OCTOBER 1950
Uo 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. 10
OCTOBER 1950
PAGE
THE BUSINESS SITUATION 1National Income and Corporate Profits in the Second
Quarter of 1950 4Trends in Employee Compensation . . 7
* * *
SPECIAL ARTICLEPublic and Private Debt in 1949 . 9
* * *
NEW OR REVISED STATISTICAL SERIESRevision of Manufacturers' Sales, Orders, and Inven-
tories 16
* * *
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, $3 ayear; Foreign $4. Single copy, 25 cents. Send remittances to any Depart-ment of Commerce Field Office or to the Superintendent of Documents,United States Government Printing Office, Washington 25, D. C. Specialsubscription arrangements, including changes of address, should be madedirectly with the Superintendent of Documents. Make checks payable toTreasurer of the United States.
Contents are not copyrighted and may be freely reprinted.
DEPARTMENT OF COMMERCEFIELD SERVICE
Albuquerque, N. Mex.203 W. Gold Ave.
Atlanta 3, Ga.50 Whitehall St. SW.
Baltimore 2, Md.103 S. Gay St.
Boston 9, Mass.2 India St.
Buffalo 3, N. Y.117 ElHcott St.
Butte, Mont.14 W. Granite St.
Charleston 3, S. C.18 Broad St.
Cheyenne, Wyo.206 Federal Office Bid*
Chicago 4, 111.332 S. Michigan Art.
Cincinnati 2, Ohio105 W. Fourth St.
Cleveland 14, Ohio925 Euclid Are.
Dallas 2, Tex.1114 Commerce St.
Denver 2, Colo.828 Seventeenth St.
Detroit 26, Mich.230 W. Fort St.
El Paso 7, Tex.206 U. S. Court House
Bldg.
Hartford 1, Conn.135 High St.
Houston 14, Tex.602 Federal Office Bldf.
Jacksonville 1, Fla.311 W. Monroe St.
Kansas City 6, Mo.911 Walnut St.
Los Angeles 12, Calif.312 North Spring St.
Louisville 2, Ky.631 Federal Bldg.
Memphis 3, Tenn.229 Federal Bldg.
Miami 32, Fla.36 NE. First St.
Milwaukee 1, Wis.517 E. Wisconson Ave,
Minneapolis 1, Minn.2d Ave. S. at 4th St.
Mobile, Ala.109-13 St. Joseph St.
New Orleans 12, La.333 St. Charles Ave.
New York 4, N. Y.42 Broadway
Oklahoma City 2, Okla.102 NW. Third St.
Omaha 2, Nebr.1319 Farnam St.
Philadelphia 6, Pa.437 Chestnut St.
Phoenix 8, Ariz.234 N. Central Ave*
Pittsburgh 19, Pa.700 Grant St.
Portland 4. Oreg.520 SW. Morrison St*
Providence 3, R. I.24 Weybossett Stv fprmpr
October 1950 SURVEY OF CUEEENT BUSINESS 11
Chart 2.Percentage Changes in Net Public and PrivateDebt, 1948 to 1949 1
capital had increased and there was a marked improvementin liquidity ratios.Nonfarm mortgage expansion continues
In 1949, as in the preceding 2 years, the largest absoluteincrease of any major private debt category was recorded inthe noncorporate (nonfarm) mortgage area. The rise in1949 was $5.2 billion, in comparison with expansions averag-ing $6.2 billion in the three preceding years. The steadypostwar increase in this form of debt carried the total from$28 billion at the end of 1945 to $51% billion at the close oflast year.
The volume of new construction activity in the areascovered by this type of indebtedness was essentially stablefrom 1948 to 1949. This accounted for the somewhat lowernet addition to mortgages outstanding during 1949. How-ever, factors tending to enlarge the rate of growth wereoperative, such as a liberalization of credit policies on thepart of private lending institutions and Government insur-ing agencies. Other possible expansive influences may havebeen a higher rate of turn-over of existing structures, and alower volume of mortgage repayments in excess of contractualobligations.
Under the terms of the Defense Production Act of 1950,the President has been given control powers in the mortgagemarket for new construction. As noted in the review of thebusiness situation earlier in this issue, the comprehensiveregulations have recently been announced.
Farm debt rise acceleratedFarm mortgage debt continued to expand during 1949, at ably the primary cause of the lower volume of turn-over in
a rate higher than in the 1946-48 period. As further eyi- farm land. Farm sales at increasing prices had contributed"" " " to the increase in outstanding mortgage debt in earlier post-
war years. In 1949, a decreased number of these sales atlower prices must have had a dampening effect on the newmortgage level. Considering the stable volume of mort-gages made or recorded, the rise in outstandings in 1949, ata quickening pace, must have been primarily caused by lower
PERCENTAGE CHANGE-10 -5 0 +5 +10 -H5 +20
1 |TOTAL NET DEBT
FEDERALGOVERNMENTSTATE AND LOCALGOVERNMENTCORPORATE, LONG-TERM
K-SivSi^
FARM MORTGAGE
NONFARM MORTGAGE
FARM, NONMORTGAGE
NONFARM, NONMORT-GAGE1 1
\ \ \
~D
I::
12 SURVEY OF CURRENT BUSINESS October 1950Table 4.Gross and Net State and Local Government Debt, June 30, 1929-49
[Millions of dollars]
End of fiscal year
19291930 _ - _193119321933
1934__.19351936-19371938
1939--19401941__19421943
194419451946--19471948
1949
Gross debt
Stateand
local,total i
17, 23418, 45919, 53419, 57619, 802
19, 15619, 34219, 61719, 59419, 576
19, 99620, 24620, 22619, 69018, 692
17, 47116, 58915, 92216, 82518, 702
20, 875
State
2,3002,4442,6662,8963,018
3,2013,3313,3183,2763,309
3,3433,5263,4133,2112,909
2,7682,4252,3582,9783,722
4,024
Local
Total
14, 93416, 01516, 86816, 68016, 784
15, 95516, Oil16, 29916, 31816, 267
16, 65316, 72016, 81316, 47915, 783
14, 70314, 16413, 56413, 84714, 980
16,851
County
2,2702,4342,5642,5312,494
2,4572,4202,3822,3452,282
2,2192,1562,046,846,634
,694,545,417,481,408
1,603
City andtown-ship
9,2599,929
10, 45810, 34210, 463
9,6519,725
10, 03110, 0679,923
10, 21510, 18910, 21010, 0799,784
8,8268,5898,2678,2759,135
9,806
Schooldistrict
1,9562,0982,2102,1762,117
2,0592,0001,9421,8841,860
,837,813,787,701,573
,465.363,283,355
1,560
2,147
Specialdistrict
1,4491,5541,6361,6311,710
1,7881,8661,9442,0222,202
2,3822,5622,7702,8532,792
2,7182,6672,5972,7362,877
3,295
Duplicating debt 2
Stateand
local,total
4,0644, 3404,0082,9613,078
3,2153,2973,3883,4833,601
3,6823,7853,8893,8473,810
3,3972,8642,3492,4282,476
2,726
State
Total
714752806876952
1,0371,0991,1651,2341,313
1,369,433,553,541,576
,351,046754804851
970
Sinkingfunds
258265287303319
335351367383412
396363300276306
247175141144154
151
Trust,etc.,
funds
456487519573633
702748798851901
9731,0701,2531,2651,270
1,104871613660697
819
Local
Total
3,3503,5883,2022,0852,126
2,1782,1982,2232,2492,288
2,3132,3522,3862,3062,234
2,0461,8181,5951,6241,625
1,756
Sinkingfunds
2,8563,0492,5761,4111,400
1,3911,3801,3711,3601,365
1. 3721.3501,3581, 3441,302
1,142960869860847
868
Trust,etc.,
funds
494539626674726
787818-852889923
9411,002
978962932
904858726764778
888
Net debt
Stateand
local,total
13, 17014,11915, 52616,61516, 724
15, 94116, 04516, 22916, 11115, 975
16, 31416, 46116, 33715, 84314, 882
14, 07413, 72513, 57314, 39716, 226
18, 149
State
1,5861,6921,8602,0202,066
2,1642,2322,1532,0421,996
1,9742.0931,8601,6701,333
1,4171,3791,6042,1742,871
3,054
Local
11, 58412, 42713, 66614, 59514, 658
13, 77713, 81314, 07614, 06913, 979
14, 34014, 36814, 47714, 17313, 549
12, 65712, 34611, 96912, 22313, 355
14, 095
1 Includes State loans to local units.
2 Comprises State and local government securities held by State and local governments.
Non-real-estate credit to farmers and farmers' cooperativeorganizations (labeled "Farm nonmortgage" in the tables)also underwent a sharp increase in the year ending December31, 1949. However, in examining this component of the netdebt total, it is advisable to separate Commodity CreditCorporation loans and guarantees, which are not debt in theusual sense. The loans are nonrecourse in form and arisefrom price-support activity of the Government. The trans-action is essentially a sale when the loan is not redeemed.
Excluding CCC loans and guaranties, farm non-real-estatecredit totaled $4% billion on December 31, 1949, about13 percent above the amount outstanding a year earlier.The increase in the three prior years had averaged about 20percent. The diminished rate of increase in farm nonmort-gage credit may indicate that farm demand for capital equip-ment and other improvements has been restricted by reducedincomes. However, there may have been, also, an increaseduse of farm mortgage loans to finance equipment expendituresand to refund existing short-term credit.
Noncorporate business and individual borrowings for com-mercial, financial and consumer purposes increased during1949 to a total of $30% billion at the end of the year.The year's advance of nearly $3 billion was less than thatrecorded in 1947 and 1948, in both absolute and percent-age terms. Within this major category, there were againdivergent movements.
Noncorporate commercial debt reducedBusiness decisions to reduce inventories had been a major
factor in the 1949 adjustment. In the noncorporate, non-farm, sector there was a drop of nearly $1% billion in in-ventory book values. Reduced requirements for credit tohold inventories account for the downturn in the commercial(nonfarm) category (table 7). This series represents onlycommercial and industrial loans by banks to noncorporatebusiness enterprises. Trade payables carried on the booksof noncorporate business firms are not included because ofthe lack of basic data; however, available evidence indicatesan even greater contraction in that category than in bankloans.
Source: U. S. Department of Commerce, Bureau of the Census and Office of BusioessEconomics.
Expansion of security loansAs part of the general program to ease credit restrictions
early in 1949, the Federal Reserve Board relaxed the marketcontrols imposed in Regulations T and U, which relate to theuse of credit to purchase or carry securities. Margin require-ments on listed stocks were reduced from 75 to 50 percent.There followed a moderate increase in bank and brokers' loansfor this purpose. At the end of 1949, these loans amountedto $3% billionup more than $% billion from December 31,1948, but still at a relatively low level.
