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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

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 ...........................................................

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

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 .............

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......................................

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 ....................................................................................................

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............................................... ......... ..................

94

38

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

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 ..............................................................................................

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 ......................................

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

93

Cotton

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

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 ..................
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 .................................................

Balance of Payments

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

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.................. .............................

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 ..............................................................

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 ..............................................................

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

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.......................

69

21

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........................................

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 .................. .................................

F o re ig n trade. M on th ly, pages 7, 15, 21, 32, 40, 47, 55, 63,
71, 79, 88, 96...........................................................................................................

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

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.........................................................................................................
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
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 .................................................

R e fu n d in g o f b o n d s .............................. ................ ...........................................

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 ..........................................

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..............

87

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
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

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 ......................................................................................................




Charts

61

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