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MONTHLY REVIEW of Credit and Business Conditions Second Federal Reserve District Federal Reserve Bank, New York January 1,1937 INDEX FOR THE YEAR 1936 Acceptances Page Business Activity Page B ills and com m ercia l paper. M on th ly , pages 3, 10 , 18, 27, 34, 42, 50, 58, 6 6 , 75, 83, 91...................................................................................... Indexes o f busin ess a ctiv ity . M on th ly , p ages 6, 13, 22, 30, 36, 48, 55, 63, 70, 79, 86, 95...................... ............................................................... V olu m e o f bills ou tsta n d in g , tabulated b y typ es. P a ges 59, 67, 75, 83, 91..................................................................................................................... T abulated indexes o f b u sin ess a ctiv ity in variou s lines. M on th ly , p a ges 7, 13, 22, 30, 37, 48, 55, 64, 71, 79. 87, 95..................................... Agriculture Chart. B ureau o f L a b or S ta tistics w h olesale p rice indexes o f fa rm p rod u cts, fo o d s, and oth er com m od ities, 1 9 2 9 -1 9 3 6 ......... Chart. ties, M ovem en ts o f p rices o f leading agricu ltu ra l com m o d i 1 92 9 -1 9 3 6 ............................................................................................... 39 60 Chart. Ind exes o f dolla r v olu m e o f dep artm en t sto re and m ail ord er h ou se sales, 1 9 2 9 -1 9 3 5 .................................................................. 13 Chart. D aily a v e ra g e re g istra tio n s o f new p a sse n ge r a u to m o biles, a d ju sted f o r seasonal variation , 1 92 9 -1 93 6 ............................ 36 Chart. Indexes o f sales in th ree m a jo r typ e s o f retail trade, a d ju sted f o r seasonal variation , 1 92 9 -1 9 3 6 ...................................... 55 Chart. P a sse n g e r traffic o f Class I railroads, m easured in p a s s e n ge r m iles, 1 92 3 -1 9 3 6 .................. ......................................................... 87 Automobiles Chart. P rod u ction o f p a ssen ger a utom obiles and tru ck s durin g J u ly to N ovem b er 1935, com pared w ith ou tp u t in th ree re ce n t years .................. .............................................................. -................................. 5 Chart. D aily a vera g e reg istra tion s o f new p a ssen ger a u to m o biles, a d ju sted , 1 92 9 -1 9 3 6 ....................................................................... 36 Chart. P rod u ction o f p a ssen ger cars and m otor tru ck s durin g th e first eigh t m onths o f 1 9 2 8 -1 9 3 6 ...................................................... Business Profits— See Profits Capital Movements Central Banks 44 Central bank rate ch an ges. P a ges 4, 12, 19, 29, 35, 44, 53, 61, 77, 84, 9 3 ....................... .................................................................................................... Chart. R ep orted g o ld h old ings o f cen tral banks and g o v e r n m ents in J uly 1931 and O ctob er 1936, exp ressed in dolla rs.... Bills----See A cceptances 82 Chain Stores Bonds— See Securities Brokers Loans Chart. Loans to secu rity brok ers and dealers in N ew Y o r k C ity and elsew here b y w eek ly rep ortin g m em ber ban ks, 193 5 -1 93 6 92 92 78 Balance of Payments B alance o f paym ents o f th e U nited S tates............................................... Capital m ovem en ts b etw een U nited States and oth er cou n tries.... T abulated inflow o f capital, 1935 and first nine m onths o f 1936.... Chain store tra d e ............................................................................................... 16 P e rce n ta g e ch an ge fro m p rev iou s yea r in n u m b er o f stores, to ta l sales, and sales p er store, tabulated b y ty p e o f s to r e ............... 