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MONTHLY REVIEW of Credit and Business Conditions FEDERAL RESERVE BANK OF NEW YORK INDEX FOR THE YEAR 1944 Page Page Agriculture Agricultural production 86 Table Indexes of agricultural production in the United States, 1940-44 86 Apparel Stores Table Percentage change from the preceding year in net sales and stocks on hand, in Second Federal Reserve District 8, 16, 24, 32, 40, 48, 56, 64, 72, 80, 88, 96 Bank Credit Groups For financing small business 91 Bank Investment Policies and Views Concerning Postwar Developments 83 Business Activity and Manpower Shortages 63 Business Indexes Table Indexes of business 22, 32, 38, 47, 55, 64, 71, 80, 88, 95 Central Banks Wartime changes in foreign central bank reserve requirements 69 Circulation Currency circulation 2, 10, 25, 41, 65, 81 Growth in currency circulation in foreign countries 68 Chart Wartime increase in central bank note circulation June 1939-June 1944 (27 countries) Construction Volume of construction Consumer Credit Review of the volume of consumer credit Data on cash and credit sales collected from leading depart ment and furniture stores in Second District Retail credit survey for 1943 13 14 23 23 35 Tables Estimated change in the volume of consumer short term credit, 1942, 1943 Sales and current assets and liabilities, 1942 and 1943, for stores covered in the retail credit survey, Second Federal Reserve District 52 95 Contract Settlement Act of 1944 78 Corporate Financing See Securities Cost of Living Table Index of cost of living 7, 14, 22, 32, 38, 47, 55, 64, 71, 80, 88, 95 Credit Bank credit groups for financing small business See, also, Loans 91 Crops Currency Circulation See Circulation Department Stores Revision of indexes of department store sales, Second District 8 Trade in Second Federal Reserve District, monthly review 8, 15, 24, 32, 40, 48, 56, 64, 72, 80, 87, 95 Effect of consumer credit regulation in Second District on sales of leading department and furniture stores 23 Indexes of department store sales and stocks, Second Federal Reserve District 8, 16, 24, 32, 40, 48, 56, 64, 72, 80, 88, Percentage change from the preceding year in net sales and stocks on hand for department and apparel stores by locality, in Second Federal Reserve District 8, 16, 24, 32, 40, 48, 56, 64, 72, 80, 88, Collection ratio and percentage change in accounts receiv able, department and furniture stores, Second Federal Reserve District Percentage change from the preceding year and percentage distribution in cash and credit sales, department and furni ture stores, Second Federal Reserve District Estimated value of sales in six Second District cities, 1944 and 1935-39 average 96 96 24 24 80 Charts 23 36 Charts Estimated short term consumer debt outstanding at end of each month, classified by principal types of debt, 19341943 Consumers’ Goods Industries Consumers’ goods industries in New York City- apparel, printing, and miscellaneous industries “ Spot authorization” to produce Tables 69 Chart Value of construction contract awards in 37 Eastern States and in New York and Northern New Jersey, 1919-1943 35 35 See Agriculture 67 Chart Wartime increase in central bank note circulation, June 1939-June 1944 (27 countries) Percentage changes, 1942 to 1943, in sales and accounts receivable, for stores covered in the retail credit survey, by type of business, Second Federal Reserve District Percentage distribution of sales, 1942 and 1943, by type of sale, for various classes of stores covered in the retail credit survey, Second Federal Reserve District 23 Indexes of sales, receipts of merchandise, stocks on hand, and outstanding orders of department stores, Second Fed eral Reserve District, 1940-1943 Department store sales, 1939-43, Second Federal Reserve District, distribution by departmental groups Revised indexes of department store sales, United States and Second Federal Reserve District, 1935-1944 Department store sales by type of transaction, Second Fed eral Reserve District, 1939-1944 16 48 56 72 INDEX FOR THE YEAR 1944 ( Continued) Page Second District department store sales and stocks by type 96 of merchandise, October 1939-October 1944 Deposits Member banks 3 ,1 1 ,2 0 ,3 3 ,5 8 ,7 4 ,8 2 Survey of business and personal demand deposits 28, 76 Distribution of deposits by size of account and by size of bank 77 Tables Index of velocity of demand deposits 7, 14, 22, 32, 38, 47, 55, 64, 71, 80, 88, 95 Distribution by type of owner, of demand deposits of indi viduals, partnerships, and corporations