Four times a year, says the law, representatives of the twelve Federal Reserve Banks shall meet as an open market committee to give their advice on credit management to the Federal Reserve Board. Last week, for the fourth time in 1935, the members of those august bodies met in Washington, looked at one another with sad eyes. They had met to part but even their parting was not allowed to be sweet sorrow. A grave problem and bitter issue was on hand to discomfit even their valedictory.
Hardly a man present knew whether he...
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