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MONTHLY REVIEW of Credit and Business Conditions Second Federal Reserve District Federal Reserve Bank, New York January 1,1940 INDEX FOR THE YEAR 1939 P age Acceptances B ills and com m ercia l paper. M on th ly , pages 2, 11, 19, 27, 34, 42, 51, 58, 66, 74, 83, 90............................................... ......... .................. V o lu m e o f bills ou tsta n d in g , tabulated b y ty p es. M on th ly , pages 3, 11, 19, 27, 34, 43, 51, 59, 67, 75, 83, 90...................................... Automobiles Charts N ew p a ssen ger a u tom ob ile reg istra tion s in th e U nited S tates, 1938-39 com pared w ith 1 9 3 7 -3 8, 193 6 -3 7, and 1 93 5 -3 6 _____ 14 D aily a v era g e p rod u ction o f p a ssen ger a u tom obiles fo r d o m e s t ic u se and reg istra tion s o f new p a ssen ger cars, 1 93 5-1939 38 Page P e rce n ta g e d istrib u tion o f p rincip al typ es o f co n stru ctio n co n tra cts in 37 S tates, 1 9 2 5 -1 9 3 9 ........................................................... 62 D aily a vera g e va lu e o f co n tra cts f o r com m ercia l and industrial b uild in gs in 37 S tates, a d ju ste d f o r seasonal variation , 1935-1939 .................................................................................................... 86 A v e ra g e daily value o f co n tra cts aw arded f o r residential build in gs and f o r pu blic w orks and build in gs s e rv in g public p u rp oses, a d ju sted f o r seasonal variation , 1 9 3 5 -1 9 3 9 ............. 94 Central Banks C entral bank rate ch an ges. P ages 4, 13. 2 t, 37 44, 60, 68, 77, 85 Commodity Credit Corporation Aviation Industry Charts P a ssen g er m iles flow n on d om estic airlines and m an -h ou rs o f em p loy m en t in a ircra ft fa cto rie s, 1 9 3 3 -1 9 3 8 .............................. 22 Index o f m an -h ou rs o f em p loy m en t in a ircra ft fa cto rie s, a d ju sted f o r seasonal variation , 1 93 3 -1 9 3 9 ...................................... 93 O fferin g o f C om m od ity C redit C orporation % p er cen t notes due A u g u s t 1, 1 9 4 1 .............................................................................................. 58 O fferin g o f C om m od ity C redit C orporation 1 per cen t notes due N o v e m b e r 15, 1941, dated N ovem b er 2, 1939, in exch a n g e fo r % p er cen t notes due N o ve m b e r 2......................................................... 83 Cotton Balance of Payments B alance o f p aym ents o f th e U nited S tates, tabulated, 1937, 1938 36 Building B u ildin g. M on th ly , pages 5, 14, 23, 30, 37, 46, 53, 62, 71, 79, 86, 94 ........................................................................................ ........................ 87 D ep artm ent sto re trade. M on th ly , pages 8, 16, 24, 32, 40, 48, 56, 64, 72, 80, 88, 96.................................................................................. ’ P e rce n ta g e ch an ge fro m p rev iou s year in m o n th ly net sales and sto ck s on hand, and co lle ctio n o f a ccou n ts ou tsta n d in g , ta b u lated b y lo ca lity . M on th ly , p a ges 8, 16, 24, 32, 40, 48, 56, 64, 72, 80, 88, 96....................................................................... C harts E stim a ted v olu m e o f residential b uild in g in S econd Federal R eserv e D is trict and in all oth er d istricts fro m w h ich rep orts are collected b y F. W . D od ge C orporation , a d ju sted fo r sea sonal va ria tion and p rice ch an ges, 1 9 2 3 -1 9 3 8 ............. .............. 6 Daily a vera g e value o f resid en tia l b u ild in g con tra cts awarded, a d ju sted fo r seasonal va ria tion , 1 9 2 9 -1 9 3 9 ................................ 23 R eal esta te (n o n -fa rm ) fo re clo s u re s com pared w ith resid en tial bu ild in g con tra cts, 1 9 3 2 -1 9 3 9 .................................................... 30 A v e ra g e d aily value o f residential b uild in g con tra cts, a d ju ste d fo r seasonal variation , 1 9 2 8 -1 9 3 9 ..................................... 47 72 M on th ly ra n g e o f w h olesa le p rices o f w heat, co tto n , scrap steel, and crude ru bb er, 1 9 3 3 -1 9 3 9 ................................................. Department Stores Tabulated p ercen ta g e ch an ges in a vera g e daily con tra cts, 37 States and N ew Y ork and N orth ern N ew J ersey. P a ges 6, 14, 23, 54 ................................................. ...................................... ........................ P ercen ta g e d istrib u tion o f p rincip al ty p es o f resid ential b u ild in g con tra cts in th e N ew Y ork and N o rth ern N ew Jersey ? and U p -S ta te N ew Y o r k area, 1 93 5 -1 9 3 9 ..................................... Charts N et exp orts o f raw co tto n fr o m th e U nited States b y crop years, and p ro p o rtio n o f crop exp orted , 1 87 5 -1 9 3 9 .................. 54 D ep artm en t store sales and s to ck s, S econd F ederal R e se rv e D istrict, season a lly a d ju ste d and u n ad ju sted , com pared w ith p rev iou s year. P a ges 8, 16, 24, 32, 40, 48, 56, 64, 72, 80, 88, 96 .... P e rce n ta g e ch an ge fro m p rev iou s ye a r in n et sales and s to ck s on hand, tabulated b y cla ssifica tio n .................................................... 56 Charts Sales and s to ck s o f re p o rtin g d ep a rtm en t sto re s in Second F ederal R e se rv e D istrict, a d ju ste d f o r seasonal variation , 1 92 9-1938 .................................................................................................... 8 R atios o f m erch an dise s to ck s to sales, S econd D is tr ic t depart m ent stores, 1 9 3 3 -1 9 3 9 ........................................ ................................. 64 INDEX FOR THE YEAR 1939 (Continued) Page Page Deposits Chart. A d ju s te d dem and d ep osits o f w eek ly re p o rtin g m em ber banks in principal cities, 1 93 4 -1 9 3 9 ................................... ................... Foreign Trade 49 Durable Goods Charts Q u arterly n et p rofits o f com panies in th e durable g o o d s and non durable good s lines, 1 92 8 -1 9 3 9 .................. ................................. Indexes o f em p loy m en t in fa cto rie s p rod u cin g durable go o d s and in th o s e p rod u cin g non d u ra b le good s, a d ju ste d f o r seasonal variation , 1 92 9 -1 9 3 9 .............................................................. 69 95 Electric Power Chart. D aily a vera g e volu m e o f electric p ow er p rod u ctio n and m erch an dise and m iscella n eou s ca r loa din gs, a d ju sted f o r seasonal variation , 1 93 6 -1 9 3 9 ................................................................... 78 Employment E m p loy m en t and p a y rolls. M on th ly , p ages 7, 15, 22, 31, 39, 45, 54, 62, 70, 78, 86, 95..... ........ .............. ....................................................... Charts In d ex o f fa c t o r y em p loy m en t in N ew Y ork State, a d ju sted f o r seasonal variation , 1 9 2 4 -1 9 3 8 .............................................................. F o re ig n trade. M on th ly, pages 7, 15, 21, 32, 40, 47, 55, 63, 71, 79, 88, 96........................................................................................................... D ollar value o f e xp orts and im p orts o f m a jo r grou p s o f c o m m od ities, tabulated, f o r J an uary, 1939, and p e rce n ta g e ch an ge fro m Jan uary, 1938 and Jan uary, 1935.................. ............................. 21 D ollar value o f exp orts and im p orts o f m a jo r grou p s o f co m m od ities, tabulated f o r M ay, 1939, and p ercen ta g e ch an ges fro m M ay, 1 9 3 8 ; a lso p e rce n ta g e ch an ges f o r Jan uary to M ay, 1939 fro m corre sp o n d in g p eriod o f 1 938............................ .............. 55 B alance o f m erch an dise trad e b y broad co m m o d ity cla ssification s, a gricu ltu ra l and n on ag ricu ltu ra l p ro d u cts, Jan u a ry -J u n e, 1939 com pared w ith Jan u ary-Ju n e, 1938, tab u la ted ................................. 64 M erch a n d ise tra d e o f th e U nited States w ith m a jo r cou n tries, dollar values and p er ce n t o f tota l im p orts and exp orts, ta b u lated, tw e lv e m onths ended J u ly 31, 1939........................................ 80 P e rcen ta g e ch an ge in exp ort values, tabulated b y e co n o m ic d iv i sions sh ow in g co n tra sts b etw een im m ediate effects on exp orts o f th e outbreak o f p resen t w ar and th e W o rld W a r ..................... 