SCB_111951

NOVEMBER 1951

ism

U. S. DEPARTMENT OF COMMERCE

BUREAU OF FOREIGN AND DOMESTIC COMMERCE

OFFICE OF BUSINESS ECONOMICS

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

SURVEY OF CURRENT BUSINESS

No. 11

NOVEMBER 1951

LôntenttPAGE

THE BUSINESS SITUATION 1National Product and Income, First Three Quarters

of 1951 . . . . . 4

* * *

SPECIAL ARTICLESU. S. Government Foreign Aid in Fiscal Year 1951 . . 11Financing Small Business in the Postwar Period . . . 17

* * *

MONTHLY BUSINESS STATISTICS . . . . S-l to S-40Statistical Index Inside Back Cover

Published by the U. S. Department of Commerce, C H A R L E S SAWYER,Secretary. Office of Business Economics, M. JOSEPH ME EH AN,Director. Subscription price, including weekly statistical supplement, is$3.25 a year; Foreign, $4.25 Single copy, 30 cents. Send remittances toany Department of Commerce Field Office or to the Superintendent of Docu-ments, United States Government Printing Office, Washington 25, D. C.Special subscription arrangements, including changes of address, should bemade directly with the Superintendent of Documents. Make checks payableto Treasurer of the United States.

Contents are not copyrighted and may be freely reprinted.

DEPARTMENT OF COMMERCEFIELD SERVICE

Albnquerqnfl, N. Mex. Memphis 5, Tenn.203 W. Gold Ave. 229 Federal Bid*.

Atlanta 3, Ga. Miami 32, Fla.50 Whitehall St. SW. 36 NE First St

Baltimore 2, Md. Milwaukee 1, Wis.200 E. Lexington St. 207 E. Michigan St.

Boston 9, Maea. Minneapolis 2. Minn.40 Broad St. 607 Marquette Ave.

Buffalo 3, N. Y. Mobile, Ala.117 Eilicott St* io9_13 St. Jo8eph St

Butte, Mont. New Orleans 12, La.306 Federal Bldg. 333 St. Charles Ave.

Charleston 4, S. C. New York 18, N. Y.c ArCa 2' T 2 West 43d Si.Sergeant Jasper Bldg.

Cheyenne, Wyo. Oklahoma City 2, Okla.410 Federal Office Bldg. 102 N. W. 3d St.

Chicago 1, 111. Omaha, Nehr.221 N. LaSalle St. 403 So. 15th St.

Cincinnati 2, Ohio Philadelphia 6, Pa.105 W. Fourth St* 1015 Chestnut St.

Cleveland 14, Ohio Phoenix, Ark.925 Euclid Are, 808 N. First St.

Dallas 2, Tex. Pittsburgh 22, Pa.1114 Commerce St. 717 Liberty Are.

Denver 2, Colo. Portland 4, Oreg.142 New Custom House 520 S W. Morrison St.

Detroit 26, Mich. Providence 3, R. I.230 W. Fort St. 327 Post Office Annex

El Paso 7, Tex. Reno. Nev.310 San Francisco St. 1479 Wells Ave.

Hartford 1, Conn. Richmond 19, Ta.135 High St. 400 East Main St.

Houston 14, Tex. St. Louis 1, Mo.501 Republic Bldg. 1114 Market Si,

Jacksonville 1, Fla. Suit Lake City 1, Utah311 W. Monroe St. 109 W. Second So.

Kansas City 6, Mo. San Francisco 2, Calif.700 Pickwick Bldg. 870 Market St.

Los Angeles 15, Calif. Savannah, Ga.112 West 9th St. 125-29 Bull St,

Louisville 2, Ky. Seattle 4. Wash.631 Federal Bldc. 123 U. S. Court House

For local telephone listing, consult section

devoted to U. S. Government


NOVEMBER 1951

I&

Income continued upward in the thirdquarter and saving remained high.

Billions of Dollars

250

225

200

175

150

DISPOSABLEPERSONAL INCOME

PERSONAL CONSUMPTIONEXPENDITURES

I I I \ \ \

A further rise occurred in serviceexpenditures.

100

75

50

25 I I I

SERVICES*

1 ] I

Durable spending remained substantiallybelow previous highs.

125

100

75

50

25

NONDURABLE- GOODS

DURABLE -GOODS

I I I I I 1 1 1

1949 1950 1951QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES

U. S. DEPARTMENT OF COMMERCE. OFFICE OF BUSINESS ECONOMICS

<ft$#^^

THE

SITUATIONBy the Office of Business Economics

VÔNTINUED expansion in defense activity in Octoberprovided the major offset to reductions in other importantsegments of the economy. Defense expenditures during themonth rose substantially above the rate attained in the thirdquarter of this year.

Over a period of several months cutbacks in civilian goodsoutput, under the combined influence of diminished consumerdemand and of Government restrictions, have been about aslarge as the expansion in defense and related industries. Thenet result has been that during this period the deflationaryinfluences have held in check the basic expansionary forceof the defense programs.

Reflecting the relative stability of total business activity,nonagricultural employment has shown little change forseveral months, except for seasonal influences. Neverthe-less, there has been a considerable shift in the composition ofthe work force. On the whole, layoffs in consumers7 goodsindustries have been at about the same rate as added hiringin defense and related activities and the volume of unem-ployment has remained at a postwar low. Prices of raw ma-terials and industrial products have shown little change inthe aggregate in recent weeks. Even divergent movementswithin the price structure have, with few exceptions, beenlimited in character. There has been some further increase,however, in retail prices.

The continued cautious purchasing by consumers, alongwith higher incomes, as shown in the chart at the left, hasmaintained the high rate of personal saving prevailing inthe second quarter of this year. In fact, most of the increasein disposable income in recent months has been reflected in acomparable net addition to savings. Personal income inSeptember was maintained close to the August rate, when itwas at a record high. Moderate advance in payrolls anddividends in September were offset by reductions in agri-"cultural income and in transfer payments.

Although there has been no significant pickup in retailtrade this fall, retailers have managed to effect a considerablereduction in inventories. As a result, the bulge in retail in-ventories which developed in the second quarter of the yearhas been largely eliminated, and retail stocks are now nolarger than at the beginning of the year. Stocks-sales ratios,however, are still somewhat higher. This marked reductionin retail stocks in the past few months has been accomplishedby a severe pruning of forward commitments and a reductionin the receipts of merchandise by retailers. Similar actionto reduce inventories of consumers' goods has been taken bywholesalers and manufacturers as well, although the latterhave made somewhat less progress to date.

Manufacturers' sales and orders lowerThroughout the third quarter manufacturers7 sales were

appreciably lower than in the first half of the year, on aseasonally adjusted basis. They declined 6 percent from

971026°— 51


SURVEY OF CURRENT BUSINESS November 1951

the second to the third quarter, with September saleslower than in the other months. The declines were generallysmall in those industries in which defense production is alarge part of total activity, and more pronounced for theindustries producing mainly consumers' goods. The chiefexception is the slight rise from August to September insales of the food processing industry. Food sales in Sep-tember, however, were below the monthly rate of sales ofthe first half of the year.

New orders received by the durable goods industries inSeptember declined by about 10 percent from August.Part of this decline appeared to be due to the essentiallyerratic character of the flow of orders for defense products,and to some reluctance to place orders for metal productswhere delivery dates were indefinite. In some other in-stances orders were cancelled as a result of Controlled Ma-terials Plan allocations. On the other hand, orders forconsumer goods were reduced as a result of the slackenedpace of demand for many of the items. Despite the re-duction in orders, backlogs of unfilled orders on the booksof durable-goods manufacturers at the end of Septemberwere little changed from the record high of August. InSeptember unfilled orders represented, on the average, morethan 5 months of sales at the third quarter rate, in contrastto a year ago when they amounted to three months of sales.

Industrial activity at high rateIndustrial production in October was little changed from

recent months after allowing for seasonal influences. Produc-tion of most types of machinery and machine tools, keyproducts in the gradual build-up of the military establish-ment, continued to expand, although the rate of increase inthe more recent months has been somewhat less pronouncedthan earlier in the year. Activity in aircraft manufacturingplants also expanded, continuing the upward trend whichhas been under way for more than a year.

Output in industries producing basic materials was main-tained close to recent high levels. Steel mills continued topush operations to the limit, producing more than 9 milliontons of ingots and castings in October. For the weekNovember 3d, mills operated at 104,5 percent of capacity,but because of a work stoppage the scheduled rate for theweek ending November 10th dropped to 101 percent of ratedcapacity* Mine production of metals rose somewhat in lateSeptember and early October following the settlement ofthe work stoppage in copper mines, while output of bitu-minous coal and crude petroleum was maintained at the highSeptember rate.

The automobile industry, tailored to the supply of basicmetals, turned out an estimated 410,000 passenger cars and110,000 trucks in October. For passenger cars, this repre-sented about 37 percent of NPA authorized production of1,100,000 units for the fourth quarter. In the third quarter,the industry assembled the authorized quota of 1.2 millioncars. Some further reduction in assemblies of new passengercars is In prospect for the first three months of 1952 as NPAallotments of materials will be sufficient to permit the pro-duction of only 930,000 units although the industry may turnout 1 million cars through conservation measures in the useof materials and some limited absorption of present inven-tories.

Higher output of household durablesThe reduced rate of operations in household durables

during the summer had brought about a sizable liquidationin stocks of these products in both manufacturers7 anddistributors' hands. In September then, there was somepickup in output of these products despite the fact that there

was little change in consumer demand. The number ofradio and television sets produced was more than double thelow July-August average while the volume of washing ma-chines and electric ranges was about 50 percent higher. Moremoderate advances were reported for vacuum cleaners andrefrigerators. For the whole household group, includingcarpet and furniture manufacturing, the rise from the July-August level approximated 8 percent, according to the newlyconstructed Federal Reserve seasonally adjusted index ofoutput of major consumer durable goods, 1947-49 averageequal to 100.

Under NPA material allocations for the third quarter, pro-ducers of consumer household durable goods were permittedto use 70 percent of carbon steel, 60 percent of copper, and50 percent of aluminum consumed in the base period (quar-terly average, first half 1950). Actual production of theseproducts in the third quarter was substantially below 70percent of production in the base period largely because ofthe reduced volume in July and August. In September,however, the production rate for some products—washingmachines, vacuum cleaners, home freezers, ranges, andradios—exceeded 70 percent of the base period output;refrigerators remained substantially below while televisionsets almost equalled the base period volume.

In the fourth quarter the quantity of materials to be madeavailable to producers of consumer durable goods has beenfurther restricted. Steel consumption for these industriesis being limited to about 60 percent of their base period rate.This compares with a September rate of output which was75 percent of base period production.

On the basis of preliminary allotments announced by theNPA for the first quarter of 1952, these industries will re-ceive, on the average, only about 50 percent of controlledmaterials consumed in the base period. This implies somefurther cut in the production of most consumer durablegoods. Through flexibility and the use of substitute mate-rials many producers will be able to turn out a somewhatgreater quantity than that implied by the amounts of materialthey will receive.

Table 1.—Output of Selected Consumer Durable Goods, NotAdjusted for Seasonal Variation J

[Quarterly totals in thousands of units!

Product '

Passenger carsRefrigerators, electric 2

Freezers, farm and home 2

Washing machinesVacuum cleanersRanges, electric 2_ .RadiosTelevision sets _ _ _ _

Highest quarterlyproduction

Date

III-195011-1950

III-1950IV-1950IV-194711-1950

IV-1947IV-1950

Quantity !

1,8951,639

2161,1971,082

4375,2472,436

Baseperiod

output-quarterlyaverage,fiirst half

1950

1,5471,531

1281,003

848400

3,6671,568

Production

1st quar-ter 1951

1,6021,503

2141,046

834419

4,1352,200

2d quar- !ter 1951

1,4971,103

184 i823 j624340

3,7301,135

3d quar-ter 1951

1,174603193706562224

2,212636

1 Data represent production or shipments.* Data represent shipments reported only by members of the Association.

Sources of data: Passenger cars, Automobile Manufacturers Association; regrigerators,freezers, and ranges, National Electritsal Manufacturers Association; washing machines,American Washer and Ironer Manufacturers Association; vacuum cleaners, Vacuum CleanerManufacturers Association; radios and television sets, Radio-Television ManufacturersAssociation.

The existence of heavy inventories of some of these con-sumer durable items will permit a larger flow to consumersthan is indicated by the allotment of materials. However,this is not true of automobiles since inventories in dealers'hands at the end of August were small—equal to about 1month of the rate of output at the production, rate in thethird quarter of this year, or not much more than enoughto allow for flow time to buyers. Stocks of refrigerators


November 1951 SURVEY OF CURRENT BUSINESS 3

and ranges held by manufacturers and distributors wereabout equal to 3 to 4 months' rate of production, whileinventories of radios were equivalent to 2 months' and tele-vision sets 5 months7 at the third quarter rate of output. It issignificant, however, that curtailment of these inventoriesis already well under way.

The trend of output of the major consumer durables sincerestrictions on the use of materials have been in effect isshown in table 1. Also, the table presents the productionof these goods in the base period.

Employment stableThe decline in consumer purchases and the shift in resources

to defense production has affected the pattern of employment.Total employment has continued at a high and stable volumein the past 6 months, with the changes being primarilyseasonal in character. Nonagricultural employment esti-mated at 54.2 million in October was a million higher than ayear ago. It also has shown the same stability as the totalin recent months, following a steady rise throughout 1950and the first quarter of 1951.

A considerable shift of workers has occurred, however, aslayoffs in consumer goods industries in general have beenoffset by increased hiring in defense plants. In particularareas, however, unbalanced labor markets have developedand there has been some change in the composition of theunemployed lists, but this has had little effect on the nationallabor market.

Layoffs have been most prevalent in the textile, leather,automobile, and fabricated metal products industries. InSeptember, employment in the textile industry was lowerthan in any month in the past 2 years. This has tended toincrease the number of unemployed female workers relativeto male, and has caused substantial labor surpluses in areaswhere the industry is concentrated.

Defense industries, particularly aircraft, chemicals, pri-mary metals, and atomic energy have been hiring largenumbers of workers. In August there were 350 thousandproduction workers in the aircraft industry—a gain of morethan 75 percent from a year earlier. This has caused ashortage of workers in aircraft centers and has tended tobring a higher proportion of older workers into the laborforce in these centers.

Employment in certain industries, for example, machinery,turned upward in September after a period of decline whichstarted in March. Layoffs during the earlier months hadbeen due to the fall in demand for consumer durable goods.This slack is now being taken up by increasing defensebusiness.

These adjustments have affected labor market areaswithin the Nation in varying degrees. Those areas character-ized by diversification of industry have shown little changein total employment as workers laid off by consumer goodsindustries were absorbed by defense industries. An exampleof such a shift is the Philadelphia area, where defensecontracts have ranged over a variety of industries. Totalemployment in September was higher than at any time inthe postwar period despite substantial layoffs in the textile,leather, rubber, and the stone, clay, and glass productsindustries.

On the other hand, Detroit—dominated by the auto-mobile industry, which has had to curtail operations due tocutbacks in critical materials—had 88,000 unemployed inSeptember, representing approximately 5 percent of the totalunemployed in the Nation.

The market for unskilled and semi-skilled workers isgenerally balanced. There are shortages, however, ofparticular types of skilled workers such as tool and diemakers, machinists, and engineers. Despite these shortages

, Increasedemployment indefense indus-tries has offset

* i cutbacks in,*> other areas.

The trend hasbeen generallyupward in thedurables, butconsumers'goodsindustries havedeclined.

(Ratio Scale)MILLIONS

9.0

I I I I I I I i I i ) I i t i i t I t t t I i I 4.0

_ AUTOMOBILES

MACHINERY

AIRCRAFTAND PARTS

I I I I I

• OTHER TRANSPORTATIONEQUIPMENT

I I 1 I I 1 I I I I t I ( I I I I I

In the non-^ durables, the

sharpest de-s crease has

been in textiles. ^^.TEXTILE-MILLPRODUCTS

CHEMICALS ANDALLIED PRODUCTS

~ PAPER ANDALLIED PRODUCTS

J_ I I I

1.0

.9

.8

.7

.6

.5

,4

1.5

1.0

.9

.8

.7

.6

.5

1950 1951

Source of'data: U.S. Deportment of Labor, Bureau of Labor Statistics.

U. S. DEPARTMENT OF COMMERCE. OFFICE OF BUSINESS ECONOMICS 51-2'


SUEVEY OF CUEEENT BUSINESS November 1951

and evidence of unbalance in a few areas, the shift to defenseproduction is progressing with little disturbance to theNation's labor market and the total number unemployedat 1.6 million in October was near the low point for thepostwar period.

Tax rates higher

The Eevenue Act of 1951 provides for raising additionalrevenues to meet the rising cost of the defense program bythe Federal Government. The new law includes increases inrates of individual and corporate income taxes and modifica-tions in excise taxes. These increases are estimated to yieldan additional $5.7 billion during the first full year ofoperation.

The higher personal income tax rates, which apply to one-sixth of 1951 income, have the effect of raising the taxes onincomes of individuals by approximately 11 percent. Thebasic withholding rate was raised from 18 to 20 percent, onNovember 1. The higher rates are estimated to yield about$2.3 billion, on a full year basis, and are scheduled to ter-minate as of December 31, 1953.

The new law raises taxes on corporate income by $2.2billion on a full year basis with the combined normal andsurtax rate advancing from 47 to 52 percent. This increaseis scheduled to terminate on April 1, 1954. Although therate of the excess profits tax remains unchanged, the creditagainst current earnings is reduced from 85 to 83 percent ofthe best three-year average of base period earnings. Thisprovision is retroactive to July 1, 1951.

Under the provisions of the Revenue Act of 1950, com-bined income and excess profits taxes could not exceed 62percent of a corporation's net income. The new bill pro-vides a limit of 70 percent for corporations earning $100million or more annually.

Increases in the rates of existing excises, and the extensionof the 10 percent manufacturers' tax to some products

previously exempt, are expected to yield $800 million on afull year basis. The more noteworthy of the increases in therates of existing excises are the increases in the taxes onwhiskey from $9 to $10.50 per proof gallon, on beer from$8 to $9 per barrel, on cigarettes from 7 cents to 8 cents perpack, and on gasoline from ll/2 cents to 2 cents per gallon.The 10 percent excise tax was extended to include a number ofmajor household appliances—vacuum cleaners, washingmachines, garbage disposals, driers, and dishwashers. Onthe other hand, some items were removed from the tax list.These include baby lotions, powders, and oil; admissions tospecified types of nonprofit functions (including symphonies,operas, and school and church plays); and sports equipmentpredominantly used in schools.

Other important provisions of the new law include anincrease in the rate of the capital gains tax from 25 to 26percent as of January 1, 1952; the elimination of the capitalgains tax on the sale of the principal residence of a taxpayerprovided the sale is followed or preceded by the purchase of asubstitute within a year, or the construction of a substitutewithin 18 months; and, the imposition of the regular corpo-rate income tax on undistributed patronage earnings offarmers' purchasing and marketing cooperatives, mutualsavings banks, and savings and loan associations previouslyexempt from income taxation.

On the basis of the increased yield of Federal tax schedulescalculated at 1951 levels of income, the Senate FinanceCommittee has estimated budget receipts of the FederalGovernment for fiscal year 1952 at $65 billion, an increase ofone-third over the actual receipts for fiscal year 1951.Despite this increase, expenditures during the year as esti-mated by the Budget Bureau indicate a budget deficit ofabout $4 billion for fiscal 1952. On the basis of theseestimates, an approximate balance is indicated on a con-solidated cash basis. This approximate balance for thepresent fiscal year may be compared with the $7 billionconsolidated cash surplus realized during fiscal year 1951.

National Product and Income in the First ThreeQuarters of 1951

LLN contrast to the intensity of the inflation which grippedthe Nation at the beginning of 1951, the economic situationduring the greater part of the year has been one of substantialstability. In the two middle quarters, a generally orderlyadaptation of the economy to conditions of partial mobiliza-tion emerged, at least temporarily. Major changes in par-ticular components of aggregate demand, however, werestill in progress.

Gross national product in the third quarter was at anannual rate of $328 billion, unchanged from the precedingperiod. This leveling-off contrasted sharply with the largeincrements in earlier quarters of the mobilization period.

The expansion of income was likewise retarded during themiddle quarters of this year. National income estimates,available only through the second quarter, show a rise inthat period of $5 billion, at annual rates. Much largeradvances had been registered in the immediately precedingquarters.

Because of the unavailability of satisfactory informationon corporate profits, the extent to which third-quarternational income differed from the $274-billion annual raterecorded for the June quarter is not yet known. It appearslikely, however, that this measure of output—in terms of

earnings arising from current production—flattened outfurther after mid-year.

Personal income, measuring total income receipts of per-sons from all sources, rose to $253 billion in the third quarter,as compared with $250 billion in the second and $244 billionin the first. The retardation apparent in the movement ofthis series can be traced to the absence of a third-quarterincrement in commodity-producing industry payrolls, whichwere heretofore rising strongly.

The fundamental longer-run expansionary forces in theeconomy did not weaken noticeably in the July-Septemberperiod. Federal Government purchases of goods and servicesfor national defense advanced as strongly—by almost $7 bil-lion, at annual rates—as in any prior quarter during the cur-rent rearmament effort, and private business investment inplant and equipment continued very high. From both ofthese segments, steadily rising pressure has emanated formore than a year. (See chart 5.)

Nevertheless, the settling of private demand which wasalready in evidence during the second quarter persisted inthe third and, moreover, was finally reflected in the pace ofcurrent production. Its influence is seen most clearly in thesharp reduction of business inventory accumulation—a re-


November 1951 SUKVEY OF CUEEENT BUSINESS

duction which was delayed until after mid-year only becauseof the lags involved in curtailing business commitments inresponse to a shift in final demand.

That this stabilization should occur in the face of heavilyexpansionary pressure from the military and fixed businessinvestment programs reflected in large measure the degree towhich these forces had already had their influence on privatedemand. The effects of the previous anticipatory build-upof consumer goods inventories—in the hands of consumersthemselves as well as of businesses—are traced in subsequentsections.

Chart 3.—Gross National Product: Change from 1950 to 1951 inCurrent and Constant (1950) Dollars 1

BILLIONS OF DOLLARS-10 0 10 20 30 40 50

GROSS NATIONALPRODUCT

GOVERNMENTPURCHASES OFGOODS a SERVICES

GROSS PRIVATEDOMESTIC & NETFOREIGN INVESTMENT

PERSONAL

EXPENDITURES »

t

1 1 1 1

////y/yy/fi%WKKlW DOLLARS';^^^^^^/Xyyyyyvv^

| CONSTANT DOLLARS '$$

|P|PPPPll

mppi__jimn

i i ( i•£/. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 51-241

i Absolute differences based upon totals for 1950 and averages for the first three quarters of1951, each seasonally adjusted and raised to annual rates.

Source of data: U. S. Department of Commerce, Office of Business Economics.

Equally important, however, was the reassurance providedby mounting evidence of the enormous productive capacityof the American economy. Had it not quickly demonstratedits ability to furnish relatively ample supplies of civiliangoods while meeting at least the initial needs of an unprece-dented peacetime military expansion, it is doubtful that thecurrent slackening of private spending would have occurred.While it is true that the mobilization effort is still far fromits announced objectives, and perhaps also that it has movedless rapidly than was generally expected, the performanceof the economy to date remains impressive.

Large increase in real outputA summary of the expansion in output since 1950, in

terms of averages for the first 3 quarters of this year, ispresented in chart 3. Valued at current market prices, totalgross national product in 1951 was $42 billion, or nearly15 percent, above the previous high of $283 billion in 1950.Prices averaging about 7 percent higher than last year ac-counted for nearly half of the advance, but there remaineda real increase in physical volume of 7% percent.

This expansion was accomplished not only by more inten-sive utilization of the growing labor force, but also through

large-scale installation of new productive facilities and fulleruse of existing capacity. Owing largely to the latter factors,real output per man-hour worked in private nonfarm indus-tries appears to have advanced appreciably, though not as.much as from 1949 to 1950, when considerable idle plantcapacity could be brought into play.

A significant feature of chart 3 is the indication thatall of this year's expansion in the volume of production—and,in fact, more—was channelled into government or investmentuses, while consumers' purchases of goods and services fell,in real terms, below their 1950 level. As brought out morefully later, this restraint on the part of the consumingpublic—which had the purchasing power, even after allow-ance for higher prices, to claim a much larger share ofoutput—was perhaps the most strategic influence in stabi-lizing the economy during the middle quarters of this year.

A detailed discussion of product and income flows in 1951follows:

The Demand for Gross National Product

Settling of consumer demand

An outstanding feature of the business situation during1951 has been the sluggishness, since early spring, of con-sumer spending. Directly and indirectly, this sluggishnesshas tended to counterbalance the inflationary pressuresemanating from the continued rapid growth of the Gov-ernment defense program and further expansion of privatebusiness investment in new plant and equipment. It hasbeen of profound importance in arresting, at least tem-porarily, the general price rise which characterized earlierphases of the mobilization effort.

At the beginning of the year, a sharp spurt in consumerpurchases—the second such buying wave of the post-Koreanperiod—was in progress. It subsided in the latter part of thefirst quarter, however, and personal consumption expendi-tures were stabilized during the second and third quartersat an annual rate of about $202 billion—$6 billion below theJanuary-March figure.

This settling of consumer demand occurred despite con-tinuing advances in disposable personal income, which rosefrom an annual rate of $217 billion in the first quarter to$225 billion in the third. Personal saving, which in thefirst quarter was at the moderate annual rate of $8% billion,or 4 percent of disposable income, accordingly rose to morethan $20 billion—close to 10 percent of disposable income—in each of the past two quarters. Not since the first halfof 1946 has there been a comparable percentage spreadbetween consumer income and expenditure.

For the first 9 months of this year as a whole, personalincome before taxes amounted to $249 billion, on an annualrate basis, as compared with $225 billion in 1950. Anincrease in personal taxes of about one-third absorbed $7billion of this increment, but left disposable personal income$17 billion higher than in 1950. With the marked rise insaving, however, the accompanying increase in consumptionexpenditures was only about $10K billion.

In itself, a decline in the proportion of disposable incomespent when income is rising does not necessarily indicate asoftening of consumer demand. Both income and spendingwere sharply higher in dollar value this year than last, andwhile it is impossible to say with assurance what mightrepresent a "normal" spending-saving relationship at thenew income levels, some relative decline in spending mightbe expected on the basis of the broad tendency for changesin consumption to lag, at least temporarily, behind changesin income.


SURVEY OF CURRENT BUSINESS November 1951

Table 2.—National Income and Product, 1950, and First Three Quarters, 19511

[Billions of dollars]

NATIONAL INCOME BY DISTRIBUTIVE SHARES

National income _ . _ _

Compensation of employees _ _Wages and salaries

Private - - -Military _Government civilian

Supplements to wages and salaries _ _

Proprietors' and rental income ̂Business and professionalFarmRental income of persons

'Corporate profits and inventory valuation adjustment. _Corporate profits before tax

Corporate profits tax liabilityCorporate profits after tax..

Net interestAddendum: Compensation of general government em-

GROSS NATIONAL PRODUCT OR EXPENDITURE

Gross national product _

Personal consumption expenditures .Durable goodsNondurable goods - -- -Services _ _

Gross private domestic investmentNew construction

Residential nonfarmOther

Producers' durable equipmentChange in business inventories, total.

Nonfarm only

Net foreign investment _

Government purchases of goods and servicesFederalLess: Government salesState and local _ _ _

DISPOSITION OF PERSONAL INCOME

Personal income

Less* Personal tax and nontax paymentsFederal _State and local

Equals* Disposable personal incomeLess* Personal consumption expendituresEouals* Personal saving

RELATION OF GROSS NATIONAL PRODUCT,NATIONAL INCOME, AND PERSONAL INCOME

Gross national product

Less* Capital consumption allowancesIndirect business tax and nontax liabilityBusiness transfer paymentsStatistical discrepancy

Plus: Subsidies less current surplus of government enter-prises -

Equals* National income

Less: Corporate profits and inventory valuation adjustment.Contributions for social insuranceExcess of wage accruals over disbursements

Plus* Government transfer paymentsNet interest paid by governmentDividendsBusiness transfer payments

Equals: Personal income .__

1950

239.0

153.3145.8123.6

5.117.27.5

44.022.313.78.0

36.241.418.622.85 1

5.4

20 9

282.6

193.629.2

102.362.1

48.922.112.69.5

22.54.33.6

-2.3

42.523.1

.219.7

224.7

20.517.82.7

204.3193.610.7

282.6

21.223.8

.8-1.8

.3

239.0

36.27.0.0

14.34.79.2.8

224.7

Unadjusted

1950

I

53.8

35.033.127.81.14.21.9

10.45.33.12.0

7.17.53.44.1-.3

1.3

5 0

63.8

43.65.8

22.715.1

10.64.22.21.94.71.81.8

-.4

10.05.6.1

4.5

53.3

7.06.2.8

46.343.62.6

63.8

5.05.4.2

-.5

.1

53.8

7.11.8.0

5.31.11.9.2

53.3

II

57.6

37.135.229.81.14.31.9

10.55.53.02.0

8.89.44.25.2-.7

1.3

5.1

66.6

46.66.4

24.715.5

10.25.33.12.25.5-.6-.8

-.4

10.25.3.1

5.0

541

3.93.2.7

50.246.63.5

66.6

5.25.8.2

-2.0

.2

57.6

8.81.8.0

3.61.41.9.2

54.1

III

62.0

39.537.532.31.34.01.9

11.45.83.62.0

9.711.85.36.5

-2.1

1.4

5.0

72.4

49.78.5

25.715.5

13.36.63.92.76.0.7.5

-.9

10.35.3.1

5.0

56.5

4.84.2.6

51.749.72.0

72.4

5.46.4.2

—1.6

.0

62.0

9.71.8.0

2.71.02.2.2

56.5

IV

65.6

41.840.033.71.64.61.8

11.85.84.02.1

10.612.75.77.0

-2.0

1.4

5.9

79.8

53.68.4

29.216.0

14.86.03.42.66.32.52.2

-.6

12.06.9.1

5.2

60.8

4.74.2.6

56.153.62.5

79.8

5.56.2.2

2.3

.1

65.6

10.61.6.0

2.81.23.3.2

60.8

1951

I

66.0

42.440.233.41.94.82.3

12.26.04.12.1

10.012.27.34.9

-2.2

1.4

6.4

78.3

49.46.9

26.016.4

16.65.02.62.46.45.24.9

-.7

13.08.1.0

4.9

60.0

10.49.6.9

49.549.4

.2

78.3

5.66.3.2.3

.1

66.0

10.02.3.0

2.91.12.1.2

60.0

II

68.5

44.242.034.8(2)(2)2.3

12.05.94.12.0

10.811.46.84.6-.6

1.4

6.8

79.1

49.76.3

26.816.7

14.15.62.72.97.01.51.2

.0

15.29.8.0

5.5

62.2

5.74.9.8

56.549.76.8

79.1

5.86.2.2

-1.5

.1

68.5

10.82.3.0

2.91.42.2.2

62.2

III

(2)

45.343.135.8(2)(2)2.2

12.35.84.32.1

(2)(2)(2)(2) ^

1.4

6.9

81.7

49.76.2

26.816.7

14.66.02.83.26.81.81.5

.2

17.211.7

.05.5

63.2

6.45.7.7

56.849.77.0

81.7

6.06. 3.2

(2)

.0

<2)

(2)2.1.2

2.91.12.2.2

63.2

Seasonally adjusted at annual rates

1950

I

219.3

142.2135.2114.3

4.416.47.0

41.421.112.57.8

30.531.914.417.5

-1.4

5.2

19.6

264.4

184.726.398.460.1

40.120.111.28.9

18.91.11.1

-1.7

41.322.2

.319.3

216.3

19.016.42.6

197.3184.712.5

264.4

20.122.3

.72.3

.2

219.3

30.56.6• 0

21.04.77.8.7

216.3

II

230.6

148.6141.3120.1

4.416.87.4

41.821.912.27.8

34.837.516.920.6

-2.7

5.3

19.8

275.0

188.726.6

100.461.6

47.921.412.49.0

21.45.24.4

-1.6

40.121.1

.219.2

217.1

19.516.92.7

197.5188.7

8.9

275.0

20.723.3

.7

.4

.7

230.6

34.86.8.0

14.24.78.4.7

217.1

III

245.8

157. 3149.7127.2

5.017.5

45.623.214.38.1

37.445.720.525.2

-8.3

5.5

21.1

287.4

202.534.3

105.562.7

47.323.513.79.7

24.5-.7

-1.8

-3.2

40.821.4

.219.7

227.3

20.217.52.7

207.1202.5

4.6

287.4

21.825.3

.8-6.4

—.1

245.8

37.47.0.0

11.04.79.4.8

227.3

IV

260.1

165.2157.2132.7

6.617.97.9

47.223.015.88.4

42.250.322.527.8

-8.2

5.6

23.1

303.7

198.429.4

104.964.0

60.223.313.110.325.011.810.6

-2.7

47.827.5

.220.4

238.3

23.120.32.7

215.2198.416.8

303.7

22.224.3

.83.4

.2

260.1

42.27.4.0

11.14.7

11.1.8

238.3

1951

I

269.4

172.1163.6137.1

7.818.88.5

48.824.116.48.3

42.951.831.120.7

-8.9

5.6

25.2

319.0

208.231.5

111.565.2

60.123.912.910.925.910.39.1

-2.7

53.432.5

.221.1

244.1

27.424.42.9

216.8208.2

8.5

319.0

22.625.9

.8

.8

.6

269.4

42.98.3.0

11.54.88.8.8

244.1

II

274.3

177.4168.8140.5(2)(2)8.7

48.123.616.38.2

43.045.427.018.4

-2.3

5.7

26.9

327.8

201.725.9

109.566.2

65.622.510.811.727.215.914.8

.0

60.439.1

.221.4

249.9

28.025.13.0

221.8201.720.1

327.8

23.124.9

.85.0

.3

274.3

43.08.4.0

11.84.89.6.8

249.9

III

(2)

180.4171.6141.1(2)(2)

8.8

49.123.417.38.4

(2)(2)(2)(2)

2.8

5.8

28.9

327.6

202.525.3

110.067.2

55.721.59.7

11.828.16.15.1

1.2

68.246.8

.221.6

253.2

28.425.43.0

224.7202.522.2

327.6

23.925.0

.8(2)

.1

0(2)

8.4

1L84.89.6.8

253.2

i Detail will not necessarily add to totals because of rounding,a Not available.

However, additional light is thrown on the recent move-ments of consumption and income by the comparison pre-sented in Chart 4, which shows the aggregates in questionnot only in current dollars, but also in terms of constant(1950) dollars. Prices of consumer goods, although virtuallystable from February through September, averaged about 7percent higher for the first three quarters of this year than

* Includes noncorporate inventory adjustment.Source: U. S. Department of Commerce, Office of Business Economics.

for 1950. Allowance for this difference in prices substan-tially dampens, but does not eliminate, the rise in disposableincome. A gain in real terms of about IK percent—roughlyproportionate to the growth of the population—-is implied.

On the other hand, allowance for the price factor indicatesthat the physical volume of consumer purchases during 1951,despite the first-quarter bulge, has run somewhat below last


November 1951 SURVEY OF CURRENT BUSINESS

year's total. In view of the contrast between the move-ments of income and consumption when both are expressedin constant dollars, it is obvious that recent spending-savingpatterns have reflected strong influences other than currentincome.

Factors affecting spending

While numerous factors tending to explain the changedrelationship may be cited, it is extremely difficult to appraisetheir relative importance or to segregate the influence ofthose which were ephemeral in character from those whichmight be expected to have continuing significance.

In part, of course, the reduced volume of consumer pur-chases during the past half-year represented an aftermath ofthe two buying sprees of the preceding nine months. To aconsiderable degree, these upsurges, stimulated by anticipa-tions of shortages and price increases, had represented onlyacceleration of intended purchases, rather than permanentnet additions to them. The anticipatory buying had beenconcentrated upon durable goods, together with a few typesof semidurables, and the resultant build-up of consumerinventories exerted a depressing effect upon current demandduring the middle quarters of this year, when these sameclasses of goods accounted for most of the relapse in con-sumption expenditures.

With the passing of the second forward-buying wave, con-tinued high output and accumulating business inventories ofconsumption goods, together with the imposition of Govern-ment controls, led to a stabilization of consumer prices. Im-portant psychological factors previously operative were thuseliminated or reversed. Resistance to the price increaseswhich had already occurred was encouraged, and the combi-nation of steadier prices and visibly bountiful supplies in thehands of dealers tended to induce a new caution and delayon the part of the consuming public.

The progressive elimination of deferred demand stemmingfrom the shortages of World War II may have been anotherfactor in the situation. The entire postwar period has beencharacterized by heavy consumer outlays for durable goods,representing in part the fulfillment of this deferred demand.There is no sure means of ascertaining the degree to which itremained significant as late $s 1950, nor of knowing, if it didpersist, to what extent it was finally satisfied during the 9months ending last March. However, the possibility thatsome portion of the subsequent decline reflected a reversionto more normal replacement buying must be recognized.

Credit controls effective during the period under reviewalso constituted a special restraining influence. On the basisof plausible assumptions, it has been calculated (see Novem-ber 1950 Survey) that those under Regulation W might havedirectly inhibited purchases of consumer durables to the ex-tent of $2K or $3 billion annually. While a portion of thissum was probably diverted to other types of consumption,an appreciable upward influence upon saving was also to beexpected. It may be noted that requirements and maturitylimitations under the Regulation were eased somewhat at theend of July.

Regulation X, although relating to investment in housing,rather than to consumption expenditures, nevertheless hadan indirect influence on the latter. Part of the bulge in pur-chases of furniture, household equipment, and housefurnish-ings was directly linked to the 1949-50 residential construc-tion boom. By mid-1951, this special influence was greatlyreduced as a result of the sharp curtailment in homebuildingfollowing the imposition of stringent mortgage credit con-trols in the fall of last year. Such controls may also haveaffected consumption and saving in other ways, but thereare no satisfactory grounds on which to judge this possibility.

In view of the relatively easy supply conditions prevailing,little direct impact upon consumption can yet be attributedto restrictions imposed under the Defense Production Actupon the use of materials—chiefly metals—in the manu-facture of consumer goods. To date, the allotments havegenerally been more than sufficient to meet the recent slackdemand. It must be noted, however, that a large potentialinfluence upon the pattern of consumer spending and savingis latent in the Controlled Materials Plan and would becomeoperative with either an upswing in demand for the consumerdurables affected or deeper cuts in allocations of materialsto their manufacturers.

There are many other factors which should be taken intoconsideration in an analysis of trends in consumption andsaving. These include, for instance, changes in the distribu-tion of income and assets among groups in the populationhaving diverse saving habits. However, such evidence as isavailable does not indicate that these factors have contri-buted to the recent increase in the saving ratio.

Expansion of investmentGross private domestic investment has proceeded on an

unprecedented scale this year, averaging $60 billion, atannual rates, for the first three quarters. This figure,exceeding the previous record total of $49 billion in 1950 byone-fifth, reflects expanded plant, equipment, and inventoryrequirements not only for the mobilization program, butalso for the maintenance of a high-level civilian economy.

Much of the 1951 advance reflected the rise in prices ofcapital goods, including additions to inventories. Dueallowance for this factor, however, suggests that abouttwo-thirds of the increase represented real growth in physicalvolume.

In terms of 3-quarter averages, the largest component ofthe advance from 1950 to 1951 was a $6K-billion increment

Chart 4.—Disposable Personal Income: Consumer Spending andSaving in Current and Constant (1950) Dollars

BILLIONS OF DOLLARS240

200

160

120

80

40

PERSONAL SAVING

CONSUMPTION EXPENDITURES

1950CURRENT DOLLARS

I960 1951-^CONSTANT DOLLARS

a, S. DEPARTMENT OF COMMERCE. OFFICE OF BUSINESS ECONOMICS

Averages for the first three quarters of 1951, each seasonally adjusted and raised to annualrates.



8 SURVEY OF CURRENT BUSINESS November 1951

in the rate of accumulation of business inventories. Thisaccumulation, however, was concentrated in the first 6months, especially the second quarter, and fell off sharplyafter mid-year.

Purchases of producers' durable equipment throughSeptember averaged $4K billion above the 1950 total, andnonresidential construction contributed an additional $2billion. The only major component of gross private do-mestic investment not sharing in the general buoyancywas residential building, which in the first 9 months averaged$1K billion less than last year's total.

The latter development, of course, is primarily a reflectionof the controls imposed in this area to free resources for usein defense production. Although limitations on the avail-ability of materials under CMP allocations are of less signifi-cance for residential building than for most other types ofconstruction, the mortgage credit restrictions instituted lastfall have become increasingly effective with the working-offof the backlog of exempt housing starts. Declines in thevalue of residential construction put in place have beenregistered in each quarter since the third of 1950, and reachedsubstantial proportions in the middle quarters of this year.Further contraction, however, may be retarded by the partialrelaxation, effective September 1, of downpayment andmaturity requirements under Regulation X.

Defense industries lead expansionBasically the strongest element in this year's growth of

private domestic investment was the expansion of facilitiesfor defense production. The industries participating directlyor indirectly in the mobilization program not only had themost buoyant expectations as to future sales, but also werematerially assisted in their facilities investment by prefer-ential treatment in Government allocations of critical mate-rials, by the authorization of accelerated amortization fortax purposes, and by favorable credit conditions, includingin some cases direct loans from Government agencies.

Chiefly because of plant expansion in the defense-sup-porting industries, the 1950 rate of industrial building wasapproximately doubled in the first 9 months of 1951. Thisstep-up accounted for half of the $2 billion rise, already noted,in nonresidential construction. About half of the remainderwas in the public utility field, reflecting in large measureadditional requirements for electric power on the part ofindustries more directly engaged in defense work.

This year's rise in business purchases of productive equip-ment likewise was geared primarily to the advancing mobili-zation program. Of the $4K billion increase from 1950, thegreater portion represented installations of new industrialmachinery by the manufacturing industries, whose totalplant and equipment outlays in 1951 appear certain, ac-cording to the latest Commerce-S. E. C. survey, to exceedlast year's by about three-fifths. Within the manufacturingdivision, nearly all major industry groups contributed to theincrease in equipment purchases, but those participatingmost directly in the defense effort accounted for the bulkof it. Producers of iron and steel, machinery, primarynonferrous metals, and nonautomotive transportation equip-ment expanded their investment outlays by particularlylarge percentages.

Apart from the manufacturing sector, equipment acquisi-tions rose most markedly in the case of the railroads, whichKlaced relatively more emphasis on equipment—especially

êight cars—and less on plant than did most other indus-tries.

Plant and equipment expenditures by industries not closelyallied with mobilization plans were also higher in 1951 thanin 1950, but by a much smaller margin. Here, moreover,a consistently rising trend did not prevail throughout this

year. Commercial building, for example, reached a peakin the first quarter and was subsequently on the downgrade,owing in large measure to the severe restrictions in forcesince January on this type of construction.

Another factor retarding fixed investment by nondefenseindustries was the progressive tendency of critical materialsallocations to reduce the amount of new equipment availableto them. Voluntary downward adjustment of their invest-ment programs may also have occurred as a result of therecent easing of consumer demand.

Shifts in inventory accumulation

As noted above, the increased accumulation of businessinventories accounted for a larger share of this year's ex-pansion in domestic investment than any other component.Nevertheless, it is also an important key to the mitigationof inflationary pressures which became apparent in thespring.

The accumulation of stocks did not reach its peak untilthe second quarter, and it still remained substantial in thethird. In essence, however, a turn in the inventory situationhad begun toward the end of the first quarter. Part of thehuge accumulation from April through June was unplannedand involuntary, and the entire period since March may becharacterized as one of restrictive inventory policies incivilian-goods lines, even though, because of lower sales andlags in adjusting production, these policies were not success-ful in reducing the growth of stocks until around mid-year.

Throughout the mobilization period, inventory invest-ment has fallen into two more or less distinct major cate-gories—work in progress on Government orders and stocksof civilian goods. The line between them is ambiguous inmany respects, particularly as regards primary materials,and the available data do not in any case permit them to beseparately identified. The distinction, however, is of con-siderable analytical importance.

An essential corollary to the expansion of military outputwas the necessity of building up working stocks in plantsproducing goods for the Government. While it might besupposed that these would eventually level off at a givenrate of military production, it is clear that such a point hasnot yet been approached. Accordingly, it may be said withsome confidence that investment in this category of inven-tories has probably expanded fairly steadily throughout thepast year. Recent differentials between inventory move-ments in the heavy durable-goods industries where arma-ment production is concentrated and those in other industries,while not conclusive, tend to support this supposition.

The instability in the rate of inventory accumulationduring the past 15 months, therefore, may be attributedprimarily to the civilian-goods component. From June 1950until last spring, very active business buying policies wereoperative, and the basic inventory trend was stronglyupward, though net accumulations were greatly dampenedby each of the two post-Korean spurts in consumer spending.This reciprocal relationship between inventory changes andconsumption expenditures, superimposed upon the basicexpansionary movement of stocks, stands out clearly inChart 5. Over the entire year ending in June, each quar-terly shift in the rate of inventory accumulation was inti-mately linked to an opposite shift in outlays for personalconsumption.

The dip in consumer purchases in the fourth quarter of1950 had no lasting effect upon the inventory buildup.When consumption expenditures fell off again in the secondquarter of this year, however, business reaction was pro-nounced, and the earlier aggressive buying policies werereversed in an effort to avoid overstocking. This reversal,


November 1951 SURVEY OF CURKENT BUSINESS 9

Chart 5.—Selected Components of Gross National Product

BILLIONS OF DOLLARS20

10

-10

CHANGE IN BUSINESSINVENTORIES

200 -

190 -

180 -

80

70

60

50

40

30

20

10

FEDERAL GOVERNMENTDEFENSE PURCHASES

NONRESIDENTIAL CONSTRUCTIONAND PRODUCERS* DURABLEEQUIPMENT

I960 1951

QUARTERLY TOTALS, SEASONALLY ADJUSTED AT ANNUAL RATES

U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 51-240


in combination with the slackening of consumer demandwhich underlay it, was instrumental in arresting the risein prices—itself one of the main previous stimulants toforward buying.

As goods ordered or put into production before the turnin business buying continued to pile up in the second quarter,inventory-sales ratios rose alarmingly in some areas, andstrenuous efforts to bring them down were widespread duringthe third quarter.

In both wholesale and retail trade, and especially thelatter, these efforts were successful to a considerable extent.Current receipts of merchandise were cut below the prevail-ing slack volume of sales, with the result that appreciableheadway was made in reducing total holdings.

In manufacturing, the outcome is more difficult to judge.For the sector as a whole, the accumulation remained largein the third quarter, though not as large as in the previous3 months. How much of it represented defense work inprocess, however, is uncertain. The fact that there werestill small additions to stocks of many nondurable-goodsindustries suggests that manufacturers were somewhat lesssuccessful than retailers in cutting their holdings of civiliangoods.

For the first 9 months of this year as a whole, the over-whelming bulk of the nonfarm inventory expansion was inmanufacturing industries, and the growth in the physicalvolume of trade stocks was quite moderate. There was also,it may be noted, a moderate increment in farm inventories.

Shift toward export surplusNet foreign investment, which was negative throughout

1950 and early 1951, was characterized during the middlequarters of this year by the reemergence of a small positivebalance. For the first 9 months as a whole, however, itwas negative, reflecting the moderate average excess of im-ports over exports not financed directly or indirectly bygrants from the United States. On an annual rate basis,this excess was well under $1 billion, as compared with nearly$2# billion in 1950.

The recent shift in net foreign investment, amounting tonearly $4 billion (at annual rates) from the first to the thirdquarter, resulted chiefly from a sharp upsurge through mid-year in the volume of goods and services bought here byforeign countries. This growth reflected primarily theearlier improvement in foreign financial positions, which hadpermitted relaxation of exchange restrictions by severalcountries. Industrial expansion abroad raised requirementsfor certain items, such as fuels, and bad harvests in someparts of the world increased reliance upon the United Statesfor foodstuffs.

Imports, after rising strongly from mid-1950 through early1951, stabilized in the second quarter and fell off consider-ably in the third—probably hi reflection of the reducedintensity of business buying associated with the shift indomestic inventory policies. It was primarily the fall inimports which gave rise to the third-quarter increase in netforeign investment, as exports also dropped, though by alesser amount, in that period.Military expansion continues

Total Federal, State, and local government purchases ofgoods and services rose to an annual rate of $68 billion in thethird quarter of 1951, as compared with $60}£ billion in thesecond quarter and $53}£ billion in the first. At an averageof just under $61 billion for the year to date, they were $18billion above the figure for 1950.

Nearly all of this vast expansion was in Federal spendingfor national defense, which has been the fundamental forcebehind most major changes in the economy since mid-1950.Defense purchases, including those of the atomic energy,stockpiling, and Mutual Defense Assistance programs, aswell as those of the military establishment and relatedagencies, rose by an average of about $6 billion, at annualrates, in each quarter of this year. At $38^ billion annuallyin the July-September period, they were three times theirsize in the first half of 1950, before the expansion began.(See chart 5.)

In general, the proportion of total defense purchases repre-senting procurement, especially of military hard goods, wasbecoming progressively higher this year, while outlays forpersonal services and expendable supplies, which predomi-nated in the initial stages of the expansion, were beginningto decline in relative importance.

Even so, the major increases are yet to come in deliveriesof many important types of military equipment. The pro-duction of some of the more complex new armamentswas still in the tooling-up stage during the third quarter,and those with long lead-times between placement of ordersand delivery to the Government will not be forthcoming inquantity for some time yet.

In this connection, however, it may be noted that whereprogress payments are made for work completed on suchorders (as distinguished from outright advances and prepay-



Chart 6.—Factors in the Expansion of Wages and Salaries, PrivateNonagricultural Idustries, 1950 to 1951 1

BILLIONS OF DOLLARS5 10 15 20

TOTAL INCREASEI960 TO 1951

ATTRIBUTABLETO-

INCREASEO AVERAGEHOURLY EARNINGS

INCREASEDWORKWEEK

INCREASEDEMPLOYMENT

U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 51-245

»Increases are based upon totals for 1950 and averages for the first three quarters of 1951,each seasonally adjusted and raised to annual rates.


ments or other loans), government purchases are recordedin the national income accounts—and business inventoriescorrespondingly reduced—upon disbursement of the progresspayments, rather than upon delivery of the completed items.In effect, this treatment corresponds to the value-put-in-place concept conventional in the measurement of bothpublic and private construction activity. It can account,in some periods, for apparent discrepancies between theGovernment purchases series and Government procurementdata reported in terms of end-item deliveries.

Nondefense purchases by the Federal Government rosesomewhat in the third quarter, chiefly because of reducedfarm price-support inventory liquidations, which are nettedout in computing Government expenditures for goods andservices. For this year to date, however, the volume ofFederal purchases other than for national defense averagedless than in 1950.

While the mobilization activities of the Federal Govern-ment dominated the expansion of public spending in 1951,there was also a moderate increase in State and local outlays.On a 3-quarter average basis, these governments were pur-chasing goods and services this year at a rate of $21}£ billionannually, as compared with somewhat less than $20 billionin 1950. The advance reflected in roughly equal measureincreased payrolls—stemming chiefly from higher wagerates—and larger expenditures for new construction. Adownturn in the latter, however, was recorded in the thirdquarter, with shortages of such materials as structural steelbeginning to affect many public building projects.

The Flow of Income

The rise in personal income, which had been considerablyretarded in the first half of 1951, was further dampened inthe third quarter. At an annual rate of $253 billion inthat period, the total was up only $3 billion from the previousquarter. In contrast, quarterly advances of about $6billion each during the first half of this year and over $10billion each in the latter half of 1950 had been recorded.

Owing to the magnitude of these previous increases,personal income in the first 9 months of 1951, at an averageannual rate of $249 billion, was 11 percent higher than thetotal for 1950. Wage and salary receipts, rising by 15percent from $143 billion to $164K billion, accounted for byfar the greatest portion of this expansion.

In fact, the only other sizable increment was that inproprietors' and rental income, which amounted to nearly$5 billion, or about 11 percent. A disproportionate shareof the latter increase accrued to farm operators, whoseearnings showed a larger relative gain—over one-fifth—than,any other major income share.

Personal interest income was only slightly higher this yearthan last, as were dividends. And transfer payments, aloneamong the principal forms of personal income, declined in1951.

Growth of Government and factory payrolls

In the advance of wages and salaries, the largest relativeincrease was in Government payrolls, and these were the onlyones rising significantly in the third quarter. For the yearto date, they were about one-fourth higher than in 1950,mainly because of the expansion of military and relatedactivities of the Federal Government.

There was also, however, a moderate uptrend in the Stateand local sector, where most of the growth in payrolls wasascribable to higher average earnings of public employees.The latter situation contrasted with that at the Federallevel, where expanded employment—mainly in the armedservices—was the chief factor, as Government personnel didnot, in general, receive wage-rate increases until recently.In this connection, it may be noted that the retroactiveportions of the Federal civil service and postal pay raisesenacted in October will not enter personal income until thefourth quarter, although recognition is given to them on anaccrual basis in computing the employee compensationcomponent of the national income for the third quarter.

Increases in private-industry payrolls this year, while noton the same scale percentagewise as those in Government,were of much greater absolute magnitude. At an averageannual rate of almost $140 billion for the first 9 months,private wages and salaries were 13 percent, or $16 billion,above the 1950 total.

More than half of the advance was attributable to themanufacturing industries, and it was centered, of course, inthe durable-goods group primarily affected by the industrialmobilization. Factory payrolls in that category rose bynearly one-fourth, as compared with a little over one-tenthin nondurable-goods plants and proportions in that range orslightly below it in most nonmanufacturing industries.

For private nonagricultural industries as a whole, some-what over half of the 1951 expansion in wages and salariesstemmed from advances in average hourly earnings, androughly two-fifths from increased employment. On anoverall basis, the lengthening of the average workweekwas a very minor influence, although it had an appreciableeffect in a few industries, including contract construction anddurable-goods manufacturing. The relative contributionsof the three factors enumerated above to the growth ofprivate nonagricultural payrolls from 1950 to the first threequarters of this year are depicted in chart 6.

It should be noted that several types of changes in averagehourly earnings are embraced within the measure here utilizedfor that factor. Increases in straight-time wage rates hadthe greatest weight in 1951, but such influences as changesin the importance of overtime premiums, job upgrading andshifting within industries, and shifts of employment between

(Continued on Page 24)


By E. S. Kerber

U. S. Government Foreign Aidin Fiscal Year 1951

GirROSS foreign aid furnished by the United States Gov-ernment in fiscal year 1951 declined to approximately $4.9billion, the least in any year since the end of World War II,as the continued reduction in economic aid more than offseta rise in military assistance. The decline in economic aidfollowed schedules established in part as a result of the nota-ble advances in economic recovery through 1950 in theEuropean-recovery program areas. Military assistance in-creased rapidly in both relative and absolute terms duringthe year and comprised 33 percent of gross foreign aid in thelast quarter. On the whole, gross aid had tended to decreasesince the peak established during the first year of the Euro-pean-recovery program.

The low point in aid actually occurred at the beginning offiscal year 1951. During the year, the trend reversed asgross grants and credits increased from a low of less than $1billion in the July-September 1950 period to $1.4 billion inthe 3 months ended June 30, 1951. During this last quarteraid was provided at the highest annual rate ($5.6 billion)since early in fiscal year 1950. Thus, the total decline infiscal year 1951 was only 5 percent from the preceding year.

In Fiscal Year 1951..Military assistance progressively increasedimportance in gross foreign aid ..,

m

1.5

i.o

.5 —m-

July- Oct.-Sept. Dec.

1949

Jan.- Apr- July- Oct.- Jan.- Apr.-Mar. June Sept. Dec, Mar. June

Net foreign aid, which takes into account the receipt bythe United States Government of reverse grants and returnsof grants and of principal repayments on credits, was $4.5billion in fiscal year 1951, slightly less than in the previousyear. Because returns experienced a relatively greaterdecline—32 percent, in contrast to the 5 percent for grossaid—net aid displayed less change in the 2 years.

Postwar aid approaching wartime totalBy June 30, 1951, gross foreign aid rendered by the United

States Government in the six postwar years stood at $33.2billion, with its composition as shown in table 1. Fromthe beginning of wartime activity in July 1940, 11 years offoreign aid had brought the aggregate value of goods, serv-ices, and funds furnished on a grant or credit basis to theimmense amount of $82.4 billion ($71.6 billion net). Thisis exclusive of the Government's investment of $3.4 billionin the International Bank for Reconstruction and Develop-ment and the International Monetary Fund.

The Communist invasion of South Korea, coming at thebeginning of fiscal year 1951, spurred congressional authori-


1 and aid to ERP areas (including NATO countries)remained predominant.

1.5

£RP areas Other areas

t.O

.5

July-Sept.

Oct.-Oec.

Jan.-Mar.

Apr.-June

July-Sept.

Oct.-Dec.

Jan.-Mar.

Apr.-Jun*

1949 I960Quarterly Totals

1951

NOTE.—MB. KERBER IS A MEMBER OF THE CLEARING OFFICE FOR FOREIGN TRANSACTIONS, OFFICE OF BUSINESS ECONOMICS.

11



zation of additional military assistance to the free nationsof the world. Although actual aid was at a nadir, $9 billionwas added during fiscal year 1951 to the beginning carry-overof $5 billion available for foreign aid. As a result of therelatively slow use of these resources during the year, as ofJune 30, 1951, almost $10 billion was still to be furnishedas aid under existing legislation. Appropriations and creditauthorizations exceeding $8 billion were added throughOctober 1951. If these available funds are fully utilized,cumulative postwar gross foreign aid will then exceed $50billion—more than the gross foreign aid by the UnitedStates Government during the entire World War II period.

Grants dominate foreign-aid pictureSince the beginning of the European-recovery program,

the United States Government has recognized that currentforeign aid was required predominantly on a grant basis.However, aid in the form of credits continued in relativelysmall amounts. Such aid equaled $419 million in fiscalyear 1951, almost identical to the amount in the precedingyear. Principal repayments on credits displayed onlyslightly more of a change. Net credits thus continued at 3percent of total net aid—in contrast to 50 percent in theimmediate postwar period.

Congressional requirements had established a floor underEuropean-recovery credit (as opposed to grants); subsequentcredits only slightly exceeded this minimum. In the attemptto increase the proportion of credit to grant aid, the Congressin the Mutual Security Act of 1951 stipulated that no lessthan 10 percent of the economic aid to Europe should be oncredit terms.

