OCTOBER 1958

ism

U. S. DEPARTMENT OF COMMERCE

OFFICE OF BUSINESS ECONOMICS

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SURVEY OF CURRENT BUSINESS

x^%\i f f mw ^v?\Vol. 38 /Y ijg \S| No, 10

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K^SCx^ OCTOBER 1958^^ne*F/

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THE BUSINESS SITUATIONPAGE

Introduction , . 1

Industrial Production. « . . * « » . • . » * « • • * « « • » » . . * . » . * . « » • • 2*

Farm Production and Income, . . , , 4

National Income and Corporate Profits * , . * . . . * . » . . * * . * * ()

Note on Farm Gross National Product . . * . . * . . « * • * • * • » • * 11

if * *

SPECIAL ARTICLE

Financing Business in Recession and Expansion. • * * • • • • 15

* * *

MONTHLY BUSINESS STATISTICS S-l to S-40

Published monthly by the U. S. Department of Commerce, SINCLAIR WEEKS,Secretary. Office of Business Economics, M. JOSEPH ME EH AN,Director. Subscription price, including weekly statistical supplement, is$4.00 a year; foreign mailings, $7.50. Single copy, 30 cents. Send remit'tances to any Department of Commerce Field Office or to the Superintendent ofDocuments, 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 Superintendent of Documents.

U. S. DEPARTMENT OF COMMERCE

FIELD

Albuquerque, N. Mex.321 Post Office Bldg.

Tel. 7-0311

Atlanta 3, Ga.66 Luckie St. NW.

JAckson 2-4121

Boston 9, Mass.U. S. Post Office andCourthouse Bldg.

Liberty 2-5600

Buffalo 3, N. Y.117 EHicott St

A/T A rllortn 4,91 ftiviAaison ^zio

Charleston 4, S. C.Area 2,Sergeant Jasper Bldg.

Tel. 2-7771

Cheyenne, Wyo.207 Majestic Bldg.

Tel. 8-8931

Chicago 6, 111.226 W. Jackson Blvd.

ANdover 3-3600

Cincinnati 2, Ohio36 E. 4th St.

DUnbar 1-2200

Cleveland 1, OhioE.6th St. & Superior Ave.CHerry 1-7900

Dallas 1, Tex.500 South Ervay St.

Riverside 8-5611

Denver 2, Colo.19th & Stout St.

KEy stone 4-41 51

Detroit 26, Mich.438 Federal Bldg.

WOodward 3-9330

Greensboro, N. C.407 U. S. Post OfficeBldg.

Tel. 3-8234

Houston 2 Tex.405 Main St.

CApitol 2-7201

Jacksonville 1, Fla.311 W. Monroe St.

ELgin4-7111

Kansas City 6, Mo.911 Walnut St.

BAltimore 1-7000

Los Angeles 15, Calif.1031 S. Broadway

Richmond 9-471 1

SERVICE

Memphis 3, Tenn.22 North Front St.

JAckson 6-3426

Miami 32, Fla.300 NE. First Ave.

FRanklin 9-5431

Minneapolis 1, Minn.2d Ave. South and3d St.

FEderal 2-3244

New Orleans 12, La.333 St. Charles Ave.

EXpress 2411

New York 1, N. Y350 Fifth Ave.

LOngacre 3-3377

Philadelphia 7, Pa.1015 Chestnut St.

WAlnut 3-2400

Phoenix, Ariz.137 N. Second Ave.

ALpine 8-5851

Pittsburgh 22, Pa.107 Sixth St.

GRant 1-5370

Portland 4, Oreg.520 SW. Morrison St.

CApitol 6-3361

Reno, Nev.1479 Wells Ave.

Tel. 2-7133

Richmond 19, Va.llth and Main St.

Milton 4-9471

St. Louis 1, Mo.1114 Market St.

MAin 1—8100

Salt Lake City 1, Utah222 SW. Temple St.

EMpire 4-2552

San Francisco 11, Calif.555 Battery St.

YUkon6-3111

Savannah, Ga.125-29 Bull St.

ADams 2-4755

Seattle 4, Wash.909 First Ave.

MUtual 2-3300

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OCTOBER 1958

uauon

By the Office of Business Economics

PersIs asho

Billion [

380

340

300

Traanc

340

300

0

Coin t

260

Q

U. S. Depa

onal Incomet a new high following the relativelyrt decline

)ollars

Total Personal Income

^ 1 1 ! 1 1 1 1 1 1 1 !

nsfer Payments have bolstered income,\ current earnings are now rising

'̂•̂ '̂ ^v Income Earned in

•̂ Current Production

Transfer Payments

\

, . . 1 , . , 1 , , .

nsumer Buying was well maintained•ecession

«^»*^^ Consumer Expenditures

^ . , , 1 , , , 1 , . ,

1956 1957 1958UARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES

rtment of Commerce, Office of Business Economics 58 - 19 - 1

B<BUSINESS in the early fall period has shown a better-than-seasonal advance. The upward trend is reflected inthe flow of personal income and buying power, which ad-vanced again in September with the quickening of currentactivity.

The seasonally adjusted annual rate of personal incomereached $357% billion, up $1% billion from August and $6billion from last September. The rise in personal incomefrom August was due in large part to expanding wage andsalary disbursements reflecting advances in employment,hours worked per week, and wage rates.

In the past 6 months more than two-thirds of the personalincome advance has stemmed from expansion in currentoutput. On the other hand, from the fall of 1957 to thespring of 1958 the rise in transfer payments was a largeoffset to declining income from production.

Seasonally adjusted nonagricultural employment, whichreached a low of 50.0 million in April of this year, increasedto 50.7 million in September. This was 1% million belowthat of a year ago; unemployment declined but remainedabove last year.

The September employment increase was concentratedin the durable-goods industries, particularly metals, machin-ery, and transportation equipment. Employment in retailtrade was down a little, and other major groups experiencedslight or no change. The average factory workweek wasback to the 40 hours of a year ago and, compared to February,was up 4 percent.

Purchasing at retail has moved with the expansion inincome. Sales of nondurable goods and some types ofdurables, such as household appliances, have recorded asubstantial rise above the depressed sales earlier in the year.Auto sales during September and early October remainedat a very low level, with retail deliveries through mid-October confined almost entirely to 1958 models as the supplyof 1959 models was barely sufficient for initial showroomdisplay purposes. Industrial disputes continued to hamperthe resumption of full-scale auto output.

Aggregate consumer buying during the past year hasfollowed a course similar to that of income. Disposablepersonal income, which dropped a little more than 1 percentfrom the high in the third quarter of 1957, more thanrecovered the loss by the third quarter of this year. Totalconsumer purchasing also dropped around 1 percent in thissame period and has since reached a new peak.

The pattern of spending by consumers is of special interest.After a substantial decline of 10 percent from the top rateof the third quarter of last year to the first quarter of 1958,consumer purchases of durable goods leveled off in the secondand third quarters. The large drop was attributable in themain to reduced buying of new cars.

In contrast to the durable-goods pattern, consumer pur-chases of nondurables dropped only slightly and then

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SUEVEY OF CURRENT BUSINESS October 1958

attained new highs in the second quarter. Greater expend-itures for food and beverages, due partly to higher prices,were important in the quickened recovery of nondurables.Since the spring months, apparel buying has shown somepick-up.

Personal Income

Seasonally Adjusted, at Annual Rates

[Billions of dollars]1957 1958

Septem- Septem-epteAugust ber February March June ber

Personal Income_ _ _ _ _ 352.1 351.4 346.4 347.1 352.0 357.5

Wage and salary dis-bursements ________ 240.8 240.2 233.2 232.6 235.8 239.1

Transfer payments. _ _ 21.5 21.5 23.8 24.8 26.0 27.2Allother ____________ 89.7 89.8 89.4 89.7 90.1 91.2

Throughout the past year, consumers steadily increasedtheir expenditures on services. The effect of the recessionwas to slow down the rise. Increases during the past yearwere concentrated largely in housing and household oper-ation.

Investment demand

One of the important favorable influences on industrialoutput and employment at the present time is the substantialreduction in inventories which has been achieved. A recordrate of liquidation early this year coincided with the reduc-tion in output, but as stocks declined and business againmoved ahead, the incentive for further liquidation diminishedand the rate of decline slackened. The stock-sales ratio isbelow a year ago. In addition, prospects have been strength-ened by the recent rising trend of demand.

Adjustment of inventories has continued, but its characterhas altered. Whereas much of the earlier decline hadoccurred in purchased materials and goods-in-process, recentliquidation has been more pronounced in finished goodsstocks. The extent of this shift has been greater in the non-durable-goods industries, though retail auto stocks havebeen cut sharply.

The major change in fixed investment is in private resi-dential construction. Units started in August and Septem-ber averaged 1.2 million at a seasonally adjusted annualrate, compared with just over a million in the same monthsof 1957. The firming of plant and equipment investment,as reported in our survey for the second half of 1958, hasmeant some increase in the orders of machinery and equip-ment suppliers from the low volume earlier in the year.However, both new business and output reflect the fact thatactual expenditure on new plant is estimated to be runningone-fifth below a year ago.

The rise in residential construction, the slackening paceof inventory liquidation, the firming of business investment,and the expansion of retail sales of nondurable goods allcontributed to the rising flow of new orders to manufac-turers through September. Government purchases of goodsare rising, but in this case the flow of new orders has notmoved so smoothly since orders for defense materiel areplaced in large blocks and month-to-month changes varyconsiderably.

As in the earlier months of business recovery, prices haverecently shown little change—either in wholesale or con-sumer markets. Industrial prices have remained steady on

the average, and farm prices have been declining, partlybecause of seasonal movements. The continued slow rise inconsumer prices for services was offset in August by somedrop in food prices.

Summary

The business upturn underway is rather broad. The morevolatile and sensitive indicators have been advancing forseveral months, and those which usually lag are now showingsigns of improvement. Although there has been a tendencyfor the portions of the economy which had been most affectedby the earlier decline to show significant gains in recentmonths, the pattern of the advances is not a reverse image ofthe earlier contraction.

The advance has brought new highs in a number of lineswhich had shown little decline and, up to now, incomplete orlittle recovery for others. Thus, total production has re-covered more than half of the decline from the 1957 highwith nondurable-goods output at a new record, whereas thelarger decline in durable-goods output has been only partiallyreversed. The recovery in employment has been ratherlimited, investment in industrial and commercial facilitiesalthough leveling off is not yet advancing, and auto produc-tion still has not given the stimulus which will come withlarge-scale output of 1959 cars.

INDUSTRIAL PRODUCTION

Industrial production has shown a marked recovery sinceApril. The Federal Reserve seasonally adjusted productionindex reached 137 (1947-49 = 100) in September, up 9 percentfrom April, and a recovery of over half of the productionloss which occurred during the earlier recession in activity.

The output rise reflects the general business improvement.The three broad groups comprising the Federal ReserveIndex shared in the advance. In nondurable manufacturing,where the decline had been rather limited, output reached anew high. For most of the nondurable-goods industries, therate of operations has recently been about as high or higherthan the peak month of 1957. In contrast, output in mostof the durable-goods and mineral industries was still con-siderably below earlier highs.

Widespread recovery

The extent of the recovery in output among the majorgroups of manufacturing and mining from April to Septembercan be seen from the accompanying table which also showsthe magnitude of the decline from the high month of 1957 toApril 1958. All of the major industry divisions registeredoutput increases, except autos. In general, the industriesexperiencing the greater declines have shown the larger sub-sequent advances. Important groups in this category iiteluded primary metals, electrical machinery, constructionmaterials, rubber, crude petroleum, and textiles and apparel.Industries which have continued to lag behind the generalrecovery aside from autos are nonelectrical machinery andinstruments and transportation equipment other than autos.

The expansion in primary metals occurred largely in steeloperations. This basic industry, among the earliest andhardest hit of the major manufacturing groups, recorded byfar the largest percentage recovery. The especially sharp

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October 1958 SURVEY OF CURRENT BUSINESS

reduction in ingot production which was below consumptionstemmed from the fact that consumers of steel not only cutback order buying early in the recession period because ofreduced demand but worked off inventories built up in thefirst half of 1957.

Thus, with inventories substantially reduced and renewedforward buying by steel users, mill operations have for themost part been expanding steadily since April, from a rateless than 50 percent of rated capacity to an average of 66 per-cent in September. In terms of tonnage, output in Septem-ber totaled 7.6 million tons of steel ingots and castings.This volume was the largest since November 1957. It was15 percent below September a year ago and one-third belowthe peak month of October 1956. The improvement in steeloperations continued in October to rates exceeding well over70 percent of capacity.

Pronounced cutbacks in mine operations of copper, lead,and zinc, did not begin to show up until the second quarterof 1958 and output has since generally continued at loweredrates. Overall supplies, however, have been fairly wellmaintained because of a larger flow of imports. Shipmentshave shown little overall change so that inventories of pro-ducers and refiners have continued high. In the case ofcopper, however, there has been a significant reduction ininventories at refiners' plants from the record volume heldearlier in the year.

Under legislation recently passed by Congress, quota ceil-ings designed to limit imports of lead and zinc to 80 percentof the average annual flow during the 1953-57 period havebeen put into effect, beginning October 1. Since the importflow of these two metals so far this year has been running atan annual rate considerably above the base period, the orderin effect will result in a reduction from the recent rate of in-coming shipments.

Aluminum production has picked up in recent months fromthe reduced rate of the second quarter reflecting in large partthe increasing output from new plants which came into opera-tion earlier in the year. There has also been a noticeableimprovement in overall demand particularly from the con-struction industry, the largest single consumer of the lightmetal. Current rates of production and consumption, how-ever, are still well below earlier highs.

Pace of durable equipment

Reference to the table shows the sharp production declinesand subsequent small recoveries in industries turning outproducers equipment. The rise in output, as in new orders,in these industries started somewhat later and has beenslower, except for electrical equipment. The relativelybetter performance of the latter group reflected in part amuch more than seasonal recovery in output of televisionand radio sets from the especially low volume of the springmonths as well as higher shipments of electronic equipmentand components for military and industrial use and powergenerating equipment for the electric utility industry.

Nonelectrical machinery production since April has beencharacterized by generally mixed trends but on balanceturned moderately upward as increases in output of farmmachinery, tractors, office and store machines and materials-handling equipment, and certain other types of equipmentoffset continuing reductions in other lines, notably machinetools.

The declining rate of operations in the machine toolindustry so far in 1958 results from the slackening rateof expenditures for capital equipment which has beenunderway in the past 12 months. Shipments in Julyand August fell to an average of $29 million, two-fifthsbelow the average of the second quarter of 1958 and two-

thirds below the average of 1957. Placement of new orderswith machine-tool builders from January through Augustfluctuated between $36 and $27 million, averaging $29 mil-lion per month, or about equal to the current rate of ship-ments. The reported backlogs at the end of August wereless than 3 months' work

In other industries producing capital equipment divergentmovements resulted in only a slight advance. Activity inplants turning out aircraft and related products has heldrelatively steady at the reduced rate of the fourth quarterof 1957 while operations in the Nation's shipyards firmed upsomewhat beginning in March. Production of trucks hasbeen relatively stable so far in 1958 except for the normalslackened rate during the current model changeover season.Operations in plants producing railroad rolling stock havebeen reduced to the lowest point in about 3 years, thoughthere has been some improvement in new freight car buyingin recent months.

With overall construction activity at a high rate supportedby the recent advance in homebuilding, output of buildingmaterials expanded considerably from the relatively lowvolume of the first 4 months of the year. In the May-Augustperiod, production of cement, a key material in buildingoperations, was at a record rate.

Passenger cars at seasonal lowContraction in consumer purchases of new passenger cars

has kept auto assembly plants operating afc relatively lowrates so far this year. Output which was curtailed sharplyearly in the year to bring inventories more into line withreduced demand was cutback further in April, and stocksbegan to decline cumulatively as production in succeedingmonths continued well below sales. For the first 9 monthsof 1958, production totaled 2.9 million passenger cars, adecline of well over one-third from the same period a yearago.

Assemblies of the new 1959 models are getting off to a slowstart, influenced by numerous labor-management disputes.

Table 1.—Industrial Production

[Seasonally adjusted, Index, 1947-49=100]

Industry

Primary metalsRubber and leather productsCrude < il and natural gasClay, glass, and lumber prod-

ucts.Fabricated metal products -Furniture and fixtures

Textiles and apparelElectrical machinery. _.Coal .Durables, total. _.Industrial production, totalPaper and allied products

Petroleum and coal products. _ _Nond'irables, to alMachinery, nonelectricalMiscellaneous manufacturesChemicals and allied products. .

Instruments and related prod-ucts.

Metal, stone, and earth min-erals.

Food, beverages, and tobacco..-Printing and publishingTransportati n equ ipment ,

other than autos.Autos trucks and parts

1957 high

February _ _MarchFebruary _ _June

JulyAugust

JulyAugustMarchFebruaryFebruary __August

JanuaryAugustMarch. _ _September.August

August

August

December-December-.April

February

143124154140

141123

10721592

164146163

146132155143186

174

133

114142357

136

1958

April

86102130120

118110

9816663

131126152

127125122129178

159

113

113137316

86

Sep-tember

110119149137

134126

10918470

144137

U65

1371^4129137

U87

166

118

116141318

84

;

Percent change

1957 highmonth toApril 1958

-40-18-16-14

-1611

-823

-32-20-14-7

-13-5

-21-10-5

-9

-15

-1-4

-12

-37

April 1958to Sep-tember

1958

28171514

1414

111111109

19

8766

15

4

4

331

-2

1. Represents data for August.Source: Board of Governors of the Federal Reserve System.

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SURVEY OF CURRENT BUSINESS October 195

The count in September of 132,000 cars missed projectedschedules by a wide margin. Producers have programed asharply increased volume once assembly lines start rolling.Meanwhile, the remaining inventories of tne 1958 models indealers7 nands are being gradually reduced.

Expansion in household goodsIn contrast to passenger cars, consumer purchases of

major household goods, stimulated in part by the spurt innew housing starts, began to pick up slightly in May andstrengthened further in the succeeding months. Thisdevelopment coupled with relatively low inventories heldin distribution channels raised output of furniture andrelated products, appliances, and radio and televisionreceivers more than one-fourth above the recession low, andmoderately above the 1957 average though it was still wellbelow the record production years of 1955 and 1956.

The recovery in output of major household applianceswas sparked by substantial gains in refrigerator and laundryappliances, the two product groups showing the largestrelative declines during the December-April downturn.For most individual appliances, output in August was aboutas high or higher than a year ago, but for the year to datedecreases, though of moderate proportions, predominated.Only freezers, water heaters, and food-waste disposals wereabove the year earlier volume. Stocks of the major appli-

Manufacturing OutputTotal is up with nondurables at a peak anddurables still considerably below earlier highs

Index, 1947-49 = 100160

140

120

100

180

160

140

120

100

80

TOTAL

Durables

Nondurables

1953 1954 1955 1956 1957 1958SEASONALLY ADJUSTED

Data: F. R . B .

U. S. Department of Commerce, Office of Business Economics 58 - I 9-2

aiices in the hands of manufactures at the end of August werwell below year-ago totals.

For radios and television, the adjustment in output wamore severe than for appliances, falling nearly 50 percenfrom the 1957 high. Factory production of television sethas expanded sharply since May and in September-—month of normally high output—totaled about 630,000 unitsor more than double the May figure. A somewhat similaproduction pattern was experienced for radios. Despitthe substantial gain, output of both television and radi<sets was still considerably below September a year ago.

The inventory position of television receivers both iirelation to number and sales was considerably more favorablthan for radios. In the case of the former, stocks at allevels of distribution at the end of August were not only welbelow August 1957 but were the lowest for that month sine*1954. On the other hand, the number of unsold home-typ<radios exceeded last year's figure by a considerable margin

Nondurables at record rateIn nondurable manufacturing, production reached a lo\^

in March and then, as previously indicated, advancecsteadily to a new peak in September, a rate 8 percent higheithan the low point and nearly 2 percent above the previoushigh reached in August 1957. The improvement since thtspring months extended across a broad front with mosiindustry groups, as the table shows, registering better thaiaverage output gains. For paper, chemicals and alliecproducts, and food and beverages, production in Septembeiwas at a new high rate and for most other nondurable goodsindustries, operations were virtually back to earlier highs

Of special significance has been the sizable expansion iioutput of textiles and apparel following the sharp downturrwhich began in the fall of 1957 and continued through theearly months of this year. The increase of 11 percent fronApril to September more than made up the production los^in the preceding decline. Because of its large weight in th(Federal Reserve Index, the combined textile and appareindustry accounted for one-third of the total May-Septembeirise in the nondurable-goods production index.

In the case of apparel and related products, where demandas reflected by sales at retail stores has been strong in recentmonths, output in August was close to its previous peakDespite the improvement in textile manufacturing, allbranches are operating well under capacity. This appar-ently is true even in plants producing the relatively iieweimanmade noncellulosic fibers, including the glass types,where the postwar growth trend has been strongly upward!On the basis of output in the April-June quarter, the industrywas operating at a rate of less than 75 percent of availablecapacity.

FARM PRODUCTION AND INCOME

Farm income is running higher in 1958 than in 1957, withcash receipts in the first three quarters up about one-tenth.A smaller increase has occurred in farm production expenses,and net income of farm proprietors has shown an advance,following 3 years of approximate stability.

It is of interest that the strength shown in the agriculturalindustry has occurred during a period of slackened generaleconomic activity. A decline in volume of livestock andproducts, the demand for which is rather inelastic, and a risein volume of crops subject to price support have each con-tributed to the strong showing made by farm income.

Livestock and livestock products prices and cash receiptsfrom marketings in 1958 are both running well ahead of other

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October 1958 SUEVEY OF CUKEENT BUSINESS

recent years. The principal rise has been in meat animalsas marketings have declined moderately, but prices haverisen to more than compensate for this drop. (See chart.)There is evidence, however, that livestock production isagain turning upward, although in the initial stage, as farm-ers expand foundation herds, fewer animals go to market.

Accumulating feed supplies—especially of "free grain,"which is outside Government stocks a,nd ineligible forprice support—together with favorable prices for livestockand products are providing stimulation to the livestock in-dustry. The effects have already been felt in broiler produc-tion and are beginning to show up in egg production. Hog

) marketings have been curtailed so far in 1958, but farmershave begun a program of expansion. The spring pig cropof 1958 was slightly larger than a year earlier, and the fallpig crop is now estimated to be one-sixth larger than in thefall of 1957. The substantial rise in farrowings will begin tobe reflected in marketings early in 1959.

A comparable stimulus to cattle production will require aconsiderably longer period before marketings show any sub-stantial increase. The switch which has occurred from areduction in cattle herds to an expansion has been accom-panied by a substantial rise in the demand by farmers forlivestock for restocking purposes. Thus, cow prices haverisen more than slaughter steer prices. All types of cattleprices have advanced, however, during the past 2 years asmarketings have declined. During 1958, a retention of bothcalves and cows on farms is expected to be followed by someincrease in the calf crop in 1959 and 1960 with relativelysmall concurrent increases in marketings.

Of the principal livestock enterprises, only dairy produc-tion has failed to show a significant change. Dairy productprices have declined slightly in 1958 and in the past 6months have been below a year earlier as have support prices

,for manufactured dairy products. Eecent dairy product-" feed price ratios have been about the same as a year ago. A

continued decline in the number of dairy cows—the largestin 10 years—has been accompanied by an offsetting rise inmilk production per cow.

For crops, the increase in cash receipts in the first half of1958 over a year earlier was attributable to a rise in volumeof marketings, with prices little changed. The highervolume of marketings in early 1958 reflected a "catching up"for the principal field crops which had moved to market moreslowly than usual in the preceding fall. Prices of theseproducts were generally lower in the first half of 1958 thana year earlier.

The average of prices received for all crops was as high asa year earlier, however, chiefly because of large advances inwinter and early spring vegetable prices following severefrost-damage. Crop prices rose during the first 4 months ofthe year but have declined more than seasonally in subse-quent months as prospects for a bumper harvest havematerialized. Estimated budget expenditures by the Com-modity Credit Corporation for price support purposes duringthe 1958-59 fiscal year were increased substantially in the

-midyear Federal budget review released in September.

High crop yields

Crop production is setting a new record in 1958 with themargin now estimated at around one-tenth above recenthighs. With good mositure supply at the critical growingperiods, yield per acre rose sharply; there was little changein crop acreage from last year. Leaving aside the enumera-tion of the many record yields and production, a few of theimplications of a crop of this size may be indicated. Sincea considerable part of the increase in output is in crops forwhich price support had been established, a step-up in CCC

price support activity is required, and this will tend to temperprice declines. Preliminary estimates of the Department ofAgriculture are for increases in carryovers, especially forgrains.

The cotton crop this year is estimated to be above lastyear's small outturn of 11 million bales, but below averagefor the past decade. In the past 2 years, stocks of UnitedStates cotton have been reduced sharply via export sales atreduced prices. Present estimates of the Department ofAgriculture are for a limited reduction in total carryover inthe year ahead. The support price of cotton from the 1958crop is about 10 percent higher than a year ago. The Agri-cultural Act of 1958 liberalizes acreage allotments for 1959and 1960 for producers who are willing to accept a lowersupport price and provides for a roughly comparable reduc-tion in the domestic sale price of cotton.

Farm Income Up in 1958

Crop receipts areabove last year . . .

Livestock and Productreceipts are the highest inseveral years . .

Index, 1947-49 = 100

I 1 I I I 1 I I I I I 1

140

100

Livestock &

Product Receipts

I I I I 1 I I I I I I I

with prices sustaineddespite higher marketings

reflecting an advance inMeat Animal prices asmarketings have declined

Marketings

/Prices

140

100

60I94850 52 54 56 58 60 I94850 52 54 56 58 60

Note: Figures for 1958 are based upon data available Oct. lOthData: Dept. of Agri.

58-19-4

Tobacco is the only other major crop for which productionin 1958 is estimated to be below average. Output of all typesmay be a bit above last year, but both years are well belowaverage for the preceding decade. An upturn in cigarettetobacco consumption the past year has reduced stocks, butthey remain near a reord high.

Among the major crops, perhaps the most important supplychange produced by the 1958 crop is that taking place forwheat. In each of the preceding 4 years, crops had been inthe neighborhood of 1 billion bushels and carryovers hadbeen about the same size but had declined gradually to alittle below 900 million bushels on July 1, 1958. This year's

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6 SUKVEY OF CURRENT BUSINESS October 1958

record crop is about iy2 billion bushels, and the estimatedcarryover at the end of the present season is now placed at1.3 billion bushels. With excellent moisture conditions inthe principal wheat areas throughout the past season a smalleracreage was placed in the soil bank acreage reserve than ayear earlier and a larger winter wheat acreage was seeded.Abandonment of acreage before harvest—which is often sub-stantial—was the lowest in many years, and yields rose one-fourth above last year and one-half above the average of thepast decade.

New feed program

A strong upward trend in feed grain production is beingextended this year by the second successive record crop.In recent years acreage has been rather stable while yieldshave pushed steadily upward. Although domestic feed con-sumption has shown some expansion in the past few yearswith a further rise expected this year, and exports have beenat a relatively high level, stocks have continued to set newrecords in each of the past few years.

Production controls for feed grains have been less restric-tive than those prevailing for wheat and cotton, and a further

relaxation is provided in the Agricultural Act of 1958.Among the feed grains, acreage controls have been establishedonly for corn in the commercial area and no marketing quotashave been established. Farmers could grow more than theiracreage allotments subject only to the provision that theircrop would not be eligible for compliance price support loans.In the past 2 years noncompliance loans were made at a lowersupport price, and such loans have been made available forcorn grown this year.

Since 1954 the (compliance) support price for corn has beenreduced each year, but market prices have generally beenbelow the support level. Consequently, most of the substan-tial amounts placed under price support has been delivered toCCC. On June 30, 1958, CCC had corn inventories of 1billion bushels and another 400 million bushels were pledgedfor loans.

The new legislation provides for a referendum in whichcorn producers in the commercial area may vote on discon-tinuing corn acreage allotments with price supports at 90percent of the average price during the 3 preceding calendaryears, but not less than 65 percent of parity. The alternativeis a continuation of the present acreage allotment programwith price support to complying producers between 75 and 90percent of parity.

National Income and Corporate Profits

Analysis of Decline and Recovery

ECONOMIC activity moved up in the third quarter fromthe lows of last spring, wiping out a considerable part of thedecline which began a year ago. The rise of personal incometo a $357K-billion rate for the quarter involved an advanceof $5 billion in the currently earned portion of this total.Besides this, the third-quarter national income will show anadditional increase reflecting higher corporate profits—though the extent of the improvement in the latter cannotyet be measured.

The progressive firming of the national market as a wholeduring the past half year has been due largely to the termina-tion of the slide in overall demand for durable goods and toa resurgence of housing construction activity. These werethe output categories most immediately involved in theprevious downswing. The record for nondurable goods andservices has generally featured a continuing expansion,demand in these categories rising to fill most of the marketgap created by the cut in durable-goods outlays.

The national income measure of production registered thebusiness decline with an $18-billion drop, to a $350-billionannual rate in the first quarter of this year. In the spring,the contraction was checked with a modest $2-billion rise,and recovery gathered enough momentum in the thirdquarter so that more than two-thirds of the drop has probablybeen canceled.

The industry pattern of the income flow has changed with

the shifting composition of market demand. Activity in theinvestment-goods manufacturing industries has firmed sincethe drop of late 1957 and early 1958, and expansion hascontinued or resumed in most other major lines. Amongthese, agriculture and government in particular have shownthe influence of special conditions leading to higher consumerexpenditure for food in the one case and increased outlaysfor public services in the other.

Among the various forms in which the national income isearned, both business net incomes and compensation of pri-vate employees have moved up from their lows of last winterand spring. The tendency noted in previous recessions fordemand shifts to focus on predominantly corporate industrieshas again played a part in the sharp swing indicated for the-always volatile profits share.

Industrial shiftsIndustry details of the national income are now available on

a quarterly basis through the first half of this year. Clearlyapparent in table 2 are the effects of the leveling in demandfor major categories of producer and consumer durables.Hard goods manufacturing, which accounted for $11 billionof the third-to-first quarter contraction in national income,is seen to have dipped only $1 billion further in the spring.For the quarter just ended, moreover, the data now availableDigitized for FRASER

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

October 1958 SURVEY OF CURRENT BUSINESS

suggest a significant upturn in this key group of industries.Transportation and mining, income from which has in thepast responded strongly to changes in durable goods produc-tion, have also showed signs of firming since midyear.

The strength of consumer markets for major categories ofnondurable goods is reflected in earnings from manufacturing,trade, and especially agriculture. High demand in thesemarkets, like the acceleration in homebuilding, has contrib-uted to a rise in income not only among the immediate pro-ducers of the goods concerned but also indirectly, by helpingto maintain the demand for related materials and to supportthe sales volume of distributors.; The flow of income from manufacturing provided 28 per-

'cent of the total national income in the first half of 1958,3 percentage points less than in the same period a year earlier.Third-quarter data are still far from complete enough to showwhether this fraction has yet begun to move up. These datado, however, support the previous indications that a firmertone is developing on a broad front among the durables andin a majority of the nondurables groups as well.

Durable and nondurable manufacturingAlthough income from durable-goods manufacturing conti-

nued its decline in the spring, the reduction was quite limited.Since midyear the only major exception to the general patternof recovery seems to have been in auto manufacturing, whereproduction has been down for an early model changeover.Sales of building materials and household durables have im-proved ; and the resulting stimulus to higher activity has beenreinforced in the metalworking industries as the declinesended in sales ®f capital equipment and orders for militaryhard goods moved up. With these market changes, incomewas up for the stone-clay-glass group and for furniturein the spring quarter, and the expansion has since extended

-io metals, machinery, and nonautomotive transportationequipment.

Among nondurables manufacturing industries, the sharp-est of the spring upturns reflected in table 2 were those fortextiles, apparel, and chemicals.

Continued gains in these three industries have accountedfor a substantial part of the indicated further advance innondurables manufacturing since midyear. Recovery inpetroleum refining has also been a considerable factor in thismost recent period.

Nonmanufacturing industriesAgricultural income rose during the opening months of

1958, and reached an annual rate for the spring quarterwhich was higher by one-eighth than the plateau of 1957.Among the developments responsible for the rise were sharpprice advances in fruits, vegetables and meats with an ac-companying large increase in consumer expenditures for food.(Recent shifts in farm income are reviewed elsewhere in thisissue of the SURVEY.)

^ The step-up in spending for food, amounting since the^lirn of the year to $2% billion at annual rates, also helped tostem the decline in total earnings from trade, where itserved as a partial offset to the cuts in consumer buying ofdurables and apparel. More recently, income from tradehas expanded with the vigorous midsummer recovery in de-mand for clothing and household durables. The new carmarket, a focal point of the decline in income for distributorsas well as manufacturers, has shown little improvement asyet from the low volume sales which have been a feature ofconsumer buying throughout 1958.

In such cycle-resistant areas as finance, utilities, and serv-ices, the postwar growth was virtually uninterrupted by the

recession, though the advance was appreciably slowed.Income from government, which is measured by employeecompensation, moved up nearly $1 billion at annual ratesfrom the first quarter of 1958 to the second. The chief fac-tors in the rise were the continuing uptrend in the numberand average earnings of State and local employees and thegeneral pay increases for Federal workers. The latter, be-coming effective at varying dates during the first half, ac-counted for most of the first-quarter expansion shown forgovernment.

Types of incomeOf the $18-billion drop from the third quarter to the first

in the annual rate of national income, nearly two-thirds wasconcentrated in corporate profits. The remainder was incompensation of private employees; other forms of incomegenerally tended to rise over this period. (See table.)The spring increase reflected a firming in payrolls and profitswhile unincorporated business earnings extended theirprevious advance. The rise in proprietors7 income is trace-able chiefly to the developments in agriculture noted earlierin this issue and to a continued uptrend in the service area.

Dividends Maintained DespiteProfits Slide

Billion Dollars

40

20

Corporate Profits After 7a**

\

* f . . f . . l . 1 i i I I .1.. *•> I < t f !....* i^ 1*4. V I I

Percent of After-Tax Profits

TOO

50

Dividend Payout Ratio

\ .

1953 54 55 56 57 58* Quarterly totals, seasonally adjusted, at annual rates

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

The summer quarter was marked by an upswing in wagesand salaries. Corporate profits also increased during thisperiod, though remaining well below last year; third-quarterdata indicating the size of these profits changes are not yet

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

8 SUEVEY OF CURRENT BUSINESS October 1958

Table 2.—National Income by Industry Divisions, 1953-58

[Billions of dollars]

Al 1 industries, total

Agriculture, forestry, and fisheries -

Manufacturing _ _ _ _ _DurableNondurable

Wholesale and retail tradeFinance, insurance, and real estateTransportation _Communications and public utilities

ServicesGovernment and government enterprises -Other

1953

305.6

17.5

98.059.938.1

49.827.615.810.1

29.235.322.4

1954

301.8

16.9

91.154.136.9

50.629.314.410.8

30.235.922.6

1955

330.2

16.1

104.563.141.4

55.030.915.811.7

33.737.824.8

1956

349.4

16.1

109.966.443.5

57.332.116.812.5

37.040.327.4

1957

364.0

16.2

112.568.943.6

59.634.617.313.3

39.442.928.1

Seasonally adjusted at annual rates

1957

I

361.5

16.1

114.170.443.6

59.233.517.313.1

38.542.127.7

II

364.1

16.2

113.069.243.7

59.634.217.413.3

39.342.628.5

III

368.7

16.5

113.969.844.1

60.535.217.613.4

39.943.328.5

IV

361.5

16.1

109.266.342.9

59.135.616.813.6

40.043.427.7

1958

I

350.6

17.2

99.258.640.6

57.835.316.213.7

40.144.626.4

II

352.4

18.2

98.457.?-41. k

58.235.515.614.0

40.345.426.8

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

available. There seems to have been a general improvementin nonfarm proprietors' income, while the rise in farmers'net earnings was checked.

Private payrollsTotal employee compensation, off $6% billion at annual

rates from the third quarter to the first, held about evenin the spring. The rise indicated for the 1958 third quarter,however, wiped out close to two-thirds of the previousdecline. The higher earnings of government employeesoffset the limited reduction in private wages and salariesfrom the first quarter to the second, and reinforced the risein the third.

Change from preceding quarter

\' ational income

Employee compensationCorporate earnings _ - _ .Proprietors', rental, and interest income

Xational income

Employee compensationCorporate earningsProprietors', rental, and interest income

1957

IV • 11958

II III*

Percent

-1.9

-1.0-10.0

-.5

-3.0

-1.5-19.2

.6

0.5

-.13.71.3

na

1.8na.8

Billions of dollars(seasonally adjusted, at annual rates)

-7.1

-2.5-4.3-.3

-10.9

-3.9-7.4

.4

1.8

-.31.2.9

na

4.6na.6

na Not available.p Preliminary.

Private payrolls in the second quarter were at a seasonallyadjusted annual rate of $192 billion, down $8 billion fromthe previous peak but only $1 billion under the first quarter.The total moved up from month to month beginning in May,and by the end of the summer was 2% percent above itsrecession low.

The reversal a little earlier of the downdrift in averagehours worked contributed to the upturn in wages. Ofquantitatively greater importance for the recovery of total

payrolls, however, was the reversal of the 9-month slide inprivate nonagricultural employment.

Average hourly earnings continued to rise during the reces-sion. The advance served to moderate considerably theoverall income effects of the reduction in employment andhours during that period, and more recently it has tended toaccelerate the payroll expansion. In manufacturing, trade,and most of the other industries for which detailed informa-tion is available, pay-rate gains were a very importantelement in the recent increase of total salaries and wages.This is in sharp contrast to the pattern of the precedingdecline, which featured the drop in employment as thajdominant factor.

Corporate profits depressed

Like earlier recessions, the 1957-58 downswing brought alarge cut in the net income of corporate business. Before-tax profits as reported were about the same in the secondquarter of 1958 as in the first. Excluding inventory gainsand losses, pretax profits moved up in the second quarter toan annual rate of $32% billion, about $1 billion above the4-year low established in the preceding quarter. The springquarter figure was still around $11 billion less than the ratein the high quarters of 1957. There is some evidence that arecovery in profits gathered momentum during the summer.The overall rate for the past 9 months, however, has clearlybeen several billion dollars short of those recorded duringthe same periods of last year and the year before.

The decline having been relatively much sharper than inthe national income as a whole, the profits fraction of thetotal has contracted. This movement continues a tendencywhich had already been apparent for several years. The1957-58 drop, however, has been mainly a phenomenon oCthe recession.

In the first place, the business downswing centered inmanufacturing and other industries where the corporateform of organization predominates. Reflecting strength ingovernment, agriculture, and a few other lines wherecorporations are absent or of minor importance, the totalflow of income from sources other than corporate businessesscarcely contracted at all. (See table 4.) The flow ofincome from corporations, on the other hand, fell 9 percentfrom the third quarter of 1957 before leveling off in the springat a $186 billion rate. The corporate fraction of the na-tional income total declined from 55% percent to 53 percentover this period.Digitized for FRASER

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

October 1958 SURVEY OF CURRENT BUSINESS 9

Table 3.—National Income by Distributive Shares, 1953-58

[Billions of dollars]

National income

Compensation of employees

Wages and salariesPrivateMilitary ._ _ _Government civilian

Supplements to wages and salaries

Proprietors' and rental income 1

Business and professionalFarm... _ _ _Rental income of persons

Corporate profits and inventory valuation adjustment

Corporate profits before taxCorporate profits tax liabilityCorporate profits after tax. _ __

Inventory valuation adjustment -_ _

Net interest _

1963

305.6

208 8

198 0164.210.323.5

10.8

51.2

27.413.310.5

37.3

38.320.218.1

-1.0

8.2

1954

301.8

207.6

196.3161.910.024.4

11.3

51.3

27.812.710.9

33.7

34.117.216.8

—.3

9.1

1955

330.2

223.9

?10. 9174.9

9.826.2

13.0

52.8

30.411.810.7

43.1

44.921.823.0

—1.7

10.4

1956

349.4

241.8

227.3189.3

9.728.4

14.5

53.3

30.811.610.9

42.9

45.522.423.1

-2.6

11.3

1957

364.0

254.6

238.1198.0

9.630.5

16.5

54.8

31.411.611.8

41.9

43.421.621.8

—1.5

12.6

I

361.5

251.6

235.6196.2

9.629.8

16.0

54.1

31.111.511.4

43.7

46.123.023.1

-2.4

12.1

S(

19

II

364.1

254.9

238.4198.6

9.730.2

16.4

54.7

31.411.611.7

42.0

43.521.721.8

—1.5

12.5

^asonally a

57

III

368.7

257.3

240.5199.9

9.830.8

16.8

55.5

31.711.812.0

43.1

44.222.022.1

—1.1

12.8

dj usted at

IV

361.5

254.8

238.0197.4

9.531.1

16.8

55.0

31.311.512.2

38.8

39.919.920.0

—1.1

12.9

annual rat(

I

350.6

250.9

234.4192.7

9.432.3

16.5

55.3

30.612.612.1

31.3

31.716.115.5

-.3

13.0

JS

1958

II

352.4

250.7

234.2191.8

9.632.8

16.4

56.2

30.713.412.1

32.5

32.016.315.7

.5

13.1

IIlP

na

255. 3

238. 4195. 010.033. 4

16.9

56.6

31 113.312 2

na

nanana

na

13.3

p Preliminary, na Not available.1. Includes noncorporate inventory valuation adjustment.

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

The difference between the movements of corporate andnoncorporate income was due largely to the greater volatilityof demand for many goods and services—notably durablegoods—which are produced chiefly by corporations.

; Within corporate business, moreover, the table shows thatprofits have as usual been much harder hit than other typesof income. This contrast reflects mainly the difficulty ofreducing costs with the fall in sales, which has led to immedi-ate and severe pressure on profit ratios.

Second-quarter developments represented an improve-ment in the ratios for durables manufacturing, however; andincreases in margins have since been reported in variousother lines as well.

Inventory gains—book profits which reflect the differencebetween the original purchase price of stocks and theirreplacement value at the time used—have also declined over

the past year. Corporations' gains of this type are shownin tables 3 and 4 in terms of the adjustment required to de-duct them, as is done in measuring national income since theyare in effect capital gains rather than earnings from currentproduction. Amounting to around $1 billion at annual ratesa year ago, in the first half of 1958 inventory gains turnedto losses, on balance, as price advances were reversed latelast spring in certain important categories of farm products.

With the decline of inventory gains aggravating that ofprofits from current production, net income including theformer dropped 27 percent from last year's summer high tothe first quarter of 1958, and remained at this low level duringthe spring. As mirrored in the course of tax accruals, thisdecline accounted for two-fifths of the recession swing fromsurplus to deficit in the national income account for theFederal Government.

Table 4.—National Income by Corporate and Noncorporate Form of Organization, 1953-58

[Billions of dollars]

National income __ _ _

Income originating in corporate business _

C ompensation of employeesWages and salaries _ _ __ ___ __Supplements to wages and salaries

Corporate profits and inventory valuation adjustment l

Profits before tax *Profits tax liabilityProfits after tax 1

Inventory valuation adjustment __

Net interest _ .

Income originating outside corporate business

1953

305.6

169.0

132.4124.2

8.2

36.237.220.217.0

-1.0

.4

136.6

1954

301.8

163.3

130.4121.9

8.5

32.332.617.215.4-.3

.5

138.5

1955

330.2

184.2

142.2132.5

9.7

41.643.321.821.5

—1.7

.5

146.0

1956

349.4

195.2

154.0143.410.6

41 243.722.421.3

-2.6

.0

154 2

1957

364.0

202.1

161.9150.011.9

40 041.521.619.9

—1.5

.2

161 9

I

361.5

202.6

160.5148.911.6

41 944.323.021 3

-2.4

.1

159 0

Seasons

1

II

364.1

202.5

162.4150.611.9

39.941.521.719.8

—1.5

.2

161 6

illy adjust<

957

III

368.7

204.8

163.6151.412.1

41.142.122.020.1

—1.1

.2

163 9

id at annu

IV

361.5

198.4

161.3149.212.1

37.038.119.918.2

—1.1

.2

163 1

il rates

19

I

350.6

186.4

156.7145.011.7

29 529.916.113 7-.3

.2

164 2

58

II

352.4

186.1

155.3143.711 6

30 630. 116.313 8

.5

.2

166 4

1. Excludes corporate profits originating in the rest of the world sector.

Source: U. S. Department of Commerce, Office of Business Economics.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 SUKVEY OF CURRENT BUSINESS October 1958

Table 5.—Corporate Profits (Before Tax) and Inventory Valuation Adjustment, by Broad Industry Groups, 1953-58

[Billions of dollars]

All industries, total _ _ _ _ . _ _

Manufacturing __ __ _ .Durable goods industriesNondurable goods industries _ _

Public utilities ___ _ _

All other industries - . . _ _ _ _ . _

1953

37.3

21 A12.19.3

4.9

11.0

1954

33.7

18.410.18.3

4.4

11.0

1955

43.1

25.014.210.8

5.4

12.8

1956

42.9

24.513.411.1

5.5

12.9

1957

41.9

23.513.510.0

5.6

12.8

Seasonally adjusted at annual rates

1957

I

43.7

24.914.510.4

5.7

13.1

II

42.0

23.413.410.0

5.6

13.0

III

43.1

24.314.110.2

5.7

13.1

IV

38.8

21.512.19.4

5.4

11.9

1958

I

31.3

15.67.87.8

5.1

10.6

II

32.5

15.97.98.0

5.4 '

11.2

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

Despite the matching drop from $22 billion to $15^ billionin the annual rate of after-tax net income, the flow ofdividends has held about even with last year. Cuts werereported from December 1957 on in such lines as nonferrousmetals, where recession had been felt earliest and mostseverely. At the same time, however, the previous uptrendhas continued in public utilities and other industries inwhich the current course of profits is more dependent onlong-term economic growth. Aside from these offsettingmovements, the maintenance of dividends clearly reflectsa disposition to regard the depressed level of corporateprofits as a temporary situation.

Probably of some influence in the general situation hasbeen the sustained rise of stock prices since the turn of theyear. From the lows of last December, a series of month-to-month advances lifted stock prices more than 20 percentbefore the end of the 1958 third quarter, major indexes show.An aspect of this development which adds a new note to thegeneral picture, and which is discussed in the financialarticle in this issue, is the associated convergence of stockand bond yields. Bond prices dropped after midyear whilestock prices moved up, and by September a comparisonbased on industrial securities showed dividend yields aver-aging lower than bond yields. The chart on page 15 placesthis unusual situation in historical perspective.

Industrial shifts in corporate profitsThe industrial changes in corporate net income which

accompanied the recession and the second-quarter firmingare shown in table 5. Clearly traceable here is the same

broad pattern of shifts found in the industrial origins ofnational income. Over half the $12-billion drop to the firstquarter in the annual rate of profits occurred in durablegoods manufacturing; and the cessation of decline in thisarea which followed during the spring was the principalfactor in the leveling off of the all-industry total. Thevery sharp contractions recorded in nondurables manu-facturing, transportation, trade, and mining since a year agotapered or were reversed in the second quarter.

Manufacturing

Within durable-goods manufacturing the spring firming inprofits, like that in other types of income, was associatedwith expansion in residential construction and the steadyingin the flow of business capital spending. The stone-clay-glass group and machinery and fabricated metals, in partic-ular, reported net income considerably improved. Largelyoffsetting these advances, however, was the continueddecline in auto manufacturing.

Among the nondurables, the slight overall rise shown forthe second quarter stemmed primarily from chemicals andtextiles—areas of marked weakness in the business down-swing. The largest of the remaining nondurable groups,food and petroleum, reported a continued softening inprofits during the spring quarter.

In the great majority of durable and nondurable goodsindustries alike, developments during the summer seem tohave made for improvement, with sales rising and profitmargins widening somewhat as well.

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October 1958 SUEVEY OF CUEKENT BUSINESS

Note on Farm Gross National Product11

J_ HE figures on farm gross national product shown in theaccompanying tables revise and extend those which appearedin the August 1954 SURVEY OF CURRENT BUSINESS.

Farm GNP represents the portion of gross national productoriginating on the farm. It is a value-added concept and isobtained by subtracting from the total value of farm outputthe value of (intermediate) materials used up in the produc-tion process, such as fertilizer, purchased feed, and motorfuel. It measures production occurring on farms withoutduplication and is "gross" only in the sense that depreciationand other capital consumption allowances are not deducted.

The total value of farm output includes (1) cash receiptsfrom farm marketings and CCC loans, (2) farm home con-sumption, (3) net change in inventories, and (4) gross rentalvalue of farm homes. In the real product tables, the sum ofthe first two of the above categories, i. e., cash receipts plushome consumption, is comparable with the volume of farmmarketings and home consumption series of the Departmentof Agriculture. Though there are differences in the methodof calculating the two series, they move closely togetherthroughout the whole period 1910-57 with only smalldivergencies.

If to the sum of the first two lines is added net change infarm inventories, the result comprises the total commodityoutput of agriculture and is roughly comparable in conceptwith the Department of Agriculture series termed "farmoutput," except that the latter series is adjusted to avoidsome duplication in the farm marketings estimates. (Thisduplication is removed at a later stage in the Farm GNPcalculation.) Movements of total commodity output andthe Department of Agriculture "farm output" series arealso closely parallel throughout the period with small differ-ences typically limited to a single year except in the past fewyears when the "farm output" series has shown a somewhatsmaller advance. The final step in obtaining the totalvalue of farm output is the addition of rental value of farmhomes to the commodity group.

The intermediate product deduction from the value oftotal output consists chiefly of current expenses for feed andlivestock, seed, fertilizer, operation of motor vehicles, irriga-tion, and other purchased items. Purchases by one farmerfrom another are included, although intermediate productsraised and used in further production on the same farm arenot included since they do not appear in cash receipts. Thebulk of purchased materials represents production, or valueadded, by nonfarm industries. Gross rents paid to nonfarmlandlords, shown separately, are also counted as an expenseto farmers, since only the rental value of farm-owned prop-erty is considered to originate in the farm sector.

The underlying series used are principally those of theDepartment of Agriculture. In the current dollar tables,the reconciliation with farm national income is shown.

Change in deflation base

The new constant figures are in terms of 1954 pricesinstead of the average for 1947-49 and are comparable withthe total GNP and the nonfarm GNP figures now shown laythe Office of Business Economics. Because Farm GNPfigures are more sensitive than nonfarm or total GNP tochanges in the period used for deflation, a special analysiswas made of alternative deflation base periods and of "thedesirability of using a split base—one for the earlier yearsand one for the later period.

It turned out that 1954 was a representative base fordeflation and that the use of a representative base periodchosen from the earlier years gave results for that period

which were not significantly different from those shownbased upon 1954. Accordingly, the single base period seemedadequate.

Specifically, the ratio of prices received to prices paid forintermediate products appears to be the most important con-sideration affecting the difference in trend resulting fromusing alternative deflation bases. This ratio for 1954 wasabout equal to the average for 1929-57 as w^ell as to theaverage for 1910-28 and 1925-29.

For the period 1910-28, small revisions in the variousseries by the Department of Agriculture make little differencein the current dollar estimates, and the shift in the deflationbase period has a negligible effect upon the trend of theconstant dollar figures.

For the years 1929-45, the current dollar estimates areunchanged. Slight revisions, generally downward, made bythe Department of Agriculture in the various componentseries have not been incorporated in the detailed figuresshown. (Summary revised estimates are given in table 9.)The effect of the change in base upon the trend of constantdollar estimates is negligible.

For the period 1946-57, moderate revisions, generallydownward, change current dollar estimates of Farm GNP

Farm ProductionBillion 1954 Dollars

40

30

20

10

Tola/ Value of farm Output

VALUE OF INTERMEDIATE :;PRODUCTS CONSUMED £

Percent60

50

40

30

20

RATIO OF INTERMEDIATE PRODUCTS CONSUMEDTO TOTAL FARM OUTPUT

Constanf-Oo//ar Ratio

Current-Dollar Ratio

I I I I I I I I I I I I I I I I I I I I I I I I I I I I M

1930 35 40 45 50 55 60U. S. Department of Commerce, Office of Business Economics 58- I 9- 5

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

12 SURVEY OF CURRENT BUSINESS October

Table 6.—Farm Gross National Producl

[Millions of dollars]

Line

1

2

3

45

6

7

8

9

10

111213

14

15

16

Item

Total value of farm output _ _ . . _ . . _

Cash receipts from farm marketingsand CCC loans

Farm products consumed directly infarm households

Net change in farm inventoriesGross rental value of farm homes

Less: Value of intermediate products consumed,total

Intermediate products consumed, other thanrents

Gross rents paid to nonfarm landlords (ex-cluding operating expenses)

Plus* Other items

Equals: Farm gross national product

Less: Capital consumption allowancesDepreciation charges. __ .Capital outlays charged to current expense

Indirect business taxes

Plus: Government payments to farm landlords

Equals: National income originating in farming

1910

7,689

5,780

1,270212427

1,762

1,332

430

-11

5,916

489386103

155

0

5,272

1911

6,923

5,584

1,165-260

434

1,749

1,294

455

-12

5,162

513409104

170

0

4,479

1912

8,242

6,008

1,204579451

1,903

1,429

474

-14

6,325

539435104

179

0

5,607

1913

7,653

6,238

1,222-266

459

1,953

1,470

483

-15

5,685

551447104

204

0

4,930

1914

8,135

6, 036

1,228417454

1, 985

1,485

500

-17

6, 133

551450101

207

0

5,375

1915

8,387

6,392

1,192327476

2,046

1, 485

561

-18

6, 323

57948891

226

0

5,518

1916

9,305

7, 746

1,384-338

513

2,473

1,766

707

-20

6,812

672555117

242

0

5,898

1917

14, 296

10, 736

2,003986571

3,277

2,251

1,026

-21

10, 998

800660140

270

0

9,928

1918

16, 294

13, 467

2,341-153

639

4,202

3,119

1,083

—23

12, 069

994837157

289

0

10,786

1919

17,316

14, 538

2, 556-509

731

4,535

3,334

1,201

-26

12, 755

1.128960168

361

0

11,266

1920

16, 595

12, 600

2,509688798

4,358

3,534

824

-31

12, 206

1,2631,132

131

440

0

10,503

1921

9,956

8,058

1,746-565

717

2,898

2,281

617

-38

7,020

1,08499391

464

0

5,472

1922

10, 907

8,575

1,717-102

717

3,024

2,343

681

-41

7,842

98588798

469

0

6,388

1923

12, 074

9,545

1,772-45802

3. 356

2,610

746

49

8,676

999893106

480

0

7,197

1924

12, 253

10, 225

1,706-483

805

3,796

2,964

832

41

8,416

99789998

478

0

6,941

1925

14,032

11,021

1,827365819

3,800

3,027

773

-38

10, 194

90882286

488

0

8,798

1926

13, 263

10, 558

1, 8757

823

3,756

3,027

729

-37

9,470

92483787

497

0

8,049

1927 1928 1929

13, 120

10, 733

1,725-175

837

3, 885

3, 051

834

-37

9,198

91983782

513

0

7,766

13, 693

10, 991

1.724140838

4,171

3,357

814

-37

9,485

927849

78

526

0

8, 032

13, 670

11, 299

1,704-162

829

3, 824

2,912

912

-29

9,817

1, 2091.148

61

525

0

8,083

Source: U. S. Department of Commerce, Office of Business Economics, based largely upon data from U. S. Department of Agriculture.

[ Millions of 1954 dollars]Table 7.—Farm Gross National Product

Line

1

2

3

4

5

6

7

S

9

10

Item

Total value of farm output

Cash receipts from farmmarketings and CCC loans

Farm products consumeddirectly in farm households.

Net change in farm inven-tories

Gross rental value of farmhomes

Less: Value of intermediate productsconsumed, total

Intermediate products con-sumed, other than rents

Gross rents paid to nonfarmlandlords (excluding op-erating expenses)

Plus' Other items

Equals: Farm gross national product

1910

18,773

14, 160

2,986

476

1,151

4,552

3,485

1,067

-26

14, 195

1911

18,324

15, 068

2,906

-807

1,157

4,569

3,349

1,220

-32

13, 723

1912

20,454

15, 314

2,817

1,133

1,190

4,801

3,547

1,254

-35

15, 618

1913

18,888

15, 652

2,845

-798

1,189

4,900

3,609

1,291

-37

13, 951

1914

20,167

14, 939

2,858

1,188

1,182

4,986

3,638

1,348

-42

15, 139

1915

21, 057

16, 396

2,875

540

1,246

5,024

3,544

1,480

46

15, 987

1916

19,943

16, 480

2,817

-614

1,260

5,294

3,754

1,540

43

14, 606

1917

20, 604

15, 189

2,913

1,239

1,263

4, 957

3,571

1,386

30

15, 617

1918

20, 508

16, 461

2,985

-196

1,258

5, 377

4,129

1,248

29

15, 102

1919

20, 616

16, 953

3,009

-613

1,267

5,421

4,107

1,314

31

15, 164

1920

20, 309

15, 024

2,847

1,325

1,113

5,152

4,212

940

-39

15, 118

1921

19, 308

16, 596

2,965

-1,425

1,172

5,556

4,138

1,418

74

13, 678

1922

20,565

16, 624

2,993

-253

1,201

5,671

4,312

1,359

78

14,816

1923

21,477

17, 415

2,914

-115

1,263

5,761

4,509

1,252

76

15, 640

1924

21,418

18, 392

2,851

-1,097

1,272

6,373

5,005

1, 368

73

14, 972

1925

22, 245

17, 688

2,785

494

1,278

6,190

4,929

1,261

60

15, 995

1926

22, 171

18, 362

2,814

-271

1,266

6,513

5,067

1,446

61

15,597

1927

23, 118

19, 361

2,760

-299

1,296

6,785

5, 130

1, 655

-66

16, 267

1928

22, 591

18, 683

2,666

43

1,285

6,820

5, 310

1,510

-61

15,710

1929

22, 793

19, 189

2,614

-257

1,247

6, 265

4,511

1, 754

-49

16, 479

1930

21, 385

17, 960

2. 595

-418

1,248

6, 184

4,397

1,787

-125

15, 076

Source: U. S. Department of Commerce, Office of Business Economics, based largely upon data from U. S. Department of Agriculture.

Table 8.—Implicit Price Deflation for Farm Gross

Index numbers, 1954=100]

Line

1

2

3

45

6

7

8

9

10

Item

Total value of farm output

Cash receipts from farm mar-ketings and CCC loans

Farm products consumed di-rectly in farm households

Net change in farm inventoriesGross rental value of farm

homes

Less: Value of intermediate products con-sumed, total

Intermediate products con-sumed, other than rents .

Gross rents paid to nonfarmlandlords (excluding operatingexpenses)

Plus: Other items

Equals: Farm gross national product

1910

41.0

40.8

42.5

37.1

38.7

38.2

40.3

41.7

41.7

1911

37.8

37.1

40.1

37.5

38.3

38.6

37.3

37.6

37.6

1912

40.3

39.2

42.7

37.9

39.6

40.3

37.8

40.5

40.5

1913

40.5

39.9

43.0

38.6

39.9

40.7

37.4

40.7

40.7

1914

40.3

40.4

43.0

38.4

39.8

40.8

37.1

40.5

40.5

1915

39.8

39.0

41.5

38.2

40.7

41.9

37.9

39.6

39,6

1916

46.7

47.0

49.1

40.7

46.7

47.0

45.9

46.6

46.6

1917

69.4

70.7

68.8

45.2

66.1

63.0

74.0

70.4

70.4

1918

79.5

81.8

78.4

50.8

78.1

75.5

86.8

79.9

79.9

1919

84.0

85.8

84.9

57.7

83.7

81.2

91.4

84.1

84.1

1920

81.7

83.9

88.1

71.7

84.6

83.9

87.7

80.7

80.7

1921

51.6

48.6

58.9

61.2

52.2

55.1

43.5

51.3

51.3

1922

53.0

51.6

57.4

59.7

53.3

54.3

50.1

52.9

52.9

1923

56.2

54.8

60.8

63.5

58.3

57.9

59.6

55.5

55.5

1924

57.2

55.6

59.8

63.3

59.6

59.2

60.8

56.2

56.2

1925

63.1

62.3

65.6

64.1

61.4

61.4

61.3

637

63.7

1926

59.8

57.5

66.6

65.0

57.7

59.7

50.4

60.7

60.7

1927

56.8

55. 4

82.5

64.6

57.3

59.5

50.4

56.5

56.5

1928

60.6

58.8

64.7

65.2

61.2

63.2

53.9

60.4

60.4

1929

60.0

58.9

65.2

66.5

61.0

64.6

52.0

59.6

59.6

1930

52.0

50.4

59.3

66.5

53.7

58.7

41.4

51.3

51.3

Source: U. S. Department of Commerce, Office of Business Economics, based largely upon data from U. S. Department of Agriculture.

