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SURVEY OF CURRENT BUSINESS
WEEKLY SUPPLEMENT
UNITED STATES DEPARTMENT OF COMMERCEBUREAU OF FOREIGN AND DOMESTIC COMMERCE
WASHINGTON, D. C, MARCH 2, 1939SUMMARY OF BUSINESS TRENDS
CIGNIFICANT changes in industrial volumes have not oc-*^ curred in recent weeks though the seasonally adjusted rate ofactivity has continued to drift slightly lower. Production inthe steel and automobile industries has fluctuated narrowly, withlabor disputes causing a small recession in automobile assem-blies in the final week of February. Railway freight trafficrecorded a small contraseasonal decline in the 3 weeks endedFebruary 18; daily loadings of miscellaneous freight were 4percent below those in January but were 7 percent larger thana year ago.- Industrial - share quotations recorded a small advance lastweek, though representative market averages have continuedaround 5 to 10 percent below the best levels reached in the re-covery which started in the second quarter of 1938. Corporatebond prices have been stable, with flotations of new securitiesquite low. However, there has been an announcement of a largenew capital issue for a petroleum corporation.More complete data now available for January confirm thepause in the forward movement of business activity indicated byweekly reports. The seasonally adjusted index of income pay-ments was off slightly from December to 84.2 (1929=100) forJanuary, but was higher than a year earlier for the first timesince November 1937. Total compensation of employees recededslightly more than seasonally from December; wage and salarypayments were nevertheless 4 percent higher than a year ago.As is usual, there was a substantial seasonal curtailment in em-ployment between mid-December and the middle of January.The decline in factory employment was of seasonal proportions.The aggregate number at work in nonagricultural pursuits inJanuary was about i}he same as a year ago, according to theBureau of Labor Statistics. The rate of manufacturing pro-duction in January was unchanged from December. As a risein activity is the usual experience for this period, the FederalReserve adjusted index of manufacturing output was off 4 pointsto 100 (1923-25 =
100)
in January. The more-than-seasonal de-cline in export trade in January reduced the value of exports toa level about one-fourth smaller than a year ago. Imports wereslightly higher in value than in January 1938.
SELECTED BUSINESS INDICATORS
STEEL INGOT PRODUCTION
(PERCENT Of INGOT CAPACITY)
AUTOMOBILE PRODUCTION
(THOUSANDS Or VEHICLES)
o!
'u
1
1 m
lull w
\iu
liui
w
I
mijml
MV
l
UJ
I
FREIGHT CAR LOADINGS
(THOUSANDS Of CARS)
mpc^^st
w
1 u tol
w
to tol
w
1 m 1 ;&'J
ol
w
l
m
\iu
1
w
1
LU
\XU
1
^
Im 1
&\
I '^ 1
&
I
•&'
BITUMINOUS COAL PRODUCTION
(THOU5AKQS OF SHORT TONS)
CRUDE PETROLEUM PRODUCTION
(THOUSANDS OF BARRELS - DAILY AVERAGE)
ELECTRIC POWER PRODUCTION
(MILLIONS OF KILOWATT HOURS)
almlai
1
'lukl'^'l
y
o'cr'lUJl'cJrl
1
'WHOLESALE PRICES
(I9£)
JAH
I FtB I
MAft
I APR- '
MAY
i
JUNCI JULY
I
AUG.
SEPT
I OCT I
NOV
) DCC^
STOCK PRICES
/
I
I
>
I f M i i t l
130426—39
 
WEEKLY BUSINESS INDICATORS
[Weekly average 1923-25=100]
Feb.
25Business activity:!New York Times§c?"—Barron'sd
1
-Business Week _Commodity prices, wholesale:Dept. of Labor, 1926=100:Combined index (813)Farm products (67)Food (122)All other (624)Fisher's index, 1926^100:Combined index (120)Copper, electrolytic!Cotton, middling, spotConstruction contracts! ...Distribution: CarloadingsEmployment: Detroit, factory...Finance:Failures, commercialBond yieldsiStock pricest
1939
80.079.732.753.366.0104.1Feb.18Feb.88.996.999.876.666.971.380.479.779.732.767.060.5100.589.496.7Feb.90.497.2101.3 101.9
103.6
76.666.771.180.479.579.733.160.564.166.276.667.171.080.479.879.733.1
60.2
62.766.9104.9 104.8103.9 101.2Jan.28
Feb.