in 129 banks in the Second Federal Reserve District, Feb. 1944 28 Percentage distribution, by type of owner, of classified de mand deposits of individuals, partnerships, and corpora tions, according to size of accounts in different size banks, Second Federal Reserve District, Feb. 1944; July 1944 28, 78 Classified demand deposits of individuals, partnerships, and corporations in 25 banks outside New York City and in 6 banks in New York City, distributed by type of owner, December 1941, July 1943, and February 1944, and as percentage of deposits in December 1941 29 Changes in total deposits of member banks since December 31, 1940, Second and other districts 74 Demand deposits of individuals, partnerships, and corpora tions, classified by type of owner, in 106 banks in the Second Federal Reserve District, July 1943, February 1944, and July 1944 76 Estimates of demand deposits of individuals, partnerships, * and corporations, classified by type of owner, for all mem ber banks in Second Federal Reserve District, July 1944 77 Percentage distribution, by type of owner, of classified de mand deposits of individuals, partnerships, and corpora tions, according to corporate and other accounts in different size banks, Second Federal Reserve District, July 1944 77 Charts 2 26 34 57 Earning Assets See, also, New York City Factory Employment See Employment Factory Payrolls See Payrolls Federal Reserve Credit Comment 1 ,1 0,18,4 1, 59,65, 73 ,81,89 Table Changes in holdings of U. S. Government securities by Fed eral Reserve Banks, direct and guaranteed 3,10,18 Financing War Contract Termination 78 Foreign Accounts Reserve funds lost through foreign account operations 41,74 Foreign Exchanges Tentative currency arrangements and relative rates of exchange for liberated areas 75 Freight Table Ton-miles of railway freight 22, 32, 38, 47, 55, 64, 71, 80, 88, 95 Furniture Stores Trade in the Second Federal Reserve District 7 Percentage changes from previous year in net sales, stocks on hand, accounts receivable, and collections, by locality, Second Federal Reserve District Comparisons with previous year of credit sales, stocks on hand, and collections, Second Federal Reserve District, New York City, and outside New York City Gold Foreign purchases of gold Gold reserves of Latin American and other countries Gold and silver sales in Eastern countries 8 8 43 44 93 Table 3, 11, 20, 26, 34, 43, 66, 82 Electric Power Regional differences 15 Index of electric power output 22, 32, 38, 47, 55, 64, 71, 80, 88, 95 Chart Daily average production of electric power in the United States, and in New York and New Jersey, 1929-43 Monetary gold reserves of various countries, August 1939, June 1941, March 1944 44 Chart Table 15 Employment Review of employment and payrolls 6, 15, 31, 40, 55, 63, 79 Principal sources of employment in New York City 37 Outlook for postwar employment in New York City 38, 46 Tables Index of factory employment 22, 32, 38, 47, 55, 64, 71, 80, 88, 95 Percentage distribution of New York City residents gain fully occupied, by occupational groups, 1890-1940 37 Indexes of factory employment and payrolls in selected in dustrial areas in New York State, 1939-1943 6 Indexes of factory employment and payrolls in New York City and in Upstate New York and in New York State, 1940-1944 32,55 Distribution of employed residents of New York City, by in dustries, as of April 1940 37 Indexes of factory employment, selected industries, New York State, 1940-1944 79 Tables War Loan deposits in special depositaries for account of sales of Government securities, and credits to and withdrawals from such accounts, 1942-43 Net demand deposits plus time deposits and reserve require ments of all member banks, December 1942-March 1944 Net demand deposits and time deposits of all member banks, by reserve classification of banks, December 1942-March 1944 Adjusted demand deposits of weekly reporting member banks, 100 cities and New York City, 1942-1944 Member banks Page Charts Increase in U. S. gold stock and in reported net liability to foreigners, cumulative since December 1934 44 Impact of War on Commercial Banks 82 Income Income payments in the Second Federal Reserve District 71 Tables Index of income payments in the United States 22, 32, 38, 47, 55, 64, 71, 80, 88, 95 Income payments to individuals by industrial source, U. S. and New York State, 1939, 1943 71 Income Tax Collections Effect on money market 25, 33, 50, 73 Industrial Loans Federal Reserve Bank of New York Investments Member banks 51 3, 11, 20, 26, 34, 43, 49, 57, 