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

October 1958

in Current Dollars, 1910-57

SUEVEY OF CURRENT BUSINESS

[ Millions of dollars]

13

1930

11,120

9,050

1,540-300830

3,323

2,583

740

-64

7,733

1,1701,109

61

519

0

6,044

1931

8,702

6,369

1,255324754

2,429

1,924

505

-81

6,192

99894454

467

0

4,727

1932

6,434

4,735

1,01034655

1,913

1,532

381

-73

4,448

84679947

403

0

3,199

1933

6,660

5,308

1, 024-259587

2,032

1,594

438

-40

4,588

76071842

351

113

3,590

1934

6,699

6,314

1,090-1,320

615

2,325

1,821

504

-43

4,331

78474143

341

397

3,603

1935

9,548

7,074

1,317536621

2,596

2,008

588

-8

6,944

82778146

347

498

6,268

1936

9,237

8,356

1,373-1,112

620

2,971

2,302

669

-3

6,263

88383548

356

242

5,266

1937

11,372

8,819

1,394523636

3,265

2,618

647

-18

8,089

97492549

369

283

7,029

1938

9,694

7,703

1,266103622

2,939

2,367

572

-29

6,726

99694551

366

377

5,741

1939

9,719

7,819

1,22456620

3,206

2,608

598

-15

6,498

1,02597550

373

661

5,761

1940

10,466

8,332

1,239270625

3,621

3,013

608

-2

6,843

1,02597649

372

627

6,073

1941

13,615

11, 075

1,442452646

4,273

3,385

888

21

9,363

1,1791,124

55

387

472

8,269

1942

19, 101

15, 486

1,7721,159684

5,747

4,595

1,152

34

13,388

1,3881,322

66

415

563

12, 148

1943

22,049

19, 358

2,140-176727

6,813

5,541

1,272

52

15,288

1,5651,484

81

422

563

13,834

1944

22,892

20, 377

2,169-445791

7,272

5,981

1,291

38

15,658

1,7501,657

93

443

687

14, 152

1945

24, 119

21, 383

2,218-462980

7,913

6,583

1,330

24

16,230

1,8691,772

97

494

659

14,526

1946

28,963

24, 802

2,82929

1,303

9,754

8,175

1,579

71

19,280

1, 1931,121

72

535

683

18,235

1947

32,278

29, 620

2,971-1, 7601,447

11, 606

9,871

1,735

75

20,747

1.5511,472

79

637

277

18,836

1948

36,389

30, 227

2,9251,7321,505

12, 639

10, 952

1,687

71

23,821

1,9891,911

78

704

227

21,355

1949

30,772

27, 828

2,399-8631,408

11, 507

10, 070

1,437

30

19,295

2,3612,285

76

764

162

16,332

1950

33,014

28, 512

2,223815

1,464

12, 556

10, 978

1,578

79

20,537

2,6552,582

73

803

249

17, 328

1951

38,213

32, 958

2,4711,1761,608

14, 701

12, 937

1,764

40

23,552

3,1103,037

73

863

250

19,829

1952

37,663

32, 632

2,374921

1,736

14, 844

13, 014

1,830

-60

22,759

3,2813,214

67

910

239

18,807

1953

34,431

31, 126

2,161-6211,765

13, 476

11, 824

1,652

-60

20,895

3,3993,328

71

932

186

16,750

1954

34, 09$

29, 953

1,944490

1,711

13, 723

12, 105

1,618

-31

20,344

3,4813,410

71

959

224

16, 128

1955

33,400

29, 556

1,806297

1,741

13, 726

12, 162

1,564

-62

19,612

3,5753,503

72

1,003

200

15,234

1956

33,583

30, 539

1,779-4791,744

14, 128

12, 535

1,593

-67

19,388

3,6073,532

75

1,059

484

15,206

1957

34,072

29, 757

1,763758

1,794

14, 720

13, 197

1,523

-79

19,273

3,7683,691

77

1,113

888

15,280

Line

1

2

345

6

7

8

9

10

111213

14

15

16

in Constant Dollars, 1910-57[ Millions of 1954 dollars]

1931

23,792

18, 080

2,738

1,742

1,232

5,932

4,075

1,857

-231

17, 629

1932

22, 638

17, 895

2,843

694

1,206

5,808

3,903

1,905

-271

16,559

1933

22, 324

18, 841

2,986

-684

1,181

5,833

4,135

1,698

-142

16,349

1934

18,925

18, 043

2,784

-3, 071

1,169

5,254

3,935

1,319

-134

13,537

1935

21, 909

16, 341

2,676

1,736

1,156

5,388

3,985

1,403

-19

16,502

1936

20, 290

18, 433

2,687

-1, 980

1,150

6,175

4,593

1,582

-7

14, 108

1937

23,777

18, 159

2,641

1,827

1,150

6,097

4,712

1,385

-39

17,641

1938

24,340

19, 977

2,790

417

1,156

6,466

4,727

1,739

-77

17,797

1939

24,964

20, 572

2,852

372

1,168

7,152

5,306

1,846

-41

17,771

1940

25,211

20, 635

2,762

635

1,179

7,738

6,011

1,727

-5

17,468

1941

27, 114

22, 336

2,597

993

1,188

8,369

6,289

2,080

42

18,787

1942

29,807

24, 116

2,543

1,977

1,171

9,412

7,391

2,021

52

20,447

1943

28,410

24, 778

2,527

-49

1,154

9,716

7,840

1,876

64

18,758

1944

28,982

25,914

2,506

-568

1,130

9,804

8,045

1,759

47

19,225

1945

28, 602

25, 676

2,428

-760

1,258

10, 497

8,731

1,766

27

18, 132

1946

30, 229

26,122

2,889

-55

1,273

11, 914

10,227

1,687

68

18,383

1947

28,945

26, 539

2,641

-1, 553

1,318

12, 110

10, 626

1,484

61

16,896

1948

31,374

26, 120

2,518

1,374

1,362

12, 154

10, 707

1,447

57

19,277

1949

30,499

27, 770

2,358

-1, 041

1,412

12, 189

10, 624

1,565

29

18,339

1950

32,065

27, 586

2,293

720

1,466

12, 794

11, 182

1,612

74

19,345

1951

31,532

27, 142

2,179

689

1,522

13, 508

11, 959

1,549

31

18,055

1952

32,493

28,361

2,104

440

1,588

13,638

12, 006

1,632

-50

18,805

1953

32,909

29,922

1,990

-655

1,652

13,402

11,766

1,636

-56

19,451

1954

34,098

29,953

1,944

490

1,711

13,723

12, 105

1,618

-31

20,344

1955

35,523

31, 230

1,867

667

1,759

14, 045

12,386

1,659

-68

21,410

1956

36, 279

32, 619

1,837

22

1,801

14,687

12, 981

1,706

-74

21,518

1957

35,891

30, 950

1,740

1,361

1,840

14,994

13, 330

1,664

-85

20,812

Line

1

2

3

4

5

6

7

8

9

10

National Product by Major Components, 1910-57

[Index numbers, 1954=100]

1931

1 36.6L3̂5.2

45.8

61.2

40.9

47.2

27.2

35.1

35.1

1932

28.4

26.5

35.5

54.3

32.9

39.3

20.0

26.9

26.9

1933

29.8

28.2

34.3

49.7

34.8

38.5

25.8

28.1

28.1

1934

35.4

35.0

39.2

52.6

44.3

46.3

38.2

32.0

32.0

1935

43.6

43.3

49.2

53.7

48.2

50.4

41.9

42.1

42.1

1936

45.5

45.3

51.1

53.9

48.1

50.1

42.3

44.4

44.4

1937

47.8

48.6

52.8

55.3

53.6

55.6

46.7

45.9

45.9

1938

39.8

38.6

45.4

53.8

45.5

50.1

32.9

37.8

37.8

1939

38.9

38.0

42.9

53.1

44.8

49.2

32.4

36.6

36.6

1940

41.5

40.4

44.9

53.0

46.8

50.1

35.2

39.2

39.2

1941

50.2

49.6

55.5

54.4

51.1

53.8

42.7

49.8

49.8

1942

64.1

64.2

69.7

58.4

61.1

62.2

57.0

65.5

65.5

1943

77.6

78.1

84.7

63.0

70.1

70.7

67.8

81.5

81.5

1944

79.0

78.6

86.6

70.0

74.2

74.3

73.4

81.4

81.4

1945

84.3

83.3

91.4

77.9

75.4

75.4

75.3

89.5

89.5

1946

95.8

94.9

97.9

102.4

81.9

79.9

93.6

104.9

104.9

1946

111.5

111.6

112.5

109.8

95.8

92.9

116.9

122.8

122.8

1948

116.0

115.7

116.2

110.5

104.0

102.3

116.6

123.6

123.6

1949

100.9

100.2

101.7

99.7

94.4

94.8

91.8

105.2

105.2

1950

103.0

103.4

96.9

99.9

98.1

98.2

97.9

106.2

106.2

1951

121.2

121.4

113.4

105.7

108.8

108.2

113.9

130.4

130.4

1952

115.9

115.1

112.8

109.3

108.8

108.4

112.1

121.0

121.0

1953

104.6

104.0

108.6

106.8

100.6

100.5

101. 0

107.4

107.4

1954

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

1955

94.0

94.6

96.7

99.0

97.7

98.2

94.3

91.6

91.6

1956

92.6

93.6

96.8

96.8

96.2

96.6

93.4

90.1

90.1

1957

94.9

96.1

101.3

97.5

98.2

99.0

91.5

92.6

92.6

Line

1

2

34

5

6

7

8

9

10

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

14 SURVEY OF CURRENT BUSINESS October 1958

Productivity has advanced and thedrift of workers from farms continues

Thousand 1954 Dollars (ratio scalfe)

Farm Workers

"°~"

Million Workers

20

16

12

1910 20 30 40 50 60

U. S. Department of Commerce, Office of Business EconomicsData: Cen. Bur, Agri. 8 QBE

58 -19-6

by amounts ranging up to $1 billion. The trend of constantdollar figures during this period is not appreciably alteredfrom the former series. For the longer trend, however, theshift in the base used for deflation results in some furtherlowering of estimates for recent years so that the combinedeffect is to reduce the increase in constant dollar Farm GNPsince 1929 from one-third to somewhat more than one-fourth.

The secular trend in both total farm output and farmGNP in constant dollars has been upward despite ratherlarge annual fluctuations chiefly due to the influence ofweather conditions on crop yields. The long term trendhas been for total output to increase at an average annualrate of a little less than \% percent—about twice as fast asthe rate of rise for Farm GNP.

This differential growth has reflected the rising proportionof intermediate products consumed—fertilizer, purchasedfeed, motor fuel, etc.—in relation to total output. In thepast decade, however, this proportion in constant dollarterms has shown no further advance. This has been aperiod in which the ratio of prices received to prices paid forintermediate products has shown an irregular downwardtrend, and the less favorable price relationship has restrainedthe former tendency to increase the ratio of intermediateproducts to total output. In current dollar terms, however,the ratio has continued to advance, as shown in the lowerpanel of the accompanying chart.

One of the important trends in farming has been thesubstantial rise in output per person employed. This hasreflected both a decline in farm employment and a rise inoutput. In the past 3 decades, Farm GNP per agriculturalworker has risen at an average annual rate of 3 percent.There has been a tendency for output per worker to risemore rapidly in recent decades. For the entire periodsince 1910 the rate of advance has averaged a little above2 percent annually, whereas in the period since 1940 the risehas averaged 3% percent annually. The more rapid risein the later period is less attributable to a faster rise in farmGNP than to an accelerated decline in the work force onfarms. Since 1929, the increase in output per worker has*averaged appreciably higher in agriculture than in thenonfarm sector.

The rise in farm productivity reflects a whole series offarm technological advances. One aspect of these changesis an increased substitution of capital for labor. On a con-stant dollar basis, capital employed in agriculture has in-creased at about the same rate as Farm GNP, so that the netdepreciated capital-output ratio has remained rather stablein recent decades.

Annual gross capital investment in agricultural machineryand equipment has shown wide fluctuations, however, vary-ing directly with farm income. An analysis of gross capitalexpenditures other than construction and passenger auto-mobiles shows them to be rather closely related to net incomeof farm proprietors plus allowance for depreciation. Thisrelationship was compared for the interwar period 1922-40and the period from 1950 to 1957. For the years consideredfarm equipment purchases in a given year fluctuated directlywith net income of farm entrepreneurs plus depreciation inthe same year, showing a greater relative variation than theincome factor.

Since machinery and equipment spending tends to be-somewhat greater in the spring and summer months than inthe later months of the year, whereas farm income receiptsare greater in the autumn months, the inclusion of incomein the preceding year appears to be a logical step in the con-sideration of a demand function for farm equipment. Theaddition of such a variable for the years considered resultsin a slight increase in the "explained" variation in equip-ment buying, but the change is one that might happen bychance, i. e., it is not significant at the usual 5-percent point.The principal improvement, however, is in the past few yearsand thus is of special interest.

Reference has already been made to the relatively largeyear-to-year variations in farm GNP. Preliminary figuresavailable for 1958 suggest one of the largest advances overprevious highs ever obtained in a single year. The increaseis accentuated by the fact that the large rise in total productappears to be accompanied by relatively little advance inintermediate products consumed.

Table 9.—Revised Farm Product Series 1

[Millions of dollars]

Total Value of Farm Output:

Current dollars. __ _.Constant (1954) dollars

Farm Gross National Product:

Current dollars.. _.Constant (1954) dollars

1929

13, 77322, 984

9,68816, 152

1930

11, 16321, 829

7,62415, 223

1931

8,84524, 290

6,23718, 077

1932

6,48122, 697

4,44916, 636

1933

6,75622, 476

4,60316, 350

1934

7,16519, 122

4, 65313, 451

1935

9,79121, 985

6,96916, 087

1936

9,62820, 339

6,44013 718

1937

11,80924, 008

8,27117 312

1938

9,78724, 430

6. 53517 304

1939

9,88825, 237

6,28717 185

1940

10, 59625, 393

6,46616 500

1941

13, 70427, 314

9,01418 088

1942

19, 21630, 116

13, 13820 041

1943

22, 66429, 078

15, 45518 616

1944

23, 22629, 242

15, 52218 695

1945

24, 59129, 006

16, 16817 662

1. Based on revisions made by Department of Agriculture which were not incorporated into the national income accounts for the period 1929 through 1945.Source: U. S. Department of Commerce, Office of Business Economics.Digitized for FRASER

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

By Herman I. Liebling

Financing Business inRecession and Expansion

j_ HE DECLINE and recovery in economic activity overthe past year have brought the usual wide swings in thefinancial position of corporations. There have been, however,a number of special features which did not accord with pastexperience and which merit examination.

The cyclical peak reached in the summer of 1957 hadbeen preceded by an exceptionally high rate of investmentwhich exerted heavy demand pressures on the supply ofavailable capital funds. These demands coupled with policiesof credit restraint brought borrowing costs to new postwarhighs.

In the subsequent downturn, corporate financing require-ments were sharply lowered, featuring substantial liquidationof inventories and customer credit and a cutback in fixedcapital programs. New borrowing was curtailed with demandfor short-term credit most affected. Expansion of long-termdebt continued, but the net liquidation of other liabilitiesserved to halt the increase in total borrowing which hadbeen underway during the preceding upswing.

Costs of Financing

Percent Per Annum

10

1920 25 30 50 55 57 58

Percent Per Annum

8

U, S. Treasury Bond Yields(LONG-TERM)

1920 25 30 35 40 45 50

Series prior to 1929 based upon 3-6 month Treasury notes

55 57 58

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

Data: Moody's 8 FRB

58 -19 -7

Corporations also improved their liquidity position in thepast year. This followed a substantial liquidation of cashassets which had helped finance the 1955-57 expansion. Atmid-1958, liquid asset holdings, while sizable, were appreci-ably below amounts held throughout the earlier postwarperiod.

Since the low point in activity reached last winter, creditconditions have tightened considerably, and costs of borrowedfunds rose close to their previous highs. The pickup inbusiness in the spring and summer involved some improve-ment in corporate investment demand as inventory liquida-tion slowed and the cutback in fixed capital programstapered.

Costs of equity financing were sharply lowered over thepast year. Corporate earnings underwent a substantial de-cline during the recession but dividends were generally wellsustained. Meanwhile stock prices had receded somewhatin late 1957 but in 1958 the trend was strongly upward intoearly October when the averages reached an all time high.The contrasting trends in costs of equity and debt financingbrought dividend yields into approximate equality withinterest costs in the most recent period.

With the drop in employment and output in late 1957, themonetary authorities moved promptly and on a large scaleto provide an abundant money supply. This policy wasshifted last August as signs of substantial recovery becameevident. These changes contributed to the reversal in trendsof borrowing costs in the past year.

CORPORATE FINANCING IN 1958

Fairly complete data are now available on the financialdemand patterns of corporate business during the 1957-58cycle of expansion, contraction and recovery. These arepresented for all nonfinancial corporations in table 1 andfor broad industry groupings in table 2. It might be notedthat the cyclical swing in business capital requirements andtheir financing bore most heavily on the corporate sector;noncorporate business firms tend to be concentrated in areasof activity which were least affected by the recession.

A comparison of tables 1 and 2 also clearly shows that theswing in financing requirements was concentrated in themanufacturing, mining, and transportation group. A broadsegment of corporate industry, principally composed of utilityand trade firms have maintained their capital programs fairlywell in 1958.

Asset expansion slowed

After a 3-year period of total asset expansion in the rangeof $40 to $50 billion a year, nonfinancial corporations addedto their asset ownership in the first half of 1958 at a seasonallyadjusted annual rate of less than $25 billion. The tapered

NOTE.—MR. LIEBLING IS A MEMBER OF THE NATIONAL ECONOMICSDIVISION, OFFICE OF BUSINESS ECONOMICS.

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16 SUEVEY OF CUEKENT BUSINESS October 1958

expansion followed from a reduction in the rate of purchasingof fixed facilities, but more importantly from a large liquida-tion of current assets in the more recent adjustment period.

In the 6 months ended last June, actual outlays by corpo-rations on plant and equipment came to $13 billion. Thisfigure (which is not adjusted for seasonal influences) was off$2K billion, or one-sixth from the year before. It might benoted that 1958 outlays compared favorably with those inany period other than the peak reached in 1957.

By far the principal influence of reduced corporate invest-ment requirements was reflected in the use of working capital.Current assets are usually reduced in the first part of the yearas seasonal drains of Federal taxes and repayments of tradecredit are exceptionally large. The reduction in these assetsin the January-June period amounted to over $8 billion, farmore than the usual seasonal swing and contrasted with thereduction of less than $% billion in the same period last year.

The most striking change in current requirements was the$3K-billion drop in the book value of corporate inventoriesin the first half, with the liquidation representing a continua-tion of the process of adjustment to the cyclical forces ofdecline initiated last summer. The shift to liquidation fromthe accumulation of early 1957 brought a $5X-billion falloffin financial requirements.

Reflecting the concentrated impact of the recession onmanufacturers, the bulk of the fall in inventories was infactory stocks and in inventories of durable goods in tradechannels.

The shift in customer credit financing in 1958 as saleswere cut sharply by lower demand was also marked. Totalcorporate receivables declined about $2% billion, comparedwith an advance of roughly the same amount a year earlier.Nearly all of this involved a drop in the volume of bookcredit extended by corporations to their business customers.

Table 1.—Sources and Uses of Corporate Funds,1 Half Years,1956-58

[Billions of dollars]

Sources, total - _

Internal sources, total. . .Retained profits 2

Depreciation.. _ _ . . . .

External long-term sources, totalStocksBondsOther debt

Short-term sources, totalBank loansTrade pay ables _ _ _ _ _ _ _Federal income tax liabilitiesOther. _ _

Uses, total

Increase in physical assets, total. _ _ . - _ .Plant and equipmentInventories (book value)

Increase in financial assets total

ReceivablesConsumerO ther

Cash and U. S. Government securitiesCash (including deposits)U. S. Government securities

Other assets.- _ _ . _ ..

Discrepancy (uses less sources)

19

1st half

14.5

14.05 48.6

4 91 12 21 6

-4.42 1-.8

—6 4.7

14.4

18.813 65.2

— 4 4

2 6-.32 9

-7.9-2.0-5.9

.9

-.1

56

2d half

29.7

13.94 89.1

6 21 92.61 7

9.6

3.55 01.3

28.2

19.516 33.2

8 7

5 11.53. 6

3.62.51.1

(3)

— 1.5

19

1st half

16.7

14.75.19.6

6.22 13.6.5

-4.21 9

-2.3-4.8

1.0

15.3

17.515 61.9

—2 2

1.6-.52.1

-4.9-2.1—2 8

1.1

— 1.5

57

2d half

23.4

13.83 7

10.1

5 91 33.9

7

3.7—1 3

1.22 9.9

22.9

16.917 1— . 2

6 0

1 71.4.3

3.12 01.1

1.2

-.5

1958,1sthalf

6.0

12 41 9

10 5

5 61 83 5

3

— 12 0— 1 4—4 4—5 9-.3

4.7

9.513 0

—3 5

4 8

— 1 8— 4

-1.4

-3.7— 5

-3.2

.7

— 1.3

1. Excluding banks and insurance companies.2. Including depletion.3. Less than $50 million.

Source: U. S. Department of Commerce, Office of Business Economics, based on Securitiesand Exchange Commission and other financial data.

Corporate credit extended to final consumers was aboutunchanged from a year earlier.

A feature of corporate financing in the business upswingof 1957 was the increasing amount of book credit extendedby corporate firms to their noncorporate customers. Thisreflected in good part the tendency of such customers totake advantage of supplier credit as "tight" money condi-tions made funds more difficult to obtain through institu-tional channels. Since the downturn of last summer, thisextension of credit by corporations has been negligible.

Corporations have reduced their liquid asset holdings in1958 about in line with seasonal requirements. Cash assetsdeclined by about $3% billion in the first half of 1958, com-pared with a drawdown of $5 billion in the year-beforeperiod, and nearly $8 billion in the first 6 months of 1956.In both 1956 and 1957 corporations used their accumulatedliquid resources to help finance their expansion programs,but this liquidation was halted as business turned downwardlast summer.

The manufacturing-mining-transportation group continuedto lower their liquid asset ownership at a somewhat greaterthan seasonal rate in early 1958, but the reduction in theutilities-trade group was much less than seasonal. It mightbe noted that improvement in liquidity was fairly wide-spread, as current liabilities, and other commonly usedcriteria of "cash" requirements were also cut back in thisperiod.

Internal financing in 1957-58

In meeting the reduced financial requirements of the 1957-58 downturn, corporations continued to rely primarily oninternal sources. Funds generated from current opera-tions—retained earnings and depreciation allowances—totaled about $12^ billion in the first half of 1958, more than$2 billion, or one-eighth below the corresponding period ayear earlier. Permanent financing needs (as reflected infixed capital outlays and the change in net working capital)were lowered by about the same amount, so that there waslittle net change in demand for long-term external funds.

As is clear from table 2, the reduced flow of internal fundswas concentrated in the recession-hit industries, where thefalloff in retained earnings was greater than the continuingexpansion of depreciation allowances. The volume of fundsfrom operations in the utilities-trades group in 1958 wasimproved from the year-before pace.

With depreciation allowances continuing to mount in1958, the decline in the total of internally generated fundsreflected the more than offsetting influence of lowered corpo-rate income retention. As a result of the overall decline inretained earnings, its share of total internal financing droppedto less than one-seventh in the first half of 1958, comparedwith a third a year earlier. This sharp decline contrastedwith the considerably more moderate downtrend of thisshare evidenced in the postwar period, largely associatedwith the rapidly rising volume of depreciation allowances,especially since 1950, as well as the tendency to pay out tostockholders a larger proportion of after-tax earnings.

The impact of the 1957-58 recession was particularlypronounced on corporate earnings, as is indicated in thereview elsewhere in this issue. A part of the reduction inbefore-tax profits was offset by diminished tax liabilities,but due to the stability of dividend payments throughoutthe downturn, income retention of nonfinancial corporationsin the first half fell to about $2 billion, compared with $5billion a year earlier, and low^er than in any first half since1946.

With dividends well maintained, the pay-out proportionfrom corporate earnings after taxes—which had steadilyincreased from about half of earnings in the early 1950's toDigitized for FRASER

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October 1958 SURVEY OF CURRENT BUSINESS 17

Table 2.—Patterns of Industry Financing, 1957 and First Half of 1958

[Billions of dollars]

Total sources

Internal funds 4 _

External funds:Long-term 5

Short-term 8

Total uses

Plant and equipment

Increase in:Inventories (book value) . _Receivables and other assetsLiquid assets 3 _

Manufacturing, mining,and transportation

1957

1sthalf

10.0

9.5

2.2-1.7

10.0

9.6

1.61.9

-3.1

2dhalf

11.3

8.7

1.9.7

11.3

10.3

(2)-.91.9

Year

21.3

18.2

4.1-1.0

21.3

19.9

1.61.0

-1.2

1958,1sthalf

.6

7.7

1.2-8.3

.6

7.3

-3.2.2

-3.7

Public utilities 1 andtrade

1957

1sthalf

3.1

3.0

2.7-2.6

3.1

5.1

.1-.6

-1.5

2dhalf

8.7

3.3

2.43.0

8.7

5.8

.11.9.9

Year

11.8

6.3

5.1.4

11.8

10.9

.21.3-.6

1958,1sthalf

3.2

3.3

3.0-3.1

3.2

4.8

-.4-1.0

2

1. Includes communications.2. Less than $50 million.3. Cash and deposits and U. S. Government securities.4. Retained earnings and depreciation.5. Stock issues, bonds, long-term bank loans, mortgages, and other long-term debt.6. Short-term bank loans, trade payables, Federal income tax liabilities, other current lia-

bilities, and the statistical discrepancy.

Source: U. S. Department of Commerce, Office of Business Economics, based on Securitiesand Exchange Commission and other financial data.

three-fifths last year—spurted in 1958. This was, however,of apparent temporary nature, principally reflecting thereluctance of corporate management to alter returns tostockholders in the short run. For example, stability individend volume during the brief periods of earnings declinewas reflected in rapid but temporary advances in pay-outratios during 1949 and 1954. As recovery proceeded, sub-sequently, the pay-out ratios were reduced close to pre-recession levels.

Increasing role of depreciationFunds made available from depreciation allowances con-

tinued to rise in 1958, and were at an annual rate of close to$21 billion in the first half year. Last year, charges for therecovery of costs of fixed assets totaled $20 billion, an in-crease of $2 billion from 1956, and matching the averageadvance of the past several years.

Depreciation charges have risen to the forefront amongavailable corporate funds in the postwar period, constitutingthe largest single source of financing over the past 8 years.This growing importance is illustrated in the increase of itsshare from one-fourth of total financing requirements in 1950to nearly one-half in 1957.

Of primary importance among the factors underlying thegrowth of corporate depreciation is the increase in the assetbase during the postwar period. The 1958 additions to newplant and equipment followed on record breaking capitalexpansion programs which had proceeded with only briefpauses through the postwar period. The magnitude of theincrease in fixed assets may be gauged in proximate terms bythe rise in the book value of corporate gross capital assetsfrom $138 billion at the end of World War II to $360 billionat the end of 1957.

Over this period there has been also a step-up in averagedepreciation rates, partly associated with statutory changesand partly the result of the greater proportion of equipmentrelative to plant facilities in the capital base.

The impact of the 1950 law which permitted the writeoffof certified defense facilities on a 5-year amortization sched-

ule, is currently of declining importance as more and moreassets become fully amortized.

Under the 1954 Revenue Code, the permitted alternativesto straight-line depreciation (by means of the "decliningbalance" and the "sum of the year's digits" methods) resultin the writeoff of about two-thirds of the purchase costs ofan asset during the first half of its useful life. The potentialimpact of the application of the new depreciation methodsis currently far greater than that of the 1950 program, and isof rising importance.

External financing lowerThe sharp cutback of asset expansion coupled with gen-

erally well-maintained sources of internal funds was reflectedin greatly reduced demand by corporations for externalfinancing. Thus, whereas in the first half of 1957, there was a$2 billion net increase in use of such funds, in the comparableperiod this year there was a more than $6 billion excess ofrepayments over new funds made available from externalsources.

Of equal note, however, was the continuing substantialvolume of long-term corporate financing in the capitalmarkets. As might be expected from the changed demandpattern, the liquidation of corporate liabilities in early 1958was concentrated in short-term types.

Reduced bank borrowing was fairly widespread in therecession but was most evident in the case of manufacturingconcerns, and more particularly among the producers ofhard goods whose production schedules and inventories weremost affected by the decline in total demand. New bankborrowing by metal fabricators in 1958 was almost continu-ously below that of the preceding year and repayment ofoutstanding liabilities wras higher.

Decreased utilization of bank credit was also evidencedby the petroleum, chemical, and rubber companies, whichliquidated debt in 1958, compared with an increase a yearearlier. Bank credit needs of food processors, and textileand apparel producers were moderately smaller than a yearearlier.

A shift from bank to nonbank sources of credit was evi-denced in the public utility and sales finance groups. Aspressures for funds increased in 1957, public utilities hadleaned more heavily than usual on bank funds to financecapital expansion programs and this was followed by heavyrepayments on bank debt in 1958. Among sales financecompanies, direct bank borrowing was reduced in 1958,compared with some expansion last year. This developmentlargely reflected a shift in method of financing to placementsof commercial paper with nonbank investors.

Reduced tax liabilities and trade creditIn considerable degree, lessened dependence on short-

term financing follows more or less automatically as activitychanges from an advancing to a declining phase. Thus,for example, when business is rising, debt owed to theFederal Government tends to rise as accrued taxes onexpanded profits tend to exceed tax payments on past profits.The opposite is the case when business and profits decline.

In the first half of 1958, tax payments exceeded newliabilities, leading to a $6 billion liquidation of debt owedthe Federal Government. This reduction was $1 billiongreater than in the same period a year ago. At the presenttime, it may be noted, tax payments by corporations tendto be concentrated in the first half of the calendar year.Under legislation passed a few years ago, this is being gradu-ally changed, and by 1960, payments will be required infour quarterly installments of current year taxes, startingin September of that year.Digitized for FRASER

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18 SURVEY OF CUERENT BUSINESS October 1958

As might be expected, trade debt also closely follows thepattern of business. When sales and purchases are rising,payables of firms expand and opposite tendencies prevailwhen business turns down. As already indicated for cor-porations as a whole, the 1957-58 experience in this respectwas affected by the increasing tendency of noncorporatebusiness firms in the 1957 expansion to depend on corporatesuppliers for financing. This meant that corporations werein special need of short-term funds. As money marketconditions eased in late 1957 and early 1958, noncorporatecustomers were able to resort to more usual sources forfinancing of their short-term needs.

Security sales high

In contrast to the sharp reduction in short-term financing,corporations raised a heavy volume of funds from sales ofmore permanent new security issues. On a gross basis,proceeds from sales in the first half surpassed the peak 1957rate as capital markets were utilized not only to obtain newcapital but also to refund existing securities. Rising cor-porate bond yields in 1957 had been accompanied by adecline in retirements to the lowest volume since 1954.However, as yields declined in late 1957 and early 1958,corporations moved to refinance outstanding debt, arid issuesfor refunding purposes rose rapidly.

The net proceeds of security sales by corporations, afterallowance for retirements and refunding operations, amountedto $5.3 billion in the half year ended last June, roughly thesame as a year earlier. Security financing by utilities wasat a record pace in the later period, largely offsetting reduceddemand by manufacturers. The latter group continued toadd to their funded debt at a record rate, but new issues ofstock were negligible in early 1958 and indeed were less thanretirements of outstanding issues. During the comparableperiod of 1957, manufacturers had raised a net sum of closeto $1 billion through the sale of stocks.

The major sale of new stocks of nonfinancial corporationsduring the first half of 1958 was by the utilities and communi-

cation groups and one large issue involving conversion ofdebentures accounted for the bulk of the new equity moneyraised in those industries. Total equity funds raised, asidefrom the effect of this conversion, were the lowest for the6-month period since 1955.

CYCLICAL PATTERN OF FINANCING

It is of interest to compare the impact of expansion andcontraction on corporate financing in the three postwar cycles.This is done in table 5 which rearranges the 1953-55 and1957-58 data into time periods closely corresponding to thecycle phases.

Thus arranged it may be seen that in the year precedingthe downturns, demands for capital funds were large as busi-ness firms were engaged in adding to their fixed and workingcapital. It might be noted that in the most recent periodcorporate business supplemented its normal sources of financ-ing by drawing down of liquid asset holdings. The onlyprevious occasion in which recourse was made to such useof liquid funds was the period immediately after World WarII when business firms had on hand a large excess of liquidresources built up during the war.

The recessionary periods were featured by a sharply re-duced demand for funds, with the declines in absolute termsvarying from $14 billion in 1948-49 to $17 billion in the mostrecent period. The latter falloff, it may be noted, was froma much higher previous level of demand; in the 1957-58recession, total requirements continued in substantiallylarger volume than in either of the two prior recessions.

Note that in the three downturns, the availability ofinternal financing remained substantial despite cutbacks inretained profits. Only in the 1948-49 period was the declinein internal funds large in both absolute and relative terms,and this reflected primarily the still low cushion provided bydepreciation at that time, and hence the tendency for thedrop in earnings to be more fully reflected in the total flowof internal financing. During the 1953-54 downturn, the

Table 3.—Sources and Uses of Corporate Funds, 1946—57 1

[Billions of dollars]

Sources, total

Internal sources, totalRetained profits 2

Depreciation

External long-term sources totalStocks - - -BondsOther debt

Short-term sources, totalBank loansTrade payablesFederal income tax liabilitiesOther

Uses, total -

Increase in physical assets, totalPlant and equipmentInventories (book value)

Increase in financial assets, total

ReceivablesConsumer _ -Other

Cash and U S Government securitiesCash (including deposits)U S Government securities

Other assets

Discrepancy (uses less sources) _ _

1946

21.9

11.47.24.2

4 21.31. 11.8

6.32. 13 7

-1.62.1

23.2

23.712.511.2

-.5

4.81. 13.7

-4.71.1

-5.8

— . 6

1.3

1947

32.4

16.611.45.2

6 31.43.01 9

9.51.44 52.11.5

32.7

24 117.07.1

8.6

7.61.46.2

1.02.2

-1.2

(3)

.3

1948

29.1

18.812.66.2

7 21.24.71 3

3.1.5

1 3.9.4

28.3

23.018.84.2

5.3

4.11.32.8

1.0.3.7

.2

-.8

1949

15.5

14.97.87. 1

4 31.63.3

— .6

-3.7— 1.7

— 3-2.2

.5

16.5

12 716.3

-3.6

3.8

.61.5

-.9

3.21.22.0

(3)

1.0

1950

44.2

20.813.07.8

4 21.72.0.5

19.22. 18 87.31.0

45.3

26 716.99.8

18.6

13.81.8

12.0

4.51.62.9

.3

1.1

1951

39.6

19.010.09.0

7 82.73.61.5

12.83.92 73.31.9

39.5

31 421.69.8

8.1

4.7.8

3.9

2.81.9.9

.6

-.1

1952

30.8

17.87.4

10.4

9 43.04.91 5

3.61 62 7

-3. 12.4

30.0

23 722.41.3

6.3

5.82.23.6

.1

.8— . 7

.4

-.8

1953

30.4

19.77.9

11.8

7 62.34.8

5

3.1— . l

4.6

2.2

28.6

25 723.91.8

2.9

1.11.8

— . 7

1.8.2

1.6

(3)

-1.8

1954

22.2

19.86.3

13.5

6 42.13.8.5

-4.0— 1. 1

— 2-3.1

.4

23.8

20 822.4

--1. 6

3.0

2.2.7

1.5

(3)

2.3—2 3

.8

1.6

1955

50.3

26 610.915.7

8 62.74.21 7

15. 13 75 53.82.1

50.6

30 924 26.7

19.7

11.93.38 6

5 01.23 8

2 8

.3

1956

44.2

27.910.217.7

11 13.04.83 3

5.21 92 7

— 1.42.0

42.6

38 329 98.4

4.3

7.71.26 5

-4 3.5

—4 8

9

-1.6

1957

40.

28.8.

19.

12

71.

—1—1.

1.

38.

3432.1.

3.

3.

2

—1

—1

2

-1.

1. Excluding banks and insurance companies.2. Including depletion.3. Less than $50 million.

Source: U. S. Department of Commerce, Office of Business Economics, based on Securities and Exchange Commission and other financial data.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

October 1058 SURVEY OF CUERENT BUSINESS 19

volume of earnings retained in business was fairly well main-tained due in large part to a cut in Federal tax rates effectivein 1954.

The most striking aspect of the postwar cyclical patternsof financing is the drop in demand for outside funds. Therewas virtually no net increase in corporate liabilities in thefirst two recessions and the expansion in the most recentperiod — $3 billion — was entirely in the form of equityresources.

The cessation of debt expansion which featured all threerecessions was reflected in a liquidation of short-term liabili-ties which offset some further increases in long-term debt.The relatively high volume of this latter type of financingin the 1957-58 period stands in contrast to reduced demandsfor long-term credit in both of the earlier downturns.

Finally, it might be noted that external equity financingin 1949 and 1954 was fairly well maintained, although thevolume of such financing was much lower in those cyclicalperiods than in the most recent expansion and contraction,when net sales of equities moved downward with generalbusiness activity.

Costs of financing

The most recent cyclical experience in borrowing costsexhibited movements substantially similar to those earlierin the postwar period. Some dissimilarities were also nota-ble, especially in the comparison of the two most recentcycles with the 1948-49 contraction. In that earliest post-war cycle, Government policies had served to limit increasesin interest rates during the upswing, and there was no f alloffin rates in the subsequent downturn comparable to laterexperience.

In all three cycles, the high points in the upward pressuresin interest rates were, roughly speaking, coincident with thecycle peaks, and borrowing costs coursed downward asdemand for funds fell off and the monetary authorities actedto ease supply conditions.

At the peak of the latest cycle in the summer of 1957,interest rates were substantially higher than at either of theearlier cyclical highs, and the subsequent decline was largerboth in absolute and relative terms. Reflecting the moreabrupt nature of the decline in economic activity, the reduc-tion in borrowing costs developed faster than in either ofthe earlier recessions, as shown in the chart on page 15.

As was to be expected from the character of changes inbusiness demand, short-term interest rates were most affected.These rates at the peak of the recent boom had reached ahigh for the postwar period, at times about equaling rates onlong-term funds. The combination of reduced workingcapital requirements and easing supply of commercial bankfunds brought about one of the sharpest and most rapidreductions in money rates, as previously noted.

Long-term interest rates also tended downward once thecyclical peak of last fall was past. The reduction, of sizablebut more moderate proportions than in the case of short-termrates, was confined to a relatively short period around theturn of the year.

Stock prices up

^ of the most striking aspects of the recent financialpicture has been the buoyancy of corporate stock prices.These prices had reached a postwar peak by mid-1957,somewhat earlier than the high recorded for total economicactivity. Common stock values moved moderately lowerin the second half of that year but since the start of thecurrent year, prices have moved strongly forward and earlythis fall were at alltime highs.

Corporate Liquid Assets* asPercent of Current Liabilities

Percent

100

50

150

100

50

150

100

50

All Industries

III in i nManufacturing & Mining

tillIJlRailroads

llllJl100

50

Public Utilities & Communications

1945 48 49 50 53 54 55 57 57 58

< END OF YEAR > JUNE 30

r Cash and deposits plus U.S. Govt. Securities

Data: SEC and other f inancial data

U. S. Department of Commerce, Office of Business Economics 58 -19- 8

With corporate earnings lower and dividends relativelystable, the costs of equity funds—as represented either byearnings-price ratios or dividend yields—were at new lowsfor periods of high volume activity. As may be seen fromthe chart, the decline in dividend yields combined withhigher interest rates had closed the gap which had typicallyprevailed throughout the postwar period.

This development has not thus far resulted in any majorshift in financing in favor of new stock issues. While thismay possibly reflect lagging response to market trends, itmay be noted that from the point of view of corporate man-agement, debt financing might still be preferred inasmuch asinterest on debt is deductible for profit tax purposes whereassuch taxes are levied on income before dividend payments.

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

20 SURVEY OF CURRENT BUSINESS October li>r>8

Table 4.—Sources and Uses of Corporate Funds by Industry, Annual Average 1947—57, 1956, 1957[Billions of dollars]

Total sources _ _ .

Retained profits 3 _ _ . _ _DepreciationStock issues

Iyong-t,p,rm riobt*Short-term debt 5

Other sources6 - _ _ _ _ _

Total uses

Plant and equipment

Increase in:Inventories (book value)ReceivablesLiquid assets 2

Other assets

Discrepancy (uses less sources) ...

Manufacturing andmining

Average1947-57

17.0

6.35.7.4

2 31.7.6

17.4

11 5

2.82.2

2

.4

1956

23.3

7.09.1.2

4.01.91.1

22.3

15 8

6.23.4

-3.9.8

-1.0

1957

19.1

6.110.11.3

2.5-1.9

1.0

18.5

17.0

1.5.4

-1.1

-.6

Railroads

Average1947-57

1.0

.4

.50)

.10)(0

1.11.1

0)0)0)0)

1956

.7

.4

.6-.1

-.2(00)

1.0

1.2

. 10)-.30)

.3

1957

.7

36

- 1

12

(0

1.0

1.4

0)1

-.30)

.3

Transportation otherthan rail

Average1947-57

1.1

.1

0) ' '

.2

.10)

1.3

1.1

0).1.1

0)

.2

1956

1.4

.1

.90)

.1

.2

.1

1.6

1.4

. i

.20)-.1

.2

1957

1.5

.11.0

0)

.3

.10)

1.8

1.5

.1

'.2.1

.3

Public utilities and com-munications

Average1947-57

5.5

.21.61.3

1.9.3.2

5.9

5.5

.12

'.I0)

.4

1956

7. 4

2! 52.0

2.0.2.4

7.8

7.5

.3

.2-.20)

.4

1957

8.5

.12.81.1

4.02

'.3

9.2

9.2

C).2

-:!.7

Trade

Average1947-57

4.1

1.51.3

0)2

!9.2

4.0

1.5

1.21.2.2

-.1

*

1956

5.1

1.62.0

0)

. 11.0.4

4.7

1.9

1.61.8

2-.8

-.4

1957

3.0

1.32.4

0)

0)1 0.3

2.6

1.7

ol'.3

-.00)

-.4

1. Less than $50 million.2. Includes cash and deposits and U. S. Government securities.3. Including depletion.4. Includes bonded debt, long-term bank loans, mortgages, and other long-term debt.5. Includes short-term bank loans, trade payables, and Federal income tax liabilities.6. Includes miscellaneous current liabilities.

Source: U. S. Department of Commerce, Office of Business Economics, based on Securities and Exchange Commission and other financial data.

In the light of buoyant conditions prevailing in the marketsfor equities, the Federal Reserve authorities in August andmid-October raised cash "margin" requirements on stockpurchases. These are currently set at 90 percent of the stockpurchase price, compared with a 50 percent minimum beforethe recent actions were taken.

Present positionAs the economy moved into a renewed expansion phase in

mid-1958, it appeared that business firms had accomplisheda considerable consolidation of their financial position. Thecontinuing and rather sharp reduction in liquidity, which hadbeen a feature of the later phase of the previous expansion,was halted in 1958, and at midyear most of the major indus-trial groups had improved their liquid asset positions relativeto the year-before situation.

As the accompanying chart makes clear, this developmentrepresented a repetition of the experience in the previousmild downturns. The improvement in liquidity was stillmoderate by mid-1958, but if the experience of the two priorrecession-recovery phases continues to be repeated, furtherimprovement might be expected at least in the near-term.The evidence to this effect is as yet only partial. It may benoted in this connection, inventory liquidation continuedin the third quarter of the year, and spending on fixed capitalshowed little change; on the other hand, the flow of fundsfrom operations was increasing not only as a result of con-tinued enlargement of depreciation allowances, but also fromthe apparent improvement in earnings which would beexpected to follow from the pickup in business.

The improvement in the stock market has brought costsof equity funds to a postwar low, but borrowing costs haverisen close to their recent highs. It may be observed in thelatter connection that total interest paid by corporations

in the recent period has risen substantially both in absoluteamount and in relation to the fund of earnings from whichsuch costs are paid.

Table 5.—Corporate Financing in Three Postwar Cycles[Billions of dollars]

Total f i n a n c i n g _ _ _ _ _ _ _ _ _ _ _

Internal

Retained earnings

Depreciation

External

Stocks . _

Debt _

Long-termShort-term _ _ _ _ _

Year endingDec. 31—

1948

29.1

18.8

12.6

6.2

10.3

1.2

9.1

6.03.1

1949

15.5

14.9

7.8

7.1

.6

1.6

-1.0

2.7—3.7

1950

44.2

20.8

13.0

7.8

23.4

1.7

21.7

2.519.2

Year endingJune 30—

1953

34.6

19.3

8.3

11.0

15.3

2.8

12.5

6.06.5

1954

19.1

18.8

6.2

12.6

.3

2.4

-2.1

4.1-6.2

1955

37.1

23.3

8.7

14.6

13.8

1.8

12.0

5.26.8

Year endingJune 30—

1957

46.5

28.6

9.9

18.7

17.9

4.0

13.9

8.45.5

1958

29.4

26.2

5.6

20.6

3.2

3.1

.1

8.4-8.3

Source: U. S. Department of Commerce, Office of Business Economics, based on Securitiesand Exchange Commission and other financial data.

Interest payments by corporations in early 1958 exceeded$7 billion on an annual rate basis, $1 billion more than in thecomparable period in 1957. With the reduced level ofprofits, the share of earnings before interest payments hasrisen close to prewar, but is still well below that of the late19207s when interest accounted for almost one-third ofearnings available for these pa}onents. Compared with thisearlier period, almost all major groups have greatly improvedthe flexibility of their debt status. Moreover, it may beexpected that as earnings rise from their recession low, theshare claimed by interest would be substantially reduced.

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

WlontLL BUSINESS STATISTICS_L HE STATISTICS here are a continuation of the data published in the 1957 edition of BUSINESS STATISTICS, biennial Statistical Supplement

to the SURVEY OF CURRENT BUSINESS. That volume (price $2) contains monthly (or quarterly) data for the years 1953 through 1956 andmonthly averages for all years back to 1929 insofar as available; it also provides a description of each series and references to sources of monthlyfigures prior to 1953. Series added or significantly revised since publication of the 1957 BUSINESS STATISTICS are indicated by an asterisk (*) and adagger (f) , respectively; certain revisions for 1956 issued too late for inclusion in the aforementioned volume appear in the monthly SURVEYbeginning with the July 1957 issue. Except as otherwise stated, the terms "unadjusted" and "adjusted" refer to adjustment for seasonalvariation.

Statistics originating in Government agencies are not copyrighted and may be reprinted freely,through the courtesy of the compilers, and are subject to their copyrights.

Data from private sources are provided

[Averages for the year 1957 are provided in the May 1958 issue of the SURVEY]

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

GENERAL BUSINESS INDICATORS

NATIONAL INCOME AND PRODUCT

Seasonally adjusted quarterly totals at annual rates: fNational income, total bil. of dol_-

Compensation of employees total doWages and salaries total do

Private doMilitary doGovernment civilian do

Supplements to wages and salaries do

Proprietors' and rental income, totalcf doBusiness and professionalo71 doFarm doRental income of persons do

Corporate profits and inventory valuation adjust-ment, total bil. of dol__

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

Inventory valuation adjustment do

Net interest do

Gross national product total do

Personal consumption expenditures total doDurable goods doNondurable goods doServices do

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

Net foreign investment doGovernment purchases of goods and services, total

bil ofdolFederal (less Government sales) do

National security 9 doState and local do

Personal income total doLess* Personal tax and nontax payments doEquals ' Disposable personal income do

Personal saving § do

PERSONAL INCOME, BY SOURCE

Seasonally adjusted, at annual rates :fTotal personal income bil. of dol

Wage and salary disbursements, total doCommodity-producing industries do_Distributive industries doService industries _ doGovernment _ _ _ _ _ _ _ _do_ _ _

Other labor income _ _ _ _ _ _ _ _ _ do_ _Proprietors' and rental income doPersonal interest income and dividends doTransfer payments doLess personal contributions for social insurance

bil. ofdol-.

Total nonasricultural income.. ... -do _.

352.1

240 8103.164 232.940.6

9.155.631.821 5

6.7

336.6

368.7

257 3240 5199.9

9 830 816 8

55 531 711 812 o

43.144 222 022 1

— 1 1

12 8

445 6

288 340 4

140 5107.4

66 736 628 02 2

3 6

87 050 946 936 1

351 843 1

308 7

20.4

351.4

240.2102.464.232.940.7

9.155.431.821.5

6.6

336.1

350.6

238.6101.563.532.940.7

9.255.131.822.6

6.6

335.7

350.2

238.0101.063.632.940.5

9.254.831.823.0

6.6

335.2

361.5

254 8238.0197.4

9 531 116 8

55.031 311.512 2

38.839 919 920 0-1.1

12.9

438.9

287.239 6

138 8108.7

61 537. 126 7

—2 3

1.9

88.350 546 037.8

349 743.0

306 8

19.6

348.4

237.399.863.733.240.6

9.255.230.023.3

6.6

333.0

348.2

235.197.963. 533.140.7

9.155.131.823.9

6.7

332.5

346.4

233.295.663.433.241.0

9.055.331.823.8

6.7

330.1

350.6

250 9234.4192.7

9.432 316.5

55.330 612.612 1

31.331.716 115.5-.3

13.0

425.8

286.236 3

139.8110.1

49 636.322 9

-9.5

.5

89.550.945.638.6

347.342.3

305.0

18.8

347.1

232.695.362.933.341.1

8.955.731.724.8

6.6

330.5

348.1

232.095.062.433.441.2

8.956.131.726.1

6.6

331.0

349.9

233.195.662.633.441.5

8.956.531.726.4

6.7

332.4

352.4

250 7234.2191.8

9.632 816.4

56.230 713.412 1

32.532.016 315.7

.5

13.1

429.0

288.335 6

141.4111.3

49 234.922 3

-8.0

.5

90.951 946.039. 1

349 842.3

307.5

19.2

352.0

235.896.663.333.642.4

8.956.231.826.0

6.7

335.1

* S54. 2i 358. 81 242. 2

97.163.533.7

148.0

9.056.331.826.5

7.0

i 342. 0

' 356. 1r 238. 5-97.7

63.633.8

r43.4

9.1'56.6

31.9'26.8

6.8

' 339. 2

357.5

239.198.263. 533.943.5

9.256.931.927.2

6.8

340. 6r Revised. J Italicized total excludes and other footnoted figures include lump-sum retroactive salary payments to Federal employees; disbursements of $380 million multiplied by 12 (to

put on annual rate basis) amounted to $4.6 billion. fRevised series. Estimates of national income and product and personal income have been revised back to 1946; revisions beginning1946 appear on pp. 12 ff. of the July 1958 SURVEY. ^Includes inventory valuation adjustment. $ Government sales are not deducted. §Personal saving is excess of disposable incomeover personal consumption expenditures shown as a component of gross national product above.

S-l

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

S-2 SUEVEY OF CURRENT BUSINESS October 1958

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

GENERAL BUSINESS INDICATORS—Continued

NEW PLANT AND EQUIPMENTEXPENDITURES

Unadjusted quarterly totals:All industries mil of dol

Manufacturing doDurable-goods industries doNondurable-goods industries do

Mining _ _ doRailroads doTransportation other than rail doPublic utilities doCommercial and other do

Seasonally adjusted quarterly totals at annual rates:All industries bil. of doL _

Manufacturing doDurable-goods industries doNondurable-goods industries __ _ _ . do __

Mining do _ _Railroads doTransportation other than rail doPublic utilities doCommercial and other do

FARM INCOME AND MARKETINGS!

Cash receipts from farming, including Governmentpayments total mil. o f d o l _ _

Farm marketings and CCC loans, total __doCrops doLivestock and products total 9 do

Dairy products doM^eat animals doPoultry and eggs do

Indexes of cash receipts from marketings and CCCloans, unadjusted:

All commodities 1947-49 = 100 _Crops - doLivestock and products do

Indexes of volume of farm marketings, unadjusted:All commodities 1947-49 = 100- -

Crops doLivestock and products do

INDUSTRIAL PRODUCTIONd"Federal Reserve Index of Physical Volume

Unadjusted combined index 1947-49 = 100 -

Manufactures - - do __Durable manufactures do

Primary metals 9 - -- doSteel doPrimary nonferrous metals do

Metal fabricating (incl. ordnance)- __ _ do _ _Fabricated metal products doMachinery _ _ _ do _ _

Nonelectrical machinery _ doElectrical machinery do

Transportation equipment 9 doAutos - -- doTrucks -- doAircraft and parts do

Instruments and related products __ doFurniture and fixtures doLumber and products doStone clay and glass products _ _ doMiscellaneous manufactures do

Nondurable manufactures _ _ _ do

Food manufactures 9 doM!eat products doBakery products do

J3everageS doAlcoholic beverages do

Tobacco manufactures doTextile-mill products 9 do

Cotton and synthetic fabrics doWool textiles do

Apparel and allied products doLeather and products doPaper and allied products do

Pulp and paper do

Printing and publishing - doChemicals and allied products do

Petroleum and coal products doPetroleum refining _ __ _ _ d o _ __

Rubber Droducts - do

2 812

2 6761 1941 482

385821259

110111109

122117125

145

147160128134160

174141167143213

209148103606172124125163144

134122123118103120102

12010110582

116112165157

136181200144152135

9,357

4,0101 9952,015

314358447

1 7202,508

37.75

16.378 238.14

1 241 541 816.64

10 15

3,041

2,9341 3981,536

368881270

120130113

133137130

146

148160128134153

174145173149220

1948485

597174126121162150

135128131130102118108

11810110779

109105163153

144185205144152139

3,447

3,3471,6301,717

3781,014

308

137152126

158169150

146

148159129134156

173142170145220

1988893

592172125119161148

137125126140101121117

11910310671

112104170163

146190208139145145

3,136

3,0741,5221,552

361857320

126142114

145159134

142

144156121126159

174139165140215

21317199

569172121106152143

131113116133101105100

11098

10765

10799

163156

145187203136147135

9 733

4 2612 1482 113

302334488

1 7602 588

36 23

15 277 577 70

1 151 261 916 43

10 21

2 850

2 8011 3121 489

374812288

115122109

127133123

134

135147106107161

166133157138194

20315195

57117012092

145134

1231071091311019989

878997559694

140137

142183198138153114

2 753

2,7081 1711 537

377886246

111109113

126131122

132

13414310299

160

161127153133192

19613291

570166113100136125

125T 104

106134989388

11293

10255

106101153151

136183197134148123

2,175

2,144799

1,345355738223

887499

9786

105

131

'1331399993

••157

156124148131181

19112292

562163112105130

'127

126r 104

10312198

r 10499

11295

10361

113108158156

137180190130144120

7 325

2,8981 4411,457

225256398

1 2272 321

32.41

13.206 586.62

1 001 021 695.879 63

2,133

2,108630

1,478406762276

8759

108

8955

114

129

1311389591

149

154122146132174

189106'95566161111106131127

12510410212098

110106

11294

10364

109107155152

140179

'188125137118

2,214

2,198624

1,574392885259

9058

115

9149

123

127

1291338982

146

148118139126165

'•1828990

561160108105135125

12510610412398

110101

112949667

10895

156152

140'180' 186

124134115

2,305

2,286645

1,641421905270

9460

120

9653

128

127

1291339391

141

146119135124159

1819996

553157108111141125

124110106115100122112

118939871

10592

153147

139177184127136112

7 761

2,9391,3951,544

239202369

1 5112,501

30.32

11.535 575.96

,.77

1 405.979 73

2,532

2,423908

1,515399833254

9985

111

11197

121

132

133139106105

' 133

149125138125162

183100'91568159113121148130

128119114121103138125

125949982

10699

159153

137177184131141122

_ _

2,920

2,7431,2121,531

383870258

113113112

125131121

126

1271329092

'126

144'123

133120

'158

1758776

561157113

' 109' 148

126

123119116115104128107

10986

'87679992

'145'137

132'174

183'133

146103

1 8 159

3,1391,4811,658

237169350

1,8502,414

1 30. 32

11.575 486.09

.9167

1.376.209.60

3,025

2,8621,3561,506

371848272

118126111

131144121

136

'137140101

'105129

'151' 133' 142'120' 186

'17453

' 78'574' 160'124

129' 156'136

'134125

120102

13010310876

117

166157

136182

p'138147127

2 7 730

3,0521 4621,590

230124384

1 6922,248

2 31. 02

11.865 546.32

9650

1 556.389 77

P 140

"141P 145P 108P113

P 155p 140P 150^128p 194

P 169P37P73

P 574P167P130

p 159P144

P138

P143

P139p 148

' Revised. » Preliminary. 1 Estimates for July-September based on anticipated capital expenditures of business. 2 Estimates for October-December based on anticipated capitalexpenditures of business. Anticipated expenditures for the year 1958, and comparative data for 1956-57, appear on p. 7 of the September 1958 SURVEY.

9 Includes data not shown separately. , , A TJRevised beginning 1946; unpublished revisions (prior to May 1957) will be shown later as follows: Annual data for 1946-57 and monthly data back to January 1956.^Revisions for 1956 for the seasonally adjusted indexes of industrial production and consumer durables output appear on p. 18 of the July 1958 SURVEY.

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

October 1958 SURVEY OF CURRENT BUSINESS S-3

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

GENERAL BUSINESS INDICATORS—Continued

INDUSTRIAL PRODUCTION^— ContinuedFederal Reserve Index of Physical Volume— Con.