88 D ollar value o f exp orts and im p orts o f m a jo r grou p s o f c o m m od ities, tabulated f o r O ctob er, 1939, and p e rce n ta g e ch an ges fro m O ctob er, 1 9 3 8 ; a lso p e rce n ta g e ch an ges f o r Jan uary to O ctob er, 1939, fro m co rre sp o n d in g p eriod o f 1938....................... 96 21 72 15 Charts M erchand ise exp orts and im p orts o f th e U nited S tates, in d i ca tin g size o f m on th ly e x p o rt o r im p o rt b alance, 1 9 3 5 -1 93 9 P a ss en g er m iles flow n on d om estic airlin es and m an -h ou rs o f em p loym en t in a ircra ft fa cto rie s, 1 9 3 3 -1 9 3 8 ................................. 22 N e t exp orts o f raw c o tto n fr o m th e U n ited S tates b y crop years, and p ro p o rtio n o f crop exp orted , 1 8 7 5 -1 9 3 9 ................... Indexes o f em p loym en t and p a yrolls in U nited States fa cto rie s, a d ju sted fo r seasonal va ria tion , 1 9 3 4 -1 9 3 9 ................................... 23 Indexes o f fa c t o r y em p loy m en t in th e U nited States and in N ew Y ork , a d ju sted f o r seasonal variation , 1 9 2 9 -1 9 3 9 ........... 55 In d ex o f m an -h ou rs o f em p loy m en t in ship bu ild in g, 192 3 -1 93 9 61 In d ex o f m an -h ou rs o f em p loy m en t in a ircra ft fa cto rie s, a d ju ste d fo r seasonal variation , 1 9 3 3 -1 9 3 9 ........................................ Indexes o f em p loy m en t in fa cto rie s p rod u cin g d u rable good s and in th ose p rod u cin g non d u ra b le g ood s , a d ju sted f o r sea sonal variation , 1 9 2 9 -1 9 3 9 ............................ ...................................... 93 Freight C harts R ailroad ca r loa din gs o f m erch an dise and m iscella n eou s fre ig h t, a d ju sted f o r season a l variation , 1 9 2 9 -1 9 3 8 ................ 7 D aily a vera g e volu m e o f ele ctric p o w e r p ro d u ctio n and m e r ch an dise and m iscella n eou s ca r loa din gs, a d ju sted f o r sea sonal variation , 1 9 3 6 -1 9 3 9 ..................................................................... 78 95 Gold G old m ovem en t. M on th ly , p ages 4, 13, 20, 30, 36, 44, 52, 60, 68, 77, 85, 92 ............................ ............................................................................... Federal National Mortgage Association Second p u b lic offerin g o f s ecu rities— $50,000,000 o f 1 % p er cen t 5 yea r n o te s......................................................................... ............................ 3 Gold held un der earm ark f o r fo r e ig n a cco u n t at F ed eral R e se rv e B an ks, 1 93 4 -1 9 3 9 .......................................................................... Federal Open Market Committee S tatem en t issued D ecem b er 30, 1938 w ith re s p e ct to m atu rin g T rea su ry bills held in S ystem Open M arket A c c o u n t.................. 9 June 29 an n ou n cem en t o f red u ction in T rea su ry b ill h old in g s o f S ystem Open M arket A c co u n t................................................................ 50 44 Home Owners* Loan Corporation R e fu n d in g o f b o n d s .............................. ................ ........................................... 42 Interest Rates Foreclosures Chart. R eal esta te (n o n -fa rm ) fo re clo s u re s com p ared w ith re s i dential bu ild in g co n tra cts , 1 9 3 2 -1 9 3 9 ................................................. Charts M on th ly ch an ge in U nited States g o ld s to c k , 193 4 -1 93 9 . P a ges 37, 65......................................................................................................... 30 M on ey rates in N e w Y o r k , tabulated. M on th ly , p ages 2, 10, 18, 26, 34, 42, 50, 58, 66, 74, 82, 90 .......................................... ......... ................... C entral ban k ra te ch an ges. P a ges 4, 13, 21, 37, 44, 60, 68, 77, 85 — Foreign Exchange F oreig n exch a n g es. M on th ly , pages 3, 12, 20, 29, 37, 43, 52, 59, 67, 76, 84, 9 1................................................................................................... Chart. W e e k ly ra n g e o f s terlin g exch a n g e rates in N ew Y o rk , 1939 com p ared w ith 1914.......................................................................... 76 Loans Chart. C om m ercial, industrial, and a gricu ltu ra l loans o f w eek ly re p o rtin g m em ber banks in N e w Y o r k C ity and in 100 oth er cities, 193 7 -1 93 9 .......................................................................................... 