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The Monthly Business Review Covering business and industrial conditions in the Fourth Federal Reserve District FEDERAL RESERVE BANK OF CLEVELAND D. C. W ills, Chairm an of the Board VOL. I CLEVELAND, OHIO, JULY 1, 1919 NO. 6 ^ FIRMER feeling o f confidence prevails in the general business situation than has been evidenced in any o f our previous reviews. / % Several reasons contribute to that substantiality: The in- creased demand for steel, the prospects o f a record harvest, the large number of applications being made for new banks and building and loan associations, and the increased capitalization o f established banks. These factors are all indicators to immediate healthy conditions, with a stronger faith for the future. A wider distribution of orders and commodities gives a healthier color to con tinued business. Every indication gives a promise and everyone seems to feel that we are to have our full share in the com ing era of prosperity. W hile at present we are passing through the stage of free expenditure and speculation, these conditions will gradually be adjusted and we will soon get a grip on ourselves. During the war period, speculative and industrial expansion was curbed by Government restraint. Since that restraint has been removed from private credit, the tendency has been running to rampant speculation, until we find the transactions on the stock market during June reaching the highest point since 1916. That this is causing an unstable money market is evidenced by call money fluctuating between 5 per cent, and 12 per cent. The reported action o f the Federal Reserve Board, as given out in press notices, in asking the Federal Reserve Banks to closely scrutinize their loans will tend to reduce this fever of speculation. At least it has given the loaning banks a leverage o f inquiring into the purpose o f the loans, which will act as a brake on the over-enthusiastic borrowers for speculative purposes. Rather than take the course o f running to inflation, we should be working toward cautious deflation. If there is any slackening in the credit situation it should be used for constructive needs o f the country and not wastefully put in passing speculation. One of the most hopeful signs on the horizon o f this month’s Business Review in this District is the millions of dollars which are being spent in repairs, enlargement and building by the steel com panies. This can have no other interpretation than that the steel men can see big business in the future. At the present time the most significant fact is that the turn has set in, rather than an actual gain. Causes have been set into motion that appear to have started results of a definite nature. The past thirty days have witnessed developments of a much more far-reaching character than could have been anticipated a few weeks ago. There is the apparent feeling that prices are moving to the point o f stabilizing themselves, and at the same time very little is heard o f wage reduction. Business men apparently insist that an accumulated demand will necessitate purchasing, and that •confidence in prices will develop under the natural law by which prices should be regulated. Another evidence of a better business situation, showing the confidence of business men in the future, is the large increase in business corporations since the first o f the year. There have been a large number o f new banks organized; in the City of Cleveland alone twelve charters have been granted new building and loan associations. This fact, together with the statement made by one of the largest flreproofing companies in the District that the demand for materials for building purposes 2 THE M O N TH LY BUSINESS REVIEW . is so rapidly increasing that they have have been forced to call in additional plants to take care o f the business, speaks well for improved building operations. Manufacturing Taking on a Firmer Trend. Industrial operations are still sporadic in certain lines, but it is the evidence of confidence in the immediate future that is stabilizing and stimulating business. W hile the majority of the manufacturing industries are not back to their pre war basis in volume of output and employment of men, yet there is an optimistic feeling which is stronger than a month ago. There is an improvement seen in nearly all lines except the machine tool industry, and even the makers o f these are hopeful, but are inclined to expand their business with caution. There is still a brisk demand for pipe lines and other oil country goods. Some plants are reporting that they could do more work if raw materials and labor were available. A rapid improvement in manufactur ing conditions is also being retarded by the shortage of suitable housing facilities. Manufacturers o f electrical goods report a satisfactory volume o f business for May. In quiries for new business continue in increasing numbers, although in some cases extended terms o f credit are asked. Manufacturers o f glass and tableware are having an increasing business. Glass factories have had a successful firing o f their products, and the outlook for the season is excellent. Iron and Steel Industry has a Stronger Tone• The iron and steel industry has taken a New business is com ing in in good volume, with mill operations con decided turn for the better. sequently increased. During the period since our last report, the stronger tone and confidence among buyers have been