SURVEY of CURRENT BUSINESS January 1935
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JANUARY 1935 SURVEY OF CURRENT BUSINESS UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 15 NUMBER 1 STATEl\HNORCIVILDIVISIONOUTLINEMAPS U.S.DEPARTl\IENT OF COl\OIERCE, BUREAU OF mE CENSUS Reproduction of Indiana Minor Civil Division Map The Bureau of the Census has compiled a set of48 separate state maps from the 1930 authentic county and city maps available in the Bureau. Tf1ese maps show the subdivisions of counties (townships, districts, precincts, etc.>, as well as the location ofevery incorporated place. with tbe areas of tbe larger incorporated places delimited. These maps serve as a key for tM:: 1..:>e 0{ pubUshed Census data and should prove invaluable in social, economic, and demograpbic stu'iJ~:.o. SCALE- All states 16 miles to the inch except the following: Conn., Del., R.l., 4 miles to the inch; Ind., Me., Md., Mass., N.H., N.J., Ohio, Pa., Vt., 8 miles to the inch; Calif, Tex., 24 miles to the inch. Price-10 cents each r.szy------.-------.:;;y-~ Order/rom Superintendent of Documents, Government Printing Office Washington, D.C. 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 JANUARY 1935 Number 1 CONTENTS SUMMARIES AND CHARTS STATISTICAL DATA-Continued Pa~e Pa~e Business indicators......... 2 Weekly business statistics throu~h December 22.................. •• 21 Business situation summarized......... 3 Monthly business statistics: Comparison of principal data, 1930-34.............................. 4 Business indexes............................................... 22 Commodity prices. 5 Commodity prices.... • . • . 23 Domestic trade....... 6 Construction and real estate. • . 24 Employment....... 7 Domestic trade................................................. 25 Employment conditions and wa~es....... • 27 Finance............................................................ 8 Finance ..................................................•...• 30 Forei~n trade...................................................... 9 Forei~n trade.................................................. 34 Real estate and construction....................................... 10 Transportation and communications........................... 35 Transportation.................................................... 11 Survey of individual industries: Statistics on individual industries: Automobiles and rubber....................................... 12 Chemicals and allied products..... • 36 Electric power and ~as..................................... 39 Forest products., . • . 13 Foodstuffs and tobacco......... • . • 39 Iron and steel.................................................. 14 Fuels and byproducts...................................... 43 Textiles.. • . • . 15 Leather and products...................................... 44 Lumber and manufactures........... • . • . • . 45 SPECIAL ARTICLE Metal and manufactures: The National Income, 1933......................................... 16 Iron and steel................................ 46 Machinery and apparatus.............................. 48 STATISTICAL DATA New and revised series: Nonferrous metals and products........ • . 49 Paper and printin~............................. • . • 50 Visible stocks of all cattle hides and leathers (new series); iron Rubber and products....................... • • 51 and steel composite price (revised series); airplane travel (new Stone, clay, and ~lass products............................. 52 series)....................................................... 19 Textile products............................................ 53 Petroleum and petroleum products (revised data for 1933); Transportation equipment. • . • 55 carlot shipments of fruits and ve~etables (revised data for Canadian statistics..... • . • . • . • • . • . • . • . • . • 56 1933); yield of U. S. Treasury 91-day bills (new series)......... 20 General index ••.•...........•...•.•••••.•.••..•.. , • . • Inside back cover Subscription price of the SullVEY oP CullRENT BusiNESS is l\1.50 a year. Single-copy price: Monthly, 10 cents; weekly, 5 cents. Foreign eubacriptiona, $3, including weekly supplements. Make remittances only to Superintendent of Documents, Washington, D. C. 104167-35-1 1 2 SCRYEY OF CCRREKT BCSIKESS January 1935 Business Indicators 1923-25=100 INDUSTRIAL PRODUCTION INDUSTRIAL PRODUCTION 160 l&or---· - I I , I i FACTORY EMPLOYMENT AND PAYROLLS CONSTRUCTION CONTRACTS AWARDED 160 zoor--r-- 1 (IIJ-'AOJVST£0 TOTAL FREIGHT CAR LOADINGS 160 I I I I I I I I 100 ~ DEPARTMENT STORE SALES WHOLESALE PRICES VALUE OF EXPORTS zooc----T VALUE OF IMPORTS BANK DEBITS OUTSIDE NEW YORK CITY ~---1--- : . I I I I i I UNADJUS;r[D '19·~~''''i~ ~il'' h·~~~ ~ eADJUST£0 FOR SEASONAL VARIATION "'RlPORTINC MEMBER BANKS D_D. 7oSS January 1935 SURVEY OF CURRENT BUSINESS 3 Business Situation Summarized HE available data for December indicate that the pay rolls in November, amounting to 2.5 percent, was T improvement evident during