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INDEX Monthly Review o f Credit and Business C onditions. Federal Reserve Bank o f New York 1925 Page AUTOMOBILES Automobile output and b u ild in g , June - - - - - - - - - - - - - - - - - - - - 5 BANK DUBIT'S An index o f tra d e in th e Second D is t r ic t , June - - - - - - - - - - - - - - BANKING CONDITIONS Banking co n d itio n s in th e Second D is t r ic t , monthly beginning January (e x cept May, June, and December) - - - - - - - - - - - - - - - - - - - - B ANKING CONDITIONS - GRW BRITAIN Banking ten d en cies in Great B rita in , July - - - - - - - - - - - - - - - - B*1/11AN DT&'T AGREEMENT, September - ----------- ---------------- --BUILDING B u ild in g, January, p . 6 ; February, p .5 ; March, p . 6 ; A p ril, p 7 May,, p . 6 ; June, p .5 ; July, p . 6 ; August, p . 6 ; September, p . 6 ; October, p . 6 ; November, p . 6 ; December, p .5 . B uilding over f i f t y years, January - - - - - - - - - - - - - - - - - - - - Automobile output *md b u ild in g , June - - - - - - - - - - - - - - - - - - - BUSINESS ACTIVITY Indexes o f busin ess a c t iv it y , monthly beginning January - - - - - - - - - BUSINESS CONDITIONS Business co n d itio n s in th e United States, monthly I eginnin? January - - - - 3 2 3 8 .; 6 5 5 1 CHAIN STORE SALES January, p .* i;A p ril, p . 8 ; May, p .7 ; July, p . 8 ; August, p . 8 ; November, p . 8 ; December, p .7 . CROPS Ju ly, d .7 ; August, p .7 ; September, p . 6.; O ctober, p .7 ; November, p.7* DEPARTMENT SCORES Department store b u sin e ss, January, p . 8 ; February, p .7 ; March, p .7 ; A p ril, p . 8 ; May, p , 8 ; June, p .7 ; July, p . 8 ; August, p . 8 ; September, p .7 ; O ctober, p . 8 ; November, p . 8 ; December, p . 8 . DEPOSITS V e lo c it y o f bank d e p o sits, March, p .3 ; September, p ,3 . EMPLOYMENT Employment and wages, January, p .5 ; February, p . 6 ; March, p . 6 ; A p ril, p .5 ; May, p . 6 ; June, p . 6 ; July, p . 6 ; August, p . 6 ; September, p .5 ; O ctober, p . 6 ; November, p . 6 ; December, p.C FEDPR\L RESERVE BANK OF NET YORK New York Reserve Bank Operations in 1924, February - - - - - - - - - - FOREIGN EXCHANGE Foreign exchange, January, p .3 ; February, p .4 ; March, p .3 ; A p r il, p . 4; May, p .3 ; June, p .3 ; Ju ly, p .4 ; August, p .3 ; September, p .4 ; October, p .3 ; November, p .3 ; December, p .3 . - - 8 2 FOREIGN TRAIE Page Foreign trade, January, p . 4; February, p . 4 ; March, p« 4 ; A p ril, p» 4 ; May, p . 4 ; June,, p . 3 ; July, p . 4 ; August, p . 4 ; September, p . 4 ; O ctober, p* 4 ; Novenber, p . 4 ; December, p . 4* GOLD Gold movement, January, p . 3 ; February, p* 4 ; March, p . 4 ; A p ril, p . 4 ; May, p . 3 ; June, p . 3 ; July, p . 4 ; August, p . 4 ; September, p« 4 ; October, p . 3 ; November, p . 4 ; December, p . 4 . GOLD STANDARD Removal of B r it is h embargo on g o ld exports, May - - - - - - - - - - - The return to g o ld payments i n Europe, June - - - - - - - - - - - - - INDEX OF REAL ESTATE ACTIVITY An index of r e a l e sta te a c t iv it y , July - - - - - - - - - - - - INDEX OF TRAIE An index of trade in the Second D is t r ic t , June - - - - - - - - INSTALMENT SALES Instalment sa le s by department s to r e s , December - - - - - - - - INTEREST RATES Money market, January, p . 3; February, p . 3; March, p . 3; A p ril, May, p . 2 ; June, p . 2 ; July, p . 3; August, p . 3; September, O ctober, p . 3; November, p t 2; December, p . 2 , Money ra te s in the United States and abroad, A p ril - - - - - - ITALIAN DEBT AGREEMENT December - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2 8 5 3 - 8 p. 2; p. 2 ; - - - - - 3 3 LOANS AND INVESTMENTS R ela tion of Reserve Bank loan s and investments t o money market movements, MONEY Money market, January, p . 3 ; February, p . 3 ; March, p . 3 ; A p r il, p . 2 ; May, p . 2 ; June, p . 