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MONTHLY REVIEW of Credit and Business Conditions FEDERAL RESERVE BANK OF NEW YORK INDEX FOR THE YEAR 1943 Page Page Apparel Stores Chart Indexes of cost of living and retail food prices Table Percentage change from previous year in net sales and stocks on hand, Second Federal Reserve District, monthly 8,15, 24, 32,40,48, 56,64, 72 ,80,88 ,95 Department Stores Trade in Second Federal Reserve District, monthly review 8, 15, 24, 32, 40, 48, 56, 64, 72, 80, 88, 95 Bank Earnings Reports Movement toward uniformity in report practices 6 Changes in credit business, Second Federal Reserve District Sales over the war period, Second Federal Reserve District Bonds 38 62,71 Tables See Securities Percentage change from previous year in net sales and stocks on hand, by locality, Second Federal Reserve District, monthly 8, 15, 24, 32, 40, 48, 56, 64, 72, 80, 88, 95 Building Review of developments 7 13,46 Charts Value of construction contract awards in New York and Northern New Jersey and in all of the 37 States covered in the reports of F. W . Dodge Corporation 14 Average daily value of construction contract awards in 37 States and in Second Federal Reserve District 46 Average daily value of construction contract awards for public and private ownership in 37 States Charts 46 Circulation Circulation of Federal Reserve Bank notes Wartime increases in currency circulation, Canada, Germany, Great Britain, and United States 63 13 Department store sales, U. S., Second District, and selected cities within the District 71 13 Indexes of sales of women’s and misses’ wear and of housefurnishings in department stores in Second Federal Reserve District 88 38 Indexes of sales and of stocks on hand for apparel stores and for women’s and men’s clothing departments of depart ment stores, Second Federal Reserve District 95 Indexes of sales and of stocks on hand for furniture stores and for housefurnishing departments of department stores, Second Federal Reserve District 96 Chart Estimated short term consumer debt outstanding at end of each month, classified by principal types of debt 8 Indexes of sales and stocks of reporting department stores in the Second Federal Reserve District, adjusted for sea sonal variation 32,80 Second District department store sales by types of mer chandise Consumer Credit Consumer short term debt, United States and Second District Percentage increases in dollar volume of sales of reporting department stores in Second Federal Reserve District and in selected cities, year 1942 (estimated) compared with year 1939 6 C h a rt Currency in circulation in four countries— Canada, Germany, Great Britain, and United States Indexes of department store sales and stocks, Second Federal Reserve District, seasonally adjusted and unadjusted, monthly 8, 15, 24, 32, 40, 48, 56, 64, 72, 80, 88, 95 38 Consumers’ Goods Deposits Table Indexes of production of consumers’ goods, monthly 6, 15, 23, 31, 40, 47, 55, 61, 70, 78, 87, 93 Chart Indexes of production and distribution to consumer 40 Cost of Living Increases over the war period 7,47 Table Bureau of Labor Statistics index, monthly 6, 15, 23, 31, 40, 47, 55, 61, 70, 78, 87, 93 Expansion in demand deposits, 1938-42 Survey of the distribution of demand deposits 5 52, 76 Tables Velocity of demand deposits, New York City and outside New York City, monthly 6, 15, 23, 31, 40, 47, 55, 61, 70, 78, 87, 93 Growth in demand deposits of individuals, partnerships, and corporations, by type of owner, New York City banks and banks outside New York City, December, 1941 to March, 1943 52 INDEX FOR THE YEAR 1943 (Continued) Page Pag® Furniture Stores Growth in demand deposits of individuals, partnerships, and corporations, by size of account, banks in Second District outside New York City, December, 1941 to March, 1943 53 Growth in total deposits of member banks during 1941-42 57 Distribution, by type of owner, of demand deposits of indi viduals, partnerships, and corporations in 98 banks in the Second Federal Reserve District, July, 1943 Percentage distribution, by type of owner, of classified demand deposits of individuals, partnerships, and corpora tions, according to size of accounts in different size banks, Second Federal Reserve District, July, 1943 Changes in credit business, Second Federal Reserve District Trade in Second Federal Reserve District 38 48, 56, 72, 79, 96 T a b les 76 77 Percentage change from previous year in total sales, accounts receivable, collections, and stocks on hand, by locality, Second Federal Reserve District 48, 56, 72, 79,96 Comparisons with previous year for credit sales, stocks on hand, and collections, Second Federal Reserve District 4 8 ,5 6 ,7 2 ,7 9 ,9 6 C h a rt C h a rt Adjusted demand deposits of weekly reporting member banks in New York City and in 100 other leading cities 5 Earnings, Manufacturing Industries Indexes of sales and of stocks on hand for furniture stores and for homefurnishing departments of department stores, Second