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T H E M O N T H L Y B usiness R eview Covering Business and A gricultural Conditions m the Sixth Federal R eserve D istrict. F E D E R A L R E S E R V E B A N K O F A T L A N T A JO S . A. M cC O R D , Chairman of the Board and Federal Reserve Agent W A R D A L B E R T S O N , Assistant Federal Reserve Agent VOL. 8 A T L A N T A , G E O R G IA , N O V E M B E R 29, 1923 N O . 11 BUSINESS CONDITIONS IN THE UNITED STATES. Prepared by the Federal Reserve Board. Production of basic commodities and retail trade increased during October and the volume of freight shipments and wholesale trade continued large. The level of wholesale prices and the volume of employment showed but little change. Production The Federal Reserve Board’s index of production in basic industries advanced 3 per cent in October, after having declined for four months. The increase for the month, while due in part to the resumption of an thracite coal mining, also reflected increases in textiles, lumber and sugar, and most other industries in cluded in the index. Employment at industrial establishments showed practically no change between Sep tember and October. Contract awards for new buildings increased throughout the country considerably more than is usual at this season, and were 25 per cent larger than in September. Residential projects formed a larger proportion of the total than in any earlier month of the year. Crop estimates by the Department of Agriculture on November 1 indicated a substantial reduction from the September forecast in the yield of cotton, but larger yields of com, potatoes, and apples. Trade Heavy movement of miscellaneous merchandise and live stock resulted in October in the largest railroad shipments of any month on record. Wholesale trade was 12 per cent larger than a year ago and sales in all leading lines except shoes showed increases. Department store sales were 13 per cent larger than last October and sales of mail order houses were the largest of any month since 1919. Prices Wholesale prices declined less than one per cent in October, according to the index of the Bureau of La bor Statistics and stood approximately at the level of a year ago. The principal changes for the month were declines in the prices of fuel, clothing, metals and animal products, while wholesale prices of crops, particu larly cotton, increased. During the first half of November the prices of wheat, hogs, pig iron, and hides re ceded, and prices of cotton and cotton goods, cement, and copper advanced. Bank Credit Since the middle of October there has been a slight decline in demand for credit for commercial and agricultural purposes at member banks in leading cities. Considerable decreases in borrowings for these pur poses in the New York and Chicago districts were partially offset by increases in other districts. Loans se cured by stocks and bonds increased somewhat, while investments continued to decline and reached the low point for the year. The total member bank accommodation at Federal Reserve Banks declined between October 17th and No* vember 21st, and on the latter date was the lowest since the middle of the year. The total volume of Federal Reserve Bank credit outstanding, however, remained relatively constant because of increased purchases of bills in the open market. The volume of Federal Reserve note circulation declined by about $50,000,000 during the period, while other forms of money in circulation increased. Money rates showed an easier tendency and during the early part of November the open market rate on commercial paper in New York declined from 5*5^4 to 5 per cent. 2 THE MONTHLY BUSINESS REVIEW THE MONTHLY BUSINESS REVIEW SIXTH DISTRICT SUMMARY The outstanding development affecting the business situation in the Sixth Federal Reserve District dur ing the past three months has been the rapid advance in the price of cotton, which has amounted to more 3 were reported higher than in October or in November a year ago, and savings deposits at the end of Octo ber, reported by 99 banks in the District, showed a small increase over September, and were more than 14 per cent greater than at the end of October 1922. than ten cents a pound over the low figure reached October brought an increase in the output of man during the middle of the summer. This will mean a very much better money return from the season's crop ufacturing firms reporting to the Federal Reserve Bank, and building permits were issued during the all through the cotton-producing states than was ex month at sixteen important cities greater in value than for any month on record excepting last April. Em pected earlier in the season, and will especially bene fit those sections which have this year produced only ployment conditions continue satisfactory. a small percentage of their former crops in the face of an expected larger production for the country as a whole. The Department's latest report estimates the total production, based on the condition October 25, RETAIL TRADE with other factors considered, to be 767,000 bales The volume of business reported by 40 Department Stores in this District during October reflected a sea smaller than was estimated a month earlier. The ben sonal increase of some proportions, and was nearly efit which this District will receive from the advance in cotton prices is, however, limited by the fact that, fifteen and a half per cent larger than during Octo ber 1922. Reports from five firms each in Chattanoo according to the latest estimate, this District will pro ga and Birmingham continue to show the most fav duce this year 447,000 bales less than last year. Retail and wholesale trade, reflected in the reports orable comparisons with the volume of business last year, both for the current month and for the cumula from 189 firms in the District, compared favorably in October with both the preceding month and the same port the most favorable comparison since last March, month a year ago. while the District average increase is larger than for Retail business was more than fifteen per cent greater than in October 1922, and sales by wholesale firms were larger in seven of the eight reporting lines than during that month. Three lines reported smaller sales than during September, but wholesale statistics compiled for the past three years indicate that the principal seasonal increases come in August and September, and that it is not unusual for the last three months of the year to show declining tendencies. Reports made to the Federal Reserve Bank by mem ber banks in selected cities show an increase in their loans and discounts in early November over figures reported the first part of October, and bills on hand with the Federal Reserve Bank also increased nearly three and