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The Monthly
Business Review
Covering financial, industrial, and agricultural conditions
in the Fourth Federal Reserve District
VOL. 6
CLEVELAND, O H IO , FEBRUARY 1, 1924
“RESISTANCE TO EXTREME TENDENCIES
EITHER TOWARD UNWARRANTED EXPANSION
OR UNNECESSARY RETRENCHMENT WAS ONE
OF THE OUTSTANDING BENEFICIAL FEATURES
OF 1923 BUSINESS. THIS GENERAL SPIRIT OF
PRUDENCE HAS BEEN CARRIED OVER INTO 1924
AND UPON ITS CONTINUANCE DEPENDS, IN
LARGE MEASURE, THE EQUILIBRIUM OF THE
CURRENT YEAR’S OPERATIONS. TO WHAT EX
TENT IT MAY BE RELIED UPON REMAINS TO BE
SEEN, BUT THE APPARENT WISDOM OF FOLLOW
ING SUCH A COURSE IS NOT LIKELY TO BE
OVERLOOKED. ’’—EDITORIAL
FEDERAL RESERVE BANK of CLEVELAND
D. C. Wills, Chairman of the Board
(COM PILED JA N U A R Y 22 , 1924 )
NO. 2
THE MONTHLY BUSINESS
2
REVIEW
An Editorial
R
ESISTANCE to extreme ten d en cies either toward unwarranted
expansion or unnecessary retrenchment was one of the out” standing beneficial features o f 1923 business. This general
spirit of prudence has been carried over into 1924 and upon its con
tinuance depends, in large measure, the equilibrium of the current
year’s operations. To what extent i t may be relied upon remains to
be seen, but the apparent wisdom o f following such a course is not
likely to be overlooked.
The fact that industry and trade knew just where they were, made
the following of such a course possible. Guesswork in production,
selling, and buying lost much prestige last year, and it appears to be
even less popular now than it was then. Careful studies are being
made all along the line in order that weak places may be detected
before they have done much damage. Never in the history of the
country has there been so wide an interest in actual business condi
tions and in the forces which control them. This interest is not con
fined to the man at the desk, but it has extended to the man at the
bench as well.
Such knowledge naturally inspires confidence— not the theoreti
cal kind or that which comes by “hearing someone say that such and
such a thing is tru e/’ but confidence based upon sound, individual
information.
The present cheerful outlook for 1924 is not alone due to the fact
that it is popular to be optimistic just now or even to the opinions of
authorities who, after making a careful study of financial and indus
trial trends in the past and their relation to the future, point out that
1924 should be a good year. Rather it is the result of the confidence
which is being shown by the factory manager and factory employe,
by the producer and the consumer, by the seller and the buyer, all of
whom have worked out the facts for themselves and are sure of their
ground.
THE
MONTHLY
BUSINESS
REVIEW
3
S teel Business on th e Up Grade; Prices Firmer; Tonnage Exceeds
S h ip m e n ts for F irst Time Since Last A pril
Business in steel has been on the up grade during
the past month. Heavy tonnages placed by certain
conspicuous groups, such as the automobile builders,
against large production schedules for the first quarter
and first half of the year have been closely followed
by liberal commitments on the part of m anufacturing
users in many lines. Along with this, active buying
by the railroads and by the building industry has
been continuing. Even the agricultural implement in
dustry which has been in a notably sluggish con
dition for several years has awakened into life and is
undertaking production with expectations of an im
proved volume o f business during the succeeding
months. Some of the implement builders report the
best condition and outlook since 1920.
The broadened character of the steel m arket at this
time again testifies to the large scale of underlying
consumption that is going on in this country and
which, with the revival of greater confidence in the
future, has brought to the mills in fresh bookings and
specifications the heaviest new tonnage it has experi
enced in months. For the first time since last April
incoming tonnages have exceeded outgoing shipments.
In some respects the new year is opening with con
ditions similar to those which prevailed twelve months
ago and which made 1923 one of the greatest years
in output of the American steel industry. Business
then as now was on the rise, and the accumulation
of orders taken in the first quarter provided a back
log upon which the industry was able to operate at
a high rate throughout the year.
In consonance with a widened flow of new require
ments, iron and steel production has turned upward
after a gradual decline extending over eight months.
Mill and steelworks capacity which has been idle for
some weeks is again being put in commission and
here and there blast furnaces are being blown in.
In the Mahoning Valley, independent open-hearth opera
tions are now at the highest point since September.
General iron and steel production at present is at
the rate of about 75 per cent of capacity. In the
East where operations have been quite low, some im
provement is shown. On the final day in December,
two more blast furnaces were in operation than on
the corresponding date one month previously, accord
ing to statistics compiled by Iron Trade Reznew. O n
that date the number of active furnaces was 231.
Gross pig iron production in December was 2,912,527
tons against 2,891,191 tons in November. Average
daily production, however, was less in December than
in November as shown in the comparison of 93,952
tons with 96,373 tons. The December figures brought
the total output of coke and anthracite pig iron in
1923, according to Iron Trade R eview , to 40,025,850
tons, the highest in the history of the country. This
exceeds the previous high record of 1916 by approxi
mately 1,000,000 tons.
Steel ingot production in
December was at the calculated rate of 2,843,764 tons
and on a daily basis of 113,750 tons, compared with
3,113,804 tons and 119,762 tons respectively in N o
vember. This placed the total production of steel
ingots in 1923 at 43,226,955 tons which falls short
by less than 1 per cent of the previous high m ark
of 1917.
The recent expansion of the steel business is reflected
by the statistical record of orders booked in certain
of the more im portant lines of consumption. Car
orders in December rose to a total of 10,600 or the
highest point since last M arch. This heavier rate has
been sustained in January and large negotiations by
the New Y ork Central, Pennsylvania, Santa Fe, Read
ing and other roads are under way. Locomotive orders,
however, have been somewhat disappointing. S truc
tural steel bookings in December jumped to 202,000
tons or 81 per cent of shop capacity, compared with
132,000 tons or 53 per cent in November.
This
represents the best showing since March. The book
ings of structural steel in 1923 were the largest ever
known, aggregating about 2,100,000 tons. The num
ber of large construction undertakings coming to the
front week after week is very impressive.
