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MONTHLY REVIEW
of Credit and Business Conditions

Second Federal Reserve District
Federal Reserve Bank, New York

Federal Reserve Agent

INDEX FOR THE YEAR 1928
Acceptances

P age

B ill m arket. M on th ly , p ages 3, 10, 18, 26, 34, 42, 50, 58, 66,
75, 82, 90 ....................... ..........................................................................................
Chart. V olu m e o f bankers accep ta n ces o u tsta n d in g a t end o f
each year, 1916 to 1927 and p rop ortion held b y F ederal
R eserv e banks ................ -..................................................................... ........
10
C hart. O u tstan d in g bankers accep ta n ces rep orted b y th e
A m erican a ccep ta n ce cou n cil, 1928 com pared w ith 1 927______
25
Chart. A cce p ta n ce rates in N ew Y ork m on ey m a r k e t; w eekly,
1924 -1 92 8 , pages 24, 32, 48. M on th ly , 191 9 -1 92 8 , p a ge 73 ....
F in a n cin g o f autum n trad e b y F ederal R eserv e b a n k s..................
74
Chart. A ccep ta n ce h old ings o f F ederal R eserv e banks in 1928
com pared w ith 1926 and 1927 .................................,............................
75
Chart. A m ou n t o f o u tsta n d in g bankers a ccep ta n ces rep orted
to A m erican a ccep ta n ce cou n cil and am ou n t o f o u tsta n d in g
com m ercia l paper rep orted b y 24 dealers to Federal R ese rv e
bank o f N ew Y ork , 1 9 2 5 -1 9 2 8 ....................................................... ........
82

Agriculture
V alue o f 1927 crops ........................................................................................
5
Chart. Size and value o f 1927 crops com pared w ith 1 926_____
6
Chart. C ourse o f w h eat and co rn p rices sin ce J an uary, 1927.
P ages 38, 70 ........................................................................................ ...................
C rops. P ages 55, 61, 70, 86 ............................................................... ................ ,
C hart. P rices o f fa rm p rod u cts and n on -a g ricu ltu ra l co m ­
m od ities, 1 924-1928. P a ges 56, 64, 80 ................................... .................
T a b le o f J uly 1 fo re ca s ts com pared w ith a ctual yield la st year
61
and a vera g e crops fo r past five years .........— ........................ ........
Chart. Crop yields indicated b y A u g u st 1, 1928, con d ition r e ­
p orted b y U nited States dep artm en t o f a gricu ltu re, com pared
70
w ith 1 92 3-1927 a vera g e h a rv ests ............................................... .........
T a b le o f indicated p rod u ction o f a m a jo rity o f im p orta n t crops
com pared w ith actual h a rv est o f la st yea r and a vera g e h a r­
v e s t o f p ast five years ..............................................................................
86

Brokers Loans “ for others”
Chart. L oans to b rok ers and dealers in secu rities placed b y
N ew Y o rk city banks f o r cu stom ers other than o u t-o f-to w n
corresp on den t banks, 1928 com pared w ith 1926 and 1927.........
Chart. Loans to b rokers and dealers in secu rities placed b y
N ew Y o rk c ity banks fo r ow n a cco u n t f o r o u t-o f-to w n co r re ­
spon dent banks and f o r oth ers, 1 92 7 -1 92 8 ......................................

P a9*

81

90

Building
B uildin g. M on th ly , p ages 14, 22, 28, 37, 45, 54, 62, 69, 78,
85, 93 .......................................... ...............................................................................
Chart. B uildin g co n tra cts in 37 states rep orted b y F. W .
D od g e corp oration . 1925, 1926, 1927 and 1928, classified b y
d istrict and typ e. P a ges 15, 37 .....................................................................
Chart. Index o f bu ild in g co n tra cts com p u ted b y the Federal
R ese rv e bank o f N ew Y o r k a d ju sted f o r seasonal variation s
and ch an ges in c o s t o f co n stru ctio n , 192 2 -1 92 8 .......................... 28
Chart. F ederal R e se rv e board ’ s indexes o f b uild in g con tracts
aw arded, based on rep orts o f th e F . W . D od g e corporation ,
1 924-1928. P a ges 56, 80 .................................................................................
C hart. B uildin g co n tra cts aw arded in 37 sta tes in 1928 co m ­
86
pared w ith 1926 and 1 9 2 7 ; F . W . D od g e co rp o ra tio n ..................

