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MONTHLY REVIEW of Credit and Business Conditions FEDERAL RESERVE BANK OF NEW YORK INDEX FOR THE YEAR 1945 Page Agricultural Adjustment Act of 1933, “ Thomas Amendment” , amended by Act of June 12, 1945 52 Agriculture In the Second District at end of war 94 Cash income from farm marketings in the Second District, 1929-45 Apparel Stores - 94 T a b le Percentage change from preceding year in sales and stocks on hand 7, 16, 24, 32, 40, 48, 56, 64, 72, 80, 88, 96 Bank Credit Expansion in World Wars I and II 3 In Sixth War Loan 2 In Seventh War Loan 57 T a b les Government financing in World Wars I and II June 30, 1915 to June 30, 1919 compared with June 30, 1940 to June 30, 1944 Increases in loans and investments of all commercial banks in World Wars I and II June 23, 1915 to June 30, 1919 compared with June 30, 1940 to June 30, 1944 Banking Employment in Bank of England Nationalization of the Belgian and French Monetary Policies Bond Market Review of corporate bond market during war period Security markets during the war British Financial Agreements with Denmark and the Netherlands Egypt, Turkey, and Iraq Western European Countries Budget Message of the President of January 9, 1945 Discussion of Business Indexes C hart Consumer credit by principal types, 1935-44 19 4 4 22 83 76 37 35 75 68 59 13 Indexes of business 7, 15, 23, 32, 40, 48, 56, 64, 72, 78, 88, 94 Capital Movements, International 92 Capital Position of Member Banks 45 C ha rt Factors affecting capital funds of member banks, cumulated since December 31, 1923 Change in Required Reserves of Federal Reserve Banks 19 20 20 70 C hart New corporate security issues 1939-45 Securities Cost of Living 71 T a b le Index of cost of living 7, 15, 23, 32, 40, 48, 56, 64, 72, 78, 88, 94 (Index changed to c o n s u m e r s ’ p r i c e s ) Credit Bank credit expansion in World Wars I and II 3 S ee, also Consumer Credit Retail Credit Survey for 1944 Loans Money Market, monthly Currency Circulation S ee Circulation Denmark British financial agreements with .75 Department Stores Department and furniture stores 20 Sales of department store type merchandise in principal cities 62 Trade in Second Federal Reserve District, monthly review of 7, 16, 24, 32, 40, 47, 56, 64, 72, 80, 87, 96 Relationship of sales of, to disposable income in New York State 15 The supply of department store merchandise for the 1945 Christmas trade 95 Wartime developments in department store sales 38 C harts 45 51 C hart 51 58 1 51 10, 25, 33 81 C harts Estimated month-to-month changes in currency outstanding, 1943 and 1944 Net currency payments by the Federal Reserve Bank of New York, 1943-45 Consumer Credit Consumer instalment loans of commercial banks Percentage change in consumer instalment credit outstanding of commercial banks, by type of credit, December 31, 1941-43; December 31, 1943-44 Percentage change from end of preceding year in accounts receivable of department and furniture stores, 1942, 1943, 1944 Percentage distribution of cash and credit sales of department and furniture stores, 1941, 1943, 1944 Corporate Capital Financing during the War S ee, a lso, T a b le Page 20 30 T a b les C h a rt Reserve ratio of Federal Reserve Banks, 1933-45 Circulation Currency circulation Effect of War Loan drives upon Effect of expansion in, on reserve ratio Income tax payments reduce Slackening in rate of increase In department and furniture stores Retail credit survey for 1944 1 58 19 19 Department store sales by principal departmental groups, Second Federal Reserve District, 1925-45 39 Department store sales for main and basement stores, Second Federal Reserve District, 1925-45 40 Dollar volume and percentage distribution of department store type merchandise sold in Second Federal Reserve District by department, apparel, furniture, and other stores, 1939 8 Indexes of department store sales and disposable income in New York State, 1929-44 15 Indexes of department store sales and stocks, Second Federal Reserve District, 1939-45 32,88 Indexes of department store sales in selected large cities, 1925-44 62 Indexes of department store sales in the' United States, Second District, and selected cities within the District, 1925-44 16 Indexes of sales, receipts of merchandise, stocks, and out standing orders of department stores, Second Federal Reserve District, 1940-45 24, 80 INDEX FOR THE YEAR Page Percentage distribution of sales of department store type merchandise by type of store and by type of merchandise for selected large cities, 1939 63 Ratio of October stocks to sales by type of merchandise for department stores in the Second Federal Reserve District, 1935-39, 1942, 1944, 1945 95 T a b le s Department store sales and stocks by type of merchandise, Second Federal Reserve District Department store sales by type of merchandise, 1929-44, Second Federal Reserve District