The price situation shows greater firmness all along
the line. Steel prices on the whole, while still subject
to some variations on especially attractive business, have
solidified on the level quoted by the larger producers
for several months, and there is less talk on the
part of buyers of concessions. This, no doubt, has
been a factor tending to bring about the more liberal
placing of tonnage covering requirem ents for the next
three months. Iron Trade Review composite of fou r
teen leading iron and steel products on January 16
stood at $43.29 compared with $43.00 one month
previously. A t the close of 1923 this composite was
$43.06. One year ago it was $40.67.
The merchant pig iron market, while more active and
on a higher price basis, still faces the shadow of
heavy stocks on furnace banks which were accumulated
during 1923. Buoyancy of the scrap market, especially
heavy melting steel, because of large purchases by lead
ing steelmakers, is contributing to stimulate demand
for basic iron. In some districts heavy melting steel
has been sold above basic iron, which is an unusual
situation. This has resulted in considerable speculative
buying.
B righter C onditions are A p p a re n t in Oil In d u s tr y ; Upward M o v e m e n t in Prices;
Year’s P etro leu m O u tp u t E s tim a te d a t 735,000,000 Barrels
The oil industry is starting 1924 with a spirit which
is much better than that existing during most of last
year, and is looking forw ard to an increasing degree
of stability in its operations. There has been an up-
THE
6
MONTHLY
BUSINESS
industry. T he following figures show the substantial
progress which has been made during the past two
y ears;
Production
(barrels)
Shipments
(barrels)
Stocks Dec. 31 (barrels)
1921
1922
1923
98,842,000 114,789,000 137,377,000
95,507,000 117,701,000 135,887,000
11,938,000
9,134,000
10,581,000
The remarkable record made by the industry during
1923 in taking care of a demand which has increased
over 40 per cent in two years could scarcely have been
achieved under less favorable conditions. The cement
industry is particularly sensitive to transportation and
fuel situations and the absence of shortage of both
these essentials during 1923 was most helpful.
REVIEW
n m 7° ^ n °^t Port*anc* cefnent in December totaled
9 997,000 barrels as against 12,603,000 barrels in
November and 8,671,000 barrels a year ago. Cement
sh ip m e n t aggregated 6,408,000 barrels as compared
o "«nnn l
barrels in the previous month a n d 4 Soa.OOO barrels in December, 1922. Both of the<*figures are records for the last month of the v e a r
although they show a considerable seasonal decline fro ™
previous m onths.
u“ *
_ Stocks of f i s h e d cement jn m anufacturers’ h and s
increased over 3,500,000 barrels during the m onth
on December 31 were 10,581,000 barrels, a q u a n tS S
exceeded only once during the past eight years
parently stocks are being accumulated in a n tic ip a tio n
o f a continuation of the greatly increased demand whir-fc
has developed d u rin g the past two years
L u m b er M anufacturers a n d Dealers R e p o r t D is tin c t I m p ro v e m e n t Over
L a st M o n th ; Heavy Rains C o n tin u e to H a m p e r Sou th ern P ro
d u ctio n ; Open W inter F actor in P re sen t D e m a n d
The National Lumber M anufacturers Association esti
mates the nation’s lumber cut for 1923 at 38,000,000,000 feet, the largest output since 1916 when production
totaled 40,000,000 feet. Production for 1923 was 35,000,000,000 feet. The peak was reached in 1907
when nearly 45,000,000,000 feet were produced.
The 550 larger sawmills of the country reporting
weekly to the Association produced approximately 14,000,000,000 feet in 1923 as compared with 12,000,000,000 feet in 1922. It is estimated that these mills pro
duced around 30 per cent of the total cut of the
United States. The Southern Pine Association esti
mates the total output of southern pine last year at
1 2 ,0 0 0 ,0 0 0 , 0 0 0 feet while the output of its subscribing
mills is placed at about 5,000,000,000 feet. The W est
Coast Lumbermen’s Association estimates that more
than 9,300,000,000 feet of lumber were produced by
the mills in the Douglas fir region and that its member
mills turned about 5,300,000,000 feet.
Since our last report there has been an increase
in the volume of lumber business and prices are firmer.
During the month of November and the first part of
December buyers showed a tendency to hold off their
purchases, and this, together with a fair amount of
production on the part of the mills, caused prices
to sag. A fter the middle of December, however,
many of them came into the market and placed a con
siderable portion of their spring requirements at
prices then prevailing. A t about the same time, the
mills in the south curtailed their production, partly on
account of the holiday seaso n , but mainly due to con
tinued rains, with the result that the demand soon
overtopped production, causing an advance in prices
o f from $2.00 to $5.00 per thousand. This a d v a r^
has stimulated business further so that now th e r e •
a n unusually good demand considering the season o f *wS
year.
A lum ber m anufacturer who has ju st returned f r r i
an extended trip through the south where he called
a large number of mills, tells us that practically all ° t
them were optimistic fo r the first six months of
borne of the mills have enough orders to run them f
sixty to ninety days. There is a heavy demand f r * ° r
the Oklahoma oil fields while dealers in several o f
m idwestern cities were wiring down orders above I I *
list price in order to get prompt loading and be a s s u ^ !
o f the stock.
Heavy rains in the southwest have prevented log 0
ting and also the moving of the mills from one lo c aCutn
to another. Some sections have had only a few d
of dry weather since the middle of October
T ^
a re scarce as a result.
‘
From the consuming standpoint, the im pr0 v _ .
January business and the fact that dealers are c o m '
into the market for spring requirements a little e a r l ' ^
than usual, are looked upon by the trade as an in d i
tion that stocks are at a low point. The open w i n ? '
which has afforded an unusual opportunity for carrxs
on practically uninterrupted building operations n a t 8
ally has been responsible in large measure for
demand now prevailing.
Railroads are making prompt deliveries
Cars
now coming from California to Pittsburgh in f o u n * 1*
days, whereas in the past, four weeks were usually «
ured for this same distance.
Farmers Pay More For Labor in 1923
It was necessary fo r farm ers to pay more for
labor last year than in 1922. The United States De-
partment of A griculture reports that the average
for male help per month with board in 1 9 2 3
t h e
m o n t h l y
b u s i n e s s
$33.18 as compared with $29.17 for the previous year,
The average monthly rate without board in 1923 was
$46.91 while in 1922 it was $41.79. T he average rate
r e v i e w
7
per day with board was $1.93 last year as compared
with $1.65 in 1922. Day wages for harvest labor with
board averaged $2.45 in 1923 and $2.20 in 1922.