so developed that a substantial buying movement has resulted. Many contracts covering iron and steel requirements to October 1st, and in numerous cases to January 1st, have been made, with few exceptions, upon the basis of current prices. The situation generally evidences a willingness on the part of buyers to accept the present level o f prices, with less expectancy of reductions. In some cases the buyers have been willing to close tonnages at present prices to a more forward date than the pro ducers have been willing to entertain. Most prominent among this class of buyers are the automobile manufacturers and the makers o f automobile accessories. For four years the war demands have dominated the market and ordinary requirements to a great extent have been forced to a standstill, but steel is now experiencing its first open market since the beginning o f the war. The trade apparently feels that the worst is over in the matter o f readjust ment from war-time to peace conditions. There is some question as to whether there will be any decline in prices until after a period o f full capacity operations. A hopeful condition is noted in the fact that orders are reported as being well distributed over the country, which is evidence that the market is developing on a much broader basis and that buying is no longer confined to the automobile industry and the oil piping demands. Another healthy condi tion is shown in the increasing call for structural and fabricated steel. This leads us to a more or less permanent demand, for it shows that building operations are brightening up, which gives rise to a basis for a steady growth. W ire plants in the Cleveland district are now operating at about 85 per cent. Makers o f light or sheet plate, selling principally to the automobile trade, have booked themselves fully for several weeks ahead. Plants which sell semi-finished steel for rolling into finished products have put several furnaces into operation for the purpose o f increasing their output. Pig iron sales in the Pittsburgh Area have been heavy, the demands during the past tw o weeks exceeding 100,000 tons. This is the best selling that the market has experienced at any time this year. Gray iron and malleable furnaces especially have been active buyers. The period o f delivery is running as far as January 1st. More inquiries are coming in from manufacturers o f stationary engines and steam boilers. Plants which had been working only three and four days a week since the first of January are again working on a 60 to 75 per cent, basis. THE M O N TH LY BUSINESS R EV IE W . Collections are satisfactory, with the exception o f the railroads, but in view o f the appropriation of 750 million dollars just passed by Congress, it is thought that doubtless there will soon be relief from this quarter. Bumper Crops Predicted• There are two outstanding features in the agricultural line: First, the farmers are organizing exchanges on the co-operative plan to handle farm products, ma chinery and feed, buying in large quantities and thereby reducing cost. Second, it is complimentary to the farmers that, instead of foolishly spending their increased revenue, they are found to be increas ing their operations and improving their land by tiling and the use o f more fertilizer. The corn, the planting o f which was delayed due to cold, rainy weather, has germinated nicely by reason of the hot weather which followed. Because uf this fact, it is thought that most o f it will be ready to cut before the early frost. Most o f the extremely late planting is for ensilage. Grass lands are looking fine, and timothy hay promises to be a bumper crop. . Some o f the farmers have enlarged their barley acreage, which they expect to use for fattening the early fall pigs. There is no need o f curbing an optimistic spirit when speaking o f the agricultural output, for at the present time every indication points to one of the largest harvests the country has known. W heat has suffered a slight loss from lodging caused by heavy wind and rain, but the loss is insig nificant when the total production is taken into consideration. The grain in the early sown wheat is well formed and gives promise o f a well developed, plump grain. The farmers’ only worry is that the stocks are so thick and the heads so heavy that it may go down and prove difficult to harvest. Harvesting is now in progress, and because of the scarcity o f harvest hands, together with the Govern ment’ s guarantee price, it is thought that the farmers will rush the wheat to market as soon as it is threshed. Farm labor is very scarce, notwithstanding the return of the farmer-soldier, as it is found that many of the farmer boys after returning from the Service are gravitating to the larger places and entering the factories or other lines of industry. Reports from the Kentucky district give no movement in old tobacco. Practically none o f it seems to be on the market, and few quotations are published. About one-half o f the growing crop was planted under conditions none too favorable for planting. Many o f the plants have grown large and woody, and as a result of these unfavorable conditions there may be a curtailment of plants from 10 to 15 per cent. Present indications show that the total crop will be about 10 per cent, above that of last year. Tendency for More and Better Grades of Live Stock. Of all live stock, hogs have un doubtedly made the greatest increase— an increase o f 35 or 40 per