Civilian Conservation Corps

CCC-Civilian Conservation Corps-James J. McEntee, Director; Address, Washington, D. C.

The Civilian Conservation Corps was created by Act of Congress, approved June 28, 1937, succeeding the agency known as Emergency Conservation Work, which was established by Executive Order dated April 5, 1933, under the Act of March 31, 1933. The 1937 Act, Public No. 163, which established the CCC, also extended its period of operation until July 1, 1940. This Act was amended August 7, 1939, providing for the continuation of the Corps through June 30, 1943.

The CCC operated as an independent government agency from April, 1933, through June 30, 1939. On July 1, 1939, it became a part of the Federal Security Agency created by the President under the Reorganization Act of 1939.

The purpose of the CCC is to provide employment and vocational training for youthful citizens of the United States, unemployed and in need of employment, and to a limited extent for war veterans and Indians and Territorials, through the performance of useful public work in connection with conservation and development of the natural resources of the country and its possessions. Junior enrollees must be unmarried, between the ages of 17 and 23, unemployed and in need of employment. There are no age or marital restrictions for war veterans.

The Director of the CCC is authorized to have enrolled not to exceed 300,000 men at any one time, of which not more than 30,000 may be war veterans, provided that in addition camps or facilities may be established for not to exceed 10,000 additional Indian enrollees and 5,000 additional territorial and insular possession enrollees. Enrollments are for a period of six months and total service is limited to two years,

Among the projects completed by the Corps from its inception through June 30, 1941, are the planting of 2,246,100,600 trees, the construction of 122,169 miles of truck trails and minor roads. the erection of 85,548 miles of telephone lines, the construction of 45,382 bridges, the,reduction of fire hazards over 2,116,620 acres, the building of 5,875,578 check dams, the construction of 26,368,295 rods of fence, the improvement of 3,998,328 acres of forest stands, the construction of 7,073 impounding and large diversion dams, the development of 23,725 springs, wells, water holes and small reservoirs, and the expenditure of 6,304,211 man-days fighting forest fires and 6,182,269 mandays on fire-prevention and pre-suppression activities.

The first session of the 77th Congress appropriated $246,960,000 for the CCC for the fiscal year ending June 30, 1942.

The United States Public Health Service

307,644 passengers and 773,333 seamen, and fumigated 890 vessels. Examination of rats recovered following fumigation showed none of them to be plague infected.

Inspections were made at U. S. airports of entry of 2,844 airplanes, carrying 96,610 passengers, of whom 11,032 were aliens. Despite the danger of yellow fever entry by planes from Latin America, no case was discovered.

Source: An official of the Service Under the existing authority of law, the general functions of the Public Health Service may be briefly summarized as follows: (1) The protection of the United States from the introduction of disease from foreign countries; (2) the medical examination and inspection of all arriving aliens; (3) prevention of the interstate spread of disease and the suppression of epidemics; (4) cooperation with State and local health departments in improving State and local health services and in all public health matters; (5) investigation of the cause and methods of preventing disease; (6) supervision and control of the manufacture and sale of biologic products used in the prevention and treatment of disease; (7) the maintenance of marine hospitals and relief stations for the care and treatment of certain legal beneficiaries and the administration of Freedman's Hospital and St. Elizabeth Hospital, in the District of Columbia; (8) the maintenance of two hospitals for the confinement and treatment of drug addicts; (9) provision and supervision of medical and psychiatric services in Federal penal and correctional institutions; (10) the collection, compilation, and publication of information regarding the prevalence of disease in the United States and foreign countries; (11) dissemination of public health information.

The research of the Public Health Service is conducted at the new National Institute of Health and the National Cancer Institute in Bethesda, Md., near Washington, D. C., and at field stations.

Under recent acts of Congress (the Social Security Act of 1935 and the Venereal Disease Control Act of 1938), the Public Health Service has expanded its cooperative work with the States, and through grants-in-aid under the authorization of these acts great progress has been made in expanding State and local health services and in improving the educational qualifications of public health personnel. Many State and local health departments have provided special divisions for dealing with industrial diseases and the venereal diseases. and in 1941 over half of the 3,000 counties or other rural districts in the United States had full-time health services, whereas only 533 such districts had this health protection in 1933.

During the year, quarantine officers of the Public Health Service inspected 13,402 vessels, carrying

A total of 46,772 applicants for immigration visas was examined by medical officers at American consulates in foreign countries; of these 246 were reported by medical officers to the American consuls as being afflicted with defects or diseases which rendered their exclusion mandatory. Only 159 of the aliens were certified upon arrival in U. S. territory as having a condition requiring deportation.

