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MONTHLY REVIEW of Credit and Business Conditions FEDERAL RESERVE BANK OF NEW YORK INDEX FOR THE YEAR 1955 Guide to Page Numbers Month of issue Pages January........... . 1— 8 February.......... 9 — 24 M arch ............. .. 25 — 36 Month of issue Pages Month of issue Pages July ............. 77 — 88 A u g u s t......... 89 — 104 September . . 105 — 120 April ............. . 37 — 48 49 — 64 May ............... J u n e ............... . 65 — 76 Month of issue Pages October . . . . 121 — 136 November . . 137 — 152 December . . . 153 — 168 Page Page Call Reports, Member Bank Apparel Stores Percentage change in apparel store sales and stocks 7, 23, 35, 46, 63, 76, 87, 103, 120, 136, 150. 168 Balance of Payments 20 Capital Markets In the first half of 1955 93 Chart Recent shifts in the United States See also Exchange Rates, Foreign Trade, Monetary Develop ments, Private International Lending 82 Market yields of selected securities 94 See also German Capital Market, Loans Commercial Banks Bank Credit Increases in prime loan rate Member bank credit 3, 1 2 , 28, 39, 5 2 , 6 8 , 80, 91, 107, !2 4 s 140, 156 See also Economic Indicators, Money Market 105,137 Commercial bank reserve requirements abroad 130 Charts Distribution by ownership groups of business and personal demand deposits at all commercial banks in the Second Federal Reserve District Bank Debits See Economic Indicators Commercial bank loans and advances in selected countries Bank Earnings Earnings and expenses of Second District member banks 32,117 Earnings and expenses of commercial bank trust departments in New York and New Jersey 73 Net profits of Second District member banks 32 Member Banks, Money Market, Trust Departments Commodities Commodity Credit Corporation Sale of CCC certificates of interest Bankers’ Acceptances Purchases, by Federal Reserve System 49,65,80 ,124 9 ,105,124,137,153 See also Money Market Bonds Long-term government bond yields in selected countries 147 See also Capital Markets, Money Market, Securities and Construction The demand for housing 114 FNMA in the postwar mortgage market 158 Consumer Credit Consumer credit abroad Business Activity 57 A year of expansion 126 Plant and equipment expenditures over the cycle 142 30,56, 71 ,92,93,125,157 Role of consumer credit in economic expansion 58,129 Credit sales at Second District department stores 87,135 See also Department Stores Corporate Finance Chart Industrial production and selected components 50,101 Consumer loans 3,1 2,28, 38,40, 52, 5 3 , 6 8 , 7 8 ,8 0 , 8 1 , 9 2 ,107, 108,124,139,140,156 Securities Markets The progress of economic recovery 28,101,156 Redemptions of CCC certificates of interest See also Economic Indicators Chart See also Bank Earnings, Credit, Deposits, Economic Indicators, See Economic Indicators, Prices Chart Changes in dealers’ rates 61 141 127 See Capital Markets, Securities and Securities Markets INDEX FOR THE YEAR 1955 (Continued) Page Page Electric Power Output Credit See Economic Indicators Member bank credit 3, 12 , 28, 39, 52, 6 8 , 80, 91, 107,Employment 124, 140, 156 See also Consumer Credit, Department Stores, Economic 60, 128 See also Economic Indicators Indicators, Money Market Exchange Rates, Foreign Currency in Circulation Monthly review of See Economic Indicators, Money Supply, Money Market 82, 93, 109, 125, 142, 158 Economic stabilization in Peru Debt Monetization, The Role of 17 28 Recent developments in foreign exchange and payments policies 162 Chart Denmark 96 Denmark’s foreign exchange crisis See also Monetary Developments Peruvian exchange rates 29 Expansion, A Year of 84, 145 Defense Expenditures Chart Cash expenditures: defense and related programs and non defense accounts, fiscal 1951-55 100 See also Economic Indicators, Treasury Finance 126 Chart Industrial production and selected components 127 Federal National Mortgage Association Sale of FNMA notes 1,11,28,101 FNMA in the postwar mortgage market 158 Charts Department