81 INDEX FOR THE YEAR 1939 (Continued) P age Production and Trade Machine Tools Chart. In d ex o f m achine to o l ord ers, a d ju sted f o r seasonal variation , 1 93 6-1939 ................................................................................. 53 Tabulated indexes o f p ro d u ctio n and trad e in p rincip al in d u s tries. M on th ly , p ages 7, 14, 22, 31, 39, 46, 53, 61, 71, 78, 85, 94 ............................................... ......... ....................................................... Member Banks M em ber bank credit. P a ges 2, 10, 18, 26, 34, 58, 66, 74, 82, 90 Changes in hold in gs o f d irect ob lig a tion s o f th e U nited States G overn m en t b y the w eek ly rep ortin g N ew Y o rk C ity banks betw een M arch 1 and 29, 1939, tab u la ted .................. ........................ P ro d u ctio n and tra d e in 1938........................... ......................................... Charts 26 Charts M ovem en t o f excess reserv es o f all m em ber banks and o f T rea su ry h old ings o f cash and d ep osits in F ederal R ese rv e B anks, 1938-1939 ................................................................................... In d ex o f gen eral p ro d u ctio n and trad e in th e U nited States, 191 9-1938 ............................ ....................... . .................................... ......... R ailroad ca r loa din gs o f m erch an dise and m iscellaneous fre ig h t, a d ju sted f o r seasonal va ria tion , 1 9 2 9 -1 9 3 8 ................................. 17 S teel m ill a ctiv ity , 1 9 3 3 -1 93 9 . P a ges 13, 6 0 ..................................... N ew p a sse n ge r a u tom ob ile re g istra tio n s in th e U nited States, 1938-39 com p a red w ith 1 93 7 -3 8, 193 6 -3 7, and 1 9 3 5 -3 6 ......... H old in gs o f d irect and gu aran teed secu rities o f th e U nited States b y w eek ly rep ortin g m em b er banks in N ew Y o rk C ity and in 100 oth er cities, F eb ru a ry to M a y, 1 939............. 41 A d ju sted dem and d ep osits o f w eek ly rep ortin g m em b er banks in principal cities, 1 9 3 4 -1 93 9 .............................................................. 49 E x cess reserv es o f N ew Y o r k C entral R eserv e C ity m em b er banks and o f all m em b er banks in th e U nited S tates, 19341939 .............................................................................................................. 57 C om m ercial, in dustrial, and a gricu ltu ra l loans o f w eek ly r e p o rtin g m em b er banks in N ew Y o r k C ity and in 100 oth er cities, 1 93 7-1939 ...................................................................................... P ro d u ctio n and trade. M on th ly , pages 6, 13, 21, 31, 38, 45, 53, 60, 70, 78, 85, 93............................................... ...................................... . P a sse n g e r m iles flow n on d o m e stic airlines and m an -hours o f em p loy m en t in a ircra ft fa cto rie s, 1 9 3 3 -1 9 3 8 .............................. Daily a vera ge p ro d u ctio n o f p a sse n g e r a utom obiles f o r d o m e s tic u se and re g istra tio n s o f new p a sse n g e r ca rs, 193 5 -1 93 9 .. Steel m ill a ctiv ity , 1939 com pared w ith 1938 and 1937.......... In d ex o f m ach in e t o o l ord ers, a d ju ste d f o r seasonal va ria tion , 1 936-1939 ...... ................ ........................................ ......... .......................... 81 In d ex o f m an -h ou rs o f em p loy m en t in sh ip bu ild ing, 1 92 3-1939 D aily a ve ra g e vo lu m e o f e le ctric p ow er p ro d u ctio n and m e r ch an d ise and m iscella n eou s ca r loa din gs, a d ju sted f o r sea sonal va ria tion , 193 6 -1 93 9 ................................................................ Money Charts D aily a v e ra g e p ro d u ctio n o f steel in g o ts, 1 9 2 9 -1 9 3 9 .................. V olu m e o f U nited States m on ey in circu la tion d u rin g 1938, com pared w ith 1937 and 1936................. ............................................ 1 Changes in volu m e o f cu rre n cy o u tsta n d in g th rou g h Federal R eserv e BanR o f N ew Y o r k , 1939 com p ared w ith 1938 and 1937 ................................................................................................................ 