Business Conditions
B usin ess con dition s in th e U n ited S tates. M on th ly , p ages 8,
16, 24, 32, 40, 48, 56, 64, 72, 80, 88, 96 ....................................................
Indexes o f bu sin ess a ctiv ity . M on th ly , pages 7, 14, 22, 28, 37,
45, 54, 61, 70, 78, 86, 94 .................................................................................
T abulated m on th ly indexes o f busin ess a ctiv ity .
M on th ly ,
pages 7, 14, 22, 28, 38, 46, 54, 61, 70, 79, 86, 94 .................................

Call Loans
Crops

(See Money Market)

(See Agriculture)

Automobile Industry
Chart. M on th ly p rod u ction o f p a ssen g er au tom ob iles in the
U nited S tates, 1 92 2-1928 ............................................................... ........ 21
Chart. A u tom ob ile p rod u ction in 1928 com pared w ith 1927
and 1926. P a ges 46, 94 ...................................................................................

Bills

Currency
Chart. W e e k ly estim ates o f cu rre n cy in circu lation in th e
U nited States, 1926 and 1927 ................................................................
Chart. M on ey in circu lation and re se rv e 1>ank credit, 1924-1928
Chart. M on ey in circu lation , 1928 com pared w ith 1927 ..............

2
16
17

(See Acceptances)
Department Stores

Bonds

(See Securities)

Borrowings

(See Discounts)

Brokers Loans
Bonds)

(See also Member Bank Loans on Stock and

Chart. L oans to b rok ers and dealers in secu rities p laced b y
N ew Y o rk c ity rep ortin g banks and estim ated loans d ire ctly
to cu stom ers b y all rep ortin g m em b er ban ks, 1 92 6-1928.
P a ges 18, 34, 42 .................................................................................. .................
L oans on secu rities .................................................................................. ........
25
T a b le o f tota l a m ou nt and d istrib u tion o f brok ers loans on
A p ril 18, 1928 ....................................................................................... ........
34
Chart. Loans to b rokers and dealers in secu rities placed b y
N ew Y ork c ity rep ortin g m em b er banks, Jan uary to J u n e 1928
49
R enew ed in crease in loans on secu rities .......................................... 74




D ep artm ent sto re trade. M o n th ly , p ages 7, 15, 22, 30, 39, 47,
55, 63, 71, 79, 87, 95 ....................... ...................................... .............. ..............
P e rce n ta g e ch an ge o v e r p rev iou s y e a r in m o n th ly n e t sales and
s to ck s on hand. T abulated b y lo ca lity .
M on th ly , p ages 7,
15, 23, 30, 39, 47, 55, 63, 71, 79, 87, 95 ....................................................
P e rce n ta g e ch an ge o v e r p rev iou s yea r in m on th ly n e t sales and
s to ck s on hand. T abulated b y dep artm en ts. P a ges 15, 23,
31, 39, 47, 55, 63, 71, 79, 87, 95 ...................................................................

Deposits
S avings bank d ep osits ...................................................................................
Chart. D ep osits in 15 re p re se n ta tiv e sav in gs banks in N ew
Y o rk C ity and 15 elsew h ere in th e secon d F ederal R e serv e
d istrict, 1928 com pared w ith 1925, 1926 and 1927 .................
Chart. R ate o f tu rn o v e r o f N ew Y o r k city bank d ep osits, 1928
com p ared w ith 1926 and 1927 ..............................................................

60

60
81

INDEX FOR THE YEAR 1928 (Continued)
Discounts
(See also Federal Reserve Bank Credit
and Loans)
Chart. D iscou n ts and tota l bills and secu rities o f F ederal R e ­
s e rv e ban ks, 1 92 7-1928 com pared w ith 1 92 6-1927 .................. .
Chart. M on ey rates at N ew Y o r k and d iscou n ts and to ta l bills
and secu rities o f F ederal R eserv e ban ks, 192 7 -1 92 8 co m ­
pared w ith 1 92 6 -1 92 7 .................................................................................
Chart. D is cou n t o f F ederal R eserv e banks fo r m em b er banks
in p rin cip a l cities, com p a red w ith com m ercia l paper ra tes,
192 3 -1 92 8
......... ..............
Chart. D iscou n ts o f all F ederal R eserv e ban ks, 1928 com p ared
w ith 1926 and 1927 ...................................................................................

