The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
MONTHLY REVIEW of Credit and Business Conditions FEDERAL RESERVE BANK OF NEW YORK INDEX FOR THE YEAR 1948 Guide to Page Numbers M o n th o f Issu e P a ges January ........... 1 — 12 February.......... 13 — 24 M arch ................ 25 — 36 M o n th o f Issu e April ............. May ............... J u n e ............... P a g es 37 — 48 49 — 60 61 — 68 Page Agriculture Drop in farm prices, The Outlook for agriculture, The Government support of farm prices 28 96 103 C harts Indexes of daily spot market prices, 1946-48 29 U. S. wheat, corn, and cotton crops 97 Output of selected farm products in the United States and in New York State 98 Index of prices paid by farmers and prices received by farmers for crops and for livestock and livestock products, 1929-45 annually, January 1946-August 1948 monthly 104 Apparel Stores Percentage change in apparel store sales and stocks 1 2 ,2 4 ,3 4 ,4 5 ,5 8 , 6 8 ,7 9 ,8 7 , 9 8 , 1 1 2 ,1 2 4 ,132 Bank Credit Member bank credit 63,70,91 ,102 S ee, a lso , Loans, Money Market Bank Earnings Member bank earnings in 1947 Earnings and expenses of the Second District member banks S ee, a lso , Earnings Bonds Bond market Status of Savings bond program C harts Changes in Government security holdings by type of investor 26 Prices of selected Treasury bonds, July 1947-May 1948; to November 1948 61,126 Changes in Government security holdings of the Federal Reserve System 114 Yield on highest-grade corporate bonds compared with the yield on U. S. Treasury 2 ^ ’s of December 1967-72 116 Corporate security flotations for new capital by industries, 1946-48 117 S ee, a lso, Money Market, Securities and Security Markets Business Capital Expenditures 129 18 63 C hart Business expenditures on new plant and equipment, annually 1945-48, quarterly at annual rates, 1947-48 ............... September P a g es 69— 80 8 1 — 88 . . . 89 — 100 M o n th o f Issu e P a g es October . . . . 101 — 112 November . . 113 — 124 December . . . 125 — 132 Page Business Conditions in the Second Federal Reserve District 122 C h a rt Income payments in the Second Federal Reserve District: current dollars and percentage of the United States total Business Indexes 123 1 2 , 24, 34, 46, 58, 6 8 , 79, 8 8 , 99, 1 1 2 , 124, 132 Canada’s International Economic Position 42 Capital S e e Business Capital Expenditures, Corporate Financing Chairman and Federal Reserve Agent Appointment of, by Board of Governors of the Federal Reserve System China United States assistance to Commercial Banks Reserve requirements of Government security portfolios of Real estate loans of Second District 68 65 71 82 127 C h a rts 32 92 4,39,115 5 Britain’s Economic Prospects Budget Message of the President, The January 12, 1948 M o n th o f Issu e July 64 Estimated ownership of business and personal demand deposits at all commercial banks in the Second Federal Reserve District, 1943*48 Amount, average maturity, and average coupon rate of Gov ernment securities held by commercial banks, December 1943-April 1948 S ee, a lso, Deposits, Earnings Commodities Recent commodity price developments 42 82 76 C h a rt Closing prices for wheat futures at Chicago; weekly quota tions during first half of 1948 S ee, a lso , Prices Consumer Credit Retail credit survey, 1947 New credit control legislation Corporate Financing New issues 77 54 91 5, 40, 117 C h a rt Corporate security flotations for new capital by industries, 1946-48 117 S ee, a lso, Securities and Security Markets Credit Recent trends in department store credit 23, 87 INDEX FOR THE YEAR 1948 ( Continued) Page Retail credit survey, 1947 54 Member bank credit 63, 70, 91, 102 Export credit information on Latin American countries 75 New credit control legislation 91 See, also, Consumer Credit, Loans, Money Market Currency Currency reform in the USSR Changes in currency circulation Currency hoarding 7 27 74 Charts Currency in circulation in the United States, 1945-48 Amount of currency in circulation by denomination 27 74 Page Electric Power Index of electric power output 12,24, 34,46, 58,68, 79, 88 ,99,112,124,132 Employment Index of factory employment, United States and New