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MONTHLY REVIEW
of Credit and Business Conditions

Second Federal Reserve District
Federal Reserve Bank, New York

INDEX FOR THE YEAR 1941
P age

C om m ercial paper and bills

P age

2

Acceptances

Index o f d istrib u tio n to co n su m e r (F ed era l R eserv e B ank o f
N ew Y o rk index, exp ressed as a p e rcen ta g e o f estim ated
lo n g term tren d , and a d ju ste d f o r seasonal v a ria tio n ), 192 7 1941
3 0 ; 78

Automobiles
Chart. U nited States p rod u ction and retail sales o f p a ssen ger
au tom obiles, 1937-41
2 3 ; 4 5 ; 95

Building
B uildin g, m on th ly

Indexes o f p ro d u ctio n o f producers* durable go o d s and co n ­
su m ers’ durable g o o d s , 1 939-1941

87

Cost of Living
5 ; 13; 2 1 ; 3 0;

3; 4 6 ; 5 5 ; 6 2 ; 6 9 ; 7 9 ; 8 6 ; 93

R eported defen se con stru ction schedules, to ta l prog ra m , J u ly 1,
1940— O ctob er 1, 1941 w ith p er cen t o f tota l expended as o f
O ctob er 1, 1941, tabulated
Charts
D aily a vera g e con tra cts
37 S tates, 1928-1941

94

Chart. Indexes o f c o s t o f liv in g and retail fo o d p rices, 1930-1941

61

Cotton
Charts

aw arded

fo r

in d ustrial b u ild in g in

A v e ra g e daily m ill con su m p tion o f co tto n and w ool, 1 936-1940
5 ; 47

A v era g e daily con stru ction con tra cts aw arded in 37 States and
in S econd F ederal R eserv e D istrict, 1 935-1941

69

7
70

63

D aily a vera ge value o f resid ential b uild in g con tra cts aw arded
in 37 S tates, 1935-1941

M ill con su m p tion o f co tto n , 1926-1941

Currency
Charts

N onresid ential bu ild in g con tra cts aw arded in 37 States d u rin g
first eig h t m onths o f 1940 and 1941, cla ssified b y m a jo r
grou p s

79

E stim ated tota l expen ditures fo r con stru ction in the U nited
S tates, 1925-1941

86

In crease in a m ou n t o f cu rre n cy ou tsta n d in g fro m th e J u ly low
to th e D ecem b er peak, and su b seq u en t d ecrea se th ro u gh
January, o f th e p a st fo u r yea rs, and estim ated seasonal
m ovem en ts, 1 9 3 7 -1 93 8 , 193 8 -1 93 9 , 1 9 3 9 -1 94 0 , 1940-1941

9

1 2 ; 2 1 ; 2 7 ; 3 6 ; 4 5 ; 52

T otal d ep osits and cu rre n cy in th e U nited S tates, 1 919-1941

33

Central Banks
Central bank ra te ch an ges
F oreig n d iscou n t rate ch an ge

C hanges in vo lu m e o f cu rre n cy ou tsta n d in g th ro u g h F ederal
R ese rv e B ank o f N ew Y o r k (w e e k ly data f o r each yea r
cu m u lated fr o m la st W ed n esd a y o f p reced in g y e a r ), 1940
com p ared w ith 1937, 1938, and 1939

1

60

Defense
Commodities
Chart. A nnu al im p orts o f certain s tra te g ic com m od ities in to the
U nited States (p lotted on ratio sca le t o sh ow p rop ortio n a te
ch a n g es) 193 4 -1 94 0

J o in t re p o rt on preparedness in m on etary organ iza tion b y B oard
o f G overn ors o f the F ed eral R e se rv e S ystem , th e R e se rv e
B anks, and the F ed eral A d v iso r y C ouncil, n o tice o f
21

Chart. U nited States T re a su ry expen ditures fo r N ational d efen se
pu rp oses, 1 939-1941

41

Consumer Credit
R egu la tion o f con su m er credit, n o tice o f a d op tion o f R egu la tion W