Federal Reserve District 96 Great Britain C h a rt Number of hours worked per week, hourly earnings, and weekly earnings in manufacturing industries Amalgamation of sterling accounts 12 70 Hours of Work Electric Power C ha rt Number of hours worked per week, hourly earnings, and weekly earnings in manufacturing industries C h a rt Daily average production of electric power in the United States and in New York and New Jersey, without adjust ment for seasonal variation 24 Monthly review Income Payments Income payments in the Second Federal Reserve District Employment 7 ,1 4 ,2 1 ,3 1 ,3 7 ,4 5 ,5 4 ,6 4 , 70 ,7 9 ,8 7 ,9 4 T a b le s Percentage distribution of employment by major industrial categories, 1940 22 Percentage changes in factory employment and payrolls, New York State, by industrial areas 94 C h a rts Factory employment and payrolls in selected industrial areas in New York State, as reported by New York State Department of Labor 14,31 Factory payrolls in the United States, New York City, and Upstate New York, without adjustment for seasonal variation 23 Estimates of the total labor force in the United States, classi fied as to nonagricultural and agricultural employment, and unemployment 45 Number of hours worked per week, hourly earnings, and weekly earnings in manufacturing industries 70 Employment in the United States, by age groups and sex 94 70 22 T a b le s Income payments in U. S. and in States wholly or partially in the Second Federal Reserve District, 1929-42 22 Estimated income payments in the Second Federal Reserve District, 1939-42 23 Income Tax Collections C h a rt Federal income tax collections as reported in the Treasury Daily Statement, March, 1943 compared with March, 1942 26 Interest Rates T a b le Money rates in New York 2 ,1 0 ,1 8 ,2 6 ,3 4 ,4 2 ,5 0 ,7 4 Labor Supply Labor markets and migration 16 C h a rt Federal Reserve Bank Notes Circulation 6 Federal Reserve District, Second S ee Member bank credit, monthly 4 ,1 1 ,1 9 ,2 9 , 3 5 ,4 4 ,5 1 ,6 1 ,6 9 ,7 5 ,8 3 ,9 0 Food Prices 7,47 C h a rt 58 T a b le s Foreign Exchanges Review of developments Member bank reserve positions 1 ,1 0 ,1 8 ,2 6 ,3 4 ,4 1 ,4 9 , 57,65, 73 ,82,89 Effect of commercial and financial transfers on member bank reserves Indexes of cost of living and retail food prices Amalgamation of sterling accounts 45 Member Banks Second Federal Reserve District Increases over war period Estimates of the total labor force in the United States, classi fied as to nonagricultural and agricultural employment, and unemployment 12 30,37,78 Growth in total deposits of member banks during 1941-42, for (1 ) Second Federal Reserve District and (2 ) other Federal Reserve Districts, combined 57 INDEX FOR THE YEAR 1943 (Continued) Page Page Production and Trade Changes in reserves of member banks and Federal Reserve Banks, December 31, 1940 to June 30, 1943 57 Factors of gains and losses of reserve funds to member banks in the Second Federal Reserve District, 1940— July 21, 1943 58 Changes in holdings of Government securities by the weekly reporting member banks in New York City and 100 other cities 66, 74,82,90 C harts Adjusted demand deposits of weekly reporting member banks in New York City and 100 other leading cities 5 Excess reserves held by the central reserve city member banks of New York and Chicago and by all other member banks 18 Percentage distribution of direct and guaranteed U. S. Gov ernment securities held by weekly reporting member banks in 101 leading cities on last reporting date in each month Indexes of production and trade, monthly 6.1 5.23, 31,40,47, 55, 61, 70, 78,87,93 C h a rts Daily average production of electric power in the United States and in New York and New Jersey, without adjust ment for seasonal variation 24 Merchant vessels delivered by American shipyards 39 Indexes of production and distribution to consumer 40 T a b le 19 Loans and investments, demand deposits adjusted, and U. S. Government deposits of weekly reporting member banks in 100 cities outside New York City 44, 75 49 Loans and investments other than U. S. Government securi ties of weekly reporting member banks in New York City 51,83 Loans and investments other than U. S. Government securi ties of weekly reporting member banks in 100 leading cities outside New York City 51,83 Excess reserves of member banks, by classes T a b le Public Debt Loans and investments, demand deposits adjusted, and U. S. Government deposits of weekly reporting member banks in New York City 44,75 Average daily excess reserves of member banks Production and trade, monthly 6.1 4.23, 30, 39,47, 55,61,69, 78,87,93 89 Receipts, expenditures, and public debt, fiscal year 9, 66 C h a rts Percentage distribution of marketable public issues of direct and guaranteed securities of the U. S. Government out standing at end of each month 19 Percentage distribution of direct and guaranteed U. S. Gov ernment securities held by weekly reporting member banks in 101 leading cities on last reporting date in