Unadjusted index— ContinuedMinerals 1947-49 = 100

Coal -- do -Crude oil and natural gas _ do.Metal mining doStone and earth minerals- _-do

Seasonally adjusted, combined index do _

Manufactures -- - doDurable manufactures do

Primary metals -_ do

Metal fabricating (incl. ordnance) doFabricated metal products doMachinery do

Nonelectrical machinery -- _doElectrical machinery do

Transportation equipment doAutos, trucks, and parts - doOther transportation equipment do

Instruments and related products doFurniture and fixtures _ _ doLumber and products doStone, clay, and glass products _ _ - doMiscellaneous manufactures do

Nondurable manufactures doFood and beverage manufactures .do

Food manufactures _ _ _doBeverages do

Tobacco manufactures _do_Textile-mill products doApparel and allied products _ __ do

Leather and products doPaper and allied products _ _ _ _ _doPrinting and publishing doChemicals and allied products - do

Industrial chemicals doPetroleum and coal products doRubber products do

Minerals . doCoal _ _ _ doCrude oil and natural gas doMetal mining doStone and earth minerals do

CONSUMER DURABLES OUTPUT^Unadjusted, total output _ 1947-49=100

Major consumer durables _ _ doAutos__ _ _ _ _ _ _ _ _ do. _Major household goods do

Furniture and floor coverings ._ _ _ __ doAppliances and heaters doRadio and television sets. ___ _do

Other consumer durables do

Seasonally adjusted, total output _ do

Major consumer durables _ _ doAutos doMajor household goods do

Furniture and floor coverings doAppliances and heaters doRadio and television sets do

Other consumer durables do

BUSINESS SALES AND INVENTORIES^Manufacturing and trade sales (seas, adj.), total

bil. of dolManufacturing, total do

Durable-goods industries doNondurable-goods industries do

Wholesale trade, total__ _ _ _ _ _ d o _Durable-goods establishments doNondurable-goods establishments __ _ do

Retail trade, total _ doDurable-goods stores doNondurable-goods stores _ do

Manufacturing and trade inventories, book value, endof month (seas, adj.), total bil of dol

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

Wholesale trade total doDurable-goods establishments doNondurable-goods establishments do

Retail trade, total _ _ doDurable-goods stores.. _ _ do _Nondurable-eoods stores _ _ _._ _ .do. _

13086

145139155

145

147163136

178140172151215

216131345174123116159143

132113112113111101112

106163141186206143141

12984

149121146

132

139148133116109256116

135

145154139115127247112

57.028 614.314 311.44.27.2

17.05.7

11.3

91.354.231 722.512 86 76 1

24.311.013.2

13086

147137153

144

146160131

176139170150209

212129340173122112159143

131113112113114101112

104161142185207141138

12982

151115144

119

11884

150119141268121

134

142150137114129232114

56.328 214. 114 111.24. 17.1

16.95 7

11.2

91.354.231 822.312 86 76.1

24.411.113.2

12987

146124152

142

143156128

172137164148197

208126334170120109155140

13011211111211098

110

103161142185206139135

12780

150107143

119

11988

148118133282120

129

137143134111129212112

55.728 113.914. 111.03.97.0

16.75.6

11.1

91.154.131 822.312 86 76.1

24.210.913.3

12380

14492

143

139

141154121

170141163143203

203125322170118107151136

12811011011010795

107

103162141184201135131

12377

145100140

141

153171138115121259114

128

136142134112132203110

54.727 213.513.710.93.97.0

16.65.6

11.0

91.053.931 522.412 86.76.1

24.311.213.1

12274

14982

138

135

137146107

163135156137194

194113315168116103148131

12711411311810691

104

100152142181196137117

12371

146110141

124

132151118114102176106

119

125127124112115188107

54.526 713.113 610.93.87.1

16.95 6

11.3

90.753.531 122.412 76 66.1

24.511.413.1

r 12073

r 14783

130

133

135142100

159129151130192

191107318166114110142129

1°7114113

r 11711292

103

100155140182195131116

' 12169

r 144110144

117

123132117108103187102

113

117117118110106181105

53.826 412.613 710.73.86.9

16.75 5

11.2

90.052.930 622.312 66 66.0

24.511.313.1

11870

14585

121

130

13113795

153124144127177

18599

313163111108134

'127

125114112

r 12011291

103

98153139177

T 187129114

'11870

' 141106133

116

120122121108121159105

110

111107116106115151107

52.125 512,013.510.53.66.9

16.15 1

11.0

89.352.430 322.212 56 56.0

24.311.213.1

11167

' 13479

128

128

12913591

150122141126170

18393

316160111109133128

124113112114112

r 9199

98149138176

T 184127116

11270

T 130100138

111

114106122108131139105

104

10392

114106115133108

51.324 911.713 310.33.66.8

16.15.0

11.1

88.552.029 922.112 46 46.0

24.111.013.1

10960

13281

136

126

12813186

146118137122166

17886

316159110105135129

12511311510811792

106

94152137' 178r 182

127112

10963

13088

139

101

10089

110104112125103

97

9481

107104102131106

52.124 911.513.410.73.77.0

16.55.2

11.3

87.651.529 422.1

12 26 35.9

23.910.813.2

11061

13186

144

128

13013491

148120137122167

18293

314158113110139129

12611411411411592

106

97153137178182129113

10962

13173

142

103

10399

108101115112102

105

10496

113106112138105

52.425 211.613 610.73.77.0

16.65 2

11.3

86.950.929 021.912 16 25.9

23.910.813.1

11572

134100150

132

134139103

151125141125171

18595

320160116114145132

12911611611611695

110

100157138181187131125

11266

13580

145

109

109100119105132122108

111

11199

123109125155111

53.2

25.712.113.710.93.87.0

16.65. 1

11.4

86.4

50.228.521.712 16.25.9

24.110.813.3

' 11046

r 137r 91151

134

'136141102

154129144

' 125181

18596

318162119

' 118152

••135

132116116114121101

r 115

104••163' 138

184193

'136125

"•11665

'141'80146

100

9787

108105109114

'107

114

11699

133116129191111

54.026 312.314.011.03.87.2

16.75.2

11.5

85.949.828 321.512 16 25 9

24.010.7

••13.3

r 12072

' 14198

153

r 136

' 138144

r 108

156r 132r 147r 126r 188T 187

96322

T 162' 123

119r 151'134r 133

115116

121103114

165140187

P'137132

'12070

'14585

145

100

'9453

131119114214

r 116

r 115

'11795

137119132207

' 112

54.426 412.414 011.14.07.2

16.95 2

11.6

85.4

49.528 121 312 16 25 9

23.910.613.2

r> 123P 73

p 145

P 137

p 139v 144P no

P 155P 134P 148p 129P 134

P 177P 84

P 318p 166P 126

P 155P137

P 134

141

P 137

pl23p70

p 149

p 104

p96P37

p 121

p 104

p99P 57

P114

' Revised. v Preliminary. cfSee corresponding note on p. S-2. § The term "business" here includes only manufacturing and trade. Business inventories as shown on p. S-l coverdata for all types of producers, both farm and nonfarm. Unadjusted data for manufacturing are shown on p. S-4; those for retail and wholesale trade on pp. S-9, S-10, and S-ll. JDatabeginning January 1948 for wholesale trade (not published in the 1957 edition of BUSINESS STATISTICS) are available as follows: For 1948-50, upon request; for 1951-56, on p. 32 of the August1957 SURVEY.

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

S-4 SURVEY OF CURRENT BUSINESS October 1958

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS August Sen tern -

her

1957

October Novem-ber

Decem-ber

Janu-ary

Febru-ary March April

195S

May June July Augus Septem-ber

GENERAL BUSINESS INDICATORS—Continued

MANUFACTURERS' SALES, INVENTORIES,AND ORDERS

Sales, value (unadjusted), total mil. of dol

Durable-goods industries, total 9 do -Primary metal doFabricated metal doMachinery (including electrical) do

Electrical doTransportation equipment do

Motor vehicles and parts - doLumber and furniture doStone, clay, and glass do

Nondurable-goods industries total 9 doFood and beverage doTobacco _ „ _ doTextile doPaper doChemical _. _ _ _ _ .do -Petroleum and coal doRubber.. . _ _ __ _ _ _ . . do

Sales, value (seas adj ) total do

Durable-goods industries, total 9 . - doPrimary metal doFabricated metal doMachinery (including electrical) _ _ _ _ do _

Electrical _ do

Transportation equipment doMotor vehicles and parts do

Lumber and furniture doStone, clay, and glass do

Nondurable-goods industries total 9 doFood and beverage doTobacco doTextile doPaper _ _ _ _ _ _ . doChemical doPetroleum and coal doRubber do

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

Durable-goods industries, total 9 _ doPrimarv metal doFabricated metal doMachinery (including electrical) do

Electrical doTransportation equipment - do

Motor vehicles and parts doLumber and furniture - doStone, clay, and glass do

By stages of fabrication-^Purchased materials bil of dolGoods in process doFinished goods do

Nondurable-goods industries, total 9 --mil. of do l_ -Food and beverage doTobacco.. _ _ _ _ _ _ . doTextile doPaper doChemical doPetroleum a/nd coal doRubber do

By stages of fabrication^Purchased materials bil of dolGoods in process doFinished goods do

Book value (seas adj ) total mil of dol

Durable-goods industries total 9 doPrimary metal doFabricated metal doMachinery (including electrical) do

Electrical doTransportation equipment do

Motor vehicles and parts doLumber and furniture doStone, clay, and erlass do

By stages of fabrication^Purchased materials bil of dolGoods in process doFinished goods _. ._ do

Nondurable-goods industries, total 9 mil. of dolFood and beverage doTobacco doTextile- _ doPaper doChemical doPetroleum and coal doRubber. _ _ _ do

By stages of fabrication:!Purchased materials bil. of dolGoods in process doFinished goods. _ _ _ _ do. .

20, 063

14, 2312, 2621, 6324,1341,7743 2562, 0321,031

79314, 8324, 499

3861, 137

9521,9882 920

519

28, 638

14. 2972,3621, 5204,2811, 8233, 4482,118

925708

14, 341

4 357354

1, 072915

2,0082 920

514

53, 570

31, 2254,3143, 151

10, 4813,8817,7132,9901, 8531,186

8.513 39.5

22, 351

4 8301, 9232,6231,4153 6793 5871 010

8.73 0

10.7

54 203

31 7424 3263 151

10 6093 8898 0353 2451 8721 210

8 413 69.8

22, 4614 8052 0242 6491 4293 7373,5171,074

9.03 0

10.5

!

28, 171

13, 6642,2001, 6314,2931,8382 7501,518

995695

14, 5074. 493

3741, 104

9322,0132 719

462

28, 215

14, 1322,1821 5474, 3141, 760

3, 4072, 108

940668

14, 083

4 278378

1, 040932

1,9512 803

481

53, 581

31,3064,4013,061

10, 4753,9167, 8433,0881, 8321 201

8.613 39 5

22, 2754 8371, 9402,5611, 3963 6413 7051, 031

8.73 0

10.6

54 166

31 8204 3443 123

10 6583 9538 0493,2811 8771 251

8 513 49.8

22, 3464 6842 0002 6311 4103 7413, 5971,074

8 92 9

10.5

29, 532

14, 3862, 3361,6884, 4061, 9383 0031, 6351, 026

76115, 1464, 660

3771,214

9812, 08G2 866

524

28, 064

13, 9322, 2241 5354, 2651, 7953. 2971, 961

930650

14 132

4 331356

] 029917

2 0022 895

490

53 734

31,4874 4883,017

10 3903 873

8,1153 4951,8041 197

8 613 39 6

22, 2474 9291 9602,5151 3953 6583 7321 053

8 82 9

10.5

54 103

31 7544 3563 143

10 5833 921

7 9793 3591 8801 273

8 613 29.9

22 349

4 7251 9802 6251 4233 7323 6231,097

8.93 0

10.4

27, 270

13, 5772, 1021, 4334,0111,7763 4632 264

854659

13,693

4, 258358

1, 085871

1, 8562 744

414

27, 221

13, 5482, 1561 4294, 1751, 7433, 2552 092

850659

13, 6734 257

3511, 025

8621,9412 717

431

53, 746

31,3064,4433,002

10 4153, 846

8,0063, 4631,7941 210

8. 713 o9 6

22, 4405 0261, 9652,5621,4033 7203 7301 079

9 02 9

10.5

53 871

31 5114 2793 095

10 5173 9097 9763 4051 8451 274

8 613 19.8

22 3604 7321 9652,6281 4173 7633 6571, 101

8 93 0

10.4

1

26, 347

13, 1521, 9541, 3364,1311, 7563 4952, 163

769556

13, 1954, 176

380954809

1, 7262 893

414

26, 690

13, 0922, 0731,4313, 9541. 626

3, 1471, 906

851654

13, 5984 337

392999861

1, 8902, 654

427

53, 688

31,1374, 4662, 963

10, 2833, 7827, 8853, 3751,8141,257

8.512.79.9

22, 5514 9121,9622,6281,4443,8633 6441,103

9.12.9

10.5

53 520

31, 1484 2693 086

10 3743 8477 8013 3091 8271 270

8 312 710.1

22, 3724 68°1 9242 6791 4443 8203 6441,092

8.83 1

10.5

25, 858

12,3131, 9481,3293, 6931, 5403 0661, 938

814545

13, 5454, 167

357904904

1,8882 913

444

26, 350

12, 6401, 9521 4023,8471.6223, 0011, 834

846634

13, 7044 412

384989886

1, 8362,774

448

53, 298

30, 7704,3842, 989

10, 1883,7397,6693,2731,8011,262

8.312 510.0

22, 5284 7862,0272,6671,4433 8863 5431,111

9. 13 0

10.5

52 911

30 6254 2733 081

10 2223' 8237 5?93 1881 7721 237

8 31? 49.9

22, 2864 6271 9122 6941 4433 8243 6151,100

8.83 o

10.5

24, 495

11, 5601, 6651, 2613,7021, 5332 8071, 650

745490

12, 9354, 056

318995842

1.7122, 676

384

25, 542

12, 0381. 7331, 3543,7261, 5862, 8761,707

799583

13, 5044 363

3611,001

8771, 7832, 759

413

52, 829

30, 4944, 3032,980

10, 1693,7357,4143,1601,8261,299

8.212.310.1

22, 3354, 6942,0072,6791,4683. 9113 4361,109

9.03.0

10.3

52, 445

30, 2664 2973,041

10 1013 7807 2853, 0481 8031 249

8 312. 19.9

22, 179

4 6601 9112,6381 4533 8483,5421,087

8.83 0

10.4

25, 780

12, 1611,7701, 3343,9821,6202 7681, 601

786568

13,6194,312

3561,015

9121,8822 649

412

24, 931

11,6701,6351 3323, 6851,542

2, 7081, 525

759586

13, 2614 333

387999885

1, 7452 597

396

52, 318

30, 1634,2462, 947

10, 0543,7017,2263.0281,8241,295

7.912 110. 1

22, 1554 5741,9602,6821,4833 9293 4051,112

9.03.0

10.2

52 009

29 8644 3422,9189 9203 7047 1132,9261 7941 233

8 111.99.8

22, 1454 6851,8852,6271 4543 8773, 5101,069

8.82 9

10.4

25, 248

11, 9211,7401,3163, 8671,5122 6321,504

788617

13,3274,227

362965883

1,9442, 516

438

24, 945

11, 5321, 6571, 3023,7481, 5672,4661, 361

791605

13, 4134,348

3731,016

8741, 8322, 594

429

51, 595

29, 6834,1852, 9839,8853, 6846,9562,8211,8141,282

11.910. 1

21,912

4,5201,9152, 6751,4833,8583 3721,078

8.92.9

10.1

51, 486

29, 4244 3622,9259 7443 6406 8632,7751 7831,233

8 011.89.7

22, 0624 7651, 8962,6061 4683 8393,4411,047

8.82 9

10.4

25, 426

11, 9601 7571, 3503,7721,526

2 6751, 568

788652

13 4664 434

381930904

1, 9812 630

432

25 206

1 1, 6431 6561 3313, 7361 5722 5361 467

807621

13 5634 416' 363994895

1 8752 657

428

50 862

29, 1824 1262 9389 7713 648

6,7162 6221 8091 261

7 611 610 0

21, 6804 4061 8612 6751 4553 7833 3431 051

8 63 0

10 1

50 896

28 9814' 2772 8529 6363 5736 7212 6221 7721 236

7 811 69.6

21 9154 7591 8802 5841 4553 7963 3771,020

8.82 9

10.2

26, 122

12, 5842,0521, 4523,9671,624

2, 6371, 514

803677

13, 5384,441

4011,006

9211,9492,628

467

25, 747

12,0861, 8541, 3973, 7801,5722,6101, 572

822645

13, 6614, 357

3821,025

9031,8992,682

445

50. 278

28, 6983, 9992,9879, 5423,5806,5792,5041,8071,246

7.611.39.7

21, 5804,4161, 7852, 6351,4353,7763,3481,015

8.53.0

10.1

50, 246

28, 5284,1692,8449 4463,4726,5952, 5041,7761,234

7.611.49.5

21, 7184 7611,8592,5721 4353,7473,348

986

8.82 9

10.0

r 24, 845

r 11, 317* I , 632r 1, 433r 3, 455

1,418r 2 436

1,419r 757* 662

' 13 528r 4 414

r'410r 936r 871

" 1 865r 2 750

473

T 26 284

' 12 256T i 917T 1 454r 3 808

1 577r 2 550

1 519r 836T 676

r 14 028r 4 371

r 39QT i 061

T 937r i 979r 2 806

478

r 49 0^7

r 28 116r 4 050

T 2 898r 9 290

3 494r 6 384

2 °>751 786

r 1 2^8

7 6r 11 1

9 4' 21, 241

r 4 468

r 1 726T 2 584r i 413r 3 708r 3 314

960

r g 4

2 99 9

r 49 777

r 28 311T 4 122r 2 814T 9 323

3 456r 6 584

2 5131 773

r i 228

7 511 39.5

r 21 466r 4 706' 1 836* 2 550r 1 413

r 3 722?3 314

980

8 82 99.8

26, 211

11, 8801, 8951,5783,606 !1,5392 1171.111

903713

14, 331

4.433387

1,108982

1,9782 802

26 394

12, 3711 9781 4703,8101. 5892, 5791 464

841660

14 0234 328

3721 086

9441 9982 802

48 830

27 7074 100i 7669 0913' 4106 3632 4211 7471 194

7 511 19 1

21, 1234 5271, 7512, 5101,4163 6773 369

8 52 99.8

49 453

28 1434 1112 766

I 9 2023' 416

1 6 6241 2, 627

1 7641 218

7 411 39.4

21, 310

4 5791 8432, 5351 4303, 7373,303

8 82 99.6

::::_::.:

' Revised. 9 Includes data not shown separately. JData beginning January 1953 appear on p. 20 of the September 1957 SURVEY.

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

October 1958 SURVEY OF CURRENT BUSINESS S-5

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

GENERAL BUSINESS INDICATORS—Continued

MANUFACTURERS' SALES, INVENTORIES,AND ORDERS— Continued

New orders, net (unadjusted), total mil. of do l__

Durable-goods industries, total §O - -- doPrimary metal ._ _ . . _ . . do_ _ _Fabricated metal doMachinery (including electrical) § do

Electrical _ _ _ _ _ _ do_ _ _Transportation equipment (including motor ve-

hicles) - -- - mil. of dol -

Nondurable-goods industries, total do _Industries with unfilled orders 9 - --- - do -_ . .Industries without unfilled orders'!.. ._ .. -do

New orders, net (seas, adjusted), total§ - ~ _ d o

Durable-goods industries, total §O - do ._Primary metal _ _ - _ _ d o _Fabricated metal doMachinery (including electrical) § - do

Electrical _ _ _ _ _ _ _ _ _ _ _ _do_ -Transportation equipment (including motor ve-

hicles) _ mil. of dol

Nondurable-goods industries, total doIndustries with unfilled orders 9 _ . doIndustries without unfilled orders^ do

Unfilled orders, end of month (unadj.), total do

Durable-goods industries, totalQ. _ _ do_Primary metal ___ ._ .doFabricated metal doMachinery (including electrical) do .

Electrical _ - _ _ _ _ _ d o _ _ _Transportation equipment (including motor ve-

hicles) _ mi], of dol

Nondurable-goods industries, total 9 do

BUSINESS INCORPORATIONS^

New incorporations (48 States) number

INDUSTRIAL AND COMMERCIAL FAILURESo"

Failures, total number

Commercial service doConstruction do_Manufacturing and mining .__ _ do _Retail trade doWholesale trade - ._ _ _ _ _ _ _ _ -do _ _

Liabilities (current) total thous of dol

Commercial service _ _ do _Construction . _ _ _ _ _ _ _ _ _ _ _ d o _Manufacturing and mining doRetail trade - _ _ _ doWholesale trade do.

Failure annual rate (seas. adj.)*. -No. per 10,000 concerns.

27, 568

12,8*12,0631, 4683,9051,689

2, 554

14, 6873,070

11,617

27, 325

13, 1602,0781,3724,1241,797

2,884

14, 1652,924

11 241

57, 793

54, 7966,0014, 150

19,40010,021

20, 421

2,997

11, 361

1,145

9116520458897

43 514

2,33110, 42612, 84714, 7523,158

53.4

26, 371

12, 0472,0391 5713,8121, 588

1,979

14, 3243, 057

11,267

26, 565

12. 5192,2021 4963,9521, 498

2,300

14, 0463, 088

10 958

55, 993

53,1795,8404,090

18,9199,771

19, 650

2,814

10, 526

1,071

9416418253596

45 420

4,5545,618

13, 90113, 6577,690

58.7

26, 730

11,7882,0271 5173,7981,719

1,776

14, 9423,203

11,739

26, 226

12, 1542,0811 4593, 9431,754

2,079

14 0722,993

11 079

53, 191

50, 5815, 5313 919

18,3119, 552

18, 423

2,610

11,251

1, 122

8917621454499

47 428

3, 1957,994

11, 60116, 9477, 691

51.5

26, 056

12, 3851,7581 1443, 4311, 523

3, 616

13,6713,053

10, 618

26, 030

12, 3621 , 6861 2433, 6521, 620

3,345

13 6682,993

10 675

51,977

49, 3895, 1873 630

17,7319,299

18, 576

2,588

9, 270

1, 173

93194213559114

52 899

2,61113, 42018, 06112,895' 5, 912

56.0

25, 067

11, 8901 , 5631 1893, 5201, 580

3, 669

13 1772, 785

10, 392

25, 060

11,3991, 5121 2133 4221,491

2,932

13 6613,027

10 634

50, 697

48, 1274, 7963 483

17, 1209, 123

18, 750

2 570

10 575

1 080

8817420851496

45 325

3.0725, 713

14, 98516, 0285,527

51.9

24, 264

10, 7491, 6191 1893 2761, 364

2,448

13 5152 877

10. 638

24,369

10, 7041 , 5561 2393 3361,407

2 356

13 6652 906

10 759

49, 103

46, 5634, 4673 343

16, 7038,947

18, 132

2,540

13, 080

1, 279

78176219676130

64 442

3, 3649, 868

24,91720, 788

5, 505

53.2

23, 228

10, 3691, 4611 1173, 5471,661

2,141

12,8592,773

10, 086

24,110

10, 6881,3691 1763 5451 720

2 361

13 4222 830

10 592

47, 836

45, 3724, 2633 199

16, 5489,075

17, 466

2,464

10 466

1,238

79177208662112

65 295

3,3098,747

24, 33123, 0385,870

54.1

25, 448

11,8481, 5471 2343 7611,689

3,065

13 6003 008

10, 592

24, 758

11,4881,3711 1753 5111,653

3,317

13 2702, 920

10 350

47, 504

45, 0594,0403 099

16 3279,144

17, 763

2 445

11 670

1 495

121202281750141

71 555

4,47011,92123, 31123, 5318 322

60.0

24, 254

10 8791,4571 2553 7241,511

2,072

13 3753 001

10, 374

24, 498

10 8331, 5431 2303 5961,470

2,093

13 6653, 193

10 472

46, 510

44, 0173,7573 038

16, 1849, 143

17, 203

2,493

11, 329

1,458

116209257737139

83 977

13, 4979, 612

29, 53823, 657

7,673

59.7

25, 032

11 4861 7381 3623 6811,670

2 255

13 5462 920

10, 626

24, 998

11 4231,6711 3223 6901 674

2 265

13 5752 920

10 655

46, 116

43 5433,7383 050

16 0939 287

16, 783

2 573

11 943

1 341

108207242659125

56 246

3,81210, 77117, 91218, 2795, 472

55.3

26, 359

12 7271,8721 4363 9581,762

2,808

13 6322 998

10, 634

25, 785

12, 2451, 9521 4963 5921,511

2,678

13 5402,828

10 712

46, 353

43, 6863,5583 034

16 0849,425

16, 954

2 667

11 991

1 260

99161235640125

61 445

7,7197,390

18, 95921, 6925,685

57.3

r 25, 239

f 11 667' 1, 768r 1 501r 3, 601

1,622

r 2, 366r 13, 572

r 2, 806r 10, 766

r 26, 450

r 12, 512r 2, 044r 1, 501r 3, 770

1,650

r 2, 691

r 13, 938r 2, 954

r 10, 984

r 46, 747

r 44, 036r 3, 694r 3, 102

«• 16, 2309,629

r 16, 884

»• 2, 711

12, 454

1,253

99181255613105

65 375

4, 16413, 96622, 67318, 7845,788

58.2

26, 331

11 9341 9951 6513 7941,574

1,848

14 3973,207

11, 190

26, 287

12, 2922, 0521,5723, 9721, 668

2,223

13, 9953,054

10, 941

46, 867

44, 0903, 7943, 175

16, 4189, 664

16, 615

2,777

12, 234

1,127

106158206549108

50, 765

3,1268,687

15. 74214, 3478,863

54.0

— — —

1 , 039

8716318750(596

48 103

2, 0467,841

18, 16714, 1125,937

53.4

COMMODITY PRICES

PRICES RECEIVED AND PAID BY FARMERS

Prices received all farm products J 1910-14=100

Crops doCommercial vegetables, fresh market ___ doCotton doFeed grains and hay _ _ _ . _ __ __ _ doFood grains __ do

Fruit doOil-bearing crops _ _ doPotatoes (incl dry edible beans) doTobacco do

Livestock and products doDairv products _ _ . _ . _ _ . - do _Meat animals doPoultry and eggs _ _ _ - do __Wool do

Prices paid:All commodities and services ._ _ _ _ _ _ do

Family living items _ _ _ _ _ d o _.Production items _ do

All commodities and services, interest, taxes, andwage rates 1910-14=100

Parity ratioffi do__ .

247

232232278169217

201252169469

261260302168297

273287257

295

84

245

227211279163217

194244159484

260272291175288

273287258

r295

83

241

225226273156219

188231153483

255278275181280

273286258

296

81

242

223234263150221

187235167473

258280277188271

275289260

298

81

243

219256239151221

180237170466

263275293185262

276289263

299

81

247

224332232146

183233178474

267269308174256

277289264

301

82

252

229376211148219

201229204475

273266324169249

278290265

302

83

263

245408220152224

228234272475

280261336187229

281293269

304

87

264

252362236162223

271237268475

275249339172212

282293271

306

86

264

246314246163221

268238224475

280244355168204

283294271

306

86

255

232232246167197

277239180474

275241348163212

282293270

305

84

254

228209260165190

253227185473

277246347166210

282293270

305

83

251

225181281163190

239232142483

275255338166210

281291269

304

83

258

232183292160195

280220129482

280264339174207

282291271

305

85T Revised. Corrections of March 1955 new orders figures in 1957 BUSINESS STATISTICS appear in corresponding note in October 1957 SURVEY and later issues. ©Includes data not

shown separately. 9 Includes textiles, leather, paper, and printing and publishing industries; unfilled orders for other nondurable-goods industries are zero. tFor these industries(food, l)everages, tobacco, apparel, petroleum, chemicals, and rubber), sales are considered equal to new orders. cTData are from Dun & Bradstreet, Inc. *New series; based on numberof concerns listed in Dun & Bradstreet Reference Book. Data back to 1934 are available upon request. {Revised beginning January 1955 to incorporate the latest revisions in the priceseries for individual commodities; unpublished revisions (prior to April 1957) will be shown later. ©Ratio of prices received to prices paid (including interest, taxes, and wage rates).

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

S-6 SURVEY OF CURRENT BUSINESS October 195i

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS August Septem-

ber

1957

October Novem-ber

Decem-ber

Janu-ary

Febru-ary March April

1958

May June July August Septem-ber

COMMODITY PRICES—Continued

RETAIL PRICESAll commodities (U. S. Department of Commerce

index) 1935-39 = 100..

Consumer price index (U. S. Department of Labor):All items 1947-49=100..

Apparel - - - - doFood9 __ _ . do, --

Dairy products - do.Fruits and vegetables - doIVIc'its Doultry and fish do

Housin(r9 - - ---- --do, . _Gas and electricity - do_Housefurnishings doRent __ __„ _ _ _ d o

IVIedical care .do.. _

Reading and recreation doTransportation - - -- - -do

Private - - -(^°Public do

Other goods and services - - do.

WHOLESALE PRICEScft(17. S. Department of Labor indexes)

All commodities - 1947-49=100--

Economic sector:Crude materials for further processing do.--.Intermediate materials supplies, etc _do.Finished goods© - do .

Fruits and vegetables, fresh and dried do —Grains - - do-Livestock and live poultry do

Foods processed 9 - -do-

Dairv Droducts and ice cream doFruits and vegetables, canned and frozen doMoats poultry and fish do

Commodities other than farm prod, and foods_ _doChemicals ind allied products 9 do

Chemicals industrial doDrugs and Pharmaceuticals do_Fits and oils inedible - do_Fortiliyer materials do_Prepared paint -- do

Fuel power and lighting materials 9 do _Coal ' - - - d o _ -Electric power January 1958=100Gas fuels - - -do-Petroleum and products.. 1947-49=100__

Furniture other household durables 9 doAppliances household - doFurniture household doRadio receivers and phonographs doTelevision receivers - - do_

Hides skins and leather products 9 - doFootwear - - doHides and skins doLeather - - do

Lumber and wood products doLumber do_

Machinery and motive products 9 doAgricultural machinery and equip - doConstruction machinery and equip doElectrical machinery and equipment doMotor vehicles do

Metals and metal products 9 - doHeating equipment do

Nonferrous metals doNonmetallic minerals, structural 9 do

Clay products doConcrete products doGypsum products - do__

Pulp paper and allied products doPaper - --- d o _ _ _

Rubber and products - do_Tires and tubes do_ _

Textile products and apparel 9 doApparel - - -- doCotton products - do -Bilk products - do_Manmade fiber textile products - doWool products - - do

Tobacco mfs. and bottled beverages 9 doBeverages, alcoholic doCiaat*ettes -- do_

Miscellaneous d o _ _Tovs. SDortinsr eoods do

217.9

121.0

106. 6117.9111.5121. 3111.9

125. 7113.3103. 9135. 4138. 6124. 9

112. 6135. 9125. 0180. 0126. 7

118.4

99.6125.5118.6

93.0106. 382.486 7

106. 8116 7110 3102.197.7

126.0

109 8123.693.463.4

106. 5128. 1

116.3124.4

125.5

122 4104.7122.993.371.4

100.3121. 061. 591. 6

118.6119. 4

146. 2132. 5161.4149. 6134.7

153. 2122. 3171. 2134.6

135. 3155.0126. 4127.1

129.9143. 2146. 9153. 5

95. 499. 690.2

122. 082. 1

111.2

127. 7119. 6134.890.1

117.8

217.5

121.1

107.3117.0113. 1114.8110 3

126.3113.7104.8135. 7139. 0125. 1

113.3135.9125.5181 1126. 7

118.0

97.0125. 4118.8

91 098.981.281 5

106. 5116 7112 4102. 595.7

126. 0

110 2123 593. 564.5

106 4128. 1

116. 1124.8

125.6

122 3104.6122. 593 471.4

100.0121.0

58 291.6

117 8118.3

146 9133.4162.9151.1134. 8

152.2122.3170 2131. 7

135. 2155 0126. 3127.1

130. 1143.2146. 5153. 5

95.499.790.0

121. 182.3

110.3

127.7119.6134.889.4

118.2

217.2

121. 1

107.7116.4114.2114.5100.3

120.0113.8104. 8136.01 39. 7126.2

113.4135. 8125. 4181. 0126, 8

117.8

95. 3125. 2119.0

91. 5107.780.678 4

105. 5117 3113 7103. 691.6

125. 8

110 4123. 693.464. 8

107. 6128. 1

115.8125.6

124.6

122 6105. 4122.693.471.4

100. 1121.856.891.2

117. 3117. 5

147. 7136.2164. 9151.0135. 5

150. 8122. 3167. 8129.9

135. 3155. 1126. 5127.1

130 9143. 2146. 2153.5

95. 199.689.9

120. 082.3

108. 3

127.7119.6134.887.7

117.9

217.4

121.6

107. 91 1 6. 0114.5114.6104 6

126. 8114.3104. 5136.3140.3126. 7

114.4140. 0129. 7182.8126.8

118.1

95.3125. 3119.6

91.9106.380. 979 3

106. 5117 6114 5103. 893. 6

1 25. 9

110.3123. 693.465. 2

107. 7128. 1

115.7125. 8

123.5

122. 7105. 1122. 893.471.4

100.0122. 053.891. 2

116.9117.1

1 49. 2137.3165. 2151.2138.7

150. 4122. 1166. 5130.8

135.4155. 1126. 7127. 1

130.9143.3144. 7153. 5

95. 099. 689. 8

119.682.3

107. 4

127. 8119.8134.886. 8

117.9

217.2

121. 6

107. 6116. 11 1 4. 6113.9106 0

127. 0114.3HH. 9136.7140. 8127.0

114.6138. 9128. 6182.4126. 8

118. 5

96.4125. 4119.9

92 6108. 380. 582 6

107. 4118 3114 7104. 695. 5

126. 1

110 6123. 993. 565. 4

107. 8128.4

116.2126. 3

123.5

123. 5105. 4122.893.371.6

99.5122. 050. 390.8

116. 3116.4

149. 4138. 3165.3151. 1139. 1

150. 5121. 5166. 5130. 6

135. 7155. 3127.2127.1

131.0143.2145. 7153. 5

94.999. 690. 2

119.582.1

105. 8

128.0120. 3134. 887.2

118.0

217. 8

122. 3

106. 9118.2114.6121. 9110 2

127.1115.7104.2136. 8141.7127.8

116.6138. 7128.4182. 4127. 0

118.9

97.5125. 4120.6

93 7121.279.086 2

109.5118 0114 2105.6101. 7

126. 1

110 8123. 993.663. 1

110. 7128.4

116.1126. 1

2 100.02 100. 0

123. 0

123 8105. 4123.193.071.2

99 5122. 1

50 590.7

116. 3116.5

1 49. 413S. 4165.6151.2139. 1

1 50. 0' 121.5

166. 6128.7

136. 4155. 5127. 8127. 1

130. 8143. 2145. 1152. 1

94. 699. 490 2

119.581.3

105. 1

128.1120.3134.888.3

119.4

218.0

122.5

106. 8118.7114.5124.4112.0

127.3115.9104. 9137. 0141.9128. 0

116.6138.5127.9185. 4127.0

119.0

99.5125. 0120. 6

96. 1127.979.991. 1

109.9118 1114.2105. 7102. 7

125.7

110.6123. 693.662.9

110.4128.4

1 13. 6126. 2100.1101. 5118.9

123. 6105. 3123.392.570.7

99.6

51.290.6

115.8116.2

149.313S.3165. 6151. 3139. 1

150. 1* 121.3

167. 6127.8

136. 5155. 5127.9127.1

130.8143.1144. 6152.1

94.199.289.3

117.581. 2

103. 8

128.1120.3134.889.3

119.5

220.0

123.3

106. 8120.8114 1130.7114 4

127.5115.9103 9137.1142.3128 3

117.0138.7128.0185. 9127.2

119.7

101. 5125. 0121.4

100 5143. 182.295 8

110.7117 8113 4106. 8105. 9

125. 7

110 7123 794.064.2

110.3128.4

112.4126.2100.1101. 1117.0

123. 5105. 3122.892.670. 7

99.5122. 151.291.0

115. 5115.9

149.2138.3165. 4151. 3139. 1

149.8r 120. 7

167. 3127.0

135. 3155. 5128. 0133.1

130. 5143.0144.6152.1

94.099.389.0

116. 181.0

102.8

128.0120.3134.894.3

119.1

220.6

123.5

106. 7121. 6112 5136. 6115 9

127.7116.0104 0137.3142. 7128. 5

117.0138.3127. 6186. 1127.2

119.3

100.3125.1120.9

97 7130. 485.794 5

111.5118 4111 4107.6108.5

125. 5

111.0124. 394.162.2

110.3128.4

111.0119.8100.098. 1

115. 8

123. 4105.3122. 892.670. 7

99.7121.953.391.1

115.7115. 9

149.4138.5165. 4151.8139.0

148.6r 120. 8

166. 4124. 1

135.4155.5128.0133.1

130.5142.9144.5152.1

93.799.288.5

116.580.5

101.6

128.0120.3134.897.8

119.1

220.6

123.6

106.7121.6111.8137.4116.6

127.8116. 5104.0137.5143. 7128.5

116. 6138.7128.0186. 1127.2

119. 5

101.7124.9121.0

98.5123.484.299.8

112.9117. 9110.8108.2112.8

125.3

110.8123.994.361.5

110.3128.4

110.3119.7100.098.3

114.7

123.2104.9122. 891.170.7

99.9122.055.491.1

115.9116.7

149. 4138.4165.5152. 3139.0

148.6r 120. 8

166. 2123. 9

135. 7155. 6128.4133.1

130. 5141.8143.8152. 1

93.599. 188.3

116. 180.3

100.5

128.0120. 3134.896.2

119.1

220. 6

123.7

106. 7121.6111.7134.3118 3

127.8116.9104. 1137.7143. 9128.6

116.7138.9128.0187.7127.2

119.2

100.7124.7120.7

95.6103. 081.398 8

113.5118 5111 1110.3114.1

125.3

110. 7123. 594.561.9

110.3128.2

110.7120.3100.197.4

115.3

123.0104. 9122. 591.270.0

100.3122.057.091.8

116.4116.8

149.5138.3165. 5152. 6139.0

148.8r 121.0

166. 7124. 8

135. 5155. 6128.5133.1

130.5141.8144.2152. 1

93.399.187.6

109.980.4

101.3

128.0120.3134.893.7

119.1

221.0

123 9

106 7121.7112 4131 9119 2

127.7117.0104 0137 8144.')128 9

116.6140. 3129. 3189 5127 2

119 2

100.0125. 0120.8

95 0106.079 896 7

112.7117 5111 6111.6112. 1

125.6

110 4123 194.462. 5

108. 0128.2

111.9121. 1100.197.9

117.1

123. 2101. 8122.692.271. 1

100.3122.058.191.5

116. 8116.7

149.5138. 4165.6152. 6139.0

148.8121.2167. 0124.9

* 135. 3155. 6128.5133.1

131.0141.8144.7152. 1

93.399.387.4

116.280. 1

100.5

128.0120.3134.897.2

119.1

220.5

1 123. 7

106 6120. 7113 0124 91 1 7 7

127.9117.5103 3138. 1145.0128 9

116.7141.0130. 1189 5127. 1

119. 1

99.1125. 3120.6

93 296. 977.394 0

111.3116 9112 4

r 111.8108. 2

126. 1

110 0122 894.462.5

104. 4128.2

113.7121.9100.8102. 0119.2

r 123. 0r 104. 7

122. 6r 91.3r 71.2

r 100. 5122. 160.4

r 91. 5r 118.6r 119. 0

>• 149. 5138.4165.6

r 152. 8139. 0

r 150. 8r 121. 2r 171.3

126. 1r 135. 2

155. 6' 128. 3

133. 1

131.0141.8

r 144. 4r 152.8

93.399.387.7

116.380. 0

r 100. 4

128. 0120.3131.895.6

119.3

119 1

98.31^5 4120 9

93 197. 676 191 5

111 2117 7113 9112. 1107 1

126. 2

109 9122 794 461 7

104 3128 2

114 1122 6100.8104. 1119.7

122 9104.2122.891 371.2

100.4122. 159. 091.3

120 4121.0

149. 6138. 6165. 9152.8139.0

151.1121.5171.5127.2

136. 3158. 2127.9133. 1

131.7141.8144.8152. 8

93. 399.387.9

115.879.799. 6

128. 0120. 3134.892.6

118.8r Revised. 1 Index based on 1935-39=100 is 206.8. 2 Comparable data prior to January 1958 are not available.9 Includes data not shown separately. c? For actual wholesale prices of individual commodities, see respective

revised weighting structure reflecting 1954 values. Figures are directly comparable with data for December 1957, with the© Goods to users, including raw foods and fuels.

commodities. t Revised beginning Januaryexception of the electricity and gas components

1958 to incorporate(see footnote 2).

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

October 1958 SURVEY OF CURRENT BUSINESS S-7

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

COMMODITY PRICES—Continued

PURCHASING POWER OF THE DOLLAR

As measured by —Wholesale prices 1947-49=100Consumer prices do

84 582.6

84 782 6

84 982 6

84 782 2

84 482 2

84 181.8

84 081 6

83 581 1

83 881.0

83 780 9

83 980.8

83 980.7

84.01 80.8

1 84 0

CONSTRUCTION AND REAL ESTATE

CONSTRUCTION ACTIVITY]:

New construction (unadjusted), total mil. of dol__

Private total 9 do

Residential (nonfarm) 9 doNew dwelling units _ do _Additions and alterations do

Nonresidential buildings, except farm and publicutility total 9 mil. of dol

Industrial do _Commercial _ _ _ _ _ d o _ _ _

Farm construction doPublic utility -_ - d o _ _ .

Public, total . __..do

Nonresidential buildings doMilitary facilities doHighway _ . _. -_ doOther types do

New construction (seasonally adjusted), total ... -do-....

Private, total 9 . - do

Residential (nonfarm) _ . doNonresidential buildings, except farm and public

utility, total 9 mil. of dolIndustrial! _ _ _ _ _ _ _ _ .doCommercial! do

Farm construction. __ ___ do. ..Public utility do

Public, total 9 do

Nonresidential buildings doMilitary facilities^ do . .Highway _ do .. _

CONTRACT AWARDS

Construction contracts in 48 States (F. W. DodgeCorp.):f

Total valuation. __. ... mil. of dol ...Public ownership doPrivate ownership _ _ do

Nonresidential buildings:Floor area thous of sq ftValuation mil of dol

Residential buildings:Floor area _ _ _ thous. of sq. ft _Valuation mil. of dol

Public works:Valuation do

Utilities:Valuation _ do

Engineering construction :Contract awards (ENR)§ _ . mil. of dol

Highway concrete pavement contract awards: cT1

Total " thous of SQ ydAirports _ doRoads doStreets and alleys __ _ _ _ do

NEW DWELLING UNITS

(17. /S. Department of Labor}

New permanent nonfarm dwelling units started:Unadjusted:

Total, privately and publicly owned. _. thousands. .

Privately owned, total _ _ _ _ _ d oIn metropolitan, areas do

Publicly owned doSeasonally adjusted at annual rate:

Privately owned, totalj doResidential construction authorized, all permit-issuing

places:New dwelling units, total... thousands .

Privately financed, total . __. doUnits in 1 family structures doUnits in 2 family structures. _ _ _ doUnits in multifamily structures do

Publicly financed, total do

4,667

3 196

1 6111 180

387

842301319173549

1 471

416142577336

4, 034

2, 854

I 412

H03801296133487

1 180

374120393

2 818802

2 016

08 5691 008

116, 9051 284

394

132

1 805

5 292336

2 4972 459

100. 0

96 864.93 2

1,056 0

3 80. 33 78. 0

63.02.6

12 432 .3

4,682

3 185

1 6111, 190

374

840293322159556

1,497

416138607336

4, 078

2, S70

1 432

795290298133492

1,208

380114410

2, 550816

1,734

64 Oil866

105, 1891 151

416

116

1 247

4 844282

1 7912 771

91.9

90 260.91 7

1 012 0

72.1

70.858 32.79 91.3

4,609

3 143

1 5861 180

357

844289330133564

1 466

409132004'PI

4, 160

2,0 12

1 401

7982H3306133504

1 254

391111451

2 614787

1 827

00 302910

106, 6361 165

327

211

1 700

6 668749

3 1432 775

97. 0

88 458 58 6

1 020 0

79. 2

74. 860 53.0

11 24.4

4, 208

3 020

1 5241 140

333

842287332114525

1 188

36710S425°88

4, 137

2,917

1 472

790281305134500

1 220

381104443

2 371807

1 504

01 200878

80, 424930

444

118

1 232

3 95065

2 3551 530

7S. 2

75 750 82 5

1 009 0

58. 7

45 12 57 93.2

3, 791

2 750

1 365I 050

265

799277306100472

1 041

34297

350059

4 , 2 1 1

2, 895

1 401

790272304133496

1 316

385110538

1 982734

1 249

51 043099

67 225759

381

144

967

2 11 386779

2 7 8172 2 790

03. 4

62 543 L

9

1 00() 0

49 S

48 838 22 38 21.0

3, 380

2 435

1 165895220

746274270101411

945

34087

°0095«H

4, 156

2, JS03

1 445

7092092*M135501

1,293

378107510

2, 000758

1 308

54 942759

71,653777

328

201

1 259

5 488196

3 9721 320

62 943 35 0

1 020 0

54,6

53. 140 42 4

10 41.4

3,153

2 301

1 083815219

705252258105397

852

308

240''31

4, 079

2, 834

1 441

748252281135497

1 245

35596

500

1 , 953769

1 185

r>2 313751

67 672727

358

117

1 175

4 554209

2 6401 705

66. 1

61 042 15 1

915 0

50 7

47 736 42 29 12.9

3,400

2 442

1 177890239

689235262114450

958

34777

265269

4, 053

2,792

1 397

742240288134505

1,261

37095

500

2,7211 0271 694

66 456967

97, 7321 071

501

183

1, 398

7 553470

5 5001 584

81.4

77 351 84 1

918 0

71 2

68 452 23 1

13 22.' 7

3,703

2 583

1 288945295

677218263127478

1, 120

37080

375095

3, 960

2, 734

1 3.50

733222294134503

1,226

37088

403

2,8811 0531 828

03 830958

113, 7551 240

551

132

1 583

13 3982 2397 4393 051

99.1

94 205 04 9

983 0

88 0

85 400 33 7

15 32!fi

4,054

2,773

1,4071,000

356

698204285147504

1,281

38188

500312

3,929

2, 716

1,334

733210302134499

1,213

37190

450

3,4031 4631,939

76 0991 124

124, 1891 346

713

220

2 314

11 6373 6854 2613 691

108, 5

101 309 57 2

1 039 0

r 92. 0

r 80 268 0

r 3 4r 14 8

5.8

4, 397

2,979

1,5391, 110

377

193315162524

1,418

40695

580337

3, 969

2, 743

1 , 368

729195311135494

1,226

37986

453

3,8201 7202 100

68 128' 976

125, 1221 364

876

603

1 900

11 0452 4755 6332 938

r 112.9

r 101 3r 70 6r 11 6

r ] 057 0

95. 5

88 371 13 0

14 27^2

4,642

3, 128

1,6411,200

389

754185326171542

1,514

417105635357

4, 058

2, 804

1,431

724187308135498

1,254

38094

460

3, 6071 5502 058

75 4531 076

140 0371 557

723

250

2 482

17 8426 6317 4753 737

111.0

107 374 13 7

1 160 0

9$. 3

96 374 83 2

18 32.0

4,803

3,215

1,7181,280

387

743179316175562

1,588

422120675371

4,120

2, 856

1 506

702179294135498

1 264

379102459

3 4071 2332 ?34

75 6531 079

131 7091 451

705

232

1 622

11 1731 2506 5203 398

119.0

108 875 810 2

1 170 0

4, 835

3 229

1 7421 320

371

742174316162565

1 606

425125685371

4, 185

2, 890

1 54 S

696172292135500

1 289

387103463

1 348

10 354512

0 0093 233

118,0

108 075 310 0

1 "0 0

' Revised. v Preliminary.1 Indexes based on 1935-39=100 are as follows: Measured by—wholesale prices, 44.0 (September); consumer prices, 48.4 (August). 2 Data include some contracts awarded in prior months

but n t reported. s Revisions for July 1957 for new dwelling units authorized (thous.): Total, 76.2; privately financed, 73.7; publicly financed, 2.5.^Revisions for theindicated series appear in issues of Construction Review as follows: Construction activity—data for 1956-March 1957 in June 1958 issue; dwelling units started—data back

to 1946 in May 1958 issue. 9 Includes data not shown separately. JData prior to December 1956 are available upon request, f Revised series, reflecting nationwide coverage and newtechniques for compiling data on residential buildings. §Data for August and October 1957 and January, May, and July 1958 are for 5 weeks; other months, 4 weeks. cfData for Octoberand December 1957 and April, July, and September 1958 are for 5 weeks; other months, 4 weeks.

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

S-8 SURVEY OF CUEKENT BUSINESS October 195?

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October N ov em-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

CONSTRUCTION AND REAL ESTATE—Continued

CONSTRUCTION COST INDEXESDepartment of Commerce composite 1947-49= 100__American Appraisal Co., The:

Average 30 cities 1913 = 100Atlanta doNew York __ _ ..doSan Francisco do__ _St Louis do

Associated General Contractors (all types) ._ _.doE. H. Boeckh and Associates: §

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: a"Building 1947-49=100..Construction do

Bu. of Public Roads — Highway construction:Composite, standard mile ... _.. -.1946=100..

CONSTRUCTION MATERIALS

Output index composite, unadjusted^ 1947-49=100Seasonallv adjusted - .- ... do._«.

Tron and steel products unadj doLumber and wood products, unadj , , ,_-, -do,,..Portland cement unadi ^f do

REAL ESTATE

Home mortgages insured or guaranteed by-Fed HouQ A dm • Face amount thous. of dolVet A dm • Face amount - _ _ . do

Federal Home Loan Banks, outstanding advances tomember institutions mil. of doL.

New mortgage loans of all savings and loan associa-tions, estimated total mil, of dol .

By purpose of loan:Home construction _ . doHomo purchase doAll other purposes do

New n on farm mortgages recorded ($20,000 and under),estimated total mil of dol

Nonfarm foreclosures number _Fire losses , _.thous. of dol_.

138

668712705624660488

290.6284.8283 2

300.1300 2283. 3280 2287.9

283. 6275 2

152.6162.9

139.0

151.7129. 5187 9

184, 794251, 483

1,072

1 001

331470200

2 2082,852

78, 364

138

670713705625660490

291.0285.0283 2

300.7300 8283. 5279 8288 5

283.6275 0

152.8162 7

142.8

131 0

139 2120 3184 7

173, 5811 294, 506

1, 119

891

292423176

2 0262, 979

72, 264

138

672728711625661490

290.6284. 5282 3

300.3300 3282. 3278 6288 2

282.6274 0

152.8162 8

139 0

149 4130. 1180 2

232 048279, 693

1, 131

980

341443196

2 2263, 018

77, 753

138

672730

624665491

290.7284.3282 1

300 5300 5282 2278 4288 3

282 5273 7

152. 7162 9

113 7

126 7107, 8149 6

231, 192213,029

1, 143

708

250358160

1,8772, 852

75, 321

137

672729711622664490

291.1284.4282 3

301.0300 8282.3278 5288.4

282. 6273 8

152.8164 1

143.4

101 2

115 395.8

133 9

248 540176, 088

1 265

734

248! 324

162

1,8512, 877

! 91,519

137

673729730621667493

291.5284.4282 4

301.7301 2282 5278 7288.6

282.9273 9

152. 5164 2

109, 8

115 2112 7110 6

306, 392160,352

906

723

245308171

1,7823, 276

99, 918

137

673732730620667493

291.4284.2281 5

302.0301.3282.1277 0288.7

281.9272 5

152. 6164 3

98 0

100 7102,884 6

278, 834141, 697

790

704

233289182

1, 7012, 929

103, 853j

137

674737730619667493

290.7282.8280.7

301. 3300.8281.4276.2288.0

281.2271 7

152. 8164.6

140.4

109 7

116 3110.5106 2

319. 198123, 176

696

819

281318220

1, 8663, 477

102,722

138

675737730619666494

291.4283.0281.1

302.3301.7281.8276.8288.5

281.6272 1

153.3165.9

119 1

121.9115.3143 6

305, 55985,017

815

920

316354250

2,0223, 661

99, 061I

138

677737730619670498

292.2283.5281 6

303.4302. 5282.2277 2289.0

282.2272 4

154.1167.2

131.2

139-2119.3175 1

311, 11172, 703

803

1, 1)19

346406266

2, 1513,507

85, 633

139

680737730635670498

294.7285. 8283.4

305.9304.5284.2279.5290.7

284.1274.4

155.1168.3

141.6

136.1

153.3f 119.3

179,9

342, 50897, 505

929

1, 107

379461268

2, 2753, 663

90, 048

139

681737736635670502

296.1286.9284.3

307.6305. 8285.1280.3291.5

285.0275.2

155.5168.7

116. 5178 5

367, 940126. 727

901

1, 180

374511296

2, 543

80, 782

140

683738737637671503

296.7287.7285 5

308.3306. 6286.0281 8292.1

286. 3276 4

158.2170 7

371,405155,860

939

1, 180

373538269

j 75, 491

690756741639671504

296.9288.0285 6

308 5307 2286 2281 8293 2

286 3276 5

158.7171 1

73, 303

DOMESTIC TRADE

ADVERTISINGPrinters' Ink advertising index, seas, adjusted:

Combined index 1947-49 = 100.Business papers doMagazines - doNewspapers doOutdoor doRadio (network) doTelevision (network) t 1950-52—100

Tide advertising index unadjusted 1947-49 — 100Television advertising:

Network: 9Gross time co^ts total thou^ of dol

Automotive including accessories doDrugs and toiletries doFoods soft drinks confectionery doSoaps cleansers, etc do

A '1 other ... doSpot:*

Gross time costs, quarterly total.. do

Druas and toiletries doFoods, soft drinks, confectionery doSoaps, cleansers, etc doSmoking materials do•Vll other do

Apparel and accessories do

Building materials _ doDrugs and toiletries doFoods, soft drinks, confectionery doBeer, wine, liquors do

Industrial materials doSoaps, cleansers, etc doSmoking materials doAll other do

21522062 1662 2142 170

2 402 405

173 6

38 8493 774

11 6837 5415 5234 3665, 962

45 5014 4033 457L7485 5605, 4102,3182 5584,319

4841 551

13, 692

21621716222115641

398213 5

40 9264 667

11 7797 8625 9394 0656, 615

93, 0942 ,501

91 19327, 469

6, 4206 636

28 94568 7087 7163 1433,8017 0647, 3543, 3205 704s!921

7811 851

22, 054

20921015820015039

422238 1

49 2684 904

15, 1849 3315,8505 0348, 965

".'."".".

74 2986 0963 5843, 2308 4018,2824,0578 4565, 7081,0842 035

23, 364

21120816719717241

412231 0

47 9995 873

13, 3809 0645, 6354 8059, 242

77 1044,9249 2272', 3977, 9687,9944, 5557 6436,273

7192, 051

23, 353

21421116420915541

426184 1

4Q 7425 285

14, 5369,5245,7714 7329,894

119,8353 025

25 34439, 19910, 1047 720

34 43755 2703,7708 4^01, 2805, 3506,6335, 8393 973'592375

2, 07116, 948

21120616319015134

426171 1

49 6075, 242

r 13, 782r 10, 170

f 5, 5165 219

T 9, 678

38 4222, 1044 1341,1384,2234,9721,7981 9833,082

4561,276

13, 255

20720715818416131

415r 189. 1

44 6384,720

r 12, 706r 9, 263

5, 0994 3638,487

54 4093! 2156 0482.2725,3117. 8182,5172 7974, 2461,0021,877

17, 306

20721715018416328

422r2ll 5

49, 488r 5, 347

r 13, 86210, 0445, 5204 9759,741

119,0622 089

26, 36739, 60910, 6308. 072

32, 29567 5875,5726 6363,2766,2148,3013, 4775 4094, 5621, 1681, 866

21, 105

20420215018316028

431219. 1

47 6515, 158

12, 6379, 5765,7164 7959,770

69 7275,4246 5053, 3726,2417,5173,4757 7114,9141, 2262,051

21, 290

20220815018115531

417219 1

47, 9185,162

12,1039, 6335, 6964 981

10, 342

66 0705,0335 8613,8946,6186,7133,2156 5405,0421,0031, 786

20, 364

20719815919316026

416203 6

43 7694,068

11,7729,0934,7064 8089,323

58 3032,8595 2013,1717,2317,9393,4444 7614,011

6742,026

16, 985

20519316019117626

404172 5

'41 1192,979

' 12. 560r 9, 051r 4, 398

4 5507.581

39 145770

3 7411,6255,8205,7772,5072,3782,686

5211,610

11,711

41 5093, 136

12, 2748,8774,5564 7187,949

40 6254, 1653 0471,4174,8935,3602.1432,0652, 292

4781,791

12, 973r Revised. 1 For August 26-September 30 (earlier figures cover month ending the 25th day; later figures on calendar-month basis).2 Revisions for July 1957: Business papers, 225; magazines, 167; newspapers, 201; outdoor, 178; radio, 32; television, 391. §Copyrighted data; see last paragraph of headnote, p. S-l.

cf Data reported at the* beginning of each month are shown here for the previous month. IData prior to August 1957 will be shown later. ^Revisions beginning July 1955 appear in theOctober 1957 SURVEY and later issues. 9 Series beginning January 1958 made available through courtesy of Television Bureau of Advertising from data compiled by Leading NationalAdvertisers, Inc., and Broadcast Advertisers Reports, Inc. *New series (from Television Bureau of Advertising, Inc.)', data back to 4th quarter 1955 will be shown later.

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

October 1958 SURVEY OF CUKEENT BUSINESS S-9

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS August Septem-

ber

1957

October Novem-ber

Decem-ber

Janu-ary

Febru-ary March A pril

1958

May June July August Septem-ber

DOMESTIC TRADE—Continued

ADVERTISING— Continued

Magazine advertising linage, total . thous. of lines. _

Newspaper advertising linage (52 cities), total do - _Classified- doDisplay, total _ _ _ _ do - -

Automotive . ...do-_-Financial-.. . _ doGeneral - - doRetail do

PERSONAL CONSUMPTION EXPENDITURES

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

Durable goods, total 9 doAutomobiles and parts _ doFurniture and household equipment do

Nondurable goods, total 9 doClothing and shoes doFood and alcoholic beverages doGasoline and oil do

Services, total 9 doHousehold operation doHousing ___ - __ do ._.Transportation do

RETAIL TRADEAll retail stores:

Estimated sales (unadjusted), total mil. ofdol--

Durable-goods stores 9 _ - . . . ..doAutomotive group do

Motor-vehicle, other automotive dealers-doTire, battery, accessory dealers . .. . do

Furniture and appliance group ._ ._.. do -Furniture, homefurnishings stores doHousehold-appliance, radio stores d o . - _ .

Lumber, building, hardware group doLumber, building-materials dealers.. _..doHardware stores do

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

Men's and boys' wear stores doWomen's apparel, accessory stores doFamily and other apparel stores- _ do _Shoe stores do

Drug and proprietary stores - doEating and drinking places ._ . - doFood group do

Grocery stores -doGasoline service stations do

General-merchandise group 9 -- - - -doDepartment stores, excl. mail-order cf- --doMail-order (catalog sales) - doVariety stores _ _ do

Liquor stores - do

Estimated sales (seasonally adjusted), total. .do.-.

Durable-goods stores 9 - do\iitomotive group do

Motor-vehicle, other automotive dealers.do...Tire, battery, accessory dealers do

Furniture and appliance group doFurniture homefumishings stores doHousehold-appliance, radio stores do

Lumber, building, hardware group doLumber building-materials dealers-, -doHardware stores -do

Nondurable-goods stores 9 —do\pparel group do

Men's and boys' wear stores - _ doWomen's apparel accessory stores . doFamily and other apparel stores doShoe stores - do

Drug and proprietary stores doEating and drinking places doFood group -do

Grocery stores - -doGasoline service stations do

General-merchandise group 9 doDepartment stores, excl. mail-order d1 doMail-order (catalog sales) doVariety stores do

Liauor stores .. - do...

