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Survey of Current Business February 1931

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Survey of Current Business February 1931 SURVEY OF CURRENT BUSINESS PUBLISHED BY UNITED STATES DEPARTMENT OF COMMERCE Subscription price of the SuRVEY OF CuRRENT BusrNESS is $1.50 a year; single copies (monthly), 10 cents; semiannual issues, 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. 114 WASHINGTON February, 1931 CONTENTS Text Table SUMMARIES Page INDEX BY SUBJECTS page page Preliminary summary for January __________________ _ 1 Textiles ___________________ -------___________ 10 23-24 Monthly business indicators: Metals and metal products____________________ 10 25-28 Ratio charts, yearly averages, 1923-1929; monthly Fuels ________ ------------------------------_ 11 28-29 averages, 1929-30 (table) ____________________ _ 2 Automobiles and rubber______________________ 11 28,30 General review of the year 1930 ____________________ _ 4 Hides and leather____________________________ 11 30-31 Business conditions in December ____________________ _ 9 Paper and printing___________________________ 11 31-32 Indexes of business ________________________________ _ 15 Building construction and housing_____________ 12 32-33 Luinber-------------~---------------------- 12 33-34 DETAILED TABLES Stone, clay, and glass products________________ 12 34-35 Sales of the Great Atlantic & Pacific Tea Co _________ _ 18 Chemicals and oils--------------------------­ 36-37 Indexes of employment and pay rolls, mining, quarry- Foodstuffs and tobacco_______________________ 12 ing, etc ________________________________________ _ 37-40 18 Transportation and public utilities_____________ 13 40-42 Livestock receipts at public stockyards, 1930 _________ _ 19 Einployinent and wages---------------------­ 42,43 Range boilers, production, new orders, etc., monthly, Distribution Inoveinent (trade, etc.)-----------­ 43-44 1930------------------------------------------- 19 Banking, finance, and insurance_______________ 14 44-48 Bank debits at clearing-house centers: Foreign exchange and trade___________________ 14 47-48 By Federal reserve districts ____________________ _ 20 District totals-seasonal variations eliminated ____ _ 22 PRELIMINARY SUMMARY FOR JANUARY Reports on general business and industrial conditions iron and steel remained on the same level as at the for the first three weeks of January show, in the main, close of the year. little change from the month previous, when allowance Loans and discounts of Federal reserve member is made for the greater number of working days in the banks showed a falling off during the first three weeks month. Distribution of goods through primary chan­ of the month and were less than those of a year ago. nels was running about the same as at the close of 1930, The Federal reserve ratio was higher than at the close as indicated by the returns on car loadings. The of December, 1930, and above January a year ago. value of new building contracts awarded was of about Bank debits outside New York for the early weeks of the same volume as during December, but was ma­ January were on an average above those of December, but were materially under January, 1930. Prices of terially under January a year ago. The production stocks listed on the New York Stock Exchange averaged of bituminous coal increased during the first of the month slightly higher than during the closing weeks of as compared with December, but was still on a plane December, but were materially under the corresponding materially under January, 1930. period last year. Bond prices, on the other hand, aver­ Wholesale prices in general decreased during the aged higher than both previous periods. Loans to bro­ first three weeks of January, and in the large majority kers and dealers secured by stocks and bonds continued of cases were under those of a year ago. Prices for to decline during the early weeks of the month. 