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MONTHLY REVIEW
of Credit and Business Conditions

Second Federal Reserve District
January 1,1943

Federal Reserve Bank, New York

INDEX FOR THE YEAR 1942
Agriculture

Page

Page

Chart. Index o f p h y sica l volu m e o f tota l a gricu ltu ra l p rod u ctio n
in the U nited S tates, 1909-1942

C harts
79

Budget
R evised b u d get estim ates

35

Chart. U nited States G overn m en t expen ditures ( fo r fiscal years
ended June 3 0 ; 1942 and 1943 estim ated )

36

O u tstan d in g ch a rg e a cco u n t balances * * * and p e rcen ta g e o f
co lle ctio n s m ade d u rin g the m onth to a ccou n ts receiv a ble
a t begin n in g o f th e m on th , as rep orted b y a rep resen ta tiv e
grou p o f d ep artm en t stores in Second F ederal R e se rv e
D istrict, 1 93 9-1942

72

Cash, open b o o k credit, and in sta lm en t cre d it sales o f a re p re ­
sen tative grou p o f dep artm en t stores in the Second F ederal
R ese rv e D istrict, 1942 com p a red w ith 1941

87

Building
B u ildin g, m on th ly

6 ; 1 4 ; 2 2 ; 8 1 ; 3 9 ; 4 8 ; 5 5 ; 6 2 ; 7 0 ; 7 9 ; 8 6 ; 95

Cost of Living
U nited States B ureau o f L a b o r S ta tistics w eek ly indexes o f
w h olesale co m m o d ity p rice s, tabulated to sh ow e ffect o f im p o­
sition o f General M axim um P rice R egu la tion on c o s t o f liv in g

Charts
C ontracts aw arded in 37 States fo r ind ustrial build in g, 19191941
D aily a v era g e volu m e o f resid en tia l and ind ustrial b uild in g
con tra cts aw arded in 37 S tates, 1 93 6-1942

23

55

Indexes o f liv in g co s ts tabulated f o r U nited S tates, Canada,
and G reat B ritain, w ith p e rcen ta g e ch an ge A u g u st, 1942 fro m
p rev iou s years

87

15

D aily a vera g e value o f con stru ction con tra cts aw arded in
M etrop olitan N ew Y o r k and N orth ern N ew J ersey, and
in U p sta te N ew Y ork area, a d ju sted f o r seasonal variation ,
1935-1942

31

V alu e o f con stru ction con tra cts aw arded in 37 States, classified
b y ty p e o f ow n ersh ip, 1 93 9-1942

39

D aily a vera g e value o f p riva te resid ential b u ild in g con tra cts
aw arded in 37 S tates, a d ju sted f o r seasonal variation , 19351942

Chart.

C ost o f liv in g in th e U nited S tates, 193 0 -1 94 2

1 4 ; 47

Crops

55

V alu e o f con stru ction con tra ct aw ards in M etrop olita n N ew
Y ork , U p state N ew Y o rk , and N orth ern N ew J ersey, 193 7 1942
63

F ederal Crop R e p o rtin g B oard ’ s estim ates o f 1942 ou tp u t o f ten
m a jo r crops w h ich in 1940 w ere so u rce o f a bou t 60 p e r cen t
o f cash agricu ltu ra l incom e, tabulated w ith p e rce n ta g e ch an ges
fr o m p rev iou s yea r

Cuban Peso
Chart. D isco u n t o r prem ium on Cuban p e so in term s Qf U nited
States dollar, 1940-1942

D aily a vera g e value o f co n stru ctio n co n tr a c t aw ards in M e tro ­
politan N ew Y ork , 1 938-1942

80

A nnu al value o f con stru ction con tra ct aw ards in N ew Y o r k
S ta te and N orthern N ew J ersey, 1 925-1942

