SURVEY of CURRENT BUSINESS September 1935
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SEPTEMBER 1935 OF CURRENT BUSINE UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 15 NUMBER 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis UNITED STATES BUREAU OF MINES MINERALS YEARBOOK 1935 The First Complete Official Record Issued in 1935 A LIBRARY OF CURRENT DEVELOPMENTS IN THE MINERAL INDUSTRY (In One Volume) Survey of gold and silver mining and markets Detailed State mining reviews Current trends in coal and oil Analysis of the extent of business recovery for vari- ous mineral groups 75 Chapters ' 59 Contributors ' 129 Illustrations - about 1200 Pages THE STANDARD AUTHENTIC REFERENCE BOOK ON THE MINING INDUSTRY CO NT ENTS Part I—Survey of the mineral industries: Secondary metals Part m—Konmetals- Lime Review of the mineral industry Iron ore, pig iron, ferro'alloys, and steel Coal Clay Coke and byproducts Abrasive materials Statistical summary of mineral production Bauxite e,nd aluminum World production of minerals and economic Recent developments in coal preparation and Sulphur and pyrites Mercury utilization Salt, bromine, calcium chloride, and iodine aspects of international mineral policies Mangane.se and manganiferous ores Fuel briquets Phosphate rock Part 11—Metals: Molybdenum Peat Fuller's earth Gold and silver Crude petroleum and petroleum products Talc and ground soapstone Copper Tungsten Uses of petroleum fuels Fluorspar and cryolite Lead Tin Influences of petroleum technology upon com- Feldspar posite interest in oil Zinc ChroHHtt: Asbestos Natural gas Barite and barium products Lead and zinc pigments and zinc salts Antimony Natural gasoline Potash Detailed accounts of metal production in Arsenic Cirbon black Magnesium and its compounds Alabama, Arizona, Arkansas, California, Radium, uranium, and vanadium Miscellaneous commercial gases Mica Helium Colorado, Georgia, Idaho, Illinois, Kansas, Pktinum and allied metals Natural sodium compounds and boron min- Kentucky, Maryland, Michigan, Missouri, Asphalt and related bitumens erals Nickel Cement Montana, Nevada, New Jersey, New Precious and semiprecious stones Minor metals: Beryllium, bismuth, cadmium, Dimension stone Minor nonmetals: Graphite, greensand, Icy Mexico, New York, North Carolina, Okla- cobalt, selenium, tantalum and columbium, Slate anite, mineral wool, monazite, olivme, homa, Oregon, Pennsylvania, South Caro- Crushed and broken stone strontium minerals, and vermiculite lina, South Dakota, Tennessee, Texas, tellurium, titanium, and zirconium Sand and gravel Part IV—Mme safety: Utah, Virginia, Washington, Wisconsin Ore concentration Gypsum Safety in mining and Wyoming. COMPLETE INDEX PRICE $2.00 To avoid delay order now. PRICE $2.00 Since the beginning of the series every edition of the Minerals lCearboo\ has been exhausted before the supply came from the press. Send no money to the United States Bureau of Mines as this book may be purchased only from the Superintendent of Documents, Washington, D. C., who will deliver copies about September 30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis UNITED STATES DEPARTMENT OF COMMERCE DANIEL C. ROPER, Secretary BUREAU OF FOREIGN AND DOMESTIC COMMERCE CLAUDIUS T. MURCHISON, Director SURVEY OF CURRENT BUSINESS Prepared in the DIVISION OF ECONOMIC RESEARCH H. GORDON HAYES, Chief M. JOSEPH MEEHAN, Editor Volume 15 SEPTEMBER 1935 Number 9 CONTENTS SUMMARIES AND CHARTS STATISTICAL DATA—Continued Page Business indicators 2 Monthly business statistics: Page Business situation summarized 3 Business indexes 22 Comparison of principal data, 1931-35 4 Commodity prices 23 Commodity prices 5 Construction and real estate 24 Domestic trade 6 Domestic trade 25 Employment 7 Employment conditions and wages 27 Finance 8 Finance 31 Foreign trade 9 Foreign trade 36 Real estate and construction 10 Transportation and communications 37 Transportation 11 Survey of individual industries: Statistics on individual industries: Automobiles and rubber 12 Chemicals and allied products 38 Forest products 13 Electric power and gas 41 Iron and steel 14 Foodstuffs and tobacco 41 Textile Industries 15 Fuels and byproducts 45 Leather and products 47 SPECIAL ARTICLE Lumber and manufactures 48 Domestic motor vehicle sales during 1935 16 Metal and manufactures: Iron and steel 49 STATISTICAL DATA Machinery and apparatus 51 New and revised series: Nonferrous metals and products 52 New series: United States Employment Service applications, Paper and printing 53 placements, and number in active file; hosiery production, Rubber and products 55 shipments, and stocks 19, 20 Stone, clay, and glass products 56 Revised series: Industrial disputes; employment and pay rolls in hotels; employment, payrolls, and weekly earnings in Massa- Textile products 57 chusetts for 1932, 1933, and 1934; cash income from sales of Transportation equipment 58 farm products 1933 and 1934; Panama Canal traffic 19, 20 Canadian statistics 60 Weekly business statistics through August 24 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. 