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MONTHLY REVIEW of Credit and Business Conditions FEDERAL RESERVE BANK OF NEW YORK INDEX FOR THE YEAR 1952 Guide to Page Numbers Month of Issue Pages January .........., 1 — 12 February ........ , 13 — 28 M arch ............... , 29 — 44 Month of Issue Pages Month of Issue April ............. , 45 — 60 May ............... . 61 — 76 J u n e ............... . 77 — 92 Pages 93 — 108 July ............. A u g u s t......... 109 — 124 September . . 125 — 140 Month of Issue October . . . . November . . December . . . Pages 141 — 152 153 — 168 169 — 184 Page Agriculture See Prices Page Chart Cash and budgetary position of the U. S. Government, 1946-51 See, also, Treasury Finance Apparel Stores Percentage change in apparel store sales and stocks 12, 28, 44, 57, 76, 89, 107, 124, 138, 151, 168, 181 Buffalo Average value per transaction at New York City department Department store sales in Buffalo, 1925-52 and apparel stores, The 123 Estimated average value per transaction of New York City department and apparel stores 124 Bank Credit Member bank credit 4, 19, 32, 47, 64, 79, 9 6 , 1 1 2 , 127, 143, 155, 171 See, also, Loans, Money Market 31 Bonds Bond market Life insurance company holdings of corporate bonds Changing structure of the corporate bond market Changes in Savings bond program Business Indicators (table) See, also, Economic Indicators 136 8,2 6 ,4 1 , 55 Canadian Economy in 1952, The 160 Charts Canadian official holdings of gold and United States dollars 163 Value of the Canadian dollar in United States dollars 163 Capital Central Banking and the Private Economy Supplement to January Review Commercial Banks 115 Loans and investments of all commercial banks 82 See, also, Business Indicators, Credit, Deposits, Economic Indi cators, Loans 20 36 53 63 Chart Yields on long-term bonds and stocks, 1946-51 Buffalo department store sales, 1925-51 See Corporate Finance, Securities and Security Markets Bank Earnings Earnings and expenses of the Second District member banks 48, 128 Reserve Bank earning assets and member bank reserves 98 Belgium EPU experience, reference to 135 Chart Chart Bank Debits Debits and clearing statistics, reference to See, also, Business Indicators, Economic Indicators 23 Commodity Prices Chart Spot commodity prices, January-May 24, 1952 85 See, also, Business Indicators, Economic Indicators, Prices 20 See, also, Government Security Market Construction See Business Indicators, Economic Indicators Borrowing Member bank borrowing See, also, Money Market 2 Consumer instalment credit outstanding Department store credit Britain See Great Britain Budget Nature and significance of the Government’s cash budget, The Consumer Credit Chart Consumer instalment credit See, also, Business Indicators, Economic Indicators, Retail Credit 23 Survey 7 137 INDEX FOR THE YEAR 1952 ( Continued) Consumers’ Prices See Business Indicators, Economic Indicators, Prices Page Estimated dollar volume of department store sales by departmental groups, Second District, January-April, 1949, 1950, 1951, and 1952 89 Corporate Finance Department store stocks and outstanding orders, Second Federal Reserve District, January 1949-May 1952 106 Page New corporate issues 22 See, also, Securities and Security Markets Buffalo department store sales, 1925-51 Credit Member bank credit 4, 19, 32, 47, 64, 79, 9 6 , 1 1 2 , 127, 143, 155, 171 Consumer instalment credit outstanding 7 Preliminary retail credit survey results 56 Retail credit survey— 1951 73 Loans and investments of all commercial banks 82 Department store credit 137 See, also, Borrowing, Money Market Credit Control Functions of reserve requirements, The Sources and uses of member bank reserves, 1914 to 1951 79 97 Currency Member bank credit and the money supply See, also, Business Indicators, Economic Indicators, Money Market 64 Debt of the United States See Budget, Money Market, Public Debt, Securities and Security Markets, Treasury Finance Defense Production in a defense economy Rise in defense and related programs See, also, Business Indicators, Economic Indicators 39 119 Department Stores Revised indexes of department store sales and stocks 10 Trade in Second Federal Reserve District, monthly review of 11, 28, 43, 57, 75, 89, 105, 123, 137, 151, 168, 181 Department store sales by type of merchandise in 1951 43 Department store sales in New York City, 1925-51 86 Composition of Second District department store sales 89 Recent developments in department store inventories 105 Stock-sales ratios 106 Stock turnover 107 Average value per transaction at New York City department and apparel stores, The 123 Department store sales in Buffalo, 1925-52 135 Department store credit Relative importance of instalment sales, The 137 138 Trends in homefurnishings "What is wrong with department store sales?” 