Burley Tobacco A ssociation M akes Large Sale; Prices R e p o rte d F irm er S i n c e
H olidays; Burley P roduction Show s 40,400,000 P o u n d Gain Over 1922
The first announcement of a sale of 1923 tobacco
controlled by the Burley Tobacco G row ers’ Cooper
ative Association was made on January 12 when it
was reported that sales totaling about fifteen million
dollars had been made. It was indicated that these
sales included some of the tobacco of the 1922 crop.
The report did not show the prices which were re
ceived for the different grades sold.
The independent tobacco warehouses in Kentucky
are required by state law to report to the commissioner
of agriculture the am ount of tobacco sold by them
each month. According to this report the sales of
burley tobacco of the 1923 crop during December,
1923, amounted to over 13,800,000 pounds.
The
average price per hundred pounds was $18.87. The
reports coming from the loose leaf m arkets indicate
that the prices paid since the holidays have been
slightly higher than at the opening of the season.
In the annual crop summary prepared by the De
partm ent of Agriculture for K entucky, the burley to
bacco crop for 1923 is estimated at 264,000,000
pounds as compared with 223,600,000 pounds in 1922.
The state's total tobacco production during the past
year is estimated at 494,190,000 pounds as compared
with 446,250,000 pounds for 1922. Last year approxi
mately 578,000 acres were planted in tobacco as against
525,000 acres in 1922.
Production of cigar tobacco increased in all tobaccogrowing states except Ohio where the crop fell off
about 750,000 pounds.
Canning I n d u s tr y S ta r ts N ew Year w ith B right P rospects; Price
Advances Shown in F uture B ookings
T h e canning business is rep o rted to be s ta rtin g
o u t the new year w ith b rig h te r pro sp ects than for
several years p ast so far as the dem and for canned
foods is concerned.
T h e scarcity of farm labor, how ever, and the poor
crops in certain sections, have caused the g row ers
to dem and higher prices for som e of the canning
crops. T h is is tru e p artic u la rly of th e tom ato g ro w
ers th ro u g h o u t In d ian a and K en tu ck y w here the
crop last year w as n o t up to stan d ard , and w here
farm labor at p resen t is a fte r hig h er w ages.
H eav y bookings of fu tu res on various lines of
canned foods have already been m ade at prices con
G a in
siderably in advance of those m ade la st year. T h e
am o u n t of the 1923 pack re m a in in g unsold in cann e rs’ hands is co m p arativ ely sm all and is b ein g
fu rth e r reduced.
Ja n u a ry sta rte d o u t v ery p ro m isin g in the w h o le
sale grocery business and th e trad e a p p a re n tly is
confident th a t th e p re sen t ac tiv ity w ill continue.
R etailers are ca rry in g lig h t stocks and a re m a k
ing th eir purchases freq u en tly and in sm all sized
lots.
W e are inform ed th a t th e holiday tra d e w as
very satisfacto ry , in som e in stan ce s even above
th a t of last year.
For Farm I m p le m e n t I n d u s tr y L ast Y ear[E stim ated a t 20 Per C ent; Schedules
for 1924 Conservative; Southern*Dealers Place Orders
W ith the beg in n in g of its next selling season
close at hand the outlook of the farm im plem ent
in d u stry for 1924 business appears to be g ro w in g
b rig h ter. T h e to tal volum e of last y e a r’s business
is estimated by the Chilton Tractor and Im plem ent
Journal at $250,000,000 or an increase of about 20
per cent over the previous year. T h e low m ark
w as reached in 1922 w hen th e in d u stry 's business
am o u n ted to $ 2 1 0 ,0 0 0 ,0 0 0 .
D u rin g the last five years the sales of im ple
m ents from the u n it or tonnage stan d p o in t have
been far below the line established in previous
years as the usual required equipment for the
farm. As the average life of farm machinery is
estim ated a t ten years, it is n o t unreaso n ab le to
suppose th a t considerable rep lacem en t w ill be
necessary in the fu tu re. J u s t how m uch of th e
overdue b u y in g will com e in 1924 o r 1925 is specu
lative, b u t eq u ip m en t m an u factu rers, b asin g th e ir
opinions on re p o rts received from field sales re p re
sentatives, seem confident th a t im p ro v em en t w ill be
show n.
T h e losses of previous y ea rs have resu lted in
cautious p roduction schedules and curtailed b u y in g
of raw m aterials. S chedules fo r this y ear are being
based largely upon th e size of last y e a r’s p ro d u c
tion plus reasonable increases indicated by dealers*
specifications.
8
THE
MONTHLY
BUSINESS
O ne of th e m o st hopeful indications a t th e b e
g in n in g of the new y e a r has been th e determ ined
attitu d e of the dealers. T h is is p artia lly the re su lt
of the publicity efforts of the m an u fa ctu rers w ho
have so u g h t to convince the farm er th ro u g h the
dealer, first of th e m an u fa ctu rer's condition, and
second of th e ju stification of p re sen t prices. T h is
cam paign has alread y given the dealer needed en
couragement, and at the same time it is helping
the farm er to see th e situ atio n as it actually exists.
REVIEW
Sales ac tiv ity of d e f e r s in so u th ern sta te s is al
re a d y u n d er w a y , as evidenced by ad d itio n al o r d e r s
b e in g placed w ith m an u factu rers. L a st y ea r th e d e
m a n d s of the s o u th e rn trade drew heavily f r o m
th e w arehouse stocks accum ulated for th e la te r
n o rth e r n trade. T his year, how ever, in d icatio n s a r e
f o r a m ore e v e n ly d istrib u te d business, for im p r o v e
m e n t in the v a rio u s ag ric u ltu ral sections has b e e n
m o re general.
n
C lothing S to c k s Heavy as R esu lt o f W arm F all; Fancy Weaves
an d Colorings a Feature in Textile P ro d u c tio n
T h e m en's clo th in g in d u stry is now engaged in
clearin g reta ile rs' stocks of fall goods w hich have
been carried over p a rtly as the re su lt of the usual
season-end accum ulation and p a rtly because w arm
w eath er held back sales. T h e m an u fa ctu rers’ spring
season will, to som e extent, be determ ined by the
success of th ese sales. If th e re ta ile r clears his
shelves and is in th e m ark et for fu rth er m erch an
dise, m an u fa ctu rers' p rogram s w ill n atu ra lly be as
sisted. In th e m eantim e th e in d u stry is aw aiting
U n certain ty in Soft Coal Outlook;
th e o pening of fall w oolen lines w hich is e x D e c t~ t
d u rin g th e c u r re n t m onth.
a
O ne of th e p rin c ip a l features in fab ric p r o d u e
tio n a t th e p re s e n t tim e is the m arked tre n d t o w a r d
fancy weaves an d colorings in women’s wear. N oveltv
finishing and intricate designs are particularly c o n
spicuous in woolen knit goods for outerw ear ' M ~
designs and various color mixtures are constantly a tT
pearing on the m arket.