65

R egu lation W — C onsum er cred it

84




A n n ou n cem en t o f three kinds o f U nited States S avin gs B onds
to b e sold b e gin n in g M ay 1

25

T abulated a m ou n t and n u m ber o f Series E D e fe n se S avings B onds
issued each m on th , M a y -O cto b e r, 1941

Consumer Goods
C harts
P ercen ta g e in crease in estim ated N a tion a l in com e and in
certain types o f con su m er expen diture fo r first five m onths
o f 1941, as com pared w ith corresp on d in g p eriod o f 1940

Defense Savings Bonds

83

C hart
54

Sales o f Series E D e fe n se S avings B ond s, com pared w ith sales
o f p rev iou s issu e o f S avings B onds

84

INDEX FOR THE YEAR 1941 (Continued)
Department Stores

P age

D epartm ent store trade, m on th ly
8; 16; 2 4; 32; 40; 46; 56; 64; 72; 80; :

Charts
Index o f w h olesale fo o d p rices, 1936-1941

Indexes o f d ep a rtm en t sto re sales and s to c k s, S econd Federal
R eserv e D istrict, season a lly a d ju sted and u n ad ju sted com pared
w ith prev iou s year, m on th ly
8 ; 1 6 ; 2 4 ; 3 2 ; 4 0 ; 4 6 ; 5 6 ; 6 4 ; 7 2 ; 8 0 ; 8 8 ; 96
P ercen tag e ch an ge fro m prev iou s yea r in m on th ly n et sales and
s tock s on hand, and collection o f a ccou n ts ou tsta n d in g , ta b u ­
lated b y lo ca lity
8 ; 16
P ercen ta g e ch a n ge fro m p rev iou s yea r in m on th ly n et sales and
sto c k s on hand, tabulated b y departm en t stores
2 4 ; 3 2 ; 4 0 ; 4 6 ; 5 6 ; 6 4 ; 7 2 ; 8 0 ; 8 8 ; 96
C harts
P ercen ta g e ch an ges in certain classes o f dep artm en t sto re
tra d e and in tota l sales o f rep ortin g d ep artm en t stores in
Second F ederal R eserv e D istrict, firs t seven m on th s o f 1941
com pared w ith corresp on d in g period o f 1940

61

D aily indexes o f b asic co m m o d ity p rice s, 1939-1941

Foreign Discount Rates
60

F oreig n d isco u n t rate ch an ge

Foreign Exchanges

72

Foreign Trade
4 ; 1 3 ; 2 1 ; 3 1 ; 3 7 ; 55

F o re ig n trade

U nited States m erch an dise trade w ith Canada, tabulated value,
first 10 motnths o f 1940, and ch an ge in value fro m co rre sp o n d ­
in g p eriod o f 1939

Deposits

C harts

Charts

U nited States G ov ern m en t secu rity h old in g s, com m ercia l loans,
and a d ju sted dem and d ep osits o f w eek ly rep ortin g banks in
leadin g cities, 1 937-1941

53

Indexes o f c o s t o f liv in g and retail fo o d prices, 1930-1941

F o re ig n exch a n g es, m on th ly
4 ; 1 2 ; 2 0 ; 2 7 ; 3 6 ; 4 4 ; 5 1 ; 6 0 ; 6 8 ; 7 6 ; 8 5 ; 93

Index o f d ollar volu m e o f sales o f rep ortin g d ep artm en t stores
in Second F ed eral R eserv e D istrict, n ot a d ju sted f o r sea ­
sonal variation , 1941 com pared w ith 1940
8 0 ; 96

T otal d ep osits and cu rre n cy in th e U nited S ta tes, 1919-1941

Page

Food Prices

33

A nnu al im p orts o f certa in stra te g ic com m od ities in to th e
U nited States (p lo tte d on ra tio scale to sh ow p rop ortion a te
ch a n g e s) 1 93 4 -1 94 0