Since grant assistance constituted the bulk of gross foreignaid in recent years, it was in this form of aid that the sig-nificant fiscal year 1951 shifts occurred. Military-aid grantsunder the mutual-defense assistance program gatheredmomentum, and increased steadily in the year and a halffollowing their inception to total nearly $0.5 billion in the 3months ended June 30, 1951. Although such aid amountedto over $1.2 billion for the fiscal year as a whole, it was stillexceeded by economic assistance furnished through Euro-pean-recovery grants and credits which totaled $2.5 billionin fiscal year 1951. However, the latter had declined by$0.9 billion from the previous year.

Government agencies return as exportersAnother important indication of the changing character of

foreign aid was the increase in the portion furnished directlyas goods and services by United States Government agencies.After the end of World War II, the Government preferred tofinance most of its foreign aid through private trade and towithdraw Federal agencies as the actual exporters. ThisGovernment policy was intended to foster private inter-national trade. In fact, during this postwar period foreigngovernments were urged to withdraw purchasing missionsfrom the United States as a stimulant to the return of tradeto private channels.

Hence, the proportion of gross foreign aid actually fur-nished by Federal agencies as goods and services had de-clined from nearly 100 percent during the war, to 90 percentin fiscal year 1946—the first postwar year—and then as faras 28 percent in fiscal year 1950. After reaching a low pointof 21 percent of total gross aid in the last quarter of thatyear, goods and services assumed more significant proportionsand almost equaled cash aid in the last quarter of fiscal year1951.

This return of the Government to a supply function con-firmed the greater influence of military assistance in aid,since military items are provided directly by the Govern-ment, not through financing of private-trade channels.

British improvement leads to economic-aiddecline

The European countries which were members of theOrganization for European Economic Cooperation (OEEC)received three-fourths of the United States Governmentforeign aid in fiscal year 1951, almost as large a proportionas in the preceding year. The European recovery programitself, however, represented only 69 percent of the $3.6billion in aid furnished this area in the 12 months endedJune 30, 1951, compared to 87 percent in fiscal year 1950.

Over half of the $934-million decline in European recoverygrants and credits in the fiscal year was in aid to the UnitedKingdom, which received only 43 percent of the amount ithad received in fiscal year 1950. This decline was mostevident in the 6 months following December 31, 1950, afterwhich date aid allocations to the United Kingdom werealmost completely curtailed under this program. TheEuropean-recovery aid which did continue to flow to theBritish was in fulfillment of earlier allocations. Curtailmentof United Kingdom aid was in recognition of the considerableimprovement then evidenced in the British dollar position.

During fiscal year 1951 the United Kingdom made largerepayments of principal on outstanding credits—$56 million,of which $53 million was on the Reconstruction FinanceCorporation (RFC) collateral loan. Moreover, the June 30,1951, balance of $22 million on this $390-million loan waspaid off entirely by September 28. This loan had beenmade in 1941 to enable the United Kingdom to keep itsinvestments in the United States. The earnings from thepledged collateral had been received by RFC and appliedto reduction of principal and payment of interest. Theearnings received had been larger than anticipated at thetime the loan was made, enabling repayment almost 5years ahead of maturity date.

Further, the United Kingdom reserves of gold and dollarsrose from $2.4 billion as of June 30, 1950, to $3.9 billion 1year later. United Kingdom purchases of $1,420 millioncomprised more than one-half of the net gold outflow fromthe United States Government in this year. In its totalpurchase of $1,500 million in gold following the currencydevaluations in September 1949, the United Kingdomwas able to recover all but $87 million of the gold sold tothe United States in the postwar period preceding the pounddevaluation.

Declines in aid to Germany, France, Netherlands, andBelgium were also significant. Portugal was the onlyOEEC country with a reported increase in economic aidin fiscal year 1951 over the preceding year. The over-alldecline was in keeping with the original plan for the Euro-pean-recovery program whereby a gradual decline to themiddle of 1952 was envisaged.

European aid includes EPU capital contributionEconomic conditions in Europe were generally improving

over this period. In particular, intra-European trade wasexpanded by OEEC members through the creation of theEuropean Payments Union (EPU) for multilateral com-pensation. Total grants by EGA through EPU totaledover $51 million in fiscal year 1951. These payments weremade from $350 million pledged by the United StatesGovernment as a capital contribution to enable EPU tomake settlements with countries entitled to receive goldand dollars under the intra-European clearance scheme.

The monthly bilateral imbalances in intra-European tradeof the EPU participants summed to over $3.2 billion infiscal year 1951. However, because the direction of im-balances between countri.es frequently changed from onemonth to the next, the bilateral imbalances on a net cumu-


November 1951 SUEVEY OF CURKENT BUSINESS 13

Table 1.—Summary of Foreign Aid (Grants and Credits), by Program: July 1, 1945, Through June 30, 1951

[Millions of dollars]

Program

Gross Foreign Aid *

Grants utilizedLess: Credit-agreement offsets to

grantsCredits utilized

Less: Returns

Keverse grants and returns on grants-Principal collected on credits. _

Equals: Net Foreign Aid

Net grantsNet credits

Grants Utilized

European recovery __Civilian suppliesTJNRRA, post-UNRRA, and in-

terim aidPhilippine rehabilitationKorean and Far Eastern (General

area of China) aidLend-leaseMutual-defense assistanceGreek-Turkish aidChinese stabilization and military aid_Technical assistance and inter-

American aid. _ _ _ _ . -Other

Reverse Grants and Returns on Grants.

Counterpart funds _ _Reverse lend-lease.__Return of lend-lease shiosWar-account cash settlements

Credits utilized. _ _.

Special British loanExport-Import Bank __

Direct loans _ _ _ _ _Loans through agent banks

European recoverySurplus property (including mer-

chant ships)Credit-agreement offsets to grants ._Lend-lease (excluding settlement

credits)Other. _ _

Principal Collected on Credits

Export-Import Bank

Direct loans _ __Loans through agent banks

Surplus property (including mer-chant ships)

Credit-agreement offsets to grantsLend-lease (excluding settlement

credits). ..Other __

Totalpostwarperiod

33, 206

23, 600

I, 25610, 862

2,583

1,0161,568

30, 623

21, 3289,295

23, 600

9,1285,321

3,443627

3101,9451,292

657243

153481

1,016

456133307120

10, 862

3,7502,878

2,746132

1,132

1,3371,256

69440

1,568

770

604166

18024

28565

BeforeEuropeanrecoveryprogramperiod

15, 527

8,091

1, 2538,689

1,022

4r9523

14, 505

6,3398,165

8,091

2,412

3,172130

1,945

165120

6680

499

1332CO117

8,689

3,7502,087

1,942145

1,2361,253

63299

523

196

14948

2910

9279

During European recovery program period

Total

17, 679

15, 509

32,174

1,561

5171,045

16, 118

14, 9891,129

15, 509

9,1282,908

271497

310(3)1,292

492123

87401

517

4561

583

2,174

791

804Crl41,132

1013

6141

1,045

574

456118

15114

19286

Apr. 1948-June 1949

7,704

6,371

11,334

587

85502

7,117

6,285832

6,371

3,4211,658

271216

179(3)

353102

28142

85

491

323

1,334

368

376Cr8

855

891

319

502

301

25249

547

11128

Fiscal year 1950

Total

5,109

4,691

2420

579

299280

4,530

4,390140

4,691

3,323801

2 Crl173

61

7111916

29100

299

283

16

420

196

18016

136

112

373

280

135

8253

414

1100

July-Sept.1949

1,509

1,429

80

206

15155

1,303

1,27726

1,429

939344

(23)

59

5

418

824

151

151

(3)

80

36

351

18

5

220

55

40

2614

(3)

( 3 ) 7

Oct.-Dec.1949

1,167

1,079

88

111

5853

1,056

1,02135

1,079

765196

(23)

47

4

335

820

58

50

7

88

41

365

32

3

(3)11

53

22

1111

121

18

Jan.-Mar.1950

1,164

1,030

135

101

4160

1,063

98974

1,030

769122

(23)

39

28

532

2

824

41

41

135

60

501056

2

117

60

40

3010

101

(3)10

Apr.-June1950

1,269

1,154

2117

161

49113

1,108

1,1035

1,154

849138

(2\24

6612

(23)

632

49

40

9

117

59

581

30

(3)2

(3)26

113

32

1517

123

165

Fiscal year 1951

Total

4,866

4,447

419

395

133263

4,471

4,314157

4,447

2,384450

108

69

1,222205

30159

133

123

10

419

227

248*Cr22

141

1

(3)50

263

138

12217

563

758

July-Sept.1950

980

889

91

103

3667

877

85423

889

547113

34

8

14081

930

36

36

91

37

40*Cr3

49

(3)

(3)4

67

39

2712

111

511

Oct-Dec.1950

1,271

1,161

111

107

2779

1,165

1,13431

1,161

592134

66

16

30472

537

27

27

111

44

44(3)

28

(3)

38

79

49

472

9(3)

(3)21

Jan.-Mar.1951

1,222

1,100

122

97

3760

1,125

1,06362

1,100

59479

4

26

3223

(3)

567

37

27

10

122

79

83* Cr4

39

(3)

4

60

31

301

171

110

Apr.-June1951

1,392

1,296

96

89

3356

1,304

1,26340

1,296

651124

4

20

45532

1126

33

33

96

66

81*Cr l5

25

1

4

56

19

182

191

(3)1ft

i Foreign aid is defined to comprise two categories—grants and credits. Grants are largelyoutright gifts for which no payment is expected, or which at most involve an obligation onthe part of the receiver to extend aid to the United States or other countries to achieve a com-mon objective. Credits are loans or other agreements which give rise to specific obligationsto repay, usually over a period of years, with interest. In some instances assistance has beengiven with the understanding that a decision as to repayment will be made at a later date;such assistance is included in grants. At such time as an agreement is reached for repaymentover a period of years, a credit is established. Because such credits cannot, as a rule, bededucted from specific grants recorded in previous periods, they are included in both grants(at the earlier period) and credits (at the time of the agreement), and the amounts of suchcredit-agreement offsets to grants must therefore be deducted from the total of grants and creditsin arriving at gross foreign aid. All known returns to the United States Government stem-ming from grants and credits are also taken into account. Gross foreign aid less the returnsis net foreign aid, which is shown as net grants and net credits.

Foreign aid is measured, for the different methods of procurement in use, as follows: (1)at the time of shipment or extension of a service, for procurement made by a U. S. Govern-ment agency; (2) at the time of disbursement to a foreign government, for procurement madeby that government or its agents; or (3) at the time of disbursement to a United States sup-

lative basis shrank to $2.1 billion. Further, the effectof multilateral compensation decreased the imbalances tothe $1.1 billion which was settled through EPU during theyear.

Through conditional aid extended as grants, EGA aidedthe financing of $185 million of the net imbalances. Inexchange for the grants provided by EGA, the United King-

plier or to a United States bank (for payments to suppliers) on behalf of a foreign government,for procurement made on a letter of credit authorized by a Government agency.

The Government's capital investments in the International Bank ($835 million) and Inter-national Monetary Fund ($2,750 million) are not included in gross foreign aid although theyconstitute an additional measure taken by this Government to promote foreign economicrecovery. Payments to these international financial institutions do not result in immediateequivalent aid to foreign countries. Use of available dollar funds is largely determined bythe managements of the two institutions, subject to certain restraints which can be exercisedby the U. S. Government.

Pending receipt of revised data from the Army Department, civilian-supply grants include,for the first time, estimated data for certain cash grants furnished by the Army.

2 Negative entry results from refunds of cash aid.3 Less than $500,000.4 Negative entry results from excess of EIB repurchases from agent banks over agent-bank

disbursements.

Source: U. S. Department of Commerce, Office of Business Economics.

dom, Sweden, and Belgium provided inittial credit positionsto the multilateral clearances in fiscal year 1951.

EPU is intended to provide the financial basis for thereduction of trade and payments barriers among WesternEuropean countries and the sterling area and for bringingtheir payments more nearly in balance with each other andthe rest of the world thereby requiring less United States



Table 2.—Summary of Foreign Aid (Grants and Credits), by Major Country: July 1, 1945, Through June 30, 1951[Millions of dollars]

Major country

Gross Foreign Afd (grants and credits) *.Less i Returns . _--

Equals: Net foreign aidNet grantsNet credits

ERP countries and participating de-pendent areas:

Gross foreign aid _ _Less: ReturnsEquals: Net foreign aid. _ _

N6t grantsNet credits .--„

Austria:Gross foreign aid _ -Less; Returns -Equals: Net foreign aid..

Net grantsNet credits..

Belgium-Luxembourg :Gross foreign aid-Lees: ReturnsEquals* Net foreign aid

Net grants...Net credits

British Commonwealth: Uni tedKingdom:

Gross foreign aidLess" ReturnsEquals: Net foreign aid


France:Gross foreign aidLess* ReturnsEquals: Net foreign aid..


Germany:Gross foreign aidLess* ReturnsEquals: Net foreign aid _


Greece:Gross foreign aidLess' ReturnsEquals: Net foreign aid-.


Italy:Gross foreign aidLess: Returns _ _ -Equals: Net foreign aid


Netherlands: *Gross foreign aidLess: Returns - _ _ _ _ _ _Equals'. Net foreign aid


Turkey:Gross foreign aidLess* ReturnsEquals: Net foreign aid

Net grantsNet credits _ _ _ _ _

Other ERP countries: «Gross foreign aidLess: ReturnsEquals: Net foreign aid

Net grants _Net credits

Other Europe:Gross foreign aid - --Less: ReturnsEquals: Net foreign aid


American Republics:Gross foreign aidLess: ReturnsEquals: Net foreign aid


China-Taiwan (Formosa):Gross foreign aidLess1 ReturnsEquals: Net foreign aid


Japan and Ryukyu Islands:Gross foreign aidLess: ReturnsEquals: Net foreign aid

Net grantsNet credits _ _

Korea:Gross foreign aidLess: ReturnsEquals: Net foreign aid


See footnotes at end of table.

Totalpostwarperiod

33,2062,583

30,62321,3289,295

23, 6521,485

22, 16814, 1717,997

83639

79777720

76144

717545172

6,861734

6,1271,6594,468

4,349232

4,1182,0892,029

3,53998

3,4413,372

69

1,32448

1,2761,178

98

2,320111

2,2091,866

343

1,115101

1,015637377

28824

26416896

2,25853

2,2051,879

327

1,68388

1,5951,136

459

664227437139298

1,803121

1,6821, 568

114

2,470289

2,1802,169

11

48813

47545421

BeforeEuro-

pean re-covery

programperiod

15,5271,022

14,5056,3398,165

10, 083557

9,5272,4447,082

299

299290

9

2235

21861

158

4,179456

3,723-5584,281

2,11936

2,084203

1,881

1,02616

1,01091892

5835

578473105

1,09917

1,082860221

29814

28419

265

296

239

13

2281

22716958

1,54725

1,5221,106

416

30072

22772

155

1,44456

1,3871,230

157

1,02713689182367

156

15613918


Total

17,6791,561

16, 11814,9891,129

13, 569928

12, 64111, 727

914

53739

49948711

53840

498484

14

2,682278

2,4042,217

187

2,230196

2,0341,885

148

2,51382

2,4312,455-23

74143

698705—7

1,22194

1,1281,006

121

81787

730618112

25918

24115982

2,03052

1,9781,710

268

13663733043

36515521067

142

35964

295338

-43

1,443153

1,2891,345-56

33213

319315

3

Apr.1948-June1949

7,704587

7,1176,285

832

5,934222

5,7124,821

891

2601

258244

14

20016

18414935

1,314100

1,214954260

1,14130

1,112926185

1,30926

1,2831,309-25

3917

384388-3

60528

577463114

2915

285138147

1134

1099416

3095

304156148

29282

-24

11258542826

30251

251285

-34

66059

601624

-24

1504

146139

7

Fiscal year 1950

Total

5,109579

4,5304,390

140

3,995398

3,5983,540

58

16424

140140

(3)

21014

197210

-14

952106846884-37

618101518539

-21

72640

686687

(2)

20020

181182-2

31930

29026822

33530

305308-3

988

905337

37226

34527075

2227-5

-1611

10342622537

206

1418

-4

48391

393423-30

829

7478-4

July-Sept.1949

1,509206

1,3031,277

26

1,157175983981

1

411427261

523

4952-3

27229

243250-7

17366

107118-11

26623

242242

629

5353

(2)

826

76678

11813

105106-2

231

22184

6910594811

412

2

287

217

13

1129

11-1

18516

169172-3

161

1414

Oct.-Dec.1949

1,167111

1,0561,021

35

93275

856841

15

453

4242

(3)

571

5657-1

23837

202220-19

1529

143145

2

1884

184184

485

4344

(2)

603

57508

408

3333

(2)

291

271017

744

705812

213

-11—7-3

23111274

6 C r 52

—7-6__i

1106

105100

5

192

1717

Jan.-Mar.1950

1,164101

1,06398974

90779

82880721

424

3838

(2)

523

4952-3

21420

193193

1

15318

135143-9

1394

134134

523

4950-1

77146469-5

683

6565

(3)

292

261314

827

755025

725

5

329

237

16

9(7)

99

(8)

765

726111

285

2327-4

Apr.-June1950

1,269161

1,1081,103

5

99969

93191120

363

3333

(2)

497

4349-6

22820

208221

—12

1407

133133

(3)

1348

126126

(2)

393

3736

(2)

1006

938211

1107

103105-2

173

15123

1465

14111427

1011

—2-9

7

2014633

4124

-1

111644790

—43

20

2020

Fiscal year 1951

Total

4,866395

4,4714,314

157

3,640309

3,3313. 366-35

11414

100103-3

12710

117125-8

41672

343379-36

47166

405421

-16

47816

462459

2

15017

132135-2

29736

260275

-14

19251

140173

-32

48

411229

1,34920

1.3291,284

45

848

764828

14956941579

378

3037-7

2993

296299—3

99(7)

9999

July-Sept.1950

98010387785423

77570

705690

15

174

1313

(2)

533

5053-3

13519

116114

2

94157985-6

1002

9898

304

2627

(2)

75106565

(3)

577

4950

(2)

162

1458

1983

19518015

936

6

2425

—14

-5

4314

-3

591

5858

(2)

10

1010

Oct-Dec.1950

1,271107

1,1651,134

31

91892

826862-37

192

1718-1

362

3435-1

13323

111130-19

1279

118120-2

1124

108108

344

2929

(2)

385

3334-1

41356

34-28

101937

3697

361352

9

161

14

14

189935

7I77

-1

62

°6262

(2)

54

5454

Jan.-Mar.1951

1,22297

1,1251,063

62

88180

801805

A

263

2324-1

273

2427-3

94148089-9

110268484

(3)

1275

123122

1

374

3233-1

83156980

-11

503

4848-1

112826

3155

31029515

322

31256

5910483

45

142

1214

-2

692

6769o

16(7)

1515

Apr.-June1951

1,39289

1,3041,263

40

1,06666

1,0001,008

-9

535

4848

—1

111

1010

(2)

54163747

—10

13916

123131—8

1396

133132

494

4545

(2)

1016

95979

436

3740-3

111

1028

4675

463456

6

272

25233

491138

434

122

1012

-2

109(7)

109109

190

1919



Table 2.—Summary of Foreign Aid (Grants and Credits), by Major Country: July 1,1945, Through June 30,1951—Continued

Major Country

Philippines:Gross foreign aidLess: Returns _Equals: Net foreign aid. _ _

Net grants.Net credits

All other countries: * *Gross foreign aid- _Less* ReturnsEquals: Net foreign aid

Net grants .Net credits

Totalpostwarperiod

77818

76066497

1,668342

1,3261,025

301

BeforeEuropeanrecoveryprogramperiod

24313

23116764

727167560355206


Total

5355

53049733

94217676667195

Apr. 1948-June 1949

2181

217216

1

298161137176

-39

Fiscal year 1950

Total

173(7)

172173

(2)

231

22315172

July-Sept.1949

59

5959

493

463313

Oct.-Dec.1949

47(7)

4747

(2)

392

382215

Jan.-Mar.1950

40(7)

3940

(2)

651

643925

Apr.-June1950

27(7)

2727

(2)

782

765719

Fiscal year 1951

Total

1434

14010931

4137

40634363

July-Sept.1950

34(7)

3434

(3)

651

645410

Oct.-Dec.1950

101(7)

1016635

953

927814

Jan.-Mar.1951

4O

44

(a)

147(7)

14712720

Apr.-June1951

4414

-4

1063

1038419

1 See footnote 1 to table 1.2 Net (—) of less than $500,000.s Net (+) of less than $500,000.* Gross foreign aid, net foreign aid, and net credits for Netherlands include $17.2 million

ERP credits to Netherlands on behalf of Indonesia ($15.0 million in April 1948-June 1949;$1.2 million in October-December 1949; and $1.0 million in January-March 1950). All otheraid to Indonesia, including grants under the European-recovery program, is included in"All other countries."

Government financial assistance. However, chronic mal-adjustments in European trade were not easily eradicated.Therefore, during the June 1951 quarter EGA providedgrants to Austria and Iceland specifically to assist thosecountries in clearing their deficits with EPU.

Military assistance sustains European aid totalDespite the large declines in European-recovery aid in

fiscal year 1951, noted above, total gross and net aid to theparticipating countries declined by only 9 and 7 percent,respectively, as compared to fiscal year 1950. The relativelysmaller decline was due to the $950-million increase inmutual-defense assistance provided to the Western Europeancountries.

During the 3 months ended June 30, 1951, mutual-defenseassistance to Europe reached the annual rate of $lK billion,an increase of about 50 percent from the previous quarter.Assistance furnished from excess United States Governmentstocks declined, so that the flow of current production intomilitary aid increased more rapidly than total mutual-defense assistance.

In addition to providing military equipment, the mutual-defense assistance program provides materials and machineryfor increased European military production and some rawmaterials usable for both military and civilian purposes.Such aid is furnished through EGA, acting for the StateDepartment which administers the whole program. For theentire fiscal year, a total of $17 million, was provided in thistype of assistance which is closely integrated with theEuropean-recovery program in the expansion of productivefacilities in the participating countries.

Information on the mutual-defense assistance grantsprovided through EGA is available by country and is soincluded in table 2. Data on military-item aid are notshown by country, but the amount provided against theauthorization for the North Atlantic area and for Greece,Turkey, and Iran is included in the ERP area total.

Other European aid limited to YugoslaviaYugoslavia also received mutual-defense assistance under

the provision whereby a limited amount of the assistanceauthorized by Congress can be provided to any "Europeannation whose strategic location makes it of direct importanceto the defense of the North Atlantic area and whose im-mediately increased ability to defend itself * * * con-tributes to the preservation of the peace and security of the

5 Includes data not allocable to specific areas and EPU capital contribution.6 Negative entry results from excess of refunds on Chinese account for aid diverted (prin-

cipally to Korea).7 Less than $500,000.8 Includes data for international organizations and data not allocable to specific areas.


North Atlantic area * * *." Under this special author-ity approximately $15 million was provided to Yugoslaviaas stop-gap assistance to relieve the critical food shortagein that country early in 1951.

Immediately following the establishment of this stop-gapaid program for Yugoslavia (which is included in mutual-defense grants), the Congress in December 1950 authorized aspecial Yugoslav-aid program, administered by the StateDepartment. Under the latter authorization foodstuffsworth $30 million were shipped to Yugoslavia in the first 6months of 1951 from a planned $38-million total. Mean-while, the Export-Import Bank (EIB) disbursed $6 millionfor foodstuffs under a $15-million credit authorized toYugoslavia early in fiscal year 1951. In addition Yugoslaviadrew on other EIB credits. Finally, as a part of the mutual-defense program operated through EGA, Yugoslavia wasfurnished $2 million more in assistance in the June 1951quarter. Total aid to Yugoslavia in the fiscal year ap-proached $84 million, of which 60 percent was in the last6 months.

Battle area aid rises in KoreaEconomic-grant aid to Korea, the focus of world interest

during fiscal year 1951, increased in that year, totaling $99million compared with $82 million the previous year. Theinvasion and the subsequent contraction of the area con-trolled by the United Nations forces caused a sharp declinein the aid hi the July-September 1950 period. In the last3 months of calendar year 1950, the Army provided consider-able common-use items, such as railroad equipment, to Koreaand in the subsequent two quarters of the fiscal year furnishedrelief from Army funds and from an appropriation of $50million approved for that purpose in January 1951. By theJune 1951 quarter, total grants to Korea returned to theaverage preinvasion level, about $20 million, with three-fourths being provided by the Army as civilian relief and theremainder financed by EGA under Army responsibility.

Mutual-defense assistance to Korea, the Philippines, andthe general area of China was at an annual rate of $260 mil-lion in the April-June 1951 quarter, almost the same as inthe previous 3-month period. For the entire fiscal year thismilitary assistance exceeded $191 million, after starting inthe final quarter of fiscal year 1950 with $5 million in grants.Data on military-assistance grants are included in "All othercountries" in table 2; information for specific countries isnot available.


16 SUKVEY OF CUKKENT BUSINESS November 1951

Indian famine spurs United States aidEconomic assistance to Taiwan (Formosa) in the fiscal

year 1951 was considerably above the previous year, aggre-gating $32 million. Economic assistance included aid toChinese students in the United States. The United StatesGovernment program for expanded economic assistance tosoutheast Asia, other than Formosa, began in fiscal year1951 and totaled $11 million. India received $4 millionof these fiscal-year grants as a partial subsidy on grain forfamine relief.

Although actual aid to India was not large, considerableattention was devoted in 1951 to the famine emergency inthat country. A major increase in aid for India was author-ized on credit terms by Congress in June 1951, for the pur-chase of food grains (mostly wheat) in the United States forshipment to India. The loan agreement with India, exe-cuted by EIB, provides for repayment in dollars but containsa provision that, at the request of EGA or EIB, India willenter into negotiations to modify the agreement to providefor payment of principal and interest by the delivery of defi-ciency material at prices, times, and on terms mutuallyagreed upon.

Philippine rehabilitation concluded during yearWhereas the situation in India was of an emergency famine

character, the Philippines were suffering from more chroniceconomic maladjustments. These were the subject of thereport of the Economic Survey Mission to the Philippines.Aid to the Philippines was undertaken as part of the EGAsoutheast Asia program in keeping with one of the recom-mendations of the mission.

The Philippines received only nominal assistance underthe EGA program, but continued to receive services underthe Philippine rehabilitation program throughout fiscal year1951 in diminishing amounts. Claims payments for wardamage paid under the latter program were curtailed beforeApril 1951; these had comprised the bulk of the Philippineaid prior to December 1950.

The United States provided further aid to the domesticeconomy in the Philippines through an agreement signed inNovember 1950 permitting the Philippine Government toutilize peso funds held for the United States, amounting toapproximately $35 million, to meet domestic obligations.This agreement provided for repayment in dollars in 10 equalannual installments with interest.

Korean conflict improves Japanese earningsEvidences of continuing postwar recovery in Japan and the

Ryukyu Islands in fiscal year 1950 led to a diminution of aidprogrammed by the United States Government for fiscal year1951. Thus, in the latter year net aid declined to $296million from $393 million the preceding year. Most of thisaid to Japan and the Ryukyu Islands was provided by theUnited States Government through the Army as civiliansupplies to occupied areas. Civilian-supply grants included,in addition to basic civilian foodstuffs, raw materials foreconomic recovery. In fiscal year 1951, cotton alone com-prised $143 million, or almost one-half of the net aid toJapan and the Ryukyus.

As a result of the military activity in Korea, the UnitedStates Government is spending large amounts to purchasesupplies and services in Japan, which serves as a close basefor United Nations operations on the mainland. Theextended purchases in Japan increased the Japanese dollar-earning capacity and correspondingly decreased the necessityfor grant aid from the United States Government. Accord-ingly no grants are contemplated for Japan by the UnitedStates Government beyond June 1951 except for liquidationof unshipped amounts from the earlier programs.

American Republics dominate technical-assistance grants

United States Government aid to the American Republicsmoved counter to the general trend, increasing by 45 percentfrom fiscal year 1950 to the succeeding year. Credit dis-bursements by EIB to Argentina were the major factor inthis increase. These disbursements—from the $125-millioncredit authorized late in May 1950—totaled $86 million inthe first 6 months of calendar year 1951. As a result, theAmerican Republics accounted for half of the net foreign-credit activity of Government agencies in fiscal year 1951.

The American Republics are the principal recipients of thebilateral aid provided under the Point 4 program, which in-cludes the technical assistance provided by the Institute ofInter-American Affairs. Technical-assistance grants of $15million to the American Republics were approximately halfof those made in fiscal year 1950. This decline was primarilythe result of decreased aid under the joint cooperative pro-gram to assist Mexico in the eradication of the foot-and-mouth disease epidemic among cattle in that country.

Upsurge in grants and credits expectedIndications persisted that for several years the United

States Government would have to continue assistance to theTable 3.—Foreign Aid Authorizations Available in Fiscal Year 1952

[Billions of dollars]

Source of availability

Estimated total available for foreign aid in fis-cal year 1952, and for pipeline carry-over intofiscal year 1953

Estimated aid still to be furnished as of June30, 1951, from existing authorizations

Additions provided by Congress through Oc-tober 1951

Mutual security:Authorized excess-property transfersAppropriations _ _ _ _

Extension and expansion of EIB lendingpowers - _ _ _ _ _ _

Other appropriations

Total

18.5

9.8

8.7

.37.3

1.0

.1

Economic and technicalassistance

Total

6.4

3.9

2.5

1.4

1.0

. 1

Grants

3.6

2.2

1.4

1.3

.1

Credits

2.8

1.7

1.1

.1

1.0

Militaryassist-ance

(grants)

12.1

5.9

6.2

.315.9

1 Includes $100 million appropriated for aid to Spain, not determinate as to grant or credit,economic or military.

Source: Department of Commerce, Office of Business Economics.

free nations of the world. The estimated total availablefor aid for fiscal year 1952 and pipeline carry-over into fiscalyear 1953 exceeds $18 billion. As shown in table 3, nearlytwo-thirds of these available funds is for military assistance.In the most recent authorization the Congress provided newfunds for a consolidation of most Government aid into themutual-security program, with a larger proportion of the aidallocated for military assistance. Further, economic andtechnical assistance authorized on a grant basis was slightlyabove $1.3 billion, in comparison to a rate two to four timesgreater during the last 2 years.

The new amounts also include $1 billion added to the EIBlending power. In the last year EIB began extending creditsto finance the development in foreign countries of strategicand critical materials needed by the United States in itsrearmament program. Such credit agreements were usuallytied into procurement arrangements between the GeneralServices Administration and the borrower whereby most orall production from the financed projects would be sold to theUnited States Government over the period of the credit.The enlarged loan authority will help expand this program.

This enormous backlog of unused aid authority will forceboth grant and credit assistance into higher levels thanexisted in fiscal year 1951.


By Loughlin F. McHugh

Financing Small Business in the PostwarPeriod

Summary

JL HE present article presents a brief description of, and some of the preliminary findings in, a projected comprehensivestudy of business financing by the Office of Business Economics. As originally planned, the survey was to investigatefinancial requirements of small and medium size firms in business and the adequacy of available funds under the con-ditions prevailing in the later postwar period. The outbreak of Korean hostilities and the subsequent changes in thecharacteristics of the economy necessitated the cancellation of the major part of this study at this time—though it isexpected a similar large-scale survey will be undertaken at a later date.

Preliminary steps were completed, however, and in view of the general interest in the subject it was felt advisable topresent some of the tentative findings. The initial sample study was confined to a small number of small and intermediatesize manufacturing and retail trade firms in business during the 12-month period ended June 30, 1950.

In this period, the survey indicated, two out of three firms financed their requirements from internal sources.The majority of small businesses needing outside capital were satisfied with the amount of funds available.Demand for outside funds by these latter firms was primarily in the form of borrowed, rather than equity, capital.Banks were the major source of these funds, but other financial institutions, friends and relatives constituted an

important auxiliary source of financing.While working capital requirements accounted for the principal share of total demand for outside funds, longer term

requirements were also important in the demand picture.The cost of capital funds did not appear to be a deterrent to borrowing in the period surveyed.The amount of funds desired but not obtained accounted for roughly $1 billion or about one-sixth of the total demand.

This unsatisfied demand, largely in manufacturing, could not be evaluated as to reasonableness or economic soundnesson the basis of information now available. In the larger study such an evaluation will be attempted.

This discussion of small business financing in the postwarperiod is based on the preliminary findings in a projectedmajor study of business financing by the Office of BusinessEconomics. The purpose of the survey as planned was toinvestigate the total demand for equity and debt capital bybusiness, the extent to which this demand remains unfilledunder present institutional and market conditions, and thenature of the unfilled demand.

Plan of broad studyThe information was to be obtained from mailed question-

naires sent to approximately 20,000 firms. The concernswere to be chosen on the basis of scientifically designed sam-pling procedures. It was hoped to obtain balance sheet andearnings information from a smaller sub-sample, includingall who indicated unfilled needs for capital. After analysisof the replies and related financial data it was planned tocontact not only the firms which were unable to obtan fundsalthough appearing to meet objective standards of soundness,

NOTE.—MR. McHUGH IS A MEMBER OF THE BUSINESS STRUCTUREDIVISION, OFFICE OF BUSINESS ECONOMICS.

but also their potential suppliers of funds in order to deter-mine the major factors giving rise to any gap in the demand-supply situation.

The period for which the study was planned and for whichthe preliminary results were obtained—the year ended June30, 1950—appeared to be exceptionally favorable for such astudy. The latter part of 1949 featured mild recessionarytendencies, with some moderate price reductions, inventoryliquidation and a slackening of the pace of economic activity.By early 1950, these developments had for the most partrun their course and renewed expansionary trends were inevidence. For the period as a whole, conditions were stillvery prosperous with output maintained at close to peakpostwar rates, and consumer and business demand con-tinuing relatively high. While some tightening of bankcredit was apparent during and after the period of inventoryreductions, the cost of borrowed funds remained at therelatively low rates which had prevailed throughout the warand postwar period.

Quantitative information on the nature and amount ofunfilled business demand for funds under such circumstancesis almost entirely lacking, and data on the actual volume of

17

971026°—51—


18 SURVEY OF CUKKENT BUSINESS November 1951

outside funds received are at best incomplete or very frag-mentary. The few prior studies along the lines contemplatedin the OBE study were not only not so comprehensive butdealt for the most part with financing under depressed condi-tions in industry generally. Hence, it was extremely difficultto differentiate between the various institutional and cyclicalfactors involved.

Work on the project was temporarily halted following theoutbreak of Korean hostilities. New problems of financingin the changed economic situation came to the foregroundbut they were basically different in character from thosewhich would be encountered in more normal peacetimeconditions.

Preliminary steps takenSome preliminary steps were completed, however, cover-

ing the period ended June 30, 1950. These included (1)field interviews with approximately 100 business firms totest the feasibility of the approach, and (2) the mailing ofquestionnaires to a small random sample of 200 firms andtabulation information received from three quarters of thesefirms. This sample was to serve as a test of the nature andmeaningfulness of the response which might be expectedfrom the larger study.

The results of the preliminary stages of the survey werethought to be both promising and interesting and it is hopedthat the larger project will be carried out at some latertime. Pending this development it was deemed desirableto publish the quantitative and other information gainedfrom the initial stages of the study.

Limitations on interpretation of resultsOne cannot stress too much the very tentative nature of

the quantitative information obtained thus far from thestudy. First, the sample used was very small and hencethe data reported are subject to a substantial margin oferror. Secondly, the information at hand does not permitthe fulfilling of one of the principal purposes of the study—an evaluation of the nature of the unfilled demand.

Coverage of studyAt an early stage in the planning of the study, it was de-

cided to concentrate attention on the smaller business firmsalready in existence.1 It was felt that the major gap inavailable information on business financing was in this field.

The study was confined to manufacturing and retail trade.Use was made of the records of the Bureau of Old-Age andSurvivors Insurance for the first quarter of 1948 in choosinga random sample of 100 firms in each of these two industries,eliminating the larger corporations registered with the Securi-ties and Exchange Commission. Data for the 1948 quarterwere the latest available at the time the sample was pulled.

It should be noted, however, that since the files of theBureau of Old-Age and Survivors Insurance served as thebasis of the sample, and these files do not cover firms withno employees, there is a significant omission in the sampleresults relating to this numerically important smallest sizegroup. This omission probably means that the results tendto understate the financial problems of small businesses andto overstate the degree of their financial independence sincethe omitted group is heavily weighted with relatively newconcerns, frequently undercapitalized and generally un-seasoned.

Thus the universe to which the sample data apply includesall firms in manufacturing and retail trade other than thosewith no employees and those which are registered with the

i For the results presented in the text, the universe is actually confined to those firms inexistence in the first quarter of 1948 and continuing in existence throughout the period coveredby the survey. Previous OBE studies have analyzed some of the financial characteristicsof new businesses. See issues of the Survey of Current Business for December 1948, April1949 and April and June 1950.

Securities and Exchange Commission. The latter includevirtually all the very large firms. Basically the sample refersto small and intermediate size firms, in which the smallersize group was predominant. The largest manufacturer inthe sample—a nonborrower in the period surveyed—em-ployed 261 people in the first quarter of 1948; the largestborrowing manufacturer employed 168 persons in the 1948period. Among retailers, the largest in the sample employed30 persons in 1948. For brevity, the universe representedin the sample will be referred to as "small business" in thisarticle, although it does not correspond to any precise defi-nition of small business.

Response biasBefore discussing the sample results, it should be mentioned

that these findings are subject not only to the errors of sam-pling already referred to but to a bias from the nature of theresponse, i. e., those responding may or may not have beentypical concerns from the point of view of financial problemsencountered by businesses in the smaller size categories.The direction of any such bias which does exist is not knownat this time.

In view of the unusually high response—information onbusiness status was obtained from three-quarters of the firmssampled, either from the response to the original question-naire or from the followup—and in view of the similarityof the results obtained from the original and followup re-spondents, it is felt that the response bias is probably small.2Within the limits of the sampling errors, therefore, it is feltthe quantitative data are sufficiently accurate to serve asthe basis for some generalizations.

Postwar setting for studyThese generalizations, it must be noted, should be viewed

not only in the light of the period in which the sample studywas made but of the recent preceding financial history.While as indicated above, the period covered by the studywas one of generally prosperous conditions, it may be notedthe total demand for business capital funds was at a rela-tively low level for the postwar period. Although fixedcapital requirements were still close to the postwar peak,new working capital needs were low, with the upward trendof inventories and receivables actually reversed in the latterpart of 1949 and only renewed on a modest scale in the firsthalf of 1950. On the other hand, a number of firms reported—both in the interviews and in answers to the question-naire—that banks and other lenders in late 1949 and early1950 were pressing for inventory liquidation and in theprocess were more reluctant than formerly to make orrenew business loans.

Principal Findings

Little demand for outside equity capitalOne of the interesting and significant features of the pretest

results was the almost total lack of indication that existingsmall firms were looking for outside equity capital. Thus thebulk of equity funds used and demanded by small business ismade up of original equity investment and retained earnings.(In this connection, it may be noted that since the samplewas confined to existing firms, demand for capital in settingup new business was excluded from the survey.3)

In the pretest interviews, there was some evidence thatfirms would have been interested in such financing but didnot seriously consider the prospect for a variety of reasons.There are two major aspects of the equity capital question asit pertains to small business which apparently explain the

2 For further discussion of the response, see technical notes at the end of the article.3 See studies previously referred to in footnote 1.



dearth of demand for equity funds. In the first place, mostsmall businesses are effectively shut out from the organizedequity capital markets because of the generally localizednature of the business and the very high cost of raising smallamounts of equity funds.

Secondly, a number of studies have found that even if out-side equity capital were available to small businesses, therewould be considerable reluctance to make use of such fundsfor fear of diluting the control or earnings interest in the busi-

PERCENT DISTRIBUTION OF MANUFACTURING ANDRETAIL TRADE FIRMS BY STATUS OF DEMANDFOR FUNDS, JULY 1, 1949-JUNE 30, 1950

Percent100

80

60

40

20

DESIRED ADDI-TIONAL FUNDS

SATISFIEDWITH FUNDSAVAILABLE

ADDITIONALFUNDSDESIRED

OUTSIDE FUNDSRECEIVED —

NUMBEROF FIRMS

AMOUNTOF FUNDSDESIRED

U. S. DEPARTMENT OF COMMERCE. OFFICE OF BUSINESS ECONOMICS 51-230

ness. Very often small businesses are family affairs in whichthe owner does not wish to share earnings or control with"outside'' interests. Thus, it is not too surprising that the bulkof the demand for outside funds by small businessmen was inthe form of loan capital.

Demand for borrowed fundsThe demand for borrowed funds by the sample firms is

shown in the above chart and in table 1. From these data itseems clear that during the period covered in the study—July 1, 1949 to June 30, 1950—the large majority of smallbusinessmen in manufacturing and retail trade encounteredno striking difficulties in financing their capital requirements.Roughly two out of three concerns in each of these industrieswere able to finance their needs from internal sources. Anadditional group, accounting for 30 percent of the respond-ents in retail trade, and one-fifth of the manufacturers in thesample, while needing to borrow funds, received all the moneythey considered necessary. Thus roughly 85 percent of themanufacturers and about 95 percent of the retailers sampledwere apparently satisfied with the volume of funds availableto them.

The remaining firms—15 percent in manufacturing andabout 5 percent in retailing—were unable to obtain all thefunds they considered necessary for most efficient operationor expansion of their business. As is indicated by the table

the only sizable group of unsatisfied borrowers were themanufacturers who had obtained some funds but felt thatthey could have used larger amounts. The sample revealedbut a negligible proportion of small businessmen in bothmanufacturing and retailing who desired outside funds butwere unable to obtain any funds.4

Table 1.—Percentage Distribution of Finns in Sample by Status ofDemand for Funds, July 1, 1949-June 30, 1950

[Percent]

Type

BorrowersNonborrowers _

Total... ... ._ _

Manufacturers.Retailers

Total

Wantedmorefunds

142

6

154

6

Satisfiedwith fundsobtained

8698

94

8596

94

Total

100100

100

100100

100


It is interesting to note that the average size of the addi-tional amounts sought but not obtained was actually largerthan the average of the amounts actually received. Thisis indicated in the first chart by a comparison of the areasshown for the "unmet demand" as measured by number ofloans (the left-hand bar) and by the amount of the loandesired (the right-hand bar). This result reflects in partthe predominance of corporate manufacturers in the groupwishing to borrow more than received—since these manu-facturers typically borrowed larger sums than the non-corporate manufacturers or retailers. It also reflects how-ever the unsatisfied desire to obtain longer term financingof major capital expansion programs which were considerednecessary or desirable by the firms.

Based on the findings of the sample, the total grossdemand for loans by existing small and medium size manu-facturing and retail firms in the year ended June 30, 1950,amounted to about $6 billion, of which about $5 billion wasactually received and in the neighborhood of $1 billion,or one-sixth, was desired but not obtained. Because ofthe very small size of the sample, these absolute figuresare subject to a substantial margin of error. For this reasonthe figure should not be regarded other than as a roughorder of magnitude of the demand for loans by small firms.6

It should also be noted that the $5 billion figure representsgross loans made in the period, reflecting not only the originallending operation but all renewals of existing loans.6 Thetotal also includes not only loans from banks but also borrow-ings from insurance companies and other institutional lenders,equipment suppliers, friends, and relatives. It does not in-clude ordinary trade payables.

Legal status and industry of borrowersAs may be seen from table 2, the volume of borrowing

during the period was fairly evenly divided between corporateand noncorporate firms and between manufacturers and re-tailers. That the manufacturing industry (in which thecorporate form of organization is relatively more important)did not account for a larger share of the funds borrowed bysmall business may seem somewhat surprising at first glance,

* It should be recalled the information derived from the sample probably tends to under-state the financial needs of small business since the new firms and firms with no employeeswere excluded from the sample.

s The universe to which these figures apply should also be borne in mind. It includes onlythose firms with one or more employees which were not registered with the Securities andExchange Commission and which were in existence in the first quarter of 1948 and continuedin existence through the second quarter of 1950. Firms with no employees, registered com-panies, and relatively new businesses are excluded.

6 Counting only the original amount of loans made, the aggregate borrowing totaled about$4 billion, with renewals accounting for the remaining billion dollars.


20 SURVEY OF CUREENT BUSINESS November 1951

particularly in the light of earlier studies which indicatedthat manufacturing was of greater relative importance. Forexample, in a survey of small business bank loans outstandingmade by the Board of Governors of the Federal ReserveSystem in late 1946, it was found that manufacturers ac-counted for about three-quarters of the volume of loansoutstanding to the account of manufacturers and retailers.

Table 2.—Aggregate Amount Borrowed by Small Business, byIndustry Group and Form of Organization, July 1, 1949—June 30, 1950

Industry and legal status

Total

ManufacturingRetail trade

CorporateNoncorporate

Aggregateamount

(billions ofdollars)

4.8

2.42 4

2 32.5

Percentagedistribu-

tion

100

5050

4852


Sampling errors may well account for an important partof such different results but a few other factors should benoted in these comparisons with other findings, such asdifferences in coverage and in the periods in which thestudies are made. The Federal Reserve study, for example,referred only to bank loans whereas the OBE study coveredall loans. There is some indication in the findings from theOBE sample that in retailing somewhat greater dependencewas placed on nonbank sources of loans.

Perhaps of even greater importance in explaining the rela-tively high proportion of retail borrowing compared withloans to small manufacturers may be the characteristics ofthe period in which the OBE study was made. As indi-cated above, the period was one of considerable readjustmentin inventories particularly in the latter part of 1949. Withretail business and inventories better maintained thanmanufacturing, it is possible that the pressure for loanreduction was less in evidence in retailing than in manu-facturing.

Sources of fundsOne of the more important aspects of the Commerce

study of small business financing is the attempt to place inperspective the relative importance of the various sourcesof financing small business, which, taken in conjunctionwith the known information on sources of funds for largeconcerns, will make possible the elimination of a major gapin information on sources of financing for business in general.

Table 3.—Percentage Distribution of Number and AggregateAmount of Small Business Loans by Source of Loan, July 1,1949-June 30, 1950

[Percent]

Source

Bank — _-Other

Total - --

Number ofloans

6634

100

Aggregateamount

7921

100


While the pretest results clearly confirm the recognizedpredominance of commercial banks in the field of financingsmall businesses' normal requirements, it is equally clearfrom the data thus far collected that nonbank sources con-stitute an important auxiliary method of financing smallbusiness (table 3 and chart on this page). One out of everyfive loans made to small business in manufacturing and trade

was carried with financial agencies other than banks, andthese loans accounted for about one-sixth of the aggregateamount loaned. The chief nonbank financial sources offunds were insurance companies (through policy loans) andsmall loan concerns. Including loans made by friends andrelatives, nonbank sources accounted for about one-third ofthe number of loans made and 20 percent of the aggregateamount loaned.7

Information supplied in the preliminary stages of the studysuggests that in large degree these nonbank sources of fundswere regarded by the borrowers as "lines of last resort." Anumber of businessmen were reluctant to "mortgage" theirinsurance savings, to apply to small loan companies to toappeal to their relatives and friends. They did so when thenecessary funds could not be obtained from other sources.

Term lending importantThe preliminary findings from the sample survey testify to

the importance of intermediate and longer term borrowing inmeeting the financial requirements of small business in thepostwar period. Loans of one year or more accounted forabout one-fourth of the borrowing of small manufacturingand retailing firms in the period of the survey, both in termsof the number and amount of loans, while a similar proportionof transactions involved the intermediate type borrowingwith maturities ranging from 91 days to one year (table 4).Thus only about 50 percent of the borrowing related toshorter maturities of 90 days or less. These findings appearto be in line with the recognized trend in recent years towardincreased emphasis on term lending to business.

Despite the growing importance of term borrowing in thepostwar period, information revealed by the pretest resultssuggests that the availability of long-term funds still consti-

PERCENT DISTRIBUTION OF NUMBER AND AMOUNTOF SMALL BUSINESS LOANS BY SOURCE OFLOANS, JULY 1, 1949-JUNE 30, 1950

Percent100

80

60

40

20

OTHER LOANS

BANK LOANS

NUMBEROF LOANS

AMOUNTOF LOANS


7 Included in the loans received from nonfinancial sources are small amounts received fromequipment suppliers.



tutes one of the major problems in small business financing.In the absence of more adequate equity financing it appearsthat a considerable unmet demand for long-term borrowedcapital exists among small business firms.

The pretest sampling information does not permit a break-down of the term loans made into relatively shorter or longermaturities. Other studies, such as that of the FederalReserve Board in 1946, show that the bulk of term lendingto small business is for from one to three years. On theother hand, the pretest information obtained suggests thata significant portion of the unfilled demand for funds on thepart of small business is for longer-term funds of from 5 to10 years.

Table 4.—Percentage Distribution of Number and AggregateAmount of Small Business Loans by Maturity of Loans, July 1,1949-June 30, 1950

[Percent]

Maturity

90 days or less91 days but less than 1 year __ ...1 year or more

Total

Number ofloans

542224

100

Aggregateamount

452926

100


Importance of small loansData presented in table 5 and the chart on this page clearly

reveal the importance of the small loan in the financing ofthe smaller sized firms. Roughly two out of three businessloans made in the period surveyed involved sums of less than$5,000. Intermediate sized loans of from $5,000 to $25,000accounted for an additional 30 percent of the total numberof loans made. As might be expected these smaller sizedloans represented a substantially smaller fraction in terms ofdollars borrowed, with loans in the less than $5,000 classaccounting for only one-fifth of the aggregate lending. Atthe other extreme, the bigger loans—$25,000 and over—which accounted for roughly 5 percent of the number ofloans, involved two-fifths of the aggregate borrowing bysmall business.

Terms of borrowingIn the light of the generally prosperous conditions prevail-

ing in the postwar period, and the general ease in the postwarmoney market, it is not surprising that the cost of borrowingdid not appear to have been a significant factor in determingthe availability or amount of funds borrowed. While theoverall average, 4.8 percent, may appear to be on the lowside, it may be seen from table 6 that the average is dominatedby the shorter maturities which carry somewhat lower in-terest rates than the term loans of 1 year or more.

The frequency distribution of loans by interest charged,as shown in table 7, presents a somewhat different aspect ofthe question. The median interest rate, for example, issomewhere in the neighborhood of 5}£ percent either in termsof number or dollar amount of loans made.8 A sizablenumber of borrowers were required to pay at a rate in excessof 6 percent.

A more serious consideration shaping the course of borrow-ing activity was the collateral requirements demanded bylenders. Generally speaking both actual borrowers and thosewho wanted but did not get funds felt that lenders were asking

8 It is possible that the actual interest charge reported by the sample firms tends to beunderstated, since the firms may not have reported all charges associated with loans made.It is possible, moreover, that some firms reported only the nominal rate of interest rather thanthe actual rate. The latter could be considerably higher than the former, particularly wherethe loan is repaid in installments.

PERCENT DISTRIBUTION OF NUMBER AND AMOUNTOF SMALL BUSINESS LOANS BY SIZE OF LOANS,JULY 1, 1949-JUNE 30, 1950

Percent

100

80

60

40

20

$25,000 AND OVER —

$5,000- $24,999 —

LESS THAN $5,000

NUMBEROF LOANS

AMOUNTOF LOANS

U. S. DEPARTMENT OF COMMERCE. OFFICE OF BUSINESS ECONOMICS 51-229

for considerably more collateral than seemed justified by thesize of the loan requested or the financial condition of theapplicant.

The "Unsatisfied Demand"

One of the most significant aspects of a broad study such asprojected by the Office of Business Economics is the lightthat may be shed on the amount and nature of the demandfor funds by small business which is not being met throughexisting institutional arrangements. An attempt was madenot only to discover the demand of those firms which hadbeen refused funds sought, including those who had part oftheir requests filled, but also those who had formulated arelatively clear plan of financing—including the amountthought necessary and the form of financing thought mostsuitable—but who had not attempted to raise the money forone reason or another.

As indicated earlier, the pretest results suggest that forsmall businessmen in the industries surveyed, this demand—predominantly in manufacturing—amounted to about one-sixth of the total demand and represented primarily fundsdesired in addition to amounts actually received. There issome indication from pretest interviews that a few firms mayhave failed to report demand for funds which they hadpreviously considered but had not acted upon because theyknew from past experience with their sources of financingthere was little or no chance of receiving the capital.

On the basis of the information collected so far, it is notpossible to analyze the nature of the unmet demand, such as,for example, how realistic it is in the light of the businessman'sfinancial condition, or why the funds which might reasonablybe expected by businessmen were not actually obtained.

Needless to say, however, sound economic reasons woulddictate refusal of some of the "unsatisfied" demand reportedin the study, and the broader survey, it is expected, wouldshed more light on this subject. A recent study by the Re-construction Finance Corporation of small business loans



made or refused by that agency in 1948-49 may aid in placingsome of the aspects of this problem in perspective.

Table 6.—Average Interest Rate of Loans to Small Business byLength of Loan, July 1, 1949-June 30, 1950

Reconstruction Finance Corporation experienceDuring 1948 and 1949 the RFC received over 18 thousand

applications for loans involving $2.7 billion. Action wastaken on 13,479 cases, with approximately 4,000 being with-drawn before action was taken. It should be rememberedthat the terms of the law require that RFC aid be grantedonly after a showing that the funds requested by the bor-rower cannot be obtained from the usual private lendingsources on reasonable terms and that the loan be so securedas reasonably to assure repayment.9

RFC action on these loans was as follows:

Number PercentApproved 8, 100 60Declined 5, 379 40

Amount(in mil-lions ofdollars) Percent1,000 54

863 46

Total 13,479 100 1,863 100

Thus in this 2-year experience, RFC found that it was pos-sible to authorize loans to 8 thousand applicants. Theseloans authorized by the RFC involved a sum of one billiondollars, or more than half of the total requests involved inthe applications. On the other hand, loan applicationsturned down amounted to slightly less than a billion dollars,or 46 percent of the total.

A check on a sample of 300 loans authorized by RFCwhich had previously been refused by private lenders pro-vides some clues as to the reason for the bank refusal andas to the credit worthiness of the borrower. The averageauthorization involved in these loans amounted to $30,000and no loan exceeded $100,000.

The reasons given to the applicants by banks for refusalto make a loan are summarized in table 8.

Table 5.—Percentage Distribution of Number and AggregateAmount of Small Business Loans by Size of Loan, July 1, 1949—June 30, 1950

[Percent]

Size

Less than $5,000$5,000-$24,999$25,000 and over

Total

Numberof loans

67285

100

Aggregateamount

204139

100


It is clear from this table that the largest credit gap forsmall business in the private financing situation was for longterm loans. Practically half of the banks which the bor-rowers approached refused the loan because of its longmaturity. These loans refused ranged from two to ten years,with five years a fairly typical term.

Another interesting feature of this table is the relativelyfew instances—7 percent—in which the banks explicitlycited the risky or uncertain financial status of the borroweras the principal reason for refusal. Presumably, in a largeproportion of cases, such considerations lay behind the otherreasons given.

As may be seen, collateral deemed insufficient or unac-ceptable by the banks was also an important factor in thedenials. In this connection the RFC made a study of thecollateral offered by applicants who had been refused loansby the banks but who were granted loan authorizations by theRFC. In these cases it was found that the appraised value of

9 It is not certain, of course, that in the absence of the Reconstruction Finance Corporationall of the loans made by that agency would not have been made by other lenders.

Maturity

90 days or less __ _ _ _ _ _ _ _91 days but less than 1 year1 year or more . . _ ___

Total Loans__ _ _ __ _ _ _ _ _ _ _ _

Interest rate

4.54.85.4

4.8


the collateral was 2% times the loan value and 1.3 times theamount of the loan granted (the "loan" value of the collateralrepresents the appraiser's estimate of the value of the assetsrealizable if liquidation of the business were required, whereasthe appraised value is the value of the asset to a goingconcern).

It is also possible from the RFC study to throw some lighton the probable merit of the unfilled demand as revealed inthe OBE sample survey. It will be recalled that the RFCrejected almost half of the loan applications acted on by thatagency in 1948 and 1949. A study made of 3,225 denials inthe year 1949 indicated that in over 60 percent of the casesinsufficient collateral was the major reason for the decline,

Table 7.^Percentage Distribution of Number and AggregateAmount of Loans to Small Business by Interest Rate, July 1,1949-June 30, 1950

[Percent]

Interest rate

Less than 5.0--. _5.0-5.96.0-6.9 - -7.0 or more

Total

Number ofloans

2442268

100

Aggregateamount of

loans

42311611

100


with uncertain earnings ability, management factors or poorfinancial condition accounting for the majority of theremaining cases. A study of the collateral offered in thesecases indicated an appraised value 1.6 times and loan valueequal to 0.7 of the amount of the loan requested. In mostof these cases of insufficient collateral, secondary yet impor-tant reasons were given for the refusal, principally theuncertain earnings ability of the applicant.

Such data would suggest that a part of the "unsatisfiedfringe" uncovered in the OBE study included cases in whichprudent lending policies by lenders would dictate refusal of aloan application. This is not to say, however, that in all ofthese cases, credit should be withheld from the firms seekingfunds. It is possible some firms refused credit could proveto be satisfactory credit risks with respect to ability to paythe cost and principal of the loan requested. One of theprincipal objectives of the study outlined by the OBE will beto supply factual information on this question.

Table 8.—Reasons Why Banks Declined 300 Small Business LoansAuthorized by RFC, 1948-49

Reason

Maturity too longBank policy _ _Unacceptable or insufficient collateral .. _Financial condition of borrower"Brush off" or miscellaneous _ _

Total

Number ofbanks

20762563189

445

Percent oftotal

46 513.912.67.0

20.0

100.0

Sources: Reconstruction Finance Corporation with regrouping of reasons by the U. S.Department of Commerce, Office of Business Economics.



TECHNICAL NOTESIn evaluating the results derived from the small random sample of 200 firms, several tests

for reasonableness are possible. In the first place, as indicated in the text, the actual responseto the questionnaire was quite satisfactory, suggesting that the response bias is probablysmall. Of the 200 firm sample, comprehensive information was received from 127. Fromoriginal replies and followups, it is also known that 25 firms were out of business, or hadmoved and left no address. Two responding firms were eliminated because of the unsatis-factory nature of the response. Thus for only 46 firms was no information available.

A check of the original and responding firms suggests that those responding showed thesame general characteristics as to industry and legal status as the original sample (table A).