Discount Rates
Earmarking

9

9

34
41

re la tiv e to p a r and g o ld e x p o rt and im p o rt p o in ts.
1928
com p ared w ith 1927. P a ges 11, 27, 59 .....................................................
T a b le o f exch a n ge, cable ra tes, f o r all p rincip al exch a n g es.
P a ges 44, 52, 67, 83, 91 ..........................................................................
Chai*t. S terlin g exch a n g e o f 1928, com p a red w ith a m ou n t L o n ­
don bill ra te has been a b o v e o r b elow tim e m o n e y ra te in
N e w Y o rk , a lso com pared w ith a v e ra g e seasonal m ovem en t,
76
188 9 -1 91 9 ................................................................................................... ..
Chart. B ritish , Germ an, D u tch and Canadian exch a n g e a t N ew
Y o r k in th e a utum n o f 1928, com pared w ith 1926 and 1927.... 91

Foreign Trade

(See also Gold)

F o re ig n T rade. P ages 5, 12, 22, 28, 36, 44, 53, 60, 68, 84, 91..............
Chart. E xp o rts o f raw co tto n d urin g crop yea rs o f 1 9 2 5 -1 92 6 ,
192 6 -1 92 7 and 1 92 7 -1 92 8 .............................................................. .........
13
Chart. M o n th ly im p orts and exp orts o f m erch an dise o f th e
U nited States in 1928 com pared w ith 1927 and 1 926................
44

(See Interest Rates)

(See Gold)

Employment
E m p loy m en t and w a g es. M on th ly , pages 6, 13, 20, 29, 38, 45,
53, 62, 69, 78, 85, 92 .................................................................................
Chart. R a tio o f w ork ers called fo r , to reg istra tion s at N ew
Y o rk state em p loy m en t offices, 1928 com pared w ith 1926 and
1927. P a ges 20, 45, 85 ....................... ............................ ..................................
C hart. F a c to r y p rod u ction and fa c t o r y em p loy m en t sin ce 1919 20
C hart. In d ex o f fa c t o r y em p loy m en t in the U nited S tates,
1 92 5 -1 92 8 ................................ ....................................................................... . 69

Exports

Page

Pagrs

France
S tabilization o f the F ra n c ............................................................................
Chart. C ourse o f the F ren ch fra n c a t N ew Y o r k sin ce 1924,
sh ow in g th e n ew ly esta b lish ed g o ld par ...........................................

51
52

General Price Level Index
D e scrip tio n o f ind ex .........................................................................................
Chart. F ed era l R e se rv e bank o f N ew Y o r k in d ex o f th e g e n ­
eral p rice level, 191 5 -1 92 7 ........................................................................

18
1$

(See Foreign Trade)
Gold

Federal Reserve Bank of New York
C redit t o th e B a n ca d ’ Italia .......................................................................
Chart. N ew Y o r k c it y rep ortin g m em ber banks* loans and
in v estm en ts, d ep osits and b orrow in g s fro m th e F ederal R e ­
s erv e bank. J an uary t o J u n e 1928 ....................................................
C redit to Bank o f P oland ...............................................................................

8

49
83

Federal Reserve Banks
Chart. L oa n s and in v estm en ts o f rep ortin g m em b er banks
and reserv e b alances o f all m em b er banks w ith th e F ederal
R eserv e ban ks, 1927 com p a red w ith 1925 and 1 926............ * ...
Chart. M em ber ban k reserv es, 1928 com pared w ith 192 7 ........... .
P o s itio n o f re s e rv e ban ks.
A rticles quoted fro m Septem ber
Federal R eserv e B u lletin ..........................................................................
Chart. A ccep ta n ce hold in g s o f F ederal R eserv e banks in 1928
com p ared w ith 1926 and 1927 ...» ........................................................

2
17
65
75

Federal Reserve Bank Credit
Chart. R e se rv e bank credit.
M on th ly a vera ges o f daily fig ­
ures f o r 12 F ederal R eserv e ban ks, 192 3 -1 92 7 .
P a ges 8,
16, 24, 40, 48, 56, 64, 80, 88, 96,....................................................................
Chart. D iscou n ts and to ta l bills and secu rities o f F ederal
R eserv e ban ks, 1 92 7 -1 92 8 com pared w ith 192 6 -1 92 7 ...................
9
Chart. M on ey rates a t N ew Y o r k , and d iscou n ts and to ta l
bills and secu rities o f F ed eral R eserv e ban ks, 1 92 7-1928
com pared w ith 1 92 6 -1 92 7 .......................................................................
9
Chart. M on ey in circu lation and R eserv e bank cre d it ................
16
Chart. T otal bills and secu rities o f all Federal R eserv e ban ks.
1928 com pared w ith 1927. P a ges 17, 65 ..................................................
Chart. D iscou n ts o f F ed eral R eserv e banks f o r m em b er banks
in prin cip a l cities, com p ared w ith com m ercia l paper ra tes,
192 3 -1 92 8
.............. ....................................................
34
Chart. D iscou n ts o f all F ederal R eserv e ban ks, 1928 com p a red
w ith 1926 and 1927 ...................................................................................
41
C hart. N ew Y o rk c ity rep ortin g m em ber ban ks, loans and
in v estm en ts, d ep osits, and b orrow in gs fro m th e F ederal
R eserv e bank, Jan uary to June 1928 .................................... ..........
49