Estimated sales of department store type merchandise and population changes, United States and selected large cities, 1929-44 Estimated sales of department store type merchandise by departmental groups and per capita, United States and selected large cities, 1939 Indexes of department store sales and stocks, Second Federal Reserve District 7, 16, 24, 32, 40, 48, 56, 64, 72, 80, 88, Percentage change from end of preceding year in accounts receivable of department and furniture stores, United States and Second District, 1942, 1943, 1944 Percentage change from preceding year in sales and stocks on hand, by locality, Second Federal Reserve District 7, 16, 24, 32, 40, 48, 56, 64, 72, 80, 88, Percentage distribution of cash and credit sales of depart ment and furniture stores, United States and Second Dis trict, 1941, 1943, 1944 96 38 63 64 96 20 96 20 C harts 10 67 84 T a b le s Demand deposits of individuals, partnerships, and corpora tions, classified by type of owner, in different size banks in Second Federal Reserve District; percentage changes July 1944 to January 1945 compared with changes February 1944 to July 1944 29 Estimated ownership of demand deposits of individuals, partnerships, and corporations, classified by type of owner, all commercial banks in Second Federal Reserve District 28,85 Increase in demand deposits of individuals, partnerships, and corporations of all member banks between December 31, 1941 and March 20, 1945 43 Increase in time deposits of individuals, partnerships, and corporations of all member banks between December 31, 1941 and March 20, 1945 43 Increase in deposits of individuals, partnerships, and corpora tions in 812 member banks in the Second Federal Reserve District between December 31, 1941 and March 20, 1945 44 Index of velocity of demand deposits 7, 15, 23, 32, 40, 48, 56, 64, 72, 78, 88, 94 Percentage distribution by type of owner, of demand deposits of individuals, partnerships, and corporations, classified according to size of account in 131 banks in Second Federal Reserve District, January 1945 28 87 Wartime manufacturing facilities expansion in the Second District S ee Earnings of Member Banks in 1944 S e e Member Banks Egypt British financial agreements with Page Electric Power T a b le Index of electric power output 7, 15, 23, 32, 40, 48, 56, 64, 72, 78, 88, 94 Employment Employment in New Jersey during the war 61 Employment in New York State during the war 46 Employment in the financial industries of New York City 21 Postwar problems of, in Second Federal Reserve District 6 Trends of, in investment industry 22 Wartime developments 22 Changes in manufacturing employment in New York State between March 1940 and peak of September 1943 Distribution of employment in the financial industries in New York City, September 1944 Distribution of manufacturing employment in Northern New Jersey by industry groups, March 1940 and 1944 Employment in the financial industries in New York City, 1940-44 47 21 61 22 T a b les Changes in demand deposits in banks of various sizes 29 Deposit changes within the Second District 44 Distribution by size of account 28 Growth of, between Fifth and Sixth drives 10 Survey of ownership of business and personal demand deposits 27,84 Wartime rise in deposits 43 Disposal of Wartime Facilities ( Continued) C harts Deposits Adjusted demand deposits, New York City and 100 cities, 1942-45 Factors affecting deposits of New York State mutual savings banks, 1940-44 Ownership of business and other demand deposits estimated for all commercial banks in the Second Federal Reserve District, 1943-45 1945 Employment by industry in New York State, 1940 and 1943 6 Index of factory employment, United States and New York State 7, 15, 23, 32, 40, 48, 56, 64, 72, 78, 88, 94 Facilities Expansion by Industry and Location 86 S ee Wartime manufacturing facilities expansion in the Second District Factory Employment S e e Employment Factory Payrolls S ee Payrolls Federal Reserve Act Amended by Act of Congress, approved June 12, re: Lower reserve requirements of Federal Reserve Banks against their notes in circulation and against deposits; removal of the tim e limit for use of direct obligations of U. S. as collateral for Federal Reserve notes; cancellation of authority to issue Federal Reserve b a n k notes 51, Federal Reserve B a n k Notes Authority to issue canceled by Act of June 12 Federal Reserve Credit S ee Money Market Federal Reserve Notes Act of June 12 removed tim e limit on authority to use direct obligations of the United States as collateral for Financial Industries Employment in, New York City S ee, also, Employment Freight 52 52 52 21 T a b le Index of ton-miles of railway freight 7, 15, 23, 32, 40, 48, 56, 64, 72, 78, 88, 94 French Monetary Policies 76 Furniture Stores Department and furniture stores 20 T a b les Percentage change from end of preceding year in accounts receivable of