95

95

Consumer Credit
63 ; 87

P e rcen ta g e ch an ge fro m prev iou s yea r in cash and cred it sales,
accou n ts receiv a ble collected , and ou tsta n d in g a ccou n ts re c e iv ­
able, tabulated b y dep artm en t and fu rn itu re stores in th e
S econd Federal R eserv e D is tr ic t
6 4 ; 86
C onsum er credit reg u la tion — am en dm en t to R egu la tion W
C onsum er in sta lm en t cred it ou tsta n d in g , 159 m em ber ban ks in
th e Second D istrict, tabulated




Department Stores
D epartm ent sto re trade, m o n th ly
8 ; 1 6 ; 2 4 ; 3 2 ; 4 0 ; 4 8 ; 5 6 ; 6 4 ; 7 2 ; 8 0 ; 8 8 ; 96

Commodity Prices— see Prices

C onsum er cred it

21

45

88

Indexes o f d ep a rtm en t s to r e sales and s to c k s, Second F ederal
R ese rv e D istrict, season a lly a d ju sted and un ad ju sted , co m ­
pared w ith p re v io u s year, 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
P e rce n ta g e ch an ge fro m p rev iou s yea r in m on th ly n e t sales and
s to ck s on hand, tabulated b y departm en t stores
8 ; 1 6 ; 2 4 ; 3 2 ; 4 0 ; 4 8 ; 5 6 ; 6 4 ; 7 2 ; 8 0 ; 8 8 ; 96
P e rce n ta g e ch an ge fro m p rev iou s yea r in cash and cred it sales,
a cco u n ts re ceiv a b le collected , and ou tsta n d in g a ccou n ts re c e iv ­
able, tabulated b y dep artm en t and fu rn itu re stores in the
S econd F ed eral R e se rv e D is tr ic t
6 4 ; 88

INDEX FOR THE YEAR 1942 (Continued)
Page
Charts

R igid co n tro l im posed o v e r Philippine secu rities and all P h ilip ­
pine paper cu rre n cy in th e U nited S tates, F eb ru a ry 1, 1942

P ercen ta g e increases in dollar volu m e o f sales o f rep o rtin g
departm en t stores in Second Federal R eserv e D istrict and
in selected cities, yea r ended Jan uary 31, 1942, com pared
w ith yea r ended J an uary 31, 1940

21

Freight
24

Indexes o f sales and stock s o f rep ortin g departm en t stores in
S econd F ederal R e se rv e D istrict, a d ju sted f o r seasonal
va ria tion , 193 6 -1 94 2
4 0 ; 96
O u tstan d in g ch arge a cco u n t balances * * * and p ercen ta g e o f
collection s m ade durin g the m onth to a ccou n ts receiv a ble at
b eg in n in g o f the m onth, as rep orted b y a rep resen ta tiv e
grou p o f dep artm en t stores in Second Federal R ese rv e
D istrict, 1 93 9-1942

12

Chart. D iscou n t o r prem ium on Cuban p eso in term s o f U nited
States dollar, 1940-1942

W eek ly sales o f rep ortin g d epartm ent stores in th e S econd
F ederal R eserv e D istrict, n ot a d ju sted fo r seasonal variation ,
1941-42 com pared w ith 1939-40 and 1940-41

Chart.
T otal car loadin gs and rev en u e to n -m ile s o f fr e ig h t
hauled b y the railroads, a d ju sted f o r seasonal variation , 19381942

61

R e v isio n o f index o f ton -m iles o f fr e ig h t p er car loaded

61

Furniture Stores
72

P e rcen tag e ch an ge fro m prev iou s year in cash and cred it sales,
a cco u n ts receiv a ble collected , and ou tsta n d in g a cco u n ts r e c e iv ­
able, tabulated b y departm en t and fu rn itu re stores in th e
S econd F ederal R e serv e D istrict
6 4 ; 88