Foreign Exchange
F o re ig n exch a n ge. M on th ly , p a ges 4, 10, 18, 27, 85, 44, 52,
59, 67, 76, 83, 90 .........................................................................................
C hart. F oreig n exch a n g e rates a t N ew Y o r k , sh ow in g p o sitio n




G old M ov em en t. M on th ly , p ages 4, 11, 19, 26, 34, 43, 51, 59,
67, 76, 83, 91 ... w...................................................................... ...................
T a b le o f n e t im p orts and exp orts o f g o ld b y co u n trie s o f
so u rce and d estination . P a ges 4, 11, 19 ...........................................
T able o f ga in or loss to g o ld s to ck s b y m on th s th ro u g h im p o rt
o r e x p o rt and th ro u g h earm arking. P a ges 4, 35, 43, 59.........
Chart. D estin ation o f p rincip al g o ld e xp orts fro m N e w Y o r k ,
1
Septem ber t o D ecem b er 1927 .................................................................
C hart. F o re ig n exch a n g e rates a t N ew Y o r k , sh ow in g p o sitio n
re la tiv e t o par and g o ld e x p o rt and im p o rt p o in ts, 1928
com p ared w ith 1927. P a ges 11, 27 ............................ .................................
C hart. U nited States g o ld s to c k , 1928 com p a red w ith 1 927 ......
17
Chart. M on th ly n et g o ld exp orts o r im p orts o f th e U nited
S tates, 1 91 9-1928 ..................................................................... ,................... 19
T able o f th e p rincip al g o ld m ovem en ts sin ce S eptem ber 1, 1927,
to g e th e r w ith tota ls o f earm arking tra n sa ctio n s ________ _____
26
T a b le o f destin a tion o f la rg e s t shipm ents fro m N e w Y o r k d u r­
in g A p ril and to ta l sent t o th o se cou n tries sin ce S eptem ber,
1927
......................................................................................
85
Chart. C um ulative g o ld m ovem en t, in clu d in g e xp o rts, im p orts
and earm arkin g tra n saction s, 1928 com p a red w ith 1 92 7 ...........
85
E ffe ct o f g o ld exp orts on cre d it s tr u ctu re ......... ................. ............... 51
Chart. Gold stock s o f th e U nited States sh ow in g th e to ta l
increase la rg e ly th ro u g h im p orts, fro m 1920 t o th e high
p o in t o f 1927, and th e su b seq u en t loss th ro u g h e xp orts and
earm arkings ....................... ............................................... ............................. 51
P o s itio n o f R eserv e banks. D iscu ssion o f g o ld reserv es .............. 65
Chart. S tock o f m on etary g o ld in the U nited S tates, 1928 co m ­
pared w ith 1927 ............. .................... ........................................................ 65
T a b le o f principal destination s o f g o ld e xp orts sin ce S eptem ber
1, 1927 up to M ay 31, 1928 ................................................................... 73
Chart. M on eta ry gold s to ck o f the U nited S tates, end o f each
m onth sin ce D ecem eber 1926 ................................. ..................... .........
89

Gold

C e r t ific a t e s

D iscu ssio n o f th e replacem ent o f g o ld certifica tes b y F ed era l
R e se rv e n otes, h a vin g little e ffe ct o n th e g o ld re s e rv e s ...........

Gold

65

E a r m a r k in g
Gain o r loss t o g o ld s to c k tabulated b y m on th s in 1927 and
1928, th ro u gh im p orts and exp orts and th ro u g h earm arking.
P a ges 4, 35, 43, 51 ............ ..................................................................................
T a b le o f th e p rincip al g o ld m ovem en ts sin ce Septem ber 1, 1927
to g e th e r w ith tota ls o f earm arkin g tra n sa ction s .......j.______
26

INDEX FOR THE YEAR 1928 (Continued)
G o ld S ta n d a rd
T a b le o f cou n tries on g old or g o ld exch a n g e standards w ith
dates .................................................................................................... ........—