4,483

216, 43758,103

158, 33414, 5222,754

24, 611116, 448

17, 490

5,9953, 3523.126

226

912577334

1,032798234

11 495967177390222178

5281,4204 3533 8761 374

1,774

125294370

17, 030

5 7403 2453,037

208

897564334

915687229

11,2901 092

220443241188

5341 2784,0573,5981 272

1,861

130302354 1

5,466

241, 29458, 999

182, 29513, 3393,442

33, 294132, 220

288.3

40.417.317 5

140 525.177.110 3

107. 415.835.79.2

16, 373

5, 6153 0782,894

184

853533319

977752225

10 7571 010

183398239189

5151 2913 9373 4821 262

1 696

117272335

16, 919

5 7223 1902,995

194

q02574327

918691227

11, 1971 050

215430232173

5431 2354 1123,6431 255

1,803

121302364

5,376

259, 03757, 457

201, 58016, 1884 233

38, 492142 667

16, 949

5,6052 9452,753

192

919576342

1 035795240

11 3451 083

216434258175

5591 2634 1023 6471 287

1 838

138288350

16, 714

5 6123 1803,002

178

838520318

905691215

11 1021 029

216415228170

5711 2154,1093,6511 250

1,706

— "124-293352

4,971

249, 98052, 316

197, 66419, 4763,723

32, 294142, 171

17, 133

5,5142 9772,790

188

962614348

903674229

11 6191 140

235448281175

5321 2054 2333 7691 262

2, 008

159310379

16, 562

5 6063 1592, 975

184

870546324

874664211

10,9561 007

192407237170

5511 2334,0283,5861 254

1,704

119285342

3,810

239, 62546 007

193, 61810, 5844,004

26, 448152 582

287. *>

39 617. J17 0

138 824.476. 210 2

108 71 6. 230. 39 0

19, 844

5, 9993 0092, 780

229

1,144696447

858575283

13 8441 790

409701445934

6901 2384 2583' 7421 286

3 095

209606545

16, 846

5 5883 0872,899

188

895561

. 334

877661216

11, 2571 087

214432260180

5461 2264,1353,6711 260

1,801

130300361

4,171

197, 12349 376

147, 74711, 7335 643

23, 431106 941

15.286

1, 8102 8102. 665

145

496282

683511172

10 476854183341186144

5381 1334 1263 6621 209

1 376780105221316

16, 718

5 5383 0942,906

188

869561308

887662226

11,1801 059

214412248186

5391 2364 1163,6351 290

1,772998129316350

4,375

188, 29745. 896

142, 40110, 4993,205

28, 355100 342

13,783

4. 2902 4712, 338

132

719461259

591437154

9 493698144278158118

5071 0273 7783' 3421 122

1 201664

97203296

16, 089

5 0552 7412,565

176

852546306

830613217

11,0331 004

208380237178

5401 1864,1673,6841 282

1, 640931121278354

5, 449

227, 82553, 704

174, 12211,4923, 837

32,017126 776

2S6. 2

36 313. 617 1

139 8'>3 977.510 3

1 10 116.436. 69 1

15,549

4, 860v 7892, 633

156

772500272

700521178

10 688958159394227178

5341 1244 1033 6361 214

1,553904111244328

16, 066

5 0202 6652,485

180

868553315

822611212

11,046988181392234181

5401, 1994,1623,678I 267

1,7291,012

125276348

4.835

228, 01053, 490

174, 52013,3143,878

32, 660124 668

16,273

5, 2612 9342. 751

183

761498263

876652224

11 0121 056

183420243210

5211,1714 0483 5751 252

1.667963112275323

16, 502

5,1632 7692,584

185

827532294

875648227

11,3391 045

201404253188

5391,2374,2173,7311 283

1,7661,008

126289365

4,357

240, S7956, 766

184,11313, 7293,416

34, 841132, 127

17, 364

5, 6253, 0822,879

203

840557284

991734257

11 7391,058

191425238202

5441,2724 4183, 9301 335

1,7841, 035

120283364

16, 562

5,2352 8122,616

196

840543297

903668234

11,3271,013

189395247182

5391,2484,1593,6861,297

1,7981,041

129290359

3,615

226, 23954, 976

171,26312, 5643,816

33, 022121.860

288. 3

35. 6i:i 516 6

141 424 07S. 610 3

111 316.736. 99 1

16, 603

5, 5903, 0472,842

205

847539308

992754238

11 013963197358226182

5201,2834 1043, 6211 331

1, 651961108266337

16, 581

5,1492 7362,551

185

843546297

902677226

11,4321, 012

194392250176

5321,2284,2723,7811,274

1,7871,040

119295381

3,172

197, 97051,455

146, 51610, 3494,405

25, 806105 955

16, 596

5. 4442, 9072. 092

215

840528312

1, 002775227

11 153867166334206162

5241,3724, 2513, 7671 410

1,576893106270362

16, 721

5, 2212 8032, 615

187

851541310

895681214

1 1 , 5001,060

206414257183

5361,2474, 2163,7341,306

1, 8791. 089

136313376

4,032

211,56755, 555

156, 02210,0282,611

23, 859119, 526

>• 17, 000r 5, 360T 2, 789

2, 583206

••872567305

1, 005782223

r 11,639r954

160373236185

f 5391, 4064, 3603,8771,448

1,7681,013

120298381

r 16, 859r 5,214

2 7032, 510

193

891575316

919692226

r 11, 6451,094

202433261197

5511, 2554, 1523,6881, 340

1,9181,134

129312372

' 16,3241 5 117i 9 535

1 850

1 11 2071 1 012

i 5341 , 3164 0713 5981 309

1 , 8021 , 063

1 16, 571

i 5 147

;: ;;;;;1 11,424

T Revised. i Advance estimate. t Revised series. Revisions (back to 1st quarter 1946) appear on p. 24 of the September 1958 SURVEY. 9 Includes data not shown separately,cf Data beginning January 1958 are on a revised basis, reflecting reclassification of certain stores to department stores; comparable data prior to 1958 are not available.

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

S-10 SUEVEY OF CUERENT BUSINESS October 1958

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS August Septem-

ber

1957

October N ovem-ber

Decem-ber

Janu-ary

Febru-ary March April

1958

May June July August Septem-ber

DOMESTIC TRADE—Continued

RETAIL TRADE— ContinuedAll retail stores— Continued

Estimated inventories:Unadjusted total mil of dol

Durable-goods stores doNondurable-goods stores _ do_

Seasonally adjusted, total - _ _ - do.Durable-goods stores 9 do

Automotive group - - doFurniture and appliance croup doLumber, building, hardware group do

Nondurable-goods stores 9 -- doApparel group doFood group doGeneral-merchandise group ._ do__ _

Firms with 4 or more stores:Estimated sales (unadjusted) total do

Firms with 11 or more stores:Estimated sales (unadjusted") 9 § _. do ___

Apparel group 9 - cloJVfen's and boys' wear stores do"Women's apparel accessory stores -- doShoe stores do

Drug and proprietary stores _ _ d o _ _ _Eating and drinking places doFurniture homefurnishings stores _ _ do __

General-merchandise group 9 doDepartment stores, excl mail-order© doVariety stores do

Grocery stores doLumber building-materials dealers -doTire battery accessory stores do

Estimated sales (seas adi ) total 9 § do

Apparel group 9 -- doMien's and boys' wear stores doWomen's apparel accessory stores doShoe stores - - do

Drug and proprietary stores -- doEating and drinking places - do- _Furniture homefurnishings stores do

General-merchandise group 9 do__Department stores excl mail-order© doVariety stores - -- do.

Grocery stores -- do-Lumber buildin°r-niaterials dealers doTire battery accessory stores do

Department stores:Accounts receivable, end of month: c?1

Charge accounts 1947-49=100Installment accounts do~

Ratio of collections to accounts receivable:Charge accounts percentInstallment accounts _do_

Sales by type of payment:Cash sales percent of total salesCharge account sales doInstallment sales _ _ do_

Sales, unadjusted, total U . S.f 1947-49= 100 _

Atlanta - do-_Boston do-_Chicago - do. . .Cleveland doDallas do-Kansas City do_

Minneapolis _ _ _ _ __do- -New York doPhiladelphia - do,Richmond - do_-St Louis doSan Francisco __do

Sales seasonallv adjusted total U. S f do._

Atlanta <3o-Boston -- do -Chicago - - -- -- doCleveland doDallas -- -_-do-Kansas City -- do _ -

Minneapolis - - do.New York doPhiladelphia do--_Richmond doSt Louis doSan Francisco do

24, 04010, 97013, 070

24, 25011,0404,6201,9902,090

13,2102, 6502,8804, 100

4,284

3 670

207159463

858037

1, 109654220

1,5907373

3, 641

24423

10368

877636

1,168699230

1.4926168

139330

4715

454213

127

'158102124123

r 157141

130104110135132139

144

-•176130139139

"169147

138135138

'157147

'143

24, 27010, 69013, 580

24, 36011, 1204,6901,9502,100

13, 2402,6902,8604,090

3,942

3,345

222169071

827536

1,054640202

1,3566962

3, 567

229219766

877238

1,132685225

1,4726268

152331

4615

434413

139

165122136134157149

139126134150143141

136

172114130134163147

130122128144145141

24,50010, 38014, 120

24, 22010, 9504,4601,9502,100

13, 2702,7002,8404,180

4,236

3, 604

232219664

877441

1,136679215

1,4787068

3,466

219209264

877137

1,051616218

1,4725967

159336

4815

434413

134

167117127125158142

138126132148138135

129

159116121121152136

119119129141126134

25, 28011, 06014, 220

24, 33011, 2204, 5901,9902,170

13, 1102,6402,8304,150

4,432

3,806

24424

10366

877142

1,239729238

1, 5795867

3, 463

220199367

907335

1,043612216

1,4715868

171346

4815

444313

162

193144153159183161

145158171178163162

133

166118125129161139

125124128142135139

23, 43010, 88012, 550

24, 47011, 4204,7601,9902,210

13, 0502, 7302,7804,160

5,508

4,722

38640

167101

1337444

1,9031,054

4671, 518

5093

3,619

23921

10171

917237

1,099645228

1,5006169

227385

4715

454312

241

301232221233270246

220226236272238247

138

174128130133156142

132128133148141139

23, 36011,01012, 350

24, 46011, 3404,8201,9502,210

13, 1202,8202,8404,090

3,763

3. 210

165166652

836734

830488167

1, 5684754

3, 557

228209574

887239

1,077622229

1,5226069

188381

4614

444214

100

122919297

123103

9210095

103100105

130

157116121125156138

126125126146132132

23, 98011, 22012, 760

24, 29011, 2204,7901,9302,160

13, 0702,7802,8504,060

3,353

2,864

136115743

786234

716412151

1,4014250

3, 436

211178868

887239

992577207

1,5215767

156367

4414

444214

95

121848690

11299

9091869696

104

124

147111115117143135

121115114134125135

24, 69011, 48013, 220

24, 10011, 0304,6701,9002,150

13, 0702,7202,9103,990

3,920

3,356

220179565

866938

942568188

1,5164856

3,492

214179465

897137

1,061635216

1,5045766

149362

4915

434314

116

150100107108137121

109113118126117115

131

158114124119153144

132127126138134137

24, 64011,37013, 270

23, 93010, 7704,4801,8702,130

13, 1602,7202, 9603,950

4,051

3,476

24318

10082

866938

1,033620214

1,4846068

3,585

224179670

907141

1,094650225

1,5406068

150346

4614

434413

123

153109112113143131

117114125136123130

130

155114118121151136

120121135147130142

24, 36011, 27013, 090

23, 88010, 7904, 4101,9202.160

13, 0902,7002.9003,960

4,417

3,795

23719

10275

937442

1, 096666218

1,6847181

3,631

226189868

947338

1,122670228

1,5376472

151342

4815

444313

130

158117122120159145

121120128144137135

134

164117124124161148

126124129146136142

23, 82010, 95012, 870

24, 07010, 8004,3701,9202,180

13, 2702,7002,9504,050

4,073

3, 473

223189172

877438

1,028630205

1,4627180

3,645

225189268

907340

1,117681227

1,5516472

149340

4715

444214

126

153115117115147136

119120121135124135

133

176115119122162141

123124129146133143

r 23, 500' 10, 720' 12, 780

' 23, 990r 10, 730

4,2101,9202,220

' 13, 260r 2, 750

2,9304,030

4,045

3,465

188158161

897738

983578205

1,5317381

' 3, 728

239229770

917341

1,174705238

1,56464

'73

138336

4814

444214

'112

14493

103107144130

10397

103123114124

140

174'129

130132162147

129133141153139140

23, 52010, 40013, 120

23. 87010, 6404.0201,9602,220

13, 2302,7102,9304,010

4,277

3,697

210149567

928039

1.106651229

1,6087579

3,771

25021

10474

977539

1,201729242

1, 5576675

142333

4715

444214

'"129

"165" 107"121"124"160"152

P128"105"115"139v 136"144

r P 147

"183"138•» 136"140"172" 158

"136"136" 143"163"151"148

"141

"138

' Revised. » Preliminary. 9Includes data not shown separately. § Revised beginning January 1956 to include minor data not covered in earlier figures. Revisions for January1956-January 1957 appear in corresponding note in the April 1958 SURVEY. ©Revised beginning January 1956 to reflect change in previous classification of certain stores to departmentstores in accordance with 1954 Census of Business; unpublished revisions (January-May 1956) are available upon request. cf Revisions for 1956 appear in corresponding note in theMarch 1958 SURVEY.

f Revised series. Indexes have been revised beginning January 1949 to reflect adjustment to Census of Business benchmarks for 1954 and the up-dating of the seasonal and Easter corrections.Revisions for both unadjusted and seasonally adjusted sales indexes for January 1949-December 1956 (and scattered revisions beginning 1919) appear on pp. 19 and 20 of the July 1958 SURVEY.

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

October 1958 SURVEY OF CURRENT BUSINESS S-ll

Unless otherwise stated, statistics through 195S anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

berJanu-ary

Febru-ary March April

1958

May June July August Septem-ber

DOMESTIC TRADE—Continued

RETAIL TRADE— Continued

Department stores— ContinuedStocks, total U. S., end of month:f

Unadjusted _ > .. .1947-49=100Seasonally adjusted do

Mail-order and store sales:Montgomery Ward & Co thous. of dol._Sears, Roebuck & Co - do _ -

WHOLESALE TRADEJ

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

Inventories, estimated (unadj ), total doDurable-goods establishments doNondurable-goods establishments do ..

150153

i 93, 815344, 491

11.74.37.4

12.76.66.1

160154

' * 89, 408314, 876

11.24.27.0

12 86.76.1

172155

1107,707329, 811

12 34.57.8

12 96.66.3

174154

i 109, 470344, 687

11 13 97.1

13 06 66.4

135150

i 149, 473441 531

10 73 77.0

12 56 46. 1

132147

i 60, 329236 560

10 43 56.9

12 56 46 1

13Q146

J 55, 098208 771

9 53 26.3

12 46 46 0

14714?

1 71, 468264 740

10 23 56.8

12 26 45 9

14914*}

1 92,615303 708

10 73 77.0

12 06 35 7

146144

i 89, 194339 121

10 93 97.0

11 86 25 5

140148

i 83, 199322 188

10 94 06.9

11 86 25 6

r 139148

i 81. 387315 358

11 14 07.2

r 11 76 15 5

v 144v 148

i 92, 465343 279

11 34 17.2

11 76 15 6

i 93, 210337 148

EMPLOYMENT AND POPULATION

POPULATION

Population, United States:Total, incl. Armed Forces overseas! .. thousands-

EMPLOYMENT

Noninstitutional population, estimated number 14years of age and over, total. ._ - _ _ -thousands

Total labor force, including Armed Forces©-- -do

Civilian labor force, total - - _ do. _ _Employed© do

Agricultural employment _- _-do. ..Nonagricultural employment do

Unemployed© - - doPercent of civilian labor force:

Unadjusted*Seasonally adjusted*

Not in labor force© _ thousands-

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

Manufacturing _-doDurable-goods industries .. do-Nondurable-goods industries do

Mining, total doMetal do _Anthracite _ . do_ __Bituminous coal doCrude-petroleum and natural-gas production

thousands ._Nonmetallic mining and quarrying do

Contract construction _ __do

Transportation and public utilities 9 doInterstate railroads doLocal railways and bus lines do. _Trucking and warehousing _ _ _ do _Telephone ._ doTelegraph doGas and electric utilities do. _.

Wholesale and retail trade doWholesale trade doRetail trade 9 do

General-merchandise stores doFood and liquor stores doAutomotive and accessories dealers do

Finance, insurance, and real estate.. do_ ._Service and miscellaneous 9 -- - do

Hotels and lodging places -doLaundries. ._ doCleaning and dyeing plants do

Government do

Total, seasonally adjusted ._ . doManufacturing do

Durable-goods industries doNondurable-goods industries do

Mining doContract construction .. _ d oTransportation and public utilities do__ _Wholesale and retail trade doFinance, insurance, and real estate __ doService and miscellaneous doGovernment do

171, 474

120, 713

71, 833

68, 99466, 3856,823

59, 5622,609

3 84 3

48, 880

52, 47716 9499,8217 128

82811427

229

340117

3, 057

4,2101 147

104816782

42589

11, 2363 0848 1521 3711, 564

807

2,3946 404

627329164

7,399

52 45716 8269,8636 963

8202,8054,179

11 4022,3596 3727.694

171, 751

120, 842

71, 044

68, 22565 6746,518

59, 1562 552

3 74 5

49, 797

52, 69216 9039 7347 169

81811228

228

333117

3,018

4 2011 135

10383277241

583

11 3493 0818 2681 4411,577

803

2 3666 412

547326169

7,625

52 22416 6789 7266 952

8142 7824,170

11 3492 3666 3807.685

172, 026

120, 983

71, 299

68, 51366 0056 837

59, 1682 508

3 74 7

49 684

52. 57016 7839 7187 065

80210827

228

324116

2 956

4 1521 112

10383276741

577

11 3873 0978 2901 4711,585

803

2 3616 406

505324173

7,723

52 01516 6049 6816 923

8022 7634,141

11 3152 3736 3437.674

172 281

121, 109

70, 790

68, 06164 8735 817

59, 0573 188

4 74 9

50 318

52, 31616 5619 6086 953

79310624

226

323114

2 805

4 1141 077'10183276740

577

11 5573 1038 4541 5821,612

811

2 3606 367

496321171

7 759

51 75816 4559 5626 893

7892 7104 104

11 2902 3726 3677.671

172 505

121, 221

70, 458

67 77064 3965 385

59, 0123 374

5 05 0

50 763

52, 61016 3029 4296 873

78810526

224

321111

2 612

4 0941 063

10182576540

577

12 0763 1048 9721 9391,626

824

2 3536 318

487319168

8 067

51 51616 2529 3936 859

7842 6794 070

11 2372 3656 3827.747

172 738

121 325

69, 379

66 73262 2384 998

57, 2404 494

5 8

51 947

50, 47715 8659 1386 727

76610123

220

316106

2 387

3 9851 014

10179076040

575

11 1403 0518 0891 3861,599

793

2 3446 241

473316166

7 749

51 22315 9659 1556 810

7662 6524 045

11 3052 3686 3687. 754

172 956

121 432

69, 804

67 16061 9884 830

57, 1585 173

6 7

51 627

49, 77715 59^8 9066 687

7479824

212

310103

2 173

3 94499010278375639

575

10 9483 0237 9251 3161,602

778

2 3436 240

477311163

7 789

50 57515 6488 8956 753

7472 4553 990

11 2352 3676 3677. 7fifi

173 153

121 555

70, 158

67 51062 3115 072

57, 2395 198

7 0

51 397

49, 69015 3558 7426 613

7339623

206

303105

2 316

3 91096697

78074939

574

10 9393 0107 9291 3321,598

768

2 3486 267' 476311165

7 822

50 21915 3898 7176 672

7332 5733 930

11 1162 3606 3307 788

173 374

121 656

70, 681

68 02762 9075 558

57, 3495 120

7 5

50 975

49, 72615 1048 5646 540

7169120

199

299108

2 493

3 88395297

77074439

574

10 9402 9827 9581 3521,592

757

2 3566 384

500311169

7 850

50 05415 2438 5666 677

7232 6243 890

11 0502 3566 3527 81 fi

173 588

121 776

71, 603

68 96564 0616 272

57, 7894 904

7 17 2

50 173

49, 94915 0238 4806 543

7119220

192

298110

2 685

3 87494697

77473839

575

10 9612 9608 001l' 3581,594

757

2 3706 455

510314172

7 870

50 14715 2028 4986 704

7182 6983 877

11 0872 3706 3607 83*

173 822

121 900

73, 049

70 41864 9816 718

58, 0815 537

7 72 6 8

48 851

50, 41315 2068 5646 642

71793

r 19190

303112

2 806

3 904r 957

9679073339

r 582

11 0352 9808 0551 3611,594

756

2 3916 488r 538

318173

7 866

50 31515 2758 5566 719

7132 6983 888

11 1052 3676 3927 877

174 064

121 998

73, 104

70 47365 1796 718

58, 4615 294

7 52 7 3

48 889

' 50, 178r 15 161

r 8 496r g 665

T 705r90

19180

303112

r 2 882

»-3 90795895

79173038

589

r 10 984r 2 989

7 995r i 337

1,591755

2 410r 6 465

607318167

r 7 664

r 50 411r 15 312

r 8 596r 6 716

r 709r 2 693T 3 877

r 11 1212 363

r 6 433r 7 Qn3

174 326

122 092

72, 703

70 06765 3676 621

58, 7464 699

6 77 6

49 389

' 50, 555r 15 453

r 8 566r 6 887

712'90

18r 186

306112

r 2 960r 3 899

96495

79172638

589

r 11 005r 2 994T g oilr 1 346' 1, 581

r 756

r 2 411r 6 450

609315163

r 7 665

r 50 552r 15 326

r 8 601r 6 725

705r 2 716r 3 869

r 11 168T 2 375r 6 418r 7 Q7K

174 595

122, 219

71, 375

68 74064 6296 191

58, 4384 111

6 o7 2

50 844

p 51, 110P 15 692

v 8 758P 6 934

P709P 89

P 188

P 113p 2 928

P 3 897

P 11 124P 3 002P g 122P i 404P 1, 587

751

P 2 384P 6 447

j>7 929

p 5Q g5iP 15 464

P 8 746P g 718

p 705P 2 699P 3 869

p 11 124P 2 384* 6 41 5v 7 QQ1

' Revised. * Preliminary. i Net sales. 2 The exaggerated June-to-July increase results from technical difficulties in achieving precise seasonal adjustment factors for June; a morevalid comparison may be made between July and May.

t Revised series. See corresponding note on p. S-10. J See corresponding note on p. S-3. 9 Includes data for industries not shown separately.§ Revisions back to January 1955 are shown in the September 1958 issue of the SURVEY.

Unpublished revisions (prior to .11956 for total nonagricultural, service and miscellaneous, and government employment; back to January 1953 for anthracite mining hours and earr1957) are available from the 17. S. Department of Labor, Bureau of Labor Statistics, Washington 25, D. C.

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

S-12 SURVEY OF CURRENT BUSINESS

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

EMPLOYMENT AND POPULATION—Continued

EMPLOYMENT— Continued

Production workers in manufacturing industries:!Total (U. S. Dept. of Labor) thousands. -

Durable-goods industries _ doOrdnance and accessories . _ - - _do ._.Lumber and wood products (except furniture)

thousands ._Sawmills and planing mills do

Furniture and fixtures -doStone, clav, and glass products . . - do -Pr'mary metal industries 9 do

Blast furnaces, steel works, and rolling millsthousands _ _

Primary smelting and refining of nonferrousmetals - thousands - _

Fabricated metal prod, (except ordnance, ma-chinery, transportation equip.) thousands -.

Machinery (except electrical) doKlectrical machinery doTransportation equipment 9 - • do - _

Motor vehicles and equip mentcf 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 9 - do _ .

Meat products doDairy products _ ._ doCanning and preserving __ doBakery products - doBeverages do

Tobacco manufactures -- doTextile-mill products 9 do

Broadwoven fabric mills doKnitting mills do

Apparel and other finished textile productsthousands--

Paper and allied products do -_Pulp, paper, and paperboard mills - do -

Printing, publishing, and allied industriesthousands _ _

Chemicals and allied products doIndustrial organic chemicals do -

Products of petroleum and coal _ _ d o -Petroleum refining do -

Rubber products __ do ...Tires and inner tubes do

Leather and leather products doFootwear (except rubber) do ..

Production workers in manufacturing industries,seasonally adjusted :J

Total _ _ _ thousands _Durable-goods industries doNondurable-goods industries do. _ _

Production workers in manufacturing industries:Indexes of employment:!

Unadjusted 1947-49=100Seasonally adjusted . . do

Miscellaneous employment data:Federal civilian employees (executive branch) :

United States, continental thousandsWashington, D. C., metropolitan area do

Railway employees (class I railways):Total _thousands_.Indexes:

Unadjusted 1947-49= 100Seasonally adjusted - do

PAYROLLS

Manufacturing production -worker payroll index, un-adjusted (U S Dept of Labor) t 1947-49=100

LABOR CONDITIONS

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

All manufacturing industries hours..Average overtime do

Durable-goods industries _ _ doAverage overtime do

Ordnance and accessories - doLumber and wood products (except furniture)

hours..Sawmills and planing mills _ _ do

Furniture and fixtures doStone, clay, and glass products doPrimary metal industries 9 ..do

Blast furnaces, steel works, and rolling millshours. _

Primary smelting and refining of nonferrousmetals hours _ _

13,0207,489

77

612317319463

1,080

540

53

8851,216

8601,352

603563

12750

226400

5, 5311,194

25876

301172121

93912399200

1,082457228

54753820717012920484

335222

12, 9137,5345,379

105.3104.4

2, 184. 7214.3

1,040

78.076.7

164. 6

40.02.4

40.32.3

40.1

41.140.540.740.839.3

38.7

40.4

12, 9937,414

75

599309321465

1,063

533

52

8841,223

8781,269'523551

12857

226413

5,5791,219

26270

323172121

102913398199

1,081460227

55754220716912820784

330219

12, 7777,4085,369

105.0103.3

2, 152. 7210.6

1,028

77.176.9

164.7

39.92.5

40.22.5

40.1

38.939.240.940.739.4

38.8

40.2

12, 8967,413

72

590302319460

1,051

522

51

8971,204

8681,316

586539

12755

221412

5, 4831, 140

26367

236172118

97907396198

1,071461227

56154220416712721084

327216

12, 7217,3765,345

104.3102.8

2, 128. 9210.2

1,007

75.577.1

162. 6

39.52.3

39.82.3

39.9

40.239.840.740.538.5

38.0

40.1

12, 6947, 322

70

570294314453

1,030

508

51

8951,179

8511,337

637511

12853

223400

5, 3721,068

26565

167170116

88895391194

1,066458227

55953720416612620984

327215

12,5907,2765, 314

102.6101.8

2, 121. 0209.4

972

72.874.5

160.7

39.32.3

39.72.2

40.0

39.138.839.740.138.2

37.7

40.1

12, 4497, 153

69

549284309440

1 , 006

492

51

8751,159

8251,330

649498

12749

220372

5, 2961.027

25964

149168113

89885391186

1,055455227

55653320316312520884

326219

12,4007, 1175,283

100.6100.3

12,443.4»211.7

953

71.272.8

157. 3

39.42.0

39.71.9

40.8

39.038.439.939.838.1

37.2

40.3

12,0246, 869

68

526272299419958

462

50

8401,134

7931,267

599490

12448

215351

5, 155969248

63130165106

84861384177

1 , 037445224

54952520016112520182

323221

12, 1186,8845,234

97.298.0

2, 110. 5203. 9

913

68.567.9

149.9

38.71.7

38.91.6

41.3

38.537.938.539.237.2

36.4

40.1

11,7676, 653

67

517268295408913

440

47

8061,109

7671.207

546484

12546

211355

5,11495123963

128165105

79855381178

1,051438221

54651919615912319179

326221

11, 8186,6425,176

95.195.5

2, 113. 4203.6

888

66. 766.8

144.9

38.41.6

38.61.5

40.6

38.738.138.438.636.8

35.7

40.2

11, 5426,502

68

515268290403885

427

45

7871,090

7491,153

496483

12345

208354

5, 040942233

64124163108

74844377177

1,018436220

54751919215612318476

320217

11, 5716,4785,093

93.393.5

2, 114. 6204.5

866

65.165.6

143.6

38.61.6

39.01.5

40.7

38.938.638.639.137.1

36.4

40.2

11,3106, 337

69

520269283402849

407

44

7661,061

7291, 103

454479

12242

204351

4,97394923166

137163106

70837372180

987434220

54551919015712217672

300202

11, 4386,3385,100

91.492.5

2, 123. 6204.7

853

64.265.0

139.6

38.31.5

38.81.4

40.7

38.838.538.039.036.9

36.3

40.1

11,2456,269

68

542280284405840

408

42

7561,029

7151,081

446468

12437

200348

4, 976978239

70141164112

70831366183

985432219

54051018815812217270

302205

11,4156,2855,130

'90.992.3

2, 123. 8204.8

850

64.063.1

140.9

38.71.7

39.11.5

40.6

39.639.737.839.737.3

36.7

39.9

11,4156,350

68

578r291

287417859

'425

41

7731,014

7161,084'444'476

12433

199355

5, 0651,039'243

73'177' 168

120

70840367189

994433219

541500

'187158122176r 71314

'213

11, 4846,3445,140

92.392.8

2, 156. 7209.2

'861

64.863.4

144.9

39.21.9

39.61.7

40.7

40.5'40.5

38.840.338.3

'37.8

39.9

11,353' 6, 270

'67

'572293286

'422852

419

41

'765'990'7121.063

433471

11933

196'346

'5,083' 1, 081

24473

220167121

70830365184

992'429

215

'537'496

186'157

12217571

'317215

' 11, 512«• 6, 372' 5, 140

'91.8'93.1

' 2,164. 7209.8

P863

' 65. 063. 6

' 144.8

39.21.9

39.4'1.8

'40.7

'39.339.6

'38.940.038.4

38.0

39.9

'11.649' 6, 342

'68

'574297

'300'430

806

430

41

' 787'981'733

<• 1.039406475

11831

' 198'366

' 5, 307' 1, 168

246

300166119

'86'856

371195

' 1, 044'442

223

' 543'507

191158122

'18173

'324217

' 11, 536' 6, 378* 5, 158

'94.2'93.3

2, 164. 6208.9

P844

P 65. 5v 64. 3

' 150. 1

'39.62.2

'39.8'2.1

'40.5

'40.940.4

' 40. 5'40.8'38.5

38.0

39.5

P 11, 895P 6, 531

*69

p577

"309P436"895

P812v 1,013

P752v 1,082

P204P 382

P 5, 364P 1, 191

p98P858

p 1, 044M46

p548p512

P157

P18S

P322

P 11, 673* 6, 520v 5, 153

P96.2P94.4

P865

P 65. 1P64.9

P 154. 7

?39.8*>2.4

^40.1p2.3

Ml. 4

Ml. 1

P40.9P40. 7P39.2

r Revised. p Preliminary. 1 Includes Post Office employees hired for Christt See note marked cf for p. S-ll. 9 Includes data for industries not shown.

:mas season; there were about 327,300 such employees in continent;;cf Formerly "Automobiles." Data not affected.

tal U. S. in December 1957.

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

October 1958 SURVEY OF CURRENT BUSINESS S-13

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May Juno July August Septem-

ber

EMPLOYMENT AND POPULATION—Continued

LABOR CONDITIONS— Continued

Average weekly hours per worker, etc. $— ContinuedAll manufacturing industries— Continued

Durable-goods industries— ContinuedFabricated metal prod, (except ordnance, ma-

chinery, transportation equipment) hours. _Machinery (except electrical) doElectrical machinery do

Transportation equipment 9 doMotor vehicles and equipmentcf do.. _Aircraft and parts doShip and boat building and repairs doRailroad equipment do

Instruments and related products doMiscellaneous mfg. industries do

Nondurable-goods industries. _ doAverage overtime do

Food and kindred products 9 doMeat products doDairy products _ doCanning and preserving doBakery products _ _ _ doBeverages do

Tobacco manufactures. do..Textile-mill products 9 do

Broadwoven fabric mills _ doKnitting mills do

Apparel and other finished textile prod doPaper and allied products do

Pulp, paper, and paperboard mills .doPrinting, publishing, and allied industries

hours. .Chemicals and allied products do

Industrial organic chemicals doProducts of petroleum and coal do

Petroleum refining . _ doRubber products do

Tires and inner tubes _ doLeather and leather products ._ do_. .

Footwear (except rubber) _do

Nomnanufacturing industries:Mining* do

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

Petroleum and natural-gas production, .hours. .Nonmetallic mining and quarrying do

Contract construction doNonbuilding construction doBuilding construction do

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

Wholesale and retail trade:Wholesale trade doRetail trade (except eating and drinking places) 9

hours. _General-merchandise stores doFood and liquor stores doAutomotive and accessories dealers do

Service and miscellaneous: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 thousandsMan-days idle during month do

U. S. Employment Service placement activities:Nonaaricultural placements thousands

Unemployment compensation, State and UCFE pro-grams (Bureau of Employment Security) :§

Initial claims thousandsInsured unemployment, weekly average§ do

Percent of covered employment*

Benefit payments:Beneficiaries, weekly average thousandsAmount of payments thous. of dol_.

Veterans' unemployment allowances:Initial claims thousandsInsured unemployment, weekly average .doBeneficiaries, weekly average doA TTinnnt. nf •nn.vmAnt.Q t.Vinns nfrlnl

40.940.540.2

40.139.940.440.139.6

40.040.0

39.52.5

40.940.242.340.740.640.6

38.439.139.337.9

36.842.543.3

38.641.041.040.640.040.941.038.137.8

40.741.230.136.5

40.545.638.342.137.2

43.438.941.941.0

40.4

38.634.937.843.9

40.639.437.6

370136

601226

1,690

536

8421,151

2.8

1,022121, 333

213543

4 40fi

41.440.740.2

39.739.340.239.440.1

40.440.3

39.62.6

41.241.142.141.040.340.0

39.839.139.437.9

36.742.943.6

38.841.241.041.541.240.640.337.236.6

41.041.334.836.9

41.845.037.740.836.8

43.538.841.941.0

40.4

38.134.236.743.8

40.139.639.2

335243

518279

1,730

561

1,0321,167

2.8

975113, 325

162939

3 7Q2

40.740.239.4

39.539.240.138.938.8

39.939.9

39.02.4

40.240.741.638.240.039.3

38.339.139.537.8

35,942.443.4

38.441.040.840.640.240.139.136.836.1

40.239.830.936.4

40.544.737.440.636.5

43.039.241.541.0

40.2

37.633.736.143.6

40.039.438.9

29395

471159

1,410

540

1,1931,237

3.0

1,020131, 832

182428

a 013

40.539.739.5

40.641.939.937.139.6

40.039.7

38. 82.4

40.441.141.437.239.939.1

37.438.639.037.2

35.441.942,9

38.041.040.840.740.840.039.236.535,7

39.039.429.033.5

40.842.634.836.634.4

42.940.041.041.0

40.0

37.533.736.043.5

40.039.038.0

18463

340109765

406

1,3461,513

3.6

1,146136, 627

213032

a 104

40.240.339.6

40.240.140.639.039.8

39.839.6

39.02.2

40.740.642.038.040.139.6

39.138.939.537.1

35.241.943,2

38.641.340.940.841.140.039.237.436.9

39.739.726.635.5

41.542.135.538.034.9

43.138.640.941.2

40.4

38.336.036.243.7

39.939.538.4

10831

22054

404

360

2,0242,112

5.1

1,639207, 110

284146

4 574.

39.339.739.1

38.837.340.638.939.2

39.639.2

38.31.9

40.139.842.138.039.839.2

39.037.637.935.6

35.141.442.7

37.740.840.440.440.838.236.937.337.2

38.839.730.534.0

41.141.535.738.335.2

42.638.041.140.8

40.1

37.833.935.943.8

40.039.037.9

20090

300110750

355

2,2852,877

6.9

2,344313, 012

375866

fi Q94

38.939.239.0

38.637.340.437.838.5

39.339.0

38.11.9

39.738.741.837.339.739.0

37.937.838.036.2

35.141.142.2

37.740.640.139.940.337.335.136.836.4

38.339.527.533.1

41.239.933.435.533.0

42.538.241.041.0

39.8

37.834.135.843.3

39.838.636.5

15045

27570

500

312

1,8153,163

7.6

2,698320, 181

317282

7 546

39.239.539.1

39.438.340.639.539.0

39.439.2

38.11.9

39.638.941.337.239.839.3

37.137.637.836.4

34.741.442.3

37.940.740.140.140.638.037.036.235.5

37.939.125.031.7

41.141.235.637. 635.2

42.637.841.240.4

39.9

37.834.435.843.7

39.939.038.1

200165

300200

1,200

332

1,7953,276

7.9

2,966370, 248

308196

9. 285

38.939.339.0

39 338M40.339.137.9

39.539.0

37.71.7

39.739.341.737.439.839.3

38.036.636.735.2

34.541.042.1

37.740.740.040.540.737.536.134.132.9

37.438.422.330.0

40.642.336.238.635.5

42.737.741.440.8

39.6

37.834.235.843.7

39.939.238.7

275110

375160

1,250

404

1,9833,302

7.9

2,967403, 845

278096

9. 833

39.439.439.1

39.738.940.539.837.6

39.239.1

38.11.9

40.239.842.038.640.340.3

38.737.337.436.5

34.841.042.0

37.640.840.440.540.338.237.435.334.4

38.137.825.831.1

40.443.737.441.136.3

43.037.842.040.5

40.0

37.834.335.943.8

40.039.639.7

350150

475200

2,000

439

1,5382,984

7.1

2,732363, 550

247487

8.922

40.039.639.6

39.839.1

MO. 7'39.5••37.2

39.839.5

38.72.1

40.7MO. 6

42.8'38 3MO. 6

41.1

39.738.438.437.5

35.041.8

M2.8

37.641.1

MO. 741.0

MO. 939.1

'38.136.636.0

39.8'37.9'30.9' 35. 2

MO. 8M4.2' 37. 2MO. 7

36.2

M3. 038.241.940.7

MO.I

38.2'34.8'36.6

43.8

MO.I'39.8

39.9

350160

500250

1,650

456

1,5132,667

6.3

2,590325, 039

387889

8.853

40.039.439.3

39.638,840.439.737.0

39.739.2

'39.02.2

Ml. 240.743.0

MO. 740.841.2

39.6'38.6

38 937.7

35.6Ml. 9

42 8

37.6*• 40. 8

40.641.041.0

'39.138.9

'37.437.2

39.238.330.832.4

41.244.237.340.836.3

42.938.541.940.7

40.3

38.735.237.443.8

40.039.738.4

350160

525240

1,700

459

1,6592,511

6.0

2,234305, 638

307892

10. 151

MO. 4'39.4'39.6

'39.939.240.839.537.1

'39.9'39.5

'39.32.4

Ml.l40.242 .541.240.240.9

'39.6'39.3

39.638.6

' 36. 3' 42. 5

43.4

37.9' 40, 7

40.5MO. 6

40.0MO. 2

40.1'37.2

36. 7

39.938.128 935.8

40.044.738.042 136.7

42,738.442,140.7

40.2

38.635.137 243.8

40.139 337.2

300140

475250

2,000

489

1,2512,203

5.2

2,044255, 432

195365

6.553

MO. 9P39.9MO.I

"39.4

MO. 2MO.O

P39.5^ 2 . 5

Ml. 5

P39.0^39.8

p36. 2P 42 5

v 38. 1v 41. 1

M0.7

v 39. 9

* 36. 4

1,9064.5

r Revised. p Preliminary.t See note marked "c?1" for p. S-ll. 9 Includes data for industries not shown. cfFormerly "Automobiles." Data not affected.*New series. Monthly data for average weekly hours in the mining industry for January 1947-February 1957 are available upon request. Rate of covered employment expresses average

insured unemployment in each month as a percentage of average covered employment for the most recent 12-month period for which data are available (the lag for covered employment datamay range from 6 to 8 months); monthly data for January 1953-September 1956 are available upon request.

§Excludes data for persons eligible for compensation under temporary programs; in September 1958, 631,000 insured unemployed were reported by 35 States participating in such programs.

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

S-14 SURVEY OF CURRENT BUSINESS October 1958

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTCS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

EMPLOYMENT AND POPULATION—Continued

LABOR CONDITIONS— Continued

Labor turnover in manufacturing establishments:Accession rate monthly rate per 100 employeesSeparation rate, total do

Discharge _ doLay-ofL__ _ _ _ _ _ _ _ _ _ _ _ _>do _Quit doMilitary and miscellaneous do

WAGES

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

All manufacturing industries. _ _ __ _ _ dollarsDurable-goods industries _ do _

Ordnance and accessories doLumber and wood products (except furniture)

dollars. -Sawmills and planing mills do

Furniture a n d f i x t u r e s . _ _ _ _ _ _ d oStone, clay, and glass products do

Primary metal industries 9 doBlast furnaces, steel works, and rolling mills

dollars--Primary smelting and refining of nonferrous

metals dollarsFabricated metal prod, (except ordnance, ma-

chinery, transportation equip.) dollars. _Machinery (except electrical) doElectrical machinery __ do

Transportation equipment 9 doMotor vehicles and equip mentd1 do

Aircraft and parts _ doShip and boat building and repairs doRailroad equipment do

Instruments and related products doMiscellaneous mfg. industries do

Nondurable-goods industries doFood and kindred products 9 do

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

Tobacco manufactures doTextile-mill products 9 do

Broad woven fabric mills doKnitting mills. do

Apparel and other finished textile productsdollars- _

Paper and allied products... doPulp, paper, and paperboard mills do

Printing, publishing, and allied industriesdollars ._

Chemicals and allied products doIndustrial organic chemicals do

Products of petroleum and coal doPetroleum refining.-. do

Rubber products _ doTires and inner tubes do

Leather and leather products doFootwear (except rubber) do

Nonmanufacturing industries:Mining*... _ do

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

Petroleum and natural-gas productiondollars ._

Nonmetallic mining and quarrying doC ontr act construction do

Nonbuilding construction doBuilding construction.. do

Transportation and public utilities:Local railways and bus lines. doTelephone— _ doTelegraph doGas and electric utilities _do

Wholesale and retail trade:Wholesale trade.- ___ doRetail trade (except eating and drinking

places) 9 _.- _ dollarsGeneral-merchandise stores doFood and liquor stores doAutomotive and accessories dealers do

Finance, insurance, and real estate:Banks and trust companies do

Service and miscellaneous:Hotels, year-round doLaundries. _ _ doCleaning and dyeing plants _ do

3.24.0.3

1.61.9.3

82.8089.0693.83

75.6274.1271.6384.05

99.82

105. 65

97.36

89.9893.1582.81

97.0498.55

96.1597.0499.79

84.0072.00

74.2677.7185.2278.2665.9376.3390.54

56.8358.6556.9954.96

55.20

87.5595.26

96.8992.2598.40

109. 21111. 6092.84

107. 8358.6756.32

103. 79101. 3580.07

110. 96

106. 5292.57

111.07112.41110. 48

89.4075.4787.9995.94

85. 24

64.0845.7267.2884.73

64.31

44.2543.3448.88

3.34.4.2

1.82.2.2

82.9989.2495.04

71.5872.1372.3984.66

101. 26

107. 09

97.28

91.9194.4283.21

97.2799.04

95.6896.53

103. 86

86.0572.54

75.2478.6989.6078.7366.4276.1789.60

57.7159.0457.5255.33

55.42

89.2396.79

98.1692.7098.81

113. 30117.0192.97

107. 2057.6654.90

106. 19102. 8492.22

112. 91

113. 2892.25

110. 84110. 16111.14

90.0575.6687.9997.17

86.05

63.6344.8066.4384.10

64.48

44.1143.9651.35

2.94.0.2

2.31.3.2

82.5688.7594.96

73.9772.4472.0484.65

98.18

103. 74

97.44

90. 3593.6781.95

97.5799.18

96.2495.3199.72

84.9972.22

74.1077.9989.1377.3862.6576.4087.64

55.9259.0457.6755.19

53.49

88.1996.35

97.1591.8498.33

110. 03113. 3693.03

105. 1857.0454.15

102. 9198.7081.27

110. 66

106. 9291.19

109. 96109. 21110. 23

89.0177.2287.1597.58

85.63

62.7944.4865.3482.84

64.74

44.0043.7351.35

2.24.0.2

2.7.9.2

82.9288.9396.00

71.9471.0069.8784.61

97.03

102. 54

96.64

90.3292.5082.95

101. 50107. 68

96.1690.15

102. 56

85.2072.25

74.1179.1890.8377.4260.6477.0187.58

57.6058.2956.9454. 31

53.10

87.1595.24

95.7692.6698.74

111.11115. 8793.20

106. 6257.3153.91

99.8496.9276.85

102. 18

109. 3486.90

103. 0198.82

104. 23

88.8079.2085.6997.58

85.60

62.2544.1565.5282.65

64. 64.

44.4043.2949.78

1.73.8.2

2.7. 7.2

82.7488.9398.74

71.3769.5070.6283.58

97,16

101. 18

97.53

89.2494.3083.56

99.70100. 65

99.0694.77

104. 67

85.1772.47

74.8880.1889.3278.9663.8477.3989.50

60.2158.3557.2854.17

52.80

87.1595.90

98.0493.3499.39

111. 38116. 3192.40

105. 8458.3455.35

102. 0397.2770.76

107. 92

111.6486.31

105. 44102. 60106. 45

89.6577.5985.8998.88

86.46

62.4346.0865.5282.16

65.15

44.6943.8550. 30

2.55.0.2

3.8.8.3

81.6687.14

100. 77

69.6967.0867.7682.32

95.23

100. 46

97.04

87.2592.9082.89

95.4592.50

98.6694.14

101. 92

85.1472.52

73.5480.6089.1580.4164.9876.8188.59

60.8456.4054. 9651.98

53.00

86.1194.37

95.7692.6298.17

109. 89115. 0687.4898.5258.1956.17

99.7297.2781.74

103. 36

110. 5684.25

107. 10103. 79108. 06

88.6176.3885.9097.51

85.41

63.5045.7765.7082.34

65.56

44.4043.6849.27

2.23.9.2

2.9.7.2

80.6486.4699.00

70.4867.8267.9780.67

94.21

98.18

98.09

86.3692.1283.07

94.9692.50

98.5891.85

100. 10

84.5071.76

73.1579.8086.3079.4263.4177.4288.14

59.1256.7055.1052.85

52.65

85.4993. 26

96.1492.5797.44

108. 53113. 2485.0493.0257.4154.96

98.8196.7873.70

100. 62

110. 8381.00

100. 5396.21

101. 64

88.8376.7886.1098.81

85.57

63.5045.6965.8780. 54

65.60

44.5843.2347.09

2.44.2.2

3.2.7.2

81.4587.7590.72

70.8069.0968.3281. 72

95.35

100,46

97.69

87.4293.2283.67

97.3295.75

99.0696.78

102. 96

85.5072.13

73.5379.6086.7578.4762.8777.2188.82

58.9956.4054.8153.14

51.70

86.1193.48

97.0292.3997.84

109. 07114. 0987.0298.0556.8353.96

97.0295.4066.2596.37

110. 9783.22

106. 44101. 90107. 71

89.0376.3686.5297.77

85.79

63.1345.7565.8781.28

65.53

44.2943.6849. 53

2.54.1.2

3.0.7.2

80.8187,30

100. 12

71.3968.9267,2681.61

95.20

101, 91

97.04

87.1492.7583.46

97.0796.00

98.3395. 80

100. 81

85.7272. 15

73.1479.8087.2580.0664.7077.6188.43

62.7054. 9052.8551.74

51.75

85.6993.04

96.1492.3998.00

110. 97115. 6985.8895.6753.5449.68

94.6292.9358.6590.60

108. 8185.45

107. 88103. 45108. 63

90.1076.5387.3599.55

85.14

63.5045.8366.2381.72

65.60

44.2944.3050. 70

3.03.6.1

2.4.8.2

82.0488,3799,88

74.4573,0566.9182.97

96.23

101. 66

96. &6

88. 6593.3883.67

98,8697.64

100. 4497.5199.64

85.4671.94

73.9180.8088.3680.6465.6278.9992.69

64. 2455. 9553. 8653.29

52.20

86.1093.24

97.0193.4398.98

110. 16113. 6587. 8699.4855.4251.94

96.0191.1067.6093.30

107. 0689.59

111.08110. 56111.08

90.3077.1189.0498.42

86.40

63.8846.3166.4283.66

65.72

44.8044.7552. 40

3.82.9.2

1.8.8.2

83.1089.89

100. 94

76.14' 74. 52

69.0684.63

99.96

' 106, 60

96.96

90.8094.2585.14

99.5098.14

' 102. 16' 96. 78' 98. 21

87,1673.08

75.0881.81

' 90. 5483.03

' 63. 58' 79. 98

95.35

66.3057.9855.6854.75

52.50

88.20' 95. 87

97.3894.94

' 100. 12

111. 93' 115. 75

91.10' 103. 63

57.4654.36

r 101. 89' 92. 48' 80. 96

' 106. 30

' 110. 57r 91. 49

' 110. 11' 108. 67

110. 77

r 91. 16r 78. 31

91.34100. 12

' 87. 42

r 64. 94r 47. 68' 68. 08

84.10

' 65. 56

' 45. 31r 45. 37r 53. 47

'3.3'3.2'.1

'2.0'.9

.2

83.5089.88

' 100. 94

f 74. 2873.66' 68. 85

84.40

' 102. 91

111.72

98.66

91.2093.7784.50

' 100. 1997.39

102.6299.6598. 05

87.3472.13

r 75. 66' 81. 99

91.5884.7164.3180.7896.00

' 65. 74' 57. 90

56.4154.67

53.40

' 88. 8396.73

97.38' 95. 06100. 69

113. 16117. 26' 91. 89106. 59' 57. 97

55.80

99.9696. 1379.7797.85

110.8391.94

111.90110. 57112. 17

91.3879.3191.76

100. 12

88.26

66.1848.2269.5684.53

65. 93

45.6045.2651. 07

P3.7*3.2

p .2* 1.6P l . 2

P .2

' 84. 35' 90. 74

' 100. 44

' 78, 1276.14' 72. 09'87.31

' 103. 95

112.48

99.54

' 92. 52' 93. 38' 85. 14

' 101. 3599.18

103. 63100. 7398.32

' 88. 18' 72. 68

' 76. 24' 81. 38

90.0583.7369.2279.6094.07

' 62. 96' 59. 34

57.8256.36

' 55. 18

' 90. 5398.08

98.54' 95. 24100. 85

'111.24113. 20

r 96. 08112. 68' 58. 03

55.42

101. 7596.0174.56

107. 40

106. 4092.98

114. 00114. 93113. 77

90.5279.4991.78

100. 53

87.64

66.0147.7469.1984.10

65.87

45.3144.8049.48

P 85. 17v 92. 23

p 104. 33

P 78. 50

p 73. 62p 87. 51

v 107. 02

t 94. 07p 95. 36P 86. 22

p 100. 08

v 89. 24P 73. 60

p 77. 03p 83. 00

p 60. 06P 60. 10

P55.02

P 90. 95

p 99. 44p 96. 59

p 111. 93

p 94. 96

v 57. 15

' Revised. v Preliminary.% See note marked "c?1" for p. S-ll. 9 Includes data for industries not shown. cf Formerly "Automobiles." Data not affected.*New series. Monthly data for January 1947-February 1957 are available upon request.

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

October 1958 SURVEY OF CURRENT BUSINESS 8-15

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October N ovem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem -

ber

EMPLOYMENT AND POPULATION—Continued

WAGES— Continued

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

All manufacturing industries _ dollarsExcluding overtime! do

Durable-goods industries doExcluding overtime! do

Ordnance and accessories ___ do _ _ _Lumber and wood products (except furniture)

dollars _ _Sawmills and planing mills do

Furniture and fixtures doStone, clay, and glass products ___ doPrimary metal industries 9 do

Blast furnaces, steel works, and rolling millsdollars

Primary smelting and refining of nonferrousmetals dollars

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

Machinery (except electrical) do __Electrical machinery do

Transportation equipment 9 doMotor vehicles and equipmentcfAircraft and parts doShip and boat building and repairs doRailroad equipment do

Instruments and related products do_ _ _Miscellaneous mfg. industries do

Nondurable-goods industries doExcluding overtime! do

Food and kindred products 9 doMeat products doDairy products doCanning and preserving doBakery products doBeverages do

Tobacco manufactures doTextile-mill products 9 do

Broadwoven fabric mills doKnitting mills do

Apparel and other finished textile productsdollars _ _

Paper and allied products _ _ _ __ doPulp, paper, and paperboard mills do

Printing, publishing, and allied industries-doChemicals and allied products. do

Industrial organic chemicals doProducts of petroleum and coal.. do ...

Petroleum refining doRubber products do

Tires and inner tubes doLeather and leather products _ do _

Footwear (except rubber) do

Nonmanufacturing industries:Mining* do

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

Petroleum and natural-gas prod dollarsNonmetallic mining and quarrying do

Contract construction doNonbuilding construction doBuilding construction do

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

Wholesale and retail trade:Wholesale trade doRetail trade (except eating and drinking places) 9

dollarsGeneral-merchandise stores doFood and liquor stores doAutomotive and accessories dealers do

Service and miscellaneous:Hotels, year-round doLaundries doCleaning and dyeing plants do

Miscellaneous wage data:Construction wage rates (ENR):§

Common labor dol. per hr_.Skilled labor doE quipment operators* do _ _

Farm wage rates, without board or room (quarterly)dol per hr

Railway wages (average, class I) doRoad-building wages, common labor (qtr ly)___do_ _ _

2 072 012 212 142.34

1.841 831 762.062 54

2 73

2 41

2.202.302 06

2.422 472 382 422 522.101 80

1 881 821.902 121 851 621 882 231 481.501 451 45

1.502.062 202.512.252 402.692 792 272 631.541 49

2.552 462 663 04

2 632 032.902 672 97

2 061 942. 102 34

2 11

1 661 311 781 93

1 091 101 30

2.3333 5813. 221

2 263

2 082 022 222 162 37

1.841 841 772 082 57

2 76

2 42

2.222 322 07

2.452 522 382 452 592.131 80

1 901 831.912 181 871 621 892 241 451 511 461 46

1.512 082 222.532.252 412.732 842 292 661.551 50

2 592 492 653 06

2 712 052.942 703.02

2 071 952. 102 37

2 13

1 671 311 811 92

1 101. 111 31

2.3343. 5853.237

2 284

2 092 032 232 172 38

1.841 821 772 092 55

2 73

2 43

2.222.332 08

2.472 532 402 452 572.131 81

1 901 841.942 191 861 641 912 231.461.511 461 46

1.492.082 222.532.242 412.712 822 322 691.551 50

2.562 482.633 04

2 642.042.942 693.02

2 071 972.102 38

2 13

1 671.321 811 90

1 101.111.32

2.3343.6043.237

842.2541.98

2 112 052 242 182.40

1.841 831 762 112 54

2 72

2 41

2.232.332 10

2.502 572 412 432 592.131.82

1.911 861.962 211 871 631 932.241.541.511.461 46

1.502.082.222.522.262.422.732 842.332 721.571 51

2.562.462.653 05

2 682.042.962.703.03

2 071 982.092.38

2 14

1 661.311.821 90

1 111.111.31

2.3363.6063.242

2.409

2 102 052 242 192 42

1.831 811 772 102 55

2 72

2 42

2.222.342 11

2.482 512 442 432 632.141 83

1 921 861.972 201 881 681 932 261.541.501 451 46

1.502.082.222.542.262 432.732 832.312 701.561 50

2.572.452.663 04

2 692.052.972.703.05

2 082 012.102.40

2 14

1 631.281.811 88

1 121.111.31

2.3443.6293.248

2.401

2.112 062 242 202.44

1.811 771 762.102 56

2 76

2 42

2.222.342 12

2.462 482 432 422 602.151.85

1 921 882.012 241 911 711 932 261.561.501 451 46

1.512.082 212.542.272 432.722 822 292 671.561 51

2.572 452.683 04

2 692.033.002 713.07

2 082 012.092 39

2 13

1 681.351 831 88

1 111.121.30

2.3733.6263. 247

972.3851.96

2.102.062.242 202.44

1.821 781.772.092 56

2 75

2 44

2.222.352.13

2.462 482 442 432 602.151.84

1.921 872.012 231 90] 701 952 261.561.501 451 46

1.502.082 212.552.282 432.722 812 282 651.561 51

2.582 452.682 04

2 692.033.012.713.08

2 092 012.102.41

2 15

1 681.341 841 86

1 121.121.29

2.3793.6243.286

2.445

2.112.072.252.212.45

1.821.791.772.092.57

2.76

2.43

2.232.362.14

2.472.502.442.452.642.171.84

1.931.882.012.231.901.691.942.261.591.501.451 46

1.492.082.212.562.272.442.722 812 292 651.571 52

2.562.442.653 04

2.702.022.992.71306

2 092 022.102.42

2 15

1 671.331 841 86

1 111.121.30

2.3823.6283.286

2.407

2.112.072.252 212.46

1.841.791.772.092 58

2 78

2 42

2.242.362.14

2.472 502 442 452 662.171.85

1.941 892.012 221.921 731 952.251.651.501.441 47

1.502.092.212.552.272.452.742 842.292 651.571 51

2.532 422.633 02

2 682.022.982.683.06

2 112 032.112.44

2 15

1 681.34

8587

11.13.31

2.3893.6363.302

942. 3911.87

2.122.072.262.212.46

1.881.841.772.092.58

2.77

2.43

2.252.372.14

2.492.512.482 452.652.181.84

1.941.892.012.221.921. 701.962.301.661.501.441.46

1.502.102.222.582.292.452.722.822.302.661.571.51

2.522.412.623.00

2.652.052.972.693.06

2.102.042.122.43

2.16

1.691.351.851.91

1.121.131.32

2.4113.6433.336

2.438

2.122.072.272.222.48

1.88'1.84

1.782.102.61

2.82

2.43

2.272. 382.15

2.502.51

'2.512.452.642.191.85

1.941.892.012.231.94

'1.661.972.321.671.511.451.46

1.502.112.242.592 312.462.732 832 33

'2.721.571.51

'2.56'2.44'2.62

3.02

'2.71'2.07

2.96' 2.67

3.06

2.12'2 05

2 182.46

'2.18

'1.701.371.861.92

1.131.14

'1.34

2.4403.6823.359

2. 453

2.132.082,282 232.48

'1.891.86

'1.772.11

'2.68

2.94

2.47

2.282 382.15

'2.532.512.542.512.652.201.84

1.941.89

'1.992.251.971.581.982.33

'1.661.501.451.45

1.502.122.262.592 332.482 762.862.352.741.551.50

2.552.512.593.02

2.692.083.002.713.09

2.132 062 192.46

2.19

1.711.371.861.93

1.141.141.33

2.4633.7203.369

.94

2.07

'2.132.072.282.232.48

'1.911.861.78

'2.14'2.70

2.96

2.52

2 29'2 37

2.15

'2.542.532,542 552.652.211.84

'1.941.88

'1.982.241.971.681.982.30

' 1. 59.1.511.461.46

'1.522.132.262.60

'2.342.492 742 83

'2 392.811.561.51

2.552.522.583.00

2.662 083.002 733.10

2.122 072 182.47

2.18

1.711.361.861.92

1.131.141.33

2.4683.7263.386

"2. 14

*>2.30

P2 .52

Pl.91

v 1.80v 2. 15P2. 73

P2.30*2 39P 2. 15

P2 . 54

v2. 22P 1.84

Pl .95

P2.00

P 1. 54Pl.51

P 1.52P2 . 14

P 2 61P2.35

P2.75

P 2 38

pl .57

^

2.4723.7413 389

«. 88

' Revised. » Preliminary. JSee note marked "c?1" for p. S-ll. a Rate as of October 1.IData through 1956 shown in the 1957 edition of BUSINESS STATISTICS are based on adjustment factors; the 1956 figures therein have since been revised to reflect calculations from overtime

hours now regularly collected. Revisions for 1956 appear in the August 1957 SURVEY; the published estimates through 1955 are essentially comparable.9 Includes data for industries not shown separately. cf Formerly "Automobiles." Data not affected.§Rates as of October 1, 1958: Common labor, $2.477; skilled labor, $3.753; equipment operators, $3.390. Scattered revisions for 1952-55 for skilled labor rates are available upon request.*New series. Average hourly earnings in the mining industry for January 1947-February 1957 are available upon request. Wage rates for equipment operators are arithmetic averages of

wage rates in 20 cities. The three types of equipment covered are tractors (including bulldozers, on 70-100 h. p. machines), power cranes and shovels (3A cubic yard), and air compressors; forrates back to January 1956, see the December 1957 SURVEY.

