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0ctober appears April assets August banking system brokers brought business activity caused central bank central reserve commercial paper crisis currency demand currency drains currency in circulation currency withdrawals December decline demand for currency easy money effect evident excess reserves factors February Federal Reserve banks Federal Reserve Board Federal Reserve policy Federal Reserve System forced gold and currency gold exports gold standard Harris high level increase in reserve influence interest rates January July June l/2 percent liquidation loans and investments March money market situation money policy month offset peak period pressure rate movements rediscount rate reduction required reserves Reserve authorities reserve balances Reserve bank credit reserve requirements result rise in interest rise in rates rose security holdings security loans security purchases September stock market stood Table tension Total Loans Total Reserve Treasury bonds Treasury notes variations volume of excess week ending York banks