a half millions of dollars. Demand deposits tive period since July first. New Orleans stores re any month since June. While there have been some warm days, the weather generally during the last few weeks has been fav orable to the development of fall trade, and there is evidence that holiday shopping has already begun in some measure. Stocks of merchandise on hand with the reporting stores, however, were only 4.2 per cent larger at the end of October than a month earlier, although nearly 15 per cent greater than at the end of October 1922. The rate of turnover, indicated by the relation of stocks to sales during the past four months improved from a fraction less than 2.1 times per year at the close of September to about 2.3 times per year at the end of October. Outstanding orders reported by these stores at the end of October amounted to 7.3 per cent of their purchases during 1922. THE MONTHLY BUSINESS REVIEW 4 CONDITION OF RETAIL TRADE—OCTOBER, 1923 Sixth Federal Reserve "District Percentage of Increase or Decrease (2) (D Comparison of net Stocks at end of month compared sales with those with of corresponding period last year. A Oct. Atlanta ( 4 ) ____ Birmingham (5)_ Chattanooga (5)_ Jackson (3)____ Nashville (5)___ New Orleans (5) Savannah (3)__ Other Cities (10) District (40)— .. +14.2 +26.3 +31.7 + 9.9 + 8.1 +11.3 +12.4 +15.5 + 15.4 B July 1 to Oct. 31 + 9.5 +21,7 + 39.5 +12.2 + 6.6 + 8.6 +12.4 +10.4 +12.9 A Oct 1922 B Sept. 1923 — 1.0 +43.6 +40.0 + 14.8 + 4.7 +11.2 + 5.0 + 8.6 +14.6 + 1.6 + 16.1 WHOLESALE TRADE Business reported during October by 149 represen tative wholesale firms in the Sixth District was, on the whole, larger than in September or in October last year. Three of the reporting lines of whole sale trade showed decreased sales compared with Sep tember, the other five lines reporting increases. The decrease in wholesale drug sales was very small, only two-tenths of one per cent, and the small de crease in farm implement sales may be said to be due to seasonal influences, while the decline of 5.8 per cent in wholesale dry goods sales is probably due to the fluctuating and unsettled price of cotton. In creased business compared with October 1922 was re ported by all of the lines reporting, with the excep tion of shoes, where a decline of 3.2 per cent was registered. Percentage comparisons of sales during October, with those during September, and during October 1922, are shown in the following table: October 1923 compared with: Oct. 1922 Wholesale Trade Sept. 1923 +11.4 Groceries (40 reports) ____ +10.5 — 5.8 Dry Goods (28 reports _____ + 4.8 Hardware (32 reports) _____ +15.5 +13.1 Furniture (20 reports) ____ . +22.4 +14.9 — 3.2 Shoes (10 reports) ________ . +12.5 Stationery (4 reports) _____ + 3.2 + 4.0 Drugs (8 reports)___ - _____ — 0.2 + 4.7 Farm Implements (7 reports) __ — 1.4 +21.5 + 1.4 + — + + + + 3.8 0.5 2.3 8.5 3.2 4.2 (3) Percentage of average stocks at end of each month from July 1923 to date ( 4 months) to average monthly sales over same period. (4) Percentage of out standing orders at end of October 1923 to total purchases during calendar year 1922. 498.5 4.7 7.3 7.0 508.4 498.9 529.2 530.9 511.6 596.0 587.9 521.6 X 6.5 9.6 X 5.0 7.3 Groceries „ Sales by wholesale grocery firms during October this year were larger in all of the reporting cities of the District than during the same month a year ago, the increase in the aggregate being 11.4 per cent. “Other Cities” reported the highest increase, with Atlanta and Jacksonville ranking next in order. All of the cities reported increased business over September, ex cepting Vicksburg where sales during October were 6.3 per cent smaller, the average for the District being an increase of 10.5 per cent. Collections are reported good in a majority of cases, but only fair in some others. The following figures show percentage comparisons by cities: October 1923 compared with: Groceries Sept. 1923 Oct. 1922 Atlanta (5 reports) ______ + 5.6 +15.5 Jacksonville (4 reports) +14.0 +15.4 Meridian (4 rep orts)__ ____ + 5.8 + 6.7 New Orleans (10 reports) +13.1 + 7.4 Vicksburg (4 reports) ______ . . — 6.3 + 6.4 Other Cities (13 reports)___ +17.0 +17.3 DISTRICT (40 reports)_____ +10.5 +11.4 Dry Goods The unsettled cotton market has had its influence on the volume of business by wholesale dry goods firms in the District during the past month or two, and is largely responsible for the smaller amount of sales during October than in September. Reports in 5 THE MONTHLY BUSINESS REVIEW dicate that both retail and wholesale merchants, al ready cautious in making their commitments, have shown increasing conservation in October, and are placing orders only for their immediate requirements. Price advances always meet resistance on the part of the ultimate consumer, and this resistance has exten ded to the retail merchants and to the wholesale and jobbing houses. Some of the reports indicate that col lections were better in October, and a few firms re port that their customers are discounting more than at any time since early in 1920. Percentage comparisons by reporting cities are shown below: October 1923 compared with: Sept. 1923 Oct. 1922 Dry Goods +20.2 — 3.4 Atlanta (4 reports) ----------+ 2.3 —17.1 Knoxville (3 reports) -----------+ 3.2 Montgomery (3 reports) — 4.6 —17.8 Nashville (3 reports) _____—. — 6.1 — 3.0 — 8.6 New Orleans (3 reports) -----+13.2 Other Cities (12 reports) ----+ 8.6 — 5.8 + 4.8 DISTRICT (28 reports)______ Hardware Sales by 32 wholesale hardware firms which reported for October were 15.5 per cent greater than in Sep tember, and 13.1 per cent greater than in October last year. This is probably due to two principal causes, the approaching holiday season, and the large amount of building going on, permits during October in this District having been larger than any other month, excepting one, on record. All cities reported increases over September, and all except Nashville reported figures larger than for October 1922. The reports in dicate that some declines have taken place in prices, while increases have been made on certain items. Most of the reporting firms state that orders are being re ceived in reasonable numbers, but small in volume, and that retailers continue their cautious attitude to ward future buying. Collections are reported fair. Percentage comparisons by cities are shown below: October 1923 compared with. Hardware Sept. 1923 Oct. 1922 Atlanta (3 reports) ______ ... . + 9 .7 + 4.7 Chattanooga (3 reports) .... - + 8.7 +27.5 Jacksonville (3 reports) +32.5 +38.5 Montgomery (3 reports) +12.4 ... . + 0.4 Nashville (4 reports) _____ + 12.1 — 3.5 New Orleans (5 reports) . +17.2 +18.1 Other Cities (11 reports) . - +23.3 +21.3 DISTRICT (32 reports)____..... +15.5 +13.1 Furniture Sales reported by 20 wholesale