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MONTHLY REVIEW of Credit and Business Conditions Second Federal Reserve District Federal Reserve Agent Federal Reserve Bank, Nvw York INDEX FOR THE YEAR 1926 A cce p ta n ce s (S e e a lso B ills) Month Page Chart. Open market rates fo r commercial paper, bankers acceptances and stock exchange call loans 3 by weeks* 1924-1925— .— _________ _____ ___________ Jan. Chart. Weekly money rates in New York, commercial paper and acceptance rates, 1922-1926. March, p. 2 ; July, p. 2 ; September, p. 2....................................................................... Chart. Call loan, commercial paper, bankers acceptances and Federal reserve bank rediscount rates by weeks, 1924-1926____ ....______ ____ ......____ ____ ...____ May 3 B rok ers L oa n s (C o n t’ d .) Month Chart. Brokers loans plaeed by daily reporting New York City banks fo r own account and for correspondents, 1919-1925 __ ___________________ ___ ______ Nov. Brokers loans in past years ....--------------- Nov. Confidential daily report and published weekly figures compared __ _________ ___________ ______ __ _____ ____ _ Nov. Chart. Loans on stocks and bonds, in second district, 1926 compared with 1925 .... Dec. Chart. Loans on stocks and bonds in the United States, 1926 compared with 1925 ______..___________ Dec. A gricu ltu re atSt^ non-agrieultural prices, i»u u -i»z e ------------------------------------------------------ Aug. 6 Chart. Monthly production of automobiles and trucks, 1926 compared with 1924 and 1925------------------------- Sept. « A u to m o b ile In du stry . u ... , . April, p. 6 ; May, p. 6 ; June, p. 6 ; July, p. 6 ; August, p. 7 ; September, p. 7 ; October, p. 7 ; November, p. 6 ; December, p. 6 ......—..............—............................. Chart. Value o f building contracts awarded in 86 __ n _ „ i, r i „ i V a l u oanJC l/e b its Chart. Volume o f bank debits in 140 clearing centers outside o f New York City, 1921-1925_________ _______ Feb. Chart. Volume o f bank debits in 140 cities, 1926 compared with 1924 and 1925___ __ _________ ___ ___ _ Sept. _ _ . B elgiu m Agreement to purchase Belgian bills___________________ Jan. e 6 7 3 "4 and in 20 suburban cities, 1922-1925 _______________ Feb. o f permits for New York City and suburbs and entire country tabulated for 1924 and 1925 ___ Feb. Chart. Amount and type o f building fo r which permits were issued in Manhattan, 1902-1925 ______ Mar. Chart. Changes in construction costs, 1919-1926 _ Apr. Chart. Index o f value o f contracts awarded in 7 Fed eral reserve districts, 1922-1926 ____________________ May Building contracts awarded in 36 states and in New York and Northern Jersey district, 1926 com 1925 v“ ViJ4---------- ------------ YooV* 0hJ2iw 7 volume °* buUdln* contracts, 1924, chart. ’ B u ild in g lw ra itstM w d ln U ir^ compared with trend of building from 1895 to 1925.... O ct Business Conditions Bills BUI market. May, p. 3 ; June, p. 3 ; July, p. 3 ; August, p. 3 ; September, p. 8 ; October, p. 8 ; November, p. 2 ; December, p. 4___ ___ ...__ ...________ ________ ............. Chart. Open market rates fo r commercial paper, 90-day bills and stock exchange call loans by weeks, 19241925 _ Jan. Chart. Total bills and securities o f Federal reserve bank o f New York. February, p. 8 ; March, p. 3.................. Chart. Total bills and securities o f all Federal reserve banks, November, 1928-January, 1926______________ Feb. Chart. Call loan renewal rates fo r commercial paper and 90-day bills and Federal reserve bank rediscount rate by weeks, 1924-1926_______________ ____ .................. May Bonds Chart. Prices o f 232 stocks and 40 domestic bonds, 1918-1926 „________________________________ Chart. Par value o f bonds sold on New York stock exchange in each month since 1921_________________ Chart. Average monthly yield on stocks and bonds at market prices_____________ ___ ____________ ..._____ __ Chart. Monthly average prices o f Liberty bonds, cor poration bonds and foreign government bonds___ ____ _ states during first eleven months, 1928-1925 __ Jan. chart. Value o f building permits in New York City Chart. Chart. Course of Belgian, French and Italian exchange