National Affairs: Three Notches Open

President Roosevelt put his hand on the throttle of inflation last week, jerked it open one notch, another, then a third. Amid a great chuffing of headlines his money program began to roll slowly forward.

Notch No. 1. On White House orders the Federal Reserve went back into the open market as a purchaser of U. S. securities. Its first week's buying totaled $25,114,000 which brought its portfolio of "governments" up to $1,861,712,000. The Reserve system became the largest single holder of Treasury obligations last year when it bought nearly a billion dollars worth...

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