151 176 Charts Indexes of department store sales and stocks, Second Federal Reserve District, 1939-51 11 Changes in department store sales and stocks by selected types of merchandise, Second Federal Reserve District, 1950-51 44 Weekly indexes of Second District department store sales, January-April, 1949, 1951, and 1952 76 New York City department store sales, 1925-51 87 Estimated average value per transaction of New York City department and apparel stores 124 136 Per cent change in retail sales by type of store in localities within the New York metropolitan area 180 See, also, Retail Credit Survey Deposits Survey of ownership of business and personal demand deposits 50 Member bank credit and deposits 127 Savings 177 Charts Estimated ownership of business and personal demand de posits at all commercial banks in the Second Federal Reserve District 51 Changes in loans, investments, and demand deposits of weekly reporting member banks in 94 leading cities 127 See, also, Business Indicators, Economic Indicators Earnings See Bank Earnings, Wages Economic Indicators, Selected (Table) 72, 83, 108, 1 2 2 , 1 3 2 , 147, 165, 179 Consumer instalment credit outstanding 7 Nature and significance of the Government’s cash budget, The 23 Wholesale price index, The 69 New base for index numbers 72 Loans and investments of all commercial banks 82 Ton-miles of railway freight 121 Personal income 130 Nonagricultural employment 164 See, also, Business Indicators E le c tr ic P o w e r O u tp u t See Business Indicators, Economic Indicators Employment Employment and department store sales, 1925-45 (Buffalo) Nonagricultural employment Employment and wages in New York City 135 164 177 Charts Employment in nonagricultural establishments in the United States, 1919-September 1952 166 Manufacturing employment in the Second District 167 See, also, Business Indicators, Economic Indicators European Payments Union, The 112 Chart Cumulative net intra-EPU payments balances of certain EPU members 115 European Recovery Program See Mutual Security Program, The Foreign Trade Reversal in foreign holdings of gold and dollars Foreign economic policy Pattern of United States import trade, reference to Improved foreign trade balance (France) Trade, balance of payments, and exchange (Canada) Restoration of external balance, The (Great Britain) 13 65 103 150 162 174 Chart Foreign gold reserves and dollar assets 14 INDEX FOR THE YEAR 1952 (Continued) Page France EPU experience, reference to Recent economic and financial developments in France 114 147 Freight Ton-miles of railway freight 121 Ton-miles of railway freight and physical production of goods, 1929-51 121 See, also, Business Indicators, Economic Indicators Germany, Western EPU experience, reference to 114 Gold Reversal in foreign holdings of gold and dollars 13 Charts Foreign gold reserves and dollar assets 14 Canadian official holdings of gold and United States dollars 163 Government’s Cash Budget, The Nature and Significance of See, also, Budget Government Security Market, The 3, 18, 46, 95, 111, 1 2 6 , 154, Treasury financing and the Government security market 31, 63, 78, Great Britain Britain’s economic policy British experience, The (EPU) Britain's economic progress 23 British Government security yields 170 142 65 114 172 173 Income Personal income 130 Charts Major components of personal income Total personal income and personal disposable income See, also, Bank Earninigs, Business Indicators, Economic Indicators 131 133 Industrial Production See Business Indicators, Economic Indicators, Production Commercial and industrial loans in the Second District by purpose, June 1951-March 1952 47 Commercial and industrial loans in the Second District by type of borrower, June 1951-March 1952 48 Loans and investments of all commercial banks and demand deposits adjusted and currency outside banks, 1914-51 82 Changes in business and consumer loans of weekly reporting member banks in 94 leading cities 96 Changes in loans, investments, and demand deposits of weekly reporting member banks in 94 leading cities 127 See, also, Business Indicators, Credit, Economic Indicators, Member Banks Manufacturing Nonagricultural employment 164 Employment in nonagricultural establishments in the United States, 1919-September 1952 166 Manufacturing employment in the Second District 167 See, also, Business Indicators, Defense, Economic Indicators Member Banks Reserves 1, 17, 29, 45, 62, 77, 93, 109, 125, 142, 153, 169 Borrowing 2 Credit 4, 19, 32, 47, 64, 79, 96, 112, 127, 143, 155, 171 Earnings and expenses of the Second District member banks 48, 128 Sources and uses of member bank reserves, 1914 to 1951 97 Charts Member bank excess reserves and member bank borrowing from the Federal Reserve System 2, 110 Changes in business and consumer loans of weekly reporting member banks in 94 leading cities 96 Changes in loans, investments, and demand deposits of weekly reporting member banks in 94 leading cities 127 See, also, Money Market M on ey M arket Investments Growth of life insurance company investment operations Competition between life insurance companies and other in vestors Loans and investments of all commercial banks 36 52 82 Chart Changes in loans, investments, and demand deposits of weekly reporting member banks in 94 leading cities 127 See, also, Bonds, Business Indicators, Life Insurance Companies and the Security Markets, Loans, Money Market, Securities and Security Markets 3 5 , 52 36 36 37 in 52 53 54 Charts 82 Charts Chart Distribution of assets of all life insurance companies Loans Loans and investments of all commercial banks Charts Chart Life Insurance Companies and the Security Markets Growth of life insurance company investment operations Life insurance company holdings of corporate bonds Growth of direct