November°Dk’51924"1926- Jan®* p* 4? * ” *»»*> --------------------------------Niv . May June July Oct. Brokers Loans Loans to brokers and dealers. March, p. 8 ; April, p. 4 ; June, p. 3 ; August, p. 3 ; September, p. 2 ; October, p. 3 -------------------------------------------------------------------- ------------Loans to brokers and dealers tabulated. March, p. 3 ; April, p. 4 ; August, p. 3 ; September, p. 3 ___________ Chart. Member bank loans secured by stocks and bonds, New York City and elsewhere, 1922-1926 ____ Apr. Chart. Loans to brokers and dealers in securities placed by New York City reporting member banks. June, p. 8 ; October, p. 8 ............................................................ Chart. Loans on stocks and bonds by all reporting member banks compared with movement o f stock prices, 1919-1926 ___________________________________ Sept. Chart. Course o f brokers loans from 1919-1925 com pared with total loans on stocks and bonds o f all reporting member banks _______ ____________ ___ ___ Nov. Buildin* Buildln*. January, p. 6; February, p. 5 ; March, p. 5; Indexes o f business activity. January, p. 5 ; February, p. 6 ; March, p. 6 ; April, p. 7 ; May, p. 6 ; June, p. 6 ; July, p. 5 ; August, p. 5 ; September, p. 7 ; October, p. 7 ; November, p. 5 ; December, p. 6 ....___________ Business conditions in the United States. January, p. 1 ; February, p. 1 ; March, p. 1 ; April, p. 1 ; May, p. 1 ; June, p. 1 ; July, p. 1 ; August, p. 1 ; September, p. 1 ; October, p. 1 ; November, p. 1 ; December, p. 1 _____ Business Profits (See Profits) Call Loans Chart. Call loan renewal rate November to February, 1923-1926 --------------------------------------------------------------Chart. Call loan, commercial paper, bankers acceptance and Federal reserve bank rediscount rates, 1924-1926.. Chart. Reserve position o f leading New York City banks compared with closing call loan rate, June tax period _________________________________________ Chart. Federal reserve bank o f New York loans to New York City member banks and call loan renewal rates, 1926 compared with 1925 ____________________ Chart. Closing call loan rate, September tax period----- Mar. May July Aug. Oct. Chain Stores Percentage change over previous year in monthly sales and number o f stores tabulated by type o f store. January, p. 7 ; March, p. 8 ; April, p. 8 ; May, p. 7 ; August, p. 8 (six months figures) __________________ Commercial Paper Commercial paper market. May, p. 3 ; June, p. 8 ; July, p. 4 ; August, p. 3 ; September, p. 3 ; October, p. 3 ; November, p. 3 ; December, p. 4 _____________________ Chart. Open market rates for commercial paper, bankers acceptances and stock exchange call loans by weeks, 1924-1925 _______________________________ Chart. W eekly rates on 4 to 6 months paper in the New York market, 1922-1926. March, p. 2 ; July, p. 2 ; September, p. 2 _______________________________ Jan. Page 3 3 3 3 3 INDEX FOR THE YEAR 1926 (Continued) Commercial Paper (Cont’d.) Chart. Call loan, commercial paper, bankers accept* 1926 &n<* *'e(*e reserve bank rediscount rates, 1924Chart. Daily average discounts o f aU Federal reserve banks compared with prevailing rate on prime com mercial paper ______________________________________ Month Page 3 Dec. 3 Jan. 5 Cost of Living Chart. Average weekly earnings of factory operatives and factory office workers in New York State and cost o f living in the United States, 1914-1925 ______ Charts. W ages, prices and cost o f living in the United States and England, 1919-1926 ______________ ___ ....... Chart. Course o f wholesale prices and cost o f living, 1914-1926 ____________________________________ _____ June Mar. Sept. Crops Table o f July 1, 1926 crop forecasts, compared with actual harvests in 1925 and average yields in the last five years. August, p. 6 ; September, p. 6 ............................ Cuba May Currency Oct. Department Stores Department store trade. January, p. 7 ; February, p. 7 ; March, p. 7 ; April, p. 8 ; May, p. 8 ; June, p. 7 ; July, p. 7 ; August, p. 8 ; September, p. 8 ; October, p. 8 ; November, p. 8 ; December, p. 7________ __________ _ Percentage change over previous year in net sales and stocks on hand, tabulated by main departments. January, p. 7 ; February, p. 7 (yearly figu res); March, p. 7 ; April, p. 8 ; May, p. 8 ; June, p. 7 ; July, p. 8 ; August, p. 8 (six months figu res); September, p. 8 ; October, p. 8 ; November, p. 8 ; December, p. 7 .................... Percentage change over previous year in net sales and stocks on hand, tabulated by locality. January, p. 7 ; February, p. 7 (yearly figu res); March, p. 7 ; April, p. 8 ; May, p. 8 ; June, p. 7 ; July, p. 7 ; August, p. 8 (six months figu res); September, p. 8 ; October, p. 8 ; November, p. 8 ; December, p. 7 ............................................... Chart. Outstanding orders o f department stores in the second district, 1922-1925 __________________________ Jan. Chart. Index o f sales o f 359 stores, 1922-1926. Febru ary, p. 2 ; June, p. 2.................................................................... Chart. Outstanding orders at end o f month from January, 1922 to July, 1926, compared with volume o f sales ------------------------------------------------------------------- Sept. Chart. January to June sales, 1926 compared with 1925, by departments ________________________ ______ Aug. Chart. Per cent increases in department store sales and stocks compared fo r first nine months o f 1926..... N ov. 4 4 Oct. 4 Oct. Oct. 4 4 Oct. 4 Dec. 3 Dec. 3 Changes made in rates o f foreign banks o f issue during the month o f October______________________________ Discounts N ov. (See Loans) Employment Chart. Reserve bank credit; weekly figures fo r 12 Federal reserve banks, 1922-1925 ___ . ______________ Jan. 2 Chart. Member bank credit; weekly figures fo r mem ber banks in 101 leading cities, 1922-1926 __________ Jan. 2 Chart. Money in circulation and reserve bank credit, 1922-1926 __________________________________________ Feb. 2 Chart. Total bills and securities o f Federal reserve bank o f New York, November to February, 1923-1926. February, p. 3 ; March, p. 3 .......................... ........................................ Chart. Total bills and securities o f all Federal reserve banks November to February, 1923-1926 ___________ Feb. 3 Chart. Monthly averages o f weekly figures for member banks in 101 leading cities, 1922-1926. March, p. 2 ; April, p. 2 ; July, p. 2 ; August, p. 2 ; September, p. 2 ; November, p. 2 ; December, p. 2 __________ ________ _____________ Chart. Reserve bank credit. Monthly averages o f daily figures fo r twelve Federal reserve banks, 19221926. May, p. 2 ; June, p« 2 ; August, p. 2 ; October, p. 2 ; November, p. 2 ; December, p. 2 __________ ___ _____________ Chart. Federal reserve bank o f New York loans to New York City member banks, 1926 compared with 1925__ May Chart. Federal reserve bank o f New York loans to New York City member banks and average call loan re newal rate, 1926 compared with 1925_______________ Aug. Chart. Loans on stocks and bonds by all reporting member banks compared with the movement o f stock prices, 1919-1926_______________ ____ ________________ Sept. Foreign movement o f United States currency; table showing shipments during the first eight months o f 1924. 1925, 1926 ___________________________________ Jan. Jan. Discount Rates Credit Transfers to Cuba o f funds to meet sudden currency demand tem porarily affect New York money market.... Month Page Growth of savings o f various types ................................... Chart. Growth o f various form s o f personal savings, 1900-1925 _______________________________________....! Changes in member bank deposits, year ended June 30, 1926 ----------------------------------------------------------------------- Chart. Demand and time deposits o f city and country banks, 1919-1926 ___________________________________ Savings bank deposits ________________________________ Chart. Deposits o f 15 savings banks in New York City and 15 savings banks elsewhere in the 2nd district _____________________________________________ Chart. Total deposits, second district, 1926 compared with 1925 ...