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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 1930 Acceptances— See also Commercial Paper Agriculture C rops ..................................................................................................................... Chart. U. S. B ureau o f L a b or S ta tistics w h olesa le com m od ity p rice ind ex and g rou p indexes sh ow in g the m ovem en ts o f p rices o f a gricu ltu ra l com m od ities and th eir p ro d u cts , 19261930 .................................................................. ....................... Chart. P rod u ction estim ates o f ten p rincip al crops A u g u st 1930 compared w ith average h arvests in th e p a st five years 69 22 69 Bank Earnings B ank earnings and expen ses in 1929. A nnual stu d y o f op e ra t in g ratios ......................................................................................................... So S um m ary Chart. T otal loans on secu rities o f all re p o rtin g m em b er banks less loans to b rok ers p laced in N ew Y o r k C ity b an k s’ ow n a ccou n t, 1 9 2 6 -1 9 3 0 ............................................................................ 81 B u ild in g B uildin g. M on th ly , P a ges 5, 13, 21, 29, 38, 46, 55, 62, 69, 77, 85, 94 .......................................................................................................................... Chart. B uildin g co n tra cts aw arded in th e N ew Y o r k and N orth ern N ew J e rse y D is tr ic t and in 37 sta tes as rep orted b y th e F. W . D od g e corp ora tion f o r 1927, 1928 and 1929..... 14 Chart. A m o u n t o f resid en tia l, n on -resid en tia l, and p u b lic w ork s and u tilities co n tra cts aw arded in 37 sta tes, included in th e F . W . D od g e co rp o ra tio n re p o rts, 192 7 -1 93 0 . Pages 21, 47 ........................................................................................................................ Chart. B u ildin g co n tra cts aw arded in 37 states classified by p rincip al typ es o f co n stru ctio n , firs t quarter 1930 com pared w ith corre sp o n d in g p eriod o f p rev iou s fo u r y e a rs ......... ............. 38 Chart. Index o f b u ild in g co n tra cts aw arded in 37 states, 1919-1930 ........................................ 70 Chart. V o lu m e o f b u ild in g co n tra cts b y p rincip al typ es a w arded in 37 sta te s, 1930 com pared w ith p rev iou s tw o yea rs. P a ges 62, 77 ................. ......................................................................... B u s in e s s C o n d i t i o n s Indexes o f b u sin ess a ctiv ity . M on th ly , pages 6 , 15, 23, 31, 39, 47, 55, 63, 71, 79, 87, 95........................................................................... T a b u lated indexes o f b u sin ess a c tiv ity in va riou s lines. M on th ly , p ages 7, 15, 23, 32, 39, 47, 55, 63, 71, 79, 87, 95 .... P ro d u ctio n and trade in 1929..................................................................... 6 C en tra l B an ks C entral bank ra te ch an ges. M on th ly , p ages 4, 1 1 , 19, 28, 36, 44, 53, 60, 67, 83, 92......................................................... ................................. C harts. C entral bank ra te and open m ark et ra te f o r 3 m onths bills in leadin g E urop ean m o n e y m a rk e ts ....................................... 29 C entral bank rates tabulated, sh o w in g high o f 1929 cu rrent ra te and date o f la st re d u ctio n ............ ................................................. 29 C h a in S to r e s Chain s to r e trade. P a ges 8 , 16, 24, 40, 47, 63, 79, 96............................ T abulated p e rce n ta g e ch an ge o v e r p rev iou s yea r in nu m ber o f stores, tota l sales and sales p e r store, b y ty p e o f store. P ages 8 , 16, 24, 40, 48, 64, 80, 9 6 .............................................................. Balance of Payments International p a ym en ts o f th e U nited S tates, figures w ith com p a ra tiv e figu res fo r 1928..... Page Page B ill m arket. M on th ly , p ages 2, 10, 18, 27, 34, 42, 51, 58, 6 6 , 74, 82, 9 0 ............. ................................................................................................... A ccep ta n ces ou tsta n d in g tabulated b y cla sses fo r M arch 1929 and M arch 1930, p a g e 3 4 ; f o r J u ly 1929 and J u ly 1930, page 66 ...................................................................................................................... Chart. O u tstan d in gs o f ban kers accep ta n ces cla ssified as to principal typ es o f u n d erlyin g tra n saction s a t clo s e o f each m on th , 1928 and 1 929.............................................................................. 10 C hart. T ota l volu m e o f ban kers bills o u tsta n d in g sh ow in g am ou nt held b y Federal R eserv e B anks, b y fo r e ig n co r re spondents o f F ederal R eserv e B anks and b y oth er in v e sto rs, 1927-1930 ................... .................. ,..................... 42 Chart. V olu m e o f bankers accep ta n ces ou tsta n d in g , 1930 co m pared w ith 1928 and 1929............................................... ......... .............. 5S Chart. V olu m e o f ban kers a ccep ta n ces ou tsta n d in g a t end o f m onth and m on th ly a v era g e a m ou nt held b y F ed eral R e serv e B anks, 1928-1930 ......................................... ,.......................... ......... ......... 75 Chart. V olu m e o f bankers accep ta n ces held b y Federal R e serv e B anks, 1930 com pared w ith 1928 and 192 9 ....................... .............. 82 Chart. H old in gs o f accep ta n ces b y F ederal R ese rv e B anks fo r ow n a ccou n t, am ou nt held b y S ystem fo r fo re ig n co r re spon d en ts, and hold in gs b y a cce p tin g in stitu tion s, 1930 com pared w ith 1928 and 1 929............................................... .............. 91 of C ir c u la t io n Bonds— See Securities C hart. C urren cy in circu la tio n in th e U nited States 1930 co m pared w ith 1928 and 1929. P a ges 1, 41, 6 5 ............................................. Brokers Loans S ecu rity loans .................................................................................................... Chart. L oans on secu rities, all oth er loans and investm en ts o f w eekly rep ortin g m em ber banks, 1930 com pared w ith 1928 and 1929. P ages 17, 73...................... ...................................................... Chart. Increase durin g p a st yea r in b rok ers loans placed b y N ew Y ork C ity banks fo r ow n a ccou n t has p a rtia lly replaced brokers loans w ithd raw n b y lenders oth er than com m ercial ban ks. B rok ers loans f o r “ oth ers” and fo r N ew Y o r k C ity banks com pared 1 9 2 6 -1 9 3 0 ....................................................................... C o m m e r c ia l P a p e r — S e e a ls o A c c e p t a n c e s 50 C om m ercial p ap er m arket. M on th ly , p a ges 2, 10, 18, 26, 34, 42, 51, 58, 6 6 , 74, 83, 91................................................................................... Chart. A m ou n t o f open m arket com m ercia l paper o u tsta n d in g a t end o f each m on th , 1929 com pared w ith 192 6 , 1927, 1928 3 Chart. V olu m e o f open m ark et com m ercia l paper ou tsta n d in g com pared w ith all o th e r loans o f re p o rtin g m em ber banks, 1 924-1930 ......................................................................................................... 27 Chart. V o lu m e o f open m arket paper ou tsta n d in g th ro u gh 21 dealers, 1925 -1 93 0 . P ages 18, 51................................................................ INDEX FOR THE YEAR 1930 (Continued) Copper Chart. P rice m ovem en ts o f selected com m od ities, J uly 1928 th rou g h Ju n e 1930. P a ges 22, 54...................... ............................... Chart. D om estic p rice o f refined cop p er and refin ery sto ck s held in N orth and S outh A m erica, m on th ly 1 9 1 9 -1 9 3 0 ............. P age 87 94 Country Member Banks C ondition o f s e cu rity loans in m em ber ban ks. S tu dy o f loans in 118 co u n try m em b er banks in the Second D istrict....