First 9 months of—­ — —

1928 — 11.9 — 67.8

1929 — 12.0 — 65.8

1930 — 11.4 — 62.0

1931 — 11.2 — 60.0

1932 — 10.6 — 55.0

The sickness rates from data available show the same trends.  These facts indicate the fine endeavor of the agencies which have been mobilized for care of those in distress.

ECONOMIC SITUATION

The unparalleled world-wide economic depression has continued through the year.  Due to the European collapse, the situation developed during last fall and winter into a series of most acute crises.  The unprecedented emergency measures enacted and policies adopted undoubtedly saved the country from economic disaster.  After serving to defend the national security, these measures began in July to show their weight and influence toward improvement of conditions in many parts of the country.  The following tables of current business indicators show the general economic movement during the past eleven months.

MONTHLY BUSINESS INDICES WITH SEASONAL VARIATIONS ELIMINATED

Year and Month — Industrial Production — Factory Employment — Freight-car loadings — Department Store sales, value — Exports, value — Imports, value - Building Contracts, all types — Industrial Electric power consumption

1931 — — — — — — — —

December — 74 — 69.4 — 69 — 81 — 46 — 48 — 38 — 89.1

1932 — — — — — — — —

January — 72 — 68.1 — 64 — 78 — 39 — 42 — 31 — 93.9

February — 69 — 67.8 — 62 — 78 — 45 — 41 — 27 — 98.8

March — 67 — 66.4 — 61 — 72 — 41 — 37 — 26 — 88.0

April — 63 — 64.3 — 59 — 80 — 38 — 36 — 27 — 82.2

May — 60 — 62.1 — 54 — 73 — 37 — 34 — 26 — 82.0

June — 59 — 60.0 — 52 — 71 — 34 — 36 — 27 — 78.1

July — 58 — 58.3 — 51 — 67 — 32 — 27 — 27 — 79.2

August — 60 — 58.8 — 51 — 66 — 31 — 29 — 30 — 73.5

September — 66 — 60.3 — 54 — 70 — 33 — 32 — 30 — 84.0

October — 66 — 61.1 — 57 — 70 — 33 — 32 — 29 — 84.4

The measures and policies which have procured this turn toward recovery should be continued until the depression is passed, and then the emergency agencies should be promptly liquidated.  The expansion of credit facilities by the Federal Reserve System and the Reconstruction Finance Corporation has been of incalculable value.  The loans of the latter for reproductive works, and to railways for the creation of employment; its support of the credit structure through loans to banks, insurance companies, railways, building and loan associations, and to agriculture has protected the savings and insurance policies of millions of our citizens and has relieved millions of borrowers from duress; they have enabled industry and business to function and expand.  The assistance given to Farm Loan Banks, the establishment of the Home Loan Banks and Agricultural Credit Associations—­all in their various ramifications have placed large sums of money at the disposal of the people in protection and aid.  Beyond this, the extensive organization of the country in voluntary action has produced profound results.