DECEMBER 1937 SURVEY OF CURRENT BUSINESS UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 17 NUMBER 12 Survey of Family Income In a study of 151,692 families in 46 com- munities, family incomes varied widely, with typical incomes ranging from slightly more than $700 to almost $1,800. Nearly 40 per- cent of the families consisting of husband and wife received less than $1,000 of income. Forty-four percent of the nonrelief families and 29 percent of the relief families owned their homes. In the article on page 12, some of the char- acteristics of family incomes are discussed. Several tables and charts which will be of special interest to business men and social scientists are presented. Sources of further in- formation on family income are also indicated. UNITED STATES DEPARTMENT OF COMMERCE DANIEL C. ROPER, Secretary BUREAU OF FOREIGN AND DOMESTIC COMMERCE ALEXANDER V. DYE, Director SURVEY OF CURRENT BUSINESS Prepared in the DIVISION OF ECONOMIC RESEARCH LOWELL J. GHAWNER, In Charge M. JOSEPH MEEHAN, Editor WALTER F. CROWDER, Acting Editor Volume 17 DECEMBER 1937 Number 12 CONTENTS SUMMARIES AND CHARTS STATISTICAL DATA—Continued Page Monthly business statistics—continued: Page Business indicators 2 Domestic trade • 26 Business situation summarized 3 Employment conditions and wages 27 Graphic comparison of principal data 4 Finance 31 Commodity prices 5 Foreign trade 37 Domestic trade 6 Transportation and communications 37 Employment 7 Finance 8 Foreign trade 9 Statistics on individual industries: Real estate and construction 10 Chemicals and allied products 39 Transportation 11 Electric power and gas 41 Foodstuffs and tobacco 41 SPECIAL ARTICLE Fuels and byproducts 45 Survey of family income 12 Leather and products 46 Lumber and manufactures 47 STATISTICAL DATA New or revised series: Table 46. Bond sales (par value) on the New York Stock Exchange, Metals and manufactures: 1913-36 18,19 Iron and steel. 48 Table 47. Department store sales in the Kansas City Federal Re- Machinery and apparatus 49 serve District, 1924-37 19 Nonferrous metals and products 50 Table 48. Gold production—Union of South Africa and the Paper and printing 51 Witwatersrand (Rand), 1913-36 20 Rubber and products 52 Weekly business statistics through November 27 21 Stone, clay, and glass products 53 Monthly business statistics: Textile products 53 Business indexes 22 Transportation equipment 55 Commodity prices 23 Canadian statistics 56 Construction and real estate 24 General index Inside back cover Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS is 31.50 a year. Single-copy price: Monthly, 10 cents; weekly, 5 cents. Foreign subscriptions, 33. Price of the 1936 Supplement is 35 cents. Make remittances only to Superintendent of Documents, Washington, D. C. 29261—37 1 1 SURVEY OF CURRENT BUSINESS December 1937 Business Indicators 1923-25=100, except as noted INDUSTRIAL PRODUCTION RURAL SALES OF GENERAL MERCHANDISE 150 150 125 125 100 \ 100 75 Adjusted 75 Ad/usfed 50 50 25 25 0 1111111 i i i i | I i | i || 1 i ; 0 I 1 I I I 1-1 i 1 i 11 i i 111 i i i 1 11 i i i I 11 i 11 1 i FREIGHT CAR LOADINGS DEPARTMENT STORE SALES 125 125 100 100 1 l.C.L(/Mjusfec/) 7 5 —- L _- ^ 7 5 Adjusted 50 I — 50 TOrAL (Adjusted) * 25 25 0 1 i 1 1 1 ! i 1 , M I M , . 1 . U . , 1 , M M 1 . M M h , , 1 . 0 II i i i i i 1 | | | ! ] | | | I | 1 | | I | | 1 j | I I I 1 I I I I I I I I I M FACTORY EMPLOYMENT & PAYROLLS * CASH INCOME FROM FARM MARKETINGS Adjusted ^%***-s 25 25 -1 0 i i ! I 1 I 1 I 0 I ! I I I 1 I i i i i i I i i i i i I i i i i i h i i i i i i i ii 1 i i i i i CONSTRUCTION CONTRACTS AWARDED WHOLESALE PRICES ALL COMMODtmSp, ,,, -. | /-III-" P/tooucrs 1 I I 1 I I 1 MM 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 Ml 1 ! ! 