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ISSUED BY THE

FEDERAL RESERVE BOARD

LE CONTO EC223.1913 Y s. Board of Governors of the federal reserve system FEDERAL RESERVE

BULLETIN

GU

AT WASHINGTON

JANUARY, 1916

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FEDERAL

BOARD.

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The Federal Reserve Bulletin is distributed without charge to member banks of the system and to the officers and directors of Federal Reserve Banks. In sending the Bulletin to others the Board feels that a subscription should be required. It has accordingly fixed a subscription price of $2 per annum. Single copies will be sold at 20 cents. Foreign postage should be added when it will be required. Remittances should be made to the Federal Reserve Board.

III

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