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MONTHLY REVIEW of Credit and Business Conditions Second Federal Reserve District , Federal Reserve Agent Federal Reserve Bank New York INDEX FOR THE YEAR 1934 Acceptances P age Business Activity P age B ill m arket. M on th ly , p a ges 2, 10, 18, 26, 34, 42, 50, 58, 66, 74, 82, 90............................................................................................................... . Indexes o f b usin ess a ctiv ity . M on th ly , p a ges 7, 13, 23, 31, 39, 47, 62, 64, 69, 78, 8 6 , 94............................. ................................... .......... Chart. C om parative m ovem en ts o f yields on lo n g term in v e s t m ents and rates on bankers accep ta n ces sin ce 1928 .................. Tabulated indexes o f busin ess a ctiv ity in variou s lines. M on th ly , p a ges 7, 14, 23, 31, 39, 47, 55, 62, 70, 78, 8 6 , 94............. ......... 49 Agricultural V alue o f cr o p s .................. ........... .......... ......................................................... F arm p rod u ction .... Chart. Index o f railroad loadin gs o f m iscellaneous and less than carload fre ig h t, 1931 -1 93 4 , pages 13, 47, 94.............................. and in com e..................................................................... Chart. Cash incom e o f fa rm ers fro m a gricu ltu ra l m arketin gs and paym ents by A gricu ltu ra l A d ju s tm e n t A d m in istration , 1929-1934 ....................................................................................................... 4 71 89 Chart. Index o f sales o f departm en t stores and m ail ord er hou ses, a d ju sted f o r seasonal variation , 1 9 3 0 -1 9 3 4 .................. 55 Chart. D aily a vera g e retail sales o f new p a ssen ger a u to m o b iles, a d ju sted f o r seasonal variation . 1 93 0 -1 9 3 4 .................... 62 C hart. D aily a vera ge value o f d epartm en t sto re sales in the U nited States, 1933 -1 93 4 . (F ed era l R eserv e B oard ’ s sea son a lly a d ju sted in d e x )..................................................................................... 78 Chart. S easonally a d ju sted indexes o f dep artm en t store sales in industrial and a gricu ltu ra l d istricts — N ew Y o rk , P h ila delphia, A tlanta, D allas, 1 9 3 2 -1 9 3 4 ........... ...................................... 86 71 Table. P rod u ction o f p rincipal crops indicated b y A u g u st 1 con dition report in p ercen ta ges o f 1933 h a rv est and a vera g e 1924-1933 h a rv est ...................................................................................... 71 Chart. Indexes o f th e q u a n tity o f a gricu ltu ra l and n o n agricu ltu ra l exp orts, 1 93 2-1934 ............................ ........................... 95 Automobiles Chart. D aily a vera g e retail sales o f n ew p a ssen g er a u to m o biles, 1 93 0-1934 .......................................................................................... 62 Chart. 85 In d ex o f p rod u ction in im p orta n t lin es, 1 9 2 9 -1 9 3 4 ......... Chart. D ollar value o f dep artm en t sto re sales in th e U nited S tates, 1 93 1-1934. (F ed era l R e serv e B oard ’ s seasonally a d ju ste d in d ex) .................................................................................................. Central Banks Central bank ra te ch an ges. P ages 4, 1 2 , 20, 36, 52, 60, 67, 84, 91 ............................................................................................................. Balance of Payments B alance o f p a ym en ts o f the U nited S tates, sum m arized ................ 29 Chain Stores Chain s to re trade. P a ges 64, 80........................................ ..................... P e rce n ta g e ch an ge fro m p rev iou s yea r in n u m b er o f stores, tota l sales, and sales per store, tabulated b y ty p e o f store. P ages 64, 80 ....................................................... ........................ ................. Bill Market— See Acceptances Bonds— See Securities Circulation Building B uilding. M on th ly , pages 6 , 15, 22, 31, 39, 47, 56, 63, 72, 79, 8 6 , 94.................................................................................................................. Chart. A v e ra g e d a ily value o f b u ild in g con tra cts awarded by m a jor typ es, 1931-1933 ............................................................................ 