One broad index of business is the volume of bank loans to commerce, industry and agriculture, tabulated each week in 101 cities by the Federal Reserve System. During Recovery I these loans revived with general business in the spring of 1936, by last October reached a peak of $4,868,000,000. Then with Depression II they plopped to $3,916,000,000 for the week ended June 22. Last week, for the first time in 21 weeks, the Federal Reserve's tabulation showed a rise. The substantial $20,000,000 rally made economists wonder if the turn had come in...
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