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MONTHLY REVIEW of Credit and Business Conditions Second Federal Reserve District , Federal Reserve Agent Federal Reserve Bank New York INDEX FOR THE YEAR A cce p ta n ce s (See also Bills) Chart. A m ou n t o f ou tsta n d in g bankers accep ta n ces r e p orted to A m erican accep ta n ce cou n cil and o u tsta n d ing- com m ercia l paper rep orted b y 26 dealers to Federal reserv e bank o f N ew Y ork , 1 9 2 5 -1 9 2 7 ............. M on th Sept. Page 67 Agriculture Chart. A g ricu ltu ra l and n on -a g ricu ltu ra l p rices sin ce 1921 C hart. P rice indexes o f U. S. bureau o f la bor s ta tistics, agricu ltu ra l, n on -a g ricu ltu ra l and all com m od ities, 1 923 -1 92 7 . F eb ru a ry, p. 9 ; M arch, p. 1 7 ; A p ril, p. 2 6 ; J une, p. 4 2 ; O ctob er, p. 80......................................................... C rop con dition s. J u ly , p. 5 4 ; A u g u st, p. 6 3 ; N ovem b er, p. 87 .................................................................................................... T a b le o f rep orted con d ition o f p rincipal crops on June 1 w ith com parable figu res fo r a year a g o and th e ten yea r average. J u ly , p. 54 ; A u g u st, p. 6 3......................... Chart. J u ly 1 fo re ca s ts o f 1927 crop p rod u ction c o m pared w ith a vera ge h a rv ests in 1 92 2 -1 9 2 6 ....................... T ren d o f fa rm real esta te va lu es................................................. Chart. D ep artm ent o f A gricu ltu re indexes o f farm real estate values and p rices o f fa rm p rod u cts at fa rm s. 191 3 -1 92 7 ....................................................................... Apartments A u g. O ct. 63 78 Oct. 78 N o v. 88 N ov. 86 Automobile Industry C hart. P rod u ction o f a u tom ob iles and tru ck s, 1926 com p ared w ith 1 92 4 -1 9 2 5 ........................................................... Chart. M on th ly p rod u ction o f m o to r tru ck s in th e U. S., 192 2 -1 92 7 ......................................................... . Chart. M on th ly p rod u ction o f p a ssen g er a utom obiles in th e U. S., 1 9 2 2 -1 9 2 7 ..................................................................... Chart. P rod u ction o f a utom obiles and tru ck s, 1927 com pared with 1925 and 1926.................................................. Jan. 6 M ay 38 M ay 38 A ug. 62 F eb . 14 Bank Debits C hart. Indexes o f m erch an dise and m iscella n eou s fr e ig h t loadings and o f bank debits ou tsid e o f N ew Y o r k C ity, 1919-1926 .................................................................. Belgium C hart. B elgian , F ren ch and Italian exch a n g e rates at N ew Y o rk , 192 4 -1 92 6 ................................................................ Jan. 5 B ill m arket. Jan uary, p. 4 ; F ebruary, p. 1 1 ; A p ril, p. 2 8 ; M a y, p. 3 5 ; June, p. 4 3 ; J uly, p. 5 1 ; A u g u st, p. 5 9 ; Septem ber, p. 6 7 ; O ctober, p. 7 5 ; N ovem b er, p. 82 ; D ecem ber, p. 90............................................................................ Chart. T otal bills and secu rities o f all F ed eral R eserv e banks, 1925 and 1926 com pared w ith 1 927....................... J u ly Chart. T o ta l bills and secu rities o f all Federal R eserv e banks in 1927 com pared w ith 1926..................................... Dec. 89 Bills Bonds 51 (See Securities) Brokers Loans Chart. Loans to b rok ers and dealers in secu rities p laced b y N ew Y o r k C ity rep ortin g m em b er banks. M arch, p. 2 0 ; A u g u st, p. 59......................................... ........................ Chart. Loans on s tock s and bonds, 1926 com p ared w ith 1927 M ay C hart. Loans on stock s and bonds in 1927, secon d d is t r ic t and other d istricts, com pared w ith 1925 and 1926 O ct. Brokers Loans (Cont’d.) Chart. L oans to b rok ers and dealers in securities and estim ated loans d ire ctly to cu sto m e rs on s to ck s and bonds, all re p o rtin g m em ber ban ks, 1 92 6 -1 92 7 .............. Chart. T otal loans on sto ck s and b ond s o f all re p o rtin g m em b er banks com pared w ith th e m o v e m e n t o f s to ck p rices, 1919-1927 .......................................................................... M on th Page N ov. 83 N ov. 83 Building Jan. (See also Rents) C hart. A m ou n t o f a d v ertisin g o f apartm ents fo r rent in cla ssified colum ns o f Sunday editions o f a N ew Y o r k new spaper du rin g ren tin g seasons o f 1927 and prev iou s years, 1927 com pared w ith 1926, 1924, 1922. Chart. Colum ns o f d isp lay a d v ertisin g o f apartm ents f o r ren t in Sunday editions o f a N ew Y ork new spaper durin g ren tin g seasons o f 1927 and prev iou s years. 1927 com pared w ith 1922, 1924, 1926................................. 192^ 35 74 B uildin g. Jan uary, p. 7 ; F eb ru a ry , p. 1 4 ; M arch, p. 2 2 ; A p ril, p. 2 9 ; M ay, p. 3 9 ; June, p. 4 6 ; J u ly, p. 5 4 ; A u g u st, p. 6 3 ; Septem ber, p. 7 1 ; O ctob er, p. 7 7 ; N ovem b er, p. 8 5 ; D ecem ber, p. 94................................................. Chart. Index o f value o f co n tra cts aw arded in 7 F e d eral re serv e d istricts, rep orted b y th e F . W . D odge corporation , 1 92 2 -1 92 6 .............................................................. Jan. 1 Chart. B uildin g and en g in eerin g co n tra cts aw arded in 36 sta tes cla ssified b y typ e o f p ro je ct, 1 9 2 3 -1 9 2 6 ......... F eb. 14 Chart. B uildin g co n tra cts aw arded in N ew Y o rk state and n orth ern N ew J ersey and in oth er re p o rtin g states f o r w hich com p a ra tiv e data are available sin ce Jan u a ry 1923 ............................................................................................. Mar. 22 Chart. F ederal re serv e board 's indexes o f value o f buildin g co n tra cts aw arded as reported b y F . W . D od g e corp oration , 192 3 -1 92 7 , w ith and w ith o u t sea sonal a d ju stm en t. M ay, p. 3 3 ; A u g u st, p. 57........................................... Chart. B uildin g co n tra cts aw arded in first quarter o f M ay 39 each year cla ssified b y d istrict and ty p e o f p r o je c t...... Chart. V alue o f b u ild in g p erm its issued in 158 cities and floor area rep resented b y bu ild in g con tracts aw arded in 26 sta tes, 1 92 4 -1 9 2 7 .......................................... J uly 54 Chart. B u ildin g co n tra cts aw arded in 37 states d u rin g first seven m on th s o f 1927 com pared by ty p e o f p r o j e ct w ith corre sp o n d in g period in 1926............ .................... Sept. 71 Chart. C ost o f bu ild in g co n stru ctio n com pared w ith ren ts o f apartm ents in N ew Y o rk C ity, 1917 to 1927.. N o v . 86 Chart. B u ildin g co n tra cts aw arded in the N e w Y ork sta te and north ern N ew J e rse y d istricts, first ten m onths o f each year, 1 9 2 3 -1 9 2 7 ............................................. Dec. 95 Business Conditions B usin ess con dition s in th e U nited S tates. Jan uary, p. 1 ; F ebruary, p. 9 ; M arch, p. 1 7 ; A p ril, p. 2 5 ; M ay, p. 3 3 ; June, p. 4 1 ; J u ly, p. 4 9 ; A u g u st, p. 5 7 ; Sep tem b er, p. 6 5 ; O ctob er, p. 8 0 ; N ovem b er, p. 8 8 ; D ecem ber, p. 96 ........................................................................................ Indexes o f busin ess a ctiv ity . January, p. 5 ; F eb ru a ry , p. 1 3 ; M arch, p. 2 1 ; A p ril, p. 2 9 ; M ay, p. 3 7 ; June, p. 4 6 ; J u ly , p. 5 3 ; A u g u st, p. 6 1 ; S eptem ber, p. 7 0 ; O ctob er, p. 78, N ovem b er, p. 8 5 ; D ecem ber, p. 94 ......... Call Loans Chart. Call loan ra te, N o v e m b e r-D e ce m b e r, 1926............. Jan. 3 Chart. Gain o r loss o f fu n d s to lea din g N ew Y o rk C ity banks . . . and clo s in g call loan ra te show ing e ffects o f h oliday cu rre n cy w ith d ra w a ls............................................. Jan. 3 Chart. Y ea r end ca ll loan ra tes. D ec.-Jan . 1 925-26 com pared w ith D ec.-J an . 1 9 2 6 -2 7 .......................................... F eb. 11 Chart. Call loan rate, 1926 com p ared w ith 1927. M ay, p. 3 5 ; June, p. 4 3 ; O ctob er, p. 73................................................................... Chart. Federal re se rv e bank o f N ew Y ork loans t o N ew Y o rk C ity re p o rtin g m em ber banks and a v e ra g e call loan renew al rate, 1927 com pared w ith 1926 ........... June 43 Chart. Call loan renew al rate, 1 92 5 -1 92 7 ............................... Sept. 66 Chart. Call loan rate, w eek ly a vera g e durin g fa ll season o f 1927 com pared w ith 1925, 1926........................................ N o v . 81 Chain Stores C hain sto re sales. J an uary, p. 8 ; F eb ru a ry , p. 1 6 ; M arch, p. 2 4 ; June, p. 4 7 ; J uly, p. 5 6 ; A u g u st, p. 6 3 ; S eptem ber, p. 71 .................................................... ................................................ P e rcen tag e ch an ge o v e r p reviou s yea r in m o n th ly sales and nu m ber o f stores tabulated b y ty p e o f store. Jan uary, p. 8 ; F eb ru a ry , p. 1 6 ; M arch, p. 2 4 ; June, p. 4 7 ; J u ly, p. 5 6 ; A u g u st, p. 63 (s ix m onths fig u re s) ; S eptem ber, p. 71...................................................................................... Chart. T otal sales and nu m ber o f un its op erated b y chain sto re sy ste m s in 1926 com p ared w ith 1 925......... F e b . 16 Chart. A p ril 1927 a vera g e sales p er sto re in leadin g chain sto re system s com pared w ith A p ril 1926 ................ J une 47 INDEX FOR THE YEAR 1927 ( Continued) C oal Chart. 1924 Chart. 1926 t M onth B itum inou s coal p rod u ction 1926 com pared w ith Jan. and 1925 ................. * ........................... ........................... . B itum inou s coa l p rod u ction , 1927 com pared w ith and 1925 ....................... —- ......................................... ........ A u g. Page 6 62 C o m m e r c ia l P a p e r C om m ercial paper m arket. ' January, p. 3 ; F eb ru a ry, p. 1 1 ; A p ril, p. 2 8 ; M ay, p. 3 5 ; O ctob er, p. 7 5 ; N o vem b er, p. 82 ....... ........................................................-........................................ Chart. C om m ercial paper rate, 1926 com pared w ith 1927 M a y 35 C hart. A m ou n t o f ou tsta n d in g bankers a ccep ta n ces r e p orted to A m erican A cce p ta n ce C ouncil and ou tsta n d in g com m ercia l paper rep orted b y 26 dealers to F ed eral reserv e bank o f N ew Y o r k .................. ............................ Sept. 67 66 Chart. C om m ercial paper rate, 1 9 2 5 -1 9 2 7 ............................ Sept. Chart. O u tstan din g com m ercia l paper o f 2 6 dealers and com m ercia l loans o f all rep ortin g m em ber banks. January, p. 3 ; M arch, p. 19.............................................................................. Chart. T y p ica l seasonal va ria tion in com m ercial paper rates b efore the F ederal R eserv e system , 1890-1908.... N ov. 82 C orn Chart. P rices o f corn at C hicago . . . 1 9 2 4 -1 9 2 7 ........... July C o s t o f L iv in g Chart. A v era g e w eek ly ea rn in g o f fa c to r y op eratives and fa c to r y office w ork ers in N ew Y ork State co m pared w ith c o s t o f liv in g in U nited States, 1914-1927. January, p. 7 ; D ecem b er, p. 94........................................................... Chart. C om posite w age ind ex o f the F ederal res e rv e bank o f N ew Y ork and c o s t o f liv in g index o f the U. S. B ureau o f L a b or S ta tistics, 1 9 1 4 -1 9 2 7 ..................... Sept. C o tto n Chart. C onsum ption o f co tto n , 1926 com pared w ith 1924 and 1925 .............................................................................. Chart. Q uantity and va lu e o f exp orts o f co tto n 19251927 ...................................................................................... Chart. C um ulative cotton exp orts in 1 925-26 and 192627 crop years ................................................................................. Chart. M ill p rod u ction , unfilled ord ers and stock s o f c o tto n g ood s , rep orted b y the a ssocia tion o f cotton textile m erch an ts o f N ew Y ork , 1 92 5 -1 9 2 7 ....................... Chart. P rices o f corn a t C h ica go . . . and co tto n at N ew Y ork , 1 924-1927 ................................................................ Chart. C otton con su m p tion , 1927 com pared w ith 1925 and 1926 .................. ....................................................................... Jan. 55 70 6 C u rren cy Chart. Y ea r end w eek ly estim ates o f cu rren cy circu la tion . D ec.-Jan . 192 5 -2 6 com p ared w ith D ec.-Jan . 1926-27 ............................................................................... Chart. M on ey in circu lation 1925 and 1926 com pared w ith 1927 ..................................... ...................................... ............ Share o f th e U nited States in gold , bank d ep osits and cu rren cy ............................................................................................. Chart. P ercen ta g e o f n ote circu lation in U nited States and 34 oth er cou n tries ............................ .................................... D e p a rtm e n t S to re s D ep artm en t store trade. January, p. 8 ; F eb ru a ry , p. 1 6 ; M a rch , p. 2 3 ; A p ril, p. 3 1 ; M ay, p. 3 9 ; June, p. 4 7 ; J u ly, p. 5 6 ; A u gu st, p. 6 3 ; Septem ber, p. 7 2 ; O c to ber, p. 7 9 ; N ovem b er, p. 8 7 ; D ecem b er, p. 95 ................ P ercen ta g e ch an ge o v e r p reviou s yea r in m on th ly net sales and stock s on hand tabulated b y loca lity . J an u a ry, p. 8 ; F eb ru a ry , p. 1 6 ; M arch, p. 2 4 ; A p ril, p. 3 1 ; M ay, p. 3 9 ; June, p. 4 8 ; July, p. 5 6 ; A u g u st, p. 6 4 ; S eptem ber, p. 7 2 ; O ctober, p. 7 9 ; N ovem b er, p. 8 7 ; D ecem b er, p. 95 ....,....................................................................... D e p o s its T im e and dem and d e p o sits............................ .................................. Chart. P e rce n ta g e o f tim e and dem and deposits to tota l d ep osits in N ational b an k s......................................................... Share o f the U nited States in g o ld 4 bank d ep osits and cu rre n cy ....................... ........................... .......... ............................ Chart. P e rce n ta g e o f bank d ep osits in U nited States and 34 oth er co u n trie s................................................................ 29 D is c o u n ts June 45 E a r m a r k in g June 45 J u ly 55 A u g. 62 E le c tr ic P o w e r In creasin g use o f p ow er in fa c t o r ie s .......................................... C hart. P e rce n ta g e o f to ta l value o f p rod u cts o f f a c tories . . . nu m ber o f w a ge earners and am ou nt o f prim ary p ow er em ployed in fa cto rie s , 1914, 1919 and 1925 .................................................................................................... A u g. 63 F eb. 11 J u ly 51 D ec. 90 Dec. 90 64 72 June 44 45 Dec. 90 Dec. 90 13 36 (S e e L o a n s ) (S e e G o ld ) E m p lo y m e n t W ag es and em p loym ent. J an uary, p. 7 ; F eb ru a ry, p. 1 3 ; M arch, p. 2 2 ; A p ril, p. 3 1 ; M ay, p. 3 8 ; June, p. 4 6 ; A u g u st, p. 6 1 ; S eptem ber, p. 7 0 ; D ecem ber, p. 9 3 ......... Chart. Indexes o f fa c to r y em p loy m en t and fa c t o r y p a y rolls in m a n u fa ctu rin g in d u stries, 1922 -1 92 7 . J an u ary, p. 1 ; A p ril, p. 2 5 ; S eptem ber, p. 6 5 ; O ctob er, p. 80 .................................................................................................. Chart. R atio o f w orkers called fo r b y em p loyers t o each 100 applicants f o r w ork at N ew Y o r k e m p lo y m en t offices and ratio o f volu n tary resign a tion s to tota l n u m ber o f em p loyees o f re p re se n ta tiv e em p loyers re p o rtin g to the M etrop olita n life insurance com p a n y, 1 92 2-1927 .................................................................. Chart. E m p loy m en t in fa cto rie s and fa rm labor supplj/ in N ew Y o rk State and in the U nited S tates, 19231927 ......... .............................................................. Chart. F a cto ry em p loym ent in th e U nited S tates, 19231927 ........................................................................................... E x p orts Page June D is c o u n t R a te s C hanges in cen tral bank ra tes. Jan u a ry, p. 5 ; F eb ru a ry, p. 1 3 ; A p ril, p. 2 8 ; M ay, p. 3 6 ; June, p. 4 4 ; J uly, p. 5 3 ; A u g u st, p. 6 0 ; O ctob er, p. 7 6 ; N o ve m b e r, p. 8 3 ; D ecem ber, p. 91 ........................................................................................ Table o f ch an ges in cen tral bank rates d u rin g J an u a ry .. Feb. T able o f rates o f leading E uropean cou n tries w ith date and am ou nt o f last ch a n g e ......................................................... M ay Table o f rates o f principal banks o f issu e at end o f O ctob er, com pared w ith 1926................................................... N ov. A p ril C r e d it ( S e e a ls o F e d e r a l R e s e r v e B a n k s a n d M e m b e r B a n k s ) Chart. Gain or loss o f fu n d s to leadin g N ew Y ork C ity ban ks, b orrow in gs fro m Federal reserv e bank, and clo s in g call loan rate, sh ow in g e ffe ct o f holiday cu r Jan 3 re n cy w ithdraw als and trea su ry ta x p eriod ...................... Chart. R eserv e bank loans to N ew Y o r k C ity m em ber banks .................................................................................................. Jan 3 Chart. R eserv e bank credit. M on th ly a verages o f daily figu res fo r 12 F ederal reserv e ban ks, 1 923-1927. Jan uary, p. 2 ; F eb ru a ry, p. 1 0 ; M arch, p. 1 8; J u ly, p. 5 0 ; N ovem b er, p. 8 8 ; D ecem ber, p. 96........................... Chart. M on th ly averages o f w eek ly figu res