P*
P roduction J u m p s /
T h e u n c e r ta in ty existing in th e bitum inous co a l
situ atio n a t th e p resen t tim e calls to m ind the
period ju s t p reced in g th e m iners strikes of 1922.
The tie-up at th at time was ended by an agree
ment which will expire the first day of April of this
year.
In m a k in g 11th e com parison, how ever, certain fun
dam ental facto rs now at hand are to be rem em
bered. T h ey a re : (1) T h e a n th ra c ite m ines are in
a stro n g er p o sition th an th ey w ere tw o years ago.
(2 ) Stocks of so ft coal are u n u su ally large. (3)
N onunionized m ines paying w ages below the union
scale and w ith increased p roduction facilities are in
a position to supply a heavier dem and. (4) T h e ra il
roads of th e c o u n try are fu rn ish in g excellent tra n s
portatio n service. (5) Fuel oil is becom ing popular
A n th ra cite O u tp u t Loto er
a s a su b stitu te fo r coal.
W ith re feren ce to p re sen t o u tp u t, th e p r o d u c tio n
o f soft coal recovered prom ptly afte r th e h o l i d a v
season and a s h a rp sp u rt in the w eek ended T anu ai-«
1 2 placed th e to ta l at 11,921,000 net tons
T h is
a n increase of a b o u t 1 2 per cent over the ra te p r^ S
vailin g ju s t before the holidays; in fact it was th Z
la rg e s t w eekly o u tp u t th a t has been recorded sir,
D ecem ber, 1920. T h e o u tp u t on Ja n u a ry 5 w a s o *
068,000 n e t tons.
A ccording to th e G eological S urvey p r o d u c t i o n o f
a n th ra c ite m th e w eek ending Jan u a ry 12 failed t
reach the level o f the period im m ediately before tK °
holidays.
As a g a in st 2,013,000 n et tons in tK
w eek of D ecem b er 15 th e o u tp u t for th e week en d ir» ^
J a n u a ry 1 2 was only 1,840,000 net tons.
g
Condition of Paper a n d Pulp Less S atisfa cto ry; M a r k e t for Boxboard U n se ttle d
P ap er m ills, alth o u g h show ing a fair volum e of
business, are n o t ru n n in g v ery close to capacity.
B oth p ro d u ctio n and shipm ents for D ecem ber w ith
practically no exceptions, show ed a continuation
of the decline w hich w as ev id en t in the preceding
m onth. T h is decline, how ever, is to be expccted at
this season of the year.
T h ere is a h eav y im p o rtatio n of foreign goods,
principally in pulp b u t also in quite a num ber of
grades of paper. T h is has placed the producers
pulp, especially in Canada and also those in
United States, in a tight position with the result th
they are n o w selling their production at a figure w hi u
perm its little if any room for profit, b u t still a b o
th a t w hich w ould m ake it cheaper for them to shT ,!
dow n th eir m ills.
lu t
In the boxboard in d u stry considerable b u sin e « .
is being placed b u t prices have w eakened material^T he follow ing table com piled by the A m e ric a '"
P ap er an d P u lp A ssociation show s p e r c e n ta g e
THE
MONTHLY
BUSINESS
changes in p ro d u ctio n and sh ip m en ts by id en tical
m ills in D ecem ber, 1923, as com pared w ith N o v e m
ber, 1923.
P ro d u ctio n S h ip m e n ts
P e r C ent
P e r C ent
N ew sp rin t .................................
*4
2
Book ............................................ — 1 0
— 6
P aperb o ard ............................... — 8
— 8
REVIEW
9
W rap p in g
........................... . .. — 15
, — 20
... — 6
T issue ...................................
. — 10
H an g in g ............................... .. .
10
F elts and B uilding .........
— 7
O th er G rades ...................... . . . — 2 1
T o ta l—All G rades
.. — 7
— 21
— 10
— 11
— 17
— 3
— 7
— 11
— 7
Decline in M em ber Bank Borrowing Largely Due to R e tu rn
Flow o f Funds; Reserve R atio Moves U pw ard
During the first half of December there was a
m arked upward trend in member bank borrow ings,
due largely to the customary demand for seasonal re
quirements. The past month (ending January 21)
has witnessed a return of the funds to the banks with
the result that loans have fallen off considerably and
the reserve ratio has moved higher.
On December 20 accommodations extended to city
banks in this District totaled $49,687,000 while on
January 2 1 they stood at $15,751,000, a decline during
that period of $33,936,000. Loans to country banks
on December 20 were $18,635,000 as against
$15,686,000 on January 21, or a decline of $2,949,000.
The total decrease for the month am ounted to $36,885,000.
The reserve ratio of this bank was 75.3 per cent
on December 2 0 , while on January 21 it had increased
to 81.5 per cent. The reserve ratio of the System on
December 20 was 75 per cent as compared with S0.S
per cent on January 21.
The combined reports of eighteen representative
banks in this D istrict on savings deposits for the
month of December show an increase of 14 per cent
over the same month last year. W hen comparison is
made with the preceding month an increase of 2 . 1
per cent is shown.
Accordiing to statistics compiled by R. G. Dun ;&
Company commercial failures in the F ourth D istrict
for the month of December totaled 155. In the same
month last year 117 failures occurred.
Liabilities
for December totaled $3,006,938 as compared with
$3,519,347 for the same month a year ago. In the
twelve Federal Reserve Districts there were 1,841
failures during December with liabilities am ounting
to $51,614,730 while in December, 1922, there were
1,814 failures with total liabilities of $58,069,021.
A u to m o b ile Production
The Department of Commerce announces December
production of automobiles, based on figures received
from 186 m anufacturers, 96 making passenger cars
and 119 making trucks (29 making both passenger
cars and tru ck s). D ata for earlier months include
12 additional m anufacturers now out of business,
NUM BER OF
January ..................... ...................
February ..................... ...................
March ......................... ...................
April ...............................................
May ...............................................
|une ............................ ...................
