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. The following table indicates direct expenditures of the Federal Government in aid to unemployment, agriculture, and financial relief over the past four years. The sums applied to financial relief multiply themselves many fold, being in considerable measure the initial capital supplied to the Reconstruction Finance Corporation, Farm Loan Banks, etc., which will be recovered to the Treasury. - Public works (1) - Agricultural relief and financial loans Fiscal year ending June 30 - - 1930 - $410,420,000 - $156,100,000 1931 - 574,870,000 - 196,700,000 1932 - 655,880,000 - 772,700,000 1933 - 717,260,000 - 52,000,000 -