each month 19 Rationing Ration banking 11,32 Rationing and price control 21,55 Reserves, Member Banks S ee Member Banks Second Federal Reserve District Money Market Money market, monthly S ee 1,9,17, 25, 33,41,49, 57, 65, 73,81, 89 Impact of the War on the New York money market 57 Commercial and financial transfers 58 T a b le Money rates in New York 2,1 0,18, 26, 34,42, 50, 74 P a yrolls, F a cto ry Monthly review 7 ,1 4 ,2 1 ,3 1 ,3 7 ,4 5 ,5 4 ,6 4 ,7 0 ,7 9 ,9 4 Securities Security markets, monthly 4 ,1 2 ,2 1 ,2 9 , 3 6 ,4 5 ,5 4 ,6 0 ,6 9 ,7 7 ,8 4 ,9 2 C harts a n d T a b les S ee Building Consumer Credit Department Stores Deposits Electric Power Employment Furniture Stores Income Payments Member Banks Population Victory Loan Drive War Financing Employment New security issues Population T a b le Estimated changes in civilian population, April, 1940, to May, 1942, selected industrial areas of the Second Fed eral Reserve District 91 T a b les Government securities offered in Second War Loan drive 16 Price Control Rationing and price control 12,20, 30, 37,44 Expansion in bank holdings of Government securities 21,55 28 Distribution of securities sold in the First and Second War Loan drives, by type of investor 43,67 Changes in holdings of Government securities by the weekly reporting member banks in New York City and 100 other cities 66 ,7 4 ,8 2 ,9 0 C harts Movement of stock prices Producers’ Goods T a b le Indexes of production of producers’ goods, monthly 6,1 5,23, 3 1 ,4 0 ,4 7 ,5 5 ,6 1 ,7 0 ,7 8 ,8 7 ,9 3 Outstanding Treasury bills, classified as to ownership 12,60,93 17,84 Percentage distribution of marketable public issues of direct and guaranteed securities of the U. S. Government out standing at end of each month 19 INDEX FOR THE YEAR 1943 (Continued) Page Page Percentage distribution of direct and guaranteed U. S. Government securities held by weekly reporting member banks in 101 leading cities on last reporting date in each month 19 Volume of U. S. Government obligations held by Federal Reserve Banks, January - March, 1943 26 Changes in commercial bank holdings of U. S. Government securities 91 26 Changes in commercial bank holdings of U. S. Government securities 91 Victory Loan Drive Table Shipbuilding Chart Merchant vessels delivered by American shipyards Volume of U. S. Government obligations held by Federal Reserve Banks, January - March, 1943 39 December war financing— results of Victory Loan drive, by sales in Second Federal Reserve District and in country as a whole 3 Wages Table Sterling Accounts Amalgamation of sterling accounts 12 Index of wage rates, monthly 6 ,1 5 ,2 3 ,3 1 ,4 0 ,4 7 , 55,61, 70, 78,87,93 Chart Number of hours worked per week, hourly earnings, and weekly earnings in manufacturing industries Stock Prices 70 See Securities War Financing Taxation Victory Loan drive in December, Banking of withheld taxes 60 Current Tax Payment Act of 1943 60 Chart Federal income tax collections as reported in the Treasury Daily Statement, March, 1943 compared with March, 1942 Transportation 26 86 Increases over the war period Daily average number of passengers carried one mile by railroad, air, and intercity bus lines, adjusted for sea sonal variation 87 1 3 ,1 1 ,2 0 ,2 7 , 36, 54, 59,68,92 Second War Loan drive 28,42 Second Federal Reserve District’s share in Second War Loan drive 29 Treasury statement on war financing, May 27 43 Third War Loan drive 59, 67,85 Fourth War Loan drive 92 December war financing— results of Victory Loan drive, by sales in Second Federal Reserve District and in country as a whole Government securities offered in Second War Loan drive Treasury Bills Distribution of Treasury bills 84 Bank holdings of Treasury bills 91 Tables 2 ,1 0 ,1 8 ,2 6 ,3 4 ,4 2 ,5 0 ,7 4 Changes in holdings of Government securities by the weekly reporting member banks in New York City and 100 other cities 66, 74, 82,90 Charts Outstanding Treasury bills classified as to ownership 17,84 Percentage distribution of marketable public issues of direct and guaranteed securities of the U. S. Government out standing at end of each month Percentage distribution of direct and guaranteed U. S. Government securities held by weekly reporting member banks in 101 leading cities on last reporting date in each month 1942 Tables Chart Money rates in New York War financing 3 28 Distribution of securities sold in First and Second War Loan drives, by type of investor 43,67 Comparison of sales to nonbanking investors in the First, Second, and Third War Loan drives 86 Charts Results of two War Loan drives in present World War, com pared with Liberty Loan drives of the first World War 33 War Loan Deposit Accounts War Loan deposit accounts 1,1 8,66,8 2 Tables 19 Distribution of War Loan account deposits at close of War Loan drives 82 Chart 19 War Loan deposits in special depositaries for account of sales of Government securities, and credits to and with drawals from such accounts 34
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