2 ; July, p . 3; August, p . 3 ; September, p , 2; October, p . 3; November, p . 2; December, p« 2* Foreign movement of United States currency, February* p .4 ; August, p .4 . Money con d ition s in Great B rita in , September, p . 4 . PRICES Commodity p r ic e s , January, p« 7; February, p . 6 ; March, p . 6 ; A p r il, p . 7 ; May, p . 6 ; June, p . 6 ; July, p . 6 ; August, p . 7; September, p . 6 ; October, p . 7; November, p . 7; December, p . 7 . PRODUCTION January, p . 4 ; February, p . 5; March, p . 5; A p ril, p . 4 ; May, p . 4 ; June, p . 4 ; July, p . 4; August, p . 5; September, p . 5; October, p . 5; Novenber, p . 4 ; December, p . 4 . tfages and other c o s t s in production, A p ril 6 PROFITS Business p r o f it s , January, p . 7 ; March, p . 6 ; June, p . 6 ; October, p . 7 ; December, p . 6 . PUBLIC FINANCE European p u b lic fin a n c e : government revenue in lea d in g cou n tries compared w ith expenditures, 1919 - 1924, March - - - - - - - - - - - - - - - 4 P u b lic debt red u ction a ft e r two wars, October - - - - . - - - - - - - - 4 3 KSaL estate a c t i v i t y An index o f re a l e sta te a c t iv it y , July - - - - - - - - - - - - - - - r*jjt Apartment ren ts, November - - - - - - - - - - - - - - - - - - - - - SECURITIES Secu rity markets, January, p .3 ; February, p .3 ; March, p .3 ; A p ril, p .3 ; May, p .3 ; June, p .2 ; Ju ly, p .3 ; August, p .3 ; September, p .3 ; October, p .3 ; November, p .3 ; December, p .3 , STEEL Steel production and u n fille d ord ers, 1919-1925, October - - - - - - "WJES Employment and wages, January, p .5 ; February, p . 6 ; March, p » 6 ; A p r il, p »5 ; May, p . 6 ; June, p . 6 ; July, p . 6 ; August, p . 6 ; September, p .5 ; October, p . 6 ; November, p . 6 ; December, p.4* Tages in th e Uhited States and foreig n co u n trie s, January - - - - - - Wages and oth er c o s t s in produ ction, A p r il- - - - - - - - - - - - - - ’’THOLSSALE tra d e "Thole sa le tra d e , monthly beginning January - - - - - - - - - - - - - - P" &e 5 6 5 6 6 7 4 CHARTS Page AIFOMOBIL^S Value o f b u ild in g co n tra cts awarded each month in 27 s ta te s , and monthly production o f passenger autom obiles and tru ck s , 1919-1925* June - - Average d a ily consumption o f co tto n and production o f p ig ir o n , automo b i l e s and cement, by months fo r 1923, 1924, and 1925. August - - - - 5 5 B \NK DEBITS Bank d e b its in f i r s t sixteen weeks o f 1925 in percentages o f the c o r r e s ponding p eriod o f 1924, by Federal Reserve D is t r ic t s , May - - - - - 5 Bank d e b its in 12 c i t i e s o f th e Second D is tr ic t and in 140 c i t i e s o f the country, excluding New York C ity. 1919-1925. June - - - - - - - - 4 Monthly volume o f bank d e b its fo r s e le cte d c i t i e s in th® Second Federal Reserve D is t r ic t . 1923-1925, D ecem ber---- 5 B OF *NGLWD Gold h oldin gs o f th e Bank o f England, s t e r lin g exchange, th e Bank o f ■England discount ra te, and th e market ra te on 3 months’ bank b i l l s in London, by weeks, sin ce th e f i r s t o f January, 1925. September - - - 4 BELGIAN W Schedule o f in te re s t and p rin cip a l payments on account o f B elgian debt t o t h i s Government. 1926-1985, September - - - - - - - - - - - - - - 8 BONDS Ot>en market rate on prime 4 t o 6 months commercial paper and y ie ld o f high grade bonds, by months. 1919-1925. September- - - - - - - - - - - 3 BRITISH D «T Schedule o f in te re st and p rin cip a l payments on account o f B r it is h debt t o t h i s Government. 1923-1984. September - - - - - - - - - - - - - - 8 BUILDING Annual b u ild in g permits in 7 se le cte d c i t i e s 1874-1924, compared with growth o f urban population in th e United S ta tes, and annual permits in 50 c i t i e s from 1900-1934. January - - - - - - - - - - - - - - - - 6 Value o f b u ild in g co n tra cts awarded each year in 27 S tates. 