EXHIBIT 11 VOLUME OF MANUFACTURING PRODUCTION DAILY AVERAGE AGGREGATES IN F. R. BOARD INDEX All Manufactures EXHIBIT 12 FACTORY EMPLOYMENT AND PAYROLLS INDEXES OF F. R. BOARD, 1923-25-100 Without Seasonal Adjustment Payrolls The fall of pay rolls and employment followed immediately the contraction of credit and currency in 1920 and 1929. EXHIBIT 13 Comparable data available on 550 corporations (industrials) [In millions of dollars] The CHAIRMAN. How much of a fall is that from 1929? Mr. SLOAN. The net income of those corporations was just about divided by three. They will make about a third this year of what they made in 1929. Senator SHEPPARD. Normally the price decline would cause an increased demand under the operation of economic law, would it not? Mr. SLOAN. Yes; it would; and that is one thing that has been relied upon to put an end to this depression, but it just has not worked that way. Senator SHEPPARD. What is the difficulty from your standpoint? Mr. SLOAN. People are still in such a state of fear that they are holding their purchases down to the absolute minimum." Car loadings immediately fell in 1929 with the contraction of credit and the calling of brokers' loans. EXHIBIT 15 Brokers' borrowings, 1926–1929 [Net borrowing on collateral in New York City as reported by members of the New York Stock Exchange] [In millions of dollars] Back figures.-See Annual Report for 1927 (Table 47) for figures for 1918-1922; figures for 1923-1925 not vailable. A fall of $4,559,000,000 in these loans from Oct. 1 to Dec. 31, 1929. |