16 41 Circulation Building B u ildin g. M on th ly, pages 7, 14, 22, 31, 38, 46, 54, 63, 72, 79, 8 8 , 95....................................................................... .................................................... Chart. A ctu a l m o v e m e n t o f m o n e y in circu lation d urin g p a st year, com pared w ith usual seasonal m ovem en t, Jan uary 1935Jan uary 1 9 3 6 ................................................................................................. 9 Chart. B u ildin g and en g in eerin g con tra cts aw arded in N ew Y o rk S tate and N orth ern N ew J ersey, and in 37 States, 1933-1935 15 Chart. V alu e o f b uild in g and en g in eerin g con tra cts awarded in M etrop olitan N ew Y ork and v ic in ity and u p -S ta te N ew Y o rk area, 1 9 2 8 -1 9 3 6 ....................... ..................................................................... Chart. V alu e and q u a n tity o f exp orts o f raw co tto n fro m th e U nited S tates, cu rren t ye a r com pared w ith last yea r and w ith 1 92 6-1929 a v e ra g e ........................................................................................ 6 23 Chart. A v e ra g e daily con su m p tion o f c o tto n b y c o tto n m ills, 1 92 7-1936 ......................................................... 85 Chart. V alu e o f residential bu ild in g con tra cts awarded in 37 States and in N ew Y o rk and N orth ern N ew J ersey te rrito ry , 1 931-1936 Cotton 39 Chart. V alu e o f con tra cts awarded in 37 States fo r com m ercia l and fa c t o r y b uildin gs and fo r oth er non residential con stru ctio n oth er than pu blic w orks and u tility en gin eerin g p ro je cts, 19291936 ..................................................................................................................... 46 C hart. A v era g e daily value o f residential bu ild in g con tra cts in 37 S tates, a d ju sted , 1 92 9 -1 93 6 ................................................................ 79 Department Stores D ep artm ent sto re trade. M on th ly , p ages 8 , 15, 24, 32, 40, 48, 56, 64, 72, 80, 8 8 , 96................................................................................... P e rce n ta g e ch an ge fro m p rev iou s y e a r in m on th ly n et sales and sto ck s on hand, and co lle ctio n s o f a cco u n ts ou tsta n d in g tab u lated b y lo ca lity . M on th ly , p ages 8 , 16, 24, 32, 40, 48, 56, 64, 72, 80, 88 , 96................................................................................................. INDEX FOR THE YEAR 1936 (Continued) Page Chart. D ecem b er dep artm en t sto re sales in th e S econd F ederal R eserv e D is trict, 1 92 9 -1 9 3 5 ..................................................................... C hart. Indexes o f dollar- volu m e o f departm en t store and m ail ord er hou se sales, 1 9 2 9 -1 9 3 5 .................................................... .............. 8 13 Chart. Indexes o f sales in th ree m a jor typ es o f retail trade, a d ju sted , 1 92 9 -1 9 3 6 ......................................................... ............................ *55 20 Chart. R an ge o f p rop osed new p a rity o f the F ren ch fra n c, co m pared w ith q u otation s f o r F ren ch exch a n g e in N e w Y o rk durin g 193 3 -1 93 6 ....................................................................................................... 73 Chart. 81 F o re ig n e xch a n g e rates in term s o f th e dollar, 1 93 1-1936 Foreign Investments Deposits Chart. A d ju s te d dem and d ep osits o f va riou s grou p s o f m em ber banks on con d ition rep ort dates, 193 0 -1 93 5 , N ew Y o r k C ity banks, oth er R eserv e C ity banks, and cou n try b an k s.............. P age Chart. M ov em en ts o f F ren ch fra n c and s te rlin g exch a n g e rates at N ew Y o rk , J a n u a ry -F e b ru a ry 1 936.................................................. F o re ig n lo n g term in v estm en ts in th e U nited S ta tes 17 51 E stim a ted b y U nited S tates D ep artm en t o f C om m erce fo r 1935 at $ 5,0 35,000,000 ................................................................ ............................51 E stim a ted b y Sir G eorge P a ish in 1910 at $ 6,0 0 0 ,0 0 0 ,0 0 0 T abulated b y co u n trie s......... Durable Goods Industries Chart. Indexes o f em p loy m en t in selected durable good s in d u s tries, 1 9 2 9 -1 9 3 6 ....................... ..................................................................... 22 Chart. Indexes o f em p loy m en t in industries p rod u cin g durable g ood s and n on d urable g ood s , a d ju sted , 1 9 2 3 -1 9 3 6 ...................... 93 E m p loy m en t and p a y rolls. M on th ly , p ages 5, 14, 21, 81, 37, 46, 54, 62, 69, 79, 86, 93............ ................................................................................ Chart. Indexes o f em p loy m en t in selected durable good s in d u s tries, 1 92 9 -1 9 3 6 ............................................................................................ 22 Chart. Indexes o f fa c t o r y em p loy m en t in N ew Y o r k and N ew J ersey, 1 92 9 -1 93 6 ........................................................................................ 37 Chart. S easonally a d ju sted indexes o f em p loy m en t in certa in in d u stries, 1 9 2 9 -1 9 3 6 ............................ ....................................................... 63 Chart. Indexes o f n u m b er o f p erson s em p loyed in U n ited States fa cto rie s and to ta l nu m ber o f hours w orked b y em p loyees, ............................ ......................................................... . 1 93 2 -1 93 6 C hart. Indexes o f em p loy m en t in in d u stries p rod u cin g durable g ood s and n on d urable g ood s , a d ju sted f o r seasonal variation , 192 3 -1 93 6 ....................................................................................................... 32 France Chart. R an ge o f p rop osed new p a rity o f th e F ren ch fra n c, co m pared w ith q u otations f o r F ren ch e xch a n g e in N ew Y o r k d u rin g 1 93 3-1936 .................................. ...................................................................... 78 Gold m ovem ent. M on th ly , p a ges 4, 12, 2 0 , 29, 35, 45, 5 3 , 61, 69, 76, 84, 93 .......................................... ................................. ................................. 93 M on eta ry g o ld h old ings o f cen tral banks and go v e rn m e n ts o f 52 cou n tries e x clu siv e o f R ussia, m easured in d ollars, in d ica te a tota l o f a p p roxim ately $ 21 ,5 0 0 ,0 0 0 ,0 0 0 .................................................. 74 Statem en t b y S ecreta ry o f the T rea su ry on sales o f gold f o r exp ort to, o r earm ark f o r the a cco u n t o f, exch a n g e sta b iliza tion fu n d s, e ffe ctiv e O ctob er 13........................................................................................ 81 Chart. R ep orted gold hold in gs o f cen tral banks and g ov ern m en ts in J u ly 1931 and O ctob er 1936, exp ressed in d o lla rs....................... 82 Government Securities— See Securities Farm Products 39 Interest Rates Central bank rate ch an ges. P a ges 4, 12, 19, 29, 35, 44, 53, 61, 77, 84, 93 ......................................................................................................... Federal Advisory Council 90 Federal Open Market Committee M eetin g o f , ............................................................................................................ 6 Chart. M on th ly exp orts and im p orts o f m erch an dise, 1 93 5 -1 93 6 com pared w ith 193 2 -1 93 3 , and 1 9 3 4 -1 9 3 5 ....................................... 69 Exports and Imports— See Foreign Trade M eetin g o f , ............................ ............................................................................... P a ges 6 , 15, 23, 31, 39, 47, 55, 61, 71, 80, 87............. Chart. V a lu e and q u a n tity o f e xp orts o f raw c o tto n fr o m th e U nited S tates. C urrent yea r com p a red w ith last yea r and w ith 1 92 6-1929 a ve ra g e ............................................................. .......................... Gold Exchange Stabilization Funds— See Stabilization Chart. Bureau o f L a b or S ta tistics w h olesa le p rice indexes o f fa rm p rod u cts, fo o d s, and oth er com m od ities, 1 9 2 9 -1 9 3 6 ......... Foreign Trade F o re ig n trad e. Employment 51 ....51 M on ey rates at N ew Y o rk , tabulated . M on th ly , p a ges 2, 10, 18, 26, 34, 42, 50, 57, 66 , 74, 82, 90 ............................ ................................. Loans and Investments— See Member Banks 90 Machine Tools Finance Companies Statem en t o f 15 p rincip al finance com panies in d ica te th a t on June 30, 1936 th e a g g re g a te a m ou n t o f cred it extended b y s uch com panies was a bou t $ 1 ,2 0 0 ,0 0 0 ,0 00 ........................................ Chart. In d ex o f dollar volu m e o f m ach in e to o l ord ers, a d ju ste d f o r seasonal variation , 1 9 2 8 -1 9 3 6 ......................................................... 89 Chart. B ureau o f L a b or S ta tistics w h olesa le p rice indexes o f fa rm p rod u cts, fo o d s , and oth er com m od ities, 1 9 2 9 -1 9 3 6 ......... Manufactures Chart. Y e a rly o u tp u t o f fo u r im p orta n t ind u stries sin ce 1919, rela tiv e t o 1 923-25 avera g e, 1 9 1 9 -1 9 3 6 ............................................... Foods 39 21 62 Margins In crease in m argin req u irem en ts, Jan uary 24....................... .............. io Foreign Exchange F oreign exch a n g es. M on th ly , p a ges 3, 12, 19, 29, 8 6 , 44, 52, 61, 6 8 , 76, 83, 9 2................................................................................................. C losin g cable rates a t N ew Y ork , tabulated . P a ges 4, 12, 20, 29, 36, 45, 53, 61, 69........................ ................................................................. Member Banks M em ber bank credit. P a ges 2 , 10, 26, 50, 58, 6 6 , 75, 83.......................... C lassification o f m em ber bank hold in gs o f G overn m en t secu rities on D ecem b er 31, 1930 and N o v e m b e r 1, 1935, tab u la ted ......... 2 INDEX FOR THE YEAR 1936 (Continued) Page Page Chart. Y e a rly ou tp u t o f fo u r im p orta n t industries sin ce 1919, rela tiv e to 192 3 -1 92 5 avera g e, 1 9 1 9 -1 9 3 6 ........................................... 62 83 Chart. E x ces s reserv es o f N ew Y o r k C ity m em ber banks and o f all m em b er banks in the U nited S tates, 1 9 3 3 -1 9 3 5 ................... C hart. R ate o f steel m ill a ctiv ity , exp ressed in p e rce n ta g e o f ca p a city , 1 9 2 9 -1 9 3 6 ..................................................................................... 70 1 Chart. M em ber bank hold in gs o f d irect U nited States G ov ern m ent secu rities on call dates, 1 9 2 9 -1 93 5 ........................................ . C hart. P ro d u ctio n o f p a sse n ge r cars and m o to r tru ck s durin g th e first eig h t m on th s o f 1 9 2 8 -1 9 3 6 ...................................................... 78 3 C hart. A d ju s ted dem and d ep osits o f variou s grou p s o f m em ber banks on con dition rep ort dates, 1 9 3 0 -1 9 3 5 ...................................... Chart. A v e ra g e daily con su m p tion o f co tto n b y co tto n m ills, 192 7 -1 93 6 ......................................................................................................... 85 17 Chart. E x cess reserv es o f all m em ber banks and T rea su ry d ep osits in F ederal R eserv e B an ks, Jan uary 1 93 5 -M a rch 1936 25 Chart. T ota l loans and in v estm en ts o f w eek ly rep ortin g m e m ber banks in N ew Y ork C ity, 1 9 2 9 -1 9 3 6 ............................................. 