The United States Federal Re~ serve Banking Board to-day appear ed to have won its fight to restric expansion of speculative credits which last week reached alarming proportions because of the tremendous increase in brokerage loans.
Observers here believe that any! action by the Board to check speculation now is unnecessary in jew of the scerning vindication of the Board' earlier warnings by the big break in prices which occurred on the New York Stoc' Exchange and throughout the country on Tuesday. This climax apparently was due largely to the! fear of speculators that Federal Reserve Board intended some posi-
Government circles were presented to be relieved that the Wave of speculation has been check: ed and that to-day's session on the New York Stock Exchange indicated tendency on the part of traders to take a saner view of national welfare and prosperity—United Press.
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