The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
MONTHLY REVIEW of Credit and Business Conditions Second Federal Reserve District Federal Reserve Agent Federal Reserve Bank, New York INDEX FOR THE YEAR 1935 Acceptances Agriculture V alue o f cr o p s ........................................................... ............................ .............. Table. A u g u s t 1 indicated p rod u ction o f p rincip al crop s, 1935 h a rvest com pared w ith 1934 h a rv est and 1928-1932 a vera g e h a rv est .............................................................................................................. 61 Chart. A v e ra g e d a ily value o f residential b uild in g co n tra cts, season a lly a d ju sted , 1 9 2 9 -1 9 3 5 ................................................................ 86 Business Activity 6 Chart. Indexes o f w holesale p rices o f fa rm p rod u cts, fo o d s, and other com m od ities, 1 929-1935. P ages 13, 54............................................. Chart. E stim ated tota l cash in com e o f fa rm ers fro m a gricu ltu ra l m ark etin gs and paym ents b y A gricu ltu ra l A d ju stm en t A d m in istra tion , 1 92 9 -1 9 3 5 .............................................................................. Chart. V a lu e o f resid en tia l b u ild in g co n tra cts aw arded in 37 States and in N ew Y o r k and N orth ern N ew J e rse y te rrito rie s, 1931-1935 5 Chart. D epartm ent o f A g ricu ltu re estim ates o f p rod u ction and value o f principal field and tru ck crops in 1934 (in percen ta g es o f 1 9 3 3 )............................................................................................................. Farm p rod u ction and in com e.......................................................................... P age Page B ill m arket. M on th ly, p ages 2, 10....................................................................... Bills and com m ercial paper. P a ges 18, 26, 34, 43, 50, 59, 6 6 , 75, 83, 90............................................................................................................. .............. 69 69 69 Indexes o f busin ess a ctiv ity . M on th ly , p a ges 6 , 15, 22, 30, 37, 46, 55, 63, 70, 78, 87, 94........................................................................................ T abulated indexes o f b u sin ess a ctiv ity in variou s lines. M on th ly, pages 7, 15, 22, 30, 38, 47, 56, 63, 70, 78, 8 8 , 94........................................ Chart. D aily a ve ra g e re g istra tio n s o f new p a sse n ge r a u to m o b iles, 1 9 2 8 -1 9 3 5 ............................................................................................ 47 Chart. D ollar va lu e o f dep artm en t sto re sales in th e U nited S tates, season a lly a d ju sted , 1 9 2 9 -1 9 3 5 ............................................... 55 C hart. A v e ra g e daily p rod u ction o f p a sse n g e r a utom obiles and re g istra tio n s o f n ew ca rs, 1 9 2 9 -1 9 3 5 ................................................... 70 Chart. Car loa din gs o f m erch an dise and m iscellaneous fre ig h t, 1 93 1-1935 ............................................................................................... ......... 87 Automobiles Chart. A v era g e daily p rod u ction o f p a ssen ger a utom obiles and reg istra tion s o f new ca rs, 1 929-1935. P a ges 2 1 , 70...................... Central Banks Chart. D aily a vera g e reg istra tion s o f new p a ssen ger a u to m obiles, 1 92 8 -1 9 3 5 ........................................................................................ 47 Chart. P rod u ction o f p a ssen ger a u tom obiles and m o to r tru ck s durin g th e first eigh t m onths o f 1 92 9 -1 93 5 ...................................... 77 Balance of Payments Balance o f p aym en ts o f th e U nited S tates, sum m arized ..................... 36 C entral bank rate ch an ges. M on th ly , pages 4, 13, 20, 29, 36, 44, 52, 61, 6 8 , 77, 85, 92................................................................................................ Chain Stores Chain store tra d e ......................................... ............ ........................................ 24 P e rce n ta g e ch an ge fr o m p rev iou s yea r in n u m ber o f stores, tota l sales, and sales p e r store, tabulated b y ty p e o f s to r e ..................... 24 Circulation Bill Market— See Acceptances T abulated am ounts o f va riou s kinds o f cu rre n cy o u tsta n d in g a t th e end o f F eb ru a ry 1935 com p ared w ith a ye a r p re v io u s ........... 