Below 40.0 to 32.5 per cent 1.0 per cent " 35.5 to 30.0 " " 2.5 " " " 30.0 to 27.5 " " 4.0 " " " 27.5 to 25.0 " " 5.5 " " " 25.0 to 22.5 " " 7.0 " " " 22.5 to 20.0 " " 8.5 " " " 20.0 to 17.5 " " 10.0 " " " 17.5 to 15.0 " " 11.5 " " " 15.0 to 12.5 " " 13.0 " " " 12.5 to 10.0 " " 14.5 " " " 10.0 to 7.5 " " 16.0 " " " 7.5 to 5.0 " " 17.5 " " " 5.0 to 2.5 " " 19.0 " " " 2.5 to 0.0 " " 20.5 " " ] [Footnote 9: The complete application of the new rule is deferred for a period of three years from the passage of the act.] [Footnote 10: See on "piping" provision, sec. 2, above.] [Footnote 11: See sec. 7 above.] [Footnote 12: Several other features of the law well merit description. Among these features are measures for developing bankers' acceptances, open market operations, the gold clearing system of the Federal Reserve Board, and the clearing of checks and parring of exchange.] CHAPTER 10 CRISES AND INDUSTRIAL DEPRESSIONS § 1. Mischance, special and general, in business. § 2. Definitions. § 3. A feature of a money economy. § 4. European crises. § 5. American crises. § 6. A business cycle. § 7. General features of a crisis. § 8. "Glut" theories of crises. § 9. Monetary theories of crises. § 10. Capitalization theory of crises. § 11. The use of credit. § 12. Interest rates in a crisis. § 13. Dynamic conditions and price readjustments. § 14. Tariff changes and business uncertainty. § 15. Rhythmic changes in weather and in crops. § 16. Remedies for crises. § 1. #Mischance, special and general, in business.# Every separate business enterprise is subject to chances which suddenly decrease its profits and the prosperity of its owners; such are fire, flood, illness of its owners, unfavorable changes in prices of materials or of the products.[1] The interests of many other persons in the neighborhood may be so bound up with an enterprise that its losses may mean unemployment, lower wages to workingmen, and bankruptcy to local merchants and to banks. Sometimes misfortune and disaster affect whole communities. The lack of cotton while the Civil War was in progress compelled the factories of Manchester to close in 1864, and the earthquake and fire in San Francisco in 1906 left a quarter of a million people homeless.