66, 81 INDEX FOR THE YEAR 1944 ( Continued) Page Labor Supply Adequacy of labor supply in the Second Federal Reserve Dis trict 54 Classified labor market areas, Second Federal Reserve District, June 1944 55 Table Population of labor market areas as percentages of total population, Second District and United States, January 1943-June 1944 54 Livestock and Products See Agriculture Page New York City The working population of New York City 36 Occupational structure of resident population 37 Postwar employment, outlook 38,46 Manufacturing industries in New York City, structure and outlook 45,46 Consumers’ goods industries in New York City— apparel j printing, and miscellaneous industries 52 New York City as the corporate capital of the U. S. 60 The position of the New York industrial region in war production 62 Tables Loans Member banks, review 3 ,1 1 ,2 0 ,2 6 ,3 4 ,5 7 ,8 2 ,9 0 Industrial, of the Federal Reserve Bank of New York 51 To war industries under provision of Regulation V 51, 83 Bank credit groups for financing small business 91 Termination See Financing War Contract Termination Table Industrial loans and commitments approved in the Second Federal Reserve District, June 1934-May 1944, by size Manufacturing Manufacturing industries in New York City 51 45 45 Charts Distribution of wage earners in manufacturing industries, 1939, United States and New York City Measures of activity in textile manufacturing, 1939-1944 New York City’s share in total employment of wage earners in manufacturing industries, 1939 Charts Distribution of wage earners in manufacturing industries in U. S. and New York City, 1939 New York City’s share in total employment of wage earners in various manufacturing industries, 1939 Value of war supply contracts in New York metropolitan area, 1941-1944 46 47 53 Tables Changes in holdings of U. S. Government securities by the weekly reporting member banks, for New York City and 100 other cities 3,11, 20 Selected average operating ratios of all member banks, Sec ond Federal Reserve District, 1942 and 1943 30 74 83 Charts Distribution of excess reserves of member banks, by country banks, reserve cities, Chicago and New York, 1942-1944 10,89 Net demand deposits plus time deposits, and reserve require ments of all member banks, December 1942-March 1944 26 Principal factors affecting member bank reserves, changes since December 30, 1942 41,65 Principal factors affecting member bank reserves in the Second Federal Reserve District, exclusive of Federal Reserve credit, 1942-1944 50 Money Market Review of the money market, monthly 1,1 0,17,2 5, 33,41,49, 5 7 ,6 5 ,7 3 ,8 1 ,8 9 Impact of the war on the New York money market 73 Munitions Table Index of munitions output 53 63 Table Index of factory payrolls, U. S. and New York State 22, 32, 3 8 ,4 7 ,5 5 ,6 4 ,7 1 ,8 0 ,8 8 ,9 5 See, also, Employment Population Working population of New York City 36 Prices Wholesale commodity prices 21 Chart Indexes of wholesale commodity prices, 1939-1943 Member Banks Member bank reserve position 2 ,1 0,18, 25, 33,42, 50, 59,65, 74,81,89 Member bank credit changes 3, 11, 19, 26, 34, 43, 66, 82, 89 Behavior of required reserves 26 Member bank earnings in 1943 30 Loans 3 ,1 1 ,2 0 ,2 6 ,3 4 ,8 2 ,9 0 Changes in total deposits of member banks since December 31, 1940 Wartime changes in total Government securities and loans of member banks 46 Payrolls Table Comparison of five leading manufacturing cities of the United States, 1939 Percentage distribution of New York City residents gainfully • occupied, 1890-1940 37 Number of principal executive offices of listed corporations in 1937, by selected industry groups, and by size of assets, U. S. and New York City 61 22, 32, 3 8 ,4 7 ,5 5 ,6 4 ,7 1 ,8 0 ,8 8 ,9 5 Production Industrial activity in the war period, review War production and reconversion Agricultural See Agriculture 5 21 94 Table Index of industrial production 22, 32, 3 8 ,47,55 ,64, 71 ,80,88 ,95 C h a rts Steel merchant ships over 2,000 gross tons completed by U. S. shipyards, 1914-1943 Daily average production of electric power in the United States, and in New York and New Jersey, 1929-1943 Measures of activity in selected industries— steel, cotton, copper, cement, meatpacking, bituminous coal Measures of activity in textile manufacturing Indexes of agricultural production in United States, 1910-44 Production and Trade Production and trade activity Notice of suspension of indexes 7 15 21 47 87 6,14 14 Table Indexes of production and trade 7,14 Reconversion War production and reconversion 