Page

Pa9e
52

C hart. C hanges in loans and in v e stm e n ts o f all re p ortin g
m em ber ban ks, 1927 and 1928................................................................
Chart. R e p o rtin g m e m b e r bank loans, o th e r than loans s e ­
cu red b y sto ck s and b o n d s, 1928 com pared w ith 1926 and 1927

57
82

H id e s
Chart. P rice m ovem en ts o f cru d e ru bb er, ra w co tto n and hides
sin ce January 1927 .......................... - ...................... ......... ........................
Im p o rts

(S e e F o r e ig n T r a d e )

In d ex es

( S e e a l s o P r o d u c t i o n a n d B u s in e s s C o n d i t i o n s )

Machine Tools
88

Chart. M ach in e to o l ord ers rep orted b y th e national m ach in e
to o l b u ild ers’ a sso cia tio n , 1 9 2 2 -1 9 2 8 ................................... ................

80

Manufactures
N ew ind ex o f th e gen era l p rice level ...................................................
Chart. F ed eral R eserv e ban k o f N ew Y o r k in d ex o f th e gen eral
p rice level, 191 5 -1 92 7 ....................... .......................................................

18

Chart. In d ex nu m bers o f p ro d u ctio n o f m an u fa ctu res and m in ­
erals, 192 3 -1 92 7 . M on th ly , p a ges 8, 16, 24, 32, 40, 48, 56,
64, 72, 80, 88, 96...... ....................................................................................

18

Member Banks
In terest R a te s
T a b le o f m on ey rates at N ew Y o rk . M on th ly , p ages 2, 9, 17,
25, 33, 41, 50, 57, 66, 73, 89 ............. ..............................................................
T a b le o f ch an ges in cen tral ban k d iscou n t rates b etw een J an u­
ary 1 and D ecem ber 30, 1927 ..........................................................« ...
8
Changes in cen tral bank d iscou n t ra tes. P a ges 3, 12, 18, 27,
35, 52, 59, 67, 83 .................. ...............................................................................
W eek ly rates in N ew Y o r k m on ey m arket. 1 9 2 4 -1 92 8 . P ages
24, 32, 48, 64, 72 ....................... ..........................................................................
Chart. M on ey rates a t N ew Y o rk , and d iscou n ts and to ta l
bills and secu rities o f F ederal R eserv e ban ks, 1 92 7-1928
com pared w ith 192 6 -1 92 7 .............................................. ........................
9
Chart. D iscou n ts o f F ederal R e serv e banks f o r m em b er ban k
in p rincip al cities, com pared w ith com m ercia l paper rates,
1 92 3-1928
................ ................
34
T a b le sh ow in g cu rren t d iscou n t rate o f all cou n tries, w ith date
o f its tak in g e ffe ct............................. ........................................................... 35
C ause o f h igh er m on ey ra tes......................................... ................. ............ 41
Chart. Call loan renew al rate, 1928 com pared w ith 1926 and
1927
................................................................................
41
T able o f cen tral bank d iscou n t rates, June 30, 1927 and J une
30, 1928 ................................................................................................. .........
52
Chart. R ates on com m ercia l loans t o cu stom ers ch arged b y
lea din g N ew Y o rk c ity banks com pared w ith open m arket
rates on 90 day secu rity loans. 1 9 2 4 -1 9 2 8 ........... ........................ 50
C hart. A v era g e m on th ly rates f o r 60 to 90 day s tock exch a n g e
tim e m on ey, 4 to 6 m onths com m ercia l paper and 90 day
b ills, and d iscou n t ra te o f the F ed eral R eserv e bank o f N ew
Y ork.
1 91 9 -1 92 8 ............................ .............................................. ............... 73

I ta ly
R etu rn o f Ita ly t o g old b a sis...... .................................................................
C redit to th e B an ca d’ Italia .................. .......................................................

8
8

L ib e r ty L o a n
O perations leadin g to th e retirem en t o f th e third lib erty loan...,

(See also Brokers Loans)