21

57

M on th ly a vera g e U nited S tates e xp orts and im p orts o f m e r­
chandise, b y grou p s o f cou n tries

37

M a jor e con om ic cla ssifica tion s co m p o sin g U nited States exp orts
and im p orts, 193P-1941

56

Employment
E m p loy m en t and p a yrolls, m on th ly
7 ; 1 5 ; 2 2 ; 2 9 ; 3 9 ; 4 7 ; 5 2 ; 6 1 ; 6 9 ; 7 7 ; 8 6 ; 94
T abulated em p loy m en t estim ates o f th e B ureau o f L a b o r S ta tis ­
tics and th e B ureau o f A g ricu ltu ra l E con om ics b y kind o f
a ctiv ity , Jan uary, 1941 in crease o v e r Jan uary, 1940

Gold
23

Charts

Gold m ove m e n ts, m on th ly
4 ; 1 2 ; 2 0 ; 2 7 ; 3 6 ; 4 4 ; 5 2 ; 6 0 ; 6 8 ; 7 4 ; 8 5 ; 93
Chart. M on th ly ch an ges in U nited States g o ld sto ck , 1934-1941

20

F a cto ry em p loym en t and pa yrolls in N ew Y o r k State, a d ju ste d
fo r seasonal va ria tion and to census data, 1 929-1941
8 ; 4 7 ; 77
P ercen ta g e increases betw een A u g u st, 1939 and D ecem ber,
1940 in em p loy m en t in certain ind u stries stim ulated b y
N a tion a l d efen se and w ar orders and in tota l fa c t o r y e m ­
p loy m en t

Income
15

M a n -h ou rs o f em p loy m en t in certain ind u stries p rod u cin g d e ­
fe n s e g ood s , and in all m a n u fa ctu rin g in d u stries, 1 939-1941

53

P ercen ta g e increases betw een June, 1940 and June, 1941, in
em p loym ent in certain in d ustries and in tota l fa c t o r y em ­
p loy m en t

62

54

39

Indexes o f fa c t o r y p a yrolls and em p loym en t, a vera g e nu m ber
o f hou rs w orked per w eek, and a vera g e h ou rly ea rn in gs,
1939-1941

Chart. P e rce n ta g e in crease in estim ated N ational in co m e and in
certain typ e s o f co n su m e r expen diture f o r firs t fiv e m on th s o f
1941 as com p ared w ith co rre sp o n d in g p eriod o f 1940

E m p loy m en t in eigh teen selected p riva te d efen se in d ustries
com pared w ith tota l m a n u fa ctu rin g em p loym en t, 1 939-1941

Interest Rates
M on ey rates in N ew Y o r k , m on th ly
2 ; 1 1 ; 1 8 ; 2 6 ; 3 4 ; 4 2 ; 5 0 ; 5 8 ; 6 6 ; 7 4 ; 8 2 ; 90
1 2 ; 2 1 ; 2 7 ; 3 6 ; 4 5 ; 52

C entral bank rate ch an ges

60

F o re ig n d isco u n t rate ch an ge

94

Member Banks
Exports and Imports— See Foreign Trade

M em ber bank credit

2 ; 10 ; 18 ; 34 ; 42 ; 5 0 ; 6 6 ; 7 4 ; 82 ; 90

M em ber bank op era tin g ra tios f o r 1940

75

Charts

M em bership in the F ederal R eserv e S ystem

75

M em ber and n on m em ber banks in th e S econd F ed eral R e se rv e
D istrict, tabulated

75




75

M em ber and non m em ber ban ks in th e S econd F ed eral R e se rv e
D istrict, tabulated

J oin t rep ort on preparedness in m on etary org an iza tion b y B oard
o f G overnors o f the F ed era l R eserv e S ystem , th e R ese rv e
B anks, and the Federal A d v iso r y C ouncil, n o tice o f

