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FEDERAL RESERVE BANK O F ST. LO U !S MONTHLY REPORT ON GENERAL BUSINESS AND AGRICULTURAL CONDITIONS IN FEDERAL RESERVE DISTRICT No. 8 RELEASED FOR P U BUC ATtON ON AND AFTER THE AFTERNOON OF APR!L 2 7 , 1 92 0 p W tL U AM CWAtRMAN ! OF THE BOARD MCC. AND MARTtN, FEDERAL RESERVE AGENT Reports froth representative factors in virtually all lines of industry in this district indicate there has been no slow ing down in the recent brisk pace maintained by business. Further, barring certain disabilities of a transitory sort, signs generally point to continued activity for some time to come. As contrasted with like period in 1919, the past month discloses a goodly gain in the volume of sales of both wholesalers and retailers, while in but few instances is there report of any falling off from totals of the preceding month. The demand for merchandise continues massive, and in many lines far in excess of supplies. Prices of leading articles hold very strong, and in many important instances further notable advances are recorded. Wheat. leader in the foodstuffs classification, has soared to new high levels on the present crop, No. 2 Red Winter selling in St Louis on April 17 at $2.88. Corn and oats, cash and futures, have moved upward, and all products of these cereals have felt effects o f the upturn. Sugar, another vita! staple, has started upward again. Dry goods, hardware, woodenware, wearing apparel, iron and steel products, together with other varieties o f mer chandise, are reported steady to higher, with gains o f a very decided character on some articles. The raw material market holds its own well, there being no declining tendency observable thus far. Fuel is higher, especially coke, from which Government regulation was recently lifted, and which, along with coal, is affected by the increased scale to miners in the bituminous fields. Certain adverse elements in the situation have taken more definite shape in the past few weeks, but thus far have not been sufficiently marked to act as a real damper on business activity. Labor unrest, which manifested itself in the switchmen's strike and some lesser demonstrations, is causing uneasiness. Agricultural conditions are not uniformly favorable. The prospects for winter wheat are poor. There has been extensive damage from insects and more or less winter killing, the extent of which is not fully known. Spring farm operations have been delayed by excessive rains and floods. Cotton planting is backward, and the corn acreage bids fair to be seriously curtailed by the scarcity and inefficiency o f labor. Fruit in this district was badly damaged by the cold spell early in April. Peaches and apples in many sections have been killed, and elsewhere so blighted that only a half crop can be expected. Ground fruits have been injured, and the same is true of early vegetables. Collections for the most part are reported good, though backward in tobacco growing sections, where last year's crop has not been entirely marketed. In certain flooded districts hanks and merchants complain of delayed settle ments. The demand for credits holds up well, and banks could place considerably more funds than shown in their loan figures were they disposed to do so or if the money were available. The policy of selection is being more intensively practiced, and funds are being loaned with the idea of servins? the most useful purposes in the several communities. Speculation is being discouraged, in both commodities and securities. The switchmen's strike at St. Louis has caused a large tonnage o f freight to be diverted to the Government River Service. Business in April of the St Louis-New Or!eans barge line will be by far the largest for any single month since its establishment, September, 1918. M ANUFACTURING— On the whole manufacturing operations are maintained about on a parity with the preceding month. In certain lines, notably industries using iron and steel, a slowing down was apparent, due to delayed arrivals of raw materials caused by the switchmen's strike. Some complaint relative to labor is heard, skilled operatives being especially scarce. Orders for future delivery are bulky, especially in the metal industries, while accumulations are light, excepting those traceable to congestion resulting from the strike. As contrasted with the corresponding period a year ago gains ranging from 5% to as high as 150% are disclosed in reports received this month. Still larger gains were prevented only by inability to secure raw and semi finished materials. Boot and shoe manufacturers show gains in output and activity over both the same period in 1919 and the pre ceding month. Business is brisk, specific comment describing it as steady to very active, and in virtually all cases it is norma! or better. The selling price of leading products has undergone no marked change, hut the public is reacting against the high cost of footwear, which fact makes an apparent tendency to easier prices. As compared with a year ago, manufactures o f woodenware show libera! gains, the highest reported being 100%. while there are gains o f from 5% to 15% over the preceding month this year. Orders for future delivery are heavy and the demand continues wel! above normal. Continued good business is in sight, with no features apparent which would have a tendency to work adversely to the industry. The advance in sugar prices and shortage of labor, coupled with hampered railroad traffic, have served to disarrange things to some extent in the candy manufacturing line, but the demand for the finished product continues enormous, and recent gains are being we!! maintained. The price tendency is firm, due to high manufacturing costs, but no notable specific changes have been reported. The outlook for spring and summer business