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Survey of Current Business July 1926

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' .:hy .^\^ /. .V Subscription prli^fjfe Y o| <^URi^OT Bus^fiss Is ^^ ipttpn§; ?^.2Sj sm^le ^f>ies (mdrn ,,^ e^^ iwiw Ae^ Stjkv%Y,^ ^.^'^r^^jS&l^i ' INTRODUCTION Suinnpr OF CtrRSEKT s^jts deigned .to per Cent over tlie base period, /while a r$ative jaumber prespntreacly month ajpicture of t] -ii* — -1-^ gf^Uflltiblt < of 80 means, a decrei^e of 20}per;Deiat frote tHe Jb t>y filing forth^the f^mbip&i fr ^ the varK Kel&trfce numbers may ats<o be^^16^ ixi? oaieu approximateperceotage incr^se,0r decrease in y&l$ tletallefi tables a,re ptiUt§fl<ki giving, for inen|>froin one period to theQ^t*, ;:Thus3i if a relative •* ^monlJ^y^jSgu^ for the gait tv^? years and-y^arly wm- ndinber it onex Biontii is ISO for^ later iriottth it parisdhs^^h^^vaiteble^ T>Mk tg lQi3;; also Mank is 144 th&re tas beea to JBOi^ae;of 20per <5en& ;t^^k _; ^_v ^^ fo*._r_ -_:_ ^,.^.1 _ i^^ i~-ip left ^t the Ip many instances pom|>i^iS)1e,%ures for %& pre- bottom >bf table enalifi^g , " -tp;<iQ war years are not av^HaBl^ancUj* such c4^es the yea* to figures as ear e 1&J9'h£$ usually .been takdii as the ba&e. -For . , stri68 1919 *ea& ^t^W.rfg^tfed is a proper to extfaar<ciiaar^concUfioiis *& the ind?ustry^ i e representative piei^b^ lias b0to chosen, easfi|, illative i temporarily o of' e relative %»afijr n r-4x,'' tot -s ^/•- ;s M , 4 , . "- '. r - - - two; or siore series crl ielatbr^ nuin^ers art by a ^ sy^emVof ,^eigltlti|s tbe ^^d(imf is denominate aia imtex: number li^e indat I Foreign f v i >^, >~/-^ " - the an entire^ gro^i ^can If^ complel^d: and printed." % . ^ of .cominodity or i^diistrjr^lileli the i-€ BA^G bi^* oo vers. Gomparisd^s ^f tfa; the ba^se yeai* or gjs,^.- ^ther pemoc^ are made jirftif 0a?ne manner ;as in hfigurcs repotted;in i r f ^tables are >wv ;la^gely ttose already |p e: Ito 6ase of relative ri" fojictiw of; tia department |^ to these data py itotanc^s the of ' J* Charts on page^ 2. IH tha ; in'erease aiid v regardless Xif |ts {s, ji )fO percent tnerease i)a In ii the same ;&! cttovement whether its;durv;f is near ticularJy t h4 difference betKe^i this ^d the bi:4teary form v fiiye been 6f |t%3p^rt 'ca& be made cl^¥ By ah example^:: if it! certain vi|enij having ^ relatl^^l&^mberjpf 400 ia -on^ f ;inoaihr iiicreas^s 10c j)^r d^tfe in |h^ foUowifrr "^"^ its .retjative number ^i|l Be 440> va,id on an , be ^plotted-40 e^ttMistin^ ®&ale f tigjaeir thin. the |^rece4ingvmottt&;\;JlB^tt^ ixt Ivith a relative Eiumber 0f, ^y, 1|d also it per cenl^ makliig i£s reJativST^um^ef i55. , On ,,„, (arithmetic) fcal« thSs ife^ Wdilld rr^e onl^ SCC ~"" poin% whereas th^pr^Yi^u? ilfc^m TOS0-40 bactt showed tha s^mepe^b^tage inec^as©; to ohart^ avoid thi$ diilcufty aad give to each ^o movei&ieixt3 exactly the s^m^Avertica|?iis^ " A^ * ^ th% &FO li$m >r© \dir«k5tly arithm^tie " ""' s ^ May an«f iftr^ items covering the early weeks of June, received up to June $4 , maf ^ #«*a covering a particular month*! bust* nestare nol a cat lab I* until ehe l»«nlft, « complete picf&re&j that month's operations .u^' can not be presented at an vat ly date* but tne advance leaflets glee ewry week the latest data available, , , ^ J-, -"{'^^ :.X'V'. .1 :^ ^^ - C^.-.:•>?-- ' ^" ""C? .^;:: *X^V>^ *">"- ', ---':~:\ '^': ^' ' ' * "^;' / -;-'"^»d" ^ '% .^";,%/;;^ .' • -, >; r'^f-. /vji UNITED STATES DEPARTMENT OF COMMERCE WASHINGTON SURVEY OF CURRENT BUSINESS COMPILED BY BUREAU OF THE CENSUS : BUREAU OF FOREIGN AND DOMESTIC COMMERCE : : BUREAU OF STANDARDS No. 59 JULY 1926 CONTENTS SUMMAEIES INDEX BY SUBJECTS Text Table Page page page Preliminary summary for June 1 Textiles 12 26 Course of business in May 9 Metals and metal products 12 28 Monthly business indicators (table and chart) 2, 3 Fuels 14 31 Weekly business indicators (table and chart) 4, 5 Automobiles 14 32 Wholesale price comparisons (table and charts) 6, 7, 11 Hides and leather 14 32 Indexes of business: Rubber 14 33 Condensed summary 9 Paper and printing 14 34 Text and chart 10 Building construction and housing, j 14 34 Detailed indexes (production, prices, sales, etc.) 20 Lumber products 15 35 Basic steel and related products (charts) 8 Stone, clay and glass products 15 36 Chemicals and oils_ _, 15 37 NEW DETAILED TABLES Foodstuffs and tobacco 15 39 Cheese production, exports, imports, and stocks 23 Transportation and public utilities 17 42 Federal-aid highways, completed and under construction. 