furniture dealers in the District showed an increase of 22.4 per cent in October over September, and were greater by nearly 15 per cent than in October last year. Reporting firms state that the orders they are receiving are for small amounts, but for prompt delivery, and that retailers are placing no orders except for their current require ments. Prices have declined slightly during recent weeks due to decline in the cost of mirrors and other raw material. Percentage comparisons are shown in the following table: October 1923 compared with: Oct. 1922 Sept. 1923 Furniture +14.0 +20.2 Atlanta (6 reports) ______ ..... Chattanooga (4 reports) +20.8 + 5.1 +17.7 Nashville (3 reports) ____ + 4.7 +28.4 Other Cities (7 reports) +26.3 +22.4 +14.9 DISTRICT (20 reports) Shoes Reports received from 10 wholesale shoe firms show an increase of 22.4 per cent in sales over September, but a decline of 3.2 per cent compared with October last year. Prices are reported to be fairly stationary. As was stated a month ago, slight reductions in the cost of leather have been offset by increased wages. Merchants are reported to be buying only as they need goods, the demand for novelties in woman's shoes being fairly brisk, but rather quiet in men's shoes and staple lines. Collections for October were good. Percentage comparisons are indicated in the fol lowing table: October 1923 compared with: Shoes Sept. 1923 Oct. 1922 Atlanta (3 reports) ________ +11.4 + 4.0 Other Cities (7 reports) _____ +13.0 — 6.3 DISTRICT (10 reports) ______ +12.5 — 3.2 Average percentages for the District for the other three lines are shown in the first table, three reports not having been received from any city. All three lines showed up favorably compared with October 1922, but drugs and farm implements showed small declines in comparison with September business. Col lections are reported good in stationery, but fair in drugs. AGRICULTURE The Cotton Crop A decline of 767,000 bales in the estimated produc tion of cotton for this season, between September 25 and October 25, was indicated in the latest report issued by the Department of Agriculture on November 2. The forecast of the total production in the United States is now placed at 10,248,000 bales, and takes into 6 THE MONTHLY BUSINESS REVIEW consideration the reported condition on October 25, the reported probable yield per acre, the reported per centage picked to October 25, the percentage and ac tual quantity ginned to October 18, and the reported percentage of acreage abandoned since June 25. Since the publication of this estimate, the market has been active, the rise in price being $20 a bale or more, while from the low price of the season, only three or four months ago, the rise is considerably more than this. The production of cotton in the Sixth District is estimated at 1,501,000 bales, based on figures for Oc tober 25, compared with an estimated production of 1.769.000 bales a month earlier. The estimate for Alabama declined 126,000 bales during the month; that for Florida declined 1,000 bales, and for Georgia 90,000 bales. Figures for Louisiana, Mississippi and Ten nessee (parts of these states are in other Federal Reserve Districts) also showed declines of 120,000, 132.000 and 110,000 bales, respectively. The condition of the crop improved in Virginia, North Carolina, Texas and California, and the estima ted production is higher in these states than it was on September 25. The decline in condition and in es timated production in the other states is due to gen erally unfavorable weather and heavy rains in the southwest, and exceptional damage to grown bolls by the weevil, result of leaf worm ravages, and the heaviest abandonment on record. Receipts of cotton at cities in this District during October were smaller, except at Augusta, than during October last year, and stocks were smaller at all re porting points. The statement issued by the Census Bureau showing cotton ginned up to November 1 shows that for the states of Georgia, Florida, Alabama, Ten nessee, Mississippi and Louisiana, 1,873,509 bales or 78 per cent, have been ginned out of an estimated crop of 2,407,000 bales In these six states, compared with 97 per cent ginned up to November 1 last year. The following tables show the condition and esti mated production, the movement in this District, and the number of bales ginned to November 1. Condition of Crop Oct. 25 1923 Alabama __________________ 39 Florida ___________________ 22 Georgia _____________ ______ 31 Louisiana __________ _______ 43 Mississippi _______________ 36 Tennessee ________________ 35 Virginia __________________ _88 North Carolina ____________ _70 South Carolina ____________ _53 Texas ____—______________ _57 Arkansas ___ _______________37 Missouri _____- ____________ _49 Oklahoma ________________ _43 California _______________ __86 Arizona __________________ _88 All Other ________________ x United States ________ ______ 47.8 Note: Production Sept. 25 1923 Forecast Oct. 25,1923 Forecast Sept 25,1923 42 20 31 45 37 47 83 64 53 56 50 64 49 84 90 84 49.5 615,000 12,000 610,000 320,000 620,000 230,000 53,000 1,101,000. 740,000 4,300,000 680,000 151,000 735,000 49,000 83,000 40,000 10,248,000 741,000 13,000 700,000 340,000 752,000 340,000 48,000 877,000 783,000 4,168,000 926,000 198,000 945,000 44,000 83,000 57,000 11,015,000 Final 1922 823,000 25,000 715,000 343,000 989,000 391,000 27,000 852,000 493,000 3,222,000 1,012,000 149,000 627,000 28,000 47,000 19,000 9,762,000 The Sixth Federal Reserve District includes part, but not all, of Tennessee, Mississippi and Louisiana. COTTON MOVEMENT—OCTOBER 1923 Sixth Federal Reserve District (Bales) Oct. 1923 Sept. 1923 Oct. 1922 RECEIPTS—PORTS: 293,462 New O rleans_-___ 193,821 108,550 Mobile ___________ 8,718 3,231 20,736 74,802 Savannah ________ 82,758 55,263 INTERIOR TOWNS: Atlanta ___ _______ 42,674 4,275 84,239 52,762 35,251 A u g u sta ______ ___ 55,232 __ Macon ____________ 6,890 1,922 Meridian ____ _____ 9,639 1,999 13,181 Montgomery_______ Vicksburg ________ SHIPMENTS—PORTS: New Orleans ______ M obile____________ Savannah ________ INTERIOR TOWNS Atlanta ___________ Augusta ___ _______ Macon ____________ Meridian______ ___ Montgomery ______ Vicksburg ________ 18,776 6,565 13,649 1,035 19,542 12,363 120,858 2,681 64,664 73,941 183 10,214 132,307 12,595 64,115 18,694 17,717 3,775 2,326 11,949 2,307 3,776 10,650 966 523 6,949 ’ 912 37,308 26,369 11,359 15,645 5,303 7 THE MONTHLY BUSINESS REVIEW STOCKS—PORTS: New Orleans ______ 148,738 75,775 9,158 3,228 M obile____________ Savannah ________ 75,155 57,061 INTERIOR TOWNS: Atlanta __________ 30,849 6,869 Augusta __________ 51,059 25,118 Macon ____________ 7,488 4,373 Meridian _________ 9,268 1,955 Montgomery ______ 18,999 12,172 Vicksburg ________ 6,794 