___ ____________________________________ Chart. Total deposits in the United States, 1926 com pared with 1925 .................................................................. Sept. Cotton Chart. Exports o f cotton and grain from the United States, 1915-1926___________________________________ Chart. Monthly m ill consumption o f cotton, 1926 com pared with 1924 and 1925 __________________________ Deposits Employment and wages. January, p. 4 ; February, p. 5 ; March, p. 6 ; April, p. 6 ; May, p. 5 ; June, p. 6 ; July, p. 5 ; August, p. 5 ; September, p. 7 ; October,, p. 7 ; November, p. 7_________________________________ Chart. Indexes o f factory employment and factory pay rolls in manufacturing industries, 1922-1926. April, p. 2 ; May, p. 1 ; July, p. 1 ; October, p. 1 ___________ Chart. February, 1926, employment in leading indus tries o f New York state compared with February, 1925 Apr. Chart. Employment in New York state factories monthly, 1926 compared with 1924 and 1925 _______ _ Sept. Chart. Ratio o f workers called for, to applicants for work and ratio o f voluntary resignations to total number o f employees ____________________________ ... N ov. Exports Chart. Monthly imports and exports o f merchandise of the United States since 1921 ______________________ Chart. Monthly exports and imports o f merchandise o f the United States by principal groups, 1922-1926 ____ Chart. Percentage distribution by type o f merchandise exported from the United States since 1880 ________ Apr. June Dec. Federal Reserve Bank of New York Chart. Total bills and securities o f Federal reserve bank o f New York, November to February, 19231926. February, p. 8 ; March, p. 3 ................. ........................ Chart. Federal reserve bank o f New York loans to New York City member banks, 1926 compared with 1925 May Chart. Federal reserve bank o f New York loans to New York City member banks and average call loan renewal rates, 1926 compared with 1925 ____________ Aug. Chart. Reserve bank loans to New York City member banks, September tax period _______________________ Oct. Chart. Discounts o f the Federal reserve bank o f New York, 1926 compared with 1925 ____________________ Dec. 3 3 3 Federal Reserve Banks Selection and duties o f Federal reserve bank directors.. Jan. Chart. Reserve bank credit. Weekly figures for 12 Federal reserve banks, 1922-1925 ___________________ Jan. Chart. Member bank credit. Weekly figures of mem ber banks in 101 leading cities, 1922-1925 __________ Jan. Chart. Money in circulation and reserve bank credit, 1922-1926 _________________________________________ Feb. Chart. Total bills and securities o f all Federal reserve banks, November to February, 1928-1926________ .... Feb. Chart. Monthly averages o f weekly figures for member banks in 101 leading cities, 1922-1926. March, p. 2 ; April, p. 2 ; July, p. 2 ; August, p. 2 ; September, p. 2 ; November, p. 2 ; December, p. 2_________________ ______ Chart. Reserve bank credit. Monthly averages o f daily figures fo r 12 Federal reserve banks, 1922-1926. May, p. 2 ; June, p. 2 ; August, p. 2 ; October, p. 2 ; November, p. 2 ; December p. 2.................................................... Chart. Federal reserve bank o f New York loans to New York City member banks, 1926 compared with 1925 May Table showing condition o f 59 New York City member banks __ ____________________________________________ May Chart. Loans and investm ent o f reporting member banks in New York City and elsewhere, 1925-1926___ June Table showing loans and investm ents, earnings, ex penses, losses, and profits o f member banks, 19191925 July Tables showing ratio o f earnings, expenses, losses and profits to loans and investments by years, 1919-1925, and by districts in 1925 ____________________________ July Earnings o f member banks in 1925 __________________ _ July 8 2 2 2 3 INDEX FOR THE YEAR 1926 (<Continued) Federal Reserve Banks (Cont’d.) Month Page Chart. Federal reserve bank o f New York loans to New York City member banks and average call loan renewal rates, 1926 compared with 1925 ----------------- Aug. Chart. Loans on stocks and bonds by all reporting member banks compared with the movement o f stock prices, 1919-1926 ___________________________________ Sept. Changes in member bank deposits on June 80 Oct. Chart. Reserve bank loans to New York City member banks. September tax period ........_____________........ Oct. Chart. D eficit or surplus in available reserves, New York City banks. September tax p erio d -------------------- O ct. Chart. Daily average discounts o f all Federal reserve banks compared with prevailing rates on prime com mercial paper _____________________________________ _ Dec. Foreign Exchange Foreign exchange. January, p. 8 ; February, p. 4 ; March, p. 4 ; April, p. 5 ; May, p. 5 ; June, p. 4 ; July, p. 5 ; August, P. 4 ; September, p. 4 ; October, p. 5 ; Novem ber, p. 4 ; December, p. 5 ___________________________ Chart. Course o f sterling exchange in 1925-1926, com pared with average seasonal movement, 1889-1919___ * 1914 19268e °* ^apanese exchange at New York, Chart. Course o f Belgian, French and Italian exchange rates at New York, 1924-1926. June, p. 4 ; August, p. 4 ; November, p. 5 ...___ __________ _____... ________ ............... Feb. 5 Mar. 5 ............... F oreig n T ra d e British foreign trade for 1925 ________________________ Feb. Chart. British foreign trade, 1870-1925 ______________ Feb. Chart. Exports o f cotton and grain from the United States, 1915-1926 _________________________________ Mar. Chart. Monthly imports and exports o f merchandise o f the United States since 1921 _______________________ Apr. Chart. Monthly imports and exports o f merchandise o f the United States by principal groups, 1922-1926 __ June First favorable balance o f trade in M a y ______________ July Second favorable balance o f trade in J u n e_____________ Aug. German foreign trade ....................................... ............. . Sept. Chart. Trade o f the United States with Germany, 19221926 compared with 1918 _________________________ ... Sept. Foreign trade fo r 45 years __ ___ ...__ ___________ _____ Dec. Chart. Percentage distribution by type o f merchandise exported from and imported into the United States since 1880 _______ _________ ..._______________________ Dec. F ran ce French Chart.. rates p. 4 ; debt agreement ------------------------------------------------ June Course o f Belgian, French and Italian exchange at New York, 1924-1926. June, p. 4 ; August, November, p. 5...._____..........___________ _____________ F reigh t Chart. Monthly carloadings, 1926 compared with 1924 and 1925 ------------- --------------------------------------------------G erm an y German foreign trade ________________________________ Chart. Trade o f the United States with Germany, 19221926 compared with 1918 __________________________ Chart. Foreign trade o f Germany, 1922-1926 compared with 1918 _________________________________________ Sept. Sept. Sept. Sept. G old Gold movement. January, p. 8 ; February, p. 5 ; March, p. 5 ; April, p. 5 ; May, p. 5 ; June, p. 5 ; July, p. 4 ; August, p. 4 ; September, p. 4 ; October, p. 6 ; Novem ber, p. 4 ; December, p. 5. Table o f exports and imports o f gold and excess by months, 1925 and January, 1926 ------------ ------------------ Mar. Chart. Gold exports and imports o f the United States by months, 1914-1926 ...___________________ _______ _ May Table o f imports and exports o f gold by months, 1926.... June Incorporations Incorporations as an index o f business a ctiv ity _______ Chart. Incorporations of stock companies in New York state in percentages o f computed trend, with adjust ment fo r seasonal variations, 1919-1926 ____________ Table o f number o f stock companies incorporated in New York state at five year intervals, 1895-1925 __ _ Month Apr. Apr. Apr. Interest Rates Money market. January, p. 2 ; February, p. 2 ; March, p. 2 ; April, p. 2 ; May, p. 2 ; June, p. 2 ; July, p. 2 ; August, p. 2 ; September, p. 2 ; October, p. 2 ; Novem ber. p. 2 ; December, p. 2---------- ---------- ------------ -------------Chart. Open market rates fo r commercial paper, bankers acceptances, and stock exchange call loans by weeks. 1924-1925 ..— ..---------------- ------------------------ Jan. Chart. Call loan renewal rate by days, 1926 compared with 1928, 1924 and 1925___________________________ Mar. Chart. W eekly money rates in New Y ork; commercial paper and acceptance rates, 1922-1926. March, p. 2 ; July, p. 2 ; September, p. 2 -------— ......................................... Chart. Call loan, commercial paper, bankers acceptance and Federal reserve bank rediscount rates by weeks, 1924-1926 ...