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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

Charts
Yields on long-term bonds and stocks

Bank Credit
Member bank credit
4,

C o m m e r c ia l B a n k s

Charts

Bank Earnings
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

Chart
Net profits of Second District member banks

See also Capital Markets, Money Market, Securities and

See Great Britain




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

Britain

30

2 0 , 36, 5 2 , 63, 76, 92, 103, 119, 131, 143, 155

See also Money Market

Securities Markets

27

Corporate security offerings for new capital

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

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

See also Securities and Securities Markets

67

Business indicators in a period of economic change

Credit

77

The velocity of demand deposits in New York City

112

Economic patterns in 1954

148

Economic Patterns in 1954

Member bank credit
4, 20, 36, 52, 63, 76, 92, 103, 119, 131, 143, 155

148

See also Economic Indicators, Money Market
Currency in Circulation

19

Charts

Debt of the United States

Industrial production

149

Wholesale prices

See also Economic Indicators, Money Market, Money Supply

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

Recent changes in Great Britain’s trade and payments controls
67

Deposit turnover

75

The velocity of demand deposits in New York City

112

Charts

4

Report of the Randall Commission on foreign economic policy

Ownership of demand deposits in the Second Federal Reserve
District

36

Recent balance-of-payments trends in Latin America
Dollar rates for sterling
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

68

Indexes of turnover of demand deposits

75

Annual rate of turnover of demand deposits

See also Economic Indicators




See also European Payments Union, Gold, Netherlands Econ­

113

144

Charts

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