1920-1924, February - - - - - - - - - - - - - - - - - - - - - - - - — - - - - ® Value o f b u ild in g co n tra cts awarded in New York State and Northern New Jersey and in oth er rep ortin g S tates. 1922-1925. A p r il, p. 7; O ctober, p. 6 . Comparison o f b u ild in g co n tra cts awarded and perm its a p p lie d f o r during the f i r s t quarter o f 1924 and 1925. M a y ---- -------------------- ------------- - - 6 Value o f b u ild in g co n tra cts awarded in 36 States in f i r s t fou r months of 19?4 and 1925. June ------------------------------------------------- . - -------------- - - 5 Value o f b u ild in g co n tra cts awarded each month in 27 S ta tes, and monthly production o f passenger autom obiles and tru ck s. 1919-1925. June - - 5 Volume o f b u ild in g in 158 c i t i e s and rea l e sta te tr a n s fe r s in 41 c i t i e s , in percentages o f the computed tren d . 1919-1925, July - - - - - 6 Value o f b u ild in g co n tra cts awarded in 36 States and in New York State and Northern New Jersey. 1924, 1925. July, p. 6 ; September, p. 6 . Rents o f apartments in New York C ity compared with changes in th e cost o f con stru ctio n . 1917-1925. November - - - - - - - - - - - - - - - - 6 Columns o f "apartments fo r rent” a d v ertisin g in th e Sunday ed ition o f a New York newspaper during th e renting seasons o f 1922, 1923, 1924, and 1925. November 7 B uilding perm its in lea d in g c i t i e s in percentages o f 1913. 1894-1924. December - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6 5 CHARTS (Continued) pagC BUSINESS ACTIVITY Monthly changes in indexes o f d is tr ib u tio n and general business a c t i v i t y . 1922-1925. November -------- - - - - - .................. - -------------------------------- 5 CEMENT Average d a ily consumption o f co tto n and production of p ig ir o n , automob i l e s , and cement, by months fo r 1923, 1924, and 1925. August - - - 5 CHAIN STORES Monthly sa les by w h olesale g rocers and chain grocery sto re s in the Second D is t r ic t . 1919-1925. July - - - - - - - - - - - - — - - - - - 8 R e ta il sa le s o f department sto re s in the Second D is t r ic t , and sa le s by chain sto re s and mail order houses in 1925 compared with 1924. December - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 8 COMMERCIAL PAPER Commercial paper outstanding - 26 d e a le rs . 1918-1925. March, p . 3; A p r il, p . 3 ; May, p . 3; June, p . 2 . Loans la r g e ly fo r commercial purposes of 733 weekly rep ortin g member banks in a l l d is t r i c t s and outstanding commercial paper of 26 d e a le rs . 1919-1925. July ------------------------------------------ --- -------------------- - - - - - - 2 Open market ra te on prime 4 to 6 months commercial paper and y ie ld o f high grade bonds, by months. 1919-1925* September - - - - - - - - - - 3 Loans la r g e ly fo r conm ercial purposes of 723 weekly rep ortin g member banks in a l l d i s t r i c t s and outstanding conm ercial paper o f 26 d e a le r s . 1919-1925. December - - - - - - - - - - - - - - - - - - - - - - - 1 COTTON Average d a ily consumption o f cotton and production of p ig ir o n , automo b i l e s , and cement, by months f o r 1923, 1924, and 1925. August *» 5 CREDIT Reserve Bank c r e d it - weekly fig u re s &3rl2 Federal Reserve Banks. 1919-1924. Monthly, beginning January (e x ce p t A p ril, June, October, and December) - - - - - - - - - - - - - - - - - - - - - 2 Member bank c r e d it fig u re s fo r 67 rep ortin g banks in New York C ity 19 24—19 25» February — — — — — — — — — — — — — — — — — — — — — — — 2 Member bank credit; weekly figures for member banks in 101 leading cities. 1922-1925. March, p . 2 ; A p ril, p . 2; May, p . 2 ; June, p . 2 ; October, p . 2 ; November, p . 2 » December, p . 