cent, over normal pre-war times. There is a growing tendency to increase the number of cows, and the high price o f food is tending to eliminate the poorer grades, so that increased production may equalize the increased price o f feed. Another factor for greater efficiency in production is the organization o f cow testing associations, the idea being to sort out the poorer grade of cows. Cattle feeders are somewhat discouraged, as there has been a drop o f approximately $4.00 per hundred during the past few weeks, and, as this means a loss to the feeder, the farmer will be inclined to rush his cattle to market before they are ready, thus making a bad matter worse. W hile there is no material increase in the number of heads o f horses, there does seem to be a tendency to increase the size and eliminate the smaller horses on the theory o f gaining more power and feeding a less number of horses. The high price of w ool has brought the sheep into prominence. 50 per cent. Shortage of Coal Supply Predicted. ened gait is the coal industry. Flocks have increased nearly Probably the slowest industry to catch the quick However, during the past two weeks many o f the larger coal consumers 4 THE M O N TH LY BUSINESS REVIEW . in the district have started to accumulate coal, fearing a shortage this fall. Officials o f miners’ organi zations say that as soon as peace is finally declared they will be automatically released from the agree ment entered into between the miners, the operators and the Government that there was to be no advance in the wage scale while the war was in progress. Miners have kept the faith, although some o f the operators installed a bonus system in order to speed up production after the armistice was signed. There are hints from the mining regions of a possible call for a scale conference o f the miners o f the district. W hile it is not hinted what increase may be decided upon at this conference, yet it is known that the miners will insist upon enough more money to take care o f the increased cost o f living. This condition of affairs, coupled with a possible shortage of labor and a car shortage, is causing many o f the larger consumers to book orders. This shows noticeable improvement in activity o f the coal mines. Some of the larger concerns are running on full time,, and the payroll requirements are larger than they were even during the war. The disquieting feature of the coal industry is the disappearance o f surplus mine labor. This condition is partly due to emigration and to the fact that the laborers are able to obtain higher wages in other lines o f industry. The coke situation has improved since the last report. Large quantities o f coke were stored last fall in anticipation of a continued war. This supply is now running low and the outgoing tonnage shows an increase with accumulated inquiries. The producers, however, are cautious in anticipation o f a midsummer dull period. Normal conditions are expected for the fall trade. Mercantile Lines Continue in Unprecedented Volume• Mercantile lines reflect no hesitation. Prices on cotton, silk and woolen goods are advancing very rapidly due to the scarcity of desirable merchandise for immediate delivery. The public is buying more goods and paying higher prices, with very little complaint. Merchants report that they are selling a better line o f goods and that the people have the money to pay for them. W e question if the present high prices are wise, or even justifiable, as most of the merchandise is as high priced today as at any time during the war. Reactions which often follow advances in price are disconcerting and always have had a bad effect on business. The merchants seem very optimistic and are placing large orders for fall delivery. As long as the public continues to be willing to spend its money freely, the retailer will have no cause for worry. Jewelry stores are doing a record business, notwithstanding the greatly increased prices o f jew elry and silver. Shoe sales have made a new high level mark this spring, and there are reports that the price o f shoes is to be increased due to the shortage o f leather, as it is reported that Europe is exhausting our supply. , Shortage of Labor Especially Skilled. Since the middle o f May there has been a short age o f labor, especially in trades requiring skilled workers. General labor conditions are good, and with a few exceptions there is very little unrest. In instances where unreasonable wages were paid during the war, it is going to be difficult to reduce the wage scale without causing a great deal o f dissatisfaction, resulting in inefficiency and irresponsibility for results. There is a marked shortage o f labor in agriculture, the coal mining districts, and in a great many o f the larger industrial centers. This shortage is not necessarily due to lack of man-power, as there are many thousands o f men belonging to the “ floating” class who are not anxious for work. The housing situation is still retarding production, as in Akron alone 15,000 men could be used immediately if it were possible to obtain houses, and this is only one instance out o f many. The clerks and other office employees, as well as teachers and those having a more or less fixed salary, have not yet enjoyed the advance in wages enjoyed by the laborers. It is becom ing more and more apparent that they are the greatest sufferers under the high cost o f living, and that THE M O N TH LY BUSINESS R EVIE W . 