It looked last week as though the Federal Reserve Board had given a dose of salts to a country with a broken leg. The volumes of excess credit (about $300,000,000 worth) which the Reserve had quietly been piling up since February by increasing its weekly purchases of Government bonds (TIME, April 25) still lay idle. Observing this, the Board lowered its purchases of Government bonds from around $100,000,000 a week to $58,000,000, and awaited developments.
Secretary of the Treasury Mills and Governor Meyer of the Reserve Board went out to Chicago to...
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