Table A.—Percent Distribution of Firms in Original Sample of200 and in Responding Firm Sample of 127 by Industry andLegal Status

[Percent of total]


All firms . _ _ _ _ _CorporateNoncorporate _ _ _. _ _ _ _ _ _ _ _ _

Manufacturing _ _ _ _Corporate-. ___ _Noncorporate

RetailCorporate - _ _ __Noncorporate

Originalsample

1003070

502426

506

44

Respondingfirms

1003070

512328

496

43


The data gathered from the random sample were also checked, where possible, against theinformation obtained from the initial field interviews of 100 firms. The interview resultswere not incorporated in the tabulations since the method of choosing these firms tended toinvolve businesses which may have had special financial problems and hence exaggerated theaggregate unmet demand.

Sampling errorSome indication of the reliability of the various estimates given in the text may be seen

from the "standard errors" involved. These errors show the extent to which any calculationbased on a sample might vary from the figure which would be found if the calculation couldbe made for all firms in the universe. The calculation may be interpreted as follows: thechances are 68 out of 100 that the true figure for the universe would be within plus or minusone standard error of the estimates derived from the sample.

Table B.—Comparison of Average Size of Small Business Loansin Department of Commerce Sample and Federal Reserve BoardSurvey 1

[Thousands of dollars]


Total _ _ _

Manufacturing-. ._Retail trade

CorporateNoncorporate __ _

Commer

All loans

5.9

17.13 6

11 94.0

3e sample

Bank loansonly

7.3

17.44.4

13.45.0

FederalReserve

Board sur-vey

6.0

13.12 4

17 53.9

The FRB study was limited to member banks only. Since these banks are the relativelylarger banking institutions in larger centers, there is undoubtedly an understatement of theinfluence of the very small concerns, which typically deal with the smaller nonmember banks.On the other hand, as has been pointed out in the text, the OBE sample contains an under-statement of the very small concern since it does not include firms with no employees.u

Table C.—Percentage Distribution of Number of Bank Loans toSmall Business by Industry Group and Form of Organizationfor Department of Commerce Sample and Federal ReserveBoard Survey 1

[Percent]


Total _ . _ _ _ _ _ _

Manufacturing _Eetail trade . _ _ _ _

CorporateNoncorporate _ _ _

Commercesample

100

2179

2773

FederalReserveBoardsurvey

100

3463

1684

^'Member Bank Loans to Small Business," Federal Reserve Bulletin, August 1947, page 968.Sources: Board of Governors of the Federal Reserve System; U. S. Department of Com-

merce, Office of Business Economics.

Table B compares the average size of bank loans found in the OBE sample with averagesas revealed by the FRB study. In comparing these figures, it should be noted that even if thesamples covered the same size firms, the OBE figures might normally be expected to be largerthan those of the FRB. The FRB data refer to loans outstanding at a particular point of timeand probably would tend on the average to be normally smaller than the size of the originalloan. It is this latter magnitude that the OBE average reflects. In addition the period cov-ered in the OBE study refers to a later part of the postwar period in which higher prices andlevels of activity would probably call for somewhat larger sums to be borrowed.

As may be seen, the OBE averages are generally higher than those of the Federal ReserveBoard. The one important exception is that of the corporate average for which the averageloan is actually lower in the OBE sample. This exception reflects, apparently, the greaterrelative weight assigned in the OBE findings to trade corporations, with their lower averagesize of loan. Few returns were received for this group, and hence no great reliance can beplaced in this finding.

Table C compares the percentage distribution of borrowers by legal status and industry.The Commerce study indicates a somewhat greater relative influence of corporations asagainst noncorporate borrowers and of retailers as against manufacturers. The orders of mag-nitude of the differences in the two studies are, however, hardly greater than might be ex-plained either by the basic differences in the time periods involved or the possible "errors"in the estimates.

Table D.—Percentage Distribution of Aggregate Amount of BankLoans to Small Business by Industry Group and Form ofOrganization for Department of Commerce Sample andFederal Reserve Board Survey 1

[Percent]


Total

Manufacturing _Retail trade

Corporate. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _Noncorporate __ _

Commercesample

100

5347

5149

FederalReserveBoardsurvey

100

7426

4654

1 "Member Bank Loans to Small Business," Federal Reserve Bulletin, August 1947, page 968.

Sources: Board of Governors of the Federal Reserve System, U. S. Department of Com-merce, and Office of Business Economics.

i "Member Bank Loans to Small Business." Federal Reserve Bulletin, August 1947, page 968.

Sources: Board of Governors of the Federal Reserve System; U. S. Department of Com-merce, Office of Business Economics.

For the estimate of total borrowing of small firms, which amounted to about $5 billion,the standard error is 1 billion dollars. The comparable standard error in the figure of "un-filled" demand is smaller absolutely, about 500 million dollars, but much larger percentage-wise.

Information on the range of sampling error can also be computed for the percentages usedin the text. Generally speaking, the error found in a percentage calculated from a samplewill be considerably smaller than for an aggregate such as presented immediately above.It will be recalled that it was found (as shown in table 1) that 94 percent of the sample firmswere satisfied with the amount of funds available while the remainder, or 6 percent, wantedmore funds than received. The standard error for these percentages is ±2percent. "Errors"for the other percentages shown were also calculated, and in general compare in order ofmagnitude with the one just mentioned.

It would be desirable to check the results of the survey against other findings in the generalfield. Unfortunately the possibilities of such a check are limited, not only because of thedearth of similar studies, but because in the few instances where studies of small businessfinancing have been undertaken, differences in coverage, procedure, and timing, make themeaningfulness of the comparison difficult to interpret.

Within this frame of reference, it is interesting to note that where checks are possible theresults of the sample study compare rather favorably with the findings of the Board ofGovernors of the Federal Reserve System, which, in a study of business borrowing frombanks in the latter part of 1946 made a special analysis of small business loans outstanding.10

Tables B, C, and D present comparisons of some of the OBE and Federal Reserve surveyresults. It should be noted that the broad purposes of these two studies were quite different.The comparisons are made only for the purpose of examining the reasonableness of the results.

The same general remarks would seem to be applicable to Table D showing the comparisonin terms of aggregate bank borrowing by legal status. The 51-49 break in bank borrowing asbetween corporate and noncorporate business shown in the OBE sample compares with a46-54 break-down in the Federal Reserve Board study—a difference which can hardly bedescribed as significant in the light of possible sampling errors.

The differences shown in the industry break-down are more substantial with the OBEresults indicating a much greater relative importance of trade than appears in the FederalReserve Board study. This is due to the relatively large average size of loan shown for non-corporate retailers in the OBE study. It is not possible to assess at this point the extent towhich there is an overstatement in the average loan size of non-corporate retailers in the OBEsurvey (or understatement in the Federal Reserve Study) or an understatement (relative tothe Federal Reserve findings) of the average loans in other sectors.^

10 See Federal Reserve Board Bulletin, August 1947.11 It is not possible to make a direct comparison of the upper limits in the definitions of smallbusiness used in the two studies. In the Federal Reserve Board study only manufacturerswith less than $750,000 of assets were included, and for retailers, total assets were required tobe less than $50,000. The OBE sample was chosen on the basis of employees as explainedabove in the text.12 In connection with the tables comparing the results of the two surveys, it should be notedthat some differences may arise from the different classification procedures involved. In theFederal Reserve Board survey, borrowers were classified on the basis of bank records; in theOBE survey, the individual respondents were asked to check their classification as to in-dustry and legal status. These firms had also been classified by the BOASI.


24 SUEVEY OF CUKKENT BUSINESS November 1951

Taken by and large, it is felt that the information obtained gives a rough notion of theorders of magnitude associated with some of the broader aspects of small business financing.Perhaps most important of all is the indication received from the tests of the willingness andability of businessmen to supply financial information, and that even without extensive andexpensive field work, a highly significant body of data will be obtained from the larger studyof small business financing.

Note on blow-up procedureIn deriving over-all estimates, it was necessary to apply appropriate blow-up factors to the

sample results. Basically the ratios used were derived from business population figures

classified by industry and size (1-19 and 20 and over for manufacturing and 1-7 and 8 and overfor retail trade). For example, in estimating the aggregate amount borrowed in manufactur-ing and retail trade, the average amount borrowed by the smaller and larger firms in eachindustry was first determined. These figures were then multiplied by the total number offirms in the respective size groups.

Estimates were calculated on two bases. First, in arriving at the appropriate weights, nodistinction was made between those respondents who answered to the original request andthose who answered only after a registered letter follow-up. Secondly, estimates wereobtained by giving greater weight to the "follow-ups," assuming that they were more repre-sentative of the nonrespondents in the sample. There was comparatively little differencebetween the two sets of figures, and so, only one set—the latter—was incorporated in thediscussion presented above.

National Product and Income in the First Three Quarters of 1951

(Continued from page 10)

industries in which wage rates differ are also reflected, andmay have been significant in the period under review. Anexact breakdown of these elements is neither possible nornecessarily meaningful, but rough calculations suggest thatthe last of them—a shift toward higher-paying industries—played an appreciable part in raising average hourly earnings.

While the rise in hourly earnings was the most importantinfluence in the aggregate, there were some industries, no-tably durable-goods manufacturing, where it was outweighedby the employment factor. Also, there were differentialsover time in the relative importance of these two factors,with average hourly earnings accounting for a progressivelygreater, and employment for a lesser, share of the rise inemployee compensation during recent quarters.

In the July-September period, in fact, employment inprivate industries edged downward; and average hoursworked per week have declined slightly since the beginningof the year, following an appreciable rise during 1950. As aresult of these developments, and with advances in hourlyearnings also slowing down, the upsweep of private payrollswas retarded in the second quarter and virtually halted inthe third. In the distributive and service industries, wherepay raises had lagged behind those granted earlier elsewhere,wages and salaries rose somewhat further after mid-year.But in the commodity-producing industries, including du-rable-goods manufacturing, they slipped below the second-quarter rate.

Nonwage components of income flowProprietors' and rental income as a whole moved up from

1950 to the first three quarters of 1951 by about the sameproportion as total personal income. Nonagricultural bus-iness and professional proprietors' earnings, however, wereconsiderably more sluggish than the personal income aggre-gate, as was rental income, while the reverse was true offarmers7 earnings.

The latter, as already noted, rose proportionately morethan any other principal form of personal income. Chieflyresponsible for this favorable showing was the violent upwardspurt in agricultural prices in the first 8 months after mid-1950, outstripping by a sizable margin the general priceadvance of the same period. Farm prices have declined ineach month since February, but not nearly as fast as theyrose until then. For this year through September, accord-ingly, the average remained far above that for 1950.

In the case of livestock, there was also a slight growthin the seasonally adjusted physical volume of marketings,

so that a 22 percent rise over last year's price average wasaccompanied by a corresponding increase in cash receiptsfrom livestock sales. It is to these that the expansion offarm income can be ascribed. The seasonally adjustedvolume of crops marketed in the first 9 months of 1951 wasappreciably below the 1950 volume, and, moreover, cropprices changed substantially less from last year's averagethan did those for livestock. Accordingly, the crop com-ponent of marketing receipts was a little lower than in 1950.

Entrepreneurial income in nonagricultural industries didnot keep pace with the general advance in the first 3 quartersof 1951. Owing principally to the slackened rate of con-sumer spending during the spring and summer, noncorporatebusiness earnings in wholesale and retail trade showed no

f ain at all over last year, despite a bulge in the first quarter,roprietors in manufacturing fared relatively well, but have

minor weight in the noncorporate business total.For the first three quarters as a whole, dividend payments

at annual rates were near the level of disbursements during1950. The latter had included extraordinarily high year-enddisbursements, partly in anticipation of the higher personalincome tax rates effective in 1951.

The maintenance of high dividends this year occurreddespite a substantial drop in profits after tax resulting inpart from the greatly increased Federal corporate incometax rates. In this connection, it may be noted that the de-crease in profits after tax also reflected to a large extentlower inventory profits in 1951 than in 1950. These in-ventory profits, which are equivalent to the excess of thereplacement cost of goods sold over their book cost, maybe somewhat discounted by corporate management in de-termining dividend declarations. If inventory profits areeliminated, the drop in profits after taxes as compared with1950 appears much smaller, and profits before taxes, so ad-justed—-as included in the national income—-actually show apercentage increase somewhat larger than for all other dis-tributive shares combined.

Personal interest income increased a little more than divi-dends, but likewise contributed insignificantly to the generaladvance from 1950 to 1951. Only transfer payments, how-ever, were actually lower this year than last. Their de-cline—about $2% billion—reflected primarily the inclusionin 1950 of the large veterans' life insurance dividend dis-bursements, as other changes were approximately offsetting.Unemployment compensation benefits dropped, and Stateveterans' bonuses virtuallv disappeared but benefit pay-ments under the amended Old-Age and, Survivors' Insuranceprogram nearly doubled.


BUSINESS STATISTICSJL HE STATISTICS here are a continuation of the data published in BUSINESS STATISTICS, the 1951 Statistical Supplement to the SURVEY

OF CURRENT BUSINESS. That volume (price $1.50) contains monthly data for the years 1947 to 1950, and monthly averages for earlier yearsback to 1935 insofar as available; it also provides a description of each series and references to sources of monthly figures prior to 1947. Seriesadded or revised since publication of the 1951 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying foot-note indicating where historical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate indexnumbers and dollar values refer to adjustment of monthly figures for seasonal variation.

Data subsequent to September 1951 for selected series will be found in the Weekly Supplement to the SURVEY.

Unless otherwise stated, statistics through1950 and descriptive notes are shown in the1951 Statistical Supplement to the Survey

1950

Septem-ber October Novem-

berDecem-

ber

1951

January Febru-ary March April May June July August Septem-

ber

GENERAL BUSINESS INDICATORS

NATIONAL INCOME AND PRODUCT

Seasonally adjusted quarterly totals at annual rates:National income total bil of dol

Compensation of employees, total doTVages and salaries total do

Private doMilitary doGovernment civilian do

Supplements to wages and salaries doProprietors' and rental income, total cf do

Business and professional cf doFarm doRental income of persons _do_ __

Corporate profits and inventory valuation ad-justment total bil of dol

Corporate profits before tax, total doCorporate profits tax liability doCorporate profits after tax do

Inventory valuation adjustment doNet interest do

Gross national product, total doPersonal consumption expenditures, total do

Durable goods doNondurable goods doServices do

Gross private domestic investment doNew construction doProducers' durable equipment doChange in business inventories do

Net foreign investment doGovernment purchases of goods and services,

total bil of dolFederal (less Government sales) doState and local _ do

Personal income total doLess1 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, total doEmployer disbursements, total do

Commodity-producing industries doDistributive industries - _ _._do _Service industries _ doGovernment do

Less employee contributions for social insur-ance _ _ _ bil. of dol

Other labor income doProprietors' and rental income _ doPersonal interest income and dividends._doTotal transfer payments.- _ . _ d o __

Total nonagri cultural income do_ __

NEW PLANT AND EQUIPMENTEXPENDITURES

All industries, quarterly total mil of dolManufacturing doMining _do_Railroad doOther transportation doElectric and gas utilities doCommercial and miscellaneous do_

245.8157.3149 7127.2

5.017 57.7

45.623.214.38.1

37.445.720 525.2

—8 35.5

287.4202.534.3

105.562.747.323.524.5

f r

—3 2

40 821.219.7

227.320.2

207.14 6

231.5149.7152.667.142.819.123.6

2.93. 6

45.321.611.3

212.9

4,7002,050

180290120820

1,240

234.1152.4155.669.343.119.323.9

3.23. 6

46.319.712.1

214.3

236.4154 2157.369.943.219.524 7

3.13 7

47.219.511.8

215.5

260 1165.2157 2132 7

6.617 97.9

47.223.015.88.4

42.250.322 527.8

—8 25.6

303.7198.429 4

104.964.060.2oo o

25.011.8

—2.7

47 827.320.4

238 323.1

215.216.8

244.4155.9158.970.843.619.624.9

3.03.7

48.125.011.7

223.4

5,8302,790

200320140940

1,440

243.6158.0161.671.744.319.925.7

3.63.7

50.518.812.6

221.4

243.3160.0163.472.444.519.826.7

3.43.8

48.219.212.1

222.9

269 4172.1163 6137.1

7.818.88.5

48.824 116.48.3

42 951.831 120.7

—8 95.6

r 319 0208.231 5

111.565.2

r 60. 123.9

r 25.9r 10.3

f —2 7r 53 4r 32. 3

21.1

244 1r 27.4

r 216. 8r 8.5

245. 5162.2165.973.744.920.027.3

3.73.8

47.719.712.1

225.2

5 1602,460

180300120750

1,340

249. 0164 8168.275.045.320.127.8

3.43.8

48.120.212.1

227. 8

249.8165 1168.874.645.620.228.4

3.73 8

48.020.212.7

229.0

274.3177.4168 8140.5

8.748.123.616.38.2

43.045.427 018.4

—2 35.7

r 327. 8201.7

25 9109.566.2

r 65. 6r 22. 5r 27.2r 15.9

r .0r 60. 4r38.9

21.4r 249. 9

r 28.0r 221. 8

r 20.1

251.0166.4169.975.245.620.328.8

3.53.8

48.020.012.8

230.1

6,2503,140

200410140890

1,470

252 4167 1170.674.846.020.329 5

3.53 8

49.219.712.6

r 230. 1

r 253. 7r 167. 4r 170. 8

r 74. 5'46.2r20.3r 29.8

3.43.8

M9. 7'20.1

12.7r 231. 3

180 4171 9141 1

8.849.123 417.38.4

3.85.8

327.6202.525 3

110.067.255.721.528.16.11.2

68 246.621.6

253 228.4

224.722.2

253.3167.9171.374.646.320.330.1

3.43.8

48.420.712.5

231.8

1 6, 8001 3, 650

i 2401400i 120

1 1, 030i 1, 360

T Revised.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.1 Estimates based on anticipated capital expenditures of business.

971026°—51 4 S-l


S-2 SURVEY OF CUEKENT BUSINESS November 1951


1950


berDecem-

ber

1951


ber

GENERAL BUSINESS INDICATORS—Continued

FARM INCOME AND MARKETINGS!

Cash receipts from farming, including Governmentpayments, total mil. ofdol..

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, unadjusted: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 doCement doClay products _ _- doGlass containers - do

Transportation equipment doAutomobiles (incl. parts) _. do

Nondurable manufactures doAlcoholic beverages doChemical products _ _ _ do

Industrial chemicals doLeather and products . do __

Leather tanning doShoes . _ __ do _

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

Paper and products doPaper and pulp _ do

Petroleum and coal products doCoke doGasoline do

Printing and publishing do _Rubber products doTextiles and products do

Cotton consumption doRayon deliveries doWool textiles do

Tobacco products do

Minerals _ doFuels do

Anthracite do _ _ _Bituminous coal _ doCrude petroleum do

Metals do. __

Adjusted, combined indexcf- do

Manufactures. do__ _

Durable manufactures doLumber and products do

Lumber _ doNonferrous metals do ___

Smelting and refining doStone, clay, and glass products do

Cement doClay products. doGlass containers do

Nondurable manufactures doAlcoholic beverages doChemical products doLeather and products do

Leather tanning ... doManufactured food products do

Dairy products doMeat packing. doProcessed fruits and vegetables .do

' 2, 9722,965

' 1, 461' 1, 504

••310••925••256

'447'516r396

'169'193'151

216

224

253245179196170283216219209

223239175229284265

201217272465123109133190156152276

194184243178195172244191152380171181

16816792

144184171

211

220

251166150216209215206169225

194203271124111167148168142

' 3, 627' 3, 615r 1,966r 1, 649

'308' 1, 055' 274

'545'695'434

'202'252r 165

220

229

263253176198165303223225217

240249177269291271

201205282488115107121173119158190

202193251183196183250197162374180170

169170102151184161

216

225

261166150223217229214168262

196182277115106162145158147

' 3, 407' 3, 391' 1, 784r 1, 607

'286'993'320

'511'630'423

' 177'252' 165

215

226

260246168197153311226228221

233231182250278249

19719528449711111111016394

184137

201191253178195182250193158381164174

15916584

138184124

215

224

260169155226221227214175247

195207280109108161143165149

' 2, 785' 2, 765' 1, 268' 1, 497

'300'853'337

'417'448'394

'153' 154' 153

216

227

266253158195140321227230219

227211178246292260

19618928850410710610916190

203111

197188263182197179251194158397160142

15316380

14317893

218

229

268173162227218235232173265

197208284108106165141171142

2,5392,510

9651,545

324995215

378338408

139126149

216

226

264255153190134322224226220

223193178251285246

19621128850611610812115590

193105

203192272187202164244194163392156177

15916996

15118494

221

231

268171162224219236238191257

201248287115107168142162161

1,8991,873

5571,316

317769220

281195346

10479

123

217

228

268252154193134328217215222

221186176253304262

196198291510125120128149101142100

208198269183198176235194174390144170

15316389

12518594

221

232

271169156217222237245186261

201225288122112166142148158

2,0712,019

5231,496

366834275

303183393

11171

141

219

231

275263160195141335209202225

232207180269314265

19418529652411810412714912014797

208198269184199179239188175374133161

15316348

12718992

222

234

277169156209225243252189269

199207292118105167146159176

2,1372,088

4651,623

368930288

313163427

11361

152

222

232

278264169185161337

'211204

'227

243231183292311255

195175298

'53210697

112152153150103

215205255185193188238185153380146167

16216764

133191129

223

234

279170162

' 211r 227

247243189292

19818729610697

168147163169

2,1532,120

4361,684

438871309

319153444

11757

163

223

232

277263168173165336

'206197

'227

' 242242184275310248

1971802985389788

103159196149108

212201263186207179247190164377144172

16816883

126192166

r 222

233

276163158

' 206' 227

236231184257

1981792989788

16714814916fi

' 2, 169' 2, 143

'6061,537

437753296

323'214'405

12384

152

223

233

276261164

' 164163338

'205197

'225

'241251

' 184266

'307'238

1971913005489886

106165221144

'123

209199263187212170255185157378137178

16916986

133191171

221

231

274153147

' 205' 226

239235

r 184

269

1971783029989

165150145

r IfiO

2,6522,6411,0851,556

408833285

398'384'410

151153148

'214

'224

267253

'150' 159

146327

'199'188'225

239248179273

'298r 222

' 189190301553837192

176221141

' 193

189182

' 262183211155

'245160123380100167

16116066

105192166

' 212

r 222

266' 141

131' 199r 226

237226

r 178

285

'187175

r 3058575

r 165

150152

r 14«

' 2, 992' 2, 985' 1, 315

1,670393960295

'450'465'440

168186154

221

230

'270'254

158165

'153'328'197'190'213

237251

'181259

'310'230

197179

'303'559

9880

110'187

215139

'262

'196188

'265187

'213' 166'247' 170

145'361

115190

'171r 171

r 77

134194

' 169

' 217

r 227

' 268' 146

137r 197

r 213

227222

' 175249

'1931783079981

' 164148162

r 13«

* 3, 412* 3, 404» 1, 659•P 1, 745

"348P 1,058

"325

"514"586J>459

"185p222P 158

J»224

P 233

p 275257

P 158p 169

155^336"201P 196P212

"235254

•p 180251

"319P234

P198193

P309?568

P 185167149

p 258

196191

P 264185

P 212P 180P 243P 165

142335

188

p 173P 173

79137197

P 173

P 219

P 228

p 273p 146

135P 201P 212P 225

219P 173

94A

"192184

p 307

•P 162p 143

ICQ

p 133

' Revised. *> Preliminary.tData through 1950 have been revised to incorporate changes in methods of estimation (notably for truck crops) and to reflect revisions of production, disposition, or price. The period

covered by the revision varies among the items, extending back to 1910 in some instances. Revisions prior to September 1950 will be shown later,d* Seasonal factors for a number of industries were fixed at 100 during 1939-42; data for these industries are shown only in the unadjusted series.


November 1951 SUKVEY OF CUKKENT BUSINESS S-3


1950


berDecem-

ber

1951


ber


INDUSTRIAL PRODUCTION— Continued

Federal Reserve Index— Continued

Adjusted cf — ContinuedManufactures— Continued

Nondurable manufactures — ContinuedPaper and products 1935-39—100

Paper and pulp _ doPrinting and publishing doTobacco products do

Minerals _ doMetals do

BUSINESS SALES AND INVENTORIES! t

Business sales (adjusted), total mil. of dol._Manufacturing, total. do

Durable-goods industries doNondurable-goods industries do

Wholesale trade, total doDurable-goods establishments _do _Nondurable-goods establishments do

Ketail trade, total. .. __ ... do_.Durable-goods stores doNondurable-goods stores. _.do

Business inventories, book value, end of month(adjusted), total _. mil. ofdol

Manufacturing, total doDurable-goods industries doNondurable-goods industries. do _ _

Wholesale trade, total. _ doDurable-goods establishments _do._Nondurable-goods establishments do

Retail trade, total _ . d oDurable-goods stores doNondurable-goods stores N do

MANUFACTURERS' SALES, INVENTORIES,AND ORDERSf

Sales:Value (unadjusted), total mil ofdol

Durable-goods industries doNondurable-goods industries .do

Value (adjusted), total __ _ do _ _ .Durable-goods industries, total do

Primary metals __ .. . doFabricated metal products doElectrical machinery and equipment doMachinery, except electrical doMotor vehicles and equipment . doTransportation equipment, n. e. s doFurniture and fixtures . . . doLumber products, except furniture doStone, clay, and glass products . doProfessional and scientific instruments. doOther industries, including ordnance do

Nondurable-goods industries, total doFood and kindred products doBeverages doTobacco manufactures do_ _Textile-mill products doApparel and related products do_ _Leather and leather products doPaper and allied products do_ _Printing and publishing doChemicals and allied products do _Petroleum and coal products doRubber products do__ _

Inventories, end of month:Book value (unadjusted), total do

Durable-goods industries do_ _-Nondurable-goods industries do

By stages of fabrication: 9Purchased materials . do __Goods in process.- ._ . do_ _Finished goods _ _ do

Book value (adjusted), total do _ _Durable-goods industries, total do

Primarv metals doFabricated metal products do _Electiical machinery and equipment.. _doMachinery, except electrical doMotor vehicles and equipment do _Transportation equipment, n. e. s doFurniture and fixtures do —Lumber products, except furniture do —Stone, clay, and glass products do _Professional and scientific instruments, doOther industries, including ordnance ._do

194185172172

163141

40, 80020, 1019,331

10, 7708,3372,7915,546

12, 3624,692

r 7, 670

55, 14630, 12314, 48615, 6378,4243,6184,806

16, 5997, 1069, 493

20, 9779,762

11,215

20, 1019,3311,697

9811,0441,3831,651

345309674489213545

10, 7702,862

508253

1,188751308605628

1,4131,852

402

29, 72714, 40015, 328

30, 12314, 4862,2221,6521,6103,2021,764

735458745582471

1,045

202193179165

166141

41, 19720, 6849,756

10, 9288,4812, 8555,626

32,0324,4707,562

57, 11230, 94714, 89916, 0488, 7753, 8504,925

17, 3907,7359, 655

22, 21610, 50211, 714

20, 6849,7561,8051,0901,0691,4811,650

350308726506213556

10, 9282,906

486274

1,151854308632632

1,4481,836

402

30, 58614, 74215, 844

30, 94714,8992,2761,6881,6283,3041,866

762462769592483

1,068

201191174171

160130

40, 61120, 5249,682

10, 8428,3202, 7055, 615

11, 7674,0997,668

58,95432, 24515, 64416, 6019,0054,0035, 002

17, 7048,0609,644

20, 5929,590

11,001

20, 5249,6821.8131,0751,0121,5251,560

377323713527203554

10, 8422,869

453280

1,132848262641654

1,4411,866

397

31, 98715, 44316, 543

32. 24515, 6442,3291,7381,7183.4682,056

835490782600502

1,127

197189175153

157126

42, 24621, 0489,869

11,1798,5952, 7735,822

12, 6034,5568,047

60, 43433, 25316, 35916, 8949,3884, 1635, 225

17,7938,0959,698

21,0289,984

11, 043

21,0489,8691,9261,1241,0351,5521,578

362283719485227578

11, 1793,092

545270

1,172826279649628

1,4681,831

420

33, 31116, 20217, 109

33, 25316, 3592,3841,7411,8973,6512,144

905533829628518

1,131

204192170177

164130

45, 89922, 56010, 43012, 1309,7613,2736,488

13, 5785,1158, 463

62, 05034. 12016, 87717, 2439,4754,1705,305

18, 4558,257

10, 198

22, 17710, 01412, 163

22, 56010, 4301,9561,1731,1221,6541,648

360297775533228683

12, 1303,296

585291

1,3141,059

329688675

1,6281,811

454

34, 40916, 79717, 612

34, 12016, 8772,3711,7911,9593,7892,2001,034

558852654533

1,136

207197177179

158131

44, 79622, 26110, 39011,8719,2223,0116,211

13, 3135,0418,272

63, 41634, 65717, 25117, 4069,7154,3285, 387

19. 0448', 484

10, 560

21, 1769,725

11, 451

22, 26110, 3901,8301,1761,0921,7261, 666

391296743535279656

11,8713,234

506287

1,351926337681693

1,5901,832

434

35, 03417, 30417, 730

34, 65717, 2512,3581,7852,0093,8972,1831,114

575896680546

1,208

208198176170

158127

44, 20522, 60510, 85111, 7548,9843,0505,934

12, 6164,5728,044

65, 24035, 55717, 57617, 9819,9404,4745, 466

19, 7439,197

10, 546

23, 66211, 45712, 205

22, 60510, 8511,9531,1711,1401,7961,859

407350754570245608

11, 7543,228

504261

1,308797318699696

1,6281,856

459

35, 97017, 76318, 207

35, 55717, 5762,2941,8282,0774,0062,1751,211

572902711549

1,251

214204183177

164140

43, 44022, 47910, 73911, 7408,6842,9255,759

12, 2774,2678,009

67, 36136, 90818, 17118, 73710, 1074,6725. 435

20, 3169,598

10, 748

21. 85110, 63011, 220

22, 47910, 7392,0721,2301, 0231,7721,691

452322782506239650

11, 7403,235

484281

1,354768294680757

1,5961,853

439

37, 05418, 33118, 723

36, 90818, 1712,2981,8722,1804,1362,2751,273

578950741570

1,298

212200176172

165151

44, 73723, 43411, 15012, 2838,8832,8925,991

12, 4204,2808,140

68, 98138, 06818, 92319, 14510, 2704,8805, 390

20, 6439,684

10, 959

22, 60310, 82711, 776

23, 43411, 1502,1581,1841,0441,8011,872

478336775584257661

12, 2833,431

574288

1,432792307711786

1,6431,887

432

38, 26219, 17819,084

38, 06818, 9232,3241.9622,3384,2862,3361,367

612990762596

1,351

208198171171

165145

43, 07322, 13310, 38311, 7508,6792,7895,890

12, 2614,2088,053

69, 44239, 00919, 59819, 41210, 1514,8875,264

20, 2829.562

10, 720

21, 91210, 56711, 345

22, 13310, 3832,0541,0641,0001,7601,734

449292713548225544

11, 7503,151

599272

1,279841315686748

1,5431,884

433

39, 08519, 74019, 344

39, 00919, 5982,3532,0562,4654,4102,3901,473

6011,008

801635

1,406

190183166161

156132

41, 79821, 3249,741

11, 5838,3842,6245,760

12, 0904,0008,089

' 70, 25439, 89420, 28919, 605

' 10, 3155, 045

' 5, 270' 20, 045

9,494' 10, 551

19, 6738,893

10, 781

21,3249,7411,9741,026

8701,7081,523

514244623508232519

11, 5833,032

591278

1,182940298637740

1,5351,912

438

39, 82520, 36819, 457

39, 89420, 2892,4262,1332,5744,5092,4401,657

5881,017

837649

1,458

'196189

' 174183

"166'136

' 43, 090' 21, 798' 10, 050Ml, 747' 8, 824

2,770' 6, 05412, 468' 4, 173' 8, 295

' 70, 079' 40, 576' 20, 926' 19, 650' 10, 074' 4, 961' 5, 113' 19, 429' 9, 154

r 10, 275

' 22, 583' 10, 291r 12, 292

r 21, 798' 10, 050' 1, 872

'977r 1, 056' 1, 728' 1, 669

'522'278'658'540'223'526

' 11, 747' 2, 946

'658'290

' 1, 164'854'315'692'755

' 1, 577' 2, 023

'467

' 40, 239' 20, 842' 19, 396

' 40, 576' 20, 926' 2, 508' 2, 278' 2, 684' 4, 627' 2, 475' 1, 757

'568' 1, 031

837'681

' 1, 483

P197192

^179177

pl69P144

41, 51720, 8479, 559

11,2888, 3782,6865,692

12, 2924,1698,123

69, 86440, 98721, 30619, 68110, 0674,9205, 147

18, 8108,780

10, 030

21, 8109,994

11,816

20, 8479,5591,736

9791,0281,6911,497

497264585492214577

11, 2883,000

513272

1,103692253662799

1,5341,994

40,46121, 16419, 298

40, 98721, 3062, 5972,3512,6904,7282,5211,899

5641,016

835682

1,422

"Revised. » Preliminary. cfSeenote marked "p"" on p. S-2.§The term "business" here includes only manufacturing and trade. Business inventories as shown on p. S-l cover data for all types of producers, both farm and nonfarm. Unadjusted

data for manufacturing are shown below on pp. S-3 and S-4; those for retail and wholesale trade, on pp. S-8, S-9, and S-10.tRevised series. All components of business sales and inventories have been revised; for earlier data and appropriate explanations of changes in classifications, see pp. 15-24 of the

October 1951 SURVEY. Manufacturers' sales and inventories have been revised beginning 1948,wholesale trade beginning 1939, and retail trade beginning 1940; moreover, the adoption of revisedindustry definitions for manufacturing beginning with the 1948 data results in discontinuity of industry figures for earlier periods.

9 Not available. Data will be shown in a later issue.


S-4 SURVEY OF CUKEENT BUSINESS November 1951


1950


berDecem-

ber

1951


ber


MANUFACTURERS' SALES, INVENTORIES,AND ORDERSf— Continued

Inventories, end of month — ContinuedBook value (adjusted)— Continued

Nondurable-goods industries, total__mil. of dol__Food and kindred products doBeverages _ - do-Tobacco manufactures doTextile-mill products do _.Apparel and related products doLeather and leather products _ _ _ d oPaper and allied products doPrinting and publishing doChemicals and allied products _ - do _ _Petroleum and coal products doRubber products do

New orders, net (unadjusted), total doDurable-goods industries, total _ _ do

Primary metals do-Fabricated metal products doElectrical machinery and equipment _ doMachinery except electrical doTransportation equipment, except motor

vehicles mil. of dolOther industries, including ordnance do

Nondurable-goods industries, total do

Unfilled orders (unadjusted), total doDurable-goods industries, total do

Primary metals -- doFabricated metal products doElectrical machinery and equipment doMachinery, except electrical do_ _Transportation equipment, except motor

vehicles mil. of dolOther industries, including ordnance do

Nondurable-goods industries, total . do

15, 6372,7751,0971,6392,2021,387

510658605

2,1172 148

499

23, 48512, 0612,1841,3501,5581,815

7804,373

11, 424

35, 24330, 1126,2643,8273,5434,953

5,8095,7155,131

16, 0482,8761,0711,6582,3271,399

525669604

2,1972,203

521

23, 74412, 1682,1741,4471,2291,860

8004,659

11, 576

36, 74831, 7556,5284,0733,6265,295

6,2635,9714,993

16, 6012,9391,1071,6582,4621,522

540687622

2,2802,225

560

21, 36710, 3021,9551,283

9691,682

4193,994

11, 065

37, 36732, 3106,6734,2993,5535,586

6,3165,8825,057

16, 8943,0061,0731,6502,5311,586

562732632

2,3562,219

547

22, 79211, 6242,2421,2441,4632,234

4833,959

11, 168

39, 10933, 9276,9174,4393,8606,255

6,4076,0485,182

17, 2433,1121,1121,6132,6621,565

613761670

2,3832, 191

562

27, 94014, 8002,3961, 6981,4022,680

1,6954, 930

13, 139

44, 94738, 7897,3255,0544,1867,394

7,7567,0746,158

17, 4063,1911,1491,5912,7101 543

590779678

2,4242, 196

555

25, 55413, 2632,1101,4761,3992,810

9964,472

12, 291

49, 41242, 4147,6765,4644,5188,575

8,3917,7896,998

17, 9813,3301,2221,6052,8001,590

640808684

2,5202,228

554

28, 22015, 2722,5871,4411,7322,644

1,8475,020

12, 948

53, 77946, 0388,1905,7045,0299,276

9,7938,0487,741

18, 7373,5511,2421,6303,0461,616

666840661

2,6262,294

565

23, 51712, 6842,2641,2821,3042,304

1,0894,441

10, 834

55, 53048, 1758,4865,8585,2879,739

10, 4208,3857,354

19, 1453,5801,2541,6523,1371 667

677855681

2,6992,360

583

22, 83011, 6532,1751,1471,2462,308

7154,064

11, 176

55, 79249, 0388,5895,8845,541

10, 178

10, 6588,1886,755

19, 4123,5421,2541,6423,2141 687

691887694

2,7712,420

610

22, 36111, 5641,9771,0911,4532,291

9153,838

10, 797

55, 90149, 6958,5185,8686,008

10, 144

11, 0748,0826,206

19, 6053,5541,2091,6563,2221 746

652917702

2,8502 481

616

20, 79010 4692,037

9371,2842,259

6643,289

10, 321

57, 01851, 2718,8225,8796,530

10, 803

11, 2687,9695,746

' 19, 650r 3, 619r 1, 161r 1, 668r 3, 190r 1, 686

r622r924

711r 2, 906r 2, 523

r640

r 22, 797r 10, 867

r 2, 002r 1 090r 1, 064r 2 147

T 572r 3, 992

r 11, 930

' 57, 265r 51, 880

r 8, 877r 5, 849r 6, 599

r 11, 251

r 11, 366r 7, 939«• 5, 385

19, 6813,4841,1971,7163,1451 662

636932712

2,9652,591

21, 2839,8471,5081 0521,1291,873

6163,668

11, 436

56, 73951, 7338,5825,7986,703

11, 421

11, 4777,7525,006

BUSINESS POPULATION

OPERATING BUSINESSES AND BUSINESSTURN-OVER

Contract construction do

Retail trade doWholesale trade doAll other do

Contract construction doManufacturing doService industries doRetail trade doWholesale trade doAll other do

Discontinued businesses quarterly total doContract construction doManufacturing doService industries ' doRetail trade do

All other do

Business transfers quarterly total do

BUSINESS INCORPORATIONS

New incorporations (48 States) number

INDUSTRIAL AND COMMERCIALFAILURES^1

Failures, total , numberCommercial service _ _ - doConstruction _ doManufacturing and mining doRetail trade . _ do. __Wholesale trade do

Liabilities, total _ _ _ _ thous. of dol__Commercial service doConstruction doManufacturing and mining ._ _ _ _ __doRetail trade - doWholesale trade do

3, 997. 7366.9303.3856.2

1, 686. 4204.8579.9

95 214.810.417 835.34.3

12.5

83.610.310.516.035.13 38 4

88.2

6,277

6484375

14731469

15, 2541,4501,3035,8554,7751,871

6,782

7076491

150339

63

16, 6492,0092,4105,9494,6831,598

6.256

6836787

150310

69

18, 8641,7422,7268,4124,2351,749

3, 985. 6365.5303. 1853.6

1, 676. 9205.0581.6

80.712.29.6

15.427.73.7

12.2

92.813.69.8

18.037.33 6

10.5

67.0

6,780

6796762

143330

77

21, 0443,2054,7485,3525, 4792,260

8,515

7756397

13241073

21, 6851,4822,3935,175

10, 3762,259

6, 590

5995960

10730469

16, 0091,3992,2286,1344,3571,891

r 4 007. 4' 372. 3r 306. 7' 857. 2

r 1, 676. 8r 206. 6r 587. 8

122.021.014.421.941.35.3

18.1r 100. 2M4.3r!0.8'18.3Ml. 4

r 3 7r 11.8

93.8

7,649

7326983

11537788

17, 6521,3753, 2925,1695, 6052,211

7,653

6935281

119365

76

17,0641,0552,2685,8945,6472,200

7,544

7556494

12838584

23, 5041,8714.6555,4977,4873,994

6,810

6994371

129390

66

22, 7731,0063, 0855,0147,4346,234

6,428

6655574

130340

66

21, 0881,3982,6667,7904,7784.456

r 6 496

6785689

136333

64

26, 4171 3584 290

10, 4976,1734 099

p 5 957

6203984

150277

70

26, 643782

4,66814, 9084,8261,459

r Revised. » Preliminary.t Revised series. See corresponding note on p. S-3.cf Data are from Dun & Bradstreet, Inc.


November 1951 SUEVEY OF CURRENT BUSINESS S-5


1950


berDecem-

ber

1951


ber

COMMODITY PRICES

PRICES RECEIVED AND PAID BY FARMERS

Prices received, all farm products§ 1910-14=100-..Crops do

Food grains doFeed grains and hay doTobacco doCotton _ _ doFruit _ _ _ d o _ _Truck crops _ doOil-bearing crops _ do ...

Livestock and products doMeat animals doDairy products doPoultry and eggs do

Prices paid:All commodities 1910-14=100-.

Commodities used in living doCommodities used in production do

All commodities, interest, taxes, and wage rates1910-14=100..

Parity ratio 9 . do

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 doDairy products doFruits and vegetables doMeats, poultry, and fish _ do

Fuel, electricity, and refrigeration doGas and electricity doOther fuels - - _ d o _ _

Housefurnishings doRent _ _ doMiscellaneous do

WHOLESALE PRICE Stf

U. S. Department of Labor indexes :$All commodities 1926=100- _

Economic classes:Manufactured products doRaw materials doSemimanufactured articles do

Farm products _ - - doGrains doLivestock and poultry do

Commodities other than farm products. .do

Foods doCereal products doDairy products. doFruits and vegetables doMeats, poultry, and fish do

Commodities other than farm products andfoods .1926=100

Building materials doBrick and tile - - doCement doLumber - _ doPaint and paint materials do

Chemicals and allied products _.doChemicals doDrugs and pharmaceutical materials., doFertilizer materials . doOils and fats do

Fuel and lighting materials doBituminous coal doElectricity doGas ._ _ .doPetroleum and products do

Hides and leather products doHides and skins doLeather doShoes _ do

Housefurnishing goods doFurnishings doFurniture. do

272243221194428336217126303298372248196

252252251

260

105

192.6

155.8164.0

174.6189.8210.0176.9186.9186.0261.0141.296.9

196.1194.2131.8157.8

169.5

164.0181.8165.7180.4166.5211.3166.9

177.2155.5154.7131.0241.0

159.2219.7170.2136.3371.5145.9

128.7125.4153.4111.4163.9

134.9193.265.689.0

117.8

203.0264.7196.8194.9

159.2168.1149.9

268238219188426327207138300296358261201

253254251

261

103

193.9

157.4166.6

175. 6193.0210.6177.2191.9189.8253.3142.096.8

199.2198.7132.0158.3

169.1

163.5180. 2169.3177.8165.3198.7166.9

172.5153.8160.8129.5223.7

161.5218.9177.2140.2358.4145.7

132.2131.6161.1111.2160.3

135.3193.365.288.9

118.0

208.6266.3201.3200.5

163.8173.6153.6

276250224192428346194188351299357267209

255256254

263

105

194.9

158.6167.0

176.4194.3210.8177.6192.8195.7250.3142.596.8

200.8201.1132.5159.2

171.7

165.1184.5173.0183.7172.1197.3168.8

175.2154. 1164.1140.4223.4

163.7217.8177.6140.8347.6148.2

135.7134.3163.8112.0171.5

135.7193.365.590.5

118.1

211.5269.3204.9203.7

166.9176.6156.7

286258233202436339202211366311360272249

257257257

265

108

198.4

159.7167.3

178.8195.5216. 3177.7194.0203.9253.4142.896.8

201.7203.2132.9160.6

175.3

169.0187.1178.1187.4180.9204.9172.4

179.0157.6164.4138.0233.7

166.7221.4179. 1141.2348.4154.9

139.6136.1175.1115.6180.9

135.7193 265.790.2

118.0

218.7277.5213.8209.3

170.2180.6159.2

300275240214442347192324374323391286203

262260264

272

110

202.4

160.3167.9

181.5198.5221.9185.4202.6214.1263. 6143.397.2

202.3207.4133.2162.1

180.1

173.1192.6185.0194.2186.6222.2176.7

182.2163.0171.5136. 1242.7

170.3226 1180 7147.2356 8162.1

144.5138. 1184.4118. 1200 4

136.4193 265.790.0

119.4

234.8318.2224 8219.4

174.7186.2162.7

313283254222440351204333379340425285205

267265270

276

113

204.9

168.3168.7

183.8202.0226.0187.1204.4224.3270.1143.997.2

204.5209.7134.0163.2

183.6

175.5199.1187. 1202.6192.0238.2179.2

187.6166.3173.0142 4255.2

171.8228 1180 8147.1359 8164.0

147.3139 0185.2118. 1217 3

138.1197 566.492.2

119.4

238.2317.8229 1224 6

175.4186 9163.2

311276245221437359202265386343428280217

272269274

280

111

205.8

170.0168.9

184.5203.1226.2187.5204.6217.1272.2144.297.2

205.0210.7134.7164.3

184.0

175.8199.4187. 5203.8188.0241.2179.3

186.6164.5170.3139 9254.5

172.4228 5180 8147.1361.2164.4

146.4138.2185.1118. 1214 6

138.6197 165.193.8

120.3

236.2313.0229 2222 0

178.8193.4163.2

309275247222438363209225385340428273215

273269276

283

109

205.6

169.1168.6

184. 6203.6225.7188.3204.1214.8272.6144.096.9

205.0211.8135.1164.6

183.6

176.1197. 7187.1202.5189.1240.9179.2

185.8164.5166.6140 0255.1

172.3228 5180 8147.2361 0164.7

147.9145 0184.5117.8198 7

138.1195 664.893.3

120.0

233.3297 8228 7223 5

180.1195 9163.1

305271244223438357194239380335418270221

272270274

283

108

206.5

162.9165.9

185.4204.0227.4188.2203.5221.6272.8143.697.3

202.4212.6135.4165.0

182.9

176.2195.5186.4199.6185.6234.8179.0

187.3163.6164.9146 5257.2

171.6227 8180 8147.2358 8163.7

145.7145 2185.2117 1181 0

137.5195 264.792.9

119.7

232.6293 8228 2223 8

180.0195 9162.9

301263240217438353200189358335422269217

272270273

282

107

r 206. 4

165.2165.6

185.2204.0226.9188.4203.9219.9271.6143.697.1

202.8212.5135.7164.8

181.7

175.5194.7180.0198.6178.6235.8177.8

186.3162.3163.4146 3255.2

170.5225 6180 8147.2352 3161.6

142.3144 1185.3115 1161 2

137.8195 564 792.9

120.0

230.6284 3227 5223 3

179.5196 3161.5

294252236213438329175204317332414272222

272270273

282

104

r 206 6

166 5166 5

185.5203 3227 7189 0205 1218 5273 2144 097 2

203 7212 4136 2165 0

r 179. 4

175 11OQ Q

174 0194' o1 78 ft233 9176.0

186 0162 3167 5144 Q254 6

r jgg gr 990 7r 17Q 4

147 2047 -I159 1

139 4143 1184.7119 0139 3

137.9194 665 493 8

120.4

221.9250 7216 8222 4

r 178. 8194 6

r Ifil Q

292244234215430291207181294336416277231

27197ft273

282

104

r one 1

r i«o 1Ififi 7

185.5OftQ R997 ft

QAF Q

on/1 o

178.0

187. 5170.0

180.4r 174. 9

f 161. 9169.0142.6256.9

14ft 1

184.6

138.1

94 1120.5

213.6222 1onq A999 1

r 175. 3r Jgg 2r Ifil R

291239233216423283201161288337411283247

271268275

282

103

207 3

168 8167 5

i 186. 69ftQ ft227 3ISO 4206 4f)f\K -t

97 K a

144 497 ^

204 9

107 r1AA ft

177.6

174.8

Ififi Q

m n

1 rn o

14ft 8144 7184.1118 5m o

138.8IQfi 7

120.5

212.3225 7195 8221* 8

172.5183 2Ifil 9

r Revised. 1 Index on old basis for corresponding month is 186.5.§ October 1951 indexes: All farm products, 296; crops, 247; food grains, 239; feed grains and hay, 219; tobacco, 445; cotton, 304; fruit, 188! truck crops, 171; oil-bearing crops, 296; livestock

and products, 340; meat animals, 410; dairy products, 294; poultry and eggs, 247.9 Ratio of prices received to prices paid (including interest, taxes, and wage rates).c^For actual wholesale prices of individual commodities, see respective commodities.tlndexes for the latest 2 months are preliminary and are currently revised to incorporate corrections received in the 2 months following. Any additional corrections received are incor-

porated in final annual summaries issued in the middle of the year.


S-6 SUKVEY OF CUEEENT BUSINESS November 1951


1950


berDecem-

ber

1951


ber

COMMODITY PRICES—Continued

WHOLESALE PRICEScf— Continued

U. S. Department of Labor indexes:!— ContinuedCommodities other than farm prod., etc.— Con.

Metals and metal products 1926=100Iron and steel doNonferrous metals doPlumbing and heating do

Textile products doClothing doCotton goods doHosiery and underwear doRayon and nylon doSilk . . doWoolen and worsted goods do

Miscellaneous doTires and tubes doPaper and pulp - do

PURCHASING POWER OF THE DOLLAR

As measured by-Wholesale prices 1935-39=100-.Consumers' prices doRetail food prices __ do

176.7172. 2166.1166.9

158.3146. 7221.6105.341.764.9

178.7

127.477.4

167.1

47.557.347.6

178.6173.2173.3177.2

163.1147.7225.7109.242.565.3

189.1

131.378.1

173.4

47.556.947.5

180.4174.0181.7182.5

166.8151.4231.7111.442.769.0

192.7

137.682.3

178.7

46.856.747.4

184.9182.1182.5183.6

171.4155.4236.6113.743.075.0

195.6

140.582.5

189.0

45.855.946.2

187.5185.7187.9183.7

178.2161.6239.2115.243.186.1

217.4

142.482.8

196.5

44.655.145.1

188.1185.7191.1183.7

181.1163.9240.5113.843.190.8

227.3

142.782.8

196.5

43.854.444.2

188.8185.6183.5183.7

183.2163.9239.9113. 543.190.8

240.2

142.582.8

196.3

43.754.244.2

189.0185.9184.1183.7

182.8163.9236.2113.543.185.2

243.7

142.782.8

196.2

43.854.244.3

188.8185.9182.8183.7

182.1164.0234.1113.443.176.3

244.5

141.782.8

196.2

44.053.944.0

188.2185.9178.2183.5

177.7164.0228.7112.943.173.2

225.3

141.782.8

196.2

44.254 044.1

r 187. 9185.9175.6183.6

' 173. 2164.8' 218. 8

111.243.171.1

' 218. 2

138.882.9

197.2

44.853 943.9

188.1185.9175. 3184.6

r 167. 5' 165. 0' 206. 0r 110. 1

43.168.7

' 207. 4

138.282 9

198.7

45.253 944.1

189.1185.9176.4184.4

163.2164.7196 5110.043 172 6

196.7

138.582 9

199 7

45 353 644 0

CONSTRUCTION AND REAL ESTATE

CONSTRUCTION ACTIVITY

New construction, total mil. of dol

Private, total doResidential (nonfarm) do

New dwelling units doAdditions and alterations _ _ d o _ _ _

Nonresidential building, except farm and publicutility, total mil. of dol

Industrial doCommercial do

Farm construction doPublic utility . do__

Public, total _ doResidential . doNonresidential building doMilitary and naval doHighway _. doConservation and development do__ .Other types do

CONTRACT AWARDS

Construction contracts awarded in 37 States (F. W.Dodge Corp.):

Total projects numberTotal valuation _ thous. of dol

Public ownership doPrivate ownership _ do

Nonresidential buildings:Projects __ number--Floor area thous. of sq. f t _ _Valuation thous of dol

Residential buildings:Projects numberFloor area. > thous. of sq. f t_.Valuation thous. of dol..

Public works:Projects _ _ _ numberValuation thous. of dol__

Utilities:Projects numberValuation thous of dol

Value of contract awards (F. R. indexes):Total unadjusted 1923-25—100

Residential, unadjusted _ _ _ _ _ doTotal adjusted do

Residential, adjusted do

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

Highway concrete pavement contract awards:©Total thous. of sq. yd__

Airports _ _ doRoads doStreets and allevs do

2,848

2,0951,3221,211

94

354101121115297

75328

23021

2988492

50, 2841, 286, 541

364 298922, 243

5,09447, 458

498 725

42 90665, 069

549, 585

1,812145, 728

47292 503

323332321332

959, 530

4,114477

1 3332.304

2,773

2,0251,2471,145

84

38211213695

294

74830

24728

2658494

49,6041,135,815

308, 118827, 697

4,83042, 583

426 820

42 96064, 945

529, 867

1,445119, 633

36959 495

285285299294

950, 526

3,60550

1 6341.920

2,569

1,9011, 1311,040

73

40312014981

279

66831

22826

2217686

46, 8561, 087, 062

320, 426766, 636

4,86841, 472

434, 894

40 36860, 810

496, 682

1,235106, 572

38548 914

276272306284

1, 012, 046

3,084299

1 3141. 471

2,234

1,7211,003

92362

39512514071

247

51330

21624

1036575

40,1681, 168, 432

381, 330787, 102

4,53240, 069

490 375

34 15256, 353

478, 583

1, 151160, 227

33339 247

268253332297

1, 424, 619

i 3, 738i 28

1 2 065i 1. 645

2,100

1,58690283055

37812912272

229

51433

22429956073

38, 1211. 043, 248

305, 941737, 307

4,61443, 971

461, 016

32, 45549, 300

420, 918

773128, 536

27932 778

272259333312

1, 266, 892

5, 650200

3 1992.252

1,973

1,51882775060

38413512176

226

45536

21029654966

42, 0571, 140, 527

332, 032808, 495

3,19837, 099

431 166

37 74260, 859

531, 146

838123, 962

27954 253

280276323311

1, 271, 065

4, 8361,2222 4001.214

2,188

1, 60385277561

39914212883

264

58542

25139

1106479

48, 3761, 267, 450

418, 457848, 993

4,22243, 301

469 254

42 49765, 761

574, 569

1,318166, 436

33957 192

307307304292

1, 406, 456

4,920690

2 3261.904

2,387

1,67388279571

40715012595

283

71444

29259

1607386

49, 4981, 374, 991

456 319918, 672

4,25941, 473

518 021

43 19765, 180

590, 848

1 583183, 080

45983 042

424331373283

1, 053, 434

4,959966

1 9572'. 036

2,556

1,73988178580

435162130113305

81746

31272

2158092

52, 7002, 572, 9611,474 1661, 098, 795

4,42144, 804

1 633 908

45 85673, 596

661,094

2 016186, 868

40791 091

435395361276

1, 267, 995

5,9461 2782 3299. 339

2,729

1 85993983588

463178131126326

87050

31379

2508395

44, 7551, 408, 932

583 146825, 786

4,46341, 162

553 280

37 58860, 496

545, 152

2 204183, 973

500126 527

436317374289

1, 027, 087

7,5622 8411*9399'?R9

2,793

1 89494784090

465190120134343

89952

31690

2608596

44 3341 379 830

615 370764 460

4 49639, 926

536 533

37 17358, 823

548, 144

2 151190', 884

514104 269

329301303298

1,378,640

9,2484 3352 8409 072

r 2 859

r l 906'944'835

••92r459r 198

108140357

rQ53

58319

rl!32808697

46 3191 262 811

486 452776 359

4 17036, 700

475 957

39 86460', 372

567, 566

1 927160, 368

35858 920

r 3Q3r 289r 2Q1

'292

1, 145, 715

4,508714

1 4369 2K8

2 837

1 87993482593

451202100130358

95865

3231202758392

42 4351 082 855

317 731765* 124

4 55836, 273

404 462

35 78952, 438

479, 716

1 756141, 335

33257 342

279287278287

917, 158

4,342458

1 6819 909

T Revised. 1 Data include some contracts awarded in prior months but not reported.cf For actual wholesale prices of individual commodities, see respective commodities.JSee note marked "%" on p. S-5.§Data for November 1950 and March, May, and August 1951 are for 5 weeks; other months, 4 weeks.OData for November 1950 and January, May, and August 1951 are for 5 weeks; other months, 4 weeks.


November 1951 SUKVEY OF CURKENT BUSINESS S-7


1950


berDecem-

ber

1951


ber

CONSTRUCTION AND REAL ESTATE—Continued

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, total 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 do. __Additions, alterations, and repairs do

CONSTRUCTION COST INDEXES

Department of Commerce composite 1939=100.-Aberthaw (industrial building) 1914=100American Appraisal Co.:

Average, 30 cities _ _ . 1913 = 100Atlanta doNew York ._ doSan Francisco doSt Louis do

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

Average, 20 cities:Apartments, hotels, and office buildings:

Brick and concrete. _U. S. avg. 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

Engineering News-Record:^Building 1913=100Construction do

Bu. of Public Roads— Highway construction:Composite, standard mile 1925-29=100

CONSTRUCTION MATERIALS

Production of selected construction materials, index:Unadjusted _ _. .1939= 100Adjusted do

REAL ESTATE

Home mortgages insured or guaranteed by —Fed. Hous. Adm.: New premium paying

thous. of dol. .Vet. Adm.: Principal amount _ __do.

