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M onthly R e vie w FEDERAL RESERVE BANK OF NEW YORK Index for the Y e a r 1961 Guide to Page Numbers Pages Month of issue January ........... 1 — 16 February....... 17 — 36 March ............. 37 — 52 Month of issue Pages 53— 72 April ..... 7 3— 92 M a y ....... 93 — 112 Ju n e ....... Page Balance of Payments The dollar and our national purpose: 32 an address by Alfred Hayes 64 India’s economic development and balance of payments Prosperity for Free Men (an address by 86 William McChesney Martin, Jr.) 100 International payments flows and reserve changes International financial problems and policies: statement 120 by Alfred Hayes before Reuss Subcommittee 152, 198 The international financial scene See also Foreign Economic and Financial Developments, Foreign Exchange Markets, Foreign Trade, International Monetary Fund 90 Bank-Administered Personal Trusts Bank Credit See Credit, Member Banks, Money Market Bank Liquidity, Recent Developments in 185 Bankers’ Acceptances See also Money Market Business Conditions Abroad See also Business Situation 94 43, 101, 196 Business Situation Monthly article 2, 18, 41, 59, 74, 104, 116, 134,150,170,182, 194 Canada’s New Economic Measures See also Foreign Economic and Financial Developments, Foreign Exchange Markets Capital Market Pricing a corporate bond issue: a look behind the scenes See also Money Market Capital Spending See also Business Situation Commercial Banks Term lending by New York City banks Bank-administered personal trusts Bankers* acceptances Bank credit in recession and recovery Recent developments in bank liquidity Compensating balances See also Member Banks Compensating Balances (Primary authors: Richard G. Davis and Jack M. Guttentag) 22 172 2,117,135 27 90 94 137 185 205 205 Month of issue Pages July ............. 113 — 132 August......... 133 — 148 September .... 149 — 164 Month of issue Pages October ....... 165 — 180 November .... 181 — 192 December .... 193 — 212 Construction See also Business Situation Consumer Spending See also Business Situation Corporate Bond Issue, Pricing A Credit Term lending by New York City banks Bank credit in recession and recovery Recent developments in bank liquidity Compensating balances See also Business Situation, Member Banks, Money Market 59,194 41, 135,150 172 27 137 185 205 Dollar The dollar and our national purpose: an address by Alfred Hayes Bankers’ acceptances International financial problems and policies: statement by Alfred Hayes before Reuss Subcommittee See also Balance of Payments, Foreign Exchange Markets, International Monetary Fund 32 94 120 Economic and Financial Trends and Policies Abroad See Foreign Economic and Financial Developments, Foreign Exchange Markets Employment 3, 42, 106, 150, 171, 196 Postwar employment fluctuations in the Second District 11 International comparability of unemployment statistics 47 See also Business Situation Exchange Rates, Foreign Foreign exchange markets, during 1960 and January-June 1961 The German and Dutch revaluations 9, 114 62 Federal Open Market Committee Implementation of the policies of the Federal Open Market Committee: statement by Robert G. Rouse before the Patman Committee Final Demand See also Business Situation, Consumer Spending 126 105, 117 Foreign Economic and Financial Developments Quarterly article 43, 100, 152, Canada’s new economic measures International comparability of unemployment statistics The German and Dutch revaluations India’s economic development and balance of payments Financing economic development in Puerto Rico 196 22 47 62 64 78 Page Foreign Exchange Markets During 1960 January-June 1961 See also Dollar, Germany, Netherlands 9 114 Foreign Trade Bankers’ acceptances The St. Lawrence Seaway and the Second Federal Reserve District See also Balance of Payments, Foreign Exchange Markets 94 139 Germany The German and Dutch revaluations See also Foreign Economic and Financial Developments, Foreign Exchange Markets Government Securities Market See Securities and Securities Markets Great Britain The British payments problem The lending activities of the International Monetary Fund See also Foreign Economic and Financial Developments 62 152 153 Hayes, Alfred The dollar and our national purpose 32 (an address) International financial problems and policies: 120 statement before the Reuss Subcommittee The recording and publicizing of decisions concerning open market policy: 130 statement before the Patman Committee India’s Economic Development and Balance of Payments 64 Industrial Production 3,105, 116,150, 170, 183, 194 See also, Business Situation, Business Conditions Abroad International Development Lending Institutions International Bank for Reconstruction and Development 156 International Finance Corporation 159 International Development Association 160 Inter-American Development Bank 160 International Economic and Financial Developments See Canada, Foreign Economic and Financial Developments, Germany, Great Britain, India, Netherlands, Puerto Rico International Financial Problems and Policies 120 Statement by Alfred Hayes before Reuss Subcommittee International Monetary Fund The lending activities of the IMF The Vienna meeting of the IMF Inventories See also Business Situation 153 167 105,116 Investment Fixed investment during the recession See also Business Situation, International Development Lending Institutions, Securities and Securities Markets Lending Institutions, International Development 156 Liquidity, Domestic Recent developments in bank liquidity 185 59 Liquidity, International See Balance of Payments, Dollar, Hayes, International Monetary Fund Loans Term lending by New York City banks Compensating balances See also Credit, International Development Lending Institutions, Money Market 27 205 Page Martin, William McChesney, Jr. Prosperity for free men (an address) 86 Member Banks Member bank reserves 5,25, 38, 54, 107, 118, 145, 162, 176, 189, 202 Member bank credit 6, 55, 137 27 Term lending by New York City banks 90 Bank-administered personal trusts Bankers’ acceptances 94 185 Recent developments in bank liquidity Compensating balances 205 Monetary Policy The dollar and our national purpose: an address by Alfred Hayes 32 Prosperity for free men: an address by William McChesney Martin, Jr. 86 Money Market Monthly article 4, 25, 38, 54, 84, 107, 118, 145, 162, 176, 189, 202 Bankers* acceptances 94 Bank credit in recession and recovery 137 Netherlands The German and Dutch revaluations 62 See also Foreign Economic and Financial Developments, Foreign Exchange Markets Open Market Policy Implementation of the policies of the Federal Open Market Committee: statement by Robert G. Rouse before the Patman Committee 126 The recording and publicizing of decisions concerning open market policy: statement by Alfred Hayes before the Patman Committee 130 Prices 19, 106, 172, 184 See also Business Situation Pricing a Corporate Bond Issue: A Look Behind the Scenes 172 (Primary author, Ernest Bloch) Prosperity for Free Men An address by William McChesney Martin, Jr. 86 Puerto Rico Financing economic development in Puerto Rico 78 Rouse, Robert G. Implementation of the policies of the Federal Open Market Committee: statement before the Patman Committee 126 St. Lawrence Seaway and the Second Federal Reserve District 139 Sales 2 , 61, 195 See also Business Situation Savings Bonds The role of Savings bonds in Government finance 109 Second District Postwar employment fluctuations in the Second District 11 Financing economic development in Puerto Rico 78 The St. Lawrence Seaway and the Second Federal Reserve District 139 Securities and Securities Market Government securities market 7.26, 39, 56, 84, 107, 119, 145, 162, 177, 190, 202 Other securities markets 8.27, 40,56, 85, 108,120, 146, 163, 178,191,204 Bankers’ acceptances 94 The role of Savings bonds in Government finance 109 Pricing a corporate bond issue: a look behind the scenes 172 Term Lending by New York City Banks 27 Unemployment 3 , 42, 106, 150, 171, 196 International comparability of unemployment statistics See also Business Situation, Employment 47