October and No the smallest October-November recession since 1925. vember continued into the final month of the year. Retail trade data reveal a continuation of the rela In the aggregate the volume of business in 1934 was tively favorable trend of consumer purchasing. The substantially above 1933, although for the fourth seasonally adjusted index of new passenger-car sales quarter the gains over the comparable period of the rose 6 percent in November, while more moderate previous year were less pronounced than those for the gains were reported in rural general merchandise sales, 12-month period. chain grocery store sales, and in variety store sales. Industrial production in November declined by less The adjusted index of department store sales declined than the usual seasonal amount, the adjusted index in November as the expansion in sales fell short of the advancing for the second successive month. Improve usual rise for the month. ment was reported in the iron and steel, leather and Distribution of freight by the railroads has declined shoe, cement, tobacco manufacturing, and anthracite by less than the usual seasonal amount since October. industries. The largest relative increase occurred in In November, the adjusted index of carloadings rose the iron and steel industry, and a further sharp gain 2 points to 59 percent of the 1923-25 average. A fur for December is indicated by the rise in steel ingot ther gain will be recorded in December, according to production to 36 percent of capacity in the pre the movement of the weekly statistics. Christmas week. The decline in automobile produc Figures for construction contracts awarded during tion ceased in the final week of November, and there November and the first half of December show a has been a substantial gain during December. decline from the October level. The November recession extended to each of the four principal classes As the decline in factory employment in November of construction. coincided with the usual movement for the month, the Wholesale commodity prices have fluctuated to only adjusted index was unchanged from the October figure. a minor extent in recent weeks. Stock prices, which Improvement in 6 of the 14 major industrial groups was tended upward during November, have moved irregu revealed by the adjusted employment indexes. These larly lower in December. The bond market has been were the iron and steel, machinery, transportation strong. Money rates continue abnormally low; new equipment, nonferrous metals, stone, clay, and glass, capital issues are in small volume; and excess reserves and leather products groups. The decline in factory of the member banks remain very large. MONTHLY BUSINESS INDEXES Fat'toryem- I Departmenf Foreign II: Industrial production ployment Freight-car loadings I store sales, ' trade, value, z and pay rolls value 1 adjusted • ----~--~--~-----I I I------ ., 1 Unadjusted Adjusted' To.ta_l ~- 'I Merchan- I j I' :§_:-. I - Year and month ~~ =....: i , r:··~··l i ~ ~~~ I ~i ,_ .,..0. = ..£ I ;:1 .:s ~ -e "CC I .,~ §'= :;'"' = III :;'"' = III ..e -~ ' .:.=c: I ... .... ~ .s ~ ~ ,I .s ~ a ~ I ~ Monthly Monthly average, 1923-25=100 average, ·------· --··---,-----,--.,----,----·~-·-------- ·---------~- --~---~-~-~----~--- _!IJ26_=:IOO 1931: ! 72 46 I November_ ______ 70 84 73 I' 71 81 71.6 58. I I 70 <18 I R5 I' 83 li 97 84 : 44 74.0 i 49 70.2 19:J2: November_ ______ , 65 63 73 65; 63 75 63.2 42.91 58 571 701 6811 73 63!1 32 55.4 1 21 C3. 9 1933: 1 November---------1 72 70 84 72 70 81 75. 9 55. 5 60 59 67 1 66 :I 75 65 . 42 60.5 I 4s 71.1 December__________ 69 67 80 75 73 85 75. o 5l. 5 I 56 63 64 68 121 69 i 48 70.8 1934: 67.41 571 January____________ 77 75 85 78 76 88 75. I 54. 0 I 58 64 65 70 57 69 i 44 66.9 ! 49 72.2 February__________ 83 1 82 88 81 80 91 78. 4 60.6 ! 61 64 65 I 67 I 59 71 I 47 :II 59. 7 ~ 44 73.6 March_____________ 86 85 91 84 82 100 81. 0 64. 8 I 63 66 67 I 66 73 77 I 50 44 71.4 I 33 73.7 ApriL_____________ 88 89 81 85 85 90 82. 2 67. 3 : 60 62 67 I 65 I 73 77 :I 50 72.4 ! 32 73.3 42 li May_______________ gg 89 87 86 86 89 82. 4 67. 1 ' 63 63 67 I 65 I 77 77 iI 45 47 73.7 June_______________ 8'1 83 87 83 83 87 81.4 M. 8 M 64 65 70 74 i 50 44 ~u! ~~ 74.6 July_______________ 73 I ~ I I 71 85 48 43 1 70.~! 27 H.S AugusL___________ 73 il 83 ~~: ~~ ~& ~~:~ ~U 1 ~~ ~~ 65 ~~ I g6 ~~II 49 39 , 68.0 27 76.4 Septewber_________ 72 70 87 71 69 82 73.9 57.9 67 59 67 64 . 79 76 ~ 48 43 65.3 ! 29 77. ~ October___________ 75 73 87 73 72 81 76. 7 fJJ. 0 64 57 66 I 63 82 74 ~~.1 45 39 1 73.3 31 76.5 November________ 74 72 i 85 7t 73 82 76. 7 59. 5 60 59 6,j I 6{ 1' 83 I 73 ' 45 47 li 68. 0 31 76. ,; Monthly average, January tbrougb I I November: I I I I I ! ! i !i I (i3 I 1 1 34 11 6o. 2 76 i £i 1::::::: 1:::::::1::::::: gu :u ~~ ::::::: ~~ :::::::: g~ -------~ ~~ I 37 I 65. 5 1s 1 s• 1-------1-------1-------1 78.8 i 6t.8 6s _______ 66 !-------,1 69 ,______ _ {3 ! u.s mt:::::::::::::r n 1 i7! ~!I ~I I Adjusted for number of working days.