Policy loans and premium notes against life insurance cashvalues also expanded during the year, but maintained a lowratio to total policy reserves. The increase was not such asto evidence a growing amount of distress borrowing. Thisseries includes only loans by life insurance carriers and isincluded under the "financial" category in table 7, togetherwith the security credit mentioned above.
Consumers* debt risesConsumer debtthe remaining segment of noncorporate
business and individual debtis related to such factors as theamount of current income, the preceding debt level, existinginventories of consumers' goods, the volume of liquid assets,and anticipated income and price movements. Also, there isa long-term growth factor resulting from price changes,population increase, and lessening social pressures againstthe incurrence of indebtedness. The major factor contribut-ing to the further growth of consumer credit during 1949, asin previous postwar years, was undoubtedly the expandingflow of durable goods to consumers.
On December 31, 1949, total consumer credit amounted tonearly $19 billion, up $2% billion from the end of 1948.This total represented 10 percent of the year's disposablepersonal income (personal income after personal taxes andother payments to Government), compared to 8.7 percent atthe end of 1948. By the end of June 1950, consumer credithad advanced to $19.7 billion, but the relationship to dis-posable personal income remained stable at 10 percent.As may be seen in chart 3, where this is shown graphically,
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October 1950 SURVEY OF CURRENT BUSINESS 13
total consumer credit in June did not seem to be unusuallyhigh (the relationship was well over 10 percent in six of theprewar years1936 through 1941). This was especiallytrue if the long-term growth trend is taken into account.
Installment credit, the most volatile component of theconsumer credit total, was still below the immediate prewarrelationship to income in June 1950, but had risen verysharply in the preceding 6 months. Pursuant to the DefenseProduction Act of 1950, regulation of installment credit wasreimposed. Under the provisions of Regulation W, theFederal Reserve Board resumed its control of this form ofcredit on September 18, 1950.
Debt and interest paymentsThe foregoing discussion has been confined to a description
of recent major changes in the debt structure. Table 2traces the growth in gross public and private debt over thepast 20 years. Particularly noteworthy is that the expansionin total debtfrom $214 billion in 1929 to $513 billion atthe end of 1949was not accompanied by a similar rise ingross interest payments. Interest payments were $13 billionin 1929 and $14% billion in 1949. (See table 37, SUPPLE-MENT TO SURVEY OF CURRENT BUSINESS, July 1947, andtable 37, SURVEY, July 1950.) The computed average ratesof interest are 6.0 percent for 1929 and 2.8 percent for 1949.Because of lack of complete comparability between the debtand interest series, these percentages are subject to someerror, but the fact of a halving of interest rates in this periodhas been of major significance in investment and in thecomparative ability to carry debt.
Primarily responsible for this drop was the general declinein market interest rates. The changed composition of grossdebt between 1929 and 1949in particular the substantiallyhigher proportion of public debtwas a contributing factor,but of much less importance.
Revised SeriesEstimates for 1916 through 1935 as published in this
article are identical with those presented in the October1949 SURVEY. Estimates for 1936 through 1948, as pub-lished in the October 1949 SURVEY, have been revised in thepresent article because of revisions in the Bureau of Agri-cultural Economics series for non-real-estate debt of farmersand farmers7 cooperative organizations (1936-48), and theincorporation of other basic data, particularly for the cor-porate business sector, for more recent years.
The statistical bases for the present estimates are ingeneral similar to those used in the past. These have beenexplained in articles in the September 1945 and July 1944issues of the SURVEY and in the special bulletin, " Indebted-ness in the United States, 1929-41" (Department of Com-merce, Economic Series No. 21, U. S. Government PrintingOffice, 1942).1 In the September 1946 and September 1947articles modifications of former procedures were noted.
Gross and net debt conceptsNet public and private debt outstanding is a compre-
hensive aggregate of the indebtedness of borrowers afterelimination of certain types of duplicating governmentaland corporate debt. This measure of indebtedness providesa more significant indication of trends in the debt structurethan does gross debt, since the effects of nominal changes infinancial practices and organization are largely removed.
To obtain net figures, gross debt is adjusted for specifictypes of duplications pertaining to the following sectors of
i Copies of this bulletin are available from the Superintendent of Documents, GovernmentPrinting Office, Washington 25, D. C.; price, 15 cents*
the economy: (1) the Federal Government and its corpora-tions and agencies generally; (2) State and local govern-ments, which are treated as a single entity; and (3) withinthe corporate area, those affiliated but legally distinct cor-porations which operate under a single management. Inthe noncorporate private area, data are gross throughoutwith no adjustments for duplications.
The net debt concept, then, depends upon the definitionsemployed in measuring gross and duplicating debt. Grossdebt, as defined in this study, consists of all classes of legalindebtedness except the following: (1) the deposit liabilityof banks and the amount of bank notes in circulation; (2) thevalue of outstanding policies and annuities of life insurancecarriers; (3) the short-term debts among individuals andunincorporated nonfinancial business firms; and (4) thenominal debt of corporations, such as bonds which areauthorized but unissued, or outstanding but reacquired.
Chart 3.Consumer Credit Related to Disposable Per-sonal Income 1
20
16
50
oo
_L I0 40 80 120 160 200
DISPOSABLE PERSONAL INCOME, TOTALFOR YEAR (BILLIONS OF DOLLARS)
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
240
1 Data plotted for first half of 1950 are as follows: consumer credit outstanding, June 1950;
disposable personal income, first two quarters of 1950, seasonally adjusted, at annual rate.Sources of data: Consumer credit, Board of Governors of the Federal Reserve System;
disposable personal income, U. S. Department of Commerce, Office of Business Economics.
Duplicating debt may best be described with reference tothe sectors mentioned above. Within the Federal Govern-ment and its corporations and agencies, duplicating debtconsists of Federal holdings of Federal obligations. Withinthe State and local government area, State and local govern-ment securities held in sinking, trust, or investment funds byeither the issuer or other entities within the sector are con-sidered duplicating debt and eliminated. In the privatecorporate area, duplicating debt is defined as owed toother members of an affiliated system.
Thus, to arrive at net debt, each sector except the noncor-porate is adjusted to a net basis by certain consolidationswithin the sector. A summation of the consolidated esti-mates for each sector yields the total for net public andprivate debt.
The net debt concept for each of the four sectors can besummarized as follows: Federal Government net debt is thatowed to all other sectors of the economy except the FederalGovernment proper and its corporations and agencies;State and local government net debt is that owed to allother economic entities except State and local governments;
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14 SUEVEY OF CUEEENT BUSINESS October 1950Table 5.Gross and Net Corporate Debt, End of Calendar Year, 1929-49
[Millions of dollars]
End of year
192919301931 _ _ _ _ -19321933
19341935193619371938
19391940 :194119421943 __ _ _
19441945 1194619471948
1949
1929 _ __1930193119321933
19341935:19361937 .1938
19391940 _ _ _ _ _ _ _19411942 _1943
19441945194619471948
1949
19291930__ _ _193119321933_ _
19341935 _193619371938 _
19391940_ _ _194119421943. _ _ -
19441945194619471948
1949
AH corporations
Total Long-term !
Short-term l
TotalNotesand
accountspayable
Other
Railway corporations
Total Long-term1
Short-term l
TotalNotesand
accountspayable
Other
Nonrailway corporations
Total Long-term 1
Short-term 1
TotalNotesand
accountspayable
Other
Gross Corporate Debt
107, 043107, 425100, 33696, 11092, 373
90, 61389, 78590, 87090, 21686, 779
86, 80788, 96697, 543
106, 331110, 316
108, 98699, 523
109, 292124,823133, 692
131, 771
56, 62561, 08660, 07458, 76257, 161
53, 19151, 95450, 56351, 50652, 846
52, 11351, 23351, 24550, 15648, 354
47, 01845, 32148, 43554, 98860, 867
65, 163
50,41846, 33940, 26237, 34835, 212
37, 42237, 83140, 40738, 71033, 933
34, 69437, 73346, 29856, 16661, 962
61, 96854, 20260, 85769, 83572, 825
66, 608
35, 43632, 27928, 75425, 28923, 827
25, 80925, 95227, 08825, 57321, 627
22, 16722, 71726, 15626, 03226, 318
26, 89825, 71831, 66735, 66637, 135
33, 730
14, 98214, 06011, 50812, 05911, 385
11, 61311,87913, 31913, 13712, 306
12, 52715, 01620, 15230, 13435, 644
35, 07028, 48429, 19034, 16935, 690
32, 878
16, 07716, 35016, 35816, 41916, 457
16, 41016, 39716, 66616, 63516, 777
16, 96417, 17017, 30817, 68418, 131
17, 22115, 41113, 71414,17313, 996
13, 823
14, 38014, 71614, 78214, 85214, 798
14, 68214, 54014, 58914, 50814, 495
14, 47514, 54414, 38813, 98313, 391
12, 62511, 87410, 87711,16911,124
11, 348
1,6971,6341,5761,5671,659
1,7281,8572,0772,1272,282
2,4892,6262,9203,7014,740
4,5963,5372,8373,0042,872
2,475
725655706686690
685692683632629
633500529584868
839881799904872
775
972979870881969
1,0431,1651,3941,4951,653
1,8562,1262,3913,1173,872
3,7572,6562,0382,1002,000
1,700
90, 96691, 07583, 97879, 69175, 916