24 Employment and wages 17 44 Salesbooks, new orders 24 Distribution movement (trade, advertising, etc.) _ 17 44 Life insurance sales in Canada 24 Banking, finance, and insurance 17 45 Agricultural machinery and equipment 25 Foreign exchange and trade, gold and silver 18 47 Automobile sales, General Motors Corporation 25 Canadian trade and industry __ 48 Illuminating glassware 25 Census of manufactures 18 19 PRELIMINARY SUMMARY FOR JUNE Reports for the early weeks of June indicate con- earlier. Prices of stocks on the New York Stock tinued increases in business activity as compared with Exchange continued to average higher, both as com- the same weeks of 1925. For the first three weeks pared with the preceding month and the same month of the month the volume of check payments, indicative of 1925, with bond prices showing the same compari- of the dollar volume of trade, was more than 4 per sons. cent ahead of last year. The volume of merchandise Call-loan rates were somewhat firmer than in May moving into consumption, as seen from carloadings and a year ago. Time-money rates made similar was also greater than a year ago. Building contracts, comparisons. Loans on stocks and bonds to brokers on the other hand, showed a decline for the early weeks and dealers by Federal reserve member banks in New of June from the corresponding period of 1925. York City were larger than in the preceding month. Wholesale prices averaged somewhat higher than The Fe deral reserve ratio at the end of the third week in May but were still below a year ago, while loans was lower than at the end of the previous week or a and discounts of Federal reserve member banks at the year ago. Business failures were running smaller in end of the third week of June were higher than in number than in June, 1925. either the preceding week or the same week a year 104002—26 1 (1) MONTHLY BUSINESS INDICATORS: 1920-1926 [Ratio charts—see explanations on inside front cover. The curve on bank debits has been adjusted for normal seasonal variations and that on manufacturing production '. for the varying number of working days in the month] RELATIVE TO 1913 AS 100 RELATIVE TO 1919 AS JOO 1920 1921 1922 l923 1924 1925 1926 1920 1921 1922 1923 1924 1925 1926 I I I PRICES 25 INDUSTRIAL STOCKS BANK DEBITS, 141 CENTERS WHOLESALE TRADE INTEREST RATES, COMMERCIAL PAPER DEPT, STORE TRADE (359 STORES) . WHOLESALE PRICES (DEPT.OF'LABOR > I I I I I FARM PRICES <D£PT OF AGRICULTURE) MAIL-ORDER SALES (4 HOUSES) MANUFACTURING PRODUCTION (64 COMMODITIES) LUMBER PRODUCTION ( 5 SPECIES AUTOMOBILE PRODUCTION ( PASSENGER CARS AND TRUCKS NET FREIGHT TON-MILES FACTORY EMPLOYMENT BUILDING CONTRACTS AWARDED ( 27 STATES) I III III III III III 1920 1921 1922 1923 1924 1925 1926 1921 1922 1923 1924 1925 1926 MONTHLY BUSINESS INDICATORS The following table gives comparative relative numbers for a selected list of important business movements. It is believed that this table will prove useful, because it separates out from the large mass of material a comparatively small number of items which are often regarded as indicative of business in general. The table has been divided into two parts, the first containing those items for which relative numbers can be calculated, using 1913 as a base. The second part contains items for which comparable data back to 1913 are not available. This latter group of relative numbers is calculated by letting the 1919 monthly average equal 100. Care should therefore be exercised in comparing the absolute value of the two sets of data. In either group, however, the upward or downward trend of the relative numbers, compared to previous months, does reflect the present tendency in each item and will give a basis for business judgment. MONTHLY AVERAGE 1935 1926 ITEM 1929 1921 1922 1923 1924 1925 Mar. Apr. May June July Aug. «Unt Oct. Nov Dec. Jan Feb. Mar Apr. May 1913 monthly average- 100 Production: Pig iron . ' 120 54 87 130 101 118 139 127 114 104 104 106 106 118 118 127 130 114 134 135 136 Steel ingots 135 64 114 144 122 146 166 142 137 127 122 136 138 154 155 158 164 151 178 163 156 Copper 99 38 80 120 128 136 145 137 137 136 133 132 132 138 131 135 138 132 147 143 143 Cement (shipments) 108 107 131 153 164 177 139 195 226 237 245 249 240 207 137 94 77 79 129 175 243 Anthracite coal ...
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