33 Chart. Loans to s e cu rity brok ers and dealers in N ew Y o r k C ity and elsew here b y w eek ly rep ortin g m em b er ban ks, 193 5 -1 93 6 T abulated b u sin ess p rofits b y corporation g ro u p s. P a ges 28, 43, 68 , 94................................................................................................................... 41 Chart. E xcess reserv es o f all m em b er banks and T rea su ry d ep osits in F ederal R eserv e B anks, 1 9 3 5 -1 9 3 6 ............................ 49 C hart. A n n u al net p rofits o r deficits o f 700 ind ustrial and m e r ca n tile co n ce rn s, Class I railroads, and 60 p u b lic u tility co m panies, du rin g p a st fo u r yea rs, com pared w ith 1929................... 28 57 Chart. N e t p rofit o r d eficit o f 168 ind u strial and m erca n tile com panies d urin g first nine m onths o f 1 9 2 8 -1 9 3 6 .......................... 94 C hanges in loans and in v estm en ts o f w eek ly rep ortin g m em b er ban ks, A p ril 22, 1936 com pared w ith F eb ru a ry 26, 1936 and A p ril 24, 1935, tab u la ted ....................................................................... Chart. E xcess reserv es held b y p rincip al N ew Y o rk C ity m em b er banks and all oth er m em b er ban ks, 1 9 3 4 -1 9 3 6 ........- ... ......... C harts. T otal reserv es, required reserv es, and excess reserv es o f principal N ew Y o r k C ity m em ber banks and o f all oth er m em b er banks in th e U nited S tates, 1 9 3 3 -1 9 3 6 .............................. C harts. L oans o f rep ortin g m em ber banks in N ew Y o r k C ity and oth er leadin g cities, oth er than loans on secu rities, real esta te loans, loans to ban ks, and paper pu rch a sed in th e open m arket, 1936 com pared w ith 1935.......................................................................... B usin ess p rofits. 65 M on ey rates. P a ges 28, 43, 6 8 , 94.................................................... Railroads C hart. P a sse n g e r traffic o f Class I railroads, m easured in p a s se n ge r m iles, 1 9 2 3 -1 9 3 6 ........................................................................... 89 Money Market M on ey m arket. M on th ly , pages 1, 9, 17, 25, 33, 41, 49, 57, 65, 73, 81, 89........................... ............................................................................... Profit# .... 87 Regulations In crease in m argin req u irem en ts, am en dm en t to R egu la tion T, a nnou nced b y B oard o f G overn ors o f th e F ederal R e se rv e S y s tem , J an uary 2 4 ............................................................................................. 10 R egu la tion U and sup p lem ent to R egu la tion T ................................. 27 P ages 9, 90...................................................................................... M on ey rates at N ew Y o rk , tabulated. M on th ly , p ages 2, 10, 18, 26, 34, 42, 50, 57, 66, 74, 82, 90....................................................................... Reserves E xcess reserv es and m o n e y rates. Paish, Sir George In 1910 placed value o f fo r e ig n lon g term in v estm en ts in this cou n try at $ 6,0 00 ,0 0 0 ,0 00 .......................................................................... 51 Payrolls E m p loy m en t and p a yrolls. M on th ly , pages 5, 14, 21, 31, 37, 46, 54, 62, 69, 79, 86, 93............. ............................................................................... Price* C om m odity prices. M on th ly , pages 7, 13, 23, 30, 39, 47, 53, 60, 71, 77, 87, 96.................................................... ......... ..................... ........................ Chart. B ureau o f L a b or S ta tistics w h olesa le p rice indexes o f fa rm p rod u cts, fo o d s , and o th er com m od ities, 1 92 9 -1 9 3 6 ......... 39 Chart. M ovem en ts o f p rices o f leadin g a gricu ltu ra l com m o d i ties, cash w heat, cash corn , h og s, and spot cotton , 1 9 2 9 -1 93 6 .... 