2,659 Cotton Ginned to November 1 State 1923 1922 Alabama _____________ 494,702 711,364 Florida ______________ 11,422 22,485 Georgia ______________ 490,142 632,258 Louisiana _____________ 299,086 311,840 Mississippi ____________ 455,856 839,964 Tennessee ____________ 122,301 280,731 Total ______________ 1,873,509 2,798,642 Other States __________ 5,681,078 5,340,573 Total United States_____7,554,587 8,139,215 pared with 70 per cent on October 1, and with a tenyear average condition on November 1 of 76.2 per cent of normal. The estimated production of cane on the acreage to be used this year for sugar is 3,336,960 short tons, compared with 3,778,110 short tons last year. The 59,790 production of sugar is estimated at 236,006 short tons, 70,744 compared with 295,095 short tons last year. Movement of Sugar—October 1923 11,817 Raw Sugar—Pounds 21,286 RECEIPTS: Oct. 1923 Sept. 1923 Oct. 1922 10,016 New Orleans____ 49,903,828 49,716,932 61,879,573 Savannah ______ 42,185,355 37,642,874 21,568,567 1921 MELTINGS: 512,613 New Orleans____ 57,547,957 65,302,294 53,983,867 9,382 Savannah ______ 36,630,713 31,479,025 38,860,872 735,846 STOCKS: 236,720 306,787 20,503,816 23,644,077 New Orleans____ 641,763 Savannah ______ 11,718,491 6,163,849 617,732 223,309 Refined Sugar—Pounds SHIPMENTS: Oct. 1923 Sept. 1923 Oct. 1922 2,359,633 New Orleans____ 43,773,616 95,833,887 78,548,774 4,286,721 Savannah ______ 30,435,722 32,925,099 28,497,318 STOCKS: 6,646,354 New Orleans____ 19,168,019 24,151,539 5,461,106 Savannah ______ 4,605,507 777,051 22,769,785 Note: New Orleans figures for October 1923 incomplete. 266,992 18,242 87,020 CITRUS FRUITS The citrus crops are moving freely with shipments through October amounting to 3,233 cars, an increase of 345 cars compared with shipments to the same time last season. The condition is slightly off compared with a month ago, but is better than usual at this time. The weather has been favorable and the fruit is show ing good color and quality. Sizes, especially of grape fruit, are running small. The forecasted production for this year is 20,000,000 boxes, of which 12,000,000 will be oranges and 8,000,000 grapefruit, compared with an output last season of 16,900,000 boxes. Car Lot Movements The following table shows car lot shipments of fruits and vegetables from Florida for the season: Season total to October Oct. 31, Oct. 31, 1923 1922 1922 1923 1,093 Oranges 996 1,016 1,145 Tangerines* 2 0 2 0 Grapefruit . 1,826 1,372 2,215 1,743 Total _____ 2,824 2,465 3,233 2,888 Other fruits and vegetables __ 15 15 ♦Tangerines previously included with oranges. SUGAR AND SUGAR CANE The condition of sugar cane in the Louisiana cane belt on November 1 was 66 per cent of normal, com RICE MOVEMENT Rough Rice (Sacks) Port of New Orleans Oct. 1923 Sept. 1923 Oct. 1922 Receipts ___________ 119,755 98,896 253,577 Shipments__________ 141,995 118,223 255,671 Stock ______________ 18,446 40,686 35,848 Clean Rice (Pockets) Port of New Orleans Receipts ___________ 246,817 156,151 403,707 Shipments__________ 236,714 156,469 397,074 Stock ______________ 102,734 92,631 102,260 Receipts of Rough Rice (Barrel) Season to Season to Oct. 31, Oct. 31, Oct. 1923 1923 1922 Association Mills ___ 1,121,026 1,592,445 2,045,703 303,875 549,028 New Orleans M ills___ 119,755 Outside Mills ______ 271,500 447,070 676,800 1,512,281 2,343,390 3,271,531 Distribution of Milled Rice (Pockets) Season to Season to Oct. 31, Oct. 31, Oct. 1923 1923 1922 Association M ills____ 632,575 1,228,473 1,522,059 354,404 New Orleans M ills___ 137,508 716,099 414,242 Outside Mills ______ 198,696 496,894 968,779 1,997,119 2,735,052 8 THE MONTHLY BUSINESS REVIEW Stock on Hand Nov. 1, Oct. 1, 1923 1923 Association M ills___ _ 655,739 158,042 New Orleans M ills___ 113,962 114,676 Outside Mills ______ 184,400 82,800 954,101 355,518 Nov. 1, 1922 975,237 133,409 301,129 1,409,775 FINANCIAL Loans and discounts at reporting member banks in this District have shown a further increase during the last month, figures reported for November 7 being about $22,500,000 larger than a month earlier for the 39 banks which report weekly. Loans by these banks secured by Government obligations have increased less than a quarter million dollars, and the total of loans, discounts and investments is about nineteen mil lion dollars larger than on October 3. The increasing demand upon the banks is reflected in an increase of eight million dollars in the amount of accommodation at the Federal Reserve Bank, reported by these 39 banks, between October 3 and November 7, and in an increase of more than three million dollars in the amount of bills held by the Federal Reserve Bank between October 10 and November 14. The recent advance in the price of cotton has been of benefit to those farmers who had not disposed of their cotton, and with the growth of cooperative mar keting associations the number of farmers who profit by these advances is constantly increasing. The figures shown below indicate some of the im portant items in the weekly reports of the 39 banks in selected cities: (000 omitted) Nov. 7, Oct. 3, Nov. 8, 1923 1923 1922 Loans and discounts__ $441,947 $419,444 $385,930 Loans secured by Govt. Obligations _______ 8,832 8,593 7,330 Total loans, discounts and investments __ 525,665 506,784 462,644 Demand deposits_____ 266,176 259,784 273,805 Accommodation at Fed eral Reserve Bank__ 47,764 39,764 13,175 The volume of bills held by the Federal Reserve Bank of Atlanta on November 14 amounted to $87,526,669.60, compared with $84,190,238.39 on October 10, and with $45,956,049.76 at the same time a year ago. Federal Reserve Notes outstanding on November 14 totaled $144,178,670, compared with $133,426,135 on October 10, and $125,192,255 on November 15, last year. Savings deposits at the end of October, reported to the Federal Reserve Bank by 99 banks in the District, are indicated in the following table: SAVINGS DEPOSITS—OCTOBER, 1923 Oct. 31,1923 Atlanta (8 banks) ______ $ 32,079,446 Birmingham (5 b a n k s)__ 21,335,586 Jacksonville (6 banks)— 18,890,096 Nashville (11 b a n k s)____ 17,733,563 New Orleans (9 banks)— 47,368,153 Other Cities (60 banks)— 83,597,213 TOTAL (99 banks)—$221,004,057 Sept. 30,1923 $ 31,456,218 21,432,040 18,652,838 17,673,560 47,141,837 83,748,167 $220,104,660 Comparison of Oct. 31-Sept. 30 +2.0% —0.5% +1.3% +0.3% +0.5% —0.2% +0.4% Oct. 31, 1922 $ 26,884,085 18,699,020 16,710,018 14,679,586 45,267,374 71,129,046 $193,369,129 Comparison of Oct. 31 1923-1922 +24.9% +14.1% +13.0% +20.8% + 4.5% +17.5% +14.3% Knoxville _____ DEBITS TO INDIVIDUAL ACCOUNTS 6,500,000 7,-257,000 6,339,000 Macon _______ 5,435,000 4,715,000 5,669,000 Sixth Federal Reserve District Meridian ______ 2,377,000 2,088,000 2,198,000 Week Ended Mobile _______ 7,449,000 5,602,000 