6 Chart. B uildin g and en g in eerin g con tra cts aw arded, classified as to p u b licly or p riva tely financed, 1 9 3 2 -1 9 3 3 ........................... 15 Chart. A v era g e daily value o f b u ild in g and en g in eerin g co n tra cts, p u b licly and p riv a tely financed, 1932 -1 93 4 , pages 40-6 3 .......................................................................................................................... Chart. Index o f b uild in g and en g in eerin g con tra cts aw arded in 37 E astern States, 1 92 8 -1 9 3 4 .................................................................. 48 Chart. E stim ated volu m e o f b u ild in g con stru ction in th e U nited States and E ngland , 1 92 8 -1 9 3 4 .............................................................. 87 Sum m ary o f Heal P rop erty in v en tory o f 1 934 ................................... 95 Chart. C hange in a ctual a m ou n t o f m on ey o u tsta n d in g , co m pared w ith usual seasonal v a ria tion s, A u g u s t th rou gh D e cem b er ..................................................................... ....................... ................ 1 Commercial Paper C om m ercial paper m arket. M on th ly , p ages 2 , 10 , 18, 27, 3 4 , 42, 50, 59, 66 , 74, 82, 90.......................................... ............................ Cotton Chart. M ovem en ts o f prices o f im p orta n t co m m o d itie s............. 61 Chart. C hange in a ctual a m ou n t o f m on ey ou tsta n d in g co m pared w ith usual seasonal variation , A u g u st th rou gh January 1 Currency INDEX FOR THE YEAR 1934 (Continued) Department Stores Page D epartm ent store trade. M on th ly , pages 8 , 16, 24, 32, 40, 48, 56, 63, 72, 79, 8 8 , 96................................................................................. P ercen tag e ch an ge from prev iou s year in m on th ly net sales and s tock s on hand, and collection s o f a ccou n ts ou tsta 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................................................................................. Chart. In d ex o f dolla r value o f departm en t store sales in S econd Federal R eserv e D istrict. M on th ly , 1933 com pared w ith 1931 and 1932................................................................................... 8 Chart. D ollar value o f dep artm en t store sales in the U nited States, 1 93 1 -1 93 4 (F ed era l R eserv e B oard ’ s season a lly a d ju ste d in d ex) ............................................................................................... 39 Chart. Seasonally a d ju sted index o f sales o f departm ent stores and m ail ord er hou ses, 1 9 3 0 -1 9 3 4 ......................................................... 55 Chart. S easonally a d ju sted indexes o f departm ent store sales in industrial and a gricu ltu ra l d istricts — N ew Y ork , P h ila d el phia, A tlanta, D allas, 1 93 2 -1 93 4 ......................................................... Page Farm Production and Income......................................... ........ 71 Chart. Cash in com e o f fa rm ers fro m a gricu ltu ra l m ark etin gs and p aym en ts b y A gricu ltu ra l A d ju s tm e n t A d m in istration , 1 92 9-1934 ....................................................................................................... 71 Table. P ro d u ctio n o f p rincip al crop s indicated b y A u g u s t 1 con dition rep ort, in p ercen ta g es o f h a rv e st o f 1933, and a v e r age h a rv e st o f 1 9 2 4 -1 9 3 3 .................. ..................................................... 