York State 1 2 ,2 4 ,3 4 ,4 6 ,5 8 ,6 8 ,7 9 ,8 8 ,9 9 ,1 1 2 ,1 2 4 ,1 3 2 See, also, Business Conditions in the Second Federal Reserve District European Recovery Program First six months, The Discussion of See, also, Britain’s Economic Prospects, Intra-European Payments Plan Export Credit Information on Latin American Countries Debt of the United States Public debt redemptions See, also, Money Market, President’s Budget Message, The, Securities and Security Markets, Treasury Financing 38 Indexes of department store sales and stocks, Second Federal Reserve District 12, 58, 79, 131 Percentage change in department store sales by type of transac tion in the Second District and in the United States, 1946-47 23 Index of department store sales, Second Federal Reserve Dis trict, 1945-48 34 Department store sales for selected departments, Second Fed eral Reserve District (year-to-year percentage changes, first and fourth quarters, fiscal year 1946 to fiscal year 1947) 44 Changes in main store and basement store sales, Second Dis trict department stores (first quarter fiscal year 1948 com pared with same quarter 1947) 67 Indexes of department store sales by type of transaction, Sec ond Federal Reserve District, 1941 and 1946-48 88 Spring season sales at Second District department stores 111 Deposits Index of velocity of demand deposits 1 2 , 24, 34,46, 5 8 ,6 8 ,7 9 ,8 8 ,9 9 ,1 1 2 ,1 2 4 ,1 3 2 Survey of ownership of business and personal demand deposits, January 1948 41 Charts Estimated ownership of business and personal demand de posits at all commercial banks in the Second Federal Re serve District, 1943-48 Treasury War Loan deposits, 1947-48 See, also, Money Market Earnings Member bank earnings in 1947 Earnings and expenses of the Second District member banks 42 49 32 92 Chart Net profits of various deposit size groups of Second District member banks by semiannual periods, 1945-48 See, also, Wages 75 Chart Degree of promptness in collections paid by Latin American countries as reported by twelve New York City banks, May 1947-May 1948 Factory Employment Department Stores See Employment Trade in Second Federal Reserve District, monthly review of 11 , 23, 33, 44, 57, 67, 79, 87, 9 8 , 1 1 1 , 124, 131 Factory Payrolls Holiday trade by departments 23 See Payrolls Recent trends in department store credit 23, 87 Sales trends in major departments 44 Farm Prices Retail credit survey, 1947 54 Drop in 1948 spring season, The 111 Government support of Recent trends in stocks and orders 131 Chart Charts 15 107 129 75 28 103 Index of prices paid by farmers and prices received by farmers for crops and for livestock and livestock products, 1929-45 104 annually, January 1946-August 1948 monthly Federal Debt Public debt redemptions See, also, Money Market, President’s Budget Message, The, Securities and Security Markets, Treasury Financing 38 Foreign Trade International Trade Organization 52 See, also, Export Credit Information on Latin American Countries France French franc readjustment, The 30 Freight Index of ton-miles of railway freight 1 2 , 24, 34,46, 58,68, 79, 88 ,99,11 2,12 4,13 2 Furniture Store Trade See, also, Department Stores 110 Germany Monetary reform in 94 Gold Inflows and Member Bank Reserves Sources of gold sales 84 85 Chart Cumulated net gold imports and net releases from earmarked stocks, 1939-48 84 Government Security Market See Bonds, Money Market, Securities and Security Markets, Treasury Financing Government Security Portfolios of the Commercial Banks 82 Chart 93 Amount, average maturity, and average coupon rate of Government securities held by commercial banks, December 1943-April 1948 82 INDEX FOR THE YEAR 1948 (Continued) Page Page Great Britain Britain’s economic prospects Charts 129 Income Index of personal income 1 2 ,2 4 ,3 4 ,4 6 ,5 8 ,6 8 , 7 9 , 8 8 , 9 9 , 1 1 2 ,12 4 ,132 Chart Income payments in the Second Federal Reserve District: current dollars and percentage of the United States total 123 Industrial Production See Production International Trade Organization Intra-European Payments Plan Investments Government security portfolios of the commercial banks See, also, Money Market, Securities and Security Markets Latin American