25 Bonds----See Securities Commercial Paper Building C om m ercial p ap er m arket. B uildin g. M on th ly , p ages 4, 14, 23, 31, 39, 46, 54, 61, 69, 78, 8 6 , 95....................... .................................................................................................... Chart. D aily a vera g e value o f bu ild in g and en g in eerin g c o n tra cts awarded, classified as to p u b licly o r p riva tely financed con stru ction , 1934 com pared w ith 1 933..................................... ....... 4 Chart. B uildin g and en gin eerin g con tra cts aw arded in N ew Y o rk State and N orth ern N ew J ersey and in 37 States, 1 9 3 2 -1 9 3 4 ...... 14 Chart. V alu e o f b uild in g and en g in eerin g con tracts in M e tro politan N ew Y o rk and v icin ity and u p -S ta te N ew Y ork , first three m onths o f 1935 com pared w ith corresp on d in g period o f p rev iou s tw o y ea rs ........... ............................................................................. 39 Copper Chart. P rice m ovem en ts o f w h eat, co tto n , cop p er, and scrap steel, 1 92 9 -1 9 3 5 ....................... ..................................................................... 79 Cotton Chart. D aily a vera g e value o f residential bu ild in g con tracts aw arded in 37 S tates, 1 9 2 9 -1 9 3 5 .............................................................. 46 Chart. D aily a vera g e value o f con tra cts f o r p u b licly and p ri va tely financed bu ild in g aw arded in 37 S tates, 1 9 3 2 -1 9 3 5 ......... 55 P a ges 2, 10........................................ ............ B ills and com m ercia l paper. P a ges 18, 26, 34, 43, 50, 59, 6 6 , 75, 83, 90.................................................... .............................................................. A c t iv ity o f c o tto n and w o o l m ills, 1 9 2 9 -1 9 3 5 ..................... 88 Chart. P rice m ovem en ts o f w heat, co tto n , cop p er, and scrap steel, 1 92 9 -1 93 5 ............................................................................................. Chart. 79 Crops— See Agriculture INDEX FOR THE YEAR 1935 (Continued) Currency Page T abulated am ounts o f variou s kinds o f cu rren cy ou tsta n d in g at th e end o f F eb ru a ry 1935, com pared w ith a year p re v io u s ........... 25 Department Stores D epartm ent store trade. M on th ly , pages 8 , 16, 23, 32, 40, 48, 56, 64, 72, 80, 8 8 , 96.......... ........................................................................................... P ercen ta g e ch an ge fro m p rev iou s yea r in m on th ly n et sales and stock s on hand, and collection s o f a ccou n ts ou tsta n d in g ta b u lated b y loca lity . M on th ly , p ages 8 , 16, 24, 32, 40, 48, 56, 64, 72, 80, 8 8 , 96.............................................................................................................. Page Farm p rod u ction and in co m e .......................................................................... 69 Table. A u g u st 1 indicated p rod u ction o f principal crop s, 1935 h a rv est com pared w ith 1934 h a rv e st and 1928-1932 a vera ge h a rv e st .............................................................................................................. 69 Chart. E stim a ted tota l cash in com e o f fa rm ers fro m a g ric u l tural m arketin gs and p aym en ts b y A gricu ltu ra l A d ju stm e n t A d m in istration , 1 929-1935 ....................................................................... 69 Foreign Exchange F oreig n E xch an ge. M on th ly, pages 3, 1 2 , 19, 29, 35, 44, 52, 60, 68 , 76, 84, 92.................................................................................................... Chart. Seasonally a d ju sted index o f dollar value o f d epartm en t store sales in th e Second F ederal R eserv e D istrict, 192 9 -1 93 4 .... S Chart. D ollar value o f departm en t store sales in the U nited S tates, season a lly a d ju sted , 1 92 9 -1 9 3 5 ............................................... C losing cable rates at N ew Y o rk . M on th ly , pages 4, 12, 20, 29, 36, 44, 52, 60, 6 8 , 76, 85, 92........... .......................................................... 55 Chart. F lu ctu a tion s o f dollar exch a n g e m easured in term s o f the F ren ch fra n c and gold m ovem en ts at N ew Y o r k .............................. 