...Business Sales. Inventories, New OrdersBusiness sales, total (mil. of dol.)
Manufacturing, totalDurable-goods industriesNondurable-goods industries
Wholesale, total. _Durable-goods establishmentsNondurable-goods establishments
Retail, totalDurable-goods storesNondurable-goods stores
Business inventories, book value, averageof month-end data (mil. of dol.)..
Manufacturing, totalDurable-goods industries.Nondurable-goods industries
Wholesale, total .._Durable-goods establishmentsNondurable-goods establishments
Retail, totalDurable-goods storesNondurable-goods stores
Manufacturers' new orders, net.Prices
Prices received by farmers (1910-14=100).Consumers' price index (1935-39=100)...Wholesale prices (1926= 100):
All commodities, combined indexFarm productsFoods _Allother
By economic classes:Raw materialsSemimanufacturesManufactured products
1939 1945 1946 1947 1948 1949*
91.367.5
13.172.5
72.645.145.717.413.36.98.2
.6
.514.79.23.0
66.3
5,200480
1,930380560
1,850
109111108
109109109109106
394,8551,265
161,308^28,755
52, 798
3,5772,867
710
133,40061,34022,454
30,0577,193
22,86442,04210,37931,663
19,20010,8124,8215,9913,048
9552,0935,3831,7973,587
9599.4
77.165.370.481.3
70.277.080.4
215. 2123.110.7-1.4
82.8182.7
171.9115.3117.745.924.711.535.6
2.31.537.511.46.2
155.7
6,630630
3,210440870
1,480
140127150
203214274166137
577,6171,714
271, 25528,122
79, 702
36170291
290,100154,48172, 50481,97759,79910, 78749,01275,78112,28563,496
30,70019,0309,5849,4464,1011,0433,0587,6101,8115,799
206128.4
105.8128.2106.299.7
116.895.9
101.8
212.6147.829.54.7
30.7179.6
176.9109.4111.546.030.813.720.9
2.01.6
41.213.211.4
158.5
12,0401,0405,910560
1,2303,300
141135145
170177192165134
533,9221,734
269,60934,158
3,0902,149941
333,600154,07557,33396, 74279,20816,62962,579100, 29822,61177,687
36,30021,44910,08411,3655,4591,5263,9339,3942,5966,798
168,041
234139.3
121.1148.9130.7109.5
134.7110.8116.1
235.7166.931.1
28.8201.7
193.5120.2122.354.335.215.217.5
2.11.8
45.114.811.7
173.5
16,1801,9007,460690
1,7104,430
146146145
187194220172149
630,6241,857
307,40035,404
84,894
4,7983,5581,240
417,100205,10582, 597122,50893,05422,32270, 732118,90832,14286,766
48,40028,17713,47414,7028,0782,4835,59512,1574,2167,940
201,216
275159.2
152.1181.2168.7135.2
165.6148.5146.0
262.4178.845.01.9
36.7
226.2
211.9133.1135.260.439.216.619.1
2.12.0
49.516.211.1
188.8
19,2302,6808,340800
2,0205,390
141147136
192198225177155
599,5182,016
336,80936,051
88,640
5,2853,9091,376
458,300228,00894,713133,295100,26325,53274,731130,04238,00892,034
55,70032,16615,09017, 0769,1443,0056,13814,4325,2779,155
224,329
285171.2
165.1188.3179.1151.0
178.4158.0159.4
257.4179.434.7- . 0
43.4221.5
209.8133. 5135. 757.340.217.321.0
2.22.1
44.817.412.2
191.4
17,9103,1607,130
7301,8505,040
147156141
176183201168135
435,0001,841
344,53832,052
77,861
6,2385,1091,129
431,500213,34089,055124,28589,99321,23668,757128,18339,87488,309
56.10032, 58415,28917,2959,2053,1686,03714, 2855,5078,778
205,255
249169.1
155.0165.2161.6147.3
163.9150.2151.2
Item
Construction
New construction, total (mil. of dol.)Private, total
Residential (nonfarm)Nonresidential, except farm and pub-
lic utility _Public utility. . . .