At 26 Marine Hospitals, 120 relief stations and 144 contract hospitals the Service provided hospital care and medical treatment to 537,594 beneficiaries, principally American merchant seamen, during fiscal 1941.

The Public Health Service sent professional personnel into extra-cantonment areas to survey water and sanitary facilities, and means to control communicable disease. Where necessary, construction of hospitals, health centers, garbage and refuse disposal systems, sanitary and water supply systems were authorized under the Community Facilities Act. Professional personnel were loaned by the Service to State health departments where emergency health needs had required the transfer of personnel to defense duty.

Army and Navy arsenals and Government defense industries were surveyed by industrial hygiene physicians and sanitary engineers and recommendations for health and safety of workers made. State industrial hygiene units were assisted with funds, personnel, and equipment. Research into methods of control of industrial hazards, occupational and nonoccupational disease was greatly intensified.

The Service made possible an addition of 2,000 student nurses to the enrollment of 88 schools of nursing in this country, Puerto Rico and Hawaii. Through Federal assistance, 3,000 graduate nurses were given refresher-courses in 67 schools, and 500 graduate nurses provided post-graduate training in 26 schools.

All Urged to Carry Their Blood Type Information

A recommendation that all persons in the United States carry with them information regarding their blood type, as do airplane pilots, was made (Oct. 30, 1941) by two Mayo foundation specialists in aviation medicine.

It is required that each pilot carry information as to his blood type on his pilot's license," said Dr. J. H. Tillisch and Dr. W. Randolph Lovelace of Rochester, Minn., in a paper prepared for the

thirteenth convention of the Aero-Medical Association of the United States.

This requirement would be an excellent one for the entire air transport industry to adopt for it is obvious that in cases of accidents occurring where facilities for blood grouping are not readily available, it might be a life-saving measure.

"In fact, in this day of frequent automobile accidents, it is a measure that could be adopted by the general population with value."

United States Housing Authority

was

USHA-United States Housing Authority-Nathan
The
Housing
United States
Authority
created a body corporate of perpetual duration in
the Department of the Interior and placed under
the general supervision of the Secretary of the
The
Interior by the Seventy-fifth Congress.
Authority has since been transferred to the Federal
Works Agency. The Act establishing the Authority
is known as the United States Housing Act of
1937. The powers of the Authority are vested in
the Administrator, who is appointed by the Presi-
dent, by and with the advice and consent of the
Senate.

An Executive Order (Oct. 27, 1937) transferred
to the Authority the 48 housing and slum-clearance
projects of the Federal Emergency Administration
of Public Works and all assets, contracts and
records in connection with housing or slum clear-
The Act requires that these
ance activities.
projects be sold or leased to local public housing
agencies as soon as practicable. Thirty-nine of
the 48 have been so transferred.

The purpose of the USHA is to assist communities to remedy unsafe and unsanitary housing conditions and the acute shortage of decent, safe, and sanitary dwellings for families of low income, and to alleviate present and recurring unemployment.

The USHA may make loans to public housing agencies to assist in the development of low-rent Such loans housing or slum-clearance projects. bear interest at rates not less than the going Federal rate at the time the loans are made, plus one-half of 1 percent, and are to be secured in such manner and repaid within such period-not exceeding 60 years as may be deemed advisable by the Authority.

Where annual contributions are made, the loans outstanding on any one project and in which the Authority participates may not exceed 90 percent of the project cost. If capital grants are made, the loan may not exceed the cost of the project less the capital grants, but in no event 90 percent of such cost.

In the case of annual contributions, the local housing agency must obtain at least 10 percent of the project cost from other sources. This may be in the form of cash, land or other aid toward the construction of the project, or obtained from a sale of bonds of the local housing agency to others than the Federal Government. Local agencies have succeeded in obtaining up to 25 percent of project cost from private sources.

The USHA is authorized to make annual contributions (aggregating not more than $28,000,000 per year) to public housing agencies to assist them in achieving and maintaining the low-rent character of their housing projects. Such contributions may not exceed the going Federal rate of interest at the time they are contracted for plus I percent, upon project cost and must be strictly limited to the amounts and periods necessary to assure lowrent character. In no event may the contributions be made for a period exceeding 60 years, and they must be reviewed at the end of 10 years and every 5 years thereafter. To be eligible for annual contributions, the local housing agency must obtain local contributions, in the form of cash, tax remission or tax exemption, amounting to at least 20 percent of the USHA annual contributions. addition, the Act requires the elimination of unsafe or insanitary dwellings in the locality substantially equal in number to the number of new dwellings provided by the project.