department and furniture stores, United States and Second District, 1942, 1943, 1944 20 Percentage distribution of cash and credit sales of department and furniture stores, United States and Second District, 1941, 1943, 1944 20 “ G I Bill of Rights” S ee Loans to Veterans Gold Reversal of flow of, and effects 51, 91 T a b le 20 68 Estimated monetary gold reserves by country Government Financing S e e Bank Credit and War Finance Government Securities S e e Securities 92 INDEX FOR THE YEAR 1945 (Continued) Page Income Disposable income in relation to department store sales 15 C h a rt Cash income from farm marketings in the Second District, 1929-45 94 T a b le Index of income payments in the United States 7, 15, 23, 32, 40, 48, 56, 64, 72, 78, 88, 94 Income Tax Influence of income tax payments on market developments 25, 33 Industrial Production S ee Production Insurance Employment situation in insurance companies 21 Investments S ee Money Market and Securities Iraq British financial agreements with 68 Lend-Lease Exports under, and termination of 91 C h a rt United States foreign trade, 1939-45 Loans Consumer instalment loans of commercial banks Increase in loan activity Member bank, review of 1, 9, 17, 25, 33, 4 l „ 49, 57, 65, 73, 81, War production loans (V ) 34, 91 19 89 89 89 C harts Business and guaranteed war production loans, 1942-45 89 Loans for purchasing or carrying U. S. Government securities by weekly reporting member banks in 101 cities, 1944-45 34, 49 T a b le Increases in loans and investments of all commercial banks in World Wars I and II Loans to Veterans— Servicemen’s Readjustment Act of 1944 McFadden Act Effect of, on fiduciary activities of banks Manufacturing Wartime manufacturing facilities expansion in the Second District 4 11 53 85 T a b les Financing of manufacturing facilities expansion, July 1940 to May 1944, Second Federal Reserve District Manufacturing facilities expansion by industry, July 1940 to May 1944, Second Federal Reserve District 86 87 New York Stock Exchange and Securities Member Banks Growth of trust operations of member banks 52 Member bank credit 26, 34, 42, 82 Member bank earnings in 1944 20 Member bank reserve position 1, 9, 17, 25, 34, 50, 58, 60, 90 Member bank reserve positions and Reserve Bank credit 18 S ee C h a rts Government security holdings of weekly reporting member banks and Federal Reserve Banks (in relation to War Loan drives), 1943-45 50 Gross earnings of member banks from trust departments, 1925-45 52 Member bank borrowings from the Reserve Bank, 1943-45 and 1944-45 42, 82 T a b le s C harts Adjusted demand deposits of weekly reporting member banks, 1942-45 10 Business and guaranteed war production loans, 1942-45 89 Estimated month-to-month changes in currency outstanding, 1943 and 1944 1 Government security holdings of weekly reporting member banks and Federal Reserve Banks (in relation to War Loan drives) 1943-45 50 Loans for purchasing or carrying U. S. Government securities by weekly reporting member banks in 101 cities, 1944-45 ' 34, 49 Member bank borrowings from the Reserve Banks, 1943-45 and 1944-45 42,82 Net currency payments by the Federal Reserve Bank of New York, 1943-45 58 Prices of two per cent bonds issued in the Fifth and Sixth War Loan drives, 1944-45 17 Volume, average maturity, and average coupon rate of Gov ernment securities held by commercial banks, 1943-45 74 T a b le Changes in weekly reporting member bank holdings of, and loans on, Government securities, following Fifth and Sixth War Loan drives Munitions 18 T a b le Index of munitions output 7, 15 Nationalization of the Bank of England Netherlands British financial agreement with New York City As a center of wholesale trade Employment in the financial industries of New York City 83 75 54 21 C ha rts Distribution of employment in the financial industries in New York City, September 1944 Distribution of wholesale sales by type of establishment, 1929 and 1939 Employment in the financial industries in New York City, 1940-44 New York Savings Banks during the War 21 55 22 66 C h a rt Factors affecting deposits of New York State mutual savings banks, 1940-44 67 T a b les M a r g in R e q u ire m e n ts Changes in weekly reporting member bank holdings of, and loans on, Government securities following Fifth and Sixth War Loan drives Selected average operating ratios of all member banks, Second Federal Reserve District, 1942, 1943, 1944 Trust department earnings of New York District member banks by size of bank, 1944 S ee, a lso, Deposits and Money Market Page Monetary Policies Belgian and French 76 Money Market Review of the money market, monthly 1, 9, 17, 25, 33, 41, 49, 57, 65, 73, 81, 89 18 20 52 Bond holdings of New York State mutual savings banks, 1939-44 Total assets of New York State mutual savings banks, 1939-45 New York Stock Exchange Credit employed and margin requirements changed by Operating