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MONTHLY REVIEW of Credit and Business Conditions Second Federal Reserve District Federal Reserve Bank, Neiv York January 1, 1941 INDEX FOR THE YEAR 1940 P a ge P age Acceptances Central Banks C om m ercial paper and bills, m on th ly 3 ; 1 0 ; 1 8 ; 2 6 ; 3 4 ; 4 3 ; 5 1 ; 5 9 ; 6 7 ; 7 5 ; 8 2 ; 91 V olu m e o f bills ou tsta n d in g , tabulated b y typ es 5 ; 1 2 ; 2 0 ; 3 7 ; 4 4 ; 6 9 ; 8 4 ; 93 C entral bank rate ch an ges 3 ; 1 1 ; 1 9 ; 3 5 ; 51 Commercial Paper— See Acceptances Automobiles Defense Charts D aily a vera ge p rod u ction o f p a ssen ger autom ob iles and tru ck s, 1939-40 com pared w ith 1936-37 and 1938-39 13 R etail sales o f new p a ssen ger autom ob iles, 1939-40 com pared with 1936-37, 1937-38, and 1938-39 3 8 ; 62 W eek ly au tom ob ile p rod u ction in th e U nited States and Canada, 1940 com pared w ith 1939 and 1937 86 L e tte r fro m P resid en t o f th e F ederal R e serv e B ank o f N ew Y o rk to th e N ational D e fe n se A d v iso r y C om m ission, June 13. 1940, on coop era tion o f th e N ew Y o r k C ity banks in m ak in g defen se loans to in d u stry 50 Chart. T otal co n stru ctio n co n tra cts in 37 S tates, 1939-1940, sh ow in g am ou nts fo r N ational d e fe n se p u rp oses, begin n in g in June, 1940 87 Banks Capital p osition o f N ew Y ork C ity banks 27 P ercen ta g e o f tota l capital to d ep osits and tota l in v ested fu n ds, 193 4 -1 93 9 , tabulated 27 D epartm ent s to re trade, m on th ly 8 ; 1 6 ; 2 4 ; 3 2 ; 4 0 ; 4 8 ; 5 6 ; 6 4 ; 7 2 ; 8 0 ; 8 8 ; 96 D epartm ent s to re sales and s to ck s, S econd F ederal R e serv e D istrict, season a lly a d ju sted and un ad ju sted com pared w ith p rev iou s year, m o n th ly 8 ; 16 ; 24 ; 32 ; 40 ; 48 ; 56 ; 64 ; 72 ; 80 ; 88 ; 96 Bills— See Acceptances Building B uildin g, m on th ly Department Stores 5 ; 1 4 ; 2 3 ; 3 0 ; 4 0 ; 4 8 ; 5 3 ; 6 3 ; 7 1 ; 7 9 ; 8 6 ; 94 Tabulated p ercen ta g e ch an ges in con stru ction con tra cts, N ew Y o r k and N orth ern N ew J ersey , oth er areas and 37 States 6 ; 63 ; 79 ; 95 Charts P ercen ta g e distrib 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 J e rse y area, and in oth er areas, 1935-1939 23 D aily a vera g e value o f residential b uild in g con tra cts aw arded in 37 States, cla ssified b y typ e o f ow n ersh ip, 1936-1940 P e rce n ta g e ch an ge fro m p rev iou s yea r in m on th ly n et sales and sto ck s on hand, and colle ctio n o f a ccou n ts o u tsta n d in g , ta b u lated b y lo ca lity , m on th ly 8 ; 1 6 ; 2 4 ; 3 2 ; 4 0 ; 4 8 ; 5 6 ; 6 4 ; 7 2 ; 8 0 ; 8 8 ; 96 Charts S easonally a d ju ste d indexes o f sales o f m ail ord er hou ses, dep artm en t stores, and v a riety chains, 1 93 7-1940 78 R atio o f m erch an dise s to ck s to sales o f re p o rtin g d ep artm en t stores in the S econd F ed eral R ese rv e D istrict, a d ju sted f o r seasonal variation , 1 92 9 -1 94 0 88 40 Electric Power V alue o f con stru ction con tra cts aw arded in 37 States d u rin g first five m onths o f 1933-1940 T otal con stru ction con tracts in 37 S tates, 198 9 -1 94 0 , sh ow in g am ounts f o r N ational defen se p u rp oses, b egin n in g in June, 1940 Chart. D aily a vera g e v olu m e o f e le ctric p ow er a d ju ste d fo r seasonal variation , 193 7 -1 94 0 prod