33 Index o f m an -h ou rs o f em p loy m en t in a ircra ft fa cto rie s, a d ju ste d f o r seasonal va ria tion , 1 9 3 3 -1 9 3 9 ...................................... Profits B usin ess p ro fits. P a ges 28, 44, 69, 92.................................................... Money Market T abulated n et p rofits b y co rp o ra tio n gro u p s. P a ges 29, 45, 69, 93 ....................................................................................................................... M on ey m arket. M on th ly, p ages 1, 9, 17, 25, 33, 41, 49, 57, 65, 73, 81, 89 ........................................................................................................ Charts A n n u al n et p rofits o r d eficits o f 831 ind u strial and m erca n tile co n ce rn s, class I ra ilroa ds, and 82 p u b lic u tility com panies oth er than telep h on e com panies d u rin g 1929, 1932, 1937, and 1938 ............................ .......................................................................... M on ey rates. P a ges 2, 10, 34, 58, 66, 82, 90........................................ M on ey rates in N ew Y ork , tabulated. M on th ly , p a ges 2, 10, 18, 26, 34, 42, 50, 58, 66, 74, 82, 90........................................................... In d ex o f p rofits o f in d u strial and m erca n tile corp ora tion s, a d ju ste d f o r seasonal va ria tion , 1 9 2 8 -1 93 9 . P a ges 45, 92......... New Industries G row th o f n ew in d u stries.............................................................................. 22 Chart. P a ssen g er m iles flow n on d om estic airlines and m an hours o f em p loy m en t in a ircra ft fa cto rie s , 1 93 3 -1 9 3 8 ................ 22 Q u arterly n et p rofits o f com p anies in th e durable g o o d s and n on durable g o o d s lines, 1 9 2 8 -1 9 3 9 ................................................. Public Works Payrolls Chart. A v e ra g e daily va lu e o f co n tra cts aw arded f o r residential b u ild in gs and f o r p u b lic w ork s and build in gs s e rv in g pu blic p u rp oses, a d ju sted f o r seasonal va ria tion , 1 9 3 5 -1 9 3 9 .................. E m p loy m en t and p a y rolls. M on th ly , p a ges 7, 15, 22, 31, 39, 45, 54, 62, 70, 78, 86, 95..................................................... ............................. Chart. Indexes o f em p loy m en t and p a yrolls in U nited States fa cto rie s, a d ju sted fo r seasonal va ria tion , 1 9 3 4 -1 9 3 9 .................. 23 Issu e o f $310,000,000 o f notes on F eb ru a ry 15, 1939....................... O fferin g o f $250,000,000 o f R . F . C. n otes on O cto b e r 31, 1939.... Prices C om m od ity p rices. M on th ly , p ages 5, 15, 24, 32, 39, 47, 55, 63, 70, 77, 87, 95................................................................ ................................. Reserves P rices o f com m od ities, tabulated f o r A u g u st 15 and 31, and O ctob er 30, 1939...........................— ............................................................ 87 C hart. M on th ly ra n g e o f w h olesale p rices o f w h eat, co tto n , scrap steel, and cru d e ru bber, 1 9 3 3 -1 9 3 9 .......................................... 87 Reconstruction Finance Corporation Charts M o v e m e n t o f e xcess re se rv e s o f all m em b er banks and o f T re a su ry h old in g s o f cash and d ep osits in F ed eral R e se rv e B an ks, 1 93 8-1939 ....................... ...» ...................................................... INDEX FOR THE YEAR 1939 (Continued) Page E x cess reserv es o f N ew Y o r k C entral R eserv e C ity m em ber banks and o f all m em b er banks in th e U nited S tates, 19341939. P a ges 9, 57............................................................................................. Rubber Chart. M on th ly ra n g e o f w h olesale p rices o f w heat, co tto n , scrap steel, and crude ru bber, 1 9 3 3 -1 9 3 9 .......................................... 87 Page Steel Charts Steel m ill a ctiv ity , 1 9 3 3 -1 93 9 . P a ges 13, 60.......................................... Steel m ill a ctiv ity , 1939 com p ared w ith 1938 and 1937.............. 46 D aily a vera g e p ro d u ctio n o f steel in g o ts, 1 92 9 -1 9 3 9 .................. 