60 Production P a ges 18, 82................................. E x ce ss reserv es and T re a su ry fin a n cin g.................................................. 74 Statem en t on excess re se rv e s b y Chairm an o f th e B oard o f G o v ern ors a fte r m eetin g s o f F ederal A d v iso r y C ouncil, F ederal Open M a rk et C om m ittee, and P resid en ts o f th e F ederal R e serv e B anks, issued N o v e m b e r 21, 1 936....................................... 90 Chart. E x ce ss re se rv e s o f N ew Y o rk C ity m em ber banks and o f all m em ber banks in th e U nited S tates, 1 93 3 -1 9 3 5 .................. 1 Chart. E x ce ss re se rv e s o f all m em ber banks and T rea su ry d ep osits w ith F ederal R e se rv e B an ks, January 1 93 5 -M a rch 1936 25 Chart. E xce ss reserv es o f all m em ber banks and T rea su ry d ep osits in F ederal R e se rv e B an ks, Jan uary 1 93 5-June 1936.... 49 Chart. E x ce ss reserv es held b y principal N ew Y o rk C ity m em b er banks and all o th e r m em b er ban ks, 1 9 3 4 -1 9 3 6 ....................... 57 Chart. T otal re se rv e s, required re se rv e s, and e xcess reserv es o f p rincip al N ew Y o r k C ity m em ber banks and o f all oth er m em b er banks in th e U nited S tates, 1 9 3 3 -1 9 3 6 .............................. 65 Securities P rod u ction . M on th ly , p a ges 5, 14, 20, 29, 38, 45, 54, 61, 70, 78, 85, 94.......................................................................................... ................................. G overnm ent secu rities. 9 0 ......... T abulated indexes o f p rod u ction o f principal ind ustries. M on th ly , pages 6, 14, 21, 30, 38, 46, 54, 62, 70, 78, 86, 95 ..................................... N ew financing. M on th ly , p a ges 3, 11, 19, 27, 34, 42, 52, 59, 67, 77, 84, 91....................... ............................ ....................................................... P rod u ction and trad e in 1935.................................................... ......... ......... 4 Chart. A nnu al index o f gen eral p rod u ction and tra d e in th e U nited S tates, 1 9 1 9 -1 9 3 5 ......................................................................... S ecu rity m arkets. M on th ly , p a ges 3, 10, 18, 27, 35, 43, 51, 59, 67, 77, 84, 91.................................................................................................... 4 Chart. P rod u ction o f p a ssen ger autom obiles and tru ck s du rin g J u ly t o N ovem b er 1935, com p ared w ith ou tp u t in th ree re ce n t years .................................................................................................... .............. T abulated p rincip al d o m e stic and fo r e ig n s e cu rity issu es p u b licly floated. P ages 28, 35....................................................................... 5 M em ber bank hold in gs o f G overnm ent secu rities on D ecem b er 31, 1930 and N o ve m b e r 1, 1935, ta b u la te d ...................... ....................... 2 Chart. In d ex o f dollar volu m e o f m achine to o l ord ers, a d ju sted fo r seasonal variation , 1 92 8 -1 9 3 6 ......................................................... 21 Chart. M em ber bank hold in gs o f d irect U nited S tates G ov ern m ent secu rities on call dates, 1 92 9 -1 9 3 5 .......................................... 3 Chart. Indexes o f a ctiv ity in th e te x tile ind u stries, 1 9 2 9 -1 93 5 .. 21 Chart. S teel in g o t o u tp u t in p er cen t o f ca p a city , 1 9 2 9 -1 9 3 6 .... 38 Chart. 1936 P a ges 2, 10, 26, 34, 42, 50, 67, 75, 83, M ov em en t o f d om estic corp oration bond p rices, 1928.................................................... .............................................................. 11 INDEX FOR THE YEAR 1936 (Continued) Page Chart. O fferin g o f d om estic secu rities in 1935, com pared w ith p reced in g y ea rs ............................................................................................... 