fo r m em ber banks in 101 leading cities, 1923 -1 92 7 . M arch, p. 1 8 ; M ay, p. 3 4 ; June, p. 4 2 ; J u ly , p. 5 0 ; A u g u st, p. 5 8 ; O ctob er, p. 8 0 ; N ovem b er, p. 8 8 ; D ecem ber, p. 96...... B ank cred it .......................................................................................... A p ril 26 Chart. F ederal reserv e bank o f N ew Y ork loans to N ew Y ork C ity rep ortin g m em ber banks and a vera ge call loan ren ew al rate, 1927 com pared w ith 1 926..................... June 43 Chart. T otal bills and secu rities o f all Federal reserv e ban ks, 1925 and 1926 com pared w ith 1927 ....................... JuJv 51 E m p loy m en t o f bank cred it........................................................... Oct. 74 Chart. T otal bills and secu rities o f all F ederal reserv e banks in 1927 com pared w ith 192 6 ..................................... Dec. 89 C rop s Crop con d ition s. J u ly , p. 5 4 ; A u g u st, p. 63 ; N ovem b er, p. 87 .................................................................................................. T able o f rep orted con d ition o f p rincip al crops on June 1 in p ercen t o f norm al, w ith com p arable figu res fo r a yea r a go and th e te n -y e a r average. J u ly, p. 5 4 ; A u g u st, p. 63 ............................................................... -................ Chart. J uly 1 fo re ca s ts o f 1927 crop p rod u ction co m pared w ith a vera g e h a rv ests in 1 9 2 2 -1 9 2 6 ....................... D e p a rtm e n t S to re s (C o n t ’ d .) M onth P ercen tag e ch an ge o ve r p rev iou s yea r in m onthly net sales and stock s on hand tabulated b y p rincipal departm en ts. January, p. 8 ; F eb ru a ry , p. 1 6; M arch, p. 2 4 ; A p ril, p. 3 1 ; M ay, p. 3 9 ; June, p. 4 8 ; July, p. 5 6 ; A u g u st, 6 4 ; S eptem ber, p. 7 2 ; O ctober, p. 7 9 ; D ecem ber, p. 95.................. ............................................................ Chart. In d ex o f sales o f 359 d ep a rtm en t stores, ad ju ste d f o r seasonal va riation s and u n ad ju sted , 19231927. F eb ru a ry , p. 1 0 ; June, p. 41...................................... Chart. P ercen tag e o f o u tsta n d in g ch a rg e a cco u n ts c o l lected by N ew Y ork C ity dep artm en t sto re s in each m onth sin ce M arch 1 925.............................................................. A ug. Chart. O u tstan din g orders at the end o f each m on th in p ercen ta g e o f 1924 a ve ra g e com p ared w ith volu m e o f sales .................................................................. ................................. Sept. M ay 40 M ay 40 A pril June 46 A u g. 61 M ay 37 M ay 37 M ay 37 Jan. 3 F eb. 11 A p ril 27 (S e e F o r e ig n T r a d e ) F a i lu r e s C om m ercial fa ilu res .......................................................................... Chart. N um ber o f b u sin ess fa ilu re s com p a red w ith m o v e m e n t o f p rices o f n on -a g ricu ltu ra l co m m o d itie s, 1 914-1927 ........................................................................................ Chart. N u m b er o f busin ess fa ilu res re la tiv e to nu m ber o f con cern s and ra tio o f liabilities o f con cern s fa ilin g to to ta l volu m e o f bu sin ess as ind icated b y ban k clearings ou tsid e N ew Y o rk C ity, 1 9 0 0 -1 9 2 7 __________ F edera l R eserv e B an k o f N ew Y o r k Chart. R e serv e bank loans to N ew Y o rk C ity m em b er banks, N o v e m b e r and D ecem ber, 1 926................................. Chart. F ederal reserv e bank o f N ew Y o rk d iscou n ts and tota l bills, year end D ec.-J an . 1 925-26 com pared w ith D ec.-J an . 1926-27 .......................................................... T able o f fiscal a g e n cy and b an k in g operation s on M arch 15 ......................................................................................................... Chart. F ed eral reserv e bank o f N ew Y o r k loans t o N ew Y o rk C ity re p o rtin g m em b er banks and a vera g e call loan renew al rates, 1927 com pared w ith 1926................. Chart. D iscou n ts, F ederal re s e rv e ban k o f N ew Y o r k , fa ll season o f 1927 com pared w ith 1925 and 1926......... Chart. G old re se rv e s, F ederal re s e rv e bank o f N e w Y o rk , fa ll season o f 1927 com p a red w ith 1925 and 1926 ..................................................................................................... F ed era l R eserv e B anks Chart. M on th ly a vera g e o f d aily figures fo r 12 F ed era l re se rv e ban ks, 1 92 3 -1 92 7 . Jan uary, p. 2 ; F e b ru a ry , p. 1 0 ; M arch, p. 1 8 ; J u ly, p. 5 0 ; N ovem b er, p. 8 8 ; D ecem ber, p. 96 ............................................................................ J une 43 N ov. 81 N ov. 81 INDEX FOR THE YEAR 1927 (Continued) Federal Reserve Banks (Cont’d.) Chart. Y ea r end d iscou n ts and tota l bills fo r all reserv e banks, D ec.-J an . 1925-26 com pared w ith D ec.-Jan . 1926-27 .................................. .......................................... R elations w ith m em ber banks. E x tra ct fro m annual r e p ort o f the Federal reserv e b oard ....................................... Chart. T otal bills and securities o f all F ederal reserv e banks, 1925 and 1926 com pared w ith 1 92 7 ...................... Chart. T ota l bills and securities o f all Federal reserv e ban ks, in 1927 com pared w ith 1926...................................... M onth P age Imports In terest R a tes M on ey m arket. J an u a ry , p., £ ; F eb ru a ry , p. 1 0 ; M arch, p. 1 8 ; A p ril, p. 2 6 ; M ay, p. 3 4 ; June, p. 4 2 ; J u ly , p. 5 0 ; A u g u st, p. 5 8 ; S eptem ber, p. 6 6 ; O ctob er, p. 7 3 ; N ovem b er, p. 8 1 ; D ecem ber, p. 89.......................... T able o f m on ey rates a t N ew Y o rk . Jan uary, p. 2 ; F eb ru a ry , p. 1 0 ; M a rch , p. 1 9 ; A p ril, p. 2 7 ; M ay, p. 3 4 ; June, p. 4 3 ; J u ly, p. 5 0 ; A u g u st, p. 5 8 ; Septem ber, p. 6 6 ; O ctob er, p. 7 3 ; N o ve m b e r, p. 8 1 ; D ecem ber, p. 89 ......................... .......................................................................... Chart. Call loan ra te N o ve m b e r-D e ce m b e r, 1 926............. Jan. 3 Chart. Y e a r end call loan rates D ec.