is described as good. Increases of from 10% to 30% are reported by manufacturers of drugs and chemicals. Depleted stocks, an unusuaHy heavy demand and broadening o f the soft drink industry are among the factors favorably affecting this line. The tendency of prices is higher, due in part to a scarcity of raw materia!s. but more directly to tremendous consumption. Makers of clothing of al! sorts are heavily burdened with orders for prompt and future delivery. Some have reached capacity, and are refusing business involving shipment earlier than three to six months. Labor in this !ine is described as scarce, inefficient, and restless. Selling prices continue to show heavy increases over a year ago. and several Arms report gains as high as 50% in the past month, but a majority show steady levels with a month ago and indi cate that there will be no further upward revisions in the near future. The demand for electrical supplies is broad and active, the inquiry in a!! lines being above normal. Telephone suppl'es are particularly scarce and strong, and it will be months before needs in that specialty are caught up with. Sales 'n the past month range as high as 90% over the same period in 1919, white gains o f from 10% to 20% are shown in sales for this month as contrasted with the preceding thirty days. The outlook for business is reported good, but contmgent !arge!v upon the attitude o f labor. . Manufacturers ^ articles have felt effects o f the strike more heavily probably than any other single mdustry Raw materials, already scarce, were further delayed and for a time activities were slowed down. Otherwise, however, business is al! that could be desired. Mills, foundries and furnaces are working at capacity, and their books are crowded with orders. Prices hold firm, with an advancing tendency. Pig iron is scarce and high, No. 2 Southern (1.75% to 2.25% si!icon) being quoted at $42, Birmingham. The demand for building materials and tubular goods http://fraser.stlouisfed.org/ seems msatiahle. and orders booked wil! insure the present pace o f activity for several months to come. Federal Reserve Bank of St. Louis 't-f tht nrar*lt[m ........ Their busines has been adversely affected by the advance m wheat prices and heavy stocks m ce^a<npos!t^ns. Con sumption, however, continues heavy, and with a return to norma! m railroad transportation the recent distribution status should be restored. Prices are irregular, but with an advancmg trend due to the upturn m wheat. 1 Manufacturers of rope, paper bags, envelopes and furniture report no marked change m conditions as contrasted with a month ago. A majority of interests engaged in these industries show broad gains over the same period vear, and are running about on a parity with recent weeks. . . . , . ^ ; t.- t. Car shortages and railroad strikes have interfered with conduct of lumber manufacturing, the condition of which ts reported as generally steady. The demand is above normal, and sales range as high as 150% ° ' y y ^ a g o . borne interests, however, show slight decreases as compared with last month, the maximum joss reported betng b /b. Labor scarce and more expensive. General conditions affecting the industry are good, and the outlook nopeiul. W H O L E S A L E AND JOBBING— Generally thorughout the district business with wholesalers during the past month showed improvement. T o the South, where the season is backward, the pace is no better than steady, but nowhere is a retrograde movement discernable. In some of the typical fruit-producing sections crops were injured by the cotd snap early in April, and a note of conservatism is sounded from that quarter. Sales universally are runnmg tar aho\e those of the corresponding period last year, and in the main are holding their own or exceeding reecnt averages. Orders in the hands of boot and shoe distributors show increases of from 23% to 70% over the same month last year, and gains of as high as 33%% are shown over the preceding month this year. Selling prices range from steady to 10% higher. Despite the agititation against high costs, the d e m a n d is unabated, and purchasing power great as ever. Wholesalers of drugs, chemicals and kindred lines continue to enjoy prosperity. The call for their merchandise, both for prompt and future delivery, is in excess of supplies. Consumption of drugs since the tirst of this year has been augmented by the influenza epidemic and other sickness caused by the unusual season. The price trend is upward, specific advances being reported an a number of important articles. - L Dry goods jobbers and wholesalers again show heavy gains over the corresponding month last year, ranging m the extremes from 5% to 90%. hut as compared with the preceding month this year sales range from steady to 25% less. Business is described as about steady, with the outlook for the balance of the season favorable. This opinion, however, is qualified and subject to revision with favorable or unfavorable crop developments. Orders on hand are heavier than last year and the demand is above normal. Selling prices are steady to a shade higher, the greatest strength being on textiles. \Vholesale clothing continues active, with selling prices steady to firmer. Reports as to volume o f business vary from 20% under the preceding month to small increases. General conditions are auspicious, and prospects for balance of 1920 good. Distribution of wholesale groceries in the district during the past month exceeded that of the same period in 1919 by about 10% to 30%, and slight gains were also shown over the preceding month this season. Prices continue on the upturn, several important commodities, notably sugar, having sustained further specific advances. Retailers are disposed to play cautiously, anticipating a drop in prices, but there is nothing tangible upon which to base this opinion. Stocks are not heavy, and the late season is delaying early farm products, which at this time of year usually are counted upon to lower food costs. The abnormally high cereal quotations also militate against cheaper groceries. In the wholesale hardware line business is steady to improving. Sales bulk heavily in volume over those o f the corresponding period last year, and are quite as good as a month ago. Selling prices range from 5% to 10% higher, and the tendency is upward, due to scarcity o f goods and expensive raw materials. R E TA IL— Reports from retailers in this district are somewhat mixed, both as to present business and prospects. Generally trade in March and early April shows goodly increases over the corresponding period a year ago. but in many instances there were decreases in total volume o f sales under the February showings. Unseasonable weather has been the chief factor in slowing down purchases. Articles for spring wear have not moved as well as they should have, on account of the unseasonably cold weather. Prices are holding firm, with some advances and virtually no declines. There is some talk of a reduction in prices of women's clothing, hut as yet no evidence of this has appeared in retail establishments hereabout. Reaction against the high cost of clothing has crystalized recently in the formation of "Overall Clubs," members of which are pledging themselves to wear jeans, or at least to purchase no new clothes until prices are lowered. While direct results of this movement may not be revolutionary, it is a straw showing the direction of the wind, and may well serve as an admonition to those concerned. AGRICU LTURE— The outlook for crops in this district is somewhat less favorable than the preceding month. Weather has been against planting, growth and development. Precipitation has been excessive and temperatures ab normally low. while clear skies and warmth are the conditions most needed. Reports on winter wheat are not opti mistic. Fly is present in scattered sections, and there has been winter killing, the extent o f which it is not possible to determine yet. Elsewhere the plant has been worked out of the ground by alternate freezing and thawing. Still, with the right conditions from this time on, much wheat now looking poor to hopeless can easily recover. However, with ideal conditions right up to harvest final results are fated to the disappointing, both because o f the known irrep arable injury so far wrought, and the reduced acreage. The U. S. Department of Agriculture in its report as of April 1, gives the condition of winter wheat and rve in the seven States of this District as follows: Winter Wheat Rye Condition Price Condition April I Dec. 1 April 1 April 1 Dec. I T53) 1913 lOyr.av.-------------?9i3------- T92B--------T9I3----------------153)------ 1916 lAyr.av. ! ^ * . , % % % % Cents Cents % % % % A rkansas................................ 76 99 68 81 226 212 84 96 89 84 .................................... 67 101 82 82 235 223 85 97 90 93 Indiana................................... 39 100 83 79 231 219 80 98 88 92 R entucky ................................ 62 103 86 80 240 216 74 !00 89 92 M ississippi............................. 82 90 86 88 214 262 ^ 'isso u ri................................. 70 103 84 84 232 221 78 101 88 88 Tennessee ................. ........... 66 98 85 75 257 226 75 96 86 91 Planting of oats is backward, and the early planted grain in some localities failed to get a good start because of heavy ra!ns imrnedsatety following seeding. The condition in this District is fair to poor. Excessive rains have seriously de!ayed the preparation of farm land for corn, and at this juncture all signs point to a reduced acreage as compared with last year. Extrenely expensive seed and a woeful shortage of farm labor are other elements likely to make for a smaller ultimate yield. In fact, from what can be gathered, the labor situation is at present the most serious aspect of the agricultural situation The recent slump in hog prices will not encourage farmers to plant overmuch corn for feeding purposes. The very favorable prospects for apples, peaches and ground fruits, which prevailed at the end o f March, were reversed by the cold spell which swept over the middle west early in April. In some important sections the larger fruits were killed. and elsewhere so injured that hardly half a crop can be expected. The season is from two or three weeks late on early vegetables and ground fruits. Reports relative to cotton planting vary considerably, but on the whole can not be optimistically construed. Digitized forContinued FRASER cold and excessive rams have further delayed field work and the season is from two to three weeks late. Stringent labor shortage is reported from all sections of this District of-odncintr rnt Cotton mills display some hesitation and their demands at the moment are confined largely to middlings or better. Some difficulty is experienced in marketing the lower grades. Export busines is disappointing due to the depressed foreign exchange market, labor troubles in English spinning centers and transportation disabilities in this country. Prices in April advanced to the highest levels since the U. S. Bureau began reporting in 1915. Failure to fully market last year's tobacco crop, together with labor shortage and indifference of those most concerned, is causing talk of a reduced tobacco acreage this season, but it is still too early to form a definite opinion as to just what will be done. The outlook for fodder crops is excellent. Abundant moisture has caused rapid and luxuriant growth, and in spite o f the cold weather, pastures are looking fine. L AB O R — Labor unrest continues in the great centers of population in this district, the principal actual manifesta tion of this feeling being in the recent railroad switchmen's strike. In all lines of industry there is a shortage of help, and the tendency of wages is upward. Skilled workmen are scarce, and railroads are finding it hard to fill out track and construction gangs. The most marked shortage, however, is in farm hands. In some sections they are almost unobtainable. R ECEIPTS AN D SH IPM E N TS OF IM P O R T A N T C O M M O D IT IE S at St. Louis during March, 1920 and 1919, as reported by the Merchants' Exchange, were as follows: Receipts Shipments 1920 1919 1935 1919 Flour, barrels....................... ........................................................................... 410.970 249,120 505.340 265.330 Wheat, bushels................................................................................................ 1.394.748 1.059,629 1.085.740 772.260 Corn, bushels................................................................................................... 3.414,050 1.666.325 2.304.510 739,230 Oats, bushels................................................................................................... 3.180.000 2.828.000 2,759,180 2.015,935 Lead, pigs.......................................................................................................... 248.190 112.960 167,480 141.750 Zmc and spelter, slabs.................................................................................. 510.920 325.940 1,073.730 647,110 Lumber, cars.................................................................................................... 13.095 9,527 10,524 6.777 Meats, pounds.................................................................................................. 6.225.900 5.710.500 26.072.300 33.099,300 Fresh beef, pounds....................................................................................... 1.443.800 1.133.700 24.753,500 27,677.100 Lard, pounds................................................................................................... 3.749.100 518.300 8.623.000 7.639.000 Hides, pounds................................................................................................... 1.096,800 2.401.200 7.199.200 5.894.800 BUILDIN G— A marked expansion in building operations cities of this district. These statistics show not only a radical gains over the February. 1920, figures. The inferences to be from contractors, architects and building materia! interests. is indicated by the March permit figures from leading increase over the same period in 1919, but substantial drawn from these figures are substantiated by reports Comparative figures for March are as follows: __________1920____________ March__________ 1919________ Permits Cost Permits Cost St. Louis........................................................................................................... 880 $1,999,192 682 $446,318 L o u is v ille ....................................................................................................... 263 1.114.500 204 223,200 Memphis............................................................................................................ 227 ; 928.950 194 202,575 Little R ock....................................................................................................... 170 434.607 106 162.984 L IV E S T O C K — Receipts of livestock in St. Louis fo** March show increases m all items except cattle as com pared with the same month in 1919. In the shipments column, all items also show increases, except cattle. April shipments and receipts are expected to make one of the poorest showings for any single month in recent years, due to the strike of switchmen. As reported by the Merchants' Exchange, receipts and shipments of livestock at St. Louis in March, with comparison of the March, 1919, movement, were: Cattle and Calves Hogs Sheep Horses and Mules 19JO i?19 1920 1911 112?) 1919 1920 1915* R eceip ts................................... 76.038 81,108 372.294 348.078 27.256 22.916 17.654 14.811 Shipments................................ 13.191 21,725 175,737 160.386 4.123 3.849 18.930 16.850 FIN A N C IAL— Banks in this district report a continued strong demand for money. The inquiry for commercial purposes is brisk and the spring agricultural needs in the rural communities are beginning to be felt, especially to the South. Between March 15 and April 15 the high, low and customary interest rates prevailing in St. Louis, Louis ville, Memphis and Little Rock .as reported by banks in those cities, were as follows: St. Louis Louisville Memphis Little Rock H L C H L C H L C H L C Customer's prime commercial paper: 30 to 90 days...................................................... 6% 6 6^% 6 6 6 6 6 6 8 6% 7 4 to 6 months..................................................... 6H 6 6*^ 6 6 6 6 6 6 8 6}4 7 Prime commercial paper purchased in open market: 30 to 90 days.................................................................................. 7 6 6 ....................... 7 6-% 7 ....................... 7 6^ 7 4 to 6 m onths................................................................................. 7 6 6 Loans to other banks............................................... 6 ^ 6 6^% 6 5y% 6 6 6 6 6 6 6 Bankers' acceptances of 60 to 90 days: . . Endorsed . ...................................................... 6 6 6 6% 6 6 ............. . . . .............. ... Unendorsed .. ................................... .................. 6% 6 6% 6 6 6 ....................... ........................... Loans secured by prime stock exchange collat eral or other current collateral: Demand ............................................................... 7 6 6% 6 6 6 6 6 6 8 6% 7 3 months ............................................................. 7 6 6% 6 6 6 6 6 6 8 6% 7 3 to 6 months...................................................... 8 6 6'4 6 6 6 6 6 6 8 6 ^ 7 Cattle loans ................................................................ 6% 6% 6!4 6 6 6 ....................... 8 7 7 Commodity paper secured by warehouse recetpts, etc................................................................. 6% 6 6% 6 6 6 6 6 6 8 6% 7 Loans secured by Liberty Bonds and Certificates 6% 53% 6 6 6 6 6 6 6 8 6 7 The market for commercial paper shows a decided slewing down as contrasted with the three or four months brokers reporting a shrinkage o f full 50% from the Hood-tide a few weeks back. Withal the volume ot business shows a gain in the genera! aggregate of approximately 7% over the same period in 1919. Apprecia tion m interest rates for other classes o f loans has had a tendency to make the returns offered by even gilt-edged paper less attractive than heretofore. Country banks are not buying as heavily. , condition of banks in this district at the present time, and changes during the past month, are reflected in Digitized FRASER comparative statement, showing the principal resources and liabilities o f member banks o f St. Louis, T ^ for following ' * °"'sv!lle, Memphis, Little Rock and EvansviUe: Apri! 9, 1920 35 Number of banks reporting. United States Bonds to secure circulation...........................................................................................$ j 7,1/6,000 Other United States Bonds, including Liberty Bonds...................................................................... United States Victory N otes................................................................................................................. United States Certificates of Indebtedness....................................................................................... * Total United States Securities owned........................................................................................... 48.312,000 starch 5 ,!920 35 $ 17,!77,000 14.126.000 3,655,000 18.372.000 53.330.000 Loans secured by United States War Obligations........................................................................... lEc'o^'m n Loans secured by stocks and bonds other than United States Securtttes.................................. !55.M44.ooo AH other loans and investments............. ................ ............................................................................ Total loans and investments (exclusive of rediscounts)........................................................... 3/ 3.Z30.ut*' 28.918.000 159.868.000 340.201.000 582.317.000 Reserve with the Federal Reserve Bank............................................................................................. fn w 'H o o jo40g000 Cash in vault .......................................................................................................................................... 10,292,000 10.408.000 Net demand deposits on which reserve is computed........................................................................ fto'osi'nnn Time deoosits .......................................................................................................................................... 121./48.000 119,951,000 G ^ e r n ^ n ? ^ eposiis ............................................................................................................................... 1973.000 1.036,000 Bills payable with Federal Reserve Bank: eomnn Secured by United States War Obligations............................................................................... 30.89!,000 34.^84,000 AH other .............................................................................................................................................. 1,746.000 368,000 Bills rediscounted with Federal Reserve Bank: Secured by United States War Obligations................................................................................. 11.7//.000 9.891,0(0 All other .............................................................................................................................................. 60,195,000 45.143.000 The volume of individual check transactions in this District during the past month is indicated by the following comparative table compiled from information received from the clearing houses in the cities shown: _ Debits to individual accounts: Weeks ended—March 17 March 24 March 31 April/ St. L o u is ............................................................................................ $175,890,000 $162,482,000 $144,411,000 $163,044,000 Louisville .......................................................................................... 41,266,000 36,031.000 32.234.000 J5.809.000 Memphis ............................................................................................ 37,054,000 38,391,000 34.988.000 * 38.042.000 Little Rock ....................................................................................... 10.529.000 10.654.000 10,031.000 10.239.000 Evansville ......................................................................................... 5,574,000 5,759.000 5.596,000 5.406.000 In March the Federal Reserve Bank of St. Louis discounted a total of 3259.396,309.93 of paper for 241 different mem ber banks, which is an increase of $92,619,506.85 over the amount of paper discounted during February, and an increase of 32 in the number o f banks accommodated. No change has been made in the discount rate of the Federal Reserve Bank of St. Louis since the last report. On Apri! 19, 1920, they were as foHows: ,g ^ ^ 61 to 91 days M EM BER B A N K S 'C O L L A T E R A L N O TES: and!ess 90 days 90 days to 6 months ... TT' ' * Secured by Certificates of Indebtedness................................................................ 