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 1954 Guide to Page Numbers Month of issue Pages January........... . 1 — 16 February........... 17 — 32 M arch ............. .. 33 — 48 Month of issue Pages Month of issue April ............. . 49 — 60 May ............... . 61 — 72 J u n e ............... . 73 — 88 Pages 89 — 100 101 — 116 September . . 117 — 128 July ............. Month of issue Pages October . . . . 129 — 140 November . . 141 — 152 December . . . 153 — 168 Page Page Budget Agriculture The agricultural situation (1953) 9 Trends in agriculture (1954) 161 Charts The President’s budget message for fiscal 1955 40 See also Defense, Public Debt, Treasury Finance Business Indicators in a Period of Economic Change Indexes of prices received by farmers since the start of the Korean war 9 77 Charts United States censuses since 1930 77 Farmers’ gross and net incomes and production expenses, 1946-54 162 Retail sales and some components 78 Indexes of prices received by farmers and the volume of farm production, 1946-54 162 Industrial production by major groups Factory sales of passenger cars 78 79 See also Economic Indicators See also Commodity Credit Corporation, Loans Canadian Banking System, The 156 Capital Markets in 1953, Review of 26 Apparel Stores Percentage change in apparel store sales and stocks 1 6 , 32, 47, 6 0 , 71, 8 8 , 99, 1 1 6 , 128, 139, 151, 167 Bank Credit Member bank credit 4, Chart Net profits of Second District member banks See also Capital Markets, Money Market, Securities and 53 68 See also Credit, Deposits, Economic Indicators, Loans, Money Commodities See Agriculture, Economic Indicators, Great Britain Chart Yields on long-term bonds and stocks Changes in commercial loans by type for a selected group of commercial banks in large cities Distribution by ownership groups of business and personal demand deposits at all commercial banks in the Second Federal Reserve District Market, Trust Departments 45 Bonds 30 Charts Earnings and expenses of the Second District member banks 44,124 Earnings and expenses of commercial bank trust departments in New York and New Jersey 96 See Great Britain 27 Corporate security offerings for new capital C o m m e r c ia l B a n k s Bank Earnings Britain Yields on long-term bonds and stocks 2 0 , 36, 5 2 , 63, 76, 92, 103, 119, 131, 143, 155 See also Money Market Securities Markets Charts Commodity Credit Corporation 27 Sale of CCC certificates of interest Farm price supports Retirement of CCC obligations Construction See also Economic Indicators 1, 18, 34, 141, 153, 156 43 117,118 82, 148 INDEX FOR THE YEAR 1954 (Continued) Consumer Expenditures Page 80, 149 Page Discount Rates References to reduction in, U. S. See also Economic Indicators 33, 6 1 , 73 See also Monetary Policy Changes Abroad Corporate Finance 29 Economic Indicators, Selected Chart Corporate security offerings for new capital 30 See also Securities and Securities Markets Table 15, 31, 48, 58, 72, 81, 1 0 0 , 114, 1 2 6 , 140, 152, 168 New Federal Reserve index of industrial production 12 Revision of velocity series, reference to 67 Business indicators in a period of economic change Credit Member bank credit 4, 20, 36, 52, 63, 76, 92, 103, 119, 131, 143, 155 77 The velocity of demand deposits in New York City 112 Economic patterns in 1954 148 Economic Patterns in 1954 148 See also Economic Indicators, Money Market Currency in Circulation 19 See also Economic Indicators, Money Market, Money Supply Debt of the United States Charts Industrial production 149 Wholesale prices 150 Electric Power Output See Budget, Money Market, Public Debt, Securities and Securities See Economic Indicators Markets, Treasury Finance Employment Employment, unemployment, and the labor force Defense Expenditures Defense and related programs Lower spending for defense and capital equipment 42 148 Chart Defense Department expenditures and obligations, fiscal 1951-54 Patterns in production and employment 79 149 See also Economic Indicators European Payments Union 109 Improved EPU position (sterling area) The European Payments Union today See also Economic Indicators 84 120 Chart Department Stores Trade in Second Federal Reserve District, monthly review of 1 6 , 31, 47, 59, 71, 87, 99, 115, 127, 139, 151, 166 Retail sales and department store sales 166 Charts Retail sales and some components 78 Gross transactions and average value per transaction at New York City department stores, July 1952-June 1954 116 Department store inventories, outstanding orders, and sales, Second Federal Reserve District, January 1953-July 1954 128 Department store inventories, Second Federal Reserve District 128 Cumulative net intra-EPU payments balances of certain EPU members 121 Finance See Capital Markets, Money Market, Treasury Finance Foreign Aid, The Changing Pattern of United States 93 Foreign Economic Policy, Report of the Randall Commission on 36 Foreign Monetary Policies See Monetary Policy Changes Abroad See also Inventories, Retail Sales Foreign Trade Deposits Ownership of demand deposits in the Second Federal Reserve District 67 Deposit turnover 75 The velocity of demand deposits in New York City 112 Charts 68 Indexes of turnover of demand deposits 75 See also Economic Indicators 4 Report of the Randall Commission on foreign economic policy 36 Recent balance-of-payments trends in Latin America Dollar rates for sterling See also European Payments Union, Gold, Netherlands Econ 113 144 Charts Philippine foreign trade and total gold and dollar holdings Distribution by ownership groups of business and personal demand deposits at all commercial