Discount Rate
D iscou n t ra te ch an ges

82

Income Tax
19

B orrow in g to pay in com e taxes

Durable Goods
Chart. Indexes o f p rod u ction o f p rod u cers’ durable go o d s and
con su m ers’ durable good s (F ed era l R eserve B ank o f N ew Y o rk
indexes, exp ressed as percen ta g es o f lon g term tren d s, and
a d ju sted fo r seasonal v a ria tio n ), 1939-1942

Interest Rates
M on ey rates in N ew Y o rk , m on th ly
2 ; 1 0 ; 1 8 ; 2 6 ; 3 5 ; 4 3 ; 5 1 ; 5 9 ; 6 7 ; 7 6 ; 8 3 ; 91
38

Electric Power

82

D iscou n t rate changes

Machinery

Chart. D aily a vera g e p rod u ction o f electric p ow er, a d ju sted f o r
seasonal variation , 1936-1942

22

Chart. Indexes o f p rod u ction o f tra n sp orta tion equip m en t and
m ach in ery, a d ju sted fo r seasonal variation , 1 939-1942
4 6 ; 93

Member Banks

Employment
E m p loy m en t and p a yrolls, m on th ly
6 ; 1 5 ; 2 3 ; 3 1 ; 3 9 ; 4 7 ; 5 5 ; 6 2 ; 7 0 ; 7 8 ; 8 4 ; 94
N ew Y o r k State em p loy m en t b y industrial areas, tabulated
ch an ge D ecem ber, 1941 com pared w ith D ecem ber, 1940 and
A u g u st, 1939

M em ber bank op eratin g ratios f o r 1941
15

Charts
Indexes o f m an -h ou rs o f em p loy m en t in certain in d ustries
im p orta n t in the w a r effort, 1 939-1941
Ind exes o f fa c t o r y em p loym ent and p a yrolls in th e U n ited
States, and a vera g e w eek ly earnings o f fa c t o r y w ork ers,
1939-1941
Indexes * * * o f m an -h ou rs o f em p loy m en t and n u m ber
em p loyed in m an u fa ctu rin g , and a vera g e hours w orked p er
w eek * * * 1 93 9-1942

M em ber bank credit, m on th ly
2 ; 1 0 ; 1 8 ; 2 6 ; 3 5 ; 4 3 ; 5 1 ; 5 8 ; 6 6 ; 7 5 ; 8 3 ; 91
Changes in m em ber bank cre d it and d ep osits
10
20

P ercen tag e ch an ge in a vera g e op era tin g ra tios o f all m em b er
banks in the Second F ederal R e se rv e D istrict, tabulated f o r
1941 com pared w ith 1940 and 1939
M em ber bank excess reserv es

7

15

Charts
P rin cip a l fa cto rs a cco u n tin g f o r m ovem en ts o f fu n d s in to and
ou t o f re serv e balances o f m em b er banks in Second Federal
R e se rv e D istrict (cu m u la tive sin ce J an uary 1, 1941)
L oans and in v estm en ts, and a d ju sted dem and d ep osits
re p o rtin g m em ber banks in 101 cities, 1939-1942

62

E m p loy m en t, p a yrolls, and a vera ge w eek ly earnings in N ew
Y o rk S tate fa cto rie s, w ith ou t a d ju stm en t f o r seasonal v a ria ­
tion , 1939-1942

85

F a cto ry em p loy m en t in N ew Y ork C ity and U p sta te N ew Y o rk
w ith ou t a d ju stm en t fo r seasonal variation , 1939-1942

94

20

7 4 ; 91

E x ce ss reserv es held b y m em ber ban ks, 1941-1942

1

of
10

1 7 ; 3 4 ; 49

R eserv e balances o f m em b er banks in the Second F ed eral
R ese rv e D istrict, and in all other d istricts, 1 940-1942

58

E xcess reserv es held b y cen tral re s e rv e c ity m em ber banks o f
N ew Y o r k and C hicago, and b y all oth er m em ber ban ks,
1941-1942
6 6 ; 74
L oans and investm en ts o f w eek ly re p o rtin g banks in N ew Y o rk
City, 1940-1942