5 advances should necessarily be made for their benefit. The teachers have been able to better their conditions somewhat, and there are instances where clerks and office employees are combining with the idea of obtaining better wages. Building Has Found Its Pace. Reports of building inspectors from several points in the District show a phenomenal growth o f from 400, 500 and even 800 per cent, increase over that of the corresponding period o f last year. This is due to the stabilizing o f building materials and the settling o f the differences among the allied trade groups, which were striking during the month of May. The statement o f a large fireproofing plant in the District shows that they are unable to handle the increasing orders and are turning them over to the additional plants for filling, is a good criterion o f the building outlook. In Columbus the “ O w n-your-ow n-hom e” campaign resulted in the erection of 1,000 new homes, but as many more are needed. There are more prospective erection of build ings being talked o f than for many previous months. Some building operations are still being held up due to shortage o f carpenters and skilled workmen. Collections Satisfactory. Collections continue quite satisfactory, although some students of conditions are looking for a recession following the payment of the second tax installment falling due in the month o f June. If business revives, as indications now point, we are inclined to believe that the present tax payment will be the most difficult to meet of any o f the four payments during the year. An Increased Volume of Transportation. The transportation situation is reported very satisfactory, with an increasing volume o f tonnage and a minimum time of delivery. The tourist and excursion traffic promises to be a record breaker. The majority o f summer resorts have book ings for more conventions with larger attendance than ever before. Three hundred thousand are expected to attend the Methodist Centenary at Columbus, while many conventions are being held at other points in the District. Railroad transportation shows renewed activities by the putting on of several extra trains which had been taken off during the war. The freight tonnage shipped from the Cleveland district in May in creased over the tonnage o f that shipped in April. In May 22,250 cars carrying 655,929 tons were forwarded, compared to 18,624 cars carrying 491,405 tons in April. The number o f cars used and the tonnage received in May were also greater than during the month o f April. However, figures for both months were about 25 per cent, less than figures for the same months in 1918. The pros pects for June are even better than those reported for May. Money Plentiful, with Speculative Tendencies. Banks are busy in all departments, and, in spite of the high cost of living, savings deposits are on the increase. Regardless of the speculative trend o f the month, money has been available for com m erce and industry, due to our present monetary plan under the operation of the Federal Reserve System. Demand for money is active with comm ercial loans running between 5 and 6 per cent, many banks rediscounting or borrowing to carry their customers. W hile there will be a heavy drain on the reserve of the banks due to contemplated building opera tions, it is thought that the banks will be able to care for all legitimate borrowers as the unusual crop yield will bring large amounts in deposits. There is no question but that through the energy, industry and initiative of the American people, this District will do its share in paying off the war debt in record breaking time. Foreigners continue to leave the country in large numbers, and take with them the proceeds of all their holdings which they are able to convert into money. There is a feeling among them that they must get back to their native country at once. Perhaps this condition will change when they are able to better understand the actual conditions, including prices, and wages in their own countries as compared with their present earnings. New National Bank Organized. a charter with capitalization o f $25,000. The First National Bank of Pandora, Ohio, has been granted 6 THE M O N TH LY BUSINESS R EVIE W . BUILDING OPERATIONS FOR MONTH OF MAY Permits Issued New Construction 1919—1918 Valuations Attention* 1919—1918 143 494 910 Now Construction 1919 Now Construction 1918 471,045 89 2,542,705 547.030 483 1,381,355 931 2,956,700 1,161,600 414,010 165.030 102 751,820 329,961s1 ... 270,455s 192,048' 126,500 12,000 46 401,169 149 1,052,998 104,775 10,385 8 629,273 403,112 103 70,823 49 27,775 317,915 457,050 40 Alterations 1919 Alterations 1918 Incrossoor Decrease of total valuations 1919 over 1918 Par Cent of Incroaao Decrease 383,385 59,190 2,395,855 158,500 253,155 739,670 421,675 295,160 1,921,615 95,365 75,245 269,100 34,550 456,409 78,407 19.750 11,535 122,715 373,216 181,781 843,264 14.750 2,110 107,030 100,602 51,405 275,358 20,875 15,178 48,745 50,783 312,530 400,882- 451.8 92.3 131.9 TO TA L.............. 2833 1546 2341 2000 10,619,329 4,178,205 1,673,451 1,257,289 6,857,286 *Figures include new construction and alterations. 126.1 Akron........... Cincinnati. . . Cleveland.. . . Columbus. . . Dayton......... Erie............... Lexington. . . Pittsburgh... Springfield... Toledo........ Wheeling... Youngstown. 