C hart. M o n th ly avera g es o f w e e k ly figu res f o r m em ber banks
in 101 leadin g cities, 1 9 2 3 -1 92 7 . P a ges 8, 32, 40, 72, 88, 96
M em b er bank cred it, con tin u ed expansion in J an u a ry.....................
2
Chart. L oa n s and in v e stm e n ts o f re p o rtin g m em ber banks and
re se rv e balances o f all m em b er banks w ith th e Federal R e ­
se rve banks 1927 com p ared w ith 1925 and 1 926.........................
2
C hanges in m em b er ban k cred it. P a ges 10, 17, 42, 89... j.......................
Chart. M em ber bank re se rv e s, 1927 com pared w ith 1928-------- 17
Chart. C om m ercial loans o f w eek ly re p o rtin g m em b er banks,
1928 com pared w ith 1 927.................. ....................................................... 25
Chart. L oans t o b rok ers and dealers in secu rities placed b y
N ew Y o rk c ity re p o rtin g m em b er banks 1 9 2 6 -1 92 8 .
P a ges
34, 42 ....................... ................ .............................................................. .........
Chart. G row th o f tota l loans and in v estm en ts o f all re p o rtin g
m em ber ban ks, 1928 com pared w ith 1925, 1926 and 1927.
P a ges 33, 57..............................................................................................................
Chart. D isco u n ts o f F ed eral R e se rv e banks f o r m em b er banks
in p rincip al cities, com p a red w ith com m ercia l paper ra te 192 3 1928
.......................... ................
84
Xtoans and in v estm en ts o f w e e k ly re p o rtin g m em b er ban ks
fr o m F eb ru a ry 21 t o M a y 16 tab u la ted f o r S econd d istrict
and oth er d istricts .................. .............................................................. ....... 42
T a b le o f th e ch an ges in m em b er bank cred it M ay 2, 29 and
Ju n e 27 ...... .......................................................................... ..........................
49
Chart. N ew Y o r k c it y re p o rtin g m em b er bank loans and in ­
vestm en ts, d ep osits, and b o rro w in g s fro m th e F ederal R e ­
serve bank. Jan uary t o June 1928....................................................
49
Chart. L oans t o brok ers and dealers in secu rities p laced b y
N e w Y o r k c ity re p o rtin g m em b er ban ks. Jan u a ry to June
1928
........................... ...............................................................................
49
C hart. C hanges in loans and in v estm en ts o f all re p o rtin g
m em b er banks 1927 and 1 92 8 ........... .....................................................
57
C hart. Loans on sto ck s and bon d s o f all re p o rtin g m em ber
banks 1928 com p ared w ith 1 9 2 6l and 1927................ .....................
81
Chart. R e p o rtin g m em ber bank loans, o th e r than loans secu red
b y s to ck s and b ond s, 1928 com pared w ith 1926 and 1927 ......
82

Member Bank Borrowings

(See Discounts)

75

Minerals
L oans

(S e e a ls o B r o k e r s L o a n s )

Chart. M on th ly a vera ge o f w eek ly figu res f o r m em b er banks
in 101 leadin g cities. P a ges 8, 32, 40, 72, 88, 96 .......................
Chart. Loans and in v estm en ts o f rep ortin g m em ber banks and
reserv e balances o f all m em b er banks w ith th e F ederal R e ­
serve banks, 1927 com pared w ith 1925 and 1 926 .........................
Chart. C om m ercial loans o f w eek ly rep ortin g m em ber bank,
1928 com pared w ith 192 7 .................................................... ................ .
Chart. G row th o f tota l loans and in v estm en ts o f all rep o rtin g
m em ber banks 1925 to 1 928.....................................................................
T a b le sum m arizing recen t ch an ges in th e loans and in v estm en ts
o f w eek ly rep ortin g m em b er banks F eb ru a ry 21, 1928 and
A p ril 18, 1 928...... ........................................ ..................................................
C hart. N ew Y o r k c ity rep ortin g m em ber bank loans, and in ­
vestm en ts, d ep osits and b orrow in g s fro m th e F ederal R e serv e
bank, Jan uary to June 1928................................................................ .
Chart. G row th o f to ta l loans and in v estm en ts o f all rep o rtin g
m em ber ban ks, 1 92 5 -1 9 2 8 ........... ..............................................................




....

Chart. Index n u m bers o f p ro d u ctio n o f m an u fa ctu res and m in ­
erals. 192 3 -1 92 7 . M on th ly , pages 8, 16, 24, 32, 40, 48, 56,
64, 72, 80, 88, 9 6 ....................................................................................................

Money Market
2
25
33

33

(See also Interest Rates)

M on ey M arket. M on th ly , p ages 1, 9, 17, 25, 33, 41, 49, 57, 66,
73, 81, 89...... ..............................................................................................................
Call m on ey m arket. P a ges 34, 58 .................. ................ .................................
Causes o f h ig h er m on ey ra te s ..................................................................... 41

New Capital Issues

(See Securities)

Petroleum
C hart. P etroleu m p ro d u ctio n in 1928 com pared w ith 1926 and
1927. P a ges 46, 94...... ...» ...................................................................................

49

Poland
57

C redit to Bank o f P ola n d ..... ........................................................................