In

As an alternative to annual contributions, the USHA is authorized to make capital grants of 25 percent of project cost (not including supplemental grants from unemployment relief funds for payment of labor) aggregating not more than $30,000,000. As in the case of annual contributions, to be eligible for a capital grant, the local housing

Straus, administrator Address, Washington, D. C. agency must obtain a local contribution (amounting to at least 20 percent of project cost in the form of cash, land, services or tax exemptions or remissions). There must likewise be the equivalent elimination of unsafe and insanitary dwellings in substantially the same number as the new dwellings provided by the project. No assistance in the form of capital grants has as yet been requested, however, by any local housing agency.

The cost of construction (excluding land, cost of demolition and non-dwelling facilities) of any housing project is limited to $1,000 a room and $4,000 a family dwelling unit in cities of under 500,000. In cities of over 500,000 the limits are $1,250 a room and $5,000 a family dwelling unit where such higher cost is justified by reason of higher costs of labor and materials and other construction expenses. The average cost per family unit (including the dwelling facility items treated as part of family unit cost under statutory limitation) for projects for which contracts for assistance have been entered into as of June 30, 1941, is $3,372. The average net construction cost per family unit is $2,833.

The Act is designed to assist the construction of dwelling accommodations only for those who lack the amount of income necessary to enable them to live in decent, safe, and sanitary privately owned housing without overcrowding. The Act prohibits the acceptance of a family as a tenant whose aggregate income exceeds five times the rental (including utility charges) of the quarters to be furnished, or, in the case of families with three or more dependents, six times the rental. The average monthly shelter rental approved by the USHA for homes in the South is $10.48, and in the North, $14.73. The nation-wide average is $12.79, The estimated average income of families in Southern projects is $700 per annum; in Northern projects, $929. The nation-wide average is $824.

The USHA has a capital stock of $1,000,000 subscribed by the United States. The Authority is authorized to issue obligations in the form of notes, bonds, or otherwise, which it may sell to obtain funds for the purposes of the Act (except that such funds may not be used for annual contributions or capital grants). The Authority may issue such obligations in an amount not to exceed $800,000,000.

Not more than 10 percent of the funds provided for in the Act, whether in the form of loans, grants, or annual contributions, may be expended within any one State.

As of the fiscal year ending June 30, 1941, the USHA reported loan contracts of $721,275,800 (not including approximately $48,000,000 in earmarkings) with 250 local housing agencies in 34 States. the District of Columbia, Hawaii and Puerto Rico for construction of 230 public housing projects containing 170.116 new homes. As of that date also. 68.791 homes on 230 prjects were actually ccupied by low-income families and 66.057 unsanitary slum dwellings were eliminated as part of the equivalent elimination program.

On June 28, 1940, the USHA was empowered to use funds available to it under the Act to cooperate with and assist the War and Navy Departments and local housing agencies in providing housing necessary to the national defense program (and which would not otherwise be provided) for persons (and their families) engaged in national defense activities. This includes both military and naval personnel and workers engaged in industries connected with and essential to the national defense program.

Pursuant to this authorization, the USHA has, as of the fiscal year ending June 30, 1941, entered into contracts of $24,371,000 with 18 local housing agencies in 11 states for the provision of 6,450 dwelling units in defense housing projects.

Electric Home and Farm Authority

EHFA-Electric Home and Farm Authority, A. T. The Electric Home and Farm Authority is a credit agency incorporated under the laws of the District of Columbia, August 1, 1935, to succeed Electric Home and Farm Authority, Inc., a Delaware Corporation. Its continuance as an agency of the United States until Jan. 22, 1947, or such earlier date as may be fixed by the President by Executive Order, was authorized by Congress June 10, 1941.

Hobson, President; Address Washington, D. C. It is the purpose of the Authority to aid in the distribution, sale, and installation of electric and gas apparatus, equipment, and appliances as to make practicable the use of high quality, low-cost time- and labor-saving equipment in homes and on farms. This purpose is accomplished through the credit facilities it makes available to finance the consumer purchases through cooperation with publicly and privately owned utilities, manufacturers, dealers, and contractors.