July ............................ ...................
August ..................... ...................
September ................. ...................
Octobcr ..................... ...................
November ................. ...................
December ................. ....................
1921 ,
43.0S6
68,088
130.263
176,439
177,438
150,263
165,616
167,756
144,670
134,774
106,081
70,727
Total ..................... .................... 1,535,201
* Re vised
Figures on truck production also include fire apparatus
ancj street sweepers. Total output of passenger cars
,
1 Q 9 ri .
,
cnn
.
*
ls &n e n as j
>
cars» as against 2,339,768
1922, while truck output totaled 376,257 in 1923
as against 246,281 in 1922.
M A C H IN E S
Passenger Cars
1922
1923
81,696
223.819
109,171
254,773
152,962
319,770
197,224
344,639
232,462
350.410
263,053
337,362
225,086
297,330
249,492
314,373
298,911
187,694
217,566
335,023
*284,921
215,352
275,260
208,010
1921
4,831
7,830
13,328
18,070
18,070
14,328
11,136
13,400
13,978
13,149
10,487
8,656
3,636,599
147,263
2,339,768
T rucks
1922
9,576
13,350
22,640
24,097
26,298
22,046
24,692
19,462
21,795
21,949
20,354
1923
19,720
22,161
35,260
38,056
43,678
41,145
30,663
30,829
28,638
30,166
*28,066
27,875
246,281
376,257
2 0 ,0 2 0
THE
10
MONTHLY
BUSINESS
REVIEW
S T A T E M E N T O F C O N D IT IO N
F E D E R A L R E SE R V E B A N K O F C L E V E L A N D
Jan. 23, 1924
RESOURCES
Gold with Federal Reserve A g en t................................................ ........... ............. ............. ...........
Gold redem ption fund w ith U. S. T re a su ry ......................................... ............. ............. ...........
Gold held exclusively against F. R. N o te s .................................. .............................. ...........
Gold settlem ent fund with F. R. B o a rd .................................. ......... ............. - .......... ...........
Gold and gold certificates held by b a n k .................................. ............... ............................
5199,885 000
2,825 000
202 710 000
82,641 000
13,092,000
T otal gold reserves........................................................ .......................... ............. ...........
Reserves other th an g o ld ................................................................ ............. ............................ ...........
298,443 000
10,415,000
T O T A L R E S E R V E S ................................... ............. ............................ ...........
308^000
N on-reserve c a s h ..........................................................................................................................
3,831,000
Bills discounted:
Secured by U. S. G overnm ent obligations............................................................................
O ther bills disco u n ted ........................................................................ ................. ............. ...........
T otal bills disco u n ted..................................................... .....................................................
Bills bought in open m a rk e t....................................................... .............................. ........................
509 000
qqq
3 5 9 5 4 qqq
43,459,000
21
14 4 4 5
U. S. G overnm ent securities:
Bond s .................................................................................................................................................
T reasu ry n o te s ................................................................................................................................
C ertificates of indebtedness................................................ ............................................ ...........
T o tal U. S. G overnm ent securities..................................................................................
TO T A L E A R N IN G A S S E T S . .............. .............
918,000
11,175,000
3 4 7 Q qqq
1 5 5 ^ 3 qqq
.........
~94,976,000
U ncollected item s...........................................................................................................
.........
B ank prem ises.............................................................................................................................. ...........
All other resources...................................................................................................................... . ,
55,715 000
9*,097^000
299,000
TO TA L R E S O U R C E S ....................................................................
472,776,000
L I A B I L I T I E S ...................................................................................................................................... ~
F. R. notes in actual circu latio n ................................................
.......................... ..........
222 238 000
D eposits:
M em ber Banks-Reserve ac co u n t................................................................................... ...........
I 5 g 4 5 2 qqq
G o v ern m en t....................................................................................................................................
4*508^000
O ther d ep o sits........................................................................................... ............... ................................... 1,454,000
TO TA L D E P O S IT S .................................................... ..................................... .........1 6 4 ^ ) 0 0
Deferred availability ite m s........................................................................................... ..........
C apital paid i n ........................................................................................................................................
49
Q4 2 qqq
l^ lS /X X )
S urPlu s ................................................................................................................. ............... .....................
All other liab ilities........................................................................................................... .....................
23,691,000
1 ,0 5 3 , 0 0 0
TO TA L L IA B IL IT IE S ............................................ .............................. 472,776,000
Ratio of total reserves to deposit and F. R. note liabilities combined = 79.9^
Compared with 78.5% last week.
0
THE
MONTHLY
BUSINESS
REVIEW
11
D eb its to In d ivid u a l A ccou nts
Week E nding W e e k E nding Increase or Decrease W eek E nding
A m ount Per C ent Ja n . 17, 1923
Jan . 16, 1924 Dec. 19, 1923
(322 B anks)
(325 Banks)
(327 Banks)
A k ro n .................. . . $ 17,270,000
$ 16,218,000
6 .5
$ 1,052,000
$ 15,324,000
B utler, P a ..........
3,504,000 —
916,000 — 26. 1
2,440,000
2,588,000
C a n to n ................
9,605,000
2,039,000
2 1 .2
9,989,000
11,644,000
80,794,000
0 .9
713,000
C in c in n a ti..........
84,226,000
81,507,000
154,881,000 — 6,457,000 — 4. 2
C lev elan d ........... . .
145,347,000
148,424,000
37,200,000 — 5,710,000 — 15. 3
C o lu m b u s...........
35,919,000
31,490,000
1,334,000 —
59,000 — 4. 4
1,540,000
C onn ellsv ille....
1,275,000
17,445,000 —
D a y to n ...............
407,000 — 2 . 3
15,099,000
17,038,000
E r ie ......................
7,813,000
0 .9
67,000
7,621,000
7,880,000
4,835,000
G reen sb u rg ........
24. 7
1,194,000
6,029,000
5,171,000
961,000
1 ,0 0 0
0 .1
962,000
8 8 6 ,0 0 0
H o m estea d ........
6,745,000
Lexington, K y ..
482,000
7. 1
7,227,000
7,974,000
L im a ....................
5,133,000 — 1,269,000 — 24. 7
3,864,000
3,817,000
L o r a in .. . .
1,702,000 —
296,000 — 17..4
1,406,000
1,204,000
2,577,000 —
49,000 — 1 .9
M iddletow n
2,528,000
2,145,000
2,532,000
6 .7
N ew B rig h to n . .
