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MONTHLY REVIEW of Credit and Business Conditions FEDERAL RESERVE BANK OF NEW YORK INDEX FOR THE YEAR 1947 Page Page Agriculture Agricultural production in 1946 Agriculture in the Second District S ee, a lso, Farm Loans 6 107 Apparel Stores Percentage change in apparel store sales and stocks 8 ,1 8,27, 39, 51,62, 75, 88,99,112,122,135 Bank Credit Survey of commercial loans at member banks Term loans of Second District banks Business loans Interest rates charged on business loans Use of collateral to secure business loans in the Second District Bank loans since the end of the war Consumer lending by Second District member banks Farm loans by member banks in the Second District 96, Commercial bank lending in 1947 Statement by bank supervisory authorities re: limitation of bank credit S ee, a lso, Loans, Money Market Bank Earnings Transfer of Federal Reserve Bank surplus earnings to the Treasury Earnings and expenses of Second District member banks Bank Loans since the End of the War S ee, a lso, Loans 11 23 30 30 45 56 58 105 118 127 Commercial Loans at Member Banks Survey of S ee, a lso, Bank Credit, Loans Commodities S ee Port of New York, Prices Construction The housing program in 1946 The recent rise in construction activity Federal housing program: goals for work started in year 1946 and dwelling units started and completed, JanuaryOctober 1946 6 Value of new construction work in the United States, 1942-47 120 Consumer Credit Small loan companies in New York State New York State industrial banks Retail credit survey, 1946 Consumer lending by Second District member banks Termination of consumer credit regulation 43 92 56 Consumer instalment loans in New York State by lending agency, 1941-46 3 Estimated dollar volume of credit sales and accounts receiv able of Second District department stores, 1941-46 19 Total loans outstanding of New York State industrial banks by type of loan, December 31, 1939-46 33 Consumer credit outstanding by major types, 1945-47 116 127 Consumers’ Prices S ee Prices 128 Corporate Financing New security issues C harts Yields on long term bonds and stocks, 1939-47 55 New State and local government bond issues by major pur pose, 1946-47, quarterly totals 127 Yields on long term Treasury bonds and high grade municipal and corporate bonds, 1939-47 128 Distribution of ownership of State and municipal bonds, June 30, 1937-47 129 S ee, a lso, Money Market, Municipal Financing in the Postwar Period, Securities and Security Markets 109 13 Business Indexes 8,19, 28, 39, 51, 62, 75, J ,99 ,1 12,1 22,1 35 Business Loans Interest rates charged on, by member banks in the Second District Use of collateral to secure, in the Second District 30 30 45 C harts Interest rates charged on business loans by Second District member banks of various size— percentage distribution of number of loans Interest rates charged on business loans by Second District member banks of various size— percentage distribution of loans by dollar volume Commercial loans of weekly reporting member banks in 94 cities, July 1946-47 S ee, a lso, Loans, Money Market Check Routing Symbol Program Collateral Use of, to secure business loans in the Second District Commercial Bank Lending in 1947 S ee, a lso, Loans 3 33 48 58 115 C harts Bonds Distribution of ownership of municipal bonds Budget Message of the President, The January 10, 1947 5 119 C harts Bank Supervisory Authorities Statement by British Economic Problem, The 11,23,30,45 31 55,104 C hart Domestic corporate security issues for refunding and for new capital, quarterly totals, 1940-47 S ee, a lso, Securities and Security Markets 104 Credit Monetary management and credit control— supplement to January 1947 R e v i e w Small loan companies in New York State 3 New York State industrial banks 33 Member bank credit 42, 66,90,115 Retail credit survey, 1946 48 Export credit information on Latin American countries 70,131 Termination of consumer credit regulation 115 S ee, a lso, Bank Credit, Consumer Credit, Loans, Money Market, Monetary Management and Credit Control Currency Currency outstanding 78 C harts Weekly changes in the volume of currency in circulation in the United States, by fiscal years, 1945-47 Currency in circulation in the United States, 1945-47 Debt of the United States