-J an . 1 925-26, com pared w ith D ec.-J an . 1 9 2 6 -2 7 ....................... ................... F eb . 11 Chart. W e e k ly m o n ey, rates a t N ew Y o rk , 1 9 2 3 -1 92 7 . A pril, p. 2 6 ; S eptem ber, p. 66.......................................................................... Chart. C om m ercial paper ra te 1926 com pared w ith 1927 M ay 35 Chart. Call loan ra te 1926 com pared w ith 1927. M ay, p. 3 5 ; June, p. 4 3 ; October,, p. 73............. ..................................................... Chart. Federal re se rv e bank o f N ew Y o rk loans to N ew Y o rk C ity re p o rtin g m em b er banks and a vera g e call loan renew al rate, 1927 com pared w ith 1 926..................... June 43 Chart. Y ield s on lib e rty bonds, and on sh ort-term U nited States g o v e rn m e n t iss u e s .......................................... J u ly 52 C hart. Y ield s on high grad e co rp o ra tio n bonds . . . and com m ercia l p ap er rates, 1 9 2 1 -1 9 2 7 .............................. J u ly 52 P re v a ilin g open m ark et m on ey rates in E u ro Chart. pean cou n tries and th e U nited States in each m on th sin ce J an uary 1925 ..................................................................... Sept. 68 Chart. T y p ica l seasonal va ria tion in com m ercia l paper rates, 1 89 0-1908 ............................................................................ N o v . 82 Chart. W e e k ly a ve ra g e call loan rate d u rin g th e fa ll season, 1927 com pared w ith 1925 and 1926..................... N o v . 81 Feb. 11 A p ril 32 Ju ly 51 Dec. Federal Reserve Board E x tra ct from annual rep ort on relation s w ith m em ber banks ................................................................................................. A pril Foreign Exchange F oreig n exchange. Jan uary, p. 4 ; F eb ru a ry , p. 1 3 ; M arch, p. 2 0 ; A p ril, p. 2 8 ; M ay, p. 3 6 ; June, p. 4 4 ; July, p. 5 3 ; A u g u st, p. 6 0 ; Septem ber, p. 6 8 ; O c to ber, p. 7 6 ; N ovem b er, p. 8 3 ; D ecem ber, p. 9 2 ............................ Chart. B elgian, F ren ch and Italian exch a n ge rates a t N ew Y ork , 1 9 2 4 -1 9 2 6 .................................................................. Jan. Table o f exch a n g e q u otation s o f a nu m ber o f fo re ig n Jan. exchanges as o f D ecem ber 22, 1925 and 1926................ Chart. S terlin g exch a n ge dem and rates, J u ly to Sep tem ber 1927 com pared w it1'* 1926.................. ........................ Oct. Table sh ow in g exten t o f the rise w hich has occu rred in a nu m ber o f leading gold exchanges sin ce the m iddle o f J u ly 1927 ................................................................................... N ov. Chart. B ritish , German and D utch exchange rates at N ew Y ork in 1927 com pared w ith 1926.............................. Dec. 5 5 73 83 92 Foreign Trade F oreig n trade. Jan uary, p. 5 ; F eb ru a ry , p. 1 3 ; M arch, p. 2 1 ; A p ril, p. 2 9 ; M ay, p. 3 6 ; June, p. 4 5 ; J u ly, p. 5 3 ; A u g u st, p. 6 1 ; Septem ber, p. 6 9 ; O ctober, p. 7 6 ; N ovem b er, p. 8 4 ; D ecem ber, p. 92......................... C harts. Q u antity and value o f im ports o f ru bber and silk and exp orts o f co tto n and wheat, 1 9 2 5 -1 9 2 7 ........... Chart. C um ulative co tto n exp orts, 1925-1926 and 192627 crop years ................................................................................. Table sh ow in g fa v o ra b le balance fo r first eig h t m onths o f 1927 ............................................................................................. Chart. M on th ly im p orts and exp orts o f m erch an dise o f the U nited States in 1927, com pared w ith 1926 and 1925 .................................................................................................... A p ril 29 J une 45 O ct. 77 N ov. France Chart. B elgian , F ren ch and Italian exch a n g e rates at N ew Y ork , 1 92 4-1926 ................................................................ Chart. P rev a ilin g open m arket m on ey rates in European cou ntries and in the U nited States sin ce Jan uary, 1925 Jan. Sept. 5 68 Freight Chart. Indexes o f m erch an dise, m iscella n eou s fre ig h t loadings and bank debits ou tsid e o f N ew Y ork C ity, 1 919-1926 ........................................................................................ Feb. Germany Chart. P rev ailin g open m ark et m on ey rates in E u ro pean cou n tries and in th e U nited States sin ce Jan u a ry, 1925 .......................................................................................... Chart. B ritish , Germ an and D u tch exch a n g e rates at N ew Y ork in 1927 com pared w ith 192 6 ............................. Sept. 68 D ec. 92 Gold Gold m ovem ent. Jan uary, p. 4 ; F eb ru a ry , p. 1 1 ; M arch, p. 2 0 ; A pril, p. 2 9 ; M ay, p. 3 5 ; June, p. 4 4 ; J u ly, p. 5 1 ; A u gu st, p. 6 0 ; S eptem ber, p. 6 7 ; O ctober, p. 7 6 ; N ovem b er, p. 8 4 ; D ecem ber, p. 91...................................... Table o f principal g old m ovem en ts. M arch, p. 2 0 ; A p ril, p. 2 9 ; June, p. 4 4 ; A u g u st, p. 6 0 .......................................... Chart. Gold im ports and exp orts in 1926 com pared w ith 1925 .................................................... Jan. Chart. M on th ly gold exp ort and im p ort b alance o f th e U nited S tates, 1914 to 1927.................................................... Mar. Chart. U nited States n et im ports and exp orts o f gold , 191 9 -1 92 7 ..................................... .................................................. A ug1. Chart. Gold reserv es, Federal reserv e bank o f N ew Y ork , fa ll season o f 1927 