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

S-16 SURVEY OF CURRENT BUSINESS October 1958

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

195S

Janu-ary

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

ber

FINANCE

BANKING

Acceptances and commercial paper outstanding:Bankers' acceptances mil. of dolCommercial paper do __

Agricultural loans and discounts outstanding of agen-cies supervised by the Farm Credit Adm.:

Total mil. of dolFarm mortgage loans: Federal land banks _doLoans to cooperatives doOther loans and discounts do

Bank debits total (344 centers) doNew York Citv do6 other center Scr1 __ __ _do _ _

Federal Reserve banks, condition, end of month:Assets, total 9 _ do_ __

Reserve bank credit outstanding, total 9 doDiscounts and advances _ _ "__ _ _ _ do _United States Government securities do

Gold certificate reserves do

Liabilities total 9 doDeposits, total 9 _ _ _ _ do _ _

Member -bank reserve balances do_ __Excess reserves (estimated) do

Federal Reserve notes in circulation _ _ _ -do

Ratio of gold certificate reserves to deposit and FRnote liabilities combined __ .percent-

Weekly reporting member banks of Fed. Reserve Sys-tem, condition, Wednesday nearest end of month:

Deposits:Demand, adjusted© _mil. of dol._Demand, except interbank:

Individuals, partnerships, and corporationsmil. of doL _

States and political subdivisions do. _United States Government do

Time, except interbank, total 9 __ __doIndividuals, partnerships, and corporations

mil. of dol._States and political subdivisions do

Interbank (demand and time) do

Investments total doU. S. Government obligations, direct and guaran-

teed, total mil. of dolBills doCertificates doBonds and guaranteed obligations doNotes do

Other securities _ _ do

Loans (adjusted), totalO doCommercial, industrial, and agricultural doTo brokers and dealers in securities doOther loans for purchasing or carrying securities

mil. of dol_-Real-estate loans _ _ doOther loans do

Money and interest rates: §Bank 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) doFederal intermediate credit bank loans doFederal land bank loans doOpen market rates, New York Citv:

Bankers' acceptances (prime, 90 days) doCommercial paper (prime, 4-6 months) _ doStock Exchange call loans, goin^ rate* doYield on U. S. Government 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 J(Short- and Intermediate- term)

Total outstanding end of month mil of dol

Installment credit, total do

Automobile paper doOther consumer-goods paper do -_Repair and modernization loans doPersonal loans-.- do

1,227501

3,3451,887

4201,038

190, 53968, 40940, 194

51, 62625, 418

98623, 53921, 939

51, 62620, 07918, 975

67026, 861

46.7

54, 973

57, 3743,8782,647

22, 612

21, 2921,135

12, 836

32, 535

24, 9141,6231,562

18, 1073,6227,621

53, 93532, 0121,810

1,1208,696

11, 355

3.504.365.21

3.783.984.50

3.4043.91

18, 0641,407

43 101

33, 303

15, 4908,2291,9547,630

1,197501

3,3541,896

4301,027

189, 29470, 95339, 095

50, 88424, 622

39623, 31221, 943

50, 88419, 42618, 399-295

26, 829

47.4

54, 015

57, 1593,8724,008

22, 821

21, 4941,143

13, 693

qq Q^5

25, 6541,1971,732

18,1664,5597,681

54, 56332. 3312,021

1, 1188,727

11, 427

4.834.694.855.01

3.504.455.25

3.834.004.50

3.5783.93

18, 2051,383

43 270

33, 415

15, 5568,2281,9697,662

1,225516

3,3541,904

451999

204, 16877, 43141, 761

52, 03525, 206

78923, 33822, 005

52, 03520, 10318, 917

37626, 834

46.9

55, 805

58, 4953,8571,683

22, 925

21, 6351,111

13, 094

33, 129

25, 1911, 1561,600

18. 0044,4317,938

53, 61431, 756

1,642

1,1068, 758

11,411

3.504.495.38

3.754.104.50

3.5913.99

18, 2071,362

43 274

33, 504

15, 5798,2361,9887,701

1,224560

3,3291,908

452969

189, 24671, 66739, 012

52, 56225, 515

81923, 73322, 083

52, 56219, 99619, 274

69627, 260

46.7

55,464

58, 7724,0051,758

22, 716

21, 4871,060

12, 918

32, 743

25, 0101,0071,713

17, 8984,3927,733

53, 32931, 5271,610

1,0938,777

11, 385

3.004.685.63

3.504.074.50

3.3373.63

18, 3231,344

43, 530

33, 596

15, 5428,3001,9967,758

1,307551

3,3391,919

454966

220, 37688, 58443, 692

53, 02825, 784

5524, 23822, 085

53, 02820, 11719, 034

-5727, 535

46.3

56, 887

61, 8874,3312,458

23, 293

21, 9511,175

15, 211

34, 329

26, 4231,8881, 752

18, 0074,7767,906

54, 65832, 2372,190

1,1548,761

11, 448

4.854.714.865.05

3.004.705.63

3.353.814.50

3.1023.04

18, 5881,328

44 776

34, 105

15, 4968,6871 9847,938

1,422654

3,3631, 925

456982

212, 92484, 35541, 992

51, 42824, 352

21723, 33122, 104

51, 42819, 95618, 958

41526, 711

47.4

56, 134

57, 9244,1761,048

23, 415

22, 0621,216

13, 293

33, 942

25, 9231,4311,799

18, 0284,6658,019

52, 24530, 6381,645

1,1258.744

11, 226

2.754.555.63

3.063.494.27

2.5982.77

18, 7011,306

43, 966

33, 737

15, 3268,4991,9637,949

1,523776

3,4041,934

4421,028

r 181, 74372, 80336, 188

51, 15924, 330

12223, 24022, 099

51, 15919, 78518, 667

48126, 559

47.7

54,943

57, 0404,1412,308

23, 967

22, 3901, 443

13, 639

35, 080

26, 8561,5521,119

19, 3384,8478,224

52, 28130, 4481,882

1, 1788,742

11, 170

2.754.425.50

2.302.633.88

1.5622.67

18, 7801,288

43, 043

33, 302

15, 1228,2771,9367,967

1,529862

3,4641,947

4281,089

r203, 88584, 40940, 363

50, 73124, 570

13723, 62821, 804

50, 73119, 65018, 532

67526, 537

47.2

54, 119

56, 0704,2863,092

24, 693

23, 0031,551

15, 155

36, 842

28, 1132, 0571,140

19, 9654, 9518,729

52, 69930. 8421, 983

1,2748,695

11, 056

4.494.294.494.77

2.254.105.38

1.802.333.88

1.3542.50

19, 0091,271

42, 562

32, 983

14, 8898,1921,9157,987

1,479919

3,5271,958

4131,155

r 204, 14085, 51039, 354

51,31524, 672

15623, 68121, 409

51,31519, 51618, 254

56826, 375

46.7

55, 699

57, 8634,9373,945

25, 212

23, 3671,703

14, 777

39, 488

30, 5482,1461,169

20, 1597,0748,940

52, 99530, 1852,749

1,3158,746

11,157

1.754.005.21

1.521.903.76

1.1262.33

19, 0241,256

42 665

32, 932

14, 7888,1341,9148,096

1,441946

3,5951,972

4051,218

r 195, 13077, 31538, 645

50, 91725, 313

14424, 16221,005

50, 91719, 41618, 176

63326, 570

45.7

55, 434

56, 9174,7393,556

25, 627

23, 7011,781

14, 500

40, 032

31, 0931,9641,298

20, 5647,2678,939

52, 06829, 7952,204

1,2888,821

11,118

1.753.295.17

1.301.713.50

1.0462.25

19, 1281,241

43 027

32, 957

14, 7138,1761,9338,135

1,352965

3,6701,989

4081,273

T 219, 48095, 47341, 228

51, 45826, 283

4125, 43820, 767

51, 45819, 88318, 784

62626, 705

44.6

54, 560

57, 1764,4266,372

26, 295

24, 1681,956

15, 797

41, 749

32, 5752,2941,650

21, 7636,8689,174

53, 51330, 3712,819

1, 4338,890

11, 182

4.173.884.174.58

1.753.175.17

1.131.543.50

.8812.25

19, 3401,213

43 122

33, 054

14, 6918,2031 9428,218

1,353966

3,7252,002

4251,298

r206, 52482, 21440, 701

50, 96025, 477

9424, 48020, 621

50, 96018, 99917, 764

-3726. 802

45.0

56,647

58, 5204,2222,695

26, 432

24,3761,888

14, 980

41, 356

32, 0021,9231,663

21, 4286,9889,354

52, 15629, 5452,308

1,3448,970

11, 168

1.753.155.17

1.131.503.50

.9622.54

19, 3781,198

43 026

33, 133

14 6738,2201 9528.288

1,363981

3,7662,017

4531,295

185, 84268, 62037, 942

51, 47126, 739

55525, 34620, 424

51, 47119, 72318, 538

r67826, 961

43.8

r 55, 509

' 58, 015»• 4, 242' 3, 527

'26,477

' 24, 519' 1, 790

«• 15, 229r 42, 133

' 32, 674r 1, 389»• 4, 421

r 19, 957' 6, 907' 9, 459

' 52, 165r 29, 885

r 1, 831

r 1, 245' 9, 074

r 11, 314

1.753.095.13

1.651.963.50

1.6863.11

19, 4531,184

43 217

33, 232

14, 6258,2801 9808,347

195, 17170, 88740, 520

51, 26426, 130

25524, 98620, 288

51, 26419, 17118, 147

P39326, 871

44.1

55, 967

59, 1524,1512,487

26, 347

24, 5061,674

15, 046

40, 920

31, 4311,3644,168

19, 2266,6739,489

52, 67530, 2871,808

1,2379,182

11, 342

2.392 933.65

2.4843.57

19, 6411,169

r Revised. *> Preliminary.cf Includes Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. 9 Includes data not shown separately.©For demand deposits, the term "adjusted" denotes exclusion of interbank and U. S. Government deposits and of cash items reported as in process of collection; for loans, exclusion of loans

to banks and deduction of valuation reserves (individual loan items are gross, i. e., before deduction of valuation reserves). § For bond yields, see p. S-20.*New series (from Board of Governors of Federal Reserve System). Data (available back to January 1957) are averages of daily prevailing rates.f Data are as of end of consecutive 4-week periods ending in month indicated, except June figure which is as of June 30 (end of fiscal year).{Revised back to January 1955 to incorporate more comprehensive information now available. For revisions prior to October 1956, see the December 1957 Federal Reserve Bulletin.

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

October 1958 SURVEY OF CURRENT BUSINESS S-17

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August S October Nov*n-

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

FINANCE—ContinuedCONSUMER CREDITt— Continued

(Short- and Intermediate- term)Total outstanding, end of month — Continued

Installment credit, total — ContinuedBy type of holder:

Financial institutions, total mil. of dolCommercial banks doSales-finance companies doCredit unions _ doConsumer finance companies doOther do

Retail outlets, total doDepartment stores doFurniture stores doAutomobile dealers doOther ' do

Noninstallment credit, total do

Single-payment loans doCharge accounts doService credit doBy type of holder:

Financial institutions doRetail outlets doService credit do

Installment credit extended and repaid:Unadjusted:

Extended, total doAutomobile paper doOther consumer-goods paper doAll other __ do

Repaid, total do\utomobile paper doOther consumer -goods paper do\11 other do

Adjusted:Extended, total do

Automobile paper doOther consumer-goods paper do\11 other do

Repaid total doAutomobile paper doOther consumer-goods paper doAll other do

FEDERAL GOVERNMENT FINANCE

Budget receipts and expenditures:Receipts total mil of dol

Receipts, net doCustoms do

Individual income taxes doCorporation income and profits taxes doEmployment taxes doOther internal revenue and receipts do

Expenditures, total doInterest on public debt doVeterans' services and benefits doMajor national security 9 doAll other expenditures do

Public debt and guaranteed obligations:Gross debt (direct), end of month, total do -

Interest bearing, total doPublic issues.. __ doSpecial issues do

Noninterest bearing doObligations guaranteed by U. S. Government, end

of month mil of dolU. S. Savings bonds:

Amount outstanding, end of month doSales, series E through K§ doRedemptions do

Federal business-type activities, end of quartend"Assets, except interagency, total mil. of doL_

Loans receivable, total (less reserves) doTo aid agriculture doTo aid homeowners doForeign loans doAll other do

Commodities supplies and materials doU S Government securities doOther securities and investments doLand structures and equipment doAll other assets do

Liabilities except interagency, total doBonds, notes, and debentures doOther liabilities do

Private proprietary interest doU . S . G o vernment proprietary interest do

29, 01412, 6079,5652,3443 2341,264

4 2891, 1611, 083

5301,515

9,798

3,4583, 9252 415

3 4583,9252 415

3, 7041 4671 0221,215

3 3691 306

9821 081

3,5911 3551 0271 209

3 343l'276

9761 091

6 4755' 128

65

3 806355

1 0031 245

5 930628382

3 989931

273, 845272 018225 30846 7091 828

109

54 364392750

29, 12812, 6569,5982,3773, 2311,266

4,2871.1671,077

5331,510

9,855

3,4933,9422,420

3,4933,9422 420

3,3881 364

9271,097

3,2761,298

9281 050

3,5461 392

9731 181

3 4181,318

9901,110

8 1097 225

65

3,9862 304

5401,214

5,667630362

3,5891 086

274, 412272, 688226, 46746 221

1,724

115

54, 105362713

i 70, 17521 3236 4694 6808 3162 358

21 5143 7623 7259 9749 878

1 6 3413,7122 629

1 1 0561 62, 778

29, 24112, 7499,5852,4153,2291,263

4,2631,1341,080

5331,516

9,770

3,4053,9912,374

3 4053,9912 374

3,5451 404

9761,165

3,4561 381

9681 107

3,5411 435

9121 194

3 3581,317

9451 096

3 7963 131

76

1 537429363

1 391

6 501641421

3 7001 739

274, 067272 406226, 33846 0681 661

103

53 799337729

29, 23912, 7179, 5642,4393 2481,271

4, 3571,1991,092

5311,535

9,934

3,4584,1352,341

3 4584, 1352 341

3,4391 2501,0201,169

3, 3471 287

9561 104

3,5591 404

9641 191

3 3941,292

9811,121

5 8454 827

67

3 512367740

1 158

5 806636432

3 5061 231

274, 747273 132227, 14645 9861 615

104

53 533334694

29, 37512, 7149,5732,4723,3321,284

4,7301,3931,146

5291,662

10, 671

3,5024,7602,409

3,5024,7602 409

4,0691 3051,3331,431

3,5601,351

9461 263

3,6151,423

9591,233

3,4981, 368

9781,152

6 6115 956

63

2,4772 277

4321,363

5,809674426

3,752958

274, 898272, 874227, 07545 7992,024

104

53, 209368813

i 71, 13922 3956,6884 7698 7542 552

21 6283 8043 7189 9629 632

i 7 6274,7102 916

1 1 121i 62, 391

29, 12512,6119,4642,4463 3201,284

4,6121,3811,108

5221,601

10, 229

3,5144,2642 451

3 5144,2642 451

3 1081 190

7991,119

3,4761 360

9871 129

3,5041 346

9401 218

3 4211 368

9251 128

5 2434 786

69

3 034486385

1 270

6 Oil693433

3 7651 120

274, 555272 777227 30745 4701 777

101

52 846510998

28, 86412,4159,4052,4513 3061,287

4 4381,3261,079

5141,519

9,741

3,5423,7102 489

3 5423 7102 489

2 7541 020

7171,017

3,1891 224

9391 026

3,2351 179

9001 156

3 4011,317

9661 118

7 7566 299

58

4 741406

1 3021 249

5 528606429

3 590903

274, 679272 959227, 00045 9591 720

103

52 754407590

28, 62112,3109,2842,4613 2861,280

4,3621, 3431,045

5041,470

9,579

3,5423, 5282,509

3,5423,5282 509

3, 1641 104

9021,158

3, 4831,337

9871,159

3,1931,077

9811,135

3,3731,300

9521,121

11 1829 501

69

2,6586 538

6801,237

5, 749616432

3,6721 029

272, 624270 948225, 13745 8101,676

104

52, 663418600

i 72, 24223 1477' 6054 9178 9652 013

21 2064 5233,753

10 0209 594

i 8 2704,7983 472

1 1, 183i 62, 789

28, 70112, 4219,2002,5063 2901,284

4, 2311,2411,033

4981,459

9,733

3,5013,6942,538

3,5013,6942 538

3,3451 222

8741,249

3,3961,323

9321 141

3,2781,161

9141,203

3,4011,338

9211,142

6 0393,496

68

3,584476722

1,189

6,122613465

3,7301,313

275, 057273, 447228, 004

45, 4431,610

94

52, 550398605

28, 67412, 4429,1292,5313 2731,299

4 2831, 2781,034

4941,477

10, 070

3,6163,9562 498

3 6163,9562 498

3,3861 2121,0081,166

3,3611 287

9661 108

3,2521,113

9941,145

3 3521,296

9411,115

7 3344 925

63

4,253449

1,2931,276

5,846595436

3,7121,102

275, 653274, 030227, 91546, 1151,622

97

52, 462368551

28. 75012, 4949,1052,5653 2791,307

4,3041,3101, 035

4921,467

10, 068

3,6453,9492,474

3 6453,9492 474

3,4841 266

9691,249

3,3871,288

9421,157

3,2651,109

9571,199

3,3921,278

9631,151

P 11, 905P 10, 751

?66

p3,665p 5 906

?818p 1, 451

P 6, 581?619P431

p 4, 335P 1, 196

276, 343274, 698228, 45246, 2461,646

101

52, 349376610

28, 89712, 5819,1212,6063,2881,301

4, 2361,2411,035

4911, 469

9,893

3,5313,9012,461

3,5313,9012,461

3,4941,291

9631,240

3,4151,309

9461,160

3,3421,169

9691,204

3,3741,292

9451,137

3,6242,946

72

1,453479355

1,265

6,613642431

3,8191,721

275, 466273, 910228, 03345, 8771,556

102

•• 52, 263418626

28 96712, 6309,0832,6453 2911 318

4 2651,2581, 051

4881,468

9,985

3,6033,9372,445

3 6033,9372 445

3,4021 208

9771,217

3,3031, 256

9171.130

3, 4311,1631,0131,255

3,4011,275

9461,180

6 2804,838

67

3,599316

1,1051,193

6,198574

278. 476276, 951230, 63846, 3131,525

108

52, 193369534

276, 666275, 004229, 00845, 9961,661

118

52, 118352523

r Revised. J» Preliminary. 1 See note marked " a3"'JSee corresponding note on"p. S-16. 9 Includes data for defense support beginning January 1957.§Effective May 1957, for series E and H (series J jind K discontinued after April 30,1957).. _ _ . _ _ . „ _ _ . , . - . . Data for various months through September 1958, however, include minor amounts due to late

reporting or adjustments on discontinued series (F, G, J, K).^Figures are not directly comparable from quarter to quarter, since activities covered vary. Data reflect the condition of activities (public-enterprise and intragovernmental funds, cer-

tain other activities of the U. S. Government, and certain deposit and trust revolving funds) reporting to the Treasury under Department Circular No. 966; excluded from the data are activitiesreported other than quarterly. Interagency items are excluded except in the case of trust revolving funds.

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

S-18 SURVEY OF CURRENT BUSINESS October 1958

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August 6berm" <-)c^°t)er Novem-ber

Decem-ber

1958

Jary" Fary1" March APril May June July August Sc^m"

FINANCE— Continued

LIFE INSURANCE

Institute of Life Insurance:!Assets, total, all U. S. life insurance companies

mil. of dol__Bonds (book value), domestic and foreign, total

mil. of dol__U. S. Government -_doState, county municipal (U S ) doPublic utility (U. S.) do _Railroad (U. S.) doIndustrial and miscellaneous (U. S.) do

Stocks (book value), domestic and foreign, totalmil. of dol_.

Preferred (U S.) doCommon (U. S.) __ _ do

Mortgage loans, total doNonfarm _ _ do

Real estate _ _ _ doPolicy loans and premium notes.. _ _ d o _ _ _Cash doOther assets _ _ - do

Life Insurance Agency Management Association:Insurance written (new paid-for insurance) :J

Value, estimated total mil of dolGroup and wholesale doIndustrial doOrdinary total© do

New England doMiddle Atlantic do...East North Central doWest North Central do__South Atlantic doEast South Central do

West South Central _ doMountain doPacific _ _ _ _ . do..

Institute of Life Insurance:Payments to policyholders and beneficiaries, esti-

mated total mil of dolDeath benefits doMatured endowments doDisability payments _ do

Annuity payments _ _ _ doSurrender values _ - _ . _ _ ._ d o _ _ .Policy dividends do

Life Insurance Association of America:Premium income (39 cos.), quarterly total do

Accident and health __ do...Annuities doGroup doIndustrial doOrdinary do

MONETARY STATISTICS

Gold and silver:Gold:

Monetary stock, U. S. (end of mo.) mil. of dol__Net release from earmark § doExports thous. of dolImports do

Production reported monthly total 9 doAfrica _ _ _ _ _ d oCanada doUnited States do

Silver:Exports doImports _ _ _ _ _ d o . _Price at New York . dol. per fine ozProduction:

Canada thous of fine ozMexico _ _ do__United States do

Money supply (end of month) :Currency in circulation _mil. of dolDeposits and currency, total do

Foreign banks deposits, net doU. S. Government balances _ do

Deposits (adjusted) and currency, totalf doDemand deposits, adjusted^ doTime deposits, adjusted^ doCurrencv outside banks do

Turnover of demand deposits except interbank andU. S. Government, annual rate:

New York City ratio of debits to deposits6 other centers cf do337 other reDorting centers. ._ do

' 99, 550

' 50, 734' 7, 320' 2, 337

' 14, 416'• 3, 849

' 19, 949

' 3, 030' 1, 624' 1, 383

' 34, 578' 32, 014

' 3, 021' 3, 735' 1, 104' 3, 348

5,063779556

3,728

225880784298436159

332138437

' 525. 2222. 1

55.4'9.6

44.7105.787.7

22, 626—11.4

16328, 738

' 81, 30056, 10012,6005,800

46516,695

.909

2 5924,6282, 500

31, 133229 000

3,2005,700

220, 000105, 10087, 10027, 800

44.728 522.1

' 100, 017

' 50, 908' 7, 288' 2, 344

' 14, 474' 3, 852

' 20, 094

' 3, 022r 1. 625' I , 374

r 34, 732r 32, 162

' 3, 047' 3, 769r 1, 151

' 3, 388

4,689685555

3,449

200805725273433152

320130374

496.9202.4

53.09.1

42.692 597.3

2, 476. 7413.6297. 1283 5204 7

1, 277. 8

22, 635—9.0

35819, 290

' 79, 80055, 50013, 1005,700

4717,993.906

2,3824,1562,937

31, 073229 500

3,3005,300

220, 900105, 50087, 70027,800

52.231 424.1

' 100, 446

' 51, 170' 7, 301' 2, 357

' 14, 557r 3, 855

r 20, 241

* 3, 033r 1,631' 1, 379

r 34, 902' 32, 323

' 3, 072' 3, 807r 1, 134' 3, 328

6,1261, 538

5674,021

244977826316477165

364154455

587.1248.864.010.2

47.6118.398.2

22, 69136.9

17242, 956

' 82, 30056, 00013, 9006,500

6815,786.906

2,8174, 7193,334

31, 090231, 100

3,3004,800

223, 000107, 20088, 10027, 800

49.999 622.7

r 100, 840

'51,303r 7, 209' 2, 367

' 14,612r 3, 856

' 20, 388

r 3, 042' 1, 628'1,391

r 35, 034' 32, 449

r 3, 098r 3, 839' 1,156' 3, 368

5,221848509

3, 864

246979796292455157

331146421

525. 2222.457.89.2

44.8101.789.3

22. 763—31.2

20642, 074

' 79, 00054, 80013, 1005,100

50733, 226

.904

2, 5674,2182,731

31, 661231, 000

3,2004,500

223, 300107, 20087, 60028, 500

51.230 523.5

'101,309

'51,428' 7, 028' 2, 377

' 14, 663' 3, 857

' 20, 620

'3,013' 1, 627' 1, 366

' 35, 271' 32, 686

' 3, 120' 3, 872' 1, 294'3,311

6, 8372,137

4924,208

292957861327481169

384175518

681.2255. 467.28.8

40.3119. 1190.4

2, 839. 3474.9365. 6297 4254 3

1, 447. 1

22, 7812.0140

18, 978

' 78, 00053, 90012. 900

5^500

49326, 963

.898

2,5383,1423,029

31,834236, 372

3,2705,421

227, 681110, 25489,12628, 301

58.932 224.7

' 101, 961

' 51, 885' 7, 199' 2, 428

' 14, 706' 3, 852

' 20, 802

' 3, 013' 1, 623'1,371

' 35, 462' 32, 873

' 3, 143' 3, 905' 1, 201' 3, 352

5,5131, 595

4643,454

249839688273398137

321127388

652. 5258. 1

67.711.4

67.1119.3128.9

22, 784—37. 3

55145, 588

55, 00013, 2004,400

31916, 934

.894

2,5304,0623,520

30, 576P231. 800

P 3, 300* 3, 700

P224, 800P107, 600

p 89, 800p 27, 300

54.630.023.3

' 102, 310

' 52, 022'7,214' 2, 438

' 14, 728' 3, 852

' 20, 877

' 3, 023' 1, 625' 1, 378

' 35, 587' 32, 990

' 3, 168' 3, 938' 1, 150' 3, 422

4, 959979496

3,484

254820676286404147

333134403

567.9239.7

58.29.8

48.7111.2100.3

22, 686—167. 6

2,27841, 149

52, 40012, 5004,400

16825, 609

.886

2,2954, 5833,589

30, 554P232, 500

p 3, 700p 4, 900

P223, 900P105, 600p 90, 900p 27, 400

55.430.122. 8

'102,711

' 52, 154' 7, 095' 2, 461

' 14, 782' 3, 851

' 21, 028

' 3, 098' 1,637' 1, 439

' 35, 727' 33, 117

' 3, 191' 3, 975' 1,170' 3, 396

5,7841, 336

5503, 898

272923767309461167

362148451

641.5262.761.210.0

49.9126.6131.1

2, 669. 9441.1344.0312 3232.9

1, 339. 5

22, 394—252. 0

2286,206

55, 10013, 7004,300

31424, 413

.886

2,4493,2172,465

30, 666P235, 500

p 3, 900P 7, 100

p224. 500Pl04, 600p 92, 500p 27, 400

56.231.322.2

' 103, 058

' 52, 407' 7, 106' 2, 474

' 14, 819' 3, 849

' 21, 195

' 3, 105' 1, 640' 1,442

' 35, 840' 33, 213

' 3, 222'4,011' 1, 153' 3, 320

5,5651,024

5443,997

274956776308486174

379158452

624.2259. 260.710.6

49.4132.7111. 6

21, 996—471. 5

6226, 097

55, 50013, 4004,500

17112, 322

.886

2, 5593,9133, 123

30, 565P239, 200

p 4, 000P 6, 700

P228, 400P107, 200p 93, 600P 27, 600

56.630.222.1

' 103, 508

' 52, 545' 7, 036' 2, 502

' 14, 830' 3, 848

' 21, 308

' 3, 118' 1, 641' 1, 453

' 35, 956' 33, 316

' 3, 241' 4, 038' 1,227' 3, 383

5,462999595

3, 868

274924753320476167

361155439

584. 6233. 558.810.5

48.7123.1110.0

21, 594—355. 2

25018, 177

13, 3004,600

1854,507.886

2,6514,0702,597

30, 994P238, 900

p 4, 000p 6, 800

P228, 100pl05, 800p 94, 600p 27, 800

51.228.222.0

'104,008

' 52, 804' 7, 083' 2, 537

' 14, 895' 3, 843

' 21, 400

' 3, 159' 1, 654' 1, 482

' 36, 060' 33, 409

' 3, 280' 4, 067' 1, 207' 3, 431

5,162780559

3,823

257889746305498171

370149439

579.2229.758.710.1

49.4115.8115.5

2, 557. 2439.0275.9291 9197.9

1, 352. 5

21, 356—285. 0

9,36612, 799

13, 3004,900

3248,329.886

' 2, 5284,1513,243

31. 172p244, 300

p 4. 000p 10, 900

P229, 400p]05, 700p 95, 900p 27, 800

65.731.423.8

104, 578

53, 2027,2582,561

14, 9623,835

21, 523

3, 1591,6591,477

36, 18333, 519

3,3034,0911,2273,413

5,196633530

4,033

267949799334495166

381166476

590. 0246.855.310.2

50.4120.6106.7

21.210—164. 3

9,32827, 373

13, 2006,100

3604,493.886

2,371

2,127

31, 171P242, 200

p 4, 000p 5, 600

p232, 700pl08, 200p 96, 700p 27, 800

54.8' 29. 6

22.9

105, 054

53, 4447,3002,597

15, 0123,839

21, 606

3,1511,6581, 469

36, 32333, 645

3, 3554,1141,2103,457

5,086869548

3,669

234820739303467164

355150439

537.0222. 650.99.7

48,5108.397.0

21,011-196.7

883,829

~ ~ ~ 5 ~ 4 6 6 ~

7274,882

.886

2. 651

31,371p243, 700

p 4, 000p 6, 900

p232, 800P107, 600p 97, 200p 28, 000

46.4p27. 4P21.7

.887

49.4P30.4p 23. 7

' Revised. v Preliminary.^Revisions for assets of all life insurance companies for January-July 1956 and 1957 will be shown later; data beginning 1957 not comparable with earlier data. Revisions for insurance

written for 1956 are shown in the July 1957 SURVEY.(BData for 1956-April 1958 include revisions not distributed by areas; revised area data for 1956 are available upon request.§Or increase in earmarked gold (—).9 Includes data for the following countries not shown separately: Mexico (through August 1957 only); Colombia; Chile; Nicaragua; Australia, and India. Revisions for 1950-56 and January-

July 1957 will be shown later.fThe term "adjusted" denotes exclusion of interbank and U. S. Government deposits; for demand deposits, also exclusion of cash items reported as in process of collection.cf Includes Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.

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

October 1958 SURVEY OF CURRENT BUSINESS S-19

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

FINANCE—Continued

PROFITS AND DIVIDENDS (QUARTERLY)

Manufacturing corporations (Fed. Trade and SEC):Net profit after taxes, all industries. mil. of dol

Food and kindred products doTextile mill products - doLumber and wood products (except furniture)

mil. of dolPaper and allied products doChemicals and allied products doPetroleum refining doStone, clay, and glass products doPrimary nonferrous metal doPrimary iron and steel doFabricated metal products (except ordnance,

machinery, and transport, equip.) mil. of dolMachinery (except electrical) doElectrical machinery - doTransportation equipment (except motor vehicles,

etc ) mil of dolMotor vehicles and parts doAll other manufacturing industries do

Dividends paid (cash), all industries , doElectric utilities, net profit after taxes (Fed. Res.)J

mil of dolRailways and telephone cos. (see pp. S-23 and S-24).

SECURITIES ISSUED

Securities and Exchange Commission :JEstimated gross proceeds total mil of dol

By type of security:Bonds and notes, total do

Corporate doCommon stock doPreferred stock do

By type of issuer:Corporate total 9 do

Manufacturing do]VIining doPublic utility doRailroad doCommunication doReal estate and financial do

Noncorporate total 9 doU S Government doState and municipal do

New corporate security issues:Estimated net proceeds total do

Proposed uses of proceeds:New money total do

Plant and equipment doWorking capital do

Retirement of securities doOther purposes do

State and municipal issues (Bond Buyer) :Long-term _ thous. of dolShort-term ... _ __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) _ - - doCustomers' free credit balances doMoney borrowed _ do

BondsPrices:

Average price of all listed bonds (N. Y. S. E.),total§ dollars

Domestic.- _ _ _ _ _ _ d oForeign do

Standard and Poor's Corporation:Industrial, utility, and railroad (Al+issues):

Composite (21 bonds) d" dol. per $100 bond__Domestic municipal (15 bonds) do

U. S. Treasury bonds, taxable©--- do __Sales:

Total, excluding U. S. Government bonds:All registered exchanges:

Market value thous of dolFace value _ _ _ _ _ do

New York Stock Exchange:Market value _ _ _ do __Face value do

New York Stock Exchange, exclusive of stoppedsales, face value, total § thous. of dol

U. S. Government __ _ _ - __ doOther than U S Government, total§ do

Domestic doForeign __ do

1,944

1,837840

7631

94724716

25415

129228

997392595

932

916621294

98

595, 240272, 017

3322,863

8162,093

90.1290.3475.44

98.3101.291.10

78, 75085, 758

77, 60184, 401

74, 9930

74, 99370, 9784,013

3,737320

72

42128446642176118293

179339209

121233419

1,766

326

3,975

3,8589079719

1,02332825

424246684

2 9522 262

437

1 007

9528001513421

437, 163252, 251

3392,824

8382,109

89 8690.0875.32

98.0101 390.70

73 22284, 634

71, 97883 093

73, 7060

73, 70669, 7983.896

2,705

2,53694410168

1,11313337

33918

372161

1 592894683

1 099

1 060882178

930

682, 730302, 503

3542,608

8791,780

89 6789.8975.34

98.2102 989.77

112 849130, 206

111. 565128 615

118 6230

118 623113 105

5.516

3,022

2,84967115024

84422422

3021693

130

2 1781,374

639

828

7645592053925

639, 33593, 579

3252,559

8761,697

92 6792.9375.27

98.3103 491.90

94 231109, 879

93, 159108, 569

99, 2492

99, 24795, 5053.725

3,530261

50

27114424747153104267

96253221

123346345

2,176

357

2,681

2,32876134311

1 114592

14175274193

1 567925640

1 097

1 0238142102153

640, 418459, 382

3422,550

8961,831

94 8595.1277.59

102.7107 595.63

109 562129, 460

108, 149127 775

119, 1250

119, 125114, 050

5.073

3,473

3,401744

4428

816155

14326

6986

111

2,657511782

805

7115931198211

782, 437232, 803

3282,613

9371,740

95.3895.6378.74

105.9110 096.48

112 769126, 929

111,021124 912

117, 8844

117 880112 166

5.714

2,487

2,22060718285

87518018

3731736

211

1,613407899

856

832577255

519

899, 485459, 779

3122,682

9391,846

96. 1896.4378.99

105.7109 196.20

80 41189, 912

78, 85987, 914

88, 8980

88, 89884, 2934.572

2,47222013

11013415335184

159

80190162

101213222

1,832

421

3,959

3,8301,494

6169

1,62324022

41540

80050

2 3361,802

524

1 608

1,5251,390

1354735

524, 355272, 890

3122,776

9541,990

96.8797.1279.79

105.0107.996.34

148 045143, 165

146, 703141 614

95 1970

95 19790 0585.140

6,963

6,8321,101

9041

1,23264035

320207942

5,7314,269

798

1,213

1,03788515272

104

797, 617356, 990

3222,869

9852,051

97.5097.7480.39

105.3110 098.23

120, 171127, 627

118, 129125, 249

116 4820

116 482111, 368

5.090

2,160

2,0415948436

714193

7345

124179

1,447368877

699

532439939968

876, 838353, 774

3122,997

9792,052

97.7898.0380.64

105. 5111 097.94

119 914124, 411

118, 070122, 367

106, 1760

106 176101, 236

4.941

2,835273

40

2111339250314569

198

118255178

92152284

1,784

349

3,049

2,9538663858

96331915

4121

1283

2 0861 411

554

948

70957213767

172

553, 658263, 860

3243, 1681 0472 398

96 8297.0480 80

105.5110 897.17

123 598129 481

121,809127 751

113 9360

113 936107 332

6.598

2,421

2,131909220

70

1,19954824

40028

10250

1,222418631

1,176

1,0318741577570

r 631, 365r 288, 907

331r 3, 170

1,0802,208

95 6995.8981.11

104.2108 094.78

121 140126, 294

119, 247124, 171

113 2200

113 220106, 551

6.637

1,264

1,186420

6811

49912431

271116

40

766369389

489

456377781815

'389,004••423,300

3323,1521,1032,002

92.3292.4781.46

102.0103 791.51

120 651127, 385

1 19, 220125, 769

106, 733100

106 633101, 128

5.506

607, 647362. 316

3453,2361,1232,075

98.9100 689.51

r Revised. p Preliminary.JRevisions for electric utilities for 1955 and 1956 appear in the July 1958 SURVEY.9 Includes data not shown separately.§Data for bonds of the International Bank for Reconstruction and Development, not shown separately, are included in computingcf Number of bonds represent number currently used; the change in the number does not affect the continuity of series.©Prices are derived from average yields on basis of an assumed 3 percent 20-year bond. Comparable data back to January 1957 appear in the July 1958 SURVEY.

Revisions for securities issued (SEC) for January-March 1957 will be shown later.

.verage price of all listed bonds.

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

S-20 SURVEY OF CURRENT BUSINESS October 1958

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

FINANCE—Continued

SECURITY MARKETS— ContinuedBonds— Continued

Value, issues listed on N. Y. S. E.:Market value, total all issues § mil of dol

Domestic _ _ _ _ _ d oForeign do

Face value, total, all issues § _-.. - -do _Domestic doForeign _ __ _ __ _ _ _ d o

Yields:Domestic corporate (Moody 's) percent..

By ratings:Aaa _. . doAa _ doA doBaa do

By groups:Industrial doPublic utility do _ _Railroad do

Domestic municipal:Bond Buyer (20 bonds) doStandard and Poor's Corp. (15 bonds) __ do

U. S. Treasury bonds, taxableO - - do

Stocks

Cash dividend payments publicly reported:Total dividend payments mil. of dol__

Finance doManufacturing. _ do _Mining _doPublic utilities:

Communications doElectric and gas _ _ _ do

Railroad __ _ doTrade doMiscellaneous _ _ _ _ _ _ _ _ _ _ _ _ _ d o

Dividend rates, prices, yields, and earnings, commonstocks (Moody's):

Dividends per share, annual rate (200 stocks) .dollars. _Industrial (125 stocks) _ _ _ do __Public utility (24 stocks) doRailroad (25 stocks) __ . doBank (15 stocks) doInsurance (10 stocks) do

Price per share, end of month (200 stocks) 9 ...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) _ do ___Insurance (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, 14 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 (500 stocks) 1941-43=10.

Industrial, total (425 stocks) 9 doCapital goods (129 stocks) doConsumers' goods (196 stocks) do

Public utility (50 stocks) _ doRailroad (25 stocks) do

Banks:^fN. Y. City (12 stocks) do ...Outside N. Y. City (17 stocks) do

Fire insurance (17 stocks) doSales (Securities and Exchange Commission):

Total on all registered exchanges:Market value t mil. of dol__Shares soldj thousands

On New York Stock Exchange:Market value J mil of dolShares soldi 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 dolNumber of shares listed millions

98 53096, 6271 254

109, 336106. 954

1,662

4.37

4.104.214.354 82

4 294.334 49

3.563.913 63

316.265 7

129.42.5

1 383.010.214 59.6

5.445.922 424.083 664.00

129. 12148 8348.5261.25

4.213.984.996.664.623.34

4.83

168. 95487. 9768 49

142.41

45.84

49.5148.4833. 6531.8929.52

20.1439.5725.66

2,59081 157

2 21552 902

41, 409

217 8984 719

98 48196, 573

1 253

109, 591107 208

1,664

4.44

4.124 264.434 93

4 314.454 56

3.453.903 66

1, 671. 8105 0

1, 126.8134.6

41 2134.561.542.525.7

5.455.932 444.093 664.04

121. 02138 7347.6755.76

4.504 275.127 344.813.49

9 403 356 97

4.79

161. 71471. 7967 44

129. 85

43.98

47.5246.3232 7531.0927. 17

20.1039.0724.70

2,07166 781

1 77945 437

36, 873

205 7054 733

99 01597, 0931 276

110, 426108 010

1,693

4.46

4. 104 284.464 99

4 3?4.484 57

3.433.793 73

738.2138 8263. 5

8.0

141 192.922.164 17.7

5.455.942 443.983 644.04

116. 51133 5947.1550. 88

4.684.455.177.825.083.74

4.80

151. 27443. 3865.18

116. 70

41.24

44.4343.2431.5530.3924.78

18.9036.9623.12

3,248113 662

2 82180 589

63, 983

196, 6754 747

102 487100 524

1 236

110, 598108 173

1,642

4.49

4.084 294.505 09

4 344.494 65

3.273.763 57

325.075 6

134.62.4

1 385.24.3

14. 17.5

5.385.862 453.753 624.04

117. 38134 3048. 6548.64

4.584.365.047.714.843.56

4.78

146. 87436. 7365 83

104. 63

40.35

43.4141.8730.5230.6822.63

18.4735.7522.19

2,25280 920

1 96058 608

48, 217

200, 9194 781

106 072103 996

1 3?9

111,830109 333

1,713

4.31

3.814 084.315 03

4 114.294 53

2.973.473 30

2, 131.9224 7

1, 375 2172.9

45 9143 481.653 634.6

5.405.882 463.753 724.04

113.20128. 3850.3045.11

4.774.584.898.315.093.46

9 903.417 07

4.49

146. 03436. 9468 0898.13

40.33

43.2941.3530. 2931.7921.39

18.7335. 7623.45

2,52996 084

2 20068 265

54, 468

195, 5704 804

106 780104 682

1 339

111,951109 464

1,701

4.06

3 603 814.014 83

3 913.994 30

2.903 323 24

793.5IT>. 6261.1

8.6

142 185.328.685 39.9

5.375 862 463.443 724 04

117. 76133 0653 0450.61

4.564 404.646 804.933 16

4.36

151.01445. 68

71 08104. 90

41.12

43. 9843.0031. 4333. 3022.69

19.0837.9825.88

2,62596 960

2 29269 335

49, 871

204, 9694 813

111 805109 579

1 340

116,247113 639

1. 696

4.01

3.593 774.004 66

3 863.874 29

3.083.373 26

345. 5107 2115 4

2.4

1 283 76.4

22 56.7

5.345 832 463.363 754.07

115.69129 9753. 2747.59

4.624.494.627.064.783.12

4.38

151. 63444.1672.19

106. 64

41.26

44.0143. 3231.6034.1223.00

19.5538.8726.81

2,11276, 694

1,83251 841

40, 198

201, 1744 826

114 816112 566

1 365

118, 525115 903

1,711

4.04

3.633 784.064 68

3 863.954 30

3.023.453 25

1, 682. 8106 4

1, 138. 5118.2

42 4141.362.543 530.0

5.345.832 463.333 754.07

118. 75134 1754.1648.11

4.504.354.546.924.713.08

7 353.501.17

4.42

152. 79450. 1473.23

104. 75

42.11

44.9743.6032.3534. 5722.60

20.2139.5627.49

2,31679, 417

2,00856 673

46, 675

207, 7954 852

115 751113 456

1 383

118, 720116 075

1,721

4.02

3.603 784.014 67

3 833.904 32

2.913.313 12

728.1130 8258 7

8.8

144 795 021.862 55.8

5.325.802 503.333 754.07

122. 35138 3056.0552.22

4.354.194.466.384.763.08

4.37

153. 74446. 90

75. 75106. 86

42.34

45. 0942.6132.7835.5423.20

20.2640. 1727.36

2,36181, 569

2,01958 502

50, 305

214, 0404 861

116 027113 688

1 416

118,662115 976

1,756

4.00

3 573 784.024 62

3 803 894 30

2.923 253 14

302.863 0

126 92.8

1 383 92.7

15 07.2

5.305 772 503 293 754 07

124.05139 9756 7854 25

4.274 124.406 064.583.08

4.31

159. 15460. 04

77 65113. 73

43.70

46.5143.8634.1836.5724.74

20.5440.9627.51

2,74897,823

2,31969 192

54, 179

218, 7734 870

118 287115, 802

1 423

122, 178119 338

1,762

3.98

3.573 784.004 55

3 773.884 28

3.053.263 19

1, 667. 0114 9

1 110 2117.0

42 5143 462.848 028.2

5.305 762 503 273 754.07

127. 67144 7457 7455. 29

4.153.984.335.914.532.99

7 253.533 51

4.28

163. 12471. 97

78 64117. 68

44.75

47.6245.1734.7837.3125.54

21.2341.4428.16

2,76193, 868

2,33165 704

56, 618

224, 9044 883

116 425113, 955

1 425 1

121, 673118 836

1,756

4.02

3.673 834.044 53

3 813.944 30

3.133.453 36

751.3149 4264 1

7.5

144 695 618.764 07.4

5.285.742 513.273 754.07

132. 89151 5758.2160.16

3.973.794.315.444.542.94

4.36

168. 87488. 28

79.64124. 78

45.98

48.9646.9236.0137.8226.86

21.2441.9428.38

3,322110,944

2,82980 233

69, 496

234, 5074,903

110 165107 683

1 462

119,336116 455

1,795

4.17

3.853 984.194 67

3 944.164 42

3.523.743 60

302.268 7

115 42 3

1 485 65 8

14 48 6

5.265 712 513 273 764 07

134. 46153 48

57 2061.12

3.913 724.395 354.432 97

4.45

174. 55507.5578 71

132. 32

47.70

51.0049.7537.4437.5028.43

21.4742.6228. 72

3,350115,724

2,89583 502

62, 373

237, 5094,906

4.39

4.094 204.404 87

4 244.414 52

3.543.963.75

1, 638. 0111 7

1 104 7109.8

43 7144.256.041.426.5

5.255. 712.513.253.774.07

141. 29161. 3459. 3866.43

3.723.544.234.894.152.98

4.58

179.36521. 8280.06

136. 96

48.96

52.4051.3438.9037.9729.51

22.5443.9828.54

71, 972

r Revised. *> Preliminary.§Include bonds of the International Bank for Reconstruction and Development not shown separately; these bonds are included in computing the average price of all listed bonds shown on

p. S-19.OFor bonds due or callable in 10 years or more.9 Includes data not shown separately.cj1 Number of stocks represents number currently used; the change in number does not affect the continuity of series.tData not shown in 1957 BUSINESS STATISTICS; indexes prior to August 1956 are available upon request.tRevised to exclude sales of rights and warrants. Comparable data prior to May 1957 will be shown later.

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

October 1958 SUEVEY OF CURRENT BUSINESS S-21

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

INTERNATIONAL TRANSACTIONS OF THE UNITED STATES

BALANCE OF PAYMENTS (QUARTERLY)]:

Exports of goods and services, total mil. of dolMilitarv transfers under grants, net doMerchandise, adjusted, excluding military trans-

actions© mil. of dolIncome on investments abroad doOther services and military transactions do

Imports of goods and services, total doMerchandise, adjusted© c?1 _ doIncome on foreign investments in U S doMilitary expenditures _ _ doOther servicescf1 do

Balance on goods and services do

Unilateral transfers (net) , total doPrivate doGovernment _ do

U.S. long- and short-term capital (net), total do __Private _ _ _ _ _ _ _ _ . d oGovernment do

Foreign long- and short-term capital (net) doGold sales [purchases ( — )] doErrors and omissions do

FOREIGN TRADEIndexes

Exports of U. S. merchandise:;Quantity 1936-38-100Value _ _ _ _ _ d oUnit value _ __ _ _ _ _ _ _ d o _ _ _

Imports for consumption ::£Quantity. __do _Value doUnit value _ _ _ do

Agricultural products, quantity :fExports, U. S. merchandise, total:

Unadjusted 1952-54—100Seasonally adjusted _ do

Cotton (incl. linters), seas, adj _doImports for consumption, total:

Unadjusted _ __ __doSeason" 11 v adjusted do

Supplementary imports, seas, adj _ doComplementarv imports, seas adj do

Shipping WeightWater-borne trade:

Exports, incl reexports § thous of long tonsGeneral imports do

Value I

Exports (mdse.), including reexports, totallmil. of dol

By geographic regions: AAfrica d oAsia and Oceania doEurope do

Northern North America doSouthern North America.- doSouth America -- _ - do

By leading countries: AAfrica:

Egypt doUnion of South Africa _ _ _ do

Asia and Oceania:Australia, including New Guinea _ _ doBritish Malaya doIndia and Pakistan doJapan doIndonesia doRepublic of the Philippines do

Europe:France doEast Germany do\Vest Germany doItaly doUnion of Soviet Socialist Republics doUnited Kingdom do

North and South America:Canada doL*atin American Republics, total 9 do

Argentina doBrazil doChile doColombia doCuba doMexico doVenezuela _ _ _ _ _ _ _ _ _ _ _ _ _ _ d o _

312683219

177509287

135168206

13 22115, 221

1, 677. 3

55.8262.3423. 1

309.9183.8248.3

3.125.6

15.33.4

43. 182 94.7

31 7

43 21

73 249 4

376 1

309 9411 826 947 115 730 449 578. 197.9

6 715463

4,447749

1,056

5, 2993, 266

164693

1,176

+1,416

-969— 134-835

-551-410— 141-229

—27+360

284626220

169493292

142156178

11, 05513, 322

1, 540. 3

47.3245.4411.0

303.7167.1216.1

3.119.8

17.72.6

42.664.87.3

29. 1

34.5(3)

69 147.91 4

97.5

303 7364 0

18.039 615.723 945 670.890.0

308681221

196563287

161145167

11 63215, 083

1,674.4

53. 0271.0438.7

317.4193. 5234.5

3.824.6

28.33.4

41.976 7

7. 131 9

33 1o

77 051.2

4100.3

317 4406 320.841 514.426 954 880. 1

103.9

311684220

177506286

161137162

10, 02012, 105

1, 682. 7

54. 7278. 5449. 1

295.3204. 4229.0

2.824.9

21.93. 1

34.495.88.5

28.9

36.0(3)

80 047.3

(3)

88.5

295 3411.3

18.538 215.022 360.481.2

105. 9

7 134552

4,641773

1 168

5, 0923,385

177702828

+2, 042

-1,127137

—990

-971-598—373+262

—98— 108

306667218

194553284

170138136

9,34712, 485

1, 638. 6

50.2290.7454. 6

265. 5194.6226.8

3.622.3

22.94. 1

41.788 18.6

29.9

32.80

79 853.2

181.6

265 5398.218.646 113.720 555.381.3

100.7

281613218

191541283

145135122

7,90112, 825

1,510.9

51.9257.0400.7

248.5179.6202.2

3.7126.6

13.82 2 . 443.378.15.5

22.5

41.3(3)76.338.9

(3)

73.6

248.4361.616.845.814.019 450.976.182.4

250547219

165466

128120109

6,27010, 678

1, 344. 9

45.6238.4335.2

257. 3167.4169.8

4.31 19.6

12.52 2 . 940.069.36.5

19.5

34.2(3)

49 941.9

67.3

257 3

319.016.837 410.214 751.167.865.7

6 245668

4 053619905

4 8503 143

154829724

+1 395

-1,215121

1 094

—927— 684

243r +207

+370+170

289632219

186519279

134127130

7 288r 11 346

1 556 9

63 2268 1398 8

292 6182 0196.9

5 71 27 9

17.823 246 167 96 7

26 9

43 9o

64 249 5

(3)

64.6

292 5360 517.545 115 617 648 280.572.6

288622216

182511280

141146155

4 8, 48311,643

1, 530. 6

57.3256.6375.3

294.3184.2185.8

3.4127.1

12.622 .834.672.05.7

21.8

38.50

54.345.5

. l58.3

294.3351.016.444.212.714 444.987.974.8

309666215

185514277

156176

1 637 9

59 0261. 1436 8

315 0184.0197.9

3 61 26.8

15.22 2 327. 883 24.8

28 1

47.30

65 443.5

(3)

62.7

314 9359.6

18.846 314.716 442.581.875.3

4 181695990

5 1163,171

128867950

— 123

-1,249— 1,074

— 175—20

+1 075+28

267573215

180497276

144165142

1, 407. 9

47.4240.5350.7

306.6163.9160.0

5.81 20.0

15.62 2.926.872.83.8

22.2

31.60

58.443.3

(3)

53.4

306.6305. 916.834.99.0

14.540.272.761.7

267577216

184510276

143185354

1, 419. 0

47.0208.6369.9

271.5176.9171.9

3.2U8.2

14.62 1.522.767.68.4

17.9

35.6.2

58.641.7

.655.9

271.5327. 920.446.010.214 243.782.655.8

263567216

130162127

1 395 9

46 6218 3358 7

265 9163 5192.8

4 31 19 1

12.72 i 732 3

64 14 0

24 0

31 6(3)

60 335 0

(3)

58.3

265 8337 326.549 515.316 242 268.760.0

«• Revised. ? Preliminary. i Data include Southern British Africa. 2 For Colony of Singapore only. 3 Less than $50,000. 4 Revision for April 1957: 14,391 thous. long tons.^Revisions for balance of payments for 1919-56 appear in the 1958 Balance of Payments Supplement. Revisions for following periods will be shown later: 1st qtr. 1957 for balance of pay-

ments; January 1956-January 1957 (general revisions in both exports and imports); July-December 1955 and January-May 1954 (total exports and certain components only); also for 1941-54,private relief shipments of food products, formerly included with finished manufactures, have been shifted to the manufactured foodstuffs class.

©Adjusted for balanee-of-payments purposes, mainly for valuation, coverage, and timing. cf Excludes military expenditures.fRevised series; see similar note in September 1958 SURVEY.§Excludes "special category" shipments and all commodities exported under foreign-aid programs as Department of Defense controlled cargo.fData include shipments (military and economic aid) under the Mutual Security Program. Total MSP military shipments (including, since early 1956, also "consumables and construc-

tion" shipments) are as follows (mil. dol.): August 1957-August 1958, respectively; 141.2; 103.2; 74.1; 86.8; 95.3; 108.7; 99.5; 114.5; 121.7; 131.4; 98.7; 129.0; 113.2.AExcludes "special category" shipments. 9Includes countries not shown separately.

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

S-22 SURVEY OF CUERENT BUSINESS October 1058

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1058

Janu-ary

Febru-ary March April May June July August Septem-

ber

INTERNATIONAL TRANSACTIONS OF THE UNITED STATES—Continued

FOREIGN TRADE— ContinuedValuei— Continued

Exports of U. S. merchandise, totalt- _ _ . mil. of dolBy economic classes:

Crude materials _ -doCrude foodstuffs doManufactured foodstuffs and beverages doSemimanufactures 9 doFinished manufactures 9 -do

By principal commodities:Agricultural products, tota!0 _ _ __ do

Cotton, unmanufactured doFruits, vegetables, and preparations. _ __ doGrains and preparations doPacking-house products _ _ _ doTobacco and manufactures do

Nonagricultural products, total© do

Automobiles, parts, and accessories doChemicals and related products§__ do _ _Coal and related fuels doIron and steel-mill products do

Machinery, total§© do

Agricultural doTractors, parts, and accessories _ _.. doElectrical doMetalworking§ _ . _ __ _- -doOther industrial do

Petroleum and products doTextiles and manufactures ___ _ do

General imports, total __ _ mil. of dol -By geographic regions:

Africa _ _ . _ _ _ do\sia and Oceania doEurope ._ _ -do

Northern North America doSouthern North America - - doSouth America do

By leading countries:Africa: "

Egypt doUnion of South Africa - do

Asia and Oceania:Australia, including New Guinea __ doBritish Malava doIndia and Pakistan doJapan doIndonesia doRepublic of the Philippines do

Europe:France doEast Germany doWest Germany doItaly doUnion of Soviet Socialist Republics doUnited Kingdom do

North and South America:Canada doLatin American Republics total© do

Argentina doBrazil doChile - do _Colombia doCuba doM^exico doVenezuela do

Imports for consumption total mil of dolBy economic classes: of

Crude materials _ doCrude foodstuffs doManufactured foodstuffs and beverages doSemimanufactures _ doFinished manufactures do

By principal commodities :d*Agricultural products, total© do

Cocoa (cacao) beans, incl shells doCoffee doHides and skins doRubber, crude, including guayule doSugar -__ _ _ _ _ -_ _ _ _ d oWool and mohair, unmanufactured do

Nonagricultural products, total© doFurs and manufactures doNonferrous ores, metals, and mfs., total© do

Copper, incl. ore and manufactures do _ _Tin including ore do

Paper base stocks _ do __Newsprint doPetroleum and products do __

1, 664. 0

228.1105.479.2

245. 41, 006. 0

313.6

51.830.8

104.218.535.4

1, 350. 4

110.8118.981.7

115.0

347.3

8.528.687.926.4

184.6

64.053.3

1, 042. 5

38.9208.5229. 1

248.0111.2206.9

1.15.9

11.415.417 258.517.221.5

19.9.5

51.221.72.3

52.8

248 0290 4

8.142 614.643.241. 126 874.6

1, 044. 6

281.6139.4105 8233.7284.1

297 44.9

97 34.6

30.841.617.5

747.24.0

100 826.411 028.851 0

140.0

1,526.0

241.688.794.2

219.0882.4

332.6

56.731.194.923.563.2

1,193.4

92.3105. 474.0

101.4

315.4

8.629.875. 225.3

161.8

58.750.6

1, 008. 7

39.8196.0246.9

242. &104. 8178.7

2.78.1

10.315.723. 556.420.516.8

19.4.4

47.717.91.5

66.2

242 3261.0

8.048.611.424.743.928 065.5

1,011.5

278.8126.6103.8219.9282.5

288.55.3

81 24. 1

28.337.018.8

723.05.9

101.423.511. 727.052.5

118.4

1, 660. 3

258.899.795. 0

231.7975.1

371.4

72.836.997.421.461.8

1, 288. 9

100.7117. 170.9

106.0

349. 8

8.330.187. 823.8

185.5

60.956.7

1, 147. 9

44.1207. 3294. 5

274. 5113.6214.0

1.26.5

11.318.019 859.321.319 5

21.9.4

64 824.9

2 371.3

274 3298 5

8.864. 114.726.537.431 673.2

1, 155. 0

295.4161.3119.9245.1333.3

328.57.1

103 24.0

32.133.814.7

826.54.1

107 329.48 8

32.559 6

137.0

1,668.3

248.9100. 687. 7

223.91, 007. 3

368. 5

79.831.1

102.122.841.4

1, 299. 9

130. 9115. 758.3P3. 7

358.4

7.126. 5

103. 126. 8

180.8

64.958.3

1, 043. 2

44.3164. 8259. 2

236. 4123.3215.3

2.35.6

7.817.316.249.118.013.6

20.0.4

50.520.4

.267.7

236. 3305.8

7.667. 715.338.231.934.363.5

1, 037. 3

243.5192. 198.5

217.7285.5

331.4

7.9132 0

3.127.622.811.9

706.03.3

103.226.18 3

26.551.0

119.9

1, 626. 2

252. 1105. 299.9

208. 5960. 5

394.2

95.028.6

104. 522.339.4

1, 232. 0

140. 7110.655.483.8

339.2

7.623.386.927.9

179.8

52.455.3

1,141.1

53.4187.3281.3

235. 4136. 8247.0

1.48.9

8.312.721 851 . 521.518.0

23.1.5

57.623.5

.661.7

235.3351.010.584.615.433.423.447 278.4

1, 133. 5

272.4223.6101.3241.1295 1

376. 124.5

144 93.7

31.419.311.2

757.416.8

113.926.24 5

22.950 2

137.3

1.495.0

199.2105.175.9

186. 5928.3

324.1

79.525.0

107.018.524.2

1,171.0

118.7104.246.474.9

332.5

9.027.381.524.8

174.2

44.347.0

1, 095. 3

61. 5185.8265.2

206. 1173. 3203.4

6.9i 10.9

9.323.125.657.013.119. 1

22.2.6

50.423.7

.763.4

206. 1333.7

8.353.412.723.846.345.786.2

1, 109. 0

283.7186. 6109. 1220.3309.3

356.418.3

116 13.6

25.143.417.6

752.614.1

114.440.15 9

22.150 5

154.0

1, 334. 1

159. 989.479.9

168.1836.7

285. 3

66.830.992.519.322 7

1, 048. 8

109.5106. 834.059.6

295.9

10.027.1

18.9155.9

41.448.6

961.5

47.6154. 8245.5

186.3143.8183.5

.318.1

7.32 3 . 419.441.612.216.6

20.7.6

42.316.3

.865.5

186.3295 2

8.643.513.229.646.239 671.8

956.4

218.3157.1104.9202.8273.2

307.218.894 63.4

25.144.212.4

649.29.9

79.124.85 9

24.146 2

126.4

1,541.2

178.387.5

101. 5192. 7981.2

315.8

70.435.793. 520.031.3

1, 225. 4

121.3120. 239.866.6

363.9

13.231.588. 727.8

186.3

45.959.1

1,071.1

62.1196. 3257. 5

215.4157. 7182.1

.3i 10.4

10.82 2 . 024.151. 616.025.7

18.8.1

52.419.51.5

74.8

215.4303.9

12.435.012.828.652.941.275.0

r 1,064. 6

228.5170.4128.3228.5309.0

339.420.493 04.2

21.954.916.4

725.36.4

100.326.210.825.648.7

137.1

1,516.3

174.8104. 992.8

187.4956.5

315.8

73.028.9

112.316.021.8

1, 200. 5

122 2114.246.166.2

346.6

13.929.987.228.1

174.1

50.862.6

1,057.2

57.8180.5258.7

207. 5171.5181.2

.518.6

6.92 2. 718 049.913. 125. 5

22.5.3

52.019.91. 1

64.7

207.4314 4

11.846 214.721.048 851 271.1

1, 047. 2

218.6182 7126 7211. 0308 2

348 215.6

116 56 4

18.650.915. 5

699.07.7

99 526.59 2

23.653 1

127.1

1, 623. 3

188.5100.2110.4207. 5

1.016.6

344.4

76.734.495. 121.225.7

1, 278. 9

131.5127.946.061.9

368.2

14.831.688. 735.4

181.4

50.852.8

1, 063. 0

45.1175.6270.6

219.9156. 6195.3

.6i 7.5

10.82 2 217 449.314.326.0

22 23

51.118.72 1

71.9

219.8315 1

13.759 28.7

26.643 847 868.6

1, 053. 2

217.3181.5128 8207. 0318 6

342 513.4

118 84 6

16.343.911.8

710.84.4

88 018.29 6

22.752 8

119.8

1, 395. 9

175. 5112.5103. 3168.9835.8

327.8

61.537.7

111.817.630.9

1,068.1

99.7113.350. 544.5

319.4

10.929.179.328.6

158.0

39.143.8

1, 036. 6

45.2185.9246.9

236.0149.6173.0

1.719.3

9.122 .913.152.318.125.9

21.7.7

48.219.5

.459.9

235.9279.6

8.047. 712.117.151.830 471.2

1, 018. 5

220.6134.8133.2215.8314. 1

290.113.876 55.0

13.752.110.4

728.43.7

94.329.113.027.851.7

141.2

1, 405. 3

184.0104. 488.4

169 2859. 2

315. 3

64.130.9

109.419.732 0

1 090.0

92 6109.245.442.1

312.4

10.328.580 228.9

151.9

50.440.4

«1, 050.0

41.7184 3286.1

235 2151.0184.9

6.017.3

7.221.515 360.69.9

30.7

28.5.8

54.423.13.4

78.7

235.0292 8

10.035.610.333.150.934.574.5

«1, 045. 0

214.4146.9147.1216.5353.6

313.312.587 25.2

12.353.410.5

765.26.0

68.49.84.5

25.051.9

141.1

1,381.4

160. 4120.077.3

186 5837. 2

293.4

28.428.2

120.418.036.3

1,088 0

84 1109.755.642.6

298.9

8.723.376 ?2~ 7

150.3

52.946.9

r Revised. » Preliminary. 1 Data include Southern British Africa. 2 For Colony of Singapore only (imports from Federation of Malaya, formerly included, totaled $7.6 mil. in Janu-ary 1958). « Adjusted for difference in carryovers; detail not adjusted.

tSee similar note on p. S-21. KSee similar note on p. S-21. 9 Data for semimanufactures reported as "special category, type 1" are included with finished manufactures.©Includes data not shown separately. §Excludes "special category, type 1" exports. cf'See similar note in September 1958 SURVEY.

