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3Vi per cent annual rate anxiety in Switzerland balance boom Business Activity cartels cent to 3Vi central bank central reserve Chairman consumer cotton fractionally countries cumulative decline declines in prices deficit demand discount rate dollar downtrend has entered downward duction duties effect eight declined escape clauses exports Federal Reserve final trough foreign France Free Trade Area Government GUARANTY CUSTOMER Guaranty Trust Company important increase index number Index of Business industrial inflation inflationary instability interest rates labor costs large number loans and investments March member banks ment moderately monetary policy month Monthly National Clearing Plan near-term needed November number of housing number of surplus outlays output payments Pennsylvania Railroad Company petroleum present President price adjustments price controls problem production and employment purchasing power Railroad Company Charles recent reduced reserve cities rise rose seasonal sion spending Stabilization Program sumer Swiss tions trend wage Wholesale Price Index York zinc