Survey of Current Business April 1930
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SURVEY OF CURRENT BUSINESS PUBLISHED BY UNITED STATES DEPARTMENT OF COMMERCE Subscription price of the SuRvEY oF CuRRENT BusiNESS is $1.50 a year; single copies (monthly), 10 cents, semiannual issue, 25 cents. Foreign subscriptions, $2.25, single copies (monthly issues), including postage, 14 cents; semiannual issues, 36 cents. Subscription price of CoMMERCE REPORTS is $4 a year; with the SuRVEY, $5.50 a year. Make remittances only to Superintendent of Documents, Washington, D. C., by postal money order, express order, or New York draft. Currency at sender's risk. Postage stamps or foreign money not accepted No. 104 WASHINGTON April, 1930 CONTENTS Text Table SUMMARIES INDEX BY SUBJECTS page page Page Textiles---------------------------------- 9 23-25 Preliminary summary for March_____________________ 1 Metals and metal products ________________ _ Monthly business indicators (table and chart)_________ 2, 3 10 25-28 Fuels------------------------------------ 11 29,30 Business conditions in February_____________________ 4 Automobiles and rubber __________________ _ Indexes of business ___________ --___________________ 15 11 28-31 Hides and leather __________ -----_________ _ 11 30 Paper and printing_______________________ _ DETAILED TABLES 11 30,32 Building construction and housing _________ _ 12 32 Passenger-car and motor-truck registrations 1929______ 18 Lumber products _______________ ----- __ --_ 12 33,34 Wheat grindings and wheat products, by months and Stone, clay, and glass products ____________ _ 12 34,35 States------------------------------------------ 19 Chemicals and oils. _______________ ---____ _ 35-37 Paper board shipping boxes ____ --------------------- 20 Foodstuffs and tobacco ___________________ _ 13 37-40 Wholesale prices of Chemicals, oils and fats, Automobile Transportation and public utilities _________ _ 14 41-42 financing, Paint, varnish and lacquer products_______ 21 Employment and wages ______________ : ___ _ 5 43, 44 Illinois factory employment and United States unem- Distribution movement (trade, etc.) ________ _ 14 44 ployment in unions______________________________ 22 Banking, finance, and insurance ___________ _ 14 44-47 Foreign exchange and trade _______________ _ 14 47-48 PRELIMINARY SUMMARY FOR MARCH The volume of commercial transactions during than for either the previous month or for March, March, as based upon weekly check payments, was 1929. Prices for wheat declined continuously during lower than in March, 1929. Activity in steel plants the month of March and were lower than during declined from the previous month and was also lower the corresponding month of last year. Cotton and than during the corresponding month of last year. iron prices also showed slight declines in both Factory employment in Detroit showed an improve. periods. ment over the previous month but was substantially Bank loans and discounts showed little change lower than a year ago. The output of crude petroleum from the previous month and were slightly larger was slightly smaller than during either the previous than a year ago. Interest rates were lower than month or the corresponding month of last year. during either the previous month or the correspond Movement of goods through primary channels, as ing month of last year. Brokers' loans gradually reflected by data on car loadings, was practically increased during the month but were much smaller the same as during the previous month but smaller than a year ago. Prices for stocks and bonds con than a year ago. The volume of new-building con tinued their upward trend, the latter reaching a tracts awarded during March was much larger than higher level than during March, 1929, or any of the during the previous month and was also larger than intervening months. Business failures were somewhat during March, 1929. fewer than during corresponding weeks of February The general index of wholesale prices was lower but more numerous than a year ago. 1030lo-3o-l (1) 2 MONTHLY BUSINESS INDICATORS, 1923-1930 Ratio charts-see explanations on inside front cover. The cnrves on check payments, wholesale trade, 10-cent chains, and department stores have been adjusted for normal seasonal variations, and manufacturing production for the varying number of working days in the month as well. 1923-1925 monthly average= 100] I 80 ~b. ~L ~j ~iHOLE~S1~P~RICEr ~I ~J::------1 :~~ I C7''[::1J" II ~ J~r • •-1 I :,r-; ··'' ~ ~~:II It I ~::i'I lilt 1 8 0 ., 2 20 "'- I 80 - ---- - y ly \ r----- ~- I 40 -- ----j .._...lv J ~ I00 ·~ CHECK PAYMENTS < 141 CEN(E~~ ) .l I I I, 1 ~ j,,' 1 1 t,,J.il 11 t•l··l .Ia 0 40 SALE~Jir R~URA;:,fHAINS .A ....,-. ~ ,.,. :~ 1: ·v y-v V" 00 r , I ,I , , I .u.lulul ,I u~~ 0 _,l !' 