74, 20373, 38874, 20473, 58170, 002
69, 84371, 79680, 23588, 64792, 185
91, 76584, 11295, 578
110,650119, 696
117, 948
42, 24546, 37045, 29243, 91042, 363
38, 50937, 41435, 87436, 99838, 351
37, 63836, 68936, 85736, 18234, 963
34, 39333, 44737, 55843, 81949, 743
53, 815
48, 72144, 70538, 68635, 78133, 553
35, 69435, 97438, 33036, 58331, 651
32, 20535, 10743, 37852, 46557, 222
57, 37250, 66558, 02066, 83169, 953
64, 133
34, 71131, 62428, 04824, 60323, 137
25, 12425, 26026, 40524, 94120, 998
21, 53422, 21725, 62725, 44825, 450
26, 05924, 83730, 86834, 76236, 263
32, 955
14, 01013, 08110, 63811, 17810, 416
10, 57010, 71411, 92511, 64210, 653
10, 67112, 89017, 75127, 01731, 772
31, 31325, 82827, 15232, 06933, 690
31, 178
Duplicating Corporate Debt
18, 14218, 16816, 83816, 09515, 436
15, 10914, 99214,80714,41313, 488
13, 26213, 39014, 10014, 68214, 797
14, 85714, 23115, 75418, 71920, 132
20, 156
9,27810, 0169,7719,5719,292
8, 5808,3927,9447,9938,004
7,7477,5807,6317,4987,314
7,1866,9997,0928,9029,980
10, 718
8,8648,1527,0676,5246,144
6,5296,6006,8636,4205,484
5,5155,8106,4697,1847,483
7,6717,2328,6629,817
10, 152
9,438
6,2755,7215,0834,4494,190
4,5384,5664,6484,2833,534
3,6763,7804,3464,3234,362
4,4594,2645,2565,9206,166
5,601
2,5892,4311,9842,0751,954
1,9912,0342,2152,1371,950
1,8392,0302,1232,8613,121
3,2122,9683,4063,8973,986
3,837
1,0721,0251,0131,0711,108
1,1271,1681,2221,3121,345
1,3781,4431,4841,4871,558
1,5101,485
8071,4991,496
1,849
875830821877900
909932967
,045,055
,0621,112,129
1,1151,147
1,1191,099
4671,1721,205
1,225
197195192194208
218236255267290
316331355372411
391386340327291
264
10192999697
9697968888
88707481
120
116124111126121
108
961039398
111
122139159179202
228261281291291
275262229201170
156
17, 07017, 14315, 82515, 02414, 328
13, 98213,82413, 58513, 10112, 143
11,88411, 94712, 61613, 19513, 239
13, 34712, 74614, 94717, 22018, 636
18, 667
8,4039,1868,9508,6948,392
7,6717,4606,9776,9486,949
6,6856,4686,5026,3836,167
6,0675,9006,6257,7308,775
9,493
8,6677,9576,8756,3305,936
6,3116,3646,6086,1535,194
5,1995,4796,1146,8127,072
7,2806,8468,3229,4909,861
9,174
6,1745,6294,9844,3534,093
4,4424,4694,5524,1953,446
3,5883,7104,2724,2424,242
4,3434,1405,1455,7946,045
5, 493
2,4932,3281,8911,9771,843
1,8691,8952,0561,9581,748
1,6111,7691,8422,5702,830
2,9372,7063,1773,6963,816
3,681
Net Corporate Debt
88, 90189,-25783, 49880, 01576, 937
75, 50474, 79376, 06375, 80373, 291
73, 54575, 57683, 44391, 64995, 519
94, 12985, 29293, 538
106, 104113, 560
111, 615
47, 34751, 07050, 30349, 19147, 869
44, 61143, 56242, 51943, 51344, 842
44, 36643, 65343, 61442, 66741, 040
39, 83238, 32241, 34346, 08650, 887
54,445
41, 55438, 18733, 19530, 82429, 068
30, 89331, 23133, 54422,29028, 449
29, 17931, 92339, 82948, 98254, 479
54, 29746, 97052, 19560, 01862, 673
57, 170
29, 16126, 55823, 67120, 84019, 637
21, 27121, 38622, 44021, 29018, 093
18, 49118, 93721,81021, 70921, 956
22, 43921, 45426, 41129, 74630, 969
28, 129
12, 39311, 6299,5249,9849,431
9,6229,845
11,10411,00010, 356
10, 68812, 98618, 01927, 27332, 523
31,85825, 51625, 78430, 27231, 704
29, 041
15, 00515, 32515, 34515, 34815, 349
15, 28315, 22915, 44415, 32315, 432
15. 58615, 72715,82416,19716, 573
15,71113, 92612,90712, 67412, 500
12, 334
13, 50513, 88613, 96113, 97513, 898
13, 77313, 60813, 62213, 46313,440
13,41313,43213, 25912,86812,244
11, 50610, 77510, 4109,9979,919
10, 123
1,5001,4391,3841,3731,451
1,5101,6211,8221,8601,992
2,1732,2952,5653,3294,329
4,2053,1512,4972,6772,581
2,211
624563607590593
589595587544541
545430455503748
723757688778751
667
876876777783858
9211,0261,2351,3161,451
1,6281,8652,1102,8263,581
3,4822,3941,8091,8991,830
1,544
73, 89673, 93268, 15364, 66761, 588
60, 22159, 56460, 61960, 48057, 859
57, 95959, 84967, 61975, 45278, 946
78, 41871, 36680, 63193, 430
101, 060
99, 281
33, 84237, 18436, 34235, 21633, 971
30, 83829, 95428, 89730, 05031,402
30, 95330, 22130, 35529, 79928, 796
28, 32627, 54730, 93336, 08940, 968
44, 322
40, 05436, 74831, 81129, 45127, 617
29, 38329, 61031,72230, 43026, 457
27, 00629, 62837, 26445, 65350, 150
50, 09243, 81949, 69857, 34160, 092
54, 959
28, 53725, 9.9523, 06420, 25019,044
20, 68220, 79121, 85320, 74617, 552
17, 94618, 50721, 35521,20621, 208
21,71620, 69725, 72328, 96830, 218
27, 462
11,51710, 7538,7479,2018,573
8,7018,8199,8699,6848,905
9,06011,12115,90924, 44728, 942
28, 37623,12223, 97528, 37329, 874
27, 497
i Long-term debt is defined as having an original maturity of 1 year or more from date of issue; short-term debt as having an original maturity of less than 1 year.Sources: U. S. Treasury Department, Bureau of Internal Eevenue; Interstate Commerce Commission; U. S. Department of Commerce, Office of Business Economics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
October 1950 SUEVEY OF CURKENT BUSINESS 15Table 6.Nonfarm Mortgage Debt by Lender Groups, End of Calendar Year, 1929-49 1
[Millions of dollars]
End of year
19291930 __1931___19321933
19341935193619371938
1939 ._1940194119421943
1944194519461947 '._._1948 _- _ _.
1949
Residential and commercial
Total
37, 32638, 37437, 38335, 54031, 807
30, 86529, 89929, 49329, 48829, 733
30, 31431, 25532, 40731, 90730, 994
30, 79231, 68437, 97445, 24852, 412
58, 352
Corpo-rate2
5,6535,7235,6525,3924,229
4,0493,7753,7563,7723,872
3,9894,0603,9714, 0373,829
3,7823,9124,5865,3746,159
6,855
Noncor-porate
31, 67332, 65131, 73130, 14827, 578
26, 81626, 12425, 73725, 71625, 861
26, 32527, 19528, 43627, 87027, 165
27, 01027, 77233, 38839, 87446, 253
51, 497
1-4 family residential
Total
19, 48119,61519,01317, 87216, 743
16, 95816, 84116, 69016, 82717, 073
17, 60818, 40019, 40019, 21918, 781
18, 77819, 20823, 56928, 57033, 451
37, 251
Savingsand loanassocia-
tions
6,5076,4025,8905,1484,437
3,7103,2933,2373,4203,555
3,7584,0844,5524,5564,584
4,7995,3767,1408,856
10, 305
11, 600
Life in-surancecarriers
1,6261,7321,7751,7241,599
1,3791,2811,2451,2461,320
1,4901,7581,9762,2552,410
2,4582,2582,5703,4594,925
5,970
Mutualsavingsbanks
2,2862,3412,4362,4462,354
2,1902,0892,0822,1112,119
2,1282,1622,1892,1282,033
1,9371,8942,0332,2372,742
3,190
Com-mercialbanks
1,9621,9401,8121,6541,521
1,2001,2811,3631,4721,580
1,7541,9302,3162,3632,316
2,2932,4283,6904,9825,700
6,100
H.O.L.C.
132
2,3792,8972,7632,3982,169
2,0381,9561,7771,5671,338
1,091852636486369
231
Individ-uals andothers
7,1007,2007,1006,9006,700
6,1006,0006,0006,1806,330
6,4406,5106,5906,3506,100
6,2006,4007,5008,5509,410
10, 160
Multifamily residential and commercial
Total
17, 84518, 75918, 37017, 66815, 064
13, 90713, 05812, 80312, 66112, 660
12, 70612, 85513, 00712, 68812, 213
12, 01412, 47614, 40516, 67818, 961
21, 101
Life in-surancecarriers
3,5753,7943,8983,7413, 455
3,2182,9892,9163,0803,235
3,2923,3033,5413,5633,444
3,4183,6023,7904,3214,911
5,787
Mutualsavingsbanks
3,4913,5573,6103,4613, 338
3,1522,9902,8192,7552,684
2,6952,6852,6132,4942,383
2,3612,3062,3992,5913,031
3,478
Com-mercialbanks
(3)(3)(3)(3)(3)(3)(3)(3)(3)(3)1,865
1,9432,0672,0241,8931,7421, 6731,8232,8433,6414,319
4,636
Individ-uals andothers
(3)(3)(3)(3)
(3)(3)(3)(3)(3)4,876
4,7764,8004,8294,7384,6444,5624,7455,3736,1256,700
7,200
1 The data represent mortgage loans on commercial and residential property, and excludereal estate mortgage bonds. Multifamily and commercial property mortgages owed bycorporations and held by other nonfinancial corporations are also excluded.
2 The corporate mortgage debt total is included in the total corporate long-term debt out-standing, table 5.
sNot available.Sources: Federal Savings and Loan Insurance Corporation; U. S. Department of Com-
merce, Office of Business Economics.
Table 7.Individual and Noncorporate Debt, End of Calendar Year, 1929-49[Millions of dollars]
End of year
19291930 -193119321933
1934193519361937 _1938
1939194019411942194319441945194619471948
1949
Farm andnonfarm
total
72, 55171, 56565, 07657, 73851, 835
50, 79550, 64351, 41352, 10351, 034
51, 96753, 97856, 50851, 53149, 452
51, 53555, 42061, 82572, 65284, 519
93, 843
Farm
Total farm
12, 21811, 77911,06710, 1029,086
8,8988,9558,5838,5988,972
8,8349,1049,2368,9218,204
7,7377,1727,5328,428
10, 613
11, 862
Farmmortgage *
9,6319,3989,0948,4667,685
7,5847,4237,1546,9556,779
6,5866,4916,3725,9515,389
4,9334,6824,7774,8825,108
5,413
Farm non-mortgage 2
2,5872,3811,9731,6361,401
1,3141,5321,4291,6432,193
2,2482,6132,8642,9702,815
2,8042,4902,7553,5465,505
6,449
Nonfarm
Totalnonfarm
60, 33359, 78654, 00947, 63642, 749
41, 89741, 68842, 83043, 50542, 062
43, 13344, 87447, 27242, 61041,248
43, 79848, 24854, 29364, 22473, 906
81, 981
Nonfarm mortgage
Total
31, 67332, 65131, 73130, 14827, 578
26, 81626, 12425, 73725, 71625, 861
26, 32527, 19528, 43627, 87027, 165
27, 01027, 77233, 38839, 87446, 253
51, 497
1-4 family
18, 50718, 63418, 06216, 97815,906
16,11015, 99915, 85615, 98616,219
16, 72817, 48018, 43018, 25817, 842
17,83918, 24822, 39127, 14231, 778
35, 388
Multi-family andcommercial
13, 16614,01713, 66913, 17011, 672
10, 70610, 1259,8819,7309,642
9,5979,715
10, 0069,6129,323
9,1719,524
10, 99712, 73214, 475
16, 109
Other
Total
28, 66027, 13522, 27817, 48815, 171
15,08115, 56417, 09317, 78916, 201
16, 80817, 67918, 83614, 74014, 083
16, 78820, 47620, 90524, 35027, 653
30, 484
Commercial(nonfarm)
(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)3,0283,4944,1293,3543,168
3, 2273,9125,1226,1006,388
5,918
Financial 3
(4)(4)(4)(4)(4)(4)(4)(4)(4)(4)5,8115,0704,8454,8085,537
7,7589,9275,5924,5774,946
5,787
Consumer
7,6286,8215,5184,0853,912
4,3895,4346,7887,4807,047
7,9699,1159,8626,5785,378
5,8036,637
10, 19113, 67316, 319
18, 779
1 Includes regular mortgages, purchase-money mortgages, and sales contracts.
2 Includes agricultural loans to farmers and farmers' cooperatives by institutional lenders;
farmers' financial and consumer debt is included under the "nonfarm" categories.3 Comprises debt owed to banks for purchasing or carrying securities, customers' debt to
brokers, and debt owed to life insurance companies by policy holders.