Public, totalResidentialMilitary and naval _.Nonresidential building __Highway
Employment Status of the Noninstitu-tional Population
Total 14 years of age and over, monthlyaverages (thous. of persons)
Labor force, inch armed forces, total. _.Armed forcesCivilian labor force
Employed, totalAgricultural employmentNonagricultural employment
UnemployedNot in labor force, total
Employment and WagesEmployees in nonagricultural establish-
ments, mo. avg., total (thous.)ManufacturingMiningConstructionTransportation and public utilitiesTrade. . .FinanceServiceGovernment _
Production workers, all manufacturing:Employment index, monthly averages
(1939=100)Payroll index, monthly averages
(1939=100)Average weekly hours per worker:
All industriesDurable-goods industriesNondurable-goods industries
Average hourly earnings (dollars):All industries _ _
Durable-goods industriesNondurable-goods industries
FinanceMoney supply, Dec. 31:
Currency in circulation (mil. of dol.)___Deposits, adjusted, all banks (mil. of
dol.):Demand, excluding U. S. depositsTime, including postal savings
Federal finance (mil. of dol.):Debt, gross, Dec. 31Budget receipts and expenditures:*
Receipts, netIncome and profits taxes
Expenditures, totalNational defense and related activi-
ties
Bond prices (dollars):Average, all listed bonds (N. Y. S. E.)
DomesticForeign
Stock prices (1935-39=100):Combined index (416 stocks)
Industrials (365 stocks)Public utilities (31 stocks). . . . .Railroads (20 stocks)
Foreign TradeExports and imports (mil. of dol.):
Exports, including reexportsGeneral imports
Indexes (1923-25=100):Exports of U. S. merchandise:
Quantity _ValueUnit value __
Imports for consumption:QuantityValueUnit value
TransportationRailroads (class 1):
Freight carloadings (thous. of cars)Freight carried 1 mile (mil. of ton-miles^Passengers carried 1 mile (millions).__!
1939 1945 1946 1947 1948 19491
6,3073,8082,114
785683
2,49965125859867
55,600370
55,23045,7509,61036,140
30,28710,078
8451,1502,9126,7051,3823,2283,987
100.0
100.0
37.738.037.4
.633
.698
.582
7,598
29,79327,059
41,961
4,9191,851
*8,888
1,358
91.4994.9255.49
94.294.898.674.7
3,1772,318
1107064
1085955
33,911364.72322, 657
4,8082,716684
1,014827
2,09271690652386
105,37065,14011,28053,86052,8208,58044,2401,04040,230
40,06915,302
8261,1323,8727,6851,3943,8915,967
157.0
293.5
43.444.142.3
1.0231.111.904
28,515
75,85148,452
278,115
43,92834,21287,522
78,752
102.89103. 4080.50
121.5123.3106.1136.9
9,8064,147
192215112
12310687
41,918726, 04691,745
10,4648,2533,183
3,3461,3742,211369188325778
106,37060,8203,30057, 52055,2508,32046,9302,27045,550
41,41214,461
8521,6614,0238,8151,5864,4085,607
147.8
271.1
40.440.240.5
1.0841.1561.012
28,952
83,31453,960
259,148
38,81029,07041,322
24,087
103.60104.0180.34
139.9143.4120.2143.0
9,7394,909
201213106
13012697
41,341632,53864, 698
14,32411,1795,260
3,1312,3383,145186204505
1,300
107,45861,6081,44060,16858, 0278,26649,7612,14245,850
43,37115,247
9431,9824,1229,1961,6414,7865,454
156.2
326.9
40.440.640.1
1.2371.2921.171
28,868
87,12156,411
256,900
41,01029,28638,576
14,541
102.03102.4873.98
123. 0128.0102.9105.3
715,3405,733
7 2687 3397 126
124148119
44, 502>96,83345, 929
1 Data for most items are preliminary.2 U. S. Forest Service estimates.3 Data are based on eleven months.4 Data for 1945-49 exclude (1) refunds of receipts and (2) payments to the Treasury, princi-
pally by wholly owned Government corporations, for retirement of capital stock and for dis-position of earnings.
s Excludes net expenditures of wholly owned Government corporations.«Includes 3 billion dollars transfer in June 1948 to Foreign Economic Corporation T n
Fund; expenditures subsequently made from this fund are excluded.7 Includes Army Civilian Supply shipments.8 Includes estimates for December.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis