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FEDERAL RESERVE BANK OF KANSAS CITY
ASA E, RAMSAY,
CH.AIRMAN SOARD OF DIRECTORS
AN C l"ECERAL RESERVE AGENT
C. °K, BOARDMAN.
Ai.9Sf&.TANT
FEDERAL RESERVE ~GEN:?'
REPORT OF CONDITIONS IN DISTRICT No. 10, FOR THE MONTH OF JUNE, 1919.
-,
Kansas City, Mo., June 25, 1919.
HIGH tide of general business and industrial activity is showing this month in reports to this bank from all sections of the
Tenth Federal Reserve District. The reports uniformly agree that there is increased confidence and more satisfactory progress in practicallv
eve~y Ii_ne of t!·ade and productivity, a happy conditio~
which 1s a_s cnb_ed to ~he fact that the greatest yield
of . wheat m h istory is now pract ically assured for
1919, and possibly the greatest year for all crops.
~anufact~ring i~ : api~y incre~sing, the oil ind ustry
1s expandmg, r.1mmg 1s asswnmg a more cheerfol
aspect and bui!~ing is nearing the "boom" stage. The
reports empha:,,ze the fact that there never was a
time when the masses of the Amer ican people were
so prosperous as they are at this time; never a not her
time when so large a proportion of the Nation's assets
were in the hands of the people for t hem to use and
en j?}:; never a time when there were more opportu111t1es to earn money, to spend, to invest, to pa:;
debts, or t u ~a,·e for a "rainy day." Aside from some
small fear expre:;sed here and there that e..xcessive
r ain:- may ha,·e been inju riotts to the ripenina wheat
~lelayit1g th_e harvest and to som e extent r~tarcLing
Janu operations. the reports are more satisfactory thau
any that have been received this year.
A
ability of manufacturers to supply the trade, it being
appa~ent that the makers of goods were lagging at
the time, a_ few weeks <l:go, ~he people were hesitating
about bu_Ymg and lookmg m for price reductions.
There _1s a good demand for groceries and very little
expectation on the part of customers that price·s will
go_ lm:'er, although beef has shown a slight decline in
pnce m th~ present month. Heavy purchases of coffee are noticeable because of the generally known fact
that the coffee crop will be extremely short on a:ccou?t of the decreased acreage in the South American
reg10ns which ordinarily supply the North American
trade. Th<: small acreage is due to the fact that growers were discouraged during the war.
.
~ard_ware, particularly building hardware, is expenencmg a go<?d trade i~ c?mmon with paints, oils
and other materials for bmldmgs and repairs.
Jewelry,. dru!f sundrie~, furni_t--:re, carpets and drapt;!nes a_re likewise showmg actnnty. In fact all lines
are gomg strong-including musical instruments and
a_utornobilcs-because there is a realization that aood
times ~re here for S<;Hne time to come and pricei are
not gomg to take a big tumble soon if they really come
down at all.
One large mail order h?use writes that it is feeling
the effect of the expec_tahons of the country at large
t~at the w_heat crop wtll b~ exceptiona1 both in quan~.1ty of gram produced and mcreased acreage. It adds:
Our c_ustomers seem to be very willing to purchase
the articles ·we offer, the more so, we believe, because
?f the fact that by our special 'flyers' issued at short
intervals we have been able to keep very close to the
market in our offerings."
General Business.
Thirty-nine leading houses, ,vh olesale and retail
merchants of the various lines, manufacturers and
l umber dealers, in citjes scattered over the district.
sent in reports to the Bulletin covering operat ions in
the month of }day and forecas ting conditions for the
immediate future . Twenty-two of these repor ts say Financial.
business is irnproYing. fifteen say it is steady, while
~on~e i_dea of the g~neral improvement coming to
only tW() :;ay it is unsettled. In the r eport:- si.,-teen
t~1s
<l1stnc~ may be game_<l by a glance at the reports
give pen:entage 11f increase of trade over the ci:,rot ~he cleanng hut~ses, which shov.- that banking trans~
rcspond ing m1.mth i11 1918. One reports lOo/o increase, act1011s were hcancst uf this year in Mav. The clearone 15%, three 20o/o, four 25% . th_ree 303/o, one 35 % , ings reported frum eighteen cities amounted to $1 one -1-0o/c, am! cwu SSo/<,.
620,282,50 for _the month, being §212,076,509 larg~r
·F actors fayorable lo bm;ine:;s a111l gent!ral pros1\.pnl cleanng~ and $90,160,89:> larger than clearperity most frequently mentioned in these r eports ~ha11
mgs 111 March, wh1cll was the ne.xt bes t month th'is
are: Good crop concLitions, fu ll employment of labor, year. The May, 1919, t otal is a lso $2-1-2,436,266 or
more rnoney in circulation among the people, con- 17o/o larger than the. ban~ clearings in May, 1918,
snmers b uy iug more freely, no war activit ies, nev,, when the _war was at 1t~ height. ~ he .reports of eighpeople coming in, new oiJ discoveries. reviYal of build- teen clearing houses, ,vtth comparisons, follow:
ing, and an increase of confidence. The only unfavMay, 1919
I\fay, 1918
orable factors mentioned are: Low prices of lead and
zinc ores, cold or unseasonably wet weather, and bad Kansas City, Mo ....... $ 943,908,481 $ 764,594,368
239,543,835
r oads. O ne correspondent says advancing prices make Omaha, Nebr. . ...... . 244,533,606
142,141,533
110,275,039
Denver,
Colo.
.
.
.
....
.
merchandising difficult.
74,706,388
72,261,901
Collections are reported by nine as excellent, by St. Joseph, Mo ........ .
48,926,763
38,003,650
Wichita,
Kas.
.
.
.
....
.
twenty as good. and by four as fair, while it is as47,144,620
35,090,425
~erted that '·this splendid payment activity will n o Oklahoma City, Okla... .
41,214,319
51,284,359
doubt be reflected in increa:,;ed purchases after harvest Tulsa, Okla. . . . ..... .
22,523,474
18,500,151
is over and probably throughout the year." .Business Lincoln, Nebr........ .
12,964,338
14,779,288
Topeka,
Kas
.
..
.
.....
.
failure,; are (ewer than at any time in a quar ter of a
11,579,397
9,433,824
Muskogee, Okla...... .
century, according- to the reports.
7,143,000
8, 165,694Joplin, Mo .. ........ .
4,898,618
- ------ -O kmulgee, Okla...... .
Mercantile.
4,
139,000
3,301,000
Colorado
Springs,
Colo.
1\11 aoalysi:, 0 f reports of wholesale and retail mer3,533,572
3,236,029
cha1Jb and 111ail order houses shows that the retail Fremont, Nebr....... .
3,372,837
3,089,162
Pueblo,
Colo
.........
.
dry g.oods tra<lc is partic:ularly healthy, and as it is
3,066,882
2,073,708
made up of 11umerous small sales it is evident it is Kansas City, K as ...... .
2,726,179
2,495,648
ha,;e<l on actual current consumption. Retail houses Has tings, Nebr. ...... .
1,709,557
1,713,217
handling dry goods, clothing, shoes and k indred lines Lawrence, K as. ... . .. .
ar e doing a heavy business and it is remarked that
generally the people are demanding better goods. Tbe Clearing,,; Nlay, 1919 ... $1,620,282,564 $1,377,846,298
great d illiculty-as in other lines- is the great in- Clearings five mont hs .. $7,280,090,964 $7'048'515 '593
r
The demand for loans in this district continues
s trong and r a t es firm . "\lVith ha r vest now upon us
in certa in porti ons of the di~trict, it is expected tha1
the dema nd w ill be h eaYy for another sixty days, after
which time considerable liq uidat io n is a nticipat ed.
A very large propo rtiun of t he ba nks in this district
ma de payments in full fo r V ic tor y L iberty L oa,n subscriptio ns, necessitating Lhe rediscounting of paper
and heavy borrowing a gaii1st Governme nt issues. T his
s it ua tion cannot be corrected until after c rops have.
been marketed.
Agriculture.
It is now settled beyond a reasonable doubt t hat the
'l'enth Federal Reserve District will roll up its lar gest
crop of wheat this season, a lt hough t here is some
speculation as to w hether t he high est imates of June
1st will he realized v,,h en t he ha rvest is over an<l the
grain is threshed out.
Repo.rts to the state agric ultu ra l departments place
the combined acreage of a ll w heat in the st ates and
parts of st ates of this distr ict at a_ppr 0:>..7mately 20,250,000 a cres, against a co m bined a r ea of 17,7 50,000 acres
in 1918. Estimates of tbe probable y ield on. t his acr eage is from 382,000,000 b ushels t o 340,000,000 bus hel s,
based Oil the June 1s t condition. which was above
90% in all states of the district.
Heavy a nd fr equent rains a nd damp, clo udy ,ve~Lt h er
in :vlay a nd early June caused r ed rus t on a la rge
area of wh eat in O klahoma, Kansas, ;,,{issouri ;,nH.!
N ebraska , w hile the ra nk g r owt h resulted in m uch of
the wheat falling. Repo r ts, however, indicate tha t th e
rust did J ittle dam age as it cl.i d not reach th e heads
conta ining t he g ra in, while in a ll b ut a (ew in s tances
the wann weathe r a nd s ullshine fo llowing brou ght up
the "\vheat so it coulrl he cut without material loss.
In \ i\:yorning wh eat is repor ted exceptiona lly good ii;
]-latc hes favor ed by plent ious s howers, a nd m edium to
poor in r egio ns less fav or ed w ith m oisture. In Colorado and New Mexico, wher e cold weather held on
into 1fay and retarded growth, the wheat is heading
uut well and promises a good yield.
The ha r vestiJ1g w bich began in O kla homa early in
June is now under w ay as far no rth as CenlTa l Kansas.. Federal an d st ate employ ment agcncie!"-, with
rommercial and civic bodies in cities and towns coo perat ing, a r e endea,·o ring to supply plenty of ha rveste rs, a nd gener ally w it h fa ir success. \Vh ile complaint of a shortage of labo r ar e coming from n umero us sections, it is believed th e s ituation will be handled an<l the wheat will ue taken care of..
The frequent rains over the eastern half uf this district also were unfavorable to the proper growth an<l
development of oats and rye, and also for the proper
cultivation of corn. Considerable damage to corn by
cut worms is reported in m any sect io ns, necessitating much replanting. F reezing weatJ,er late in May
did considerable damage t o small c rops in Colorado.
The fruit crop is r epor ted fair in the J\1issouri valley.
In the mountain regions some damage to fruit by
frost is reported.
Grain Movement.
Movement of gra in to the mark ets in May a nd in
the f irst half of June was ;;-omewhat sm aller in volume
tha n it was in the earlier weeks o t t hig \ear. S t ill.
the receipts of wheat, oats and rye at this- season are
heavier than a year ago at this time. Corn receipts
are considerably less than last year at this time, which
is due to the short crop of last fall.
Even with a record wheat crop in sight there hatbeen no material \vcakening of prices such as might
have been anticipated. This is due mainlv to the
fact that stocks of 1918 wheat arc pretty well cleanc<l
up an<l only a small supply of ol<l wheat is in the
hands of the farmers. No. 2 hard wheat sold on Tune
7th at $2.52@2.54 at Missouri River points. Corn
was also maintaining its remarkably high recon\, No.
2 selling at $1.75@ 1.77 on the same date.
\Vhile a large majority of dealers apparently are
hol~ing back_ their orders until the new wheat crop
begms to arrive at the markets, the millers have been
producing flour at close to 40% capacity, while at this
time last year their operations were below 16% capacity. M illers, h owever, would welcome a n opportunity t o m ake a gene ra l cleanup b efor e b eginning
on the new 1919 ~vheat, an d they ar e not pushing
sales.
Live Stock Markets.
\,\."hile receipts of cattle at th e s ix markets of this
district drupped off about 50,000 head, or nearly 7 %,
in I\l ay a? compar ed wit h the receipts o f May, 1918.
the s upply of calves, hogs and s heep, a nd a lso of
hors es and mules, s howed a s ubstantial gain over t h e
record of a year ago. The record of l\fay and of the
first five months of the year, with figures showing
receipts for the· same month and five-months period
last year, is here given:
:vionth of Mav
Fl\'e :-.fonths
1919
1918
1919
1918
Cattle . . ..... 438,882 468,146 2,278,136 2,449,267
162,304
112,950
Calves ....... 32,392
24,137
Hogs ........ 909,850 831,739 5,293,265 4,840,494
Sh eep ........ 442,429 375,323 2,302,522 2,2W,526
86,108
56,670
Horses & Mules 5.756
5,048
In the face of the slight falling off in receipts of
cattle top prices of native steers wer e $17.50 in May
as compared with $)9.50 in Apr il and $17.75 in May
of 1ast year. T he May prices, however, were $4.00
higher than the top in the same month in 1917. A
further decline in cattle price.~ in the first half of this
month brought the top price for native steers to
$15.25@16.00 June 16th. Hogs were highest of the
_vear in },fay, $21.10 for tops as compared with $17.70
in I\lay, 1918. On June 16th the top price was $20.80.
\.Vith more liberal supplies, best lambs ,vere selling
around $18.00@18.35 at the beginning of June a11cl on
the 15th at $17.50@18.S0.
Packers' purchases of cattle for slaughter at the
houses in this <li::;trict are slightly under the purchases a year ago, but hog killing operations and
sheep ::laughter show a decided increase. The purchases by packers are shown in the following:
Month
1919
. 187,473
. 22,004
. 763,083
. 292,139
of l\fay
1918
222,287
16,684
Five l\fonths
1919
1918
Cattle . . ....
1,130,465 1,155,17J
Calves . . . . . .
113,608
95,202
Hogs . . . . .. .
658,376 4,262,886 3,725,212
Sheep . . . .. . .
226,792 1,457,369 1,300,532
There seems to be no let np in the demand for
horses and mules to go to the harvest fields, while
the oil fields are drawing heavily on the markets for
big horses an<l the supply is far from meeting the
demands even at the unhear<l of prices now being
paid.
Petroleum.
The ever-growing demand for petroleum products
and the removal of restrictions imposed by the Government during the \var, are responsible for greater
activity in prospecting for oil and in developing new
fields in order to stimulate production to a ppint
where demands can be met.
The May record, for which returns are complete,
shows an increase of 12,373 barrels new production
daily in the states of Okla_homa, Kansas and \Vyoming, and a total of 1,247 new wells as against 1,020
new wells in April. A summary of new developments
in these fields for the month of May follows:
Number \Velis Barrels Daily New Rigs and
Completed New Production Drillings
Kans,ts . . . . . . . 366
8,691
527
Oklahoma . . . . . 858
41,4 10
1,529
\Vyoming . . . . . 23
5,920
358
Total May ... 1,247
56,021
2,414
'l'otal April .. 1,020
43,628
2,343
Gain . . . . . . . 227
12,393
71
The field reports shuw the munber of <lry wells in
the three states ,va::; thirty-six more than iu April
while there was a decrease uf nine in the number of
gas wells,
Intensive development of the older and known fields
and new oil discoveries both in the Mid-Continent and
\Vyoming fields, are rapidly bringing uil production
up to the point where the flow will soon reach the
high record of 1917 and the first half _of 1918. Th~re
is greater activity in oil development_ 111 ev~ry section
of oil territory than has been smce tins Nation entered
the war, and with a better supply of experienced men
now available, operations are less hampered than for
many months.
Mining.
\-Vith the coming of good ,veather in the mountainous sections of Colorado the metal mining industry
shmved its first signs of improvement since the signing of the armistice. Removal of_ restricti?1:s affe~ting exports of silver, together with the nsmg ~n~c
an<l indications of a further rise, has created a stir 111
many. of the old silver camps somewhat akin to the
old times when silver was in its palmiest days. The
price of silver in )..fay averaged 6.11 cents an ounce
higher than the April price and June 16th the Coloradio settlement price was up to $1.12¼ an ounce,
with world stocks of silver bare, the mining interests
of this district ar~ preparing for the greatest activity
in silver production that has ever been known.
April of this year, while the volume of building operations in the first five months of 1919 is 35.6%
larger than it was in the corresponding five months
of 1918. The May record made up from reports to
the Federal Reserve Bulletin follows:
No. Permits
Est. Cost
Omaha, Nebr.. ' . . . . . . 215
$ 1,042,220 ·
Denver, Colo. . . . . . . . 366
928,180
Kansas City, Mo ...... . 494
883,665
Oklahoma City, Okla .. . 194
746,112
Tulsa, Okla ... ...... . 242
663,735
Okmulgee, Okla ....... 71
331,050
vVichita, Kas.
. .... 114
274,780
Lincoln, Nebr. ....... . 85
221,330
Kansas City, Kas ..... . 61
107,080
Pueblo, Colo.......... 74
91,521
Topeka, Kas ... . . . . . . . 65
91,112
St. Joseph, Mo ........ . 64
77,690
:wuskogee, Okla ... - .. . 27
76,020
Joplin, Mo .......... . 37
72,785
Colorado Springs, Colo . . 61
32,373
Pct.
Gain
106.7
71 .2
49.8
101
28.S
155.6
41.1
126
63
230
296
122
666
324
133
!-.fay, 1919 .. ...... . 2,170
$ 5,639,753
80.1
;:-.fay, 1918 .. . . . . . . . 1,380
3,131,439
$16,283,809
12,005,036
35.6
Five Months, 1919 .. . 7,202
Five Months, 1918 .. . 4,419
A better price for lead and zinc has created a more
confident feeling in th_e Colorado _mining regio_ns.
Very little more labor 1s employed 111 the producmg
mines, however, for the reason that prices are not
yet commensurate with the costs of production. \Vagc
reductions were extended to all camps and effected
a reduction of a ppro:-..-imately 50 cen ts per day for all
classes of labor engaged •in t he . industry . Some of
the camps report a shortage of skilled miners, which
apparently indic;:tte.<; that these men arc finding other
lines of employment.
A striking feature of the bu ilding situation 111 this
section is t he tendency to make wa'l"-deferred repairs
and additious. T he reports. however, s how t hat in
these fifteen cities for which officia l information is
obtainable only $389,812 or 7.8% of the total o f :\fay
investmen t went into these repairs and additions. leaving 92.2% o f the money for new construction .
R eports fro m th e Joplin district sh ow t he average
price of zinc blende ore, which was $38.87 per ton
in April, dr0pped t o $37.80 for t h e month of May.
Calam ine ores d ropped from a u a\Terage of $26.61 in
April to $24.80 for May. S hipm~nt of blende ore~
averaged 9,255 tons per week and of calamine ores
260 tons a week.
The outstanding feature of t he building s.ituatio 11,
however, is the rema rkable demand for dwellings.
T his is not confined to a few of tbe Jarger cit ies w here
increased indust rial activities are attracting m ore people, bu t it extends everywhere t hroughout the Ten th
Federal Reserve D istr.ict. Cities, towns and \·illage;;
in the oil [iel<l:. are growing m ore rapidly than it is
possible to provide homes fo r the new r esidents. T his
accounts in a great measure for the large increase oi
building operations shown in the preceding reports .
The lead ore market opened at $57.00 a ton and
closed a t t h e same price for the m onth of May, the
average J?rice for the month being $57.15 per ton.
Shipments ave.raged 1,579 tons per week. The market
for this grade of ore has shown a downward tendency.
Operations are being carried on at less than 50%
capacity. Stocks of zinc blende ores on hand at the
opening of 1fay ·were 18,000 tons and at the close
of the mouth 16,000 tons. \.Vith lead ore the month
opened with 150 tons surplus stocks and closet! with
200 tons.
The coal sih 1ation shows v ery litt le if any improvement in the last t hirty days. P r oduction has droppet!
off since t he begin ning of. t he year about 25o/o in
Missouri, 20% in Kan as and 39% in O klahoma, in
the five months period, on account of lack of demand.
\Vith the kno\vledge that present high price levels
are to be maintained for an indefinite period, consumers arc buying a little more freely than a month
ago for their winter supplies, but unless there is
heavier buying to stimulate productive demand there
is a strong probability that the people ,vill face a
tremendous coal shortage in the coming vv·inter.
Building.
Furtl1er increase of lrnilt!ing operations and a return
tu pre-war activity is reflected in the late reports from
fifteen cities of this district. Each city in the month
of i\l ay m,Lc.le a s ubsta11tial gain over its record in May
of last year, the fi gures io the aggregate showing the
increase to be 80.1% . The );lay report,; also sh ow an
improvement amount ing to 28.4% over building· in
Labor.
Reports irom cities ;;L11d towns over th i:; <l istrid indicate fewer labor troubles than would be experte<l
from puhlis he<l reports of urest i 11 mauy parts o f t he
world. \"ery lit tl e tuiemploy1i1e11t i~ repm·te<l b_v the
Bulletin's correspondents, whil<! t h ere are many r e•
por ts wh ich s how a. shortage of sk illed men, some reporting a s hortage of e..,perienced clerks and office
help, a nd a kw reports of growing scarcity of commou
labor. 'rhe harvest fields are attracting la rge. n umbers of men from cities and towns, and this is making
com mon labor scarce i.n a good many places.
F ifteen c it ies repor.t no st r ikes, wh ile mos t of t he
s t rikes of a local nature are in a fa ir wa_y of adjustment. Dem an ds for a shorter working day and for
higher wages have been made and in most instances
they have been granted.