Federal Home Loan Banks, outstanding advancesto member institutions 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 thous. of dol

Nonfarm foreclosures, adjusted index_1935-39=100Fire losses thous. of dol

120, 600

62, 50058, 17246, 4982,2369,4384,328

r 361. 6r 486. 2T 720. 2' 343. 5' 330. 9

226.5330

513536531478499369

220.4221.4234.3

222.3221.3228.4240.7205.8

234.8234.5

396.2534.4

146.2

179.3166.8

216,154258, 401

700

467 585

145, 422219. 00134, 82720 22048, 115

1, 497, 82413.7

45, 922

102, 500

56, 87355, 21043, 7612,3239,1261,663

327.7497.3663.7425.1311.9

226.7

515542534479502371

220.9221.9233.2

222.9221.5227.9238.9206.2

233.7233.0

388.9527.9

186.2168.1

241,423332, 201

730

449, 963

140, 655213, 88834, 41516, 95144, 054

1, 544, 41013.1

49, 953

87, 300

49, 12944, 58836, 244

2,0566,2884,541

274.1404.4558.6323.4268.6

227.6

514541535475501371

222.9223.9233.7

224.8223.4229.3237.9208.2

234.2232.7

390.1528.7

173. 2174.8

235, 742356, 491

767

393 857

123, 134182, 97832, 00213 80441 939

1, 457, 07311.9

55, 790

93, 600

59, 55144, 69734, 810

1,7478,140

14, 854

322.1460.2654.3374.8249.7

230.4339

517543536477504371

224.7226.4236.9

226.3225.9232.4241.3211.0

237.4236.1

391.8530.7

155.7

155.6176.0

204, 030350, 366

816

370 681

117, 079163, 44736, 57913 69339 883

1, 320, 89512.8

66, 820

85,900

»• 52, 726* 49, 576' 39, 847

2,8136,916

r 3, 150

286.9433.7581.2348.8322.8

232.9

523550541484511374

228.2229.9240.1

230.0230.0235.6244.5215.6

240.5239.1

397.0536.7

156.5183.3

224, 671360, 574

758

384 008

129, 183153 98438, 78613 31148 744

1,331,08312.9

68, 686

80,600

«• 43, 57239, 71732, 9582,1114,648

r 3, 855

235.2334.7507.8224.6231.2

234.6

524550542485511374

229.6231.6242.7

231.3231.9238.1247.1217.7

243.1241.7

398.0537.9

142.5172.7

175, 821324, 755

747

351 142

112, 008148 93634, 47312, 63843 087

1, 182, 75312.6

69, 136

93, 800r 54, 283•• 50, 660r 41, 198

2,8166.646

••3,623

295.5440.2617.5340.5300.5

234.7357

525550542485512376

230.5232.6243.3

232.1232.6238.7247.7218.4

243.7242.3

398.8538.7

159.7

168.6178.4

180, 081293, 236

752

440 210

141, 496190 53940 87916 94850 348

1 369 28412.1

71 507

96, 200r 53, 932

50, 36042, 6962,8434,821

r 3, 572

310.5444.2678.3302.0287.3

236.0

527556544488512376

230.7232.8243.6

232.2232.7238.9248.0218.5

243.8242.5

402.7543.9

169.5170.5

161, 584298, 950

762

437 967

140, 5^7193 35939 68516 28548 071

1 370 84811.2

62, 965

101,000

' 57, 703' 54, 626r 43, 957' 2. 514r 8, 155r 3, 077

319.8464.7692.3308.8357.6

237.0

528557545490512378

232.6234.3245.0

234.5234.5240.4249 0219.7

245.1243.6

400.8542.7

180.9171 0

164, 669291 906

774

475 383

153 678213 66638 68718 87050 482

1 443 53811.3

58 744

132, 500

r 83, 912r 47, 055

37, 860r 2, 622r 6, 573

r 36, 857

473.2563.8

1, 021. 8260.7320.5

237.1373

531557545490529379

233.2234 6244.9

235.0234 9240 5248 7220 2

245 1243.4

400.4542 4

161 8

175.4163 9

146, 237283 195

816

473 885

149 225219 33138 28918 10748 933

1 422 26211.2

56 403

86, 000

' 46, 056r 41, 657' 33, 291

* 2, 3965.970

r 4, 399

259.1401.9

r 558. 7289.5340.8

237.2

535557545495530379

233.4234 6244.2

235.4235 1240 2247 7220 5

244 6242 5

400. 1542 8

r 156 8r 147 4

145, 738275 375

770

439 615

132 330207 12337 61317 83144 718

1 370 201

52 220

85,000

r 48, 39246, 68638, 0742,6315,981

r 1, 706

' 281. 9r 437. 0r 601. 6r 333. 3' 336. 3

237.2

535561545495530378

233.5234.8244.4

235.5235 2240.4248 0220.5

r 244. 8242.8

400.5543 2

f 176. 6» 156 0

153, 744324 238

752

486 435

149 788224 81942 18418 91750 727

1 448 967

55 416

91,000

50,88749, 77740,2942,9796,5041,110

297.1471.6675.6356.0313.5

238.2374

536561546495532377

234.2235 6245 7

236 1235 8241 5249 7221 0

246 1244 3

403 4546 5

164 8

131, 485279 167

747

439 398

139 951200 02536 55117 57145 300

1 308 421

53 398

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 dolAutomotive, incl. accessories doDru°"S and toiletries doElectric household equipment doFinancial doFoods, soft drinks, confectionery . doGasoline and oil ... doSoap, cleansers, etc doSmoking materials. doAll others do

336338310302278

317.2

13 931325

3 969136244

3,843469

1,6641,5401.742

365342322360282

308.8

16 170339

4 649142228

4,341505

1,8771,8532,237

377342344359287

309.1

15 794355

4 415142234

4,319545

1,7861,7812.217

371319338372272

290.1

15 833399

4 277134259

4,240563

1,8311,7972.332

394347302356283

318.8

16 708538

4 826147251

4,702570

1,6031,8442.229

388344314380281

335.5

14 972349

4 192128248

4,251515

1,4451,6982.148

377343296327280

324.2

16 434378

4 452144303

4,683549

1,6591,9582.308

393338337340286

332.9

15 920'385

4 535139276

4 443465

1 6471,9012.130

394355324323286

328.4

16 593379

4 829*147288

4 607479

1 7851,9142.162

385350303331283

328.9

14 867303

4 375129294

3 954454

1 6491,8311.878

410368314319279

294.7

r n 746227

3 124137269

3 278432

r I 073

1,3751.832

418376319340269

318.9

11 804256

3 060143298

3 325440

1 2041 3311.747

411379304317239

11 861' 299

3 085153278

3 253'402

1 2751 2691.848

r Revised. » Preliminary. cTData reported at the beginning of each month are shown here for the previous month.


S-8 SURVEY OF CUKRENT BUSINESS November 1951


1950


berDecem-

ber

1951


ber

DOMESTIC TRADE—Continued

AD VERTI SING— Continued

Magazine advertising:Cost, total thous. of dol _

Apparel and accessories doAutomotive, incl accessories doBuilding materials do _Drugs and toiletries doFoods, soft drinks, confectionery do__ -Beer wine liquors do

Household equipment and supplies doHousehold furnishings __doIndustrial materials doSoaps cleansers, etc do -_Smoking materials doAll other do

Linage total thous. of lines _

Newspaper advertising:Linage total (52 cities) _ _ do ._

Classified doDisplay total do _ _

Automotive doFinancial __doGeneral -- do_ _ _Retail - .. do._

POSTAL BUSINESS

Money orders, issued (50 cities) :§Domestic:

Number _ _ _ thousandsValue thous. of doL _

PERSONAL CONSUMPTIONEXPENDITURES

Seasonally adjusted quarterly totals at annual rates:Goods and services total bil. of dol

Durable goods total doAutomibiles and parts _.doFurniture and household equipment doOther durable goods __do_ _ _

Nondurable goods, total __doClothing and shoes __doFood and alcoholic beverages doGasoline and oil doSemidurable housefurnishings doTobacco - - doOther nondurable goods do

Services -doHousehold operation doHousing doPersonal services doRecreation doTransportation doOther services _._ do

RETAIL TRADE

All types of retail stores :fEstimated sales (unadjusted), total- _mil. of dol_.

Durable-goods stores 9 doAutomotive group do _ _

Motor-vehicle dealers doParts and accessories do. _

Building materials and hardware group 9mil. of dol__

Lumber and building materials. doHardware do

Homefurnishings group do__ _Furniture and housefurnishings _doHousehold appliances and radios do

Jewelry stores __do _Other durable-goods stores 9 do

Nondurable-goods stores 9 do_ _Apparel group do

Men's clothing and furnishings doWomen's apparel and accessories doFamily and other apparel -doShoes _ __do

Drug stores doEating and drinking places 9 do__ _Food group 9 __do

Grocery and combination doOther food 9 do

Gasoline service stations - - do -General-merchandise group __do _

Department, including mail-order 9 -doVariety - doOther general-merchandise stores do

r 49, 421r 5, 556r 4, 245r 2, 534r 5, 418r 6, 723r 1, 967

' 3, 642r 2, 770r 2, 688

1,091r 1. 493

r 11, 295

4,505

207, 30545, 888

161, 4178,7932,091

32, 705117, 829

4,03991, 350

202.5

34.314.316.04.0

105.519.662.65.12.44.4

11.3

62.79.3

20. 13.93.95 2

20.3

12, 7564 8162,4962,359

138

992752240812454357

96420

7,940852182344181145347938

2,9012,336

565649

1,518952210356

55, 3014,6484,5452,3976,4638,5982,436

4,4353,6502,7131,4211, 556

12, 439

4,602

230, 28847, 678

182, 61011, 3142,531

41, 222127, 542

5,474100, 802

12, 3514 6112,3162 182

133

99375523877343433996

433

7,740842194341184124352950

2,7252,170

555653

1,479923212344

51, 5343,7054,0711,4916.1457', 4882,703

3,8703, 0792,2921,3241,419

13, 949

3,958

226, 88042, 944

183, 93611, 7212,267

39,502130, 447

4,413102, 139

11, 9164,0112,0061,878

128

856629227678412266106366

7,904874214342199120342876

2,7692,217

551641

1,6291,043

220366

40,6733,0002,519

7455,2685,8253,789

3,1361,7531,691

8111,429

10, 707

3,106

217, 85639, 099

178, 7578,3952,347

29,682138, 334

4,66297, 712

198.4

29,412.912.44.1

104.919.262.75.22.04.5

11.2

64.09.8

20.53.93.95.3

20.7

14,8324,6792,2522,068

184

811506305866516350263488

10, 1531,307

350475306175460944

3,2052,620

585686

2,4931,525

466502

30,8631,6322,9081,0334, 3594,9791,602

1,106894

1,668785

1,1378,781

3,520

173, 17742, 772

130, 4058,1653,332

24, 06694, 841

4,826107, 031

12, 1554,4652,4482,296

151

816598218704392312

82416

7,690791205294168124352901

2,8662,303

562664

1,300830170300

42,9043,1833,2131, 3775,7107, 3982, 067

2,1531, 5022,0341,1671, 241

11, 859

4,050

176, 83140, 355

136, 4757,4822,205

29, 43597, 353

4, 45499, 820

11, 1674,1182,2952,163

132

72652520164935829270

377

7,04962214924113499

344811

2,7362,218

518609

1,155721170264

52, 2465,3343,6132,4556,2647,7812,464

3,5252,6962,6931,2891,267

12, 864

4,464

218, 34149, 358

168, 9848, 7102,724

33, 886123, 664

5,536124, 277

208.2

31.512.514.84.3

111. 520.467.05.42.44.7

11.6

65.210.120.93.93.95.4

21.0

12,9004, 5672,4802,343

138

862627234659396263

79487

8,333912188358200165380933

3,1352,549

585677

1,458881236341

55, 9935,0073,9563,0636,5827,3912,752

4,0723,5813, 1501,7621,324

13, 353

4,531

226, 64752, 165

174, 48210, 1582,627

38, 078123, 619

7, 183128, 681

11, 8824,2992,2242,092

131

91567324259637722081

484

7,582729154303152120349909

2,8462,290

556678

1,323807190326

52, 7374,6233,8352,9335,8456,6282, 695

3,9493,4772,7351,5251.381

13, 111

3,926

226, 20753, 766

172, 44111, 5092,455

36, 120122, 357

6,756122, 605

12, 7264,6132,3812,245

136

1,00573427161740821090

519

8,114814176322172144365962

3.0582,458

600714

1.448872211366

47, 4453,1873,8282,5056,2176,3782,541

3,6522,2013,3201,5181,661

10, 436

3,260

202, 04749 861

152, 18610 8142,214

30, 166108, 992

7, 731121, 273

201.7

25.910.811.14.0

109.519.566.95.12.04.8

11.2

66.210.221.33.93.95 6

21.3

12, 6594,5192,3422,202

140

97071525560639221496

505

8,140792193290163147369960

3,1562,561

594718

1,413840216358

34, 694879

3 3081,4835 4595,8382 354

1,654840

2 234942

1 4788 236

3 934

178 38948 762

129 6279 8072 846

23 69093 284

6 238116 606

11, 5474 0412 0881 956

132

90067422654634919771

435

7,506588139212125111361945

3,0202,410

610720

1,181680197304

35, 9613 4843 4001,3954 5685,2741 952

1,6681,0072 310

9561 1388,808

4,845

192, 52850 887

141 6409 5741 852

23 364106, 851

6,485118 392

r 12, 519r 4 420r 2, 284

2 144T 141

949713236

••642r 406

23679

466r 8, 099

648133262138114

'367r 1, 003

3,2122,584

628734

1,388825217347

54, 2686 6814 1543,1366 0246,6172 451

3,9523,3683 2401 1851 341

12, 119

211 49951 465

160 0337 8892 234

30 318119, 592

6 333114 593

202 5

25 39 6

11 64 1

110 019 467 35 22 14 8

11 1

67 210 321 64 04 05 7

21.6

12, 4214 2002 1171 988

129

90466823663238624580

468

8,221819164335176145359985

3,1642,550

614699

1,465889216361

' Revised.§Data on domestic money orders paid were discontinued by the compiling agency July 1951.t Revised series. Estimates of sales and inventories for all types of retail stores and data on sales of chain stores and mail-order houses have been revised in general back to 1940; some

components were revised beginning 1935. For data for earlier periods and appropriate explanations, see pp. 15-24 of the October 1951 SURVEY.9 Revised beginning 1935.


November 1951 SUEVEY OF CUERENT BUSINESS S-9


1950


berDecem-

ber

1951


ber


RETAIL TRADE— Continued

All types of retail stores f— ContinuedEstimated sales (unadjusted), total— Continued

Nondurable-goods stores 9 — ContinuedOther nondurable-goods stores 9 - -.mil. of dol_

Liquor __doAll other 9 do

Estimated sales (adjusted) , total doDurable-goods stores 9 do

Automotive group doMotor-vehicle dealers _ _ __ _ doParts and accessories do

Building materials and hardware group 9 doLumber and building materials doHardware do

Homefurnishings group - do._Furniture and housefurnishings___ ..doHousehold appliances and radios do

Jewelry stores doOther durable-goods stores 9 do

Nondurable-goods stores 9 . doApparel group. __- do _

Men's clothing and furnishings doWomen's apparel and accessories ._ doFamily and other apparel.. doShoes do

Drugstores . - d o _Eating and drinking places 9 do

Food group 9 doGrocery and combination _ ._ .-doOther food 9 do

Gasoline service stations _ _.doGeneral -merchandise group 9 - - _ _ d o _

Department, including mail-order 9 --doVariety.- _ _ _ _ . ._. doOther general merchandise stores -do

Other nondurable-goods stores 9 doLiquor doAll other9 do_

Estimated inventories:!Unadjusted, total _ _ do _

Durable-goods stores doNondurable-goods stores - do

Adjusted, total . _ _ _ d o _ _Durable-goods stores do

Automotive group - doBuilding materials and hardware group

mil. of doLHomefurnishings group _ do -Jewelry stores doOther durable-goods stores _ _ _ do -

Nondurable-goods stores do _ _Apparel group doDrug stores _ -_ _ doFood group _ _ _ - _ do__General-merchandise group doOther nondurable-goods stores __ ..do _

Chain stores and mail-order houses :f cfSales, estimated, total _ _ do

Apparel group. do_-Men's wear _ . doWomen's wear _ do _Shoes do

Automotive parts and accessories doBuilding materials _ doDrug stores doEating and drinking places doFurniture and housefurnishings. _do -General-merchandise group do

Department, dry goods, and general mer-chandise mil of dol

Mail-order (catalog sales) doVariety -do

Grocery and combination doIndexes of sales:! d1

Unadjusted, combined index 1935-39= 100. _Adjusted, combined index _ do

Apparel group doMen's wear -doWomen's wear doShoes _- do._

Automotive parts and accessories doBuilding materials - doDrug stores do__Eating and drinking places doFurniture and housefurnishings doGeneral-merchandise group do

Department, dry goods, and general mer-chandise _. 1935-39=100

Mail-order __ doVariety do

Grocerv and combination do

735206529

12, 3624,6922,4902,350

140888653235779436343108427

7,670787183310169125354898

2 7532 217

536637

1,490930219341751211540

16, 7016 9429,759

16, 5997,1061,979

1,9681,508

5821,069

9,4932 141

6701,9262,9541,802

2,77324031966648

124706059

832

532108175874

1 r 365. 8355.7285.2205.1310.8212.8265.2361.6240.6258.1516.4378.9

528.4282.0244.3394.5

739213527

12, 0324,4702,3362,206

130882652230730413317105417

7,562792189310168125353892

2 7322,186

546626

1,406852219335761220541

18, 1877,712

10, 47517, 3907,7352,296

2,0541,626

5961,163

9,6552,148

6711,9383,0991,799

2,68022731935742

124726354

803

496116176837

«• 360. 2349.1286.3206.9316.6212.4236.7361.5237.3262.3467.9364.6

500.4273.5243.6395.1

774233541

11, 7674,0992,1562,029

12782760322463538325298

383

7,668789186305172126352897

2,8032,253

550644

1,413858209346770216554

19, 0158,261

10, 75417, 7048,0602,444

2,1051,692

6071,212

9,6442,158

6581,9193,1221,787

2,72422733915640

101685950

874

528147183858

' 373. 9350.3284.1205.1308.4214.2229.7354.9231.5262.0420.8371.2

514.1296.1232.6401.8

1,059396663

12, 6034,5562,4812,322

159840595245676415261104455

8,047826189330178129358910

2,9272,383

544681

1,538955230353807226581

17, 0717,9239,148

17, 7938,0952,368

2,2321,685

5931,217

9,6982,198

6441,9743,1171,765

3,711351

52140876779

1026569

1,362

800163380

1,031

•• 485. 4374.7300.7219.5330.5218.5271.7359.0241.2265.2455.2399.6

554.3319.4251.0426.5

816212604

13, 5785, 1152,6382,450

1891,034

755279836479357111496

8,463936221358200157369937

3 0202,433

586724

1,6581,061

232365820234586

17, 8718,1779,694

18, 4558,2572,341

2,2891, 779

6061,242

10, 1982 325

6732,0853,2521,863

2,4911832770484387716241

648

386107141893

' 334. 8391.7320.3237.9343.0241.3345.8400.4246.1269.6508.0443.5

635.5347.8258.2417.9

772207565

13, 3135,0412,6692,486

183998727272794448346100480

8,272850209317186139379940

3,0312,445

586722

1,523951222349826242584

19, 1318,577

10, 55419, 0448,4842,435

2,3231,822

6281,276

10, 5602,398

7072,1443,4011,910

2,3331622166423974715639

591

34890

141871

«• 336. 2381.5301.9225.0324.4226.7319.7396.3255.7264.3463.4414.5

596.8303.6247.6423.1

838220618

12, 6164,5722,3522,200

152965707258693416277103459

8,044776171297177131382958

3 0122,434

578715

1,422853222346780219560

20, 7579,760

10, 99719, 7439,1972,849

2,3641,950

6511,383

10, 5462,239

7112,1563,4841,956

2,85627732

114783782766344

786

473102195

1,023

•• 358. 3367.0290.5179.2321.1232.5229.3369.6251.8266.7431.9393.9

559.5281.7247.2423.8

749195554

12, 2774,2672,1342,002

132936696240641398243104453

8,009789180310175124364925

2 9972,417

580694

1,449882223344790220570

20, 8379,990

10, 84720, 3469,5983,151

2,3471,989

6681,443

10, 7482,356

7192,0803,6131,980

2,5602012484543794696240

718

45293

158902

«• 355. 4361.6274.5193.8307.5195.4223.6369.6241.2264.9409.5383.4

535.8280.9248.1427.5

752204548

12, 4204,2802,2182,088

12990366324058837221696

476

8 140827187321181138368958

3 0562 455

601681

1,478883234362772222550

20, 5709 870

10, 70020, 6439 6843,239

2,3491,985

6551,456

10, 9592 498

7232,0723 6252,041

2 79424027

1006843

103716545

798

51196

175973

' 371. 6370.3304 6200.1331.3239.6222.2351.3239.2276.8399.9399.7

558.1292.3260.0434. R

732210522

12, 2614,2082,1722,051

12188064523559237322095

469

8 053785175310170130371950

3 0422 462

580690

1,454884227343761221541

19, 7189 583

10, 13520, 2829,5623,141

2,3671,977

6391,438

10, 7202 586

7041,9943,4461,990

2,83823728947050

102736345

803

51890

1791,017

r 367. 0368.0292.8194.3323.8223.5248.4335.6247.6271.6417.5388.4

540.7286.6252.3440.8

692186506

12, 0904,0001,9941,867

12787865122659238420894

442

8,089818201307176135369929

3 0652 454

611663

1,469905237327775221554

r 18, 7779 072

r 9, 705r 20, 045

9 4943,058

2,4361,940

6321,428

r 10 5512 588

7101,9093 423

r 1, 921

2 5241751973514898736639

692

43876

163906

' 345. 1372.0301 5228.2324.4226?3233.6343.7247.3278.8397.3402.8

560.9295.6264.2439.1

746200

r547

12, 468r 4, 173* 2, 131

2,003••127

858625233

••630'398

23192

462

' 8, 295••819

197314174134

'372••942

3,1622,554

608683

r 1, 535926245364

r781227

r554

r 18, 715r 8, 638

r 10, 077r 19, 429

r 9, 154r 2, 921r 2, 393' 1, 828

"635r 1, 377

r 10, 275T 2, 475

'702r 1, 873r 3, 327r 1, 898

2,751186188053

'52103

r 74

47••812

516101

'179955

r 357. 9r 381.0r 303. 5

215.3r 328. 3

234.9r 254. 6

331.5' 249. 7r 272. 5

404.1r 417. 4

590.6283.7

r 272. 4452. 8

730210520

12, 2924,1692,1121, 977

13583859824063238724694

494

8 123776171313165128369942

3 0882 495

593685

1,488905231352774220554

18 8738 551

10 32218 8108 7802 709

2,3231 789

6391 320

10 0302 361

6931 8933 2301 853

2 80523626976843

1067263.44

832

536100179960

382. 1372 4290 3179 0327 7224 4251.3323 4251 8269 1403 0392. 6

551 0273.2257.2449. 6,

•• Revised. 1 August 1950 revision, 347.5.t Revised series; see note marked "t" on p. S-8. 9 Revised beginning 1935. Revisions prior to August 1950 are available upon request.


S-10 SURVEY OF CURRENT BUSINESS November 1951


1950


berDecem-

ber

1951



RETAIL TRADE— Continued

Department stores:Accounts receivable, end of month:

Charge accounts 1941 average^lOO. _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 salesCharge account sales doInstalment sales do

Sales unadjusted total U. S J 1935-39—100Atlanta doBoston -_ -- doChicago doCleveland - doDallas _ _. __ doKansas City doMinneapolis _ do._ _New York doPhiladelphia doRichmond doSt Louis doSan Francisco do_. _

Sales, adjusted, total U. S.J-- - -- d°Atlanta doBoston _ _ _ . d o _ _ _Chicago doCleveland doDallas _. do__ .Kansas City doMinneapolis __ _ __doNew York doPhiladelphia doRichmond do__ _St. Louis doSan Francisco _ do

Stocks, total U.S., end of month :JUnadjusted _ - doAdjusted- - do

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

Montgomery Ward & Co doSears, Roebuck & Co_ do

Rural sales of general merchandise:Total U. S , unadjusted 1935-39—100

East doSouth.. _ _ _ doMiddle West doFar West do._

Total U. S., adjusted doEast __doSouth doMiddle West _ - do _Far West do

WHOLESALE TRADE*

Sales, estimated (unadj.), total mil. of dolDurable-goods establishments, . doNondurable-goods establishments _ _ do

Inventories, estimated (unadj.), total- doDurable-goods establishments^- . _ _.doNondurable-goods establishments __do_- _

210256

5118

464212

••330426263320337454

r 360320

r 265313

'353363374

'319409255305333420

r342289

'260310

••330360368

••321309

357, 438113, 430244, 008

334.6301.0374.3310.1390.3302.5290.3328.9288.2341.2

8,9352,9735,9628,4723,5394,933

216260

5118

474310

308388239296317405328319259299333326345

291370216282299375303283238279312305343

362329

335, 351113, 037222,314

346.8319.7402.0322.3388.7290.0266.4314.6274.3345.8

9,4013, 1446,2578,8583,7005,158

233259

5117

48439

355453287357313472376338302363387398386

•290391229288251400325291234273312316345

371332

369, 150123. 084246, 066

422.9414. 7494.5399.9438.1326.3296.9361.5304.3349.4

9,0562,7836,2739,0983,8655,233

314276

4918

50428

534708436495538711556476450525584540627

325421249318328433354318266307336353376

295329

499, 058164, 190334, 868

517.0481.3552.3489.8601.6365.1333.1399.3330.1383.7

9,2062,7646,4429,2864,0125,274

269269

5019

454510

277342230261293375300248233253267298333

362449303349395475395325291342369363420

303338

296, 65988, 572

208,088

287.7270.1305.0276.2324.7380.1356.3381.2368.3441.2

9,5332,9806,5539,5514,1595,392

236262

4617

464410

262352193251266351280239218241266275316

326419251322333439346324263321341327375

334349

253, 57077, 573

175, 997

269.3230.9304.4251.3295.5321.7278.1350.0314.1395.6

8,3922,7505,6429,8414,4045,437

227255

5019

48439

284422217269286397308236230286307298317

291413217290286414321249230283297298335

374368

310, 17595, 107

215,068

291.5279.4323.5275.8312.0307.8279.4340.5290.3346.7

8,8203,0875,733

10, 1224,6615,461

220244

4718

48439

284367221276297382302279232269298304320

302399233282323402314287252286326320346

386377

311, 77195, 175

216, 596

287.6269.5304.0270.9325.5300.5271.1331.2277.6348.1

8,0782,8885,190

10, 1874,8755,312

224235

4918

48448

297375233293306393314284238286325323330

301387235290309405317278243281331330348

370365

328, 424100, 408228,017

285.3261.3293.3276.6317.8318.1291.0353.8312.2354.7

8,4832,8585,625

10,2355,0325,203

218226

4919

50428

284353225276287352291263254271305282325

302402235276306409316274267285331313347

341353

322, 64992, 911

229, 738

287.0265.9304.2271.1349.2323.6306.3371.4296.0385.9

8,2652,7365,529

10,0055,0344,971

195215

4618

50419

240324169235241339257223179207254269310

309415245286309423313276256288351344365

338353

273, 06779,657

193,410

242.6216.1263.3228.5307.1329.2323.5376.7305.9376.3

7 9802,5085,472

r 10 0975,019

r 5, 078

'196'214

4819

484111

267358

r!89263271366307268194228279301339

319398256317312411333298265304350350360

344342

328, 56898,508

230,060

294.9261.8301.7281.3366.1321.6298.5336.0303.8375.5

r 9 124T 2, 889f 6, 235r 9 987' 4, 867r 5, 120

215219

4720

474310

323"424

256314329441

*357314257305351349

"362

312M08

249299326409

p 340283252302328346

"356

"349"335

338, 278100, 873237, 405

334 1285.1369.0316 1394.4302 1274.9324 3293.8344 8

8 9382,8366,102

10 0544,7945,260

EMPLOYMENT AND POPULATION

POPULATION

Population, continental United States:Total, incl. armed forces overseas thousands. _

EMPLOYMENT

Employment status of civilian noninstitutionalpopulation:

Estimated number 14 years of age and over,total thousands

Male _ _ _ doFemale _ do

Civilian labor force, total do _ _Male - _ doFemale . _. _ - do__ _

Employed do__ .Male doFemale _.do

Agricultural employment -. __ __ _ doN onagri cultural employment do

Unemployed _ do

Not in labor force do

152, 196

109, 57753, 04456, 533

63, 56744, 72618, 841

61, 22643, 24417, 982

7,81153, 4152,341

46. 010

152, 438

109, 40752, 81256, 595

63, 70444, 26819, 436

61, 76443, 09618, 668

8,49153,2731,940

45, 704

152, 668

109, 29352, 64356, 650

63, 51244, 01919, 493

61, 27142, 71018, 561

7,55153, 7212,240

45, 782

152, 879

109, 19352, 49156, 702

62, 53843, 53519, 003

60, 30842, 07618, 232

6,23454,0752,229

46. 657

153, 085

109, 17052, 41956, 751

61, 51443, 09318, 421

59, 01041, 43317, 577

6,01852,9932,503

47. 658

153, 302

108, 93352, 14056, 793

61, 31342, 89418, 419

58, 90541, 30017,605

5,93052,9762 407

47. 619

153, 490

108, 96452, 10856, 856

62, 32543, 37918, 946

60, 17942 10218, 077

6,39353, 7852 147

46.638

153, 699

108, 87951, 98056, 899

61, 78943, 18218, 607

60, 04442 15417, 890

6 64553,4001 744

47. 092

153, 900

108, 83251, 88356, 949

62, 80343, 50819, 294

61, 19342 55818 635

7,44053, 7531 609

46.029

154, 122

108 83651, 83457, 002

63, 78344 31619, 467

61, 80343 14918 654

8 03553,7681 980

45.053

154, 353

108 85651, 79857, 058

64, 38244 60219, 780

62 52643 50419 022

7 90854, 6181 856

44. 474

154, 595

108 8%51 77857, 118

64,20844 72019 488

62 63043 76418 866

7 68854, 9421 578

44.688

154, 853

108 95651 78057 176

63 18643 67219 514

61 58042 83018 750

7 52654, 0541 606

45. 770

JThe entire series on department-store sales and stocks are being revised by the compiling agency; revised data will be published when available.* Data on total wholesale trade have been substituted for the series on service and limited-function " "wholesalers. Figures for earlier periods appear on pp. 15-24 of the October 1951 SURVEY.


November 1951 SURVEY OF CURRENT BUSINESS S-ll


1950


berDecem-

ber

1951


ber

EMPLOYMENT AND POPULATION—Continued

EMPLOYMENT— Continued

Employees in nonagricultural establishments:Total, unadjusted (U. S. Dept. of Labor)

thousands. _Manufacturing do

Durable-goods industries doNondurable-goods industries do

Mining, total doMetal _ __ do _Anthracite doBituminous coal doCrude-petroleum and natural-gas production

thousandsNonmetallic 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

Trade _ doWholesale trade doRetail trade do_

General-merchandise stores _ _ do __Food and liquor stores doAutomotive 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 do_Trade 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) _ thousands-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 rollingmillsj thousands

Primary smelting and refining of nonfer-rous metals thousands

Fabricated metal prod, (except ordnance, ma-chinery, transportation equipment)

thousands- _Heating apparatus (except electrical) and

plumbers' supplies thousandsMachinery (except electrical) __ _ doElectrical machinery doTransportation equipment _ do

Automobiles doAircraft and parts do

Railroad equipment doInstruments and related products _ doMiscellaneous mfg. industries do

Nondurable-goods industries doFood and kindred products do __

Mleat products do

Canning and preserving doBakery products doBeverages do

Tobacco manufactures doTextile-mill products - do __

Broad-woven fabric mills doKnitting mills do

Apparel and other finished textile prod-ucts __ thousands.

Mien's and boys' suits and coats doMen's and boys' furnishings and work

clothing thousands

Paper and allied products _ do

Printing, publishing, and allied industriesthousands-

Newspapers doCommercial printing do_ _

45, 68415, 6858,4237 262

94610375

407

259103

2,6264,1391 458

14662248

530

9,6412,6057,0361,4741,210

7431,8274,816

475358150

6 004

45, 19615, 444

9422,4544, 1199,6501,8364 7685,983

13 0167,013

22

790468327458117

1,105

552

46

837

1371,050

6731,134

7882097649

199418

6,0031,350

23610732419415989

1,255606233

1,099137

25430541891fi

510151167

45, 89815, 8278,6187,209

93910274

406

256102

2,6314,1321 462

14562148

525

9,7522,6257,1271,5391,219

7411,8214,757

441356151

6 039

45, 40815, 606

9372,5064, 1389,6301,8394,7336,019

13, 1337,186

22

785462329471127

1,117

552

46

850

1371,104

7101,157

795225

7650

205436

5,9471,260

24010222619614989

1,264607236

1,100138

25429742191 n

514150170

45, 87315, 7658,6647 101

93810374

404

255102

2,5714,1231 465

14561548

524

9,8982 6187,2781,6541,242

7461,8204 723

433353149

6 037

45, 50115 635

9372,5214,1269,6201,8384 7476,077

13 0447,210

23

773452327477129

1,126

554

45

850

1351,133

7211,139

7602397652

209432

5,8341,196

24410017119314984

1,262606234

1,056137

253275427211

515150170

46, 59515, 7898,7177 072

93710473

405

25798

2,4034,1251 460

14562049

522

10, 4432,6167,8272,0521,264

7531,8284,694

430353147

6,376

45, 60515, 692

9382,4524,1259,6921,8464,7416,119

13,0567,254

24

754440326474128

1,142

556

47

852

1331,163

7241,160

7672527952

211424

5 8021,155

25497

14319014683

1,258604234

1,064137

251296428212

518152171

45, 24615, 7848,7427,042

93210573

403

25398

2,2814,0721 428

14561848

521

9,5922,5877,0051,4591,244

7431,8314,666

429354146

6,088

45,80415, 852

9392,5074,1079,7221,8404,7376,100

13, 0187,256

25

739429321473128

1,149

559

47

847

1301,192

7111,175

7672648352

211413

5,7621,120

25195

13218814780

1,257602232

1,070138

251303423209

510149170

45, 39015, 9788,8777, 101

93010673

402

25297

2,2284,0821,429

14462348

520

9,5542,5936,9611,4311,257

7351,8394,657

432351145

6,122

46, 07816, 009

9392,5034,1179,7691,8484,7286,165

13, 1867,371

27

736428324473128

1,153

560

47

852

1321,215

7161,233

7912889549

215427

5,8151,099

23895

12718814580

1,269604236

1,115141

259317423209

510150170

45, 85016, 0228,9697,053

92410572

396

250100

2,3264,1121,451

14462648

519

9,7132,5907,1231,5121,264

7361,8544,682

435351150

6,217

46, 26616, 058

9302,5564,1479,7621,8544,7296,230

13, 1897,428

29

722426326479130

1,159

561

47

858

1341,231

7241,253

7932999654

218429

5,7611,096

23399

12519014778

1, 223564236

1,106141

263305424209

512150170

45, 99815, 9559,0036,952

91110468

382

255103

2,4714,1321,463

14462948

520

9,6272,5797,0481, 4531,264

7391,8654,745

445354153

6,292

46, 41116, 102

9142,5744,1539,7731,8564,7456,294

13, 1087,445

30

752442317483132

1,161

561

47

859

1331,239

7181,243

774309

9456

221422

5,6631,085

229103'12819014376

1,214567230

1,047138

261267427212

510151168

46, 22615 8538 9756 878

91510470

377

258106

2 5984,1371 463

14463049

521

9 6832 5687 1151 4751 271'742

1 8744 789

452360159

6 377

46 50716 081

9162,5724 1409 8211,8654 7656,347

12 9937,406

32

764449301484131

1,162

565

46

850

1301,242

7071,233

7523189558

222409

5,5871,099

22911013719014574

1,206574222

998135

253249424213

510152168

' 46, 567r 15, 956

r 8, 998T 6, 958

'92710570

'378

'265108

' 2, 686' 4, 161

1,468^143

63748

527

' 9, 732' 2, 581r 7, 151' 1, 458* I, 270

'7501,8934,835'478

365161

6,377

r 46, 626' 16, 097

'923' 2, 558' 4, 132' 9, 857

1,8744,7876,398

' 13, 064'7,409

34

773456

'286485130

' 1, 172

'572

48

843

'128' 1, 252

'704' 1, 237

'738'333

9859

223'400

«• 5, 6551,146

23311615419215576

' 1, 205'588'216

' 1, 000'135

'245'255'426' 215

512152169

56, 437' 15, 837' 8, 859' 6, 978

'909'105

68360

'269108

' 2, 747' 4, 177' 1, 466

14264849

534

' 9, 6532,592

' 7, 061' 1, 405' 1, 266

'7551,9074,851'509

368157

6,356

' 46, 606' 16, 049

'902' 2, 567' 4, 135' 9, 823

1,8794,7796,472

' 12, 910' 7, 243

35

'750442

'284476

' 122' 1, 155

571

48

814

122' 1, 232

'690' 1, 204

'704'345

10047

221'382

' 5, 667'1,232

235'117'232

192' 162

74' 1, 167

'574'211

989'127

'234'273'418' 214

508151167

' 46, 689' 16, 010' 8, 885' 7, 125

'92810671

'371

270110

' 2, 791' 4, 189

1,46714265248

535

' 9, 623' 2, 596' 7, 027' 1, 397' 1, 256

'757'1,911' 4, 837

506363153

6,400

' 46, 515' 15, 891

'9192,5844,1429,8031,8924,7896,495

'13,080' 7, 271

'37

'753447

'285'479

124' 1, 164

576

48

'818

121' 1, 208

'701' 1, 214

6963549857

'223'389

«• 5, 809' 1, 309

232114307192162'83

' 1, 153562212

' 1, 044138

238297

'418214

'511151

v 46, 870*<> 16, 026

p 8, 940T 7, 086

p925P104

*>371

*109p 2, 703p 4, 180

p 9, 777p 2, 598p 7, 179p 1, 481p 1, 265

*>756p 1, 892p 4, 822

v 6, 545

P 46, 395p 15, 800

"920p 2, 526p 4, 159p 9, 787p 1, 902p 4, 774*6,527

P 13, 076p 7, 306

*>39

P742

*288P474

p 1, 161

"809

p 1,224^715

p 1, 237

P225"392

p 5, 770p 1, 309

*>88p 1, 134

p 1, 031

p414

*513

{Figures for 1939-46 on the revised basis for the indicated series, available since publication of the 1951 STATISTICAL SUPPLEMENT, will be shown later.


S-12 SUEVEY OF CURRENT BUSINESS November 1951


1950


berDecem-

ber

1951


ber


EMPLOYMENT— Continued

Production workers in mfg. industries — Con.Total (U. S. Dept. of Labor)— Continued

Nondurable-goods industries — ContinuedChemicals and allied products thousands. _

Industrial organic chemicals doProducts of petroleum and coal do -

Petroleum refiningj. _. _ _ _ . _ _ . . do _Rubber products do

Tires and inner tubes doLeather and leather products __do _

Footwear (except rubber) __ _do

Manufacturing production-worker employmentindex, unadjusted (U.S. Dept. of Labor)

1939= 100- _Manufacturing production-worker employment

index, adjusted (Federal Reserve) 1939=100..

Miscellaneous employment data:Federal and State highways, total§-_ ..number..

Construction (Federal and State) do _Maintenance (State) _ _ _ _ _ __do_ _ _

Federal civilian employees:United States thousands

Washington, D. C., metropolitan area__doRailway employees (class I steam railways) :

Total thousandsIndexes:

Unadjusted 1935-39=100..Adjusted __ _. do ..

PAYROLLS

Manufacturing production-worker payroll index,unadjusted (U. S. Dept. of Labor) 1939=100__

LABOR CONDITIONS

Average weekly hours per worker (U. S. Dept. ofLabor) :

All manufacturing industries hoursDurable-goods industries __ do

Ordnance and accessories doLumber and wood products (except furni-

ture) _ _ hoursSawmills 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 rollingmillst- -- - -- hours..

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) do _ _Electrical machinery . doTransportation equipment _. do. __

Automobiles doAircraft and parts _ _ _ _ _ . do ._Ship and boat building and repairs doRailroad equipment do

Instruments and related products, , do ,_Miscellaneous mfg. industries __ do

Nondurable-goods industries doFood and kindred products do

Meat products doDairy products doCanning and preserving doBakery products. do _ _Beverages _ _ 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 _ _ _ do __Pulp, paper, and paperboard mills _ _ _ d o

Printing, publishing, and allied industrieshours _ _

Newspapers _ doCommercial printing _ _ _ do

Chemicals and allied products _ doIndustrial organic chemicals do

Products of petroleum and coal. _ doPetroleum refiningj do

Rubber products doTires and inner tubes do

Leather and leather products doFootwear (except rubber) do

50615818914521592

372237

158.9

156.0

327, 953145, 988126, 664

1,945219

1,316

125.8122.8

403.2

41.041.743.1

41.240.142.641.539.041.4

40.2

41.2

42.1

42.342.441.440.940.642.738.340.442.542.1

40.142.041.744.744.141.241.239.240.741.138.9

35.735.4

37.432.244.044.3

39.236.940.641.840.841.741.241.940.938.137.6

52315919014721992

367230

160.3

157.7

317, 566140, 543123, 493

1,977222

1,324

126.6122.5

415.8

41.342.143.2

41.941.842.642.541.441.9

41.1

41.5

42.3

42.442.942.141.041.141.938.340.042.542.3

40.341.640.844.540.541.441.038.340.640.939.2

37.337.9

38.334.744.044.5

39.036.839.942.040.941.641.141.940.237.836.7

52116019114822293

360226

159.2

157.7

291,399116, 639122, 681

2,005226

1,322

126.3125.2

414.6

41.141.843.4

41.040.742.642.341.3

1 41.8

40.8

41.0

41.9

41.643.041.840.139.542.438.740.242.442.2

40.341.943.444.138.641.340.937 840.741.138.7

36.937.9

37.734.644.144.4

39.237.240.142.041.241.240.741.540.137.536.0

524161191147222

92359229

159.4

158.1

250, 13779, 857

118, 487

2,024228

1 313

125.1127.1

426.0

41.442.242.5

41.441.042.342.241.042.3

41.1

41.7

42.4

42.143.741.941.440.943.339.940.942.641.7

40.542.345.244.337.441.640.638.940.841.438.1

36.537.7

37.035.144.544.9

39.838.141.042.141.241.240.741.639.938.337.4

52616319014722291

364234

158.9

159.7

228, 23962, 181

114, 450

2,082234

1 286

122.9127.8

424.0

41.041.542.0

40.540.041 841.640.641.6

40.6

41.5

41.8

41.443.441.^39.938.743.738.741.041.841.3

40.241.842 844. 138.341.341. 238 740.641.337.9

36.937.6

37.036 043.844.7

38.935.840.642.041.041.040.740.438.438.738.3

53216319114822291

374239

161.0

161.3

221, 48556, 363

113, 856

2,146240

1 287

122.8125.9

430.0

40.941.642.7

40.539.942 241 340.341 1

40.0

41.3

41.7

41.543.541.340.839 943.340.440 842.241.6

40.041.039 944.137.841.540 337 940 841.238.8

37.538.0

37.436 743 444.5

38.436 039.441.840.840 640.238 935.539.238.8

53916719214922088

371237

161.0

161.4

233, 03667, 538

114, 118

2 196244

1 309

124.9128 0

435.0

41 141.943 1

4Q.640.142 341 941 041 8

41.3

41.3

42.1

41.943.841 341.240 343.940.241 142.341.5

40.041 040 644 437.541 540 536 840 541.238 1

37.438.6

37.935 943 744.7

38.936 640 341.941.240 640.240 037.638.437.9

53816819415021987

353225

160.0

161.7

258, 29192, 164

114, 672

2 240247

1 321

126.1128 1

433.2

41 042.042 7

41.441.141 142 141 342 1

41.6

41.9

42.0

41 543.941 340.939 744.039.941 542.541 3

39.741 241 244 338.741 640 536 839 940.936 7

36.537.5

37.035 143 744.8

38.936 840 041 841.341 240.940 037.036.535.4

53117019415122088

331210

158.6

161.3

286, 236115 462118 484

2 273248

1 324

126 4126 9

428.4

40 741 843 2

41 541 340 541 940 441 7

41 1

41.8

41.8

41 243.641 540 939 843 939.841 242 340 7

39.341 641 645 138 141 941 236 638 839.935 3

35.336.3

35.534 343 444.6

38.736 739 741 741.340 940.541 339.435.433.9

528r 172' 198' 154r220

90r344r 222

' 159. 5

••161. 2

315, 230130 395128, 859

2 313256

1 330

127 0125 2

r 434. 3

r 40 741 8

r 42 4

41 9'41 5

40 441 8

r 40 441 8

r41 4

41.9

'41.8

'41 243.5

'41 540 4

r 33 9' 43 8

40.1r 40 3r 42 6

40 8

'39.4'41 9r 41 gr 45 4r 38 6r 42 1

41 937 938 639.5

r 35 g

35.3'36.0

'35.0r 33 sr 43 1

'44.3

'38.8r 36 7

39 8'41 7

41.340 740.4

r 41 9

'41.7'36.7'35.6

527' 173

19815421890

'336215

' 157. 6

' 160. 3

' 323, 393' 138, 673' 128, 024

2 334258

' 1 330

' 127 0r 124 3

' 424. 1

r 40 2

41 0r 43 1

'39 8'39 4r 39 3

41 340 341 3

41 2

41.2

r41.0

'39 942 9

'40 340 0

r 38 043 740.440 4

'42 139 8

39.3r 42 0r 41 8

45 6'40 0

42 141 938 537 838.435 5

'35.435.9

34.5r 34 8r 42 7'44.3

38.636 239 8

r 41 641.241 841.6

r 41 1'41.9'37.1

36.3

'532175198154

'21992

'342221

' 159. 7

' 158. 4

318, 589131 907129 429

' 2 341'254

r i 332

v 127 0p 121 4

v 431. 3

40 4' 41 4' 43 2

40 840 1

r 4.0 8r 41 2

38 4r 41 q

40 9

41.8

41.3

39 7r 43 1

r 40 7r 40 8

39 g43 540.040 0

r 42 4r 40 0

39.1r 41 9

41 345 041 241 841 8

' 39 336 937.435 3

'35.635.1

35.135 1

r 42 844.3

'38.836 339 7

r 41 441.1

r 40 840.3

r 41 1

41.8'36.5

35.5

*543

v 197

p 214

P 327

9 159. 6

p 156. 9

•p 2 330P250

p 1 321

P 126 iP 123 0

•n Af\ C

P 41 5•D d.1 S

p 40 9

•- --p 41 n

:""~~

*41.7

P 43 2p 41 2p 41 3

v 42 6P 40 2

P39.2p 42 0

7, A (\ O

v 37 0

J>35.5

p 42 7

P39.3

p 42 0

p 41 2

p 41 3

"35.2

r Revised. * Preliminary. tSee note marked "J" on p. S-ll.§Total includes State engineering, supervisory, and administrative employees not shown separately.


November 1951 SUKVEY OF CUEEENT BUSINESS S-13


1950


berDecem-

ber

1951


ber


LABOR CONDITIONS— Continued

Average weekly hours per worker, etc. — ContinuedNonmanufacturing industries:

Mining:Metal hoursAnthracite 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

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 stores 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 numberWorkers involved thousands. _

In effect during month:Work stoppages numberWorkers involved thousands

Man-days idle during month doPercent of available working time

U. S. Employment Service placement activities:Nonagricultural placements thousands _

Unemployment compensation:Initial claims _ _ doContinued claims doBenefit payments:

Beneficiaries weeklv average doAmount of payments thous. ofdol ..

Veterans' unemployment allowances:Initial claims . _ thousands.Continued claims doAmount of payments thous of dol

Labor turn-over in manufacturing establishments:Accession rate.-.monthly rate per 100 employees. _Separation rate, total _ _ _ _ do

Discharges doLay-offs - doQuits doMilitary and miscellaneous. . _ __ _ do _ .

WAGES

Average weekly earnings (U. S. Department ofLabor) :

All manufacturing industries dollarsDurable-goods industries do

Ordnance and accessories doLumber and wood products (except furniture)

dollars^.Sawmills 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 rolling millsjdollars

Primary smelting and refining of nonferrousmetals dollars


dollars _ _Heating apparatus (except electrical) and

plumbers' supplies dollarsMachinery (except electrical) _. doElectrical machinery _ _ do

Transportation equipment doAutomobiles doAircraft and parts doShip and boat building and repairs doRailroad equipment do

Instruments and related products do _ _ .Miscellaneous mfe. industries ... do __

42.234.535.5

40.545.137.741.536.7

45.139.644.641.6

40.7

36.440.445.6

43.841.341.6

521270

820450

3,510.48

618

5583,293

80664, 458

555

1,126

5.74.9.4.7

3.4.4

60.6465.1467.41

57.8457.6955.4260.8861.3169.10

69.30

64.44

65.72

66.8368.9461.48

72.3973.8171.1862.8968.7263.58

r 56. 04

43.937.236.1

41.445.838.542.537.4

45.339.444.841.8

40.9

36.340.045.9

44.041.041.0

550197

801330

2,590.32

612

7203,141

65257, 533

430

629

5.24.3.4.8

2.7.4

61.9966.3968.64

58.8358.5656.2763.1165.6669.81

68. 87

66.40

66.66

68.0971.0064.12

73.0275.2170.1862.8969.0464.7756.98

43.031.036.4

40.644.938.040.937.3

45.638.044.441.8

40.8

36.040.045.8

43.640.841.2

329200

605308

2,050.27

515

9073,520

73462, 389

524

487

4.03.8.3

1.12.1.3

62.2366.3470.53

57.0356. 5356.8763.6667.0370.14

69.03

67.73

66.20

67.2772.0364.33

71.7872.7671.7864.4769.5165.4757.01

43.932.838.5

40.243.537.340.236.7

46.339. 144.842.0

41.2

38.240.346.0

43.941.241.1

21861

423114912.12

421

1,0513 873

83266, 969

525

464

3.03.6.3

1.31.7.3

63.8868.3268.34

57.5956.8356.7763.6065.8974.36

75.21

69.47

68.26

68.8874.2065.15

75.1876.2875.0866.6772.5266.7557.50

43.735.937.6

40.643.337. 139.436.7

45.938.944.541.8

40.8

36.739.945.7

43.441.041.4

400185

550215

1,200.15

486

1,0804,923

98391, 560

427

554

5.24.1.3

1.02.1.7

63.7667.6569.55

55.7354.8456.9363.4866.1074.42

76.41

70.67

67.80

68.8574.4764.42

72.0671.4876.7864.2472.4165.7957.37

43.730.234. 1

40.542.035.737.735.3

46.039.244.742.0

40.6

36.339.545.5

43.240.540.1

350220

550300

1,700.25

438

7703,845

88371, 369

319

391

4.53.8.3.8

2.1.6

63.8468.1870.92

56.1355.3058.1563.1565.0473.12

74.16

69.18

68.18

69.6075.0864.80

74.0574.2975.8668.8071.1667.0658.41

43.323.133 6

40.643.636.338.535.8

45.738.944.641.5

40.6

35.839.345.4

43.340.940.2

350140

550280

2,300.29

513

7193,627

80771, 584

215

315

4.64.1.3.8

2.5.5

64.5769.3072.71

55.5855.0658.6764.5366. 1775.11

77.35

69.14

69.55

70.8976.4365.34

75.7376.1377.3568.7875.1367.6458.18

44.021.633.9

41.245.037.440.336.8

45.938.744.641.5

40.6

35.939.645.5

43.341.142.4

350165

550235

1,850.25

552

9833,534

74062, 294

19

197

4.54.6.4

1.02.7.5

64.7069.6870.97

58.5558.4956.9665.0966.9175.70

77.92

70.18

69.51

70.2276.7865.58

74.8174.5277.1368.3176.3668.5558.03

44 230 133 3

40 445.738 341 837.5

46.539 045.441.5

40.6

35.539.745.2

43.441.443.1

400150

580250

1,750.22

610

9083,977

77370, 799

16

146

4.54.8.4

1.22.8.4

64.5569.6072.45

59.7259.2256.2865.1165.8175.02

76.90

70.18

69.18

69.6776. 3066.57

74.9774.9077.2268 4676.5568.7857.39

r 41 8r 31.0r34 8

r 40 445. 7

r 38 4r 41.3r37. 7

r46.839.445.141.7

40.7

36.540.5

T 45.6

'43.4Ml. 5

42.6

375190

560260

1,600.21

585

1,1183,704

82168, 780

15

97

4.94.3.4

1.02.5.4

r 65. 08r 70. 27T 71. 02

r61.51r 60. 92r 56. 03

65.25r 65. 97r 76. 03r 78. 70r 70. 73

r 69. 43r 69. 50r 76. 65r 67. 15

r 75. 14r 74. 88

77.31r 70. 42r 75. 64r 69. 44r 57. 85

r 41 835.4

r 32 1

r42. 245.7

r 39 0r43.0r38.0

r46. 139.844.841.9

40.8

'37.041.1

r45.4

43.441.441.8

425250

600320

1,750.23

586

1,0864,042

748r 65, 925

15

105

4.24.4.3

1.32.4.4

64.3269.0473.36

57. 4356.8155.3764.8867.14

r 75. 12r 78. 40

70.41

r 67. 98T 66. 47r 75. 29r 65. 85

r 74. 76r 73. 76r 77. 57r 71. 59r 75. 22r 68. 75'56.28

45.026.334.1

40.246.539.142.838.1

45.639.244.641.9

40.8

36.841.145.3

43.340.940.7

425250

625350

2,750.32

628

9504,071

801r 75, 131

15

93

'4.5'5.3

.4'1.4

3.1.4

r 64. 56r 69. 76T 72. 66r 60. 18

58.79r 57. 61r 64. 23

62.05r 74. 59

76.77

71.14

' 68. 35

65.19r 76. 07r 66. 18r 76. 54

76.9877.4771.7275.52

r 69. 41r 56. 64

400200

600340

2,400.34

621

7243,329

75862, 049

13

66

P4 .3»5. 1

p. 3M. 3p%. 1

P. 4

* 65. 29P 70. 63p 75 86

p 61. 10

v 58. 44v 64. 21

P 75. 25

v 69. 51

P 77. 28P 68. 02

P 77. 69

* 70. 38P 57. 12

r Revised. Preliminary. JSee note marked "J" on p. S-ll.