Retirement of public debt 9 79 2 C hart 31 90 34 45 118 Changes in the ownership of the public debt (cumulative weekly from February 27, 1946) S ee, a lso, Money Market, President’s Budget Message, The 2 Department Stores Trade in Second Federal Reserve District, Monthly review of 7,1 8,27, 39, 51,61, 74, 87,98, 111, 1 War and postwar developments in Second District department store sales 36 Retail credit survey, 1946 48 Stocks and outstanding orders 121 Sales trends in major departments 134 INDEX FOR THE YEAR 1947 ( Continued) Page Estimated dollar volume of credit sales and accounts receiv able of Second District department stores, 1941-46 Estimated dollar volume of sales, stocks, and outstanding orders of Second District department stores, 1940-January 1947 Ratio of February stocks to sales by departments at Second District department stores, 1945-47 compared with 1939 Estimated dollar volume of Second District department store sales and stocks by major departmental groups, 1927-46 Retail cash and credit sales by type of store, Second Federal Reserve District, 1945-46 Indexes of department store sales and stocks, Second Federal Reserve District, 1945-47 Indexes of department store sales for departmental groups in main store and in basement, Second Federal Reserve Dis trict, 1940-June 1947 Estimated dollar volume of sales, stocks, and outstanding orders of Second District department stores, 1941-July 1947 Department store sales in main store and in basement by departmental groups, Second Federal Reserve District, per centage change, Feb.-Aug. 1946 to Feb.-Aug. 1947 Indexes of new orders and sales for a representative group of department stores, Second Federal Reserve District, 1945-47 Ratios of September stocks and outstanding orders to sales for a representative group of department stores, Second Federal Reserve District, 1940-47 Percentage increase in department store sales by major depart mental groups, Feb.-Oct. 1946 to Feb.-Oct. 1947 Page Charts Charts 19 28 37 Interest rates charged on loans to farmers, other than real estate loans, by Second District member banks of various size 105 Interest rates charged on real estate loans to farmers secured by farm land, by Second District member banks of various size 1 06 See, also, Loans 38 Federal Debt See Debt of the United States 49 Federal Housing Program in 1946 62 5 Chart Federal housing program: goals for work started in year 1946, and dwelling units started and completed, JanuaryOctober 1946 6 87 Federal Reserve Bank Surplus Earnings Transfer of, to the Treasury 43 99 Foreign Spending and the New York Money Market 91 111 121 122 134 Charts Net disbursements from foreign deposit accounts with the Federal Reserve Bank of New York, 1945-47 Cumulated net gold imports and net releases from earmarked stocks, 1939-47 Foreign Trade Port of New York, The Liberalization of world trade policies United States foreign trade since the war Foreign spending and the New York money market United States trade with the "Marshall Plan” countries 91 92 25 35 66 91 129 Charts Deposits Foreign trade through Port of New York by type of com Index of velocity of demand deposits modity during 1937 26 8,19, 28, 39, 51, 6 2 , 75, 88,99,112,122,135 United States postwar foreign trade by areas 67 Survey of ownership of business and personal demand deposits, United States foreign trade with the "Marshall Plan” area 131 February 1947 43 See, also, Export Credit Information on Latin American Countries Charts Treasury deposits with Federal Reserve Banks 21,29 Estimated ownership of business and personal demand de posits at all commercial banks in the Second Federal Re serve District, July 1943 to February 1947 44 Adjusted demand deposits of member banks, 1944-May 1947 54 U. S. Government War Loan deposits, 1946-47 65 Net disbursements from foreign deposit accounts with the Federal Reserve Bank of New York, 1945-47 91 See, also, Money Market Dollar Assets World distribution of gold and dollar assets The world supply of dollars 82 94 Chart Foreign gold and short term dollar assets 83 Earnings Transfer of Federal Reserve Bank surplus earnings to the Treasury 43 Earnings and expenses of Second District member banks 92 See, also, Wages Electric Power Index of electric power output 8 ,19 ,2 8, 39, 51, 6 2 , 75, 88,99,112,122,135 Employment