com pared w ith 1925 and 1926 ............................................................... ...................... N ov. Chart. Changes in the m on etary g old s tock o f th e U nited States in 1927 com pared w ith 1926 ....................... D ec. Share o f the U nited States in gold bank d ep osits and cu rren cy ............................................................................................. D ec. Chart. P ercen ta g e o f g old h oldings in th e U nited States and 34 other co u n trie s .................. ............................... Dec. Chart. S tock o f gold in th e U nited States rep orted b y the T rea su ry departm ent, 1 91 4 -1 9 2 7 ................................... Dec. Table o f gain or loss to gold stock th rou gh im p orts and exports and earm arking tra n saction s, 1 924-1927 by m onths ............................................................................................... Dec. 4 Ita ly Chart. B elgian , F ren ch and Italian exch a n ge rates at N ew Y o rk . 1 9 2 4 -1 92 6 ................................................................ M onth Jan. Page 5 Loans (S e e a ls o B r o k e r s L o a n s ) Chart. R e se rv e bank loans t o N ew Y o rk C ity ban ks, Jan. 3 N ovem b er-D ecem b er, 1926 ...................................................... Chart. O u tstan d in g com m ercia l paper o f 26 dealers and com ercia l loans o f all re p o rtin g m em ber banks 19221926. Jan uary, p. 3 ; M arch, p. 19............................ ............ Chart. Y e a r end F ederal re serv e bank o f N ew Y o rk d iscou n ts and total b ills, D ec.-Jan . 1 925-26 com pared F eb. 11 w ith D ec.-J an . 1 926-27 ..................................................-.......... Chart. Y ea r end d isco u n ts and to ta l bills fo r all F e d eral re se rv e banks, 1925-216 com pared w ith 192 6 -2 7.... F eb. 11 M ay 35 Chart. C om m ercial lo a n s, 1926 com pared w ith 192 7 ...... Chart. F ederal re se rv e bank o f N ew Y o rk loans to N ew Y o rk C ity re p o rtin g m em b er banks and a ve ra g e call loan renew al ra tes, 1927 com pared w ith 1 926................ June 43 T abulation su m m a rizin g ch an ges in loans and in v e s t m ents and d ep osits in N ew Y o rk C ity and oth er cities th ro u g h o u t th e co u n try . A u g u st, p. 5 9 ; Sep tem ber, p. 67 ........................................................................................................ Chart. C om m ercial loans o f re p o rtin g m em ber banks in secon d d istrict and o th e r d istricts in 1927 co m pared w ith 1925 and 1926......................................................... O ct. 74 Chart. D iscou n ts, F ed eral re serv e bank o f N ew Y o rk , fa ll season 1927 com p ared w ith 1925 and 1926 ............. N ov. 81 M a n u fa c tu re s Chart. In d ex nu m bers o f p rod u ction o f m an ufactures and m in erals, 1 9 2 3 -1 92 7 . F eb ru a ry , p. 9 ; M arch, p. 1 7 ; A p ril, p. 2 5 ; M a y,1 p. 3 3 ; June, p. 4 1 ; J uly, p. 4 9 ; A u g u st, p. 5 7 ; S eptem ber, p. 6 5 ; O ctober, p. 8 0 ; N ovem b er, p. 8 8 ; D ecem ber, p. 96......................... 20 60 81 89 90 90 91 91 Great Britain Chart. B asic com m od ity p rices in th e U nited States and E ngland, 1 92 2 -1 92 7 . M arch, p. 2 3 ; O ctober, p. 79 ................................................................................................. Chart. P rev ailin g open m arket m on ey rates in E u ro pean cou ntries and in the U nited States sin ce Jan u a ry, 1925 .......................................................................................... Chart. B ritish, Germ an and D utch exch a n g e rates a t N ew Y ork in 1927 com pared w ith 1926.............................. (See Foreign Trade) Sept. 68 Dec. 92 M em b er B anks ( S e e a ls o B r o k e r s L o a n s ) M em ber bank credit. Jan uary, p. 3 ; F ebruary, p. 1 1 ; M arch, p. 1 9 ; N o vem b er, p. 8 2 ; D ecem ber, p. 90 ........... Chart. M on th ly a vera g es o f w eek ly figures f o r m em b er banks in 101 leadin g c itie s, 1923-1927. M arch, p. 1 8 ; M ay, p. 3 4 ; June, p. 4 2 ; July, p. 5 0 ; A u g u st, p. 5 8 ; O ctober, p. 8 0 ; N ovem b er, p. 8 8 ; D ecem ber, p. 9 6 ------Chart. O u tstan d in g com m ercia l paper o f 26 dealers and com m ercia l loans o f all rep ortin g m em b er banks, 1 922-1926 .............. ...................................................... Chart. T otal in v estm en ts o f all m em ber ban ks 1926 com pared w ith 1927 ............................................... ................... Chart. C om m ercial loans, first fo u r m on th s o f 1927 com pared w ith 1926 ..................................................................... Chart. Loans on sto ck s and bonds, first fo u r m onths o f 1927 com pared w ith 192G.................................................... Chart. T otal loans and in v estm en ts 1925 and 1926 com pared w ith 1927 ................................................................... Chart. C om m ercial loans o f re p ortin g m em b er banks in second d istrict and oth er d istricts in 1927 com pared w ith 1925 and 1 926....................................................................... Chart. L oans on sto ck s and bonds o f re p o rtin g m e m ber banks in the secon d d istrict in 1927 com p ared w ith 1925 and 1926....................................................................... Jan. 3 M ay 35 M ay 35 M ay 35 J uly 51 O ct. 74 Oct. 74 INDEX FOR THE YEAR 1927 (Continued) M e m b e r B an k s (C o n t ’ d .) M on th Chart. In v estm en ts o f rep ortin g m em b er banks in secon d d istrict and others in 1927 com p a red w ith 1925 and 1926 ......................................... - ............................ . O ct. Chart. T ota l loans on stock s and b onds o f all rep ortin g m em b er banks com pared w ith th e m ovem en t o f s to ck p rice s , 1 919-1927 .......................................................................... N o v . P age 74 83 M in e r a ls C hart. In d ex nu m bers o f p rod u ction o f m an u fa ctu res and m in erals, 1923-1927. F eb ru a ry , p. 9 ; M arch, p . 