Farm Credit Administration

FCA-Farm Credit Administration--A. G. Black, governor; Clyde W. Warburton, W. H. Droste, deputy governors. Address, Washington, D. C. District offices are maintained in Springfield, Mass.; Baltimore, Md.; Columbia, S. C.; Louisville, Ky.; New Orleans, La.; St. Louis, Mo.; St. Paul, Minn.; Omaha, Neb.; Wichita, Kans.; Houston, Tex.; Berkeley, Cal., and Spokane, Wash.

The general purpose of the Farm Credit Admin- | istration system is to provide a complete and coordinated credit system for agriculture by making available to farmers long-term and short-term credit. It also provides credit facilities for farmers' cooperative purchasing, marketing, and business service organizations.

The system includes in its make-up the 12 Federal land banks, making long-term first-mortgage loans to farmers; the 12 Federal intermediate credit banks, that discount short-term agricultural and livestock paper, make loans on the security of such paper, and make direct loans to cooperative marketing and purchasing associations; the 12 production credit corporations, which supervise and furnish a part of the capital for local production credit associations providing short-term credit for production and general agricultural purposes; central bank for cooperatives and 12 district banks for cooperatives, which provide credit for farmers' cooperative purchasing, marketing, and business service organizations; and the Federal Farm Mortgage Corporation, which aids in financing the lending operations of the Federal land banks and the Land Bank Commissioner. Joint stock land banks were a part of the original Land Bank System, but the Emergency Farm Mortgage Act of 1933 withdrew their authority to make additional mortgage loans.

missioner loans may be granted for certain purposes for which land bank loans are not available, since Commissioner loans may be used to refinance any indebtedness of the farmer without regard to the purpose or time of its incurrence.

Federal Intermediate Credit Banks-George M. Brennan, Intermediate Credit Commissioner; Washington, D. C.

These banks make loans to and discount paper for production credit associations, the banks for cooperatives, state and national banks, agricultural credit corporations, livestock loan companies, and similar financing institutions. They also make loans to cooperative associations of agricultural producers. They are not authorized to make loans directly to individual farmers and stockmen, but operate as banks of discount for institutions making such loans for agricultural purposes. To be eligible for discount or as collateral for a loan to a financing institution, the proceeds of notes offered to the intermediate credit banks must have been advanced or used in the first instance for an agricultural purpose, such as the production of crops and the raising, breeding, fattening, or marketing of livestock.

Production Credit Corporations and Associations -C. R. Arnold, Production Credit Commissioner, Washington, D. C.

These associations, organized and chartered under the Farm Credit Act of 1933, through combined action with the Federal intermediate credit bank in each Farm Credit district, form a

The 12 regional agricultural credit corporations (established by the Reconstruction Finance Corporation, and which are being liquidated), as well as the feed and seed loan activities of the Depart-permanent system to provide short-term credit ment of Agriculture and the Agricultural marketing act revolving fund were also placed under the supervision of the Farm Credit Administration when consolidation of the system was effected on May 27, 1933.

Authority for the organization and activities of the Farm Credit Administration and the institutions operating under its supervision are found in the following: Federal Farm Loan Act of 1916 and amendments thereto, Agricultural Marketing Act of 1929, and amendments thereto, Emergency Relief and Construction Act of 1932, Emergency Farm Mortgage Act of 1933, Farm Credit Act of 1933, Federal Farm Mortgage Corporation Act of 1934. Farm Credit Act of 1935, Federal Credit Union Act of 1934, Farm Credit Act of 1937, and other acts of Congress, either amending the foregoing or of temporary character. Under Reorganization Plan No. 1. effective July 1, 1939, the Farm Credit Administration was transferred to the U. S. Department of Agriculture.

Federal credit unions, which are cooperative thrift and lending organizations, are chartered by the Governor of the Farm Credit Administration, under whose supervision they operate. Memberships are limited to groups having common bonds of occupation or association, or living within welldefined communities. A member of a Federal credit union must purchase at least one $5 share in the organization. Loans may be made to members only, for provident or productive purposes. Through these federally chartered credit unions the working people of America have lent themselves an estimated $210,000,000 in six years.

Federal Land Banks-W E. Rhea, Land Bank Commissioner, Washington, D. C. Federal Land Banks, established under the authority of the Federal Farm Loan Act of 1916 make long-term loans on first mostgages on farm lands. Individuals who receive such loans, giving a first mortgage on their farms as security, must agree to repay them in annual or semi-annual installments. Corporations engaged in raising livestock also are eligible to borrow, under certain limitations. Loans are made for not less than $100 and not more than $50,000 to any one borrower. Application should be made to the secretary-treasurer of the national farm loan association in the community where the farm to be mortgaged is situated.