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

October 1958 SUEVEY OF CURRENT BUSINESS S-23

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

TRANSPORTATION AND COMMUNICATIONS

TRANSPORTATION

Airlines

Operations on scheduled airlines:Miles flown, revenue thousandsExpress and freight ton-miles flown _ do__M ail ton-miles flown _ _ _ do __Passengers originated, revenue doPassenger -miles flown, revenue _ millions

Express Operations

Transportation revenues thous. of dolExpress privilege payments _ - do

Local Transit Lines

Fares average cash rate© centsPassengers carried, revenue millionsOperating revenues© mil of dol

Class I Motor Carriers (Intercity)

Carriers of property (quarterly totals):Number of reporting carriersOperating revenues, total thous. of dol__

Revenue freight carried thous of tons

Carriers of passengers (quarterly totals):Number of reporting carriers

Expenses total doRevenue passengers carried thousands

Class I Railways

Freight carloadings (A. A. R.):d"Total cars _ _ _ thousands

Coal doCoke _ doForest products do

Grain and grain products doLivestock doOre _ doMerchandise, 1. c. 1 -_ - - --doMiscellaneous _ _ __ do _

Freight carloadings (Federal Reserve indexes) :Total, unadjusted 1935-39= 100

Coal doCoke doForest products do

Grain and grain products _doLivestock doOre _ _ doMerchandise, 1. c. 1 doMiscellaneous do

Total seasonally adjusted© - doCoal doCoke doForest products do

Grain and grain products doLivestock doOre ___ doMerchandise, 1. c. 1 doMiscellaneous© _ do

Freight-car surplus and shortage, daily average:Car surplus, total 9 number..

Boxcars. - _ _ _ _ do -Gondolas and open hoppers __ __ do_ _

Car shortage, total 9 - - doBoxcars- - do _Gondolas and open hoppers do

Financial operations:Operating revenues, total 9 mil. of dol

Freight doPassenger __ do __

Operating expenses. _ __ _ _ _ _ _ _ do_-Tax accruals, joint facility and equipment rents

mil. of dol_ _Net railway operating income doNet income ._ do _..

Operating results:Freight carried 1 mile _mil. of ton-miles _

Passengers carried 1 mile, revenue millions.-

Waterway Traffic

Clearances, vessels in foreign trade:Total U. S. ports thous. of net tons_.

United States vessels doPanama Canal:

Total -_ -_ _ thous. of long tons. _In United States vessels. _ _ do_ -_

63, 58223, 651

7,7493,7412,349

30, 77011,351

15.9'649111.2

3,737683

55209

27829

437275

1, 771

126113139135

15542

30535

134

121113145129

14344

20335

133

12, 7496,829

84

2,798683

2,015

«- 931. 1r 789. 8

68.8701.3

132.296.479.5

57, 9991.4052,537

15, 62912, 2293,400

4,3341,040

60, 70723, 0077,2193,4452,100

31, 96111, 192

15.9663

104.5

837980, 490933 027

59 411

150125, 552103, 38072, 094

2,85154441

149

18235

323217

1,361

125117134125

13565

29536

134

115117136116

12049

19634

124

19, 88611, 756

668

1,626418

1,162

873.0747.256.4

673.1

115.784.263.7

53, 1621.4431,997

13, 55210, 9052,647

3,955983

61, 39824, 0808,2143,4832,015

34, 03912, 779

16.0709

114.3

2,92054340

148

21149

289220

1,419

123112125121

14789

24535

134

114112127115

14757

15233

123

12, 7815,913

133

1,480518903

927.3800.252.5

697.6

130.199.679.8

55, 6291.4731,821

14, 16911,3592,810

4,305929

57, 52220, 6847,7613,1131,790

31, 4699,535

16.0675

112.4

3,223635

47175

25447

191249

1,626

114108121116

14865

12732

126

112108121118

15152

15232

121

19, 9659 2752! 376

24512792

829.9710.352.9

666.0

99.764.245.2

50, 1921.4621,776

12, 77410, 2382,536

3, 994832

61, 63721, 73011,0823,2742,031

38, 07213, 115

16.1701

118.0

836995,146987 06761, 454

14897, 6?592, 32864, 735

2,22146133

132

2132164

1731,123

10299

107112

155395928

110

11099

102125

16541

19230

117

54, 07218, 23723, 057

29230

824.8676.565.0

683.6

82.159.073.6

45, 9951.5042,259

11,9129,8942,018

4,058892

61, 55820, 5998,2753,3412,072

28, 2656,997

16.2677

111.7

2,16445728

136

2082163

1661,086

999792

115

152385628

106

1099787

128

15240

22229

116

105, 26335, 03252, 482

46181

778.4660.257.7

650.0

96.631.816.7

46, 5081.4681,966

11, 5719,5472,024

3,735813

53, 71319, 1937,8292,8891,716

25, 7814,865

16.2615

102.7

2,108'427

28139

1961754

1791,067

938988

111

136314829

101

1018983

115

13938

19130

110

112,22934, 25957, 700

674

17

692.8589.948.7

599.4

84.48.9

*10.7

41, 3001.4721,621

9,7597,9101,849

3,420771

59, 45521, 9048,6293,2742,003

29, 9319,117

16.2681

111.7

878885, 162877, 857

56, 268

14383, 11387. 20555, 077

2,70253330

166

2442474

2391,391

948575

108

138345230

105

1008574

108

15044

18130

108

110,57633, 84458, 148

160310

767.6655.050.5

623.6

100.044.024.5

46, 5921.4541,719

11, 6809,5502,130

4,055950

58, 83321, 0638,6933, 3392,028

29. 4289,270

16.4677

113.2

2,10536621

131

2002056

1851,126

937565

106

140375029

107

957567

106

159427029

108

124, 24737, 03667, 579

1980

743.7630.851.5

609.9

96.936.916.7

43, 0021.5031,764

11, 6929,5462,146

3,863953

' 60, 353r 22, 613

8,622* 3, 274

1,963

28, 5538,478

16.4683

113.0

2,729467

26169

23027

149218

1,443

977967

112

13138

11228

111

977968

108

149427028

110

129, 83445, 80863, 514

356

21

758.9643.753.6

621. 4

93.644.027.3

46, 3351.4431,831

13, 10710, 5882,519

4,072930

62, 15122, 6608,0383, 5752,280

29, 66710, 095

16.7622

104.6

2,48946723

148

24218

208178

1,207

1069371

118

17232

18228

114

1039373

114

16937

11828

110

83, 21839, 35429, 433

614399183

791.6666.063.0

620.4

104.167.249.4

47, 1131.4582,212

12, 72410, 4302,294

3,9111,087

64, 01522, 821

8,2773,4542,236

27, 4778,309

16.9595

105.4

2,138259

20128

26515

204164

1,083

976267

110

19628

18827

107

936269

110

16437

11727

106

92, 04729, 03446, 830

56952517

779.5648.565.4

627.4

100.551.6

43, 945

4,1021,087

17.0590

3,14656029

192

31724

276237

1,511

1079375

125

17335

19430

114

1049379

119

16036

12930

113

61, 09417, 55828, 959

1,5771,441

60

833.6700.064 1

91.8

4,086986

2,57046028

156

21434

221200

1,256

1149992

131

15864

20233

124

1069993

121

14149

13431

115

33, 3079,750

11, 903

2,6942,096

537

r Revised. <* Deficit. »Preliminary. , . .. n,.n ,©Revisions for 1956 for average cash fares are shown in the January 1958 SUKVEY and for operating revenues, in the April 1958 issue,c?Data for August and November 1957 and March, May, and August 1958 cover 5 weeks; other months, 4 weeks.©Revisions for February and March 1955 and 1956 appear in the April 1958 SURVEY.9 Includes data not shown separately.

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

S-24 SURVEY OF CURRENT BUSINESS October 1958

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

TRANSPORTATION AND COMMUNICATIONS—Continued

TRANSPORTATION— Continued

TravelHotels:

Average sale per occupied room dollarsRooms occupied- _ _ _ _ _ percent o f totalRestaurant sales index same month 1929—100

Foreign travel:U. S. citizens: Arrivals _ _ _ _number__

Departures. _ _ _ __ _.do ...Aliens: Arrivals. _ _ _ _ _ _ d o _

Departures doPassports issued and renewed _ do

National parks, visitors thousands..Pullman Co.:

Revenue passenger-miles. . _ millions- _Passenger revenues _ thous. of doL.

COMMUNICATIONS

Telephone carriers:Operating revenues 9 - _ _ -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, incl. depreciation do __Net operating revenues do

Ocean -cable:Operating revenues doOperating expenses, incl. depreciation doNet operating revenues _ do

Radiotelegraph:Operating revenues.-. __ _ _ _ _ do. _ _Operating expenses, incl depreciation doNet operating revenues do

8 7968

270

186, 508144, 29295, 86661 64242,320

5,076

4286,496

562, 223313 230199 107367 918

80, 70754, 677

20 67318, 5351 358

2 7962,463

48

3,4112 637

670

8.5871

271

157, 049115,945102,09264 21332, 0892,227

3865, 870

547, 338315 464181 062354 79380, 11154, 923

20 43518, 0351,572

2 8402,471

92

3,4102,684

613

9.0177

272

119, 14895, 82481, 10455 74030, 3871,073

3996,062

573, 410325 268197 052381 30480, 69055, 309

20, 97018, 4121,731

3, 2432,282

655

3,6002,771

718

8 8167

262

95, 90979, 43168, 03649 47826, 262

430

3645,522

564, 297325 853187 067366 20983, 70055, 536

18 74517, 533

451

2 9952.322

389

3,2602 648

512

7 9854

241

93, 952100, 11767, 92661 30828, 419

342

4206, 382

579, 975331 492196 124392 194

79, 54555, 781

20, 33017, 9412 075

3 2062,387

463

3,4392 895

443

8 3168

259

95, 814107, 71166, 58737 20648 238

382

4627,044

577, 513333 297191 67438l'312

79 44255, 959

19 46717, 972

497

3 1882,415

464

3, 4322 815

503

8 3169

254

93, 460100, 548

56 30745 51656 521

371

3745,765

559, 574330 850176 685358 12781, 82656, 101

17 95216, 489

536

2 8912,200

418

3,1012 646

342

8 0467

243

109, 116113, 16277, 17457 64275 652

410

3815,938

579, 203333 7?9192 665374' 63284 48956, 244

19 36017, 413

986

3 0712,288

500

3,3432 737

493

8 6869

265

105 173117, 15677 15160 13999 054

687

3595,585

582, 147336 933192 266371 72387 47856, 426

19 69817, 7701 032

2 8542,213

361

3,3402 705

522

8 1568

303

117 417134 76886 39870 77488' 1681 350

3455,376

589, 161338 344196 798369 17793 07156, 635

19 96118, 070

977

2 9462,394

283

3,5082 814

574

8 7369

280

141, 362196, 42991 99886 05273 2513,095

3976,153

590, 595339 292197 918360' 538

97 39156, 834

20 22918,0111 335

2 8992,245

382

3,395r 2, 725

551

8 1760

242

59 0625 116

3375,209

595, 002337 gOO203 105370 24693 85157, 044

19 78918 825

94

3 0292,501

247

o cyo

2 851619

j

9 14 8 8465 69

059 266

46 924 38 0395 507

CHEMICALS AND ALLIED PRODUCTS

CHEMICALS

Inorganic chemicals, production: tAmmonia, synthetic anhydrous (commercial)

thous of short tonsCalcium carbide (commercial) doCarbon dioxide liquid gas and solid doChlorine, gas doHydrochloric acid (100% HC1) do

Nitric acid (100% HNOs) doOxygen (high purity) mil. of cu. ftPhosphoric acid (100% P20s)§ thous of short tonsSodium carbonate (soda ash), synthetic (58% Na2O)

thous of short tonsSodium bichromate and chromate doSodium hydroxide (100% NaOH) doSodium silicate, soluble silicate glass (anhydrous)

thous of short tonsSodium sulfate (Glauber's salt and crude salt cake)

thous of short tonsSulfuric acid:

Production (100% H2SO4) doPrice, wholesale, 66°, tanks, at works

dol per short tonOrganic chemicals:^

Acetic acid (synthetic and natural), productionthouQ of Ib

Acetic anhvdride, production doA.cetvlsalicylic acid (aspirin) production doAlcohol, ethyl:

Production _ __ thous. of proof gal _Stocks end of month total do

In industrial alcohol bonded warehouses doIn denaturing plants do__

Used for denaturation doWithdrawn tax-paid do

Alcohol, denatured:Production thous of wine sralConsumption (withdrawals) doStocks end of month do

Creosote oil production thous of galDDT production thous of lbEthyl acetate (85%) production doEthylene glycol production doFormaldehyde (37% HCHO) production doGlycerin, refined, all grades:

Production doConsumption do _Stocks end of month do

Methanol, production:Natural thous. of galSvnthetic do

Phthalic anhvdride. nroduction thous. of lb_

r 295 187.6

r 97 5r 325. 4

r 77 0

r 235 7r 2, 837r 128 7

391 6T 8 0

r 356 1

46 0T 65 1

1, 312. 7

22 35

51 72676, 8861 240

41, 48128 908

r23, 5185,390

37, 551812

' 20 265' 21 151

4,607

10 8959 3067 416

109 117103 324

22, 01218, 02253 635

16518 00024. 240

' 292 688.9

T 77 0* 332. 0

r 75 8

r 221 6r 2, 868r 137 2T 372 8

8 5r 369 5

53 9r 62 8

1, 356. 8

22 35

50 72581, 0271 569

39, 048?6 04320, 780

5,26335, 180

901

19 04118 0425,576

9 8129 1936 938

105 236105 068

21, 77016, 76755 452

10116 48829. 653

r 327 586.6

r 70 4' 340. 3

r 81 1r 254 6r 3,018r 141 7r 406 2

9 0r 377 2

58 5r 73 3

1, 440. 7

22 35

48 16884, 2381,907

41, 10924 44120, 3604,081

41, 087942

22 21822 9854,978

10 °448 9329 801

104, 543123 410

22, 90918. 69254, 288

'•10518, 66530, 317

' 31 5 386.5

r 59 6' 324. 1

T 78 6

' 234 7r 2, 842r 131 4

404 18 7

T 363 7

47 7r 71 9

1,325.7

22 35

47 25985 266

] 774

42, 65427 77523. 460

4,31538, 3191,163

20 67221 8083 870

9 9369 0179 002

106 358117 081

19 79916, 21153 739

13417, 747

1 31.231

' 324. 487.0

r 60 0' 324. 4

T 78.3r 255. 9r 2, 654r 126 7

372.6'9.5

T 363 2

43 3r67.9

1, 307. 3

22 35

48 82986, 6752, 034

41, 37333 58229, 296

4,28735, 674

741

19 29019, 6763,571

9 7298 8709,074

103, 997104 466

20, 46514, 47061, 149

14819, 58831,913

326 981.558 1

311.676 4

252 12,650143 2

362 88 8

353 9

1 41 3

70.0

1,351.2

22 35

47 51780, 8082, 144

46, 36336 19031, 694

4, 49640, 651

758

21 88521,8953,470

8 50610 4516 281

106, 806111 467

18,82215, 65861, 429

16518, 19725, 436

286. 766.851.9

267.564.8

213.32, 559135.1

346.47.2

309.2

1 40.4

60.8

1,214.1

22.35

39, 71078, 2331,778

39, 34529, 92325, 740

4, 18335, 535

1,050

19, 12219, 4733,228

7 33910, 7935,314

94, 875104 663

17, 84014, 73162, 163

16716, 96522, 638

339 075.859 8

288.866 1

242 12,592155 2

373 78 0

333 2

i 46 6

69 8

1, 363. 7

22 35

40 21071, 2592 022

42, 73330 44428 0332,410

39, 009763

20 99020 4123,868

8 54011 8816 198

89, 167110 881

18, 11215, 60260, 416

19618, 58527, 340

329 270.562 1

277. 565 6

235 52, 583157 1

340 06 4

322 0

1 38 6

65.9

1, 296. 9

22 35

40 79167, 2581,910

42, 14631,63129, 0162,615

40, 413882

21 75620, 9254,436

8 50911 3513,879

84, 73098 319

15, 90216, 39156, 232

18016, 43024, 090

348.273.573 6

287.967.7

210.12,983153. 2

346.08.8

331 0

1 34.6

60.5

1, 309. 8

22.35

44, 27976, 5861,759

44, 04835, 55132, 5043,048

39, 499898

21, 23020, 041

5,949

8,63412, 1855,764

89, 542103, 721

15, 74216, 38352, 698

19519, 16223, 904

336.359.784.7

279.664.3

175.53,067139.3

338.47.7

r 318. 4

1 32.8

53.2

1, 216. 2

22.35

47, 90689, 871

1, 695

38, 85837, 73835, 1132,624

35, 802800

19, 28819, 3525, 865

9, 35412, 173

r 6, 54888, 210

108, 888

17, 94416, 39449, 737

17516, 09223, 426

294 763.4

' 92 2283.460.3

191.8' 2, 874

139.8

345. 53.8

317.4

1 30.3

'55.4

1, 207. 5

22.35

48, 14880, 769

1,602

39, 33937, 75734,8402,917

36, 320600

19, 59818, 8316,808

8,47112, 7226,872

99, 15187, 472

15, 33115, 50246, 324

15317, 03424, 107

280 672.492 6

293.664.9

196 93.315132 4

375.76. 7

332.61 40.2

60.2

1, 231. 8

p 22. 35

39, 75138. 66936, 100

2,57038, 389

625

20, 62019, 5497,794

17,90216, 31743, 087

149

"

r Revised. v Preliminary. ! Excludes quantities produced and consumed in making meta, ortho, and sesquisilicates.9 Includes data not shown separately.t Revisions for 1956 and January-July 1957 will be published later; revised 1955 figures for phosphoric and sulfuric acid are available upon request.§ New basis. Data previously published may be converted to new basis by multiplying by .3622. Revisions for January-July 1957 on new basis (thous. short tons); 122.3; 127.2; 138.0:

129.1; 138.8; 119.9; 120.1.cf1 Data (except for alcohol) are reported on basis of 100-percent content of the specified material unless otherwise indicated.Digitized for FRASER

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

October 1958 SURVEY OF CURRENT BUSINESS S-25

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

CHEMICALS AND ALLIED PRODUCTS—Continued

FERTILIZERS

Consumption CIO States)© thous. of short tonsExports, total 9 _ _ __ _ short tons

Nitrogenous materials doPhosphate materials _. _ . d oPotash materials do

Imports, total 9 . . -. do _Nitrogenous materials total 9 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 (100% available phosphoric acid) :

Production short tonsStocks end of month do

MISCELLANEOUS

Explosives (industrial), shipments:Black blasting powder thous oflbHigh explosives do

Sulfur (native) :Production thous of long tonsStocks (producers') end of month do

FATS, OILS, OILSEEDS, AND BYPRODUCTS

Animal fats and greases :cTTallow, edible:

Production J thous of lbConsumption factory^! doStocks (incl refined °'rodes) end of month do

Tallow and grease (except wool), inedible:Production^ doConsumption factory^!! doStocks (excl refined grades) end of month do

Fish and marine mammal oils: AProduction^ doConsumption factory! _ doStocks end of month _ __ __ do

Vegetable oils, oilseeds, and byproducts:Vegetable oils, total:

Production crude! mil oflbConsumption crude factory! doStocks, end of month:!

Crude -- doRefined - do

Exports thous of lbImports 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 IbRefined 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 tons

Cottonseed oil, crude:Production thous of IbStocks end of month! do

Cottonseed oil, refined:Production doConsumption factory! do

In margarine - - doStocks end of month! mil oflbPrice wholesale drums (N Y ) dol per Ib

Flaxsced:Production (crop estimate) thous. ofbuOil mills:

Consumption doStocks end of month do

Price, wholesale, No. 1 (Minneapolis) _ dol. per bu._

185582, 497

87, 709440, 652

26 145

181, 947105, 84036, 04912 02741 678

48 00

114 455

172 837324 846

19580 288

4704 173

25 68224, 26016 900

227 447152 561247 307

25 74210 78577, 512

464464

462272

88 23439 4811 707

37 774

25 27413 50422 787

32 30035 421

54 79335 775

36 97610, 02317 813

238142260

71, 002209 556

48 39336 787

43 777103 76415, 048

99185

3,3732 6153.25

301503, 418

57 439394, 737

34 449

180, 198108 89936, 449

7 25635 839

48 00

158 612

191 975346 814

30786 887

4454 273

23 37724, 08615 055

208 097140 566231 469

22 95812 24982, 035

486438

478242

68 91139 084

38538 699

25, 5039 824

22, 751

32 60418 226

32 81624 595

52, 2084,467

16 329

504346418

166, 582209 213

114 71564 027

75, 52994 42915, 571

82180

2,9813 7073.40

411464, 97489 941

327, 23820 608

192, 190106 96521, 72417 83841 720

113 306

218 245342 657

?9982 141

4624 305

23 04623, 85013 352

237 040155 053239 287

23 74313 75392, 372

661585

511269

93 30543, 5551 885

41 670

32, 62715 06539, 410

41 58851 702

76 57341 806

37, 06511, 24514 238

1 140646912

299, 826249 333

223 092108 132

130, 973116 52018, 008

95195

2,7303 7943.40

334392, 048

70 852264,06441 859

205, 134155 27188, 29010 07922 839

49 75

160 852

207 990375 678

35269 603

4464 355

25, 78623, 13713 901

223 282137 141249 102

8 38710 64089, 110

641537

609306

55 14639, 8871 157

38 730

32, 45023 97936, 483

41 06934 712

53 01932, 532

38, 82111,91314 460

932610

1 233

280, 242261 578

203 699127 828

133, 777109 61015, 685

114195

2,3734 6623.35

287361,631

72 221272, 165

7 722

211, 548160 75750, 7719 439

26 194

49 75

124 833

213 861407 022

34068, 154

4724 423

23, 13217, 76319 763

211 279132 330270 070

6 41912 32978, 480

599531

675325

130 15650 799

98749 gn

32, 554

30, 183

41 57429 178

48 53329, 526

56, 84012, 28723 099

925542

1 616

246, 686246 341

180 635124 341

131, 698107, 95615,619

132205

i 25, 754

2,0694 4143.42

314310, 92960, 753

216, 26316 992

298, 502220, 12136, 10914 81339 905

49 75

173 131

222 379417 598

29364, 719

4614 540

24, 75520, 79123 458

231 653148, 147267 193

38410, 20971, 148

614606

659337

89 16949, 254

1,79547 459

31, 46916, 72132, 120

40 16736, 367

55, 51633, 107

57, 32911, 06519, 776

273522

1 367

238, 031241 455

174 440129, 699

138, 290115, 27317, 777

152205

1,8544,7193.34

433289, 91680, 534

176, 18517 508

'224,835137, 63233, 552

7 926T 49 451

49 75

153 573

210 399410 915

25958 393

4154 621

25, 69825, 43023 927

203 628126, 104244 655

4409,619

66, 532

528540

648348

44 65130, 3413 496

26 845

20, 33418, 12216, 416

25 14636^ 425

52, 04630, 766

46,64111, 16310, 589

81407

1 042

186, 389224 694

140 101136, 965

108, 72994, 79614, 736

161205

1,9424, 1553.21

1,134361, 372

40 681254 51954 118

374, 303158 36432, 86210 75930 786

49 75

245 330

229 982358 747

19061 394

4294 621

22, 50322, 90020 691

193 459135, 987230 809

64710, 79059, 032

552559

668411

78 36145, 7991 009

44 789

22, 33310, 76112, 857

28 49037, 823

55, 07834, 863

41, 36812, 48520, 747

36327758

149, 743198 037

110 930124, 862

109, 42792, 91610, 263

189205

2,3122,8473.10

1, 648480, 61556 565

349, 96452 547

262, 087r 138, 293

39, 3956 392

55 731

49 75

314 277

241 668274, 457

10664, 580

4034 638

22, 59221, 44320 933

199, 340129, 185233 836

1,5478,576

78, 123

526565

641431

78 94728,3481,041

27 307

27, 1089,602

29, 668

35 23838, 745

54, 93235, 093

45, 93011, 50510, 993

12255516

117, 320189 776

87, 22487, 442

108, 42596, 36411,081

192205

1,6842,1272.99

1,314440, 89330 582

340, 99853 391

158, 34987 72636, 9038 5477 494

49 75

151 371

232 805267, 418

9166, 327

4154 620

27, 37924, 37624 047

205, 720128, 091229 349

16, 2489,320

84, 732

511568

592395

227 64155, 75017, 46038 290

31, 00613, 22632, 425

40 16236, 552

51,31638, 038

43, 5088,619

19, 102

5180341

81, 357182 734

61, 67571, 433

74, 53494, 0149,461

180205

1,5851,6442.96

902492, 27154 721

389 77737 403

139, 35691 07552, 527

7 16911 858

49 75

57 283r!72 722r315, 581

13268, 234

3844 662

25, 25323, 53523 812

199, 863127, 154240 242

26, 7919,064

96, 601

450539

526351

130 87434, 3011,731

32 570

28, 67514, 51228, 440

36 71638, 462

55, 27437, 092

41, 8818,7079,462

12127225

55, 749162 223

43, 20645, 678

66, 35184, 5898, 674

169201

1,3641,5473.00

280534, 79335 378

435, 34255 605

109, 72473, 69239, 458

6, 7959 618

49.75

114, 434

159, 919368, 519

19361, 432

3594,721

24, 34824, 85920 838

204, 902114, 480244 046

' 28, 497r 9, 079

-•105,984

457464

'521312

80, 53657, 325

83856, 487

26, 32916, 22123, 557

33 85934, 506

49, 23031, 065

49, 33910, 70033, 018

81132175

59, 542112 475

45, 05437, 972

49, 36882, 6588,877

130.201

1,0002,0643.23

486, 23145 502

391, 70638 256

p 49 75

221, 480

23873, 594

3564, 666

28, 11228, 92619 246

211, 439139, 076233 414

25, 74210, 197

110, 854

495502

507251

105, 692

30, 07911, 760

38 93441, 287

61, 72041, 855

54, 37210, 555

305148331

69, 37078 441

48, 12933, 025

47, 02991, 90111, 574

95P. 201

1,8722,9683.10

2 39, 969

3.00r Revised. *> Preliminary. 1 December 1 estimate of 1957 crop. 2 October 1 estimate of 1958 crop.©States represented are: North Carolina, South Carolina, Georgia, Florida, Alabama, Tennessee, Arkansas, Louisiana, Texas, Oklahoma. According to quarterly reports from Virginia,

consumption in that State is as follows (thous. short tons): 1957—July-September, 79; October-December, 66; 1958—January-March, 219; April-June, 331.9 Includes data not shown separately. cf For data on lard, see p. S-29.IRevisions for 1954-October 1956 for edible tallow and for 1956 for the following indicated series will be published later: Inedible tallow and fish oils (production and consumption, Janu-

ary-September); total vegetable oils (production, January, February, May, and June; consumption and stocks, January-September); crude cottonseed oil stocks, May; refined cottonseed oil(total consumption and stocks, March-May).

^Consumption figures for edible tallow exclude quantities used in refining; those for inedible tallow, etc., include such quantities.ABeginning 1955, data may include some refined oils (not formerly included); consumption figures exclude data for cod, cod-liver, and other oils, and stocks include only the quantities of

these oils held by producing firms.

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

S-26 SURVEY OF CURRENT BUSINESS October

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

CHEMICALS AND ALLIED PRODUCTS—Continued

FATS, OILS, ETC.— Continued

Vegetable oils, oilseeds, and byproducts—ContinuedLinseed oil, raw:

Production thous. of l b _ _Consumption, factory doStocks at factory, end of month _ doPrice, wholesale (Minneapolis) dol. per lb__

Soybeans:Production (crop estimate) _ _ __thous. of bu_.Consumption, factory doStocks, end of month _ _ _ _ __ _ _ _ d o _

Soybean oil:Production:

Crude ___thous . of l b _ _Refined do

Consumption, factory, refined}: doStocks, end of month: J

Crude doRefined _ .__ _ do

Price, wholesale, refined (Nr. Y.) dol. per IbMargarine:

Production thous. o f lbStocks (factory and warehoused, end of mo doPrice, wholesale, colored, delivered (eastern U. S.)

dol. per lb._Shortening:

Productiont thous. of IbStocks, end of month do

PAINTS, VARNISH, AND LACQUER§

Factory shipments, total _ mil. of dolTrade products doIndustrial f in ishes __ _ _ do

SYNTHETIC PLASTICS AND RESINMATERIALS

Production:Cellulose acetate and mixed ester plastics:

Sheets, rods, and tubes thous. of lb__Moldmer and extrusion materials doOther cellulose plastics do

Nitrocellulose sheets, rods, and tubes ... _ _ _do_ _ _Phenolic and other tar acid resins doPolvstvrene „ __ doUrea and melamine resins _ doViiivl resins do\lkyd resins doRosin modifications _ do _ _ _Polyester resins doPolyethylene resins _ _ _ - do_Miscellaneous do

68, 38748 49673, 249

.133

25, 38712,778

276, 614241, 083222, 759

199, 167113, 725

.175

116, 81228, 453

.275

160, 503108, 393

3,5807 200

511318

37, 04346. 52023, 59772, 26399 22810, 0487,336

58, 34915,313

58, 78743, 66172, 649

.142

22, 2456.370

244, 415210, 216221, 872

182, 123103, 781

.170

120, 73727, 303

.275

160, 293112, 674

4,1869,098

495281

37, 40648, 49623, 48672, 23829, 99310, 442

6, 66460, 18415, 874

52, 82943, 34864, 345

.148

28, 08466, 741

306, 746252, 453247, 491

194, 319110,813

.170

137, 80329, 391

.275

176, 608112, 538

3,8139, 663

546330

45. 31752, 75925, 93377. 08832, 97910, 9917,976

62, 55217, 681

45, 69935, 69675, 380

.149

29, 22780, 467

313,366240, 139231, 439

249, 323125, 027

.170

128, 78832, 205

.275

168, 555114,493

3, 6537,624

344339

37, 76947,81122, 92671, 53524, 9379,0976, 589

62, 93616, 046

39, 77127, 30889, 258

.150

i 479, 84128, 41778, 863

299, 940248, 735249, 682

281, 268124, 738

.170

134, 71626, 392

.275

150, 971120, 337

3,8857,778

259360

34, 37945, 90323, 09466, 45824, 059

7, 5906, 546

68, 51014, 741

35. 84732. 61687, 429

.150

31, 09170, 010

328, 321292, 857285, 901

261,537114, 704

.170

150, 86228, 930

.275

175, 410116,209

3, 5646, 138

874348

38, 81341. 70125, 63068, 97727, 92710, 340

7, 53369, 52215, 677

37, 78829, 17795, 766

.148

27, 10462, 897

288. 663276, 880271, 887

242, 552116,994

.170

135, 20234, 324

.275

167, 332124, 689

3,2836,677

671290

32, 50042,21621,87158. 32725, 805

8, 6437,910

61. 80112,938

44, 16635, 016

103, 080.143

30, 85057, 983

330, 112280, 886255, 936

264, 859142,617

.170

124, 38236, 625

.275

149,601134, 781

3,8237,653

736278

33, 26045, 83823, 90162, 69825, 876

8, 5068, 637

72, 12114, 478

32, 88832, 22699, 184

.140

31, 47751, 747

335, 600290, 285299, 146

282, 648159, 474

.170

131, 53133, 163

.275

154, 348134, 633

145. 595 250.3

3,7526,452

775229

29, 40348, 35922, 23754, 43627,91410,1179, 966

66, 81315,313

30, 59733, 16893, 066

.138

32, 20840, 879

347, 301333, 009344, 673

245, 125147, 884

.170

121, 33834, 520

.275

158,197132, 677

156.9106.250.7

3 3, 6373 6, 874

(3)246

30, 24948, 51523, 21556. 78528, 09911,05610,86870, 96315, 834

26, 34339, 90177, 364

.137

28, 70636, 194

310, 913299, 924307,519

222. 903119,796

.166

112,91233, 906

.272

158,180132, 324

r 158. 6r 107. 9'50.7

3 4, 0433 6, 176

(3)231

31, 17647, 51321, 049

r 57, 98629, 6779,238

10, 74368, 06815, 343

19, 14739, 64657, 279

.137

29,9~56~30, 916

327, 856251, 997268, 445

243 232120, 324

.155

120, 88432, 406

.265

151, 599122, 856

149.3101.947.4

3 3, 4973 6, 909

(3)205

28, 47640, 98817, 94053, 29428, 5528,8768, 962

70, 03514, 388

37, 15542, 83152, 087

P. 136

31, 62013, 990

340, 868279, 672308, 269

238, 21498, 526p . 155

118,02030, 752

p. 265

168, 755115,321

2572,586

ELECTRIC POWER AND GAS

ELECTRIC POWERProduction (utility and industrial), total t

mil of kw hrElectric utilities, total do

By fuels ._ _ doBv water power doPrivately and municipally owned utilities doOther producers (publiclv owned) .do. -

Industrial establishments, total doBy fuels doBv waterpower __ do

Sales to ultimate customers, total (EEI)+_ . ._ .do _ _Commercial and industrial:

Small light and power doLore'e light and power do

Railways and railroads doResidential or domestic-. __ do _Rural (distinct rural rates) __ _ doStreet and highway lighting doOther public authorities.-. _ _ _ _ _ d o _ _ _Interdepartmental do

Revenue from sales to ultimate customers (EdisonElectric Institute) J thous. of dol

GAS

Manufactured and mixed gas (quarterly) :d"Customers, end of quarter, total _ _ .thousands..

Residential (incl house-heating) doIndustrial and commercial _ do

Sales to consumer^ total mil of thermsResidential (incl. house-heating) doIndustrial and commercial _ do

Revenue from sales to consumers total mil of dolResidential (incl house-heatii1or) doIndustrial and commercial _ _ d o -

47, 976

8, 83924, 026

32211,9961,339

3881,007

59

796, 383

47, 382

8, 68023, 845

31511,8971,189

415985

56

793, 263

'3,213T 3, 002

r 209r 306

179r 120

! r 49 0

46, 304

7,96924, 120

32611,493

908457989

42

771, 174

46, 042

7,77223, 367

33112, 322

74149198236

773, 505

47, 062

7, 93222,911

36213, 553

730516

1,01246

798, 014

• '3,165r 2 952

r 211r 596r 430

!

i

r 158

r 82 1r 35 2 1 1 ! r 63 6' 1 3 . 4 1 ! ! ' i8.o

62 21655, 36342, 83812, 52544, 45410,9106, 8536 544

30948, 433

8,14422, 603

37614, 919

776529

1,03749

824, 613

56, 21950, 05639, 08210, 97440, 2389,8176, 1645, 874

28946, 987

7, 96121, 649

34914. 691

762477

1,05444

811,224

59, 15852. 62339, 91712, 70641, 69310, 9306, 5356,206

32946, 703

7,83122, 156

35214, 026

787463

1,04148

797, 337

3,1532 944

207958756195

123 499.7

1 23.2

55, 78549, 48936, 49112, 99939, 06210, 4276, 2965,976

32045, 263

7,69921, 889

32613, 144

728423

1,02035

776, 596

57, 52851, 18337, 57413, 60940, 69810, 4856, 3456,031

31444, 707

7,78222, 155

30512, 173

798398

1,04750

763, 006

58, 19651, 92740, 34311, 58441, 9769, 9516,2695,990

27945, 746

8,41922; 439

29112, 0611,021

3801,077

57

786, 752

3 152

61,32754, 99143. 38311, 60844, 47910, 5126,3366,082

25346, 646

8,91522 261

28412, 4161,244

3891,074

63

805,925

63, 28056, 64545, 45111,19445, 76010, 885

6, 6346,382

253P 48, 975

P 9, 550P 23 375

P 12, 925

9 Q40 !

210553396148

78 fififi Q

l 17.2 'r Revised. v Preliminary. 1 December 1 estimate of 1957 crop. 2 October 1 estimate of 1958 crop. 3 Effective May 1958, data for "other cellulose plastics" are combined with sheets,

etc., and molding and extrusion materials.^Revisions will be published later for indicated series as follows: Soybean oil consumption and refined stocks, March-May 1956; crude stocks, April 1956; shortening production, March 1956;

electric-power sales and revenue, January-December 1956. Electric-power production revisions for 1956 appear on p. 20 of the March 1958 SURVEY; those for January-December 1957 will be avail-able later. See earlier editions of the SURVEY for unrevised 1957 data.

§ Data are based on a new and improved sample; they relate to specific products instead of the former "customer" classification. Comparable figures for January-March 1958 will bepublished later.

cfTotals include data not shown separately. Revisions for 1st and 2d quarters of 1956 and 1957 are available upon request.

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

October 1958 SURVEY OF CURRENT BUSINESS S-27

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS August Septem-

ber

1957

October Novem-ber

Decem-ber

Janu-ary

Febru-ary March April

1958

May June July August Septem-ber

ELECTRIC POWER AND GAS—Continued

GAS— Continued

Natural gas (quarterly ):cfCustomers, end of quarter, total _ thousands

Residential (incl house-heating) doIndustrial and commercial . do

Sales to consumers, total.. __mil. of therms _Residential (incl. house-heating) doIndustrial and commercial do

Revenue from sales to consumers total mil of dolResidential (incl house-heating) doIndustrial and commercial do

r 26, 881r 24 804

r 2, 048

' 14, 600r 2, 082

r 11 506r611 2r 243. 0r344 7

r 27, 716r 25 492

r 2, 193

' 19, 577»• 6, 560

r 12 035r l 019 7

r 575. 6p 417 2

27, 90125 6742,194

25, 13011,83212, 345

1, 490. 6970.5491 2

27, 72725 5632,132

17, 5545, 608

11, 296

946.4528. 5399.1

FOODSTUFFS AND TOBACCO

ALCOHOLIC BEVERAGESBeer:

Production thous of bblTaxable withdrawals doStocks, end of month _ _ _ -do

Distilled spirits:Production thous of tax galConsumption, apparent, for beverage purposes

thous of wine galTax-paid withdrawals thous. of tax gaL-Stocks, end of month. _ do

Whisky:Production thous. of tax galTax -paid withdrawals doStocks end of month doImports thous of proof !?al

Rectified spirits and wines, production, total?thous of proof gal

Whisky doWines and distilling materials:

Effervescent wines:Production thous of wine galTaxable withdrawals doStocks end of month doImports do

Still wines:Production doTaxable withdrawals doStocks end of month doIrnnorts do

Distilling materials produced at wineries d o _ _ _

DAIRY PRODUCTS

Butter, creamery:Production (factory )t thous. of IbStocks, cold storage, end of month doPrice, wholesale, 92-score (New York).__dol. per lb_-

Cheese:Production (factory) total 1 thous of Ib

American, whole milkj do

Stocks, cold storage, end of month, total doAmerican, whole milk _ _ do

Price, wholesale, American, single daisies (Chicago)dol. per l b__

Condensed and evaporated milk:Production, case goois:t

Condensed (sweetened) thous of IbEvaporated (unsweetened) do

Stocks, manufacturers', case goods, end of month:Condensed (sweetened) thous. of Ib

Exports:Condensed (sweetened) doEvaporated (unsweetened) do

Price, manufacturers' average selling:Evaporated (unsweetened). _ __ dol. per case. -

Fluid milk:Production^ mil. of IbUtilization in manfactured dairy products do _._Price wholesale, U. S. average dol. per 100 Ib -

Dry milk:Production :J

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 foodjj do

Exports:Dry whole milk _ _ doNonfat dry milk solids (human food) d o _ . _

Price, manufacturers' average selling, nonfat drymilk solids (human food) dol. per lb_

8,3548 482

10, 805

11 002

16 99411, 568

845, 1221 942

5,2625 482

739 0481 740

5 611

4,219

336155

2,03949

4,13210, 888

122 608509

10, 566

108, 955171,815

.607

118 53589, 155

513, 2804-66, 815

3 208

.388

4 500216 500

7,517438 666

3 35019, 897

6.06

10, 7363,929M. 18

7,000119, 200

12 736131, 546

5,16824, 192

.153

6,8386 884

10, 333

23 650

18 04713, 786

842, 1912 579

8,2147 604

736, 3202 332

7 2275,918

172184

2,00759

42, 22713, 680

149 569620

97, 449

91, 265145, 262

.624

101 03572, 835

502, 852458, 427

3 214

.391

3,950170, 900

7,533428 868

1 71215, 762

6.05

9,5383, 307r 4. 46r

6, 70089, 400

11,095107, 023

2,68129, 588

.153

6,7696 517

10, 135

34, 060

20 80819, 463

838, 1223 532

12, 18910 283

734, 3083 159

10 5329,023

187276

1,89296

69, 44315, 355

206 200848

123, 025

100, 540126, 921

.613

99 58068, 810

468, 427429, 443

5 144

.392

4,475162, 500

6,634379 641

2,50416, 375

6.05

9,3793,4544.56

8,200100, 460

11,67192, 804

3,66630, 260

.152

5,2475 7239,337

21, 866

22 05216, 014

836, 7713 644

11, 7439,170

733, 9483 310

8 9317, 553

178329

1,722104

12, 77412, 476

203, 882813

25, 263

93, 770109, 373

.607

89 18059, 180

440, 677404, 135

4,892

.392

3,300137, 200

6,469262, 925

1,51310, 854

6.08

8,7713,1484.62

7,300104, 200

11,01383, 253

3,72228, 929

.154

5,9526 4208,495

19, 412

24 35211,042

842, 1623 129

11.9175,787

737, 5872 770

6 2565,095

218308

1,609141

3,72712, 332

190, 76590S

5,044

106, 33087, 312

.609

97, 67064, 625

410, 524376, 618

5,871

.396

3,350143, 500

5,834215, 465

1,56812, 038

6.14

9,3463,5104.51

8,400127, 700

8,96485, 688

5, 35011,203

.154

6,7745 9388,941

19, 732

14,51510, 279

849, 7141 744

11,9515,520

742,1111,570

4,9153,805

251166

1,66852

2,41011, 507

181, 670622

3,192

118, 13586, 114

.604

100, 33067, 605

380, 531344, 943

4,562

.395

4,150145, 000

5,384158, 966

2,1839,547

6.15

9,8003,7714.42

7,100142, 700

9,42387, 334

3,00013, 052

.154

6,2735 2359,618

18, 808

14 63210, 990

853, 8941 848

11,4776,009

745, 3191,640

5 5314,586

272119

1,81434

1,72010, 792

171, 126488

1,091

112,39087, 684

.604

94, 93564, 740

353, 469318, 444

3,898

.395

2,700135, 000

4,287108, 106

2,7816,881

6.15

9,4823,5654.33

5,500135, 100

7,28182, 238

3,6107, 756

.153

7,2776,253

10, 233

19, 770

16, 42612, 523

858, 371r 1 963

12, 6766,285

749, 043r 1, 736

5,8884,870

289138

1,949••45

2,05912, 732

160, 482r 591

1,861

129, 400106,315

.599

116,20580, 255

339, 873307, 487' 5, 273

.394

4, 250175, 900

5,50187, 190

1,7527,322

6.15

10, 9444,2174.16

6,000165,700

7, 50389, 345

1,82310, 117

.152

7,4656,746

10, 527

18, 886

15, 78511,590

863, 0891 987

11,7105,734

751, 8811,768

5,6324,523

281154

2,06044

1,75711, 520

148, 906653

1,074

131, 340115, 548

.588

128, 34593, 075

328, 349293, 270

4,220

.380

6,050209, 200

6.690107, 167

1,7106,353

6.12

11,4134,4623.88

6,800177,700

8,17885, 002

2,13333, 009

.141

8,6757,963

10, 760

16, 538

18, 19213, 158

862, 7702 385

10, 3376,511

752, 4862,143

6,4315. 094

208183

2,06967

1,06111,378

139, 483777742

150, 735135, 492

.586

156, 600118, 870

330, 770295, 554

4,776

.384

5,000283, 000

7,009187, 764

5,4359,781

6.10

12, 8895,3083.74

8,300214, 000

8,995120, 320

3,2506,723

.137

9,5688, 580

11, 223

12, 208

16,93513, 802

858, 2811 978

7,5636.955

750, 5281,736

6,4065,066

284199

2,14053

1,41411,066

127, 200589

1,527

145, 125170, 575

.586

156,300118,970

353. 801315, 778

4,360

.388

6,300270, 000

8,147269, 570

2,63311, 928

6.11

12, 3785,1633.68

7,950207. 000

10, 067144, 860

2,34831, 053

.136

9,7128,945

11, 446

7,672

16, 38811,411

852, 6172 438

4,2825, 219

747, 5342,219

5,9224,837

159146

2,14043

1,33610, 117

115, 921599

2,154

126, 930190, 439

.586

135, 850101, 705

364, 804319,160

3,281

.389

5,250249, 500

7,622330, 803

3,0179,730

6.11

11, 4694,5333.87

6, 750157, 000

10, 143134, 866

1,75415, 912

.137

7,6808,184

10, 470

9,758

13, 056845, 697

4,0336,815

742, 319

5,9464,533

259136

2,243

3,10911, 037

109, 499

13, 298

97, 900r 178, 352

.594

117, 51086, 250

>• 363, 026' 315, 275

.389

3,825214, 560

5,894373, 615

2, 4863,338

6.15

10, 5933,678r 4. 06

6, 300112, 000

9,205113, 993

1,88822, 450

.137

145, 178.613

341, 486296, 355

.390

9,473

'"vi~29~

'".'."'.'.'.

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

S-28 SURVEY OF CURRENT BUSINESS October 1958

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

FOODSTUFFS AND TOBACCO—Continued

FRUITS AND VEGETABLESApples:

Production (crop estimate) thous. of buShipments, carlot_ . _ _ no. of carloadsStocks, cold storage, end of month thous. of bu_.

Citrus fruits, carlot shipments. _ __. no. of carloads,.Frozen fruits, juices, and vegetables:

Stocks, cold storage, end of month:Fruits thous. of IbFruit juices and purees doVegetables do

Potatoes, white:Production (crop estimate) thous of cwtShipments, carlot- no. of carloadsPrice, wholesale, U. S. No. 1 (New York)

dol per 100 Ib

GRAIN AND GRAIN PRODUCTS

Exports (barley, corn, oats, rye, wheat) thous. of bu

Barley:Production (crop estimate) - do _Receipts, 4 principal markets f doStocks, domestic, end of month:

Commercial doOn farms do

Exports, including malt§_ _ _ _ doPrices, wholesale (Minneapolis):

No. 2, malting __. dol. per buNo. 3, straight __ _ _ d o _ _

Com:Production (crop estimate) __ _ mil. ofbuGrin dings, wet process thous. of bu.-Receipts, interior primary markets doStocks, domestic, end of month:

Commercial doOn farms mil of bu

Exports, including meal and flour .thous. of bu_-Prices, wholesale:

No. 3, yellow (Chicago) dol. per bu._Weighted average, 5 markets, all grades do

Oats:Production (crop estimate) mil. of buReceipts, interior primary markets thous. of buStocks, 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 bags 9California:

Receipts, domestic, rough _ thous. of IbShipments from mills, milled rice doStocks, rough and cleaned (cleaned basis), end

of month thous of IbSouthern States (Ark., La., Term., Tex.):

Receipts, rough, at mills doShipments from mills, milled rice doStocks, domestic, rough and cleaned (cleaned

basis), end of month mil. of IbExports thous. of lb._Price, wholesale, head, clean (N. O.) dol. per lb_.

Rye:Production (crop estimate) thous. of buReceipts, interior primary markets _ . _ doStocks, commercial, domestic, end of month doPrice, wholesale, No. 2 (Minneapolis) _ _ _ dol. per bu_.

Wheat:Production (crop estimate), total mil. o fbu

Spring wheat do_ __Winter wheat.., _._ do

Receipts, interior primary markets thous. of buDisuppearance (quarterly total).. . . . _ _ _ ___ do _.Stocks, end of month:

Canada (Canadian wheat) do .

United States, domestic, totaled. _ _ _ _ mil. o fbuCommercial1! thous. of bu_ .Interior and merchant mills, elevators, and

warehouses thous. of bu . .On 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 _ _ _ d o _ _

56340

5,797

550, 700445, 713873 685

9,388

3.841

60, 195

22 973

44 894

3,305

1.1761.115

12, 32121, 525

128, 029

18, 643

1.3121.260

26, 275

24 314

3,490.674

54, 24533 239

42 469

70 42889, 787

256. 437, 884

.094

2,1247,5151.281

65, 777

396, 776

437, 937

34, 34629 497

2. 3612 1122.1082.289

80812, 215

4,514

566, 338398, 485984, 765

10, 146

3.290

49, 873

11,556

44 855275, 531

3,820

1.2281.160

11,71616, 864

120,3172 419 613, 867

1. 2621.184

7,805

25 4201 056 555

1,694.650

33, 19545 839

17 151

485, 373124,672

472.0147, 210

.093

8527,6841.304

35, 801254, 510

382, 848

1, 603. 4412, 237

714, 403393, 898

30, 42525 845

2.3822 1212. 1392.302

3, 46648, 634

4,734

545, 092337, 273993 230

12, 738

3.708

55, 497

14, 071

41, 471

~ 6,821

1.2641.197

12, 95220, 520

110,211

15, 141

1.1891.151

7,278

22 225

2,133.632

105, 54535 592

49 380

1.185,118171,798

989.994, 713

.095

5246,2091.306

29, 674

379, 043

417, 052

30, 99925 656

2.4282 1322 1782. 326

2 76845, 621

6, 505

522, 747274, 368957 089

13, 270

3.350

60, 335

12 357

39 203

6,600

1.2481.174

11,68239, 700

105, 664

20, 530

1.1571.103

5,090

18 046

2,802.750

60, 96833 836

55 802

399 837141, 132

1,064.497, 996

.095

6355, 3781.330

26, 913

367, 214

398, 347

29, 77424 097

2. 4392 201(4)

2. 356

1 118,5483,212

37, 368

8,573

494, 275288, 625881 717

'239 53913,612

3.288

64 199

1 435, 69513 947

37 306209, 236

10, 366

1. 2241.142

1 3, 40310,51153 974

107 3622 457 522, 360

1.1481.032

1 1 3086,196

15 135853 776

3 031. 646

1 43 130

46 96027 681

58 179

98 760104 282

999. 686, 378

. 096

i 26, 528544

4 4881.334

1 947 11 239. 91 707 220, 595

221 703

377 420

1,384 8360, 662

659, 996291,629

27 86123 490

2.3902 1822 2782.301

3,19925, 310

7,059

443,980362, 743780 616

16 743

3.800

64 831

14 995

31 766

9,011

1 2301.172

11,82246 017

112 728

20, 108

1.1081 005

5,418

12 971

1 570.647

65 84243 117

58 335

74 187137 416

913.053, 896

.096

2153, 5121.284

28, 823

380 072

362, 829

33 51627 813

2.3752 2112 2582.304

3, 10218, 229

6,043

402, 077413, 994698 325

16,711

3. 808

52 391

11 860

29 080

7, 179

1.2501.185

11, 33629 586

110 864

16, 045

1.1281.067

4, 111

12 600

1 914.654

65 37438 961

59 873

75 812143 910

820.2110,835

.098

2572 9381.323

28, 937

373 483

356, 640

27 18422 479

2.3652 200(4)

2.285

3, 4649,412

6,323

361, 732439, 761621 568

20, 306

5. 300

48 840

9 604

25 073149, 199

8, 153

1 2591. 187

11,63837 744

111 3751 672 7' 7, 963

1. 1651 081

6,758

10 846542' 592

'559.662

34 39031 809

49 433

92 428137 968

676. 3150, 219

.098

3362 3361.335

26, 612265 269

361 862

1 122 3335, 916

535, 579176, 246

32 16426 823

2.3832 273(4)

2.326

2, 1154,195

6,114

297, 391490, 771576 539

15, 320

5.675

65, 912

7 676

20 068

11,910

1. 2891.216

12, 06443 900

112 538

15, 414

1.2881 201

5,174

8 698

2 597.685

55 79435 958

47 331

31 464110 265

561. 7116, 030

.103

2061, 8661.354

24, 153

355 159

346, 820

34 96228 6?0

2.4172 2622 2822.351

1,3401,188

7,500

316, 493513,471535 770

17, 475

4.675

55 585

9 694

15 921

10 382

1 3111.218

12, 13926 039

110 526

11, 185

1.3111 258

4, 125

5 804

4 131.633

51 97538 140

43 026

12 32386 687

507. 741, 678

.101

1,0471 8161.386

20, 509

347 510

338, 279

29 88724 799

2.4332 271(4)

2. 383

440364

5,388

425, 922464, 068550 078

16, 909

4.783

r 64 054

13 532

31 0403 62, 462

r 9, 601

1.3101.215

12, 05324 303

107 8331 025 910, 753

1.3501 284

6,533

8 4523 275' 124

r 2 688.641

86 62852 702

47 735

19 067104 771

504.496, 815

.101

5,5163 9691.228

33, 261244 540

370 6073 880 8

3 304, 782

s 447, 4293 50, 291

40 74134 963

2.4731 902(4)

2.271

176140

4,429

502, 334412, 398650 924

10, 973

3 315

59 175

10 637

41 601

14,423

1 3281.229

11, 73222 440

99 309

13, 207

1.3441 273

1A-, 915

13 113

3 312.664

115 58379 224

46 736

30 965127 503

370.5181,617

.102

2 2025 7171.215

95, 634

394 941

447, 554

25 77120 944

2.4321 8351 7861.960

33r 175

3.670

' 536, 253r 356, 516r793 100

6,707

f 3. 210

68 300

31 833

45 220

13, 684

1. 2041. 146

12, 08823 259

90, 926

13, 389

1.3401 255

32, 517

31 455

2 120.642

169 218112 412

47 663

143 46678 804

321.0112,349

P. 101

2,9826 5961.158

83, 264

388 003

491, 062

37 33133 345

2.1721 8461 7852 063

2 125 338813

16, 136

2,528

545, 318293, 339869 108

2 257 8768 488

2 466 30119 825

44 270309, 666

1 1821.137

2 3 68612, 333

88 5633 341 3

1.2661 115

2 1 419

38 5191 199 364

.621

2 47 (537

125 914105 497

28 329

2 34 093

6 2841.253

1 449 5' 278 7

1 170 8

492, 745

634," 754"

2.2181 9511 8199 174

r Revised. v Preliminary. 1 December 1 estimate of 1957 crop. 2 October 1 estimate of 1958 crop.3 Old crop only; new grain not reported until beginning of new crop year (July for barley, oats, and wheat; October for corn). 4 No quotation.{Revised beginning January 1954 to reflect data compiled from reports based on 5-day weeks (prior thereto, based on 6-day weeks). Revisions for January 1954 through July 1956 are shown

in the October 1957 SURVEY. §Excludes a small amount of pearl barley. 9Bags of 100 Ib.cfThe total includes wheat owned by Commodity Credit Corporation and stored off farms in its own steel and wooden bins; such data are not included in the breakdown of stocks,f Data for March, June, September, and December are not strictly comparable with those for other months, largely because of somewhat smaller coverage of the quarterly reports.

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

October 1958 SURVEY OF CURRENT BUSINESS S-29

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

FOODSTUFFS AND TOBACCO—Continued

GRAIN AND GRAIN PRODUCTS— Continued

Wheat flour:Production:

Flour thous of sacks (100 Ib )Operations, percent of capacityOffal thous of short tons

Grindings of wheat thous. of buStocks held by mills, end of quarter

thous of sacks (100 Ib )Exports. doPrices, wholesale:

Spring, short patents (Minneapolis)dol. per sack (100 Ib.)- -

Winter, hard, short patents (Kansas City) --do

LIVESTOCKCattle and calves:

Slaughter (federally inspected) :Calves thous. of animalsCattle __ --_ __ _ do _

Receipts principal markets doShipments feeder to 9 corn-belt 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-com price ratiobu. of corn equal in value to 100 Ib. of live hog_

Sheep and lambs:Slaughter (federally inspected) thous. of animals, _Receipts principal markets doShipments feeder to 9 corn-belt States doPrices, wholesale:

Lambs, average (Chicago) dol. per 100 lb_ _Lambs, feeder, good and choice (Omaha) do

MEATSTotal meats:

Production (carcass weight, leaf lard out), inspectedslaughter mil of Ib

Stocks (excluding lard), cold storage, end of monthmil. of lb__

Exports (including lard) doImports (excluding lard) do

Beef and veal:Production, inspected slaughter doStocks, cold storage, end of month thous. of Ib--Exports doImports doPrice, wholesale, beef, fresh, steer carcasses, choice

(600-700 Ibs.) (New York) dol. per IbLamb and mutton:

Production inspected slaughter thous of IbStocks, cold storage, end of month _ do

Pork (including lard), production, inspected slaughtermil oflb

Pork (excluding lard) :Production inspected slaughter thous of IbStocks, cold storage, end of month do-Exports doImports doPrices, wholesale:

Hams smoked composite dol per IbFresh loins, 8-12 Ib. average (New York) do

Lard:Production inspected slaughter thous of IbStocks dry and cold storage end of month doExports doPrice wholesale refined (Chicago) dol per Ib

POULTRY AND EGGSPoultry:

Slaughter (commercial production)* mil of IbStocks, cold storage (frozen), end of month

thous. of lb_Turkeys _ __ _ _ do _

Price, in Georgia producing area, live broilers*dol. per lb-

Eggs:Production on farms _ _ _ - mil. of cases 9Stocks, cold storage, end of month:

Shell thous of casesFrozen thous. of lb_

Price, wholesale, extras, large (Chicago)dol. per doz.