*____ Chart. Tim e d ep osits and in v estm en ts o f co u n try m em ber ban ks, 1 92 1 -1 93 0 ..................................................... .................................... T abulated tota l loans and in v estm en ts o f all m em b er banks in d ica tin g th e different m ovem en t o f such loans betw een co u n try m em b er banks and rep ortin g m em ber ban ks on O ctob er 24, 1929 and Septem ber 24, 1930...................................... ^ c>0 C hart. C u rren cy in th e U nited States, 1930 com pared w ith 1928 and 1929. P ages 1, 41, 65............................................................ 4 Department Stores D ep artm en t store trade. M on th ly , pages 7, 15, 23, 32, 40, 48, 56, 64, 72, 80, 8 8 , 9 6......................................... ................................................ P ercen ta g e ch a n ge o v e r p rev iou s yea r in m on th ly n et sales and stock s on hand. T abulated b y dep artm en ts. M on th ly , p ages 8 , 16, 24, 32, 40, 48, 56, 64, 72, 80, 8 8 , 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 e t sales and stock s on hand, and per cen t o f collected a ccou n ts o u t sta n d in g tabulated b y loca lity . M on th ly , pages 8 , 16, 24, 32, 40, 48, 56, 64, 72, 80, 8 8 , 96........................................................................... . Deposits S avings bank d ep osits. P a ges 18, 83.......................... .................................. Chart. D ep osits in 30 rep resen ta tiv e sav in gs ban ks in the Second Federal R e se rv e D istrict, 1930, com pared w ith 1927, 1928, 1929. P a ges 19, 83.................. .............................................................. Chart. T im e d ep osits in w eek ly rep ortin g m em b er banks in leadin g cities, 1 9 2 7 -1 9 3 0 .......................................................................... 88 C harts. T im e d ep osits and in v estm en t hold in gs o f w eek ly rep ortin g m em ber banks in leadin g cities and o f all oth er m em b er ban ks, 1 9 2 1 -1 9 3 0 .................................................. ................... 89 Discounts— See also Federal Reserve Bank Credit 9 Employment E m p loy m en t and w ages. M on th ly , p a ges 6 , 14, 23, 31, 39, 44, 53, 61, 71, 76, 87, 95........................................................................................... Chart. In d ex o f fa c to r y em p loym en t in N ew Y o r k State, 19231930 .............................................................. 23 Chart. In d ex o f fa c t o r y em p loy m en t in th e U nited S tates, 1 92 6-1930 ............................................................................... 89 C hart. R atio o f orders fo r w ork ers to a pplications fo r e m p lo y m en t a t N ew Y o rk S tate p u b lic em p loym en t bu rea u s, 1930 com p ared w ith p rev iou s tw o y e a rs...................... - ........................... 76 9 42 50 57 65 Foreign Exchange F o reig n exchange. M on th ly , p ages 3, 1 1 , 19, 28, 36, 44, 52, 59, 6 6 , 76, 84, 93.......................................................................................... ................ Cable rates tabulated f o r p rin cip a l cen ters m onth end co m pared w ith prev iou s m on th end and p rev iou s year. P a ges 11, 28, 37, 44, 52................................. ........................................... ..................... Chart. C ourse o f fo re ig n e xch a n g e q u otation s in N ew Y o rk , sh ow in g relation to g o ld p o in ts ................................................... ........ 19 Foreign Trade----See also Gold Czechoslovakia Chart. M em b er bank d iscou n ts a t F ederal R eserv e B anks, com p ared w ith open m arket com m ercia l paper rates, 19231929 Chart. M em ber bank d iscou n ts at F ederal R e serv e B an ks, com p ared w ith open m ark et com m ercia l paper rates, 192 3 1929 ................................................................................. ............................ . C hart. T otal volu m e o f bankers bills ou tsta n d in g s h o w in g am ount held b y F ed eral R e se rv e B an ks, b y fo r e ig n c o r re spon dents o f F ederal R e serv e B anks and b y o th e r in v e sto rs Chart. T otal in v estm en t h old ings o f rep o rtin g m em b er ban ks. M on th ly avera g es, 1 9 2 1 -1 9 3 0 ............................................... ................ Chart. A m o u n t o f Federal R e se rv e credit o u tsta n d in g d u rin g June and J uly 1930 and usual seasonal flu ctu a tion s in F e d eral R e serv e cred it required fro m A u g u st t o J a n u a ry_____ ___ Chart. T otal F ederal R e se rv e cre d it ou tsta n d in g , 1930 co m pared w ith 1928 and 192 9 ....................................................................... 59 Currency S tabilization o f th e C zech oslov ak crow n ............................................... Page Federal Reserve Bank Credit Cotton C hart. P rice m ov em en t o f selected com m od ities, Ju ly 1928, th rou g h 1930, pages 22, 5 4 . .............................................................. Chart. C otton cloth sales, p rod u ction , stock s and unfilled ord ers, 1 92 8 -1 93 0 ..................................................................................... Exports----See Foreign Trade F o re ig n trade. M on th ly , pages 5, 13, 21, 29, 36, 47, 55, 63, 71, 87, 95....................................................................... ......... .................................. Chart. M on th ly exp orts o f finished m an u fa ctu res and all oth e r e xp orts, 1 9 2 2 -1 9 2 9 ............................................... .......................... 18 C harts. F oreig n trade o f th e U nited S ta t e s ; m o n th ly exp orts and im p orts o f m erch an dise, 1930 com p ared w ith 1928 and 1929 36 Chart. F o re ig n trad e o f the U nited S tates, m o n th ly exp orts and im p orts o f m erch an dise, 1 9 2 4 -1 9 3 0 .................. ........................ 79 Gold Gold m ovem en t. M on th ly , p ages 3, 11, 19, 28, 37, 44, 52, 59, 67, 76, 84, 93.:........................................................................................................ N e t gain or loss o f g o ld th rou gh im p orts, exp orts and e a r m arkin gs tabulated b y m on th s, 1 9 2 9 .................................................. 8 Chart. M on eta ry gold s to ck o f th e U nited S tates, 1930 c o m pared w ith 1928 and 1929. P a ges 41, 65.................................................. Chart. M on th ly net gain o r loss to the g o ld s to ck o f th e U nited S tates, 1 9 2 5 -1 9 3 0 .......................................................................... 28 Interest Rates— See also Money Market M on ey rates at N ew Y o rk tabulated. M o n th ly , p a ges 2, 10, 17, 26, 33, 41, 50, 58, 6 6 , 74, 81, 9 0 ............ ,......... ................................. Central bank rate ch an ges. M on th ly , pages 4, 11, 19, 28, 36, 44, 53, 60, 67, 76, 83, 9 2 ........................................................................ Chart. Central bank ra te and open m ark et rate f o r 3 m onths bills in leading E uropean m on ey m arkets, 192 8 -1 9 3 0 ................ Central bank rates tabulated sh ow in g high o f 1929 cu rre n t ra te and date o f last re d u ctio n .................................................... ......... ......... Chart. M em ber bank d iscou n ts a t F ederal R e se rv e B an ks, com pared w ith open m ark et com m ercia l paper rates, 19231929 .............. Chart. M on th ly rates f o r 4 to 6 m on th s com m ercia l paper, 90 day bankers a cce p ta n ce s, 60 t o 90 day s to ck ex ch a n g e tim e m oney and d isco u n t ra te o f the F ederal R e serv e B ank o f N ew Y ork , 1 9 1 9 -1 9 3 0 ....... ............................. .................................... 29 29 9 25 Investments B ank in v estm en ts. In crea se in in v estm en ts com pared w ith liqu idation o f com m ercia l loans, and w ith th e in crease in prev iou s years ............................,— ........................................................... Chart. T otal in v estm en t h old in g s o f re p o rtin g m em b er ban ks, 192 1 -1 93 0 ...................... ...................- ......................................................... 49 50 INDEX FOR THE YEAR 1930 (Continued) Page Page Chart. Loans on securities, all oth er loa n s, and investm en ts o f w eek ly rep ortin g m em ber ban ks, 1930 com p ared w ith 1928 and 1929. P ages 17, 73.............................................. ....................................... M em ber bank investm en ts in crease in O ctober....;............................ 