In last week's Federal Reserve figures two significant statistics stood out:
Bank Credit (loans and investments in 101 cities) dropped to $20,536,000,000, a two-and-a-half year low, continuing a steady ten-month slide. The complete sluggishness of business was demonstrated by its ever-waning interest in commercial loans. In New York City, an apparent reversal of the trend—an almost unparalleled rise of $465,000,000 in bank credit— was actually a confirmation of the condition. The temporary fluctuation was caused by banks (having more & more difficulty in finding investments) buying up huge quantities of maturing Treasury obligations...
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