2592.397.976.767.379.879.733.176.262.0100.874.0f.6.91938
Feb.
1978.876.081.379.670.273.583.183.071.033.8
30.353.474.3
72.696.5Feb.2779.0 107.5
104.9
109.8116.8
113.1
76.2
115.1
81.179.469.673.383.0
82.4
69.373.192.4
1937
86.191.486.784.490.971.0
102.9
33.1
48.9
35.655.972.2127.542.365.3Feb.2086.091.486.984.291.094.947.851.751.665.5141.2 142.9
Finance—Continued.
Banking:Debits,
outside N. Y. C.i.__.Federal Reserve reportingmember banks:
Loans,
total „Interestrates:Call loanst TimeloansjCurrencyin circulation{Production:AutomobilesBituminouscoaljCottonconsumptioniElectric powerfLumberPetroleumtSteel ingots©
Receipts,
primary markets:Cattle and calves.-HogsCottonWheat
1939
Feb.2585.092.231.527.6Feb.1894.065.724.228.694.1M.633.123.9Feb.81.8
65.424.228.6
99.2 104.7 110.8 102.8
116.9
84.12.9106.135.0
136.1
91.752.532.645.4Feb.87.6
Jan.
83.265.924.228.679.05 109.3
105.2
137.3
137.6
42.7
90.758.436.044.638.965.624.228.6
13S.
2 137.9 137.6 137.5 136.6 130.2 129.9 131.5 131.
i
66.324.228.683. S
44.3
159.6 157.7 165.2 155.9 159.5 161.751.37.962.841.642.336.11938Feb.82.971.224.228.674.365.784.12L9 123.34.863.045.774.6Feb.96.0 106.5 115.971.624.228.6
64.9
30.659.642.491.538.2
1937
Feb.27
72.4
24.228.677.5 146.7 125.4111.45 133.2
130.0
6 132.5
132.8
48.6158.2 158.252.3 135.5
134.0
64.746.946.518.5Feb.71.824.228.6109.143.963.850.465.826.0
•Datado not cover calendar weeks in all
cases.
§Computed
normal=100.
JDaily
average.
fWeekly
average,
1928-30=100.©Index for week ended Mar. 4 is
95.8.
cfFor description of these
indexes,
see p. 4 of the Dec. 16,1937 issue.
WEEKLY BUSINESS STATISTICS*
^Seasonally adjusted.1939
Feb.
25
Feb.
18
Feb. 11
Feb. 4Jan. 28Jan.
21
1938
Feb. 26
Feb. 19
1937
Feb. 27
Feb. 20
1936
Feb.
29
COMMODITY PRICES, WHOLESALE
Copper, electrolytic, New Yorkt dol. per Ib_.Cotton, middling, spot, New York doFood index
(Bradstreet's)
doIron and steel, composite dol. per ton..Wheat, No. 2 hard winter (Kansas City)., dol. per bu
FINANCE
Banking:Debits, New York City mil. of dol..Debits, outside of New York City do.—Federal Reserve banks:Reserve bank credit, total doU. S. Government securities doMember bank reserve balances doExcess reserves, estimated doFederal Reserve reporting member banks:Deposits, demand, adjusted doDeposits, time doInvestments, total§ doU. S. Government direct obligations. doObligations fully guaranteed by U. S. Govern*ment——- ........-.._._...-„._.mil. of doL_Loans, total§ doCommercial, industrial, and agricultural loans§mil. of dolInterest rates, call loanst percent..Interest rates, time loans! doExchange rates:French francj cents..Pound sterling* dollars-Failures, commercial number..Currency In circulation! mil. of dol—Security markets:Bond sales
(N.
Y>
S. E.)
thous. of dol. par value..Bond yields
(Moody's)
(120bonds)t percent--Stock sales (iV.
Y. S. E.)
thous. of shares..Stock prices
(N. Y.