u ction , 21 87 Employment E m p loy m en t and p a yrolls, m on th ly 7 ; 1 6 ; 2 3 ; 2 8 ; 3 8 ; 4 7 ; 5 5 ; 6 1 ; 6 9 ; 7 7 ; 8 5 ; 95 Capital Capital p osition o f N ew Y ork C ity banks 27 P e rcen ta g e o f tota l capital to d ep osits and tota l in v ested fu n d s, 1 934-1939, tabulated 27 Charts In d ex o f m an -h ou rs 1 93 7-1940 of e m p loy m en t in a ircra ft fa cto rie s, 46 INDEX FOR THE YEAR 1940 (Continued) Page Page Charts S easonally a d ju sted indexes o f em p loy m en t and p a yrolls in N ew Y o r k S ta te fa cto rie s, 1929-1940 77 E m p loy m en t in d urable and n on d urable good s in d u stries, a d ju ste d f o r seasonal va ria tion , 1 92 9-1940 85 T otal fa c t o r y e m p loy m en t in th e U nited S tates, com pared w ith em p loy m en t in m a n u fa ctu re o f a ircra ft and m achine to o ls and in sh ip bu ild ing, a d ju sted fo r seasonal va ria tion , 19351940 6 1 ; 95 G old held u n d er earm ark f o r R e se rv e B an ks, 193 4 -1 93 9 fo r e ig n a cco u n t at F ed eral 5 M on th ly ch an ges in U nited States g o ld sto ck , 1 93 4 -1 94 0 1 2 ; 83 G old s to c k o f th e U nited States and m em b er bank re se rv e balances a t th e F ederal R e se rv e B an ks, 193 4 -1 94 0 17 Gold s to ck o f the U nited States and am ou n t o f g o ld held un der earm ark fo r fo re ig n a cco u n t a t F ed eral R e se rv e B an ks, 1 93 8 -1 94 0 52 Exports and Imports— See Foreign Trade Government Securities— See Securities Federal Reserve Banks Chart. F oreig n bank d ep osits in Federal R eserv e B an ks, 19381940 65 Interest Rates C entral ban k ra te ch an ges 5; 12; 20; 37; 44; 69; 84; M on ey rates in N ew Y o rk , m o n th ly 2 ; 1 0 ; 1 8 ; 2 6 ; 3 3 ; 4 2 ; 5 0 ; 5 8 ; 6 6 ; 7 4 ; 8 2 ; 90 Foreign Exchange F oreig n exch a n g es, m on th ly 4 ; 1 2 ; 2 0 ; 3 1 ; 3 5 ; 4 4 ; 5 3 ; 6 0 ; 6 8 ; 7 6 ; 8 4 ; 93 B ritish fo r e ig n ex ch a n g e con trol 69 Member Banks M em ber bank cred it Foreign Funds F oreig n official fu n d s b lock ed 66 Charts Gold held un d er earm ark fo r R e serv e B an ks, 1 93 4-1939 2 ; 1 0 ; 1 8 ; 2 6 ; 3 4 ; 4 2 ; 5 0 ; 6 6 ; 74 5 8 ; 8 1 ; 90 E xce ss reserv es fo re ig n a ccou n t at Federal 5 Gold s to ck o f th e U nited States and a m ou nt o f g o ld held under earm ark fo r fo re ig n a cco u n t at Federal R eserv e B anks, 193 8 -1 94 0 65 74 C hanges in loans and in v e stm e n ts and d ep osits o f w eek ly r e p o rt in g ban ks, N o ve m b e r 20, 1940 com p ared w ith N o v e m b e r 22, 1939, tabulated 90 52 F o re ig n bank d ep osits in F ed eral R e serv e B an ks, 1 9 3 8 -1 94 0 C hanges in ex ce ss reserv es and p rin cip a l fa cto rs ca u sin g su ch ch an ges, tabulated f o r J uly 17 to A u g u s t 7, and su b seq u en t p eriod Charts E xcess re se rv e s o f N ew Y o r k C entral R e se rv e C ity m em b er banks and o f all m em b er banks in th e U nited S tates, 19341940 9 F oreig n trade, m on th ly 7 ; 1 4 ; 2 3 ; 3 2 ; 3 9 ; 4 7 ; 5 6 ; 6 0 ; 7 0 ; 7 8 ; 8 4 ; 93 Gold s to ck o f th e U nited S tates and m em b er bank re se rv e balances at th e F ed eral R e se rv e B an ks, 1 93 4-1940 17 P ercen ta g e ch an ges in dollar values o f exp orts and im p orts, tabulated b y com m od ities f o r d ifferen t p eriod s in 1940, co m pared w ith corresp on d in g p eriod s in p rev