banks in the Second Federal Reserve District Annual rate of turnover of demand deposits Recent changes in Great Britain’s trade and payments controls omy, Monetary Policy Changes Abroad, Sterling Area Pay ments and Policies Freight See Economic Indicators 5 54 INDEX FOR THE YEAR 1954 (Continued) Page Page Manufacturing Gold 21 International gold and dollar movements in 1953 See Economic Indicators Charts Gold and dollar holdings of foreign countries, total Gold and dollar holdings of selected countries and areas Philippine foreign trade and total gold and dollar holdings Gold and net foreign exchange holdings of the Netherlands Bank Central sterling area gold and dollar reserves 22 22 54 64 83 Government Securities, Market for 2 , 19, 34, 51, 6 2 , 74, 91, 1 0 2 , 119, 131, 142, 154 Chart Prices and yields of selected Government securities 103 Great Britain Recent changes in Great Britain’s trade and payments controls Sterling area payments and policies 4 83 Chart Dollar rates for sterling 5 See also European Payments Union Greece, Recent Economic Progress in 104 Chart Greek prices and exchange rates 105 Member Banks Reserve positions 1,18, 34, 50, 62, 74, 89, 101, 118, 130, 142,154 Credit 4, 20, 36, 52, 63, 76, 92,103, 119, 131, 143,155 Earnings and expenses of the Second District member banks 44, 124 Chart Net profits of Second District member banks 45 See also Deposits, Money Market, Reserve Requirements Monetary Policy Changes Abroad, Recent 132 Chart The pattern of interest rates in selected countries 134 Money Market Monthly review of 1, 17, 33, 49, 6 1 , 73, 89, 1 0 1 , 117, 129, 141, 1 The Treasury and the money market, reference to 91 See also Canadian Banking System, Capital Markets, Commer cial Banks, Deposits, Government Securities, Loans, Member Banks, Treasury Finance Money Supply See Currency, Deposits, Economic Indicators, Gold, Monetary Policy Changes Abroad Housing See Construction Netherlands Economy, The Growing Strength of the 64 Chart Income Gold and net foreign exchange holdings of the Netherlands Bank See Agriculture, Bank Earnings, Economic Indicators 64 Industrial Production New Federal Reserve index of industrial production Patterns in production and employment 12 149 Charts Index of industrial production Industrial production by major groups Industrial production See also Agriculture, Economic Indicators 14 79 149 Ownership of Demand Deposits in the Second Federal Reserve District 67 See also Deposits 136 Interdistrict Settlement Fund, The Inventories New York City See Apparel Stores, Bank Earnings, Department Stores, Deposits, Economic Indicators, Loans, Money Market 82, 128, 149 See also Department Stores, Economic Indicators Personal Income See Economic Indicators, Income Philippines, Recent Economic Developments in the Investments 53 Chart Philippine foreign trade and total gold and dollar holdings See Economic Indicators, Loans, Money Market, Securities and 54 Securities Markets, Treasury Finance Prices Latin America, Recent Balance-of-Payments Trends in 144 Loans Charts Changes in commercial loans by type for a selected group of commercial banks in large cities 53 Changes in commercial, industrial, and agricultural loans at leading cities 155 See also Credit, Economic Indicators, Member Banks, Money Market See Agriculture, Capital Markets, Economic Indicators, Economic Patterns in 1954, Greece Production See Agriculture, Economic Indicators, Industrial Production Public Debt 43,111,112 See also Money Market, Securities and Securities Markets, Treasury Finance INDEX FOR THE YEAR 1954 (Continued) Page State and Local Government Finance Railway Freight Page 30 See Economic Indicators Sterling Area Payments and Policies Randall Commission on Foreign Economic Policy, Report of the 36 Central sterling area gold and dollar reserves 83 Stock Market Reserve Bank Credit Chart See Bank Credit, Money Market Yields on long-term bonds and stocks 27 See also Money Market, Securities and Securities Markets Reserve Positions, Member Bank Monthly review of 1, 18, 34, 50, 62, 74, 89, 101, 118, 130, 142, 154 Treasury Finance Treasury financing and the market for Government securities 34, 51, 62, 74, 102 Reserve Requirements References to reductions in 83 Chart 89, 101, 117 Decrease in reserve requirements 90 The Treasury and the money market, reference to Treasury financing in fiscal 1954 91 108 Chart Defense department expenditures and obligations, fiscal 1951-54 Reserves See Bank Reserves, Gold 109 See also Budget, Economic Indicators, Government Securities Market, Money Market, Public Debt Retail Sales Retail sales and department store sales 166 Chart Retail sales and some components 78 See also Department Stores, Economic Indicators Trust Departments Earnings and expenses of commercial bank trust departments in New York and New Jersey 96 Unemployment Salaries Employment, unemployment, and the labor force See Economic Indicators 79 See also Economic Indicators Second Federal Reserve District Velocity of Deposits See Agriculture, Apparel Stores, Bank Earnings, Credit, Depart Deposit turnover ment Stores, Deposits, Discount Rates, Economic Indicators, Employment, Income, Inventories, Member Banks, Money Market The velocity of demand deposits in New York City Charts Indexes of turnover of demand deposits Securities and Securities Markets Annual rate of turnover of demand deposits Market for Government securities 2, 19, 34, 51, 62, 74, 91, 102, 119, 131, 142, 154 Review of capital markets in 1953 See also Money Market, Stock Market 75 112 26 See also Deposits, Economic Indicators Wages See Economic Indicators 75 113