40 J .A hJ ·vvM. l ....,., I II 00 .. , , , , I I 9.~~~RTMENT ~;o~E T~f.uulw.ub_L,, 11 1 1 18 0 60 ' flrl2 A 1-----i200 M A 1, ~ rr 40 =J(\,\ if\) l. ~ .I\ fr\./ ~ 00 'V I II IJ\1 ~\r --j80 v v SALES B~ 2 MAI~-ORDER HOUSES I (f) I, I ,l .. i I J,.jlll·il· lt•i· lilt ll.L.L...J I, ,I I , I ,cl_. I, Js a a: 80 ::;:"' SALES BY TEN CENT CHAINS ~ flY"' _J ~y 40 ~ i'Y"' )( I --~ I00 "'~ , 1, 1, I , I, I,,] 1 ,1.1,,: tdXi~ .1. 1,!' 1 I ,l.cJ.u~.cL.cu- 80 I'40 -~~ TONAr o?Zr~/\ I LMI\ !u.A ~ I00 ~I.I.:~,I.~,,,,J,,,,r, , I, ,]"'' I J_,' ,I ltl_,~ 80 II 60 ~ERES~ RATE.lOM~CIAL PAPt/"'- I:, .... n.I ,. 00 ,] ,] ,], !~II 1,], .. 1.-!~,],1,1, ,1,] .. ~.70 BOND PRICES 120 I00 1 lrrll,llloltl·t 1t ·ittil:tl_ 1ltti I 1;¥15~ ollr I l11l 1 ~jj I~11lt1 ~9 0 60 PRICE OF 25 RAILROAD STOCKS 12 L""t. 200 ..... - 1, ~ - I 40 ......,. I ;"....,.-"" II 00 l"''o.. ~1.1' ,],II ,I ,I .,1 .1 .. 1, ,] ,] ,1 1 1 ,\,I ,I I 80 380 PRICE OF 25 INDUSTRIAL STOCKS /\ 300 _JtJ \. 200 / I 40 I\/"" v I00 ~ ~ .ulul tl t!ttllll tltllll diii,,J, dill · 1 ,!ululuJ 80 3 MONTHLY BUSINESS INDICATORS The principal business indicators are shown below, all calculated on a comparable basis, the average for the years 1923 to 1925, inclusive. Thus the table gives a bird's-eye view of the business situation in a concise form, so that trends of the principal indicators may be seen at a glance. Certain indicators, in which there is a marked seasonal movement, are shown with the average seasonal variations eliminated, as noted below. In this manner a more understanding month-to-month comparison may be made. MONTHLY AVERAGE 1929 lt30 ~--,--,---.--.,---,----,---1----.-----,------,------;------,-----,-------;-----;--,--- ---c--- ITEM i 1123 [ 19241192511926119271192811929 Feb.[ Mar.[ Apr./ May [June [July IAug. ISept.[ Oct.j Nov.[ Dec.\Ian.j Feb. I \ 1923·1925 monthl7 average=100 1------------~---------,---~-~-----·---,---~---~------;-~-------,--,-~--.- Industrial production:. I • Total manufacturing............i 101.0 94. 0 105.0 lOS. 0 106. 0 111 0I 119. D 117.0 I 120. < 123. 0 124. 0 128. 0 125. 0 124. 0 122. oI 117. 0 105.0 96. 0I 102. oI 105. 0 • Total minerals ••••••••••••.•••••• )105.0 96.0 99.0 107.0 107.0 106.0 115.0 120.0 107.0 115.0 116.0 112.0 114.0 115.0 118.0,118.01 110.0 116.0 112.0,1 107.() Pig tron •••••••••. ----------------1111. 7 86. 7 101.5 109.0 101.0 105. 51 117.1 107.3 124.3 122.6 130. 5 124.4 126. 7 125.7 117. 1 120. 1 106.5 94.9 94. o[ 95. 0 Bteelingots •••••.•••.•.•••••••••• ,I04.8 88.7 106.4 113.1 104.6 120.2 130.6 125.1 1 146.3 142.8 152.5 141.2 139.9 142.5 130.5 130.5 101.6 83.8 109.5 117.7 Automobiles •••••.•• ------------ 101.7 90.8 107.5 108.4 85.7 109.9 135.1 141.1 177.1 188.1 182.91165.1 151.5 150.8 125.81114.9 65.8 36.3 82.6 98.0 Cement ••• 92.1 99. 8 108.1 110.0 1111.3 118.0 114.1 68.6 80.2 110.6 129.9 135.2 139.3 149 5 138.6 134.6 113.1 90.2 68.4 M. 7 -----------------·····-1 1 Cotton (consumption) ··---------~105. 9 89.7 104.4 108.5 120.2 106.7 114.6 115.9 101.2 123.1. 130. 3 111. 1 106.6 108.7 106.3 124.9 106.0 88.4 112.5 V6. 5 I Wool (consumption) ••.....•.•.•. 112.8 94.6 92.6 811.7 97.0 94.7 103.1 101.3 102.7 103.8[102.9 93.0 99.8 111.1 105.0 125.3 98.5 79.8 92.1 B0.9 1 1 Raw material output: I . \ _ Animal products................. 100.0 104. 0 96. 01 96.0 97.0 99.0 99. 80.0 88. 0 99. 7 108 111 8 116. 0 100.0 98. 71102.6 95. 2 93.0 94.7 84. 7 CropS---------------------------- 91.9 104. o 104. ol' 109. o 113.3 117. o 114. 81.9 72.5 57.4 51.191 56.3 91.1 134.5 177.1 246.3 154.6 139.2 78.7 62. 7 Forest products.................. 99.0 97.0 104.0 98.0 93.0 88.2 85.4 74.0 86.0 90.2 98.61 89.9 88.3 91.8 80.3 89. 2 82.0 69.6 63.3 61. 8 Crude petroleum................. 99.4 96.9 103.7 104.6 122. 3, 122.41 136.5 123.3 134.4 130.5 137.5 135.9 148.8 150.3 142.21143.