STATE OF BUSINESS: Weather Clear, Sky Bright

Wearing a dark suit and a cautious smile. Federal Reserve Board Chairman William McChesney Martin went before a joint congressional committee last week to testify on the state of the U.S. economy. After Martin explained how the FRB was "feeling its way" in the current credit situation, neither easing nor tightening credit, Illinois' Democratic Senator Paul Douglas tried some specific questions: DOUGLAS: Do you have any worries about the automobile industry?

MARTIN : Yes, I am worried all the time about the automobile industry.

DOUGLAS: Do you have any worries about the farm-machine industry?

MARTIN: I have indeed.

DOUGLAS: Do you have any...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!