12 Chart. C ourse o f F ren ch fra n c and sterlin g exch a n g e rates at N ew Y o rk , J a n u a ry -F e b ru a ry 1935.................................................... 19 Chart. M ov em en ts o f sterlin g and F ren ch fra n c exch a n g e at N ew Y o rk , J a n u a ry -M a y 1935.................. ................................................ 44 Chart. M ovem en ts o f fo re ig n e xch a n g e rates a t N ew Y o rk , J an u a ry -S ep tem b er .................................... ................................................. 76 Deposits Chart. T otal net dem and d ep osits o f rep ortin g m em ber banks in N ew Y ork C ity, and n et a m ou n t due to other ban ks, 1 92 9-1935 17 Chart. R ate o f tu rn over o f dem and deposits in principal cities, 1921-1935 ......................................................................................................... 41 Chart. Dem and d ep osits o f all m em ber ban ks, a d ju sted , 1 930-1935 41 Foreign Trade F oreig n trade. M on th ly, p ages 7, 15, 23, 32, 36, 48, 55, 63, 71, 79, 87, 96.......................................................... ........................................................... Diesel Engines Chart. In d ex o f D iesel engine p rod u ction , 1 9 2 9 -1 9 3 4 ....................... 63 Dollar 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 old m ovem en ts a t N ew Y o r k ....................... 12 Electric Power Chart. In d ex o f e lectric p ow er p rod u ction , a d ju sted fo r seasonal va ria tion and lo n g term trend , 1 93 1 -1 9 3 4 ................ .......................... 5 Chart. F o reig n m erch an dise tra d e o f the U nited S tates, 1934 com pared w ith 1933.................................... ................................................. 15 Tabulated p ercen ta g e ch an ge, calendar yea r 1934 com pared w ith 1933, in exp orts fro m and im p orts into the U nited S tates, by cou ntries .......................................................... ................................................. 23 T abulated values f o r first fo u r m onths o f 1935 com pared w ith c o r resp on d in g p eriod o f 1934, in exports fro m and im p orts into the U nited States (b y c o u n t r ie s ) ................... ................................................. 55 T abulated p ercen ta g e ch an ge in quantities betw een first five m onths o f 1935 and co rre sp o n d in g p eriod o f 1934, o f exp orts fro m and im p orts into the U nited States (b y c o u n t r ie s )........... 64 T abulated p ercen ta g e ch an ge in value o f fo re ig n tra d e o f p rincip al co u n trie s; first six m onths o f 1935 com pared w ith 1 934.............. 80 Electric Refrigerators Chart. In d ex o f e lectric re frig e ra to r sales, 1 9 2 9 -1 9 3 4 .................. 53 Chart. Car loadin gs o f m erch an dise and m iscella n eou s fre ig h t, 1931-1935 ......................................................................................................... Employment E m p loy m en t ......................................................................................................... 23 Chart. In d ex o f dem and fo r w h ite collar em p loyees in N ew Y o rk M etrop olita n area, and tota l d irect relief expen ditures in N ew Y ork C ity, 1 9 2 9 -1 9 3 5 ................................................................................... 30 Chart. E m p loy m en t in industries m a n u fa ctu rin g durable good s and non durable good s, 1935 com pared w ith 1933 and 1934......... 78 Chart. E m p loy m en t in p riva te bu ild in g con stru ction and in the m an u fa ctu re o f im p orta n t b uild in g m aterials, 1 9 3 2 -1 9 3 5 ............. 85 Gold m ovem en t. M on th ly, pages 4, 12, 20, 29, 36, 45, 52, 61, 68, 76, 85, 93..................................................................................................................... Chart. M on eta ry gold s to ck o f the U nited States, 1 9 3 4 -1 9 3 5 ...... 49 Chart. W e e k ly ch an ges in the U nited States m on etary gold sto ck betw een F eb ru a ry 1934 and O ctob er 1935............................ 73 Chart. G row th o f m em ber bank re se rv e balances com pared w ith increase in the m on etary gold stock , 1 9 3 4 -1 9 3 5 .............................. 