S-14 SURVEY OF CUERENT BUSINESS November 1951


1950


berDecem-

ber

1951


ber


WAGES — Continued

Average weekly earnings, etc.— ContinuedAll manufacturing industries — Continued

Nondurable-goods industries dollars _Food and kindred products do_

Meat products doDairy products do_Canning and preserving doBakery products doBeverages do

Tobacco manufactures doTextile-mill products do

Broad-woven fabric mills doKnitting mills do __

Apparel and other finished textile productsdollars—


clothing dollars--Women's outerwear do

Paper and allied products doPulp paper and paperboard mills do

Printing, publishing, and allied industriesdollars—

Newspapers doCommercial printing do

Chemicals and aliied products doIndustrial organic chemicals do

Products of petroleum and coal doPetroleum refining! - do- _

Rubber products doTires and inner tubes do

Leather and leather products do

Nonmanufacturing industries:Mining:

Metal doAnthracite doBituminous coal doCrude-petroleum and natural-gas production:

Petroleum and natural-gas productiondollars—

Nonmetallic mining and Quarrying doContract construction do

Nonbuilding construction doBuilding construction do

Transportation and public utilities:Local railways and bus lines doTelephone doTelegraph doGas and electric utilities do

Trade:^Tholesale trade doRetail trade:

General-merchandise stores do

Automotive and accessories dealers doFinance:

Banks and trust companies doService:

Hotels, year-round do __

Cleaning and dyeing plants do

Average hourly earnings (U. S. Department ofLabor) :

All manufacturing industries dollars. _Durable-goods industries do

Ordnance and accessories do_ _ _Lumber 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 rolling millsjdollars. _

Primary smelting and refining of nonferrousmetals dollars


dollars. _Heating apparatus (except electrical) and

Machinery (except electrical) do. _.Electrical machinery—- -do

Transportation equipment doAutomobiles do

Ship and boat building and repairs— .doRailroad equipment do

Instruments and related products do__ _Miscellaneous mfg. industries do

Nondurable-goods industries doFood and kindred products _do

Meat products _._ _doDairy products doCanning and preserving doBakery products.. doBeverages do

55.3056.3662.5956.8147.1853.8567.8642.0249.9849.9045.63

43.0947.75

37.1846.4363. 1066.89

74.4881.1173.6164.1667.5276.7779.7266.5875.4645.7243.32

66.3868.4571.92

73.4762.5175.8975.8675.86

67.4255.8064.4967.35

60.93

36.1152.1263.52

46.75

34.3035.9342.56

1.4791.5621.564

1.4041.4071.3011.4671.5721.669

1.724

1.564

1.561

1.5801.6261.485

1.7701.8181.6671.6421.7011.4961.331

1.3791.3421.5011.2711.1481.3071.647

56.5856.8361.2456.7449.0554.1968.1441.2152.5853.1747.67

45.5151.77

38.3850.9463.2767.20

74.2281.0773.7864.5567.9877.7180.9366.2973.1246.0442.76

69.8475.5972.99

77.6764.0377.9277.6577.87

67.7756.1864.7467.93

61.68

36.0151.8063.94

47.78

34.6735.7942.15

1.5011.5771.589

1.4041.4011.3211.4851.5861.666

1.688

1.600

1.576

1.6061.6551.523

1.7811.8301.6751.6421.7261.5241.347

1.4041.3661.5011.2751.2111.3091.662

57.1958.0865.4956.6248.0654.4767.8142.4553.1953.6847.91

44.5052.57

38.5348.3764.9269.00

74.5282.2973.4265.5269.3478.3281.6466.5273.7045.9442.23

69.9260.8573.27

76.2163.3177.5275.4278.07

68.2654.0464.2568.68

61.98

35.2452.4063.07

48.18

34.7435.8642.23

1.5141.5871.625

1.391.389.335.505.623.678

1.692

1.652

1.580

1.6171.6751.539

1.7901.8421.6931.6661.7291.5441.351

1.4191.3861.5091.2841.2451.3191.658

58.4459.8569.9257.6846.8255.0468.7843.7253.5754.3647.24

45.8855.57

38.5951.8466.4470.63

76.4285.4275.6066.4369.7578.3281.0368.7676.2147.2644.02

73.5365.1477.77

75. 5862.1277.3675.5877.80

69.9656.3065.0571.31

63.49

37.0252.9163.53

48.66

35.1636.3842.29

1.5431.6191.608

1.3911.3861.3421.5071.6071.758

1.830

1.666

1.610

1.6361.6981.555

1.8161.8651.7341.6711.7731.5671.379

1.4431.4151.5471.3021.2521.3231.694

58.5360.1165.8359.0949.4154.6871.6144.1253.5954.3947.94

47.4255.23

39.1155.0165.9670.89

74.2279.1274.5866.9970.1178.5882.9566.7873.6948.3045.88

74.3371.3376.63

76.9061.9677.6174.7078.35

70.2356.4164.5771.18

63.44

38.0253.1564.48

49.28

34.8936.7043.35

1.5551.6301.656

1.3761.3711.3621.5261.6281.789

1.882

1.703

1.622

1.6631.7161.556

1.8061.8471.7571.6601.7661.5741.389

1.4561.4381.5381.3401.2901.3241.738

58.3259.0460.2559.4549.8455.4971.1343.1753.9454.2249.24

48.3856.32

39.6856.0865.3670.49

74.2379.9673.2467.1770.2678.4481.2863.3766.9549.4346.99

73.4666.6575.67

77.1560.7775.4772.2076.14

70.6657.5864.8671.36

63.62

37.4352.6965.16

49.55

35.0436.2541.78

1.5611.6391.661

1.3861.3681.3781.5291.6141.779

1.854

1.675

1.635

1.677.726.569

.815

.862

.752

.703

.744

.589

.404

.458

.440

.510

.3481.2921.3371.765

58.4059.1261.9259.9848.6455.3272.3542.0353.3453.7248.54

47.2757.13

40.1752.4966.1670.80

75.7482.1375.5267.5471.1578.9381.8965.8871.4048.7346.43

72.8350.6874.66

76.6363.7476.9974.1977.44

70.4256.5264.6370.14

63.62

36.4452.6265.29

49.70

34.68, 36. 85

44.14

1.5711.6541.687

.369

.373

.387

.540

.614

.797

1.873

1.674

1.652

1.6921.7451.582

.838

.889

.762

.711

.829

.599

.402

.460

.4421.5251.3511.2971.3331.769

58.1659.6662.9159.6750.3956.3771.9742.5852.8753.9546.76

44.9754.90

38.9648.3766.3871.37

75.7882.9874.7667.8471.8281.3384.8765.9670.1546.6543.65

74.6247.1075.63

80.3065.8879.3678.2679.75

70.9256.1264.4070.38

63.95

36.9853.1866.34

50.08

34.9037.3244.90

1.5781.6591.662

1.4241.4231.3861.5461.6301.758

1.873

1.675

1.655

1.6921.7491.588

1.8291.8771.7551.7121.8641.6131.405

1.4651.4481.5271.3471.3021.3551.777

57.9360. 4063.9060.5248.8857.2473.7542.4951.3752.6745.04

43.5653.29

37.2847.30

' 65. 9270.96

75.6683.4974.6068.1472.0781.3184.7768.5675.9245.3841.70

74.9666.6773.86

78.3067.2281.6281.2681.83

72.1756.5965.9770.72

63.78

36.7153. 4466.22

50.11

35.0237.9645.90

1.5861.6651.677

1.4391.4341.3931.5541.6291.799

1.871

1.679

1.655

1.6911.7501.604

1.8331.8821.7591.7201.8581.6261.410

.474

.452

.536

.342

.283

.3661.790

' 58. 47r 61. 80'67.88'61.11' 49. 25' 57. 93' 75. 21'44.49'51.07' 52. 10r 45. 18r 44. 05' 52. 85

' 36. 82r 47. 52' 65. 56' 70. 84

' 75. 82' 83. 16' 74. 86' 68. 72r 72. 48' 81. 20r 84. 76'71.27' 82. 44' 46. 90' 43. 79

* 70. 89' 68. 94'77.67

' 78. 74'67.82' 82, 41'81.48' 82. 71

' 72. 77' 58. 12

65.44'71.06

'64.35

' 37. 70' 54. 72' 67. 03

' 50. 06

' 35. 24' 38. 06' 45. 45

' 1. 599' 1. 681' 1. 675

'1.463' 1. 468'1.387

1.5611.633

'1.819

' 1. 901

'1.688

'1.661

' 1. 687'1.762'1.618

' 1. 860' 1. 925' 1. 765' 1. 756' 1. 877'1.630' 1. 418

' 1. 484' 1. 475'1.624

1.346' 1. 276'1.376'1.795

' 58. 56'61.36' 68. 47

62.24'48.64' 57. 89' 75. 59' 45. 55' 49. 71

50.46' 44. 69

' 45. 24' 52. 13

r 36. 33' 52. 76' 65. 72

72.32

r 75. 39' 81. 99' 74. 66r 69. 26' 72. 88' 83. 93

87.78'70.90' 84. 43' 47. 12

44.32

' 72. 06' 79. 51'72.39

'83.30' 68. 55'83.85'85.61' 83. 41

' 73. 02' 59. 30

71.23' 71. 57

' 64. 75

'38.30r 55. 44' 66. 92

' 50. 56

35.33' 37. 84' 44. 43

'1.600'1.684'1.702

'1.443' 1. 442' 1. 409

1.5711.666

'1.819

' 1. 903

1. 709

'1.658

'1.666'1.755'1.634

'1.869' 1. 941'1.775' 1. 772'1.862

1.633'1.414

' 1. 490' 1. 461' 1. 638

1.365'1.216'1.375'1.804

' 57. m'61.13

67.8660.8952.9057. 6874. §1

'45.38' 48. 15

48.2844. 55

' 46. 0751.60

37.0053. 56

' 65. 0670.92

' 75. W82.0074. 48

'68.35-72.01

' 80. m83. 94

' 69. 9g83. m

'46.43143. 49<

76.3758.3675. 60'

78.0769.9485.0886. 2884.62

72. 3258.8870. 4771. 73

64. 63

37.8355. 4967,0*

50.53

35. 1637.3®42. m

"l.Sflft'1.685)'1.682

' 1.475-1.46®

T 1.412'1.55®

1.616'1.80®

1.877

1.702

'1.655

1.6421.765

"1.626

'1.8761.9441.7811.7931.888

' 1. 637' 1. 416

' 1. 483' 1. 459

1.6431.3531.2841.3801.792

"58.41"61.36

* 45. 70"48.88

* 45. 72

" 65. 29

"77,66

"68.42

"82.40

"70,42

! ^45.13

"1.612" 1. 702" 1. 732

" 1. 494

"1.415" 1. 566

"1.831

1 "1.667

" 1. 789" 1. 651

1 "1.881

"1.652" 1. 421

"1.490' 1.461

' Revised. » Preliminary. {See note marked "J" on p. S-ll.


November 1951 SURVEY OF CURRENT BUSINESS S-15


1950


berDecem-

ber

1951


ber


WAGES— Continued

Average hourly earnings, etc.— ContinuedAll manufacturing industries — Continued

Nondurable-goods industries — ContinuedTobacco manufactures __ _ dollarsTextile-mill products. __ . do

Broad-woven labric mills doKnitting mills do

Apparel and other finished textile productsdollars ..


clothing dollarsWomen's outerwear do

Paper and allied products _ . .. doPulp paper and paperboard mills do

Printing, publishing, and allied industriesdollars _ _

Newspapers doCommercial printing do

Chemicals and allied products doIndustrial organic chemicals do

Products of petroleum and coal doPetroleum refiningj 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

Nonmetallic mining and quarrying doContract construction _ 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 stores doAutomotive and accessories dealers .do ___

Service:Hotels, year-round doLaundries _ doCleaning and dyeing plants do

Miscellaneous wage data:Construction wage rates (E. N. R.):§

Common labor _ dol. per hrSkilled labor do

Farm wage rates, without board or room (quar-terly) dol. per h r__

Railway wages (average, class I) doRoad-building wages, common labor do

1.0721.2281.2141 173

1.2071.349

9941 4421. 4341 510

1.9002 1981.8131.5351.655

1.8411 9351.5891.8451.2001.152

1.5731.9842.026

1.8141.3852.0131.8282.067

1.4951.4091.4461.619

1.497

.9921.2901.393

.783

.8701.023

1.5612.554

1.586

1.0761.2951.3001 216

1.2201.366

1.0021 4681.4381 510

1.9032 2031 8491.5371.662

1.8681 9691.5821.8191 2181.165

1.5912.0322.022

1.8761.3982.0241.8272.082

1.4961.4261.4451 625

1 508

.9921.2951.393

.788

.8731.028

1.5682.565

.661 5661.23

1 1231.3071 3061 238

1.2061 387

1 0221 3981.4721 554

1.9012 2121 8311.5601 683

1 9012 0061 6031.8381 2251.173

1 6261.9632 013

1.8771 4102.0401 8442.093

1.4971 4221.4471 643

1 519

.9791.3101.377

795.879

1.025

1 5742.571

1 587

1.1241. 3131 3131 240

1.2571 474

1 0431 4771. 4931 573

1.9202 2421.8441.5781.693

1.9011 9911 6531.9101 2341.177

1 6751.9862 020

1.8801 4282.0741 8802.120

1.5111 4401.4521 670

1 541

.9691.3131.381

801.883

1.029

1 5742.577

1.603

1.1401.3201 3171 265

1.2851 469

1 0571 5281.5061 586

1.9082 2101 8371.5951.710

1.9412 0381.6531.9191 2481.198

1 7011.9872.038

1.8941 4312.0921 8962.135

1.5301 4501.4511 690

1 555

1.0361. 3321.411

804.895

1.047

1.5852.604

.791 5851.30

1.1391.3221.3161 269

1.2901.482

1.0611 5281.5061 584

1.9332 2211.8591.6071.722

1.9322 0321.6291.8861.2611.211

1.6812.2072.219

1.9051.4472.1141 9152.157

1.5361 4691.4511.699

1.567

1.0311.3341.432

811895

1.042

1 5932.615

1 659

1.1421.3171.3041 274

1.2641.480

1 0601 4621.5141 584

1.9472 2441.8741.6121.727

1 9442 0371.6471.8991 2691.225

1 6822.1942.222

1.8891 4622.1211 9272.163

1.5411 4531.4491 690

1 567

1.0181.3391.438

801.901

1.051

1.5952.619

1 681

1.1571.3251.3191 274

1.2321.464

1.0531 3781.5191 593

1.9482 2551.8691.6231.739

1.9742 0751.6491.8961.2781.233

1.6962.1852.231

1.9491.4642.1221.9422.167

1.5451.4501.4441.696

1.575

1. 0301.3431.458

806.908

1.059

1. 5952.619

.781 7161.23

1. 1611.3241.3201 276

1.2341 468

1 0501 3791.5191 591

1.9552 2751 8791 6341 745

1 9882 0931 6601 9271 2821 230

1 6962 2152 218

1 9381 4712 1311 9442 182

1 5521 4511 453

r 1 706

1 571

1 0341 3461 465

807917

1 065

1 6082 629

1 725

' 1. 174r 1. 323*• 1. 319r l 269

'1.248' 1. 468T 1.052' 1 406r 1. 521

1 599

r 1. 954r 2. 266r 1. 881r 1. 648»• 1. 755

' 1. 995r 2. 098r 1. 701r 1. 977•• 1. 278»• 1. 230

r 1. 696f 2. 224'2.232

r 1.949' 1. 484

2.146' 1. 973

2.194

f 1. 555r 1. 475

1.451"*• 1. 704

«• 1. 581

«• 1. 033«• 1. 351r 1. 470

r. 812r. 917

»• 1. 067

1.6152.648

1.751

r 1. 183r 1.315

1.314r 1. 259

1.278' 1. 452

r 1. 053f 1 516' 1. 539

1 618

' 1. 953«• 2. 265«• 1. 876

1.665r 1. 769

' 2. 0082 110

r 1. 725r 2. 015r 1 270

1.221

1 724r 2. 246r 2 255

r 1. 974' 1 500

2 150r \ 991r 2 195

f 1 584T i 490

1 590r I 70S

r 1 587

' 1 0351 3491 474

814r 914

r 1 063

1 6292 688

.821 7681.24

' 1.155r 1.305

1.2911.262

r 1.2941.470

1.0541.526

r 1. 5201.601

r 1.9512.2591.876

r 1.6511.752

r 1. 9852.083

r 1. 7021.986

r 1.2721.225

1.6972.2192.217

1,9421.5042.1762 0162.221

1.5861 5021 5801 712

1 584

1.0281 3501 480

812912

1 054

1 6372 701

1 746

P 1. 134P 1.321

»1.288

v 1. 529

*> 1. 976

P 1.629

*2.000

P 1. 705

* 1.282

1 6372 701

« .73

FINANCE

BANKING

Acceptances and commercial paper outstanding:Bankers' acceptances mil. of dolCommercial papp.r do

Agricultural loans outstanding of agencies super-vised by the Farm Credit Administration:

Total mil. of dol. _Farm mortgage loans, total do

Federal land banks do...Land 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___doDiscounts and advances doUnited States Government securities. . .do. __

Gold certificate reserves doLiabilities, total do

Deposits, total,. do _Member-bank reserve balances do

Excess reserves (estimated) doFederal Reserve notes in circulation do

Reserve ratio. _. percent. _

397308

1,83898894147

269582

110, 10744, 91065, 197

45 60420, 340

7219, 57222, 23545, 60419, 19716, 709

88822, 997

52.7

383312

305546

111. 97443^ 83768, 137

44 82619, 798

11619, 2*222 04544, 82618, 39816 514

58923, 075

53.2

383325

331519

110, 13243, 74066, 392

45 44820, 638

16119, 69321 79845, 44818, 68216 763

64523, 397

51.8

394333

1,86198994643

350522

125 43552, 59072, 845

47 17222, 216

6720, 77821, 45847, 17219, 81017, 6811,172

23, 58749.4

453356

356551

123, 22448, 20775, 017

47 73823, 051

79821, 48421 16047, 73820, 99818 984

93723, 026

48.1

470369

361592

101, 43739, 06762, 370

47 36823,188

39821, 88120 85247 36820, 70419 066

70023, 110

47.6

479381

1,98699895840

339650

129, 11253, 17175, 941

47 97824, 150

27522, 91020 56747, 97821, 45019 014

64723, 041

46.2

456387

323700

114, 89845, 47769, 421

46 88323, 560

28322, 74220 56746, 88320, 74818 901

45223, 143

46.9

417364

310739

116, 57245, 37571, 197

47 17423, 481

52922, 50920 50847, 17420, 38118 536

33023,332

46.9

425331

2,0971 012

97437

315771

120 69848, 58872 110

47 63424, 043

5322, 98220 51447, 63420, 59819 020

41623, 630

46.4

380336

333791

110 75643 22467 532

47 54724, 033

27723, 07820 50447 54720 60618 863

46723,726

46.3

384368

347786

111 19041 36369 827

47 75524, 309

55223,12720 61147 75520,67819 181

71724,020

46.1

375377

2 1291 020

98535

360749

107 50441 14566 359

49 11625,' 058

19023 73420 77549 11621 45319 391

'56924,148

45.6r Revised. » Preliminary. % See note marked "J" on p. S-ll. « Rate as of October 1. § Rates as of October 1,1951: Common labor, $1. 645; skilled labor, $2. 719.


S-16 SUEVEY OF CUREENT BUSINESS November 1951


1950


berDecem-

ber

1951

January Febru-ary

March April May June July August Septem-ber

FINANCE—Continued

BANKING— Continued

federal Reserve weekly reporting member banks,condition, Wednesday nearest end of month:

Deposits:Demand, adjusted - mil. of dolDemand, 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 doCertificates doBonds and guaranteed obligations doNotes do

Other securities - -doX<oans 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 _ _ _ d oLoans of banks doOther loans -- -do

Money and interest rates :cfBank rates on business loans:

In 19 cities percentNew York City do7 other northern and eastern cities _ _ do11 southern and western cities do

Discount rate (N. Y. F. R. Bank) _ _ _ d oFederal intermediate credit bank loans _ -doFederal land bank loans doOpen market rates, New York City:

Acceptances, prime, bankers', 90 days doCommercial paper, prime, 4-6 months, --doCall loans renewal (N Y S. E.) doTime loans, 90 days (N. Y. S. E.) ..-doYield 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 dol. .Furniture stores doHousehold-appliance stores _ doAll other retail stores (incl. jewelry) do

Cash loans, total do _Commercial banks __ _ doCredit unions doIndustrial banks. doIndustrial-loan companies _ doInsured repair and modernization loans

mil. of dol__Small-loan companies _ _ doMiscellaneous lenders do

Charge accounts _ _ doSingle-payment loans doService credit -do

Consumer instalment loasis made during the month,by principal lending institutions:

Commercial banks mil. of dol_.Credit unions _ -doIndustrial banks doIndustrial-loan companies doSmall-loan companies -do

FEDERAL GOVERNMENT FINANCE

Budget receipts and expenditures:Receipts^ total mil. of dol__

Receipts, net doCustoms _-doIncome and employment taxes _do _ _Miscellaneous internal revenue doAll other receipts do

Expenditures, total - doInterest on public debt doVeterans Administration doNational defense and related activities doAll other expenditures do __

49, 238

50, 1983,2452,338

15, 329

14, 537662

10, 28540, 265

33, 8452,3911 156

22, 4267,8726,420

28, 50215, 7251,487

7185,035

3395,590

2 632 322.633 131.752.004.08

1.311.661 631 63

1 3151 55

11, 4622 991

19, 32913 3447 8584 213

1,1591 028

702756

5 4862 462

524295201

8441 010

150

3 7411 1971 047

356764032

149

4,8424 605

473,947

77573

3 520646402

1,0371.435

49, 471

50, 4453,3621,805

15, 292

14, 513653

11, 03239, 850

33, 5352,4811,048

22, 2467,7606,315

29, 38716, 4761,355

7285,126

3125, 786

1.752.004.08

1.311.731 631 63

1.3291 65

11, 4642 967

19, 39813 3897 8794 227

1,1701 019

705758

5 5102 460

524294201

8531 026

152

3 7031 2501 056

298663928

149

2,3002 056

571,291

808144

3 170229460

1,3381.142

50, 546

51, 3053,3711,624

15, 242

14, 475642

10, 85439, 337

32, 9842,0441,124

22, 1147,7026, 353

30, 58617,0841,671

7925,213

3775,845

1.752.004.08

1.311.691 631 63

1 3641 62

11,5252 947

19, 40513 306

7 gOS4 175

1,1721 003

702753

5 5012 435

521292200

8631 037

153

3 7391 2981 062

257643427

165

3,1842 851

542,250

746133

3 102142470

1,4461. 045

51, 642

53,5183, 3931,572

15, 346

14, 578642

12, 95639, 795

33, 2942,470

21, 5739,2516, 501

31,41717, 8591,578

7505,280

5105,877

2 842.512.873 281.752.004.08

1.311.721 631.63

1 3671 64

11, 6462 924

20, 09713 4597 9044 126

1,2451 029

710794

5 5552 431

525291203

8641 084

157

4 2391 3321 067

289723729

234

4,4744 211

543,538

764117

3 742968443

1,510808

51, 220

51, 7603,6571,622

15, 250

14, 533689

10, 81838, 039

31, 5571,651

23,2058,7016,482

31, 54118, 1201,554

7545,299

3175,946

1.752.034.08

1.391.862 002.00

1.3871 66

11, 6352 901

19, 93713 252

7 6944 056

1,201982694761

5 5582 438

518289202

8631 090

158

4 2481 3521 085

326673928

162

4,6214 448

573,538

853173

3 808514472

1,6511.171

50, 649

51,8133,6402,588

15, 324

14, 495703

10, 78337, 312

30, 7911,577

20, 8308,3846,521

32, 18918, 7331,498

7485,331

4125,910

1.752.034.08

1.501.962 002 00

1 3911 67

11, 6252 877

19, 53313 0737 5213? 990

1,162956677736

5 5522 441

515286202

8561 094

158

4 0101 3691 081

296643527

158

4,8204 257

493,851

797122

3 211156426

1,695934

49, 487

50, 1043,4894,622

15, 379

14, 555697

10, 38437, 491

30, 8861,933

20, 7448,2096,605

32, 70719, 2021,512

7185 369

4255 930

3 022. 743.023 421.752.064.08

1.632.062 002.00

1 4221 86

11, 6482 852

19, 37912 976

7*3683 946

1,133924655710

5 6082 476' 517286204

8531 112

160

3 9381 3811 084

368794333

207

8,8118 112

597,818

83896

4 058'580456

2,057965

50, 163

50, 2573,9503,520

15, 338

14, 477732

10, 66937, 447

30, 8361,971

20, 7158,1506,611

32, 66119, 1861,359

7275,419

4915 935

1.752.174.08

1.632.132 002 00

1 520i 2 03

11, 6622 831

19, 12612 9047' 2703 934

1.103905636692

5 6342 497

514286205

8521 119

161

3 7441 3921 086

340724131

184

3,2892 626

542, 423

690123

4 007253427

2,1601.167

50, 034

50, 5913,8573,005

15, 362

14, 485746

10, 15736, 941

30, 4431,769

20, 5278,1476,498

32 42819, 0481,332

7175 476

3825 928

1.752.234 08

1.632 172 152 25

1 5782 04

11,7102 808

19, 20712 9207' 2483 980

1,084890616678

5 6722 506

518288207

8601 131

162

3 7931 3981 096

359824433

198

4,0393 146

533 074

747164

4 517163425

2,3961 . 533

49, 916

50, 5003,5894,679

15, 539

14, 661743

10, 42237, 758

31, 1762,7451 585

19, 4787,3686,582

32 87719, 2201,399

7165 530

5235 947

3 072 783.043 521.752.234 08

1.632 312 252 25

1 4992 00

11,8212 788

19, 25612 Q557' 2344 041

1,055874602662

5 7212 515

522288209

8721 151

164

3 8041 3991 098

356864435

204

7,6037 089

486 611

719225

5 9691 557

3842,4951.533

50, 383

50, 86*03,6442,673

15, 551

14, 673740

11, 10337, 613

30, 9972,6482,224

19, 4426,6836,616

32, 48719, 1241,390

7005,545

3245,865

1.752.374.08

1.632.312.252.25

1.5931.94

11, 8402,766

r 19, 132r 12, 903

7,1734,061

1,022854590646

r 5, 7302,492

524288211

P8821,167

166

3,7431,393

r 1, 093

339764435

206

2,8332 571

481,886

722177

4 739232435

2,9301.141

50, 976

51, 1743,3622,609

15, 635

14, 741751

10, 80737, 572

30, 9302,5932 239

19, 4866,6126,642

32, 91619, 5021,170

6985,584r 518

r 5, 906

1.752.474.08

1.632.262.252.25

1.6441.89

11, 867v 2, 754

p 19, 262v 13, 044

p 7, 247* 4, 138

p 1, 015*>859^590z>645

p 5, 797v 2, 521

P 531P293P217

r*>897r * 1, 181

P 167

P 3 724•P i 399P 1 095

^389•p 90P 49P 40

v 210

4,1653 594

503 131

806178

5 087222422

P 3, 0401 . 403

50, 532

51, 6963,3003,747

15, 677

14, 795734

11, 34537, 926

31, 2122,9342 493

19', 1426 6436,714

33 48220, 0781,242

6925,605

4145,915

3 062 793 063 471 752.644 08

1.632.192 252.25

1.6461 93

11,915P 2 735

f 19, 356v 13, 156* 7, 320P 4, 171

P 1, 029P 869P 598»653

P 5, 836P 2, 521

P 533J>296P 221

"893P 1, 203

p 169

p% 700p 1 403p 1 097

*351p 78P 42p 35

* 182

6,5246 209

425 691

70783

5 16?580422

p 2. 6281 S33

Revised. P Preliminary,bond yields see p. S-19.

1 Beginning April 1,1951, includes 1̂ percent note of March 15,1955, \% percent note of December 15,1955, and 2Yz percent bond of March 15,1956-58.




1950


berDecem-

ber

1951


ber

FINANCE—Continued

FEDERAL GOVERNMENT FINANCE— Con.

Public debt and guaranteed obligations:Gross debt (direct), end of month, total

mil. of doL.Interest-bearing, total -do

Public issues doSpecial issues do

Noninterest bearing doObligations guaranteed by U. S. Government,

end of month mil. of dol__U. S. savings bonds:

Amount outstanding, end of month doSales, series E, F, and G doRedemptions do

Government corporations and credit agencies:Assets, except interagency, total mil. of dol

Loans receivable total (less reserves) doTo aid agriculture doTo aid home owners do _To aid railroads doTo aid other industries doTo aid banks doTo aid other financial institutions doForeign loans doAll other do

Commodities, supplies, and materials doU S Government securities doOther securities doLand structures and eouipment do

Liabilities except interagency, total doBonds, notes, and debentures:

Guaranteed by the United States doOther -- do

Other liabilities do

Privately owned interest doU S Government interest do

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 __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 J mil. of dol_Securities and mortgages J do

49 companies (Life Insurance Association ofAmerica), total mil. of dol

Bonds and stocks, book value, total do _ _Govt. (domestic and foreign), total do

U. S Government doPublic utility- doRailroad doOther _ _ _ d o

Cash do .Mortgage loans, total _ _ _ _ do

Farm doOther do

Policy loans and premium notes doReal-estate holdings - _do__ _Other admitted assets do

Life Insurance Agency Management Association:Insurance written (new paid-for insurance) :

Value, estimated total mil. of dol _Group doIndustrial - doOrdinary total do

New England doMiddle Atlantic - - ..-doEast North Central doWest North Central doSouth Atlantic doEast South Central ...doWest South Central doMountain do __Pacific -do

Institute of Life Insurance:Payments to policyholders and beneficiaries,

estimated total _thous. of dol _Death claim payments doMatured endowments do.-.Disability payments do _ _ _Annuity payments doSurrender values doPolicv dividends. do _.

257, 216254, 968221, 57233, 3962,247

20

57, 473310475

24, 10212, 7693,6841,387

113539

2708

6,103498

1,7392,1123,4782,9311,073

2,097

191,108

970

21421, 791

1,009

51810511124

1189736

62, 37056, 260

' 55, 371•• 37, 780' 15, 040' 12, 836

r 9, 954r 2, 975' 9, 811

r710«• 12, 314

r 1, 118r 11, 196

r 2, 0321,228

r 1, 307

2,468617411

1,44089

29430214017764

13555

183

280, 449115, 93335, 8348,542

19, 07752, 60748, 456

256, 937254, 731221, 19133, 5392,206

22

58, 027971497

997

51510511124

1139436

62, 70656, 374

55, 66937, 54814, 68712, 50210, 0422,9889,831

84812, 5701,125

11, 4452,0471,2441,412

2,595700500

1,39595

32029912816265

12148

158

304, 642141, 53940, 9648,282

21, 05650, 36242, 439

257,077254, 887221, 15633, 7322,189

24

58, 096436448

899

42610310823

1089336

63, 02256, 700

55, 93237, 52214, 41412, 21810, 0922,987

10, 030799

12, 8661,136

11, 7312,0561,2591,429

2,692881455

1,35695

33329312014760

11147

150

305, 847136, 41240, 4938,381

21, 25355, 93043, 378

256, 708254, 282220, 57533, 7072,425

24

58, 248541509

24, 63513, 2283,8841,528

110458

(i)824

6,078531

1,7742,0753,4732,9451,141

2,406

231,1901,193

23421, 995

893

43610310823

979236

63, 68857, 244

56, 51937, 67614, 22112, 02310. 1872,998

10, 270789

13, 2521,148

12, 1042,0671,2781,457

2,9731,142

3891,442

9432330014616256

12959

174

345, 502137, 35239, 5668,222

18, 13154, 30987, 922

256, 125253, 704219, 71233, 9922,421

18

58, 191476653

890

43910210622

959036

64, 29657, 592

56, 88637, 59314, 06411, 86510, 1923,011

10, 325863

13, 5731,170

12, 4032,0781,2861,493

2,068333395

1,34010533628112014752

11545

139

370, 946157, 30950, 8569,487

27, 99959, 29166, 004

255, 941253, 382219 44833, 9332,559

18

58, 133386528

884

43999

10622

939036

64, 53957, 881

57, 13137, 57713, 91611, 71810, 2253,005

10, 431792

13, 8481,196

12, 6522,0891,2961,529

2,354649424

1,28292

31827311414749

11043

137

304, 142129, 00641, 5567,959

22, 57353, 16149, 887

254, 997252, 553219 02833, 5252,444

21

58, 020359560

25, 10413 4963,9311,721

108473

(i)760

6,116564

1,7642,1623,4672 9511,264

2,500

191,2471,234

26822 337

883

44798

10620

878936

64, 82258, 060

57, 36237, 41413, 51411, 30710, 3033,008

10, 589908

14, 1411,218

12, 9232, 1071,3041,488

2,463429486

1,54810738132613717357

14356

169

366, 291153, 72447, 3498,682

22, 68962, 47671, 371

254, 727252, 280218, 69033,5902,447

21

57, 938310472

885

45897

10520

848636

65, 15658, 309

57, 64137, 34213, 14710, 92710. 3503,005

10, 839977

14, 3971,239

13, 1582, 1191,3111,495

2,284316466

1,50210036932212617258

13653

166

336, 397146, 00543, 7268,831

21, 71558, 30957, 811

255,093252, 729218 68034, 0492,364

29

57, 842295477

882

46295

10420

818336

65, 49658, 759

57, 89437, 45513, 02110, 78710, 3763,017

11, 041804

14, 6751,263

13, 4122,1331,3211,506

2,428411505

1,51296

36832413317258

13555

171

338, 335149, 15943, 1788,846

23, 57360, 24953, 330

255, 222252, 852218 19834, 6532,370

29

57, 784289475

25, 18813 5043,6751,809

105498

(i)824

6,151627

1,7192,1853,4742,9991,308

2,340

291,378

932

31522, 533

872

46394

10319

758236

65, 72759, 085

58, 09137, 48612, 74110, 48010, 4573,024

11, 263765

14, 9211,283

13,6392, 1461,3231,450

2,295343475

1,47793

35631513416658

13849

166

338, 256142, 116

42, 9848,247

22, 51257, 29665, 101

255, 657253, 325218, 61834, 7072,332

28

57, 733310481

862

46093

10318

728135

66, 12859, 437

58, 43137, 57412, 65710, 41710, 5033,033

11, 381751

15, 1391,298

13, 8412,1561,3421,468

2,219334420

1,46595

34632013017257

13051

164

307, 283135, 42838, 2348,152

22, 55054, 13148, 788

256,644254, 321219 17435, 1462,323

32

57, 691312436

856

45792

10218

718136

66, 45559, 701

58, 70237, 57212, 41010, 16610, 5483,044

11, 570739

15, 3651,310

14, 0542,1671,3611,499

2,165281424

1,46093

32332112817458

14253

167

327, 525148, 81139, 7858,580

22, 96656, 69150, 692

257, 353^254, 958219, 32135, 6372, 395.

33

57, 662272390

P31

44292

102I8-

608037

66, 77759, 961

58, 97537, 65212, 32610, 05010, 5873,065

11, 675721

15, 5181,319

14, 1982, 1751,3781,531

1,946212449

1,28581

28428411815554

11647

145

288, 920122, 33835, 1197,453

21, 50647, 83254, 672

' Revised. » Preliminary * Less than $500,000.JRe visions for January-July 1950 are shown in corresponding note in the October 1951 SURVEY




1950


berDecem-

ber

1951


ber

FINANCE—Continued

LIFE INSURANCE— Continued

Life Insurance Association of America:Premium income (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. ofdol__Net release from earmark § _.thous. of dol_.Gold exports doGold imports . _ doProduction reported monthly total do

Africa doCanada (incl Newfoundland) doUnited States do

Silver:Exports doImports - doPrice at New York dol. per fine oz__Production:

Canada (incl. Newfoundland) _ thous. of fine oz_ _Mexico doUnited States do

Money supply:Currency in circulation mil of dolDeposits and currency, total do

Foreign banks deposits, net. do_ ._U S Government balances doDeposits (adjusted) and currency, total. -do

Demand deposits adjusted doTime deposits - doCurrency outside banks _ _ _ do

Turn-over of demand deposits except interbank andU. S. Government, annual rate:

New York City ratio of debits to deposits..Other leading cities do

PROFITS AND DIVIDENDS (QUARTERLY)

Manufacturing corporations (Federal Reserve):Profits after taxes total (200 corps.) _ mil. of dol. _

Durable goods total (106 corps.) .. doPrimarymetalsand products (39 corps.) -doMachinery (27 corps.) doAutomobiles and equipment (15 corps ) do

Nondurable goods, total (94 corps.) doFood and kindred products (28 corps.), doChemicalsand allied products (26corps.) doPetroleum refining (14 corps. )._ do

Dividends, t otal (200 corps.) _. doDurable goods (106 corps ) doNondurable goods (94 corps.) 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 capita], total do

Domestic total doCorporate doFederal agencies do_ _.Municipal State etc do

Foreign _ _ doRefunding, total _ _ _ _ _ d o

Domestic total doCorporate doFederal agencies doMunicipal, State, etc do

Securities and Exchange Commission:Estimated 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

Manufacturing doPublic utility doRailroad doCommunication doReal estate and financial do

Noncorporate total doU S Government doState and municipal _ do

T Revised. * Preliminary. 1 Less than $500§Or increase in earmarked gold (— ).

476, 12238, 79648, 94830, 10175, 080

283, 197

23, 483-65, 889108, 44811, 998

' 65, 33538, 443

' 12, 753' 7, 594

33417,371

.728

2,1644,0004,222

27, 161179, 900

2,3006,000

171, 60088, 00059, 00024, 500

34.221.5

1,24577725510835846888

176131

583370213

171

94370768727014527219

236219

20193

6

1,239

1,1603294830

40872

160107

29831531279

,000.

452, 45346, 54553, 74138, 50764, 925

248, 735

23, 249-146,220

95, 9672,519

' 66, 75538, 306

r 13, 171r 7, 918

33512, 350

.751

2,3984,4002,747

27, 228180, 100

2,5004,800

172, 80089, 20059,00024, 600

30.720.9

794651646465

0181

51437777633

1,947

1,75433288

106

526176238191627

1,4221,228

189

491, 85043, 80664, 14137, 84963, 386

282, 668

23, 037-35,311161, 750

3,117' 65, 276

37, 674* 13, 240' 7, 293

94713, 870

.800

1,8544,3003,433

27, 595181, 000

2,3004,900

173, 90090, 30058, 70024, 900

31.421.7

752598584229

0356

14154154746514

1,454

1,383341

2348

412137164191542

1,042655384

757, 99867, 596

180, 35660, 672

111,091338, 283

22, 706-237, 935

95, 8252,833

r 63, 08637, 138' 13, 387

r 6, 708

2,24610, 602

.800

1,8794,0003,939

27, 741184,385

2,5184,950

176,91792, 27259, 24725, 398

37.223.0

958576206140186382

59127130

873541333

211

84063063039498

1380

2102101037928

1,602

1,4995545943

656169175705

118945777166

550, 67144, 905

106, 13249, 66777, 056

272, 911

22, 392-248, 540

107, 8342,240

63, 25737, 81513, 1075,917

3,62310, 999

.887

2,0155,5453,769

27, 048182, 500

2,4004,900

175,20091, 60059, 00024, 600

32.922.0

51944243624241

1546

7777134519

1,180

1,1122063434

27438

13444

228

906730175

511, 13549, 57968, 70944, 65567, 666

280, 526

22, 086-184, 357

110, 1362, 257

58, 91035, 59412, 1485,196

2828,101.902

1,5895,2493,374

27, 188182, 600

2,4006,000

174, 20090, 60059, 00024,600

30.721.5

83464959436548

1815

18418427

1543

1,126

1,084341348

38365

22226

240

742502185

591, 53260, 56571, 27548, 50080, 391

330, 801

21, 806-111,239

125, 7042,242

37, 95113, 0345,784

1,93217, 486

.902

1,7551,9034,371

27, 119183, 700

2,4008,800

172, 50089, 00059, 10024, 400

35.522.5

90753020194

196376

58140123

467269198

229

1,2331,0221,001

79548

15821

211180828810

1,740

1,54581414352

1,00930415530

42620

731520162

489, 57147, 47269, 65343, 04464, 519

264, 883

21, 805101, 914112, 842

2,245

37, 61612, 6895,529

33210,016

.902

1,4683,5833,429

27, 278183, 600

2,5007,800

173,30089, 50059, 20024,600

32.522.3

1,064920918660

29228

21441448061

4

1,516

1,220528196100

824411284202436

692451234

525, 55361, 93564, 02942, 18465, 808

291, 597

21, 756-12,947

43, 3572,398

38, 90712, 9135,536

2737,015.902

r 1,8542,0973,482

27, 519182, 900

2,5006,700

173, 70089, 50059, 30024, 900

30.021.3

1,161946865398

6040780

21521513

1984

1,757

1,6466378922

748388213144

501,009

581343

548, 41251, 95759, 08842, 24382, 265

312, 859

21, 75646, 27041, 4223,840

38, 23512, 6905,921

18216, 828

.884

2,4052,0373,932

27, 809r 185,038

r 2, 424' 7, 930

' 174, 684' 88, 960r 59, 948r 25, 776

34.422.2

*922P547P211

P92P204P375

P47P139*123

P474P273p201

Pl95

1,3021,1061,075

70689

28031

19719757

1373

3,951

3,72359715276

825367253263

1243,1262,830

284

502, 61250, 16479, 58544, 04766, 224

262, 592

21, 759-8, 79028, 37412, 165

12, 0545,464

5654,686.902

1,7842,7122,758

27, 851* 184, 500

T 2, 400v 6, 300

P 175, 800P 90, 700» 60, 000* 25, 100

31.120.9

937810802476

8319

812712429932

1,635

1,46831413037

481132191185171

1, 154834313

517, 61562, 34157, 09646, 48461, 425

290, 269

21, 854136, 97619, 18315, 533

12, 078

1946,616.902

2,835

28, 155P 185, 200

p 2, 300P6,000

p 177, 000p 91, 400P 60, 400v 25, 300

27.020.0

634441398248

015143

19219220

1721

1,261

1,1362965669

420207162

90)

27840656149

508, 39348, 72960, 20937, 44977,350

284, 656

22, 013176, 654

3,39714, 341

6754,807.902

28,288p 187,300

P2,200P7,200

p 177, 900p 92, 000P 60, 500P 25, 400

31.721.8

1,582

1,5163133135

378169120239

151,203

765243




1950


berDecem-

ber

1951


ber

FINANCE—Continued

SECURITIES ISSUED— Continued

.Securities and Exchange Commission — ContinuedJSTew corporate security issues:

.Estimated net proceeds, total mil. of doL.Proposed uses of proceeds:

New money, total doPlant and equipment do _ _Working capital do

Betirement of debt and stock, total, -doFunded debt ._ doOther debt doPreferred stock _ _ _ do

Other purposes - _ doProposed uses by major groups:

Manufacturing, total - __ doNew money doRetirement of debt and stock do _

Public utility, total doNew money doRetirement of debt and stock do

Railroad total doNew money doRetirement of debt and stock . __do

Communication, total doNew money .. _ _ do _Retirement of debt and stock __do

Real estate and financial, total doNew money. doRetirement of debt and stock do

State and municipal issues (Bond Buyer):Long-term __.thous. of dol._Short-term do

COMMODITY MARKETS

Volume of trading in grain futures:Corn mil. ofbu__Wheat do

SECURITY MARKETS

Brokers' Balances (N. Y. S. E. MembersCarrying Margin Accounts)

Cash on hand and in banks mil. of dol'Customers' debit balances (net) do_ _Customers' 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 (Al-|-issues):

Composite (17 bonds) dol. per $100 bond--Domestic municipal (15 bonds) - _ _ d o

U. S. Treasury bonds, taxable doSales:

Total, excluding U. S. Government bonds:All registered exchanges:

Market value thous. of dolFace value do

New York Stock Exchange:Market value doFace value _ do

New York Stock Exchange, exclusive of stoppedsales, face value, total § thous. of dol__

17. S. Government doOther than U. S. Government, total § do

Domestic doForeign __ do

Value, issues listed on N. Y. S. E.:Market value, total, all issues § mil. of dol__

Domestic doForeign do

Face value, total, all issues §._ 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 bonds) doStandard and Poor's Corp. (15 bonds) ... do

U. S. Treasurv bonds, taxable do

399

300243576223318

37

714522

1581391210100752

29235

290, 00639, 798

143275

1,284738751

101.06101. 5274.05

121.7135.2

101. 90

68, 65484, 250

65, 79580, 272

76, 48412

76, 47268, 7177,740

118, 861117, 158

1,451117, 618115 409

1,959

2.86

2.642.712.883.21

2 682.843 07

1.851.882.36

514

30625650

17768921731

1715997

2331724719190

15123

26232

229, 427123, 887

132253

1,351771759

100.83101. 2773.37

121.1136.4

101. 64

77,83393, 748

74, 68190,132

83, 9821,636

82, 34674, 3407,981

118, 417116, 802

1,362117, 441115 334

1,857

2.88

2.672 722.913 22

2 702 853 09

1.751.822.38

406

3061891178851241312

13610030

1621224019190

1587

41362

394, 581202, 771

243317

1,360796774

100. 82101. 3071.88

121.1137.0

101. 69

76, 91494, 709

74, 64691, 786

87, 26013

87, 24778, 6418,602

118, 507116, 870

1,385117, 544115 367

1,927

2.88

2.672 722.923 22

2 702 863 08

1.751.792.38

649

43324219016883841

49

16611943

17314033691356440

117995

170, 557176, 520

227391

3971,356

890745

100. 93101. 4570.41

121.1137.4

101. 53

97, 580120, 019

95, 099116, 476

111, 22223

111, 199101, 824

9,355

115, 952114, 347

1,354114, 889112 716

1,923

2.88

2 672 722 913 20

2 702 873 07

1 701.772.39

269

2431934925121122

37298

132126

644440220

27251

180, 040115, 289

265449

1,411948690

101. 18101. 6971.71

121.4140. 5

101. 56

112, 608135 822

110 023132, 186

120,0001

119, 999110, 535

9 446

116, 165114 541

1,374114 808112 643

1,916

2.86

2 662 712 893 17

2 692 853 03

1 581 622.39

378

3142437157282726

64539

21919920268

18220

39333

205, 771158, 609

186480

1,367953642

100. 90101. 3872.56

121.3140.7

101. 44

77, 20386, 108

74 56382, 658

86, 9960

86, 99677, 3849,592

115, 801114 163

1,389114 769112 605

1 914

2.85

2 662 710 OQ

3 16

2 692 863 01

1 631 612.4(1

994

84569914612168530

28

29821973

151973630300

423422

(020162

169, 62389, 529

181426

1,304918715

99.3099.7771.94

119.4135.5

100. 28

72, 84283 272

70 08179, 406

76, 6689

76, 65968, 6188 009

114, 382112 758

1,377115 183113 019

1 914

2.96

2 782 823 003 23

2 812 963 11

1 821 872.47

810

62650412212913645255

40530194

2782302020200

2424

0)3530

2

237, 662191, 699

155409

1,286879661

98.7299.2471.85

117.8131.998.93

106, 614108, 793

104 014105, 659

76,0301,946

74, 08467, 4136,601

100, 24798 6301,373

101 54599 3841 912

3.07

2 872 933 113 35

2 893 073 24

1 942 052 Afi

739

6764871894614266

18

384353

20209204

31414044

0)503710

433, 961162, 557

222434

1,287855681

98.2898.7971.70

117.4131.197.90

69, 82280, 270

67 37877, 369

67,8145

67, 80961, 3916,408

99, 93898 2781,369

101 69299 4821 910

3.09

2 892 933 153 40

2 903 103 28

2 072 099 fi2

812

68543125311254499

15

361314

42249234132626032

0)1237349

335, 166105,887

185389

3641,275

834680

97.8698.3771.78

116.6128.697.62

54,04863, 267

51, 19260,114

55, 3990

55, 39949, 1916,179

97,81896 1631 366

99 95897 7541 904

3.16

2 942 993 213 49

2 963 183 33

2 212 222.fi5

472

43632611033112113

12910919

1881781018180

50500

70680

364, 09174, 901

175445

1,266825672

98.4898.9873 10

116.2129.497 93

52, 76766 368

50 59062,649

56, 4002

56, 39845, 69810, 650

98,45796 7771,389

99 97597 7751 900

3.17

2 942 993 233 53

2 973 193 36

2 062 182 fi3

413

3672631043020100

16

20418416

160154

6990

0)0)

025130

' 156, 21484, 760

163458

1,260816624

99.2399.7373.66

117.1132.198.90

53, 06560, 666

51, 12057, 957

52, 1110

52, 11145, 5486,515

99, 27197, 5801,399

100, 04597, 8461,899

3.12

2.882.923.173.50

2.923.133 31

2.002.042.57

371

3342815332171504

165146

17118115

4232308g

(i)15122

242, 61436, 315

249308

1,290843640

98.7299.2272 93

118.0132.099 10

54 07562 621

52 56060 534

56, 211o

56, 21149 960

6 192

97, 92596 2901 347

99 19797 0501 847

3.08

2 842 883 153 46

2 893 093 27

2 052 059 Kfi

r Revised. 1 Less than $500,000.§Sales and value 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.


S-20 SUEVEY OF CUKKENT BUSINESS November 1951


1950


berDecem-

ber

1951


ber

FINANCE—Continued

SECURITY MARKETS— Continued

Stocks

Cash dividend payments publicly reported:Total dividend payments mil. of dol

Finance _ _do_ __Manufacturing do _Mining doPublic utilities:

Communications __doHeat light, and power do

Railroad _ _. - doTrade doMiscellaneous do __

Dividend rates, prices, yields, and earnings, 200common stocks (Moody's) :

Dividends per share, annual rate (200 stocks)dollars _ _

Industrial (125 stocks) _doPublic utility (24 stocks) doRailroad (25 stocks) doBank (15 stocks) doInsurance (10 stocks) _ do

Price per share, end of month (200 stocks). .doIndustrial (125 stocks) doPublic utility (24 stocks) do _ . _Railroad (25 stocks) do

Yield (200 stocks) percent..Industrial (125 stocks) doPublic utility (24 stocks) doRailroad (25 stocks) doBank (15 stocks) doInsurance (10 stocks) _ __ do __

Earnings per share (at annual rate), quarterly:Industrial (125 stocks) dollarsPublic utility (24 stocks) doRailroad (25 stocks) do

Dividend yields, preferred stocks, 11 high-grade(Standard and Poor's Corp.) percent. _

Prices:Dow-Jones & Co., Inc. (65 stocks) __dol. per share. _

Industrial (30 stocks) doPublic utility (15 stocks) doRailroad (20 stocks) do _

Standard and Poor's Corporation:Industrial, public utility, and railroad:§

Combined index (416 stocks) _ _ . 1936-39= 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) doFire and marine insurance (18 stocks) do

Sales (Securities and Exchange Commission) :Total on all registered exchanges:

Market value mil. of dolShares 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, 153. 073.6

798.576.6

35.961.431.352.023.7

3.663.951.782.152.502.43

58.8761.2730.5835.62

6.226.455.826.044.453.27

9 442.549 80

3.85

80.21223. 2139.4465.93

151.7163.3153.2155.4104.9125.1105.8168.7

1,60863, 712

1,38048, 009

38, 594

88, 6732,272

496.487.6

220.85.9

66.650.613.443.08.5

3.844.171.842.242.502.43

59.1361.6530.5535.03

6.496.766.026.394.633.22

3.88

82.91229. 3240.6369.09

157.8170.7159.3164.9106.2129.2105.4175.1

2,09084, 451

1,79664, 422

48, 390

88, 5252,325

242.138.0

129.12.5

.643.415.18.35.1

4.044.401.852.452.602.66

59.3761.7730.3435.70

6.807.126.106.864.613.43

3.88

82.56229. 3840.4168.32

156.1168.8159.9160.2105.0126.5104.6180.2

1,86466, 685

1,61851, 231

43, 085

89, 5062,333

2, 138. 7198.8

1, 459. 3139.1

39.875.391.487.447.6

4.064.441.852.472.612.71

61.8064.4630.8140.95

6.576.896.006.034.713.43

9.082.62

11.84

3.89

84.24229. 2639.5974.04

158.4171.2164.3157.8104.4139.4105.2184.2

2,26193, 209

1,98172, 737

59, 820

93, 8072,353

494.1105.9174.0

4.0

72.249.512.864.910.8

4.114.491.852.542.652.71

65.0168.2131.8644.34

6.326.585.815.734.733.52

3.87

90.86244. 4542.0682.05

168.6182.6175.2165.9108.6152.8106.3185.7

2,969122, 363

2,57291, 995

70, 181

99, 3402,384

214.239.5

105.21.8

.741.58.0

15.22.3

4.114.481.852.552.652.71

65.5768.6132.8242.90

6.276.535.645.944.483.52

3.87

94.98253. 3242.8788.09

174.7189.6181.5171.0111.0159.1109.8180.5

2,08682, 631

1,79161, 534

41, 234

100, 2462,391

1, 066. 270.9

688.377.1

38.367.460.340.323.6

4.114.491.862.552.652.71

64.2567.4031.7740.52

6.406.665.856.294.613.45

7.702.603.47

4.00

92.39249. 5043.0382.66

170.3184.4175.0169.0111.2148.7110.2180.7

1,68367, 480

1,44253, 327

35, 625

98, 1122,421

516.483.1

204.38.0

74.954.425.054.911.8

4.154.521.872.582.652.73

67.2071.1531.7842.17

6.186.355.886.124.743.41

4.11

92.86253. 3642.3682.59

172.3187.3179.4168.8110.2148.7106.1181.9

1,54767, 024

1,32050, 583

34, 290

102, 7472,437

209.540.1

107.91.4

.744.73.58.52.7

4.154.511.872.582.652.73

65.3968.8831.9940.04

6.356.555.856.444.773.49

4.15

92.57254. 3642.2881.37

173.9189.3181.9167.9110.5147.5105.6183.4

2,02774, 211

1,74656, 928

38, 457

100, 1202,452

1, 116. 376.8

729.687.8

24.369.155.047.825.9

4.154.531.872.582.632.73

63.4066.7531.7036.68

6.556.795.907.034.863.48

7.602.535.52

4.17

90.46249. 3242.5578.06

171.7186.9179.2163.1110.2141.6105.4182.7

1,33752, 456

1, 14340, 667

27, 402

97, 9202,528

524.6124.1203.8

5.8

74.851.811.139.313.9

4.184.551.872.582.632.73

67.4571.2832.6739.93

6.206.385.726.464.793.35

4.20

91.29253. 6043.7577.04

172.8188.1179.9163.7111.5139 4104.2184.9

1,35453, 154

1,17142, 438

27, 989

104, 6102,557

216.741.6

102.22.0

.747.110.97.74.5

4.114.451.882.582.632.73

70.1074.4633.1340.76

5.865.985.676.334.673.20

4.13

95.19264.9245. 0680.53

181.5198.3190.7168 0114.4147 1105.8193 0

1 62659, 483

1 39344, 583

33, 642

108, 3072,568

1, 132. 780.6

757.391.1

25.166.640.750.021. a

4.124.471.902.552.632.73

69.7374.0932.8741. 57

5.916.035.786.134.703.28

*>6 00

4.16

98.11273. 3645.4083.91

187.3205.2197.1172.9115.8152 8108.0195.4

1 70766, 387

1,44548, 206

36, 395

108, 9112,581

INTERNATIONAL TRANSACTIONS OF THE UNITED STATES

BALANCE OF PAYMENTS (QUARTERLY)

Exports of goods and services, total mil. of dolMerchandise, adjusted doITIPOTTIP on invpstTnents Abroad doOther services do

Imports of goods and services total doMerchandise, adjusted doIncome on foreign investments in TJ S doOther services do

Balance on goods and services do

Unilateral transfers (net) total doPrivate doGovernment do

TJ S long- and short-term capital (net), total doPrivate doGovernment - do

Foreign long- and short-term capital (net) —do

Increase (— ) or decrease (+) in U. S. gold stockmil r>f dol

Errors and omissions _- _ -_. - _ do__

3,4942.498

477519

3 3742,533

90751

+120

—972—107—865

-872-835-37

+809

+740

+175

4,1483,106

518524

3,5152,815

146554

+633

—1, 237-127

-1,110

-264—258

—6

+187

+771

-90

4,3753,414

396565

3,9153,217

86612

+460

—1, 147-112

— 1, 035

-353-294-59

+1

+893

+146

5,2624,103

470689

3,9153,122

101692

+1, 347

—1 333—104

-1, 229

—382-327-55

+66

+55

+247f Revised. » Preliminary.§Number of stocks represents number currently used; the change in the number does not affect the continuity of the series.


November 1951 SURVEY OF CUEKENT BUSINESS S-21


1950


berDecem-

ber

1951


ber

INTERNATIONAL TRANSACTIONS OF THE UNITED STATES—Continued

FOREIGN TRADE

Indexes

Exports of U. S. merchandise:Quantity 1936-38=100Value _ - doUnit value do

Imports for consumption:Quantity _ _ _ do_Value doUnit value do_ _..

Agricultural products, quantity:Exports, domestic, total:

Unadjusted 1924-29=100Adjusted do

Total, excluding cotton:Unadjusted doAdjusted do

Imports for consumption:Unadjusted doAdjusted - — do_

Shipping Weight

Water-borne trade:Exports, incl. reexports^ thous. of long tonsGeneral imports do

Value

Exports, including reexports, totalÎ mil. of dol__By geographic regions:

Africa thous. of dolAsia and Oceania _ _ do_Europe doNorthern North America do_Southern North America . _ d o _South America do

Total exports by leading countries:Africa:

Egypt doUnion of South Africa _ _ do_

Asia and Oceania:Australia, including New Guinea - do_British Malaya - - _ _ do_China doIndia and Pakistan doJapan _ do_Indonesia doRepublic of the Philippines - do_

Europe:France doGermany - __ _ do_Italy doUnion of Soviet Socialist Republics doUnited Kingdom _ do_

North and South America:Canada, incl. Newfoundland and Labrador

doLatin- American Republics, total do

Argentina . _ _ d oBrazil doChile .- .. _ doColombia doCuba -_ _ doMexico _- _ do_ _.Venezuela do

Exports of U. S. merchandise, totalf mil. of dol__By economic classes:

Crude materials thous. of dolCrude foodstuffs __ _ _ _ doManufactured foodstuffs and beverages doSemimanufactures 9 doFinished manufactures 9 do

By principal commodities:Agricultural products, total. _ _ _ d o

Cotton, unmanufactured doFruits, vegetables, and preparations doGrains and preparations doPacking-house products. do

Nonagricultural products, total doAircraft, parts, and accessories§ do. __Automobiles, parts, and accessories § doChemicals and related products doCopper and manufactures doIron and steel-mill products do

Machinery, total § doAgricultural doTractors, parts, and accessories § doElectrical § doMetal working _ doOther industrial __ __ __ do

Petroleum and products _ doTextiles and manufactures do

'Revised. t Total exports and various comp94.8; 96.7; 83.5; 129.2; 112.8; 89.0; 115.3; 81.2. Beginni

200368184

157404257

8873

12098

122128

5,8177,468

911

26, 375133, 783247, 575179, 853141, 857124, 184

2,4429,695

8,8802,1351,004

11,49145, 2256,468

17, 004

24, 89042, 69923, 224

359, 538

179, 835254, 498

10, 54739, 494

4,23518, 62153, 14347, 99234, 923

898

175, 62460, 24656, 099

102, 968502, 937

252, 81575, 73018, 35172, 42612, 907

645, 0593,821

62, 70565, 7135,339

38, 021

197, 6418,801

16, 34134, 65719, 53076, 25345, 66545, 133

onent itercng July 19E

195367188

170446263

8058

11690

126127

5,8858,285

906

32, 390120, 224241, 324200, 658122, 641113, 829

2,3598,345

7,5232,053

90715, 54736, 567

5,88716, 508

30, 00533, 47122, 009

1658, 109

200, 643225, 905

11, 44030, 078

4,52715, 52045, 01845, 51335, 532

894

164, 33265, 98053, 17497, 791

512, 704

233, 65060, 38917, 48472, 00414, 013

660, 3302,438

59, 16961, 4185,520

36, 356

205, 2685,984

15, 27233, 31519, 80075, 97647, 30451, 414

is include !0, certain i

209397189

152411271

8667

117101

109114

5,3067,601

978

28, 744143, 850248,411196, 498134, 558140, 959

3,5709,946

10, 0142,4411,547

20, 46835, 233

7,22319, 988

35, 03740, 14921, 785

7449, 790

196, 480264, 535

14, 62444, 385

6,08418, 70642, 74957, 37636, 927

966

173, 46972, 10953, 526

106, 497560, 882

266, 28479, 58114, 11478, 10212, 837

700, 1992,672

71,07167, 1415,884

39, 616

222, 8907,819

19, 54540, 02816, 31281, 24648, 46952, 052

VEDAP shiterns class<

221431195

152418276

9780

129117

103103

4,4147,421

1,065

42, 345152, 489286, 691185, 902135, 580150, 367

4,53112, 511

10, 8321,533

7924, 04242, 0739,465

24, 303

36, 02038, 46338, 325

5147, 418

185, 891274, 101

12, 77444, 63610, 43022, 07545, 46557, 48137, 959

1,052

186, 82480, 14756, 971

117, 273610, 570

302, 20197, 91215, 24486, 70817, 739

749, 5831,357

71, 23366, 52810, 36139, 929

246, 7598,460

21, 99640, 92317, 23688, 43553, 96154, 208

pments as3d as "spec

199393197

172496289

8382

119123

140133

4,2257,771

972

34, 530155, 000244, 352195, 716130, 237134, 230

5,35712, 436

11, 1474,217

028, 32137, 7658,880

19, 586

29, 20932, 38128, 425

741, 899

195, 714253, 97211, 97036, 902

8,96316, 97246, 36252, 94537, 880

957

145, 80479, 20656, 976

104, 758570, 560

252, 02170, 34812, 48489, 38318, 452

705, 2831,351

78, 42358, 1054,491

46, 289

228, 0448,289

24, 06439, 96915, 49483, 43240, 33258, 752

follows (mial categor

215435202

151443293

102125

141179

118116

5, 1307,2*3

1,076

35, 365162, 045299, 502194, 702120, 401143, 189

4,94110, 866

7,4304,893

019, 77557, 58210, 50417, 980

26, 20648, 17641, 141

1555, 578

194, 700253, 13816, 32044, 840

9,80714, 11044, 81544, 08034, 291

1,060

174, 167114, 32459, 253

109, 498603, 251

307, 97799, 03413, 398

122, 17019, 403

752, 5171,320

87, 23062, 9818,221

42, 030

248, 73910, 43621, 50336, 13913, 57779, 46239, 32659, 470

11. of dol.):y" exports

253519205

167504302

104^ 120

155181

132116

6,2327,537

1,284

50, 168211, 380318. 541231, 960162, 972174, 408

4,43019, 192

15, 1674,304

034, 53567, 90718, 36824, 107

27, 29040, 80844, 320

263, 498

231, 954322, 238

16, 33349, 95616, 53819, 06359, 63060, 22646, 260

1,265

173, 226124, 00176, 416

131, 298759, 565

331, 11183, 75617, 917

130, 71825, 180

933, 3961,981

104, 86978, 6437,653

55, 384

318, 82212, 58431, 17346, 59516,237

102, 47256, 12785, 540

Septembc, although

265555210

152'471

309

130165

190231

112104

8,7587,560

1,370

48, 210233, 244386, 463263, 272149, 085172, 113

4,79424, 574

13, 1685,463

039, 55672, 51415, 79927, 241

41,33144, 49162, 470

469, 621

263, 257307, 913

19, 01045, 89013, 27722, 25048, 83461, 86645, 523

1,353

228, 638162, 96383, 208

134, 536743, 455

419, 386117, 76114, 523

176, 69929, 339

933, 4141,850

108, 76282, 5629,500

48, 084

309, 47213, 62131, 76548, 80617, 895

101, 35659, 12379, 071

r 1950-Sepincluded i

260549212

148'461311

105132

155174

104107

9,7147,849

1,353

58, 934184, 554367, 777255, 708139, 551173, 921

8,07829, 088

8,0994,274

035, 01451, 13215, 34024, 026

36, 55340, 82372, 193

355, 369

255, 664299, 95620, 23154, 52816, 21820, 67440, 76060, 58538, 414

1,339

204, 827137, 98071, 769

142, 696781, 342

354, 92594, 19815, 920

138, 28526, 797

983, 6891,007

108, 27585, 8567,366

50, 173

324, 20613, 01728, 50849, 23915, 68798, 50365, 05975, 649

;ember 195n total ex

249525211

140446319

92117

150177

99109

9,5258,192

1,293

48, 704192, 739338, 567236, 890138, 158186, 275

7,31321, 821

12, 8264,447

030, 37045, 55414, 67334, 323

39, 08741, 81138, 214

1368, 082

236, 887311, 83624, 37058, 47016, 64823, 74542, 50260, 03839, 534

1,279

149, 362134, 81883, 979

153, 963756, 527

310, 13550, 66016, 418

130, 59223, 552

968, 5143,648

103, 15093, 034

7,24947, 646

280, 25413, 32025, 16050, 93116, 92897, 29660, 97477, 546

1, respectiports, are e

231482209

137432316

74101

126157

103114

8,021

1,190

56,157189, 542283, 456202, 603135, 131182, 858

6,80423, 899

16, 7115,489

033, 75136, 01014, 69231, 265

37, 38932, 37620, 520

772, 012

202, 548305, 96823, 96060, 90617, 40820, 08941, 79258, 13535, 247

1,179

128,030104, 79271, 242

152, 954717, 986

248, 11432, 66313, 799

110, 69424, 130

926, 8902,565

100, 00489, 2737,222

48, 563

305, 93814,01528, 74247, 79617, 26796, 76877, 43561, 305

vely— 31.2;xcluded frc

249515207

139435313

9099

155151

107116

r 1, 267

58, 052198,088305,047203, 451146,954198,074

8,64925, 444

13, 5856,003

041,31433,73015,34135, 352

31, 84240, 95024, 155

277, 439

203, 449329, 63725, 22069,01515, 90219, 34843, 10064,07939, 025T 1, 257

151,741116, 81678, 354

148, 486758, 814

273, 61332, 13917, 121

126, 75919, 554

980, 5981,536

101, 51991, 5033,738

48, 939

297, 59015,30122, 95650,33715,346

104, 72585, 44463, 192

52.4; 53.9;>m water-t

1,231

1,221

76.3; 51.8;orne trade

9 Data for semimanufactures reported as "special category, type 1" are included with finished manufactures.§ Excludes "special category" exports not shown separately for security reasons.




