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MONTHLY REVIEW o f Credit and Business Conditions FEDERAL RESERVE BANK OF NEW YORK INDEX FOR THE YEAR 1957 Guide to Page Numbers Month of issue Pages January .......... 1 — 12 February......... , 13 — 24 M arch............. ., 25 — 40 Pages Month of issue 41 — 52 April ............. May ............... . 53 — 68 69 — 84 June ............. Month of issue July ............. A u g u s t......... September . . Pages 85-— 100 101-— 116 117-— 132 Month of issue Pages October . . . . 133 — 144 November . . 145 — 156 December . . . 157 — 172 Page Business Customers of Second District Banks, The Location of 64 New York City bank loans to nonlocal borrowers Nonlocal loans by other Second District banks Participated loans Nonlocal loans by asset-size of borrower and type of business Business Trends Changing patterns of production and employment Inventory trends Demand developments Price developments 65 65 67 68 Page Earnings and Expenses of Second District Member Banks Operating income Operating expenses Nonrecurring items Taxes, dividends, and retained earnings Earning assets Economic Indicators, Selected Table 12,24,40, 52,68,84,100 ,116 ,1 32 ,1 44 ,1 56 ,1 72 Exchange Rates, Foreign Monthly review of See Member Banks Origin of the ratios Characteristics of the ratios Experience with liquidity ratios Some major problems 111 111 112 113 114 Commercial Loans Outstanding at Second Federal Reserve District Banks in 1955 Reprint of articles on 1955 Commercial Loan Survey Credit Controls Abroad, Selective and Direct Types of selective credit controls Effectiveness of administered selective controls Central bank "directives” Direct controls over loans and investments 126 127 129 129 130 6 ,1 7 ,2 9 ,4 6 , 57, 74,90,106,122,138,149,161 Federal Finance in Fiscal Year 1957 106 Cash expenditures Cash income Public debt transactions Seasonal factors in Treasury financing 107 108 108 110 Foreign Exchange Market, The New York Basis of the foreign exchange market Organization of the market Market for individual currencies Instruments of the market Exchange rates in the New York market Mechanics and techniques of exchange trading Federal Reserve System and the market Credit sales 22 23 Discount Rates See Monetary Developments, Money Market Earnings and Expenses of Commercial Bank Trust Departments in New York and New Jersey in 1956 New York City banks Banks outside New York City Operating losses 150,162 150 151 153 155 162 163 166 Foreign Exchanges See Exchange Rates, Foreign Foreign Trade, Recent Trends in United States Department Store Trade 37,124 38,125 38,126 39,126 123 47,167 47,167 49 49,169 51,171 Credit Commercial Bank Liquidity Ratios Abroad 36,123 Commodity composition of United States exports Changing pattern of export markets Commodity pattern of recent import gains Shifts in the source of United States imports 139 140 141 142 143 Government Securities Market See Securities and Securities Markets 90 91 92 92 Interest Rates Principal increases in short-term interest rates See also Monetary Developments, Money Market 117 INDEX FOR THE YEAR 1957 (Continued) Page Page International Reserves and Payments in 1956 Flow of gold and dollars Reserve positions of foreign countries Factors in the growth of foreign reserves Pattern of trade and payments liberalization 18 18 19 20 21 Reserve Positions, Member Banks See Member Banks Reserve Requirements for Central Banks Abroad 79 Evolution of central bank reserve requirements 79 Trends of opinion on central bank reserve requirements 80 Member Banks Composition of the required reserves 81 Member bank reserve positions Liabilities subject to reserve requirements 82 1, 13, 25, 42, 53, 69, 85, 101, 117, 133, 145, 157 Prescribed level of the reserve ratios 82 Member bank credit Substitutes for legal reserve ratios 83 4, 16, 28, 44, 56, 71, 88, 104, 120, 136, 147, 160 Earnings and expenses of Second District member banks Securities and Securities Markets in 1956 and in the first half of 1957 36,123 Government securities market Monetary Developments, International 2, 14, 26, 43, 54, 70, 86, 102, 118, 134, 146 Other securities markets Monthly review of 4 ,1 7 ,2 8 ,4 4 ,5 6 ,7 2 ,8 9 ,1 0 4 , 121,137,148,160 3, 15, 27, 43, 55, 71, 87, 103, 119, 135, 147, 159 Monetary Policy, A Testing Period for Securities Market Credit, Recent Developments in Remarks of Alfred Hayes before the Bond Club of New York, see Monthly Review, November 1957 Money Market Monthly review of 1 ,1 3 ,2 5 ,4 1 ,5 3 ,6 9 ,8 5 ,1 0 1 ,1 1 7 ,1 3 3 ,1 4 5 ,1 5 7 Money Markets Abroad, The Postwar Development of Functions of a money market Structure of money markets abroad Broadening of the Canadian market Western European markets Markets in other areas Open Market Operations Abroad Legal and institutional setting United Kingdom Canada Continental Europe Other countries Lessons and prospects 92 92 94 95 96 97 Customer credit Regulations T and U Broker-dealer borrowing Influence of credit control measures 6 7 8 9 11 State and Local Governments in the National Economy, The Expanding Role of 74 Major characteristics of State and local government activity Growth of State and local outlays Cyclical behavior of State and local outlays Recent developments and prospects for the future 75 76 77 79 30 30 31 32 33 34 35 Sterling after Suez Crisis and recovery Sterling area’s balance of payments Britain’s domestic adjustments Monetary control problems Recent changes in fiscal policy 58 58 59 60 61 62
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