7,035,000 Nov. 14,1923Oct. 10,1923 Nov. 15,1922 Montgomery — 6,276,000 6,671,000 5,375,000 Albany ______ $ 1,320,000$ 1,155,000 $ 1,270,000 N ashville______ 16,880,000 17,403,000 17,696,000 Atlanta ______ 31,049,000 29,613,000 28,407,000 623,000 434,000 414,000 A ugusta_______ 10,419,000 7,066,000 8,508,000 Newnan _______ 68,431,000 93,940,000 Birmingham___ 24,137,000 25,849,000 24,100,000 New Orleans__ 82,294,000 1,409,000 1,809,000 1,403,000 827,000 713,000 668,000 Pensacola _____ Brunswick ____ 12,662,000 9,768,000 Chattanooga___ 8,739,000 8,316,000 8,539,000 Savannah _____ 12,154,000 6,435,000 6,705,000 5,742,000 Columbus _____ 4,095,000 3,414,000 3,956,900 Tampa _______ ______ 1,131,000 1,196,000 1,264,000 Valdosta Dothan ______ 1,029,000 815,000 1,040,000 2,615,000 1,812,000 2,521,000 Elberton ______ 371,000 362,000 244,000 Vicksburg------Jackson ______ 3,400,000 3,780,000 3,472,000 Jacksonville___ 11,210,000 12,247,000 11,231,000 T otal---------- $248,174,000 $230,115,000 $250,799,000 THE MONTHLY BUSINESS REVIEW 9 206,489 Oats . 56,765 48,735 158,315 COMMERCIAL FAILURES Barley 10,428 Commercial failures in the Sixth District during Oc 47,142 173,571 8,571 tober were larger in number, but smaller in total lia Rye __ bilities, than during September, but just the reverse in comparison with October last year, according to T o ta l___ 1,244,243 5,952,347 5,731,671 21,996,622 figures published by R. G. Dun & Co. Total figures for the United States show liabilities LUMBER of defaulting concerns during October very much Production of lumber by mills reporting weekly to greater than in September, due partly to large increases in the first and second district, and to increases which the Southern Pine Association has been maintained also occurred in six other districts. Eight districts since the beginning of October at considerably above 90 per cent of normal. Except for the week ended also showed increased liabilities over October 1922. Oct. 1923 Sept. 1923 Oct. 1922 November 2, shipments have averaged slightly lower than output, while orders, which were almost 90 pef Number 91 119 cent of normal output for the week ended October 12, Sixth District___ 107 United S ta te s __ 1,673 1,226 1,708 declined to about 68 per cent of normal output for the week ended November 9, although production for that Liabilities Sixth District___ $ 2,085,051 $ 2,840,497 $ 1,716,140 week was 93 per cent of normal. Continued excess United States ___ 79,301,741 28,698,649 34,647,438 of shipments over orders has permitted the reduction of unfilled order files to modest proportions. The weekly reports show that a very large proportion of IMPORTS AND EXPORTS the reporting mills have operated full time or five days Preliminary figures published by the Department of a week, and overtime is indicated in a number of in Commerce show increases in both imports and exports stances, some operations amounting to double shifts. for the month of October over the preceding month Although production is still largely in excess of orders, and corresponding month a year ago. October exports manufacturers are still unable to fill all the business amounted to $402,000,000, and were greater than for received because of the difficulty in locating some any month since February 1921. They exceeded im items, and large manufacturers in some instances have ports by $99,000,000 in October, and for the ten months increased operations, although there has been a sharp ending with October exports have exceeded imports by curtailment by smaller mills whose output is limited $135,454,171. For this ten months period, imports this as to variety. year have exceeded last year by $680,000,094, while exports have exceeded last year by $235,157,412. figures for October reIMPORTS: 1922 Association, with com1923 October _____ _____ $ 303,000,000 $ 276,103,979 parisons: September ___ ____ 253,645,380 298,493,403 Ten months ending with Oct. 1923 Sept. 1923 Oct. 1922 October _______ ___ 3,207,153,528 2,527,153,434 (141 mills) (143 mills) (125 mills) EXPORTS: Orders ________ 338,014,706 341,396,592 245,723,159 October _____________ 402,000,000 370,718,595 September _________ _ 381,530,803 313,196,557 Shipments______ 357,354,950 314,357,667 254,550,935 Ten months ending with Production _____ 355,633,304 325,253,578 304,472,218 O ctober__ _________ 3,342,607,699 3,107,450,287 Normal Production Grain Exports—New Orleans of reporting mills 349,039,333 345,932,465 327,100,729 With the exception of rye, exports of grain through Stocks end New Orleans continue to show rather substantial de of month _____ 816,426,392 810,502,529 902,817,820 creases this season in comparison with figures for last year. Wheat and corn show especially large decreases, Normal stocks of reporting mills - 943,955,463 936,089,303 900,403,967 as indicated by the figures contained in the following Unfilled orders table: end of month___ 228,796,761 243,265,497 346,148,928 Season to Season to October October Oct. 31, Oct. 31, 1923 NOTE:—These are not complete figures for the month, 1922 1922 1923 Wheat ------ 1,010,396 2,922,596 4,729,611 16,040,681 but are totals of figures received by the Southern Pine Corn _____ 129,940 2,981,016 670,174 5,730,453 Association up to the 15th. 10 THE MONTHLY BUSINESS REVIEW BUILDING The volume of permits for the construction of build ings in the Sixth District continues large. The state ment below shows comparative figures for October this year and last at 25 cities, nineteen of which report increases in the values of permits issued over Octo ber last year, and only six report decreases. Sixteen of these cities which have been reporting for the past few years reported October permits ag gregating $9,403,662, second only to the high figure for the month of April which was nearly twelve million dollars. The statement below shows figures in detail for the reporting cities. BUILDING PERMITS—OCTOBER, 1923 Sixth Federal Reserve District Alterations &; Repairs No. Value ALABAMA: Anniston -------------- _______ Birmingham ______ _______ Mobile -----------------_______ Montgomery ------- _______ FLORIDA: Jacksonville ----------_______ Lakeland ________ _______ Miami ___________________ Miami Beach -------- ________ Orlando --------------- _______ Pensacola -------------_______ St. Petersburg ------_______ Tampa __________ ______ GEORGIA: Atlanta __________ _______ Augusta --------------- _______ Macon __ _ __ — ________ Savannah _ __ ___ ______ *Columbus ___ ____ MISSISSIPPI: Jackson __________ _______ Vicksburg ----- ---- . ____ Meridian ______ __ ___ „ LOUISIANA: New Orleans _____ _______ Alexandria _______ ______ TENNESSEE: Chattanooga _____ . ____ Johnson City ------- _ ____ Knoxville __ __ _ ____ Nashville _____ ___ ______ New Buildings No. Value Total Oct. 