1950


berDecem-

ber

1951


ber

INTERNATIONAL TRANSACTIONS OF THE UNITED STATES—Continued

FOREIGN TRADE— Continued

Value— Continued

General imports, total thous. of dol__By geographic regions:

Africa __ -doAsia and Oceania doEurope do_ _Northern North America do_ _Southern North America doSouth America - __do

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 doJapan doIndonesia - doRepublic of the Philippines do

Europe:France __ _ . __doGermany doItaly do__Union of Soviet Socialist Republics do_ _United Kingdom do

North and South America:Canada, incl. Newfoundland and Labrador

thous. of dol__L-atin-American Republics, total do

Argentina _ __doBrazil doChile _ _ __ do __Colombia doCuba doMexico _ _ doVenezuela _ _ do

Imports for consumption, total doBy economic classes:

Crude materials doCrude foodstuffs __doManufactured foodstuffs and beverages. _ _ doSemimanufactures doFinished manufactures . do

By principal commodities:Agricultural products, total do

Coffee doHides and skins _ do _Rubber, crude, including guayule _ __doSilk, unmanufactured _- -^ „„ -„- do _Sugar doWool and mohair, unmanufactured do

Nonagricultural products, total __doFurs and manufactures __doNonferrous ores, metals, and manufactures,

total _ __ thous. of doLCopper, incl. ore and manufactures. ._doTin, including ore do_ _

Paper base stocks doNewsprint doPetroleum and products _do

861, 733

63, 371167, 620136, 316179, 63499, 089

215, 702

19, 71515,543

9,59324, 74914, 62729,88318, 58513, 87521,248

13, 89411,23110, 3926,438

31,456

179, 459299, 38517,21185, 17014,29440, 47442, 97628,72428, 076

828, 430

226, 453180, 27788, 200

197, 800135, 699

394, 294129, 04610, 67341, 1092,571

40 15636, 818

434, 13613, 706

68, 07316, 64917, 41323,36638, 99649, 889

922, 862

39,607217, 207162, 969201, 03993, 708

208, 332

23516,645

5,54631,28219, 63933, 02221,64321,80126,483

15,52315, 16516, 5792,130

39, 068

200, 838283, 62118, 13882, 42415,63738, 74038,23827, 19128, 972

914, 959

255, 831172, 85587, 431

239, 762159, 080

406, 393112,90512, 96658, 4813,169

35, 03333, 452

508, 56614, 279

88,81029,71519, 62826, 33542, 00055, 666

854, 150

35,394216, 103166, 075187,31887, 032

162, 228

35511, 426

17, 09939, 53013,82927, 67219, 85120,32121,547

19,39016, 17813,9041,439

42, 585

187, 308231, 378

17, 38868,76213, 53422, 67524, 91631, 32225, 078

843, 315

255, 472142, 24573, 881

215, 610156, 107

364, 94388, 08511,45668, 4412,521

18, 08939, 188

478, 3729,313

79, 39119, 91715, 18228, 02437, 16750, 736

866, 715

55, 921200, 777156, 631186, 49591, 256

175, 636

3,26817, 789

19, 77039, 18916,30720, 25417, 61423,26419,348

21,42314, 75611, 9451,899

32, 609

186, 485246, 20813, 97763,17419, 52120,60518, 50635, 14224, 905

857, 640

270, 347148, 22763, 689

228, 594146, 783

356, 38884, 1398,483

71, 3092,020

14 56438, 216

501, 25211,032

104, 73828, 11819, 1 5827 80841, 05853,956

1,023,726

56, 944248, 984180, 503184, 671116, 191236,433

4,57214,830

12, 25554,82812,68836, 77517,64033,60321,606

24, 78818,09013, 0032,259

37,238

184, 541330, 934

27, 33385, 42815, 33635, 04130, 82231, 54629, 051

1,018,292

330, 046207, 245

77, 052240, 595163, 353

507, 497142 68111,459

101, 0762,102

29 38166, 291

510, 79414, 130

93, 09323, 46627, 06632 39339 74259, 661

909,340

44, 822187, 844173, 807154, 160128, 385220,323

48615,638

9,45834, 186

5,70027, 30616, 73819, 45531,287

24,40814, 31212, 5722,153

38,596

153, 916330, 012

25, 88184, 85616, 00727, 08140, 81929,64626, 167

908, 878

283, 936201,38187, 001

200,583135, 977

477, 775139, 406

8,51664, 0501,838

41 92153, 692

431, 10310, 258

61, 17222, 66215, 44331 03532 94750, 531

1,098,675

67, 097267, 180192, 635190, 763129, 184251, 816

29115, 925

42, 11438, 9894,946

37, 54720, 10125, 55029,447

31,78418,96113, 5901,338

36,643

190, 738363, 10534, 749

100, 70415,40027, 61643, 63633, 05026, 551

1,033,020

309, 843234, 02193, 103

225, 909170, 145

538, 894153, 08310, 72874, 3692,081

40 62684. 842

494, 12711, 769

76, 05717, 95223, 21930 99044 22249, 796

1,032,700

69, 466262, 188181, 772191, 741117, 823201, 779

19, 65215, 036

58, 33635, 1872,722

38,00317,36019, 75131, 165

26, 30818, 21213,4112,207

43, 101

191, 576303, 22632, 84564, 45227,58419,23741, 33228, 99625, 866

965, 170

338, 516159, 50789, 619

214, 126163, 402

478, 57896,64510, 91873, 1651,626

39 717104, 779486, 59216, 565

69, 18221, 90913, 29729 24039 28751, 087

1,017,720

76,362242, 571189, 447202,22099, 760

207,360

12, 93612,805

62,04824, 3782,886

32, 11726, 81019, 52630,382

28,00621, 22410, 9011,593

45, 769

202, 212291, 47029,97568,56722,00427, 16233, 02626,46430, 792

945,864

295, 280171, 28691, 511

213, 305174, 482

452, 379100, 70113, 02251, 8531,216

33 98584, 660

493, 4858,534

57, 30323,2308 002

38 59143 52552, 415

929,869

55, 828236, 756178, 116192, 46795, 493

171, 209

5,23114,363

49,77136, 3152,062

36, 32016, 56318,32225,512

21,50324,26412, 4762,790

38, 669

192,316250, 70416,80564,59615, 55826, 89434, 07323,97427, 332

914, 314

299, 358147, 24492, 380

216, 863158,470

427, 20390,22313, 37069, 3691,287

32 39970,602

487,1128,913

71, 73624, 45812, 93044 99542 02552, 714

893,332

39,767227, 321175, 189189, 536100, 358161, 161

2688,533

22,86652. 3052,242

32, 38015,02425, 33523, 363

21,24324,5499,7631,670

44,249

189,236248, 07611,97054,67010, 82837, 20338, 74126, 09626, 733

885,884

292, 139136, 62192,468

199, 003165, 653

404, 75086, 89715, 03887, 4301,035

38 65548, 099

481, 1347,503

67, 47723, 49313 09041 72742 99448 447

' 879, 372

39,606228, 077161, 884192, 02184, 933

172, 850

7897,851

38,32738, 6651,632

24,39418, 28029, 66522, 302

24,82021, 17010, 6993,259

40, 409

191, 708244,86610, 50565, 52718, 25633, 54140,32419, 16225, 998

r891 994

288 785143 84988, 352

204 559166 449

412 19887 81814 50476 4361 625

38 04357 619

479 7968 059

78 20630 74410 25135 24047 69544 881

743,700

759 300

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 doPassenger-miles flown, revenue. .. _ - _ do

Express OperationsOperating revenues _ _ __ _ ..thous. of doL-Operating income do

Local Transit LinesFares, average cash rate cents..Passengers carried, revenue -millionsOperating revenues thous. of dol__

Class I Steam Railways

Freight carloadings (A. A. R.):cfTotal cars thousands—

Coal doCoke doForest products.. doGrain and grain products doLivestock doOre doMerchandise, 1. c. 1 doMiscellaneous do

27, 56422, 54013, 6723,7621,490

719, 494

17, 697176

10. 06081, 101

114, 300

r 4, 221787

75r240

24662

409438

1.963

28, 55225, 48915, 1714,2451,563

735, 180

17, 318189

10. 08271, 173

125, 800

«• 3, 532657

64191

T 22666

301354

1.673

26, 06722, 78013,9184,1121,326

620, 156

18,312194

10. 16301 128

123, 100

3,24059963

18222350

223332

1.569

27, 92625, 01414, 8926,2321,365

684, 444

21, 890195

10. 19951 185

137, 200

3,629742

752182564996

3801.814

28, 44519, 75812, 2584 4631,421

722, 163

18 29461

10. 23601 157

125, 300

3,00963264

1872143868

3081.498

25, 31621, 18213, 0874 7041,324

663, 767

18 00739

10. 26761 045

117, 100

2,70054661

1641822465

2841. 373

29,78021, 66213, 6205 1241,660

835, 920

19 37780

10. 41851 173

3,78568981

22924735

101425

1.979

29 08518, 11111, 2874 5411,708

834, 685

18 76924

10. 48181 105

3,15254661

19319834

216324

1.580

30 81319 08511, 9035 0351,804

859, 130

18 8956

10. 52311 117

3,23353765

19717833

330309

1.582

29 31817, 17310,3274 8051,866

922, 856

17 852d is

10. 52311 048

4,03971083

24121634

452366

1. 937

32 22915,5439,7394 6121,861

914 367

17 1724 2

10. 5645989

2,992444

6316821227

356268

1.4K4

32 55117 90911,3185 029l'960

956 974

17 3897fi

10. 60101 016

3,291COQ

fifi

19421704

Ofi-l

2961./B3

10. 66421 012

4,1427Cr

7Q997254

fiQ

422368

1 QA7

' Revised. * Deficit.cfData for September and December 1950 and March, June, and September 1951 are for 5 weeks; other months, 4 weeks.


November 1951 SUEVEY OF CUERENT BUSINESS S-23


1950


berDecem-

ber

1951


ber

TRANSPORTATION AND COMMUNICATIONS—Continued

TR AN SPORT ATION— Continued

Class I Steam Railways— Continued

Freight carloadings (Federal Reserve indexes) :Total, unadjusted _ 1935-39—100

Coal doCoke doForest products _ __ _doGrain and grain products... . _ _ __do ._Livestock doOre __ _ _ ..-do. _.Merchandise, 1. c. 1 doMiscellaneous do

Total, adjusted . doCoal doCoke _ _ _doForest products doGrain and grain products _ _ _ do .Livestock doO r e _ _ d oMerchandise, I. c. 1 . _ doMiscellaneous do

Freight-car surplus and shortage, daily average:Car surplus, total number--

Box cars doGondolas and open hoppers _- do

Car shortage, total doBox cars doGondolas and open hoppers do

Financial operations (unadjusted) :Operating revenues total thous of dol

Freight do _Passenger do__ _

Operating expenses doTax accruals, joint facility and equipment rents

thous. of doL.Net railway operating income doNet incomet . do

Financial operations, adjusted:Operating revenues, total __mil. of dol

Freight. . . _._do __Passenger _ do

Railway expenses . _ _ _ _. do _ _ .Net railway operating income doNet income _. _ do

Operating results:Freight carried 1 mile mil. of ton-milesRevenue per ton-mile centsPassengers carried 1 mile, revenue millions. -

Waterway Traffic

Clearances, vessels in foreign trade:Total U. S. ports thous. of net tons

Foreign _ _ _ do.United 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 totalRestaurant sales index same month 1929=100-.

Foreign travel:U. S. citizens, arrivals- _ .number __U S. citi/ens, departurescf doEmigrants doImmigrants doPassports issued do

National parks, visitors _ thousandsPullman Co.:

Revenue passenger-miles » millionsPassenger revenues _ _ -thous. of dol

COMMUNICATION S

Telephone carriers:©Operating revenues thous of dol

Station revenues doTolls, message do

Operating expenses, before taxes doNet operating income doPhones in service end of month thousands

Telegraph, cable, and radiotelegraph carriers:Wire-telegraph:

Operating revenues thous. of dolOperating expenses, in cl. depreciation _ _ d o _ _ *Net 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

14513519816014395

29857

15413413520114812872

19855

142

3,5838

3034, 38119, 44413, 243

872, 032725, 01471, 623

r 600, 672r 148, 405r 122, 956

98, 965

857.6711.171.9

749.1108.572.8

57, 9401.3202,818

8,4025,1353,267

2,3561,307

5.9884

232

88, 70644, 7762,468

P 15, 45213, 8271,474

9368,513

292, 847173, 26599, 290

205, 10939, 58437, 790

15, 04113, 364

940

2,2541,553

507

2,2441,819

335

147135201154159116262

5615813613520614615975

18454

145

2,4059

11335, 13519, 62014, 349

925, 383784, 54466, 271

635, 021

155, 733134, 629107, 863

884.6747.267.7

776.2108.474.3

62, 0171.3322,573

8,2205,1653,055

2,4781,157

6.1786

228

59, 76836, 0582,075

p 14, 09012, 734

833

9558,658

303, 234178, 120104, 346212, 57241, 36937, 987

15, 53113, 3581,461

2,2651,569

494

2,3311,787

453

13912619815416290

18854

15213612619815716672

18453

146

4,926432386

24, 69613, 83810, 245

862, 201710, 80865, 885

618, 611

133, 590110, 00186, 146

863.0710. 868.9

759.8103.270.5

54, 8171.3632,500

7,3644,3203,044

2,2361,074

6.2779

225

46, 24231, 6891,599

p 16, 28812, 115

326

8717,905

298, 071178, 18498, 941

208. 24940; 86138, 166

15, 25113, 4391,135

2,2321,470

590

2,3261,804

437

130129204145148706250

14214012919416215872

19952

151

6,258956975

14, 7988,9984,989

927, 930673, 55479, 271

645, 422

169, 190113, 319120, 060

941.0708.377.8

849.491.659.5

54, 6081.3103,058

7,2444,2073,037

2,2161,011

5.7866

208

44, 81039, 4532,283

P 20, 26310, 614

242

9478,608

311, 414181, 781107, 994222, 49140, 92138, 437

16, 64314, 5061,485

2,6381,691

672

2,5832,057

453

133133209153153666150

14514613319917015369

24352

158

5,677705

1,13819, 26712, 0066,528

848, 729709, 73678, 158

645, 246

125, 79277, 69154, 926

863.5720.081.6

765.897.765.7

56, 5101.3193,003

6,5164,0192,497

2,3381,104

5.9579

228

52, 20948, 561

p 18, 51916, 632

256

1,22211, 151

314, 713184, 531108, 897219, 14041, 02538, 619

15, 61013, 855

880

2,5081,650

616

2,6211,959

548

119114197137131446046

13312911418614313455

24148

141

2,68087

57229, 97719, 4498,518

715, 759600, 15763, 836

610, 060

86, 74018, 959

d S, 518

783.4653.670.7

742.540.910.9

48, 3671.3082,415

6,8604,2162,644

2,4331,032

5.9781

224

59, 09357, 074

P 12, 39517, 067

259

8238,666

301, 961181, 03799, 495

209, 15039, 47538, 803

14, 54512, 924

764

2,1801,642

337

2,3021,838

350

130112204147138497054

14913911220214715062

24153

157

2,3877

72432, 36524, 2755,323

875, 475741, 001

70, 569679, 662

117, 55078, 26351, 187

854.2716.871.4

783.171.138.9

59, 0691.3252,718

8,2504,6603,590

2,7131,237

5.8378

214

63, 96964, 845

P 15, 28126, 113

376

8839,264

319, 021185, 045111, 979222, 29641, 44439, 029

16, 39113, 9961,521

2,3261,683

427

2,4761,954

409

13311219315613961

19351

14913611219715615868

21251

151

8,60124

2,81214, 6039,4843,815

851, 445722, 01266, 762

668, 850

112, 00070, 59544, 685

872.7738.669.1

799.773.140.7

56, 9081.3372,583

9,2995,2164,083

2,6681,360

6.3682

244

60, 85457, 982

f 14, 54230, 227

541

8058,500

312, 404184, 934105, 507216, 41341, 24239, 213

15, 01413, 282

882

2,2151,638

364

2,3501,895

332

13511120816012457

29648

14913311121015414164

21248

148

8,3001,203

4349,8584,7603,929

888, 716752, 58870, 657

693, 820

119, 97774, 93749, 225

855.1719.171.5

793.561.630.2

58, 7641.3422,638

10, 1615,9804,181

2,6951,286

5.7981

251

51,41357, 981

P 17, 91435, 678

920

7668,075

318, 790185, 965110, 775226, 64740, 39139, 406

16, 23514, 1991,157

2,2271,736

267

2,4911,968

394

13712021215812549

32147

14813112021715212361

20747

144

21,67715, 463

1339,7213,0655,641

855, 753710, 73280, 641

677, 685

114, 13863, 93050, 192

871.3728.577.9

795.475.944.0

56, 6431.3233,093

10, 0605,7254,334

2,6321,170

6.3281

252

58, 96782, 696

f 23, 19339, 6532,107

85010, 363

318, 428186, 604109, 396222, 99840, 41839, 555

16, 07214, 0331,173

2,1491,693

241

2,4561,982

347

13097

20914315650

32544

14312597

21514313061

20345

142

28, 06213, 10911, 9288,6132,7164,873

816, 812674, 00880, 602

683, 824

91, 05341, 93516, 366

818.4682.773.9

774.843.6

r 12.9

53, 2841. 3333,190

2,5991,280

6.0375

219

27, 4113,547

7669,299

317, 948185, 072110, 185232, 64135, 50539, 707

15, 42215, 127

*669

2,0821,768

106

2,3751,974

283

13712220615515164

31347

14513312221514814067

20947

144

4,4221,412

018, 1547,5319,359

909, 945758, 75983, 830

700, 651

128, 41280, 88155, 497

854.3712.274.8

806.547.8

'17.2

60, 0171,3263,287

2,7741,179

6.6879

243

24, 6703,474

7879,531

16, 36015, 057

456

2,1421,712

224

2,4551,984

365

14413020915314810730848

15413313021114213281

20546

143

3,640164

414,9024,1819,231

855, 929716, 39474, 092

660, 408

119, 79775, 725

2,6851,210

6.5883

246

17, 3981,681

' Revised. P Preliminary. d Deficit. tRevised data for July and August 1950, $58,926,000 and $96,166,000, respectively.d"Data exclude departures via international land borders; land-border departures during the 12 months ended June 1950 amounted to less than 1 percent of total departures.OData relate to continental United States.




1950


berDecem-

ber

1951


ber

CHEMICALS AND ALLIED PRODUCTS

CHEMICALS

Inorganic chemicals, production:Ammonia, synthetic anhydrous (commercial)

short tons_.Calcium arsenate (commercial) thous. of lb__Calcium carbide (commercial) __short tons_.Carbon dioxide, liquid, gas, and solid

thous. of lb_.Chlorine, gas short tons.Hydrochloric acid (100% HC1) _ _ _ d oLead arsenate (acid and basic) thous. of lb__Nitric acid (100% HNOs) _ __ short tons. _Oxygen (high purity) mil. of cu. ftPhosphoric acid (50% HsPO*) short tons__;Soda ash, ammonia-soda process (98-100%

Na2Cos) short tons__Sodium bichromate and chromate doSodium hydroxide (100% NaOH) doSodium silicate, soluble silicate glass (anhy-

drous) short tonsSodium sulfate, Glauber's salt and crude salt

cake short tonsSulphuric acid (100% H2S04):

Production doPrice, wholesale, 66°, tanks, at works

dol. per short ton__Organic chemicals:

Acetic acid (synthetic and natural), productionthous. of lb._

Acetic anhydride, production -_-do ___Acetylsalicylic acid (aspirin), production .. do ___Alcohol, ethyl:

Production _ thous. of proof gal _Stocks, total do

In industrial alcohol bonded warehousesthous. of proof gal. _

In denaturing plants doUsed for denaturation f do_ __Withdrawn tax-paid do

Alcohol, denatured:Production thous. of wine galConsumption (withdrawals) - do_ __Stocks 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 IbC onsumption doStocks do

Chemically pure:Production doC onsumption - doStocks do

Methanol, production:Natural (100%) thous. of gal..Synthetic (100%) do

Phthalic anhydride, production thous. of lb_.

FERTILIZERS

Consumption (14 States) 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. o. b. cars,port warehouses _ .dol. per short ton

Potash deliveries short tonsSuperphosphate (bulk):

Production _ __ doStocks, end of month do

NAVAL STORES

Rosin (gum and wood) :Production, quarterly total drums (520 lb.)_Stocks, end of quarter do_._Price, gum, wholesale, "WG" grade (Sav.), bulk

dol. per!001b_.Turpentine (gum and wood):

Production, quarterly total bbl. (50 gal.)..

Price, gum, wholesale (Savannah) __dol. per gaL.

128, 5962,850

55, 323

107, 708165, 82852, 7852,196

107, 2101,529

131, 302

170, 1427,4180)

37, 707

70, 333

1, 057, 851

17.75

38, 30077, 9631,116

r 37, 45429,432

29,088344

' 30, 7463,660

' 16, 701' 18, 467

1,46711, 4077,922

7,6318,007

12, 855

12, 0988,450

18, 172

18312, 98419, 031

551283, 94250, 081

213, 50312, 741

133, 545106, 70151, 71711, 4963,365

51.50114, 710

876, 0231, 224, 030

594, 250873, 340

6.61

194,050151 430

'.64

136, 7363, 390

57, 436

94, 156187, 66658, 4922,924

119, 6611,666

142, 103

334,2968,4240)

47,317

77, 157

1, 137, 367

19.33

42,47677, 3641,081

'40,88736, 597

35,979619

' 35, 6063,422

19, 273r 18, 721' 2, 01311, 7568,168

8,2228,850

13, 070

13, 4358,363

19, 368

17712, 30819, 902

598189, 22933, 927

139, 75911, 984

199, 175149, 65473, 0164, 542

33, 814

51.50114 210

953, 6891, 157 052

7.26

.71

141, 3733,140

54, 320

82,902185, 53757, 8933,598

124, 3761,647

142, 534

370, 6498,577

233, 284

55, 544

75, 882

1, 121, 357

19.85

40, 21878, 221

885

'35,32044,066

42, 7351,331

' 30, 6543,877

' 16, 574' 16, 853

1,74411, 7477,824

8,8218,994

14, 180

11, 8278,246

19, 115

18213, 47418, 237

737198, 26923, 118

148, 9799,626

154, 91697, 10634, 1345,503

43 723

51 50113 400

948 9231 150 886

8.27

.87

146, 2802,614

58, 770

73, 546192, 60457, 3894,632

133, 4831,703

132, 912

443, 7069,670

244, 883

54, 708

80, 924

1, 183, 514

19.97

36, 35279, 462

766

'34,859'44,053

'43,341' 713

' 30, 4573,035

21, 26519, 8883 118

13, 3737,665

8,8298,257

15, 983

12, 9687,961

20 132

16214, 62120, 250

845145, 25028, 47077, 0618,889

167, 832123, 17250, 0649,187

29 343

51 50125 316

974 5441 207 228

542, 770711,430

8.43

171, 260I CQ OOA

.80

148, 9313,900

61, 961

73, 542197, 96757, 4105, 114

133, 2641,742

151, 187

445, 38910, 170

248, 449

56, 300

75, 296

1, 162, 351

20.00

41, 32182, 240

967

41, 466'54,826

' 52, 1412,686

T 33, 012r 5, 116

' 17, 858T 19, 377

1 60411,85111, 749

8 4508 038

17 646

14 1998,774

21 920

17015, 61519, 839

2 1, 523161, 69015, 907

136 3986,496

219 239143, 42054 6905,296

61 615

53 50121 153

985 8051 194 507

8.90

.87

133, 8714,352

50, 035

67,076182, 99450, 9445,082

116, 1221,542

141, 496

402, 5179,936

227, 178

51, 485

75, 267

1, 051, 004

20.00

36, 94170, 155

1,090

34, 721' 59, 664

' 57, 3222,342

' 30, 1463 881

r 16, 28716 3401 533

11, 6687,861

7 7537 629

17 204

13 4997 687

23 580

15613, 20019, 035

2 1, 308151, 35416, 181

117 2868,846

230 892128, 08758 6767 786

77 413

53 50105 636

968 2331 125 418

8.90

.92

147, 2895,342

60, 225

86, 012207, 10657, 4674,672

125, 7321,819

163, 673

461, 41212, 171

258, 596

53, 338

79, 517

1,172,100

20.00

43, 06985, 5531,013

' 35, 722' 65, 982

' 59, 5686 414

r 39, 879'2 952

' 21 43820 4482 517

12, 9979,307

8 6357 591

18 644

14 3268 423

26 046

17415, 34922, 114

2 1, 622209 64915, 430

177 5548 399

259 450165 92974 45112 03463 701

53 50128 661

1 107 048953 785

433, 180558, 580

8.90

141, 200128, 760

.92

147, 5606,566

62, 557

112,008200, 29857, 0432,670

118, 1321,812

152, 577

439, 77311, 321

252, 169

45, 132

77, 452

1, 133, 353

20.00

42, 17684, 358

1,078

37, 74071,001

62, 0878,914

' 52, 9142,051

' 28, 204' 21, 993

r 8, 71412, 97110, 463

7 6037,541

18 820

13 2997,473

27 411

16015, 27821, 437

2 1, 407244, 81817, 176

201 91713, 407

344 573212, 78194 2918 918

31 105

53 50115 369

1 052 257832 185

8.90

.92

146, 9156,196

65, 310

144, 006209, 02458, 4611,838

115, 2861,863

157, 086

458, 21711,858

262, 881

47, 602

83,339

1, 151, 068

20.00

43, 22488, 8161,283

' 46, 173'91,087

72, 221' 18, 866' 52, 564' 1, 721

28 063' 27, 498

8 94412, 7089,235

7 8828 211

19 026

11 0988 263

27 399

15914, 61421, 141

2994285 76829, 032

238 1657 286

282 314214 58886 0377 936

23 122

53 50110 777

1 031 919918 991

8.90

.79

132, 1586,792

64, 514

142, 232202, 69357,072

318115, 398

1,748147,392

434, 39911, Oil

252, 282

41,210

81, 196

1, 066, 421

20.00

39, 45882, 9681,007

35, 767' 99, 684

74, 411' 25, 273r 43, 611'1 178

23 322'23 740

r 8 79511 8227,315

6 3147 173

18 664

10 5757 003

27 787

18014 75919, 678

2509217 76023 433

176 3008 812

216 247137 98174 87414 59443 449

53 50101 663

872 1331 093 308

569, 450601 000

8.90

193, 220152, 490

.78

146, 5924,092

65, 421

152, 704210, 47757, 1110)

' 124, 402' 1, 799

' 157, 760

434, 892r 10, 388256, 713

35, 730

72 396

1,077 216

20.00

41, 40186 306

799

35 563101 244

77. 19024 05443 6552 258

23 34822' 3819 762

11 6916,979

3 6616 405

17 297

6 9706 324

24 914

r17614 84521, 524

2302300 13925 762

262 5699 049

276 889144 09733 065

7 871Kf) -t co

eq en

8.23

.73

146,664900

68, 170

168,696215, 729

56, 0050)

123, 9961 821

161 368

419 98710 467

262 613

46 978

74 974

1 074 026

20.00

44 599107 722

73, 52504 IQfi

49 ^flQ3 nqo

99 7^791 O^fl10 ft7£

K AIR(Z Q7£

1 fi IfiPi

10 R7fi« 047

94. QQ1}

180

2349297 01013 139

259 66811 ' 585

1 QA con

128 OilKQ 407

17 154

8.33

.68

20.00

40 945101 740

71, 10330 63639 9243 595

21 42122 39210 252

6 0616 072

15 556

10 5406 714

25 943

2494

1, 241, 176

8.67

.75y Revised. 1 Not available for publication. 2 Excludes data for Virginia; effective January 1951, this State reports quarterly (January-March 1951 figure for Virginia, 296,000 short tons-

April—June, 286,000 short tons). 'tRevised series. Data shown prior to this issue of the SURVEY represent alchohol withdrawn for denaturation. July and August 1950 figures (earliest available) for alcohol used in

denaturation are 34,709,000 gallons and 32,701,000 gallons, respectively.




1950


berDecem-

ber

1951

January F£7 1 March April May June July August Septem-ber

CHEMICALS AND ALLIED PRODUCTS—Continued

MISCELLANEOUS

Explosives (industrial), shipments:Black blasting powder thous oflbHigh explosives do _

Sulfur:Production. . _ _ long tonsStocks _ do _ _

FATS, OILS, OILSEEDS, ANDBYPRODUCTS

Animal fats, greases, and oils:Animal fats:

Production thous. of lb__Consumption, factory doStocks, end of month do

Greases:Production doConsumption, factory doStocks, end of month do

Fish oils:Production do _Consumption, factory - - doStocks end of monthcf do

Vegetable oils, oilseeds, and byproducts:Vegetable oils, total:

Production, crude mil. of lb__Consumption, crude, factory doStocks, end of month:

Cruded" doRefined _ _ _ __do __

Exports thous. of IbImports total - do

Paint oils do_All other vegetable oils do

Oopra:Consumption factory short tonsStocks end of month _ do_ _Imports -- -- do

Coconut or copra oil:Production:

Crude thous. of lb__Refined — do

Consumption, factory:Crude doRefined - - do

Stocks, end of month:Crudecf do _Refined do

Imports - doCottonseed:

Receipts at mills thous. of short tonsConsumption (crush) _ _ do _Stocks at mills end of month do

Cottonseed cake and meal:Production short tonsStocks at mills, end of month do

Cottonseed oil, crude:Production thous. oflbStocks, end of month do

Cottonseed oil, refined:Production - __do _Consumption factory do

In oleomargarine do _Stocks end of month doPrice, wholesale, summer, yellow, prime (N. Y.)

dol. perlbFlaxseed:

Production (crop estimate) thous of buOil mills:

Consumption _doStocks end of month do

Imports - doPrice, wholesale, No. 1 (Minn.)___dol. per bu__

Linseed oil:Production thous. of IbConsumption, factory _ - - doStocks at factory, end of month doPrice wholesale (N. Y.) _ _ __dol. per lb_

Soybeans:Production (crop estimate) thous. of bu__Consumption factory - doStocks end of month do

Soybean oil:Production:

Crude thous. of lb_Refined - - - -do_ _

Consumption factory, refined _doStocks, end of month:

Crude - doRefined -do _

Price, wholesale, edible (N. Y.) dol. per lb_

1,91260, 822

446, 245, 853, 688

260, 795127, 332240, 930

50, 52150, 40294, 200

22, 51718, 15275 917

431430

826189

40, 40665, 11219,83445 277

40 92916,41753, 333

53, 16730, 744

52, 88827, 246

44, 7096 9759,390

600404472

180 934153, 478

121, 80863, 370

85, 825116 937

26, 05273 621

.205

3,9635 111

03.55

77 31658, 402

561, 102.186

~~"l3,~6342,484

137, 695145, 546149, 258

53, 35860, 116

.203

2,05764, 557

440, 262, 822, 913

300, 360129, 658221, 073

53, 75158, 11486, 676

22, 96120, 46768, 503

560497

884216

47, 33062, 84815, 02247, 827

45, 61917, 74055, 081

60, 33433,316

56, 47928, 553

61, 9898,962

24, 248

1,123621974

276, 465214, 226

195, 04589, 685

143, 075112, 57326, 749

107, 144

.208

3,4696,177

03.26

68, 70854, 657

556, 570.170

19" 57057, 878

190, 723153, 276156, 275

65, 89651, 274

.191

1,62659, 724

424, 269, 762, 528

354, 641119, 095246, 609

58, 89547, 61582. 816

11,24717, 02569,024

571523

960269

41, 54646, 53712, 40634, 131

35, 39327,89055, 996

46, 55526, 559

47, 34323,262

64, 53610, 27611, 537

793564

1,202

251, 982207, 924

182, 35598, 408

160, 209116, 59033, 460

155, 036

.237

3,5499,362

03.45

72,63551, 553

591, 636.172

22779981, 201

216, 217170, 013167, 065

81, 16251, 045

.215

1,95556,378

435, 290, 654, 530

393, 136147, 760274, 271

60, 25463, 56792, 536

10, 00615, 30172, 207

545470

1,023297

63, 35055, 32811,04844, 280

31, 82827, 85138, 743

40, 50625, 545

46, 85023,818

83, 93810,21118, 719

369433

1,138

193, 620190, 875

138, 678100, 065

122, 009107, 83230, 587

171 591

.237239 263

3,6489,007

03.87

74, 94649, 610

609, 867.195

2 287, 01024, 68777, 163

235, 609163, 893160, 038

99, 82854, 237

.250

1,77251, 896

452, 060, 736, 188

411.375155, 320ooo 583

60,83067, 53599, 139

4,51916, 98864, 635

550542

1,065321

33, 18956, 2148,976

47,238

33, 18723, 09252, 396

42, 16632, 099

55, 81228, 118

90, 48711, 82418, 728

148448838

198, 130199, 134

144, 222105, 049

126, 329119, 87735, 140

180 709

.262

3,0518,670

04.55

60, 55160, 401

613, 664.224

25767578 682

240, 745201, 298184, 543

113, 49965, 175

.268

1,40749,211

409, 377, 759, 837

286. 747145, 597302, 854

51, 11958, 45588, 661

83614, 78063,177

474484

1,071356

30, 03644, 4402,430

42, 010

29, 69740, 32457, 897

37, 53125, 683

49, 39824, 438

93, 48211, 50510, 311

56319575

144, 994165, 276

103, 89787, 973

110, 86492, 26523,196

204, 544

C)

3,1868,075

04.84

63, 72460, 317

608, 807.236

22~47072, 988

215, 973171, 360162, 202

131, 23570, 495

.266

98554, 277

453, 685, 796, 784

318, 211148, 635266, 213

51,69655, 34482, 568

71613,63454, 817

501517

1,048416

47, 18846, 294

5, 03641, 258

37, 61630, 38641, 987

48, 08031,844

56, 19727, 784

103, 57212, 81312, 903

37229393

106, 323130, 717

77, 62860, 610

95,40076, 81123, 497

226, 525

C1)

3,7396,109(4)4.89

74, 95368, 186

601, 736.240

24773762, 798

240, 426201, 472165, 942

130, 69295, 790

.278

93659, 128

419,312, 750, 305

308, 408117,406261, 037

48, 08647, 75086, 779

89011, 54345, 921

428434

1,045461

61, 07036, 7234,619

32, 104

33, 34034, 24131, 621

42, 02628, 277

48, 21427, 626

101, 74510, 23912, 696

15164244

74, 216105, 949

54, 71948, 528

65, 74462, 87618, 355

231, 652

C)

3,3765,579

04.68

67, 51161, 588

605, 329.242

21,~918~53,983

212, 077180. 217141, 076

125, 870129, 607

.282

74363,285

438, 843, 711, 267

326, 209117, 213266, 198

54, 89248, 11894, 507

9,18910, 44362, 053

420398

1,062443

60, 62445, 093

7,67737, 415

38, 36522, 92628, 100

49,26426, 499

45, 74725, 060

106, 15310, 3369,493

15117142

48, 43794, 795

38, 30530, 018

54, 14963, 38819, 644

226, 997

C1)

3,4845,565(4)4.33

70, 00260, 826

620, 535.234

21~26042, 192

209, 264163, 260157, 851

124, 800119,641

.258

78760, 687

421, 116, 719, 821

308, 257101, 144273, 326

52, 63040, 841

101, 780

19, 08210,19479,494

371342

1,028400

97, 15130, 3081,674

28, 634

26, 76920, 73221, 716

35, 11223,224

39, 20624, 108

94, 0758,4697,018

249670

43, 98989, 767

34, 12722, 329

35, 47364, 12119, 203

194, 120

C1)

3,7005,245

03.68

74, 07959, 405

623, 490.201

17~84233, 367

176, 839139, 124134, 597

107, 383113, 715

.225

76856, 451

458,025, 669, 635

279, 28472, 754

277, 129

47, 22228, 110

113, 378

25, 4638,925

75, 111

330277

1,026329

71, 46227, 1572,285

24, 872

22, 04726, 33429, 661

27, 90317,645

28, 91115, 631

85, 0249,3225,701

687266

32, 88071,645

24, 27120, 121

24, 44663, 46521,210

147, 024

.168

3,1494,429

03.42

63, 39644, 027

633, 674.169

17775922, 706

176, 357120, 792116,315

116, 68395, 343

.199

94665, 264

44S, 842, 665, 801

' 297, 887r 103, 387

270, 761

54, 64246, 782

113, 712

25, 2409,993

104, 219

••396r358

r 1, 005256

76, 85026, 0192,415

23, 604

37 21925 46235, 147

47, 172r 28, 028T 44, 475r 27, 305r 85, 006

6 8095,362

T 556199422

r92 22257, 343

60 20029, 133

40, 49997, 73530, 58398 103

C1)

2,9433,259

03.41

60, 50052, 352

' 634, 748.159

"'IS~,7979,715

187, 910154, 263148, 240

107, 99385, 236

.206

1 27662 425

462, 701, 754, 12g

271 54998 302

258 887

46 86241 551

117 682

18 78910 91897 846

440377

t 1, 014256

29, 53921, 161

37, 41024.983

39, 86522, 336

75, 0287,207

1,054541935

250, 12270, 841

166, 50590, 010

96, 085100, 55032, 583

102, 715

0)832,284

2,8103,654

03.83

57, 05746, 650

635, 184.181

3 271, 20314, 7214,274

148, 658130, 391127, 916

90, 90779, 870

.195

^Revised. l No quotation. 2 December 1 estimate. 3 October 1 estimate. 4 Less than 500 bushels.d"Data for crude palm, coconut, castor, and sperm oil are excluded from the pertinent items for June-August 1950; beginning September 1950, these oils have been restored on a commercial

stocks basis.




1950


berDecem-

ber

1951


ber

CHEMICALS AND ALLIED PRODUCTS—Continued

FATS, OILS, ETC.— Continued

Vegetable oils, oilseeds, etc.— ContinuedOleomargarine:

Production. _ _ _ _ . ._ thous. oflbStocks (factory and warehouse) doPrice, wholesale, vegetable, delivered (eastern

U.S.). dol.perlb..Shortenings and compounds:

Production thous of IbStocks, end of month do

PAINT SALES

Paint, varnish, lacquer, and filler, total %thous. of dol. .

Classified, total} - doIndustrial}.. . doTrade} do

Unclassified _ do

SYNTHETIC PLASTICS AND RESINMATERIALS

Production:Cellulose acetate and mixed ester plastics:

Sheets, rods, and tubes thous of IbMolding and extrusion materials do

Nitrocellulose, sheets, rods, and tubes doOther cellulose plastics doPhenolic and other tar acid resins. _ ... doPolystyrene doUrea and melamme resins . _. _ .. doVinyl resins doAlkyd resins doRosin modifications. do. __Miscellaneous resins do

64,82916, 811

.269

156, 82071, 852

103, 32393, 17038, 41754, 75310,153

2,7197,248

6381,150

36, 90529, 37716,23735 13825, 71810, 73824, 893

74,23414, 807

.264

142, 21585, 962

^99,365•-90,347'41, 088••49, 259

9,018

2,8318,643

7111,329

36, 36729, 65816, 65839 03626, 61412, 08726, 807

93, 85212, 645

.279

155, 33381, 121

' 87, 386r 79, 600

37, 575*" 42, 026

7,785

2,6596,696

7061,069

34, 52930, 11017, 60233 73124, 16111,68324, 890

89, 95914, 150

.294

144, 092103, 583

' 82, 122r 74, 479'35,110' 39, 368

7,643

2,8127,069

673815

36, 22725, 39817, 17836 77224, 21811.11827, 428

112,81319, 905

.316

160,17988, 956

111,118101, 04641, 14959, 89810, 072

3,1547,205

7301,334

40, 84824, 59319, 872

i 34 400i 30, 180

11, 646i 16, 295

79, 49321,811

.324

138, 51899, 623

99, 79290,96937, 36153,6088,823

2,5895,802

6681,056

32, 54121, 71717,360

1 31, 813i 28, 224

10, 8821 14, 264

91, 13722, 987

.324

112,025123, 554

113, 436103, 69344, 38759, 3069,743

2,9866,215

8071,252

39, 85225, 16221, 460

* 37, 880i 33, 891

11, 9961 16, 563

71, 39420, 066

.324

98, 840152, 844

106,06096, 65141, 78654, 8649,410

3,2616,707

6951,044

37, 58625, 49822, 342

1 39 260i 32, 576

10, 805i 14, 040

80,34417, 959

.316

106, 416151, 602

110, 639100, 17541, 35758,81710, 464

2,8956,100

7261,152

39,53227,23618,475

* 39 7341 32, 008

9,4331 16, 140

71, 30119, 685

.300

86, 770140,550

104,69094,52338, 87155,65110, 167

2,8926,274

749887

37, 11227, 11517,046

*39 209i 32, 176

6,9141 15, 661

69, 43617, 451

.273

80,203114, 434

93,50484,67734, 60450,0738,827

3,0625,766

508801

33, 67130, 492

r 13, 823i 39 531

n28'514'6,434

r 1 12, 523

86,28617, 022

.265

126,290104, 682

'101,992'92,251' 38, 449* 53, 802

r 9, 741

2,6995,204

6451,153

32, 47732 27916,128

i 37 7471 30, 358

4,6011 15 030

85,07416, 461

.290

109, 63697, 018

88,69979,72033, 94745,7738,979

ELECTRIC POWER AND GAS

ELECTRIC POWER

Production (utility and industrial), total}mil. 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 _ __.do_ .Large light and power do

Railways and railroads __ _ _ doResidential or domestic.. __do _Rural (distinct rural rates) _ doStreet and highway lighting doOther public authorities doInterdepartmental _ _ _ do

Revenue from sales to ultimate customers (EdisonElectric Institute) _ thous. of dol

GASt

Manufactured and mixed gas (quarterly) :Customers, end of quarter, total thousands

Residential (incl. house-heating) doIndustrial and commercial do

Sales to consumers, total. mil. of thermsResidential _ 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 thermsResidential (incl. house-heating)- doIndustrial and commercial do

Revenue from sales to consumers, total thous of dolResidential (incl. house-heating) doIndustrial and commercial do ,„

32, 63927, 74920, 2117,538

23, 7194,0314,8904,524

366

24, 157

4,43412, 301

4475,256

83624959342

430, 680

9,1478, 528

613610333269

107, 38976, 56030, 101

14, 44613, 2941,1417,7301,1416,236

229, 53392, 201

131, 325

34,33829,15521, 7697,387

25, 2033,9535,1834,808

375

24, 458

4,32112, 611

4765,482

63128061342

435, 286

34, 10129, 01721, 3507,667

25, 0843,9335,0844,717

367

24, 673

4,33212, 556

4945,803

52230062541

440, 961

35, 82130, 66021, 9708,690

26, 2944,3665,1614,762

399

25, 640

4,44312, 596

5576,560

47832163847

458, 072

9,1208, 496

f>19838537288

138, 975101,50436, 330

15, 03013, 7831, 236

10, 3163,0886,910

372, 410204, 992161, 347

36, 72631,41822, 5398,879

26, 9904,4275,3084,872

436

26, 690

4,73312, 694

5747,189

47331966444

474, 794

33, 10228, 21920, 0128,207

24, 1564,0634,8834,469

413

25,966

4,65212, 351

5316,974

47628265942

467, 200

36, 17230, 92021, 6999,221

26, 5514,3695,2524,843

409

26,001

4,56512, 772

5416,593

54627965450

460, 900

8,9818,362

6131,144

794332

175, 832130, 33544, 023

15, 50314, 2041,282

13, 3335,9247,112

555 071360, 834187, 619

34, 43129,29320, 2839,010

25, 2464,0485,1384,683

455

25,940

4,55612, 868

4976,339

72425465647

456, 779

35, 13629, 87121, 3348,537

25, 8524,0195,2654,836

429

25,467

4,48212, 937

4655,949

70823164847

451, 677

34, 96629, 84021, 8198,021

25, 7784,0625,1264,736

390

25, 717

4,68313, 099

4415,819

77521663747

456, 313

8,8408 228

606817503302

132, 49695, 33236 057

15, 69714 431

1 24910 4843 0097,125

382 063205 054170 256

35, 43530, 39222, 1118,281

25, 9744 4185,0424 701

341

25,663

4,87512 729

4225,779

95222363747

457, 799

37, 51032, 32624,5107,816

27,6384 6895,1844 861

322

26,725

5 01213 493

4275,8101 030

24566940

469 300

35, 29630, 27523 2397,036

26, 1974 0785 0204 722

299

' Revised. * Beginning January 1951, the comparability of the data has been affected by the following changes in classification and coverage: Vinyl resins, sheeting and film, originallyreported on a total-weight basis are now shown on a resin-content basis; alkyd resins include all other uses, previously reported with miscellaneous resins (all other uses for January 1951, 1,13*7thous. Ib.); miscellaneous resins exclude all petroleum resins (petroleum resins for January 1951,14,283 thous. Ib.).

} Data for 1950 for electric power have been revised; revisions for January-July will be shown later. Revisions for 1950 for paint sales (thous. of dol.): Total—March, 87,145; May, 103 249August, 122,631; classified, total—March, 79,073; May, 93,438; August, 111,166; industrial—May, 35,178; August, 42,196; trade—March, 46,824; August, 68,971.

f Revised data. All sales data formerly expressed in cu. ft. are now published in therms by the compiling source; 1932-49 figures expressed in therms and minor revisions for customers andrevenue for 1932-44 will be shown later. Revisions for the first 2 quarters of 1950 are shown in the corresponding note in the October 1951 Survey.




1950


berDecem-

ber

1951

January Febru-ary March April May June July August j SXrm"

FOODSTUFFS AND TOBACCO

ALCOHOLIC BEVERAGES

Fermented malt liquors:Production. _ thous. ofbblTax-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 galStocks, end of month - _ doImports _. thous. of proof gal. .

Whisky:Production _ __ thous. of tax galTax-paid withdrawals doStocks, end of month » doImports _ thous. of proof gal

Rectified spirits and wines, production, to talc?thous. of proof gaL-

Whisky __ _ doWines and distilling materials:

Sparkling wines:Production thous. of wine galTax-paid withdrawals doStocks, end of month doImports do

Still wines:Production doTax-paid withdrawals doStocks, end of month doImports do

Distilling materials produced at wineries. _ _ do

DAIRY PRODUCTS

Butter, creamery:Production (factory) thous. of IbStocks, cold storage, end of month doPrice, wholesale, 92-score (New York)_dol. per lb_.

Cheese:Production (factory) total thous of Ib

American, whole milk_ _ doStocks, cold storage, end of month, total do

American, whole milk doImports doPrice, wholesale, American, single daisies (Chi-

cago) dol. perlb__Condensed and evaporated milk:

Production:Condensed (sweetened):

Bulk goods thous. of IbCase goods do

Evaporated (unsweetened), case goods _ _ _ d oStocks, manufacturers', case goods, end of month:

Condensed (sweetened) thous. of lb_.Evaporated (unsweetened) _ do

Exports:Condensed (sweetened) _ doEvaporated (unsweetened) do _

Prices, wholesale, U. S. average:Condensed (sweetened) dol. per caseEvaporated (unsweetened) do_ _

Fluid milk:Production mil. of IbUtilization in mfd. dairy products do__ _Price, dealers', standard grade dol. per 100 lb._

Dry milk:Production:

Dry whole milk thous. of IbNonfat dry milk" solids (human food) do

Stocks, manufacturers', end of month:Dry whole milk doNonfat dry milk solids (human food) do

Exports:Dry whole milk doNonfat dry milk solids (human food)_._ do

Price, wholesale, nonfat dry milk solids (humanfood), U. S. average _ dol. per lb_

FRUITS AND VEGETABLES

Apples:Production (crop estimate) thous. of bu__Shipments carlot no. of carloadsStocks, 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 buShipments, carlot no. of carloads..Price, wholesale, U. S. No. 1 (New York)

dol. per lOOlb..

*• 6, 823r 6, 794

»• 10, 645

' 42, 080

15, 473'11,398

r 737, 7871,461

r 17, 988' 6, 469

' 656, 9061,322

r 11, 0939,741

73111

' 1, 58044

*• 41, 631r 11, 316' 143, 761

331r 98, 165

r 103, 115234, 111

.633r 89 600r 67, 940326, 907292, 421

6,854

.354

21, 2005,900

232, 600

9,409388, 620

98318, 075

9.305.37

9 3963^6334.62

10 40042, 900

12, 50342, 445

5,96617, 957

.119

1 2657,3215, 676

466. 135

430, 576

15, 024

2.636

r 6, 386* 6, 913r 9, 692

r 48, 370

15, 177r 10, 110

r 760, 8041,706

20, 5365,939

r 670, 2231,543

«• 10, 246' 9, 032

77148

1,49968

r 59, 321r 12, 674' 195, 232

459«• 124, 087

91, 930208, 228

.642

80, 03558, 095

310, 240276, 930

5,185

.360

19, 5755,325

202, 000

9,296383, 161

1,3788,199

9.505.37

9 0813,2464.79

11 30035, 800

13, 28431, 444

6 04720, 340

.121

6 11434, 4514,994

497, 878

457, 573

15, 279

2.128

' 6, 168«• 6, 022

9,451

r 38, 421

17, 630' 11, 072

r 780, 8482,191

r 22, 218r 6, 565

r 684, 0301,996

>• 11, 12610, 177

'86' 172

r 1, 397119

•• 15, 273' 11, 787' 198, 424

562r 36, 334

75, 910159, 873

.647

67, 03045, 830

261, 259233, 733

4,885

.363

15, 1004,260

159, 000

10, 494316, 666

4, 3278,225

9.505.39

8 4022,6784.84

9 92030, 550

11, 64423, 498

5 30818, 994

.124

5 24740,0326,551

479, 353

454, Oil

13, 513

2. 515

f 5, 896r 6, 166r 8, 814

' 35, 517

24, 564' 12, 081

r 795, 2951,856

19, 244r 6, 896

»• 694, 2091,638

' 11, 081' 10, 155

60170

1,267118

«- 4, 820' 10, 763187, 704

534«• 10, 975

79, 000105, 192

.664

67, 92545, 265

212, 493187, 157

3,618

.386

18, 3504,135

156, 300

6,883159, 559

2,4119,352

9.725.63

8 5232,7384.88

9 85039, 480

10, 23122, 030

5,33415, 070

.127

1 123,1264 041

33, 62114, 032

449, 989

425, 170

i 439, 50013, 702

3.121

' 6, 978r 5, 962•• 9, 438

r 36, 057

20, 725' 16, 979

r 808, 8691,474

' 20, 159' 9, 770

r 701, 6351,311

«• 14, 845' 13, 524

8586

1,25949

2,081r 11, 289

«• 176, 376353

r 1, 469

86, 67575, 329

.698

71, 03549, 495

179, 577155, 117

5,479

.447

18, 4005,435

182, 000

7,59888, 859

1,1238,337

10.496.06

8 9602,9994.98

10 78442, 000

10, 78422, 545

4 6449,369

.131

3 86027, 27310, 944

431, 711

375, 269

18, 588

3.039

r 6, 079r 5, 243r 9, 920

r 28, 571

18, 161r 13, 612

r 820, 1291,316

16, 2357,811

r 707, 6731,160

' 12, 23811, 170

14966

1,32735

T 1, 7179,680

' 166, 878309

1,007

81, 27052, 507

.694

70, 60549, 585

160, 621137, 397

9,063

.455

16, 3905,025

190, 000

6,753113, 207

1,9698,995

10.806.15

8 5272,9055.09

12 09040,150

13, 811r 23, 899

4,48313, 653

.133

3 88320,1359,849

408, 361

328, 520

17, 165

3.315

7,514T 6, 675

r 10, 334

35, 339

15, 108' 10, 280' 843, 251

1,387

19, 979* 6, 115

r 720, 7131,247

»• 8, 4487,269

6878

1,30639

2,301r 10, 609' 158, 360

388r 1, 347

93, 70033, 378

.671

89, 24564, 565

155, 095130, 655r 4, 477

.437

21 5254,350

258, 600

9,50191, 682

1,72013, 874

10.806.16

9 6903,5365.08

16 33053,000

14, 46426, 791

6 61326, 535

.137

4 25712, 89111, 994

390, 646

294,223

22, 836

2.926

* 7, 481r 6, 353

r 10, 921

28, 620

11, 674' 5, 321

* 865, 2071,277

14, 727r 3, 081

r 731, 6741,155

' 4, 842r 3, 835

19553

r 1, 43738

1,367* 8, 894

r 150, 513412

r926

104, 39532, 207

.670

100, 14075, 190

169, 822144, 441

3,212

.407

22 7854,375

289, 500

8,325148, 505

2,96122, 487

10.806.16

10 3283,9375.05

17 03066, 750

16, 56442, 580

5 08515, 881

.144

3 1836,931

10, 958

361, 867

272, 111

20, 735

4.005

f 8, 410r 7, 703

r 11, 108

27, 893

13, 035' 7, 002

r 884, 5161,309

15, 9123,713

r 742, 5891,209

* 6, 066r 5, 236

18082

1,52536

1,565r 8, 409

' 142, 762398

r467

134 54542, 590

.701

131 695102, 515197, 412169, 553

2 639

.414

36 8505 850

388, 000

9,566222, 603

3,30624, 368

10.806.16

11 8565,1015.00

17 75094,600

19,19076, 123

5 3487, 177

.145

1 7032,844

12, 658

418, 666

270, 206

21,168

4.107

«• 8, 959r 8, 182

r 11, 344

«• 25, 832

13,226r 7, 273

r 901, 1061,459

13, 273r 3, 640

r 751, 2331,363

' 5, 915r 5, 243

11784

1,55050

1,2128,207

«• 133, 978363

r 417

143, 96072, 598

.686

141, 470112, 040234, 608204,009

2,757

.420

35, 2756,275

370, 750

8,796426, 747

5,66432, 587

10.806.14

12 5355,3344.98

15 550102, 500

22, 241110, 013

6 30112, 939

.146

694680

10,437

531,090

290, 321

22;604

3.733

9,0098,480

11, 383

18, 774

12, 6157,021

910, 3391,345

9,7633,686

755, 7741,243

6,4315,837

5956

1,54633

1,0366,969

127, 386260

r602

134 265104, 405

.675

124 810100, 750262 540227, 199

2 454

.408

25 1004 900

314, 750

7,892524 154

2 46615, 596

10 806 12

11 8294,8455.05

14 37578, 100

24,129121, 663

5,3695,859

r . 147

249294

7,428

573, 708

369, 311

12,761

3.008

8,9978,886

10, 930

16, 376

14,6888,664

915, 4241,327

6,9055,002

756, 4111,219

7,8436,904

14971

1,61738

4,1028,573

120, 474259

8,732

r 120 980r H6 790

.673

r 109 355r 86 015

r 269 564r 233 788

7 419

.420

20 8004 375

263,000

7, 169543 744

3 19527 617

10 806 09

10 7134,266r 5.13

9 85066,100

26 325124, 881

4 4494,196

.147

r 201••293

'7,087

r 610, 299

r 445, 724

r 11, 438

3.436

7, 0326 995

10 522

22 214

11 252914 577

8 1586,887

755 457

10, 3759 501

96 380113 617

.682

90 35068 950

267 845235 036

.410

17 0004 250

197, 250

5,898501 655

10 806 06

9 4643 4035.20

7 32545, 200

25 511109, 438

.149

2 117, 5241 0837,2156,373

589, 520

504,820

2 337, 12212, 288

4.171T Revised. l December 1 estimate. 2 October 1 estimate.^Figures beginning July 1951 exclude production of wines and vermouth; for July 1950-June 1951, such production totaled 99,000 gallons.