12 Chart. Y ield s on U nited States G ov ern m en t bon d s, com p ared w ith yields on oth er high grade b on d s— sca le in v erted to show p rice m ov em en ts, 1 9 1 9 -1 9 3 6 ..................................................................... 19 Chart. N ew d om estic secu rity o fferin g s, in clu d in g re fu n d in g issues, 1 9 2 9 -1 9 3 6 .......................................................................................... 35 Chart. O fferin gs o f d om estic secu rities in firs t six m on th s o f 1936, com p ared w ith corresp on d in g p eriod o f p rev iou s six years and a vera ge fo r 1 9 2 5 -1 9 2 9 ........................................................... 52 Chart. Page Steel in g o t ou tp u t in p er ce n t o f ca p a city , 1 9 2 9 -1 9 3 6 ...... ..38 Chart. R ate o f steel m ill a ctiv ity , exp ressed in p e rce n ta g e o f ca p a city , 1 9 2 9 -1 9 3 6 ........................................................................................70 Textiles Chart. Indexes o f a ctiv ity in th e te x tile in d u stries, 1 9 2 9 -1 93 5 .. 21 Treasury Deposits Chart. A v e ra g e yield s on U nited S tates T rea su ry b onds and n o te s , 1 9 3 4 -1 93 6 . P a ges 42, 90 ............................ ........................................... Chart. D om estic corp ora tion s ecu rity issu es fo r new capital and refu n d in g p u rp oses, 1 9 3 1 -1 9 3 6 ................................................................ Steel 91 Chart. E x ce ss reserv es o f all m em ber banks and T rea su ry dep osits w ith F ed eral R e se rv e B an ks, Jan uary 193 5 -M a rch 1936 ..................................................................................................................... 25 Chart. E xcess reserv es o f all m em b er ban ks and T rea su ry dep osits in F ederal R e se rv e B an ks, Jan uary 1 93 5 -J u n e 1936.... 49 Tripartite Monetary Agreement T e xt o f sta tem en t b y th e G overn m en t o f th e U nited States an n ou n cin g coop era tion in th e m ain ten an ce o f equilibriu m in international e xch a n g es, S eptem ber 2 8 ............................................. Stabilization T ex t o f statem en t b y th e G overn m en t o f th e U nited States an n ou n cin g coop era tion in the m ain ten an ce o f equilibriu m in in tern a tion a l exch a n g es, Septem ber 2 8 ............................................... 73 E sta blish m en t o f sta b iliza tion fu n d in S w itzerland ............................ 76 S ta tem en t b y S ecreta ry o f th e T rea su ry on sales o f g o ld f o r exp ort to, o r earm ark f o r th e a cco u n t o f, exch a n g e sta b iliza tion fu n d s , e ffe ctiv e O ctob er 13.............................................................. 81 C reation o f sta b iliza tion fu n d s in variou s cou n tries......................... 81 F u rth er steps tow a rd cu rren cy equilib riu m .......................................... 81 Sales o f g old b y th e U nited S tates T rea su ry to trea su ries or fiscal a gencies o f fo re ig n cou ntries in addition to sales to exch a n g e equalization or sta bilization fu n d s ................................... 93 73 F u rth er steps tow a rd cu rre n cy equilibriu m . P ages 81, 93 ....................... Veterans Adjusted Service Bonds........................................... Wholesale Trade W h olesa le trade. M on th ly , p a ges 8 , 16, 24, 32, 40, 48, 56, 64, 72, 80, 8 8 , 96.................................................................................................... P ercen tag e ch a n ge fro m p rev iou s y e a r in m o n th ly n e t sales and sto ck s on hand, and co llection s o f a ccou n ts ou tsta n d in g , ta b u lated b y p rincip al lines. M on th ly , pages 8 , 16, 24, 32, 40, 48, 56, 64, 72, 80, 8 8 , 9 6 ................................................................................... 49
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