1923 Total Percentage Oct. 1922 Increase or Decrease + 122.7 + 79.2 — 30.5 + 1.8 9 221 45 98 2,900 113,493 19,800 14,559 19 424 26 3 25,880 1.430,690 38,000 3,300 28,780 1,544,183 57,800 47,559 12,925 861,580 83,107 46,713 253 36 117 12 62 54 60 159 56,204 16,080 63,576 11,150 23,475 17,181 64,600 46,202 84 52 187 29 149 13 209 95 2,396,615 100,085 496,450 254,550 220,326 36,085 529,800 156,010 2,442,819 116,165 560,026 265,550 243,801 53,266 594,400 202,212 427,041 133,075 477,400 146,950 148,742 21,291 302,100 271,767 126 171 148 27 117,682 25,526 37,650 52,225 298 21 46 25 1,015,641 15,362 101,755 37,350 1,133,323 40,888 139,405 89,575 3,434,695 48,087 77,417 81,915 25,265 — 67.0 — 15.0 + 80.1 + 9.4 __ 7 9 __ __ 3,097 6,475 __ 12 12 ______ 69,650 282,550 72,000 72,747 289,025 63,000 25,196 11,750 + 14.3 + 188.7 +2359.8 72 62 167,840 19,853 209 27 1,390,475 51,920 1,558,315 71,773 1,248,725 82,285 + 24.8 — 12.7 27 2 217 190 83,350 1,300 65,994 39,235 200 27 114 108 38,830 45,920 392,400 672,140 122,180 47,220 453,394 714,916 121,884 26,300 400,604 446,654 + — + + + + + — + + + + 472.0 12.7 17.3 80.7 63.9 150.2 96.8 25.6 0.2 79.5 13.2 60.1 *No report. COTTON CONSUMPTION—OCTOBER 1923 The consumption of cotton in the United States dur ing October was larger than in any month since last June, bur for the first three months of the cotton year it was about 37,000 bales less than during the corres ponding period last year, according to figures pub lished by the Census Bureau. The number of active spindles in the cotton-growing states in October was the largest on record. Exports of cotton for October exceeded September by 92,000 bales, and during the first three months of the cotton year exports were greater by 275,000 bales than during the same period last year. Oct. 1923 Sept: 1923 Oct. 1922 Cotton Consumed: Lint _________ 541,825 483,852 533,744 Linters ______ 57,128 49,567 62,635 On Hand in Consuming Establishments: 773,173 1,381,945 Lint _________ 1,102,583 Linters ______ 87,515 92,810 82,403 In Public Storage and at Compresses: Lint -------------- 3,485,839 2,147,830 4,287,119 L inters_______ 35,810 22,197 16,798 THE MONTHLY BUSINESS REVIEW Exports: Lint _________ 777,784 Linters _______ 3,938 Imports ________ 7,615 Active Spindles__ 34,378,662 685,693 3,742 6,608 33,929,885 Cotton Growing States Cotton consumed— 357,673 327,441 On Hand in con suming Estab lishments _____ 707,536 374,507 In Public Storage and at Com presses ______ 3,353,479 2,025,069 Active spindles-----16,084,942 16,011,049 797,129 1,535 26,816 33,837,435 346,095 858,491 4,083,181 15,811,025 MANUFACTURING Cotton Cloth Reports were made to the Review for the month of October by 33 cotton mills which manufactured during that month a little more than thirty-three and a quarter millions of yards of cloth. This output was 18 per cent greater than the amount of cloth produced by these mills during September, and 10 per cent larger than their output in October last year. Shipments also showed an increase over September, but were slightly smaller than during October 1922, while orders on hand were slightly smaller, and stocks a little larger, than at the end of September. These mills report that about 10 weeks would be required, on an average, to com plete their orders on hand. The following table shows percentage comparisons of October figures with those for the preceding month and the same month last year: 1. 2. 3. 4. 5. 6. October 1923 compared with: 33 Mills Sept. 1923 Oct. 1922 Cloth production ______ +18.0 +10.2 Cloth shipments ---------- +11.7 — 1.1 Orders on hand at end of month ____________ — 0.4 —17.4 Stocks of cloth on hand at end of m onth------------- + 6.3 +32.1 Average time required to complete orders on hand —24.4 —19.1 Number on payroll_____ — 0.7 + 1.7 Cotton Yarn Production during October by 26 cotton mills which manufacture yarn was 16 per cent greater than during September, but a little below the total output of these mills during October last year. The October total was almost 7,300,000 pounds of yarn. Shipments were a little larger than in September, but slightly less than 11 in October 1922, while unfilled orders and stocks also showed declines compared both with September and with October a year ago. The mills report that their orders on hand would require almost nine weeks opera tion. The reports indicate that there is little or no demand for yarns for forward delivery, and very little demand i'or prompt delivery, buyers having assumed an altitude of waiting till the price of cotton becomes more steady. Percentage comparisons are shown in the table be low: October 1923 compared with: Sept 1923 Oct. 1922 26 Mills — 2.2 1. Yarn production_______ +16.0 — 2.1 2. Yarn shipments_______ . + 4.3 3. Orders on hand at end — 3.9 —33.8 of month ___________ 4. Stocks of yarn on hand —18.2 — 0.9 at end of m onth_______ 5. Average time required to complete orders on hand —10.6 —28.0 6. Number on payroll____ — 4.3 —33.5 Hosiery Eighteen hosiery mills reported to the Review for October production which amounted to almost half million dozen pairs. This was an increase of 23.5 per cent over production by these same mills during September and was 27.3 per cent greater than their out put during O'Ctober 1D22. A slackening in demand is indicated in the decrease of 8.3 per cent in the volume of orders booked in comparison with September. Some of the reports state that the advancing prices of cotton and yarns have caused a cessation of forward buying, and that such business as is being placed is on a handto-mouth basis. October 1923 compared with: Oct. 1922 18 Mills Sept. 1923 1. Hosiery production____ +23.5 +27.3 2. Hosiery on hand at end of month _______ .> + 7.1 + 5.8 3. Orders booked during month _____________ — 8.3 —12.5 — 4.9 X 4. Cancellations _________ 5. Shipments __________ _ + 5.4 + 7.3 6 . Unfilled orders on hand +38.4 at end of month_____ + 8.7 Overalls Reports from six overall factories for October show an increase of 23.6 per cent in output over September. Orders booked during the month were substantially 12 THE MONTHLY BUSINESS REVIEW teen-hundredths of one per cent, and the report states that but for the temporary closing of many of the larger textile mills in the New England district, there would have been an increase instead of the small de crease. Of the fourteen basic industries, eight in creased employment during October, as against only five in September, and out of sixty-five industrial cen ters, thirty-one reported increased employment, thirtyPercentage comparisons are shown in the table be two reported decreases, and two remained on the same level during October as in September. Three of the low: cities in this District reported increased employment, while the fourth was stationary. October 1923 