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SURVEY of CURRENT BUSINESS June 1935 JUNE 1935 SURVEY OF CURRENT BUSINESS UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 15 NUMBER 6 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 JUNE 1935 Number 6 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 30 Foreign trade 9 Foreign trade 34 Real estate and construction 10 Transportation and communications 35 Transportation 11 Statistics on individual industries: Survey of individual industries: Chemicals and allied products 36 Automobiles and rubber 12 Electric power and gas 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: Current trends in the cotton industry 16 Iron and steel 46 Machinery and apparatus 48 STATISTICAL^ DATA Nonferrous metals and products 49 Paper and printing 50 New and revised series: Rubber and products 51 New series: Wholesale price of wheat, No. 1 dark northern Spring Minneapolis; shipments and stocks of structural clay prod- Stone, clay, and glass products 52 ucts; and rayon deliveries 19, 20 Textile products 53 Revised series: Indexes of department store sales and produc- Transportation equipment 55 tion of goat and kid and sheep and lamb leathers. 19, 20 Canadian statistics 56 Weekly business statistics through May 25 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 cent; Foreign subscriptions, 33, including weekly supplements. Make remittances only to Superintendent of Documents, Washington, D, C. 136341—35 1 SURVEY OF CURRENT BUSINESS June 1935 Business Indicators 1923-25 = 100 INDUSTRIAL PRODUCTION INDUSTRIAL PRODUCTION 160 160 MANUFACTURES MINERALS (Adjusted)* f (Adjusted)* 1OO 1OO TOTAL (Adjusted)*' 40 ^mill AD I FACTORY EMPLOYMENT AND PAYROLLS CONSTRUCTION CONTRACTS AWARDED 16O 200 1OO 1OO EMPLOYMENT (Adjusted^ 4O -PAYROLLS (Unadjusted) TOTAL FREIGHT CAR LOADINGS FREIGHT CAR LOADINGS U C. U 160 16O 10O 100 Unadjusted Adjusted l Unadjusted 40 n i 11In n 11 linn 40 DEPARTMENT STORE SALES WHOLESALE PRICES 200 160 100 1OO 4O 11n111111ih VALUE OF EXPORTS 200 200 1OO too Adjusted -*-\ ^ ••— *"X-^_ ^^^ ! I I I I | i 1 1 1 i i ml ii M i\ M n Ii i M i Minium BANK DEBITS OUTSIDE NEW YORK CITY FEDERAL RESERVE MEMBER BANK LOANS'* 200 160 \ ^ 10O v~N-v 1OO ^ ^ ^ ^\r Unodjustec ^ — M 1 1 1 II I I 1 I 1 1 1 1 1 1 1 1 1 1 i I I 1 I ! 1 1 1 1 1 I 111 !l 1 1 1 11 ! 1 M tl III) 1 I 1931 1932 1933 1934 1935 ADJUSTED FOR SEASONAL VARIATION * REPORTING MEMBER BANKS D.D. 83 3Z June 1935 SURVEY OF CURRENT BUSINESS Business Situation Summarized HILE the trend of business activity has recently Distribution series, with some important exceptions, Wbeen downward, resistance to the decline has been have declined since March. The drop in freight-car evident in many lines with the result that the recession loadings is explained largely by the curtailment of coal from the spring peak has been moderate. Output of production and the decline in miscellaneous freight manufacturing industries increased by the usual sea- carried. The recession in the index of department- sonal amount during April, although the index of store sales followed a rise of about the same propor- industrial production declined because of the sharp tions in March, while the drop in the seasonally ad- drop in the mineral production index. justed index of passenger car sales terminated the rapid Available weekly data for May do not indicate a rise experienced in the first quarter. Rural general change in the trend. Automobile output has been cur- merchandise sales have continued to improve. tailed; steel ingot production has declined further; cot- Further gains in residential construction occurred ton cloth production has continued near the lower level during April and the first half of May. The value of reached at the end of April, and lumber production has all contracts awarded for April was higher than in been reduced by labor difficulties