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MONTHLY REVIEW of Credit and Business Conditions Second Federal Reserve District Federal Reserve Agent Federal Reserve Bank, Neiv York INDEX FOR THE YEAR 1929 Acceptances banks and in tota l b rok ers loans placed b y re p o rtin g N ew Y o rk C ity m em b er ban ks, J an u a ry -M ay 1929.............................. B rokers loans “ f o r o th e rs ” ..................................................................... T abulated ch an ges in b rok ers loans durin g p a st tw o yea rs, sh ow in g p ro p o rtio n o f loans f o r ow n a cco u n t and f o r o u t -o ftow n and f o r “ o th e rs ’ *.............. ................................................................... Chart. S tock p rices . . . and b rok ers loans placed b y re p o rtin g N ew Y o r k C ity ban ks, J an u a ry -J u n e 192 9 ............... .................. Tabulated liqu idation in b rok ers loans fro m O ctob er 16 to N o v e m b e r 27, 1929 f o r ow n a ccou n t, o u t-o f-to w n , others and tota l ........... ........................................................................................... 41 42 42 49 89 Building Agriculture Crops. Pages 5, 61, 77......................................... ................ ............................... T abulated p rod u ction estim ates o f m ost im p ortan t crops as o f S eptem ber 1, 1929 com pared w ith estim ates o f a m onth p reviou s and w ith actual h arvests o f 1928 and th e a vera ge h arvests o f the p reced in g five y ea rs ..................... ............................ 77 Chart. S eptem ber 1929 p rod u ction estim ates and p rices o f fo u r principal crops com pared w ith 1928 final yield s and N ovem b er prices ................................... .............. ........................................ 77 Automobile Industry— See also Production Chart. 1928 Page P age B ill m arket. M on th ly , pages 2, 10, 18, 26, 34, 43, 50, 58, 66, 74, 82, 90 ............................................... ................................................................ Chart. V olu m e o f bankers a ccep ta n ces, sh ow in g p rop ortio n held by Federal R e serv e B anks, b y fo r e ig n a ccou n ts o f F ederal R eserv e B anks, and b y oth er in v estors, 1 92 7 -1 92 9 .... 34 Chart. In crease in R eserv e B ank h old ings o f accep ta n ces and U. S. G overnm ent secu rities sin ce w eek ended July 27 co m pared w ith estim ated a m ou nt o f Federal R eserv e cred it required fo r th e autum n sea son ......................... ............................... 73 C hart. B ankers a ccep ta n ces held b y Federal R e se rv e ban ks, 1929, com pared w ith 1927 and 1928............................................... 75 A u tom ob ile p rod u ction 1929 com pared w ith 1927 and ................................................................................................................ 94 B u ildin g. P a ges 5, 13, 21, 29, 38, 44, 53, 62, 69, 77, 86, 9 3 .............. Chart. B u ildin g co n tra cts in 37 states, rep orted b y F . W . D od ge corporation f o r 1925, 1926, 1927 and 1928, classified b y d istrict and ty p e ................................................................................ 14 Chart. B uildin g co n tra cts aw arded in 37 sta tes, 1 926-1929 tota l, residential and n on residential, pages 21, 93..................... .... C hart. F ederal R e se rv e B oard ’ s indexes o f bu ild in g co n tra cts aw arded, based on rep orts o f the F . W . D od ge co rp oration , 1 925-1929 ....................................................................... ............................ 82 C hart. B uildin g co n tra cts awarded du rin g th e first fo u r m onths o f each year, cla ssified b y ty p e o f con stru ctio n , 1 9 2 5 -1 9 2 9 .... 45 C hart. R esid ential bu ild in g co n tra cts awarded in th e N ew Y o rk and N orth ern N ew J e rse y d istrict, 1929 com pared w ith 1927 62 and 1928 ........... ............................... ........................................ ..................... Balance of Payments F o reig n balances in th e U nited S ta tes ................................... ................ International paym ents o f the U nited S ta tes........................................ T abulated sum m ary o f D epartm ent o f C om m erce estim ates o f balance o f p aym en ts w ith com p a ra ble figu res fo r 192 7 .......... 36 53 Business Conditions Bills— See Acceptances Indexes o f b u sin ess a ctiv ity . M on th ly , pages 6, 14, 22, 31, 38, 46, 54, 62, 70, 78, 86, 9 5 ................................................................................... T abulated m o n th ly indexes o f b u sin ess a ctiv itie s in various lines. M on th ly , p a ges 6, 15, 22, 31, 39, 47, 55, 63, 71, 78, Bonds 87, 95 ................ ............................................................................... -...... .............. B usin ess con dition s in th e U nited States. M on th ly , p ages 8, 16, 24, 32, 40, 48, 56, 64, 72, 80, 88, D ecem b er su p p lem en t.............. 53 See Securities Borrowings See Discounts Call Loans— See Money Market Brokers Loans Chart. L oans to b rok ers and dealers in secu rities placed b y N ew Y o r k C ity B anks f o r ow n a cco u n t fo r o u t-o f-to w n corresp on d en t banks, and fo r o th er lenders, 192 7 -1 92 9 . Pages 9, 81, 90 ............................................................................ ............................ Chart. L oans on secu rities o f w eek ly rep ortin g m em ber banks, 192 8-1929 ....................... ,................................................................................. Tabulated secu rity loans o f rep ortin g m em ber banks in 101 leadin g cities, on F eb ru a ry 6, M arch 20, A p ril 24 and M ay 1, 1929 ................ ............ Chart. E stim a ted secu rity loans o f rep ortin g m em ber banks to cu stom ers, brok ers loans p laced b y N ew Y ork C ity banks f o r ow n a cco u n t and f o r o u t -o f-t o w n ban ks, and b rok ers loans placed fo r oth ers, 1 92 8 -1 9 2 9 ........... ......................................... Chart. M ov em en t o f call loan rates com pared w ith fluctuations in b orrow in g s o f N ew Y o r k C ity banks fro m F ed era l R e se rv e Car Loadings C hart. L oa d in gs o f rev en u e fr e ig h t rep orted b y th e A m erica n railw ay a ssocia tion , 1 9 2 4 -1 92 8 . P a ges 8, 80........................... 17 33 Central Banks Central bank rate ch an ges. M on th ly , pages 8 , 11, 18, 26, 35, 43, 52, 61, 68, 75, 84, 9 2 .................................................... ............................ Chain Stores 33 Chain stores sales ...... ....................... ....................... ............— -........... ....... T abulated p e rce n ta g e ch a n ge o v e r p rev iou s y e a r in n u m ber o f sto re s, tota l sales and sales p er store, b y ty p e o f s to r e .......... 28 23 INDEX FOR THE YEAR 1929 (Continued) Commercial Paper Copper Chart. C opper p rod u ction 1929 com pared w ith 1927 and 1928 94 Corn Chart. M ov em en t o f p rices o f selected com m od ities, corn, 1928-1929 ....................................................................................................... 22 Cotton Chart. C otton con su m p tion 1929, com pared with 1927 and 1928 94 Currency C hart. A m ou n t o f cu rren cy in circu lation in the U nited States, 1 1928 com pared w ith 1926 and 192 7 .......... ........................................ Chart. R eserv e bank cred it and m on ey in circu lation 19251929. P a ges 16, 64 ............................................................................................. Chart. A m ou n t o f cu rre n cy in circu lation in the U nited States in June and J u ly 1929 com pared w ith 1928 .............................. 57 E co n o m y in u se o f cu rre n c y ..................................................................... 59 Chart. V olu m e o f cu rren cy in circu lation in the U nited States com pared w ith tren d o f p rod u ction and trade and w ith ch an ges in th e gen eral p rice level, 1 8 8 0 -1 9 2 9 ....................... ....... 60 Department Stores D epartm ent s to r e trade. M on th ly , p ages 7, 15, 23, 31, 39, 47, 55, 63, 71, 79, 87, 9 6.............................................................................. 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 s tock s on hand. T abulated b y loca lity . M on th ly, pages 7, 15, 23, 31, 39, 47, 55, 63, 71, 79, 87, 9 6 ........................................ P ercen ta g e ch an ge o v e r p rev iou s year in m on th ly n et sales and stock s on hand. Tabulated b y d epartm en ts. M on th ly, pages 7, 15, 23, 31, 39, 47, 55, 63, 71, 79, 87, 9 6................................... Chart. F ederal R eserv e B oard ’ s index o f d epartm ent store sales, 1 92 4-1928 ........................................................................................... Page Page C om m ercial paper m arket. M on th ly , pages 2 , 1 0 , 18, 26, 35, 42, 50, 58, 6 6 , 75, 82, 91................................................................................. Chart. F a cto ry em p loy m en t in N ew Y o r k State a d ju sted f o r seasonal va ria tion s, 1 923-1929. P a ges 54, 69, 9 5......................... Chart. In d ex nu m bers o f fa c t o r y em p loy m en t and p a yrolls, 1 925-1929. D ecem b er supplem ent ............................................................ Federal Reserve Bank Credit Chart. T otal bills and secu rities o f all F ederal R eserv e B anks in 1928 com pared w ith 1926 and 1 927.......................................... 1 Chart. R e serv e bank cre d it m on th ly a verages o f daily figu res fo r 12 F ederal R e se rv e B anks 1924 -1 92 8 . P ages 8 , 24, 32, 40, 48, 80, 8 8 , D ecem b er su p p lem en t......................................................... Chart. D iscou n ts a t th e R e se rv e ban ks, o f N ew Y o rk C ity banks and o f banks ou tsid e N ew Y o rk C ity, 1928-29 co m pared w ith 1927-28 .................................................................................... iq Chart. S ecu rity h old ings o f all F ederal R e serv e ban ks, yea r end 1927-28 com pared w ith 1 9 2 8 -2 9 .................................................. 10 Chart. R e serv e bank credit and m on ey in circu lation 1925-29. P ages 16, 64 ............................................................................................................ T abulated gains and losses o f re se rv e fu n d s ' betw een w eek ended M arch 29 and w eek ended A p ril 2 6 ...................................... 38 Chart. M on th ly avera g es o f w eekly figures fo r re p o rtin g m em ber banks in leadin g cities, 192 7 -1 92 9 . P ages 56, 64, 72, 80, 88 .......................................................................................................................... Chart. Ind ebtedn ess o f N ew Y ork C ity m em ber banks at th e F ederal R ese rv e Bank o f N ew Y o rk d urin g June and J uly 1929 com pared w ith 1928 ................................................................... 57 Chart. Increase in R e serv e Bank h old ings o f accep ta n ces and U nited States G overn m en t secu rities sin ce w eek ended July 27, com p ared w ith estim ated a m ou nt o f F ederal R eserv e cred it required fo r the a utum n season ............................................. 73 Chart. B ankers accep ta n ces held b y F ederal R eserv e B anks, 1929 com pared w ith 1927 and 192 8 .................................................... 75 Chart. Ind ebtedn ess at the F ederal R e serv e B anks o f m em ber banks in N ew Y o rk C ity and elsew h ere th ro u g h o u t the U nited S tates, J an uary to D ecem b er............................................... 89 T abulated liqu idation in tota l loans on secu rities b y rep ortin g m em ber banks fro m O ctob er 16 to N ovem b er 2 7 .......................... 89 16 Federal Reserve Bank of New York Deposits S avings bank d ep osits ................................................................................. Tabulated p ercen ta g e ch an ge in d ep osits o f rep ortin g banks betw een Jan uary 10 and J u ly 10 com pared w ith the ch an ge in the corresp on d in g period la st y e a r............................................... 58 59 Discounts----See also Federal Reserve Bank Credit Chart. D iscou n ts a t the R eserv e B anks, o f N ew Y o r k C ity banks and o f banks outsid e N ew Y ork C ity, yea r end 1928-29 com p a red w ith 1927-28 .......................................................................... Chart. M ov em en t o f call loan rates com pared w ith fluctuations in b orrow in gs o f N ew Y o rk C ity banks from F ederal R e serv e B ank and in tota l brok ers loans placed b y rep ortin g N ew Y ork C ity m em ber banks, Jan uary, M ay, J u n e......................... Chart. In d ebtedn ess o f