81 Government Securities— See Securities M on ey rates at N ew Y o rk , 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. M on th ly, pages 4, 13, 20, 29, 36, 44, 52, 61, 6 8 , 77, 85, 92............................................................................................... Farm Production and Income V alue o f cr o p s ...................................................................................................... S Chart. D epartm ent o f A g ricu ltu re estim ates o f p rod u ction and value o f p rincip al field and tru ck crop s in 1934 (in p ercen ta ges o f 1 9 3 3 ).............................................................................................................. € Gold Interest Rates Exports— See Foreign Trade Chart. Indexes o f w h olesale p rices o f fa rm p rod u cts, fo o d s , and oth er com m od ities, 1929 -1 93 5 . P ages 13, 54.................................. . 87 6 E m p loy m en t and p a yrolls. P a ges 13, 22, 29, 38, 47, 53, 63, 71, 77, 85, 94..................................................................................................................... Chart. Indexes o f N ew Y ork State fa c t o r y em p loy m en t and a vera g e ea rnings, seasonally a d ju sted , 1 9 2 9 -1 9 3 5 .......................... Freight Chart. M on ey rates in the N ew Y o rk m arket, 1 93 0 -1 9 3 5 .............. 33 Liberty Loan L ib e rty loan re fu n d in g ; p resen t fo rm o f th e N ational d eb t........... 83 T abulated re fu n d in g op eration s, O cto b e r 1933 to O cto b e r 1935...... 83 INDEX FOR THE YEAR 1935 (Continued) Loans and Investments-—See Member Banks Page T abulated indexes o f p ro d u ctio n o f p rincipal ind ustries. M on th ly, p ages 5, 14, 21, 31, 38, 46, 53, 62, 71, 77, 87, 9 4 ........................................62 Member Banks Chart. E xcess reserv es held b y N ew Y o r k C ity and other m em ber banks, 1 93 3 -1 9 3 4 ................................................................................... Page P rod u ction . M on th ly, pages 5, 13, 20, 30, 38, 45, 52, 61, 71, 77, 8 6 , 93.................................................................................................................... Machine Tools Chart. Index o f m achine tool ord ers, a d ju sted f o r seasonal va ria tion and lon g term g row th , 1 9 2 7 -1 9 3 5 ...................................... Production 1 M em ber bank credit. P ages 2, 1 0 , 18, 26, 34, 42, 50, 58, 73, 82, 90............................................................................................................................ Chart. In d ex o f e le ctric p ow er p rod u ction , a d ju sted fo r seasonal va ria tion and lon g term trend , 1 93 1 -1 9 3 4 .......................................... 5 Chart. F ederal R e se rv e B oard ind ex o f industrial prod u ction , season ally a d ju sted , 1 9 2 9 -1 9 3 5 ............................................................ . 20 Chart. A v e ra g e daily p ro d u ctio n o f p a ssen ger autom obiles and reg istra tion s o f new ca rs, 1929 -1 93 5 . P ages 21, 70.............................. Chart. R atio o f steel in g o t p ro d u ctio n t o theoretical ca p a city , 1929-1935 ......................................................................................................... 31 38 Chart. R eserv e balances o f all m em b er banks at Federal R eserv e B anks, 1 9 2 9 -1 93 4 .......................................................................................... 9 Chart. T otal net dem and deposits o f rep ortin g m em ber banks in N ew Y ork C ity and net a m ou nt due to oth er banks, 1929-1934 Chart. A c t iv ity o f c o tto n and w ool m ills, 1 9 2 9 -1 9 3 5 ; indexes a d ju sted f o r seasonal va riation and lo n g term g ro w th .................. 17 Chart. 1935 Dem and d ep osits o f all m em ber ban ks, a d ju sted , 1930................ ................... 41 C harts. Indexes o f ele ctric r e frig e ra to r sales, ra yon shipm ents, D iesel en gine p rod u ction , and co s t o f radio b roa d ca stin g fa cilitie s, 192 9 -1 93 4 ...................................................................................... 53 Chart. M ov em en t o f tota l secu rity loans o f rep ortin g m em ber banks com pared w ith m ovem en ts o f s to ck and bond p rices, 1 932-1935 Chart. V olu m e o f ind ustrial p rod u ction a d ju sted f o r seasonal variation , 1935 com pared w ith 1934...................................................... @2 65 Chart. G row th o f m em ber bank reserv e balances com pared w ith in crease in the m on etary g old stock , 1 93 4 -1 9 3 5 .............................. Chart. Ind ex o f m achine to o l ord ers, a d ju sted fo r seasonal va ria tion and lo n g term g ro w th , 1 92 7 -1 9 3 5 ................................... 