170,000
2,702,000
2,553,000
2,694,000
Oil C ity ..............
46 . 0
1,238,000
3,932,000
3,147,000
199,702,000 — 10,672,000 — 5 .3
P itts b u rg h ......... . .
189,030,000
186,362,000
5,406,000 —
225,000 — 4 2
S pringfield.........
5,181,000
5,588,000
2,461,000
426,000
17 '3
Steubenville*
2,887,000
2 .1
T o led o .................
43,258,000
919,000
44,177,000
44,316,000
2,941,000
W arren, Ohio
453,000
15 .4
3,394,000
2,923,000
W heeling............
13,011,000 —
778,000 — 6 . 0
12,233,000
15,618,000
12,087,000
3,461,000
28 . 6
Y oungstow n
15,548,000
14,555,000
3,228,000 —
15,000 — 0 .5
Z anesville...........
3,213,000
2,913,000
$638,067,000 $— 14,638,000 __
T o ta l........... . . $623,429,000
‘ Corresponding figures for 1923 not available.
2
.3
$616,677,000
Increase or D ecrease
A m ount Per C ent
$ 1,946,000
148,000
1,655,000
— 2,719,000
3,077,000
— 4,429,000
—
265,000
1,939,000
259,000
858,000
76,000
-747,000
47,000
.7
.1
16. 6
- 3.. 2
2 .1
- 1 2 .,3
-17. . 2
1 2 .8
3..4
16., 6
8 ,. 6
- 9..4
1 ., 2
16.. 8
17 .9
5 .8
24 .9
1 .4
- 7 .3
12
6
-
-
2 0 2 ,0 0 0
383,000
149,000
785,000
2 ,6 6 8 , 0 0 0
—
407,000 —
139,000 - - 0 '3
471,000
16,. 1
— 3,385,000 - - 2 1 . 7
993,000
6 .8
300,000
1 0 .3
$3,865,000
0 .6
M o v em e n t o f L ivestock a t P rincipal Centers in Fourth Federal
Reserve D istric t for M o n th o f D ecem ber, 1923-1922
C in cin n ati............
C lev elan d .............
C o lum bus.........
D a y to n ...............
F o s to ria ..........
M a rio n ...........
P itts b u rg h ...........
Springfield...........
T o led o ...................
W heeling..............
C attle
1923
1922
23,500 22,732
12,699 12,883
61
81
1,787
1,676
774
604
106
249
40,288 42,741
140
204
604
812
312
438
C in cin n ati............
C lev elan d.............
C olum bus.............
F o sto ria ................
M a rio n ................
P itts b u rg h ...........
Springfield...........
T oledo ...................
13,898 12,067
11,721 12,055
25
23
90
35
166
58
6,662 5,576
128
65
698
Hogs
Sheep
1922
1923
1923
1922
144,937 122,932
5,898
4,782
155,984 114,140 44,395 32,915
10,305
7,055
17
164
19,239
13,467
450
484
15,070
12,141
2,385
1,320
10,289
8,140
1,096
880
336,499 310,421 78,402 48,576
10,505
5,203
482
129
13,872
14,567
1 ,1 2 0
926
2,810
3,462
82
127
Purchases for Local Slaughter
77,848
56,642
4,033
3,420
134,801
91,624 21,400 16,672
220
390
17
3
1,084
125
5
8
30
2,578
2,391
2
8,946
66,118
59,696
8,015
596
3
362
229
152
2,061
Calves
1923
1922
8,158
8,901
10,805
11,361
130
163
826
709
605
504
162
146
36,297 28,039
198
212
470
519
1,194
830
4,429
9,964
44
53
54
6,977
28
316
Cars
U nloaded
1923
1922
1,702
1,943
2,414 2,070
37
13
' 23
"33
5',377
5,292
'l 3 2
32
’ l79
41
3,984
9,915
51
33
110
6,576
42
Wholesale Trade
Percentage Increase (or Decrease) in N et Sales D uring D ecem b er, 1923,
as C om pared w ith N ovem ber, 1923, a n d D ecem ber, 1922
D ry Goods
N et Sales (selling price) during Decem ber, 1923, com pared with
N ovem ber, 1 9 2 3 ............ . ............................ . .............................. . . — 18.2
N et Sales (selling price) during D ecem ber, 1923, com pared with
D ecem
ber, 1922................................................................................... — 13.6
H ardw are
D rugs
Groceries
— 19.2
— 5 .4
— 13.2
—2 .0
3 .0
— 1 2 .0
THE
12
MONTHLY
B U S I N E S S
REVIEW
Com parative S ta te m e n t of S elected M e m b e r Banks in F ourth D istrict
Jan . 16, 1924
(80 Banks)
Dec. 19,1923
(80 Banks)
Loans and D iscounts secured by U. S. G overn
28,167,000
m ent obligations.................................................. $ 27,491,000 $
Loans and D iscounts secured by other stocks and
404.947.000
412.621.000
b o n d s.......................................................................
676.204.000
688.331.000
Loans and Discounts, all o th e r................................
48.315.000
U. S. Pre-W ar B o n d s..................................................
48.743.000
105.227.000
109.126.000
U. S. L iberty B on ds....................................................
4,319,000
U. S. T reasury B onds.................................................
4,745,000
55.712.000
U. S. T reasury N o te s..................................................
53.713.000
7,000,000
U. S. Certificates of In d eb ted n ess...........................
11.933.000
301.639.000
O ther Bonds, Stocks, and S ecurities......................
299.880.000
T otal Loans, D iscounts, and In v e stm e n ts ...........
1,630,854,000
1.657.259.000
R eserve with Federal Reserve B a n k ......................
107,751,000
106 808.000
Cash in V a u lt................................................................
30,777,000
41.126.000
N et D em and D eposits................................................
885,364,000
881.341.000
Tim e D eposits...............................................................
608,805,000
606.883.000
G overnm ent D ep osits.................................................
18,931,000
27.212.000
T otal Resources on date of this re p o rt..................
2,077,190,000 2.104.058.000
Increase
$
.
D ecrease
................$
1.999.000
676.000
7.674.000
12.127.000
428.000
3.899.000
426.000
4,933,666
1.759.000
943,000
4.023.000
1.922.000
26,405,000
10, 349,066
8,281,000
26,868,000
Building O perations for M o n th of D e ce m b er, 1923-1922
V a lu tatio n
Perm its Issued
A lterations
New C onstruction
A u c tio n ,
I n « Me or D e c r j w .
