DECEMBER 1936 SURVEY OF CURRENT BUSINESS UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 16 NUMBER 12 CONTENTS Volume 16 of the SURVEY OF CURRENT BUSINESS Special Articles Tables of New and Revised Statistical Series—Continued; No. Page No. Page Commodity Prices, 1930-35 1 4 Failures, commercial, by divisions of industry, Development of Retail Sales Indexes 8... 2 16 1934-35 5 20 Progress of the Aeronautics Industry 3 16 Federal Home Loan Bank Board lending activi- Construction Trends and Related Factors 4 16 ties, by agencies, December 1932-February 1936. 4 19 An Estimate of the Volume of Wholesale trade Futures, total volume of trading (wheat and corn), 1921-35 3 20 in the United States, 1899-1935 5 16 Gas, manufactured: Customers, sales, and rev- Farm Equipment Business Recovers Rapidly. ... 6 16 enue, 1929-35 6 20 Expansion in the National Income Continued in Gas, natural: Customers, sales, and revenue, 1935 7 14 1929-35 8 14 Regional Sales of General Merchandise in Small Income of Class I steam railways, 1931-35 4 20 Towns and Rural Areas 9 14 Internal revenue collections from specified Progress of the Domestic Rayon Industry 10 14 sources, July 1932-December 1935 2 20 Plastics—Products of Ever-Widening Utility.... 11 14 Internal revenue tax receipts from sale of products Summary of the Retail Census of 1935 12 14 (future delivery), 1918-35 4 19 Interest rates charged customers by banks in Tables of New and Revised Statistical Series principal cities, 1919-35 3 19 Life insurance written, January 1913-September Admitted assets of United States life insurance 1936 11 17,18 companies, 1923-36 12 18 Life insurance premium collections, January Advertising, magazine, 1933-34 2 19 1913-July 1936 11 19 Annalist index of business activity, January Lumber: Production, shipments, and stocks, Jan- 1923-August 1936 10 20 uary 1934-November 1935 2 20 Automobiles and visitors arriving at National Obligations fully guaranteed by the United Parks, 1919-36 12 20 States, amounts outstanding by agencies, Babbitt metal (white-base antifriction bearing October 1933-May 1936 7 20 metals): Production and sales, 1933-35 . 7 20 Powdered milk production, 1918-36 9 18 Brokers* loans, 1929-35 3 19 Prices, foodstuffs and raw materials, indexes, Construction contracts awarded in 37 States, by 1920-35 5 19 classes, 1935 5 19 Profits of corporations, 1928-35 8 15 Corporation earnings indexes, unadjusted and Reconstruction Finance Corporation, loans out- adjusted, by quarters, 1924—36 9 19 standing, 1932-36 9 20 Cost of living in the United States, by major Reserves above legal requirements of reporting items, 1914-36 12 19 member banks of the Federal Reserve System, Department store sales indexes, unadjusted and 9 19 September 1931-June 1936 7 20 adjusted, 1919-36 9 19 Sales of stocks and bonds on all registered ex- Earnings, weeklv and hourly, and hours of work changes and on the New York Stock Exchange, (25 industries); July 1914-June 1920-August October 1934-February 1936 4 20 1936 10 17, Securities effectively registered with the Securi- 18,19 ties and Exchange Commission, September Employment in Iowa, 1922-36 12 20 1934-December 1935 3 20 Employment and average hourly wages—Class I Stocks of grain, January 1927-April 1936 6 19 railways, July 1921-August 1936 11 20 Stocks of foodstuffs and raw materials, indexes, Employment and pay rolls in manufacturing in- 1920-35 5 20 dustries, January 1933-September 1935 1 16 Total visible stocks of silk, January 1923-June ; Employment and pay rolls, factory, Wilmington, 1936 7 20 Del., January 1923-August 1936. 11 20 Weekly business indicators, 1934-35 1 15,16 Employment indexes on Class I steam railways in Yields on 200 common stocks (weighted average), the United States, 1923-35 4 20 1929-36 9 18 UNITED STATES DEPARTMENT OF COMMERCE DANIEL C. ROPER, Secretary BUREAU OF FOREIGN AND DOMESTIC COMMERCE ALEXANDER V. DYE, Director SURVEY OF CURRENT BUSINESS Prepared in the DIVISION OF ECONOMIC RESEARCH ROY G. BLAKEY, Chief M. JOSEPH MEEHAN, Editor Volume 16 DECEMBER 1936 Number 12 CONTENTS SUMMARIES AND CHARTS STATIST1GAL DATA—Continued Page Business indicators 2 Monthly business statistics: Page Business situation summarized 3 Business indexes 22 Graphic comparison of principal data 4 Commodity prices 23 Commodity prices 5 Construction and real estate . 