compared with: 6 Mills Sept. 1923 Oct. 1922 Industrial activity in Georgia is stated to be fairly +16.1 1. Overall production _____ +23.6 satisfactory, almost all plants being on full time opera 2. Overalls on hand at tion, with the exception of fertilizer and cotton-oil —28.0 end of month ________ —21.1 mills. Some overtime is noted in cotton mills, and very 3. Orders booked during little unemployment is noticeable in any section. +27.1 month __ __________ +62.7 Building programs are employing all craftsmen avail X X 4. Cancellations — ---------able. 5. Unfilled orders on hand Available skilled labor in Florida about meets the +69.6 -+-43.4 at end of month ___ requirements, with some slight shortages noted of — 2.1 6. Number on payroll ------- + 8.5 building tradesmen in places where special efforts are being made to complete large hotels or business houses Brick in time for the tourist season. Practically all mills Production of brick by five manufacturing plants dur are operating on a full time basis, and very little un ing October was slightly larger than in September. employment is evident. Agricultural workers are Orders received on hand were also a little greater actively engaged, and harvesting the largest citrus than in September. October production and stocks on crop in the history of the state will employ the avail hand, however, were smaller than during October 1922, able common labor for the next four months. although orders were almost 50 per cent larger than In Alabama the report indicates that, with the ex those received during that month. Prices have shown ception of considerable additions to the forces of cot a tendency to sag during the month. Labor is reported ton-oil mills, industrial employment shows a slight to be sufficient, and wages have a tendency to decline. downward trend. Lumber and woodworking plants, Percentage comparisons are shown in the following coal mines, and iron and steel register a decrease in table: working forces, while textiles show no change and a surplus of labor is reported in these industries. High October 1923 compared with: way construction continues at a steady pace, with a Sept. 1923 Oct. 1922 5 Plants plentiful supply of labor which has been released from — 8.2 1. Brick production --------- . + 1.6 the farms. 2. Brick on hand at —15.4 end of month ------------ + 8.6 Employment conditions in Louisiana are reported somewhat more favorable. Lumber mills show recov 3. Orders booked during +49.7 ery and machine industries gained slightly. Food month ______________ . + 2.1 products register a pronounced upward trend, parti 4. Unfilled orders on hand +29.0 cularly noticeable in sugar refining and seasonal lines. at end of m onth_____ —20.1 — 0.9 + 2.7 Railroad shops show a slight downward trend, and em 5. Number on payroll------ployment in the building trades is gradually falling off, although only a moderate excess of these craftsmen EMPLOYMENT is apparent. A slight surplus of common labor is reported in Mis The November report of the United States Employ ment Service, a part of the Department of Labor, indi sissippi, due to the short cotton crop. Textiles made cates a slight decrease in the total number employed substantial gains, with slight improvement in most of at the end of October, compared with September, by the other industries excepting lumber plants, which 1,428 firms usually employing 500 or more workers, in reveal a slight decrease but on full-time operations. 65 of the principal industrial centers of the United Favorable weather has resulted in steady employment States. The decrease, however, amounts to only eigh on highway construction. greater than during September, while unfilled orders on hand at the end of the month also showed a material increase over that month. Some of the reports indi cate a demand below normal for this season, while other reports state that the demand for cheap work garments is good but that price advances bring a noticeable recession in retail buying. THE MONTHLY BUSINESS REVIEW Industrial activity in Tennessee continues on a satis factory basis. A substantial increase was reported in the forces of textiles, lumber plants, and food and kindred products, and chemicals, with slight additions to forces of coal mining, paper and printing, and the tobacco industry. A slight shortage of labor is re ported in textile mills, but a large surplus in coal min ing exists. COAL MINING Production of bituminous coal in the United States has been maintained since the beginning of October at a level slightly lower than during September. During the week ended October 20 a sluggish demand resulted in a small decline in production, while the celebration of All Saints Day as a holiday, and elections on No vember 6, brought a lower output during the weeks ended November 3 and November 10. Increased reports of “no market” have been the principal factor limiting production during October and early November. There was general improvement in traffic conditions, and transportation difficulties were reported only from a few districts in the Rocky Mountains. 13 Nine additional furnaces were blown out during Octo ber, leaving 245 active on the last day of the month. The total output, according to the Iron Trade Review, was 3,152,245 tons, of which 733,705 tons were merchant iron and 2,418,540 tons were non-merchant iron. This total, while smaller than for any month this year excepting February and September, still was greater tlian the output during any month of 1921 or 1922. The average daily rate of production was 101,685, being lower than any preceding month this year, but still higher than any month in 1921 or 1922. The output of iron in Alabama was only slightly smaller in October than in September, one additional furnace having been blown in during the month. The market has undergone no material change except that sondhe improvement is reported in small lot buying. Small orders are gaining in number and their aggre gate represents a fair tonnage, but the business is still on a spot basis. Inquiries have been coming in for more than two weeks as to 1924 delivery, but no great amount has been sold as yet. The following table shows detail figures for the month: United States Following are figures showing the weekly output of bituminous coal since the beginning of October: Week Ended Tonnage October 6 ------------------------------------------ --10,699,000 October 13 ___________________________ _10,953,000 October 20 ___________________________ _10,964,000 October 27 __________________________ _10,919,000 November 3 __________________________ _10,547,000 November 10 ________________________ _10,737,000 Cumulative output for the calendar year through November 10th is reported at 478,024,000 tons, com pared with 332,735,000 