82 T abulated ch an ge in loans and in v estm en ts o f rep ortin g m em b er ban ks, N ovem b er 19, com pared w ith tw o m onths p reviou s and O ctob er 2, 1929.................................................... ............................ . 89 T abulated tota l loans and in v estm en ts o f all m em b er banks on O ctob er 4, 1929 and Septem ber 24, 1930 w ith per cen t o f ch an ge ..... ........................................................................................................ 90 Chart. T im e d ep osits and in v estm en t h old in g s o f w eek ly r e p ortin g m em b er banks in lea din g cities and o f all other 89 m em ber banks, 192 1 -1 93 0 ......................................... ........................ . L o a n s — S e e a ls o B r o k e r s L o a n s Chart. T o ta l loans and in v estm en ts o f w eek ly rep ortin g m em ber banks 1929, com pared w ith 192 8 .............................................. . 1 Chart. Loans on secu rities, all oth er loans, and investm en ts o f w eek ly rep ortin g m em ber b a n k s; 1930 com pared w ith 1928 and 1929. P ages 17, 73........... .............................................................. Chart. T otal loans and in v estm en ts o f w eekly rep ortin g m em b er banks, 1930 com pared w ith 1928 and 1 929.................. ......... 26 Chart. V olu m e o f open m ark et com m ercial paper ou tsta n d in g com pared w ith all oth er loans o f rep ortin g m em ber banks, 192 4 -1 93 0 ................................. ....................... ...................................... 27 Chart. L iq u id ation o f loans oth er than secu rity loans (la r g e ly com m ercia l) o f rep ortin g m em b er banks and in crease in new bond issues du rin g tw o periods o f busin ess recession , 19201922 and 1 9 2 9 -1 9 3 0 ................................................................................... 49 C ondition o f s ecu rity loans in 118 cou n try m em b er banks in th e Second D is tr ic t ......................... .............................. ............................ 59 Chart. T otal loans on secu rities o f all rep ortin g m em ber banks less loans to b rok ers placed in N ew Y o r k C ity ban ks’ ow n a ccou n t, 1 92 6-1930 ................................................................................... 81 T abulated ch an ge in loans and in v estm en ts o f rep ortin g m em ber banks, N ovem b er 19 com p ared w ith tw o m onths prev iou s and O ctob er 2 , 1929.................................................................................. 89 T abulated total loans and in v estm en ts o f m em ber banks indi ca tin g the d ifferent m ovem ent o f such loans betw een co u n try m em ber banks and rep ortin g m em ber banks in tim es o f d eclin in g bu sin ess, O ctob er 24, 1929 and S eptem b er 24, 1930 90 Machine Tools Chart. In d ex o f m ach in e to o l ord ers com p u ted b y N ational M ach in e T o o l B uilders A ss o cia tio n , 1 9 2 2 -1 9 3 0 ............................ 88 Manufacturers Chart. M on th ly oth er exp orts, 50 59 81 82 89 89 90 Monetary Gold— See Gold Money Market— See also Interest Rates M on ey m arket. M o n th ly , p ages 1, 9, 17, 25, 33, 41, 49, 57, 65, 73, 81, 89........................................ .................................................. . New Financing— See Securities Pig Iron Charts. P rice m ove m e n ts o f selected com m od ities, J u ly 1928 to F eb ru a ry 1 93 0 ........................................................................................ 22 Prices C om m od ity p rices. P a ges 22, 29, 37, 46, 54, 61, 77, 8 6 ....................... Chart. U. S. B ureau o f L a b or S ta tistics m on th ly index o f w h olesale co m m o d ity p rice s, 1 9 1 4 -1 9 3 0 ...... .................................... 37 Chart. U . S. B ureau o f L a b or S ta tistics w h olesale co m m o d ity p rice index and grou p indexes sh ow in g the m ovem en ts o f p rices o f a g ricu ltu ra l com m od ities and their p ro d u cts, and o f fu el, m etals and b u ild in g m aterials, 1 9 2 6 -1 93 0 . P a ges 22, 46 ............................ ............................................................................ ................ C harts. P rice m ovem en ts o f selected com m od ities, J uly 1928 to F eb ru a ry 1930, page 22, th ro u g h June 1930, p a ge 5 4 .................. Chart. W e e k ly m ovem en ts o f gen era l co m m o d ity p rices, 1 92 9-1930 ......................................................... 78 Production exp orts o f finished m an u fa ctu res and all 1 9 2 2 -1 9 2 9 ......................................................................... 13 Member Banks— See also Country Member Banks M em b er bank credit. P a ges 42, 58, 6 6 , 82...... .......................................... Chart. T otal loans and in v estm en ts o f w eek ly rep ortin g m em b er banks 1929 com pared w ith 192 8 ........... ....... ............................ ... 1 C hart. M em ber bank d iscou n ts at F ed eral R eserv e B an ks, com p ared w ith open m arket com m ercia l paper rates, 19231930 ................................................................ 9 Chart. T otal loans and in v estm en ts o f w eek ly rep ortin g m em b er banks 1930 com pared w ith 1928 and 192 9 .......... ......... ....... 26 Chart. V olu m e o f open m ark et com m ercia l paper ou tsta n d in g com pared w ith all oth er loans o f rep ortin g m em ber banks, 192 4 -1 93 0 ..................... .............................. 27 Chart. T ota l in v e stm en t hold in gs o f w eek ly rep ortin g m em b er ban ks in leading cities, 1 9 2 7 -1 9 3 0 ........... ................ .................. 33 Chart. Tim e d ep osits in w eek ly rep ortin g m em b er banks in leadin g cities, 1 9 2 7 -1 9 3 0 ...................................................... ............... 33 Chart. Liquidation o f loans o th e r than s e cu rity loans (la rg e ly com m ercia l) o f rep ortin g m em b er banks and increase in new bond issues d u rin g tw o p eriod s o f b u sin ess recession , 192 0 -1 92 2 and 1 9 2 9 -1 9 3 0 ......................... .............. ............................... 49 C ondition o f N ew Y o r k b an k s........... .................................... ................. 50 Chart. T otal in v e stm e n t hold in gs o f re p o rtin g m em b er banks in leadin g cities. M on th ly a vera ges o f w eek ly figu res, 192 1-1930 ................................................................................ C ondition o f se cu rity loans in m em ber ban ks, stu d y o f loans in 118 co u n try m e m b e r banks in th e S econd d is trict...... ....... Chart. T otal loans on secu rities o f all re p o rtin g m em b er banks less loans to brok ers p laced in N ew Y o r k C ity ban k’ s ow n a cco u n t, 1 9 2 6 -1 9 3 0 ...... ............................ ..................................... M em ber bank in v estm en ts increase in O cto b e r........... ...................... Tabulated ch an ge in loans and in v e stm e n ts o f re p o rtin g m em ber banks, N o ve m b e r 19, com p ared w ith tw o m onths p re v i ous and O cto b e r 2, 1929........... ......... ..................................................... C harts. T im e d ep osits and in v e stm e n t hold in g s o f w eek ly rep ortin g m em b er banks in leadin g cities and co u n try m em b er banks, 1 9 2 1 -1 9 3 0 ...... ......................................................... ................. T abulated tota l loans and in v estm en ts o f all m em ber banks on O ctob er 4, 1929 and Septem ber 24, 1930 w ith per ce n t o f ch an ge ...... .................................................... .................................................. P rod u ction . M on th ly , p ages 7, 14„ 20, 31, 38, 46, 54, 62, 71, 78, 8 6 , 94................................................................................................................... P rod u ction indexes tabulated b y in d u stries. M on th ly , pages 7, 15, 21, 31, 38, 46, 55, 63, 70, 78, 8 6 , 94 ........... ......... ........................ Chart. In d ex o f g ro w th o f p ro d u ctio n and trade in th e U nited States 1919 to 1 929 ...... ............................ ............................................... 6 P rod u ction and trade in 1 92 9 .................................................................... 6 T abulated p e r ce n t ch a n g e 1929 fr o m 1928 f o r th e p rincip al series .................. ....... .......................................... ......... ............................ — 6 Chart. In d ex o f in d u strial p ro d u ctio n com p uted b y th e F e d eral R e se rv e B oard, 1929 com pared w ith 1927 and 1928 _____ 15 Chart. Ind ex o f ind ustrial p ro d u ctio n com puted b y the F e d eral R e se rv e B oard, a d ju ste d f o r seasonal variation s 1930 com pared w ith 1927, 1928, 1929.......................................... .............. 86 Chart. Ind ex o f m achine to o l orders com p uted b y N ational M ach in e T o o l B uilders A sso cia tio n , 1 9 2 2 -1 9 3 0 ........................... 88 Profits B usin ess p rofits. P a ges 30, 45, 6 8 , 93......................................................... N et p rofits tabulated f o r several grou p s o f im p orta n t co rp o ra tion s 1927, 1928, 1929, 1930. P ages 30, 45, 6 8 , 93......................... Chart. A nnual n e t p rofits o f industrial m ercantile and pu blic u tility corp oration s and n et op era tin g in com e o f cla ss 1 railroads in 1929 com p ared w ith 1928 and 1 927.......................... 80 INDEX FOR THE YEAR 1930 (Continued) Page P age Chart. Q u arterly n et p rofits o f 105 ind ustrial corp ora tion s and net op era tin g in com e o f cla ss 1 railroads, 1 9 2 4 -1 9 2 9 ...... C harts. Q u arterly net p rofits o f 163 in d ustrial com panies. N et op era tin g in com e o f 172 cla ss 1 railroads, and n et ea rn ings o f 95 o th e r pu blic utilities com bin ed. P a ges 45, 6 8 .... 30 Rubber C hart. P rice m ovem en ts o f selected com m od ities, J u ly 1928 to F eb ru a ry 1 930, p a g e 22, th rou g h J une 1930, p a ge 54 ...... Savings Deposits— See Deposits Scrap Steel Charts. P rice m ovem en ts o f s elected com m od ities, J u ly 1928 t o F eb ru a ry 1930, p a ge 22, th rou g h June 1930, p a ge 54...... Chart. N ew se cu rity offe rin g s du rin g first h a lf o f 1929 and 1930, classified as to t y p e o f se cu rity and iss u e r....................... G overnm ental issues h a ve p red om in a ted in each o f th e three yea rs p rior to 1929 w h ereas co rp o ra te exceed ed go v e rn m e n ta l in 1929 and 1 93 0 ........................................................................................ T a b le s h o w in g m o v e m e n t o f rep resen ta tiv e South A m erican and Germ an bonds com p a red w ith th a t o f an a v e ra g e o f the p rices o f 40 issu es re p re se n tin g a w id e sam p lin g o f fo re ig n b ond s quoted in N ew Y o rk , S eptem ber 19 and O cto b e r 29.... Charts. V o lu m e o f new bond issu es floated each q u a rter o f 1 92 7 -1 93 0 , classified as to ty p e o f b o rro w e r.................................... C hart. M ov em en ts o f yield s and ap p roxim ate p rice s o f v a ri ous grad es o f d o m e stic corp ora tion b on d s, 1927 to 193 0...... Chart. N e w s e cu rity issu es o f d o m e stic co rp o ra tio n s— e x c lu siv e o f re fu n d in g offe rin g s, less fin a n cin g b y in v estm en t tru sts and h old in g com panies, 1 9 2 7 -1 9 3 0 ........................................ 61 76 85 85 92 92 Silk Security Loans S e cu rity loans .................................................................................................. C ond ition o f s e cu rity loans In m em ber' ban ks, stu d y o f loans in 118 co u n try m em b er ban ks in th e Second d is trict............. Chart. L oans on secu rities, all oth er loans and in v estm en ts o f w eek ly rep ortin g m em b er ban ks, 1930 com pared w ith 1928 and 1929. P a g es 17, 73............................................................................ Chart. T ota l loans on secu rities o f all rep ortin g m em ber ban ks less loans t o b rok ers p laced in N ew Y o r k C ity b an k s’ ow n a ccou n t, 1 9 2 6 -1 9 3 0 ............................................................................ Chart. P r ic e m ovem en ts o f selected com m od ities, J uly 1928 t o F eb ru a ry 1930, p a ge 2 2, th ro u g h J u n e 1930, p a ge 5 4 ............ Stocks— See Securities Time Deposits— See Deposits United States Treasury T rea su ry bills .................................................................................................. 2 T a x p eriod operation s. P a ges 25, 73.............................................................. Securities S ecu rity m arkets. M on th ly , p a ges 5, 13, 20, 27, 35, 4 3, 51, 60, 67, 75, 84, 9 1 ........................................................................................ N ew fin a n cin g . M on th ly , p a ges 4, 12, 20, 27, 34, 43, 52, 60, 67, 75, 85, 92................................................................ ............................... F oreig n issu es floated in U nited States tabulated b y m onth, 1928 and 1929............................................... ................................................ 12 Chart. N ew b on d flota tion s o f d om estic corp ora tion s and o f m un icip a lities, sta tes and fa rm loa n a gen cies, 1927 -1 92 9 . P a ges 5, 20........................................................................... ................................. Chart. Issu es o f n ew s to c k b y d om estic corp ora tion s, 1929 com p a red w ith 1 928 ...... .............. ............................ ................................. 12 Chart. P rice m ovem en ts o f U . S. G overn m en ts, fo r e ig n and d om estic corp ora te bon d s, 1 9 2 9 -1 93 0 . P a ges 20, 60......................... Chart. P rice m ovem en ts o f d om estic corp ora tion bonds by w eeks, 1 9 2 7 -1 9 3 0 .......................................................................................... 27 N ew fo r e ig n flota tion s tabulated b y q u a rters, 1928, 1929, 1930 35 Chart. P rice m ovem en ts o f ind ustrial, railroad and p ublic u tility s tock s, 1928, 1930....................................................................... 35 C hart. N ew secu rity flota tion s o f d om estic corp oration s, 192 7 -1 93 0 .............................................. ................... 35 Chart. F oreig n s e cu rity issu es fo r new capital p urp oses g o v ern m en tal and corp ora te d u rin g th e firs t fo u r m on th s o f 1 92 6-1930 ................................................................. ......... ................ 43 Chart. L iq u id ation o f loans oth er than secu rity loans o f rep ortin g m em b er banks and in crease in new bond issues d urin g tw o p eriod s o f b u sin ess recession , 1 92 0 -1 92 2 and 192 9 -1 93 0 ................................................................................. 49 Chart. A v e ra g e divid end yield on 90 com m on s tock s com pared w ith yield on 60 bon d s, 1 9 2 7 -1 93 0 . P a ges 52, 84.............................. Wages E m p loy m en t and w ages. P a ges 6 , 14, 23, 31, 39, 44, 53, 61, 71, 76, 87, 95......................................................................................................... Chart. A v e ra g e w eek ly ea rnings o f em p loyees in N ew Y o rk S tate fa cto rie s, 1 9 1 9 -1 9 3 0 ....................................................................... 71 Wheat Chart. P r ic e m ovem en t o f selected co m m od ities, J u ly 1928 to F e b ru a ry 1930, p a ge 22, th ro u gh June 1930, p a ge 54...................... . Wholesale Trade W h o le sa le trade. M on th ly, pages 8 , 16, 24, 32, 40, 48, 56, 64, 72, 80, 8 8 , 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 on th ly and per cen t o f a cco u n ts o u tsta n d in g b y co m m o d ity . P a ges 8 , 16, 24, 32, 40, 48, 56, 64, 72, 80, 8 8 , 96 ......................................................................................................................... Wool Chart. P rice m o v e m e n t o f selected co m m od ities, J u ly 1928 to F e b ru a ry 1930, p a g e 22, th ro u gh J u n e 1930, p a g e 54....................... Zinc Chart. P rice m ovem en ts o f selected com m od ities, J u ly 1928 to F eb ru a ry 1930, p a ge 22, th rou gh June 1930, p a ge 5 4 ..................
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