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Show RULING ANNOUNCED BY RESERVE BOARD WAPHUNOTON. Nov. 1. T-he federal reserve board today made public a letter to federal reserve banks announcing a ruling that the reserve hanks may engage in open-market transactions aside from the purchase of acceptances. This w-ill allow the rurchase of cable transfers and bills of exchange. The board says, however, how-ever, Uiat because of the abnormal conditions con-ditions prevailing in Europe, the banks Fhould be more than usually cautious in any foreign exchange operations at this time. Regulations may be issued later if such business assumes large proportions. |