1923
1922
1923 1922 1923 1922
1923
1922
Am ount Per C e n t
23
27 $ 417,347 $ 200.546
238
116
$ 17,340 $ 39,530 $ 194,611
A kro n .........
81 - 1
35
28
428,560
207,397
67
46,647
158
C a n t o n .. . .
22,375
245,435 106 • 8
1,240,720
124
139
234
190
2,190,865
170,295
C incinnati..
158,130
962,310
68 . 8
694
450
498
12,365,455
5,016,915
897,090
573
C leveland*.
1,056,295
7,189,335 118 -4
533,990
71
52
219
707,565
219
118,835
C o lu m b u s..
85,310
207,100
33 -4
36
225.546
53
80
360,532
71,752
101
D a y to n . . . .
42,180
164,558
61 -5
241,700
16
19
70,880
274,080
72
100
E rie .............
27,475
75,785
28
-2
21
22,475
27
65,830
27,380
19
29
L ex in g to n ..
10,870
59,865 179 • 5
2,054,199
112
57
256
2,865,223
305,860
P itts b u rg h .
388
268,441
848,443
36 .5
11
40,150
4
28
40,470
3,175
S pringfield.
47
4,150
655
1 •5
76
49
762,735
132
488,370
110,220
236
T o led o........
54,575
218,720— 26 -8
178,600
27
25
32
213,225
18,460
57
W h e elin g .. 30,120
22,965
11
•0
13
15
734,115
Y oungstow n
465,530
7,260
165
78
21,385
■ 282,710— 37 • 4
T o t a l .. . 2,501 1,831 1,274
930 $20,883,052 $11,459,088 $1,865,194 $1,820,836 $9,468 322
71.3
*Includes figures for E a s t Cleveland, Lakew ood, Cleveland H eig h ts, and S haker Heights.*
*
N ew C onstruction
D e p a r tm e n t S tore Sales
(1)
Percentage
(2)
of
Increase or Decrease
Comparison o f net sales with
those of corresponding period
last year
No. of
R eports
A
Decem ber
B
Ju ly 1
to Dec. 31
4 .7
2 .7
3
A k ro n ..............
4 .0
1 0 .8
3
C a n to n ............
1 2 .6
15.9
C in c in n a ti.. . .
9
10.9
7 .0
C lev elan d . . . .
5
5 .2
9 .3
C o lu m b u s... .
5
8 .2
9 .7
3
D a y to n ...........
1 1 .8
8.3
P ittsb u rg i. . .
7
13.4
11.9
4
T o led o.............
Y o u n g sto w n ..
19.8
23.1
3
8 .7
1 2 .1
44*
D istric t...........
6 .0
8 .4
U. S. Average.
♦Includes two reports from other cities.
Stocks a t end of m onth com pared w ith
A
Decem ber
1922
6 .8
6 .0
1 2 .0
14.3
8 .8
20.4
8 .4
25.7
16.0
1 2 .1
1 1 .8
B
N ovem ber
1923
— 15.6
— 1 1 .8
— 21.4
— 15.3
— 2 0 .6
— 21.7
— 15.3
— 11.7
— 27.1
— 16.7
— 17.5
n
(3)
Percentage
of
average stocks
at end o f each
m onth from
July
1 to
D ecem ber 31
to a v e r a g e
m onthly sales
over same
period
371.3
673.2
410.8
351.7
367.5
348.3
330.9
329.9
245.6
351.8
360.8
Percentage 0 f
outstanding
order, at
Cn|
of D e c e m b e r
1923,
to
to t a l
purchase,
during ca le n d a r
year 1922
8.2
4 .5
6 .5
4 .4
4 .9
6. 2
3 .6
6.8
6.0
5 .7
S ta te m e n t o f B itu m in o u s Coal loaded in to Vessels (as D u m p e d by Docks ) in N et Tons
For th e M on th of Decem ber, 1923, as co m p a red w ith th e sam e p e rio d for th e Seasons o f 1922-1921
1921
1922
1923
Ports
9,280
176
9,456
12,657
98,091
98,365
16,540
37,395
31,662
824
1,969
2,427
834
560
1,845
256
13,481
100,060
100,792
17,374
37,955
33,507
256
11,275
10,585
249
11,524
10,585
22,296
664
546
22,960
546
43,269
50,740
71,467
1,560
1,672
1,400
1,467
2,004
44,941
52,140
72,934
3,564
11,752
2,209
’ 68
408
49
12,160
2,258
508,052 16,325
524,377
67,397
2,160
69,557
4,426,687 116,157
4,542,844
1,106,251
2,561,015
1,853,148
1,577,500
2,546,216
2,062,722
359,981
32,319
78,085
52,138
45,468
103,113
91,910
12,782
1,138,570
2,639,100
1,905,286
1,622,968
2,649,329
2,154,632
372,763
1,125,792
2,300,210
1,474,202
1,018,656
62,2 i 4
78,097
20,603
66,183
1,188,006
2,378,307
1,494,805
1,084,839
23,364
1,353
24,717
46,306
3,046
30,467
2,691
9,523
24,794
19,954
151
513
308
270
1,676
2,495
3,197
30,980
2,999
9,793
26,470
22,449
31,742
57,138
63,765
2,087
20,863
2,118
2,209
3,445
1,504
3,043
33,860
59,347
67,210
3,591
23,906
289,434
19,085
308,519
Hocking V alley .......... 5,026,533
N. Y. C — Ohio Cen
tral L ines................. 1,182,193
151,965
5,178,498
36,966
84,402
95,726
58,439
196,569
201,470
31,920
82,236
255,746
94,482
242,057
96,532
860,814 27,965
1,219,159
888,779
B altim ore 2,912,587
& O h io .. . .77,864
2,891,967
2,976,369
2,990,451
3,103,822 2,794,264 99,730 2,893,994
1,539,867
430,222 17,587
447,809
3,864,526 1,836,014 91,529 1,927,543
2,071,997 1,056,464 93,239 1,149,703
770,945
381,903 14,464
396,367
994,367
3,635,786 1,515,608 88,464 1,604,072
2,241,626 1,674,618 90,038 1,764,656
3,025,697 1,618,192 63,317 1,681,509
834,635
199,670 72,387
272,057
Toledo
Hocking V alley..........
N. Y. C — Ohio Cen
tral L in es.................