Equipment
Chart. Indexes o f p rod u ction o f tra n sp orta tion equipm en t and
m ach in ery, a d ju sted fo r seasonal va ria tion , 1 939-1942
4 6 ; 93

75

L oans and in v estm en ts o f w eek ly re p o rtin g banks in 100 lea d ­
in g cities ou tsid e N ew Y o r k C ity, 1 940-1942

75

Money Market
Foreign Exchanges




M on ey m arket, m on th ly
4 ; 1 2 ; 2 1 ; 2 9 ; 3 7 ; 4 5 ; 5 3 ; 6 0 ; 6 9 ; 78

1 ; 9 ; 1 7 ; 2 5 ; 3 3 ; 4 1 ; 4 9 ; 5 7 ; 6 5 ; 7 3 ; 8 1 ; 89

INDEX FOR THE YEAR 1942 (Continued)
Page

Page

M on ey rates in N ew Y ork , m on th ly
2 ; 1 0 ; 1 8 ; 2 6 ; 3 5 ; 4 3 ; 5 1 ; 5 9 ; 6 7 ; 7 6 ; 8 3 ; 91

In d ex o f p h y sica l v olu m e o f to ta l a gricu ltu ra l p ro d u ctio n in
th e U nited S tates, 1909-1942

79

T reasury financing th rou gh borrow in g in M ay $3 billion, ta b u ­
lated b y ty p e o f issue

41

D aily a ve ra g e p rod u ction o f steel, 1942. com pared w ith 1941,
1940, 1929, 1917

85

E ffects o f G overnm ent financing and expenditures on th e banks

41

A d ju s tm en t o f reserv e p osition s o f banks th rou gh s h o rt term
T rea su ry secu rities

42

Profits

R igid con trol im posed o v e r Philippin e secu ritiies and all P h ilip ­
pine paper cu rren cy in th e U nited S tates, F eb ru a ry 1, 1942

28

T abulated net p rofits b y corp oration grou p 1937, 1940, 1941

28

Chart.
A nnu al n et p rofits
com panies, 1928-1941

Philippine Islands

B usin ess p rofits

29

of

167 industrial and com m ercia l

12

Raw Materials
Power
Chart. D aily a vera g e p rod u ction o f electric p ow er, a d ju sted f o r
seasonal variation , 1936-1942

C hart. M o v e m e n t o f p rices o f raw m aterials and m an u fa ctu red
p ro d u cts, 1 929-1941

7

22

Reserve Requirements
Prices
C om m od ity prices, m on th ly
7 ; 1 4 ; 2 3 ; 3 1 ; 3 8 ; 4 7 ; 5 4 ; 6 3 ; 6 9 ; 7 9 ; 8 6 ; 95
P rice con trol in Canada and G reat B ritain

Charts

Ind ex o f w h olesale com m od ity p rices, 1 936-1942

7
39

8

M em ber bank e xcess re se rv e s

42

7 4 ; 91

E xcess re se rv e s held b y m em b er banks, 1941-1942

1

1 7 ; 3 4 ; 49
58

E x ce s s reserv es held b y th e cen tral re serv e c ity m em b er ban ks
o f N ew Y o r k and C hicago, and b y all o th e r m em b er banks,
1 941-1942
6 6 ; 74

Savings Accounts

Charts
Indexes o f p rod u ction o f p rod u cers’ durable good s and co n ­
su m ers’ durable good s (F ed era l R eserve B ank o f N ew Y o rk
indexes expressed as p ercen ta ges o f lo n g term tren d s, and
a d ju sted fo r seasonal va ria tion ) 1 939-1942
5 ; 38
A nnu al p rod u ction o f steel in the U nited S tates, 1914-1941

13

D aily a vera g e p rod u ction o f electric p ow er, a d ju sted fo r sea­
sonal variation , 1 93 6-1942