71 Federal Farm Mortgage Corporation O fferin g o f $ 100,000,000 o f 3 % Federal F arm M o r tg a g e C or p ora tion bonds ............................................................................................. P ercen tag e ch a n g e fro m p reviou s yea r in net sales and stock s on hand tabulated b y principal dep artm en ts. Pages 64, 80, 88 ................................................................................................................................ Chart. D aily a vera g e value o f d epartm en t store sales in the U nited S tates, 193 3 -1 93 4 (F ed eral R eserv e B oard ’ s se a so n ally a d ju sted in d e x )................................................................................... Exports— See Foreign Trade 58 Federal Land Bank Bonds J oint offerin g o f $131,400,000 o f 10 t o 12 yea r 4 % F ederal Land Bank con solid ated b o n d s.............................................................. 51 78 Federal Reserve Act A m ended durin g June so as to a u thorize th e R e se rv e B anks to prov id e established industrial and com m ercia l b u sin esses w ith w o rk in g capital ........................................................................................... 86 51 D e p o s its Chart. N et dem and d ep osits, less net am ou nt due to banks, held b y w eek ly rep ortin g m em ber banks in 91 cities, 193 2-1934 33 F oreig n E xch an ge. M on th ly , pages 3, 1 2 , 18, 27, 36, 44, 52, 60, 6 6 , 75, 83, 90............................................................. ............................ Chart. N et am ounts due to oth er banks b y w eek ly rep ortin g m em ber banks in N ew Y o rk C ity, 1 93 2 -1 9 3 4 ................................. 41 C losing cable rates at N ew Y o rk , tabulated. M on th ly , pages 3, 13, 19, 27, 36, 44, 53, 60, 67, 76, 84, 91...................................... Chart. Dem and and tim e d ep osits o f all m em ber banks in th e U nited States on call dates, 1 9 3 0 -1 93 4 .......................................... 65 Chart. D iscou n t on the dollar and th e pound ste rlin g fro m gold p a rity , A p ril-D e ce m b e r 1 933................................................................... 3 73 Chart. P rem ium or d isco u n t on the dollar fro m p a rity in term s o f sterlin g , F ren ch fra n c and G ov ern m en t p rice f o r new ly m ined g o ld .................................................................................................... 12 Chart. D isco u n t on the dollar fro m old p a rity w ith th e F ren ch fra n c, sh ow in g new p a rity established on Jan u a ry 31, 1934.. 19 Chart. D aily quotations f o r the pound ste rlin g and th e F ren ch fra n c at N ew Y o rk , J an u a ry -M arch , 1 934...................................... 27 C hart. R ate o f tu rn ov er o f dem and deposits in principal cities, 1 91 9-1934 ........................................................................................ Foreign Exchange D o lla r Chart. D iscou n t on th e d ollar and pound sterlin g fro m gold p a rity , A p ril-D ecem b er 1933.................................................................. 3 Chart. P rem ium o r d iscou n t on th e dollar fro m p a rity in term s o f s terlin g , F ren ch fra n c and G overnm ent price fo r new ly m ined gold ...................................................................................... 12 Chart. D aily q u otations f o r th e F ren ch fra n c a t N ew Y ork. P a ges 67, 76........................................................................................................... Chart. D iscou n t on the d ollar fro m old p a rity w ith the F ren ch fra n c, sh ow in g new p a rity established on January 31, 1934.. 19 Chart. C ourse o f ste rlin g and F ren ch fra n c exchanges, at N ew Y o rk , Septem ber, O cto b e r............................................................ . 88 90 Chart. F lu ctu a tion s o f dollar exch a n g e m easured in term s o f th e F ren ch fra n c and g o ld m ovem en ts at N ew Y o rk , A p rilN o ve m b e r ....................................................................................................... 90 Chart. F lu ctu a tion s o f dollar exch a n ge m easured in term s o f th e F ren ch fra n c and g old m ovem en ts at N ew Y o rk , A p rilN ov em b er ...................................................................................................... E a r n in g s — S e e P r o fit s Foreign Trade F o reig n trade. M on th ly , p ages 7, 13, 22, 32, 38, 45, 54, 60, 71, 79, 87, 95 ......................................... .................................... ............................ E le c tr ic P o w e r C hart. In d ex o f electric p ow er p rod u ction , 1 9 3 1 -1 9 3 4 ................ 54 E m p lo y m e n t E m p loy m en t and p a yrolls. E m p loy m en t. P a ges 4, 30, 38, 61, 7 0 ...„ ........................... P a ges 15, 21, 46, 53, 11, 87, 93........................................... C hart. Indexes o f p rod u ction o f m an u fa ctu res, fa c t o r y p a yrolls, and fa c t o r y em p loy ee-h ou rs w orked, J a n u a ry -N ov e m b e r...... ... 5 Chart. S easonally a d ju sted indexes o f tota l fa c t o r y e m p lo y m en t and o f im p orta n t g rou p s, 1 93 3-1934. Pages 22, 38 ............. Chart. Seasonally a d ju sted indexes o f fa c to r y em p loym ent, and p a yrolls in th e U nited States, 1 9 2 9 -1 9 3 4 .............................. 31 C hart. Indexes o f em p loym en t in selected in d ustries in N ew Y o r k State, 1 9 2 9 -1 9 3 4 ................................................................ .............. 46 C hart. Indexes o f em p loym en t in the co n stru ctio n m aterials and railroad equipm en t ind u stries, 1 9 2 9 -1 9 3 4 ........... ................... 53 C hart. Indexes o f fa c t o r y p a yrolls, a vera g e fa c t o r y earnings, and c o s t o f liv in g in th e U nited S tates, 1 9 2 9 -1 9 3 4 .................. 70 V alue o f P rincip al Groups o f E xp o rts and Im p o rts— N o v e m b e r 1933 com pared w ith N o ve m b e r 1932, actu a l dollar am ounts and p ercen ta g e ch an ges, tab u la ted .................................................... 7 Chart. A v e ra g e daily value o f m erch an dise exp orts and im p o rts, a d ju sted fo r seasonal variation . P a ges 13, 79........... ........... T otal fo r e ig n trade o f va riou s c o u n tr ie s ; 1933 va lu es e x p ressed in p ercen ta ges o f 1929 va lu es— in g o ld dollars and and in ou r cu rre n c y ............................................................................. . 22 Chart. Q uantities o f im p orta n t com m od ities in e xp o rt and im p ort trade o f the U nited S tates, 1934 com p ared w ith 1933 and 1929 ......................................................................................................... 45 Chart. Index o f th e q u a n tity o f a gricu ltu ra l and n o n -a g ricu l tural ex p o rts, 1 9 3 2 -1 9 3 4 ................................................................ ......... 95 Freight Chart. Index o f railroad loa din gs o f m iscella n eou s and less than carload fre ig h t, 1931 -1 93 4 . P a ges 13, 47, 94....................... INDEX FOR THE YEAR 1934 (Continued) Gold P a gt Gold m ovem en t. M on th ly, p a ges 4, 12, 19, 27, 36, 44, 53, 59, 67, 75, 84, 91............................................................................................... .... Chart. D ollar value o f the m on eta ry g old s tock o f th e U nited States, 1931-1984 ........................................................................................ 19 F ollow in g approval o f Gold R eserv e A c t o f 1934 on January 30, all m etallic gold ow ned b y the R eserv e B anks taken ove r b y th e T rea su ry ............................................................................................... 19 Gold stock o f the U nited States in excess o f $ 8,100,000,000 at end o f N ovem b er, a bou t 3 7 ^ % per cen t o f the tota l gold holdings o f the cen tral banks and g ov ern m en ts o f the p rin cipal cou n tries o f th e w orld .................................................................. 89 M ovem en ts o f p rices o f im p orta n t com m od ities, 1930..................................................................................... ........... ................ 61 68 83 Industrial Advisory Committee, Second Federal Reserve District M em bership o f .................................................................................. ............ . 59 Interest Rates M on ey rates at N ew Y ork , tabulated. M on th ly , pages 2, 10, 18, 26, 34, 42, 50, 58, 6 6 , 74, 82, 90.................................................... Central bank rate ch an ges. P a ges 4, 12, 20, 36, 52, 60, 67, 84, 91 .......................................................................................................................... Chart. C om parative m ovem en ts o f yields on lon g term in v e st m ents and rates on bankers a ccep ta n ces sin ce 1928................ 