21

M em bership in th e F ederal R e se rv e S ystem

Federal Reserve System

P rin cip a l fa c t o r s a cco u n tin g fo r m ovem en ts o f fu n d s in to and
o u t o f re s e rv e balances o f m em b er ban ks in S econd F ederal
R e se rv e D is tr ic t (cu m u la tiv e sin ce J an uary 1, 194 1 )
4 9 ; 81

INDEX FOR THE YEAR 1941 (Continued)
Page
U nited States G overnm ent secu rity h old in g s, com m ercia l loans,
and a d ju sted dem and d ep osits o f w eek ly rep ortin g ban ks in
leading cities, 1937-1941

57

P rincipal fa cto rs a b sorb in g excess reserv es o f m em ber banks

65

Profits

Pa«*

B usiness p rofits

R eserv e p osition o f all m em ber ban ks, sh ow in g required
reserv es and excess reserv es to date, and estim ated required
reserves a fte r in crease in reserv e p ercen ta g es e ffe ctiv e
N ovem b er 1, 1941, based on p resen t am ou n t o f requirem ents,
1936-1941

89

T abulated n et p rofits b y co rp o ra tio n grou p , 1937, 1938, 1939,
1940, and 1941
2 8 ; 4 3 ; 6 7 ; 92
Chart. Indexes o f ind ustrial p ro d u ctio n and b u sin ess profits,
q u a rterly data a d ju ste d f o r seasonal variation , 1928-1941

73

E xcess reserv es held b y m em ber banks, J an u a ry -N ov em b er,
1941

2 8 ; 4 8 ; 6 6 ; §1

Reserves
E xcess reserv e p o sitio n

4 9 ; 58

T abulated percen ta g es o f new re se rv e requirem ents b e g in n in g on
N ovem b er 1, 1941

Money Market
M on ey m arket, m on th ly

91

73

Charts
1 ; 9 ; 1 7 ; 25 ; 33 ; 4 1 ; 49 ; 5 7 ; 65 ; 73 ; 8 1 ; 89

M on ey rates in N ew Y o rk , m on th ly
2 ; 1 1 ; 1 8 ; 2 6 ; 3 4 ; 4 2 ; 5 0 ; 5 8 ; 6 6 ; 7 4 ; 8 2 ; 90

Prices
C om m od ity prices, m on th ly
6 ; 1 6 ; 2 2 ; 3 1 ; 3 9 ; 4 8 ; 5 3 ; 6 0 ; 7 1 ; 7 6 ; 8 5 ; 94
Tabulated p ercen ta g e changes in com m od ity p rices on J an uary 30,
1941, from D ecem ber, 1940, A u g u st, 1940, and prew ar A u g u st,
1939

16

Tabulated w eek ly indexes o f w h olesa le com m od ity p rices, w ith
p ercen ta g e ch an ge fro m p reviou s tw o yea rs
7 7 ; 95
Charts
D aily ind ex o f w h olesale com m od ity p rices,
Bureau o f L a b or S ta tistics, 1 93 9-1940

com p u ted

F a cto rs influ en cin g co u rse o f excess reserv es o f all m em ber
banks (d a ta f o r m on ey in circu lation a d ju sted f o r seasonal
v a ria tio n ), 1940-1941

17

P rincip al fa cto rs a cco u n tin g f o r the m ovem en ts o f fu n d s into
and out o f re se rv e balances o f m em ber banks in S econd
F ederal R e serv e D is trict (cu m u la tive sin ce Jan uary 1, 1941)
4 9 ; 81
P rin cip a l fa cto rs a b sorb in g excess reserv es o f m em ber banks

65

R e se rv e p osition o f all m em b er ban ks, sh ow in g required
re se rv e s and excess reserv es to date, and estim ated required
reserves a fte r increase in re se rv e p ercen ta ges effe ctiv e
N o v e m b e r 1, 1941, based on present am ou nt o f requirem ents,
1936-1941