in the Pacific coast March but was lower than a }^ear ago as the amount of area. Electric power output has shown little change public works contracts declined. during May on a seasonal adjusted basis. Security prices have improved during May, the stock Several important industries reported gains in April. index advancing to the highest point in nearly a year. Among these were the automobile, tobacco manufac- The bond price index has been steady throughout the turing, leather and shoe, plate glass, cement, and ma- month, at the higher level reached in April. New se- chine tool industries. There was a further substantial curity issues in April, made up largely of bonds issued drop in iron and steel production. In the textile indus- for refunding purposes, were the highest since April try, production of .cotton and silk goods declined as 1931. During May the volume has not been large. did rayon shipments, but operations in the woolen The heavy gold inflow and disbursements by the industry continued at a high rate. Treasury have resulted in a further growth of member Employment increased slightly in April, according bank balances held at the Reserve banks. As of May to the Bureau of Labor Statistics data, due largely to 16, these reserves amounted to $4,822,000,000, about the seasonal rise in employment in retail stores. Fac- double the reserve requirements. Member bank credit tory employment was the same in April as in March, outstanding has shown only minor changes in recent while pay rolls were slightly larger. weeks. MONTHLY BUSINESS INDEXES l 4 Factory em- i Department Foreign w al Industrial production ployment Freight-car loadings store sales, trade, value, J 78 , and pay rolls value adjusted » , d Ne e , s - Merchan- Unadjusted i Adjusted » Total dise, 1. c. 1. y index 2 e rolls d adjuste d y Cit , contracts s s outsid k s n i i i employ pa d f f d d Year arid month pric Yor ' * e » o o t s s d d r d value commoditie s , s adjuste , debit unadjuste "3 « k ees types Mineral Mineral Amoun Unadjuste Adjuste Adjuste Constructio Manufacture Manufacture Numbe Unadjuste Unadjuste Ban Adjuste 1 1 Export Import Wholesal Monthly Monthly average, 1923-25 = 100 average, 1926=100 1929: April .. ... 124 128 103 121 122 114 105.1 112.6 102 108 107 104 103 110 118 118 | 135.7 123 95 5 1930: April 107 110 94 104 104 104 96.1 97.7 93 97 101 98 110 105 92 88 123.3 101 90.0 1931: April ... 90 91 83 88 87 91 80.6 74.4 77 SO 91 88 101 102 60 53 99.5 73 74.8 1932: April 64 63 72 63 61 80 66. 1 49.5 57 59 75 73 73 74 37 36 72.8 27 65.5 1933: April 67 68 65 66 65 73 59.9 38.8 51 53 65 63 68 64 29 25 53.8 14 60.4 1934: April ._ 88 89 81 85 85 90 82.3 67.3 60 62 67 65 73 74 50 42 72.4 32 73.3 May 89 89 86 86 86 88 82.6 67.1 63 63 67 65 77 77 45 47 71.5 26 73.7 June 84 83 87 83 83 87 81.5 64.9 64 64 65 65 70 74 50 44 74.8 26 74.6 July _ 73 71 84 76 74 85 79.5 60.5 63 61 64 65 51 73 48 43 70.5 27 74.8 August.. 73 71 83 73 72 80 79.3 62.2 63 59 65 65 60 77 49 39 68.0 27 76.4 September _ 73 70 87 71 69 82 73.9 58.0 67 59 67 64 79 75 48 43 65.3 29 77.6 October 75 73 87 73 72 81 76.8 61.0 64 57 66 63 82 73 45 39 73.3 31 76.5 November 74 73 84 74 73 81 76.7 59.5 60 59 65 64 83 74 45 47 68.0 31 76.5 December.. 77 76 85 86 85 90 78.9 63.2 56 64 62 66 135 78 43 41 79.6 31 76.9 1935: January ._ _ 88 87 91 90 90 94 80.5 64.1 58 64 61 65 59 74 45 51 76.4 27 78.8 February. 91 91 92 89 88 96 81.9 69.1 61 65 63 65 61 75 47 48 66.8 28 79.5 March 90 90 90 88 86 97 82.4 70.7 62 65 65 64 71 82 48 49 80.3 26 79.4 April 89 91 79 86 86 87 83.3 70.8 59 61 65 63 79 73 46 49 79.8 26 80.1 Monthly average, Jan- uary through April: 1933 64 63 72 60.5 38.9 50 64 68 29 27 54.1 17 66.3 1934 84 83 86 79.2 61.7 61 66 66 48 43 67.6 40 73.2 1935 90 90 88 81.8 68.7 60 64 68 47 49 75.8 27 79.5 1 Adjusted for number of working days.
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