corporate net debt is that owed to all other entities (includ-ing corporations) except to corporate members of an affili-ated system; and private noncorporate net (or gross) debtis the summation of all forms of legal indebtedness except
* Not available.Sources: U. S. Department of Agriculture, Bureau of Agricultural Economics; Board of
Governors of the Federal Reserve System; U. S. Department of Commerce, Office of BusinessEconomics.
that among individuals and unincorporated nonfinancialbusiness firms. Data showing adjustments for duplicationinvolved in passing from gross to net debt are given in detailin tables 3, 4, and 5.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
16 SURVEY OF CUEEENT BUSINESS October 1950
Trends in Employee Compensation(Continued from page 8)
More complete data by industrial division is available onchanges in wage rates over the past year, as shown in table6. For the most part, the higher paying durable-goodsindustries scored the largest gains, as in lumber and woodproducts and stone, clay and glass products. However,large advances were made in some nondurable-goods sectorssuch as tobacco manufactures, chemicals, and leather andleather products. In some groups, the increase was not aslarge as the advance in consumer prices.
Change in weekly earningsDue to increased hours worked, advances in hourly rates
and shifts to higher paying industries, weekly earnings inmanufacturing rose to a peak of $60 in August 1950, com-pared to $55 in the same month a year ago, and $56 duringthe previous 1948 high. The change in weekly earnings-plus allowances for social security and income taxesincurrent and real terms is shown in chart 7. Over the pastyear, the net spendable average weekly earnings for aworker with three dependents rose 8.5 percent, comparedwith the 2.5 percent increase in consumer pricesresultingin an advance in real terms of 6 percent.
The chart also reveals the change in weekly earnings bothin current and real dollars when viewed against the prewarbackground. In August 1950, weekly earnings in currentdollars had more than doubled since prewar. The advancein real terms was substantially less, as shown in the chart,although earnings exceeded the increase in consumer pricessince prewar.
Chart 7.Net Spendable Average Weekly Earnings ofWorkers With. Three Dependents
DOLL60
50
40
30
20
10
0
ARS\
0
..** ** *
. -
..** ^ ~ CURRENT DOLLARS
~
df^*^ ^*r 1939 DOLLARS
-
I l l193940 41 1947 1948 1949 1950^
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-274
1 Data for August 1950 are estimates of the U. S. Department of Commerce, Office of Busi-
ness Economics.Source of data: U. S. Department of Labor, Bureau of Labor Statistics.
I lew or STATISTICAL SERIESRevision of Manufacturers' Sales, Orders and Inventories
The estimates of manufacturers' sales, orders and inventories prepared by the Office ofBusiness Economics are revised annually to take into account new comprehensive informationas it becomes available. The present revision utilizes new benchmark data for 1947. Salesand inventory aggregates for that year were compiled by the Bureau of Internal Revenuefrom corporate tax returns, while corresponding information for unincorporated firms wasderived from individual income tax returns.
Because the most recent noncorporate data available prior to this revision pertained to1945, the present revision goes back through 1946. Monthly estimates in 1946 and 1947 andmonthly and annual figures since 1947 are based on sales and inventory data reported by asample of manufacturing companies. Previously published figures from 1939 to 1945 areunchanged.
There are no benchmark data on new and unfilled orders. However, these estimates havealso been revised, since under the method of estimation they are affected by any alteration inthe sales figures.
The estimates of retail and wholesale sales and inventories, which usually are revised atthe same time as the manufacturing series, have not been changed this year. The trade esti-mates will be revised as soon as the final figures of the 1948 Census of Business become avail-able. Thus, the new figures on total business sales and inventories allow for changes onlyin the manufacturing segment (see table 1).
Sources of error in the estimatesThe need for annual revision of the manufacturing series, as has been explained in earlier
descriptions of the method of estimation, arises from the availability each year of the latestbenchmark data from the Bureau of Internal Revenue.1 Viewed statistically, the annualprojections from the latest benchmarks are intended as estimates of the benchmarks which willbecome available subsequently.
There are three sources of discrepancy between the estimates based on the reporting sampleand the actual compiled figures on sales or inventories (1) the sample may not be completelyrepresentative with respect to changes in sales and inventories; (2) the data reported by acompany in the sample may differ from the corresponding figures reported by the same firmto the Bureau of Internal Revenue; and (3) information for estimating the effect on salesand inventories of business births and deaths or of changes in industrial classification may beunavailable or incomplete.
The divergence between the movements of the sample and of the entire group of firmswhich it represents is partly a matter of chance and partly bias. This bias is probablyunavoidable within conceivable limits on the expense of maintaining the sample, since eventhe availability within the individual firm of information on monthly changes in sales and
i See the SUEVEY or CURRENT BUSINESS, May 1948, p. 8, and October 1949, p. 12.
inventories is likely to be correlated with the direction of the change, at least part of thetime. For example, in a period when inventories have been growing more rapidly thansales, the accumulation may tend to be stopped sooner among firms which maintain monthlyinventory records. Again, size of firm is clearly a factor in the firm's willingness to supplyinformation when available, and changes in sales and inventories are correlated with sizeof firm at least part of the time.
It is important to realize, moreover, that even were monthly reports to be submittedby every manufacturing firm in the country, it would still not be possible to determine fromthem the precise annual changes in manufacturers' sales and inventories as compiled by theBureau of Internal Revenue. There are many reasons why the sum of 12 months of salesas currently reported may differ from the year of sales as reported in a tax return, so that theyear-to-year changes derived on the two bases may not be the same. An obvious source ofdifference is a fiscal tax year other than the calendar year. Differences in the degree of con-solidation, in the inclusion of foreign transactions, and inevitable discrepancies betweenan unaudited preliminary figure and a final audited one are further examples, among othersthat could be cited.
Finally, business population changes take place from year to year which are difficult orimpossible to measure on a sample basis. Although estimates of the number of entrants toand withdrawals from the business population are available, as well as some data on theiraverage sales and inventories, only crude adjustments for the effect of these population changesare possible. Moreover, changes in a company's industry as classified by the Bureau ofInternal Revenue occur from time to time, and there is no satisfactory way of allowing forthese in projecting the OBE estimates.Size of the Revision
The utilization of the 1947 tax data indicated that manufacturers' sales for 1947 were esti-mated too high by 7 percent. This involved a moderate correction to the corporate total,and a substantial adjustment to the noncorporate.
While inadequacy of the noncorporate sample may well have contributed to the size of thenoncorporate revision, examination of the data makes it clear that population changes wereof greater importance. Between 1945the year of the preceding compilation of noncorporatefirmsand 1947, an unprecedented number of new manufacturing firms had come into exist-ence, the majority of them unincorporated. Also, a very substantial number of previouslynoncorporate concerns had incorporated during this period. The estimated adjustment tosales for such changes was based on quite skimpy information on tha average size of the com-panies involved, and this adjustment turned out to be too large.
The revisions in the new orders figures were about as large as in sales, since the computationof the new orders is directly affected by a change in sales. The inventory revisions were small-er than the sales adjustments, mainly because the noncorporate inventory estimates werecloser than in the case of sales. However, interrelationships among sales, inventories andorders remain largely unchanged by the revisions.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
October 1950 SURVEY OF CURRENT BUSINESS 17Table 1.Business Sales and Inventories Seasonally Adjusted
[Billions of dollars]
Years and months
19391940 _..194119421943
i441945194619471948
1949
1946: JanuaryFebruaryMarch
AprilMay _ __June
JulvAugust.... _ _ _ _ _ _September
OctoberNovember _ __December
1947: JanuaryFebruary _ _.MarchAprilMayJune
July . _August __ _SeptemberOctoberNovemberDecember
1948: JanuaryFebruary.MarchAprilMayJune.