83

INDEX FOR THE YEAR 1928 (Continued)
Prices

C hart. W h olesa le p rice ind ex o f U nited States bureau o f la bor
s ta tis tics, 1 92 3 -1 92 7 . P a ges 8, 16, 82, 40, 48, 72, 88, 96..................
N ew index o f the gen eral p rice lev el...... ................ ...............................
13
Chart. Federal R eserv e bank o f N ew Y o rk index o f th e gen eral
p rice level.
1 9 1 5 -1 9 2 7 ............................................................................... IB
C om m od ity p rices. P a ges 29, 38, 61, 86........................................ ................
Chart. U nited States bureau o f la bor s ta tistics gen eral index
o f w h olesale prices and Federal R eserv e bank o f N ew Y o rk
w eek ly index o f b asic com m od ity p rices, 1 92 4 -1 92 8 . P a ges
29, 61.............................. ............................................................................... ..............
Chart. P rice m ovem en t o f crude ru bber, raw co tto n and hides
sin ce Jan uary 1 927........... ........................................................... ..............
88
Chart. P rice m ovem en t o f w h eat and corn sin ce Jan uary 1927.
P a ges 38, 70..............................................................................................................
Chart. P rices o f fa rm p rod u cts and n on -a g ricu ltu ra l com m o d i­
ties. 1 92 4 -1 92 8 . P a ges 56, 64, 80................................................................

Production.
P rod u ction . M on th ly , pages 6, 14, 21, 29, 37, 46, 54, 62, 69,
78, 84, 94............................................... .........................................................
T able o f m on th ly p rod u ction in variou s lines. M on th ly , p ages
6, 14, 21, 29, 37, 46, 54, 62, 69, 78, 85, 94................................
Chart. Index nu m bers o f p rod u ction o f m an u fa ctu res and
m inerals. 1923 -1 92 7 . M on th ly, pages 8, 16, 24, 32, 40, 48,
56, 64, 72, 80, 8 8 , 96...................................................................................
P rod u ction and trade in 1927 ............................ ...........................................
5
T abulated per cent ch an ge 1927 fro m 1926 o f p rod u ction o f th e
m ore im p orta n t s eries...... ......... .............................. ..................................
5
T abulated com p a rison o f p er cen t o f ch an ge in tota l p rod u ctio n
and trade ov er eigh t y e a rs ............. .........................................................
5
Chart. M on th ly p rod u ction o f p a ssen ger autom ob iles in the
U nited States 1 9 2 2 -1 9 2 8 .......................................................... ............ .
21
Chart. M on th ly p rod u ction o f steel in g ots in U nited States
and unfilled orders U nited States Steel corp oration , 19221928
..........................................................................
21
Chart. F a cto ry p rod u ction and fa c t o r y em p loy m en t sin ce 1919
20
C hart. P rod u ction o f steel in g ots, autom ob iles, and p etroleum
and m ill con su m p tion o f co tto n in 1928 com pared w ith 1927
and 1926. P a ges 46, 9 4 ........................................................... ..........................

Profits
B usin ess p rofits in 1 927....................... .........................................................
31
Chart. A nnual net p rofits o f industrial, m erca n tile and p u b lic
u tility corp oration s, and n et op era tin g in com e o f class 1
railroads in p ercen ta ges o f 1 926...... ..................................................... 31
T a b le o f n et p rofits o f a nu m b er o f im p orta n t grou p s o f c o r ­
p ora tion s. A n n u ally, p a ge 31, q uarterly, p ages 43, 68, 93..................
B u sin ess p rofits. P a ges 43. 68, 93......................................„...........................
Chart. Q u arterly p rofits o f 105 ind ustrial corp ora tion s and net
op era tin g in com e o f class 1 railroads, 1 9 2 4 -1 9 2 8 .......................... 43
Chart. Q u arterly p rofits o f 105 ind ustrial corp oration s and 182
p u blic u tility corp oration s and n et op era tin g in com e o f 185
class 1 railroads in 1928 com pared w ith 1926 and 1927...........
93

88

Steel
Chart. M o n th ly p rod u ction o f steel in g ots, in th e U nited States
and unfilled orders o f th e U nited States steel co rp o ra tio n ,
192 2 -1 92 8 ................................................................................. ........................
Chart. P ro d u ctio n o f steel in g o ts , 1928 com p ared w ith 1927
and 1926 ....................... .................................................................................

21
46

Sterling
Chart. S terlin g exch a n g e in 1928, com pared w ith a m ou nt L o n ­
don bill ra te has been a b o v e o r b elow tim e m o n ey ra te in
N ew Y o r k ; also com pared w ith a ve ra g e seasonal m o v e m e n t
1889 to 1 919................................................. ..................................................

