BIGGS, Circuit Judge.
Early in 1936 the petitioner, a manufacturer with its principal office at Bethlehem, Pennsylvania, and with another office in New York City, made an application for a loan from the Federal Reserve Bank of Philadelphia. On March 25, 1936, the bank wrote a letter to the petitioner stating that it had approved a loan to the petitioner subject to a number of conditions. Some of these conditions plainly were to be fulfilled before the loan was made...
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