Times)t
dol. per share-Stockprices
(Standard Statistics)
(420) 1926=100..Industrials (348) do....Public utilities (40) do....Railroads (32) do
PRODUCTION, CONSTRUCTION, AND
Production:
DISTRIBUTION
Automobiles _ number-Bituminous coalj thous. of short tons,*Electric power mil. of kw.-hr..Petroleumt thous. of bbl._Steel ingots® pet. of capacity..Construction-contract awards? thous. of dol—Distribution:Freight-car loadings, total cars..Coal and coke doForest products doGrains and grain products doLivestock. doMerchandise,
1.
c. I do....Ore do-Miscellaneous doReceipts:Cattle and calves thousands..Hogs... doCotton Into sight thous. of bales..Wheat, at primary markets thous. of bu..
0.110.0892.32
36.38
.71
2,6383,2842,5922,5648,8413,29816,094
5,18913. 426
8,1841,9938,1803,7661.001.252.6494.689
217
6,711
26,5003.813,365101.05
89.6
105.6
.
84.1
27.9
75,660
53.72,1960.1102.31
36.38
2,841
3,6372,5872,5648,707
3,166
15,951
5,181
13,403
8,1821,9758,2053,7611.001.252.6484.686
224
6,697
25,8203.812,860101.89
90.5106.984.227.9
79,8601,4112,2493,324
54.8
8,967
580,071137,08024,38728,58711,120148,250
8,944
221,703
17225886
1,8980.110
.090
2.30
36.36
3,3853,7932,5842,5649,0183,459
16,077
5,185
13,280
8,1711,8078,1793,7451.001.252.6474.686
261
6,681
30,530
3.823,536
101.73
91.1107.485.228.5
84,500
1,4332,2683,284
53.4
579,918142,35823,53928,809
9,700
148,404
8,429
218,679
166211118
2,4160.110
.090
2.31
36.35
.70
3,3624,0632,5822,664
9,047
3,478
16,048
5,183
13,209
8,1731,7898,2333,7671.001.252.6434.678
255
6,676
32,650
3.864,224
100.88
80.0105.381.827.7
78,410
1,3462,2873,442
52.8
576,790140,77925,53829.54411,371146,138
9,062
214,358
185234116
3,0930.110
.090
2.30
36.35
.72
3,0643,860
2,5832,564
9,166
3,59716,152
5,179
13,1478,1861,7338,2813,7651.001.25
2.641
4.675
301
6,63538,180
3.86
7,65798.29
87.4103.580.927.0
89,2001,4272,2933,248
51.2
12,241594,379148,81127,93532,20212,966146,4287,640218,397
1982701102,8710.110.0912.30
36.37
.703,391
4,2892,5882,564
9,130
3,55916,124
5,174
13,1508,1821,7328,2903,7891.001.252.6404.678
292
34,4303.834,402104.16
92.6110.082.830.0
90,2051,3622,2903,264
52.79,139
590,359139
t
04627,24033,02913,839146,5868,964221,655
194314120
2,7630.098
.0922.48
38.84
.992,155
3,207
2,591
2,5647,2401,41214,5765,24912,2718,1471,1508,8964,3781.001.253.267
5.0182676,321
29,480
4.19
3,97893.74
84.7100.773.430.2
56,6771,119
2,031
3,323
30.4
4,872
611,930106,75425,80030,21511,455134,958
6,818
195,930
199297194
1,6640.0980.902.44
38.88
.99
2,7933,7102,6002,5647,2161,364
14,485
5,248
12,287
8,160
1,1508,9444,3921.001.25
3.291
5.027
2826,310
33,620
4.223,318
89.7179.694.470.228.0
59,100
1,1062,0593,369
31.0
5,721
535,866108,09426,28631,87511,203146,915
8,160
203,333
188275238
3,0360.142
.133
2.94
36.95
1.334,2244,117
2,4602,4306,7052,09715,638
5,111
13,6219,0941,2099,0541.001.25
4.651
4.890
172
58,2703.779,953137.09
128.5150.9108.058.2
111,9151,8972,2073,296
82.59,180
692,393171,36134,46527,34210,991153.26410,706284,264
205304121
1,4690.131
.130
2.95
36.71
1.383,6764,4822,4782,430
6,768
2,186
15,604
5,093
13,621
9,1071,2108,9681.001.254.6564.896
210
6,365
95,030
3.78
13,100138.78
129.5151.7110.358.3
1,807
2,212
3,296
81.6
8,300
711,314163,63936,93729,45811,660166,61210,945287,063
202327171
2,0670.090
.113
2.67
33.59
1.133,6453,5322,4752,4305,8393,060
14.090
4,900
13,047
8,6901,201
.75
1.00
6.677
4.992
200
5,806
79,580
3.94
12,261119.08
105.5120.1101.350.1
64,956
1,6691,9032,775
52.9
6,306
672,869185,46629,86636,65710,573157,7515,873246,683
196243136
1,740•Data do not cover calendar weeks in all cases. {Daily average. ® Rate for week ended Mar. 4 is 55.8.$N,9 longer strictly comparable; for an explanation, see the corresponding data in the forthcoming April Issue of the Survey.