MISCELLANEOUS FOOD PRODUCTS

Confectionery manufacturers' sales thous of dolCocoa (cacao) beans:

Imports (incl shells) long tonsPrice, wholesale. Accra (New York) dol. per lb_

20 31785 2395

46 794

2,081

6.0055.575

6151,7262 207

475

25.4520.3324 50

4, 4182 326

20.37r!6. 4

1,1111 059

352

23.7521.14

1 828

3304642

1 010 4120, 414

1 77430 730

.448

dg 7255,194

767 4

579 219147, 043

4 5597,040

.561

.525

137 94076, 60024 421

160

446

202, 178101, 933

.195

12.7

1 174164, 728

.408

74 812

7,686.321

20 58395 1399

47 309

5 1891,966

6.0105.575

6381,6272 491

679

24.8420.1125 50

5, 0602 599

19.12

16.6

1,1041 308

502

22.0021.88

1,858

3055633

960 7113,584

9 69918 591

.438

49 6505,745

847 8

639 808134, 085

3 8649,399

.522

.516

151 80168, 65030 532

168

522

261, 146148, 920

.170

12.3

895147, 430

.462

117 739

7,901.346

22 06988 6431

50 804

2,293

6.1355.585

7421,8012 8611 190

24.4820.1826 50

6,0943 114

17.16

15.9

1,2101 463

690

21.5021. 05

2,169

3186549

1, 065. 9118, 864

2 77033 245

.422

54 8705,616

1 048 6

788 160138, 412

4 26910, 202

.479

.480

189 47867, 71743 376

158

620

377, 207241, 390

.160

12.8

552124, 272

.490

126 988

9,826.354

19 56590 5382

45, 016

2,437

6.2155.635

5981,5152 158

973

25.0621.4127 50

5,5052 780

16.79

17.0

958930248

22.0021.06

1,920

3706337

896 1142, 236

2,48320 489

.436

44 0535,309

979 8

730 191163, 656

5 37912, 402

.490

.473

182 59278, 91836 566

150

585

362, 059219,576

.160

12.8

30299, 230

.496

117 193

10, 272.427

19 75186 9385

45 394

4 9051,876

6.1605.780

5691,4731 953

608

25.7422.6829 00

5,5232 974

17.95

18.2

978912190

22.6221.30

1,932

4035759

884.7146, 840

4 69840 708

.447

46 8435,206

1 000 8

742 467193, 981

5 93811,844

.580

.469

189 287101, 20533 321

148

481

316, 455176, 748

.160

14.0

20974, 505

.437

105 970

32, 949.399

21 71591 2421

49 882

2 448

6.1005.675

5471,6301 894

341

26 3123.0230 00

5,5312 868

18.71

19.9

1,061908144

23.5022.53

2 051

4295049

998 1146, 743

2 25228 459

.461

52 3054,756

1 000 2

736 659218, 449

4 18014 437

.560

.496

193 392101 08732 905

145

360

301, 982179, 390

.195

14.6

17163, 766

.355

99 923

22, 715.415

19 25488 9372

44 180

2 020

6.0905.750

4681,3091 542

256

26 6524.3532 50

4, 4532 244

19.77

20.6

940795121

23.0023.33

1,622

4255355

789 7125, 940

2 16237 709

.469

47 3814,381

784 9

584 204227^ 912

5 14112, 535

.581

.507

146 49691, 33835 762

145

304

255, 948154, 429

.195

13.2

10559, 778

.382

97 278

22, 109.443

20 46589 1395

46 739

4 9762 293

5.9805.610

5181,3601 818

285

28.2825.7931 50

4,8182 499

20.81

20.3

1, 000908117

22.1222.99

1 720

41854

r 53

809 5118, 766

1 973r 30 271

.490

50 2254,861

859 9

648 238224, 322

4 092r 14, 650

.590

.524

154 50185,21136 299

158

330

214, 135130, 932

.210

15.2

7952, 688

.434

89 372r 23, 411

.437

19 39480 6373

44 464

2 722

5.9905.750

4861,3831 729

302

28 5926.8334 00

4,9632 580

20.26

18.0

1,149988106

21.0022.22

1 804

4533564

839 0111,937

1 17339 218

.482

57 8216,674

907 7

680 920260, 147

3 66415, 227

.565

.519

165 20886 58021 608

153

371

177, 125104, 667

.180

15.3

32268, 274

.380

88 618

17, 525.429

19 32184 1371

44 278

2 184

5.9755.550

4381,4681 697

277

28 2727.1633 50

4,4442 304

21.58

18.9

1,1221 026

144

22.250)

1,776

4225573

885 5107, 468

2,56239 535

.478

54 82010, 431

835 5

619 424242, 839

4 23515, 472

.558

.556

158 190§6, 67336 986

154

409

145, 55384, 243

.190

15.4

705100, 624

.360

74 415

14, 913.460

19 20583 4370

44 046

4 2912,480

6.2705.350

4301,5061 846

267

27 6725.3831 00

4,2092 226

21.82

18.2

1,042828138

24.750)

1,756

396r 47

74

901 9115, 947

1,40641 543

.477

47 33011,995

807 0

604 733209, 936

5 50614, 443

.573

.572

147 79766, 47431, 376

155

433

139, 98180, 314

.200

14.0

852134, 218

.352

69 653

14, 823.483

20 42384 7392

r 46 862

2,071

' 6. 0305.125

4351, 5611 820

249

26.7525.4331 00

4,3272 196

21.88

18.1

1,013864265

24.5022.92

1 799

3605492

947 0'•119,301

1 24250 397

.468

45 51710,411

806 4

603 764173, 147

4 54116 860

r 577.552

147 50555 12434 285

' 155

476

147, 11379, 192

.185

13.5

727139, 779

r 2. 372

r 66 167

13 226.489

20 22087 7382

46, 266

1,711

v 5. 695P 5. 050

4241,4791 783

364

25.9124.46

P 31 50

4,5152, 295

20.87

17.9

9501,035

356

24.00T 22. 23

1,742

'33346

898.4'1 25, 234

1,680

.451

42 973r 10, 969

800 6

610 151-•149,128

3 506

P. 569.504

139 35549, 82726 778

p 170

547

••196,202r 103, 562

.170

13.0

r 494r 133, 777

2.391

74 937

p. 463

4721,562

26.6525.47

5,219

20.04

17.7

1,045

22.0022.78

313

131, 678

.456

10,214

125, 956

.548

280, 276160, 777

.160

12.5

302117, 407

2.463

r Revised. » Preliminary. 1 No quotation. 2 Prices paid delivered; not strictly comparable with prices through June 1958, which are f. o. b.of Agriculture)', comparable data are available back to 1934. 9 Cases of 30 dozen.

*New series (from U. S. Department

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

S-30 SURVEY OF CURRENT BUSINESS October 1958

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

FOODSTUFFS AND TOBACCO—Continued

MISCELLANEOUS FOOD PRODUCTS— Con.

Coffee (green):*Inventories (roasters', importers', dealers'), end of

quarter _ thous. of bagscfRoastings (green weight), quarterly total _ do._Imports do

From BraziL _ _ do-- -Price, wholesale, Santos, No. 4 (New York)

dol. per lb__Fish:

Stocks, cold storage, end of month thous. of lb. _Sugar:

Cuban stocks, raw, end of monththous. of Spanish tons- _

United States:Deliveries and supply (raw basis):

Production and receipts:Production _ _ _ short tons.-En tries from off-shove, total do

Hawaii and Puerto Rico _do _ _ _

Deliveries, total. _ __ _. _ _ _ do -.For domestic consumption ___ do_ -For export ___ ._ - do _ . .

Stocks, raw and refined, end of monththous. of short tons..

Exports short tonsImports:

Raw sugar, total 9 doFrom Cuba doFrom Philippine Islands do

Refined sugar, total _ do- .From Cuba do

Prices (New York):Raw, wholesale dol. per IbRefined:

Retail§_ dol. per 5 IbWholesale (excl. excise tax) dol. per l b _ _

Tea imports thous of Ib

TOBACCOLeaf:

Production (crop estimate) mil. of IbStocks, dealers' and manufacturers', end of quarter,

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 IbImports, including scrap and stems do

Manufactured products:Production, manufactured tobacco, total do ...

Chewing, plug, and twist doSmoking. _ _ _ _ _ _ _ d o _ _Snuff . do

Consumption (withdrawals):Cigarettes (small):

Tax-free millionsTax-paid _ d o _ .

Cigars (large), tax-paid thousandsManufactured tobacco and snuff, tax-paid

thous of IbExports cigarettes millionsPrice, cigarettes (regular), manufacturer to whole-

saler and jobber, f. o. b. destinationdol. per thous

1,442530

.545

190, 995

1,945

51,685653, 440245, 582

833, 099829 565

3,534

1,0002 239

315, 157219 75466, 83649, 37641 029

.062

.534

.0858 209

40, 9889 383

16. 5846, 5926, 7853.207

2,76338, 013

525, 171

16 6191 524

4.281

2,3244,5791,244

602

. 533

204, 922

1,620

138. 695533, 398141,310

782, 327779, 501

2,826

823355

314, 463266 46640 11720, 5088 270

062

.536

.0847 396

4 918

298

4 403

26190

77, 04211 837

15. 6746,1286, 5642 982

2,81934, 684

500 346

15 2721 353

4.281

1,680755

.540

206, 660

1,370

589, 229472, 464193, 831

711,151708, 582

2, 569

1,2131 199

302, 281246 46533 39415, 6324 185

062

.536

.0847 936

74, 38611 849

17, 5196, 6967,5143,309

2, 64638, 248

562, 622

16 8471 220

4.281

2, 127902

.553

205, 186

862

726. 744411,510147, 394

627, 447623, 570

3, 877

1, 757403

201,698179 885

05,8711 262

061

.537

.0846 393

47, 6259, 454

13, 9515, 4925, 6652,794

2, 57531,545

574, 369

13 7951 568

4.281

2, 9595,4982, 333

979

. 553

191,008

663

617. 197112,72572, 334

786, 372782, 5?6

3,786

1,877523

175.430103, 74827, 465

5,3202, 830

.061

.538

.0848 689

1 1, 661

5, 149

278

4, 631

25215

42, 7189,219

12, 3864,9434, 5952,848

3, 09226. 406

383, 665

12 2281 720

4.281

1,826608

.553

156, 695

636

226, 381491,96320, 627

581, 287571, 700

9,587

1,952437

365, 676301 479

40 42245, 48237 556

062

. 539

.0848 509

23, 87911 808

15, 2036, 0746,0273, 102

3,01435. 842

444, 127

14 9611 342

4.281

1 474409

.540

121,201

1,704

58, 959478 438

52, 739

625, 207619, 226

5 981

1,880276

349, 316279 17250' 40057 62144 942

062

.538

.0846 909

23, 09610 620

13,6405, 1985,5942,848

2,52231,369

394, 236

13 1611 255

4.281

2 3075 5131 493

353

.550

110,574

3,029

28, 552562 19562 392

693 569685 783

7 786

1,748370

r 456,834r 308 068r 137 872r 45 200r 38 870

059

.539

.084T q 881

5 014

336

4 423

27228

35, 552r 10 313

14, 6385 3496,5902,699

2,62432, 968

439, 638

14 3661 388

4.281

1 927619

.538

101,999

3,804

41,680578 036106, 732

711, 181703, 039

8, 142

1,629872

412, 238288 253116,05750, 50840 214

.062

.539

.0849 687

22, 7898,894

15, 4875,7926, 8632,831

2,60435, 669

490, 051

15 2081,414

4.281

2 019869

.513

113, 827

3,840

73, 245489 760103, 300

746, 725740, 595

6 130

1, 503259

359, 653232 638121 13645, 73736 483

063

.540

.0849 954

24, 05513, 305

16, 0866,1336,9093,043

2, 76537, 645

542, 127

15 6541,728

4.281

2 3494,9541 307

652

.485

133, 551

3,239

53, 6%614 860113,400

814 694808, 697

5 997

1,3262 031

425, 692329 81895 87450, 75341 948

063

. 550' . 0866 143

4,609

316

4 030

26237

32. 24710, 298

15, 3516,0716,3682.913

2,67938, 642

502, 876

14 8891, 577

4.281

1 446375

.470

'•166,620

' 2, 590

31, 836631 860196 965

900 621r 888,147

12 474

r 1, 100698

443, 149312 146123? 79635 93229 605

063

.550

.0868 229

34, 90314, 821

13, 6815, 7025,8132,165

2,84036, 820

511, 637

13 6941.402

4.281

.460

'•186,454

2, 190

835 632242 597

328

P 062

. 552p. 086

39, 831

15.2425, 6896,4773, 076

2, 96439. 644

535, 995

15 2641, 788

f 4. 281

. 450

196, 977

1,740

2 i 772

LEATHER AND PRODUCTS

HIDES AND SKINSExports:*

Value, total 9 thous. of dol..Calf and kip skins thous. of skins...Cattle hides . thous. of hides

Imports:Value, total 9 thous. of dol.

Sheep and lamb skins thous of piecesGoat and kid skins do

Prices, wholesale (Chicago):Calfskins packer, heavy 9^/15 Ib dol per IbHides, steer, heavy, native, over 53 Ib do

LEATHERProduction:

Calf and whole kip thous. of skinsCattle hide and side kip thous of hides and kipsGoat and kid thous of skinsSheep and lamb do

Exports:Glove and garment leather* thous of sq ftUpper and lining leather do

Prices, wholesale:Sole, bends, light, f.o.b. tannery dol. per lb_.Upper, chrome calf, B and C grades, f.o.b. tannery

dol. per sq. f t . _r Revised. » Preliminary. * December 1 estimt

averaged 204 thous. sq. ft. per month.*New series (except for coffee price). Data prior to§Price for New York and Northeastern New Jersey

6,040291573

4, 5782,9231,494

.450

.138

8182,2611,8012,208

8883 3, 137

.625

1.175

ite of 1957

August 1£

4,569258383

4,1092,0581,610

.450

.123

6862, 0261,7151,996

1.1923 3, 245

.630

1.165

crop. 2

)57 are av<

5,284314454

3,9731,2461,644

.450

.118

7862, 3072, 1052,069

8983 3, 443

.630

1.158

October

lilable fro

6,927341686

3,1011,0741,371

.438

.103

7862,0591,6091,954

1,1473 2, 802

.630

1.158

1 estimate

rn reports

5,222292480

3,721724

2,140

.425

.093

7851,9531,6681, 757

6763 2, 998

.620

1.145

of 1958 cr

of the En

4,990241492

3,6301,1821,838

.425

.095

7862,1091,9311,922

8873,337

.620

1.145

DP. 3 I

rea u of th

4,876418427

3,4101,3281,503

.415

.093

7481,9361.6471,981

1,1882,736

.625

1.145

pper leatl

e Census.

5,934317584

4,2041.7931,853

.425

.093

7171,8631,7121,961

1,1853,336

.625

1.168

icr only.

tfBag

4,688340435

6,4035,4741,959

.425

.108

6241,8771,7421,970

1,4763,497

.625

1.165

In 1957 e>

3 of 132.27f

5,705303612

4,6382,1821,996

.500

.113

6451,9421,7042,206

1,9654,060

.630

1.162

[ports of 1

ilb. 9

3,895217386

5,0162,5101,437

.500.118

••6871,8921,682

' 2, 114

1, 4253,366

.630

1.188

ning leatl

Includes

3,871222382

5,1882,8771,391

.500

.123

5421,6511,8081,908

1,0102,395

.630

1.188

ler (incluc

data not s

3,867200379

P. 500P. 133

9864,578

p. 630

f 1.188

led beginr

hown sep

ling 1958)

arately.

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

October 1958 SURVEY OF CURRENT BUSINESS S-31

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

LEATHER AND PRODUCTS—Continued

LEATHER MANUFACTURES

Shoes and slippers: 9Production, total- _ thous. of pairs-

Shoes, sandals, and play shoes, except athletic,total thous. of pairs. -

By kinds:Men's - - do - ..Youths' and boys' doWomen's doMisses' and children's. - do _Infants' and babies' do

Slippers for housewear doAthletic --- do _ .Other footwear do

Exports doPrices, wholesale, f. o. b. factory:

Men's and boys' oxfords, dress, cattle hide upper,Goodyear welt 1947-49 = 100 _

Women's oxfords, elk side upper, Goodyear welt1947-49-100-.

Women's pumps, low -medium quality do

r 55, 342

' 46, 492

' 8, 835r 2, 431

r 25, 507' 6, 644r 3, 075

' 8, 044••522r 284

317

124.4

131. 3118.9

- 49, 246r 40, 637

r 8, 496r 2, 150

' 20, 978' 6, 115r 2, 898r 7, 772

T 504r 333

368

124.4

131.3118.9

' 51, 398

r 41, 894

r 8, 804T 2, 070

f 21 , 328r 6, 458r 3, 234

r 8, 657r 517f 330

352

124.4

136.2118.9

' 44, 106

T 35, 884

' 7, 847r 1,675

r 17, 542' 5, 926r 2, 894

r 7, 426r 507' 289

312

124.4

136.2118.9

' 44, 286

' 39, 769r 8, 472r 1 880

r 20, 111' 6, 291' 3,015

' 3, 759'464"294

274

124.4

136.2118.9

53, 035

49, 131

9,3352 090

26, 6327, 5203,554

3,090348466248

124.4

136.2119.5

48, 910

44, 678

8,3102 073

24, 5946,4793,222

3 543352337310

124.4

138.9119.5

51, 955

46, 524

8,7292 155

25, 7766,4573,407

4,578426427417

124.4

138.9119.5

46, 414

40, 825

8,2471,753

22, 7695,0013,055

4,673415501356

124.4

138.9118.7

43, 774

37, 316

7,6471,805

20, 0224,9452,897

5,614433411275

124.4

138.9118.7

45, 212

38, 443

7,8951,813

21, 2664.8792,590

6,031455283221

124.4

138.9118.7

46, 066

39, 860

7,2841 994

22, 4825, 5962,504

5 574331301202

124.4

138.9118.7

50, 388

42, 411

8, 1442 111

23, 7025, 7682,686

7 110419448303

P 124 4

p 138. 9p 118. 7

~

~

LUMBER AND MANUFACTURES

LUMBER— ALL TYPES}

National Lumber Manufacturers Association:Production, total mil. bd. f t _ .

Hard woods doSoftwoods - do

Shipments total doHardwoods - do _Softwoods - -- do

Stocks (gross), mill, end of month, total-. do ...Hardwoods doSoftwoods - - - do

Exports total sawmill products . M bd. ftImports total sawmill products do _

SOFTWOODSJDouglas fir:

Orders new - mil. bd. ftOrders unfilled, end of month _ _ doProduction _ - _doShipments - doStocks (gross), mill, end of month _do

Exports total sawmill products . M bd. ftSawed timber _ . _ doBoards planks, scantlings, etc do

Prices, wholesale:Dimension, construction, dried, 2" x 4", R. L.

dol. per M bd. ftFlooring, C and better, F. G., I" x 4", R. L.

dol. per M bd. ftSouthern pine:

Orders new - mil. bd. ftOrders unfilled, end of month _ do _Production doShipments - - 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 and better, 1" x 6", R. L.

dol per M bd ftFlooring, B and better, F. G., I" x 4", S. L.

dol per M bd ftWestern pine:

Orders new mil. bd ftOrders unfilled end of month doProduction doShipments doStocks gross mill end of month doPrice, wholesale, Ponderosa, boards, No. 3 common,

1" x 8" . dol. per M bd. ft

HARDWOOD FLOORING AND PLYWOOD

Flooring:Maple, beech, and birch:

Orders new M! bd ftOrders unfilled end of month doProduction . - doShipments doStocks (gross) mill end of month do

Oak:Orders new doOrders unfilled end of month doProduction doShipments doStocks (gross) mill end of month do

Plywood (except container and packaging) , qtrly . total: \Shipments (market) M sq. ft., surface measure--

' 3, 083' 532

r 2, 551T 3, 126

'511r 2, 615

r 9, 585' 3, 780r 5, 805

80, 875264, 043

r 646546

'705r 719' 954

26, 5889,560

17 028

80. 299

125 538

r 661206

T 632'674

1 9146 6001 6314 969

76 759

145 224

687381782775

1 986

70. 500

5 15014 2504' 1004 7008 050

77, 59744 11381 53381 380

101 923

r 2, 861'517

' 2, 344' 2, 845

'513r 2, 332

T 9, 600r 3, 784r 5, 816

51,871269, 268

r 615516646

r 645' 954

34, 5%17,71216 874

78. 853

123. 039r 616

203' 596T 619

1 8917,1521 5045 648

76 308

145 224

643391701664

2 023

68.810

3 35015 3003,8503 0008 850

70 08041 51674 51675 681

100 758

199, 165

r 2, 996' 506

r 2, 490' 3, 067

'536' 2, 531

r 9, 530' 3 754' 5, 776

64, 426292, 977

663468

'684711

' 927

24, 97710, 84814 129

78.614

122 071

' 659186

' 658r 676

1 8737, 3981 5835 815

76 490

144 979

709375728

' 7262 026

67. 690

3 65013 9504,2003 7509 350

79 63338 81581 57084 22295 291

' 2, 470'447

' 2, 023' 2, 454

'498' 1, 956

' 9, 544' 3 703' 5, 841

54, 838231, 223

578472

'595574

' 948

22, 2349,859

12 375

77. 414

120 614

' 480140

r 535' 526

1 8825 921

8305 091

76 921

144 979

460320544

' 5162 052

66. 900

3 22513 5003^5003 2759 475

63, 54935 06367 74567, 30193 293

' 2, 167'382

' 1, 785' 2, 235

'468' 1, 767

' 9, 479'3,617' 5, 862

56, 600241,873

554476

'520550

'918

26, 79813, 78513 013

75. 607

119.511

' 445144' 508' 441

1 9497,085

7436 342

77 101

143 999

563360496523

2 028

66. 870

2 35012 8003,4502 850

10 050

52, 67134 27759 61155, 92696 978

189, 915

' 2, 468'428

' 2, 040' 2, 429

'479' 1, 950

' 9, 520' 3. 566' 5, 954

93, 662187, 507

632506' 667' 602'984

21,87611,05210 824

75. 981

118. 286

' 547148

' 597' 543

2 0035, 8751 6784 197

75 833

143 262

545384466521

1 974

67. 350

3 62513 2003, 6503 350

10 250

67, 60037 86469 38464, 013

100 122

' 2, 323'433

' 1, 890' 2, 271

' 506' 1, 765

' 9, 574' 3 493' 6, 081

46, 258195, 840

549492

'633' 564

' 1, 053

19, 2048,167

11 037

76. 201

117.674

' 473151

' 485' 470

2 0186,447

8535,594

75 600

143 262

455369477470

1 981

67. 090

2,75013 1002,9002,600

10 750

64, 82443 73860 58056 986

103 716

' 2, 483'433

' 2, 050' 2, 522

'479' 2, 043

' 9, 535' 3, 447' 6, 088

61, 591247, 476

r 653518

'665' 627

' 1, 091

20, 63910, 27010, 369

75. 834

114.305r 547

151' 549r 547

2 0206,2361 0875,149

74 643

142 352

394334511524

1 968

67. 520

2,70013 0253,0252,625

11 125

70, 59045 82266, 41667, 033

101 086

175, 231

' 2, 609'447

' 2, 162' 2, 767

'466' 2, 301

' 9, 377' 3, 428' 5, 949

57, 181238, 044

'780580

'690'719

' 1, 062

22, 05210, 16011,892

75. 589

112. 498

' 630184

r 582' £97

2,0057, 2871 8005,487

74 496

140. 672

658467556625

1 899

67. 930

3,72513 5003,0503, 150

12 000

87, 72355 36071, 53578, 18592 963

'2, 751'454

' 2, 297' 2, 871

'466' 2, 405

' 9, 257' 3, 416' 5, 841

69, 793258, 851

'781633

'710'728

r 1, 044

23, 85710, 04413, 813

76. 073

111. 169

'628191' 578'621

1,9626,7541,1155,639

75 045

140. 014

640421655685

1,869

68. 530

3,20013 5253,1253,425

10 825

80, 06856 10873, 98780, 55384. 457

' 2, 806'517

' 2, 289' 2, 855

'470' 2, 385

' 9, 207' 3, 463' 5, 744

57, 785290. 069

'667571

'665'729'979

20, 7669,423

11,343

75. 950

111.169

597194580594

1,9486,5211,4105,111

75. 149

137. 624

659410678671

1,876

68. 530

3,60012, 4003,1004,3009,550

72, 94951, 89175, 23178,01181, 677

175,719

2,716480

2,2362, 825

4442,381

9,0983,4995,599

62, 920313, 697

807690590688882

14, 8197,4677,352

' 75. 956

'110. 556

638195600637

1,9116,5471,4885,059

' 75. 347

'137. 536

783493710699

1,887

' 67. 990

3,80011, 5003,5004,1009,150

75, 86752, 03077, 87777,68880,587

2,999522

2,4773 058

4992, 559

9, 0383 5225,516

77, 962

742727667705843

18, 4248,5609,864

» 79. 799

P115.210

701252587644

1,8545,690

9094,781

* 75. 822

pl37. 536

723512847816

1,918

p 66. 991

4,22511 3503,5753,8508,850

89, 59858 33478, 50583,19075, 588

r Revised. P Preliminary.9 Revisions for production for January 1955-July 1957 will be shown later.t Revisions available upon request are as follows: For lumber production, shipments, stocks, and orders—1955-iuly 1957; for plywood shipments—3d quarter 1953-lst quarter 1957.

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

S-32 SURVEY OF CURRENT BUSINESS October 1058

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

berJanu-ary

Febru-ary March April

1958

May June July August Septem-ber

METALS AND MANUFACTURES

IRON AND STEELForeign trade:

Iron and steel products (excl. advanced mfrs.):Exports, totalf _ _ _ _ thous. of short tons-

Scrap t doImports, totalt _ _ _ _ _ d o _

Scrap doIron and Steel Scrap

Production and receipts, total thous. of short tons-Home scrap produced __ doPurchased scrap received (net) _ do

Consumption, total _ doStocks, consumers', end of month do

OreIron ore (operations in all U. S. districts):

Mine production thous of long tonsShipments from mines . __ . doImports _ _ _ - do __

U. S. and foreign ores and ore agglomerates:Receipts at iron and steel plants* doConsumption at iron and steel plants* doExports, inch reexports* _ _ do __Stocks, total, end of month* do ___

At mines doAt furnace yards* doAt U S docks* do

Manganese (manganese content), general imports*thous. of long tons

Pig Iron and Iron ManufacturesPig iron:

Production (excl. blast furnace prod, of ferroalloys) fthous. of short tons.

Consumption doStocks (consumers' and suppliers'), end of month

thous. of short tons-_Prices, wholesale:

Composite dol. per long tonBasic (furnace) doFoundry, No. 2, Northern. _ do

Castings, gray iron:Orders, unfilled, for sale, end of month

thous. of short tonsShipments, total do

For sale doCastings, malleable iron:

Orders, unfilled, for sale, end of month short tonsShipments total do

For sale. _ ___ ___ do _Steel, Crude and Semimanufactures

Steel ingots and steel for castings:Production _ _ thous. of short tons

Percent of capacity d71

Index*_ __ 1947-49 = 100Steel castings:

Shipments, total short tons . _For sale, total do

Railway specialties. _ doSteel forgings (for sale) :

Orders, unfilled, end of mo thous. of short tons_.Shipments, total do

Drop and upset doPress and open hammer do

Prices, wholesale:Composite, finished steel (carbon) dol. per IbSteel billets, rerolling, carbon, f. o. b. mill

dol. per short ton. _Structural shapes (carbon), f. o. b. milL_dol. per lb._Steel scrap, No. 1 heavy melting:

Composite (5 markets)*. dol. per long tonPittsburgh district . do

Steel, Manufactured ProductsBarrels and drums, steel, heavy types (for sale):©

Orders, unfilled, end of month thousandsShipments _ _ . - - _ _ _ _ _ _ _ d o -Stocks, end of month do

Cans, metal, shipments (in terms of steel consumed),total for sale and own use - short tons

Food doNonfood _ _ do

Shipments for sale doClosures (for glass containers), production t_ _ -millions. _Crowns, production . ___ . . thousand grossSteel products, net shipments:

Total (all grades) thous. of short tons. .Semifinished products doStructural shapes (heavy), steel piling doPlates - - _ _ - doRails and accessor ies_ . __ _ do

r 1, 180581

r 12723

6, 4633,7432,7205, 9358,393

14, 37015, 1873,933

18,43910, 904

91463,0117,504

51, 7653,742

121

6,7906 462

3,457

65.9566.0066.50

8261,076

597

84, 87665 42639. 644

9,23482

129.8

145, 926111 08033, 641

417.5115 488 427 0

.0677

92.50.0594

55.50

2, 1432, 120

79

546, 237369 117177, 120488 185

1,57131,914

6,230272636732174

'915457••91

16

6,1403,5762, 5645, 6388,895

12 93313,5163,852

16 10710, 481

61668, 7656 921

57, 4864 358

108

6,5696 322

3,632

65.9566 0066.50

805990563

83, 38562 45738 397

8 97882

130 4

139, 002105 6U29 718

396.9116 986 330 6

.0677

92.50.0594

49 50

2 0761 907

72

495, 894346 941148 953430 362

1,47627, 684

6,172?61597778162

r 1,020563' 142

24

6,1903, 7922,3985, 9749, 112

11,33712, 8343,862

16, 27610, 272

45473, 8705 425

63, 5574 888

134

6,4546 350

3,707

65.9566.0066. 50

7401 100

601

82, 99577 66745, 989

9,19881

129 3

146, 397113 21631 477

400.6125 693 631 9

.0677

92. 50.0594

38 50

2 0262 135

80

406, 575260 455146 120348 333

1, 57825, 386

6, 551263641764143

r 1,04662010819

5, 2913, 3501,9415. 4428,968

4 9745, 3482, 590

9,3399,066

10173, 4794 838

63, 3845 257

136

5,7115 683

3,695

65.9566.0066.50

705940483

80, 07467 90438, 085

8,39377

121.9

127,11598 43626, 892

364.5104 879 325 4

. 0677

92.50. 0594

32 50

1 7631,759

60

285, 436169 411116,025242 053

1,36618, 533

5, 606242589462133

' 708323

' 13913

4,7793, 0091.7704, 7958 949

3 2581, 5591, 956

3 8648,223

3870, 5736 536

58. 8775 160

116

5,2135 114

3,817

65. 9566 0066.50

676864444

74, 86360 42534, 343

7 42066

104 3

120, 78792 12523 403

342.898 573 525 1

. 0677

92. 50.0594

31 50

1 8201 649

70

292, 210168 614123 596248 644

1.31519 990

5, 093213548636100

r 706341'99

16

4,5142,9431. 5714,5618 906

3 3751 4551,785

3 0787, 605

3767. 9508 742

54 3494 859

140

4, 7854 714

3,886

65.9566 0066 50

638868436

67, 2926° 73434 920

6 75457

94 9

120, 72294 71722 S^S

317.9107 881 526 3

.0677

92. 50. 0594

32 99i 33 00

1 7671 846

79

323 648190 949132 699269 259

1, 52833 992

5,215206484524109

' 521249••91

12

3,9192,4561,4633,9108 906

3 0511, 2391,460

2 5156,484

6566, 03510 63350, 3795 023

96

4,0163 978

3,873

65.9566 0066.50

632753390

59, 04754 65031 006

5 78254

90 0

103, 29779 70816 647

288. 493 169 923 2

. 0677

92. 50.0594

36 08i 33 50

1 7031 692

89

305 458181 864123 594258 637

1, 45332 549

4,26318429643590

••642335

r 12820

4.3142,5831,7314 1649 060

3 0121,4111,568

2 8856,947

6763. 29912 22846 317

4 754

141

4,4194 283

4,022

65.9566 0066 50

590796447

54, 33051 70829 624

6 25552

87 9

106, 23382 19516 180

265. 992 369 123 i

.0677

92. 50. 0594

35 58i 35 00

1 7811 796

81

352 212213 521138 691304 212

1,65422 795

4.449207317471101

'638347

r 1309

4,0002, 3581.6413, 8419 239

2 9971,5341,736

3 0995, 934

8361, 63613 69343 437

4 506

98

3,7883 784

4,032

65.9566 0066 05

582807457

47, 66450 69529 388

5 53348

80 4

91, 46469 12111 956

241.982 560 621 9

.0677

92. 50.0594

33 12i 2 34 oo

1 6901 814

87

319 748178 441141 307261 744

1,58321 462

4,373178337401105

r 650369

r 14315

4,2082,5271,6814,3269 124

5 4395 2082,257

6 1616,217

29861. 82913 99343, 3814 455

87

4,0484 135

3,923

65.9566 0066.50

570820472

46, 60348 30626 656

6 30153

88 6

87, 00266 08610 416

240. 178 556 721 8

.0677

92. 50.0594

32 36i 32 00

1 6021 932

76

365 343198 646166 697305 622

1,44423 135

4,649193388404104

48724518122

4,6192,8021,8174,9388 807

8 1189 0713,008

10 9596 674

46865, 23212 97247, 667

4 593

81

4,3964 546

3,831

65.9566 0066 50

573868542

48, 26051 88231 077

7 12762

103 5

92, 86171 624H' 185

242.086 665 321 3

.0677

92. 50.0594

34 69i 36 00

1 646l' 883

80

407 669222 295185 374350 452

1,43427 713

5,746932448502109

38219624226

4,2302,4641,7664, 1638 876

8 69810, 5032.951

12 4456.624

69869,76411 17053, 725

4 869

86

4,278r 4 279

r 3, 851

65. 9566 0066 50

5807Q2466

58, 34041 86524 479

6 42054

90 3

68, 80248 6185 400

'256 5T 67 4r 50 8

16 6

.0677

92 50.0594

36 02i 36 00

1 6381 852

88

475 505r9g7 120r!88 385r414 739

1, 36729 888

4,082120295321

51

360167

p 4, 722p 2, 718p 2, 004p 4, 688v 8 905

11 7697,419

605

58, 0755 399

4,769j>4 810

p 3, 754

65 95r> 66 00p 66 50

P 803

P49 252

r 7 28661

102 4

p 80, 976

269 679 461 i18 4

.0695

P 95 00p . 0617

P 41 80P i 43 48

1 6661 848

80

590 606416 480174 126520 755

1,41323 340

4, 83517634939843

5,041

65 95

7 61066

110 5

.0697

r Revised. v Preliminary. i Not strictly comparable with quotations prior to January 1958. 2 Nominal.fRevised to exclude data for ferroalloys (included in data shown in the 1957 edition of BUSINESS STATISTICS and previous issues of the SURVEY); in 1957, such exports and imports averaged

5,490 tons and 34,200 tons, respectively. Pig-iron production excludes blast-furnace production of ferromanganese and spiegel, averaging 80,300 tons per month in 1957.*New series. Iron-ore receipts, consumption, and stocks at furnaces and at docks (compiled jointly by the American Iron Ore Association and the American Iron & Steel Institute} cover

ores originating in the U. S. and foreign countries. Data beginning 1956 will be shown later. Iron-ore exports and manganese imports are from the Bureau of the Census; general imports ofmanganese cover ore, concentrates, manganiferous iron ore, manganese alloys, and metal. The steel index (AISI) is computed from total production of steel ingots and steel for castings (theFRB index shown on p. S-2 is weighted by grades of steel); monthly data for 1939-56 will be shown later. Composite scrap price (U. S. Department of Labor) represents the weighted averageof consumers' buying prices (including brokerage), delivered, at following markets: Pittsburgh district, Chicago, Philadelphia, Los Angeles, Birmingham.

cfFor 1958, percent of capacity is calculated on annual capacity as of Jan. 1, 1958, of 140,742,570 tons of steel; for 1957, data are based on capacity as of Jan. 1, 1957 (133,459,150 tons).©Beginning January 1957, data include light-type grease drums; see note marked "©" in September 1958 SURVEY. ^Revisions for 1956 are "available upon request.

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

October 1958 SURVEY OF CURRENT BUSINESS S-33

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

METALS AND MANUFACTURES—ContinuedIRON AND STEEL— Continued

Steel, Manufactured Products— ContinuedSteel products, net shipments — Continued

Bars and tool steel, totrl __ thous. of short tonsBars: Hot rolled (iiicl. light shapes) do

Reinforcing _ doCold finished doPipe and tubing doWire and wire products doTin mill products doSheets and strip (inch electrical), total do

Sheets: Hot rolled _ _ _ doCold rolled do

Fabricated structural steel:Orders new (net)f thous of short tonsShipments! _ doBacklog, end of month f - do __

NONFERROUS METALS AND PRODUCTS

Aluminum:Production, primary, domestic short tons.Estimated recovery from scrap© doImports (general):

M°tal and alloys, crude doPlates, sheets, etc _ ._- do__ ~

Stocks, primary (at reduction plants), end of month*short tons

Price, primary ingot, 99%-f dol. per lb__Aluminum shipments:

Mill products and pig and ingot (n^t) mil of IbMill products total do

Plate and sheet _ doCastingsA do

Copper:Production:

Mine, recoverable copper A short tonsRefinery primary do

From domestic ores doFrom foreign ores do

Secondary recovered as refined doImports (general):

Refined unrefined scrap© doRefined do

Exports:R°fined scrap brass and bronze ingots do

Refined _ doConsumption refined (by mills etc ) doStocks refined end of month, total _ do

Fabricators' doPrice, bars, electrolytic (N. Y.) dol. per lb__

Copper-base mill and foundry products, shipments(quarterly) :

Brass mill products ^ mil o f lbCopper wire mill products © doBrass and bronze foundry products do

Lead:Production:

Mine recoverable leadA short tonsSecondarv estimated recoverable© do

Imports (general) ore© metal doConsumption total doStocks, end of month:

Producers', ore, base bullion, and in process©(ABMS) - - - short tons._

Refiners' (primary), refined and antimonial©short tons

9 fl ad hisp rmrprnspd) all consumers doPrice, pig, desilverized (N. Y.) dol. perlb..

Tin:Imports (for consumption) :

0J-P0* long tonsBars pigs etc - do

Fstimated recovery from scrap total©* doA55 metal do

Consumption pi°° total do

Exports incl reexports (metal) doStocks pig (industrial) end of month doPrice, pig, Straits (N. Y.), prompt dol. per lb__

Zinc:

Imports (general):Ores and concentrates© doMet'il (slab blocks) do

Slab zinc:Production (primary smelter), from domestic and

foreign ores short tons__p 4-- f V, • 1 > f f 1 ' ' A

Exports doStocks, end of month:

Producers', smelter (AZI) -do

Price, prime Western (St. Louis) dol. per lb__Zinc oxide (zinc content of ore and concentrates

used in Droduction) short tons__

86256918897

9M250494

1 895550900

184384

3,707

143, 44932, 555

14 1831,817

192, 976.2810

298 1224 3117.855 7

87 113109 791

80* 75429 03716 932

47 89910 212

28 13523, 435

113 180309 564190 901

.2810

27 80633 90841 013

103 442

122, 340

60 02996 62443 633.1400

o5,171

i 2717 2204 835

11621 950.9415

43 090

41 04822 568

78. 8455 321

74 562789

149, 29674 078.1000

8,630

836545182101860250417

2 Oil579979

221339

3. 521

129, 27832, 978

11, 8031,775

175, 085.2810

301 9216 0111.358 7

87, 120100 26574 39525 87014' 897

42 39010 486

29 96527, 057

108 864293, 540123 94?

.2644

451366211

25, 00633 68236 21895 790

116, 093

54 002103 91045 877.1400

o5,5651 276

6 6604 385

10523 285.9331

35 514

44 22315 525

72, 7674 688

75 976446

153, 76671 919.1000

6,554

896617163110889264370

2,319651

1, 147

181385

3 322

133, 75934, 869

14, 0762,279

183, 414.2810

320 0232 8121.664 1

89, 132115 23478, 29636 93818, 654

54 74112, 431

25 10320, 076

128 064269 700109 439

.2634

28, 66338 85647 952

105 337

111, 683

58 211105 63449 495.1369

(3)4,6021 297

6 9754 195

13523 275.9184

39 746

46 26921 776

76, 3495 143

87 898518

155,92571 844.1000

7,031

78353814296

736227321

2, 113616

1,025

218334

3, 233

135, 02432, 030

17, 8571,764

172, 105.2810

280 5187.095.258.9

90, 089127 95186, 06341 88817, 940

46 6501 8, 427

35 68930, 897

108 395279 398123 730

.2634

24, 04236 28345, 29286 385

102, 401

70 101116 63044 979. 1350

(3)3,7801 290

5 9253 590

13623 355.8923

36 043

48 17116 083

74. 6335 121

76 595156

152, 51374 095.1000

6,603

64545510084

653195271

1, 831521911

141320

2,959

140, 03628, 580

24, 8861,767

171,145.2810

292.1177.590.053. 1

90, 386132 30394 38937 91415 624

47 72011, 206

28 42126, 123

102 425288 360124 640

.2632

474373213

25 98230 74157 70179 298

'•112,914

90 777122 43348 025.1300

102, 3351 275

5 3553 310

19022 423.9232

39 895

48 62922 069

81, 6664 604

67 421222

166, 66085 006.1000

5,618

68246811889

615234559

1, 801511873

162317

2,778

139, 91028, 565

18, 3202,009

176, 069.2810

269 8193.7102.057 8

90, 255123 86288, 48735 37516 758

53 18216, 280

30 26529, 338

106 152301 807132 139

.2511

25 80131 71551 01582 100

'116,546

100 303127 48944 401.1300

02,900

6 3203 950

4920 596

.9268

38 708

45, 28812, 889

78, 1944 149

69 295413

180, 34687 169.1000

6,174

57238510775

508204475

1,499435702

186283

2,727

121, 98023, 095

17, 3431. 603

182, 091.2810

235 2179.093.950.7

81,717109, 10078, 45530 64516, 883

47 60315, 320

21 05618, 90393 237

329 242136 107

.2440

23 63228 90939 60171 700

' 112, 879

118 677113 8714l' 178.1300

02,915

5 6853 720

4820, 055.9375

33 545

48, 72415 307

65, 4592 895

60 437343

189, 18981 584.1000

5,833

62639914180

454240516

1,517416710

196337

2,542

134, 019f 24, 573

24, 9492,016

195, 207.2810

251.4190.1100.850.5

87, 234104 53076, 75727 77316, 277

48 94520, 542

27 53922, 58494 621

364, 803136 623

.2402

416333202

18, 30726 32967, 86578 000

115, 309

127 938113 95044 569.1300

1 0504, 267

2 5, 2502786

5,9203 880

22821, 100.9433

35 624

53, 24416, 901

69, 0403 234

59 97811

203, 64175, 955.1000

6,819

62837617671

511251565

1, 396387628

208324

2,387

124, 99924, 128

11, 2831,938

195, 692.2610

278.0211.5113.044.9

84, 107103, 68975, 56028, 12919, 253

52, 62714, 940

27 98723, 92091,820

375, 005136, 679

.2425

25, 66429,81153, 59779 400

••117,996

142 232111, 59942 543.1200

1 2793,1731,450

2866,0003, 975

4219, 655.9298

39 405

44, 21313, 554

66, 5723 642

58 432136

221, 17171, 820.1000

6,041

68541519173

592285491

1, 508437661

224328

2,211

126, 327

14, 0762,024

183, 557.2610

283.4217. 3115.744.1

78, 391107, 43183, 09124. 34019, 349

31, 6989,015

43 48236, 74685, 143

379, 069137, 508

.2430

24, 22528, 26659, 98475, 800

rl 10, 238

154 105119, 16739 211.1171

2,0372,6211,600

2205,7753,830

4218, 920.9449

35 834

35, 49911, 864

67, 1673 851

61,90779

240, 67070, 224.1000

6,070

906542274

85740354522

1, 932574852

287329

2,191

'115,326

15, 1272,128

168, 096.2610

304.0228.3118.440.7

68, 252103, 19778, 59724, 60018, 200

58, 90019, 558

25, 19221, 232

108, 704367, 317137, 420

.2469

422324187

22, 77626, 58650, 79480, 000

' 110, 532

162 476113,47035 310.1122

1,7964, 5101, 860

3255,8403,885

720, 480

.9462

32 971

42, 09013, 304

' 63, 551'3,41668, 590

10

252, 979'63,398

.1000

6,376

58734417563

513197514

1, 484414675

331291

2,220

118,541

27, 3062, 284

152, 554. 2610

'301. 1'229.7118.838.8

' 61, 22294, 96367, 91227, 05115, 131

33, 7057,871

30 32626, 130

P 80,259P360, 104P136, 432

.2567

' 20, 98323, 56335, 66280, 500

'116,016

164 072105, 84336 025.1100

452,153

5, 7653,955

17922, 025

.9489

'28 769

34,91524, 178

61, 0514 068

60, 0071

257, 91163, 031

.1000

6,879

71945518079

567252560

1,744474800

226298

2,119

125, 416

145, 205.2678

302. 2213.5110.0

66, 059104, 63073, 69330, 93718, 746

43, 85140, 551

P114, 844P316, 448P118, 422

.2609

18, 818

117, 585

.1086

295

.9494

29, 387

16

251, 529

.1000

8,038

.2680

.2608

.1087

.9401

238, 116

.1000

3 Quantity (valued at less than $200) not available.r Revised. * Preliminary. 1 Represents secondary pig tin production excluding remelt tin. 2 Total for January-March. ^ , ,fData for 1947-57 have been revised to incorporate adjustments to materials from the 1954 Census of Manufactures. Monthly data for 1947-56 will be shown later.©Basic metal content.ARevisions for aluminum castings (1955) and copper, lead, and zinc mine production (1956) will be shown later.*New series. Source: U. S. Department of the Interior, Bureau of Mines, except imports of tin ore (Bureau of the Census}. Tin recovery data represent total secondary tin recovered from

scrap processed in the United States. The total includes tin recovered in all forms covering alloys, solder, type metal, babbitt, etc., as well as in metal (secondary pig tin and remelt tin) whichis shown separately. Data in 1957 BUSINESS STATISTICS represent total production (both primary and secondary).

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

S-34 SURVEY OF CURRENT BUSINESS October 1958

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

METALS AND MANUFACTURES—Continued

HEATING APPARATUS, EXCEPT ELECTRIC

Radiators and convectors, cast iron:Shipments thous of sq ft of radiationStocks end of month do

Oil burners:Shipments number

Stocks end of month -doStoves and ranges, domestic cooking, excl. built-ins:

Shipments total numberCoal and wood _ __doGas (incl bungalow and combination) doKerosene gasoline and fuel oil - do

Stoves domestic heating, shipments, total© - doCoal and wood - - do _ _Gas0 doKerosene gasoline, and fuel oil _ _ do

Warm-air furnaces (forced-air and gravity air-flow),shipments, total© - number

Gas doOil - do ._Solid fuel do

Water heaters gas shipments doMACHINERY AND APPARATUS

Blowers, fans, and unit heaters, quarterly totals:Blowers and fans new orders thous of dol

Foundry equipment (new), new orders, netmo. avg. shipments, 1947-49=100--

Furnaces, industrial, new orders, net:Electric processing . _ _ thous. of doL.Fuel-fired (except for hot rolling steel) do

Industrial trucks (electric), shipments:Hand (motorized) numberRider-type do

Industrial trucks and tractors (gasoline-powered),shipments number

Machine tools (metal-cutting and metal-form ing) :fNew orders (net) total mil of dol

Domestic doShipments total do

Domestic doEstimated backlog months

Other machinery and equipment, quarterly shipments:Construction machinery (excavating and earth-

moving)© thous of dolFarm machines and equipment (selected products,

Tractors (except garden), total, incl. contractors'

Value 9 © thous of dolTracklaving©O units

Value©O thous of dol

Value thous of dolPumps (steam, power, centrifugal, and rotary), new

orders. _ - - .. - - - - _ _ thous. of dol ...ELECTRICAL EQUIPMENT

Batteries (automotive replacement only) shipmentsthousands-.

Household electrical appliances:Ranges (incl. built-ins), domestic and export sales*

th ou sands - _ .Refrigeration, output (seas, ad j .) © 1947-49= 100_ .Vacuum cleaners (standard type), sales billed

thousands-.\\ashers, sales billed (domestic and export) A do

Radio sets, produetion§ _ doTelevision sets (incl. combination), prod.§ doInsulating materials and related products:

Insulating materials, sales billed, index1947-49=100-.

Vulcanized fiber products, shipments._thous. of dolSteel conduit (rigid), shipments thous. of f t . .

Motors and generators, quarterly:New orders, ind ex _ 1947-49 - 1 00Polyphase induction motors, 1-200 hp:f

New orders . _ _ . . . . _ _ . . thous. of dolBillings do

Direct current motors and generators, 1-200 hp:^fNew orders thous. of dol_ _Billings do. -

2,1234,896

65, 60661, 761

179, 3754,497

165, 6009,278

s-309,12338, 676

5-199,38971,058

8*121,58471, 87437, ?96

4, 9%205, 503

231.3

8942,673

354242

1,926

52.9048.1578.3071.50

3.8

6 982

2, 856

85.8140

241. 2334. 3965 7673.7

134. 01,605

! 36, 657

2,5514,571

72, 55450, 305

183, 6665, 451

171, 1217,094

-327,76843, 344

-219,44364, 981

- 149, 17988, 62845, 4986,671

210, 669

42, 64720 801

113.9

7271,229

476302

1,661

36. 7531.9082.0572.70

3.5

72, 170

169, 098

56, 906196, 995

8,34081,67147, 22087, 796

6 177

2,688

124.8138

302. 9392. 7

3 i 610 73832.6

135. 01,640

32, 492

174.0

44 64045, 146

8.6259, 347

2,6514,027

70, 99942, 639

188, 6616,227

175, 6276,807

-362,41049, 997

-251,91360, 500

- 133, 28682, 38037, 628

5. 812230, 690

145.3

1,4481,400

600373

1,639

39.7032.7076. 0566. 05

3.2

2 3, 4092 28, 153

2 20 2742 42, 391

6 158

3, 042

120.4141

328.7377. 6

1 569 2662. 0

133.01,732

35, 044

1,9953,510

44,61341, 298

146, 7773, 328

137, 1666,283

-173,39817, 055

-127,13729, 206

- 96, 74561, 88426, 524

2,892169, 261

59.6

7491,634

532366

1,518

35.1530.8059. 7551.60

3.1

2 1, 7902 16,3512 14, 0892 28, 097

5 838

2, 359

116.8148

251. 1267.8

1 688 9574. 6

123.01,692

28, 921

;:;::::::

1,2773,482

29, 27639, 054

126, 5212, 350

119, 1894,982

- 78, 0666, 832

r 59, 09412, 140

- 62, 54241, 57015, 8041, 645

168, 719

39, 47623 914

61.4

1,5932, 180

504389

1,812

24.8520. 0570. 1063. 25

2.8

45, 380

121,331

2 1,8292 16, 4i62 15 3382 29, 375

4 906

2,015

113. 8125

237. 5213 5

4 l 7Q'3 3

* 573. 5

112. 01, 575

24, 889

150.0

39 17843, 347

6. 44110 245

1,3433,761

40, 19338, 308

125,9513,674

115,3916,886

75, 7646,592

48,41220, 760

70, 96147, 92821, 160

1,873232, 784

57.9

7011,593

515383

1,305

26. 8522.0057. 8050.80

2.7

2 2,2462 19, 0922 21 6352 43, 558

5 261

2,004

109.0111

265.5244 8

1 026 5434. 0

116.01,802

34, 510

1,2294,270

33, 98437, 950

133, 6523,003

121,6558,994

94, 9887,364

54, 93132, 693

68, 20546, 65119, 7121,842

212, 464

57.6

1,420717

471370

1,264

28.3023.7548.0543.15

2.7

2 I, 7252 16, 6872 21 7682 42, 662

5 918

1,803

108.7129

225.6268 1R7fi Q

370. 4

106.01,314

24, 773

1,8904,405

30, 69545, 002

145, 8683,493

132, 7989,577

114,98311, 99969, 38733, 597

72, 71652, 03618, 8841,796

220, 009

* i 34, 25717 750

85.9

8031,083

459394

1,453

36. 1529.8054.1548.50

2.7

218, 593

2 2, 5112 21, 0732 24 6072 51, 860

6 004

1,577

117.9122

291.4287 9

3 Qr-U 3

3 416. 9

108.01,317

26, 053

135 0

33 18735, 486

4, 0967 560

1,3614,807

33, 07352, 440

140, 6662,764

133, 5414,361

100, 03811,63261,21427, 192

71,99250, 80819, 3141,870

218, 673

88.7

8792,248

456373

1,563

28.3020.8550.9044.20

2.6

2 2, 9362 32, 8552 25 8902 56, 609

5 313

1,242

95.6106

247.3224 9

302.6

107.01,362

27, 549

2 12 828

22,611

1,1355,403

40, 84049, 881

138, 6142,924

129, 1636,527

97, 37812, 37563, 70221,301

79, 75856, 37321, 8021,583

205, 764

136.1

709-488

415325

1,365

28.0523.8550. 1041.70

2.5

2 2, 6332 24,3832 19 3222 42.' 664

6 728

1.454

96.0121

218.8263 0

267.0

104.01,188

30, 762

2 11 629

21,362

1 4405,769

- 48, 40352, 485

142, 5543,648

133, 6605,246

' 145, 23417, 334

- 98, 48129, 419

98, 60869, 80026, 044

2, 764226, 886

32 88518 395

87.7

9791,344

353277

1,324

32.1024.3045. 5038.90

2.5

2 3, 3992 34, 1672 15 9572 35, 667

1,773

116.8140

253.1288 8

3 377. 1

107.01, 154

41, 033

140 0

2 12 620

2 1, 447

45, 04747, 782

122, 0103,668

113, 3624,980

202, 59424, 720

131, 44146, 433

94, 06465, 25425, 9412,869

77.9

1,2173, 578

453353

1,134

- 26. 55-21.95r 29. 70

24.502.7

2 2, 9772 28, 3622 16 6772 37, 091

- 2, 101

98.5145

263.8277 3

275.0

90.01, 015

32 941

2 12 016

2 1, 910

74.1

1,1772,010

233211

1,182

* 28. 65"23.00p 29. 45p 24. 60

*>2.8

2 2, 0472 25, 5522 ig 0182 34^ 686

2.333

81.0152

280. 2396 8

507. 5

i 1. 147"i 36, 383

1 2 11 74.9

2 1, 828

4'4 - -

P 3 626. 9

" 1,509

—

- Revised. p Preliminary, i Data beginning 1st quarter 1958 reflect revised reporting and ^classification of items covered to exclude the household fan group, except for attic fans. For4th quarter 1957, comparable new orders totaled $34,770,000. 2 Data are f r month shown. 3 Represents 5 weeks' production. * Represents 6 weeks' production * Revisions forJanuary-July 1957 are available upon request.

©Revisions will be shown later; see note in September 1958 SURVEY for period affected. 9 Includes data not shown separately.fRevised, effective with the April 1958 SURVEY, to include the metal-forming types; comparable data for 1956 will be shown later. * cfDatu exclude shipments of farm elevators and blowers-

see note in September 1958 SUKVEY. ' ' " * "Opata beginning January 1958 exclude track-laying tractors shipped as integral units of tractor-shovel loaders, which are included in earlier data. For such types, the number shinned

totaled 693 and 587 units in July and A ugust 1958. respectively.nt

s p .*New series. Source: National Electrical Manufacturers Association. Data represent estimated industry totals based on member reports which account for approximately 85 to 90 perce

of the total industry. Monthly data back to January 1956 will be shown later.AAdjusted beginning with this issue of the S U R V E Y to include export sales; comparable figures for January- July 1957 (thousands): 340.9; 331.8; 294.9; 238.4; 2624- 2892' 3409 Data ex-

clude sales of combination washer-dryer machines. Such sales (including exp- rts) tot-iled 13,700 units in August 1958§Radio production comprises home, portable battery, automobile, and clock models; television sets include combination models. Data for September 1957 and Ma-ch, June, and Septem-

ber 1958 cover 5 weeks; for December 1957, 6 weeks; all other months, 4 weeks. fData for induction motors cover from 24 to 28 companies; for d. c. motors and generators, from IS to 22Companies.

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

October 1958 SUEVEY OF CURRENT BUSINESS S-35

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

PETROLEUM, COAL, AND PRODUCTS

COALAnthracite:

Production thous of short tonsStocks in producers' storage yards, end of mo.-doExports doPrices:

Retail, stove, composite dol. per short ton-Wholesale, chestnut, f. o. b. car at mine.. _ _ d o _ - _

Bituminous:Production . thous. of short tons. _Industrial consumption and retail deliveries, total

thous. of short tons.-Industrial consumption, total § do

Electric-power utilities doOven-coke doBeehive coke ovens do __Steel and roll-ing mills § _doCement mills § doOther mfg. and mining industries § do

Railroads (class I) _ -do _..Bunker fuel (foreign and lake vessel) § do

Retail deliveries to other consumers §_ do _ _ _

Stocks, industrial and retail dealers', end of month,total § _ _ _ thous. of short tons _ _

Industrial, total § _ doElectric-power utilities - do ___Oven-coke plants do _ _Steel and rolling mills § doCement mills doOther industrials doRailroads (class I) do

Retail dealers do

Exports doPrices:

Retail composite dol per short tonWholesale:

Screenings, indust. use, f o. b. car at mine doDomestic, large sizes, f. o. b. car at mine __do

COKEProduction:

Beehivef thous. of short tons__Oven (byproduct) f doPetroleum coke 9 do .

Stocks, end of month:Oven-coke plants, total _ _ do __

At furnace plants doAt merchant plants do

Petroleum coke doExports doPrice, oven foundry coke (merchant plants), f. o. b.