There is some speculation as to wh,tt will follow the
expiration of the contract between the United :\1inc
\,\'orkers and the coal operators uf the cou ntry, knowu
a,- the 'Wasb ington Agreement, w hic h probably w ill
terminate some time in July. Already t he Policy
Committee o i t he United Mine ·workers has issued
a statement of their demands, which, in addition to an
advance in wages, calls for a 6-hour day instead of an
8-hour day, as now exists, and five <lays a week.
Generally the labor situation is reported in 1.his district as good, fair, excellent, and in a few instance:.
as about normal.
r
Combined Balance Sheet
FEDERAL RESERVE BANK OF KANSAS CITY
June 13, 1919.
RESOURCES
Gold Redemption Fund F. R. Notes . . .. . . . .. $ 14,345,552.20
Gold with F. R. Agent .. . ... . .... . . ... . . . . . 27,254,580.00
Gold Settlement Fund . . . . . . . . . . . . . . . . . . . . . 36,900,669.58
Gold Certificates and Coin. . . . . . . . . . . . . . . . . .
75,4{X).00
Legal Tender Notes, Silver Certificates, etc.. . .
206,131.00
Total Cash Reserves. . . . . . . . . . . . . . . . . . . 78,872,332.73
13,617.84
Nickels and Cents. . . . . . . . . . . . . . . . . . . . . . . . .
National Bank Notes....... . . . . . . . . . . . . . . .
266,010.00
Bank Notes of Other Fed. Res. Banks. . . . . . .
17,500.00
· F. R. Notes of other Fed. Res. Banks........
529,900.00
Unassorted Currency . . . . . . . . . . . . . . . . . . . . .
1,820,644.00
Total Cash . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 81,430,004.62
5% Redemption Fund Fed. Res. Bank Notes..
713,700.00
Transit Items . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,794,597.45
Checks and Other Cash Items..............
1,430,600.65
gxchanges for Clearing House... .. .. .... . . .
1,014,018.16
Domestic Transfers Purchased. . . . . . . . . . . . . .
7,940,000.00 63,892,916.26
Secured by Government War Obligations:
Member Banks' Collateral Notes. . . . . . . . . 46,288,200.00
All Others . . . . . . . . . . . . . . . . . . . . . . . . . .
1,826,855.40
Otherwise Secured and Unsecured:
Member Banks' Collateral Notes. . . . . . . .
3,787,485.52
All Others . . . . . . . . . . . . . . . . . . . . . . . . . . 30,355,480.35
Bills Purchased in Open Market. . . . . . . . . . . .
9,594.67
U. S. Bonds Owned. . . . . . . . . . . . . . . . . . . . . . .
8,867,500.00
U. S. Certificates of Indebtedness.. . . . . . . . . .
6,883,000.00
98,018,115 .9..J.
Total Earning. Assets .... .... .. .... . .. .
Bank Premiums . . .. . . . . ...... . ..... ... . .
400,538.25
382,409.79
All Other Resources . .. . . . .... .. .. . .... . . . .
$244,123,984.86
Total Resources . . . .. . ... . .. . . . . .... . .
LIABILITIES
Federal Reserve Notes in Actual Circulation .. $
Fed. Reserve Bk. Notes in Actual Circulation . .
Total Circulation . . . . . . . . . . . . . . . . . . . . .
U. S. Treasurer General Account... . . . . . . . . .
Members, Reserve Account.... . . . . . . . . . . . . .
Other Deposits .. . .. .. . .. .. . . . . . .. . . ·. . . . .
All Other Transit Items. . . . . . . . . . . . . . . . . . .
Total Gross Deposits.. . . . . . . . . . . . . . . . . .
Capital Paid In. . . . . . . . . . . . . . . . . . . . . . . . . . .
Surplus Fund . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross Earnings . . . .. ......... $2,098,091.92
Less Expense Current ... .. :... 477,976.12
All Other Liabilities ... .. .. . .. . ..... . ..... .
Total Liabilities . . . ..... ... ... . ... . . .
95,993,335.00
12,487,920.00
$108,481,255.00
17,421,778.87
69,651,333.19
1,061,519.59
39,164,486.47
127,299,118.12
3,760,950.00
2,421,426.71
1,620,115.80
7,802,492.51
541,119.23
$244,123,984.86
RESERVE
Ratio of T otal Reserves to Net Deposit and Note Liability Combined .. 50.0%
Gold Reserve Against Fed. Res. Notes After Setting Aside 35% against
Net Deposit Uability.. . ............................. . ...... 59.6%
@FedFRASER