______ . — ------ --------- -— -------------- May Table o f money rates at New York. July, p. 8 ; August, p. 2 ; September, p. 2 ; October, p. 2 ; November, p. 2 ; December, p. 2 ________________ — ............................................ Chart. Closing call loan rate* September tax period----- Oct. International Debts French debt agreement -----------------------------------------------Table giving figures o f principal, total to be received, present value, and ratio o f present value to debt as funded, fo r each o f the debt funding agreements o f 18 countries ....______________ ....---------------------------- June June Italy Chart. Course o f Belgian, French and Italian exchange rates at New York, 1924-1926. June, p. 4 ; August, p. 4 ; November, p. 5 ---------------------------------------------- . Japan Chart.Course o f Japanese exchange at New York, 19141926 _______________________________________________ Japanese official attitude toward the gold embargo ------- Mar. Mar. Loans (See also Brokers Loans) Chart. Member bank credit. W eekly figures o f mem ber banks in 101 leading cities. 1922-1925 ----------------- Jan. Chart. Monthly averages o f weekly figures fo r member banks in 101 leading cities, 1922-1926. March, p. 2 ; April, p. 2 ; July, p. 2 ; August, p. 2 ; September, p. 2 ; November, p. 2 ; December, p. 2 ---------------------------- ----------Chart. Federal reserve bank o f New York loans to New York City member banks, January to December, 1925. and January to April, 1926 .....-------------------------- May Chart. Loans and investments o f reporting member banks in New York City and elsew here-------------------- June Chart. Federal reserve bank o f New York loans to New York City member banks and average call loan renewal rates, 1926 compared with 1925 ----------------- Aug. Chart. Loans on stocks and bonds by all reporting member banks compared with the movement o f stock prices ______________________________________________ Sept. Chart. Reserve bank loans to New York City member banks, September tax period ------------------------------------ Oct. Chart. Commercial loans in the United States, 19251926 Dec. Chart. Commercial loans second district, 1925-1926— . Dec. Chart. Discounts, New York Federal reserve bank, 1926 compared with 1925 __________________________ Dec. Chart. Daily average discounts of all Federal reserve banks compared with prevailing rate on prime com mercial p a p er_______________________________________ Dec. Member Banks G rain Chart. Exports o f cotton and grain from the United States, 1915-1926 __________________________________ Mar. G reat B ritain British foreign trade fo r 1925 ------------------------------------ - Feb. Chart. British foreign trade, 1870-1925 -------------------- Feb. Chart. W ages, prices and cost o f living in England, 1919-1926 June Im p orts Chart. Monthly imports and exports o f merchandise of the United States since 1 9 2 1 ________________ _____ Chart. Monthly imports and exports o f merchandise o f the United States by principal groups, 1922-1926.. Chart. Percentage distribution by type o f merchandise imported by the United States since 1880 ___________ Apr. June Dec. Chart. Member bank credit. W eekly figures o f mem ber banks in 101 leading cities, 1922-1925 --------------- Jan. Chart. Monthly averages o f weekly figures fo r member banks in 101 leading cities, 1922-1926. March, p. 2 ; April, p. 2 ; July, p. 2 ; August, p. 2 ; September, p. 2 ; November, p. 2 ; December, p. 2-------------------------- -------------Chart. Federal reserve bank o f New York loans to New York City member banks, 1926 compared with 1925 May Chart. Federal reserve bank o f New York loans to New York City member banks and average call loan renewal rates, 1926 compared with 1925__ __________ Aug. Money Chart. Money in circulation and Reserve bank credit* 1922-1926___________________________________________ Chart. Money in circulation in the United States, 1926 compared with 1925________ ______...------- -------------.... Feb. Dec. INDEX FOR THE YEAR 1926 (Continued) Money Market Money market. January* P. 2 ; February, p. 2 ; March, p. 2 ; April, p. 2 ; May, p. 2 ; June* P. 2 ; July, p. 2 ; August, p. 2 ; September, p. 2 ; October, p. 2 ; Novem ber, p. 2 ; December, p. 2____________ ___ ...