 
MONTHLY BUSINESS STATISTICS—Continued
Monthly statistics through December 1937, to-gether with explanatory notes and referencesto the sources of the data may be found in the1938 Supplement to the Survey1939January1938JanuaryFebru-aryMarchAprilMayJuneJulyAugustieptem-berOctoberNovem-berDecem-ber
BUSINESS INDEXES
Pages 6, 7, 8Incomepayments:Adjusterindex. 1929*=100_.Unadjusted index doTotal mil. of dol..Compensation of employees:Adjustedindex _ 1929=100..Total.mil. of doL.
M/g.,
mining,andconstruction.,doTransportation and utilities doTrade and finance doGovernment, service, and other.._do__..Work relief
do-...
Dividends and interest doEntrepreneurialwithdrawals ana net rents
and
royalties mil. of dol..Direct and other lelief _doBenefit payments under the Social Secu-rity Act mil. of del..Industrial production (J
1
.
R.):
Combined index, unadjusted.._ 1923-25«100.,Manufactures,unadjusted doMinerals,unadjusted doCombined index, adjusted..
_.^__do___.
Manufactures, adjusted doAutomobiles » do~..Textiles doMinerals,adjusted - do
COMMODITY PRICES
Pages ll, 15Cost of living
(N.I. C. B.):
Combined index—. ___..-__-1923=100..Clothing _ do.-..Food do...,Fuel and light ...doHousing..* doSundries doWorld prices, foodstuffs and raw materials:Combined indexf 1923-25=100.,Cotton ... . .....doRubber i doSilk J do...,Sugart - do...,Tea do...Tin do.-,Wheat _ :_-do.._.
EMPLOYMENT CONDITIONS ANDWAGES
Pages
31,
32,
33,
35, 37, 40, 43Employment: -Factory, unadjusted (U. S. Department ofLabor)t-- 1923-25=100-Durable goods... doNondurable poods doFactory, adjusted (Federal Reserve)t~doDurable goods doNondurable Roods doNoninanufacturing, unadjusted (U. S. De-Lining:Anthracite. 1929**100_.Bituminous coal doMetalliferous do....Petroleum, crude, producing doQuarrying and nonmetallic doPublic utilities:Electric light and power, and manufac-~ lured gas__.;...:.._..:.._._.1929=iO6..Electric railroads, etc doTelephone and telegraph _ do,Trade:Retail, total _ do.-.Wholesale do_._.Pay rolls:Factory, unadjusted (U, S. Department ofLabor) t- 1913-25=100-Durablegoods...._*_..-. doNondurable goods doNonmanufacturing, unadjusted (U. S. De-partment of Labor):Mining:Anthracite; 1929=100.-Bituniinous coal do.Metalliferous doPetroleum,
1
crude, producing doQuarrying and nonmetallic do____Public utilities:Electric light and power, and manufac-tured gas .1929=100..Electric railroads, etc doTelephone and telegraph do___.Trade:Retail, total do.Wholesale do.