Stocks

76

(See Securities)

United States Treasury
T rea su ry ta x p eriod op era tion s.

P a ges 1, 26, 50, 75 ...............................

Velocity of Deposits
Chart. R ate o f tu rn o v e r o f N ew Y o r k c ity bank d ep osits, 1928
com pared w ith 1926 and 1927 ....................... ......................................

81

E m p loy m en t and w a g es. P a ges 6, 13, 29, 45, 53, 62, 69, 78,
85, 92 ............ ................... .......................... ..............................................................

Wheat

Savings Banks
Chart. D ep osits in 15 rep resen ta tiv e sav in gs banks in N ew
Y o r k C ity and 15 elsew h ere in th e secon d Federal R ese rv e
d istrict. 1928 com pared w ith 1925, 1926 and 1 927...................

T able o f n ew fo r e ig n issu es sold in th e U nited S tates, g o v e r n ­
m en t and corp orate, 1 9 2 2 -1 9 2 7 ..............................................................
12
Chart. P rices o f 228 stock * and 40 d o m e stic bon d s, 192 6 1928
...................
19
Chart. V o lu m e o f n ew capital issues offered in first q u a rter o f
each year, 1 9 2 4 -1 9 2 8 .................................................................................... 36
N ew financing. P a ges 86, 44, 58, 60, 67, 77, 84, 92.................................
Chart. Index o f p rices o f 228 s to ck s and volu m e o f sales in
th e N ew Y o r k s to ck exchange, 1 9 1 9 -1 9 2 8 ........................................
36
T able o f s to c k and bond p rice levels in M a y 1928 re la tiv e to
th ose o f a m onth a go and o f M ay o f la st y e a r............................ .
44
Chart. P rices o f 40 corp oration b ond s and rates on 90 day
tim e m on ey, Jan uary to June 1928.......................................................
53
Chart. F lo ta tio n s o f n ew secu rities in th e U n ited States in
1928 com pared w ith 1 9 2 7 ; to ta l o f all ty p e s o f secu rities and
lo n g -te rm d o m e stic corp orate b o n d s ..................................................
67
T able o f am ou nt o f fo re ig n issues exclu d in g re fu n d in g offered
in th e m arket, 1928 com pared w ith 1927 b y m o n th s................
68
Chart. N ew capital issues o f d om estic co rp ora tion s d u rin g first
e ig h t m onths o f each year, 1 9 2 4 -1 9 2 8 .............................................
77
Chart. P rices o f 325 ind u strial s to ck s, 83 railroad sto ck s, and
35 p u b lic u tility sto ck s, 1928 com p ared w ith 1927.......................
84
Chart. N e w s e cu rity issu es, d om estic corp ora tion issu es, and
state, m unicipal and fa rm loan issu es, 1928 com pared w ith
1927
............................ ...............................................................................
92
Chart. A v e ra g e yield on 38 d ivid end p a y in g ind u strial c o m ­
m on s to ck s com pared w ith yield on 15 h igh grade in d u strial
92
b onds 191 6 -1 92 8 ...... .............................................................. ................ .

Wages

Rubber
Chart. P rice m ovem en ts o f cru d e ru bb er, ra w cotto n , and
hides sin ce January 1927........... ..............................................................

Page

Page

Chart. P rice m ovem en ts o f w h eat and corn sin ce Jan uary
1927. P a ges 38, 70 .................................. ..........................................................
60

Wholesale Trade
Securities
S ecu rity m ark ets. M on th ly , p a ges 4, 12, 19, 27, 36, 44, 53, 60,
68, 77, 84, 91...... ................................................................................................
N ew fin a n cin g in 1927........... ..........................................................................
12
Chart. N ew capital issues in th e U nited States b y ty p e o f
12
issu es, 1 9 2 0 -1 9 2 7 .............................. ............................................................




W h olesa le trade. M o n th ly , p a ges 7, 15, 23, 30, 39, 47, 55, 62,
71, 79, 87, 95 .................................................... .....................................................
P e rce n ta g e ch an ge o v e r p rev iou s yea r in n e t sales and stock s
on hand tabulated b y co m m o d ity .
M on th ly , pages 7, 15,
23, 30, 39, 47, 55, 63, 71, 79, 87, 95 ................................. ........................
Chart. M achine to o l orders rep orted b y th e N ational M ach in e
T o o l B u ilders’ A ss o cia tio n , 192 2 -1 92 8 ...............................................
80