tons produced to the same time last year. Anthracite production has continued at about its usual level, excepting for the week ended November 3, when the occurence of two holidays widely observed in the anthracite region was responsible for a sharp drop in the output for that week. IRON PRODUCTION Production of pig iron in the United States during October was slightly greater than during September. This was due, however, to the fact October was a 31day month, while September had only 30 days, as the daily rate of production was 2,232 tons smaller than in September, and the lowest of any month this year. Oct. 1923 Sept. 1923 Oct. 1922 Total Output ______ 3,152,246 3,117,526 2,629,655 Non-Merchant Iron 2,418,540 2,382,772 2,127,424 733,706 734,754 502,231 Merchant Iron -------103,917 84,827 Average daily output __ 101,685 254 218 245 Active Furnaces __ Alabama Total Outmit ---------Non-Merchant Iron Merchant Iron _____ Active Furnaces------- Oct. 1923 Sept. 1923 Oct. 1922 213,098 213,319 208,756 102,473 91,735 80,723 128,033 110,625 121,584 22 21 22 NAVAL STORES Receipts of turpentine at the three principal markets of the District during October were slightly lower than during September, although larger than during the same months a year ago, while rosin receipts showed a small increase over September and a more substan tial one over October 1922. Stocks at the end of October showed increases over September, and while turpentine showed an increase over October last year, rosin showed a small decrease. The market has been characterized during the past few weeks by continued lack of activity. Turpentine prices have decreased from 95*& cents on October 6 to 14 THE MONTHLY BUSINESS REVIEW 87 cents on November 10, and there have also been declines in the prices of the various grades of rosins. Sept. Oct. Oct. 1922 1923 1923 Receipts—Turpentine: 10,541 16,029 Savannah ---------------- 14,591 11,733 14,793 Jacksonville _______ 14,231 4,504 4,431 4,871 Pensacola __________ 33,253 35,693 26,778 50,601 49,655 15,172 50,140 48,562 15,606 38,997 38,478 11,777 Total ___________ 115,428 Shipmen ts—Turpentine: Savannah __________ 15,600 Jacksonville ________ 13,476 Pensacola __________ 3,763 114,308 89,254 11,983 12,627 4,380 9,638 10,770 3,967 32,839 28,990 24,375 Total ------------------. Rosin: Savannah __________ Jacksonville ________ Pensacola __________ , Total ___________ Rosin: Savannah ________ Jacksonville ______ Pensacola ________ 53,599 40,045 11,702 42,462 32,687 13,052 52,120 38,715 11,190 __________ 105,346 88,201 102,025 Stocks—Turpentine: Savannah ________ Jacksonville ______ Pensacola ________ 16,053 17,259 3,829 17,062 16,152 3,161 11,610 14,621 5,718 __________ 37,141 36,375 31,949 Rosin: Savannah ________ Jacksonville --------Pensacola ---------— 114,952 135,388 45,049 117,950 130,035 41,579 91,146 165,688 65,913 Total _____ ________ 295,389 289,564 322,747 Total Total THE MONTHLY BUSINESS REVIEW 15 FEDERAL RESERVE BANK OF ATLANTA Weekly Statement of RESOURCES AND LIABILITIES Resources: Nov. 14,1923 Gold and Gold Certificates ________________________ -______- __________ $ 6,139,735.50 Gold Settlement Fund ______________________________________________ 20,393,191.71 Nov. 15,1922 $ 5,622,430.50 24,811,057.57 Total Gold held by bank_________________________________________ Gold with Federal Reserve Agent______________________________________ Gold Redemption Fund _____________________________________________ 26,532,927.21 72,130,170.00 5,067,818.93 30,433,488.07 98,241,705.00 1,927,151.69 Total Gold Reserves _____________________________________________ Reserves other than Gold ___________________________________________ 130,730,916.14 5,935,498.00 130,602,344.76 6,947,633.85 Total Reserves _________________________________________________ 109,666,414.14 137,549,978.61 Non Reserve Cash __________________________________________________ 8,184,675.32 ________________ Bills Discounted: Secured by Government Obligations ______________________________ 22,520,463.51 3,575,817.75 All Other ___________________________________ __________________ 55,254,255.95 29,974,820.29 Bills Bought in Open Market --------------------------------------------------------9,751,950.14 12,405,411.72 87,526,6i69.60 Total Bills on Hand --------------------------------------- ---------------------------U. S. Bonds & Notes ----------------------------------------------------------------------204,650.00 Certificates of Indebtedness ______________________ __________________ 940.00 One Year Cert, of Indebtedness (Pittman Act)________________________________________ All Other Cert, of Indebtedness_______________________________________ _____________ Municipal Warrants _________ _______________________________________ 50,913.33 45,956,049.76 123,050.00 Total Earning Assets -----------------------------------------------------------------87,783,172.93 Bank Premises ------------------------------------------------------------------------------2,922,114.52 Five per cent Fund against Reserve Bank Notes_________________________ ____________ Uncollected Items ---------------------------------------------------------------------------25,932,670.11 All other resources -------------------------------------------------------------------------662,904.81 50,129,015.76 1,955,650.62 467,550.00 34,392,201.52 151,856.48 1,999,000.00 2,050,916.00 Total Resources ------------------------------------------------------------------------Liabilities: 235,151,951.83 224,646,253.19 Capital paid in ____________________________________________________ Surplus Fund _______________________________________________________ Deposits: Government ____________________________________________________ Member Banks—Reserve Account _________________________________ All Other ______________________________________________________ 4,435,350.00 8,941,553.42 4,350,100.00 9,113,570.99 3,244,007.88 53,926,776.39 132,164.96 2,307,552.87 52,698,526.44 133,434.40 Total Deposits _________________________________________________ 57,302,949.23 Federal Reserve Notes in actual circulation------------------------------------------- 144,178,670.00 Federal Reserve Bank Notes in actual circulation------- -----------------------------------------------Deferred availability items ---------------------------------------------------------------18,609,641.17 All other Liabilities --------------------------------------------- ---------------------------1,683,788.01 55,139,513.71 125,192,255.00 1,791,650.00 27,753,178.34 1,305,985.15 Total Liabilities ------------------------------------------------------------------------- 235,151,951.83 Ratio of total Reserves to Deposits & F. R. Note Liabilities combined: _____ 54.4% 224,646,253.19 76.3% 16 THE MONTHLY BUSINESS REVIEW
@FedFRASER