N ew Y o rk C ity m em ber banks at th e F ederal R eserv e B ank o f N ew Y o rk durin g June and J u ly 1929 com pared w ith 1928 .................................................................. Chart. Indebtedn ess at th e Federal R eserv e B anks o f m em ber banks in N ew Y ork C ity and elsew here th rou g h o u t th e U nited S tates, January to D ecem b er.................................................. 17 57 65 10 Foreign Exchange 41 57 89 Employment E m p loy m en t and w ages. P a ges 6 , 14, 20, 29, 38, 53, 61, 69, 78, 85, 95 ................................................................................................................ Chart. W ork ers em p loyed in all m an u fa ctu rin g industries in N ew Y o r k S tate and in th e iron and steel, m ach in ery, and autom ob ile ind u stries in 1928, com p ared w ith 1927 .................. 6 Chart. R atio o f w ork ers called f o r to reg istra tion s fo r e m p lo y m en t a t N ew Y o rk sta te em p loy m en t offices, 1929 com pared w ith 1927 and 1928................................................................................20 C hart. C ourse o f fa c t o r y em p loy m en t and fa c t o r y p a yrolls in N ew Y o r k S tate, 1 9 2 3 -1 9 2 9 ................................................................ 29 Chart. R ates on 90 day tim e m on ey, 4 to 6 m onths com m ercia l paper, and 90 day accep ta n ces and d iscou n t rate o f th e F ederal R ese rv e B ank o f N ew Y o r k ................................................. Chart. Indebtedn ess o f N ew Y ork C ity m em ber banks a t the F ederal R ese rv e B ank o f N ew Y o rk d urin g June and July, 1929 com pared w ith 1928....................................................................... Chart. M on th ly rates f o r 60-90 day s to ck exch a n g e tim e m on ey, 4 to 6 m on th s com m ercia l paper and 90 day bankers accep ta n ces and d isco u n t rate o f th e F ederal R ese rv e B ank o f N ew Y ork , 1 9 1 9 -1 9 2 9 ............................................................................ F o reig n exchange. M on th ly, pages 3, 10, 18, 26, 35, 44, 52, 60, 6 8 , 75, 84, 92........................................................................................ C hart. C ourse o f fo re ig n exch a n g e at N ew Y o rk w ith relation to p ar and gold exp ort and im p ort. P ages 11, 19, 8 5 ............ Foreign Trade— See also Gold F o re ig n trade. M on th ly , p ages 5, 1 2 , 2 2 , 29, 37, 44, 53, 61, 6 8 , 76, 85, 95 ......................................................................................................... Chart. E xp o rts o f w h eat and w h eat flour fro m principal e x p o rtin g cou n tries, crop years fro m 1919 to 1928....................... 5 Chart. U nited States m on th ly im p orts and exp orts o f m erch an d ise in 1928 com pared w ith 1927 and 1 926................................... 12 Chart. G row th in exp orts o f finished m an u fa ctu res com pared w ith all o th e r e xp o rts, 1 9 2 2 -1 9 2 9 ....................................................... 44 Gold Gold m ovem en t. M on th ly , p ages 3, 11, 19, 27, 36, 43, 52, 60, 67, 75, 84, 92.................................................................................................. Chart. C ourse o f fo r e ig n exch a n g e rates at N ew Y o r k rela tiv e t o par and gold e xp o rt and im p ort p oin ts. P a ges 11, 19, 85 INDEX FOR THE YEAR 1929 (Continued) Pape Chart. M on th ly ch an ges in the U nited States s tock o f m on e ta ry gold , 1 92 5 -2 9. P a ges 12, 61 ........................................ .............. Chart. Gold m ovem en ts sin ce b egin n in g o f 1929, sh ow in g stea d y gain th rou gh im p orts, la rgely o ffse t b y earm arking o f g old u n til A p ril w hen earm arked g old was relea sed ........... P rod u ction o f m on etary g old , d iscu ssion o f Mr. K itch in ’ s estim ates ...................................................................................................... Tabulated tota l p rod u ction o f g old fro m 1 91 9 -1 92 8 , a ccord in g to Mr. K itch in ............................................................................................. 