Birmingham, Ala.cf 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:

Gasoline-bearing in U S total doAt refineries doAt tank farms and in pipelines doOn leases do _

Exports do _ -Imports 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 (N Y Harbor No 2 fuel) dol perealResidual (Okla No 6 fuel) dol per bbl

Kerosene:Production thous of bblDomestic demand doStocks, end of month _ _ do __Exports doPrice, wholesale, bulk lots (New York Harbor)

dol. rjer eral__

2,294394449

28.0214. 105

43, 046

32, 88830, 84613, 0349,043

249436782

6,446

671185

2,042

77, 88976, 89949, 08512, 504

7801,371

12, 505654

990

7,405

16.14

5.5977.405

1576,383

562

2,5451,829

71640187

28.85

2,823210, 043

90250, 847

283, 38875 841

185, 09722, 450

99541, 130

3.07

55 97933 754

33 67440 365

5 7907,9068,345

159 12452, 645

2,4472, 332

1052 05

7,8044,828

34, 576225

.110

2 173516477

28.4014. 532

40, 745

32, 30229, 83312, 4698 751

224452734

6,414

619170

2,469

r 80, 025«• 79, 015

50, 488"• 13, 006

7141,450

12, 693664

1,010

6,583

16.38

5.5727.558

1436, 168

553

2,5991,816

78343581

28.85

2, 353206, 590

89237, 606

280, 46974 575

183, 04422, 850

73932, 800

3.07

53 16432 987

38 36236 079

5 6447, 6877,874

173 26958, 727

1,3321,574

1051 95

8 2846, 486

36, 38267

.110

2,262532329

28.5615. 022

45, 473

35, 69632, 18613, 5218 727

195569789

7,594

626165

3,510

' 81, 580r 80, 646

51, 238f 13, 935

6871, 531

12, 630625

934

6,435

16.52

5.5757.611

1236, 166

599

2, 7641,947

81745960

28.85

2,761212, 106

86237, 143

284, 51777 737

184, 12922, 651

1,00737, 651

3.07

52 86332 602

48 66943 102

6 4218, 1468, 101

176 38860, 025

2,0222,279

1051 75

8 23010, 08534, 384

211

.110

1 928510240

28.9015. 092

38, 317

34,32831, 16913, 3457 870

142621786

7,685

607113

3,159

' 81, 521' 80, 533

51, 070r 14, 003

6521,573

12,617618

988

5,268

16.58

5. 5657.665

905,541

586

2,9632 095

86850156

28.85

2,105204, 484

86230, 773

281, 76974 340

184, 55722, 872

92628, 392

3.07

52 00632 059

60 02945 972

6,6847,5967,345

166 76359, 622

2,2391,898

1051 75

9, 70911,44232, 696

109

.110

1 826500270

28.9015. 512

36, 989

35, 16531, 24213, 6467 242

128680817

8, 123

58422

3,923

80, 77979, 86850, 28914, 092

6511, 524

12, 667645

911

4,901

16 61

5 5597.724

815 098

607

3, 1372 183

95450750

28.85

2, 152214 793

88242 305

281 81376 576

183 52621,711

1,08831 281

3 07

58 45535 398

74 76053 719

7 0487, 8337. 168

149 44959, 959

1,8251,804

1051 75

11,04214,59329, 200

93

.110

2 197420225

29.1415. 512

37, 700

36, 78431, 77814, 5636,697

84800706

8,407

5210

5,006

77, 35576, 61748, 70713,217

6021, 364

12, 072655

738

4,104

16.62

5.5397.709

484, 715

646

3,3002,2731,027

55941

28. 85

2,572212, 810

86237, 827

284, 53979 736

183, 04321, 760

42534, 237

3.07

57 12033 803

83 60456 356

7 2577,8127,462

122 37557, 562

1,3641,418

1051 75

11,20417, 45923, 073

45

.110

1 782291200

29.1415. 512

31, 450

33,65328, 62213, 352

5, 75863

787615

7, 592

4523

5,031

72, 26471, 69246, 02512, 096

5901,228

11, 142611

572

2,933

16. 63

5.5557.709

384,041

560

3,3472,3121,035

57633

28.85

1,851190, 651

85210, 663

285, 04877, 069

186, 87721, 102

21327, 485

3.07

48, 17931 054

82, 16950 398

6, 4427,3196, 456

87 90655, 095

1,6571,046

1011 25

10, 65116, 52417, 202

71

.106

1 501275137

29.1415. 512

31, 930

32, 31928, 69213, 1656, 130

72734626

7,562

4003

3,627

70, 92270, 40945, 05511, 906

5891,128

11,141590

513

3, 629

16.66

5. 5617.709

404,302

592

3,4782,3461,133

62232

28.85

1,704194, 472

81228, 050

278, 53477, 556

179,46421, 514

83832, 406

3.07

51, 14931 468

62, 29846 294

5, 9507, 8266, 886

75 31554, 929

r 1, 7531,769

0991 10

10, 43611, 02016, 706

82

.104

1 571283117

28.2113. 279

29,940

27, 13024, 93211, 2905,446

60583629

6,556

32048

2,198

71, 29670, 74945, 66211, 782

6211,060

11,074550

547

4,412

16.63

5.4497.182

343, 802

627

3,7212,4791,243

66916

28.85

1,624188, 631

79215, 657

273, 95976, 981

176,11220, 866

64327, 608

3.07

47, 03228, 412

46, 22141, 491

5,017r 7, 034

7,491

76, 23957, 975

1,0571,218

0931 20

8,1026, 091

18, 72973

.098

1 639341190

27.6613. 279

30, 310

26, 04424, 47711,0125 555

65559700

6,150

276160

1,567

72, 61371, 93147, 29611, 585

6131,073

10, 853511

682

4,351

16.18

5.4497.154

373,862

665

3,8862,5801,306

72825

28. 85

2,160193, 215

82229, 754

263, 10572, 351

169, 90820, 846

50331, 613

3.07

50, 72328 537

37, 29035, 816

4,7846,6657,351

89, 16061, 589

1, 4362,506

0931 20

7,0364,379

21, 43756

.098

1 995366232

27. 6313. 279

33, 762

25, 65024, 19911,1835 577

78486718

5, 806

227124

1,451

74, 64673, 78948, 67011,784

6801,144

11,016495

857

4,828

16.16

5. 4437.122

453,889

593

3,8772,5311, 346

72530

28.85

1,980190, 240

83225, 803

253, 55071,419

161, 37320, 758

21634, 460

3.07

48, 34227, 346

' 32, 135r 34, 064

5.3436,9186, 629

105,31163, 864

1,1381,952

0931 20

6,9784,278

24, 16758

.098

1 400395139

27.76r 13. 685

r 23, 638r 26, 278r 24, 824

11,8215 641

54438729

5,829

191'121

1,454

71, 14470, 21747, 29010. 040

5401,093

10, 840414

927

4,386

16.28r 5. 385' 7. 247

'303, 928

638

3,9832,5851, 398

79548

28.85

2,251203, 700

84234, 164

246, 55670, 356

156, 03720, 163

30832,056

3.07

51, 14530, 407

36, 07536, 228

6, 102i 7, 366

7,130

119,43766, 457

1,9102,163

.0931 20

6, 9845, 538

25, 65529

.098

1 779446164

27 76P 13. 685

13, 180

28, 19726, 13412, 3816 118

68466673

6,097

197134

2,063

72, 25071, 25048, 04110, 114

5611,119

11,013402

1,000

5,475

16.31

p 5. 376' 7. 375

394,276

4,0072,5881,419

25

28.85

334

6, 567

6, 647

1, 7571,805

51

2 073

28. 85

r Revised. *> Preliminary. l Revision for July 1957: 7, 661 thous. bbl.§ Data for total industrial consumption, retail deliveries, total industrial and retail stocks, and for the indicated components have been revised to

now include fuel on lake vessels. Revisions for consumption and retail deliveries are available on annual b^.sis from 1933 forward and on monthly basisstocks began with January 1957 (earlier fig-res for affected items not strictly comparable). t Revisions for 1956 will be published later. 9 Includes

tf Substituted series (averages of weekly quotations from Steel magazine); data prior to May 1957 will be shown later.

new benchmarks; bunker fuel figuresi beginning January 1954; revisions fornonmarketable catalyst coke.

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

S-36 SURVEY OF CURRENT BUSINESS October 1958

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

PETROLEUM, COAL, AND PRODUCTS—Continued

PETROLEUM AND PRODUCTS— Continued

Refined petroleum products—ContinuedLubricants:

Production __ - thous. ofbblDomestic demand doStocks, refinery, end of month. do_Exports doPrice, wholesale, bright stock (rnidcontinent, f. o. b.

Tulsa) dol per galMotor fuel:

Gasoline (including aviation):Production total thous of bbl

Gasoline and naphtha from crude oil doNatural-gas liquids:

Used at refineries (incl benzol) doUsed in other gasoline blends, etc do__

I?omestic demand. __ _ _ _ do__Stocks, end of month:

Finished gasoline - _ _ _ doAt refineries do

Unfinished gasoline _ _ _ _ _ _ . do _Natural-gas liquids do

Exports (motor fuel, gasoline, jet fuel) do _ _Prices, gasoline:

Wholesale, refinery (Okla., group 3) dol. per galRetail (regular grade, excl. taxes), service sta-

tions, 54 cities dol .per gal._Aviation gasoline:

Production, total thous. of bbl100-octane and above. do

Stocks, end of month, total do100-octane and above _ _ _ d o

Jet fuel:Production doDomestic demand doStocks, end of month _ _ _ do

Asphalt:©Production _ __ do_.Stocks, refinery end of month do

Wax:OProduction doStocks, refinery, end of month _ do

Asphalt and tar products, shipments:Asphalt roofing, total .thous. of squares. _

Roll roofing and cap sheet _ _ _ _ _ _ _ doShingles, all types. do

Asphalt siding doInsulated siding cf - - doAsphalt board products thous ofsq. ftSaturated felts _ _ _ _ short tons.

4,7043,717

10, 1241,087

.255

127 794112, 116

13, 1712, 507

128, 808

162, 81085, 46811,22129, 092

2,314

.118

.223

10, 1767,834

13,0127,815

5,2605,8325,248

10, 5059,970

430658

5,8822,2603,622

99195

2,019110,858

4,3783, 169

10, 2101,074

.255

122, 960108, 675

13, 1931,092

113, 567

170, 05689, 18410, 63229, 271

2,395

.120

.214

9,2086,326

13, 3327,885

3,7024, 0645,042

9,3188,586

462662

5,4552,2113,245

113186

1,83577, 798

4,4763 6219,9531,065

.255

122 103107, 323

13, 4241,358

119, 334

169, 98887, 92210, 91427, 838

2,086

.120

.220

9,5427,495

13, 7098,497

4,7235,2964,681

8,0857,863

498655

6,0532,5353,519

132195

2,14589, 541

4,4232,881

10, 3961,043

.255

117 026102, 699

13, 2241,103

107, 705

175, 85191, 38711, 29025, 575

2,629

.120

.219

8, 9855,965

13, 9257,923

4,2455,9324,645

6,1078,996

450655

3,7071,6032,104

80115

1,30865, 471

4,4322,872

10, 8641,044

.255

124, 034109, 437

13, 1921,405

112, 691

186, 253103, 55510, 52321, 567

1,529

.120

.217

9,4286,780

14, 8688,521

4, 6134,7134,749

4,70310, 463

478666

2,5941,0781,517

4873

71653, 418

4,2212, 959

11,284799

.255

119,265106, 450

12, 192623

107, 281

196, 855113, 72410, 26018, 407

1,558

.120

.211

9,3057,023

14, 0698,139

4,5426,4844,801

4,04711, 790

440702

2,9751,2261,748

6273

60063, 344

3,8432, 749

11,360970

.255

106 10194, 316

11,151634

95, 516

204, 456123, 20411, 47415, 240

1,208

. 115

.218

8,6525,889

14, 6288,399

4,6256,8594,451

3,70313, 269

389694

2,5001,0661,434

5467

51753, 406

3,9733,191

11,218879

.245

112,847100, 019

11, 1321,696

108, 914

207, 127117,85011, 57815, 378

1,274

.113

.216

9,1366, 375

14, 3638.186

5,6977,6034,488

4,49814, 554

445719

3,5461,5102,036

56108840

77, 156

4,0652,997

11,0901,141

.230

107 68595, 074

11, 680931

118, 477

194, 869107, 77911,47116, 993

1,996

.113

.215

9,5086,955

13, 6287,891

6,5568,8394,981

6,60315 698

436721

5, 1592,0883,070

83131

1,64887, 330

4,3253, 183

11,0111, 167

.230

115, 109102, 562

11, 1641, 383

125, 137

183, 48698, 50311, 70220, 752

1, 535

.110

.214

9,6256,448

12, 7127,597

6,5066,7805,494

8,45115 465

425735

6,3472,3533,994

92157

1 582102, 313

4,2243,708

10, 659818

.230

116, 865104, 008

11, 5941,263

r 125, 444

175, 46590, 97710,81123, 856

1,389

.115

.214

9,9986,956

12, 2737,591

6,480r 8 890

5, 752

9,89513 953

445743

6,2352,2793,957

92167

1 95392, 877

4,3973,303

10, 5741,126

.230

126 213112,228

12, 2851,700

130, 779

169, 70987, 45810, 99625, 621

1,874

.115

.222

11,0248,120

11, 1807,186

6,3147,3736,004

10, 18912 294

390692

5,6812 1653,516

90178

2 37375, 046

1,356

1,818

.221

7,4892 8114,678

110169

1 926108 623

.215

PULP, PAPER, AND PRINTING

PULPWOOD AND WASTE PAPER

Pulp wood:Receipts thous. of cords (128 cu. ft.).Consumption d o _ _ _Stocks, end of month do

Waste paper:Consumption thous. of short tons__Stocks, end of month. do...

WOOD PULPProduction:

Total, all grades __ . _ _ thous. of short tonsDissolving and special alpha _ d o _ _ _Sulfate doSulfite _ _ do

Groundwood doDefibrated or exploded - . .._ _ doSoda, semichem., screenings, damaged, etc do

Stocks, end of month:Total, all mills do

Pulp mills - _. ... . doPaper and board mills ._ __doNonpaper mills _ do

Exports, all grades, total _ . _ doDissolving and special alpha. doAll other. .. . do

Imports, all grades, total . doDissolving and special alpha doAll other do

PAPER AND PAPER PRODUCTS

All paper and board mills, production:Paper and board, total thous. of short tons

Paper _ _ do._.Paperboard doWet-machine board _ _ _ d oConstruction paper and board do

3,2763,0476,706

723. 3475.1

1, 894. 980.1

1, 063. 2210.2

251 3100.4189.8

873 0213.7556. 1103.3

46 218.128.1

184 39.2

175 0

r 2, 680T 1, 154r 1, 245

r 14'266

2,9412,8586,705

713.5462.4

1, 742. 878. 8

969.0192. 1

227 496.5

178.9

852 1200.3553.498 5

48 726.022 7

174 310.0

164 4

2,5191,0611, 191

12255

3,2263,1966,697

782.0474.0

1,961.191.4

1, 086. 9234.3

246 2106. 5195.8

880 3217 6564.398 5

36 816.320 5

206 112 3

193 8

2 7961,2011 304

13277

2, 7663,0026,548

678.8488.3

1, 850. 687.0

1, 037. 3208 8

237 094.0

186.5

904 9239.9561.5103 5

39 612.926 7

173 68.8

164 8

2 5431,1081 194

12228

2,8132,6386,653

645. 2523.2

1, 606. 167. 4

872.9191 7

227 182. 1

164.9

888 6225.0562. 5101 1

66 531.934 6

148 16 2

142 0

2 2991, 05G1 038

13199

3,1843, 0636, 768

689.8516.2

1, 853. 898.3

1,016.3224 4

247 596.2

171.1

889 5250.2542.297 1

46 118.227 9

141 54.5

137 0

2 5281, 1491 143

13224

2,8012,7146,878

667.7493.4

1, 677. 873.9

934.2188 4

234 189.4

157. 7

894 7261 9536.4

96 3

43 718.924 8

161 55.2

156 3

2 3721, 0561 092

12213

2,7892,9536,700

706.5495.2

1,809 776.3

1,019.8210 4

244 494 8

164.0

920 2266 1558.995 1

49 922 827 2

178 77 5

171 1

2 5361, 1271 170

13227

2,3942,8466,226

711.2507.0

1, 731 465.4

970. 1208 9

243 584 4

159.1

919 6276 5547.495 7

42 716.526 2

167 48 7

158 6

2 5001,1371 112

12239

2,5682,8405,953

726.0489.2

1, 741 675.9

962 8195 5

252 993 5

160.9

929 5283 5550 895 2

41 719 622 1

151 16 5

144 6

2 5181, 1081 142

11257

2,6322,788

r 5, 810

723.7476.7

1 729 279.7

964 0189 9

235 095 9

164.8

944 4293 1560 291 2

47 422 425 0

185 610 2

175 4

2 5041 0911 150

11252

r 2,646'2,640r 5 793r 686. 6

488.4

r 1 629 664.9

r 919 3r 166 7r 222 9

r96 7' 159. 1r912 4T 276 0«• 550. 6

85 9

40 816.324 6

174 511 6

162 9

r 2 355r 1,018r 1 072

10255

3,0982,9425 929

780.3447.5

1,844 275.7

1,059 2182 7

238 9101 8186.0

884 0265 3537 980 8

35 816. 219 5

2 6761,1371 250

13276

r Revised. v Preliminary. O Asphalt—5.5 bbl. = l short ton; wax—1 bbl.=280 Ib.cf Data for January-July 1957 (thous. squares): 84; 117; 124; 142; 175; 174; 183. Data prior to 1957 will bo published later.

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

October 1058 SURVEY OF CURRENT BUSINESS S-37

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

PULP, PAPER, AND PRINTING—ContinuedPAPER AND PAPER PRODUCTS— Continued

Paper, excl. building paper, newsprint, and paperboard(American Paper and Pulp Association):!

Orders, new 9 thous. of short tons__Orders, unfilled, end of month 9 doProduction _ _. doShipments 9 doStocks, end of month 9 do

Fine paper:Orders, new _ _ _doOrders, unfilled, end of month __ ___ do _ _Production _ _ _ _ _ _ d oShipments doStocks, end of month . do _

Printing paper:Orders, new _ _ doOrders unfilled end of month doProduction __ _ _ d oShipments doStocks, end of month _ _ _do _ _Price, wholesale, book paper, "A" grade, English

finish, white, f. o. b. mill dol. per 100 lb~Coarse paper:

Orders, new thous. of short tonsOrders, unfilled, end of month do __Production doShipments doStocks, end of month _ _ _ d o

Newsprint:Canada (incl. Newfoundland):

Production doShipments from mills doStocks at mills, end of month do

United States:Production _ doShipments from mills doStocks at mills, end of month _ do

Consumption by publishersd1 __ _ _ do _Stocks at and in transit to publishers, end of

monthcf - thous. of short tons _

Imports - do _ _Price, rolls, contract, delivered to principal ports

dol. per short ton_Paperboard (National Paperboard Association) :

Orders, newt thous. of short tons-Orders unfilled end of month doProduction, totalt - _ _ d o _ _

Percent of activityPaper products:

Shipping containers, corrugated and solid fiber,shipments:}: mil. sq. ft. surface area

Folding paper boxes, index of physical volume:*Consumption of boxboard 1947-49=100Shipments of boxes do

PRINTING

Book publication, total number of editions__New books _ _ doNew editions do

799.6704.9

1, 001. 4837.7479.1

119.183.2

132.8128 1106 8

318.8428 0343 6337 8214 4

15.88

314 6115.4315 3319 0105 5

560 3524 0206 2

156 5153 715 9

386 4

805 6

404 1

134 40

1,246 4418 3

1,292 994

9,066

137 3132 6

694538156

764.7693.9926.6772.4484.0

106.775.5

127.7117 1110.8

310.3421 5308 3305 2217 5

15.88

301 5159.0291 5302 4102 5

486 6512 9179 9

133 8132 717 0

434 3

781. 1

413 9

134. 40

1, 233. 2547 0

1, 167. 891

8,425

139.3134 1

1 1,11319261 187

849.0704 0

1, 060. 7863.2496.7

116.070.0

136. 3125 3115 1

353 2434 7349 8350 2217 1

15. 88

325 1158 9335 4332 2105 0

548 7544 4184 1

146 8145 318 5

465 4

752 5

472 3

134 40

1, 353. 0481 3

1, 349. 297

9,437

138.6144 6

1,3361,132

204

765. 0636. 5974.6803 2513.5

114.064.5

127.0118 7125 0

321.5395 5330 9331 5215 9

15. 88

283 2137 5308 9304 4113 0

504 9520 5168 6

140 4143 115 7

453 0

722 9

406 9

134 40

1, 135 1355 2

1,245 592

8,065

117 7122 2

1,4081,176

232

770.1664.6954.1764 2520.6

107.159.4

124.0113 8130 0

330 6421 7314 3320 2209 9

15.88

281 3137 9282 9282 4115 6

435 3471 4132 5

138 7135 119 3

436 3

675 0

403 7

134 40

1,090 0376 2

1, 057. 279

6 825

115.8121 9

1 1,2711 1, 043

1 228

827.4652 0997.2824. 5507.6

122.866.9

128.9124 0130 7

343 6418 7342 9342 6210 2

15.88

312 2130 1304 6306 6111 6

498 3474 8155 9

157 0158 817 6

385 9

710 1

399 5

134 40

1, 047. 9340 8

1, 081. 780

7,697

128.4122 8

579478101

760.8599. 5912.2740 6508.7

120.975.9

123.0115 4131.1

323 6368 5315 1308 0217 3

15.88

273 5120 3280 1275 5109 7

473 8435 2194 6

140 4138 719 3

364 7

719 7

369 8

134 40

1, 059. 9363 0

1,044 386

7,013

129 4115 5

1,051821230

791.7602.2981.8775.3546.3

124.870.3

136.3124 8130.5

316.2334 9334.8308 5240 1

15.95

299 4132.5300 3296 1113 4

521 8471 1245 2

148 4151 016 7

434 4

689 8

391 8

134. 40

1, 173. 7351 9

1, 171.287

7,483

131.7124 2

1 1, 3021 1,087

1 215

783.0581.2994.5806.2550.0

120.971.7

132.8122 3139.2

338.1354 6342.8345 6237 3

15.95

277 0119.8297 4288 3115 3

522 6532 7235 1

148 6149 216 0

423 3

694 9

421 0

134 40

1, 113 9365 2

1, 112 984

7,543

129 3116 6

1,109883226

r 803. 0»• 623. 1* 966. 3* 805. 2»• 518. 2

127.073.3

131.2125 5138.7

' 344. 1r 397 5

348 3r345 9r 218 5

15.95r 285 2r 115.4^279 7r 288 8r 103 3

548 0561 4221 8

149 0146 718 3

438 0

683 2

416 7

134 40

1 175 6348 6

1 163 585

7 944

120 5120 5

1,151921230

815.4665.2953.8792.1528.3

126.078.1

129.0125. 9146.7

363.2433. 8338.9339 4217.9

15.95

282.8119.3281. 5281 2107. 1

482 5480 6223 6

141 8138 621 5

409 2

667 8

422.3

134 40

1 147 3356 5

1 125 686

7 690

126 3120 7

1 1, 3441 1,137

1 207

802.3694.3892.5738.1531.6

134.996 0

113.9121.3148.1

333.1428 0310.8307. 8220.8

15. 95

285.4129.0271.0264.7101.8

508 4523. 2208.8

134.9137.818.6

364.5

698 1

411.6

134 40

1 130 3465 5

1 033 276

7 833

139.7r 118 8

972752220

f 15. 95

511. 0491.9227.9

148.5142.025.1

387.6

724.4

v 134. 40

1, 247. 7407 3

1, 284. 493

8, 738

127.8129 5

679552127

490 8495.3223.3

137.2139.722.6

413.0

697.2

1, 299. 7482.8

1, 247. 690

9,008

139.0133 1

1 1, 023i 8711 152

RUBBER AND RUBBER PRODUCTS

RUBBERNatural rubber:

Consumption long tonsStocks, end of month _ __do _ _Imports, including latex and guayule doPrice, wholesale, smoked sheets (New York)

dol. per lb__Synthetic rubber:

Production long tonsConsumption _ _ _ _ d o _ _Stocks, end of month do _Exports do

Reclaimed rubber:Production _ doConsumption doStocks, end of month do

TIRES AND TUBES

Pneumatic casings:Production thousands

Shipments/ total __ _ _ _ doOriginal equipment _ do._Replacement equipment . doExport do

Stocks, end of month _ _ do _Exports (Bur. of Census) do

Inner tubes:Production. doShipments doStocks, end of month _ _ doExports (Bur. of Census) do

44, 84699, 09348, 951

.324

93 42178, 985

161, 68818 113

20 61122, 38728, 521

8 917

9,8333,2146,488

130

18, 477139

3,1343 6835, 966

74

43 585103, 24344 188

.301

94 53777, 372

160, 50714 696

20 07521, 66425, 983

8 641

7,7231,6885 902

133

19, 393124

3,3653 4836,174

77

48, 685102, 49649 371

.295

106 40188, 497

164, 70516 697

26 65024, 87827 171

9 708

8,1542,6215 350

182

20, 985136

3,7643 1726,909

100

43, 72398, 22444 583

.265

106 03075, 132

177, 96716 549

22 28620, 54527, 855

8 248

7,1713,3983 630

143

22, 171142

3,2432 7367,444

83

38, 203101, 40153 922

.285

103 77967, 386

198 58519 620

20 28618, 22929, 323

7 615

6,5603,0703 342

148

23, 225163

2,7782 7177,671

84

42, 597104, 97945 564

.275

102 71672, 625

210, 39719 082

r 21, 94521, 18629, 569

7,814

8,2712,6535 511

107

22, 7692 161

3,3444 3096,7003 132

36, 711110, 88046 017

.263

81 75564, 230

208, 91414 565

r 19 01718, 13028 838

7 314

6 7372,2534 374

110

23 3922 97

3,4443 2966 983

3 76

38, 191112, 86340 444

.266

83 64166, 040

209, 46820 512

r 20, 22519, 30028 984

7 573

7 5432,1145 334

95

23 4462 91

3 6853 7647 066

3 73

36 608107, 89734 930

.269

73 75766 613

199 22615 780

r20 73519 74629 440

7 477

8 1751 8766 183

116

22 6582 93

3 6243 2437 609

3 70

36 014100, 98532 061

.253

76 41166, 304

191 92919 222

r 19 56720, 10427 862

7 653

8 5032, 1736 220

110

21 8342 gg

3 5303 0358 189

390

37 60791, 77928 279

.263

74 05069, 806

183 72115 308

r 21 22020, 65227 763

8 293

9 2311,9327 182

117

20 9202 gg

3 4763 6028 156

3 77

34, 23585, 57725, 823

.281

77 08363, 865

181, 52414,844

r 18, 12218, 35026, 442

7,288

9,5732,0207,442

111

r 18 6152 71

2,8903 4667 680

3 67

39, 44485, 666

.288

87, 32171, 762

183, 92112 873

22, 43219, 34727, 961

7 762

7 8481,0556 679

115

18 5212 111

3 3053 3317 6643 108

.294

' Revised. v Preliminary. l Data cover 5 weeks; other months, 4 weeks. 2 Data for motorcycle tires are excluded beginning January 1958. 3 Data beginning January 1958 includeall inner tubes, new or used, except aircraft; earlier data include only automotive tubes (passenger-car, truck, and bus). Exports of types included in 1958, but formerly excluded, averaged14,000 per month in 1957. 9 Data exclude estimates for "tissue paper." cf As reported by publishers accounting for about 75.5 percent of total newsprint consumption in 1957. JRevisionswill be shown later as follows: January 1954-March 1957 for paperboard; January 1955-February 1957 for shipping containers. *New series, replacing indexes of value of orders entered andshipments billed. Data are available back to January 1947. §May-July 1958 data adjusted to new levels: not necessarily comparable with earlier data.

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

S-38 SURVEY OF CURRENT BUSINESS

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem

ber

STONE, CLAY, AND GLASS PRODUCTS

PORTLAND CEMENT

Production finished cement thous ofbblPercent of capacity -

Shipments, finished cement thous. of bbl._Stocks, end of month:

Finished doClinker do

CLAY PRODUCTS

Brick, unglazed (commercial and face) :Production d* thous. of standard brick__Shipmentscf -doPrice, wholesale, common, composite, f. o. b. plant

dol. per thous .

Clay sewer pipe and fittings, vitrified :cTProduction short tons..Shipments do.

Structural tile, unglazed :cfProduction __ doShipments __ do

GLASS AND GLASS PRODUCTS

Flat glass, mfrs.' shipments (qtrly. total)*thous. of doL _

Sheet (window^ glass, shipments doPlate and other flat glass, shipments do

Glass containers:Production thous of gross

Shipments domestic total doGeneral-use food:

Narrow-neck food doWide-mouth food (incl. packers' tumblers, jelly

glasses, and fruit jars) thous. of gross..

Beverage _ _ d oBeer bottles doLiquor and wine doMedicinal and toilet doChemical, household and industrial doDairy products do

Stocks end of month do

GYPSUM AND PRODUCTS

Crude gypsum, quarterly total:Imports thous. of short tonsProduction do__ .

Calcined, production, quarterly total do

Gypsum products sold or used, quarterly total:Uncalcined uses short tonsIndustrial uses _ doBuilding uses:

Plasters:Base-coat doAll other (incl Keene's cement) do _.

Lath mil of sq ftWallboard _ doAll other O -- do .

31, 406104

35, 732

20, 01813, 881

625, 020634, 291

30. 816

157, 908168, 799

54, 32050, 904

14, 200

17, 968

2,501

5,811

8181,3431,8353 9521,398

310

14 124

30, 884104

30, 707

20 25011,016

583, 681569, 602

30. 816

143, 587150 045

46 08145, 825

53, 51628 78324, 733

12 410

9 140

1,554

2,720

350495832

2 304690195

17 125

1 3502,555

2,130

793 53178, 948

385 268370, 959

621 41,155.4

61.4

30, 12198

31, 164

19 2139,444

611, 704602, 404

30. 816

173, 215164, 643

49, 62849, 266

13, 174

12, 461

1,398

3,604

371773

1,5463,4861,077

206

17, 471

25,01484

21, 039

23 18711, 326

532, 650478, 223

30. 816

145,230117, 111

45, 80538, 727

11, 457

11, 954

1,085

3,386

594765

1,4413,4141, 035

234

16, 580

22 38673

17, 023

28 56614 776

460 664385 040

31.069

123, 52487 927

44 43737, 152

69. 29933 76135, 538

10 767

9 294

779

2,669

903546986

2 517740154

17 834

1 0612,279

1, 862

854 66276, 674

323 847303, 223

529 31, 060. 2

51.0

18 23059

13,717

33 23519, 168

408, 100347, 749

30. 904

133, 193100, 950

43, 74137, 783

11.714

10, 644

941

3,272

894582965

2,891947152

18 051

14 12550

10, 968

36 38324 526

338 619269, 485

30. 904

108,15472 335

35 11530, 716

10 899

10 546

889

2,773

1,446559

1,0182 891

832138

18 196

18 03858

17, 686

36 73428 235

4?2 800436, 589

30. 951

117, 507114, 563

40 82241, 392

47, 21722 54524, 672

12,216

11 015

996

3,181

788855

1,1952 929

932139

19 132

8272.378

1,790

588, 12063, 642

293, 050263, 812

496.31, 093. 0

1 37.9

24 00179

25, 566

35 17028 409

541 649569, 075

30. 951

117, 536142 501

50 19148, 889

11 158

10 914

1,082

3,210

6961,0791,0452 727

947128

19 027

29 27492

30, 770

33 67326 587

587 322598, 554

30. 951

144, 005155 448

51 76352, 750

12 201

12 275

1,157

3,511

9661,4981, 1552 8121,039

137

18 825

30 07898

30, 513

33 35024 372

580 880616, 518

30. 951

149, 773165 812

52 46052, 251

44, 01821 11622, 902

19 721

12 176

1,198

3,615

1,0961,4671, 1592 555

945141

19 145

1,1172,860

1,894

911, 199r 56, 424

331, 536' 302, 432

' 494. 5'1, 144. 8

T 1 54. 6

29 83390

32 536

30 647r 22 561

604 834631 905

' 30. 925

162,066175 751

55 99053 881

' 12 707T 12 042

' 1, 232

r 3, 932

'9391 260'980

r 2 569'994

136

19 512

31 67595

34 433

27 88918 663

v 30. 925

13 453

13 716

2,007

4, 520

594994

1, 1443 1611,077

219

18 927

TEXTILE PRODUCTS

APPAREL

Hosiery shipments^ thous of dozen pairsMen's apparel, cvttings:tA0

Tailored garments:Suits thous of unitsOvercoats a n d topcoats _ _ _ - _ _ d o

Coats (separate), dress and sport* doTrousers (separate), dress and sport do

Shirts (woven fabrics), dress and sportthous. of doz._

Work clothing:Dungarees and waistband overalls doShirts --- do

Women's, misses', juniors' outerwear, cuttings:A©Coats thous. of units. _Dresses doSuits - -- - do _

TVaists blouses and shirts thous of dozSkirts*. do....

13, 754

' 1, 676'668

696' 6, 144

' 1, 568

'240'364

' 2, 510' 20, 142

'917

' 1, 376771

13, 844

' 1, 368'484

404' 5, 328

'1,580

'240'376

' 2, 194' 18, 463

'628

'1,264670

15, 434

'2 1, 635'2470

2690'2 6, 780

'2 1, 925

'2255'2385

' 2, 524'20,010

'696

' 1, 439589

13, 036

' 1, 336'288

780' 5, 616

' 1, 624

'200'336

' 2, 148' 18, 140

'783

'923583

9,773

1, 392184

6244, 944

1,328

136264

' 1, 426' 16, 234

'677

'707422

11, 696

2 1, 6702205

27602 5, 275

2 1, 830

22102335

2,25621, 749

1,102

1,111550

11, 056

1, 436188

5404,792

1,676

232288

2,37122, 457

1,277

1,268636

11, 667

1, 352208

4605,040

1,844

256288

2,23220, 127

998

1,339530

10, 723

2 1, 6652365

26402 5, 445

2 1, 655

22252310

1,12726, 844

556

1,221588

9,891

1,416404

7244,976

1,576

244292

1,05824, 143

332

1,266690

11,317

1,348412

8524,844

1,524

240268

1,80221, 126

949

1,100672

11,303

2 1, 0952330

268524,635

2 1, 395

22252235

2,661' 19, 778

1,024

1,155805

13, 718

1,516464

8444,872

1,676

256288

2,62020, 3191,018

1,219828

f 1, 34i?37i

p67:" 4, 64.

P24ip28;

f Revised. * Preliminary. 1 Excludes data for tile. 2 Data cover a 5-week period.cfRevisions to be published later as follows: 1954 (annual data only); 1955 (annual and monthly); 1956 (January-August1).*New series; from Bureau oj the Census. Data for earlier periods of 1957 are as follows (units as above): Flat glass (order as above)—1st quarter, 53,441; 23,154; 30,287; 2d quarter, 47,617; 22,83

24,780; men's separate coats (May-July)—620; 628; 515 (5 weeks); women's separate skirts (January-July)—528; 550; 604; 532; 705; 631; 732.0 Comprises sheathing, form board, tile, and laminated board.^Excludes shipments of men's slipper socks. Comparable data for January-March 1957 appear in the June 1958 SURVEY.^Data for October 1957 and January, April, and July 1958 cover 5-week periods and for other months, 4 weeks.ARevisions for 1955-57 are available upon request.©Estimates beginning December 1957 for men's apparel and January 1958 for women's, etc., are based on revised samples and are not strictly comparable with those for earlier months. D

cember 1957 men's cuttings (old basis) in order and units as above: 1,428; 208; 672; 5,328; 1,412; 128; 288. No overlap is available for women's, etc.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

October 1958 SUEVEY OF CUERENT BUSINESS S-39

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

TEXTILE PRODUCTS—Continued

COTTON

Cotton (exclusive of miters) :Production:

Ginnings§ thous. of running bales _Crop estimate, equivalent 500-lb. bales

thous. of bales.Consumptionf balesStocks in the United States, end of month,

tota,l| -_ . _ - _ -thous. of bales_-Domestic cotton, total _ do

On farms and in transit _ __ doPublic storage and compresses doConsuming establishments _ _-do

Foreign cotton total - do

ExportsA - - - - --- bales. _Imports A doPrices (farm), American upland cents per lb__Prices, wholesale, middling 1", average 14 markets

cents per lb__Cotton linters:

Consumption _ _ thous. of balesProduction _ _ _. do __Stocks, end of month _ _ _do

COTTON MANUFACTURES

Cotton cloth:Cotton broadwoven goods over 12 inches in width,

production quarterly A mil. of linear ydExports thous. of sq. ydImports >. doPrices, wholesale:

Mill marginsf _ _ _ _ cents per IbDenim white back, 28-inch, 8 oz/yd cents per ydPrint cloth 39-inch 68 x 72 doSheeting class B 40-inch, 48 x 44-48 do

Cotton yarn, natural stock, on cones or tubes:Prices, wholesale, f. o. b. mill:

20/2 carded weaving dol per Ib36/2 combed, knitting _ do

Spindle activity (cotton system spindles) :f AActive 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_

MANMADE FIBERS AND MANUFACTURES

Fiber production quarterly total 9 © mil. of IbRavon and acetate' Filament yarn do

Staple plus tow© doNoncellulosic (nylon acrylic protein etc ) do

Exports' Yarns and monofilaments thous of IbStaple tow and tops do

Imports' Yarns and monofilaments doStaple tow and tops do

Rayon and acetate:Stocks producers' end of month total© "mil of Ib

Filament yarn. doStaple (incl tow)© _do

Prices, rayon, viscose:Yarn filament 150 denier dol per IbStaple 1 5 denier do.

Manm a de-fiber broadwoven fabrics:Production quarterly total 9 A thous of linear yd

Rayon and acetate (excl tire fabric) doNylon and chiefly nylon mixtures do

Exports piece goods thous of sq yd

SILKImports raw thous of IbPrice raw A A 20 22 denier dol per IbProduction fabric qtrly total A thous of linear yd

WOOL AND MANUFACTURES

Wool consumption, mill (clean basis) : JAApparel class thous of IbCarpet class __ _ _do_

Wool imports clean content doAnnarel class ("dutiable), clean content". do

970

r 665, 532r 20, 991r 20, 966r 10, 671r 9 330

r 965r 35

336, 0888 7 755

32.8

33.6r 105

45724

40 9179 165

'25 0936 415 616 0

663.938

r 19, 74418, 079

' 9, 166'458

8,368

1 7991 863

3S26 244

122 669 653.0

910.291

14 396

7554 49

19 1929,725

18 0516.604

2,492

r659 262r 20, 001r 19 962' 9 280r 9 622' 1 060

39

378, 82531 122

33.0

33.2

100107713

2 2484l' 7817 491

r 25. 0336 415 415 8

666.940

' 19, 77318 147

' 9, 181459

8 441

439 8163 8109 6134 7

1 5991 902

1935 284

121 168 852.3

910.311

552 111355 21090 772

12 815

8154 46

5 720

18 2309,500

19 1016.953

5,593

819 816r 18, 724r 18 685

r 6 63710 7841 264

39

483 65416 148

32.3

33.5

107199786

46 2538 943

r 24 0236 415 315 8

663*940

19, 75318 130

s 11,401456

5 10 475

1 3992 521

3317 307

122 169 652 5

910311

15 715

8084 40

5 ig 1735 11, 871

14 7225.235

8,032

656 205

'17,585r 17 541

r 4, 81311 3081 420

45

525, 50227 718

31.1

34.3

103178837

49 5197 704

' 22. 3636 415 115 5

660.941

19, 74718, 133

8,963448

8,231

1 6803 123

1945 958

124 870 154.7

910.311

14 274

5494 34

13 5518,122

11 3694.416

1 9, 234

571 287

' 16,454r 16 398

r 2. 28312 5491 565

57

608, 63536 670

28.2

34.9

100156876

2 32445, 30311 771

' 22. 8136 415 415 8

670.957

19, 73018, 144

7, 951398

7,309

445 3173 9113 4133 5

2 4051,868

1346,499

130 471.858.6

.910

.311

577, 022375 02592, 317

13 572

5704 33

5,401

12 8867,579

11 3344, 253

2 10, 630

799 800

' 15.160' 15 098

r 1. 25612 1471 695

62

516, 8056 41827.4

34.8

99156919

40, 76313 182

' 23. 4436 415 515 8

670.957

19, 60617, 950

«11,045442

5 10, 199

3,1532, 588

1146,991

124 269.954.3

.838

.311

12, 540

6784 32

6 17 3355 10, 121

17, 7316,659

639 635r 14, 086r 14 032

'73811 5171,728

54

449, 6262 27624.9

34.6

91119931

45, 24611 178

'23. 2636.415 115 8

668.955

19,61517, 945

8,843442

8,161

2,9171, 653

1555,795

126.269.956.3

.838

.311

13, 006

2314 31

15 4228,664

12, 5365,390

3 10 880

3 10 964632 022r 12 992r 12 944

' 72910 4911 724

48

480 1384 27926.1

34.5

8996

957

r 2 34145 04311 860

'•23.1136 415 015 8

662.945

19, 36717, 682

8,643432

7 984

370 9161 978 9

108 1

3 2821 811

1408 Oil

126 769 856.9

.838

.311

r567 357r385 239' 81, 639

17 686

2424 24

6,186

15 5868,434

18 2747,548

729 546

' 11, 784r 11 742

' 7159 3261 701

42

500 9321 81227.9

34.6

7569

941

57 6509 172

' 22. 7536 414 815 5

657.937

19, 20817, 602

6 10, 221409

5 9, 451

4 7321 5^0

1916 267

126 169.956.2

.838

.311

14, 288

1934 27

5 18 71987,608

17,1158,029

599 690r 10. 661T 10 620

'4938 4091,719

40

535, 1803 85929.1

34.7

8249

894

46, 82314, 732

'22.0036.414 715.4

.657

.931

19, 21017, 625

8,154408

7,503

2,8421, 862

1616,583

122.769.653.1

.850

.311

14, 061

3734.27

16, 9655,866

12, 9796,508

595 648

' 9, 672r 9, 635

'4347 5281,673

37

433, 4341,97429.1

34.8

8634

830

2,19937, 39313, 610

'21.7136.415 015.1

.657

.933

18, 99117, 443

8,303415

7,637

347.7144.466.3

113.6

3,3971,491

2755,772

118.667.351.3

.850

.311

574, 372413,78969, 228

12, 146

2283.93

5,775

18, 6056,498

11,2886,116

213

613 511

8,7458,710

2916,8331,586

35

469, Oil913

30.8

34.9

6335

785

29, 232

'21.6536.415.015.0

.657

.933

19, 23017, 501

5 8, 791352

* 8, 048

752.0726.5

3,3261,849

1397,224

117.866.051.8

.850

.311

9,379

3044.27

5 20, 48057,382

13, 1065,540

1,009

638 767

19, 56119 46411,2066 7821,476

97

208, 811

33.2

34.8

68543

680

43, 500

22.30P36.4»15.4Pl5. 5

P. 657P. 935

19,26817, 541

8,777439

8,070

753.6726.7

4,2331,859

111.561.350.2

P. 760P. 311

I

11, 898

»4.27

18, 6309,913

2,627

* 11 675647 894

18, 41018 3089 7107 2211,377

101

34.5

34.7

88

22.24

19, 25117, 641

8,870444

8,190

r Revised. v Preliminary. 1 Ginnings to December 13. 2 Ginnings to January 16. 3 Total ginnings of 1957 crop. 4 October 1 estimate of 1958 crop. 5 Data cover a 5-weekperiod. 6 Beginning August 1958, data are for 4- and 5-week periods; earlier data, calendar months. 7 Data are for month shown. 8 Revision for July 1957, 54,513 bales.

§Total ginnings to end of month indicated, except as noted.IData for October 1957 and January, April, and July 1958 cover 5-week periods and for other months, 4 weeks; cotton stocks and number of active spindles are for end of period covered.ARevisions for 1955-57 are available upon request.t Revised series. Calculation of mill margins revised (back to August 1954) to incorporate prices for expanded selection of 20 types of more widely used cloths and to reflect raw cotton

prices for 4 areas of cotton production; prior series calculated from 17 cloth prices and raw cotton prices for Memphis territory growth only. Margins for January-July 1957 (cents): 27.21;26.04; 25.82; 25.50; 25.03; 24.78; 24.67.

9 Includes data not shown separately.©Beginning January 1958, data exclude all figures for acetate staple plus tow. (It should be noted that for 1954-57, data as published for staple and tow exclude the greater part of acetate

tow for cigarette filtration purposes.) For years 1955-57, pioduction of acetate staple plus tow (included in total staple through 1957) averaged 14.1 mil. Ib. per quarter.

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

S-40 SURVEY OF CURRENT BUSINESS October 1958

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

August Septem-ber October Novem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July August Septem-

ber

TEXTILE PRODUCTS—Continued

WOOL AND MANUFACTURES— Continued

Wool prices, raw, clean basis, Boston:Good French combing and staple:

Territory fine dol per IbFleece 3/8 blood do

Australian, 64s, 70s, good topmaking, in bond___doKnitting yarn, worsted, 2/20s-50s/56s, Bradford system,

wholesale price t 1947-49 = 100

Woolen and worsted woven goods, except woven felts:Production quarterly totald" thous oflin yd

Apparel fabrics total doOther than Government orders, total do

Men's and boys' doWomen's and children's do

Prices, wholesale, suiting, f. o. b. mill:Flannel, men's and bovs' 1947-49 = 100Gabardine, women's and children's _ _ _ do.

1 6751.2851.625

112.2

118.097.3

1 6381 2651.625

112.2

73 30070, 45968, 98429, 84639, 138

118.0100.4

1 5601 2321.605

109.7

118.0100.4

1 5001 1881.425

104.7

115.2100,4

1 4381 1151. 325

99.8

61 26758 02557. 36625 89531, 471

115. 2100. 6

1 4001 0701.275

97.3

115.2103.9

1 3751. 0211.275

96.0

114.1103. 9

1 250.938

1. 238

93.5

61,49058, 78058, 39127, 44230, 949

114.1103.9

1 135847

1.225

91.5

114.197.3

1 150.836

1.225

86.0

111.997. 3

1 150882

1.225

94.8

71 78569, 67768, 54029 91338, 027

111.997.3

1 130875

1.195

94.8

r 108.697.3

1 125. 875

1.175

93.5

105. 797.3

1 125875

1.175

TRANSPORTATION EQUIPMENT

AIRCRAFT

Manufacturers of complete types:Aircraft, engines, propellers, parts, etc.:

Orders new (net) Quarterly total mil of dolSales (net) quarterlv total doBacklog of orders total end of quarter do

For U S military customprscf1 doCivilian aircraft:

Shipments thous. of dolAirframe weight thous. of Ib

Exports (commercial and civilian) 0cf thous. of dol

MOTOR VEHICLES

Factory soles, total numberCoaches, total do _

Domestic doPassenger cars total do

Domestic _ __ _ _ _ doTrucks, total do

Domestic - do

Exports, totalcf _ . do __Passenger cars (new and used)^ doTrucks and buses d o _ _ .

Imports (cars, trucks buses) total* doPassenger cars (new and used)* do. __

Truck trailers (incl. trailer chassis), prodcf doComplete trailers do

Vans - do

Registrations:New passenger cars ._ do _New commercial cars do

RAILROAD EQUIPMENT

American Railway Car Institute:Freight cars:

Shipments, total _ _ __ number- _Equipment manufacturers, total __ _-do

Domestic doRailroad and private-line shops, domestic .-do

New orders, totalcf doEquipment manufacturers, total do

Domestic _ _ _ __ _ -doRailroad and private-line shops, domestic -do

Unfilled orders, end of month, total doEquipment manufacturers, total do

Domestic doRailroad and private-line shops, domestic- -do

Passengers cars (equipment manufacturers):Shipments, total _ . do .

Domestic do--Unfilled orders, end of month, total do

Domestic do_ _

Association of American Railroads:Freight cars (class !):§

Number owned or leased, end of month thousHeld for repairs, percent of total owned

Locomotives (class I)'ODiesel-electric and electric:

Owned or leased, end of mo No. of power unitsServiceable, end of month _ ._ do__ _Installed in service (new) do_. _Unfilled orders, end of month do _ _

Exports of locomotives, total (railroad-service and in-dustrial types) number_-

62, 9901, 950. 6

31, 298

611, 749315281

521, 282513, 29090, 15274, 212

27, 4599 977

17, 48224 46623, 698

5,4734 5062,567

491, 83977, 053

8,8874,7164 5874,171

2 352582568

1,770

80,47736 20334 98444, 274

4340

678677

1,7355.0

27, 60226, 580

73320

50

1, 0752 948

14 4319, 249

54,9111, 641. 1

19, 408

381, 6532431«7

318, 279315, 008

63, 13151. 016

17, 9875, 611

12, 37619 91919, 200

4,9714 3722, 554

495,21778, 156

8, 5004,9474,8973,553

3, 1621 6581,6581,504

73, 15032, 95431 78540, 196

187185507492

1,7394.9

27, 67026, 569

99296

51

45, 6871, 456. 5

27, 753

380 176233232

291, 064282, 51088, 87973, 707

18, 0536 273

11, 78027 79426, 439

4,8184 5822,556

463 79576, 899

8,3284,8504 8173,478

2,208528522

1,680

66, 86028, 60227 46038, 258

387376143139

1,7424.9

27, 69526, 702

56295

69

47, 2131. 480. 8

17, 647

678, 598241206

583, 783560, 14194, 57478,928

30, 32416 00014,32426 94626, 174

4,1423 7872,050

408, 53461, 920

7,2604,0333 9153,227

r 1, 088r 975••955

113

60, 23825, 44224 39834, 796

55

134134

1,7455.0

27 85926, 773

160488

68

3 2223 133

14 5318, 942

44, 8561, 430. 8

14, 340

642, 856287253

555, 242536, 36987, 32772, 030

34, 50219, 62814, 87431 31930, 429

3, 7803 4601,891

512, 13662, 160

6,5073,8023 4692,705

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«• Revised. v Preliminary. l Preliminary estimate of production. 2 Quarterly total.tMonthly data for 1917-56 are shown at bottom of p. S-38 of the March 1958 SURVEY.c?Scattered revisions for the following series will be shown later: Woven goods (1956,1st half 1957), aircraft backlog (1955-56), aircraft exports (1955), motor-vehicles exports (1956), truck trail-

ers (1957), freight-car new orders (1955-57).© Data beginning January 1958 exclude exports of new cargo transports, included in earlier data. In 1957, such exports were valued at $1.4 million.*New series (from Bureau of the Census). Data cover complete units, chassis, and bodies.§Excludes railroad-owned private refrigerator cars. ©Beginning with 2d quarter 1958, data are reported on a quarterly basis.

U . S . G O V E R N M E N T P R I N T I N G O F F I C E : 1958Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

'INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40'Pages marked S

Sections, by general subject:General business indicators _ , 1-5Commodity prices , 5-7Construction and real estate.- 7, 8Domestic trade , _ _ 8-11Employment and population . 11-15Finance , 16-20International transactions of the U. S 21, 22Transportation and communications 23, 24Chemicals and allied products , 24-26Electric power and gas _ 26, 27Foodstuffs and tobacco .... 27-30Leather and products,. 30,31Lumber and manufactures 31Metals and manufactures ,_ 3 2-34Petroleum, coal, and products .- 35,36Pulp, paper, and printing 36, 37Rubber and rubber products 37Stone, clay, and glass products 38Textile products „ 38-40Transportation equipment 40

Advertising ... 8, 9Agricultural employment 11Agricultural loans and foreign trade 16,17, 21, 22Aircraft and parts 2, 12,13, 14, 15, 40Airline operations , _ 23Alcohol, denatured and ethyl 24Alcoholic beverages 2, 6, 8, 9, 27Aluminum 33Apparel 2, 3, 6, 8, 9, 10, 12, 13, 14, 15, 38Asphalt and asphalt and tar products 36Automobiles 2, 3, 8, 9, 12, 13, 14, 15, 16, 17, 22, 40Bakery products... 2,12,13,14, 15Balance of payments 21Banking... 14, 16Barley 28Barrels and drums _ 32Battery shipments 34Beef and veal 29Beverages 2, 6, 8,12, 13, 14, 15, 27Blast furnaces, steel works, etc 12, 14, 15Blowers and fans 34Bonds, outstanding, issued, prices, sales,

yields 17, 18, 19, 20Book publication ,_ 37Brass and bronze 33Brick „. 38Brokers' loans and balances 16, 19Building and construction materials 8, 9, 10Building costs 8Business incorporations (new), failures 5Business sales and inventories _ 3Butter ... 27Cans (metal), closures, crowns , _ 32Carloadings 23Cattle and calves 29Cement and concrete products 6, 8, 38Cereal and bakery products 6, 12, 13, 14, 15Chain-store sales, firms with 4 or more and 11

or more stores 10Cheese 27Chemicals 2, 3, 4, 6, 12, 13, 14, 15,19, 22, 24Cigarettes and cigars 6, 30Civilian employees, Federal 12Clay products 6,38Coal __ 3, 6, 11, 13, 14, 15, 22, 23, 35Cocoa 22, 29Coffee 22,30Coke . - 23,35Communications 11,13,14,15,19, 20, 24Confectionery, sales . 29Construction:

Contract awards . 7Costs 8Dwelling units 7Employment, hours, earnings, wage rates 11,

13,14, 15Highways and roads 7, 8, 15New construction, dollar value 1, 7

Consumer credit 16, 17Consumer durables output, index , 3Consumer expenditures 1, 9Consumer price index 6Copper, _ _ 22,33Corn 28Cost of living (see Consumer price index) 6Cotton, raw and manufactures 2, 5, 6, 22, 39Cottonseed, cake and meal, oil 25Credit, short- and intermediate-term 16, 17Crops 2,5, 25, 26, 28,30,39Crude oil and natural gas 3, 11, 13, 14, 15Currency in circulation 18Dairy products 2, 5, 6, 12, 13, 14, 15, 27Debits, bank 16Debt, United States Government 17Department stores 9, 10, 11, 17Deposits, bank 16, 18Disputes, industrial _ _ _ - 13Distilled spirits 27Dividend payments, rates, and yields „ 1, 19, 20Drug-store sales 9, 10Dwelling units, new 7Earnings, weekly and hourly 14, 15Eating and drinking places . . 9, 10Eggs and poultry . 2, 5, 29Electric power 6, 26Elec. mach. and equip- 2,3,6,12,13,14,15,19, 22,34Employment estimates and indexes 11, 12Employment Service activities 13Engineering construction 7,8Expenditures, United States Government 17Explosives , 25Exports (see also individual commodities). _ _ _ 21, 22Express operations__„ _ _ , 23

Pages marked SFailures, industrial and commercial . 5Farm income, marketings, and prices 1, 2, 5, 6Farm wages 15Fats and oils, greases 6, 25, 26Federal business-type activities 17Federal Government finance 17Federal Reserve banks, condition of 16Federal Reserve reporting member banks . 16Fertilizers . 6, 25Fire losses,,.. 8Fish oils and fish... 25,30Flaxseed 25Flooring 31Flour, wheat . . . 29Food products 2,3,4, 5,

6, 8, 9, 10, 12, 13,14, 15, 19, 22, 27, 28, 29, 30Foreclosures, real estate 8Foreign trade 21, 22Foundry equipment. ... 34Freight carloadings _: 23Freight cars (equipment) 40Freight-car surplus and shortage 23Fruits and vegetables 5, 6, 22, 28Fuel oil 35Fuels 6,35,36Furnaces , 34Furniture.. . 2, 3, 6, 9,10,12,14,15,17Furs 22Gas, prices, customers, sales, revenues 6, 26, 27Gasoline 9,36Glass and products 38Generators and motors 34Glycerin 24Gold 18,21Grains and products 5, 6, 22, 23, 28, 29Grocery stores 9,10Gross national product 1Gross private domestic investment 1Gypsum and products .. 6, 38Hardware stores...... . 9Heating apparatus 6, 34Hides and skins 6,22,30Highways and roads 7, 8, 15Hogs 29Home Loan banks, loans outstanding 8Home mortgages , „ _ „ _ 8Hosiery , _ _ 38Hotels _ .. 11, 13, 14, 15, 24Hours of work per week 12, 13Housefurnishings 6, 8, 9, 10Household appliances and radios 3, 6, 9, 34Imports (see also individual commodities). 21, 22Income, personal 1Income and employment tax receipts 17Industrial production indexes _ , 2,3Installment credit 16, 17Installment sales, department stores 10Instruments and related products. 2, 3, 12, 13,14, 15Insulating materials . 34Insurance, life 18Interest and money rates 16Inventories, manufacturers' and trade 3,4, 10, 11Iron and steel, crude and manufactures 2,

6,8,12,14,15,19,22,32,33Kerosene. . 35

Labor disputes, turnover. _ . , _ _ 13, 14Labor force ... 11Lamb and mutton 29Lard ... 29Lead ... 33Leather and products 2,3,6,12,13,14,15,30,31Linseed oil 26Livestock 2,5,6,23,29Loans, real estate, agricultural, bank, brokers'

(see also Consumer credit). 8, 16,17,19Locomotives 40Lubricants 36Lumber and products 2,

3, 4, 6, 8, 9,10,12, 14, 15, 19, 31

Machine tools 34Machinery 2,3,4,5,6,12,13,14, 15, 19,22,34Mail-order houses, sales 11Manmade fibers and manufactures 6, 39Manufacturers' sales, inventories, orders 3,4,5Manufacturing employment, production work-

ers, payrolls, hours, earnings 11, 12, 13, 14, 15Manufacturing production indexes 2,3Margarine 26Meats and meat packing 2, 5, 6, 12, 13, 14, 15, 29Medical and personal care 6Metals 2, 3, 4, 5, 6, 11, 12, 13, 14, 15, 19, 32, 33M i l k _ _ _ _ 27Mining and minerals 2, 3, 11, 13, 14, 15, 19, 20Monetary statistics 18Money supply . 18Mortgage loans . 8, 16, 18Motor carriers 23Motor fuel 36Motor vehicles , . 6, 9,19, 40Motors, electrical 34

National income and product 1National parks, visitors 24National security expenditures 1, 17Newsprint 22, 37New York Stock Exchange, selected data 19, 20Nonferrous metals 2, 6, 12, 14, 15, 19, 22, 33Noninstallment credit. .. 17

Oats _ _ . „ „ _ _ 28Oil burners . , _ _ 34Oils and fats, greases 6, 25, 26Orders, new and unfilled, manufacturers' 5Ordnance 12, 14, 15

Pages marked SPaint and paint materials 6, 26Panama Canal traffic 23Paper and products and pulp 2,

3, 4, 6, 12, 13,14, 15, 19, 36, 37Parity ratio 5Passports issued... ,. 24Payrolls, indexes 12Personal consumption expenditures 1, 9Personal income , 1Personal saving and disposable income 1Petroleum and products 2,

3, 6, 12, 13, 14, 15, 19, 22, 35, 36Pig iron 32Plant and equipment expenditures 2, 19Plastics and resin materials 26Plywood 31Population 11Pork 29Postal savings 16Poultry and eggs 2,5, 29Prices (see also individual commodities):

Consumer price index 6Received and paid by farmers _. 5Retail price indexes 6Wholesale price indexes _ , 6

Printing and publishing 2, 3, 12, 13, 14, 15, 37Profits, corporate „ . 1, 19Public utilities, 2, 6, 7, 11, 13, 14, 15, 18,19, 20, 26, 27Pullman Company 24Pulp and pulpwood 36Pumps 34Purchasing power of the dollar 7Radiators and cpnvectors ... 34Radio and television 3, 6, 8, 34Railroads 2, 11, 12, 13, 14, 15, 19,20, 23,40Railways (local) and bus lines 11, 13, 14, 15, 23Rayon and acetate 39Real estate 8, 16Receipts, United States Government 17Recreation 6Refrigeration appliances, output 34Rents (housing) 6,9Retail trade, all retail stores, firms with 4 or

more and 11 or more stores, general merchan-dise, department stores, 3, 5, 9, 10, 11, 13, 14, 15,17

Rice , 28Roofing and siding, asphalt 36Rubber and products._ 2, 3, 4, 6, 12, 13, 14, 15, 22, 37Rye 28Saving, personal 1Savings deposits . 16Securities issued 19Services 1, 9, 11, 13,14, 15Sheep and lambs 29Ship and boat building . 12, 13, 14, 15Shoes and other footwear. _ 6, 9, 10, 12, 13, 14, 15, 31Shortening 26Silk, prices, imports, production 6, 39Silver 18Soybeans and soybean oil 26Spindle activity, cotton. 39Steel ingots and steel manufactures (see also

Iron and steel) 2,32,33Steel scrap 32Stocks, department stores, 11Stocks, dividends, prices, yields, earnings,

sales, listings 20Stone, clay, and glass prod___ 2,3,4,12,14,15,19,38Stoves and ranges 34Sugar 22,30Sulfur 25Sulfuric acid 24Superphosphate 25Tea imports 30Telephone, telegraph, cable, and radio-tele-

graph carriers 11, 13, 14, 15, 20, 24Television and radio 3, 6,8,34Textiles and products 2,

3, 4, 6, 12, 13, 14, 15, 19, 22, 38, 39, 40Tin 22,33Tires and inner tubes 6, 9, 10, 12, 13, 14, 15, 37Tobacco and manufactures 2,

3, 4, 5, 6, 8, 12, 13, 14, 15, 22, 30Tools, machine.. 34Tractors 22,34Trade, retail and wholesale 3,

5,9,10,11,13,14,15,17,20Transit lines, local 23Transportation and transportation equip-

ment 2,3,4,5,6,9,10, 11, 12, 13, 14, 15, 19, 22, 23, 24, 40

Travel 24Truck trailers 40Trucks 2,34,40

Unemployment and compensation 11, 13United States Government bonds._ 16, 17, 18, 19, 20United States Government finance 17Utilities 2, 6, 7, 11, 13,14, 15,19, 20, 26, 27

Vacuum cleaners . 34Variety stores 9, 10Vegetable oils 25, 26Vegetables and fruits 5, 6, 22, 28Vessels cleared in foreign trade 23Veterans' benefits 13, 17

Wages and salaries 1, 14, 15Washers ... 34Water heaters 34Wheat and wheat flour 28, 29Wholesale price indexes 6Wholesale trade 3, 5, 11, 13, 14, 15Wood p u l p _ _ _ _ 36Wool and wool manufactures 2, 5, 6, 22, 39, 40

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ANALYSIS OF GEOGRAPHIC INCOME CHANGES • PROCEDURES AND DEFINITIONS

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