5%% Secured by Liberty Loan Bonds or Victory N otes............................................ 7% Secured by War Finance Corporation Bonds..................................................... 6% . . . Secured by Bills Receivable..................................................................................... RED ISCOU N TS: 5% 5% Secured by Certificates of Indebtedness................................................................ 5% Secured by Liberty Loan Bonds or Victory N otes........................................... 5H % 5^% 5% % 7% Secured by War Finance Corporation Bonds................................................... . 7% 7% 6% Commercial Paper .................................................................................................... 6% 6% 6% 6% 6% 6% Agricu!tura! or Livestock Paper..................................................... ...................... Trade Acceptances .................................................................................................... 6% 6% 6% Bankers' Acceptances ............................................................................................... 5% 5% 5% Bankers' Acceptances purchased in the market, subject to agreement. The resources and liabilities of the Federa! Reserve Bank of St. Louis on Apri! 16, !920, as compared to a month ago, and a year ago, are shown in the foHowing statements: Apri! 18,1919 RESOU RCES: March 12.1920 Apri! 16. 1920 $ 3.900,000 $ 5.358.000 Go!d coin and certificates......................................................................................... $ 3.371,000 22.361,000 Gold Sett!ement Fund— Federa! Reserve Board................................................... 16,534.000 10.187.000 Gold with Foreign Agencies................................................................................... 5.301.000 5.301.000 26.261.000 20.846.000 Total go!d held by bank.................................................................................. 25.206,000 42.564.000 46.089.000 Go!d with Federal Reserve A gent.......................................................................... 51.920.000 4.937.000 Gold Redemption Fund............................................................................................. 6.695.000 7,638.000 73.762.0(io 74.573.000 Tota! Go!d Reserve............................................................................................. 83.821,000 2.278,000 Lega! tender notes, silver, etc................................................................................. 3,940.000 4.973.000 76,040,000 Tota! reserves....................................................................................................... 87,761.000 79.546.000 BiHs discounted—secured by Government War Obligations............................. 55.493.000 HiHs discounted—a!! other......................................................................................... 48,173.000 BiHs bought in open market..................................................................................... 10.509.000 Tota! bi!ls on hand........................................................................................... .. 114.175.000 t?. S. Government Bonds........................................................................................... 1.153.000 U. S. Certificates of Indebtedness............................................................................ !7 26!.000 Tota! earning assets ........................................................................................ 132.589 000 Bank Premises .................................. ........................................ ................................ 866.00ft Unco!!ected items and other deductions from gross deposits........................... 55.185.000 5% Redemption Fund against P. R. Bank N otes................................................ 880,000 A!! other resources..................................................................................................... 303.000 T O T A L RESOURCES ................................................................................ . 277.584^000 L IA B IL IT IE S : ^------------------Capita! paid in.............................................................................................................. 4.129,000 Surplus .......................................................................................................................... 3.724.000 Government deposits ................................................................................................. 4.772,000 Due to Members— Reserve A ccount....................................................................... 71,530[000 Deferred availability items....................................................................................... 39.029^000 Other deposits, including foreign Government credits...................................... 3.398.000 Tota! gross deposits........................................................................................ ! 18,729.000 F.FRASER R. Notes in actua! circulation.............................................................................. 137.061,000 Digitized for F. R. Bank Notes in actua! circulation— net !iahi!ity.......................................... 12.382.000 http://fraser.stlouisfed.org/ AH other liabilities................................................................................................... 1 559.000 Federal Reserve Bank of St. Louis 50.319.000 58.357.000 1,919.000 110,595.000 !. 153.000 17.242.000 128.990.000 71.320.000 9.325.000 8.476.000 89.121.000 !. 153.000 12.068.000 102.342.00t) 866.000 60.758.000 623.000 4.10000 271.213.000 540.000 45.072.000 520.000 296.000 224.810.01*' 4,164,000 3.724.000 2.531,000 69,499.000 40,421,000 3.834.000 116.285.000 134.211.000 10.686.000 2.143.000 3.826.000 1.603.000 7.304.000 61,415.000 32,703,000 101.422.000 106.357.000 10.52!.000 1.081.000 L
@FedFRASER