36 51 51 G o ld E a r m a r k in g Chart. Gold m ovem en ts sin ce begin n in g o f 1929, sh ow in g steady gain th rou gh im p orts, la rgely o ffs e t b y earm arking o f gold until A p ril w hen earm arked gold was relea sed ......... 36 H id e s Chart. M ovem en t o f p rices o f selected com m od ities, hides, 1 928-1929 .................................................................................................... 22 H ogs Chart. M ov em en t o f p rices o f selected com m od ities, h o g s, 1928-1929 .................................................................................................... 22 In te r e s t R a te s — S e e a ls o M o n e y M a r k e t T able o f m on ey rates a t N ew Y ork . M on th ly, pages 2, 10, 18, 25, 34, 41, 49, 58, 6 6 , 74, 82, 90......................................................... C entral bank rate ch an ges. P ages 3, 11, 18, 26, 35, 43, 52, 61, 6 8 , 75, 84, 92............................................................................................... Chart. Y ear end clos in g call loan ra les, 1927-28 com pared with 1928-29 ........................................ ....................................................... Chart. M on ey rates in th e N ew Y o r k m arket, 1 925-1929. Pages 16, 24, 32, 40, 48, 56, 72, 8 8 , D ecem b er supplem ent.... Chart. R ates on 90 day tim e m on ey, 4 t o 6 m onths com m e r cial paper, and 90 day accep ta n ces and d iscou n t ra te o f the F ederal R eserv e Bank o f N ew Y ork , 1 9 2 8 -1 9 2 9 ............................ Chart. M on th ly rates fo r 60 to 90 day stock exch a n g e tim e m oney, 4 to 6 m onths com m ercia l paper and 90 day bankers a ccep ta n ces and d iscou n t rate o f th e Federal R eserv e B ank o f N ew Y ork , 1 9 1 9 -1 9 2 9 ............................................................................ 10 17 65 In v e stm e n t T ru sts T abulated volu m e o f in v estm en t tru st issues in each year 1 924-1928, and in Jan. to A u g. 1 929............................................... 17 26 33 33 Brokers Loans Pape Chart. Index nu m bers o f p ro d u ctio n o f m an u fa ctu res and m inerals, 1 92 4-1928. M on th ly, pages 8 , 16, 24, 32, 40, 48, 56, 64, 72, 80, 8 8 , D ecem b er su p p lem en t............................................... Money Market— See also Interest Rates M on ey m arket. M on th ly , p ages 1, 9, 17, 25, 33, 41, 49, 57, 65, 73, 81, 89.................................................................................................. T re a su ry ta x p eriod op era tion s. P a ges 2, 50................................... M ov em en t o f call loan rates com pared w ith fluctuations in b o r row in gs o f N ew Y o r k C ity banks fro m F ed eral R e se rv e bank and in tota l b rokers loans p laced b y re p o rtin g N ew Y o rk C ity m em b er ban ks, J a n u a ry -M a y ...................................................... E ffe ct o f s u b scrip tio n s th ro u g h rig h ts on th e m on ey m arket.... S um m ary o f p rincip al op era tion s o f th e T rea su ry and a lso o rd in a ry ban kin g operation s on June 15....................... ................ Chart. M on th ly rates f o r 60 to 90 day s to ck exch a n g e tim e m on ey, 4 to 6 m onths com m ercia l paper and 90 day bankers a ccep ta n ces and d isco u n t ra te o f the F ederal R ese rv e B ank o f N ew Y o r k , 1 9 1 9 -1 9 2 9 .......................................................................... 41 49 50 65 66 89 New Financing— See Securities New York Stock Exchange M a n u fa c tu r e s Chart. In d ex num bers o f p rod u ction o f m an u fa ctu res and m in erals, 1924 -1 92 8 . M on th ly , pages 8 , 16, 24, 32, 40, 48, 56, 64, 72, 80, 8 8 , D ecem b er su p p lem en t........................................ Chart. G row th in exp orts o f finish ed m an u fa ctu res com pared with all oth er exp orts, 1 92 2 -1 9 2 8 ...................................................... a ls o Chart. M on th ly a verages o f w eek ly figu res fo r re p o rtin g m em ber banks in leading cities, 192 7 -1 92 9 . P ages 56, 64, 72, 80, 88 ........................................................................................................................ Chart. L oans on secu rities o f w eek ly re p o rtin g m em ber banks, 1 92 8-1929 ....................................................................................................... 