Index of factory employment, United States and New York State 8 ,1 9 ,2 8 ,3 9 ,5 1 ,6 2 ,7 5 ,8 8 ,9 9 , 1 1 2 , 1 2 2 ,135 Second District employment in the transition period 72 Chart New York State employment in principal nonagricultural industries 72 Export Credit Information on Latin American Countries 70, 131 Chart Degree of promptness in collections paid by Latin American countries as reported by twelve New York City banks, May to October 1947 Factory Employment See Employment Factory Payrolls See Payrolls Farm Loans by Member Banks in the Second District 96, Interest rates on farm loans Size of loans Purpose of borrowing Freight Index of ton-miles of railway freight 8,1 9,28, 39, 51, 6 2 , 75, 88,99,112,122,135 Gold World distribution of gold and dollar assets 82 Charts Foreign gold and short term dollar assets 83 Cumulated net gold imports and net releases from earmarked stocks, 1939-47 92 Government Security Market See Money Market, Securities and Security Markets, Treasury Bills Government Security Portfolios of New York City Banks 46 Chart Estimated cumulative net market purchases or sales of Gov ernment securities by New York City banks Great Britain Transferability of sterling The British economic problem 60 Gross National Product Reaches New Peak 85 Housing Program in 1946, The 5 Chart Federal housing program: goals for work started in year 1946, and dwelling units started and completed, JanuaryOctober 1946 6 Income Index of income payments in the U. S. 8 ,19, 28, 39, 51, 62, 75 ,88 Index of personal income 99,112,122,135 33 Chart Total loans outstanding of New York State industrial banks by type of loan, December 31, 1939-46 Industrial Production See Production 105 105 106 107 80 109 Greece Economic rehabilitation of Industrial Banks New York State 132 48 33 Interest Rates Interest rates charged on business loans by member banks in the Second District 30 Interest rates on farm loans in the Second District 105 INDEX FOR THE YEAR 1947 ( Continued) Page Charts Interest rates charged on business loans by Second District member banks of various size— percentage distribution of number of loans 31 Interest rates charged on business loans by Second District member banks of various size— percentage distribution of loans by dollar volume 31 Interest rates charged on loans to farmers, other than real estate loans, by Second District member banks of various size 105 Interest rates charged on real estate loans to farmers secured by farm land, by Second District member banks of various size 106 See, also, Loans International Monetary Fund Subscription to the 22 International Trade Organization Discussion of 35 Investments Government security portfolios of New York City banks 46 Charts Estimated cumulative net market purchases or sales of Gov ernment securities by New York City banks 48 Loans and investments of all weekly reporting member banks, 1946-47 126 Latin American Countries Export credit information on 70, 131 Chart Degree of promptness in collections paid by Latin American countries as reported by twelve New York City banks, May to October 1947 132 Loans Member bank, monthly review of 1 ,9 ,2 1 ,2 9 ,4 1 ,5 3 ,6 5 ,7 7 ,8 9 ,1 0 1 ,1 1 3 ,1 2 5 Small loan companies in New York State 3 Survey of commercial loans at member banks 11 Term loans of Second District banks 23 Business loans 30 Interest rates charged on business loans by member banks in the Second District 30 New York State industrial banks 33 Use of collateral to secure business loans in the Second District* 45 Bank loans since the end of the war 56 Consumer lending by Second District member banks 58 Farm loans by member banks in the Second District 96,105 Size of farm loans 106 Purpose of borrowing by farmers 107 Commercial bank lending in 1947 118 Charts Consumer instalment loans in New York State by lending agency, 1941-46 3 Interest rates charged on business loans by Second District member banks of various size— percentage distribution of number of loans 31 Interest rates charged on business loans by Second District member banks of various size— percentage distribution of loans by dollar volume 31 Total loans outstanding of New York State industrial banks by type of loan, December 31, 1939-46 33 Commercial loans of weekly reporting member banks in 94 cities, July 1946-47 90 Interest rates