The Land Bank Commissioner is authorized by the Emergency Farm Mortgage Act of May 12, 1933, and subsequent acts and amendments, to make farm-mortgage loans until June 1, 1942, of a more or less emergency character, separate and distinct from Federal land bank' loans. The Federal land banks act as agents of the Land Bank Commissioner in making these loans.

Commissioner loans may be made for the same purposes as land bank loans. In addition, Com

for general agricultural purposes, including loans
for the production of crops, for the breeding, rais-
ing, and fattening of livestock, and for the altera-
tion, repair and improvement of farm equipment
and buildings. In each district, production credit
corporations have assisted in the organization of
associations, providing most of their capital
through subscriptions to their class A stock.
Banks for Cooperatives-S. D. Sanders, Coopera-
tive Bank Commissioner; Washington, D. C.
Banks for Cooperatives make loans to farmers'
cooperative associations. Commodity loans are made
to finance the handling of readily marketable com-
modities or farm supplies and must be secured by
such commodities or supplies. Operating capital
loans are used to supplement the cooperative asso-
ciation's own capital funds during times of peak
seasonal activity. Physical facility loans are made
for the construction, acquisition or refinancing of
physical facilities; used by cooperatives in prepar-
ing, handling, storing, processing, or merchandis-
ing agricultural commodities or farm supplies or
to cooperatives furnishing farm business services.
Federal Farm Mortgage Corporation-A. G.
Black, Governor FCA, is president of the Federal
Farm Mortgage Corporation, Washington, D. C.

The chief function of the Federal Farm Mortgage Corporation is to aid in financing the lending operations of the Federal land banks and the Land Bank Commissioner, particularly the farm debt refinancing program begun in the spring of 1933. To do this, the Corporation is authorized to issue and have outstanding at any one time a total of not more than $2,000,000,000 of bonds. The payment of principal and interest on bonds of the Federal Farm Mortgage Corporation is fully and unconditionally guaranteed by the Government and, in addition, the bonds are as readily marketable as United States Government bonds.

Emergency Crop and Feed Loan Section-S. P. Lindsey, Jr., Director; Washington, D. C.

An Act of Congress approved Jan. 29, 1937, authorizes the Governor of the Farm Credit Administration to make loans to farmers for fallowing, for the production and harvesting of crops, and for feed for livestock. The unobligated balance of the crop loan appropriation for the fiscal year 1940, and collections on 1937. 1938 and 1940 loans. was made available by Congress for making 1941 loans.

Emergency crop and feed loans are made only to applicants who are unable to procure from other sources loans in amounts reasonably adequate to meet their needs. Farmers who have adequate security ordinarily are able to obtain needed funds from local production credit associations, banks, and individuals.

The regulations provide that the amount which may be lent to any one borrower during the year shall not exceed $400.

End of month

Farm Security Administration

FSA-Farm Security Administration-C. B. Baldwin, Administrator. Address, Washington, D. C. The Farm Security Administration was created by the Secretary of Agriculture, September 1, 1937, as successor to the Resettlement Administration. The purpose is to enable farm families on or near relief to become permanently self-supporting. The work is divided into three phases:

1. A rehabilitation program under which (a) farmers unable to obtain adequate credit from any other source may receive small loans which will enable them to continue farming on the basis of a sound plan of farm and home management; (b) farmers overburdened with debt may find a machinery for negotiating voluntary adjustment with their creditors; (c) farmers handicapped by an uneconomic scheme of operations may obtain the assistance of farm management experts in planning a better system of farming; (d) farm families in extreme distress but without prospects of making a crop (as in drought or flood areas) may receive small grants for the purchase of food and clothing; and (e) groups of low-income farmers may obtain loans for the cooperative- purchase or rental of necessary community services, such as heavy machinery and purebred sires, which no one of them could afford alone. This rehabilitation program, although largely self-liquidating, is financed principally through loans from the Reconstruction Finance Corporation.

2. A farm purchase program under which tenant families may receive a loan for purchase and improvement of farms of their own. This program was authorized by the Bankhead-Jones Farm Tenant Act of July 22, 1937, and became part of the activities of the Farm Security Administration by order of the Secretary.

3. Completion of 164 homestead projects where low-income farm and city families will have an opportunity to live under better conditions.