JulyAugustSeptemberOctoberNovemberDecember
1949: January .,February. _ __March, _April . _ _MavJune
J u l y _ _AugustSeptember _October.NovemberDecember
Business sales
Total
133 3150. 2196. 9230. S268. 5
288.9290.2330. 9403.0444.0
418.2
23.823.624.5
25.926.826.4
28.329.728.8
29.931.331.7
31.732. 032. 332. 733. 233 1
33.633.034.735.734.935.9
36.036.136. 936.836.337.7
37.438.138.236.837.037.0
35.135.436.034.834.835.2
33.735.936.033. 634.433.5
Manufacturing
Total
61 270.298.0
125. 1153. 9
165. 4154. 6151. 4191.0213. 7
200. 0
10.610.210. 9
12.012.412.0
13.113.712.9
13.714.915. 0
14.915.015.315.615. 915 7
16. 015.716. 517. 016. 417.1
17.117. 317. 617.417.418.2
17.918.518.717.818.017.8
16.817.017.416.616.516.8
16.017.717.615.816.215.8
Dura-ble
goods
22.428.744.360.079.3
84.572.657.177.688.9
83. 5
3.83.33.8
4.44.64.5
5.15.45.1
5.65.85.8
6.06.06.16.46.56.3
6.46.36.77.0
7^1
6.87.17.37.17.17.5
7.37.97.97.57.87.8
7.17.37.47.06.97.2
6.77.47.36.26.66.5
Nondu-rablegoods
38.841.553.765.174. 5
80.982.094. 3
113.4124. 8
116. 5
6.96.97.1
7.67.87.6
7.98.37.8
8.29.19.2
8.99.09.29.29.49.4
9.69.49.8
10. 09.7
10.0
10.310. 310.310. 310.310.7
10.610.910.910.210.210.0
9.79.7
10.09.69.69.7
9.410.310.39.69.69.2
Wholesale trade
Total
30.133. 643.448.151.3
54.759.879.293.1
100. 3
90.0
5.85.95.9
6.16.36.2
6.87.07.1
7.37.37.4
7.67.67.57.47.57.5
7.77.48.08.48.08.2
8.48.18.48.48.28.7
8.68.58.58.18.28.2
7.77.77.97.47.57.7
7.27.57.57.17.67.3
Dura-ble
goods
7.28.9
12.010.39.3
10.010.816.622.325.5
21.2
1.11.11.1
1.21.31.4
1.41.51.5
1.61.61.7
1.71.81.81.81.91.8
1.81.81.92.02.02.0
2.02.02.12.12.12.2
2.22.32.32.12.12.0
1.71.81.91.71.81.8
1.61.81.91.71.81.7
Nondu-rablegoods
22.924.731.437.842.0
44.749.062.670.774.7
68.8
4.74.84.7
4.95.04.9
5.45.55.5
5.75.75.7
5.95.85.75.65.65.7
5.95.66.16.46.16.2
6.46.26.36. 36.16. 5
6.56.36.26. 06.16.1
6.05.96.05.75.75.9
5.55.75.65.45.85.6
Retail trade
Total
42.046.455. 557.663. 3
68.875.8
100.3118.9130. 0
128.2
7.47.67.7
7.98.18.1
8.59.08.8
8.99.19.2
9.29.49.59.79.89.8
9.99.9
10.310.310.510.6
10.610.610.811. 010. 610.9
10. 911.011.010.910.811.0
10.610.710.710.810.810.7
10.510.710.910.710.610.5
Dura-ble
goods
10.412.415.610.39.9
10.612.322.632.138.0
39.9
1.41.41.5
1.71.81.8
1.92.12.2
2.22.42.4
2.42.52.52.62.52.6
2.62.62.92.92.93.0
3.03.03.23.22.93.1
3.23.43.33.23.23.3
3.03.23.33.33.33.3
3.33.53.53.63.33.1
Nondu-rablegoods
31.734.039.947.453.5
58.263. 577.786.892.0
88.3
6.06.26.2
6.26.36.4
6.56.96.7
6.66.86.9
6.86.97.07.17.27.2
7.37.27.47.47.67.6
7.67.67.67.77.77.7
7.77.77.77.77.67.7
7.67.57.47.57.47.3
7.27.27.47.17.37.4
Business inventories book value 1
Total
20.222.128.831.131.2
30.930.542.450.856. 8
51.6
30. 631.532.2
32.933.734. 5
36.437.838.9
40.741. 642.4
43.844.845.946.947.247.8
48.148.649.049.550.050. 8
51.451.952.452.753.154.0
54.655.256.256.556.856.8
56.856. 656.456.055.054.4
53.452.752.952.552.151.6
Manufacturing
Total
11.512.817.019.320.1
19.518.424.528.932. 3
28.9
18.218.819.2
19.620.020.4
21.422.122.7
23.724.224.5
25.325.826.326.927.427.7
27.828.128.228.428.828.9
29.029.229.529.830.230.7
31.031.331.731.832.132.3
32.632. 632.432.231.731.2
30.429.729.328.928.728.9
Dura-ble
goods
5.26.18.4
10.110.8
10.18.5
11.613.915.6
13.4
8.38.79.0
9.39.49.8
10.110.410.8
11.111.411.6
12.112.312. 612.913.113.4
13.513.713.713.913.913. 9
13.914.014.114.214.314.5
14.714.814.915.015.315.6
15.916.015.915.715.415.0
14.614.113.713.413.213.4
Nondu-rablegoods
6.36.78.69.29.3
9.4, 9.812.915.016.7
15.5
9.910.110.2
10.310.510.6
11.311.611.9
12.612.812.9
13.213.413.714.114.214.3
14.314.414.514.514.915.0
15.115.215.415.615.816.2
16.316.516.816.816.716.7
16.816. 716.616.416.316.2
15.815.615.615.615.515.5
Wholesale trade
Total
3.23.34.23 93! 7
4.04.66.78.79.5
9.0
4.64.74.8
4.85.05.0
5.45.86.0
6.46.56.7
7.07.27.77.87.98.1
8.28.58.68.68.68.7
8.78.78.78.88.88.9
9.29.49.69.79.79.5
9.59.59.39.39.29.0
9.19.19.29.19.19.0
Dura-ble
goods
1.01.11.31.0.9
1.01.22.02.73.3
2.9
1.21.21.3
1.31.41.5
1.61.61.7
1.81.92.0
2.12.22.32.42.52.5
2.62.62.72.62.62.7
2.72.72.82.92.93.0
3.03.13.23.23.33.3
3.43.43.43.43.33.2
3.13.03.02.92.92.9
Nondu-rablegoods
2.22.22.92.92.8
3.03.44.66.06.2
6.1
3.43.53.5
3.63.63.6
3.94.14.3
4.64.64.6
4.95.15.45.45.45.5
5.65.96.0
>. 05.0U)>. 0>. 05.95.95.96.0
6.16.46.46.56.46.2
6.16.15.95.95.95.8
6.06.06.26.26.26.1
Retail trade
Total
5.56.07.67.97.4
7.47.5
11.213.215.0
13.7
7.88.08.2
8.48.79.1
9.610.010.2
10.610.911.2
11.511.811.912.111.912.1
12.112.012.212.512.613. 2
13. 714.014.314.214.114.3
14.414.514.914.915.015.0
14.714.514.714.514.114.2
13.913.914.414.514.313.7
Dura-ble
goods
1.82.12.72.41.9
1.81.93.44.75.7
5.1
2.02.02.1
2.22.32.5
2.62.82.9
3.13.23.4
3.73.94.14.24.24.2
4.24.24.34.44.54.7
4.85.05.35.15.15.2
5.35.35.35.65.65.7
5.75.75.85.75.45.4
5.35.35.65.75.55.1
Nondu-rablegoods
3.73.94.95.55.5
5.65.67.88.59.2
8.6
5.86.06.1
6. 36.46.6
7.07.17.3
7.57.67.8
7.87.97.97.97.77.9
7.9
7! 88.08.28.5
8.89.09.09.09.09.1
9.19.29.59.49.49.2
8.98.88.98.88.88.8
8.68.68.88.88.88.6
i As of end of period. Figures do not necessarily add to totals because of rounding. Source: U. S. Department of Commerce, Office of Business Economics.
90892450 3
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
18 SUEVEY OF CUEEENT BUSINESS October 1950Table 2.Manufacturers' Sales
[Millions of dollars, not adjusted for seasonal variation]
Year and month
19391940194119421943
19441945194619471948
1949
1946:JanuaryFebruaryMarch
AprilMayJune
JulyAugustSeptember ___
October-NovemberDecember _
1947: JanuaryFebruaryMarch
AprilMay..June
JulyAugustSeptember
OctoberNovemberDecember
1948: JanuaryFebruaryMarch
AprilMayJune
JulyAugustSeptember
OctoberNovember__Dp.cfvmber
1949: JanuaryFebruaryMarch
AprilMay__ _June
JulyAugust.,September
OctoberNovemberDecember
Tot
al m
an
ufa
ctur
ing
61, 34070, 31398, 069
125, 158153, 843
165, 387154, 481151, 402191, 010213, 732
199, 993
10, 4659,820
11, 308
11, 93011, 94811, 796
11, 99013, 62513, 246
14, 86515, 12415, 286
14. 75914. 49415. 880
15. 60915. 40715. 407
14. 70615. 61916. 798
18. 33616. 61217. 382
16. 93216. 73818. 360
17. 44516. 84917. 842
16. 48018. 43119. 089
19.11618. 20818. 241
16. 56516. 39218. 076
16. 57715. 96816. 486
14. 84217. 63017. 960
17. 01916. 39416. 083
Durable-goods industries
1EH
22, 45428, 73644, 30759, 98579, 329
84, 48172, 50457, 10877, 61888, 900
83, 518
3,6793,1424,003
4,4544,4944,481
4,6795,3465,210
5,9375,7185,965
5,9045,7956,390
6,5766,3846,348
5,8636,2006,777
7,4846,6247,273
6,6906,7837,719
7,2806,9787,516
6,6467,4947,971
8,0537,7158,055
6,9616,9667,779
7,1866,7507,150
6,1447,2887,451
6,5956,5346, 715
iaT?