iou s yea rs 8 ; 2 4 ; 79 R e serv e balances o f all m em b er banks, required re se rv e s, and excess re se rv e s, 1934-1940 33 C om m ercial, in dustrial, and a gricu ltu ra l loans and U nited States G ov ern m en t se cu rity h old in g s o f w eek ly re p o rtin g m em ber ban ks, in leadin g cities, 1 93 9-1940 57 Foreign Trade P ercen ta g e ch an ge in value o f m erch an dise exp orts fro m the U n ited States tabulated b y co u n try o f d estination , 1 939-1940 com pared w ith sam e p eriod 193 8 -1 93 9 , and first quarter 1940 com pared w ith sam e f o r 1939 39 P ercen ta g e ch an ge in value o f exp orts and im p orts, J u ly, 1940, com pared w ith 1939, tabulated by m a jor grou p s 71 U nited States m erch an dise tra d e w ith the B itish E m pire, L atin A m erica, and all oth er c o u n t r ie s ; p ercen ta g e change in dollar value o f exp orts and im p orts first year o f war, 1939-40 com pared w ith avera g es fo r 192 6 -3 0, 1 934-38, tabulated C om m ercial, ind ustrial, and a gricu ltu ra l loans o f w eek ly r e p o rtin g banks in 101 lea din g citie s, 1940 com p a red w ith 1939 81 Money 85 Charts C hanges in volu m e o f cu rre n cy o u tsta n d in g th rou gh F ed eral R e se rv e B ank o f N ew Y o r k , 1939 com p ared w ith 1938 and 1937 Charts M erch a n d ise exp orts fro m th e U nited States to variou s co u n tries, 1939 com p a red w ith 1938 15 D aily a v era g e value o f U nited States m erch an dise exp orts and im p orts, a d ju sted fo r seasonal variation , 1 935-1940 47 73 24 V alu e o f selected im p orta n t exp orts fro m th e U nited S tates, 193 8-1940 1 Changes in m on ey in circu la tio n , season a lly a d ju ste d , 193 4 1940 Money Market M on ey m arket, m on th ly Gold Gold m ovem en ts, m on th ly 5 ; 1 2 ; 2 1 ; 3 2 ; 3 5 ; 4 4 ; 5 2 ; 6 0 ; 6 9 ; 7 6 ; 8 3 ; 93 M on ey rates 1; 9; 1 7 ;2 5 ; : ; 4 1 ; 4 9 ; 5 7 ; 6 5 ; 7 3 ; 8 1 ; 89 9 ; 2 6 ; 4 2 ; 5 0 ; 5 8 ; 82 M on ey rates in N ew Y o rk , m o n th ly 2 ; 1 0 ; 1 8 ; 2 6 ; 3 3 ; 4 2 ; 5 0 ; 5 8 ; 6 6 ; 7 4 ; 8 2 ; 90 INDEX FOR THE YEAR 1940 (Continued) Page P a ge F o reig n official fu n d s b lock ed 66 C hanges in loans and in v estm en ts and d ep osits o f w eek ly r e p ortin g ban ks, N ov em b er 20, 1940 com pared w ith N ovem b er 22, 1939, tabulated W e e k ly a u tom ob ile p ro d u ctio n in th e U nited Canada, 1940 com p a red w ith 1939 and 1937 S tates and 86 90 Profits 2 0 ; 3 0 ; 4 4 ; 6 8 ; 92 B usin ess p rofits National Defense Advisory Commission 2 0 ; 3 0 ; 4 5 ; 6 8 ; 92 T abulated n e t p rofits b y co rp o ra tio n grou p s L e tter fro m P resid en t o f th e F ed era l R e serv e B ank o f N ew Y o r k to th e com m ission on th e coop era tion o f th e N ew Y o r k C ity banks in m ak in g d efen se loans to in d u stry Chart 50 New Orders In d ex o f p rofits o f 168 in d u strial and m erca n tile co rp o ra tio n s, 192 8 -1 94 0 45 Reserves Chart. In d ex o f new ord ers booked b y M a ssa ch u setts m a n u fa c tu rers, a d ju sted fo r seasonal variation , 1 93 6-1940 5 8 ; 8 1 ; 90 E x ce ss re se rv e s 78 C hanges in e xcess re se rv e s and p rin cip a l fa c to r s ca u sin g such ch an ges fro m J u ly 17 t o A u g u s t 7, and su b seq u en t period, tab u la ted Prices 74 C harts C om m od ity p rices, m on th ly 7 ; 1 5 ; 2 