655 189 376 243 272 230* 8 362 44 277 21 156 223 120 184 137 122 158* 82 166 69 4 195 212 30 22 176 111 62 14 41 212 112.0 138.3 40.9 530.4 144.8 891.6 60.5 114.2 52.0— CLEARINGS May 16 to June 15 1919 1918 Increase or Decrease Percent of Increase or Decrease Akron................................. Cincinnati.......................... Cleveland........................... Columbus.......................... Dayton............................... Erie.................................... Lexington.......................... Pittsburgh.......................... Springfield.......................... T oledo................................ Wheeling............................ Youngstown...................... 40,823,000 247,042,592 401,009,769 53,969,400 18,440,885 8,887,271 5,709,984 565,758,443 5,603,844 51,379,004 18,645,003 17,382,680 22,641,000 234,039,561 333,157,514 45,705,500 16,892,375 9,200,149 4,100,000 501,355,543 4,454,106 42,726,299 17,454,380 15,565,835 18,182,000 13,003,031 67,852,255 8,263,900 1,548,510 312,8781,609,984 64,402,900 1,149,738 8,652,705 1,190,623 1,816,845 80.3 5.5 20.3 18.0 9.1 3.339.2 12.8 25.7 TOTAL 1,434,651,875 1,247,292,262 187,359,613 15.0 20.2 6.8 11.6 7 THE M O N TH LY BUSINESS R EVIE W . STATEMENT OF FEDERAL RESERVE BANK OF CLEVELAND. June 20, 1919. RESOURCES Gold Gold Gold Gold coin and certificates..........................................................................$ 37,159,000 settlement fund with F. R. Board................................................. 38,579,000 with Federal Reserve Agent............................................................ 119,789,000 redemption fund................................................................................ 1,834,000 TOTAL GOLD RESERVE...................................................... 197,361,000 Legal tender notes, silver, etc................................................................... 868,000 TOTAL CASH RESERVE...................................................... ............. 198,229,000 Bills discounted—Secured by Government War Obligations.............. Bills discounted—All other....................................................................... Bills bought in open market..................................................................... Total bills on hand..................................................................... U. S. Government B o n d s ........................................................................ U. S. Government Victory Notes............................................................ U. S. Government certificates of indebtedness .................................... 121,593,000 6,623,000 31,969,000 160,185,000 1,083,000 -017,512,000 TOTAL EARNING ASSETS.................................................. 178,780,000 Uncollected items and other deductions from gross deposits.............. 5% Redemption fund against F. R. bank notes.................................... All other resources...................................................................................... 79,025,000 834,000 1,519,000 TOTAL RESOURCES.............................................................. 458,387,000 LIABILITIES. Capital paid in............................................................................................ Surplus fund................................................................................................ $9,236,000 3,552,000 12,788,000 Government deposits................................................................................. 27,795,000 Due to members— Reserve accounts........................................................ 120,338,000 Deferred availability items........................................................................ 65,098,000 Other deposits............................................................................................. 666,000 TOTAL GROSS DEPOSITS................................................... 213,897,000 Federal Reserve notes in actual circulation........................................ Federal Reserve bank notes in circulation—net liability.................... All other liabilities...................................................................................... 213,454,000 15,588,000 2,660,000 TOTAL LIABILITIES............................................................. 458,387,000 THE M O N TH LY BUSINESS R E V IE W 8 PICKUPS ON BUSINESS TOPICS A CCORDING to a cable Teceived from Herbert Hoover the last ship loaded with, food stuffs by the American Belief Association will leave New York on June 30th and with the distribution o f this cargo America’s job o f dis tributing food to the people o f Europe will end. This is earlier than expected, as it had been thought that they would have to be supplied until fall. Mr. Hoover’s cable also says that Belgium is the first country to become self-sustaining and that the last relief cargo for Belgium was shipped April 30. While this year’s crop in most European countries will be below normal, it is believed that it will be suffi cient to supply the people until they are financially able to secure food through the regular channels. IMMIIintlllllllltllllllllllllHIIIIH B. G. Dun and Company report that the number o f failures for April, 1919, was the smallest ever recorded since monthly statistics were first compiled a quarter of a century ago. In the Fourth Federal Beserve District the number o f failures for April, 1918, were 87 as compared with 41 for April, 1919, a decrease of 53 per cent. The contraction in amount of indebtedness is given as $653,738 for April, 1919, as against $1,460,787 for