85 M on th ly ra n ge o f w h olesa le p rices o f w heat, co tto n , scrap steel, and cru d e ru bb er, 1 9 3 3 -1 9 3 9 .................. ............................ 87 Securities G overn m en t secu rities. M on th ly , p ages 2, 10, 18, 26, 34, 42, 50, 58, 66, 74, 82, 90.......................................................................................... N ew fina n cin g. M on th ly , p ages 3, 12, 19, 27, 35, 43, 51, 59, 67, 76, 84, 91........................................................................................................... S ecu rity m arkets. M on th ly , p ages 3, 11, 19, 27, 35, 43, 52, 59, 67, 75, 83, 91.................. ......................................................................................... Changes in hold in gs o f d irect ob lig a tion s o f th e U nited States G ov ern m en t b y th e w eek ly rep ortin g N ew Y o r k C ity banks b etw een M arch 1 and 29, 1939, tab u la ted .......................................... Treasury Cash C hart. M ov em en ts o f exce ss reserv es o f all m em b er ban ks and o f T rea su ry hold in gs o f cash and d ep osits in F ed eral R e se rv e B anks, 1 938-1939 ........................................................................................... 17 United States Housing Authority 26 Charts A v e ra g e yield on 3 to 5 yea r T rea su ry n otes and on T re a su ry bonds n o t callable w ith in 12 years, 193 3 -1 93 9 . P a ges 10, 82 Issu e o f $ 114,000,000 o f U nited S tates H o u sin g A u th o rity 5 yea r 1 % p er cen t n o te s, F eb ru a ry 1, 1939........................................ 18 War Effects M on th ly a vera g e v olu m e o f d om estic corp ora te s ecu rity issues fo r refu n d in g and f o r new capital, 1 9 3 2 -1 9 3 8 ............................ 12 M on th ly a v era g e yields on A aa and Baa corp ora tio n bon d s, 1 933-1939 ............................ ..................................................................... P rices o f com m od ities, tabulated f o r A u g u st 15 and 31, and O ctob er 30, 1 939.......................................................................................... 87 19 P e rce n ta g e ch an ges in va lu e o f e xp o rts, tabulated b y m a jo r e con om ic g ro u p s, in d ica tin g im m ediate effe cts o f ou tbreak o f p resen t w ar and the W o rld W a r.............................................................. 88 96 76 M ovem en ts o f s to c k and b on d p rices, 1 937-1939. P a ges 25, 75 A v e ra g e yields on A a a and Baa corp ora tion bond s, 1 93 6-1939 35 H old in gs o f d irect and gu aran teed secu rities o f th e U nited States b y w eek ly re p o rtin g m em b er banks in N ew Y o rk C ity and in 100 oth er cities, F eb ru a ry t o M ay, 1 939....................... 41 D ollar value o f exp orts and im p orts o f m a jo r g ro u p s o f c o m m od ities, tabulated f o r O ctob er, 1939, and p e rce n ta g e ch an ges fro m O ctob er, 1 9 3 8 ; also p e rce n ta g e ch an ges fo r Jan u a ry to O ctob er, 1939, fro m co rre sp o n d in g period o f 1938 ....................... A v e ra g e yield on T rea su ry bonds o f m ore than 12 ye a r term to call date or m atu rity , 193 1 -1 93 9 . P a ges 42, 73............................ Chart. W e e k ly ra n g e o f s te rlin g exch a n g e rates in N e w Y o rk , 1939 com pared w ith 1914.......................................................................... A v e ra g e m on th ly v olu m e o f d om estic corp ora te s e cu rity issu es, b y quarters, 1 93 5 -1 9 3 9 ......................................................... 51 A v e ra g e yield on U nited States T rea su ry bond s, n ot callable w ith in 12 yea rs, and on A aa corp oration bon d s, 193 6 -1 93 9 .... 89 Wheat Shipbuilding Chart. Index o f m an -h ou rs o f em p loy m en t in sh ip bu ild ing, 1 92 3-1939 ...................................................................................................... 61 Charts A nnu al h a rv ests o f w in ter and sp rin g w h eat, 1 92 9 -1 9 3 8 , and estim ate o f 1939 w h eat p ro d u ctio n based on June 1 con d ition s 56 M on th ly range o f w h olesale p rices o f w heat, co tto n , scrap steel, and crude ru bber, 1 9 3 3 -1 9 3 9 .................................................. 87
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