Ratios of Member Banks Member bank earnings in 1944 Payrolls 67 67 36 20 T a b le Index of factory payrolls, United States and New York State 7, 15, 23, 32, 40, 48, 56, 64, 72, 78, 88, 94 S ee, a lso, Employment Postwar Employment Problems, Second Federal Reserve District 6 Prices S ee Cost of Living and Securities Production 23 T a b le Index of industrial production 7, 15, 23, 32, 40, 48, 56, 64, 72, 78, 88, 94 S ee, a lso, Munitions Progress of Reconversion 93 In the Second District 14, 78, 93 INDEX FOR THE YEAR 1945 (Continued) Redistribution of Seventh War Loan Securities Regulation V Loans S ee Loans Reserve Bank Credit Member bank reserve positions and, S ee, a lso , Money Market Page 65 18, 50 Reserves Changes in required reserves of Federal Reserve Banks 51 C h a rt Reserve ratio of Federal Reserve Banks, 1933-45 Member Banks and Money Market 51 S ee, a lso , Retail Credit Survey for 1944 30 C ha rt Indexes of sales and accounts receivable in retail stores, by kinds of business, 1941-44, Second Federal Reserve District 31 T a b les Percentage change and distribution of current assets and current liabilities 1942-44, retail stores, Second Federal District Percentage change, 1943 to 1944, in sales and accounts receivable, by type of transaction, retail stores in selected cities, Second Federal Reserve District Sales, current assets, and current liabilities by size of store and kind of business, Second Federal Reserve District, 1941-44 31 31 Pa Security Dealers and Investment Houses Employment in financial industries Servicemen’s Readjustment Act of 1944 S ee Loans to Veterans Survey of Ownership of Business and Personal Demand Deposits, January 1945; July 1945 27, S ee, a lso, Deposits Treasury Bills S e e Money Market Treasury Savings Notes Effect of redemptions of Used by corporations for taxes Trust Operations of Member Banks, Growth of S ee Member Banks Turkey British financial agreements with U. S. Government Securities S ee Securities United States Notes Authority to issue, terminated by Act of June 12 Velocity of Demand Deposits T a b le 30 Retail Trade Sales volume in 1944 30 T a b le Index of velocity of demand deposits 7, 15, 23, 32, 40, 48, 56, 64, 72, 78, 88, Wages T a b le Index of wage rates Index of sales of all retail stores 7, 15, 23, 32, 40, 48, 56, 64, 72, 78, 88, 7, 15, 23, 32, 40, 48, 56, 64, 72, 78, 88, 96 S ee, a lso, Department Stores and Furniture Stores War Finance Fifth War Loan, discussion of 3, 10, 18, Savings Banks Sixth War Loan, discussion of 2, 3, 10, 18, 26, 34, 42, S e e New York Savings Banks Seventh War Loan 17, 26, 35, 41, 49, 59, 82, Savings Bonds Announcement of maturity dates for new issues in Ten years of the Savings bond program 26 Bank credit in Redistribution of Seventh War Loan securities T a b le Victory Loan 81, Growth of United States Savings bond program 27 C ha rt S ee, a lso, Money Market Prices of two per cent bonds issued in the Fifth and Sixth Savings Notes War Loan drives, 1944-45 S ee Treasury Savings Notes T a b les Second Federal Reserve District Second District agriculture at the end of the war Reconversion in the Second District 94 78 S ee, a lso Credit Department Stores Deposits Employment Furniture Stores Loans Member Banks Money Market, monthly War Finance Securities Corporate capital financing during the war Government security portfolios of the commercial banks New corporate financing Security markets during the war War Loan Deposits Discussion of S ee, a lso, Money Market War Loan Drives S ee Money Market and War Finance 70 74 5, 82 35 C harts Barron’s average of 30 low priced stocks and Dow-Jones average of 65 stocks, 1939-45 Loans for purchasing or carrying U. S. Government securities by weekly reporting member banks in 101 cities 34, Monthly average volume of domestic corporate security issues for refunding and for new capital, 1936-41, by years; 1942-45 by quarters 5, New corporate security issues, 1939-45 Prices of war and peace stocks, 1939-45 36 49 2, 9, 25, 33, 41, 49, Wartime Developments Disposal of wartime facilities Effect on employment in financial industries, New York City Facilities expansion by industry and by location In department store sales Manufacturing facilities expansion in the Second District Production Rise in deposits S ee, also, Deposits Shifts in the United States balance of international payments C hart United States foreign trade, 1939-45 37 71 36 Wholesale Trade New York City as a center of Types of operation C h a rt T a b le Percentage changes in stock prices during the war S ee, a lso, War Finance Changes in weekly reporting member bank holdings of, and loans on, Government securities, following Fifth and Sixth War Loan drives Government financing in World Wars I and II Subscriptions to, compared with goals, by class of investor, Sixth War Loan drive 35 Distribution of wholesale sales by type of establishment, 1929 and 1939