STATE OF BUSINESS: Damper on the Boom

The U.S. Federal Government last week put another credit damper on the boom. From Washington went an order to the 4,200 savings and loan institutions that supply mortgage money for about 37% of the nation's houses. From now on, they must finance new mortgages out of savings and loan repayments only, not by borrowing from the Federal Home Loan Bank. Despite other attempts to slow the boom by restricting credit (TIME, Aug. 8 et seq.), there is little evidence that they have yet had any effect. Items:

¶ Industrial production in August hit a record 140 on the...

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