— ..— ....... Gains and losses to New York money market. April, p. 3 ; July, p. 8 ...._______________ . . . . .. ___ __________ _ Chart. E ffect o f Treasury September tax period opera tions on New York money market.___ _________ _____ _ Month Page Savings Growth o f savings____________________________________ Chart. Growth o f various form s o f personal savings, 1900-1925 __________________________________________ Chart. Deposits o f 15 savings banks in New York City and 15 savings banks elsewhere in the second dis trict, 1918-1926--------------------------------- *--------------- .... Savings bank deposits_______________________________ _ Month Pag* Jan. 4 Jan. 4 Oct. Oct. Oct. Securities New Capital Issues New financing:. May, p. 4 ; August, p. 4..................................... Chart. New capital issues each year by types o f bor rowers, 1920-1926. February, p. 8 ; August, p. 4 ................ Chart. New capital issues by dom estic corporations, 1920-1926 May Prices Commodity prices. January, p. 6 ; April, p. 7 ; May, p. 6 ; August, p. 6_______________ ________________ ___________ Chart. Index o f U. S. Bureau o f labor statistics, whole sale prices, 1922-1926. January, p . 1 ; February, p. 1 ; March, p. 1 ; April, p. 1 ; May, p. 1 ; June, p. 1 ; July, p. 1 ; August, p. 1 ; September, p. 1 ; October, p. 2 ; November, p. 1 ; December, p. 1_____________ Chart. Price indexes o f 20 basic commodities in the United States and in England, 1924-1925__________ _ Jan. W orld prices___ __________ _____ ______ _____________ _ May Charts. W ages, prices and cost of living In the United States and England, 1919-1926___ _____ ____________ June Chart. Course o f agricultural and non-agricultural prices, 1900-1926___________ ____________________ ___ Aug. Commodity prices and cost o f living.____ _______ ....... Sept. Chart. Course o f wholesale prices and cost o f living, 1914-1926 _________________________________________ Sept. Security markets. January, p. 8 ; February, p. 8 ; March, p. 8 ; April, p. 4 ; May, p. 4 ; June, p. 4 ; July, p. 4 ; August, p. 4 ; September, p. 8 ; October, p. 4 ; Novem ber, p. 5 ; December, p. 4_________________ ___ ____________ Table o f ^foreign issues by geographic divisions, 1924 ^ Foreign financing. March, p. 4 ; October, p. 5.......................... Chart. New capital issues each year by types o f bor rowers, 1920-1926. February, p. 8 ; August, p. 4.................. Chart. Average monthly amount o f foreign govern mental and corporate securities sold in the United States in each quarter o f 1928-1925, and in January, 1926 Mar. New financing. May, p. 4 ; August, p. 4_____________ Chart. Prices o f 282 stocks and 40 dom estic bonds, 1918-1926 _________________________________________ May Chart. New capital issues by domestic corporations, first quarter o f each year, 1920-1926..._____________ May Chart. Average monthly yield on stocks and bonds at market p rices........___ ______ ......________ .......__ .....__ July Chart. Monthly average prices o f liberty bonds, cor poration bonds and foreign government bonds______ Oct. Chart. Foreign security offerings in the United States by geographic distribution o f borrowers, semi-annual totals since 1921____________________________________ Oct. Production. January, p. 5 ; February, p. 6 ; March, p. 6 ; April, p. 6 ; May, p. 7 ; June, p. 6 ; July, p. 6 ; August, p. 6 ; September, p. 6 ; October, p. 6 ; November, p. 7 ; December, p. 5________ ______ ________ __________________ Chart. Index o f 22 basic commodities, 1922-1926. January, p. 1 ; February, p. 1 ; March, p. 1 ; April, p. 1 ; June, p. 1 ; August* p. 1 ; September, p. 1 ; October, p. 1 ; November, p. 1 ; December, p. 1_____________________ Production and trade in 1925_______________________ .... Feb. Chart. Production in 1925 compared with production in 1924 Feb. Chart. Monthly production o f steel ingots, 1926 com pared with 1924 and 1925__________________________ - Sept. Chart. Monthly production o f automobiles and trucks, 1926 compared with 1924 and 1925_________ ____ ..... Sept. Production and trade in 1926______.....