2 . CROPS Estimated value of p r in c ip a l 1925 crop s at August 15 p r ic e s a t the farm compared with December 1 value of crops harvested in previous years (in m illio n s of d o lla r s ) 1921-1925. September - - - - - - - 6 DEPARTMENT STORE SALES Department store sa les* Index of sa le s of 333 sto re s in 117 c i t i e s . 1922-1925. February, p . 2 ; J u ly ,p . 2 . F ir s t quarter 1925 sa le s o f department stores by major c la s s i f ic a t i o n s in percentages of the f i r s t quarter of 1924. May - - - - - - - - - Department sto re sa le s in the f i r s t four months o f th is year in percen tages o f the corresponding p eriod o f 1924, by Federal Reserve Dis tr ic ts . June — — — — —— — — — — — — — — — — — — — — — — — — — — Index 6t department sto re sa le s in 359 s t o r e s . 1922-1925. September - R e ta il sa le s o f department sto re s in the Second D is t r ic t , and sa le s by chain sto re s and mail order houses in 1925 compared with 1924. December 8 7 2 g 6 CHARTS (Continued) ----------- page DEPOSITS Rate o f turnover o f bank deposit® in New York C ity and in 140 cen ters ou tsid e New York C ity. 1919-1925. March, p .3 ; September, p .3 . D iscow r RATES Rediscount rates o f banks o f issue in twenty co u n trie s. 1924. A p ril DISTRIBUTION Monthly changes in indexes o f d is trib u tio n and general business a c t iv it y . 1922-1925* November- - --------- 5 3 EARNINGS Changes in average weekly earnings o f op eratives and o f f i c e workers in Hew York State f a c t o r ie s and th e cost o f liv in g in the Uhited States. 1914-1925. January- - - - - - - - - - - - - - - - - - - - - - - - - 5 C hants in average weekly earnings o f fa cto ry o p e ra tiv e s in New York State and wages o f u n sk illed la b o r. 1916-1925. A u g u s t ------------ — - - - 6 EMFLOYMFNT index o f employment in manufacturing in d u strie s. 1919-1924. January, p .2; A p ril, p .2 ; June, p .2 . November fa cto ry employment in New York State and the July low point in percentages o f employment in November, 1923. January- - - - -----------5 Indexes o f fa cto ry employment and fa cto ry p a y ro lls in manufacturing indus t r i e s . 1922-1925. June, p .2 ; August, p .2 ; O ctober, p .2 ; December p .2 . Ratio o f workers c a lle d f o r at State employment o f f i c e s t o a p p lica n ts fo r work. 1921-1925. October-------- -------------------- ----------------------------------- - - 6 FOREIGN EXCHANGE D epreciation o f fo re ig n exchange ra tes from par v alu e. 1914-*1925. 0ctober«*4 FOREIGN "RADE Exports o f merchandise from th e United States t o Germany and imports from Germany, 1919-1924 compared with 1913. February- - - - - - 4 United States and B r itis h exports and im ports. 1922-1925. A p r il, p .4 ; August, p 4 Merchandise exports and im ports o f th e Uhited States in percentages o f th e computed tre n d . 1922-1925. O ctober- - - - - - - - - - - - - 4 .. GOLD Uhited States net imports and exports o f g o ld . (L atest fig u r e , June) 1914-1925. August- - - - - - - - - - - - - - - - - - - - - - - - - - 4 GOLD STANDARD "’he return t o gold payment s in Europe. (Map). June- - - - - - - - - g GROCERY STORES Monthly sa le s by w holesale eracers and chain grocery sto re s in th e Second D is t r ic t , 1919-1925. J u ly - — - -------------- 8 HOUSING Columns o f "Apartments f o r Rent1* a d v e rtisin g in the Sunday ed ition o f a New York newspaper during th e r o ttin g seasons o f 1922, 1923, 1924, and 1925. November- - - - - - - - - - - , - - - - . - - - - - - - - 7 CHARTS (Continued) INTEREST-RATES Money ra te s - New York and London, 1922-1925, F ebru ary,p .3; N ovenber,p.3 . Gold holdings o f the Bank o f England, s t e r lin g exchange, the Bank of England discoun t ra te , and the market rate on 3 months' bank b i l l s in London, by weeks sin ce the f i r s t of January, 1925, Ssptenbor ** Open market ra te on pritae 4 to 6 months commercial paper and y ie ld of high grade bonds, by months. 