24 Domestic trade 6 Domestic trade 25 Employment 7 Employment conditions and wages 21 Finance 8 Finance 31 Foreign trade 9 Foreign trade 36 Transportation 10 Transportation and communications , 37 Review of the— Statistics on individual industries: Automobile and rubber industries 11 Chemicals and allied products 39 Iron and steel industries 12 Electric power and gas 41 Textile industries 13 Foodstuffs and tobacco 42 Fuels and byproducts , 45 Leather and products 47 SPECIAL ARTICLE Lumber and manufactures 48 Summary of the retail census of 1935 Metals and manufactures: Iron and steel 49 STATISTICAL DATA Machinery and apparatus 51 Revised series: Nonferrous metals and products. , 52 Paper and printing 53 Admitted assets of United States life insurance companies, 1923- Rubber and products 55 36; cost of living in the United States, by major items, 1914-36; Stone, clay, and glass products 56 passenger automobiles and visitors arriving at national parks, Textile products 57 annually, 1919-32, monthly, 1932-36; empl oyment in Iowa, Transportation equipment r. 58 1922-36 18, 19, 20 Canadian statistics 60 Weekly business statistics through November 28 21 General index Inside back cover Subscription price of the SURVEY OF CURRENT BUSINESS is 31.50 a year. Single-copy price: Monthly, 10 cents; weekly, 5 cents. Foreign subscriptions, 33, including weekly supplements. Make remittances only to Superintendent of Documents, Washington. D. C. 108290—36 1 SURVEY OF CURRENT BUSINESS December 1936 Business Indicators 1923-25=100 INDUSTRIAL PRODUCTION FACTORY EMPLOYMENT AND PAYROLLS 125 r • • 125 \ 100 A 100 \ EMPLOrM£Nr (Adjusted) ® \ K . *~ 75 \ 75 V \~> Adjusted ® \ 50 50 \ RAY'ROLLS (^Unadjusted) 25 25 0 i i i I I 1 i 1 l I 111111111111 M 111111111 0 i i i I i | I I i i I HMll.f.U FREIGHT CAR LOADINGS CONSTRUCTION CONTRACTS AWARDED 125 125 \ 100 100 LCX. (Ad/t/sted)^ 75 75 \ ^^ 50 50 WTAL (Acijusted) * 25 25 0 j 1 ! II 1 1 1 1 1i I 1i i1 I 1 I i I 1 i ! 1 1 1 1 ! 1 1 1 1 1 0 i i i 11 I i i 111 In m I 11111 DEPARTMENT STORE. SALES WHOLESALE PRICES 125 25 • 100 s 100 > ^^ ALL CO MMOl1/T/ES \ ^ a_|L,> .^-1 ****** 75 75 *^^1 TOTAL * -**J (Adjusted) 9 N| *»+**r FARM PRODUCTS 50 50 \ 25 25 0 i i i i I I i 1 1 I 1i i II 1 1 I 1 II1 |1 | I ) 1 Ililt 0 1 1 1 1 1 1 1 !1 I 1II 11 1 1 I M 11 11 1 1 1 ! 1 I ! 1 1 FEDERAL RESERVE MEMBER BANK LOANS* BANK DEBITS OUTSIDE NEW YORK CITY 150 i5or 125 125 \ 100 100 TOTAL- 75 75 \ V V 50 1 50 'ALL OTHER (Commercial) TL — A/ / nrt ot i i i i i I i i i i i 11111i111 iii oL 1 1 1 I! 1 1 I 11 1 11 11 1 1 1 11 111 1M II 1 I 1 1 I929!30'3i '32'33 1934 1935 1936 !929'30'3l "hVll 1934 1935 1936 ADJUSTED FOR SfASOA'AL VAR/AT/ON ^XERORT/NG MEMBER BANKS DO. 8619 J.M SURVEY OF CUKRENT BUSINESS Business Situation Summarized USINESS activity so far during- the final quarter considerably improved, not only in comparison with a B has evidenced a continuation of the improvement year ago, but also with any period back as early as which has characterized the current year. Industrial 1930. production has been sustained at the best level attained During November, there has been no evidence of a since 1929, expanding employment has reduced the slackening of the pace of manufacturing activity. number without work, and the income of employees Automobile production is moving ahead rapidly and has been further increased; farmers' income is markedly steel output is holding at a rate only slightly lower higher than a year ago despite some recession on a than in October. Lumber production has declined as seasonally adjusted basis from the high reached in a result of the maritime strike which has tied up midsummer; the volume of freight traffic has held at shipping activities on the west coast. better than seasonal levels; and retail sales reports Construction activity is still increasing, although give promise of the best Christmas buying period in weather conditions may be expected to hamper opera- 7 years. tions shortly. Privately financed building contracts The volume of manufacturing output in October through October have not shown the customary sea- was seasonally larger than in September. The major sonal decline. Current rates of operations in many gain was in the iron and steel industry where the industries and the rising trend of corporate earnings recovery peak of operations reflected continued ad- have focused increasing attention on the need for ex- vances in the machinery, railroad equipment, building panding production facilities. While building activity materials, tools, and other capital goods industries, generally has been slow to recover, the lag in commer- as well as the resumption of assemblies by leading cial, industrial, and public-utility construction, despite automobile manufacturers. The consumers' goods in- some progress this year, has been even more pronounced dustries generahV continued to operate at a high rate; Prices of commodities throughout November have textile mills are unusually active, although the sea- been buoyant, reflecting the increased industrial de- sonally adjusted index of production for this industry mands as well as the tendency toward higher costs.