22

Index o f p rod u ction and trade in the U nited States (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 f o r seasonal va ria ­
t io n ) 1929-1942
3 0 ;9 3
Indexes o f p rod u ction o f tra n sp orta tion equipm en t and m ach in ­
ery, a d ju sted fo r seasonal variation , 1 939-1942
4 6 ; 93




A d ju s tm e n t o f re s e rv e p osition s o f banks th rou gh s h o rt term
T re a su ry secu rities

R e se rv e balances o f m em ber banks in th e S econ d F ed era l
R e se rv e D istrict, and in all o th e r d istricts, 1940-1942

P rod u ction and trade, m on th ly
5 ; 1 2 ; 2 1 ; 3 0 ; 3 7 ; 4 6 ; 5 3 ; 6 1 ; 7 1 ; 7 8 ; 8 5 ; 93

M erchant v essels com pleted in A m erican shipyards, (figu res
f o r 1939-41 as p ublished b y A m erican B ureau o f S h ip p in g;
data fo r 1942 as rep orted b y U. S. M aritim e C om m issio n ),
1939-1942

1
19

P rin cip a l fa cto rs a cco u n tin g f o r m ovem en ts o f fu n ds into and
o u t o f re se rv e balances o f m em ber banks in S econd F ed eral
R e se rv e D istrict, cu m u la tive sin ce January 1, 1941

T abulated indexes o f p rod u ction and trad e in p rincip al in d u stries,
m on th ly
6 ; 13 ; 22 ; 30 ; 3 8 ; 4 6 ; 53 ; 6 1 ; 7 1 ; 78 ; 8 6 ; 94

Index o f d istrib u tion to 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 tio n ), 1 93 6 1942

M em ber bank re se rv e p o sitio n

C harts

Production and Trade

T otal car loadings and rev en u e ton -m iles o f fre ig h t hauled b y
th e railroads, a d ju sted fo r seasonal variation , 1938-1942

Reserves

A m en d m en t o f R egu la tion D— reserv es o f m em ber banks

Prices— Regulation
C om m odity E x ch a n g e A d m in istration lim its daily p rice flu ctu a ­
tion s o f fu tu res tra d in g and Office o f P rice A d m in istration
m oves to stabilize p rices o f im p orted fo o d s , etc.

66

87

T abulated w eek ly indexes o f w holesale com m od ity p rices, w ith
percen ta g e ch an ge fr o m p reviou s tw o years
8 ; 1 4 ; 2 3 ; 3 2 ; 69

M ov em en t o f p rices o f raw m aterials and m an u fa ctu red p ro d ­
u cts, 1929-1941

M em ber bank re s e rv e requirem ents tabulated b y classes o f
deposits and banks, w ith ch an ges fro m b asic sta tu to ry re q u ire ­
m ents, 1938-1942

61

S tatem en t b y T rea su ry , Jan uary 12, 1942, th a t th e G overn m en t
does n ot have under con sid era tion any p rop osal in v o lv in g
con fisca tion o f sav in gs d ep osits

Securities
N ew financing, m on th ly
4 ; 1 2 ; 2 0 ; 2 9 ; 3 7 ; 4 5 ; 5 2 ; 6 0 ; 6 9 ; 7 7 ; 8 4 ; 93
S ecu rity m arkets, m on th ly
4 ; 1 1 ; 2 0 ; 2 7 ; 3 5 ; 4 5 ; 5 2 ; 6 0 ; 6 8 ; 7 7 ; 8 4 ; 92
G ov ern m en t secu rities

3 ; 1 1 ; 1 8 ; 2 6 ; 3 4 ; 4 3 ; 5 0 ; 59

S ecu rity dealings in Germ an, Italian, and Japanese issu es su s ­
pended ind efinitely b y the N ew Y o rk S tock E x ch a n g e and the
N ew Y o rk Curb E xch an ge, D ecem b er 11, 1941

A v e ra g e yield on “ tax e xem p t” U nited States T rea su ry bonds
n o t callable w ithin 12 years, 1 931-1941
71

