NOVEMBER 1935 SURVEY OF CURRENT BUSINESS UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 15 NUMBER 11 NATIONAL INCOME PRODUCED,1S23-1934 Estimates of the national income produced and business savings and losses have been com- pleted for the years 1929 to 1934, inclusive. These estimates supplement the data on na- tional income paid out which was presented in the August issue. See the article on page 16, 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 ROY G. BLAKEY, Chief M. JOSEPH MEEHAN, Editor Volume 15 NOVEMBER 1935 Number 11 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 31 Foreign trade 9 Foreign trade 36 Real estate and construction 10 Transportation and communications 37 Transportation 11 Statistics on individual industries: Survey of individual industries: Chemicals and allied products 38 Automobiles and rubber 12 Electric power and gas 41 Forest products 13 Foodstuffs and tobacco 41 Iron and steel 14 Fuels and byproducts 45 Textile industries 15 Leather and products 47 Lumber and manufactures 48 SPECIAL ARTICLE Metal and manufactures: The National Income Produced, 1929-34 16 Iron and steel 49 Machinery and apparatus 51 Nonferrous metals and products 52 STATISTICAL DATA Paper and printing 53 Revised series and new data: Rubber and products 55 Revised series: Paint, varnish, and lacquer products, total sales, Stone, clay, and glass products 56 1928-35, unclassified sales 1932-35; carlot shipments of fruits Textile products 57 and vegetables, 1934; cottonseed and cottonseed products, 1934; fats and oils, 1934; dairy products, 1934 19, 20 Transportation equipment 58 New data: Average yield on U. S. Bonds, 1919-25 20 Canadian statistics 60 Weekly business statistics through October 26 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 cents. Foreign subscriptions, 33, including weekly supplements. Make remittances only to Superintendent of Documents, Washington, D. C. 25765—35 SURVEY OF CURRENT BUSINESS November 1935 Business Indicators 1923-25=100 INDUSTRIAL PRODUCTION INDUSTRIAL PRODUCTION 160 160 MANUFACTURES MINERALS (Adjusted)* f (Adjusted)* 100 1OO TOTAL (Adjusted) 40 mill inn 4O FACTORY EMPLOYMENT AND PAYROLLS CONSTRUCTION CONTRACTS AWARDED 16O 20O 1OO 10O EMPLOYMENT (Adjusted^ 4O -PAYROLLS (Unadjusted) TOTAL FREIGHT CAR LOADINGS FREIGHT CAR LOADINGS L. C. L. 160 160 100 1OO Unadjusted Adjusted | 40 1111 M 111111111 M111 DEPARTMENT STORE SALES WHOLESALE PRICES 20O 160 100 100 ALL COMMODITIES 4O PRODUCTS VALUE OF EXPORTS VALUE OF IMPORTS 2OO 2OO 1OO 1OO Adjusted ^_^ " -~-- « „ — -^-*- i 1 1 1 1 1 1 ill If 1 1 1 1 II II 1 1 1 M 1 MM 1 II 1 1 1 1 1 1 I 1 1 1 1 ! 1 1 1 1 1 1 II 1 II BANK DEBITS OUTSIDE NEW YORK CITY FEDERAL RESERVE MEMBER BANK LOANS' 200 16O 100 1OO Unadjusted 11111111 H i 1931 193211933 1934 1935 1931 II932T1933 | 193411935 ADJUSTED FOR SEASONAL VARIATION * REPORTING MEMBER BANKS D.D. 8332. November 1935 SURVEY OF CURRENT BUSINESS Business Situation Summarized USINESvS activity during October shows a con- lished a new high in October; bituminous coal produc- Btinuation of the improved trend of recent months. tion, which showed a less-than-seasonal rise in Sep- Expansion in industrial output has been accompanied tember as a result of the strike, has increased more than by a rising volume of freight traffic which has resulted usual in October. Industrial output is currently close from the acceleration in the distribution of manufac- to 90 percent of the 1923-25 average, which is the high- tured products and industrial raw materials as well as est level of operations for the fall period since 1930; from the seasonal movement of agricultural products a year ago the index stood at 74. and the heavier movement of coal. Ketail sales re- Ketail store sales in September expanded by more ports indicate a somewhat more spotty situation than than the usual seasonal amount, with the widest gains in September when the returns generally made a favor- in rural areas. The index of rural sales of general mer- able showing; the September gains were influenced chandise in September was the highest for this month by the expansion in employment and pay rolls, as well since 1929. The substantial increase