17 Chart. T im e d ep osits o f w eek ly re p o rtin g m em b er ban ks, J an u a ry 1 92 7 -M a rch 1 9 2 9 ...„............................................................................. 25 Chart. L oans oth er than se cu rity loans o f w eek ly rep ortin g m em b er banks in 1929 com p ared w ith 1927 and 1 928................ 26 Chart. E stim a ted se cu rity loans o f re p o rtin g m em ber banks to cu stom ers, brok ers loans placed b y N ew Y o rk City banks fo r ow n a cco u n t and f o r o u t -o f-t o w n ban ks, and brokers loans placed fo r o th e rs, 1 9 2 8 -1 9 2 9 .................................................... 33 T a b le o f s e cu rity loans o f re p o rtin g m em ber banks in 101 leadin g cities on F eb ru a ry 6 , M arch 20, A p ril 24 and M ay 1, 1929, divid ed as to bank loans to b rok ers, loans b y “ o th e rs” , bank se cu rity loans d ire ctly to cu sto m e rs .................. 33 Chart. M ovem en t o f call loan rates com pared w ith fluctuations in b o rro w in g s o f N ew Y o rk C ity banks fro m Federal R eserv e B ank and in tota l b rok ers loans p laced b y re p o rtin g N ew Y o rk C ity m em ber ban ks, J a n u a ry -M a y ........................................ 41 M em ber bank credit. P a ges 42, 74................................................................ T abulated ch an ges in loans and in v estm en ts o f rep ortin g m em ber banks com pared w ith sam e m onth a yea r a go and tw o years a go ....................................................................................................... 42 Chart. T otal loans and in v estm en ts o f all re p o rtin g m em ber ban ks, 1929 com pared w ith 1927 and 1928. P ages 42, 58............. Bank earnings and expen ses in 1 928.................................................... 45 Chart. S tock p rices . . . and brok ers loans placed by rep ortin g N ew Y o r k C ity ban ks, J an u a ry -J u n e, 192 9 .................................. 49 Chart. In d ebtedn ess o f N ew Y o r k C ity m em ber banks a t the F ed eral R e se rv e B ank o f N ew Y o rk durin g June and July, 1929 com pared w ith 1928........................................................... ............ 57 Chart. A ll oth er loans (la rg e ly com m ercia l) o f all rep ortin g m em b er banks, 1929 com pared w ith 1927 and 1928............. 66 M em ber bank in d eb ted n ess......................................................................... 66 Chart. In d ebtedn ess at the F ederal R e se rv e B anks o f m em b er banks in N ew Y o rk C ity and elsew here th ro u g h o u t th e 89 U nited States, J an uary to D ecem b er................................................. T abulated liqu idation in tota l loans on secu rities b y rep ortin g m em ber banks fro m O cto b e r 16, to N o ve m b e r 27....................... 89 Minerals 77 L o a n s — S e e a ls o B r o k e r s L o a n s Chart. L oa n s on secu rities o f w eek ly rep ortin g m em ber banks, 1928-1929 ................ .................................................................................... Loans oth er than secu rity loans o f w eek ly rep ortin g Chart. m em ber banks in 1929 com pared w ith 1927 and 1928............. T abulated secu rity loans o f rep ortin g m em b er banks in 101 leading cities d ivided as to bank loans to b rok ers, loans b y “ o th e rs ” , bank s e cu rity loans d irectly to cu sto m e rs .................. Chart. E stim a ted s e cu rity loans o f rep ortin g m em ber banks to cu stom ers, b rok ers loans p laced b y N ew Y o rk C ity banks f o r ow n a ccou n t and fo r ou t o f tow n ban ks, and brokers loans p laced fo r oth ers, 1 9 2 8 -1 9 2 9 ................................................... Chart. T otal loans and in v estm en ts o f all rep ortin g m em ber banks, 1929 com pared w ith 1927 and 1928. P a ges 42, 58.... Chart. M on th ly a vera ges o f w eek ly figu res fo r rep ortin g m em ber banks in leadin g cities, 192 7 -2 9. P ages 56, 64, 72, 80, 88 Chart. A ll oth er loans (la r g e ly com m ercia l) o f all rep ortin g m em ber ban ks, 1929 com pared w ith 1927 and 1928.................. T abulated liqu idation in tota l loans on securities b y rep ortin g m em ber banks fro m O ctob er 16 to N ovem b er 27....................... Member Banks— See 44 Chart. Index o f s to ck p rices and volu m e o f stock tra d in g on the N ew Y o r k s to ck exch a n g e 1 8 9 7 -1 9 2 9 ...................................... Chart. P rice m ove m e n t o f U nited States G overnm ent, fo re ig n and d om estic corp oration bonds and volu m e o f bond tra d in g on th e N ew Y o rk S tock E x ch a n g e ...................................................... 