FOREIGN TRADE
Indexes: Pages
79,
80,82,83Exports:Total vfllue, unadjusted 1923-25=100..Total value, adjusted do
84.284.5
5,532
85.7
3,5921,124
374640
1,257
197790
1,016
95» 101*10010585.472.779.285.986.296.837.232.736.926.531.366.792.339.389.381.496.891.5S3.499.250.388.762.267.039.269.174.582.988.683.276.690.638.077.154.760.730.695.470.892.4
70.275.3
83.583.7
5,482
82.4
3,4441,066
371641
1,228
138872
1,063
9479751038076657510887.576.782.086.388.297.644.231.634.321.932.175.482.675.887.881.793.790.083.796.059.696.967.475.338.2
~
937S'
72.377.884.191.075.067.184.046.570.459.168.227.770.693.770.175.482.676.0
4,975
81.4
3,4201,071
355632
1,216
146442991957976987975'627910386.776.080.186.387.897.545.232.734.522.228.377.482.182.588.280.195.988.981.096.460.095.563.674.237.S82.781.4
5,331
81.0
3,4481,064
369630
1,221
164720
1,014
97528077957975548110386.775.5SO. 386.287.597.841.932.731.722.827.176.081.987.779.395.887.479.095.459.393.262.373.638.981.481.6
5,342
80.1
3,4571,035
359644
1,239
18075299592
46
7876917773547410186.875.181.185.787.297.640.732.427.722.626.076.976.368.585.777.094.085.476.294.157.085.861.673.841.780.476.7
5,020
79.5
3,4561,022
359635
1,251
18944099285
47
777590767349779186.574.580.883.787.097.638.830.927.122.426.275.373.362.983.475.091.583.774.192.952.882.258.873.243.780.782.3
5,388
79.4
3,4581,006
360629
1,266
197
800
99386.773.981.983.786.797.539.630.929.422.527.170.980.364.081.672.490.382.471.992.456.080.256.072.843.6-92T671.275.782.490.476.967.287.846.174.055.809.6
28.
p
98.570.268.475.3
76
70.874.983.089.177.167.487.-947.368.456.368.030.298.669.992.668.674.791.871.174.888.288.5
74.665.684.7
39.056.353.368.033.997.670.091.672.274.6
Y
70.675.0
83.887.3
72.964.282.638.355.351.266.738.397.471.291.370.075.162.270.474.883.687.270.861.780.949.757.046.167.637.398.669.790.969.573.880.781.0
5,304
79.8
3,3571,002
366625
1,175
189788
1,025
66
48
817992S38243979386.573.581.784.186.697.441.232.736.025.328.270.586.362.481.970.392.982.970-794.544.678.549.772.344.192.370.174.981.186.870.65S.684.120.2f6.838.066.737.090.968.173.681.576.1
4,985
81.4
3,4181,056
373
619
1,173
197412
1,015
85
55
878597
8887451109585.973.480.184.486.696.939.130.937.724.328.176.386.153.985.771.799.084.972.097.137.680.151.472.444.692.769.574.880.087.676.963.791.720.064.243.766.839.98.969.591.366.873.782.083.5
5,465
82.5
3,5701,102
374632
1,265
197692
1,067
845291891020189461039785.973.380.485.086.696.838.329.837.825.228.978.486.350.288.875.3101.686.975.797.646.483.455.271.544.692.569.374.985.088.581.068.794.929.471.946.166.538.498.468.492.6
74.3
82.386.3
5,651
83.1
3,6751,137
386641
1,305
206
739
1,108
8445979510696958410085.873.279.885.686.696.837.831.639.625.926.872.990.046.789.579.099.487.573.096.652.487.257.969.544.492.569.974.786.189.183.875.243.478.349.63.799.968.995.371.175.1'83.5
* 80.9
'5,297'84.5'3,670
'
1,145
' 372
'646'1,298209450
1,055
85
37
1041031051031039611210285.673.279.585.986.496.837.533.538.025.228.866.092.042.390.5'82.198.390.081.498.251.088.6'61.9'68.344.4'91.969.574.4'87.289.884.178.3'90.636.281.4'52.3'63.337.98.6'68.893.0'71.8'75.4
p
PreliminarytRevised series. Data'on'world prices revised beginning
1920:
see table 4, p.
pp. 25
and, 27j)f the January 1939 Survey.
84.5'90.9•5,946'3,719
'
1,166
' 377
*6S3^1,290'203
1,0791,030
92'98••1031011039911710885.873.080.386.086.296.836.532.037.625.330.467.291.938.1'91.2'83.1'98.8'91.6'83.2'99.5'51.3'89.362.7'67.7'41.4'91.469.2'74.2'98.7'90.086.6'80.4'93.5'42.5'80.1'54.3'62.5'33.7'98.2'69.5'92.7'79.9'75.67167
'Revised.17 of tbe January 1935 Survey. For revisions on employment and pay rolls see footnotes on

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