!|!*a2
6,0797,678
11,92114, 56316, 772
17, 79516,81214, 20219, 17222, 390
20, 194
939600
1,040
1,1761,0931,115
1,2001,4061,325
1,5091,4121,388
1,4811,3961,567
1,6001,5671,554
1,4501,6051,700
1.8461,6371,768
1,7011,6501,893
1,7411,7151,836
1,6511,9592,069
2, 0921,9892,094
1,8841,8292,020
1,7521,6431,711
1,4621,7661,848
1,2031, 3691,707
Non
ferr
ous
meta
ls an
dpr
oduc
ts
1,7262,1203,0653,4114,595
4,7554,4634,7055,6336,106
5,010
313257302
325342359
365444431
507531529
440438492
504480457
393424472
528504501
457454510
498489510
415504570
560576562
485468491
399353395
288418441
410432430
Ele
ctri
cal
machi
nery
equ
ipm
ent
1,8612,4833,7694,5505,734
7,1046,3025,6588,2999,002
8,523
307314366
395415468
450530535
605597675
613624687
676663692
606652715
803739828
682713806
762692737
659690785
802815860
687688783
716684690
558673757
773758755
Mac
hine
ry, ex
clu
ding
elec
trica
l
3,5714,6977,390
10, 37012, 286
12,90711, 6409,824
13, 69715, 540
14, 027
715641702
789804803
795849826
952930
1,016
1,0501,0701,163
1,1631,1561,168
1,0341,0861,147
1,2711,1141,277
1,1681,2521,404
1,2991,2701,386
1,1391,2771,355
1,3071,2461,437
1,1821,2241,401
1,2781,2321,238
9981,1041,140
1,0861,0411,101
Au
tom
ob
iles
a
nd
equ
ipm
ent
3,5784,6976, 5307,956
13, 422
15, 09611, 4466,624
11, 47813, 894
15, 238
324272357
469498470
597673680
764752766
824839914
959904928
930880
1,034
1,142993
1,131
1,0021,0311,180
1,1091,0411,142
1,1111,1741, 234
1,3331,2441,292
1,1461,1741,283
1,3501,1911,384
1,3511,5201,431
1,2951,1051,008
Tra
nspo
rtat
ion
equ
ip-
men
t ex
clu
ding
au
to-
mo
bile
s
8651,5763,914
10, 23316, 054
16, 01511, 1733,0113,0423,900
3,791
237201240
262276240
244254255
262246294
231215252
268265283
224218265
284257280
255270330
359337379
272303333
311343408
294321359
338309340
310316268
275314345
Lum
ber
an
d ba
sic lu
m-
ber
prod
ucts
1,1541,3791,9552,3992,624
2,4522,3223, 3444,7905,374
4,917
210209261
272294282
264291283
334309336
363352383
410422362
345394429
460424445
438414466
445430457
431490496
484437385
373346417
412410418
341426457
451451416
Fur
nitu
re an
d fi
nish
edlu
mbe
r pr
oduc
ts
1,3851,5692,0262,3002,506
2,6982,6923,3824,0174,316
3,753
239241276
268270253
253306303
336314323
337319330
335319280
291336361
392340377
394400399
357329344
294364380
386353317
295304341
301290290
230339355
358343306
1'ElT3a
mc3 -i-5
0
1!.a0ao
CO
1,5631,7672,3912,4282,499
2,4562,5093,1763,9274,519
4,534
186196242
261256251
266302290
324308296
297274316
366325336
319328348
387301330
302287368
388369398
388413412
432392372
337324384
380376393
354424414
409395345
Oth
er du
rabl
e
672770
1,3461,7752,837
3,2033,1453,1833,5643,859
3,530
209210217
238248241
245292282
344317342
268268288
296285288
270276306
370313336
290312363
323306328
286320336
347322327
278288300
259261291
251303340
335324301
Nondurable-goods industries
"oE- 119, 435r 68, 643
' 136, 620
r 6, 584
r 9, 702
4, 647' 15, 473
r 6, 378
T 18, 658
6,792r 10, 10116, 166
' 4, 802r 2, 498' 4, 415
7 090' 20, 621
r 119 435
r 193, 346
6,716r 53, 775
r 10, 04520, 604
r 32, 670' 15, 680
23 357r 528, 850
r 159, 945' 103, 238
r 59 527' 106, 211
r 99, 930
r 239, 518r 65, 984' 6, 65515, 165
7127, 74122, 553
r 289, 332' 10, 864
r 51 01013, 17921, 37013, 67733, 636
r 38, 321
' 557, 102r 27, 098
r 108, 473' 79, 656
r 139, 386r 69, 687
T 132, 803
170' 12, 435
' 5, 154r 15, 472
9,43020, 545r 6, 339
' 12, 093r 15,351r 5, 0032,588' 7, 221r 2, 759
* 18, 878
' 139 234r 188, 544
r 8, 765
r 48, 778
6,51923, 75432, 014
' 16, 68927, 004
r 560, 155
r 160, 559
r 110, 521' 64 793
* 119, 495r 104, 788
' 240, 33565, 8126,045
15, 892156
29, 27622, 472
r 319, 820
13, 651
59 71113, 02426, 70719, 132' 37, 487f 46, 204
592,916
' 27, 198' 118, 363
r 89, 449
r 157, 533' 68, 587
T 131, 786
295r 13, 984
6,587f 18, 595r 13,334' 22, 693
8,03510, 628
r 15, 133
6,580r 4, 048' 6, 641r I, 791
r 22, 708
r 157,331
r 187, 828
r 6, 039
r 61, 519
7,547' 22, 729r 27, 610' 19, 437' 22, 231
' 591, 742r 154, 555' 139, 809
r 60 950r 130, 114r 106,314
' 270, 278r 77, 590' 5, 627
' 22, 345115
' 23, 76122, 138
' 321, 464' 4, 526
r 56, 38514, 377
r 17, 850' 24, 306
35, 735r 43, 455
' 604, 800r 34, 405
r 106, 773r 81, 092
r 145, 325' 69, 699
r 167, 506
404r 12, 296
11,638r 12, 647r 6, 732
r 23, 122
7,013' 9, 21810, 175
' 5, 484' 4, 327r 5, 7891 700
r 21, 213
' 144 973r 220, 998
* 16, 28180, 7478,933
21,345' 12, 583
23, 478' 27, 265
r 591, 784
r 162, 495r 152, 625' 41 457
'131,302' 103, 905
r 272, 017105,315
6,47022, 631
3016,827
26, 053' 319, 766
7,828
' 53, 637' 19, 151
r 8, 70220, 86838, 921
f 48, 489
'623,321
' 26, 433r 127, 662' 89, 317
r 127, 910' 89, 029
' 162, 969
3,2906,540
18, 006r 19, 122T 8, 655
' 21, 3679,553
' 8, 704* 15, 204
5,4664,5635,121
' 2, 448r 18, 174
r 127, 910' 235, 603
r 19, 003' 55, 307' 9, 92830, 004
' 19, 02527, 261
r 32, 061
' 622, 764
' 183, 495' 154, 409' 46 860
' 138, 523' 99, 479
' 292, 905r 104, 945
7,539' 19, 837
1,238' 16, 182
37, 061' 329, 860
11, 368r 63, 034
r 19, 28417, 36022, 62334, 57654, 332
' 599, 994
' 49, 253' 114, 890' 79, 526
r 125, 700
89, 413r 141, 212
9,7019,010
13, 111' 19, 494
6,94019, 233r 9, 530' 5, 598
' 14, 175
' 6, 777r 4, 0765,5524,575
r 17, 729
r 125, 700
r 219, 740
18, 544' 41, 877
12, 083' 28, 650
30, 80822, 517
r 21, 775
r 589, 925
r 168, 894' 139, 891
58 090' 130, 824' 92, 226
' 295, 299' 84, 607
7,17519, 2181,270
27, 61435, 081
' 294, 6266,599
r 59, 510' 20, 026' 15, 340
19, 74731, 70838, 138
' 664, 346
* 46, 947r 125, 491' 98, 253
r 149, 990111, 774
r 131, 800
10, 99811, 841
7,53516, 472
' 10, 10026, 380
r 11, 859' 7, 00316, 268
8,0925,367
' 9, 554' 3, 446
r 21, Oil
r 149, 990
r 227, 015
18,337' 43, 049' 10, 020
18, 73647, 82423, 70828, 471
' 659, 683
' 183, 891' 128, 460
80 124r 146, 894
r 120, 315
r 306, 320
73, 0897,973
22, 9471,192
43, 34431, 863
' 353, 3639,318
54, 01814, 86210, 59321, 69635, 60651, 305
' 583, 327
' 28, 605r 139, 631r 83, 044
r 132,310
81, 569118, 167
5938,252
11,00817, 507' 9,05526, 64410, 06810, 35719, 362r 5, 9886,0017,3502,827
r 18, 287
r 132, 164185, 20317, 68643, 7208,713
15, 66329, 65021, 27726, 499
r 571, 750
' 161, 857109, 378
T 61 858
' 130, 474108, 184
' 262, 65764, 1267,653
' 29, 5981,588
30, 39327, 925
' 309, 0945,792
43, 86611, 7896,955
15, 89833, 70347, 675
658, 942
37, 635137, 61394, 419
167, 73495 852
125, 689
26211, 189
13, 14821, 75011, 07020, 35517, 1527,107
21, 589
6,5424,8975,7983 558
23, 901
167 589206, 94515, 88145, 14916, 24813, 35736, 59826, 59823, 210
653, 788
167, 766117, 12475 971
169, 049123, 879
278, 78858, 6798,506
23, 7861,215
37, 06731, 055
375, 0008,030
71, 60623, 28317, 45621, 43844, 92745, 295
685, 624
36, 590149, 52599, 700
178, 45887, 396
133, 957
20211, 878
7,42125, 51611, 72822, 41815, 58013, 50520, 420
7,7036,1757,1823,010
27, 171
178, 182207, 01413, 80437, 91216, 62115, 58729, 07825, 13126, 921
679, 108
183, 771119, 91675 144
180, 392119, 885
289, 17456, 37411, 99033, 853
1,42231, 10931, 044
389, 9345,293
80,16032, 77114, 91123, 86540, 54447, 054
708, 754
33, 352150, 439103, 287163, 13694, 484
164, 056
3048,773
8,97223, 93212, 15922. OC213, 75910, 28519, 393
8,2626,2686,5904,300
28, 668
163, COS244, 58217, 43264, 9957,977
26, 13734, 24122, 25125, 722
705, 937
183, 620154, 60886, 480
162, 134119, 095
335, 205105, 15311,66429, 9941,706
39, 46539, 340
370, 7328,308
63, 98712, 77921, 23020,83038,41044,211
819, 400
818, 200
TRANSPORTATION AND COMMUNICATIONSTRANSPORTATION
AirlinesOperations on scheduled airlines:
]VEiles flown revenue thousandsExpress and freight carried short tonsExpress and freight ton-miles flown thousandsM^ail ton-miles flown doPassengers carried revenue doPassenger-miles flown revenue do
Express OperationsOperating revenues thous. of dolOperating income do _
Local Transit LinesFares average cash rate .centsPassengers carried revenue millionsOperating revenues^ thous of dol
Class I Steam RailwaysFreight carloadings (A. A. R.):d*
Total cars thousandsCoal - - - -doCoke doForest products - doGrain and grain products ._ doLivestock doOre -- doMerchandise, 1. c. 1 - -- doMiscellaneous do
29 37015, 73410 1773 1161 326
607, 332
19, 324
October 1950 SURVEY OF CURRENT BUSINESS S-23
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
August Septem-ber OctoberNovem-
berDecem-
ber
1950
January Febru-ary March April May June July August
TRANSPORTATION AND COMMUNICATIONSContinuedTR AN SPORTATION Continued
Class I Steam Railways Continued
Freight carloadings (Federal Reserve indexes) :Total, unadjusted 1935-39=100-
Coal __ _ . do. _ _Coke doForest products _ _ doGrain and grain products doLivestock doOre doMerchandise, 1. c. 1_- _ _ _ doMiscellaneous. _ _ _ _ _do ___
Total, adjusted doCoal ; doCoke doForest products doGrain and grain products _ _ _ _ doLivestock _ doOre.. ._ _ do _Merchandise, 1. c. 1 - doMiscellaneous do _
Freight-car surplus and shortage, daily average:Car surplus, total _ number
Box cars doCoal cars do
Car shortage, total doBox cars _ doCoal cars do
Financial operations (unadjusted) :Operating revenues, total. - __ thous. of dol
Freight, _ _ doPassenger __ 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 _. doPassenger do
Railway expenses _ _ doNet railway operating income _ _ _ doNet income. do
Operating results:Freight carried 1 mile mil. of ton-miles. .Revenue 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 doUnited States.. _ _ do
Panama Canal:Total . _. thous. of long tons
In United States vessels ... doTravel
Hotels:Average sale per occupied room dollarsRooms occupied.. _ percent of totalRestaurant sales index same month 1929=100..