charged on loans to farmers, other than real estate loans, by Second District member banks of various size 105 Interest rates charged on real estate loans to farmers secured by farm land, by Second District member banks of various size 106 Loans and investments of all weekly reporting member banks, 1946-47 126 Member Banks Monthly review of 1 ,9 ,2 1 ,2 9 ,4 1 ,5 3 ,6 5 ,7 7 ,8 9 ,1 0 1 ,1 1 3 ,1 2 5 Survey of commercial loans at 11 Term loans of Second District banks 23 Interest rates charged on business loans by, in Second District 30 Member bank reserves 42,78,90 ,114 Member bank credit 42, 6 6 , 90,115,126 Use of collateral to secure business loans in the Second District 45 Member bank deposits 53 Consumer lending by Second District 58 Earnings and expenses of Second District 92 Farm loans by member banks in Second District 96,105 Page Charts Interest rates charged on business loans by Second District member banks of various size— percentage distribution of number of loans 31 Interest rates charged on business loans by Second District member banks of various size— percentage distribution of loans by dollar volume 31 Adjusted demand deposits of member banks, 1944-May 1947 54 Commercial loans of weekly reporting member banks in 94 cities, July 1946-47 90 Loans and investments of all weekly reporting member banks, 1946-47 126 Monetary Management and Credit Control Supplement to January 1947 Review Money Market Monthly review of 1 ,9 ,2 1 ,2 9 ,4 1 , 53,65, 77,89,101,113,125 Foreign spending and the New York money market 91 Charts Changes in the ownership of the public debt 2 Weekly changes in the volume of currency in circulation in the United States by fiscal years, 1945-47 9 Treasury deposits with Federal Reserve Banks 21,29 Adjusted demand deposits of member banks, 1944-May 1947 54 U. S. Government War Loan deposits, 1946-47 65 Yields on Treasury bills and certificates of indebtedness, April-July 1947 78 Currency in circulation in the United States, 1945-47 79 Commercial loans of weekly reporting member banks in 94 cities, July 1946-47 90 Net disbursements from foreign deposit accounts with the Federal Reserve Bank of New York, 1945-47 91 Yields on selected Treasury and high grade corporate bonds, 1946-47 114 Loans and investments of all weekly reporting member banks, 1946-47 126 Municipal Financing in the Postwar Period 127 The rise in municipal bond yields 128 Distribution of ownership of municipal bonds 128 Charts New State and local government bond issues by major pur pose, 1946-47, quarterly totals 127 Yields on long term Treasury bonds and high grade municipal and corporate bonds, 1939-47 128 Distribution of ownership of State and municipal bonds, June 30, 1937-47 129 National Product Gross national product reaches new peak 85 New York City Port of New York, The 25 Government security portfolios of New York City banks 46 Foreign spending and the New York money market 91 Charts Foreign trade through Port of New York by type of com modity during 1937 Estimated cumulative net market purchases or sales of Gov ernment securities by New York City banks See, also, Apparel Stores, Department Stores, Earnings, Employ ment, Velocity of Demand Deposits New York State Small loan companies in Dairy production and fruit crop in 7, New York State industrial banks 26 48 3 107 33 Charts Consumer instalment loans in New York State by lending agency, 1941-46 Total loans outstanding of New York State industrial banks by type of loan, December 31, 1939-46 New York State employment in principal nonagricultural industries See, also, Agriculture, Employment, Payrolls 3 33 72 Payrolls Index of factory payrolls, United States and New York State 8 ,1 9 , 2 8 , 39,51, 6 2 , 75,88,99,112,122,135 Personal Income Index of 99,112,122,135 Port of New York, The 25 Chart Foreign trade through Port of New York by type of com modity during 1937 26 INDEX FOR THE YEAR 1947 ( Continued) Page Page Domestic corporate security issues for refunding and for new capital, quarterly totals, 1940-47 104 Yields on selected Treasury and high grade corporate bonds, Prices 1946-47 114 Index of consumers’ prices New State and local government bond issues by major pur 8 ,1 9,28, 39, 5 1 , 6 2 , 75 ,88,99,112,122,135 pose, 1946-47, quarterly totals 127 World price trends during and since the war 15 Yields