________________ Dec. Table o f gain In volume o f production and trade in 1926 over 1925 compared with similar estimates o f pre vious year to year changes. 1919-1925..._______ .__ — Dec. Table o f yearly production in leading industries, per Dec. centage change 1926 from 1925___________ _ 5 5 Silk Chart. Monthly consumption o f silk, 1926 compared with 1924 and 1925________________________________ Production 5 Sept. 6 Sept. 6 Feb. 5 May 4 July 4 July 4 May 7 Steel Chart. Monthly production o f steel Ingots, 1926 com pared with 1924 and 1925___________________________ Sterling Exchange Chart. Course o f sterling exchange in 1925-1926 com pared with average seasonal movement in 1889-1919. Stocks Chart. Prices o f 282 stocks and 40 domestic bonds, 1918-1926 _________________________________________ Chart. Average monthly yield on stocks and bonds at market prices_______________________________________ Taxation Table o f tax collections from various sources, 1920-1926 Textiles Profits Business profits in 1925_______________ ________________ Mar. Business profits. September, p. 5 ; December, p. 4.................. Chart. Annual net profits o f Industrial, mercantile, public utility and railroad corporations 1928 to 1925, in percentages o f _______________ __ _ ... Mar. Table of business profits in 1928, 1924, 1925____ ______ Mar. Table o f profits for first quarter o f 1928, 1924, 1925 and 1926_________________________ __________________ June Table o f profits for second quarter o f 1925 and 1926 and first six months o f 1928, 1924, 1925 and 1926__ Sept. Chart. Quarterly net operating income o f 185 railroads and profits o f 89 industrial corporations, 1928-1926. September, p. 5 ; December, p. 4................................................. Table o f profits for third quarter o f 1925 and 1926 and first nine months o f 1928, 1924, 1925 and 1926._____ Dec. Rents Apartment rents in New York C ity __________________ ... Chart. Rents o f apartments in New York City com pared with changes in the cost o f building construction Nov. Nov. Reserves Chart. Reserve position o f leading New York City banks compared with closing call loan ra te ................. Chart. Deficit or surplus in available reserves, New York City banks, September tax p e rio d ...__ _______ _ U. S. Debt Reduction in the national debt.________________________ Chart. Total debt o f the United States government Table o f gross debt and* debt retired, fiscai year X9i91926 _______________________________________________ July 4 July 4 July 4 Wages Chart. Average weekly earnings o f factory operatives and factory workers in New York state and cost o f living In the United States, 1914-1925_____________ Jan. 5 Chart. Average weekly earnings o f factory operatives In New York state and wages o f unskilled labor, 19161926. February, p. 6 ; August, p. 5..................................................... Chart. Indexes o f factory employment and factory pay rolls in manufacturing industries, 1928-1926. AprU, p. 2 ; May, p. 1 ; July, p. 1 ; October, p. 1.......................................... Chart. Wages, prices and cost o f living In the United States and in England, 1919-1926___________________ June 8 Wholesale Trade July Oct. Sales Chart. Monthly sales o f representative wholesale dealers in second reserve district, 1926 compared with 1924 and 1925___________ ______________________ Chart. Consumption o f textile raw materials in the United States, quarterly averages for 1918-1925, and first quarter o f 1926-------------------------------------------------- July Wholesale trade. January, p. 6 ; February, p. 7 ; March, p. 7 ; April, p. 7 ; May, p. 8 ; June, p. 7 ; July, p. 6 ; August, p. 7 ; September, p. 8 ; October, p. 8 ; No vember, p. 7 ; December, p. 8................. .............................................. Percentage change over previous year in net sales and stocks on hand tabulated by commodity. January, p. 7 ; February, p. 7 (yearly figu res); March, p. 7 ; April, p. 8 ; May, p. 8 ; June, p. 7 ; July, p. 7 ; August, p. 7 (six months figu res); September, p. 8 ; October, p. 8 ; November, p. 8 ; December, p. 8.....................................................
@FedFRASER