1 7 ; A p ril, p. 2 5 ; M ay, p. 3 3 ; June, p . 4 1 ; J u ly, p. 4 9 ; A u g u st, p. 5 7 ; S eptem ber, p. 6 5 ; O ctob er, p. 8 0 ; N ovem b er, p. 8 8 ; D ecem b er, p. 9 6 .......................... R ubber Chart. 1927 M o n e y M a rk et M on ey m arket. Jan uary, p. 2 ; F eb ru a ry , p. 1 0 ; M arch, p. 1 8 ; A p ril, p. 2 6 ; M ay, p. 3 4 ; June, p. 4 2 ; J u ly , p. 5 0 ; A u g u st, p. 5 8 ; S eptem ber, p. 6 6 ; O ctober, p. 7 3 ; N ovem b er, p. 8 1 ; D ecem ber, p. 89........................................ T able o f m on ey rates at N ew Y ork . Jan uary, p. 2 ; F eb ru a ry , p. 1 0 ; M arch, p. 1 9 ; A p ril, p. 2 7 ; M ay, p. 3 4 ; June, p. 4 3 ; J u ly, p. 5 0 ; A u g u st, p. 5 8 ; S ep tem ber, p. 6 6 ; O ctob er, p. 7 3 ; N ovem b er, p. 8 1 ; D e cem ber, p. 89 ......................................... - ................................................. Chart. P rev a ilin g open m arket m on ey rates in E u ro pean cou n tries and in th e U nited S tates in each Sept. m onth sin ce January 1 925......................................................... Chart. D om estic tra n sfers gain or loss to N ew Y ork , Oct. 1926 com pared w ith 1927......................................................... N e th e r la n d s Chart. B ritish , Germ an and D u tch exch a n g e rates at N ew Y o rk in 1927 com p ared w ith 1926.............................. N e w C a p ita l Issu es P r o d u c tio n P rod u ction . January, p. 6 ; F eb ru a ry , p. 1 4 ; M arch, p. 1 7 ; A p ril, p. 3 0 ; M ay, p. 3 8 ; June, p. 4 5 ; J u ly , p. 5 5 ; A u g u st, p. 6 2 ; S eptem ber, p. 6 9 ; O ctob er, p. 7 7 ; N ovem b er, p. 8 5 ; D ecem ber, p. 93 ......................... Chart. Index num ber o f p rod u ction o f m an u fa ctu res and m in erals, 1923-1927. F eb ru a ry , p. 9 ; M arch, p. 1 7 ; A p ril, p. 2 5 ; M ay, p. 3 3 ; June, p. 4 1 ; J u ly , p. 4 9 ; A u g u st, p. 5 7 ; Septem ber, p. 6 5 ; O ctob er, p. 8 0 ; N ovem b er, p. 8 8 ; D ecem ber, p. 9 6 ......................... Table o f m on th ly p rod u ction in variou s lines. Jan uary, p. 6 ; F eb ru a ry , p. 1 5 ; M arch, p. 2 3 ; A pril, p. 3 0 ; M ay, p. 3 8 ; June, p. 4 6 ; J u ly, p. 5 5 ; A u g u st, p. 6 2 ; Septem ber, p. 7 0 ; O ctob er, p. 77, N ovem b er, p. 8 5 ; D ecem ber, p. 93................................................................ Chart. P rod u ction o f s t°e l in g ots , au tom ob iles and b i tum in ous coal . . . 1926 com pared w ith 1924 and 1925 Chart. P rod u ction o f a u tom obiles and tru c k s, 1926 com pared w ith 1924 and 1 925................................................. Chart. M on th ly p rod u ction o f p a ssen ger autom obiles 1922-1927 ............................ ............................................................ Chart. M on th ly p rod u ction o f m otor tru c k s, 1922-1927 Chart. P rod u ction o f steel in g ots, autom ob iles, and b itu m inou s coal, and m ill con su m p tion o f cotton in 1925 com pared w ith 1925 and 192 6 ..................................... P r o fits B usin ess p rofits. A pril, p. 3 0 ; June, p. 4 8 ; Septem ber, p. 6 9 ; D ecem ber, p. 9 2 ............................. .................................. Table o f net profits fo r in d ustrial and m erca n tile co r p o ra tion s. A pril, p. 3 0 ; June, p. 4 8 ; S eptem ber, p. 6 9 ; D ecem ber, p. 92 ............................................................................ Chart. P rofits o f industrial and n u blic u tility corp ora tion s and earnings o f class I railroads, first quarter o f 1927, com pared with 1926......................................................... Chart. Q u arterly profits o f 105 industrial corp oration s and n et op era tin g incom e o f class I railroads, 192 4 1927 R e n ts A oa rtm en t ren ts in N ew Y ork C ity ........................................... Chart. R ents o f ap artm ents in N ew Y o r k C ity co m pared w ith ch an ges in the co s t o f b u ild in g co n s tru c tion , 1 91 7-1927 ............................................................................ D ec> 68 73 92 (S e e S e c u r itie s ) P r ic e s C om m od ity prices. Jan uary, p. 7 ; M arch, p. 2 3 ; A pril, p. 2 6 ; J uly, p. 5 5 ; O ctob er, p. 78..... ..................................... Chart. Index o f U. S. B ureau o f L a b or S ta tistics, w h ole sale p rices all com m od ities, 192 2 -1 92 7 . Jan uary, p. 2 ; M ay, p. 3 4 ; J uly, p. 4 9 ; A u g u st, p. 5 8 ; Sep tem ber, p. 6 6 ; N ovem b er, p. 8 8 ; D ecem b er, p. 9 6 ......... Chart. A gricu ltu ra l and n on -a g ricu ltu ra l p rices sin ce 1921 .............................. ..................................................................... C hart. In d ex o f U. S. B ureau o f L a b or S ta tistics, w h olesale prices, agricu ltu ra l, n o n -a g ricu ltu ra l and all com m od ities, 1 92 3-1927. F eb ru a ry , p. 9 ; M arch, p. 1 7 ; A p ril, p. 26 ; June, p. 4 2 ; O ctob er, p. 80.............. Chart. B asic com m od ity p rices in th e U nited States and E ngland, 1 92 2-1927. M arch, p. 2 3 ; O ctober, p. 79 .................................................................................................... Chart. P rices o f m an u fa ctu red com m od ities com pared w ith fa c t o r y w a g es, 1 9 1 4 -1 9 2 5 ............................................... Chart. P rices o f corn at C h ica go . . . and cotton a t N ew Y o r k , 1 924-1927 ................................................................ R eserves M on th C hart. E x ce ss o r d eficit in a v e ra g e re se rv e s N ew Y o rk C ity ban ks, N o v e m b e r-D e ce m b e r .......................................... Jan. Chart. R equ ired reserv es o f 22 leadin g N ew Y o rk C ity ban ks 1927 com pared w ith 192 6 ............................................. J une C hart. M em b er bank re se rv e s 1925 and 1926 com pared w ith 1927 ........................................................................................ J u ly Chart. G old re se rv e s o f the F ed eral re s e rv e bank o f N ew Y o rk , fa ll season o f 1927 com p a red w ith 1925 and 1926 ....................... ................................................................... N o v . ................ Jan. 40 J u ly 55 Q u an tity and value o f silk im p orts, 1 9 2 5 -1 92 7 .... S t e r li n g E x c h a n g e Chart. S terlin g exch a n g e dem and rates, 1926 com p ared w ith 1927 ........................................................................................ U . S. D e b t R ed u ction in th e national d e b t.................................................... T able o f g r o ss debt and debt retired b y years fro m 1 919-1927 ........................................................................................ 6 6 M ay M ay 38 38 A u g. 62 48 Sept. ^9 N ov. 86 N ov. 86 81 29 12 12 21 21 36 44 52 52 60 84 93 A p ril O c t. 73 J u ly J uly 51 J u ly 52 W ages (S e e a ls o E m p lo y m e n t ) Chart. Indexes o f fa c to r y e m p loy m en t and fa c t o r y p a y rolls in m a n u fa ctu rin g in d u stries, 1 92 2 -1 9 2 6 . Jan ua ry, p. 1 ; A p ril, p. 2 5 .................................................... ...................... Chart. A v e ra g e earnings o f fa c t o r y office w o rk e rs, co m pared w ith c o s t o f livin g , 1914 -1 92 7 . Jan u a ry, p. 7 ; D ecem ber, p. 94 ........................................................................................ Chart. N ew Y o rk sta te departm en t o f la bor index o f per capita earnings o f fa c t o r y w o rk e rs, com pared w ith . . . co m m o d ity p rices, 191 4 -1 92 7 ...................................... M ay Chart. C om p osite w age index o f the F ederal re se rv e bank o f N ew Y o rk and c o s t o f liv in g ind ex o f the U. S. B ureau o f L abor S ta tistics, 1 9 1 4 -1 9 2 7 ..................... Sept. W heat Chart. 1927 June 51 (S e e S e c u r itie s ) T a x a t io n Table o f am ou n t o f tax co lle ctio n fro m variou s sou rces 1 92 0-1927 ........................................................................................ Jan. 3 43 S te e l Chart. P ro d u ctio n o f steel in g o ts. January, p. 6 ; A u g u st, p. 62 ................................................................................. S to ck s Jan. A p ril S e c u r itie s S e cu rity m ark ets. Jan uary, p. 4 ; F eb ru a ry , p. 1 2 ; M arch, p. 2 0 ; A p ril, p. 2 8 ; M ay, p. 3 5 ; June, p. 4 3 ; J u ly , p. 5 3 ; A u g u st, p. 5 9 ; S eptem ber, p. 6 8 ; O ctob er, p. 7 7 ; N ovem b er, p. 8 4 ; D ecem ber, p. 9 3 ...................................... C hart. M on th ly a vera g e p rice s o f L ib e rty b ond s, d o m e stic corporation b ond s, and fo re ig n g o v e rn m e n t F eb. bon d s, 1 92 1-1927 ......................................................... ................ Chart. C orporation secu rities o ffered in th e U nited States classified b y ty p e o f s e cu rity and b y typ e o f com p a n y, 1923, 1924, 1925, 192 6 .......................................... Feb. C hart. M on th ly volu m e o f new cap ital issues in th e U nited S tates, 192 2 -1 92 7 ......................................................... M ar. Chart. M on th ly sales o f U. S. G overnm ent, d o m e stic, co rp oration , and fo re ig n bonds on th e N ew Y o r k sto ck exchange, 1 92 2-1927 ....................................................... M ar. C hart. R e fu n d in g se cu rity issu es in first q u arter o f each yea r fro m 1923 to 1927 .................................................... M ay Chart. A m o u n t o f fo re ig n se cu rity offe rin g s in th e U nited States e xclu siv e o f refu n d in g issu es, 19221927 .................................................................................................... June Chart. Y ield s on liberty bonds and on sh o rt-te rm U. S. J u ly go v e rn m e n t issu es, 1 92 1-1927 ............................................... Chart. Y ield s on high grade corp o ra tio n bonds, and com m ercia l paper rates 1 9 2 1 -1 9 2 7 ........................................ July Chart. F lotation s o f co rp o ra te secu rities in first half o f each year, 1 9 2 4 -1 9 2 7 .............................................................. A u g . T able o f fo re ig n fin a n cin g in U nited States and G reat B ritain b y m on th s in 1927......................................................... N o v . Chart. A v e ra g e yield on 33 d ivid end p a yin g com m on s to ck s and on 60 high g rad e co rp o ra tio n bond s, 19161927 .................................................................................................... Dec. S il k Chart. M ay Q u an tity and va lu e o f ru bber im p o rts, 1 92 5 .................................................................................................... Page Q u an tity and value o f exp orts o f w h eat, 1925.................................................................................................... A p ril W h o le s a le T r a d e W h olesa le trade. January, p. 7 ; F eb ru a ry , p. 1 5 ; M arch, p. 2 4 ; A pril, p. 3 1 ; M ay, p. 3 9 ; June, p. 4 7 ; July, p. 5 5 ; A u g u st, p. 6 4 ; Septem ber, p. 7 2 ; O c to ber, p. 7 9 ; N ovem b er, p. 8 7 ; D ecem b er, p. 95........................... . P e rcen tag e ch an ge o ve r p rev iou s yea r in n et sales and s to ck s on hand tabulated b y co m m o d ity . J a n u a ry , p. 8 ; F eb ru a ry , p. 1 5 ; M arch, p. 2 4 ; A pril, p. 3 1 ; M a y, p. 4 0 ; June, p. 4 7 ; J u ly, p. 5 6 ; A u g u st, p. 6 4 ; S eptem ber, p. 7 2 ; O cto b e r, p. 7 9 ; N ovem b er, p. 8 7 ; D ecem ber, p. 95 ................................................................... -................... Chart. Sales o f rep resen ta tiv e dealers in variou s lines o f w h olesale trade d u rin g 1926 com pared w ith 1 925.... Feb. 40 70 29 15
@FedFRASER