The Washington times., 1922-10-15
MARK circulation
SHOWS DIG INCREASE
316 Billion Now in Use--LiN-
ing Costs 16s Times
-. Pre-War.

The note circulation in Germany
on September 30 amounted to &c.
000. .00e.QNo, an increase Of 86,OO0,-
000. .Q00e over the outstanding marks
on NlEust 81, according to q cable
to the Department Of Commerce
from Commercial Attache Herring.
The government loan office notes
increased from 1882 $40, 900 marks
on August 81 to $4,000, 900, 900 marks
on September 30. ,
Private discounts at the Reichs.
bank amounted on September 80 to
$4,000, 100000 marks. which is q
tremendous increase over 21,704,-
100000 on August 81 and S.122 ,000.-
900 on July 81. The total floating
debt of the German government on
September 80 was $4,000, 900 900
marks. of which 451 .000, 900, 900 was
discounted Treasury notes. The
floating debt in Treasury bills
81 and 331 300, 900 900 on August 81.
The internal purchasing power Of
the mark for September was esti-
mated. at 16.100 of a cent. while for.
eign exchange value about 100 of
a cent. using Berlin quotations. The
Tageblatt stock index on September
2S was .0366, or an increase of per
cent during the month. The fixed
interest index remained stationary
at no. - - ~ -
Reichsbank Curbs Credit. g..
The Reichsbank by raising its dis
count rate Is attempting to curb un.
necessary expansion Of private cred.
It.. but the new price levels raise the
minimum demands Of German In
dustry to such a point that any un-
due contraction Of private credit
will be dangerous and may cause a
serious decrease Of production re-
sulting In immediate Unemployment.
Private banks now demand as high
as 80 per cent or more for some com.
mercial loans and the competition
for bank credit 10 increasingly re.
we're. Obviously such enormous
rates for commercial accommoda-
tions are only possible as long as
borrowers can repay on the basis of
continual currency depreciation.
The invoicing of exports In high
exchange currencies Is increasing;
during August II Is reported that at
least 60 per cent exports were so In.
voiced. with probably increased
proportion during September. This
obviously affects the international ex.
change value of the mark apart from
the psychological bear influence. The
growing practice of calculating prices
In domestic transactions in dollars,
crowns, guilders, or Swiss francs,
causes much complaint on the part
of the purchasing classes, but 10 de.
clared by industry and distributors
to be a matter Of self.preservation
The actual payment in high exchange
currencies Of domestic obligations is
often demanded in spite of the active
opposition by the Government and
chambers of commerce.
Living Costs Soar.
The cost of living has increased
thirteen fold over the cost In Septem
ber, 1891, and 1853 fold over the pre-
war figures. Though wages paid in
certain Industries were higher and In
some lower, the general average
weekly wage in Berlin for Septem
ber was estimated between 3,S40 and
$500 marks, indicating that wages
are not quite keeping pace with the
rapid increase Of the paper mark.
The reported deliveries Of the first
intallment Of Government requisi
toned grain was far less than the
law requires. Prices have trebled
for deliveries on the first quota due
October 81. despite considerable so
sialist opposition, Particularly ir
view Of proposed imminent increases
OF price controlled bread. The gov
, ernment Is seriously considering ths
restoration Of control Of bread. milk
and meat. but other proposals for
government control in labor unions