April, 1918. I T is stated that the Bank of England will turn over to the British Government the entire amount o f its excess profits earned during the war period. In effect the bank will then have done its work in connection with the war financing at cost and so will nullify the charges o f profiteering which have been made against it. The earnings o f the Federal Beserve Banks in this countiy have likewise been very much greater during the war period. However, member banks may share in these earnings only to the extent o f the 6 % cumulated dividends with the exception o f amounts posted to surplus to guarantee the payment o f dividends. The remainder o f the earnings go to the Govern ment as a franchise tax. Consequently Federal Beserve Banks equally ^with the Bank o f England are performing their service in connection with war financing at cost: The nation-wide movement to facilitate the entry o f state banking institutions into the Federal Beserve System con tinues. New York, North Carolina, West Virginia, Tennessee and Oregon have recently amended their banking laws to permit state banks and trust companies which become mem bers of the Federal Beserve System to comply with the reserve requirements o f the Federal Beserve Act in lieu o f those o f the respective state laws. mmimiiimiiiiiiiitiHiiitmiiin It has been announced from Tokio that a company has been incorporated with a capital o f $25,000,000 to lay a sub marine cable between Japan and the U. S. The plan pro vides for joint financing by Americans and Japanese. Although the route o f the new cable has not been announced it probably will be by way of the Aleutian Islands. The gold reserves of the Federal Beserve System at the end of 1918 were in excess of $2 ,000 ,000,000 as against reserves o f $592,000,000 under the old National banking system early in 1914. The city of Stockholm has invited American exporters to store goods in their port which opened June 1st, in expecta tion of the great demand for commodities which is expected as soon as conditions in Bussia become more settled. It is interesting to note from official figures compiled by the Department of Commerce that our exports to South America more than doubled during the month o f April over the same neriod o f time during 1918; while our imports from South America decreased $10,000,000 during the corresponding period. No less authority than Julius Kosenwald of Chicago, head o f the Sears-Roebuclc Company, in expressing his views in a communication to Secretary of Labor Wilson stated that it was his opinion there will be little change in the price levels for the necessities o f life. The information and education service of the department of labor has obtained a number of expressions from prominent men on this subject, which are of a similar nature. In response to a desire expressed by a number of soldiers to the War Department arrangements have been made through the Secretary o f War by which it will be possible for men upon being discharged from the army to deposit part of their funds at the camp and have them transferred to banks in their home towns. Local bank clearing houses in the vicinity of the 23 demobilizing camps will appoint agents to handle these funds and transfer them free of charge to whatever bank the soldier may designate. Secretary o f War Baker has asked Congress for legislative authority and an appropriation o f ten millions o f dollars fo r the immediate purchase o f the Cape Cod Canal. There is a good market in Brazil for small plows, discharrows, cultivators and garden hoes for the cultivation o f cotton. There is also a strong demand for sugar machinery Most o f the present machinery is o f English make but Consulate believes that a good business can be done in th« way o f repair parts as well as installation o f American mnd machinery. «iaae The Department o f Labor announced under date o f Mav 31 that a building boom has started which promises to plav an important part in helping to solve the unemployment problem Work has been held back because o f unsatisfactory condition o in the building markets, but indications are that t h e « ^ S ? be a steady increase from now on in the territory eaaf o f the Missouri and north o f the Ohio Biver. The bniMwf contracts let for the week ending May 16 amounted total o f $59,748,953. This amount greatly exceeds the tntJi o f May for any previous year. The total for April * 1 9 1 0 9 , 000 was the best April total on record. * ’* in 1in imiMnmHMimtmt111ui h In the interest o f safe train operation, the Interstate Com merce Commission has issued an order, effective June 1 changing the boundaries between the Eastern and Central time zones within or adjacent to Michigan and Ohio, placing the Hocking Valley, Toledo & Ohio Central, Kanawha & Michigan, and Kanawha and West Virginia Bailroads in the Central Time Zone. This order also places all Ohio cities located on the zone boundary in the Central Zone. The petition o f Toledo and those of several municipalities east of the boundary to be put in the Central Zone were denied by the Commission. Secretary o f War Baker has announced that with the aid o f the Navy practically every soldier should be out o f France by August first o f this year. . The average total number o f civilians leaving this country since the signing o f the Armistice has been 25,000 a month. O f these, an average of about 16,000 consisted o f laborers.
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