62 81 Chart. P ro d u ctio n o f p a ssen ger a utom obiles and m o to r tru cks d urin g the first e igh t m onths o f 1 9 2 9 -1 9 3 5 ..................................... 77 Chart. S teel in g o t p ro d u ctio n d urin g the first ten m onths o f 1929-1935 ......................................................................................................... 94 P rincipal dep osit liabilities o f rep ortin g m em ber banks in N ew Y o r k C ity, tabulated fo r N ovem b er 21, 1934, O ctob er 23, 1935, and N ovem b er 20, 1935.............................................................................. 89 T otal loans and investm en ts o f rep ortin g m em ber banks in N ew Y ork C ity, tabulated fo r N ovem b er 21, 1934, O ctob er 23, 1935, and N ovem b er 20, 1935.............................................................................. 90 Profits B usin ess p rofits. Money Market M on ey m arket. M on th ly , p ages 1, 9, 17, 25, 33, 41, 49, 57, 65, 73, 81, 89........................................................................................................... T abulated n et p rofits b y corp o ra tio n grou p s. M on ey rates a t N ew Y o rk , tabulated. M on th ly, pages 2, 10, 18, 26, 34, 42, 50, 58, 6 6 , 74, 82, 90.............................................................. M on ey rates in th e N ew Y o rk m arket, 1 93 0 -1 93 5 ............. 33 Chart. N et loss o f fu n ds b y Second F ederal R eserv e D istrict th rou gh T rea su ry tra n saction s, 1935 com pared w ith 1933 and 1934 1.... 57 Chart. C um ulative gain or loss o f fu n d s to th e S econd Federal R eserv e D is trict sin ce Jan uary 1, 1935 ............................................... 89 Chart. P a ges 28, 45, 67, 91...................................................... Chart. A nnual net p rofits o r deficits o f 659 ind ustrial and m e r cantile con cern s, Class I railroads, and 54 pu blic u tility co m panies oth er than telep h on e com panies, durin g 1932, 1933, and 1934 com pared w ith 1929............................................................................ 28 P a ges 28, 45, 6 8 , 91 Radio Broadcasting Chart. In d ex o f co s t o f radio b ro a d ca stin g fa cilitie s, 1929-1934.. 83 In d ex o f ra yon ship m en ts, 1 92 9 -1 9 3 4 ..................................... 63 Rayon Chart. National Bank Notes R etirem ent o f N ational bank n otes .............................................................. 25 T abulated am ounts o f variou s kinds o f cu rren cy ou tsta n d in g at th e end o f F eb ru a ry 1935 com pared w ith a yea r p re v io u s ........... 25 Payrolls E m p loy m en t and p a yrolls. P a ges 13, 22, 29, 38, 47, 53, 63, 71, 77, 85, 94..................................................................................................................... Chart. Indexes o f N ew Y o rk S tate fa c t o r y em p loym en t and avera g e earnings, a d ju sted fo r seasonal variation , 1 929-1935.... 23 Chart. Indexes o f em p loym ent and p a yrolls in N ew Y o rk State fa cto rie s, a d ju sted fo r seasonal variation , 1 92 9 -1 9 3 5 .................. 47 Reserves Chart. E xcess reserv es held b y N ew Y o rk C ity and oth er m e m b er banks, 1 93 3 -1 9 3 4 ................................................................................... 1 Chart. R e serv e balances o f all m em ber banks at F ederal R e se rv e B anks, 1 9 2 9 -1 9 3 5 ........................................................................................... 9 Chart. G row th o f m em ber bank re s e rv e balances com pared w ith increase in the m on etary gold sto ck , 1 9 3 4 -1 9 3 5 ............................ 81 Securities S ecu rity m ark ets. M on th ly , p ages 2, 10, 19, 27, 35, 43, 51, 60, 67, 75, 84, 91.................................................................................................. N ew financing. M on th ly , pages 3, 11, 19, 27, 34, 43, 51, 59, 67, 75, 84, 93........................................................................................................... Prices C om m od ity prices. M on th ly, pages 7, 13, 21, 31, 39, 47, 54, 62, 69, 79, 8 6 , 95............................................... .................................................... Chart. Indexes o f w h olesale p rices o f fa rm p rod u cts, fo o d s, and oth er com m od ities, 1 929-1935. P a ges 13, 54............................................. Chart. O fferin gs o f d om estic secu rities b y years, 1 9 2 5 -1 9 3 4 ....11 Chart. A v e ra g e yield on variou s grou p s o f bonds, 1 9 3 3 -1 9 3 5 ....11 Chart. N ew d om estic s e cu rity issues in th e U nited States and G reat B ritain, 1 92 2 -1 9 3 5 ............................................................................ ....27 Chart. M ovem en t o f p rices o f a ctiv e ly traded b asic com m od ities, 1933-1935 22 Charts. P rice m ovem en ts o f wheat, cotton , cop p er, and scrap steel, 1 92 9 -1 9 3 5 ............................................................................................. 79 Chart. V olu m e o f d o m e stic se cu rity offe rin g s, 1935 com pared w ith the co rre sp o n d in g p eriod o f th e p rev iou s five years, and a vera g e f o r 1 92 5 -1 92 9 . P a ges 35, 59........................................................... Chart. M ov em en t o f w h olesa le com m od ity p rices in th e U nited S tates, E ngland, F ran ce, and Italy , 1 9 2 9 -1 9 3 5 ................................. Chart. M ovem en ts o f s to c k and bond prices, 1 9 3 4 -1 9 3 5 ....43 95 Chart. M ov em en ts o f s to c k p rice s, 1 9 3 3 -1 9 3 5 ....51 INDEX FOR THE YEAR 1935 (Continued) Page C hart. M ov em en ts o f ind ustrial s to ck p rices, 1 9 2 9 -1 9 3 5 ................. 60 Textiles Chart. Page A c t iv ity o f co tto n and w o o l m ills, 10 2 9-1935....................... 88 C hart. P rice indexes o f industrial, p u b lic u tility , and railroad sto c k s, 192 6 -1 93 5 ........................................................................................ ... 75 Chart. M ov em en ts o f s to ck p rices, 1 9 3 1 -1 9 3 5 ................................... ....92 Chart. N ew offerin g s o f d om estic corporation secu rities in clu d in g refu n d in g issu es, 1935 com pared w ith 1933 and 1 934........... ... 93 Securities— Government Chart. A v e ra g e yield s on U nited States T rea su ry and h igh grad e corp ora tion b ond s, 1 93 4 -1 93 5 . P a ges 3, 6 6 ............................................... Chart. A v e ra g e yield s on U nited States T rea su ry b onds and n otes, 1 9 3 4 -1 9 3 5 ............................................................................................. G overn m en t secu rities. 18 P ages 18, 34, 42, 50, 58, 6 6 , 74, 82, 90 Chart. Y ield s on U nited States and B ritish G ov ern m en t b ond s, 1934-1935 ......................................................................................................... 74 Securities and Exchange Commission A ctio n re v isin g the fo rm used in reg istra tion o f new securities e xp ected t o fa cilita te b ond fin a n cin g.................................................... Treasury Financing N ew o ffe rin g o f G overn m en t b onds on a co m p e titiv e bid basis sim ilar to m eth od in bill sales................................................................... 42 United States Debt U nited States in te re st bearing debt, 1 9 1 9 -1 9 3 5 ..................... 88 Chart. P rice m ovem en ts o f wheat, cotton,, copper, and scrap steel, 1 9 2 9 -1 9 3 5 ............................................................................................. 79 Chart. Wheat Wholesale Trade 11 W h olesa le trade. M on th ly , pages 8 , 16, 24, 32, 40, 48, 56, 64, 72, 80, 8 8 , 9 6 ..................................... ........................................................................ Chart. R atio o f steel in g o t p rod u ction to th eoretica l ca p a city , 1 929-1935 ............ ............................................................................................ 31 P e rce n ta g e ch an ge fro m p rev iou s yea r in m on th ly n e t sales and sto ck s on hand, and collection s o f a ccou n ts o u tsta n d in g , ta b u lated b y principal lines. M on th ly , pages 8 , 16, 24, 32, 40, 48, 56, 64, 72, 80, 8 8 , 96............................................................................................. Chart. P rice m ovem en ts o f wheat, cotton , copper, and scrap steel, 1 92 9 -1 93 5 ............................................................................................. 79 Chart. Steel in g ot p rod u ction du rin g the first ten m onths o f 1929-1935 ......................................................................................................... 94 Steel Wool Chart. A c t iv ity o f co tto n and w ool m ills, 1 9 2 9 -1 9 3 5 ....................... 38