S-28 SURVEY OF CUREENT BUSINESS November 1951


1950


berDecem-

ber

1951


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 _ do

Exports including malt doPrices, wholesale (Minneapolis):

No. 2, malting dol. perbu..No. 3, straight do__

Corn:Production (crop estimate) mil of buGrindings, wet process -thous. of bu__Receipts, principal markets. doStocks, domestic, end of month:

Commercial doOn farms mil. of bu

Exports including meal thous of buPrices, wholesale:

No. 3, white (Chicago) dol. perbu..No. 3, yellow (Chicago) _ do __Weighted average, 5 markets, all grades.-do

Oats:Production (crop estimate) mil of buReceipts, principal markets thous. of bu__Stocks, domestic, end of month:

Commercial doOn farms do

Exports including oatmeal doPrice, wholesale, No. 3, white (Chicago).. dol. per bu_ _

Rice:Production (crop estimate) _ thous. of buCalifornia:

Receipts domestic rough thous of IbShinments from mills, milled rice _doStocks, rough and cleaned (cleaned basis), end

of month - thous. of Ib _Southern States (Ark., La., Tenn., Tex.):

Receipts, rough, at mills thous. of IbShipments from mills, milled rice do __Stocks, domestic, rough and cleaned (cleaned

basis) , end of month _ _ thous. of IbExports doPrice, wholesale, head, clean (N. O.)._d"of. per lb__

Rye:Production (crop estimate) thous of buReceipts, principal marketst doStocks, commercial, domestic, end of month, doPrice, wholesale, No. 2 (Minn.) dol. per bu__

Wheat:Prodil^tirm (prop fisti ma tp,), total mil nf bn

Spring wheat doWinter wheat do

Receipts, principal markets thous. of bu._Disappearance domestic doStocks, end of month:

Canada (Canadian wheat) doUnited States domestic total cf do

Commercial doInterior mills, elevators, and warehouses

thous. of bu._Merchant mills doOn farms do

Exports, total, including flour _ doWheat only do

Prices, wholesale:No. 1, dark northern spring (Minneapolis)

dol. per bu__No. 2, hard winter (Kansas City) doNo. 2, red winter (St. Louis) doWeighted avg., 6 markets, all grades do. _

Wheat flour:Production: J

Flour thous. of sacks (100 Ib.)Operations, percent of capacityOffal short tons. _

Grindings of wheat t .thous. of buStocks held by mills, end of month

thous. of sacks (100 Ib.)Exports doPrices, wholesale:

Standard patents (Minneapolis)dol. per sack (1001b.)__

Winter, straights (Kansas City). do

27, 395

21, 441

33, 429180, 508

2,582

1.5291.451

11, 97323, 264

40, 127486.25,317

(3)1.5411.498

11, 013

22,0201, 168, 742

257.816

16,20411, 100

14, 274

715, 391265,412

328, 120162, 532

.085

~~~~1~94T7,6941.388

45, 302T 247, 184

158, 1971,206,733

260, 104r 320, 831

137, 422483, 64219, 11215, 799

2.4202.2102.1442.285

18, 80283.5

375, 00043, 714

r 4, 9681,422

5.9755.150

29, 581

13, 503

34,026

2,588

1.4881.394

11, 93224, 371

38, 779

7,176

1.5281.5211.462

~"~8~977~

20, 381

366.812

163, 84224, 661

91, 714

999,456217, 510

757, 612107, 336

.089

"~~1~229"7,5181.369

48, 301

197,072

261, 313

19, 11416, 487

2.3662.1792.1272.243

18, 74575.7

376, 00043, 626

1,127

5.7305.244

33, 944

12, 581

34, 541

3,599

1.5611.476

11, 77852,010

52, 137

10, 355

1.7601.5811.500

7~211~

18, 226

432.928

58, 48437, 295

90, 474

402, 280161, 747

857, 87681, 930

.099

I~052~7,7161.463

39, 472

212, 742

253, 690

19, 55716,367

2.3852.2242.2042.268

18, 433'78.0

378,00042, 810

1,369

5.7385.284

39, 297

1301,0099,821

32, 625139, 338

3,621

1.5681.512

1 3, 13110, 86742, 716

59, 3652, 160. 511, 151

(3)1.6861.557

i 1, 4657,370

17, 698907, 660

324.977

1 84, 380

42, 17458, 099

67, 204

126, 731164, 678

776, 12677, 914

.098

i 22, 9772,8007,8711.627

1 1, 026. 8i 276. 1i 750. 733, 151

206, 867

221, 548999, 987247, 318

282, 191129, 357335, 670

24, 14019, 456

2.4602.3462.3292.355

19, 588'86.9

391, 00045, 449

r5,0492,011

5.9255.480

40, 338

8,909

31, 635

2,247

1.6871.617

12, 86454, 945

70,093

8,825

001.7381.595

6,783

17, 585

285.995

58, 29828, 657

64, 573

101, 492176, 956

663, 97767, 999

.099

8097,3631.764

26, 192

214, 399

227, 821

28, 95824, 608

2.4932.4022.4552.414

22, 24488.4

441, 83051, 519

1,867

6.0555.569

56, 384

6,663

30, 165

4,559

1.7421.673

11, 18234, 227

74,058

11, 621

001.8181.659

4,267

15, 231

447.996

50, 61834, 374

62, 221

74, 774142, 156

569, 69566, 834

.100

7156,8611.894

21, 333

204, 220

206, 379

39, 25934, 335

2.6022.4762.5292.507

18, 76282.3

372, 31543, 558

2,113

6.3065.819

59, 461

8,801

27, 47688, 8696,177

1.7381.628

13,00433,010

71, 4531, 353. 112, 979

001.7701.645

5,605

13, 828559, 676

1,190.993

45, 16925, 414

64, 246

55,144118, 987

482, 68864, 163

.105

7875,8511.878

28,407287, 814

188, 379715, 959193, 663

-.200, 827101, 052217, 26138, 60333,097

2.6202.4012.4442.408

19,73778.7

385, 31245, 820

4,8032,363

6.1255.640

81, 788

9,703

24, 692

6,084

1.6251.445

10, 89325, 664

61, 636

15, 035

1.8891.7991.703

8,263

13,030

726.980

42, 52437, 536

53, 497

28, 14481, 199

419, 82243,343

.105

1,5104,0361.923

48, 928

168, 777

177, 355

59, 52352, 129

2.5322.4352.4762.440

17, 25872.5

337, 87639, 919

3,173

6.1455.575

62,074

6,822

24, 585

2,582

1.5171.365

10, 86021, 914

50, 939

8,895

1.8701.7741.688

10, 137

14, 971

440.931

54, 96130, 167

56, 873

15, 75173, 562

356, 85713,024

.105

1,0312,7331.883

53, 853

166, 795

177, 369

47, 71842,713

2.5372.3842.3052.421

18, 55674.6

367, 17243,007

2,148

6.0445.550

54, 139

6,819

24, 28540, 1943,137

1.3881.261

10, 76921, 155

42, 570814.96,903

(3)1.7211.617

7,923

14, 886264, 557

891.865

62, 33230, 734

65,013

26, 52999, 562

279, 41313, 259

.104

9012,0061.834

31,013326, 926

167, 086395,043157, 848

87, 43774,01872, 73842, 00739, 469

2.4482.3432.1912.348

17,11572.0

341, 86639, 948

4,4611,089

5.9125.500

41,559

7,204

23,261

6,266

1.2831.193

9,60421, 759

35, 379

6,568

(3)1.7641.667

9,930

17,798

269.794

88,47258,385

63,302

' 28, 261140, 267

162, 622127, 364

.104

1,8002,4231.790

65,841

160, 577

211, 870

29, 11627,458

2.4752.3072.2132.313

18,05075.7

363, 09142,115

712

5.9105.581

50,908

22,135

26, 353

2,122

1.3681.264

10, 14723,800

32, 559

5,714

1.8541.7941. 705

23,302

27,449

227.817

42, 35073, 389

20,372

292, 259153, 069

215, 451111, 588

.091

5,9955,1291.642

66, 140

143, 643

233, 527

42,76538, 446

2.4642.3302.2872.339

19,67975.7

' 394, 69745,882

1,854

5.9195.562

2 254, 40912, 411

28, 254169, 113

1.4341.292

2 3, 1059,289

21, 578

32, 785317.7

1.7951.8011.712

21,37215, 684

33, 2131, 142, 888

.856

2 100, 156

31, 64718, 109

23, 127

551, 420

191, 062383, 344

.083

2 25, 1382,3306,1831.659

2993.62 342. 92 650. 760, 975

272, 111

164, 4251, 126, 791

238, 443

271, 207131, 576481, 775

2.4422.3832.4022.341

18,79588.5

378, 00043, 789

5.7945.525

r Revised. 1 December 1 estimate. 2 October 1 estimate. 3 No quotation.fRevised series. Data are furnished by the Chicago Board of Trade and represent receipts at 12 interior primary markets; for names of markets and data for January 1948-July 1950, see

note marked " t" on p. S-28 of the October 1951 SURVEY.{Revisions for January-August 1950 of wheat flour production and grindings of wheat are as follows: Flour, production (thous. of sacks)—19,097; 17,642; 19,972; 16,804; 18,295; 17,613; 18,903;

21,005; operations, percent of capacity—80.7; 78.3; 77.1; 74.6; 73.8; 71.1; 83.9; 81.1; offal, production (thous. of short tons)—386; 357; 403; 338; 370; 354; 383; 423; grindings of wheat (thous. of bushels)—44,481; 41,085; 46,497; 39,095; 42,600; 40,978; 44,081; 48,995.

c?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 breakdown of stocks.


November 1951 SUKVEY OF CUERENT BUSINESS S-29


1950


berDecem-

ber

1951

January Febru-ary March AprU May June July August Septem-

ber


LIVESTOCK

Cattle and calves:Slaughter (Federally inspected) :

Calves thous of animalsCattle... do

Receipts, principal markets- doShipments feeder, to 8 commit States doPrices, wholesale:

Beef steers (Chicago) dol. per 100 IbSteers, stocker and feeder (Kansas City) -doCalves, vealers (Chicago). __do

Hogs:Slaughter (Federally inspected)

thous. of animals ..Receipts, principal markets doPrices:

Wholesale, average, all grades (Chicago)dol. per 100 lb_.

Hog-corn ratiobu. of corn equal in value to lOOlb. of live hog-

Sheep and lambs:Slaughter (Federally inspected)

thous. of animals- .Receipts, principal markets __.do _ _ .Shipments, feeder, to 8 corn-belt States doPrices, wholesale:

Lambs, average (Chicago) dol. per 100 lb_.Lambs, feeder, good and choice (Omaha). .do

MEATS

Total meats (including lard) :Production (inspected slaughter) mil. of lb__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, choice

(600-700 Ibs.) (New York)O dol. per lb-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 do -Exports doPrices, wholesale:

Hams, smoked (Chicago) dol. perlb..Fresh loins, 8-10 Ib. average (New York). .do

Lard:Production (inspected slaughter) thous. of lb_.Stocks, cold storage, end of month ..do. __Exports doPrice, wholesale, refined (Chicago) ._. dol. per l b _ _

POULTRY AND EGGS

Poultry:Receipts, 5 markets thous. of lb_.Stocks, cold storage, end of month . doPrice, wholesale, live fowls (Chicago)-.dol. per lb__

Eggs:Production, farm millions__Dried egg production _ thous. of IbStocks, cold storage, end of month:

Shell thous. of cases._Frozen _ _ . thous. of Ib

Price, wholesale, extras, large (Chicago)dol. per doz--

MISCELLANEOUS FOOD PRODUCTS

Candy, sales by manufacturers thous. of dol__Cocoa:

Imports long tonsPrice, wholesale, Accra (New York).. dol. per lb._

Coffee:Clearances from Brazil, total thous. of bags..

To United States _ . _ doVisible supply, United States doImports _. _ _ _ doPrice, wholesale, Santos, No. 4 (New York)

dol. per lb__Fish:

Landings, fresh fish, 5 ports thous oflbStock, cold storage, end of month do ___

4881,1962,317

447

30.5726.9032.88

4,1372,457

21.10

'14.8

1,0632,001

576

27.6228.50

1,47846931

704, 75489, 4851,829

.491

46, 6746.486

726, 906

547, 272240, 544

3,284

.551

.557

131, 25358, 24121 653

.181

53, 859140, 352

.239

3,9473,739

1,558133, 002

.503

71, 989

13, 494.420

1,721999797

1,992

.561

52, 982158. 473

5151,1692,802

763

30.4926.9231.70

5,1022,976

19.41

14.0

1,0811,790

591

28.2528.90

1,62145727

686, 636103, 894

1,561

.486

47, 3267,994

886,656

665, 625219, 758

3,425

.482

.467

161, 74952, 12817 871

.165

72, 338217, 999

.220

4,0741,984

502104, 378

.560

75, 588

12 830.372

1,684974768

1,735

.530

56, 471166. 105

5051 1512,232

485

31 4128.4632.38

6,1443,704

18.04

13.0

9691,185

238

29.5029.22

1,80960336

669, 181124, 307

783

.493

43,2939,416

1, 096, 444

821,067326, 300

5,504

.498

.408

200, 92257, 79425 995

.178

87, 741269, 640

.232

3,9771,366

6175, 582

.577

68, 029

14 596.363

1,251713750

1,381

.519

43 530165. 394

4451 1101,698

251

33 0329.4532.38

6,7774,018

18.52

12.2

9181,048

252

31.3830.77

1,948840

56

650, 935160, 544

791

.531

41,96410, 479

1, 255, 175

923, 638499, 408

10 403

.536

.414

242, 18369, 85738 727

.197

82, 807281, 972

.241

4,351637

3447,310

.577

61, 906

32 204.345

1,350977741

1,348

.540

29 074157. 722

4331 1601,827

183

34 1031.8835.90

6,5844 070

20.37

13.0

1,0581,139

110

34.7533.62

1,9751,049

63

686, 992172, 291

1 172

.533

50, 18710, 072

1, 237, 582

896, 297668 007

9 591

.571

.430

249, 44189 32147 486

.215

38, 436284 623

.272

5,0211 681

7531 157

.425

61, 844

29 648.370

1,3621 033

7282 224

.551

28 665130. 880

374887

1,364121

34 8834.4238.38

4,1592,713

22.26

13.8

740673119

38.250)

1,3341,007

45

527,293157, 531

924

.561

36, 1889,474

770, 708

570, 361641, 565

7 785

.579

.489

146, 50889, 43332 277

.218

27, 972242 023

.301

5,2031 843

15932 712

.449

56, 278

26 482.376

1,6911 304

8302 129

.555

38 692106. 834

447965

1,442131

35 6235.1236.50

5,1173,061

21.62

13.2

73871693

40.50(»)

1,53798466

576, 081139, 378

467

.576

36,5297,727

924,237

684, 025648 384

5 486

.573

.461

175, 50278, 35255 519

.213

34, 806192 913

.324

6,3402 159

30962 298

.468

54, 027

48 483.384

1,447934952

2 347

.548

43 32196. 367

406894

1,552151

35 9535.6438.90

4,9893,060

21.01

12.7

657807157

39.250)

1,479967

77

537, 799117, 821

495

.578

32,6035,435

908, 712

672, 100654, 497

3 710

.553

.463

173, 13775, 17166 995

.203

35, 273147 203

.334

6,3182 027

973109 253

.475

46, 463

25 526.384

966655730

1, 456

.645

57 91688. 803

414986

1,555124

35.7134.2937.25

4,9523,080

20.77

12.4

657••956

258

35.500)

1,53790879

595, 451106, 463

385

.583

31, 4575,862

910, 332

665, 162616, 231

4 488

.559

.474

179, 68668, 63968 083

.198

43, 097125, 359

.314

6,1563 235

2,083162 659

.478

44, 604

32 373.382

1,281847707

1,485

.544

67 200105. 944

406787

1,345111

35 6832.8338.31

4,7002,856

21.07

13.0

811964164

35.00(0

1,44284781

483, 83696,041

348

.578

35, 8925,235

922, 354

672, 784572, 372

6 113

.565

.488

182, 93668, 75467 886

.200

52, 380112, 369

.286

5,2702 652

2,427189 980

.517

40, 590

23 778.383

837572639

1,317

.536

68 613127. 351

408920

1,743173

35.7531.6137.40

3,8262,630

20.36

12.8

8631,076

168

31.750)

1,38774884

556, 89794,900

472

.576

38,0616,211

791, 554

576, 759496, 171

5,851

.565

.488

157, 11146, 82072, 030

.198

42.360106, 692

.269

4,711668

2,270190, 818

.514

36, 937

15 636.350

985521500

1,253

.532

70 310146. 891

4221,0642,065

293

36.3932.5936.75

4,2362,765

20.35

12.8

8891,310

492

31.5031.34

1,488••640

62

617, 158' 101, 377

769

.578

39, 369r 6, 407

831, 556

614, 815' 401, 573

5,833

.567

.544

158, 700r 34, 702

48, 398.198

46, 157«• 121, 493

.252

4,231495

1,653r 176, 273

.595

49, 126

23 235.355

1,419888549

1,294

.536

69 618161. 628

373956

2,302515

36.9931.9036.25

4,3982,741

19.62

11.9

8271,822

703

31.2532,64

1,374533

553, 317102,008

.594

36, 6526,627

784,336

579, 276311, 690

.568

.559

149, 76927, 887

.208

63, 264164, 952

.255

4,007468

931151, 791

.630

68,285

.341

1,482962576

.542

166. 100r Revised. 1 No quotation. ©Designated as "good" grade prior to January 1951.


S-30 SUKVEY OF CUEEENT BUSINESS November 1951


1950


berDecem-

ber

1951

January Febru-ary March April May 3nne July August Septem-

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 do

Deliveries, 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 _ do _ _From Cuba doFrom Philippine Islands _ _ do

Refined sugar, total __doFrom Cuba do

Price (New York):Raw, wholesale dol. per lb__Refined:

Retail __ dol. per 5 Ib _Wholesale dol. per Ib

Tea, imports thous. of Ib -

TOBACCOLeaf:

Production (crop estimate) mil. of IbStocks, dealers' and manufacturers', end of quar-

ter, total mil. of IbDomestic:

Cigar leaf . doAir-cured, fire-cured, flue-cured, and miscel-

laneous domestic mil. of IbForeign grown:

Cigar leaf _ doCigarette 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 . _. do_.Smoking doSnuff _ _ _ do

Consumption (withdrawals) :Cigarettes (small):

Tax-free millions _Tax-paid -- do

Cigars (large), tax-paid thousandsManufactured tobacco and snuff, tax-paid

thous. of lb__Exports, cigarettes millionsPrice, wholesale (composite), cigarettes, f. o. b.,

destination _dol. per thous _ _

1,825

129, 607628, 737237, 608

662, 336653, 505

8,831

'6092,006

353, 195323, 203

25, 087

25, 73621, 132

.062

.489081

8,752

3,672

353

3,160

18142

72, 9808,078

21, 4317,627

10 6013,203

3,04830 846

503, 738

20, 8511,181

7.056

1,186

594, 565450, 538149, 352

515, 189504, 70910, 480

1,1521,782

306, 359275 48525, 876

12 10911, 895

.062

.482081

12 733

68, 0377,996

23, 4177,877

11 9183,622

3,22329 738

553, 776

22, 3221,043

7.056

641

866, 935320, 519131, 587

523, 250510, 22413, 026

1,7685,012

168, 675150 03211, 103

396286

.062

.480081

8,662

52, 6666, 765

19, 0636,8848 8943,285

2,83729 825

544, 792

18, 5911,061

7.056

246

531, 464203, 65484, 803

688, 617681, 353

7,264

1,8367,160

134, 063123, 431

8,401

400

.063

.480

.0815,992

1 2, 032

3,989

331

3,492

16150

45, 8976,352

14, 5265,9025,6262,998

2,61925, 000

374, 800

13, 498' 1, 098

7.056

506

111, 686235, 73721, 153

653, 208646, 583

6,625

1,5911,344

247, 342234 28213, 029

21, Oil20, 910

.061

.487081

7, 536

31, 5508,543

19, 8107,5918 5103,708

2,34433, 474

458, 877

20, 3601,235

7.056

1,538

66, 422553, 832104, 596

556, 093546, 803

9,290

1,6121,978

377, 243294 02583, 189

21,05020,600

.060

.490081

7 067

20, 2157,954

18, 1507,0697 7893,293

3,00328,857

435, 074

17, 7651,153

7.056

2,488

40, 570564, 059164, 129

533, 772524, 495

9,277

1,7223 93*^

344, 935266, 75578, 165

40, 48940, 489

.059

.488081

9,627

3,942

398

3,355

16172

29, 4488,020

19, 6777,3288,7843,565

2,60030,160

455, 351

18, 4231,564

7.056

3,538

34, 751567, 747171, 703

532, 257520, 33511, 922

1,81816, 218

344, 583242 238102, 344

39, 66539, 465

.058

.501081

11, 756

32, 8047,597

18, 7066,6748,7323,299

3,15929, 524

444,006

18, 4511,381

7.056

3,838

18, 463563, 138260, Oil

1, 104, 3221, 094, 004

10, 318

1,28521, 079

285, 133175, 481109, 643

36, 83436,534

.063

.480082

7,208

25, 7188,733

20,1457,5419 1033,501

3,99632, 776

478, 693

19, 2721, 401

7.056

3, 137

47, 954620, 832284, 460

824, 919821, 213

3,706

1,09032, 922

271, 882174, 53497, 342

29, 31029, 168

.066

.482

.0845,704

3,571

402

2,973

17180

26, 7947,832

19, 5817,4758 8973,209

3,46332 474

502,592

19, 0911,404

7.056

2,573

31,386594, 611228, 452

519, 795511, 268

8,527

1,21710, 656

316, 218230, 30481,548

35, 19735, 197

.063

.492086

7,173

24,0688,018

15,7776,7086 8192,250

2,44429 739

421, 758

15,8061,140

7.056

1,977

27,762542, 615195, 252

676, 096670, 503

5,593

1,1213,399

311, 704246, 11354, 807

32, 73532,728

.060

.497084

7,152

47, 3949,812

21, 6658,2409 7413,684

3 49935 601

533 739

21, 5511, 704

7.056

1,602

98,067396, 322111, 020

646, 163643, 958

2,205

958

.060

.496083

2 2 250

2 77330 800

490 938

19, 486

7.056

LEATHER AND PRODUCTS

HIDES AND SKINS

Imports, total hides and skinsj. thous. of lb__Calf and kip skins_. thous. of pieces. _Cattle hidesj doGoatskinsJ doSheep and lamb skins -do

Prices, wholesale (Chicago) :Calfskins, packers', under 15 Ibs dol. per lb_.Hides, steer, packers', heavy native _ _ _ __do_.

LEATHERProduction:

Calf and kip thous. of skinsCattle hide thous. of hidesGoat and kid .. _ _ . __ _ thous. of skins__Sheep and lamb -_do__

Exports:Sole leather:

Bends, backs, and sides _ thous. of Ib _Offal, including belting ofTaL _ do

Upper leather thous. of sq. ft _Prices, wholesale:

Sole, bends, steer, f. o. b. tannery dol. per lb__Chrome calf, black, B grade, composite

dol. per sq. f t_ .

29,718411387

2,8161,389

.575

.331

9302,0842,8692,868

3043

2,417

.625

1.154

33, 641357373

3,9343,169

.575

.322

9622 1933,2052,856

3832

2,283

.657

1.166

28, 027382294

3,4632,359

.605

.346

9932,2493,3192,546

1424

2,440

.703

1.174

19, 593186272

3,0001,640

.662

.358

8602,0463,0192,333

5395

3,284

.782

1.204

24, 817416564

3,4771,471

.6803.377

8702,2983,5022,831

59

2,848

.864

1.229

17, 555312156

2,7431,110

.625

.365

9212,2043,1962,705

13221

2,051

.911

1.239

20, 247218222

2,9761,533

.672

.357

9042,2203,4352,492

1717

2,776

.926

1.229

18, 237203175

3,2301,594

.720

.330

8051,9163,1001,968

1278

2,087

.911

1.235

22, 300285280

3,6161,655

.790

.330

6191,9562,9171,835

5614

1,368

.911

1.235

23,642195512

2,7551,949

.720

.330

5741 8782,6201,478

3248

1,577

.911

1.235

29, 895355432

3,1371,423

.475

.330

459r 1 534r 2, 038

1,480

8386

1,833

.833

1.152

30, 617136408

2 8192,632

.420

.305

5591 8852,4861,879

710

2,312

.784

1.070

0.382321

.735

1.043r Revised. l December 1 estimate. 2 October 1 estimate. 3 Composite price; January figure comparable with earlier data is $.400.{Revisions for 1950 are shown in corresponding note in the October 1951 issue of the SURVEY.




1950


berDecem-

ber

1951

January Febru-ary March April May June July

iAugust Septem-

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 uppers :cTAll leather doPart leather and nonleather do

By kinds:Men's doYouths' and boys' - _ doWomen's doMisses' and children's - - do _Infants' and babies' do

Slippers for housewear - do_ __Athletic doOther footwear — - - do

Exports § 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 oxford (nurses'), rubber toplift*.do

43, 928

37, 355

34, 4832,706

9,1551,689

18, 8104,8072,8945,783

363427275

10. 1317.2255.850

44, 083

36, 720

33, 9422,761

9,2781,607

17, 6774,9413,2176,630

339394333

10.3887.3505.760

38, 236

32, 285

29, 9712,313

8,6231,317

14, 7844,6012,9605,362

316273280

10.3887.7505.700

35, 894

32, 588

30, 2392,401

8,1751,193

15, 3094,8743,0372,858

273175196

10.6827.9755.700

44, 885

41, 451

37, 2723,106

10,0231,250

20, 6895,9373,5522,913

277244244

11. 3688.5605.920

42,380

38, 862

35, 3573,439

9,3371,155

19, 6345,4873,2493,017

278223279

11.7608.8006.250

46, 176

42,009

37, 7854,154

10, 5981,235

21, 1765,5533,4473,552

339276401

11. 7608.8006. 250

38,732

34, 715

30, 6384,077

9,3041,025

17, 3164,2072,8633,478

299240338

11. 7608.8006.250

37, 392

33, 468

29, 4803,988

9,7031,199

15, 4534,2042,9093,391

255278307

11. 7608.8006.250

36, 669

32, 782

28,9053,877

9,2141,284

15, 3804,2892,6153,412

211264247

11.4668.6886.250

31, 757

27, 929

25, 0202,909

6,8731,132

14, 6893,3081,9273,419

152257197

11.3688.3506.250

41,958

36,635

32,7963,839

9,1061,467

19, 2224, 3762,4044,797

198328289

11.3688 3506.250

11.1848 3506. 250

LUMBER AND MANUFACTURES

LUMBER— ALL TYPES

Exports total sawmill products M bd ftImports, total sawmill products doNational Lumber Manufacturers Association:

Production, total mil. bd. ftHardwoods doSoftwoods - . - do .

Shipments total doHardwoods _-doSoftwoods -- - do_ _ -

Stocks, gross (mill and concentration yards), endof month total mil bd ft

Hardwoods doSoftwoods - __do

SOFTWOODSDouglas fir:

Orders, new _ . _ _ do_- .Orders, unfilled, end of month _^doProduction _ - _ _ _ doShipments doStocks, gross, mill, end of month _ _ do_ _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. ft—Flooring, B and better, F. O., 1" x 4", R. L.

dol. por M bd. f t_ .Southern pine:

Orders new mil bd ftOrders unfilled, end of month doProduction - do__Shipments doStocks, gross (mill and concentration yards), end

of month mil bd ftExports total sawmill products M bd. ft

Sawed timber - doBoards planks scantlings etc do

Prices, wholesale, composite:Boards, No. 2 common, I" x 6" or 8" x 12'

dol. per M bd. f t _ -Flooring, B and better, F. G., 1" x 4" x 12-14'

dol. per M bd. f t--Western pine:

Orders, new mil. bd. ftOrders unfilled, end of month doProduction _ - _ _ _ doShipments doStocks, gross, mill, end of month - - doPrice, wholesale, Ponderosa, boards, No. 3 com-

mon, l"x 8" _-_do l . per M bd. f t . _

SOFTWOOD PLYWOOD

Production thous. of sq ft. , *Mi" equivalentShipments doStocks end of month do

HARDWOOD FLOORING

Maple, beech, and birch:Orders, new M bd. ftOrders, unfilled, end of month _ _ _ _ do __Production _. . _ do _ _Shipments - doStocks, mill, end of month do

40, 658374, 905

3,717848

2,8693,637

7782,859

6,4412,1684,273

848896

1,009996790

17, 0876,796

10, 291

88. 953

128. 922

760414790834

1,2765,5011,5443,957

87. 225

154. 295

766804771734

1,484

78.68

229, 340233 608

56 721

5, 95019, 6755,3756,1003.425

39, 397394, 922

3,687829

2,8583,553

7912,762

6,5552,2034,352

832754

1,007974806

19, 5556,661

12, 894

86. 940

129.933

751391815774

1,3176,9762,2704,706

82.954

153. 204

747786735721

1,498

81.38

250, 782249 789

58 498

5,47519, 1005,9005,7503.570

53, 109264, 418

3,356776

2,5803,285

7432,542

6,6452,2374,408

940734909960766

23, 2219,043

14, 178

79. 026

130. 458

624320778695

1,40010, 6073,0517,556

79. 027

153. 204

617765616606

1,515

82. 52

243, 761243 149

57 703

5,40019, 6005,6505,5003.775

66, 416240, 623

3,009705

2,3042,878

6512,227

6,7632,2914,472

969733860840773

33, 57413, 76919, 805

78. 090

132. 397

633361709592

1,51710, 5712,5278,044

78. 822

152. 515

619770500564

1,451

84.47

233, 634243 31947 747

4,70018, 9005,7005,1254.250

54, 733204, 748

3,005713

2,2923,199

7052,494

6,5522,2994,253

1,0851,006

913942732

25, 2726,981

18, 291

i 82. 032

i 131.635

905486732780

1,4699,3282.1087 220

79. 893

152. 286

583749388502

1,337

83.73

265, 090252 975

59 039

7,70020, 4005,9506,2504.075

70, 157179, 627

2,763634

2,1292,884

6882,196

6,4312,2444,187

734942817798752

37, 1046,977

30, 127

i 83. 377

i 131. 720

651452652685

1 4368,2241,8136 411

80. 173

150. 448

456725406445

1,298

84.51

255, 408247 89266 156

6,22521, 0255, 7505,3004.575

75, 971230, 218

3,288776

2,5123,448

7882,661

6,2852,2334,052

1,008925904

1,025631

36, 53611, 42125, 115

i 83. 902

i 132. 700

785449769788

1,41712, 0613, 4058,656

80. 533

150. 920

565709548541

1,305

85.35

279, 415283 104

60 6^0

5,20020, 5505,8005,8754.550

64, 934232, 287

3,469760

2,7093,454

7862,668

6,3002,2074,093

963890978998611

36, 74311, 78424, 959

i 83. 943

J 132. 700

678392762735

1,4449,0871,5737 514

80. 037

149. 836

683731659630

1,334

87.07

264, 094263 884

59 080

5,07520, 0005,7005,4254.875

83, 538213, 085

3,793806

2,9873,474

6922,782

6,5842,3214,263

966889

1,0451,012

60743, 35913, 79229, 567

i 83. 657

i 132. 700

689331816750

1,51010, 6953,4577,238

79. 182

149. 210

740742792701

1,427

86.45

285, 278275 49065, 801

3,77519, 0255,4004,8505. 325

93, 155204, 938

3,660837

2,8233,171

6322,539

7,1112,5264,585

742704954882717

48, 44112, 01036, 431

i 82. 268

i 132. 700

605299695637

1,5689,3292,5896,740

78. 298

149. 210

763754847723

1,551

85.73

281, 340280 90865, 529

4,30017, 3505, 5505,3005.675

95, 844r 221, 873

3,147767

2,3802,741

5722,169

7,5432,7204,823

737644708656795

37, 86411, 68226, 182

i 82. 068

1 131. 998

619286677632

1,61320,6523,791

16,861

77.606

149. 210

724734741644

1,648

84.13

r 195, 059T 178, 875

T 80, 323

3,67516, 9754,0504,0005,600

102, 515219, 551

3,584767

2,8173,231

5942,637

7 8702,8934,977

867509987926830

54, 12812, 45341, 675

i 81. 935r 130. 230

742329707699

1,62111, 9292,6779,252

77.453

149. 210

749701801716

1, 733

81.68

284, 054271, 02593,513

4,55015, 6505,4505,2005,850

3,200746

2,4542,937

5742, 363

8 1323 0655,067

835514860830861

'82. 0021 129.842

697370622656

1,587

78. 052

149. 210

700714684614

1,803

78.97

3,17614,5004,8004,1006,500

r Revised. i Beginning January 1951, the substituted price is based on quotations from a smaller number of companies.cf The 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 available bytypes of uppers.

§Excludes "special category" items.*New series. Data are compiled by the U. 8. Department of Labor, Bureau of Labor Statistics; monthly data, beginning 1947, are available upon request.




1950

Septem- October Novem-ber

Decem-ber

1951


ber

LUMBER AND MANUFACTURES—Continued

HARDWOOD FLOORING— Continued

Oak:Orders, new M bd. ftOrders, unfilled, end of month . do. _.Production doShipments _- doStocks, mill, end of month do

82, 78596, 41391, 05990, 53517, 791

71,03583, 09893, 87993, 13118, 539

62, 77868, 88493, 04086, 03125, 548

67, 55368, 15581, 88573, 94433, 489

113, 23491, 65890, 43589, 73134, 199

83, 27493, 51279, 41978, 12935, 489

81, 81392,80493, 65790, 96038, 186

68, 90482, 64787, 05081, 86643, 370

65, 80665, 62094, 49985, 92251, 947

51, 75753,09381, 26971, 48861, 728

65, 72154, 74071, 30169, 05363, 976

83, 28857, 24683, 69980, 78264,635

84,03265, 77874 29775,50063, 432

METALS AND MANUFACTURES

IRON AND STEEL

Foreign trade:Iron and steel products (excl. advanced mfrs.):

Exports total short tonsScrap do

Imports, total . _ _ _ _ d oScrap do

Iron and Steel Scrap

Consumption, total § thous. of short tonsHome scrap doPurchased scrap do

Stocks, consumers', end of month, total§ doHome scrap doPurchased scrap .. . __do

OreIron ore:

All districts:Mine production thous. of long tonsShipments. doStocks, at mines, 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:§Orders, unfilled, for sale thous. of short tonsShipments, total _ do

For sale doCastings, malleable iron:§

Orders, unfilled, for sale doShipments, total _ do

For sale doPig iron:

Production thous. of short tons..Consumption.. _ _ _ _ _ d oStocks (consumers' and suppliers'), end of month §

thous. of short tonsPrices, wholesale:

Composite dol per long tonBasic (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 do. _Press and open hammer do

Shipments, total doDrop and upset do_ _Press and open hammer,. __ do

Steel ingots and steel for castings:Production _. _ thous. of short tons

Percent of capacity fPrices, wholesale:

Composite, finished steel dol. perlb__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_ _

281, 10229, 006

256, 87494,601

5,7903,0262,7645,7671,7114,056

13, 88714, 5147,527

12, 1917,175

35, 71631, 3884,328

928

70

1,7941,159

649

152, 58382, 47946, 927

5,6975,703

1,408

47 9546.7549.50

134, 57496, 73825, 295

620, 407530, 68989, 718

122, 40897, 75324, 655

8,20599

.0438

59.36.0375

44.00

7,1822 435

36

263 09721, 122

451, 097123, 831

6,3203, 2883,0325,8051,6674,138

12,99913, 4197,107

11, 3807,415

39, 71135, 6514,059

964

67

1,8401,255

701

160, 27889, 96850, 157

5,9245,845

1,303

49.8649.0049.50

149, 558109, 66030, 048

643, 119549, 21493, 905

136, 737107, 66629, 071

8,753102

.0438

59.36.0375

44.00

7,5322 517

32

283, 13725, 808

467, 063128, 456

5,9293,0192,9105,4751,5603,914

7,4019,0175,490

6,9936,861

41, 54336, 9194,624

735

57

1,9301,161

657

180, 09985, 16348, 670

5,3875,395

1,465

50.5349.0049.50

145, 929108, 26330, 775

656, 586560, 35496, 232

130, 286102, 51127, 775

8,02397

.0438

59.36.0375

44.00

8,0492 588

32

260, 92516, 479

482, 903106, 044

6,0043,0922,9125,2401,4903,751

3,3622,9975,856

8737,289

37, 16931, 7715,398

386

88

2,0121,182

653

194, 95091, 51051, 091

5,6935,676

1,481

53. 1951.6352.50

155, 258113, 69234, 061

673, 823562, 239111, 584127, 78497, 78629, 998

8,35598

.0461

62.72.0400

46.50

9,0242 604

25

305, 8979,766

479, 28466, 902

6,6923,3213,3725,4621,3374,125

3,8122,1837,476

07,327

30, 22725, 6584,569

620

59

i 2, 298i 1,364

i 7621 234, 060

1 92, 5081 54, 817

5,89416,011

i 1, 780

53 5852.0052.50

* 174, 056i 124, 002

1 41, 586

708, 784595, 875112, 909138, 413108, 84229, 571

8,843100

.0468

62.72.0400

47.75

9,5172 766

50

267, 30918, 339

403, 14646, 017

i 5, 978i 2, 963i 3, 015i 4. 948i 1, 301* 3, 647

3,3152,0288,762

06,435

24, 12320, 3243,799

573

69

i 2, 392i 1, 234

^685

1 255, 3471 88, 9501 54, 915

5,176i 5, 292

i 1, 700

53 5852. 0052.50

i 163, 976i 117, 156

* 41, 754

781, 234636, 611144, 623128, 79997, 44831,351

7,76697

.0471

62.72.0400

46.63

9,9382 313

52

353, 34619, 683

403, 02854, 489

i 6, 9301 3, 457i 3, 473i 4, 431i 1, 220i 3, 211

3,5252,4539,829

07,372

17, 33514, 9192,417

661

81

i 2, 390i 1, 440

1818

i 270,0911 102,173

1 60,771

6,0161 6, 054

i 1, 623

53 5852.0052.50

1 190, 365i 134, 1841 43, 320

874, 598697, 335177, 263160, 917118, 03942, 878

9,071102

.0471

62.72.0400

45.00

10, 6142 762' 48

299, 79422, 651

387, 59322, 260

i 6, 7071 3, 3311 3, 37514,2151 1, 10413,111

8,7958,8379,757

6,2117,235

15, 07213, 2581,813

741

83

1 2, 3371 1, 363

1 767

1 279,5611 97,9211 58,199

5,8881 5, 914

1 1,603

53 6152.0052.50

1 181 9081 129, 059

1 40, 818

924, 202736, 701187, 501153, 947112, 07441, 873

8,841103

.0471

62.72.0400

45.00

10, 6602 384

42

296 94821, 337

377, 89519, 086

1 6, 8281 3, 370i 3, 4581 4, 1541 1, 123i 3, 031

14, 36214,9909,128

12, 6647,761

19, 77217, 6962,075

834

49

1 2,229i 1, 397

1 7961 277, 7781 101, 3451 61 918

6,1731 6,184

1 1, 613

53 6152.0052.50

1 188 9561 130, 826!39 194

948, 636746, 774201, 862156 340114,09642 244

9 094103

.0471

62.72.0400

45.00

10, 4512 605

47

280 86615, 063

295, 08914, 102

1 6, 377!3 1871 3, 190!4,1121 1 1701 2, 941

14, 93215, 7838 277

13, 1667,499

26, 42323 7312,6921 242

81

i 2 1621 1, 309

1 743

1 258,1441 94,3761 57,176

5,9781 5 9891 1 633

53 6152 0052. 50

1 184 4241 131 219i 41 605

8 657101

.0471

62.72.0400

45.00

10, 7352 632

28

287, 23523, 004

315, 36328, 993

i 5, 9343 0432,8924,1991,1713,028

15, 10316, 2517,129

13, 5747,556

33, 14229, 2993,8431,089

52

1 2, 2081 1, 029

15681 263, 01 71 76, 8261 45, 072

6,0701 5, 955

i 1, 771

53 6152.0052.50

ri!47 2511 100, 1411 27 235

8,67998

.0471

62.72.0400

45.00

10, 0662 366

31

306, 27123, 670

279, 81826, 074

i 6, 288i 3, 240i 3, 048i 4, 427i 1,212i 3, 215

15, 83216, 4486,515

13, 2297,699

39, 92035, 0574,8631,050

69

i 2, 170U,219

1698

i 249, 273i 90, 7271 57, 164

6, 063i 6, 031

1 1, 819

53 6252.0052.50

i 186 123i 128 981i 41 162

8 73499

.0471

62.72.0400

45.00

9,0762 781

31

12,6727,473

45,45339,5045,950

5,890

53 6752 0052.50

8 655101

.0471

62.72.0400

45.00

p 8, 535p 2 322

j>24r Revised. f Preliminary. i See note marked '*§".§Data beginning January 1951 are estimated totals derived from a survey of approximately 1,300 establishments by the Bureau of Mines and the Bureau of the Census.^Percent of capacity is calculated on annual capacity as follows: Data beginning January 1951, on capacity as of Jan. 1 of 104,229,650 tons of steel; 1950— July-December, on 100.563 500 tons

(as of July 1).




1950


berDecem-

ber

1951


ber

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:

Total thous. of short tonsBars, 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 tonsPrice, wholesale, scrap castings (N. Y.)

dol. perlb._Aluminum fabricated products, shipments,

total mil oflbsCastings 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 tonsRefined do

Deliveries, refined, domestic . doStocks, refined, end of month __ doExports, refined and manufactured. _ doImports, total do

Unrefined, including scrap _ __ _ doRefined ._ do _.

Price, wholesale, electrolytic (N. Y.)--dol. per lb._Lead:

Ore (lead content) :Mine production short tonsReceipts by smelters, domestic ore do

Refined (primary refineries) :Production. _ _ do_ _Shipments (domestic) - - doStocks, end of month do

Price, wholesale, pig, desilverized (N. Y.)dol. per lb._

Imports, total, except mfrs. (lead content)short tons..

Tin:Production, pig long tonsConsumption, 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 tonsFor smelting, refining, and export. do_For domestic consumption:

Ore (zinc content) do. ._Blocks, pigs, etc do

HEATING APPARATUS, EXCEPTELECTRIC

Boilers, radiators and coiivectors, cast iron:Boilers (round and square):

Shipments thous. of IbStocks end of month do

Radiation:Shipments thous. of sq. ftStocks, end" of month do

431, 161310, 916120, 245382, 891

1,45130, 291

6,145689151269770482154

1,697159210355424433

59, 449215, 964

.1107

207.442.1

165.3110.2.363

76, 666

86,678111, 842119, 52958, 74812, 03536, 2988,625

27, 673.2290

35, 10436, 912

49, 95855, 89861, 042

.1580

41, 821

3,1307,092

2 41, 44217, 80422, 587

3,8825,136

1.0129

54, 794

71, 05775, 24170, 65610, 267

.171035, 137

0

19, 72415, 413

40, 15358, 577

5,7144,020

349, 858230, 772119, 086313,218

1,52028, 758

6,504753159307740542147

1,839172228374388495

62, 915149, 449

.1388

210.147.3

162.8106.8.369

77, 800

90, 542110, 435121, 80656, 94511,92562, 64533, 90128, 675.2420

35, 73135, 394

54, 12362, 13850, 854

.1604

45,052

3,6537,059

2 42, 02017, 48623,666

3,1306,259

1. 1335

55, 791

79, 99781, 15671, 5969,108

.175039, 4566,169

20, 44612, 841

38, 48848, 885

5,7983,200

301, 350192, 709108, 641265, 628

1,33029, 260

6,051671152280648540131

1,673170196389376484

62, 276203, 639

.1541

197.246.8

150.499.7.378

81, 957

90, 148101,410111, 98551,80512, 22639, 17218, 66420, 382.2420

35, 37734, 069

50, 72558, 65840, 910

.1700

61,040

3,5296,678

2 42, 69718, 55422, 931

1,6185,008

1. 3768

54, 604

79, 22679, 07969, 2029,255

.175034, 150

0

20,66513, 485

25, 75448, 483

5,1272,766

352, 487235, 523116, 964320, 501

1,27526, 807

6,433732152336717551140

1,843178207365401452

65, 897250, 187

.1575

199.046.0

153.0101.6.378

81, 712

91, 218109, 464121, 95449, 04020, 90554, 80726, 91227, 895.2420

36, 17536, 099

48, 23449, 60135, 619

.1700

114, 698

3,3836,799

2 40, 99518, 61821, 931

3,7894,019

1. 4478

55, 127

79, 98680, 35772, 3338,884

.175031, 799

596

20,00111,202

17, 39948, 763

4,3722,951

271, 782160 492111, 290234, 285

1,48530, 925

6,905767155320744631158

1,977184237409408510

67, 954236, 515

.1575

210 342.5

167. 8113.1.378

80, 352

86, 961110, 144108, 12854, 8838,729

45, 83125, 86619, 965.2420

35, 48133, 965

48, 87851, 26033, 232

.1700

31, 526

3,5666,456

2 38, 84017, 78620 728

4,5455,836

1. 7172

59, 651

80. 93779, 60972, 06810, 212

.175037, 1633,292

25, 3078,564

21 26251, 520

4,6753,028

239, 543148 68990, 854

203, 9201,344

29, 040

5,776644141258631522115

1,641167197353299442

62, 740228, 436

.1575

i 190. 540.8

1 149. 795.6.378

73, 012

81, 598101,05499, 4855», 32416,0:744, 85022, 00522, 845.2420

33, 87031, 977

43, 67549, 12827, 775

.1700

12, 898

3,4234,976

2 37, 93317, 75319, 352

2,9272,213

1. 8268

56, 878

70, 28569, 38064, 78411, 117

.175023, 5193,100

15, 5944,825

19, 45852, 712

4,3113,099

268 022164 956103 066224, 124

1,53634, 006

7,105792161306824681160

1,937189238452397524

70, 022222, 030

.16001 206. 6

42.2i 164. 4

101.0.378

83, 104

91, 243112, 933116, 79355, 60914,45736, 06220, 95215, 110.2420

37, 09636, 040

50, 70150, 92727, 259

.1700

14, 918

3,4915,152

2 38, 15918, 15119, 676

2,7534,405

1. 4546

60, 670

80, 45080, 46270, 84511, 105

.175026, 3753,720

15, 2927,363

19, 45657, 400

4,6583,717

276 145169 462106 683234 605

1,48531, 453

6,635736141272757653162

1,821184217412361495

67, 701223, 503

.1723

i 192. 240.2

* 152. 094.7.378

82, 554

90, 794103, 494114, 74452, 80017, 65243, 81224, 04719,765.2420

33, 58734, 618

44, 36242, 03329, 437

.1700

21, 628

3,3954,984

2 36, 23217, 75318 244

2,2042,273

1. 4583

56, 467

77, 86274, 41969, 12514, 548

. 175023, 9382,263

10, 92510, 750

12, 89867, 150

3,5504,842

308, 227206 185102 042259, 347

1,40430, 282

6 939787162293801716166

1,847187204430396513

67, 721180, 141

.1725

* 185 540.5

i 145. 091.8.377

83, 814

96, 541113,513118,11360, 89614, 04146, 62224, 89321, 729.2420

34, 00533, 198

44, 95140, 96333, 420

.1700

11, 201

3,4205,295

2 35, 44619, 90615, 435

1, 3341, 203

1. 3996

58,233

80, 43077, 56773, 09317, 411

.175031, 6842,269

13, 59915, 816

10, 44380, 306

2 4136,805

309, 213218 70090 513

266, 9271,313

28, 461

6 646734152292770685161

1, 739180173409425493

67, 454272, 903

. 17251 182. 3

36.0i 146. 4

88.6.373

75,910

87, 103105, 127114, 10360, 91213, 16248, 62630, 60618, 020.2420

32, 68132, 244

39, 95240, 04133, 308

.1700

18, 389

2,9945,093

2 32, 09118, 10513, 917

2,9241,868

1. 1805

56, 473

77, 67979, 29974, 14915, 791

.175042, 8342,878

31, 7238,233

12 77086, 777

2 2848,699

r 356, 274263 683' 92 591

r 318, 308f 1, 06826, 861

5 989689151303681653146

1,617128146397347345

72, 698284, 318

.07751 159 8

27 4i 132. 4

82 7.373

75,437

82, 57793 258

101, 09568, 04513, 22046 60632, 39114, 215.2420

30, 49129, 920

44, 86444, 40433, 504

.1700

11, 527

2,7014,719

231,85518, 94412 749

2,6632,321

1. 0600

53, 379

78, 95583, 34676, 46111, 400

.175034 4133,057

23, 7737,583

11 46187, 101

2 2209,024

483, 100367 231115, 869427, 956

1,11833, 638

6 756744184322785691165

1,719191185407430492

73,816251, 283

. 07751 187 5

35 5r l 152 0

91 5.375

r 72, 004T 73, 324

79, 613r 104, 938

r 70, 9376,714

58 96935, 93523, 034.2420

r 29, 87229, 280

31, 75640, 25224, 997

.1700

26, 950

16, 091

2,4301,172

1. 0300r 54, 403

74, 03574, 19165, 69611, 244

.175032 9084,098

23, 6065,204

18 74887, 007

3 5649,420

95524, 692

69,429

.0775

i 129. 077 5.383

71,607

73, 14874 104

121, 62962,693

.2420

27, 99727, 755

30, 47431, 65423,640

.1700

15 789

1. 0300

49, 991

70, 62364, 63258, 07417, 235

.1750

T Revised. 1 Data beginning February 1951 include figures for 30 companies (which operate captive extruding departments) not previously canvassed; for February, the shipments bythe additional companies increased total shipments for fabricated and wrought products 3 and 4 percent, respectively. 2 Includes small amount not distributed.

§ Government stocks represent those available for industrial use.




1950


berDecem-

ber

1951


ber

METALS AND MANUFACTURES—Continued

HEATING APPARATUS— Continued

Boilers, range, shipments numberOil burners:

Orders, unfilled, end of month doShipments doStocks, end of month do

Stoves and ranges, domestic cooking, excl. electric:Shipments total number

Coal and wood doGas (incl. bungalow and combination) do_Kerosene, gasoline and fuel oil do

Stoves, domestic heating, shipments, total. _do__ .Coal and wood doGas do__Kerosene, gasoline, and fuel oil _ __ _do

Warm-air furnaces (forced-air and gravity -air flow),shipments, total _ .number. _

Gas doOil - . doSolid fuel do....

Water heaters, nonelectric, shipments do

MACHINERY AND APPARATUS

Blowers, fans, and unit heaters, quarterly:Blowers and fans, new orders thous. of dolUnit heater group, new orders do

Foundry equipment (new) , new orders,net 1937-39=100..

Furnaces, industrial, new orders:Electric thous. of dolFuel-fired (except for hot rolling steel) do

Machine tools:New orders 1945-47=100Shipments _ _ . _ _ do .

Mechanical stokers, sales:Classes 1, 2, and 3 . . numberClasses 4 and 5:

Number _ _ _ _ _Horsepower

Pumps, steam, power, centrifugal and rotary, neworders _ -thous. of dol

ELECTRICAL EQUIPMENT

Batteries (automotive replacement only), ship-ments _ ._ thousands

Domestic electrical appliances, sales billed:Refrigerators, index 1936=100Vacuum cleaners, standard type number. _Washers do

Insulating materials and related products:Insulating materials, sales billed, index 1936== 100Fiber products:

Laminated fiber products, shipmentsthous. of dol__

Vulcanized fiber:Consumption of fiber paper thous. of IbShipments of vulcanized products

thous. of dolSteel conduit (rigid) and fittings, shipments

short tons..Motors and generators, quarterly:

New orders, index 1936=100Polyphase induction motors, 1-200 hprcf

New orders thous of dolBillings do

Direct current motors and generators, 1-200 hp. :<fNew orders. _ thous. of dolBillings . do

38, 920

118, 930115, 78037, 468

323, 63616, 157

288, 80918, 670

658, 807173, 145277, 940207, 722

139, 01474, 24144, 98019, 793

280, 683

32 47117, 870

483.8

1,4851,817

280.6101.6

3,546

35864, 638

5,191

2,925

302327, 524424 000

514

7,054

4,674

1,794

29, 123

551

46 58229, 610

7,4284,163

44, 748

82, 903114, 04138, 411

338, 62514, 827

309, 84613, 952

610, 766145, 742290, 932174, 092

137, 91567, 03651, 28519, 594

286, 907

526.8

1,6032,306

289.6100.9

2,950

25966, 472

4,985

3,007

236331, 445439, 900

547

7,332

5,048

2,088

25, 875

40, 689

65, 49670, 28544, 482

295, 34411, 187

270, 61313, 544

464, 490109, 658243, 948110, 884

102, 00150, 33636, 98814, 677

257, 999

885.5

2 1572,068

291.9110.9

1,891

17438, 343

5, 961

2,536

228265,310380 000

542

7,266

4,844

2,036

24, 489

43, 869

57, 83760, 18051, 564

263, 7299,990

237, 00116, 738

327, 63769, 393

171, 18287, 062

85, 40745, 66629, 9179,824

250, 134

32 52417 667

526.2

1 5052,749

410 1135. 7

1,937

17673, 142

6, 720

2,172

219288, 756377 000

564

7,574

4,738

1,965

27, 561

674

55, 05437,905

10,6485,382

41, 104

65, 85663, 83361, 006

290, 37412, 136

261, 79316, 445

235, 58044, 719

112, 93977, 922

71, 14336, 39826, 6398,106

266, 442

668.0

2,7644,033

475.4114.3

1, 636

17461,953

6,477

1,873

275282,305323, 957

595

i 8, 102

5,399

2,244

25, 055

35, 807

62, 96358, 55064, 586

281, 36210, 939

255, 11215, 311

270, 42950, 814

128, 79790, 818

71, 96635, 96924, 95711, 040

254, 525

638.6

3,2124,670

615.5123.8

1,509

16338, 095

6,480

1,390

238261, 572345 994

552

1 7, 552

5,153

2,000

23, 389

42, 122

56, 89455, 42169, 485

318, 45512, 714

290, 98914, 752

311, 43362, 291

159, 48589, 657

79, 23941, 18024, 58413, 475

265, 122

37, 05517, 112

599.0

4,8467,019

590. 3158. 9

1,590

17865, 561

7,654

1,113

330290, 242376, 458

662

i 9, 279

4,251

2,351

28, 590

780

64, 22140,357

10, 6666,082

47, 407

53, 72946, 87775, 071

243, 5748,447

225, 8799,248

285, 18455, 400

164, 25865, 526

60, 33730, 03319, 61610, 688

235, 355

490.1

3,6578,497

516. 1157.7

1,170

17772, 575

7,583

1,790

242227, 216298 797

626

i 8, 911

5,233

2,287

27,464

47, 218

52, 59241, 98488, 512

195, 1217,911

178, 4908,720

286, 87866, 439

131, 84788,592

56,28226, 89719, 22710, 158

200, 599

431.7

4,7665, 044

483.0175.1

974

18456, 624

6,371

1,400

183201, 983262, 734

614

i 8, 583

4,185

2,237

27, 891

43, 174

48, 48747, 21991, 674

147, 7579,201

129, 1079.449

286, 53369, 997

141, 06375, 473

61, 91028, 23222, 11411, 564

163, 220

35 83914, 583

393.2

3 3706,279

558. 8182.8

1,327

23478,390

1,366

154194, 548261, 648

610

i 8, 626

5,383

2,155

27, 749

696

56 57348, 166

12,7797,690

28,467

53, 854r 44, 503

94, 365

131, 6956,313

116, 9528,430

350, 49177, 824

158, 146114, 521

55, 04523, 50021, 7839,762

127, 046

390.3

r 5, 587'5,284

490.6144.7

1, 385

18851, 795

1,614

118161, 002143, 436

494

i 7, 136

4,701

1,847

23,890

31, 113

48,43363, 57889, 038

187, 67710, 028

169, 2248,425

451,971130, 600168, 005153, 366

77, 19229, 78030, &3016, 782

153, 809

404.5

3,8914,850

r 488. 9r 178.9

2,791

23461, 305

r 2, 118

98191, 299242, 975

539

1 7, 230

5,461

2,129

25, 017

346 5

3 2501 821

r 380 9

"189 8

2,933

23560,504

2.058

210. 086319 485

1 7, 389

25, 941

PETROLEUM, COAL, AND PRODUCTS

COALAnthracite:

Production t thous. of short tonsStocks in producers' storage yards, end of month

thous. of short tons__Exports __ doPrices, composite, chestnut:

Retail dol. per short tonWholesale do

Bituminous:Production thous. of short tonsIndustrial 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 _ do_Other industrial do

Retail deliveries do

r 3, 835

1,035480

21.5216.739

47,297

36, 95730,202

9038,057

6527,4564,972

5537,6096,755

•• 4, 282

1,298461

21.7416. 886

51,376

38, 88732, 902

1,0008,480

7058,1865,360

6118,5605,985

r 3, 355

1,416346

21.9016. 980

45, 512

40, 03333, 270

8918,006

7498,4515,329

6689,1766,763

' 3, 336

1,268328

22.0617. 121

47,497

44, 87535, 596

9808,473

7999,0245,615

7959,9109,279

4,199

1,068374

22.1417. 134

51, 470

46, 37636, 0951,1058,633

7459,2865,717

8489,761

10, 281

3,522

815323

23.2418. 540

MO, 451

41, 30032, 1501,0387,665

6388,3004,901

7658,8439,150

2,183

740197

23.4818. 497

44,862

41, 66534, 345

9838,584

7028,7145,398

7679,1977,320

2,602

732227

23.3518. 062

41, 965

36, 03131, 185

9058,413

6857,5834,798

6718,1304,846

3,622

747414

22.5017. 818

43,390

33,73330, 554

9748,708

6957,6644,367

6097,5373.179

3,743

792475

22.8218. 007

44,014

33,01529,445

9828,465

6857,7283,985

5687,0323.570

2,770

877526

22.99laisi34, 462

32,62729,157

8368,706

6997,7434,064

5346,5753.470

' 3, 514

1,005605

'23.2218. 314

47,156T 35, 736'30,802

r9908,742

7018,625

r4,064579

7,1014.934

3,178

1,145

23.3218.584

42,689

34,86029, 512

8558,454

6888,2883,902

5446,7815.348

* Revised. *> Preliminary. i Data for January-August 1951 cover 14 companies and beginning September, 15 companies.t Data for 1950 revised. Revisions for January-August are as follows (thousands of short tons): 2,893; 2,563; 4,847; 3,331; 4,228; 4,166; 2,855; 4,386.cFThe number of companies reporting is as follows: Polyphase induction, beginning second half of 1950, 32; direct current, year 1950, 29; 1st half of 1951, 28.




1950


berDecem-

ber

1951


ber

PETROLEUM, COAL, AND PRODUCTS—Continued

COAL — Continued

Bituminous— ContinuedConsumption on vessels (bunker fuel)

thous. of short tons..Stocks, industrial and retail dealers', end of month,

total _ thous. of short tonsIndustrial, total __ do _ _

Byproduct coke ovens doCement mills doElectric-power utilities _ d o -Railways (class I) doSteel and rolling mills _ doOther industrial do

Retail dealers do

Exports doPrices, composite:

Retail . __dol. per short tonWholesale:

Mine run _ _ doPrepared sizes ._ . . do

COKEProduction:

Behive thous. of short tonsByproduct _ doPetroleum coke do

Stocks, end of month:Byproduct plants, total do

At furnace plants doAt merchant plants- do

Petroleum coke doExport*^ doPrice, beehive, Connellsville (furnace)

dol. per short ton._

PETROLEUM AND PRODUCTS

Crude petroleum:Wells completed. _ -number--Production _ __ thous. of bblRefinery operations percent of capacityConsumption (runs to stills) thous of bblStocks, end of month :cf

Gasoline-bearing in U. S., total _ _ doAt refineries doAt tank farms and in pipelines _ doOn leases do

Exports _ doImports _ doPrice (Oklahoma-Kansas) at wells. -dol. per bbl_.

Refined petroleum products:Fuel oil:

Production:Distillate fuel oil. thous. of bblResidual fuel oil - do

Domestic demand:Distillate fuel oil doResidual fuel oil _ do

Consumption by type of consumer:Electric-power plants doRailways (class I) doVessels (bunker oil) do

Stocks, end of month:Distillate fuel oil doResidual fuel oil do

Exports:Distillate fuel oil doResidual fuel oil do

Prices, wholesale:Distillate (New York Harbor, No. 2 fuel)

dol. per gal..Residual (Okla., No. 6 fuel)-.- dol. per bbl._

Kerosene:Production thous. of bblDomestic demand doStocks end of month doExports -- - doPrice, wholesale, bulk lots (New York Harbor)

dol. per gal_.Lubricants:

Production ...thous. of bbl._Domestic demand doStocks refinery end of month doExports© doPrice, wholesale, bright stock (midcontinent,

f. o. b. Tulsa) dol. per gal._» Revised. l The comparability of the data is

May 1951, $9.088; prepared sizes, May 1951. $9.414.c? Includes stocks of heavy crude in California.©Excludes "special category" exports not showi

87

64, 29361, 83613,9641,181

24, 9403,646

96817, 137

2, 457

2,923

16.47

8.6999.562

592r 5, 710

283

85558427110437

14. 250

2,023176, 636

94181, 778

242, 31160, 884

164, 30317, 124

2,65415,0862.570

35, 39235, 343

24, 86442, 668

5,8994,1174,772

78, 27041,966

916802

.0861.650

9,9897,920

27, 677113

.096

4,6463, 5116,9501,281

.255

slightly afl

i separatel

84

70, 47867, 71415,6661,283

26, 6684,172

98918, 9362,764

3,085

16.74

8.7139.582

6446, 006

289

9846613238541

14. 250

2,019182, 896

94188, 393

246, 42461, 993

167, 49016, 941

4, 03315, 4962. 570

37, 72338, 759

29, 32045, 980

6,1454,4744,980

85, 64345,004

1,124632

.0881.650

10, 2649,486

28, 292136

.098

4,9873, 9076.973

992

.268

ected in ]V

y for secur

83

72, 13169, 38916, 3291,361

27, 5294,5131,005

18, 6522,742

2,582

16.77

8.7359.582

5785,666

288

1,102752351

7446

14. 250

2,211176, 725

93182, 539

249, 52561, 053

171, 34317, 129

3,22913, 2692.570

36, 53037, 202

35, 41147, 977

6,1944,2474,545

86, 11345, 048

9351,071

.0911.650

10, 25512,73725, 526

205

.101

4,9063, 3227,2831,222

.270

ay and Ju

ty reasons

40

72, 51670, 05416, 7761,369

27, 1215,1051,012

18, 6712,462

1,827

16.80

8.7419.582

6265,981

301

1, 1068132938242

14. 625

2,008177, 276

94190, 448

248, 46363, 328

167, 94117, 194

2,91715, 1852.570

41, 62840, 475

55, 34356, 198

6,2814,2075,125

71, 94840, 750

8011,326

.0911.700

11,26116, 81719, 723

214

.101

5, 0683,0127,8491,402

.282

ne 1951 by

27

74, 00671, 76616, 960

1, 41827, 0065,3111,074

19, 9972,240

2,257

16.86

' 8. 7429.582

7156,077

327

1,1009051958654

14. 750

1,917183, 110

96199, 958

243, 10760, 377

164, 55518, 175

2,91316, 1922.570

44, 24442, 397

57, 33156, 223

6,4174,2044,664

58, 42440, 317

660663

.0911.750

12, 71515, 63316, 673

46

.101

5,0613,5398,1601, 157

.290

substitute

37

70, 66268, 75416, 3741,318

25, 8755,0461,044

19, 0971,908

2,412

16.94

8.9679.736

6035,399

288

1,06993213711651

14. 750

1,518166, 041

96183, 745

235, 24756, 260

161, 55617, 431

2,47112, 7722.570

39, 74238, 696

50, 08551, 101

5,5733,5945,008

47, 58739,409

643644

.0911. 750

11, 47514, 78913, 150

125

.101

4,3393,1158,386

934

.290

>ns in the r

41

71, 42569, 81316, 7511,243

26, 5294,8541,091

19, 3451,612

3,207

16.97

8.9679.661

6516,042

297

1,2661,134

13231850

14. 750

1,895187, 624

96200, 535

233, 82458, 671

157, 71017, 443

2,64014, 1442.570

41, 12941, 771

45, 04653, 568

5,5274,2515,846

42,97837, 516

7731,077

.0911.750

12. 37111,78813, 657

40

.101

5,1083,6918, 2091,533

.290

eporting cc

90

72, 08170, 55016, 4621,232

27, 5714,7391,143

19, 4031,531

4,752

16.94

8.9449.441

5735,911

286

1, 4101,219

19112559

14. 750

1,769183, 800

91185, 488

243, 18063, 366

162, 44417, 370

3,61515,0812.570

35, 13936,908

32, 18546, 841

4,8113,8896,753

44,73636, 910

1,361982

.0911.750

11,5118,678

16, 262185

.101

5,1753, 5508,3931,377

.290

)mpanies.

110

74, 80773, 10916, 1751,266

29, 8264,5671,232

20, 0431,698

5,507

16.66

i 8. 9119.411

6256,122

335

1,4451,211

23312362

14. 750

2,074191, 268

94199, 521

248, 41865, 365

165, 50017, 553

1,79116,0192.570

37,50039, 202

25, 51944, 104

4,5083,6586,663

55, 27339, 317

1,8842,679

.0911.750

10, 6985,877

20. 331667

.101

5, 4543,8508,4511,477

.290

Prices on

98

76, 99275, 25816, 2471,333

31, 0604,9991,195

20, 4241,734

5,242

16.64

i 9. 094i 9. 440

6325,943

315

1,3951,135

26011290

14. 750

1,975183, 898

97197, 246

248, 17065, 536

164, 93417, 700

2,34216, 5472.570

37, 61438, 303

24, 13242, 153

4,5443,4156,177

67,83941, 566

1,1492,471

.0911.750

9, 8155,494

24, 169388

.101

5,0943, 6328,4441, 387

.290

new basis:

'93

74,10072, 24814, 0351,316

31, 6354,4261,168

19, 6681,852

4,824

16.72

9.0069.454

'5326,104

326

1 , 5181,175

3439994

14. 750

1,896190, 362

95200, 322

250, 84767, 046

166, 07717, 724

2,32017, 6122.570

38, 06739, 516

24, 27739, 400

4,3753,338

r5,790

79, 43745,163

2,2803,179

.0911.750

10,2206,490

27, 277592

.101

5, 2413, 3488,6621, 593

.290

Mine run-

96

75, 41473, 49214,449

1, 33932, 3924,3311,156

19, 8251,922

6,167

16.74

8.9979. 515

'6266,152

319

1,6261,204

42297

122

14. 750

2,307193, 201

96202, 721

254, 27665,501

171, 07417, 701

2,36115, 2972.570

38,33537, 993

27, 18540, 454

5,0383,5176,750

87, 43247, 243

3,2033,005

.0911.750

10,5066,455

30, 2411,000

.101

5,3793,5928,8751,499

.290

-April 195

86

76, 24574, 35214, 426

1, 35333, 0984,2451,147

20, 0831,893

16.83

9. 2269. 629

5475, 923

1,7641,298

466

14. 750

2.570

5,072

6,250

.0911.750

.101

.290

1, $8.931;




1950


berDecem-

ber

1951


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 cvcle products thous of bblUsed at refineries do__ _

Domestic demand doStocks, gasoline, end of month:

Finished gasoline, total do. __At refineries do

Unfinished gasoline _ _.doNatural gasoline and allied products. d o _ _ .

Exports o* do __Prices, gasoline:

Wholesale, refinery (Oklahoma) group 3dol. per gal__

Wholcsale, tank wasron (N. Y.) doRetail service stations 50 cities do

Aviation gasoline:Production total thous of bbl

100-octane and above _ _ _ d o _ _ .Stocks, total do

100-octane and above _ do__ _Asphalt:

Production . short tons_.Stocks, refinery, end of month do

Wax-Production thous. of IbStocks, 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. ___ _ __do __Saturated felts short tons

87, 539

76, 93915, 466

4,8668,520

86, 766

97, 90455, 6767,8448,5811,853

.104

.147

.201

5,1073,9296.0002,970

1, 197, 600742, 400

114, 800145, 880

6,256

1,3331,3473,575

16656, 157

90,917

79, 81516, 476

5,3749,302

89, 126

97, 84455, 5607,9208,2261,823

.104

.147

.199

5,6044,2476,5793,256

1, 140, 200670, 200

107, 240135, 240

6,744

1,5531,5283,663

20959, 937

87, 322

76, 80816, 256

5,7428,968

82, 718

100, 99557, 9348, 0107,6361,486

.104

.147

.202

5,4684,1987,2153,802

875, 500785, 500

120, 120135, 800

6,306

1,5591,4663,282

21359, 335

90, 945

80, 22917, 241

6,5259,011

81, 063

108, 66964, 2768,1007, 3552,109

.101

.147

.207

5,9094,8837,2203,744

717, 100962, 400

122, 080141, 120

5,262

1,4101,1682,684

17156, 481

94, 132

83. 77317, 314

6,9558, 045

80, 554

120, 47376, 1608,0067,4741,132

.104

.147

.206

5,7894,0917,8133,518

681, 5001, 108, 000

124, 600144, 760

5,259

1,3521,2412,666

20271, 675

83, 752

74, 33515,631

6,2147,028

72, 717

129, 53784, 2507,7067,8421,097

.104

.147

.206

5,0104,1448,2553,837

643, 3001, 282, 700

108, 640139, 440

4,354

1,148996

2,210170

61, 158

93, 378

82, 14017, 780

6,5427,997

86, 846

133, 46585, 0967,9918,1091,945

.104

.147

.205

6 1135,0178,5664,048

806, 5001, 468, 000

122, 640140, 840

5,357

1,2901,2032,864

19371, 673

87, 319

76, 82616, 708

6,2157,803

87, 430

130, 50179, 3578,6878,5221,976

.104

.147

.203

5 5234,4648,5904,053

r 915, 6001, 572, 500

122, 360152, 600

4,795

1,0521,0162,727

13964, 999

96, 811

85, 69116, 646

5,5268,274

100, 188

123, 83073, 6528,4319,0792,239

.104

.147200

6 2654,9008,5954,006

1, 123, 6001, 546, 900

131, 320162, 400

4,900

1,0381,0342 828

14767, 044

96, 154

85, 41715, 932

5 1957,586

96, 093

119, 76970, 3637,826

10, 0432,520

.104

.147201

5 7654,4268 3053,817

1, 205, 6001,459 300

113, 680168, 280

4,594

9611,0252 608

12451 134

98,643

87, 85116, 367

5 5757,982

' 100, 476

113, 73467, 2507,748

'10,0653,687

.104

.147202

5 9314,6638,0053,844

1, 286, 7001 296,500

110 320179, 200

4,800

9911,1282 682

13042 093

98, 799

87, 87516, 977

6 0538,658

101, 206

106, 70461, 1207,7429,8834,103

.104

.147202

6 3905,1597, 5643,925

1, 363, 6001, 064, 200

115,920188, 440

5,793

1,3201,3553 118

17249 892

.104

.147201

5,461

1 1821,348.2 931

18247 287

PULP, PAPER, AND PRINTING

PULPWOOD AND WASTE PAPER

Pulpwood:Receipts __thous. of cords (128 cu. ft.)_Consumption do _ _Stocks, 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 sulphate short tons.-Unbleached sulphate do_ _ _Bleached 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 doGroundwood do

Exports, all grades, total doImports, all grades, total - d o _

Bleached sulphate doUnbleached sulphate doBleached sulphite doUnbleached sulphite doSoda _- _ _ _ _ do _Groundwood do

PAPER AND PAPER PRODUCTS

All paper and paperboard mills:Paper and paperboard production, total

thous. of short tons__Paper (incl. building paper) _ _ doPaperboard doBuilding board do

2,0421,9823,780

688, 843687, 173342, 677

1,232144, 773468, 025171, 78863, 71243, 949

187, 87886, 153

' 95, 177r 13, 651' 9, 340' 20, 231

14, 290750

31, 077

10, 223192, 49529 31234, 38258, 36544 9972,868

21, 708

2,0851,024

946114

2,0832,1603,704

776, 402756, 727377, 351

1,370177, 134529, 945192, 82467, 32438, 128

204, 51289, 124

90, 38614, 5739,620

19, 44613, 787

51529, 309

6,479207, 456

44, 52936, 73647, 77953, 9553,368

20, 080

2,2331,0881,025

121

2,1132,1083,704

751, 411752, 065362, 549

1,326168, 086511, 043187, 62268, 73436, 731

199,06886, 249

87, 92914, 4249,659

18, 54712, 854

68329,842

8,882208, 86735 20428, 38859, 10752 7202,936

29,675

2,1931,0611,015

118

2,1212,0143,815

740, 953715, 429386, 552

1,252162, 222467, 746169, 69668, 15234, 931

197, 75684, 495

81, 97410, 1629,708

13, 53412, 5251,040

33, 043

18, 888204, 65835 78336, 47257, 20743 2202,614

28, 673

2,0961,037

946113

2,4872,1494,155

818, 506797, 339412, 699

1,349183, 559526, 488195, 54167, 69838, 821

215, 19052, 000

90,39710, 5159,441

20, 30912, 354

59735, 161

14, 761220, 19731 72540 39054, 70755 5513,114

33, 767

2,2521,0981,063

92

2,1691,9854,336

824, 075840, 384416, 826

1,238163, 912490, 986177, 14160,35135, 545

195, 42650, 000

94, 46612, 2558,871

21, 76011, 502

64837, 282

14,909207, 11053 91934 47847, 85244 8982 357

22, 717

2,1011 023

98592

2,3392,2574,419

904, 918870, 516450, 186

1,402188, 992551, 605197, 98666, 46138, 611

215, 99867, 000

94, 75313, 7877,500

20, 12911 7991 039

38, 261

11,520199 58436 39527 13452 12846 9343 025

31, 722

2,3721 1461,114

113

1,9682,2244,179

878, 247850, 183479, 554

1,414192, 303540, 138193, 59868, 01738, 122

209, 93798, 000

100, 40613, 1129 499

21, 63213 144

86239, 953

19, 048180 73241 54922 08046 36540 3833 007

26, 451

2,3191 1011 091

127

2,2142,3394,050

882, 722890, 776469, 658

1,484198, 043567, 270204,64465,90040,607

222, 535106, 000

102, 95312 99410 17124, 58311 158

57140,487

24, 282229 22350 94938 36752 71952 3632 995

30, 655

2,4061 1481 126

132

2,3832,2584,180

847, 003824 615490,788

1,400188, 582538, 139191 07763, 25334 908

210, 681101, 000

110, 89415 36312 91126 13810 9901 088

40 841

19 531232 27753 %i36 68349 63457 7872 717

29 489

2,2831 1051 055

123

2,3092 1044,388

r 722, 774667 582547, 347

1,329177, 229522, 335182 26258 58629 921

197 91194 500

111, 13011 83013 68527 99712 210

98740 852

10 711211 26546 30231 17948* 25253 2212 625

27 898

••1,996r 974

903119

r 2, 720r 2 293r 4, 819

778, 627757 434562, 352

1,438198, 499550, 868206 04461, 28738 777

208, 43798 302

105, 43011 92012 54226 18711 579

80338, 601

12 007189 44245' 10221 66446 46547 8882 988

24 715

2,207r 1 106

r 989113

2.2882 1244,980

676 492663 649576 961

1,319171 930505, 980186 63861 17736 941

194 05588 000

110,01114 24412 53527 16013 0541 088

37 954

2,0221 045

874ins

r Revised. cfExcludes "special category" exports not shown separately for security reasons.


November 1951 SUKVEY OF CURRENT BUSINESS S-37


1950


berDecem-

ber

1951


ber

PULP, PAPER, AND PRINTING—Continued

PAPER AND PAPER PRODUCTS— Con.

Paper, exol. building paper, newsprint, and paper-board (American Paper and Pulp Association) :

Orders, new short tonsOrders, unfilled, end of month _ _ do _ _ _Production doShipments __doStocks, end of month __ do

Fine paper:Orders, new__ __ . do _ _ _Orders, unfilled, end of month do _ _Production. doShipments doStocks, end of month do

Printing paper:Orders, new doOrders, unfilled, end of month do _-Production doShipments.. do __Stocks, end of month _ _ d o _..Price, 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 (inch Newfoundland):

Production _ __ doShipments from mills doStocks, at mills, end of month. do

United States:Consumption by publishers do.Production doShipments from mills __ doStocks, end of month:

At mills ... doAt publishers _ do _In 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 _ _ _ _ _ _ _ do

Percent of activityPaper products:

Shipping containers, corrugated and solid fiber,shipments mil. sq. ft. surface area

Folding paper boxes, value:New orders 1936=100Shipments do

PRINTING

Book publication, total. . number of editions-New books doNew editions _ _ ... do

852, 625913, 297806, 044815, 574310, 663

114, 207145, 772106, 764111, 63569, 450

307, 738414, 165280, 203281, 172115, 310

11.78

276, 858227, 700273, 636276, 70578, 265

437, 579485, 165137, 141

373, 78886, 41185, 809

9,297372, 943

94, 271419, 123100. 00

977, 800714, 900954, 400

96

7,229

745.0619.9

962816146

870, 578912, 860866, 740870, 994305, 900

115, 272147, 840112, 207113, 20368, 655

290, 525406, 900296, 292297, 782113, 870

12.15

298, 200231, 200292, 751294, 69276, 305

456, 443465, 253128, 331

420. 78691, 30592, 779

7,823356, 78288, 332

449, 183100. 00

1, 039, 000694, 700

1, 023, 400102

7,679

731.2671.7

1,138877261

815, 448877, 359847, 408852, 096300, 855

102, 770138, 575110, 119112, 03566, 760

284, 615395, 050290, 561296, 460107, 860

12.15

281, 340224, 050292, 380288, 47280, 115

456, 743477, 708107, 366

407, 94387, 98085, 141

10, 662334, 783

98, 499385, 659

106. 00

1, 019, 900722, COO

1, 012, 700101

7,289

710.7666.1

1,028811217

821, 664858, 760825, 242840, 249285, 368

102, 340131. 785104, 131109, 12961, 783

288, 546393, 160287, 910290, 427105, 230

12.53

277, 572215, 870279, 967285, 750

74, 240

430, 551448, 77589, 142

398, 30985, 35587, 776

8,241328, 018

96, 9424] 8, 044106. 00

876, 700617, 200940, SCO

95

7,105

690.5668.6

1,157915242

937, 879932, 405871, 450862, 728295, 545

118, 960139, 145111,113111, 60061,295

338, 465436, 520299, 097295, 103109, 225

12.65

302, 740229, 830293, 119288, 77578, 585

453, 019423, 343118,818

345, 55292, 69192, 991

7,941346, 258

93 866399, 333

106. 00

1, 177, 200761 800

1, 056, 600102

7,577

904.1738.9

776601175

821, 801884, 769821, 858817, 717292, 998

103, 864146, 20099, 75396, 80064,245

279, 128384, 199281, 526281, 062109, 689

12.65

274, 607227, 800275, 284276, 63577, 233

425, 097400, 833143, 082

336, 56884, 38184, 896

7,426331, 440111,019333, 867

106. 00

987, 900758, 600975, 100

105

6,618

875.6725.8

793613180

964,941984, 495917 112916, 683293,423

110, 114140, 035115, 661116, 27663,630

351, 015475, 400312 477310, 190111, 975

12.65

315, 065234, 820306. 009308 044

75, 198

472, 963473, 503142, 542

394, 38794, 01592, 630

8,811349, 308

95 893449, 037106. 00

1, 119, 300704 900

1, 107, 300104

7,965

879 4851.9

1,130861269

905 4451, 013, 760

875 512877 033293,832

119, 245147, 000113 501112, 24564, 885

311, 555489, 770296 203297, 185110, 990

12.65

291, 940239, 175285, 683287 58273, 295

447, 551443, 288146, 805

410, 72388, 88890, 740

6,959322, 750

95 340396, 897106. 00

1, 019, 300646 900

1, 049, 100105

7,315

737 7778.4

878678200

886 155988, 500909 757901, 561301, 420

106, 722137, 190117 785117, 57064, 470

307 316482, 155306 518304 555112, 930

12.65

295, 860236, 325302, 948298 287

78, 005

485, 723486 340146, 188

403, 23396 42093, 422

9,957332, 601

86 522439, 586106. 00

1, 112, 100658 700

1, 128, 200104

7,288

699 3815.4

969759210

882 150984 305885 2S5886, 429300, 270

113, 525130, 810117 902119, 90262, 470

298, 390496, 190285 183284, 352113, 760

12.65

297, 480228, 315305, 938305, 49078, 450

464, 332475, 034135, 486

365, 32494, 07397, 016

7,014358, 294

94 331432, 505106. 00

962, 700• 548 0001, 058, 500

103

6,410

613 3755.5

1,145879266

820 3861,033,045

783 943771,098312, 085

109, 207146, 00095 74193, 67963, 500

268, 285510, 000254 382254, 294113, 845

12.65

284, 708242, 040277, 523270 98085, 000

452, 455442 966144, 975

333, 44088 44186 835

8 620393, 718106 727417 437116. 00

933, 000537 600890, 000

84

5,238

588.1599.3

751549202

875, 0001,001,800

925 500906, 000331, 000

115, 000142, 000121 000119, 00065 000

281, 000490, 000314 000301 000126, 800

13.15

304, 000241 000305, 000305 00085, 000

484, 563480 581148 957

344 47096 05994 488

10 191467, 052

77 646442 100116. 00

932, 200470 800

1,002 20094

5,896

608.7704.7

638466172

13.15

431, 082427, 738152, 301

381, 43787 03688, 795

8,432439, 54787 037

116. 00

856, 000458 200852 500

86

5,484

470.8631.1

940743197

RUBBER AND RUBBER PRODUCTS

RUBBERNatural rubber:

Consumption _ _ long tonsStocks, end of month doImports, including latex and guayule doPrice, wholesale, smoked sheets (New York)

dol. perlb..Chemical (synthetic):

Production long tonsConsumption doStocks end of month doExports do

Reclaimed rubber:Production doConsumption __ __ _ doStocks, end of month do

TIRES AND TUBES

Pneumatic casings:Production _ _ _ _ _ _ _ _ _ thousands-Shipments, total do__ _

Original equipment _ doReplacement equipment _ do. _Export do

Stacks find of month doExports© _ _ _ _ _ _ do.

Inner tubes:Production _ doShipments _ doStocks end of month doExports _ do

61, 28187, 40961, 153

.558

44, 46049, 55059, 059

645

29, 64829, 25033, 395

7,8338,2163,8134,292

1114,374

107

7,0937,5866,198

50

69, 17883, 21577, 240

.638

44, 69054, 50751, 751

678

32, 68532, 78533, 530

8,6678,6843,7834,750

1514,382

108

7,8867,3786 400

68

51, 34081, 65873, 461

.732

48, 41748, 26151, 636

581

30, 17130, 26033, 960

7,5217,4943,2144,130

1504,810

152

6,6296,0996,963

102

44, 99989, 21569, 261

.714

52, 19953, 36452, 758

749

32, 48029, 90535,708

6,8197,5623,2454,188

1293,794

116

6,0356,3796,725

77

44, 58693, 07992, 454

.735

60 95258, 58455 453

577

32, 92432, 45535, 843

6,7646,9613,0353,812

1143,552

99

5,9506,5955 852

56

37, 57287, 24255, 263

.734

56, 41553, 30859, 035

620

30, 40228, 79236, 885

5,8876,1743,0023,058

1143,307

79

5,1445,9105 154

36

35, 33576, 31263,101

.722

65 28665, 58760 614

533

35,09432, 67838, 334

6,6937,2353,6203,493

1232,804

120

5,8286,5934 595

58

39,50871, 67960,871

.675

66, 41458, 78765, 793

585

34, 29332, 42839, 064

6,5406,2552,7553,412

883,047

106

5,5665,5934 657

63

42, 44568, 49842, 371

.660

70 54165, 02770 276

617

35, 05134, 14839,098

7,1166,7302,6923,911

1273,442

88

5,6255,5855 071

52

39, 99868,36956, 623

.660

74 18864, 71878 154

573

33,50930 99940, 268

7,2227,1852 6034,439

1433 512

118

5 3815,5005 311

63

35, 47867, 81673,285

.520

76 25061,41989 527

968

29,99925, 50044, 347

6,7346,6022 3614,126

1153 586

10815 1781 5, 07215 685

57

r 36, 506T 67, 491

70, 893

.520

74, 951r 67, 260r 96 382

777r 29, 035r 28, 598«" 43, 900

7,5497,162

r 2, 8134,230

1204,033

126

i 6, 139i 5, 761i 6, 272

88

37, 08657, 427

.520

70, 87069, 160

100, 792

26, 86326, 61543, 658

7,4296,6572,5193,967

1714,767

i 5, 694i 5, 069^6,834

r Revised. l Includes data for motorcycles. GExcludes "special category" exports not shown separately for security reasons.




1950


berDecem-

ber

1951


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 . . . .doStocks, clinker, end of month do

CLAY PRODUCTS

Brick, un glazed:Production _ _ thous. of standard brick..Shipments. _ doPrice, wholesale, common, composite, f. o. b.

plant dol. per thousClay 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,

jelly glasses, and fruit jars).. thous. of gross..Beverage (returnable and nonreturnable)

thous. of gross. _Beer bottles doLiquor and wine doMedicinal and toilet __ doChemical, household and industrial doDairy products 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, quarterly total:Imports thous. of short tons..Production do

Calcined, production, quarterly total.. _ _ doGypsum products sold or used, quarterly total:

Uncalcined . ..short tons..Calcined:

For building uses:Base-coat plasters doKeene's cement _ doAll other building plasters doLath thous. of sq. ftTile _. - do.Wallboardd* do

Industrial plasters short tons. _

206, 809

20, 94598

22, 9107,6424,029

604, 826630, 472

25. 616

155,678152, 847

115, 975120, 108

8,67310, 437

1,572

2,868

305582

1,3432,576

822369

4,865

5,9256,0708,118

3,356

1,1052 1992,049

580, 024

693, 94815, 863

156, 429761, 57313,449

759, 26066, 674

197, 500

22, 461102

24,1675,9452,852

659, 927660, 309

25. 866

154,904156, 610

119,729119,054

10, 6128,967

953

2,474

340563

1,2752,228

779354

6,123

6,9945,4988,877

3,846

177, 371

20,22695

19, 7916,3822,962

606, 726590, 905

26. 057

131,668129, 489

105, 879104, 304

9, 4518,104

669

2,145

325459

1,2572,235

687327

7,079

5,8766,1079,593

3, 313

155, 823

19, 11687

12, 47713,0183,925

499, 694450, 800

26. 378

127, 951114,439

95, 26585, 471

9,3219,153

786

2,272

654532

1,3172,397

791404

6,776

5,7025,2539,887

3,218

9672, 3551,950

626, 833

595, 98815, 200

147, 409754 84912,012

807, 73474, 208

189,440

17,43479

12,23718, 2225,473

480, 607470, 730

26. 549

137, 211124, 503

108, 816103, 293

10, 2799,499

835

2,410

457450

1,5432,637

844324

7,240

6,9596,8319, 602

3,667

184, 326

15,20176

11,29422, 1277,097

422, 134408, 766

26 589

122, 04696, 487

98, 59389,645

9,2018,563

931

2,129

345541

1 4252,183

724285

7, 631

6,5066,1329,940

3,364

206, 940

18, 70882

17, 69223, 1398,068

534, 077550, 274

26 602

139, 653125, 328

110, 146108, 738

10, 98710, 250

1,116

2,472

447978

1 3022,740

883313

8,091

7, 5707,156

10, 340

3,998

6132 1021,838

660, 470

512, 23814, 328

137 878710 19710. 002

849, 93376,976

179, 507

20, 18491

20,95322,3648,194

553, 468552, 881

26 588

142, 356134, 777

105, 268108, 653

11, 0759,583

1,067

2,332

6171,190

9312,389

823235

9,293

7, 5346,851

10, 933

3,439

191, 138

21,92496

24, 89219, 3937,482

605, 304599, 905

26 591

144, 666141, 774

106 045108, 866

10, 84910,390

999

2,666

8031,468

8802,426

878271

9,426

7,2926,760

11, 381

3,408

162, 002

21,98499

24, 93516,4396,682

600,516577, 686

26 604

138, 922137 142

104 547105, 045

10, 4899,847

908

2,410

9691,786

7301,965

823255

9,714

6,3845,737

11, 974

2,682

664r 2 305

1 981

656, 070

591, 64615 053

154 610745 22410' 710

' 877, 89471 181

161, 093

22 43998

24 26614, 6155 601

571, 338540, 545

26 604

137, 727141, 255

101, 903100,040

10, 3559,372

738

2,416

8581,848

7461,805

695266

10, 375

5,5605,733

11, 769

2,766

174, 180

T 22 51398

25 852T 11,277

T 4 851

603, 781571 081

26 642

151 181150 323

103 493101 782

10 57510 543

1 125

2,782

6022 279

8051 901

722326

10 102

5,8075 331

12, 256

3,506

171, 584

22 269100

23 25610 2904 in

26 662

9 1349 397

1 432

2,281

3321 3441 1711 782

717338

9 839

"

TEXTILE PRODUCTS

CLOTHINGHosiery:

Production thous of dozen pairsShipments _ _ __do _Stocks end of month do

COTTON

Cotton (exclusive of linters) :Production:

Ginnings§ thous. of running bales. .Crop estimate, equivalent 500-lb. bales

thous. of bales..Consumption! _. bales _Stocks in the United States, end of month,

total!- . thous. of bales. _Domestic cotton, total do

On farms and in transit doPublic storage and compresses _ doConsuming establishments.. do__

Foreign cotton, total do

14 19415, 59024, 486

2,772

' 969, 555

13, 77113, 6957,643

f 4, 878'1,183

'75

14 87415, 79123, 569

6,465

835, 155

12, 68112, 6134,8166,3581,439

68

15 00014, 79623, 774

8,785

1, 008, 872

11 31311, 2582 4856,9841,789

54

12 81711, 84225 456

9,178

784, 057

10 08710, 0301 4256,6511,955

57

14 97114 637?5 934

9,688

1, 040, 891

8 9378,8941 0485,6262,220

44

14 33714, 60125 633

894, 602

7 7107,622

7394,6032,281

88

14 73614 62125 780

!9,9081 10, 012911 654

6 4596,347

4743,5602,313

112

13 14911 90527 048

980,906

5 0134,911

2322 4062,274

102

12 92510 98529 008

832 612

3 8273,708

1011 5862,021

118

12 20511* 44630 208

818, 714

2 9072^797

701,0311,696

110

9 1989 098

30 308

224

767 282

2 1792,064

134618

1 312115

12 59712' 84730 058

2 014

754 119

18 02617, 91815 4801 4381 000

108

11 80412 47429 388

2 10 022

8 15 771722 004

16 63416, 53112 2433 289

9991ft*

«• Kevised. * Total ginnings of 1950 crop. 2 Ginnings to November 1. 3 November 1 estimate of 1951 crop.d*Includes laminated board, reported as component board. § Total ginnings to end of month indicated.1 Data for September, November 1950 and January, April, and July 1951 cover 5-week periods and for other months, 4 weeks; stock data are for end of period covered.




1950

Septem-ber October 1 N°™*- Decem-

ber

1951


ber

TEXTILE PRODUCTS—Continued

COTTON— Con tinned

Cotton (exclusive of linters)— ContinuedExports - balesImports doPrices received by farmers cents per lb_-Prices, wholesale, middling, if-ie", average, 10

markets cents per lb_-Cotton linters :H

Consumption thous. of bales-Production _ do _Stocks end of month do

COTTON MANUFACTURES

Cotton cloth:Cotton broad -woven goods over ;12 inches in width,

production quarterly cf mil of linear yardsExports thous. of sq. yd_Imports doPrices, wholesale:

Mill margins _ _ _ cents per lb_Denim, 28-inch cents per yd—Print cloth 3814-inch, 64 x 60 _ do _Sheeting, unbleached, 36-inch, 56 x 60 do

Cotton yarn, Southern, prices, wholesale, mill:22/1, carded, white, cones dol. per lb—40/1 twisted carded skeins do_ _

Spindle activity (cotton system spindles) :fActive spindles, last working day, total— thous—

Consuming 100 percent cotton __ do_ _Spindle hours operated, all fibers, total- mil. of hr__

Average per working day do_ _Consuming 100 percent cotton _ _ _ do_ _

Operations as percent of capacitv

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 _ _ _ _ _ do_ _Staple fiber -- - _ do _

Imports thous. of lb_Prices, wholesale:

Yarn, viscose, 150 denier, first quality, mini-mum filament dol. per lb—

Staple fiber viscose, lî denier - _ do_ _Rayon broad-woven goods, production, quarterly cf

Silk, raw:

Price, whofe~sale7Japan7white, 13/15 (N. Y.)dol. perlb_-

WOOL

Consumption (scoured basis) :§\pparel class thous of lbCarpet class do

Imports doPrices, wholesale, Boston:

Raw, territory, 64s, 70s, 80s, scoured-, -dol. per lb__Raw, bright fleece, 56s, 58s, greasy, 47 percent

shrinkage - - - dol. per lb__Australian, 64s, 70s, good topmaking, scoured, in

bond - dol. perlb_-

WOOL MANUFACTURES

Machinery activity (weekly average):§Looms :0

Woolen and worsted:

Broad doNarrow. do. _

Carpet and rug:Broad doNarrow do

Spinning spindles:Woolen doWorsted -- - - do

Wool yarn:Production, total§ thous. of l b__

Weaving§ doCarpet and others do

Price, wholesale, worsted yam (Bradford

372, 38122, 732

40.0

40.7

124132

'345

2,39850, 9732,570

48.6936.022.423.8

.8331.007

21, 94520, 60912,638

51611,860139.7

79.025.5

10.02.8

8,960

.755

.370

569 460

1 307

3.40

44, 39018, 36057, 006

2.481

.892

2.725

1052,346

18

160

87, 513115, 284

227

81, 8159 585

52, 97019, 260

3 665

283, 81611, 889

38.9

39.8

129207409

50, 1622,796

49.3636.421.524.5

.8511.072

22, 14920, 75810, 713

54210, 041146.9

82.525.4

10.53.7

12, 457

.760

.370

1 500

3.51

38, 00416, 70449, 356

2.469

.909

3 2. 515

1192,502

17

17792

91,915120, 695

233

69, 7367 832

44, 18017, 724

4 125

371, 8709,11841.1

42.2

118189461

45, 3894,608

48.3937.821.924.8

.8771.147

22, 15320, 75112, 979

53012, 171143.2

80.525.6

11.23.5

12, 958

.760

.370

1 152

3.72

38, 69518, 38051, 917

2.540

.973

3 2. 560

1062,346

13

172

78, 103110, 948

191

76, 4808 105

48, 07520, 300

4 175

448, 5616,40740.4

42.6

110145518

2, 63953, 2563,597

50.2138. 322.525.0

.8871.166

22, 08420, 7309,942

5239,376141.3

86.929.4

6.12.0

11, 845

.770

.400

' 600 952

727

4.11

28, 89614, 36442, 994

3 2. 650

3 1. 131

3 2. 600

1332,275

162

76, 483102, 780

176

59, 6646,084

37, 48016, 100

4 175

316, 6262,34241.3

44.2

116151542

57, 4724,948

50. 1238.322.925.0

.9171.172

22, 29220, 90013, 273

54212, 459145.9

79.025.7

10.33.8

12, 075

.780

.400

748

25.35

40, 25516, 59073, 139

3 3. 340

3 1. 420

3 3. 240

1362,272

163DP

78, 4644 108, 779

194

4 77, 7858,300

48, 4404 21, 045

4 754

428, 59993, 800

41.8

0)

110105542

57, 64310, 223

0)38.323.025.0

.9211.176

22, 22120, 88511, 069

56310,394152. 0

75.025.0

10.53.8

8,581

.780

.400

628

25.62

29, 65613, 24850, 179

3 3. 600

31.535

3 3. 450

1451,984

164Of-

76, 9734 95, 260

164

4 60, 2684 7, 312

4 37, 04815, 908

354, 3023,11442.7

45.1

12577

517

' 2, 84479, 5747,486

49.800)23.025.0

.9211.176

22, 24620, 95711, 083

55410, 436149.7

'85.827.0

8.44.0

7,373

.780

.400

r 636, 338

576

25.62

27, 94412, 71666, 761

3 3. 750

1.564

3 3. 600

1531,852

16800

73, 7044 89, 941

139

4 57, 7444 6, 816

4 35, 46015, 468

480, 0859,74043.2

45.2

11152

468

73, 9423,950

45.600)20.625.0

.9211.176

21, 13419, 90312, 447

50511, 699136.4

80.026.9

10.13.6

8,770

.780

.400

499

25.21

42, 94012, 27074, 711

3 3. 338

1.325

3 3. 275

1242,258

14870

76, 9264 111, 730

200

4 76, 4454 8, 655

4 50, 23517, 555

371,41716, 102

42.5

45.2

11536

398

72, 4094,807

42.5739.419.425.0

.9151.176

21, 77020, 51610, 399

5339,768144.1

82.028.9

11.34.7

5,311

.780

.400

395

2 4. 58

33, 7247,200

55, 243

3.130

1.236

3 3. 010

1402,200

120fid.

75, 3764 104, 316

185

' 4 59, 248' 4 6, 524

r 4 41, 320' 11, 404

204, 00618,412

42.0

45.2

9631

327

v 2, 65373, 7862,614

39.7741.019.025.0

.8671.127

22, 14520, 91010, 287

5149,677138.9

83.526.0

12.74.2

9,696

.780

.400

' 597 018

375

-M.37

'33,376'6,56044, 005

32.850

1.125

3 2. 825

1452, 252

116

r 79, 0704 100, 875

184

' 4 59, 376' 4 6, 336

'442,16010, 880

129 1447 52939.1

40.1

9021

260

63, 0922,497

38.7739.916.325.0

.8061.058

22, 12820, 8719,858

4119,241110.7

78.828.1

20.04.9

9,739

.780

.400

364

24.30

'30,7002,395

33,754

32.600

.982

32.450

110' 1. 685

r I -1

4605

' 58, 540r 4 75, 843

••131

' 4 50, 665"45,315' 40, 225' 5, 125

145, 7583 67934.6

35.0

8864

231

63, 8501,935

37.6236.315.124.2

.767

.968

22,00020, 7559,368

4688,786126.3

'69.828.1

36.16.1

7,810

.780

.400

577

24.13

'28,892'4,38841,632

32.230

.872

32.200

33.7

35.1

114175272

33. 8835.615.119.2

.720

.926

21,89520, 7149,247

4748,745127.8

57.324.8

54.28.7

.780

.400

4.42

3 1. 825

3.730

3 1. 825

1391,908

89

71, 5674 83, 351

143

452,3564 6, 008

4 39, 0367,312

' Revised l No quotation. 2 Substituted series. Data beginning January 1951 represent a composite wholesale price for raw silk, Japan, white, 20-22 denier, 87 percent, AAgrade tested- December 1950 quotation, $4.55. 3 Nominal price. 4 includes operations on the American system in cotton mills which were previously reported as cotton-systemspindle operations; data beginning 1951, therefore, are not strictly comparable with earlier figures. For January 1951, the activity of these spindles not previously attributed to theworsted system amounted to approximately 5.3 million active hours weekly and 1.2 million pounds of yarn spun.

f Data for September, November 1950 and January, April, and July 1951 cover 5-week periods and for other months, 4 weeks; stock data and number of active spmdles are for end of

glinSng 1951, production of broad-woven goods is classified according to principal fiber content; production of fabrics containing 25.0-49.9 percent wool (which cannot be distributedbetween cotton and rayon goods) averaged 7.3 million yards in the first half of 1950. . . . .

§Data for September, November 1950 and January, April, and July 1951 cover 5-week periods; other months, 4 weeks. ©Beginning 1951, looms weaving fabrics principally wool byweight.




1950


berDecem-

ber

1951


ber

TEXTILE PRODUCTS—Continued

WOOL MANUFACTURES— Continued

Woolen and worsted woven goods, except wovenfelts :f

Production Quarterly total thous of lin ydApparel fabrics total do

Government orders doOther than Government orders, total do

Men's and boys' doWomen's and children's do

Nonapparel fabrics, total do_ _Blanketing doOther nonanparel fabrics _ do_ _ _

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- _

104, 95389,8501,293

88, 55741, 15847, 39915, 1034,987

10, 116

4.084

2.772

4.306

2.846

4.306

2.846

110, 17993,3104,418

88, 89243, 39745, 49516, 8695,011

11,858

4.306

2.846

4.306

2.846 3.514

95, 70281, 737

9, 51772, 22038, 02534, 19513, 9654,7819,184

3.514 0) 3.302

96,70079,75323,45156, 3C229, 58226,72016,9478,0658,882

3.302 3.302 3.302 3.302

TRANSPORTATION EQUIPMENT

AIRCRAFT

Civil aircraft, shipments number..ExportsJ do

MOTOR VEHICLES

Factory sales, total number..Coaches, total do

Domestic do __Passenger cars total do

Domestic doTrucks, total do

Domestic do

Exports, totalt _ doPassenger cars .do. ._Trucks t do _

Truck trailers, production, totaled doComplete trailers do

Vans do.All other do

Trailer chassis -do

Registrations:New passenger cars _ __ doNew commercial cars do

RAILWAY EQUIPMENT

American Railway Car Institute:Shipments:

Freight cars, total numberEquipment manufacturers, total .do

Domestic doRailroad 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 ownership __ _

Orders, unfilled _ numberEquipment 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 do. ._Railroad shops do

Exports of locomotives, total doSteam doOther do...

INDUSTRIAL ELECTRIC TRUCKS ANDTRACTORS

Shipments, total number--Domestic _- - - do.Export _ _ do

30184

r 722, 843423

'343616, 827602, 423

r 105, 593r 93, 379

22, 72410, 90611,818r 6, 798r 6, 560r 3, C65r 2, 595

r 238

625, 755113, 750

5,1312,3952,3952,736

7063637

1,719

1025.9

94, 55763,48531,072

3,21812.4

200

201,4191,419

0

618

53

26323429

20440

760, 566553502

651, 169635, 544108, 84497, 116

23, 07012, 39910, 671r 6, 769r 6, 531T 3, 990r 2, 541

r 238

580, 373101, 169

5,5012,4442,4443,057

7171710

1,717

985.7

107, 99476, 27931, 715

3,13512.3

190

191,5041,504

0

560

56

29025535

242••53

603, 567584507

504, 445490, 85598, 53880, 832

27, 34813, 70613, 642r 6, 394T 6, 151r 3, 958r 2, 193

r 243

444, 19384, 142

5,7913,3523,3522,439

5858580

1,717

935.4

110, 78179, 49331, 288

3,11112.2

170

171,6401,640

0

321

31

24221824

30585

640, 925664601

521,371507, 120118,890.103, 522

24, 53011, 98612, 544r 6, 283r 6, 103r 4, 127r 1,976

r 180

552, 25989, 273

5,7013,9663,9651.735

5454540

1,718

895.2

109, 17478, 13731,037

3,11412.3

160

161,6281,628

0

474

43

29127120

255114

606, 833661631

478, 589459, 567127, 583109, 262

28, 73712, 55916, 178

6,4836, 2653,9522 313

218

472, 76688, 058

5,9494,4054,4051,544

2626210

1,719

865.0

126, 43891, 43135, 007

3,25713.0

210

211,6201,620

0

374

33

440393

47

23960

618, 321521483

505, 865481, 239111,93594, 834

35, 58019, 38216, 198

6,0445,8413,6692,172

203

430, 79778, 581

5,8424,5144,5141,328

1919120

1,721

844.9

135, 93696, 65839, 278

3,28313.1

210

211,6311,631o

271

26

46139863

27378

755, 022829792

617, 399588, 435136, 794118, 235

42, 66823,11519, 553

7,1026 8093,9502 859

293

512, 59986, 287

7,0114,9664,9662,045

1977

12

1,722

824.8

137, 34998 62538, 724

3,31713.3

200

201 8631,863o

340

34

59551976

24764

639, 272819764

503, 038475,316135,415117, 483

43, 42425, 44917,975

6,3515 9993,4592 540

352

467, 31384, 961

8,2745,7815 7812,493

2917g

12

1,727

875.0

138, 31994 83743, 482

3,29013 3

18o18

1 7371,737o

521

51

39735443

24896

652, 727742702

511, 938482, 263140, 047121, 461

43, 17424, 18918, 985

6,8616 5293,6132 916

332

470, 44690, 627

9 7757,1987 1982, 576

231766

1,731

895 1

134 34891 77542, 573

3,07712 7

16o16

1 8231 823o

341

33

46442044

21666

617, 685838773

482, 029457, 293134, 818115,079

38, 98422, 57316,411

5,5915 3302 6852 645

261

454, 66587, 461

9 6447,1857 1852 459

3834134

1,736

905 2

128 54086 93541,605

3,00312 6

14o14

1 6601 660o

39I

38

60451985

207103

492, 316665630

381 407359, 276110, 24491, 517

38, 38520, 64617, 739

4 684r 4 416

1 984r 2 432

232

406 33384 021

5 2904 0144 0141 276

191910

Q

1 736

965 5

125 84684 85840 988

3,04813 0

12Q

121 590I 590

Q

48o48

53848454

17048

549, 708783778

426 932404' 590121, 99399 007

40, 33719, 47320 864

4 7634 4751 6972 778

288

424 42287 646

7 1835 1565 1562 027

141414o

1 737

915 3

121 35981 62339* 736

3,09113 3

10o10

1 5471 547

63o63

59152962

476 002743660

365 906350 246109, 35390 445

406 21784 814

8 5335 755*> 7^52 778

25169o

1 741

925 3

118 07380 52237 551

3,18013 9

23o23

1 8041 804

Q

_

447385

62

f Revised. * No quotation.tRevised series. Beginning with data for 1951, the Bureau of the Census reports for woolen and worsted woven fabrics refer to goods which are principally wool by weight (i e exclude

fabrics containing 25^49.9 percent wool previously included). Production for the third quarter of 1950 has been adjusted by the Office of Business Economics to exclude these fabrics if possible.Êxcludes "special category" exports not shown separately for security reasons.cT Revisions for January-August 1950 are available upon request.§Not including railroad-owned private refrigerator cars.


-INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40-Pages marked S

Abrasive paper and cloth (coated) 38Acids 24Advertising 7, 8Agricultural income and marketings 2Agricultural wages, loans 15Aircraft 11,12,14,40Airline operations 22Alcohol, denatured and ethyl 24Alcoholic beverages 2,27Aluminum ;. 33Animal fats, greases 25Anthracite 2, 5, 11,13,14,15, 34Apparel, wearing....-..-. 4, 5, 8, 9,11,12,14,15, 38Armed forces 10Asphalt and asphalt products 36Automobiles . 2, 3, 7, 8, 9,11,12,13,14,18, 21Balance of payments 20Banking 15,16Barley 28Barrels and drums 32Battery shipments 34Beef and veal 29Beverages, alcoholic 2,8, 27Bituminous coal 2,5,11,13,14,15,34,35Boilers 33,34Bonds, issues, prices, sales, yields 19Book publication 37Brass 33Brick 5,38Brokers' loans 16,19Building construction (see Construction).Building contracts awarded 6Building costs 7Building materials, prices, retail trade 5,7,8,9Business, orders, sales, inventories 3,4Businesses operating and business turn-over _ _ 4Butter 27

Candy 29Cans, metal 33Capital flotations 18,19Carloadings 22,23Cattle and calves 29Cement 2,5,38Cereal and bakery products, price 5Chain-store sales 9Cheese 27Chemicals 2, 3, 4, 5, 12, 14, 15, 18, 21, 24Cigars and cigarettes 30Civil-service employees 12Clay products (see also Stone, clay, etc.) 2.38Clothing 5, 6, 8, 9,11,12,14,15, 38Coal___ _ _ 2, 5,11,13,14,15,34, 35Cocoa 29Coffee 22,29Coke - 2,35Commercial and industrial failures 4Construction:

Contracts awarded 6Costs 7Dwelling units started 7Employment, wage rates, earnings, hours __ 11.

12,13,14,15Highway 6,12New construction, dollar value 6

Consumer 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, 5, 6, 21, 38, 39Cottonseed, cake and meal, oil „ 25Crops 2, 5, 25, 27, 28, 30, 38Currency in circulation 18

Dairy products 2, 5, 14, 27Debits, bank 15Debt, short-term, consumer 16Debt. United States Government 17Department stores 9, 10, 16Deposits, bank 15,16,18Disputes, industrial 13Distilled spirits 27Dividend payments and rates 1,18, 20Drug-store sales 8,9Dwelling units started 7

Earnings, weekly and hourly 13,14,15Eggs and poultry 2,5, 29Electric power, production, sales, revenues. __ 26Electrical equipment 3,4,7,34Employment estimates 10,11,12- - - - 12

13236

16252122

11,14,15

42

2,515

25,2616,1715,1615,165,24

34

Employment indexes.Employment security operationsEmigration and immigrationEngineering constructionExpenditures, United States Government __ExplosivesExports (see also individual commodities). _Express operations

Factory employment, payrolls, hours, wages12,13,

Failures, industrial and commercialFarm income and marketingsFarm products, and farm pricesFarm wagesFats and oils 5,Federal Government, financeFederal Reserve banks, condition ofFederal Reserve reporting member banksFertilizers.Fiber productsFire losses

Pages marked SFish oils and fish 25,29Flaxseed 25Flooring 31,32Flour, wheat 28Food products _ ._ 2,

3,4, 5, 7, 8, 9,11,12,14, 27, 28, 29, 30Footwear 2,5,8,9,12,14,15,31Foreclosures, real estate 7Foreign trade, indexes, shipping weight, value

by regions, countries, economic classes, andcommodity groups..-. 21, 22

Foundry equipment 34Freight carloadings, cars, indexes : 22,23Freight cars (equipment) 40Frei ght-car surplus and shortage 23Fruits and vegetables 2, 5, 21, 27Fuel equipment and heating apparatus 33,34Fuel oil. 35Fuels... 2,5,35Furs 22Furnaces 34Furniture 2,5,8,9,11,12,13,14Gas, customers, sales, revenues 26Gasoline 36Glass and glassware (see also Stone, clay, etc.). 2,38Generators and motors 34Glycerin 24Gold 18Grains 5,19, 21, 28Gross national product 1Gypsum 38Heating and ventilating equipment 33,34Hides and skins 5,22.30Highways.. 6,7Hogs 29Home Loan banks, loans outstanding 7Home mortgages 7Hosiery 6,38Hotels 11,13,14, 15, 23Hours of work per week 12,13Housefurnishings 5, 8, 9Housing 5,6, 7,8Immigration and emigration 23Imports (see also individual commodities) 21,22Income, personal 1Income-tax receipts 16Incorporations, business, new 4ndustrial production indexes 2,3nstalment loans 16nstalment sales, department stores 10nsulating materials 34nsurance, life 17,18

Interest 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, 6,11,12,13,14, 21,32,33Jewelry, sales, inventories, sale credit 8, 9,16KeroseneLabor disputes, turn-over.Labor forceLamb and muttonLard __Lead.

__ 35

13- 10

292933

Leather and products. 2,3,4,5, 12, 14,30,31Linseed oil, ., 25Livestock 2, 5, 29Loans, real estate, agricultural, bank, brokers'

(see also Consumer credit) 7,15, 16,17,19Locomotives 40Looms, woolen, activity 39Lubricants 35Lumber 2, 5,11,12,13,14,31,32Machine activity, cotton, wool 39Machine tools 34Machinery 2, 3, 4, 11, 12, 13, 14, 18, 21, 34Magazine advertising 8Mail-order houses, sales 10Manufacturers' sales, inventories, orders 3,4Manufacturing production indexes 2,3Meats and meat packing 2, 5, 11,12, 14, 29Metals 2, 3, 4, 6, 11, 12, 13,14, 15, 18, 32, 33Methanol 24Milk 27Minerals 2,3, 13, 14, 15Money supply 18Mortgage loans 7, 15, 16Motor fuel _ _ . 36Motor vehicles 3, 8, 9, 40Motors, electrical 34National income and product 1Newspaper advertising „ 8Newsprint 22,37New York Stock Exchange 19,20Oats - - _ _ 28Oil burners 34Oils and fats 5, 25, 26Oleomargarine 26Operating businesses and business turn-over. _ 4Orders, new and unfilled, manufacturers' 4Paint and paint materials 5,26Paper and pulp 2,3, 6,11, 12,14, 36, 37Paper products 2, 3, 4, 36, 37Passports issued.Payrolls, indexesPersonal consumption expendituresPersonal income . _Personal saving and disposable income..Petroleum and products.

Pig iron....

2312811

2," 3, 4, 5, 11, 12, 13,14, 15, 21, 22, 35, 36

32

Pages marked SPlant and equipment expenditures 1Plastics and resin materials, syntheticPlywoodPopulationPorkPostal business-.Postal savingsPoultry and eggs _ _ 2, 5, 29Prices (see also individual commodities):

Consumers' price index 5Received and paid by farmers 5Retail price indexes 5Wholesale price indexes 5,6

Printing 2,3,4,11,12,15,37Profits, corporation. 18Public utilities 1, 5,11,13, 14,15,17,18,19, 20Pullman Company 23Pulpwood . . 36Pumps 34Purchasing power of the dollar 6Radio 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, 6, 39Real estate 7Receipts, United States Government 16Reconstruction Finance Corporation, loans 17Refri gerators 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, payrolls, hours,earnings 2,3, 4,12,14,15

Rye 28Saving, personal 1Savings deposits 16Securities issued 18,19Service industries 8,11Sewer pipe, clay 38Sheep and lambs 29Shipbuilding 11, 12, 13, 14Shoes 2, 5, 8, 9, 12, 14,15, 31Shortenings 26Silk, imports, prices 6, 22,39Silver 18Skins 5,22,30Slaughtering and meat packing 2,

11,12,14,29Soybeans 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,

3,11,12,13,14,38Stoves ... 34Street railways and buses 13,14,15,22Sugar 22,30Sulfur ___ 25Sulfuric acid 24Superphosphate 24Tea 30Telephone, telegraph, cable, and radio-tele-

graph carriers 11, 13, 14, 15, 19, 20, 23Textiles... 2, 3, 4, 6,11, 12, 14,15, 21, 38, 39, 40Tile ___ ___ 38Tin 22.33Tires and inner tubes 6, 12, 14,15, 37Tobacco 2,3, 4, 5, 7, 8, 11, 12, 14, 15,30Tools, 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 24Unemployment and unemployment compensa-

tion. _ _ 10,13United States Government bonds 17,18,19United States Government, finance 16,17Utilities 1, 5,11,13, 14,15,17,18, 19, 20Vacuum cleaners 34Variety stores 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 5,6Wholesale trade 10Wood pulp 36Wool and wool manufactures 2, 6, 22, 39, 40

Zinc. 33


A Regional Market Guide

State and Regional Economic Progress—

A detailed record covering two decades after 1929—with tables and charts showing each area's national ranking in variousfields of business and in resource use. Breaking down the national indexes of business growth, this volume shows thechief reasons for the pre- and post-war differences in the various regions, and the varying rates at which per capita incomeis being raised.

REGIONAL TRENDS analyzes the pre- and post-wareconomic growth of the seven major geographic areas. Itgraphically illustrates their gains in the last 20 years, andhighlights the factors determining the level of per capitaincome in each region.

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REGIONAL TRENDS, a fact-finding report issued by theOffice of Business Economics, U. S. Department ofCommerce, as a supplement to its monthly magazine Surveyof Current Business, carries a Statistical Appendix furnishinga wealth of data on income, population, employment, pro-duction, agriculture, mining, forestry, and resource develop-ment for every State and region.

Regional Trends in the United States Economy is now available from the nearestDepartment of Commerce field office or from the Superintendent of Documents, U. S. GovernmentPrinting Office, Washington 25, D. C. - Price $1.

UNITED STATES DEPARTMENT OF COMMERCE OFFICE OF BUSINESS ECONOMICS