94 Redemptions Series E bonds 59 Chart Redemptions of Series E bonds as per cent of amount out standing at beginning of quarter, 1941-44 60 Reserves New York City banks and elsewhere 2 ,1 0 ,1 8 ,2 5 ,3 3 ,4 2 ,5 0 ,5 9 ,6 5 ,7 4 ,8 1 ,8 9 INDEX FOR THE YEAR 1944 ( Continued) Page Behavior of required reserves 26 Wartime changes in foreign central bank reserve requirements 67 Page Treasury Operations Review of Treasury operations 2,50 Tables Factors of gains and losses of reserve funds to member banks in the Second Federal Reserve District, 1941-1944 Changes in reserve balances of member banks since Decem ber 31, 1940— Second and other districts 74 74 Charts Table Indexes of sales of all retail stores 22,32, 38,47,55 ,64, 71,80,88 ,95 58 Chart 9 Velocity of Demand Deposits Table Table Index of wage rates Tables 7,1 4,22, 32, 38,47, 5 5 ,6 4 ,7 1 ,8 0 ,8 8 ,9 5 W ar Impact of, on commercial banks 82 War Contracts War supply and facility contracts, Second Federal Reserve District Financing war contract termination 39 78 Tables Value of major war supply and facility contracts, United States and Second Federal Reserve District, by area Distribution of major war supply contracts by leading urban industrial areas 39 62 Chart 18 90 Charts 5 75 60 70 Silver Gold and silver sales in Eastern countries 93 Small Business Bank credit groups for financing small business 91 Value of war supply contracts in New York metropolitan area, 1941-1944 63 War Finance Fourth War Loan 4 ,1 9 ,2 7 The Federal budget and the Fourth War Loan 9 Fifth War Loan 49, 57, 59,66, 69 Sixth War Loan 85,89,91 Treasury requests that banks avoid financing of speculative subscriptions 4 ,1 1 ,1 7 ,2 7 ,5 7 ,8 5 ,9 1 War financing in fiscal years 1943 and 1944 58 Tables Sales during Third and Fourth War Loan drives, by type of investor, United States and Second Federal Reserve District Government expenditures and Treasury receipts, fiscal years 1943 and 1944, and sources of funds for the absorption of increase in public debt 27 58 Chart Sales of securities in the five War Loans, by type of investor, Second and other districts Spot Authorization See War Production and Reconversion 70 War Loan Deposits Changes in War Loan account deposits 2,26, 33,65 Behavior of required reserves as related to War Loan account deposits 26 System Open Market Account See Federal Reserve Credit Termination Loans See Financing War Contract Termination Chart Treasury Bills Chart 12 13 Wages Securities New security issues 4,7 5,85 Developments in the security markets 5 ,1 1 ,2 0 ,3 1 , 3 4 ,4 5 ,4 9 ,5 7 ,6 5 ,7 3 ,8 2 U. S. Savings bonds, redemption of Series E 59 Redistribution of Fifth War Loan securities 66 Ownership of outstanding Treasury bills 12 Index of velocity of demand deposits 7 ,1 4,22, 32, 38,47, 55,64, 71 ,80,88 ,95 Second Federal Reserve District See Bank investment policies and views concerning postwar developments Department stores Deposits Employment and payrolls Furniture stores Loans Member bank credit, changes in Member bank earnings Money market, monthly War contracts War finance See, also, Money Market War expenditures (including net outlays of Government corporations) by periods Summary of the Federal budget, 1943-45, by classifications Government expenditures, receipts, and borrowing, 1943 and 1944 Federal Government receipts, expenditures, and borrowing 1939-1945 Retail Trade Monthly average volume of domestic corporate security issues for refunding and for new capital, 1937-1943 1936-1944 Redemptions of Series E Savings bonds as per cent of amount outstanding at beginning of quarter, 1941-1944, U. S. and Second District Sales of securities in the five War Loans, by type of investor, Second and other districts 9 Tables Distribution of excess reserves of member banks, 1942-44 10,89 Net demand deposits plus time deposits and reserve require ments of all member banks, December 1942-March 1944 26 Principal factors affecting member bank reserves, changes since December 30, 1942 41,65 See, also, Member Banks Estimated absorption of United States Government securities, by nonbanking investors, 1942-1944 Changes in commercial bank holdings of Government securities U. S. Budget The Federal budget and the Fourth War Loan Federal budget estimates for fiscal year 1945; expenditures; receipts from taxation and borrowing 81 War Loan deposits in special depositaries; credits to and withdrawals from such accounts, 1942-1943 See, also, Money Market War Production and Reconversion 2 94
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