1919-1925, September LOANS T otal loans and investments and t o t a l deposits o f weekly rep ortin g member banks in the Second D is t r ic t and in a l l d is t r ic t s except the Second. 1924-1925. March, p , 2 ; October, p . 2 . Loans la r g e ly fo r commercial purposes o f 733 weekly rep ortin g member banks in a l l d i s t r i c t s and outstanding commercial paper of 26 d e a le rs . 1919-1925* J u ly - - ---------------------------- --------Loans la r g e ly f o r commercial purposes of 723 weekly rep ortin g member banks in a l l d i s t r i c t s and outstanding commercial paper o f 26 d e a le r s , 1919-1925. December - - - - - - - - - - - - - - - - - - - - - - LONDON CLEARING BANKS Figures fo r 1 0 London cle a rin g banks. 1921-1925. July - - - - - - - MAIL ORDER SALES R e ta il sa les of department sto re s in the Second D is t r ic t , and sa le s by chain sto re s and m ail order houses in 1925 compared with 1924* December - - - - - - - - - - - - - - - - - - - - - - - - - - - - MANUFACTURES Percentages o f t o t a l value o f manufactured products represented by wages and c o s t of m a te ria ls . 1899-1923. A p ril - - - - - - - - - - - PIG IRON U n fille d orders o f the S te e l C orporation and average d a ily production o f p ig iro n by months. 1919-1924* J a n u a ry ------------------------- - - - - Average d a ily consumption o f cotton and production of p ig iro n , automo b i le s , and cement, by months f o r 1923, 1924, and 1925. (L a te st fig u re s June, 1925.) August - - - - - - - - - - - - - - - - - - POPULATION Annual b u ild in g permits in 7 s e le c te d c i t i e s 1874-1924, compared with growth of urban population in the United S tates, and annual perm its in 50 c i t i e s from 1900-1924, January - - - - - - - - - - - - - PRICES Index of United States Bureau of Labor S t a t i s t i c s . 1919-1925. Monthly beginning January - - - - - - - - - - - - - - - - - - - - - - - - P r ic e indexes o f 20 b a sic commodities in the United States and in England. 1923-1925. January, p .7 ; A p ril, p .7 ; May, p . 6 ; June, p . 6 ; July, p .7 ; August, p*7; September, p . 6 ; December, p .7 . Department of Labor index o f w holesale p r ic e s in the United States and the Economist index o f p r ic e s in England. 1922-1925. March - - - - P rice s o f 20 b a sic conm odities and wages o f u n sk ille d la b or in the Second D is t r ic t compared with p r ic e s o f 50 stock s in percentages o f the 1923 average, 1922-1925. November - - - - - - - - - - - - - - Wholesale p r ic e s o f farm products and foods compared with p r ic e s o f nona g ricu ltu ra l products and a l l commodities o f the Bureau o f Labor S t a t is t ic s p r ic e in d ex . 1922-1924* February - - - - - - - - - PRODUCTION Index o f 22 b a s ic commodities co rre cte d fo r seasonal v a ria tio n * 19191925. Monthly beginning January - - - - - - - - - - - - - - - - Percentages of t o t a l value o f manufactured products represented by wages and c o s t o f m a te ria ls. A p ril - - - - - - - - - - - - - - - - - - Monthly production in b a sic in d u s t r ie s . Seasonal v a ria tio n allow ed f o r . 1920-1925* May - ------------------------------------------ - - - - - - - Pagf 4 3 2 1 4 8 6 4 5 6 1 6 7 6 1 6 5 3 CHARTS (Continued) Page PRODUCTION (C o n t 'd ). Avsrage d a ily consumption o f co tto n and production o f pi<? iro n , autom o-. b i l e s , and cement-, by months fo r 1923, 1924, and 1925* (L atest figu res June, 1925)* August- - - - - - - - ' 5 Monthly changes in produ ction o f b a sic com m odities. 