in dollar sales as by the higher income of the agricultural population. over a year ago indicates an increased physical volume Activity in the construction industry is improving slowly; the current volume of both actual and pro- of sales since retail prices (aside from foods) are little jected construction work is still low. changed from the level of a year ago. The increase in industrial production in September Commodity prices have changed very slightly on exceeded the usual seasonal gain; weekly data avail- the average during October. Prices of speculative able for October indicate a further advance for the commodities have moved irregularly, but have tended current month. Automobile production has expanded lower since establishing a high for the year in the first steadily after reaching a low for the year at the end of week of October. September with the change over to new models. Steel Stock prices have advanced to a 1935 high during production in October has been at a slightly higher October. Bond prices have been generally firm. Condi- rate than in September, the third successive monthly tions continue favorable to refunding operations and cor- increase. Cotton and silk textile production has porations are taking advantage of the situation to reduce increased, while the rayon and woolen industries have interest charges. Short-term interest rates have re- continued to operate at high levels. Lumber produc- mained at nominal levels; excess member bank reserves tion has increased; the output of nonferrous metals have reached another high, this time in excess of $3,000- is also higher. Weekly electric power output estab- 000,000. The fall expansion in bankloans has been small. MONTHLY BUSINESS INDEXES l 4 Factory em- Department Foreign w Industrial production ployment Freight-car loadings store sales, trade, value, J al 3 78 , , and pay rolls value adjusted d Ne i e >» rf Merchan- s Unadjusted 1 Adjusted a o Total dise, 1. c. 1. y index e adjuste , Cit «3 contracts outsid k s ( 11 n »«B Ift, s05 h «M 3 •a •a 3 pric o Yor . e value Year and month ®l -S I . BC CB , «n ao n "3 T3 commoditie 1 1 o 3 42 1 3 V) % debit J3 r k 1 1 1 I |i fla f 1 es 1 types 1 £ 1 M Constructio Ban a Wholesal e S i 1 9 3 •< & f 4 W Monthly Monthly average, 1923-25=100 average, 1926=100 1929: September 123 123 127 121 121 118 106.3 112.9 121 106 110 106 117 113 110 115 138.3 110 96.1 1930: September 92 90 101 90 89 94 87.0 84.1 99 87 99 95 103 99 78 74 107.7 81 84.4 1931: September 77 76 83 76 75 78 75.2 63.4 78 69 88 85 88 85 45 56 84.3 59 71.2 1932' September 67 66 74 66 65 71 61.8 42.9 61 54 72 69 71 68 33 32 59.6 30 65.3 1933: September 85 84 94 84 83 87 78.0 59.1 68 60 70 68 73 69 40 48 61.9 30 70.8 1934: September 73 70 87 71 69 82 74.0 58.0 67 59 67 64 79 75 48 43 65.3 29 77.6 October _ 75 73 87 74 72 81 76.8 61.0 64 57 66 63 82 73 45 39 73.3 31 76.5 November 74 73 84 75 74 81 76.7 59. 5 60 59 65 64 S3 74 45 47 68.0 31 76.5 December 78 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 91 90 94 80.5 64.2 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 91 91 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 82.3 70.8 59 61 65 63 79 73 46 49 79.8 27 80.1 May 87 87 88 85 84 89 81.2 68.5 61 61 65 63 76 76 46 52 79.4 27 80.2 June 86 84 97 86 84 98 79.9 66.4 63 63 64 64 76 80 50 51 80.7 30 79.8 July 83 83 84 86 86 84 80.4 65.3 60 5S 63 64 56 80 52 60 84.4 35 79.4 August 86 86 85 87 87 81 81.7 69.6 64 60 64 64 62 79 49 54 79.3 38 80.5 September 89 88 91 88 88 86 81.9 72.1 70 62 67 65 86 82 50 53 76.7 42 80.7 Monthly average, Janu- ary through Septem- ber: 1933 77 77 81 366.4 45.8 57 67 59 332 336 59.5 320 64.3 1934 81 80 86 379.2 62.1 62 66 67 346 343 68.9 333 74.4 1935 88 88 89 381.2 68.5 62 64 70 346 »52 78.2 332 79.8 nf amrlrina Ha SURVEY OF CURRENT BUSINESS November 1935 Comparison of Principal Data, 1931-35 FIRST 9 MONTHS Y///////A REMAINDER OF YEAR BANK DEBITS OUTSIDE NEW YORK CITY — (BILLIONS OF DOLLARS) O 5O 100 15O 2OO 25O CONSTRUCTION CONTRACTS AWARDED — (BILLIONS OF DOLLARS) 12345 STEEL INGOT PRODUCTION (MILLIONS OF TONS) 10 2O 3O 4O 50 AUTOMOBILE PRODUCTION — (THOUSANDS OF CARS) FREIGHT CAR LOADINGS — (MILLIONS OF CARS) D.D.