1 1 1 1 II 1 i FEDERAL RESERVE MEMBER BANK LOANS BANK DEBITS OUTSIDE NEW YORK CITY nTI i i i i i i ...I i i i t ot i i i I i i i I ) I I I I I I I l I 1 I I I I 1 I I I I I 1 I i 1 ! II I I II I I ) 1930 1935 1935 1936 1937 1930 1935 1935 1936 1937 'ADJUSTED FOR SEASONAL VARIATION ^REVISED ^ REPORTING MEMBER BANKS ^1929-31 = 100 **"l924 - 29 = 100 NOTE: Indexes are based on dollar figures, except industrial production, freight-car leadings,, and factory employment December 1937 SURVEY OF CURRENT BUSINESS Business Situation Summarized HE volume of industrial production was sharply approximately 12 percent above that in the correspond- Tcurtailed during November extending the rapid ing period last year and cash income from farm market- decline that has been in progress since early in Septem- ings was more than 10 percent above that for the same ber. The recession during the past 3 months has been period last year. approximately 20 percent from the average for the Factory employment in October declined slightly first 8 months of the year after making allowances for from September. Since some increase is generally the usual seasonal variations. Steel-mill activitiy ex- experienced at this season, the adjusted index dropped perienced a further sharp reduction, with the scheduled 2.4 points to 98.3 (1923-25 = 100). A large number of rate of operations reduced to about 30 percent of ingot manufacturing industries reported reductions in the capacity by the end of the month. The drop in opera- number at work, which were offset to some extent by tions in this industry since August (when operations were the seasonal increase in the number at work in retail at the rate of 85 percent of capacity) has been one of the trade establishments. Factory pay rolls remained most severe in the history of the industry. Automobile practically unchanged during the month interval. assemblies were about the same as in October, whereas an The well maintained dollar volume of retail sales increase of approximately 75 percent usually occurs. continues to be one of the most favorable features in Production of bituminous coal and electric power declined the current business situation. Trade in October was contraseasonally during November while crude oil pro- little changed from September after allowance for the duction decreased by about the usual seasonal amount. usual seasonal increase. Freight-car loadings, however, Although the percentage gain so far this year over declined more than seasonally in October, and with the the corresponding period a year ago has been reduced extension of this recession into November the adjusted by the abrupt recession in industrial activity in the past index was reduced for the fourth consecutive month. 3 months, the total volume of production during the Commodity prices during October and November first 11 months of the year remained about 8 percent experienced the most abrupt decline in recent years. above that for the same period in 1936. General Corporate bonds and industrial and railroad share indicators of purchasing power experienced more mod- prices continued to decline and established new lows erate reductions than industrial production. Non- for the year late in November. Utility issues, however, agricultural income during the first 11 months was remained slightly above their October lows. MONTHLY BUSINESS INDEXES Foreign Factory em- Freight-car Retail sales, Cash farm Industrial production ployment value, trade, value, 3 and pay rolls loadings adjusted 2 adjusted -° income Mer- Unadjusted i Adjusted» • Com- bined chan- index dise, Year and month I. c. 1. z ti «1 fl 3 .£ c- 3 S3 "G u 5*3 8 ct ,s ® I 61 ¥ II I" ! 1 3 s ! if « a1s 1 a Monthly 1929- Monthly average, Monthly Monthly average, 1923-25=100 31=100 1923-25=100 average, average, 1924-29=100 1926=100 1929 October__ -. 121 119 127 118 118 116 105.3 112.3 105 105 111 126.6 114 119 163.2 107 151.5 102.5 95.1 1932 October 69 67 SO 67 66 74 64.9 45.3 57 69 68 63. 2 33 32 62.6 29 50.0 38.5 64.4 1933 October 78 76 89 76 76 81 81.2 60.4 59 67 70 79.9 42 46 66.0 37 67.5 48.5 71.2 1934 October 75 73 87 74 72 81 80.8 62.2 59 63 74 89.1 45 39 73.3 31 81.5 59.0 76. 5 1935 October 97 96 101 95 95 93 87.3 76.4 68 64 104.6 58 85.4 48 95.0 69.0 80.5 1936: October - Ill I 110 115 110 111 105 94.4 89.0 77 66 127.1 64 102.1 57 104.0 76.0 81.5 November -I 115 |l 115 115 114 115 112 96.2 90.7 82 67 122.6 61 93.7 58 88.5 77.5 82.4 December -i 114 !! 114 111 121 121 117 98.6 95.2 83 69 131.0 76 117.8 86.0 78.5 84.2 1937: January 112 113 106 114 115 110 98.8 90.7 80 67 106.7 74 103.3 75.5 75.0 85.9 February — 117 111 116 116 115 99.7 95.8 82 68 103.7 87 89.3 59.5 70.5 86.3 March __ 122 us 118 118 117 128 100.9 101.1 83 69 126.2 86 109.5 70.5 81.5 87.8 April 122 122 105 118 118 115 101.6 104.9 84 69 121.