Countries Export credit information on 52 118 82 75 Chart Degree of promptness in collections paid by Latin American countries as reported by twelve New York City banks, May 1947-May 1948 75 Chart Cumulative net changes in loans and investments ( other than Government securities) of the weekly reporting member banks and of life insurance companies 102 Loans Member bank, monthly review of 1,13,25, 37 ,49,61 ,69, 8 1 ,89 ,1 01,1 13,1 25 Member bank loans 51 Real estate loans of Second District commercial banks 127 Charts Total loans of member banks in leading cities, 1945-48 51 Business and agricultural loans of member banks in leading cities, industrial production, and prices of manufactured products, 1945-48 52 Cumulative net changes in loans and investments (other than Government securities) of the weekly reporting member banks and of life insurance companies 102 Real estate loans of selected banks in five Second District areas 127 Member Banks Reserve position 2 ,1 4 ,5 0 , 6 2 , 9 0 ,1 0 1 ,1 1 4 , 126 Earnings in 1947 32 Member bank loans 51 Credit 63,70,91,102 Gold inflows and member bank reserves 84 Earnings and expenses of the Second District member banks 92 Charts Total loans of member banks in leading cities, 1945-48 51 Business and agricultural loans of member banks in leading cities, industrial production, and prices of manufactured products, 1945-48 52 Net profits of various deposit size groups of Second District member banks by semiannual periods, 1945-48 93 Cumulative net changes in loans and investments (other than Government securities) of the weekly reporting member banks and of life insurance companies 102 See, also, Money Market Money Market Monthly review of 26 Municipal Finances Wartime improvement of Life Insurance Companies Monetary Reform in Germany Federal Reserve System holdings of Government securities by maturity, 1947 Ownership of Treasury bills, as of last Wednesday of month, 14 1943-January 1948 Changes in Government security holdings by type of investor Cash redemption of marketable Government securities by type of holder, cumulated from February 28, 1946 38 Treasury War Loan deposits, 1947-48 49 Prices of selected Treasury bonds, July 1947-May 1948; to November 1948 61,126 Amount, average maturity, and average coupon rate of Govern ment securities held by commercial banks, December 194382 April 1948 Yields on Treasury bills and certificates of indebtedness, April 1947-August 1948 90 Cumulative net changes in loans and investments (other than Government securities) of the weekly reporting member 102 banks and of life insurance companies Changes in Government security holdings of the Federal Re 114 serve System 94 20 Charts New York City government revenues and expenditures, fiscal years 1941,1944-46 New York State government revenues and expenditures, fiscal years 1941,1944-46 22 22 New York City See Apparel Stores, Department Stores, Earnings, Employment, Municipal Finances, Velocity of Demand Deposits New York State See Agriculture, Business Conditions in the Second Federal Re serve District, Employment, Municipal Finances, Payrolls Nonmember Banks Increase in reserve requirements 103 Organization for European Economic Cooperation 118 See, also, European Recovery Program, Intra-European Payments Plan Outlook for Agriculture, The 96 Charts U. S. wheat, corn, and cotton crops Output of selected farm products in the United States and in New York State Parity Prices Meaning of, and computation of 97 98 103 Payrolls Index of factory payrolls, United States and New York State 12,24, 3 4 ,4 6 ,5 8 ,6 8 ,7 9 ,8 8 ,9 9 ,1 1 2 ,1 2 4 ,1 3 2 Personal Income Index of 12, 24, 34,46, 58,68,79, President’s Budget Message, The Prices Index of consumers’ 12,24, 34,46, 58,68, 79, Drop in farm prices, The Recent commodity price developments Government support of farm prices 3.99.112.124.132 18 3.99.112.124.132 28 76 103 Charts 1 ,1 3 ,2 5 ,3 7 ,4 9 ,6 1 ,6 9 ,8 1 ,8 9 ,1 0 1 ,1 1 3 ,1 2 5 Indexes of daily spot market prices, 1946-48 29 INDEX FOR THE YEAR 1948 ( Continued) Page Prices of selected Treasury bonds, July 1947-May 1948; to November 1948 61,126 Closing prices for wheat futures at Chicago; weekly quota tions during first half