Creation and maintenance of sanitary camps for migratory agricultural workers. The completed program will include 41 stationary and 23 mobile camps, located in ten states-California, Oregon, Washington. Idaho, Arizona, Texas, Florida, Missouri, Colorado, and Arkansas-providing facilities for 14,886 families at any one time. Special work of FSA in connection with National Defense includes:

(a) Relocation of farm families displaced by

military and industrial defense expansions. Loans, grants, temporary housing, and help in moving families and finding new farms is made available to farmers in each area where displacement has occurred.

(b) Building of defense housing. In cooperation with the Division of Defense Housing Coordination, which determines need, designates sites and types of shelter. FSA builds temporary and permanent housing for defense workers. Funds for the temporary program are provided by the Urgent Deficiency Appropriation Act, for the permanent by the Lanham Act. Family trailers, dormitories for single persons, and prefabricated houses are used.

(c) Cooperation with other agencies of the Department of Agriculture in the food for defense effort. To augment defense food production, FSA makes supplemental loans to regular FSA borrowers for special purchases of livestock, feed, and equipment.

Since 1934, rehabilitation loans have been made to nearly 900,000 families. These loans have totaled $570,000,000. The interest rate is 5 percent and the period of the loan is ordinarily from three to ten years. From its beginning in 1934 through June 30, 1941, the grant program has helped 575,000 farm families. During the same period $2,000,490 has been lent to cooperative associations of farmers.

Under the provisions of the Bankhead-Jones Act, nearly 21,000 farm tenant families received loans for the purchase and improvement of farms of their own during the four years the program has been operating. These loans averaged $5,648 for the average farm of 133 acres, including necessary improvements and construction. As in the case of the rehabilitation loans, credit is accompanied by advice on farm and home management and family record-keeping.

The tenant purchase loans are secured by mortgages held by the Government. Repayment will extend over a period of 40 years at 3 percent interest. Annual payments are made under a Variable Payment Plan which allows the farmer to pay more in good crop years and less when his income is low. Annual payments must average 4.3 percent of the loan.

Farm Credit Administration Operations

Source: Farm Credit Administration; loans and discounts outstanding in thousands of dollars

1933-December.. 1,232,707 70.738 73,263 60,989
1934-December..1,915,792 616,825
1935-December..2,071,925 794,726 104,706
1936-December.. 2.064,158 836,779 129,872
1937- December.. 2,035.307812,749 165.194
1938-December. 1,982, 224 752,851 168,392
-December.. 1,904,655 690,880 165,236
1940-December.. 1,851,218 648,296 186,933 34,102 172,312
1941-June.
1,817,938 630,119 224,517) 42,184 221,419|

1939

8.005 168,330
5,855 168,438
6,658 179,487)

Export-Import Bank of Washington

EIB-Export-Import Bank of Washington. Warren The Export-Import Bank of Washington was created by Executive order (Feb. 2, 1934). By Public Act No. 1, 74th Congress, approved Jan. 31, 1935. as emended, the Bank was continued as an agency of the United States until Jan. 22, 1947, or such earlier date as the President may fix by Executive order.

The purpose is to aid in financing and to facilitate exports and imports and the exchange of commodities between the United States and any of its territories and insular possessions and any foreign country or its agencies or nationals. It is authorized to do a general banking business,

1,835
1,490

74,741 16,461

689 73,747 15,644

Lee Pierson, President. Address, Washington, D. C. to deal in bills of exchange, notes, drafts, and other evidences of indebtedness, and, with the approval of the Secretary of the Treasury, to borrow money and rediscount these evidences of debt; to deal in securities, including obligations of the United States or any State; to accept bills or drafts drawn upon it; issue letters of credit; purchase and sell coin, bullion, and exchange: lend money and perform the necessary functions permitted by law in conducting such business. Its capital stock of $175,000,000 is divided into $1,000,000 par value of common stock and $174,000,000 par value of preferred stock.

Regional agricultural credit corporations

Emergency crop and drought loans

Federal Intermediate credit banks

Banks for cooperatives, including Central Bank

Agricultural Marketing Act revolving fund

Surplus Marketing Administration

SMA-Surplus Marketing Administration, Roy F. Hendrickson, Administrator. Address: Washington, D. C.

Federal Deposit Insurance Corporation

FDIC-Federal Deposit Insurance Corporation-Leo T. Crowley, chairman. Address, Washington, D. C. District offices are maintained in Boston, New York, Columbus, O., Richmond, Va., Atlanta, Ga., St. Louis, Madison, Wisc., Chicago, St. Paul, Minn., Kansas City, Mo., Dallas, Tex., and San Francisco.