Stores Trade in Second Federal Reserve District, monthly review of 7, 23, 35, 44, 63, 75, 87, 103, 119, 135, 150, 167 Sales by departments in 1954 35 "Downtown” and suburban department store sales 44 Volume and average value of transactions at New York City department stores 103 New series on outstanding orders 150 Mortgage purchases and sales by Federal National Mortgage Association 159 Mortgage holdings, undisbursed commitments, and available authority of the Federal National Mortgage Association 160 See also Treasury Finance Finance See Capital Markets, Money Market, Treasury Finance Charts Department store sales: New York-Northeastern New Jersey metropolitan area, 1946-54 45 Department store sales: Buffalo metropolitan area, 1946-54 46 Total sales, instalment sales, and durable goods and household furnishings sales, January 1946-May 1955 88 Foreign Aid Changes in United States Foreign Exchange and Payments Policies Recent developments in 42, 84 162 See also Consumer Credit, Inventories Foreign Exchanges Deposits See Exchange Rates, Monetary Developments Ownership of demand deposits in the Second Federal Reserve District Velocity of demand deposits 61 Foreign Gold and Dollar Holdings 108 See Gold, Monetary Developments Chart Distribution by ownership groups of business and personal demand deposits at ail commercial banks in the Second Federal Reserve District Foreign Trade 61 See also Economic Indicators Recent shifts in the United States balance of payments Chart 49,105,121,153 Increases in, United States Changes in, abroad 69, 81, 9 2 , 108, 125, 140, 156 United States merchandise trade 83 See also Exchange Rates, Gold, Monetary Developments German Capital Market, Revival of the Economic Indicators, Selected 109 8 , 24, 36, 47, 64, 76, 8 8 , 104, 120, 136, 151, 168 Selected economic indicators, reference to booklet 8 Gold International gold and dollar movements in 1954 Economic Recovery, The Progress of See also Business Activity 4 82 Recent developments in foreign exchange and payments policies 162 Discount Rates Table The reconstruction of Japan’s foreign trade 57 12 Chart Gold and dollar holdings of selected countries and areas 13 INDEX FOR THE YEAR 1955 (Continued) Page Page Government Securities, Market for 2 , 1 1 , 27, 39, 51, 67, 79, 91, 106, 123, 138, 154 Member Banks Reserve positions Credit Great Britain Expansion and adjustment in 53 70 Monetary restraint in the United Kingdom 146 Recent trends in private international lending Charts British interest rates 53 The British pound 54 See also Gold 2, 10, 26, 38, 50, 65, 78, 89, 105, 122, 137, 154 3, 12, 28, 39, 52, 6 8 , 80, 91, 107, 124, 140, 156 Call reports 20 Earnings and expenses of Second District member banks 32, 117 Chart Net profits of Second District member banks 32 See also Deposits, Money Market Monetary Developments, International 68 Monetary trends and policies abroad Housing, The Demand for 114 Monthly review of 81, 92,108,125,140,156 Monetary policy in Scandinavia See also Construction, Economic Indicators 71,96 Charts Income Interest rates in selected foreign countries See Economic Indicators Indochina 141 Long-term government bond yields in selected countries 147 See also Exchange Rates, Foreign Exchange and Payments National economic independence in Cambodia, Laos, and South Vietnam Industrial Production 70,157 Commercial bank loans and advances in selected countries Policies, Great Britain, Reserve Requirements Abroad 40 59,127 Chart Industrial production and selected components 127 See also Economic Indicators Monetization of Debt, Role of 17 Money Market Monthly review of 1, 9, 25, 37, 49, 65, 77, 89, 105, 121, 137, 153 Charts Market yields of selected securities International Lending See Private International Lending International Monetary Developments 94 Selected money market rates in 1955 107 Money market indicators 122 See also Capital Markets, Commercial Banks, Deposits, Loans, See Monetary Developments Member Banks, Securities and Securities Markets, Treasury Finance