49 Pages 35, 75, 83. Loans to Industry Federal R eserv e B anks authorized to p rov id e established in d ustrial and com m ercial b u sin esses w ith w ork in g capital.... R econ stru ction F in a n ce C orporation A c t am ended to p erm it C orporation to m ake loans to esta b lish ed industrial and co m m ercial bu sin esses ..................................................................................... M em bership o f Industrial A d v iso r y C om m ittee fo r S econd F e d eral R eserv e D is tr ic t .............................................. .................................. 51 51 59 Meat Packing Indexes o f p rod u ction in im p orta n t lines, 1 9 2 9 -1 9 3 4 -.. 85 Member Banks M em ber bank credit. P a ges 2, 10, 26, 42, 50, 58, 90........................... Chart. Gain to res e rv e balances, th rou g h m ovem en t o f ban k in g and com m ercial fu n d s, and loss th rou gh T rea su ry tra n s a ction s, 1 93 2-1934 .................................................................................. 9 Chart. T otal loans and in v estm en ts and tota l o f n et dem and and tim e deposits o f w eek ly rep ortin g m em b er ban ks, 1932-1934 Chart. E xcess reserv es held b y N ew Y o r k C ity and other m em ber banks, 1 93 2 -1 9 3 4 ....................................................................... 25 Chart. N et dem and d ep osits, less am ou nt due to banks, held b y w eekly rep ortin g m em ber banks in 91 cities, 193 2 -1 93 4 .. 33 Chart. H old in gs o f U nited States G overn m en t secu rities, and all other loans and in v estm en ts o f w eek ly rep ortin g m em ber banks in 91 citie s ..................................................... .................................. 34 Chart. N et am ounts due to oth er banks b y w eek ly rep ortin g m em ber banks in N ew Y ork C ity, 1 9 3 2 -1 9 3 4 ................................. Loans and investm en ts and d ep osits o f rep ortin g m em ber banks, M ay 1934 com pared w ith p rev iou s year, tab u la ted ...... Chart. Dem and and tim e d ep osits o f all m em ber banks in the U nited States on call dates, 1 9 3 0 -1 9 3 4 ..................................... ....... Chart. M o v em en t o f s ecu rity loans and all oth er loans o f w eek ly rep ortin g m em b er banks in p rincip al cities d u rin g 1934 .................................................................................................................. 5 Chart. S easonally a d ju sted indexes o f fa c to r y em p loym ent and pa yrolls in the U nited S tates, 1 9 2 9 -1 9 3 4 .......................................... 31 Chart. Indexes o f fa c t o r y p a y ro lls, a vera g e fa c t o r y earnings, and co s t o f liv in g in th e U n ited S tates, 1 92 9 -1 93 4 .................. 70 Prices C hart. P e rce n ta g e ch an ges fro m A p ril 1, 1933 in p rices o f a ctiv e ly traded basic com m od ities, fa rm p rices at th e fa rm , and gen eral w h olesale co m m o d ity p rices, 1 9 3 3 -1 9 3 4 ................ 14 Chart. B ureau o f L a b or S ta tistics w eek ly p rice indexes fo r all com m od ities, m etals and m etal p ro d u cts, and fa rm p rod u cts, 1 93 3-1934 21 Chart. M ovem en ts o f p rices o f a ctiv e ly traded basic co m m od ities, J a n u a ry -A p ril ......................................................................... 37 Chart. M ovem en ts o f p rices o f im p ortant com m od ities, 19301 9 3 4 ; s p o t co tto n , cash w h eat, h o g s, finished ste e l.................. 61 Chart. Bureau o f L a b or sta tistics m on th ly indexes o f w h o le sale co m m o d ity p rices, 1 9 2 9 -1 9 3 4 ................................................-....... 77 Production Tabulated indexes o f p rod u ction o f principal in dustries. M on th ly, p ages 6 , 15, 24, 30, 38, 46, 54, 63, 69, 77, 85, 94..................... Loans and Investments— See Member Banks Chart. P a ges 4, 30, 38, 61, 70............................... Chart. Indexes o f p rod u ction o f m an u fa ctu res, fa c t o r y p a yro lls, and fa c to r y e m p loy ee-h ou rs w orked, J a n u a ry -N o v e m b e r........... P rod u ction . M on th ly , p ages 5, 14, 23, 30, 37, 45, 53, 62, 69, 76, 84, 93............................................................... -........................................ Liberty Loan R efu n d in g operation s. Payrolls C om m od ity prices. M on th ly , p ages 5, 14, 21, 28, 36, 46, 55, 60, 70, 77, 84, 96........................................................................................ Home Owners’ Loan Corporation O fferin g o f $150,000,000 o f G overn m en t gu aran teed b on d s......... O fferin g o f $50,000,000 o f G overn m en t gu aran teed b on d s......... P<*Q* M on ey m arket. M on th ly , p a ges 1, 9, 17, 25, 33, 41, 49, 57, 65, 73, 81, 89..... ....................................... ................. .................................. E m p loy m en t and p a yro lls. (Hogs Chart. 1934 Money Market 17 Chart. Index o f gen eral p ro d u ctio n and trade in th e U nited S tates, 1919-1933 ........................................................................................ 4 P rod u ction and trad e, p relim in ary estim ate o f volu m e d urin g 1933 4 Chart. Indexes o f p ro d u ctio n o f m an u fa ctu res, fa c t o r y p a y rolls, and fa c t o r y em p lo y e e -h o u rs w orked , J a n u a ry -N o v e m ber, 1933 ......................................................................................................... 5 W o rld p rod u ction o f b asic com m od ities in 1933.............................. 22 Chart. Indexes o f w orld p ro d u ctio n o f b asic com m od ities, 1865-1933 ....................................................................................................... 23 C hart. Indexes o f iron and steel p ro d u ctio n and o f other industrial p rod u ction , 1 9 2 9 -1 9 3 4 ......................................................... 69 Chart. V o lu m e o f p ro d u ctio n in p rincip al ind ustrial cou n tries, 1 9 2 9 -1 9 3 4 ; F ran ce, G erm any, E ngland , and th e U nited S tates .......... ................................................................................ ................... 7® Chart. Indexes o f p ro d u ctio n in im p orta n t lines, 1 9 2 9 -1 9 3 4 ; steel, au tom ob iles, te x tile s, and m eat p a ck in g ............................ 85 Chart. R atio o f steel p ro d u ctio n to th eoretica l ca p a city , 1934 com pared w ith 1 933................................................................. ................. 93 Profits B usin ess p rofits. P a ges 28, 43, 6 8 , 92............................................... Tabulated net p rofits b y co rp o ra tio n grou p s f o r re ce n t years. P ages 29, 44, 6 8 , 93................................. ........................................................... . 41 Chart. A nnu al net p rofits or d eficits o f ind ustrial and m e r cantile con cern s and n e t o p era tin g in com e o f class I ra il roads in 1933, com p ared w ith p rev iou s fo u r y e a rs .................. 29 42 Chart. In d ex o f n et p rofits o f 163 ind ustrial and m erca n tile corp ora tion s, 1 9 2 8 -1 9 3 4 .......................................................... ................. 44 65 81 Reconstruction Finance Corporation R. F. C. A c t am ended to p erm it C orp oration to m ake loans to esta b lish ed industrial and com m ercia l b u sin e sse s ..................... 51 INDEX FOR THE YEAR 1934 (Continued) R eal P ro p e rty In v en tory S u m m a ry o f findings ........... ................ ........................ . Page 95 R eserves C hart. Gain to reserv e balances o f m em b er ban ks in Second F ed eral R eserv e D istrict throu gh m ovem en t o f banking and com m ercia l fu n d s, and loss throu gh T rea su ry tra n saction s, 1 9 3 2 -1 93 4 ................................................................................................. Chart. E xcess reserv es held by N ew Y ork C ity and other m em ber banks, 1 93 2-1934 ..................................................................... E xcess res erv es. P a ges 50, 58, 6 6 , 82, 89...................... .......... ........ it 25 .... S ecu rity m arkets. M on th ly , p ages 2, 11, 20, 28, 34, 42, 52, 59, 67, 74, 82, 91.............................................................................................. . N ew financing. M on th ly , pages 3, 11, 20, 28, 35, 43, 51, 57, 6 8 , 75, 83, 92............................................................................. ............................ Chart. M ov em en ts o f bond p rices, 1 9 3 2 -1 9 3 3 ................................. 3 Chart. P rice m ovem en ts o f stock s and b ond s, 1 9 3 1 -1 9 3 4 ......... 11 C hart. N ew secu rity offerin g s in 1933 com pared w ith p re ce d in g yea rs, 1 9 2 5 -1 9 3 3 ................................................................................ 12 Chart. M ovem en ts o f d om estic corporation bond a vera g es, 1 92 9 -1 93 4 ....................................................................................................... 20 Chart. H old in gs o f U nited States G overnm ent secu rities and all oth er loans and investm en ts o f w eekly rep ortin g m em ber 34 ban ks in 91 c itie s................................................................................ . C hart. A v e ra g e yield on U nited States T rea su ry b ond s, 19311934 ................................................................ ....................-............................. 85 C hart. M ov em en ts o f s tock and bond p rices, 1 93 3 -1 9 3 4 ............ . 43 Chart. C om parative m ovem en ts o f yields on lon g term in v e st m ents and rates on bankers a ccep ta n ces sin ce 1 928................ 49 C hart. O fferin gs o f new' d om estic secu rity issues, ex clu siv e o f d irect ob lig a tion s o f the U nited States G overnm ent, 192567 1934 .................................................................................................................. Chart. M ov em en ts o f s tock and bond prices, 1934 com pared 59 w ith 1933 .................................................... .................................................. Chart. A v e ra g e yield on variou s grou p s o f bonds, 1 93 3 -1 93 4 .. 75 Chart. A v era g e yield on U nited States T rea su ry b ond s, J an u a ry -O ctob er 1934........................................................................................ 82 C hart. P rice m ovem en ts in m a jor grou p s o f s to c k s, 193 2 1934 ....................... ....................- ................ — ............... ............................... 91 Page Chart. R atio o f steel m ill op eration s to th eoretica l ca p a city f o r re ce n t yea rs. P ages 6, 37, 93................................................................ Chart. 1934 S e c u r itie s Steel M ovem en ts o f p rices o f im p orta n t com m od ities, 1930.................................................................................... 61 Chart. Indexes o f iron and steel p ro d u ctio n and o f oth er in d ustrial p rod u ction , 1 9 2 9 -1 9 3 4 .............................................................. 69 Chart. Indexes o f p rod u ction in im p orta n t lines, 1 9 2 9 -1 9 3 4 ...... 85 Indexes o f p rod u ction in im p ortant lines, 85 Textiles Chart. 192 9 -1 93 4 .. Treasury Financing T rea su ry financing. P ages 8, 11, 20, 28, 35, 43, 52, 68, 75, 83, 92 ................................................................ ........................................................ Issu e o f 182 day bills b y T rea su ry an in n o v a tio n ......................... L ib erty loan refu n d in g op eration s. P ages 21 35, 75, 83................ Wheat Chart. 1934 M ovem en ts o f p rices o f im p orta n t com m od ities, 1930................................................ ............... .......................... .................... Wholesale Trade W holesa le trade. M on th ly , pages 8, 16, 24, 32, 40, 48, 56, 64, 72, 80, 88, 96 .......................................... ........................................ .............. P ercen tag e ch an ge fro m p reviou s ye a r in m o n th ly n et sales and sto ck s on hand, and co lle ctio n s o f a ccou n ts o u tsta n d in g, tabulated b y p rincipal lines. M on th ly , p ages 8, 16, 24, 82, 40, 48, 56, 64, 72, 80, 88, 96............................... ........................ 61
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