Graphical Survey of Economic DevelopmentsSource: The Review of Economics and Statistics, Vol. 21, No. 4 (Nov., 1939), pp. 149-152Published by: The MIT PressStable URL: http://www.jstor.org/stable/1926600 .

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GRAPHICAL SURVEY OF ECONOMIC DEVELOPMENTS

CHART I.-HARVARD INDEX OF GENERAL ECONOMIC CONDITIONS, MONTHLY, JANUARY, I933-SEPTEMBER, I939 *

A-PRICE OF ALL LISTED STOCKS B-BANK DEBITS, 241 CITIES OUTSIDE N.Y.C.

O C-RATES ON SHORT-TIME MONEY _ _?0

-4 ? =1= T-

1933 1934 l 1935 1936 1937 1938 1939

*For description of the index, see this REVIEW, XIV (I932), pp. 8o-87.

CHART 2.-INDICES OF MANUFACTURES AND FACTORY EMPLOYMENT, ADJUSTED FOR SEASONAL VARIATION, MONTHLY, JANUARY, I933-SEPTEMBER, I939 *

MANUFACTURES (1923-25 = 100)

120 120

8080

60 \' I .-

60

FACTORY EMPLOYMENT (1923-25 = 100) 120 1 120

100 :oo

80 80

60 1933 1934 1935 1936 1937 1938 1939

* Data are those compiled by the Board of Governors of th.e Federal Reserve System and published currently in the Federal Reserve Bulletin.

[I49]

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I50 THE REVIEW OF ECONOMIC STATISTICS

CHART 3.-CERTAIN SERIES INDICATIVE OF THE COURSE OF TRADE, CORRECTED FOR SEASONAL VARIATION, MONTHLY *

(Logarithmic vertical scale)

Scale for: Scale for o

Dep90 t.

90 < 1 -2'.Q U

70 - (1923-25 = 00) Mdse.

45 -40

35

30

..M.isc.... e. I_ cl. car lo s . - 25

70 -~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~2 (1000 cars) ~ ~ ~ ~ ~ ~ ~ ~ ~ 0

60~~~~~~~~~~~~~~~~~~~~~~~~~~~6

Merchandise exportsort

(1923-25 =100)

40

1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 * Data for department-store sales and car loadings cover the period January, 1929-September, 1939, while for ex-

ports the last figure plotted is that for August, I939. The adjusted index of department-store sales is that compiled by the Board of Governors of the Federal Reserve System and published currently in the Federal Reserve Bulletin; the adjusted index of the value of exports is computed by the Division of Foreign Trade Statistics, Bureau of Foreign and Domestic Commerce, U. S. Department of Commerce, and published in Monthly Summary of Foreign Commerce of the United States. The car loadings adjusted series are compiled by this REVIEW, and are based upon data reported by the American Railway Association.

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GRAPHICAL SURVEY OF ECONOMIC DEVELOPMENTS I5I

CHART 4.-INDICES OF WHOLESALE COMMODITY PRICES AND OF THE COST OF LIVING, MONTHLY, JANUARY, I935- SEPTEMBER, I939 *

(Logarithmic vertical scale)

U. S. B. L. S. Indices of Wholesale National Industrial Conference Board Commodity Prices Indices of the Cost of Living

(I926 = zoo) (1923 = IOO) 100 100

9C 90

80 d a < 801 z

70 ... 70 --1_ T 'All" commodities -,..- -Farm products

- Total Fuel and light ---- Foods - Clothing Housing

60 Other" commodities

60 Food -- Sundries 1935 1936 1937 1938 1939 1935 1936 1937 1938 1939

* Sources: Wholesale price data are from Monthly Labor Review and mimeographed reports issued by the Bureau of Labor Statistics, U. S. Department of Labor. Cost of living indices have been transcribed from Survey of Current Business.

CHART 5.-SECURITIES ISSUED IN THE UNITED STATES, QUARTERLY TOTALS, I I935-III I939 *

(Unit: million dollars. Logarithmic vertical scale)

TOTAL ISSUES PRIVATE CORPORATE ISSUES RUBLIC ISSUES 3000 3000 3000

A Total To~~~~~~~~~~~~~~~~tal

1000 100 100 0

193 96 13 13 99 13 i3 97 13 1939 193 96 97 198 13

i l I I I Il , I I I:I I lo , I Total

*Based upon monthly data published in the Commercial and Financial Chronicle. All capital issues which are publicly listed as being f or sale, except bank loans and United States Treasury issues, are included in the series. In the above groupings, "Total Issues" represent the sum of the data in the two other groups; "Private Corporate Issues" include flotations by companies incorporated in the. U. S. and those issues of foreign companies which are floated in the U. S.; "Public Issues" are based on the classifications "farm loans and government agencies" (which include issues for which the U. S. Treasury acts as fiscal agent), "municipal, states, cities, etc. and U. S. possessions" (which do not include funds obtained by states and municipalities from any agency of the federal government), and flotations in U. S. markets of issues of Canadian and other foreign governments.

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I52 THE REVIEW OF ECONOMIC STATISTICS

CHART 6.-BOND YIELDS, STOCK PRICES, AND THE- VOL- UME OF STOCK TRANSACTIONS, MONTHLY, JANUARY, I935-OCTOBER, I939 *

(Logarithmic vertical scale) BOND YIELDS

per cent (inverted scale)

4 _ - Corporate Aaa

6 Corporate 8

one dollar STOCK PRICES _____

200

100

60 40 ,___o ~ ~'\Rai roads

40 z

'-"Utilities / O-' V -

20

million shares SHARES TRADED 4.0

2.C

0.5

1935 1936 1937 1938 1939 * Bond yields data are those compiled by Moody's In-

vestors Service and published currently in Federal Reserve Bulletin; monthly averages of daily figures. Monthly average figures for stock prices are based on Dow-Jones daily stock price indices, from Wall St. Journal. The shares traded curve represents the daily average volume of stock transactions as reported by the New York Stock Exchange.

CHART 7.-FEDERAL RECEIPTS AND EXPENDITURES, BY QUARTERS, I I934-III I939 *

(Unit: billion dollars) Total expenditures

1 Total receipts 1111 Excess of expenditures

3

2

1934 1935 1936 1937 1938 1939 * Quarterly totals are based upon monthly items as re-

ported in the Bulletin of the Treasury Department, Sep- tember, I939, p. 3, and Daily Statement of the U. S. Treasury.

CHART 8.-SELECTED ITEMS FROM CONDITION STATE- MENTS OF REPORTING MEMBER BANKS (IOI CITIES) OF THE FEDERAL RESERVE SYSTEM, MONTHLY AVER- AGES OF WEEKLY ITEMS, JANUARY, I935-OCTOBER,

I939 (Unit: billion dollars)

2CTotaI loans and investments 20

15 Investments, total

10 :

4 Commercial loans

2 Loans to brokers and dealerst

- C Loans to otherst

8 obligations, direct

4 curities

2_

__________ U.S. government obligations, guaranteed

1935 1936 1937 1938 1939 * For the period January, 1935-May, I937, this series is

represented by the classification described as "Other Loans" presented in the Annual Report of the Board of Governors of the Federal Reserve System and the Federal Reserve Bulletin. Beginning June, I937, this series is represented by the classification "Commercial, Industrial, and Agricultural Loans."

t Loans for purchasing or carrying securities. Two series as follows: (i) Loans to brokers and dealers, January, I935- date; (2) Loans to others, June, I937-date.

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