12398—35- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SURVEY OF CURRENT BUSINESS September 1935 Business Indicators 1923-25-100 INDUSTRIAL PRODUCTION INDUSTRIAL PRODUCTION 160 160 MANUFACTURES MINERALS (Adjusted}* /(Adjusted)* too 1OO 4O i I IN ll M II I I I M I III I I I ll I I II I I I I i I I I I I 11 I I III III FACTORY EMPLOYMENT AND PAYROLLS CONSTRUCTION CONTRACTS AWARDED 160 20O 10O 1OO -PAYROLLS (Unadjusted} TOTAL FREIGHT CAR LOADINGS FREIGHT CAR LOADINGS L. C. L. 160 160 1OO 1OO Unadjusted Adjusted ' 40 DEPARTMENT STORE SALES WHOLESALE PRICES 2OO 16O 10O 1OO ALL COMMODITIES -FARM PRODUCTS VALUE OF EXPORTS VALUE OF IMPORTS 2OO 200 1OO 1OO Adjusted Adjusted ^^^^""^ ^ s~ I I I ! I 1 1 1 1 1 I I I I 1 1 I 1 1 I I I 1 1 1 ii h 1 1 1 1 1 ! 1 I l! I I 1 1 11 1 1 1 1 i II 1 It 1 III 1 1 1 1 1 1 1 V1 —1 111 N^ 1 tl —1 1 ! 1 1 1 1 1 i M 1 1 1 II 1 1 1 1 1 1 1 ! BANK DEBITS OUTSIDE NEW YORK CITY FEDERAL RESERVE MEMBER BAN—K LOANS 200 160 100 1OO Unadjusted 1931 1932H933 1934 1935 9 ADJUSTED FOR SEASONAL VARIATION * REPORTING MEMBER BANKS D. O. 63 3Z Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis September 1935 SURVEY OF CUEEENT BUSINESS Business Situation Summarized USINESS activity durii/g the summer months has industry continues in a relatively unfavorable position. B maintained a relatively favorable trend, with the Cotton consumption in July dropped by the usual indexes of industrial production, retail sales, construc- seasonal amount, but an increase in the adjusted index tion, and foreign trade all recording considerable is indicated for August. increases over the corresponding period of 1934. The August crop report of the Department of Agri- Agricultural income, while higher for the year to date, culture indicates substantial gains in the anticipated was lower in July than a year ago, owing to the drought harvest in comparison with a year ago. Some deterio- conditions in the earlier period which induced a rapid ration in the wheat crop occurred during July, but price rise and the marketing of accumulated surpluses. corn improved and a large gain in cotton production Manufacturing output did not record the usual over last year's small crop is in prospect. seasonal recession in July and, while this condition Little change in the number employed is indicated has reflected gains in some of the durable goods by the July figures. The declines in the industries industries, there has also been improvement in the surveyed monthly by the Bureau of Labor Statistics wool, silk, rayon, shoe, and rubber manufacturing were offset by seasonal increases in agriculture and industries, while cigarette output broke all records in in road building. Factory employment did not decline July. Weekly figures for August indicate that the to the usual extent in July, the adjusted index advanc- rise in steel ingot production has been particularly ing after 3 monthly declines. Factory pay rolls were sharp. The decline in automobile production in July 1.7 percent lower in July than in June, but were 7.9 exceeded the estimated seasonal movement, but the percent higher than a year ago. trend of car sales continued strong. Production Changes in the available retail sales indexes for dropped off substantially in August, as the major companies made preparations for the introduction of July were mixed; the rural general merchandise sales new models. index, however, was the only one recording a decline Electric power production has been at a high rate of more than seasonal proportions. The adjusted during August, with the seasonally adjusted weekly indexes of new passenger car sales and variety store index of output reaching a new all-time peak. Lumber sales advanced, while the department store sales production also improved but the cotton textile index was unchanged. MONTHLY BUSINESS INDEXES l 4 Factory em- Department Foreign w 2 Industrial production ployment Freight-car loadings store sales, trade, value, al 78 , , and pay rolls value adjusted * d Ne e >» Merchan- s Unadjusted 1 Adjusted 2 o Total dise, 1. c. 1. y index e adjuste , >»"§ Cit contracts 1 outsid rt£ k s p,ie n l<~ l3 1 i pric Yor e Year and month °S I value , « <» SO i«o 00 commoditie 1 £ 3 It I 1 5 1 debit 1 «O 02 3 g 0 0 3 k •a •a c §8 I a C3 1 types <e 1 0 fi 1 1 | H Constructio I 1 g 1 i •*^ P < w 1 Ban Wholesal Monthly Monthly average, 1923-25=100 average, 1926=100 1929- July 120 120 118 124 125 116 107.0 107.2 111 123 105 106 79 109 121 119 144.0 124 96.5 1930: July 90 89 100 93 92 100 90.3 84.3 95 103 94 95 71 100 80 74 117.3 95 84.4 1931: July 80 79 86 82 82 86 78.0 66.2 78 76 87 88 66 94 54 59 93.4 61 72.0 1932: July.