of 1948 77 Index of prices paid by farmers and prices received by farmers for crops and for livestock and livestock products, 1929-45 104 annually, January 1946-August 1948 monthly Production Production trends in 1947 9 Index of industrial production 1 2 ,2 4 ,3 4 ,4 6 ,5 8 ,6 8 ,7 9 ,8 8 , 99,112,124,132 Chart Output of selected consumers’ durable goods, 1941, 1946, and 1947 Public Debt Redemptions 10 38 Chart Cash redemption of marketable Government securities by type of holder, cumulated from February 28, 1946 Railway Freight See Freight Real Estate Loans of Second District Commercial Banks 38 127 Chart Real estate loans of selected banks in five Second District areas 127 Recent Commodity Price Developments 76 Chart Closing prices for wheat futures at Chicago; weekly quota tions during first half of 1948 Regulation W New credit control legislation 77 91 Reserve Bank Credit See Bank Credit, Money Market Securities and Security Markets Security markets, The Stock trading by groups Bond market New issues Shift in ownership of Government securities Stock prices Government security markets Government security portfolios of the commercial banks 3.39.115 4 4.39.115 5,40,117 26 39,116 50,89 82 Charts Federal Reserve System holdings of Government securities by maturity, 1947 Weekly indexes of prices of preferred and common stocks, 1946-47 Cumulative net purchases or sales of stocks on the New York Stock Exchange by investor groups, 1946-47 4 Changes in Government security holdings by type of investor 26 Cash redemption of marketable Government securities by type of holder, cumulated from February 28, 1946 38 Amount, average maturity, and average coupon rate of Govern ment securities held by commercial banks, December 1943April 1948 82 Changes in Government security holdings of the Federal Reserve System 114 Yield on highest-grade corporate bonds compared with the yield on U. S. Treasury’s 2 1/ 2 >s of December 1967-72 116 Corporate security flotations for new capital by industries, 1946-48 117 Status of Savings Bond Program 5 Survey of the Ownership of Business and Personal Demand Deposits, January 1948 41 Chart Reserves Increase in reserve requirements Increase in central reserve city banks Of commercial banks, history of Alternatives to the present system Gold inflows and member bank reserves New credit control legislation Increase in, of Second District nonmember banks See, also, Member Banks, Money Market 15 62 71 72 84 91 103 Retail Credit Survey, 1947 54 Estimated ownership of business and personal demand de posits at all commercial banks in the Second Federal Re serve District, 1943-48 Trade International Trade Organization See, also, Apparel Stores, Department Stores, European Recovery Program, Foreign Trade, Furniture Stores, Retail Trade 42 52 Treasury Bills See Money Market Treasury Bonds See Money Market, Securities and Security Markets Chart Cash and credit sales at credit-granting retail stores in the Sec ond Federal Reserve District— percentage change, 1946-47 Page Real estate loans of Second District commercial banks 127 See, also, Credit, Department Stores, Deposits, Furniture Stores, Earnings, Employment, Loans, Member Banks, Money Market 54 Treasury Financing During the fiscal year 1948 85 Retail Trade See, also, Bonds, Money Market, President’s Budget Message, Index of sales of all retail stores The, Securities and Security Markets, Status of Savings Bond 12,24, 34,46, 58 ,6 8 ,7 9 ,8 8 ,9 9 ,1Program 1 2 ,1 2 4 ,1 3 2 See, also, Apparel Stores, Department Stores, Furniture Stores United Kingdom Salaries Britain’s economic prospects 129 See- Wages USSR Second Federal Reserve District Currency reform in the 7 Wartime improvement of municipal finances 20 Member bank earnings in 1947 32 Velocity of Demand Deposits Indexes of, New York City and outside New York City Survey of the ownership of business and personal demand de 12,24, 3 4 ,46,58 ,68, 79 ,88,9 9 ,1 1 2 ,1 2 4 ,1 3 2 posits, January 1948 41 Retail credit survey, 1947 54 Wages Earnings and expenses of Second District member banks 92 Composite index of wages and salaries Business conditions in the 122 1 2 ,2 4 ,3 4 ,4 6 ,5 8 ,6 8 ,7 9 ,8 8 ,9 9 ,1 1 2 ,1 2 4 ,1 3 2
@FedFRASER