Inventories Inventories and outstanding orders in 1955 150 See also Department Stores, Economic Indicators Investments 108 The role of debt monetization 17 Money: master or servant? reference to booklet 81 See also Deposits, Economic Indicators, Gold, Monetary See Economic Indicators, Money Market, Plant and Equipment Developments, Money Market Expenditures, Private International Lending, Securities and Securities Markets, Treasury Finance Japan’s Foreign Trade, The Reconstruction of Money Supply Mortgage Market 4 See Capital Markets, Federal National Mortgage Association, Housing Loans Recent trends in private international lending 85,146 See Capital Markets, Money Market, Private International Lend See also Credit, Economic Indicators, Member Banks, ing, Securities and Securities Markets Money Market, Margin Requirements New York City Manu f ac tur ing See Apparel Stores, Bank Earnings, Department Stores, Chart Per cent change in manufacturers’ outlays for new plant and equipment New Issues Deposits, Economic Indicators, Money Market 143 Norway See also Economic Indicators Anti-inflationary measures in Margin Requirements for Security Loans 10,50 See also Monetary Developments 91 INDEX FOR THE YEAR 1955 (Continued) Page Ownership of Demand Deposits in the Second Federal Reserve District Page Second Federal Reserve District 61 See Apparel Stores, Bank Earnings, Credit, Department Stores, Deposits, Discount Rates, Economic Indicators, Employment, Inventories, Member Banks, Money Market Personal Income See Economic Indicators Securities and Securities Markets Peru, Economic Stabilization in 28 Market for Government securities 2, 29 Market for other securities Chart Peruvian exchange rates Plant and Equipment Expenditures Over the Cycle 142 Charts Expenditures for new plant and equipment 142 Per cent change in manufacturers’ outlays for new plant and equipment 143 1 1 , 27, 39, 51, 67, 79, 91, 1 0 6 , 123, 13 52, 67, 80, 107, 124, 139, 155 Chart Market yields of selected securities 94 See also Capital Markets, Money Market, Stock Market, Treasury Finance State and Local Government Finance See Capital Markets, Money Market, Securities and Securities Prices 130 Price developments See also Economic Indicators Markets Stock Market Margin requirements Prime Loan Rate of Commercial Banks Increases in 105,137 10, 50 See also Money Market, Securities and Securities Markets Sweden Private International Lending Recent trends in 85,146 Chart Long-term government bond yields in selected countries 147 Monetary restraint in Treasury Finance Class C depositaries Production 98 See also Monetary Developments 90,106,122 Treasury financing operations See Business Activity, Economic Indicators, Industrial Treasury financing in the fiscal year 1955 Production 90 100 Chart Public Debt Changes in the 102 Cash expenditures: defense and related programs and non defense accounts, fiscal 1951-55 100 See also Capital Markets, Economic Indicators, Government See also Monetization of Debt, Money Market, Securities and Securities Market, Money Market, Public Debt Securities Markets, Treasury Finance Trust Departments Railway Freight Earnings and expenses of commercial bank trust departments in New York and New Jersey See Economic Indicators Reserve Bank Credit Unemployment See Bank Credit, Money Market See Economic Indicators Reserve Positions, Member Bank United States Balance of Payments Monthly review of 2, 10, 26, 38, 50, 65, 78, 89,105, 122,137, 154 Reserve Requirements Abroad, Commercial Bank 130 See also Monetary Developments Recent shifts in the 44,103,145 32 Chart United States merchandise trade Velocity of Deposits Retail Sales 73 83 108 See Deposits, Economic Indicators See also Department Stores, Economic Indicators Vietnam Salaries National economic independence in Cambodia, Laos, and South Vietnam See Economic Indicators Scandinavia, Monetary Policy in See also Denmark, Norway, Sweden 71,96 Wages See Economic Indicators 40
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