36854--31 (1) 2 MONTHLY BUSINESS lNDICATORS, 1923-1930 [Ratio charts-see explanations on inside front cover. The curves on check payments, wholesale trade, 10-cent chains, and department stores have been adjusted for normal seasonal variations, and manufacturing production for the varymg number of working days in the month as well. 1923-1925 monthly average= 100] a: "'w Ill ::;: ::;) z X f---:i-?..../..,.,F---+--+---+--+---f---1100 "'o ~===~~~~~==~=~::=:':~~~~~·Jso !: "' I .. I • il 'I [II [li'"•toi' II I' '.l'"' I 60 I RAILROAD STOCKS ~19ElF25 00 J...- T -"' ~~40 I ~~ .~ i .I 00 ,, ,/ .1. I I, ,I, I "' '!'!'\":'!, .I .. ·. il I ~oL.I. 'dB0 1 ;3 so PAIGE OF 25 INDUSTRIAL STOCKS ~ 300 _/'J ~· I I \ 200 I i-· ~I ' I 40 ../jV' I Jl 00 ,~,,,!, d .. t,r ,I - ..r1';';i, ,,.,~,l,r .. r,r .. l .. r ,, ,~, ''"' "' 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 indi­ cators 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. ------------~-------·,----M-O_N_T_H_L_Y_A_V_E_R_A_G_E_____ I __ ~-;··--- II 1929 1930 ITEM 1924 -~19251192611927 119281192911930 I SeptJ ~tJ~~~J~~~.-- ~e~i~~J Nov., ~ec. 1923-1925 monthly average=100 I!l:~~f~~fJ~~~~i~~~:-------= -=-0-105. J~=~~ -=~=~-~~:.~i--96~0 115. o._ ::,~-U2.0------~114.0 122.0 117.0 105.0I 96. 0~-: ol 91. ol 86. o 83. o 80.0 112.0 118.-0 118.0 110.0 1 ·~ri~~o~i~~~~~~~~=================== ~~: ~ 1~~: gf ~gg: Zl m: g ~~: g m: gr ~?: g iZ~: g: m: g m: g 112.8 117.1 120.1 106.5 ~~: &r :: gi ~g ~J ~~: g ~J Steel ingots.-----------------·-·--- 88.7 106.4 113.1, 104.6 120.2 130. 9! 95.6 120. O! 134.5 123.4 116.2 131.0 131.2 101.9 84. o1 89. 5' 83.0 78.7 64.7 58.1 Automobiles·----·-·-·-·-·-···-···- 90.8 107.51 108.41 85.7 109.9 135.1 1 84.6 125.61 120.2 77.8 70.8 125.8 114.9 65.8 36.31 67.91 66.7 46.7 41.1 47.1 Cement .. ______ ........... -........ 99.8 108.1 110. o, 115.3 118.0 114.1 107.9 143. 9; 141.1 121.2 98.1 138.6 134.6 113.1 90.2: 143. 4, 129. 7 115.9 89.3 68.2 Cotton (consumption) .. -.......... 89.7 104.4 108.51 120.2 106.7 114 5:1 87.4 95 9• 1201 1191 103.9 106.4 124.7 105.4 88.21 68.7[ 76.8 86.6 80.8 79.2 Wool(consumption) .... ----------· 94.6 92.6 89.7 97.0 94.7 103.11 75.6 91:81108:6 105:7 96.8 105.0 125.3 98. 5 79.8, 71.3! 80.4 86.5 65.9 63.3 1 1 1 1 Raw material output: i : i I Animal products---------------·-·-1 103. 8 96. 31 96. 0: 97. 4 99. 2 99. zi 98. 4 91. 61 101. 61 92. 6 92.2 98. 7 102. 6 95. 2 93. 0. 91.41 91. 2' 96. 7 88.5 92. 7 Crops.----------------------·------1 104.2 104. o1 109.01113.3 117.0 113. 6[ 95.3 178. 3[ 252.1 179. 7 152.3 177.1 246.3 154.6 127.9 115.3 165.6 197.9 138.6 98.7 Forest products.___________________ 97.0 104. Oi 97.6 92.6 87.9 85.41 63.2 76.8: 87. 111 83.6 95.9 80.3 89.2 81.4 69.611 66. 0, 61.2 68.3 65.8 58.6 Crude petroleum ... ·---·----------- 96.9 103.71104.6 122.3 122.4 136.51 121.5 124.61129.8 123.8 129.5 142.5 144.0 128.3 131. 8; 121.9: 115.6 118.4 111.0 109.1 Bituminous coaL__________________ 92.5 99.5 109.7 99.0 95.8 102.3 88.3 96.3 117.5 107.5 101.2 104. 1 119.8 106.8 108.0 81. 9; 88.7 101. a 87.5 91.2 Copper.----·---·-·---------------·- 100 2 106 4 110 21104 9 114 9 127 11 87 2 118 8 131 1 129 6 129 8 120 4 125 2 115 1 113.41 85 1 85 8 84 81 80 6 73 6 11 Power and construction: I' 1 1 Electric power---------------·-·--- 98.1 109.5 122.6 133.3 146. 0 161.8 158.9 145.1 1 158.0 154.61157.81160. 8· 173. 7 164.3 169. 7[ 157.11154.8 163.0 153.0 160.9 Building contracts (37 States)- -----1 92. 7 117.6 111. Oi 106.8 121. 4 99. 6j 64.1 114. 2!129. 1 111. 1 98.2 90.2 98.9 76.9 66.31 60.2 62.1 59. 5i 49. 9 43.8 1 1 1 1 ug:;ta1°i~~~:_:________________ ..... [ 87.0 91.3 84.61 74. o 76.1 80.9 73.5 74.6 71.7 74.11 11. o 76. 9! 77.0 74.o 78. o 69.61 67.4 63.71 63.9 66.9 U.S.SteeiCorporation ... -... ----- 83.6 90.6 82.1 71.1 80.7 87.1 83.7 77.4 78.6 76.9j83.3 81.7185.6 86.4:92.51 75.0 71.7 72.9 76.21 82.6 1 Stocks: 1 I ! 1 I General index ..............
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