78

E xcess reserv es held b y m em ber banks, Jan uary— N ovem b er,
1941

89

by
6

Index o f w h olesale com m od ity p rices, 1 93 6-1941

3 1 ; 48

Index o f w h olesa le fo o d p rices, 1 936-1941

53

D aily indexes o f b asic com m od ity p rices, 1 93 9-1941

86

Securities
G overnm ent secu rities, m on th ly
2 ; 1 0 ; 1 8 ; 2 6 ; 3 4 ; 4 2 ; 5 0 ; 5 8 ; 6 6 ; 7 4 ; 8 2 ; 90
N ew financing, m on th ly 3 ; 1 1 ; 1 9 ; 2 7 ; 3 5 ; 4 4 ; 5 1 ; 5 9 ; 6 8 ; 7 5 ; 8 5 ; 92

Production and Trade
P rod u ction and trade, m on th ly
6 ; 1 4 ; 2 3 ; 2 9 ; 3 7 ; 4 5 ; 5 4 ; 6 3 ; 7 0 ; 7 8 ; 8 7 ; 95
T abulated indexes o f p rod u ction and tra d e in p rincip al in dustries,
m on th ly
7 ; 15 ; 24 ; 30 ; 3 8 ; 46 ; 55 ; 6 4 ; 7 1 ; 7 9 ; 8 8 ; 96
Charts
A v e ra g e daily m ill con su m p tion o f co tto n and w ool, 1 93 6-1940

7

Index o f p rod u ction and trade in th e U nited States (F ed eral
R eserv e Bank o f N ew Y o r k index, exp ressed as a percen ta g e
o f estim ated lon g term trend, and a d ju sted f o r seasonal
va ria tion ) 1928-1941
1 4 ; 63

1941

com pared

w ith

M on th ly a vera g e volu m e o f d o m e stic co rp o ra te s e cu rity issues
f o r refu n d in g and f o r new capital, 1 936-1941
3 ; 2 8 ; 76
A v e ra g e p rice o f lo n g term T re a su ry b ond s, 1939-1941

11

M ovem en ts o f s to c k p rices
s to ck in d ex) 1938-1941

19

(S tand ard S ta tistics C om pany 90

M on th ly ra n g e o f prices o f sto ck s and m edium grad e b onds,
1936-1941

35

1917,
29

P e rcen tag e in crease in estim ated N ational in com e and in certain
types o f con su m er expenditure f o r first five m onths o f 1941,
as com pared w ith corresp on d in g p eriod o f 1940

70

57
83

Y ield s on U nited States G overn m en t securities, Jan u a ryN ovem b er, 1941

91

54

M ill con su m p tion o f cotton , 192 6 -1 94 1

U nited States G overn m en t se cu rity h old in g s, com m ercia l loans,
and a d ju sted dem and d ep osits o f w eek ly re p o rtin g ban ks in
leading cities, 1 93 7-1941
D aily yields on 2 ^ p er cen t taxa ble T rea su ry bond issues

U nited States p rod u ction and reta il sales o f p a ssen ger a u to ­
m obiles, 1937-1941
2 3 ; 4 5 ; 95
Daily a vera g e steel p rod u ction ,
1929, and 1940

S ecu rity m arkets, m on th ly
3 ; 1 1 ; 1 9 ; 2 6 ; 3 5 ; 4 4 ; 5 1 ; 5 9 ; 6 7 ; 7 5 ; 8 4 ; 91
Charts

Index o f d istrib u tion t o con su m er (F ed era l R eserv e B ank o f
N ew Y ork index, exp ressed as .a p ercen ta g e o f estim ated lon g
term trend, and a d ju sted fo r seasonal v a ria tion ) 19271941
3 0 ; 78
Indexes o f p rod u ction o f p rod u cers ’ durable good s and c o n ­
sum ers’ durable g ood s, 1 939-1941

87

Indexes o f industrial p rod u ction and busin ess p rofits, q u a rterly
data a d ju sted f o r seasonal variation , 1928-1941

91




Steel
Chart. D aily a vera g e steel p rod u ction , 1941 com pared w ith 1917,
1929, and 1940

Wool
Chart. A v e ra g e daily m ill con su m p tion o f co tto n and w ool, 19361940

29