1922-1925* November- 4 PUBLIC FINANCE Government revenue in lea d in g European cou n tries corapared with expendi tures by f i s c a l y ea rs. 1919-1924. March - - - - - - - - - - - - - 4 Cumulative percentages o f the p u b lic debt paid o f f each f i s c a l year for s ix years follow in g the peak o f debt a ft e r the C iv il War and World War# October 4 REAL ESTATE TRANSFERS Volume o f b u ild in ? in 153 c i t i e s and re a l e sta te tra n sfe rs in percentages o f the computed tre n d , 1919-19 25, RENT Rents o f apartments in New York C ity compared with changes b u ild in g con stru ction * 1917-1925, November - - - in 41 c i t i e s , July - - - - - - 6 in the co st o f - - - - - - - - - 6 SECURITIES Par value o f foreig n c a p ita l issu es o ffe r e d in New York and London by s ix months periods in m illio n s o f d o lla r s , 1921-19 24, February - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - New ca p ita l issu e s each year by types o f companies, 1919-1924, A p ril - Comparison o f par value o f new foreig n s e c u r ity issu es o ffe r e d in New York in the f i r s t quarter o f 1924 and 1925 by types o f is s u e s . May- Monthly average p rice s o f l i b e r t y bonds, 40 corp ora tion bonds, and 10 fo re ig n government issu e s quoted in t h is market, compared with B ritish war loans in London. 1921-1925, July - - - - - - - - - - New c a p ita l issu es each h a lf year by types o f companies (refu n din g issu es ex clu d ed )« 1920—1925. August — — — — — —— — — — — — — — — — — — — New ca p ita l issu es and refunding issu e s o ffe r e d in the United S ta tes, by months, 1919-1925, September - - - - - - - - - - - - - - - - - - New ca p ita l issu es during the f i r s t nine months o f seven years by types o f companies (refunding issu es ex clu d ed ). 1919-1925. November - P rices o f 20 b a s ic commodities and wages o f u n sk ille d la b o r in the Second D is tr ic t compared with p rice s o f 50 stock s in percentages o f the 1923 average. 1922-1925. November - - - - - - - - - - - - - - - STEEL U n fille d orders o f the S teel Corporation and average d a ily production o f p ig iron by months, 1919-1924, January - - - - - - - - - - - - - U n filled orders o f the s t e e l corp ora tion and production o f s t e e l in g ots by months, in percentages o f the 1913 average, 1919-1925. October STERLING EXCHANGE Gold h oldings o f the 3ank o f England, s t e r lin g exchange, the 3ank o f England discoun t ra te , and the market ra te on 3 months* bank b i l l s in London, by .weeks, sin ce the f i r s t o f January, 1925. September - - 4 UNITED STABS STEEL CORPORATION U n filled orders o f the S teel Corporation and average d a ily production o f p ig iro n by months. 1919-1924. January - - - - - - - - - - - - - - 4 WAGES Average d a ily wage paid in November 1924 by a large American in d u stria l corporation in fa c t o r ie s in th is country and abroad, January - - — Wage changes in New York State by months. 1922-1925, A p ril - - - - - - - 6 6 3 3 3 3 3 3 3 7 4 5 9 CHARTS (Continued) Page W ,*:s (C on t'd ) Percentages o f t o t a l value o f manufactured products represented by wages and co st o f m a terials. 1099-1923.. A pril - - - - - - - - - - - - 6 Indexes o f fa c to r y employment and fa cto ry p a y ro lls in manufacturing indus t r i e s . 1922-1925. June, p .2 ; August, p.2* Changes in average weekly earnings o f fa cto ry op era tiv es in New York State and wa»es o f u n sk ille d la b o r. 1916-1925. August - - - - - - - 6 P rice s o f 20 b a s ic commodities and wages o f u n sk ille d la b o r in th e Second D is tr ic t compared with p r ic e s o f 50 stock s in percentages o f th e 1923 average, 1922-1925. November - - - - - - - - - - - - - - - 7 ’9H0LESAL*! t r a d ! F irst Quarter 1925 sa le s in f ift e e n p r in c ip a l w h olesale lin e s in percen ta g e s o f th e f i r s t quarter o f 1924. May - - - - - - - - - - - - - T
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