83 91 INDEX FOR THE YEAR 1929 (Continued) Prices P age P age Chart. W h olesa le p rice index o f U nited States B ureau o f L a b or sta tis tics, 1 924-1928. P a ges 8 , 24, 40, 48f 56, 64, 7 2 ............. C om m od ity prices. P ages 22, 30, 46, 70......................................................... Chart. M ov em en t o f p rices o f selected com m od ities, January 1 92 8 -F eb ru a ry 1929 ................................................................................... 22 Chart. U nited States B ureau o f L a b or S ta tistics w h olesale com m od ity p rice index and grou p indexes fo r com m od ities w h ich h a ve m o st la rgely a ffected th e com p osite re ce n tly , 192 7 -1 92 9 .................................................. 80 Chart. The U nited States B ureau o f L a b or S ta tistics index o f w h olesale p rices and Federal R eserv e bank o f N ew Y o r k basic com m od ity p rice index, 1926 -1 92 9 . P a ges 46, 70................ Production P rod u ction and trad e in 1928................ .................................................... 4 Chart. E stim ated grow th o f p rod u ction and tra d e in th e U nited S tates, 1 9 1 D to 1 928........... ....................................................... 4 T abulated per cen t ch an ge 1923 fro m 1927 o f p rod u ction o f the m ore im p orta n t se rie s.............................................................................. 4 P rod u ction . M on th ly, pages 6 , 14, 21, 30, 38, 46, 54, 62, 70, 78, 8 6 , 94 ...................................................................................................................... T abulated m on th ly p rod u ction variou s lines. M on th ly , pages 6 , 14, 21, 30, 38, 4 G, 54, 62, 70, 79, 8 6 , 94............................................. C hart. Index num bers o f p rod u ction o f m an u fa ctu res and m inerals, 1 324-1928. P ages 8 , 16, 24, 32, 40, 48, 56, 64, 72, 80, 8 8 , D ecem ber su p p lem en t.......................................................................... Chart. P rod u ction o f steel in g ots, a utom obiles and cop p er and m ill con su m p tion o f co tto n in 1929 com pared w ith 1927 and 1928 ................................................................................................................ 94 T abulated n ew fo re ig n capital flotations offered in th e U nited S tates, b y m onths and quarters, 1927, 1928 and 1929.............. Chart. S tock p rices . . . and b rokers loans placed b y re p o rtin g N ew Y o rk C ity ban ks, J an u a ry -J u n e 1 92 9................................... T abulated fo re ig n financing in th e U nited States d u rin g the first six m onths o f 1927, 1928, 1929 b y c o u n tr y .......................... Chart. N ew se cu rity issues o f d om estic corp oration s (C o m m ercial and F inancial C hron icle figu res, re fu n d in g issu es exclu d ed ) 192 7 -1 92 9 ........... ...................................................................... Chart. A v e ra g e p rices o f 40 d om estic co rp ora tion bond s, 1929 com pared w ith 1926, 1927, 1928......................................................... T abulated in crease in vo lu m e o f in v estm en t tru s t issues d urin g th e p a st severa l yea rs, 1 9 2 4 -1 9 2 8 ......................................................... Chart. Index o f s to ck p rices and volu m e o f s to c k tra d in g on the N ew Y o r k S tock E xch an ge, 1 8 9 7 -1 9 2 9 ................................... Chart. P rice m ovem en t o f U nited States G overnm ent, fo re ig n and d om estic corp ora tion bonds and volu m e o f bond tra d in g on th e N ew Y o r k S tock E xch a n g e ........................... ........................ B usin ess p rofits. P a ges 28, 45, 6 8 , 9 3 ......................................................... Chart. A nnual net p rofits o f industrial, m erca n tile and pu blic u tility corporation s, and n et op era tin g incom e o f class I 28 railroads in 1928 com pared w ith 1927 and 1 92 6 .................. ......... Table o f net p rofits o f a nu m ber o f im p orta n t grou p s o f c o r p ora tion s, 1925, 1926, 1927, 1928, 1929. P a ges 28, 45, 69, 94 ....................................................................... .................................................. 49 59 67 76 77 83 91 S te e l Chart. P ro d u ctio n o f steel in g o ts , 1929 com pared w ith 1927 and 1928 ......................................................................................................... 94 S te e rs Chart. M o v em en t o f p rices o f selected co m m od ities, steers, 1 92 8-1929 ......................................................................................................... 22 S t o c k M a r k e t — S e e a ls o S e c u r it ie s T h e d ecline fro m O ctob er 23 to 29, com pared w ith p rice m o v e m ents sin ce 1897 ...................................................................................... Profits 37 83 U n ite d S ta te s T r e a s u r y T re a su ry ta x p eriod operation s. P a ges 2, 5 0 ........................................ Sum m ary o f p rincipal operation s o f th e T re a su ry and also o rd i nary ban king operation s on June 15...................................................... 50 S tren gth o f go v e rn m e n t issues ascriba b le in p a rt to purchases 50 b y corp oration s ............................................................................................. Rights E ffe ct o f su b scrip tion s th rou g h rig h ts on th e m on ey m arket.... 49 Rumania C u rren cy sta b iliza tion in R um ania ................................... ..................... 19 Rubber Chart. M ov em en ts o f p rices o f selected com m od ities, ru bber, Jan uary 1 9 2 8 -F eb ru a ry 1929................................................................ 22 Securities S ecu rity m ark ets. M on th ly , pages 3, 12, 20, 29, 37, 43, 52, 59, 67, 76, 83, 91........................................................................................ N ew financing. M on th ly, pages 3, 13, 20, 27, 37, 43, 51, 59, 67, 76, 84, 9 1 ............................................................................ ................... Chart. F oreig n secu rities sold in th e U nited S tates in 1928 com pared w ith 1 927 ....................... ............................................................ 4 Chart. P rices o f 342 industrial stock s, 33 railroad s to c k s, and 35 p ublic u tility sto ck s, 1927 -1 92 9 . P a ges 12, 52............................ Chart. N ew capital issues o f d om estic corp oration s 1 9 2 2 -2 8.... 13 Tabulated new fo re ig n issues sold in the U nited States 19221928, exclu d in g refu n d in g ....................................................................... 13 W ages E m p loy m en t and w ages. P ages 6 , 14, 20, 29, 38, 53, 61, 69, 78, 85, 95 .................. .................................................................................................. Chart. C ourse o f fa c to r y em p loym en t and fa c t o r y p a yrolls in N ew Y o r k State, 1 9 2 3 -1 9 2 9 .............................................. ..................... 29 Chart. Index num bers o f fa c t o r y e m p loy m en t and p a yro lls, 1 92 5 -1 92 9 . D ecem b er sup p lem ent........................... ,..................................... W heat Chart. E xp orts o f w heat and w h eat flour fro m p rincip al e x p o rt in g cou n tries, crop years fro m 1919 to 1 928................................. Chart. M ovem en t o f p rices o f selected com m od ities, w heat, 1 928-1929 ........................................ ................................................................. Wholesale Trade W h olesa le trade. M on th ly , pages 7, 15, 23, 31, 39, 47, 55, 63, 71, 79, 87, 96.................................................................................................. P e rce n ta g e ch an ge o v e r p rev iou s years in net sales and sto ck s on hand m o n th ly and per cen t o f a ccou n ts ou tsta n d in g by co m m od ity . M on th ly , pages 7, 15, 23, 31, 39, 47, 55, 63, 71, 79, 87, 96............................................................................................................ 5 22
@FedFRASER