Foreign travel:U S citizens, arrivals numberU. S. citizens, departuresc? doEmigrants. _ doImmigrants __ doPassports issued do
National parks, visitors thousandsPullman Co.:
Revenue passenger-miles . _ _ ... millionsPassenger revenues thous. of dol_.
COMMUNIC ATION STelephone carriers :f
Operatin0" revenues thous of dolStation 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 dol__Operating expenses, incl. depreciation doNet opera ting re venues do
Ocean-cable:Operating revenues doOperating expenses, incl. depreciation doNet operating revenues do
Radiotelegraph:Operating revenues doOperating expenses incl depreciation doNet operating revenues do
12010311913114973
24057
12811710312312513877
16057
12763, 82211, 10343. 5702,4512,254
113
' 742, 772r 606, 037* 78, 640
r 587, 647r 89, 751' 65, 374
39, 061
697.3569.070.1
659.138.25.2
47, 1071.3383,256
7,4864,0983,390
1,979928
5.8481
222
79, 45953, 0582,794
25, 55419, 847
T 3, 111
8257,587
258, 353146, 89193, 449
199, 77227, 43334, 902
14, 87013, 964
156
1,8921,733
d20
1,9251,800
46
11460
12813014010421855
13510560
13012112579
14552
125
74, 7457, 697
62, 1093,5823,173
104
694, 969569, 49169, 833
540, 988
90, 44463, 53838, 131
685.2560.270.1
633.152.118.9
44, 2191.3632,910
7,2853,8883,396
2,1251,166
5.5986
223
73, 17141,9272,713
26, 00615, 5011,446
8337,732
257, 096149, 62989, 507
196, 78028, 82735, 059
14, 52313, 420
314
1,9481,617
149
1,9571,696
185
994253
1311531313556
121924254
124153852854
111
190, 9783,451
183, 59410, 92410, 346
132
648, 924534, 88560, 993
520, 920
81, 21946, 78623,592
622.9511.062.3
591.931.00
40, 5541.4002,533
6,4943,3963,099
2,2971,313
5.7186
213
54, 03937, 141
2,37127, 24313, 592
678
8077,512
262, 534154,01890, 258
195, 13733, 11935, 231
13, 94412, 984
253
1,8171,506
145
1,9381,741
126
12013196
135149955155
12411713196
137152754254
119
10Q, 2082,368
92, 9385,9643,9181,909
704, 806587, 06063, 776
537, 354
91, 86975, 58254, 425
708.5588.866.7
636.472.039.3
46, 0361.3562,488
6,3673,4332,934
2,0791,079
5.8180
218
39, 20531, 6011,795
21, 91813, 608
298
7857,260
262, 745156, 36788, 159
196, 80932, 27735, 408
13, 41312, 673
62
1,7881,548
74
1,9381,827
46
10797
155119123694550
12011597
14813413172
14652
127
44, 3828,303
25, 8331,021
448517
710, 830575, 66474, 379
568, 292
73, 22969, 30982, 455
712.1584.073.0
631. 580.649.1
45, 1901.3432,912
6,4583,4792,979
2,6381,576
5.2567
194
40, 72337, 1822,395
23, 97213, 932
188
8307,750
271, 879159, 89593, 536
205, 53532, 72935, 635
14, 58413, 363
596
1,8821,660
38
2,2621,973
205
10797
158106119684249
12211797
15111811970
16952
133
110, 94517, 42577, 385
22411137
657, 044537, 33869, 725
546, 665
77, 62232, 75811,016
688.6565.072.8
628.959.829.1
41, 7931.3702,730
5,6193, 0952, 523
2,5081,412
5.4180
211
40, 55342, 3881,634
14, 20122, 069
187
1,0269,577
271, 019161, 65090,417
200, 78632, 60336, 426
13, 24112, 756
dS59
1,7621, 548
31
1,8831,790
*20
9646
130115111523951
12210446
12211911365
15652
130
165, 54111, 701
139, 311569414
16
584, 928481, 96557, 845
501, 118
68, 57415, 236
d 9, 301
638.4522.964.1
606.332.11.3
36, 3831.4072,215
5,4292,9332,496
2,5651, 588
5.4383
215
51, 65654, 8841,524
15, 36530, 156
237
8457,881
262, 131159, 37584, 093
191, 54233, 19836, 605
12, 63611,887
'83
1,6201,584d!13
1,7841,700
'IS
120139144123116533954
12712713914312312667
13453
134
76, 0554,867
58, 3775,0122,7492,121
743, 326630, 542
59, 555574, 408
93, 21175, 70649, 437
722.5607.460.2
655.167.435.8
50, 9371.3182,304
6, 4653, 6652,800
2,7621,551
5.2581
208
59, 45765, 5412,122
16, 14239, 187
304
8658,069
280, 803164, 70997, 096
204, 64236, 44836, 813
14, 56512, 798
907
1,9011,703
13
2,0171,835
83
122123177129115616354
13512612318112913168
12153
137
18, 3625,1034, 5594,9062,7951,810
713, 820601, 80160, 555
562, 625
88, 97862, 21737, 530
729.8613.862.7
666. 663.231.6
49, 6871.2892,362
7,0913,9283, 163
2, 3651,339
5.7383
230
53, 43462,4171,985
16, 46336, 607
560
8087,555
275, 806163, 93592, 636
196, 62837, 87330, 999
13, 75512,467
474
1, 6461,568d 105
1,7741,742
'71
12511917913911259
21751
13512211918113412766
12151
133
12, 1783,1891,9576,6632,9863,080
745, 406634, 74756, 801
580, 567
97, 80867, 03245, 221
715.2604.657.4
660.954.320.2
51, 1551.3142,215
7,6384, 5033,135
2,6061,447
5.2683
239
50, 28360, 090
2, 08319, 97441,453
886
6646,229
285, 947168. 15798, 504
208, 56937, 31037, 158
15, 19213, 2621,090
1,9021,612
116
1,9671,803
64
13111618815013351
27752
14212711619214413061
17952
138
6,6251,949
51311, 4915,8454,748
779, 182649, 228
71, 660588, 763
100, 37290, 04772, 050
791.4663.469.2
691.5100.0'69.7
51, 8651.3262,830
8,1304,8603,271
2,5621, 460
5.6484
238
56, 90287, 9473,384
18.21541, 2331,930
8618,009
287, 467169, 76798, 275
204, 84933, 92937, 304
15. 37813, 0861,469
1,9431,552
207
2,0551,781
175
13010519014916248
29851
14112610519514813561
18651
140
8,311234
4,38921, 15413, 8756, 103
772, 161639, 729
76, 006579, 116
109, 13483, 91058, 622
771.9646.169.7
685. 986.1
"55.8
51, 9821.3053,042
2,8571,668
5.4377
207
21, 6353,271
8507,826
14, 73813, 272
671
2,1891,563
418
2,2281,808
325
14012618616315057
28556
14913512619415513960
19056
147
4,3461639
38, 06421, 84614, 101
889, 796748, 11078, 220
626, 265
141, 467122, 064
2,4521,477
6.1381
231
18, 0373,300
' Revised. Preliminary. d Deficit. JRevised data for July 1949, $26,692,000.cfData exclude departures via international land borders; land-border departures during the 12 months ended June 1949 amounted to less than 1 percent of total departures,t Revised series. The coverage has been reduced from 100-120 to 56 carriers (except for January 1948-December 1949 when data covered 53 carriers) ; however, the comparability of the series,
based on annual operating revenues, has been affected by less than 3.0 percent. Also, data are now shown after elimination of intercompany duplications for the Bell System; annual dataprior to 1948 and monthly figures for January-July 1948 on the revised basis will be available later. Data relate to continental United States.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-24 SURVEY OF CURRENT BUSINESS October 1950
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
August Septem-ber OctoberNovem-
berDecem-
ber
1950
January Febru-ary March April May June July August
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:Ammonia, synthetic anhydrous (commercial)
short tons__Calcium arsenate (commercial) thous. of l b _ _Calcium carbide (commercial) short tons__Carbon dioxide, liquid, gas, and solid J
thous. oflb..Chlorine gas __ short tons _Hydrochloric acid (100% HC1)J do_...Lead arsenate (acid and. basic) thous. of lb_.Nitric acid (100% HNOs) short tonsOxygen (high purity) t mil. of cu. ftPhosphoric acid (50% HsPOiJJ short tons..Soda ash, ammonia-soda process (98-100%,
NaoCo-0 --- --- short tons..Sodium bichromate and chromate _do_ _ _Sodium hydroxide (100% NaOH) doSodium silicate, soluble silicate glass (anhy-
drous) short tons _Sodium sulfate, Glauber's salt and crude salt
eaket short tons..Sulphuric acid (100% H2SO4):
Production! doPrice, wholesale, 66, tanks, at works
dol. per short ton. _Organic chemicals:
Acetic acid (synthetic and natural), productionthous. oflb..
\cetic anhydride production doAcctyl salicylic acid (aspirin), production _ . doAlcohol, denatured:
Production thous. of wine galConsumption (withdrawals) doStocks _ -do ...