2 ; 3 0 ; 3 8 ; 4 5 ; 5 5 ; 6 3 ; 7 2 ; 8 0 ; 8 7 ; 96 Charts D aily ind ex o f p rices o f 28 basic com m od ities, 1 93 9-1940 22 D aily indexes o f w h olesale p rices o f im p ort and d om estic co m m od ities, 1939-1940 9 39 D aily indexes o f w h olesale com m od ity p rices, 1 939-1940 E x ce s s re se rv e s o f N ew Y o r k C entral R e se rv e C ity m em ber banks and o f all m em b er ban ks in th e U nited S tates, 193 4 1940 87 R e se rv e balances o f all m em b er ban ks, and excess re se rv e s, 1 93 4 -1 94 0 required re se rv e s, 33 Securities G overn m en t secu rities, m o n th ly 2 ; 1 0 ; 1 8 ; 2 6 ; 3 4 ; 4 2 ; 5 1 ; 5 8 ; 6 6 ; 7 4 ; 8 2 ; 90 Production and Trade P rod u ction and trade, m on th ly 6 ; 1 3 ; 2 1 ; 2 8 ; 3 7 ; 4 6 ; 5 4 ; 6 2 ; 7 0 ; 7 7 ; 8 5 ; 94 T abulated indexes o f p rod u ction and trade in p rin cip a l in d u s tries, m on th ly 6 ; 1 4 ; 2 2 ; 2 9 ; 3 7 ; 4 6 ; 5 5 ; 6 3 ; 7 0 ; 7 8 ; 8 6 ; 94 N ew fin a n cin g , m o n th ly 3 ; 1 1 ; 1 9 ; 2 8 ; 3 6 ; 4 3 ; 5 2 ; 5 9 ; 6 7 ; 7 5 ; 8 3 ; 91 S ecu rity m ark ets, m on th ly 3 ; 1 1 ; 1 9 ; 2 7 ; 3 6 ; 4 3 ; 5 1 ; 5 9 ; 6 7 ; 7 5 ; 8 2 ; 91 C harts C harts S teel m ill a ctiv ity , 1936-1940 (In g o t ou tp u t exp ressed as p e r cen ta ge o f ca p a city ) 1 3 ; 3 7 ; 54 R etail sales o f new p a ssen ger au tom ob iles, 1 939-40 com pared w ith 193 6 -3 7, 1937-38, and 1938-39 3 8 ; 62 In d ex o f p rod u ction and trade in th e U nited S tates, 1933-1940 (F ed era l R e se rv e B ank o f N ew Y o r k ind ex exp ressed as a p ercen ta g e o f estim ated lon g term trend, and a d ju ste d f o r seasonal va ria tion ) 2 9 ; 6 2 ; 94 A v era g e daily car loadin gs o f m erch an dise and m iscella n eou s fre ig h t, a d ju sted f o r seasonal variation , 1 93 6-1939 6 D aily a vera g e p rod u ction o f p a ssen ger a utom obiles and tru ck s, 193 9 -4 0 com pared w ith 1936-37 and 1 938-39 13 D aily a vera g e v olu m e o f electric p ow er p rod u ction , a d ju sted f o r seasonal variation , 1 93 7 -1 94 0 M on th ly a vera g e volu m e o f d o m e stic corp orate se cu rity issues f o r refu n d in g and fo r n ew capital, 1 93 2-1940 4 ; 5 2 ; 76 A v e ra g e p rice o f lo n g term T rea su ry b ond s, 1 93 9-1940 3 4 ; 42 P rices o f stock s and co rp o ra tio n b on d s, 193 8 -1 94 0 4 1 ; 75 M ov em en ts o f s to ck and bond p rices, 1 93 7-1939 3 M ov em en ts o f p rices o f high grad e bon d s, 1939-1940 49 M ov em en ts o f s to c k p rice s, 193 8 -1 94 0 51 C om m ercial, industrial, and a gricu ltu ra l loans and U nited States G ov ern m en t s e cu rity h old in g s o f w eekly re p o rtin g m em b er ban ks in lea din g citie s, 1 93 9 -1 94 0 57 M ov em en ts o f yield s on h igh g rad e bon d s, 1 939-1940 89 21 Ind ex o f m an -h ou rs o f em p loy m en t in a ircra ft fa cto rie s, 19371940 D aily a vera g e steel in g o t p rod u ction , 1939, 1938, 1937, and 1929 1940 com pared w ith In d ex o f new ord ers b ook ed b y M a ssa ch u setts m an u fa ctu rers, a d ju sted f o r seasonal variation , 193 6 -1 94 0 Steel 46 Charts 70 Steel m ill a ctiv ity , 1 93 6-1940 (I n g o t o u tp u t exp ressed as p e r ce n ta ge o f ca p a city ) 13 ; 3 7 ; 54 78 D a ily a v e ra g e ste e l in g o t p ro d u ctio n , 1939, 1938, 1937, and 1929 1940 com p ared w ith 70
@FedFRASER