or private placements Competition between life insurance companies and other vestors Changing structure of the corporate bond market Repercussions on investment security machinery Page Changes in net long-term debt of all U. S. business corpora tions and in life insurance company holdings of securities of business and industry 37 36 Monthly review of 1, 17, 29, 45, 6 1 , 77, 93, 109, 125, 141, 153, 169 Money market essays, reference to 64 Treasury and the money market, The 156 Charts Member bank excess reserves and member bank borrowing from the Federal Reserve System 2, 110 Federal Reserve float 30 Commercial and industrial loans in the Second District by purpose, June 1951-March 1952 47 Commercial and industrial loans in the Second District by type of borrower, June 1 9 5 1 -March 1952 48 Changes in business and consumer loans of weekly reporting member banks in 94 leading cities 96 Changes in loans, investments, and demand deposits of weekly reporting member banks in 94 leading cities 127 Market bids on Treasury bills and estimated yields on twelve month certificates of indebtedness 143 Monetary Developments Abroad, Recent Municipal Financing Mutual Security Program, The 100 23 4 INDEX FOR THE YEAR 1952 ( Continued) Page Netherlands, The Control of inflation in EPU experience, reference to New Issues New corporate issues 32 115 22 New York City See Apparel Stores, Bank Earnings, Business Indicators, Depart ment Stores, Deposits, Economic Indicators, Employment, Population Personal Income See, also, Business Indicators, Economic Indicators, Income 130 Population (New York City) 178 Prices Wholesale price index, The Behavior of prices, The Pressures on prices, The 69 84 144 Charts Wholesale price indexes, January 1946-March 1952 70 Wholesale price index compared with indexes of basic com modity prices and consumers’ prices, January 1947-March 1952 71 Spot commodity prices, January-May 24, 1952 85 Prices and wages since the start of the Korean war 144 See, also, Business Indicators, Economic Indicators Production Production in a defense economy 39 Chart Production of selected consumer durable goods, 1950-52 42 See, also, Business Indicators, Economic Indicators, Freight Public Debt Changes in the See, also, Money Market, Securities and Security Markets, Treasury Finance 120 Reserve Bank Credit See Bank Credit, Money Market 2 79 97 Treasury Finance Nature and significance of the Government’s cash budget, The Treasury financing and the Government security market 31, 63, 78, Changes in Savings bond program Treasury finance In the fiscal year 1952 Comparison with the budget forecasts Budget accounts 24, Treasury and the money market, The 50 23 142 63 94 117 117 117 156 Chart Treasury deposits in Federal Reserve Banks and special de positaries, January 1950-0ctober 23, 1952 158 See, also, Business Indicators, Economic Indicators, Government Security Market, Money Market, Public Debt 156 156 156 157 159 Unemployment See Business Indicators, Economic Indicators Wages Contrasting price and wage movements Employment and wages in New York City 144 177 Prices and wages since the start of the Korean war 73 63 144 See, also, Business Indicators, Economic Indicators Western Germany EPU experience, reference to Retail Sales See Business Indicators, Department Stores, Economic Indicators Second Federal Reserve District See Apparel Stores, Bank Earnings, Business Indicators, Credit, Department Stores, Deposits, Economic Indicators, Employ ment, Loans, Member Banks, Money Market Survey of Ownership of Business and Personal Demand Deposits Trade, Foreign See Foreign Trade 21 Chart 56 73 Chart Savings Bond Program, Changes in Stock Market See, also, Money Market, Securities and Security Markets 20 22 Treasury deposits in Federal Reserve Banks and special de positaries, January 1950-0ctober 23, 1952 158 1 , 17, 29, 45, 6 1 , 77, 93, 109, 125, 141, 153, 169 Cash and credit sales at credit-granting retail stores in the Second Federal Reserve District Yields on long-term bonds and stocks, 1946-51 Corporate security issues for new capital by industry Chart Reserves Monthly review of Retail Credit Survey Preliminary retail credit survey results Retail credit survey— 1951 Charts Treasury and the Money Market, The Flow of funds through Treasury accounts, The Treasury outlays Treasury receipts Influence of Treasury operations on the money market, The Railway Freight See Business Indicators, Economic Indicators, Freight Member bank borrowing Functions of reserve requirements, The Sources and uses of member bank reserves, 1914 to 1951 Page Securities and Security Markets Government security market, The 3, 18, 46, 95, 111, 1 2 6 , 154, 170 Review of security markets in 1951 19 Bond market 20 Stock market 21 New corporate issues 22 Municipal financing 23 Treasury financing and the Government security market 31, 63, 78, 142 Life insurance companies and the security markets 35, 52 Wholesale Price Index, The New base for index numbers Gradual decline of wholesale prices, The 114 69 72 84 Charts Wholesale price Wholesale price modity prices 1952 See, also, Business indexes, January 1946-March 1952 index compared with indexes of basic com and consumers’ prices, January 1947-March 70 71 Indicators, Economic Indicators, Prices
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