Alcohol, ethyl:Production thous. of proof gal _ _Stocks total do
Inindustrial alcohol bonded warehouses doIn denaturing plants do
Withdrawn for denaturing doWithdrawn tax-paid do
Creosote oil production thous of galEthvl acetate (85%), production thous. of l b _ _Glycerin, refined (100% basis) :
High gravity and yellow distilled:Production thous. of lb__Consumption doStocks do
Chemically pure:Production doConsumption -do _ _Stocks do
Methanol, production:Natural (100%) thous. of gal..Synthetic (100%) do
Phthalic anhydride, production thous. of fb _
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 tons.Superphosphate (bulk) :
Production ._ _ _ d o _ .Stocks, end of month do _ _
NAVAL STORES
Rosin (gum and wood) :Production, quarterly total drums (52()lb.)._Stocks end of quarter doPrice, gum, wholesale, "WG" grade (Sav.), bulk*
dol. per 1001b._Turpentine (gum and wood) :
Production quarterly total bbl (50 gal )Stocks end of quarter doPrice, gum, wholesale (Savannah)-.dol. per gal__
113, 8942,969
42, 009136, 147147, 82540, 5990)
93, 3081,205
119, 683305, 469
5, 575175, 93328, 284
59, 107916, 133
17.00
31, 63850, 785
908' 12,314r 12, 450
8,12626, 660
r 56, 575' 53, 513
3, 06125, 176' 3, 58710, 0056, 424
6,7817,068
11, 580
11. 5918,181
15, 674157
8, 05910, 103
279351, 94787, 853
229, 7848,103
120, 479100, 69952, 37713, 570
054.50
103, 936889, 083
1, 264, 676
6.53
105, 4430)
40, 286
98, 712147, 21442, 0100)
95, 7211,156
119, 689
317, 4065, 552
182, 143
37, 159
49, 690
884, 658
17.00
34, 78862, 927
813
13, 94715, 3416,732
22, 77052, 42650, 652
1, 77524, 3623, 672
10, 4925, 339
7,5287, 397
11, 790
11, 1657,729
15.479
1469.323
12, 602
519289, 75498, 064
162, 59815, 392
118, 352107, 24152, 6165,066
0
54. 5092, 825
820, 111I,2ti8.682
574, 840840, 920
6.70194. 110225, 070
.38 .39
108, 6040)
47, 274
84, 768151, 12844, 0940)
85, 208662
135, 018
328, 8995. 938
189,367
49, 912
56, 479
986, 109
17.00
39, 66768, 704
927
14,84515, 2596, 313
22. 68043, 13341,919
1,21427, 1173, 9366, 2546, 852
7, 5506, 913
12, 123
11, 6558,054
17, 214
16511, 14316. 284
528310, 303124, 806155, 912
9,98597, 23686, 96147, 6954,737
2
52. 25105, 678
816, 7241.259.932
6.60
115, 6671,151
55, 212
69, 157155, 94345, 420
67691,8321,011
127, 680
360, 9715,781
196, 575
46, 073
59, 325
985, 589
17.00
39, 92370, 853
843
14,61215,5745, 358
23, 18137, 19236, 223
96926. 8384,2896, 5086. 469
7.8796, 545
13, 103
12. 4267, 916
17,838
1659,789
16, 340
505391, 164150, 907186, 58111, 54087, 73570, 82826, 4548,389
20
51. 5072, 787
850, 5631,311,085
6.58
124, 9001,548
55, 836
69, 671168, 28245, 983
89099, 9251,329
120, 815
354, 4126, 726
201,012
41, 794
56, 158
1.051,165
17.00
39, 82472, 458
873
13, 61815, 0773,899
22, 54933, 94933, 204
74524, 9072,288
10, 3146, 456
6, 8346,214
13, 591
12, 3357,209
20, 071
16910, 62818, 075
593300, 251159, 502110, 806
5,631106, 38988, 77333, 1635,1354,738
51.5045, 485
836, 1371, 420. 577
552, 940929, 960
6.66
170, 700238. 660
.39 l .39 .40
124, 0790)
56, 849
63, 180158, 20247, 8713,217
105, 5751, 369
132, 745
338, 5527, 350
187, 201
36,410
60, 069
1,019,803
17.00
36, 76569, 140
829
14,90315,3353,464
24, 68831, 34630, 450
89627, 4112,750
10, 5976,449
6, 9275, 971
14, 347
12, 8409,174
22, 411
17111, 65518. 174
1,177262,12561, 925
181,3623,406
142, 22598, 71755, 563
5, 43326, 159
51. 5027, 896
802, 9431, 495, 731
6.66
.41
115, 976(')
51,317
59, 120151,51343, 3153, 756
101, 3861,253
129, 191
319, 5786,771
180, 945
31, 416
54, 820
967, 335
17. 00
31, 14767, 356
824
13. 29313, 2153,429
24, 25428, 39727, 713
68524, 0442.547
10, 0636, 917
6, 1596,082
13, 564
12, 2287,224
24, 645
1458, 767
17, 090
1,480311, 746126, 224161, 543
4,562173, 103113, 28356, 17113, 60633, 548
51. 5091, 803
854, 2921, 308. 555
6.40
.43
123, 9961,206
59, 336
77, 086167,09150, 708
5, 56898, 906
1,427128, 987
368, 7467, 835
205, 354
38, 693
60, 773
1, 071, 299
17.00
37, 44173, 287
934
16, 74317, 0872,873
27, 30424, 05023, 513
53730, 3213, 846
11,4246, 899
8,4997,794
14, 468
12, 5538,158
25, 972
1979, 371
18, 722
1,840368, 792148, 988182, 652
9,389223, 714139, 19768, 2597,824
57, 024
51. 50116, 035
1, 082, 5231, 006, 718
370, 480894, 280
6.29
125, 320205, 960
.43
134, 4522,848
54, 837
92, 408168, 87851, 3194,694
114, 6291,432
135, 391
361, 3287,452
210, 344
41, 300
59, 096
1, 057, 073
17. 75
37, 50665, 734
796
15, 40215, 9242, 346
31, 18425, 72924, 829
90128, 8293, 552
12, 3606, 159
6. 8767, 668
13,717
10, 8807, 619
26, 406
1669. 357
15,436
1,535446. 19291, 136
311,68411,819
272, 080128, 40076, 408
7, 023115, 775
51.50113, 107
1, 039, 177778, 270
5.71
.41
133,8424,898
59, 107
114, 286177, 26952, 1574,406
111, 5111,447
146, 673
388, 1697,907
219, 641
45, 588
54, 377
1, 104, 335
17.75
41,01275, 183
867
15,98916, 8461,487
33, 41028, 48627, 614
87229, 4183, 257
12,8699, 746
8,4208. 633
14,302
10, 8658, 364
23, 678
17510, 06315,675
998495, 432129, 204347, 63910, 325
214, 918166, 523103, 32213, 65910, 744
51. 5083, 446
986, 684903, 607
5.29
.40
127. 2959,334
56, 482
131,314167, 72150, 635
2, 326104, 604
1,404135, 526
291,6818, 135
200, 836
40, 899
49, 567
1, 039, 938
17. 75
37, 63374, 992
921
19, 14618, 387
2, 230
31, 10823, 22922, 264
96435, 4684,188
r 12,769
5, 624
8, 0797, 961
15, 132
9. 9328,011
22, 537
17310, 41716, 209
408450. 744128, 730289, 520
7,147107, 79184, 14040, 26911, 255
602
51.50134, 624
832, 8681, 178, 262
566. 830936, 460
4.93
200, 670191, 200
.40
125. 02710, 27452, 388
139. 130r 173,788
51. 2880)
105, 831r 1, 400
r 141, 107
185, 8855, 4920)
29,929
54, 725
1, 047, 544
17.75
39, 52080, 743
672
18, 71918, 2042.611
31, 72721,61920, 4891,130
33, 0184, 986
10, 9295, 646
4,8227, 239
13, 518
7, 4307, 399
18, 444
16711, 12517,61o
325250, 64290,482
141, 46910, 98950, 97437, 835
1, 1103,2982,518
51.5097, 301
* 718, 1651,297,595
5.59
.41
124, 6178,920
55, 237
133, 728174, 04751.5120)
1 05, 2061. 512
136, 721
180,84V)5, 649(0
32, 278
61,820
1,045,662
17.75
17, 73317, 1203, 199
33, 09824, 58023, 886
69427, 8706,928
7,4198,581
12, 29712, 2629,007
17. 787184
385
51. 50107, 056854, 937
1, 244, 280
6.11
.46r Revised. ! Not available for publication. ^Figures are not strictly comparable with those prior to 1948 because of the inclusion of data for additional plants. For January 1948-
May 1949 revisions including data for these plants, see note at bottom of p. S-25 of the August 1950 SURVEY.'fRevised series. Beginning in the January 1950 SURVEY, data for fertilizer consumption in 14 States have been substituted for the 13-States series formerly shown; revised figures prior
to November 1948 will be shown later.*New series. The series for rosin "WG" (window glass) grade, which is compiled by the U. S. Department of Labor beginning November 1948, and prior to that month by the OH, Paint,
and Drug Reporter, has been substituted for the "H" grade formerly shown. Data beginning 1935 are shown on p. 24 of the September 1950 SURVEY.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
October 1950 SUBVEY OF CURRENT BUSINESS S-25
Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey
1949
August Septem-ber OctoberNovem-
berDecem-
ber
1950
January Febru-ary March April May June July August
CHEMICALS AND ALLIED PRODUCTSContinuedMISCELLANEOUS
Explosives (industrial), shipments:Black blasting powder thous. of lb__High explosives ' do
Sulfur:Production. long tons__Stocks _ . _ _ do. _ -
FATS, OILS, OILSEEDS, ANDBYPRODUCTS
Animal fats, greases, and oils:Animal fats:
Production thous. of IbConsumption, factory doStocks, end of month do
Greases:Production _ doConsumption, factory doStocks, end of month do
Fish oils: _Production doConsumption, factory doStocks, end of month _ do
Vegetable oils, oilseeds, and byproducts:Vegetable oils, total:
Production, crude mil. of l b _ _Consumption, crude, factory doStocks, end of month:
Crude doRefined do
Exportsf thous. of IbImports, total. _ do__ _
Paint oils doAll other vegetable oils ' do
Copra:Consumption, factory-. short tonsStocks, end of month doImports do
Coconut or copra oil:Production:
Crude thous. of lb__Refined do
Consumption, factory:Crude doRefined do__
Stocks, end of month:Crude doRefined do
Imports doCottonseed:
Receipts at mills thous. of short tonsConsumption (crush) doStocks at mills, end of month do
Cottonseed cake and meal:Production short tonsStocks at mills, end of month. _ do
Cottonseed oil, crude:Production thous. of lb_.Stocks, end of month do
Cottonseed oil, refined:Production _ _ _ _ _ _ _ _ _ _ d oConsumption, factory do
In oleomargarine. doStocks, end of month doPrice, wholesale, summer, yellow, prime (N. Y.)
dol. per lb__Flaxseed:
Production (crop estimate). thous. of bu__Oil mills:
Consumption 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 do _Price, 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 IbRefined do
Consumption, factory, refined doStocks, end of month:
Crude doRefined do__
Price, wholesale, edible (N. Y.).__dol. pe r lb__
1,50953, 158
397, 0243, 156, 752
264, 394120, 143292, 421
46, 75341, 895
124, 51818, 36212, 82379, 062
361380718188
31, 17931, 0964,505
26, 59234, 93210, 01038, 594
44, 96129, 16853, 21928, 14783, 1246,723
14, 485353207278
94, 08152, 75964, 80540,90871, 976
142 40937, 53072, 590
,158
3,9854,932
03.91
77, 07142, 723
407, 230.216
13, 5516 549
136, 015135 106141, 46271 92576, 384
.175
1,60648, 548
389, 6823, 139, 785
248, 888119, 516265, 758
44, 70646, 031
117, 85221, 96217, 66792, 245
464417
776171
29, 54438, 5134,925
33, 58838, 3068,333
51, 251
48, 89230, 37454, 53826, 248
101, 0427,945
17, 0201,248
586941
253, 76398, 076
184, 29188, 766
113, 309115 28232, 07669 708
.140
3 8868,139
03.94
72 92349, 884
421, 115.208
11, 99610 606
120 756127 703136 19956 22356, 790
.157
1,59540, 130
392, 8053, 097, 331
288, 318117, 519240, 962
