To the relief of bankers and business men, the Federal Reserve Board last week moved to ease the money market and increase the supply of lendable funds. The board canceled the terms of its hotly debated letter to banks on Sept. 1, which had shut off the Federal Reserve's discount window as a source of money for any banker who hoped to increase an already high volume of commercial loans. "Credit conditions have changed," said last week's notice from the seven-man board of governors headed by William McChesney Martin.
"The expansion of business loans has been reduced to a...
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