4

Charts

M o v e m e n t o f s to c k p rices, 1938-1942

3

4 ; 2 0 ; 52

A v e ra g e yields on lo n g term T rea su ry bond s, N ovem b er, 1941F eb ru a ry , 1942

71

19

A v e ra g e yield on high g rad e m unicipal, high grade corporation ,
and m edium grad e co rp ora tion bonds, 1941-1942

28

INDEX FOR THE YEAR 1942 (Continued)
Page

Page
M on th ly a vera g e volu m e o f d om estic corp ora te s e cu rity issues
f o r refu n d in g and fo r new capital, 1 93 7-1942
2 9 ; 53 ; 77
59

U nited S tates G ov ern m en t ob lig a tion s, d irect and fu lly g u a r­
anteed, held b y w eek ly rep ortin g banks in leadin g citie s,
1 940-1942

82

Shipping

71

41

F in a n cin g tabulated
d u rin g m onth

by

typ es

of

G overn m en t

secu rities sold
6 7 ; 7 6 ; 8 3 ; 91
90

T otal w ar expenditures and oth er expen ditures tabulated, fiscal
years ended June 30, 1942 actual, and 1943 (O cto b e r e stim a te s)

82

W a r S avings B o n d s :

B ack o f co v e r, Jan uary is s u e ; 2 7 ; 3 6 ; 4 4 ; 5 1 ; 60

Charts

Charts
A nnu al p rod u ction o f steel in the U nited S tates, 1914-1941

13

D aily a vera g e p rod u ction o f steel, 1942 com pared w ith 1941,
1940, 1929, and 1917

85

S u b scrip tion s to additional issu e o f 2 ^ p er cen t T rea su ry b onds
o f 196 2 -6 7, tabulated b y typ es o f holders

44
68

Treasury Bills
P roced u re to b e used m su b m ittin g ten d ers
bills outlined in circu lar (2 4 5 3 )

o f new T re a su ry

P u rch a se and resa le o f T rea su ry bills b y F ederal R eserv e B anks

51
67

27

36

U nited States G overnm ent expen ditures f o r N ational defen se
pu rp oses (M a y , 1942 estim ate based on daily sta tem en t o f
th e T rea su ry fo r first 23 days o f th e m o n th ) 1 939-1942

41

Cash receip ts fro m th e sale o f U. S. S avings b onds exp ressed
as a p ercen ta g e o f N ational in com e p a ym en ts, 1 93 9-1942

G reat B ritain and th e U nited States

M on th ly red em p tion o f U nited States S avin gs b onds as p e r­
cen ta ge o f ou tsta n d in g am ount, cu rren t red em p tion value,
1942 com pared w ith 1939, 1940, and 1941
U nited States G overnm ent expen ditures ( f o r fiscal years ended
J une 3 0 ; 1942 and 1943 estim a ted )

Tap Issues




36

W ar L oan d ep osit a ccou n ts

Steel

U se o f tap issues :

R egu la tion “ V ” to ca rry o u t the P resid en t’ s E x e cu tiv e O rder o f
M arch 26, 1942, f o r th e p u rp ose o f fa cilita tin g and e xp ed itin g
the fin a n cin g o f w ar p rod u ction
E ffe cts o f G overn m en t finance and expen ditures on th e ban ks

O u tstan d in g volu m e o f T rea su ry bills, classified as to o w n er­
ship, J a n u a ry -J u ly , 1942

Chart. M erch a n t vessels com p leted in A m erican ship yard s (f ig ­
ures f o r 1939-41 as p ublished b y A m erican B ureau o f Ship­
p in g ; data fo r 1942 as rep orted b y U. S. M aritim e C om m is­
s io n ), 1 93 9-1942

W ar Financing

52

A g g re g a te dollar am ou n t ded ucted f o r p urchases o f W a r
Savin gs bonds under p a yroll sav in gs plans, as rep orted b y
U. S. T rea su ry , D ecem ber, 1941-1942

92