on long term Treasury bonds and high grade Recent price trends 71 municipal and corporate bonds, 1939-47 128 Charts Distribution of ownership of State and municipal bonds, Wholesale price trends since 1939 15 June 30, 1937-47 129 Postwar wholesale prices in selected countries, May 1945 to Small Loan Companies in New York State December 1946 17 President's Budget Message, The January 10, 1947 13 Production Agricultural production in 1946 6 Index of industrial production 8 ,19, 28, 39, 5 1 , 6 2 , 7 5 , 8 8 , 9 9 , 1 1 2 , 1 2 2 ,135 Gross national product reaches new peak 85 See, also, Agriculture Public Debt Retirement of 2 Chart Changes in the ownership of the public debt See, also, Money Market, President’s Budget Message, The 2 State Bonds See Securities and Security Markets Statement by Bank Supervisory Authorities Limitation of bank credit Sterling Transferability (convertibility) of Survey of Ownership of Business and Personal Demand Deposits, February 1947 Regulation W Termination of consumer credit regulation See, also, Consumer Credit 115 Reserve Bank Credit See Bank Credit, Money Market Retail Credit Survey, 1946 48 Chart 127 80 11 43 Chart Estimated ownership of business and personal demand de posits at all commercial banks in the Second Federal Reserve District See, also, Deposits Term Loans of Second District Banks See, also, Loans Reserves See Member Banks, Money Market 44' 23 Trade See Department Stores, Foreign Trade, Retail Trade Retail cash and credit sales by type of store, Second Federal Reserve District, 1945-46 49 Transferability of Sterling Under terms of the Anglo-American Agreement Treasury Bills 28, 39, 51, 6 2 , 7 5 , 8 8 ,Discussion 99,112,122,135 of "unpegging” of the Treasury bill rate See, also, Money Market Retirement of Public Debt 2 Chart Changes in the Ownership of the public debt 2 34 Salaries See Wages 77 Treasury Bonds See Bonds, Securities and Security Markets Results of, fiscal 1947 See, also, Bonds, Money Market, President’s Budget Message, 79 Securities and Security Markets Second Federal Reserve District Survey of commercial loans at member banks 11 Term loans of, Second District banks 23 Interest rates charged on business loans by member banks in the 30 War and postwar developments in Second District department store sales 36 Survey of ownership of business and personal demand deposits, February 1947 43 Use of collateral to secure business loans in the 45 Retail credit survey, 1946 48 Consumer lending by Second District member banks 58 Second District employment in the transition period 72 Earnings and expenses of Second District member banks 92 Farm loans by member banks in the 96,105 Agriculture in the 107 See, also, Credit, Department Stores, Deposits, Earnings, Em ployment, Loans, Member Banks, Money Market Securities and Security Markets Government security portfolios of New York City banks Security markets New security issues Government security market Bond market 80 T r e a s u r y F in a n c in g Routing Symbol Check routing symbol program 46 54,102 55,104 65 103 Charts Estimated cumulative net market purchases or sales of Government securities by New York City banks Yields on long term bonds and stocks, 1939-47 Corporate net profits and industrial stock prices, 1939-47 quarterly Consumer instalment loans in New York State by lending agency, 1941-46 Survey of Commercial Loans at Member Banks See, also, Loans Railway Freight See Freight Retail Trade Index of sales of all retail stores 8 ,19, See, also, Department Stores Chart 48 55 103 United States Foreign Trade See Foreign Trade Velocity of Demand Deposits Indexes of, New York City and outside New York City 8.1 9.28, 39, 51, 62, 75,88,99 ,112 ,122 ,1 35 Veterans’ Emergency iHousing Program Discussion of 5 Wages Composite index of wages and salaries 8 .19 .2 8 , 39, 5 1 , 6 2 , 75,88,99 ,112 ,122 ,1 35 War Loan Deposits See Money Market World Distribution of Gold and Dollar Assets 82 Chart Foreign gold and short term dollar assets 83 World Fund See International Monetary Fund World Price Trends during and since the War 15 Charts Wholesale price trends since 1939 Postwar wholesale prices in selected countries, May 1945 to December 1946 15 17 World Supply of Dollars 94 World Trade Policies Liberalization of 35
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