Baltim ore & O h io ... .
Sandusky P en n sy lv an ia..............
Huron
Wheeling & Lake Erie
Lorain
Baltim ore & O h io .. . .
Cleveland P enn sylv ania..............
E rie ...............................
F airport
B altim ore & O h io .. . .
A shtabula New York C e n tra l...
P en n sy lv an ia..............
Conneaut Bessemer & Lake Erie
Erie
P en n sy lv an ia..............
T otal
68
For Season
Toledo
Sandusky
Huron
Lorain
Cleveland
P en n sy lv an ia..............
Wheeling & Lake Erie
Baltim ore & O h io .. . .
P en n sy lv an ia..............
E rie ...............................
F airp o rt
B altim ore & O h io .. . .
A shtabula New Y ork C e n tra l...
P en n sy lv an ia ..............
C onneaut Bessemer & Lake Erie
Erie
P en n sy lv an ia..............
3,008,096
1,481,428
3,667,957
1,870,527
739,025
912,131
3,380,040
2,147,144
2,783,640
738,103
3,241,786 92,597
3,334,383
T o ta l........................................... 29,828,784 1,628,510 31,457,294 18,522,142 829,181 19,351,323 22,412,380 759,069 23,171,449
N ote: Tonnages cover coal lin ejia u led into ports by railroads as shown.
REVIEW
T o ta l l!
47,373
Fue
BUSINESS
Fuel
1,067
Cargo
MONTHLY
C aryo
Total
Cargo
THE
Total
Fuel
Railroads
THE
14
MONTHLY
BU SIN ESS
REVIEW
S u m m a r y of Business a n d C redit C o n d itio n s in the U n ited S ta te s
By the Federal Reserve Board.
Production of basic com m odities showed fu rth er decline in
December and wholesale p rices receded slightly. Christmas
trad e w as so m e w h at larg er th a n a y ea r ago. Changes in t h e
banking situ a tio n in Ja n u ary reflected chiefly an unusually la r g e
retu rn flow of cu rren cy after th e holiday season.
P R O D U C T IO N
Index o f 22 basic commodities corrected for seasonal variation (1919100). Latest figure— December, 111.
T he index o f production in b asic industries declined fo u r p e r
cent in D ecem ber to th e low p o in t of th e year. T he decrease for
the m onth reflected principally a larg e reduction in consumption
of cotton, but a ls o reduced op eratio n s in th e woolen, petroleum,
sugar, and lu m b e r industries.
P ro d u ctio n of pig iron and
an thracite increased . T he F ed eral Reserve B oard’s index o f
factory em ploym ent decreased one p e r cent, and w as fo u r p Cr
cent low er th a n in th e spring. .T h e la rg e st decreases were at
plants m an u factu rin g food products and railroad equipment
BuHding c o n tra c t aw ards in D ecem ber w ere sm aller th a n
N ovem ber, b u t alm ost 25 per cent la rg e r than a y ea r a g o
TRADE
R ailroad shipm ents continued to decrease during D ecem b*
and w ere slig h tly less than in D ecem ber, 1922. L oad in g s 0 {
coal and g rain were sm aller th a n a y ea r ago, while lo a d in
of m iscellaneous m erchandise and live stock w ere in la r * *
volume. T he volum e o f w holesale trad e showed m ore th a n t h e
usual seasonal decrease and w as a t about th e sam e level a s
year ago. S ales of m eat, hardw are, and drugs w ere la rg e *
th an in D ecem ber, 1922, w hile sales of dry goods and s h o
were smaller. Retail trade, tho u g h la rg e r in December, 19^
th a n in any o th e r m onth on record, did not show as larg e
increase over N ovem ber as is usual a t the C hristm as seaso n
P R IC E S
W holesale prices, according to the index of the Bureau
L abor S tatistics, decreased less than one per cent during E>°f
cember. T h e chief reductions occurred in prices of fuel a n d
building m aterials, while prices of clothing and m etals in creas
and prices of farm products rem ained unchanged. D uring t h e
first tw o w eeks of Jan u ary prices of co m , wheat, pig iron,
troleum and lum ber advanced, while quotations on cotton,
and copper w ere low er.
SH ga r
B A N K C R E D IT
T he volume of credit extended by th e Federal Reserve banfc*
showed th e usual sh arp increase during the la tte r p a rt ^
D ecember in response to holiday requirem ents fo r credit a n d
currency and financial settlem ents falling due on the fir s t
of January.
Weekly figures for member banks in 101 leading cities.
January 16.
L atest figure,
W ith th e passing of th e seasonal dem ands th « r*
w as an unusually rapid retu rn flow of currency to th e
Reserve
THE
MONTHLY
banks, reflected both in an increase of reserves and a
decrease of F ederal Reserve note circulation. M em ber
BUSINESS
REVIEW
15
banks used th e currency returned from circulation to reduce
their borrow ings, w ith th e consequence th a t th e earning assets
of the F ed eral R eserve banks declined by $360,000,000 during
the four w eeks follow ing C hristm as, o r approxim ately $150,000,000 m o re th a n during th e corresponding period of 1923.
A t the m iddle of Ja n u ary th e volum e of R eserve b an k credit
outstanding w as below $1,000,000,000 fo r th e first tim e since
early in 1918.
L oans m ade largely for com m ercial purposes by m em ber
banks in principal cities declined betw een D ecem ber 12 and
Jan u ary 16 to a point $264,000,000 low er th a n a t th e peak in
O ctober an d to about the level of July, 1923. T h is decrease
in loans, w hich w as general th ro u g h o u t th e country, w as ac
com panied by a m ovem ent of funds to th e financial centers
and an increase in loans on securities, principally in N ew Y ork.
Weekly figure* for 12 Federal Reserve Banka.
Latest figure, January 23.
E asier m oney conditions in Jan u ary w ere reflected in a
fu rth er slight decline in th e rate on prim e com m ercial paper
to 4 Ya p er cent, com pared w ith 4% to 5 p er cent in D ecem ber,
and in increased activity in th e investm ent m arkets.
FOURTH
FEDERAL BESEBVE
D IS T R IC T
«
K-ENTu
,J
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BOUNDAZV OF DISTRICT
— »«• BOUNDARIES OF BRANCH TERRITORIES
— ----- BOUNDARIES OF S T A T E S
<§) FEDERAL RESERVE B A N K C I T Y
FEDERAL RESERVE BRANCH C JT JE S
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